# MORGAN STANLEY & CO. LLC X-17A-5 (2023-02-24) — Broker-dealer annual report - Company: MORGAN STANLEY & CO. LLC - Form: X-17A-5 - Filed: 2023-02-24 - Accession: 0001193125-23-049141 - CIK: 68136 - File #: 8-15869 - Email: 5%@a5.aaf - Website: a5.aaf Original filing: https://www.sec.gov/Archives/edgar/data/68136/000119312523049141/d425615dfull.pdf --- {0}------------------------------------------------ ## MORGAN STANLEY & CO. LLC (SEC I.D. No. 8-15869) ## CONSOLIDATED STATEMENT OF FINANCIAL CONDITION AND UNCONSOLIDATED SUPPLEMENTAL SCHEDULES AS OF DECEMBER 31 2022 AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM \*\*\*\*\*\*\*\*\*\* Filed Pursuant to Rule 17a-5(e)(3) under the Securities Exchange Act of 1934 and Regulation 1.10(g) under Commodity Exchange Act as a Public Document. {1}------------------------------------------------ Deloitte & Touche LLP 30 Rockefeller Plaza New York, NY 10112-0015 USA Tel: 1 212 436 2000 Fax: 1 212 436 5000 www.deloitte.com ## **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Board of Directors and Sole Member of Morgan Stanley & Co. LLC ## **Opinion on the Financial Statement** We have audited the accompanying consolidated statement of financial condition of Morgan Stanley & Co. LLC and subsidiaries (the "Company") as of December 31, 2022, 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, 2022, 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. ## **Report on Supplemental Schedules** The unconsolidated supplemental schedules on pages 33-35 have been subjected to audit procedures performed in conjunction with the audit of the Company's statement of financial condition. The supplemental schedules are the responsibility of the Company's management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statement or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in compliance with Regulation 1.10 under the Commodity Exchange Act. In our opinion, such schedules are fairly stated, in all material respects, in relation to the statement of financial condition as a whole. February 24, 2023 We have served as the Company's auditor since 1997 {2}------------------------------------------------ #### **#\$%\*- \$ %\$%%% % =90/-/7,/< 87366398=90.966+<=** | %%&% | | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------| | .@5 |

| | .@512=<@6A21D6A5092.?6;4B6?2:2;A@ |
| | 6;.;06.96;@A?B:2;A@D2?2=921421A | | (20B?6A62@?2026C21.@0<99.A2?.9.A3.6?C.9B2.==?D2?2=921421A | | (20B?6A62@=B?05.@21B;12?.4?22:2;A@A | | (20B?6A62@/ | | '2026C./92@ | | | B@A<:2?@ |
| | ?<82?@12.92?@.;1092.?6;4 | | ;A2?2@A.;116C612;1@ |
| | 22@.;1 | | 33696.A2@ |
| | %A52?.@@2A@ |
| | &9>+6+==/>= |

| | &% \$%#'&*
6;.;06.96;@A?B:2;A@@<91;%/964.A6<;A(20B?6A62@@<91B;12?.4?22:2;A@A.A3.6?C.9B2
(20B?6A62@9<.;21
%A52?@20B?2136;.;06;4@6;09B12@
.A3.6?C.9B2
&.F./92@ |









| | B@A<:2?@ |
| | ?<82?@12.92?@.;1092.?6;4 | | ;A2?2@A.;116C612;1@ |
| | 33696.A2@ |
| | %A52?96./696A62@.;1.00?B212E=2;@2@ |
| | .A3.6?C.9B2 |
| | &9>+663+,363>3/=
9773>7/8>=+8.-98>381/8>63+,363>3/=%// 9>/
|
| | (B/ | | #2:/2?@2>B6AF | | | #2:/2?@2>B6AF |
| | 00B:B9.A21 | | &9>+67/7,/<=/;?3>C |
| **&9>+663+,363>3/=+8.7/7,/<=/;?3>C** - {3}------------------------------------------------ #### **8><9.?->398+8.+=3=90!+>398** ## **%2/97:+8C** %+? D?75D85BG9D89DCCE2C9491BID85M?=@1>IN @B?F945C 1G945F1B95DI?6@B?4E3DC1>4C5BF935CD?1<1B751>449F5BC96954 7B?E@ ?6 3<95>DC 1>4 3ECD?=5BC 9>37 3?B@?B1D9?>C 7?F5B>=5>DC 1>4 69>1>391< 9>CD9DED9?>C "DC 2EC9>5CC5C 9>345BGB9D9>7 1>4 49CDB92ED9?> 69>1>391< 14F9C?BI C5BF935C 9>37 14F935 ?> =5B75BC 1>4 13AE9C9D9?>C B5CDBE3DEB9>7C 1>4 @B?:53D 69>1>35 C1<5C DB149>7 69>1>39>7 1>4 =1B;5D=1;9>7 13D9F9D95C 9> D85 5AE9DI 1>4 69H54 9>3?=5 2EC9>5CC5C 1>4 @B9=5 2B?;5B175 C5BF935C +55D85 M ,5B=C 1>4 3B?>I=CN 6?B D85 4569>9D9?> ?6 35BD19> D5B=C 1>4 13B?>I=C EC54 D8B?E78?ED D85 >?D5C D? D85 3?>C?<941D54CD1D5=5>D?669>1>391<3?>49D9?> %+? 1>4 9DC G8?<54 CE2C9491BI (+ 1B5 B579CD5B54 G9D8D85+1C9>CD9DED9?>1 =5B381>D 1>4 @B?F9C9?>1<4 F1B9?EC C53EB9D95C5H381>75C %+? 9C1G8?<54CE2C9491BI?6%+!"D85M(1B5>DN G89389C1>9>49B53DCE2C9491BI?6%?B71>+D1><5ID85M-DN # **+=3=9038+8-3+6809<7+>398** ,853?>C?<941D54CD1D5=5>D?6 69>1>391<3?>49D9?>9C@B5@1B549> 133?B41>35 G9D8 - + ( G8938 B5AE9B5C D85 ?=@1>I D? =1;5 5CD9=1D5C 1>4 1CCE=@D9?>C B571B49>7 D85 F1C ?6 35BD19> 69>1>391< 9>CDBE=5>DC D85 ?ED3?=5 ?6 <571< 1>4 D1H =1DD5BC 4565BB54 D1H 1CC5DC 1>4 ?D85B =1DD5BC D81D 16653D 9DC 3?>C?<941D54 CD1D5=5>D ?6 69>1>391< 3?>49D9?> 1>4 B5<1D54 49C3I25<95F5CD81DD855CD9=1D5CED9<9J549> D85 @B5@1B1D9?> ?6 9DC 3?>C?<941D54 CD1D5=5>D ?6 69>1>391< 3?>49D9?>1B5@BE45>D1>4B51C?>12<5 3DE1I81C5F1D5F5>DC6?B14:ECD=5>DD? ?B49C3D853?>C?<941D54CD1D5=5>D?669>1>391<3?>49D9?> D8B?E78 52BE1BI D85 41D5D85 3?>C?<941D54 CD1D5=5>D ?6 69>1>391< 3?>49D9?> G1C 9CCE54 1>4 D85 ?=@1>I 81C >?D 945>D96954 1>I B53?B412<5 ?B 49C3DC >?D ?D85BG9C5 B5@?BD549>D85 3?>C?<941D54 CD1D5=5>D ?6 69>1>391< 3?>49D9?> ?B D85>?D5CD85B5D? ## **98=963.+>398** ,85 3?>C?<941D54 CD1D5=5>D ?6 69>1>391< 3?>49D9?> 9>3DC ?6 %+? 9DC G8?<54 CE2C9491BI 1>4 35BD19> ."C9>G8938%+? 81C13?>DB?<<9>7 69>1>391<9>D5B5CD C55 &?D5 D535=25B D85?=@1>IOC3?>C?<941D54CE2C9491BI (+ B5@?BD54 ?61CC5DC ?6<9129<9D95C1>4 ?65AE9DI?>1CD1>41521C9C << 9>D5B3?=@1>I 21<1>35C 1>4 DB1>C13D9?>C G9D8 9DC CE2C9491BI 81F5255>5<9=9>1D549>3?>C?<941D9?> ?B5>D9D95CG85B5D85D?D1<5AE9DI9>F5CD=5>D1DB9C;9CCE669395>D D? 5>12<5 D85 5>D9DI D? 69>1>35 9DC 13D9F9D95C G9D8?ED 1449D9?>1< CE2?B49>1D54 69>1>391< CE@@?BD 1>4 D85 5AE9DI 8?<45BC 251B D85 53?>?=93 B5C94E1< B9C;C 1>4 B5DEB>C ?6 D85 5>D9DI 1>4 81F5 D85 @?G5BD?49B53DD8513D9F9D95C?6D855>D9DID81D=?CDC97>96931>D?=93 @5B6?B=1>35 %+? 3?>C?<941D5C D8?C5 5>D9D95C 9D 3?>DB?7 9>D5B5CD ?B ?D85BG9C5 ?B."C*(\$* 5>D9D95CD81D4?>?D=55DD85C53B9D5B91 %+? 3?>C?<941D5C D8?C5 5>D9D95C G85B5 9D 81C D85 @?G5B D? =1;5 D85 4539C9?>C D81D =?CD C97>96931>D?=93 @5B6?B=1>35 ?6D85."1>4 81CD85 ?2<971D9?>D?12C?B2569DC D81D 3?E<4 @?D5>D91<96931>DD?D85." # **\$318303-+8>--9?8>381!963-3/=** ## **+3<'+6?/9038+8-3+68=>=** ">CDBE=5>DC G9D89> 9>1>391< 9>CDBE=5>DC ?G>54 1>4 9>1>391< 9>CDBE=5>DC C?<4 >?D I5D @EB381C54 1B5=51CEB54 1D 619B F1D9>7 7E941>35 ,85C5 69>1>391<9>CDBE=5>DC@B9=1B9DD85?=@1>IOCDB149>7 @?C9D9?>C1>49>3445B9F1D9F5@B?4E3DC ,85619BF11>391<9>CDBE=5>DC 9>3745B9F1D9F5 3?>DB13DC B5<1D54 D? 69>1>391< 9>CDBE=5>DC 9C @B5C5>D54 9> D85 133?=@1>I9>73?>C?<941D54CD1D5=5>D?669>1>391<3?>49D9?>?>1 >5D2I3?E>D5B@1BDI 21C9C G85> 1@@B?@B91D5 449D9?>1<I >5DCD85 619B F1CD D85 619B F1DC B53?7>9J54 6?B >5D 45B9F1D9F5 @?C9D9?>C 5H53ED54 G9D8 D85 C1=5 3?E>D5B@1BDI E>45B D85 C1=5 =1CD5B>5DD9>717B55=5>D ## *" !* ,85?=@1>I81C5<53D54D?=51CEB535BD19>5<9792<59>CDBE=5>DC 1D 619BF13735BD19>+53EB9D95CC?<4E>45B17B55=5>DC D? B5@EB381C5 MB5@EB381C5 17B55=5>DCN 35BD19> 2?BB?G9>7C +53EB9D95C B5359F54 1C 3?<<1D5B1< 1>4 D85 3?BB5C@?>49>7 '2<971D9?>D? B5DEB> C53EB9D95C B5359F54 1C 3?<<1D5B1< 1>4 35BD19> 'D85BC53EB5469>1>39>7C ## *" "!&!%* 19BF1541CD85@B935D81DG?E<425B5359F54D?C5<<1> 1CC5D ?B @194 D? DB1>C65B 1 <9129<9DI *(\$* D85 M5H9D @B935N 9> 1> ?B45BC13D9?> 25DG55> =1B;5D @1BD939@1>DC 1D D85 =51CEB5=5>D41D5 {4}------------------------------------------------ 19B F1C945B54 6B?= D85 @5BC@53D9F5?61=1B;5D@1BD939@1>DB1D85BD81>1>5>D9DIC@539693 =51CEB5 ,85B56?B5 5F5> G85> =1B;5D 1CCE=@D9?>C 1B5 >?D B5149C 1B5 C5D D? B56<53D D8?C5 D81D D85 ?=@1>I 25<95F5C=1B;5D @1BD939@1>DCG?E<4 EC59> @B939>7D85 1CC5D ?B<9129<9DI 1DD85=51CEB5=5>D 41D5 /85B5D85?=@1>I =1>175C 1 7B?E@ ?6 69>1>391< 1CC5DC 69>1>391< <9129<9D95C 1>4 >?>69>1>391<9D5=C133?E>D546?B1C45B9F1D9F5C?>D8521C9C?69DC >5D 5H@?CEB5 D? 59D85B =1B;5D B9C; ?B 3B549D B9C; D85 ?=@1>I =51CEB5C D85 619B F11>391< 9>CDBE=5>DC 3?>C9CD5>DDC G?E<4 @B935 D85 >5D B9C;5H@?CEB51DD85=51CEB5=5>D41D5 "> 45D5B=9>9>7 619B F1I EC5C F1B9?EC F1 1@@B?1385C 1>4 5CD12<9C85C 1 895B1B38I 6?B 9>@EDC EC54 9> =51CEB9>7619BF1@EDC25 EC54G85>1F19<12<5 '2C5BF12<59>@EDC1B59>@EDCD81D=1B;5D@1BD939@1>DCG?E<4EC5 9> @B939>7 D85 1CC5D ?B <9129<9DI D81D G5B5 45F5 =1B;5D41D1?2D19>546B?=C?EB35C9>45@5>45>D?6D85?=@1>I ->?2C5BF12<5 9>@EDC 1B5 9>@EDC D81D B56<53D 1CCE=@D9?>C D85 ?=@1>I25<95F5C?D85B=1B;5D@1BD939@1>DCG?E<4EC59>@B939>7 D85 1CC5D ?B <9129<9DI D81D 1B5 45F5 D85 25CD 9>6?B=1D9?> 1F19<12<5 9> D85 39B3E=CD1>35C ,85 619B F1 4?G> 9>D? D8B55 <5F5 D85 ?2C5BF129<9DI?69>@EDC1C6?<7D8589785CD 1>4\$5F5<259>7D85C21C54?>AE?D54@B935C9>13D9F5=1B;5DCD81D D85 ?=@1>I 81C D85 129<9DI D? 1335CC 6?B 945>D931< 1CC5DC ?B <9129<9D95C .1 14:ECD=5>DC 1>4 2DC 1B5 >?D 1@@<954 D? \$5F5< 9>CDBE=5>DC +9>35 F1C 1B5 21C54 ?> AE?D54@B935CD81D1B5B51494B57E<1B1>13D9F5 =1B;5D F1 ?6D85C5 @B?4E3DC 4?5C >?D5>D19<1 C97>96931>D 457B55?6:E47=5>D *\$4\$\** .1C 21C54 ?> ?>5 ?B =?B5 AE?D54 @B935C 9> =1B;5DCD81D1B5>?D13D9F5?B6?BG89381<96931>D9>@EDC1B5 ?2C5BF12<5 59D85B49B53D49B53DC 21C54 ?> 9>@EDC D81D 1B5 E>?2C5BF12<5 1>4 C97>96931>DD?D85?F5B1<<619BF1D ,85 1F19<129<9DI ?6 ?2C5BF12<5 9>@EDC 31> F1BI 6B?= @B?4E3D D? @B?4E3D1>49C16653D542I1G945F1B95DI?6613D?BC 9>37D85 DI@5 ?6 @B?4E3D G85D85B D85 @B?4E3D 9C >5G 1>4 >?D I5D 5CD12<9C8549>D85=1B;5D@<135 D85<9AE949DI?6=1B;5DC1>4?D85B 381B13D5B9CD93C @1BD93E<1B D? D85 @B?4E3D ,? D85 5HD5>D D81D F19C21C54?>=?45@EDCD81D1B5<5CC?2C5BF12<5?B E>?2C5BF12<5 9> D85 =1B;5D D85 45D5B=9>1D9?> ?6 619B F1D 33?B49>7D 5H5B39C54 2ID85?=@1>I9> 45D5B=9>9>7 619B F1CDBE=5>DC31D57?B9J549>\$5F5I3?>C945BC @B935C1>49>@EDCD81D1B53EBB5>D1C ?6 D85 =51CEB5=5>D 41D5 9>37 4EB9>7 @5B9?4C ?6 =1B;5D 49C ">@5B9?4C?6=1B;5D49C D85?2C5BF129<9DI?6 @B935C 1>4 9>@EDC =1I 25 B54E354 6?B =1>I 9>CDBE=5>DC ,89C 3?>49D9?>3?E<431EC51>9>CDBE=5>DD?25B53<1CC969546B?=\$5F5< D? \$5F5< ?B 6B?= \$5F5< D? \$5F5< ?6 D85 619B F1 35BD19> 31C5C D859>@EDC EC54D?=51CEB5 619B F1D?49665B5>D<5F5CE3831C5C D85 D?D1< 619B F1D9C 49C3D85<5F5< 1@@B?@B91D5 6?B D85@EDD81D9CC97>96931>DD?D85D?D1<619BF1I 31C8 9>CDBE=5>DC 1>4 ', 45B9F1D9F5 3?>DB13DC 81F5 294 1>4 1C; @B935C D81D 31> 25 ?2C5BF54 9> D85 =1B;5D@<135 94 @B935CB56<53DD8589785CD@B935D81D1@1BDI9CG9<<9>7D?@1I6?B1> 1CC5D C;@B935CB5@B5C5>DD857 D?1335@D6?B1>1CC5D ,85?=@1>I31BB95C@?C9D9?>C1DD85@?9>D G9D89>D852941C;B1>75D81D=55DC9DC25CD5CD9=1D5?6619BF17 @?C9D9?>C 9> D85 C1=5 69>1>391< 9>CDBE=5>D D85 C1=5@B935G9D89>D852941C;C@B5149CEC54D?=51CEB52?D8D85 71>4C8?BD@?C9D9?>C 19B F1I 31C8 9>CDBE=5>DC 1>4 ', 45B9F1D9F5 3?>DB13DC 9C 45B9F54 EC9>7 @B939>7 =?457 =?45D? 133?E>D D85 3?>DB13D D5B=C 1C G5<< 1C =E@EDC 9>37 G85B5 1@@<9312<5 5AE9DI @B935C 9>D5B5CD B1D5 I95<4 3EBF5C 3B549D 3EBF5C 3?BB5<1D9?> 3B549DG?BD89>5CC ?6 D85 3?E>D5B@1BDI 3B549DG?BD89>5CC?6D85?=@1>I ?@D9?>F?<1D9<9DI 1>43EBB5>3IB1D5C /85B5 1@@B?@B91D5 F1 14:ECD=5>DC 1B5 =145 D? 133?E>D 6?B F1B9?EC 613D?BC CE38 1C <9AE949DI B9C; 2941C; 14:ECD=5>DC 3B549D AE1<9DI =?45< E>35BD19>DI 1>4 3?>35>DB1D9?> B9C; 1>4 6E>49>79>?B45BD?1BB9F51D619BF1DC6?B<9AE949DI B9C; 14:ECD =?45<45B9F54 =94=1B;5D 1=?E>DC ?6 \$5F5< 1>4 \$5F5< 69>1>391<9>CDBE=5>DC 6?BD85294=94?B=941C;C@B514 B5AE9B54D?@B?@5B 94 =941>4=941C;C@B514C1B5=1B;54D?<5F5DB145 13D9F9DI 2B?;5BAE?D5C?B?D85B5HD5B>1?2C5BF12<5 6?B D85 @1BD93E<1B @?C9D9?> 9> AE5CD9?> C@B514C 1B5 45B9F54 6B?= ?2C5BF12<5 <5F5C ?B ', 45B9F1D9F5C D85 9=@13D ?6 381>75C 9> 2?D8 D85 ?=@1>IOC 1>4 D85 3?E>D5B@1BDIOC 3B549D B1D9>7 9C 3?>C945B54 G85> =51CEB9>7 619B F1 45D5B=9>9>7 D85 5H@53D54 5H@?CEB5 D85 ?=@1>I C9=E<1D5C D85 49CDB92ED9?> ?6 D85 6EDEB5 5H@?CEB5 D? 1 3?E>D5B@1BDI D85> 1@@<95C =1B;5D21C54 4561E7 5HD5B>1< D89B4 @1BDI+C@B51441D1 /85B5+C@B51441D11B5E>1F19<12<5 6?B 1 C@539693 3?E>D5B@1BDI 2?>4 =1B;5D C@B514C + C@B514 41D121C54?>D853?E>D5B@1BDIOC3B549DB1D9>7?B+C@B51441D1 D81D B565B5>35 1 3?=@1B12<5 3?E>D5B@1BDI =1I 25 ED9<9J54 ,85 ?=@1>I 1C945BC 3?<<1D5B1< 85<4 1>4<571<6?B3512<5 =1CD5B >5DD9>7 17B55=5>DC D81D =9D971D5 9DC 5H@?CEB5 D? 5138 3?E>D5B@1BDI {5}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{6}------------------------------------------------ #### **966+>/<+63D/.38+8-381=** +53EB9D95C 2?BB?G54 +53EB9D95C @EB381C54 E>45B 17B55=5>DC D? B5C5<< MB5F5BC5 B5@EB381C5 17B55=5>DCN +53EB9D95C B5359F54 1C 3?<<1D5B1< +53EB9D95C 54 B5@EB381C5 17B55=5>DC 1>4 '2<971D9?>D?B5DEB>C53EB9D95CB5359F541C3?<<1D5B1<1B5DB51D541C 3?<<1D5B1<9J54 69>1>39>7C \*5F5BC5 B5@EB381C5 17B55=5>DC 1>4 B5@EB381C517B55=5>DC1B531BB9549>D853?>C?<941D54 CD1D5=5>D ?6 69>1>391< 3?>49D9?> 1D D85 1=?E>DC ?6 31C8 @194 ?B B5359F54 @D5B5CD 5H35@D 6?B 35BD19> B5@EB381C5 17B55=5>DC 6?B G8938 D85 ?=@1>I 81C 5<53D54 D85 619B F1 C55 &?D5 /85B5 1@@B?@B91D5 DB1>C13D9?>C G9D8 D85 C1=5 3?E>D5B@1BDI1B5B5@?BD54?>1>5D21C9C +53EB9D95C2?BB?G541>4 +53EB9D95C 54 1B5 B53?B454 1D D85 1=?E>D ?6 31C8 3?<<1D5B1< 14F1>354 ?B B5359F54 +53EB9D95C B5359F54 1C 3?<<1D5B1< 1>4 '2<971D9?>D?B5DEB>C53EB9D95CB5359F541C3?<<1D5B1<1B5B53?B454 1D D85 619B F14 D85 B5<1D54 ?2<971D9?>D?B5DEB>D853?<<1D5B1< "> ?B45B D? =1>175 3B549D 5H@?CEB5 1B9C9>7 6B?= D85C5 DB1>C13D9?>C 9> 1@@B?@B91D5 39B3E=CD1>35C D85 ?=@1>I 5>D5BC 9>D?=1CD5B>5DD9>717B55=5>DC1>43?<<1D5B1<17B55=5>DCG9D89DC 3?E>D5B@1BD95C ,85C517B55=5>DC@B?F945D85?=@1>IG9D8D85 B978D D? >5D 1 3?E>D5B@1BDIOC B978DC 1>4 ?2<971D9?>C E>45B D85 17B55=5>D 1>4 D? <9AE941D5 1>4 C5D ?66 3?<<1D5B1< 85<4 2I D85 ?=@1>I1719>CDD85>5D1=?E>D?G542ID853?E>D5B@1BDI ,85 ?=@1>IOC @?<93I 9C 75>5B1< ?6 C53EB9D95C @EB381C54 ?B 2?BB?G54 9> 3?>>53D9?> G9D8 B5F5BC5 B5@EB381C5 17B55=5>DC 1>4 C53EB9D95C 2?BB?G54 DB1>C13D9?>C B5C@53D9F54 D? B5359F5 31C8 1>4 ?B C53EB9D95C 45<9F5B54 E>45B B5@EB381C5 17B55=5>DC ?B C53EB9D95C 54 DB1>C13D9?>C G9D8B978DC?6B58I@?D8531D9?> ?B 9>6?B=1D9?> B5<1D54 D? ?66C5DD9>7 ?6 35BD19> 3?<<1D5B1<9J54 DB1>C13D9?>C C55&?D5 #### **\$/-?<3>3D+>398->3@3>3/=** ,85?=@1>I5>7175C9>C53EB9D9J1D9?>13D9F9D95CB5<1D54D?- + 175>3I 3?<<1D5B1<9J54 =?BD7175 ?2<971D9?>C 1>4 ?D85B DI@5C ?6 69>1>391< 1CC5DC C55 &?D5 ,B1>C65BC ?6 69>1>391< 1CC5DC 1B5 133?E>D54 6?B 1C C1<5C G85> D85 ?=@1>I 81C B5<9>AE9C854 3?>DB?< ?F5BD85DB1>C65BB54 1CC5DC 1>4 4?5C >?D 3?>C?<941D5D85 DB1>C65B55 ,85 719> ?B C1<5 ?6 CE38 69>1>391< 1CC5DC 45@5>4C 9> @1BD ?>D85 @B5F9?EC 31BBI9>7 1=?E>D ?6D85 1CC5DC 9>F?D85DB1>C65B 75>5B1<4D85 CE=?6 D85@B?3554C1>4D85619BF1549>D5B5CDC1DD8541D5 ?6C1<5 ,B1>C65BCD81D1B5>?D133?E>D546?B1CC1<5C1B5DB51D541C 'D85BC53EB5469>1>39>7C ## **#/-/3@+,6/=+8.!+C+,6/=E?=>97/<=** \*5359F12<5C6B?=3ECD?=5BC@B9=1B93CG9D8 @B9=5 2B?;5B175 1>4 1669<91D5 3?E>D5B@1BD95C >5D ?6 B5<1D54 3ECD?=5B31C81>4C8?BDC1<5@B?3554C1>431C83?<<1D5B1<@?CD54 ?> ', 45B9F1D9F5C (1I12<5C D? 3ECD?=5BC @B9=1B934 C8?BD C1<5 13D9F9DI G9D8 @B9=5 2B?;5B175 1>4 1669<91D5 3?E>D5B@1BD95C >5D ?6 B5<1D543ECD?=5B=1B79>C 5H381>75 =1B79> B5AE9B5=5>DC 1>4 31C8 3?<<1D5B1< B5359F54 ?> ', 45B9F1D9F5C ?<<1D5B1< 1=?E>DC 1B5 ?66C5D G9D8 B5<1D54 ', 45B9F1D9F5CG85B55<9792<59>133?B41>35G9D83EBB5>D133?E>D9>7 7E941>35 ECD?=5BCO C53EB9D95C DB1>C13D9?>C 1B5 B53?B454 ?> 1 C5DD<5=5>D 41D5 21C9C +53EB9D95C ?G>54 2I 3ECD?=5BC 9>37D8?C5D81D 3?<<1D5B1<9J5=1B79>C?B45B9F1D9F5C 1B5>?DB56<53D549>D85 3?>C?<941D54CD1D5=5>D?669>1>391<3?>49D9?> ## **#/-/3@+,6/= +8. !+C+,6/= E <95/<= /+6/<= +8. 6/+<381 <1+83D+>398=** \*5359F12<5C 6B?= 1>4 @1I12<5CD? 2B?;5BC 451<5BC 1>4 3<51B9>7 ?B71>9J1D9?>C @B9=1B93 B5AE9B5=5>DC 9> 3?>>53D9?> G9D8 D85 ?=@1>IC DB149>7 =1B;5D =1;9>7 1>4 3ECD?=5B 6139<9D1D9?> 13D9F9DI 6?B 5H381>75 DB1454 1>4 ', 45B9F1D9F5C 1=?E>DC ?> E>C5DD<54 DB145C 1>4 1=?E>DC 6?B C53EB9D95C 619<54D? 45<9F5B 2ID85?=@1>ID?D85 @EB381C5B ?B 619<54 D? B5359F5 2I D85 ?=@1>I 6B?= D85 C5<<5B 2I D85 C5DD<5=5>D41D5 \*5359F12<5C1>4@1I12<5C1B9C9>76B?=E>C5DD<54 DB145C1B5B5@?BD54?>1>5D21C9C #### **/0/<398!6+8=** 5BD19> 3EBB5>D 1>4 6?B=5B 5=@I 1>4 1669<91D5C @1BD939@1D5 9> F1B9?EC 4565BB54 CD?3;21C54 1>4 31C8 21C54 3?=@5>C1D9?> @<1>C ?=@5>C1D9?> 5H@5>C5 1CC?391D54 G9D8D85C5@<1>C9CB53?7>9J54?F5BD85F5CD9>7@5B9?4B5<5F1>DD? 5138C5@1B1D57@?BD9?>?6D851G1B4 ,85?=@1>I=51CEB5C3?=@5>C1D9?>6?BCD?3;21C541G1B4C1D 619BF1I45D5B=9>5CD85619BF19DC 21C54 ?> D85 7B1>D41D5 619B F1 CD?3;?6D85-D =51CEB541D./(?>D8541D5?6 7B1>D ?=@5>C1D9?> 5H@5>C5 6?B 35BD19> CD?3;21C54 1G1B4C 9C 14:ECD546?B381>75C9>D85619BF1CD?3;?6D85 -D?BD85 B5<5F1>D=?45 1C1@@B?@B91D5 E>D9<3?>F5BC9?> 5H5B39C5?B5H@9B1D9?>?6D851G1B4 ,854565BB5431C821C543?=@5>C1D9?>@<1>C75>5B1< D? D85 @<1> @1BD939@1>DC 21C54 E@?> D85 @5B6?B=1>35 ?6 5138 @1BD939@1>DOC C5<53D54 B565B5>354 9>F5CD=5>DC ?=@5>C1D9?> 5H@5>C5 6?B D85C5 1G1B4C 9C 31<3E<1D54 21C54 ?> >?D9?>1D54 14:ECD546?B381>75C9>D85 619B F1354 9>F5CD=5>DC D81D 5=@D9<49CDB92ED9?>?6D851G1B4 ,85?=@1>I5>D5BC9>D?1 F1B95DI ?6', 45B9F1D9F53?>DB13DC G9D8 1669<91D5C D? 53?>?=931< ?2<971D9?>C E>45B D854565BB5431C821C543?=@5>C1D9?>@<1>C #### **--9?8>381&:.+>/=.9:>/.38** ,85 ?=@1>I 81C 14?@D54 D85 \*565B5>35 \*1D5 \*56?B= 133?E>D9>7E@41D5 G89385HD5>4CD85@5B9?4?6D9=55>D9D95C31> ED9<9J5D85 B565B5>35 B1D5 B56?B= B5<956 7E941>35 6B?=535=25B {7}------------------------------------------------ D? 535=25B ,85 B5<956 @B?F945C ?@D9?>1< 5H@5495>DC 1>4 5H35@D9?>C 6?B 1@@7 75>5B1<D9>7 @B9>39@<5C D? 3?>DB13DC ?B ?D85B DB1>C13D9?>C D81D B565B5>35\$"'\*?B?D85B9>D5B5CDB1D525>38=1B;C6?BG8938D85 B565B5>354 B1D59C 5H@53D54D? 25 49C3?>D9>E54 ?B B5@<1354 ,85 ?=@1>I 9C 1@@7 D85 133?E>D9>7 B5<956 1C B5<5F1>D 3?>DB13D =?496931D9?>C 1B5 =145 4EB9>7 D85 3?EBC5 ?6 D85 B565B5>35 B1D5 B56?B=DB1>C9D9?>@5B9?4 ,85B5G1C>?9=@13DD?D85?=@1>IOC 69>1>391<3?>49D9?>E@?>9>9D91<14?@D9?> #### **--9?8>381/@/69:7/8>&:.+>/=** ,85 + 81C 9CCE54 35BD19> 133?E>D9>7 E@41D5C D81D 1@@I ,856?<7133?E>D9>7E@41D5G1C14?@D54?> #1>E1BI *(, ,"( \* ,1203+\$,21 0\$#(2 -11\$1* ,89C 133?E>D9>7 E@41D5 5<9=9>1D5C D85 133?E>D9>7 7E941>35 6?B ,B?E2<54 52D \*5CDBE3DEB9>7CM,\*CN1>4B5AE9B5C>5G49C37 35BD19> =?496931D9?>C ?6 69>1>39>7 B5359F12<5C 9 5 @B9>39@1< 6?B79F5>5CC 9>D5B5CD B1D5 B54E3D9?>C ?D85BD81>9>C97>96931>D @1I=5>D45<1IC1>4D5B=5HD5>C9?>CD?2?BB?G5BC5H@5B95>39>7 69>1>391< 496693ED @5B9?4 7B?CC 381B75?66C 2I I51B ?6 ?B979>1D9?> 6?B 69>1>39>7B5359F12<5C=51CEB541D1=?BD9J543?CD ,85?=@1>I 81C 14?@D54 D89C E@41D5 ?> 1 @B?C@53D9F5 21C9C 1>4 >?D54 >? 9=@13D ?> 9DC 69>1>391< 3?>49D9?> ?B B5CE E@?> 14?@D9?> ,85 ?=@1>I 9C 3EBB5>D7 D85 6?<7 133?E>D9>7 E@41D5 8?G5F5B D85?=@1>I4?5C>?D5H@53D1=1D5B91<9=@13D ?>9DC69>1>391<3?>49D9?>?BB5CECE@?>14?@D9?> *(0 \*3\$ \$ 130\$+\$,2* ,89C 133?E>D9>7 E@41D5 3<1B9695C 3?>C9CD5>DG9D8?EB3EBB5>D133?E>D9>7@?<93I D81D13?>DB13DE1< B5CDB93D9?>?>D85C1<5?61>5AE9DIC53EB9DI9C>?D3?>C945B54@1BD ?6D85E>9D?6133?E>D?6D855AE9DIC53EB9DI1>4 D85B56?B5 9C>?D 3?>C945B54 9> =51CEB9>7 619B F11<49C337D85619BF1DB13DE1C D85>1DEB51>4 B5=19>9>7 4EB1D9?>?6D85B5CDB93D9?>1>439B3E=CD1>35CD81D3?E<431EC5D85 B5CDB93D9?>D?<1@C5 ,85 +-9C 56653D9F5 #1>E1BI G9D8 51B@5B=9DD54 ## **#/6+>/.!+<>C%<+8=+->398=** ,85?=@1>I 5>D5BC9>D?DB1>C13D9?>C G9D8D85 -D 1>49DC3?>C?<941D54CE2C9491B95CD85M9B=N9>?B45BD? 1=?>7 ?D85B D89>7C =1>175 B9C; 6139<9D1D5 3<95>D 45=1>4 C1D9C6I B57E<1D?BI 1>4 <9AE949DI B5AE9B5=5>DC 1>4 6E>4 2EC9>5CC 13D9F9D95C ,85C5 DB1>C13D9?>C 9>34 3?<<1D5B1<9J54 69>1>39>7C 1C 45C3B9254 9> &?D5C 1>4 B5C@53D9F5I 1C 6E>49>7 1>4 CE2?B49>1D54<9129<9D95C 6B?=D85 (1B5>D 1C 45C3B92549> &?D5C 1>4 B5C@53D9F5I 3<51BC C53EB9D95C 6EDEB5C 1>4 45B9F1D9F5 DB1>C13D9?>C ?> F1B9?EC 5H381>75C 6?B 1669<91D5C G9D8 CD1>41B4 C5DD<5=5>D D5B=C 69>1>35C C53EB9D95C DB1>C13D9?>C 6?B 1669<91D5C 1>46139<9D1D5C6?B597>5H381>75DB1>C13D9?>C6?B1669<91D5C1C@1BD ?6 D85 9B=OC 3EBB5>3I =1>175=5>D 6E>3D9?> ,B149>7 1>4 =1B79> B5<1D54 21<1>35C 1CC?391D54 G9D8 D85C5 DB1>C13D9?>C 1B5 B53?B454G9D89>\*5359F12<5C6B?=?B(1I12<5CD?3ECD?=5BC 1>4 \*5359F12<5C 6B?= ?B (1I12<5C D? 2B?;5BC 451<5BC 1>4 3<51B9>7 ?B71>9J1D9?>C ,85 ?=@1>I =1;5C =1B;5DC 9> 452D 9CCE54 2I D85 9B= 9>1>391< 9>CDBE=5>DC ?G>54 @B9=1B9335C ?61C?6535=25B ,85 ?=@1>I @1BD939@1D5C 9> F1B9?EC 4565BB54 CD?3;21C54 1>4 31C821C543?=@5>C1D9?>@<1>C6?BD8525>569D?635BD19>3EBB5>D 1>46?B=5B5=@&?D5C1>4 1CG5<<1C 5=@569D @<1>C 1C 45C3B92549> &?D5 ,85?=@1>I 5>D5BC 9>D? ', 45B9F1D9F5 3?>DB13DC G9D8 1669<91D5C D? 53?>?=931<?2<971D9?>CE>45BD854565BB5431C8 21C543?=@5>C1D9?>@<1>C +55&?D56?B1449D9?>1<49C3 619B F14 >?D9?>1< 1=?E>DC B5<1D54 D? D85 45B9F1D9F5C 1CC?391D54 G9D8 D85C5 4565BB54 3?=@5>C1D9?> @<1>C 9>3 5AE9DI 3?>DB13DC 449D9?>1<I 81C B53?7>9J54 <9129<9D95C D? D85 -D 6?B D85 4565BB54 CD?3;21C54 3?=@5>C1D9?> @<1>C G8938 1B5 B53?B454 9> 'D85B <9129<9D95C1>4133BE545H@5>C5C9>D853?>C?<941D54CD1D5=5>D?6 69>1>391<3?>49D9?> ,85?=@1>I81C17B55=5>DCG9D81669<91D5C6?B?D85B13D9F9D95C 9>37 1 D1H C81B9>7 17B55=5>D G9D8 D85 -D 1C 45C3B92549>&?D5 7C65B @B939>7 @?<9395C 1>4 ?D85B 13D9F9D95C1C45C3B92546EBD85B25C5DD<541=?E>DC6?BD85C5 13D9F9D95C 1B5 B53?B454 G9D89> \*5359F12<5C 6B?= ?B (1I12<5C D? 1669<91D5C1>41B5@1I12<5?>45=1>4 ,85 ?=@1>I 1@@<95C 7C65B @B939>7 @?<9395C 1=?>7 1669<91D5C ,85C5 @?<9395C 1B5 3?>C9CD5>D G9D8 ' ,B1>C65B (B939>7 E945<9>5C 6?B %E1D9?>1< >D5B@B9C5C 1>4 ,1H4=9>9CDB1D9?>C ,859B=81C1717549>>57?D91D9?>C ?64F1>354(B939>77B55=5>DCG9D8C5<53D54D1H1ED8?B9D95C9> B5C@53D?69DC;5IDB1>C65B@B939>7=5D8?4?I81CF1B9?EC17B55=5>DCG9D81>1669<91D542B?;5B 451<5B %++ 9> G8938 %++ @B?F945C 35BD19> C1<5C 1>4 49CDB92ED9?> C5BF935C 6?B D85 ?=@1>IOC 5AE9D95C 1>4 69H54 9>3?=5 DB149>7 13D9F9D95C 1>4 D85 ?=@1>I @B?F945C 35BD19> C1<5C1>4DB149>7C5BF935CD?%++ ,85?=@1>I 81C17B55=5>DCG9D8DG?1669<91D5C %+&1>4 %++ G8? 381B75D85?=@1>I 6?B9CCE9>7C 1>4<5>49>7 3?==9D=5>DCD?3<95>DC?6D85?=@1>I ,85?=@1>I81C1>17B55=5>DG9D81>1669<91D54C5BF9355>D9DI %++ 9> G8938 %++ 17B55C D? @B?F945 D85 ?=@1>I G9D8 35BD19> C5BF935C 9>37 9>6B1CDBE3DEB5 7B?E@ CE@@?BD 8514 <965 9>CEB1>35 25>569DC 6?B D85 5=@I 9>6?B=1D9?> @B?35CC9>7 3?==E>931D9?>C 1>4 ?33E@1>3I1>45AE9@=5>D {8}------------------------------------------------ ,85 ?=@1>I 9C D85 @B9=1BI 5=@7 5>D9DI 6?B 2EC9>5CC 13D9F9D95CE>45BD1;5>2ID85?=@1>I1>435BD19>- + 1669<91D5C ,85 ?=@1>I C81B5C 35BD19> >?>9>D5B5CD 5H@5>C5C G9D8 D85C5 1669<91D5C21C54?>D85<5F55CC13D9F9DIDB1>C13D54?>D85 1669<91D5CB5<1D9F5D?D85?=@1>I 5BD19>5=@I@B?F945C5BF935C6?B2EC9>5CC 13D9F9D95C 3?>4E3D54 ?> DG? 1669<91D5C %+& 1>4 %+(& ,85 ?=@1>I 9C B59=2EBC54 2I D85C5 1669<91D5C 6?B 5H@5>C5C B5<1D54D?D85C5C5BF935C | | >
/-/7,/<
| |---------------------------------------------------|------------------| | ==/>=+8./.-97:+83/= | | | .@5 |

| | 6;.;06.96;@A?B:2;A@ | | '2C2?@2?2=B?05.@2.4?22:2;A@ |
| | (20B?6A62@/ | | '2026C./92@ B@A<:2?@ |
| | '2026C./92@ ?<82?@12.92?@.;1092.?6;4 | | '2026C./92@ ;A2?2@A.;116C612;1@ |
| | '2026C./92@ 22@.;1 | | '2026C./92@ 33696.A2@ | | | 3+,363>3/=+8.:+C+,6/=>9+00363+>/.-97:+83/= | | | 6;.;06.96;@A?B:2;A@@<91; | | (20B?6A62@9<.;21 |
| | %A52?@20B?2136;.;06;4@ |
| | &.F./92@ B@A<:2?@ |
| | &.F./92@ ?<82?@12.92?@.;1092.?6;4 | | &.F./92@ ;A2?2@A.;116C612;1@ |
| | &.F./92@ 33696.A2@ |
| | %A52?96./696A62@.;1.00?B212E=2;@2@ |
| | | | (B/ | {9}------------------------------------------------ ## 4. Fair Values #### Fair Value Measurement #### Assets and Liabilities Measured at Fair Value | | | At December 31, 2022 | | | | | |----------------------------------------|------|----------------------|--------------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------| | | | Level 1 | Level 2 | Level 3 | Netting | Tota | | Assets at fair value" | | | | | | | | Financial instruments owned: | | | | | | | | U.S. Treasury and agency securities | ಕ್ಕಾ | ക
25,082 | 42,263
ಕೆ | ക്ക
16 | ക്ക
- | 67,361 | | Other sovereign government obligations | | 2,128 | 216 | 33 | | 2,377 | | State and municipal securities | | | 1,519 | 16 | | 1,535 | | MABS | | | 1,175 | 141 | | 1,316 | | Loans2 | | | | 1 | | | | Corporate and other debt | | | 5,361 | 431 | | 5,792 | | Corporate equities3 | | 11,230 | 227 | ଚିଚି | | 11,523 | | Derivative contracts: | | | | | | | | Interest rate | | 3,453 | 1,413 | 1 | | 4,867 | | Credit | | | 269 | 111 | | 380 | | Foreign exchange | | | 12,392 | 35 | | 12,427 | | Equity | | 2,306 | 25,752 | 291 | | 28,349 | | Netting | | (4,237) | (36,433) | (277) | (3,020) | (43,967) | | Total derivative contracts | | 1,522 | 3,393 | 161 | (3,020) | 2,056 | | Total financial instruments owned | ക്ക | ಲ್ಲಿ
39,962 | 54,154
ക | 865
ಕೆ | (3,020) \$ | 91,961 | | Securities received as collateral | ಕ್ಕಾ | ക
15,412 | 38
ಲ್ಲೊ | ക്ക
2 | ಕಾ
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | 15,452 | | | | | | | | | | | At December 31, 2022 | | | | | | | | |--------------------------------------------------------|----------------------|---------|----|----------|-----|---------|-------------------|----------| | | | Level 1 | | Level 2 | | Level 3 | Netting | Total | | Liabilities at fair value4 | | | | | | | | | | Financial instruments sold, not yet purchased: | | | | | | | | | | U.S. Treasury and agency securities | ക്ക | 25,321 | ಕೊ | 228 | S | - | ക്ക
ಕ್ಕಾ
- | 25,549 | | Other sovereign government obligations | | 331 | | 126 | | 1 | | 458 | | Corporate and other debt | | | | 4,337 | | 10 | | 4,347 | | Corporate equities 3 | | 9,364 | | 406 | | 2 | | 9,772 | | Derivative contracts: | | | | | | | | | | Interest rate | | 3,006 | | 1,142 | | 9 | | 4,157 | | Credit | | | | 258 | | 46 | | 304 | | Foreign exchange | | | | 12,334 | | 39 | | 12,373 | | Equity | | 2,675 | | 28,634 | | 693 | | 32,002 | | Netting | | (4,237) | | (36,433) | | (277) | (4,387) | (45,334) | | Total derivative contracts | | 1,444 | | 5,935 | | 510 | (4,387) | 3,502 | | Total financial instruments sold, not yet purchased | ക്ക | 36,460 | ക | 11,032 | ക | 523 | ക
(4,387)
ਨ | 43,628 | | Obligation to return securities received as collateral | ക്ക | 22,762 | ਰੇ | 115 | ല്ല | 2 | ಕ್ಕಾ
ಕಾ
- | 22,879 | | Repurchase agreements | | | | 349 | | 512 | | 861 | | Other secured financings | | | | 2,405 | | | | 2,405 | | Borrowings | | | | 101 | | | | 101 | 1. For positions with the same counterpary the levels of the fair value hierarchy, both counterpary netting and cash collated in the column titled "Netting". Positions classified with the same counterparty are netted within that level. For further information on derivative instruments, see Note 5. 2. The Company consolidates loans underlying MABS as a part of its incher information, see Note 11. 3. For trading purposes, the Company holds or equitys issued by e 4. Amounts exclude the unsettled fair value of \$555 included in Receivable - Brokers, dealers and clearing organizations and \$86 induded in Payables - Brokers, dealers and clearing organidated statement of financial condition. These contracts are primarily classified as Level 1, adviely traded and valued based on quoted prices from the exchange . {10}------------------------------------------------ ## **'+6?+>398%/-283;?/=09<==/>=+8.3+,363>3/=/+=?+3<'+6?/** | ==/>+8.3+,363>C (+6?+>398&/-283;?/ | (+6?+>3983/<+<-2C6+==303-+>398 | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | *
(
)?2.@B?F.;142;0F(20B?6A62@


| | | M .6?C.9B26@12A2?:6;21B@6;4>B6;.;.0A6C2:.?82A | |

| | | \$<; 0.99./92 .42;0F 6@@B21 12/A @20B?6A62@ .?2 42;2?.99F C.9B21 B@6;4 >B0.99./92 .42;0F 6@@B21 12/A @20B?6A62@ .?2 C.9B21 /F /2;05:.?86;4 :<129 12?6C21 =?602@ A< >B:.?82A=?602@.;1A?.121.A.3M )523.6? C.9B2 <3 .42;0F:0<:=.?./92A< /2 .;;M #%@ .?2 42;2?.99F C.9B21 B@6;4 >BB2;A
05.;42@6;?29.A216;1602@312/A@20B?6A62@63.0A6C29FA?.121.;1
6;=BA@.?2M "2C29H.99@20B?6A62@.42;0F:A5?.0A6C29FA?.121.;16;=BA@.?2
M "2C29 6;6;@A.;02@D52?2A52
A?.16;4.0A6C6AF6@96:6A21B;B,52; ;>B; A52 ./@2;02 <3 =<@6A6<; @=206360 >BC.9B2:.F/212A2?:6;21A5?.?2M "2C29 63A52:.?82A6@92@@.0A6C2=?602@.?216@=2?@21
M "2C29 6;6;@A.;02@D52?2A52=?602@
.?2B;BA5.A3.0A/2AD22;0.@5.;112?6C.A6C26;@A?B:2;A@
| M "2C29 63C.9B2/.@21<;:.?82A1.A.36;@A?B:2;A@
M "2C29 6;6;@A.;02@D52?2:.?82A
1.A..?2;6;12=2;12;A2EA2?;.9=.?A62@@B05.@C2;1M ,52;=<@6A6<; @=2063602EA2?;.9=?6021.A..?2;B6?2
/2;05:.?86;4 A< 0<:=.?./92 6;@A?B:2;A@ .;1?20B2@
,52; 2C.9B.A6;4 A52 0<:=.?./92
6;@A?B:2;A@ 3=.F:2;A=?6B2;0F?.A2@.;19<@@@2C2?6AF.?2
0<;@612?21
;.116A6<;3.?20<;@612?21
M #.?82A@A.;1.?10.@53939!2F 6;=BA@A9<@@2@.;1123.B9A.;1=?2=.F:2;A?.A2@3M +.9B.A6<; 92C29@ <3 '#( .;1 #( 6;1602@ .?2 B@21 .@ .; .116A6<;.9 1.A. =<6;A 3=B?=<@2@:.?82A1.A.36;@A?B:2;A@
M "2C29 632EA2?;.9=?602@@=?2.16;=BA@.?2B;A520<:=.?./696AF.@@2@@:2;A6;C<9C2@
@64;6360.;A@B/720A6C6AF?29.A21A<
=?<=2?AFAF=216332?2;02@0.@539=2?3BB2.==9621A<@B050<;A?.0A@ M "2C29 63C.9B2/.@21<;B2 %A52? :<129 6;=BA@ @B05 .@ 0?216A @=?2.1@ 6;09B16;4 0<99.A2?.9@=?2.1@.;16;A2?2@A?.A2@.?2AF=60.99FB616AF M "2C29 D52;26A52?0<:=.?./92 :.?82AA?.;@.0A6<;@.?2B6A62@ M E05.;42 A?.1212>B6AF@20B?6A62@.?242;2?.99FC.9B21/.@21<;>BB6AF @20B?6A62@.?242;2?.99F C.9B21/.@21<;.;.@@2@@:2;A<32.05 @20B?6AF 0<;@612?6;4 ?BB2@.@A5<@2 .==9621A<%)12?6C.A6C2@ M "2C29 D52;.0A6C29FA?.121 M "2C29HD52;;B6AF=?602@ M 2=2;16;4<;A52=?<1B0A.;1A52A2?:@<3A52A?.;@.0A6<;A523.6? C.9B2<3%)12?6C.A6C2=?<1B0A@ 0.; /2 :<12921 B@6;4 . @2?62@ <3 A205;6>B2@ 6;09B16;4 09<@21 3BB6AF.;13B61 .;1 ?2>B6?2 :B2@6;0216?20AA?.16;4.0A6C6AFBB6AFB616AFB616AF+8.3+,363>C (+6?+>398&/-283;?/ (+6?+>3983/<+<-2C6+==303-+>398** B2@3B6?21 6;=BA@ .?2 B;B2A<2@A6:.A2A52:<1296;=BAC.9B2@ {12}------------------------------------------------ | ==/>+8.3+,363>C (+6?+>398&/-283;?/ | (+6?+>3983/<+<-2C6+==303-+>398 | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | (20B?6A62@'2026C21.@<99.A2?.9.;1%/964.A6<;A<'2AB?;(20B?6A62@'2026C21.@<99.A2?.9 | | | M E05.;42 A?.1212>B6AF@20B?6A62@.?242;2?.99FC.9B21/.@21<;>B)<
A522EA2;AA52@2@20B?6A62@.?2.0A6C29FA?.121C.9B.A6<;.17B@A:2;A@.?2;M *;96@A21 2>B6AF @20B?6A62@ .?2 42;2?.99F C.9B21 /.@21 <; .; .@@2@@:2;A <3 2.05 B;12?9F6;4 @20B?6AF
0<;@612?6;4?/.@216;3.:<;4A?.121@20B?6A62@
M "2C29 63;.?2#2C2;AM "2C29H63;.?2B;.421#2C2;A
M )526;=BA@A6;0?2:2;A.9@=?2.1.@=206360AF=2<3@20B?6AF=921421.@0<99.A2?.9 | M "2C29HD52;A52C.9B.A6<;6;=BA@
.?2M "2C29H6;6;@A.;02@D52?2.;
B;@64;6360.;A | | %A52?(20B?216;.;06;4@.;1A?.;@.0A6<;@
;2A 6;C2@A:2;A 0?6A2?6.
(22 A52 2?6C.A6C2 <;A?.0A@ @20A6<; ./A205;6>B2.==9621AB;@64;6360.;A | {13}------------------------------------------------ Significant Unobservable Inputs Used in Level 3 Fair Value Measurements Valuation Techniques and Unobservable Inputs | | | Balance / Range (Average ) | |-------------------------------------------|---|------------------------------| | | | At December 31, 2022 | | Assets at fair value | | | | Financial instruments owned: | | | | Other sovereign government
obligations | ക | 33 | | Comparable pricing: | | | | Bond price | | 98 points (98 points) | | MABS | | 141 | | Comparable pricing: | | | | Bond price | | 40 to 101 points (75 points) | | Corporate and other debt | | 431 | | Comparable pricing: | | | | Bond price | | 61 to 103 points (86 points) | | Corporate equities | | 66 | | Comparable pricing: | | | | Equity price | | 100 % | | Net derivative contracts: | | | | Credit | | 65 | | Credit default swap model: | | | | Funding Spread | | 15 to 84 bps (47 bps) | | Equity | | (402) | | Option model: | | | | Equity volatility | | 15% to 85% (34%) | | Equity volatility skew | | -5% to 0% (-1%) | | Liabilities at fair value | | | | Repurchase agreements: | | 512 | | Discounted Cash Flow: | | | | Funding Spread | | 96 to 165 bps (131 bps) | Points-Percentage of par A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum, and average Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant. The previous table provides information on the valuation techniques, significant unobservable inputs, and the ranges and averages for each major category of assets and liabilities measured at fair value with a significant Level 3 balance. The level of aggregation and breadth of products cause the range of inputs to be wide and not evenly distributed across the inventory of financial instruments. Further, the range of unobservable inputs may differ across firms in the financial services industry because of diversity in the types of products included in each firm's inventory. Generally, there are no predictable relationships between multiple significant unobservable inputs attributable to a given valuation technique. An increase (decrease) to the following significant unobservable inputs would generally result in a higher (lower) fair value. - · Comparable bond or loan price: A pricing input used when prices for the identical instrument are not available. Significant subjectivity may be involved when fair value is determined using pricing data available for comparable instruments. Valuation using comparable instruments can be done by calculating an implied yield (or spread over a liquid benchmark) from the price of a comparable bond or loan, then adjusting that yield (or spread) to derive a value for the bond or loan. The adjustment to yield (or spread) should account for relevant differences in the bonds or loans such as maturity or credit quality. Alternatively, a price-to-price basis can be assumed between the comparable instrument and the bond or loan being valued in order to establish the value of the bond or loan. - · Comparable equity price: A price derived from equity raises, share buybacks and external bid levels, etc. A discount or premium may be included in the fair value estimate. An increase (decrease) to the following significant unobservable inputs would generally result in a lower (higher) fair value. · Funding Spread: The cost of borrowing defined as the incremental spread over the OIS rate for a specific collateral rate (which refers to the rate applicable to a specific type of security pledged as collateral). An increase (decrease) to the following significant unobservable inputs would generally result in an impact to the fair value, but the magnitude and direction of the impact would depend on whether the Company is long or short the exposure. - Volatility: The measure of variability in possible returns for an instrument given how much that instrument changes in value over time. Volatility is a pricing input for options and, generally, the lower the volatility, the less risky the option. The level of volatility used in the valuation of a particular option depends on a number of factors, including the nature of the risk underlying that option, the tenor and the strike price of the option. - Volatility skew: The measure of the difference in implied volatility for options with identical underliers and expiry dates but with different strikes. {14}------------------------------------------------ #### **38+8-3+68=>=9>/+=?+3<'+6?/** | | >/-/7,/< | | | | | | | | | | | | | | |---------------------------------------|--------------|--|----------|-------|--|-------|-------|-------|-------|--|--|--|--|--| | | | | .6?+.9B2 | | | | | | | | | | | | | | .??F6;4+.9B2 | | | "2C29 | | "2C29 | "2C29 | | )= | | | | | | | | | | | | | | | | .@5 |
| | | | | I | | I
| | | | | | | | '2@A?60A210.@5 | | | | | | I | I | | | | | | | | | '2C2?@2?2=B?05.@2.4?22:2;A@ | | | | I | | | I | | | | | | | | | (20B?6A62@/3/= | | | | | | | | | | | | | | | | '2=B?05.@2.4?22:2;A@ |
| | | I | | | | I
| | | | | | | | (20B?6A62@9<.;21 | | | | I | | | I | | | | | | | | | %A52?@20B?2136;.;06;4@ | | | | I | | | I | | | | | | | | | &.F./92@ | | | | | | | | | | | | | | | | B@A<:2?@ | | | | I | | | I | | | | | | | | | ?<82?@12.92?@.;1092.?6;469>1>391<9>CDBE=5>DCCE381C4565BB543?=@5>C1D9?>1BB1>75=5>DC # **/<3@+>3@/8=>=** ,85 ?=@1>IDB145C 1>4 =1;5C =1B;5DC 7 5H381>75 DB1454 6EDEB5C 1>4 ?@D9?>C 1C G5<< 1C ', CG1@C 6?BG1B4C ?@D9?>C 1>4 ?D85B 45B9F1D9F5C B565B5>39>7 1=?>7 ?D85B D89>7C 9>D5B5CD B1D5C 5AE9D95C 3EBB5>395C 2?>4C 3B549D 9>4935C 1>4 %+ ,85 ?=@1>I EC5C D85C5 9>CDBE=5>DC 6?B =1B;5D =1;9>7 =1>179>7 6?B597> 3EBB5>3I 1>4 3B549D 5H@?CEB5 1>4 1CC5D 1>4 <9129<9DI =1>175=5>D ,85 ?=@1>I 4?5C >?D 1@@D9>7 ,85 ?=@1>I =1>175C 9DC =1B;5D=1;9>7 @?C9D9?>C 2I 5=@71F1B95DI?6B9C;=9D971D9?>CDB1D5795C ,85C5CDB1D5795C 9>3 ?6 B9C; 5H@?CEB5C 1>4 85479>7 !5479>7 13D9F9D95C 3?>C9CD ?6 D85 @EB381C5 ?B C1<5 ?6 @?C9D9?>C 9> B5<1D54 C53EB9D95C 1>4 69>1>391< 9>CDBE=5>DC 9>37 1 F1B95DI ?6 45B9F1D9F5 @B?4E3DC *\$&* 6EDEB5C 6?BG1B4C CG1@C1>4 ?@D9?>C ,85 ?=@1>I =1>175C D85 =1B;5D B9C; 1CC?391D54 G9D8 9DC =1B;5D=1;9>7 13D9F9D95C ?> 1 3?=@1>IG945 21C9C ?> 1 G?B<4G945 DB149>7 49F9C9?> <5F5< 1>4 ?> 1> 9>49F94E1< @B?4E3D 21C9C {15}------------------------------------------------ | | | | | | | | | | Derivative Assets at December 31, 2022 | | | | | | | | | | | | | | |---------------------------------------------------------------------------------------------------------------------|-------------|------------------|-----|----------------|------|---------------------|----|----------|----------------------------------------|----------------|---------------------|-----------|-----------|--|--|--|--|--|--|--|--|--| | | Fair Value3 | | | | | | | | | | | Notional" | | | | | | | | | | | | | | Bilateral
OTC | | Cleared
OTC | | Exchange-
Iraded | | Total | Bilateral
OTC | Cleared
OTC | Exchange-
Iraded | | Total | | | | | | | | | | | Derivative contracts | | | | | | | | | | | | | | | | | | | | | | | | Interest rate | ಕಾ | 3,415 | ക്ക | 1,448 | ਵ | ব | S | 4,867 | \$ 361,553 | \$ 162,859 | ક્ષ્
14,685 | | \$539,097 | | | | | | | | | | | Credit | | 380 | | | | | | 380 | 4,557 | | | | 4,557 | | | | | | | | | | | Foreign exchange | | 12,415 | | | | 12 | | 12,427 | 445,132 | | | 2,912 | 448,044 | | | | | | | | | | | Equity | | 14,473 | | | | 13,876 | | 28,349 | 218,280 | | 212,111 | | 430,391 | | | | | | | | | | | Total gross derivative contracts | | 30,683 | | 1,448 | | 13,892 | | 46,023 | 1,029,522 | 162,859 | 229,708 | | 1,422,089 | | | | | | | | | | | Amounts offset | | | | | | | | | | | | | | | | | | | | | | | | Cash collateral netting | | (2,137) | | | | | | (2,137) | | | | | | | | | | | | | | | | Counterparty netting | | (26,499) | | (1,447) | | (13,884) | | (41,830) | | | | | | | | | | | | | | | | Total derivative assets | | 2,047 | | 1 | | 8 | | 2,056 | | | | | | | | | | | | | | | | Amounts not offset | | | | | | | | | | | | | | | | | | | | | | | | Financial instruments collateral | | (350) | | | | | | (350) | | | | | | | | | | | | | | | | Net amounts | \$ | 1,697 \$ | | | 1 \$ | 8 | 5 | 1,706 | | | | | | | | | | | | | | | | Net amounts for which master netting or collateral agreements are not in
place or may not be legally enforceable | | | | | | | \$ | 498 | | | | | | | | | | | | | | | place or may not be legally enforceable | | Derivative Liabilities at December 31, 2022 | | | | | | | | | | | | | | | | | | |-----------------------------------------------------------------------|---------------------------------------------|------------------|------|----------------|---|---------------------|------|----------|---|------------------|--|----------------|-----|---------------------|----|-----------|--|--| | | | | | | | Fair Value3 | | | | Notional4 | | | | | | | | | | | | Bilateral
OTC | | Cleared
OTC | | Exchange-
Traded | | Total | | Bilateral
OTC | | Cleared
OTC | | Exchange-
Traded | | Total | | | | Derivative contracts | | | | | | | | | | | | | | | | | | | | Interest rate | ಕ್ಕಾ | 2,640 | ರ್ಕೆ | 1,517 | ക | | ಲ್ಲಿ | 4.157 | ಕ | 258.162 | | \$ 167,363 | ല്ല | 14,765 | ದಿ | 440.290 | | | | Credit | | 304 | | | | | | 304 | | 4,667 | | | | | | 4,667 | | | | Foreign exchange | | 12,361 | | | | 12 | | 12,373 | | 448,798 | | | | 1,931 | | 450,729 | | | | Equity | | 16,633 | | | | 15,369 | | 32,002 | | 243,362 | | | | 250,969 | | 494,331 | | | | Other2 | | | | | | | | | | 1,340 | | | | | | 1,340 | | | | Total gross derivative contracts | | 31,938 | | 1,517 | | 15,381 | | 48,836 | | 956,329 | | 167,363 | | 267,665 | | 1,391,357 | | | | Amounts offset | | | | | | | | | | | | | | | | | | | | Cash collateral netting | | (3,504) | | | | | | (3,504) | | | | | | | | | | | | Counterparty netting | | (26,499) | | (1,447) | | (13,884) | | (41,830) | | | | | | | | | | | | Total derivative liabilities | | 1,935 | | 70 | | 1,497 | | 3,502 | | | | | | | | | | | | Amounts not offset | | | | | | | | | | | | | | | | | | | | Financial instruments collateral | | (81) | | | | (1,139) | | (1,220) | | | | | | | | | | | | Net amounts | \$ | 1,854 | ક | 70 | S | 358 | S | 2,282 | | | | | | | | | | | | Net amounts for which master netting or collateral agreements are not | | | | | | | | | | | | | | | | | | | in place or may not be legally enforceable \$ 1,373 1. but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. 2. 4. The Company believes that the notional anounts of derivative contracts generally overstate is exposure. In most circumstances, notional amounts are used only as a reference point from which to calculate anounts owed between the contract. Furthernor, notional amounts do not reflect the bereif of legally enforceable netting arrangements or risk mitigating transactions. {16}------------------------------------------------ #### **/>/<3@+>3@/3+,363>3/=+8.966+>/<+6"9=>/.** | | >/-/7,/< | |-----------------------------------------------------------------------|----------| | \$2A12?6C.A6C296./696A62@D6A50?216A?6@8 ?29.A21
0<;A6;42;A32.AB?2@ |

| | <99.A2?.9=<@A21 | | ,85 @B5F9?EC D12<5 @B5C5>DC D85 177B571D5 619B F1 45B9F1D9F5 3?>DB13DC D81D 3?>D19> 3B549D B9C;B5<1D54 3?>D9>75>D 651DEB5CD81D1B59>1>5D<9129<9DI@?C9D9?>6?BG8938D85?=@1>I 81C@?CD543?<<1D5B1<9>D85>?B=1<3?EBC5?62EC9>5CC **+B37?7"9>/8>3+6"+C9?> 9>398+690"<9>/->398%96.** | | */+<=>9+>?<3>C+>/-/7,/<
| | | .6?
+.9B2
@@2A | | | | | | | | | |------------------------------------------------------|-----------------------------|---|--|----------------------|--|---|----------|---|-------|--|------|----------| | | | | | | | | %C2?
| | )% | | | | | | | | | | | | | | ;C2@A:2;A4?.12 | | I | | I | | | | I | | |
| I | | \$<; 6;C2@A:2;A?.12 | | | | | | I | | | | | | | | &9>+6%=96. | | | | | | I | | | | | | | | %A52?0?216A0<;A?.0A@ | | I | | I | | I | | | | | | I | | &9>+6-:<9>/->398 | | I | | | | | | | | | | | | 6.
(=?
| | | | | | | | | | | | | 5 1 ;C2@A:2;A 4?.12\$<; 6;C2@A:2;A 4?.12 12A2?:6;.A6<; 6@ /.@21 <; A52 6;A2?;.9 0?216A ?.A6;4<3A52 ?232?2;02B.;A6A.A6C2 :<129@ .;1 7B14:2;A A< 2@A6:.A2 A52 C.?6/->398"?<-2+=/.A3>2%** | | >/-/7,/< | | | | | |---------------|--------------|--|-----------|--|--| | | .6?+.9B2@@2A | | \$
| | | | | ,85 ?=@1>I 5>D5BC 9>D? 3B549D 45B9F1D9F5C @B9>39@1<45BG89389DB5359F5C?B@B?F945C@B?D53D9?>1719>CDD85B9C;?6 4561E 1 C5D ?6 452D ?2<971D9?>C 9CCE54 2I 1 C@5396954 B565B5>35 5>D9DI ?B 5>D9D95C ,85 ?=@1>IOC 3?E>D5B@1BD95C 6?B D85C545B9F1D9F5C1B51669<91D5C ,85619BF1DC1CC8?G>9>D85@B5F9?ECD12<5C1B5@B9?B D?31C83?<<1D5B1D5B@1BDI>5DD9>7 ,85 @EB381C5 ?6 3B549D @B?D53D9?> 4?5C >?D B5@B5C5>D D85 C?<5 =1>>5B 9> G8938 D85 ?=@1>I B9C; =1>175C 9DC 5H@?CEB5 D? 3B549D 45B9F1D9F5C ,85?=@1>I=1>175C9DC 5H@?CEB5D?D85C5 45B9F1D9F5 3?>DB13DC D8B?E78 1 F1B95DI ?6 B9C; =9D971D9?> CDB1D5795C G89389>3179>7D853B549D1>43?BB5<1D9?>B9C; 13B?CC>?>DB1>38549>4935C1>421C;5DC 1>431C8@?C9D9?>C ,85 ?=@1>I=1I1DC?>D85E>45B7B565B5>35 ?2<971D9?> 45<9F5B54 D? D85 ?=@1>I E>45B + G85B5 3B549D @B?D53D9?>G1CC?<4 *,#\$6 ,# 1)\$2* ">45H 1>4 21C;5D + 1B5 @B?4E3DC G85B53B549D@B?D53D9?>9C@B?F9454?>1@?BD6?<9??6C9>7<5>1=5 + 5>5B1< D85 5F5>D ?6 1 4561E ?>5 ?6 D85 E>45B7 >1=5C D85 ?=@1>I @1IC 1 @B? B1D1 @?BD9?> ?6 D85 D?D1<>?D9?>1<1=?E>D?6D85+ ,85 ?=@1>I 1D5BC 9>D? DB1>3854 9>45H 1>4 21C;5D + G85B53B549D@B?D53D9?>9C@B?F9454?>1@1BD93E<1B@?BD9?>?6D85 @?BD6?<9? ,85=?CD:E>9?BDB1>385C3?F5B9>9D91< 4561E4?>35?D9?>1385 D85I 1B5 @1CC54 ?> D? D85 >5HD =?CD C5>9?B DB1>385 9> D85 31@9D1< CDBE3DEB5 *2'\$0 0\$#(2 -,20 "21* ,85 ?=@1>I 81C 9>F5CD54 9> 'C G8938 1B5 8I2B949>CDBE=5>DC 3?>D19>9>7 5=254454 45B9F1D9F5C 9>G89383B549D@B?D53D9?>81C255>C?<4D?D859CCE5B?6D85>?D5 "6 D85B5 9C 1 3B549D 5F5>D ?6 1 B565B5>35 5>D9DI E>45B7 D85 9>CDBE=5>D D85@B9>39@1<21<1>35?6D85>?D5=1I>?D25B5@1949> 6E<I #### **#/-/3@+,6/=0<9798><+->=A3>2?=>97/<=** \*5359F12<5C 6B?= 3?>DB13DC G9D8 3ECD?=5BC G8938 1B59>335C 9> D85 ?=@1>IOC 3?>C?<941D54 CD1D5=5>D ?6 69>1>391< 3?>49D9?> 1B9C5 G85>D85?=@1>I81C2?D8B53?B454B5F5>E5C1>481CD85B978D @5B D85 3?>DB13D D? 29<< 3ECD?=5BC D #1>E1BI 1>4 535=25B D85 21<1>35 B5<1D54 D? \*5359F12<5C 6B?= 3?>DB13DCG9D83ECD?=5BCG5B51>4B5C@53D9F5/<+63D/.%<+8=+->398=** ,85 ?=@1>I 5>D5BC 9>D? B5F5BC5 B5@EB381C5 17B55=5>DC B5@EB381C517B55=5>DC C53EB9D95C2?BB?G541>4C53EB9D95C54 DB1>C13D9?>C D? 1=?>7 ?D85B D89>7C 13AE9B5 C53EB9D95C D? 3?F5B C8?BD @?C9D9?>C 1>4 C5DD<5 ?D85B C53EB9D95C ?2<971D9?>C 133?==?41D5 3ECD?=5BCO 1>4 1669<91D5CO >554C 69>1>35 9DC 9>F5>D?BI @?C9D9?>C 1>4 =55D <9AE949DI 1>4 B57E<1D?BI B5AE9B5=5>DC ,85?=@1>I=?>9D?BCD85619BF145B7C53EB9D95C 1C 3?=@1B54 G9D8 D85 B5<1D54 B5359F12<5 ?B @1I12<5 9>37 133BE54 9>D5B5CD 1>4 B5AE5CDC ?B @?CDC 1449D9?>1< 3?<<1D5B1< 1C @B?F9454 E>45B D85 1@@<9312<5 17B55=5>D D? 5>CEB5 CE38 DB1>C13D9?>C 1B5 145AE1D554 ,85 B9C; B5<1D54 D? 1 453<9>5 9> D85 =1B;5D F11754 2I C5DD9>7 1@@B?@B91D5 =1B;5D 21C54 =1B79> B5AE9B5=5>DC ">3B51C5C 9> 3?<<1D5B1< =1B79> 31< B5@EB381C5 17B55=5>DC 1>4 C53EB9D95C 54 DB1>C13D9?>C 3?<<53D9F51>39>7@1I12<5CN4E5D?=1B;5DF15C=1I25=9D971D542I9>3B51C5C9>3?<<1D5B1<=1B79>31< B5F5BC5 B5@EB381C5 17B55=5>DC 1>4 C53EB9D95C 2?BB?G54 DB1>C13D9?>C G9D8 C9=9<1B AE1<9DI 3?<<1D5B1< 449D9?>1<I =1I B5AE5CD B978DC9>D85E>45B717B55=5>DC ,85?=@1>I13D9F5175C9DCC53EB5469>1>39>7@1I12<5C9> 1 =1>>5B D81D B54E35C D85 @?D5>D91< B569>1>39>7 B9C; ?6 C53EB54 {17}------------------------------------------------ 69>1>39>7 @1I12<5C ?6 <5CC <9AE94 1CC5DC 1>4 1C945BC D85 AE1<9DI ?6 3?<<1D5B1< G85> >57?D91D9>7 3?<<1D5B1< 5<97929<9DI G9D8 3?E>D5B@1BD95C ,85 ?=@1>I ED9<9J5C C8?BD5BD5B= C53EB54 69>1>39>7@1I12<5C6?B897845CD12<9C85C75B D5>?B<9=9DC 6?B<5CC<9AE94 1CC5DC 6?B G8938 6E>49>7 =1I 25 1D B9C;9>D855F5>D?61=1B;5D49CBE@D9?> #### **!00=/>>38190/<>+38966+>/<+63D/.&<+8=+->398=** | | >/-/7,/< | | | | | | | | |---------------------------------------------------------------------------------------|----------------|------------------|----------------------------|--------------------------|--------|------|--|--| | | ?<@@
:%33@2A | \$2A
:&?2@2;A2 | :\$%33@2A | := | | | | | | | | | | '2C2?@2
?2=B?05.@2
.4?22:2;A@ |
| | | | | | | | | (20B?6A62@ | | | | | | | | | | /
1
3+,363>3/= | | | | | | | | | | '2=B?05.@2
.4?22:2;A@ |
| | | | | | | | | (20B?6A62@9<.;21 | | | | | | | | | | />+79?8>=09/<8/>>381+1=+
38:6+-/9<7+C89>,/6/1+66C/809<-/+,6/ | | | | | | | | | | | | | | | | | | | | '2C2?@2?2=B?05.@2.4?22:2;A@ |

| |-----------------------------|----------| | (20B?6A62@/ | | '2=B?05.@2.4?22:2;A@ |
| | (20B?6A62@9<.;21 |
| :6?B=1D9?>B5<1D54D??66C5DD9>7?645B9F1D9F5C C55&?D5 #### **<9==%/-?<+->?+6+>?<3>C** | | >/-/7,/< | | | | | | | |---------------------------------------------------------------------|----------------------|--|-----------------|--|---------|-------------|-------| | | %C2?;645A
.;1%=2; | | "2@@A5.;
.F@ | |
.F@ | %C2?
.F@ | ).4?22:2;A@ |
| | | | | | | | (20B?6A62@9<.;21 |
| | | | I | | I | | )A52<33@2AA6;4
16@09<@B?2 | | | | | | | | | %/964.A6<;A<
'2AB?;A52
@20B?6A62@
?2026C21.@
0<99.A2?.9 |
| | I | | I | | I | | ) | | | | | | | #### **<9==%/-?/<+6 "6/.1/.** | | >/-/7,/<
| | | |--------------------------------------------------|--------------|--|--| | \$/:?<-2+=/+1= | | | | | *
(
)?2.@B?F.;1.42;0F@20B?6A62@ |
| | | | %A52?@B6A62@ | | | | | 3/=69+8/. | | | | | B6A62@ | | | | | %A52? | | | | | )398>9?<8=/-?<3>3/=/<+6 | | | | | B6A62@ | | | | | %A52? | | | | | ) | | | #### **+<=9+8/.9<"6/.1/.A3>29?> 9?8>/<:+<>C\$312>>9%/669<\$/:6/.1/** | | >/-/7,/<
| | |--------------------------------|--------------|--| | 6;.;06.96;@A?B:2;A@ | | | (20B?6A62@?2026C21.@0<99.A2?.9 | | | ,85 ?=@1>I @<5475C 9DC 69>1>391< 9>CDBE=5>DC ?G>54 D? 3?<<1D5B1<9J5 B5@EB381C5 17B55=5>DC C53EB9D95C 54 ?D85B C53EB54 69>1>39>7C 1>4 45B9F1D9F5C 1C G5<< 1C 6?B 45<9F5BI D? 3?E>D5B@1BD95CD?3?F5BC8?BD@?C9D9?>C85<42ID85?=@1>I1>4 2I 3ECD?=5BC ?E>D5B@1BD95C=1I ?B=1I >?D 81F5D85 B978DD? C5<1>391< 9>CDBE=5>DC D81D 31> 25 C?<4 ?B B5@<54754 2I D85 C53EB54 @1BDI 1B5945>D96954 1C 9>1>391<9>CDBE=5>DC ?G>54 @<54754 D? F1B9?EC @1BD95C 9> D85 ?=@1>IOC 3?>C?<941D54 CD1D5=5>D?669>1>391<3?>49D9?> ">9>CD1>35C G85B5D85?=@1>I9CD85<5>45B9> C53EB9D95C6?B C53EB9D95C DB1>C13D9?>C 1>4 @5B=9DD54 D? C5<< ?B B5@<5475 D85C5 C53EB9D95C 9D B5@?BDCD85 619BF14 D85 B5<1D54?2<971D9?>D? B5DEB>D853?<<1D5B1<9>D853?>C?<941D54 CD1D5=5>D?669>1>391<3?>49D9?> G9D8@<54754C53EB9D95CD81D31> 25C?<4?BB5@<547542ID85C53EB54@1BDI945>D969541C+53EB9D95C B5359F54 1C 3?<<1D5B1< @<54754 D? F1B9?EC @1BD95C 9> D85 ?=@1>IOC 3?>C?<941D54 CD1D5=5>D ?6 69>1>391< 3?>49D9?> +53EB9D95C6?BC53EB9D95C DB1>C13D9?>C G85B5 D85 ?=@1>I 9C D85 2?BB?G5B 1B5 >?D 9>3 D85 3?>C?<941D54 CD1D5=5>D ?6 69>1>391<3?>49D9?> {18}------------------------------------------------ #### **+3<(+6?/90966+>/<+6\$/-/3@/.A3>2\$312>>9%/669< \$/:6/.1/** | | >/-/7,/<
| | | | |--------------------------------------------|--------------|--|--|--| | <99.A2?.9?2026C21D6A5?645AA<@299 | | | | | <99.A2?.9A5.AD.@@<91B6?2:2;A@ ,85 ?=@1>I B5359F5C 3?<<1D5B1< 9> D85 6?B= ?6 C53EB9D95C 9> 3?>>53D9?> G9D8 B5F5BC5 B5@EB381C5 17B55=5>DC C53EB9D95C 2?BB?G54 C53EB9D95C6?BC53EB9D95C DB1>C13D9?>C 45B9F1D9F5C 1>4 3ECD?=5B=1B79>C ">=1>I31C5C D85?=@1>I9C@5B=9DD54 D?C5<4EC5D85 C53EB9D95C D? 3?<<1D5B1<9J5 B5@EB381C5 17B55=5>DC C53EB9D95C 54 1>445B9F1D9F5C 1CG5<<1C6?B45<9F5BID?3?E>D5B@1BD95C D?3?F5BC8?BD@?C9D9?>C85<42ID85?=@1>I1>42I3ECD?=5BC 9>371669<91D5C ## **\$/-?<3>3/=\$/1/.09<#/1?6+>97 ?B71>9J1D9?>C ?B C57B571D54 E>45B 6545B1<1>4 ?D85B B57E<1D9?>C ?B B5AE9B5=5>DC1B5 C?EB354 6B?= B5F5BC5 B5@EB381C5 17B55=5>DC 1>4 9>1>391< 9>CDBE=5>DC ?G>54 9> D85 ?=@1>IOC 3?>C?<941D54 CD1D5=5>D ?6 69>1>391< 3?>49D9?> D 535=25B D85 1=?E>D ?6 C57B571D54 C53EB9D95C C?EB354 6B?= B5F5BC5 B5@EB381C5 17B55=5>DC 1>4 9>1>391<9>CDBE=5>DC?G>54G1C ## **?=>97/<+<138/8.381** ,85 ?=@1>I @B?F945C =1B79> <5>49>7 1BB1>75=5>DC G8938 1<371669<91D5C D?2?BB?G1719>CDD85F17C53EB9D95C \*5359F12<5C6B?=D85C51BB1>75=5>DC1B5 9>3 \*5359F12<5C ECD?=5BC 9> D85 ?=@1>IOC 3?>C?<941D54 CD1D5=5>D ?6 69>1>391< 3?>49D9?> ->45B D85C5 1BB1>75=5>DC D85 ?=@1>I B5359F5C 3?<<1D5B1< 9>37 - + ,B51CEBI 1>4 175>3I C53EB9D95C ?D85B C?F5B597> 7?F5B>=5>D ?2<971D9?>C 3?B@?B1D5 1>4 ?D85B 452D 1>4 3?B@?B1D5 5AE9D95C %1B79> C 1B5 3?<<1D5B1<9J54 2I 3ECD?=5B?G>54 C53EB9D95C 85<4 2ID85?=@1>I ,85?=@1>I=?>9D?BC B5AE9B54=1B79> <5F54 5CD12<9C854 3B549D D5B=C 4194 @EBCE1>D D? CE38 7E945<9>5C B5AE9B5C3ECD?=5BCD?45@?C9D1449D9?>1<3?<<1D5B1< ?B B54E35@?C9D9?>C G85>>535CC1BI %1B79>C1B55HD5>454?>145=1>421C9C1>475>5B1<?D 3?==9DD54 6139<9D95C 13D?BC 3?>C945B54 9> D85 B5F95G ?6 =1B79>C 1B5D85 1=?E>D ?6D85 D859>D5>454 @EB@?C5 D85 457B55 ?6 <5F5B175 259>7 5=@ D85 133?E>D 1>4 D85 1=?E>D ?6 3?<<1D5B1< 1C G5<< 1C 1> ?F5B1<< 5F1 ?6 D85 @?BD6?<9? D? 5>CEB5 @B?@5B 49F5BC96931D9?> ?B 9> D85 31C5 ?6 3?>35>DB1D54 @?C9D9?>C 1@@B?@B91D5 <9AE949DI ?6 D85 E>45B7 3?<<1D5B1D91<85479>7CDB1D5795CD?B54E35B9C; ->45B7 3?<<1D5B1< 6?B=1B79>C9C B5F95G54G9D8 B5C@53D D?D85<9AE949DI?6D85@B?@?C543?<<1D5B1<@?C9D9?>C F1?6 C53EB9D95C 89CD?B93 DB149>7 B1>75 F?<1D9<9DI 1>14 1> 5F1 ?6 9>4ECDBI 3?>35>DB1D9?>C ?B D85C5 DB1>C13D9?>C 1485B5>35 D? D85 ?=@1>IOC 3?<<1D5B1< @?<9395C C97>96931>DD855F5>D?613ECD?=5B4561EI =1I B5AE5CD 1449D9?>1< =1B79> 3?<<1D5B1< 6B?= 3ECD?=5BC 96 1@@B?@B91D5 1>4 96 >535CC1BI =1I C5<< C53EB9D95C D81D 81F5 >?D 255> @194 6?B ?B @EB381C5 C53EB9D95C C?<4 2ED >?D 45<9F5B54 6B?= 3ECD?=5BC D 535=25B D85 21<1>35 B5<1D54D?3ECD?=5BB5359F12<5CB5@B5C5>D9>7=1B79>C>5D?6 B5<1D543ECD?=5B31C81>4C8?BDC1<5@B?3554CG1C ## **9<<9A381=+8. >2/<\$/-?/
>/-/7,/< | | | |---------------------------------------|---------------------------|------|--| | | | | | | !<3138+67+>?<3>3/=9098/C/+<9<6/== | | | | | \$2EA :<;A5@ |
| | | | !<3138+67+>?<3>3/=1/<>2+898/C/+< | | | | | | | | | | | | | | | | | | | | | | I | | | &9>+6 |
| | | | &9>+6,9<<9A381= |
| | | | ,2645A21.C2?.420 | | | ,2645A21.C2?.42@A.A21:.AB?6AF6;F2.?@ | | | | | | | | | ,2645A21 .C2?.42 :.AB?6AF 6;09B12@ /7CG9D8?B979>1<=1DEB9D95C?6?>5I51B?B<5CC3?>C9CD?6 E>C53EB542?BB?G9>7C6B?=D85(1B5>DD81D=1DEB59><5CCD81> =?>D8C ?BB?G9>7CG9D8?B979>1<=1DEB9D95C7B51D5BD81>?>5I51B3?>C9CD ?6E>C53EB542?BB?G9>7C6B?=D85(1B5>D1>43?>DB13DCG89381B5 >?D 3<1CC96954 1C ', 45B9F1D9F5C 2531EC5 D85I 619< >5D 9>F5CD=5>D 3B9D5B91 ->C53EB54 2?BB?G9>7C 6B?= D85 (1B5>D 1B5 31<<12<5 G9D8 =1DEB9D95C ?6 =?>D8C ?B =?B5 6B?= G85> 9D 9C 31<<54 ,859>D5B5CD B1D5C 6?BE>C53EB542?BB?G9>7C 6B?=D85(1B5>D1B5 5CD12<9C854 2I D85 DB51CEBI 6E>3D9?> ?6 D85 9B= ,85C5 B1D5C B56<53D D85 B1D5 ?6 9>D5B5CD D81D D85 9B= 9>3EBC 9> 6E>49>7 9DC 2EC9>5CCD85M9B=@B?HIB1D5N {19}------------------------------------------------ #### Other Secured Financings | | At December 31, 2022 | | | | |------------------------------------------------|----------------------|------------------|---------------|--| | | Fixed
Rate | Variable
Rate | Total | | | Original maturities: | | | | | | One year or less | ക | ಕ್ಕೆ
500 | \$ 500 | | | Greater than one year | | | | | | 2023 | | 2,641 | 2,641 | | | 2024 | | 22 | 22 | | | 2025 | | 92 | 92 | | | Thereafter | 7 | | 7 | | | Total | ತಿ
7 | \$ 2,755 | \$2,762 | | | Total Other Secured Financing | ಳಿ
1 | \$ 3,255 | \$3,262 | | | Weighted average coupon rate at
period-end- | 6.59 % | | 4.86 % 4.89 % | | 1. Variable rate other secured financings bear interest based on a variety of indices. Amounts include borrowings linked to equity indices. 2. Includes only Other secured financings with original maturities greater than one year. Weighted average coupon is calculated utilizing U.S. dollar interest rates and excludes secured financings that are linked to non-interest indices and for which the fair value option was elected. Other secured financings primarily include liabilities related to secured funding trades that are not repurchase or securities lending transactions. These liabilities are generally payable from the cash flows of the related assets accounted for as Financial instruments owned. See Note 11 for further information on other secured financings related to VIEs and securitization activities. ## 9. Subordinated Liabilities On January 24, 2022 the Company fully settled \$8,000 owed under its Cash Subordination Agreement with the Parent and simultaneously entered into a \$13,000 Cash Subordination Agreement with the Parent, all of which was drawn. On December 8, 2022, the Company terminated existing agreement and fully settled \$6,000 owed under its Subordinated Revolving Credit agreement with the Parent and simultaneously entered into a \$11,000 Subordinated Revolving Credit agreement with the Parent, of which \$6,000 was drawn. The interest rates for the agreements are in line with the Firm proxy rate, with the Subordinated Revolving Credit Agreement subject to a cap. The maturity dates, interest rates and book value of the subordinated notes at December 31, 2022 are as follows: | Subordinated Notes | Maturity Date | Interest
Rate | Book
Value | |--------------------------------------------|------------------|------------------|---------------| | Cash Subordination
Agreement | January 24, 2032 | 5.75 % \$ - | 13.000 | | Subordinated Revolving
Credit Agreement | December 8, 2032 | 5.75 % | 6.000 | | Total | | \$ | 19,000 | ## 10. Commitments, Leases, Guarantees and Contingencies #### Commitments | | Years to Maturity at December 31, 2022 | | | | | | |--------------------------------------------------------|----------------------------------------|--|-----------------|---|--------|-----------| | | Less
than 1 | | 1 - 3 - 3 - 5 - | | Over 5 | Total | | Forward-starting | | | | | | | | secured financing | | | | | | | | receivables1 | \$22,442 \$ | | ക | ക | | \$ 22,442 | | Central Counterparty | | | | | 2.990 | 2.990 | | Underwriting | 350 | | | | | 350 | | Letters of credit and
other financial
guarantees | 1 | | | | | 1 | | Total | \$22,793 \$ - \$ - \$ 2,990 \$ 25,783 | | | | | | | | | | | | | | 1. Forward-starting secured financing receivables are generally settled within three business days. Since commitments associated with these instruments may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements. #### Types of Commitments Forward-Starting Secured Financing Receivables. This amount includes reverse repurchase agreements that the Company has entered into prior to the date of the consolidated statement of financial condition that will settle after December 31, 2022. These transactions are primarily secured by collateral from U.S. government agency securities and other sovereign government obligations when they are funded. Central Counterparty. These commitments relate to the Company's membership in certain clearinghouses and are contingent upon the default of a clearinghouse member or other stress events. Underwriting Commitments. The Company provides underwriting commitments in connection with its capital raising sources to a diverse group of corporate and other institutional clients. Letters of Credit. The Company has outstanding letters of credit issued by third-party banks to certain of the Company's counterparties. #### Leases The Company's leases are principally non-cancelable operating real estate leases. {20}------------------------------------------------ #### Statement of Financial Condition Amounts Related to Leases | | | At December 31, 2022 | | | |-----------------------------------------|------|----------------------|--|--| | Other assets-ROU assets | ಕ್ಕಿ | 77 | | | | Other liabilities and accrued expenses- | | | | | | Lease liabilities | | 92 | | | | Weighted-average for operating leases: | | | | | | Remaining lease term, in years | | 4.8 | | | | Discount rate | | 4.7 % | | | | | | | | | #### Leases Liabilities | | At December 31, 2022 | | | |--------------------------------------------|----------------------|------|--| | 2023 | S | 20 | | | 2024 | | 22 | | | 2025 | | 22 | | | 2026 | | 16 | | | Thereafter | | 24 | | | Total undiscounted cash flows | | 104 | | | Imputed interest | | (12) | | | Amount on statement of financial condition | ಕ್ಕಾ | 92 | | Occupancy lease agreements, in addition to base rentals, generally provide for rent and operating expense escalations resulting from increased assessments for real estate taxes and other charges. #### Guarantees #### Maximum Potential Payout/Notional of Obligations under Guarantee Arrangements | | Years to Maturity at December 31, 2022 | | | | | | | | | |-------------------------------|----------------------------------------|--|--|--|--|---------------------------------------------------|--|--|--| | Non-credit
derivatives 1,2 | | | | | | \$142,903 \$ 40,966 \$ 23,537 \$ 4,583 \$(11,972) | | | | | Client clearing
guarantees | 40 | | | | | | | | | Non-credit derivatives primarily consists of equity contracts. 1 2. The carrying amounts of derivative contracts that meet the accounting definition of a quarantee are shown on a gross basis. For further information on derivative contracts, see Note 5. #### Types of Guarantees Derivative Contracts. Certain derivative contracts meet the accounting definition of a guarantee, including certain written options, contingent forward contracts and CDS (see Note 5 regarding credit derivatives in which the Company has sold credit protection to the counterparty which are excluded from the previous table). Non-credit derivative contracts that meet this accounting definition of a guarantee are included in the previous table, with the notional amount used as the maximum potential payout for certain derivative contracts. The Company evaluates collateral requirements for all derivatives, including derivatives that do not meet the accounting definition of a guarantee. For the effects of cash collateral and counterparty netting, see Note 5. In certain situations, collateral may be held by the Company for those contracts that could meet the definition of a guarantee. Generally, the Company sets collateral requirements by counterparty so that the collateral covers various transactions and products and is not allocated specifically to individual contracts. Also, the Company may recover amounts related to the underlying asset delivered to the Company under the derivative contract. Client Clearing Guarantees. The Company is a sponsoring member of the Government Securities Division of FICC's Sponsored Clearing Model. Clients of the Company, as sponsored members, can transact in overnight and term securities repurchase and reverse repurchase agreements, which are cleared through the FICC. As sponsoring member, the Company guarantees to the FICC the prompt and full payment and performance of its clients' obligations. The Company could be responsible for liquidation of a sponsored member's account and guarantees any resulting loss to the FICC in the event the sponsored member fails to fully pay any net liquidation amount due from the sponsored member to the FICC. Accordingly, the Company's maximum potential payout amount as of December 31, 2022 reflects the total of the estimated net liquidation amounts for sponsored member accounts. The Company minimizes credit exposure under this guarantee by obtaining a security interest in its sponsored member clients' collateral and their contractual rights under sponsored member transactions. Therefore, the Company's exposure is estimated to be an amount substantially lower than the maximum potential payout amount. The collateral amount in which the Company has a security interest is approximately equal to the maximum potential payout amount of the guarantee. #### Other Guarantees Exchange/Clearinghouse Member Guarantees. The Company is a member of various exchanges and clearinghouses that trade and clear securities and/or derivative contracts. Associated with its membership, the Company may be required to pay a certain amount as determined by the exchange or the clearinghouse in case of a default of any of its members or pay a proportionate share of the financial obligations of another member that may default on its obligations to the exchange or the clearinghouse. While the rules governing different exchange or clearinghouse memberships and the forms of these guarantees may vary, in general the Company's obligations under these rules would arise only if the exchange or clearinghouse had previously exhausted its resources In addition, some clearinghouse rules require members to assume a proportionate share of losses resulting from the clearinghouse's investment of guarantee fund contributions and initial margin, and of other losses unrelated to the default of a clearing member, {21}------------------------------------------------ 96 CE3878?EC5 ,85 =1H9=E= @?D5>D91< @1I?ED E>45B D85C5 BE<5C 31>>?D 25 5CD9=1D54 ,85 ?=@1>I 81C >?D B53?B454 1>I 3?>D9>75>D <9129<9DI 9> 9DC 3?>C?<941D54 CD1D5=5>D ?6 69>1>391< 3?>49D9?>6?B D85C517B55=5>DC1>4 25<95F5CD81D1>I @?D5>D91< B5AE9B5=5>DD? =1;5@1I=5>DCE>45BD85C517B55=5>DC9CB5=?D5 *,#\$+,(2(\$1* ,85 ?=@1>I @B?F945C 9>45=>9D95C D? DG? 1669<91D5C %+&1>4%+(& B5<1D54D?C5BF935CD81D35BD19> 5=@4 F5>4?BC ?6 D85 ?=@1>I @B?F945 6?B 2EC9>5CC 13D9F9D95C 3?>4E3D54 2ID85C5 1669<91D5C %+& 1>4%+(& 81F5 D85 B978D D? C55; 9>45=>96931D9?> 6B?= D85 ?=@1>I 6?B 7 ?ED ?6 D85 @B?F9C9?> ?6 CE38 C5BF935C 2I D85 ?=@1>I 9DC 5=@4?BC 9>37 6?B 1>I ?@5B1D9?>1< 5BB?B 619<54 @B?35CC =1>175=5>D 9>6?B=1D9?> D538>?3D9?>C <9=9D1D9?>C 6B1E4 ?B F9?<1D9?>C ?6 <571< ?B B57E<1D?BI B5AE9B5=5>DC ,85 =1H9=E=@?D5>D91<1=?E>D?66EDEB5@1I=5>DD81DD85?=@1>I 3?E<4 25 B5AE9B54 D? =1;5 E>45B D85C5 9>45=>9D95C 31>>?D 25 5CD9=1D54 ,85 ?=@1>I 81C >?D B53?B454 1>I 3?>D9>75>D <9129<9DI 9> 9DC 3?>C?<941D54 CD1D5=5>D ?6 69>1>391< 3?>49D9?>6?B D85C59>45=>9D95C ## **98>381/8-3/=** #### *\$& \** ">1449D9?>D?D85=1DD5BC45C3B925425D85>?B=1<3?EBC5 ?62EC9>5CC D85?=@1>I81C255>>1=54 6B?=D9=5D?D9=5 1C 14565>41>D9>F1B9?EC<571<13D9?>C 9>371B29DB1D9?>C 3<1CC 13D9?>C 1>4 ?D85B <9D971D9?> 1B9C9>7 9> 3?>>53D9?> G9D8 9DC 13D9F9D95C1C169>1>391CD9DED9?> 5BD19>?6D8513DE1< ?B D8B51D5>54 <571< 13D9?>C 9>3D91< 3?=@5>C1D?BI 1>4 ?B @E>9D9F5 41=175C ?B 3<19=C 6?B 9>45D5B=9>1D5 1=?E>DC ?6 41=175C "> C?=5 31C5C D85 5>D9D95C D81DG?E<4?D85BG9C525D85@B9=1BI4565>41>DC9>CE3831C5C1B5 21>;BE@D?B1B59>69>1>391<49CDB5CC ,85 ?=@1>I 9C 1F? ?D85B B5F95GC 9>F5CD971D9?>C 1>4 @B?35549>7C 2?D8 6?B=1< 1>4 9>6?B=1< 2I 7?F5B>=5>D1< 1>4 C5<6B57E<1D?BI 175>395C B571B49>7D85?=@1>IOC 2EC9>5CC 1>49>F?7 1=?>7 ?D85B =1DD5BC C1<5C DB149>7 69>1>39>7 @B9=5 2B?;5B175 =1B;5D =1;9>7 13D9F9D95C 9>F5CD=5>D 21>;9>7 14F9C?BI C5BF935C 31@9D1< =1B;5D 13D9F9D95C 69>1>391< @B?4E3DC ?B ?665B9>7C C@?>C?B54 E>45BGB9DD5> ?B C?<4 2I D85 ?=@1>I G514 9>F5CD=5>D =1>175=5>D C5BF935C 1>4 133?E>D9>7 1>4 ?@5B1D9?>1< =1DD5BC 35BD19> ?6 G8938 =1I B5CE 14F5BC5 :E47=5>DC C5DD<5=5>DC 69>5C @5>1:E>3D9?>C <9=9D1D9?>C?>?EB129<9DID?3?>4E3D 35BD19>2EC9>5CC ?B?D85BB5<956 /89<5 D85 ?=@1>I 81C 945>D96954 25I 9>49F94E1< @B?35549>7C ?B 9>F5CD971D9?>C G85B5 D85 ?=@1>I 25<95F5C 1 =1D5B91<124B51C?>1225>?1CCEB1>35D81D1449D9?>1<=1D5B91<?D 259>3EBB546B?=3<19=CD81D81F5>?DI5D255>1CC5BD54?BD8?C5 G85B5 @?D5>D91< ?D I5D 255> 45D5B=9>54 D? 25 @B?212<5?B@?CC92<51>4B51C?>12I3?>D5CDC<9129<9DI1>4 ?BD851=?E>D?641=175C1C 1@@B?@B91D59>5138@5>49>7=1DD5B /85B51F19<12<59>6?B=1D9?> 9>4931D5C D81D 9D 9C @B?212<5 1 <9129<9DI 814 255> 9>3EBB54 1DD85 41D5 ?6 D85 3?>C?<941D54 69>1>391< 3?>49D9?> 1>4 D85 ?=@1>I 31> B51C?>12D ?6 D81D I 133BE5CD855CD9=1D543?=5 ">=1>I@B?35549>7C1>49>F5CD971D9?>C 8?G5F5B 9D9C9>85B5>D5 G85D85B 1>I @?CC92<5 ?BD?5CD9=1D5D851=?E>D?61>I1449D9?> 5F5> G85B55H@?CEB5D?5H35CC?6 D85 <9129<9DI 19J54 D9>75>3I 9D 9C >?D 11275?67C1>49>F5CD971D9?>CG85B5D85613DE1< B53?B4 9C 259>7 45F5D5CD54 ?B G85B5 @<19>D966C ?B 7?F5B>=5>D 5>D9D95C C55; CE2CD1>D91< ?B 9>45D5B=9>1D5 41=175C B5CD9DED9?> 49C7?B75=5>D ?B @5>1554D?25 B5C?1<75?6 175?625B51C?>127 ?B 9>F5CD971D9?> 9>37 D8B?E78 @?D5>D91<7D8I 49C3?F5BI 1>4 45D5B=9>1D9?> ?6 9=@?BD1>D 613DE1< =1DD5BC 45D5B=9>1D9?>?69CCE5CB5<1D54D?3<1CC35BD96931D9?>1>4 D85 31<3E<1D9?> ?6 41=175C ?B ?D85B B5<956 1>4 3?>C945B1D9?> ?6 >?F5C5DD<54<571CB5<5F1>DD?D85@B?35549>7C?B 9>F5CD971D9?>C9>AE5CD9?> ?B 35BD19> ?D85B <571< @B?35549>7C 1>4 9>F5CD971D9?>C D85 ?=@1>I 31> 5CD9=1D5 B51C?>121< 75C ?6 75C ?6 1449D9?>1< 5H35CC ?6 1=?E>DC 133BE54 2ED 4?5C >?D 25<95F5 21C54 ?> 3EBB5>D ;>?G<54751>416D5B3?>CEG9D83?E>C5< D81D CE38 D85 3?>C?<941D54 CD1D5=5>D ?6 69>1>391< 3?>49D9?> ?6 D85 ?=@1>I 1C 1 G8?<5 ?D85BD81>D85=1DD5BCB565BB54D?9>D856?<7@1B17B1@8C ,85 ?=@1>I 81C 255> B5C@?>49>7 D? CE2@?5>1C 1>4 ?D85B B5AE5CDC 6?B 9>6?B=1D9?> 6B?= D85 >6?B35=5>D 9F9C9?> ?6 D85 - + +53EB9D95C1>4H381>75?==9CC9?>1>4D85->9D54+D1D5C DD?B>5IC '66935 6?B D85 +?ED85B> 9CDB93D ?6 &5G 0?B; 9> 3?>>53D9?> G9D8 D859B 9>F5CD971D9?>C 9>D? F1B9?EC 1C@53DC ?6 D85 ?=@1>IC 25CC 35BD19> B5<1D54 C1<5C 1>4 DB149>7 @B13D935C 1>4 1@@<9312<5 3?>DB?F5CD971D9?>C- ,85 ">F5CD971D9?>C 1B5 6?3EC54 ?> G85D85B D85 ?=@1>I 1>4 ?B 9DC 5=@4 ?B EC549>6?B=1D9?> B571B49>79=@5>49>7 2C13D9?>C 9> F9?<1D9?> ?6 6545B1< C53EB9D95C <1GC 1>4 B57E<1D9?>C ,85 ?=@1>I9C 3?>D9>E9>7D? 3??@5B1D5 G9D8D85 ">F5CD971D9?>C 1>49C B5C@?>49>7D?D85 B5AE5CDC ,85 ?=@1>I 1D91< 39F9< <9129<9DI 1B9C9>7 6B?= 3<19=C D81D 81F5 255> ?B =1I 25 1CC5BD54 2I 1=?>7 ?D85BC 2C13D9?> @1BD939@1>DC G8? 3?>D5>4 D85I G5B5 81B=54 ?B 49C14F1>D1754 9>37 1=?>7?D85BD89>7C 1C1B5CE5 1<<5754I 1>4 ?B 9DC 5=@IOC1>4 ?B9DC5=@4B57E<1D9?>C ">1449D9?> D85?=@1>I81CB5C@?>454D?45=1>4C6B?=C81B58?<45BCE>45B +53D9?>?6D855<1G1B5 5>5B1\$1G6?B2??;C 1>4B53?B4C3?>35B>9>7D85">F5CD971D9?>C '> E7ECD \*5<1D?BC \*?75B !1I5C 1>4 ,1<2?D !5@@5>CD1<< #B 69<541AE9D1=13D9?>9>&5G#5BC5ICD1D53?EBD CDI<54 *2 2\$ -% \$5 \$01\$7 \$6 0\$\* 7\$1 4 ,) -% +\$0(" -0.\$2 \**,853?=@<19>D 69<54E>45BC51<@EBCE1>DD?D85&5G #5BC5I 1I 1>4 C5F5B1< ?D85BE>45BGB9D5BC?6=E>939@1<2?>4C814456B1E454&5G#5BC5I 9CCE5BC2I=9CB5@B5C5>D9>7D81DD85IG?E<413895F5D8525CD@B935 ?B 3?>>53D9?> G9D8 35BD19> =E>939@1< 2?>49CCE1>35C '>%1B38 D853?EBD5>D5B541> ?B45B E>C51<9>7D853?=@<19>D '>&?F5=25B \*5<1D?BC 69<54 1>1=5>4543?=@<19>DD?1<<575D85?=@1>I=9C@B935435BD19> 2?>4C 9CCE54 9> DG5>DID8B55 2?>4 ?665B9>7C 25DG55> 1>4 81F9>71D?D1<@1B1=?E>D?6 ,853?=@<19>DC55;C 1=?>7 ?D85B B5<956 DB52<5 41=175C '> 52BE1BI D85 ?=@1>I=?F54D?49C=9CCD851=5>4543?=@<19>D 1>4?>#E954D85?=@1>IOC =?D9?> '> '3D?25B 6?<7 1 C5B95C ?6 F?D1BI 1>4 9>F?D1BI 49C=9CC1 2?>4C9CCE54 9> 69F5 ?665B9>7C D85 ?=@1>I E>45BGB?D5 25DG55> 1>4 81F9>71D?D1<@1B1=?E>D?6 '> %1I D85 @<19>D966 9> *,2\$0, 2(-, \* (, (/3(# 2(-, \$2 \* 4 -0& , 2 ,\*\$7 \$2 \** 69<54 1 3?=@<19>D 1719>CDD85?=@1>I1>435BD19>1669<91D5C9>D85+E@B5=5?EBD ?6 D85 +D1D5 ?6 &5G 0?B; M+E@B5=5 ?EBD ?6 &0N ,85 3?=@<19>D 1<<575C D81D 4565>41>DC =145 =1D5B91< =9CB5@B5C5>D1D9?>C 1>4 ?=9CC9?>C 9> D85 C1<5 D? @<19>D966 ?6 35BD19> =?BD7175 @1CCD8B?E78 35BD96931D5C 213;54 2I C53EB9D9J1D9?> DBECDC 3?>D19>9>7 B5C945>D91< =?BD7175 C ,85 D?D1< 1=?E>D ?6 35BD96931D5C 1<<5754C?B54 E>45BGB9DD5> 1>4 ?BC?<42ID85?=@1>ID?@<19>D966G1C1@@B?H9=1D5D1<<575C31EC5C?613D9?>1719>CDD85?=@1>I6?B 3?==?><1G 6B1E4 6B1E4E<5>D3?>351<=5>D 1949>71>4125DD9>7 6B1E4 1>4 >57<975>D =9CB5@B5C5>D1D9?> 1>4 C55;C 1=?>7 ?D85B D89>7C 3?=@5>C1D?BI 1>4 @E>9D9F5 41=175C '> '3D?25B D853?EBD7B1>D549>@1BD1>445>9549>@1BDD85?=@1>IOC =?D9?> D? 49C=9CC << 3<19=C B571B49>7 6?EB 35BD96931D5C G5B5 49C=9CC54 6D5B D85C5 49C=9CC19>7 1=?E>D ?6 35BD96931D5C1<<5754I?BC?<4D?@<19>D966 2ID85?=@1>IG1C1@@B?H9=1D5E7ECD D85 @@5<<1D5 9F9C9?> 9BCD 5@1BD=5>D 1669B=54 D85 DB91< 3?EBDOC ?B45B 45>I9>79> @1BDD85?=@1>IOC=?D9?>D? 49C=9CC D853?=@<19>D '>#EI69<541=?D9?>6?B CE==1BI:E47=5>D D 535=25B D85 3EBB5>D E>@194 21<1>35 ?6 D85 B5=19>9>7 =?BD7175 @1CCD8B?E78 35BD96931D5C 1D 9CCE59>D89C 13D9?> G1C 1@@B?H9=1D54D85 35BD96931D5C 8149>3EBB54 13DE1< 3EBB5>D6?B=1D9?> D85?=@1>I 25<95F5C9D 3?E<49>3EB 1D89C 13D9?> E@ D? D85 49665B5>35 25DG55> D85 E>@194 21<1>35 ?6 D85C535BD96931D5C@I3EBB541>4D859B619B=1B;5D F1D 1719>CDD85 ?=@1>I ?B E@?> C1<5 @4 @?CD:E47=5>D 9>D5B5CD 655C 1>4 3?CDC ,85 ?=@1>I =1I 25 5>D9D<54 D? 25 9>45=>96954 6?B C?=5 ?6 D85C5 4D?1>?66C5D6?B9>D5B5CDB5359F542ID85@<19>D966@B9?B D?1:E47=5>D ">E7ECD?6 D85?=@1>IG1C>1=541C14565>41>D9>1 @EB@?BD541>D9DBECD3<1CC13D9?>9>D85->9D54+D1D5C9CDB93D?EBD 6?B D85 +?ED85B> 9CDB93D ?6 &5G 0?B; CDI<54 *-5 3!\*(" +.\*-7\$\$18 \$2(0\$+\$,2 712\$+ \$2 \* 4 ,) -% +\$0(" -0.-0 2(-,\$2 \**(<19>D966C1<<575 9>D5B1<91 D81DD85?=@1>I D?75D85BG9D81>E=25B?6?D85B69>1>391<9>CD9DED9?>4565>41>DC F9?<1D54 - + 1>D9DBECD <1GC 1>4 &5G 0?B; CD1D5 <1G 9> 3?>>53D9?>G9D8D859B1<<5754566?BDCD?@B5F5>DD8545F5D ?6 5<53DB?>93 5H381>7521C54 @<1D6?B=C 6?B C53EB9D95C <5>49>7 ,85 3<1CC 13D9?> 3?=@<19>D G1C 69<54 ?> 2581<6 ?6 1 @EB@?BD54 3<1CC ?6 2?BB?G5BC 1>4 <5>45BC G8? 5>D5B54 9>D? CD?3; DB1>C13D9?>C G9D8 D85 4565>41>DC ,85 3<1CC 13D9?> 3?=@<19>D C55;C 1=?>7 ?D85B B5<956 35BD96931D9?> ?6D85 3<1CC ?6 @<19>D966C 1>4DB52<541=175C '>+5@D5=25B D853?EBD45>954D85 4565>41>DCO =?D9?> D? 49C=9CC D85 3<1CC 13D9?> 3?=@<19>D (<19>D966CO =?D9?> 6?B 3<1CC 35BD96931D9?> G1C B565BB54 2I D85 9CDB93D ?EBD D? 1 =179CDB1D5 :E475 G8? ?> #E>5 9CCE54 1 B5@?BD 1>4 B53?==5>41D9?> D81D D85 9CDB93D ?EBD 35BD96I13<1CC ,85=?D9?>6?B3<1CC35BD96931D9?>1>4D85@1BD95CO ?2:53D9?>CD?D85B5@?BD1>4B53?==5>41D9?>1B5@5>49>7256?B5 D859CDB93D?EBD '>E7ECD D85@<19>D9669>1=5DB9F5>E>4 1+5B95C?6B1>;E>4C,BECDF %?B71>+D1><5I? \$\$ 5D 1< 69<54 9> D85 +E@B5=5 ?EBD ?6 &0 1 @EB@?BD54 3<1CC 13D9?> 3?=@<19>D 1<<579>7 F9?<1D9?>C ?6 D85 6545B1< C53EB9D95C <1GC 1719>CD .913?=+ M.913?=N 35BD19> ?6 9DC ?66935BC 1>4 49B53D?BC 1>4D85 E>45BGB9D5BC 9>37D85?=@1>I ?6DG? %1B38 .913?= ?665B9>7C 1 .913?= <1CC ?==?>+D?3;?665B9>71>41 ?665B9>7?6 +5B95C %1>41D?BI ?>F5BD92<5 (B565BB54 +D?3; 3?<<53D9F57CN ,85 3?=@<19>D 1<<575C 9>D5B 1<91 D81DD85.913?= ?665B9>7 4?3E=5>DC 6?B 2?D8 9CCE1>35C 3?>D19>54 =1D5B91< ?=9CC9?>C 2531EC5 D85I 494 >?D 49C3 ?6 D85 E>45BGB9D5BC 9>37 D85 ?=@1>I 814 @B9=5 2B?;5B175 B5<1D9?>C89@C 1>4 C5BF54 1C 3?E>D5B@1BD95C D? 35BD19> 45B9F1D9F5 DB1>C13D9?>C G9D8 B3857?C 1@9D1< %1>175=5>D \$( MB3857?CN 1 6E>4 G9D8 C97>96931>D 5H@?CEB5 D? .913?= C53EB9D95C 13B?CC =ED G8938 C55;C 1=?>7 ?D85B D89>7C E>C@5396954 3?=@5>C1D?BI 41=175C 1<<575CD81DD85 ?665B9>7 4?3E=5>DC 494 >?D 145AE1D535>DB1D54 .913?= @?C9D9?>C1DD85F1B9?EC@B9=52B?;5BC 9>37D81DD85E>G9>4 ?6D8?C5 @?C9D9?>C 3?E<4 81F5 1 45<5D5B9?EC9=@13D ?>D85 CD?3; @B935 ?6 .913?= '> &?F5=25B D85 3?=@<19>D G1C 1=5>454D?1441<<571D9?>CD81D4565>41>DC619<54D?49C3 E>45BGB9D5BC 9>37 D85 ?=@1>I 814 9>D5>454 D? E>G9>4 B3857?COC .913?= @?C9D9?>C G89<5 C9=E5?EC7D85'665B9>7C '>52BE1BI D853?EBD9CCE54 14539C9?>45>I9>7D85=?D9?>CD?49C=9CC1CD?D85?=@1>I1>4 D85 ?D85B E>45BGB9D5BC 2ED 7B1>D54 D85 =?D9?> D? 49C=9CC 1C D? .913?=1>4D85.913?=9>49F94E1<4565>41>DC '>52BE1BI {23}------------------------------------------------ D85E>45BGB9D5BC 9>37D859B= 69<54D859B&?D935C?6 @@5191CD?49C=9CC #### **'+<3+,6/ 8>/ 8>3>3/= +8. \$/-?<3>3D+>398 ->3@3>3/=** #### **@/<@3/A** ,85 ?=@1>I 9C 9>F? D85 >?B=1< 3?EBC5?62EC9>5CC ">=?CD31C5C D85C55>D9D95C1B5455=54D?25 ."C ,85 ?=@1>IOC F1B912<5 9>D5B5CDC 9> ."C 9>34 5AE9DI 9>D5B5CDC ,85 ?=@1>IOC 9>F?D G9D8 ."C 1B9C5C @B9=1B9D5B5CDC @EB381C54 9> 3?>>53D9?> G9D8 =1B;5D =1;9>7 13D9F9D95C 1>4 B5D19>54 9>D5B5CDC 85<4 1C 1 B5CE13D9F9D95C 9>37B5C53EB9D9J1D9?>DB1>C13D9?>C ,85 ?=@1>I 45D5B=9>5C G85D85B9D9CD85 @B9=1BI 25>569391BI ?61."E@?>9DC9>9D91<9>F?DG9D8D85."1>4B51CC5CC5C G85D85B9D9CD85@B9=1BI25>569391BI?>1>?>7?9>721C9C1C7 1C 9D 81C 1>I 3?>D9>E9>7 9>F?D G9D8 D85 ." ,89C 45D5B=9>1D9?>9C21C54E@?>1>1>1?6D85." 9>37D85 ."OC CDBE3DEB5 1>4 13D9F9D95C D85 @?G5BD?=1;5 C97>96931>D 53?>?=93 4539C9?>C 85<4 2I D85 ?=@1>I 1>4 2I ?D85B @1BD95C 1>4D85 F1B912<59>D5B5CDC ?G>54 2ID85?=@1>I 1>4?D85B@1BD95C ,85@?G5BD?=1;5D85=?CDC97>96931>D53?>?=934539C9?>C=1I D1;51>E=25B?649665B5>D6?B=C9>49665B5>DDI@5C?6."C ,85 ?=@1>I3?>C945BCC5BF939>7?B3?<<1D5B1<=1>175=5>D4539C9?>C 1CB5@B5C5>D9>7D85@?G5BD?=1;5D85=?CDC97>96931>D53?>?=93 4539C9?>C9>DB1>C13D9?>C CE38 1C C53EB9D9J1D9?>C ?B'C C 1 B5CEI 4?5C >?D 3?>C?<941D5 C53EB9D9J1D9?>C ?B 'C 6?B G8938 9D 4?5C >?D 13D 1C D85 C5BF935B ?B 3?<<1D5B1< =1>175B E><5CC 9D 8?<4C 35BD19> ?D85B B978DC D? B5@<135 D85 C5BF935B?B3?<<1D5B1<=1>175B?BD?B5AE9B5D85<9AE941D9?>?6D85 5>D9DI "6D85?=@1>I C5BF5C1C C5BF935B ?B3?<<1D5B1<=1>175B ?B81C35BD19>?D85BB978DC45C3B92549>D85@B5F9?ECC5>D5>35 D85 ?=@1>I 1>1D5B5CDC 9> D85 ." D81D 9D 8?<4C 1>4 3?>C?<941D5C ?>D91<96931>D9>D5B5CD9>D85." ?B =1>I DB1>C13D9?>C CE38 1C B5C53EB9D9J1D9?> DB1>C13D9?>C D85B51B5>?C97>96931>D53?>?=934539C9?>C=145?>1>?>7?9>7 21C9C "> D85C5 31C5C D85 ?=@1>I 6?3EC5C 9DC 1>1 4539C9?>C=145@B9?BD?D859>9D91<37?6D85DB1>C13D9?>1>4 1DD85D5B=9>1D9?>?6D85DB1>C13D9?> ,85?=@1>I3?>3 =?CD?6D85C5DB1>C13D9?>CD81D4539C9?>C=145@B9?BD?D859>9D91< 37 G5B5 C81B54 25DG55> D85 ?=@1>I 1>4 D85 9>9D91< 9>F5CD?BC21C54E@?>D85>1DEB5?6D851CC5DC 9>37G85D85B D85 1CC5DC G5B5 9CCE54 9> 1 DB1>C13D9?> C@?>C?B54 2I D85 ?=@1>I 1>4 D85 5HD5>D ?6 D85 9>6?B=1D9?> 1F19<12<5 D? D85 ?=@1>I1>4D?9>F5CD?BC D85>E=25B >1DEB51>49>F?D ?69>F5CD?BC ?D85BB978DC85<42ID85?=@1>I1>49>F5CD?BC D85 CD1>41B49J1D9?> ?6 D85 <571< 4?3E=5>D1D9?> 1>4 D85 <5F5< ?6 3?>D9>E9>79>F?D 2ID85?=@1>I 9>37D85 1=?E>D 1>4 DI@5 ?6 9>D5B5CDC ?G>54 2I D85 ?=@1>I 1>4 2I ?D85B 9>F5CD?BC ,85?=@1>I6?3EC549DC3?>DB?<4539C9?>?>1>IB978D 85<4 2ID85?=@1>I ?B9>F5CD?BC B5<1D54D?D85D5B=9>1D9?> ?6 D85 ." %?CD B5C53EB9D9J1D9?> DB1>C13D9?>C 81F5 >? CE38 D5B=9>1D9?>B978DC D535=25B D85?=@1>I8149>3?>C?<941D54." 1CC5DC ?>C?<941D54 1=?E>DC 9>3C13D9?>C 213;54 2I 3?==5B391< =?BD7175 C ,85 F154 21C54?>D85 619BF14D859>D5B5CDC?G>54 2ID85?=@1>I9>CE38."C1CD85619BF149>D5B5CDC?G>541B5=?B5?2C5BF12<5 5>5B1<54 2I 3?>C?<941D54 ."C 31>>?D 25 B5=?F54E>9<1D5B1<I1>41B5>?D1F19<12<5D?D85 ?=@1>I G89<5 D85 B5<1D54 <9129<9D95C 9CCE54 2I 3?>C?<941D54 ."C1B5>?>B53?EBC5D?D85?=@1>I ,85?=@1>I133?E>DC 6?BD851CC5DC85<42ID855>D9D95C9>9>1>391<9>CDBE=5>DC?G>54 1>4D85<9129<9D95C ?6D85 5>D9D95C 1C 'D85B C53EB54 69>1>39>7C9> D853?>C?<941D54CD1D5=5>D?669>1>391<3?>49D9?> ">75>5B1< D85?=@1>IOC5H@?CEB5D?3?>C?<941D54."C 9C<9=9D54D?D85.">5D1CC5DC B53?7>9J54 9> 9DC 3?>C?<941D54 CD1D5=5>D ?6 69>1>391< 3?>49D9?> >5D?61=?E>DC12C?B2542ID89B4@1BDIF1B912<59>D5B5CD8?<45BC #### **98-98=963.+>/.'=** | | >/-/7,/< | | | | | |----------------------------------------|----------|--|--|---|--| | >/-/7,/< | #( | | | % | | | +.@@2A@*& |
| | | | | | +B37?7/B:9=?969== | | | | | | | 2/A6;A2?2@A@ |
| | | | | | +<969==E
==/>= | | | | | | | 2/A6;A2?2@A@ |
| | | | | ,85?=@1>I?G>C1449D9?>1<."1CC5DC?6 B5@B5C5>D9>7 D8531BBI9>7F1?>3?>C?<941D54."C6?B G8938 D85 =1H9=E= 5H@?CEB5 D? C@539693 D8B5C8?<4C @B9=1B9D5B5CDC9CCE542IC53EB9D9J1D9?>+(C ,85 ?=@1>IOC=1H9=E=5H@?CEB5D?5B1<54 ,85C51CC5DC1B5@B9=1B93 9>1>391<9>CDBE=5>DC?G>541>41B5=51CEB541D619BF1I 4?5C >?D @B?F945 1449D9?>1< CE@@?BD 9> D85C5 DB1>C13D9?>C D8B?E78 3?>DB13DE1< 6139<9D95C 7E1B1>D55C ?B C9=9<1B45B9F1D9F5C ,85 =1:?B9DI ?6 D85 ."C 9>3 D85 @B5F9?EC D12<5 1B5 C@?>C?B54 2I E>B5<1D54 @1BD95C 5H1=@<5C ?6 D85 ?=@1>IOC 9>F?D G9D8 D85C5 ."C 9>3 1>4 =1B;5D=1;9>713D9F9D95C ,85?=@1>IOC=1H9=E=5H@?CEB5D?D85@B5F9?ECD12<5 4?5C >?D 9>37 25>569D ?6 85475C ?B 1>I B54E3D9?>C 1CC?391D54G9D8D85 1=?E>D ?6 3?<<1D5B1< 85<4 1C @1BD {24}------------------------------------------------ ?6 1 DB1>C13D9?> G9D8 D85 ." ?B 1>I @1BDI D? D85 ." 49B53DCD1C@5396935H@?CEB5D?5B1<?>B53?EBC5 D? D85 ?=@1>I #### **/>+36909<>1+1/+8.==/>+-5/.%/-?<3>3D+>398==/>=** | | >/-/7,/< | | | | | |----------------------|----------|----|-------------------------|--|--| | | | *& | 2/A.;1>B6AF
;A2?2@A@ | | | | '2@612;A6.9: | | | | | | <::2?06.9:+6 |
| |
| | |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| | >/-/7,/< | | | | | | | | | |---------------------------------------|----------|------------|------------|---|------------|---|--|--|--| | | * | (
42;0F | \$<; 42;0F | | \$<; 42;0F | | | | | | | | #% | #( | | '#( | | | | | | (&.@@2A@*& |
| | | | | | | | | | \$/>+38/.38>/= | | | | | | | | | | | ;C2@A:2;A4?.12 |
| | | |
| I | | | | | \$<; 6;C2@A:2;A4?.12 | | | | | | I | | | | | &9>+6 |
| | | |
| I | | | | | 8>/=:?<-2+=/.38>2/=/-98.+ | | | | | | | | | | | ;C2@A:2;A4?.12 |
| | | I | | I | | | | | \$<; 6;C2@A:2;A4?.12 | | I | | | | I | | | | | &9>+6 |
| | | |
| I | | | | :/-/7,/< | | | | | | |---------------------------------------|-------------------|-------|------|-------|--|-------| | | | "2C29 | | "2C29 | | )+38/.38>/= | | | | | | | | ;C2@A:2;A4?.12 |
| | | I | | | | \$<; 6;C2@A:2;A4?.12 | | | | | | | | &9>+6 |
| | | | | | | 8>/=:?<-2+=/.38>2/=/-98.+ | | | | | | | | ;C2@A:2;A4?.12 |
| |
| | | | | \$<; 6;C2@A:2;A4?.12 | | | | I | | | | &9>+6 |
| | | | | | ,85@B5F9?ECD12<5C9>3C13D9?>CG9D8+(C9>G8938D85 ?=@1>I 13D9>7 1C @B9>39@1< DB1>C65BB54 69>1>391< 1CC5DC G9D8 3?>D9>E9>7 9>F?D 1>4 B5359F54 C1<5C DB51D=5>D ,B1>C65BB541CC5DC1B531BB9541D619BF1 ,85?=@1>I=1I13D1CE>45BGB9D5B?6D8525>569391<9>D5B5CDC 9CCE542ID85C5C53EB9D9J1D9?>F5893<5C ,85?=@1>I=1IB5D19> 9>D5B5CDC 9> D85 C53EB9D9J54 69>1>391< 1CC5DC 1C ?>5 ?B =?B5 DB1>385C ?6 D85 C53EB9D9J1D9?> ,85C5 B5D19>54 9>D5B5CDC 1B5 75>5B1< D85 ?=@1>IOC 3?>C?<941D54 CD1D5=5>D?6 69>1>391<3?>49D9?> 19BF1D5B5CDC9C =51CEB54EC9>7D538>9AE5CD81D1B53?>C9CD5>DG9D8D85F1 D538>9AE5C1@@<954D?D85?=@1>IOC=1:?B31D57?B95C ?61CC5DC 1>4 <9129<9D95C 1C 45C3B9254 9> &?D5C 1>4 EBD85B 1C @5B=9DD54 2I 1@@<9312<5 7E941>35 35BD19> DB1>C65BC ?6 1CC5DC G85B5D859B=OC?>D9>E9>79>F?D9C145B9F1D9F51B5 ?> D85 6?<7 CC5DC +?<4 G9D8 \*5D19>54 H@?CEB5D12<5 #### **"<9-//.=0<97 /A%/-?<3>3D+>398&<+8=+->398=** | \$2DA?.;@.0A6<;@ |

| |-------------------|----------| | '2A.6;216;A2?2@A@ |
| {25}------------------------------------------------ #### **==/>=%96.)3>2\$/>+38/.B:9=?/-/7,/< | | |----------------------------------------------------------------------|----------|--| | ?<@@0.@5=?<0221@3?<:@.92<3.@@2A@ |
| | | +3<(+6?/ | | | | @@2A@(<91 | | | | 2?6C.A6C2.@@2A@?20<4;6G216;A52@A.A2:2;A
<336;.;06.90<;16A6<; | | | | 2?6C.A6C296./696A62@?20<4;6G216;A52
@A.A2:2;A<336;.;06.90<;16A6<; | | |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{26}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{27}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{28}------------------------------------------------ - + 7?F5B>=5>D 6545B1< 175>395C ?B ?D85B C?F5B597> 7?F5B>=5>DC ## **?=>97/<->3@3>3/=** ,85 ?=@1>IOC 3ECD?=5B 13D9F9D95C 9>F? C5DD<5=5>D 1>4 69>1>39>7 ?6 F1B9?EC C53EB9D95C DB1>C13D9?>C ?> 2581<6 ?6 3ECD?=5BC 9>37 1669<91D5C ECD?=5B C53EB9D95C 13D9F9D95C1B5DB1>C13D54?>59D85B131C8?B=1B79>21C9C ,85?=@1>IOC3ECD?=5B13D9F9D95C=1I5H@?C59DD??6621<1>35 C855D 3B549D B9C; ,85 ?=@1>I =1I 81F5 D? @EB381C5 ?B C5<< 69>1>391<9>CDBE=5>DC1D@B5F19<9>7=1B;5D@B935C9>D855F5>D?6 D856199DC?B979>1D855F5>D31C81>4C53EB9D95C9>3ECD?=5B=1B79>133?E>DC1B5 >?DCE669395>DD?6E<IC55;C D? 3?>DB?< D85 B9C;C 1CC?391D54 G9D8 3ECD?=5B 13D9F9D95C 2I B5AE9B9>73ECD?=5BCD?=19>D19>=1B79>3?<<1D5B1<9>3?=@<91>35 G9D8F1B9?ECB57E<1D9?>C1>4?=@1>I@?<9395C ## **98.98 8>/<,+85 00// +8. >2/< 8>/ #+>/ /8-27+<5=** 5>DB1< 21>;C 1B?E>4D85G?B<4 9>37D85 545B1<\*5C5BF5 81F5 C@?>C?B54 3?==9DD55C 1>4 G?B;9>7 7B?E@C ?6 =1B;5D @1BD939@1>DC1>4?669391D1D9F5CD?B5@<135\$"'\* 1>4 B5@<135 ?B B56?B= ?D85B 9>D5B5CD B1D5 25>38=1B;C 3?<<53D9F5C9D9?> 1G1I 6B?= EC5 ?6 D85 "'\*C D? 11D9F5 B1D5C 1>4 ?D85B @?D5>D91< 9>D5B5CD B1D5 25>38=1B; B56?B=C 9C 1 =E9D91D9F5 D81D G9<< 3?>D9>E5 ?F5BD853?EBC5?6D85>5HD65GI51BC ,85@E2<931D9?>?6=?CD>?>- + 4?<<1B\$"'\* B1D5C351C541C ?6D855>4 ?6535=25B /89<5G5 81F5=145 CE2CD1>D91< @B?7B5CC9>D85DB1>C9D9?>1G1I6B?=D85"'\*C G5>?>5D85<5CC 3EBB5>D @1BDI D? 1 C97>96931>D >E=25B ?6 - + 4?<<1B \$"'\*<9>;54 3?>DB13DC ?BD85<9=9D54 >E=25B ?6 - + 4?<<1B \$"'\* <9>;54 3?>DB13DC G9D8?ED 1 3EBB5>D =1B;5D CD1>41B4 61<<213; ?BD? G8938D85 6545B1<<579C<1D9?> 4?5C >?D 1@@71@@B?@B91D5DB1>C9D9?>@<1>C9><978D?6D85 @<1>>54 #E>5 35CC1D9?> 41D5 6?B D85 B5=19>9>7 - + 4?<<1B\$"'\*D5>?BC ,85 "'\* DB1>C9D9?> @<1> 9C ?F5BC55> 2I 1 77 3?==9DD55 ?6D85 9B= G9D8 C5>9?B=1>175=5>D ?F5BC978D ,85 ?=@1>I 3?>D9>E5C D? 5H53ED5 1719>CD D85 9B=G945 "'\* DB1>C9D9?>@<1>D?3?=@<5D5D85DB1>C9D9?>D?11D9F5B565B5>35 B1D5C #### **7:69C//\$>9-5+=/.97:/8=+>398!6+8=** 5BD19> 3EBB5>D 1>4 6?B=5B 5=@I 1>4 1669<91D5C @1BD939@1D5 9> D85 -DOC CD?3;21C54 3?=@5>C1D9?> @<1>C ,85C5 @<1>C 9>34 (+-C D85 45D1954 25C1D9?> 5H@5>C5 9C B53?7>9J54 ?F5B D85 F5CD9>7 @5B9?4 B5<5F1>D D? 5138 C5@1B1D57@?BD9?>?6D851G1B4 #### **#/=><3->/.\$>9-5&83>=** \*+-C 1B5 CE2:53D D? F5CD9>7 ?F5B D9=5 75>5B1<5 D? D8B55 I51BC 6B?= D85 41D5 ?6 1G1B4 3?>D9>75>D E@?> 3?>D9>E54 5=@D 1>4 CE2:53D D? B5CDB93D9?>C ?> C1<5 DB1>C65B ?B 1CC97>=5>DE>D9<3?>F5BC9?>D?3?==?>CD?3; <?6 1> 1G1B4 =1I 25 6?B659D54 96 5=@D 9C D5B=9>1D54 256?B5 D85 5>4 ?6 D85 B5<5F1>D F5CD9>7 @5B9?4 ?B 31>35<54 16D5B D85 B5<5F1>DF5CD9>7@5B9?49>35BD19>C9DE1D9?>C \*539@95>DC?6\*+-C =1I 81F5 F?D9>7 B978DC 1DD85-DOC 49C3B5D9?> 1>4 75>5B1<4 5AE9F1<5>DC 96 D85 1G1B4C F5CD ,85 -D45D5B=9>5CD85 619BF1D85 7B1>D41D5 619B F1 CD?3; =51CEB54 1D ./( ?>D8541D5?67B1>D 5BD19>1G1B4C@B?F945D85-D 49C3B5D9?> D? 3<1G 213; ?B 31>35< 1<< ?B 1 @?BD9?> ?6 D85 1G1B4 E>45BC@539695439B3E=CD1>35C #### **!/<09<7+8-/+=/.\$>9-5&83>=** (+-CG9<43?>F5BDD?C81B5C?63?==?>CD?3;?>54 @5B6?B=1>35 1>4 =1B;5D21C54 3?>49D9?>C?F5B1D8B55I51B@5B6?B=1>35@5B9?4 ,85>E=25B?6 (+-CD81DG9<75C6B?=D??6D85D1B75D1G1B4 21C54 ?> D85 5HD5>D D? G8938 D85 9B= 13895F5C D85 C@5396954 @5B6?B=1>357?17 B5CDB93D9?> 6?B659DEB51>4 31>35<<1D9?> @B?F9C9?>C D81D 1B5 75>5B1<5C D85 619B F1?> =1B;5D@5B6?B=1>353?>49D9?>C21C54?>D857B1>D41D5619BF1 CD?3; =51CEB54 1D./( ?>D85 41D5 ?6 7B1>D (+-C D81D 3?>D19> =1B;5D21C54 3?>49D9?>C 1B5 F17 1 %?>D51B=?45< #### **7:69C///8/03>!6+8=** 5BD19>3EBB5>D1>46?B=5B- + 5=@I1>4 1669<91D5C @1BD939@1D5 9> F1B9?EC @5>C9?> 1>4 @?CD B5D9B5=5>D 25>569D@<1>CC@?>C?B542ID85(1B5>D ,856E>4541>4E>6E>454 CD1DEC ?6 D85C5 @<1>C 1B5 B53?B454 9> 'D85B 1CC5DC 1>4 'D85B <9129<9D95C 1>4 133BE54 5H@5>C5C B5C@53D9F5 9> D853?>C?<941D54CD1D5=5>D?669>1>391<3?>49D9?> ## **!/8=398+8. >2/3!6+8=** 5BD19>3EBB5>D1>46?B=5B- + 5=@I1>4 1669<91D5C G8? G5B5 89B54 256?B5 #E?>3?>DB92ED?BI 4569>54 25>569D @5>C9?> @<1> D81D 9C AE1<96954 E>45B +53D9?> 1 ?6 D85 ">D5B>1< \*5F5>E5 ?45 D85 M)E1<96954 (<1>N ,85)E1<96954 (<1> 81C 351C54 6EDEB5 25>569D 133BE16E>454 CE@@<5=5>D1BI @<1>C M+E@@<5=5>D1< (<1>CN 3?F5B 35BD19> 5H53ED9F5C \$9129<9D95C 6?B 25>569DC @1I12<5 E>45B D85 +E@@<5=5>D1<(<1>C1B5133BE542ID85?=@1>I1>41B56E>454 G85> @194 ,85 %?B71> +D1><5I +\*( 1 >?>3?>DB92ED?BI 4569>5425>569D@<1>D81D9C>?DAE1<96954E>45B+53D9?>1?6 D85">D5B>1<\*5F5>E5?45 81C351C546EDEB525>569D133BE1C9?> @<1>C 75>5B1<C9?> 25>569DC D81D 1B5 21C54 ?> 5138 5=@4 ?> 3?=@5>C1D9?><5F5D85@<1>C > E>6E>454 @?CDB5D9B5=5>D 25>569D @<1> @B?F945C 8514 <965 9>CEB1>35 6?B 5<9792<5 - + B5D9B55C 1>4 851CEB1>356?BD859B5<9792<545@5>45>DC ,85 133?E>D9>7 6?B @5>C9?> 1>4 @?CDB5D9B5=5>D @<1>C 9>F? 1CCE=@D9?>C 1>4 5CD9=1D5C 9>37 1> 5H@53D54 7 D5B= B1D5?6 B5DEB> 6?BD85)E1<96954(<1>G89389C5CD9=1D542I 3?=@ED9>7 1 G5978D54 1F5B175 ?6 D85 E>45B7 7D5B= 5H@53D54 B5DEB>C 21C54 ?> D85 9>F5CD=5>D =1>175BCO D1B75D 1<C #### **)/312>/.@/<+1/==?7:>398=** | | "/8=398
"6+8= | !>2/<
"9=>3
"6+8 | |----------------------------------------------|------------------|---------------------------------| | 6@0 |
| | E=20A219<;4 A2?:?.A2<3?2AB?;<;=9.;
.@@2A@ |
| \$ | | | | | \$ \$ ,631+>398+8.?8./.\$>+>?=** #### **\$966092//8/03>!,631+>398+8.+3<(+6?/90"6+8 ==/>=** | | "/8=398
"6+8= | !>2/<"9=>
\$/>3
"6+8 | |------------------------------------------|------------------|----------------------------------| | \$96609/.,/8/03>9,631+>398 | | | | 2;236A |
| | ;A2?2@A0<@A |
| | | 0AB.?6.94.6; |
| | | 2;236A@=.61 |
| | | %A52? |
| I | | 2;236A |
| #### **\$96609=** | .6?C.9B2<3=9.;.@@2A@.A202:/2? |
| I | |--------------------------------------------------------------------|--------------|---| | 0AB.9?2AB?;<;=9.;.@@2A@ |
| I | | :=9 | | | 2;236A@=.61 |
| | | +3<@+6?/90:6+8+==/>=+>/-/7,/< |
| E | | '80?8./.=>+>?=+>/-/7,/< |


| | | 79?8>=2/-98=963.+>/.=>+>/7/8>90038+8-3+6
-98.3>398 | | | | "6./696A62@ |
| | | />+79?8>

| | | | | | &?6:.?69F?23920A@A526:=.0A<3F2.? C 81F5 ?2<971D9?>C 9> 5H35CC ?6 D85 619B F1 1CC5DC #### **)/312>/.@/<+1/==?7:>398='=/.>9/>/<738//8/03> !,631+>398** | | "/8=398
"6+8= | !>2/<"9=>3
"6+8 | |-------------|------------------|-----------------------------| | 6@0 |
|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| /+6>2-+>/+==?7/.09<8/B>C/+< | | |--------------------------------------------------------------------|------| | #2160.9 |
| | &?2@0?6=A6<; |
| | '.A2A12096;2B9A6:.A2A?2;1?.A2 |
| | -2.?A5.AA52?.A2?2.052@A52B9A6:.A2A?2;1?.A2 | | | | |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{30}------------------------------------------------ ?==9>7<54 DBECD 6E>4C 1B5 @B9F1D54C D81D 1B5 B57E<1D54 CE@5BF9C54 1>4 CE2:53DD? @5B9?493 5H1=9>1D9?> 2I 1 - + 6545B13I1>41F19<12<5D?9>CD9DED9?>1<3<95>DC ,85 DBECD =ECD 25 =19>D19>54 6?B D85 3?<<53D9F5 9>F5CD=5>D ?B B59>F5CD=5>D ?6 1CC5DC 3?>DB92ED54 D? 9D 6B?= - + D1H AE1<96954 5=@569D @<1>C=19>D19>54 2I=?B5D81> ?>5 5=@DB?<<54 7B?E@ ?6 3?B@?B1D9?>C ,85 C@?>C?B ?6 D85 3?==9>7<54DBECD6E>4CF14C21C54?>D85619BF145B7 C53EB9D95C ?==9>7<54 DBECD 6E>4C 1B5 B5455=12<5 1D &. 1D D85 =51CEB5=5>D 41D5 ?B 9> D85 >51B 6EDEB5 ,85?=@1>I75>5B1<C945BCD85&.?63?==9>7<54DBECD 6E>4C @B?F9454 2ID85 6E>4 =1>175BD? 25D85 25CD 5CD9=1D5 ?6 619BF1=** | | /@/6 | /@/6 | | /@/6 | | &9>+6 | | |------------------------------------------------|-------|------|---|------|---|-------|--| | ==/>= | | | | | | | | | *
(
)?2.@B?F.;1.42;0F | | | | | | | | | 6A6 *
(
)?2.@B?F@20B?6A62@ |
| | I | | I | | | | *
(
.42;0F@20B?6A62@ |
I | | | | I | | | | )(
)?2.@B?F.;1.42;0F
@20B?6A62@ |
| | | | I | | | | | | | | | | | | | 2?6C.A6C20<;A?.0A@ |
I | | | | I | | | | %A52??2026C./92@ |
I | | | | I | | | | &9>+6 |
| | | | I | | | | ==/>=/+=? ( | | | | | | | | | <::6;4921A?B@A3B;1@ | | | | | | | | | #<;2F:.?82A | | | | | | | | | 3+,363>3/= | | | | | | | | | %A52?=.F./92@ |
I | | | | | | | | &9>+663+,363>3/= |
I | | | | | | | | +3<@+6?/90:6+8+==/>= | | | | | | | | %A52??2026C./92@.;1/.98><3,?>398=** ,85?=@1>IOC@?<93I9CD?6E>41D<51CDD851=?E>DCE669395>DD? =55D=9>9=E=6E>49>7B5AE9B5=5>DCE>45B1@@<9312<55=@569D 1>4 D1H <1GC D 535=25B D85 ?=@1>I 5H@53D54 D? 3?>DB92ED5 1@@B?H9=1D5C9?> 1>4 @?CDB5D9B5=5>D @<1>C 9> 21C54 E@?> D85 @<1>CO 3EBB5>D 6E>454CD1DEC1>45H@53D541CC5DB5DEB>1CCE=@D9?>C6?B #### **B:/->/.?>?"+C7/8>=** | | "/8=398"6+8= | | !>2/<"9=>3"6+8 | |----------|--------------|--|-------------------------| |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | |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| | >/-/7,/< | | | |----------------------------------------------------------|----------|--|--| | :=9 | | | | 99?2026C./92@ | | | | | %A52? | | | | | &9>+6./0/<+B+==/>= |
| | | | 232??21A.E.@@2A@C.9B.A6<;.99./0/<+B+==/>=+0>/<@+6?+>398+669A+8-/ | | | | 565BB54 9>3?=5 D1H5C B56<53D D85 >5D D1H 56653DC ?6 D5=@?B1BI 49665B5>35C 25DG55> D85 69>1>391< B5@?BD9>7 1>4 D1H 21C5C ?6 1CC5DC 1>4 <9129<9D95C 1>4 1B5 =51CEB54 EC9>7 D85 1@@<9312<5 5>13D54 D1H B1D5C 1>4 <1GC D81D G9<< 25 9> 56653D G85> CE38 49665B5>35C1B55H@53D54D?B5F5BC5 ,85?=@1>IOC>5D4565BB54 D1H 1CC5DC 1B5 9>3 'D85B 1CC5DC G9D89> D85 3?>C?<941D54 CD1D5=5>D?669>1>391<3?>49D9?> ,85 ?=@1>I 25<95F5C D85 B53?7>9J54 >5D 4565BB54 D1H 1CC5DC 16D5B F1 1<35 ?6 1D 535=25B 9C {31}------------------------------------------------ =?B5<9;5 >?DD? 25 B51<9J54 21C54 ?> 5H@53D1D9?>C 1CD? 6EDEB5D1H12<59>3?=59>D85:EB9C493D9?>C9>G89389D?@5B1D5C ,85 51B>9>7C ?6 35BD19> 6?B597> 9>F5CD=5>DC 1B5 9>4569>9D5F5CD54 4E5 D? B57E<1D?BI 1>4 ?D85B 31@9D1< B5AE9B5=5>DC 9> 6?B597> :EB9C493D9?>C C ?6 535=25B D85 E>B53?7>9J54 4565BB54 D1H <9129<9DI 1DDB92ED12<5 D? 9>4569>9D5F5CD5451B>9>7C9C ,85?=@1>I9C CE2:53DD?D859>3?=51>49>49B53DD1H<1GC ?6 D85- + 9DCCD1D5C1>4=E>939@1<9D95C9>G8938D85?=@1>I81C C97>96931>D2EC9>5CC?@5B1D9?>C ,85C5D1H<1GC1B53?=@<5H1>4 CE2:53D D? 9>D5B@B5D1D9?>C 2I D85 D1H@1I5B 1>4 D85 B5<5F1>D 7?F5B>=5>D1< D1H9>7 1ED8?B9D95C ,85 ?=@1>I =ECD =1;5 :E47=5>DC 1>4 9>D5B@B5D1D9?>C 12?ED D85 1@@<931D9?> ?6 D85C5 9>85B5>D45D5B=9>9>7D85@B?F9C9?>6?B 9>3?=5 D1H5C 1>4 D85 5H@5>C5 6?B 9>49B53D D1H5C 1>4 =ECD 1 35BD19>9D5=C 16653DD1H12<59>3?=5 9>D85F1B9?ECD1H:EB9C493D9?>C 9C@ED5C?F5B9>D5B@B5D1D9?>C?6D85D1H<1GC=1I25C5DD<54G9D8 D85 D1H9>7 1ED8?B9DI E@?> 5H1=9>1D9?> ?B 1E49D ,85 ?=@1>I @5B9?4931<DC 9> 5138 D1H9>7:EB9C493D9?> B5CE7 6B?= 3EBB5>D 1>4 CE2C5AE5>D I51BCO 5H1=9>1D9?>C 1>4E>B53?7>9J54D1H25>569DC B5<1D54D?@?D5>D91< 133?B41>35 G9D8 D85 B5<5F1>D 133?E>D9>7 7E941>35 '>35 5CD12<9C854 E>B53?7>9J54D1H25>569DC1B514:ECD54G85>D85B59C =?B59>6?B=1D9?>1F19<12<5?BG85>1>5F5>D?33EBC B5AE9B9>71 381>75 #### **\$96609=** | .9.;02.A202:/2? |

| |------------------------------------------------------|----------| | ;0?2.@2@/.@21<;A.E=<@6A6<;@?29.A21A | | ;0?2.@2@/.@21<;A.E=<@6A6<;@?29.A21A<=?6 | | +6+8-/+>/-/7,/< |

| | \$2AB;?20<4;6G21A.E/2;236A@ |

| '2=?2@2;A 2;16;4 B;?20<4;6G21 A.E /2;236A@ .17B@A21 31296931>D381>75C9>D8521<1>35?6 E>B53?7>9J54D1H25>569DC=1I?33EBG9D89>D85>5HD=?>D8C DD89CD9=5 8?G5F5B 9D9C >?D @?CC92<5D? B51C?>1275 D? D85 D?D1< 1=?E>D ?6 E>B53?7>9J54 D1H 25>569DC1>4D859=@13D?>D85?=@1>IOC56653D9F5D1HB1D5?F5B D85>5HD=?>D8C ">D5B5CD 1>4 @5>1B53?7>9J54 D1H 25>569DC 1B5 B53?7>9J54 1C 1 3?=@?>5>D ?6 D85 @B?F9C9?> 6?B 9>3?=5 D1H5C ,85B5 G5B5 >? 133BE54 @5>1B53?7>9J54 D1H 25>569DC #### **+<63/=> %+B \*/+< \$?,4/-> >9 B+738+>398 38 +49< %+B ?<3=.3->398=** | B?6@160A6<; | ).E-2.? | |---------------------|---------| | *;6A21(A.A2@ | | |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{32}------------------------------------------------ 9>1>391< 9>CDBE=5>DC ?G>54 9> D85 ?=@1>IOC 3?>C?<941D54 CD1D5=5>D?669>1>391<3?>49D9?> C 1 3<51B9>7 1>4 31BBI9>7 2B?;5B 451<5B %+? 9C 1D6?B(CE>45B+ \*E<5 3 C ?6535=25B %+? 85<4 9> AE1<96954 - + ?F5B>=5>D C53EB9D95C9> 1 C@5391< 21>; 133?E>D 6?B (C ,85C5 AE1<96954 C53EB9D95C 1B5 C?EB354 6B?= B5F5BC5 B5@EB381C5 17B55=5>DC 1>4 9>1>391< 9>CDBE=5>DC ?G>54 9> D85 ?=@1>IOC3?>C?<941D54CD1D5=5>D?669>1>391<3?>49D9?> C1B579CD5B546EDEB5C3?==9CC9?>=5B381>D %+? 9CCE2:53D D?D853ECD?=5BC57B571D9?>@B?F9C9?>CE>45B+53D9?>4 1>4,\*57E<1D9?> G8938B5AE9B5C%+? D?3?=@ED5 C5@1B1D53ECD?=5BC57B571D9?>1>4C53EB54B5AE9B5=5>DC6?B2?D8 4?=5CD93 1>4 6?B597> ?B979> G85B5 1CC5DC9> 31C8 1>4 C53EB9D95C 3?<<1D5B1< 1B5 C57B571D54 9>D? C5@1B1D5 133?E>DC 5H3569D ?6D8?C53ECD?=5BC C ?6535=25B D?D1< C57B571D541CC5DC?6 =55D9>7B5AE9B5=5>DCE>45B+53D9?> 4 3?>C9CDC ?6 9> 31C8 1>4 9> C53EB9D95C 449D9?>1<7 D85 B5AE9B5=5>DC E>45B \*57E<1D9?> 31<3E<1D9?> 3?>C9CDC ?6 9> 31C8 1>4 9> C53EB9D95C 1C8 9C B56<53D54 9> \*5CDB93D54 31C8 1>4 \*5359F12<5C 6B?= 2B?;5BC 451<5BC 1>4 3<51B9>7 ?B71>9J1D9?>C ?B 35BD19> 3ECD?=5BC 31C8 1=?E>DC 1B5 >?DB56<53D549>D853?>C?<941D54CD1D5=5>D?669>1>391<3?>49D9?> +53EB9D95C 1B5 C?EB354 6B?= 9>1>391<9>CDBE=5>DC ?G>549>D85 ?=@1>IOC 3?>C?<941D54 CD1D5=5>D ?6 69>1>391< 3?>49D9?> 1>4 6B?= C53EB9D95C ?G>54 2I 3ECD?=5BC G8938 1B5 >?D B56<53D549> D85?=@1>IOC3?>C?<941D54CD1D5=5>D?669>1>391<3?>49D9?> %+? 9C 1 @B?F9C9?>C E>45B +53D9?> 46 G8938 B5AE9B5C%+? D? 3?=@ED5 3ECD?=5B 3<51B54 CG1@ B5AE9B5=5>DC G85B5 31C8 1>4 C53EB9D95C 1CC5DC 1B5 C57B571D54 9>D? C5@1B1D5 133?E>DC 5H3569D ?6 D8?C5 3ECD?=5BC C ?6 535=25B D?D1< C57B571D54 1CC5DC ?6 =55D9>7 D85 B5AE9B5=5>DC E>45B +53D9?> 46 3?>C9CDC ?6 9> 31C8 1>4 9> C53EB9D95C 1C8 9C B56<53D54 9> \*5CDB93D54 31C8 ?B 35BD19> 3ECD?=5BC 31C8 1=?E>DC 1B5 >?D B56<53D54 9> D85 3?>C?<941D54 CD1D5=5>D ?6 69>1>391< 3?>49D9?> +53EB9D95C 1B5 C?EB354 6B?= 9>1>391< 9>CDBE=5>DC ?G>54 9> D85 ?=@1>IOC 3?>C?<941D54 CD1D5=5>D ?6 69>1>391< 3?>49D9?> 1>4 6B?= C53EB9D95C ?G>54 2I 3ECD?=5BC G8938 1B5 >?D B56<53D54 9> D85 ?=@1>IOC 3?>C?<941D54CD1D5=5>D?669>1>391<3?>49D9?> {33}------------------------------------------------ #### **69==++D1><5I+=9D81B>5I\$\$ | |-------|--------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------| | ' | ?<<1D5B1<9J54452D?2<971D9?>C | %++ | %?B71>+D1><5I+5>9?BE>49>7
">3 | | + | B549D4561E+D1><5I+5BF935C B?E@">3 | | | ?==?49DIH381>753D | ' | 'B71>9J1D9?>6?B3?>?=93??@5B1D9?>1>45F5D | | , | ?==?49DIEDEB5C,B149>7?==9CC9?> | '"+ | 'F5B>978D9>45H54CG1@ | | \$& | B549D<9>;54>?D5C | ', | 'F5BD853?E>D5B | | \$' | ?<<1D5B1<9J54?2<971D9?>C | ( | (B?@B95D1BI33?E>DC?6B?;5B51<5BC | | %+ | ?==5B391<=?BD7175213;54C53EB9D95C | (+ | (B9=551<5B+5BF935C?B@ | | %' | ?<<1D5B1<9J54%?BD7175'2<971D9?>C | (+- | (5B6?B=1>3521C54CD?3;E>9DC | | *% | B549D*9C;%1>175=5>D5@1BD=5>D | *%+ | *5C945>D91<=?BD7175213;54C53EB9D95C | | + | 9>1>391<33?E>D9>7+D1>41B4C?1B4 | *'- | *978D?6EC5 | | " | 9H54">3?=5<51B9>7?B@?B1D9?> | *+- | *5CDB93D54CD?3;E>9DC | | "' | 19B"C113?B@?B1D9?> | + | - + +53EB9D95C1>4H381>753D | | "&* | 9>1>391<">4ECDBI*57E<1D?BIED8?B9DI
">3 | + | - + +53EB9D95C1>4H381>75?==9CC9?> | | "*+ | ">D5B>1<*5F5>E5+5BF935 | +"( | +53EB9D95C">F5CD?B(B?D53D9?>?B@?B1D9?> | | \$"'* | \$?>4?>">D5B21>;'665B54*1D5 | +( | +@5391<@EB@?C55>D9D95C | | % | %5B75B
13AE9C9D9?>1>4B5CDBE3DEB9>7DB1>C13D9?> | +*( | +E@@<5=5>D1D1>4H35CC(<1> | | %+ | %?BD71751>4CC5D13;54+53EB9D95C | -( | ->@194@B9>39@1<21<1>35 | | %*% | %?45<*9C;%1>175=5>D45@1BD=5>D | - + | ->9D54+D1D5C?6=5B931
G89389>3?(E5BD?*93?
1>4D85- + D5BB9D?B95C1>4@?CC5CC9?>C | | %+? | %?B71>+D1><5I? \$\$ | - + ( | 33?E>D9>7@B9>39@<5C75>5B1<D85->9D54+D1D5C?6
=5B931 | | %+& | %?B71>+D1><5I1>;
& | .1* | .1+D1><5I?=5CD93!?<49>7C
">3 | ." | .1B912<59>D5B5CD5>D9DI | | %+(& | %?B71>+D1><5I(B9F1D51>;
&1D9?>1 | ./( | .?C?<941D54CD1D5=5>D?669>1>391<3?>49D9?>69<54@EBCE1>DD?\*E<51?6D85+53EB9D95CH381>753D?69C1F19<12<56?B 5H1=9>1D9?>1DD85&5G0?B;'66935?6D85+53EB9D95C1>4H381>75?==9CC9?>?B1D?EB@B9>39@1398\$/;?3=%/->398. 90>2/->** | />6/.1/<,+6+8-/ | | | |-----------------------------------------------------------------------|----------|---| | .@5 |
| | | (20B?6A62@.A:.?82A | | | | \$2AB;?2.96G21=?<36A6;<=2;3BAB?2@0<;A?.0A@A?.121<;.0<;A?.0A:.?82A | | | | E05.;42A?.121<=A6<;@ | | | | 11:.?82AC.9B2<3<=2;<=A6<;0<;A?.0A@=B?05.@21<;.0<;A?.0A:.?82A | | | | 21B0A:.?82AC.9B2<3<=2;<=A6<;0<;A?.0A@@<91<;.0<;A?.0A:.?82A | | | | />/;?3>C | | | | 00B61.A6;4A<.123606A.;1.00
| | | "2@@.: | | | 79?8>9,/=/1/. | | | | | | | | ?8.=38%/1/.--9?8>= | | | | 2=<@6A216;@24?24.A213B;1@/.;8.00B6A62@D6A5B61.A6;42>B6AF | | | | (24?24.A213B;1@<;5.;1 | | I | | &9>+6+79?8>38=/1398 | | | | B-/==0?8.=38=/1398 |
| | | #.;.42:2;A).?42A: | | | B-/==0?8.=38=/13989@/<+8+1/7/8>&+<1/>79?8>B-/== |
| | &?D5 ,85B5G5B5>?=1D5B91<49665B5>35C25DG55>D8512?F53?=@ED1D9?>1>4%+? OC3?BB5C@?>49>7E>1E49D54'-+ \*5@?BD69<54?>#1>E1BI {35}------------------------------------------------ #### **#\$%\*- & \$ % \$%%% \$&# &%\$&\$ \$!#% &%\$!&#\$&%% \$\$ #&% /-/7,/< 87366398=90.966+<=** #### **?8.=/:9=3>/.38%/:+<+>/\$/1?6+>398 --9?8>=** | +=238,+85= | | |-----------------------------------------------------------------|----------| | .;8@9<0.A216;A52*;6A21(A.A2@ |

| | %A52?/.;8@>B.963621B;12?'24B9.A6<;
|
| | | | | %/-?<3>3/= | | | ;@.32822=6;4D6A5/.;8@9<0.A216;A52*;6A21(A.A2@ |
| | ;@.32822=6;4D6A5B.963621B;12?'24B9.A6<;
|
| | | | | ;?3>3/=A3>2/?= | | | .@5 |
| | *;?2.96G214.6;<;<=2;3BAB?2@0<;A?.0A@ |
| | | | | 79?8>=2/6.,C7/7,/<=9009<+./ | | | .@5 |
| | (20B?6A62@ |
| | *;?2.96G214.6;<;<=2;3BAB?2@0<;A?.0A@ |
| | +.9B2<39<;4<=A6<;0<;A?.0A@ |
| | +.9B2<3@5 | | | | | &9>+60?8.=38=/:+<+>/=/->398
+--9?8>= |
| | :B6?21A.00 | | | | | B-/===/>=3./?8.=09<%/-? |

| | #.;.42:2;A).?42A:.00
| | | | | B-/==0?8.=38=/:+<+>/
+--9?8>=9@/<+8+1/7/8>&+<1/> |

| {36}------------------------------------------------ #### **#\$%\*- & \$ % \$%%% #\$(!\$&\$% #\$#% #"&#%\$&\$ #\$(!\$&\$% # &%\$&# % /-/7,/<** **87366398=90.966+<=** | 6/+97/<\$/;?3= | | | | | |----------------------------------------------------------------------------------------------|------|--|--|--| | \$2A92142?/.9.;02 | | | | | | .@5 |
| | | | | (20B?6A62@.A:.?82A | | | | | | \$2AB;?2.96G219<@@6;<=2;092.?21@D.=@ | | | | | | />/;?3>C
| | | | | | | | | | | | 00B61.A6;4A<.123606A.;1.009,/=/1/.09<-6/+97/<= | | | | | | | | | | | | ?8.=386/+97/<%/1/.--9?8>= | | | | | | 2=<@6A216;092.?21@D.=@0B@A<:2?@24?24.A21.00+6+79?8>38-6/+97/<=/1398 | | | | | | | | | | | | B-/==0?8.=38-6/+97/<=/1398 |
| | | | | | | | | | | #.;.42:2;A).?42A: | | | | | | | | | | | B-/==0?8.=38-6/+97/<=/1/.+--9?8>=9@/<+8+1/7/8> |
| | | | | &+<1/>B-/== | | | | | &amp;?D5 ,85B5G5B5>?=1D5B91<49665B5>35C25DG55>D8512?F53?=@ED1D9?>1>4%+? OC3?BB5C@?>49>7E>1E49D54'-+ \*5@?BD69<54?>#1>E1BI Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.