Mortgage and Securitization Report

!"# $% !
!"# " $% !
!"#$"%&'(#$)*"!&'+$)"#,)-+&"'.$
! " #$%"&#!'#(" )!%*#"+
!)"+%9#$:+
"+&>'
)& E !#")&
E&#!")&
E&#!"++
>!
&+()&*+*Q%%():!"R5%'"#"+
>)&"E#E+Q%*++*%T))SU%V#E+
)& E !#$ $)#!%X
!+H%(Y$%$)#!%X
,-./01/2 345%6778
;6<45777=77
?7%2-1/5 #@A0BC1.D- &1C#-FGB%HIJD-B1D-%(J/KJ/1CGJL
MJIL%*J>+&'%1B%!JNGL-37774?7?777OP38P47
*-S1D. (J0LC25%E-J/FG1
*--@%TJJW%3O<?8%VF%334
?777OP38P4
33Z<6O68O
/#,+#&0!+)1 *((.'#2)3#,)4+!5'%'#2)32!++6+#&
Y1/.J/9G-[%>J/CF1F-%V1BB\"I/J0FI%(-/CG]G^1C-B%'-/G-B
6778\<
;35O<O5ZZ?5?47 _1KK/J`GN1C-a
TJJW%+LC/2
BB0GLF%+LCGC2
>J/CF1F-%VJJD%91D0,J/N%J]%'-^0/GCG-B
(0C\J]]%*1C(DJBGLF%*1C"1`%'C1C0B%+D-^CGJL
#K/GD%35%6778
#K/GD%6O5%6778
&+> (Q%"I1^I-/%V/J]]GCC%b%HJJ@%$$V5%^J0LB-D%CJ%CI^JNK1L2%[GDD%@-DGc-/%GCB%JKGLGJL
E/--L[G^I%(1KGC1D%,GL1L^G1D%V/J@0^CB
E/--L[G^I%(1KGC1D #^^-KC1L^-5% L^=
E/--L[G^I%(1KGC1D%,GL1L^G1D%V/J@0^CB
'KJLBJ/
*-KJBGCJ/
'-DD-/
"I-%"/0BC
'-/cG^-/
"/0BC-'-^0/GCG-B #@NGLGBC/1CJ/
(0BCJ@G1L
(J\"/0BC-&1CGLF%#F-L^2_G-Ba
&-FGBC/1CGJL%'C1C-N-LC%!0N.-/
*1C-%J]%&-FGBC/1CGJLU%V/JBK-^C0B
,J/N%34\*%,GD-@%U%#^^-KC-@ $GLWQ
Y1/.J/9G-[%>J/CF1F-%V1BB\"I/J0FI%(-/CG]G^1C-B%'-/G-B
6778\<
(J0LC/2[G@-%YJN-%$J1LB%'-/cG^GLF5%$V=
:='=%T1LW5%!=#=
!U#
"I-%T1LW J]%!-[%RJ/W
!U#
'C1L@1/@%b%VJJ/Bd >JJ@2eB5 ,GC^I
777897:;<98:=
>12%65%6778 U%<6<T4
,GD-@%JL 3U66U7Z 36Q4ZKN +"
ICCKQUU[[[=B-^GL]J=^JNU@c<32=06c=ICN
'J0/^-Q '-^0/GCG-B%1L@%+`^I1LF-%(JNNGBBGJLQ $GLW%CJ% L@-LC0/-UV'#Q
ICCKQUU[[[=B-^GL]J=^JNU@3?]63=cSf=@=ICN
!"# # $% !
!"# $ $% !
!"#$%&'()*+ ,--.+//00012%$()3!1$!4/56738619:;1,-4
< =& !"#$%&'()*+ ,--.+//00012%$()3!1$!4/56738619>?151,-4
!"# % $% !
4066"!>)(?) +!6$
@'$)$066"!>)@'2@.'2@&$ $+.+%&+,)'#?(!6"&'(#)?!(6)&@'$),(%06+#&)"#,),(+$)#(&)%(#&"'#)"..)(?)&@+)'#?(!6"&'(#)&@"&)>(0)#++,)&(
%(#$',+!)'#)6"A'#2)>(0!)'#5+$&6+#&),+%'$'(#B ()0#,+!$&"#,)"..)(?)&@+)&+!6$)(?)&@+)(??+!'#2)(?)&@+)(??+!+,)%+!&'?'%"&+$C)!+",
%"!+?0..>)&@'$)+#&'!+),(%06+#&)"#,)&@+)"%%(6D"#>'#2)D!($D+%&0$B
@'$)$066"!>)D!(5',+$)"#)(5+!5'+E)(?)%+!&"'#)%".%0."&'(#$C)%"$@)?.(E)D!'(!'&'+$)"#,)(&@+!)'#?(!6"&'(#)&()"',)>(0!
0#,+!$&"#,'#2)"#,)'$)F0".'?'+,)G>)&@+)?0..),+$%!'D&'(#)(?)&@+$+)%".%0."&'(#$C)%"$@)?.(E)D!'(!'&'+$)"#,)(&@+!)'#?(!6"&'(#)'#)&@'$
D!($D+%&0$)$0DD.+6+#&)"#,)&@+)"%%(6D"#>'#2)D!($D+%&0$B 4(6+)(?)&@+)'#?(!6"&'(#)%(#$'$&$)(?)?(!E"!,8.((A'#2)$&"&+6+#&$
!+."&'#2)&()?0&0!+)+%(#(6'%)D+!?(!6"#%+)(!)D!(H+%&'(#$)"#,)(&@+!)?'#"#%'".)'&+6$B I(!E"!,8.((A'#2)$&"&+6+#&$)"!+)$0GH+%&)&(
")5"!'+&>)(?)!'$A$)"#,)0#%+!&"'#&'+$)&@"&)%(0.,)%"0$+)"%&0".)!+$0.&$)&(),'??+!)?!(6)&@+)D!(H+%&+,)!+$0.&$B @($+)!'$A$)"#,
0#%+!&"'#&'+$)'#%.0,+C)"6(#2)(&@+!$C)2+#+!".)+%(#(6'%)"#,)G0$'#+$$)%(#,'&'(#$C)!+20."&(!>)'#'&'"&'5+$)"#,)%(6D.'"#%+)E'&@
2(5+!#6+#&".)!+20."&'(#$C)"#,)5"!'(0$)(&@+!)6"&&+!$C)"..)(?)E@'%@)"!+)G+>(#,)(0!)%(#&!(.B 3%%(!,'#2.>C)E@"&)"%&0"..>
@"DD+#$)6">)G+)5+!>),'??+!+#&)?!(6)E@"&)E+)D!+,'%&)'#)(0!)?(!E"!,8.((A'#2)$&"&+6+#&$B
J@+#+5+!)E+)!+?+!)'#)&@'$)D!($D+%&0$)$0DD.+6+#&)&()")D+!%+#&"2+)(?)$(6+)(!)"..)(?)&@+)6(!&2"2+).("#$)+KD+%&+,)&()G+)'#%.0,+,
"$)&!0$&)?0#,)"$$+&$)(!)'#)").("#)2!(0DC)&@"&)D+!%+#&"2+)@"$)G++#)%".%0."&+,)(#)&@+)G"$'$)(?)&@+)&(&".)$&"&+,)D!'#%'D".)G"."#%+)(?
&@($+)6(!&2"2+).("#$)"$)(? 3D!'.)9C)L::<C)0#.+$$)E+)$&"&+)(&@+!E'$+B J+)+KD."'#)'#)&@'$)D!($D+%&0$)$0DD.+6+#&)0#,+! !"#
$%&'()(#*+%),*-&%./01-#,#&)23 @(E)&@+)$&"&+,)D!'#%'D".)G"."#%+)(?)")6(!&2"2+).("#)'$)%".%0."&+,B
M0&8(??)-"&+
"I-% ^0C\J]]% @1C-% GB% #K/GD% 35%6778=% % "I- ^0C\J]]% @1C-% GB% CI-% @1C-% 1]C-/% [IG^I% CI-% GBB0GLF% -LCGC2% [GDD% .-% -LCGCD-@% CJ% /-^-Gc-% 1DD% ^JDD-^CGJLB% JL% 1L@
K/J^--@B%J]%CI-%NJ/CF1F-%DJ1LB=
M.($'#2)-"&+
)L%J/%1.J0C%#K/GD%6O5%6778=
4D(#$(!)"#,)4+..+!
E/--L[G^I%(1KGC1D%,GL1L^G1D%V/J@0^CB5% L^=
!!"#$%! &'()'*"+(," !--!*."/("0%/)"&*')&!102)")2&&-!3!(0"4'*"+,,/0/'(+-"/(4'*3+0/'(5
-+D($'&(!
E/--L[G^I%(1KGC1D%#^^-KC1L^-5% L^=%%"I-%@-KJBGCJ/eB%1@@/-BB%GB%877%'C-1N.J1C%&J1@5%E/--L[G^I5%(JLL-^CG^0C%78O?75%1L@%GCB%C-D-KIJL-%L0N.-/%GB
_67?a%864\6Z77=
!!"#$%!"6!&')/0'*."/("0%/)"&*')&!102)")2&&-!3!(0"4'*"+,,/0/'(+-"/(4'*3+0/'(5
/$$0'#2)N#&'&>
Y1/.J/9G-[%>J/CF1F-%$J1L%"/0BC%6778\<5%1%^JNNJL%D1[%C/0BC%]J/N-@%0L@-/%CI-%D1[B%J]%CI-%'C1C-%J]%!-[%RJ/W=
!0$&++
OB4B)P"#A)Q"&'(#".)3$$(%'"&'(#B
4++)R @+)*((.'#2 32!++6+#&S @+) !0$&++T)'#)&@'$)D!($D+%&0$)$0DD.+6+#&)?(!)",,'&'(#".)'#?(!6"&'(#B
4+!5'%+!
M(0#&!>E',+)U(6+)V("#$)4+!5'%'#2)V*B
4++)R @+)4+!5'%+!T)"#,)R4+!5'%'#2)(?)W(!&2"2+)V("#$T)'#)&@'$)D!($D+%&0$)$0DD.+6+#&)?(!)",,'&'(#".)'#?(!6"&'(#B
X!'2'#"&(!
M(0#&!>E',+)U(6+)V("#$C)/#%B
4++)RW(!&2"2+)V("#)X!'2'#"&'(#T)'#)&@'$)D!($D+%&0$)$0DD.+6+#&)?(!)",,'&'(#".)'#?(!6"&'(#B
M+!&'?'%"&+)/#$0!+!
YV)M"D'&".)3$$0!"#%+)/#%B
4++)R @+)M+!&'?'%"&+)/#$0!+!T)'#)&@'$)D!($D+%&0$)$0DD.+6+#&)?(!)",,'&'(#".)'#?(!6"&'(#B
!"# & $% !
4OWW3Z[)XI) Z3Q43M /XQ)*3Z /N4
@+)W(!&2"2+)V("#$
"I-% 1BB-CB% J]% CI-% C/0BC% ]0L@% [GDD% ^JLBGBC% K/GN1/GD2% J]% 1% KJJD% J]% 1@A0BC1.D-% /1C-5% ]G/BC% DG-L5% /-BG@-LCG1D
NJ/CF1F-% DJ1LB% CI1C% 1/-% @GcG@-@% GLCJ% ]J0/% DJ1L F/J0KB5% -1^I% I1cGLF% CI-% ^I1/1^C-/GBCG^B% @-B^/G.-@% GL% CIGB
K/JBK-^C0B%B0KKD-N-LC=
"I-%NJ/CF1F-%DJ1LB%[GDD%I1c-%1%CJC1D%BC1C-@%K/GL^GK1D%.1D1L^-%J]%1KK/J`GN1C-D2%;35OZ758<Z5O?7%1B%J]%CI^0C\J]]%@1C-5%B0.A-^C%CJ%1%c1/G1L^-%J]%KD0B%J/%NGL0B%37g=
!"# ' $% !
=%(I1GL%J]%"GCD-%1L@%+L@J/B-N-LCB
W(!&2"2+
\+(!2'")4&"&0&+$
Q(&+
VJJDGLF%1L@%'-/cG^GLF%#F/--N-LC
'-^0/GCG-B 1L@%+`^I1LF-%(JNNGBBGJL
:LG]J/N%(JNN-/^G1D%(J@-
V("#)Q06G+!] 7:::^;9<;_
M/`)Q06G+!] 777897:;<98:=
"/1LB1^CGJL%*1C*1C-%&-^J/@-@
TJJWQ 3O<?8 U%V1F-Q 334
E/1LCJ/
MJIL%*J-
(0C\J]]%*1C*1C-%&-^J/@-@
,-.%345%6778
,-. 635%6778
E/1LC->+&' 1B
!JNGL--
(J0LC2%(D-/W
&-^J/@%"/1LB1^CGJL X6778\77<6467
E# LC1LFG.D-%"1`Q%;Z?4=77
#K/GD%35%6778
#K/GD%3<5%6778
V12J/Q
#=
T=
(=
MJIL%*JV12--Q #-FGB%HIJD-B1D-%(J/K=
'-DD-/Q E/--L[G^I%(1KGC1D%,GL1L^G1D%V/J@0^CB
*-KJBGCJ/Q E/--L[G^I (1KGC1D%#^^-KC1L^-5% L^=
BB0GLF%+LCGC2Q Y1/.J/9G-[%>J/CF1F-%V1BB\"I/J0FI
(-/CG]G^1C-B%'-/G-B%6778\<
*= "/0BC--Q :='=%T1LW5%!=#=
+= '-/cG^-/Q (J0LC/2[G@-%YJN-%$J1LB%'-/cG^GLF5%$V
!J "/1LB]-/%J]%CGCD-%]/JN #-FGB%HIJD-B1D-%(J/K= CJ
'-DD-/5 -C^=5 I1B%.--L &-^J/@-@%GL%CI- *-S1D. (J0LC2
(D-/WeB%)]]G^-=%"I0B%LJ%&-^J/@%J]%C/1LB]-/B%1B
K/-B^/G.-@ .2%CI-%V'#=
(DJBGLF%*1C-
#K/GD 6O5%6778
#BBGFLN-LC%)]%>J/CF1F-%CJ%"/0BC%&-^J/@-@
!U#
"GN- +D1KB-@ BGL^-%(DJBGLF%*1C-
4 2-1/B5%37 NJLCIB
"-/NGL1CGJL%U%'0BK-LBGJL%34\*%,GDGLF 3U66U7Z
ICCKQUU[[[=B-^GL]J=^JNU@/ACA=0+0=ICN
V'#%V/JKJB-@%'-^0/GCGh1CGJL%(I1GL%J]%"/1LB]-/B%1L@%+L@J/B-N-LCB
'-DD-/
*-KJBGCJ/
BB0GLF%+LCGC2
L@-LC0/-%"/0BC-///B
UN 344/\QWNQ )XI)WXZ \3\N)I/VN-)/Q)-N`3VP)MXOQ [
MXOZ )ZNMXZ-4C /4)IZXW)WNZ4) X)P3Q`)XI)3WNZ/M3)JU/MU
U34)QX)/Q NZN4 )/Q) UN)OQ-NZV[/Q\)-NP 3Q- /4)XQV[ UN
4OMMN44XZ)34)4NZa/MNZ) X UN) ZO4 B
QPB UN)QNJ)MUV VX3Q)QOWPNZ /4 QX MXQ 3/QN-)/Q) UN IJ*)XZ 3Q[
*ZX4*NM O4))4O**VNWNQ 4C PO ) UN)IJ*)-XN4)MXQ 3/Q)X UNZ)VX3Q
QOWPNZ4)J/ U/Q) UN)Z3Q\N)XI) UN)4OPbNM )VX3Q
#BBGFLN-LC%J]%>J/CF1FR+'
R+'
#BBGFLJ/Q
WNZ4
TJJW5 V1F66??35 387
66?885%%%<84
*1C-%iN1@-j
M1L01/2 3<5%6733
,-./01/2%335%6733
*1C-%%'GFL-@
M1L01/2 3<5%6733
,-./01/2%335 6733
#BBGFL--Q
P"#A)(?)36+!'%"C)QB3B
!"# ( $% !
*1C-%&-^J/@-@
M1L01/2 685%6733
,-./01/2%665%6733
"IGB%GB%GL%@G/-^C%cGJD1CGJL%J]%(#&V+!"+&%9=%$)!E#!5%O?%:=%'=%6Z35%i"I-%LJC-%1L@%NJ/CF1F-%1/-%GLB-K1/1.D-d%CI-%]J/N-/%1B
-BB-LCG1D5%CI-%D1CC-/%1B%1L%GL^G@-LC=%#L%1BBGFLN-LC%J]%CI-%LJC-%^1//G-B%CI-%NJ/CF1F-%[GCI%GC5%[IGD-%1L%1BBGFLN-LC%J]%CI-%D1CC-/%1DJLGB 1%L0DDGC2=j% L%>G^IGF1L%$1[5%1%NJ/CF1F-%[IG^I%I1B%.--L%B-c-/-@%]/JN%CI-%^J//-BKJL@GLF%!JC-%@J-B%LJC%-LCGCD-%CI-%>J/CF1FYJD@-/%CJ%^JDD-^C%JL%CI-%GL@-.C-@L-BB%J/%CJ%C1W-%KJBB-BBGJL%J]%CI-%/-1D%K/JK-/C2=%$-F1D%CGCD-%B-^0/-B%CI-%GL@-.C-@L-BB=%"I-/-]J/-5
JL- ^1LLJC%-`GBC%[GCIJ0C%CI-%JCI-/=%*J0FI-/C2%9=%&1L@1DD5%?%>G^I=%4OZ5%4OZ%_3O44a=%#DBJ%B--Q%EGLB.-/F%9=%(1KGC1D%(GC2%H/-^WGLF
(J=5%>G^IGF1L%Z365%Z3Z5%6!=H=6@%OP6_3P<6a
#0@GCJ/eB !JC-B
#BBGFLN-LC%I1B%.--L%N1@-%CJ%CI-%'-/cG^-/5%LJC%^J//-^CD2%CJ%CI-%"/0BC--d
#BBGFLN-LC%[1B%/-^J/@-@%?=4%2-1/B%1]C-/%#-FGB%[-LC%J0C%J]%.0BGL-BB5%N-1LGLF%#-FGB%[1B
LJ%DJLF-/%1%N-N.-/%J]%>+&'%1C%CI-%CGN-%J]%1BBGFLN-LCd
>+&'%I1B%LJ%GLC-/-BC%GL%CI- 0L@-/D2GLF%@-.C%BJ%^1LLJC%1BBGFL%NJ/CF1F-d
#BBGFLN-LC%/-^J/@-@%4% 2-1/B%@-DGLf0-LC% 1^^J/@GLF%CJ%CI-%V'#5%&+> (% 1L@%CI-%"/0BCeB
FJc-/LGLF%D1[%0L@-/%!-[%RJ/W%"/0BC%$1[d 1L@
'=%#L@/-[%'I0KGLF%I1B%LJ%V)#%J/%B0KKJ/CGLF%(J/KJ/1C-%&-BJD0CGJL%CJ%BGFL%1B%1%9V%J]
>+&'
!"# )! $% !
3N\/4)JUXVN43VN)MXZ*XZ3 /XQ
4(0!%+)V'#A] @&&D]11EEEB"+2'$6&2B%(61
L%#0F0BC%677Z5%(-/.-/0B (1KGC1D%>1L1F-N-LC5 JL-%J]%CI-%D1/F-BC%K/Gc1C-%-f0GC2%GLc-BCN-LC%]G/NB%GL%CI:LGC-@% 'C1C-B5 1LLJ0L^-@% CI1C% GC% [1B% ^DJBGLF% JL-% J]% CI-G/% NJ/CF1F-% ^JNK1LG-B5% #-FGB% >J/CF1F(J/KJ/1CGJL5%1L@%1DD%J]%GCB%B0.BG@G1/G-B=
!"# )) $% !
(J//J.J/1CGLF%DGLWBQ
ICCKQUU[[[=^I/JL=^JNU.0BGL-BBU1/CG^D-U#-FGB\>J/CF1F-\(J/K\]GD-B\]J/\.1LW/0KC^2\34?P6O?=KIK
ICCKQUU[[[=/-0C-/B=^JNU1/CG^D-U677ZU7OU3?U1-FGBNJ/CF1F-\.1LW/0KC^2\G@:'!3??Z6<Z4677Z7O3?
!"# ) $% !
'J0/^-%$GLWQ ICCKBQUU-^]=@-.=0B^J0/CB=FJcU^FG\.GLUGf0-/2=KDk3O4?Z6??ZP47O86\$l3l7\3
QPB) UNZN)M3Q)PN)QX MXZZNM /aN 344/\QWNQ )XI)WXZ \3\N)3 ) U/4
4 3\N)34 3N\/4)JUXVN43VN)MXZ*XZ3 /XQ QX)VXQ\NZ)NY/4 4B
!"# )" $% !
#0@GCJ/%!JC-BQ%"I-%#BBGFLN-LC%J]%>J/CF1F-%[J0D@ 1DBJ ]1GD CJ%N--C%CI-%CGN-DGL-%]J/%-L@J/B-N-LCB%CJ%CI"/0BC%1^^J/@GLF%CJ%CI-%V'#%[IG^I%BC1C-B%1B%]JDDJ[BQ
P!'+?)P"%A2!(0#,)(#)&@+ !0$&++]
:='=% T1L^J/K% GB% 1% @Gc-/BG]G-@% ]GL1L^G1D% B-/cG^-B% IJD@GLF% ^JNK1L25% I-1@f01/C-/-@% GL% >GLL-1KJDGB5
>GLL-BJC1=% C%GB%CI-%K1/-LC%^JNK1L2%J]%:='=%T1LW5%CI-%]G]CI%D1/F-BC%^JNN-/^G1D%.1LW%GL%CI-%:LGC-@%'C1C-B
.1B-@%JL%;?<7%.GDDGJL%GL%1BB-CB%1L@%]J0/CI%D1/F-BC%GL%CJC1D%./1L^I-B= :='=%T1LW%/1LWB%1B%CI-%BG`CI%D1/F-BC
.1LW% GL% CI-% :='=% .1B-@% JL% @-KJBGCB5 [GCI% ;666=8T% GL% @-KJBGCB% 1B% J]% *-^-N.-/% ?35% 6733=% HGCI% ?57O4
.1LWGLF% J]]G^-B% 1L@% 4574?% #">B5% :='=% T1LWmB% ./1L^I% L-C[J/W% B-/c-B% 64% BC1C-B=% :='=% T1L^J/K% J]]-/B
/-FGJL1D%^JLB0N-/%1L@%.0BGL-BB%.1LWGLF%1L@%[-1DCI%N1L1F-N-LC%B-/cG^-B5%L1CGJL1D%[IJD-B1D-%1L@%C/0BC
B-/cG^-B%1L@%FDJ.1D%K12N-LCB%B-/cG^-B%CJ%NJ/-%CI1L%34=O%NGDDGJL%^0BCJN-/B=%"I-%^JNK1L2%-NKDJ2B%Jc-/
8?5777%K-JKD-= :='=%T1LW%!1CGJL1D%#BBJ^G1CGJL%_:='=%T1LWa%GB%1%L1CGJL1DD2%^I1/C-/-@%.1LW5%/-F0D1C-@%.2
CI-%)]]G^-%J]%CI-%(JNKC/JDD-/%J]%CI-%(0//-L^25%*-K1/CN-LC%J]%CI-%"/-1B0/2= #^^J/@GLF%CJ%CI-%V'#5 :='=
T1LW%!=#= I1B ]1GD-@%CJ%N--C%CI- C/1LB]-/%1L@%-L@J/B-N-LC%C-/NB=
!"# )# $% !
P!'+?)P"%A2!(0#,)(#)&@+ M0$&(,'"#]
"I-% T1LW% J]% !-[% RJ/W [1B% 1% FDJ.1D% ]GL1L^G1D% B-/cG^-B% ^JNK1L2% -BC1.DGBI-@% GL% 3ZO<% .2% CI-% #N-/G^1L
,J0L@GLF%,1CI-/%#D-`1L@-/%Y1NGDCJL=% C%-`GBC-@%0LCGD%GCB%N-/F-/%[GCI%CI-%>-DDJL%,GL1L^G1D%(J/KJ/1CGJL
JL%M0D2%65%677Z= "I-%^JNK1L2%LJ[%^JLCGL0-B%0L@-/%CI-%L-[%L1N-%J] "I-%T1LW%J] !-[%RJ/W >-DDJL%J/
T!R%>-DDJL=
3ZP6Q "I-%T1LW%J]%!-[%RJ/W [1B%CI-%]G/BC%^J/KJ/1C-%BCJ^W%CJ%.-%C/1@-@%JL%CI- !-[%RJ/W%'CJ^W
+`^I1LF-=
3P66Q%"I-%T1LW%N-/F-@%[GCI%CI- !-[%RJ/W%$G]-% LB0/1L^-%b%"/0BC%(JNK1L2=
3P<OQ%"I-%T1LW%1^f0G/-@%"I- ,G]CI%#c-L0-%T1LW=
3P88Q%"I-%T1LW%1^f0G/-@ CI- +NKG/-%"/0BC%(JNK1L2=
3P8OQ%"I-%T1LW%]J/N-@%GCB%IJD@GLF%^JNK1L25 "I-%T1LW%J]%!-[%RJ/W (JNK1L25% L^=
3POOQ "I-%T1LW%J]%!-[%RJ/W 1^f0G/-@%CI- /cGLF%T1LW%(J/KJ/1CGJL 1L@%NJc-@%GCB%I-1@f01/C-/B
CJ )L-%H1DD%'C/--C5%LJ[%WLJ[L%1B%CI- T1LW%J] !-[%RJ/W%T0GD@GLF=
3PP7BQ%"I-%T1LW%1^f0G/-@%CI-%!1CGJL1D%(JNN0LGC2%T1LWB%GL%!-[%M-/B-2%1L@%CI-%V0CL1N%"/0BC
(JNK1L2%GL%(JLL-^CG^0C=
677?Q "I-%T1LW%J]%!-[%RJ/W 1^f0G/-@%V-/BIGLF%$$(5%1%K/JcG@-/%J]%^J//-BKJL@-LC%^D-1/GLF%1L@
J0CBJ0/^GLF%B-/cG^-B%]J/%./JW-/ @-1D-/B5%1BB-C%N1L1F-/B=%1L@%]GL1L^G1D%GLC-/N-@G1/G-B=%"I1C%B1N2-1/5% CI-% T1LW% GLC-F/1C-@% $J^W[JJ@% ,GL1L^G1D% '-/cG^-B5% L^= GLCJ% V-/BIGLF5% ^/-1CGLF% JL-% J]% CID1/F-BC%K/JcG@-/B%J]%N1L1F-@%1^^J0LC%K/JF/1NB%[GCI%^DG-LC%1BB-CB%CJC1DGLF%L-1/D2 :';3O%.GDDGJL=
$1C-%6774Q "I-%T1LW%J]%!-[%RJ/W B-CCD-@%[GCI%]-@-/1D%/-F0D1CJ/B%]J/ :';?O%NGDDGJL%/-F1/@GLF%1
NJL-2% D10L@-/GLF B^1L@1D% CI1C% .-F1L% GL% 3PP8=% "I-% GDD-F1D% JK-/1CGJL% GLcJDc-@% C[J% &0BBG1L
nNGF/nBoJL-%[IJ%[1B%1%9G^-%V/-BG@-LC%J]%CI-%.1LWoNJcGLF%Jc-/ :';Z%.GDDGJL%cG1%I0L@/-@B%J]
[G/-B5%1L@%-L@-@%GL%CI-%K/JB-^0CGJL%J]%1C%D-1BC%LGL-%GL@GcG@01DB=
#K/GD%Z5%6778Q M=V=%>J/F1L%(I1B-%b%(J= 1LLJ0L^-@%CI-2%[J0D@%B[1K%CI-G/%^J/KJ/1C-%C/0BC%0LGC%]J/
T1LW%J]%!-[%RJ/W%(J=mB%/-C1GD%1L@%BN1DD%.0BGL-BB%.1LWGLF%L-C[J/W=%"I-%B[1K%c1D0-@ "I-%T1LW
J]% !-[% RJ/W .0BGL-BB% 1C :';?=3% .GDDGJL5% 1L@%MV>J/F1LmB% C/0BC% 0LGC% 1C :';6=O%.GDDGJL% 1L@% F1c(I1B-% 1^^-BB% CJ% ??O% 1@@GCGJL1D% ./1L^I-B% 1L@% Z775777% L-[% ^0BCJN-/B% GL% CI-% !-[% RJ/W5% !-[
M-/B-25%1L@%(JLL-^CG^0C%"/G\'C1C-%1/-1=
*-^-N.-/% <5% 6778Q "I-% T1LW% J]% !-[% RJ/W 1L@% >-DDJL% ,GL1L^G1D% (J/KJ/1CGJL% 1LLJ0L^-@% 1
N-/F-/5%GL%[IG^I%CI-%L1N-%[J0D@%.-%^I1LF-@%CJ "I-%T1LW%J]%!-[%RJ/W >-DDJL%(J/KJ/1CGJL5%J/
T!R% >-DDJL5% ^/-1CGLF% CI-% [J/D@mB% D1/F-BC% B-^0/GCG-B% B-/cG^GLF% K/JcG@-/% 1L@% 1% CJK% 1BB-C
N1L1F-N-LC%]G/N%FDJ.1DD2=
>12%677ZQ &0BBG1 ]GD-@%1 :';66=4%.GDDGJL%D1[B0GC%1F1GLBC%CI-%.1LW%]J/ NJL-2%D10L@-/GLF=%"I-%B0GC
[1B%B0.B-f0-LCD2%B-CCD-@%]J/%;3<%NGDDGJL
!"# )$ $% !
M0!!+#%>) !",'#2)V"E$0'&
L%)^CJ.-/5%67335%CI-%M0BCG^-%*-K1/CN-LC%1L@%!-[%RJ/WmB%1CCJ/L-2%F-L-/1D%]GD-@%^GcGD%D1[B0GCB%1F1GLBC "IT1LW%J]%!-[%RJ/W5%1DD-FGLF%]J/-GFL%^0//-L^2%]/10@=%"I-%B0GCB%IJD@%CI1C%CI-%.1LW%@-^-Gc-@%K-LBGJL\]0L@
^DG-LCB%.2%N1LGK0D1CGLF%CI-%K/G^-B%1BBGFL-@%CJ%CI-N%]J/%]J/-GFL%^0//-L^2%C/1LB1^CGJLB=%#DD-F-@D25%CI-%.1LW
B-D-^C-@% CI-% @12mB% DJ[-BC% /1C-B% ]J/% ^0//-L^2% B1D-B% 1L@% IGFI-BC% /1C-B% ]J/% K0/^I1B-B5% 1KK/JK/G1CGLF% CI@G]]-/-L^-%1B%^J/KJ/1C-%K/J]GC=%"I-%B^I-N-%GB%B1G@%CJ%I1c-%F-L-/1C-@%;6%.GDDGJL%]J/%CI-%.1LW5%1C%CI-%-`K-LBJ]%NGDDGJLB%J]%#N-/G^1LBm%/-CG/-N-LC%]0L@B5%1L@%CJ%I1c-%C/1LBKG/-@%Jc-/%NJ/-%CI1L%1%@-^1@-=%V0/KJ/C-@D25
CI-%.1LW%[J0D@%J]]-/%B-^/-C%K/G^GLF%@-1DB%CJ%^DG-LCB%[IJ%/1GB-@%^JL^-/LB5%GL%J/@-/%CJ%1cJG@%@GB^Jc-/2=%T1LW
J]%!-[%RJ/W%I1B%@-]-L@-@%GCB-D]%cGFJ/J0BD25%N1GLC1GLGLF%CI-%]/10@%1^^0B1CGJLB%1/-%p]D1C%J0C%[/JLFp%1L@
[1/LGLF%CI1C%1B%CI-%.1LW%-NKDJ2B%O5Z77%-NKDJ2--B%GL%!-[%RJ/W5%1L2%@1N1F-% CJ%CI-%.1LW%[J0D@%I1cL-F1CGc-%/-K-/^0BBGJLB%]J/%CI-%BC1C-%J]%!-[%RJ/W=
4+!5'%+)(?)*!(%+$$
!"# )% $% !
P"#A)(?)36+!'%"C)QB3BC)$0%%+$$(!)G>)6+!2+!)&()M(0#&!>E',+)U(6+)V("#)4+!5'%'#2C)V*B
T1LW%J]%#N-/G^15%!=#=%I1B%LJ /GFIC5%CGCD-%J/ .-L-]G^G1D%GLC-/-BC%GL%CI-%LJC- J/%NJ/CF1FT1LW%J]%#N-/G^15%!=#=%GB%LJC%CI-%'-^0/-@%(/-@GCJ/5%1L@%CI-/-]J/-%I1B%LJ%BC1L@GLF%CJ%]J/-^DJBT1LW%J]%#N-/G^15%!=#=%GB%JLD2 CI- '-/cG^-/
T1LW%J]%#N-/G^15%!=#=%I1B%]1DB-D2%^JLc-2-@%CI-%*--@%#BBGFLN-LC%NGB/-K/-B-LCGLF GCB-D]%1B%CI$-L@-/U(/-@GCJ/
T1LW%J]%#N-/G^15%!=#=%I1B%cGJD1C-@ ,*(V# 34%:='=(= q 38P6]_8a_#aQ
"I-%,*(V#%K/JIG.GCB%CI-%prCs1WGLF%J/%CI/-1C-LGLF%CJ%C1W-%1L2%LJLA0@G^G1D%1^CGJL%CJ%-]]-^C
@GBKJBB-BBGJL%J/%@GB1.D-N-LC%J]%K/JK-/C2%G]%=%=%=%CI-/-%GB%LJ%K/-B-LC /GFIC%CJ%KJBB-BBGJL%J]
CI-%K/JK-/C2%^D1GN-@%1B%^JDD1C-/1D%CI/J0FI%1L%-L]J/^-1.D-%B-^0/GC2%GLC-/-BC=p
"I-%,*(V#%1DBJ%1DDJ[B%1%KD1GLCG]]%CJ%/-^Jc-/%p1L2%1^C01D%@1N1F-%B0BC1GL-@p%1B%1%/-B0DC
J]%1%cGJD1CGJL%J]%CI-%BC1C0C-=%34%:='=(=%q%38P6W_1a_3a=%#^C01D @1N1F-B%0L@-/%CI-%,*(V#
GL^D0@-%@1N1F-B%]J/%-NJCGJL1D%@GBC/-BB=%MJILBJL%c=%+1CJL5%O7%,=?@%3<O5%346%_4CI%(G/=
3PP8a%_LJCGLF%CI1C%CI-%,*(V#%LJC%JLD2%/-f0G/-B%CI1C%CI-%@-.C%^JDD-^CJ/%^JNK-LB1C-%CI@-.CJ/%]J/%1L2%NJL-C1/2%@1N1F-B5%.0C%1DBJ%]J/%p-NJCGJL1D%@GBC/-BB%J/%JCI-/%GLA0/2%CI1C%CI@-.CJ/B%^1L%K/Jc-%CI-%@-.C%^JDD-^CJ/%^10B-@=pa
MV/NQ c4 NIIXZ 4 X)IXZMN) UN)*X44/P/V/ [)XI)3)bO-/M/3V)IXZNMVX4OZN
!"# )& $% !
!"# )' $% !
3O-/ XZc4)ZNMXWWNQ-3 /XQ4
T1B-@%0KJL%CI-%/-B-1/^I%^JLC1GL-@%GL%CIGB%/-KJ/C5%GC%GB%CI-%#0@GCJ/eB%/-^JNN-L@1CGJL%CI1C%^DG-LC
K-/]J/NB 1L2%^JN.GL1CGJL%J] CI-%]JDDJ[GLFQ
,GD-%1L%#]]G@1cGC%J]%,J/F-/2%[GCI%/-F1/@B%CJ%CI-%*--@%#BBGFLN-LC
,GD-%1%H/JLF]0D%#CC-NKC-@%,J/-^DJB0/-%D1[B0GC 1F1GLBC%T1LW%J]%#N-/G^15%!=#=
,GD-%1L%#^CGJL%J]%t0G-C%"GCD-%1F1GLBC%T1LW%J]%#N-/G^15%!=#=
,GD-%1L%)=(=(=%(JNKD1GLC%1F1GLBC%T1LW%J]%#N-/G^15%!=#=
,GD-%1%Y=:=*= (JNKD1GLC%1F1GLBC%T1LW%J]%#N-/G^15%!=#=%]J/%&+'V#%cGJD1CGJLB
L^D0@-%'=%#L@/-[%'I0KGLF%1L@%'I0KGLF5%>J/B-%b%&JBB5%$V%1B%*-]-L@1LCB
V("#8V+5+.)-"&")d-+?'#'&'5+)*!((?)&@"&)&@+).("#)'$)'#)&@'$) !0$&e
!"# )( $% !