Court Opinion

ID: 9942178
Source: CourtListenerOpinion
Date Created: 2024-02-20 17:01:44.182195+00
Date Added: 2024-06-11T13:47:48.254350
License: Public Domain

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.%5=1>49>7D85(&5@1BD=5>D?6?==5B35QC69>1<C3?@5BE<9>7D81D%       &
5>79>5C1B59>3<E4549>D851>D94E=@9>71>43?E>D5BF19<9>74EDI?B45BC?>35BD19>
F5BD931<C816D5>79>5C25DG55>331>4E@D? 331>4@1BDCD85B5?66B?=D85
$5?@<5QC%5@E2<93?689>1/ 
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                                                        1D5452BE1BI        

B9DD>5I%$?G5<<1>4 9J25D8% 5F9>C?>?H%?D8C389<4 $?6*1C89>7D?>
6?B$<19>D966s85:91>7=5B9CE>'538>?<?7I? D4
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<1E491EB;55@EDI9B53D?B1>4I<5&53;B938'B91<DD?B>5I
?==5B391< 9D971D9?>B1>389F9<9F9C9?>(&5@1BD=5>D?6ECD935?6
*1C89>7D?>6?B565>41>D(>9D54&D1D5C*9D8D85=?>D852B956G5B5
B91>!?I>D?>$B9>39@1<5@EDICC9CD1>DDD?B>5I5>5B1<1>4$1DB9391!
!31BD8I9B53D?B#63?E>C5<?>D852B956G1C?>s1381BI?B25CDD?B>5I
?EBD"?                                                            $175 
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#66935?6D858956?E>C5<6?B'B145>6?B35=5>D?=@<91>35(&
5@1BD=5>D?6?==5B35?6*1C89>7D?>

1>95< &38>5945B=1>1>4&D5@85>#B1F19>7&@1<49>7 $?6
*1C89>7D?>6?B565>41>D>D5BF5>?BB977C&DB1DD?> 
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      8?5B?F5CE475$<19>D966s85:91>7=5B9CE>'538>?<?7I? D4

N$<19>D966O?BNs85:91>7=5B9CE>O9C16?B597>5H@?BD5B?6<1G>=?G5BC6B?=

D85$5?@<5QC%5@E2<93?689>1N89>1O$<19>D966381<<5>75CD85(&

5@1BD=5>D?6?==5B35QCN?==5B35O69>1<C3?@5BE<9>7D81DD85%            &

5>79>5=1>E613DEB542I8?>7A9>7%1D?'538>?<?7I? D4N8?>7A9>7

%1D?O9C9>3<E4549>D851>D94E=@9>71>43?E>D5BF19<9>74EDI?B45BC?>35BD19>

F5BD931<C816D5>79>5C25DG55>331>4E@D?    331>4@1BDCD85B5?66B?=89>1

5BD19>)5BD931<&816D>79>5C5DG55>331>4(@'?        331>4$1BDC'85B5?6

6B?=D85$5?@<5QC%5@E2<93?689>1&3?@5%E<9>7?>!?496954)5BD931<&816D

>79>5C53        N9>1<&3?@5%E<9>7O$% C555BD19>)5BD931<&816D

>79>5C5DG55>331>4(@D?       331>4$1BDC'85B5?6B?=D85$5?@<5QC

%5@E2<93?689>154%57     !1I       1>D94E=@9>71>4

3?E>D5BF19<9>74EDI?B45BCN#B45BCO

      '853BEH?6D89C31C59CG85D85B8?>7A9>7%1D?QC%         &8?B9J?>D1<

5>79>5C61<<G9D89>D85C3?@5?6D85#B45BCD81D3?F5BF5BD931<5>79>5C$<19>D966

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 9D1D9?>CD?D8514=9>9CDB1D9F5B53?B4B56<53DD85@E2<93B53?B4N$%O4?3E=5>D
>E=25BC69<549>D89C31C5"? 


?EBD"?                                                                  $175 
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1B7E5CD81DD85%     &5>79>5C3?>D19>1>5G<I45C97>548?B9J?>D1<C816D5>79>5

D81DC8?E<425455=54?EDC945D85C3?@5?6D85#B45BC'85?F5B>=5>D3?>D5>4C

D81D?==5B35QCC3?@5BE<9>7G893845D5B=9>54D81DD858?B9J?>D1<C816D5>79>5

G1C5AE9F1<5>DD?1N=?496954F5BD931<OC816D5>79>51>4D8EC65<<G9D89>D85C3?@5

?6D85#B45BCC8?E<425CECD19>54D?B1<1B7E=5>D49C3ECC9?>CG9D8D85$1BD95C

B5F51<54D81DD858?B9J?>D1<C816D5>79>545C97>9C>5GD?D85=1B;5D1>4D8EC1

8?B9J?>D1<5>79>5G1C>?D3?>D5=@<1D54G85>D85#B45BCG5B54B16D54D?3?F5B

F5BD931<5>79>5C&55#B1<B71D      L 53      "? 

         56?B5D85?EBD9C$<19>D966QC!?D9?>6?BE47=5>D?>D8575>3I%53?B4

N$<19>D966QC!?D9?>O$<QC!?D75>3I%N$<QC!?DO"?    $<QC

!5=$?9>DCED8?B9D95C&E@@$<QC !?D75>3I%N$<QCBO"?

     565>41>D(>9D54&D1D5CND85?F5B>=5>DO?BN565>41>DO1>4

565>41>D>D5BF5>?BB977C&DB1DD?>       N565>41>D>D5BF5>?BONB977C

&DB1DD?>O?BN$5D9D9?>5BO?@@?C5$<19>D966QC!?D9?>%5C@B56>D5BF#@@Q>

$<QC!?D75>3I%N56>D5BFQC%5C@O"? 56QC%5C@$<QC%

 !?D75>3I%N56QC%5C@O"? $<19>D96669<549DCB5@<I

$<QC%5@<IB&E@@% !?D75>3I%N$<QC%5@<IO"?        

         ?BD85B51C?>C49C3ECC5425<?GD85?EBDB5=1>4C?==5B35QC9>1<

&3?@5%E<9>71CE>CE@@?BD542ICE2CD1>D91<5F945>351>4>?D9>133?B41>35G9D8

<1G

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?EBD"?                                                                      $175 
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        #>!1I        ?==5B359CCE541>D94E=@9>71>43?E>D5BF19<9>74EDI

?B45BC6?B35BD19>F5BD931<C816D5>79>5C25DG55>331>4E@D?      331>4@1BDC

D85B5?66B?=89>1&555BD19>)5BD931<&816D>79>5C5DG55>331>4(@D?

    331>4$1BDC'85B5?6B?=D85$5?@<5QC%5@E2<93?689>154%571D

    

        #>E7ECD      B977C&DB1DD?>69<541C3?@5BE<9>7B5AE5CDD?

45D5B=9>5G85D85B8?>7A9>7%1D?QC%         &N=?496954F5BD931<OC9>7<53I<9>45B

19B3??<54>?>B?149>D5B>1<3?=2ECD9?>5>79>5CEC54D?@?G5B<1G>=?G5BC

G9D818?B9J?>D1<3B1>;C816D3?>>53D54D?1B978D1>7<5751B2?H1B53?F5B542ID85

C3?@5?6D85#B45BC 5DD5B6B?=9>7&@1<49>7      $D??==5B35B55BD19>

)5BD931<&816D>79>5C5DG55>331>4       331>4$1BDC'85B5?66B?=89>1./

%5AE5CD6?B&3?@5%E<9>7%571B49>75BD19>!?496954)5BD931<&816D>79>5C

E7      N$5D9D9?>5BQC&3?@5%E<9>7%5AE5CDO$% L     

        #>E7ECD       ?==5B359>9D91D54D85C3?@59>AE9BI!5=B5

>9D91D9?>!5=?.6?B/!?496954)5BD931<&816D>79>5CE7            $% 

'85$1BD95C69<54D859BB5C@53D9F53?==5>DC 5DD5B6B?=?==5B359>1>35

    1G#66935CD??==5B35B55BD19>)5BD931<&816D>79>5C5DG55>331>4

    331>4$1BDC'85B5?66B?=89>1?==5>DC?>&3?@5%E<9>7@@<931D9?>

%571B49>75BD19>!?496954)5BD931<&816D>79>5C&5@D            N$<19>D966QC


?EBD"?                                                                       $175
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4=9>9CDB1D9F5?==5>DCO$%         5DD5B6B?=9>7&@1<49>7     $D?

?==5B35B55BD19>)5BD931<&816D>79>5C5DG55>331>4          331>4$1BDC

'85B5?66B?=89>1./$5D9D9?>5BQC%5C@?>C5?==5>DC#3D              

N$5D9D9?>5BQC%52EDD1<?==5>DCO$%        ?==5B359CCE54D859>1<&3?@5

%E<9>7?>535=25B            45D5B=9>9>7D81D8?>7A9>7%1D?QC%          &5>79>5C

1B5=?496954F5BD931<C816D5>79>5C9>3<E4549>D85C3?@5?6D85#B45BC&559>1<

&3?@5%E<9>7$<19>D96669<54D89CD9=5<I13D9?>&55&E==?>C"? 

?=@<"?

                    !

      '85?EBD81C:EB9C493D9?>@EBCE1>DD?&53D9?> 1 F9?6D85

'1B9663D?6      1C1=5>454 (&K  11 F91>4 (&

K  3'85?EBDG9<<8?<4E><1G6E<1>I45D5B=9>1D9?>6?E>4D?25

E>CE@@?BD542ICE2CD1>D91<5F945>35?>D85B53?B4?B?D85BG9C5>?D9>133?B41>35

G9D8<1G (&K  12 9

                                     
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         0..(2&(:3&01((4(2.,/$4,0/
            
      '8545C3B9@D9?>C?6=5B381>49C53?F5B542ID85C3?@5?61>1>D94E=@9>7?B

3?E>D5BF19<9>74EDI?B45B=ECD25GB9DD5>9>75>5B1<D5B=C1>4AE5CD9?>C=1I1B9C5

1CD?G85D85B1@1BD93E<1B@B?4E3D9C9>3<E454G9D89>D85C3?@5?61>?B45B&55 

%K        1*85>CE38AE5CD9?>C1B9C5?==5B35QCB57E<1D9?>C49B53D9D


?EBD"?                                                                   $175
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D?9CCE5C3?@5BE<9>7CD81D3<1B96IG85D85BD85@B?4E3DC1B59>C3?@5?B?ED?6C3?@5

4?==5B359C7E94542I31C5<1G1>4175>3IB57E<1D9?>C9>D859BC3?@5BE<9>7C

&55!5B9491>$B?4C       F(>9D54&D1D5CN!5B9491>$B?4CO  4        

     549B     %K      

                    &01(0)4+(2'(23

         ?==5B35QC9>AE9BI=ECD2579>G9D8D85B5<5F1>DC3?@5<1>7E175&5557

#!>3F(>9D54&D1D5C  4              549B     6D85C3?@5

<1>7E1759CE>1=297E?ECND85@<19>=51>9>7?6D85<1>7E1757?F5B>CO46D85

<1>7E1759C1=297E?EC8?G5F5B?==5B359>D5B@B5DCD85C3?@5G9D8D85194?6

D85C?EB35CC5D6?BD89> %K       ; !5B9491>$B?4C  41D

     6D85; C?EB35C4?>?D49C@?C9D9F5<I1>CG5BD85AE5CD9?>?==5B35

=1I3?>C945BD85; 613D?BCE>45B %K            ; 4

         ?==5B35=1I3?>C945BD856?<<?G9>79>D5B@B5D9F5C?EB35CE>45B %

K       ; D?45D5B=9>5G85D85B=5B381>49C59C3?F5B542ID85C3?@5?61>

?B45B

          '85 45C3B9@D9?>C ?6 D85 =5B381>49C5 3?>D19>54 9> D85 @5D9D9?>
              @5BD19>9>7D?D85?B45B1D9CCE5
         
          '85 45C3B9@D9?>C ?6 D85 =5B381>49C5 3?>D19>54 9> D85 9>9D91<
              9>F5CD971D9?>@5BD19>9>7D?D85?B45B1D9CCE5
         
          $B5F9?EC?B3?>3EBB5>D45D5B=9>1D9?>C?6D85&53B5D1BI9>3<E49>7
              @B9?BC3?@5BE<9>7C=5=?B1>41?B3<1B96931D9?>C@5BD19>9>7D?2?D8


?EBD"?                                                                            $175
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             D85 ?B45B 1D 9CCE5 1C G5<< 1C ?D85B ?B45BC G9D8 C1=5 ?B C9=9<1B
             <1>7E1751CD81D?6D85?B45B1D9CCE51>4

          5D5B=9>1D9?>C?6D85?==9CC9?>@5BD19>9>7D?D85?B45B1D9CCE5
              9>3<E49>7 B5@?BDC 9CCE54 @EBCE1>D D? D85 ?==9CC9?>QC 9>9D91<
              9>F5CD971D9?>
                
    %K   ; &53?>41BI9>D5B@B5D9F5C?EB35C9>3<E451>I?D85B

45D5B=9>1D9?>C?6D85&53B5D1BI?BD85?==9CC9?>>?D945>D9695412?F5BE<9>7C?B

45D5B=9>1D9?>C2I(&ECD?=C1>4?B45B$B?D53D9?>NECD?=CO9>4ECDBI

EC175493D9?>1B95C1>41>I?D85BB5<5F1>DB53?B45F945>3546D85B59C1

3?>6<93D25DG55>D85C5C53?>41BI9>D5B@B5D9F5C?EB35C1>4D85@B9=1BI9>D5B@B5D9F5

C?EB35C?6D89CC53D9?>D85@B9=1BI9>D5B@B5D9F5C?EB35CG9<<>?B=1<<I7?F5B>9>

45D5B=9>9>7G85D85B1@B?4E3D9C3?F5B542ID85C3?@5?6D85?B45B1D9CCE54

         '85C3?@5<1>7E175?6D85#B45BC9>D89C31C5CD1D5C9>B5<5F1>D@1BD

         '85 =5B381>49C5 3?F5B54 2I D85C5 ?B45BC 3?>C9CDC ?6 C@1B;97>9D54
         >?>B?14 F5BD931< C816D 5>79>5C G85D85B 69>9C854 ?B E>69>9C854
         G85D85B1CC5=2<54?BE>1CC5=2<54G85D85B=?E>D54?BE>=?E>D54
         @B9=1B9<I6?BG1<;2589>4<1G>=?G5BC>79>5C=55D9>7D89C@8IC931<
         45C3B9@D9?> =1I 1<C? 25 6?B ?D85B >?>81>485<4 ?ED4??B @?G5B
         5AE9@=5>D9>3<E49>72ED>?D<9=9D54D?@B5CCEB5G1C85BC'85CE2:53D
         5>79>5C 1B5 C@1B; 97>9D9?> C9>7<53I<9>45B 19B 3??<54 9>D5B>1<
         3?=2ECD9?>5>79>5CG9D8F5BD931<@?G5BD1;5?66C816DCG9D81=9>9=E=
         49C@<135=5>D ?6  3E293 35>D9=5D5BC 33 1>4 1 =1H9=E=
         49C@<135=5>D ?6 E@ D? 2ED >?D 9>3<E49>7 33  'I@931<<I 5>79>5C
         G9D849C@<135=5>DC?6D89CC9J575>5B1D57B?CC@?G5B?625DG55> 
         ;9<?G1DDC;GD? ;G
         
         >79>5C 3?F5B54 2I D89C C3?@5 >?B=1<<I =ECD 3?=@<I G9D8 1>4 25
         35BD96954E>45B>F9B?>=5>D1<$B?D53D9?>75>3I$19B@?<<ED9?>
         3?>DB?<C D9D<5  381@D5B  CE2381@D5B ( @1BD   ?6 D85 ?45 ?6

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?EBD"?                                                                        $175
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      545B1< %57E<1D9?>C CD1>41B4C 6?B C=1<< >?>B?14 C@1B;97>9D9?>
      5>79>5C 1>4 5AE9@=5>D  >79>5C D81D ?D85BG9C5 =55D D85 @8IC931<
      45C3B9@D9?>?6D85C3?@52ED1B5>?D35BD96954E>45B %@1BD  
      1>41B5>?D35BD96954E>45B?D85B@1BDC?6CE2381@D5B(?6D85$19B
      @?<<ED9?>3?>DB?<C1B5>?D5H3<E4546B?=D85C3?@5?6D85C5@B?35549>7C
      >79>5CD81D=1I2535BD96954E>45B2?D8 %@1BD  1CG5<<1C
      ?D85B @1BDC ?6 CE2381@D5B ( B5=19> CE2:53D D? D85 C3?@5 ?6 D85C5
      @B?35549>7C
      
      5BD19>C=1<<F5BD931<C816D5>79>5CG85D85B?B>?D=?E>D54?>>?>
      81>485<4?ED4??B@?G5B5AE9@=5>D9>3<E49>72ED>?D<9=9D54D?G1<;
      2589>4<1G>=?G5BC1>4@B5CCEB5G1C85BC1B59>3<E4549>D85C3?@5
      ?G5F5B961CE2:53D5>79>59C9=@?BD54=?E>D54?>CE385AE9@=5>D
      ?><ID855>79>59C3?F5B542ID85C3?@5&E2:53D=5B381>49C59>3<E45C
      35BD19> C=1<< F5BD931< C816D 5>79>5C @B?4E354 9> D85 CE2:53D 3?E>DBI
      G85D85B=?E>D54?>?ED4??B@?G5B5AE9@=5>D9>D85CE2:53D3?E>DBI
      ?B9>1D89B43?E>DBI&E2:53D5>79>5C1B53?F5B54G85D85B?B>?DD85I
      1B5133?=@1>9542I?D85B@1BDC
      
      ?B@EB@?C5C?6D85C5?B45BC1>E>69>9C8545>79>53?F5BC1D1=9>9=E=
      1 CE21CC5=2<I 3?=@B9C54 ?6 2ED >?D <9=9D54 D? D85 6?<<?G9>7
      3?=@?>5>DC B1>;31C5 3B1>;C816D 31=C816D @9CD?>C 1>4
      3?>>53D9>7B?4C=@?BD1D9?>?6D85C53?=@?>5>DCD?75D85BG85D85B
      1CC5=2<54 ?B E>1CC5=2<54 1>4 G85D85B ?B >?D 133?=@1>954 2I
      1449D9?>1< 3?=@?>5>DC CE38 1C 1 CE=@ 31B2EB5D?B C@135B 3I<9>45B
      8514CF1<F5DB19>?BF1<F53?F5BC3?>CD9DED5C1>E>69>9C8545>79>5
      6?B@EB@?C5C?6D85C5?B45BC'859>3<EC9?>?6?D85B@B?4E3DCCE381C
      C@1B; @<E7C 69DD54 9>D? D85 3I<9>45B 8514 ?B 5<53DB931< 45F935C 
      97>9D9?> 3?9<C 6?B CI>38B?>9J9>7 G9D8 D85 5>79>5 D? CE@@<I D5>C9?>
      3EBB5>D4?5C>?DB5=?F5D85@B?4E3D6B?=D85C3?@5'859>3<EC9?>?6
      1>I ?D85B 3?=@?>5>DC >?D 945>D96954 1C 3?=@B9C9>7 D85 E>69>9C854
      5>79>5CE21CC5=2<I9>1D89B43?E>DBI4?5C>?DB5=?F5D855>79>56B?=
      D85C3?@5
      
      &@5396931<<I5H3<E4546B?=D85C3?@5?6D85C5?B45BC1B5N?==5B391<O
      ?BN51FI?==5B391<O5>79>5CE>45B %   1>4 %
           D81D81F5 149C@<135=5>D?6  33?B7B51D5B 131CD
      9B?>3I<9>45B<9>5B 1>1ED?=1D933?=@B5CC9?>B5<51C51>4 1>41
      =E66<5BG9D81D<51CDD8B55381=25BC1>4F?<E=57B51D5BD81>            33

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&555BD19>)5BD931<&816D>79>5C5DG55>331>4(@D?           331>4$1BDC

'85B5?6B?=D85$5?@<5QC%5@E2<93?689>154%571D           L

                     (3&2,14,0/0)(2&+$/',3(

       $<19>D9669C16?B597>5H@?BD5B?6<1G>=?G5BC6B?=89>1D81D5=@<?ICD85

%    &5>79>59>9DC$?G5B&=1BD2B1>4<1G>=?G5BC&55$5D9D9?>5BQC&3?@5

%E<9>7%5AE5CD1D B?=D85?EDC5D?6D85C3?@5BE<9>7B5AE5CDD854?=5CD93

@B?4E35BB977C&DB1DD?>45C3B92548?>7A9>7%1D?QC%              &5>79>51C1

N=?496954F5BD931<C816D5>79>5OB1D85BD81>18?B9J?>D1<C816D5>79>541D S 

?==5B35538?54D89C<1>7E175G85>9D@B?F9454D856?<<?G9>745C3B9@D9?>9>D85

C3?@5BE<9>7

      '85 =5B381>49C5 CE2:53D D? D89C C3?@5 9>AE9BI 9C 1 =?496954 F5BD931<
        C816D 5>79>5 CE38 1C D85 =?496954 %   & 5>79>5 =1>E613DEB54 2I
        8?>7A9>7%1D?=?496954F5BD931<C816D5>79>59C1C9>7<53I<9>45B
        19B3??<54C@1B;97>9D54>?>B?149>D5B>1<3?=2ECD9?>5>79>5EC54
        D? @?G5B <1G> =?G5BC G9D8 1 8?B9J?>D1< 3B1>;C816D 3?>>53D54 D? 1
        B978D1>7<5751B2?H'85751B2?H?6D855>79>5B549B53DC@?G5B6B?=
        D853B1>;C816DD?1F5BD931<@?G5BD1;5?66C816DD81D@?G5BCD852<145C
        ?6D85<1G>=?G5B
      
9>1<&3?@5%E<9>71D 

                    0..(2&(:3(4(2.,/$4,0/

       '?45D5B=9>596D85%       &5>79>5CG5B53?F5B542ID85C3?@5?6D85

#B45BC?==5B355H1=9>54D85@<19><1>7E175?6D85C3?@51>4D85; C?EB35C

3?>C9CD9>7?6D85$5D9D9?>5BQC&3?@5%E<9>7%5AE5CDD85E>45B<I9>7'%5@?BD

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?EBD"?                                                               $175 
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1>4D85$5D9D9?>&55$5D9D9?>5BQC&3?@5%E<9>7%5AE5CD1DDD &=1<<)5BD931<

&816D>79>5C6B?=89>1(&'$E2 >F"?C        '       '

     E7      N'%5@?BDO$5D9D9?>5BQC&3?@5%E<9>7%5AE5CD1DDD

$5D9D9?>C6?BD85=@?C9D9?>?6>D94E=@9>71>4?E>D5BF19<9>7ED95C5BD19>

)5BD931<>79>5C5DG55>331>4(@D?       331>4$1BDC'85B5?66B?=D85

$5?@<5QC%5@E2<93?689>1)?<E=55>5B1<>6?B=1D9?>1>4>:EBI!1B 

      N$5D9D9?>O

       ?==5B3569BCD45D5B=9>54D81DD85%       &5>79>5CG5B5NC@1B;97>9D54

C9>7<53I<9>45B19B3??<549>D5B>1<3?=2ECD9?>5>79>5C25DG55>331>4      33

D81D75>5B1D5 ;GD? ;G?67B?CC@?G5BO9>1<&3?@5%E<9>71D39D9>7

$5D9D9?>5BQC&3?@5%E<9>7%5AE5CD1DDD 35BD96931D9?>6B?=D851<96?B>919B

%5C?EB35C?1B4N%O1>4DD41D16B?=D85>F9B?>=5>D1<$B?D53D9?>

75>3IN$OB571B49>7C=1<<>?>B?14C@1B;97>9D9?>5>79>5C?==5B35

D85>45D5B=9>54D81DD855>79>5QC8?B9J?>D1<3B1>;C816DG1C1DD13854D?1B978D

1>7<5751B2?HG8938B549B53D54@?G5B6B?=18?B9J?>D1<?B95>D1D9?>D?1F5BD931<

?B95>D1D9?>D8B?E7814?G>G1B4F5BD931<C816DD?D852<145C?6D85<1G>=?G5B

B5CE<D9>79>1F5BD931<N@?G5BD1;5?66C816DO41DL?==5B3545D5B=9>54

D81DD858?B9J?>D1<3B1>;C816DB978D1>7<5751B2?H1>4F5BD931<4?G>G1B4C816D

3?=@B9C541C9>7<55>79>5E>9D4

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     '85$?G5B&=1BD=1>E1<9>3<E45C1C385=1D93?6D85%               &5>79>5G8938

9C49F94549>D?9>49F94E1<@1BDCG9D845C3B9@D9?>C1>49C45@93D5425<?G'85

=1>E1<9>4931D5CD81DD85@1BD945>D969541C9D5= 9>D85C385=1D939CD855>79>5

1>4D85@1BDC945>D969541C9D5=C D? =1;5E@D85751B2?H$5D9D9?>5BQC&3?@5

%E<9>7%5AE5CD1D697EB5 C551<C?941DDD1D   L   

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      EB9>7?B1<1B7E=5>DD85?F5B>=5>D3<1B96954D81D?==5B3545D5B=9>54

D81D9D5=C D8B?E78 =1;5E@D85=?496954F5BD931<C816D5>79>5G9D89D5= 

D855>79>5@<EC9D5=C D? D85751B2?H3?=@B9C9>7?>5C9>7<55>79>5E>9D

#B1<B71D L  $<19>D9663?>D5>454?>D85?D85B81>4D81D9D5= G1C

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?EBD"?                                                                $175       
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D85?><I5>79>5E>9D1>43?>CD9DED5418?B9J?>D1<C816D5>79>51>49D5=C D? 

D85751B2?HG5B5>?D@1BD?6D855>79>541D   L   

        '89C9>D5B@B5D1D9?>9C3B9D931<D??==5B35QCC3?@5BE<9>7B1D85BD81>

F95G9>7D85%      &1C18?B9J?>D1<5>79>5?==5B353?>C945B54D858?B9J?>D1<

5>79>5 D85F5BD931<751B2?HD?75D85B1C?>5NC9>7<55>79>5E>9DO9>?B45BD?

45D5B=9>5D81DD85B5G1C1F5BD931<3?=@?>5>D?6D85@B?4E3DD81D65<<G9D89>D85

C3?@5?6D85F5BD931<5>79>5#B45BC

        6D5BB5<I9>7?>D85@<19>C3?@5<1>7E1759>D85#B45BCD85?F5B>=5>D

1B7E54D81D?==5B355H1=9>54D85; C?EB35C?6D85$5D9D9?>E>45B<I9>7'

%5@?BD1>41BD93<5C6B?=*9;9@54911>4$5>>CI<F1>91&D1D5(>9F5BC9DID?CE@@?BD

9DC45D5B=9>1D9?>D81DD85=?496954F5BD931<C816D5>79>58141F5BD931<?B95>D1D9?>

D8B?E789DCF5BD931<N@?G5BD1;5?66C816DO1>46?<<?G54D85@B9=1BIEC5?ED<9>549>

D85C3?@5<1>7E1759>1<&3?@5%E<9>71DL

        '85$1BD95CEC549665B5>DD5B=9>?<?7I6?BD853?=@?>5>DCD?45C3B9258?G

D85%     &5>79>5?@5B1D5CG9D8D852<145C?6D85<1G>=?G5B?BD85@EB@?C5C

?6D89C?@9>9?>D85?EBDB565BCD?D85DG?C816DC1D9CCE51CD858?B9J?>D1<

3B1>;C816D1>4D85F5BD931<4B9F5C816D'85F5BD931<4B9F5C816D9CB565BB54D?1CD85

NF5BD931<@?G5BD1;5?66C816DO1>4NF5BD931<4?G>G1B4C816DO2I?==5B351CD85

NF5BD931<DB1>C=9CC9?>C816DO2I$<19>D9661>41CD85NF5BD931<4B9F5C816DO2I

565>41>D>D5BF5>?BD858?B9J?>D1<3B1>;C816D9CB565BB54D?1CD85N8?B9J?>D1<

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?EBD"?                                                                 $175 
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@?G5BD1;5?66C816DO2I$<19>D966&559>1<&3?@5%E<9>7$<QCB56QC%5C@

56>D5BFQC%5C@$<QC%5@<I

                            !+(4+(24+(/*,/(/&s5'(34+(($2%08
                               $/' (24,&$s2,6(+$)4
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           $<19>D96669BCD381<<5>75C?==5B35QC45D5B=9>1D9?>D81DD85B978D1>7<5

751B2?H1>4D85F5BD931<4B9F5C816D1B5@1BD?6D85%          &5>79>51>41B5D85B56?B5

9>3<E454G9D89>D85C3?@5?6D85#B45BC$<19>D9663?>D5>4CD81DD85751B2?H1>4

F5BD931<4B9F5C816D1B5>?D@1BD?6D855>79>5&55$<QCB1DL$<QC%5@<I1D

    L

           ?==5B35B5<954?>D85$5D9D9?>5BQC&3?@5%E<9>7%5AE5CD9>45D5B=9>9>7

D81DN.=/?496954F5BD931<C816D5>79>5C3?>D19>18?B9J?>D1<3B1>;C816D1DD13854

D?1B978D1>7<5751B2?HG8938B549B53DC@?G5B6B?=18?B9J?>D1<?B95>D1D9?>D?1

F5BD931<?B95>D1D9?>D8B?E7814?G>G1B4C816DD?D852<145C?6D85<1G>=?G5BO

9>1<&3?@5%E<9>71D39D9>7$5D9D9?>5BQC&3?@5%E<9>7%5AE5CD1D L L                

     L     '85$5D9D9?>5BQC&3?@5%E<9>7%5AE5CD3?>D19>54145C3B9@D9?>?6D85

@8IC931<381B13D5B9CD93C?6D85%         &5>79>5

           '85 %     & 81C 1 8?B9J?>D1< 3B1>;C816D 2ED D85 5>79>5 81C 255>
           =?496954D?9>3<E451B978D1>7<5751B2?HD81DB549B53DC@?G5B6B?=1
           8?B9J?>D1< D? 1 F5BD931< ?B95>D1D9?>  $ED C9=@<I D85 8?B9J?>D1<
           3B1>;C816DDEB>C1751B1>4D81D751BD85>DEB>C1F5BD931<D1;5?66C816D
           C=?496954G9D8D85751B2?HD85C816D3?=5C?EDD852?DD?=B1D85B
           D81>6B?=D85C945?6D855>79>5


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?EBD"?                                                                $175    

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$5D9D9?>5BQC&3?@5%E<9>7%5AE5CD1D 449D9?>1<D538>931<45C3B9@D9?>C

G5B59>3<E4549>DD138=5>DC L 1>4L&55941DDD @93DEB5?6<1G>

=?G5B=1B;5D54?>*1<=1BDG52C9D5DD @93DEB5?6<1G>=?G5B

=1B;5D54?>$?G5B&=1BDG52C9D5DD 35BD96931D9?>6B?=%DD

41D16B?=$B571B49>7C=1<<>?>B?14C@1B;97>9D9?>5>79>5C1>4DD

$?G5B&=1BD=1>E1<

       ?==5B3539D545F945>35@B?F94542I$5D9D9?>5BD?C8?GD81DD85

B978D1>7<5751B2?H1>4F5BD931<4B9F5C816D1B53?>C945B54@1BDC?6D85%       

&5>79>5B1D85BD81>@1BDC?6D85<1G>=?G5B9>1<&3?@5%E<9>71D

39D9>7D?$5D9D9?>5BQC&3?@5%E<9>7%5AE5CD1DL        CC8?G>12?F5D85

$?G5B&=1BD=1>E1<9>3<E45C1C385=1D93?6D85%            &5>79>5'85

=1>E1<9>4931D5CD81DD85@1BD945>D969541C9D5= 9CD855>79>51>4D85@1BDC

945>D969541C9D5=C D? =1;5E@D85751B2?H$5D9D9?>5BQC&3?@5%E<9>7

%5AE5CD1D697EB5 C551<C?941DDD1D   L   

       ?==5B351<C?39D54D?97EB5C  1>4D?9>D85$5D9D9?>5BQC

&3?@5%E<9>7%5AE5CD97EB5C 1>4 C8?G@8?D?7B1@8C?6D852?H

@13;179>7?6D85<1G>=?G5B1>4D85<1G>=?G5B9DC5<6G85>C?<441D

?==5B3539D54D?97EB5CD?1C5F945>35D81DD85B978D1>7<5751B2?H

G?B;C9>D1>45=G9D8D855>79>59>CE@@?BD?69DC45D5B=9>1D9?>D81DD85

751B2?H31>B51C?>12<I2545D5B=9>54D?251DD13854D?1>4@1BD?6D85

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?EBD"?                                                              $175 


5>79>5'85?EBD?2C5BF5CD81D97EB59C1@8?D?7B1@8?6D85751B2?H

G9D8?ED9DC3?F5B41D   97EB59C1@8?D?7B1@8?6D855>79>5G9D8?ED

D85751B2?H1DD13854D?9D1>497EB59C1@8?D?7B1@8?6D852?DD?=?6D85

<1G>=?G5BC8?G9>7D81DD85F5BD931<4B9F5C816D9C?6635>D5BG9D8D85

B5=?F1<?6D85751B2?H1<?>7G9D845=?>CDB1D9>7D81DD85B59C1@E<<5I

CICD5=14454D?49B53D@?G5B6B?=D85F5BD931<4B9F5C816DD?135>DB1<9J54

2<1458E21>4D8B?E781>1449D9?>1<25<DD?D85G855<C41D    L   

       '85?EBD?2C5BF5CD81DD85C385=1D939>D85$?G5B&=1BD=1>E1<1C

C8?G>12?F545=?>CDB1D5CD81D9D5= 9C18?B9J?>D1<C816D5>79>51>4

9D5=C D? =1;5E@D85751B2?H'89CCE@@?BDC$<19>D966QC@?C9D9?>1>49C

3?>DB1BID??==5B35QCC3?@5BE<9>7D81DD855>79>59>3?B@?B1D5CD85

751B2?H'89C5H1=@<5?6B53?B45F945>356B?=D85$5D9D9?>5BQC&3?@5

%E<9>7%5AE5CDD85B56?B54?5C>?DCE@@?BD?==5B35QCC3?@545D5B=9>1D9?>

       ?==5B35CD1D549>D859>1<&3?@5%E<9>7D81D2531EC5D85#B45BC4?>?D

9>3<E451>5H81ECD9F5<9CD6?BD853?=@?>5>DC>535CC1BI6?B1>5>79>5D?25

3?F5B54D85C3?@5<1>7E1754?5C>?D@B53<E451751B2?H3?>>53D54D?1C816D6B?=

259>73?>C945B541>9>D57B1D54@1BD?6D85%       &5>79>59>1<&3?@5%E<9>71D

?==5B355H@<19>54D81D

       EBD85B=?B5G569>4D81DD85C3?@5=5B5<I5>E=5B1D5CD85=9>9=E=
       3?=@?>5>DCD81D=ECD259>3<E4546?B1=1389>5D?253?>C945B541>
       5>79>5B1D85BD81>@B?F949>71>5H81ECD9F5<9CD'8ECD85B59C>?D89>7

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?EBD"?                                                            $175 
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      9>D85<1>7E175?6D85C3?@5D81D@B53<E45C1751B2?H3?>>53D54D?1
      C816D6B?=259>73?>C945B541>9>D57B1D54@1BD?61>5>79>5
      
4

      ?==5B35QC5H@<1>1D9?>9C9>3?>C9CD5>DG9D8G5<<5CD12<9C854<571<

@B53545>DB571B49>7C3?@5BE<9>7C'85?EBD?6@@51<C6?BD85545B1<9B3E9D

NO81C85<4D81DN.C/3?@5?B45BC=1I259>D5B@B5D541C9>3<E49>7CE2:53D

=5B381>49C5?><I96D85I3?>D19><1>7E175D81DC@5396931<<I9>3<E45CD85CE2:53D

=5B381>49C5?B=1I25B51C?>12<I9>D5B@B5D54D?9>3<E459DOE65B3?&D55<>3F

(>9D54&D1D5CNE65B3?O  4       549B    &97>96931>D<I

?==5B35QC@?C9D9?>D81DD85C3?@5<1>7E175QCC9<5>35@5B=9DC?==5B35D?

9>D5B@B5DD85CE2:53D=5B381>49C5G9D89>D85C3?@5?6D85#B45BC9CD85?@@?C9D5?6

D85@B9>39@<5C5D6?BD89>E65B3?'85?EBD?2C5BF5CD81D751B2?H5C1B5>?D

=5>D9?>549>D85C3?@5<1>7E175'85?EBD3?>3<E45CD81D2531EC5 D85C3?@5

<1>7E1754?5C>?DC@5396ID81D1751B2?H3?>>53D54D?1C816D9C@1BD?6D855>79>5

?B1>I<1>7E175D81DB51C?>12<ICE775CDCCE381B5CE<D1>4 ?==5B35QC

9>D5B@B5D1D9?>9C3?>DB1BID?G5<<5CD12<9C854<571<@B53545>D?==5B35QC

45D5B=9>1D9?>D81DD85%    &5>79>59>3<E45CD85B978D1>7<5751B2?H1>4F5BD931<

4B9F5C816D9C>59D85BCE@@?BD542ICE2CD1>D91<5F945>35>?B9>133?B41>35G9D8<1G

      

      

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?EBD"?                                                                   $175 

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                        07(22$/3.,33,0/)20.(&0/'$29+$)4

        $<19>D9663?>D5>4CD81D?==5B35QCC3?@545D5B=9>1D9?>9C>?D9>133?B41>35

G9D8<1G?BCE@@?BD542ICE2CD1>D91<5F945>352531EC5D85#B45BC3?F5B?><I

5>79>5CG9D81F5BD931<N@?G5BD1;5?66C816DO2EDD85%     &5>79>581C1

8?B9J?>D1<N@?G5BD1;5?66C816DO&55$<QCB1D L   $<19>D9664?5C>?D

381<<5>75D851=297E9DI?6D85C3?@5<1>7E175?B?==5B35QC45D5B=9>1D9?>D81D

D85%     &5>79>5C1B5NC@1B;97>9D54C9>7<53I<9>45B19B3??<549>D5B>1<

3?=2ECD9?>5>79>5C25DG55>331>4       33D81D75>5B1D5 ;GD? ;G?6

7B?CC@?G5BO&5594$<19>D966?><I3?>D5CDC?==5B35QC45D5B=9>1D9?>D81DD85

N@?G5BD1;5?66C816DOG1CN=?496954F5BD931<OB1D85BD81>8?B9J?>D1<

        '85?F5B>=5>D1>4565>41>D>D5BF5>?BEB75D85?EBDD?CECD19>

?==5B35QCC3?@5BE<9>72531EC5D85I1B7E5D81D?==5B3545D5B=9>54

B51C?>12<ID81DD85%     &5>79>565<<G9D89>D85C3?@5?6D85#B45BC21C54?>

B53?B45F945>351>4@B?@5B; C?EB35C56QC%5C@1D 56>D5BFQC%5C@

1DL   

        ?==5B354569>5C1N@?G5BD1;5?66C816DO1CN.'/85=5381>9C=D8B?E78

G8938@?G5B9CDB1>C=9DD546B?=D855>79>5D?1>1DD138549=@<5=5>DCE381C1

2<1451>49D31>251C53?>41BI4B9F5C816D1C816D3?>>53D54F911751B2?H

?BDB1>C=9CC9?>D?D853B1>;C816DO9>1<&3?@5%E<9>71D$<19>D966381<<5>75C

D85C53?>4@1BD?6?==5B35QC4569>9D9?>?6N@?G5BD1;5?66C816DOG8938CD1D5C


?EBD"?                                                                  $175 


D81DN9D31>251C53?>41BI4B9F5C816D1C816D3?>>53D54F911751B2?H?B

DB1>C=9CC9?>D?D853B1>;C816DO$<19>D9663?>D5>4CD81D?==5B35QCC3?@5BE<9>7

9C>?DCE@@?BD542ICE2CD1>D91<5F945>352531EC5?==5B3539D54E>B5<912<5

5F945>35CE381C*9;9@54911BD93<5C1>49BB5<5F1>D5F945>35D81DG1C>?DC@539693

D?5>79>5CEC546?B<1G>=?G5BC$<QCB1DL

         $<19>D966381<<5>75C?==5B35QC45D5B=9>1D9?>D81DD85F5BD931<4B9F5C816D

31>253?>C945B541N@?G5BD1;5?66C816DO21C54?>?==5B35QC4569>9D9?>?61

N@?G5BD1;5?66C816DO1C1NC53?>41BI4B9F5C816DOD81D31>253?>>53D54D?D85

5>79>5F911751B2?H?B1>I?D85BC53?>41BI4B9F5C816D41D$<19>D966

49C17B55CG9D8D89C4569>9D9?>4

         '?CE@@?BD9DC45D5B=9>1D9?>?==5B35B5<954?>DG?1BD93<5C6B?=

*9;9@54911>4?>513145=931BD93<56?B9DC4569>9D9?>?6N@?G5BD1;5?66C816DO

9>1<&3?@5%E<9>71D> C55$5D9D9?>5BQC&3?@5%E<9>7%5AE5CD1DDDC 2

    3 '85?EBD?2C5BF5CD81D>?>5?6D85C51BD93<5CB5<954?>2I?==5B35

49C3ECC1N@?G5BD1;5?66C816DO9>D853?>D5HD?6G1<;2589>4<1G>=?G5BC?B

@B?F945C@5396939>6?B=1D9?>1CD?8?G1N@?G5BD1;5?66C816DO31>251

NC53?>41BI4B9F5C816DOCE381C1C816D3?>>53D54F911751B2?H?BDB1>C=9CC9?>

D?D853B1>;C816D

         C1@B5<9=9>1BI=1DD5BD85?EBDB5:53DCD85B5<9129<9DI?6*9;9@5491

1BD93<5C1C1ED8?B9D1D9F55F945>3545C5BF9>7?6:E49391<>?D935&55$5D9D9?>5BQC


?EBD"?                                                               $175 

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&3?@5%E<9>7%5AE5CD1DDDC 1 2 3*9;9@549145C3B925C9DC5<61CN16B55

5>3I3<?@5491GB9DD5>3?<<12?B1D9F5<I2ID85@5?@<5G8?EC59DO1>4N.1/>I?>531>

549D1<=?CD5F5BI@175:ECD69>4C?=5D89>7D81D31>259=@B?F541>4=1;59D

25DD5BO*9;9@54911BD93<5C4?>?D3?>D19>D85549D?B91<3?>DB?<C?6?D85B@E2<9C854

G?B;1>4=1I25=1>9@E<1D542I1>I?>5

         '85(&?EBD?6>D5B>1D9?>1<'B14581C49C3ECC549DC3?>35B>C12?ED

*9;9@54914E5D?9DCE>B5<9129<9DI1C1>5F945>D91BIC?EB35&55$$B?4"=

>3F(>9D54&D1D5C     '  &E@@ 4           >           

N1C54?>D85129<9DI?61>IEC5BD?1<D5B*9;9@5491D853?EBD9CC;5@D931<?69D1C1

3?>C9CD5>D<IB5<912<5C?EB35?69>6?B=1D9?>DD89CD9=5D85B56?B5D853?EBD4?5C

>?D1335@D*9;9@54916?B@EB@?C5C?6:E49391<>?D935O?EBDC81F55H@B5CC54

3?>35B>C?F5B*9;9@5491QC<13;?6549D?B91<3?>DB?<C

          B5F95G ?6 D85*9;9@5491G52C9D5 B5F51<C 1 @5BF1C9F5 1>4 6?B ?EB
         @EB@?C5C 49CDEB29>7 C5B95C ?6 49C3<19=5BC 1=?>7 D85= D81D 9 1>I
         79F5>*9;9@54911BD93<5N=1I251D1>I79F5>=?=5>D9>1214CD1D5
         6?B5H1=@<59D3?E<4259>D85=944<5?61<1B75549D?B9D3?E<481F5
         255> B535>D<I F1>41<9J54O 99*9;9@54911BD93<5C 1B5 N1<C? CE2:53D D?
         B5=1B;12<5 ?F5BC978DC 1>4 ?=9CC9?>CO 999 N*9;9@5491 1BD93<5C ?B
         C5B95C?6B5<1D541BD93<5C1B5<912<5D?259>3?=@<5D59>G1ICD81DG?E<4
         25 <5CC ECE1< 9> 1 =?B5 D978D<I 3?>DB?<<54 B565B5>35 G?B;O 9F
         N.1/>?D85B @B?2<5= G9D8 1 <?D ?6 3?>D5>D ?>*9;9@54919C D81D =1>I
         3?>DB92ED?BC4?>?D39D5D859BC?EB35CC?=5D89>7D81D=1;5C9D81B46?B
         D85B5145BD?:E475D853B54929<9DI?6G81D9CGB9DD5>O1>4FN=1>I
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    >DB?4E3D9?>D?*9;9@5491
8DD@C5>G9;9@5491?B7G9;95<@>DB?4E3D9?>0D?0*9;9@5491<1CDF9C9D5452 
     

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      1BD93<5C3?==5>35D859B<9F5C1C@1BD9C1>4B16DCO1>4=1I25N31E78DE@
      9>1851F9<IE>21<1>354F95G@?9>DO
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1=@25<<5HB5<1=@25<<F&53B5D1BI?651<D81>4E=1>&5BFC54<

       #D85B3?EBDC81F51<C?5H@B5CC54D859B3?>35B>C12?EDD85

41>75BC?6B5<I9>7?>*9;9@54911C1>1ED8?B9D1D9F5C?EB35&5557141C1F

!E;1C5I       4      D89B    ; 9>7&8E> 9F?<45B       @@QH

 SD89B         

        ?==5B3581C5F5>B5:53D54*9;9@54911C5F945>359>31C5C1@@51<54D?D85

(&?EBD?6>D5B>1D9?>1<'B145&55&81>4?>7%?>7H9>=@H@?F

(>9D54&D1D5C    '0000       &E@@ 4                N?==5B35

49C3?E>D54D85*9;9@54911BD93<52531EC5?69DCF17E5>5CC1>4<13;?61>

1ED8?B9D1D9F539D1D9?>'853?EBD6EBD85B>?D5CD81D*9;9@54919C?6D5>1>

E>B5<912<55F945>D91BIC?EB35O+91=5>>DQ<'B145>4EC?F(>9D54&D1D5C

    '       &E@@ 4                      N?==5B3549C=9CC54

+'QC*9;9@54915>DBI1CE>B5<912<52531EC59D3?>D19>54>?39D1D9?>CD??EDC945

C?EB35CCE@@?BD9>7D851BD93<5QC4569>9D9?>COD9CB5=1B;12<5D81D?==5B3581C

B5:53D54*9;9@54911C1B5<912<5C?EB35?65F945>356?B?F5B14531451>485B5

?==5B3539D5C*9;9@54911C5F945>35256?B5D89C?EBD'85?EBDF95GC

?==5B35QC851FIB5<91>35?>*9;9@54911BD93<5C1C1>9>4931D9?>?6D85G51;>5CC

?6?==5B35QCC3?@545D5B=9>1D9?>

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      >1449D9?>D?259>7E>B5<912<55F945>35D85*9;9@54911BD93<5C39D542I

?==5B354?>?D145AE1D5<I5H@<19>G81D1N@?G5BD1;5?66C816DO9C@1BD93E<1B<I

9>D853?>D5HD?61G1<;2589>4<1G>=?G5B&55$5D9D9?>5BQC&3?@5%E<9>7

%5AE5CD1DDDC 2 3DD138=5>D 245C3B925CN@?G5BD1;5?66O1C?>5?6

C5F5B1<=5D8?4C6?BD1;9>7@?G5B6B?=1@?G5BC?EB35CE381C1BE>>9>75>79>5

1>4DB1>C=9DD9>79DD?1>1@@<931D9?>CE381C1>1DD138549=@<5=5>D?BC5@1B1D5

=1389>541DDD 2'89C1BD93<5?><I=5>D9?>CD851@@<931D9?>?6D89C=5D8?4

D??D85B;9>4C?6<1B75=1389>5BICE381CDB13D?BCDBE3;C1>4:5D19B3B16DC1>4D85

D5B=NC53?>41BIO9C9>3<E454?>359>D853?>D5HD?6NC5=9@5B=1>5>D<I=?E>D54

@?G5BD1;5?66CO?>9>4ECDB91<1>4=1B9>55>79>5CG8938NDI@931<<IEC514B9F5

C816D1>42?<D54:?9>DD?DB1>C=9D@?G5BD?1C53?>41BI9=@<5=5>D?B1335CC?BIO

4'85B59C>?9>4931D9?>D81DD85%    &5>79>59>3<E45C1NC5=9@5B=1>5>D<I

=?E>D54@?G5BD1;5?66O1>4D85%        &9C1C=1<<5>79>56?B<1G>=?G5BCM>?D

1>9>4ECDB91<?B=1B9>55>79>5&559>1<&3?@5%E<9>7$5D9D9?>5BQC&3?@5%E<9>7

%5AE5CDDD138=5>D 345C3B925C1N4B9F5C816DO1C13?=@?>5>D6?BDB1>C=9DD9>7

=5381>931<@?G5BD?BAE51>4B?D1D9?>G89389CEC54D?3?>>53D?D85B3?=@?>5>DC

?614B9F5DB19>D81D31>>?D253?>>53D5449B53D<I2531EC5?649CD1>35?BD85>554D?

1<<?G6?BB5<1D9F5=?F5=5>D25DG55>D85=$5D9D9?>5BQC&3?@5%E<9>7%5AE5CD1D

DD 3'851BD93<549C3ECC5C4B9F5C816DC9>D853?>D5HD?61ED?=?29<5C

=?D?B3I3<5CDBE3;C1>4293I3<5C4'85*9;9@54911BD93<59>3<E45C1C8?BD

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75>5B1<45C3B9@D9?>?6N@?G5BD1;5?66O4B9F5C816DC45C3B929>7D85=1CN?>5

=5D8?4?6DB1>C65BB9>7@?G5B6B?=1>5>79>51>4.@?G5BD1;5?66/D?F5893<5

=?E>D541335CC?BI5AE9@=5>DCE381C1>19B3?=@B5CC?BO1>4NEC54G85>D85B5

9C>QD5>?E78C@13525DG55>D855>79>5@?G5BD1;5?661>41335CC?BIO2ED619<CD?

=5>D9?>4B9F5C816DC1@@<954D?G1<;2589>4<1G>=?G5BC?BG85D85B1N@?G5B

D1;5?66C816DO=1I251C53?>41BI4B9F5C816D3?>>53D54F911751B2?HD?D85

8?B9J?>D1<3B1>;C816D1C9>D85%    &5>79>54

      531EC5?==5B35QC4569>9D9?>?61N@?G5BD1;5?66C816DO9C21C54?>D85C5

E>B5<912<51>49BB5<5F1>D*9;9@54911BD93<5C1>49CG81DE<D9=1D5<ICE@@?BDC

?==5B35QC45D5B=9>1D9?>D81DD85%        &5>79>561<<CG9D89>D85C3?@5?6D85

#B45BCD85?EBD3?>3<E45CD81D?==5B35QCC3?@545D5B=9>1D9?>?>D859CCE5?61

N@?G5BD1;5?66C816DO9C>?DCE@@?BD542ICE2CD1>D91<5F945>35

      '85?><I1BD93<5B5<954?>2I?==5B35D81D9C>?D6B?=*9;9@54919C

DD138=5>D 1>1BD93<56B?=$5>>CI<F1>91&D1D5(>9F5BC9DID81D49C3ECC5C@?G5B

D1;5?66C165DI9>D853?>D5HD?661B=DB13D?BC1>49=@<5=5>DC41DDD '85

1BD93<54569>5CD85N@?G5BD1;5?66C816DO1CN1>5669395>D=51>C?6DB1>C65BB9>7

=5381>931<@?G5B25DG55>61B=DB13D?BC1>49=@<5=5>DCO1>449C3ECC5CD85

81J1B4C?6D85C816D1CC?391D54G9D861B==1389>5BI1>4C165DI@B13D935CD?

=9D971D5D8581J1B4C4*89<5D89C1BD93<5=1I251B5<912<51ED8?B9D1D9F5C?EB35

1C1>13145=93@E2<931D9?>9D9C9BB5<5F1>D2531EC59D1<C?4?5C>?DC@5396931<<I

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49C3ECC1N@?G5BD1;5?66C816DO9>D853?>D5HD?6G1<;2589>4<1G>=?G5BC?B1C1

C53?>41BIC816D3?>>53D54F911751B2?HD?13B1>;C816D'8ECD85?EBD

3?>3<E45CD81DD851BD93<56B?=$5>>CI<F1>91&D1D5(>9F5BC9DI4?5C>?D@B?F945

5F945>D91BICE@@?BD6?B?==5B35QCC3?@5BE<9>7

           565>41>D1>4565>41>D>D5BF5>?B1B7E5D81D9DG1CB51C?>12<56?B

?==5B35D?B5<I?>D85C51BD93<5CD?45D5B=9>5D81D1N@?G5BD1;5?66C816DO31>

251F5BD931<4B9F5C816DG85>9D9CEC541C1=51>CD?DB1>C=9D@?G5BD?D852<145C

1>46?B3?==?>9>4ECDBIE>45BCD1>49>7?6D85B5<5F1>D5>79>53?=@?>5>DC5F5>

D8?E78D85I1B5>?DC@539693D?<1G>=?G5BC&5556QC%5C@1D56>F5BFQC

%5C@1D'85?EBD49C17B55C'85*9;9@54911BD93<5C31>>?D25B5<954?>6?BD85

4569>9D9?>?61N@?G5BD1;5?66C816DO1C259>71C53?>41BI4B9F5C816D1DD13854F91

1751B2?HD?13B1>;C816D1>4D8513145=931BD93<54?5C>?D145AE1D5<ICE@@?BD

?==5B35QC4569>9D9?>&E2CD1>D91<5F945>359CNCE38B5<5F1>D5F945>351C1

B51C?>12<5=9>4=978D1335@D1C145AE1D5D?CE@@?BD13?>3<EC9?>O(>9F5BC1<

1=5B1?B@F" %          (&     '85?EBDB5F95GCD85

CE2CD1>D91<9DI?6D855F945>35N2I3?>C945B9>7D85B53?B41C1G8?<59>3<E49>7

5F945>35D81DCE@@?BDC1CG5<<1C5F945>35D81DP619B<I45DB13DC6B?=D85

CE2CD1>D91<9DI?6D855F945>35QO5135B?&45)F(>9D54&D1D5C '

          L    &E@@ 4            39D1D9?>1>49>D5B>1<

AE?D1D9?>C?=9DD54*89<51<<D8B551BD93<5C75>5B1<<I49C3ECC1N@?G5BD1;5?66

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C816DO1C1@?G5BDB1>C65BCICD5=D85I619<D?CE@@?BD?==5B35QC45D5B=9>1D9?>

2531EC5D85I4?>?D144B5CCD85C@5396933?>D5HD?6<1G>=?G5BC1>4D85

*9;9@54911BD93<5C1B59>85B5>D<IE>B5<912<51C5F945>D91BIC?EB35C

      #D85BB53?B45F945>351<C?4?5C>?DCE669395>D<ICE@@?BD?==5B35QC

45D5B=9>1D9?>2531EC5D854?3E=5>DC4?>?D5H@<19>G8I18?B9J?>D1<3B1>;C816D

31>>?D251N@?G5BD1;5?66C816DO6?BD85%       &5>79>5'85@<19>C3?@5

<1>7E175?6D85#B45BC4?5C>?D5H3<E45F5BD931<4B9F5C816DC6B?=259>71N@?G5B

D1;5?66C816DO2ED9D1<C?4?5C>?D5H3<E458?B9J?>D1<3B1>;C816DC6B?=259>71

N@?G5BD1;5?66C816DO?==5B35QCB5<91>35?>D85$5D9D9?>5BQC&3?@5%E<9>7

%5AE5CDD85'%5@?BD1>4D85$5D9D9?>4?>?D@B?F945145AE1D5CE@@?BD1CD?

G8ID85DB1>C=9CC9?>?6@?G5BD8B?E78135BD19>C816DG?E<4B5>45B9D1N@?G5B

D1;5?66C816DO96@?G5B31>7?D8B?E782?D8D858?B9J?>D1<3B1>;C816D1>4F5BD931<

4B9F5C816D5C@5391<<I96D85F5BD931<4B9F5C816D9C1C53?>41BIC816D3?>>53D54D?1

751B2?H'85$1BD95CC55=D?3?>3545D81DD85@?G5B6B?=D855>79>5=ECD1D

C?=5@?9>D25DB1>C=9DD549>1F5BD931<49B53D9?>9>?B45BD?B5138D85<1G>=?G5B

2<145CG85D85BD8B?E78D85F5BD931<4B9F5C816D1C1>N9>D5B=5491BIO256?B59D

B51385C1DB1>C=9CC9?>25<D1C1CC5BD542I$<19>D966?B1CD85N@?G5BD1;5?66

C816DOD81DE<D9=1D5<I@?G5BCD852<145C1C1B7E542I565>41>D1>4565>41>D

>D5BF5>?B&55$<QCB1D56QC%5C@1D56>D5BFQC%5C@1D$<QC

%5@<I1D565>41>D>D5BF5>?B1CC5BDCD81DNG85D85B2?D8D853B1>;C816D1>4D85

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4B9F54B16D1B53?>C945B54.@?G5BD1;5?66/C816DC?BG85D85B?><ID85C53?>41BI

4B9F5C816DC8?E<4253?>C945B54D85.@?G5BD1;5?66/C816D9C9BB5<5F1>DO2EDD89C

9>D5B@B5D1D9?>619<CD?CE@@?BD?==5B35QCC3?@5BE<9>756>D5BFQC%5C@1D

565>41>D3?>D5>4C9>9DC2B956256?B5D85?EBDD81DD858?B9J?>D1<3B1>;C816D

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