Court Opinion

ID: 9889543
Source: CourtListenerOpinion
Date Created: 2023-10-10 17:02:49.900662+00
Date Added: 2024-06-11T12:40:42.216595
License: Public Domain

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1)HFG4<A<A:G;89<9G;E8@4A7E878G8E@<A4G<BAB9G;8+ ) 8C4EG@8AGB9B@@8E68
9B??BJ<A:G;89<A4?78G8E@<A4G<BA<AG;84AG<7H@C<A:7HGL<AI8FG<:4G<BAB968EG4<A
;4E7JBB7C?LJBB7CEB7H6GF9EB@G;8&8BC?8TF(8CH5?<6B9;<A4 2
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                                                          4G87%6GB58E        
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E8:BEL) #8A8:4M !8I<ABE:4A4A7?8K4A7E4 )4?M@4A78!<8998E
BE:4A&""B9s4F;<A:GBA  9BE&?4<AG<99"<AL<;8A:8A@CBEG4A7
KCBEGB "G7 BAFB?<74G87&?4<AG<99F4E4FG@8E<64AA6 4A7);4A7BA:
BAFB? BHEG$B                                                       &4:8 
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BA:94A:4L?8LsBB7B "G7 4A7BAFB?<74G87&?4<AG<99F4A7&?4<AG<99
AG8EI8ABEF8?G<6B "G7  <4K<A:FHA@CBEGKCBEGB "G7 A;H<B74
sBB7B "G7  <4K<A:8A:GBA:sBB7B "G7 "<AL<I8E:E88AsBB7B 
"G7 "<AL<?4EL&?LJBB7B "G7 "<AL<8A:F;8A:sBB7A7HFGELB "G7 
"<AL<H4F;8A:/BA:5<AsBB7B "G7 "<AL< <4;8sBB7A7HFGELB "G7 
"<AL<"<A;4<sBB7B "G7 "<AL<#<A:M;HsBB7B "G7 "<AL<)4A9BEGHA8
sBB7B "G7 '<A:74BBB74<G;@CBEG4A7KCBEGB "G7 );4A7BA:
'<F;4AAG8EA4G<BA4?*E47<A:B "G7 );4A:;4<HGHJBB7*E47<A:B "G7 
)H<A<A:&8A:K<4A:sBB7B "G7 )HD<4ABC8J4LAG8EA4G<BA4?*E478B 
"G7 )HM;BH%E<8AG4?E4:BA@CBEG4A7KCBEGB "G7 .HM;BHA789HsBB7
B "G7 .HM;BH <4A:L4A:sBB7A7HFGE<8FB "G7 .HM;BH"BA:LH4AsBB7
A7HFGELB "G7 .HM;BH&<A?<AAG8EA4G<BA4?*E478B "G7 .HM;BH);8A:C<A:
@CBEG4A7KCBEGB "G7 4A7.HM;BH*<@58EAG8EA4G<BA4?*E478B "G7 

  899E8L) $88?8L4A7)G8C;8As EBC;LHF6;?46>J8??""&B9s4F;<A:GBA
  9BEBAFB?<74G87&?4<AG<99F0;8=<4A:8;H4*@CBEGKCBEGB "G7 
<:;?4A7A7HFGE<8FA6  <4F;4A4?<AsBB7A7HFGELB "G7 4CCLsBB7
A7HFGE<4?EBHCB "G7  <4A:FH<:;BC8EF8EB "G7 )HD<4A/4BEHA
*E478B "G7 /4A:M;BH4ABIAG8EA4G<BA4?B "G7   AG8ECE<F8"<@<G87
8D<A:;<A49E<64BE8<:A*E478&BEGB "G7 &<M;BH <A);8A:/H4A
AG8EA4G<BA4?*E478B "G7 .HM;BH);H<J4A:K<A:*E47<A:B "G7 BF6B)G4E
AG8EA4G<BA4?B "G7 "<AL<<GLBA:94A: <AK<A6BAB@<6*E478B "G7 
"<AL<<GL);8AEH<AG8EA4G<BA4?*E478B "G7  <4A:FH'<4A=<HE8AAG8EA4G<BA4?
*E47<A:B "G7 4A7'<A:74B*BC&'AG8EA4G<BA4?BEC 
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  899E8L) E<@FBA4A7 <?? E4@8E#BJELE<@FBA&""B9s4F;<A:GBA
  9BEBAFB?<74G87&?4<AG<99F*4E464&46<9<6A6 4AHF4sBB7&EB7H6GF"G7 
BA64AABABECBE4G<BA7 5 4BA64AABA"H@58EB@C4AL45HJBB745<A8GEL
BECBE4G<BAB??4A7)BHG;J8FGAG8EA4G<BA4?A6 "<58EGLsBB7FAG8EA4G<BA4?
A6 $BEG;J8FG4E7JBB7FA6 (<6;@BA7AG8EA4G<BA4?BE8FG&EB7H6GF""
4A7+)&"/"" 
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*4E4! B:4AFF<FG4AG<E86GBE4A7)BFHA48)8A<BE*E<4?BHAF8?
B@@8E6<4?"<G<:4G<BAE4A6;<I<?<I<F<BA+ ) 8C4EG@8AGB9 HFG<68B9
s4F;<A:GBA  9BE898A74AG+A<G87)G4G8F s<G;G;8@BAG;85E<89J8E8
E<4A# BLAGBA&E<A6<C4?8CHGLFF<FG4AGGGBEA8L8A8E4?4A7&4GE<6<4# 
#64EG;L<E86GBE %96BHAF8?J4F)4I4AA4;( #4KJ8??GGBEA8L%99<68B9
G;8;<89BHAF8?9BE*E478A9BE68@8AG4A7B@C?<4A68+ ) 8C4EG@8AGB9
B@@8E68 
BAFB? BHEG$B                                                            &4:8
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*<@BG;L E<:;G5<?? 899E8L% E4A>)G8C;4A<8# 8??4A7?<M458G;) "88
s<?8L(8<A""&B9s4F;<A:GBA  9BE898A74AGAG8EI8ABEB4?<G<BA9BE4<E
*E478<A4E7JBB7&?LJBB7 

      ;B8EBI8F H7:8AG;8BHEGTFF<KG;BC<A<BA<AG;<F?<G<:4G<BAG;4G;4F

FC4AA87A84E?LF<KL84EFG;8BHEG9<A4??LFHFG4<AFB@@8E68TF78G8E@<A4G<BAF

6BA68EA<A:G;8<@CBEGB9;4E7JBB74A7786BE4G<I8C?LJBB74A768EG4<AI8A88E87

C4A8?F<AGBG;8+A<G87)G4G8F9EB@G;8&8BC?8TF(8CH5?<6B9;<A4Q;<A4R

FH5=86GGBG;89<A4?499<E@4G<I878G8E@<A4G<BA<A4A4AG<7H@C<A:7HGL<AI8FG<:4G<BA

5LG;8+ ) 8C4EG@8AGB9B@@8E68QB@@8E68R<A6?H7<A:4A<FFH8B99<EFG

<@CE8FF<BAE8:4E7<A:G;8<A6?HF<BAB968EG4<AIB?HAG4ELE8I<8J9<E@F<A4A4AG<

7H@C<A:7HGLBE78E )888EG4<A4E7JBB7&?LJBB7&EB7H6GF9EB@G;8&8BC?8TF

(8CH5?<6B9;<A4 87 (8:  8CTGB9B@@8E68$BI              9<A4?

78G8E@<A4G<BAB9F4?8F4G?8FFG;4A94<EI4?H84A79<A4?499<E@4G<I878G8E@<A4G<BAB9

6E<G<64?6<E6H@FG4A68F<AC4EG4F4@8A78787 (8:  8CTGB9B@@8E68

    4A    4@8A7879<A4?78G8E@<A4G<BAB9F4?8F4G?8FFG;4A94<EI4?H84A7

4AG<7H@C<A:BE78EQ%E78ER6B??86G<I8?LQ<A4?8G8E@<A4G<BARF884?FBFFH8F

4A786<F<BA#8@ 9BEG;8<A4?8G8E@<A4G<BAB9G;8AG<7H@C<A:HGL

AI8FG<:4G<BAB98EG4<A4E7JBB7&?LJBB7&EB7H6GF9EB@&8BC?8TF(8CH5?<6B9

;<A4Q<A4?#R$B   

          89BE8G;8BHEG4E8G;8<A4?(8FH?GFB9(878G8E@<A4G<BA&HEFH4AGGBBHEG
BAFB? BHEG$B                                                        &4:8

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(8@4A7Q<9G;(8@4A7(878G8E@<A4G<BAR$B           J;<6;G;8BHEG

BE78E87<A"<AL<;8A:8A@C KC B I +A<G87)G4G8FQ"<AL<;8A:8A,R

*33  )HCC 7         &?4<AG<99"<AL<;8A:8A@CBEGKCBEG

B Q"<AL<;8A:8AR7<7ABG9<?86B@@8AGF<AE8FCBAF8GBG;8<9G;(8@4A7

(878G8E@<A4G<BA BAFB?<74G87&?4<AG<99F0;8=<4A:8;H4*@CBEGKCBEG

B Q8;H4*R*4E464&46<9<6A6 Q*4E464R4A78?G<6B Q8?G<6R9<?87

G;8<E6B@@8AGF<AFHCCBEGB9G;8<9G;(8@4A7(878G8E@<A4G<BA 

      8;H4*9<?876B@@8AGF6B??86G<I8?LBA58;4?9B9<GF8?94A7<:;?4A7

A7HFGE<8FA6  <4F;4A4?<AsBB7A7HFGELB 4CCLsBB7A7HFGE<4?EBHC

B  <4A:FH<:;BC8EF8EB )HD<4A/4BEHA*E478B /4A:M;BH4ABI

AG8EA4G<BA4?B   AG8ECE<F8"G7 8D<A:;<A49E<64BE8<:A*E478&BEG

B &<M;BH <A);8A:/H4AAG8EA4G<BA4?*E478B .HM;BH);H<J4A:K<A:

*E47<A:B BF6B)G4EAG8EA4G<BA4?B "<AL<<GLBA:94A: <AK<A6BAB@<6

*E478B "<AL<<GL);8AEH<AG8EA4G<BA4?*E478B  <4A:FH'<4A=<HE8A

AG8EA4G<BA4?*E47<A:B 4A7'<A:74B*BC&'AG8EA4G<BA4?BEC @GF )HCC 

(8@4A78G8E@<A4G<BA8;4?9BAFB? &?F 18;H4*8G4? 2QG;88;H4*

B@@8AGFRBEQ8;H4*TF@GF R$B         

      *4E4649<?876B@@8AGF6B??86G<I8?LBA58;4?9B9<GF8?94A74AHF4sBB7

&EB7H6GF"G7 BA64AABABEC 7 5 4BA64AABA"H@58EB 45HJBB7

45<A8GELBEC B??4A7)BHG;J8FGAG8EA4G<BA4?A6 "<58EGLsBB7F
BAFB? BHEG$B                                                            &4:8

                                                                                     
AG8EA4G<BA4?A6 $BEG;J8FG4E7JBB7FA6 (<6;@BA7AG8EA4G<BA4?BE8FG

&EB7H6GF""4A7+)&"/"" BAFB? &?F T1*4E4648G4? 2@GF )HCC <9G;

(8@4A7(878G8E@<A4G<BAQG;8*4E464B@@8AGFRBEQ*4E464TF@GF R$B 

    

         8?G<69<?876B@@8AGF6B??86G<I8?LBA58;4?9B9<GF8?94A7A;H<B74sBB7

B 4E4FG@8E<64AA6  <4K<A:FHA@CBEGKCBEGB  <4K<A:8A:GBA:

sBB7B "<AL<I8E:E88AsBB7B "<AL<?4EL&?LJBB7B "<AL< <4;8

sBB7A7HFGELB "<AL<"<A;4<sBB7B "<AL<8A:F;8A:sBB7A7HFGELB 

"<AL<H4F;8A:/BA:5<AsBB7B "<AL<#<A:M;HsBB7B "<AL<)4A9BEGHA8

sBB7B '<A:74BBB74<G;@CBEGKCBEGB );4A:;4<HGHJBB7*E47<A:

B );4A7BA:'<F;4AAG8EA4G<BA4?*E47<A:B )H<A<A:&8A:K<4A:sBB7B 

)HD<4ABC8J4LAG8EA4G<BA4?*E478B )HM;BH%E<8AG4?E4:BA@CBEG

KCBEGB .HM;BHA789HsBB7B .HM;BH <4A:L4A:sBB7A7HFGE<8FB 

.HM;BH"BA:LH4AsBB7A7HFGELB .HM;BH&<A?<AAG8EA4G<BA4?*E478B 

.HM;BH);8A:C<A:@CBEGKCBEGB 4A7.HM;BH*<@58EAG8EA4G<BA4?*E478

B BAFB? )8C4E4G8(4G8&?F T(8C?L@GF )HCC <9G;(8@4A7(878G8E@<A4G<BA

QG;88?G<6B@@8AGFRBEQ8?G<6TF@GF R$BF     

         *;8BHEGE898EF6B??86G<I8?LGBG;8ABA8K4@<A87C4EG<8FG;4G9<?87G;8

8;H4*B@@8AGFG;8*4E464B@@8AGF4A7G;88?G<6B@@8AGF4FG;8

Q)8C4E4G8(4G8&?4<AG<99F R
BAFB? BHEG$B                                                              &4:8

                                                                                           
         BAFB?<74G87&?4<AG<99F"<AL<)4A9BEGHA8sBB7B "G7 Q)4A9BEGHA8

sBB7R4A7.HM;BH"BA:LH4AsBB7A7HFGELB "G7 Q"BA:LH4AsBB7R9<?87

F8C4E4G86B@@8AGF<ABCCBF<G<BAGBG;8<9G;(8@4A7(878G8E@<A4G<BA 

1)4A9BEGHA8sBB7TF4A7"BA:LH4AsBB7TF2@GF %CCTA<9G;(8@4A7

(878G8E@<A4G<BAQ)4A9BEGHA8sBB7TF4A7"BA:LH4AsBB7TF@GF R$B 

    

         898A74AG+A<G87)G4G8FQ898A74AGR9<?87<GF6B@@8AGF<AFHCCBEGB9G;8

<9G;(8@4A7(878G8E@<A4G<BA 89 TF@GF )HCC (8@4A7(878G8E@<A4G<BA

Q89 TF@GF R$B          

         898A74AGAG8EI8ABEB4?<G<BA9BE4<E*E478<A4E7JBB7&?LJBB7

Q898A74AGAG8EI8ABERBEQG;8B4?<G<BAR9<?876B@@8AGF<ABCCBF<G<BAGB4A7<A

FHCCBEGB9G;8<9G;(8@4A7(878G8E@<A4G<BA 189 AG8EI TF2@GF %CCTA

B@@8E68TF<9G;(8@4A7(878G8E@<A4G<BAQ89 AG8EI TF%CCTA@GF R

$B      189 AG8EI TF2@GF )HCC B@@8E68TF<9G;(8@4A7(878G8E@<A4G<BA

Q89 AG8EI TF)HCC @GF R$B        

         9G8EBE4?4E:H@8AGJ4F;8?7BA H?L         G;8BHEG<AI<G87G;8&4EG<8F

GB9<?8CBFGBE4?4E:H@8AG?8GG8EF477E8FF<A:G;8<FFH8B9E8BC8A<A:G;8E86BE7 %E4?

E:H@8AG H?L         $B  %E78E H?L         $B   

&?4<AG<99898A74AGAG8EI8ABE4A7BAFB?<74G87&?4<AG<99F8;H4**4E4644A7

8?G<69<?87G;8<ECBFGBE4?4E:H@8AG?8GG8EF 1BAFB? &?F 8;H4*TF2(8FC 
BAFB? BHEG$B                                                            &4:8

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BHEGTFAI<G4G<BA)H5@<G&BFGE:H@8AG"8GG8EQ8;H4*TF)HCC? "8GG8ER

$B   1&? TF4A7BAFB? &?F 8?G<6TF2&BFG%E4?E:H@8AG"8GG8E

Q8?G<6TF)HCC? "8GG8ER$B   1BAFB? &?F *4E464TF2(8FC BHEGTF

AI<G4G<BA)H5@<G&BFGE:H@8AG"8GG8EQ*4E464TF)HCC? "8GG8ER$B   

89 AG8EI TF)HCC? @GF Q89 AG8EI TF)HCC? "8GG8ER$B   

898A74AG7<7ABG9<?84CBFGBE4?4E:H@8AG?8GG8E )4A9BEGHA8sBB74A7

"BA:LH4AsBB77<7ABG9<?8F8C4E4G8CBFG4E:H@8AG?8GG8EF5HGJ8E8<A6?H787<A

8?G<6TFCBFG4E:H@8AG?8GG8E )888?G<6TF)HCC? "8GG8E 4G A   

      BEG;8E84FBAF7<F6HFF8758?BJG;8BHEGFHFG4<AFB@@8E68TF<9G;

(8@4A7(878G8E@<A4G<BA 

                                   

      *;8BHEGE8I<8JFG;89B??BJ<A:<FFH8F

         s;8G;8EB@@8E68TFF8C4E4G8E4G89BEG;8ABA8K4@<A876B@C4A<8FG;4G

          J8E8:E4AG87F8C4E4G8E4G8FG4GHF<F<A466BE74A68J<G;?4J4A7

         s;8G;8EB@@8E68TF78G8E@<A4G<BAFGB8K6?H788;H4*4A7

           <4A:L4A:sBB79EB@G;8%E78E4A7GB<A6?H78)4A9BEGHA8sBB74A7

          "BA:LH4AsBB7<AG;8%E78E4E8<A466BE74A68J<G;?4J 

                                      

      *;8BHEGCE8FH@8F94@<?<4E<GLJ<G;G;8HA78E?L<A:946GF4A7CEB687HE4?

;<FGBELB9G;<F64F84A7E86<G8FG;8946GFE8?8I4AGGBG;8BHEGTFE8I<8JB9G;8<9G;
BAFB? BHEG$B                                                              &4:8

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(8@4A7(878G8E@<A4G<BA )88"<AL<;8A:8A@C KC B I +A<G87)G4G8F

Q"<AL<;8A:8AR*3333  )HCC 7           O      "<AL<

;8A:8A@C KC B I +A<G87)G4G8FQ"<AL<;8A:8AR*3333

 )HCC 7          O      "<AL<;8A:8A@C KC B I +A<G87

)G4G8FQ"<AL<;8A:8AR*3333 )HCC 7  O

        "<AL<;8A:8A@C KC B I +A<G87)G4G8FQ"<AL<;8A:8A,R

*3333 )HCC 7          O     "<AL<;8A:8A,*4G

33  )HCC 74G O 

         B@@8E68<A<G<4G874A4AG<7H@C<A:<AI8FG<:4G<BA49G8EE8I<8J<A:4A

4AG<7H@C<A:7HGLC8G<G<BAFH5@<GG875L898A74AGAG8EI8ABE )888EG4<A

4E7JBB7&?LJBB7&EB7H6GF9EB@G;8&8BC?8TF(8CH5?<6B9;<A4 87 (8: 

      8CTGB9B@@8E6886         <A<G<4G<BAB9?8FFG;4A94<EI4?H8

<AI8FG<:4G<BA89 AG8EI TF&8GF @CBF<G<BAAG<7H@C<A:BHAG8EI4<?<A:HG<8F

Q&8G<G<BAR$BI        &( O( *;8&8G<G<BA6BAG4<A87CE<68DHBG8F

    QGJBB998EF9BEF4?89BE;4E7JBB7C?LJBB7CEB7H687<A1;<A429EB@4

;<A8F88KCBEG8ER4FG;854F<F9BE<GF8FG<@4G877H@C<A:@4E:<AFE4A:<A:9EB@

      GB       )88<7 4G    O  B@@8E684668CG874CC?<64G<BAF

9EB@8KCBEG8EF4A7CEB7H68EFF88><A:GBB5G4<AF8C4E4G8E4G8FG4GHF<AG;8

<AI8FG<:4G<BAQF8C4E4G8E4G84CC?<64G<BAFRGB4IB<7G;86BHAGELJ<787H@C<A:

@4E:<A5864HF8G;8<AI8FG<:4G<BA<AIB?I87CEB7H6GF9EB@;<A44ABA@4E>8G
BAFB? BHEG$B                                                              &4:8

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86BAB@L )88<7 4G          

      AG;8&E8?<@<A4EL8G8E@<A4G<BAB@@8E68F8?86G87BAFB?<74G87&?4<AG<99

);4A7BA:BA:94A:4L?8LsBB7Q4L?8LR4A7"<AL<;8A:8A4FG;8BA?L

@4A74GBELE8FCBA78AGF<AG;8<AI8FG<:4G<BA )888EG4<A4E7JBB7&?LJBB7

&EB7H6GF9EB@G;8&8BC?8TF(8CH5?<6B9;<A4 87 (8:   8CTGB9

B@@8E68 HA8          CE8?<@<A4EL499<E@4G<I878G8E@<A4G<BAB9F4?8F4G?8FF

G;4A94<EI4?H8CE8?<@<A4EL499<E@4G<I878G8E@<A4G<BAB96E<G<64?6<E6H@FG4A68F<A

C4EG4F4@8A787 87 (8:  8CTGB9B@@8E68 H?L           

4@8A787CE8?<@<A4EL78G8E@<A4G<BAB9F4?8F4G?8FFG;4A94<EI4?H86B??86G<I8?L

Q&E8?<@<A4EL8G8E@<A4G<BARF884?FB86<F<BA#8@ &E8?<@ 8G8E@<A4G<BA

AG<7H@C<A:HGLAI8FG<:4G<BAB98EG4<A4E7JBB7&?LJBB7&EB7H6GF9EB@G;8

&8BC?8TF(8CH5?<6B9;<A4Q&E8?<@ #R4G&( )8I8A6B@C4A<8F9<?87

E8DH8FGF9BEGE84G@8AG4FIB?HAG4ELE8FCBA78AGF5HGB@@8E687<7ABGF8?86G4AL

IB?HAG4ELE8FCBA78AGF )88&E8?<@ #4G<A4?#4GO)8?86G<BAB9

,B?HAG4EL(8FCBA78AG#8@ CE           &( 

      AG;8<A4?8G8E@<A4G<BAB@@8E684CC?<87<GF<AG8E@87<4G8<ACHG

@8G;B7B?B:LGBI4?H8"<AL<;8A:8ATF?B:<ACHGF49G8E78G8E@<A<A:G;4G"<AL<

                            

 <G4G<BAF4E8GBG;8CH5?<6E86BE7Q&(R6BA9<78AG<4?E86BE7Q(RCH5?<69<9G;
E8@4A7E86BE7Q&((R4A76BA9<78AG<4?9<9G;E8@4A7E86BE7Q((R7B6H@8AG
AH@58EF9<?87<AG;<F64F8 $BF                 
      
BAFB? BHEG$B                                                         &4:8     

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;8A:8ATF?B:IB?H@8E8CBEG<A:@8G;B7FJ8E8<A;8E8AG?L<@CE86<F8 <A4?

8G8E@<A4G<BA 87 (8: 4G <A4?#4G  I4?H<A:I8A88EF

<AFG847B9?B:F4FG;8<ACHGHF87GBCEB7H68;4E7JBB7C?LJBB7 B@@8E68

FG4G87G;4G<GJ4FHA45?8GBI8E<9L"<AL<;8A:8ATFE8CBEG87?B:6BAFH@CG<BA

4:4<AFG4ALG;<E7C4EGLFBHE68FFH6;4FFHCC?<8E<AIB<68F <A4?#4G  4F87

BAB@@8E68TF4CC?<64G<BAB9G;8<AG8E@87<4G8<ACHG@8G;B7B?B:LB@@8E68

64?6H?4G8747H@C<A:@4E:<AE4G8B9  9BE"<AL<;8A:8A <A4?

8G8E@<A4G<BA 87 (8: 4G B@@8E684CC?<87"<AL<;8A:8ATF

@4E:<AB9  4FG;8F8C4E4G8E4G89BEG;8ABA8K4@<A876B@C4A<8FG;4GJ8E8

:E4AG87F8C4E4G8E4G8FG4GHFQ4??BG;8EFF8C4E4G8E4G8RJ;<6;J4F4FF<:A87GBG;8

)8C4E4G8(4G8&?4<AG<99F 7 <A4?#4G 

        A"<AL<;8A:8AG;<FBHEGHC;8?7G;84CC?<64G<BAB947I8EF8946GF

4I4<?45?84:4<AFG4L?8L4A7E8@4A787J<G;E8FC86GGBB@@8E68TF64?6H?4G<BAB9

"<AL<;8A:8ATF7H@C<A:@4E:<AE4G8<AFGEH6G<A:B@@8E68GBE86BAF<78EG;8

466HE46LB9"<AL<;8A:8ATF?B:6BAFH@CG<BA64?6H?4G<BAF4A7G;84??BG;8EF

F8C4E4G8E4G84CC?<87GBG;8)8C4E4G8(4G8&?4<AG<99F54F87BA4AL6;4A:8FGB"<AL<

;8A:8ATF@4E:<ABAE8@4A7 "<AL<;8A:8A*4G33  )HCC 74G

     

        A"<AL<;8A:8AG;<FBHEGE8@4A7879BEB@@8E68GB4668CG

7B6H@8AGFB998E875L"<AL<;8A:8A<ABE78EGBCEBI<784@BE86B@C?8G8E86BE7
BAFB? BHEG$B                                                          &4:8    

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BAJ;<6;GB54F8B@@8E68TFE84FBA<A: "<AL<;8A:8A*4G33 

)HCC 74G      *;8BHEGABG87<A"<AL<;8A:8AG;4GB@@8E68F;BH?7

E86BAF<78E<GF4CC?<64G<BAB9G;8<AG8E@87<4G8<ACHG@8G;B7B?B:L4668CGG;8

CE8I<BHF?LE8=86G877B6H@8AGFG;4G"<AL<;8A:8ACE8F8AG874GI8E<9<64G<BA4A7

@4>84CCEBCE<4G847=HFG@8AGFGBG;8F8C4E4G8E4G8FB9BG;8EC4EG<8F<9B@@8E68

@4786;4A:8FGB"<AL<;8A:8ATF7H@C<A:@4E:<ABAE8@4A7 7 4G33 

)HCC 74G      

        AG;8)86BA7(8@4A7(878G8E@<A4G<BAB@@8E684668CG87"<AL<

;8A:8ATFI8E<9<64G<BA7B6H@8AGF78G8E@<A87G;4G"<AL<;8A:8ATFE8CBEG87?B:

IB?H@8FJ8E8466HE4G84A77<7ABG4CC?LG;8<AG8E@87<4G8<ACHG@8G;B7B?B:LGB

64?6H?4G8"<AL<;8A:8ATF7H@C<A:@4E:<AF "<AL<;8A:8A*4G33

 )HCC 74G F884?FB<A4?(8FH?GFB9(878G8E@<A4G<BA&HEFH4AGGBBHEG

(8@4A7%E78E19BE)?<C%C            2Q)86BA7(8@4A7(878G8E@<A4G<BAR

$B           B@@8E684CC?<87<GFABE@4?@8G;B7B?B:LGBI4?H84??946GBEF

B9CEB7H6G<BAHF87<A846;FG4:8B9CEB7H6G<BA7<7ABG4CC?L47I8EF8946GF

4I4<?45?8GB"<AL<;8A:8A4A7E8I<F87"<AL<;8A:8ATF7H@C<A:@4E:<A9EB@

     GB  *4G33 )HCC 74G  B@@8E684CC?<87

47I8EF8946GF4I4<?45?8GB4L?8L49G8E78G8E@<A<A:G;4G<GJ4F4;<A4J<788AG<GL

4A7<@CBF874A47I8EF8946GF4I4<?45?87H@C<A:@4E:<AE4G8Q7H@C<A:

@4E:<AE4G8RBEQE4G8RB9          9BE4L?8L 7 B@@8E68E864?6H?4G87
BAFB? BHEG$B                                                         &4:8     

                                                                                      
G;8)8C4E4G8(4G8&?4<AG<99FT7H@C<A:@4E:<AE4G85L4I8E4:<A:"<AL<;8A:8ATF

    E4G84A74L?8LTF     E4G8E8FH?G<A:<A4E8I<F877H@C<A:@4E:<AB9

 9BEG;8)8C4E4G8(4G8&?4<AG<99F 7 4G33 )HCC 74G  

        A"<AL<;8A:8AG;8BHEGFHFG4<A874FE84FBA45?84A7FHCCBEG875L

FH5FG4AG<4?8I<78A68B@@8E68TF78G8E@<A4G<BAG;4G"<AL<;8A:8ATF7H@C<A:

@4E:<AJ4F 5HGE8@4A7879BEB@@8E68GBE86BAF<78EG;84??BG;8EFF8C4E4G8

E4G8B9  )88<7 4G33 )HCC 74G  *;<FBHEGE8?<87BA

/4A:M;BH8FGC4><9GFE49GFB I +A<G87)G4G8FQ/4A:M;BH8FGC4>R 

 7  87 <E       ;B?7<A:G;4GB@@8E68TF78G8E@<A4G<BAB9G;84??

BG;8EFF8C4E4G8E4G8B9 9BEG;8IB?HAG4EL9H??L6BBC8E4G<A:)8C4E4G8(4G8

&?4<AG<99F5LHF<A:G;8F<@C?84I8E4:8B9"<AL<;8A:8ATF E4G84A74L?8LTF

E4G8B9       J4FHAE84FBA45?84F4CC?<874A7E8@4A7879BEB@@8E68

GBE86BAF<78EBECEBI<78477<G<BA4?8I<78A68 7 4G33 )HCC 74G O

 *;8BHEGABG87G;4GB@@8E686E84G87<GFBJACEB5?8@J;8A<GF8?86G87BA?L

GJB@4A74GBELE8FCBA78AGFJ;<6;E8FH?G87<A@<A<@4?<A9BE@4G<BABAG;8E86BE7

GBFHCCBEG<GF4FF8EG<BAFE8:4E7<A:G;8CBG8AG<4?7H@C<A:@4E:<AFB9G;8)8C4E4G8

(4G8&?4<AG<99F 7 4G33 )HCC 74G  *;8BHEG4?FB9BHA7G;4GG;8

@4E:<AFB9       4A7     6BAG4<A87<AG;8&8G<G<BA7<7ABGCEBI<78FHCCBEG

9BEG;84FF8EG<BAG;4GG;8)8C4E4G8(4G8&?4<AG<99FT7H@C<A:@4E:<AF4E87<998E8AG

G;4A"<AL<;8A:8ATF E4G85864HF8G;8@4E:<AF<AG;8&8G<G<BA4E8QHAG8G;8E87R
BAFB? BHEG$B                                                          &4:8 

                                                                                      
GBG;846GH4?7H@C<A:@4E:<AFB9G;8)8C4E4G8(4G8&?4<AG<99F 7 *;8BHEG

6BA6?H787G;4GB@@8E6894<?87GB6<G84AL6E87<5?886BAB@<68I<78A68BAG;8

E86BE7F;BJ<A:G;4GG;8)8C4E4G8(4G8&?4<AG<99FT7H@C<A:@4E:<AF4E87<998E8AG

G;4A"<AL<;8A:8ATF E4G8BE6BAA86G<A:G;8)8C4E4G8(4G8&?4<AG<99FT7H@C<A:

@4E:<AFJ<G;G;8E4G8B9 G;4GJ4F78E<I879EB@G;84I8E4:8B9"<AL<

;8A:8ATF 4A74L?8LTFE4G8B9            7 4G33 )HCC 74G

     

         AG;8*;<E7(8@4A7(878G8E@<A4G<BAB@@8E684:4<A4CC?<87Q4AL

E84FBA45?8@8G;B7R4A764?6H?4G87G;84??BG;8EFF8C4E4G8E4G8B9 5LHF<A:

G;8F<@C?84I8E4:8B9"<AL<;8A:8ATF E4G84A74L?8LTFE4G8B9

        "<AL<;8A:8A,*4G33 )HCC 74G     F884?FB<A4?

(8FH?GFB9(878G8E@<A4G<BAGBBHEG(8@4A7%E78E19BE)?<C%C   2Q*;<E7

(8@4A7(878G8E@<A4G<BAR$B     B@@8E68E8I<8J874F<A:?8

6B@@8E6<4?<AIB<684A778G8E@<A87G;4GG;84CCEBK<@4G8?L        7<998E8A68

58GJ88AG;8CE<68FB9G;8&8G<G<BA)8C4E4G8(4G8CC?<64G<BA4A7"<AL<;8A:8A

FHCCBEG87B@@8E68TF4CC?<64G<BAB94 4??BG;8EFF8C4E4G8E4G8GBG;8

)8C4E4G8(4G8&?4<AG<99F *4G33 )HCC 74G     

         A"<AL<;8A:8A,G;8BHEG6BA6?H787G;4GB@@8E68E84FBA45?L

FHCCBEG87<GF78G8E@<A4G<BAGB78C4EG9EB@G;88KC86G87@8G;B7<A78G8E@<A<A:G;8

4??BG;8EFF8C4E4G8E4G85864HF8"<AL<;8A:8ATF E4G8JBH?7ABG58E89?86G<I8B9
BAFB? BHEG$B                                                         &4:8 

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G;8CBG8AG<4?7H@C<A:@4E:<AF5HGE8@4A7879BEB@@8E68GBE86BAF<78EG;84??

BG;8EFF8C4E4G8E4G8B9  7 4G33 )HCC 74G    *;8BHEG

4:4<AE8?<87BA/4A:M;BH8FGC4>4A76BA6?H787G;4GG;8 E4G854F87BA

G;8F<@C?84I8E4:8B9"<AL<;8A:8ATF 4A74L?8LTFE4G8B9            

4CC?<87GBG;8IB?HAG4EL9H??L6BBC8E4G<A:)8C4E4G8(4G8&?4<AG<99FJ4F

HAE84FBA45?84F4CC?<87 7 4G33 )HCC 74G   O *;8BHEGABG87

G;4GB@@8E68J4FFG<??E8DH<E87GB4FF<:A7H@C<A:@4E:<AF4F466HE4G8?L4F

CBFF<5?84A7G;4GB@@8E686<G874FE86BE78I<78A68BA?LBA86B@@8E6<4?<AIB<68

F;BJ<A:G;8CE<687<998E8A68B9   58GJ88AG;8CE<68FB9G;8&8G<G<BA)8C4E4G8

(4G8CC?<64G<BA4A7"<AL<;8A:8A 7 *;<FBHEGFG4G87G;4GB@@8E68

46>ABJ?87:87G;4GG;8E86BE7CEBI<787ABBCCBEGHA<GL9BEB@@8E68GB>ABJBE

GB64?6H?4G8G;846GH4?7H@C<A:@4E:<AFB9G;8)8C4E4G8(4G8&?4<AG<99F 7 *;8

BA?LFH5FG4AG<4G874A764?6H?4G8754F<F9BE47H@C<A:@4E:<ABAG;8E86BE7J4F

"<AL<;8A:8ATF @4E:<A 7 *;8BHEGE8@4A7874:4<A5864HF8B@@8E68

6<G874FE86BE78I<78A68BA?LBA86B@@8E6<4?<AIB<68F;BJ<A:4A4CCEBK<@4G8?L

    CE<687<998E8A684A76BA6?H787G;4GB@@8E68TF 4??BG;8EFF8C4E4G8

E4G84FF<:A87GBG;8IB?HAG4EL9H??L6BBC8E4G<A:)8C4E4G8(4G8&?4<AG<99FJ4FABG

E84FBA45?8BEFHCCBEG875LFH5FG4AG<4?8I<78A68 7 

       AG;8BHEG;(8@4A7(878G8E@<A4G<BAB@@8E684CC?<87Q4ALE84FBA45?8

@8G;B7R4A74:4<A64?6H?4G87G;84??BG;8EFF8C4E4G8E4G8B9 5LHF<A:G;8
BAFB? BHEG$B                                                           &4:8 

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F<@C?84I8E4:8B9"<AL<;8A:8ATF E4G84A74L?8LTFE4G8B9              

"<AL<;8A:8A,*4G33  )HCC 74G F884?FB<A4?(8FH?GFB9

(878G8E@<A4G<BA&HEFH4AGGBBHEG(8@4A7%E78E19BE)?<C%C              2QBHEG;

(8@4A7(878G8E@<A4G<BAR$B               

      A"<AL<;8A:8A,G;8BHEGE8@4A7879BEB@@8E68GBE86BAF<78E<GF

64?6H?4G<BAB94A4??BG;8EFF8C4E4G8E4G8B9  *4G33  )HCC 7

4G   *;8BHEG4:4<AE8?<87BA/4A:M;BH8FGC4><AJ;<6;B@@8E68

64?6H?4G87G;84??BG;8EFF8C4E4G8E4G8@4E:<AB9/4A:M;BH8FGC4><9GFE49GF

B Q8FGC4>R5LHF<A:G;8F<@C?84I8E4:8B94AE4G84A74              E4G8

F<@<?4EGBG;8946GF<AG;<F64F8 7 4G33  )HCC 74G    O   *;<FBHEG

9BHA7F<@<?4E<G<8F58GJ88AG;<F64F84A7/4A:M;BH8FGC4><AJ;<6;G;8+ ) 

BHEGB9CC84?F9BEG;8878E4?<E6H<GQR;8?7G;4GFH5FG4AG<4?8I<78A68

7<7ABGFHCCBEGB@@8E68TF4??BG;8EFF8C4E4G8E4G864?6H?4G<BA4A7G;4GG;8F<@C?8

4I8E4:<A:B94AE4G84A74           E4G8J8E8HAE84FBA45?84F4CC?<87GB

9H??L6BBC8E4G<A:F8C4E4G8E4G8E8FCBA78AGF 7 4G33  )HCC 74G       

*;<FBHEGABG87G;4GG;89BHA7<A/4A:M;BH8FGC4>G;4G<GJ4FHA94<E4A7

C8E;4CFCHA<G<I8GB4FF<:A49H??L6BBC8E4G<A:F8C4E4G8E4G8E8FCBA78AG4@4E:<A

G;4GJ4FBA8;4?9B9G;8;<A4J<788AG<GLE4G8P4E4G8E8F8EI879BEG;BF88AG<G<8F

CE8FH@87GB58HA78E9BE8<:A:BI8EA@8AG6BAGEB? 7 *;<FBHEG4?FBFG4G87G;4G

G;8<A/4A:M;BH8FGC4>E8=86G87B@@8E68TF6?4<@G;4GG<@86BAFGE4<AGF
BAFB? BHEG$B                                                           &4:8 

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CE86?H787<G9EB@<AI8FG<:4G<A:@BE8G;BEBH:;?L4A7G;89BHA7ABFG4GHGBEL

BE64F8?4JFHCCBEG9BEG;8CEBCBF<G<BAG;4G?<@<G87E8FBHE68FBEFG4GHGBELG<@8

6BAFGE4<AGF64ABI8EE<7894<EA8FF4A7466HE46L 7 4G33  )HCC 74G        O

     *;<FBHEG6BA6?H787G;4GG;8F8C4E4G8E4G84FF<:A87GBG;8IB?HAG4EL9H??L

6BBC8E4G<A:)8C4E4G8(4G8&?4<AG<99FJ4FHAE84FBA45?84F4CC?<875864HF8<GJ4F

BA8;4?9B9G;8E4G8@4><A:<GHA94<E4A7HA7H?LCHA<G<I84A7G;8BHEG

<AFGEH6G87B@@8E68GBE86BAF<78EG;84??BG;8EFF8C4E4G8E4G86BAF<FG8AGJ<G;<GF

BC<A<BA<A6?H7<A:J;8G;8EBG;8E8I<78A68BAG;8E86BE7FHCCBEG874?BJ8EE4G8 

7 4G33  )HCC 74G  O  *;8BHEG4?FB6BA6?H787G;4G5864HF8

B@@8E68F8?86G<I8?L4A4?LM87G;8<AIB<6874G4J;<?8<:ABE<A:BG;8ECBG8AG<4??L

6BAGE4ELE86BE78I<78A68B@@8E68TF78G8E@<A4G<BAJ4FABGFHCCBEG875L

FH5FG4AG<4?8I<78A68 7 4G33  )HCC 74G   *;8BHEG47I<F87

B@@8E68GBABGFH5@<GG;8F4@8 4??BG;8EFF8C4E4G8E4G89BEE8I<8J

J<G;BHGA8JFH5FG4AG<4?8I<78A68<AFHCCBEG4FG;<FE4G8J4FHAE84FBA45?84F

4CC?<87GB9H??L6BBC8E4G<A:E8FCBA78AGF 7 

         AG;8<9G;(8@4A7(878G8E@<A4G<BAB@@8E684FF<:A87"<AL<;8A:8ATF

4AG<7H@C<A:7HGL@4E:<AB9 GBG;8)8C4E4G8(4G8&?4<AG<99FHA78ECEBG8FG4A7

8KC?4<A87G;4GB@@8E68JBH?78K6?H789EB@G;8%E78EIB?HAG4EL4CC?<64AGFJ;B

FH5@<GG874??<A<G<4?E8FCBAF8FJ;<?8<A6?H7<A:<AG;8%E78EIB?HAG4EL4CC?<64AGF

J;B94<?87GBFH5@<G4??<A<G<4?E8FCBAF8FBAG<@8 <9G;(8@4A7(878G8E@<A4G<BA
BAFB? BHEG$B                                                              &4:8 

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4G   O         

                             !"

          *;8+ ) BHEGB9AG8EA4G<BA4?*E478;4F=HE<F7<6G<BAHA78E + )  

N  44 <4A7 + )  N  6J;<6;:E4AGG;8BHEG4HG;BE<GLGB

E8I<8J46G<BAF6BAG8FG<A:G;89<A4?E8FH?GFB94A47@<A<FGE4G<I8E8I<8JB94A

4AG<7H@C<A:7HGLBE78E *;8BHEGF;4??;B?7HA?4J9H?4AL78G8E@<A4G<BA9BHA7GB

58HAFHCCBEG875LFH5FG4AG<4?8I<78A68BAG;8E86BE7BEBG;8EJ<F8ABG<A

466BE74A68J<G;?4J  + )  N  45 < *;8BHEGE8I<8JF

78G8E@<A4G<BAF@478BAE8@4A79BE6B@C?<4A68J<G;G;8BHEGTFE8@4A7BE78E 

7B6);E<@C*E4786G<BAB@@ I +A<G87)G4G8F*    

)HCC  7                    499T7    7 87 <E     

                                              

                   (*%.3%/(813s

          B@@8E68<F4HG;BE<M875LFG4GHG8GB64?6H?4G84A7<@CBF847H@C<A:

@4E:<ABA<@CBEG87FH5=86G@8E6;4A7<F849G8E78G8E@<A<A:G;4G<G<FFB?7<AG;8

+A<G87)G4G8F4G?8FFG;4A94<EI4?H8  + )  N  B@@8E6878G8E@<A8F4A

8FG<@4G87J8<:;G874I8E4:87H@C<A:@4E:<A9BE846;<A7<I<7H4??L8K4@<A87

8KCBEG8E4A7CEB7H68E4A7BA84??BG;8EFF8C4E4G8E4G89BEABA8K4@<A87

6B@C4A<8F  + )  N 76  *;8;4FHC;8?7B@@8E68TF

E8?<4A68BAG;<F@8G;B79BE78G8E@<A<A:G;88FG<@4G874??BG;8EFF8C4E4G8E4G8<A
BAFB? BHEG$B                                                            &4:8 

                                                                                          
N 76J;8AQ78G8E@<A<A:G;8F8C4E4G8E4G89BE8KCBEG8EF4A7CEB7H68EF

9EB@1ABA@4E>8G286BAB@<8FG;4G78@BAFGE4G8G;8<E<A78C8A78A689EB@G;8

:BI8EA@8AG5HGG;4G4E8ABG<A7<I<7H4??L<AI8FG<:4G87 R;4A:M;BH4J7?BBE<A:

B I +A<G87)G4G8FQ;4A:M;BH4J7,R 7                 O   87 <E 

    6<G<A:?58@4E?8BEC )H5F<7<4E<8FI +A<G87)G4G8FQ?58@4E?8

BEC R    7  87 <E         

      *;8:8A8E4?FG4GHGBELEH?89BE64?6H?4G<A:G;84??BG;8EFF8C4E4G8E4G8<FGB

J8<:;G4I8E4:8G;88FG<@4G87J8<:;G874I8E4:87H@C<A:@4E:<AF8FG45?<F;879BE

8KCBEG8EF4A7CEB7H68EF<A7<I<7H4??L<AI8FG<:4G878K6?H7<A:4ALM8EB4A7

       @4E:<AF4A74AL@4E:<AF78G8E@<A878AG<E8?LBAG;854F<FB9946GF

4I4<?45?8<A6?H7<A:47I8EF8946GF4I4<?45?8  + )  N 76 9G;8

8FG<@4G87J8<:;G874I8E4:87H@C<A:@4E:<AF8FG45?<F;879BE4??8KCBEG8EF4A7

CEB7H68EF<A7<I<7H4??L<AI8FG<:4G874E8M8EBBE         BE4E878G8E@<A87

8AG<E8?LHA78E + )  N 8B@@8E68@4L<AIB>84A8K68CG<BAGBG;8

:8A8E4?EH?8 7 N 76 

      *;8)G4G8@8AGB97@<A<FGE4G<I86G<BACEBI<78F:H<74A68G;4GJ;8AG;8

7H@C<A:@4E:<AF9BE4??<A7<I<7H4??L8K4@<A87E8FCBA78AGF4E878G8E@<A87

8AG<E8?LBAG;854F<FB9G;8946GF4I4<?45?8BE4E8M8EBBE         G;8Q8KC86G87

@8G;B7RB978G8E@<A<A:G;84??BG;8EFF8C4E4G8E4G8<FGBJ8<:;G4I8E4:8G;8

@4E:<AF78G8E@<A87CHEFH4AGGBG;8946GF4I4<?45?84A7G;8M8EB4A7             
BAFB? BHEG$B                                                             &4:8 
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)G4G8@8AGB97@<A<FGE4G<I86G<BAQ)R ( B6 $B           IB?  4G

 E8CE<AG87<A + )    $            

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@8G;B7R<9<GE84FBA45?L6BA6?H78FG;4GG;88KC86G87@8G;B7<FABG984F<5?8BE

E8FH?GF<A4A4I8E4:8G;4GJBH?7ABG58E84FBA45?LE89?86G<I8B9CBG8AG<4?7H@C<A:

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N 76$4IA88G&H5?TAFA7<4"G7 I +A<G87)G4G8F*3333

 )HCC  7        Q1*2;89B??BJ<A:;<8E4E6;L1<F4CC?<872J;8A

64?6H?4G<A:4??BG;8EFE4G8FP G;8S1:28A8E4?EH?8TF8G9BEG;<A1 + )  2

N 76 G;84?G8EA4G<I8S8KC86G87@8G;B7THA78E1 + )  2

N 764A74ALBG;8EE84FBA45?8@8G;B7J;8AG;8S8KC86G87

@8G;B7T<FABG984F<5?8BE7B8FABGE84FBA45?LE89?86GCBG8AG<4?7H@C<A:

@4E:<AF RF884?FB)4GE8CE<AG87<A + )    $ 4G         

?58@4E?8BEC      74G  O DHBG<A:)4GE8CE<AG87<A 

+ )    $ 4G      ALE84FBA45?8@8G;B7@4L<A6?H784I8E4:<A:G;8

8FG<@4G87J8<:;G874I8E4:87H@C<A:@4E:<AF78G8E@<A879BEG;88KCBEG8EF4A7

CEB7H68EF<A7<I<7H4??L<AI8FG<:4G87  + )  N 76 

      s;<?8B@@8E68<FC8E@<GG87GBHF8I4E<BHF@8G;B7B?B:<8FQ<G<FCBFF<5?8

9BEG;84CC?<64G<BAB94C4EG<6H?4E@8G;B7B?B:LGB58HAE84FBA45?8<A4:<I8A64F8 R
BAFB? BHEG$B                                                             &4:8      
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BEC I +A<G87)G4G8F  7         87 <E       )8C4E4G8E4G8

64?6H?4G<BAF9BEABA@4A74GBEL6BBC8E4G<A:F8C4E4G8E4G8E8FCBA78AGF@HFG584E

FB@8E8?4G<BAF;<CGBG;8E8FCBA78AGFT46GH4?7H@C<A:@4E:<AF78FC<G84G;<A

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#4EG<AB) C  I +A<G87)G4G8F     7          87 <E      Q1*2;8

CHECBF8B91 + )  N 82<FGBCEBI<78E8FCBA78AGFJ<G;4A<A68AG<I8GB

6BBC8E4G8ABGGB<@CBF8CHA<G<I8458EE4G<BA4?BEHA6BEEB5BE4G87@4E:<AF R 

FC86H?4G<I87H@C<A:@4E:<AHF<A:G;84I8E4:8B94             E4G84A74A

E4G864AABG58HC;8?754F87BAJ84>E86BE78I<78A68C4EG<6H?4E?LJ;8A

B@@8E68<GF8?96E84G87G;8F64E6<GLB98I<78A68 )88BFHA*BB?FB I +A<G87

)G4G8FQBFHA*BB?FR$B                  s"  4G87 <E           

6B@C4E<A:/4A:M;BH8FGC4>J;8E8QG;8E86BE7J4FSFBG;<ATG;4GB@@8E68

6BH?7ABG;4I8E84FBA45?LS9BHA78I<78A68GBFHCCBEG1<GF278G8E@<A4G<BATR

GBBFHA*BB?FJ;8E8Q<A6BAGE4FGG;8E8J4FABFH6;?46>B974G4R 

         +( ..5+(34(2%3%5(%5(

      898A74AGAG8EI8ABE4E:H8FG;4GB@@8E68TF78G8E@<A4G<BAGB4FF<:A"<AL<

;8A:8ATFE4G8B9 GBG;8)8C4E4G8(4G8&?4<AG<99FF;BH?758E8@4A7875864HF8<G

<FABGFHCCBEG875LFH5FG4AG<4?8I<78A68BEBG;8EJ<F8<A466BE74A68J<G;?4J4A7

E8DH8FGFG;4GG;8BHEGE8@4A79BEB@@8E68GB8<G;8EE8BC8AG;8E86BE7BE<FFH84
BAFB? BHEG$B                                                            &4:8   
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78G8E@<A4G<BAG;4G<F6BAF<FG8AGJ<G;G;8BHEGTFCE<BEEH?<A:F 89 AG8EI TF

%CCTA@GF 4GO     89 AG8EI TF)HCC? "8GG8E4G 

      BAFB?<74G87&?4<AG<99F4FF8EGG;4GB@@8E68TF78G8E@<A4G<BAGB4FF<:AG;8

)8C4E4G8(4G8&?4<AG<99F4 @4E:<AE4G8<FE84FBA45?84A7G;4GG;8BHEGF;BH?7

ABGBE78EB@@8E68GBE8BC8AG;8E86BE7BAE8@4A7GB6B??86G477<G<BA4?

<A9BE@4G<BAGBE864?6H?4G84F8C4E4G8E4G845BI8M8EB )888;H4*TF@GF 4G O

*4E464TF@GF 4G O8?G<6TF@GF 4G O8;H4*TF)HCC? "8GG8E

*4E464TF)HCC? "8GG8E8?G<6TF)HCC? "8GG8E 

      898A74AG6BAG8A7FG;4GB@@8E68TF64?6H?4G<BAB9G;8F8C4E4G8E4G8<F<A

466BE74A68J<G;G;8BHEGTFE8@4A7BE78E 89 TF@GF 4GO       898A74AG7<7

ABG9<?84CBFG4E:H@8AG?8GG8EE8:4E7<A:G;8<FFH8B9E8BC8A<A:G;8E86BE7 

                    .5(30%5,7(%3*,0%.&6.%5,1025,104

      B@@8E68;474G?84FGF<K4?G8EA4G<I8FGB6BAF<78E<A78G8E@<A<A:G;8

7H@C<A:@4E:<A9BEG;8)8C4E4G8(4G8&?4<AG<99F  4A79BHE477<G<BA4?

BCG<BAFCEBCBF875L898A74AGAG8EI8ABE7HE<A:G;89<9G;E8@4A7 B@@8E68

                           

 BAFB?<74G87&?4<AG<99F8;H4*4A7*4E4644?FB<A6BECBE4G85LE898E8A68G;8
4E:H@8AGFB9G;8BG;8E&4EG<8F<AFHCCBEGB9B@@8E68TF78G8E@<A4G<BAGB4FF<:A4
M8EB@4E:<AGB)8C4E4G8(4G8&?4<AG<99F )888;H4*TF@GF 4G
QBAFB?<74G87&?4<AG<99F=B<A<A4A7<A6BECBE4G85LE898E8A68G;84E:H@8AGFB9G;8
BG;8EC4EG<8F<AFHCCBEGB9B@@8E68TF1<9G;2(8@4A7(878G8E@<A4G<BA R
*4E464TF@GF 4GQ*4E4648G4?4?FB;8E85L47BCG4A7<A6BECBE4G85LE898E8A68
G;86B@@8AGF58<A:9<?87BAG;8<9G;(8@4A7(878G8E@<A4G<BAE8:4E7<A:G;8
E864?6H?4G<BAB9G;8F8C4E4G8E4G8 R 
BAFB? BHEG$B                                                             &4:8       
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6BAF<78E874??B9G;8F8BCG<BAF4A7H?G<@4G8?LF8?86G87 <AG;8<9G;(8@4A7

(878G8E@<A4G<BA8KC?4<A<A:G;4GQ1429G8EJ8<:;<A:4??BCG<BAF4A76BAF<78E<A:G;8

I<8JFB9G;8BHEGJ89<A7HA78ECEBG8FGG;4G4FF<:A<A:G;8E4G864?6H?4G879BE

1"<AL<;8A:8A2 M8EBC8E68AG<FG;8BA?LE8@4<A<A:4?G8EA4G<I8BAG;8

E86BE7 R<9G;(8@4A7(878G8E@<A4G<BA4G 

       898A74AGAG8EI8ABE6BAG8A7FG;4GB@@8E68<:ABE87BG;8EI<45?8

4?G8EA4G<I8F4E:H<A:G;4GB@@8E6894<?87GB8I4?H4G8G;84?G8EA4G<I8BCG<BAF

5864HF8G;8E8<FQABE4G<BA4?6BAA86G<BA58GJ88AG;8946GF9BHA7 G;8

B4?<G<BATF@8G;B7B?B:<8F4E8?8FFCE898E45?8G;4AG;8 124A7G;86;B<68F

@478 4FF<:A<A:1"<AL<2;8A:8ATF1 2@4E:<A R89 AG8EI TF%CCTA

@GF 4GO    F884?FB&8G<G<BA8E@GF E49G(8FH?GF(878G8E@<A4G<BA#4E  

    QB4?<G<BATFB@@8AGFBAE49G(8FH?GFR4GO         &(((( 

898A74AGAG8EI8ABE6?4<@FG;4GB@@8E687<7ABG477E8FFJ;8G;8EG;8F8

@8G;B7B?B:<8F6BAFG<GHG87QE84FBA45?8@8G;B7FR5HGBA?L8KC?4<A87J;LG;8F8

4?G8EA4G<I8F4E8?8FFCE898E45?8G;4AG;8 @4E:<A 89 AG8EI TF%CCTA

@GF 4GO    898A74AGAG8EI8ABE6;4??8A:8FB@@8E68TFE8=86G<BAB9G;8

9BHEG;4?G8EA4G<I8BCG<BA4F4Q94??46LR4E:H<A:G;4GB@@8E68E8?<87<AC4EGBA

&?4<AG<99TF74G4<AE8=86G<A:G;<FBCG<BAL8G<GH?G<@4G8?LE8?<87BA&?4<AG<99TF74G4GB

4CC?L4@4E:<A 7 4GO    
BAFB? BHEG$B                                                           &4:8 
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         B@@8E686BAF<78E87G;89BHE4?G8EA4G<I8FCEBCBF875L898A74AG

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    E4G864?6H?4G879BE"<AL<;8A:8AJ4FG;8BA?LE8@4<A<A:4?G8EA4G<I8BAG;8

E86BE7 <9G;(8@4A7(878G8E@<A4G<BA4G O  *;<FBHEGCE8I<BHF?L6BA6?H787

G;4G464?6H?4G<BAB9G;84??BG;8EFF8C4E4G8E4G8B9 4FF<:A87GBG;8

IB?HAG4EL9H??L6BBC8E4G<A:)8C4E4G8(4G8&?4<AG<99FJ4FHAE84FBA45?84F4CC?<87

CHEFH4AGGB/4A:M;BH8FGC4> 

         898A74AGAG8EI8ABETFCEBCBF874?G8EA4G<I8FE8FH?G<A@4E:<AFG;4G4E8

A8<G;8E ABE  *;89<EFGBCG<BACEBCBF875L898A74AGAG8EI8ABE

FH::8FGFG;4GB@@8E68F;BH?764?6H?4G8ABE@4?I4?H8J<G;4F<@C?84I8E4:8B9

G;8&8G<G<BAABE@4?I4?H84A7"<AL<;8A:8ATFABE@4?I4?H84A7+ ) CE<68J<G;

QJ8<:;G4I8E4:8HA<GI4?H8FRQ+,FRE8CBEG87<ADH4AG<GL4A7I4?H8Q',R

FH5@<FF<BAF9EB@4??F8C4E4G84CC?<64AGF47=HFG875LG;8J8<:;G87F8??<A:8KC8AF8

47=HFG@8AGFE8CBEG875L"<AL<;8A:8A9BE4@4E:<AB9         B4?<G<BATF

B@@8AGFBAE49G(8FH?GF4GO        

         *;8F86BA7BCG<BACEBCBF875L898A74AGAG8EI8ABEFH::8FGFG;4G

B@@8E68F;BH?764?6H?4G8ABE@4?I4?H854F87BAG;8&8G<G<BAABE@4?I4?H8BA?L

4A7+ ) CE<6854F87BA',+,FJ<G;BHGF8??<A:8KC8AF847=HFG@8AGF9BE4

@4E:<AB9  7 4G      
BAFB? BHEG$B                                                       &4:8 
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      *;8G;<E7BCG<BACEBCBF875L898A74AGAG8EI8ABEFH::8FGFG;4GB@@8E68

F;BH?7J8<:;G4I8E4:8G;8Q5BB>8A7@4E:<AFR5L4FF<:A<A:4 E4G8GBF8C4E4G8

E4G84CC?<64AGFJ<G;4',+,45BI8"<AL<;8A:8ATFJ8<:;G874I8E4:8F4?8

CE<684A7G;8&8G<G<BA@4E:<AB9   GBF8C4E4G8E4G84CC?<64AGFJ<G;',

+,F58?BJ"<AL<;8A:8ATFJ8<:;G874I8E4:8F4?8CE<689BE4@4E:<AB9

  7 4G   O    

      *;89BHEG;BCG<BACEBCBF875L898A74AGAG8EI8ABEFH::8FGFG;4G

B@@8E68F;BH?764?6H?4G8ABE@4?I4?H854F87BACEB7H6GFC86<9<6ABE@4?I4?H8F

9BE"<AL<;8A:8A4A79EB@G;8&8G<G<BA4A7+ ) CE<6854F87BAF4?8F

7B6H@8AG4G<BACEBI<7875L4??F8C4E4G8E4G84CC?<64AGFJ<G;GJBFH5BCG<BAF 

B@@8E68F;BH?7@4G6;FC86<9<6CEB7H6GFJ<G;CEB7H6GFC86<9<6ABE@4?I4?H8F9BE

"<AL<;8A:8A4A7G;8&8G<G<BAJ;8AG;8E84E8FC86<9<6CEB7H6GF4A7 

B@@8E68F;BH?7HF84A4I8E4:8B9G;8@4G6;<A:@B78?F9BEABE@4?I4?H89EB@

"<AL<;8A:8A4A7G;8&8G<G<BA9BEJ;8AG;8E84E8CEB7H6GFG;4G<A6?H78FB@85HG

ABG4??@4G6;<A:78G4<?F9BE4@4E:<AB9         7 

      B@@8E688KC?4<A87G;4GQ142?G;BH:;J84CCE86<4G8G;81B4?<G<BATF2

6E84G<I84GG8@CGFGB78G8E@<A8BG;8E@8G;B7B?B:<8FGB64?6H?4G84F8C4E4G8E4G8J8

7<F4:E88G;4GG;8F8@8G;B7B?B:<8F4E8@BE84CCEBCE<4G8G;4AG;8 @4E:<A

J;<6;J8@4<AG4<A<FG;84CCEBCE<4G84?G8EA4G<I8GBG;8466HE4G8@4E:<A64?6H?4G87

<AG;8HA78E?L<A:<AI8FG<:4G<BA R<9G;(8@4A7(878G8E@<A4G<BA4G  B@@8E68
BAFB? BHEG$B                                                        &4:8 

                                                                                     
FG4G87G;4G4@8G;B7B?B:LE8?L<A:BA',+,F4FG;854F<F9BE+ ) CE<68<FABG

FHC8E<BEGBG;8@8G;B7B?B:<8FG;4G<G4CC?<87<AG;8*;<E7(8@4A7(878G8E@<A4G<BA

4A7G;8BHEG;(8@4A7(878G8E@<A4G<BA 7 F88*;<E7(8@4A7(878G8E@<A4G<BA

BHEG;(8@4A7(878G8E@<A4G<BA B@@8E6846>ABJ?87:87G;4G',74G4

CEBI<784:?B54?4I8E4:8I<8JB946B@C4ALTFF8??<A:58;4I<BE5HGE8=86G87FH6;

@8G;B7B?B:L5864HF8FH6;74G47BABG6BAF<78ECEB7H6G@<KJ;<6;64A58

F<:A<9<64AG<AFB@864F8F <9G;(8@4A7(878G8E@<A4G<BA4G  B@@8E68FG4G87

G;4G<ACE<BEE8@4A778G8E@<A4G<BAF<G6B@C4E87G;8&8G<G<BA74G44A7G;8F8C4E4G8

E4G84CC?<64AGFT46GH4?F8??<A:58;4I<BE7HE<A:G;8C8E<B7B9<AI8FG<:4G<BA4A7

<AG8AG<BA4??L6B@C4E87CE<68F4A76BFGF9BECEB7H6GFG;4G6BH?758<78AG<9<874F

<78AG<64?CEB7H6GF7H8GBF<:A<9<64AG7<998E8A68F<ACE<6<A:58;4I<BEFJ<G;FH6;

CEB7H6GF 7 F88*;<E7(8@4A7(878G8E@<A4G<BABHEG;(8@4A7

(878G8E@<A4G<BA 

      I8AG;BH:;G;89BHEG;BCG<BA477E8FF87G;8FC86<9<6<GL<FFH8@4G6;<A:

F<@<?4ECEB7H6GFGBG;86BEE8FCBA7<A:ABE@4?I4?H8FB@@8E68E8=86G87G;8

9BHEG;BCG<BA5864HF8G;8CEBCBF87@8G;B7B?B:L7<7ABG6BAF<78EG;87<998E8A68F

58GJ88A&?4<AG<99TF4A7G;8)8C4E4G8(4G8&?4<AG<99FT6B@C4A<8F <9G;(8@4A7

(878G8E@<A4G<BA4G O  B@@8E688KC?4<A87G;4G7H8GB7<998E8A68F58GJ88A

G;8F8GJBGLC8FB96B@C4A<8FFH6;4F47<998E8A68<A6BFGFGEH6GHE8G;8

6B@C4E<FBAF58GJ88AG;8F8??<A:CE<68B9G;8F86B@C4A<8F4A7ABE@4?I4?H854F87
BAFB? BHEG$B                                                           &4:8 

                                                                                       
BA&?4<AG<99TF74G4JBH?758HAE8?<45?84A7?<>8?LHAE8CE8F8AG4G<I8B9G;8)8C4E4G8

(4G8&?4<AG<99FTCBG8AG<4?7H@C<A: 7 B@@8E68FG4G87G;4G&?4<AG<99TFF8??<A:

58;4I<BEJBH?7ABG58E89?86G<I8B9G;8)8C4E4G8(4G8&?4<AG<99FT4A7<AGHEAABG

E89?86G<I8B9G;8)8C4E4G8(4G8&?4<AG<99FT8FG<@4G877H@C<A:@4E:<A7HE<A:G;8

C8E<B7B9<AI8FG<:4G<BA 7 

       *;8BHEG6BA6?H78FG;4GB@@8E68CEBC8E?L6BAF<78E874A7E8=86G87

898A74AGAG8EI8ABETFCEBCBF874?G8EA4G<I8F5864HF8B@@8E684EG<6H?4G87<GF

E84FBAF9BEE8=86G<A:G;8@8G;B7B?B:<8F54F87BA',74G44A7<GFE8I<8JB9

E86BE78I<78A68 *;8BHEGJ<??HC;B?7G;84:8A6LTF78G8E@<A4G<BA<9G;84:8A6L

;4F8K4@<A87G;8E8?8I4AG74G44EG<6H?4G874F4G<F946GBEL8KC?4A4G<BA4A7

466BHAG879BE78GE46G<A:8I<78A68 #BGBE,8;<6?8#9EF FFTAI )G4G84E@#HG 

HGB AF + )   +A<I8EF4?4@8E4BEC I $"( + ) 

   AG;89<9G;E8@4A7B@@8E688KC?4<A87G;4G<G6BAF<78E87F<K

CBFF<5<?<G<8F9BEG;84??BG;8EFF8C4E4G8E4G8G;8 E4G8G;8 E4G84A7G;8

9BHE4?G8EA4G<I8E4G8FCEBCBF875L898A74AGAG8EI8ABE B@@8E684EG<6H?4G87<GF

E84FBAF9BEE8=86G<A:G;89BHEBCG<BAFCEBCBF875L898A74AGAG8EI8ABE54F87BA

B@@8E68TF4A4?LF<FB986BAB@<68I<78A68BAG;8E86BE7F;BJ<A:7<998E8A68F

58GJ88A"<AL<;8A:8A4A7G;8)8C4E4G8(4G8&?4<AG<99FFH6;4FG;8<EF8??<A:6BFG

FGEH6GHE84A7CE<6<A:G;4G6BH?7ABG58478DH4G8?L477E8FF875L898A74AG

AG8EI8ABETFCEBCBF87@8G;B7B?B:<8F *;<FBHEG<A"<AL<,<AFGEH6G87B@@8E68
BAFB? BHEG$B                                                        &4:8 

                                                                                      
GBABGE8FH5@<GG;8HAE84FBA45?84F4CC?<87 E4G8J<G;BHGA8J8I<78A68<A

B@@8E68TF<9G;(8@4A7(878G8E@<A4G<BA "<AL<,*4G33  )HCC 

74G   B@@8E686BH?7ABG6<G8A8J8I<78A68<AFHCCBEGB9<GF E4G8

4A7G;HF78G8E@<A87G;4GG;8 E4G8J4FG;8BA?LE8@4<A<A:BCG<BA4I4<?45?8GB

B@@8E68 

      66BE7<A:?L5864HF8B@@8E684EG<6H?4G87<GFE84FBA<A:FH99<6<8AG?LG;8

BHEGFHFG4<AFB@@8E68TF78G8E@<A4G<BAGB4FF<:A4A4AG<7H@C<A:7HGL@4E:<A

E4G8B9 GBG;8)8C4E4G8(4G8&?4<AG<99F 

                 (12(0,0*5+((&13'

     898A74AGAG8EI8ABEE8DH8FGFG;4GG;8BHEG7<E86GB@@8E68GB8<G;8E

64?6H?4G84@4E:<ABG;8EG;4A BE BEGBE8@4A7J<G;4E8DH8FGG;4G

B@@8E68E8BC8AG;847@<A<FGE4G<I8E86BE7GB64?6H?4G84@4E:<ABG;8EG;4A BE

  89 AG8EI TF)HCC? "8GG8E4G O 898A74AGAG8EI8ABE6BAG8A7FG;4G

E8@4A7<F4CCEBCE<4G89BEB@@8E68GBE8BC8AG;8E86BE7GB6B??86G477<G<BA4?

<A9BE@4G<BAGB64?6H?4G847<998E8AGF8C4E4G8E4G8 7 4G 

      &?4<AG<994A7BAFB?<74G87&?4<AG<99F4FF8EGG;4GG;8BHEGF;BH?7ABGE8DH<E8

B@@8E68GBE8BC8AG;8E86BE7 )888;H4*TF)HCC? "8GG8E8?G<6TF)HCC? 

"8GG8E*4E464TF)HCC? "8GG8E BAFB?<74G87&?4<AG<99F8;H4*4A78?G<64?FB

E4<F8G;8<FFH8FB994<EA8FF9<A4?<GL4A7=H7<6<4?86BAB@L<9B@@8E68J8E8GB
BAFB? BHEG$B                                                              &4:8 

                                                                                           
E8BC8AG;8E86BE79BE4F<KG;E8@4A7E878G8E@<A4G<BA 8;H4*TF)HCC? "8GG8E4G

8?G<6TF)HCC? "8GG8E4GO 

           H7<6<4?6B@CH?F<BAGBE8BC8AG;8E86BE7<F?<@<G87GBHAHFH4?6<E6H@FG4A68F

FH6;4F9E4H7BEE86BE7<A466HE46<8F FF4E)G88?"G7 , +A<G87)G4G8F 7

         O87 <E        F88B@8&EB7F AGT?A6 I +A<G87)G4G8F

 7    87 <E            B?74FG&4C8E <4A:FHB I +A<G87

)G4G8F*3333  )HCC  7   O            ;4A:M;BHsH=<A

<A8;8@ 46GBELB I +A<G87)G4G8F           7  87 <E        

*;<F64F87B8FABGCE8F8AG946GFFH6;4F9E4H7BE<A466HE46<8F<AG;8E86BE7G;4G94??

HA78EG;8?<@<G878K68CG<BAFGB=HFG<9LG;8BHEGE8@4A7<A:9BEB@@8E68GB

E8BC8AG;8E86BE7 ?G;BH:;G;8BHEG;4FABG87F8I8E4?G<@8FG;4GG;8C4H6<GLB9

G;8E86BE7<FB@@8E68TFBJA@4><A:7H8GB<GFF8?86G<BAB9BA?LGJB@4A74GBEL

E8FCBA78AGFF<@<?4EGBG;8946GF<A/4A:M;BH8FGC4>G;8BHEG6BA6?H78FG;4G

B@@8E68TF786<F<BAGBABGE8BC8AG;8E86BE74GG;<FG<@849G8EA84E?LF<KL84EFB9

?<G<:4G<BA<FABG4E5<GE4EL4A764CE<6<BHF *;8BHEGJ<??ABGE8@4A7GBE8DH8FG

B@@8E68GBE8BC8ABEFHCC?8@8AGG;8E86BE7  

            9&.64,10%0'0&.64,101)!1.605%3: 22.,&%05,3/4

           B@@8E6878G8E@<A87G;4GIB?HAG4EL4CC?<64AG9<E@FBEIB?HAG4ELE8I<8J

9<E@FJ;BFH5@<GG87G<@8?L6B@C?8G8E8FCBAF8FJBH?7588K6?H7879EB@G;8

%E78E5HG9<E@FJ;BFH5@<GG87BA?L<A6B@C?8G8IB?HAG4EL4CC?<64AGE8DH8FGF
BAFB? BHEG$B                                                           &4:8 

                                                                                          
J<G;BHG9H??E8FCBAF8FJBH?76BAG<AH8GB58<A6?H787<AG;8%E78E )88<9G;

(8@4A7(878G8E@<A4G<BA4G O        

         898A74AGAG8EI8ABE6;4??8A:8FB@@8E68TF78G8E@<A4G<BAGB8K6?H78

    <4A:L4A:sBB74A78;H4*IB?HAG4EL4CC?<64AG9<E@FJ;BFH5@<GG879H??

E8FCBAF8F9EB@G;8%E78E5HGFHCCBEGFB@@8E68TF78G8E@<A4G<BAGB<A6?H78

)4A9BEGHA8sBB74A7"BA:LH4AsBB7IB?HAG4EL4CC?<64AG9<E@FJ;BFH5@<GG87

F;BEG8EGJBC4:8E8DH8FGF<AG;8%E78E 89 AG8EI TF%CCTA@GF 4G      O 

89 AG8EI TF)HCC @GF 4G O 898A74AGAG8EI8ABE6BAG8A7FG;4G <4A:L4A:

sBB78;H4*)4A9BEGHA8sBB74A7"BA:LH4AsBB7F;BH?74??58<A6?H787

<AG;8%E78E54F87BAG;8TF;B?7<A:<A;4A:M;BH4J7?BBE<A:B I 

+A<G87)G4G8FQ;4A:M;BH4J7,R 7  87 <E              4A7

B@@8E68TF47@<A<FGE4G<I878G8E@<A4G<BA<A&4FF8A:8E,8;<6?84A7"<:;G*EH6>

*<E8F9EB@G;8)B6<4?<FG(8CH5?<6B9,<8GA4@87 (8:  8CTGB9

B@@8E68#4L           9<A4?499<E@4G<I878G8E@<A4G<BAB9F4?8F4G?8FFG;4A94<E

I4?H84A7466B@C4AL<A:FFH8F4A786<F<BA#8@BE4A7H@ 7 )4A9BEGHA8

sBB74A7"BA:LH4AsBB74E:H8G;4GG;8LF;BH?7588K6?H7879EB@G;8%E78E5HG

7BABG6;4??8A:8B@@8E68TF8K6?HF<BAB9 <4A:L4A:sBB74A78;H4*9EB@

G;8%E78E )4A9BEGHA8sBB7TF4A7"BA:LH4AsBB7TF@GF 4G 898A74AG

4FF8EGFG;4GB@@8E686BEE86G?LCEBCBF87GB8K6?H7868EG4<A6B@C4A<8F9EB@G;8

%E78E 89 TF@GF 4G   O  BAFB?<74G87&?4<AG<99FA8<G;8E6;4??8A:8
BAFB? BHEG$B                                                               &4:8 

                                                                                          
B@@8E68TF8K6?HF<BAB9 <4A:L4A:sBB74A78;H4*9EB@G;8%E78EABE

6B@@8AGBAG;8<A6?HF<BAB9)4A9BEGHA8sBB74A7"BA:LH4AsBB7<AG;8%E78E 

)888;H4*TF@GF 4G8?G<6TF@GF 4GO         *4E464TF@GF 4GO 

BAFB?<74G87&?4<AG<998;H4*<A6BECBE4G8F5LE898E8A68G;84E:H@8AGFB9G;8

BG;8E&4EG<8F<AFHCCBEGB9B@@8E68TF78G8E@<A4G<BAGB8K6?H788;H4*4A7

    <4A:L4A:sBB7 )888;H4*TF@GF 4G 

                     1//(3&(;49&.64,10(*6.%5,10

         B@@8E68;4FCEBI<787G;4G<GJ<??8K6?H789EB@4A499<E@4G<I89<A4?

78G8E@<A4G<BAQ4AL8KCBEG8EBECEB7H68E9BEJ;<6;1B@@8E68278G8E@<A8F4A

<A7<I<7H4?J8<:;G874I8E4:87H@C<A:@4E:<A   B9M8EBBE              R 

  ( N        8 F884?FB + )  N 74QA@4><A:4

78G8E@<A4G<BAHA78EG;<FFH5F86G<BAG;847@<A<FG8E<A:4HG;BE<GLF;4??7<FE8:4E74AL

J8<:;G874I8E4:87H@C<A:@4E:<AG;4G<F              4F789<A87<AF86G<BA

    55B9G;<FG<G?8R *;8;4FFG4G87G;4GQ<G<F6?84EG;4G<A7<I<7H4??L

E8I<8J879<E@FJ<G;             7H@C<A:@4E:<AF@HFG588K6?H7879EB@4??

B5?<:4G<BAFHA78E4A4AG<7H@C<A:7HGLBE78E15HG2G;8FG4GHG87B8FABGFC84>J<G;

4AL6?4E<GLGB6BA98EE<A:G;8F4@858A89<GBAABA<A7<I<7H4??LE8I<8J879<E@F

4FF<:A874          7H@C<A:@4E:<ABEM8EBE4G8 R;4A:M;BH4J7,

 74G F884?FB;4A:M;BH4J7?BBE<A:B I +A<G87)G4G8FQ;4A:M;BH

4J7,R *3333  )HCC 7    O              499T7 7
BAFB? BHEG$B                                                               &4:8 

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 87 <E         9<A7<A:G;8FG4GHGBEL?4A:H4:84@5<:HBHFJ;8A7<F6HFF<A:

QJ;8G;8EG;4G1 2S4??BG;8EFE4G8T + )  NN 76 <

    766BAFG<GHG8FS4ALT         J8<:;G874I8E4:87H@C<A:@4E:<AG;4G

B@@8E68@HFGS7<FE8:4E7TCHEFH4AGGB + )  N 74R 

         *;8BHEG9<A7F:H<74A68<A;4A:M;BH4J7,J;<6;8KC?4<A87

         s;4G7B8F:<I8G;86BHEGC4HF8;BJ8I8E<FB@@8E68TF4CC?<64G<BA
         B9 G;8 8K6?HF<BA E8:H?4G<BA GB G;8 ,B?HAG4EL CC?<64AGF   <I8A G;8
         ;<FGBEL B9 G;8 8K6?HF<BA E8:H?4G<BA <A J;<6; 6BA68EAF 45BHG ?<@<G<A:
         8K6?HF<BA GB F8?86G87 @4A74GBEL E8FCBA78AGF J8E8 @<G<:4G87 G;EBH:;
         G;8 4I4<?45<?<GL B9 IB?HAG4EL 8K4@<A4G<BA G;8E8 <F 4A <A;8E8AG
         4E5<GE4E<A8FF <A B@@8E68   <FFH<A: 4 5?4A>8G E89HF4? GB 8AG8EG4<A
         IB?HAG4EL 8K4@<A4G<BA E8DH8FGF 4A7   FH5F8DH8AG?L 78AL<A:
         8K6?HF<BA GB G;8 ,B?HAG4EL CC?<64AGF G;4G J8E8 4FF<:A87 4
         QE8CE8F8AG4G<I8RF8C4E4G8E4G8B9M8EBJ;<6;4:4<A<F=HFG4CEBKL9BE
         G;8<A7<I<7H4?J8<:;G874I8E4:87H@C<A:@4E:<AFB@@8E68F;BH?7
         G;8BE8G<64??L64?6H?4G89BE4??E8FCBA78AGF 

;4A:M;BH4J7, *4G33  )HCC 74G  O  *;86BHEG

E84FBA87G;4G

        B@@8E68TF 4CC?<64G<BA B9 <GF 8K6?HF<BA E8:H?4G<BA GB G;8 ,B?HAG4EL
        CC?<64AGF <G 4FF<:A87 QE8CE8F8AG4G<I8R 1 2 @4E:<AF ;4F GJB
        <AFHE@BHAG45?8CEB5?8@F *;89<EFG<FB@@8E68TFE89HF4?GB6BA7H6G
        4ALIB?HAG4EL8K4@<A4G<BAFCE8I8AG<A:G;8,B?HAG4ELCC?<64AGF9EB@
        78@BAFGE4G<A:7<E86G?LG;8<EBJA8I<78A68B994<EGE47<A: *;8F86BA7
        <F B@@8E68TF 6BAG<AH<A: 4FFH@CG<BA BE <A98E8A68 G;4G ,B?HAG4EL
        CC?<64AGF 78A<87 <A7<I<7H4? 8K4@<A4G<BA 4A7 H?G<@4G8?L 4FF<:A87 4
        QE8CE8F8AG4G<I8R 1 2 @4E:<A J8E8 A8I8EG;8?8FF HA94<E?L GE47<A:
        CE86?H7<A: 8K6?HF<BA   *;8 6BHEG DH8FG<BAF ;BJ 4 E84FBA45?8 @<A7
        6BH?7@4<AG4<AFH6;4A4FFH@CG<BABE<A98E8A684:4<AFGG;8,B?HAG4EL
        CC?<64AGF 
        
7 4G33  )HCC 74G   
BAFB? BHEG$B                                                           &4:8 
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      *;8499<E@87G;86BA6?HF<BAG;4GB@@8E687<7ABG478DH4G8?L

FHCCBEG<GF78G8E@<A4G<BAGB<A6?H78IB?HAG4EL4CC?<64AGF<AG;8%E78E5HGCEBI<787

GJB64I84GFGB<GFEH?<A:

     1<EFG2J8F4LABG;<A:45BHG1G;8+ ) BHEGB9AG8EA4G<BA4?*E478TF2
     E8I8EF4?B9B@@8E68E4G;8EG;4AE8@4A79BE9HEG;8E8KC?4A4G<BA   
     14A7F86BA72J8HA78EFG4A71G;86BHEGTF786<F<BAGB8K6?H78IB?HAG4EL
     E8I<8J 9<E@F 9EB@ G;8 4AG<7H@C<A: 7HGL BE78E2 4F ABG :B<A: 58LBA7
     ;B?7<A:G;4GB@@8E68;4FABG<AG;<FCEB6887<A:CEBI<7874FH99<6<8AG
     E4G<BA4?8 9BE 6BAG<AH<A: GB <A6?H78 G;8 IB?HAG4ELE8I<8J 9<E@F <A G;8
     14AG<7H@C<A: 7HGL BE78E2 4A7 J8 E8?L BA G;4G HA78EFG4A7<A: <A
     499<E@<A:G;816BHEGTF2=H7:@8AG GE8@4<AFBC8AGBB@@8E68<AG;8
     9HGHE8F;BH?7G;8<FFH84E<F8GB477E8FFG;<F<FFH8@BE89H??LG;4A<G;4F
     7BA8<AG;<F<AI8FG<:4G<BA s87BABGCE8=H7:8G;8E84FBA45?8A8FFB9
     4AL=HFG<9<64G<BAB@@8E68@<:;GL8G4EG<6H?4G89BE786<7<A:GB<A6?H78
     IB?HAG4ELE8I<8J9<E@F<A4A4AG<7H@C<A:7HGLBE78E 
     
;4A:M;BH4J7, 74G B@@8E68<AG8ECE8G87G;8;4A:M;BH

4J7,;B?7<A:GB4??BJB@@8E68GB78G8E@<A8<GFCBF<G<BABAJ;8AGB:E4AG

8K6?HF<BAFGBIB?HAG4ELE8I<8J9<E@F )88<9G;(8@4A7(878G8E@<A4G<BA4G O 

Q1;4A:M;BH4J7,27B8FABG6B@C8?B@@8E68GB8K6?H784??6B@C4A<8FG;4G

E8DH8FG87IB?HAG4ELFG4GHF5HGG;4G<GJBH?7E8I<8J4AL9HEG;8E8KC?4A4G<BA

CEBI<7875LB@@8E684GG;4GG<@8 R 

                   0%.:4,4

      B@@8E687<FG<A:H<F;8758GJ88AG;8GJBGLC8FB9IB?HAG4EL4CC?<64AGF<A

G;89<9G;E8@4A7P8;H4*4A7 <4A:L4A:sBB7J;BFH5@<GG87E8DH8FGF9BE

IB?HAG4ELE8FCBA78AGGE84G@8AGJ<G;;HA7E87FB9C4:8FB9DH8FG<BAA4<E8E8FCBAF8F
BAFB? BHEG$B                                                          &4:8

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4A7FHCCBEG<A:7B6H@8AG4G<BA4A7)4A9BEGHA8sBB74A7"BA:LH4AsBB7J;B

FH5@<GG87GJBC4:8E8DH8FGFJ<G;ABDH8FG<BAA4<E8E8FCBAF8FBEFHCCBEG<A:

7B6H@8AG4G<BA <9G;(8@4A7(878G8E@<A4G<BA4G       F88 <4A:L4A:sBB7TF)86 

(8FC 85         &( O   ( O <4A:L4A:sBB7TF)86 (8FC 

85       &( ( O  <4A:L4A:sBB7TF)86 (8FC 85  

      &( ( O "BA:LH4AsBB7"8GG8EQ(8DH8FG9BE*E84G@8AG4F

#4A74GBEL(8FCBA78AGBE(8DH8FG9BE,B?HAG4EL(8FCBA78AG*E84G@8AG4F4A

?G8EA4G<I8R86       &()4A9BEGHA8sBB7"8GG8EQ(8DH8FG9BE

*E84G@8AG4F#4A74GBEL(8FCBA78AGBE(8DH8FG9BE,B?HAG4EL(8FCBA78AG

*E84G@8AG4F4A?G8EA4G<I8R86      &( B@@8E688KC?4<A87G;4G

    <4A:L4A:sBB74A78;H4*F;BH?7588K6?H7879EB@G;8%E78E5864HF8G;8L

@8GG;89<EFGE8DH<E8@8AGGB586BAF<78E879BEIB?HAG4ELE8FCBA78AGFG4GHFHA78E 

+ )  N @49<?<A:G;8F4@8<A9BE@4G<BA8KC86G879EB@@4A74GBEL

E8FCBA78AGF5LG;8F4@87847?<A8 <9G;(8@4A7(878G8E@<A4G<BA4G O         A

6BAGE4FGB@@8E68ABG87G;4G)4A9BEGHA8sBB7TF4A7"BA:LH4AsBB7TFGJB

C4:8E8DH8FGFJ8E8QI<EGH4??L<78AG<64?<A6BAG8AG4A7E8DH<E87AB6B@@<G@8AGBE

899BEGBA58;4?9B9G;8F86B@C4A<8FR4A7J8E8ABG68EG<9<876B@C4E87GBG;8

Q;HA7E87FB9C4:8FB9DH8FG<BAA4<E8E8FCBAF8F4A7FHCCBEG<A:7B6H@8AG4G<BA4F

                            

 8;H4*TFE8FCBAF8FGB)86G<BAF4A7J8E8ABG<A6?H787<AG;8
47@<A<FGE4G<I8E86BE7 
BAFB? BHEG$B                                                           &4:8

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J8??4FF4?8F4A7946GBEB9CEB7H6G<BA74G454F8FR9EB@ <4A:L4A:sBB74A78;H4

* 7 4G    B@@8E68E84FBA87G;4G

       1*2;8E8<F4F<:A<9<64AG7<998E8A6858GJ88AG;BF86B@C4A<8FG;4G@8E8?L
       FH5@<G 4 5E<89 FG4G8@8AG E8DH8FG<A: GB 58 F8?86G87 4F 4 IB?HAG4EL
       E8FCBA78AG 4A7 G;BF8 6B@C4A<8F G;4G CEBI<78 6B@C?8G8 DH8FG<BAA4<E8
       E8FCBAF8F5LG;87847?<A8F8FG45?<F;879BEG;8@4A74GBELE8FCBA78AGF
       FH6;G;4GB@@8E68;4FG;8<A9BE@4G<BA589BE8<GGBCBG8AG<4??LF8?86G
       G;8@ 4F IB?HAG4EL E8FCBA78AGF 4A7 FG<?? 6B@C?8G8 G;8 <AI8FG<:4G<BA
       J<G;BHGHA7H878?4L 
       
7 4G O 

       &HEFH4AGGB + )  N @4HCBA?<@<G<A:G;8AH@58EB9E8FCBA78AGF

HA78E + )  N 9 6B@@8E68QF;4??8FG45?<F;4A   <A7<I<7H4?

J8<:;G874I8E4:87H@C<A:@4E:<A9BE146B@C4AL2ABG<A<G<4??LF8?86G879BE

<A7<I<7H4?8K4@<A4G<BAR<9 G;86B@C4ALF88><A:<A7<I<7H4?8K4@<A4G<BA

FH5@<GFQ                  

          R5LG;8F4@87847?<A8FG;4G4CC?LGBG;8F8?86G87E8FCBA78AGF4A7 

G;8AH@58EB9FH6;6B@C4A<8F<FABGFB?4E:8GB5HE78ABE78?4L<AI8FG<:4G<BAB9

G;8<A7<I<7H4??L8K4@<A876B@C4A<8F )88 + )  N @48@C;4F<F

47787 IB?HAG4ELE8FCBA78AG4668CG879BE<A7<I<7H4?8K4@<A4G<BA<FFH5=86GGB

G;8F4@8E8DH<E8@8AGF4F46B@C4AL<A<G<4??LF8?86G875LB@@8E689BE<A7<I<7H4?

8K4@<A4G<BAHA78E + )  N 9 6 BE + )  N 9 8 

<A6?H7<A:G;8E8DH<E8@8AGFB9 + )  N @4 )88   ( 

N     7  
BAFB? BHEG$B                                                         &4:8

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      *;8BHEG4:E88FJ<G;898A74AGTF4E:H@8AGG;4GQ162EH6<4??LG;8E8?8I4AG

CBEG<BAB9G;8FG4GHG8BA?L4CC?<8FGB4C4EGLSJ;BFH5@<GFGBG;847@<A<FG8E<A:

4HG;BE<GLG;8<A9BE@4G<BAE8DH8FG879EB@8KCBEG8EFBECEB7H68EFF8?86G879BE

8K4@<A4G<BA TR89 TF@GF 4G 6<G<A: + )  N @4 *;8BHEG4?FB

9<A7FG;8B4?<G<BATF4E:H@8AGC8EFH4F<I8J;8A<GFG4G8FG;4G

      A7887 8I8A <9 B@@8E68 ;47 F8?86G87 IB?HAG4EL E8FCBA78AGF
      1)4A9BEGHA8sBB74A7"BA:LH4AsBB72JBH?7ABG;4I8588A8?<:<5?8
      GB58F8?86G874FG;8L7<7ABGF4G<F9LG;8E8DH<E8@8AGFGB58GE84G874F4
      IB?HAG4EL E8FCBA78AG      A BG;8E JBE7F 8I8A <9 B@@8E68 ;47
      4668CG876B@C4A<8F4FIB?HAG4ELE8FCBA78AGF4A764?6H?4G87<A7<I<7H4?
      @4E:<AF 9BE G;8F8 6B@C4A<8F AB FH6; @4E:<AF JBH?7 ;4I8 588A
      64?6H?4G879BE1)4A9BEGHA8sBB74A7"BA:LH4AsBB72 

89 AG8EI TF)HCC @GF 4G6<G<A:<9G;(8@4A7(878G8E@<A4G<BA4G O         

8KC?4<A<A:G;4G46B@C4AL@HFGFH5@<GE8FCBAF8FGBG;8DH8FG<BAA4<E8F5LG;8

7847?<A88FG45?<F;879BEG;8@4A74GBELE8FCBA78AGFGB586BAF<78E879BEIB?HAG4EL

E8FCBA78AGFG4GHF 

     *;<F64F8<AIB?I8FG;8F<GH4G<BA6BAG8@C?4G875LG;8<A;4A:M;BH

4J7,J;8AG;86BHEGFG4G87G;4G

     GE8@4<AFBC8AGBB@@8E68<AG;89HGHE8F;BH?7G;8<FFH84E<F8GB
     477E8FFG;<F<FFH8@BE89H??LG;4A<G;4F7BA8<AG;<F<AI8FG<:4G<BA s8
     7B ABG CE8=H7:8 G;8 E84FBA45?8A8FF B9 4AL =HFG<9<64G<BA B@@8E68
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4CC?<64AGF54F87BAJ;8G;8EQ9H??DH8FG<BAA4<E8E8FCBAF8FRJ8E8FH5@<GG87<A

466BE74A68J<G; + )  N @4<F4E84FBA45?8=HFG<9<64G<BAGB8K6?H789EB@

G;8%E78EG;8IB?HAG4EL4CC?<64AGFJ;BFH5@<GG87G<@8?L9H??DH8FG<BAA4<E8

E8FCBAF8F5864HF8G;8LFH5@<GG87G;8F4@8<A9BE@4G<BAE8DH<E87B9@4A74GBEL

E8FCBA78AGF5LG;8F4@87847?<A8G;4GJBH?74??BJB@@8E68GBF8?86GG;8@4F

IB?HAG4ELE8FCBA78AGF<9B@@8E68;476;BF8AGBF8?86G4ALIB?HAG4EL

E8FCBA78AGF<AG;<F64F8 

         A4A<FFH8B99<EFG<@CE8FF<BA589BE8G;8+ ) BHEGB9AG8EA4G<BA4?*E478

G;8BHEG4?FB6BA6?H78FG;4GB@@8E68TF78G8E@<A4G<BAGB<A6?H78<AG;8%E78E

IB?HAG4EL4CC?<64AGFJ;B94<?87GBFH5@<GG;89H??E8FCBAF8F8KC86G87B9@4A74GBEL

E8FCBA78AGFHA78E + )  N @4<FE84FBA45?85864HF8G;BF8IB?HAG4EL

4CC?<64AGF6BH?7ABG58F8?86G874FIB?HAG4ELE8FCBA78AGF7H8GB<A6B@C?8G84A7

HAG<@8?L<A9BE@4G<BA9<?87 A464F8FH6;4FG;<FJ;8AIB?HAG4EL4CC?<64AGF

FH5@<GBA?L4GJBC4:8E8DH8FG9BEIB?HAG4ELE8FCBA78AGGE84G@8AGJ<G;BHGG<@8?L

FH5@<GG<A:4ALB9G;8<A9BE@4G<BAE8DH<E87B9@4A74GBELE8FCBA78AGFCHEFH4AGGB

    + )  N @4G;8BHEG6BA6?H78FG;4G<G<FE84FBA45?89BEB@@8E68GB

<A6?H78G;BF8IB?HAG4EL4CC?<64AGF<AG;8%E78E LFH5@<GG<A:BA?L46HEFBEL

E8DH8FG9BEIB?HAG4ELE8FCBA78AGGE84G@8AGJ<G;BHGF4G<F9L<A:G;8FG4GHGBEL6E<G8E<4

HA78E + )  N @4G;BF8IB?HAG4EL4CC?<64AGFJBH?7ABG588?<:<5?89BE
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IB?HAG4ELE8FCBA78AGF )4A9BEGHA8sBB74A7"BA:LH4AsBB74E:H8G;4GG;8L

J8E8ABG:<I8A46;4A68GB7<E86G?L78@BAFGE4G8G;8<EBJA8I<78A68B994<EGE47<A:

5864HF8B@@8E68E89HF87GB6BA7H6GIB?HAG4EL8K4@<A4G<BAF5HGG;8L7<7ABG

F4G<F9LG;8FG4GHGBEL6E<G8E<45L9<?<A:G<@8?L<A9BE@4G<BAE8DH<E87B9@4A74GBEL

E8FCBA78AGFG;4GJBH?78A45?8G;8@GBCEBI8G;8<E94<EGE47<A:<9F8?86G874F

IB?HAG4ELE8FCBA78AGF )88)4A9BEGHA8sBB7TF4A7"BA:LH4AsBB7TF@GF 4G 

      *;8BHEG6BA6?H78FG;4GB@@8E68CEBI<7874E84FBA45?88KC?4A4G<BAGB

=HFG<9L<GF8K6?HF<BA9EB@G;8%E78EG;8IB?HAG4EL4CC?<64AGFJ;BFH5@<GG87G<@8?L

E8DH8FGF9BEIB?HAG4ELE8FCBA78AGGE84G@8AGJ<G;;HA7E87FB9C4:8FB9

DH8FG<BAA4<E8E8FCBAF8F4A7FHCCBEG<A:7B6H@8AG4G<BACEBI<7<A:G;8F4@8

<A9BE@4G<BAG;4G@4A74GBELE8FCBA78AGFFH5@<GG875LG;8F4@87847?<A8<A

466BE74A68J<G; + )  N @4 *;8BHEG4?FB;B?7FG;4GB@@8E68J4F

E84FBA45?8<A6BAG<AH<A:GB<A6?H78G;BF8IB?HAG4EL4CC?<64AGF<AG;8%E78EJ;B7<7

ABGFH5@<GG<@8?L<A9BE@4G<BACEBI<7<A:G;8F4@8<A9BE@4G<BAG;4G@4A74GBEL

E8FCBA78AGFFH5@<GG875LG;8F4@87847?<A8<A466BE74A68J<G; + )  

N @4 

                                   

      BEG;89BE8:B<A:E84FBAF<G<F;8E85L

      G;4GG;8BHEGFHFG4<AFB@@8E68TF4??BG;8EFF8C4E4G8E4G8
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8;H4*4A7 <4A:L4A:sBB79EB@G;8%E78E4A7<G<F9HEG;8E

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)4A9BEGHA8sBB74A7"BA:LH4AsBB7<AG;8%E78E4A7<G<F9HEG;8E

       G;4GG;8BHEGFHFG4<AFB@@8E68TF<9G;(8@4A7

(878G8E@<A4G<BA 

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