# CITADEL SECURITIES LLC X-17A-5 (2026-02-27) — Broker-dealer annual report

- Company: CITADEL SECURITIES LLC
- Form: X-17A-5
- Filed: 2026-02-27
- Period: 2025-12-31
- Accession: 0001146184-26-000004
- CIK: 1146184
- File #: 8-53574
- Type: Broker-dealer
- Material weakness: No
- Auditor: PricewaterhouseCoopers LLP
- Auditor location: New York, NY
- Contact: Michael Henry
- Phone: 2126517726
- Email: michael.henry@citadel.com
- Website: citadel.com
- Signed by: Michael Henry (Chief Accounting Officer)

Original filing: https://www.sec.gov/Archives/edgar/data/1146184/000114618426000004/CDRG_BS_Only_FS_2025.pdf

---

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

블 CITADEL | Securities

# Citadel Securities LLC

2025 Financial Statement

![](_page_0_Picture_3.jpeg)

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

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

## CITADEL | Securities

## Citadel Securities LLC

(A Delaware Limited Liability Company) (SEC File Number 8-53574)

Statement of Financial Condition as of December 31, 2025, and Report of Independent Registered Public Accounting Firm

Filed pursuant to rule 17a-5(e)(3) under the Securities Exchange Act of 1934 as a Public Document.

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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 SEC FILE NUMBER

8-53574

## ANNUAL REPORTS FORM X-17A-5 PART III

|                                                                                                                                 | FACING PAGE<br>Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 |                                            |  |  |
|---------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|--|--|
| filing for the period beginning 01/01/25                                                                                        |                                                                                                                          | AND ENDING 12/31/25                        |  |  |
| MM/DD/YY<br>MM/DD/YY                                                                                                            |                                                                                                                          |                                            |  |  |
|                                                                                                                                 | A. REGISTRANT IDENTIFICATION                                                                                             |                                            |  |  |
| NAME OF FIRM: Citadel Securities LLC                                                                                            |                                                                                                                          |                                            |  |  |
| TYPE OF REGISTRANT (check all applicable boxes):<br>Broker-dealer<br>Check here if respondent is also an OTC derivatives dealer |                                                                                                                          |                                            |  |  |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                                                             |                                                                                                                          |                                            |  |  |
| 830 Brickell Plaza, Floor 15                                                                                                    |                                                                                                                          |                                            |  |  |
|                                                                                                                                 | (No. and Street)                                                                                                         |                                            |  |  |
| Miami                                                                                                                           | Florida                                                                                                                  | 33131                                      |  |  |
| (City)                                                                                                                          | (State)                                                                                                                  | (Zip Code)                                 |  |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                    |                                                                                                                          |                                            |  |  |
| Michael Henry                                                                                                                   | (212) 651-7726<br>Michael.Henry@citadel.com                                                                              |                                            |  |  |
| (Name)                                                                                                                          | (Area Code - Telephone Number)                                                                                           | (Email Address)                            |  |  |
|                                                                                                                                 | B. ACCOUNTANT IDENTIFICATION                                                                                             |                                            |  |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*<br>PricewaterhouseCoopers LLP                         |                                                                                                                          |                                            |  |  |
| (Name - if individual, state last, first, and middle name)                                                                      |                                                                                                                          |                                            |  |  |
| 300 Madison Avenue                                                                                                              | New York                                                                                                                 | New York 1001 /                            |  |  |
| (Address)<br>10/20/2003                                                                                                         | (City)                                                                                                                   | (State)<br>(Zip Code)<br>238               |  |  |
| (Date of Registration with PCAOB)(if applicable)                                                                                |                                                                                                                          | (PCAOB Registration Number, if applicable) |  |  |
|                                                                                                                                 | FOR OFFICIAL USE ONLY                                                                                                    |                                            |  |  |

\* Claims for exemption from the requirement that the annual reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable.

Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

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

## OATH OR AFFIRMATION

| Michael Henry                                                                     | swear (or affirm) that, to the best of my knowledge and belief, the                                                                 |
|-----------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|
| tinancial report pertaining to the firm of Citadel Securities LLC (the "Company") | as of                                                                                                                               |
| December 31                                                                       | 2 025 _ is true and correct. I further swear (or affirm) that neither the company nor any                                           |
| as that of a customer.                                                            | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely |
|                                                                                   | Signature:<br>Ilite:                                                                                                                |

Chief Accounting Officer

## This filing \*\* contains (check all applicable boxes):

- (a) Statement of financial condition.
- (b) Notes to consolidated statement of financial condition.
- [c] Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X).
- O (d) Statement of cash flows.
- [e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- [ (f) Statement of changes in liabilities subordinated to claims of creditors.
- [g) Notes to consolidated financial statements.
- [h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
- [ (i) Computation of tangible net worth under 17 CFR 240.18a-2.
- [] Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- [ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable.
- [1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
- [ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
- [n] Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable.
- O (o) Reconciliations, including apropriate explanations, of the FOCUS Report with computation of net capible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist.
- [p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
- | (q) Oath or affirmation in accordance with 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable.
- [r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- [s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- (t) Independent public accountant's report based on an examination of the statement of financial condition.
- [u] Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- [ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- [w] Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- [ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable.
- [] {y) Report describing any material inadequacies found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k).
- □ (z) Other:
- \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.170-5(e)(2), as applicable.

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

## Table of Contents

|                                                         | r aye                                                                                                                                                                          |
|---------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Report of Independent Registered Public Accounting Firm | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| Statement of Financial Condition                        | 1                                                                                                                                                                              |
| Notes to Statement of Financial Condition               | 2                                                                                                                                                                              |
| Note 1. Basis of Presentation                           | 2                                                                                                                                                                              |
| Note 2. Significant Accounting Polices                  | 2                                                                                                                                                                              |
| Note 3. Fair Value Measurement                          | 3                                                                                                                                                                              |
| Note 4. Fair Value Disclosures                          | 5                                                                                                                                                                              |
| Note 5. Collateralized Transactions                     | 6                                                                                                                                                                              |
| Note 6. Transactions with Related Parties               | ರಿ                                                                                                                                                                             |
| Note 7. Risk Management                                 | 9                                                                                                                                                                              |
| Note 8. Commitments and Contingencies                   | 10                                                                                                                                                                             |
| Note 9. Derivative Financial Instruments                |                                                                                                                                                                                |
| Note 10. Contracts with Customers                       |                                                                                                                                                                                |
| Note 11. Income Taxes                                   | 12                                                                                                                                                                             |
| Note 12. Regulatory Requirements                        | 12                                                                                                                                                                             |
| Note 13. Subsequent Events                              |                                                                                                                                                                                |
|                                                         |                                                                                                                                                                                |

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

![](_page_6_Picture_0.jpeg)

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

To the Member of Citadel Securities LLC

## *Opinion on the Financial Statement – Statement of Financial Condition*

We have audited the accompanying statement of financial condition of Citadel Securities LLC (the "Company") as of December 31, 2025, including 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, 2025, 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 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 of this financial statement 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 provides a reasonable basis for our opinion.

February 27, 2026

We have served as the Company's auditor since 2005.

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

## **!!! !**

*4-/#00#"'+",))/0'+\*'))',+0*

## **!**

|                                                                   | 51)(&(/%(4<br> |  |  |  |
|-------------------------------------------------------------------|----------------|--|--|--|
| 55(65                                                             |                |  |  |  |
| /A6/<21/A63?C7D/:3<BA                                             |                |  |  |  |
| +@/27<5/AA3BA	/B4/7@D/:C3                                         |                |  |  |  |
| *31C@7B73A0=@@=E32                                                |                |  |  |  |
| )3137D/0:34@=;0@=93@A	23/:3@A	1:3/@7<5=@5/<7H/B7=<A	/<21CAB=27/<A |                |  |  |  |
| *31C@7B73A>C@16/A32C<23@/5@33;3<BAB=@3A3::	/B4/7@D/:C3            |                |  |  |  |
| !<B3@3AB@3137D/0:3                                                |                |  |  |  |
| &B63@/AA3BA                                                       |                |  |  |  |
| !16\$.\$55(65                                                     |                |  |  |  |
| ! = !<br>,\$%,.,6,(5                                              |                |  |  |  |
| +@/27<5:7/07:7B73A	/B4/7@D/:C3                                    |                |  |  |  |
| *31C@7B73AA=:2C<23@/5@33;3<BAB=@3>C@16/A3	/B4/7@D/:C3             |                |  |  |  |
| '/G/0:3B=0@=93@A	23/:3@A	1:3/@7<5=@5/<7H/B7=<A	/<21CAB=27/<A      |                |  |  |  |
| *31C@7B73A:=/<32                                                  |                |  |  |  |
| !<B3@3AB>/G/0:3                                                   |                |  |  |  |
| &B63@:7/07:7B73A                                                  |                |  |  |  |
| !16\$..,\$%,.,6,(5                                                |                |  |  |  |
| \$3;03@JA1/>7B/:                                                  |                |  |  |  |
| !16\$..,\$%,.,6,(5\$0'/(/%(4=5&\$2,6\$.                           |                |  |  |  |

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

## **!**

## **\$5,51)4(5(06\$6,10**

7B/23: \*31C@7B73A ## B63 K=;>/<GL / 3:/E/@3 :7;7B32 :7/07:7BG 1=;>/<G 7A @357AB3@32 E7B6 B63 ,\* \*31C@7B73A /<2 F16/<53 =;;7AA7=< K\*L/A/0@=93@/<223/:3@ /<27A/;3;03@=4B63 7</<17/:!<2CAB@G )35C:/B=@GCB6=@7BG !<1 K!%)L /<2\*31C@7B73A !<D3AB=@'@=B31B7=<=@>=@/B7=<\* ,\*##K\* L /</447:7/B3 7AB63A=:3;3;03@=4B63=;>/<G

7B/23:\*31C@7B73A@=C>#'K\*L /</447:7/B3 7AB63;/</53@=4B63 =;>/<G \* /<2 /447:7/B32 3<B7B73A ;/</57<5 B@/27<5 /1B7D7B73A /@3 1=::31B7D3:G @343@@32 B= /A B63 K+@/27<5 \$/</53@AL +63 =;>/<GJA 23A75</B32 A3:4 @35C:/B=@G =@5/<7H/B7=< 7A !%) +63 =;>/<G 7A / 1:3/@7<5;3;03@=4B633>=A7B=@G+@CAB=;>/<G %/B7=</:\*31C@7B73A :3/@7<5 =@>=@/B7=< K%\*L /<2 7F32 !<1=;3 :3/@7<5 =@>=@/B7=< K!L B=53B63@ B63 3>=A7B=@G +@CAB :3/@7<5 =@>=@/B7=< =@ K+L +63 =;>/<G 7A / 1:3/@7<5 ;3;03@ =4 B63 &>B7=<A:3/@7<5=@>=@/B7=<K&L/<213@B/7<AC0A727/@73A=4\$ @=C>!<1227B7=</::GB63=;>/<G7A/>/@B717>/<B7<B63&AB=19 :=/<>@=5@/;

+63 =;>/<G >@7;/@7:G 3<5/53A 7< ;/@93B ;/97<5 /<2 :7?C727BG >@=D7A7=< 7< ,\* =>B7=<A 3?C7B73A 5=D3@<;3<B A31C@7B73A 1=@>=@/B3 230BA31C@7B73A /<24=@375<3F16/<53>@=2C1BA

+63 /11=;>/<G7<5 47</<17/: AB/B3;3<B 6/A 033< >@3>/@32 7< /11=@2/<13 E7B6 /11=C<B7<5 >@7<17>:3A 53<3@/::G /113>B32 7< B63 ,<7B32\*B/B3A=4;3@71/K'L

7B/23: <B3@>@7A3 ;3@71/A ## 7B/23: <B3@>@7A3 ;3@71/A \*3@D713A ## 7B/23: \*31C@7B73A ;3@71/A \*3@D713A ## 7B/23: %+'\*3@D713A@=C> ## /<2 13@B/7< =4B637@ /447:7/B3A 1=::31B7D3:G B63 K7B/23:\*3@D713'/@B73AL >@=D723 /2;7<7AB@/B7D3 /<2 7<D3AB;3<B @3:/B32A3@D713AB=B63=;>/<G

%=@B63@<+@CAB 3253C<2\*3@D713A##K%+ \*L7A@3A>=<A70:34=@ >@=D727<513@B/7</2;7<7AB@/B7D3A3@D713AB=B63=;>/<G+63A3@D713A 1=<B@/1B 03BE33< B63 =;>/<G /<2 %+ \* 7A 1C@@3<B:G 34431B7D3 B6@=C56"C<3
 

## **!**

## **,\*0,),&\$06&&1706,0\*1.,&,(5**

+63 =;>/<GJA A75<7471/<B /11=C<B7<5 >=:7173A /@3 37B63@ 23A1@7032 03:=E7<%=B3=@7<1:C2327<B634=::=E7<54==B<=B3A

| /7@-/:C3\$3/AC@3;3<B         | %=B3 |
|------------------------------|------|
| =::/B3@/:7H32+@/<A/1B7=<A    | %=B3 |
| 3@7D/B7D37</<17/:!<AB@C;3<BA | %=B3 |
| !<1=;3+/F3A                  | %=B3 |

## *0#,\$01'\*1#0*

+63 >@3>/@/B7=< =4 B63 47</<17/: AB/B3;3<B 7< /11=@2/<13 E7B6 ' @3?C7@3A\*B=;/933AB7;/B3A/<2/AAC;>B7=<A B63;=AB7;>=@B/<B =4 E6716 @3:/B3 B= 4/7@ D/:C3 ;3/AC@3;3<BA B6/B /4431B B63 @3>=@B32 /;=C<BA =4 /AA3BA /<2 :7/07:7B73A /<2 B63 27A1:=AC@3 =4 1=<B7<53<B /AA3BA /<2 :7/07:7B73A /B B63 2/B3 =4 B63 47</<17/: AB/B3;3<B 1BC/: @3AC:BA1=C:227443@A75<7471/<B:G4@=;B6=A33AB7;/B3A

## *0&+"0&.2'3)#+10*

+63=;>/<G2347<3A1/A6/<21/A63?C7D/:3<BA=<B63AB/B3;3<BA=4 47</<17/: 1=<27B7=< /A 1/A6 /<2 4C<2A 63:2 7< :7?C72 7<D3AB;3<BA E7B6 =@757</:;/BC@7B73A=4
2/GA=@:3AA/AE3::/A7<D3AB;3<BA7<;=<3G ;/@93B4C<2A/A6 /<2 1/A6 3?C7D/:3<BA /@3 63:2 /B 5:=0/:47</<17/: 7<AB7BCB7=<A

## */"'+%00#10+"/"'+%' ')'1'#0*

+63=;>/<GJAB@/27<5/AA3BA/<2B@/27<5:7/07:7B73A7<1:C23A31C@7B73A /<2 23@7D/B7D3A 1=<B@/1BA E6716 /@3 @31=@232 /B 4/7@ D/:C3 +@/<A/1B7=<A @3:/B32 B= B@/27<5 /AA3BA /<2 B@/27<5 :7/07:7B73A /@3 @31=@232 =< / B@/23 2/B3 0/A7A +@/27<5 /AA3BA /@3 63:2 /B D/@7=CA 5:=0/: 47</<17/: 7<AB7BCB7=<A B63 + /<2 B63 & A =4 313;03@ 
 AC0AB/<B7/::G /:: <=< 23@7D/B7D3 5@=AA B@/27<5 /AA3BA6/D3 033< >:32532 /A 1=::/B3@/:B= 1=C<B3@>/@B73A =< 1=<B@/1B B3@;A E6716 ;/G >3@;7B B63 1=C<B3@>/@B73A B= A3:: =@ @3>:3253 B63A3 /AA3BAB==B63@A

## *#!#'3 )# \$/,\* +" 5 )# 1, /,(#/0 #)#/0 )#/'+% /%+'61',+0+"201,"'+0*

+63 @3137D/0:3 4@=; /<2 >/G/0:3 B= 0@=93@A 23/:3@A 1:3/@7<5 =@5/<7H/B7=<A /<2 1CAB=27/<A ;/G 7<1:C23 1/A6 0/:/<13A 7<1:C27<5 1/A6 ;/@57< B= B63 3FB3<B <=B =44A3B /5/7<AB 23@7D/B7D3 47</<17/: 7<AB@C;3<BA /<2 0/:/<13A /AA=17/B32 E7B6 C<A3BB:32 B@/23A /<2 A31C@7B73A4/7:32B=23:7D3@=@@3137D3+63=;>/<G1:3/@A>@=>@73B/@G B@/<A/1B7=<A B6@=C56 7BA A3:4 27@31B32 16/<<3:A /A E3:: /A B6@=C56 1:3/@7<5 0@=93@A =@ B6=A3 1:3/@32 B6@=C56 1:3/@7<5 0@=93@A B63 />>:71/0:3 @35C:/B=@G /<2=@ 1=<B@/1BC/: 1=::/B3@/: @3?C7@3;3<BA =< =>3<A6=@B>=A7B7=<A/<2A31C@7B73A>C@16/A32=<;/@57<;/G@3?C7@3 B6/B1/A6/<2=@A31C@7B73A03;/7<B/7<327<B63=;>/<GJA/11=C<BA B=A/B7A4GAC16@3?C7@3;3<BA

## *\$\$0#11'+%'++!')00#10+"' ')'1'#0*

+63 =;>/<G 6/A 3:31B32 B= =44A3B 47</<17/: /AA3BA /<2 47</<17/: :7/07:7B73A 0G 1=C<B3@>/@BG E63< 7B 6/A 23B3@;7<32 B6/B B63@3 3F7ABA / :35/::G 3<4=@13/0:3 @756B B= =44A3B B63 @31=5<7H32 /;=C<BA /<2 E63< 13@B/7<=B63@1@7B3@7//@3;3B7</11=@2/<13E7B6/>>:71/0:3/11=C<B7<5 5C72/<13 =< =44A3BB7<5 A / @3AC:B B63 <3B 3F>=AC@3 B= 3/16 1=C<B3@>/@BG7A@3>=@B32/A37B63@/</AA3B=@:7/07:7BG=<B63AB/B3;3<B =447</<17/:1=<27B7=< E63@3/>>:71/0:3

## *2//#+14-#!1#"/#"'1,00*

7</<17/: /AA3BA ;3/AC@32 /B /;=@B7H32 1=AB >@7;/@7:G 1=;>=A32 =4 @3137D/0:3A /@3>@3A3<B32/BB63<3B/;=C<B3F>31B32B=031=::31B32 F>31B32 1@327B:=AA3A/@3;3/AC@320/A32=<67AB=@71/:3F>3@73<13 1C@@3<B 1=<27B7=<A 1=::/B3@/:7H/B7=< /<2 4=@31/ABA B6/B 7;>/1B B63 1=::31B/07:7BG =4B63 /;=C<BA =4 313;03@ 
 0/A32 =<B63 67AB=@71/: /</:GA7A /<24=@E/@2 :==97<5 7<4=@;/B7=< <= /::=E/<13A4=@ 1@327B :=AA3A 6/D3 033< @31=@232 /A B63 =;>/<G 3F>31BA 1@327B :=AA3A/@7A7<54@=;AC1647</<17/:/AA3BAB=037;;/B3@7/:

## *,/#'%+2//#+!5/+0)1',+*

+63 4C<1B7=</: 1C@@3<1G =4 B63 =;>/<G 7A B63 ,\* 2=::/@ +63 =;>/<G ;/G 6=:2 /AA3BA /<2 :7/07:7B73A 23<=;7</B32 7< 4=@375< 1C@@3<173A+63 1/@@G7<5 D/:C3 =4 /AA3BA /<2 :7/07:7B73A 7A @3;3/AC@32 7<B=,\*2=::/@ACA7<5A>=B1C@@3<1G@/B3A=<B632/B3=4D/:C/B7=<

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

## *#%\*#+1#-,/1'+%*

&>3@/B7<5A35;3<BA@3>@3A3<B1=;>=<3<BA=4/1=;>/<GB6/B3<5/53 7< 0CA7<3AA /1B7D7B73A /<2 4=@ E6716 27A1@3B3 47</<17/: 7<4=@;/B7=< 7A /D/7:/0:3/<2@35C:/@:G@3D73E320GB6316734=>3@/B7<52317A7=<;/93@ K&\$L 7< /AA3AA7<5 >3@4=@;/<13 /<2 /::=1/B7<5 @3A=C@13A +63 &\$6/A033<723<B74732/AB636734&>3@/B7<5&44713@4C<1B7=<A4=@ B637B/23:\*3@D713'/@B73A+63&\$@3D73EA3F13AA<3B1/>7B/:/A 93G47</<17/:;3B@71AB=5C723=>3@/B7=</:2317A7=<A4=@B63=;>/<G 7<1:C27<5 1/>7B/: /23?C/1G +63 =;>/<GJA 0CA7<3AA /1B7D7B73A /A 23A1@70327<%=B31=<AB7BCB3/A7<5:3=>3@/B7<5A35;3<B/<247</<17/: 7<4=@;/B7=< 7A @3D73E32 4=@ B63 =;>/<G /A / E6=:3 F13AA <3B 1/>7B/: A33 %=B3 7A ;3/AC@32 7< /11=@2/<13 E7B6 \* )C:3 1 

#### **!**

## **\$,4#\$.7((\$574(/(06**

+634/7@D/:C3=4/7</<17/:!<AB@C;3<B/A2347<3203:=E7AB63>@713 B6/BE=C:203@3137D32B=A3::/</AA3B=@>/72B=B@/<A43@/:7/07:7BG7< /< =@23@:G B@/<A/1B7=< 03BE33< ;/@93B >/@B717>/<BA /B B63 ;3/AC@3;3<B 2/B3 +63 4/7@ D/:C3 7A 23B3@;7<32 0G \* /<2 @3>@3A3<BA \*JA 03AB 3AB7;/B3 =4 4/7@ D/:C3 !< /:: 7<AB/<13A /<G 7</<17/: !<AB@C;3<B ;/G 37B63@ 03 D/:C32 0G \* =@ \* ;/G 23B3@;7<30CB7AC<23@<==0:75/B7=<B=2=A=B=3<5/53/B67@2>/@BG 7B 03:73D3A B= 03 ?C/:74732 B= D/:C3 /<G 7</<17/: !<AB@C;3<B +63 =;>/<G ;3/AC@3A /<2 @3>=@BA B@/27<5 /AA3BA B@/27<5 :7/07:7B73A ;=<3G;/@93B4C<2AA31C@7B73A>C@16/A32C<23@/5@33;3<BAB=@3A3:: K@3A/:3 /5@33;3<BAL /<2 A31C@7B73A A=:2 C<23@ /5@33;3<BA B= @3>C@16/A3 K@3>C@16/A3 /5@33;3<BAL 1=::31B7D3:G K7</<17/: !<AB@C;3<BAL/B4/7@D/:C3

/7@D/:C37A53<3@/::G0/A32=<=@23@7D324@=;71:=A7<5>@713A=4/< 3F16/<53;/@93B 77>@713A=@7<>CBA 35 ;3/<=4B63072/<2=443@ >@713 27AA3;7</B32 0G B67@2 >/@B73A 7<1:C27<5 ;3;03@A67> =@5/<7H/B7=<A >@717<5 D3<2=@A /<2;/@93B >/@B717>/<BA 35 0@=93@A /<21=C<B3@>/@B73A=@777D/:C/B7=<;=23:ACA7<5AC16>@713A=@7<>CBA 35 ;=23:A 4=@ 13@B/7< 23@7D/B7D3 47</<17/: 7<AB@C;3<BA !< B63 /0A3<13=4;/@93B>@713A=@7<>CBAB6/B/@3=0A3@D/0:3 =B63@D/:C/B7=< B316<7?C3A/@3/>>:7327</<17/:!<AB@C;3<BA/@353<3@/::GD/:C32/A =4B63;/@93B 1:=A3 /A23B3@;7<320G\*\*;/G23B3@;7<3B= CA3/27443@3<BD/:C3B6/<E=C:203/AA75<32>C@AC/<BB=B634=@35=7<5 74 \* 23B3@;7<3A B6/B 2=7<5 A= E=C:2 03BB3@ @34:31B 4/7@ D/:C3 35 \*;/G23B3@;7<3B6/B;/@93B?C=B/B7=<A2=<=B@3>@3A3<B4/7@D/:C3 74 B@/27<5 7A 6/:B32 034=@3 ;/@93B 1:=A3 =@ / A75<7471/<B 3D3<B =11C@A AC0A3?C3<B B= ;/@93B 1:=A3 +63A3 D/:C/B7=< B316<7?C3A 7<D=:D3 A=;3:3D3:=43AB7;/B7=</<28C25;3<B0G\* B63235@33=4E67167A 23>3<23<B =< /;=<5 =B63@ 4/1B=@A B63 >@713 =0A3@D/07:7BG /<2 1=;>:3F7BG=4B637</<17/:!<AB@C;3<B /<2B63:7?C727BG=4B63;/@93B +63 4/7@ D/:C3 23B3@;7<32 ;/G <=B <313AA/@7:G @34:31B B63 /;=C<B E6716;756BC:B7;/B3:G03@3/:7H327</</@;JA:3<5B6A/:3=@:7?C72/B7=< =47</<17/:!<AB@C;3<BA/<2AC1627443@3<13A;/G03;/B3@7/:

\* ;/</53A >=@B4=:7=A E6716 ;/G 6/D3 >=A7B7=<A 7< 7</<17/: !<AB@C;3<BAB6/BB@/237<27443@3<B;/@93BAE7B627443@3<B1:=A7<5B7;3A 35 /<7<23F4CBC@3A1=<B@/1B632532E7B61=<AB7BC3<BA31C@7B73A4@=; B63 7<23F <G 27A1@3>/<1G 7< D/:C3 @3AC:B7<5 4@=; /AG<16@=<=CA 1:=A7<5 B7;3A ;/G @3AC:B 7< B63 @31=5<7B7=< =4 / 5/7< =@ :=AA 7< =<3 >3@7=2E6716;/G03=44A3B0G/1=@@3A>=<27<5:=AA=@5/7< 7<E6=:3 =@7<>/@B 7<B63AC0A3?C3<B>3@7=2

+63/11=C<B7<55C72/<134=@4/7@D/:C3;3/AC@3;3<BA/<227A1:=AC@3A 3AB/0:7A63A/4/7@D/:C3673@/@16GB6/B>@7=@7B7H3AB637<>CBAB=D/:C/B7=< B316<7?C3ACA32B=;3/AC@34/7@D/:C3+63673@/@16G57D3AB6367563AB >@7=@7BG B= C</28CAB32 ?C=B32 >@713A 7< /1B7D3 ;/@93BA 4=@ 723<B71/: /AA3BA=@:7/07:7B73A #3D3:;3/AC@3;3<BA/<2B63:=E3AB>@7=@7BGB= C<=0A3@D/0:37<>CBA#3D3:;3/AC@3;3<BA7</<17/:!<AB@C;3<BJA :3D3:E7B67<B634/7@D/:C3673@/@16G7A0/A32=<B63:=E3AB:3D3:=4/<G 7<>CB 7<27D72C/::G=@7<B63/55@35/B3 B6/B7AA75<7471/<BB=B634/7@D/:C3 ;3/AC@3;3<B \*JA /AA3AA;3<B =4 B63 A75<7471/<13 =4 / >/@B71C:/@ 7<>CB B= B63 4/7@ D/:C3 ;3/AC@3;3<B 7< 7BA 3<B7@3BG @3?C7@3A 8C25;3<B /<2 1=<A723@A 4/1B=@A A>317471 B= B63 7</<17/: !<AB@C;3<B +63 B6@33 :3D3:A=4B634/7@D/:C3673@/@16G/@323A1@703203:=E

## **\$5,51)\$,4#\$.7((\$574(/(06**

- **(8(.** ,</28CAB32 ?C=B32 >@713A 7< /1B7D3 ;/@93BA B6/B /@3 /113AA70:3 /B B63 ;3/AC@3;3<B 2/B3 4=@ 723<B71/: C<@3AB@71B32/AA3BA=@:7/07:7B73A
- **(8(.**  (C=B32 >@713A 7< ;/@93BA B6/B /@3 <=B 1=<A723@32 B= 03 /1B7D3 =@ 47</<17/: 7<AB@C;3<BA 4=@ E6716 /:: A75<7471/<B 7<>CBA /@3 =0A3@D/0:3 37B63@ 27@31B:G =@ 7<27@31B:G/<2
- **(8(.**  '@713A =@ D/:C/B7=<A B6/B @3?C7@3 7<>CBA B6/B /@3 0=B6 A75<7471/<B B= B63 4/7@ D/:C3 ;3/AC@3;3<B /<2 C<=0A3@D/0:3

+63 4=::=E7<5 23A1@703A B63 D/:C/B7=< B316<7?C3A />>:732 B= B63 =;>/<GJA 7</<17/:!<AB@C;3<BAB=;3/AC@34/7@ D/:C3 7<1:C27<5 /< 7<271/B7=< =4 B63 :3D3: E7B67< B63 4/7@ D/:C3 673@/@16G 7< E6716 3/16 7</<17/: !<AB@C;3<B 7A 53<3@/::G 1:/AA74732 .63@3 />>@=>@7/B3 B63 23A1@7>B7=<7<1:C23A23B/7:A=4B63D/:C/B7=<;=23:A/<2B63A75<7471/<B 7<>CBAB=B6=A3;=23:A

## **37,6; (&74,6,(5**

### *4!&+%#1/"#"#.2'150#!2/'1'#0*

F16/<53 B@/232 3?C7BG A31C@7B73A /@3 D/:C32 CA7<5 3F16/<53 ?C=B32 ;/@93B >@713A /<2 /@3 1/B35=@7H32 E7B67< #3D3: =4 B63 4/7@ D/:C3 673@/@16G

### *,+#4!&+%#1/"#"#.2'150#!2/'1'#0*

+63 =;>/<GJA <=< 3F16/<53 B@/232 3?C7BG A31C@7B73A BG>71/::G @3>@3A3<B A31C@7B73A B6/B /@3 B@/232 7< =D3@ B63 1=C<B3@ K&+L ;/@93BA +63A3 <=< 3F16/<53 B@/232 3?C7BG A31C@7B73A /@3 53<3@/::G D/:C32CA7<5;/@93B>@713?C=B/B7=<A/<2/@31:/AA74732E7B67<#3D3: =@#3D3:=4B634/7@D/:C3673@/@16G

#### **:&+\$0\*(!4\$'('70'5->!?**

+JA /@3 D/:C32 CA7<5 3F16/<53 ?C=B32 ;/@93B >@713A /<2 /@3 1/B35=@7H32E7B67<#3D3:=4B634/7@D/:C3673@/@16G

### **" 18(40/(06 (&74,6,(5**

,\*5=D3@<;3<BA31C@7B73A/@3D/:C32CA7<5?C=B32;/@93B>@713A/<2 /@3 53<3@/::G 1/B35=@7H32 E7B67< #3D3: =4 B63 4/7@ D/:C3 673@/@16G =E3D3@ 5=D3@<;3<B 7<4:/B7=< >@=B31B32 A31C@7B73A /@3 1/B35=@7H32 E7B67<#3D3:=4B634/7@D/:C3673@/@16G

### **14214\$6((%6 (&74,6,(5**

=@>=@/B3 230B A31C@7B73A 7<1:C23 1=@>=@/B3 0=<2A /<2 1=<D3@B70:3 0=<2A+634/7@D/:C3=41=@>=@/B3230BA31C@7B73A7A23B3@;7<32CA7<5 @313<B:G 3F31CB32 ;/@93B B@/<A/1B7=<A =0A3@D/0:3 D7/ ;3;03@A67> =@5/<7H/B7=<A/<2>@713A27AA3;7</B320GB67@2>/@B73A=@>=@/B3230B A31C@7B73A /@3 53<3@/::G 1/B35=@7H32 E7B67< #3D3: =4 B63 4/7@ D/:C3 673@/@16G

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

## **:&+\$0\*((/%(45+,25**

+634/7@D/:C3=4B63=;>/<GJA3F16/<53;3;03@A67>A7A0/A32=< /D/7:/0:33F16/<53;3;03@A67>?C=B3A+633F16/<53;3;03@A67>A /@31/B35=@7H32E7B67<#3D3:=4B634/7@D/:C3673@/@16G

## **(4,8\$6,8(55(65\$0'(4,8\$6,8(,\$%,.,6,(5**

*4!&+%#1/"#""#/'31'3#\$'++!')'+01/2\*#+10*

F16/<53 B@/232 23@7D/B7D3 47</<17/: 7<AB@C;3<BA 7<1:C23 =>B7=<A E/@@/<BA/<24CBC@3A1=<B@/1BA+63A323@7D/B7D347</<17/:7<AB@C;3<BA /@3 D/:C32 CA7<5 >@713A 27AA3;7</B32 0G B63 @3:3D/<B 3F16/<53 ;/@93B AC16/AB631:=A7<5>@713 A3BB:3;3<B>@713 :/AB/D/7:/0:3A/:3A >@713 =@ B63 ;3/< =4 B63 072 /<2 =443@ >@713 / ;72 ;/@93B >@713 F16/<53 B@/232 23@7D/B7D3 47</<17/: 7<AB@C;3<BA /@3 53<3@/::G 1:/AA74732E7B67<#3D3:=4B634/7@D/:C3673@/@16G+63D/:C3=413@B/7< 3F16/<53 :7AB32 23@7D/B7D3A E7B6 <=<AB/<2/@2 B3@;A AC16 /A 4:3F70:3 3F16/<53 =>B7=<A 7A 23@7D32 CA7<5 >@713A =@ 7<>CBA 27AA3;7</B32 0G B67@2 >/@B73A =@;/@93B >/@B717>/<BA /<2 /@3 53<3@/::G 1:/AA74732E7B67< #3D3:=4B634/7@D/:C3673@/@16G

## *"#/'31'3#\$'++!')'+01/2\*#+10*

&+ 23@7D/B7D3 47</<17/: 7<AB@C;3<BA @3>@3A3<B B=B/: @3BC@< AE/> K+)\*L 1=<B@/1BA+)\* 1=<B@/1BA/@3 D/:C320/A32=<B63C<23@:G7<5 /AA3BA CA7<5 ?C=B32 ;/@93B >@713A +63A3 7<AB@C;3<BA /@3 1:/AA74732 E7B67<#3D3:=4B634/7@D/:C3673@/@16G/A/::=4B63A75<7471/<B7<>CBA /@3=0A3@D/0:3

\*1=<A723@A1=C<B3@>/@BG1@327B@7A9/<2<=<>3@4=@;/<13@7A97<7BA D/:C/B7=< =4 23@7D/B7D3 47</<17/: 7<AB@C;3<BA 3<B3@32 7<B= /A 07:/B3@/: 1=<B@/1BA 03BE33< BE= 1=C<B3@>/@B73A K&+ 07:/B3@/:L /1B=@32 7<B= B67A 1=<A723@/B7=< 7A B63 /07:7BG =4 B63 =;>/<G B= A3BB:3 =< / <3B 0/A7A 7BA 23@7D/B7D3 47</<17/: 7<AB@C;3<BA >C@AC/<B B= ;/AB3@ <3BB7<5 /5@33;3<BA E7B6 3/16 @3A>31B7D3 1=C<B3@>/@BG /A E3:: /A @3?C7@3;3<BA B= >=AB /<2 @3137D3 1=::/B3@/: >C@AC/<B B= 7BA 1@327B AC>>=@B/5@33;3<BAE7B63/16@3A>31B7D31=C<B3@>/@BG

## **10(;\$4-(670'5**

+63=;>/<G6=:2A;=<3G;/@93B4C<2AE6716/@3@3233;/0:32/7:G \$=<3G;/@93B4C<2A/@3D/:C320/A32=<B63@3>=@B32<3B/AA3BD/:C3 /<2/@31:/AA74732E7B67<#3D3:=4B634/7@D/:C3673@/@16G

## **(5\$.(\*4((/(065\$0'(274&+\$5(\*4((/(065**

)3A/:3 /5@33;3<BA /<2 @3>C@16/A3 /5@33;3<BA /@3 D/:C32 0G 27A1=C<B7<5 B63 3F>31B32 4CBC@3 1/A6 4:=EA CA7<5 7<>CBA 7<1:C27<5 7<B3@3AB@/B3A/<24C<27<5A>@3/2A E6716/@323B3@;7<320/A32=<B63 A>317471 16/@/1B3@7AB71A =4 B63 /5@33;3<BA )3A/:3 /5@33;3<BA /<2 @3>C@16/A3 /5@33;3<BA /@3 1:/AA74732 E7B67< #3D3: =4B634/7@ D/:C3 673@/@16G

## *'/)2#-1',+*

+63 4/7@ D/:C3 =>B7=< >@=D723A B63 =;>/<G B63 =>B7=< B= ;3/AC@3 13@B/7< 47</<17/: /AA3BA /<2 47</<17/: :7/07:7B73A /B 4/7@ D/:C3 E7B6 16/<53A 7< 4/7@ D/:C3 @31=5<7H32 7< 3/@<7<5A 7< 3/16 >3@7=2 +63 +@/27<5 \$/</53@A 6/D3 3:31B32 B= />>:G B63 4/7@ D/:C3 =>B7=< B= B63 =;>/<GJA @3A/:3 /5@33;3<BA /<2 @3>C@16/A3 /5@33;3<BA +63 >@7;/@G @3/A=< 4=@ 3:31B7<5 B63 4/7@ D/:C3 =>B7=< 7A B= @34:31B 1C@@3<B ;/@93B 1=<27B7=<A @3:/B32 B= @3A/:3 /5@33;3<BA /<2 @3>C@16/A3 /5@33;3<BA7<3/@<7<5A=</B7;3:G0/A7A

## *1&#/'++!')+01/2\*#+10*

\* 3AB7;/B3A B6/B B63 /55@35/B3 1/@@G7<5 D/:C3 =4 47</<17/: 7<AB@C;3<BA ;3/AC@32 /B /;=@B7H32 1=AB 7<1:C27<5 @3137D/0:3A /<2 >/G/0:3A @31=5<7H32 =< B63 AB/B3;3<B =4 47</<17/: 1=<27B7=< />>@=F7;/B3A4/7@D/:C3 /AAC1647</<17/:7<AB@C;3<BA/@3A6=@B B3@;7< </BC@3 03/@ 7<B3@3AB /B 1C@@3<B ;/@93B @/B3A /<2=@ /@3 AC0831B B= 4@3?C3<B@3>@717<5

+63A3 47</<17/: /AA3BA /<2 :7/07:7B73A 7<1:C23 1/A6 /<2 1/A6 3?C7D/:3<BA =B63@ B6/< ;=<3G ;/@93B 4C<2A A31C@7B73A 0=@@=E32 @3137D/0:3 4@=; 0@=93@A 23/:3@A 1:3/@7<5 =@5/<7H/B7=<A /<2 1CAB=27/<A 7<B3@3AB @3137D/0:3 =B63@ /AA3BA >/G/0:3 B= 0@=93@A 23/:3@A 1:3/@7<5 =@5/<7H/B7=<A /<2 1CAB=27/<A A31C@7B73A :=/<32 7<B3@3AB >/G/0:3 /<2 =B63@ :7/07:7B73A /2B63A3 /AA3BA /<2 :7/07:7B73A 033< 7<1:C232 7< B63 4/7@ D/:C3 673@/@16G /:: E=C:2 6/D3 033< 1:/AA74732 E7B67< #3D3: 3F13>B4=@ 1/A6 /<2 1/A6 3?C7D/:3<BAE6716 E=C:26/D3033<1:/AA74732E7B67<#3D3:

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

## **!**

## **\$,4#\$.7(,5&.1574(5**

+634=::=E7<54/7@D/:C3673@/@16GB/0:3A>@3A3<B7<4=@;/B7=</0=CBB63=;>/<GJA/AA3BA/<2:7/07:7B73A;3/AC@32/B4/7@D/:C3=</@31C@@7<50/A7A 0/A32C>=<B63:=E3AB:3D3:=4A75<7471/<B7<>CBB=B63D/:C/B7=<AA33%=B34=@B63=;>/<GJA>=:7173A@35/@27<5B63673@/@16G

#### **! !#"**

| <br>'+*'))',+0               | (8(. | (8(. |  | (8(. | !16\$. |
|------------------------------|------|------|--|------|--------|
| !4\$',0*\$55(65              |      |      |  |      |        |
| ,*5=D3@<;3<BA31C@7B73A       | <br> |      |  | I    |        |
| ?C7BGA31C@7B73A              |      |      |  |      |        |
| F16/<53<br>B@/2324C<2A       |      | I    |  | I    |        |
| =@>=@/B3230BA31C@7B73A       |      |      |  | I    |        |
| F16/<53;3;03@A67>A           | I    | I    |  |      |        |
| 3@7D/B7D3/AA3BAA33B/0:303:=E |      |      |  |      |        |
| !16\$.64\$',0*\$55(65        |      |      |  |      | <br>   |
| 6+(4\$55(65\$6)\$,48\$.7(    |      |      |  |      |        |
| \$=<3G;/@93B4C<2A            |      | I    |  | I    |        |
| (4,8\$6,8(\$55(65            |      |      |  |      |        |
| ?C7BG1=<B@/1BA               | <br> | <br> |  | I    | <br>   |
| =;;=27BG1=<B@/1BA            |      |      |  | I    |        |
| !<B3@3AB@/B31=<B@/1BA        |      | I    |  | I    |        |
| 4155'(4,8\$6,8(\$55(65       |      |      |  | I    |        |
| 3@7D/B7D3<3BB7<5             |      |      |  |      |        |
| !16\$.'(4,8\$6,8(\$55(65     |      |      |  |      | <br>   |

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

#### **! !#"**

| <br>'+*'))',+0                    | (8(. | (8(. |   | (8(. | !16\$. |
|-----------------------------------|------|------|---|------|--------|
| !4\$',0*.,\$%,.,6,(5              |      |      |   |      |        |
| ,*5=D3@<;3<BA31C@7B73A            | <br> |      |   | I    |        |
| ?C7BGA31C@7B73A                   |      |      |   |      |        |
| F16/<53<br>B@/2324C<2A            |      |      | I | I    |        |
| =@>=@/B3230BA31C@7B73A            |      |      |   | I    |        |
| 3@7D/B7D3:7/07:7B73AA33B/0:303:=E |      |      |   |      |        |
| !16\$.64\$',0*.,\$%,.,6,(5        |      |      |   |      | <br>   |
| (4,8\$6,8(.,\$%,.,6,(5            |      |      |   |      |        |
| ?C7BG1=<B@/1BA                    | <br> |      |   | I    |        |
| =;;=27BG1=<B@/1BA                 |      |      |   | I    |        |
| !<B3@3AB@/B31=<B@/1BA             |      |      | I | I    |        |
| =@375<3F16/<531=<B@/1BA           |      |      | I | I    |        |
| 4155'(4,8\$6,8(.,\$%,.,6,(5       |      |      |   | I    |        |
| 3@7D/B7D3<3BB7<5                  |      |      |   |      |        |
| !16\$.'(4,8\$6,8(.,\$%,.,6,(5     |      |      |   |      | <br>   |

!<B63B/0:3A/0=D3

- M 3@7D/B7D3 <3BB7<5 7<1:C23A 1=C<B3@>/@BG <3BB7<5 =4 >=A7B7=<A/<2 1/A6 1=::/B3@/: 7<1:C27<5 7<7B7/:;/@57< E7B6B63 A/;3 1=C<B3@>/@BG+63 /;=C<B =4 1/A6 1=::/B3@/: @3137D32 =@ >:32532 B6/B 3F1332A B63 4/7@ D/:C3 3F>=AC@3 =4 23@7D/B7D3 /AA3BA /<2 :7/07:7B73A /B B63 7<27D72C/: 1=C<B3@>/@BG:3D3:7A3F1:C232
- M =@4C@B63@7<4=@;/B7=<=<23@7D/B7D347</<17/:7<AB@C;3<BA/<263257<5/1B7D7B73A A33%=B3

M )3A/:3 /5@33;3<BA /<2 @3>C@16/A3 /5@33;3<BA <=B @34:31B32 7<B63B/0:3 /0=D3 /@3 @34:31B32 /B4/7@ D/:C3 =<B63 AB/B3;3<B =447</<17/: 1=<27B7=< /<2 7<1:C23 47</<17<5 7<B3@3AB @3137D/0:3A /<2 >/G/0:3A /A E3:: /A B63 34431BA =4 <3BB7<5 A 23A1@7032 7< %=B3 @3A/:3 /5@33;3<BA/<2@3>C@16/A3/5@33;3<BA/@31:/AA74732E7B67<:3D3:=4B634/7@D/:C3673@/@16G

## **!**

## **1..\$6(4\$.,<('!4\$05\$&6,105**

+@/<A43@A =4 47</<17/: /AA3BA /@3 /11=C<B32 4=@ /A A/:3A E63< B63 =;>/<G 6/A @3:7<?C7A632 1=<B@=: =D3@ B63 B@/<A43@@32 /AA3BA =@ B@/<A43@A =4 47</<17/: /AA3BA B6/B /@3 <=B /11=C<B32 4=@ /A A/:3A 7< E6716B63B@/<A43@=@@3B/7<A1=<B@=:=4B6347</<17/:/AA3BA B6347</<17/: /AA3BA@3;/7<=<B63AB/B3;3<B=447</<17/:1=<27B7=</<2B63B@/<A43@ 7A /11=C<B32 4=@ /A / 1=::/B3@/:7H32 47</<17<5 \*31C@7B73A 0=@@=E32 A31C@7B73A:=/<32 @3A/:3/5@33;3<BA /<2@3>C@16/A3/5@33;3<BA/@3 B@3/B32/A1=::/B3@/:7H3247</<17<5A

)3A/:3 /5@33;3<BA /<2 @3>C@16/A3 /5@33;3<BA 63:2 /A =4 B63 @3>=@B7<52/B3/@3 @31=@232=<B63 AB/B3;3<B=447</<17/: 1=<27B7=</B B637@4/7@D/:C3>C@AC/<BB=B634/7@D/:C3=>B7=< >:CA/11@C327<B3@3AB +63 =;>/<G 6/A 3:31B32 B= @3>=@B @3A/:3 /5@33;3<BA /<2 @3>C@16/A3 /5@33;3<BA =< / <3B 0/A7A E63< 7B 6/A 23B3@;7<32 B6/B B63@3 3F7ABA / :35/::G 3<4=@13/0:3 @756B B= =44A3B B63 @31=5<7H32 /;=C<BA /<2 E63< 13@B/7< =B63@ 1@7B3@7/ /@3 ;3B 7< /11=@2/<13 E7B6 />>:71/0:3/11=C<B7<55C72/<13=<=44A3BB7<5

\*31C@7B73A 0=@@=E7<5 /<2 :3<27<5 B@/<A/1B7=<A @3?C7@3 1/A6 =@ =B63@ 47</<17/: 7<AB@C;3<BA /A 1=::/B3@/: B= 03 23>=A7B32 =@ B/93< 7< \*31C@7B73A 0=@@=E32 /@3 @31=@232 /B B63 /;=C<B =4 1/A6 1=::/B3@/: /2D/<132>:CA/11@C327<B3@3AB\*31C@7B73A:=/<32/@3@31=@232/BB63 /;=C<B=41/A61=::/B3@/:@3137D32>:CA/11@C327<B3@3AB

+63=;>/<G3<B3@A7<B=@3A/:3/5@33;3<BA @3>C@16/A3/5@33;3<BA A31C@7B73A 0=@@=E32 /<2 A31C@7B73A :=/<32 B@/<A/1B7=<A B= /;=<5 =B63@ B67<5A /1?C7@3 A31C@7B73A B= 1=D3@ A6=@B >=A7B7=<A A3BB:3 =B63@ A31C@7B73A =0:75/B7=<A /<2 B= 1=::/B3@/:7H3 13@B/7< =4 B63 =;>/<GJA /1B7D7B73A +63 =;>/<G /BB3;>BA B= ;/</53 1@327B 3F>=AC@3 /@7A7<5 4@=; AC16 B@/<A/1B7=<A 0G 37B63@ 3<B3@7<5 7<B= ;/AB3@ <3BB7<5 /5@33;3<BA/<21@327BAC>>=@B/5@33;3<BAE7B61=C<B3@>/@B73A /<2=@ 3<B3@7<5 7<B= B@/<A/1B7=<A B6/B /@3 1:3/@32 B6@=C56 13<B@/: 1:3/@7<56=CA3A !< B63 3D3<B =4 / 1=C<B3@>/@BG 234/C:B AC16 /A 0/<9@C>B1G =@ / 1=C<B3@>/@BGJA 4/7:C@3 B= >/G =@ >3@4=@; B63A3 /5@33;3<BA ;/G >@=D723 B63 =;>/<G B63 @756B B= B3@;7</B3 AC16 /5@33;3<BA <3B B63 =;>/<GJA @756BA /<2 =0:75/B7=<A C<23@ AC16 /5@33;3<BA 0CG 7< C<23:7D3@32 A31C@7B73A /<2 :7?C72/B3 /<2 =44A3B 1=::/B3@/: /5/7<AB /<G <3B =0:75/B7=< @3;/7<7<54@=;B63 1=C<B3@>/@BG +631@327B@7A9=413<B@/::G1:3/@32B@/<A/1B7=<A7A/:A=@32C1320GB63 @C:3A =@ @35C:/B=@G @3?C7@3;3<BA />>:71/0:3 B= B63 1:3/@7<56=CA3A 227B7=</::G B63 =;>/<G A339A B= ;/</53 1@327B 3F>=AC@3 0G /;=<5 =B63@ 4/1B=@A ;=<7B=@7<5 3F>=AC@3A B= /<2 @3D73E7<5 1@327BE=@B67<3AA =4 7BA 1=C<B3@>/@B73AA =4 313;03@ 
 B63 =;>/<G 6/2 0/:/<13 @3:/B32 B= 1=::/B3@/:7H32 B@/<A/1B7=<A E7B6 /447:7/B3A%=B3/<2<=< /447:7/B3A

\*31C@7B73A 0=@@=E7<5 /<2 :3<27<5B@/<A/1B7=<A E6716BG>71/::G7<1:C23 3?C7BGA31C@7B73A/<2=@,\*5=D3@<;3<BA31C@7B73A /@31=::/B3@/:7H32 /A/>3@13<B/53=4B634/7@D/:C3=4B63A31C@7B73A0=@@=E32=@:=/<32 0G>:3257<5=@@3137D7<51/A6=@A31C@7B73A+G>71/::G B63=;>/<G6/A @756BA =4 @36G>=B631/B7=< E7B6 @3A>31B B= B63 C<23@:G7<5 A31C@7B73A @3137D32 C<23@ A31C@7B73A 0=@@=E32 B@/<A/1B7=<A:A= B63 =;>/<G

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

53<3@/::G 6/A @756BA =4 @36G>=B631/B7=< E7B6 @3A>31B B= B63 A31C@7B73A 1=::/B3@/: @3137D32 4@=; 1=C<B3@>/@B73A C<23@ A31C@7B73A :3<27<5 B@/<A/1B7=<A+631=C<B3@>/@BG53<3@/::G6/A@756BA=4@36G>=B631/B7=< E7B6 @3A>31B B= A31C@7B73A 1=::/B3@/: >:32532 0G B63 =;>/<G 4=@ A31C@7B73A0=@@=E7<5B@/<A/1B7=<A /AE3::/AB63A31C@7B73A:=/<324@=; B63 =;>/<G B= AC16 1=C<B3@>/@BG A =4 313;03@ 
 AC0AB/<B7/::G /:: A31C@7B73A @3137D32 C<23@ A31C@7B73A 0=@@=E7<5 B@/<A/1B7=<A6/D3033<23:7D3@32=@@3>:32532

)3A/:3 /5@33;3<BA /<2 @3>C@16/A3 /5@33;3<BA /@3 1=::/B3@/:7H32 >@7;/@7:G0G@3137D7<5=@>:3257<53?C7BGA31C@7B73A=@,\*5=D3@<;3<B A31C@7B73A +G>71/::G B63 =;>/<G 6/A @756BA =4 @36G>=B631/B7=< E7B6 @3A>31BB=B63A31C@7B73A1=::/B3@/: @3137D32C<23@ @3A/:3/5@33;3<BA :A= B63 1=C<B3@>/@BG 53<3@/::G 6/A @756BA =4 @36G>=B631/B7=< E7B6 @3A>31BB=B63 A31C@7B73A 1=::/B3@/: @3137D324@=;B63 =;>/<GC<23@ @3>C@16/A3 /5@33;3<BA A =4 313;03@ 
 AC0AB/<B7/::G /:: A31C@7B73A 1=::/B3@/: @3137D32 C<23@ @3A/:3 /5@33;3<BA 6/A 033< 23:7D3@32=@@3>:32532

+63 =;>/<G 7A / <3BB7<5 ;3;03@ =4 B63 =D3@<;3<B \*31C@7B73A 7D7A7=<=4! /<7<2CAB@G1:3/@7<56=CA34=@@3A/:3/<2@3>C@16/A3 B@/<A/1B7=<A!7<B3@>=A3A7BA3:403BE33<B63=;>/<G/<2A3@D3A /A B63 :35/: 1=C<B3@>/@BG B= 3/16 A723 =4 B63 B@/<A/1B7=< 4=@ 1:3/@7<5 /<2A3BB:3;3<B>C@>=A3A

+63 =;>/<G ;=<7B=@A B63 4/7@ D/:C3 =4 C<23@:G7<5 A31C@7B73A 7< 1=;>/@7A=< B= B63 @3:/B32 @3137D/0:3 =@ >/G/0:3 /<2 /A <313AA/@G B@/<A43@A =@ @3?C3ABA /227B7=</: 1=::/B3@/: /A >@=D7232 C<23@ B63 />>:71/0:3 /5@33;3<B B= 3<AC@3 B@/<A/1B7=<A /@3 /23?C/B3:G 1=::/B3@/:7H32+634=::=E7<5B/0:3>@3A3<BA7<4=@;/B7=</0=CBA31C@7B73A 0=@@=E32/<2A31C@7B73A:=/<32

#### 

| <br>'+*'))',+0                      | (&74,6,(5<br>14419(' |  | (&74,6,(5<br>1\$0(' |  |
|-------------------------------------|----------------------|--|---------------------|--|
| /7@D/:C3=4A31C@7B73A0=@@=E32:=/<32 |                      |  |                     |  |
| /A61=::/B3@/:>:32532@3137D32       |                      |  |                     |  |
| 7</<17<57<B3@3AB@3137D/0:3>/G/0:3  |                      |  |                     |  |

!< B63 B/0:3 /0=D3 47</<17<5 7<B3@3AB @3137D/0:3 /<2 >/G/0:3 /@3 7<1:C2327<A31C@7B73A0=@@=E32/<2A31C@7B73A:=/<32 @3A>31B7D3:G =< B63 AB/B3;3<B =4 47</<17/: 1=<27B7=< +63 4/7@ D/:C3 =4 A31C@7B73A 0=@@=E32:=/<327<1:C23A/11@C321=C>=<7<B3@3AB

+634=::=E7<5B/0:3>@3A3<BA7<4=@;/B7=</0=CB@3A/:3/5@33;3<BA/<2 @3>C@16/A3/5@33;3<BA

| <br>                                   |      |
|----------------------------------------|------|
| <br>'+*'))',+0                         |      |
| /7@D/:C3=4A31C@7B73A1=::/B3@/:@3137D32 |      |
| 4=@@3A/:3/5@33;3<BA                    | <br> |
| /7@D/:C3=4A31C@7B73A1=::/B3@/:>:32532  |      |
| 4=@@3>C@16/A3/5@33;3<BA                | <br> |
|                                        |      |

!<B63B/0:3 /0=D3 B634/7@ D/:C3 =4 A31C@7B73A 1=::/B3@/: @3137D32 /<2 >:325327<1:C23A/11@C321=C>=<7<B3@3AB

*\$\$0#11'+%,\$#/1'+,))1#/)'6#"/+0!1',+0*

+634=::=E7<5B/0:3A >@3A3<B 7<4=@;/B7=< /0=CBB63 =44A3BB7<5 =4B63A3 7<AB@C;3<BA )343@ B= %=B3 4=@ 7<4=@;/B7=< @3:/B7<5 B= =44A3BB7<5 =4 23@7D/B7D3A

#### **!**

| <br>'+*'))',+0                               | (5\$.(<br>*4((/(065 |  | (&74,6,(5<br>14419(' |
|----------------------------------------------|---------------------|--|----------------------|
| 0&.7'(',06+(56\$6(/(061)),0\$0&,\$.&10',6,10 |                     |  |                      |
| @=AA/;=C<BA                                  |                     |  |                      |
| ;=C<BA=44A3B                                 |                     |  | I                    |
| (6\$/17065                                   |                     |  |                      |
| /170650161))5(6                              |                     |  |                      |
| =C<B3@>/@BG<3BB7<5                           |                     |  |                      |
| 7</<17/:7<AB@C;3<BA	/B4/7@D/:C3              |                     |  |                      |
| !16\$.                                       |                     |  |                      |

#### **!**

| <br>'+*'))',+0                               | (274&+\$5(<br>*4((/(065 |  | (&74,6,(5<br>1\$0(' |   |
|----------------------------------------------|-------------------------|--|---------------------|---|
| 0&.7'(',06+(56\$6(/(061)),0\$0&,\$.&10',6,10 |                         |  |                     |   |
| @=AA/;=C<BA                                  |                         |  |                     |   |
| ;=C<BA=44A3B                                 |                         |  |                     | I |
| (6\$/17065                                   |                         |  |                     |   |
| /170650161))5(6                              |                         |  |                     |   |
| =C<B3@>/@BG<3BB7<5                           |                         |  |                     |   |
| 7</<17/:7<AB@C;3<BA	/B4/7@D/:C3              |                         |  |                     |   |
| !16\$.                                       |                         |  |                     |   |

!<B63B/0:3A/0=D3

- M @=AA /;=C<BA 7<1:C23 /:: 7<AB@C;3<BA 7@@3A>31B7D3 =4 E63B63@ B63@37A/:35/::G3<4=@13/0:3;/AB3@<3BB7<5/5@33;3<B=@1@327B AC>>=@B /5@33;3<B 7< >:/13 +63A3 /;=C<BA /:A= 7<1:C23 47</<17<5 7<B3@3AB @3137D/0:3A /<2 >/G/0:3A @3:/B32 B= B63A3 B@/<A/1B7=<A
- M ;=C<BA=44A3B 1=C<B3@>/@BG<3BB7<5 /<247</<17/:7<AB@C;3<BA /B 4/7@D/:C3 @3:/B3B=:35/::G3<4=@13/0:3;/AB3@<3BB7<5/5@33;3<BA =@1@327BAC>>=@B/5@33;3<BA
- M ;=C<BA/@3@3>=@B327<B63AB/B3;3<B=447</<17/:1=<27B7=<=</ <3B0/A7A /A/>>:71/0:3 E63<B63=;>/<G6/A23B3@;7<32B6/B B63@33F7ABA/:35/::G3<4=@13/0:3;/AB3@<3BB7<5/5@33;3<B/<2 =@ 1@327B AC>>=@B /5@33;3<B /<2 E63< 13@B/7< =B63@ 1@7B3@7/ /@3 ;3B 7< /11=@2/<13 E7B6 />>:71/0:3 /11=C<B7<5 5C72/<13 =< =44A3BB7<5
- M 7</<17/: 7<AB@C;3<BA <=B =44A3B 7< B63 AB/B3;3<B =4 47</<17/: 1=<27B7=< 7<1:C23 B63 4/7@ D/:C3 /<2 /11@C32 1=C>=< 7<B3@3AB =4 A31C@7B73A 0=@@=E32 A31C@7B73A :=/<32 A31C@7B73A >C@16/A32 =@ A=:2 C<23@B63 /5@33;3<BAB= @3A3:: =@ @3>C@16/A3 @3A>31B7D3:G /<2 /227B7=</: 1=::/B3@/: E63@3 />>:71/0:3 +63 4/7@ D/:C3 =4 A31C@7B73A0=@@=E32=@:=/<327<B63B/0:3=<:G7<1:C23AA31C@7B73A 4=@E67161/A61=::/B3@/:E/A>:32532=@@3137D32 @3A>31B7D3:G
- M \*31C@7B73AA=:2=@=B63@E7A3>:32532/A1=::/B3@/:4=@ @3>C@16/A3 /5@33;3<BA =@ >:32532 /A 1=::/B3@/: 4=@ A31C@7B73A 0=@@=E32 7<1:C23B@/27<5/AA3BA /B4/7@D/:C3 @31=@232=<B63AB/B3;3<B=4 47</<17/:1=<27B7=<

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

*,))1#/)'6#"/+0!1',+0712/'1'#0+",))1#/))#"%#"* +63 4=::=E7<5 B/0:3 >@3A3<BA B63 5@=AA 1/@@G7<5 D/:C3 =4 @3>C@16/A3 /5@33;3<BA/<2A31C@7B73A:=/<320G@3;/7<7<51=<B@/1BC/:;/BC@7BG/A =4313;03@ 

| <br>'+*'))',+0          | (274&+\$5(<br>*4((/(065 | (&74,6,(5<br>1\$0(' |   |  |
|-------------------------|-------------------------|---------------------|---|--|
| &D3@<756B/<2=>3<        | <br>                    |                     |   |  |
| <br>2/GA                | <br>                    |                     | I |  |
| <br>2/GA                | <br>                    |                     |   |  |
| !16\$.                  | <br>                    |                     |   |  |
| 7</<17<57<B3@3AB>/G/0:3 | <br>                    |                     |   |  |
| 4155\$/17065            | <br>                    |                     |   |  |

+63 4=::=E7<5 B/0:3 >@3A3<BA B63 5@=AA 1/@@G7<5 D/:C3 =4 @3>C@16/A3 /5@33;3<BA /<2 A31C@7B73A :=/<32 B@/<A/1B7=<A 0G 1:/AA =4 1=::/B3@/: >:32532/A=4313;03@ 

| <br>'+*'))',+0          | (274&+\$5(<br>*4((/(065 |  | (&74,6,(5<br>1\$0(' |  |
|-------------------------|-------------------------|--|---------------------|--|
| ,*5=D3@<;3<BA31C@7B73A  |                         |  |                     |  |
| ?C7BGA31C@7B73A         |                         |  |                     |  |
| !16\$.                  |                         |  |                     |  |
| 7</<17<57<B3@3AB>/G/0:3 |                         |  |                     |  |
| 4155\$/17065            |                         |  |                     |  |

## **!**

## **!4\$05\$&6,1059,6+(.\$6('\$46,(5**

## *4-#+0#0*

'C@AC/<BB=/</2;7<7AB@/B7D3A3@D713A/5@33;3<B B63=;>/<G>/GA B63 7B/23: \*3@D713 '/@B73A =< / 1=AB /<2=@ 1=AB >:CA 0/A7A /A />>:71/0:3 4=@ 27@31B /<2 @37;0C@A/0:3 /2;7<7AB@/B7D3 53<3@/: /<2 =>3@/B7<5 3F>3<A3A 7<1:C27<5 1=;>3<A/B7=< /<2 03<347BA >/72 0G B63A3 3<B7B73A =< 036/:4 =4B63 =;>/<GA =4313;03@ 
 B63=;>/<G6/2/1=;07<32>/G/0:3B=13@B/7<=4B637B/23:\*3@D713 '/@B73A =4 ;7::7=< E6716 7A 7<1:C232 7< =B63@ :7/07:7B73A =< B63 AB/B3;3<B=447</<17/:1=<27B7=<

A=4313;03@ 
 B63=;>/<G6/A>/721=;>3<A/B7=<B=B63 7B/23: \*3@D713 '/@B73A =4 ;7::7=< E6716 6/A <=B G3B 033< 3F>3<A32 2C3 B= A3@D713 D3AB7<5 @3?C7@3;3<BA \*C16 /;=C<B 7A 7<1:C2327<=B63@/AA3BA=<B63AB/B3;3<B=447</<17/:1=<27B7=<

227B7=</::G B63=;>/<G6/A/:A=3<B3@327<B=/5@33;3<BAE7B6=B63@ 7<B3@</B7=</:/447:7/B3A E63@3AC16/447:7/B3A>@=D723B63=;>/<GE7B6 A3@D713A B6/B 1=C:2 7<1:C23 13@B/7< @3:/B7=<A67> ;/</53;3<B ;/@93B7<5 =@ @7A9 ;=<7B=@7<5 /A E3:: /A B316<71/: AC>>=@B E7B67< B63 /447:7/B3AJ @3A>31B7D38C@7A271B7=<A+63=;>/<G7<1C@A3F>3<A3A4@=; AC16/447:7/B3A>@=D727<5B63A3A3@D713AA=4313;03@ 
 B63 =;>/<G 6/2 / 1=;07<32 >/G/0:3 B= AC16 /447:7/B3A =4 ;7::7=< E6716 7A 7<1:C232 7< =B63@ :7/07:7B73A =< B63 AB/B3;3<B =4 47</<17/: 1=<27B7=<

## *4#!21'+%+"#11)#\*#+1!1'3'1'#0*

C@7<5 7B/23: \*31C@7B73A !<AB7BCB7=</: ## K\*!%L >@=D7232 3F31CB7=<A3@D713AB=B63=;>/<GC<23@/B@/<A43@>@717<5/5@33;3<B =< / 1=AB >:CA 0/A7A :A= 2C@7<5 B63 =;>/<G @31=@232 1=;;7AA7=<@3D3<C34@=;\*!%4=@/1B7<5/A/1=C<B3@>/@BG4=@B@/23A E7B6 B67@2 >/@B73A A =4 313;03@ 
 B63 =;>/<G 6/2 / @3137D/0:34=@ AC16 A3@D713A=4;7::7=< E67167A7<1:C2327<=B63@ /AA3BA=<B63AB/B3;3<B=447</<17/:1=<27B7=<

+63=;>/<G/:A=3<B3@327<B=/53<1GA3@D713/5@33;3<BAE7B6=B63@ /447:7/B32 0@=93@A /<2 23/:3@A 4=@ 3F31CB7=< A3@D713A /<2 /::=1/B3A @3D3<C3 B= =@ @3137D3A @3D3<C3 4@=; AC16 /447:7/B3A 4=@ B63A3 B@/<A/1B7=<A227B7=</::G B63 =;>/<G 3/@<32 /<2 7<1C@@32 16/@53A @3:/B32 B= 4/7:32 23:7D3@G =4 A31C@7B73A E7B6 /447:7/B32 0@=93@A /<2 23/:3@AA =4 313;03@ 
 B63 =;>/<G 6/2 / @3137D/0:3 4@=;/<2>/G/0:3B=AC16/447:7/B3A@3:/B32B=A31C@7B73A4/7:32B=23:7D3@ /<2A31C@7B73A4/7:32B=@3137D3=4;7::7=</<2;7::7=< E67167A 7<1:C232 7< @3137D/0:34@=; /<2 >/G/0:3B= 0@=93@A 23/:3@A 1:3/@7<5 =@5/<7H/B7=<A /<2 1CAB=27/<A @3A>31B7D3:G =< B63 AB/B3;3<B =4 47</<17/:1=<27B7=<

### *,+%/##\*#+1*

+63 B/0:3 03:=E 27A1:=A3A B63 A75<7471/<B B3@;A /<2 47</<17/: 7<4=@;/B7=</AA=17/B32E7B6B63=;>/<GJA0=@@=E7<5/5@33;3<BE7B6 7B/23:\*31C@7B73A:=0/: =:27<5A##-\* -

#### 

| 14419,0**4((/(06 |                            | '+*'))',+0      |                                                   |                  |
|------------------|----------------------------|-----------------|---------------------------------------------------|------------------|
| (0'(4            | !16\$.<br>\$&,.,6;<br>,/,6 | 06(4(56<br>\$6( | 7656\$0',0*<br>4,0&,2\$.\$0'<br>&&47('<br>06(4(56 | \$674,6;<br>\$6( |
| *                | <br>                       | *&)<br>         | I                                                 | 313;03@<br>      |

!<B63B/0:3/0=D3

- M +63 A3<7=@ C<A31C@32 :=/< 4/17:7BG E7B6 \* 7A C<1=;;7BB32 /<2 >/G/0:3 =< 23;/<2 :: :=/< /2D/<13A /@3 AC0831B B= \* JA/>>@=D/:
- M C@7<5 B63 G3/@ B63 A3<7=@ C<A31C@32 :=/< 4/17:7BG E7B6 \* E/A/;3<232B=7<1@3/A3B63B=B/:4/17:7BG:7;7BB=

07::7=<

## *,))1#/)'6#"/+0!1',+0*

C@7<5 B63 G3/@ B63 =;>/<G 6/2 1=::/B3@/:7H32 B@/<A/1B7=<A E7B6 13@B/7</447:7/B320@=93@A 23/:3@A/<2>@=>@73B/@GB@/27<53<B7B73A E7B6 0/:/<13A /A =4 313;03@ 
 /A >@3A3<B32 7< B63 4=::=E7<5 B/0:3A

| <br>'+*'))',+0             | (&74,6,(51\$0(' |  |
|----------------------------|-----------------|--|
| /7@D/:C3=4A31C@7B73A:=/<32 |                 |  |
| /A61=::/B3@/:@3137D32      |                 |  |

| <br>'+*'))',+0                                     | (5\$.(<br>*4((/(065 |  | (274&+\$5(<br>*4((/(065 |  |
|----------------------------------------------------|---------------------|--|-------------------------|--|
| @=AA1=<B@/1BD/:C3                                  |                     |  |                         |  |
| 7</<17<57<B3@3AB@3137D/0:3>/G/0:3                 |                     |  |                         |  |
| ;=C<BA=44A3B7<B63AB/B3;3<B=4<br>47</<17/:1=<27B7=< |                     |  |                         |  |
| (6\$/17065                                         |                     |  |                         |  |
| /7@D/:C3=4A31C@7B73A1=::/B3@/:<br>@3137D32>:32532 |                     |  |                         |  |

!<B63B/0:3A/0=D3 B634/7@D/:C3=4A31C@7B73A:=/<32 /<2A31C@7B73A 1=::/B3@/:@3137D32/<2>:32532 7<1:C23A/11@C321=C>=<7<B3@3AB

+63=;>/<G>/@B717>/B3A7</D/@73BG=4=>3@/B7<5/<2/2;7<7AB@/B7D3 B@/<A/1B7=<A E7B6 @3:/B32 >/@B73A /<2 /447:7/B3A 31/CA3 =4 B63A3 @3:/B7=<A67>A 7B7A>=AA70:3B6/BB63B3@;A=4B63A3B@/<A/1B7=<A/@3<=B B63 A/;3 /A B6=A3 B6/B E=C:2 @3AC:B 4@=; B@/<A/1B7=<A /;=<5 C<@3:/B32>/@B73A/<2AC1627443@3<13A1=C:203;/B3@7/:

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

## **!**

## **,5-\$0\$\*(/(06**

+63=;>/<G7AAC0831BB=D/@7=CA @7A9A 7<1:C27<5 0CB<=B:7;7B32B= ;/@93B@7A9 1@327B@7A9 :7?C727BG@7A9 /<2=>3@/B7=</:@7A9+63+@/27<5 \$/</53@A A339 B= ;=<7B=@ /<2 ;/</53 B63A3 @7A9A =< /< =<5=7<5 0/A7A.67:3B63+@/27<5\$/</53@A=4B3<6325313@B/7<>=@B4=:7=@7A9A B63 +@/27<5 \$/</53@A /@3 <=B @3?C7@32 B= 2= A= /<2 E7:: <=B 7< 53<3@/: /BB3;>BB=63253/::;/@93B=@=B63@@7A9A7<B63>=@B4=:7= /<2 B63GE7::6325313@B/7<@7A9A=<:G>/@B7/::G 74/B/::

## */(#1'0(*

\$/@93B @7A9 7A B63 >=B3<B7/: 4=@ 16/<53A 7< B63 D/:C3 =4 7</<17/: !<AB@C;3<BA/B35=@73A =4;/@93B @7A9 7<1:C23 0CB /@3 <=B :7;7B32B= 3F>=AC@3A B= 3?C7BG >@713A 7<B3@3AB @/B3A 1=;;=27BG >@713A 1@327B >@713A /<2 1C@@3<1G >@713A \$/@93B @7A9 7A 27@31B:G 7;>/1B32 0G B63 D=:/B7:7BG/<2:7?C727BG=4B63;/@93BA7<E6716B6347</<17/:7<AB@C;3<BA /@3 B@/232 +63 +@/27<5 \$/</53@A A339 B= ;/</53 ;/@93B @7A9 7< D/@7=CAE/GA 7<1:C27<5B6@=C56 27D3@A74G7<5 3F>=AC@3A 5C723:7<3A =< >=A7B7=< A7H3A /<2 63257<5 7< @3:/B32 A31C@7B73A =@ 23@7D/B7D347</<17/: 7<AB@C;3<BA+63/07:7BGB=;/</53;/@93B@7A9;/G031=<AB@/7<320G 16/<53A7<:7?C727BG1=<27B7=<A/<24/AB16/<53A7<B63@3:/B7D3>@713A D=:/B7:7B73A /<2 1=@@3:/B7=<A 03BE33< 7</<17/: !<AB@C;3<BA /<2 B637@ 1=@@3A>=<27<563253A

+63=;>/<GA3::AD/@7=CA47</<17/:7<AB@C;3<BAE67167B2=3A<=BG3B =E<=@E6716/@3 1=<AC;;/B320GB6323:7D3@G=40=@@=E3247</<17/: 7<AB@C;3<BAKA6=@BA/:3AL+63=;>/<G7A3F>=A32B=;/@93B@7A94=@ A6=@B A/:3A A6=@B A/:3 7<D=:D3A B63 @7A9 =4 / >=B3<B7/::G C<:7;7B32 7<1@3/A3 7< B63 ;/@93B >@713 =4 B63 >/@B71C:/@ 7<D3AB;3<B A=:2 A6=@B E6716 1=C:2 @3AC:B 7< /< 7</07:7BG B= 1=D3@ B63 A6=@B >=A7B7=< /<2 C<:7;7B32:=AA+63@31/<03<=/AAC@/<13B6/BA31C@7B73A<313AA/@GB= 1=D3@ / A6=@B >=A7B7=< E7:: 03 /D/7:/0:3 4=@ >C@16/A3 += /BB3;>B B= ;/</53B67A;/@93B@7A9 B63=;>/<G;/G6=:27</<17/:!<AB@C;3<BA E6716 1/< 03 CA32B= 63253 =@ A3BB:3B63A3 =0:75/B7=<A /<2;=<7B=@A 7BA;/@93B3F>=AC@32/7:G /28CAB7<57</<17/:!<AB@C;3<BA/A233;32 <313AA/@G 227B7=</::G @35C:/B=@G @C:3A 1=C:2 @3AC:B 7< / @32C132 7<D3<B=@G =4 A31C@7B73A /D/7:/0:3 4=@ 0=@@=E7<5 /<2 7<1@3/A32 B@/<A/1B7=<1=ABA@3:/B32B=A6=@BA3::7<5

+63 =;>/<G;/G 6/D3 3F>=AC@3B= <=< ,\* 1C@@3<173A 27@31B:G =@ 7<27@31B:G B6@=C56 7BA 47</<17/: 7<AB@C;3<BA /<2 /A AC16 7A AC0831B B= B63 @7A9B6/BB6=A3 1C@@3<173AE7::231:7<37< D/:C3 @3:/B7D3B=B63,\* 2=::/@ =@ 7< B63 1/A3 =4 63257<5 >=A7B7=<A B6/B B63 ,\* 2=::/@ E7:: 231:7<37<D/:C3@3:/B7D3B=B631C@@3<1G037<5632532C@@3<1G@/B3A ;/G 4:C1BC/B3 A75<7471/<B:G =D3@ A6=@B >3@7=2A =4 B7;3 4=@ A3D3@/: @3/A=<A 7<1:C27<5 0CB <=B :7;7B32 B= 16/<53A 7< 7<B3@3AB @/B3A 7<B3@D3<B7=<=@B634/7:C@3B=7<B3@D3<30G5=D3@<;3<B3<B7B73A 13<B@/: 0/<9A =@ AC>@/</B7=</: 3<B7B73A B63 7;>=A7B7=< =4 1C@@3<1G 1=<B@=:A /<2=B63@53=>=:7B71/:23D3:=>;3<BA

## */#"'1'0(*

@327B @7A9 7A B63 @7A9 =4 :=AA 2C3 B= B63 4/7:C@3 =4 / 1=C<B3@>/@BG B= >3@4=@;/11=@27<5B=B63B3@;A=4/1=<B@/1B\*7<13B63=;>/<G2=3A <=B 1:3/@ /:: =4 7BA =E< A31C@7B73A B@/<A/1B7=<A 7B 6/A 3AB/0:7A632 /11=C<BA E7B6 =B63@ 47</<17/: 7<AB7BCB7=<A 4=@ B67A >C@>=A3 +67A 1/< @3AC:B 7< / 1=<13<B@/B7=< =4 1@327B @7A9 E7B6 =<3 =@ ;=@3 =4 B63A3 7<AB7BCB7=<A\*C16 @7A9 6=E3D3@ 7A>/@B7/::G;7B75/B320GB63=0:75/B7=< =413@B/7<=4B63A347</<17/:7<AB7BCB7=<AB=;/7<B/7<;7<7;C;<3B1/>7B/: /<2B=A35@35/B31CAB=;3@AJ4C<2A/<247</<17/:7<AB@C;3<BA4@=;B63 47</<17/:7<AB7BCB7=<JA=E<6=:27<5A+63=;>/<G/1B7D3:G@3D73EA/<2 /BB3;>BA B= ;/</53 3F>=AC@3A B= D/@7=CA 47</<17/: 7<AB7BCB7=<A B= ;7B75/B3B63A3@7A9A

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

+63 1@327B @7A9 =4 3F16/<53 B@/232 23@7D/B7D3A AC16 /A 3F16/<53 B@/2324CBC@3A/<23F16/<53 B@/232=>B7=<A 7A@32C1320GB63@C:3A=@ @35C:/B=@G @3?C7@3;3<BA AC16 /A 2/7:G ;/@57<7<5 />>:71/0:3 B= B63 7<27D72C/: 3F16/<53A 1:3/@7<56=CA3A /<2 1:3/@7<5 ;3;03@A B6@=C56 E6716B63A37<AB@C;3<BA/@3B@/232/<21:3/@32

+63 =;>/<G A339AB= @32C13 7BA 3F>=AC@3B= 1@327B @7A9 /AA=17/B32 E7B61=C<B3@>/@BG<=<>3@4=@;/<13C<23@&+ 07:/B3@/:B@/<A/1B7=<A0G 3<B3@7<5 7<B= ;/AB3@ <3BB7<5 /5@33;3<BA /<2 1@327B AC>>=@B /5@33;3<BA E7B6 1=C<B3@>/@B73A +63A3 ;/AB3@ <3BB7<5 /5@33;3<BA /<21@327BAC>>=@B/5@33;3<BA>@=D723B63=;>/<GE7B6B63 @756BB= 23;/<2 1=::/B3@/:0/A32=<B63=;>/<GJA;/@9 B= ;/@93B3F>=AC@3 B=B63 1=C<B3@>/@BG /A E3:: /AB63 @756B 7<B63 3D3<B =4 1=C<B3@>/@BG 234/C:B B= :7?C72/B3 1=::/B3@/: /<2 =44A3B @3137D/0:3A /<2 >/G/0:3A 1=D3@32 C<23@ B63 A/;3 ;/AB3@ <3BB7<5 /5@33;3<B += ;7B75/B3 >=B3<B7/::=AA3A/AA=17/B32E7B6&+ 07:/B3@/:1@327B@7A9 B63=;>/<G 53<3@/::G 3<B3@A 7<B= &+ 07:/B3@/: B@/<A/1B7=<A =<:G E7B6 ;/8=@ 47</<17/:7<AB7BCB7=<A 227B7=</::G B63=;>/<GA339AB=;7B75/B31@327B @7A9 0G /;=<5 =B63@ 4/1B=@A ;=<7B=@7<5 3F>=AC@3A B= /<2 @3D73E7<5 1@327BE=@B67<3AA =4 7BA 1=C<B3@>/@B73A /<2 @30/:/<17<5 B@/27<5 /<2 47</<17<5 A=C@13A /A 233;32 />>@=>@7/B3 A />>:71/0:3 E7B6 B63 ;/<2/B3 C<23@ ,<1:3/@32 \$/@57< )C:3A 0=B6 B63 =;>/<G /<2 7BA 1=C<B3@>/@B73A;/G03@3?C7@32B=>:3253A=;3=@/::7<7B7/:;/@57</B/ B67@2 >/@BG 1CAB=27/< B6/B 1/<<=B 03 @36G>=B631/B32 0G B63 1=C<B3@>/@BG=@B63=;>/<G E7B6B63/07:7BGB=AC0AB7BCB31=::/B3@/:/B B637@ 27A1@3B7=< C@B63@;=@3 B63 =;>/<G ;/G A339 /227B7=</: ;/@57< A35@35/B7=< =>>=@BC<7B73A 03G=<2 B63 @3?C7@32 @35C:/B=@G ;7<7;C;

/A6 /<2 A31C@7BG /11=C<B 0/:/<13A BG>71/::G 3F1332 5=D3@<;3<B A>=<A=@32 7<AC@/<13 1=D3@/53 /<2 ;/G AC0831B B63 =;>/<G B= / 1=<13<B@/B7=< =4 1@327B @7A9 .63@3 >=AA70:3 B63 +@/27<5 \$/</53@A A339B=;7B75/B3B631@327B@7A9B6/B3F7ABAE7B6B63A3/11=C<B0/:/<13A 0G /;=<5=B63@B67<5A ;/7<B/7<7<5B63A3/11=C<B0/:/<13A>C@AC/<B B= A35@35/B32 1CAB=27/: /@@/<53;3<BA =@ 0G @32C17<5 B63 /;=C<B =4 1/A6 B63 =;>/<G 6/A =< 23>=A7B E7B6 0/<9A /<2 =B63@ 47</<17/: 7<AB7BCB7=<A

+63 =;>/<G ;/G ;/93 ;/@93BA 7< =@ 7<D3AB 7< 1=<D3@B70:3 0=<2A 1=@>=@/B3 0=<2A 5=D3@<;3<B A31C@7B73A /<2 =B63@ 1@327B A3<A7B7D3 A31C@7B73A 4@=; B7;3 B= B7;3 ,<B7: AC16 7<D3AB;3<BA /@3 A=:2 =@ /@3 >/727<4C::/B;/BC@7BG B63=;>/<G7A3F>=A32B=1@327B@7A9@3:/B7<5B= E63B63@B63 7AAC3@E7::;33B 7BA =0:75/B7=<AE63<B63 A31C@7B73A 1=;3 2C3.63@3>=AA70:3 B63+@/27<5\$/</53@A A339B=;/</53B63 @7A9 /AA=17/B32 E7B6 1@327B A3<A7B7D3 A31C@7B73A 7< D/@7=CA E/GA 7<1:C27<5 B6@=C56 27D3@A74G7<5 3F>=AC@3A 5C723:7<3A =< >=A7B7=< A7H3A /<2 63257<57<@3:/B32A31C@7B73A=@23@7D/B7D347</<17/:7<AB@C;3<BA

### *'.2'"'15'0(*

\*BG>71/::G;/7<B/7<A/>==:=43F13AA:7?C727BG/BB63=;>/<G4=@ D/@7=CA>:/<<32/<21=<B7<53<B<332A7<1:C27<5 /;=<5=B63@A ;/@9 B= ;/@93B:=AA3A=<B@/27<5/AA3BA/<2B@/27<5:7/07:7B73A /<27<1@3/A3A 7<7<7B7/:/<2D/@7/B7=<;/@57<@3?C7@3;3<BA0G>@7;30@=93@A 23@7D/B7D3 1=C<B3@>/@B73A /<21:3/@7<56=CA3A

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

+63=;>/<G53<3@/::G7<D3ABA=</:3D3@/5320/A7AB6@=C56D/@7=CA /@@/<53;3<BA 7<1:C27<5 @3>C@16/A3 /5@33;3<BA /<2 B6@=C56 B63 235@33 =4 :3D3@/53 BG>71/::G 3;032232 7< B63 23@7D/B7D3 47</<17/: 7<AB@C;3<BA 7< E6716 7B 7<D3ABA +63 CA3 =4 :3D3@/53 1/< A75<7471/<B:G ;/5<74G 0=B6 5/7<A /<2 :=AA3A 7<1@3/A7<5 B63 >=AA707:7BG =4 B63 =;>/<G 7<1C@@7<5 / AC0AB/<B7/: :=AA #3D3@/53 B6@=C56 ;/@57< 0=@@=E7<5A 53<3@/::G @3?C7@3A 1=::/B3@/: B= 03 >=AB32 E7B6 >@7;3 0@=93@A 1CAB=27/<A /<2 1=C<B3@>/@B73A \$/@93B D/:C3 ;=D3;3<BA 1=C:2 @3AC:B 7< / >@7;3 0@=93@ 1CAB=27/< =@ 1=C<B3@>/@BG C<23@B637@ @3A>31B7D3 /5@33;3<BA E7B6B63 =;>/<G 6/D7<5B63 @756BB= @32C13 B63 D/:C3 =4 AC16 1=::/B3@/: =@ B= @3?C7@3 B63 >=AB7<5 =4 /227B7=</: 1=::/B3@/: >=B3<B7/::G @3AC:B7<5 7< B63 7AAC/<13 =4 / ;/@57< 1/:: +67A 1=C:2 /:A= <313AA7B/B3 B63 A/:3 =4 /AA3BA 0G B63 =;>/<G /B / B7;3 E63< B63 =;>/<G E=C:2 <=B =B63@E7A3 16==A3 B= 2= A= +63 =;>/<G A339AB=;7B75/B3B67A @7A90GCB7:7H7<5/27D3@A747325@=C>=4 :3D3@/53>@=D723@A/<2/D/@73BG=447</<17<5/@@/<53;3<BA/AE3::/A <35=B7/B7<5 B@/27<5 /<2 47</<17<5 /5@33;3<BA B6/B 7<1:C23 =0831B7D3 D/:C/B7=< ;3B6=2=:=573A /<2 27A>CB3 @756BA 4=@ D/:C/B7=< 27443@3<13A 03BE33< B63 =;>/<G /<2 7BA >@7;3 0@=93@A 1CAB=27/<A /<2 1=C<B3@>/@B73A

## *-#/1',+)'0(*

&>3@/B7=</: @7A97A2347<32/AB63 @7A9=447</<17/::=AA=@ @3>CB/B7=</: 2/;/53@3AC:B7<54@=;7</23?C/B3=@4/7:327<B3@</:>@=13AA3A >3=>:3 AGAB3;A =@ 4@=; 3FB3@</: 3D3<BA \* A339A B= 723<B74G ;3/AC@3 ;=<7B=@ /<2 ;/</53 ;/B3@7/: =>3@/B7=</: @7A9A 0G 1=<B7<C7<5 B= 23D3:=>/<27;>:3;3<B3<6/<132;3B6=2=:=573A7<B63>@=13AA3AB6/B AC>>=@BB63=;>/<GJA93G/1B7D7B73A

## *1&#/'0(0*

C3B=7BA7<D3AB;3<BA B63=;>/<G;/G03AC0831BB=/227B7=</:@7A9A @3AC:B7<54@=;4CBC@3>=:7B71/:=@31=<=;711=<27B7=<A7<B631=C<B@G=@ @357=< =4 B63 7<D3AB;3<B /<2 B63 >=AA70:3 7;>=A7B7=< =4 /2D3@A3 5=D3@<;3<B/: :/EA =@ 1C@@3<1G 3F16/<53 @3AB@71B7=<A /4431B7<5 AC16 1=C<B@G=@ @357=< E67161=C:21/CA3B63A31C@7B73A/<2B637@;/@93BA B=03:3AA:7?C72/<2>@713A;=@3D=:/B7:3

+63 =;>/<G 7A AC0831B B= @7A9A /AA=17/B32 E7B6 C<4=@3A33< =@ 1/B/AB@=>671 3D3<BA 7<1:C27<5 0CB <=B :7;7B32 B= 53=>=:7B71/: 3D3<BA B3@@=@7AB /BB/19A </BC@/: 27A/AB3@A 1G03@/BB/19A =CB/53A /<2 B63 3;3@53<13 =4 / >/<23;71 E6716 1=C:2 1@3/B3 31=<=;71 47</<17/: /<2 0CA7<3AA 27A@C>B7=<A !< /227B7=< B63@3 /@3 7<63@3<B @7A9A 7< B63 CB7:7H/B7=< =4 13@B/7< B316<=:=573A 7<1:C27<5 /@B74717/: 7<B3::753<13 B316<=:=573A E63@30G B63 =CB>CBA >@=2C132 1=C:2 1=<B/7< 3@@=@A E6716 ;/G 03 274471C:B B= 23B31B :: B63A3 @7A9A 1=C:2 :3/2 B= =>3@/B7=</:274471C:B73AB6/B1=C:27;>/7@B63+@/27<5\$/</53@AJ/07:7BGB= ;/</53 B63 =;>/<GJA /1B7D7B73A .63@3 />>:71/0:3 B63 +@/27<5 \$/</53@AA339B=;/</53AC16@7A9AB6@=C561=<B7<C7BG/<2@3A7:73<1G >:/<<7<5

!< B63 4CBC@3 :7B75/B7=< 1=C:2 /@7A3 =@ :35/: B/F /<2 @35C:/B=@G 16/<53A 1=C:2 =11C@ E6716 1=C:2 6/D3 / ;/B3@7/: /2D3@A3 34431B =< B63=;>/<G

## **!**

## **1//,6/(065\$0'106,0\*(0&,(5**

## *,\*\*'1\*#+10*

+63 =;>/<G 3<B3@A 7<B= 4=@E/@2 AB/@B7<5 @3>C@16/A3 /<2 @3A/:3 /5@33;3<BA B6/B A3BB:3 /B / 4CBC@3 2/B3B 313;03@ 
 B63 =;>/<G 6/2 1=;;7B;3<BA @3:/B7<5 B= 7BA C<A3BB:32 4=@E/@2 AB/@B7<5 @3>C@16/A3/5@33;3<BA=407::7=</<2C<A3BB:324=@E/@2AB/@B7<5 @3A/:3 /5@33;3<BA =4 07::7=< E6716 3/16 6/2 A3BB:3;3<B 2/B3A B6@=C5630@C/@G 

## *,+1'+%#+!'#0*

!< B63 <=@;/: 1=C@A3 =4 0CA7<3AA B63 =;>/<G ;/G 3<B3@ 7<B= 1=<B@/1BA B6/B 1=<B/7< >@=D7A7=<A @3:/B32 B= 13@B/7< 7<23;<7471/B7=<A +63 =;>/<GJA ;/F7;C; 3F>=AC@3 C<23@ B63A3 /@@/<53;3<BA 7A C<9<=E< /A /<G AC16 3F>=AC@3 7<D=:D3A >=AA70:3 4CBC@3 1:/7;A B6/B ;/G03 0CB6/D3<=BG3B033< ;/23/5/7<ABB63=;>/<G 0/A32=< 3D3<BA E6716 6/D3 <=B G3B =11C@@32 =E3D3@ 0/A32 =< 3F>3@73<13 \*03:73D3AB63@7A9=4;/B3@7/::=AA4@=;B63A3/@@/<53;3<BAB=03 @3;=B3

+63 =;>/<G >@=D723A 5C/@/<B33A B= A31C@7B73A 1:3/@7<56=CA3A ,<23@B63 AB/<2/@2 A31C@7B73A 1:3/@7<56=CA3;3;03@A67> /5@33;3<B ;3;03@A /@3 @3?C7@32 B= 5C/@/<B33 B63 >3@4=@;/<13 =4 =B63@ ;3;03@A,<23@B63A3 /5@33;3<BA 74 /;3;03@ 031=;3A C</0:3B= A/B7A4G 7BA =0:75/B7=<A B= B63 1:3/@7<56=CA3 =B63@ ;3;03@A E=C:2 03 @3?C7@32 B= ;33B B63 @3AC:B7<5 A6=@B4/::A +63 =;>/<GJA >=B3<B7/: =0:75/B7=< C<23@ B63A3 /@@/<53;3<BA 1=C:2 3F1332 B63 1/A6 /<2 A31C@7B73A 7B 6/A >=AB32 /A 1=::/B3@/: =E3D3@ \* 03:73D3A B63 >=B3<B7/: 4=@ B63 =;>/<G B= 03 @3?C7@32 B= ;/93 >/G;3<BA C<23@ B63A3 /@@/<53;3<BA 7A @3;=B3 11=@27<5:G <= 1=<B7<53<B :7/07:7BG 7A 1/@@732=<B63AB/B3;3<B=447</<17/:1=<27B7=<4=@B63A3/@@/<53;3<BA

+63=;>/<G;/G 03 7<D=:D32 7<B63 <=@;/: 1=C@A3 =4 0CA7<3AA 7< :35/: @35C:/B=@G /<2 /@07B@/B7=< >@=13327<5A /<2=@ 7<?C7@73A 1=<13@<7<5 ;/BB3@A /@7A7<5 7< 1=<<31B7=< E7B6 B63 1=<2C1B =4 7BA =>3@/B7=<A +63 =;>/<G 03:73D3A @3A=:CB7=< =4 /<G AC16 ;/BB3@A E=C:2<=B6/D3/;/B3@7/:/2D3@A334431B=<B6347</<17/:1=<27B7=<=4 B63 =;>/<G /:B6=C56 B63 @3A=:CB7=< 1=C:2 03 ;/B3@7/: B= B63 =;>/<GJA =>3@/B7<5 @3AC:BA4=@ / >/@B71C:/@ >3@7=2 =@ >3@7=2A7D3< B63 7<63@3<B 274471C:BG =4 >@3271B7<5 B63 =CB1=;3 =4 B63 =;>/<GJA :7B75/B7=</<2@35C:/B=@G;/BB3@A >/@B71C:/@:G7<1/A3A=@>@=13327<5A7< E6716 AC0AB/<B7/: =@ 7<23B3@;7</B3 2/;/53A =@ 47<3A /@3 A=C56B B63 =;>/<G 1/<<=B 3AB7;/B3 :=AA3A =@ @/<53A =4 :=AA3A 4=@ 1/A3A =@ >@=13327<5A E63@3 B63@3 7A =<:G / @3/A=</0:3 >=AA707:7BG B6/B / :=AA ;/G037<1C@@32

## **!**

## **(4,8\$6,8(,0\$0&,\$.05647/(065**

3@7D/B7D3A /@3 7<AB@C;3<BA B6/B 23@7D3 B637@ D/:C3 4@=; C<23@:G7<5 /AA3B >@713A 7<2713A @343@3<13 @/B3A /<2 =B63@ 7<>CBA =@ / 1=;07</B7=<=4B63A34/1B=@A/<253<3@/::G @3>@3A3<B1=;;7B;3<BAB= 3F16/<531/A64:=EA =@B=>C@16/A3=@A3::=B63@47</<17/:7<AB@C;3<BA /B A>3174732 4CBC@3 2/B3A 3@7D/B7D3A 53<3@/::G @343@3<13 <=B7=</: /;=C<BAE6716/@3CB7:7H32A=:3:G/A/0/A7A4=@23B3@;7<7<51/A64:=EA B= 03 3F16/<532 %=B7=</: /;=C<BA >@=D723 / ;3/AC@3 =4 B63 =;>/<GJA/1B7D7BG7<AC1623@7D/B7D347</<17/:7<AB@C;3<BA/<2/@3<=B <313AA/@7:G 7<271/B7D3 =4 31=<=;71 3F>=AC@3 =@ >=B3<B7/: @7A9 3@7D/B7D3A ;/G 03 B@/232 =< /< 3F16/<53 KF16/<53 B@/232L =@ B63G;/G03>@7D/B3:G<35=B7/B321=<B@/1BA E6716/@3CAC/::G@343@@32 B= /A K&+ 23@7D/B7D3AL &+ 23@7D/B7D3A 1/< 03 1:3/@32 /<2 A3BB:32 B6@=C56 13<B@/: 1:3/@7<5 1=C<B3@>/@B73A E67:3 =B63@A AC16 /A &+ 07:/B3@/: 1=<B@/1BA E7:: ;/7<B/7< B63 27@31B 1=<B@/1BC/: @3:/B7=<A67> 03BE33<3F31CB7<51=C<B3@>/@B73A

+63 =;>/<G ;/G 3<B3@ 7<B= 23@7D/B7D3 47</<17/: 7<AB@C;3<BA 7< B63 <=@;/: 1=C@A3 =4 7BA ;/@93B ;/97<5 0CA7<3AA B= ;/</53 D/@7=CA C<23@:G7<53F>=AC@3A4=@@7A9;/</53;3<B>C@>=A3A =@4=@>@=>@73B/@G @7A9B/97<5F/;>:3A=4B63CA3=423@7D/B7D347</<17/:7<AB@C;3<BA4=@ @7A9;/</53;3<B>C@>=A3A7<1:C23 0CB/@3<=B:7;7B32B=7<B3@3AB@/B3 23@7D/B7D3AB=;/</53>=B3<B7/:3F>=AC@3AB=7<B3@3AB@/B34:C1BC/B7=<A 3?C7BG 23@7D/B7D3A B= ;/</53 >=B3<B7/: >@713 4:C1BC/B7=<A @3:/B32 B= 7<27D72C/: 3?C7B73A 3?C7BG =>B7=<A 3?C7BG 0/A93BA /<2 7<2713A /<2 1C@@3<1G 23@7D/B7D3A B= ;/</53 >=B3<B7/: 4=@375< 1C@@3<1G 3F16/<53 @/B3 @7A9A =< 47</<17/: 7<AB@C;3<BA /<2=@ =B63@ /AA3BA /<2 :7/07:7B73A +63 =;>/<GJA 23@7D/B7D3 47</<17/: 7<AB@C;3<B @7A9A A6=C:2 <=B 03 D73E32 7< 7A=:/B7=< 0CB @/B63@ B63 +@/27<5 \$/</53@A 03:73D3 B63G A6=C:2 03 1=<A723@32 =< /< /55@35/B3 0/A7A /:=<5 E7B6 B63 =;>/<GJA=B63@;/@93B;/97<5/1B7D7B73A

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

3<3@/::G B63 =;>/<GJA 1@327B 3F>=AC@3 B= / 23@7D/B7D3 47</<17/: 7<AB@C;3<B1=C<B3@>/@BGC<23@/;/AB3@<3BB7<5/5@33;3<B7A:7;7B32B= B63 <3B 23@7D/B7D3 /AA3BA @3AC:B7<54@=;B634/7@ D/:C3 =4 /::23@7D/B7D3 47</<17/: 7<AB@C;3<BA >:CA /<G 1=::/B3@/: B@/<A43@@32 B=4@=; AC16 1=C<B3@>/@BG 0GB= B63 =;>/<G >C@AC/<B B= @3:/B32 1@327B AC>>=@B /5@33;3<BA+G>71/::G B63=;>/<G/<2B631=C<B3@>/@BG6/D3@756BA =4@36G>=B631/B7=<E7B6@3A>31BB=1=::/B3@/:>:32532=@@3137D32C<23@ AC1623@7D/B7D3;/AB3@<3BB7<5/<2@3:/B321@327BAC>>=@B/5@33;3<BA C<:3AAA35@35/B32/B/B67@2 >/@BG1CAB=27/<

&>B7=<A/@31=<B@/1BA7<E6716B63=>B7=<>C@16/A3@6/AB63@756B 0CB <=BB63=0:75/B7=< B=>C@16/A34@=;=@A3::B=B63=>B7=<E@7B3@47</<17/: 7<AB@C;3<BAE7B67</2347<32B7;3>3@7=24=@/A>3174732>@713&>B7=<A E@7BB3< 0G B63 =;>/<G 1@3/B3 =44 0/:/<13 A633B @7A9 /A B63 =;>/<GJA 1=<B7<53<B =0:75/B7=< B= A/B7A4G B63 >C@16/A3 =@ A/:3 =4 A31C@7B73AC<23@:G7<5AC16=>B7=<A;/G3F1332B63/;=C<B@31=5<7H32 =<B63AB/B3;3<B=447</<17/:1=<27B7=<

CBC@3A /<2 4=@E/@2A /@3 1=<B@/1BA B6/B 1=;;7B 1=C<B3@>/@B73A B= >C@16/A3 =@ A3::47</<17/: 7<AB@C;3<BA 1=;;=27B73A =@ 1C@@3<173A4=@ /< /5@332 C>=< >@713 =< /< /5@332 4CBC@3 2/B3 +63A3 7<AB@C;3<BA 1/<7<D=:D3;/@93B@7A9/<2=@1@327B@7A9

+=B/: @3BC@< 23@7D/B7D3 47</<17/: 7<AB@C;3<BA /@3 1=<B@/1BC/: /5@33;3<BAE63@30G=<3>/@BG@3137D3AB63/>>@317/B7=<=@>/GAB63 23>@317/B7=< /<2 B63 27D723<2A /<2 7<B3@3AB =< 37B63@ / :3D3@32 =@ C<:3D3@320/A7A =</<C<23@:G7<5@343@3<13/AA3B /BB@70CB3=@7<23F7< @3BC@< 4=@ >/G7<5 7<B3@3AB +63A3 7<AB@C;3<BA 1/< 7<D=:D3 ;/@93B @7A9 /<2=@1@327B@7A9

+634=::=E7<5B/0:3>@3A3<BAB634/7@D/:C3=4B63=;>/<GJA23@7D/B7D3 1=<B@/1BA0GC<23@:G7<5@7A93F>=AC@3 /AE3::/A7<4=@;/B7=</0=CBB63 =44A3BB7<5 =4 23@7D/B7D3 47</<17/: 7<AB@C;3<BA /<2 @3:/B32 1=::/B3@/: /;=C<BA A337<4=@;/B7=< @3:/B32B==44A3BB7<5=4 13@B/7< 1=::/B3@/:7H32 B@/<A/1B7=<A 7<%=B3 @=AA 23@7D/B7D3 1=<B@/1BA 7<B63B/0:3 03:=E 3F1:C23B6334431B=4<3BB7<5+63<3B23@7D/B7D31=<B@/1BA/5@33B=B63 B=B/:23@7D/B7D3/AA3BA/<223@7D/B7D3:7/07:7B73A7<1:C2327<B634/7@D/:C3 673@/@16GB/0:3A7<%=B3

#### **#"**

| <br>'+*'))',+0                                    | (4,8\$6,8(<br>55(65 | (4,8\$6,8(<br>,\$%,.,6,(5 |
|---------------------------------------------------|---------------------|---------------------------|
| 4155'(4,8\$6,8(&1064\$&65                         |                     |                           |
| F16/<53<br>B@/232                                 | <br>                |                           |
| &+<br>07:/B3@/:                                   |                     |                           |
| !16\$.(37,6;&1064\$&65                            |                     |                           |
|                                                   |                     |                           |
| F16/<53<br>B@/232                                 |                     |                           |
| !16\$.&1//1',6;&1064\$&65                         |                     |                           |
| F16/<53<br>B@/232                                 |                     |                           |
| !16\$.,06(4(564\$6(&1064\$&65                     |                     |                           |
|                                                   |                     |                           |
| F16/<53<br>B@/232                                 | I                   |                           |
| !16\$.)14(,*0(:&+\$0*(&1064\$&65                  | I                   |                           |
| +=B/:F16/<53<br>B@/232                            |                     |                           |
| +=B/:&+<br>07:/B3@/:                              |                     |                           |
| !16\$.*4155'(4,8\$6,8(&1064\$&65                  |                     |                           |
| /170651))5(6,06+(56\$6(/(061)),0\$0&,\$.&10',6,10 |                     |                           |
| F16/<53<br>B@/232                                 |                     |                           |
| &+<br>07:/B3@/:                                   |                     |                           |
| !16\$.&1706(42\$46;0(66,0*                        |                     |                           |
|                                                   |                     |                           |
| F16/<53<br>B@/232                                 |                     |                           |
| &+<br>07:/B3@/:                                   |                     | I                         |
| !16\$.&\$5+&1\$6(4\$.                             |                     |                           |
| (6'(4,8\$6,8(&1064\$&65                           |                     |                           |
| +=B/:F16/<53<br>B@/232                            |                     |                           |
| +=B/:&+<br>07:/B3@/:                              |                     | I                         |
| !16\$.0(6'(4,8\$6,8(&1064\$&65                    |                     |                           |
|                                                   |                     |                           |
| /170650161))5(6                                   |                     |                           |
| *31C@7B73A1=::/B3@/:                              | I                   |                           |
| !16\$.                                            | <br>                |                           |

!<B63B/0:3/0=D3

- M +=B/: 5@=AA 23@7D/B7D3 1=<B@/1BA 7<1:C23 /:: 23@7D/B7D3 47</<17/: 7<AB@C;3<BA+63=;>/<G6/A23B3@;7<32/:35/::G3<4=@13/0:3 @756B B= =44A3B 3F7ABA 4=@ AC0AB/<B7/::G /:: 23@7D/B7D3 /AA3BA /<2 23@7D/B7D3:7/07:7B73A
- M ;=C<BA =44A3B /<2 /;=C<BA <=B =44A3B @3:/B3 B= :35/::G 3<4=@13/0:3 ;/AB3@ <3BB7<5 /5@33;3<BA /<2 1@327B AC>>=@B /5@33;3<BA
- M ;=C<BA/@3 @3>=@B327<B63AB/B3;3<B=447</<17/:1=<27B7=< <3B =41/A61=::/B3@/: E63<B63=;>/<G6/A23B3@;7<32B6/BB63@3 3F7ABA / :35/::G 3<4=@13/0:3 ;/AB3@ <3BB7<5 /5@33;3<B /<2=@ :35/::G 3<4=@13/0:3 1@327B AC>>=@B /5@33;3<B /<2 E63< 13@B/7< =B63@ 1@7B3@7/ /@3 ;3B 7< /11=@2/<13 E7B6 />>:71/0:3 /11=C<B7<5 5C72/<13=<=44A3BB7<5+63/;=C<B=41/A61=::/B3@/:@3137D32=@ >:32532B6/B3F1332AB634/7@D/:C33F>=AC@3=423@7D/B7D3/AA3BA /<2:7/07:7B73A/BB637<27D72C/:1=C<B3@>/@BG:3D3:7A3F1:C232
- M \*31C@7B73A 1=::/B3@/: <=B =44A3B 7< B63 AB/B3;3<B =4 47</<17/: 1=<27B7=<@3>@3A3<BAB634/7@D/:C3=4A31C@7B73A 7<1:C27<5/11@C32 1=C>=< >:32532 B=@3137D32 4@=; B63 1=C<B3@>/@B73A @3:/B32 B= 23@7D/B7D347</<17/:7<AB@C;3<BA

{18}------------------------------------------------

+63 4=::=E7<5 B/0:3 >@3A3<BA B63 <=B7=</: /;=C<B =4 B63 =;>/<GJA 23@7D/B7D31=<B@/1BA0GC<23@:G7<5@7A93F>=AC@3/B313;03@ +63 <=B7=</: /;=C<B >@=D723A /< 7<271/B7=< =4 B63 D=:C;3 =4 B63 =;>/<GJA23@7D/B7D3/1B7D7BG

| !                                |      |
|----------------------------------|------|
| <br>'+*'))',+0                   |      |
| 4155'(4,8\$6,8(&1064\$&65        |      |
| F16/<53<br>B@/232                | <br> |
| &+<br>07:/B3@/:                  |      |
| !16\$.(37,6;&1064\$&65           |      |
|                                  |      |
| F16/<53<br>B@/232                |      |
| !16\$.,06(4(564\$6(&1064\$&65    |      |
|                                  |      |
| F16/<53<br>B@/232                |      |
| !16\$.&1//1',6;&1064\$&65        |      |
| F16/<53<br>B@/232                |      |
| &+<br>07:/B3@/:                  |      |
| !16\$.)14(,*0(:&+\$0*(&1064\$&65 |      |
|                                  |      |
| +=B/:F16/<53<br>B@/232           |      |
| +=B/:&+<br>07:/B3@/:             |      |
| !16\$.*4155'(4,8\$6,8(&1064\$&65 | <br> |
|                                  |      |

## **!**

## **1064\$&659,6+7561/(45**

A =4 313;03@ 
 B63 =;>/<GJA 1CAB=;3@ B@/<A/1B7=<A >@7;/@7:G 1=<A7ABA =4 1=;;7AA7=<A /<2 @37;0C@A/0:3 B@/<A/1B7=< 433A 4=@ 3F31CB7<5 B@/23A =< 036/:4 =4 7BA 1:73<BA =;;7AA7=<A /<2 @37;0C@A3;3<B=4B@/<A/1B7=<433A/@3@31=@232=</B@/232/B30/A7A /A A31C@7B73A B@/<A/1B7=<A =11C@ =;;7AA7=<A =< 3?C7BG B@/23A /@3 >/72=<A3BB:3;3<B2/B3/<21=;;7AA7=<A=<=>B7=<A=@23@@=CB7<5/<2 B@/<A/1B7=<433A/@307::32;=<B6:G

A=4313;03@ 
 /<2
 B63=;>/<GJA @3137D/0:34@=; 1=<B@/1BAE7B61CAB=;3@AE/A;7::7=</<2
;7::7=< @3A>31B7D3:G /<27A7<1:C2327<=B63@/AA3BA=<B63AB/B3;3<B=447</<17/:1=<27B7=< +63 =;>/<G 272 <=B 6/D3 C<A/B7A4732 =@ >/@B7/::G A/B7A4732 >3@4=@;/<13=0:75/B7=<A@3:/B32B=7BAB@/233F31CB7=<=@B@/23?C=B7<5 A3@D713

## **!**

## **0&1/(!\$:(5**

+63=;>/<G7A27A@35/@2324=@,\*4323@/:7<1=;3B/F>C@>=A3A/<2 7A 53<3@/::G <=B AC0831B B= ,\* 4323@/: =@ AB/B3 7<1=;3 B/F 27@31B:G @/B63@ B63A3/@30=@<30G\* \* JA;3;03@A =@B63>/@B<3@A=4 \* JA;3;03@A E63@3/>>:71/0:3

!< /11=@2/<13 E7B6 ' \* 6/A @3D73E32 B63 =;>/<GJA B/F >=A7B7=<A 4=@ /:: =>3< B/F G3/@A A =4 313;03@ 
 \* 23B3@;7<32B6/BB63=;>/<GE/A<=B @3?C7@32B=3AB/0:7A6/:7/07:7BG 4=@C<13@B/7<B/F>=A7B7=<A

## **!**

## **(\*7.\$614;(37,4(/(065**

+63 =;>/<G 7A / @357AB3@32 0@=93@ /<2 23/:3@ AC0831B B= B63 ;7<7;C; <3B 1/>7B/: @3?C7@3;3<BA =4 B63 \* ,<74=@; %3B />7B/: )C:3 K1 L +63 =;>/<G 6/A 3:31B32 B= CA3 B63 /:B3@</B7D3 ;3B6=2 /A >3@;7BB32 0G )C:3 1 B 313;03@ 
 <3B 1/>7B/:E/A
07::7=<7<3F13AA=4B63=;>/<GJA@3?C7@32;7<7;C; <3B 1/>7B/: =4 ;7::7=< !< /227B7=< B63 =;>/<G 7A AC0831B B= ;7<7;C;1/>7B/:@3?C7@3;3<BA=43F16/<53A/<21:3/@7<51=@>=@/B7=<A 7< E6716 7B 7A /;3;03@ E6716;/G 3F1332B63;7<7;C; <3B 1/>7B/: @3?C7@3;3<BA=4B63\*

+63 =;>/<G 2=3A <=B 1:/7; /< 3F3;>B7=< 4@=; B63 >@=D7A7=<A =4 )C:31 =4B63\*=@B63G3/@3<232313;03@ 
 B63 =;>/<G272<=B27@31B:G=@7<27@31B:G @3137D3 6=:2 =@=B63@E7A3=E3 4C<2A=@A31C@7B73A4=@=@B=1CAB=;3@A272<=B1/@@G/11=C<BA4=@=@B= 1CAB=;3@A 272 <=B 1/@@G ' /11=C<BA /A 2347<32 7< )C:3 1 /<27BA0CA7<3AA/1B7D7B73A/@3:7;7B32B=>@=>@73B/@GB@/27<5

#### **!**

## **7%5(37(068(065**

+63 =;>/<G 6/A >3@4=@;32 /< 3D/:C/B7=< =4 AC0A3?C3<B 3D3<BA B6@=C56 30@C/@G 
 E6716 7AB63 2/B3B6347</<17/: AB/B3;3<B E/A /D/7:/0:3 B= 03 7AAC32 +63 =;>/<G 7A <=B /E/@3 =4 /<G AC0A3?C3<B3D3<BAB6/B@3?C7@327A1:=AC@37<B6347</<17/:AB/B3;3<B


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