Contenu connexe
Similaire à 437 The Future Is Not New Final
Similaire à 437 The Future Is Not New Final (20)
437 The Future Is Not New Final
- 1. !
!
quot;#$!%&'&($!)*!+,'!+$-!
4#H!E(167!01'#$(!quot;#16!)66,S1'5,6!4522!M$'$(I56$!4566$(*!.67!9,*$(*!
)6!quot;#$!quot;$J#6,2,RH!T$J',(!
)6'(,7&J'5,6!
US$(!'#$!21*'!'$6!H$1(*V!5'!#1*!W$J,I$!56J($1*56R2H!75XX5J&2'!X,(!W,'#!J,6*&I$(!,(!W&*56$**!
,(5$6'$7!'$J#6,2,RH!S$67,(*!',!J,I3$'$!,6!3(,7&J'!X$1'&($*!12,6$G!T'1671(75*1'5,6!,X!
J,I3,6$6'*V!J,6S$(R$6J$V!'#$!(5*$!,X!3(,7&J'5,6!167!7$*5R6!,&'*,&(J56R!#1*!*'(533$7!1-1H!
I16H!,X!'#$!W1((5$(*!',!$6'(H!'#1'!3($S5,&*2H!R1S$!'#$!17S16'1R$!',!$*'1W25*#$7!X5(I*G!.*!1!
($*&2'V!'$J#6,2,RH!S$67,(*!6,-!#1S$!',!J,6*57$(!,'#$(!*'(1'$R5$*!',!75XX$($6'51'$!'#$I*$2S$*!
167!3(,'$J'!'#$5(!I1(R56*G!
!
)6!'#5*!1('5J2$V!($J$6'!J#16R$*!56!'#$!'$J#6,2,RH!*$J',(!-522!W$!1612H*$7!',!'(H!',!1**$**!-#1'!
'#$!5I325J1'5,6*!1($!X,(!I1(K$'56R!$Y$J&'5S$*G!
!
E&*56$**!quot;($67*!)6!quot;#$!quot;$J#6,2,RH!T$J',(!
quot;#$!'$J#6,2,RH!567&*'(H!5*!6,-!J#1(1J'$(5*$7!WH!'#$!X,22,-56R!6,'1W2$!W&*56$**!'($67*/!
!
!quot; Z,6S$(R$6J$!!
!quot; T'1671(75*$7!J,I3,6$6'*!!
!quot; [16&X1J'&(56R!,&'*,&(J56R!!
!quot; quot;#$!56J($1*$7!(,2$!,X!*,2&'5,6!*$2256R!!
!
E$2,-V!-$!$Y1I56$!$1J#!,X!'#$I!167!522&*'(1'$!#,-!'#$H!5675J1'$!1!6$$7!X,(!S$67,(*!',!
R(1*3!'#$!*5R65X5J16J$!,X!W,'#!W(16756R!167!'#$!6$$7!',!7$OJ,II,75'5*$!'#$5(!3(,7&J'!
,XX$(56R!',!3(,S57$!J2$1(!75XX$($6'51'5,6!W$'-$$6!'#$I*$2S$*!167!'#$5(!J,I3$'5',(*G!
!
Sector con)ergence
)quot;!167!Z,6*&I$(!82$J'(,65J*!<Z8>!1($!56J($1*56R2H!*H6,6HI,&*G!)quot;!#1(7-1($!I16&X1J'&($(*!
1($!2,,K56R!-5'#!56'$($*'!1'!Z8!I1(K$'*!-5'#!1!S5$-!',!56J($1*56R!($S$6&$!167!I156'15656R!
I1(K$'!*#1($G!quot;1K$V!X,(!$Y1I32$V!Z5*J,!-#,!($J$6'2H!7$J57$7!',!X,J&*!,6!'#$!Z8!I1(K$'!
'#(,&R#!'#$5(!956K*H*!75S5*5,6!1*!1!I$'#,7!,X!R(,-56R!($S$6&$!6,-!'#1'!'#$!W&*56$**!I1(K$'!
X,(!(,&'$(*!167!6$'-,(K!$&53I$6'!#1*!($1J#$7!I1'&(5'HG!Z,6S$(R$6J$!5*!1!'($67!'#1'!-522!
,62H!1JJ$2$(1'$!1*!J,6*&I$(*!7$I167!'#1'!X$1'&($*!1S1521W2$!56!,6$!1332516J$!1($!$&122H!
1*!-$22!7$S$2,3$7!56!1!75XX$($6'!,6$G!!
!
Standardised components
)6!J,II,75'H!'$J#6,2,RH!I1(K$'*!25K$!QZ*!167!321*I1!'$2$S5*5,6*V!J,I3,6$6'*!'$67!',!W$!
*'1671(75*$7!167!S1(H!25''2$!X(,I!,6$!S$67,(!',!16,'#$(G!quot;#$!56J($1*56R2H!25I5'$7!
,33,('&65'5$*!X,(!3(,7&J'!75XX$($6'51'5,6!J16!3&'!3($**&($!,6!S$67,(!I1(R56*G!
!
quot;#$!&65X,(I5'H!,X!J,I3,6$6'*!5*!X&$2256R!J,6S$(R$6J$!,33,('&65'5$*!167!56J($1*56R!
J,I3$'5'5,6!1J(,**!*$RI$6'*!,X!'#$!I1(K$'!'#1'!I1H!#1S$!W$$6!,XXO25I5'*!',!'#$!6$-!$6'(16'*!
!
!
quot;#$!%&'&($!)*!+,'!+$-!!
.&'#,(/!0123#!4567*,(!
quot;89/!:;;<=>?=!@=AB!C;@C!D48E/!#''3/FF---G71H7($1IGJ,G&K!
L!M1H7($1I!CAAN!O!?==P!!
!!
Q1R$!C!
- 2. ]&*'!1!X$-!H$1(*!1R,G!%,(!$Y1I32$V!.&75,!^5*&12!<.^>!$&53I$6'!-1*!#5*',(5J122H!3(,S57$7!WH!
1!*I122!6&IW$(!,X!*&3325$(*!<,(!*3$J5125*'!75S5*5,6*!,X!21(R$(!S$67,(*>V!#,-$S$(V!16!
56J($1*56R!6&IW$(!,X!)quot;!$&53I$6'!I16&X1J'&($(*!167!J#166$2!321H$(*!#1S$!W$J,I$!
1''(1J'$7!WH!'#$!#5R#$(!3,'$6'512!I1(R56*!1S1521W2$!56!'#5*!*$J',(!167!6,-!,XX$(!'#$5(!,-6!
J,I3$'56R!7$S5J$*G!)6!1!3($7,I5616'2H!75R5'12!(1'#$(!'#16!1612,R&$!$6S5(,6I$6'V!'#$($!5*!
25I5'$7!*J,3$!X,(!75XX$($6'51'5,6!,6!3(,7&J'!X$1'&($*!12,6$G!
!
Manufacturing outsourcing
quot;,!2,-$(!J,*'*!167!3($S$6'!I1(R56!$(,*5,6V!I16H!U8[*!,&'*,&(J$!3(,7&J'5,6!',!8[T!
<82$J'(,65J![16&X1J'&(56R!T$(S5J$*>!3(,S57$(*G!.6!56J($1*56R2H!21(R$!6&IW$(!-522!,&'*,&(J$!
3(,7&J'!7$*5R6!1*!-$22!1*!I16&X1J'&(56R!',!UM[*!<U(5R5612!M$*5R6![16&X1J'&($(*>G!quot;#$*$!
*&3325$(*!-522!X($&$6'2H!*$$K!',!$5'#$(!I16&X1J'&($!56!J#$13$(!21W,&(!($R5,6*!*&J#!1*!Z#561!
167!)6751!,(!*&WOJ,6'(1J'!',!2,J12!*&3325$(*!',!7,!5'!X,(!'#$IG!
!
[16H!U8[*!1($!6,-!J,I32$'$2H!($I,S$7!X(,I!'#$!1J'&12!#167*O,6!1J'5S5'H!,X!
I16&X1J'&(56R!'#$5(!,-6!3(,7&J'*G!quot;#$!W&*56$**!*K522*!6$$7$7!',!*&JJ$$7!6,-!1($!*&332H!
J#156!I161R$I$6'!$Y3$('5*$!167!'#$!1W525'H!',!57$6'5XH!167!122,J1'$!0_M!56S$*'I$6'!',!'#$!
I,*'!2&J(1'5S$!I1(K$'*!W$X,($!'#$!J,I3$'5'5,6!7,$*G!
!
45e increased role of solution selling
%,(!1!*5R65X5J16'!6&IW$(!,X!'$J#6,2,RH!S$67,(*!167!'#$5(!J#166$2!31('6$(*V!1!*5`$1W2$!167!
R(,-56R!3(,3,('5,6!,X!2,6RO'$(I!($S$6&$!J,I$*!X(,I!*,2&'5,6!*12$*G!quot;#$*$!J,&27!W$!
R$6$(1'$7!56!J,221W,(1'5,6!-5'#!1!J#166$2!31('6$(!,(!S51!'#$!S$67,(a*!,-6!56'$(612!*12$*!
75S5*5,6G!T,2&'5,6!*12$*!,XX$(*!S$67,(*!16!,33,('&65'H!',!75XX$($6'51'$!X(,I!J,II,75'H!*12$*!
(5S12*!167!,XX$(!177$7!S12&$!'#1'!W&H$(*!1($!-52256R!',!31H!X,(G!
!
)6!'#$!Z8!I1(K$'V!'#$!56J($1*56R!7,I5616J$!,X!'#$!S,2&I$!($'152$(!1'!'#$!$Y3$6*$!,X!'#$!
*I122$(!567$3$67$6'*!5*!J1&*56R!1!*5'&1'5,6!-#$($!'#$!J#166$2!31('6$(*!1($!'#$!K$H!
1JJ,&6'*G!quot;#$*$!W&H$(*!X($&$6'2H!($&5($!S$67,(*!',!#$23!'#$I!*,2S$!'#$5(!,-6!*&332H!J#156!
I161R$I$6'!3(,W2$I*!167!I161R$!56S$6',(H!,6!'#$5(!W$#12X!1*!-$22!3(,S57$!1!S1(5$'H!,X!
,'#$(!*&33,('56R!*$(S5J$*G!
!
%,(!$Y1I32$V!'#$!41*'$!82$J'(5J12!167!82$J'(,65J!8&53I$6'!<4888>!75($J'5S$!56!'#$!
8&(,3$16!b65,6!($&5($*!($'152$(*!',!J,22$J'!J,6*&I$(*!,27!Z8!$&53I$6'!-#$6!'#$H!
3&(J#1*$!6$-!7$S5J$*!*,!'#1'!'#$H!J16!W$!($*3,6*5W2H!($JHJ2$7G!^$67,(*!167!'#$5(!
75*'(5W&',(*!1($!2$R122H!,W25R$7!',!J,221W,(1'$!-5'#!($'152$(*!',!$6*&($!'#1'!'#5*!($S$(*$!*&332H!
J#156!,3$(1'$*!$XX$J'5S$2HG!Z,I32516J$!-5'#!2$R5*21'5,6!167!J,I32$Y!2,R5*'5J*!3(,W2$I*!1($!
J2$1(2H!I,($!56O7$3'#!167!J,6*&2'1'5S$!56!61'&($!'#16!3(,7&J'!*3$J5X5J1'5,6*!167!,(7$(!
&16'5'5$*G!
!
quot;#$!)6J($1*$7!T5R65X5J16J$!,X!E(167!
quot;#$!X,22,-56R!5*!'#$!*&II1(H!,X!1!($J$6'!($3,('!WH!)quot;!567&*'(H!1612H*'*V!c1('6$(!<C>/!
!
dZ#16R$!56!'#$!J,6*&I$(!$2$J'(,65J*!567&*'(H!5*!6,'!W$56R!7(5S$6!WH!3(,7&J'!
$S,2&'5,6V!W&'!WH!X&671I$6'12!J#16R$*!56!'#$!567&*'(Ha*!W&*56$**!I,7$2*G!
Z,I3165$*!'#1'!$IW(1J$!J#16R$!167!7$S$2,3!W(16756R!-522!W$!I,*'!*&JJ$**X&2Gd!
!
!
!
quot;#$!%&'&($!)*!+,'!+$-!!
.&'#,(/!0123#!4567*,(!
quot;89/!:;;<=>?=!@=AB!C;@C!D48E/!#''3/FF---G71H7($1IGJ,G&K!
L!M1H7($1I!CAAN!O!?==P!!
!!
Q1R$!?!
- 3. E(167!3(,S57$*!'#$!*56R2$!W5RR$*'!,33,('&65'H!X,(!'$J#6,2,RH!S$67,(*!',!R156!I1(K$'!*#1($!
167!7$S$2,3!2,6RO'$(I!($S$6&$!*'($1I*G!)6!1!J,6S$(R$7!I1(K$'!-#$($!6$-!J,I3$'5',(*!J16!
$1*52H!*'1('!&3!167!'#$!,33,('&65'5$*!X,(!75XX$($6'51'5,6!'#(,&R#!'$J#65J12!566,S1'5,6!1($!*,!
*31(*$V!W(167!3(,S57$*!'#$!,6$!,X!'#$!X$-!($I15656R!'1J'5J*!'#$!56J&IW$6'!S$67,(!#1*!X,(!
3(,'$J'56R!'#$5(!I1(K$'!*#1($G!quot;1K56R!'#$!($S$(*$!S5$-V!5'!12*,!,XX$(*!1!I$'#,7!X,(!6$-!
$6'(16'*!',!($321J$!'#$!J&(($6'!2$17$(G!
!
)X!3(,,X!-$($!6$$7$7!,X!'#$!1W525'H!,X!W(167*!',!'(16*X,(I!'#$!X,('&6$*!56!'#5*!567&*'(HV!'#$6!
16!1**$**I$6'!,X!'#$!3$(X,(I16J$!,X!.332$!1*!J,I31($7!-5'#!T,6H!56!'#$!1($1!,X!3,('1W2$!
I&*5J!321H$(*!5*!56*'(&J'5S$G!b3!&6'52!S$(H!($J$6'2HV!T,6H!-$($!'#$!I1(K$'!2$17$(!56!'#5*!
3(,7&J'!J1'$R,(H!'#(,&R#!'#$5(!-$22!$*'1W25*#$7!a412KI16a!W(167G!45'#56!1!*#,('!*31J$!,X!
'5I$V!.332$V!1!S$67,(!-5'#,&'!I&J#!,WS5,&*!3(5,(!$Y3$(5$6J$!,X!'#$!Z8!*$J',(!#17!W$J,I$!
I1(K$'!2$17$(G!8S$6!56!f1316!-#$($!'(175'5,6122H!T,6H!3$(X,(I!*'(,6R$*'V!*12$*!,X!5Q,7*!
,&'*'(53!'#,*$!,X!412KI16*G!!
!
.332$a*!1W525'H!',!(13572H!S$('5J122H!56'$R(1'$!'#(,&R#!'#$5(!5quot;&6$*!,6O256$!*',($!-#$($!
J,6*&I$(*!J16!7,-62,17!I&*5J!#1*!$XX$J'5S$2H!,&'OI16,$&S($7!T,6H!7$*35'$!'#$5(!
$Y3$(5$6J$!167!1**,J51'5,6!-5'#!'#$!E[c!($J,(7!21W$2G!quot;#$!I156!X1J',(*!W$#567!.332$g*!
*&JJ$**!#1S$!W$$6!'#$5(!1W525'H!',!*3,'!1!X1*'!R(,-56R!65J#$!'#1'!-1*6g'!W$56R!$Y32,5'$7!WH!
T,6H!167!'#$5(!*&3$(5,(!W(16756R!'#1'!$61W2$7!'#$!5Q,7!',!1J&5($!1!I,7$(6!167!aJ,,2a!
57$6'5'H!'#1'!($*,61'$7!-5'#!1!#5R#!S,2&I$!,X!J,6*&I$(*G!b62$**!T,6H!J16!($S$(*$!'#5*!'($67V!
'#$!3$(J$3'5,6!,X!'#$!412KI16!W(167!5*!,&'71'$7!167!1**,J51'$7!-5'#!,27$(V!1612,R&$!
'$J#6,2,R5$*G!
!
.31('!X(,I!'#$!*&JJ$**!,X!.332$g*!W(16756R!*'(1'$RHV!-#1'!'#5*!$Y1I32$!12*,!7$I,6*'(1'$*!5*!
J,6*&I$(g*!56J($1*56R!-52256R6$**!<56!'#$!$2$J'(,65J*!*$J',(!1'!2$1*'>!',!$Y3$(5I$6'!-5'#!6$-!
,(!2$**!-$22!K6,-6!W(167*G!Z(&J512!',!'#$!1W525'H!,X!1!W(167!',!($'156!2,H12'H!5*!'#$!
J,66$J'5,6!-5'#!'#$!S12&$*!,X!'#$!$67!&*$(!h!1*!,33,*$7!',!X$1'&($*!,(!3(5J$G!!
!
T,2&'5,6!T$2256R/!quot;#$!U33,('&65'H!quot;,!8*J13$!Z,II,75'5*1'5,6!
quot;#$!,'#$(!X1J',(!'#1'!5*!J$6'(12!',!'#$!1W525'H!',!($'15656R!I1(R56!5*!'#$!1W525'H!,X!S$67,(*!',!
7$OJ,II,75'5*$!'#$5(!,XX$(!'#(,&R#!*,2&'5,6!,(!K$H!1JJ,&6'!*$2256RG!
!
.6!$Y1I32$!,X!1!S$67,(!-#,!#1*!X&22H!$IW(1J$7!'#$!K$H!1JJ,&6'*!133(,1J#!',!W&*56$**!
7$S$2,3I$6'!5*!)E[G!U6J$!'#$!I1(K$'!2$1756R!QZ!I16&X1J'&($(V!)E[!1(R&1W2H!5617S$('$6'2H!
*'1('$7!I16H!,X!'#$!'($67*!56!'#$!)quot;!167!-57$(!'$J#6,2,RH!I16&X1J'&(56R!I1(K$'!WH!
,&'*,&(J56R!I16&X1J'&(56R!,X!'#$!I5J(,3(,J$**,(!',!)6'$2!167!7$S$2,3I$6'!,X!16!,3$(1'56R!
*H*'$I!',![5J(,*,X'G!quot;#5*!,3$6$7!'#$!7,,(!X,(!J,I3$'5'5,6!56!'#$!X,(I!,X!aJ2,6$*a!<1*!'#$H!
-$($!K6,-6>!-#,!J,&27!*,&(J$!'#$!#1(7-1($!167!*,X'-1($!J,I3,6$6'*!6$$7$7!',!W&527!1!
QZ!-5'#,&'!56X(56R56R!56'$22$J'&12!3(,3$('HG!.!21(R$!6&IW$(!,X!J,II,75'H!S$67,(*!'#$6!
$6'$($7!'#$!I1(K$'!,S$(!*&W*$&$6'!H$1(*!167!'#5*!($&5($7!)E[!',!($S12&1'$!5'*$2X!167!
7$'$(I56$!-#$($!5'!J,&27!177!S12&$!',!W,'#!'#$5(!J&*',I$(*G!
!
01'#$(!'#16!X,J&**56R!,6!'(H56R!',!($J,S$(!7$J25656R!S,2&I$!*12$*!WH!J&''56R!3(5J$*V!)E[!
*&JJ$**X&22H!'(16*X,(I$7!5'*$2X!56',!1!J,6*&2'16JH!167!*,2&'5,6*!,(5$6'$7!S$67,(G!+,-!'#$!
I1],(5'H!,X!($S$6&$!J,I$*!X(,I!*,2&'5,6!,(5$6'$7!*12$*!167!3(,X$**5,612!*$(S5J$*!($S$6&$*G!
8S57$6J$!,X!#,-!X1(!'#5*!3(,J$**!#1*!3(,R($**$7!J16!W$!X,&67!56!)E[a*!($J$6'!75*3,*12!,X!5'*!
!
!
quot;#$!%&'&($!)*!+,'!+$-!!
.&'#,(/!0123#!4567*,(!
quot;89/!:;;<=>?=!@=AB!C;@C!D48E/!#''3/FF---G71H7($1IGJ,G&K!
L!M1H7($1I!CAAN!O!?==P!!
!!
Q1R$!e!
- 4. QZ!I16&X1J'&(56R!75S5*5,6!',!Z#56$*$!I16&X1J'&($(!9$6,S,G!4#52$!)E[!1($!*'522!1J'5S$2H!
56S,2S$7!56!'#$!I,($!2&J(1'5S$!#5R#O$67!*$(S$(!I1(K$'V!'#$!I$**1R$!5*!'#1'!*,2&'5,6!*$2256R!5*!
S5'12!',!($'156!J,I3$'5'5S$!17S16'1R$!X,(!$*'1W25*#$7!U8[*G!
!
quot;#$!)I325J1'5,6*!%,(!quot;$J#6,2,RH!^$67,(*!
quot;#$!I156!J,6J2&*5,6!',!$I$(R$!X(,I!'#5*!1612H*5*!,X!'($67*!56!'#$!'$J#6,2,RH!*$J',(!5*!'#1'!
,6!'#$!7$I167!*57$!-#$($!I1(K$'56R!$Y$J&'5S$*!1($!&*&122H!X,J&**$7V!'#$($!1($!'-,!K$H!
1''(5W&'$*!-#$($!S$67,(*!I&*'!#1S$!I1(K$'!2$17$(*#53!',!*&JJ$$7/!
!
!quot; .!($J,R65*1W2$!W(167!'#1'!J,6*&I$(*!-16'!',!3,*5'5S$2H!57$6'5XH!-5'#G!!
!quot; quot;#$!1W525'H!',!56'$R(1'$!*,2&'5,6*!'#1'!J$I$6'!'#$!($21'5,6*#53!W$'-$$6!S$67,(!167!
J,6*&I$(G!
!
4#52$!5'!5*!'(&$!'#1'!*&332H!J#156!I161R$I$6'!$Y3$('5*$!167!566,S1'5,6!'#(,&R#!J,(($J'2H!
'1(R$'$7!0_M!J16!R5S$!1!'$J#6,2,RH!S$67,(!1!I1(K$'56R!2$1756R!$7R$i!W,'#!'#$!'-,!X1J',(*!
7$*J(5W$7!1W,S$!J16!&*&(3!16H!*&332HO*57$!17S16'1R$!W$J1&*$!'#$H!7$3$67!,6!'#$!
3$(J$3'5,6*!,X!J&*',I$(!,(!J25$6'*!167!'#$($X,($!J166,'!$1*52H!W$!W,&R#'!56!WH!#5(56R!*'1XX!,(!
,&'*,&(J56R!'#$!3(,W2$IG!quot;#5*!5*!$*3$J5122H!'(&$!6,-!7&$!',!'#$!21(R$!6&IW$(!,X!*&3325$(*!
X(,I!7$S$2,356R!J,&6'(5$*!-#,!#1S$!W,'#!'#$!-522!167!J131W525'H!',!(13572H!($7$S$2,3!
3(,7&J'*!'#1'!,XX$(!122!'#$!K$H!X$1'&($*!,X!'#$!J&(($6'!I1(K$'!2$17$(G!
!
01'#$(!'#16!*$$56R!'#$*$!'($67*!1*!1!I1],(!31(175RI!*#5X'V!3$(#13*!1!I,($!321&*5W2$!
$Y32161'5,6!5*!'#1'!'#$!567&*'(H!5*!I$($2H!I1'&(56R!167!W$R56656R!',!7$S$2,3!56',!'#$!
31''$(6*!X1I5251(!56!,'#$(!,27$(!*$J',(*G!quot;#5*!5*!$*3$J5122H!75XX5J&2'!X,(!'#,*$!56!'#$!'$J#6,2,RH!
I1(K$'!',!J,I$!',!'$(I*!-5'#G!quot;#$!I1],(5'H!,X!7$J5*5,6!I1K$(*!<6,-!$S$6!1'!1!*$65,(!2$S$2>!
#1S$!W$$6!W(,&R#'!&3!',!1JJ$3'!J,6J$3'*!*&J#!1*!aquot;#$!M5R5'12!0$S,2&'5,6a!,(!a[,,($*!91-a!
1*!56$S5'1W2$!167!*$2XO3$(3$'&1'56R!'#$I$*!'#1'!-522!J,6*5*'$6'2H!7$25S$(!1!*'$17H!*'($1I!,X!
6$-!3(,7&J'*!'#1'!I$($2H!6$$7!',!W$!321J$7!,6!'#$!*#$2S$*!X,(!J,6*&I$(*!-#,!1($!($17H!
167!-15'56R!',!1J&5($!'#$IG!
!
quot;#,*$!-5'#!*,I$!$Y3$(5$6J$!,X!'#$!'$J#6,2,RH!*$J',(!<-#$'#$(!J,6*&I$(!,(!W&*56$**!
I1(K$'*>!-522!W$!1-1($!'#1'!56!I16H!-1H*!'#$!567&*'(H!5*!W1*5J122H!1!X1*#5,6!W&*56$**G!
M$*35'$!122!#H3$!1W,&'!6$-!X$1'&($*!,(!$S$(!X1*'$(V!W5RR$(!,(!&5JK$(!*3$J5X5J1'5,6*!h!I&J#!
,X!'#$!,&'3&'!5*!,X'$6!($3$'5'5,&*!167!56S,2S$*!($#1*#56R!,(!($X5656R!57$1*!'#1'!#1S$!6,'!
J#16R$7!*5R65X5J16'2H!X,(!I16H!H$1(*G!!
!
Z#(5*!Z(1-X,(7!<1!J,I3&'$(!R1I$*!7$*5R6$(!-#,!-,(K$7!X,(!.'1(5>!($J$6'2H!I17$!'#$!
X,22,-56R!,W*$(S1'5,6!56!16!56'$(S5$-!X,(!'#$!c1I1T&'(1!-$W*5'$!<?>!-#5J#!5*!'1(R$'$7!1'!
7$S$2,3$(*!167!J,6*&I$(*!,X!J,I3&'$(!R1I$*/!
!
d4$22!W1*5J122HV!6$-!57$1*!7,6a'!R,!16H-#$($G!T,!'#$!567&*'(H!5*!]&*'!($#1*#56R!'#$!
*1I$!*'&XX!,S$(!167!,S$(G!M&(56R!'#$!P=*!'#$($!-1*!1!2,'!,X!$Y3$(5I$6'1'5,6V!1!2,'!
,X!6$-!57$1*!W$56R!'(5$7!<I16H!,X!'#$I!($122H!W17>!W&'!'#$($!-1*!1'!2$1*'!
$Y3$(5I$6'1'5,6G!+,-!-$!7,6a'!*$$!16H!$Y3$(5I$6'1'5,6!-#1'*,$S$(Gd!
!
4#52$!*,I$!I1H!75*I5**!'#5*!1*!JH65J5*I!X(,I!16!567&*'(H!S$'$(16V!5'!5*!'(&$!'#1'!56!I16H!
1($1*!,X!'$J#6,2,RHV!6,'!]&*'!'#$!R1I$*!*$J',(V!'#$($!5*!1!7$X565'$!1W*$6J$!,X!6$-!57$1*G!
!
!
quot;#$!%&'&($!)*!+,'!+$-!!
.&'#,(/!0123#!4567*,(!
quot;89/!:;;<=>?=!@=AB!C;@C!D48E/!#''3/FF---G71H7($1IGJ,G&K!
L!M1H7($1I!CAAN!O!?==P!!
!!
Q1R$!;!
- 5. c$6&56$!aK522$(!133*a!-5'#!'#$!*1I$!5I31J'!1*!'#$!3$(*,612!J,I3&'$(!,(!-$W!W(,-*$(!7,!6,'!
$5'#$(!*$$I!',!W$!133$1(56R!,(!*#,-56R!16H!$S57$6J$!'#1'!'#$H!I5R#'!W$!1W,&'!',G!
!
.6!56'$($*'56R!,W*$(S1'5,6!',!I1K$!5*!'#1'!,6$!,X!'#$!W5RR$(!'$J#6,2,R5$*!',!$I$(R$!56!'#$!
21*'!X$-!H$1(*!#1*!W$$6!I,W52$!T[T!<T#,('![$**1R56R!T$(S5J$>!'$Y'!I$**1R$*G!quot;#5*!-1*!6,'!
J,6*57$($7!',!W$!,X!R($1'!5I3,('16J$!WH!I,*'!3#,6$!I16&X1J'&($(*!167!'#$!1J'&12!2$S$2!,X!
X&6J'5,6125'H!5'!3(,S57$*!5*!S$(H!W1*5JG!Z,6*&I$(*V!#,-$S$(V!#1S$!133(,3(51'$7!5'!1*!1!
-57$*3($17V!J#$13!167!*5I32$!X,(I!,X!J,II&65J1'5,6!h!16!12'$(61'5S$!',!1!3#,6$!J122!167!
2$**!J,I32$Y!167!'$J#6,2,R5J122H!7$I16756R!'#16!$OI152G!T$(S5J$!3(,S57$(*!#1S$!6,-!
R(1*3$7!'#$!S12&$!,X!'#5*!X,(I!,X!J,II&65J1'5,6!167!6,-!$Y'$67$7!5'!-5'#!35J'&($*!167!
$S$6!S57$,!h!W&'!'#$*$!1($!W1*5J122H!S1(51'5,6*!,6!'#$!J,($!'#$I$!167!'#$!S1*'!I1],(5'H!,X!
I$**1R$*!*$6'!-522!W$!'$Y'!W1*$7V!W$J1&*$!J,6*&I$(*!7,!6,'!6$$7!,(!-16'!I&J#!I,($G!
!
Z,6J2&*5,6!
quot;#$!21JK!,X!R$6&56$!566,S1'5,6!56!'#$!'$J#6,2,RH!567&*'(H!167!'#$!J#16R56R!I1(K$'!
J,675'5,6*!,6!'#$!*&332HO*57$!522&*'(1'$*!'#1'!3$(#13*!'#$!($12!J#122$6R$!X,(!$Y$J&'5S$*!,X!
'$J#6,2,RH!S$67,(*!5*!',!1JK6,-2$7R$!'#1'!'#$5(!*$J',(!6,-!*#1($*!I16H!J#1(1J'$(5*'5J*!-5'#!
,27$(!567&*'(5$*!*&J#!1*!J,6*&I$(!R,,7*G!!
!
.22!'#$!$S57$6J$!*&RR$*'*!'#1'!'#,*$!-5'#!*'(,6R!W(167*!167!'#$!1W525'H!',!'13!56',!J,($!
#&I16!6$$7*!1($!'#,*$!'#1'!*&JJ$$7!(1'#$(!'#16!1!J,6*'16'!*'($1I!,X!6$-!3(,7&J'*!'#1'!X$-!
3$,32$!1($!56'$($*'$7!56G!quot;#5*!6$$7*!',!W$!&67$(*',,7!167!13325$7!WH!'$J#6,2,RH!I1(K$'56R!
I161R$(*!56!,(7$(!',!*&(S5S$!167!3(,*3$(!56!'#$!X&'&($G!
!
.W,&'!quot;#$!.&'#,(!
0123#!4567*,(!5*!1!*$65,(!31('6$(!56!M1H7($1I!1!7$S$2,3$(!,X!W(167!1**$'!I161R$I$6'!
*,X'-1($V!$*'1W25*#$7!56!CAANG!j$!#1*!X,&('$$6!H$1(*!$Y3$(5$6J$!,X!7$25S$(56R!I1(K$'56R!
'$J#6,2,RH!*,2&'5,6*!1J&5($7!1*!1!7$S$2,3$(V!3(,]$J'!I161R$(!167!J,6*&2'16'G!
!
[,($!56X,(I1'5,6/!#''3/FF---G71H7($1IGJ,G&K!
8OI152/!56X,k71H7($1IGJ,G&K!
!
!
0$X$($6J$*!
!
<C>! Z,6*&I$(!82$J'(,65J*!)67&*'(H!)6!%2&YaiV!^16!9GE1K$(V!3&W25*#$7!+,S$IW$(!?==N!
!
<?>! c1I1T&'(1!4$W*5'$/!
#''3/FF---GR1I1*&'(1GJ,IFX$1'&($*F?==B=BC?FI&(7$Hl=CG*#'I2!!
!
!
quot;#$!%&'&($!)*!+,'!+$-!!
.&'#,(/!0123#!4567*,(!
quot;89/!:;;<=>?=!@=AB!C;@C!D48E/!#''3/FF---G71H7($1IGJ,G&K!
L!M1H7($1I!CAAN!O!?==P!!
!!
Q1R$!N!