Court Opinion

ID: 9961740
Source: CourtListenerOpinion
Date Created: 2024-04-19 17:02:20.533242+00
Date Added: 2024-06-11T08:18:44.881478
License: Public Domain

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56E6C>:?2E:@?C6DF=E:?87C@>E96:?G6DE:82E:@?D:?G@=G:?8@:=4@F?ECJEF3F=2C8@@5D
7C@>C86?E:?2"6I:4@'FDD:22?5(@FE9 @C620

                                                         2E65AC:=  
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C68@CJ(A2<C2?<(49H6:EK6C C:DE:?2.:DD:D2?5"2EE96H,(@=@>@?
,9:E62?52D6!!%@7,2D9:?8E@?7@C%=2:?E:77D)6?2C:D2J:EJ?4
"2G6C:4<)F36@CA@C2E:@?%($)F3F=2CD?4)6?2C:D=@32=(6CG:46D
*(@CA@C2E:@?2?5(:56C42(2?5@?D@=:52E65%=2:?E:77)F3@D56
46C@56"6I:4@(
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":4926=92A>2?677C6J",:?E@?>C:6E92#6==2?+:"2:'F3J
'@5C:8F6K2?5@@J@F?6@?8,:?E@?92A>2?%!!@7,2D9:?8E@?
7@C@?D@=:52E65%=2:?E:77)" C@FA

?5C622DD@?DD:DE2?E6?6C2=@F?D6=7@C!:E:82E:@?2?5#@29"6J6C
*(?E6C?2E:@?2=)C256@>>:DD:@?@7,2D9:?8E@?2C8F657@C676?52?E
*?:E65(E2E6D,:E9E96>@?E963C:67H6C6@>:?:4!:2?49:6?6C2=@F?D6=
2?52D@?":==6CEE@C?6J5G:D@C$77:46@7E966?6C2=@F?D6=
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)9@>2D"6=:?6"J=6D(6E=2?2>6D'2?D56==2?5#:4@=6CF?52

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2DD:5J!6GJ 6?E@7,2D9:?8E@?7@C676?52?E?E6CG6?@C*?:E65(E2E6D
(E66=@CA@C2E:@?

!F<6"6:D?6C2?5(225s92=492=(4928C:?DD@4:2E6D@7,2D9:?8E@?
2C8F657@C676?52?E?E6CG6?@CD@CFD2?"2??6D>2??%:A6*(?4%)
!:36CEJ)F3F=2CD!!*?:E65(E66=%2A6C2?5@C6DECJ'F336C"2?F724EFC:?8
?6C8J==:65?5FDEC:2=2?5(6CG:46,@C<6CD?E6C?2E:@?2=*?:@?!$
!2?5,6=565)F36*(?4,:E9E96>@?E963C:67H6C6'@86C(4928C:?
2?5677C6J6CC:D9
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      9@6C@G6DF586)9:D2AA62=7C@>E967:?2=277:C>2E:G6>2E6C:2=:?;FCJ

56E6C>:?2E:@?3JE96*(?E6C?2E:@?2=)C256@>>:DD:@?Q@>>:DD:@?R@C

Q)R:?G6DE:82E:?8@:=4@F?ECJEF3F=2C8@@5DQ$)R7C@>C86?E:?2"6I:4@

'FDD:22?5(@FE9 @C62:?4=F56DF?:BF6:DDF6D@?E96:>A24E@?4@>A6E:E:G6?6DD

@7D2?4E:@?D:>A@D655F6E@'FDD:2TD:?G2D:@?@7*<C2:?6(66$:=@F?ECJ

)F3F=2C@@5D7C@>C86?E:?2"6I:4@'FDD:22?5(@FE9 @C6265'68

      )#@G             Q:?2=6E6C>:?2E:@?R%' D662=D@+:6HD@7

E96@>>:DD:@?*()%F3  ?G#@D              ) O      )  O 

:?2=#@G            %' Q+:6HDR:?2=(E277'6A@CE$4E       %'

     Q(E277'6A@CER

         @?D@=:52E65%=2:?E:77)" C@FA%=2:?E:77D)6?2C:D2J:EJ?4

"2G6C:4<)F36@CA@C2E:@?%($)F3F=2CD?4)6?2C:D=@32=(6CG:46D

*(@CA@C2E:@?2?5(:56C42(2?5@?D@=:52E65%=2:?E:77)F3@D56

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 :E2E:@?DE@E9625>:?:DEC2E:G6C64@C5C67=64EE96AF3=:425>:?:DEC2E:G6C64@C5
Q%'R5@4F>6?E?F>36CD#@

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@?D@=@FCE#@                                                       %286
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46C@56"6I:4@(4@==64E:G6=JQ%=2:?E:77DR4@?E6DE46CE2:?2DA64ED@7E96

7:?2=277:C>2E:G6>2E6C:2=:?;FCJ56E6C>:?2E:@?

      67@C6E96@FCE2C6*()'F=6 >@E:@?D7@C;F58>6?E@?E96286?4J

C64@C57:=653J)" C@FA2?57:=653J)6?2C:D2J:EJ?4"2G6C:4<)F36

@CA@C2E:@?%($)F3F=2CD?4)6?2C:D=@32=(6CG:46D*(@CA@C2E:@?

(:56C42(2?5)F3@D5646C@56"6I:4@(4@==64E:G6=JQ)6?2C:DR

%=TD'"@E86?4J'%FCDF2?EE@*()' Q)" C@FATD

"@E:@?R#@ '"@E86?4J'Q)6?2C:DT"@E:@?R#@

D662=D@"6>(FAA%=TD' "@E86?4J'Q)" C@FATDCR

#@  "6>%@:?EDFE9@C:E:6D(FAA%=DT' "@E86?4J'

Q)6?2C:DTCR#@

      676?52?E?E6CG6?@CD@CFD2?"2??6D>2??%:A6*(?4%)!:36CEJ

)F3F=2CD!!*?:E65(E2E6D(E66=@CA@C2E:@?*?:E65(E66=%2A6C2?5@C6DECJ

'F336C"2?F724EFC:?8?6C8J==:65?5FDEC:2=2?5(6CG:46,@C<6CD

?E6C?2E:@?2=*?:@?!$!2?5,6=565)F36*(?44@==64E:G6=J

Q676?52?E?E6CG6?@CDR7:=65676?52?E?E6CG6?@CDT'F=6 '6DA@?D6C:67

Q67?E6CGDT'6DAR#@ 676?52?E)Q676?52?ER@CQE96

@G6C?>6?ER7:=65:ED"6>@C2?5F>:?$AA@D:E:@?E@%=2:?E:77TD'F=6 

"@E:@?7@CF58>6?E@?E9686?4J'64@C567TD"6>$AAT?%=TD' 

"@E86?4J'Q67TD'6DAR#@ )" C@FA2?5)6?2C:D7:=65

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@?D@=@FCE#@                                                         %286

E96:CC6A=J3C:67D'6A=J(FAA%=DT' "@E86?4J'Q)6?2C:DT

'6A=JR#@'6A=JC)" C@FAQ)" C@FATD'6A=JR#@

$C2=2C8F>6?EH2D96=5@?2?F2CJ        $C2=C82?    

#@

      @CE967@==@H:?8C62D@?DE96@FCEC6>2?5DE96@>>:DD:@?TD:?2=

6E6C>:?2E:@?

                                 !
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      %6E:E:@?DC6BF6DE:?8:?G6DE:82E:@?DH6C67:=65H:E9E96*(6A2CE>6?E@7

@>>6C46Q@>>6C46R2?5E96)@?$4E@36C             3J@CFD2?

"2??6D>2??%:A6*(?4%)!:36CEJ)F3F=2CD!!*((E66=)F3F=2C

%C@5F4ED?4E96*?:E65(E66=%2A6C2?5@C6DECJ'F336C"2?F724EFC:?8

?6C8J==:65?5FDEC:2=2?5(6CG:46,@C<6CD?E6C?2E:@?2=*?:@?!$

!2?5,6=565)F36*(?4%6E:E:@?D$4E          %' 

      )96@>>:DD:@?:?:E:2E652?:?G6DE:82E:@?2?556E6C>:?65AC6=:>:?2C:=JE92E

E96C6H2D2C62D@?23=6:?5:42E:@?E92EE965@>6DE:4:?5FDECJH2D>2E6C:2==J:?;FC65

@CE9C62E6?65H:E9>2E6C:2=:?;FCJ3JC62D@?@7DF3;64E:>A@CED+:6HD@7E96

@>>:DD:@?%C6=:>:?2CJ64          Q%C6=:>:?2CJ+:6HDR%'

      )96%2CE:6D7:=65E96:CC6DA64E:G625>:?:DEC2E:G63C:67D)6?2C:DT%C662C:?8

C(6AE       %'    )" C@FATD%C662C:?8C(6AE        %'

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@?D@=@FCE#@                                                       %286

    )" C@FATD%@DE62C:?8C(6AE          %'  )6?2C:DT%@DE

62C:?8C(6AE     %' 

     )96@>>:DD:@?AF3=:D965:ED:?2=6E6C>:?2E:@?@?#@G6>36C              

56E6C>:?:?8E92E2?:?5FDECJ:?E96*?:E65(E2E6DH2D>2E6C:2==J:?;FC653JC62D@?

@7:>A@CED@7@:=4@F?ECJEF3F=2C8@@5DQ$)R7C@>C86?E:?2"6I:4@

'FDD:22?5(@FE9 @C62(66:?2=6E6C>:?2E:@?65'682E       

      )" C@FA2?5)6?2C:D:?:E:2E65AC@4665:?8DE@4@?E6DEG2C:@FD2DA64ED@7

E96@>>:DD:@?TD:?2=6E6C>:?2E:@?DF492DE96@>>:DD:@?TD4F>F=2E:@?@7

DF3;64E:>A@CED2?57:?5:?8D@7G@=F>6AC:4667764ED2?5:>A24E)96@FCE96=5

@C2=2C8F>6?E@?2?F2CJ       $C2=C82?    #@

                            ! 
                                        
      )96@FCEC6G:6HDE967@==@H:?8:DDF6D

        ,96E96CE96@>>:DD:@?TD4F>F=2E:@?@7DF3;64E:>A@CED:DDFAA@CE653J

         DF3DE2?E:2=6G:56?462?5:?244@C52?46H:E9=2H

        ,96E96CE96@>>:DD:@?TDG@=F>656E6C>:?2E:@?:DDFAA@CE653J

         DF3DE2?E:2=6G:56?462?5:?244@C52?46H:E9=2H

        ,96E96CE96@>>:DD:@?TDAC:4667764ED56E6C>:?2E:@?:DDFAA@CE653J

         DF3DE2?E:2=6G:56?462?5:?244@C52?46H:E9=2H2?5

       ,96E96CE96@>>:DD:@?TD:>A24E56E6C>:?2E:@?:DDFAA@CE653J

         DF3DE2?E:2=6G:56?46

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@?D@=@FCE#@                                                             %286

             !  "#
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     )96@FCE92D;FC:D5:4E:@?AFCDF2?EE@ *(N  42?5(64E:@?

 2 ::@7E96)2C:774E@7        2D2>6?565 *(

N  22 ::H9:498C2?EE96@FCE2FE9@C:EJE@C6G:6H24E:@?D4@?E6DE:?8

E96)TD7:?2=:?;FCJ56E6C>:?2E:@?D7@==@H:?82?2?E:5F>A:?8@C4@F?E6CG2:=:?8

5FEJ:?G6DE:82E:@?)96@FCEH:==FA9@=5E96)TD56E6C>:?2E:@?D7:?5:?8D@C

4@?4=FD:@?DF?=6DDE96J2C6F?DFAA@CE653JDF3DE2?E:2=6G:56?46@?E96C64@C5@C

2C6@E96CH:D6?@E:?244@C52?46H:E9=2H *(N  23 :D66

2=D@(:6>6?D?6C8J?4G*?:E65(E2E6D  5          65:C       

)96A@DD:3:=:EJ@75C2H:?8EH@:?4@?D:DE6?E4@?4=FD:@?D7C@>E966G:56?465@6D?@E

AC6G6?EE96@FCE7C@>9@=5:?8E92EE96@>>:DD:@?TD56E6C>:?2E:@?D7:?5:?8D@C

4@?4=FD:@?D2C6DFAA@CE653JDF3DE2?E:2=6G:56?46(66#:AA@?(E66=@CAG

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"2C@>>T?  *(        

                                   !

          *,&16&2*;460

      )@>2<62?277:C>2E:G6>2E6C:2=:?;FCJ56E6C>:?2E:@?E96)>FDE7:?5E92E

 >2E6C:2=:?;FCJ6I:DE652?5 E96>2E6C:2=:?;FCJH2D42FD653JC62D@?@7E96

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                                           
@?D@=@FCE#@                                                          %286

:C      BF@E:?86C2=5"6E2=D?4G*?:E65(E2E6D    5  65

:C "2E6C:2=:?;FCJ:D567:?653JDE2EFE62D92C>E92E:D?@E

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:>A@CEDE96@>>:DD:@?4@?D:56CD

            E96G@=F>6@7:>A@CED@7E96DF3;64E>6C492?5:D6
                
          E9667764E@7:>A@CED@7E92E>6C492?5:D6@?AC:46D:?E96*?:E65
                (E2E6D7@C5@>6DE:4=:<6AC@5F4ED2?5
                
          E96 :>A24E @7 :>A@CED @7 DF49 >6C492?5:D6 @? 5@>6DE:4
                AC@5F46CD@75@>6DE:4=:<6AC@5F4ED3FE@?=J:?E964@?E6IE@7
                AC@5F4E:@?@A6C2E:@?DH:E9:?E96*?:E65(E2E6D

5N :)96@>>:DD:@?>2J4@?D:56C@E96C64@?@>:4724E@CDE92E2C6

C6=6G2?EE@56E6C>:?:?8H96E96CE96C6:D>2E6C:2=:?;FCJ3JC62D@?@7

:>A@CED5N ::#@D:?8=6724E@C:D5:DA@D:E:G62?5E96D:8?:7:42?46

E@362DD:8?65E@2A2CE:4F=2C724E@C:D7@CE96)E@564:56(66('6A#@

    2E C6AC:?E65:? *(#  )96DE2EFE6?6:E96C

567:?6DE96A9C2D6Q3JC62D@?@7R?@CAC@G:56DE96)H:E98F:52?46@?9@HE@

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DE2EFE@CJ=2?8F286E@C6BF:C6E96@>>:DD:@?E@4@?D:56CE96G@=F>6@7DF3;64E

                                           
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
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:?;FCJE@E965@>6DE:4:?5FDECJ(66(H:77)C2:?@  52E     D662=D@(

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 O O 

           s*422.77.43=79291&8.434+9'/*(8254687

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2>@?8DF3;64E:>A@CED2?5E965@>6DE:4=:<6AC@5F4E2?5E92EE96@>>:DD:@?TD

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                  *,&18&3)&6)

      ?6G2=F2E:?8>2E6C:2=:?;FCJE96@>>:DD:@?>FDEQ4F>F=2E:G6=J2DD6DDE96

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N :)96)C676CDE@E9:DC6BF:C6>6?E2DQ4F>F=2E:@?R)96

                                          
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
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4@>A6E:E:@?R:D?@EC6BF:C65E@DFAA@CE24F>F=2E:@?564:D:@?"F<2?5!E5G

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,6C<6G*?:E65(E2E6D        )   (FAA   D66

2=D@@DDC2A9:4D(JD?4G*?:E65(E2E6D           5        65:C

       DE2E:?8E92EE96)TD:?BF:CJ:DQH96E96CSC62D@?23=6@G6C=2AT@7

4@>A6E:E:@?6I:DEDR

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@>>:DD:@?2?2=JK6D7@FC724E@CD

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           
            E96 AC6D6?46 @7 D2=6D @C @776CD E@ D6== :? E96 D2>6 86@8C2A9:4
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               5@>6DE:4=:<6AC@5F4E
           

                                              
@?D@=@FCE#@                                                                   %286        

               E966I:DE6?46@74@>>@?@CD:>:=2C492??6=D@75:DEC:3FE:@?7@C
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                  AC@5F4E2?5
              
              H96E96C E96 DF3;64E :>A@CED 2C6 D:>F=E2?6@FD=J AC6D6?E :? E96
                  >2C<6E
          
?ET=?5FD!E5G*?:E65(E2E6D )1111            (FAA 5           O   

     4:E2E:@?@>:EE65

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 DF>>2C:K:?8E96724E@CD2DQE967F?8:3:=:EJ2?5D:>:=2CBF2=:EJ@7E96

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                                                
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
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,96?E96@>>:DD:@?>2<6D256E6C>:?2E:@?@?G@=F>6AC:46@C:>A24EE92E:D

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@74@>A6E:E:@?E92E2C65:DE:?4E:G6E@E9627764E65:?5FDECJR *(

N :::D662=D@2E7:D92C>6CD@7>6C:42G*?:E65(E2E6D )

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                    +642977.&

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)6?2C:D2C8F6DE92E

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         63CF2CJ       :?G2D:@? @7 *<C2:?6 92G6 AC6G6?E65 DF3;64E :>A@CED

                                            
@?D@=@FCE#@                                                      %286     

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      @7E96D6:>A@CED:D:?2AAC@AC:2E6R

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:?4=F565E96=@DD@7%46CE:7:42E:@?7@C$)AC@5F465:?'FDD:2E96

C6G@42E:@?@7A6C>2?6?E?@C>2=EC256C6=2E:@?DDE2EFD7@C'FDD:2(64E:@?

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2C8F23=J5:5?@E6I:DE5FC:?8E96=2EE6CA2CE@7E96A6C:@5@7:?G6DE:82E:@?@?G@E6

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C@FA4@?E6?5DE92EE96%46CE:7:42E:@?

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         9:89AC6DDFC6@?D6BF6?E=JE96=@DD@7'FDD:2?AC@5F46CDT23:=:EJE@
         AC@G:56 %/046CE:7:42E:@? 7@C :ED DF3;64E >6C492?5:D6 492?865 E96
         4@?5:E:@?D @7 4@>A6E:E:@? 72465 3J 'FDD:2? AC@5F46CD @7 DF3;64E
         >6C492?5:D6 2?5 4C62E65 2 DF3DE2?E:2= 4@>A6E:E:G6 5:D25G2?E286 7@C
         'FDD:2?AC@5F46CDC6=2E:G6/E@0C86?E:?:2?"6I:42?(@FE9 @C62?
         2?55@>6DE:4AC@5F46CD@7DF3;64E$)AC@5F4ED
         
5

         )96@>>:DD:@?5:5?@E7@4FD@?E96:>A24EE92E2=@DD@7%46CE:7:42E:@?

H@F=592G6@?4@>A6E:E:@?3FEC2E96C56E6C>:?65E92EQ2==$)C682C5=6DD@7

D@FC46:D86?6C2==JAC@5F465:?244@C52?46H:E9%DE2?52C5DR6I46AE7@C

Q=:>:E65D6CG:46R$)H9:4942?DE:==36FD65:?46CE2:?$)2AA=:42E:@?D

6G6?H:E9@FE>66E:?8%DA64:7:42E:@?D2?546CE2:?EJA6D@7Q8C66?EF36R$)

E92E:D?@ED@=52D>66E:?82?JA2CE:4F=2C%8C256+:6HD2E O       :52E    

?

         )96)24<?@H=65865E96A@E6?E:2=67764E@7'FDD:2?AC@5F46CDT=@DD@7

%46CE:7:42E:@?@?E967F?8:3:=:EJ@7'FDD:2?$)3FE4@?E:?F65E@56E6C>:?6

E92E'FDD:2?$)H6C67F?8:3=6H:E9@E96CDF3;64E:>A@CED52E           O     

)96)4:E65E@E96(E277'6A@CEDE2E:?8E92E'FDD:2?$)42?DE:==36

>2?F724EFC65H:E9%DE2?52C5D3642FD62>2;@C:EJ@7C6DA@?5:?8AFC492D6CD

C6A@CE65E92EQ$)7C@>'FDD:22=H2JD@CFDF2==J>66ED>:?:>F>BF2=:EJ

DA64:7:42E:@?DR2?5QC2E65$)7C@>'FDD:22D4@>A2C23=6E@E965@>6DE:4=:<6

AC@5F4EPH9:49:D86?6C2==JAC@5F465E@%DA64:7:42E:@?DPH:E9C6DA64EE@

                                            
@?D@=@FCE#@                                                            %286    

BF2=:EJ>66ED:?5FDECJDE2?52C5DR52E       ?4:E:?8(E277'6A@CE2E)23=6D

    2?5 

         )23=6    @7E96(E277'6A@CEAC@G:56D24@F?E@7AFC492D6CDTC6DA@?D6D

C682C5:?8DFAA=:6CDT23:=:EJE@>66E>:?:>F>BF2=:EJDA64:7:42E:@?D(E277'6A@CE

2E    %FC492D6CDH6C62D<659@H@7E6?5@>6DE:42==JAC@5F465@C:>A@CE65

$)>66ED>:?:>F>BF2=:EJDA64:7:42E:@?D7@CE96:C@H?@C4FDE@>6CDTFD6D

H:E9AFC492D6CDC676CC:?8E@%DA64:7:42E:@?D@C2?@E96CBF2=:EJ>2?286>6?E

DJDE6>2DE9632D:D7@CBF2=:EJ5)96E23=6:?5:42E6DE92E2>2;@C:EJ@7

C6DA@?5:?8AFC492D6CDC6A@CE65E92E'FDD:2?DFAA=:6CDQ2=H2JDR@CQFDF2==JR>6E

>:?:>F>BF2=:EJDA64:7:42E:@?D5)23=6 D9@HD24@F?E@7AFC492D6CDT

C6DA@?D6D4@>A2C:?8*(AC@5F4652?5:>A@CE65AC@5F4E3J724E@C2?54@F?ECJ

A2:C52E    %FC492D6CDH6C62D<65E@4@>A2C6$)AC@5F465

5@>6DE:42==J2?5$)AC@5F465:?DF3;64E2?5?@?DF3;64E4@F?EC:6D52E

    O )9:DE23=6:?5:42E6DE92E2>2;@C:EJ@7C6DA@?5:?8AFC492D6CDC6A@CE65

E92E'FDD:2?$)H6C6Q4@>A2C23=6RE@E965@>6DE:4AC@5F4E7@CBF2=:EJ

>66E:?8@C6I4665:?8:?5FDECJDE2?52C5D52E        ,9:=6E9:D:?7@C>2E:@?

A6CE2:?DE@E96BF2=:EJ@7'FDD:2?$)2D4@>A2C65E@@E96C4@F?EC:6DE96D6

C6DA@?D6D5@?@EC67=64EC6DA@?D6D7@CBF2=:EJ27E6CE96=@DD@7%46CE:7:42E:@?7@C

'FDD:2?DF3;64E:>A@CED?@C5@6DE9:D:?7@C>2E:@?255C6DDE964@>A6E:E:G6:>A24E

E92E=@D:?8%46CE:7:42E:@?H@F=592G6@?E96DF3;64E'FDD:2?AC@5F4ED

                                             
@?D@=@FCE#@                                                            %286   

      ?56E6C>:?:?8H96E96C'FDD:2?DF3;64E:>A@CEDD9@F=5364F>F=2E65E96

)2=D@D66>65E@>2<64@?EC25:4E@CJDE2E6>6?ED)96)DE2E65E92EE96:>A24E

@7=@DD@7%46CE:7:42E:@?Q:D?@EJ6E4=62CA2CE:4F=2C=J:?=:89E@74@?E:?F65

DF3;64E:>A@CED7C@>'FDD:227E6C"2C49          R3FE:EAC@466565E@AC65:4E2?5

5:D4FDDE9667764E@7E9:DD2?4E:@?+:6HD2E   )96)4:E65E@E96'6DA@?D6DE@

@>>:DD:@?&F6DE:@?DDE2E:?8E92EE96=@DD@7%46CE:7:42E:@?E@'FDD:2?$)

AC@5F46CDH@F=5?@EAC6G6?E'FDD:2?AC@5F465$)7C@>36:?8D@=5:?E96*(

>2C<6EH:E9E9646CE:7:42E:@?3642FD6'FDD:2?AC@5F46CD4@F=5DE:==D6?58C66?

EF36DE@%46CE:7:65AC@46DD@CD2?5E96?D6==E96AC@46DD65EF36D:?E96*(

>2C<6E54:E:?8%6E:E:@?6CDT%@DE62C:?8C(6AE        2EI 

Q'6DA@?D6DE@@>>:DD:@?&F6DE:@?DR2EO%'  )96@FCE

@3D6CG6DE92EE96'6DA@?D6DE@@>>:DD:@?&F6DE:@?DH2D?@EA=2465:?:ED:?

6?E:C6EJ@?E96C64@C57:=65H:E9E96@FCE)96C64@C5@?=J:?4=F56DE9C66A286D@7

E965@4F>6?EA286D O     H9:495@?@EA6CE2:?E@2?J:?7@C>2E:@?23@FEE96

=@DD@7%46CE:7:42E:@?@C8C66?EF36D)96)4:E65E@A286DO@7E96

5@4F>6?E3FEE96@FCE:DF?23=6E@C6G:6HE96D6A286D@CE966?E:C65@4F>6?E

     ?255:E:@?E96@>>:DD:@?72:=65E@255C6DDA@E6?E:2==J4@?EC2CJ6G:56?46

@?E96C64@C54:E653J)" C@FA2DE@E967F?8:3:=:EJ@7'FDD:2?$)@C

6I2>A=6)" C@FA2C8F6DE92EE96'FDD:2?AC@5F4EDT:?23:=:EJE@AC@G:56%

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                                           
@?D@=@FCE#@                                                        %286     

>2<:?8E96D6AC@5F4ED?@=@?86C23=6E@4@>A6E6H:E9@E96CDF3;64E:>A@CEDE92E

H6C623=6E@3646CE:7:65)" C@FATDC2E      4:E:?8*()62C:?8

)C2?D4C:AE$4E           2E %' 2?5)" C@FATD%C662C:?8C2E

I Q!6EE6C7C@>>6C:42?%6EC@=6F>?DE:EFE6R)96%462D65:ED

46CE:7:42E:@?D6CG:46DH:E9:?E96'FDD:2?656C2E:@?Q:?C6DA@?D6E@C6DEC:4E:@?D@?

7:?2?4:2=2?53FD:?6DD24E:G:E:6D:>A@D653JE96*(2?5'FDD:2?8@G6C?>6?EDR@?

"2C49        !6EE6C7C@>>6C:42?%6EC@=6F>?DE:EFE6FC:?8E96

25>:?:DEC2E:G6962C:?82H:E?6DD7C@>%E6DE:7:6523@FEE96AC24E:42=:>A24E@7

)" C@FATD:?23:=:EJE@2AA=JE96%>@?@8C2>@C=:46?D6?F>36CE@E96:C

AC@5F4ED*()62C:?8)C2E )96H:E?6DDE6DE:7:65E92EE96=@DD@7%

46CE:7:42E:@?H@F=5362Q>2;@CD6E324<R7@C'FDD:22?5:EH@F=5?@E36A@DD:3=6

7@C'FDD:2E@D6==:ED$)E@:?E6C?2E:@?2=>2C<6ED5E@C2=2C8F>6?E367@C6

E9:D@FCE)" C@FA6IA=2:?65E92E$)AC@5F4EDH:E9@FE2?%

46CE:7:42E:@?42??@E36D@=52?5E96=24<@72?%46CE:7:42E:@?6DD6?E:2==JAFEE96

'FDD:2?$)4@>A2?:6D@FE@73FD:?6DD(66$C2=C82E  O             O

    

         )96@FCE9@=5DE92EE96)TD56E6C>:?2E:@?E92E'FDD:2?$)H6C6

7F?8:3=6H:E9@E96CDF3;64E$):D?@EDFAA@CE653JDF3DE2?E:2=6G:56?463642FD6

E96)5:5?@E4@?D:56C4@?EC2CJ6G:56?46@?E96C64@C5A6CE2:?:?8E@67764ED@7

E96D2?4E:@?D@?'FDD:2?$)6DA64:2==JE96=@DD@7%46CE:7:42E:@?@?'FDD:2?

                                            
@?D@=@FCE#@                                                            %286     

$)2?572:=65E@7:=6H:E9E96@FCEE96C6=6G2?E6G:56?467C@>E96'6DA@?D6D

E@@>>:DD:@?&F6DE:@?DE92EE96)4:E65

         (64@?5)" C@FA4@?E6?5DE92E@E96CD2?4E:@?D282:?DE'FDD:2:?

255:E:@?E@E96=@DD@7%46CE:7:42E:@?67764E:G6=J6I4=F565'FDD:2?$)7C@>

E96*(>2C<6EA=24627E6C63CF2CJ             )" C@FATDC2EO )96)

255C6DD65E967@==@H:?8EH@D2?4E:@?DE96DFDA6?D:@?@7?@C>2=EC256C6=2E:@?D:?

'FDD:2E92EC6DF=E65:?9:89Q@=F>? R5FE:6D@?'FDD:2?$)2?5E96

AC@9:3:E:@?@7'FDD:2277:=:2E65G6DD6=D7C@>6?E6C:?8E96*?:E65(E2E6DA@CED@?

AC:=         H:E9E96:DDF2?46@7%C6D:56?E:2=%C@4=2>2E:@?          +:6HD2E O

    (E277'6A@CE2E+ ? )96)56E6C>:?65E92EE965@>6DE:4=:<6

AC@5F4E2?5DF3;64E:>A@CED7C@>2==DF3;64E4@F?EC:6DH6C6D:>F=E2?6@FD=JAC6D6?E

E9C@F89@FE2=>@DEE966?E:C6A6C:@5@7:?G6DE:82E:@?H:E9DF3;64E:>A@CED7C@>

'FDD:2AC6D6?E:? @7 >@?E9D+:6HD2E          

         )96)C6;64E65)" C@FATD2?5)6?2C:DT2C8F>6?ED5FC:?8E96

25>:?:DEC2E:G6AC@4665:?8DE92EE96D6>62DFC6DAC6G6?E65'FDD:2?$)7C@>

4@>A6E:?8:?E96*(>2C<6E5FC:?8E96A6C:@5@7:?G6DE:82E:@?3642FD6'FDD:2?

$)H6C6?@EAC@9:3:E656?ECJ@CD2=6:?E96*(>2C<6E2?5D:8?:7:42?EG@=F>6D

@7'FDD:2?$)6?E6C65:?EH@@FE@7E967@FCA@DE:?G2D:@?>@?E9D"2C49                  

2?5"2J         52E   O     4:E:?8(E277'6A@CE2E)23=6D+ + 2?5

'2H:?(96==%:DE249:@D7C@>C2?*()?G#@            ) F?6      

                                                
@?D@=@FCE#@                                                         %286 

56E6C>:?2E:@?E92EE96C6G@42E:@?@7E962?E:5F>A:?85FEJ@C56C@?C2H:?D96==

A:DE249:@D7C@>C2?H@F=5=:<6=J=625E@4@?E:?F2E:@?@CC64FCC6?46@7>2E6C:2=

:?;FCJE@2?:?5FDECJ:?E96*?:E65(E2E6DH:E9:?2C62D@?23=J7@C6D6623=6E:>62?5

E92EE966I:DE6?46@77:?2?4:2=D2?4E:@?DH@F=5?@EAC6G6?EC2?:2?6IA@CE6CD7C@>

DFAA=J:?8E96*(>2C<6E:?E966G6?E@7C6G@42E:@?

          )" C@FA2=D@4@?E6?5DE92EE96:>A@D:E:@?@7(64E:@?       5FE:6D@?

'FDD:2?$)H96?4@>3:?65H:E9E96@E96CD2?4E:@?D27764E65E96'FDD:2?

DF3;64E:>A@CEDT23:=:EJE@4@>A6E6H:E9E96@E96CDF3;64E:>A@CED)" C@FATD

C2E     O   )96)56E6C>:?65E92EE96(64E:@?    5FE:6D@7 @?'FDD:2?

$)5:5?@E>2<6:EF?4@>A6E:E:G6H:E9@E96CDF3;64E:>A@CED4:E:?8E@)23=6D

+ 2?5+ @7E96(E277'6A@CE+:6HD2E      ?    4:E:?8(E277'6A@CE2E

)23=6D+ 2?5+ )96)C62D@?65E92EE965FE:6D5:5?@EAC6G6?EDF3;64E

'FDD:2?$)7C@>6?E6C:?8E96*(>2C<6E:?D:8?:7:42?EG@=F>6DE9C@F89@FE

E96A6C:@5@7:?G6DE:82E:@?@C7C@>36:?8AC6D6?E:?E96*(>2C<6E7@C >@?E9D

@7E96 >@?E9DQ6G6?E9@F89C6DA@?5:?85@>6DE:4AC@5F46CD:>A@CE6CD2?5

AFC492D6CDC6A@CE65E92EE96D64E:@?      5FE:6D92567764ED:?E96*(>2C<6ER5

          )96)4:E65E@)23=6D+ + + 2?5:?E96(E277'6A@CEE@

D9@HE92EE96G@=F>6@7DF3;64E:>A@CED7C@>'FDD:2:?4C62D65:?           4@>A2C65

E@        2?5E92EDF3;64E:>A@CED6?E6C65:?E96*(>2C<6E5FC:?8E96A@DE

:?G2D:@?>@?E9D@7"2C49          2?5"2J       )23=6+ AC6D6?ED>@?E9=J

                                            
@?D@=@FCE#@                                                           %286 

*(:>A@CE52E25FC:?8E966?E:C6A6C:@5@7:?G6DE:82E:@?2?F2CJ         E9C@F89

F?6      (E277'6A@CE2E+ O+ )9:DE23=6D9@HD$)7C@>'FDD:2

H6C6:>A@CE65:?63CF2CJ          "2C49       2?5"2J      52E+ )96C6

:D?@:>A@CE52E27@CAC:=        2?5F?6       5)23=6D+ 2?5)23=6D

56>@?DEC2E6E92EE96G@=F>6@7DF3;64E:>A@CED7C@>'FDD:22DH6==2DE96*(

D9:A>6?ED7C@>E96D6:>A@CEDH6C69:896C:?:?E6C:>            E92?:?    )23=6

+ AC@G:56D:?7@C>2E:@?@?E967:C>D@7C6DA@?5:?8*(:>A@CE6CD@7$)

7C@>C86?E:?2"6I:4@'FDD:2(@FE9 @C62E96:C9625BF2CE6C=@42E:@?D2?5

E96:CD92C6D@7E@E2=:>A@CEDDF3;64E2?5?@?DF3;64E3JD@FC46:?         )23=6D

+ 2?5+ D9@HE96D92C6@7E@E2=DF3;64E:>A@CED7C@>'FDD:2:?             52E

+ O+ )96@FCE@3D6CG6DE92EE96D6E23=6D5@?@ED9@H9@H6G6CE96E@E2=

>2C<6ED92C6@7DF3;64E:>A@CED:?         7@C24@>A2C:D@?@7E96D92C6D:?        

G6CDFD      

        )23=6D9@HDE965@>6DE:4D9:A>6?ED@7:>A@CED7C@>'FDD:23J

5@>6DE:4:>A@CE6CD3J6?57:?:D92?58C2562?5:?5:42E6DE92E'FDD:2?$)

:>A@CED7C@>2?F2CJ          E@F?6     H6C69:896CE92?E962>@F?E@7:>A@CED

7C@>2?F2CJ       E@F?6       52E   )23=6+ AC@G:56D52E27@C*(

:>A@CED@7$)7C@>C86?E:?2"6I:4@'FDD:2(@FE9 @C622?52==@E96C

D@FC46D2?5AC@G:56DE96:>A@CEG@=F>67@C6249@7E96D:I>@?E9D:?             52E

+O+)23=6+ :?5:42E6DE92E2D:8?:7:42?E?F>36C@7D9@CEE@?D@7'FDD:2?

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@?D@=@FCE#@                                                          %286 
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$)H6C66?E6C657C@>2?F2CJ           E@F?6       )23=6+ 2D?@E65

23@G6:?5:42E6DE92E$)7C@>'FDD:2H6C6:>A@CE65:?63CF2CJ               "2C49

       2?5"2J       2?5?@$)7C@>'FDD:2H6C6:>A@CE65:?AC:=              @C

F?6       52E+ 

         )" C@FA492==6?86DE96)TD4F>F=2E:@?@7'FDD:2?DF3;64E:>A@CED

3642FD6E96:>A@CED7C@>"2C49         2?5"2J         5@?@E244FC2E6=JC67=64EE96

67764ED@7E96D2?4E:@?D)" C@FA2DD6CEDE92E G:CEF2==J2==@7DF49:>A@CED

H6C6>256F?56C2?@E96C2C>@?:K65)2C:77(4965F=6@7E96*?:E65(E2E6D

Q)(*(R4@56E92E:D?@E:?E6?5657@CQ$:=@C2DC:==:?8R E96"2C49                

:>A@CE2E:@?H2D>256367@C6E96C6G@42E:@?@7'FDD:2TD>@DE72G@C65?2E:@?DE2EFD

@?AC:=        E9632CC:?8@7'FDD:2?D9:AD@?AC:=       2?5E96AC@5F4E:@?

@7DF3;64E>6C492?5:D6H:E9@FE%46CE:7:42E:@?2?5 E96"2J           :>A@CED

925E2<6?25G2?E286@72?F?:?E6?56582A:?@=F>? @7E96)(*(E2C:77E23=6D

E92EA6C>:EE65D@>6F?7:?:D965DF3;64E>6C492?5:D6E@6?E6CH:E92E2C:77C2E6@7

    H9:49?@=@?86C6I:DED3642FD6@7E96%C6D:56?ETD%C@4=2>2E:@?         E92E

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%6EC@=6F>?DE:EFE62?5)" C@FATD%C662C:?8C2EI Q(FDA6?5:?8

#@C>2=)C256'6=2E:@?DH:E9'FDD:22?56=2CFD4ER@CQ'           R)96)

5:5?@E255C6DDE96D6A@DD:3:=:E:6D:?:ED4F>F=2E:@?2?2=JD:DH9:49:DC6=6G2?EE@

                                           
@?D@=@FCE#@                                                     %286 

E9667764E@7'FDD:2?D2?4E:@?D@?DF3;64E$)7C@>4@>A6E:?872:C=JH:E9@E96C

DF3;64E:>A@CED5FC:?8E96A@DE:?G2D:@?>@?E9D

      ,9:=6C64@C56G:56?46D9@HDE96:>A@CE@7D@>6'FDD:2?DF3;64E

>6C492?5:D6:?EH@A@DE:?G2D:@?>@?E9DE96)5:5?@EAC@G:562?256BF2E6

6IA=2?2E:@?E@244@F?E7@CE96=28@7E96D2?4E:@?>62DFC6DE2<:?8A=246@CE96

:>A24E@7E96=@DD@7%46CE:7:42E:@?D6CG:46D@?'FDD:2?$)TD

4@>A6E:E:G6?6DD)96)>FDE255C6DDE96A@E6?E:2=4@?EC2CJ6G:56?46C682C5:?8

E964@>A6E:E:G6?6DD@7:>A@CED7C@>'FDD:2?$)C6=2E:G6E@E96@E96CDF3;64E

:>A@CED7C@>C86?E:?2"6I:4@2?5(@FE9 @C62(66 *(N 

C6BF:C:?8E96)E@Q4F>F=2E:G6=J2DD6DDE96G@=F>62?567764E@7:>A@CED@7E96

DF3;64E>6C492?5:D67C@>2==4@F?EC:6DR:7DF49:>A@CED     

2?5H:E95@>6DE:4=:<6AC@5F4ED

      44@C5:?8=JE96@FCE4@?4=F56DE92EE96)TD56E6C>:?2E:@?E@4F>F=2E6

DF3;64E:>A@CED7C@>'FDD:2:D?@EDFAA@CE653JDF3DE2?E:2=6G:56?46)96)TD

E:>:?8@74F>F=2E:@?:D:>AC@A6C2?5E96)72:=65E@4@?D:56CA@E6?E:2==J

4@?EC2CJ6G:56?46@?E96C64@C57@C:ED4F>F=2E:@?56E6C>:?2E:@?2?57:=6E96

'6DA@?D6DE@@>>:DD:@?&F6DE:@?DH:E9E96@FCE)96@FCEC6>2?5DE9:D:DDF6

7@C7FCE96C6IA=2?2E:@?@CC64@?D:56C2E:@?3JE96)

      

      

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@?D@=@FCE#@                                                       %286 

                   +642498s46*&

        %=2:?E:77D492==6?86E96@>>:DD:@?TD56E6C>:?2E:@?E@4F>F=2E6$)

7C@>(@FE9 @C622D?@E:?244@C52?46H:E9=2H2?5?@EDFAA@CE653JDF3DE2?E:2=

6G:56?46%=2:?E:77D2C8F6E92EE96)TD4F>F=2E:@?56E6C>:?2E:@?H2D?@E:?

244@C52?46H:E9=2H3642FD6E96):?4=F565?@?DF3;64E:>A@CED7C@>(@FE9

    @C62%=2:?E:77D2=D@4@?E6?5E92EE9:D56E6C>:?2E:@?H2D?@EDFAA@CE653J

DF3DE2?E:2=6G:56?463642FD6E96):?4=F565DF3;64E:>A@CED7C@>(@FE9 @C62

E92EH6C6F?56C2?2?E:5F>A:?8@C56C2?5?@E7F?8:3=6H:E9DF3;64E:>A@CED7C@>

C86?E:?22?5"6I:4@

                          9'/*(8254687+642498s46*&

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:>A@CED)6?2C:D4@?E6?5DE92EE96):8?@C65C64@C56G:56?46H96?:E

56E6C>:?65E92EQH6=5652?5D62>=6DD$)42?36FD65:?E6C492?8623=J:?>@DE

:7?@E2==@E96C2AA=:42E:@?DR3642FD6DF3;64E:>A@CED7C@>C86?E:?22?5"6I:4@

5FC:?8E96A6C:@5@7:?G6DE:82E:@?H6C6Q6DD6?E:2==J2==D62>=6DDRH96C62DE96

$):>A@CED7C@>(@FE9 @C62H6C6Q?62C=J2==H6=565R2?5E962G6C286F?:E

G2=F6DQ*+DR7@CD62>=6DD$)H6C64@?D:DE6?E=J9:896CE92?H6=565

$))6?2C:DTC2E O        

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@?D@=@FCE#@                                                           %286 

      (64@?5%=2:?E:77D4@?E6DEE96)TD:?4=FD:@?@7DF3;64E>6C492?5:D67C@>

(@FE9 @C62E92E9252=C625J366?FD65E@DFAA@CE27:?5:?8@7>2E6C:2=:?;FCJE@

E965@>6DE:4$):?5FDECJ:?            :?25:776C6?EAC@4665:?82?5H2DDF3;64EE@

2?6I:DE:?82?E:5F>A:?8@C56CH9:49%=2:?E:77D4@?E6?52CE:7:4:2==J:?7=2E65E96

4F>F=2E65G@=F>6@7:>A@CEDH9:=6255:?8=:EE=6@C?@:>A24EE@E96A@E6?E:2=92C>

DF776C653JE96*(:?5FDECJ)" C@FATDC2EO)6?2C:DTC          O 

                               &    #&.:*64+*&21*77#*1)*)6,92*38

      )96@FCE7:CDE5:D4FDD6D)6?2C:DT2C8F>6?EE92EDF3;64E:>A@CED7C@>

C86?E:?22?5"6I:4@H6C6?@E7F?8:3=6H:E9(@FE9 @C62?:>A@CED676?52?E

?E6CG6?@CD2DD6CEE92EA2CE@7)6?2C:DT2C8F>6?EH9:494@?46C?DE965:776C6?46

36EH66?D62>=6DD2?5H6=565DF3;64E:>A@CED:DH2:G653642FD6DF492C8F>6?E

C6DED@?)6?2C:DT4@?E6?E:@?E92ED62>=6DD2?5H6=565$)2C6?@E2=:<667

?E6CGDT'6DA2E   O       4:E:?8%C6=:>:?2CJ+:6HDD662=D@67TD'6DA2E ?

676?52?E?E6CG6?@CDC62D@?E92E)6?2C:D3J72:=:?8E@C2:D6E92ED62>=6DD2?5

H6=565$)2C6D6A2C2E6=:<6AC@5F4ED:?E967:?2=A92D6@7E9625>:?:DEC2E:G6

AC@4665:?8D:DAC64=F5657C@>3C:?8:?8:ED2C8F>6?E2?592D4@?46565E96

:?E6C492?8623:=:EJ@7D62>=6DD2?5H6=565AC@5F4ED5

      )6?2C:D4@F?E6CDE92E:E:D?@EAC64=F5657C@>C2:D:?8:ED2C8F>6?E3642FD6

E96@>>:DD:@?925:?2AC6G:@FD:?G6DE:82E:@?7@F?5E92EE96D:?8=6=:<6AC@5F4E

2?5E96DF3;64E:>A@CEDH6C6?@E7F?8:3=6)6?2C:DT'6A=J2E 4:E:?8C2:?

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@?D@=@FCE#@                                                            %286        

$C:6?E65(:=:4@?=64EC:42=(E66=7C@>E2=J2?52A2??G#@D         ) 2?5

    ) :?2=*()%F3 2E          "2J 

        ?492==6?8:?87:?2=286?4J24E:@?DDF492DE96F?56C=J:?8>2E6C:2=:?;FCJ

56E6C>:?2E:@?3JE96)2E:DDF696C6=:E:82?ED86?6C2==J>FDE6I92FDE

25>:?:DEC2E:G6C6>65:6D(66 *(N  5)96@FCEQ86?6C2==JE2<6D2

SDEC:4EG:6HT@7E96C6BF:C6>6?EE92EA2CE:6D6I92FDEE96:C25>:?:DEC2E:G6C6>65:6DR

s2?8K9@F6DEA2<:7EDC27ED@G*?:E65(E2E6D  5                  65

:C      4:E2E:@?D@>:EE65)96C62C6=:>:E656I46AE:@?DE@E966I92FDE:@?

C6BF:C6>6?EDF492D7FE:=:EJ@7C2:D:?82?2C8F>6?E2EE9625>:?:DEC2E:G6=6G6=(66

%2<7@@5%F3@G*?:E65(E2E6D )               O (FAA 5        

     O      D662=D@@=>6D%C@5@CAG*?:E65(E2E6D )                  

  Q/0I92FDE:@?>2J366I4FD65:7E96:DDF6H2DC2:D653J2?@E96CA2CEJ@C

:7:E:D4=62CE92EE96286?4J9252?@AA@CEF?:EJE@4@?D:56C:ER)96)92D

5:D4C6E:@?2DE@H96E96C6I92FDE:@?:DC6BF:C65:?:ED42D6D@CFD(E22=+G

*?:E65(E2E6D     5        65:C        Q/)096564:D:@?H96E96CE@

C6BF:C66I92FDE:@?:?2A2CE:4F=2C42D6:D2>2EE6C4@>>:EE65E@E965:D4C6E:@?@7E96

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AC@A6C=J4@?D:56C65)23=6+ :?7:?5:?8286@8C2A9:4@G6C=2A@7E96DF3;64E

:>A@CED3642FD6E96E23=6C67=64E65@72==:>A@CED7C@>(@FE9 @C625

          )96@FCE@3D6CG6DE92EE96):?4=F56552E2E92E:?4=F5653@E9?@?

DF3;64E2?5DF3;64E:>A@CED7C@>(@FE9 @C62(66(E277'6A@CE2E)23=6D 

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5@>6DE:4$)2?5$)AC@5F465:?@E96C4@F?EC:6D)96D6BF6DE:@?D5:5?@E

                                              
@?D@=@FCE#@                                                      %286 

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>A@CE6C&F6DE:@??2:C6)96):?4=F565?@?DF3;64E:>A@CED5F6E@E96?2EFC6

@7C6DA@?D6DD@=:4:E657C@>JF?52:(E66=*()96@G6C?>6?E6>A92D:K6DE92E

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?@EP:EH2D:?%=2:?E:77DT72G@C2?5H2D2E>@DE92C>=6DDR67TD'6DA2E    

        '682C5=6DD@7H96E96CE96)36=:6G6DE92EE96:?4=FD:@?@7?@?DF3;64E

:>A@CEDH2D92C>=6DD6CC@CE96DE2EFE6:D4=62CE92E@?=JDF3;64E:>A@CEDD92==36

:?4=F565:?E964F>F=2E:@?2?2=JD:D2?55@6D?@E2==@H7@CE964F>F=2E:@?@7?@?

DF3;64E:>A@CED)96@FCE9@=5DE92EE96)TD4F>F=2E:@?@7?@?DF3;64E(@FE9

    @C62?:>A@CED:D2G:@=2E:@?@7 *(N :2?5:D?@E:?244@C52?46

H:E9=2H)96C67@C6E96@FCEC6>2?5DE96)TD56E6C>:?2E:@?E@4F>F=2E6?@?

DF3;64E:>A@CED7C@>(@FE9 @C627@C7FCE96C4@?D:56C2E:@?:?244@C52?46H:E9E9:D

$A:?:@?

                          9291&8.43

        )96@FCE?@HEFC?DE@E96BF6DE:@?@7H96E96CE96)TD56E6C>:?2E:@?E@

4F>F=2E6(@FE9 @C62?$):DDFAA@CE653JDF3DE2?E:2=6G:56?46

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4F>F=2E653642FD6E96JH6C6?@E7F?8:3=6H:E9DF3;64E:>A@CED7C@>C86?E:?22?5

                                          
@?D@=@FCE#@                                                        %286 

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)6?2C:DTC2E O    

      )96)56E6C>:?65E92EE96C6H2D2DF77:4:6?E568C66@77F?8:3:=:EJ36EH66?

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E9@F89E96C6H6C65:776C6?46D:?E96*+D36EH66?E96D64@F?EC:6D32D65@?52E2

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4:E:?8(E277'6A@CE2E)23=6D O 

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:?7@C>2E:@?@?E96C6DA@?D6D@7*(AC@5F46CD:>A@CE6CD2?5AFC492D6CD

C6A@CE:?8E96:?E6C492?8623:=:EJ36EH66?5@>6DE:4$)2?5$)7C@>@E96C

4@F?EC:6D3J4@F?ECJA2:C(E277'6A@CE2E )23=6 A6CE2:?DE@C6DA@?D6D

7C@>*(AC@5F46CD)23=6 A6CE2:?DE@C6DA@?D6D7C@>AC@5F46CD2?5)23=6

 A6CE2:?DE@AFC492D6CD(66:52E O ==E9C66E23=6D56>@?DEC2E6

E96:?E6C492?8623:=:EJ36EH66?DF3;64E:>A@CED7C@>C86?E:?22?5"6I:4@2?5

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AC@5F46CD:>A@CE6CD2?5AFC492D6CDC6DA@?565E92E$)7C@>3@E9C86?E:?2

                                           
@?D@=@FCE#@                                                             %286 

2?5"6I:4@2C6Q2=H2JDR@CQ7C6BF6?E=JR:?E6C492?8623=6H:E9DF3;64E:>A@CED

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C64@C56G:56?464@F=5DFAA@CE2QC62D@?23=6@G6C=2AR@74@>A6E:E:@?36EH66?

$)7C@>"6I:4@2?5C86?E:?22?5$)7C@>(@FE9 @C62:?E96@CJ:72?J

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8C2562?5AC@5F4EEJA63642FD6 Q>2;@C:E:6D@7C6DA@?5:?85@>6DE:4AC@5F46CD

:>A@CE6CD2?5AFC492D6CDC6A@CE65E92EDF3;64E:>A@CED7C@>3@E9C86?E:?22?5

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AFC492D6CDC6A@CE65E92E5:776C6?46D@E96CE92?AC:462C6@?=JD@>6E:>6D@C?6G6C

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Q>2;@C:E:6D@CA=FC2=:E:6D@7C6DA@?5:?8AFC492D6CDC2E65DF3;64E:>A@CED7C@>3@E9

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                                              
@?D@=@FCE#@                                                          %286 

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?4:E:?8(E277'6A@CE2E)23=6 

      )96)2=D@56E6C>:?65E92EE96C6H2D286@8C2A9:4@G6C=2A@7E96DF3;64E

:>A@CED3642FD6?62C=J2==DF3;64E:>A@CED7C@>2==7@FCD@FC46D6?E6C65E96*?:E65

(E2E6DE9C@F89E96(@FE96C?3@C56C@76?ECJ+:6HD2E     4:E:?8(E277'6A@CE2E

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D@FC462?53@C56C@76?ECJ32D65@?@77:4:2=@>>6C46:>A@CEDE2E:DE:4D:?            

:?5:42E:?8286@8C2A9:4@G6C=2A:?E96(@FE96C?3@C56C@76?ECJ(E277'6A@CE2E

+   

      $?=J27:?5:?8@7QC62D@?23=6@G6C=2AR:DC6BF:C657@C4F>F=2E:@?2=E9@F89

C64@C56G:56?46D9@HDE92EE96)TD56E6C>:?2E:@?:>A6C>:DD:3=J4F>F=2E653@E9

DF3;64E2?5?@?DF3;64E:>A@CED7C@>(@FE9 @C62)96(E277'6A@CEE23=6D4:E65

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6I46AE7@CE96DE2EFE@CJAC@3=6>E92EE96)TD4F>F=2E:@?56E6C>:?2E:@?:?4=F565

?@?DF3;64E:>A@CED7C@>(@FE9 @C62)9C66E23=6D4:E653JE96):?4=F565

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@72==:>A@CED7C@>(@FE9 @C62)96)4:E65E@255:E:@?2=6G:56?46E92E

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                                           
@?D@=@FCE#@                                                        %286 

      )96@G6C?>6?EA@:?ED@FEE92EE96FD6@7E9:D52E2H9:49:?4=F565?@?

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4@?E6DEE92EE96C6DF=E@7E9:D52E2H2D:?E96:C72G@C(66)" C@FATD'6A=J

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?@E6I4FD6E96)7C@>4@>A=J:?8H:E9:EDDE2EFE@CJ@3=:82E:@?F?56C *(

N :E92EQE96@>>:DD:@?D92==4F>F=2E:G6=J2DD6DDE96G@=F>62?5

67764E@7:>A@CED@7E96     R *(N :

6>A92D:D25565E:D4=62CE@E9:D@FCEE92EE96DE2EFE65@6D?@EA6C>:E?@?

DF3;64E>6C492?5:D6E@36:?4=F565:?E96@>>:DD:@?TD4F>F=2E:@?2?2=JD:D

      44@C5:?8=JE96)TD56E6C>:?2E:@?E@4F>F=2E63@E9DF3;64E2?5?@?

DF3;64E(@FE9 @C62?:>A@CED:D?6:E96CDFAA@CE653JDF3DE2?E:2=6G:56?46?@C:?

244@C52?46H:E9=2H)96@FCEC6>2?5DE96)TD56E6C>:?2E:@?E@4F>F=2E6

(@FE9 @C62?$)3642FD6?@?DF3;64E:>A@CED7C@>(@FE9 @C62>2J?@E36

:?4=F565:?E96)TD4F>F=2E:@?56E6C>:?2E:@?FCE96CE96)5:5?@E255C6DD

E96A@DD:3=667764EC6DF=E:?87C@>E96DF3;64E:>A@CED7C@>(@FE9 @C62E92EH6C6

F?56C2?2?E:5F>A:?8@C56C:?:ED7:?2=56E6C>:?2E:@?

                   +6426,*38.3&&3)*<.(4

      )6?2C:D492==6?86DE96)TD56E6C>:?2E:@?E@4F>F=2E6DF3;64E:>A@CED7C@>

C86?E:?22?5"6I:4@2DF?DFAA@CE653JDF3DE2?E:2=6G:56?46)6?2C:D2C8F6DE92E

$)7C@>C86?E:?22?5"6I:4@5:5?@EDF77:4:6?E=JD92C6492??6=D@7

                                          
@?D@=@FCE#@                                                           %286 

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E96@>>:DD:@?5:5?@E4@?D:56CC6AC6D6?E2E:G652E27C@>E96A6C:@5@7

:?G6DE:82E:@?2D2H9@=6@CC64@C56G:56?46E92E)6?2C:DD@=5DF3;64E:>A@CED7C@>

C86?E:?22?5"6I:4@2?5:ED*(AC@5F465$)E@:ED*(4FDE@>6CD>2:?=J

FD:?8:EDF?:BF6Q':8:C64ERAC@8C2>5

      )96)56E6C>:?65E92EE965@>6DE:4=:<6AC@5F4E2?5DF3;64E:>A@CED7C@>

62494@F?ECJD@FC46H6C6D@=5E9C@F89@G6C=2AA:?8492??6=D@75:DEC:3FE:@?5FC:?8

E96A6C:@5@7:?G6DE:82E:@?3642FD6:>A@CE6CD7C@>C86?E:?22?5"6I:4@

AC:>2C:=JD@=5$)E@4FDE@>6CDH9:=62=D@D6==:?82D>2==6C2>@F?EE@

5:DEC:3FE@CD+:6HD2E   :52E   ?   4:E:?8(E277'6A@CE2E)23=6D O 

)96)2=D@C6;64E65)6?2C:DT25>:?:DEC2E:G62C8F>6?EE92EDF3;64E:>A@CED7C@>

C86?E:?22?5"6I:4@5:5?@ED92C64@>>@?492??6=D@75:DEC:3FE:@?3642FD62

DF3DE2?E:2=D92C6@7DF3;64E:>A@CED7C@>"6I:4@2?52=6DD6CD92C6@7DF3;64E

:>A@CED7C@>C86?E:?2H6C6D@=5E@5:DEC:3FE@CD2DH6C6>@DEDF3;64E:>A@CED

7C@>3@E9'FDD:22?5(@FE9 @C6254:E:?8(E277'6A@CE2E)23=6 

      )6?2C:D7:CDE4@?E6?5DE92EE96)C6=:65@?2QD>2==@G6C=2ARC2E96CE92?2

QC62D@?23=6@G6C=2AR2?5E92EE96@>>:DD:@?TDC6=:2?46@?             52E2@G6CDE2E65

E96@G6C=2A)6?2C:DTC2E    )96)4:E65E@)23=6D 2?5 E@DFAA@CE:ED

492??6=D@75:DEC:3FE:@?56E6C>:?2E:@?+:6HD2E        )23=6 AC6D6?ED52E27@C

                                             
@?D@=@FCE#@                                                          %286 

492??6=D@75:DEC:3FE:@?7@C$):?E96*(>2C<6E3JD92C62?53JBF2?E:EJ7@C

E966?E:C6A6C:@5@7:?G6DE:82E:@?D9@H:?8E92E:>A@CE6CD7C@>C86?E:?22?5

"6I:4@AC:>2C:=JD@=5$)E@D:>:=2C4FDE@>6CD(E277'6A@CE2EO

)23=6 D9@HD24@F?E@7*(AC@5F46CDT2?5*(:>A@CE6CDT86@8C2A9:4

>2C<6ED:?5:42E:?8E92E6G6CJC6DA@?5:?8AC@5F46C2?5:>A@CE6CC6A@CE65D6==:?8

$):?E966?EC2=(@FE9H6DE52E)23=6 D9@HDE92E7@CE96D92C6@7

DF3;64E:>A@CEDD@=57@C       E9C@F89:?E6C:>      E96EJA:42=D92C6@7DF3;64E

:>A@CED7C@>"6I:4@D@=5E@6?5FD6CDH2D272:C=JD:8?:7:42?EA6C46?E2862?5E96

EJA:42=D92C6@7DF3;64E:>A@CED7C@>C86?E:?2D@=5E@6?5FD6CDH2D29:896C

A6C46?E28652EO)96D92C6@7DF3;64E:>A@CEDD@=5E@6?5FD6CD7C@>

(@FE9 @C62H2D2G6CJD>2==A6C46?E286:?4@>A2C:D@?52D65@?E96D6EH@

E23=6D:?E96(E277'6A@CEE96)TD56E6C>:?2E:@?E92EE96C6H2D2QC62D@?23=6

@G6C=2AR:DDFAA@CE653JDF3DE2?E:2=6G:56?466G6?E9@F89E96C6H6C6G2CJ:?8

568C66D@7D92C6D@7D2=6D:?62494@F?ECJ

          (64@?5)6?2C:D2DD6CEDE92EE96)TD56E6C>:?2E:@?E@4F>F=2E6DF3;64E

:>A@CED7C@>C86?E:?22?5"6I:4@:D?@EDFAA@CE653JDF3DE2?E:2=6G:56?46

3642FD6E96)5:5?@E4@?D:56C)6?2C:DTQ':8:C64ERAC@8C2>2DE96C62D@?7@C

E96D9:7E:?>2C<6ED92C62?5E96:?4C62D6:?)6?2C:DT>2C<6ED92C6(66)6?2C:DT

C2E     O   )6?2C:D4@?E6?5DE92EE96C64@C556>@?DEC2E6DE92EE96Q5:DEC:3FE@CR

>@56=7@CD2=6D@7DF3;64E:>A@CED7C@>(@FE9 @C62FD:?8F?277:=:2E65AC@5F46CD

                                            
@?D@=@FCE#@                                                      %286

AC@46DD@CD2?55:DEC:3FE@CD:D?@EE96D2>62D)6?2C:DTQ':8:C64ERAC@8C2>7@C

D2=6D@7)6?2C:DT5@>6DE:42?5:>A@CE65$)FD:?8277:=:2E65A2CE:6DE@AC@G:56

$)2?5D6CG:46D@?2Q7F==J:?E68C2E65R32D:D)6?2C:DT'6A=J2E

      )96@G6C?>6?E2?5676?52?E?E6CG6?@CD2C8F6E92EE96Q':8:C64ER

AC@8C2>:D)6?2C:DTC63C2?5:?8@7DE2?52C5D6CG:46DA6C7@C>653J277:=:2E65

6?E:E:6D2?5E96@>>:DD:@?D9@F=5?@E92G6H6:8965E9:D5:776C6?E=J(6667

?E6CGDT'6DA2E 67TD'6DA2E   

      )96)4@?D:56C65H96E96C@E96C724E@CD>2J92G69252?25G6CD6:>A24E

@?E965@>6DE:4:?5FDECJ?@E2EEC:3FE23=6E@DF3;64E:>A@CED2=@?6+:6HD2E

)96)C6;64E65)6?2C:DT25>:?:DEC2E:G62C8F>6?EE92EE96D9:7E:?>2C<6ED92C6

E@H2C54F>F=2E65DF3;64E:>A@CEDH2D42FD653J)6?2C:DTQ':8:C64ERAC@8C2>

H9:492==6865=JAC@G:565QDFA6C:@C2G2:=23:=:EJ2?5E649?:42=2DD:DE2?46R52E

O:52E? 4:E:?8)23=6 DF>>2CJ52E24@?46C?:?8E96*(>2C<6E

7@CE96A6C:@5@7:?G6DE:82E:@?

      )96)5:5?@EG:6HE96Q':8:C64ERAC@8C2>2D2724E@C7@CE96D9:7E:?

>2C<6ED92C63642FD6 Q=2C86>2;@C:E:6D@7AFC492D6CDC2E655@>6DE:42==J

AC@5F465$)2DDFA6C:@C@C4@>A2C23=6E@DF3;64E:>A@CEDH:E9C6DA64EE@3@E9

2G2:=23:=:EJ2?5E649?:42=DFAA@CE D6CG:46R D:8?65564=2C2E:@?DH:E9DFAA@CE:?8

5@4F>6?E2E:@?4@CC@3@C2E65E92E5@>6DE:4AC@5F46CD:?4@>3:?2E:@?H:E9E96:C

5:DEC:3FE@CDAC@G:565E96D2>6D6CG:46D2DE96Q':8:C64ERAC@8C2>2?5 E96

                                           
@?D@=@FCE#@                                                         %286

5@>6DE:4:?5FDECJ2=D@=@DE>2C<6ED92C6E@DF3;64E:>A@CED7C@>'FDD:22?5(@FE9

    @C62E92EH6C6?@ED@=5G:2E96Q':8:C64ERAC@8C2>52E

        )96)4:E65E@)23=6 :?E96(E277'6A@CE2?55@4F>6?ED2EE24965E@

%6E:E:@?6CDT%@DE62C:?8C:67E@D9@HE92E)6?2C:DTQ':8%C@8C2>RH2D?@E2

F?:BF6>@56=3FE@E96C$)AC@5F46CD:>A=6>6?E65D:>:=2CDEC2E68:6D:?D6==:?8

DF3;64E:>A@CED(66(E277'6A@CE2E)23=6 %6E:E:@?6CDT%@DE62C:?8C2E

I Q64=2C2E:@?@7'@36CE6=EKRIQ64=2C2E:@?@7C6EE

"6?56?92==RD?@E6523@G6)23=6 D9@HDE96?F>36C@7AFC492D6CDT

C6DA@?D6D4@>A2C:?8*(AC@5F4652?5:>A@CE65AC@5F4E3J724E@C2?54@F?ECJ

A2:C(E277'6A@CE2E   )9:D6G:56?4656>@?DEC2E6DE92E7@CE96724E@CD@7

2G2:=23:=:EJ2?5E649?:42=DFAA@CE D6CG:462>2;@C:EJ@7C6DA@?5:?8AFC492D6CD

C6A@CE65E92E'FDD:2?$)>6C492?5:D6H6C6QDFA6C:@CR@CQ4@>A2C23=6RE@E96

5@>6DE:4AC@5F4E52E      )96C6:D?@C64@C56G:56?4656>@?DEC2E:?8E96FD6

@7E96Q':8:C64ER>@56=3J'FDD:2?$)AC@5F46CD@C:>A@CE6CD

        )96%6E:E:@?6CDT%@DE62C:?8C:67:?4=F565E9664=2C2E:@?@7'@36CE

6=EK2?5E9664=2C2E:@?@7C6EE"6?56?92==@E9564=2C2E:@?D:?5:42E6E92EE96

D6CG:46DAC@G:5653J)6?2C:DTQ':8:C64ERAC@8C2>:D?@EF?:BF6E@)6?2C:D3FE:D

2DEC2E68J@776C653J@E96C5@>6DE:4AC@5F46CD2?5>2?F724EFC6CD)96

64=2C2E:@?@7'@36CE6=EKH9@:D6>A=@J652DE9686?6C2=>2?286C7@C*(

(E66=)F3F=2C%C@5F4EDQ*(()%R3J*?:E65(E2E6D(E66=@CA@C2E:@?25@>6DE:4

                                             
@?D@=@FCE#@                                                        %286

AC@5F46C@7$)5:D4FDD65*(()%TDD6CG:46D2?5DE2E65E92E)6?2C:DTQ':8

:C64ER>@56=@?=J5:776CD:?:EDC6=:2?46@?2?277:=:2E655:DEC:3FE@CE92EAC:>2C:=J

DFAA=:6D)6?2C:DAC@5F465$)AC@5F4ED3FE5@6D?@E5:776C:?E6C>D@7E96

?2EFC6@7D6CG:46DAC@G:565E@6?5FD6CD64=@7'@36CE6=EK2E O )96

64=2C2E:@?@7C6EE"6?56?92==H9@:DE96%C6D:56?E2?5$@7% ?6C8J

(6CG:46DQ% R25@>6DE:45:DEC:3FE@C@7$)DE2E65E92EE96D6CG:46DAC@G:565

3J)6?2C:DTQ':8:C64ERH6C6?@EF?:BF6E@)6?2C:D3642FD6% EJA:42==J6?E6CD

AC@8C2>28C66>6?ED:?4@>3:?2E:@?H:E92?$)>2?F724EFC6C2?5;FDE2D:?

E96)6?2C:DQ':8:C64ER>@56=E966?5FD6CC646:G65E967F==C2?862?55:DEC:3FE@C

D6CG:46DC6BF:C65F?56CE96>@56=64=@7C6EE"6?56?92==2E 62=D@

2EE24965A@CE:@?D@723FD:?6DDAC6D6?E2E:@?7C@>2?$)>2?F724EFC6CE92E

5:D4FDD65D:>:=2CD6CG:46DE@E9@D6:?)6?2C:DTQ':8:C64ERAC@8C2>52E 

      )96(E277'6A@CE2=D@DFAA@CE65E96)TD56E6C>:?2E:@?E92EQDFA6C:@C

2G2:=23:=:EJ2?5D6CG:46RH2D?@E6I4=FD:G6E@)6?2C:DTQ':8:C64ERAC@8C2>2?5

E9FD4@F=5?@E244@F?E7@CE96=@DD@7>2C<6ED92C67@C5@>6DE:4AC@5F46CD)96

)4:E65E@)23=6+ E@D9@HE92EE965@>6DE:4:?5FDECJ2=D@=@DE>2C<6ED92C6

E@DF3;64E:>A@CED7C@>'FDD:22?5(@FE9 @C62E92EH6C6?@ED@=5G:2E96Q':8

:C64ERAC@8C2>+:6HD2E)23=6+ AC@G:56D52E2@?2AA2C6?E*(

4@?DF>AE:@?2?5>2C<6ED92C6D32D65@?BF2?E:EJ7@C$)3JD@FC462?5

A6C:@5D9@H:?8E92EDF3;64E:>A@CED7C@>'FDD:22?5(@FE9 @C624@?EC:3FE65E@

                                          
@?D@=@FCE#@                                                       %286

E96E@E2=>2C<6ED92C6@7$):?E96*(>2C<6E(E277'6A@CE2E+ 2D65

@?E96C64@C56G:56?46E96)4@?D:56C65)6?2C:DTQ':8:C64ERAC@8C2>:?

2DD6DD:?8A@DD:3=6724E@CDE92E2EEC:3FE65E@E96D9:7E:?>2C<6ED92C6E@H2C5

4F>F=2E65DF3;64E:>A@CED)96C67@C6E96)TD56E6C>:?2E:@?E92EE96Q':8

:C64ERAC@8C2>H2D?@E242FD6@7E96=@DD@75@>6DE:4>2C<6ED92C6:DDFAA@CE65

3JDF3DE2?E:2=6G:56?46)96@FCE9@=5DE92EE96)TD56E6C>:?2E:@?E@4F>F=2E6

DF3;64E:>A@CED7C@>C86?E:?22?5"6I:4@:DDFAA@CE653JDF3DE2?E:2=6G:56?46

      642FD6E96@FCEC6>2?5DE967:?2=56E6C>:?2E:@?E@C64@?D:56CE96)TD

56E6C>:?2E:@?E@4F>F=2E6DF3;64E:>A@CED7C@>'FDD:2?@?DF3;64E:>A@CED7C@>

(@FE9 @C622?5DF3;64E:>A@CED7C@>(@FE9 @C62F?56C2?2?E:5F>A:?8@C56C

2D6IA=2:?6523@G6E96@FCE5676CD:ED2?2=JD:D@7E96492==6?86DE@E96)TD

255:E:@?2=56E6C>:?2E:@?DC682C5:?8G@=F>6AC:4667764ED2?5:>A24E:?E96

>2E6C:2=:?;FCJ56E6C>:?2E:@?2EE9:DE:>6

                                  !

      @CE967@C68@:?8C62D@?DE96@FCE4@?4=F56DE92EE96@>>:DD:@?TD

4F>F=2E:@?56E6C>:?2E:@?:D?@EDFAA@CE653JDF3DE2?E:2=6G:56?462?5?@E:?

244@C52?46H:E9=2H44@C5:?8=J:E:D96C63J

      E92EE96@>>:DD:@?TD:?2=6E6C>:?2E:@?:DC6>2?5657@C

C64@?D:56C2E:@?4@?D:DE6?EH:E9E9:D$A:?:@?2?5:E:D7FCE96C

      E92EE9:D42D6D92==AC@4665244@C5:?8E@E967@==@H:?8D4965F=6

                                          
@?D@=@FCE#@                                                       %286

       )96@>>:DD:@?D92==7:=6:EDC6>2?5C656E6C>:?2E:@?@?@C367@C6

          F8FDE       

       )96@>>:DD:@?D92==7:=6E9625>:?:DEC2E:G6C64@C5@?@C367@C6F8FDE

               

       )96%2CE:6DD92==7:=62?J4@>>6?ED@?E96C6>2?5C656E6C>:?2E:@?@?@C

          367@C6(6AE6>36C         

      )96%2CE:6DD92==7:=6C6A=:6DE@E964@>>6?ED@?E96C6>2?5

          C656E6C>:?2E:@?@?@C367@C6$4E@36C        2?5

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