7KH +RQRUDEOH $YHUQ &RKQ 6HQLRU 8QLWHG 6WDWHV 'LVWULFW -XGJH IRUWKH (DVWHUQ 'LVWULFW RI 0LFKLJDQ VLWWLQJ E\ GHVLJQDWLRQ5(&200(1'(' )25 )8//7(;7 38%/,&$7,213XUVXDQW WR 6L[WK &LUFXLW 5XOH (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU)LOH 1DPH DS	

			



$55(77 (,1%(5*(5	

1,7('7$7(6 2)0(5,&$
	

 !"#$
%&#'	##()&(#!&*#+!#!#$	+#$!%)&(#!&*# $&#&%*&%%#&,,-.	%'!	*/0&#$)&(#!&*#1+'2!2+'31%+!455,,)*&''%'&'3*#6!5,, !377	%'8&!*++'2(9%'%&!)&(#!&*#1+'2$!&(#$!:!%(		
	

)	 ; &%*&%%#& $& ! !!##&%6!2!&%*&%%#&$&!(
5$!&(#$! : !%( 		
	 

) 	; &%*&%%#& $& !   !!## &%6!2!&%*&%%#&$&!(77	1'&<!'#$&%&% #$*+!#)1 = 55>? '&<!'  (!# *%*+!!&%2 &%&%8 1 = 5? '&<!'  (!# &%&%*%*+!!&%2&%!#%''&((%#&%2&%!#77	&!*+&# 1+'2 @#&#&%!%#!!## &%6!2!  '&(6!!' 04! *#&%2 ! ( ( '*&(&% #$'&(#!&*#*+!#'%4&%2$&("#&%#<*#$&((%#%*+%'!5>
	A55!#$ 0&%2!(%(0 &!"&%!#%'!<!(&%!#%>&%6!2!62%'&%220!/ !)!##:&(*$"%%9 $! '+2$#! 1% &(*$"%% 6&%9 %' #! )!##B( '#$ #$ )!## : &(*$"%% (##!" !& , #$!+2$ )*"6!  &%6!2!0&#$+# $&( *&%#(B /%0'2 %' *%(%# !+'+%#4'&<!#'<!C"&&% !"$&(*&%#(B +%'(#$&(0%!(%+(&%6!2!(<'' '!&%*"#D(%#$"%4$"6EE' !"$&(*&%#(%*#6!F&%6!2!0(&%'&*#'64 '!2!%'G+!4&%#$	+#$!%)&(#!&*# $&%#$&!#%*+%#&%'&*#"%#+%#(%'*$!2'&%6!2!0&#$"&!+' &% <&#&%   > 
	 A   +%#( 5 %' *$!2'&%6!2!0&#$0&! !+'&%<&#&% >
	A   +%#(  #$!+2$ > *$!2' &%6!2! 0&#$&%#!(###!%(!##&% "%4#/%64 !+'!&%#!(###!%(!##&% "%4&%D*+#&%  !+'&%<&#&%>
	A5+%#(#$!+2$*$!2'&%6!2!0&#$ #D <(&% &% <&#&%   5- 
	 A F5,  $MXGLFLDU\3H[HUFLVH XOWLPDWH UHVSRQVLELOLW\ IRU UHVROYLQJ WKHFDVH RUFRQWURYHUV\ ́6HH -RKQVRQ  )G DW  7KHUHIRUH WKH GLVWULFW FRXUWPD\ QRW GHOHJDWH WKH ILQDO DXWKRULW\ WR GHWHUPLQH WKH UHVWLWXWLRQ SD\PHQWVFKHGXOH DOWKRXJK WKH GLVWULFW FRXUW PD\ FRQVLVWHQW ZLWK $UWLFOH ,,,UHYLHZ DQG DSSURYH D SD\PHQW SODQ LQLWLDOO\FRQFHLYHG E\ D SUREDWLRQRIILFHU%#%*&%2  ' %'%# &(  *! G+'&*& *#  ( #$(##+#!4%2+2"/(*!'*&'&%20$#$!#&"(!(#&#+#&%%'#0$#!#&(!# #$(%#%*&%2!*((
>
	A--=?=?=?=(##&%2#$#0$%(%#%*&%2' %'%#*+!#"4!'!#$##$' %'%#"/ !(#&#+#&% # <&*#&"    %(?  7&<% #$# #$&"(&#&% !(#&#+#&%!'!&(%"%# (%#%*&%2 2!0&#$#$ +!#$&!*+&##$##$ &*6 (##+#("+(#6!'(*% !!&%2D*+(&<+#$!+%#$*+!#(0&#$!2!'##$&!0!#(##$"+%# !(#&#+#&%%'#$ 4"%# (*$'+   > ' # >,>  *+!( *+!#( "4 +( H%%G+'&*&  &*!( #

G+'&*& +%*#&%( (%2 ( G+'&*& &*! !#&%( %'D!*&((+#&"#!(%(&6&I#>,+##$4"4%#'2##$&! +#$!# (##$#&"&%2  !(#&#+#&%4"%#(#%%!#&*


%#(&#$+#!+%%&%2 +#$%(#&#+#&%$& 
 !*&# #$ #%#&4 '& &*+# #(/ #$# #$'&(#!&*# *+!# "4 * &% (##&%2  !(%6 !(#&#+#&%(*$'+ # (%#%*&%2 !#&*+!4 0$% ( 1+'2 $%%#(&%$&(*%*+!!&%2&%&%#$' %'%# *(%2#$4&%*!*!#&%!&'%'#$*+!#*%%#%#&*�$%#$' %'%#0&&/466#6#&%"4"%#((#62&%"/&%2!(#&#+#&%+%$&(!(
6&<#$##$%(#&#+#&%%'#$&%%2+2 #$&*6(##+#(0& %# '"&#   %4 #$! !!%2"%#  $! !!(*# +4'&((%# !"@!#


) #$"G!B(&%&%&%'&*#"%#2'#$#6#0%!&,%')*"6!&%6!2!"6EE'!D&"#4C,,,, !"$&( *&%#(  
% ''&#&%&%6!2! &' # 4 &%*"#D(##&%2CF,-5%#$"6EE' +%'(% 6!+!4 - > &%6!2! %#!' &%#  2!"%#&%6!2!''2+#+%#(-%'5 #$&%'&*#"%##$ &!(##0*+%#(*$!2&%2"& !+'%'&%#!(###!%(!##&% "%4&%D*+#&%  !+'%'#$#$&!'*$!2&%2#D<(&%!#&%2#&%6!2!B('! &%*" #D !#+!%  $ !"&%&%2 *+%#( 0!'&("&(('  $  2!"%# !<&''#$#&%6!2!0+'*!#0&#$#$2<!%"%#%'#$*+!#+!(+%##>
	AA--%'--&%#$!*<!4!#+!%%'!(#&#+#&%   %4 "%&( *J+&!' #$!+2$ &%6!2!B((*$"#' !+'@!2!$(>%' #$2!"%#(# !#$ #$ G&%# +%'!(#%'&%2   &%6!2! %' #$2<!%"%#!2!'&%2#$**+#&% &%6!2!B(## %(<+%'!#$
%&#'	##(	%#%*&%27+&'&%(# &%6!2!B( (%#%*&%2 % 1+% 5 >&%6!2!B( *+%( 6G*#' # #$ &*#&%   #$8%'#!4 K&*#&"( (#&#+#&% *# =8K? > 
	A -- 0$&*$ 0%# &%#  *# % !& 5 -  #!&%6!2!B(  %( 0( *"#'  $ '&(#!&*# *+!#<!!+'#$6G*#&%("#%#$6(&(#$##$*+!#0( 4&%2 #$ K&*#&" %' &#%(( @!#*#&% *#=K@?>
	A--0$&*$0(&% *#&%&%!'!&%2&%6!2!#4 +!(#&#+#&%##$<&*#&"(%'# #$ 
	  &%6!2!B( *+%( '&' %# 6G*# # #$ %(<**+#&%(*& &*4#$&((+ 2!+&%2#$ !+' %' #D *+%#( +!(+%# # #$  2!"%#&%6!2!B( ##  %( < 0( 5, %' $&( *!&"&%$&(#!4*#2!40(
!(+#&%2&%(%#%*&%2!%2 "%#$($'&(#!&*#*+!#(%#%*'&%6!2!#"%#$(   &"!&(%"%# 0' 64 #$! 4!( (+!<&('!(
%''&#&%#$*+!#!'!'&%6!2!#4CF,-5&%!(#&#+#&%##$
	((*&*%'&#&% (+!<&('!(%'#4C5>55##$ !+'<&*#&"(&""'((+"&%2#$#4"%#0+'%#6"'&""'#$'&(#!&*#*+!#!'!'#$#&%6!2!"/ !(#&#+#&% 4"%#( #$!+2$ #$ 
%"# &%%*&(%(&6& @!2!"   #$ +!+   @!&(%( %'#$! #! **!'&%2 # % &%(#"%# % '<' 64&%6!2!%'$&(!6#&% &*!&%6!2!B(*+%('&'%#6G*###$"+%# #$!(#&#+#&%4"%###$	%!'&'$6G*###$'&(#!&*#*+!#B(!'!!2!'&%2&%(#"%#!(#&#+#&%4"%#(&%6!2!B(*+%('&'%# &'&!*#!2!'&%2&%6!2!B( *%<&*#&% %' (%#%*  % 6!+!4 &%6!2! &'!(8#&%#K*#	#(&'!!!*#	%#%*+%'!5>
	A55&%6!2!B("#&%0(%#'&!*#'##$J+(#&% $&(2++##<!   (%#%*&%2 &((+(  $ '&(#!&*# *+!# '%&'&%6!2!B("#&%%*#6!5&%6!2! &'#&"4%#&* %)*"6!-&% !"+!&(% 1%+!45,,,#$'&(#!&*#*+!#&((+'*!#& &*# 6&*!#& 4&%2 +!&((+( !#!<&0$&( *+!# !<&0( '%&(   #&#&%( +%'! 5> 
	A55'%<0$&D"&%&%2#$'&(#!&*#*+!#B( *#+&%'&%2( !*!!!!5',F,=-#$&!?$%!<&0&%2#$'&(#!&*#*+!#B(&*#&% #$
%&#'	##(	%#%*&%27+&'&%(#$&(*+!#!<&0(&#( *#+ &%'&%2( !*!!!!%'&#(2*%*+(&%('%<>'- - =-#$&! ?  $ '&(#!&*# *+!#B( '*&(&%#! +(#2!+ %((+!(+%##
		7A)5&(2'#!"&%#&%#$#&(!<&0''%<'---=-#$&!>?&#$!2!'#!'!(  !(#&#+#&%#$&( *+!# !<&0(#$'&(#!&*# *+!#B(!'! !(#&#+#&% !6+( '&(*!#&%6+#!<&0(#$'&(#!&*#*+!#B(&*#&% (##+#'%< '555=-#$&!?,QRWH WKDW ZKLOH  86&    FXUUHQWO\ FRGLILHG DW 86&$    SHUPLWV D SUREDWLRQ RIILFHU WR 3SHUIRUPDQ\ RWKHU GXW\ WKDW WKH FRXUW PD\ GHVLJQDWH ́ WKLV VWDWXWRU\ JUDQW RIDXWKRULW\ LV LPSOLFLWO\ FDELQHG E\ WKH FRQVWLWXWLRQDO UHTXLUHPHQW WKDW WKH%5=#$&!F?=*&!*+&#!*'%#!"&#('&(#!&*#*+!##'2#(##&%2 !(#&#+#&%(*$'+?9!>>5'55-,=#$&!>? 
	 , =,? =$'&%2 0&#$ !(*# # #$ %0!''!@!6#&%*#>
	A-#$#'&(#!&*#*+!#"4< !(#&#+#&% (*$'+#!6#&% &*!B('&(*!#&%? %' # #$ +!+   @!&(%( "#  $ -5 ' > , =#$ &! >?= &%?% *%(&'!#&%   #$ *( 0 
 6&< #$# #$(&#&%'#'64#$(+6(#%#&"G! *&!*+&#(&(#$6##!%$&*6(##+#!4%2+2"/(*!#$#&#&(#$!<&%* H#$*+!#I%'#$*+!#%# &D#$"+%#   !(#&#+#&% '#!"&% 0$#$! #$ !(#&#+#&%($+'6&'&%+"(+"!&%&%(#"%#(%'#$%&#$##!(#6&($#$"+%# *$&%(#"%#>	A--= ?=?=?=(##&%2#$##$H#$*+!#"4!J+&!#$# L#$M ' %'%# "/ !(#&#+#&%    0&#$&% (*& &' !&' ! &% (*& &' &%(#"%#(I?9 > 
	AF5='?=?=%#&%2&%!#&%#' %'%#(%#%*'#4"%#!4%#4#$#H#$*+!#I0&!<&' !4"%# &#$! %  '# *!#&% ! &% J+ "%#$4&%(#"%#(H<!#$!&'!<&''64#$*+!#I+%((H#$ *+!#I '*&'( #$!0&(?9 > 
	A--= ?=5,,,?=*+!!%#(##+#*$&%2%2+2&% !"!A--= ??9>
	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	*%'$&!'+!#$& #$%'	<%#$&!*+&#($<$'#$#&#&(&"!"&((&6 # '2# #$ #(/   (*$'+&%2 (#&%*!*!#&%!(#&#+#&%4"%#(#!6#&% &*!$F>'->-> ='&!?=D&%&%2#$#%(#&#+#&%%'&*6!<&(&% #$8%'#!4K&*#&"((#&#+#&%*#>
	A--= ?=5?&/&#(*+%#!!#&%#$K&*#&"%'&#%((@!#*#&%*#> 
	 A --= ?=? =? !6&'( '&(#!&*# *+!# #'2#+#$!#(#4"%#(*$'+?9"'5->=F#$&!?9   > ' >,- >,>, =#$ &! ?=$'&%2 #$# H"/&%2 '*&(&%( 6+# #$ "+%# !(#&#+#&%#$"+%# &%(#"%#(%'#$&!#&"&%2&(G+'&*& +%*#&% %' #$! ! &( %%'26I?9 '->F=5'&!?9	5'FF=#$&!?9"--',-,=(#&!?=$'&%2#$# '&(#!&*# *+!# "4 %# '2# # !6#&%  &*!+#$!#(#4"%#(*$'+ ! &%?N&/0&(#$*%' +!#$ %' 	<%#$ &!*+&#( $< $' #$# &# &((&"&!4 &"!"&((&6 # '2# #$ (*$'+&%2 !(#&#+#&% # #$ '! +!+   @!&(%( 0$& #$' %'%#&(&%*!*!#'>'->5->>=F#$&!?=%#&%2#$#H*%*!%(6+#($& #&%2!(%(&6& !"#$!#&*G+'2#%#$!%#I!#$("0$#$!#$'&(#!&*#*+!#'2#(&#(+#$! #  !6#&%  &*! ! #$ 
%"# &%%*&(%(&6&@!2!"?9"'>=5'&!-?9"FF'FF>=#$&!-?%4#$&%#$%'<%#$&!*+&#($<'#'*%#!!4!+(0&#$!2!'#'2#&%#!6#&% &*!(#,F'5%'!5>
	A55HLM!&(%!&%*+(#'4+%'!(%#%*    L '!M *+!#    *&"&%2 #$ !&2$# # 6!('"4"<#$*+!#0$&*$&"('#$(%#%*# <*# (# (&' ! *!!*# #$ (%#%*I   "#&%6!+2$#+%'!A55"+(# 2% #$! 6(( ( #$!($'(#%'!'3=?%!!! *%(#&#+#&%"2%&#+'9=5?(%#%*&"('+#(&'#$(##+#!4&"&#(9!=?%!!!  *#!0#$#0(( +%'"%#(#!%'!#$%#&!!*'&%2&%<&'	%5 
	 F> >>- =F?  	%#%*&%2 *$%2(2%!4 *%%# 6 "' ! #$ &!(# #&" &%  (#*%<&*#&%A55"#&%F5' , ,,- =-#$ &! -?  !"4 (%#%*&%2*$%2("+(#6"'%'&!*#!#$4!0&<' '>>=#$&!?&%6!2!!2+(#$##$ +!(%#%*&%2!+&%2( !"&%2#$6(&( !$&("#&%0!%#*$%2'##$#&" $&((%#%*&%2 %'O! % '&!*#  (  !(+#   #$&% *#&<((&(#%* $&(#!&*+%($	+!"+!#%'#$&(*+!#$<$'#$#*$%2(#$#*%%##$!0&(6 !<&0' !#$ &!(##&"% A55"#&% *%6!<&0'(!# (+**(( +*&"#$#*+%(!<&''&% *#&< ((&(#%* +%'! #$ (#%'!' (# !#$ &% & -- 
	-->- =>?#!-
	5-F->=>5?9F5'#,-9''5',5,5-=-#$&!?&%6!2!!(%#( +!*&"(%*$%2&%23=?#$**+#&% $&( %(< !(%#%*&%29=5?#$!(#&#+#&%!'!#$&( !+'<&*#&"(9=?#$!(#&#+#&%!'!# #$ 
	9 %' =? %' #$ "#$' ! (*$'+&%2 $&(-,Q D FLWDWLRQ XSGDWLQJ LWV EULHI WKH JRYHUQPHQW UHOLHVXSRQ8QLWHG6WDWHVY .UDPHU  )G  WK &LU  IRU WKH SURSRVLWLRQ WKDWD SHWLWLRQHU FDQQRW FKDOOHQJH D UHVWLWXWLRQ RUGHU LQ D   SHWLWLRQEHFDXVH VXFK D FKDOOHQJH GRHV QRWFODLP D ULJKW WR EH UHOHDVHG IURPFXVWRG\7KLVFLUFXLW KDV QRW FRPH WR WKH VDPH FRQFOXVLRQ ,Q8QLWHG 6WDWHVY :DWURED  )G   WK &LU  WKLV FRXUW UHMHFWHG D SULVRQHU¶VFKDOOHQJH LQ D  PRWLRQ WR WKHLPSRVLWLRQ RI WKH FRVWV RI KLVLPSULVRQPHQW DQG VXSHUYLVHG UHOHDVHQRW D UHVWLWXWLRQ RUGHURQ WKHJURXQGV WKDW VXFK D FKDOOHQJH GRHV QRW PHHW WKH 3LQ FXVWRG\ ́ UHTXLUHPHQWRI   2WKHU FLUFXLWV KDYH UHOLHG XSRQ:DWUREDLQ FRQFOXGLQJ WKDWSHWLWLRQHUV FDQQRW FKDOOHQJH D UHVWLWXWLRQ RUGHU LQ D   PRWLRQEHFDXVH VXFK DQ RUGHU LV QRW D VXIILFLHQW UHVWUDLQW RQ OLEHUW\ WR PHHW WKH 3LQFXVWRG\ ́ UHTXLUHPHQW6HH .UDPHU  )G DW %ODLN Y 8QLWHG6WDWHV  )G   WK &LU 6PXOOHQ Y 8QLWHG 6WDWHV )G   VW &LU  :H ZLOO IROORZ WKLV FRXUW¶V SUHFHGHQWLQ5DWOLII  )G DW  ZKLFK:DWUREDGLG QRW SXUSRUW WRRYHUUXOH DOORZLQJ D SHWLWLRQHU WR FRQWHVW D UHVWLWXWLRQ RUGHU XQGHU  EDVHG RQ D PHULWRULRXV LQHIIHFWLYH DVVLVWDQFH RI FRXQVHO FODLP!(#&#+#&%4"%#(#$+2$&%6!2!B(A55"#&%##$'&(#!&*#*+!#0(6('%&% *#&<((&(#%**+%($%4&'#$&(#$!4D&*#$&( &!(#%'+!#$ *&"(  &%6!2! '&' %# (## #$ #$!4 &% *#&<((&(#%* *+%(#(+!#$&((*%'%'#$&!'*&"(	&%*&%6!2!'&'%#!(%#!!6(&(!6!&%2&%2#$(*&"(&%$&(A55"#&%#$'&(#!&*#*+!#!G*#'#$"% &%6!2! &(#$#$!4  &% *#&<((&(#%* *+%(# +! $&(*&"( 
%2%!HL&M((+(%#!(%#'##$'&(#!&*#*+!#6+#!&(' !#$&!(##&"%!%#!!46 !#$*+!#I# ( - ' , ,F =-#$ &! ?  $&( *($0<!&(% #$(HD*#&%*((I0$%#$!+!<%#&%2 &((+( !" 6&%2 !&(' ! #$ &!(# #&" %0+'!(+#&%H&%"&(*!!&2 G+(#&*I%&2$# #$*&!*+"(#%*( #$&(*(&%*+'&%2#$ *##$# &%6!2! &( !*'&%2 ! ( 0 *%*+' #$#&%6!2!*%D#%'#$&((+ &% *#&<((&(#%**+%( !'4 !&('60%#0 $&( *&"(#$&(!"!&(%%!!%4#$! *#(&%#$!*!'0$&*$*+'(+!# #$ '&(#!&*# *+!#B( !'!   + !(#&#+#&%%#0&#$(#%'&%2&%6!2!B('+*#&%%'$&(#%#($!&(!*%#*(0&%+!*&!*+�$&*$(##(#$#H'&(#!&*#*+!#"+(#$<#"&%&"+"("&%'&*#&%#$# ' %'%# 0& 6 6 # 4  ' I)-'F>5=-#$&! ? ="$(&( '''?  $# % ( %#' #$#H!'!&%2 !(#&#+#&%&% % "+%##$# ' %'%# *%%#((&644P#$!#%(!(*# !G+'&*&!'!(2%!4B%' !<&'( #$ ' %'%# 0&#$ P(( &%*%#&< # (/!"+%!#&<!$6&&##&<%'%%*!&"&%"4"%#BI=*&#&%2#,F'5%5-=#$&!F??  
%#$&( *( 
 6&<&#&( *! (#$!6#&% &**%*+''#$##$' %'%#0&$<#$6&#4"+%# !(#&#+#&%6+##$##$'&(#!&*#*+!#B( !'!   + !(#&#+#&% 0$&*$ &( !"&(' % #$' %'%#B(6&#!%"(#(&D#&"($&(&%*"!&!#$&(*!&"&%*%<&*#&%'(%#'J+#4*%#"##$' %'%#B( +#+!!%&%26&#$+2$
*%%#!++##$((&6&&%<!4*(
6&<#$#&%"(#*((&# &( $&2$4 +%&/4 #$#!' %'%# *+' !%(+6(#%#&4"!#$%$!%'!&!#$&(&%*!*!#&%&""' 0&%2 $&( !( !" !&(% "+*$ ((%!4 (&D#&"(#$ "+%# $&(!<&+(2&%*"*+(
'%#6&<#$'&(#!&*#*+!#$'%4&%'&*#&%#$##$' %'%#&%#$&(*(0&$<#$6&#!%<!%"&&%'!(&% &<4!(
6&<#$##$'&(#!&*#*+!#B(!'!  +!(#&#+#&%H#$!#%(!(*# !G+'&*&!'!(2%!4I%'&(%6+( '&(*!#&%
#$! !G&%#$"G!&%!<!(&%2#$'&(#!&*#*+!#B(!'!  +!(#&#+#&%%'!"%'&%2 !!*%(&'!#&% #$"+%# !(#&#+#&%	 !"!#$% '&(2! 0&#$ #$ "G!B( '#!"&%#&% #$# &# &(!"&((&6 !#$'&(#!&*#*+!##'2###$+!+,64#$(##+#0+'!J+&!&%6!2!#4<!C5,,,,, 4! ! # !% <! C,,,,, !#D '!( ! 4!&""' 0&%2$&( !( !""%#$!&(%(%#%*<%**+%#&%2 !#$'&(#!&*#*+!#B(CF,-5!!%+(!'! !(#&#+#&%##$
	
%&2$# #$ *##$##$&(' %'%#%<!24!%'"!#$%C->,,,&%4!%'&(%0'&(6!!' !"$&( !"!! ((&%#$!&( % &%'&*#&% #$# #$ ' %'%# 0+' 6 6 # !%*
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
%!'! !#$&(*+!##*%*+'#$##$'&(#!&*#*+!#'&'%#6+(&#('&(*!#&%&%(##&%2#$"+%# !(#&#+#&%#$!"+(#6("<&'%*6 !#$'&(#!&*#*+!#0$#$!&%#$!(%#%*!!#!&%%4#$!(+6"&((&%##$*+!##$##$' %'%#$(#$#%#&# !%#$ "+%#"%4!J+&!'#4 #$!'! !(#&#+#&%$ *##$# &%6!2! !%' C->,,, &% % 4! !&! # $&(*!&"&% *#&<&#&( '( %# (+!# #$ '&(#!&*# *+!#B(*%*+(&%#$#$*%!%<!C,,,,,+%$&(!(F(*%'%'#$&!'*&"(!#&%2#$&(!(#&#+#&%!'!(#$&(!+'<&*#&"(%'#$
	(#6&($&% *#&<((&(#%* *+%(&%6!2!"+(#'"%(#!#H#$#*+%(B(! !"%*0(' &*&%#%'#$##$' &*&%#! !"%*0(!G+'&*&I''5'#,5-
%!'!#(#6&($!G+'&*&%6!2!"+(# ($0  !(%6!66&#$#6+# ! *+%(B(!!!(&%6!2!B((%#%*0+'$<6%'& !%# &--
	#-$2<!%"%#'(%#*%#(##$#&%6!2!B(#!&*+%( 0( ' &*&%# 64 %# *$%2&%2 #$ !#&%( &%6!2!B((%#%*6&%2'$!&#$!##$#&" &%6!2!B( (%#%*&%2%'O!%'&!*# $*!   #$ '&(2!"%# 6#0% &%6!2! %' #$2<!%"%# &( 0$#$! &%6!2! 0( !G+'&*'  $2<!%"%# !2+( #$# 0&#$ !2!' # #$!   #$ +!(%#%*&%2 !+&%2( &%6!2! *%%# '"%(#!# !(%6 !66& #$# $&( #!& *+%(B( &+! #*$%2 #$( !+&%2( 0+' $< !(+#' &%  '& !%#(%#%*  $ 2<!%"%# 2!( 0&#$ &%6!2!B(6G*#&%##$"+%# $&(!(#&#+#&%!'!##$
	$0<!&%6!2!&(+%6#!<#$#$0(!G+'&*'0&#$!2!'##0 $&( +!(%#%*&%26G*#&%($! !0%' %# '#!"&%&  $&(#!& *+%(B( ! !"%* 0(' &*&%#0&#$!2!'##$#0*&"(&%0$&*$&%6!2!0( %# !G+'&*'  
% #!"(   $&( *&"( !2!'&%2 $&(!(#&#+#&%!'!(#$&(<&*#&"(%'##$
	&%6!2!&(6#'"%(#!#6#$#$#$&(*+%(B(! !"%*0(' &*&%#%'#$#$0(!G+'&*'%$&( &!(#*$%2#$&((%#%*&%6!2!((!#(#$##$'&(#!&*#*+!#*#'&"!!464%#2!+&%2$&(#D%' !+'*+%#( !#$+!(( **+#&%2%'G+(#' %( < ! (%#%*&%2  $ '&(#!&*# *+!# 2!+'+%#(  %' -   &%6!2!B( *%<&*#&% +%'! 0$&*$>&%6!2!0( +%'2+ "& !+'&%<&#&% >	 A  %' &%#!(## #!%(!##&%   "%4 &%<&#&% >
	A5&%6!2!!2+(#$##$&%*+%# $&(*%<&*#&%=+%#5?+%'!0$&*$$0(*%<&*#' #D<(&%&%<&#&% 5-
	AF5,($+'$<6%2!+'0&#$#$ &!(##0*+%#($ 0&%2&((+""!4 #$(%#%*&%2**+#&%+('64#$'&(#!&*#*+!#3(N<3+%#(%'-=8&!+'? 5(N<3+%#5=D<(&%? FA5=6?=?%$%*"%#=6*+(&%6!2! 5<''&%*"'!&<' !"*!&"&%*%'+*#?+6# &2$(# %(N<3+%#(%'- 5A)8+#&7!+'G+(#"%#=6*+( %( 5< #D*+%#=?0(0&#$&% +!<(  %(<  !+'*+%#=5??+6# 5**#%* (%(&6& N)1
	)NKN 5,&%6!2! !(%#( #0 &%'%'%# 6+# !#'!2+"%#( *%#(#&%2 $&( (%#%*&%2 **+#&%  &!(#&%6!2!*%#%'(#$#$&(#D<(&%*+%#=+%#5?($+'$<6%2!+'0&#$$&(#$!#0*+%#(=+%#(%'-?
 #$#$!*+%#(0!2!+'&%6!2!B(6( %(<0+'65%'$0+'%#!*&<"+#&2!+ %$%*"%#   #! $&( #$!< !'+*#&% !**#%* !(%(&6&$&( &%'G+(#' %(<0+'6>!(+#&%2&%(%#%*&%2!%2 5F"%#$(%(#'&%6!2! 0( (%#%*'%#$6(&(   &%'G+(#' %(< 5,!(+#&%2&%(%#%*&%2!%2"%#$(&%6!2!0((%#%*'#"%#$(&"!&(%"%#	*%'&%6!2!*&"(#$##$*!&"&%*%'+*#+%'!4&%2$&( !+'*%<&*#&%0(*+%#'#0&*5	&	:N	8&!*++'2*%*+!!&%2&%!#%''&((%#&%2&%!#
%@!#
 #$&(&%&%
0!&#(!#4#D&%"42!"%#0&#$#$"G!#$##$'&(#!&*#*+!#6+('&#('&(*!#&%64!'!&%2!(#&#+#&%&%#$"+%# C5>550&#$+#*%(&'!&%2'J+#4#$' %'%#B(!%&%26&
%@!#

 #$&(&%&%D!(("4'&(2!"%#0&#$#$"G!B('#!"&%#&%#$#  '&(#!&*# *+!# "4 '2# #$ #(/   (##&%2 ' %'%#B( !(#&#+#&% 4"%# (*$'+##$+!+ @!&(%(0$&#$' %'%#&(&%*!*!#'%'#!6#&% &*!+%#$' %'%#B(!(*+(
6&<#$##$ '&(#!&*# *+!#B( '2#&%   +#$! &% (##&%2 #$' %'%#B( !(#&#+#&% 4"%# (*$'+ 0( &"!!!(*# +4'&((%# !"@!#


) #$"G!&%&%	#"2!#$##$'&(#!&*#*+!#!!4!'!'!(#&#+#&%+%'!#$K&*#&"%'&#%((@!#*#&%*#=HK@I?>	A--=?(('##$8%'#!4K&*#&"((#&#+#&%*#>
	A--6+##$##$'&(#!&*#*+!#6+('&#('&(*!#&%0$%(##&%2#$"+%# !(#&#+#&%**!'&%2##$K@#$(%#%*&%2*+!#0$%'*&'&%20$#$!#((((!(#&#+#&%"+(#*%(&'!H#$"+%##$(((+(#&%'64%4<&*#&"(!(+# #$ %(#$&%%*&!(+!*( #$' %'%##$ &%%*&%'(%' ! '  '%' #$ ' %'%#B('%'%#( %' (+*$ #$! *#!( ( #$ *+!# '"(!!&#I>
	--=?=?="$(&('''?4!J+&!&%2&%6!2!#4C5>55&%!(#&#+#&%0&#$&% &<4!( !"$&(!( !"!&(%>
	A--= ?=5?=?=?#$'&(#!&*#*+!# &'#*%(&'!'J+#4#$' %'%#B(H!%&%26&I"4&%20&#$#$!(#&#+#&%!'!0&#$&%#$ &<4!#&"!&'"%'#'5>!(%6 4"%# (*$'+ &( &"&* *' % #$' %'%#0$*%04(<&$&"(  #$'&(#!&*#*+!#&%#$<%# !6"!4#$'&(#!&*#*+!#$(#$&%+#$!%#$!(#&#+#&%4"%#(*$'+%'$(%#H'2#'I&#(G+'&*&!##$!6#&% &*!%(+"
'%#*%(&'!!"&##&%2!6#&% &*!#(#6&($!(#&#+#&%4"%#(*$'+ #!#$!(#&#+#&%"+%#&( (#64#$'&(#!&*#*+!##6H'2#&%IG+'&*& +%*#&%6+#!#$!!&(#&*04 '&%20&#$#$+%*!#&%#&(   #$ +#+! !#&*+!4 #$ 6&   #$' %'%##"##$ &%%*&*"%%# $&((%#%*#$!&%87'0&%+&+(-%('@52%$7,21-5=5,,,?#0!'$&((%#%*3=? !#$6(<5**+#&% !#$ !+' %(%'=5?((*& &* %(*$!*#!&(#&*#$#D<(&%*+%#%'&#(#0<(##+#!4%$%*"%#+%'!
		7A5=6?=?&%6!2!!(#!&(#$'+6*+%#&%2&((+&%#0!(*#(3!&"!&4#(+!#$&(!2+"%##$##$#D<(&%*+%#($+'62!+'0&#$#$#0#$!*+%#( $&(*%<&*#&%6+##!%#&<4#!2+#$#<%& #$#D<(&%*+%#&(%#2!+'#$(%#%*&%2**+#&%(&#(#%'(&(&"!! ! !*$&%2 #$ 2!+&%2 &((+ 0 0& ''!((&%6!2!B( !2+"%##$##$ '&(#!&*# *+!#B( (%#%*&%2**+#&%0(&"!!6*+(#$*+!#'+6*+%#'#$ *!&"&% *%'+*# +%'!4&%2 &%6!2!B( !+'*%<&*#&%%##$##$&(*+!#$( !6&''%'+6*+%#&%2 0$% #$ (" *%'+*# &( %&E' +%'! #0(!#2+&'&%!<&(&%(-'-F-->=-#$&!?=H$&(&!*+&#$(*%(&(#%#46%#$#*%'%'+&*#&<+%&($"%#( !#$("6$<&!0$%%#!J+&!'#'(I?;#0'%#%'#!*$#$&((+ 0$#$!'+6*+%#&%2**+!!'&%#$&(*(6*+(&%6!2!B('G+(#' %(<0+'6#$("!2!'(( 0$#$!#$*+!#&'#$#0<(##+#!4%$%*"%#+%'!
		7A5=6?=? !*!&"&%*%'+*# +%'!4&%2 #$ #D <(&% *+%##$ !('(+!* #$'+6*+%#&%2
 #$%$%*"%#0(%#&'#$6( %(< !&%6!2!B(#D<(&%*+%#0+'6F	&%*F&(0&#$&% +! %(<(5 #$ #0< "+#&2!+ %$%*"%# +%'! 
		7A)(#&0+'46*+(#$ !+'%'#D<(&%*+%#( 0+' 6 0&#$&% #$ +! <(   *$ #$!$! ! <% &  #$! 0! % '+6 *+%#&%2&%6!2!B('G+(#' %(<(#&0+'65,+%(( *+!(#$*+%#(0!2!+'#2#$!&%6!2!%#(#$#**!'&%2#
		7A)5HLM*+%#(&%<<&%2(+6(#%#&4#$("$!"($62!+'&%#(&%27!+I&%6!2!!(%#(#0!2+"%#(&%(+!# $&( *&"#$#$&( !+' %'#D <(&% *+%#(($+'$<6%2!+'6*+(#$4&%<<(+6(#%#&4,#$("$!"&!(#&%6!2!!&(%
		7A)5=*?0$&*$(##(#$#*+%#(&%<<(+6(#%#&4#$("$!"0$% % *+%# H"6'&( *%'+*# 0$&*$ &( #!#' ( (*& &* %(*$!*#!&(#&*&%!#$!'G+(#"%###$2+&'&%&*6#%#$! #$*+%#(I&%6!2!!2+( #$# #$ !+' %' #D <(&% *+%#( &%<<(+6(#%#&4#$("$!"6*+(#$#D<(&%*+%#0( 6(' % &%*" '!&<' !" #$ *!&"&% *%'+*#!"&%2 #$ !+' *+%#  4&%2 % Q8(67,21682675(48(17/<6.('%287 7+((17(1&,1*78,'(/,1(6K2/ K =8!*$  5? &%6!2! &%#( +# #$# #$%#%*&%2""&((&%$( (##'#$##D<(&%*+%#(($+' 6 2!+' 0&#$ #$  %( #$# 2%!#' #$+%!!#'&%*"
%''&#&%&%6!2!!2+(#$##$'*&(&%&%,'F=#$&!F?(+!#($&(*%#%#&%#$##D<(&%%' !+'*+%#( #$# ! !#' # *$ #$! ($+' 6 2!+'#2#$!	*%'&%6!2! !&(%
		7A)5='?0$&*$(##(#$#*+%#(&%<<(+6(#%#&4#$("$!"0$%H#$ %(<&('#!"&%'!24%#$6(&(#$##"+%# $!"!((I	&%*#$ %(<(6#$#$ !+'%'#D*+%#(0!'#!"&%'%#$6(&('!((&%6!2!*&"(#$4&%<<(+6(#%#&4#$("$!"%'($+'$<6%2!+'#2#$!&%6!2!B( !2+"%#( ! +%<&&%2  $&( *+!# $($' #$# 
		7 A)5='? '( %# "%'# +#"#&*2!+&%2 *+%#('--F=-#$&!>?+!#$!"!0$!#$	%#%*&%27+&'&%( "(+! $!" '& !%#4 ! '& !%# *+%#(#$(*+%#(%'%#62!+'&(%#'&!*#4%&%#&%#$#&#&%<<''*&(&%%##2!+6%/!+#*4 !+' *$!2 0&#$  #D (( 6+# #$ ("!&%*&( *% 6 &' &% #$&( *(  
%'' #$ $&!'&!*+&#&'#$(!&%*&(&%!(<&%2*(0&#$ *#((&"&!##$&(*(-'>,>='&!>?-&%<<'' %'%#*$!2'0&#$ 0&! !+' %' #D <(&% (#""&%2 !" $&("6EE"%# C5"&&% !"$&("4!&%!'!#*J+&! %' !(#! %#&J+ **/(  $-*+!#5F,QGHWHUPLQLQJ D GHIHQGDQW
V DELOLW\ WR SD\ WKH SUREDWLRQ RIILFHUFRPSLOHV GDWD WKURXJK LQWHUYLHZV ILQDQFLDO UHFRUG YHULILFDWLRQ SHUVRQDOILQDQFLDO VWDWHPHQWV DQG DVVHW DQG OLDELOLW\ FULWHULD&ULPLQDO 0RQHWDU\3HQDOWLHV $ *XLGH WR WKH 3UREDWLRQ 2IILFHU
V 5ROH ,9 0RQRJUDSK )HGHUDO &RUUHFWLRQV DQG 6XSHUYLVLRQ 'LYLVLRQ $GPLQLVWUDWLYH 2IILFH RIWKH 8QLWHG 6WDWHV &RXUWV&% !"#&%#(%#%*&%2#/%00$#4"%#(*$'+#&D!#&*+!40$%' %'%#0&6(%#%*'##!" &"!&(%"%#$' %'%#R(<<&%26&#4&(6(# /%0% 64 #$ !6#&%  &*! '+!&%2 (+!<&(&%I$ "! . 	    /'' 0-18%2!$'!!!*#&%(%'+!<&(&%)&<&(&%'"&%&(#!#&< &* #$
%&#'##( +!#(  $+( !#$! #$% (##&%2  (*+#&<!(#&#+#&%4"%#(*$'+##$#&" (%#%*&%2%'#$%#!"'& 4&%2#$(*$'+#$'&(#!&*#*+!#0'!#$' %'%#%'#$!6#&% &*!#(#!(%6(*$'+6('%*+!!%#*&!*+"(#%*(&%#$ &!(#&%(#%*$ '&((%# +%'!!*&#( #$ !   #$ !6#&% &*!%''(%##/&%#**+%#0$#6+!'%("!(&#&%�+'6#!J+&!#$'&(#!&*#*+!#(#"&*!"%2 *$ ' %'%# 0$( (%#%* $(  &%%*&*"%%#  
%'' #$ 2&(#&< $&(#!4   > 
	A F5 (*& &*4 (##( #$# #$ (##+# &( &%#%'' #H&"&%# #$!J+&!"%# #$# #$ (*& &* #!"(   %&%(#"%#(*$'+#6 &D'64#$*+!#$*+!#&(#$+( 6#'2##$ !(%(&6& ! (##&%2 (*& &*#!"(#!6#&% &*!I,,,AF=>F?>F
	5F5+!#$!*%*!%(#$#!6#&% &*!(0&6+(#$&!+#$! ! +% +%''  <% 0$!  !6#&%  &*!=0!/&%2 0&#$ #$ ' %'%#? &( # (#6&($  !(#&#+#&%4"%# (*$'+ ($+' %4 !6"( ! '&(2!"%#(!&(#$'&(#!&*#*+!#"+(#!(<#$'&(+#
%''#$1+'2"%#$!D!((4!<&'(#$##$4"%#(*$'+&(#6'<'!'
(
'' **!'&%24 &% !# #$ !(%(&6&   '<&(&%2 5- &)5  !#(%#%*&%2#$'&(#!&*#*+!#$!"'%"%#&% #$ (*$'++%'! 0$&*$#$' %'%#0(#4#$"+%#   !(#&#+#&% !'!'  $ 1+'2"%# 
%*+'&%2%#%*
%'!#$	%#%*&%2 !"*#%#!'64#$'&(#!&*#*+!#(##(3$ ) %'%# ($ 4 !(#&#+#&%   C5>55#$!+2$ #$ +!+   @!&(%( 
%"# &%%*&(%(&6&@!2!"%'#$! #!**!'&%2#%&%(#"%# %
 !  )'  '' ("! +4'(*!&6'&%#$&(!'!9=1#-5"$(&(%' #%#'''?$1+'2"%# +!#$!2(%#(43&%4 #$ ) %'%# 6G*#( #$# 0$% !'!&%2!(#&#+#&%#$+!#"+(#*%(&'!$&(6&#4%'#$%'( $&('%'%#($@!6#&% &*!$(!<&'' #$ +!# 0&#$  '#&' !!# % #$) %'%#R( &%%*& (&#+#&% %' $&( !(*#( !+#+! "4"%#  $ +!# $( #/% #$&(&% !"#&% &%# *%(&'!#&% &% '#!"&%&%2 #$!!&# !(#&#+#&% !'!  +!#$!"! #$ (#&"!&(%"%#%#6'<'!)' 
 ''  0& #/ &%# *%(&'!#&% $&(&%%*& (##+( %' #$ %'(   #$ ) %'%#R('%'%#(**!'&%24#$) %'%#R(6G*#&%&('=1#-F &!(#"$(&('''?$&(!*'+!!*2%&E'#$!*#&* ' !!&%2#$(##&%2 #$!(#&#+#&%4"%#(*$'++%#&*(!&%#&"# 0$%#$' %'%# 0+' !&(#&*46"/&%2 (+*$4"%#((('#(##&%2!&2&'(*$'+##$#&"(%#%*&%2
%''H+!#(2%!4'%#$<%+2$'#!"&%'#$##$0&! !+'%'#D<(&%*+%#(0$&!#'#*$#$!0!%# (*(4 !#'#$##$4($+'$<6%2!+'#2#$!#>$*+!#!G*#' #$ !(%&%2  ,  ' # - 0$&*$&%6!2!!&(+% !#$!&%*&#$##D%' !+'*+%#(#$#!!#'#*$#$!($+'04(62!+'#2#$!  
% ''&#&% #$ *+!# '&(#&%2+&($' #$ *#( , %#&%2 #$# &%,  ' # F % #$%$%*"%#+%'!
		7A5=6?=?6!+2$##$#D*+%#0&#$&% +!<( #$ !+'*+%#$! !#$'*&(&%%# # 2!+ #$ *+%#( #2#$! !(+#' &%  #0<%$%*"%# +%'! 
		7 A)  ( '&(*+((' 6<#$+2$#$A5=6?=?%$%*"%#0(&'64#$'&(#!&*#*+!#&%#$&(*(&%6!2!&/K&#(#&0+'$< !*&<' #$ A) %$%*"%# !2!'((   #$&*#&%   #$ A5=6?=? %$%*"%# 6*+( #$ %(< !#$#D*+%#0(0&#$&% +!<( #$ %( < ! #$ !+' *+%#  $ -*+!# (! +(' # '# #$ !(&#&% &% Q8(67,21682675(48(17/<6.('%287 7+((17(1&,1*78,'(/,1(6!&'+%64&%6!2!#$##D<(&%%'#$ %(#$# 2%!#' #$ +%!!#' &%*" ($+' 04( 62!+' #2#$!  $ *+!# (*& &*4 *&#' #$+6&*#&%B( '&(*&"! #$# &# 0( %# 6&%'&%2 % #$%#%*&%2""&((&%!%#$*+!#(-'#>%''&#&%##$$&!'&!*+&#B($'&%2&%-#$!*+!#( $< $' &% *#+ *&!*+"(#%*( (&"&! #&%6!2!B( #$# #D %' !+' *$!2( ($+' %# 62!+'#2#$!   +!> '>5=,#$&!?=%#&%2#$##$#4 $!"%'"(+! $!" !#D<(&%%'"& !+'!'& !%#?9   ,
 5  	+ 5' - F>=); >? =(##&%2 #$# #D <(&% %' "& !+'*+%#( ! %#   #$ H(" 2%! #4I %' &%<<''& !%#<&*#&"(?9" $ &>- =)N? > N FF- # S> =	); < ->?=H$!<!(!(+# #$&(!2+"%#&(#$#*%'+*#0$&*$#$7+&'&%($< +%'(!&+(%+2$#0!!%#5,Q D FLWDWLRQXSGDWLQJ KLV EULHI :HLQEHUJHU UHOLHV XSRQ8QLWHG6WDWHV Y )LW]JHUDOG  )G   G &LU  IRU WKHSURSRVLWLRQ WKDW 3WD[ HYDVLRQ IUDXG DQG FRQYHUVLRQ VKRXOG EH JURXSHGWRJHWKHU XQGHU 866* 'G ́,GDW  7KH FRXUW EDVHG LWVGHFLVLRQ RQ WKH IDFW WKDW WKH KDUPV FDXVHG E\ WKH FULPHV ZHUH DOO PHDVXUHGLQ PRQHWDU\ YDOXHV DQG E\ WDEOHV WKDW LQFUHDVH DW WKH VDPH UDWH DQG XVH WKHVDPH PRQHWDU\ GLYLVLRQ SRLQWV,GDW  7KH FRXUW VSHFLILFDOO\UHIHUUHG WR WKH WDEOHV LQ 866* ) IRU IUDXG DQG 866* 7 IRU WD[HYDVLRQ ± WKH VDPH WDEOHV XVHG WR FDOFXODWH WKH RIIHQVH OHYHOV IRU:HLQEHUJHU¶V PDLO IUDXG DQG WD[ HYDVLRQ FRXQWV:H ILQG WKH DXWKRULWLHV ZH KDYH FLWHG ZKLFK KDYH KHOG WKDW WD[HYDVLRQ DQG IUDXG FRXQWVVKRXOG QRW EH JURXSHG WRJHWKHU WR EH PRUHSHUVXDVLYH 7KH FDVHV WKDW KDYH QRW JURXSHG WKHVH FULPHV KDYH EDVHG WKHLUGHFLVLRQV RQ WKH IDFW WKDW WKH KDUP DQG WKH YLFWLPV RIIUDXG DQG WD[HYDVLRQ DUH GLIIHUHQW DQG WKH JURXSLQJ RI IUDXG DQG WD[ HYDVLRQFRXQWVZRXOG UHVXOW LQ QR DGGLWLRQDO SHQDOW\ IRU WKH WD[ HYDVLRQ FRQYLFWLRQ :HILQG WKHVH WR EH PRUH FRPSHOOLQJ UHDVRQV QRW WR JURXS WKDQ WKH DUELWUDU\IDFWRUV UHODWLQJ WR WKH PHDVXUHPHQW RI KDUP UHOLHG XSRQ LQ)LW]JHUDOGIRUJURXSLQJ#0<&%*!(&%(%#%*0+'6+('#!'+*   #$ (%#%* #$# 0+' 4 &  #$ &%*" 0( %#'!&<' !"*!&"&%*#&<LM$+!#B('*&(&%!!4<&'(#$&(!(+#(0(#$#!+6("%"4*!#'642!+&%2%"4#$##$' %'%#0+'!*&<%''&#&%%#4 !$&(*%<&*#&% !#D<(&%I? &%'#$(+#$!&#&(#6!(+(&<(#$'&(#!&*#*+!# &%#' +# &%6!2!B( !+' *+%#( %' #$ #D*+%# *%(&(#'   '& !%# "%#(  *#' '& !%#<&*#&"( %' &%<<' '& !%# *!&"&% *%'+*#  $(*#!( &%'&*# #$# &%6!2!B(  %(( "+(# %# 62!+'#2#$! (#$4&%<<'& !%##4(  *!&"(!(+#&%2&%'& !%#$!"(&%6!2!!&(%4+%& #$ &!*+&# *( #$# &( *#+4 '&(#&%2+&($6 %' %#%*&%2""&((&%+6&*#&%#$#&(%#<%6&%'&%2%#$""&((&%#%+(42!+&%2#$(*$!2(00+'0&%6!2!#<'+%&($"%# !$&(#D<(&%*%<&*#&%$&(0*%%#'56HH8QLWHG6WDWHV Y 0HUULF  )G  VW &LU 8QLWHG6WDWHV Y &RDWHV  )G  G &LU 8QLWHG 6WDWHV Y 'DZNLQV )G  WK &LU 8QLWHG 6WDWHV Y 0\HUV  )G  WK&LU 8QLWHG 6WDWHV Y 0RKDPPDG  )G  WK &LU 6HH)(' 5 &5,0 3 E DQG F  86&  ,GVHH DOVR &KDSWHU  RI7KH 3UHVHQWHQFH ,QYHVWLJDWLRQ 5HSRUWIRU 'HIHQGDQWV 6HQWHQFHG 8QGHU WKH 6HQWHQFLQJ 5HIRUP $FW RI 3XEOLFDWLRQ  3UREDWLRQ DQG 3UHWULDO 6HUYLFHV 'LYLVLRQ $GPLQLVWUDWLYH2IILFH RI WKH 8QLWHG 6WDWHV &RXUWVK	%&!)&(#!&*#1+'2*%*+!!&%2
0!&#(!#4#"$(&E#$!*#&*&"&*#&%(& #$!&(*%#!!4*%*+(&%#@!#


)$'&((%#%20&#$"G! #$#$!&!*+&#(6&<(#$#H#$*+!#I#$'&(#!&*#G+'2"+(#'#!"&%#$' %'%#R(!(#&#+#&%4"%#(*$'+#(%#%*&%2%'#$##0!6#&% &*!#(##$(*$'+&(%+%*%(#&#+#&%'2#&%G+'&*& +%*#&%$&(&("&(#/
%"4&%&%(+*$<&0+#( !"<!(+6(#%*!#&*+!4(&%*!6#&% &*!'(%#H(#I4"%#(*$'+)&(#!&*#*+!#(!4+%!6#&% &*!(<!4'4 !#$%*((!4&% !"#&%!2!'&%2%!!&#(%#%*!D"!6#&% &*!(!!!(%#%*&%<(#&2#&%!!#(%'!*""%'(%#%*0$&*$#$!6#&% &*!<&0( !!&# &% &2$#   #$ '! 	%#%*&%27+&'&%(%'#$!#&*+!&#&( *$' %'%#
%*( 0$! !(#&#+#&% &( # 6 !#   #$ (%#%* #$!6#&% &*!(!*""%'(#$"+%# !(#&#+#&%%(%#%*&%2#$' %'%#$0<!&#&(#$'&(#!&*#*+!#0$&*$*#+4(#(#$(%#%*%'#$!(#&#+#&%"+%#&%45#$#&%6!2!&(#4#$&(<&*#&"( %' =5?# "%'&%6!2!B((%#%*&%2!'!#! *##$##$"+%#!(#&#+#&% 46 # #$ 
	 &( C-,,, &%(#' CF,-5&%6!2!B((*%'*$%2#$&((%#%*&(6('%#$ '&(#!&*# *+!#B( !'!#$# $ 4 + !(#&#+#&%# $&(<&*#&"(%"+%###&%2C5>55$ *+!!%# &*6 0 ! !(#&#+#&% !'!( &( #$8%'#!4 K&*#&"( (#&#+#&% *# =8K? > 
	A--
#!J+&!(*+!#(#!'! +!(#&#+#&%#<&*#&"(!2!'(( ' %'%#B(6&#48K6*" *#&< % !& 5 - &%6!2!B(  %(( 0!*""&##'!&!##$&('#@!&!##$ %*#"%#  8K#$ !<&(&%(  #$K&*#&" %' &#%(( @!#*#&% *# =K@? > 
	A--2+&''*+!#(&%'#!"&%&%2!(#&#+#&%!'!(
%!'!#&"(!(#&#+#&%!'!+%'!K@(%#%*&%2*+!#0(!J+&!'#D"&%*!#&% *#!(&%*+'&%2H#$"+%# ((I%'H#$ &%%*&!(+!*( #$' %'%##$ &%%*&%'(%'!%&%26& #$' %'%#%'#$ ' %'%#B( '%'%#( %' (+*$ #$! *#!( ( #$*+!#'"(!!&#I>
	A--=?&%6!2! !(%#( #0 #!%#&< 6G*#&%( # #$'&(#!&*#*+!#B(!(#&#+#&%!'!3=?##$D#%##$'&(#!&*#*+!# &'8K &#( &*#&% <&#'#$ D @(#*#+( #$
%&#'	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
	A--=?!%#*%<&%*'#$##$*+!#'J+#4*%(&'!'#$ &%%*&%'(%'!%&%26& &%6!2!%'&%6!2!B('%'%#(%)-'F>5=-#$&!?#$&(*+!#(##'#$#H'&(#!&*#*+!#"+(#$<#"&%&"+"("&%'&*#&%#$#' %'%#0&66#4#$"+%# !(#&#+#&%!'!'&%!'!#*"40&#$> 
	 A --=?I  #$! #$% 2%!4 %#&%2&%6!2!B('+*#&%%'#%#(%'$&(!<&+(!%&%2( C->,,,4!(%##!%4!&!#$&($<&%2%22'&%$&(&2*#&<&#&(%'$<&%26%'&(6!!'#$*+!#'&'%#'J+#4((((0$#$!&%6!2!0+'$<#$6& # 4 #$ "+%#   !(#&#+#&% &# !'!'   $'&(#!&*# *+!# '&' %# *%(&'! #$  *#   &%6!2!B(5XQLW WHDP VKDOO UHYLHZ DQ LQPDWH
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́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	)&%!#!#&%(  #$ '&(#!&*# *+!#B( G+'2"%# ! 8) 0&#$ #$D*#&%   #$ !#&%(   #$ '&(#!&*# *+!#B( G+'2"%#+$'&%2&%6!2!B(!'!( !(#&#+#&%#$&(<&*#&"(%'##$
	$(!#&% #$'&(#!&*#*+!#B(G+'2"%#!K	)%'#$*(&(8))##$'&(#!&*#*+!#0&#$&%(#!+*#&%(=?#*%(&'!%*((!4 *#!(+%'!K@&%'#!"&%&%2#$!!"+%# !(#&#+#&%557KH,)53 HVWDEOLVKHV WKH IROORZLQJ SURFHVV IRU VHWWLQJ DQ LQPDWH¶VSD\PHQW VFKHGXOHD 'HYHORSLQJ D )LQDQFLDO3ODQ $WLQLWLDO FODVVLILFDWLRQ WKH>'->5->>=F#$&!?9"'> =5'&!-?$(*+!#(0!!(+''64$'&%2(0&#$&%#$&!0%*&!*+&#(#$##$(*$'+&%2 !(#&#+#&%4"%#(64' %'%#B(!6#&% &*! *%(#&#+# % &"!! '2#&%  $ *+!#((#6&($'*%(&(#%#!&%*&0&#$&%#$&!*&!*+&#(#$#�(&"!! !*+!#(#'2#(*$'+&%2 !(#&#+#&%4"%#(&#$!#!&(% &*&(!!6#&% &*!(%#$&(*(0$<$'#$##$'&(#!&*#*+!#'&'%#&"!!4 '2# #$ (*$'+&%2   &%6!2!B(!(#&#+#&% 4"%#( # $&( !6#&%  &*!  ! (&"&!!(%(0$'#$##$'&(#!&*#*+!#'&'%#&"!!4'2##$(*$'+&%2 &%6!2!B(!(#&#+#&%4"%#(0$&&%!&(%##$+!+ @!&(%(#$!+2$#$
@$ &%#$ &!*+&# *" # #$ (" !(+# &%"#&%0$&*$#$*+!#!G*#''2#&%*$%2# #$ 
@  $ *+!# !&' +% &#( !<&+( *&!*+&#!*'%# 0&#$ !2!' # !6#&%  &*!( # (#6&($ 2%!!&%*&+$'&%2H(%#%*&%2*+!#(B'*&(&%(#'2##$#&"&%2%'"%%! 4"%#( *+!#!'!'!(#&#+#&%I  -5 ' # ,   ( %# #$&( *+!#B((##"%# &% #$#  *+!# "4 H'# %'&%*!!#&%#(%#%*#!"(%'*%'&#&%( !6#&%!*""%'' # &# 64 % '"&%&(#!#&< 2%*4   #$2<!%"%#I   5' # -5  $ 
@ &(  #!" %'*%'&#&%   &"!&(%"%# %# !6#&% 6+# #$ ("!&%*&&(&%#$&(*($'&(#!&*#*+!#'#'#$#!"(%'*%'&#&%( #$
@((#6&($'64#$+!+ @!&(%(%'(6&%'&%2%#$!&(% &*&(#$#*!!4#$"+#$'&(#!&*#*+!#'&'%# (###$#&%6!2!"+(# 4 !(#&#+#&% ( !6&#!!&4 !'!' 64 #$ !&(% &*&( (+!<&(&%2 $&"  #$! #$ *+!# !'!' #$#&%6!2!4!(#&#+#&%#$!+2$#$#!"(%'*%'&#&%( #$
@$'&(#!&*#*+!#&% *#'#'#$(#!"('&(6!"%#%$&(6&#4#$!(#&#+#&%!'!##$(" #&" #$ *+!# '&' %# *%(&'! 0$# #$! 6&&#&(&%6!2! $( ((&64&%#$ ! (## &' 2&<% $&(!<&+(0!/(!(##04!#$#*+'%6$&"#"#$&(6&2#&%($*+!#('&'%#!<&0#$&%%*& %'(   &%6!2! %' $&( '%'%#( 0$&*$+%'+6#'40+' *#&%6!2!B(6&#4#$ +"+%#   !(#&#+#&% !'!'  
%(#' #$ '&(#!&*# *+!#&"('  !(#&#+#&%!'!#$# "+%#(# !D&"#4C5F,,,4! ! &<4!(%"+%##$# !D*'(&%6!2!B(!<&+($&2$&%*"%''(%#**+%# !#D(#$#&%6!2!0+'$<#4%' !%*((!4(+6(&(#%**(#( !&%6!2!%'$&('%'%#(**!'&%2 #''  5' # ,5- HLM ! +( #%!!%+( !(#&#+#&%0!'0$&*$0!'0+'$< 6% (+6G*# # !<!( %  0+' "# #$ &#(# %' 0+' *!4 *%(#&#+# *+( !L#&#&%!B(M &+!##$0!'I&%6!2!&(6#(#6&($*+(6('%$&(*+%(B( &+!#$&(!(#&#+#&%!'!#$&(<&*&#"(
%''&#&%&%6!2!*%'"%(#!# !G+'&* 6(' % $&( *+%(B( ' &*&%#! !"%*  $ '&(#!&*# *+!# 6+(' &#( '&(*!#&% &%&"(&%2 !(#&#+#&%!'!#$##$*+!#($+'%#$<&"(' 0&#$ #$ &"&#' D%#&% #$# &# 2< $'&%6!2!B(*+%(!!46G*#'#&#%$'&(#!&*#*+!#6+('&#('&(*!#&%64 &&%2#*%(&'!'J+#4    #$ *#!( %*((!4 +%'! K@ &%!'!&%2&%6!2!#"/ +!(#&#+#&%#$&(<&*#&"((!(+#0"+(#!<!(#$!(#&#+#&%!'!%'!"%'##$'&(#!&*#*+!##%22&%"!D#%(&<&%J+&!4+%'! K@ 6 ! '#!"&%&%2 #$ !! "+%# !(#&#+#&%#$#&%6!2!"+(#4&%6!2!B(#$&!'*$%2#$&((%#%*&(6('%#$'&(#!&*#*+!#B(!'! !(#&#+#&%##$
	 !#$%*+%#  #D <(&% % 0$&*$ &%6!2! 0( *%<&*#'-&%6!2!0(*$!2'0&#$#D<(&%&%*%%*#&%0&#$$&( , '! &%*" #D !#+!%( =+%#( ?&%6!2!''2+%4#+%#5#$4!%'#$!"&%&%2 +!*+%#(0!'&("&(('$#D((!  0( C-,,,  $ '&(#!&*# *+!# !'!' ( *%'&#&%   (+!<&(' !( #$# &%6!2! 4CF,-5&%!(#&#+#&%##$
	#$"+%# #$###D(( !#$ &<4!(&%6!2!*%#%'(#$#6(%#(*& &*!<&(&%&%#$2!"%##4 +!(#&#+#&%+!(+%##>
	A--=?=?#$'&(#!&*#*+!#*+'%4!'!!(#&#+#&% !#$#D((!#'#+%#5$2<!%"%#*%*'(#$#&%6!2!&(*!!*#2!&%6!2!&(6#(#6&($  *&"  &% *#&< ((&(#%*   *+%( 0&#$!2!'##$&(&((+(+*$#$#$&(%#&#'#*#!!&+%'!A55#%4'(&%6!2!(#6&($!G+'&*6+#$(#6&($(*+((&%*$&(*+%(B(! !"%*0(' &*&%# &--
	#->F%''  5' # ,5- #$&( *+!# (##' #$# HLM! +(#%!!%+(!(#&#+#&%0!'0$&*$0!'0+'$<6%(+6G*##!<!(%0+'"##$ &#(# %' 0+' *!4 *%(#&#+# *+( !L#&#&%!B(M &+!##$0!'I
%#$&(*(%#%4 '&' &%6!2!B( #!& *+%( ! +( #  #$!!%+(!(#&#+#&%0!'6+#$*"+%''#$!6"&% (<! !(*#(  $ !(#&#+#&% **+#&% &%&%6!2!B(!(%#%*!!#&%*+''#$4!(,&%6!2!B(*+%(6G*#'##$&(**+#&%%#$6(&(#$#&%6!2!B(2+'&'%#&%*+'#$#D4!$&(6G*#&%!'#*%*'#$#�(!!#$#&%6!2!6!'!'#4!(#&#+#&% !#$#D4!(,$&(6G*#&%0(&%!!!&%6!2!''2+##D<(&%! !#$#D4!$! !%#%4($+'#$#D4!%#$<6%&%*+''&%#$!(#&#+#&%**+#&%6+##$4!(,5($+'%#$<6%&%*+''(0#&%6!2!B((%#%*&%2$!&%2&%6!2!B(#!&*+%(0&#$'!0#$&(!!%+(6G*#&%%#$6(&(#$#%+'�(6&%2!!'#'#!"&%#$5QRW REMHFWHG $Q H[WHQVLRQ RI WKH WHUPV RI SUREDWLRQ    LV QRWIDYRUDEOH WR WKH SHUVRQ IRU WKH SXUSRVHV RI WKLV UXOH&!*+&#(##'#	&2%!&0%##$#HL#M#$D#%##$#L#$' %'%#M&(*%*!%'#$##$!6#&%'!#"%#"46+(&#('2#'+#$!$"404(6!&%2#$!6#&%'!#"%#B(!'!(*%*!%&%2!(#&#+#&%##$##%#&% #$'&(#!&*#*+!#%'(/"'& &*#&% %4!'!I>5'#-55&%6!2!(*%#%'(#$##$'&(#!&*#*+!#&"!!4'2#'#$(*$'+&%2 $&(!(#&#+#&%4"%#(0$&&%!&(%64!'!&%2#$#HL#M$) %'%#($4!(#&#+#&%   #$!+2$ #$ +!+   @!&(%( 
%"# &%%*&(%(&6&@!2!"I$
@&(0!/!2!"&%(#&#+#'64#$+!+@!&(%(#%*+!2H*$(%#%*'&%"##"#$&(!$!2&#&"# &%%*&6&2#&%(I"#$ -5 ' > > =#$ &! >? =J+#&%2 5>A,?$!2!"0( !#$'<"%#   &%%*& %#$# 0(&%"#(# 4 %+"!#'6&2#&%((+*$(!(#&#+#&%4"%#(0$&&%*!*!#'=*&#&%25>A?#$+2$#$&(*+!#$(%#6%!(%#'0&#$#$&((+#$!*&!*+&#*+!#($<+$' #$ 
@ 2%!4 %' 2&%(# *%(#&#+#&% '+!*((*$%2(#=*&#&%2*((?$&%#''!((&%2 (*& &* *$%2( # #$ 
@ #$&( *+!# $(&"&*%'!('#$!2!",'->F-,=-#$&!?9, >F,  N >, # S =-#$ &! 	# 5>?<!*+!#($<!+'#$#'&(#!&*#*+!#B("%'##' %'%##!#&*&#&%#$
@&(%+%*%(#&#+#&%'2#&% +#$!.*+(4"%#(*$'+(+%'!#$@!%# &D'**!''#!'#!"&%' !"+6+#<!4##$'&(*!#&% !&(%(# 

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́)HGHUDO 5XOH RI &ULPLQDO 3URFHGXUH E VHWV IRUWK WKH SURFHGXUHVIRU PRGLILFDWLRQ RI SUREDWLRQ ,W VWDWHV$ KHDULQJ DQG DVVLVWDQFH RI FRXQVHO DUH UHTXLUHG EHIRUH WKH WHUPRU FRQGLWLRQV RI SUREDWLRQ   FDQ EH PRGLILHG XQOHVV WKH UHOLHIWR EH JUDQWHG WR WKH SHUVRQ RQ SUREDWLRQXSRQ WKH SHUVRQ¶VUHTXHVW RU WKH FRXUW¶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
	 A -?  ( #$ &%#$F"+%# &%6!2!B(#D&6&$'&(#!&*#*+!##$%!'!' #$# &%6!2! 4 #$ + "+%#   $&( #D&6& !#$4!(,&%6!2!B(*+%(%&#$!6G*#'##$&(!!%+(!(#&#+#&%!'!##$(%#%*&%2$!&%2 %! % '&!*#   
% !<&0&%2 &%6!2!B(A 55 "#&% #$ '&(#!&*# *+!# *%*+'' #$# 6*+(&%6!2!B(*+%(0&#$'!0$&(6G*#&%#$&((+0(%#!(!<' !'&!*#!*#!!<&0$ ' &*&%*&( &% #$ ! !"%*   &%6!2!B(*+%(%#%4"#6+#264%'#$(#%'!'(# !#$&%''#%4'&'&%6!2!B(*+%( &##$ !!%+( !'!   !(#&#+#&% # #$ 
	 6+# $*"+%''#$!6"64 &&%2%!!%+(6G*#&%##$ !(#&#+#&% **+#&% 0$&*$ $ #! 0&#$'!0 #(%#%*&%2  
  &%6!2!B( *+%( $' &'  !!6G*#&%##$!(#&#+#&%!'!=!*!& &'$&(!!%+(6G*#&%##$(%#%*&%2$!&%2?&%6!2!&/40+'$<!<&'+!#$!"!640&#$'!0&%2#$6G*#&%$'&' &&%6!2!B(*+%( &'#!(!<#$&((+! '&!*# !<&0  /% #2#$! #$ *#&%( &%6!2!B(*+%(0&#$!2!'##$&(*&"0!' &*&%#&%6!2! 0( !G+'&*' 64 $&( *+%(B( ' &*&%#! !"%*6*+($0(!'!'#4"%4+%'!%0!'#$#0+'%#6+$'& $&(*+%($'!!46G*#'#&#''5'#,5-
%5 ',F,> =-#$&!?#$&( *+!#&% (&"&! *#+(&#+#&%$'#$#H'&(#!&*#*+!#"4!'!' %'%##4 !(#&#+#&%*%'&#&%'+%(+!<&('!((4 !*!&"( 0$&*$#$' %'%#0(*#+4*$!2'%'*%<&*#'I%D*#&%##$&(&(!<&''&%> 
	 A --=?=? 0$&*$ +#$!&E( % 2!"%#6#0%#$!#&(#4!(#&#+#&% !!<%#*%'+*#%#&%*+''&%*$!2%'*%<&*#&%$2<!%"%#(##(#$#&#&%#%'' !#$'&(#!&*#*+!##62&<%#$'&(*!#&%# !'! &%6!2! # 4 #$ 
	 + !(#&#+#&% CF,-56+##$2!"%#'&'%#(*& &*4!<&'!(+*$!(#&#+#&%(!J+&!'64>
	A--=?=?(!(+##$!(#&#+#&%!'! CF,-5&(+#(&'#$>(##+#!4&"&#( >
	A--%'*%%'($+'6!"'&'+%'!A55*#!!& 5'#,>)&%6!2!B( &%!2+"%#&(#$##$'&(#!&*#*+!#!!'64'2#&%2#$(*& &*#!"( &%6!2!B(!(#&#+#&%&%(#"%#4"%#%##$+!+ @!&(%(%'#$%&#'	##(@!6#&% &*$'&(#!&*#*+!#!'!'#$#&%6!2!&""',!(#&#+#&% C5>55#$&( !+'<&*#&"(((+"&%2#$##$&("+%#0+'%#6&'&""'#$'&(#!&*#*+!# !'!' #$# &%6!2! "/ 4"%#( &%&#&4#$!+2$#$
%"#&%%*&(%(&6&@!2!"=
@?  #$ +!+   @!&(%( %' #$! #! **!'&%2 # %&%(#"%# % '<' 64&%6!2! %' $&( 
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�(&"!!#'2#' %'%#B((*$'+4"%#( +!(+%# #  !(#&#+#&% !'! 6+# !#$! &#*%(&'!' 0$#$!  ' %'%# 0( !!4 *' %!6#&%$! !00&(*& &*4''!((&%#+!%&%6!2!B( *%#%#&%(   &"!! '2#&% # $&(!6#&% &*!%'##$+!+ @!&(%(&%6!2! !2+( #$# #$ '&(#!&*# *+!# &"!!4'2#' +#$! # $&( !6#&%  &*! 64 !'!&%2 (*$'+ !(#&#+#&%4"%#(H**!'&%2#%&%(#"%#%'<'64#$) %'%#%'$&(!6#&% &*!I%#0!<&+(+%+6&($'&%&%(#$&(*+!#$($'#$#+%'!K@#$'&(#!&*#*+!#*%'2##!6#&% &*! #$ '#!"&%#&%   #$ H!#I   &%(#"%#!(#&#+#&%4"%#((%2(#$'&(#!&*#*+!#(#(#$##"+%#   !(#&#+#&% #$# "+(# 6 &'   !>5FN--#S=-#$&!1+4FF?9 #-5-NF5#S=-#$&!*#-?9#
,F'5>%5=#$&!F?9  
F ' -- -> % =#$ &! -?9!>>5'55-,=#$&!>?9>5'--5=#$&!>>?