CFA 2018 level 3 schweser practice exam CFA 2018 level 3 question bank 14 a

1ÿ

7ÿ3ÿ13ÿ1332ÿ
123ÿ
ÿ!ÿ"#

0123ÿ567ÿ89

8
$%&'()*+ÿ-./ÿ012345

=>)?>ÿ*@ÿ(>&ÿ@*AA*B)+CÿD&CEDF)+Cÿ(>&ÿ@*DG%AE()*+ÿ*@ÿ?EH)(EAÿGEDI&(ÿ&JH&?(E()*+'ÿ)'ÿKLMNOÿE??%DE(&PÿQ+ÿE+EAR'(ÿ'>*%AF/
6 78SEDRÿ(>&)DÿE''%GH()*+'ÿB>&+ÿ)+(&DHD&()+CÿFE(EÿE+FÿFDEB)+Cÿ?*+?A%')*+'T
9 :8)+S&'()CE(&ÿE''&('Uÿ>)'(*D)?EAÿH&D@*DGE+?&ÿE+Fÿ(>&)DÿF&(&DG)+E+('T
9 8?*+')F&Dÿ(>&ÿ)+S&'(*DU'ÿ(EJÿ'(E(%'VÿEAA*BEWA&ÿE''&(ÿ?AE''&'VÿE+Fÿ()G&ÿ>*D)X*+T

YJHAE+E()*+
-+ÿ(>&ÿ@)@(>ÿ'(&Hÿ*@ÿ(>&ÿ@*DG%AE()*+ÿ*@ÿ?EH)(EAÿGEDI&(ÿ&JH&?(E()*+'Vÿ(>&ÿE+EAR'(ÿ'>*%AFÿ%'&ÿEÿ?*+')'(&+(ÿ'&(ÿ*@ÿE''%GH()*+'ÿB>&+
)+(&DHD&()+CÿFE(EÿE+FÿFDEB)+Cÿ?*+?A%')*+'T
Z&@&D&+?&'
123ÿ[\7ÿ]&'')*+ÿ^ÿ_ÿZ&EF)+Cÿ`0ÿ_ÿab]ÿE
131ÿ317
c&Rÿd*+?&H('ÿWRÿab]

123ÿ9ÿ!ÿ"#

$%&'()*+ÿ-./ÿ01230;

e>&ÿ%'&ÿ*@ÿEHHDE)'EAÿFE(EVÿD&AE()S&ÿ(*ÿE?(%EAÿD&(%D+'VÿD&'%A('ÿ)+/
6 78?*DD&AE()*+'ÿ(>E(ÿED&ÿW)E'&FÿF*B+BEDF'ÿE+Fÿ'(E+FEDFÿF&S)E()*+'ÿ(>E(ÿED&ÿW)E'&F
F*B+BEDF'T

9 :8?*DD&AE()*+'ÿ(>E(ÿED&ÿW)E'&Fÿ%HBEDF'ÿE+Fÿ'(E+FEDFÿF&S)E()*+'ÿ(>E(ÿED&ÿW)E'&Fÿ%HBEDF'T
9 8?*DD&AE()*+'ÿ(>E(ÿED&ÿW)E'&Fÿ%HBEDF'ÿE+Fÿ'(E+FEDFÿF&S)E()*+'ÿ(>E(ÿED&ÿW)E'&F
F*B+BEDF'T
YJHAE+E()*+
e>&ÿ%'&ÿ*@ÿEHHDE)'EAÿFE(EVÿD&AE()S&ÿ(*ÿE?(%EAÿD&(%D+'VÿD&'%A('ÿ)+ÿ?*DD&AE()*+'ÿ(>E(ÿED&ÿW)E'&FÿF*B+BEDF'ÿE+Fÿ'(E+FEDFÿF&S)E()*+'
(>E(ÿED&ÿW)E'&FÿF*B+BEDF'Tÿe>&ÿD&E'*+ÿ)'ÿ(>E(ÿHD)?&ÿ@A%?(%E()*+'ÿED&ÿGE'I&FÿWRÿ(>&ÿ%'&ÿ*@ÿEHHDE)'&FÿFE(ET
Z&@&D&+?&'
123ÿ[\7ÿ]&'')*+ÿ^ÿ_ÿZ&EF)+Cÿ`0ÿ_ÿab]ÿW
131ÿ317
c&Rÿd*+?&H('ÿWRÿab]

123ÿ<ÿ!ÿ"#

$%&'()*+ÿ-./ÿ012354

=>)?>ÿ*+&ÿ*@ÿ(>&ÿ@*AA*B)+CÿD&HD&'&+('ÿH*'')WARÿ(>&ÿG*'(ÿF)@@)?%A(ÿ(E'Iÿ(>&ÿC*S&D+G&+(ÿ@E?&'ÿ)+ÿ(>&ÿ&S&+(ÿ*@ÿE+ÿ&J*C&+*%'ÿ'>*?IP


0 12()*+,ÿ-./.0.ÿ/-.ÿ/ÿ/./*ÿ+/.1
0 322.3,ÿ4ÿ405ÿ-.6ÿ)06,ÿ/ÿ0/,ÿ/+ÿ7./+,ÿÿÿ8ÿ0.91
4 52:,ÿ/)*ÿÿ*8.ÿ.ÿ./ÿÿ/ÿ+-*//.9ÿ3.61
;<7*//
:/5ÿ/.ÿ/**9ÿ3.*9ÿ67/0+ÿ)9ÿ/ÿ-/0/*ÿ0.ÿ4051ÿÿ./0ÿ4ÿ0.9=ÿ0./*ÿ)/5ÿ/67ÿÿ/)*>ÿ4
)/5,ÿ96ÿ/+ÿ4ÿ069ÿ)9ÿ?0,ÿ*@+9ÿÿ4ÿ96ÿ)9ÿ6//,ÿ.ÿ*8.,ÿ.ÿ./1ÿÿ8*+ÿ)
3./**9ÿ67)*ÿÿ*8.ÿ.ÿ./ÿ-.4.ÿÿ/ÿ/*./+9ÿ*8ÿ-*/Aÿ*8ÿ.ÿ./Aÿ.ÿ+-*//.9ÿ3.61
B*4,4ÿ.)*+,ÿ/-.ÿ/ÿ6/?.ÿ/./*ÿ+/.ÿ0*+ÿ)ÿ+--0*ÿÿ8*+ÿ**ÿ)ÿ7)*ÿ,3ÿ,4ÿ..01ÿBÿ0.9
0/ÿ7.3ÿ.ÿ66>ÿ4ÿ67/0ÿ-ÿ/ÿ0/,ÿ7./+,ÿÿÿ8ÿ0.9ÿ+ÿÿ/ÿ-/0/*ÿ405ÿ)9ÿ4/3,ÿ+ÿ-0/*
/+ÿ6/.9ÿ7*0ÿ4/ÿ8**ÿ7.3ÿ4ÿ0.9ÿ-.6ÿ+-/*,ÿÿÿ+)ÿ/+ÿ7.3ÿ.ÿ66>ÿ4ÿ67/0ÿ-ÿ-/0/*
)))*1
(-.0

6789

ÿCD
EFÿGÿHÿIÿ(/+,ÿJ ÿIÿKLGÿ5
M8NO
8PÿQO
8DONF
R9ÿS07ÿ)9ÿKLG

6789

ÿÿ
ÿ

ÿÿ!"#$%

T404ÿ-ÿ4ÿ-**8,ÿÿULVÿ/ÿ)//*ÿ067ÿ-ÿ4ÿ04/,ÿÿ4ÿ*,W.6ÿ,.84ÿ./ÿÿ/ÿ069X
0 12S4/,ÿÿ67*96ÿ*3*1
0 32S4/,ÿÿ7+,ÿÿ8ÿ0/7/*ÿ71
4 52S4/,ÿÿ06.ÿ7+,1
;<7*//
B*4,4ÿ06.ÿ7+,ÿÿ4ÿ*/.,ÿ067ÿ-ÿY2Aÿÿÿ-/.*9ÿ/)*ÿ3.ÿ61ÿVÿ-.0/ÿ/ÿ0.9=ÿ*,W.6
060ÿ,.84ÿ.+Aÿ4ÿ.+ÿ,.84ÿ./ÿ0/ÿ)ÿ+067+ÿÿ8ÿ6/ÿ067ÿ04/,ÿÿ67*96ÿ*3*ÿ/+
04/,ÿÿ7.+0391ÿV4ÿ-.6.ÿ067ÿ0/ÿ)ÿ-.4.ÿ).5ÿ+8ÿÿ77*/ÿ,.84ÿ/+ÿ4ÿ./ÿ-ÿ*/).ÿ-.0
7/.07/1ÿV4ÿ7.+039ÿ067ÿ0/ÿ)ÿ).5ÿ+8ÿÿ7+,ÿÿ8ÿ0/7/*ÿ7ÿ/+ÿ/*ÿ-/0.ÿ7.+039
,.841
(-.0
6789

ÿCD

EFÿGÿHÿIÿ(/+,ÿJ ÿIÿKLGÿ?
M8NO
8PÿQO
8DONF
R9ÿS07ÿ)9ÿKLG

6789

ÿ&ÿ
ÿ

T404ÿ-ÿ4ÿ-**8,ÿ/6ÿ.,/.+,ÿ.ÿ./ÿ/+ÿ9*+ÿÿZ[\]ÿ/00./X
4 12Bÿ0./ÿÿ4.W.6ÿ./ÿ6/9ÿ0./ÿ.ÿ+0./ÿ4ÿ9*+ÿÿ*,W.6
)+1

ÿÿ!"#'


0 12&'()(*ÿ(+ÿ+(ÿ,-,ÿ.ÿ'ÿ/0,ÿÿ01)(*ÿ2,3
0 324ÿ5(+ÿÿ'()(*ÿ(+ÿ5(+ÿ'ÿ/0,ÿÿ01)(*ÿ2,3
67-0++
4ÿ5'+1ÿÿ'()(*ÿ(+ÿ'+ÿ-(,5+20ÿ..53ÿ8+00/ÿ+ÿ5(+ÿÿ'()(*ÿ(+ÿ5(+ÿ'ÿ/0,ÿÿ2,3
9,ÿ/0,ÿ*+/ÿ+5+00/ÿ.+00ÿ'1'ÿ.ÿ'ÿ(ÿ(+ÿ5(+ÿÿ..5ÿÿ0:ÿ'ÿ5*/3
;.(5
456789
ÿ<=
>?ÿ&ÿ@ÿAÿ;+,1ÿBÿAÿCD&ÿ
E6FG86HÿIG86=9GF?
J/ÿK5-ÿ2/ÿCD&

456789
ÿ
ÿ
ÿ

ÿÿ 

&--ÿ+ÿ5+'ÿ*++1(ÿ'+ÿ+ÿL*ÿ'(Mÿ.ÿ)/+(3ÿ&'ÿ'+ÿ'ÿ5'5ÿ.ÿL1ÿÿ'(ÿ5**(5+0ÿ-+-(ÿ:'
+ÿ*+(/ÿ.ÿ7)*'ÿ(ÿ5**(5+0ÿ-+-(ÿ:'ÿ+ÿ*+(/ÿ.ÿ)/+(3ÿ.ÿ'ÿ-(ÿ'ÿ.(*(Nÿ'ÿ:00ÿ(00ÿL(ÿ'(
L*ÿÿ7ÿ*'ÿÿ+'(ÿ7)*'ÿ(*3ÿO'ÿ5((ÿ(+ÿ+(ÿPÿ++00/ÿÿ'ÿ7)*'ÿ5**(5+0ÿ-+-(
+,ÿ3Pÿ.(ÿ'ÿ)/+(ÿ*+(/ÿ5**(5+0ÿ-+-(3ÿ.ÿÿ7ÿ*'Nÿ'ÿ/0,ÿ.(ÿ7)*'ÿ5**(5+0ÿ-+-(ÿÿ3QPÿ++00/N
'0,ÿ'ÿLÿÿ'ÿ:ÿ7)*'ÿ(*ÿ(ÿ'ÿ)/+(ÿ5**(5+0ÿ-+-(Rÿ40ÿ+*ÿ'+ÿ'ÿ5+ÿ0Mÿ'
(+1/ÿÿ'(ÿK(/ÿ4ÿ(ÿK(/ÿ93ÿ.ÿK(/ÿ4ÿ'+ÿ+ÿ+L1ÿ,.5ÿ+,ÿK(/ÿ9ÿ'+ÿ+ÿ+L1ÿ(-0Nÿ:'5'ÿ5(/
'0,ÿ'ÿLÿÿ.ÿ'ÿÿ1ÿ+ÿ+L1)L*ÿ*2+0+5ÿ+--(+5'ÿÿ.(5+ÿ5((5/ÿL+0R
! "2D)/+(ÿÿK(/ÿ43
0 12D)/+(ÿÿK(/ÿ93
0 32&7)*'ÿÿK(/ÿ43
67-0++
&'ÿ'0,ÿLÿÿ'ÿ)/+(ÿ5**(5+0ÿ-+-(3ÿ9/ÿ05S1ÿÿ'ÿ'1'(ÿ(+ÿ.ÿ3PÿL(ÿ'ÿ)/+(Nÿ'ÿ:00ÿ+(ÿ+
'1'(ÿ((ÿ'+ÿ'ÿ:0,ÿ'+Lÿ.ÿ'ÿ'+,ÿL,ÿÿ:ÿ55Lÿ7)*'ÿ5**(5+0ÿ-+-(ÿÿ.ÿ3Pÿ+,ÿ3QPÿTU
VBW3XQYVBW3QXQY)BU3B@PZ3ÿO'ÿ+L1)L*ÿ*2+0+5ÿ+--(+5'ÿÿ.(5+1ÿ5((5/ÿL+0ÿ+ÿ'+ÿ5(
:'ÿ+L1ÿ,.5ÿ:00ÿ'+Lÿÿ'+Lÿ(1ÿ5((5/ÿL+0ÿÿ+(+5ÿ.(1ÿ5+-+03ÿ4ÿ(1ÿ5((5/ÿ2.ÿ'ÿL(ÿ
'ÿ'0,ÿLÿÿK(/ÿ43
;.(5
456789
ÿ<=
>?ÿ&ÿ@ÿAÿ;+,1ÿBÿAÿCD&ÿ(
E6FG86HÿIG86=9GF?
J/ÿK5-ÿ2/ÿCD&

456789
7ÿ
#$%ÿ
ÿ

[+L(ÿ\00:ÿ:(Sÿÿ'ÿ(+(5'ÿ,-+(*ÿ.ÿ]0++0ÿ53Nÿ+ÿ0+(1ÿL*ÿ2+S3ÿ^ÿÿ+S,ÿ:'ÿ.(5+1
5*5ÿ5,ÿÿ--(ÿ'ÿ2+S_ÿ*/ÿ*++1(ÿ+,ÿ(+,(3


#$$%ÿ&'ÿ(ÿ%)'ÿ)$*ÿ&+ÿÿ,+)+ÿÿ-ÿ&ÿ.,$$ÿ/),&)0ÿ1ÿ,2,ÿ/),&ÿ&)ÿ3+&+ÿ2($*
&+ÿÿÿ2ÿ/ÿ4$&&$5ÿ&&$*ÿ&+ÿ2*ÿ2&&6)0ÿ7(ÿ&&$*ÿÿ#$$%5ÿ/),&ÿ&ÿ(ÿ-&ÿ/)ÿ()ÿ%
)&),(ÿÿ3,/,ÿ,)ÿ)ÿ&ÿ,$&0
1%8)9ÿ#$$%ÿÿ,,)+ÿ(&ÿ(ÿ/),&ÿ&)ÿÿ&,,)&ÿ6(0ÿÿ&ÿ//)ÿÿ&8+ÿ2&'6ÿ2&'9ÿ#$$%ÿ/$$%
&ÿ+&$+ÿ3),ÿÿ+8$3ÿ&,,)&ÿ&+ÿ&-$ÿ/),&0ÿ#$$%ÿ(3ÿ(&ÿ(ÿ3),ÿ%$$ÿ($3ÿ(2ÿ&8+ÿ2ÿ/ÿ(
,22ÿ3)-$2ÿ/ÿ/),&0ÿ1)ÿÿ(ÿ*2
:0ÿ;&-$(ÿ&ÿ-,(2&)'ÿ/)ÿ2&)'ÿ.3,&0ÿ4$&&$ÿ)8ÿ(&+ÿ/ÿ,$ÿ%(ÿ+//)ÿ82ÿ6&$ÿ&+
,)&9ÿ&+ÿ#$$%ÿ'%ÿ&&$*ÿ%$$ÿ+ÿ(ÿ+//)ÿ-,(2&)'ÿ/)ÿ&ÿ8&)*ÿ/ÿ+//)ÿ*3ÿ/ÿ8)0
0ÿ<'ÿ&ÿ(ÿ(),&$ÿ))ÿ/ÿ&ÿ2-)ÿ/ÿ&ÿ,$&ÿÿ&,ÿ&ÿ&ÿ,(,'ÿÿ/),&ÿ/)ÿ&,(ÿ&ÿ,$&0
=0ÿ>2-$ÿ+&&ÿÿ(),&$ÿ))ÿ&+ÿ8&$&ÿ/)ÿ&$$ÿ)$8&ÿ&ÿ,$&9ÿ,+)6ÿ3&$ÿ-&9ÿ&+?6ÿ(
2-)ÿÿ&,,ÿ/)ÿ+//)ÿ,&$,$&ÿ2(+9ÿ&+ÿ)ÿ(&ÿ+&&ÿ+/ÿ2&,(ÿ(ÿ+ÿ-*ÿ(ÿ,23&*ÿ(&
,$$,+ÿ(ÿ+&&0
@0ÿ)3)ÿ(ÿ+&&0ÿ#$$%ÿÿ(ÿ*&)ÿ/ÿ.3),ÿÿ.)&3$&ÿ(&ÿ+&&ÿÿ6)%(ÿ&+ÿ8&$&ÿ&23ÿ/)
&,(ÿ&ÿ,$&0ÿ7(ÿ3ÿÿ(ÿ2ÿ-?,80
0ÿ$$ÿ&23ÿÿ3A+%ÿ/),&9ÿ+&$6ÿ(ÿ&23ÿ&+ÿ2(+ÿ/)ÿ)3)6ÿ(),&$ÿ+&&ÿÿ(
8ÿ(&ÿ+8+&$ÿ&&$*ÿ%&ÿÿÿ+&&ÿÿ,)&ÿ()ÿ%ÿ+)*A3,/,ÿ/),&0
0ÿ4)ÿ3)/)2&,0ÿ/ÿ#$$%5ÿ/),&ÿ3)8ÿÿ-ÿ&,,)&9ÿ(ÿ%)'ÿÿ23)8ÿ(ÿ2+$0
7(ÿ2(5ÿ/),&ÿ+%$$ÿ(&8$*ÿÿ/$&ÿ3)?,ÿ&+ÿ()ÿ.3,+ÿ//,ÿÿ(ÿ))ÿ/ÿ+//)ÿ&ÿ,$&0
#$$%ÿ3)?,ÿ&ÿ+,$ÿÿ/$&ÿ&+ÿ3)+,ÿ(&ÿ-+ÿ*$+ÿ(&8ÿ-2+ÿ0
B,'ÿ&&$*ÿC&)ÿ>+)%ÿ,&$$ÿ#$$%ÿ&/)ÿ(ÿ)3)ÿÿ)$&+ÿ%(ÿ2ÿDÿ&-ÿ(ÿ&&$*0ÿB(ÿÿ3$&+
%(ÿ(ÿ%)'9ÿ-ÿ&ÿ-ÿ+&33+ÿ(&ÿ(ÿ++ÿÿ,$+ÿ/)2&ÿÿ,))ÿ&+ÿ2&+ÿ-+ÿ*$+0

>+)%ÿ&'ÿ#$$%ÿÿ/)%&)+ÿ(ÿ&&$*ÿ/ÿ(ÿ/$&ÿ3,)ÿÿE&)$ÿ1669ÿ&ÿ,$$&6ÿ%(ÿ%)'ÿÿ(ÿ-&'5
2*A2&&62ÿ-0ÿ166ÿ,$ÿÿ2*A2&&62ÿÿ%(ÿ$&)6ÿ,$ÿ&+ÿÿ8)*ÿ)+ÿ
/$&ÿ3)?,0
<)ÿE&/$+9ÿ%(ÿ2&&6ÿ2*ÿÿ&ÿ+,)&)*ÿ-&ÿ/)ÿ(6(AA%)(ÿ+8+&$ÿ8)9ÿÿ&$ÿ)+ÿ
#$$%5ÿ/),&0ÿ>/)ÿ)&+6ÿ(ÿ)ÿ+,29ÿ(ÿ+,+ÿÿ$$ÿ2ÿ/ÿ(ÿ,$5ÿ)ÿÿ&ÿ$2+ÿ3&))(3ÿ(&
+8$3ÿ&+ÿ2&&6ÿ)&$ÿ&9ÿ&+ÿ8ÿ(&ÿ2*ÿÿ(6(A*$+ÿ-+0ÿE&/$+5ÿ)&6ÿÿ()/$+
E&/$+ÿ-$8ÿ(ÿ3&))(3ÿ(&ÿ.,$$ÿ))ÿ3&$9ÿ-ÿ(ÿÿ(ÿ$*ÿÿ%(ÿ.3,ÿ,(ÿ)-ÿ)$0ÿ7(
-+ÿ2ÿÿ-ÿ&ÿ&/)ÿ829ÿ&+ÿE&/$+ÿ+ÿÿ%&ÿÿ6ÿ%)60
1),&$$*9ÿ&8)&6ÿ(6(A*$+ÿ-+ÿ))ÿ&)ÿ(6()ÿ(&ÿ(ÿ))ÿ/ÿ)&$ÿ&ÿ3&))(30
)6ÿ3)+ÿ/ÿ/&$$6ÿ/$&9ÿ)&$ÿ&ÿ82ÿ/ÿ$&6ÿ(ÿ2&)'0
F/)ÿ2&'6ÿ(ÿ289ÿE&/$+ÿ,&$$ÿ#$$%ÿÿ6ÿ&ÿ3ÿÿ(ÿ3$&0ÿ>/)ÿ(&)6ÿE&/$+5ÿ)&&$9ÿ#$$%ÿ&+8
&6&ÿ(ÿ28ÿÿ(6(ÿ*$+ÿ-+0

01234567ÿ9
ÿ6ÿ



ÿÿ

#$$%ÿ'33+ÿ&ÿ3ÿÿ(ÿ,(Dÿ/)ÿ3)+,6ÿ/),&0ÿ1ÿ/)6ÿ
 +/*ÿ&ÿ8&$&ÿ2+$ÿ+ÿÿ(ÿ&&$*0
!+/*ÿ%()ÿ(ÿ-&+ÿ(ÿ+&&0
"&)ÿ(&ÿ(ÿ+)$*6ÿ+&&ÿÿ&,,)&0
;.3$&&
#$$%5ÿ3$&ÿ2)))ÿ(ÿ8A3ÿ3),ÿ/)ÿ/)2$&6ÿ,&3&$A2&)'ÿ.3,&ÿÿ8)*ÿ&3,ÿ.,3ÿ9ÿ+/*6
(ÿ8&$&ÿ2+$ÿ+ÿÿ(ÿ&&$*0ÿ>)6ÿ(ÿ&,,)&,*ÿ/ÿ+&&ÿ&+ÿ+/*6ÿÿ),ÿ&)ÿ23)&9ÿ-ÿ(*ÿ%$+


)*+,-./ÿ0,..ÿ1*ÿ)ÿ2*ÿ,1ÿ03ÿ0ÿ4..56ÿ)*78

90*7
01234567ÿ:;6<=ÿ>ÿ?ÿ@ÿ9,1AÿBÿ@ÿCD>ÿ,
E2FG42HÿIG42;5GF=
J/ÿK7)ÿ-/ÿCD>

01234567ÿ9
ÿ6ÿ


ÿÿ

4..56ÿ,137ÿÿK,0.1ÿAAÿK,0.1ÿÿLMNOPÿLRSMLTÿ00*Aÿ0*+
 !2ÿ)*17ÿ*,)8
 "!0,.Aÿÿÿ71Aÿ0*+,8
# $!2ÿ*7,..,-./ÿ*,)8
UV).,,
W2ÿ*.,2)ÿ-5ÿ2*7,.ÿ**ÿ,1ÿ7+7ÿ3,*,-.ÿÿÿ7,ÿ3*ÿ+Xÿ,1ÿK,0.1ÿ+,/ÿÿ-
71*Aÿ0*+,ÿ,-ÿ72,AAÿ7+7ÿ71ÿ2,ÿ,0071ÿ*,.Y,ÿ**ÿ3*ÿ2*ÿ)*1ÿ0ÿ+8ÿZ,./
0,..ÿÿ2ÿ)*17ÿ*,)ÿ52ÿ2/ÿ-7+ÿ3*./ÿ7*3,3ÿ-7,ÿ2/ÿ,*ÿ,0*,1ÿ0ÿ-Aÿ5*A8ÿW2ÿÿ0ÿVÿ)
[,0*ÿ2ÿ0,7\ÿ1,,ÿÿ*)*ÿVÿ,ÿ[-0*ÿ2ÿ0,7\ÿ,7ÿÿ*]/8ÿW2*ÿ+,/ÿ-ÿ2*ÿ0,7*Xÿ522*ÿ7**.,1ÿ52
0.,ÿ*ÿ1)1Xÿ2,ÿ7,1ÿ-),*ÿ*,.ÿ,ÿ**8ÿW2ÿ*7,..,-./ÿ*,)ÿ2,ÿÿ1ÿ52ÿ,..5Aÿ1*,+,7ÿ3ÿ
,007ÿ0*7,8ÿW2ÿÿÿÿ*.3,ÿ2*8
90*7
01234567ÿ:;6<=ÿ>ÿ?ÿ@ÿ9,1AÿBÿ@ÿCD>ÿ,
E2FG42HÿIG42;5GF=
J/ÿK7)ÿ-/ÿCD>

01234567ÿ9%ÿ6ÿ

ÿÿ

Z1*5ÿ^_OPÿLRSMLTÿ*`1ÿ-1ÿ/.1ÿ-7,ÿ2ÿ5,1ÿ
 !A,Aÿ),.ÿ0V1Y7+ÿ3+8
 "!13.)ÿ,ÿ2*],Aÿ+,8
# $!,,./aÿ7]Y+,*]ÿ3,.,ÿAÿ2ÿ*]ÿ)*++ÿ,))*,728
UV).,,
W2ÿ*]ÿ)*++ÿ,))*,72ÿÿ-1ÿ/.1ÿ,1ÿ,ÿ`/ÿ*]ÿ)*++ÿÿ)*b7ÿ+,*]ÿ**8ÿ>7ÿZ1*5ÿÿ,ÿ`/
*,1*Xÿÿÿ.]./ÿ2ÿÿ*1ÿÿ0V1Y7+ÿ3+8ÿW2ÿ`ÿ0ÿ2*],Aÿ+,*ÿÿÿ*.3,ÿ2*8
90*7
01234567ÿ:;6<=ÿ>ÿ?ÿ@ÿ9,1AÿBÿ@ÿCD>ÿ,
E2FG42HÿIG42;5GF=
J/ÿK7)ÿ-/ÿCD>

01234567ÿ9&'ÿ6ÿ


ÿÿ(


&'('ÿ)ÿ'ÿ)**+,ÿÿ-./01ÿ-34.-5ÿ6ÿ(77ÿ89:*7ÿ(9;ÿÿ)9(6,<
0 12=6*,ÿÿ6((ÿ)9ÿ(;,ÿ)976>
0 3266ÿ7697ÿ999ÿ6;ÿ:6>
4 52ÿÿ;))(*ÿÿÿ7*8*ÿ9,9ÿ66*?>
@A8*66
B'9ÿ69ÿÿ89:*7ÿÿ89;(,ÿ)9(6
C>ÿ*76ÿÿ,ÿ(7(ÿ;66
">ÿ;66ÿ7697ÿ999ÿ6;ÿ:6
D>ÿ*76ÿ)ÿ'9(6*ÿ76
$>ÿ'ÿÿ)ÿAÿ8ÿ9Eÿ6;ÿ99ÿ769

#>ÿF986,ÿ;66ÿ869
>ÿ)6*,ÿÿ6((ÿ)9ÿ(;,ÿ)976
G>ÿ79896ÿ)ÿ(99*6
H>ÿ8?('*,(6*ÿ968
I>ÿ7;*ÿ6;ÿ8ÿ(96?
ÿÿ'ÿ89:*7ÿ)ÿ79896ÿ)ÿ(99*6Jÿÿÿ)ÿ)*ÿÿ9ÿ7*8*ÿ9,9>ÿKÿ66*?ÿ76?ÿ;(L9ÿ6
9,9ÿ9*6'8ÿ:+ÿ+ÿL696:*ÿ'6ÿ+6ÿÿL;ÿ,ÿ78*ÿ*69ÿ9,9ÿ66*?>
M)9(
6789

ÿNO
PQÿRÿGÿSÿM6;,ÿC$ÿSÿTURÿ6
V8WX
8YÿZX
8OXWQ
[?ÿ\(8ÿ:?ÿTUR

6789

ÿÿ
ÿ

ÿÿ!"!#$

ÿÿ'ÿ;(*ÿÿ)*6ÿ6;ÿ'ÿ*+ÿ:;ÿ?*;Jÿ=**+ÿ'*;ÿ((*;ÿ'6ÿ'ÿ(7?ÿÿ]^01ÿ-34.-5ÿÿ+'6ÿ6,ÿ)
'ÿ:ÿ(?(*<
0 12R*+;+>
0 32T6ÿA86>
4 526*ÿ9(L9?>
@A8*66

ÿ,96*Jÿ)*6ÿ9ÿÿ'ÿ*69ÿ6,ÿ)ÿ6ÿA86ÿ6;ÿ)6**ÿ;9,ÿ6ÿ9(ÿ6;ÿ'ÿ6*ÿ9(L9?>ÿ_;ÿ?*;
86Eÿ;9,ÿ6ÿ*+;+ÿ6;ÿ)6**ÿ;9,ÿ6ÿ9(Jÿ'+L9Jÿ'?ÿ:7ÿÿ;9,ÿ'ÿ6*ÿ9(L9?ÿ6,>
M)9(
6789