Novanta

 
 
 
Dear Fellow Shareholders,  

Novanta delivered a landmark year in 2021. We achieved unprecedented levels of sales, bookings and profit, despite 
some significant disruptions in our supply chain and factory operations. As a result of continued investments during 
the pandemic, Novanta’s long-term strategic positioning is as good as it has ever been. We booked record design 
wins, have a strong innovation pipeline with a continued high level of new product introductions, and enhanced our 
robotics exposure with the acquisition and integration of two great businesses (ATI and IMS).  

Full year reported revenue was $707 million, a year-over-year increase of 20%, and our Organic Revenue Growth(1) 
was approximately 10%.  Full year Adjusted EBITDA(1) was $153 million, which is up 26% year over year versus 
2020; and, full year Adjusted Diluted Earnings Per Share(1) was $2.62, an increase of 34% versus 2020. We ended 
the year with record backlog of $569 million, and close to $1 billion of full year bookings. 

We remain laser focused on growing faster than the market with proprietary motion, vision and photonics 
capabilities in high growth markets driven by secular industry 4.0, precision medicine and healthcare productivity 
trends. We continue to invest heavily in innovation and commercial capabilities to enhance our proprietary 
technology position and long-term sustainable growth potential in secular growth applications such as Robotic 
Surgery, Minimally Invasive Surgery, DNA Sequencing, Advanced Material Processing and Precision Automation 
& Robotics. We are also expanding into intelligent subsystems, resulting in higher content in these applications.    

In 2021, we saw excellent momentum and success in our efforts to introduce new innovations to our customers. We 
are very excited about the 19 product launches in 2021, which will contribute meaningfully to our growth trajectory 
in future years. In 2021, Our vitality index(2) was above 25% of sales, versus mid-single digit percentages a few 
years ago. Design wins more than doubled year over year in 2021, which is a huge accomplishment for our 
commercial teams. We saw strong design wins in our minimally invasive surgery business, as well as our laser beam 
steering and precision motion businesses in high-growth application areas such as surgical robotics, laser-additive 
manufacturing, micromachining, and electric vehicle battery welding. 

We also had success in 2021 by closing on two excellent acquisitions. In the third quarter we acquired ATI and IMS, 
both into our Precision Motion segment. These are both fantastic businesses which are excellent strategic additions 
to Novanta, expanding our positions in high growth markets. Both businesses are progressing very well with a strong 
market tailwind in robotics and automation demand. We are also very impressed by the performance and the 
engagement of the ATI and IMS teams and their strong pull for the Novanta Growth System tools. Acquisitions 
continue to be the primary focus of Novanta’s capital deployment 

Overall, this impressive year comes directly as a result of the tireless efforts of our dedicated teams. I remain 
incredibly impressed with how the Novanta team stuck together, continued innovating, and welcomed new 
coworkers into our family, all while working remotely and socially distanced. This year reminded me what an 
incredible team can achieve when adequately set up for success. The investments we have made over the past years 
– to refine the Novanta Growth System, our toolkit and set of practices to drive continuous improvement and 
accelerate innovations in high growth markets, and to build The Novanta Way, our culture which is based on 
collaboration, inclusion and trust – have paid dividends these last two years. They have been the glue that kept us 
motivated and mobilized behind our vision: to deliver innovations that matter.   

So, in summary, we feel very good as we enter 2022 with record levels of backlog and continued strong demand 
from our customers.  We continue to broaden our exposure to medical and industrial applications that have long-
term secular trends, such as robotics and automation, healthcare productivity and precision medicine. And we 
continue to invest in the Novanta Way and our people as we believe a healthy culture with an engaged, diverse and 
aligned workforce is an integral part of building and sustaining our long term competitive advantage.  

In closing, I would like to thank our customers, our employees, and you, our shareholders, for your ongoing support. 
I am particularly grateful for the dedication and strong contribution of our teams of committed Novanta employees 
that are showing tremendous agility and resilience during these times.  

Yours truly, 
/s/ Matthijs Glastra  
Chairperson and Chief Executive Officer 
April 8, 2022 

(1)  A non-GAAP financial measures. Reconciliations of GAAP to non-GAAP financial measures can be found beginning on page 111. 
(2)  We define vitality index as the percentage of total revenue from new products launched in the last 4 years. 

 
 
K(cid:140)(cid:151)N£(cid:210) QN(cid:215)N£Q
Q£(cid:211)KT(cid:151)N(cid:151)£Q (cid:215)(cid:140)(cid:210) £F(cid:211)(cid:154)(cid:215)(cid:140)(cid:157)£ (cid:211)](cid:141)(cid:141)(cid:151)QQ(cid:151)](cid:140)
GØt‰”(cid:132)(cid:192)q(cid:128)(cid:132)(cid:142) (cid:210)(cid:136)(cid:211)(cid:136) X(cid:131)MQ?
(cid:160)]T(cid:141) [(cid:131)(cid:139)(cid:145)

" (cid:215)(cid:140)(cid:140)K(cid:215)(cid:143) T£Z]TN ZKTQK(cid:215)(cid:140)N N] Q£(cid:211)N(cid:151)](cid:140) [U ]T [M(cid:153)(cid:201)(cid:151) ](cid:160) N(cid:154)£ Q£(cid:211)KT(cid:151)N(cid:151)£Q £F(cid:211)(cid:154)(cid:215)(cid:140)(cid:157)£ (cid:215)(cid:211)N ](cid:160) [?UQ

(cid:160)(cid:128)w q‰˘ ˆ”t(cid:204)؇ D˘Øw ˘(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142) X(cid:131)X[
1,
! NT(cid:215)(cid:140)Q(cid:151)N(cid:151)](cid:140) T£Z]TN ZKTQK(cid:215)(cid:140)N N] Q£(cid:211)N(cid:151)](cid:140) [U ]T [M(cid:153)(cid:201)(cid:151) ](cid:160) N(cid:154)£ Q£(cid:211)KT(cid:151)N(cid:151)£Q £F(cid:211)(cid:154)(cid:215)(cid:140)(cid:157)£ (cid:215)(cid:211)N ](cid:160) [?UQ

(cid:160)(cid:128)w q‰˘ qwØ(cid:132)t”q”(cid:128)(cid:132) }˘w”(cid:128)(cid:201) ˆw(cid:128)(cid:136)

q(cid:128)
(cid:211)(cid:128)(cid:136)(cid:136)”tt”(cid:128)(cid:132) (cid:160)”‡˘ (cid:140)(cid:128)(cid:136) (cid:131)(cid:131)[(cid:139)UM(cid:131)BU

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:153)£HØ(cid:204)q (cid:132)Ø(cid:136)˘ (cid:128)ˆ w˘(cid:192)”tqwØ(cid:132)q Øt t}˘(cid:204)”ˆ”˘(cid:201) ”(cid:132) ”qt (cid:204)‰Øwq˘w(cid:151)

(cid:140)˘L (cid:213)wo(cid:132)tL”(cid:204)(cid:181)(cid:142) (cid:211)Ø(cid:132)Ø(cid:201)Ø
(cid:153)QqØq˘ (cid:128)w (cid:128)q‰˘w •ow”t(cid:201)”(cid:204)q”(cid:128)(cid:132)
(cid:128)ˆ ”(cid:132)(cid:204)(cid:128)w}(cid:128)wØq”(cid:128)(cid:132) (cid:128)w (cid:128)w(cid:192)Ø(cid:132)”AØq”(cid:128)(cid:132)(cid:151)

[XM (cid:141)”(cid:201)(cid:201)‡˘t˘H Now(cid:132)}”(cid:181)˘
(cid:213)˘(cid:201)ˆ(cid:128)w(cid:201)(cid:142) (cid:141)ØttØ(cid:204)‰ot˘qqt(cid:142) KQ(cid:215)
(cid:153)(cid:215)(cid:201)(cid:201)w˘tt (cid:128)ˆ }w”(cid:132)(cid:204)”}؇ ˘H˘(cid:204)oq”m˘ (cid:128)ˆˆ”(cid:204)˘t(cid:151)

?B(cid:139)(cid:131)[[(cid:131)Q[X
(cid:153)(cid:151)(cid:136)T(cid:136)Q(cid:136) £(cid:136)}‡(cid:128)D˘w
(cid:151)(cid:201)˘(cid:132)q”ˆ”(cid:204)Øq”(cid:128)(cid:132) (cid:140)(cid:128)(cid:136)(cid:151)

(cid:131)[EU(cid:131)
(cid:153)(cid:252)”} (cid:211)(cid:128)(cid:201)˘(cid:151)

(cid:153)EB[(cid:151) XII(cid:139)ME(cid:131)(cid:131)
(Registrant’s telephone number, including area code)
Q˘(cid:204)ow”q”˘t T˘(cid:192)”tq˘w˘(cid:201) ZowtoØ(cid:132)q q(cid:128) Q˘(cid:204)q”(cid:128)(cid:132) [X(cid:153)Ł(cid:151) (cid:128)ˆ q‰˘ (cid:215)(cid:204)q=

>S*PY 1W Yx\T \Px++
!14412 +Tx,Y+k 21 .x, ’xP(Y

>,x[S2U @q4v1Pn+m
]D:>

]x4Y 1W Yx\T Yr\Tx2UY 12 tTS\T ,YUS+*Y,Y[
>TY ]x+[x- dP1vxP @YPY\* ^x,QY*

Q˘(cid:204)ow”q”˘t T˘(cid:192)”tq˘w˘(cid:201) ZowtoØ(cid:132)q q(cid:128) Q˘(cid:204)q”(cid:128)(cid:132) [X(cid:153)(cid:192)(cid:151) (cid:128)ˆ q‰˘ (cid:215)(cid:204)q=
(cid:140)(cid:128)(cid:132)˘

b2[S\x*Y vq \TY\Q 4x,Q SW *TY ,YUS+*,x2* S+ x tYPPjQ21t2 +Yx+12Y[ S++(Y,k x+ [YWS2Y[ S2 A(PY KgJ 1W *TY @Y\(,S*SY+ #\*i }f@ " ]D !

b2[S\x*Y vq \TY\Q 4x,Q SW *TY ,YUS+*,x2* S+ 21* ,Y-(S,Y[ *1 WSPY ,Y.1,*+ .(,+(x2* *1 @Y\*S12 NL 1, @Y\*S12 NJn[m 1W *TY #\*i }f@ ! ]D "

b2[S\x*Y vq \TY\Q 4x,Q tTY*TY, *TY ,YUS+*,x2* nNm Tx+ WSPY[ xPP ,Y.1,*+ ,Y-(S,Y[ *1 vY WSPY[ vq @Y\*S12 NL 1, NJn[m 1W *TY @Y\(,S*SY+ fr\Tx2UY #\* 1W NFLK

[(,S2U *TY .,Y\Y[S2U NM 412*T+ n1, W1, +(\T +T1,*Y, .Y,S1[ *Tx* *TY ,YUS+*,x2* tx+ ,Y-(S,Y[ *1 WSPY +(\T ,Y.1,*+mk x2[ nMm Tx+ vYY2 +(vRY\* *1 +(\T WSPS2U
,Y-(S,Y4Y2*+ W1, *TY .x+* Fg [xq+i }f@ " ]D !

b2[S\x*Y vq \TY\Q 4x,Q tTY*TY, *TY ,YUS+*,x2* Tx+ +(v4S**Y[ YPY\*,12S\xPPq Y’Y,q b2*Y,x\*S’Y ~x*x eSPY ,Y-(S,Y[ *1 vY +(v4S**Y[ .(,+(x2* *1 A(PY KgJ 1W
AYU(Px*S12 @j> n@Y\*S12 MLMiKgJ 1W *TS+ \Tx.*Y,m [(,S2U *TY .,Y\Y[S2U NM 412*T+ n1, W1, +(\T +T1,*Y, .Y,S1[ *Tx* *TY ,YUS+*,x2* tx+ ,Y-(S,Y[ *1 +(v4S* +(\T
WSPY+mi }f@ " ]D !

b2[S\x*Y vq \TY\Q 4x,Q tTY*TY, *TY ,YUS+*,x2* S+ x Px,UY x\\YPY,x*Y[ WSPY,k x2 x\\YPY,x*Y[ WSPY,k x 212jx\\YPY,x*Y[ WSPY,k x +4xPPY, ,Y.1,*S2U \14.x2q 1, x2
Y4Y,US2U U,1t*T \14.x2qi @YY *TY [YWS2S*S12+ 1W VPx,UY x\\YPY,x*Y[ WSPY,k? Vx\\YPY,x*Y[ WSPY,k? V+4xPPY, ,Y.1,*S2U \14.x2q? x2[ VY4Y,US2U U,1t*T \14.x2q?
S2 A(PY NMvjM 1W *TY fr\Tx2UY #\*i
"
_x,UY #\\YPY,x*Y[ eSPY,
!
]12jx\\YPY,x*Y[ eSPY,

#\\YPY,x*Y[ eSPY,
@4xPPY, ,Y.1,*S2U \14.x2q
f4Y,US2U U,1t*T \14.x2q

!
!
!

bW x2 Y4Y,US2U U,1t*T \14.x2qk S2[S\x*Y vq \TY\Q 4x,Q SW *TY ,YUS+*,x2* Tx+ YPY\*Y[ 21* *1 (+Y *TY Yr*Y2[Y[ *,x2+S*S12 .Y,S1[ W1, \14.PqS2U tS*T x2q 2Yt

1, ,Y’S+Y[ WS2x2\SxP x\\1(2*S2U +*x2[x,[+ .,1’S[Y[ .(,+(x2* *1 @Y\*S12 NLnxm 1W *TY fr\Tx2UY #\*i !

b2[S\x*Y vq \TY\Q 4x,Q tTY*TY, *TY ,YUS+*,x2* Tx+ WSPY[ x ,Y.1,* 12 x2[ x**Y+*x*S12 *1 S*+ 4x2xUY4Y2*;+ x++Y++4Y2* 1W *TY YWWY\*S’Y2Y++ 1W S*+ S2*Y,2xP

\12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U (2[Y, @Y\*S12 KgKnvm 1W *TY @x,vx2Y+jDrPYq #\* nNJ TY xUU,YUx*Y 4x,QY* ’xP(Y 1W *TY AYUS+*,x2*;+ 1(*+*x2[S2U \14412 +Tx,Y+ TYP[ vq 212jxWWSPSx*Y+ 1W *TY AYUS+*,x2*k vx+Y[ 12 *TY \P1+S2U .,S\Y 1W *TY
\14412 +Tx,Y+ 12 *TY ]x+[x- dP1vxP @YPY\* ^x,QY* 12 *TY Px+* v(+S2Y++ [xq 1W *TY AYUS+*,x2*;+ 41+* ,Y\Y2*Pq \14.PY*Y[ +Y\12[ WS+\xP -(x,*Y, na(Pq Mk MgMNm
tx+ 5KkGLJkLIMkKMgi e1, .(,.1+Y+ 1W *TS+ [S+\P1+(,Yk \14412 +Tx,Y+ TYP[ vq 1WWS\Y,+ x2[ [S,Y\*1,+ 1W *TY AYUS+*,x2* x2[ vq .Y,+12+ tT1 T1P[ 41,Y *Tx2 Ng3
1W *TY AYUS+*,x2*;+ 1(*+*x2[S2U \14412 +Tx,Y+ Tx’Y vYY2 Yr\P([Y[ vY\x(+Y +(\T .Y,+12+ 4xq vY [YY4Y[ *1 vY xWWSPSx*Y+i >TS+ [Y*Y,4S2x*S12 1W xWWSPSx*Y +*x*(+
S+ 21* 2Y\Y++x,SPq \12\P(+S’Yi

#+ 1W eYv,(x,q MNk MgMMk *TY,Y tY,Y LJkIMGkIHN +Tx,Y+ 1W *TY AYUS+*,x2*;+ \14412 +Tx,Y+k 21 .x, ’xP(Yk S++(Y[ x2[ 1(*+*x2[S2Ui

(cid:210)](cid:211)K(cid:141)£(cid:140)NQ (cid:151)(cid:140)(cid:211)]TZ]T(cid:215)N£(cid:210) (cid:213)! T£(cid:160)£T£(cid:140)(cid:211)£
C1,*S12+ 1W *TY AYUS+*,x2*;+ ~YWS2S*S’Y C,1rq @*x*Y4Y2* W1, *TY AYUS+*,x2*;+ #22(xP ^YY*S2U 1W @Tx,YT1P[Y,+ +\TY[(PY[ *1 vY TYP[ 12 ^xq NMk MgMM *1 vY

WSPY[ tS*T *TY @Y\(,S*SY+ x2[ fr\Tx2UY !144S++S12 x,Y S2\1,.1,x*Y[ vq ,YWY,Y2\Y S2 x2+tY,+ *1 Cx,* bbb 1W *TS+ #22(xP AY.1,* 12 e1,4 Ngj‘i

#([S*1, eS,4 b[E

MLG

#([S*1, ]x4YE

C,S\Ytx*Y,T1(+Y!11.Y,+ __!

#([S*1, _1\x*S12E

"1+*12k ^x++x\T(+Y**+k <2S*Y[ @*x*Y+

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)
(cid:160)]T(cid:141) [(cid:131)(cid:139)(cid:145)
!£(cid:215)T £(cid:140)(cid:210)£(cid:210) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

N(cid:215)(cid:213)(cid:143)£ ](cid:160) (cid:211)](cid:140)N£(cid:140)NQ

(cid:151)q˘(cid:136) (cid:140)(cid:128)(cid:136)

ZØ(cid:192)˘ (cid:140)(cid:128)(cid:136)

Z(cid:215)TN (cid:151)

b*Y4 Ni "(+S2Y++ iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
b*Y4 N#i AS+Q ex\*1,+iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
b*Y4 N"i <2,Y+1P’Y[ @*xWW !144Y2*+ iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
C,1.Y,*SY+ iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
b*Y4 Mi
b*Y4 Li _YUxP C,1\YY[S2U+ iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
b*Y4 Ki ^S2Y @xWY*q ~S+\P1+(,Y+ iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii

Z(cid:215)TN (cid:151)(cid:151)

b*Y4 Ji ^x,QY* W1, AYUS+*,x2*;+ !14412 f-(S*qk AYPx*Y[ @*1\QT1P[Y, ^x**Y,+ x2[ b++(Y, C(,\Tx+Y+ 1W f-(S*q @Y\(,S*SY+ iiii
b*Y4 Ii
{AY+Y,’Y[z iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
b*Y4 Hi ^x2xUY4Y2*;+ ~S+\(++S12 x2[ #2xPq+S+ 1W eS2x2\SxP !12[S*S12 x2[ AY+(P*+ 1W D.Y,x*S12+ iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
b*Y4 H#i B(x2*S*x*S’Y x2[ B(xPS*x*S’Y ~S+\P1+(,Y+ xv1(* ^x,QY* AS+Q iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
eS2x2\SxP @*x*Y4Y2*+ x2[ @(..PY4Y2*x,q ~x*xiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
b*Y4 Gi
b*Y4 Fi !Tx2UY+ S2 x2[ ~S+xU,YY4Y2*+ tS*T #\\1(2*x2*+ 12 #\\1(2*S2U x2[ eS2x2\SxP ~S+\P1+(,Yiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
b*Y4 F#i !12*,1P+ x2[ C,1\Y[(,Y+ iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
b*Y4 F"i D*TY, b2W1,4x*S12 iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
b*Y4 F!i ~S+\P1+(,Y AYUx,[S2U e1,YSU2 a(,S+[S\*S12+ *Tx* C,Y’Y2* b2+.Y\*S12+iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii

b*Y4 Ngi ~S,Y\*1,+k frY\(*S’Y DWWS\Y,+ x2[ !1,.1,x*Y d1’Y,2x2\Yiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
b*Y4 NNi frY\(*S’Y !14.Y2+x*S12iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
b*Y4 NMi @Y\(,S*q Dt2Y,+TS. 1W !Y,*xS2 "Y2YWS\SxP Dt2Y,+ x2[ ^x2xUY4Y2* x2[ AYPx*Y[ @*1\QT1P[Y, ^x**Y,+iiiiiiiiiiiiiiiiiiiiiii
b*Y4 NLi !Y,*xS2 AYPx*S12+TS.+ x2[ AYPx*Y[ >,x2+x\*S12+k x2[ ~S,Y\*1, b2[Y.Y2[Y2\Y iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
b*Y4 NKi C,S2\S.xP #\\1(2*S2U eYY+ x2[ @Y,’S\Y+ iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii

Z(cid:215)TN (cid:151)(cid:151)(cid:151)

b*Y4 NJi frTSvS*+k eS2x2\SxP @*x*Y4Y2* @\TY[(PY+ iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
b*Y4 NIi e1,4 Ngj‘ @(44x,q iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
@SU2x*(,Y+ iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii

Z(cid:215)TN (cid:151)I

#+ (+Y[ S2 *TS+ ,Y.1,*k *TY *Y,4+ VtYk? V(+k? V1(,k? V]1’x2*xk? V]D:>? x2[ *TY V!14.x2q? 4Yx2 ]1’x2*x b2\i x2[ S*+

+(v+S[Sx,SY+k (2PY++ *TY \12*Yr* S2[S\x*Y+ x21*TY, 4Yx2S2Ui

<2PY++ 1*TY,tS+Y 21*Y[k xPP [1PPx, x41(2*+ S2 *TS+ ,Y.1,* x,Y Yr.,Y++Y[ S2 <2S*Y[ @*x*Y+ [1PPx,+i

N
NJ
MF
Lg
Lg
Lg

LN
LL
LK
KF
JN
NgL
NgL
NgK
NgK

NgK
NgK
NgK
NgK
NgK

NgK
NgH
NgG

>TY W1PP1tS2U v,x2[ x2[ *,x[Y 2x4Y+ 1W *TY !14.x2q x,Y (+Y[ S2 *TS+ ,Y.1,*E !x4v,S[UY >Y\T21P1Uqk @q2,x[k _x+Y, B(x2*(4k
#Adf@k 8D^k ]~@k ^Y[ 7 !Tx2UYk AYx\T >Y\T21P1Uqk a#~#‘k >TS2U^xUS\k CT1*1 AY+Yx,\Tk dY2Y,xP @\x22S2Uk #>b b2[(+*,SxP
#(*14x*S12k !YPY,x ^1*S12k b^@k ^S\,1fk #..PS41*S12k |Y**PYrk b2UY2Sx x2[ 8Y+*tS2[i

(cid:211)Øoq”(cid:128)(cid:132)ØwD (cid:140)(cid:128)q˘ T˘(cid:192)Øw(cid:201)”(cid:132)(cid:192) (cid:160)(cid:128)wLØw(cid:201) (cid:143)(cid:128)(cid:128)(cid:181)”(cid:132)(cid:192) QqØq˘(cid:136)˘(cid:132)qt

Z(cid:215)TN (cid:151)

fr\Y.* W1, TS+*1,S\xP S2W1,4x*S12k *TY 4x**Y,+ [S+\(++Y[ S2 *TS+ #22(xP AY.1,* 12 e1,4 Ngj‘ x,Y W1,tx,[ P11QS2U +*x*Y4Y2*+ *Tx*

S2’1P’Y ,S+Q+k (2\Y,*xS2*SY+ x2[ x++(4.*S12+ *Tx*k SW *TYq 2Y’Y, 4x*Y,SxPSoY 1, SW *TYq .,1’Y S2\1,,Y\*k \1(P[ \x(+Y 1(, \12+1PS[x*Y[
,Y+(P*+ *1 [SWWY, 4x*Y,SxPPq W,14 *T1+Y Yr.,Y++Y[ 1, S4.PSY[ vq +(\T W1,tx,[ P11QS2U +*x*Y4Y2*+i >TY !14.x2q 4xQY+ +(\T W1,tx,[
P11QS2U +*x*Y4Y2*+ (2[Y, *TY .,1’S+S12 1W *TY V@xWY cx,v1,? +Y\*S12 1W *TY C,S’x*Y @Y\(,S*SY+ _S*SUx*S12 AYW1,4 #\* 1W NFFJi #\*(xP
W(*(,Y ,Y+(P*+ 4xq ’x,q 4x*Y,SxPPq W,14 *T1+Y .,1RY\*Y[k x2*S\S.x*Y[k 1, S2[S\x*Y[ S2 x2q W1,tx,[jP11QS2U +*x*Y4Y2*+ x+ x ,Y+(P* 1W
’x,S1(+ S4.1,*x2* Wx\*1,+k S2\P([S2U *T1+Y +Y* W1,*T S2 b*Y4 N# 1W *TS+ #22(xP AY.1,* 12 e1,4 Ngj‘ (2[Y, *TY TYx[S2U VAS+Q ex\*1,+i?
AYx[Y,+ +T1(P[ xP+1 \x,YW(PPq ,Y’SYt *TY ,S+Q Wx\*1,+ [Y+\,SvY[ S2 *TY 1*TY, [1\(4Y2*+ *Tx* tY WSPY tS*T *TY @Y\(,S*SY+ x2[ fr\Tx2UY
!144S++S12 nV@f!?m W,14 *S4Y *1 *S4Yi b2 *TS+ #22(xP AY.1,* 12 e1,4 Ngj‘k *TY t1,[+ Vx2*S\S.x*Y+k? VvYPSY’Y+k? VYr.Y\*+k?
VS2*Y2[+k? VW(*(,Yk? VY+*S4x*Y+k? V.Px2+k? V\1(P[k? Vt1(P[k? V+T1(P[k? V.1*Y2*SxPk? V\12*S2(Y+? x2[ +S4SPx, t1,[+ 1, Yr.,Y++S12+ nx+
tYPP x+ 1*TY, t1,[+ 1, Yr.,Y++S12+ ,YWY,Y2\S2U W(*(,Y Y’Y2*+k \12[S*S12+ 1, \S,\(4+*x2\Y+m S[Y2*SWq W1,tx,[ P11QS2U +*x*Y4Y2*+i
e1,tx,[ P11QS2U +*x*Y4Y2*+ xP+1 S2\P([Y *TY x++(4.*S12+ (2[Y,PqS2U 1, ,YPx*S2U *1 x2q 1W *TY W1,tx,[jP11QS2U +*x*Y4Y2*+i >TY W1,tx,[
P11QS2U +*x*Y4Y2*+ \12*xS2Y[ S2 *TS+ #22(xP AY.1,* S2\P([Yk v(* x,Y 21* PS4S*Y[ *1k +*x*Y4Y2*+ ,YPx*Y[ *1E *TY x2*S\S.x*Y[ S4.x\*+ 1W *TY
!D:b~jNF .x2[Y4S\ 12 1(, v(+S2Y++k WS2x2\SxP ,Y+(P*+ x2[ WS2x2\SxP \12[S*S12% 1(, vYPSYW *Tx* *TY C(,\Tx+S2U ^x2xUY,+ b2[Yr
nVC^b?m 4xq .,1’S[Y x2 S2[S\x*S12 1W *TY S4.x\* 1W UY2Y,xP Y\1214S\ \12[S*S12+ 12 1(, +xPY+ S2*1 *TY x[’x2\Y[ S2[(+*,SxP Y2[ 4x,QY*%
1(, +*,x*YUq% x2*S\S.x*Y[ WS2x2\SxP .Y,W1,4x2\Y% Yr.Y\*Y[ PS-(S[S*q x2[ \x.S*xPSox*S12% [,S’Y,+ 1W ,Y’Y2(Y U,1t*T x2[ 1(, U,1t*T
Yr.Y\*x*S12+ S2 ’x,S1(+ 4x,QY*+% 4x2xUY4Y2*;+ .Px2+ x2[ 1vRY\*S’Y+ W1, W(*(,Y 1.Y,x*S12+k Yr.Y2[S*(,Y+ x2[ .,1[(\* [Y’YP1.4Y2*k x2[
S2’Y+*4Y2*+ S2 ,Y+Yx,\T x2[ [Y’YP1.4Y2*% v(+S2Y++ .,1+.Y\*+% .1*Y2*SxP 1W W(*(,Y .,1[(\* ,YPYx+Y+ x2[ Yr.x2+S12 1W 1(, .,1[(\* x2[
+Y,’S\Y 1WWY,S2U+% x2*S\S.x*Y[ ,Y’Y2(Y .Y,W1,4x2\Y% S2[(+*,q *,Y2[+% 4x,QY* \12[S*S12+% 1(, \14.Y*S*S’Y .1+S*S12+% \Tx2UY+ S2
Y\1214S\ x2[ .1PS*S\xP \12[S*S12+% \Tx2UY+ S2 x\\1(2*S2U .,S2\S.PY+% \Tx2UY+ S2 x\*(xP 1, x++(4Y[ *xr PSxvSPS*SY+% Yr.Y\*x*S12+
,YUx,[S2U *xr Yr.1+(,Y+% x2*S\S.x*Y[ ,YS2’Y+*4Y2* 1W W(*(,Y Yx,2S2U+ x2[ [S’S[Y2[ .1PS\q% x2*S\S.x*Y[ Yr.Y2[S*(,Y+ S2 ,YUx,[ *1 *TY
!14.x2q;+ vY2YWS* .Px2+% W(*(,Y x\-(S+S*S12+k S2*YU,x*S12 x2[ x2*S\S.x*Y[ vY2YWS*+ W,14 x\-(S+S*S12+ x2[ [S+.1+S*S12+% x2*S\S.x*Y[
Y\1214S\ vY2YWS*+ x2[ Yr.Y\*Y[ \1+*+ 1W ,Y+*,(\*(,S2U .,1U,x4+% xvSPS*q *1 ,Y.xq 1(, S2[Yv*Y[2Y++% 1(, S2*Y2*S12+ ,YUx,[S2U *TY (+Y 1W
\x+T% Yr.Y\*x*S12+ ,YUx,[S2U PYUxP x2[ ,YU(Px*1,q Y2’S,124Y2*xPk +1\SxP x2[ U1’Y,2x2\Y ,Y-(S,Y4Y2*+ x2[ 1(, \14.PSx2\Y *TY,Y*1% x2[
1*TY, +*x*Y4Y2*+ *Tx* x,Y 21* TS+*1,S\xP Wx\*+i #PP W1,tx,[ P11QS2U +*x*Y4Y2*+ S2\P([Y[ S2 *TS+ [1\(4Y2* x,Y vx+Y[ 12 S2W1,4x*S12
x’xSPxvPY *1 (+ 12 *TY [x*Y TY,Y1Wi 8Y tSPP 21* (2[Y,*xQY x2[ +.Y\SWS\xPPq [Y\PS2Y x2q 1vPSUx*S12 *1 (.[x*Y x2q W1,tx,[jP11QS2U
+*x*Y4Y2*+k Yr\Y.* x+ ,Y-(S,Y[ (2[Y, x..PS\xvPY Pxti

(cid:151)q˘(cid:136) [(cid:136) Business

]m˘wm”˘L

]1’x2*x b2\i x2[ S*+ +(v+S[Sx,SY+ n\1PPY\*S’YPq ,YWY,,Y[ *1 x+ *TY V!14.x2q?k V]1’x2*x?k VtY?k V(+?k V1(,?m S+ x PYx[S2U UP1vxP

+(..PSY, 1W \1,Y *Y\T21P1Uq +1P(*S12+ *Tx* US’Y 4Y[S\xP x2[ x[’x2\Y[ S2[(+*,SxP 1,SUS2xP Y-(S.4Y2* 4x2(Wx\*(,Y,+ nVDf^+?m x
\14.Y*S*S’Y x[’x2*xUYi 8Y \14vS2Y [YY. .,1.,SY*x,q *Y\T21P1Uq Yr.Y,*S+Y x2[ \14.Y*Y2\SY+ S2 .T1*12S\+k ’S+S12 x2[ .,Y\S+S12
41*S12 tS*T x .,1’Y2 xvSPS*q *1 +1P’Y \14.PYr *Y\T2S\xP \TxPPY2UY+i >TS+ Y2xvPY+ (+ *1 Y2US2YY, \1,Y \14.12Y2*+ x2[ +(vj+q+*Y4+ *Tx*
[YPS’Y, Yr*,Y4Y .,Y\S+S12 x2[ .Y,W1,4x2\Yk *xSP1,Y[ *1 1(, \(+*14Y,+p [Y4x2[S2U x..PS\x*S12+i

>TY !14.x2q tx+ W1(2[Y[ x2[ S2S*SxPPq S2\1,.1,x*Y[ S2 ^x++x\T(+Y**+ S2 NFIG x+ dY2Y,xP @\x22S2Uk b2\i nVdY2Y,xP @\x22S2U?mi

b2 NFFFk dY2Y,xP @\x22S2U 4Y,UY[ tS*T _(412S\+ b2\i >TY .1+*j4Y,UY, Y2*S*qk d@b _(412S\+ b2\ik \12*S2(Y[ (2[Y, *TY Pxt+ 1W *TY
C,1’S2\Y 1W ]Yt ",(2+tS\Qk !x2x[xi b2 MggJk *TY !14.x2q \Tx2UY[ S*+ 2x4Y *1 d@b d,1(. b2\i >T,1(UT x +Y,SY+ 1W +*,x*YUS\
[S’Y+*S*(,Y+ x2[ x\-(S+S*S12+k *TY !14.x2q *,x2+W1,4Y[ W,14 12Y *Tx* tx+ 41,Y W1\(+Y[ 12 *TY +Y4S\12[(\*1, S2[(+*,q *1 12Y *Tx*
.,S4x,SPq [Y’YP1.+ x2[ +(..PSY+ \14.12Y2*+ x2[ +(vj+q+*Y4+ *1 Df^+ S2 *TY 4Y[S\xP x2[ x[’x2\Y[ S2[(+*,SxP 4x,QY*+i >TY !14.x2q
\Tx2UY[ S*+ 2x4Y *1 ]1’x2*x b2\i S2 ^xq MgNIi

QqwØq˘(cid:192)D

D(, +*,x*YUq S+ *1 [,S’Y +(+*xS2xvPYk .,1WS*xvPY U,1t*T *T,1(UT +T1,*j*Y,4 x2[ P12Uj*Y,4 S2S*Sx*S’Y+k S2\P([S2UE

•

•

[S+\S.PS2Y[ W1\(+ 12 1(, [S’Y,+SWSY[ v(+S2Y++ 41[YP 1W .,1’S[S2U \14.12Y2*+ x2[ +(vj+q+*Y4+ *1 P12U PSWYj\q\PY Df^
\(+*14Y, .Px*W1,4+ S2 x**,x\*S’Y 4Y[S\xP x2[ x[’x2\Y[ S2[(+*,SxP 2S\TY 4x,QY*+%

S4.,1’S2U 1(, v(+S2Y++ 4Sr *1 S2\,Yx+Y 4Y[S\xP +xPY+ x+ x .Y,\Y2*xUY 1W *1*xP ,Y’Y2(Y vqE

j

j

j

S2*,1[(\S2U 2Yt .,1[(\*+ xS4Y[ x* x**,x\*S’Y 4Y[S\xP x..PS\x*S12+k +(\T x+ 4S2S4xPPq S2’x+S’Y x2[ ,1v1*S\ +(,UY,qk
1.T*TxP41P1Uqk .x*SY2* 412S*1,S2Uk [,(U [YPS’Y,qk \PS2S\xP Pxv1,x*1,q *Y+*S2U x2[ PSWY +\SY2\Y Y-(S.4Y2*%

[YY.Y2S2U 1(, QYq x\\1(2* 4x2xUY4Y2* ,YPx*S12+TS.+ tS*T x2[ [,S’S2U \,1++ +YPPS2U 1W 1(, .,1[(\* 1WWY,S2U+ *1
PYx[S2U 4Y[S\xP Y-(S.4Y2* 4x2(Wx\*(,Y,+% x2[

.(,+(S2U \14.PY4Y2*x,q 4Y[S\xP *Y\T21P1Uq x\-(S+S*S12+%

N

•

•

•

•

•

•

S2\,Yx+S2U 1(, .Y2Y*,x*S12 1W TSUT U,1t*T x[’x2\Y[ S2[(+*,SxP x..PS\x*S12+k +(\T x+ Px+Y, 4x*Y,SxP+ .,1\Y++S2Uk S2*YPPSUY2*
Y2[j1Wjx,4 ,1v1*S\ *Y\T21P1Uq +1P(*S12+k ,1v1*S\+k Px+Y, x[[S*S’Y 4x2(Wx\*(,S2Uk x(*14x*S12 x2[ 4Y*,1P1Uqk vq t1,QS2U
\P1+YPq tS*T Df^ \(+*14Y,+ *1 Px(2\T x..PS\x*S12 +.Y\SWS\ .,1[(\*+ *Tx* \P1+YPq 4x*\T *TY ,Y-(S,Y4Y2*+ 1W Yx\T
x..PS\x*S12%

v,1x[Y2S2U 1(, .1,*W1PS1 1W Y2xvPS2U .,1.,SY*x,q *Y\T21P1USY+ x2[ \x.xvSPS*SY+ *T,1(UT S2\,Yx+Y[ S2’Y+*4Y2* S2 2Yt
.,1[(\* [Y’YP1.4Y2*k x2[ S2’Y+*4Y2*+ S2 x..PS\x*S12 [Y’YP1.4Y2* *1 W(,*TY, .Y2Y*,x*Y YrS+*S2U \(+*14Y,+k tTSPY
Yr.x2[S2U *TY x..PS\xvSPS*q 1W 1(, +1P(*S12+ *1 2Yt 4x,QY*+%

v,1x[Y2S2U 1(, .,1[(\* x2[ +Y,’S\Y 1WWY,S2U+ *T,1(UT *TY x\-(S+S*S12 1W S221’x*S’Y x2[ \14.PY4Y2*x,q *Y\T21P1USY+ x2[
+1P(*S12+ S2 4Y[S\xP x2[ x[’x2\Y[ S2[(+*,SxP *Y\T21P1Uq x..PS\x*S12+%

Yr.x2[S2U +xPY+ x2[ 4x,QY*S2U \Tx22YP+ *1 ,Yx\T 2Yt *x,UY* \(+*14Y,+%

S4.,1’S2U 1(, YrS+*S2U 1.Y,x*S12+ *1 Yr.x2[ .,1WS* 4x,US2+ x2[ S4.,1’Y \(+*14Y, +x*S+Wx\*S12 vq S4.PY4Y2*S2U PYx2
4x2(Wx\*(,S2U .,S2\S.PY+k +*,x*YUS\ +1(,\S2U x\,1++ 1(, 4xR1, .,1[(\*S12 +S*Y+k x2[ 1.*S4SoS2U x2[ PS4S*S2U *TY U,1t*T 1W
1(, WSrY[ \1+* vx+Y% x2[

x**,x\*S2Uk ,Y*xS2S2Uk x2[ [Y’YP1.S2U t1,P[j\Px++ *xPY2*Y[ x2[ 41*S’x*Y[ Y4.P1qYY+i

T˘(cid:204)˘(cid:132)q (cid:210)˘m˘‡(cid:128)}(cid:136)˘(cid:132)qt

Acquisition of ATI Industrial Automation, Inc.

D2 #(U(+* Lgk MgMNk tY x\-(S,Y[ Ngg3 1W *TY 1(*+*x2[S2U +Tx,Y+ 1W #>b b2[(+*,SxP #(*14x*S12k b2\i nV#>b?mk x2 #.Yrk ]1,*T
!x,1PS2xjvx+Y[ PYx[S2U +(..PSY, 1W S2*YPPSUY2* Y2[j1Wjx,4 *Y\T21P1Uq +1P(*S12+ *1 Df^+ W1, x[’x2\Y[ S2[(+*,SxP x2[ +(,US\xP ,1v1*+
W1, x2 (.W,12* \x+T .(,\Tx+Y .,S\Y 1W 5NIFiM 4SPPS12k 2Y* 1W \x+T x\-(S,Y[ x2[ Y+*S4x*Y[ t1,QS2U \x.S*xP x[R(+*4Y2*+k x2[ 5KKig
4SPPS12 Y+*S4x*Y[ WxS, ’xP(Y 1W \12*S2UY2* \12+S[Y,x*S12i >TY \12*S2UY2* \12+S[Y,x*S12 tSPP vY .xqxvPY S2 MgMM vx+Y[ 12 x 4(P*S.PY 1W
*TY +*x2[xP12Y #>b #[R(+*Y[ f"b>~#k x+ [YWS2Y[ S2 *TY .(,\Tx+Y x2[ +xPY xU,YY4Y2*k W1, *TY WS+\xP qYx, Y2[Y[ ~Y\Y4vY, LNk MgMNi
>TY S2S*SxP \x+T .(,\Tx+Y .,S\Y tx+ WS2x2\Y[ tS*T v1,,1tS2U+ (2[Y, 1(, ,Y’1P’S2U \,Y[S* Wx\SPS*q x2[ \x+T x’xSPxvPY 12 Tx2[i 8Y
Yr.Y\* *Tx* *TY x[[S*S12 1W #>b tSPP \14.PY4Y2* x2[ x[[ S2*YPPSUY2* *Y\T21P1Uq +1P(*S12+ *1 W(,*TY, Yr.x2[ 1(, .1+S*S12 S2 4S++S12
\,S*S\xP ,1v1*S\ x..PS\x*S12+ tS*TS2 *TY C,Y\S+S12 ^1*S12 ,Y.1,*xvPY +YU4Y2*i

Acquisition of Schneider Electric Motion USA, Inc.

D2 #(U(+* LNk MgMNk tY x\-(S,Y[ Ngg3 1W *TY 1(*+*x2[S2U +Tx,Y+ 1W @\T2YS[Y, fPY\*,S\ ^1*S12 <@#k b2\i nV@f^?mk x
^x,Pv1,1(UTk !122Y\*S\(*jvx+Y[ 4x2(Wx\*(,Y, 1W S2*YU,x*Y[ 41*S12 \12*,1P +1P(*S12+ x2[ YPY\*,12S\ \12*,1P+ W1, x(*14x*S12
Y-(S.4Y2* W1, x *1*xP \x+T .(,\Tx+Y .,S\Y 1W 5NNKiH 4SPPS12k S2\P(+S’Y 1W .1+*j\P1+S2U t1,QS2U \x.S*xP x[R(+*4Y2*+ x2[ 2Y* 1W \x+T
x\-(S,Y[i >TY x\-(S+S*S12 tx+ WS2x2\Y[ tS*T v1,,1tS2U+ (2[Y, 1(, ,Y’1P’S2U \,Y[S* Wx\SPS*qi 8Y Yr.Y\* *Tx* *TY x[[S*S12 1W @f^ tSPP
\14.PY4Y2* x2[ Yr.x2[ 1(, .,Y+Y2\Y S2 PSWY +\SY2\Y x..PS\x*S12+ x2[ +1P(*S12+ W1, S2[(+*,SxP x(*14x*S12 x..PS\x*S12+ tS*TS2 *TY
C,Y\S+S12 ^1*S12 ,Y.1,*xvPY +YU4Y2*i

Impact of COVID-19 on Our Business

b2 ,Y+.12+Y *1 *TY !D:b~jNF .x2[Y4S\k tY Tx’Y *xQY2 .,1x\*S’Yk xUU,Y++S’Y x\*S12+ *1 .,1*Y\* *TY TYxP*T x2[ +xWY*q 1W 1(,
Y4.P1qYY+i 8Y Y+*xvPS+TY[ +*YY,S2U \144S**YY+ x* v1*T *TY \1,.1,x*Y PY’YP x2[ x* Yx\T 1W 1(, 4xR1, Wx\SPS*SY+ *1 .,1’S[Y PYx[Y,+TS. W1,
x2[ 4x2xUY 1(, !D:b~jNF ,S+Q 4S*SUx*S12 x\*S12+ x2[ \1(2*Y,4Yx+(,Y+i 8Y Y+*xvPS+TY[ ,SU1,1(+ +xWY*q 4Yx+(,Y+ S2 xPP 1W 1(,
Wx\SPS*SY+ x2[ Tx’Y x[x.*Y[ 1(, !D:b~jNF +xWY*q 4Yx+(,Y+ x+ *TY .x2[Y4S\ x2[ ,YPx*Y[ U1’Y,24Y2* 4x2[x*Y+ Y’1P’Y[ 1’Y, *TY .x+*
*t1 qYx,+i 8Y Yr.Y\* *1 \12*S2(Y +14Y 1W *TY+Y 4Yx+(,Y+ (2*SP tY [Y*Y,4S2Y *Tx* *TY !D:b~jNF .x2[Y4S\ S+ x[Y-(x*YPq \12*xS2Y[ W1,
.(,.1+Y+ 1W 1(, v(+S2Y++i 8Y 4xq *xQY W(,*TY, x\*S12+ x+ U1’Y,24Y2* x(*T1,S*SY+ ,Y-(S,Y 1, ,Y\144Y2[ 1, x+ tY [Y*Y,4S2Y *1 vY S2 *TY
vY+* S2*Y,Y+* 1W 1(, Y4.P1qYY+i b2 \122Y\*S12 tS*T 1(, !D:b~jNF ,Y4Y[Sx*S12 x\*S12+k tY Tx’Y S2\(,,Y[ x[[S*S12xP \1+*+ *1 .,1*Y\* *TY
TYxP*T 1W 1(, Y4.P1qYY+k S2\P([S2U S2’Y+*4Y2*+ S2 *Y\T21P1USY+ x2[ 412S*1,S2U Y-(S.4Y2*k tYYQPq *Y+*S2U 1W (2’x\\S2x*Y[ Y4.P1qYY+
W1, !D:b~jNF x* \Y,*xS2 P1\x*S12+ x2[ ,Yx,,x2US2U +14Y 1W 1(, Wx\SPS*SY+ *1 x\\1441[x*Y +1\SxP [S+*x2\S2U x2[ WPYrSvPY .1+*j.x2[Y4S\
t1,Q Y2’S,124Y2*i

f’Y2 x+ U1’Y,24Y2*xP ,Y+*,S\*S12+ x,Y ,YPxrY[ x2[ Y\1214SY+ U,x[(xPPqk .x,*SxPPq 1, W(PPqk ,Y1.Y2k *TY 12U1S2U Y\1214S\ S4.x\*+

x2[ TYxP*T \12\Y,2+ x++1\Sx*Y[ tS*T !D:b~jNF 4xq \12*S2(Y *1 xWWY\* 1(, v(+S2Y++ W1, *TY W1,Y+YYxvPY W(*(,Yi

>T,1(UT ~Y\Y4vY, LNk MgMNk tY Tx’Y Yr.Y,SY2\Y[ [S+,(.*S12+ *1 1(, +(..Pq \TxS2 x+ x ,Y+(P* 1W *TY !D:b~jNF .x2[Y4S\ x2[

UP1vxP YPY\*,12S\+ x2[ 1*TY, ,xt 4x*Y,SxP +T1,*xUY+i 8TSPY tY ,YU(Px,Pq 412S*1, *TY 4x2(Wx\*(,S2U 1(*.(* 1W \14.x2SY+ S2 1(, +(..Pq
\TxS2k [S+,(.*S12+ *1 1(, +(..PSY,+ x2[h1, +(vj+(..PSY,+ \x(+Y[ vq *TY+Y Y’Y2*+ \1(P[ W(,*TY, \TxPPY2UY 1(, xvSPS*q *1 1v*xS2 ,xt
4x*Y,SxP+ 1, \14.12Y2*+ ,Y-(S,Y[ *1 4x2(Wx\*(,Y 1(, .,1[(\*+k x[’Y,+YPq xWWY\*S2U 1(, 1.Y,x*S12+ x2[ \(+*14Y, ,YPx*S12+TS.+i

M

>1 4S*SUx*Y *TY ,S+Q 1W x2q .1*Y2*SxP +(..Pq S2*Y,,(.*S12+ W,14 *TY !D:b~jNF .x2[Y4S\ x2[ *TY UP1vxP YPY\*,12S\+ x2[ 1*TY, ,xt

4x*Y,SxP +T1,*xUY+k tY x,Y S[Y2*SWqS2U xP*Y,2x*S’Y +(..PSY,+ x2[ [S+*,Sv(*1,+k +1(,\S2U ,xt 4x*Y,SxP+ W,14 [SWWY,Y2* +(..PSY, x2[
[S+*,Sv(*1, P1\x*S12+k 41[SWqS2U 1(, .,1[(\* [Y+SU2+ *1 xPP1t W1, xP*Y,2x*S’Y \14.12Y2*+ *1 vY (+Y[ tTY,Y WYx+SvPY tS*T1(*
\14.,14S+S2U -(xPS*qk .Y,W1,4x2\Y 1, 1*TY, ,Y-(S,Y4Y2*+k S2j+1(,\S2U .,1[(\*S12 1W .x,*+ tTY,Y WYx+SvPYk x2[ *xQS2U 1*TY, x\*S12+ *1
Y2+(,Y x +(+*xS2xvPY +(..Pq 1W ,xt 4x*Y,SxP+i ~Y+.S*Y 1(, 4S*SUx*S12 x\*S12+k SW \Y,*xS2 +(..PSY,+ \x221* .,1[(\Y x QYq .x,* 1,
\14.12Y2* W1, (+k 1, SW *TY ,Y\YS.* 1W \Y,*xS2 4x*Y,SxP+ S+ 1*TY,tS+Y [YPxqY[k tY 4xq 4S++ 1(, +\TY[(PY[ +TS.4Y2* [Yx[PS2Y+ x2[ 1(,
,YPx*S12+TS. tS*T \(+*14Y,+ 4xq vY Tx,4Y[i

#[[S*S12xPPqk ,Y+*,S\*S12+ 12 1, [S+,(.*S12+ 1W *,x2+.1,*x*S12k +(\T x+ ,Y[(\Y[ x’xSPxvSPS*q 1W xS, *,x2+.1,*+k .1,* \P1+(,Y+ x2[

vx\QP1U+k x2[ S2\,Yx+Y[ v1,[Y, \12*,1P+ 1, \P1+(,Y+k Tx’Y ,Y+(P*Y[ S2 TSUTY, \1+*+ x2[ [YPxq+k v1*T W1, 1v*xS2S2U ,xt 4x*Y,SxP+ W,14
+(..PSY,+ x2[ W1, +TS..S2U WS2S+TY[ .,1[(\*+ *1 \(+*14Y,+i

>TY !D:b~jNF .x2[Y4S\ x2[ *TY UP1vxP YPY\*,12S\+ x2[ 1*TY, ,xt 4x*Y,SxP +T1,*xUY+ Tx’Y \x(+Y[ S2WPx*S12x,q .,Y++(,Y+ 12 *TY

4x,QY* .,S\Y+ W1, \Y,*xS2 1W 1(, .x,*+ x2[ .,S4x,q ,xt 4x*Y,SxP+ x+ tYPP x+ S2\,Yx+Y+ S2 *TY \1+*+ 1W Pxv1,k W,YSUT*k .x\QxUS2Uk Y2Y,Uq
x2[ 1*TY, \12+(4xvPY+ *Tx* x,Y (+Y[ S2 1(, 4x2(Wx\*(,S2U .,1\Y++Y+i 8Y Tx’Y UY2Y,xPPq vYY2 xvPY *1 1WW+Y* S2\,Yx+Y+ S2 *TY+Y \1+*+
*T,1(UT ’x,S1(+ .,1[(\*S’S*q x2[ \1+* ,Y[(\*S12 S2S*Sx*S’Y+k x+ tYPP x+ x[R(+*S2U 1(, +YPPS2U .,S\Y+ *1 .x++ *T,1(UT +14Y 1W *TY+Y TSUTY,
\1+*+ *1 1(, \(+*14Y,+% T1tY’Y,k 1(, xvSPS*q *1 ,xS+Y 1(, +YPPS2U .,S\Y+ [Y.Y2[+ 12 4x,QY* \12[S*S12+ x2[ \14.Y*S*S’Y [q2x4S\+i dS’Y2
*TY *S4S2U 1W 1(, x\*S12+ \14.x,Y[ *1 *TY *S4S2U 1W *TY+Y S2WPx*S12x,q .,Y++(,Y+k *TY,Y 4xq vY .Y,S1[+ [(,S2U tTS\T tY x,Y (2xvPY *1
W(PPq ,Y\1’Y, *TY S2\,Yx+Y+ S2 1(, \1+*+i

(cid:215)(cid:204)zo”t”q”(cid:128)(cid:132)t

8Y \12*S2(1(+Pq Y’xP(x*Y 1(, v(+S2Y++ 4Sr x2[ WS2x2\SxP .Y,W1,4x2\Yi @S2\Y MgNLk tY Tx’Y YrY\(*Y[ x +Y,SY+ 1W x\-(S+S*S12+ S2

PS2Y tS*T 1(, +*,x*YUqi >TY W1PP1tS2U *xvPY +(44x,SoY+ +SU2SWS\x2* x\-(S+S*S12+ +S2\Y MgNLE

N(cid:128)q؇ Zow(cid:204)‰Øt˘ Zw”(cid:204)˘
(cid:153)”(cid:132) (cid:136)”‡‡”(cid:128)(cid:132)t(cid:151)

(cid:211)(cid:128)(cid:136)}Ø(cid:132)D
#>b b2[(+*,SxP #(*14x*S12k b2\i
@\T2YS[Y, fPY\*,S\ ^1*S12 <@#k b2\i
#Adf@ d4vc
|Y**PYr c1P[S2U+ _S4S*Y[
_x+Y, B(x2*(4 _S4S*Y[ nMK3mnNm
_x+Y, B(x2*(4 _S4S*Y[ nLJ3m
8iDi^i 81,P[ 1W ^Y[S\S2Y d4vc
a#~#‘ __!
]~@ @(,US\xP b4xUS2U __!
nNm #W*Y, *TY x\-(S+S*S12 1W *TY ,Y4xS2S2U nx..,1rS4x*YPq MK3m 212\12*,1PPS2U S2*Y,Y+*+ 1W _x+Y, B(x2*(4 _S4S*Y[

!˘Øw
(cid:128)ˆ (cid:215)(cid:204)zo”t”q”(cid:128)(cid:132)
MgMN
MgMN
MgNF
MgNG
MgNG
MgNH
MgNH
MgNK
MgNL

MMLiF
NNGiI
HLiM
LMig
KJiN
LNiN
NLKiF
FKiG
HJiK

5
5
5
5
5
5
5
5
5

nV_x+Y, B(x2*(4?m S2 @Y.*Y4vY, MgNGk tY 1t2Y[ Ngg3 1W *TY 1(*+*x2[S2U Y-(S*q 1W _x+Y, B(x2*(4i

Q˘(cid:192)(cid:136)˘(cid:132)qt

D(, !TSYW D.Y,x*S2U ~Y\S+S12 ^xQY, nV!D~^?m S+ 1(, !TSYW frY\(*S’Y DWWS\Y,i D(, !D~^ (*SPSoY+ WS2x2\SxP S2W1,4x*S12 *1
4xQY [Y\S+S12+ xv1(* xPP1\x*S2U ,Y+1(,\Y+ x2[ x++Y++S2U .Y,W1,4x2\Y W1, *TY Y2*S,Y !14.x2qi 8Y Y’xP(x*Y *TY .Y,W1,4x2\Y 1Wk x2[
xPP1\x*Y ,Y+1(,\Y+ *1k 1(, +YU4Y2*+ vx+Y[ 12 ,Y’Y2(Yk U,1++ .,1WS* x2[ 1.Y,x*S2U .,1WS*i D(, ,Y.1,*xvPY +YU4Y2*+ Tx’Y vYY2 S[Y2*SWSY[
vx+Y[ 12 \14412xPS*q x2[ x[Rx\Y2\q 1W *Y\T21P1USY+k x..PS\x*S12+k x2[ \(+*14Y,+ x412U+* 1(, S2[S’S[(xP .,1[(\* PS2Y+i

"x+Y[ (.12 *TY S2W1,4x*S12 .,1’S[Y[ *1 *TY !D~^k tY Tx’Y [Y*Y,4S2Y[ *Tx* tY Tx’Y *T,YY ,Y.1,*xvPY +YU4Y2*+i >TY W1PP1tS2U

*xvPY +T1t+ *TY Yr*Y,2xP ,Y’Y2(Y+k U,1++ .,1WS* 4x,US2 x2[ 1.Y,x*S2U .,1WS* W1, Yx\T 1W *TY +YU4Y2*+ W1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk
MgMN n[1PPx,+ S2 4SPPS12+mE

CT1*12S\+
:S+S12
C,Y\S+S12 ^1*S12

5
5
5

MLMiJ
MIMiN
MNMiL

T˘m˘(cid:132)o˘

(cid:157)w(cid:128)tt Zw(cid:128)ˆ”q
(cid:141)Øw(cid:192)”(cid:132)

KIiJ3 5
LGiJ3 5
KIiG3 5

]}˘wØq”(cid:132)(cid:192) Zw(cid:128)ˆ”q
KIiG
NHiH
JMiH

@YY ]1*Y NG *1 !12+1PS[x*Y[ eS2x2\SxP @*x*Y4Y2*+ W1, x[[S*S12xP WS2x2\SxP S2W1,4x*S12 xv1(* 1(, ,Y.1,*xvPY +YU4Y2*+i

L

Photonics

>TY CT1*12S\+ +YU4Y2* [Y+SU2+k 4x2(Wx\*(,Y+ x2[ 4x,QY*+ .T1*12S\+jvx+Y[ +1P(*S12+k S2\P([S2U Px+Y, +\x22S2Uk Px+Y, vYx4

[YPS’Y,qk !DM Px+Y,k +1PS[ +*x*Y Px+Y,k (P*,xWx+* Px+Y,k x2[ 1.*S\xP PSUT* Y2US2Y .,1[(\*+ *1 \(+*14Y,+ t1,P[tS[Yi >TY +YU4Y2* +Y,’Y+
TSUTPq [Y4x2[S2U .T1*12S\+jvx+Y[ x..PS\x*S12+ W1, x[’x2\Y[ S2[(+*,SxP .,1\Y++Y+k 4Y*,1P1Uqk 4Y[S\xP x2[ PSWY +\SY2\Y S4xUS2Uk ~]#
+Y-(Y2\S2Uk x2[ 4Y[S\xP Px+Y, .,1\Y[(,Y+k .x,*S\(Px,Pq 1.T*TxP41P1Uq x..PS\x*S12+i >TY ’x+* 4xR1,S*q 1W *TY +YU4Y2*;+ .,1[(\*
1WWY,S2U+ x,Y +1P[ *1 Df^ \(+*14Y,+i >TY +YU4Y2* +YPP+ *TY+Y .,1[(\*+ v1*T [S,Y\*Pqk (*SPSoS2U x TSUTPq *Y\T2S\xP +xPY+ W1,\Yk x2[
S2[S,Y\*Pqk *T,1(UT ,Y+YPPY,+ x2[ [S+*,Sv(*1,+i

>TY CT1*12S\+ +YU4Y2* S+ \14.,S+Y[ 1W W1(, .,1[(\* PS2Y+E

Zw(cid:128)(cid:201)o(cid:204)q (cid:143)”(cid:132)˘t
Laser Beam Delivery
Components

(cid:145)˘D £(cid:132)(cid:201) (cid:141)Øw(cid:181)˘qt
#[’x2\Y[ b2[(+*,SxP x2[
^Y[S\xP

(cid:213)wØ(cid:132)(cid:201) (cid:140)Ø(cid:136)˘t

!x4v,S[UY >Y\T21P1Uq

Laser Beam Delivery
Solutions

#[’x2\Y[ b2[(+*,SxP x2[
^Y[S\xP

!x4v,S[UY >Y\T21P1Uqk
@q2,x[k _x+Y, B(x2*(4k
#Adf@

CO2 Lasers

#[’x2\Y[ b2[(+*,SxP

@q2,x[

Solid State and
Ultrafast Lasers

^Y[S\xP x2[ #[’x2\Y[
b2[(+*,SxP

_x+Y, B(x2*(4

(cid:210)˘t(cid:204)w”}q”(cid:128)(cid:132)

dxP’x214Y*Y, x2[ .1PqU12jvx+Y[ 1.*S\xP +\x22S2U
\14.12Y2*+i >TY+Y .,1[(\*+ .,1’S[Y .,Y\S+Y \12*,1P
x2[ [YPS’Y,q 1W Px+Y, vYx4+ *T,1(UT 41*1,SoY[
4x2S.(Px*S12 1W 4S,,1,+ x2[ 1.*S\xP YPY4Y2*+ x2[ x,Y
S2*YU,x*Y[ vq Df^ 4x2(Wx\*(,Y,+ tS*T *TYS,
\12*,1PPS2U Tx,[tx,Y x2[ +1W*tx,Yi #[’x2\Y[
S2[(+*,SxP x..PS\x*S12+ S2\P([Y x[[S*S’Y 4x2(Wx\*(,S2Uk
.x\QxUS2U \12’Y,*S2Uk Px+Y, 4x,QS2Uk 4S\,14x\TS2S2U
x2[ 4Y*,1P1Uqi ^Y[S\xP x..PS\x*S12+ S2\P([Y 1.*S\xP
\1TY,Y2\Y *141U,x.Tq S4xUS2Uk 4S\,1+\1.qk x2[
Px+Y,jvx+Y[ ’S+S12 \1,,Y\*S12i

dxP’x214Y*Y, x2[ .1PqU12 vx+Y[ 1.*S\xP +\x2 TYx[+
*Tx* .,1’S[Y .,Y\S+Y \12*,1P x2[ [YPS’Y,q 1W Px+Y,
vYx4+ *T,1(UT 41*1,SoY[ 4x2S.(Px*S12 1W 4S,,1,+ x2[
1.*S\xP YPY4Y2*+ S2 4(P*SjxrS+ +\x2 TYx[+k TSUTPq
S2*YU,x*Y[ +\x22S2U +(v+q+*Y4+k x2[ \12*,1PPS2U
Tx,[tx,Y x2[ +1W*tx,Yi D.*S\xP PSUT* Y2US2Y .,1[(\*+
*Tx* S2*YU,x*Y Px+Y,+ S2*1 PSUT* Y2US2Y+ tS*T W(PP vYx4
.x,x4Y*Y, \12*,1Pi #[’x2\Y[ S2[(+*,SxP x..PS\x*S12+
S2\P([Y x[[S*S’Y 4x2(Wx\*(,S2Uk .x\QxUS2U \12’Y,*S2Uk
Px+Y, 4x,QS2Uk 4S\,14x\TS2S2U x2[ 4Y*,1P1Uqi
^Y[S\xP x..PS\x*S12+ S2\P([Y ~]# +Y-(Y2\S2Uk 1.*S\xP
\1TY,Y2\Y *141U,x.Tq S4xUS2Uk 4S\,1+\1.qk +(.Y,j
,Y+1P(*S12 S4xUS2Uk x2[ Px+Y,jvx+Y[ ’S+S12 \1,,Y\*S12i

!12*S2(1(+ x2[ .(P+Y[ !DM Px+Y,+ tS*T .1tY, ,x2UY+
W,14 J *1 Kgg tx**+i #..PS\x*S12+ S2\P([Y \1[S2Uk
4x,QS2Uk Y2U,x’S2Uk \(**S2U x2[ *,S44S2U 1W 212j
4Y*xP+k WS2Y 4x*Y,SxP+ .,1\Y++S2Uk x[[S*S’Y
4x2(Wx\*(,S2Uk .x\QxUS2U \12’Y,*S2Uk x2[ 4Y[S\xP
x..PS\x*S12+ S2 [Y2*xP x2[ [Y,4x*1P1Uqi

~S1[Yj.(4.Y[ +1PS[j+*x*Y Px+Y,+ x2[ (P*,xWx+* Px+Y,+ S2
*TY ’S+SvPY *1 2Yx,jS2W,x,Y[i #..PS\x*S12+ S2\P([Y ~]#
+Y-(Y2\S2Uk 4S\,1+\1.qk 4S\,14x\TS2S2U x2[ +(.Y,j
,Y+1P(*S12 S4xUS2Ui

K

Vision

>TY :S+S12 +YU4Y2* [Y+SU2+k 4x2(Wx\*(,Y+ x2[ 4x,QY*+ x ,x2UY 1W 4Y[S\xP U,x[Y *Y\T21P1USY+k S2\P([S2U 4Y[S\xP S2+(WWPx*1,+k
.(4.+ x2[ ,YPx*Y[ [S+.1+xvPY+% ’S+(xPSox*S12 +1P(*S12+% tS,YPY++ *Y\T21P1USY+k ’S[Y1 ,Y\1,[Y,+k x2[ ’S[Y1 S2*YU,x*S12 *Y\T21P1USY+ W1,
1.Y,x*S2U ,114 S2*YU,x*S12+% 1.*S\xP [x*x \1PPY\*S12 x2[ 4x\TS2Y ’S+S12 *Y\T21P1USY+% ,x[S1 W,Y-(Y2\q S[Y2*SWS\x*S12 nVAeb~?m
*Y\T21P1USY+% *TY,4xP \Tx,* ,Y\1,[Y,+% +.Y\*,14Y*,q *Y\T21P1USY+k x2[ Y4vY[[Y[ *1(\T +\,YY2 +1P(*S12+i >TY ’x+* 4xR1,S*q 1W *TY
+YU4Y2*;+ .,1[(\* 1WWY,S2U+ x,Y +1P[ *1 Df^ \(+*14Y,+i >TY +YU4Y2* +YPP+ *TY+Y .,1[(\*+ v1*T [S,Y\*Pqk (*SPSoS2U x TSUTPq *Y\T2S\xP
+xPY+ W1,\Yk x2[ S2[S,Y\*Pqk *T,1(UT ,Y+YPPY,+ x2[ [S+*,Sv(*1,+i

a#~#‘

!x4Y,xjvx+Y[ 4x\TS2Y ’S+S12 .,1[(\*+ x2[ +1P(*S12+
.Y,W1,4S2U S4xUY x2xPq+S+ tS*TS2 4Y[S\xP [Y’S\Y+i

(cid:210)˘t(cid:204)w”}q”(cid:128)(cid:132)
b2+(WWPx*1,+k .(4.+k PSUT* +1(,\Y+ x2[ ’S[Y1 \1(.PY,+k
Ux44x .,1vY+ x2[ ,YPx*Y[ x\\Y++1,SY+ x2[
\12+(4xvPY+ W1, 4S2S4xPPq S2’x+S’Y +(,UY,qi

cSUT [YWS2S*S12k K‘ x2[ K‘ L~ ’S+(xPSox*S12 +1P(*S12+
W1, 4S2S4xPPq S2’x+S’Y +(,UY,q x2[ ,1v1*S\ +(,UY,qi

b4xUS2U 4x2xUY4Y2* W1, ’S+(xP S2W1,4x*S12k S2\P([S2U
,YxPj*S4Y [S+*,Sv(*S12k [1\(4Y2*x*S12k \12*,1Pk
,Y\1,[S2Uk x2[ +*,Yx4S2U W1, 4(P*S.PY S4xUS2U
41[xPS*SY+ W1, +(,US\xP x..PS\x*S12+i cSUT [YWS2S*S12
tS,YPY++ *,x2+4S++S12 1W ’S[Y1 +SU2xP+ S2 4S2S4xPPq
S2’x+S’Y +(,US\xP Y-(S.4Y2*i

f4vY[[Y[ \x.x\S*S’Y x2[ ,Y+S+*S’Y *1(\T .x2YP
*Y\T21P1Uq *Tx* [YPS’Y,+ TSUTj.Y,W1,4x2\Y +1P(*S12+i

Aeb~ *Y\T21P1USY+ ’Sx cSUTje,Y-(Y2\q ncem x2[
TY :S+S12 +YU4Y2* Tx+ 2S2Y .,1[(\* PS2Y+E

Zw(cid:128)(cid:201)o(cid:204)q (cid:143)”(cid:132)˘t
Medical Insufflators,
Pumps and Accessories

(cid:145)˘D £(cid:132)(cid:201) (cid:141)Øw(cid:181)˘qt

(cid:213)wØ(cid:132)(cid:201) (cid:140)Ø(cid:136)˘t

^Y[S\xP

8D^

Visualization Solutions ^Y[S\xP

]~@

Video Processing,
Streaming and Capture

^Y[S\xP

]~@k
^Y[ 7 !Tx2UY

Touch Panel Displays ^Y[S\xP x2[ #[’x2\Y[

AYx\T >Y\T21P1Uq

b2[(+*,SxP

^Y[S\xP

Machine Vision

RFID

^Y[S\xP x2[ #[’x2\Y[
b2[(+*,SxP

a#~#‘k >TS2U^xUS\

Barcode Identification ^Y[S\xP x2[ #[’x2\Y[

a#~#‘

Thermal Chart
Recorders

Light and Color
Measurement

b2[(+*,SxP

^Y[S\xP

a#~#‘

#[’x2\Y[ b2[(+*,SxP

CT1*1 AY+Yx,\T

J

Precision Motion

>TY C,Y\S+S12 ^1*S12 +YU4Y2* [Y+SU2+k 4x2(Wx\*(,Y+ x2[ 4x,QY*+ 1.*S\xP x2[ S2[(\*S’Y Y2\1[Y,+k .,Y\S+S12 41*1,+k +Y,’1 [,S’Y+

x2[ 41*S12 \12*,1P +1P(*S12+k S2*YU,x*Y[ +*Y..Y, 41*1,+k S2*YPPSUY2* ,1v1*S\ Y2[j1Wjx,4 *Y\T21P1Uq +1P(*S12+k xS, vYx,S2U+k x2[ xS,
vYx,S2U +.S2[PY+ *1 \(+*14Y,+ t1,P[tS[Yi >TY ’x+* 4xR1,S*q 1W *TY +YU4Y2*;+ .,1[(\* 1WWY,S2U+ x,Y +1P[ *1 Df^ \(+*14Y,+i >TY
+YU4Y2* +YPP+ *TY+Y .,1[(\*+ v1*T [S,Y\*Pqk (*SPSoS2U x TSUTPq *Y\T2S\xP +xPY+ W1,\Yk x2[ S2[S,Y\*Pqk *T,1(UT ,Y+YPPY,+ x2[ [S+*,Sv(*1,+i

>TY C,Y\S+S12 ^1*S12 +YU4Y2* S2\P([Y+ +Y’Y2 .,1[(\* PS2Y+E

Zw(cid:128)(cid:201)o(cid:204)q (cid:143)”(cid:132)˘t
Optical Encoders

(cid:145)˘D £(cid:132)(cid:201) (cid:141)Øw(cid:181)˘qt
#[’x2\Y[ b2[(+*,SxP
x2[ ^Y[S\xP

(cid:213)wØ(cid:132)(cid:201) (cid:140)Ø(cid:136)˘t
!YPY,x ^1*S12k ^S\,1f

Inductive Encoders

#[’x2\Y[ b2[(+*,SxP
x2[ ^Y[S\xP

!YPY,x ^1*S12k |Y**PYr

Precision Motors

#[’x2\Y[ b2[(+*,SxP
x2[ ^Y[S\xP

!YPY,x ^1*S12k
#..PS41*S12k b^@

Servo drives and
motion control
solutions

#[’x2\Y[ b2[(+*,SxP
x2[ ^Y[S\xP

!YPY,x ^1*S12k
b2UY2Sx

Integrated Stepper
Motors

#[’x2\Y[ b2[(+*,SxP
x2[ ^Y[S\xP

b^@

Intelligent robotic end-
of-arm technology
solutions

#[’x2\Y[ b2[(+*,SxP
x2[ ^Y[S\xP

#>b

Air Bearing Spindles

#[’x2\Y[ b2[(+*,SxP

!YPY,x ^1*S12k
8Y+*tS2[

(cid:210)˘t(cid:204)w”}q”(cid:128)(cid:132)

D.*S\xP Y2\1[Y,+ W1, .,Y\S+S12 41*S12 \12*,1P x2[
+Y2+S2U S2 +Y4S\12[(\*1, x2[ YPY\*,12S\+
4x2(Wx\*(,S2Uk S2[(+*,SxP x2[ 4Y[S\xP ,1v1*S\+k
4Y*,1P1Uqk +x*YPPS*Y \144(2S\x*S12+k 4Y[S\xP [Y’S\Y+k
x2[ Pxv1,x*1,q x2[ [SxU21+*S\+ Y-(S.4Y2*i

b2[(\*S’Y Y2\1[Y,+ W1, .,Y\S+S12 41*S12 \12*,1P x2[
+Y2+S2U S2 +x*YPPS*Y \144(2S\x*S12+k +(,’YSPPx2\Yk
4Y[S\xP [Y’S\Y+k S2[(+*,SxP x2[ 4Y[S\xP ,1v1*S\+k
x(*12141(+ ’YTS\PY+k x2[ Pxv1,x*1,q x2[ [SxU21+*S\+
Y-(S.4Y2*i

~S,Y\* [,S’Y 41*1, \14.12Y2*+ x2[ S2*YU,x*Y[ 41*S12
+(vjx++Y4vPSY+ W1, .,Y\S+S12 41*S12 \12*,1P S2
+Y4S\12[(\*1, x2[ YPY\*,12S\+ 4x2(Wx\*(,S2Uk
S2[(+*,SxP x2[ 4Y[S\xP ,1v1*S\+k x(*12141(+ ’YTS\PY+k
4Y*,1P1Uqk +x*YPPS*Y \144(2S\x*S12+k +(,’YSPPx2\Yk
4Y[S\xP [Y’S\Y+k x2[ Pxv1,x*1,q x2[ [SxU21+*S\+
Y-(S.4Y2*i

C,Y\S+S12 41*S12 +Y,’1 [,S’Y+ x2[ \12*,1P +1W*tx,Y
(+Y[ S2 S2[(+*,SxP ,1v1*S\+k 4Y[S\xP ,1v1*S\+k
x(*12141(+ ’YTS\PY+k +x*YPPS*Y \144(2S\x*S12+k x2[
4Y[S\xP Y-(S.4Y2*i

b2*YU,x*Y[ 41*S12 \12*,1P +1P(*S12+ x2[ YPY\*,12S\
\12*,1P+ W1, x(*14x*S12 Y-(S.4Y2*k xU,S\(P*(,xP
,1v1*S\+k S2[(+*,SxP ,1v1*S\+k 4Y[S\xP x2[ PSWY +\SY2\Y
x..PS\x*S12+i

A1v1*S\ x\\Y++1,SY+ x2[ Y2[ 1W x,4 *11PS2U S2\P([S2U
*11P \Tx2UY,+k 4(P*SjxrS+ W1,\Y *1,-(Y +Y2+1,+k (*SPS*q
\1(.PY,+k 4x*Y,SxP ,Y41’xP *11P+k \1PPS+S12 +Y2+1,+k x2[
\14.PSx2\Y [Y’S\Y+i #..PS\x*S12+ S2\P([Y x[’x2\Y[
S2[(+*,SxP x2[ 4Y[S\xP ,1v1*S\+i

cSUTj+.YY[ x2[ .,Y\S+S12 xS, vYx,S2U+ x2[ xS, vYx,S2U
+.S2[PY+i #..PS\x*S12+ S2\P([Y .,S2*Y[ \S,\(S* v1x,[
nVC!"?m 4x2(Wx\*(,S2Uk x(*141*S’Y \1x*S2Uk
+Y4S\12[(\*1, 4x2(Wx\*(,S2U Y-(S.4Y2*k 4S\,1
4x\TS2S2Uk x2[ .1tY, UY2Y,x*S12i

£(cid:132)(cid:201) (cid:141)Øw(cid:181)˘qt

8Y .,S4x,SPq 1.Y,x*Y S2 *t1 Y2[ 4x,QY*+E *TY 4Y[S\xP 4x,QY* x2[ *TY x[’x2\Y[ S2[(+*,SxP 4x,QY*i

Medical Market

e1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgMNk *TY 4Y[S\xP 4x,QY* x\\1(2*Y[ W1, x..,1rS4x*YPq JM3 1W *TY !14.x2q;+ ,Y’Y2(Yi
AY’Y2(Y W,14 1(, .,1[(\*+ +1P[ *1 *TY 4Y[S\xP 4x,QY* S+ UY2Y,xPPq xWWY\*Y[ vq T1+.S*xP x2[ 1*TY, TYxP*T\x,Y .,1’S[Y, \x.S*xP +.Y2[S2Uk
U,1t*T ,x*Y+ 1W +(,US\xP .,1\Y[(,Y+k \Tx2UY+ S2 ,YU(Px*1,q ,Y-(S,Y4Y2*+ x2[ Pxt+k xUU,YUx*S12 1W .(,\Tx+S2U vq TYxP*T\x,Y 2Y*t1,Q+k
\Tx2UY+ S2 *Y\T21P1Uq ,Y-(S,Y4Y2*+k *S4S2U 1W Df^ \(+*14Y,+; .,1[(\* [Y’YP1.4Y2* x2[ 2Yt .,1[(\* Px(2\TY+k \Tx2UY+ S2 \(+*14Y,
1, .x*SY2* .,YWY,Y2\Y+k x2[ UY2Y,xP [Y41U,x.TS\ *,Y2[+i

I

Advanced Industrial Market

e1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgMNk *TY x[’x2\Y[ S2[(+*,SxP 4x,QY* x\\1(2*Y[ W1, x..,1rS4x*YPq KG3 1W *TY !14.x2q;+
,Y’Y2(Yi AY’Y2(Y W,14 1(, .,1[(\*+ +1P[ *1 *TY x[’x2\Y[ S2[(+*,SxP 4x,QY* S+ xWWY\*Y[ vq x 2(4vY, 1W Wx\*1,+k S2\P([S2U \Tx2US2U
*Y\T21P1Uq ,Y-(S,Y4Y2*+ x2[ .,YWY,Y2\Y+ 1W 1(, \(+*14Y,+k .,1[(\*S’S*q 1, -(xPS*q S2’Y+*4Y2*+ S2 x 4x2(Wx\*(,S2U Y2’S,124Y2*k *TY
WS2x2\SxP \12[S*S12 1W 1(, \(+*14Y,+k \Tx2UY+ S2 ,YU(Px*1,q ,Y-(S,Y4Y2*+ x2[ Pxt+k x2[ UY2Y,xP Y\1214S\ \12[S*S12+i 8Y vYPSY’Y *Tx*
*TY C^b 12 4x2(Wx\*(,S2U x\*S’S*SY+ +.Y\SWS\ *1 [SWWY,Y2* ,YUS12+ x,1(2[ *TY t1,P[ 4xq .,1’S[Y x2 S2[S\x*S12 1W *TY S4.x\* 1W UY2Y,xP
Y\1214S\ \12[S*S12+ 12 1(, +xPY+ S2*1 *TY x[’x2\Y[ S2[(+*,SxP 4x,QY*i

G(cid:128)w(cid:181)”(cid:132)(cid:192) (cid:211)Ø}”q؇ T˘zo”w˘(cid:136)˘(cid:132)qt

>TY,Y x,Y 21 +.Y\SxP S2’Y2*1,q +*1\QS2U ,Y-(S,Y4Y2*+ 1, \,Y[S* *Y,4+ Yr*Y2[Y[ *1 \(+*14Y,+ *Tx* t1(P[ Tx’Y x 4x*Y,SxP x[’Y,+Y

YWWY\* 12 1(, t1,QS2U \x.S*xP(cid:136)

(cid:211)otq(cid:128)(cid:136)˘wt

8Y Tx’Y x [S’Y,+Y U,1(. 1W \(+*14Y,+ *Tx* S2\P([Y \14.x2SY+ *Tx* x,Y UP1vxP PYx[Y,+ S2 *TYS, S2[(+*,SY+i ^x2q 1W 1(, \(+*14Y,+

.x,*S\S.x*Y S2 +Y’Y,xP 4x,QY* S2[(+*,SY+i ]1 \(+*14Y, x\\1(2*Y[ W1, U,Yx*Y, *Tx2 Ng3 1W 1(, \12+1PS[x*Y[ ,Y’Y2(Y [(,S2U *TY qYx,+
Y2[Y[ ~Y\Y4vY, LNk MgMN x2[ ~Y\Y4vY, LNk MgNFi e1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgMgk *TY !14.x2q ,Y\1U2SoY[ ,Y’Y2(Y W,14 x2
Df^ \(+*14Y, S2 *TY 4Y[S\xP Y2[ 4x,QY* tTS\T x\\1(2*Y[ W1, x..,1rS4x*YPq NN3 1W 1(, \12+1PS[x*Y[ ,Y’Y2(Yi

D(, \(+*14Y,+ S2\P([Y 4x2q Df^+ tT1 S2*YU,x*Y 1(, .,1[(\*+ S2*1 *TYS, +q+*Y4+ W1, +xPY *1 Y2[ (+Y,+i D(, \(+*14Y,+ S2\P([Y
PYx[Y,+ S2 *TY 4Y[S\xP x2[ x[’x2\Y[ S2[(+*,SxP 4x,QY*+i # *q.S\xP Df^ \(+*14Y, tSPP (+(xPPq Y’xP(x*Y 1(, .,1[(\*+ x2[ 1(, xvSPS*q *1
.,1’S[Y x..PS\x*S12 Q21tPY[UY x2[ Yr.Y,*S+Yk .1+*j+xPY+ x..PS\x*S12 +(..1,* x2[ +Y,’S\Y+k +(..Pq \TxS2 4x2xUY4Y2* 1’Y, P12U
[(,x*S12+k 4x2(Wx\*(,S2U \x.xvSPS*SY+k .,1[(\* -(xPS*qk UP1vxP .,Y+Y2\Yk x2[ .,1[(\* \(+*14Sox*S12 vYW1,Y [Y\S[S2U *1 S2\1,.1,x*Y 1(,
.,1[(\*+ S2*1 *TYS, .,1[(\*+ 1, +q+*Y4+i !(+*14Y,+ UY2Y,xPPq \T11+Y +(..PSY,+ vx+Y[ 12 +Y’Y,xP Wx\*1,+k S2\P([S2U .,1[(\*
.Y,W1,4x2\Yk ,YPSxvSPS*qk x..PS\x*S12 +(..1,*k .,S\Yk v,Yx[*T 1W *TY +(..PSY,;+ .,1[(\* 1WWY,S2U+k *TY WS2x2\SxP \12[S*S12 1W *TY +(..PSY,k
x2[ *TY UY1U,x.TS\xP \1’Y,xUY 1WWY,Y[ vq *TY +(..PSY,i D2\Y \Y,*xS2 .,1[(\*+ Tx’Y vYY2 [Y+SU2Y[ S2*1 x US’Y2 Df^ \(+*14Y,;+
.,1[(\* 1, +q+*Y4k *TY,Y x,Y UY2Y,xPPq +SU2SWS\x2* vx,,SY,+ *1 +(v+Y-(Y2* +(..PSY, \Tx2UY+ (2*SP *TY Y2[ 1W *TY .,1[(\* 1, +q+*Y4 PSWY
\q\PYk Y+.Y\SxPPq S2 *TY 4Y[S\xP 4x,QY*i

Q˘Øt(cid:128)(cid:132)؇”qD

8TSPY 1(, ,Y’Y2(Y+ x,Y 21* TSUTPq +Yx+12xP 12 x \12+1PS[x*Y[ vx+S+k *TY ,Y’Y2(Y+ 1W +14Y 1W 1(, S2[S’S[(xP .,1[(\* PS2Y+ x,Y
S4.x\*Y[ S2 *TY WS,+* -(x,*Y, vq *TY P1tY, +Yx+12xP +.Y2[S2U .x**Y,2+ 1W 1(, \(+*14Y,+ [(Y *1 *TYS, x22(xP \x.S*xP v([UY*S2U \q\PY+i

(cid:213)Ø(cid:204)(cid:181)‡(cid:128)(cid:192)

#+ 1W ~Y\Y4vY, LNk MgMN x2[ MgMgk 1(, \12+1PS[x*Y[ vx\QP1U tx+ x..,1rS4x*YPq 5JIGiG 4SPPS12 x2[ 5MLFiI 4SPPS12k
,Y+.Y\*S’YPqi ^1+* 1,[Y,+ S2\P([Y[ S2 vx\QP1U ,Y.,Y+Y2* 1.Y2 1,[Y,+ W1, .,1[(\*+ x2[ +Y,’S\Y+ *Tx*k vx+Y[ 12 4x2xUY4Y2*;+
.,1RY\*S12+k Tx’Y x ,Yx+12xvPY .,1vxvSPS*q 1W vYS2U [YPS’Y,Y[ 1’Y, *TY +(v+Y-(Y2* *tYP’Y 412*T+i D,[Y,+ S2\P([Y[ S2 vx\QP1U 4xq vY
\x2\YPY[ 1, ,Y+\TY[(PY[ vq \(+*14Y,+ tS*T1(* +SU2SWS\x2* .Y2xP*qi ^x2xUY4Y2* vYPSY’Y+ *Tx* vx\QP1U *q.S\xPPq S+ 21* x 4Yx2S2UW(P
S2[S\x*1, 1W W(*(,Y v(+S2Y++ .,1+.Y\*+ W1, x2q 1W 1(, v(+S2Y++ +YU4Y2*+ [(Y *1 *TY +T1,* PYx[ *S4Y ,Y-(S,Y[ 12 1(, .,1[(\*+ x2[ *TY
xvSPS*q 1W \(+*14Y,+ *1 ,Y+\TY[(PY 1, \x2\YP 1,[Y,+i >TY,YW1,Yk vx\QP1U x+ 1W x2q [x*Y +T1(P[ 21* vY ,YPSY[ (.12 x+ S2[S\x*S’Y 1W 1(,
,Y’Y2(Y+ W1, x2q W(*(,Y .Y,S1[i ~(,S2U MgMNk tY Yr.Y,SY2\Y[ 21*xvPY S2\,Yx+Y+ S2 PYx[ *S4Y+ W1, 1(, \(+*14Y, 1,[Y,+k \x(+Y[ vq TSUTY,
\(+*14Y, [Y4x2[ x2[ (2.,Y\Y[Y2*Y[ ,xt 4x*Y,SxP+ +T1,*xUY+ x2[ +(..Pq \TxS2 [S+,(.*S12+ \x(+Y[ vq v1*T *TY !D:b~jNF .x2[Y4S\
x2[ 1*TY, Y\1214S\ x2[ UY1.1PS*S\xP Wx\*1,+i

(cid:141)Ø(cid:132)oˆØ(cid:204)qow”(cid:132)(cid:192)

^x2(Wx\*(,S2U W(2\*S12+ x,Y .Y,W1,4Y[ S2*Y,2xPPq YS*TY, tTY2 tY \T11+Y *1 4xS2*xS2 \12*,1P 1’Y, \,S*S\xP .1,*S12+ 1W *TY
.,1[(\*S12 .,1\Y++k 1, W1, \1+* ,YPx*Y[ ,Yx+12+k tTSPY 1*TY, .1,*S12+ 1W *TY 4x2(Wx\*(,Y 1W 1(, .,1[(\*+ x,Y 1(*+1(,\Y[ *1 TSUTPq
-(xPSWSY[ *TS,[ .x,*SY+i

C,1[(\*+ 1WWY,Y[ vq 1(, CT1*12S\+ +YU4Y2* x,Y 4x2(Wx\*(,Y[ x* Wx\SPS*SY+ S2 "Y[W1,[k ^x++x\T(+Y**+% ^(QSP*Y1k 8x+TS2U*12%

>x(2*12 x2[ ^x2\TY+*Y,k <2S*Y[ ‘S2U[14% x2[ @(oT1(k !TS2xi C,1[(\*+ 1WWY,Y[ vq 1(, :S+S12 +YU4Y2* x,Y 4x2(Wx\*(,Y[ x* Wx\SPS*SY+
S2 @q,x\(+Yk ]Yt }1,Q% ",x[Y2*12k eP1,S[x% ^(QSP*Y1k 8x+TS2U*12k x2[ _([tSU++*x[*k dY,4x2qi C,1[(\*+ 1WWY,Y[ vq 1(, C,Y\S+S12
^1*S12 +YU4Y2* x,Y 4x2(Wx\*(,Y[ x* Wx\SPS*SY+ S2 "Y[W1,[k ^x++x\T(+Y**+% #.Yrk ]1,*T !x,1PS2x% ^x,Pv1,1(UTk !122Y\*S\(*% A1\QPS2k
!xPSW1,2Sx% C11PY x2[ !x4v,S[UYk <2S*Y[ ‘S2U[14% x2[ @(oT1(k !TS2xi

>TY 4xR1,S*q 1W 1(, .,1[(\*+ x,Y .,1[(\Y[ S2 4x2(Wx\*(,S2U Wx\SPS*SY+ \Y,*SWSY[ (2[Y, b@D FggN \Y,*SWS\x*S12k tTSPY 41+* 1W 1(,

.,1[(\*+ 4x2(Wx\*(,Y[ W1, *TY 4Y[S\xP 4x,QY* x,Y .,1[(\Y[ S2 Wx\*1,SY+ (2[Y, b@D NLKGJ \Y,*SWS\x*S12i D(, 4x2(Wx\*(,S2U Wx\SPS*SY+ S2
H

_([tSU++*x[*k dY,4x2qk @*1\Q.1,* x2[ >x(2*12k <2S*Y[ ‘S2U[14k x2[ @(oT1(k !TS2x x,Y b@D NKggN \Y,*SWSY[i !Y,*xS2 ’S+(xPSox*S12
+1P(*S12+k *TY,4xP \Tx,* ,Y\1,[Y,+k S4xUS2U S2W1,4x*S\+k x2[ 4Y[S\xP S2+(WWPx*1,+k .(4.+k \x4Y,x+ x2[ x\\Y++1,SY+ .,1[(\*+ x,Y
4x2(Wx\*(,Y[ (2[Y, \(,,Y2* U11[ 4x2(Wx\*(,S2U .,x\*S\Y+ n\d^C+mk tTS\T S+ x ,Y-(S,Y4Y2* 1W *TYS, 4Y[S\xP [Y’S\Y \Px++SWS\x*S12 vq
*TY <2S*Y[ @*x*Y+ e11[ x2[ ~,(U #[4S2S+*,x*S12 n*TY Ve~#?mi

(cid:141)Øw(cid:181)˘q”(cid:132)(cid:192)(cid:142) Q؇˘t Ø(cid:132)(cid:201) (cid:210)”tqw”Łoq”(cid:128)(cid:132)

8Y +YPP 1(, .,1[(\*+ UP1vxPPqk .,S4x,SPq *T,1(UT 1(, [S,Y\* +xPY+ W1,\Yi 8Y xP+1 (+Y [S+*,Sv(*1,+k S2\P([S2U 4x2(Wx\*(,Y,+;
,Y.,Y+Y2*x*S’Y+k *1 YS*TY, x(U4Y2* 1(, +YPPS2U YWW1,* 1, +Y,’Y x P1\xP 4x,QY* tTY,Y tY Tx’Y 21 [S,Y\* +xPY+ W1,\Yi D(, P1\xP +xPY+k
x..PS\x*S12+k x2[ +Y,’S\Y *Yx4+ x2[ 1(, [S+*,Sv(*1,+ t1,Q \P1+YPq tS*T 1(, \(+*14Y,+ *1 Y2+(,Y \(+*14Y, +x*S+Wx\*S12 tS*T 1(, .,1[(\*+i
8Y Tx’Y +xPY+ x2[ +Y,’S\Y \Y2*Y,+ P1\x*Y[ S2 *TY <2S*Y[ @*x*Y+k f(,1.Y x2[ #+Sxi

>1 +(..1,* 1(, +xPY+ YWW1,*+k tY 4xS2*xS2 x2[ \12*S2(Y *1 S2’Y+* S2 x 2(4vY, 1W x..PS\x*S12 \Y2*Y,+ x,1(2[ *TY t1,P[k tTY,Y 1(,

x..PS\x*S12 Yr.Y,*+ t1,Q \P1+YPq tS*T \(+*14Y,+ 12 S2*YU,x*S2U x2[ (+S2U 1(, +1P(*S12+ S2 *TYS, Y-(S.4Y2*i 8Y \(,,Y2*Pq 4xS2*xS2
+Y,’S\Y x2[ x..PS\x*S12 \Y2*Y,+ S2 *TY <2S*Y[ @*x*Y+k f(,1.Y x2[ #+Sxi

(cid:211)(cid:128)(cid:136)}˘q”q”(cid:128)(cid:132)

8Y Y2\1(2*Y, xUU,Y++S’Y x2[ +*,12U \14.Y*S*S12 S2 ’S,*(xPPq xPP *TY 4x,QY*+k x..PS\x*S12+k x2[ *Y\T21P1USY+ tY +Y,’Yi ~(Y *1

*TY tS[Y x2[ [S’Y,+Y ,x2UY 1W .,1[(\*+ x2[ *Y\T21P1USY+k tY Wx\Y 4x2q [SWWY,Y2* *q.Y+ 1W \14.Y*S*1,+ x2[ \14.Y*S*S12i D(,
\14.Y*S*1,+ ,x2UY W,14 Px,UY W1,YSU2 x2[ [14Y+*S\ 1,Ux2Sox*S12+k tTS\T .,1[(\Y x \14.,YTY2+S’Y x,,xq 1W U11[+ x2[ +Y,’S\Y+ x2[
4xq Tx’Y U,Yx*Y, WS2x2\SxP x2[ 1*TY, ,Y+1(,\Y+ *Tx2 tY [1k *1 +4xPP 1,Ux2Sox*S12+ .,1[(\S2U x PS4S*Y[ 2(4vY, 1W TSUTPq +.Y\SxPSoY[
.,1[(\*+ 1, +Y,’S\Y+ W1, +.Y\SxPSoY[ 4x,QY* +YU4Y2*+i >TY \14.Y*S*S’Y \PS4x*Y 1W 4x2q 1W *TY 4x,QY*+ tY +Y,’Y x,Y \Tx,x\*Y,SoY[ vq
,x.S[Pq Y’1P’S2U *Y\T21P1Uq x2[ \(+*14Y, [Y4x2[+ *Tx* ,Y-(S,Y \12*S2(S2U S2’Y+*4Y2*+ vq (+i D(, \14.Y*S*S’Y +(\\Y++ ,Y-(S,Y+
x[’x2\Y+ S2 *Y\T21P1Uq x2[ .Y,W1,4x2\Yk S4.,1’Y[ .,S\Y W1, .Y,W1,4x2\Y ,x*S1+k [Y412+*,x*Y[ S2\,Yx+Y[ *T,1(UT.(* .Y,W1,4x2\Y W1,
1(, \(+*14Y,+ .,1[(\*+k P1tY, *1*xP \1+* 1W 1t2Y,+TS.k .,1[(\* -(xPS*qk [Y.*T 1W 1(, x..PS\x*S12 Q21tPY[UY x2[ Yr.Y,*S+Yk ,Y.(*x*S12
x412U+* \(+*14Y,+k \(+*14Y, +Y,’S\Y x2[ *Y\T2S\xP +(..1,*k +.YY[ *1 4x,QY*k UY1U,x.TS\xP .,Y+Y2\Yk x2[ [YY. \(+*14Y, ,YPx*S12+TS.+i

8Y vYPSY’Y *Tx* 1(, .,1[(\*+ 1WWY, +Y’Y,xP \14.Y*S*S’Y x[’x2*xUY+ W1, 1(, \(+*14Y,+k x2[ *TY v,Yx[*T 1W *Y\T21P1USY+ tY 1WWY,

US’Y+ (+ [YY. x..PS\x*S12+ Q21tPY[UY *1 vY**Y, +Y,’Y 1(, \(+*14Y,+; 2YY[+

TØL (cid:141)Øq˘w”؇t(cid:142) (cid:211)(cid:128)(cid:136)}(cid:128)(cid:132)˘(cid:132)qt Ø(cid:132)(cid:201) Qo}}‡”˘t

fx\T 1W 1(, v(+S2Y++Y+ (+Y+ x tS[Y ’x,SY*q 1W ,xt 4x*Y,SxP+k QYq \14.12Y2*+ x2[ .x,*+ *Tx* x,Y UY2Y,xPPq x’xSPxvPY W,14
xP*Y,2x*S’Y +1(,\Y+ 1W +(..Pq x2[ S2 x[Y-(x*Y -(x2*S*SY+ W,14 [14Y+*S\ x2[ W1,YSU2 +1(,\Y+i b2 +14Y S2+*x2\Y+k tY [Y+SU2 x2[h1, ,Yj
Y2US2YY, *TY .x,*+ x2[ \14.12Y2*+ (+Y[ S2 1(, .,1[(\*+i e1, \Y,*xS2 \,S*S\xP ,xt 4x*Y,SxP+k QYq \14.12Y2*+ x2[ .x,*+ (+Y[ S2 *TY
.,1[(\*S12 1W +14Y 1W 1(, .,S2\S.xP .,1[(\*+k tY Tx’Y S[Y2*SWSY[ 12Pq x PS4S*Y[ 2(4vY, 1W +(..PSY,+ 1,k S2 +14Y S2+*x2\Y+k x +S2UPY
+1(,\Y 1W +(..Pqi 8Y xP+1 ,YPq 12 x PS4S*Y[ 2(4vY, 1W +(..PSY,+ *1 4x2(Wx\*(,Y +(vx++Y4vPSY+ W1, +14Y 1W 1(, .,1[(\*+i

e1, x W(,*TY, [S+\(++S12 1W *TY S4.1,*x2\Y x2[ ,S+Q+ x++1\Sx*Y[ tS*T 1(, +(..Pq \TxS2k +YY x..PS\xvPY ,S+Q Wx\*1,+ (2[Y, b*Y4 N#

1W *TS+ #22(xP AY.1,* 12 e1,4 Ngj‘i

ZØq˘(cid:132)qt Ø(cid:132)(cid:201) (cid:151)(cid:132)q˘‡‡˘(cid:204)qo؇ Zw(cid:128)}˘wqD

8Y ,YPq (.12 x \14vS2x*S12 1W \1.q,SUT*+k .x*Y2*+k *,x[Y4x,Q+k *,x[Y +Y\,Y* Pxt+ x2[ ,Y+*,S\*S12+ 12 [S+\P1+(,Y *1 .,1*Y\* 1(,
S2*YPPY\*(xP .,1.Y,*q ,SUT*+i 8Y T1P[ +Y’Y,xP ,YUS+*Y,Y[ x2[ .Y2[S2U .x*Y2*+ S2 *TY <2S*Y[ @*x*Y+ x2[ 1*TY, \1(2*,SY+i b2 x[[S*S12k tY
xP+1 Tx’Y *,x[Y4x,Q+ ,YUS+*Y,Y[ S2 *TY <2S*Y[ @*x*Y+ x2[ 1*TY, \1(2*,SY+i 8Y tSPP \12*S2(Y *1 x\*S’YPq .(,+(Y x..PS\x*S12+ W1, 2Yt
.x*Y2*+ x2[ *,x[Y4x,Q+ x+ tY [YY4 x..,1.,Sx*Yi c1tY’Y,k *TY,Y \x2 vY 21 x++(,x2\Y *Tx* x2q 1*TY, .x*Y2*+ tSPP vY S++(Y[ *1 (+ 1, *Tx*
+(\T .x*Y2*+k SW x2[ tTY2 S++(Y[k tSPP .,1’S[Y x2q .,1*Y\*S12 1, vY2YWS* *1 (+i

#P*T1(UT tY vYPSY’Y *Tx* 1(, .x*Y2*+ x2[ .Y2[S2U .x*Y2* x..PS\x*S12+ x,Y S4.1,*x2*k tY ,YPq (.12 +Y’Y,xP x[[S*S12xP Wx\*1,+ *Tx*

x,Y Y++Y2*SxP *1 1(, v(+S2Y++ +(\\Y++k S2\P([S2UE 4x,QY* .1+S*S12k *Y\T21P1US\xP S221’x*S12k Q21tjT1tk x..PS\x*S12 Q21tPY[UY x2[
.,1[(\* .Y,W1,4x2\Yi c1tY’Y,k *TY,Y \x2 vY 21 x++(,x2\Y *Tx* tY tSPP vY xvPY *1 +(+*xS2 *TY+Y x[’x2*xUY+i !12+S[Y,S2U *TY [S’Y,+SWSY[
2x*(,Y 1W 1(, v(+S2Y++Y+k tY [1 21* vYPSY’Y *Tx* x2q S2[S’S[(xP .x*Y2* S+ 4x*Y,SxP *1 1(, v(+S2Y++ x+ x tT1PYi

8Y xP+1 .,1*Y\* 1(, .,1.,SY*x,q ,SUT*+ vq \12*,1PPS2U x\\Y++ *1 1(, .,1.,SY*x,q S2W1,4x*S12 x2[ vq 4xS2*xS2S2U \12WS[Y2*SxPS*q
xU,YY4Y2*+ tS*T 1(, Y4.P1qYY+k \12+(P*x2*+k x2[ \Y,*xS2 \(+*14Y,+ x2[ +(..PSY,+i e1, x W(,*TY, [S+\(++S12 1W *TY S4.1,*x2\Y 1W ,S+Q+
x++1\Sx*Y[ tS*T 1(, S2*YPPY\*(xP .,1.Y,*q ,SUT*+k +YY x..PS\xvPY ,S+Q Wx\*1,+ (2[Y, b*Y4 N# 1W *TS+ #22(xP AY.1,* 12 e1,4 Ngj‘i

G

(cid:154)o(cid:136)Ø(cid:132) (cid:211)Ø}”q؇

8Y vYPSY’Y *Tx* 1(, Y4.P1qYY+ x,Y 1(, 41+* S4.1,*x2* x++Y*i >TY !TSYW c(4x2 AY+1(,\Y+ DWWS\Y, nV!cAD?m S+ ,Y+.12+SvPY W1,
[Y’YP1.S2U x2[ YrY\(*S2U 1(, T(4x2 \x.S*xP +*,x*YUqi >TS+ S2\P([Y+ *TY x\-(S+S*S12k [Y’YP1.4Y2*k x2[ ,Y*Y2*S12 1W *xPY2* *1 [YPS’Y, 12
1(, +*,x*YUq x+ tYPP x+ *TY [Y+SU2 1W Y4.P1qYY \14.Y2+x*S12 x2[ vY2YWS*+k x2[ [S’Y,+S*qk Y-(S*qk x2[ S2\P(+S12 nV~fb?m S2S*Sx*S’Y+i >TY
!cAD x2[ *TY !TSYW frY\(*S’Y DWWS\Y, nV!fD?m ,YU(Px,Pq (.[x*Y 1(, v1x,[ 1W [S,Y\*1,+ 12 *TY 1.Y,x*S12 x2[ +*x*(+ 1W *TY+Y T(4x2
\x.S*xP x\*S’S*SY+k S2\P([S2Uk v(* 21* PS4S*Y[ *1k *xPY2* 4x2xUY4Y2*k *xPY2* [Y’YP1.4Y2*k x2[ +(\\Y++S12 .Px22S2Ui #+ 1W ~Y\Y4vY, LNk
MgMNk tY Y4.P1qY[ x..,1rS4x*YPq MkHgg .Y1.PYk 1W tTS\T x..,1rS4x*YPq KI3 tY,Y S2 *TY <2S*Y[ @*x*Y+k KM3 S2 f(,1.Yk x2[ NM3 S2
#+Sxi 8Y tS2 tS*T 1(, \(+*14Y,+ vq [YPS’Y,S2U 2Yt *Y\T21P1Uq S221’x*S12+ *T,1(UT 1(, Y2US2YY,S2U *Yx4+ 1W x..,1rS4x*YPq Igg
Y4.P1qYY+i

8Y vYPSY’Y *Tx* 1(, Y4.P1qYY+ Tx’Y x 4Yx2S2UW(P ,1PY S2 TYP.S2U (+ [Y’YP1. 1(, \(P*(,Yi 8Y (*SPSoY +(,’Yq WYY[vx\Q
4Y\Tx2S+4+ *1 4Yx+(,Y Y4.P1qYY Y2UxUY4Y2* x2[ 1,Ux2Sox*S12xP TYxP*Ti >TS+ Y2xvPY+ (+ *1 UxS2 S2+SUT* S2*1 1(, \(,,Y2* +*x*(+ x2[
S2*1 x,Yx+ tTY,Y tY \x2 S4.,1’Yi 8Y Tx’Y \12[(\*Y[ +(,’Yq+ 1W 1(, Y2*S,Y Y4.P1qYY .1.(Px*S12 S2 Yx\T 1W Px+* *T,YY qYx,+ x2[ tY
\14.x,Y 1(, Y4.P1qYY Y2UxUY4Y2* x2[ 1,Ux2Sox*S12xP TYxP*T +\1,Y+ xUxS2+* vY2\T4x,Q .1.(Px*S12+ tS*T 1(, +(,’Yq ’Y2[1,+i
e1PP1tS2U Yx\T +(,’Yq \q\PYk tY ,Y’SYt *TY ,Y+(P*+ x\,1++ *TY \14.x2q tS*T 1(, *Yx4+ x2[ [Y’YP1. +.Y\SWS\ x\*S12 .Px2+ vx+Y[ 12 *TY
WYY[vx\Q tY ,Y\YS’Yi 8Y YrY\(*Y 12 1(, x\*S12 .Px2+ *1 S4.,1’Y 1(, 1’Y,xPP 1,Ux2Sox*S12xP TYxP*T x2[ Y4.P1qYY Y2UxUY4Y2*i

#PP Y4.P1qYY+ x,Y ,Y+.12+SvPY W1, (.T1P[S2U *TY ]1’x2*x !1[Y 1W f*TS\+ x2[ "(+S2Y++ !12[(\*k tTS\T S+ S4.1,*x2* S2
[YPS’Y,S2U 12 1(, +*,x*YUqi 8Y 4xS2*xS2 x \14.PSx2\Y T1*PS2Y W1, *TY \12WS[Y2*SxP ,Y.1,*S2U 1W x2q +(+.Y\*Y[ .1PS\q ’S1Px*S12+ 1,
(2Y*TS\xP v(+S2Y++ \12[(\* 12 *TY .x,* 1W 1(, v(+S2Y++Y+k Y4.P1qYY+k 1WWS\Y,+k [S,Y\*1,+k +(..PSY,+ 1, \(+*14Y,+ x2[ .,1’S[Y *,xS2S2U
x2[ Y[(\x*S12 *1 1(, UP1vxP t1,QW1,\Y tS*T ,Y+.Y\* *1 1(, !1[Y 1W f*TS\+ x2[ "(+S2Y++ !12[(\*k x2*Sj\1,,(.*S12 x2[ x2*Sjv,SvY,q
.1PS\SY+k [x*x .,S’x\q ,YU(Px*S12+ x2[ t1,Q.Px\Y Tx,x++4Y2*i

Diversity and Inclusion

>TY ]1’x2*x 8xq [YWS2Y+ 1(, .Y,W1,4x2\Y \(P*(,Y x2[ vYUS2+ tS*T v(SP[S2U \1TY+S’Y *Yx4+ vx+Y[ 12 *,(+*k \144S*4Y2*k x2[

x\\1(2*xvSPS*qi ~S’Y,+S*qk Y-(S*qk x2[ S2\P(+S12 x,Y x2 S2*YU,xP .x,* 1W 1(, \(P*(,Y x2[ tSPP vY PYx[Y, PY[ x2[ Y4vY[[Y[ S2*1 1(, txq+ 1W
t1,QS2Ui D(, [S’Y,+S*q tSPP vY ,YWPY\*Y[ S2 1(, U1’Y,2x2\Yk PYx[Y,+TS.k S2WP(Y2\Yk x2[ *Y\T2S\xP Yr.Y,*S+Y x* xPP PY’YP+ S2 *TY
1,Ux2Sox*S12i 8Y [1 21* *1PY,x*Y [S+\,S4S2x*S12 x2[ Tx,x++4Y2*i 8Y Yr.Y\* 1(, *Yx4+ *1 ,Y+.Y\* 1(, \1,Y ’xP(Y+ x2[ \12[(\*
*TY4+YP’Y+ Y*TS\xPPq x* xPP *S4Y+ S2 x\\1,[x2\Y tS*T *TY ]1’x2*x !1[Y 1W f*TS\+ x2[ "(+S2Y++ !12[(\*i

#+ 1W ~Y\Y4vY, LNk MgMNk 1(, v1x,[ 1W [S,Y\*1,+ tx+ IH3 \14.,S+Y[ 1W 4Y2 x2[ LL3 \14.,S+Y[ 1W t14Y2i 814Y2

,Y.,Y+Y2*x*S12 12 1(, v1x,[ 1W [S,Y\*1,+ S2\,Yx+Y[ G .Y,\Y2*xUY .1S2*+ S2 MgMN W,14 MgMgi #+ 1W ^x,\T Nk MgMMk 1(, v1x,[ 1W [S,Y\*1,+
tx+ HJ3 \14.,S+Y[ 1W 4Y2 x2[ MJ3 1W t14Y2i <2[Y,,Y.,Y+Y2*Y[ U,1(.+ n[YWS2Y[ x+ x2 S2[S’S[(xP tT1 +YPWjS[Y2*SWSY+ x+ "Px\Qk
#W,S\x2 #4Y,S\x2k cS+.x2S\ 1, _x*S21k #+Sx2k ]x*S’Y #4Y,S\x2k #Px+Qx2 ]x*S’Yk ]x*S’Y cxtxSSx2 1, Cx\SWS\ b+Px2[Y,k 1, *t1 1, 41,Y
,x\Y+ 1, Y*T2S\S*SY+m ,Y.,Y+Y2*Y[ NN3 1W 1(, v1x,[ 1W [S,Y\*1,+ x+ 1W ~Y\Y4vY, LNk MgMNi

#+ 1W ~Y\Y4vY, LNk MgMNk 1(, UY2[Y, [S’Y,+SWS\x*S12 YWW1,*+ ,Y+(P*Y[ S2 LI3 1W 1(, t1,QW1,\Y vYS2U t14Y2k tTS\T tx+ x2
S2\,Yx+Y 1W 12Y .Y,\Y2*xUY .1S2* S2\,Yx+Y S2 t14Y2 ,Y.,Y+Y2*x*S12 12 1(, t1,QW1,\Y W,14 ~Y\Y4vY, LNk MgMgi >TY .,1.1,*S12 1W
t14Y2 S2 4x2xUY4Y2* .1+S*S12+ x41(2*Y[ *1 MJ3k tTS\T S+ \12+S+*Y2* tS*T *TY .,S1, qYx,i

~(,S2U MgMNk S2 PS2Y tS*T 1(, +*,x*YUS\ S2S*Sx*S’Y 1W S2\,Yx+S2U ,Y.,Y+Y2*x*S12 1W Y4.P1qYY+ W,14 (2[Y,,Y.,Y+Y2*Y[ \144(2S*SY+k

tY Px(2\TY[ x +Y,SY+ 1W [S’Y,+S*qk Y-(S*q x2[ S2\P(+S12 S2S*Sx*S’Y+ *1 x\\YPY,x*Y *TY .,1U,Y++ *1tx,[+ 1(, U1xP+ vq *TY qYx, MgMLi

Compensation and Benefits

8Y +*,S’Y *1 .,1’S[Y 4x,QY* \14.Y*S*S’Y \14.Y2+x*S12k vY2YWS*+ x2[ +Y,’S\Y+ *Tx* TYP. 4YY* *TY ’x,qS2U 2YY[+ 1W 1(, Y4.P1qYY+i
b2 x[[S*S12 *1 +xPx,SY+ x2[ txUY+k *TY+Y .,1U,x4+k tTS\T ’x,q vq \1(2*,qk \x2 S2\P([Y x22(xP v12(+Y+k +xPY+ \144S++S12+k +*1\Qjvx+Y[
\14.Y2+x*S12 xtx,[+k [YWS2Y[ \12*,Sv(*S12 ,Y*S,Y4Y2* +x’S2U+ .Px2+ tS*T \14.x2q 4x*\TS2U \12*,Sv(*S12+k TYxP*T\x,Y x2[ 1*TY,
S2+(,x2\Y vY2YWS*+k WPYrSvPY +.Y2[S2U x\\1(2*+k TYxP*T +x’S2U+ x\\1(2* tS*T \14.x2q 4x*\TS2U \12*,Sv(*S12+k .xS[ *S4Y 1WWk .xS[
Wx4SPq PYx’Yk x2[ *(S*S12 x++S+*x2\Yi !Y,*xS2 YPY4Y[S\S2Y +(..1,* *tY2*qjW1(, T1(,+ x [xqi D(, v12(+ x2[
\144S++S12 .xq4Y2* .,1U,x4+ xPP1t W1, TSUTY, .xq1(*+ tTY2 U1xP+ x,Y Yr\YY[Y[ x2[ P1tY, .xq1(*+ tTY2 U1xP+ x,Y 21* x\TSY’Y[ x+
.Px22Y[i

Growth and Development

8Y S2’Y+* +SU2SWS\x2* ,Y+1(,\Y+ *1 [Y’YP1. *TY *xPY2* 2YY[Y[ *1 ,Y4xS2 x* *TY W1,YW,12* 1W S221’x*S12 x2[ 4xQY ]1’x2*x x2

Y4.P1qY, 1W \T1S\Yi b2 \Y,*xS2 \1(2*,SY+k tY 1WWY, \1PPYUY *(S*S12 ,YS4v(,+Y4Y2* W1, YPSUSvPY Y4.P1qYY+ W1, (2[Y,U,x[(x*Y x2[
U,x[(x*Y +*([SY+i b2 MgNFk tY W1(2[Y[ ]1’x2*x <2S’Y,+S*q x+ x .,S4x,q S2+*,(4Y2* 1W \14.x2qjtS[Y PYx,2S2U 4x2xUY4Y2*i # W(PPj

F

*S4Y +.Y\SxPS+* x2[ *TY !14.x2q;+ T(4x2 ,Y+1(,\Y+ [Y.x,*4Y2* \11,[S2x*Y *TY 12v1x,[S2U 1W 2Yt Y4.P1qYY+ x2[ x[4S2S+*Y, *TY
,YU(Px, *,xS2S2U .,1U,x4 W1, *TY Y2*S,Y t1,QW1,\Yk S2\P([S2U v1*T S2*Y,2xP x2[ Yr*Y,2xP *,xS2S2U \1(,+Y+i b2 x[[S*S12 *1 ]1’x2*x
<2S’Y,+S*qk tY (*SPSoY 1(, ]1’x2*x d,1t*T @q+*Y4k tTS\T .,1’S[Y+ .,1\Y++Y+k *11P+k x2[ *,xS2S2U+ tS*T x W1\(+ 12 \12*S2(1(+
S4.,1’Y4Y2*i b2 MgMNk W(,*TY, S2’Y+*4Y2* tx+ 4x[Y S2 PYx[Y,+TS. [Y’YP1.4Y2* x2[ [S’Y,+S*qk Y-(S*q x2[ S2\P(+S12 S2S*Sx*S’Y+ tS*T *TY
\,Yx*S12 1W x [Y.x,*4Y2* [Y[S\x*Y[ *1 [Y.P1qS2U *TY ]1’x2*x 8xq \(P*(,Y *T,1(UT Y4.P1qYY ,Y+1(,\Y U,1(.+k PYx,2S2U S2S*Sx*S’Y+ W1,
xPP Y4.P1qYY+ x2[ W1,4xP PYx[Y,+TS. [Y’YP1.4Y2* *,xS2S2U .,1U,x4+i

Safety and Wellbeing of Our Employees

8Y .,1’S[Y 4x2[x*1,q +xWY*q *,xS2S2U+ S2 1(, Wx\SPS*SY+k tTS\T x,Y [Y+SU2Y[ *1 W1\(+ 12 Y4.1tY,S2U 1(, Y4.P1qYY+ tS*T *TY
Q21tPY[UY x2[ *11P+ *TYq 2YY[ *1 4xQY +xWY \T1S\Y+ x2[ *1 4S*SUx*Y ,S+Q+i b2 W(,*TY, +(..1,* 1W 1(, Y4.P1qYY+k tY Px(2\TY[ *TY UP1vxP
TYxP*T x2[ tYPP2Y++ ,Y+1(,\Y \Y2*Y,k V]1’x2*x8f__?i >TY .,1U,x4 S+ [Y+SU2Y[ *1 US’Y Y4.P1qYY+ +(..1,*k *,xS2S2Uk *11P+ x2[
\1x\TS2U *1 TYP. *TY4 +*xq TYxP*Tqi

b2 ,Y+.12+Y *1 *TY !D:b~jNF .x2[Y4S\k tY Tx’Y *xQY2 .,1x\*S’Yk xUU,Y++S’Y x\*S12+ *1 .,1*Y\* *TY TYxP*T x2[ +xWY*q 1W 1(,
Y4.P1qYY+i 8Y Y+*xvPS+TY[ +*YY,S2U \144S**YY+ x* v1*T *TY \1,.1,x*Y PY’YP x2[ x* Yx\T 1W 1(, 4xR1, Wx\SPS*SY+ *1 .,1’S[Y PYx[Y,+TS. W1,
x2[ 4x2xUY 1(, !D:b~jNF ,S+Q 4S*SUx*S12 x\*S12+ x2[ \1(2*Y,4Yx+(,Y+i 8Y Tx’Y .,1’S[Y[ W,Y-(Y2* Y4.P1qYY \144(2S\x*S12+ *Tx*
S2\P([Y U(S[x2\Y x2[ (.[x*Y+ *1 1(, Y4.P1qYY+ tS*T ,YUx,[+ *1 !D:b~jNF +xWY*q .,1\Y[(,Y+ x2[ +*x*(+i 8Y Y+*xvPS+TY[ ,SU1,1(+
+xWY*q 4Yx+(,Y+ S2 xPP 1W 1(, Wx\SPS*SY+k S2\P([S2U S4.PY4Y2*S2U +1\SxP [S+*x2\S2U .,1*1\1P+k t1,QS2UjW,14jT14Y x,,x2UY4Y2*+ W1,
*T1+Y Y4.P1qYY+ *Tx* [1 21* 2YY[ *1 vY .Tq+S\xPPq .,Y+Y2* 12 *TY 4x2(Wx\*(,S2U WP11, 1, S2 1(, Wx\SPS*SY+ *1 .Y,W1,4 *TYS, t1,Qk
,Y[(\S2U *,x’YPk +.,Yx[S2U .,1[(\*S12 1’Y, 41,Y +TSW*+k S4.PY4Y2*S2U *Y4.Y,x*(,Y \TY\Q+ x* *TY Y2*,x2\Y+ *1 1(, Wx\SPS*SY+k W,Y-(Y2*Pq
[S+S2WY\*S2U 1(, t1,Q+.x\Y+k x2[ .,1’S[S2U 4x+Q+ *1 *T1+Y Y4.P1qYY+ tT1 4(+* vY .Tq+S\xPPq .,Y+Y2* S2 1(, Wx\SPS*SY+i 8Y Yr.Y\* *1
\12*S2(Y *TY+Y 4Yx+(,Y+ (2*SP tY [Y*Y,4S2Y *Tx* *TY !D:b~jNF .x2[Y4S\ S+ x[Y-(x*YPq \12*xS2Y[ W1, .(,.1+Y+ 1W 1(, v(+S2Y++i 8Y
4xq *xQY W(,*TY, x\*S12+ x+ U1’Y,24Y2* x(*T1,S*SY+ ,Y-(S,Y 1, ,Y\144Y2[ 1, x+ tY [Y*Y,4S2Y *1 vY S2 *TY vY+* S2*Y,Y+* 1W 1(,
Y4.P1qYY+i

(cid:211)DŁ˘wt˘(cid:204)ow”qD

8Y Tx’Y x[1.*Y[ x2[ x,Y S4.PY4Y2*S2U *TY ]x*S12xP b2+*S*(*Y 1W @*x2[x,[+ x2[ >Y\T21P1Uq n]b@>m !qvY,+Y\(,S*q e,x4Yt1,Q

n!@emi >TY ]b@> !@e S2*YU,x*Y+ S2[(+*,q +*x2[x,[+ x2[ vY+* .,x\*S\Y+ *1 TYP. 1,Ux2Sox*S12+ 4x2xUY *TYS, \qvY,+Y\(,S*q ,S+Q+i >TY
]b@> !@e TYP.+ 1,Ux2Sox*S12+ (2[Y,+*x2[ *TYS, \qvY,+Y\(,S*q ,S+Q+ n*T,Yx*+k ’(P2Y,xvSPS*SY+ x2[ S4.x\*+m x2[ T1t *1 ,Y[(\Y *TY+Y ,S+Q+
tS*T \(+*14SoY[ 4Yx+(,Y+k +(\T x+ 1,Ux2Sox*S12jtS[Y \qvY,+Y\(,S*q xtx,Y2Y++ *,xS2S2Ui #[[S*S12xPPqk tY 4xS2*xS2 \qvY,+Y\(,S*q
S2+(,x2\Y *1 4S*SUx*Y ,S+Q+ ,YPx*Y[ *1 \qvY,jx**x\Q+ x2[ 1*TY, +Y\(,S*q v,Yx\TY+% T1tY’Y,k +(\T S2+(,x2\Y \1’Y,xUY 4xq vY (2x’xSPxvPY
1, S2+(WWS\SY2* *1 \1’Y, xPP P1++Y+ 1, xPP *q.Y+ 1W \PxS4+ *Tx* 4xq x,S+Y S2 *TY \12*S2(xPPq Y’1P’S2U x,Yx+ 1W \qvY, ,S+Qi

>TY !14.x2q;+ #([S* !144S**YY S+ ,Y+.12+SvPY W1, *TY 1’Y,+SUT* 1W \qvY,+Y\(,S*q ,S+Q+i >TY #([S* !144S**YY ,Y’SYt+

-(x,*Y,Pq tS*T 4x2xUY4Y2* x2[ S2*Y,2xP x([S* *TY !14.x2q;+ \qvY,+Y\(,S*q .,1U,x4 x2[ ,YPx*Y[ 4x**Y,+i

>TY,Y Tx’Y vYY2 21 4x*Y,SxP S2W1,4x*S12 +Y\(,S*q v,Yx\TY+ W1, *TY qYx,+ Y2[Y[ ~Y\Y4vY, LNk MgMNk MgMgk x2[ MgNFk

,Y+.Y\*S’YPqi fr.Y2+Y+ S2\(,,Y[ S2 \122Y\*S12 tS*T S2W1,4x*S12 +Y\(,S*q v,Yx\TY+ Tx’Y vYY2 S44x*Y,SxP W1, *TY qYx,+ Y2[Y[ ~Y\Y4vY,
LNk MgMNk MgMgk x2[ MgNFk ,Y+.Y\*S’YPqi

(cid:157)(cid:128)m˘w(cid:132)(cid:136)˘(cid:132)q T˘(cid:192)o‡Øq”(cid:128)(cid:132)

D(, \(,,Y2* x2[ \12*Y4.Px*Y[ x\*S’S*SY+ x2[ *TY .,1[(\*+ x2[ .,1\Y++Y+ *Tx* tSPP ,Y+(P* W,14 +(\T x\*S’S*SY+ x,Y +(vRY\* *1
+(v+*x2*SxP U1’Y,24Y2* ,(PY+ x2[ ,YU(Px*S12+k v1*T S2 *TY <2S*Y[ @*x*Y+ x2[ S2*Y,2x*S12xPPqi @(\T ,(PY+ x2[ ,YU(Px*S12+ x,Y +(vRY\* *1
\Tx2UY vq *TY U1’Y,2S2U xUY2\SY+k x2[ tY 412S*1, *T1+Y \Tx2UY+ \P1+YPqi

Environmental Regulations

^1+* 1W 1(, .,1[(\*S12 Wx\SPS*SY+ x,Y +(vRY\* *1 ’x,S1(+ WY[Y,xPk +*x*Yk P1\xPk x2[h1, W1,YSU2 Y2’S,124Y2*xP ,YU(Px*S12+ ,YPx*Y[ *1

*TY (+Yk +*1,xUYk Tx2[PS2Uk x2[ [S+.1+xP 1W ,YU(Px*Y[ 4x*Y,SxP+k \TY4S\xP+k x2[ \Y,*xS2 tx+*Y .,1[(\*+i

8Y 4xq Wx\Y S2\,Yx+S2U \14.PYrS*q S2 1(, .,1[(\* [Y+SU2+ x2[ .,1\(,Y4Y2* 1.Y,x*S12+ [(Y *1 *TY Y’1P’S2U 2x*(,Y 1W .,1[(\*

\14.PSx2\Y +*x2[x,[+i >T1+Y +*x2[x,[+ 4xq S4.x\* *TY 4x*Y,SxP \14.1+S*S12 1W 1(, .,1[(\*+ Y2*Y,S2U +.Y\SWS\ 4x,QY*+i @(\T
,YU(Px*S12+ tY2* S2*1 YWWY\* S2 *TY f(,1.Yx2 <2S12 nVfTY AY+*,S\*S12 1W cxox,[1(+ @(v+*x2\Y+ ~S,Y\*S’Y? nVA1c@?mm
x2[ S2 MggH nVAYUS+*,x*S12k f’xP(x*S12k #(*T1,S+x*S12 x2[ AY+*,S\*S12 1W !TY4S\xP+? nVAf#!c?mmk x2[ S2 !TS2x S2 MggH
nV^x2xUY4Y2* ^Y*T1[+ W1, !12*,1PPS2U C1PP(*S12 !x(+Y[ vq fPY\*,12S\ b2W1,4x*S12 C,1[(\*+ AYU(Px*S12? nV!TS2xjA1c@?mmi

Ng

D(, \x.S*xP Yr.Y2[S*(,Y+k Yx,2S2U+k x2[ \14.Y*S*S’Y .1+S*S12 Tx’Y 21* vYY2k x2[ x,Y 21* Yr.Y\*Y[ *1 vYk 4x*Y,SxPPq xWWY\*Y[ vq

1(, \14.PSx2\Y tS*T WY[Y,xPk +*x*Yk x2[ P1\xP Y2’S,124Y2*xP .,1’S+S12+ *Tx* Tx’Y vYY2 Y2x\*Y[ 1, x[1.*Y[ *1 ,YU(Px*Y *TY [S+*,Sv(*S12 1W
4x*Y,SxP+ S2*1 *TY Y2’S,124Y2*i

Medical Device Regulations

!Y,*xS2 .,1[(\*+ 4x2(Wx\*(,Y[ vq (+ x,Y S2*YU,x*Y[ S2*1 +q+*Y4+ vq 1(, \(+*14Y,+ *Tx* x,Y +(vRY\* *1 ,YU(Px*S12 vq *TY eY[Y,xP

e11[ x2[ ~,(U #[4S2S+*,x*S12 nV*TY e~#?m x2[ W1,YSU2 ,YU(Px*1,q x(*T1,S*SY+i 8Y 4(+* \14.Pq tS*T \Y,*xS2 -(xPS*q \12*,1P
4Yx+(,Y4Y2*+ S2 1,[Y, W1, 1(, .,1[(\*+ *1 vY YWWY\*S’YPq (+Y[ S2 1(, \(+*14Y,+; Y2[ .,1[(\*+i ]12j\14.PSx2\Y tS*T -(xPS*q \12*,1P
4Yx+(,Y4Y2*+ \1(P[ ,Y+(P* S2 WS2Y+k .Y2xP*SY+k x2[ P1++ 1W v(+S2Y++ tS*T 1(, \(+*14Y,+i

8Y x,Y xP+1 +(vRY\* *1 \Y,*xS2 4Y[S\xP [Y’S\Y ,YU(Px*S12+i ^Y[S\xP [Y’S\Y+ x,Y +(vRY\* *1 Yr*Y2+S’Y x2[ ,SU1,1(+ ,YU(Px*S12 vq
*TY e~# x2[ 1*TY, WY[Y,xPk +*x*Yk P1\xP x2[ W1,YSU2 x(*T1,S*SY+ x+ tYPP x+ 21*SWSY[ v1[SY+i b2 *TY <2S*Y[ @*x*Y+k *TY eY[Y,xP e11[k ~,(U
x2[ !1+4Y*S\ #\* n*TY Ve~!#?m x2[ ,YPx*Y[ ,YU(Px*S12+ U1’Y,2 *TY \12[S*S12+ 1W +xWY*qk YWWS\x\qk \PYx,x2\Yk x..,1’xPk 4x2(Wx\*(,S2Uk
-(xPS*q +q+*Y4 ,Y-(S,Y4Y2*+k PxvYPS2Uk .x\QxUS2Uk [S+*,Sv(*S12k +*1,xUYk ,Y\1,[QYY.S2Uk ,Y.1,*S2Uk 4x,QY*S2Uk x[’Y,*S+S2Uk x2[
.,141*S12 1W 4Y[S\xP [Y’S\Y+i

FDA Premarket Clearance and Approval Requirements

<2PY++ x2 YrY4.*S12 x..PSY+k Yx\T 4Y[S\xP [Y’S\Y \144Y,\SxPPq [S+*,Sv(*Y[ S2 *TY <2S*Y[ @*x*Y+ ,Y-(S,Y+ YS*TY, e~# \PYx,x2\Y
1W x JNgnQm .,Y4x,QY* 21*SWS\x*S12 1, x..,1’xP 1W x .,Y4x,QY* x..,1’xP x..PS\x*S12 nVC^#?mi <2[Y, *TY e~!#k 4Y[S\xP [Y’S\Y+ x,Y
\Px++SWSY[ S2*1 12Y 1W *T,YY \Px++Y+X!Px++ bk !Px++ bb 1, !Px++ bbbX[Y.Y2[S2U 12 *TY [YU,YY 1W ,S+Q x++1\Sx*Y[ tS*T Yx\T 4Y[S\xP
[Y’S\Y x2[ *TY Yr*Y2* 1W 4x2(Wx\*(,Y, x2[ ,YU(Px*1,q \12*,1P 2YY[Y[ *1 Y2+(,Y S*+ +xWY*q x2[ YWWY\*S’Y2Y++i !Px++ b S2\P([Y+ [Y’S\Y+
tS*T *TY P1tY+* ,S+Q *1 *TY .x*SY2* x2[ x,Y *T1+Y W1, tTS\T +xWY*q x2[ YWWY\*S’Y2Y++ \x2 vY x++(,Y[ vq x[TY,Y2\Y *1 *TY e~#;+ dY2Y,xP
!12*,1P+ W1, 4Y[S\xP [Y’S\Y+k tTS\T S2\P([Y \14.PSx2\Y tS*T *TY x..PS\xvPY .1,*S12+ 1W *TY B(xPS*q @q+*Y4 AYU(Px*S12 n*TY VB@A?mk
Wx\SPS*q ,YUS+*,x*S12 x2[ .,1[(\* PS+*S2Uk ,Y.1,*S2U 1W x[’Y,+Y 4Y[S\xP Y’Y2*+k x2[ *,(*TW(P x2[ 212j4S+PYx[S2U PxvYPS2Uk x[’Y,*S+S2Uk x2[
.,141*S12xP 4x*Y,SxP+i !Px++ bb [Y’S\Y+ x,Y +(vRY\* *1 *TY e~#;+ dY2Y,xP !12*,1P+ x2[ +.Y\SxP \12*,1P+ x+ [YY4Y[ 2Y\Y++x,q vq *TY
e~# *1 Y2+(,Y *TY +xWY*q x2[ YWWY\*S’Y2Y++ 1W *TY [Y’S\Yi >TY+Y +.Y\SxP \12*,1P+ \x2 S2\P([Y .Y,W1,4x2\Y +*x2[x,[+k .1+*4x,QY*
+(,’YSPPx2\Yk .x*SY2* ,YUS+*,SY+ x2[ e~# U(S[x2\Y [1\(4Y2*+i 8TSPY 41+* !Px++ b [Y’S\Y+ x,Y YrY4.* W,14 *TY JNgnQm .,Y4x,QY*
21*SWS\x*S12 ,Y-(S,Y4Y2*k 4x2(Wx\*(,Y,+ 1W 41+* !Px++ bb [Y’S\Y+ x,Y ,Y-(S,Y[ *1 +(v4S* *1 *TY e~# x .,Y4x,QY* 21*SWS\x*S12 (2[Y,
@Y\*S12 JNgnQm 1W *TY e~!#k ,Y-(Y+*S2U .Y,4S++S12 *1 \144Y,\SxPPq [S+*,Sv(*Y *TY [Y’S\Yi >TY e~#;+ .Y,4S++S12 *1 \144Y,\SxPPq
[S+*,Sv(*Y x [Y’S\Y +(vRY\* *1 x JNgnQm .,Y4x,QY* 21*SWS\x*S12 S+ UY2Y,xPPq Q21t2 x+ JNgnQm \PYx,x2\Yi ~Y’S\Y+ [YY4Y[ vq *TY e~# *1
.1+Y *TY U,Yx*Y+* ,S+Q+k +(\T x+ PSWYj+(+*xS2S2Uk PSWYj+(..1,*S2U 1, +14Y S4.Px2*xvPY [Y’S\Y+k 1, [Y’S\Y+ *Tx* Tx’Y x 2Yt S2*Y2[Y[ (+Y 1,
(+Y x[’x2\Y[ *Y\T21P1Uq *Tx* S+ 21* +(v+*x2*SxPPq Y-(S’xPY2* *1 *Tx* 1W x PYUxPPq 4x,QY*Y[ [Y’S\Yk x,Y .Px\Y[ S2 !Px++ bbbk ,Y-(S,S2U
x..,1’xP 1W x C^#i @14Y .,Yjx4Y2[4Y2* [Y’S\Y+ x,Y (2\Px++SWSY[k v(* x,Y +(vRY\* *1 *TY e~#;+ .,Y4x,QY* 21*SWS\x*S12 x2[ \PYx,x2\Y
.,1\Y++ S2 1,[Y, *1 vY \144Y,\SxPPq [S+*,Sv(*Y[i b2 4x2q \x+Y+k 1(, \(+*14Y,+ x,Y ,Y+.12+SvPY W1, \14.PSx2\Y tS*T *TY e~#;+
,Y-(S,Y4Y2*+ x..PS\xvPY *1 4Y[S\xP [Y’S\Y+i c1tY’Y,k tY xP+1 \(,,Y2*Pq 4x,QY* \Y,*xS2 !Px++ bb 4Y[S\xP [Y’S\Y .,1[(\*+
S2[Y.Y2[Y2*Pq *Tx* x,Y +(vRY\* *1 *TY+Y ,Y-(S,Y4Y2*+i

510(k) Marketing Clearance Pathway

>1 1v*xS2 JNgnQm \PYx,x2\Yk tY 4(+* +(v4S* *1 *TY e~# x .,Y4x,QY* 21*SWS\x*S12 +(v4S++S12 [Y412+*,x*S2U *Tx* *TY .,1.1+Y[

[Y’S\Y S+ ==+(v+*x2*SxPPq Y-(S’xPY2*;; *1 x .,Y[S\x*Y [Y’S\Y xP,Yx[q 12 *TY 4x,QY*i # .,Y[S\x*Y [Y’S\Y S+ x PYUxPPq 4x,QY*Y[ [Y’S\Y *Tx*
S+ 21* +(vRY\* *1 .,Y4x,QY* x..,1’xPk SiYik x [Y’S\Y *Tx* tx+ PYUxPPq 4x,QY*Y[ .,S1, *1 ^xq MGk NFHI n.,Yjx4Y2[4Y2*+ [Y’S\Ym x2[ W1,
tTS\T x C^# S+ 21* ,Y-(S,Y[k x [Y’S\Y *Tx* Tx+ vYY2 ,Y\Px++SWSY[ W,14 !Px++ bbb *1 !Px++ bb 1, !Px++ bk 1, x [Y’S\Y *Tx* tx+ W1(2[
+(v+*x2*SxPPq Y-(S’xPY2* *T,1(UT *TY JNgnQm .,1\Y++i >TY e~#;+ JNgnQm \PYx,x2\Y .,1\Y++ (+(xPPq *xQY+ W,14 2S2Y *1 *tYP’Y 412*T+k
v(* 4xq *xQY +SU2SWS\x2*Pq P12UY,i >TY e~# 4xq ,Y-(S,Y x[[S*S12xP S2W1,4x*S12k S2\P([S2U \PS2S\xP [x*xk *1 4xQY x [Y*Y,4S2x*S12
,YUx,[S2U +(v+*x2*SxP Y-(S’xPY2\Yi

bW *TY e~# xU,YY+ *Tx* *TY [Y’S\Y S+ +(v+*x2*SxPPq Y-(S’xPY2* *1 x .,Y[S\x*Y [Y’S\Y \(,,Y2*Pq 12 *TY 4x,QY*k S* tSPP U,x2* JNgnQm
\PYx,x2\Y *1 \144Y,\SxPPq 4x,QY* *TY [Y’S\Yi bW *TY e~# [Y*Y,4S2Y+ *Tx* *TY [Y’S\Y S+ V21* +(v+*x2*SxPPq Y-(S’xPY2*? *1 x .,Y’S1(+Pq
\PYx,Y[ [Y’S\Yk *TY [Y’S\Y S+ x(*14x*S\xPPq [Y+SU2x*Y[ x+ x !Px++ bbb [Y’S\Yi >TY [Y’S\Y +.12+1, 4(+* *TY2 W(PWSPP 41,Y ,SU1,1(+ C^#
,Y-(S,Y4Y2*+k 1, \x2 ,Y-(Y+* x ,S+Qjvx+Y[ \Px++SWS\x*S12 [Y*Y,4S2x*S12 W1, *TY [Y’S\Y S2 x\\1,[x2\Y tS*T *TY V[Y 21’1? .,1\Y++k tTS\T
S+ x ,1(*Y *1 4x,QY* W1, 21’YP 4Y[S\xP [Y’S\Y+ *Tx* x,Y P1t *1 41[Y,x*Y ,S+Q x2[ x,Y 21* +(v+*x2*SxPPq Y-(S’xPY2* *1 x .,Y[S\x*Y [Y’S\Yi

#W*Y, x [Y’S\Y ,Y\YS’Y+ JNgnQm 4x,QY*S2U \PYx,x2\Yk x2q 41[SWS\x*S12 *Tx* \1(P[ +SU2SWS\x2*Pq xWWY\* S*+ +xWY*q 1, YWWY\*S’Y2Y++k 1,
*Tx* t1(P[ \12+*S*(*Y x 4xR1, \Tx2UY 1, 41[SWS\x*S12 S2 S*+ S2*Y2[Y[ (+Yk tSPP ,Y-(S,Y x 2Yt JNgnQm 4x,QY*S2U \PYx,x2\Y 1,k [Y.Y2[S2U
12 *TY 41[SWS\x*S12k x [Y 21’1 \Px++SWS\x*S12 1, C^# x..,1’xPi >TY e~# ,Y-(S,Y+ Yx\T 4x2(Wx\*(,Y, *1 [Y*Y,4S2Y tTY*TY, *TY
.,1.1+Y[ \Tx2UY ,Y-(S,Y+ +(v4S++S12 1W x JNgnQm 1, x C^# S2 *TY WS,+* S2+*x2\Yk v(* *TY e~# \x2 ,Y’SYt x2q +(\T [Y\S+S12 x2[
[S+xU,YY tS*T x 4x2(Wx\*(,Y,;+ [Y*Y,4S2x*S12i ^x2q 4S21, 41[SWS\x*S12+ x,Y x\\14.PS+TY[ vq x PY**Y,j*1jWSPY S2 tTS\T *TY
4x2(Wx\*(,Y, [1\(4Y2*+ *TY \Tx2UY S2 x2 S2*Y,2xP PY**Y,j*1jWSPYi >TY PY**Y,j*1jWSPY S+ .,Y.x,Y[ vq *TY 4x2(Wx\*(,Y, S2 PSY( 1W +(v4S**S2U

NN

x 2Yt JNgnQm *1 1v*xS2 \PYx,x2\Y W1, Y’Y,q \Tx2UYi >TY e~# \x2 xPtxq+ ,Y’SYt *TY+Y PY**Y,+j*1jWSPY S2 x2 S2+.Y\*S12i bW *TY e~#
[S+xU,YY+ tS*T x 4x2(Wx\*(,Y,;+ [Y*Y,4S2x*S12k *TY e~# \x2 ,Y-(S,Y *TY 4x2(Wx\*(,Y, *1 \Yx+Y 4x,QY*S2U x2[h1, ,Y-(Y+* *TY ,Y\xPP 1W
*TY 41[SWSY[ [Y’S\Y (2*SP JNgnQm 4x,QY*S2U \PYx,x2\Y 1, C^# x..,1’xP S+ 1v*xS2Y[i b2 *TY+Y \S,\(4+*x2\Y+k tY 4xq xP+1 vY +(vRY\* *1
+SU2SWS\x2* ,YU(Px*1,q WS2Y+ 1, .Y2xP*SY+i

Post-market Regulations

#W*Y, x [Y’S\Y S+ \PYx,Y[ 1, x..,1’Y[ W1, 4x,QY*S2Uk 2(4Y,1(+ x2[ .Y,’x+S’Y ,YU(Px*1,q ,Y-(S,Y4Y2*+ \12*S2(Y *1 x..Pqi >TY+Y

S2\P([YE

•

•

•

•

•

•

•

•

•

•

Y+*xvPS+T4Y2* ,YUS+*,x*S12 x2[ [Y’S\Y PS+*S2U tS*T *TY e~#%

B@A ,Y-(S,Y4Y2*+k tTS\T ,Y-(S,Y 4x2(Wx\*(,Y,+k S2\P([S2U *TS,[j.x,*q 4x2(Wx\*(,Y,+k *1 W1PP1t +*,S2UY2* [Y+SU2k *Y+*S2Uk
\12*,1Pk [1\(4Y2*x*S12 x2[ 1*TY, -(xPS*q x++(,x2\Y .,1\Y[(,Y+ [(,S2U xPP x+.Y\*+ 1W *TY [Y+SU2 x2[ 4x2(Wx\*(,S2U .,1\Y++%

PxvYPS2U x2[ 4x,QY*S2U ,YU(Px*S12+k tTS\T ,Y-(S,Y *Tx* .,141*S12 S+ *,(*TW(Pk 21* 4S+PYx[S2U x2[ WxS,Pq vxPx2\Y[k .,1’S[Y+
x[Y-(x*Y [S,Y\*S12+ W1, (+Y x2[ *Tx* xPP \PxS4+ x,Y +(v+*x2*Sx*Y[k x2[ xP+1 .,1TSvS* *TY .,141*S12 1W .,1[(\*+ W1,
(2x..,1’Y[ 1, V1WWjPxvYP? (+Y+ x2[ S4.1+Y 1*TY, ,Y+*,S\*S12+ 12 PxvYPS2U%

e~# U(S[x2\Y 12 1WWjPxvYP [S++Y4S2x*S12 1W S2W1,4x*S12 x2[ ,Y+.12[S2U *1 (2+1PS\S*Y[ ,Y-(Y+*+ W1, S2W1,4x*S12%

\PYx,x2\Y 1, x..,1’xP 1W .,1[(\* 41[SWS\x*S12+ *1 JNgnQmj\PYx,Y[ [Y’S\Y+ *Tx* \1(P[ +SU2SWS\x2*Pq xWWY\* +xWY*q 1,
YWWY\*S’Y2Y++ 1, *Tx* t1(P[ \12+*S*(*Y x 4xR1, \Tx2UY S2 S2*Y2[Y[ (+Y 1W 12Y 1W *TY \PYx,Y[ [Y’S\Y+%

4Y[S\xP [Y’S\Y ,Y.1,*S2U ,YU(Px*S12+k tTS\T ,Y-(S,Y *Tx* x 4x2(Wx\*(,Y, ,Y.1,* *1 *TY e~# SW x [Y’S\Y *Tx* S* 4x,QY*+ 4xq
Tx’Y \x(+Y[ 1, \12*,Sv(*Y[ *1 x [Yx*T 1, +Y,S1(+ S2R(,qk 1, Tx+ 4xPW(2\*S12Y[ x2[ *TY [Y’S\Y 1, x +S4SPx, [Y’S\Y *Tx* S*
4x,QY*+ t1(P[ vY PSQYPq *1 \x(+Y 1, \12*,Sv(*Y *1 x [Yx*T 1, +Y,S1(+ S2R(,qk SW *TY 4xPW(2\*S12 tY,Y *1 ,Y\(,%

\1,,Y\*S12k ,Y41’xP x2[ ,Y\xPP ,Y.1,*S2U ,YU(Px*S12+k tTS\T ,Y-(S,Y *Tx* 4x2(Wx\*(,Y,+ ,Y.1,* *1 *TY e~# WSYP[ \1,,Y\*S12+
x2[ .,1[(\* ,Y\xPP+ 1, ,Y41’xP+ SW (2[Y,*xQY2 *1 ,Y[(\Y x ,S+Q *1 TYxP*T .1+Y[ vq *TY [Y’S\Y 1, *1 ,Y4Y[q x ’S1Px*S12 1W *TY
e~!# *Tx* 4xq .,Y+Y2* x ,S+Q *1 TYxP*T%

,Y-(S,Y4Y2*+ U1’Y,2S2U <2S-(Y ~Y’S\Y b[Y2*SWSY,+ 12 [Y’S\Y+ x2[ xP+1 ,Y-(S,S2U *TY +(v4S++S12 1W \Y,*xS2 S2W1,4x*S12
xv1(* Yx\T [Y’S\Y *1 *TY e~#;+ dP1vxP <2S-(Y ~Y’S\Y b[Y2*SWS\x*S12 ~x*xvx+Y%

*TY e~#;+ ,Y\xPP x(*T1,S*qk tTY,Yvq *TY xUY2\q \x2 1,[Y, [Y’S\Y 4x2(Wx\*(,Y,+ *1 ,Y\xPP W,14 *TY 4x,QY* x .,1[(\* *Tx* S+
S2 ’S1Px*S12 1W U1’Y,2S2U Pxt+ x2[ ,YU(Px*S12+% x2[

.1+*j4x,QY* +(,’YSPPx2\Y x\*S’S*SY+ x2[ ,YU(Px*S12+k tTS\T x..Pq tTY2 [YY4Y[ vq *TY e~# *1 vY 2Y\Y++x,q *1 .,1*Y\* *TY
.(vPS\ TYxP*T 1, *1 .,1’S[Y x[[S*S12xP +xWY*q x2[ YWWY\*S’Y2Y++ [x*x 12 *TY [Y’S\Yi

D(, 4x2(Wx\*(,S2U .,1\Y++Y+ x,Y ,Y-(S,Y[ *1 \14.Pq tS*T *TY x..PS\xvPY .1,*S12+ 1W *TY B@Ak tTS\T \1’Y, *TY 4Y*T1[+ x2[ *TY

Wx\SPS*SY+ x2[ \12*,1P+ W1, *TY [Y+SU2k 4x2(Wx\*(,Yk *Y+*S2Uk .,1[(\*S12k .,1\Y++Y+k \12*,1P+k -(xPS*q x++(,x2\Yk PxvYPS2Uk .x\QxUS2Uk
[S+*,Sv(*S12k S2+*xPPx*S12 x2[ +Y,’S\S2U 1W WS2S+TY[ [Y’S\Y+ S2*Y2[Y[ W1, T(4x2 (+Yi >TY B@A xP+1 ,Y-(S,Y+k x412U 1*TY, *TS2U+k
4xS2*Y2x2\Y 1W x [Y’S\Y 4x+*Y, WSPYk [Y’S\Y TS+*1,q WSPYk x2[ x \14.PxS2*+ WSPYi #+ x 4x2(Wx\*(,Y,k tY x,Y +(vRY\* *1 .Y,S1[S\ +\TY[(PY[
1, (2+\TY[(PY[ S2+.Y\*S12+ vq *TY e~#i D(, WxSP(,Y *1 4xS2*xS2 \14.PSx2\Y tS*T *TY B@A ,Y-(S,Y4Y2*+ \1(P[ ,Y+(P* S2 *TY +T(*j[1t2
1Wk 1, ,Y+*,S\*S12+ 12k 1(, 4x2(Wx\*(,S2U 1.Y,x*S12+ x2[ *TY ,Y\xPP 1, +YSo(,Y 1W 1(, .,1[(\*+k tTS\T t1(P[ Tx’Y x 4x*Y,SxP x[’Y,+Y
YWWY\* 12 1(, v(+S2Y++i >TY [S+\1’Y,q 1W .,Y’S1(+Pq (2Q21t2 .,1vPY4+ tS*T x2q 1W 1(, .,1[(\*+k S2\P([S2U (2x2*S\S.x*Y[ x[’Y,+Y
Y’Y2*+ 1, x[’Y,+Y Y’Y2*+ 1W S2\,Yx+S2U +Y’Y,S*q 1, W,Y-(Y2\qk tTY*TY, ,Y+(P*S2U W,14 *TY (+Y 1W *TY [Y’S\Y tS*TS2 *TY +\1.Y 1W S*+
\PYx,x2\Y 1, 1WWjPxvYP vq x .Tq+S\Sx2 S2 *TY .,x\*S\Y 1W 4Y[S\S2Yk \1(P[ ,Y+(P* S2 ,Y+*,S\*S12+ 12 *TY [Y’S\Yk S2\P([S2U *TY ,Y41’xP 1W *TY
.,1[(\* W,14 *TY 4x,QY* 1, ’1P(2*x,q 1, 4x2[x*1,q [Y’S\Y ,Y\xPP+i

>TY e~# Tx+ v,1x[ ,YU(Px*1,q \14.PSx2\Y x2[ Y2W1,\Y4Y2* .1tY,+i bW *TY e~# [Y*Y,4S2Y+ *Tx* tY WxSPY[ *1 \14.Pq tS*T

x..PS\xvPY ,YU(Px*1,q ,Y-(S,Y4Y2*+k S* \x2 *xQY x ’x,SY*q 1W \14.PSx2\Y 1, Y2W1,\Y4Y2* x\*S12+k tTS\T 4xq ,Y+(P* S2 x2q 1W *TY
W1PP1tS2U +x2\*S12+E

•

•

•

•

•

•

tx,2S2U PY**Y,+k (2*S*PY[ PY**Y,+k WS2Y+k S2R(2\*S12+k \12+Y2* [Y\,YY+ x2[ \S’SP .Y2xP*SY+%

,Y\xPP+k tS*T[,xtxP+k 1, x[4S2S+*,x*S’Y [Y*Y2*S12 1, +YSo(,Y 1W 1(, .,1[(\*+%

1.Y,x*S2U ,Y+*,S\*S12+ 1, .x,*SxP +(+.Y2+S12 1, *1*xP +T(*[1t2 1W .,1[(\*S12%

,YW(+S2U 1, [YPxqS2U ,Y-(Y+*+ W1, JNgnQm 4x,QY*S2U \PYx,x2\Y 1, C^# x..,1’xP+ 1W 2Yt .,1[(\*+ 1, 41[SWSY[ .,1[(\*+%

tS*T[,xtS2U JNgnQm \PYx,x2\Y+ 1, C^# x..,1’xP+ *Tx* Tx’Y xP,Yx[q vYY2 U,x2*Y[%

,YW(+xP *1 U,x2* Yr.1,* 1, S4.1,* x..,1’xP+ W1, 1(, .,1[(\*+% 1,

NM

•

\,S4S2xP .,1+Y\(*S12i

Regulation of Medical Devices in the European Union and U.K.

>TY f(,1.Yx2 <2S12 nVf1 [Y412+*,x*Y \14.PSx2\Y tS*T *TY ,Y-(S,Y4Y2*+ S2 *TY ^Y[S\xP ~Y’S\Y+ ~S,Y\*S’Yk 4Y[S\xP [Y’S\Y 4x2(Wx\*(,Y,+ 4(+*
(2[Y,U1 x \12W1,4S*q x++Y++4Y2* .,1\Y[(,Yk tTS\T ’x,SY+ x\\1,[S2U *1 *TY *q.Y 1W 4Y[S\xP [Y’S\Y x2[ S*+ n,S+Qm \Px++SWS\x*S12i
@.Y\SWS\xPPqk x 4x2(Wx\*(,Y, 4(+* [Y412+*,x*Y *Tx* *TY [Y’S\Y x\TSY’Y+ S*+ S2*Y2[Y[ .Y,W1,4x2\Y [(,S2U 21,4xP \12[S*S12+ 1W (+Yk *Tx*
*TY Q21t2 x2[ W1,Y+YYxvPY ,S+Q+ x2[ x2q x[’Y,+Y Y’Y2*+k x,Y 4S2S4SoY[ x2[ x\\Y.*xvPY tTY2 tYSUTY[ xUxS2+* *TY vY2YWS*+ 1W S*+
S2*Y2[Y[ .Y,W1,4x2\Yk x2[ *Tx* x2q \PxS4+ 4x[Y xv1(* *TY .Y,W1,4x2\Y x2[ +xWY*q 1W *TY [Y’S\Y x,Y +(..1,*Y[ vq +(S*xvPY Y’S[Y2\Yi
fr\Y.* W1, P1tj,S+Q 4Y[S\xP [Y’S\Y+ n!Px++ b 212j+*Y,SPYk 212j4Yx+(,S2U [Y’S\Y+mk tTY,Y *TY 4x2(Wx\*(,Y, \x2 +YPWj[Y\Px,Y *TY
\12W1,4S*q 1W S*+ .,1[(\*+ tS*T *TY Y++Y2*SxP ,Y-(S,Y4Y2*+ nYr\Y.* W1, x2q .x,*+ tTS\T ,YPx*Y *1 +*Y,SPS*q 1, 4Y*,1P1Uqmk x \12W1,4S*q
x++Y++4Y2* .,1\Y[(,Y ,Y-(S,Y+ *TY S2*Y,’Y2*S12 1W x 21*SWSY[ v1[qi bW +x*S+WSY[ *Tx* x ,YPY’x2* .,1[(\* \12W1,4+ *1 *TY ,YPY’x2* Y++Y2*SxP
,Y-(S,Y4Y2*+k x 21*SWSY[ v1[q S++(Y+ x \Y,*SWS\x*Y 1W \12W1,4S*qk tTS\T *TY 4x2(Wx\*(,Y, (+Y+ x+ x vx+S+ W1, S*+ 1t2 [Y\Px,x*S12 1W
\12W1,4S*qi >TY 4x2(Wx\*(,Y, 4xq *TY2 x..Pq *TY f(,1.Yx2 !12W1,4S*q nV!f?m 4x,Q *1 *TY [Y’S\Yk tTS\T xPP1t+ *TY [Y’S\Y *1 vY
.Px\Y[ 12 *TY 4x,QY* *T,1(UT1(* *TY fT,1(UT1(* *TY *Y,4 1W *TY \Y,*SWS\x*Y 1W \12W1,4S*qk *TY 4x2(Wx\*(,Y, tSPP vY +(vRY\* *1 .Y,S1[S\ +(,’YSPPx2\Y x([S*+ *1 ’Y,SWq

\12*S2(Y[ \14.PSx2\Y tS*T *TY x..PS\xvPY ,Y-(S,Y4Y2*+i b2 .x,*S\(Px,k *TY,Y tSPP vY x 2Yt x([S* vq *TY 21*SWSY[ v1[q vYW1,Y S* tSPP
,Y2Yt *TY ,YPY’x2* \Y,*SWS\x*Yn+mi

^Y[S\xP ~Y’S\Y+ AYU(Px*S12

>TY ,Y\Y2*Pq YWWY\*S’Y ^Y[S\xP ~Y’S\Y+ AYU(Px*S12 Y+*xvPS+TY+ x (2SW1,4 ,YU(Px*1,q W,x4Yt1,Q x\,1++ *TY f< W1, 4Y[S\xP
[Y’S\Y+i <2PSQY *TY ^Y[S\xP ~Y’S\Y+ ~S,Y\*S’Yk *TY ^Y[S\xP ~Y’S\Y+ AYU(Px*S12 S+ [S,Y\*Pq x..PS\xvPY S2 f< 4Y4vY, +*x*Y+ tS*T1(* *TY
2YY[ W1, 4Y4vY, +*x*Y+ *1 S4.PY4Y2* S* S2*1 2x*S12xP Pxti >TY 2Yt ^Y[S\xP ~Y’S\Y+ AYU(Px*S12k x412U 1*TY, *TS2U+k +*,Y2U*TY2+ *TY
,(PY+ 12 .Px\S2U [Y’S\Y+ 12 *TY 4x,QY* x2[ ,YS2W1,\Y+ +(,’YSPPx2\Y 12\Y *TYq x,Y x’xSPxvPY x2[ Y+*xvPS+TY+ Yr.PS\S* .,1’S+S12+ 12
4x2(Wx\*(,Y,+; ,Y+.12+SvSPS*SY+ W1, *TY W1PP1tj(. 1W *TY -(xPS*qk .Y,W1,4x2\Y x2[ +xWY*q 1W [Y’S\Y+ .Px\Y[ 12 *TY 4x,QY*i #+ 1W ^xq
MIk MgMNk ,YUx,[PY++ tTY*TY, *TY [Y’S\Y+ x,Y +*SPP 4x,QY*Y[ tS*T ^~~ \Y,*SWS\x*Y+k 4x2(Wx\*(,Y,+ 4(+* \14.Pq tS*T x 2(4vY, 1W 2Yt
1, ,YS2W1,\Y[ ,Y-(S,Y4Y2*+ +Y* W1,*T S2 *TY ^Y[S\xP ~Y’S\Y+ AYU(Px*S12k S2\P([S2U *TY 1vPSUx*S12+ [Y+\,SvY[ vYP1ti #PP 4x2(Wx\*(,Y,+
.Px\S2U 4Y[S\xP [Y’S\Y+ S2*1 *TY 4x,QY* S2 *TY f< 4(+* \14.Pq tS*T *TY f< 4Y[S\xP [Y’S\Y ’SUSPx2\Y +q+*Y4i <2[Y, *TS+ +q+*Y4k
+Y,S1(+ S2\S[Y2*+ x2[ eSYP[ @xWY*q !1,,Y\*S’Y #\*S12+ nVe@!#+?m ,Y-(S,Y[ *1 vY *xQY2 vq 4x2(Wx\*(,Y,+ 4(+* vY ,Y.1,*Y[ *1 *TY
,YPY’x2* x(*T1,S*SY+ 1W *TY f< 4Y4vY, +*x*Y+i e@!#+ x,Y [YWS2Y[ x+ x2q \1,,Y\*S’Y x\*S12 W1, *Y\T2S\xP 1, 4Y[S\xP ,Yx+12+ *1 .,Y’Y2*
1, ,Y[(\Y x ,S+Q 1W x +Y,S1(+ S2\S[Y2* x++1\Sx*Y[ tS*T *TY (+Y 1W x 4Y[S\xP [Y’S\Y *Tx* S+ 4x[Y x’xSPxvPY 12 *TY 4x,QY*i #2 e@!# 4xq
S2\P([Y *TY ,Y\xPPk 41[SWS\x*S12k Yr\Tx2UYk [Y+*,(\*S12 1, ,Y*,1WS**S2U 1W *TY [Y’S\Yi

>TY x[’Y,*S+S2U x2[ .,141*S12 1W 4Y[S\xP [Y’S\Y+ S+ +(vRY\* *1 +14Y UY2Y,xP .,S2\S.PY+ +Y* W1,*T S2 f< PYUS+Px*S12i #\\1,[S2U *1
*TY ^Y[S\xP ~Y’S\Y+ AYU(Px*S12k 12Pq [Y’S\Y+ *Tx* x,Y !f 4x,QY[ 4xq vY 4x,QY*Y[ x2[ x[’Y,*S+Y[ S2 *TY f< S2 x\\1,[x2\Y tS*T *TYS,

NL

S2*Y2[Y[ .(,.1+Yi ~S,Y\*S’Y MggIhNNKhf! \12\Y,2S2U 4S+PYx[S2U x2[ \14.x,x*S’Y x[’Y,*S+S2U x2[ ~S,Y\*S’Y MggJhMFhf! 12 (2WxS,
\144Y,\SxP .,x\*S\Y+k tTSPY 21* +.Y\SWS\ *1 *TY x[’Y,*S+S2U 1W 4Y[S\xP [Y’S\Y+k xP+1 x..Pq *1 *TY x[’Y,*S+S2U *TY,Y1W x2[ \12*xS2
UY2Y,xP ,(PY+k W1, Yrx4.PYk ,Y-(S,S2U *Tx* x[’Y,*S+Y4Y2*+ x,Y Y’S[Y2\Y[k vxPx2\Y[ x2[ 21* 4S+PYx[S2Ui @.Y\SWS\ ,Y-(S,Y4Y2*+ x,Y
[YWS2Y[ x* x 2x*S12xP PY’YPi f< 4Y4vY, +*x*Y+; Pxt+ ,YPx*Y[ *1 *TY x[’Y,*S+S2U x2[ .,141*S12 1W 4Y[S\xP [Y’S\Y+k tTS\T ’x,q vY*tYY2
R(,S+[S\*S12+k 4xq PS4S* 1, ,Y+*,S\* *TY x[’Y,*S+S2U x2[ .,141*S12 1W .,1[(\*+ *1 *TY UY2Y,xP .(vPS\ x2[ 4xq S4.1+Y PS4S*x*S12+ 12
.,141*S12xP x\*S’S*SY+ tS*T TYxP*T\x,Y .,1WY++S12xP+i

>TY xW1,Y4Y2*S12Y[ f< ,(PY+ x,Y UY2Y,xPPq x..PS\xvPY S2 *TY f(,1.Yx2 f\1214S\ #,Yx nVff#?mk tTS\T \12+S+*+ 1W *TY MH f<

4Y4vY, +*x*Y+ .P(+ ]1,txqk _SY\T*Y2+*YS2 x2[ b\YPx2[i

<2S*Y[ ‘S2U[14

@S2\Y ax2(x,q Nk MgMNk *TY ^Y[S\S2Y+ x2[ cYxP*T\x,Y C,1[(\*+ AYU(Px*1,q #UY2\q nV^cA#?m Tx+ vY\14Y *TY +1’Y,YSU2
,YU(Px*1,q x(*T1,S*q ,Y+.12+SvPY W1, d,Yx* ",S*xS2;+ nSiYi f2UPx2[k 8xPY+ x2[ @\1*Px2[m 4Y[S\xP [Y’S\Y 4x,QY* (2[Y, the Medical
~Y’S\Y+ AYU(Px*S12+ 2002 (“SI MggM ]1 ING?k x+ x4Y2[Y[m tTY,Yx+ ]1,*TY,2 b,YPx2[ \12*S2(Y+ *1 vY U1’Y,2Y[ vq f< ,(PY+i "q a(Pq
Nk MgMLk xPP 4Y[S\xP [Y’S\Y+ tSPP ,Y-(S,Y x <‘ !12W1,4S*q #++Y++Y[ nV<‘!#?m 4x,Q S2 d,Yx* ",S*xS2k v(* !f 4x,Q+ S++(Y[ vq f<
21*SWSY[ v1[SY+ tSPP ,Y4xS2 ’xPS[ (2*SP *TS+ *S4Yi !14.PSx2\Y tS*T *TS+ PYUS+Px*S12 S+ x .,Y,Y-(S+S*Y *1 vY xvPY *1 xWWSr *TY <‘!# 4x,Q
*1 4Y[S\xP [Y’S\Y+k tS*T1(* tTS\T *TYq \x221* vY +1P[ 1, 4x,QY*Y[ S2 d,Yx* ",S*xS2i

e1, W(,*TY, S2W1,4x*S12 ,YUx,[S2U f< x2[ TY WY[Y,xP #2*Sj‘S\Qvx\Q @*x*(*Y .,1TSvS*+k x412U 1*TY, *TS2U+k .Y,+12+
x2[ Y2*S*SY+ W,14 Q21tS2UPq x2[ tSPPW(PPq +1PS\S*S2Uk ,Y\YS’S2Uk 1WWY,S2U 1, .xqS2U ,Y4(2Y,x*S12 *1 S2[(\Yk 1, S2 ,Y*(,2 W1,k YS*TY, *TY
,YWY,,xP 1W x2 S2[S’S[(xP 1, *TY .(,\Tx+Y 1, ,Y\144Y2[x*S12 1W x2 S*Y4 1, +Y,’S\Y W1, tTS\T .xq4Y2* 4xq vY 4x[Y (2[Y, x2q WY[Y,xP
TYxP*T\x,Y .,1U,x4i eY[Y,xP \S’SP x2[ \,S4S2xP WxP+Y \PxS4+ Pxt+ x2[ \S’SP 412Y*x,q .Y2xP*q Pxt+ .,1TSvS*k x412U 1*TY, *TS2U+k
S2[S’S[(xP+ 1, Y2*S*SY+ W,14 Q21tS2UPq .,Y+Y2*S2Uk 1, \x(+S2U *1 vY .,Y+Y2*Y[k \PxS4+ W1, .xq4Y2* *1 *TY WY[Y,xP U1’Y,24Y2*k S2\P([S2U
WY[Y,xP TYxP*T\x,Y .,1U,x4+k *Tx* x,Y WxP+Y 1, W,x([(PY2*i >TY WY[Y,xP cYxP*T b2+(,x2\Y C1,*xvSPS*q x2[ #\\1(2*xvSPS*q #\* 1W NFFI
nVcbC##?m tTS\T \,Yx*Y[ x[[S*S12xP WY[Y,xP \,S4S2xP +*x*(*Y+ *Tx* .,1TSvS*k x412U 1*TY, *TS2U+k YrY\(*S2U x +\TY4Y *1 [YW,x([ x2q
TYxP*T\x,Y vY2YWS* .,1U,x4 x2[ 4xQS2U WxP+Y +*x*Y4Y2*+ ,YPx*S2U *1 TYxP*T\x,Y 4x**Y,+i cbC##k x+ x4Y2[Y[ vq *TY cYxP*T b2W1,4x*S12
>Y\T21P1Uq W1, f\1214S\ x2[ !PS2S\xP cYxP*T #\* 1W MggF nVcb>f!c?m x2[ *TYS, S4.PY4Y2*S2U ,YU(Px*S12+k S4.1+Y+ \Y,*xS2
,Y-(S,Y4Y2*+ 12 \Y,*xS2 *q.Y+ 1W S2[S’S[(xP+ x2[ Y2*S*SY+ ,YPx*S2U *1 *TY .,S’x\qk +Y\(,S*q x2[ *,x2+4S++S12 1W S2[S’S[(xPPq S[Y2*SWSxvPY
TYxP*T S2W1,4x*S12i >TY WY[Y,xP CTq+S\Sx2 Cxq4Y2*+ @(2+TS2Y #\* ,Y-(S,Y+ \Y,*xS2 4x2(Wx\*(,Y,+ 1W [,(U+k [Y’S\Y+k vS1P1US\+ x2[
4Y[S\xP +(..PSY+ W1, tTS\T .xq4Y2* S+ x’xSPxvPY (2[Y, ^Y[S\x,Yk ^Y[S\xS[ 1, *TY !TSP[,Y2;+ cYxP*T b2+(,x2\Y C,1U,x4 *1 x22(xPPq
,Y.1,* *1 *TY WY[Y,xP U1’Y,24Y2* S2W1,4x*S12 ,YPx*Y[ *1 .xq4Y2*+ 1, 1*TY, *,x2+WY,+ 1W ’xP(Y 4x[Y *1 .Tq+S\Sx2+ x2[ *Yx\TS2U T1+.S*xP+k
x+ tYPP x+ 1t2Y,+TS. x2[ S2’Y+*4Y2* S2*Y,Y+*+ TYP[ vq .Tq+S\Sx2+ x2[ *TYS, S44Y[Sx*Y Wx4SPq 4Y4vY,+i b2 x[[S*S12k +*x*Y x2[ W1,YSU2
Pxt Y-(S’xPY2*+ 1W Yx\T 1W *TY xv1’Y WY[Y,xP Pxt+ [SWWY, W,14 Yx\T 1*TY, S2 +SU2SWS\x2* txq+ x2[ 4xq 21* Tx’Y *TY +x4Y YWWY\*k *T(+
\14.PS\x*S2U \14.PSx2\Y YWW1,*+i :S1Px*S12+ 1W *TY+Y Pxt+ 4xq ,Y+(P* S2 +(v+*x2*SxP \S’SP .Y2xP*SY+k S2\P([S2U *,YvPY [x4xUY+k x2[
\,S4S2xP .Y2xP*SY+k S2\P([S2U S4.,S+124Y2*k WS2Y+k *TY \(,*xSP4Y2* 1, ,Y+*,(\*(,S2U 1W 1(, 1.Y,x*S12+k x2[ Yr\P(+S12 W,14 .x,*S\S.x*S12
S2 U1’Y,24Y2*xP TYxP*T\x,Y .,1U,x4+i e1, W(,*TY, S2W1,4x*S12 ,YUx,[S2U 1*TY, TYxP*T\x,Y Pxt+ x2[ ,YU(Px*S12+ *Tx* 1(, 1.Y,x*S12+ x,Y
+(vRY\* *1k +YY Vb*Y4 N#i AS+Q ex\*1,+XAS+Q+ AYPx*S2U *1 D(, "(+S2Y++XD(, v(+S2Y++ S+ S2[S,Y\*Pq +(vRY\* *1 TYxP*T\x,Y S2[(+*,q \1+*
\12*xS24Y2* x2[ TYxP*T\x,Y ,YW1,4 4Yx+(,Y+ *Tx* \1(P[ ,Y+(P* S2 ,Y[(\Y[ +xPY+ 1W 1(, .,1[(\*+i?

Data Privacy and Security Laws and Regulations

](4Y,1(+ +*x*Yk WY[Y,xP x2[ W1,YSU2 Pxt+ U1’Y,2 *TY \1PPY\*S12k [S++Y4S2x*S12k (+Yk x\\Y++ *1k \12WS[Y2*SxPS*qk x2[ +Y\(,S*q 1W

.Y,+12xP S2W1,4x*S12k S2\P([S2U TYxP*Tj,YPx*Y[ S2W1,4x*S12i b2 *TY <2S*Y[ @*x*Y+k 2(4Y,1(+ WY[Y,xP x2[ +*x*Y Pxt+ x2[ ,YU(Px*S12+k
S2\P([S2U [x*x v,Yx\T 21*SWS\x*S12 Pxt+k TYxP*T S2W1,4x*S12 .,S’x\q x2[ +Y\(,S*q Pxt+ *Tx* U1’Y,2 *TY \1PPY\*S12k (+Yk [S+\P1+(,Yk x2[
.,1*Y\*S12 1W TYxP*Tj,YPx*Y[ x2[ 1*TY, .Y,+12xP S2W1,4x*S12k S2\P([S2U cbC##k \1(P[ x..Pq *1 1(, 1.Y,x*S12+ 1, *TY 1.Y,x*S12+ 1W 1(,
\(+*14Y,+i b2 x[[S*S12k \Y,*xS2 +*x*Y x2[ 212jTY W1PP1tS2U ,S+Q Wx\*1,+ \1(P[ Tx’Y x 4x*Y,SxP x[’Y,+Y YWWY\* 12 1(, v(+S2Y++k WS2x2\SxP .1+S*S12k ,Y+(P*+ 1W 1.Y,x*S12+ x2[ \x+T

WP1t+ x2[ \1(P[ \x(+Y *TY 4x,QY* ’xP(Y 1W 1(, \14412 +Tx,Y+ *1 WP(\*(x*Y 1, [Y\PS2Yi >TY+Y ,S+Q Wx\*1,+ 4xq 21* S2\P([Y xPP 1W *TY
S4.1,*x2* Wx\*1,+ *Tx* \1(P[ xWWY\* 1(, v(+S2Y++ 1, *Tx* \1(P[ \x(+Y 1(, W(*(,Y WS2x2\SxP ,Y+(P*+ *1 [SWWY, 4x*Y,SxPPq W,14 TS+*1,S\xP 1,
Yr.Y\*Y[ ,Y+(P*+ 1, \x(+Y *TY 4x,QY* .,S\Y 1W 1(, \14412 +Tx,Y+ *1 WP(\*(x*Y 1, [Y\PS2Yi

T”t(cid:181)t T˘‡Øq”(cid:132)(cid:192) q(cid:128) ]ow (cid:213)ot”(cid:132)˘tt

Our results of operations could be adversely affected by economic and political conditions and the effects of these conditions

on our customers’ businesses, capital expenditures and levels of business activities.

# Px,UY .1,*S12 1W 1(, .,1[(\* +xPY+ x,Y [Y.Y2[Y2* 12 1(, \(+*14Y,+; 2YY[ W1, S2\,Yx+Y[ \x.x\S*qk .,1[(\*S’S*q x2[ \1+* +x’S2U
S2S*Sx*S’Y+k S4.,1’Y[ .,1[(\* -(xPS*q x2[ .Y,W1,4x2\Yk x2[ 2Yt S2’Y+*4Y2*+i 8YxQ2Y++Y+ S2 1(, Y2[ 4x,QY*+ \1(P[ 2YUx*S’YPq S4.x\*
1(, ,Y’Y2(Y x2[ U,1++ 4x,US2 x2[ \12+Y-(Y2*Pq Tx’Y x 4x*Y,SxP x[’Y,+Y YWWY\* 12 1(, v(+S2Y++k WS2x2\SxP \12[S*S12 x2[ ,Y+(P*+ 1W
1.Y,x*S12+i # +Y’Y,Y x2[h1, .,1P12UY[ 1’Y,xPP Y\1214S\ [1t2*(,2 1, x 2YUx*S’Y 1, (2\Y,*xS2 .1PS*S\xP \PS4x*Y \1(P[ PYx[ *1
tYxQ2Y++Y+ S2 1(, Y2[ 4x,QY*+ x2[ x[’Y,+YPq xWWY\* 1(, \(+*14Y,+; WS2x2\SxP \12[S*S12 x2[ *TY *S4S2U 1, PY’YP+ 1W 1(, \(+*14Y,+;
\x.S*xP Yr.Y2[S*(,Y+ 1, v(+S2Y++ x\*S’S*qi 8Y Tx’Y Yr.Y,SY2\Y[ +SU2SWS\x2* \q\PS\xP Y2[ 4x,QY* WP(\*(x*S12+ S2 *TY .x+*i b2 .x,*S\(Px,k
[S4S2S+TY[ U,1t*T Yr.Y\*x*S12+k Y\1214S\ x2[ .1PS*S\xP (2\Y,*xS2*q S2 ,YUS12+ x\,1++ *TY UP1vY x2[ YWWY\*+ 1W *TY !D:b~jNF
.x2[Y4S\ x[’Y,+YPq S4.x\*Y[ 1(, \(+*14Y,+; WS2x2\SxP \12[S*S12 x2[ xvSPS*q *1 4xS2*xS2 .,1[(\* 1,[Y, PY’YP+ x2[ ,Y[(\Y[ *TY [Y4x2[
W1, 1(, .,1[(\*+ S2 MgMg x2[k *1 x PY++Y, Yr*Y2*k S2 MgMNi b2 x[[S*S12k \Y,*xS2 +(vj+YU4Y2*+ 1W *TY x[’x2\Y[ S2[(+*,SxP 4x,QY* *Tx* tY
+Y,’Yk S2\P([S2U *TY 4S\,1YPY\*,12S\+ x2[ S2[(+*,SxP \x.S*xP Y-(S.4Y2* +Y\*1,k x,Y \q\PS\xP x2[ Tx’Y TS+*1,S\xPPq Yr.Y,SY2\Y[ .Y,S1[+ 1W
1’Y,+(..Pqk ,Y+(P*S2U S2 [1t2*(,2+ S2 [Y4x2[ W1, \x.S*xP Y-(S.4Y2* S2 tTS\T 4x2q 1W 1(, .,1[(\*+ x,Y (+Y[i b* S+ [SWWS\(P* *1 .,Y[S\*
*TY *S4S2Uk PY2U*T x2[ +Y’Y,S*q 1W *TY+Y [1t2*(,2+ x2[ *TYS, S4.x\* 12 1(, v(+S2Y++i e(,*TY,k 1(, 1,[Y, PY’YP+ 1, ,Y+(P*+ 1W 1.Y,x*S12+
W1, x US’Y2 .Y,S1[ 4xq 21* vY S2[S\x*S’Y 1W 1,[Y, PY’YP+ 1, ,Y+(P*+ 1W 1.Y,x*S12+ W1, +(v+Y-(Y2* .Y,S1[+i e1, *TY W1,Y+YYxvPY W(*(,Yk 1(,
1.Y,x*S12+ tSPP \12*S2(Y *1 [Y.Y2[ (.12 S2[(+*,SY+ *Tx* x,Y +(vRY\* *1 4x,QY* \q\PY+ tTS\Tk S2 *(,2k \1(P[ x[’Y,+YPq xWWY\* *TY 4x,QY*
[Y4x2[ W1, 1(, .,1[(\*+i

8Y Tx’Y xP+1 Wx\Y[ S2\,Yx+Y+ S2 S2WPx*S12x,q \12[S*S12+ S2 \Y,*xS2 4x*Y,SxP+ x2[ \14.12Y2*+k x2[ tY Yr.Y\* *TY+Y S2WPx*S12x,q

\12[S*S12+ *1 \12*S2(Y S2 MgMMi >TY+Y S2WPx*S12x,q \12[S*S12+ Tx’Y \x(+Y[ (+ *1 S2\,Yx+Y .,S\Y+% T1tY’Y,k +(\T .,S\Y S2\,Yx+Y+ 4xq 21*
vY x\\Y.*Y[ vq 1(, \(+*14Y,+ 1, 4xq 21* x[Y-(x*YPq 1WW+Y* *TY S2\,Yx+Y+ S2 1(, \1+*+k *TY,Yvq 2YUx*S’YPq xWWY\*S2U 1(, ,Y+(P*+ 1W
1.Y,x*S12+i !Tx2UY+ S2 UP1vxP Y\1214S\ \12[S*S12+k S2\P([S2U S2WPx*S12x,q \12[S*S12+k \1(P[ xP+1 +TSW* [Y4x2[ W1, .,1[(\*+ 1, +Y,’S\Y+
W1, tTS\T tY [1 21* Tx’Y \14.Y*S*S’Y x[’x2*xUY+i >TS+ \1(P[ 2YUx*S’YPq xWWY\* *TY x41(2* 1W v(+S2Y++ *Tx* tY x,Y xvPY *1 1v*xS2i b2
x[[S*S12k SW tY x,Y (2xvPY *1 +(\\Y++W(PPq x2*S\S.x*Y \Tx2UY+ S2 Y\1214S\ x2[ .1PS*S\xP \12[S*S12+k tY 4xq vY (2xvPY *1 YWWY\*S’YPq
.Px2 W1, x2[ ,Y+.12[ *1 *T1+Y \Tx2UY+k x2[ 1(, v(+S2Y++ \1(P[ vY 2YUx*S’YPq xWWY\*Y[i

NJ

The COVID-19 pandemic has adversely impacted and is expected to have prolonged adverse impacts on our business and

results of operations.

b2 MgMgk x +*,xS2 1W 21’YP \1,12x’S,(+ [S+Yx+Yk !D:b~jNFk tx+ [Y\Px,Y[ x .x2[Y4S\ x2[ +.,Yx[ x\,1++ *TY t1,P[i >TY .x2[Y4S\

x2[ U1’Y,24Y2* 4Yx+(,Y+ *xQY2 S2 ,Y+.12+Y Tx’Y Tx[ x +SU2SWS\x2* x[’Y,+Y S4.x\*k v1*T [S,Y\* x2[ S2[S,Y\*k 12 1(, v(+S2Y++ x2[ *TY
Y\1214qi 8Y Tx’Y Yr.Y,SY2\Y[ tYxQY2Y[ [Y4x2[ W,14 \Y,*xS2 \(+*14Y,+ S2 *TY x[’x2\Y[ S2[(+*,SxP x2[ 4Y[S\xP Y2[j4x,QY*+k tTS\T
Tx+ x[’Y,+YPq xWWY\*Y[ x2[ S+ Yr.Y\*Y[ *1 \12*S2(Y *1 x[’Y,+YPq xWWY\* 1(, ,Y’Y2(Y+i e1, Yrx4.PYk TYxP*T\x,Y .,1’S[Y,+ Tx’Yk x* *S4Y+k
[YWY,,Y[ YPY\*S’Y 4Y[S\xP .,1\Y[(,Y+ S2 1,[Y, *1 W1\(+ 12 \14vx**S2U *TY .x2[Y4S\k tTS\T +SU2SWS\x2*Pq ,Y[(\Y[ [Y4x2[ W1, \Y,*xS2 1W
1(, 4Y[S\xP .,1[(\*+i !Y,*xS2 1*TY, \(+*14Y,+ Tx’Y [YPxqY[ *TYS, ,Y+Yx,\T x2[ [Y’YP1.4Y2* .,1U,x4+k tTS\T Tx+ xP+1 2YUx*S’YPq
xWWY\*Y[ *TY [Y4x2[ W1, +14Y 1W 1(, .,1[(\*+i

8Y xP+1 Wx\Y[k x2[ Yr.Y\* *1 \12*S2(Y *1 Wx\Yk [SWWS\(P*q +1(,\S2U +14Y 4x*Y,SxP+ x2[ \14.12Y2*+ 2Y\Y++x,q *1 W(PWSPP .,1[(\*S12

,Y-(S,Y4Y2*+ x2[ 4YY*S2U +\TY[(PY[ +TS.4Y2*+ [(Y *1 +(..PSY,+; \x.x\S*q \12+*,xS2*+ x2[ +TS..S2U x2[ *,x2+.1,*x*S12 [S+,(.*S12+i
>TY+Y [S+,(.*S12+ Tx’Y x[’Y,+YPq xWWY\*Y[ 1(, xvSPS*q *1 4x2(Wx\*(,Y 1(, .,1[(\*+ x2[ 4YY* 1(, \(+*14Y,+; +\TY[(PY+i bW tY x,Y 21*
xvPY *1 4S*SUx*Y *TY+Y [S+,(.*S12+ YWWY\*S’YPqk 1(, xvSPS*q *1 4x2(Wx\*(,Y 1(, .,1[(\*+ 1, 4YY* 1(, \(+*14Y,+; +\TY[(PY+ t1(P[
\12*S2(Y *1 vY x[’Y,+YPq xWWY\*Y[k .1++SvPq 4x*Y,SxPPqk x2[ 1(, v(+S2Y++ t1(P[ vY Tx,4Y[i f’Y2 SW tY x,Y xvPY *1 WS2[ xP*Y,2x*Y +1(,\Y+
1W +(..Pq W1, +(\T 4x*Y,SxP+ 1, \14.12Y2*+k *TYq 4xq \1+* 41,Y 1, vY 1W P1tY, -(xPS*qk tTS\T \1(P[ xWWY\* 1(, .,1WS*xvSPS*qk WS2x2\SxP
\12[S*S12 x2[ v(+S2Y++i

8TSPY *TY S4.x\* 1W *TY .x2[Y4S\ 12 1(, 4x2(Wx\*(,S2U \x.xvSPS*SY+ x2[ ,Y+Yx,\T x2[ [Y’YP1.4Y2* x\*S’S*SY+ Tx+ vYY2 PS4S*Y[ *1
[x*Yk *TY,Y \x2 vY 21 x++(,x2\Y *Tx* 1(, xvSPS*q *1 4x2(Wx\*(,Y 1(, .,1[(\*+ x2[ *1 [Y’YP1. 2Yt .,1[(\*+ x2[ *Y\T21P1USY+ tSPP 21* vY
[S+,(.*Y[ S2 *TY W(*(,Y S2 \x+Y 1W x ,Y+(,UY2\Y 1W *TY .x2[Y4S\ 1, ,YPx*Y[ .(vPS\ TYxP*T \,S+S+ W,14 2Yt 4(*x*S12+ 1W *TY ’S,(+i >TY
!D:b~jNF .x2[Y4S\ \12*S2(Y+ *1 Y’1P’Yi >TY Yr*Y2* *1 tTS\T *TY .x2[Y4S\ S4.x\*+ 1(, v(+S2Y++k PS-(S[S*q x2[ WS2x2\SxP ,Y+(P*+ tSPP
[Y.Y2[ 12 W(*(,Y [Y’YP1.4Y2*+k +(\T x+ *TY \12*S2(Y[ UY1U,x.TS\ +.,Yx[ 1W *TY [S+Yx+Yk *TY [(,x*S12 1W *TY .x2[Y4S\k *TY P1\x*S12k
[(,x*S12 x2[ 4xU2S*([Y 1W W(*(,Y tx’Y+ 1W S2WY\*S12k 2Yt 4(*x*S12+ 1W *TY ’S,(+k *TY x’xSPxvSPS*qk *TY x[1.*S12 x2[ YWWY\*S’Y2Y++ 1W
’x\\S2Y+ x2[ *,Yx*4Y2*+ xUxS2+* *TY ’S,(+ x2[ S*+ ’x,Sx2*+k *,x’YP ,Y+*,S\*S12+ x2[ +1\SxP [S+*x2\S2U S2 *TY <2S*Y[ @*x*Y+k *TY f(,1.Yx2
<2S12 nVfTY,Y S+ 21 x++(,x2\Y *Tx* W(*(,Y ,Y+(,UY2\Y 1W !D:b~jNF S2WY\*S12+ x2[ W(,*TY, Y\1214S\ [1t2*(,2+ tSPP 21*
\x(+Y ’1Px*SPS*SY+ S2 *TY \x.S*xP 4x,QY*+k tTS\T 4xq x[’Y,+YPq S4.x\* 1(, +*1\Q .,S\Y x2[ 1(, xvSPS*q *1 x\\Y++ \x.S*xP 4x,QY*+k +(\T x+
tTx* 1\\(,,Y[ S2 ^x,\T x2[ #.,SP MgMg x2[ x* ’x,S1(+ *S4Y+ S2 MgMN (.12 *TY [S+\1’Y,q 1W 2Yt ’x,Sx2*+i

Our business success depends upon our ability to respond to fluctuations in product demand, but doing so may require us to

incur costs despite limited visibility into future business declines.

~(,S2U x .Y,S1[ 1W S2\,Yx+S2U [Y4x2[ x2[ ,x.S[ U,1t*Tk tY 4(+* vY xvPY *1 S2\,Yx+Y 4x2(Wx\*(,S2U \x.x\S*q -(S\QPqi D(,

S2xvSPS*q *1 -(S\QPq S2\,Yx+Y .,1[(\*S12 S2 ,Y+.12+Y *1 x +(,UY S2 [Y4x2[ Tx+ .,14.*Y[ \(+*14Y,+ *1 P11Q W1, xP*Y,2x*S’Y +1(,\Y+ 1W
+(..Pq x2[ Tx+ PYW* 1(, \(+*14Y,+ tS*T1(* x +(..Pqk v1*T 1W tTS\T Y’Y2*+ Tx’Y Tx,4Y[ 1(, ,Y.(*x*S12 x2[ 4x[Y S* [SWWS\(P* W1, (+ *1
,Y*xS2 1(, YrS+*S2U \(+*14Y,+ 1, *1 1v*xS2 2Yt \(+*14Y,+i bW *TS+ S2xvSPS*q *1 S2\,Yx+Y .,1[(\*S12 \12*S2(Y+ 1, t1,+Y2+k S* \1(P[ Tx’Y x
4x*Y,SxP x[’Y,+Y YWWY\* 12 1(, v(+S2Y++i

b2 .Y,S1[+ 1W tYxQY, [Y4x2[k +(\T x+ *TY ,Y\Y2* Y2’S,124Y2* S2 MgMgk tY Tx’Y vYY2k x2[ 4xq S2 *TY W(*(,Y vYk ,Y-(S,Y[ *1
,Y[(\Y \1+*+ tTSPY 4xS2*xS2S2U *TY xvSPS*q *1 41*S’x*Y x2[ ,Y*xS2 QYq Y4.P1qYY+ x* *TY +x4Y *S4Yi #[[S*S12xPPqk *1 ,Y4xS2 \14.Y*S*S’Yk
tY 4(+* \12*S2(xPPq S2’Y+* S2 ,Y+Yx,\T x2[ [Y’YP1.4Y2*k tTS\T 4xq S2TSvS* 1(, xvSPS*q *1 ,Y[(\Y \1+*+ S2 x [1t2 \q\PYi _12U .,1[(\*
PYx[j*S4Y+ \,Yx*Y x ,S+Q *Tx* tY 4xq .(,\Tx+Y S2’Y2*1,SY+ 1, 4x2(Wx\*(,Y .,1[(\*+ *Tx* tY x,Y (2xvPY *1 +YPPi

The success of our business depends on our ability to continuously innovate, to introduce new products in a timely manner,

and to manage transitions to new product innovations effectively.

>Y\T21P1Uq ,Y-(S,Y4Y2*+ S2 1(, 4x,QY*+ x,Y \12+*x2*Pq \Tx2US2Ui 8Y 4(+* \12*S2(xPPq S2*,1[(\Y 2Yt .,1[(\*+ *Tx* 4YY*
Y’1P’S2U \(+*14Y, 2YY[+i D(, xvSPS*q *1 U,1t [Y.Y2[+ 12 *TY +(\\Y++W(P [Y’YP1.4Y2*k S2*,1[(\*S12 x2[ 4x,QY* x\\Y.*x2\Y 1W 2Yt 1,
Y2Tx2\Y[ .,1[(\*+ *Tx* x[[,Y++ 1(, \(+*14Y,+; ,Y-(S,Y4Y2*+i ~Y’YP1.S2U 2Yt *Y\T21P1Uq S+ x \14.PYr x2[ (2\Y,*xS2 .,1\Y++
,Y-(S,S2U (+ *1 x\\(,x*YPq x2*S\S.x*Y *Y\T21P1US\xP x2[ 4x,QY* *,Y2[+ x2[ 4YY* *T1+Y *,Y2[+ tS*T *TY ,SUT* .,1[(\*+i D(, ,Y+Yx,\T x2[
[Y’YP1.4Y2* YWW1,*+ 4xq 21* PYx[ *1 *TY +(\\Y++W(P S2*,1[(\*S12 1W .,1[(\*+ tS*TS2 *TY *S4Y W,x4Y *Tx* 1(, \(+*14Y,+ [Y4x2[i D(,
\14.Y*S*1,+ 4xq xP+1 S2*,1[(\Y 2Yt 1, S4.,1’Y[ .,1[(\*+k .,1\Y++Y+ 1, *Y\T21P1USY+ *Tx* 4xQY 1(, \(,,Y2* 1, .,1.1+Y[ .,1[(\*+
1v+1PY*Y 1, PY++ \14.Y*S*S’Yi 8Y 4xq 21* 4x2xUY *TY *,x2+S*S12 W,14 1P[Y, .,1[(\*+ YWWY\*S’YPq *1 4S2S4SoY [S+,(.*S12 S2 \(+*14Y,
1,[Y,S2U .x**Y,2+k x’1S[ Yr\Y++ S2’Y2*1,q x2[ Y2+(,Y x[Y-(x*Y +(..PSY+ 1W 2Yt .,1[(\*+i ]Yt .,1[(\*+ 4xq Tx’Y WYtY, WYx*(,Y+ *Tx2
1,SUS2xPPq \12+S[Y,Y[ [Y+S,xvPYk 4xq Tx’Y TSUTY, \1+*+ *Tx2 S2S*SxPPq Y+*S4x*Y[k 4xq \12*xS2 [YWY\*+ 1, .Y,\YS’Y[ [YWY\*+ 1, Tx’Y
,YPSxvSPS*qk -(xPS*q 1, \14.x*SvSPS*q .,1vPY4+ 1, .Y,\YS’Y[ .,1vPY4+i >TY,Y Tx’Y vYY2k x2[ 4xq \12*S2(Y *1 vYk [SWWS\(P*SY+ S2 +1(,\S2U
NI

\14.12Y2*+ W1, 2Yt .,1[(\*+ x2[ [YPxq+ S2 +*x,*S2U ’1P(4Y .,1[(\*S12i ]Yt .,1[(\*+ 4xq xP+1 21* vY \144Y,\SxPPq +(\\Y++W(P x+ tY
\x221* .,Y[S\* T1t *TY 4x,QY* tSPP ,Yx\* *1 2Yt .,1[(\*+ S2*,1[(\Y[ vq (+ 1, *1 Y2Tx2\Y4Y2*+ 4x[Y *1 1(, YrS+*S2U .,1[(\*+i exSP(,Y
*1 [Y’YP1. x2[ S2*,1[(\Y 2Yt .,1[(\*+k WxSPY[ 4x,QY* x\\Y.*x2\Y 1W 2Yt .,1[(\*+ 1, .,1vPY4+ x++1\Sx*Y[ tS*T 2Yt .,1[(\* *,x2+S*S12+
\1(P[ S4.Y[Y 1(, ,Y’Y2(Y U,1t*Tk PYx[ *1 P1++ 1W 4x,QY* +Tx,Yk x2[ 2YUx*S’YPq xWWY\* 1(, ,Y+(P*+ 1W 1.Y,x*S12+ x2[ 1(, \14.Y*S*S’Y2Y++
S2 *TY 4x,QY*i

Customer order timing and other factors beyond our control may cause our operating results to fluctuate from period to

period.

!Tx2UY+ S2 \(+*14Y, 1,[Y, *S4S2U x2[ *TY YrS+*Y2\Y 1W \Y,*xS2 1*TY, Wx\*1,+ vYq12[ 1(, \12*,1P 4xq \x(+Y 1(, 1.Y,x*S2U ,Y+(P*+

*1 WP(\*(x*Y W,14 .Y,S1[ *1 .Y,S1[i @(\T Wx\*1,+ S2\P([YE

•

•

•

•

•

•

•

WP(\*(x*S12+ S2 1(, \(+*14Y,+; v(+S2Y++Y+%

[Y\S+S12+ vq \(+*14Y,+ *1 ,Y[(\Y *TYS, .(,\Tx+Y+ 1W 1(, .,1[(\*+%

*S4S2U x2[ ,Y\1U2S*S12 1W ,Y’Y2(Y+ W,14 \(+*14Y, 1,[Y,+%

*S4S2U x2[ 4x,QY* x\\Y.*x2\Y 1W 2Yt .,1[(\*+ 1, Y2Tx2\Y4Y2*+ S2*,1[(\Y[ vq (+ 1, 1(, \14.Y*S*1,+%

x’xSPxvSPS*q x2[ .,S\S2U 1W .x,*+ W,14 1(, +(..PSY,+ x2[ *TY 4x2(Wx\*(,S2U \x.x\S*q 1W 1(, +(v\12*,x\*1,+%

\Tx2UY+ S2 *TY .,S\Y+ 1W 1(, .,1[(\*+ 1, 1W 1(, \14.Y*S*1,+; .,1[(\*+% x2[

WP(\*(x*S12+ S2 W1,YSU2 \(,,Y2\q Yr\Tx2UY ,x*Y+i

8Y ,Y\YS’Y[ S2 *TY .x+*k x2[ 4xq ,Y\YS’Y S2 *TY W(*(,Yk +Y’Y,xP Px,UY 1,[Y,+ S2 12Y -(x,*Y, W,14 x \(+*14Y, x2[ *TY2 ,Y\YS’Y 21

1,[Y,+ W,14 *Tx* \(+*14Y, S2 *TY 2Yr* -(x,*Y,i #+ x ,Y+(P*k *TY *S4S2U 1W ,Y’Y2(Y ,Y\1U2S*S12 W,14 \(+*14Y, 1,[Y,+ \x2 \x(+Y
+SU2SWS\x2* WP(\*(x*S12+ S2 1(, 1.Y,x*S2U ,Y+(P*+ W,14 -(x,*Y, *1 -(x,*Y,i b2 x[[S*S12k 1(, +xPY+ x,Y ,Yx\*S’Y *1 \Tx2UY+ S2 1(, \(+*14Y,+;
v(+S2Y++Y+i e1, S2+*x2\Yk x \(+*14Y, *Tx* .Px\Y[ x Px,UY 1,[Y, S2 12Y .Y,S1[ \1(P[ +(v+Y-(Y2*Pq Yr.Y,SY2\Y x [1t2*(,2 S2 v(+S2Y++ x2[k
x+ x ,Y+(P*k \1(P[ \x2\YP x2 1,[Y, 1, ,Y[(\Y *TY x41(2* 1W .,1[(\*+ S* .(,\Tx+Y+ W,14 (+ S2 W(*(,Y .Y,S1[+i

~YPxq+ S2 +TS.4Y2*+ 2Yx, *TY Y2[ 1W x ,Y.1,*S2U .Y,S1[ [(Y *1 ,Y+\TY[(PS2U 1, \x2\YPPx*S12 vq \(+*14Y,+ 1, (2Yr.Y\*Y[
.,1[(\*S12 [YPxq+ Yr.Y,SY2\Y[ vq (+ 4xq \x(+Y ,Y’Y2(Y S2 *TY .Y,S1[ *1 [Y\PS2Y +SU2SWS\x2*Pq x2[ 4xq Tx’Y x 4x*Y,SxP x[’Y,+Y YWWY\*
12 1(, 1.Y,x*S2U ,Y+(P*+ W1, *Tx* .Y,S1[i

b2 x[[S*S12k tY 1, 1(, \14.Y*S*1,+ 4xq ,xS+Y 1, P1tY, .,S\Y+ 1W .,1[(\*+ S2 ,Y+.12+Y *1 4x,QY* [Y4x2[+ 1, \14.Y*S*S’Y
.,Y++(,Y+i bW tY P1tY, *TY .,S\Y+ 1W 1(, .,1[(\*+k 1, SW 1(, \14.Y*S*1,+ P1tY, *TY .,S\Y+ 1W *TYS, .,1[(\*+ +(\T *Tx* [Y4x2[ W1, 1(,
.,1[(\*+ tYxQY2+k 1(, ,Y’Y2(Y W1, 12Y 1, 41,Y -(x,*Y,+ 4xq [Y\PS2Y x2[ 1(, 1.Y,x*S2U ,Y+(P*+ t1(P[ vY x[’Y,+YPq xWWY\*Y[i

#+ x ,Y+(P* 1W *TY+Y Wx\*1,+k 1(, ,Y+(P*+ 1W 1.Y,x*S12+ W1, x2q -(x,*Y, x,Y 21* 2Y\Y++x,SPq S2[S\x*S’Y 1W ,Y+(P*+ *1 vY Yr.Y\*Y[ S2

W(*(,Y .Y,S1[+i

If we experience a significant disruption in, or breach in security of, our or our third-party providers’ information

technology systems, our business may be adversely affected.

8Y ,YPq 12 S2W1,4x*S12 *Y\T21P1Uq +q+*Y4+k +1W*tx,Y x2[ +Y,’S\Y+ n\1PPY\*S’YPqk Vb> @q+*Y4+?m W1, S2*Y,2xP x2[ Yr*Y,2xP
1.Y,x*S12+i 8Y 1.Y,x*Y +14Y 1W *TY+Y b> @q+*Y4+ 1(,+YP’Y+ x2[ xP+1 ,YPq 12 b> @q+*Y4+ .,1’S[Y[ vq *TS,[ .x,*SY+ *1 ,(2 1(, v(+S2Y++k
S2\P([S2U *1 S2*Y,x\* tS*T 1(, Y4.P1qYY+ x2[ 1(, \(+*14Y,+ x2[ +(..PSY,+i >TY+Y S2*Y,x\*S12+ S2\P([Yk v(* x,Y 21* PS4S*Y[ *1k 1,[Y,S2U
x2[ 4x2xUS2U 4x*Y,SxP+ W,14 +(..PSY,+k \12’Y,*S2U 4x*Y,SxP+ *1 WS2S+TY[ .,1[(\*+k +TS..S2U .,1[(\* *1 \(+*14Y,+k .,1\Y++S2U
*,x2+x\*S12+k +(44x,SoS2U x2[ ,Y.1,*S2U ,Y+(P*+ 1W 1.Y,x*S12+k \14.PqS2U tS*T ,YU(Px*1,qk PYUxP x2[ *xr ,Y-(S,Y4Y2*+k x2[ 1*TY,
.,1\Y++Y+ 2Y\Y++x,q *1 4x2xUY 1(, v(+S2Y++i 8Y [1 21* \12*,1P 1(, *TS,[j.x,*q +Y,’S\Y .,1’S[Y,+ x2[ tY [1 21* 4xS2*xS2 ,Y[(2[x2*
+q+*Y4+ W1, +14Y 1W +(\T +Y,’S\Y+k S2\,Yx+S2U 1(, ’(P2Y,xvSPS*q *1 .,1vPY4+ tS*T +(\T +Y,’S\Y+i b2 x[[S*S12k S2 *TY 1,[S2x,q \1(,+Y 1W
v(+S2Y++k tY x2[ 1(, *TS,[j.x,*q +Y,’S\Y .,1’S[Y,+ \1PPY\*k .,1\Y++ x2[ 4xS2*xS2 \12WS[Y2*SxP v(+S2Y++ S2W1,4x*S12 x+ tYPP x+ .Y,+12xP
S2W1,4x*S12i

_SQY 1*TY, UP1vxP \14.x2SY+k *TY,Y x,Y \12+*x2* \qvY, ,YPx*Y[ *T,Yx*+ x2[ ,S+Q+ *1 1(, b> @q+*Y4+ x2[ [x*xk S2\P([S2U vq S2*Y,2xP

x2[ Yr*Y,2xP .Y,.Y*,x*1,+ 1W ,x2[14 1, *x,UY*Y[ 4xPS\S1(+ \qvY,x**x\Q+k \14.(*Y, ’S,(+Y+k 4xPtx,Yk t1,4+k v1* x**x\Q+ 1, 1*TY,
[Y+*,(\*S’Y 1, [S+,(.*S’Y +1W*tx,Y nW1, Yrx4.PYk ,x2+14tx,Ym x2[ x**Y4.*+ *1 4S+x..,1.,Sx*Y \(+*14Y, S2W1,4x*S12 x2[ \x(+Y +q+*Y4
WxSP(,Y+ x2[ [S+,(.*S12+i !Y,*xS2 1*TY, Y’Y2*+ \1(P[ xP+1 ,Y+(P* S2 *TY [S+,(.*S12 1W 1(, b> @q+*Y4+k S2\P([S2U .1tY, 1(*xUY+k
\x*x+*,1.TY+k Tx,[tx,Y x2[ +1W*tx,Y v(U+k 4S+\12WSU(,x*S12+ 1, WxSP(,Y+k x2[ 1*TY, (2W1,Y+YY2 Y’Y2*+i 8Y Yr.Y\* *TY W,Y-(Y2\q x2[
4xU2S*([Y 1W \qvY,x**x\Q+ *1 x\\YPY,x*Y x+ x**x\QY,+ x,Y vY\14S2U 41,Y +1.TS+*S\x*Y[k W1, Yrx4.PYk vq (+S2U *Y\T2S-(Y+ [Y+SU2Y[ *1
\S,\(4’Y2* \12*,1P+k x’1S[ [Y*Y\*S12k x2[ 1vW(+\x*Y W1,Y2+S\ Y’S[Y2\Yk +(\T *Tx* tY 4xq vY (2xvPY *1 *S4YPq 1, YWWY\*S’YPq [Y*Y\*k
S[Y2*SWqk S2’Y+*SUx*Y 1, ,Y4Y[Sx*Y x**x\Q+ S2 *TY W(*(,Yi

NH

bW tY tY,Y *1 Yr.Y,SY2\Y x +SU2SWS\x2* .Y,S1[ 1W [S+,(.*S12 S2 b> @q+*Y4+ *Tx* S2’1P’Y 1(, S2*Y,x\*S12+ tS*T \(+*14Y,+ 1,
+(..PSY,+k S* \1(P[ ,Y+(P* S2 *TY P1++ 1W ,Y’Y2(Y x2[ \(+*14Y,+ x+ tYPP x+ +SU2SWS\x2* ,Y+.12+Y x2[ 4S*SUx*S12 \1+*+k tTS\T t1(P[
x[’Y,+YPq xWWY\* 1(, v(+S2Y++i b2 x[[S*S12k +Y\(,S*q v,Yx\TY+ 1W 1(, b> @q+*Y4+ \1(P[ ,Y+(P* S2 *TY 4S+x..,1.,Sx*S12 1, (2x(*T1,SoY[
[S+\P1+(,Y 1W \12WS[Y2*SxP v(+S2Y++ 1, .Y,+12xP S2W1,4x*S12 vYP12US2U *1 (+ 1, *1 1(, Y4.P1qYY+k \(+*14Y,+k +(..PSY,+ 1, 1*TY, v(+S2Y++
.x,*2Y,+k tTS\T \1(P[ ,Y+(P* S2 +SU2SWS\x2* WS2x2\SxP 1, ,Y.(*x*S12xP [x4xUY *1 (+k x+ tYPP x+ PS*SUx*S12k ,YU(Px*1,q Y2W1,\Y4Y2* x\*S12+k
1, 1*TY, PSxvSPS*SY+ *Tx* \1(P[ PYx[ *1 +(v+*x2*SxP [x4xUY+k WS2Y+k .Y2xP*SY+ x2[ PYUxP \1+*+i 8Y xP+1 Yr.Y2[ +(v+*x2*SxP x41(2*+ *1
.,1*Y\* 1(, b> @q+*Y4+k x2[ SW tY tY,Y *1 Yr.Y,SY2\Y x +SU2SWS\x2* v,Yx\T S2 +Y\(,S*q 1W 1(, b> @q+*Y4+k tY 4xq 2YY[ *1 4x*Y,SxPPq
S2\,Yx+Y +(\T Yr.Y2[S*(,Y+k tTS\T t1(P[ x[’Y,+YPq xWWY\* 1(, ,Y+(P*+ 1W 1.Y,x*S12+i

D(, S2+(,x2\Y .1PS\SY+ 4xq 1, 4xq 21* \1’Y, ’x,S1(+ \qvY,+Y\(,S*q ,S+Q+ x2[ PSxvSPS*SY+k x2[ Y’Y2 SW \1’Y,xUY YrS+*+k *TY,Y \x2 vY

21 U(x,x2*YY *Tx* x2q 1, xPP \1+*+ 1, P1++Y+ S2\(,,Y[ t1(P[ vY .x,*SxPPq 1, W(PPq S2+(,Y[i

Actual or perceived failures to comply with applicable data protection, privacy and security laws, regulations, standards, and

other requirements may adversely impact our business and financial results.

_YUS+Px*S12 S2 ’x,S1(+ \1(2*,SY+ x,1(2[ *TY t1,P[ tS*T ,YUx,[ *1 \qvY,+Y\(,S*qk .,S’x\q x2[ [x*x .,1*Y\*S12 S+ ,x.S[Pq Yr.x2[S2U
x2[ \,Yx*S2U x \14.PYr \14.PSx2\Y Y2’S,124Y2*i 8Y x,Y +(vRY\* *1 4x2q .,S’x\q x2[ [x*x .,1*Y\*S12 Pxt+ x2[ ,YU(Px*S12+ S2 *TY TY d~CA S4.1+Y+ 12Y,1(+ x\\1(2*xvSPS*q 1vPSUx*S12+ ,Y-(S,S2U [x*x \12*,1PPY,+ x2[ .,1\Y++1,+ *1 4xS2*xS2
x ,Y\1,[ 1W *TYS, [x*x .,1\Y++S2U x2[ S4.PY4Y2* .1PS\SY+ x+ .x,* 1W S*+ 4x2[x*Y[ .,S’x\q U1’Y,2x2\Y W,x4Yt1,Qi b* xP+1 ,Y-(S,Y+ [x*x
\12*,1PPY,+ *1 vY *,x2+.x,Y2* x2[ [S+\P1+Y *1 [x*x +(vRY\*+ T1t *TYS, .Y,+12xP [x*x S+ *1 vY (+Y[% S4.1+Y+ PS4S*x*S12+ 12 ,Y*Y2*S12 1W
.Y,+12xP [x*x% S2*,1[(\Y+ 4x2[x*1,q [x*x v,Yx\T 21*SWS\x*S12 ,Y-(S,Y4Y2*+% x2[ +Y*+ TSUTY, +*x2[x,[+ W1, [x*x \12*,1PPY,+ *1
[Y412+*,x*Y *Tx* *TYq Tx’Y 1v*xS2Y[ ’xPS[ \12+Y2* W1, \Y,*xS2 [x*x .,1\Y++S2U x\*S’S*SY+i 8Y x,Y +(vRY\* *1 *TY +(.Y,’S+S12 1W P1\xP [x*x
.,1*Y\*S12 x(*T1,S*SY+ S2 *T1+Y f< R(,S+[S\*S12+ tTY,Y tY Tx’Y v(+S2Y++ 1.Y,x*S12+ 1, x,Y 1*TY,tS+Y +(vRY\* *1 *TY d~CAi !Y,*xS2
v,Yx\TY+ 1W *TY d~CA ,Y-(S,Y4Y2*+ \1(P[ ,Y+(P* S2 +(v+*x2*SxP WS2Y+k tTS\T \x2 vY (. *1 W1(, .Y,\Y2* 1W t1,P[tS[Y ,Y’Y2(Y 1, Mg
4SPPS12 f(,1+k tTS\TY’Y, S+ U,Yx*Y,i b2 x[[S*S12 *1 *TY W1,YU1S2Uk x v,Yx\T 1W *TY d~CA \1(P[ ,Y+(P* S2 ,YU(Px*1,q S2’Y+*SUx*S12+k
,Y.(*x*S12xP [x4xUYk 1,[Y,+ *1 \Yx+Yh\Tx2UY 1(, (+Y 1W [x*xk Y2W1,\Y4Y2* 21*S\Y+k x+ tYPP x+ .1*Y2*SxP \S’SP \PxS4+k S2\P([S2U \Px++
x\*S12 *q.Y PS*SUx*S12 tTY,Y S2[S’S[(xP+ +(WWY,Y[ Tx,4i #412U 1*TY, ,Y-(S,Y4Y2*+k *TY d~CA ,YU(Px*Y+ *,x2+WY,+ 1W .Y,+12xP [x*x
+(vRY\* *1 *TY d~CA *1 *TS,[ \1(2*,SY+ *Tx* Tx’Y 21* vYY2 W1(2[ *1 .,1’S[Y x[Y-(x*Y .,1*Y\*S12 *1 +(\T .Y,+12xP [x*xk S2\P([S2U *TY
<2S*Y[ @*x*Y+k x2[ *TY YWWS\x\q x2[ P12UY’S*q 1W \(,,Y2* *,x2+WY, 4Y\Tx2S+4+ vY*tYY2 *TY f< x2[ *TY <2S*Y[ @*x*Y+ ,Y4xS2+ (2\Y,*xS2i
e1, Yrx4.PYk S2 MgNIk *TY f< x2[ <2S*Y[ @*x*Y+ xU,YY[ *1 x *,x2+WY, W,x4Yt1,Q W1, [x*x *,x2+WY,,Y[ W,14 *TY f< *1 *TY <2S*Y[ @*x*Y+k
\xPPY[ *TY C,S’x\q @TSYP[i c1tY’Y,k S2 a(Pq MgMgk *TY !1(,* 1W a(+*S\Y 1W *TY f< nV!afTY+Y
,Y+*,S\*S12+ S2\P([Y x ,Y-(S,Y4Y2* W1, \14.x2SY+ *1 \x,,q 1(* x *,x2+WY, S4.x\* x++Y++4Y2* tTS\Tk x412U 1*TY, *TS2U+k x++Y++Y+ *TY
Pxt+ U1’Y,2S2U x\\Y++ *1 .Y,+12xP [x*x S2 *TY ,Y\S.SY2* \1(2*,q x2[ \12+S[Y,+ tTY*TY, +(..PY4Y2*x,q 4Yx+(,Y+ *Tx* .,1’S[Y .,S’x\q
.,1*Y\*S12+ x[[S*S12xP *1 *T1+Y .,1’S[Y[ (2[Y, @!!+ tSPP 2YY[ *1 vY S4.PY4Y2*Y[ *1 Y2+(,Y x2 Y++Y2*SxPPq Y-(S’xPY2* PY’YP 1W [x*x
.,1*Y\*S12 *1 *Tx* xWW1,[Y[ S2 *TY ff#i >TY f(,1.Yx2 !144S++S12 S++(Y[ ,Y’S+Y[ @!!+ 12 a(2Y Kk MgMN *1 x\\1(2* W1, *TY [Y\S+S12 1W
*TY !af< x2[ ,Y\144Y2[x*S12+ 4x[Y vq *TY f(,1.Yx2 ~x*x C,1*Y\*S12 "1x,[i >TY ,Y’S+Y[ @!!+ 4(+* vY (+Y[ W1, ,YPY’x2* 2Yt [x*x
*,x2+WY,+ W,14 @Y.*Y4vY, MHk MgMN x2[ YrS+*S2U +*x2[x,[ \12*,x\*(xP \Px(+Y+ x,,x2UY4Y2*+ 4(+* vY 4SU,x*Y[ *1 *TY ,Y’S+Y[ \Px(+Y+ vq
~Y\Y4vY, MHk MgMMi >TY,Y S+ +14Y (2\Y,*xS2*q x,1(2[ tTY*TY, *TY ,Y’S+Y[ \Px(+Y+ \x2 vY (+Y[ W1, xPP *q.Y+ 1W [x*x *,x2+WY,+k
.x,*S\(Px,Pq tTY*TY, *TYq \x2 vY ,YPSY[ 12 W1, [x*x *,x2+WY,+ *1 212jff# Y2*S*SY+ +(vRY\* *1 *TY d~CAi

AYPx*Y[Pqk W1PP1tS2U *TY <2S*Y[ ‘S2U[14;+ tS*T[,xtxP W,14 *TY ff# x2[ *TY f< x2[ *TY Yr.S,x*S12 1W *TY *,x2+S*S12 .Y,S1[k

+S2\Y ax2(x,q Nk MgMNk \14.x2SY+ Tx’Y Tx[ *1 \14.Pq tS*T v1*T *TY d~CA x2[ *TY d~CA x+ S2\1,.1,x*Y[ S2*1 <2S*Y[ ‘S2U[14
2x*S12xP Pxtk *TY Px**Y, ,YUS4Y Tx’S2U *TY xvSPS*q *1 +Y.x,x*YPq WS2Y (. *1 *TY U,Yx*Y, 1W &NHiJ 4SPPS12 1, K3 1W UP1vxP ,Y’Y2(Yi >TY
,YPx*S12+TS. vY*tYY2 *TY <2S*Y[ ‘S2U[14 x2[ *TY f< S2 ,YPx*S12 *1 \Y,*xS2 x+.Y\*+ 1W [x*x .,1*Y\*S12 Pxt ,Y4xS2+ (2\PYx,k x2[ S* S+
(2\PYx, T1t <2S*Y[ ‘S2U[14 [x*x .,1*Y\*S12 Pxt+ x2[ ,YU(Px*S12+ tSPP [Y’YP1. S2 *TY 4Y[S(4 *1 P12UY, *Y,4i >TY f(,1.Yx2
!144S++S12 Tx+ x[1.*Y[ x2 x[Y-(x\q [Y\S+S12 S2 Wx’1, 1W *TY <2S*Y[ ‘S2U[14k Y2xvPS2U [x*x *,x2+WY,+ W,14 f< 4Y4vY, +*x*Y+ *1 *TY
<2S*Y[ ‘S2U[14 tS*T1(* x[[S*S12xP +xWYU(x,[+i c1tY’Y,k *TY <‘ x[Y-(x\q [Y\S+S12 tSPP x(*14x*S\xPPq Yr.S,Y S2 a(2Y MgMJ (2PY++ *TY
f(,1.Yx2 !144S++S12 ,Yjx++Y++Y+ x2[ ,Y2Yt+hYr*Y2[+ *Tx* [Y\S+S12i

b2 *TY <2S*Y[ @*x*Y+k !xPSW1,2Sx Tx+ Y2x\*Y[ *TY !xPSW1,2Sx !12+(4Y, C,S’x\q #\* n*TY V!!C#?mk tTS\T *11Q YWWY\* 12 ax2(x,q Nk

MgMgi >TY !!C# \,Yx*Y+ S2[S’S[(xP .,S’x\q ,SUT*+ W1, !xPSW1,2Sx \12+(4Y,+ x2[ S2\,Yx+Y+ *TY .,S’x\q x2[ +Y\(,S*q 1vPSUx*S12+ 1W
Y2*S*SY+ Tx2[PS2U \Y,*xS2 .Y,+12xP [x*xi >TY !!C# .,1’S[Y+ W1, \S’SP .Y2xP*SY+ W1, ’S1Px*S12+k x+ tYPP x+ x .,S’x*Y ,SUT* 1W x\*S12 W1, [x*x
v,Yx\TY+ *Tx* S+ Yr.Y\*Y[ *1 S2\,Yx+Y [x*x v,Yx\T PS*SUx*S12i #[[S*S12xPPqk *TY !xPSW1,2Sx C,S’x\q ASUT*+ #\* n*TY V!CA#?m tx+ ,Y\Y2*Pq
Y2x\*Y[ S2 !xPSW1,2Sxi >TY !CA# tSPP S4.1+Y x[[S*S12xP [x*x .,1*Y\*S12 1vPSUx*S12+ 12 \1’Y,Y[ \14.x2SY+ [1S2U v(+S2Y++ S2
!xPSW1,2Sxk S2\P([S2U x[[S*S12xP \12+(4Y, ,SUT*+ .,1\Y++Y+k PS4S*x*S12+ 12 [x*x (+Y+k 2Yt x([S* ,Y-(S,Y4Y2*+ W1, TSUTY, ,S+Q [x*xk x2[
1.*j1(*+ W1, \Y,*xS2 (+Y+ 1W +Y2+S*S’Y [x*xi b* tSPP xP+1 \,Yx*Y x 2Yt !xPSW1,2Sx [x*x .,1*Y\*S12 xUY2\q x(*T1,SoY[ *1 S++(Y +(v+*x2*S’Y

NG

,YU(Px*S12+ x2[ \1(P[ ,Y+(P* S2 S2\,Yx+Y[ .,S’x\q x2[ S2W1,4x*S12 +Y\(,S*q Y2W1,\Y4Y2*i >TY 4xR1,S*q 1W *TY .,1’S+S12+ tSPP U1 S2*1
YWWY\* 12 ax2(x,q Nk MgMLk x2[ x[[S*S12xP \14.PSx2\Y S2’Y+*4Y2* x2[ .1*Y2*SxP v(+S2Y++ .,1\Y++ \Tx2UY+ 4xq vY ,Y-(S,Y[i >TY !!C#
x2[ !CA# 4xq S2\,Yx+Y 1(, \14.PSx2\Y \1+*+ x2[ .1*Y2*SxP PSxvSPS*qi @S4SPx, Pxt+ Tx’Y .x++Y[ S2 :S,US2Sx x2[ !1P1,x[1k x2[ Tx’Y
vYY2 .,1.1+Y[ x* *TY WY[Y,xP PY’YP x2[ S2 1*TY, +*x*Y+i #2q PSxvSPS*q W,14 1(, WxSP(,Y *1 \14.Pq tS*T *TY ,Y-(S,Y4Y2*+ 1W *TY+Y Pxt+
\1(P[ x[’Y,+YPq xWWY\* 1(, WS2x2\SxP \12[S*S12 x2[ ,Y+(P*+ 1W 1.Y,x*S12+i

8Y Tx’Y S2’Y+*Y[k x2[ \12*S2(Y *1 S2’Y+*k T(4x2 x2[ *Y\T21P1Uq ,Y+1(,\Y+ S2 1(, d~CA x2[ !!C# \14.PSx2\Y YWW1,*+ x2[ 1(,
[x*x .,S’x\q \14.PSx2\Y YWW1,*+ S2 UY2Y,xPi >TY+Y \14.PSx2\Y YWW1,*+ 4xq vY *S4YjS2*Y2+S’Y x2[ \1+*Pqi ~Y+.S*Y *T1+Y YWW1,*+k *TY,Y S+ x
,S+Q *Tx* tY 4xq vY +(vRY\* *1 WS2Y+ x2[ .Y2xP*SY+k PS*SUx*S12 x2[ ,Y.(*x*S12xP Tx,4 SW tY WxSP *1 .,1*Y\* *TY .,S’x\q 1W *TS,[ .x,*q [x*x 1,
*1 \14.Pq tS*T *TY d~CAk !!C# 1, 1*TY, x..PS\xvPY ,YUS4Y+i

Changes in foreign currency rates could have a material adverse effect on our financial position, results of operations, and

cash flows.

# .1,*S12 1W 1(, ,Y’Y2(Y S+ [Y,S’Y[ W,14 1(, f(,1.Yx2 x2[ #+Sx2 1.Y,x*S12+ x2[ S2\P([Y+ *,x2+x\*S12+ S2 f(,1+k ",S*S+T C1(2[+
x2[ ax.x2Y+Y }Y2k tTSPY 1(, .,1[(\*+ x,Y 4xS2Pq 4x2(Wx\*(,Y[ S2 *TY TY

+\1.Y 1W 1(, S2*Y,2x*S12xP 1.Y,x*S12+ +(vRY\*+ (+ *1 ,S+Q+ *Tx* \1(P[ 4x*Y,SxPPq S4.x\* 1(, ,Y+(P*+ 1W 1.Y,x*S12+k S2\P([S2UE

•

•

•

•

•

•

•

•

•

•

•

•

•

•

W1,YSU2 Yr\Tx2UY ,x*Y WP(\*(x*S12+%

S2\,Yx+Y+ S2 +TS..S2U \1+*+%

P12UY, \(+*14Y, .xq4Y2* \q\PY+%

U,Yx*Y, [SWWS\(P*q S2 \1PPY\*S2U x\\1(2*+ ,Y\YS’xvPY%

(+Y 1W S2\14.x*SvPY +q+*Y4+ x2[ Y-(S.4Y2*%

.,1vPY4+ tS*T +*xWWS2U x2[ 4x2xUS2U W1,YSU2 1.Y,x*S12+ S2 [S’Y,+Y \(P*(,Y+%

*,x[Y *x,SWW+k *,x[Y vx,,SY,+ x2[ Yr.1,*hS4.1,* \12*,1P+%

*,x2+.1,*x*S12 [YPxq+ x2[ S2*Y,,(.*S12+%

S2\,Yx+Y[ ’(P2Y,xvSPS*q *1 *TY *TYW* 1Wk x2[ ,Y[(\Y[ .,1*Y\*S12 W1,k S2*YPPY\*(xP .,1.Y,*q ,SUT*+%

U1’Y,24Y2* \(,,Y2\q \12*,1P x2[ ,Y+*,S\*S12+k [YPxq+k .Y2xP*SY+ 1, ,Y-(S,Y[ tS*TT1P[S2U+ 12 ,Y.x*,Sx*S12 1W Yx,2S2U+%

\14.PSx2\Y tS*T W1,YSU2 Pxt+ x2[ ,YU(Px*S12+k S2\P([S2U *T1+Y *Tx* .1*Y2*SxPPq \12WPS\* tS*T 1*TY, R(,S+[S\*S12+%

*TY S4.x\* 1W ,Y\Y++S12x,q W1,YSU2 Y\1214SY+%

.1PS*S\xP (2,Y+* x2[ tx,+k +(\T x+ *TY \(,,Y2* +S*(x*S12 tS*T ,x[Y *Y2+S12+ vY*tYY2 *TY
TY ,x[Y x2[ !11.Y,x*S12 #U,YY4Y2* nV>!#?mk tTS\T S2\P([Y+ x2 xU,YY4Y2* 12 W,YY *,x[Y vY*tYY2 *TY *t1 .x,*SY+ x2[ tY2*
S2*1 YWWY\* 12 ^xq Nk MgMNi8TSPY xU,YY4Y2* 12 *TY *Y,4+ 1W *TY >!# Tx+ x’1S[Y[ x V21 [YxP? ",YrS* +\Y2x,S1 x2[ .,1’S[Y+ W1,k S2
.,S2\S.PYk -(1*x x2[ *x,SWWjW,YY *,x[S2U 1W U11[+k S* S+ 2Y’Y,*TYPY++ Yr.Y\*Y[ *Tx* *TY >!# tSPP ,Y+(P* S2 *TY \,Yx*S12 1W 212j*x,SWW
vx,,SY,+ n+(\T x+ S2\,Yx+Y[ +TS..S2U x2[ ,YU(Px*1,q \1+*+ x2[ \14.PYrS*SY+m *1 *TY *,x[Y S2 U11[+ vY*tYY2 *TY <‘ x2[ *TY f!# [1Y+ 21* .,1’S[Y W1, *TY \12*S2(Y[ W,YY 41’Y4Y2* 1W +Y,’S\Y+ vY*tYY2 *TY <‘ x2[ *TY f< x2[ S4.1+Y+ x[[S*S12xP ,Y+*,S\*S12+
12 *TY W,YY 41’Y4Y2* 1W .Y1.PY vY*tYY2 *TY <‘ x2[ *TY fTY >!# xP+1 U,x2*+ *1 Yx\T 1W *TY <‘ x2[ *TY f< *TY xvSPS*qk S2 \Y,*xS2 \S,\(4+*x2\Y+k *1 (2SPx*Y,xPPq S4.1+Y *x,SWW+ 12 12Y

x21*TY,i b2 *TY Y’Y2* 1W +(\T x2 S4.1+S*S12k x2q x[[S*S12xP *x,SWW+ 4xq Tx’Y x 4x*Y,SxP x[’Y,+Y S4.x\* 12 (+ x+ tYPP x+ *TY +*xvSPS*q 1W
<‘jf< *,x[Y 41,Y UY2Y,xPPqi #2q (2\Y,*xS2*q x+ *1 <‘ 1, f< U1’Y,24Y2* .1PS\SY+ x2[k S2 .x,*S\(Px,k tTY*TY, x2q +(\T .1PS\q 4xq
,Y+(P* S2 *TY S4.1+S*S12 1W ,Y\S.,1\xP *x,SWW+k 4xq [Y.,Y++ Y\1214S\ x\*S’S*q 1, Tx’Y x2 x[’Y,+Y S4.x\* 12 1(, v(+S2Y++ x2[ 1.Y,x*S12+i

b* ,Y4xS2+ *1 vY +YY2 tTY*TY, *TY S2S*SxP S4.PY4Y2*x*S12 1Wk x2[ x[R(+*4Y2* 1W <‘jf< *,x[S2U .,1\Y++Y+ W1,k *TY >!# \1(P[

S2\,Yx+Y 1(, \1+*+ 1, 1*TY,tS+Y 2YUx*S’YPq S4.x\* +xPY+ 1W 1(, .,1[(\*+k 41vSPS*q 1W 1(, .Y,+122YP x2[ 1(, x\\Y++ *1 \x.S*xPi

Others may violate our intellectual property rights and cause us to incur significant costs to protect our rights.

D(, W(*(,Y +(\\Y++ [Y.Y2[+ S2 .x,* (.12 *TY .,1*Y\*S12 1W 1(, S2*YPPY\*(xP .,1.Y,*q ,SUT*+k S2\P([S2U .x*Y2*+k *,x[Y +Y\,Y*+k Q21tj
T1t x2[ \12*S2(S2U *Y\T21P1US\xP S221’x*S12i 8Y [1 21* Tx’Y .Y,+122YP [Y[S\x*Y[ *1 *TY 1’Y,+SUT*k 1,Ux2Sox*S12 x2[ 4x2xUY4Y2* 1W
1(, S2*YPPY\*(xP .,1.Y,*qi >TY,Y \x2 vY 21 x++(,x2\Y *Tx* *TY +*Y.+ tY *xQY *1 .,1*Y\* 1(, S2*YPPY\*(xP .,1.Y,*q ,SUT*+ tSPP vY x[Y-(x*Y *1
.,Y’Y2* 4S+x..,1.,Sx*S12 1, [S+\P1+(,Yi b* S+ .1++SvPY *Tx*k [Y+.S*Y 1(, YWW1,*+k 1*TY, .x,*SY+ 4xq (+Yk 1v*xS2 1, *,q *1 \1.q 1(,
*Y\T21P1Uq x2[ .,1[(\*+i >TY,Y \x2 vY 21 x++(,x2\Y *Tx* 1*TY, \14.x2SY+ x,Y 21* S2’Y+*SUx*S2U 1, [Y’YP1.S2U 1*TY, *Y\T21P1USY+
+S4SPx, *1 1(,+k *Tx* x2q .x*Y2*+ tSPP vY S++(Y[ W,14 x2q x..PS\x*S12+ WSPY[ vq (+k 1, *Tx* *TY \PxS4+ xPP1tY[k Y’Y2 SW .x*Y2*+ x,Y S++(Y[k
tSPP vY +(WWS\SY2* *1 [Y*Y, 1, .,1TSvS* 1*TY,+ W,14 4x,QY*S2U +S4SPx, .,1[(\*+i b2 x[[S*S12k 1(, .x*Y2*+ 4xq vY \TxPPY2UY[k S2’xPS[x*Y[
1, \S,\(4’Y2*Y[ S2 x PYUxP 1, x[4S2S+*,x*S’Y .,1\YY[S2Ui C1PS\S2U (2x(*T1,SoY[ (+Y 1W 1(, S2*YPPY\*(xP .,1.Y,*q ,SUT*+ S+ [SWWS\(P* x2[
*S4Y \12+(4S2U x2[ 4xq S2’1P’Y S2S*Sx*S2U \PxS4+ 1, PS*SUx*S12 xUxS2+* *TS,[ .x,*SY+ W1, S2W,S2UY4Y2* 1W 1(, .,1.,SY*x,q ,SUT*+k tTS\T
\1(P[ vY \1+*Pq x2[ [S’Y,* 4x2xUY4Y2* ,Y+1(,\Y+i

Mg

D(, YWW1,*+ *1 .,1*Y\* 1(, S2*YPPY\*(xP .,1.Y,*q ,SUT*+ xUxS2+* S2W,S2UY4Y2* 4xq 21* vY YWWY\*S’Y S2 +14Y W1,YSU2 \1(2*,SY+ tTY,Y

tY 1.Y,x*Y 1, +YPP 1(, .,1[(\*+i bW tY WxSP *1 x[Y-(x*YPq .,1*Y\* 1(, S2*YPPY\*(xP .,1.Y,*q S2 *TY+Y \1(2*,SY+k tY 4xq P1+Y +SU2SWS\x2*
v(+S2Y++ *1 1(, \14.Y*S*1,+i

Our operating results would suffer if we are unable to successfully defend against infringement claims by third parties.

8Y Tx’Y ,Y\YS’Y[ S2 *TY .x+*k x2[ \1(P[ ,Y\YS’Y S2 *TY W(*(,Yk 21*S\Y+ W,14 *TS,[ .x,*SY+ xPPYUS2U *Tx* 1(, .,1[(\*+ S2W,S2UY .x*Y2*

1, 1*TY, .,1.,SY*x,q ,SUT*+i >TY+Y xPPYUx*S12+ \1(P[ ,Y+(P* S2 +SU2SWS\x2* \1+*+ x2[ [S’Y,+S12 1W *TY x**Y2*S12 1W 4x2xUY4Y2*i #[’Y,+Y
\12+Y-(Y2\Y+ 4xq xP+1 x..Pq SW tY WxSP *1 x’1S[ 1, +(\\Y++W(PPq [YWY2[ PS*SUx*S12 W1, S2W,S2UY4Y2* 1, 4S+x..,1.,Sx*S12 1W .,1.,SY*x,q
,SUT*+ 1W *TS,[ .x,*SY+i 8Y \1(P[ vY ,Y-(S,Y[ *1 .xq +(v+*x2*SxP x41(2*+ W1, [x4xUY+ 1, vY Y2R1S2Y[ W,14 (+S2U *TY *Y\T21P1Uq [YY4Y[
*1 vY S2W,S2US2Uk 1, W,14 (+S2Uk 4xQS2U 1, +YPPS2U .,1[(\*+ [YY4Y[ *1 vY S2W,S2US2Uk x2q 1W tTS\T \1(P[ x[’Y,+YPq xWWY\* 1(, 1.Y,x*S2U
,Y+(P*+i bW tY Tx’Y +(..PSY[ S2W,S2US2U .,1[(\*+ *1 *TS,[ .x,*SY+k tY 4xq vY 1vPSUx*Y[ *1 S2[Y42SWq *TY+Y *TS,[ .x,*SY+ W1, x2q [x4xUY+
*Tx* *TYq 4xq vY ,Y-(S,Y[ *1 .xq *1 *TY .x*Y2* T1P[Y, x2[ W1, x2q P1++Y+ *Tx* *TYq 4xq +(+*xS2 x+ x ,Y+(P* 1W *TY S2W,S2UY4Y2*i

We operate in highly competitive industries and, if we lose competitive advantages, our business would suffer adverse

consequences.

@14Y 1W 1(, \14.Y*S*S12 \14Y+ W,14 Y+*xvPS+TY[ \14.Y*S*1,+ *Tx* Tx’Y U,Yx*Y, WS2x2\SxPk Y2US2YY,S2Uk 4x2(Wx\*(,S2U x2[
4x,QY*S2U ,Y+1(,\Y+ *Tx2 tY [1i D(, \14.Y*S*1,+ tSPP \12*S2(Y *1 S4.,1’Y *TY [Y+SU2 x2[ .Y,W1,4x2\Y 1W *TYS, YrS+*S2U .,1[(\*+ x2[
S2*,1[(\Y 2Yt .,1[(\*+i b* S+ .1++SvPY *Tx* tY 4xq 21* +(\\Y++W(PPq [SWWY,Y2*Sx*Y 1(, \(,,Y2* x2[ .,1.1+Y[ .,1[(\*+ W,14 *TY .,1[(\*+
1W 1(, \14.Y*S*1,+k 1, *Tx* *TY 4x,QY*.Px\Y tSPP 21* \12+S[Y, 1(, .,1[(\*+ *1 vY +(.Y,S1, *1 \14.Y*S2U .,1[(\*+i >1 ,Y4xS2
\14.Y*S*S’Yk tY tSPP vY ,Y-(S,Y[ *1 S2’Y+* TYx’SPq S2 ,Y+Yx,\T x2[ [Y’YP1.4Y2*k 4x,QY*S2U x2[ \(+*14Y, +Y,’S\Y x2[ +(..1,*i
c1tY’Y,k tY 4xq 21* vY xvPY *1 4xQY *TY 2Y\Y++x,q *Y\T21P1US\xP x[’x2\Y+ *1 4xS2*xS2 1(, \14.Y*S*S’Y .1+S*S12 x2[ 1(, .,1[(\*+
4xq 21* ,Y\YS’Y 4x,QY* x\\Y.*x2\Yi >TY+Y Wx\*1,+ t1(P[ \x(+Y (+ 21* *1 vY xvPY *1 \14.Y*Y +(\\Y++W(PPq S2 *TY W(*(,Yi b2\,Yx+Y[
\14.Y*S*S12 4xq xP+1 ,Y+(P* S2 .,S\Y ,Y[(\*S12+k ,Y[(\Y[ .,1WS* 4x,US2+k P1++ 1W 4x,QY* +Tx,Y x2[ x2 S2xvSPS*q *1 UY2Y,x*Y \x+T WP1t+
*Tx* x,Y +(WWS\SY2* *1 4xS2*xS2 1, Yr.x2[ 1(, 2Yt .,1[(\* [Y’YP1.4Y2* .,1U,x4+i

Our results of operations will be adversely affected if we fail to successfully integrate recent and future acquisitions or to

grow the acquired businesses as planned.

#+ .x,* 1W 1(, v(+S2Y++ +*,x*YUqk tY Yr.Y\* *1 v,1x[Y2 1(, .,1[(\* x2[ +Y,’S\Y 1WWY,S2U+ vq x\-(S,S2U v(+S2Y++Y+k *Y\T21P1USY+k
x++Y*+ x2[ .,1[(\* PS2Y+ *Tx*k tY vYPSY’Yk \14.PY4Y2* 1, Yr.x2[ 1(, YrS+*S2U v(+S2Y++Y+i b2 ,Y\Y2* qYx,+k tY Tx’Y 4x[Y x 2(4vY, 1W
x\-(S+S*S12+k S2\P([S2U *TY x\-(S+S*S12+ 1W #>b b2[(+*,SxP #(*14x*S12k b2\ik @\T2YS[Y, fPY\*,S\ ^1*S12 <@#k b2\ik #Adf@ d4vck
^Y[ 7 !Tx2UYk b2\ik x2[ b2UY2Sxj!#>k @i_ik x2[ tY Yr.Y\* *1 \12*S2(Y *1 4xQY x\-(S+S*S12+ S2 *TY W(*(,Yi 8Y 4xq WxSP *1 +(\\Y++W(PPq
S2*YU,x*Y x\-(S,Y[ v(+S2Y++Y+k .,1[(\*+k *Y\T21P1USY+ 1, .Y,+122YP S2*1 1(, v(+S2Y++Y+ x2[k x+ x ,Y+(P*k 4xq WxSP *1 ,YxPSoY *TY +q2Y,USY+k
\1+* +x’S2U+ x2[ 1*TY, vY2YWS*+ Yr.Y\*Y[ W,14 *TY x\-(S+S*S12+i bW tY x,Y 21* xvPY *1 +(\\Y++W(PPq x\TSY’Y *TY+Y 1vRY\*S’Y+k *TY
x2*S\S.x*Y[ vY2YWS*+ 1W +(\T x\-(S+S*S12+ 4xq 21* vY ,YxPSoY[ W(PPq 1, x* xPPk x2[ 1(, ,Y+(P*+ 1W 1.Y,x*S12+ \1(P[ vY x[’Y,+YPq xWWY\*Y[i
#+ x ,Y+(P* 1W *TY 2(4vY, 1W ,Y\Y2* x2[ Yr.Y\*Y[ W(*(,Y x\-(S+S*S12+ S2 x ,YPx*S’YPq +T1,* x41(2* 1W *S4Yk *TY+Y ,S+Q+ 4xq vY TYSUT*Y2Y[
[(Y *1 PS4S*Y[ ,Y+1(,\Y+ x’xSPxvPY *1 S2*YU,x*Y *TY+Y 2Yt v(+S2Y++Y+i D(, x\-(S+S*S12 x\*S’S*SY+ 4xq [S’Y,* 4x2xUY4Y2*;+ x**Y2*S12
W,14 1(, ,YU(Px, 1.Y,x*S12+i ^x2xUS2U x Px,UY, x2[ 41,Y UY1U,x.TS\xPPq [S+.Y,+Y[ 1.Y,x*S12 x2[ .,1[(\* .1,*W1PS1 \1(P[ xP+1 .1+Y
\TxPPY2UY+ W1, 1(, 4x2xUY4Y2* *Yx4i

e(,*TY,k 1(, xvSPS*q *1 4xS2*xS2 x2[ S2\,Yx+Y .,1WS*xvSPS*q 1W x\-(S,Y[ v(+S2Y++Y+ tSPP [Y.Y2[ 12 1(, xvSPS*q *1 4x2xUY x2[
\12*,1P 1.Y,x*S2U Yr.Y2+Y+ x2[ *1 UY2Y,x*Y x2[ +(+*xS2 S2\,Yx+Y[ PY’YP+ 1W ,Y’Y2(Yi D(, Yr.Y\*x*S12+ *1 x\TSY’Y 41,Y \12+S+*Y2* x2[
.,Y[S\*xvPY PY’YP+ 1W ,Y’Y2(Y x2[ *1 S2\,Yx+Y .,1WS*xvSPS*q x+ x ,Y+(P* 1W x2q x\-(S+S*S12 4xq 21* vY ,YxPSoY[i @(\T ,Y’Y2(Y+ x2[
.,1WS*xvSPS*q 4xq Y’Y2 [Y\PS2Y x+ tY S2*YU,x*Y 2YtPq x\-(S,Y[ 1.Y,x*S12+ S2*1 1(, YrS+*S2U v(+S2Y++Y+i 8Y 4xq WxSP *1 S[Y2*SWq S2TY,Y2*
tYxQ2Y++Y+ S2 x\-(S,Y[ v(+S2Y++Y+ 1, 4S+S2*Y,.,Y* 4x,QY* x2[ *Y\T21P1Uq *,Y2[+ x2[ U,1t*T .1*Y2*SxP+ [(,S2U 1(, x\-(S+S*S12 [(Y
[SPSUY2\Y .,1\Y++i bW ,Y’Y2(Y+ 1W x\-(S,Y[ v(+S2Y++Y+ [Y\PS2Y 1, U,1t 41,Y +P1tPq *Tx2 tY x2*S\S.x*Yk 1, SW *TYS, 1.Y,x*S2U Yr.Y2+Y+
x,Y TSUTY, *Tx2 tY Yr.Y\*k tY 4xq 21* vY xvPY *1 +(+*xS2 1, S2\,Yx+Y *TYS, .,1WS*xvSPS*qk S2 tTS\T \x+Y tY 4xq 21* vY xvPY *1 ,YxPSoY *TY
Yr.Y\*Y[ ,Y*(,2 12 1(, S2’Y+*4Y2*+k 1(, WS2x2\SxP \12[S*S12 tSPP +(WWY, x2[ 1(, +*1\Q .,S\Y \1(P[ [Y\PS2Yi b2 x[[S*S12k *T,1(UT 1(,
x\-(S+S*S12+k tY 4xq x++(4Y PSxvSPS*SY+k P1++Y+ 1, \1+*+ W1, tTS\T tY x,Y 21* S2[Y42SWSY[ 1, S2+(,Y[ 1, W1, tTS\T 1(, S2[Y42S*q 1,
S2+(,x2\Y S+ S2x[Y-(x*Yi #2q +(\T PSxvSPS*SY+ 4xq Tx’Y x 4x*Y,SxP x[’Y,+Y YWWY\* 12 1(, WS2x2\SxP .1+S*S12 1, ,Y+(P*+ 1W 1.Y,x*S12+i

If we do not attract and retain our key personnel, our ability to execute our business strategy will be limited.

D(, +(\\Y++ [Y.Y2[+k *1 x +SU2SWS\x2* Yr*Y2*k (.12 *TY \12*S2(Y[ +Y,’S\Y 1W 1(, YrY\(*S’Y 1WWS\Y,+k QYq 4x2xUY4Y2* x2[
*Y\T2S\xP .Y,+122YPk .x,*S\(Px,Pq 1(, Yr.Y,SY2\Y[ Y2US2YY,+k x2[ (.12 1(, xvSPS*q *1 \12*S2(Y *1 x**,x\*k ,Y*xS2k x2[ 41*S’x*Y -(xPSWSY[
.Y,+122YPi 8Y Tx’Y ,Y\Y2*Pq Yr.Y,SY2\Y[ S2\,Yx+Y[ *(,21’Y, 1W QYq .Y,+122YPk x2[ *TY \14.Y*S*S12 W1, +QSPPY[ Y4.P1qYY+ S+ S2*Y2+Yi
8Y Tx’Y S2\(,,Y[ S2\,Yx+Y[ Yr.Y2+Y+ S2 \122Y\*S12 tS*T *TY ,Y*Y2*S12 1W YrS+*S2U QYq .Y,+122YP x2[ TS,S2U 1W 2Yt Y4.P1qYY+k x2[ tY
Yr.Y\* *TY+Y S2\,Yx+Y[ \1+*+ *1 \12*S2(Yi #[[S*S12xP P1++Y+ 1W 1(, QYq .Y,+122YP \1(P[ Tx’Y x 4x*Y,SxP x[’Y,+Y YWWY\* 12 1(, 1.Y,x*S2U
,Y+(P*+i b2 x[[S*S12k *TY,Y \1(P[ vY x 4x*Y,SxP x[’Y,+Y YWWY\* 12 (+ SW *TY *(,21’Y, ,x*Y+ W1, Y2US2YY,+ x2[ 1*TY, QYq .Y,+122YP S2\,Yx+Y

MN

+SU2SWS\x2*Pq 1, SW tY x,Y (2xvPY *1 \12*S2(Y *1 x**,x\* -(xPSWSY[ .Y,+122YPi >TY \1+*+ *1 ,Y*xS2 1, TS,Y Y4.P1qYY+ \1(P[ xP+1 S2\,Yx+Y
41,Y *Tx2 tY Yr.Y\*i

D(, +(\\Y++ xP+1 [Y.Y2[+ 12 1(, xvSPS*q *1 YrY\(*Y PYx[Y,+TS. +(\\Y++S12 .Px2+i >TY S2xvSPS*q *1 +(\\Y++W(PPq *,x2+S*S12 QYq

4x2xUY4Y2* ,1PY+ \1(P[ Tx’Y x 4x*Y,SxP x[’Y,+Y YWWY\* 12 1(, 1.Y,x*S2U ,Y+(P*+i

We have undertaken restructuring and realignment activities in the past, and we will continue to assess our operating and

cost structure in the future. These actions may not improve our financial position, and may ultimately prove detrimental to our
operations and sales.

8Y Tx’Y (2[Y,*xQY2 ,Y+*,(\*(,S2U x2[ ,YxPSU24Y2* x\*S’S*SY+ S2 *TY .x+*k x2[ tY tSPP \12*S2(Y *1 x++Y++ 1(, 1.Y,x*S2U x2[ \1+*

+*,(\*(,Y S2 *TY W(*(,Yi D(, xvSPS*q *1 ,Y[(\Y 1.Y,x*S2U Yr.Y2+Y+ x2[ S4.,1’Y U,1++ 4x,US2 S+ [Y.Y2[Y2* (.12 *TY 2x*(,Y 1W *TY x\*S12+
tY *xQY x2[ 1(, +(v+Y-(Y2* xvSPS*q *1 S4.PY4Y2* *T1+Y x\*S12+ x2[ ,YxPSoY *TY Yr.Y\*Y[ \1+* +x’S2U+ x2[ U,1++ 4x,US2 S4.,1’Y4Y2*+i
8Y x,Y *xQS2Uk x2[ 4xq 2YY[ *1 *xQY S2 *TY W(*(,Yk x[[S*S12xP ,Y+*,(\*(,S2U x\*S12+k +(\T x+ YPS4S2x*S2U 1, \12+1PS[x*S2U \Y,*xS2 1W 1(,
Wx\SPS*SY+ 1, 1.Y,x*S12+k ,Y[(\S2U 1(, TYx[\1(2*k 1, YPS4S2x*S2U \Y,*xS2 .1+S*S12+i exSP(,Y *1 +(\\Y++W(PPq S4.PY4Y2* +(\T ,Y+*,(\*(,S2U
x\*S’S*SY+ \1(P[ x[’Y,+YPq xWWY\* 1(, xvSPS*q *1 4YY* \(+*14Y, [Y4x2[ W1, 1(, .,1[(\*+ x2[ \1(P[ S2\,Yx+Y *TY \1+* 1W .,1[(\*S12 ’Y,+(+
1(, .,1RY\*S12+k v1*T 1W tTS\T \1(P[ x[’Y,+YPq S4.x\* 1(, 1.Y,x*S2U ,Y+(P*+i e(,*TY,k Yr.Y2+Y+ x2[ \1+* S2YWWS\SY2\SY+ x++1\Sx*Y[ tS*T
1(, ,Y+*,(\*(,S2U x\*S’S*SY+k S2\P([S2U +Y’Y,x2\Y \1+*+ x2[ *TY P1++ 1W *,xS2Y[ Y4.P1qYY+ tS*T Q21tPY[UY 1W 1(, v(+S2Y++ x2[
1.Y,x*S12+k \1(P[ Yr\YY[ 1(, Yr.Y\*x*S12+ x2[ 2YUx*S’YPq S4.x\* 1(, WS2x2\SxP ,Y+(P*+i 8Y x,Y xP+1 *xQS2U x\*S12+ *1 S4.,1’Y 1(, .,S\Y
,YxPSox*S12k ,Y[(\Y 1(, 1’Y,TYx[ x2[ \1+* 1W .11, -(xPS*qk x2[ S4.,1’Y 1(, 4x*Y,SxP .,1[(\*S’S*qi exSP(,Y *1 +(\\Y++W(PPq S4.PY4Y2*
*TY+Y x\*S12+ \1(P[ 2YUx*S’YPq S4.x\* 1(, xvSPS*q *1 x\TSY’Y 1(, U,1++ 4x,US2 U1xP+i

Product defects or problems with integrating our products with other vendors’ products used by our customers may seriously

harm our business and reputation.

8Y .,1[(\Y \14.PYr .,1[(\*+ *Tx* \x2 \12*xS2 Px*Y2* [YWY\*+ 1, .Y,W1,4x2\Y .,1vPY4+i >TS+ \1(P[ Tx..Y2 *1 v1*T YrS+*S2U x2[

2Yt .,1[(\*+i @(\T [YWY\*+ 1, .Y,W1,4x2\Y .,1vPY4+ \1(P[ ,Y+(P* S2 PS*SUx*S12 xUxS2+* (+ x2[ vY [Y*,S4Y2*xP *1 1(, v(+S2Y++ x2[
,Y.(*x*S12i

b2 x[[S*S12k \(+*14Y,+ W,Y-(Y2*Pq S2*YU,x*Y 1(, .,1[(\*+ tS*T 1*TY, ’Y2[1,+; .,1[(\*+i 8TY2 .,1vPY4+ 1\\(, S2 x \14vS2Y[
Y2’S,124Y2*k S* 4xq vY [SWWS\(P* *1 S[Y2*SWq *TY +1(,\Y 1W *TY .,1vPY4i >TY+Y .,1vPY4+ 4xq \x(+Y (+ *1 S2\(, +SU2SWS\x2* tx,,x2*q x2[
,Y.xS, \1+*+k [S’Y,* *TY x**Y2*S12 1W 1(, Y2US2YY,S2U .Y,+122YP W,14 1(, .,1[(\* [Y’YP1.4Y2* YWW1,*+k x2[ \x(+Y +SU2SWS\x2* \(+*14Y,
,YPx*S12+TS. S++(Y+k x2q 1W tTS\T \1(P[ x[’Y,+YPq xWWY\* 1(, ,Y+(P*+ 1W 1.Y,x*S12+ x2[ WS2x2\SxP \12[S*S12i

Disruptions in the supply of certain key components and other goods from our suppliers, including limited or single source

suppliers, have adversely affected the results of our business operations, and could damage our relationships with customers.

>TY .,1[(\*S12 1W 1(, .,1[(\*+ ,Y-(S,Y+ x tS[Y ’x,SY*q 1W ,xt 4x*Y,SxP+k QYq \14.12Y2*+ x2[ 1*TY, U11[+ *Tx* x,Y UY2Y,xPPq

x’xSPxvPY W,14 xP*Y,2x*Y +1(,\Y+ 1W +(..Pqi c1tY’Y,k \Y,*xS2 \,S*S\xP ,xt 4x*Y,SxP+k QYq \14.12Y2*+ x2[ 1*TY, U11[+ ,Y-(S,Y[ W1, *TY
.,1[(\*S12 1W +14Y 1W 1(, .,S2\S.xP .,1[(\*+ x,Y x’xSPxvPY W,14 PS4S*Y[ 1, x +S2UPY +1(,\Y 1W +(..Pqi !Y,*xS2 +S2UPY +1(,\Y +(..PSY,+ 1W
QYq \14.12Y2*+ W1, (+ Tx’Y [Y\S[Y[ *1 +*1. .,1[(\S2U +14Y 1W *TY+Y \14.12Y2*+i bW tY WxSP *1 WS2[ xP*Y,2x*S’Y +1(,\Y+k ,Y[Y+SU2 1(,
.,1[(\*+ 1, 1*TY,tS+Y 4x2xUY *TS+ *,x2+S*S12 YWWY\*S’YPqk 1(, v(+S2Y++ t1(P[ vY x[’Y,+YPq S4.x\*Y[i bW x[[S*S12xP +S2UPY +1(,\Y
+(..PSY,+ [Y\S[Y *1 +*1. .,1[(\S2U x QYq \14.12Y2* W1, (+k 1, SW *TY ,Y\YS.* 1W \Y,*xS2 PS4S*Y[ +1(,\Y 1, +S2UPY +1(,\Y 4x*Y,SxP+ S+
1*TY,tS+Y [YPxqY[k 1(, ,YPx*S12+TS. tS*T \(+*14Y,+ 4xq vY Tx,4Y[ SW +(\T [Y\S+S12+ 1, [YPxq+ \x(+Y (+ *1 4S++ 1(, +\TY[(PY[
+TS.4Y2* [Yx[PS2Y+ x2[ 1(, v(+S2Y++ \1(P[ vY x[’Y,+YPq xWWY\*Y[i D(, \(,,Y2* 1, xP*Y,2x*S’Y +1(,\Y+ 4xq 21* vY xvPY *1 \12*S2(Y *1
4YY* xPP 1W 1(, [Y4x2[+ 12 x *S4YPq vx+S+i bW +(..PSY,+ 1, +(v\12*,x\*1,+ Yr.Y,SY2\Y [SWWS\(P*SY+ 1, WxSP *1 4YY* 1(, 4x2(Wx\*(,S2U
,Y-(S,Y4Y2*+k 1(, v(+S2Y++ t1(P[ vY Tx,4Y[ (2*SP tY x,Y xvPY *1 +Y\(,Y xP*Y,2x*S’Y +1(,\Y+k SW x2qk 12 \144Y,\SxPPq ,Yx+12xvPY *Y,4+i
# .,1P12UY[ S2xvSPS*q *1 1v*xS2 \Y,*xS2 ,xt 4x*Y,SxP+k QYq \14.12Y2*+ 1, 1*TY, U11[+ S+ .1++SvPY x2[ \1(P[ Tx’Y x +SU2SWS\x2* x[’Y,+Y
YWWY\* 12 1(, v(+S2Y++ 1.Y,x*S12+k [x4xUY 1(, ,YPx*S12+TS.+ tS*T \(+*14Y,+k 1, Y’Y2 PYx[ *1 .Y,4x2Y2* P1++ 1W \(+*14Y, 1,[Y,+i

b2 x[[S*S12k \Y,*xS2 1W 1(, v(+S2Y++Y+ v(q \14.12Y2*+k S2\P([S2U PS4S*Y[ 1, +1PY +1(,\Y S*Y4+k W,14 \14.Y*S*1,+ 1W 1(, 1*TY,

v(+S2Y++Y+i >TS+ [q2x4S\ 4xq x[’Y,+YPq S4.x\* 1(, ,YPx*S12+TS. tS*T *TY+Y +(..PSY,+i e1, Yrx4.PYk *TY+Y +(..PSY,+ \1(P[ S2\,Yx+Y *TY
.,S\Y 1W *T1+Y \14.12Y2*+ 1, ,Y[(\Y *TYS, +(..Pq 1W *T1+Y \14.12Y2*+ *1 (+k tTS\T \1(P[ Tx’Y x +SU2SWS\x2* x[’Y,+Y YWWY\* 12 1(,
v(+S2Y++ 1.Y,x*S12+ 1, PYx[ *1 .Y,4x2Y2* P1++ 1W \(+*14Y, 1,[Y,+i

If we fail to accurately forecast component and raw material requirements for our products, we could incur additional costs
and experience significant delays in shipments, which could have an adverse effect on the results of our business operations, and
could damage our relationships with customers.

8Y (+Y ,1PPS2U W1,Y\x+*+ vx+Y[ 12 x2*S\S.x*Y[ .,1[(\* 1,[Y,+ *1 [Y*Y,4S2Y 1(, .,1[(\*S12 ,Y-(S,Y4Y2*+i b* S+ S4.1,*x2* *Tx* tY

x\\(,x*YPq .,Y[S\* v1*T *TY [Y4x2[ W1, 1(, .,1[(\*+ x2[ *TY PYx[ *S4Y+ ,Y-(S,Y[ *1 1v*xS2 *TY 2Y\Y++x,q \14.12Y2*+ x2[ ,xt 4x*Y,SxP+

MM

*1 4x2(Wx\*(,Y 1(, .,1[(\*+i _Yx[ *S4Y+ W1, 1(, \14.12Y2*+ x2[ ,xt 4x*Y,SxP+ ’x,q +SU2SWS\x2*Pq x2[ [Y.Y2[ 12 4(P*S.PY Wx\*1,+k
S2\P([S2U *TY +.Y\SWS\ +(..PSY, ,Y-(S,Y4Y2*+k *TY +SoY 1W *TY 1,[Y,k \12*,x\* *Y,4+ x2[ \(,,Y2* 4x,QY* [Y4x2[i e1, +(v+*x2*SxP S2\,Yx+Y+
S2 1(, +xPY+ PY’YP+ 1W \Y,*xS2 .,1[(\*+k +14Y 1W 1(, +(..PSY,+ 4xq 2YY[ +SU2SWS\x2* PYx[ *S4Yi bW tY 1’Y,Y+*S4x*Y 1(, \14.12Y2* x2[
,xt 4x*Y,SxP ,Y-(S,Y4Y2*+k tY 4xq Tx’Y Yr\Y++ S2’Y2*1,qk tTS\T t1(P[ S2\,Yx+Y 1(, \1+*+i bW tY (2[Y,Y+*S4x*Y 1(, \14.12Y2* x2[
,xt 4x*Y,SxP ,Y-(S,Y4Y2*+k tY 4xq Tx’Y S2x[Y-(x*Y S2’Y2*1,qk tTS\T \1(P[ S2*Y,,(.* x2[ [YPxq [YPS’Y,q 1W 1(, .,1[(\*+ *1 \(+*14Y,+i
#2q 1W *TY+Y 1\\(,,Y2\Y+ \1(P[ x[’Y,+YPq xWWY\* 1(, ,Y+(P*+ 1W 1.Y,x*S12+ x2[ [x4xUY 1(, ,YPx*S12+TS.+ tS*T \(+*14Y,+i

Production difficulties and product delivery delays or disruptions could have a material adverse effect on our business.

8Y x++Y4vPY 1(, .,1[(\*+ x* 1(, Wx\SPS*SY+ S2 *TY 1 [Y412+*,x*Y
\14.PSx2\Y tS*T *TY UY2Y,xP +xWY*q x2[ .Y,W1,4x2\Y ,Y-(S,Y4Y2*+k 4Y[S\xP [Y’S\Y+ 4(+* (2[Y,U1 x \12W1,4S*q x++Y++4Y2* .,1\Y[(,Yk
tTS\T ’x,SY+ x\\1,[S2U *1 *TY *q.Y 1W 4Y[S\xP [Y’S\Y x2[ S*+ ,S+Q \Px++SWS\x*S12i fr\Y.* W1, P1t ,S+Q 4Y[S\xP [Y’S\Y+ n!Px++ bmk tTY,Y
*TY 4x2(Wx\*(,Y, \x2 +YPWjx++Y++ *TY \12W1,4S*q 1W S*+ .,1[(\*+ tS*T *TY UY2Y,xP +xWY*q x2[ .Y,W1,4x2\Y ,Y-(S,Y4Y2*+ nYr\Y.* W1, x2q
.x,*+ tTS\T ,YPx*Y *1 +*Y,SPS*qk 4Y*,1P1Uq 1, ,Y(+Y x+.Y\*+mk x \12W1,4S*q x++Y++4Y2* .,1\Y[(,Y ,Y-(S,Y+ *TY S2*Y,’Y2*S12 1W x 21*SWSY[
v1[qi !14.PSx2\Y tS*T *TY+Y ,Y-(S,Y4Y2*+ S+ x .,Y,Y-(S+S*Y *1 vY xvPY *1 xWWSr *TY f(,1.Yx2 !12W1,4S*q nV!f?m 4x,Q *1 4Y[S\xP
[Y’S\Y+k tS*T1(* tTS\T *TYq \x221* vY +1P[ 1, 4x,QY*Y[ S2 *TY fTY .,1\Y++ 1W 1v*xS2S2U 4x,QY*S2U x..,1’xPk \Y,*SWS\x*S12 1,
\PYx,x2\Y W,14 *TY e~# 1, vq \14.x,xvPY xUY2\SY+ S2 W1,YSU2 \1(2*,SY+ W1, 2Yt .,1[(\*+k 1, tS*T ,Y+.Y\* *1 Y2Tx2\Y4Y2*+ 1,
41[SWS\x*S12+ *1 YrS+*S2U .,1[(\*+k \1(P[E

ML

•

•

•

•

•

*xQY x +SU2SWS\x2* .Y,S1[ 1W *S4Y%

,Y-(S,Y +(v+*x2*SxP ,Y+1(,\Y+%

S2’1P’Y ,SU1,1(+ .,Yj\PS2S\xP x2[ \PS2S\xP *Y+*S2Uk x+ tYPP x+ S2\,Yx+Y[ .1+*j4x,QY* +(,’YSPPx2\Y%

,Y-(S,Y \Tx2UY+ *1 .,1[(\*+% x2[

,Y+(P* S2 PS4S*x*S12+ 12 *TY S2[S\x*Y[ (+Y+ 1W .,1[(\*+i

b2 x[[S*S12k Yr.1,*Y[ [Y’S\Y+ x,Y +(vRY\* *1 *TY ,YU(Px*1,q ,Y-(S,Y4Y2*+ 1W Yx\T \1(2*,q *1 tTS\T *TY [Y’S\Y S+ Yr.1,*Y[i @14Y

\1(2*,SY+ [1 21* Tx’Y 4Y[S\xP [Y’S\Y ,YU(Px*S12+k v(* S2 41+* W1,YSU2 \1(2*,SY+k 4Y[S\xP [Y’S\Y+ x,Y ,YU(Px*Y[i ^1+* \1(2*,SY+ 1(*+S[Y
1W *TY TY ,Y2YtxP
1, ,Y\Y,*SWS\x*S12 .,1\Y++ ,Y-(S,Y+ *Tx* tY Y’xP(x*Y x2q [Y’S\Y \Tx2UY+ x2[ x2q 2Yt ,YU(Px*S12+ 1, +*x2[x,[+ ,YPY’x2* *1 *TY [Y’S\Y x2[
\12[(\* x..,1.,Sx*Y *Y+*S2U *1 [1\(4Y2* \12*S2(Y[ \14.PSx2\Yi 8TY,Y ,Y2YtxP 1, ,Y\Y,*SWS\x*S12 x..PS\x*S12+ x,Y ,Y-(S,Y[k *TYq 4xq
2YY[ *1 vY ,Y2YtY[ x2[h1, x..,1’Y[ 1, \Y,*SWSY[ S2 1,[Y, W1, (+ *1 \12*S2(Y +YPPS2U 1(, .,1[(\*+ S2 *T1+Y \1(2*,SY+i >TY,Y \x2 vY 21
x++(,x2\Y *Tx* tY tSPP ,Y\YS’Y *TY ,Y-(S,Y[ x..,1’xP+ 1, \Y,*SWS\x*S12 W1, 2Yt .,1[(\*+ 1, 41[SWS\x*S12+ *1 YrS+*S2U .,1[(\*+ 12 x
*S4YPq vx+S+ 1, *Tx* x2q x..,1’xP 1, \Y,*SWS\x*S12 tSPP 21* vY +(v+Y-(Y2*Pq tS*T[,xt2 1, \12[S*S12Y[ (.12 Yr*Y2+S’Y .1+*j4x,QY* +*([q
,Y-(S,Y4Y2*+i

>TY e~# x2[ 1*TY, t1,P[tS[Y ,YU(Px*1,q xUY2\SY+ x\*S’YPq 412S*1, \14.PSx2\Y tS*T P1\xP Pxt+ x2[ ,YU(Px*S12+ *T,1(UT ,Y’SYtk

S2+.Y\*S12 x2[ x([S* 1W [Y+SU2 x2[ 4x2(Wx\*(,S2U .,x\*S\Y+k ,Y\1,[QYY.S2Uk ,Y.1,*S2U 1W x[’Y,+Y Y’Y2*+k PxvYPS2U x2[ .,141*S12xP
.,x\*S\Y+i >TY e~# x2[ 1*TY, ,YU(Px*1,q xUY2\SY+ t1,P[tS[Y \x2 vx2 \Y,*xS2 4Y[S\xP [Y’S\Y+% [Y*xS2 1, +YSoY x[(P*Y,x*Y[ 1,
4S+v,x2[Y[ 4Y[S\xP [Y’S\Y+% 1,[Y, ,Y\xPPk ,Y.xS,k ,Y.Px\Y4Y2* 1, ,YW(2[ 1W *TY+Y [Y’S\Y+% x2[ ,Y-(S,Y 21*SWS\x*S12 1W TYxP*T\x,Y
.,1WY++S12xP+ x2[ 1*TY,+ tS*T ,YUx,[ *1 4Y[S\xP [Y’S\Y+ *Tx* .,Y+Y2* (2,Yx+12xvPY ,S+Q+ 1W +(v+*x2*SxP Tx,4 *1 *TY .(vPS\ TYxP*Ti >TY
e~# x2[ 1*TY, t1,P[tS[Y ,YU(Px*1,q xUY2\SY+ \x2 *xQY x\*S12 xUxS2+* x \14.x2q *Tx* .,141*Y+ 91WWjPxvYP9 (+Y+i >TY e~# 4xq xP+1
Y2R1S2 x2[ ,Y+*,xS2 x \14.x2q W1, \Y,*xS2 ’S1Px*S12+ 1W *TY e~!# x2[ ,YU(Px*S12+ .Y,*xS2S2U *1 4Y[S\xP [Y’S\Y+k 1, S2S*Sx*Y x\*S12 W1,
\,S4S2xP .,1+Y\(*S12 1W +(\T ’S1Px*S12+i @S4SPx, ,Y-(S,Y4Y2*+ x..Pq S2 W1,YSU2 R(,S+[S\*S12+i #2q x[’Y,+Y ,YU(Px*1,q x\*S12k [Y.Y2[S2U
12 S*+ 4xU2S*([Yk 4xq ,Y+*,S\* x \14.x2q W,14 YWWY\*S’YPq 4x,QY*S2U x2[ +YPPS2U S*+ .,1[(\*+k 4xq PS4S* x \14.x2qp+ xvSPS*q *1 1v*xS2
W(*(,Y .,Y4x,QY* \PYx,x2\Y+k x..,1’xP+ 1, \Y,*SWS\x*S12+k x2[ \1(P[ ,Y+(P* S2 x +(v+*x2*SxP 41[SWS\x*S12 *1 *TY \14.x2qp+ v(+S2Y++
.,x\*S\Y+ x2[ 1.Y,x*S12+i b2*Y,2x*S12xP +xPY+ 1W 4Y[S\xP [Y’S\Y+ 4x2(Wx\*(,Y[ S2 *TY TY ^Y[S\xP ~Y’S\Y+
AYU(Px*S12 S+ S2*Y2[Y[ *1 Y+*xvPS+T x (2SW1,4 ,YU(Px*1,q W,x4Yt1,Q x\,1++ *TY f< W1, 4Y[S\xP [Y’S\Y+i >TY+Y 41[SWS\x*S12+ 4xq Tx’Y
x2 YWWY\* 12 *TY txq tY S2*Y2[ *1 [Y’YP1. 1(, v(+S2Y++ S2 *TY f< x2[ ff#i

e,14 *S4Y *1 *S4Yk PYUS+Px*S12 S+ [,xW*Y[ x2[ S2*,1[(\Y[ S2 !12U,Y++ *Tx* \1(P[ +SU2SWS\x2*Pq \Tx2UY *TY +*x*(*1,q .,1’S+S12+

U1’Y,2S2U *TY ,YU(Px*S12 1W 4Y[S\xP [Y’S\Y+i >TY e~# 4xq xP+1 \Tx2UY S*+ \PYx,x2\Y x2[ x..,1’xP .1PS\SY+k x[1.* x[[S*S12xP
,YU(Px*S12+ 1, ,Y’S+Y YrS+*S2U ,YU(Px*S12+k 1, *xQY 1*TY, x\*S12+ *Tx* 4xq .,Y’Y2* 1, [YPxq x..,1’xP 1, \PYx,x2\Y 1W 1(, W(*(,Y .,1[(\*+
(2[Y, [Y’YP1.4Y2* 1, S4.x\* 1(, xvSPS*q *1 41[SWq 1(, \(,,Y2*Pq \PYx,Y[ .,1[(\*+ 12 x *S4YPq vx+S+i D’Y, *TY Px+* +Y’Y,xP qYx,+k *TY
e~# Tx+ .,1.1+Y[ ,YW1,4+ *1 S*+ JNgnQm \PYx,x2\Y .,1\Y++k x2[ +(\T .,1.1+xP+ \1(P[ S2\P([Y S2\,Yx+Y[ ,Y-(S,Y4Y2*+ W1, \PS2S\xP [x*x
x2[ x P12UY, ,Y’SYt .Y,S1[k 1, \1(P[ 4xQY S* 41,Y [SWWS\(P* W1, 4x2(Wx\*(,Y,+ *1 (*SPSoY *TY JNgnQm \PYx,x2\Y .,1\Y++ W1, *TYS, .,1[(\*+i
b2 x[[S*S12k e~# ,YU(Px*S12+ x2[ U(S[x2\Y x,Y 1W*Y2 ,Y’S+Y[ 1, ,YS2*Y,.,Y*Y[ vq *TY e~# S2 txq+ *Tx* 4xq +SU2SWS\x2*Pq xWWY\* 1(,
v(+S2Y++ x2[ 1(, .,1[(\*+i #2q 2Yt +*x*(*Y+k ,YU(Px*S12+k 1, ,Y’S+S12+ 1, ,YS2*Y,.,Y*x*S12+ 1W YrS+*S2U ,YU(Px*S12+ 4xq S4.1+Y
x[[S*S12xP \1+*+k PY2U*TY2 ,YU(Px*1,q ,Y’SYt *S4Y W1,k 1, 4xQY S* 41,Y [SWWS\(P* *1 1v*xS2 x..,1’xP W1,k *TY 4x2(Wx\*(,S2Uk 4x,QY*S2U 1,
[S+*,Sv(*S12 1W 1(, .,1[(\*+i @(\T \Tx2UY+ \1(P[k x412U 1*TY, *TS2U+k ,Y-(S,Y x[[S*S12xP *Y+*S2U .,S1, *1 1v*xS2S2U \PYx,x2\Y 1,
x..,1’xPk \Tx2UY+ *1 4x2(Wx\*(,S2U 4Y*T1[+k ,Y\xPPk ,Y.Px\Y4Y2* 1, [S+\12*S2(x2\Y 1W 1(, .,1[(\*+k 1, ,Y-(S,Y x[[S*S12xP ,Y\1,[
QYY.S2Ui

exSP(,Y *1 \14.Pq tS*T ,YU(Px*1,q ,Y-(S,Y4Y2*+ \1(P[ Tx’Y x 4x*Y,SxP x[’Y,+Y YWWY\* 12 1(, v(+S2Y++k WS2x2\SxP \12[S*S12 x2[

,Y+(P*+ 1W 1.Y,x*S12+i _x*Y, [S+\1’Y,q 1W .,Y’S1(+Pq (2Q21t2 .,1vPY4+ tS*T x .,1[(\* 1, 4x2(Wx\*(,Y, \1(P[ ,Y+(P* S2 WS2Y+k [YPxq+ 1,
+(+.Y2+S12+ 1W ,YU(Px*1,q \PYx,x2\Y+k x..,1’xP+ 1, \Y,*SWS\x*S12k +YSo(,Y+ 1, ,Y\xPP+ 1W .,1[(\*+k .Tq+S\Sx2 x[’S+1,SY+ 1, 1*TY, WSYP[
x\*S12+k 1.Y,x*S2U ,Y+*,S\*S12+ x2[h1, \,S4S2xP .,1+Y\(*S12i 8Y 4xq xP+1 S2S*Sx*Y WSYP[ x\*S12+ x+ x ,Y+(P* 1W x WxSP(,Y *1 +*,S\*Pq \14.Pq
tS*T 1(, S2*Y,2xP -(xPS*q .1PS\SY+i >TY WxSP(,Y *1 ,Y\YS’Y .,1[(\* x..,1’xP \PYx,x2\Y 1, \Y,*SWS\x*S12 12 x *S4YPq vx+S+k +(+.Y2+S12+ 1W
,YU(Px*1,q \PYx,x2\Y+ 1, \Y,*SWS\x*S12+k +YSo(,Y+ 1, ,Y\xPP+ 1W .,1[(\*+k .Tq+S\Sx2 x[’S+1,SY+ 1, 1*TY, WSYP[ x\*S12+k 1, *TY tS*T[,xtxP 1W
.,1[(\* x..,1’xP 1, \Y,*SWS\x*S12 vq *TY e~# 1, 1*TY, \14.x,xvPY xUY2\SY+ S2 W1,YSU2 \1(2*,SY+ \1(P[ Tx’Y x 4x*Y,SxP x[’Y,+Y YWWY\* 12
1(, v(+S2Y++k WS2x2\SxP \12[S*S12 x2[ ,Y+(P*+ 1W 1.Y,x*S12+i

MK

Our products and operations are subject to various foreign and U.S. federal and state healthcare laws and regulations, which

could expose us to penalties.

D(, .,1[(\*+ x2[ 1(, 1.Y,x*S12+ 4xq vY [S,Y\*Pqk 1, S2[S,Y\*Pq *T,1(UT 1(, \(+*14Y,+k +(vRY\* *1 ’x,S1(+ W1,YSU2 x2[ TY+Y Pxt+
4xq ,Y+*,S\*k x412U 1*TY, *TS2U+k *TY [Y’YP1.4Y2*k +xPYk 4x,QY*S2U x2[ [S+*,Sv(*S12 1W 1(, .,1[(\*+i >TY+Y Pxt+ S2\P([YE

•

•

•

•

•

•

*TY WY[Y,xP #2*Sj‘S\Qvx\Q @*x*(*Yk tTS\T .,1TSvS*+k x412U 1*TY, *TS2U+k .Y,+12+ W,14 Q21tS2UPq x2[ tSPPW(PPq +1PS\S*S2Uk
,Y\YS’S2Uk 1WWY,S2U 1, .xqS2U ,Y4(2Y,x*S12k [S,Y\*Pq 1, S2[S,Y\*Pqk *1 S2[(\Yk 1, S2 ,Y*(,2 W1,k *TY .(,\Tx+Y 1,
,Y\144Y2[x*S12 1W x2 S*Y4 1, +Y,’S\Y ,YS4v(,+xvPY (2[Y, x WY[Y,xP TYxP*T\x,Y .,1U,x4k +(\T x+ *TY ^Y[S\x,Y x2[
^Y[S\xS[ .,1U,x4+i # .Y,+12 1, Y2*S*q [1Y+ 21* 2YY[ *1 Tx’Y x\*(xP Q21tPY[UY 1W *TY +*x*(*Y 1, +.Y\SWS\ S2*Y2* *1 ’S1Px*Y S*
*1 vY [YY4Y[ *1 Tx’Y \144S**Y[ x ’S1Px*S12%

WY[Y,xP \S’SP x2[ \,S4S2xP WxP+Y \PxS4+ Pxt+k S2\P([S2U *TY exP+Y !PxS4+ #\*k x2[ \S’SP 412Y*x,q .Y2xP*q Pxt+k tTS\T
.,1TSvS*k x412U 1*TY, *TS2U+k S2[S’S[(xP+ 1, Y2*S*SY+ W,14 Q21tS2UPq .,Y+Y2*S2Uk 1, \x(+S2U *1 vY .,Y+Y2*Y[k WxP+Y 1,
W,x([(PY2* \PxS4+ W1, .xq4Y2* W,14 ^Y[S\x,Yk ^Y[S\xS[k 1, 1*TY, *TS,[j.x,*q .xq1,+i b2 x[[S*S12k *TY U1’Y,24Y2* 4xq
x++Y,* *Tx* x \PxS4 S2\P([S2U S*Y4+ 1, +Y,’S\Y+ ,Y+(P*S2U W,14 x ’S1Px*S12 1W *TY Y\T21P1Uq W1, f\1214S\ x2[ !PS2S\xP cYxP*T #\*k 1, cb>f!ck x2[ S*+
S4.PY4Y2*S2U ,YU(Px*S12+k tTS\T S4.1+Y+ \Y,*xS2 ,Y-(S,Y4Y2*+ ,YPx*S2U *1 *TY .,S’x\qk +Y\(,S*qk x2[ *,x2+4S++S12 1W
S2[S’S[(xPPq S[Y2*SWSxvPY TYxP*T S2W1,4x*S12%

*TY WY[Y,xP .Tq+S\Sx2 V@(2+TS2Y #\*? ,Y-(S,Y4Y2*+k tTS\T ,Y-(S,Y 4x2(Wx\*(,Y,+ 1W [,(U+k [Y’S\Y+k vS1P1US\+k x2[ 4Y[S\xP
+(..PSY+ *1 ,Y.1,* x22(xPPq *1 !Y2*Y,+ W1, ^Y[S\x,Y 0 ^Y[S\xS[ @Y,’S\Y+ n*TY V!^@?m S2W1,4x*S12 ,YPx*Y[ *1 nSm .xq4Y2*+
x2[ 1*TY, *,x2+WY,+ 1W ’xP(Y *1 .Tq+S\Sx2+ nx+ [YWS2Y[ vq +*x*(*Ymk \Y,*xS2 1*TY, TYxP*T\x,Y .,1’S[Y,+ nvYUS22S2U S2 MgMMmk
x2[ *Yx\TS2U T1+.S*xP+k x2[ nSSm 1t2Y,+TS. x2[ S2’Y+*4Y2* S2*Y,Y+*+ TYP[ vq .Tq+S\Sx2+ x2[ *TYS, S44Y[Sx*Y Wx4SPq
4Y4vY,+%

+*x*Y x2[ W1,YSU2 Pxt Y-(S’xPY2*+ 1W Yx\T 1W *TY xv1’Y WY[Y,xP Pxt+k +(\T x+ nSm x2*SjQS\Qvx\Q x2[ WxP+Y \PxS4+ Pxt+ *Tx*
4xq x..Pq *1 S*Y4+ 1, +Y,’S\Y+ ,YS4v(,+Y[ vq x2q *TS,[j.x,*q .xq1,+k S2\P([S2U \144Y,\SxP S2+(,Y,+% nSSm +*x*Y Pxt+ *Tx*
,Y-(S,Y [Y’S\Y 4x2(Wx\*(,Y,+ *1 \14.Pq tS*T *TY S2[(+*,q;+ ’1P(2*x,q \14.PSx2\Y U(S[YPS2Y+ x2[ *TY x..PS\xvPY
\14.PSx2\Y U(S[x2\Y .,14(PUx*Y[ vq *TY WY[Y,xP U1’Y,24Y2*k 1, 1*TY,tS+Y ,Y+*,S\*Y[ .xq4Y2*+ *Tx* 4xq vY 4x[Y *1
TYxP*T\x,Y .,1’S[Y,+ x2[ 1*TY, .1*Y2*SxP ,YWY,,xP +1(,\Y+% nSSSm Pxt+ *Tx* ,Y-(S,Y [Y’S\Y 4x2(Wx\*(,Y,+ *1 ,Y.1,* S2W1,4x*S12
,YPx*Y[ *1 .xq4Y2*+ x2[ 1*TY, *,x2+WY,+ 1W ’xP(Y *1 .Tq+S\Sx2+ x2[ 1*TY, TYxP*T\x,Y .,1’S[Y,+ 1, 4x,QY*S2U Yr.Y2[S*(,Y+%
x2[ nS’m Pxt+ U1’Y,2S2U *TY .,S’x\q x2[ +Y\(,S*q 1W TYxP*T S2W1,4x*S12 S2 \Y,*xS2 \S,\(4+*x2\Y+k 4x2q 1W tTS\T [SWWY,
W,14 Yx\T 1*TY, S2 +SU2SWS\x2* txq+k *T(+ \14.PS\x*S2U \14.PSx2\Y YWW1,*+i

fWW1,*+ *1 Y2+(,Y *Tx* 1(, v(+S2Y++ 1.Y,x*S12+ \14.Pq tS*T x..PS\xvPY TYxP*T\x,Y Pxt+ 4xq S2’1P’Y +(v+*x2*SxP \1+*+i bW 1(,

1.Y,x*S12+ x,Y W1(2[ *1 vY S2 ’S1Px*S12 1W x2q 1W *TY+Y Pxt+ 1, x2q 1*TY, U1’Y,24Y2*xP ,YU(Px*S12+ *Tx* 4xq x..Pq *1 (+k tY 4xq vY
+(vRY\* *1k tS*T1(* PS4S*x*S12k \S’SPk \,S4S2xP x2[ x[4S2S+*,x*S’Y .Y2xP*SY+k [x4xUY+k 412Y*x,q WS2Y+k [S+U1,UY4Y2*k .1++SvPY Yr\P(+S12
W,14 .x,*S\S.x*S12 S2 U1’Y,24Y2*xP TYxP*T\x,Y .,1U,x4+k \12*,x\*(xP [x4xUY+k ,Y.(*x*S12xP Tx,4k [S4S2S+TY[ .,1WS*+ x2[ W(*(,Y
Yx,2S2U+ x2[ \(,*xSP4Y2* 1, ,Y+*,(\*(,S2U 1W 1(, 1.Y,x*S12+i e(,*TY,k [YWY2[S2U xUxS2+* x2q +(\T x\*S12+ \x2 vY \1+*Pqk *S4Yj\12+(4S2U
x2[ 4xq ,Y-(S,Y +SU2SWS\x2* WS2x2\SxP x2[ .Y,+122YP ,Y+1(,\Y+i >TY,YW1,Yk Y’Y2 SW tY x,Y +(\\Y++W(P S2 [YWY2[S2U xUxS2+* x2q +(\T
x\*S12+ *Tx* 4xq vY v,1(UT* xUxS2+* (+k 1(, v(+S2Y++ 4xq vY S4.xS,Y[i

Our business is indirectly subject to healthcare industry cost containment and healthcare reform measures that could result

in reduced sales of our products.

@Y’Y,xP 1W 1(, \(+*14Y,+ ,YPq 12 *TS,[ .x,*q .xq1,+k +(\T x+ U1’Y,24Y2* .,1U,x4+ x2[ .,S’x*Y TYxP*T S2+(,x2\Y .Px2+k *1
,YS4v(,+Y +14Y 1, xPP 1W *TY \1+* 1W *TY .,1\Y[(,Y+ S2 tTS\T 1(, .,1[(\*+ x,Y (+Y[i >TY \12*S2(S2U YWW1,*+ 1W U1’Y,24Y2*+k S2+(,x2\Y
\14.x2SY+ x2[ 1*TY, .xq1,+ 1W TYxP*T\x,Y \1+*+ *1 \12*xS2 1, ,Y[(\Y *T1+Y \1+*+ \1(P[ PYx[ *1 .x*SY2*+ vYS2U (2xvPY *1 1v*xS2 x..,1’xP
W1, .xq4Y2* W,14 *TY+Y *TS,[j.x,*q .xq1,+ W1, .,1\Y[(,Y+ S2 tTS\T 1(, .,1[(\*+ x,Y (+Y[i bW *Tx* 1\\(,+k +xPY+ 1W 4Y[S\xP [Y’S\Y+ 4xq
[Y\PS2Y +SU2SWS\x2*Pq x2[ 1(, \(+*14Y,+ 4xq ,Y[(\Y 1, YPS4S2x*Y .(,\Tx+Y+ 1W 1(, .,1[(\*+k 1, [Y4x2[ W(,*TY, .,S\Y ,Y[(\*S12+i >TY
\1+* \12*xS24Y2* 4Yx+(,Y+ *Tx* TYxP*T\x,Y .xq1,+ x,Y S2+*S*(*S2U v1*T S2 *TY TY,Y Tx+ vYY2 S2\,Yx+S2U .(vPS\ W1\(+ x2[ +\,(*S2q W,14 S2’Y+*1,+k U1’Y,24Y2*xP x2[ 212U1’Y,24Y2*xP 1,Ux2Sox*S12+k x2[

\(+*14Y,+ 12 \1,.1,x*Y f@d .,x\*S\Y+i 8Y x,Y 4xQS2U YWW1,*+ *1 ,Y+.12[ *1 .(vPS\ Yr.Y\*x*S12+ x2[ *1 [Y412+*,x*Y 1(, \144S*4Y2*
*1 +(+*xS2xvSPS*q x2[ +1(2[ f@d .1PS\SY+ x2[ .,x\*S\Y+i c1tY’Y,k 1(, f@d .,x\*S\Y+ 4xq 21* 4YY* *TY +*x2[x,[+ 1W xPP 1W 1(,
+*xQYT1P[Y,+ x2[ x[’1\x\q U,1(.+ 4xq \x4.xSU2 W1, W(,*TY, \Tx2UY+i ^x2q 1W 1(, Px,UYk UP1vxP \(+*14Y,+ x,Y xP+1 \144S**S2U *1
P12Uj*Y,4 *x,UY*+ *1 ,Y[(\Y U,YY2T1(+Y Ux+ Y4S++S12+ tS*TS2 *TYS, +(..Pq \TxS2+i bW tY x,Y (2xvPY *1 +(..1,* \(+*14Y,+ S2 x\TSY’S2U
*TY+Y ,Y[(\*S12+k tY 4xq P1+Y ,Y’Y2(Y SW 1(, \(+*14Y,+ WS2[ 1*TY, +(..PSY,+ tT1 x,Y vY**Y, xvPY *1 +(..1,* +(\T ,Y[(\*S12+i # WxSP(,Yk
1, .Y,\YS’Y[ WxSP(,Yk *1 ,Y+.12[ *1 Yr.Y\*x*S12+ 1W xPP .x,*SY+ \1(P[ \x(+Y Tx,4 *1 1(, v(+S2Y++ x2[ ,Y.(*x*S12 x2[ Tx’Y x 2YUx*S’Y
S4.x\* 12 *TY 4x,QY* .,S\Y 1W 1(, \14412 +Tx,Y+i ]Yt U1’Y,24Y2* ,YU(Px*S12+ \1(P[ xP+1 ,Y+(P* S2 2Yt Y2’S,124Y2*xP ,YU(Px*S12+
x2[ 2Yt 1, 41,Y +*,S2UY2* W1,4+ 1W f@d 1’Y,+SUT* x2[ [S+\P1+(,Y+ tTS\T 4xq PYx[ *1 S2\,Yx+Y[ Yr.Y2[S*(,Y+ W1, +(+*xS2xvSPS*q
S2S*Sx*S’Y+i b2 x[[S*S12k \12\Y,2 1’Y, \PS4x*Y \Tx2UY x2[ +(+*xS2xvSPS*q Tx+ PY[ *1 W1,YSU2 x2[ [14Y+*S\ PYUS+Px*S’Y x2[ ,YU(Px*1,q
S2S*Sx*S’Y+ [S,Y\*Y[ x* PS4S*S2U \x,v12 [S1rS[Y x2[ 1*TY, U,YY2T1(+Y Ux+ Y4S++S12+i 8Y 4xq Yr.Y,SY2\Y S2\,Yx+Y[ \1+*+ S2 1,[Y, *1
YrY\(*Y (.12 1(, +(+*xS2xvSPS*q U1xP+ x2[ \14.Pq tS*T W(*(,Y \PS4x*Yj\Tx2UY ,YPx*Y[ U1’Y,24Y2* 4x2[x*Y+ x+ tYPP x+ Y2’S,124Y2*xP
.,1*Y\*S12 Pxt+k tTS\T \1(P[ Tx’Y x2 x[’Y,+Y S4.x\* 12 1(, ,Y+(P*+ 1W 1.Y,x*S12+ x2[ WS2x2\SxP \12[S*S12i !Y,*xS2 ,YU(Px*S12+ 4xq
,Y-(S,Y (+ *1 ,Y[Y+SU2 1(, .,1[(\*+ *1 Y2+(,Y \14.PSx2\Y tS*T *TY x..PS\xvPY +*x2[x,[+i >TY+Y ,Y[Y+SU2+ 4xq x[’Y,+YPq xWWY\* *TY
.Y,W1,4x2\Y 1W 1(, .,1[(\*+k x[[ U,Yx*Y, *Y+*S2U PYx[j*S4Y+ W1, .,1[(\* S2*,1[(\*S12+ x2[ ,Y[(\Y 1(, .,1WS*xvSPS*qi

T”t(cid:181)t T˘‡Øq”(cid:132)(cid:192) q(cid:128) NØH˘t

Novanta Inc. may be subject to U.S. federal income taxation even though it is a non-U.S. corporation.

]1’x2*x b2\i S+ x T1P[S2U \14.x2q 1,Ux2SoY[ S2 !x2x[x x2[ S+ +(vRY\* *1 !x2x[Sx2 *xr Pxt+i c1tY’Y,k tY x,Y xP+1 +(vRY\* *1

TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2*?m x2[ 5LKGiK 4SPPS12 x’xSPxvPY *1 vY [,xt2 (2[Y, *TY
,Y’1P’S2U \,Y[S* Wx\SPS*qi bW tY x,Y (2xvPY *1 +x*S+Wq *TY \12[S*S12+ S2 *TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2* 1, 1(, 2YY[+
Yr\YY[ *TY x41(2*+ x’xSPxvPY (2[Y, *TY ,Y’1P’S2U \,Y[S* Wx\SPS*qk tY 4xq 2YY[ *1 Y2UxUY S2 Y-(S*q 1, [Yv* WS2x2\S2U+ *1 1v*xS2
x[[S*S12xP W(2[+i bW tY ,xS+Y x[[S*S12xP W(2[+ *T,1(UT W(,*TY, S++(x2\Y+ 1W Y-(S*q 1, \12’Y,*SvPY [Yv* +Y\(,S*SY+k 1(, YrS+*S2U
+Tx,YT1P[Y,+ \1(P[ +(WWY, +SU2SWS\x2* [SP(*S12i #2q 2Yt Y-(S*q +Y\(,S*SY+ tY S++(Y \1(P[ Tx’Y ,SUT*+k .,YWY,Y2\Y+ x2[ .,S’SPYUY+
+(.Y,S1, *1 *T1+Y 1W *TY T1P[Y,+ 1W 1(, \14412 +Tx,Y+i e(,*TY,k 1(, >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2* ,Y+*,S\*+ 1(,
xvSPS*q *1 1v*xS2 x[[S*S12xP [Yv* WS2x2\S2U W,14 1*TY, +1(,\Y+i bW tY x,Y (2xvPY *1 1v*xS2 x[Y-(x*Y WS2x2\S2U 1, 1v*xS2 WS2x2\S2U 12
*Y,4+ +x*S+Wx\*1,q *1 (+ tTY2 tY 2YY[ S*k 1(, xvSPS*q *1 \12*S2(Y *1 +(..1,* 1(, v(+S2Y++ U,1t*T x2[ *1 ,Y+.12[ *1 v(+S2Y++ \TxPPY2UY+
\1(P[ vY +SU2SWS\x2*Pq PS4S*Y[i b2 x[[S*S12k *TY *Y,4+ 1W x2q x[[S*S12xP Y-(S*q 1, [Yv* S++(x2\Y+ 4xq x[’Y,+YPq xWWY\* *TY ’xP(Y x2[
.,S\Y 1W 1(, \14412 +Tx,Y+i

Our existing indebtedness could adversely affect our future business, financial condition and results of operations.

#+ 1W ~Y\Y4vY, LNk MgMNk tY Tx[ 5KLGiI 4SPPS12 1W 1(*+*x2[S2U [Yv*i >TS+ PY’YP 1W [Yv* \1(P[ Tx’Y +SU2SWS\x2* \12+Y-(Y2\Y+ 12

1(, W(*(,Y 1.Y,x*S12+k S2\P([S2UE

•

,Y[(\S2U *TY x’xSPxvSPS*q 1W 1(, \x+T WP1t *1 W(2[ t1,QS2U \x.S*xPk \x.S*xP Yr.Y2[S*(,Y+k ,Y+Yx,\T x2[ [Y’YP1.4Y2* YWW1,*+k
x\-(S+S*S12+ x2[ 1*TY, UY2Y,xP \1,.1,x*Y .(,.1+Y+k x2[ PS4S*S2U 1(, xvSPS*q *1 1v*xS2 x[[S*S12xP WS2x2\S2U W1, *TY+Y
.(,.1+Y+%

MH

•

•

PS4S*S2U 1(, WPYrSvSPS*q S2 .Px22S2U W1, 1, ,Yx\*S2U *1k x2[ S2\,Yx+S2U 1(, ’(P2Y,xvSPS*q *1k \Tx2UY+ S2 1(, v(+S2Y++k \Tx2UY+
S2 *TY UY2Y,xP Y\1214S\ Y2’S,124Y2*k x2[ 4x,QY* \Tx2UY+ S2 *TY S2[(+*,SY+ S2 tTS\T tY 1.Y,x*Y% x2[

.Px\S2U (+ x* x \14.Y*S*S’Y [S+x[’x2*xUY \14.x,Y[ *1 1(, \14.Y*S*1,+ *Tx* Tx’Y PY++ [Yv* 1, x,Y PY++ PY’Y,xUY[i

#2q 1W *TY+Y Wx\*1,+ \1(P[ Tx’Y x2 x[’Y,+Y YWWY\* 12 1(, v(+S2Y++k ,Y+(P*+ 1W 1.Y,x*S12+ x2[ WS2x2\SxP \12[S*S12i

b2 x[[S*S12k x+ x UP1vxP \1,.1,x*S12k tY Tx’Y +SU2SWS\x2* \x+T ,Y+Y,’Y+ TYP[ S2 W1,YSU2 \1(2*,SY+i @14Y 1W *TY+Y vxPx2\Y+ 4xq 21*

vY S44Y[Sx*YPq x’xSPxvPY *1 ,Y.xq 1(, [Yv*i

D(, >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2*k x+ x4Y2[Y[k \12*xS2+ \1’Y2x2*+ *Tx* PS4S* 1(, xvSPS*q *1 Y2UxUY S2 x\*S’S*SY+
*Tx* 4xq vY S2 1(, P12Uj*Y,4 vY+* S2*Y,Y+*+i D(, WxSP(,Y *1 \14.Pq tS*T *T1+Y \1’Y2x2*+ \1(P[ ,Y+(P* S2 x2 Y’Y2* 1W [YWx(P* tTS\Tk SW 21*
\(,Y[ 1, txS’Y[k \1(P[ ,Y+(P* S2 *TY x\\YPY,x*S12 1W xPP 1W 1(, v1,,1tS2U+ *TY,Y(2[Y,i

(cid:157)˘(cid:132)˘w؇ T”t(cid:181) (cid:160)Ø(cid:204)q(cid:128)wt

The market price for our common shares may be volatile.

>TY 4x,QY* .,S\Y 1W 1(, \14412 +Tx,Y+ \1(P[ vY +(vRY\* *1 tS[Y WP(\*(x*S12+i >TY+Y WP(\*(x*S12+ \1(P[ vY \x(+Y[ vqE

•

•

•

•

•

-(x,*Y,Pq ’x,Sx*S12+ S2 1(, ,Y+(P*+ 1W 1.Y,x*S12+%

\Tx2UY+ S2 Yx,2S2U+ Y+*S4x*Y+ vq x2xPq+*+%

\12[S*S12+ S2 *TY 4x,QY*+ tY +Y,’Y%

*,x[S2U .TY214Y2x +(\T x+ V+T1,* +-(YYoY?% 1,

UY2Y,xP 4x,QY*k .1PS*S\xP 1, Y\1214S\ \12[S*S12+i

b2 x[[S*S12k *TY +*1\Q 4x,QY* Tx+ Yr.Y,SY2\Y[ Yr*,Y4Y .,S\Y x2[ ’1P(4Y WP(\*(x*S12+ S2 ,Y\Y2* qYx,+i >TY+Y WP(\*(x*S12+ Tx’Y Tx[

x +(v+*x2*SxP YWWY\* 12 *TY 4x,QY* .,S\Y+ 1W 4x2q \14.x2SY+k 1W*Y2 (2,YPx*Y[ *1 *TY 1.Y,x*S2U .Y,W1,4x2\Y 1W *TY +.Y\SWS\ \14.x2SY+i
>TY+Y 4x,QY* WP(\*(x*S12+ \1(P[ x[’Y,+YPq xWWY\* *TY .,S\Y 1W 1(, \14412 +Tx,Y+i

Our effective tax rate is subject to fluctuation, which could impact our financial position and earnings per share.

D(, YWWY\*S’Y *xr ,x*Y S+ +(vRY\* *1 WP(\*(x*S12 x+ *TY YWWY\*S’Y S2\14Y *xr ,x*Y W1, Yx\T qYx, S+ x W(2\*S12 1W nxm *xrxvPY S2\14Y
PY’YP+ S2 2(4Y,1(+ *xr R(,S+[S\*S12+ tS*T ’x,qS2U *xr ,x*Y+k nvm 1(, xvSPS*q *1 (*SPSoY ,Y\1U2SoY[ [YWY,,Y[ *xr x++Y*+k n\m *xrY+k S2*Y,Y+*k
x2[h1, .Y2xP*SY+ ,Y+(P*S2U W,14 *xr x([S*+ x2[k n[m \,Y[S*+ x2[ [Y[(\*S12+ x+ x .Y,\Y2*xUY 1W *1*xP *xrxvPY S2\14Yi e,14 *S4Y *1 *S4Yk
*TY TY,Y \x2 vY 21 x++(,x2\Y *Tx* 1(, 1.Y2 \,Y[S*
\(+*14Y,+ tSPP .xq *TY x41(2*+ *TYq 1tY *1 (+ 1, *Tx* *TY ,Y+Y,’Y+ tY 4xS2*xS2 tSPP vY x[Y-(x*Y *1 \1’Y, +(\T \,Y[S* Yr.1+(,Y+i b2
x[[S*S12k *1 *TY Yr*Y2* *Tx* *(,41SP S2 *TY \,Y[S* 4x,QY*+ 1, S2\,Yx+Y+ S2 S2*Y,Y+* ,x*Y+ 4xQY S* 41,Y [SWWS\(P* W1, +14Y \(+*14Y,+ *1
1v*xS2 WS2x2\S2Uk *TYS, xvSPS*q *1 .xq 4xq vY x[’Y,+YPq S4.x\*Y[i D(, \(+*14Y,+; WxSP(,Y *1 .xq x2[h1, 1(, WxSP(,Y *1 4xS2*xS2 +(WWS\SY2*
,Y+Y,’Y+ \1(P[ Tx’Y x 4x*Y,SxP x[’Y,+Y YWWY\* 12 1(, W(*(,Y \x+T WP1t+ x2[ WS2x2\SxP \12[S*S12i

If we fail to maintain appropriate internal controls in the future, we may not be able to report our financial results

accurately, which may adversely affect our stock price and our business.

8TSPY 1(, 4x2xUY4Y2* x2[ 1(, S2[Y.Y2[Y2* ,YUS+*Y,Y[ .(vPS\ x\\1(2*S2U WS,4 \12\P([Y[ *Tx* 1(, S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP

,Y.1,*S2U tx+ YWWY\*S’Y x+ 1W ~Y\Y4vY, LNk MgMNk S* S+ .1++SvPY *Tx* 4x*Y,SxP tYxQ2Y++Y+ 4xq vY S[Y2*SWSY[ S2 *TY W(*(,Yi

#+ .x,* 1W 1(, U,1t*T +*,x*YUqk tY S2*Y2[ *1 4xQY x[[S*S12xP x\-(S+S*S12+ 1W .,S’x*YPq TYP[ v(+S2Y++Y+i C,S1, *1 vY\14S2U .x,* 1W

1(, \12+1PS[x*Y[ \14.x2qk *TY x\-(S,Y[ v(+S2Y++Y+ t1(P[ 21* vY ,Y-(S,Y[ *1 S4.PY4Y2* 1, 4xS2*xS2 *TY [S+\P1+(,Y \12*,1P+ x2[
.,1\Y[(,Y+ 1, S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U *Tx* x,Y ,Y-(S,Y[ 1W .(vPS\ \14.x2SY+i 8Y x,Y ,Y-(S,Y[ *1 S2*YU,x*Y *TY x\-(S,Y[
v(+S2Y++Y+ S2*1 1(, \12+1PS[x*Y[ \14.x2q;+ +q+*Y4 1W [S+\P1+(,Y \12*,1P+ x2[ .,1\Y[(,Y+ x2[ S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2Uk
v(* tY \x221* .,1’S[Y x++(,x2\Y x+ *1 T1t P12U *TY S2*YU,x*S12 .,1\Y++ 4xq *xQYi #[[S*S12xPPqk tY 4xq 2YY[ *1 S4.,1’Y 1(, S2*Y,2xP

MG

\12*,1P 1, *T1+Y 1W x2q v(+S2Y++ tY x\-(S,Yi >TS+ \1(P[ ,Y+(P* S2 +SU2SWS\x2* \1+*+ *1 (+ x2[ \1(P[ ,Y-(S,Y (+ *1 [S’Y,* +(v+*x2*SxP
,Y+1(,\Y+i

bW tY x,Y (2xvPY *1 4xS2*xS2 YWWY\*S’Y S2*Y,2xP \12*,1P+k tY 4xq 21* Tx’Y x[Y-(x*Yk x\\(,x*Y 1, *S4YPq WS2x2\SxP S2W1,4x*S12k x2[

tY 4xq vY (2xvPY *1 4YY* 1(, ,Y.1,*S2U 1vPSUx*S12+ x+ x .(vPS\Pq *,x[Y[ \14.x2q 1, *1 \14.Pq tS*T *TY ,Y-(S,Y4Y2*+ 1W *TY @f! 1,
*TY @x,vx2Y+jDrPYq #\* 1W MggMi >TS+ \1(P[ ,Y+(P* S2 x ,Y+*x*Y4Y2* 1W 1(, WS2x2\SxP +*x*Y4Y2*+k *TY S4.1+S*S12 1W +x2\*S12+k 1,
S2’Y+*SUx*S12 vq ,YU(Px*1,q x(*T1,S*SY+i #2q +(\T x\*S12 1, 1*TY, 2YUx*S’Y ,Y+(P*+ \x(+Y[ vq 1(, S2xvSPS*q *1 4YY* 1(, S2*Y,2xP \12*,1P
x2[ WS2x2\SxP ,Y.1,*S2U ,Y-(S,Y4Y2*+ 1, *1 \14.Pq tS*T PYUxP x2[ ,YU(Px*1,q ,Y-(S,Y4Y2*+ \1(P[ x[’Y,+YPq xWWY\* 1(, v(+S2Y++ x2[ *TY
*,x[S2U .,S\Y 1W 1(, \14412 +Tx,Y+i ^x*Y,SxP tYxQ2Y++Y+ S2 1(, S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U \1(P[ xP+1 ,Y[(\Y 1(, xvSPS*q
*1 1v*xS2 WS2x2\S2U 1, \1(P[ S2\,Yx+Y *TY \1+* 1W x2q WS2x2\S2U tY 1v*xS2i

(cid:151)q˘(cid:136) [(cid:213)(cid:136) Unresolved Staff Comments

]12Yi

MF

(cid:151)q˘(cid:136) X(cid:136) Properties

D(, .,S2\S.xP 1t2Y[ x2[ PYx+Y[ .,1.Y,*SY+ x+ 1W ~Y\Y4vY, LNk MgMN x,Y PS+*Y[ S2 *TY *xvPY vYP1ti

(cid:143)(cid:128)(cid:204)Øq”(cid:128)(cid:132)
"Y[W1,[k ^x++x\T(+Y**+
<2S*Y[ @*x*Y+

#.Yrk ]1,*T !x,1PS2x
<2S*Y[ @*x*Y+

_([tSU++*x[*
dY,4x2q

8x\QY,+[1,W
dY,4x2q

^(QSP*Y1k 8x+TS2U*12
<2S*Y[ @*x*Y+

@q,x\(+Yk ]Yt }1,Q
<2S*Y[ @*x*Y+

@(oT1(k aSx2U+( C,1’S2\Y
CY1.PYp+ AY.(vPS\ 1W !TS2x

(cid:211)oww˘(cid:132)q Q˘(cid:192)(cid:136)˘(cid:132)q

CT1*12S\+k C,Y\S+S12
^1*S12 0 !1,.1,x*Y

(cid:215)}}w(cid:128)H”(cid:136)Øq˘
Q}Ø(cid:204)˘ (cid:153)”(cid:132)
QzoØw˘ (cid:160)˘˘q(cid:151)
NKHkggg

]L(cid:132)˘(cid:201)(cid:133)(cid:143)˘Øt˘(cid:201)
_Yx+Y[% Yr.S,Y+ S2 MgLN

C,Y\S+S12 ^1*S12

NLGkggg

_Yx+Y[% Yr.S,Y+ S2 MgMG

Zw”(cid:132)(cid:204)”}؇ Kt˘

^x2(Wx\*(,S2Uk A0~k
^x,QY*S2Uk @xPY+ x2[
#[4S2S+*,x*S12

^x2(Wx\*(,S2Uk A0~k
^x,QY*S2Uk @xPY+ x2[
#[4S2S+*,x*S12

^x2(Wx\*(,S2U

:S+S12

CT1*12S\+

NgJkggg

IGkggg

Dt2Y[

Dt2Y[

^x2(Wx\*(,S2Uk A0~k
^x,QY*S2Uk @xPY+ x2[
#[4S2S+*,x*S12

^x2(Wx\*(,S2Uk A0~k
^x,QY*S2Uk @xPY+ x2[
#[4S2S+*,x*S12

^x2(Wx\*(,S2Uk A0~k
^x,QY*S2Uk @xPY+ x2[
#[4S2S+*,x*S12

^x2(Wx\*(,S2Uk A0~k
^x,QY*S2Uk @xPY+ x2[
#[4S2S+*,x*S12

CT1*12S\+

ILkggg

Dt2Y[

:S+S12

JJkggg

_Yx+Y[% Yr.S,Y+ S2 MgMF

CT1*12S\+k :S+S12 0
C,Y\S+S12 ^1*S12

JJkggg

_Yx+Y[% Yr.S,Y+ S2 MgML

#[[S*S12xP 4x2(Wx\*(,S2Uk ,Y+Yx,\T x2[ [Y’YP1.4Y2*k +xPY+k +Y,’S\Y x2[ P1US+*S\+ +S*Y+ x,Y P1\x*Y[ S2 !xPSW1,2Sxk !122Y\*S\(*k
eP1,S[xk ^S\TSUx2k ]Yt }1,Qk x2[ D,YU12 tS*TS2 *TY <2S*Y[ @*x*Y+k x2[ S2 !TS2xk !oY\T AY.(vPS\k dY,4x2qk b*xPqk ax.x2k ^YrS\1k
@.xS2 x2[ <2S*Y[ ‘S2U[14i >TY+Y x[[S*S12xP Wx\SPS*SY+ \1’Y, x..,1rS4x*YPq JLgkggg +-(x,Y WYY*k 1W tTS\T x..,1rS4x*YPq KMgkggg
+-(x,Y WYY* x,Y PYx+Y[ x2[ x..,1rS4x*YPq NNgkggg +-(x,Y WYY* x,Y 1t2Y[i >TY+Y Wx\SPS*SY+ x,Y (+Y[ vq 1(, CT1*12S\+k :S+S12 x2[
C,Y\S+S12 ^1*S12 +YU4Y2*+i

8Y \12+S[Y, 1(, Wx\SPS*SY+ +(S*xvPY x2[ x[Y-(x*Y W1, *TY .(,.1+Y+ W1, tTS\T *TYq x,Y (+Y[ x2[ [1 21* x2*S\S.x*Y [SWWS\(P*q S2

,Y2YtS2U YrS+*S2U PYx+Y+ 1, S2 WS2[S2U xP*Y,2x*S’Y Wx\SPS*SY+i 8Y vYPSY’Y xPP 1(, .,1.Y,*SY+ Tx’Y vYY2 .,1.Y,Pq 4xS2*xS2Y[i

(cid:151)q˘(cid:136) U(cid:136) Legal Proceedings

>TY !14.x2q S+ +(vRY\* *1 ’x,S1(+ PYUxP .,1\YY[S2U+ x2[ \PxS4+ *Tx* x,S+Y S2 *TY 1,[S2x,q \1(,+Y 1W v(+S2Y++i @YY ]1*Y NH *1

!12+1PS[x*Y[ eS2x2\SxP @*x*Y4Y2*+ W1, x[[S*S12xP S2W1,4x*S12 xv1(* PYUxP .,1\YY[S2U+ S2’1P’S2U *TY !14.x2qi

(cid:151)q˘(cid:136) Q(cid:136) Mine Safety Disclosures

]1* x..PS\xvPYi

Lg

(cid:151)q˘(cid:136) M(cid:136) Market for Registrant’s Common Shares, Related Stockholder Matters and Issuer Purchases of Equity Securities

Z(cid:215)TN (cid:151)(cid:151)

(cid:141)Øw(cid:181)˘q (cid:151)(cid:132)ˆ(cid:128)w(cid:136)Øq”(cid:128)(cid:132)

>TY !14.x2q;+ \14412 +Tx,Y+k 21 .x, ’xP(Yk x,Y *,x[Y[ 12 *TY ]x+[x- dP1vxP @YPY\* ^x,QY* (2[Y, *TY *S\QY, +q4v1P V]D:>?i

(cid:154)(cid:128)‡(cid:201)˘wt

#+ 1W *TY \P1+Y 1W v(+S2Y++ 12 eYv,(x,q MNk MgMMk *TY,Y tY,Y x..,1rS4x*YPq LM T1P[Y,+ 1W ,Y\1,[ 1W *TY !14.x2q;+ \14412

+Tx,Y+i @S2\Y 4x2q 1W *TY \14412 +Tx,Y+ x,Y ,YUS+*Y,Y[ S2 V214S2YY? 1, V+*,YY*? 2x4Y+k *TY !14.x2q vYPSY’Y+ *Tx* *TY *1*xP 2(4vY,
1W vY2YWS\SxP 1t2Y,+ S+ \12+S[Y,xvPq TSUTY,i

(cid:210)”m”(cid:201)˘(cid:132)(cid:201) Z(cid:128)‡”(cid:204)D

>TY !14.x2q Tx+ 2Y’Y, [Y\Px,Y[ 1, .xS[ \x+T [S’S[Y2[+ 12 S*+ \14412 +Tx,Y+ x2[ [1Y+ 21* x2*S\S.x*Y .xqS2U x2q \x+T

[S’S[Y2[+ S2 *TY W1,Y+YYxvPY W(*(,Yi

T˘(cid:204)˘(cid:132)q Q؇˘t (cid:128)ˆ K(cid:132)w˘(cid:192)”tq˘w˘(cid:201) Q˘(cid:204)ow”q”˘t

]12Y

Zow(cid:204)‰Øt˘t (cid:128)ˆ £zo”qD Q˘(cid:204)ow”q”˘t ŁD q‰˘ (cid:151)tto˘w Ø(cid:132)(cid:201) (cid:215)ˆˆ”‡”Øq˘(cid:201) Zow(cid:204)‰Øt˘w

b2 D\*1vY, MgNGk *TY !14.x2q;+ "1x,[ 1W ~S,Y\*1,+ x..,1’Y[ x +Tx,Y ,Y.(,\Tx+Y .Px2 n*TY VMgNG AY.(,\Tx+Y CPx2?mk

x(*T1,SoS2U *TY ,Y.(,\Tx+Y 1W (. *1 5MJig 4SPPS12 t1,*T 1W *TY !14.x2q;+ \14412 +Tx,Y+i b2 eYv,(x,q MgMgk *TY !14.x2q;+ "1x,[ 1W
~S,Y\*1,+ x..,1’Y[ x 2Yt +Tx,Y ,Y.(,\Tx+Y .Px2 n*TY VMgMg AY.(,\Tx+Y CPx2?mk x(*T1,SoS2U *TY ,Y.(,\Tx+Y 1W (. *1 x2 x[[S*S12xP 5Jgig
4SPPS12 t1,*T 1W *TY !14.x2q;+ \14412 +Tx,Y+i 8TSPY *TY+Y +Tx,Y ,Y.(,\Tx+Y .Px2+ x,Y S2*Y2[Y[ *1 UY2Y,xPPq 1WW+Y* [SP(*S12+ W,14
Y-(S*q xtx,[+ U,x2*Y[ *1 1(, Y4.P1qYY+ x2[ [S,Y\*1,+k tY x,Y 21* 1vPSUx*Y[ *1 x\-(S,Y x2q .x,*S\(Px, x41(2* 1W 1(, \14412 +Tx,Y+i
]1 *S4Y PS4S* tx+ +Y* W1, *TY \14.PY*S12 1W *TY+Y +Tx,Y ,Y.(,\Tx+Y .Px2+k x2[ *TY .Px2+ 4xq vY +(+.Y2[Y[ 1, [S+\12*S2(Y[ x* x2q *S4Yi
#+ 1W ~Y\Y4vY, LNk MgMNk *TY !14.x2q Tx[ 5JFiJ 4SPPS12 x’xSPxvPY W1, W(*(,Y +Tx,Y ,Y.(,\Tx+Y+ (2[Y, *TY+Y +Tx,Y ,Y.(,\Tx+Y .Px2+i
>TY !14.x2q [S[ 21* ,Y.(,\Tx+Y x2q +Tx,Y+ [(,S2U *TY -(x,*Y, Y2[Y[ ~Y\Y4vY, LNk MgMNi

LN

Z˘wˆ(cid:128)w(cid:136)Ø(cid:132)(cid:204)˘ (cid:157)wØ}‰

>TY W1PP1tS2U U,x.T \14.x,Y+ *TY \(4(Px*S’Y *1*xP ,Y*(,2 12 *TY !14.x2q;+ \14412 +Tx,Y+ tS*T *TY \(4(Px*S’Y *1*xP ,Y*(,2 12

*TY ]x+[x- !14.1+S*Y b2[Yr x2[ *TY A(++YPP Mggg b2[Yr W1, *TY .Y,S1[ W,14 ~Y\Y4vY, LNk MgNI *T,1(UT ~Y\Y4vY, LNk MgMNi >TY
\14.x,S+12 x++(4Y+ x2 S2’Y+*4Y2* 1W 5Ngg tx+ 4x[Y 12 ~Y\Y4vY, LNk MgNI S2 *TY !14.x2q;+ \14412 +Tx,Y+ x2[ S2 Yx\T 1W *TY
S2[S\Y+ x2[k S2 *TY \x+Y 1W *TY S2[S\Y+k S* xP+1 x++(4Y+ ,YS2’Y+*4Y2* 1W xPP [S’S[Y2[+i >TY .Y,W1,4x2\Y +T1t2 S+ 21* 2Y\Y++x,SPq
S2[S\x*S’Y 1W W(*(,Y .Y,W1,4x2\Yi

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)[I

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)[E

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)[B

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)[?

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X(cid:131)

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X[

]1’x2*x b2\i
]x+[x- !14.1+S*Y b2[Yr
A(++YPP Mggg b2[Yr nNm

5
5
5

Nggigg
Nggigg
Nggigg

5
5
5

MLGiNg
NMFiIK
NNKiIG

5
5
5

Lggigg
NMJiFI
NgMigM

5
5
5

KMNiNK
NHIiMG
NMGigI

5
5
5

JIMiFJ
MKFiJN
NJLiIM

5
5
5

GLFiIH
LgKiGJ
NHIiLF

nNm

!1.q,SUT* $ A(++YPP b2’Y+*4Y2*+ MgMNi #PP ,SUT*+ ,Y+Y,’Y[i

LM

(cid:151)q˘(cid:136) I(cid:136) [Reserved]

LL

(cid:151)q˘(cid:136) E(cid:136) Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in
conjunction with the Consolidated Financial Statements and Notes included in Item 8 of this Annual Report on Form 10-K. The
MD&A contains certain forward looking statements within the meaning of the United States Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve
risks, uncertainties and assumptions. These forward-looking statements include, but are not limited to, anticipated impacts of the
COVID-19 pandemic on our business, our financial results and our financial condition; our belief that the Purchasing Managers
Index (“PMI”) may provide an indication of the impact of general economic conditions on our sales into the advanced industrial end
market; our strategy; anticipated financial performance; expected liquidity and capitalization; drivers of revenue growth and our
growth expectations in various markets; management’s plans and objectives for future operations, expenditures and product
development, and investments in research and development; business prospects; potential of future product releases and expansion of
our product and service offerings; anticipated revenue performance; industry trends; market conditions; our competitive positions;
changes in economic and political conditions, including supply chain disruptions and constraints and inflationary pressures; changes
in accounting principles; changes in actual or assumed tax liabilities; expectations regarding tax exposures; anticipated reinvestment
of future earnings and dividend policy; anticipated expenditures in regard to the Company’s benefit plans; future acquisitions and
integration and anticipated benefits from acquisitions and dispositions; anticipated economic benefits and expected costs of
restructuring programs; ability to repay our indebtedness; our intentions regarding the use of cash; expectations regarding legal and
regulatory requirements, including environmental requirements, and our compliance thereto; and other statements that are not
historical facts. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of
various important factors, including those set forth in Item 1A of this Annual Report on Form 10-K under the heading “Risk Factors.”
The words “anticipates,” “believes,” “expects,” “intends,” “future,” “estimates,” “plans,” “could,” “would,” “should,”
“potential,” “continues,” and similar words or expressions (as well as other words or expressions referencing future events,
conditions or circumstances) identify forward looking statements. Readers should not place undue reliance on any such forward
looking statements, which speak only as of the date they are made. Management and the Company disclaim any obligation to publicly
update or revise any such statements to reflect any change in its expectations or in events, conditions, or circumstances on which any
such statements may be based, or that may affect the likelihood that actual results will differ from those contained in the forward
looking statements, except as required under applicable law.

(cid:213)ot”(cid:132)˘tt ]m˘wm”˘L

]1’x2*x b2\i x2[ S*+ +(v+S[Sx,SY+ n\1PPY\*S’YPq ,YWY,,Y[ *1 x+k *TY V!14.x2q?k V]1’x2*x?k VtY?k V(+?k V1(,?m S+ x PYx[S2U UP1vxP

+(..PSY, 1W \1,Y *Y\T21P1Uq +1P(*S12+ *Tx* US’Y 4Y[S\xP x2[ x[’x2\Y[ S2[(+*,SxP 1,SUS2xP Y-(S.4Y2* 4x2(Wx\*(,Y,+ nVDf^+?m x
\14.Y*S*S’Y x[’x2*xUYi 8Y \14vS2Y [YY. .,1.,SY*x,q *Y\T21P1Uq Yr.Y,*S+Y x2[ \14.Y*Y2\SY+ S2 .T1*12S\+k ’S+S12 x2[ .,Y\S+S12
41*S12 tS*T x .,1’Y2 xvSPS*q *1 +1P’Y \14.PYr *Y\T2S\xP \TxPPY2UY+i >TS+ Y2xvPY+ (+ *1 Y2US2YY, \1,Y \14.12Y2*+ x2[ +(vj+q+*Y4+ *Tx*
[YPS’Y, Yr*,Y4Y .,Y\S+S12 x2[ .Y,W1,4x2\Yk *xSP1,Y[ *1 1(, \(+*14Y,+p [Y4x2[S2U x..PS\x*S12+i

£(cid:132)(cid:201) (cid:141)Øw(cid:181)˘qt

8Y .,S4x,SPq 1.Y,x*Y S2 *t1 Y2[ 4x,QY*+E *TY 4Y[S\xP 4x,QY* x2[ *TY x[’x2\Y[ S2[(+*,SxP 4x,QY*i

Medical Market

e1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgMNk *TY 4Y[S\xP 4x,QY* x\\1(2*Y[ W1, x..,1rS4x*YPq JM3 1W 1(, ,Y’Y2(Yi AY’Y2(Y W,14 1(,

.,1[(\*+ +1P[ *1 *TY 4Y[S\xP 4x,QY* S+ UY2Y,xPPq xWWY\*Y[ vq T1+.S*xP x2[ 1*TY, TYxP*T\x,Y .,1’S[Y, \x.S*xP +.Y2[S2Uk U,1t*T ,x*Y+ 1W
+(,US\xP .,1\Y[(,Y+k \Tx2UY+ S2 ,YU(Px*1,q ,Y-(S,Y4Y2*+ x2[ Pxt+k xUU,YUx*S12 1W .(,\Tx+S2U vq TYxP*T\x,Y 2Y*t1,Q+k \Tx2UY+ S2
*Y\T21P1Uq ,Y-(S,Y4Y2*+k *S4S2U 1W Df^ \(+*14Y,+; .,1[(\* [Y’YP1.4Y2* x2[ 2Yt .,1[(\* Px(2\TY+k \Tx2UY+ S2 \(+*14Y, 1, .x*SY2*
.,YWY,Y2\Y+k x2[ UY2Y,xP [Y41U,x.TS\ *,Y2[+i

Advanced Industrial Market

e1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgMNk *TY x[’x2\Y[ S2[(+*,SxP 4x,QY* x\\1(2*Y[ W1, x..,1rS4x*YPq KG3 1W 1(, ,Y’Y2(Yi
AY’Y2(Y W,14 1(, .,1[(\*+ +1P[ *1 *TY x[’x2\Y[ S2[(+*,SxP 4x,QY* S+ xWWY\*Y[ vq x 2(4vY, 1W Wx\*1,+k S2\P([S2U \Tx2US2U *Y\T21P1Uq
,Y-(S,Y4Y2*+ x2[ .,YWY,Y2\Y+ 1W 1(, \(+*14Y,+k .,1[(\*S’S*q 1, -(xPS*q S2’Y+*4Y2*+ S2 x 4x2(Wx\*(,S2U Y2’S,124Y2*k *TY WS2x2\SxP
\12[S*S12 1W 1(, \(+*14Y,+k \Tx2UY+ S2 ,YU(Px*1,q ,Y-(S,Y4Y2*+ x2[ Pxt+k x2[ UY2Y,xP Y\1214S\ \12[S*S12+i 8Y vYPSY’Y *Tx* *TY
C(,\Tx+S2U ^x2xUY,+ b2[Yr nC^bm 12 4x2(Wx\*(,S2U x\*S’S*SY+ +.Y\SWS\ *1 [SWWY,Y2* ,YUS12+ x,1(2[ *TY t1,P[ 4xq .,1’S[Y x2
S2[S\x*S12 1W *TY S4.x\* 1W UY2Y,xP Y\1214S\ \12[S*S12+ 12 1(, +xPY+ S2*1 *TY x[’x2\Y[ S2[(+*,SxP 4x,QY*i

LK

QqwØq˘(cid:192)D

D(, +*,x*YUq S+ *1 [,S’Y +(+*xS2xvPYk .,1WS*xvPY U,1t*T *T,1(UT +T1,*j*Y,4 x2[ P12Uj*Y,4 S2S*Sx*S’Y+k S2\P([S2UE

•

•

•

•

•

•

•

•

[S+\S.PS2Y[ W1\(+ 12 1(, [S’Y,+SWSY[ v(+S2Y++ 41[YP 1W .,1’S[S2U W(2\*S12xPS*q *1 P12U PSWYj\q\PY Df^ \(+*14Y, .Px*W1,4+
S2 x**,x\*S’Y 4Y[S\xP x2[ x[’x2\Y[ S2[(+*,SxP 2S\TY 4x,QY*+%

S4.,1’S2U 1(, v(+S2Y++ 4Sr *1 S2\,Yx+Y 4Y[S\xP +xPY+ x+ x .Y,\Y2*xUY 1W *1*xP ,Y’Y2(Y vqE

j

j

j

S2*,1[(\S2U 2Yt .,1[(\*+ xS4Y[ x* x**,x\*S’Y 4Y[S\xP x..PS\x*S12+k +(\T x+ 4S2S4xPPq S2’x+S’Y x2[ ,1v1*S\ +(,UY,qk
1.T*TxP41P1Uqk .x*SY2* 412S*1,S2Uk [,(U [YPS’Y,qk \PS2S\xP Pxv1,x*1,q *Y+*S2U x2[ PSWY +\SY2\Y Y-(S.4Y2*%

[YY.Y2S2U 1(, QYq x\\1(2* 4x2xUY4Y2* ,YPx*S12+TS.+ tS*T x2[ [,S’S2U \,1++ +YPPS2U 1W 1(, .,1[(\* 1WWY,S2U+ *1
PYx[S2U 4Y[S\xP Y-(S.4Y2* 4x2(Wx\*(,Y,+% x2[

.(,+(S2U \14.PY4Y2*x,q 4Y[S\xP *Y\T21P1Uq x\-(S+S*S12+%

S2\,Yx+S2U 1(, .Y2Y*,x*S12 1W TSUT U,1t*T x[’x2\Y[ S2[(+*,SxP x..PS\x*S12+k +(\T x+ Px+Y, 4x*Y,SxP+ .,1\Y++S2Uk S2*YPPSUY2*
Y2[j1Wjx,4 ,1v1*S\ *Y\T21P1Uq +1P(*S12+k ,1v1*S\+k Px+Y, x[[S*S’Y 4x2(Wx\*(,S2Uk x(*14x*S12 x2[ 4Y*,1P1Uqk vq t1,QS2U
\P1+YPq tS*T Df^ \(+*14Y,+ *1 Px(2\T x..PS\x*S12 +.Y\SWS\ .,1[(\*+ *Tx* \P1+YPq 4x*\T *TY ,Y-(S,Y4Y2*+ 1W Yx\T
x..PS\x*S12%

v,1x[Y2S2U 1(, .1,*W1PS1 1W Y2xvPS2U .,1.,SY*x,q *Y\T21P1USY+ x2[ \x.xvSPS*SY+ *T,1(UT S2\,Yx+Y[ S2’Y+*4Y2* S2 2Yt
.,1[(\* [Y’YP1.4Y2*k x2[ S2’Y+*4Y2*+ S2 x..PS\x*S12 [Y’YP1.4Y2* *1 W(,*TY, .Y2Y*,x*Y YrS+*S2U \(+*14Y,+k tTSPY
Yr.x2[S2U *TY x..PS\xvSPS*q 1W 1(, +1P(*S12+ *1 2Yt 4x,QY*+%

v,1x[Y2S2U 1(, .,1[(\* x2[ +Y,’S\Y 1WWY,S2U+ *T,1(UT *TY x\-(S+S*S12 1W S221’x*S’Y x2[ \14.PY4Y2*x,q *Y\T21P1USY+ x2[
+1P(*S12+ S2 4Y[S\xP x2[ x[’x2\Y[ S2[(+*,SxP *Y\T21P1Uq x..PS\x*S12+%

Yr.x2[S2U +xPY+ x2[ 4x,QY*S2U \Tx22YP+ *1 ,Yx\T 2Yt *x,UY* \(+*14Y,+%

S4.,1’S2U 1(, YrS+*S2U 1.Y,x*S12+ *1 Yr.x2[ .,1WS* 4x,US2+ x2[ S4.,1’Y \(+*14Y, +x*S+Wx\*S12 vq S4.PY4Y2*S2U PYx2
4x2(Wx\*(,S2U .,S2\S.PY+k +*,x*YUS\ +1(,\S2U x\,1++ 1(, 4xR1, .,1[(\*S12 +S*Y+k x2[ 1.*S4SoS2U x2[ PS4S*S2U *TY U,1t*T 1W
1(, WSrY[ \1+* vx+Y% x2[

x**,x\*S2Uk ,Y*xS2S2Uk x2[ [Y’YP1.S2U t1,P[j\Px++ *xPY2*Y[ x2[ 41*S’x*Y[ Y4.P1qYY+i

Q”(cid:192)(cid:132)”ˆ”(cid:204)Ø(cid:132)q £m˘(cid:132)qt Ø(cid:132)(cid:201) K}(cid:201)Øq˘t

Acquisition of ATI Industrial Automation, Inc.

D2 #(U(+* Lgk MgMNk tY x\-(S,Y[ Ngg3 1W *TY 1(*+*x2[S2U +Tx,Y+ 1W #>b b2[(+*,SxP #(*14x*S12k b2\i nV#>b?mk x2 #.Yrk ]1,*T
!x,1PS2xjvx+Y[ PYx[S2U +(..PSY, 1W S2*YPPSUY2* Y2[j1Wjx,4 *Y\T21P1Uq +1P(*S12+ *1 Df^+ W1, x[’x2\Y[ S2[(+*,SxP x2[ +(,US\xP ,1v1*+
W1, x2 (.W,12* \x+T .(,\Tx+Y .,S\Y 1W 5NIFiM 4SPPS12k 2Y* 1W \x+T x\-(S,Y[ x2[ Y+*S4x*Y[ t1,QS2U \x.S*xP x[R(+*4Y2*+k x2[ 5KKig
4SPPS12 Y+*S4x*Y[ WxS, ’xP(Y 1W \12*S2UY2* \12+S[Y,x*S12i >TY \12*S2UY2* \12+S[Y,x*S12 tSPP vY .xqxvPY S2 MgMM vx+Y[ 12 x 4(P*S.PY 1W
*TY +*x2[xP12Y #>b #[R(+*Y[ f"b>~#k x+ [YWS2Y[ S2 *TY .(,\Tx+Y x2[ +xPY xU,YY4Y2*k W1, *TY WS+\xP qYx, Y2[Y[ ~Y\Y4vY, LNk MgMNi
>TY S2S*SxP \x+T .(,\Tx+Y .,S\Y tx+ WS2x2\Y[ tS*T v1,,1tS2U+ (2[Y, 1(, ,Y’1P’S2U \,Y[S* Wx\SPS*q x2[ \x+T x’xSPxvPY 12 Tx2[i 8Y
Yr.Y\* *Tx* *TY x[[S*S12 1W #>b tSPP \14.PY4Y2* x2[ x[[ S2*YPPSUY2* *Y\T21P1Uq +1P(*S12+ *1 W(,*TY, Yr.x2[ 1(, .1+S*S12 S2 4S++S12
\,S*S\xP ,1v1*S\ x..PS\x*S12+ tS*TS2 *TY C,Y\S+S12 ^1*S12 ,Y.1,*xvPY +YU4Y2*i

Acquisition of Schneider Electric Motion USA, Inc.

D2 #(U(+* LNk MgMNk tY x\-(S,Y[ Ngg3 1W *TY 1(*+*x2[S2U +Tx,Y+ 1W @\T2YS[Y, fPY\*,S\ ^1*S12 <@#k b2\i nV@f^?mk x
^x,Pv1,1(UTk !122Y\*S\(*jvx+Y[ 4x2(Wx\*(,Y, 1W S2*YU,x*Y[ 41*S12 \12*,1P +1P(*S12+ x2[ YPY\*,12S\ \12*,1P+ W1, x(*14x*S12
Y-(S.4Y2* W1, x *1*xP \x+T .(,\Tx+Y .,S\Y 1W 5NNKiH 4SPPS12k S2\P(+S’Y 1W .1+*j\P1+S2U t1,QS2U \x.S*xP x[R(+*4Y2*+ x2[ 2Y* 1W \x+T
x\-(S,Y[i >TY x\-(S+S*S12 tx+ WS2x2\Y[ tS*T v1,,1tS2U+ (2[Y, 1(, ,Y’1P’S2U \,Y[S* Wx\SPS*qi 8Y Yr.Y\* *Tx* *TY x[[S*S12 1W @f^ tSPP
\14.PY4Y2* x2[ Yr.x2[ 1(, .,Y+Y2\Y S2 PSWY +\SY2\Y x..PS\x*S12+ x2[ +1P(*S12+ W1, S2[(+*,SxP x(*14x*S12 x..PS\x*S12+ tS*TS2 *TY
C,Y\S+S12 ^1*S12 ,Y.1,*xvPY +YU4Y2*i

Impact of COVID-19 on Our Business

b2 ,Y+.12+Y *1 *TY !D:b~jNF .x2[Y4S\k tY Tx’Y *xQY2 .,1x\*S’Yk xUU,Y++S’Y x\*S12+ *1 .,1*Y\* *TY TYxP*T x2[ +xWY*q 1W 1(,
Y4.P1qYY+i 8Y Y+*xvPS+TY[ +*YY,S2U \144S**YY+ x* v1*T *TY \1,.1,x*Y PY’YP x2[ x* Yx\T 1W 1(, 4xR1, Wx\SPS*SY+ *1 .,1’S[Y PYx[Y,+TS. W1,
x2[ 4x2xUY 1(, !D:b~jNF ,S+Q 4S*SUx*S12 x\*S12+ x2[ \1(2*Y,4Yx+(,Y+i 8Y Y+*xvPS+TY[ ,SU1,1(+ +xWY*q 4Yx+(,Y+ S2 xPP 1W 1(,
Wx\SPS*SY+ x2[ Tx’Y x[x.*Y[ 1(, !D:b~jNF +xWY*q 4Yx+(,Y+ x+ *TY .x2[Y4S\ x2[ ,YPx*Y[ U1’Y,24Y2* 4x2[x*Y+ Y’1P’Y[ 1’Y, *TY .x+*
*t1 qYx,+i 8Y Yr.Y\* *1 \12*S2(Y +14Y 1W *TY+Y 4Yx+(,Y+ (2*SP tY [Y*Y,4S2Y *Tx* *TY !D:b~jNF .x2[Y4S\ S+ x[Y-(x*YPq \12*xS2Y[ W1,
.(,.1+Y+ 1W 1(, v(+S2Y++i 8Y 4xq *xQY W(,*TY, x\*S12+ x+ U1’Y,24Y2* x(*T1,S*SY+ ,Y-(S,Y 1, ,Y\144Y2[ 1, x+ tY [Y*Y,4S2Y *1 vY S2 *TY
LJ

vY+* S2*Y,Y+* 1W 1(, Y4.P1qYY+i b2 \122Y\*S12 tS*T 1(, !D:b~jNF ,Y4Y[Sx*S12 x\*S12+k tY Tx’Y S2\(,,Y[ x[[S*S12xP \1+*+ *1 .,1*Y\* *TY
TYxP*T 1W 1(, Y4.P1qYY+k S2\P([S2U S2’Y+*4Y2*+ S2 *Y\T21P1USY+ x2[ 412S*1,S2U Y-(S.4Y2*k tYYQPq *Y+*S2U 1W (2’x\\S2x*Y[ Y4.P1qYY+
W1, !D:b~jNF x* \Y,*xS2 P1\x*S12+ x2[ ,Yx,,x2US2U +14Y 1W 1(, Wx\SPS*SY+ *1 x\\1441[x*Y +1\SxP [S+*x2\S2U x2[ WPYrSvPY .1+*j.x2[Y4S\
t1,Q Y2’S,124Y2*i

f’Y2 x+ U1’Y,24Y2*xP ,Y+*,S\*S12+ x,Y ,YPxrY[ x2[ Y\1214SY+ U,x[(xPPqk .x,*SxPPq 1, W(PPqk ,Y1.Y2k *TY 12U1S2U Y\1214S\ S4.x\*+

x2[ TYxP*T \12\Y,2+ x++1\Sx*Y[ tS*T !D:b~jNF 4xq \12*S2(Y *1 xWWY\* 1(, v(+S2Y++ W1, *TY W1,Y+YYxvPY W(*(,Yi

>T,1(UT ~Y\Y4vY, LNk MgMNk tY Tx’Y Yr.Y,SY2\Y[ [S+,(.*S12+ *1 1(, +(..Pq \TxS2 x+ x ,Y+(P* 1W *TY !D:b~jNF .x2[Y4S\ x2[

UP1vxP YPY\*,12S\+ x2[ 1*TY, ,xt 4x*Y,SxP +T1,*xUY+i 8TSPY tY ,YU(Px,Pq 412S*1, *TY 4x2(Wx\*(,S2U 1(*.(* 1W \14.x2SY+ S2 1(, +(..Pq
\TxS2k [S+,(.*S12+ *1 1(, +(..PSY,+ x2[h1, +(vj+(..PSY,+ \x(+Y[ vq *TY+Y Y’Y2*+ \1(P[ W(,*TY, \TxPPY2UY 1(, xvSPS*q *1 1v*xS2 ,xt
4x*Y,SxP+ 1, \14.12Y2*+ ,Y-(S,Y[ *1 4x2(Wx\*(,Y 1(, .,1[(\*+k x[’Y,+YPq xWWY\*S2U 1(, 1.Y,x*S12+ x2[ \(+*14Y, ,YPx*S12+TS.+i

>1 4S*SUx*Y *TY ,S+Q 1W x2q .1*Y2*SxP +(..Pq S2*Y,,(.*S12+ W,14 *TY !D:b~jNF .x2[Y4S\ x2[ *TY UP1vxP YPY\*,12S\+ x2[ 1*TY, ,xt

4x*Y,SxP +T1,*xUY+k tY x,Y S[Y2*SWqS2U xP*Y,2x*S’Y +(..PSY,+ x2[ [S+*,Sv(*1,+k +1(,\S2U ,xt 4x*Y,SxP+ W,14 [SWWY,Y2* +(..PSY, x2[
[S+*,Sv(*1, P1\x*S12+k 41[SWqS2U 1(, .,1[(\* [Y+SU2+ *1 xPP1t W1, xP*Y,2x*S’Y \14.12Y2*+ *1 vY (+Y[ tTY,Y WYx+SvPY tS*T1(*
\14.,14S+S2U -(xPS*qk .Y,W1,4x2\Y 1, 1*TY, ,Y-(S,Y4Y2*+k S2j+1(,\S2U .,1[(\*S12 1W .x,*+ tTY,Y WYx+SvPYk x2[ *xQS2U 1*TY, x\*S12+ *1
Y2+(,Y x +(+*xS2xvPY +(..Pq 1W ,xt 4x*Y,SxP+i ~Y+.S*Y 1W 1(, 4S*SUx*S12 x\*S12+k SW \Y,*xS2 +(..PSY,+ \x221* .,1[(\Y x QYq .x,* 1,
\14.12Y2* W1, (+k 1, SW *TY ,Y\YS.* 1W \Y,*xS2 4x*Y,SxP+ S+ 1*TY,tS+Y [YPxqY[k tY 4xq 4S++ 1(, +\TY[(PY[ +TS.4Y2* [Yx[PS2Y+ x2[ 1(,
,YPx*S12+TS. tS*T \(+*14Y,+ 4xq vY Tx,4Y[i

#[[S*S12xPPqk ,Y+*,S\*S12+ 12 1, [S+,(.*S12+ 1W *,x2+.1,*x*S12k +(\T x+ ,Y[(\Y[ x’xSPxvSPS*q 1W xS, *,x2+.1,*+k .1,* \P1+(,Y+ x2[

vx\QP1U+k x2[ S2\,Yx+Y[ v1,[Y, \12*,1P+ 1, \P1+(,Y+k Tx’Y ,Y+(P*Y[ S2 TSUTY, \1+*+ x2[ [YPxq+k v1*T W1, 1v*xS2S2U ,xt 4x*Y,SxP+ W,14
+(..PSY,+ x2[ W1, +TS..S2U WS2S+TY[ .,1[(\*+ *1 \(+*14Y,+i

>TY !D:b~jNF .x2[Y4S\ x2[ *TY UP1vxP YPY\*,12S\+ x2[ 1*TY, ,xt 4x*Y,SxP +T1,*xUY+ Tx’Y \x(+Y[ S2WPx*S12x,q .,Y++(,Y+ 12 *TY

4x,QY* .,S\Y+ W1, \Y,*xS2 1W 1(, .x,*+ x2[ .,S4x,q ,xt 4x*Y,SxP+ x+ tYPP x+ S2\,Yx+Y+ S2 *TY \1+*+ 1W Pxv1,k W,YSUT*k .x\QxUS2Uk Y2Y,Uq
x2[ 1*TY, \12+(4xvPY+ *Tx* x,Y (+Y[ S2 1(, 4x2(Wx\*(,S2U .,1\Y++Y+i 8Y Tx’Y UY2Y,xPPq vYY2 xvPY *1 1WW+Y* S2\,Yx+Y+ S2 *TY+Y \1+*+
*T,1(UT ’x,S1(+ .,1[(\*S’S*q x2[ \1+* ,Y[(\*S12 S2S*Sx*S’Y+k x+ tYPP x+ x[R(+*S2U 1(, +YPPS2U .,S\Y+ *1 .x++ *T,1(UT +14Y 1W *TY+Y TSUTY,
\1+*+ *1 1(, \(+*14Y,+% T1tY’Y,k 1(, xvSPS*q *1 ,xS+Y 1(, +YPPS2U .,S\Y+ [Y.Y2[+ 12 4x,QY* \12[S*S12+ x2[ \14.Y*S*S’Y [q2x4S\+i dS’Y2
*TY *S4S2U 1W 1(, x\*S12+ \14.x,Y[ *1 *TY *S4S2U 1W *TY+Y S2WPx*S12x,q .,Y++(,Y+k *TY,Y 4xq vY .Y,S1[+ [(,S2U tTS\T tY x,Y (2xvPY *1
W(PPq ,Y\1’Y, *TY S2\,Yx+Y+ S2 1(, \1+*+i

]m˘wm”˘L (cid:128)ˆ (cid:160)”(cid:132)Ø(cid:132)(cid:204)”؇ T˘to‡qt

>1*xP ,Y’Y2(Y W1, MgMN tx+ 5HgIiG 4SPPS12k x2 S2\,Yx+Y 1W 5NNIiM 4SPPS12k 1, NFiH3k ’Y,+(+ MgMgi >TS+ S2\,Yx+Y tx+ .,S4x,SPq

[(Y *1 S2\,Yx+Y[ [Y4x2[ S2 *TY x[’x2\Y[ S2[(+*,SxP 4x,QY* ,YPx*Y[ *1 4S\,1YPY\*,12S\+ x2[ S2\,Yx+Y+ S2 S2[(+*,SxP 4x2(Wx\*(,S2U
+.Y2[S2U x+ \14.x,Y[ *1 MgMgk tTS\T tx+ S4.x\*Y[ vq !D:b~jNFk x+ tYPP x+ ,Y’Y2(Y W,14 \(,,Y2* qYx, x\-(S+S*S12+i >TY YWWY\* 1W
1(, \(,,Y2* qYx, x\-(S+S*S12+ ,Y+(P*Y[ S2 x2 S2\,Yx+Y S2 ,Y’Y2(Y 1W 5KLiM 4SPPS12k 1, HiL3i b2 x[[S*S12k W1,YSU2 Yr\Tx2UY ,x*Y+
.1+S*S’YPq S4.x\*Y[ 1(, ,Y’Y2(Y vq 5NMiJ 4SPPS12k 1, MiN3k S2 MgMNi

D.Y,x*S2U S2\14Y W1, MgMN tx+ 5IKiN 4SPPS12k x2 S2\,Yx+Y 1W 5GiM 4SPPS12k 1, NKiI3k ’Y,+(+ MgMgi >TS+ S2\,Yx+Y tx+ .,S4x,SPq

x**,Sv(*xvPY *1 x2 S2\,Yx+Y S2 U,1++ .,1WS* 1W 5JJiG 4SPPS12 41+*Pq x**,Sv(*xvPY *1 TSUTY, ,Y’Y2(Yk .x,*SxPPq 1WW+Y* vq x2 S2\,Yx+Y S2
,Y+Yx,\T x2[ [Y’YP1.4Y2* x2[ Y2US2YY,S2U nVA0~?m Yr.Y2+Y+ 1W 5NNiJ 4SPPS12k +YPPS2Uk UY2Y,xP x2[ x[4S2S+*,x*S’Y nV@d0#?m
Yr.Y2+Y+ 1W 5NFiL 4SPPS12 x2[ ,Y+*,(\*(,S2Uk x\-(S+S*S12k x2[ ,YPx*Y[ \Tx,UY+ 1W 5NKiM 4SPPS12i

"x+S\ Yx,2S2U+ .Y, \14412 +Tx,Y nVvx+S\ fC@?m 1W 5NiKM S2 MgMN S2\,Yx+Y[ 5giNJ W,14 *TY vx+S\ fC@ 1W 5NiMH S2 MgMgi ~SP(*Y[
Yx,2S2U+ .Y, \14412 +Tx,Y nV[SP(*Y[ fC@?m 1W 5NiKN S2 MgMN S2\,Yx+Y[ 5giNI W,14 *TY [SP(*Y[ fC@ 1W 5NiMJ S2 MgMgi >TY S2\,Yx+Y 1W
vx+S\ fC@ x2[ [SP(*Y[ fC@ tx+ .,S4x,SPq x**,Sv(*xvPY *1 x2 S2\,Yx+Y S2 1.Y,x*S2U S2\14Y 1WW+Y* vq *TY S2\,Yx+Y 1W S2\14Y *xr
.,1’S+S12i

@.Y\SWS\ \14.12Y2*+ 1W 1(, 1.Y,x*S2U ,Y+(P*+ W1, MgMN x2[ MgMg x,Y W(,*TY, [S+\(++Y[ vYP1ti

T˘to‡qt (cid:128)ˆ ]}˘wØq”(cid:128)(cid:132)t

b2W1,4x*S12 .Y,*xS2S2U *1 WS+\xP qYx, MgNF ,Y+(P*+ 1W 1.Y,x*S12+k S2\P([S2U x qYx,j1’Y,jqYx, \14.x,S+12 tS*T WS+\xP qYx, MgMgk

tx+ S2\P([Y[ S2 1(, #22(xP AY.1,* 12 e1,4 Ngj‘ W1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgMg (2[Y, Cx,* bbk b*Y4 Hk V^x2xUY4Y2*;+
~S+\(++S12 x2[ #2xPq+S+ 1W eS2x2\SxP C1+S*S12 x2[ AY+(P*+ 1W D.Y,x*S12+k? tTS\T tx+ WSPY[ tS*T *TY @f! 12 ^x,\T Nk MgMNi

LI

>TY W1PP1tS2U *xvPY +Y*+ W1,*T 1(, ,Y+(P*+ 1W 1.Y,x*S12+ x+ x .Y,\Y2*xUY 1W ,Y’Y2(Y W1, *TY qYx,+ S2[S\x*Y[E

X(cid:131)X[

X(cid:131)X(cid:131)

AY’Y2(Y
!1+* 1W ,Y’Y2(Y
d,1++ .,1WS*
D.Y,x*S2U Yr.Y2+Y+E

AY+Yx,\T x2[ [Y’YP1.4Y2* x2[ Y2US2YY,S2U
@YPPS2Uk UY2Y,xP x2[ x[4S2S+*,x*S’Y
#41,*Sox*S12 1W .(,\Tx+Y[ S2*x2USvPY x++Y*+
AY+*,(\*(,S2U x2[ x\-(S+S*S12 ,YPx*Y[ \1+*+

>1*xP 1.Y,x*S2U Yr.Y2+Y+

D.Y,x*S2U S2\14Y
b2*Y,Y+* S2\14Y nYr.Y2+Ymk 2Y*
e1,YSU2 Yr\Tx2UY *,x2+x\*S12 UxS2+ nP1++Y+mk 2Y*
D*TY, S2\14Y nYr.Y2+Ymk 2Y*
b2\14Y vYW1,Y S2\14Y *xrY+
b2\14Y *xr .,1’S+S12
!12+1PS[x*Y[ 2Y* S2\14Y

Revenue

Nggig3
JHiJ
KMiJ

NgiL
NGiL
MiL
MiJ
LLiK
FiN
nNigm
ngigm
ngiNm
HiF
giG
HiN3

Nggig3
JGiI
KNiK

NgiL
NGiI
MiK
giI
LNiF
FiJ
nNiNm
ngiMm
gig
GiM
giH
HiJ3

>TY W1PP1tS2U *xvPY +Y*+ W1,*T Yr*Y,2xP ,Y’Y2(Y vq ,Y.1,*xvPY +YU4Y2* W1, MgMN x2[ MgMg n[1PPx,+ S2 *T1(+x2[+mE

CT1*12S\+
:S+S12
C,Y\S+S12 ^1*S12
>1*xP

Photonics

5

5

X(cid:131)X[

X(cid:131)X(cid:131)

MLMkKJF
MIMkgIg
MNMkMHK
HgIkHFL

5

5

NFFkINL
MINkIJg
NMFkLIg
JFgkIML

! (cid:211)‰Ø(cid:132)(cid:192)˘
X(cid:131)X[ mt(cid:136) X(cid:131)X(cid:131)

NIiJ3
giM3
IKiN3
NFiH3

CT1*12S\+ +YU4Y2* ,Y’Y2(Y S2 MgMN S2\,Yx+Y[ vq 5LMiG 4SPPS12k 1, NIiJ3k ’Y,+(+ MgMgk .,S4x,SPq [(Y *1 S2\,Yx+Y[ [Y4x2[ S2 *TY
x[’x2\Y[ S2[(+*,SxP 4x,QY* x+ x ,Y+(P* 1W S2\,Yx+Y+ S2 S2[(+*,SxP 4x2(Wx\*(,S2U +.Y2[S2U x+ \14.x,Y[ *1 MgMgk tTS\T tx+ S4.x\*Y[ vq
!D:b~jNF .x2[Y4S\i

Vision

:S+S12 +YU4Y2* ,Y’Y2(Y S2 MgMN S2\,Yx+Y[ vq 5giK 4SPPS12k 1, giM3k ’Y,+(+ MgMgk .,S4x,SPq WPx* [(Y *1 \12+S+*Y2* \(+*14Y,
[Y4x2[ [q2x4S\+ W,14 1(, 4S2S4xPPq S2’x+S’Y +(,UY,q nV^b@?m .,1[(\*+ x+ x ,Y+(P* 1W [YWY,,xP+ 1W YPY\*S’Y +(,US\xP .,1\Y[(,Y+ [(,S2U
*TY !D:b~jNF .x2[Y4S\i

Precision Motion

C,Y\S+S12 ^1*S12 +YU4Y2* ,Y’Y2(Y S2 MgMN S2\,Yx+Y[ vq 5GMiF 4SPPS12k 1, IKiN3k ’Y,+(+ MgMgk .,S4x,SPq [(Y *1 x2 S2\,Yx+Y S2

[Y4x2[ S2 x[’x2\Y[ S2[(+*,SxP 4x,QY* x2[ \Y,*xS2 4Y[S\xP ,1v1*S\ x..PS\x*S12+ x+ tYPP x+ x2 xUU,YUx*Y 1W 5KLiM 4SPPS12 ,Y’Y2(Y
\12*,Sv(*S12+ W,14 *TY #>b x2[ @f^ x\-(S+S*S12+i

LH

Gross Profit

>TY W1PP1tS2U *xvPY +Y*+ W1,*T *TY U,1++ .,1WS* x2[ U,1++ .,1WS* 4x,US2 W1, Yx\T 1W 1(, ,Y.1,*xvPY +YU4Y2*+ W1, MgMN x2[ MgMg

n[1PPx,+ S2 *T1(+x2[+mE

d,1++ .,1WS*E
CT1*12S\+
:S+S12
C,Y\S+S12 ^1*S12
<2xPP1\x*Y[ !1,.1,x*Y x2[ @Tx,Y[ @Y,’S\Y+
>1*xP

d,1++ .,1WS* 4x,US2E

CT1*12S\+
:S+S12
C,Y\S+S12 ^1*S12

>1*xP

X(cid:131)X[

X(cid:131)X(cid:131)

5

5

NgHkFFL
NggkGFg
FFkLKJ
nHkFggm
LggkLMG

5

5

KIiJ3
LGiJ3
KIiG3

KMiJ3

GFkgIg
NggkMIH
JGkMHF
nLkgGFm
MKKkJNH

KKiI3
LGiL3
KJiN3

KNiK3

d,1++ .,1WS* x2[ U,1++ .,1WS* 4x,US2 \x2 vY S2WP(Y2\Y[ vq x 2(4vY, 1W Wx\*1,+k S2\P([S2U .,1[(\* 4Srk .,S\S2Uk ’1P(4Yk
4x2(Wx\*(,S2U YWWS\SY2\SY+ x2[ (*SPSox*S12k \1+*+ W1, ,xt 4x*Y,SxP+ x2[ 1(*+1(,\Y[ 4x2(Wx\*(,S2Uk TYx[\1(2*k S2’Y2*1,q 1v+1PY+\Y2\Y
x2[ tx,,x2*q Yr.Y2+Y+i

Photonics

CT1*12S\+ +YU4Y2* U,1++ .,1WS* W1, MgMN S2\,Yx+Y[ 5NGiF 4SPPS12k 1, MNiL3k ’Y,+(+ MgMgk .,S4x,SPq [(Y *1 x2 S2\,Yx+Y S2 v1*T
,Y’Y2(Y x2[ U,1++ .,1WS* 4x,US2i CT1*12S\+ +YU4Y2* U,1++ .,1WS* 4x,US2 tx+ KIiJ3 W1, MgMNk ’Y,+(+ x U,1++ .,1WS* 4x,US2 1W KKiI3
W1, MgMgi >TY S2\,Yx+Y S2 U,1++ .,1WS* 4x,US2 tx+ .,S4x,SPq x**,Sv(*xvPY *1 TSUTY, Wx\*1,q (*SPSox*S12 x++1\Sx*Y[ tS*T TSUTY, .,1[(\*S12
’1P(4Y+i

Vision

:S+S12 +YU4Y2* U,1++ .,1WS* W1, MgMN S2\,Yx+Y[ 5giI 4SPPS12k 1, giI3k ’Y,+(+ MgMgk .,S4x,SPq WPx* [(Y *1 \12+S+*Y2* \(+*14Y,
[Y4x2[ [q2x4S\+ W,14 1(, ^b@ .,1[(\*+ x+ x ,Y+(P* 1W [YWY,,xP+ 1W YPY\*S’Y +(,US\xP .,1\Y[(,Y+ [(,S2U *TY !D:b~jNF .x2[Y4S\i
:S+S12 +YU4Y2* U,1++ .,1WS* 4x,US2 tx+ LGiJ3 W1, MgMNk \14.x,Y[ tS*T x U,1++ .,1WS* 4x,US2 1W LGiL3 W1, MgMgi

Precision Motion

C,Y\S+S12 ^1*S12 +YU4Y2* U,1++ .,1WS* W1, MgMN S2\,Yx+Y[ 5KNiN 4SPPS12k 1, HgiJ3k ’Y,+(+ MgMgk .,S4x,SPq [(Y *1 x2 S2\,Yx+Y S2

v1*T ,Y’Y2(Y x2[ U,1++ .,1WS* 4x,US2i C,Y\S+S12 ^1*S12 +YU4Y2* U,1++ .,1WS* 4x,US2 tx+ KIiG3 W1, MgMNk \14.x,Y[ tS*T x U,1++
.,1WS* 4x,US2 1W KJiN3 W1, MgMgi >TY S2\,Yx+Y S2 U,1++ .,1WS* 4x,US2 tx+ .,S4x,SPq x**,Sv(*xvPY *1 TSUTY, Wx\*1,q (*SPSox*S12 x++1\Sx*Y[
tS*T TSUTY, .,1[(\*S12 ’1P(4Y+ x2[ Wx’1,xvPY qYx, 1’Y, qYx, \14.x,S+12 [(Y *1 TSUTY, S2’Y2*1,q 1v+1PY+\Y2\Y S2 *TY .,S1, qYx,k 1WW+Y*
vq TSUTY, .(,\Tx+Y[ S2*x2USvPY x++Y* x41,*Sox*S12 1W 5MiJ 4SPPS12 x2[ x2 S2\,Yx+Y S2 *TY x41,*Sox*S12 1W x\-(S+S*S12 S2’Y2*1,q WxS,
’xP(Y x[R(+*4Y2*+ 1W 5NiK 4SPPS12i

Operating Expenses

>TY W1PP1tS2U *xvPY +Y*+ W1,*T 1.Y,x*S2U Yr.Y2+Y+ W1, MgMN x2[ MgMg n[1PPx,+ S2 *T1(+x2[+mE

AY+Yx,\T x2[ [Y’YP1.4Y2* x2[ Y2US2YY,S2U
@YPPS2Uk UY2Y,xP x2[ x[4S2S+*,x*S’Y
#41,*Sox*S12 1W .(,\Tx+Y[ S2*x2USvPY x++Y*+
AY+*,(\*(,S2U x2[ x\-(S+S*S12 ,YPx*Y[ \1+*+
>1*xP

X(cid:131)X[

X(cid:131)X(cid:131)

HMkJMM
NMFkNJJ
NIkJHH
NGkgMg
MLIkMHK

5

5

IgkFFI
NgFkGJL
NLkFHg
LkGNg
NGGkIMF

5

5

! (cid:211)‰Ø(cid:132)(cid:192)˘
X(cid:131)X[ mt(cid:136) X(cid:131)X(cid:131)

NGiF3
NHiI3
NGiH3
LHLig3
MJiL3

Research and Development and Engineering Expenses

AY+Yx,\T x2[ [Y’YP1.4Y2* x2[ Y2US2YY,S2U nVA0~?m Yr.Y2+Y+ x,Y .,S4x,SPq \14.,S+Y[ 1W Y4.P1qYY \14.Y2+x*S12 x2[ ,YPx*Y[

Yr.Y2+Y+ x2[ \1+* 1W 4x*Y,SxP+ W1, A0~ .,1RY\*+i

LG

A0~ Yr.Y2+Y+ tY,Y 5HMiJ 4SPPS12k 1, NgiL3 1W ,Y’Y2(Yk S2 MgMNk ’Y,+(+ 5INig 4SPPS12k 1, NgiL3 1W ,Y’Y2(Yk S2 MgMgi A0~

Yr.Y2+Y+ S2\,Yx+Y[ S2 *Y,4+ 1W *1*xP [1PPx,+ .,S4x,SPq [(Y *1 TSUTY, \14.Y2+x*S12 ,YPx*Y[ Yr.Y2+Y+ x2[ A0~ Yr.Y2+Y+ W,14
x\-(S+S*S12+i

Selling, General and Administrative Expenses

@YPPS2Uk UY2Y,xP x2[ x[4S2S+*,x*S’Y nV@d0#?m Yr.Y2+Y+ S2\P([Y \1+*+ W1, +xPY+ x2[ 4x,QY*S2Uk +xPY+ x[4S2S+*,x*S12k WS2x2\Yk

T(4x2 ,Y+1(,\Y+k PYUxPk S2W1,4x*S12 +q+*Y4+ x2[ YrY\(*S’Y 4x2xUY4Y2*i

@d0# Yr.Y2+Y+ tY,Y 5NMFiM 4SPPS12k 1, NGiL3 1W ,Y’Y2(Yk S2 MgMNk ’Y,+(+ 5NgFiF 4SPPS12k 1, NGiI3 1W ,Y’Y2(Yk S2 MgMgi
@d0# Yr.Y2+Y+ S2\,Yx+Y[ S2 *Y,4+ 1W *1*xP [1PPx,+ .,S4x,SPq [(Y *1 *TY ,YjY+*xvPS+T4Y2* 1W Y4.P1qYY v12(+ .Px2+ S2 MgMN x2[ 1*TY,
\14.Y2+x*S12 ,YPx*Y[ S2\,Yx+Y+k x2[ @d0# Yr.Y2+Y+ W,14 x\-(S+S*S12+i

Amortization of Purchased Intangible Assets

#41,*Sox*S12 1W .(,\Tx+Y[ S2*x2USvPY x++Y*+ S+ \Tx,UY[ *1 1(, CT1*12S\+k :S+S12 x2[ C,Y\S+S12 ^1*S12 +YU4Y2*+i #41,*Sox*S12

1W [Y’YP1.Y[ *Y\T21P1USY+ S+ S2\P([Y[ S2 \1+* 1W ,Y’Y2(Y S2 *TY \12+1PS[x*Y[ +*x*Y4Y2* 1W 1.Y,x*S12+i #41,*Sox*S12 1W \(+*14Y,
,YPx*S12+TS.+k *,x[Y4x,Q+k *,x[Y 2x4Y+k vx\QP1U x2[ 1*TY, S2*x2USvPY+ x,Y S2\P([Y[ S2 1.Y,x*S2U Yr.Y2+Y+ S2 *TY \12+1PS[x*Y[ +*x*Y4Y2*
1W 1.Y,x*S12+i

#41,*Sox*S12 1W .(,\Tx+Y[ S2*x2USvPY x++Y*+k Yr\P([S2U *TY x41,*Sox*S12 1W [Y’YP1.Y[ *Y\T21P1USY+ *Tx* S+ S2\P([Y[ S2 \1+* 1W

,Y’Y2(Yk tx+ 5NIiI 4SPPS12k 1, MiL3 1W ,Y’Y2(Yk S2 MgMNk ’Y,+(+ 5NKig 4SPPS12k 1, MiK3 1W ,Y’Y2(Yk S2 MgMgi >TY S2\,Yx+Y S2 *Y,4+ 1W
*1*xP [1PPx,+ tx+ *TY ,Y+(P* 1W 41,Y x\-(S,Y[ S2*x2USvPY x++Y*+ W,14 \(,,Y2* qYx, x\-(S+S*S12+i

Restructuring, Acquisition, and Related Costs

AY+*,(\*(,S2Uk x\-(S+S*S12k x2[ ,YPx*Y[ \Tx,UY+ .,S4x,SPq ,YPx*Y *1 1(, ,Y+*,(\*(,S2U .,1U,x4+k x\-(S+S*S12 ,YPx*Y[ \1+*+ S2\(,,Y[

W1, \14.PY*Y[ x\-(S+S*S12+k x\-(S+S*S12 \1+*+ ,YPx*Y[ *1 W(*(,Y .1*Y2*SxP x\-(S+S*S12+ x2[ WxSPY[ x\-(S+S*S12+k x2[ \Tx2UY+ S2 WxS, ’xP(Y 1W
\12*S2UY2* \12+S[Y,x*S12+i

8Y ,Y\1,[Y[ ,Y+*,(\*(,S2U x2[ x\-(S+S*S12 ,YPx*Y[ \1+*+ 1W 5NGig 4SPPS12 S2 MgMNk ’Y,+(+ 5LiG 4SPPS12 S2 MgMgi >TY S2\,Yx+Y S2
,Y+*,(\*(,S2Uk x\-(S+S*S12k x2[ ,YPx*Y[ \1+*+ ’Y,+(+ *TY .,S1, qYx, tx+ .,S4x,SPq [(Y *1 x2 S2\,Yx+Y S2 x\-(S+S*S12 ,YPx*Y[ .,1WY++S12xP
+Y,’S\Y WYY+ 1W 5JiK 4SPPS12k x\-(S+S*S12 ,YPx*Y[ \12*S2UY2* \12+S[Y,x*S12 S2\,Yx+Y 1W 5KiF 4SPPS12 .,S4x,SPq x+ ,Y+(P* 1W x ,Y[(\*S12 S2
*TY WxS, ’xP(Y 1W \12*S2UY2* \12+S[Y,x*S12+ S2 MgMgk x2[ ,Y+*,(\*(,S2U \1+*+ 1W 5LiF 4SPPS12 .,S4x,SPq ,YPx*Y[ *1 *TY MgMg ,Y+*,(\*(,S2U
.Px2i

Operating Income (Loss) by Segment

>TY W1PP1tS2U *xvPY +Y*+ W1,*T 1.Y,x*S2U S2\14Y nP1++m vq +YU4Y2* W1, MgMN x2[ MgMg nS2 *T1(+x2[+mE

]}˘wØq”(cid:132)(cid:192) (cid:151)(cid:132)(cid:204)(cid:128)(cid:136)˘ (cid:153)(cid:143)(cid:128)tt(cid:151)

CT1*12S\+
:S+S12
C,Y\S+S12 ^1*S12
<2xPP1\x*Y[ !1,.1,x*Y x2[ @Tx,Y[ @Y,’S\Y+

N(cid:128)q؇

Photonics

X(cid:131)X[

X(cid:131)X(cid:131)

5

5

KIkHFM
NHkIFK
JMkIHI
nJLkNgGm
IKkgJK

5

5

LKkggN
NIkLJK
LNkIIL
nMIkNLgm
JJkGGG

CT1*12S\+ +YU4Y2* 1.Y,x*S2U S2\14Y tx+ 5KIiG 4SPPS12k 1, MgiN3 1W ,Y’Y2(Yk S2 MgMNk ’Y,+(+ 5LKig 4SPPS12k 1, NHig3 1W
,Y’Y2(Yk S2 MgMgi >TY S2\,Yx+Y S2 1.Y,x*S2U S2\14Y tx+ .,S4x,SPq [(Y *1 x2 S2\,Yx+Y S2 U,1++ .,1WS* 1W 5NGiF 4SPPS12k .x,*SxPPq 1WW+Y* vq
S2\,Yx+Y+ S2 A0~ +.Y2[S2U 1W 5MiM 4SPPS12 x2[ ,Y+*,(\*(,S2Uk x\-(S+S*S12k x2[ ,YPx*Y[ \Tx,UY+ 1W 5KiH 4SPPS12i

Vision

:S+S12 +YU4Y2* 1.Y,x*S2U S2\14Y tx+ 5NHiH 4SPPS12k 1, IiG3 1W ,Y’Y2(Yk S2 MgMNk ’Y,+(+ 5NIiK 4SPPS12k 1, IiL3 1W ,Y’Y2(Yk S2
MgMgi >TY S2\,Yx+Y S2 1.Y,x*S2U S2\14Y tx+ .,S4x,SPq [(Y *1 x2 S2\,Yx+Y S2 U,1++ .,1WS* 1W 5giI 4SPPS12k x [Y\,Yx+Y S2 @d0# Yr.Y2+Y+
1W 5NiH 4SPPS12k x2[ x [Y\,Yx+Y S2 ,Y+*,(\*(,S2Uk x\-(S+S*S12k x2[ ,YPx*Y[ \Tx,UY+ 1W 5NiK 4SPPS12k .x,*SxPPq 1WW+Y* vq x2 S2\,Yx+Y S2 A0~
Yr.Y2+Y+ 1W 5MiI 4SPPS12i

LF

Precision Motion

C,Y\S+S12 ^1*S12 +YU4Y2* 1.Y,x*S2U S2\14Y tx+ 5JMiH 4SPPS12k 1, MKiG3 1W ,Y’Y2(Yk S2 MgMNk ’Y,+(+ 5LNiH 4SPPS12k 1, MKiJ3 1W
,Y’Y2(Yk S2 MgMgi >TY S2\,Yx+Y S2 1.Y,x*S2U S2\14Y tx+ .,S4x,SPq [(Y *1 x2 S2\,Yx+Y S2 U,1++ .,1WS* 1W 5KNiN 4SPPS12k .x,*SxPPq 1WW+Y* vq
x2 S2\,Yx+Y S2 ,Y+*,(\*(,S2Uk x\-(S+S*S12k x2[ ,YPx*Y[ \Tx,UY+ 1W 5JiG 4SPPS12k A0~ +.Y2[S2U 1W 5IiG 4SPPS12k @d0# Yr.Y2+Y 1W 5JiM
4SPPS12 x2[ x41,*Sox*S12 1W .(,\Tx+Y[ S2*x2USvPY x++Y*+ Yr.Y2+Y 1W 5MiL 4SPPS12i

Unallocated Corporate and Shared Services

<2xPP1\x*Y[ \1,.1,x*Y x2[ +Tx,Y[ +Y,’S\Y+ \1+*+ .,S4x,SPq ,Y.,Y+Y2* \1+*+ 1W \1,.1,x*Y x2[ +Tx,Y[ @d0# W(2\*S12+ x2[ 1*TY,

.(vPS\ \14.x2q \1+*+ *Tx* x,Y 21* xPP1\x*Y[ *1 *TY 1.Y,x*S2U +YU4Y2*+k S2\P([S2U \Y,*xS2 ,Y+*,(\*(,S2U x2[ 41+* x\-(S+S*S12 ,YPx*Y[
\1+*+i

<2xPP1\x*Y[ \1,.1,x*Y x2[ +Tx,Y[ +Y,’S\Y+ \1+*+ W1, MgMN S2\,Yx+Y[ vq 5MHig 4SPPS12k 1, NgLiM3k W,14 MgMgk .,S4x,SPq [(Y *1 x2

S2\,Yx+Y S2 @d0# +.Y2[S2U 1W 5NHiN 4SPPS12 41+*Pq ,YPx*Y[ *1 *TY ,YjY+*xvPS+T4Y2* 1W Y4.P1qYY v12(+ .Px2+ S2 MgMN x2[ 1*TY,
\14.Y2+x*S12 ,YPx*Y[ S2\,Yx+Y+k x2 S2\,Yx+Y S2 x\-(S+S*S12 ,YPx*Y[ \1+*+ 1W 5JiL 4SPPS12 x2[ x2 S2\,Yx+Y S2 \1+*+ ,YPx*Y[ *1 !D:b~jNF
*Y+*S2U W1, Y4.P1qYY+ 1W 5LiL 4SPPS12 S2\P([Y[ S2 \1+* 1W ,Y’Y2(Yi

Interest Income (Expense), Foreign Exchange Transaction Gains (Losses), and Other Income (Expense), Net

>TY W1PP1tS2U *xvPY +Y*+ W1,*T S2*Y,Y+* S2\14Y nYr.Y2+Ymk W1,YSU2 Yr\Tx2UY *,x2+x\*S12 UxS2+ nP1++Y+mk x2[ 1*TY, S2\14Y

nYr.Y2+Ym W1, MgMN x2[ MgMg nS2 *T1(+x2[+mE

b2*Y,Y+* S2\14Y nYr.Y2+Ymk 2Y*
e1,YSU2 Yr\Tx2UY *,x2+x\*S12 UxS2+ nP1++Y+mk 2Y*
D*TY, S2\14Y nYr.Y2+Ymk 2Y*

X(cid:131)X[

X(cid:131)X(cid:131)

5
5
5

nHkLGHm 5
nNMHm 5
nLIGm 5

nIkJIKm
nFKMm
MN

Interest Income (Expense), Net

]Y* S2*Y,Y+* Yr.Y2+Y tx+ 5HiK 4SPPS12 S2 MgMN ’Y,+(+ 5IiI 4SPPS12 S2 MgMgi >TY S2\,Yx+Y S2 2Y* S2*Y,Y+* Yr.Y2+Y tx+ .,S4x,SPq
[(Y *1 x2 S2\,Yx+Y S2 x’Y,xUY [Yv* PY’YP+ 1WW+Y* vq x [Y\,Yx+Y S2 *TY tYSUT*Y[ x’Y,xUY S2*Y,Y+* ,x*Y 12 1(, +Y2S1, \,Y[S* Wx\SPS*SY+i >TY
tYSUT*Y[ x’Y,xUY S2*Y,Y+* ,x*Y 12 1(, +Y2S1, \,Y[S* Wx\SPS*SY+ tx+ MiNI3 x2[ MiLM3 [(,S2U MgMN x2[ MgMgk ,Y+.Y\*S’YPqi b2\P([Y[ S2
2Y* S2*Y,Y+* Yr.Y2+Y tx+ 212j\x+T S2*Y,Y+* Yr.Y2+Y 1W x..,1rS4x*YPq 5NiM 4SPPS12 x2[ 5Nig 4SPPS12 S2 MgMN x2[ MgMgk ,Y+.Y\*S’YPqk
,YPx*Y[ *1 *TY x41,*Sox*S12 1W [YWY,,Y[ WS2x2\S2U \1+*+ 12 1(, [Yv*i

Foreign Exchange Transaction Gains (Losses), Net

e1,YSU2 Yr\Tx2UY *,x2+x\*S12 UxS2+ nP1++Y+mk 2Y*k tY,Y 5giN 4SPPS12 1W 2Y* P1++Y+ S2 MgMN ’Y,+(+ 5giF 4SPPS12 1W 2Y* P1++Y+ S2
MgMgk .,S4x,SPq [(Y *1 \Tx2UY+ S2 *TY ’xP(Y 1W *TY TY YWWY\*S’Y *xr ,x*Y

W1, MgMN tx+ NgiK3 1W S2\14Y vYW1,Y S2\14Y *xrY+k \14.x,Y[ *1 x2 YWWY\*S’Y *xr ,x*Y 1W Gig3 1W S2\14Y vYW1,Y S2\14Y *xrY+ W1,
MgMgi D(, YWWY\*S’Y *xr ,x*Y W1, MgMN [SWWY,Y[ W,14 *TY !x2x[Sx2 +*x*(*1,q ,x*Y 1W MFig3 .,S4x,SPq [(Y *1 *TY 4Sr 1W S2\14Y Yx,2Y[ S2
R(,S+[S\*S12+ tS*T ’x,qS2U *xr ,x*Y+k 5MiI 4SPPS12 vY2YWS* W,14 TY !#Af@
#\* S+ x2 Y4Y,UY2\q Y\1214S\ +*S4(P(+ .x\QxUY tTS\Tk x412U 1*TY, *TS2U+k \12*xS2+ 2(4Y,1(+ .,1’S+S12+ \12\Y,2S2U S2\14Y *xrY+i
>TY !#Af@ #\* [S[ 21* Tx’Y x 4x*Y,SxP S4.x\* 12 1(, S2\14Y *xrY+ 1, ,YPx*Y[ [S+\P1+(,Y+i

Net Income

>TY \12+1PS[x*Y[ 2Y* S2\14Y tx+ 5JgiL 4SPPS12 W1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgMNk \14.x,Y[ *1 5KKiJ 4SPPS12 W1, *TY qYx,

Y2[Y[ ~Y\Y4vY, LNk MgMgk ,YWPY\*S2U *TY S4.x\* 1W *TY Wx\*1,+ [Y+\,SvY[ xv1’Yi

(cid:143)”zo”(cid:201)”qD Ø(cid:132)(cid:201) (cid:211)Ø}”q؇ T˘t(cid:128)ow(cid:204)˘t

8Y x++Y++ 1(, PS-(S[S*q S2 *Y,4+ 1W 1(, xvSPS*q *1 UY2Y,x*Y \x+T *1 W(2[ 1(, 1.Y,x*S2Uk S2’Y+*S2Uk x2[ WS2x2\S2U x\*S’S*SY+i D(,
.,S4x,q 12U1S2U \x+T ,Y-(S,Y4Y2*+ x,Y W(2[S2U 1.Y,x*S12+k \x.S*xP Yr.Y2[S*(,Y+k S2’Y+*4Y2*+ S2 v(+S2Y++Y+k x2[ ,Y.xq4Y2* 1W 1(, [Yv*
x2[ ,YPx*Y[ S2*Y,Y+* .xq4Y2*+i D(, .,S4x,q +1(,\Y+ 1W PS-(S[S*q x,Y \x+T WP1t+ W,14 1.Y,x*S12+ x2[ v1,,1tS2U+ (2[Y, 1(, ,Y’1P’S2U
\,Y[S* Wx\SPS*qi 8Y vYPSY’Y 1(, W(*(,Y 1.Y,x*S2U \x+T WP1t+ tSPP vY +(WWS\SY2* *1 4YY* 1(, W(*(,Y 1.Y,x*S2U x2[ \x.S*xP Yr.Y2[S*(,Y \x+T
2YY[+ W1, *TY W1,Y+YYxvPY W(*(,Yk S2\P([S2U x* PYx+* *TY 2Yr* NM 412*T+i >TY x’xSPxvSPS*q 1W v1,,1tS2U \x.x\S*q (2[Y, 1(, ,Y’1P’S2U
\,Y[S* Wx\SPS*q .,1’S[Y+ x21*TY, .1*Y2*SxP +1(,\Y 1W PS-(S[S*q W1, x2q W(*(,Y \x.S*xP Yr.Y2[S*(,Y+ x2[ 1*TY, PS-(S[S*q 2YY[+i b2 x[[S*S12k
tY Tx’Y *TY xvSPS*q *1 Yr.x2[ 1(, v1,,1tS2U \x.x\S*q vq (. *1 5Mggig 4SPPS12 vq YrY,\S+S2U *TY x\\1,[S12 WYx*(,Y (2[Y, 1(, ,Y’1P’S2U
\,Y[S* xU,YY4Y2*i 8Y 4xq +YYQ *1 ,xS+Y x[[S*S12xP \x.S*xPk tTS\T \1(P[ vY S2 *TY W1,4 1W v12[+k \12’Y,*SvPY [Yv* 1, .,YWY,,Y[ 1,
\14412 Y-(S*qk *1 W(2[ v(+S2Y++ [Y’YP1.4Y2* x\*S’S*SY+ 1, 1*TY, W(*(,Y S2’Y+*S2U \x+T ,Y-(S,Y4Y2*+k +(vRY\* *1 x..,1’xP vq *TY PY2[Y,+
S2 *TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2*i >TY,Y S+ 21 x++(,x2\Y *Tx* +(\T \x.S*xP tSPP vY x’xSPxvPY 12 ,Yx+12xvPY *Y,4+ 1,
x* xPPi

@SU2SWS\x2* Wx\*1,+ xWWY\*S2U *TY 4x2xUY4Y2* 1W 1(, 12U1S2U \x+T ,Y-(S,Y4Y2*+ x,Y *TY x[Y-(x\q 1W x’xSPxvPY vx2Q PS2Y+ 1W \,Y[S*

x2[ 1(, xvSPS*q *1 x**,x\* P12U *Y,4 \x.S*xP tS*T +x*S+Wx\*1,q *Y,4+i >TY +1(,\Y+ 1W 1(, PS-(S[S*q x,Y +(vRY\* *1 xPP 1W *TY ,S+Q+ 1W 1(,
v(+S2Y++ x2[ \1(P[ vY x[’Y,+YPq xWWY\*Y[ vqk x412U 1*TY, Wx\*1,+k ,S+Q+ x++1\Sx*Y[ tS*T Y’Y2*+ 1(*+S[Y 1W 1(, \12*,1Pk +(\T x+
Y\1214S\ \12+Y-(Y2\Y+ 1W *TY !D:b~jNF .x2[Y4S\k t1,+Y2S2U +(..Pq \TxS2 [S+,(.*S12+ x2[ YPY\*,12S\+ x2[ 1*TY, 4x*Y,SxP +T1,*xUY+k
x [Y\,Yx+Y S2 [Y4x2[ W1, 1(, .,1[(\*+k 1(, xvSPS*q *1 S2*YU,x*Y \(,,Y2* x2[ W(*(,Y x\-(S+S*S12+k [Y*Y,S1,x*S12 S2 \Y,*xS2 WS2x2\SxP ,x*S1+k
x’xSPxvSPS*q 1W v1,,1tS2U+ (2[Y, 1(, ,Y’1P’S2U \,Y[S* Wx\SPS*qk x2[ 4x,QY* \Tx2UY+ S2 UY2Y,xPi @YY VAS+Q+ AYPx*S2U *1 D(, !14412
@Tx,Y+ x2[ D(, !x.S*xP @*,(\*(,Y? S2\P([Y[ S2 b*Y4 N# 1W *TS+ #22(xP AY.1,* 12 e1,4 Ngj‘i

D(, xvSPS*q *1 4xQY .xq4Y2*+ 12 1(, S2[Yv*Y[2Y++ x2[ *1 W(2[ 1(, 1.Y,x*S12+ 4xq vY [Y.Y2[Y2* (.12 *TY Yx,2S2U+ x2[ *TY
[S+*,Sv(*S12 1W W(2[+ W,14 1(, +(v+S[Sx,SY+i _1\xP Pxt+ x2[ ,YU(Px*S12+ x2[h1, *TY *Y,4+ 1W 1(, S2[Yv*Y[2Y++ ,Y+*,S\* \Y,*xS2 1W 1(,
+(v+S[Sx,SY+ W,14 .xqS2U [S’S[Y2[+ x2[ *,x2+WY,,S2U x++Y*+ *1 (+i >TY,Y S+ 21 x++(,x2\Y *Tx* x..PS\xvPY Pxt+ x2[ ,YU(Px*S12+ x2[h1, *TY
*Y,4+ 1W 1(, S2[Yv*Y[2Y++ tSPP .Y,4S* 1(, +(v+S[Sx,SY+ *1 .,1’S[Y (+ tS*T +(WWS\SY2* [S’S[Y2[+k [S+*,Sv(*S12+ 1, P1x2+ tTY2 2Y\Y++x,qi

#+ 1W ~Y\Y4vY, LNk MgMNk 5HHiL 4SPPS12 1W 1(, 5NNHiK 4SPPS12 \x+T x2[ \x+T Y-(S’xPY2*+ tx+ TYP[ vq 1(, +(v+S[Sx,SY+ 1(*+S[Y 1W

]1,*T #4Y,S\xi dY2Y,xPPqk 1(, S2*Y2* S+ *1 (+Y \x+T TYP[ S2 *TY+Y W1,YSU2 +(v+S[Sx,SY+ *1 W(2[ 1(, P1\xP 1.Y,x*S12+ 1, x\-(S+S*S12+ vq
*T1+Y P1\xP +(v+S[Sx,SY+ x2[ *1 .xq [1t2 v1,,1tS2U+ (2[Y, 1(, +Y2S1, \,Y[S* Wx\SPS*SY+i #..,1rS4x*YPq 5NIKiI 4SPPS12 1W 1(,
1(*+*x2[S2U v1,,1tS2U+ (2[Y, 1(, +Y2S1, \,Y[S* Wx\SPS*SY+ tY,Y TYP[ S2 1(, +(v+S[Sx,SY+ 1(*+S[Y 1W ]1,*T #4Y,S\x x+ 1W ~Y\Y4vY, LNk
MgMNi #[[S*S12xPPqk tY 4xq (+Y S2*Y,\14.x2q P1x2+ *1 x[[,Y++ +T1,*j*Y,4 \x+T WP1t 2YY[+ W,14 ’x,S1(+ +(v+S[Sx,SY+i

8Y [YWY,,Y[ 5MiG 4SPPS12 1W TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2*k 1,SUS2xPPq \12+S+*S2U 1W x 5Nggig
4SPPS12 TY @Y2S1, !,Y[S* ex\SPS*SY+ 4x*(,Y S2 ~Y\Y4vY, MgMKi >TY *Y,4
P1x2 Wx\SPS*q ,Y-(S,Y+ -(x,*Y,Pq +\TY[(PY[ .,S2\S.xP ,Y.xq4Y2*+ 1W x..,1rS4x*YPq /NiN 4SPPS12 vYUS22S2U S2 ^x,\T MgMg tS*T *TY
,Y4xS2S2U .,S2\S.xP vxPx2\Y [(Y (.12 4x*(,S*qi 8Y 4xq 4xQY x[[S*S12xP .,S2\S.xP .xq4Y2*+ x* x2q *S4Yk tTS\T tSPP ,Y[(\Y *TY 2Yr*
-(x,*Y,Pq S2+*xPP4Y2* .xq4Y2* [(Yi 8Y 4xq 4xQY .xq4Y2*+ *1 .xq [1t2 1(, ,Y’1P’S2U \,Y[S* Wx\SPS*q tS*T \x+T 12 Tx2[ x2[ \x+T
UY2Y,x*Y[ W,14 W(*(,Y 1.Y,x*S12+ x* x2q*S4Y (2*SP 4x*(,S*qi

D2 ^x,\T MHk MgMgk tY Y2*Y,Y[ S2*1 *TY eS,+* #4Y2[4Y2* *1 *TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2* x2[ YrY,\S+Y[

x .1,*S12 1W *TY (2\144S**Y[ x\\1,[S12 WYx*(,Yi >TY eS,+* #4Y2[4Y2* S2\,Yx+Y[ *TY ,Y’1P’S2U \,Y[S* Wx\SPS*q \144S*4Y2* (2[Y, *TY
>TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2* vq 5NKJig 4SPPS12k W,14 5LJgig 4SPPS12 *1 5KFJig 4SPPS12k x2[ ,Y+Y* *TY (2\144S**Y[
x\\1,[S12 WYx*(,Y *1 5Mggig 4SPPS12 W1, .1*Y2*SxP W(*(,Y Yr.x2+S12i

D2 a(2Y Mk MgMgk tY Y2*Y,Y[ S2*1 *TY @Y\12[ #4Y2[4Y2* *1 *TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2*i >TY @Y\12[

#4Y2[4Y2* ,Y’S+Y[ 1(, \12+1PS[x*Y[ PY’Y,xUY ,x*S1 [YWS2S*S12 nx+ [YWS2Y[ S2 *TY >TS,[ x4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2*m
xPP1tS2U W1, *TY (+Y 1W (. *1 5MJ 4SPPS12 (2,Y+*,S\*Y[ \x+T x2[ \x+T Y-(S’xPY2*+ x+ x ,Y[(\*S12 *1 \12+1PS[x*Y[ W(2[Y[ S2[Yv*Y[2Y++ nx+
[YWS2Y[ S2 *TY >TS,[ x4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2*mi

D2 D\*1vY, Jk MgMNk tY Y2*Y,Y[ S2*1 *TY e1(,*T #4Y2[4Y2* *1 *TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2* *1 YrY,\S+Y

*TY x\\1,[S12 WYx*(,Yi >TY e1(,*T #4Y2[4Y2* S2\,Yx+Y[ *TY ,Y’1P’S2U \,Y[S* Wx\SPS*q \144S*4Y2* (2[Y, *TY >TS,[ #4Y2[Y[ x2[
AY+*x*Y[ !,Y[S* #U,YY4Y2* vq 5Mggig 4SPPS12k W,14 5KFJig 4SPPS12 *1 5IFJig 4SPPS12k x2[ ,Y+Y* *TY (2\144S**Y[ x\\1,[S12 WYx*(,Y *1
5Mggig 4SPPS12 W1, .1*Y2*SxP W(*(,Y Yr.x2+S12i

#+ 1W ~Y\Y4vY, LNk MgMNk tY Tx[ 5FMig n/GNiNm 4SPPS12 *Y,4 P1x2 x2[ 5LKIiI 4SPPS12 ,Y’1P’Y, v1,,1tS2U+ 1(*+*x2[S2U (2[Y,

1(, @Y2S1, !,Y[S* ex\SPS*SY+i >TY v1,,1tS2U+ 1(*+*x2[S2U (2[Y, *TY @Y2S1, !,Y[S* ex\SPS*SY+ vYx, S2*Y,Y+* x* ,x*Y+ vx+Y[ 12 nxm *TY "x+Y
Ax*Yk x+ [YWS2Y[ S2 *TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2*k .P(+ x 4x,US2 ,x2US2U vY*tYY2 giMJ3 *1 NiMJ3 .Y, x22(4k
[Y*Y,4S2Y[ vq ,YWY,Y2\Y *1 1(, \12+1PS[x*Y[ PY’Y,xUY ,x*S1k 1, nvm *TY f(,1\(,,Y2\q Ax*Yk x+ [YWS2Y[ S2 *TY >TS,[ #4Y2[Y[ x2[
AY+*x*Y[ !,Y[S* #U,YY4Y2*k .P(+ x 4x,US2 ,x2US2U vY*tYY2 NiMJ3 x2[ MiMJ3 .Y, x22(4k [Y*Y,4S2Y[ vq ,YWY,Y2\Y *1 1(, \12+1PS[x*Y[
PY’Y,xUY ,x*S1i b2 x[[S*S12k tY x,Y 1vPSUx*Y[ *1 .xq x \144S*4Y2* WYY 12 *TY (2(+Y[ .1,*S12 1W *TY ,Y’1P’S2U \,Y[S* Wx\SPS*qk ,x2US2U
vY*tYY2 giMg3 x2[ giKg3 .Y, x22(4k [Y*Y,4S2Y[ vq ,YWY,Y2\Y *1 1(, \12+1PS[x*Y[ PY’Y,xUY ,x*S1i #+ 1W ~Y\Y4vY, LNk MgMNk tY Tx[
1(*+*x2[S2U v1,,1tS2U+ (2[Y, *TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2* [Y214S2x*Y[ S2 f(,1 x2[ TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2* \12*xS2+ ’x,S1(+ \1’Y2x2*+ *Tx*k tY vYPSY’Yk x,Y (+(xP x2[ \(+*14x,q W1,

*TS+ *q.Y 1W xU,YY4Y2*k S2\P([S2U x 4xrS4(4 xPP1tY[ PY’Y,xUY ,x*S1 x2[ x 4S2S4(4 ,Y-(S,Y[ WSrY[ \Tx,UY \1’Y,xUY ,x*S1 nx+ [YWS2Y[
S2 *TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2*mi >TY W1PP1tS2U *xvPY +(44x,SoY+ *TY+Y WS2x2\SxP \1’Y2x2*+ x2[ 1(, \14.PSx2\Y
*TY,YtS*T x+ 1W ~Y\Y4vY, LNk MgMNE

^xrS4(4 \12+1PS[x*Y[ PY’Y,xUY ,x*S1
^S2S4(4 \12+1PS[x*Y[ WSrY[ \Tx,UY \1’Y,xUY ,x*S1

T˘zo”w˘(cid:136)˘(cid:132)q

(cid:215)(cid:204)qo؇ (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X[

LiJg
NiJg

MiKG
NMiMg

b2 x[[S*S12k *TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2* \12*xS2+ ’x,S1(+ 1*TY, \(+*14x,q ,Y.,Y+Y2*x*S12+k tx,,x2*SY+

x2[ \1’Y2x2*+ x..PS\xvPY *1 *TY !14.x2q x2[ S*+ +(v+S[Sx,SY+k S2\P([S2UE nSm PS4S*x*S12+ 12 \Y,*xS2 .xq4Y2*+% nSSm PS4S*x*S12+ 12
W(2[x4Y2*xP \Tx2UY+ S2’1P’S2U *TY !14.x2q% nSSSm PS4S*x*S12+ 12 *TY [S+.1+S*S12 1W x++Y*+% x2[ nS’m PS4S*x*S12+ 12 S2[Yv*Y[2Y++k
S2’Y+*4Y2*+k x2[ PSY2+i

Cash Flows

!x+T x2[ \x+T Y-(S’xPY2*+ *1*xPY[ 5NNHiK 4SPPS12 x* ~Y\Y4vY, LNk MgMNk ’Y,+(+ 5NMJiN 4SPPS12 x* ~Y\Y4vY, LNk MgMgi >TY 2Y*

[Y\,Yx+Y S2 \x+T x2[ \x+T Y-(S’xPY2*+ S+ .,S4x,SPq x**,Sv(*xvPY *1 \x+T \12+S[Y,x*S12+ .xS[ W1, *TY #>b x2[ @f^ x\-(S+S*S12+ 1W 5MGKiH
4SPPS12 n2Y* 1W \x+T x\-(S,Y[ 1W 5NKiI 4SPPS12mk 5LMiK 4SPPS12 1W [Yv* ,Y.xq4Y2*+k 5LgiG 4SPPS12 1W Y4.P1qYY .xq,1PP tS*TT1P[S2U *xr
.xq4Y2*+ (.12 ’Y+*S2U 1W +Tx,Yjvx+Y[ \14.Y2+x*S12 xtx,[+k 5Mgig 4SPPS12 \x.S*xP Yr.Y2[S*(,Y+k x2[ 5GiH 4SPPS12 .xq4Y2* W1, *TY
.(,\Tx+Y 1W x v(SP[S2U (2[Y, x WS2x2\Y PYx+Y xU,YY4Y2*i >TY+Y \x+T 1(*WP1t+ tY,Y .x,*SxPPq 1WW+Y* vq v1,,1tS2U+ (2[Y, 1(, ,Y’1P’S2U
\,Y[S* Wx\SPS*q 1W 5MGgig 4SPPS12 (+Y[ *1 W(2[ *TY \x+T \12+S[Y,x*S12+ .xS[ W1, *TY #>b x2[ @f^ x\-(S+S*S12+ x2[ \x+T .,1’S[Y[ vq
1.Y,x*S2U x\*S’S*SY+ 1W 5FKiI 4SPPS12i

>TY W1PP1tS2U *xvPY +(44x,SoY+ 1(, \x+T x2[ \x+T Y-(S’xPY2* vxPx2\Y+k \x+T WP1t+ x2[ (2(+Y[ v1,,1tS2U \x.x\S*q x’xSPxvPY

(2[Y, 1(, ,Y’1P’S2U \,Y[S* Wx\SPS*q W1, *TY qYx,+ S2[S\x*Y[ nS2 *T1(+x2[+mE

!x+T x2[ \x+T Y-(S’xPY2*+k Y2[ 1W qYx,
]Y* \x+T .,1’S[Y[ vq 1.Y,x*S2U x\*S’S*SY+
]Y* \x+T (+Y[ S2 S2’Y+*S2U x\*S’S*SY+
]Y* \x+T .,1’S[Y[ vq n(+Y[ S2m WS2x2\S2U x\*S’S*SY+
<2(+Y[ v1,,1tS2U \x.x\S*q x’xSPxvPY (2[Y, ,Y’1P’S2U \,Y[S* Wx\SPS*qk Y2[ 1W
qYx,

5
5
5
5

5

X(cid:131)X[
5
NNHkLFL
FKkIMJ
5
nLgIkHgKm 5
5
MgKkHJL

X(cid:131)X(cid:131)
NMJkgJK
NKgkMLF
nNLkNJIm
nGKkLJHm

LKGkKMN

5

LFJkMLF

Operating Cash Flows

!x+T .,1’S[Y[ vq 1.Y,x*S2U x\*S’S*SY+ tx+ 5FKiI 4SPPS12 S2 MgMNk ’Y,+(+ 5NKgiM 4SPPS12 S2 MgMgi !x+T .,1’S[Y[ vq 1.Y,x*S2U
x\*S’S*SY+ [Y\,Yx+Y[ W,14 *TY .,S1, qYx, .,S4x,SPq [(Y *1 x2 S2\,Yx+Y S2 x\\1(2*+ ,Y\YS’xvPY x2[ S2’Y2*1,SY+ [(Y *1 S2\,Yx+Y+ S2 ,Y’Y2(Y
x2[ [Y4x2[k x2[ x2 5GiL 4SPPS12 .xq4Y2* S2 x\\1,[x2\Y tS*T x2 x\-(S+S*S12 Yx,21(* x,,x2UY4Y2* *Tx* tx+ ,Y\1,[Y[ x+ \14.Y2+x*S12k
.x,*SxPPq 1WW+Y* vq x2 S2\,Yx+Y S2 [xq+ .xqxvPY+ 1(*+*x2[S2U x2[ +(v+*x2*SxPPq 21 v12(+ .xq1(* S2 MgMN x+ x ,Y+(P* 1W *TY YPS4S2x*S12 1W
1(, MgMg x22(xP Y4.P1qYY \x+T v12(+ .Px2 tTS\T tx+ ,Y.Px\Y[ tS*T x +.Y\SxP 12Yj*S4Y ,Y+*,S\*Y[ +*1\Q (2S* U,x2* *1 Y4.P1qYY+ S2
#.,SP MgMgi

!x+T .,1’S[Y[ vq 1.Y,x*S2U x\*S’S*SY+ W1, MgMg tx+ .1+S*S’YPq S4.x\*Y[ vq x2 S2\,Yx+Y S2 1(, S2’Y2*1,q *(,21’Y, ,x*S1 W,14 LiN

x* ~Y\Y4vY, LNk MgNF *1 LiH x* ~Y\Y4vY, LNk MgMg x2[ x [Y\,Yx+Y S2 x\\1(2*+ ,Y\YS’xvPYk 1WW+Y* vq x [Y\,Yx+Y S2 1(, [xq+ .xqxvPY+
1(*+*x2[S2U tTS\T [Y\,Yx+Y[ W,14 JL [xq+ x* ~Y\Y4vY, LNk MgNF *1 KJ [xq+ x* ~Y\Y4vY, LNk MgMgi ~(,S2U MgMgk tY .xS[ *TY MgNF
x22(xP Y4.P1qYY \x+T v12(+Y+ tTS\T Tx[ vYY2 x\\,(Y[ W1, x+ 1W ~Y\Y4vY, LNk MgNFi

Investing Cash Flows

!x+T (+Y[ S2 S2’Y+*S2U x\*S’S*SY+ tx+ 5LgIiH 4SPPS12 S2 MgMNk .,S4x,SPq [,S’Y2 vq *TY #>b x2[ @f^ x\-(S+S*S12+i b2 \122Y\*S12

tS*T *TY+Y x\-(S+S*S12+k tY .xS[ \x+T \12+S[Y,x*S12+ 1W 5MGKiH 4SPPS12 n2Y* 1W \x+T x\-(S,Y[ 1W 5NKiI 4SPPS12mi 8Y xP+1 .xS[ \x.S*xP
Yr.Y2[S*(,Y+ 1W 5Mgig 4SPPS12 x2[ x \12*S2UY2* \12+S[Y,x*S12 .xq4Y2* 1W 5MiM 4SPPS12 ,YPx*Y[ *1 1(, MgNI x++Y* x\-(S+S*S12 1W ’S[Y1
+SU2xP .,1\Y++S2U x2[ 4x2xUY4Y2* *Y\T21P1USY+i

!x+T (+Y[ S2 S2’Y+*S2U x\*S’S*SY+ tx+ 5NLiM 4SPPS12 S2 MgMgk .,S4x,SPq [,S’Y2 vq \x.S*xP Yr.Y2[S*(,Y+ 1W 5NgiJ 4SPPS12 x2[ x
\12*S2UY2* \12+S[Y,x*S12 .xq4Y2* 1W 5MiI 4SPPS12 ,YPx*Y[ *1 1(, MgNI x++Y* x\-(S+S*S12 1W ’S[Y1 +SU2xP .,1\Y++S2U x2[ 4x2xUY4Y2*
*Y\T21P1USY+i

KL

8Y Tx’Y 21 4x*Y,SxP \144S*4Y2*+ *1 .(,\Tx+Y .,1.Y,*qk .Px2* x2[ Y-(S.4Y2* x+ 1W ~Y\Y4vY, LNk MgMNi 8Y Yr.Y\* *1 (+Y
x..,1rS4x*YPq 5MJ 4SPPS12 *1 5Lg 4SPPS12 S2 MgMM W1, \x.S*xP Yr.Y2[S*(,Y+ ,YPx*Y[ *1 S2’Y+*4Y2*+ S2 2Yt .,1.Y,*qk .Px2* x2[ Y-(S.4Y2*
W1, 1(, YrS+*S2U v(+S2Y++Y+i

Financing Cash Flows

!x+T .,1’S[Y[ vq WS2x2\S2U x\*S’S*SY+ tx+ 5MgKiG 4SPPS12 S2 MgMNk .,S4x,SPq [(Y *1 5MGgig 4SPPS12 1W v1,,1tS2U+ (2[Y, 1(,
,Y’1P’S2U \,Y[S* Wx\SPS*q (+Y[ *1 W(2[ *TY \x+T \12+S[Y,x*S12+ .xS[ W1, *TY #>b x2[ @f^ x\-(S+S*S12+k .x,*SxPPq 1WW+Y* vq 5LMiK 4SPPS12
1W *Y,4 P1x2 x2[ ,Y’1P’S2U \,Y[S* Wx\SPS*q ,Y.xq4Y2*+k 5LgiG 4SPPS12 1W .xq,1PP *xr .xq4Y2*+ (.12 ’Y+*S2U 1W +Tx,Yjvx+Y[ \14.Y2+x*S12
xtx,[+k x2 5GiH 4SPPS12 .xq4Y2* W1, *TY .(,\Tx+Y 1W x v(SP[S2U (2[Y, x WS2x2\Y PYx+Y xU,YY4Y2*k x2[ 5NiG 4SPPS12 1W \12*S2UY2*
\12+S[Y,x*S12 .xq4Y2*+ ,YPx*Y[ *1 .,S1, qYx, x\-(S+S*S12+i

!x+T (+Y[ S2 WS2x2\S2U x\*S’S*SY+ tx+ 5GKiK 4SPPS12 S2 MgMgk .,S4x,SPq [(Y *1 5LJiK 4SPPS12 S2 ,Y.xq4Y2*+ 1W v1,,1tS2U+ (2[Y,
1(, @Y2S1, !,Y[S* ex\SPS*SY+k 5LNig 4SPPS12 .xq4Y2*+ 1W [YWY,,Y[ x2[ Y+\,1tY[ .(,\Tx+Y .,S\Y ,YPx*Y[ *1 .,S1, qYx, x\-(S+S*S12+k 5GiI
4SPPS12 1W Y4.P1qYY .xq,1PP tS*TT1P[S2U *xr .xq4Y2*+ (.12 ’Y+*S2U 1W +Tx,Yjvx+Y[ \14.Y2+x*S12 xtx,[+k 5JiJ 4SPPS12 1W ,Y.(,\Tx+Y+
1W \14412 +Tx,Y+k x2[ 5NiI 4SPPS12 1W WYY+ .xS[ S2 \122Y\*S12 tS*T *TY eS,+* #4Y2[4Y2* *1 1(, >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S*
#U,YY4Y2*i

b2 MgMMk tY x,Y \12*,x\*(xPPq ,Y-(S,Y[ *1 4xQY 5JiN 4SPPS12 S2 ,Y.xq4Y2*+ (2[Y, 1(, *Y,4 P1x2 Wx\SPS*qi b2 x[[S*S12k tY 4xq
4xQY 1.*S12xP ,Y.xq4Y2*+ (2[Y, 1(, *Y,4 P1x2 x2[ ,Y’1P’S2U \,Y[S* Wx\SPS*q W,14 *S4Y *1 *S4Y tS*T x’xSPxvPY \x+T UY2Y,x*Y[ W,14
W(*(,Y 1.Y,x*S2U x\*S’S*SY+i

Pension Plans

8Y 4xS2*xS2 x [YWS2Y[ vY2YWS* .Y2+S12 .Px2 n*TY VY\T21P1USY+ <‘ _S4S*Y[k x tT1PPq 1t2Y[ +(v+S[Sx,q

1W *TY !14.x2qi D(, TY

,Y+(P*+ 1W W(2[S2U ’xP(x*S12+ [Y.Y2[ 12 v1*T *TY W(2[S2U [YWS\S* x2[ *TY x++(4.*S12+ (+Y[k +(\T x+ x++Y* ,Y*(,2+k [S+\1(2* ,x*Y+k
41,*xPS*q ,x*Y+k ,Y*xSP .,S\Y S2WPx*S12 x2[ 1*TY, 4x,QY* [,S’Y2 x++(4.*S12+i fx\T x++(4.*S12 (+Y[ ,Y.,Y+Y2*+ 12Y Y+*S4x*Y 1W 4x2q
.1++SvPY W(*(,Y 1(*\14Y+i >TY WS2xP \1+* *1 (+ tSPP vY [Y*Y,4S2Y[ vq Y’Y2*+ x+ *TYq x\*(xPPq vY\14Y Q21t2k S2\P([S2U x\*(xP ,Y*(,2 12
.Px2 x++Y*+ x2[ .Y2+S12 .xq4Y2*+ *1 .Px2 .x,*S\S.x2*+i #+ 1W ~Y\Y4vY, LNk MgMNk *TY WxS, ’xP(Y 1W .Px2 x++Y*+ Yr\YY[Y[ *TY .,1RY\*Y[
vY2YWS* 1vPSUx*S12 (2[Y, *TY TY *Y,4 P1x2 S+ .xqxvPY S2 -(x,*Y,Pq S2+*xPP4Y2*+ 1W x..,1rS4x*YPq /NiN
4SPPS12 n5NiL 4SPPS12m tS*T *TY WS2xP S2+*xPP4Y2* 1W /IGiH 4SPPS12 n5HHiF 4SPPS12m [(Y (.12 4x*(,S*q S2 ~Y\Y4vY, MgMKi "1,,1tS2U+
(2[Y, *TY ,Y’1P’S2U \,Y[S* Wx\SPS*q x,Y [(Y x* 4x*(,S*q S2 ~Y\Y4vY, MgMKi

#+ 1W ~Y\Y4vY, LNk MgMNk *TY W(*(,Y S2*Y,Y+* .xq4Y2*+ (2[Y, 1(, @Y2S1, !,Y[S* ex\SPS*SY+ x,Y Yr.Y\*Y[ *1 vY x..,1rS4x*YPq

5LLiM 4SPPS12k tS*T 5NNiJ 4SPPS12 .xqxvPY tS*TS2 *TY 2Yr* *tYP’Y 412*T+i >TY+Y Y+*S4x*Y+ x,Y vx+Y[ 12 \(,,Y2* S2*Y,Y+* ,x*Y+ 12
WP1x*S2U ,x*Y 1vPSUx*S12+k x+ [YWS2Y[ S2 *TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2*k W1, *TY ,Y4xS2[Y, 1W *TY \12*,x\*(xP PSWY 1W
v1*T *TY *Y,4 P1x2 x2[ 1(*+*x2[S2U v1,,1tS2U+ (2[Y, *TY ,Y’1P’S2U \,Y[S* Wx\SPS*qk x2[ *TY \(,,Y2* \144S*4Y2* WYY ,x*Y tx+ (+Y[ W1,
*TY (2(+Y[ \144S*4Y2*+ (2[Y, ,Y’1P’S2U \,Y[S* Wx\SPS*q x+ 1W ~Y\Y4vY, LNk MgMNi @YY ]1*Y NNk V~Yv*k? S2 *TY !12+1PS[x*Y[ eS2x2\SxP
@*x*Y4Y2*+ W1, W(,*TY, [Y*xSP+ 1W 1(, [Yv* 1vPSUx*S12+ x2[ *TY *S4S2U 1W Yr.Y\*Y[ W(*(,Y .xq4Y2*+i

Operating and Finance Leases

8Y Y2*Y,Y[ S2*1 ’x,S1(+ PYx+Y xU,YY4Y2*+ W1, 1WWS\Y x2[ 4x2(Wx\*(,S2U Wx\SPS*SY+k ’YTS\PY+k x2[ Y-(S.4Y2* (+Y[ S2 *TY 21,4xP
\1(,+Y 1W v(+S2Y++i <2[S+\1(2*Y[ 1.Y,x*S2U x2[ WS2x2\Y PYx+Y 1vPSUx*S12+ tY,Y 5HKiL 4SPPS12k tS*T 5NgiN 4SPPS12 .xqxvPY tS*TS2 NM

KK

412*T+i @YY ]1*Y NMk V_Yx+Y+k? S2 *TY !12+1PS[x*Y[ eS2x2\SxP @*x*Y4Y2*+ W1, W(,*TY, [Y*xSP+ 1W 1(, 1vPSUx*S12+ x2[ *TY *S4S2U 1W
Yr.Y\*Y[ W(*(,Y .xq4Y2*+i

Purchase Obligations

C(,\Tx+Y 1vPSUx*S12+ ,Y.,Y+Y2* x2 Y+*S4x*Y 1W xPP 1.Y2 .(,\Tx+Y 1,[Y,+ x2[ \12*,x\*(xP 1vPSUx*S12+ S2 *TY 1,[S2x,q \1(,+Y 1W

v(+S2Y++ W1, tTS\T tY Tx’Y 21* ,Y\YS’Y[ *TY U11[+ 1, +Y,’S\Y+i #+ 1W ~Y\Y4vY, LNk MgMNk tY Tx[ 5NIFiI 4SPPS12 1W .(,\Tx+Y
1vPSUx*S12+k tS*T 5NIHiN 4SPPS12 .xqxvPY tS*TS2 *TY 2Yr* *tYP’Y 412*T+i

Contingent Consideration and Earn-outs

#+ 1W ~Y\Y4vY, LNk MgMNk *1*xP Y+*S4x*Y[ .xq4Y2*+ W1, \12*S2UY2* \12+S[Y,x*S12+ x2[ Yx,2j1(*+ x\\,(Y[ W1, S2 *TY \12+1PS[x*Y[

vxPx2\Y +TYY* x41(2*Y[ *1 5JgiF 4SPPS12k tS*T 5KHiJ 4SPPS12 Y+*S4x*Y[ .xq4Y2*+ [(Y tS*TS2 *TY 2Yr* *tYP’Y 412*T+i @YY ]1*Y Hk
VexS, :xP(Y ^Yx+(,Y4Y2*+?k S2 *TY !12+1PS[x*Y[ eS2x2\SxP @*x*Y4Y2*+ W1, W(,*TY, S2W1,4x*S12 ,YPx*Y[ *1 *TY WxS, ’xP(Y+ 1W 1(,
1vPSUx*S12+ (2[Y, *TY \12*S2UY2* \12+S[Y,x*S12 x2[ Yx,2j1(* x,,x2UY4Y2*+i

(cid:211)w”q”(cid:204)؇ (cid:215)(cid:204)(cid:204)(cid:128)o(cid:132)q”(cid:132)(cid:192) Z(cid:128)‡”(cid:204)”˘t Ø(cid:132)(cid:201) £tq”(cid:136)Øq˘t

>TY .,Y.x,x*S12 1W WS2x2\SxP +*x*Y4Y2*+ S2 \12W1,4S*q tS*T x\\1(2*S2U .,S2\S.PY+ UY2Y,xPPq x\\Y.*Y[ S2 *TY TS+ UY2Y,xPPq 1\\(,+ (.12

+TS.4Y2* tTY2 *TY *S*PY x2[ ,S+Q 1W P1++ .x++ *1 *TY \(+*14Y,i >TY ’x+* 4xR1,S*q 1W 1(, ,Y’Y2(Y S+ UY2Y,x*Y[ W,14 *TY +xPY 1W [S+*S2\*
.,1[(\*+i AY’Y2(Y S+ 4Yx+(,Y[ x+ *TY x41(2* 1W \12+S[Y,x*S12 tY Yr.Y\* *1 ,Y\YS’Y S2 Yr\Tx2UY W1, +(\T .,1[(\*+k tTS\T S+ UY2Y,xPPq
x* \12*,x\*(xPPq +*x*Y[ .,S\Y+i @xPY+ *xrY+ x2[ ’xP(Y x[[Y[ *xrY+ \1PPY\*Y[ \12\(,,Y2*Pq tS*T ,Y’Y2(Y UY2Y,x*S2U x\*S’S*SY+ x,Y Yr\P([Y[
W,14 ,Y’Y2(Yi

@(v+*x2*SxPPq xPP 1W 1(, ,Y’Y2(Y S+ ,Y\1U2SoY[ x* x .1S2* S2 *S4Yk (.12 +TS.4Y2*k ,x*TY, *Tx2 1’Y, *S4Yi #* *TY ,Y-(Y+* 1W 1(,

\(+*14Y,+k tY 4xq .Y,W1,4 .,1WY++S12xP +Y,’S\Y+k UY2Y,xPPq W1, *TY 4xS2*Y2x2\Y x2[ ,Y.xS, 1W .,1[(\*+ .,Y’S1(+Pq +1P[ *1 *T1+Y
\(+*14Y,+ x2[ W1, Y2US2YY,S2U +Y,’S\Y+i C,1WY++S12xP +Y,’S\Y+ x,Y *q.S\xPPq +T1,* S2 [(,x*S12k 41+*Pq PY++ *Tx2 12Y 412*Tk x2[ *1*xP PY++
*Tx2 L3 1W 1(, \12+1PS[x*Y[ ,Y’Y2(Yi AY’Y2(Y S+ *q.S\xPPq ,Y\1U2SoY[ x* x .1S2* S2 *S4Y tTY2 \12*,1P *,x2+WY,+ *1 *TY \(+*14Y, (.12
\14.PY*S12 1W .,1WY++S12xP +Y,’S\Y+i >TY+Y +Y,’S\Y+ UY2Y,xPPq S2’1P’Y x +S2UPY [S+*S2\* .Y,W1,4x2\Y 1vPSUx*S12i >TY \12+S[Y,x*S12
Yr.Y\*Y[ *1 vY ,Y\YS’Y[ S2 Yr\Tx2UY W1, +(\T +Y,’S\Y+ S+ 21,4xPPq *TY \12*,x\*(xPPq +*x*Y[ x41(2*i

8Y 1\\x+S12xPPq +YPP +Y.x,x*YPq .,S\Y[ 212j+*x2[x,[hYr*Y2[Y[ tx,,x2*q +Y,’S\Y+ 1, .,Y’Y2*x*S’Y 4xS2*Y2x2\Y .Px2+ tS*T *TY +xPY
1W .,1[(\*+i >TY *,x2+WY, 1W \12*,1P 1’Y, *TY +Y,’S\Y .Px2+ S+ 1’Y, *S4Yi 8Y ,Y\1U2SoY *TY ,YPx*Y[ ,Y’Y2(Y ,x*xvPq 1’Y, *TY *Y,4+ 1W *TY
+Y,’S\Y .Px2+i >TY *,x2+x\*S12 .,S\Y 1W x \12*,x\* S+ xPP1\x*Y[ *1 Yx\T .Y,W1,4x2\Y 1vPSUx*S12 vx+Y[ 12 S*+ ,YPx*S’Y +*x2[xP12Y +YPPS2U
.,S\Yi @*x2[xP12Y +YPPS2U .,S\Y+ x,Y UY2Y,xPPq [Y*Y,4S2Y[ vx+Y[ 12 *TY .,S\Y+ \Tx,UY[ *1 \(+*14Y,+ 1, (+S2U *TY Yr.Y\*Y[ \1+* .P(+ x
4x,US2i

8Y x\\1(2* W1, +TS..S2U x2[ Tx2[PS2U x\*S’S*SY+ *Tx* 1\\(, xW*Y, *TY *,x2+WY, 1W \12*,1P 1’Y, *TY ,YPx*Y[ U11[+ x+ W(PWSPP4Y2*
x\*S’S*SY+ ,x*TY, *Tx2 .Y,W1,4x2\Y 1vPSUx*S12+i >TY +TS..S2U x2[ Tx2[PS2U WYY+ \Tx,UY[ *1 \(+*14Y,+ x,Y ,Y\1U2SoY[ x+ ,Y’Y2(Y x2[ *TY
,YPx*Y[ \1+*+ x,Y ,Y\1,[Y[ S2 \1+* 1W ,Y’Y2(Y x* *TY *S4Y 1W *,x2+WY, 1W \12*,1Pi

8Y UY2Y,xPPq .,1’S[Y tx,,x2*SY+ W1, 1(, .,1[(\*+i >TY +*x2[x,[ tx,,x2*q .Y,S1[ S+ *q.S\xPPq NM 412*T+ *1 LI 412*T+i >TY
+*x2[x,[ tx,,x2*q .Y,S1[ W1, .,1[(\* +xPY+ S+ x\\1(2*Y[ W1, (2[Y, *TY .,1’S+S12+ 1W #@! KJgk V!12*S2UY2\SY+k? x+ tY Tx’Y *TY xvSPS*q

KJ

*1 x+\Y,*xS2 *TY PSQYPST11[ 1W *TY PSxvSPS*q x2[ \x2 ,Yx+12xvPq Y+*S4x*Y *TY x41(2* 1W *TY PSxvSPS*qi # .,1’S+S12 W1, *TY Y+*S4x*Y[ \1+*
,YPx*Y[ *1 tx,,x2*q S+ ,Y\1,[Y[ *1 \1+* 1W ,Y’Y2(Y x* *TY *S4Y ,Y’Y2(Y S+ ,Y\1U2SoY[i D(, Y+*S4x*Y 1W *TY \1+*+ *1 +Y,’S\Y tx,,x2*q
1vPSUx*S12+ S+ vx+Y[ 12 TS+*1,S\xP Yr.Y,SY2\Y x2[ Yr.Y\*x*S12+ 1W W(*(,Y \12[S*S12+i >1 *TY Yr*Y2* 1(, Yr.Y,SY2\Y S2 tx,,x2*q \PxS4+ 1,
\1+*+ x++1\Sx*Y[ tS*T +Y,’S\S2U *T1+Y \PxS4+ [SWWY, W,14 *TY 1,SUS2xP Y+*S4x*Y+k ,Y’S+S12+ *1 *TY Y+*S4x*Y[ tx,,x2*q PSxvSPS*q x,Y
,Y\1,[Y[ x* *Tx* *S4Yk tS*T x2 1WW+Y**S2U Y2*,q ,Y\1,[Y[ *1 \1+* 1W ,Y’Y2(Yi

8Y Yr.Y2+Y S2\,Y4Y2*xP [S,Y\* \1+*+ 1W 1v*xS2S2U x \12*,x\* tTY2 S2\(,,Y[ SW *TY Yr.Y\*Y[ x41,*Sox*S12 .Y,S1[ S+ 12Y qYx, 1,

PY++i >TY+Y \1+*+ x,Y ,Y\1,[Y[ tS*TS2 +YPPS2Uk UY2Y,xP x2[ x[4S2S+*,x*S’Y Yr.Y2+Y+ S2 *TY \12+1PS[x*Y[ +*x*Y4Y2* 1W 1.Y,x*S12+i 8Y [1
21* x[R(+* *TY .,14S+Y[ x41(2* 1W \12+S[Y,x*S12 W1, *TY YWWY\*+ 1W x WS2x2\S2U \14.12Y2* vY\x(+Y *TY *S4Y .Y,S1[ vY*tYY2 *TY *,x2+WY,
1W x .,14S+Y[ U11[ *1 x \(+*14Y, x2[ *TY \(+*14Y,;+ .xq4Y2* W1, *Tx* U11[ S+ *q.S\xPPq 12Y qYx, 1, PY++i

Inventories. b2’Y2*1,SY+k tTS\T S2\P([Y 4x*Y,SxP+ x2[ \12’Y,+S12 \1+*+k x,Y +*x*Y[ x* *TY P1tY, 1W \1+* 1, 2Y* ,YxPSoxvPY ’xP(Yk
(+S2U *TY WS,+*jS2k WS,+*j1(* 4Y*T1[i !1+* S2\P([Y+ *TY \1+* 1W .(,\Tx+Y[ 4x*Y,SxP+k S2v1(2[ W,YSUT* \Tx,UY+k \(+*14+ [(*SY+ x2[ *,x[Y
*x,SWW+ 12 S4.1,*Y[ 4x*Y,SxP+ x2[ \14.12Y2*+k Yr*Y,2xP x2[ S2*Y,2xP .,1\Y++S2U x2[ x..PS\xvPY Pxv1, x2[ 1’Y,TYx[ \1+*+i ]Y* ,YxPSoxvPY
’xP(Y S+ *TY Y+*S4x*Y[ +YPPS2U .,S\Y S2 *TY 1,[S2x,q \1(,+Y 1W v(+S2Y++k PY++ ,Yx+12xvPq .,Y[S\*xvPY \1+*+ 1W \14.PY*S12k +*1,xUYk
[S+.1+xP x2[ *,x2+.1,*x*S12i

8Y ,YU(Px,Pq ,Y’SYt S2’Y2*1,q -(x2*S*SY+ 12 Tx2[ x2[k tTY2 2Y\Y++x,qk ,Y\1,[ .,1’S+S12+ W1, Yr\Y++ x2[ 1v+1PY*Y S2’Y2*1,q

vx+Y[ 12 YS*TY, 1(, W1,Y\x+*Y[ .,1[(\* [Y4x2[ x2[ .,1[(\*S12 ,Y-(S,Y4Y2*+ 1, *,xSPS2U TS+*1,S\xP (+xUY 1W *TY .,1[(\*i bW 1(, +xPY+ [1
21* 4x*Y,SxPSoY x+ .Px22Y[ 1, x* TS+*1,S\xP PY’YP+k tY 4xq Tx’Y *1 S2\,Yx+Y 1(, ,Y+Y,’Y W1, Yr\Y++ x2[ 1v+1PY*Y S2’Y2*1,qk tTS\T t1(P[
,Y[(\Y 1(, 1.Y,x*S2U S2\14Yi bW x\*(xP 4x,QY* \12[S*S12+ x,Y 41,Y Wx’1,xvPY *Tx2 x2*S\S.x*Y[k S2’Y2*1,q .,Y’S1(+Pq t,S**Y2 [1t2 4xq
vY +1P[k ,Y+(P*S2U S2 P1tY, \1+* 1W ,Y’Y2(Y x2[ TSUTY, 1.Y,x*S2U S2\14Y *Tx2 Yr.Y\*Y[ S2 *Tx* .Y,S1[i

Share-Based Compensation. 8Y ,Y\1,[ Yr.Y2+Y+ x++1\Sx*Y[ tS*T +Tx,Yjvx+Y[ \14.Y2+x*S12 xtx,[+ *1 Y4.P1qYY+ x2[ [S,Y\*1,+

vx+Y[ 12 *TY WxS, ’xP(Y 1W xtx,[+ x+ 1W *TY U,x2* [x*Yi b2 x[[S*S12 *1 +Y,’S\Yjvx+Y[ xtx,[+ U,x2*Y[ *1 x tS[Y, Y4.P1qYY vx+Yk tY
*q.S\xPPq U,x2* *T,YY *q.Y+ 1W .Y,W1,4x2\Yjvx+Y[ xtx,[+ *1 \Y,*xS2 4Y4vY,+ 1W *TY YrY\(*S’Y 4x2xUY4Y2* *Yx4E 212jd##C fC@
.Y,W1,4x2\Yjvx+Y[ ,Y+*,S\*Y[ +*1\Q (2S*+ nVfC@jC@<+?mk 1.Y,x*S2U \x+T WP1t .Y,W1,4x2\Yjvx+Y[ ,Y+*,S\*Y[ +*1\Q (2S*+ nVD!ejC@<+?mk
x2[ ,YPx*S’Y *1*xP +Tx,YT1P[Y, ,Y*(,2 .Y,W1,4x2\Yjvx+Y[ ,Y+*,S\*Y[ +*1\Q (2S*+ nV>@AjC@<+?mi

e1, +Tx,Yjvx+Y[ \14.Y2+x*S12 xtx,[+ *Tx* ’Y+* 1’Y, *S4Y vx+Y[ 12 Y4.P1q4Y2*k *TY x++1\Sx*Y[ Yr.Y2+Y+ x,Y ,Y\1U2SoY[ S2 *TY

\12+1PS[x*Y[ +*x*Y4Y2* 1W 1.Y,x*S12+ ,x*xvPq 1’Y, *TY ’Y+*S2U .Y,S1[ 1W *TY xtx,[+k 2Y* 1W Y+*S4x*Y[ W1,WYS*(,Y+i

e1, fC@jC@<+ x2[ D!ejC@<+k +Tx,Yjvx+Y[ \14.Y2+x*S12 Yr.Y2+Y+ x,Y ,Y\1U2SoY[ ,x*xvPq 1’Y, *TY ’Y+*S2U .Y,S1[ tTY2 S* S+

.,1vxvPY *Tx* +.Y\SWSY[ .Y,W1,4x2\Y *x,UY*+ x,Y Yr.Y\*Y[ *1 vY x\TSY’Y[ vx+Y[ 12 4x2xUY4Y2*;+ .,1RY\*S12+ x+ 1W *TY Y2[ 1W Yx\T
.Y,S1[i ^x2xUY4Y2*;+ .,1RY\*S12+ x,Y ,Y’S+Y[k SW 2Y\Y++x,qk S2 +(v+Y-(Y2* .Y,S1[+ tTY2 (2[Y,PqS2U Wx\*1,+ \Tx2UY *TY Y+*S4x*Y[
.,1vxvSPS*q 1W x\TSY’S2U *TY .Y,W1,4x2\Y *x,UY*+ x+ tYPP x+ *TY PY’YP+ 1W x\TSY’Y4Y2*i 8TY2 *TY Y+*S4x*Y[ x\TSY’Y4Y2* PY’YP+ x,Y
x[R(+*Y[ x* x Px*Y, [x*Yk x \(4(Px*S’Y x[R(+*4Y2* *1 *TY +Tx,Yjvx+Y[ \14.Y2+x*S12 Yr.Y2+Y .,Y’S1(+Pq ,Y\1U2SoY[ t1(P[ vY ,Y-(S,Y[i
#\\1,[S2UPqk +Tx,Yjvx+Y[ \14.Y2+x*S12 Yr.Y2+Y+ x++1\Sx*Y[ tS*T fC@jC@<+ x2[ D!ejC@<+ 4xq [SWWY, +SU2SWS\x2*Pq W,14 .Y,S1[ *1
.Y,S1[ vx+Y[ 12 \Tx2UY+ *1 v1*T *TY .,1vxvSPS*q x2[ *TY PY’YP 1W x\TSY’Y4Y2* xUxS2+* .Y,W1,4x2\Y *x,UY*+i

e1, >@AjC@<+k +Tx,Yjvx+Y[ \14.Y2+x*S12 Yr.Y2+Y+ x,Y ,Y\1U2SoY[ vx+Y[ 12 *TY WxS, ’xP(Y 1W *TY >@AjC@<+k tTS\T S+

[Y*Y,4S2Y[ (+S2U *TY ^12*Yj!x,P1 +S4(Px*S12 ’xP(x*S12 41[YP x+ 1W *TY [x*Y 1W U,x2*i @Tx,Y[jvx+Y[ \14.Y2+x*S12 Yr.Y2+Y+ ,YPx*Y[ *1
>@AjC@<+ x,Y ,Y\1U2SoY[ 12 x +*,xSUT*jPS2Y vx+S+ W,14 *TY U,x2* [x*Y *1 *TY Y2[ 1W *TY .Y,W1,4x2\Y .Y,S1[k tTS\T S+ UY2Y,xPPq *T,YY
qYx,+k ,YUx,[PY++ 1W tTY*TY, *TY *x,UY* ,YPx*S’Y *1*xP +Tx,YT1P[Y, ,Y*(,2 S+ x\TSY’Y[i >TY ^12*Y !x,P1 +S4(Px*S12 41[YP (*SPSoY+
4(P*S.PY S2.(* ’x,SxvPY+ *Tx* [Y*Y,4S2Y *TY .,1vxvSPS*q 1W +x*S+WqS2U *TY .Y,W1,4x2\Y \12[S*S12+ +*S.(Px*Y[ S2 *TY U,x2* xU,YY4Y2* S2 x
Px,UY 2(4vY, 1W +S4(Px*Y[ +\Y2x,S1+i ‘Yq x++(4.*S12+ W1, *TY ^12*Y !x,P1 +S4(Px*S12 41[YP S2\P([Y ,S+QjW,YY S2*Y,Y+* ,x*Y x2[
Yr.Y\*Y[ +*1\Q .,S\Y ’1Px*SPS*q 1W v1*T *TY !14.x2q;+ \14412 +Tx,Y+ x2[ *TY A(++YPP Mggg S2[Yri

Valuation of Long-lived Assets. >TY .(,\Tx+Y .,S\Y tY .xq W1, x\-(S,Y[ \14.x2SY+ S+ xPP1\x*Y[ WS,+* *1 *TY S[Y2*SWSxvPY x++Y*+

x\-(S,Y[ x2[ PSxvSPS*SY+ x++(4Y[ x* *TYS, WxS, ’xP(Yi #2q Yr\Y++ .(,\Tx+Y .,S\Y S+ *TY2 xPP1\x*Y[ *1 U11[tSPPi 8Y 4xQY ’x,S1(+
x++(4.*S12+ x2[ Y+*S4x*Y+ S2 1,[Y, *1 x++SU2 WxS, ’xP(Y *1 x\-(S,Y[ *x2USvPY x2[ S2*x2USvPY x++Y*+ x2[ PSxvSPS*SY+i ‘Yq x++(4.*S12+
*q.S\xPPq S2\P([Y ,Y’Y2(Y U,1t*T ,x*Y+ x2[ .,1RY\*Y[ \x+T WP1t+k [S+\1(2* ,x*Y+k ,1qxP*q ,x*Y+k *Y\T21P1Uq 1v+1PY+\Y2\Y \(,’Y+k x2[
\(+*14Y, x**,S*S12 ,x*Y+k x412U 1*TY,+i #\*(xP \x+T WP1t+ 4xq ’x,q W,14 W1,Y\x+*+ (+Y[ *1 ’xP(Y *TY+Y x++Y*+ x* *TY *S4Y 1W *TY v(+S2Y++
\14vS2x*S12i

D(, 41+* +SU2SWS\x2* S[Y2*SWSxvPY S2*x2USvPY x++Y*+ x,Y \(+*14Y, ,YPx*S12+TS.+k x\-(S,Y[ *Y\T21P1USY+k *,x[Y4x,Q+ x2[ *,x[Y
2x4Y+i b2 x[[S*S12 *1 1(, ,Y’SYt 1W *TY \x,,qS2U ’xP(Y 1W Yx\T x++Y*k *TY Y+*S4x*Y[ (+YW(P PSWY x++(4.*S12+ W1, S[Y2*SWSxvPY S2*x2USvPY
x++Y*+k S2\P([S2U *TY \Px++SWS\x*S12 1W \Y,*xS2 S2*x2USvPY x++Y*+ x+ VS2[YWS2S*YjPS’Y[k? x,Y ,Y’SYtY[ 12 x .Y,S1[S\ vx+S+ *1 [Y*Y,4S2Y SW
\Tx2UY+ S2 \S,\(4+*x2\Y+ tx,,x2* ,Y’S+S12+ *1 *TY4i #PP [YWS2S*YjPS’Y[ S2*x2USvPY x++Y*+ x,Y x41,*SoY[ 1’Y, *TY .Y,S1[+ S2 tTS\T *TYS,
Y\1214S\ vY2YWS*+ x,Y Yr.Y\*Y[ *1 vY ,YxPSoY[i

KI

b4.xS,4Y2* x2xPq+Y+ 1W U11[tSPP x2[ S2[YWS2S*YjPS’Y[ S2*x2USvPY x++Y*+ x,Y \12[(\*Y[ S2 x\\1,[x2\Y tS*T #@! LJgk
Vb2*x2USvPY+Xd11[tSPP x2[ D*TY,i? 8Y *Y+* 1(, U11[tSPP vxPx2\Y+ x22(xPPq x+ 1W *TY vYUS22S2U 1W *TY +Y\12[ -(x,*Y, 1, 41,Y
W,Y-(Y2*Pq SW S2[S\x*1,+ x,Y .,Y+Y2*k 1, \Tx2UY+ S2 \S,\(4+*x2\Y+ +(UUY+*k *Tx* x2 S4.xS,4Y2* 4xq YrS+*i @T1(P[ *TY WxS, ’xP(Y 1W 1(,
U11[tSPP 1, S2[YWS2S*YjPS’Y[ S2*x2USvPY x++Y*+ [Y\PS2Y vY\x(+Y 1W ,Y[(\Y[ 1.Y,x*S2U .Y,W1,4x2\Yk 4x,QY* [Y\PS2Y+ 1, 1*TY, S2[S\x*1,+ 1W
S4.xS,4Y2*k 1, x+ x ,Y+(P* 1W \Tx2UY+ S2 *TY [S+\1(2* ,x*Yk \Tx,UY+ W1, S4.xS,4Y2* P1++ 4xq vY 2Y\Y++x,qi

8Y Y’xP(x*Y 1(, U11[tSPPk S2*x2USvPY x++Y*+ x2[ 1*TY, P12UjPS’Y[ x++Y*+ W1, S4.xS,4Y2* x* *TY ,Y.1,*S2U (2S* PY’YP+ tTS\T S+

UY2Y,xPPq x* PYx+* 12Y PY’YP vYP1t 1(, ,Y.1,*xvPY +YU4Y2*+i 8Y Tx’Y *TY 1.*S12 1W WS,+* .Y,W1,4S2U x -(xPS*x*S’Y x++Y++4Y2* *1
[Y*Y,4S2Y tTY*TY, S* S+ 2Y\Y++x,q *1 .Y,W1,4 *TY -(x2*S*x*S’Y S4.xS,4Y2* *Y+*i b2 .Y,W1,4S2U *TY -(xPS*x*S’Y x++Y++4Y2*k tY ,Y’SYt
Wx\*1,+ v1*T +.Y\SWS\ *1 *TY ,Y.1,*S2U (2S* x2[ *1 *TY !14.x2q x+ x tT1PYk +(\T x+ WS2x2\SxP .Y,W1,4x2\Yk 4x\,1Y\1214S\ \12[S*S12+k
S2[(+*,q x2[ 4x,QY* \12+S[Y,x*S12+k x2[ *TY WxS, ’xP(Y 1W Yx\T ,Y.1,*S2U (2S* x+ 1W *TY Px+* ’xP(x*S12 [x*Yi bW tY YPY\* *TS+ 1.*S12 x2[
vYPSY’Yk x+ x ,Y+(P* 1W *TY -(xPS*x*S’Y x++Y++4Y2*k *Tx* S* S+ 41,Y PSQYPq *Tx2 21* *Tx* *TY \x,,qS2U ’xP(Y 1W U11[tSPP S+ 21* ,Y\1’Y,xvPYk
*TY -(x2*S*x*S’Y S4.xS,4Y2* *Y+* S+ ,Y-(S,Y[% 1*TY,tS+Yk 21 W(,*TY, *Y+*S2U S+ ,Y-(S,Y[i

#P*Y,2x*S’YPqk tY 4xq YPY\* *1 vq.x++ *TY -(xPS*x*S’Y x++Y++4Y2* x2[ .Y,W1,4 *TY -(x2*S*x*S’Y S4.xS,4Y2* *Y+* S2+*Yx[i >TS+
x..,1x\T ,Y-(S,Y+ x \14.x,S+12 1W *TY \x,,qS2U ’xP(Y 1W Yx\T 1W 1(, ,Y.1,*S2U (2S*+ *1 *TY WxS, ’xP(Y 1W *TY+Y ,Y.1,*S2U (2S*+i bW *TY
\x,,qS2U ’xP(Y 1W x ,Y.1,*S2U (2S* Yr\YY[+ S*+ WxS, ’xP(Yk x2 S4.xS,4Y2* \Tx,UY S+ ,Y\1,[Y[ W1, *TY [SWWY,Y2\Yi >TY WxS, ’xP(Y 1W x
,Y.1,*S2U (2S* S+ Y+*S4x*Y[ .,S4x,SPq (+S2U x [S+\1(2*Y[ \x+T WP1t nV~!e?m 4Y*T1[i >TY ~!e 4Y*T1[ ,Y-(S,Y+ *Tx* tY W1,Y\x+* W(*(,Y
\x+T WP1t+ W1, Yx\T 1W *TY ,Y.1,*S2U (2S*+ x2[ [S+\1(2* *TY \x+T WP1t +*,Yx4+ vx+Y[ 12 x tYSUT*Y[ x’Y,xUY \1+* 1W \x.S*xP nV8#!!?m
*Tx* S+ [Y,S’Y[k S2 .x,*k W,14 \14.x,xvPY \14.x2SY+ tS*TS2 +S4SPx, S2[(+*,SY+i >TY ~!e \xP\(Px*S12+ xP+1 S2\P([Y x *Y,4S2xP ’xP(Y
\xP\(Px*S12 *Tx* S+ vx+Y[ (.12 x2 Yr.Y\*Y[ P12Uj*Y,4 U,1t*T ,x*Y W1, *TY x..PS\xvPY ,Y.1,*S2U (2S*i >TY \x,,qS2U ’xP(Y+ 1W Yx\T
,Y.1,*S2U (2S* S2\P([Y x++Y*+ x2[ PSxvSPS*SY+ tTS\T ,YPx*Y *1 *TY ,Y.1,*S2U (2S*;+ 1.Y,x*S12+i #[[S*S12xPPqk ,Y.1,*S2U (2S*+ *Tx* vY2YWS*
W,14 \1,.1,x*Y x++Y*+ 1, PSxvSPS*SY+ x,Y xPP1\x*Y[ x .1,*S12 1W *T1+Y \1,.1,x*Y x++Y*+ x2[ PSxvSPS*SY+ 12 x .,1.1,*S12xP vx+S+i

8Y x++Y++ S2[YWS2S*YjPS’Y[ S2*x2USvPY x++Y*+ W1, S4.xS,4Y2* 12 x2 x22(xP vx+S+k x2[ 41,Y W,Y-(Y2*Pq SW S4.xS,4Y2* S2[S\x*1,+ x,Y

S[Y2*SWSY[i 8Y xP+1 .Y,S1[S\xPPq ,Yx++Y++ *TYS, \12*S2(S2U \Px++SWS\x*S12 x+ S2[YWS2S*YjPS’Y[ S2*x2USvPY x++Y*+i b4.xS,4Y2* YrS+*+ SW *TY
WxS, ’xP(Y 1W *TY S2*x2USvPY x++Y* S+ PY++ *Tx2 S*+ \x,,qS2U ’xP(Yi #2 S4.xS,4Y2* \Tx,UY Y-(xP *1 *TY [SWWY,Y2\Y S+ ,Y\1,[Y[ *1 ,Y[(\Y *TY
\x,,qS2U ’xP(Y *1 S*+ WxS, ’xP(Yi

8Y Y’xP(x*Y x41,*SoxvPY S2*x2USvPY x++Y*+ x2[ 1*TY, P12UjPS’Y[ x++Y*+ W1, S4.xS,4Y2* S2 x\\1,[x2\Y tS*T #@! LIgjNgjLJjNJk

Vb4.xS,4Y2* 1, ~S+.1+xP 1W _12Uj_S’Y[ #++Y*+k? tTY2Y’Y, \Tx2UY+ S2 Y’Y2*+ 1, \S,\(4+*x2\Y+ S2[S\x*Y *Tx* *TY \x,,qS2U ’xP(Y+ 1W *TY
,Y.1,*S2U (2S*+ 4xq Yr\YY[ *TY (2[S+\1(2*Y[ \x+T WP1t W1,Y\x+*+ x**,Sv(*xvPY *1 *TY ,Y.1,*S2U (2S*+i bW (2[S+\1(2*Y[ \x+T WP1t W1,Y\x+*+
S2[S\x*Y *Tx* *TY \x,,qS2U ’xP(Y 1W [YWS2S*YjPS’Y[ S2*x2USvPY x++Y*+ 1, 1*TY, P12UjPS’Y[ x++Y*+ 4xq 21* vY ,Y\1’Y,xvPYk x WxS, ’xP(Y
x++Y++4Y2* S+ .Y,W1,4Y[i e1, S2*x2USvPY x++Y*+k WxS, ’xP(Y Y+*S4x*Y+ x,Y [Y,S’Y[ W,14 [S+\1(2*Y[ \x+T WP1t W1,Y\x+*+i e1, 1*TY, P12Uj
PS’Y[ x++Y*+ n.,S4x,SPq .,1.Y,*qk .Px2* x2[ Y-(S.4Y2*mk WxS, ’xP(Y Y+*S4x*Y+ x,Y [Y,S’Y[ W,14 *TY +1(,\Y+ 41+* x..,1.,Sx*Y W1, *TY
.x,*S\(Px, x++Y* x2[ Tx’Y TS+*1,S\xPPq S2\P([Y[ +(\T x..,1x\TY+ x+ +xPY+ \14.x,S+12 x..,1x\T x2[ ,Y.Px\Y4Y2* \1+* x..,1x\Ti bW WxS,
’xP(Y S+ PY++ *Tx2 \x,,qS2U ’xP(Yk x2 S4.xS,4Y2* \Tx,UY Y-(xP *1 *TY [SWWY,Y2\Y S+ ,Y\1,[Y[i 8Y xP+1 ,Y’SYt *TY (+YW(P PSWY x2[ ,Y+S[(xP
’xP(Y x++(4.*S12+ W1, [YWS2S*YjPS’Y[ S2*x2USvPY x++Y*+ x2[ 1*TY, P12UjPS’Y[ x++Y*+ 12 x .Y,S1[S\ vx+S+ *1 [Y*Y,4S2Y SW \Tx2UY+ S2
\S,\(4+*x2\Y+ tx,,x2* ,Y’S+S12+ *1 *TY4i

ex\*1,+ tTS\T 4xq *,SUUY, x2 S4.xS,4Y2* 1W 1(, U11[tSPPk S2*x2USvPY x++Y*+ x2[ 1*TY, P12UjPS’Y[ x++Y*+ S2\P([Y *TY W1PP1tS2UE

•

•

•

•

•

•

•

•

•

+SU2SWS\x2* (2[Y,.Y,W1,4x2\Y ,YPx*S’Y *1 TS+*1,S\xP 1, .,1RY\*Y[ W(*(,Y 1.Y,x*S2U ,Y+(P*+%

\Tx2UY+ S2 1(, (+Y 1W *TY x\-(S,Y[ x++Y*+ 1, *TY +*,x*YUq W1, 1(, 1’Y,xPP v(+S2Y++%

P12Uj*Y,4 2YUx*S’Y S2[(+*,q 1, Y\1214S\ *,Y2[+%

*Y\T21P1US\xP \Tx2UY+ 1, [Y’YP1.4Y2*+%

\Tx2UY+ S2 \14.Y*S*S12%

P1++ 1W QYq \(+*14Y,+ 1, .Y,+122YP%

x[’Y,+Y R([S\SxP 1, PYUS+Px*S’Y 1(*\14Y+ 1, .1PS*S\xP [Y’YP1.4Y2*+%

+SU2SWS\x2* [Y\PS2Y+ S2 1(, +*1\Q .,S\Y W1, x +(+*xS2Y[ .Y,S1[ 1W *S4Y% x2[

*TY [Y\PS2Y 1W 1(, 4x,QY* \x.S*xPSox*S12 vYP1t 2Y* v11Q ’xP(Y x+ 1W *TY Y2[ 1W x2q ,Y.1,*S2U .Y,S1[i

>TY 1\\(,,Y2\Y 1W x2q 1W *TY+Y Y’Y2*+ 1, x2q 1*TY, (2W1,Y+YYxvPY Y’Y2*+ 1, \S,\(4+*x2\Y+ *Tx* 4x*Y,SxPPq xWWY\* W(*(,Y 1.Y,x*S2U
,Y+(P*+ 1, \x+T WP1t+ 4xq \x(+Y x2 S4.xS,4Y2* *Tx* S+ 4x*Y,SxP *1 1(, ,Y+(P*+ 1W 1.Y,x*S12+ 1, WS2x2\SxP .1+S*S12 S2 *TY ,Y.1,*S2U .Y,S1[
S2 tTS\T S* 1\\(,+ 1, S+ S[Y2*SWSY[i

KH

>TY 41+* ,Y\Y2* x22(xP U11[tSPP x2[ S2[YWS2S*YjPS’Y[ S2*x2USvPY x++Y* S4.xS,4Y2* *Y+* tx+ .Y,W1,4Y[ x+ 1W *TY vYUS22S2U 1W *TY
+Y\12[ -(x,*Y, 1W MgMNk (+S2U x -(x2*S*x*S’Y x++Y++4Y2*k 21*S2U 21 S4.xS,4Y2*i #+ 1W ~Y\Y4vY, LNk MgMNk *TY,Y tY,Y 21 S2[S\x*1,+ 1W
S4.xS,4Y2* 1W 1(, P12UjPS’Y[ x++Y*+i

8Y Tx’Y x +SU2SWS\x2* x41(2* 1W U11[tSPPk S2*x2USvPY x++Y*+ x2[ 1*TY, P12UjPS’Y[ x++Y*+i >TY W1PP1tS2U *xvPY +T1t+ *TY

v,YxQ[1t2 1W U11[tSPPk S2*x2USvPY x++Y*+ x2[ .,1.Y,*qk .Px2* x2[ Y-(S.4Y2* vq ,Y.1,*xvPY +YU4Y2* x+ 1W ~Y\Y4vY, LNk MgMN nS2
*T1(+x2[+mE

CT1*12S\+
:S+S12
C,Y\S+S12 ^1*S12
<2xPP1\x*Y[ !1,.1,x*Y x2[ @Tx,Y[ @Y,’S\Y+
>1*xP

(cid:157)(cid:128)(cid:128)(cid:201)L”‡‡

(cid:151)(cid:132)qØ(cid:132)(cid:192)”Ł‡˘
(cid:215)tt˘qt(cid:142) (cid:132)˘q

Zw(cid:128)}˘wqD(cid:142) Z‡Ø(cid:132)q
(cid:254) £zo”}(cid:136)˘(cid:132)q(cid:142)
(cid:132)˘q

5

5

NNMkNgL
NMGkFJL
MLGkKKK
X
KHFkJgg

5

5

JNkLKI
JNkFFM
NNHkIJN
X
MMgkFGF

5

5

LGkNgM
MFkFKM
NIkgHF
LkLNI
GHkKLF

Contingent Considerations and Earnouts. 8Y ,Y\1,[ \12*S2UY2* \12+S[Y,x*S12+ x2[ Yx,21(*+ ,Y+(P*S2U W,14 v(+S2Y++
\14vS2x*S12+ x* WxS, ’xP(Y x+ 1W *TY x\-(S+S*S12 [x*Yi ‘Yq x++(4.*S12+ (+Y[ S2 *TY [Y*Y,4S2x*S12 1W *TY WxS, ’xP(Y 1W 1(, \12*S2UY2*
\12+S[Y,x*S12+ S2\P([Y *TY W1PP1tS2UE

•

•

•

W(*(,Y ,Y’Y2(Y .,1RY\*S12+ x2[ Yx,2S2U+ vYW1,Y S2*Y,Y+*k [Y.,Y\Sx*S12k x41,*Sox*S12 x2[ 1*TY, xU,YY[j(.12 x[R(+*4Y2*+ x+
+.Y\SWSY[ S2 *TY .(,\Tx+Y x2[ +xPY xU,YY4Y2* nV#[R(+*Y[ f"b>~#?m%

’1Px*SPS*q 1W W(*(,Y ,Y’Y2(Y x2[ #[R(+*Y[ f"b>~#% x2[

[S+\1(2* ,x*Y+ (+Y[ *1 .,Y+Y2* ’xP(Y *TY .,1RY\*Y[ \x+T WP1t+i

D2 x -(x,*Y,Pq vx+S+k tY ,Yx++Y++ *TY+Y x++(4.*S12+ x2[ ,Y\1,[ *TY 2Y\Y++x,q x[R(+*4Y2*+ *1 WxS, ’xP(Y S2 *TY \12+1PS[x*Y[
+*x*Y4Y2* 1W 1.Y,x*S12+i !Tx2UY+ *1 \12*S2UY2* \12+S[Y,x*S12 1vPSUx*S12+ \x2 ,Y+(P* W,14 x[R(+*4Y2*+ *1 W(*(,Y ,Y’Y2(Y x2[ #[R(+*Y[
f"b>~# .,1RY\*S12+k ’1Px*SPS*q 1W W(*(,Y ,Y’Y2(Y x2[ #[R(+*Y[ f"b>~#k x2[ [S+\1(2* ,x*Y+i

>TY x++(4.*S12+ (+Y[ W1, *TY [Y*Y,4S2x*S12 1W *TY WxS, ’xP(Y 1W \12*S2UY2* \12+S[Y,x*S12+ S2’1P’Y +SU2SWS\x2* R([U4Y2*k x2[

\Tx2UY+ S2 *TY (2[Y,PqS2U x++(4.*S12+ \1(P[ Tx’Y x 4x*Y,SxP S4.x\* 12 *TY x41(2* 1W \12*S2UY2* \12+S[Y,x*S12 Yr.Y2+Y ,Y\1,[Y[ S2
x2q US’Y2 .Y,S1[i

Accounting for Income Taxes. #+ .x,* 1W *TY .,1\Y++ 1W .,Y.x,S2U 1(, \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+k tY x,Y ,Y-(S,Y[ *1
\xP\(Px*Y 1(, S2\14Y *xr .,1’S+S12 nvY2YWS*m S2 Yx\T 1W *TY R(,S+[S\*S12+ S2 tTS\T tY 1.Y,x*Yi >TS+ .,1\Y++ S2’1P’Y+ Y+*S4x*S2U 1(,
\(,,Y2* S2\14Y *xr .,1’S+S12 nvY2YWS*m *1UY*TY, tS*T x++Y++S2U *Y4.1,x,q [SWWY,Y2\Y+ ,Y+(P*S2U W,14 [SWWY,S2U *,Yx*4Y2* 1W S*Y4+ W1,
S2\14Y *xr ,Y*(,2 x2[ WS2x2\SxP x\\1(2*S2U .(,.1+Y+i >TY+Y [SWWY,Y2\Y+ ,Y+(P* S2 [YWY,,Y[ *xr x++Y*+ x2[ PSxvSPS*SY+k tTS\T x,Y ,Y.1,*Y[
12 1(, \12+1PS[x*Y[ vxPx2\Y +TYY*i

a([U4Y2* S+ ,Y-(S,Y[ S2 [Y*Y,4S2S2U 1(, t1,P[tS[Y S2\14Y *xr .,1’S+S12i b2 *TY 1,[S2x,q \1(,+Y 1W x UP1vxP v(+S2Y++k *TY,Y x,Y
4x2q *,x2+x\*S12+ x2[ \xP\(Px*S12+ tTY,Y *TY (P*S4x*Y 1(*\14Y S+ (2\Y,*xS2i #P*T1(UT tY vYPSY’Y 1(, Y+*S4x*Y+ x,Y ,Yx+12xvPYk *TY,Y
S+ 21 x++(,x2\Y *Tx* *TY WS2xP 1(*\14Y 1W *TY+Y 4x**Y,+ tSPP 21* vY [SWWY,Y2* W,14 *Tx* tTS\T S+ ,YWPY\*Y[ S2 1(, TS+*1,S\xP S2\14Y *xr
.,1’S+S12+ x2[ x\\,(xP+i @(\T [SWWY,Y2\Y+ \1(P[ Tx’Y x 4x*Y,SxP S4.x\* 12 1(, S2\14Y *xr .,1’S+S12 x2[ 2Y* S2\14Y S2 *TY .Y,S1[ S2
tTS\T +(\T [Y*Y,4S2x*S12 S+ 4x[Yi

8Y ,Y\1,[ x ’xP(x*S12 xPP1tx2\Y 12 1(, [YWY,,Y[ *xr x++Y*+ tTY2 S* S+ 41,Y PSQYPq *Tx2 21* *Tx* *TYq tSPP 21* vY ,YxPSoY[i 8Y

Tx’Y \12+S[Y,Y[ W(*(,Y *xrxvPY S2\14Y x2[ 12U1S2U .,([Y2* x2[ WYx+SvPY *xr .Px22S2U +*,x*YUSY+ S2 x++Y++S2U *TY 2YY[ W1, x ’xP(x*S12
xPP1tx2\Yi b2 *TY Y’Y2* tY [Y*Y,4S2Y *Tx* tY x,Y xvPY *1 ,YxPSoY 1(, [YWY,,Y[ *xr x++Y*+ S2 *TY W(*(,Y S2 Yr\Y++ 1W *TYS, 2Y* ,Y\1,[Y[
x41(2*k x2 x[R(+*4Y2* *1 *TY ’xP(x*S12 xPP1tx2\Y W1, *TY [YWY,,Y[ *xr x++Y*+ t1(P[ vY ,Y\1,[Y[ x2[ t1(P[ S2\,Yx+Y 1(, 2Y* S2\14Y S2
*TY .Y,S1[ S2 tTS\T +(\T [Y*Y,4S2x*S12 S+ 4x[Yi _SQYtS+Yk +T1(P[ tY [Y*Y,4S2Y *Tx* tY tSPP 21* vY xvPY *1 ,YxPSoY xPP 1, .x,* 1W 1(, 2Y*
[YWY,,Y[ *xr x++Y*+ S2 *TY W(*(,Yk x2 x[R(+*4Y2* *1 *TY ’xP(x*S12 xPP1tx2\Y W1, *TY [YWY,,Y[ *xr x++Y*+ tSPP vY ,Y\1,[Y[ x2[ tSPP ,Y[(\Y
1(, 2Y* S2\14Y S2 *TY .Y,S1[ +(\T [Y*Y,4S2x*S12 S+ 4x[Yi

b2 \12R(2\*S12 tS*T 1(, 12U1S2U ,Y’SYt 1W 1(, x\*(xP ,Y+(P*+ x2[ x2*S\S.x*Y[ W(*(,Y Yx,2S2U+k tY \12*S2(1(+Pq ,Yx++Y++ *TY
x[Y-(x\q 1W *TY ’xP(x*S12 xPP1tx2\Y \(,,Y2*Pq S2 .Px\Y 12 1(, [YWY,,Y[ *xr x++Y*+i b2 MgMNk tY ,Y\1,[Y[ x ’xP(x*S12 xPP1tx2\Y 1W 5giF
4SPPS12 12 2Y* 1.Y,x*S2U P1++Y+ x2[ 1*TY, *S4S2U S*Y4+ S2 \Y,*xS2 *xr R(,S+[S\*S12+ [(Y *1 *xrxvPY S2\14Y nP1++Y+m UY2Y,x*Y[ S2 v1*T *TY
\(,,Y2* x2[ W(*(,Y qYx,+i

>TY x41(2* 1W S2\14Y *xrY+ tY .xq S+ +(vRY\* *1 x([S*+ vq WY[Y,xPk +*x*Y x2[ W1,YSU2 *xr x(*T1,S*SY+k tTS\T 4xq ,Y+(P* S2
.,1.1+Y[ x++Y++4Y2*+i 8Y vYPSY’Y *Tx* tY Tx’Y x[Y-(x*YPq .,1’S[Y[ W1, x2q ,Yx+12xvPq W1,Y+YYxvPY 1(*\14Y+ ,YPx*Y[ *1 *TY+Y 4x**Y,+i

KG

c1tY’Y,k 1(, W(*(,Y ,Y+(P*+ 4xq S2\P([Y Wx’1,xvPY 1, (2Wx’1,xvPY x[R(+*4Y2*+ *1 1(, *xr PSxvSPS*SY+ S2 *TY .Y,S1[ *Tx* *TY x++Y++4Y2*+
x,Y 4x[Y 1, ,Y+1P’Y[k 1, tTY2 *TY +*x*(*Y 1W PS4S*x*S12+ W1, \Y,*xS2 .Y,S1[+ Yr.S,Y+i #+ 1W ~Y\Y4vY, LNk MgMNk *TY *1*xP x41(2* 1W
(2,Y\1U2SoY[ *xr vY2YWS*+ tx+ 5KiG 4SPPS12k 1W tTS\T 5KiI 4SPPS12 t1(P[ Wx’1,xvPq xWWY\* *TY YWWY\*S’Y *xr ,x*Yk SW vY2YWS*Y[i D’Y, *TY
2Yr* *tYP’Y 412*T+k tY 4xq 2YY[ *1 ,Y’Y,+Y (. *1 5giJ 4SPPS12 1W .,Y’S1(+Pq ,Y\1,[Y[ (2,Y\1U2SoY[ *xr vY2YWS*+ S2 *TY Y’Y2* 1W +*x*(*Y
1W PS4S*x*S12+ \P1+(,Y+i

b2\14Y x2[ W1,YSU2 tS*TT1P[S2U *xrY+ Tx’Y 21* vYY2 ,Y\1U2SoY[ 12 *TY Yr\Y++ 1W *TY x41(2* ,Y\1U2SoY[ W1, WS2x2\SxP ,Y.1,*S2U

.(,.1+Y+ 1’Y, *TY *xr vx+S+ 1W S2’Y+*4Y2*+ S2 W1,YSU2 +(v+S[Sx,SY+ *Tx* x,Y Y++Y2*SxPPq .Y,4x2Y2* S2 2x*(,Yi >TY Yr\Y++ x41(2* vY\14Y+
*xrxvPY (.12 x ,Y.x*,Sx*S12 1W x++Y*+ W,14 x +(v+S[Sx,q 1, x +xPY 1, PS-(S[x*S12 1W x +(v+S[Sx,qi >TY x41(2* 1W (2[S+*,Sv(*Y[ Yx,2S2U+ 1W
W1,YSU2 +(v+S[Sx,SY+ *1*xPY[ 5MIIiN 4SPPS12 x+ 1W ~Y\Y4vY, LNk MgMNi >TY Y+*S4x*Y[ (2,Y\1U2SoY[ S2\14Y x2[ W1,YSU2 tS*TT1P[S2U *xr
PSxvSPS*SY+ 12 *TS+ *Y4.1,x,q [SWWY,Y2\Y S+ x..,1rS4x*YPq 5Kig 4SPPS12i

Loss Contingencies. 8Y x,Y +(vRY\* *1 PYUxP .,1\YY[S2U+k Pxt+(S*+ x2[ 1*TY, \PxS4+ ,YPx*S2U *1 .,1[(\* -(xPS*qk Pxv1,k +Y,’S\Y
x2[ 1*TY, 4x**Y,+ x,S+S2U S2 *TY 1,[S2x,q \1(,+Y 1W v(+S2Y++i 8Y ,Y’SYt *TY +*x*(+ 1W Yx\T +SU2SWS\x2* 4x**Y, x2[ x++Y++ 1(, .1*Y2*SxP
WS2x2\SxP Yr.1+(,Y 12 x -(x,*Y,Pq vx+S+i bW *TY .1*Y2*SxP P1++ W,14 x2q \PxS4 1, PYUxP .,1\YY[S2U S+ \12+S[Y,Y[ .,1vxvPY x2[ *TY x41(2*
\x2 vY ,Yx+12xvPq Y+*S4x*Y[k tY x\\,(Y x PSxvSPS*q W1, *TY Y+*S4x*Y[ P1++i @SU2SWS\x2* R([U4Y2* S+ ,Y-(S,Y[ S2 v1*T *TY [Y*Y,4S2x*S12 1W
.,1vxvSPS*q x2[ *TY [Y*Y,4S2x*S12 x+ *1 tTY*TY, x2 Yr.1+(,Y S+ ,Yx+12xvPq Y+*S4xvPYi "Y\x(+Y 1W (2\Y,*xS2*SY+ ,YPx*Y[ *1 *TY+Y 4x**Y,+k
x\\,(xP+ x,Y vx+Y[ 12Pq 12 *TY vY+* S2W1,4x*S12 x’xSPxvPY x+ 1W *TY [x*Y 1W *TY WS2x2\SxP +*x*Y4Y2*+i #+ x[[S*S12xP S2W1,4x*S12 vY\14Y+
x’xSPxvPYk tY tSPP ,Yx++Y++ *TY .1*Y2*SxP PSxvSPS*q ,YPx*Y[ *1 1(, .Y2[S2U \PxS4+ x2[ PS*SUx*S12 x2[ 4xq ,Y’S+Y 1(, Y+*S4x*Y+i @(\T
,Y’S+S12+ S2 *TY Y+*S4x*Y+ 1W *TY .1*Y2*SxP PSxvSPS*SY+ \1(P[ Tx’Y x 4x*Y,SxP S4.x\* 12 1(, ,Y+(P*+ 1W 1.Y,x*S12+ x2[ WS2x2\SxP .1+S*S12i
8Y Yr.Y2+Y PYUxP WYY+ x+ S2\(,,Y[i

T˘(cid:204)˘(cid:132)q (cid:215)(cid:204)(cid:204)(cid:128)o(cid:132)q”(cid:132)(cid:192) Zw(cid:128)(cid:132)(cid:128)o(cid:132)(cid:204)˘(cid:136)˘(cid:132)qt

@YY ]1*Y M *1 !12+1PS[x*Y[ eS2x2\SxP @*x*Y4Y2*+ W1, ,Y\Y2* x\\1(2*S2U .,121(2\Y4Y2*+ *Tx* \1(P[ Tx’Y x +SU2SWS\x2* YWWY\* 12

(+i

(cid:151)q˘(cid:136) E(cid:215)(cid:136) Quantitative and Qualitative Disclosures about Market Risk

8Y x,Y Yr.1+Y[ *1 4x,QY* ,S+Q+ W,14 \Tx2UY+ S2 W1,YSU2 \(,,Y2\q Yr\Tx2UY ,x*Y+ x2[ S2*Y,Y+* ,x*Y+k tTS\T \1(P[ xWWY\* 1(,
1.Y,x*S2U ,Y+(P*+k WS2x2\SxP .1+S*S12 x2[ \x+T WP1t+i 8Y 4x2xUY 1(, Yr.1+(,Y *1 *TY+Y 4x,QY* ,S+Q+ *T,1(UT 1(, ,YU(Px, 1.Y,x*S2U x2[
WS2x2\S2U x\*S’S*SY+i 8Y x[[,Y++ 4x,QY* ,S+Q+ W,14 \Tx2UY+ S2 W1,YSU2 \(,,Y2\q Yr\Tx2UY ,x*Y+ *T,1(UT x ,S+Q 4x2xUY4Y2* .,1U,x4
*Tx* S2\P([Y+ *TY (+Y 1W [Y,S’x*S’Y WS2x2\SxP S2+*,(4Y2*+ *1 4S*SUx*Y \Y,*xS2 W1,YSU2 \(,,Y2\q *,x2+x\*S12 Yr.1+(,Y+ W,14 W(*(,Y
+Y**PY4Y2* 1W 212jW(2\*S12xP \(,,Y2\q 412Y*x,q x++Y*+ x2[ PSxvSPS*SY+ x+ 1W *TY Y2[ 1W x .Y,S1[i

Foreign Currency Exchange Rate Risk and Sensitivity

8Y x,Y Yr.1+Y[ *1 \Tx2UY+ S2 W1,YSU2 \(,,Y2\q Yr\Tx2UY ,x*Y+ tTS\T \1(P[ xWWY\* 1(, 1.Y,x*S2U ,Y+(P*+ x+ tYPP x+ 1(, WS2x2\SxP
.1+S*S12 x2[ \x+T WP1t+i >TY W1,YSU2 \(,,Y2\SY+ *1 tTS\T tY Tx’Y *TY 41+* +SU2SWS\x2* Yr\Tx2UY ,x*Y Yr.1+(,Y+ x,Y *TY f(,1k ",S*S+T
C1(2[k ax.x2Y+Y }Y2 x2[ !TS2Y+Y }(x2i >TY !14.x2q 4x2xUY+ S*+ W1,YSU2 \(,,Y2\q Yr.1+(,Y+ 12 x \12+1PS[x*Y[ vx+S+k tTS\T xPP1t+
*TY !14.x2q *1 x2xPqoY Yr.1+(,Y+ UP1vxPPq x2[ *xQY S2*1 x\\1(2* 1WW+Y**S2U Yr.1+(,Y+ S2 \Y,*xS2 vxPx2\Y+i >TY .,S4x,q W1,YSU2
\(,,Y2\q [Y214S2x*Y[ *,x2+x\*S12+ S2\P([Y ,Y’Y2(Y x2[ Yr.Y2+Y+ x2[ *TY ,Y+(P*S2U x\\1(2*+ ,Y\YS’xvPY x2[ x\\1(2*+ .xqxvPY vxPx2\Y+
,YWPY\*Y[ 12 1(, \12+1PS[x*Y[ vxPx2\Y +TYY* x2[ tS*T S2*Y,\14.x2q *,x[S2U .x,*2Y,+ *Tx* x,Y YPS4S2x*Y[ S2 \12+1PS[x*S12i

b2 *TY 1,[S2x,q \1(,+Y 1W v(+S2Y++k tY Y2*Y, S2*1 W1,YSU2 \(,,Y2\q \12*,x\*+ W1, .Y,S1[+ \12+S+*Y2* tS*T 1(, \144S**Y[ Yr.1+(,Y+

*1 4S*SUx*Y *TY YWWY\* 1W W1,YSU2 \(,,Y2\q 41’Y4Y2*+ 12 *,x2+x\*S12+ [Y214S2x*Y[ S2 W1,YSU2 \(,,Y2\SY+i 8Y [1 21* Y2*Y, S2*1 1, T1P[
W1,YSU2 \(,,Y2\q [Y,S’x*S’Y WS2x2\SxP S2+*,(4Y2*+ W1, *,x[S2U 1, +.Y\(Px*S’Y .(,.1+Y+k 21, [1 tY Y2*Y, S2*1 [Y,S’x*S’Y WS2x2\SxP
S2+*,(4Y2*+ *1 TY[UY W(*(,Y \x+T WP1t+ 1, W1,Y\x+*Y[ *,x2+x\*S12+i >TY S2*Y2* 1W *TY+Y Y\1214S\ TY[UY+ S+ *1 1WW+Y* UxS2+ x2[ P1++Y+ 12
*TY (2[Y,PqS2U Yr.1+(,Y+ W,14 *TY+Y \(,,Y2\SY+ tS*T UxS2+ x2[ P1++Y+ ,Y+(P*S2U W,14 *TY W1,YSU2 \(,,Y2\q \12*,x\*+ *Tx* TY[UY *TY+Y
Yr.1+(,Y+i

8Y Tx[ W1,YSU2 \(,,Y2\q \12*,x\*+ tS*T 21*S12xP x41(2*+ *1*xPS2U 5Jgig 4SPPS12 x2[ 2Y* WxS, ’xP(Y 1W PY++ *Tx2 5giN 4SPPS12 x+ 1W

~Y\Y4vY, LNk MgMNi # Tq.1*TY*S\xP Ng3 +*,Y2U*TY2S2U 1W *TY 1 *TY "1x,[ 1W ~S,Y\*1,+ x2[ @*1\QT1P[Y,+ 1W ]1’x2*x b2\i

]}”(cid:132)”(cid:128)(cid:132)t (cid:128)(cid:132) q‰˘ (cid:160)”(cid:132)Ø(cid:132)(cid:204)”؇ QqØq˘(cid:136)˘(cid:132)qt Ø(cid:132)(cid:201) (cid:151)(cid:132)q˘w(cid:132)؇ (cid:211)(cid:128)(cid:132)qw(cid:128)‡ (cid:128)m˘w (cid:160)”(cid:132)Ø(cid:132)(cid:204)”؇ T˘}(cid:128)wq”(cid:132)(cid:192)

8Y Tx’Y x([S*Y[ *TY x\\14.x2qS2U \12+1PS[x*Y[ vxPx2\Y +TYY*+ 1W ]1’x2*x b2\i x2[ S*+ +(v+S[Sx,SY+ n*TY V!14.x2q?m x+ 1W ~Y\Y4vY,
LNk MgMN x2[ MgMgk x2[ *TY ,YPx*Y[ \12+1PS[x*Y[ +*x*Y4Y2*+ 1W 1.Y,x*S12+k 1W \14.,YTY2+S’Y S2\14Yk 1W +*1\QT1P[Y,+; Y-(S*q x2[ 1W
\x+T WP1t+ W1, Yx\T 1W *TY *T,YY qYx,+ S2 *TY .Y,S1[ Y2[Y[ ~Y\Y4vY, LNk MgMNk S2\P([S2U *TY ,YPx*Y[ 21*Y+ n\1PPY\*S’YPq ,YWY,,Y[ *1 x+
*TY V\12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+?mi 8Y xP+1 Tx’Y x([S*Y[ *TY !14.x2qp+ S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U x+ 1W ~Y\Y4vY,
LNk MgMNk vx+Y[ 12 \,S*Y,Sx Y+*xvPS+TY[ S2 b2*Y,2xP !12*,1P j b2*YU,x*Y[ e,x4Yt1,Q nMgNLm S++(Y[ vq *TY !144S**YY 1W @.12+1,S2U
D,Ux2Sox*S12+ 1W *TY >,Yx[txq !144S++S12 n!D@Dmi

b2 1(, 1.S2S12k *TY \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+ ,YWY,,Y[ *1 xv1’Y .,Y+Y2* WxS,Pqk S2 xPP 4x*Y,SxP ,Y+.Y\*+k *TY WS2x2\SxP .1+S*S12 1W
*TY !14.x2q x+ 1W ~Y\Y4vY, LNk MgMN x2[ MgMgk x2[ *TY ,Y+(P*+ 1W S*+ 1.Y,x*S12+ x2[ S*+ \x+T WP1t+ W1, Yx\T 1W *TY *T,YY qYx,+ S2 *TY
.Y,S1[ Y2[Y[ ~Y\Y4vY, LNk MgMN S2 \12W1,4S*q tS*T x\\1(2*S2U .,S2\S.PY+ UY2Y,xPPq x\\Y.*Y[ S2 *TY <2S*Y[ @*x*Y+ 1W #4Y,S\xi #P+1 S2
1(, 1.S2S12k *TY !14.x2q 4xS2*xS2Y[k S2 xPP 4x*Y,SxP ,Y+.Y\*+k YWWY\*S’Y S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U x+ 1W ~Y\Y4vY, LNk
MgMNk vx+Y[ 12 \,S*Y,Sx Y+*xvPS+TY[ S2 b2*Y,2xP !12*,1P j b2*YU,x*Y[ e,x4Yt1,Q nMgNLm S++(Y[ vq *TY !D@Di

(cid:213)Øt”t ˆ(cid:128)w ]}”(cid:132)”(cid:128)(cid:132)t

>TY !14.x2qp+ 4x2xUY4Y2* S+ ,Y+.12+SvPY W1, *TY+Y \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+k W1, 4xS2*xS2S2U YWWY\*S’Y S2*Y,2xP \12*,1P 1’Y,
WS2x2\SxP ,Y.1,*S2Uk x2[ W1, S*+ x++Y++4Y2* 1W *TY YWWY\*S’Y2Y++ 1W S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2Uk S2\P([Y[ S2 ^x2xUY4Y2*;+
#22(xP AY.1,* 12 b2*Y,2xP !12*,1P 1’Y, eS2x2\SxP AY.1,*S2U x..Yx,S2U (2[Y, b*Y4 F#i D(, ,Y+.12+SvSPS*q S+ *1 Yr.,Y++ 1.S2S12+ 12 *TY
!14.x2q;+ \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+ x2[ 12 *TY !14.x2qp+ S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U vx+Y[ 12 1(, x([S*+i 8Y
x,Y x .(vPS\ x\\1(2*S2U WS,4 ,YUS+*Y,Y[ tS*T *TY C(vPS\ !14.x2q #\\1(2*S2U D’Y,+SUT* "1x,[ n<2S*Y[ @*x*Y+m nC!#D"m x2[ x,Y
,Y-(S,Y[ *1 vY S2[Y.Y2[Y2* tS*T ,Y+.Y\* *1 *TY !14.x2q S2 x\\1,[x2\Y tS*T *TY T1+Y +*x2[x,[+ ,Y-(S,Y *Tx* tY .Px2 x2[ .Y,W1,4 *TY x([S*+
*1 1v*xS2 ,Yx+12xvPY x++(,x2\Y xv1(* tTY*TY, *TY \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+ x,Y W,YY 1W 4x*Y,SxP 4S++*x*Y4Y2*k tTY*TY, [(Y *1
Y,,1, 1, W,x([k x2[ tTY*TY, YWWY\*S’Y S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U tx+ 4xS2*xS2Y[ S2 xPP 4x*Y,SxP ,Y+.Y\*+i

D(, x([S*+ 1W *TY \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+ S2\P([Y[ .Y,W1,4S2U .,1\Y[(,Y+ *1 x++Y++ *TY ,S+Q+ 1W 4x*Y,SxP 4S++*x*Y4Y2* 1W *TY
\12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+k tTY*TY, [(Y *1 Y,,1, 1, W,x([k x2[ .Y,W1,4S2U .,1\Y[(,Y+ *Tx* ,Y+.12[ *1 *T1+Y ,S+Q+i @(\T
.,1\Y[(,Y+ S2\P([Y[ Yrx4S2S2Uk 12 x *Y+* vx+S+k Y’S[Y2\Y ,YUx,[S2U *TY x41(2*+ x2[ [S+\P1+(,Y+ S2 *TY \12+1PS[x*Y[ WS2x2\SxP
+*x*Y4Y2*+i D(, x([S*+ xP+1 S2\P([Y[ Y’xP(x*S2U *TY x\\1(2*S2U .,S2\S.PY+ (+Y[ x2[ +SU2SWS\x2* Y+*S4x*Y+ 4x[Y vq 4x2xUY4Y2*k x+ tYPP
x+ Y’xP(x*S2U *TY 1’Y,xPP .,Y+Y2*x*S12 1W *TY \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+i D(, x([S* 1W S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U
S2\P([Y[ 1v*xS2S2U x2 (2[Y,+*x2[S2U 1W S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2Uk x++Y++S2U *TY ,S+Q *Tx* x 4x*Y,SxP tYxQ2Y++ YrS+*+k x2[
*Y+*S2U x2[ Y’xP(x*S2U *TY [Y+SU2 x2[ 1.Y,x*S2U YWWY\*S’Y2Y++ 1W S2*Y,2xP \12*,1P vx+Y[ 12 *TY x++Y++Y[ ,S+Qi D(, x([S*+ xP+1 S2\P([Y[
.Y,W1,4S2U +(\T 1*TY, .,1\Y[(,Y+ x+ tY \12+S[Y,Y[ 2Y\Y++x,q S2 *TY \S,\(4+*x2\Y+i 8Y vYPSY’Y *Tx* 1(, x([S*+ .,1’S[Y x ,Yx+12xvPY
vx+S+ W1, 1(, 1.S2S12+i

#+ [Y+\,SvY[ S2 ^x2xUY4Y2*;+ #22(xP AY.1,* 12 b2*Y,2xP !12*,1P 1’Y, eS2x2\SxP AY.1,*S2Uk 4x2xUY4Y2* Tx+ Yr\P([Y[ #>b b2[(+*,SxP
#(*14x*S12k b2\i nV#>b?m x2[ @\T2YS[Y, fPY\*,S\ ^1*S12 <@#k b2\i nV@f^?m W,14 S*+ x++Y++4Y2* 1W S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP
,Y.1,*S2U x+ 1W ~Y\Y4vY, LNk MgMNk vY\x(+Y *TYq tY,Y x\-(S,Y[ vq *TY !14.x2q S2 .(,\Tx+Y v(+S2Y++ \14vS2x*S12+ [(,S2U MgMNi 8Y
Tx’Y xP+1 Yr\P([Y[ #>b x2[ @f^ W,14 1(, x([S* 1W S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2Ui #>b x2[ @f^ x,Y tT1PPqj1t2Y[
+(v+S[Sx,SY+ tT1+Y *1*xP x++Y*+ x2[ *1*xP ,Y’Y2(Y+ Yr\P([Y[ W,14 4x2xUY4Y2*;+ x++Y++4Y2* x2[ 1(, x([S* 1W S2*Y,2xP \12*,1P 1’Y,
WS2x2\SxP ,Y.1,*S2U ,Y.,Y+Y2* x..,1rS4x*YPq J3 x2[ N3 1W *1*xP x++Y*+k ,Y+.Y\*S’YPq x2[ x..,1rS4x*YPq J3 x2[ N3 1W *1*xP ,Y’Y2(Y+k
,Y+.Y\*S’YPqk 1W *TY ,YPx*Y[ \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2* x41(2*+ x+ 1W x2[ W1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgMNi

(cid:210)˘ˆ”(cid:132)”q”(cid:128)(cid:132) Ø(cid:132)(cid:201) (cid:143)”(cid:136)”qØq”(cid:128)(cid:132)t (cid:128)ˆ (cid:151)(cid:132)q˘w(cid:132)؇ (cid:211)(cid:128)(cid:132)qw(cid:128)‡ (cid:128)m˘w (cid:160)”(cid:132)Ø(cid:132)(cid:204)”؇ T˘}(cid:128)wq”(cid:132)(cid:192)

# \14.x2q;+ S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U S+ x .,1\Y++ [Y+SU2Y[ *1 .,1’S[Y ,Yx+12xvPY x++(,x2\Y ,YUx,[S2U *TY ,YPSxvSPS*q 1W
WS2x2\SxP ,Y.1,*S2U x2[ *TY .,Y.x,x*S12 1W WS2x2\SxP +*x*Y4Y2*+ W1, Yr*Y,2xP .(,.1+Y+ S2 x\\1,[x2\Y tS*T UY2Y,xPPq x\\Y.*Y[ x\\1(2*S2U
.,S2\S.PY+i # \14.x2q;+ S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U S2\P([Y+ *T1+Y .1PS\SY+ x2[ .,1\Y[(,Y+ *Tx* nSm .Y,*xS2 *1 *TY
4xS2*Y2x2\Y 1W ,Y\1,[+ *Tx*k S2 ,Yx+12xvPY [Y*xSPk x\\(,x*YPq x2[ WxS,Pq ,YWPY\* *TY *,x2+x\*S12+ x2[ [S+.1+S*S12+ 1W *TY x++Y*+ 1W *TY
\14.x2q% nSSm .,1’S[Y ,Yx+12xvPY x++(,x2\Y *Tx* *,x2+x\*S12+ x,Y ,Y\1,[Y[ x+ 2Y\Y++x,q *1 .Y,4S* .,Y.x,x*S12 1W WS2x2\SxP +*x*Y4Y2*+ S2
x\\1,[x2\Y tS*T UY2Y,xPPq x\\Y.*Y[ x\\1(2*S2U .,S2\S.PY+k x2[ *Tx* ,Y\YS.*+ x2[ Yr.Y2[S*(,Y+ 1W *TY \14.x2q x,Y vYS2U 4x[Y 12Pq S2
x\\1,[x2\Y tS*T x(*T1,Sox*S12+ 1W 4x2xUY4Y2* x2[ [S,Y\*1,+ 1W *TY \14.x2q% x2[ nSSSm .,1’S[Y ,Yx+12xvPY x++(,x2\Y ,YUx,[S2U
.,Y’Y2*S12 1, *S4YPq [Y*Y\*S12 1W (2x(*T1,SoY[ x\-(S+S*S12k (+Yk 1, [S+.1+S*S12 1W *TY \14.x2q;+ x++Y*+ *Tx* \1(P[ Tx’Y x 4x*Y,SxP YWWY\*
12 *TY WS2x2\SxP +*x*Y4Y2*+i

JM

"Y\x(+Y 1W S*+ S2TY,Y2* PS4S*x*S12+k S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U 4xq 21* .,Y’Y2* 1, [Y*Y\* 4S++*x*Y4Y2*+i #P+1k .,1RY\*S12+
1W x2q Y’xP(x*S12 1W YWWY\*S’Y2Y++ *1 W(*(,Y .Y,S1[+ x,Y +(vRY\* *1 *TY ,S+Q *Tx* \12*,1P+ 4xq vY\14Y S2x[Y-(x*Y vY\x(+Y 1W \Tx2UY+ S2
\12[S*S12+k 1, *Tx* *TY [YU,YY 1W \14.PSx2\Y tS*T *TY .1PS\SY+ 1, .,1\Y[(,Y+ 4xq [Y*Y,S1,x*Yi

(cid:211)w”q”(cid:204)؇ (cid:215)o(cid:201)”q (cid:141)Øqq˘wt

>TY \,S*S\xP x([S* 4x**Y,+ \144(2S\x*Y[ vYP1t x,Y 4x**Y,+ x,S+S2U W,14 *TY \(,,Y2* .Y,S1[ x([S* 1W *TY \12+1PS[x*Y[ WS2x2\SxP
+*x*Y4Y2*+ *Tx* tY,Y \144(2S\x*Y[ 1, ,Y-(S,Y[ *1 vY \144(2S\x*Y[ *1 *TY x([S* \144S**YY x2[ *Tx* nSm ,YPx*Y *1 x\\1(2*+ 1,
[S+\P1+(,Y+ *Tx* x,Y 4x*Y,SxP *1 *TY \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+ x2[ nSSm S2’1P’Y[ 1(, Y+.Y\SxPPq \TxPPY2US2Uk +(vRY\*S’Yk 1,
\14.PYr R([U4Y2*+i >TY \144(2S\x*S12 1W \,S*S\xP x([S* 4x**Y,+ [1Y+ 21* xP*Y, S2 x2q txq 1(, 1.S2S12 12 *TY \12+1PS[x*Y[ WS2x2\SxP
+*x*Y4Y2*+k *xQY2 x+ x tT1PYk x2[ tY x,Y 21*k vq \144(2S\x*S2U *TY \,S*S\xP x([S* 4x**Y,+ vYP1tk .,1’S[S2U +Y.x,x*Y 1.S2S12+ 12 *TY
\,S*S\xP x([S* 4x**Y,+ 1, 12 *TY x\\1(2*+ 1, [S+\P1+(,Y+ *1 tTS\T *TYq ,YPx*Yi

Acquisitions of ATI Industrial Automation, Inc. and Schneider Electric Motion USA, Inc. – Valuation of Developed Technologies and
Customer Relationships Intangible Assets

#+ [Y+\,SvY[ S2 ]1*Y K *1 *TY \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+k *TY !14.x2q \14.PY*Y[ *TY x\-(S+S*S12+ 1W #>b b2[(+*,SxP
#(*14x*S12k b2\i n#>bm x2[ @\T2YS[Y, fPY\*,S\ ^1*S12 <@#k b2\i n@f^m S2 MgMNi >TY x\-(S+S*S12 1W #>b ,Y+(P*Y[ S2 x 5MLiF 4SPPS12
\(+*14Y, ,YPx*S12+TS.+ S2*x2USvPY x++Y* x2[ x 5NFiG 4SPPS12 [Y’YP1.Y[ *Y\T21P1USY+ S2*x2USvPY x++Y* vYS2U ,Y\1,[Y[k x2[ *TY x\-(S+S*S12
1W @f^ ,Y+(P*Y[ S2 x 5KNiH 4SPPS12 \(+*14Y, ,YPx*S12+TS.+ S2*x2USvPY x++Y* x2[ x 5FiN 4SPPS12 [Y’YP1.Y[ *Y\T21P1USY+ S2*x2USvPY x++Y*
vYS2U ,Y\1,[Y[i #++Y*+ x\-(S,Y[ x2[ PSxvSPS*SY+ x++(4Y[ Tx’Y vYY2 ,Y\1,[Y[ vq 4x2xUY4Y2* x* *TYS, Y+*S4x*Y[ WxS, ’xP(Y+ x+ 1W *TY
x\-(S+S*S12 [x*Y+i >TY WxS, ’xP(Y+ 1W S2*x2USvPY x++Y*+ tY,Y vx+Y[ 12 ’xP(x*S12+ (+S2U x2 S2\14Y x..,1x\Tk +.Y\SWS\xPPq *TY 4(P*Sj
.Y,S1[ Yr\Y++ Yx,2S2U+ 4Y*T1[ W1, \(+*14Y, ,YPx*S12+TS.+ x2[ *TY ,YPSYWjW,14j,1qxP*q 4Y*T1[ W1, [Y’YP1.Y[ *Y\T21P1USY+i >TY .,1\Y++
W1, Y+*S4x*S2U *TY WxS, ’xP(Y+ 1W *TY+Y S[Y2*SWSxvPY S2*x2USvPY x++Y*+ ,Y-(S,Y+ *TY (+Y 1W +SU2SWS\x2* Y+*S4x*Y+ x2[ x++(4.*S12+ vq
4x2xUY4Y2*k S2\P([S2U ,Y’Y2(Y U,1t*T ,x*Y+k \(+*14Y, x**,S*S12 ,x*Y+k ,1qxP*q ,x*Y+k [S+\1(2* ,x*Y+k *Y\T21P1Uq 1v+1PY+\Y2\Y \(,’Y+k
x2[ f"b>~# 4x,US2+i

>TY .,S2\S.xP \12+S[Y,x*S12+ W1, 1(, [Y*Y,4S2x*S12 *Tx* .Y,W1,4S2U .,1\Y[(,Y+ ,YPx*S2U *1 *TY ’xP(x*S12 1W *TY [Y’YP1.Y[ *Y\T21P1USY+
x2[ \(+*14Y, ,YPx*S12+TS.+ S2*x2USvPY x++Y*+ x\-(S,Y[ S2 *TY #>b x2[ @f^ x\-(S+S*S12+ S+ x \,S*S\xP x([S* 4x**Y, x,Y nSm *TY +SU2SWS\x2*
R([U4Y2* vq 4x2xUY4Y2* tTY2 [Y*Y,4S2S2U *TY WxS, ’xP(Y 1W *TY [Y’YP1.Y[ *Y\T21P1USY+ x2[ \(+*14Y, ,YPx*S12+TS.+ x++Y*+k nSSm x TSUT
[YU,YY 1W x([S*1, R([U4Y2*k +(vRY\*S’S*qk x2[ YWW1,* S2 .Y,W1,4S2U .,1\Y[(,Y+ x2[ Y’xP(x*S2U 4x2xUY4Y2*;+ +SU2SWS\x2* x++(4.*S12+
,YPx*Y[ *1 ,Y’Y2(Y U,1t*T ,x*Y+k ,1qxP*q ,x*Y+k [S+\1(2* ,x*Y+k x2[ *Y\T21P1Uq 1v+1PY+\Y2\Y \(,’Y+ (+Y[ S2 *TY ’xP(x*S12 1W *TY
[Y’YP1.Y[ *Y\T21P1USY+ S2*x2USvPY x++Y*+ x2[ *TY ,Y’Y2(Y U,1t*T ,x*Y+k [S+\1(2* ,x*Y+k \(+*14Y, x**,S*S12 ,x*Y+k x2[ f"b>~# 4x,US2+
(+Y[ S2 *TY ’xP(x*S12 1W *TY \(+*14Y, ,YPx*S12+TS.+ S2*x2USvPY x++Y*+k x2[ nSSSm *TY x([S* YWW1,* S2’1P’Y[ *TY (+Y 1W .,1WY++S12xP+ tS*T
+.Y\SxPSoY[ +QSPP x2[ Q21tPY[UYi

#[[,Y++S2U *TY 4x**Y, S2’1P’Y[ .Y,W1,4S2U .,1\Y[(,Y+ x2[ Y’xP(x*S2U x([S* Y’S[Y2\Y S2 \122Y\*S12 tS*T W1,4S2U 1(, 1’Y,xPP 1.S2S12
12 *TY \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+i >TY+Y .,1\Y[(,Y+ S2\P([Y[ *Y+*S2U *TY YWWY\*S’Y2Y++ 1W \12*,1P+ ,YPx*S2U *1 *TY x\-(S+S*S12
x\\1(2*S2Uk S2\P([S2U \12*,1P+ 1’Y, 4x2xUY4Y2*;+ nSm ’xP(x*S12 1W *TY [Y’YP1.Y[ *Y\T21P1USY+ x2[ \(+*14Y, ,YPx*S12+TS.+ S2*x2USvPY
x++Y*+ x2[ nSSm [Y’YP1.4Y2* 1W +SU2SWS\x2* x++(4.*S12+ ,YPx*Y[ *1 ,Y’Y2(Y U,1t*T ,x*Y+k \(+*14Y, x**,S*S12 ,x*Y+k ,1qxP*q ,x*Y+k [S+\1(2*
,x*Y+k *Y\T21P1Uq 1v+1PY+\Y2\Y \(,’Y+ x2[ f"b>~# 4x,US2+i >TY+Y .,1\Y[(,Y+ xP+1 S2\P([Y[k x412U 1*TY,+k nSm ,Yx[S2U *TY .(,\Tx+Y
xU,YY4Y2*+ x2[ nSSm *Y+*S2U 4x2xUY4Y2*;+ .,1\Y++ W1, [Y*Y,4S2S2U *TY WxS, ’xP(Y 1W *TY [Y’YP1.Y[ *Y\T21P1USY+ x2[ \(+*14Y,
,YPx*S12+TS.+ S2*x2USvPY x++Y*+i >Y+*S2U 4x2xUY4Y2*;+ .,1\Y++ S2\P([Y[ Y’xP(x*S2U *TY x..,1.,Sx*Y2Y++ 1W *TY 4(P*Sj.Y,S1[ Yr\Y++
Yx,2S2U+ x2[ ,YPSYWjW,14j,1qxP*q ’xP(x*S12 4Y*T1[+k *Y+*S2U *TY \14.PY*Y2Y++ x2[ x\\(,x\q 1W (2[Y,PqS2U [x*x (+Y[ vq 4x2xUY4Y2*k
x2[ Y’xP(x*S2U *TY ,Yx+12xvPY2Y++ 1W 4x2xUY4Y2*;+ +SU2SWS\x2* x++(4.*S12+ ,YPx*Y[ *1 *TY ,Y’Y2(Y U,1t*T ,x*Y+k ,1qxP*q ,x*Y+k [S+\1(2*
,x*Y+k x2[ *Y\T21P1Uq 1v+1PY+\Y2\Y \(,’Y+ (+Y[ S2 *TY ’xP(x*S12 1W *TY [Y’YP1.Y[ *Y\T21P1USY+ S2*x2USvPY x++Y*+ x2[ *TY ,Y’Y2(Y
U,1t*T ,x*Y+k [S+\1(2* ,x*Y+k \(+*14Y, x**,S*S12 ,x*Y+k x2[ f"b>~# 4x,US2+ (+Y[ S2 *TY ’xP(x*S12 1W *TY \(+*14Y, ,YPx*S12+TS.+
S2*x2USvPY x++Y*+i f’xP(x*S2U *TY ,Yx+12xvPY2Y++ 1W *TY ,Y’Y2(Y U,1t*T ,x*Y+ S2 *TY ’xP(x*S12 1W [Y’YP1.Y[ *Y\T21P1USY+ x2[ ,Y’Y2(Y
U,1t*T ,x*Y+k f"b>~# 4x,US2+k x2[ \(+*14Y, x**,S*S12 ,x*Y+ (+Y[ S2 *TY ’xP(x*S12 1W *TY \(+*14Y, ,YPx*S12+TS.+ S2’1P’Y[ \12+S[Y,S2U
*TY .x+* .Y,W1,4x2\Y 1W *TY x\-(S,Y[ v(+S2Y++Y+k \12+S+*Y2\q tS*T Y\1214S\ x2[ S2[(+*,q W1,Y\x+*+k x2[ tTY*TY, *TY+Y x++(4.*S12+
tY,Y \12+S+*Y2* tS*T Y’S[Y2\Y 1v*xS2Y[ S2 1*TY, x,Yx+ 1W *TY x([S*i C,1WY++S12xP+ tS*T +.Y\SxPSoY[ +QSPP x2[ Q21tPY[UY tY,Y (+Y[ *1
x++S+* S2 *TY Y’xP(x*S12 1W *TY x..,1.,Sx*Y2Y++ 1W *TY ’xP(x*S12 4Y*T1[+ x2[ 1W *TY ,Yx+12xvPY2Y++ 1W *TY ,1qxP*q ,x*Y+k [S+\1(2* ,x*Y+k
x2[ *Y\T21P1Uq 1v+1PY+\Y2\Y \(,’Y+ S2 *TY ’xP(x*S12 1W *TY [Y’YP1.Y[ *Y\T21P1USY+ S2*x2USvPY x++Y*+ x2[ *TY \(+*14Y, x**,S*S12 ,x*Y+
x2[ [S+\1(2* ,x*Y+ (+Y[ S2 *TY ’xP(x*S12 1W *TY \(+*14Y, ,YPx*S12+TS.+ S2*x2USvPY x++Y*+i

JL

Fair Value of the Contingent Consideration for ARGES GmbH Acquisition

#+ [Y+\,SvY[ S2 ]1*Y+ K x2[ H *1 *TY \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+k *TY !14.x2q Tx[ 5LiG 4SPPS12 1W x \12*S2UY2* \12+S[Y,x*S12
PSxvSPS*q x+ 1W ~Y\Y4vY, LNk MgMN ,YPx*Y[ *1 *TY MgNF x\-(S+S*S12 1W #Adf@ d4vci >TY \12*S2UY2* \12+S[Y,x*S12 .xq4Y2*+ x,Y
.xqxvPY x22(xPPq vx+Y[ 12 x\*(xP ,Y’Y2(Y x\TSY’Y4Y2* xUxS2+* \Y,*xS2 ,Y’Y2(Y *x,UY*+ vq *TY !14.x2q W,14 #(U(+* MgNF *T,1(UT
~Y\Y4vY, MgMIi ^x2xUY4Y2* [Y*Y,4S2Y+ *TY Y+*S4x*Y[ WxS, ’xP(Y 1W *TY \12*S2UY2* \12+S[Y,x*S12 PSxvSPS*q (+S2U x ^12*Y !x,P1
’xP(x*S12 4Y*T1[i >TY (21v+Y,’xvPY S2.(*+ (+Y[ vq 4x2xUY4Y2* *1 [Y*Y,4S2Y *TY WxS, ’xP(Y 1W *TY \12*S2UY2* \12+S[Y,x*S12 PSxvSPS*q
S2\P([Y[ TS+*1,S\xP x2[ .,1RY\*Y[ ,Y’Y2(Y+k ,Y’Y2(Y ’1Px*SPS*qk \1+* 1W [Yv*k x2[ *TY [S+\1(2* ,x*Yi

>TY .,S2\S.xP \12+S[Y,x*S12+ W1, 1(, [Y*Y,4S2x*S12 *Tx* .Y,W1,4S2U .,1\Y[(,Y+ ,YPx*S2U *1 *TY WxS, ’xP(Y 1W *TY \12*S2UY2* \12+S[Y,x*S12
W1, *TY #Adf@ d4vc x\-(S+S*S12 S+ x \,S*S\xP x([S* 4x**Y, x,Y nSm *TY +SU2SWS\x2* R([U4Y2* vq 4x2xUY4Y2* tTY2 [Y*Y,4S2S2U *TY WxS,
’xP(Yk nSSm x TSUT [YU,YY 1W x([S*1, R([U4Y2*k +(vRY\*S’S*q x2[ YWW1,* S2 .Y,W1,4S2U .,1\Y[(,Y+ x2[ Y’xP(x*S2U x([S* Y’S[Y2\Y ,YPx*S2U *1
*TY ^12*Y !x,P1 ’xP(x*S12 4Y*T1[ x2[ Y’xP(x*S2U 4x2xUY4Y2*p+ +SU2SWS\x2* x++(4.*S12+ ,YPx*Y[ *1 *TY .,1RY\*Y[ ,Y’Y2(Y+k ,Y’Y2(Y
’1Px*SPS*qk x2[ [S+\1(2* ,x*Yk x2[ nSSSm *TY x([S* YWW1,* S2’1P’Y[ *TY (+Y 1W .,1WY++S12xP+ tS*T +.Y\SxPSoY[ +QSPP x2[ Q21tPY[UYi

#[[,Y++S2U *TY 4x**Y, S2’1P’Y[ .Y,W1,4S2U .,1\Y[(,Y+ x2[ Y’xP(x*S2U x([S* Y’S[Y2\Y S2 \122Y\*S12 tS*T W1,4S2U 1(, 1’Y,xPP 1.S2S12
12 *TY \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+i >TY+Y .,1\Y[(,Y+ S2\P([Y[ *Y+*S2U *TY YWWY\*S’Y2Y++ 1W \12*,1P+ ,YPx*S2U *1 4x2xUY4Y2*;+
’xP(x*S12 1W *TY \12*S2UY2* \12+S[Y,x*S12k S2\P([S2U \12*,1P+ 1’Y, 4x2xUY4Y2*;+ ’xP(x*S12 4Y*T1[ x2[ +SU2SWS\x2* x++(4.*S12+ ,YPx*Y[
*1 .,1RY\*Y[ ,Y’Y2(Y+k ,Y’Y2(Y ’1Px*SPS*qk x2[ [S+\1(2* ,x*Yi >TY+Y .,1\Y[(,Y+ xP+1 S2\P([Y[k x412U 1*TY,+k nSm *Y+*S2U 4x2xUY4Y2*;+
.,1\Y++ W1, [Y*Y,4S2S2U *TY WxS, ’xP(Y 1W *TY \12*S2UY2* \12+S[Y,x*S12k nSSm Y’xP(x*S2U *TY x..,1.,Sx*Y2Y++ 1W *TY ^12*Y !x,P1 ’xP(x*S12
4Y*T1[k nSSSm *Y+*S2U *TY \14.PY*Y2Y++ x2[ x\\(,x\q 1W (2[Y,PqS2U [x*x (+Y[ vq 4x2xUY4Y2*k x2[ nS’m Y’xP(x*S2U *TY +SU2SWS\x2*
x++(4.*S12+ (+Y[ vq 4x2xUY4Y2* ,YPx*Y[ *1 *TY .,1RY\*Y[ ,Y’Y2(Y+k ,Y’Y2(Y ’1Px*SPS*qk x2[ [S+\1(2* ,x*Yi f’xP(x*S2U *TY x++(4.*S12+
,YPx*Y[ *1 .,1RY\*Y[ ,Y’Y2(Y+ S2’1P’Y[ Y’xP(x*S2U tTY*TY, *TY x++(4.*S12+ (+Y[ vq 4x2xUY4Y2* tY,Y ,Yx+12xvPY \12+S[Y,S2U *TY
\(,,Y2* x2[ .x+* .Y,W1,4x2\Y 1W *TY x\-(S,Y[ v(+S2Y++k \12+S+*Y2\q tS*T Yr*Y,2xP 4x,QY* [x*xk x2[ tTY*TY, *TY+Y x++(4.*S12+ tY,Y
\12+S+*Y2* tS*T Y’S[Y2\Y 1v*xS2Y[ S2 1*TY, x,Yx+ 1W *TY x([S*i C,1WY++S12xP+ tS*T +.Y\SxPSoY[ +QSPP x2[ Q21tPY[UY tY,Y (+Y[ *1 x++S+* S2
*TY Y’xP(x*S12 1W *TY !14.x2q;+ ^12*Y !x,P1 ’xP(x*S12 4Y*T1[ x2[ *TY ,Y’Y2(Y ’1Px*SPS*q x2[ [S+\1(2* ,x*Y x++(4.*S12+i

/s/ PricewaterhouseCoopers LLP

"1+*12k ^x++x\T(+Y**+
^x,\T Nk MgMM

8Y Tx’Y +Y,’Y[ x+ *TY !14.x2q;+ x([S*1, +S2\Y MgNLi

JK

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:213)(cid:215)(cid:143)(cid:215)(cid:140)(cid:211)£ Q(cid:154)££NQ
(cid:153)(cid:151)(cid:132) q‰(cid:128)otØ(cid:132)(cid:201)t (cid:128)ˆ K(cid:136)Q(cid:136) (cid:201)(cid:128)‡‡Øwt (cid:128)w t‰Øw˘t(cid:151)

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X[

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X(cid:131)

5

5

5

(cid:215)QQ£NQ
!(,,Y2* #++Y*+

!x+T x2[ \x+T Y-(S’xPY2*+
#\\1(2*+ ,Y\YS’xvPYk 2Y* 1W xPP1tx2\Y 1W 5JJI x2[ 5MHKk ,Y+.Y\*S’YPq
b2’Y2*1,SY+
C,Y.xS[ S2\14Y *xrY+ x2[ S2\14Y *xrY+ ,Y\YS’xvPY
C,Y.xS[ Yr.Y2+Y+ x2[ 1*TY, \(,,Y2* x++Y*+

>1*xP \(,,Y2* x++Y*+

C,1.Y,*qk .Px2* x2[ Y-(S.4Y2*k 2Y*
D.Y,x*S2U PYx+Y x++Y*+
~YWY,,Y[ *xr x++Y*+
D*TY, x++Y*+
b2*x2USvPY x++Y*+k 2Y*
d11[tSPP

>1*xP x++Y*+

(cid:143)(cid:151)(cid:215)(cid:213)(cid:151)(cid:143)(cid:151)N(cid:151)£Q (cid:215)(cid:140)(cid:210) QN](cid:211)(cid:145)(cid:154)](cid:143)(cid:210)£TQ‚ £WK(cid:151)N!
!(,,Y2* _SxvSPS*SY+

!(,,Y2* .1,*S12 1W P12Uj*Y,4 [Yv*
#\\1(2*+ .xqxvPY
b2\14Y *xrY+ .xqxvPY
!(,,Y2* .1,*S12 1W 1.Y,x*S2U PYx+Y PSxvSPS*SY+
#\\,(Y[ Yr.Y2+Y+ x2[ 1*TY, \(,,Y2* PSxvSPS*SY+

>1*xP \(,,Y2* PSxvSPS*SY+

_12Uj*Y,4 [Yv*
D.Y,x*S2U PYx+Y PSxvSPS*SY+
~YWY,,Y[ *xr PSxvSPS*SY+
b2\14Y *xrY+ .xqxvPY
D*TY, PSxvSPS*SY+

>1*xP PSxvSPS*SY+
!144S*4Y2*+ x2[ !12*S2UY2\SY+ n]1*Y NHm
@*1\QT1P[Y,+; f-(S*qE

C,YWY,,Y[ +Tx,Y+k 21 .x, ’xP(Y% #(*T1,SoY[ +Tx,Y+E Hkggg%

]1 +Tx,Y+ S++(Y[ x2[ 1(*+*x2[S2U

!14412 +Tx,Y+k 21 .x, ’xP(Y% #(*T1,SoY[ +Tx,Y+E (2PS4S*Y[%
b++(Y[ x2[ 1(*+*x2[S2UE LJkIgN x2[ LJkNILk ,Y+.Y\*S’YPq

#[[S*S12xP .xS[jS2 \x.S*xP
AY*xS2Y[ Yx,2S2U+
#\\(4(Px*Y[ 1*TY, \14.,YTY2+S’Y P1++
>1*xP +*1\QT1P[Y,+; Y-(S*q

>1*xP PSxvSPS*SY+ x2[ +*1\QT1P[Y,+; Y-(S*q

5

NNHkLFL
NNJkINH
NMJkIJH
NkFFH
NLkNIN
LHLkGMJ
GHkKLF
KGkLLG
NMkMgI
JkJGI
MMgkFGF
KHFkJgg
NkMMHkGGL

JkgFH
IGkJNK
KkJNK
HkLLK
FGkKHF
NGLkFLG
KMFkLIN
KJkHgg
LLkHLG
KkMNH
FkILG
HgIkJFM

j

KMLkGJI
JLkHIG
JIkJLL
nNMkGIIm
JMNkMFN
NkMMHkGGL

5

5

5

5

>TY x\\14.x2qS2U 21*Y+ x,Y x2 S2*YU,xP .x,* 1W *TY+Y \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+i

NMJkgJK
HJkgJK
FMkHLH
LkMgL
GkNMJ
LgKkNHL
HGkIHI
LKkKKK
NgkKFN
MkGFK
NKGkJMN
MGJkFGg
GIJkNHF

JkJgG
KMkFII
JkHGH
IkNGG
JLkHGg
NNKkMMF
NFKkFMH
LMkGgM
MKkNLK
JkNNM
NHkNII
LGGkLHg

j

KMLkGJI
JGkFFM
IkMgM
nNMkMKNm
KHIkGgF
GIJkNHF

JJ

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) QN(cid:215)N£(cid:141)£(cid:140)NQ ](cid:160) ]Z£T(cid:215)N(cid:151)](cid:140)Q
(cid:153)(cid:151)(cid:132) q‰(cid:128)otØ(cid:132)(cid:201)t (cid:128)ˆ K(cid:136)Q(cid:136) (cid:201)(cid:128)‡‡Øwt (cid:128)w t‰Øw˘t(cid:142) ˘H(cid:204)˘}q }˘w t‰Øw˘ Ø(cid:136)(cid:128)o(cid:132)qt(cid:151)

AY’Y2(Y
!1+* 1W ,Y’Y2(Y
d,1++ .,1WS*
D.Y,x*S2U Yr.Y2+Y+E

AY+Yx,\T x2[ [Y’YP1.4Y2* x2[ Y2US2YY,S2U
@YPPS2Uk UY2Y,xP x2[ x[4S2S+*,x*S’Y
#41,*Sox*S12 1W .(,\Tx+Y[ S2*x2USvPY x++Y*+
AY+*,(\*(,S2Uk x\-(S+S*S12 x2[ ,YPx*Y[ \1+*+

>1*xP 1.Y,x*S2U Yr.Y2+Y+

D.Y,x*S2U S2\14Y
b2*Y,Y+* S2\14Y nYr.Y2+Ymk 2Y*
e1,YSU2 Yr\Tx2UY *,x2+x\*S12 UxS2+ nP1++Y+mk 2Y*
D*TY, S2\14Y nYr.Y2+Ymk 2Y*
b2\14Y vYW1,Y S2\14Y *xrY+
b2\14Y *xr .,1’S+S12
!12+1PS[x*Y[ 2Y* S2\14Y

fx,2S2U+ .Y, \14412 +Tx,Y n]1*Y FmE

"x+S\
~SP(*Y[

8YSUT*Y[ x’Y,xUY \14412 +Tx,Y+ 1(*+*x2[S2UXvx+S\
8YSUT*Y[ x’Y,xUY \14412 +Tx,Y+ 1(*+*x2[S2UX[SP(*Y[

5

5

5
5

X(cid:131)X[

HgIkHFL
KgIkKIJ
LggkLMG

HMkJMM
NMFkNJJ
NIkJHH
NGkgMg
MLIkMHK
IKkgJK
nHkLGHm
nNMHm
nLIGm
JIkNHM
JkGKN
JgkLLN

NiKM
NiKN

LJkLFI
LJkHGN

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X(cid:131)

5

5

5
5

5

JFgkIML
LKIkNgI
MKKkJNH

IgkFFI
NgFkGJL
NLkFHg
LkGNg
NGGkIMF
JJkGGG
nIkJIKm
nFKMm
MN
KGkKgL
LkGGM
KKkJMN

NiMH
NiMJ

LJkNKK
LJkIJK

5

5
5

X(cid:131)[?

IMIkgFF
LIKkgNK
MIMkgGJ

JJkFIJ
NNGkKgH
NJkGJH
NIkJHK
MgIkGgL
JJkMGM
nGkKFLm
nHGgm
nMKLm
KJkHII
KkFFL
KgkHHL

NiNI
NiNJ

LJkgLg
LJkJKI

>TY x\\14.x2qS2U 21*Y+ x,Y x2 S2*YU,xP .x,* 1W *TY+Y \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+i

JI

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) QN(cid:215)N£(cid:141)£(cid:140)NQ ](cid:160) (cid:211)](cid:141)ZT£(cid:154)£(cid:140)Q(cid:151)I£ (cid:151)(cid:140)(cid:211)](cid:141)£
(cid:153)(cid:151)(cid:132) q‰(cid:128)otØ(cid:132)(cid:201)t (cid:128)ˆ K(cid:136)Q(cid:136) (cid:201)(cid:128)‡‡Øwt(cid:151)

!12+1PS[x*Y[ 2Y* S2\14Y
D*TY, \14.,YTY2+S’Y S2\14Y nP1++mE

e1,YSU2 \(,,Y2\q *,x2+Px*S12 x[R(+*4Y2*+k 2Y* 1W *xr nNm
CY2+S12 PSxvSPS*q x[R(+*4Y2*+k 2Y* 1W *xr nMm
>1*xP 1*TY, \14.,YTY2+S’Y S2\14Y nP1++m

>1*xP \12+1PS[x*Y[ \14.,YTY2+S’Y S2\14Y

X(cid:131)X[

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X(cid:131)

X(cid:131)[?

JgkLLN

5

KKkJMN

5

KgkHHL

nLkKJHm
MkGLM
nIMJm
KFkHgI

5

IkFMM
nNkgJgm
JkGHM
JgkLFL

5

LkMIH
NkNKH
KkKNK
KJkNGH

5

5

nNm

nMm

>TY *xr YWWY\* 12 *TS+ \14.12Y2* 1W \14.,YTY2+S’Y S2\14Y tx+ 214S2xP S2 MgMNk MgMg x2[ MgNFi

>TY *xr YWWY\* 12 *TS+ \14.12Y2* 1W \14.,YTY2+S’Y S2\14Y tx+ 5FMgk n5MgMm x2[ 5MIH S2 MgMNk MgMg x2[ MgNFk ,Y+.Y\*S’YPqi

>TY x\\14.x2qS2U 21*Y+ x,Y x2 S2*YU,xP .x,* 1W *TY+Y \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+i

JH

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) QN(cid:215)N£(cid:141)£(cid:140)NQ ](cid:160) QN](cid:211)(cid:145)(cid:154)](cid:143)(cid:210)£TQ‚ £WK(cid:151)N!
(cid:153)(cid:151)(cid:132) q‰(cid:128)otØ(cid:132)(cid:201)t (cid:128)ˆ K(cid:136)Q(cid:136) (cid:201)(cid:128)‡‡Øwt (cid:128)w t‰Øw˘t(cid:151)

Zw˘ˆ˘ww˘(cid:201) Q‰Øw˘t

(cid:211)(cid:128)(cid:136)(cid:136)(cid:128)(cid:132) Q‰Øw˘t

# (cid:128)ˆ Q‰Øw˘t

(cid:215)(cid:136)(cid:128)o(cid:132)q

# (cid:128)ˆ Q‰Øw˘t

(cid:215)(cid:136)(cid:128)o(cid:132)q

(cid:215)(cid:201)(cid:201)”q”(cid:128)(cid:132)؇
ZØ”(cid:201)(cid:139)(cid:151)(cid:132)
(cid:211)Ø}”q؇

T˘qØ”(cid:132)˘(cid:201)
£Øw(cid:132)”(cid:132)(cid:192)
(cid:153)(cid:210)˘ˆ”(cid:204)”q(cid:151)

(cid:215)(cid:204)(cid:204)o(cid:136)o‡Øq˘(cid:201)
]q‰˘w
(cid:211)(cid:128)(cid:136)}w˘‰˘(cid:132)t”m˘
(cid:143)(cid:128)tt

N(cid:128)q؇

(cid:213)؇Ø(cid:132)(cid:204)˘ Øq (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142) X(cid:131)[B

!12+1PS[x*Y[ 2Y* S2\14Y

!14412 +Tx,Y+ S++(Y[ W1, v(+S2Y++ \14vS2x*S12

!14412 +Tx,Y+ S++(Y[ (2[Y, +*1\Q .Px2+
!14412 +Tx,Y+ tS*TTYP[ W1, *xrY+ 12 ’Y+*Y[
+*1\Q xtx,[+

AY.(,\Tx+Y+ 1W \14412 +Tx,Y+

@Tx,Yjvx+Y[ \14.Y2+x*S12

D*TY, \14.,YTY2+S’Y P1++k 2Y* 1W *xr

(cid:213)؇Ø(cid:132)(cid:204)˘ Øq (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142) X(cid:131)[?

!12+1PS[x*Y[ 2Y* S2\14Y

!14412 +Tx,Y+ S++(Y[ (2[Y, +*1\Q .Px2+
!14412 +Tx,Y+ tS*TTYP[ W1, *xrY+ 12 ’Y+*Y[
+*1\Q xtx,[+

AY.(,\Tx+Y+ 1W \14412 +Tx,Y+

@Tx,Yjvx+Y[ \14.Y2+x*S12

D*TY, \14.,YTY2+S’Y S2\14Yk 2Y* 1W *xr

(cid:213)؇Ø(cid:132)(cid:204)˘ Øq (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142) X(cid:131)X(cid:131)

!12+1PS[x*Y[ 2Y* S2\14Y

!14412 +Tx,Y+ S++(Y[ (2[Y, +*1\Q .Px2+
!14412 +Tx,Y+ tS*TTYP[ W1, *xrY+ 12 ’Y+*Y[
+*1\Q xtx,[+

@Tx,Yjvx+Y[ \14.Y2+x*S12

D*TY, \14.,YTY2+S’Y S2\14Yk 2Y* 1W *xr

(cid:213)؇Ø(cid:132)(cid:204)˘ Øq (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142) X(cid:131)X[

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

LKkGGI

5 KMLkGJI

5

KIkgNG

5

nHFkgFMm

5

nMMkJMHm

5 LIGkMJJ

X

NMK

MKH

nGIm

nNNFm

X

X

X

X

X

X

X

X

X

LJkgJM

KMLkGJI

X

MHg

nFKm

nIJm

X

X

X

X

X

X

X

X

X

NgkFgg

KMJ

nIkFLJm

nNgkgggm

FkLKg

X

KFkHKG

X

NHF

nGkJJKm

nJkJggm

MLkNNF

X

LJkNIL

KMLkGJI

JGkFFM

X

IIg

nMMMm

X

X

X

X

X

X

X

X

X

nLgkGLgm

MJkIgI

X

KgkHHL

X

X

X

X

X

X

nLGkLNFm

KKkJMN

X

X

X

X

X

IkMgM

JgkLLN

X

X

X

X

X

X

X

X

X

X

KkKNK

KgkHHL

NgkFgg

KMJ

nIkFLJm

nNgkgggm

FkLKg

KkKNK

nNGkNNLm

KNHkNHM

X

X

X

X

X

JkGHM

KKkJMN

NHF

nGkJJKm

nJkJggm

MLkNNF

JkGHM

nNMkMKNm

KHIkGgF

X

X

X

X

nIMJm

JgkLLN

X

nLgkGLgm

MJkIgI

nIMJm

LJkIgN

5 KMLkGJI

5

JLkHIG

5

JIkJLL

5

nNMkGIIm

5 JMNkMFN

>TY x\\14.x2qS2U 21*Y+ x,Y x2 S2*YU,xP .x,* 1W *TY+Y \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+i

JG

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) QN(cid:215)N£(cid:141)£(cid:140)NQ ](cid:160) (cid:211)(cid:215)Q(cid:154) (cid:160)(cid:143)]GQ
(cid:153)(cid:151)(cid:132) q‰(cid:128)otØ(cid:132)(cid:201)t (cid:128)ˆ K(cid:136)Q(cid:136) (cid:201)(cid:128)‡‡Øwt(cid:151)

(cid:211)Øt‰ ˆ‡(cid:128)Lt ˆw(cid:128)(cid:136) (cid:128)}˘wØq”(cid:132)(cid:192) Ø(cid:204)q”m”q”˘t=
!12+1PS[x*Y[ 2Y* S2\14Y
#[R(+*4Y2*+ *1 ,Y\12\SPY \12+1PS[x*Y[ 2Y* S2\14Y *1

2Y* \x+T .,1’S[Y[ vq 1.Y,x*S2U x\*S’S*SY+E

~Y.,Y\Sx*S12 x2[ x41,*Sox*S12
C,1’S+S12 W1, S2’Y2*1,q Yr\Y++ x2[ 1v+1PY+\Y2\Y
@Tx,Yjvx+Y[ \14.Y2+x*S12
~YWY,,Y[ S2\14Y *xrY+
_1++ nUxS2m 12 [S+.1+xP 1W WSrY[ x++Y*+
!12*S2UY2* \12+S[Y,x*S12 x[R(+*4Y2*+
b2’Y2*1,q x\-(S+S*S12 WxS, ’xP(Y x[R(+*4Y2*+
]12j\x+T S2*Y,Y+* Yr.Y2+Y
D*TY, 212j\x+T S*Y4+

!Tx2UY+ S2 x++Y*+ x2[ PSxvSPS*SY+ tTS\T .,1’S[Y[hn(+Y[m \x+Tk Yr\P([S2U

YWWY\*+ W,14 v(+S2Y++ x\-(S+S*S12+E

#\\1(2*+ ,Y\YS’xvPY
b2’Y2*1,SY+
C,Y.xS[ Yr.Y2+Y+ x2[ 1*TY, \(,,Y2* x++Y*+
C,Y.xS[ S2\14Y *xrY+k S2\14Y *xrY+ ,Y\YS’xvPY x2[ S2\14Y *xrY+ .xqxvPY
#\\1(2*+ .xqxvPYk x\\,(Y[ Yr.Y2+Y+ x2[ 1*TY, \(,,Y2* PSxvSPS*SY+
D*TY, 212j\(,,Y2* x++Y*+ x2[ PSxvSPS*SY+

!x+T .,1’S[Y[ vq 1.Y,x*S2U x\*S’S*SY+
(cid:211)Øt‰ ˆ‡(cid:128)Lt ˆw(cid:128)(cid:136) ”(cid:132)m˘tq”(cid:132)(cid:192) Ø(cid:204)q”m”q”˘t=

C(,\Tx+Y+ 1W .,1.Y,*qk .Px2* x2[ Y-(S.4Y2*
#\-(S+S*S12 1W v(+S2Y++Y+k 2Y* 1W \x+T x\-(S,Y[ x2[ t1,QS2U \x.S*xP x[R(+*4Y2*+
Cxq4Y2* 1W \12*S2UY2* \12+S[Y,x*S12 ,YPx*Y[ *1 x\-(S+S*S12 1W *Y\T21P1Uq x++Y*+
C,1\YY[+ W,14 +xPY 1W .,1.Y,*qk .Px2* x2[ Y-(S.4Y2*

!x+T (+Y[ S2 S2’Y+*S2U x\*S’S*SY+
(cid:211)Øt‰ ˆ‡(cid:128)Lt ˆw(cid:128)(cid:136) ˆ”(cid:132)Ø(cid:132)(cid:204)”(cid:132)(cid:192) Ø(cid:204)q”m”q”˘t=

"1,,1tS2U+ (2[Y, ,Y’1P’S2U \,Y[S* Wx\SPS*SY+
AY.xq4Y2*+ (2[Y, *Y,4 P1x2 x2[ ,Y’1P’S2U \,Y[S* Wx\SPS*SY+
Cxq4Y2*+ 1W [Yv* S++(x2\Y \1+*+
Cxq4Y2*+ 1W tS*TT1P[S2U *xrY+ W,14 +Tx,Yjvx+Y[ xtx,[+
Cxq4Y2*+ 1W [YWY,,Y[ x2[ Y+\,1tY[ .(,\Tx+Y .,S\Y ,YPx*Y[ *1 x\-(S+S*S12+
Cxq4Y2*+ 1W \12*S2UY2* \12+S[Y,x*S12+ ,YPx*Y[ *1 x\-(S+S*S12+
AY.(,\Tx+Y+ 1W \14412 +Tx,Y+
C(,\Tx+Y 1W v(SP[S2U (2[Y, WS2x2\Y PYx+Y
D*TY, WS2x2\S2U x\*S’S*SY+

!x+T .,1’S[Y[ vq n(+Y[ S2m WS2x2\S2U x\*S’S*SY+
fWWY\* 1W Yr\Tx2UY ,x*Y+ 12 \x+T x2[ \x+T Y-(S’xPY2*+
b2\,Yx+Y n[Y\,Yx+Ym S2 \x+T x2[ \x+T Y-(S’xPY2*+
!x+T x2[ \x+T Y-(S’xPY2*+k vYUS22S2U 1W qYx,
!x+T x2[ \x+T Y-(S’xPY2*+k Y2[ 1W qYx,
Qo}}‡˘(cid:136)˘(cid:132)q؇ (cid:201)”t(cid:204)‡(cid:128)tow˘ (cid:128)ˆ (cid:204)Øt‰ ˆ‡(cid:128)L ”(cid:132)ˆ(cid:128)w(cid:136)Øq”(cid:128)(cid:132)=
!x+T .xS[ W1, S2*Y,Y+*
!x+T .xS[ W1, S2\14Y *xrY+
b2\14Y *xr ,YW(2[+ ,Y\YS’Y[
Qo}}‡˘(cid:136)˘(cid:132)q؇ (cid:201)”t(cid:204)‡(cid:128)tow˘ (cid:128)ˆ (cid:132)(cid:128)(cid:132)(cid:139)(cid:204)Øt‰ ”(cid:132)m˘tq”(cid:132)(cid:192) Ø(cid:204)q”m”qD=
#\\,(xP+ W1, \x.S*xP Yr.Y2[S*(,Y+

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X(cid:131)

X(cid:131)[?

X(cid:131)X[

5

JgkLLN

5

KKkJMN

5

KgkHHL

KLkLFK
LkIMH
MJkIgI
nLkFKJm
IJ
nFFm
NkKNN
NkNHg
HK

nMJkLJJm
nNFkgHGm
nLkNNHm
nNKgm
MKkJNI
nLkGLJm
FKkIMJ

nNFkFHIm
nMGKkHMGm
nMkMggm
Mgg
nLgIkHgKm

MGgkggg
nLMkLGNm
nGFgm
nLgkGLgm
X
nNkGLIm
X
nGkHKLm
nJIHm
MgKkHJL
nLLJm
nHkIINm
NMJkgJK
NNHkLFL

IkMgH
NNkLgK
NkJJH

HgG

5

5
5
5

5

LGkMFL
KkggM
MLkNNF
nKkNNLm
NMg
nIkILMm
NGG
NkgKJ
NJH

NGkgMI
MMkNgM
KkKJI
IkgNJ
nNKkKGKm
LkKMK
NKgkMLF

nNgkJMKm
X
nMkILMm
X
nNLkNJIm

X
nLJkLFNm
nNkINKm
nGkJJKm
nLNkgMNm
nNkNLJm
nJkJggm
X
nNkNKMm
nGKkLJHm
LkLGK
KIkNNg
HGkFKK
NMJkgJK

JkJMF
JkGHF
KkGLL

NII

5

5
5
5

5

5

5
5
5

5

LGkMGg
LkNGG
FkLKg
nKkLLMm
HJI
Ngg
NkMHg
NkgJJ
MJF

nLkIggm
nHkLFHm
nNkJMIm
nKkFIIm
nNKkGggm
KkGKG
ILkMKG

nNgkHKLm
nJLkNKLm
X
KM
nILkGKKm

IIkHFM
nJgkIFKm
nMkIJJm
nIkFLJm
X
X
nNgkgggm
X
nKKLm
nLkFLJm
NkKLM
nLkgFFm
GMkgKL
HGkFKK

GkLGF
NKkMIg
HIH

ILG

>TY x\\14.x2qS2U 21*Y+ x,Y x2 S2*YU,xP .x,* 1W *TY+Y \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+i

JF

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

[(cid:136) ]w(cid:192)Ø(cid:132)”AØq”(cid:128)(cid:132) Ø(cid:132)(cid:201) (cid:213)Øt”t (cid:128)ˆ Zw˘t˘(cid:132)qØq”(cid:128)(cid:132)

]1’x2*x b2\i x2[ S*+ +(v+S[Sx,SY+ n\1PPY\*S’YPq ,YWY,,Y[ *1 x+ V]1’x2*x?k *TY V!14.x2q?k VtY?k V(+?k V1(,?m S+ x PYx[S2U UP1vxP

+(..PSY, 1W \1,Y *Y\T21P1Uq +1P(*S12+ *Tx* US’Y 4Y[S\xP x2[ x[’x2\Y[ S2[(+*,SxP 1,SUS2xP Y-(S.4Y2* 4x2(Wx\*(,Y,+ nVDf^+?m x
\14.Y*S*S’Y x[’x2*xUYi ]1’x2*x \14vS2Y+ [YY. .,1.,SY*x,q *Y\T21P1Uq Yr.Y,*S+Y x2[ \14.Y*Y2\SY+ S2 .T1*12S\+k ’S+S12 x2[
.,Y\S+S12 41*S12 tS*T x .,1’Y2 xvSPS*q *1 +1P’Y \14.PYr *Y\T2S\xP \TxPPY2UY+i >TS+ Y2xvPY+ ]1’x2*x *1 Y2US2YY, \1,Y \14.12Y2*+
x2[ +(vj+q+*Y4+ *Tx* [YPS’Y, Yr*,Y4Y .,Y\S+S12 x2[ .Y,W1,4x2\Yk *xSP1,Y[ *1 *TY \(+*14Y,+; [Y4x2[S2U x..PS\x*S12+i

Basis of Presentation

>TY+Y \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+ Tx’Y vYY2 .,Y.x,Y[ vq *TY !14.x2q S2 <2S*Y[ @*x*Y+ nVTY \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+ S2\P([Y *TY x\\1(2*+ 1W ]1’x2*x b2\i x2[ S*+ +(v+S[Sx,SY+i b2*Y,\14.x2q x\\1(2*+ x2[

*,x2+x\*S12+ Tx’Y vYY2 YPS4S2x*Y[i

X(cid:136) Qo(cid:136)(cid:136)ØwD (cid:128)ˆ Q”(cid:192)(cid:132)”ˆ”(cid:204)Ø(cid:132)q (cid:215)(cid:204)(cid:204)(cid:128)o(cid:132)q”(cid:132)(cid:192) Z(cid:128)‡”(cid:204)”˘t

Use of Estimates

>TY .,Y.x,x*S12 1W WS2x2\SxP +*x*Y4Y2*+ S2 \12W1,4S*q tS*T UY2Y,xPPq x\\Y.*Y[ x\\1(2*S2U .,S2\S.PY+ ,Y-(S,Y+ 4x2xUY4Y2* *1

4xQY Y+*S4x*Y+ x2[ x++(4.*S12+ *Tx* xWWY\* *TY ,Y.1,*Y[ x41(2*+ 1W x++Y*+ x2[ PSxvSPS*SY+k [S+\P1+(,Y 1W \12*S2UY2* x++Y*+ x2[
PSxvSPS*SY+ x* *TY [x*Y+ 1W *TY WS2x2\SxP +*x*Y4Y2*+k x2[ *TY ,Y.1,*Y[ x41(2*+ 1W ,Y’Y2(Y x2[ Yr.Y2+Y+ [(,S2U *TY ,Y.1,*S2U .Y,S1[+i
f+*S4x*Y+ x2[ x++(4.*S12+ x,Y ,Y’SYtY[ 12 x2 12jU1S2U vx+S+ x2[ *TY YWWY\*+ 1W ,Y’S+S12+ x,Y ,YWPY\*Y[ S2 *TY .Y,S1[ S2 tTS\T +(\T
,Y’S+S12+ x,Y [YY4Y[ *1 vY 2Y\Y++x,qi >TY !14.x2q Y’xP(x*Y+ S*+ Y+*S4x*Y+ vx+Y[ 12 TS+*1,S\xP Yr.Y,SY2\Yk \(,,Y2* \12[S*S12+k
S2\P([S2U Y+*S4x*Y[ Y\1214S\ S4.PS\x*S12+ 1W *TY !D:b~jNF .x2[Y4S\k x2[ ’x,S1(+ 1*TY, x++(4.*S12+ *Tx* S* vYPSY’Y+ x,Y
,Yx+12xvPY (2[Y, *TY \S,\(4+*x2\Y+i #\*(xP ,Y+(P*+ \1(P[ [SWWY, +SU2SWS\x2*Pq W,14 *TY+Y Y+*S4x*Y+i

Foreign Currency Translation

>TY WS2x2\SxP +*x*Y4Y2*+ 1W *TY !14.x2q x2[ S*+ +(v+S[Sx,SY+ 1(*+S[Y *TY TY+Y S2’Y+*4Y2*+ x,Y \x,,SY[

x* \1+*k tTS\T x..,1rS4x*Y+ WxS, ’xP(Yi

Accounts Receivable and Credit Losses

#\\1(2*+ ,Y\YS’xvPY x,Y ,Y\1,[Y[ x* *TY S2’1S\Y[ x41(2*+k 2Y* 1W x2 xPP1tx2\Y W1, [1(v*W(P x\\1(2*+ vx+Y[ 12 *TY !14.x2q;+

vY+* Y+*S4x*Y 1W .,1vxvPY \,Y[S* P1++Y+i >TY !14.x2q S+ Yr.1+Y[ *1 \,Y[S* P1++Y+ .,S4x,SPq *T,1(UT +xPY+ 1W S*+ .,1[(\*+i >TY
!14.x2q x++Y++Y+ Yx\T \(+*14Y,;+ xvSPS*q *1 .xq vq \12[(\*S2U x \,Y[S* ,Y’SYt tTS\T S2\P([Y+ \12+S[Y,x*S12 1W Y+*xvPS+TY[ \,Y[S*
,x*S2U 1, x2 S2*Y,2xP x++Y++4Y2* 1W *TY \(+*14Y,;+ \,Y[S*t1,*TS2Y++ vx+Y[ 12 x2 x2xPq+S+ 1W *TYS, .xq4Y2* TS+*1,q tTY2 x \,Y[S*
,x*S2U S+ 21* x’xSPxvPYi >TY !14.x2q 412S*1,+ S*+ \,Y[S* Yr.1+(,Y *T,1(UT x\*S’Y ,Y’SYt 1W \(+*14Y, vxPx2\Y+i >TY !14.x2q;+
Yr.Y\*Y[ P1++ 4Y*T1[1P1Uq W1, x\\1(2*+ ,Y\YS’xvPY S+ [Y’YP1.Y[ *T,1(UT \12+S[Y,x*S12 1W Wx\*1,+ S2\P([S2Uk v(* 21* PS4S* *1k
TS+*1,S\xP \1PPY\*S12 Yr.Y,SY2\Yk \(,,Y2* \(+*14Y, \,Y[S* ,x*S2U+k \(,,Y2* \(+*14Y, WS2x2\SxP \12[S*S12k \(,,Y2* x2[ W(*(,Y Y\1214S\
x2[ 4x,QY* \12[S*S12k x2[ xUY 1W *TY ,Y\YS’xvPY+i !Tx,UY+ ,YPx*Y[ *1 \,Y[S* P1++Y+ x,Y S2\P([Y[ x+ +YPPS2Uk UY2Y,xP x2[ x[4S2S+*,x*S’Y
Yr.Y2+Y+ x2[ x,Y ,Y\1,[Y[ S2 *TY .Y,S1[ *Tx* *TY 1(*+*x2[S2U ,Y\YS’xvPY+ x,Y [Y*Y,4S2Y[ *1 vY (2\1PPY\*SvPYi #\\1(2* vxPx2\Y+ x,Y
\Tx,UY[ 1WW xUxS2+* *TY xPP1tx2\Y tTY2 *TY !14.x2q vYPSY’Y+ S* S+ \Y,*xS2 *Tx* *TY ,Y\YS’xvPY tSPP 21* vY ,Y\1’Y,Y[i

Ig

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

e1, *TY qYx,+ Y2[Y[ ~Y\Y4vY, LNk MgMNk MgMg x2[ MgNFk \Tx2UY+ S2 *TY xPP1tx2\Y W1, [1(v*W(P x\\1(2*+ tY,Y x+ W1PP1t+ nS2

*T1(+x2[+mE

"xPx2\Y x* vYUS22S2U 1W qYx,
#[[S*S12 *1 \,Y[S* P1++ Yr.Y2+Y
!,Y[S* P1++ ,Y+(P*S2U W,14 x\-(S+S*S12+
8,S*Yj1WW+k 2Y* 1W ,Y\1’Y,SY+ 1W x41(2*+ .,Y’S1(+Pq ,Y+Y,’Y[
fr\Tx2UY ,x*Y \Tx2UY+
"xPx2\Y x* Y2[ 1W qYx,

X(cid:131)X[

X(cid:131)X(cid:131)

X(cid:131)[?

MHK 5
NMN
MNI
nKJm
nNgm
JJI 5

MFH 5
NJG
X
nMgHm
MI
MHK 5

LMN
LL
NMg
nNHFm
M
MFH

5

5

Inventories

b2’Y2*1,SY+k tTS\T S2\P([Y 4x*Y,SxP+ x2[ \12’Y,+S12 \1+*+k x,Y +*x*Y[ x* *TY P1tY, 1W \1+* 1, 2Y* ,YxPSoxvPY ’xP(Yk (+S2U *TY
WS,+*jS2k WS,+*j1(* 4Y*T1[i !1+* S2\P([Y+ *TY \1+* 1W .(,\Tx+Y[ 4x*Y,SxP+k S2v1(2[ W,YSUT* x2[ [(*SY+k Yr*Y,2xP x2[ S2*Y,2xP .,1\Y++S2U
x2[ x..PS\xvPY Pxv1, x2[ 1’Y,TYx[ \1+*+i ]Y* ,YxPSoxvPY ’xP(Y S+ *TY Y+*S4x*Y[ +YPPS2U .,S\Y S2 *TY 1,[S2x,q \1(,+Y 1W v(+S2Y++k PY++
,Yx+12xvPq .,Y[S\*xvPY \1+*+ 1W \14.PY*S12k +*1,xUYk [S+.1+xP x2[ *,x2+.1,*x*S12i >TY !14.x2q .Y,S1[S\xPPq ,Y’SYt+ -(x2*S*SY+ 1W
S2’Y2*1,SY+ 12 Tx2[ x2[ \14.x,Y+ *TY+Y x41(2*+ *1 *TY Yr.Y\*Y[ (+Y 1W Yx\T .,1[(\*i >TY !14.x2q ,Y\1,[+ x \Tx,UY *1 \1+* 1W
,Y’Y2(Y W1, *TY x41(2* ,Y-(S,Y[ *1 ,Y[(\Y *TY \x,,qS2U ’xP(Y 1W S2’Y2*1,q *1 *TY 2Y* ,YxPSoxvPY ’xP(Yi

Property, Plant and Equipment

C,1.Y,*qk .Px2* x2[ Y-(S.4Y2* x,Y ,Y\1,[Y[ x* \1+*k x[R(+*Y[ W1, x2q S4.xS,4Y2*k PY++ x\\(4(Px*Y[ [Y.,Y\Sx*S12i >TY !14.x2q

(+Y+ *TY +*,xSUT*jPS2Y 4Y*T1[ *1 \xP\(Px*Y *TY [Y.,Y\Sx*S12 1W S*+ .,1.Y,*qk .Px2* x2[ Y-(S.4Y2* 1’Y, *TYS, Y+*S4x*Y[ (+YW(P PS’Y+i
f+*S4x*Y[ (+YW(P PS’Y+ ,x2UY W,14 Ng *1 Lg qYx,+ W1, v(SP[S2U+ x2[ v(SP[S2U S4.,1’Y4Y2*+k x2[ L *1 Ng qYx,+ W1, 4x\TS2Y,q x2[
Y-(S.4Y2*i _Yx+YT1P[ S4.,1’Y4Y2*+ x,Y [Y.,Y\Sx*Y[ 1’Y, *TY PY++Y, 1W *TYS, (+YW(P PS’Y+ 1, *TY PYx+Y *Y,4+k S2\P([S2U x2q ,Y2YtxP
.Y,S1[ 1.*S12+ *Tx* x,Y ,Yx+12xvPq x++(,Y[ 1W vYS2U YrY,\S+Y[i AY.xS,+ x2[ 4xS2*Y2x2\Y \1+*+ x,Y Yr.Y2+Y[ x+ S2\(,,Y[i !Y,*xS2 \1+*+
*1 [Y’YP1. +1W*tx,Y W1, S2*Y,2xP (+Y x,Y \x.S*xPSoY[ tTY2 *TY \,S*Y,Sx (2[Y, #\\1(2*S2U @*x2[x,[+ !1[SWS\x*S12 nV#@!?m LJgjKgk
Vb2*Y,2xPj<+Y @1W*tx,Yk? x,Y 4Y*i

Goodwill, Intangible Assets and Long-Lived Assets

d11[tSPP ,Y.,Y+Y2*+ *TY Yr\Y++ 1W *TY .(,\Tx+Y .,S\Y 1’Y, *TY *x2USvPY x++Y*+k S[Y2*SWSxvPY S2*x2USvPY x++Y*+ x2[ x++(4Y[
PSxvSPS*SY+ x\-(S,Y[ S2 x v(+S2Y++ \14vS2x*S12i #PP1\x*S12+ 1W *TY .(,\Tx+Y .,S\Y x,Y vx+Y[ (.12 x ’xP(x*S12 1W *TY WxS, ’xP(Y 1W x++Y*+
x\-(S,Y[ x2[ PSxvSPS*SY+ x++(4Y[ x+ 1W *TY x\-(S+S*S12 [x*Yi d11[tSPP x2[ S2[YWS2S*YjPS’Y[ S2*x2USvPY+ x,Y 21* x41,*SoY[ v(* x,Y
x++Y++Y[ W1, S4.xS,4Y2* x* PYx+* x22(xPPq *1 Y2+(,Y *TYS, \(,,Y2* WxS, ’xP(Y+ Yr\YY[ *TYS, \x,,qS2U ’xP(Y+i

>TY !14.x2q;+ 41+* +SU2SWS\x2* S2*x2USvPY x++Y*+ x,Y \(+*14Y, ,YPx*S12+TS.+k .x*Y2*+ x2[ [Y’YP1.Y[ *Y\T21P1USY+k *,x[Y4x,Q+

x2[ *,x[Y 2x4Y+i >TY WxS, ’xP(Y+ 1W S2*x2USvPY x++Y*+ x,Y vx+Y[ 12 ’xP(x*S12+ (+S2U x2 S2\14Y x..,1x\Tk tS*T Y+*S4x*Y+ x2[
x++(4.*S12+ .,1’S[Y[ vq 4x2xUY4Y2* 1W *TY x\-(S,Y[ \14.x2SY+ x2[ *TY !14.x2qi >TY .,1\Y++ W1, Y+*S4x*S2U *TY WxS, ’xP(Y+ 1W
S[Y2*SWSxvPY S2*x2USvPY x++Y*+ ,Y-(S,Y+ *TY (+Y 1W +SU2SWS\x2* Y+*S4x*Y+ x2[ x++(4.*S12+k S2\P([S2U ,Y’Y2(Y U,1t*T ,x*Y+k \(+*14Y,
x**,S*S12 ,x*Y+k ,1qxP*q ,x*Y+k [S+\1(2* ,x*Y+ x2[ .,1RY\*Y[ W(*(,Y \x+T WP1t+i #PP [YWS2S*YjPS’Y[ S2*x2USvPY x++Y*+ x,Y x41,*SoY[ 1’Y, *TY
.Y,S1[+ S2 tTS\T *TYS, Y\1214S\ vY2YWS*+ x,Y Yr.Y\*Y[ *1 vY ,YxPSoY[i >TY !14.x2q ,Y’SYt+ *TY (+YW(P PSWY x++(4.*S12+k S2\P([S2U
*TY \Px++SWS\x*S12 1W \Y,*xS2 S2*x2USvPY x++Y*+ x+ VS2[YWS2S*YjPS’Y[k? 12 x .Y,S1[S\ vx+S+ *1 [Y*Y,4S2Y SW \Tx2UY+ S2 \S,\(4+*x2\Y+
tx,,x2* ,Y’S+S12+ *1 *TY4i !1+*+ x++1\Sx*Y[ tS*T .x*Y2* x2[ S2*YPPY\*(xP .,1.Y,*q x..PS\x*S12+k ,Y2YtxP+ 1, Yr*Y2+S12+ x,Y *q.S\xPPq
Yr.Y2+Y[ x+ S2\(,,Y[i

>TY !14.x2q Y’xP(x*Y+ S*+ U11[tSPPk S2*x2USvPY x++Y*+ x2[ 1*TY, P12UjPS’Y[ x++Y*+ W1, S4.xS,4Y2* x* *TY ,Y.1,*S2U (2S* PY’YP

tTS\T S+ x* PYx+* 12Y PY’YP vYP1t *TY ,Y.1,*xvPY +YU4Y2*+i

Impairment Charges

b4.xS,4Y2* x2xPq+Y+ 1W U11[tSPP x2[ S2[YWS2S*YjPS’Y[ S2*x2USvPY x++Y*+ x,Y \12[(\*Y[ S2 x\\1,[x2\Y tS*T #@! LJgk
Vb2*x2USvPY+ Xd11[tSPP x2[ D*TY,i? >TY !14.x2q .Y,W1,4+ S*+ U11[tSPP S4.xS,4Y2* *Y+* x22(xPPq x+ 1W *TY vYUS22S2U 1W *TY
+Y\12[ -(x,*Y, 1, 41,Y W,Y-(Y2*Pq SW S2[S\x*1,+ x,Y .,Y+Y2* 1, \Tx2UY+ S2 \S,\(4+*x2\Y+ +(UUY+* *Tx* x2 S4.xS,4Y2* 4xq YrS+*i

IN

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

>TY !14.x2q Tx+ *TY 1.*S12 1W WS,+* .Y,W1,4S2U x -(xPS*x*S’Y x++Y++4Y2* *1 [Y*Y,4S2Y tTY*TY, S* S+ 2Y\Y++x,q *1 .Y,W1,4 *TY
-(x2*S*x*S’Y S4.xS,4Y2* *Y+*i b2 .Y,W1,4S2U *TY -(xPS*x*S’Y x++Y++4Y2*k *TY !14.x2q ,Y’SYt+ Wx\*1,+ v1*T +.Y\SWS\ *1 *TY ,Y.1,*S2U
(2S* x2[ *1 *TY !14.x2q x+ x tT1PYk +(\T x+ WS2x2\SxP .Y,W1,4x2\Yk 4x\,1Y\1214S\ \12[S*S12+k S2[(+*,q x2[ 4x,QY* \12+S[Y,x*S12+k
x2[ *TY WxS, ’xP(Y 1W Yx\T ,Y.1,*S2U (2S* x* *TY Px+* ’xP(x*S12 [x*Yi bW *TY !14.x2q YPY\*+ *TS+ 1.*S12 x2[ vYPSY’Y+k x+ x ,Y+(P* 1W *TY
-(xPS*x*S’Y x++Y++4Y2*k *Tx* S* S+ 41,Y PSQYPq *Tx2 21* *Tx* *TY \x,,qS2U ’xP(Y 1W *TY ,Y.1,*S2U (2S* Yr\YY[+ S*+ WxS, ’xP(Yk *TY
-(x2*S*x*S’Y S4.xS,4Y2* *Y+* S+ ,Y-(S,Y[% 1*TY,tS+Yk 21 W(,*TY, *Y+*S2U S+ ,Y-(S,Y[i

#P*Y,2x*S’YPqk *TY !14.x2q 4xq YPY\* *1 vq.x++ *TY -(xPS*x*S’Y x++Y++4Y2* x2[ .Y,W1,4 *TY -(x2*S*x*S’Y S4.xS,4Y2* *Y+*
S2+*Yx[i >TS+ x..,1x\T ,Y-(S,Y+ x \14.x,S+12 1W *TY \x,,qS2U ’xP(Y 1W Yx\T ,Y.1,*S2U (2S* *1 S*+ Y+*S4x*Y[ WxS, ’xP(Yi >TY WxS, ’xP(Y 1W
x ,Y.1,*S2U (2S* S+ Y+*S4x*Y[ .,S4x,SPq (+S2U x [S+\1(2*Y[ \x+T WP1t nV~!e?m 4Y*T1[ tS*T x tYSUT*Y[ x’Y,xUY \1+* 1W \x.S*xPi bW *TY
\x,,qS2U ’xP(Y 1W x ,Y.1,*S2U (2S* Yr\YY[+ S*+ WxS, ’xP(Yk x2 S4.xS,4Y2* \Tx,UY S+ ,Y\1,[Y[ W1, *TY [SWWY,Y2\Yi

>TY !14.x2q x++Y++Y+ S2[YWS2S*YjPS’Y[ S2*x2USvPY x++Y*+ W1, S4.xS,4Y2* 12 x2 x22(xP vx+S+ x+ 1W *TY vYUS22S2U 1W *TY +Y\12[

-(x,*Y,k x2[ 41,Y W,Y-(Y2*Pq SW S2[S\x*1,+ x,Y .,Y+Y2*k 1, \Tx2UY+ S2 \S,\(4+*x2\Y+ +(UUY+*k *Tx* x2 S4.xS,4Y2* 4xq YrS+*i >TY
!14.x2q tSPP xP+1 ,Yx++Y++ *TY \12*S2(S2U \Px++SWS\x*S12 1W *TY+Y S2*x2USvPY x++Y*+ x+ S2[YWS2S*YjPS’Y[ tTY2 \S,\(4+*x2\Y+ \Tx2UY
+(\T *Tx* *TY (+YW(P PSWY 4xq 21 P12UY, vY \12+S[Y,Y[ S2[YWS2S*Yi >TY WxS, ’xP(Y+ 1W *TY !14.x2q;+ S2[YWS2S*YjPS’Y[ S2*x2USvPY x++Y*+
x,Y [Y*Y,4S2Y[ (+S2U *TY ,YPSYW W,14 ,1qxP*q 4Y*T1[k vx+Y[ 12 W1,Y\x+*Y[ ,Y’Y2(Y+ x2[ Y+*S4x*Y[ ,1qxP*q ,x*Y+i bW *TY WxS, ’xP(Y 1W x2
S2[YWS2S*YjPS’Y[ S2*x2USvPY x++Y* S+ PY++ *Tx2 S*+ \x,,qS2U ’xP(Yk x2 S4.xS,4Y2* \Tx,UY S+ ,Y\1,[Y[ W1, *TY [SWWY,Y2\Y vY*tYY2 *TY
\x,,qS2U ’xP(Y x2[ *TY WxS, ’xP(Y 1W *TY S4.xS,Y[ x++Y*i

>TY \x,,qS2U x41(2*+ 1W [YWS2S*YjPS’Y[ P12UjPS’Y[ x++Y*+ x,Y ,Y’SYtY[ W1, S4.xS,4Y2* tTY2Y’Y, \Tx2UY+ S2 Y’Y2*+ 1,

\S,\(4+*x2\Y+ S2[S\x*Y *Tx* *TYS, \x,,qS2U ’xP(Y+ 4xq 21* vY ,Y\1’Y,xvPYi >TY ,Y\1’Y,xvSPS*q 1W *TY \x,,qS2U ’xP(Y S+ UY2Y,xPPq
[Y*Y,4S2Y[ vq \14.x,S+12 1W *TY \x,,qS2U ’xP(Y 1W *TY x++Y* U,1(. *1 S*+ (2[S+\1(2*Y[ W(*(,Y \x+T WP1t+i 8TY2 *TS+ *Y+* S2[S\x*Y+ x
.1*Y2*SxP W1, S4.xS,4Y2*k x WxS, ’xP(Y x++Y++4Y2* S+ .Y,W1,4Y[i D2\Y x2 S4.xS,4Y2* S+ [Y*Y,4S2Y[ x2[ 4Yx+(,Y[k x2 S4.xS,4Y2*
\Tx,UY S+ ,Y\1,[Y[ W1, *TY [SWWY,Y2\Y vY*tYY2 *TY \x,,qS2U ’xP(Y x2[ *TY WxS, ’xP(Y 1W *TY S4.xS,Y[ x++Y*i

Revenue Recognition

@YY ]1*Y L W1, *TY !14.x2q;+ ,Y’Y2(Y ,Y\1U2S*S12 .1PS\qi

Leases

>TY !14.x2q PYx+Y+ \Y,*xS2 Y-(S.4Y2* x2[ Wx\SPS*SY+i >TY !14.x2q [Y*Y,4S2Y+ SW x2 x,,x2UY4Y2* S+ x PYx+Y x* S2\Y.*S12i

D.Y,x*S2U PYx+Y ,SUT*j1Wj(+Y x++Y*+ x,Y S2\P([Y[ S2 1.Y,x*S2U PYx+Y x++Y*+ 12 *TY \12+1PS[x*Y[ vxPx2\Y +TYY*i D.Y,x*S2U PYx+Y
PSxvSPS*SY+ x,Y S2\P([Y[ S2 \(,,Y2* .1,*S12 1W 1.Y,x*S2U PYx+Y PSxvSPS*SY+ x2[ 1.Y,x*S2U PYx+Y PSxvSPS*SY+ 12 *TY \12+1PS[x*Y[ vxPx2\Y +TYY*
vx+Y[ 12 *TY *S4S2U 1W W(*(,Y PYx+Y .xq4Y2*+i eS2x2\Y PYx+Y x++Y*+ x,Y S2\P([Y[ S2 .,1.Y,*qk .Px2* x2[ Y-(S.4Y2*i eS2x2\Y PYx+Y
PSxvSPS*SY+ x,Y S2\P([Y[ S2 x\\,(Y[ Yr.Y2+Y+ x2[ 1*TY, \(,,Y2* PSxvSPS*SY+ x2[ 1*TY, PSxvSPS*SY+ 12 *TY \12+1PS[x*Y[ vxPx2\Y +TYY* vx+Y[
12 *TY *S4S2U 1W W(*(,Y PYx+Y .xq4Y2*+i _Yx+Y+ tS*T x2 S2S*SxP *Y,4 1W *tYP’Y 412*T+ 1, PY++ x,Y 21* ,Y\1U2SoY[ 12 *TY vxPx2\Y +TYY*i
>TY !14.x2q ,Y\1U2SoY+ PYx+Y Yr.Y2+Y 12 x +*,xSUT*jPS2Y vx+S+ 1’Y, *TY PYx+Y *Y,4i ^x2q 1W *TY !14.x2q;+ PYx+Y x,,x2UY4Y2*+
S2\P([Y v1*T PYx+Y nYiUik WSrY[ .xq4Y2*+ S2\P([S2U ,Y2*m x2[ 212jPYx+Y \14.12Y2*+ nYiUik \14412jx,Yx 4xS2*Y2x2\Y 1, 1*TY,
.,1.Y,*q 4x2xUY4Y2* \1+*+mi >TY !14.x2q x\\1(2*+ W1, PYx+Y x2[ 212jPYx+Y \14.12Y2*+ +Y.x,x*YPqi

^1+* PYx+Y+ TYP[ vq *TY !14.x2q [1 21* .,1’S[Y x2 S4.PS\S* ,x*Yi >TY !14.x2q (+Y+ S*+ S2\,Y4Y2*xP v1,,1tS2U ,x*Y W1, *TY

+x4Y R(,S+[S\*S12 x2[ *Y,4 x+ *TY x++1\Sx*Y[ PYx+Y vx+Y[ 12 *TY S2W1,4x*S12 x’xSPxvPY x* *TY PYx+Y \144Y2\Y4Y2* [x*Y *1 [Y*Y,4S2Y
*TY .,Y+Y2* ’xP(Y 1W W(*(,Y PYx+Y .xq4Y2*+i <.12 x[1.*S12 1W #@! GKMk V_Yx+Y+?k *TY !14.x2q (+Y[ *TY S2\,Y4Y2*xP v1,,1tS2U ,x*Y
x+ 1W ax2(x,q Nk MgNF W1, 1.Y,x*S2U PYx+Y+ *Tx* \144Y2\Y[ .,S1, *1 *Tx* [x*Yi >TY !14.x2q Tx+ x \Y2*,xPPq 4x2xUY[ *,Yx+(,q
W(2\*S12% *TY,YW1,Yk *TY !14.x2q x..PSY+ x .1,*W1PS1 x..,1x\T W1, [Y*Y,4S2S2U *TY S2\,Y4Y2*xP v1,,1tS2U ,x*Y vx+Y[ 12 *TY
x..PS\xvPY PYx+Y *Y,4+ x2[ *TY \(,,Y2* Y\1214S\ Y2’S,124Y2*i

Research and Development and Engineering Costs

AY+Yx,\T x2[ [Y’YP1.4Y2* x2[ Y2US2YY,S2U nVA0~?m Yr.Y2+Y+ x,Y .,S4x,SPq \14.,S+Y[ 1W Y4.P1qYY ,YPx*Y[ Yr.Y2+Y+ x2[

\1+* 1W 4x*Y,SxP+ W1, A0~ .,1RY\*+i >TY+Y \1+*+ x,Y Yr.Y2+Y[ x+ S2\(,,Y[i

IM

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

Share-Based Compensation

>TY !14.x2q ,Y\1,[+ Yr.Y2+Y+ x++1\Sx*Y[ tS*T +Tx,Yjvx+Y[ \14.Y2+x*S12 xtx,[+ *1 Y4.P1qYY+ x2[ [S,Y\*1,+ vx+Y[ 12 *TY

WxS, ’xP(Y 1W xtx,[+ x+ 1W *TY U,x2* [x*Yi e1, +Tx,Yjvx+Y[ \14.Y2+x*S12 xtx,[+ *Tx* ’Y+* 1’Y, *S4Y vx+Y[ 12 Y4.P1q4Y2*k *TY
x++1\Sx*Y[ Yr.Y2+Y+ x,Y ,Y\1U2SoY[ S2 *TY \12+1PS[x*Y[ +*x*Y4Y2*+ 1W 1.Y,x*S12+ ,x*xvPq 1’Y, *TY ,Y+.Y\*S’Y ’Y+*S2U .Y,S1[+k 2Y* 1W
Y+*S4x*Y[ W1,WYS*(,Y+i

>TY !14.x2q xP+1 U,x2*+ *T,YY *q.Y+ 1W .Y,W1,4x2\Yjvx+Y[ xtx,[+ *1 \Y,*xS2 4Y4vY,+ 1W *TY YrY\(*S’Y 4x2xUY4Y2* *Yx4E

212jd##C Yx,2S2U+ .Y, +Tx,Y .Y,W1,4x2\Yjvx+Y[ ,Y+*,S\*Y[ +*1\Q (2S*+ nVfC@jC@<+?mk 1.Y,x*S2U \x+T WP1t .Y,W1,4x2\Yjvx+Y[
,Y+*,S\*Y[ +*1\Q (2S*+ nVD!ejC@<+?mk x2[ ,YPx*S’Y *1*xP +Tx,YT1P[Y, ,Y*(,2 .Y,W1,4x2\Yjvx+Y[ ,Y+*,S\*Y[ +*1\Q (2S*+ nV>@AjC@<+?mi
@Tx,Yjvx+Y[ \14.Y2+x*S12 Yr.Y2+Y+ x++1\Sx*Y[ tS*T fC@jC@<+ x2[ D!ejC@<+ x,Y ,Y\1U2SoY[ ,x*xvPq 1’Y, *TYS, ’Y+*S2U .Y,S1[+
tTY2 S* S+ .,1vxvPY *Tx* *TY .Y,W1,4x2\Y *x,UY*+ x,Y Yr.Y\*Y[ *1 vY x\TSY’Y[ vx+Y[ 12 4x2xUY4Y2*;+ .,1RY\*S12+i ^x2xUY4Y2*;+
.,1RY\*S12+ x,Y ,Y’S+Y[k SW 2Y\Y++x,qk S2 +(v+Y-(Y2* .Y,S1[+ tTY2 (2[Y,PqS2U Wx\*1,+ \Tx2UY *TY Y’xP(x*S12 1W *TY .,1vxvSPS*q 1W
x\TSY’S2U *TY .Y,W1,4x2\Y *x,UY*+ x+ tYPP x+ *TY Y+*S4x*Y[ PY’YP+ 1W x\TSY’Y4Y2*i 8TY2 *TY Y+*S4x*Y[ x\TSY’Y4Y2* PY’YP+ x,Y
x[R(+*Y[ x* x Px*Y, [x*Yk x \(4(Px*S’Y x[R(+*4Y2* *1 *TY +Tx,Yjvx+Y[ \14.Y2+x*S12 Yr.Y2+Y .,Y’S1(+Pq ,Y\1U2SoY[ t1(P[ vY ,Y\1,[Y[
S2 *TY .Y,S1[ +(\T [Y*Y,4S2x*S12 S+ 4x[Yi #\\1,[S2UPqk +Tx,Yjvx+Y[ \14.Y2+x*S12 Yr.Y2+Y+ x++1\Sx*Y[ tS*T fC@jC@<+ x2[ D!ej
C@<+ 4xq [SWWY, +SU2SWS\x2*Pq W,14 .Y,S1[ *1 .Y,S1[ vx+Y[ 12 \Tx2UY+ *1 v1*T *TY .,1vxvSPS*q x2[ *TY PY’YP 1W x\TSY’Y4Y2* xUxS2+*
.Y,W1,4x2\Y *x,UY*+i @Tx,Yjvx+Y[ \14.Y2+x*S12 Yr.Y2+Y+ x++1\Sx*Y[ tS*T >@AjC@<+ x,Y vx+Y[ 12 *TY U,x2*j[x*Y WxS, ’xP(Yk
[Y*Y,4S2Y[ (+S2U *TY ^12*Yj!x,P1 ’xP(x*S12 41[YPk x2[ x,Y ,Y\1U2SoY[ 12 x +*,xSUT*jPS2Y vx+S+ W,14 *TY U,x2* [x*Y *1 *TY Y2[ 1W *TY
.Y,W1,4x2\Y .Y,S1[i !14.Y2+x*S12 Yr.Y2+Y+ x++1\Sx*Y[ tS*T >@AjC@<+ tSPP 21* vY xWWY\*Y[ vq *TY 2(4vY, 1W \14412 +Tx,Y+ *Tx*
tSPP (P*S4x*YPq vY S++(Y[ (.12 ’Y+*S2U x* *TY Y2[ 1W *TY .Y,W1,4x2\Y .Y,S1[i

Advertising Costs

#[’Y,*S+S2U \1+*+ x,Y Yr.Y2+Y[ *1 +YPPS2Uk UY2Y,xP x2[ x[4S2S+*,x*S’Y Yr.Y2+Y+ x+ S2\(,,Y[ x2[ tY,Y 21* 4x*Y,SxP W1, MgMNk

MgMg x2[ MgNFi

Restructuring, Acquisition and Related Costs

>TY !14.x2q x\\1(2*+ W1, S*+ ,Y+*,(\*(,S2U x\*S’S*SY+ S2 x\\1,[x2\Y tS*T *TY .,1’S+S12+ 1W #@! KMgk VfrS* 1, ~S+.1+xP !1+*

DvPSUx*S12+i? >TY !14.x2q 4xQY+ x++(4.*S12+ ,YPx*Y[ *1 *TY x41(2*+ 1W Y4.P1qYY +Y’Y,x2\Y vY2YWS*+ x2[ ,YPx*Y[ \1+*+k (+YW(P
PS’Y+ x2[ ,Y+S[(xP ’xP(Y 1W P12UjPS’Y[ x++Y*+k x2[ [S+\1(2* ,x*Y+i f+*S4x*Y+ x2[ x++(4.*S12+ x,Y vx+Y[ 12 *TY vY+* S2W1,4x*S12
x’xSPxvPY x* *TY *S4Y *TY 1vPSUx*S12 S+ ,Y\1U2SoY[i >TY+Y Y+*S4x*Y+ x,Y ,Y’SYtY[ x2[ ,Y’S+Y[ x+ Wx\*+ x2[ \S,\(4+*x2\Y+ [S\*x*Yi

#\-(S+S*S12 ,YPx*Y[ \1+*+ S2\(,,Y[ *1 YWWY\* x v(+S2Y++ \14vS2x*S12k S2\P([S2U WS2[Y,+; WYY+k PYUxPk ’xP(x*S12 x2[ 1*TY,
.,1WY++S12xP 1, \12+(P*S2U WYY+k x,Y Yr.Y2+Y[ x+ S2\(,,Y[i #\-(S+S*S12 ,YPx*Y[ \1+*+ xP+1 S2\P([Y Yr.Y2+Y+ ,Y\1U2SoY[ (2[Y, Yx,2j1(*
xU,YY4Y2*+ S2 \122Y\*S12 tS*T x\-(S+S*S12+i

Accounting for Income Taxes

>TY x++Y* x2[ PSxvSPS*q 4Y*T1[ S+ (+Y[ *1 x\\1(2* W1, S2\14Y *xrY+i <2[Y, *TY x++Y* x2[ PSxvSPS*q 4Y*T1[k [YWY,,Y[ *xr x++Y*+
x2[ PSxvSPS*SY+ x,Y ,Y\1U2SoY[ W1, *TY Y+*S4x*Y[ W(*(,Y *xr \12+Y-(Y2\Y+ x**,Sv(*xvPY *1 *Y4.1,x,q [SWWY,Y2\Y+ vY*tYY2 *TY WS2x2\SxP
+*x*Y4Y2* \x,,qS2U x41(2*+ 1W x++Y*+ x2[ PSxvSPS*SY+ x2[ *TYS, ,Y+.Y\*S’Y *xr vx+Y+i >TS+ 4Y*T1[ xP+1 ,Y-(S,Y+ *TY ,Y\1U2S*S12 1W
W(*(,Y *xr vY2YWS*+k +(\T x+ 2Y* 1.Y,x*S2U P1++ \x,,qW1,tx,[+k *1 *TY Yr*Y2* *Tx* S* S+ 41,Y PSQYPq *Tx2 21* *Tx* +(\T vY2YWS*+ tSPP vY
,YxPSoY[i ~YWY,,Y[ *xr x++Y*+ x2[ PSxvSPS*SY+ x,Y 4Yx+(,Y[ (+S2U Y2x\*Y[ *xr ,x*Y+ S2 YWWY\* W1, *TY qYx, S2 tTS\T *TY *Y4.1,x,q
[SWWY,Y2\Y+ x,Y Yr.Y\*Y[ *1 vY ,Y\1’Y,Y[ 1, +Y**PY[i # ’xP(x*S12 xPP1tx2\Y S+ Y+*xvPS+TY[ *1 ,Y[(\Y *TY [YWY,,Y[ *xr x++Y*+ SW S* S+
41,Y PSQYPq *Tx2 21* *Tx* +14Y 1, xPP 1W *TY ,YPx*Y[ *xr vY2YWS*+ tSPP 21* vY ,YxPSoY[ S2 *TY W(*(,Yi :xP(x*S12 xPP1tx2\Y+ x,Y ,Yx++Y++Y[
.Y,S1[S\xPPq *1 [Y*Y,4S2Y tTY*TY, S* S+ 41,Y PSQYPq *Tx2 21* *Tx* *TY *xr vY2YWS*+ tSPP vY ,YxPSoY[ S2 *TY W(*(,Y x2[ SW x2q YrS+*S2U
’xP(x*S12 xPP1tx2\Y +T1(P[ vY ,YPYx+Y[i

>TY 4xR1,S*q 1W *TY !14.x2q;+ v(+S2Y++ x\*S’S*SY+ x,Y \12[(\*Y[ *T,1(UT S*+ +(v+S[Sx,SY+ 1(*+S[Y 1W !x2x[xi fx,2S2U+ W,14
*TY+Y +(v+S[Sx,SY+ x,Y UY2Y,xPPq S2[YWS2S*YPq ,YS2’Y+*Y[ S2 *TY P1\xP v(+S2Y++Y+i e(,*TY,k P1\xP Pxt+ x2[ ,YU(Px*S12+ 4xq xP+1 ,Y+*,S\*
\Y,*xS2 +(v+S[Sx,SY+ W,14 .xqS2U [S’S[Y2[+ *1 *TYS, .x,Y2*+i !12+Y-(Y2*Pqk *TY !14.x2q UY2Y,xPPq [1Y+ 21* x\\,(Y S2\14Y *xrY+ W1,
*TY ,Y.x*,Sx*S12 1W +(\T Yx,2S2U+ S2 x\\1,[x2\Y tS*T #@! HKgk Vb2\14Y >xrY+i? >1 *TY Yr*Y2* *Tx* *TY,Y x,Y Yr\Y++ x\\(4(Px*Y[
Yx,2S2U+ *Tx* *TY !14.x2q S2*Y2[+ *1 ,Y.x*,Sx*Y W,14 x2q +(\T +(v+S[Sx,SY+k *TY !14.x2q ,Y\1U2SoY+ [YWY,,Y[ *xr PSxvSPS*SY+ 12 +(\T
W1,YSU2 Yx,2S2U+i

IL

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

>TY !14.x2q x++Y++Y+ S*+ S2\14Y *xr .1+S*S12+ x2[ ,Y\1,[+ *xr vY2YWS*+ W1, xPP qYx,+ +(vRY\* *1 Yrx4S2x*S12 vx+Y[ 12 *TY

Y’xP(x*S12 1W *TY Wx\*+k \S,\(4+*x2\Y+k x2[ S2W1,4x*S12 x’xSPxvPY x* Yx\T ,Y.1,*S2U [x*Yi e1, *T1+Y *xr .1+S*S12+ tS*T x U,Yx*Y, *Tx2
Jg .Y,\Y2* PSQYPST11[ 1W vYS2U ,YxPSoY[ (.12 (P*S4x*Y +Y**PY4Y2* tS*T x *xrS2U x(*T1,S*q *Tx* Tx+ W(PP Q21tPY[UY 1W xPP ,YPY’x2*
S2W1,4x*S12k *TY !14.x2q ,Y\1,[+ x *xr vY2YWS*i e1, *T1+Y S2\14Y *xr .1+S*S12+ *Tx* x,Y 21* PSQYPq *1 vY +(+*xS2Y[k 21 *xr vY2YWS* S+
,Y\1U2SoY[ S2 *TY \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+i >TY !14.x2q ,Y\1U2SoY+ S2*Y,Y+* x2[ .Y2xP*SY+ ,YPx*Y[ *1 (2\Y,*xS2 *xr
.1+S*S12+ x+ .x,* 1W *TY .,1’S+S12 W1, S2\14Y *xrY+i

Foreign Currency Contracts

>TY !14.x2q (+Y+ W1,YSU2 \(,,Y2\q \12*,x\*+ x+ x .x,* 1W S*+ +*,x*YUq *1 PS4S* S*+ Yr.1+(,Y+ *1 WP(\*(x*S12+ S2 W1,YSU2 \(,,Y2\q
Yr\Tx2UY ,x*Y+ ,YPx*Y[ *1 W1,YSU2 \(,,Y2\q [Y214S2x*Y[ 412Y*x,q x++Y*+ x2[ PSxvSPS*SY+i >TY *S4Y [(,x*S12 1W *TY+Y W1,YSU2 \(,,Y2\q
\12*,x\*+ x..,1rS4x*Y+ *TY (2[Y,PqS2U W1,YSU2 \(,,Y2\q *,x2+x\*S12 Yr.1+(,Y+k UY2Y,xPPq PY++ *Tx2 *T,YY 412*T+i >TY+Y W1,YSU2
\(,,Y2\q \12*,x\*+ x,Y 21* [Y+SU2x*Y[ x+ \x+T WP1tk WxS, ’xP(Y 1, 2Y* S2’Y+*4Y2* TY[UY+i !Tx2UY+ S2 *TY WxS, ’xP(Y 1W *TY+Y W1,YSU2
\(,,Y2\q \12*,x\*+ x,Y ,Y\1U2SoY[ S2 S2\14Y vYW1,Y S2\14Y *xrY+i

T˘(cid:204)˘(cid:132)q (cid:215)(cid:204)(cid:204)(cid:128)o(cid:132)q”(cid:132)(cid:192) Zw(cid:128)(cid:132)(cid:128)o(cid:132)(cid:204)˘(cid:136)˘(cid:132)qt

>TY W1PP1tS2U *xvPY .,1’S[Y+ x v,SYW [Y+\,S.*S12 1W ,Y\Y2* #\\1(2*S2U @*x2[x,[+ <.[x*Y+ nV#@TY !14.x2q x[1.*Y[ #@< MgNFj
NM [(,S2U *TY WS,+* -(x,*Y, 1W MgMNi
>TY x[1.*S12 1W #@< MgNFjNM [S[
21* Tx’Y x 4x*Y,SxP S4.x\* 12 *TY
!14.x2q;+ \12+1PS[x*Y[ WS2x2\SxP
+*x*Y4Y2*+i

<.12 S++(x2\Yi #@<
MgMgjgK S+ YPY\*S’Yi

>TY !14.x2q [1Y+ 21* Yr.Y\* *TY
S4.x\* 1W #@< MgMgjgK *1 vY
4x*Y,SxP *1 S*+ \12+1PS[x*Y[
WS2x2\SxP +*x*Y4Y2*+i

QqØ(cid:132)(cid:201)Øw(cid:201)
b2 ~Y\Y4vY, MgNFk *TY e#@"
S++(Y[ #@< MgNFjNMk Vb2\14Y
>xrY+ n>1.S\ HKgmE
@S4.PSWqS2U *TY #\\1(2*S2U
W1, b2\14Y >xrY+i?

b2 ^x,\T MgMgk *TY e#@"
S++(Y[ #@< MgMgjgKk
VAYWY,Y2\Y ,x*Y ,YW1,4 n>1.S\
GKGmE ex\SPS*x*S12 1W *TY
YWWY\*+ 1W ,YWY,Y2\Y ,x*Y
,YW1,4 12 WS2x2\SxP
,Y.1,*S2Ui?

(cid:210)˘t(cid:204)w”}q”(cid:128)(cid:132)
#@< MgNFjNM +S4.PSWSY+ *TY
x\\1(2*S2U W1, S2\14Y *xrY+ vq
,Y41’S2U \Y,*xS2 Yr\Y.*S12+ *1 *TY
UY2Y,xP .,S2\S.PY+ 1W #@! HKgk
Vb2\14Y >xrY+?k S2\P([S2UE nSm *TY
Yr\Y.*S12 *1 *TY S2\,Y4Y2*xP x..,1x\T
W1, S2*,x.Y,S1[ *xr xPP1\x*S12 tTY2
*TY,Y S+ x P1++ W,14 \12*S2(S2U
1.Y,x*S12+ x2[ S2\14Y 1, x UxS2 W,14
1*TY, S*Y4+% nSSm *TY Yr\Y.*S12 *1 *TY
,Y-(S,Y4Y2* *1 ,Y\1U2SoY x [YWY,,Y[
*xr PSxvSPS*q W1, Y-(S*q 4Y*T1[
S2’Y+*4Y2*+ tTY2 x W1,YSU2
+(v+S[Sx,q vY\14Y+ x2 Y-(S*q 4Y*T1[
S2’Y+*4Y2* n1, ’S\Yj’Y,+xm% x2[ nSSSm
*TY Yr\Y.*S12 W1, \xP\(Px*S2U S2\14Y
*xrY+ S2 x2 S2*Y,S4 .Y,S1[ tTY2 x
qYx,j*1j[x*Y P1++ Yr\YY[+ *TY
x2*S\S.x*Y[ P1++ W1, *TY qYx,i #@<
MgNFjNM xP+1 +S4.PSWSY+ d##C W1,
1*TY, x,Yx+ 1W #@! HKg vq \Px,SWqS2U
x2[ x4Y2[S2U *TY YrS+*S2U U(S[x2\Yi

#@< MgMgjgK .,1’S[Y+ 1.*S12xP
Yr.Y[SY2*+ x2[ Yr\Y.*S12+ W1,
x..PqS2U d##C *1 \12*,x\*+k TY[US2U
,YPx*S12+TS.+k x2[ 1*TY, *,x2+x\*S12+
xWWY\*Y[ vq ,YWY,Y2\Y ,x*Y ,YW1,4 SW
\Y,*xS2 \,S*Y,Sx x,Y 4Y*i

IK

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

£ˆˆ˘(cid:204)q”m˘ (cid:210)Øq˘
ax2(x,q Nk MgMLi fx,Pq
x[1.*S12 S+ .Y,4S**Y[i

£ˆˆ˘(cid:204)q (cid:128)(cid:132) q‰˘ (cid:160)”(cid:132)Ø(cid:132)(cid:204)”؇ QqØq˘(cid:136)˘(cid:132)qt (cid:128)w
]q‰˘w Q”(cid:192)(cid:132)”ˆ”(cid:204)Ø(cid:132)q (cid:141)Øqq˘wt
>TY !14.x2q S+ Y’xP(x*S2U *TY
S4.x\* 1W *TY x[1.*S12 1W #@<
MgMNjgG 12 S*+ \12+1PS[x*Y[
WS2x2\SxP +*x*Y4Y2*+i

QqØ(cid:132)(cid:201)Øw(cid:201)
b2 D\*1vY, MgMNk *TY e#@"
S++(Y[ #@< MgMNjgGk
V"(+S2Y++ !14vS2x*S12+
n>1.S\ GgJmE #\\1(2*S2U W1,
!12*,x\* #++Y*+ x2[ !12*,x\*
_SxvSPS*SY+ W,14 !12*,x\*+
tS*T !(+*14Y,+i?

(cid:210)˘t(cid:204)w”}q”(cid:128)(cid:132)
#@< MgMNjgG ,Y-(S,Y+ *Tx* Y2*S*SY+
,Y\1U2SoY x2[ 4Yx+(,Y \12*,x\* x++Y*+
x2[ PSxvSPS*SY+ x\-(S,Y[ S2 x v(+S2Y++
\14vS2x*S12 S2 x\\1,[x2\Y tS*T #@!
IgIk VAY’Y2(Y W,14 !12*,x\*+ tS*T
!(+*14Y,+?i #@< MgMNjgG xP+1
x..PSY+ *1 \12*,x\* x++Y*+ 1, PSxvSPS*SY+
W,14 1*TY, \12*,x\*+ *1 tTS\T *TY
.,1’S+S12+ 1W #@! IgI x..Pqi >TY
x4Y2[4Y2*+ S2 #@< MgMNjgG [1 21*
xWWY\* *TY x\\1(2*S2U W1, 1*TY, x++Y*+
1, PSxvSPS*SY+ *Tx* 4xq x,S+Y W,14
,Y’Y2(Y \12*,x\*+ tS*T \(+*14Y,+ S2
x\\1,[x2\Y tS*T #@! IgIk +(\T x+
,YW(2[ PSxvSPS*SY+k 1, S2 x v(+S2Y++
\14vS2x*S12k +(\T x+ \(+*14Y,j
,YPx*Y[ S2*x2USvPY x++Y*+ x2[ \12*,x\*j
vx+Y[ S2*x2USvPY x++Y*+i

U(cid:136) T˘m˘(cid:132)o˘

>TY !14.x2q x\\1(2*+ W1, S*+ ,Y’Y2(Y *,x2+x\*S12+ S2 x\\1,[x2\Y tS*T #@! IgIk VAY’Y2(Y W,14 !12*,x\*+ tS*T !(+*14Y,+k?

tTS\T ,Y-(S,Y+ Y2*S*SY+ *1 ,Y\1U2SoY ,Y’Y2(Y S2 x txq *Tx* [Y.S\*+ *TY *,x2+WY, 1W \12*,1P 1’Y, U11[+ 1, +Y,’S\Y+ *1 \(+*14Y,+ x* x2
x41(2* *Tx* ,YWPY\*+ *TY \12+S[Y,x*S12 *1 tTS\T *TY Y2*S*q Yr.Y\*+ *1 vY Y2*S*PY[ S2 Yr\Tx2UY W1, *T1+Y U11[+ 1, +Y,’S\Y+i

>TY !14.x2q ,Y\1U2SoY+ ,Y’Y2(Y tTY2 \12*,1P 1W .,14S+Y[ U11[+ 1, +Y,’S\Y+ S+ *,x2+WY,,Y[ *1 *TY \(+*14Y,i >TY *,x2+WY, 1W

\12*,1P UY2Y,xPPq 1\\(,+ (.12 +TS.4Y2* tTY2 *S*PY x2[ ,S+Q 1W P1++ .x++ *1 *TY \(+*14Y,i >TY ’x+* 4xR1,S*q 1W *TY !14.x2q;+
,Y’Y2(Y S+ UY2Y,x*Y[ W,14 *TY +xPY 1W [S+*S2\* .,1[(\*+i AY’Y2(Y S+ 4Yx+(,Y[ x+ *TY x41(2* 1W \12+S[Y,x*S12 *TY !14.x2q Yr.Y\*+ *1
,Y\YS’Y S2 Yr\Tx2UY W1, +(\T .,1[(\*+k tTS\T S+ UY2Y,xPPq x* \12*,x\*(xPPq +*x*Y[ .,S\Y+i @xPY+ *xrY+ x2[ ’xP(Y x[[Y[ *xrY+ \1PPY\*Y[
\12\(,,Y2*Pq tS*T ,Y’Y2(Y UY2Y,x*S2U x\*S’S*SY+ x,Y Yr\P([Y[ W,14 ,Y’Y2(Yi

Performance Obligations

@(v+*x2*SxPPq xPP 1W *TY !14.x2q;+ ,Y’Y2(Y S+ ,Y\1U2SoY[ x* x .1S2* S2 *S4Yk (.12 +TS.4Y2*k ,x*TY, *Tx2 1’Y, *S4Yi

#* *TY ,Y-(Y+* 1W S*+ \(+*14Y,+k *TY !14.x2q 4xq .Y,W1,4 .,1WY++S12xP +Y,’S\Y+k UY2Y,xPPq W1, *TY 4xS2*Y2x2\Y x2[ ,Y.xS, 1W

.,1[(\*+ .,Y’S1(+Pq +1P[ *1 *T1+Y \(+*14Y,+ x2[ W1, Y2US2YY,S2U +Y,’S\Y+i C,1WY++S12xP +Y,’S\Y+ x,Y *q.S\xPPq +T1,* S2 [(,x*S12k
41+*Pq PY++ *Tx2 12Y 412*Tk x2[ xUU,YUx*Y *1 PY++ *Tx2 L3 1W *TY !14.x2q;+ \12+1PS[x*Y[ ,Y’Y2(Yi AY’Y2(Y S+ *q.S\xPPq ,Y\1U2SoY[
x* x .1S2* S2 *S4Y tTY2 \12*,1P *,x2+WY,+ *1 *TY \(+*14Y, (.12 \14.PY*S12 1W .,1WY++S12xP +Y,’S\Y+i >TY+Y +Y,’S\Y+ UY2Y,xPPq S2’1P’Y
x +S2UPY [S+*S2\* .Y,W1,4x2\Y 1vPSUx*S12i >TY \12+S[Y,x*S12 Yr.Y\*Y[ *1 vY ,Y\YS’Y[ S2 Yr\Tx2UY W1, +(\T +Y,’S\Y+ S+ 21,4xPPq *TY
\12*,x\*(xPPq +*x*Y[ x41(2*i

>TY !14.x2q 1\\x+S12xPPq +YPP+ +Y.x,x*YPq .,S\Y[ 212j+*x2[x,[hYr*Y2[Y[ tx,,x2*q +Y,’S\Y+ 1, .,Y’Y2*x*S’Y 4xS2*Y2x2\Y .Px2+

tS*T *TY +xPY 1W .,1[(\*+i >TY *,x2+WY, 1W \12*,1P 1’Y, *TY +Y,’S\Y .Px2+ S+ 1’Y, *S4Yi >TY !14.x2q ,Y\1U2SoY+ *TY ,YPx*Y[ ,Y’Y2(Y
,x*xvPq 1’Y, *TY *Y,4+ 1W *TY +Y,’S\Y .Px2+i >TY *,x2+x\*S12 .,S\Y 1W x \12*,x\* S+ xPP1\x*Y[ *1 Yx\T .Y,W1,4x2\Y 1vPSUx*S12 vx+Y[ 12
S*+ ,YPx*S’Y +*x2[xP12Y +YPPS2U .,S\Yi @*x2[xP12Y +YPPS2U .,S\Y+ x,Y UY2Y,xPPq [Y*Y,4S2Y[ vx+Y[ 12 *TY .,S\Y+ \Tx,UY[ *1 \(+*14Y,+ 1,
(+S2U *TY Yr.Y\*Y[ \1+* .P(+ x 4x,US2i

Shipping & Handling Costs

>TY !14.x2q x\\1(2*+ W1, +TS..S2U x2[ Tx2[PS2U x\*S’S*SY+ *Tx* 1\\(, xW*Y, *TY *,x2+WY, 1W \12*,1P 1’Y, *TY ,YPx*Y[ U11[+ x+
W(PWSPP4Y2* x\*S’S*SY+ ,x*TY, *Tx2 .Y,W1,4x2\Y 1vPSUx*S12+i >TY +TS..S2U x2[ Tx2[PS2U WYY+ \Tx,UY[ *1 \(+*14Y,+ x,Y ,Y\1U2SoY[ x+
,Y’Y2(Y x2[ *TY ,YPx*Y[ \1+*+ x,Y ,Y\1,[Y[ S2 \1+* 1W ,Y’Y2(Y x* *TY *S4Y 1W *,x2+WY, 1W \12*,1Pi

IJ

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

Warranties

>TY !14.x2q UY2Y,xPPq .,1’S[Y+ tx,,x2*SY+ W1, S*+ .,1[(\*+i >TY +*x2[x,[ tx,,x2*q .Y,S1[ S+ *q.S\xPPq NM 412*T+ *1 LI
412*T+i >TY +*x2[x,[ tx,,x2*q .Y,S1[ W1, .,1[(\* +xPY+ S+ x\\1(2*Y[ W1, (2[Y, *TY .,1’S+S12+ 1W #@! KJgk V!12*S2UY2\SY+k? x+ *TY
!14.x2q Tx+ *TY xvSPS*q *1 x+\Y,*xS2 *TY PSQYPST11[ 1W *TY PSxvSPS*q x2[ \x2 ,Yx+12xvPq Y+*S4x*Y *TY x41(2* 1W *TY PSxvSPS*qi #
.,1’S+S12 W1, *TY Y+*S4x*Y[ tx,,x2*q \1+* S+ ,Y\1,[Y[ S2 \1+* 1W ,Y’Y2(Y x* *TY *S4Y ,Y’Y2(Y S+ ,Y\1U2SoY[i >TY !14.x2q;+ Y+*S4x*Y
1W \1+*+ *1 +Y,’S\Y *TY tx,,x2*q 1vPSUx*S12+ S+ vx+Y[ 12 TS+*1,S\xP Yr.Y,SY2\Y x2[ Yr.Y\*x*S12+ 1W W(*(,Y \12[S*S12+i >1 *TY Yr*Y2* *Tx*
*TY !14.x2q;+ Yr.Y,SY2\Y S2 tx,,x2*q \PxS4+ 1, \1+*+ x++1\Sx*Y[ tS*T +Y,’S\S2U *T1+Y \PxS4+ [SWWY, W,14 *TY 1,SUS2xP Y+*S4x*Y+k
,Y’S+S12+ *1 *TY Y+*S4x*Y[ tx,,x2*q PSxvSPS*q x,Y ,Y\1,[Y[ x* *Tx* *S4Yk tS*T x2 1WW+Y**S2U x[R(+*4Y2* *1 \1+* 1W ,Y’Y2(Yi

Practical Expedients and Exemptions

>TY !14.x2q Yr.Y2+Y+ S2\,Y4Y2*xP [S,Y\* \1+*+ 1W 1v*xS2S2U x \12*,x\* tTY2 S2\(,,Y[ SW *TY Yr.Y\*Y[ x41,*Sox*S12 .Y,S1[ S+

12Y qYx, 1, PY++i >TY+Y \1+*+ x,Y ,Y\1,[Y[ tS*TS2 +YPPS2Uk UY2Y,xP x2[ x[4S2S+*,x*S’Y Yr.Y2+Y+ S2 *TY \12+1PS[x*Y[ +*x*Y4Y2* 1W
1.Y,x*S12+i

>TY !14.x2q [1Y+ 21* x[R(+* *TY .,14S+Y[ x41(2* 1W \12+S[Y,x*S12 W1, *TY YWWY\*+ 1W x WS2x2\S2U \14.12Y2* vY\x(+Y *TY *S4Y
.Y,S1[ vY*tYY2 *TY *,x2+WY, 1W x .,14S+Y[ U11[ *1 x \(+*14Y, x2[ *TY \(+*14Y,;+ .xq4Y2* W1, *Tx* U11[ S+ *q.S\xPPq 12Y qYx, 1, PY++i
>TY !14.x2q [1Y+ 21* [S+\P1+Y *TY ’xP(Y 1W *TY ,Y4xS2S2U .Y,W1,4x2\Y 1vPSUx*S12 W1, \12*,x\*+ tS*T x2 1,SUS2xP Yr.Y\*Y[ PY2U*T 1W
12Y qYx, 1, PY++i

Contract Liabilities

!12*,x\* PSxvSPS*SY+ \12+S+* 1W [YWY,,Y[ ,Y’Y2(Y x2[ x[’x2\Y .xq4Y2*+ W,14 \(+*14Y,+k S2\P([S2U x41(2*+ *Tx* x,Y ,YW(2[xvPYi
>TY+Y \12*,x\* PSxvSPS*SY+ x,Y \Px++SWSY[ x+ YS*TY, \(,,Y2* 1, P12Uj*Y,4 PSxvSPS*SY+ S2 *TY \12+1PS[x*Y[ vxPx2\Y +TYY* vx+Y[ 12 *TY *S4S2U
1W tTY2 *TY !14.x2q Yr.Y\*+ *1 ,Y\1U2SoY *TY ,YPx*Y[ ,Y’Y2(Yi #+ 1W ~Y\Y4vY, LNk MgMN x2[ ~Y\Y4vY, LNk MgMgk \12*,x\*
PSxvSPS*SY+ tY,Y 5HiL 4SPPS12 x2[ 5IiJ 4SPPS12k ,Y+.Y\*S’YPqk x2[ x,Y S2\P([Y[ S2 x\\,(Y[ Yr.Y2+Y+ x2[ 1*TY, \(,,Y2* PSxvSPS*SY+ x2[
1*TY, PSxvSPS*SY+ S2 *TY x\\14.x2qS2U \12+1PS[x*Y[ vxPx2\Y +TYY*+i >TY S2\,Yx+Y S2 *TY \12*,x\* PSxvSPS*q vxPx2\Y [(,S2U *TY qYx, Y2[Y[
~Y\Y4vY, LNk MgMN S+ .,S4x,SPq [(Y *1 \x+T .xq4Y2*+ ,Y\YS’Y[ S2 x[’x2\Y 1W +x*S+WqS2U .Y,W1,4x2\Y 1vPSUx*S12+ x2[ x\-(S,Y[
\12*,x\* PSxvSPS*SY+ 1W 5Mig 4SPPS12 W,14 \(,,Y2* qYx, x\-(S+S*S12+k .x,*SxPPq 1WW+Y* vq 5JiI 4SPPS12 1W ,Y’Y2(Y ,Y\1U2SoY[ [(,S2U *TY
qYx, *Tx* tx+ S2\P([Y[ S2 *TY \12*,x\* PSxvSPS*q vxPx2\Y x* ~Y\Y4vY, LNk MgMgi

Disaggregated Revenue

@YY ]1*Y NG W1, *TY !14.x2q;+ [S+xUU,YUx*S12 1W ,Y’Y2(Y vq +YU4Y2*k UY1U,x.Tq x2[ Y2[ 4x,QY*i

Q(cid:136) (cid:213)ot”(cid:132)˘tt (cid:211)(cid:128)(cid:136)Ł”(cid:132)Øq”(cid:128)(cid:132)t

X(cid:131)X[ (cid:215)(cid:204)zo”t”q”(cid:128)(cid:132)t

D2 #(U(+* Lgk MgMNk *TY !14.x2q x\-(S,Y[ Ngg3 1W *TY 1(*+*x2[S2U +Tx,Y+ 1W #>b b2[(+*,SxP #(*14x*S12k b2\i nV#>b?mk x2
#.Yrk ]1,*T !x,1PS2xjvx+Y[ PYx[S2U +(..PSY, 1W S2*YPPSUY2* Y2[j1Wjx,4 *Y\T21P1Uq +1P(*S12+ *1 Df^+ W1, x[’x2\Y[ S2[(+*,SxP x2[
+(,US\xP ,1v1*+ W1, x2 S2S*SxP \x+T .(,\Tx+Y .,S\Y 1W 5NIFiM 4SPPS12k 2Y* 1W \x+T x\-(S,Y[ x2[ Y+*S4x*Y[ t1,QS2U \x.S*xP x[R(+*4Y2*+k
x2[ 5KKig 4SPPS12 Y+*S4x*Y[ WxS, ’xP(Y 1W \12*S2UY2* \12+S[Y,x*S12i >TY \12*S2UY2* \12+S[Y,x*S12 tSPP vY .xqxvPY S2 MgMM vx+Y[ 12 x
4(P*S.PY 1W *TY +*x2[xP12Y #>b #[R(+*Y[ f"b>~#k x+ [YWS2Y[ S2 *TY .(,\Tx+Y x2[ +xPY xU,YY4Y2*k W1, *TY WS+\xP qYx, Y2[Y[
~Y\Y4vY, LNk MgMNi >TY S2S*SxP \x+T .(,\Tx+Y .,S\Y tx+ WS2x2\Y[ tS*T v1,,1tS2U+ (2[Y, *TY !14.x2q;+ ,Y’1P’S2U \,Y[S* Wx\SPS*q
x2[ \x+T x’xSPxvPY 12 Tx2[i >TY !14.x2q Yr.Y\*+ *Tx* *TY x[[S*S12 1W #>b tSPP \14.PY4Y2* x2[ x[[ S2*YPPSUY2* *Y\T21P1Uq
+1P(*S12+ *1 W(,*TY, Yr.x2[ *TY !14.x2q;+ .1+S*S12 S2 4S++S12 \,S*S\xP ,1v1*S\ x..PS\x*S12+ tS*TS2 *TY C,Y\S+S12 ^1*S12 ,Y.1,*xvPY
+YU4Y2*i

D2 #(U(+* LNk MgMNk *TY !14.x2q x\-(S,Y[ Ngg3 1W *TY 1(*+*x2[S2U +Tx,Y+ 1W @\T2YS[Y, fPY\*,S\ ^1*S12 <@#k b2\i

nV@f^?mk x ^x,Pv1,1(UTk !122Y\*S\(*jvx+Y[ 4x2(Wx\*(,Y, 1W S2*YU,x*Y[ 41*S12 \12*,1P +1P(*S12+ x2[ YPY\*,12S\ \12*,1P+ W1,
x(*14x*S12 Y-(S.4Y2* W1, x *1*xP .(,\Tx+Y .,S\Y 1W 5NNKiH 4SPPS12k 2Y* 1W \x+T x\-(S,Y[ x2[ t1,QS2U \x.S*xP x[R(+*4Y2*+i >TY
x\-(S+S*S12 tx+ WS2x2\Y[ tS*T v1,,1tS2U+ (2[Y, *TY !14.x2q;+ ,Y’1P’S2U \,Y[S* Wx\SPS*qi >TY !14.x2q Yr.Y\*+ *Tx* *TY x[[S*S12 1W
@f^ tSPP \14.PY4Y2* x2[ Yr.x2[ *TY !14.x2q;+ .,Y+Y2\Y S2 PSWY +\SY2\Y x..PS\x*S12+ x2[ +1P(*S12+ W1, S2[(+*,SxP x(*14x*S12
x..PS\x*S12+ tS*TS2 *TY C,Y\S+S12 ^1*S12 ,Y.1,*xvPY +YU4Y2*i

II

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

Allocation of Purchase Price

>TY x\-(S+S*S12+ 1W #>b x2[ @f^ Tx’Y vYY2 x\\1(2*Y[ W1, x+ v(+S2Y++ \14vS2x*S12+i >TY .(,\Tx+Y .,S\Y W1, Yx\T x\-(S+S*S12

S+ xPP1\x*Y[ vx+Y[ (.12 x ’xP(x*S12 1W *TY WxS, ’xP(Y+ 1W x++Y*+ x\-(S,Y[ x2[ PSxvSPS*SY+ x++(4Y[i #++Y*+ x\-(S,Y[ x2[ PSxvSPS*SY+
x++(4Y[ Tx’Y vYY2 ,Y\1,[Y[ x* *TYS, Y+*S4x*Y[ WxS, ’xP(Y+ x+ 1W *TY x\-(S+S*S12 [x*Y+i >TY WxS, ’xP(Y+ 1W S2*x2USvPY x++Y*+ tY,Y vx+Y[
12 ’xP(x*S12+ (+S2U x2 S2\14Y x..,1x\Tk +.Y\SWS\xPPq *TY 4(P*Sj.Y,S1[ Yr\Y++ Yx,2S2U+ 4Y*T1[ W1, \(+*14Y, ,YPx*S12+TS.+ x2[ *TY
,YPSYWjW,14j,1qxP*q 4Y*T1[ W1, [Y’YP1.Y[ *Y\T21P1USY+k *,x[Y4x,Q+ x2[ *,x[Y 2x4Y+i >TY .,1\Y++ W1, Y+*S4x*S2U *TY WxS, ’xP(Y+ 1W
S[Y2*SWSxvPY S2*x2USvPY x++Y*+ ,Y-(S,Y+ *TY (+Y 1W +SU2SWS\x2* Y+*S4x*Y+ x2[ x++(4.*S12+k S2\P([S2U ,Y’Y2(Y U,1t*T ,x*Y+k \(+*14Y,
x**,S*S12 ,x*Y+k ,1qxP*q ,x*Y+k [S+\1(2* ,x*Y+k *Y\T21P1Uq 1v+1PY+\Y2\Y \(,’Y+k x2[ f"b>~# 4x,US2+i >TY Yr\Y++ 1W *TY .(,\Tx+Y .,S\Y
1’Y, *TY WxS, ’xP(Y+ 1W *x2USvPY x++Y*+k S[Y2*SWSxvPY S2*x2USvPY x++Y*+ x2[ x++(4Y[ PSxvSPS*SY+ tx+ ,Y\1,[Y[ x+ U11[tSPP W1, Yx\T
x\-(S+S*S12i >TY !14.x2q;+ Y+*S4x*Y+ x2[ x++(4.*S12+ S2 [Y*Y,4S2S2U *TY Y+*S4x*Y[ WxS, ’xP(Y+ 1W \Y,*xS2 x++Y*+ x2[ PSxvSPS*SY+ x,Y
+(vRY\* *1 \Tx2UY tS*TS2 *TY 4Yx+(,Y4Y2* .Y,S1[ n(. *1 12Y qYx, W,14 *TY x\-(S+S*S12 [x*Ym x+ x ,Y+(P* 1W x[[S*S12xP S2W1,4x*S12
1v*xS2Y[ tS*T ,YUx,[+ *1 Wx\*+ x2[ \S,\(4+*x2\Y+ *Tx* YrS+*Y[ x+ 1W *TY x\-(S+S*S12 [x*Yi

ATI

"x+Y[ (.12 x .,YPS4S2x,q ’xP(x*S12k *TY *1*xP .(,\Tx+Y .,S\Yk S2\P([S2U 4Yx+(,Y4Y2* .Y,S1[ x[R(+*4Y2*+k W1, #>b tx+

xPP1\x*Y[ x+ W1PP1t+ nS2 *T1(+x2[+mE

!x+T
#\\1(2*+ ,Y\YS’xvPY
b2’Y2*1,SY+
C,1.Y,*qk .Px2* x2[ Y-(S.4Y2*
D.Y,x*S2U PYx+Y x++Y*+
b2*x2USvPY x++Y*+
d11[tSPP
D*TY, x++Y*+

>1*xP x++Y*+ x\-(S,Y[

#\\1(2*+ .xqxvPY
!(,,Y2* .1,*S12 1W 1.Y,x*S2U PYx+Y PSxvSPS*SY+
D.Y,x*S2U PYx+Y PSxvSPS*SY+
D*TY, PSxvSPS*SY+

>1*xP PSxvSPS*SY+ x++(4Y[

>1*xP x++Y*+ x\-(S,Y[k 2Y* 1W PSxvSPS*SY+ x++(4Y[
_Y++E \x+T x\-(S,Y[
_Y++E \12*S2UY2* \12+S[Y,x*S12
b2S*SxP .(,\Tx+Y .,S\Yk 2Y* 1W \x+T x\-(S,Y[

Zow(cid:204)‰Øt˘ Zw”(cid:204)˘

(cid:215)‡‡(cid:128)(cid:204)Øq”(cid:128)(cid:132)

NgkHgF
NMkJFI
NGkNJN
KkING
NNkMIL
JMkGgg
NLKkKMg
MMF
MKKkHGI
JkNLJ
NkHKg
FkJMJ
KkKJM
MgkGJM
MMLkFLK
NgkHgF
KKkggg
NIFkMMJ

5

5

@(v+Y-(Y2* *1 *TY .,YPS4S2x,q ’xP(x*S12k x[[S*S12xP S2W1,4x*S12 *Tx* YrS+*Y[ x+ 1W *TY x\-(S+S*S12 [x*Y vY\x4Y x’xSPxvPY *Tx*
,Y+(P*Y[ S2 x[R(+*4Y2*+ *1 \Y,*xS2 S2.(*+ (+Y[ W1, *TY [Y*Y,4S2x*S12 1W Y+*S4x*Y[ WxS, ’xP(Y 1W *TY \12*S2UY2* \12+S[Y,x*S12i >TY+Y
\Tx2UY+ ,Y+(P*Y[ S2 x 5HiF 4SPPS12 [Y\,Yx+Y *1 *TY PSxvSPS*q x2[ x 5giK 4SPPS12 S2\,Yx+Y *1 S[Y2*SWSxvPY S2*x2USvPY x++Y*+i #[R(+*4Y2*+
*1 *TY .,YPS4S2x,q .(,\Tx+Y .,S\Y xPP1\x*S12 ,Y+(P*Y[ S2 x [Y\,Yx+Y *1 U11[tSPP 1W 5GiL 4SPPS12i #+ 1W ~Y\Y4vY, LNk MgMNk *TY
t1,QS2U \x.S*xP x[R(+*4Y2*+ Tx[ 21* vYY2 WS2xPSoY[ x2[ tY,Y Y+*S4x*Y[ *1 vY x \x+T ,Y\YS.* 1W 5giG 4SPPS12i >TY .(,\Tx+Y .,S\Y
xPP1\x*S12 S+ .,YPS4S2x,q x+ *TY !14.x2q S+ S2 *TY .,1\Y++ 1W \1PPY\*S2U x[[S*S12xP S2W1,4x*S12 W1, *TY ’xP(x*S12 1W S2’Y2*1,SY+k 1*TY,
PSxvSPS*SY+k \12*S2UY2* \12+S[Y,x*S12 x2[ (2,Y\1U2SoY[ *xr vY2YWS*+i

IH

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

>TY WxS, ’xP(Y 1W S2*x2USvPY x++Y*+ W1, #>b S+ \14.,S+Y[ 1W *TY W1PP1tS2U n[1PPx, x41(2*+ S2 *T1(+x2[+mE

~Y’YP1.Y[ *Y\T21P1USY+
!(+*14Y, ,YPx*S12+TS.+
>,x[Y4x,Q+ x2[ *,x[Y 2x4Y+
"x\QP1U
>1*xP

£tq”(cid:136)Øq˘(cid:201) (cid:160)Ø”w
I؇o˘

G˘”(cid:192)‰q˘(cid:201) (cid:215)m˘wØ(cid:192)˘
(cid:215)(cid:136)(cid:128)wq”AØq”(cid:128)(cid:132)
Z˘w”(cid:128)(cid:201)

5

5

NFkGgg
MLkFgg
JkIgg
LkJgg
JMkGgg

NJ qYx,+
NJ qYx,+
NJ qYx,+
N qYx,

>TY .(,\Tx+Y .,S\Y xPP1\x*S12 ,Y+(P*Y[ S2 5JMiG 4SPPS12 1W S[Y2*SWSxvPY S2*x2USvPY x++Y*+ x2[ 5NLKiK 4SPPS12 1W U11[tSPPi
d11[tSPP x41(2*S2U *1 5NLKiK 4SPPS12 S+ Yr.Y\*Y[ *1 vY [Y[(\*SvPY W1, TY U11[tSPP ,Y\1,[Y[ ,Y.,Y+Y2*+ *TY x2*S\S.x*Y[ S2\,Y4Y2*xP ’xP(Y 1W W(*(,Y \x+T WP1t+
.1*Y2*SxPPq x**,Sv(*xvPY *1E nSm #>b;+ xvSPS*q *1 U,1t *TY v(+S2Y++ tS*T YrS+*S2U x2[ 2Yt \(+*14Y,+k S2\P([S2U PY’Y,xUS2U *TY
!14.x2q;+ \(+*14Y, vx+Y% nSSm #>b;+ xvSPS*q *1 U,1t *TY v(+S2Y++ *T,1(UT 2Yt .,1[(\* S2*,1[(\*S12+% x2[ nSSSm \1+* S4.,1’Y4Y2*+
[(Y *1 *TY S2*YU,x*S12 1W #>b;+ 1.Y,x*S12+ S2*1 *TY !14.x2q;+ YrS+*S2U S2W,x+*,(\*(,Yi

>TY 1.Y,x*S2U ,Y+(P*+ 1W #>b tY,Y S2\P([Y[ S2 *TY !14.x2q;+ ,Y+(P*+ 1W 1.Y,x*S12+ vYUS22S2U 12 #(U(+* LNk MgMNi #>b
\12*,Sv(*Y[ ,Y’Y2(Y+ 1W 5LKig 4SPPS12 x2[ x .,1WS* vYW1,Y S2\14Y *xrY+ 1W 5LiK 4SPPS12 *1 *TY !14.x2q;+ 1.Y,x*S2U ,Y+(P*+ W1, *TY
qYx, Y2[Y[ ~Y\Y4vY, LNk MgMNi #>b;+ .,1WS* vYW1,Y S2\14Y *xrY+ W1, *TY .Y,S1[ W,14 *TY x\-(S+S*S12 [x*Y *T,1(UT ~Y\Y4vY, LNk
MgMN S2\P([Y[ x41,*Sox*S12 1W S2’Y2*1,q WxS, ’xP(Y x[R(+*4Y2*+ x2[ x41,*Sox*S12 1W .(,\Tx+Y[ S2*x2USvPY x++Y*+ 1W 5LiJ 4SPPS12i

SEM

"x+Y[ (.12 x .,YPS4S2x,q ’xP(x*S12k *TY *1*xP .(,\Tx+Y .,S\Y W1, @f^ tx+ xPP1\x*Y[ x+ W1PP1t+ nS2 *T1(+x2[+mE

!x+T
#\\1(2*+ ,Y\YS’xvPY
b2’Y2*1,SY+
C,1.Y,*qk .Px2* x2[ Y-(S.4Y2*
b2*x2USvPY x++Y*+
d11[tSPP
D*TY, x++Y*+

>1*xP x++Y*+ x\-(S,Y[

#\\1(2*+ .xqxvPY
~YWY,,Y[ *xr PSxvSPS*SY+
D*TY, PSxvSPS*SY+

>1*xP PSxvSPS*SY+ x++(4Y[

>1*xP x++Y*+ x\-(S,Y[k 2Y* 1W PSxvSPS*SY+ x++(4Y[
_Y++E \x+T x\-(S,Y[
>1*xP .(,\Tx+Y .,S\Yk 2Y* 1W \x+T x\-(S,Y[

Zow(cid:204)‰Øt˘ Zw”(cid:204)˘

(cid:215)‡‡(cid:128)(cid:204)Øq”(cid:128)(cid:132)

LkGGN
KkMKg
MkKFF
KJM
JKkJHg
IGkMFN
HHI
NLKkHgF
NkLMJ
NMkKgg
MkKMg
NIkNKJ
NNGkJIK
LkGGN
NNKkIGL

5

5

>TY .(,\Tx+Y .,S\Y xPP1\x*S12 S+ .,YPS4S2x,q x+ *TY !14.x2q S+ S2 *TY .,1\Y++ 1W \1PPY\*S2U x[[S*S12xP S2W1,4x*S12 W1, *TY

’xP(x*S12 1W 1*TY, PSxvSPS*SY+ x2[ (2,Y\1U2SoY[ *xr vY2YWS*+i

IG

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

>TY WxS, ’xP(Y 1W S2*x2USvPY x++Y*+ W1, @f^ S+ \14.,S+Y[ 1W *TY W1PP1tS2U n[1PPx, x41(2*+ S2 *T1(+x2[+mE

~Y’YP1.Y[ *Y\T21P1USY+
!(+*14Y, ,YPx*S12+TS.+
>,x[Y4x,Q+ x2[ *,x[Y 2x4Y+
"x\QP1U
>1*xP

£tq”(cid:136)Øq˘(cid:201) (cid:160)Ø”w
I؇o˘

G˘”(cid:192)‰q˘(cid:201) (cid:215)m˘wØ(cid:192)˘
(cid:215)(cid:136)(cid:128)wq”AØq”(cid:128)(cid:132)
Z˘w”(cid:128)(cid:201)

5

5

FkNNg
KNkHKg
LHg
LkLJg
JKkJHg

NJ qYx,+
Mg qYx,+
K qYx,+
N qYx,

>TY .(,\Tx+Y .,S\Y xPP1\x*S12 ,Y+(P*Y[ S2 5JKiI 4SPPS12 1W S[Y2*SWSxvPY S2*x2USvPY x++Y*+ x2[ 5IGiL 4SPPS12 1W U11[tSPPi #+ *TY

@f^ x\-(S+S*S12 tx+ +*,(\*(,Y[ x+ x +*1\Q x\-(S+S*S12 W1, S2\14Y *xr .(,.1+Y+k *TY U11[tSPP S+ 21* Yr.Y\*Y[ *1 vY [Y[(\*SvPY W1,
S2\14Y *xr .(,.1+Y+i b2*x2USvPY x++Y*+ x,Y vYS2U x41,*SoY[ 1’Y, *TYS, tYSUT*Y[ x’Y,xUY (+YW(P PS’Y+ .,S4x,SPq vx+Y[ (.12 *TY .x**Y,2
S2 tTS\T x2*S\S.x*Y[ Y\1214S\ vY2YWS*+ W,14 +(\T x++Y*+ x,Y Yr.Y\*Y[ *1 vY ,YxPSoY[i >TY U11[tSPP ,Y\1,[Y[ ,Y.,Y+Y2*+ *TY
x2*S\S.x*Y[ S2\,Y4Y2*xP ’xP(Y 1W W(*(,Y \x+T WP1t+ .1*Y2*SxPPq x**,Sv(*xvPY *1E nSm @f^;+ xvSPS*q *1 U,1t *TY v(+S2Y++ tS*T YrS+*S2U
x2[ 2Yt \(+*14Y,+k S2\P([S2U PY’Y,xUS2U *TY !14.x2q;+ \(+*14Y, vx+Y% nSSm @f^;+ xvSPS*q *1 U,1t *TY v(+S2Y++ *T,1(UT 2Yt
.,1[(\* S2*,1[(\*S12+% x2[ nSSSm \1+* S4.,1’Y4Y2*+ [(Y *1 *TY S2*YU,x*S12 1W @f^;+ 1.Y,x*S12+ S2*1 *TY !14.x2q;+ YrS+*S2U
S2W,x+*,(\*(,Yi

>TY 1.Y,x*S2U ,Y+(P*+ 1W @f^ tY,Y S2\P([Y[ S2 *TY !14.x2q;+ ,Y+(P*+ 1W 1.Y,x*S12+ vYUS22S2U 12 @Y.*Y4vY, Nk MgMNi @f^

\12*,Sv(*Y[ ,Y’Y2(Y+ 1W 5FiN 4SPPS12 x2[ x .,1WS* vYW1,Y S2\14Y *xrY+ 1W 5giL 4SPPS12 *1 *TY !14.x2q;+ 1.Y,x*S2U ,Y+(P*+ W1, *TY qYx,
Y2[Y[ ~Y\Y4vY, LNk MgMNi @f^;+ .,1WS* vYW1,Y S2\14Y *xrY+ W1, *TY .Y,S1[ W,14 *TY x\-(S+S*S12 [x*Y *T,1(UT ~Y\Y4vY, LNk MgMN
S2\P([Y[ x41,*Sox*S12 1W S2’Y2*1,q WxS, ’xP(Y x[R(+*4Y2*+ x2[ x41,*Sox*S12 1W .(,\Tx+Y[ S2*x2USvPY x++Y*+ 1W 5NiG 4SPPS12i

Unaudited Pro Forma Information

>TY .,1 W1,4x S2W1,4x*S12 .,Y+Y2*Y[ vYP1t S2\P([Y+ *TY YWWY\*+ 1W v(+S2Y++ \14vS2x*S12 x\\1(2*S2U ,Y+(P*S2U W,14 *TY
x\-(S+S*S12+ 1W #>b x2[ @f^k S2\P([S2U x41,*Sox*S12 1W S2’Y2*1,q WxS, ’xP(Y x[R(+*4Y2*+k x41,*Sox*S12 1W S2*x2USvPY x++Y*+k S2*Y,Y+*
Yr.Y2+Y 12 v1,,1tS2U+ S2 \122Y\*S12 tS*T *TY x\-(S+S*S12+k x\-(S+S*S12 \1+*+k x2[ *TY ,YPx*Y[ *xr YWWY\*+k x++(4S2U *Tx* *TY
x\-(S+S*S12+ Tx[ vYY2 \12+(44x*Y[ x+ 1W ax2(x,q Nk MgMgi >TY .,1 W1,4x WS2x2\SxP S2W1,4x*S12 S+ .,Y+Y2*Y[ W1, \14.x,x*S’Y
.(,.1+Y+ 12Pq x2[ S+ 21* 2Y\Y++x,SPq S2[S\x*S’Y 1W *TY ,Y+(P*+ 1W 1.Y,x*S12+ *Tx* x\*(xPPq t1(P[ Tx’Y vYY2 x\TSY’Y[ SW *TY x\-(S+S*S12+
Tx[ *xQY2 .Px\Y 12 ax2(x,q Nk MgMgi

AY’Y2(Y
!12+1PS[x*Y[ 2Y* S2\14Y

X(cid:131)[? (cid:215)(cid:204)zo”t”q”(cid:128)(cid:132)t

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X(cid:131)
X(cid:131)X[
IGMkIMI
HGLkgNN
LLkLHI
JMkKMg

5
5

5
5

D2 a(Pq LNk MgNFk *TY !14.x2q x\-(S,Y[ Ngg3 1W *TY 1(*+*x2[S2U +Tx,Y+ 1W #Adf@ d4vc nV#Adf@?mk x 8x\QY,+[1,Wk

dY,4x2qjvx+Y[ 4x2(Wx\*(,Y, 1W S221’x*S’Y Px+Y, +\x22S2U +(v+q+*Y4+ (+Y[ S2 S2[(+*,SxP 4x*Y,SxP+ .,1\Y++S2U x2[ 4Y[S\xP
x..PS\x*S12+k W1, x *1*xP .(,\Tx+Y .,S\Y 1W /IJiH 4SPPS12 n5HLiM 4SPPS12mk S2\P([S2U 2Y* t1,QS2U \x.S*xP x[R(+*4Y2*+i >TY .(,\Tx+Y
.,S\Y \12+S+*+ 1W /MKig 4SPPS12 n5MIiH 4SPPS12m \x+T .xS[ x* \P1+S2Uk NMK *T1(+x2[ ]1’x2*x \14412 +Tx,Y+ S++(Y[ x* \P1+S2U ntS*T x
WxS, 4x,QY* ’xP(Y 1W /FiG 4SPPS12k 1, 5NgiF 4SPPS12k vx+Y[ 12 *TY \P1+S2U 4x,QY* .,S\Y 1W 5GHiJG .Y, +Tx,Y 12 a(Pq Lgk MgNFmk /HiN
4SPPS12 n5HiF 4SPPS12m Y+*S4x*Y[ WxS, ’xP(Y 1W \12*S2UY2* \12+S[Y,x*S12 x2[ /MKiG 4SPPS12 n5MHiH 4SPPS12m [YWY,,Y[ \x+T
\12+S[Y,x*S12i >TY S2S*SxP \x+T .(,\Tx+Y .,S\Y tx+ WS2x2\Y[ tS*T v1,,1tS2U+ (2[Y, *TY !14.x2q;+ ,Y’1P’S2U \,Y[S* Wx\SPS*qi >TY
\12*S2UY2* \12+S[Y,x*S12 t1(P[ vY .xqxvPY x22(xPPq vx+Y[ 12 x\*(xP ,Y’Y2(Y x\TSY’Y4Y2* xUxS2+* \Y,*xS2 ,Y’Y2(Y *x,UY*+ W,14
#(U(+* MgNF *T,1(UT ~Y\Y4vY, MgMIk tS*T *TY WS,+* .xq4Y2* [(Y S2 *TY WS,+* -(x,*Y, 1W MgMNi >TY (2[S+\1(2*Y[ ,x2UY 1W \12*S2UY2*
\12+S[Y,x*S12 S+ oY,1 *1 /Ngig 4SPPS12i b2 MgMgk *TY !14.x2q .xS[ /MJig 4SPPS12 *1 *TY W1,4Y, 1t2Y, 1W #Adf@ W1, *TY [YWY,,Y[
\x+T \12+S[Y,x*S12 x2[ *1 +Y**PY t1,QS2U \x.S*xPi >TY x[[S*S12 1W #Adf@ \14.PY4Y2*+ x2[ Yr.x2[+ *TY !14.x2q;+ YrS+*S2U
.1,*W1PS1 1W Px+Y,+ x2[ Px+Y, vYx4 +*YY,S2U +1P(*S12+ \x.xvSPS*SY+ tS*TS2 *TY CT1*12S\+ ,Y.1,*xvPY +YU4Y2*i

D2 a(2Y Jk MgNFk *TY !14.x2q x\-(S,Y[ Ngg3 1W *TY 1(*+*x2[S2U +*1\Q 1W ^Y[ 7 !Tx2UYk b2\i nV^Y[ 7 !Tx2UY?mk x
",x[Y2*12k eP1,S[xjvx+Y[ .,1’S[Y, 1W 4Y[S\xP U,x[Yk TSUT [YWS2S*S12 x2[ K‘ ’S[Y1 ,Y\1,[S2U x2[ [1\(4Y2*x*S12 +1P(*S12+ *1 Df^+

IF

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

S2 *TY 4Y[S\xP 4x,QY*i >TY .(,\Tx+Y .,S\Y 1W 5MNiF 4SPPS12k 2Y* 1W t1,QS2U \x.S*xP x[R(+*4Y2*+k tx+ WS2x2\Y[ tS*T \x+T 12 Tx2[ x2[
x 5MNig 4SPPS12 v1,,1tS2U (2[Y, *TY !14.x2q;+ ,Y’1P’S2U \,Y[S* Wx\SPS*qi >TY x[[S*S12 1W ^Y[ 7 !Tx2UY \14.PY4Y2*+ x2[
v,1x[Y2+ *TY ,x2UY 1W *Y\T21P1Uq \x.xvSPS*SY+ tS*TS2 *TY !14.x2q;+ :S+S12 ,Y.1,*xvPY +YU4Y2* vq .,1’S[S2U S*+ 4Y[S\xP Df^
\(+*14Y,+ tS*T 41,Y S2*YU,x*Y[ 1.Y,x*S2U ,114 +1P(*S12+i

D2 #.,SP NIk MgNFk *TY !14.x2q x\-(S,Y[ Ngg3 1W *TY 1(*+*x2[S2U +*1\Q 1W b2UY2Sxj!#>k @i_i nVb2UY2Sx?mk x "x,\YP12xk

@.xS2jvx+Y[ .,1’S[Y, 1W TSUTj.Y,W1,4x2\Y +Y,’1 [,S’Y+ x2[ \12*,1P +1W*tx,Y *1 Df^+ S2 *TY 4Y[S\xP x2[ x[’x2\Y[ S2[(+*,SxP
4x,QY*+k W1, x *1*xP .(,\Tx+Y .,S\Y 1W /NKiL 4SPPS12 n5NIiM 4SPPS12mk 2Y* 1W t1,QS2U \x.S*xP x[R(+*4Y2*+i >TY .(,\Tx+Y .,S\Y \12+S+*+
1W /GiJ 4SPPS12 n5FiI 4SPPS12m \x+T \12+S[Y,x*S12 x2[ /JiG 4SPPS12 n5IiI 4SPPS12m Y+*S4x*Y[ WxS, ’xP(Y 1W \12*S2UY2* \12+S[Y,x*S12i
>TY S2S*SxP \x+T .(,\Tx+Y .,S\Y tx+ WS2x2\Y[ tS*T \x+T 12 Tx2[ x2[ v1,,1tS2U+ (2[Y, *TY !14.x2q;+ ,Y’1P’S2U \,Y[S* Wx\SPS*qi >TY
\12*S2UY2* \12+S[Y,x*S12 t1(P[ vY .xqxvPY x22(xPPq vx+Y[ 12 x\*(xP ,Y’Y2(Y x\TSY’Y4Y2* xUxS2+* \Y,*xS2 ,Y’Y2(Y *x,UY*+ W,14 #.,SP
MgNF *T,1(UT ^x,\T MgMMk tS*T *TY WS,+* .xq4Y2* [(Y S2 *TY +Y\12[ -(x,*Y, 1W MgMgi >TY (2[S+\1(2*Y[ ,x2UY 1W \12*S2UY2*
\12+S[Y,x*S12 S+ oY,1 *1 /Gig 4SPPS12i >TY b2UY2Sx .(,\Tx+Y x2[ +xPY xU,YY4Y2* ,Y-(S,Y[ /giG 4SPPS12 n5giF 4SPPS12m 1W *TY .(,\Tx+Y
.,S\Y *1 vY TYP[ vx\Q vq *TY !14.x2q W1, S2[Y42SWS\x*S12 1W \Y,*xS2 ,Y.,Y+Y2*x*S12+ x2[ tx,,x2*SY+ \PxS4+ vq *TY !14.x2q (2*SP *TY
Yr.S,x*S12 1W *TY T1P[vx\Q xU,YY4Y2* S2 D\*1vY, MgMgi >TY !14.x2q ,YPYx+Y[ *TY S2[Y42SWS\x*S12 T1P[vx\Q S2 *TY W1(,*T -(x,*Y, 1W
MgMgi >TY x[[S*S12 1W b2UY2Sx Y2Tx2\Y+ *TY !14.x2q;+ +*,x*YUS\ .1+S*S12 S2 .,Y\S+S12 41*S12 \12*,1P S2[(+*,q vq Y2xvPS2U S* *1 1WWY,
x v,1x[Y, ,x2UY 1W 41*S12 \12*,1P *Y\T21P1USY+ x2[ S2*YU,x*Y[ +1P(*S12+i b2UY2Sx S+ S2\P([Y[ S2 *TY !14.x2q;+ C,Y\S+S12 ^1*S12
,Y.1,*xvPY +YU4Y2*i

>TY x\-(S+S*S12+ 1W #Adf@k ^Y[ 7 !Tx2UY x2[ b2UY2Sx Tx’Y vYY2 x\\1(2*Y[ W1, x+ v(+S2Y++ \14vS2x*S12+i C(,\Tx+Y .,S\Y
xPP1\x*S12 S+ vx+Y[ (.12 x ’xP(x*S12 1W x++Y*+ x\-(S,Y[ x2[ PSxvSPS*SY+ x++(4Y[i #++Y*+ x\-(S,Y[ x2[ PSxvSPS*SY+ x++(4Y[ Tx’Y vYY2
,Y\1,[Y[ x* *TYS, Y+*S4x*Y[ WxS, ’xP(Y+ x+ 1W *TY x\-(S+S*S12 [x*Y+i >TY WxS, ’xP(Y+ 1W S2*x2USvPY x++Y*+ tY,Y vx+Y[ 12 ’xP(x*S12
*Y\T2S-(Y+ tS*T Y+*S4x*Y+ x2[ x++(4.*S12+ [Y’YP1.Y[ vq 4x2xUY4Y2*i >TY .,1\Y++ W1, Y+*S4x*S2U *TY WxS, ’xP(Y+ 1W S[Y2*SWSxvPY
S2*x2USvPY x++Y*+ ,Y-(S,Y+ *TY (+Y 1W +SU2SWS\x2* Y+*S4x*Y+ x2[ x++(4.*S12+k S2\P([S2U ,Y’Y2(Y U,1t*T ,x*Y+k \(+*14Y, x**,S*S12 ,x*Y+k
,1qxP*q ,x*Y+k [S+\1(2* ,x*Y+ x2[ .,1RY\*Y[ W(*(,Y \x+T WP1t+i >TY Yr\Y++ 1W *TY .(,\Tx+Y .,S\Y 1’Y, *TY *x2USvPY x++Y*+k S[Y2*SWSxvPY
S2*x2USvPY x++Y*+ x2[ x++(4Y[ PSxvSPS*SY+ tx+ ,Y\1,[Y[ x+ U11[tSPPi

ARGES

>TY WS2xP .(,\Tx+Y .,S\Y W1, #Adf@ tx+ xPP1\x*Y[ x+ W1PP1t+ nS2 *T1(+x2[+mE

(cid:215)(cid:136)(cid:128)o(cid:132)q

!x+T
#\\1(2*+ ,Y\YS’xvPY
b2’Y2*1,SY+
C,1.Y,*qk .Px2* x2[ Y-(S.4Y2*
b2*x2USvPY x++Y*+
d11[tSPP
D*TY, x++Y*+

>1*xP x++Y*+ x\-(S,Y[

#\\1(2*+ .xqxvPY
~YWY,,Y[ *xr PSxvSPS*SY+
D*TY, PSxvSPS*SY+

>1*xP PSxvSPS*SY+ x++(4Y[

>1*xP x++Y*+ x\-(S,Y[k 2Y* 1W PSxvSPS*SY+ x++(4Y[
_Y++E \x+T x\-(S,Y[
>1*xP .(,\Tx+Y .,S\Yk 2Y* 1W \x+T x\-(S,Y[
_Y++E \12*S2UY2* \12+S[Y,x*S12
_Y++E S++(x2\Y 1W \14412 +Tx,Y+
_Y++E [YWY,,Y[ \x+T \12+S[Y,x*S12
b2S*SxP \x+T .(,\Tx+Y .,S\Yk 2Y* 1W \x+T x\-(S,Y[

Hg

5

5

LkNJF
NkKLg
HkNMF
NKkgFJ
MKkHNL
KMkFJN
MkMKK
FJkHMN
MkJFG
JkJNg
NKkKIM
MMkJHg
HLkNJN
LkNJF
IFkFFM
HkGHg
NgkFgg
MHkIIK
MLkJJG

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

>TY WxS, ’xP(Y 1W S2*x2USvPY x++Y*+ W1, #Adf@ S+ \14.,S+Y[ 1W *TY W1PP1tS2U n[1PPx, x41(2*+ S2 *T1(+x2[+mE

~Y’YP1.Y[ *Y\T21P1USY+
!(+*14Y, ,YPx*S12+TS.+
>,x[Y4x,Q+ x2[ *,x[Y 2x4Y+
"x\QP1U
>1*xP

£tq”(cid:136)Øq˘(cid:201) (cid:160)Ø”w
I؇o˘

G˘”(cid:192)‰q˘(cid:201) (cid:215)m˘wØ(cid:192)˘
(cid:215)(cid:136)(cid:128)wq”AØq”(cid:128)(cid:132)
Z˘w”(cid:128)(cid:201)

5

5

NNkLJJ
NNkGgg
NkMMJ
LLL
MKkHNL

NJ qYx,+
NJ qYx,+
Ng qYx,+
J 412*T+

!(+*14Y, ,YPx*S12+TS.+ x2[ vx\QP1U W1, #Adf@ tY,Y ’xP(Y[ (+S2U *TY 4(P*Sj.Y,S1[ Yr\Y++ Yx,2S2U+ 4Y*T1[i ~Y’YP1.Y[

*Y\T21P1Uq x2[ *,x[Y4x,Q+ x2[ *,x[Y 2x4Y+ W1, #Adf@ tY,Y ’xP(Y[ (+S2U *TY ,YPSYWjW,14j,1qxP*q 4Y*T1[i

>TY .(,\Tx+Y .,S\Y xPP1\x*S12 ,Y+(P*Y[ S2 5MKiH 4SPPS12 1W S[Y2*SWSxvPY S2*x2USvPY x++Y*+ x2[ 5KLig 4SPPS12 1W U11[tSPPi #+ *TY
#Adf@ x\-(S+S*S12 tx+ x2 x\-(S+S*S12 1W 1(*+*x2[S2U \14412 +Tx,Y+k 212Y 1W *TY ,Y+(P*S2U U11[tSPP S+ [Y[(\*SvPY W1, S2\14Y *xr
.(,.1+Y+i b2*x2USvPY x++Y*+ x,Y vYS2U x41,*SoY[ 1’Y, *TYS, tYSUT*Y[ x’Y,xUY (+YW(P PS’Y+ .,S4x,SPq vx+Y[ (.12 *TY .x**Y,2 S2 tTS\T
x2*S\S.x*Y[ Y\1214S\ vY2YWS*+ W,14 +(\T x++Y*+ x,Y Yr.Y\*Y[ *1 vY ,YxPSoY[i >TY U11[tSPP ,Y\1,[Y[ ,Y.,Y+Y2*+ *TY x2*S\S.x*Y[
S2\,Y4Y2*xP ’xP(Y 1W W(*(,Y \x+T WP1t+ .1*Y2*SxPPq x**,Sv(*xvPY *1E nSm Yr.Y\*Y[ W(*(,Y vY2YWS*+ W,14 x[’x2\S2U *TY !14.x2q;+
.T1*12S\jvx+Y[ .,1[(\* ,1x[4x. *T,1(UT *TY x[[S*S12 1W A0~ \x.xvSPS*SY+ W,14 #Adf@% nSSm #Adf@;+ xvSPS*q *1 U,1t *TY v(+S2Y++
tS*T YrS+*S2U x2[ 2Yt \(+*14Y,+k S2\P([S2U PY’Y,xUS2U *TY !14.x2q;+ \(+*14Y, vx+Y% nSSSm #Adf@;+ xvSPS*q *1 U,1t *TY v(+S2Y++
*T,1(UT 2Yt .,1[(\* S2*,1[(\*S12+% x2[ nS’m \1+* S4.,1’Y4Y2*+ [(Y *1 *TY S2*YU,x*S12 1W #Adf@;+ 1.Y,x*S12+ S2*1 *TY !14.x2q;+
YrS+*S2U S2W,x+*,(\*(,Yi

>TY 1.Y,x*S2U ,Y+(P*+ 1W #Adf@ tY,Y S2\P([Y[ S2 *TY !14.x2q;+ ,Y+(P*+ 1W 1.Y,x*S12+ vYUS22S2U 12 a(Pq LNk MgNFi #Adf@

\12*,Sv(*Y[ ,Y’Y2(Y+ 1W 5KiF 4SPPS12 x2[ x P1++ vYW1,Y S2\14Y *xrY+ 1W 5LiJ 4SPPS12 W1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgNFi _1++
vYW1,Y S2\14Y *xrY+ W1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgNF S2\P([Y[ x41,*Sox*S12 1W S2’Y2*1,q WxS, ’xP(Y x[R(+*4Y2*+ x2[ .(,\Tx+Y[
S2*x2USvPY x++Y*+ 1W 5MiM 4SPPS12i

Med X Change and Ingenia

>TY WS2xP .(,\Tx+Y .,S\Y xPP1\x*S12 W1, ^Y[ 7 !Tx2UY x2[ b2UY2Sx S+ x+ W1PP1t+ nS2 *T1(+x2[+mE

!x+T
#\\1(2*+ ,Y\YS’xvPY
b2’Y2*1,SY+
C,1.Y,*qk .Px2* x2[ Y-(S.4Y2*
b2*x2USvPY x++Y*+
d11[tSPP
D*TY, x++Y*+

>1*xP x++Y*+ x\-(S,Y[

#\\1(2*+ .xqxvPY
~YWY,,Y[ *xr PSxvSPS*SY+
D*TY, PSxvSPS*SY+

>1*xP PSxvSPS*SY+ x++(4Y[

>1*xP x++Y*+ x\-(S,Y[k 2Y* 1W PSxvSPS*SY+ x++(4Y[
_Y++E \x+T x\-(S,Y[
>1*xP .(,\Tx+Y .,S\Yk 2Y* 1W \x+T x\-(S,Y[
_Y++E \12*S2UY2* \12+S[Y,x*S12
_Y++E .(,\Tx+Y .,S\Y T1P[vx\Q
]Y* \x+T (+Y[ W1, x\-(S+S*S12 1W v(+S2Y++Y+

HN

(cid:215)(cid:136)(cid:128)o(cid:132)q

Nkggg
NkHLF
MkLHM
KFI
MMkLHI
NLkLGG
IgN
KNkFHM
IgK
MkLFF
FNg
LkFNL
LGkgJF
Nkggg
LHkgJF
IkJIF
FgJ
MFkJGJ

5

5

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

>TY WxS, ’xP(Y 1W S2*x2USvPY x++Y*+ W1, ^Y[ 7 !Tx2UY x2[ b2UY2Sx S+ \14.,S+Y[ 1W *TY W1PP1tS2U n[1PPx, x41(2*+ S2

*T1(+x2[+mE

~Y’YP1.Y[ *Y\T21P1USY+
!(+*14Y, ,YPx*S12+TS.+
>,x[Y4x,Q+ x2[ *,x[Y 2x4Y+
"x\QP1U
>1*xP

£tq”(cid:136)Øq˘(cid:201) (cid:160)Ø”w I؇o˘

(cid:141)˘(cid:201) F (cid:211)‰Ø(cid:132)(cid:192)˘
5

NkGgg 5
FkFgg
Lgg
Mgg
NMkMgg 5

(cid:151)(cid:132)(cid:192)˘(cid:132)”Ø

FkMHM
JIJ
LLF
X
NgkNHI

5

G˘”(cid:192)‰q˘(cid:201) (cid:215)m˘wØ(cid:192)˘
(cid:215)(cid:136)(cid:128)wq”AØq”(cid:128)(cid:132)
Z˘w”(cid:128)(cid:201)

Ng qYx,+
NJ qYx,+
F qYx,+
H 412*T+

!(+*14Y, ,YPx*S12+TS.+ x2[ vx\QP1U W1, v1*T ^Y[ 7 !Tx2UY x2[ b2UY2Sx tY,Y ’xP(Y[ (+S2U *TY 4(P*Sj.Y,S1[ Yr\Y++ Yx,2S2U+
4Y*T1[i ~Y’YP1.Y[ *Y\T21P1Uq W1, ^Y[ 7 !Tx2UY x2[ b2UY2Sx tY,Y ’xP(Y[ (+S2U *TY ,YPSYW W,14 ,1qxP*q x2[ 4(P*Sj.Y,S1[ Yr\Y++
Yx,2S2U+ 4Y*T1[+k ,Y+.Y\*S’YPqi >,x[Y4x,Q+ x2[ *,x[Y 2x4Y+ W1, v1*T ^Y[ 7 !Tx2UY x2[ b2UY2Sx tY,Y ’xP(Y[ (+S2U *TY ,YPSYWjW,14j
,1qxP*q 4Y*T1[i

>TY !14.x2q ,Y\1,[Y[ x2 xUU,YUx*Y WxS, ’xP(Y 1W 5MMiK 4SPPS12 1W S[Y2*SWSxvPY S2*x2USvPY x++Y*+ W,14 *TY ^Y[ 7 !Tx2UY x2[
b2UY2Sx x\-(S+S*S12+i b2*x2USvPY x++Y*+ x,Y vYS2U x41,*SoY[ 1’Y, *TYS, tYSUT*Y[ x’Y,xUY (+YW(P PS’Y+ .,S4x,SPq vx+Y[ (.12 *TY .x**Y,2
S2 tTS\T x2*S\S.x*Y[ Y\1214S\ vY2YWS*+ W,14 +(\T x++Y*+ x,Y Yr.Y\*Y[ *1 vY ,YxPSoY[i

>TY !14.x2q ,Y\1,[Y[ 5NLiK 4SPPS12 1W U11[tSPP W,14 *TY+Y x\-(S+S*S12+i d11[tSPP x41(2*S2U *1 5IiM 4SPPS12 W,14 *TY ^Y[

7 !Tx2UY x\-(S+S*S12 S+ Yr.Y\*Y[ *1 vY W(PPq [Y[(\*SvPY W1, S2\14Y *xr .(,.1+Y+i d11[tSPP x41(2*S2U *1 5HiM 4SPPS12 W,14 *TY
b2UY2Sx x\-(S+S*S12 S+ 21* Yr.Y\*Y[ *1 vY [Y[(\*SvPY W1, S2\14Y *xr .(,.1+Y+i >TY U11[tSPP ,Y\1,[Y[ ,Y.,Y+Y2*+ *TY x2*S\S.x*Y[
S2\,Y4Y2*xP ’xP(Y 1W W(*(,Y \x+T WP1t+ .1*Y2*SxPPq x**,Sv(*xvPY *1E nSm *TY xvSPS*q 1W ^Y[ 7 !Tx2UY x2[ b2UY2Sx *1 U,1t *TY v(+S2Y++
tS*T YrS+*S2U x2[ 2Yt \(+*14Y,+k S2\P([S2U PY’Y,xUS2U *TY !14.x2q;+ \(+*14Y, vx+Y% nSSm *TYS, xvSPS*q *1 U,1t *TY v(+S2Y++Y+
*T,1(UT 2Yt .,1[(\* S2*,1[(\*S12+% x2[ nSSSm \1+* S4.,1’Y4Y2*+ [(Y *1 *TY S2*YU,x*S12 1W ^Y[ 7 !Tx2UY x2[ b2UY2Sx 1.Y,x*S12+ S2*1
*TY !14.x2q;+ YrS+*S2U S2W,x+*,(\*(,Yi

>TY 1.Y,x*S2U ,Y+(P*+ 1W ^Y[ 7 !Tx2UY x2[ b2UY2Sx tY,Y S2\P([Y[ S2 *TY !14.x2q;+ ,Y+(P*+ 1W 1.Y,x*S12+ vYUS22S2U 12 *TY

,Y+.Y\*S’Y x\-(S+S*S12 [x*Y+i >TY+Y x\-(S+S*S12+ \12*,Sv(*Y[ ,Y’Y2(Y+ 1W 5HiF 4SPPS12 x2[ x2 S2\14Y vYW1,Y S2\14Y *xrY+ 1W 5giI
4SPPS12 W1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgNFi b2\14Y vYW1,Y S2\14Y *xrY+ W1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgNF S2\P([Y[
x41,*Sox*S12 1W S2’Y2*1,q WxS, ’xP(Y x[R(+*4Y2*+ x2[ .(,\Tx+Y[ S2*x2USvPY x++Y*+ 1W 5NiJ 4SPPS12i

(cid:215)(cid:204)zo”t”q”(cid:128)(cid:132) (cid:211)(cid:128)tqt

>TY !14.x2q ,Y\1U2SoY[ x\-(S+S*S12 \1+*+ 1W 5Jig 4SPPS12k oY,1 x2[ 5NiI 4SPPS12 S2 *TY qYx,+ Y2[Y[ ~Y\Y4vY, LNk MgMNk MgMg

x2[ MgNFk ,Y+.Y\*S’YPqk ,YPx*Y[ *1 *TY x\-(S+S*S12+ *Tx* 1\\(,,Y[ [(,S2U *TY+Y qYx,+i >TY+Y \1+*+ \12+S+*Y[ 1W WS2[Y,+; WYY+k PYUxPk
’xP(x*S12 x2[ 1*TY, .,1WY++S12xP 1, \12+(P*S2U WYY+i >TY+Y x41(2*+ tY,Y S2\P([Y[ S2 ,Y+*,(\*(,S2U x2[ x\-(S+S*S12 ,YPx*Y[ \1+*+ S2 *TY
\12+1PS[x*Y[ +*x*Y4Y2*+ 1W 1.Y,x*S12+i

HM

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

M(cid:136) (cid:215)(cid:204)(cid:204)o(cid:136)o‡Øq˘(cid:201) ]q‰˘w (cid:211)(cid:128)(cid:136)}w˘‰˘(cid:132)t”m˘ (cid:143)(cid:128)tt

D*TY, \14.,YTY2+S’Y S2\14Y nP1++m S+ [YWS2Y[ x+ 1*TY, \Tx2UY+ S2 +*1\QT1P[Y,+; Y-(S*q *Tx* [1 21* ,Y.,Y+Y2* *,x2+x\*S12+ tS*T

+*1\QT1P[Y,+ 1, S2 *TY !14.x2q;+ +*1\Qi !Tx2UY+ S2 x\\(4(Px*Y[ 1*TY, \14.,YTY2+S’Y P1++ tY,Y x+ W1PP1t+ nS2 *T1(+x2[+mE

N(cid:128)q؇ (cid:215)(cid:204)(cid:204)o(cid:136)o‡Øq˘(cid:201)
]q‰˘w
(cid:211)(cid:128)(cid:136)}w˘‰˘(cid:132)t”m˘
(cid:151)(cid:132)(cid:204)(cid:128)(cid:136)˘ (cid:153)(cid:143)(cid:128)tt(cid:151)

(cid:211)o(cid:136)o‡Øq”m˘
NwØ(cid:132)t‡Øq”(cid:128)(cid:132)
(cid:215)(cid:201)•otq(cid:136)˘(cid:132)qt

Z˘(cid:132)t”(cid:128)(cid:132)
(cid:143)”ØŁ”‡”qD
(cid:215)(cid:201)•otq(cid:136)˘(cid:132)qt

"xPx2\Y x* ~Y\Y4vY, LNk MgNG
D*TY, \14.,YTY2+S’Y S2\14Y nP1++m
#41(2*+ ,Y\Px++SWSY[ W,14 x\\(4(Px*Y[ 1*TY, \14.,YTY2+S’Y P1++ nNm
"xPx2\Y x* ~Y\Y4vY, LNk MgNF
D*TY, \14.,YTY2+S’Y S2\14Y nP1++m
#41(2*+ ,Y\Px++SWSY[ W,14 x\\(4(Px*Y[ 1*TY, \14.,YTY2+S’Y P1++ nNm
"xPx2\Y x* ~Y\Y4vY, LNk MgMg
D*TY, \14.,YTY2+S’Y S2\14Y nP1++m
#41(2*+ ,Y\Px++SWSY[ W,14 x\\(4(Px*Y[ 1*TY, \14.,YTY2+S’Y P1++ nNm
"xPx2\Y x* ~Y\Y4vY, LNk MgMN

5

5

nMMkJMHm 5
LkKMG
FGI
nNGkNNLm
JkNJH
HNJ
nNMkMKNm
nNkJGKm
FJF
nNMkGIIm 5

nNMkKGJm 5
LkMIH
X
nFkMNGm
IkFMM
X
nMkMFIm
nLkKJHm
X
nJkHJLm 5

nNgkgKMm
NIN
FGI
nGkGFJm
nNkHIJm
HNJ
nFkFKJm
NkGHL
FJF
nHkNNLm

nNm

>TY x41(2*+ ,Y\Px++SWSY[ W,14 x\\(4(Px*Y[ 1*TY, \14.,YTY2+S’Y P1++ tY,Y S2\P([Y[ S2 1*TY, S2\14Y nYr.Y2+Ym S2 *TY
\12+1PS[x*Y[ +*x*Y4Y2*+ 1W 1.Y,x*S12+i

I(cid:136) (cid:157)(cid:128)(cid:128)(cid:201)L”‡‡(cid:142) (cid:151)(cid:132)qØ(cid:132)(cid:192)”Ł‡˘ (cid:215)tt˘qt Ø(cid:132)(cid:201) (cid:151)(cid:136)}Ø”w(cid:136)˘(cid:132)q (cid:211)‰Øw(cid:192)˘t

Goodwill

>TY W1PP1tS2U *xvPY +(44x,SoY+ \Tx2UY+ S2 U11[tSPP [(,S2U *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgMN nS2 *T1(+x2[+mE

"xPx2\Y x* vYUS22S2U 1W qYx,
d11[tSPP W,14 \(,,Y2* qYx, x\-(S+S*S12+
fWWY\* 1W W1,YSU2 Yr\Tx2UY ,x*Y \Tx2UY+
"xPx2\Y x* Y2[ 1W qYx,

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142) X(cid:131)X[

MGJkFGg
MgMkHNN
nFkNFNm
KHFkJgg

5

5

d11[tSPP vq ,Y.1,*xvPY +YU4Y2* x+ 1W ~Y\Y4vY, LNk MgMN tx+ x+ W1PP1t+ nS2 *T1(+x2[+mE

d11[tSPP
#\\(4(Px*Y[ S4.xS,4Y2* 1W U11[tSPP
>1*xP

T˘}(cid:128)wqØŁ‡˘ Q˘(cid:192)(cid:136)˘(cid:132)q

Z‰(cid:128)q(cid:128)(cid:132)”(cid:204)t

5

5

MNKkJIK
nNgMkKINm
NNMkNgL

5

5

I”t”(cid:128)(cid:132)
NIgkIHJ
nLNkHMMm
NMGkFJL

d11[tSPP vq ,Y.1,*xvPY +YU4Y2* x+ 1W ~Y\Y4vY, LNk MgMg tx+ x+ W1PP1t+ nS2 *T1(+x2[+mE

d11[tSPP
#\\(4(Px*Y[ S4.xS,4Y2* 1W U11[tSPP
>1*xP

T˘}(cid:128)wqØŁ‡˘ Q˘(cid:192)(cid:136)˘(cid:132)q

Z‰(cid:128)q(cid:128)(cid:132)”(cid:204)t

5

5

MNGkJNH
nNgMkKINm
NNIkgJI

5

5

I”t”(cid:128)(cid:132)
NIJkNFJ
nLNkHMMm
NLLkKHL

HL

Zw˘(cid:204)”t”(cid:128)(cid:132)
(cid:141)(cid:128)q”(cid:128)(cid:132)

MJJkKFg
nNHkgKIm
MLGkKKK

5

5

N(cid:128)q؇
ILgkHMF
nNJNkMMFm
KHFkJgg

Zw˘(cid:204)”t”(cid:128)(cid:132)
(cid:141)(cid:128)q”(cid:128)(cid:132)

JLkKFH
nNHkgKIm
LIkKJN

5

5

N(cid:128)q؇
KLHkMgF
nNJNkMMFm
MGJkFGg

5

5

5

5

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

Intangible Assets

b2*x2USvPY x++Y*+ x+ 1W ~Y\Y4vY, LNk MgMN x2[ MgMgk ,Y+.Y\*S’YPqk x,Y +(44x,SoY[ x+ W1PP1t+ n[1PPx, x41(2*+ S2 *T1(+x2[+mE

#41,*SoxvPY S2*x2USvPY x++Y*+E

Cx*Y2*+ x2[ [Y’YP1.Y[ *Y\T21P1USY+
!(+*14Y, ,YPx*S12+TS.+
!(+*14Y, vx\QP1U
>,x[Y4x,Q+ x2[ *,x[Y 2x4Y+

#41,*SoxvPY S2*x2USvPY x++Y*+
]12jx41,*SoxvPY S2*x2USvPY x++Y*+E

>,x[Y 2x4Y+

>1*xP

#41,*SoxvPY S2*x2USvPY x++Y*+E

Cx*Y2*+ x2[ [Y’YP1.Y[ *Y\T21P1USY+
!(+*14Y, ,YPx*S12+TS.+
>,x[Y4x,Q+ x2[ *,x[Y 2x4Y+

#41,*SoxvPY S2*x2USvPY x++Y*+
]12jx41,*SoxvPY S2*x2USvPY x++Y*+E

>,x[Y 2x4Y+

>1*xP

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142) X(cid:131)X[

(cid:157)w(cid:128)tt (cid:211)ØwwD”(cid:132)(cid:192)
(cid:215)(cid:136)(cid:128)o(cid:132)q

(cid:215)(cid:204)(cid:204)o(cid:136)o‡Øq˘(cid:201)
(cid:215)(cid:136)(cid:128)wq”AØq”(cid:128)(cid:132)

(cid:140)˘q (cid:211)ØwwD”(cid:132)(cid:192)
(cid:215)(cid:136)(cid:128)o(cid:132)q

G˘”(cid:192)‰q˘(cid:201) (cid:215)m˘wØ(cid:192)˘
T˘(cid:136)Ø”(cid:132)”(cid:132)(cid:192) (cid:143)”ˆ˘
(cid:153)!˘Øwt(cid:151)

5

5

NGFkIgF
MMGkIJI
IkGIM
MLkFHI
KKFkNgL

NLkgMH
KIMkNLg

5 nNMMkNLgm 5
nNgKkLGIm
nMkMJKm
nNMkLHNm
nMKNkNKNm

X

5 nMKNkNKNm 5

IHkKHF
NMKkMHg
KkIgG
NNkIgJ
MgHkFIM

NLkgMH
MMgkFGF

NgiH
NJiJ
giH
NgiJ
NLiL

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142) X(cid:131)X(cid:131)

(cid:157)w(cid:128)tt (cid:211)ØwwD”(cid:132)(cid:192)
(cid:215)(cid:136)(cid:128)o(cid:132)q

(cid:215)(cid:204)(cid:204)o(cid:136)o‡Øq˘(cid:201)
(cid:215)(cid:136)(cid:128)wq”AØq”(cid:128)(cid:132)

(cid:140)˘q (cid:211)ØwwD”(cid:132)(cid:192)
(cid:215)(cid:136)(cid:128)o(cid:132)q

G˘”(cid:192)‰q˘(cid:201) (cid:215)m˘wØ(cid:192)˘
T˘(cid:136)Ø”(cid:132)”(cid:132)(cid:192) (cid:143)”ˆ˘
(cid:153)!˘Øwt(cid:151)

5

5

NIKkKLg
NIHkKMF
NGkLIH
LJgkMMI

NLkgMH
LILkMJL

5 nNNgkJHMm 5
nFMkGFMm
nNNkMIGm
nMNKkHLMm

X

5 nMNKkHLMm 5

JLkGJG
HKkJLH
HkgFF
NLJkKFK

NLkgMH
NKGkJMN

GiG
NgiF
HiG
FiF

#PP [YWS2S*YjPS’Y[ S2*x2USvPY x++Y*+ x,Y x41,*SoY[ YS*TY, 12 x +*,xSUT*jPS2Y vx+S+ 1, x2 Y\1214S\ vY2YWS* vx+S+ 1’Y, *TYS,
,Y4xS2S2U Y+*S4x*Y[ (+YW(P PSWYi #41,*Sox*S12 Yr.Y2+Y W1, .x*Y2*+ x2[ [Y’YP1.Y[ *Y\T21P1USY+ S+ S2\P([Y[ S2 \1+* 1W ,Y’Y2(Y S2 *TY
x\\14.x2qS2U \12+1PS[x*Y[ +*x*Y4Y2*+ 1W 1.Y,x*S12+i #41,*Sox*S12 Yr.Y2+Y W1, \(+*14Y, ,YPx*S12+TS.+ x2[ [YWS2S*YjPS’Y[
*,x[Y4x,Q+k *,x[Y 2x4Y+ x2[ 1*TY, S2*x2USvPY+ S+ S2\P([Y[ S2 1.Y,x*S2U Yr.Y2+Y+ S2 *TY x\\14.x2qS2U \12+1PS[x*Y[ +*x*Y4Y2*+ 1W
1.Y,x*S12+i #41,*Sox*S12 Yr.Y2+Y tx+ x+ W1PP1t+ nS2 *T1(+x2[+mE

#41,*Sox*S12 Yr.Y2+Y Z \1+* 1W ,Y’Y2(Y
#41,*Sox*S12 Yr.Y2+Y Z 1.Y,x*S2U Yr.Y2+Y+
>1*xP x41,*Sox*S12 Yr.Y2+Y

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X(cid:131)

X(cid:131)[?

X(cid:131)X[

5

5

NLkMGG
NIkJHH
MFkGIJ

5

5

NNkNML
NLkFHg
MJkgFL

5

5

NgkJGG
NJkGJH
MIkKKJ

f+*S4x*Y[ W(*(,Y x41,*Sox*S12 Yr.Y2+Y W1, Yx\T 1W *TY WS’Y +(\\YY[S2U qYx,+ x2[ *TY,YxW*Y, S+ x+ W1PP1t+ nS2 *T1(+x2[+mE

!˘Øw £(cid:132)(cid:201)”(cid:132)(cid:192) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
MgMM
MgML
MgMK
MgMJ
MgMI
>TY,YxW*Y,
>1*xP

(cid:211)(cid:128)tq (cid:128)ˆ
T˘m˘(cid:132)o˘

]}˘wØq”(cid:132)(cid:192)
£H}˘(cid:132)t˘t

5

5

NLkHKF
NMkKJN
NgkNgg
GkJMF
HkNgG
NJkJKM
IHkKHF

5

5

MHkgHN
MgkFLJ
NHkJHJ
NKkGIH
NMkIJF
KHkLHI
NKgkKGL

5

5

N(cid:128)q؇

KgkGMg
LLkLGI
MHkIHJ
MLkLFI
NFkHIH
IMkFNG
MgHkFIM

HK

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

Impairment Charges

>TY !14.x2q [S[ 21* Tx’Y x2q U11[tSPP 1, S2[YWS2S*YjPS’Y[ S2*x2USvPY x++Y* S4.xS,4Y2* \Tx,UY+ [(,S2U MgMNk MgMg 1, MgNFi

E(cid:136) (cid:160)Ø”w I؇o˘ (cid:141)˘Øtow˘(cid:136)˘(cid:132)qt

#@! GMgk VexS, :xP(Y ^Yx+(,Y4Y2*k? Y+*xvPS+TY+ x WxS, ’xP(Y TSY,x,\Tq vx+Y[ 12 *T,YY PY’YP+ 1W S2.(*+k 1W tTS\T *TY WS,+* *t1

x,Y \12+S[Y,Y[ 1v+Y,’xvPY x2[ *TY *TS,[ S+ \12+S[Y,Y[ (21v+Y,’xvPYE

_Y’YP NE B(1*Y[ .,S\Y+ W1, S[Y2*S\xP x++Y*+ 1, PSxvSPS*SY+ S2 x\*S’Y 4x,QY*+ tTS\T *TY !14.x2q \x2 x\\Y++

_Y’YP ME Dv+Y,’xvPY S2.(*+ 1*TY, *Tx2 *T1+Y [Y+\,SvY[ S2 _Y’YP N

_Y’YP LE <21v+Y,’xvPY S2.(*+

Current Assets and Liabilities

>TY !14.x2q;+ \x+T Y-(S’xPY2*+ x,Y TSUTPq PS-(S[ S2’Y+*4Y2*+ tS*T 1,SUS2xP 4x*(,S*SY+ 1W *T,YY 412*T+ 1, PY++k tTS\T
,Y.,Y+Y2* x2 x++Y* *TY !14.x2q 4Yx+(,Y+ x* WxS, ’xP(Y 12 x ,Y\(,,S2U vx+S+i >TY !14.x2q [Y*Y,4S2Y+ *TY WxS, ’xP(Y 1W \x+T
Y-(S’xPY2*+ (+S2U x 4x,QY* x..,1x\T vx+Y[ 12 -(1*Y[ .,S\Y+ S2 x\*S’Y 4x,QY*+i >TY WxS, ’xP(Y+ 1W \x+T Y-(S’xPY2*+k x\\1(2*+
,Y\YS’xvPYk S2\14Y *xrY+ ,Y\YS’xvPYk x\\1(2*+ .xqxvPYk S2\14Y *xrY+ .xqxvPY x2[ x\\,(Y[ Yr.Y2+Y+ x2[ 1*TY, \(,,Y2* PSxvSPS*SY+
x..,1rS4x*Y *TYS, \x,,qS2U ’xP(Y+ vY\x(+Y 1W *TYS, +T1,*j*Y,4 2x*(,Yi

Foreign Currency Contracts

>TY !14.x2q x[[,Y++Y+ 4x,QY* ,S+Q+ W,14 \Tx2UY+ S2 W1,YSU2 \(,,Y2\q Yr\Tx2UY ,x*Y+ *T,1(UT x ,S+Q 4x2xUY4Y2* .,1U,x4

*Tx* S2\P([Y+ *TY (+Y 1W [Y,S’x*S’Y WS2x2\SxP S2+*,(4Y2*+ *1 4S*SUx*Y \Y,*xS2 vxPx2\Y +TYY* W1,YSU2 \(,,Y2\q *,x2+x\*S12 Yr.1+(,Y+i >TY
!14.x2q (+Y+ W1,YSU2 \(,,Y2\q W1,tx,[ \12*,x\*+ x+ x .x,* 1W S*+ +*,x*YUq *1 4x2xUY Yr.1+(,Y+ ,YPx*Y[ *1 W1,YSU2 \(,,Y2\q
[Y214S2x*Y[ 412Y*x,q x++Y*+ x2[ PSxvSPS*SY+i

Contingent Considerations

D2 #(U(+* Lgk MgMNk *TY !14.x2q x\-(S,Y[ #>bi <2[Y, *TY .(,\Tx+Y x2[ +xPY xU,YY4Y2* W1, *TY #>b x\-(S+S*S12k *TY W1,4Y,
+Tx,YT1P[Y,+ 1W #>b x,Y YPSUSvPY *1 ,Y\YS’Y \12*S2UY2* \12+S[Y,x*S12 vx+Y[ 12 #>b;+ WS+\xP qYx, MgMN #[R(+*Y[ f"b>~#k x+ [YWS2Y[
S2 *TY .(,\Tx+Y x2[ +xPY xU,YY4Y2*i >TY \12*S2UY2* \12+S[Y,x*S12 tSPP vY .xqxvPY S2 MgMMi >TY .,YPS4S2x,q WxS, ’xP(Y 1W *TY
\12*S2UY2* \12+S[Y,x*S12 tx+ [Y*Y,4S2Y[ vx+Y[ 12 *TY ^12*Y !x,P1 ’xP(x*S12 4Y*T1[ x2[ tx+ ,Y\1,[Y[ x+ .x,* 1W *TY .(,\Tx+Y .,S\Y
x+ 1W *TY x\-(S+S*S12 [x*Yi D2\Y *TY WxS, ’xP(Y 1W *TY \12*S2UY2* \12+S[Y,x*S12 S+ WS2xPSoY[k +(v+Y-(Y2* \Tx2UY+ S2 *TY Y+*S4x*Y[ WxS,
’xP(Y x,Y ,Y\1,[Y[ S2 *TY \12+1PS[x*Y[ +*x*Y4Y2* 1W 1.Y,x*S12+ S2 ,Y+*,(\*(,S2Uk x\-(S+S*S12k x2[ ,YPx*Y[ \1+*+ (2*SP *TY PSxvSPS*q S+
W(PPq +Y**PY[i >TY WxS, ’xP(Y 1W *TY \12*S2UY2* \12+S[Y,x*S12 tx+ 5KKig 4SPPS12i

D2 a(Pq LNk MgNFk *TY !14.x2q x\-(S,Y[ #Adf@i <2[Y, *TY .(,\Tx+Y x2[ +xPY xU,YY4Y2* W1, *TY #Adf@ x\-(S+S*S12k *TY

W1,4Y, 1t2Y, 1W #Adf@ S+ YPSUSvPY *1 ,Y\YS’Y \12*S2UY2* \12+S[Y,x*S12 vx+Y[ 12 *TY x\TSY’Y4Y2* 1W \Y,*xS2 ,Y’Y2(Y *x,UY*+ vq *TY
!14.x2q W,14 #(U(+* MgNF *T,1(UT ~Y\Y4vY, MgMIi >TY (2[S+\1(2*Y[ ,x2UY 1W .1++SvPY \12*S2UY2* \12+S[Y,x*S12 S+ oY,1 *1 /Ngig
4SPPS12 n5NNiN 4SPPS12mi bW *TY ,Y’Y2(Y *x,UY*+ x,Y x\TSY’Y[k *TY \12*S2UY2* \12+S[Y,x*S12 t1(P[ vY .xqxvPY x22(xPPq tS*T *TY WS,+*
.xq4Y2* [(Y S2 *TY WS,+* -(x,*Y, 1W MgMNi >TY Y+*S4x*Y[ WxS, ’xP(Y 1W *TY \12*S2UY2* \12+S[Y,x*S12 1W /HiN 4SPPS12 n5HiF 4SPPS12m tx+
[Y*Y,4S2Y[ vx+Y[ 12 *TY ^12*Y !x,P1 ’xP(x*S12 4Y*T1[ x2[ tx+ ,Y\1,[Y[ x+ .x,* 1W *TY .(,\Tx+Y .,S\Y x+ 1W *TY x\-(S+S*S12 [x*Yi
@(v+Y-(Y2* \Tx2UY+ S2 *TY Y+*S4x*Y[ WxS, ’xP(Y 1W *TY \12*S2UY2* \12+S[Y,x*S12 PSxvSPS*q x,Y ,Y\1,[Y[ S2 *TY \12+1PS[x*Y[ +*x*Y4Y2* 1W
1.Y,x*S12+ S2 ,Y+*,(\*(,S2Uk x\-(S+S*S12k x2[ ,YPx*Y[ \1+*+ (2*SP *TY PSxvSPS*q S+ W(PPq +Y**PY[i ~(,S2U MgMgk *TY WxS, ’xP(Y 1W *TY
\12*S2UY2* \12+S[Y,x*S12 tx+ x[R(+*Y[ *1 /KiN 4SPPS12 n5JiN 4SPPS12mi b2 ^x,\T MgMNk *TY !14.x2q 4x[Y *TY WS,+* S2+*xPP4Y2*
.xq4Y2* 1W /giK 4SPPS12 n5giK 4SPPS12mk tTS\T S+ S2\P([Y[ S2 \x+T WP1t+ W,14 WS2x2\S2U x\*S’S*SY+ S2 *TY \12+1PS[x*Y[ +*x*Y4Y2* 1W
\x+T WP1t+ W1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgMNi ~(,S2U MgMNk *TY WxS, ’xP(Y 1W *TY \12*S2UY2* \12+S[Y,x*S12 tx+ x[R(+*Y[ *1 /LiL
4SPPS12 n5LiG 4SPPS12mi >TY,Y tY,Y 21 1*TY, \Tx2UY+ S2 *TY WxS, ’xP(Y 1W *TY \12*S2UY2* \12+S[Y,x*S12 [(,S2U *TY qYx, Y2[Y[
~Y\Y4vY, LNk MgMNi

D2 #.,SP NIk MgNFk *TY !14.x2q x\-(S,Y[ b2UY2Sxi <2[Y, *TY .(,\Tx+Y x2[ +xPY xU,YY4Y2* W1, *TY b2UY2Sx x\-(S+S*S12k *TY

+Tx,YT1P[Y,+ 1W b2UY2Sx x,Y YPSUSvPY *1 ,Y\YS’Y \12*S2UY2* \12+S[Y,x*S12 vx+Y[ 12 *TY x\TSY’Y4Y2* 1W \Y,*xS2 ,Y’Y2(Y *x,UY*+ vq *TY
!14.x2q W,14 #.,SP MgNF *T,1(UT ^x,\T MgMMi >TY (2[S+\1(2*Y[ ,x2UY 1W .1++SvPY \12*S2UY2* \12+S[Y,x*S12 S+ oY,1 *1 /Gig 4SPPS12
n5Fig 4SPPS12mi bW *TY ,Y’Y2(Y *x,UY*+ x,Y x\TSY’Y[k *TY \12*S2UY2* \12+S[Y,x*S12 t1(P[ vY .xqxvPY S2 \x+T S2 *T,YY x22(xP

HJ

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

S2+*xPP4Y2*+ W,14 MgMg *1 MgMMi >TY Y+*S4x*Y[ WxS, ’xP(Y 1W *TY \12*S2UY2* \12+S[Y,x*S12 1W /JiG 4SPPS12 n5IiI 4SPPS12m tx+
[Y*Y,4S2Y[ vx+Y[ 12 *TY ^12*Y !x,P1 ’xP(x*S12 4Y*T1[ x2[ tx+ ,Y\1,[Y[ x+ .x,* 1W *TY .(,\Tx+Y .,S\Y x+ 1W *TY x\-(S+S*S12 [x*Yi
@(v+Y-(Y2* \Tx2UY+ S2 *TY Y+*S4x*Y[ WxS, ’xP(Y 1W *TY \12*S2UY2* \12+S[Y,x*S12 PSxvSPS*q x,Y ,Y\1,[Y[ S2 *TY \12+1PS[x*Y[ +*x*Y4Y2* 1W
1.Y,x*S12+ S2 ,Y+*,(\*(,S2Uk x\-(S+S*S12k x2[ ,YPx*Y[ \1+*+ (2*SP *TY PSxvSPS*q S+ W(PPq +Y**PY[i >TY !14.x2q 4x[Y *TY WS,+* S2+*xPP4Y2*
.xq4Y2* 1W /Nig 4SPPS12 n5NiN 4SPPS12m S2 ^xq MgMg x2[ *TY +Y\12[ S2+*xPP4Y2* .xq4Y2* 1W /NiM 4SPPS12 n5NiK 4SPPS12m S2 ^xq MgMNi
>TY+Y S2+*xPP4Y2* .xq4Y2*+ x,Y ,Y.1,*Y[ x+ \x+T 1(*WP1t+ W,14 WS2x2\S2U x\*S’S*SY+ S2 *TY \12+1PS[x*Y[ +*x*Y4Y2* 1W \x+T WP1t+ W1,
*TY ,Y+.Y\*S’Y .Y,S1[+i ~(,S2U MgMgk *TY WxS, ’xP(Y 1W *TY \12*S2UY2* \12+S[Y,x*S12 tx+ x[R(+*Y[ *1 /MiL 4SPPS12 n5MiF 4SPPS12mi
~(,S2U MgMNk *TY WxS, ’xP(Y 1W *TY \12*S2UY2* \12+S[Y,x*S12 tx+ x[R(+*Y[ *1 /NiJ 4SPPS12 n5NiH 4SPPS12mi

D2 ~Y\Y4vY, NKk MgNIk *TY !14.x2q x\-(S,Y[ \Y,*xS2 ’S[Y1 +SU2xP .,1\Y++S2U x2[ 4x2xUY4Y2* *Y\T21P1USY+ (+Y[ S2 4Y[S\xP

’S+(xPSox*S12 +1P(*S12+i <2[Y, *TY .(,\Tx+Y x2[ +xPY xU,YY4Y2*k *TY W1,4Y, 1t2Y,+ x,Y YPSUSvPY *1 ,Y\YS’Y \12*S2UY2* \12+S[Y,x*S12
vx+Y[ 12 *TY x\TSY’Y4Y2* 1W \Y,*xS2 ,Y’Y2(Y *x,UY*+ vq *TY !14.x2q W,14 MgNG *1 MgMN W,14 .,1[(\*+ (*SPSoS2U *TY x\-(S,Y[
*Y\T21P1USY+i >TY (2[S+\1(2*Y[ ,x2UY 1W .1++SvPY \12*S2UY2* \12+S[Y,x*S12 S+ oY,1 *1 /JiJ 4SPPS12 n5IiI 4SPPS12mi bW *TY ,Y’Y2(Y
*x,UY*+ x,Y x\TSY’Y[k *TY \12*S2UY2* \12+S[Y,x*S12 t1(P[ vY .xqxvPY S2 \x+T S2 W1(, S2+*xPP4Y2*+ W,14 MgNF *1 MgMMi #+ *TY x\-(S,Y[
x++Y*+ [S[ 21* 4YY* *TY [YWS2S*S12 1W x v(+S2Y++k *TY WxS, ’xP(Y 1W *TY \12*S2UY2* \12+S[Y,x*S12 S+ ,Y\1U2SoY[ tTY2 .,1vxvPY x2[
Y+*S4xvPY x2[ S+ \x.S*xPSoY[ x+ .x,* 1W *TY \1+* 1W *TY x\-(S,Y[ x++Y*+i @(v+Y-(Y2* \Tx2UY+ S2 *TY Y+*S4x*Y[ WxS, ’xP(Y 1W *TS+
\12*S2UY2* PSxvSPS*q x,Y ,Y\1,[Y[ x+ x[R(+*4Y2*+ *1 *TY \x,,qS2U ’xP(Y 1W *TY x++Y*+ x\-(S,Y[ x2[ x41,*SoY[ 1’Y, *TY ,Y4xS2S2U (+YW(P
PSWY 1W *TY (2[Y,PqS2U x++Y*+i >TY !14.x2q 4x[Y *TY WS,+* S2+*xPP4Y2* .xq4Y2* 1W /MiK 4SPPS12 n5MiI 4SPPS12m S2 eYv,(x,q MgMg x2[
*TY +Y\12[ S2+*xPP4Y2* .xq4Y2* 1W /NiG 4SPPS12 n5MiM 4SPPS12m S2 eYv,(x,q MgMNi >TY+Y S2+*xPP4Y2* .xq4Y2*+ x,Y ,Y.1,*Y[ x+ \x+T
WP1t+ W,14 S2’Y+*S2U x\*S’S*SY+ S2 *TY \12+1PS[x*Y[ +*x*Y4Y2* 1W \x+T WP1t+ W1, *TY ,Y+.Y\*S’Y .Y,S1[+i #+ 1W ~Y\Y4vY, LNk MgMNk *TY
!14.x2q ,Y\1,[Y[ x \(,,Y2* PSxvSPS*q 1W /NiM 4SPPS12 n5NiK 4SPPS12m W1, *TY *TS,[ x2[ Px+* S2+*xPP4Y2* .xq4Y2*k tTS\T S+ Yr.Y\*Y[ *1
vY .xS[ S2 ^x,\T MgMMi

>TY W1PP1tS2U *xvPY +(44x,SoY+ *TY WxS, ’xP(Y+ 1W *TY !14.x2q;+ x++Y*+ x2[ PSxvSPS*SY+ 4Yx+(,Y[ x* WxS, ’xP(Y 12 x ,Y\(,,S2U

vx+S+ x+ 1W ~Y\Y4vY, LNk MgMN nS2 *T1(+x2[+mE

Wo(cid:128)q˘(cid:201) Zw”(cid:204)˘t ”(cid:132)
(cid:215)(cid:204)q”m˘ (cid:141)Øw(cid:181)˘qt ˆ(cid:128)w
(cid:151)(cid:201)˘(cid:132)q”(cid:204)؇ (cid:215)tt˘qt

Q”(cid:192)(cid:132)”ˆ”(cid:204)Ø(cid:132)q ]q‰˘w
]Łt˘wmØŁ‡˘ (cid:151)(cid:132)}oqt

Q”(cid:192)(cid:132)”ˆ”(cid:204)Ø(cid:132)q ]q‰˘w
K(cid:132)(cid:128)Łt˘wmØŁ‡˘
(cid:151)(cid:132)}oqt

(cid:160)Ø”w I؇o˘

(cid:153)(cid:143)˘m˘‡ [(cid:151)

(cid:153)(cid:143)˘m˘‡ X(cid:151)

(cid:153)(cid:143)˘m˘‡ U(cid:151)

(cid:215)tt˘qt

!x+T Y-(S’xPY2*+
C,Y.xS[ Yr.Y2+Y+ x2[ 1*TY, \(,,Y2* x++Y*+E

e1,YSU2 \(,,Y2\q W1,tx,[ \12*,x\*+

(cid:143)”ØŁ”‡”q”˘t

#\\,(Y[ Yr.Y2+Y+ x2[ 1*TY, \(,,Y2* PSxvSPS*SY+E

!12*S2UY2* \12+S[Y,x*S12+ j !(,,Y2*
e1,YSU2 \(,,Y2\q W1,tx,[ \12*,x\*+

D*TY, PSxvSPS*SY+E

!12*S2UY2* \12+S[Y,x*S12+ j _12Uj*Y,4

5

5

5

5

NkHNN 5

NkHNN 5

NLH
NkGKG 5

X
NkHNN 5

KHkJMM 5
NIg

LkKgM
JNkgGK 5

X 5
X

X
X 5

X 5

NLH
NLH 5

X 5
NIg

X
NIg 5

X

X
X

KHkJMM
X

LkKgM
JgkFMK

HI

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

>TY W1PP1tS2U *xvPY +(44x,SoY+ *TY WxS, ’xP(Y+ 1W *TY !14.x2q;+ x++Y*+ x2[ PSxvSPS*SY+ 4Yx+(,Y[ x* WxS, ’xP(Y 12 x ,Y\(,,S2U

vx+S+ x+ 1W ~Y\Y4vY, LNk MgMg nS2 *T1(+x2[+mE

Wo(cid:128)q˘(cid:201) Zw”(cid:204)˘t ”(cid:132)
(cid:215)(cid:204)q”m˘ (cid:141)Øw(cid:181)˘qt ˆ(cid:128)w
(cid:151)(cid:201)˘(cid:132)q”(cid:204)؇ (cid:215)tt˘qt

Q”(cid:192)(cid:132)”ˆ”(cid:204)Ø(cid:132)q ]q‰˘w
]Łt˘wmØŁ‡˘ (cid:151)(cid:132)}oqt

Q”(cid:192)(cid:132)”ˆ”(cid:204)Ø(cid:132)q ]q‰˘w
K(cid:132)(cid:128)Łt˘wmØŁ‡˘
(cid:151)(cid:132)}oqt

(cid:160)Ø”w I؇o˘

(cid:153)(cid:143)˘m˘‡ [(cid:151)

(cid:153)(cid:143)˘m˘‡ X(cid:151)

(cid:153)(cid:143)˘m˘‡ U(cid:151)

(cid:215)tt˘qt

!x+T Y-(S’xPY2*+
C,Y.xS[ Yr.Y2+Y+ x2[ 1*TY, \(,,Y2* x++Y*+E

e1,YSU2 \(,,Y2\q W1,tx,[ \12*,x\*+

(cid:143)”ØŁ”‡”q”˘t

#\\,(Y[ Yr.Y2+Y+ x2[ 1*TY, \(,,Y2* PSxvSPS*SY+E

!12*S2UY2* \12+S[Y,x*S12+ j !(,,Y2*
e1,YSU2 \(,,Y2\q W1,tx,[ \12*,x\*+

D*TY, PSxvSPS*SY+E

!12*S2UY2* \12+S[Y,x*S12+ j _12Uj*Y,4

5

5

5

5

NNkgKH 5

NNkgKH 5

MH
NNkgHK 5

X
NNkgKH 5

KkMGg 5
X

HkMHI
NNkJJI 5

X 5
X

X
X 5

X 5

MH
MH 5

X 5
X

X
X 5

X

X
X

KkMGg
X

HkMHI
NNkJJI

~(,S2U *TY qYx,+ Y2[Y[ ~Y\Y4vY, LNk MgMN x2[ MgMgk *TY,Y tY,Y 21 *,x2+WY,+ vY*tYY2 WxS, ’xP(Y PY’YP+i

!Tx2UY+ S2 *TY WxS, ’xP(Y 1W _Y’YP L \12*S2UY2* \12+S[Y,x*S12+ W1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgMN tY,Y x+ W1PP1t+ nS2

*T1(+x2[+mE

"xPx2\Y x* ~Y\Y4vY, LNk MgMg
#\-(S+S*S12 1W #>b

exS, ’xP(Y x[R(+*4Y2*+
Cxq4Y2*+
fWWY\* 1W W1,YSU2 Yr\Tx2UY ,x*Y+

"xPx2\Y x* ~Y\Y4vY, LNk MgMN

(cid:211)(cid:128)(cid:132)q”(cid:132)(cid:192)˘(cid:132)q
(cid:211)(cid:128)(cid:132)t”(cid:201)˘wØq”(cid:128)(cid:132)t

NNkJJI
KKkggg
nFFm
nKkgLIm
nKFHm
JgkFMK

5

5

HH

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

>TY W1PP1tS2U *xvPY .,1’S[Y+ -(xPS*x*S’Y S2W1,4x*S12 x++1\Sx*Y[ tS*T *TY WxS, ’xP(Y 4Yx+(,Y4Y2* 1W *TY !14.x2q;+ _Y’YP L

PSxvSPS*SY+E

(cid:143)”ØŁ”‡”qD
!12*S2UY2*
\12+S[Y,x*S12 n#>bm

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142) X(cid:131)X[
(cid:160)Ø”w I؇o˘
(cid:153)”(cid:132) q‰(cid:128)otØ(cid:132)(cid:201)t(cid:151)
5KKkggg

I؇oØq”(cid:128)(cid:132) N˘(cid:204)‰(cid:132)”zo˘
^12*Y !x,P1
4Y*T1[

!12*S2UY2*
\12+S[Y,x*S12
n#Adf@m

5LkHGF

^12*Y !x,P1
4Y*T1[

!12*S2UY2*
\12+S[Y,x*S12 nb2UY2Sxm

5NkHLI

^12*Y !x,P1
4Y*T1[

K(cid:132)(cid:128)Łt˘wmØŁ‡˘ (cid:151)(cid:132)}oqt
cS+*1,S\xP x2[ .,1RY\*Y[ #[R(+*Y[
f"b>~# W1, *TY W(PP qYx, MgMN
f"b>~# ,S+Q .,Y4S(4
f"b>~# ’1Px*SPS*q
!,Y[S* +.,Yx[

cS+*1,S\xP x2[ .,1RY\*Y[ ,Y’Y2(Y+
W,14 a(Pq MgNF *T,1(UT
~Y\Y4vY, MgMI
AY’Y2(Y ’1Px*SPS*q
!1+* 1W [Yv*
~S+\1(2* ,x*Y

cS+*1,S\xP x2[ .,1RY\*Y[ ,Y’Y2(Y+
W,14 #.,SP MgNF *T,1(UT ^x,\T
MgMM
AY’Y2(Y ’1Px*SPS*q
!1+* 1W [Yv*
~S+\1(2* ,x*Y

!12*S2UY2*
\12+S[Y,x*S12 nD*TY,m

5NkLFF

~S+\1(2*Y[ \x+T
WP1t 4Y*T1[

cS+*1,S\xP x2[ .,1RY\*Y[ ,Y’Y2(Y+
W1, WS+\xP qYx,+ MgNG *1 MgMN

~S+\1(2* ,x*Y

Z˘w(cid:204)˘(cid:132)qØ(cid:192)˘
(cid:215)}}‡”˘(cid:201)
]h#

HiM3
MHig3
MiN3

]h#

NKig3
Lig3
NiF3

]h#

LGiJ3
LiN3
FiI3

]h#

MMiG3

@YY ]1*Y NN W1, x [S+\(++S12 1W *TY Y+*S4x*Y[ WxS, ’xP(Y 1W *TY !14.x2q;+ 1(*+*x2[S2U [Yv* x2[ ]1*Y NK W1, x [S+\(++S12 1W *TY

Y+*S4x*Y[ WxS, ’xP(Y 1W *TY !14.x2q;+ .Y2+S12 .Px2 x++Y*+i

B(cid:136) (cid:160)(cid:128)w˘”(cid:192)(cid:132) (cid:211)oww˘(cid:132)(cid:204)D (cid:211)(cid:128)(cid:132)qwØ(cid:204)qt

>TY !14.x2q x[[,Y++Y+ 4x,QY* ,S+Q+ W,14 \Tx2UY+ S2 W1,YSU2 \(,,Y2\q Yr\Tx2UY ,x*Y+ *T,1(UT x ,S+Q 4x2xUY4Y2* .,1U,x4

*Tx* S2\P([Y+ *TY (+Y 1W [Y,S’x*S’Y WS2x2\SxP S2+*,(4Y2*+ *1 4S*SUx*Y \Y,*xS2 W1,YSU2 \(,,Y2\q *,x2+x\*S12 Yr.1+(,Y+ W,14 W(*(,Y
+Y**PY4Y2* 1W 212jW(2\*S12xP \(,,Y2\q 412Y*x,q x++Y*+ x2[ PSxvSPS*SY+ x+ 1W *TY Y2[ 1W x .Y,S1[i >TY !14.x2q [1Y+ 21* Y2*Y, S2*1
[Y,S’x*S’Y *,x2+x\*S12+ W1, +.Y\(Px*S’Y .(,.1+Y+i dxS2+ x2[ P1++Y+ 12 [Y,S’x*S’Y WS2x2\SxP S2+*,(4Y2*+ +(v+*x2*SxPPq 1WW+Y* P1++Y+ x2[
UxS2+ 12 *TY (2[Y,PqS2U TY[UY[ Yr.1+(,Y+i e(,*TY,41,Yk *TY !14.x2q 4x2xUY+ S*+ Yr.1+(,Y *1 \1(2*Y,.x,*q ,S+Q+ 12 [Y,S’x*S’Y
S2+*,(4Y2*+ vq Y2*Y,S2U S2*1 \12*,x\*+ tS*T x [S’Y,+SWSY[ U,1(. 1W 4xR1, WS2x2\SxP S2+*S*(*S12+ x2[ vq x\*S’YPq 412S*1,S2U 1(*+*x2[S2U
.1+S*S12+i

#+ 1W ~Y\Y4vY, LNk MgMNk *TY 21*S12xP x41(2* x2[ WxS, ’xP(Y 1W *TY !14.x2q;+ W1,YSU2 \(,,Y2\q W1,tx,[ \12*,x\*+ tx+ 5Jgig

4SPPS12 x2[ x 2Y* P1++ 1W PY++ *Tx2 5giN 4SPPS12k ,Y+.Y\*S’YPqi #+ 1W ~Y\Y4vY, LNk MgMgk *TY 21*S12xP x41(2* x2[ WxS, ’xP(Y 1W *TY
!14.x2q;+ W1,YSU2 \(,,Y2\q W1,tx,[ \12*,x\*+ tx+ 5MGiJ 4SPPS12 x2[ x 2Y* UxS2 1W PY++ *Tx2 5giN 4SPPS12k ,Y+.Y\*S’YPqi

e1, *TY qYx,+ Y2[Y[ ~Y\Y4vY, LNk MgMNk MgMg x2[ MgNFk *TY !14.x2q ,Y\1U2SoY[ xUU,YUx*Y 2Y* UxS2+ 1W 5NiL 4SPPS12k 5NiL
4SPPS12 x2[ 5giG 4SPPS12k ,Y+.Y\*S’YPqk W,14 *TY +Y**PY4Y2* 1W W1,YSU2 \(,,Y2\q W1,tx,[ \12*,x\*+k tTS\T tY,Y S2\P([Y[ S2 W1,YSU2
Yr\Tx2UY *,x2+x\*S12 UxS2+ nP1++Y+m S2 *TY \12+1PS[x*Y[ +*x*Y4Y2*+ 1W 1.Y,x*S12+i

?(cid:136) £Øw(cid:132)”(cid:132)(cid:192)t }˘w (cid:211)(cid:128)(cid:136)(cid:136)(cid:128)(cid:132) Q‰Øw˘

"x+S\ Yx,2S2U+ .Y, \14412 +Tx,Y S+ \14.(*Y[ vq [S’S[S2U \12+1PS[x*Y[ 2Y* S2\14Y vq *TY tYSUT*Y[ x’Y,xUY 2(4vY, 1W

\14412 +Tx,Y+ 1(*+*x2[S2U [(,S2U *TY qYx,i

HG

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

e1, [SP(*Y[ Yx,2S2U+ .Y, \14412 +Tx,Yk *TY [Y214S2x*1, S2\P([Y+ *TY [SP(*S’Y YWWY\*+ 1W 1(*+*x2[S2U ,Y+*,S\*Y[ +*1\Q (2S*+ x2[

+*1\Q 1.*S12+k [Y*Y,4S2Y[ (+S2U *TY *,Yx+(,q +*1\Q 4Y*T1[i >TY [SP(*S’Y YWWY\*+ 1W 4x,QY*jvx+Y[ \12*S2UY2*Pq S++(xvPY +Tx,Y+ x,Y
S2\P([Y[ S2 *TY tYSUT*Y[ x’Y,xUY [SP(*S’Y +Tx,Y \xP\(Px*S12 vx+Y[ 12 *TY 2(4vY, 1W +Tx,Y+k SW x2qk *Tx* t1(P[ vY S++(xvPY x+ 1W *TY
Y2[ 1W *TY ,Y.1,*S2U .Y,S1[ x++(4S2U *TY Y2[ 1W *TY ,Y.1,*S2U .Y,S1[ S+ xP+1 *TY Y2[ 1W *TY .Y,W1,4x2\Y .Y,S1[i >TY [SP(*S’Y YWWY\*+
1W x**xS24Y2*jvx+Y[ \12*S2UY2*Pq S++(xvPY +Tx,Y+ U,x2*Y[ *1 *TY W1,4Y, _x+Y, B(x2*(4 _S4S*Y[ 212\12*,1PPS2U S2*Y,Y+* +Tx,YT1P[Y,+
x2[ 212jd##C fC@ .Y,W1,4x2\Yjvx+Y[ ,Y+*,S\*Y[ +*1\Q (2S*+ x2[ \(4(Px*S’Y 1.Y,x*S2U \x+T WP1t .Y,W1,4x2\Yjvx+Y[ ,Y+*,S\*Y[
+*1\Q (2S*+ U,x2*Y[ *1 \Y,*xS2 4Y4vY,+ 1W *TY YrY\(*S’Y 4x2xUY4Y2* *Yx4 x,Y S2\P([Y[ S2 *TY tYSUT*Y[ x’Y,xUY [SP(*S’Y +Tx,Y
\xP\(Px*S12 12Pq tTY2 *TY .Y,W1,4x2\Y *x,UY*+ Tx’Y vYY2 x\TSY’Y[ vx+Y[ 12 *TY \(4(Px*S’Y x\TSY’Y4Y2* xUxS2+* *TY .Y,W1,4x2\Y
*x,UY*+ x+ 1W *TY Y2[ 1W Yx\T ,Y.1,*S2U .Y,S1[i

>TY W1PP1tS2U *xvPY +Y*+ W1,*T *TY \14.(*x*S12 1W vx+S\ x2[ [SP(*Y[ Yx,2S2U+ .Y, \14412 +Tx,Y nS2 *T1(+x2[+k Yr\Y.* .Y, +Tx,Y

x41(2*+mE

(cid:140)o(cid:136)˘wØq(cid:128)wt=

!12+1PS[x*Y[ 2Y* S2\14Y

(cid:210)˘(cid:132)(cid:128)(cid:136)”(cid:132)Øq(cid:128)wt=

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[(cid:153)[(cid:151)

X(cid:131)X(cid:131)(cid:153)X(cid:151)

X(cid:131)[?(cid:153)U(cid:151)

5

JgkLLN

5

KKkJMN

5

KgkHHL

8YSUT*Y[ x’Y,xUY \14412 +Tx,Y+ 1(*+*x2[S2UX vx+S\
~SP(*S’Y .1*Y2*SxP \14412 +Tx,Y+
8YSUT*Y[ x’Y,xUY \14412 +Tx,Y+ 1(*+*x2[S2UX [SP(*Y[
#2*S[SP(*S’Y .1*Y2*SxP \14412 +Tx,Y+ Yr\P([Y[ W,14 xv1’Y

LJkLFI
LGJ
LJkHGN
NL

LJkNKK
JNg
LJkIJK
NL

£Øw(cid:132)”(cid:132)(cid:192)t }˘w (cid:211)(cid:128)(cid:136)(cid:136)(cid:128)(cid:132) Q‰Øw˘=

"x+S\
~SP(*Y[

5
5

NiKM
NiKN

5
5

NiMH
NiMJ

5
5

LJkgLg
JNI
LJkJKI
KN

NiNI
NiNJ

nNm

nMm

nLm

e1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgMNk KJ +Tx,Y+ 1W 212jd##C fC@ .Y,W1,4x2\Yjvx+Y[ ,Y+*,S\*Y[ +*1\Q (2S*+ x2[ LH
+Tx,Y+ 1W 1.Y,x*S2U \x+T WP1t .Y,W1,4x2\Yjvx+Y[ ,Y+*,S\*Y[ +*1\Q (2S*+ U,x2*Y[ *1 \Y,*xS2 4Y4vY,+ 1W *TY YrY\(*S’Y
4x2xUY4Y2* *Yx4 x2[ MNL +Tx,Y+ 1W ,Y+*,S\*Y[ +*1\Q S++(Y[ *1 _x+Y, B(x2*(4 W1,4Y, 212j\12*,1PPS2U S2*Y,Y+*
+Tx,YT1P[Y,+ x,Y \12+S[Y,Y[ \12*S2UY2*Pq S++(xvPY +Tx,Y+ x2[ tY,Y Yr\P([Y[ W,14 *TY \xP\(Px*S12 1W *TY [Y214S2x*1, x+
*TY \12*S2UY2* \12[S*S12+ Tx[ 21* vYY2 4Y* x+ 1W ~Y\Y4vY, LNk MgMNi

e1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgMgk KJ +Tx,Y+ 1W 212jd##C fC@ .Y,W1,4x2\Yjvx+Y[ ,Y+*,S\*Y[ +*1\Q (2S*+ U,x2*Y[ *1
\Y,*xS2 4Y4vY,+ 1W *TY YrY\(*S’Y 4x2xUY4Y2* *Yx4 x2[ MNL +Tx,Y+ 1W ,Y+*,S\*Y[ +*1\Q S++(Y[ *1 _x+Y, B(x2*(4 W1,4Y,
212j\12*,1PPS2U S2*Y,Y+* +Tx,YT1P[Y,+ tY,Y \12+S[Y,Y[ \12*S2UY2*Pq S++(xvPY +Tx,Y+ x2[ tY,Y Yr\P([Y[ W,14 *TY
\xP\(Px*S12 1W *TY [Y214S2x*1, x+ *TY \12*S2UY2* \12[S*S12+ Tx[ 21* vYY2 4Y* x+ 1W ~Y\Y4vY, LNk MgMgi

e1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgNFk KI +Tx,Y+ 1W 212jd##C fC@ .Y,W1,4x2\Yjvx+Y[ ,Y+*,S\*Y[ +*1\Q (2S*+ U,x2*Y[ *1
\Y,*xS2 4Y4vY,+ 1W *TY YrY\(*S’Y 4x2xUY4Y2* *Yx4 x2[ MNL +Tx,Y+ 1W ,Y+*,S\*Y[ +*1\Q S++(Y[ *1 _x+Y, B(x2*(4 W1,4Y,
212j\12*,1PPS2U S2*Y,Y+* +Tx,YT1P[Y,+ tY,Y \12+S[Y,Y[ \12*S2UY2*Pq S++(xvPY +Tx,Y+ x2[ tY,Y Yr\P([Y[ W,14 *TY
\xP\(Px*S12 1W *TY [Y214S2x*1, x+ *TY \12*S2UY2* \12[S*S12+ Tx[ 21* vYY2 4Y* x+ 1W ~Y\Y4vY, LNk MgNFi

HF

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

[(cid:131)(cid:136) Qo}}‡˘(cid:136)˘(cid:132)qØwD (cid:213)؇Ø(cid:132)(cid:204)˘ Q‰˘˘q (cid:151)(cid:132)ˆ(cid:128)w(cid:136)Øq”(cid:128)(cid:132)

>TY W1PP1tS2U *xvPY+ .,1’S[Y *TY [Y*xSP+ 1W +YPY\*Y[ vxPx2\Y +TYY* S*Y4+ x+ 1W *TY [x*Y+ S2[S\x*Y[ nS2 *T1(+x2[+mE

Inventories

Axt 4x*Y,SxP+
81,QjS2j.,1\Y++
eS2S+TY[ U11[+
~Y41 x2[ \12+SU2Y[ S2’Y2*1,q
>1*xP S2’Y2*1,SY+

Property, Plant and Equipment, Net

!1+*E

_x2[k v(SP[S2U+ x2[ S4.,1’Y4Y2*+
^x\TS2Y,q x2[ Y-(S.4Y2*

>1*xP \1+*
#\\(4(Px*Y[ [Y.,Y\Sx*S12
C,1.Y,*qk .Px2* x2[ Y-(S.4Y2*k 2Y*

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[

X(cid:131)X(cid:131)

GKkgLG
MgkIgg
NFkKGI
NkJLL
NMJkIJH

5

5

JJkIJH
NJkKGH
MgkMLK
NkLJF
FMkHLH

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[

X(cid:131)X(cid:131)

HGkFgI
FGkIGH
NHHkJFL
nFgkNJKm
GHkKLF

5

5

HNkLKN
FLkKFK
NIKkGLJ
nGIkNJFm
HGkIHI

5

5

5

5

>TY W1PP1tS2U *xvPY +(44x,SoY+ [Y.,Y\Sx*S12 Yr.Y2+Y 12 .,1.Y,*qk .Px2* x2[ Y-(S.4Y2*k S2\P([S2U [Y41 (2S*+ x2[ x++Y*+

(2[Y, WS2x2\Y PYx+Y+ nS2 *T1(+x2[+mE

~Y.,Y\Sx*S12 Yr.Y2+Y

5

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X(cid:131)
NLkMgg

X(cid:131)X[
NLkJMF 5

5

X(cid:131)[?
NNkGLJ

Accrued Expenses and Other Current Liabilities

>TY W1PP1tS2U *xvPY +(44x,SoY+ x\\,(Y[ Yr.Y2+Y+ x2[ 1*TY, \(,,Y2* PSxvSPS*SY+ x+ 1W *TY [x*Y+ S2[S\x*Y[ nS2 *T1(+x2[+mE

#\\,(Y[ \14.Y2+x*S12 x2[ vY2YWS*+
#\\,(Y[ \12*S2UY2* \12+S[Y,x*S12+ x2[ Yx,2j1(*+
eS2x2\Y PYx+Y 1vPSUx*S12+
!12*,x\* PSxvSPS*SY+k \(,,Y2* .1,*S12
#\\,(Y[ tx,,x2*q
D*TY,
>1*xP

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[

X(cid:131)X(cid:131)

5

5

MKkHMJ
KHkJMM
JFF
IkFFJ
KkHGL
NLkGJJ
FGkKHF

5

5

NMkJNg
NgkHFI
FkHMg
IkNHL
KkFNF
FkIIM
JLkHGg

Gg

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

Accrued Warranty

>TY W1PP1tS2U *xvPY +(44x,SoY+ \Tx2UY+ S2 x\\,(Y[ tx,,x2*q W1, *TY .Y,S1[+ S2[S\x*Y[ nS2 *T1(+x2[+mE

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X(cid:131)

X(cid:131)[?

X(cid:131)X[

"xPx2\Y x* vYUS22S2U 1W qYx,
C,1’S+S12 \Tx,UY[ *1 \1+* 1W ,Y’Y2(Y
8x,,x2*q PSxvSPS*SY+ x\-(S,Y[ W,14 x\-(S+S*S12+
<+Y 1W .,1’S+S12
e1,YSU2 \(,,Y2\q Yr\Tx2UY ,x*Y \Tx2UY+
"xPx2\Y x* Y2[ 1W qYx,

5

5

KkFNF
NkKNg
GHK
nMkLMIm
nFKm
KkHGL

5

5

JkHJI
NkGLG
X
nMkGgJm
NLg
KkFNF

5

5

KkJNg
MkLIg
NKM
nNkMGMm
MI
JkHJI

Other Long Term Liabilities

>TY W1PP1tS2U *xvPY +(44x,SoY+ 1*TY, P12U *Y,4 PSxvSPS*SY+ x+ 1W *TY [x*Y+ S2[S\x*Y[ nS2 *T1(+x2[+mE

eS2x2\Y PYx+Y 1vPSUx*S12+
#\\,(Y[ .Y2+S12 PSxvSPS*SY+
#\\,(Y[ \12*S2UY2* \12+S[Y,x*S12+ x2[ Yx,2j1(*+
D*TY,
>1*xP

[[(cid:136) (cid:210)˘Łq

~Yv* \12+S+*Y[ 1W *TY W1PP1tS2U nS2 *T1(+x2[+mE

@Y2S1, !,Y[S* ex\SPS*SY+ Z *Y,4 P1x2
_Y++E (2x41,*SoY[ [Yv* S++(x2\Y \1+*+
>1*xP \(,,Y2* .1,*S12 1W P12Uj*Y,4 [Yv*

@Y2S1, !,Y[S* ex\SPS*SY+ Z *Y,4 P1x2
@Y2S1, !,Y[S* ex\SPS*SY+ Z ,Y’1P’S2U \,Y[S* Wx\SPS*q
_Y++E (2x41,*SoY[ [Yv* S++(x2\Y \1+*+
>1*xP P12Uj*Y,4 [Yv*

5

5

5

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[

X(cid:131)X(cid:131)

JkLgF
X
LkKgM
FMH
FkILG

5

5

JkFgG
NkJNN
HkMHI
MkKHN
NHkNII

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[

X(cid:131)X(cid:131)

5

JkNMI
nMFm
JkgFH

GIkGHF
LKIkJHF
nKkgFHm
KMFkLIN

JkJKJ
nLHm
JkJgG

FFkJLK
FFkHIN
nKkLIGm
NFKkFMH

>1*xP @Y2S1, !,Y[S* ex\SPS*SY+

5

KLKkKJG

5

MggkKLJ

Senior Credit Facilities

D2 ~Y\Y4vY, LNk MgNFk *TY !14.x2q Y2*Y,Y[ S2*1 x2 x4Y2[Y[ x2[ ,Y+*x*Y[ \,Y[S* xU,YY4Y2* nx+ x4Y2[Y[k *TY V>TS,[
#4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2*?m tS*T YrS+*S2U PY2[Y,+ W1, x2 xUU,YUx*Y \,Y[S* Wx\SPS*q 1W 5KJgig 4SPPS12k 1,SUS2xPPq
\12+S+*S2U 1W x 5Nggig 4SPPS12 TY @Y2S1, !,Y[S* ex\SPS*SY+ 4x*(,Y S2
~Y\Y4vY, MgMKi >TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2* x4Y2[Y[ x2[ ,Y+*x*Y[ *TY @Y\12[ #4Y2[Y[ x2[ AY+*x*Y[
!,Y[S* #U,YY4Y2* [x*Y[ x+ 1W ^xq NFk MgNIi

D2 ^x,\T MHk MgMgk *TY !14.x2q Y2*Y,Y[ S2*1 x2 x4Y2[4Y2* n*TY VeS,+* #4Y2[4Y2*?m *1 *TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[

!,Y[S* #U,YY4Y2* x2[ YrY,\S+Y[ x .1,*S12 1W *TY (2\144S**Y[ x\\1,[S12 WYx*(,Yi >TY eS,+* #4Y2[4Y2* S2\,Yx+Y[ *TY ,Y’1P’S2U
\,Y[S* Wx\SPS*q \144S*4Y2* (2[Y, *TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2* vq 5NKJig 4SPPS12k W,14 5LJgig 4SPPS12 *1
5KFJig 4SPPS12k x2[ ,Y+Y* *TY (2\144S**Y[ x\\1,[S12 WYx*(,Y *1 5Mggig 4SPPS12 W1, .1*Y2*SxP W(*(,Y Yr.x2+S12i

GN

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

D2 D\*1vY, Jk MgMNk *TY !14.x2q Y2*Y,Y[ S2*1 x2 x4Y2[4Y2* n*TY Ve1(,*T #4Y2[4Y2*?m *1 *TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[

!,Y[S* #U,YY4Y2* *1 YrY,\S+Y *TY x\\1,[S12 1.*S12i >TY e1(,*T #4Y2[4Y2* S2\,Yx+Y[ *TY ,Y’1P’S2U \,Y[S* Wx\SPS*q \144S*4Y2*
(2[Y, *TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2* vq 5Mggig 4SPPS12k W,14 5KFJig 4SPPS12 *1 5IFJig 4SPPS12k x2[ ,Y+Y* *TY
(2\144S**Y[ x\\1,[S12 WYx*(,Y *1 5Mggig 4SPPS12 W1, .1*Y2*SxP W(*(,Y Yr.x2+S12i

>TY v1,,1tS2U+ 1(*+*x2[S2U (2[Y, *TY @Y2S1, !,Y[S* ex\SPS*SY+ vYx, S2*Y,Y+* x* ,x*Y+ vx+Y[ 12 nxm *TY "x+Y Ax*Yk x+ [YWS2Y[ S2

*TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2*k .P(+ x 4x,US2 ,x2US2U vY*tYY2 giMJ3 *1 NiMJ3 .Y, x22(4k [Y*Y,4S2Y[ vq
,YWY,Y2\Y *1 *TY !14.x2q;+ \12+1PS[x*Y[ PY’Y,xUY ,x*S1k 1, nvm *TY f(,1\(,,Y2\q Ax*Yk x+ [YWS2Y[ S2 *TY >TS,[ #4Y2[Y[ x2[
AY+*x*Y[ !,Y[S* #U,YY4Y2*k .P(+ x 4x,US2 ,x2US2U vY*tYY2 NiMJ3 x2[ MiMJ3 .Y, x22(4k [Y*Y,4S2Y[ vq ,YWY,Y2\Y *1 *TY
!14.x2q;+ \12+1PS[x*Y[ PY’Y,xUY ,x*S1i b2 x[[S*S12k *TY !14.x2q S+ 1vPSUx*Y[ *1 .xq x \144S*4Y2* WYY 12 *TY (2(+Y[ .1,*S12 1W *TY
,Y’1P’S2U \,Y[S* Wx\SPS*qk ,x2US2U vY*tYY2 giMg3 x2[ giKg3 .Y, x22(4k [Y*Y,4S2Y[ vq ,YWY,Y2\Y *1 *TY !14.x2q;+ \12+1PS[x*Y[
PY’Y,xUY ,x*S1i

>TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2* \12*xS2+ ’x,S1(+ \(+*14x,q ,Y.,Y+Y2*x*S12+k tx,,x2*SY+ x2[ \1’Y2x2*+

x..PS\xvPY *1 *TY !14.x2q x2[ S*+ +(v+S[Sx,SY+k S2\P([S2Uk x412U 1*TY,+E nSm PS4S*x*S12+ 12 ,Y+*,S\*Y[ .xq4Y2*+k S2\P([S2U [S’S[Y2[
.xq4Y2*+ x2[ +*1\Q ,Y.(,\Tx+Y+k .,1’S[Y[ *Tx* *TY !14.x2q x2[ S*+ +(v+S[Sx,SY+ 4xq ,Y.(,\Tx+Y *TYS, Y-(S*q S2*Y,Y+*+ +1 P12U x+k
S44Y[Sx*YPq xW*Y, US’S2U YWWY\* *1 *TY ,Y.(,\Tx+Yk *TY !14.x2q;+ \12+1PS[x*Y[ PY’Y,xUY ,x*S1 S+ 21 41,Y *Tx2 LiMJENiggk tS*T x +*Y.
(. *1 LiHJENigg W1, W1(, \12+Y\(*S’Y -(x,*Y,+ W1PP1tS2U x2 x\-(S+S*S12 tS*T x2 xUU,YUx*Y \12+S[Y,x*S12 U,Yx*Y, *Tx2 1, Y-(xP *1 5Jgig
4SPPS12k x2[ *TY +x*S+Wx\*S12 1W 1*TY, \(+*14x,q \12[S*S12+% nSSm PS4S*x*S12+ 12 W(2[x4Y2*xP \Tx2UY+ S2’1P’S2U *TY !14.x2q x2[ S*+
+(v+S[Sx,SY+% nSSSm PS4S*x*S12+ 12 *TY [S+.1+S*S12 1W x++Y*+% x2[ nS’m PS4S*x*S12+ 12 S2[Yv*Y[2Y++k S2’Y+*4Y2*+k x2[ PSY2+i >TY >TS,[
#4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2* xP+1 ,Y-(S,Y+ *TY !14.x2q *1 +x*S+Wq \Y,*xS2 WS2x2\SxP \1’Y2x2*+k +(\T x+ 4xS2*xS2S2U x
4S2S4(4 \12+1PS[x*Y[ WSrY[ \Tx,UY \1’Y,xUY ,x*S1 1W NiJgENigg x2[ x 4xrS4(4 \12+1PS[x*Y[ PY’Y,xUY ,x*S1 1W LiJgENiggi >TY
4xrS4(4 \12+1PS[x*Y[ PY’Y,xUY ,x*S1 tSPP S2\,Yx+Y *1 KiggENigg W1, W1(, \12+Y\(*S’Y -(x,*Y,+ W1PP1tS2U x2 x\-(S+S*S12 tS*T x2
xUU,YUx*Y \12+S[Y,x*S12 U,Yx*Y, *Tx2 1, Y-(xP *1 5Jgig 4SPPS12i

#+ 1W ~Y\Y4vY, LNk MgMNk *TY 1(*+*x2[S2U .,S2\S.xP (2[Y, *TY !14.x2q;+ *Y,4 P1x2 Wx\SPS*q S+ +\TY[(PY[ *1 vY ,Y.xS[ x+

W1PP1t+ nS2 *T1(+x2[+mE

MgMM
MgML
MgMK
>1*xP [Yv* ,Y.xq4Y2*+

Zw”(cid:132)(cid:204)”}؇ (cid:215)(cid:136)(cid:128)o(cid:132)q
JkNMI
5
JkNMI
GNkHJL
FMkggJ

5

>TY 1(*+*x2[S2U .,S2\S.xP vxPx2\Y (2[Y, *TY *Y,4 P1x2 Wx\SPS*q S+ .xqxvPY S2 -(x,*Y,Pq S2+*xPP4Y2*+ 1W /NiN 4SPPS12 vYUS22S2U S2

^x,\T MgMgk tS*T *TY ,Y4xS2S2U vxPx2\Y [(Y (.12 4x*(,S*qi >TY !14.x2q 4xq 4xQY x[[S*S12xP .,S2\S.xP .xq4Y2*+ x* x2q *S4Yk
tTS\T tSPP ,Y[(\Y *TY 2Yr* -(x,*Y,Pq S2+*xPP4Y2* .xq4Y2* [(Yi "1,,1tS2U+ (2[Y, *TY ,Y’1P’S2U \,Y[S* Wx\SPS*q 4xq vY ,Y.xS[ x*
x2q*S4Y *T,1(UT ~Y\Y4vY, MgMKi >TY !14.x2q 4xq vY ,Y-(S,Y[ *1 .,Y.xq 1(*+*x2[S2U P1x2+ (2[Y, *TY >TS,[ #4Y2[Y[ x2[
AY+*x*Y[ !,Y[S* #U,YY4Y2* tS*T *TY 2Y* .,1\YY[+ 1W \Y,*xS2 x++Y* [S+.1+S*S12+ x2[ S2\(,,Y2\Y+ 1W \Y,*xS2 [Yv*i #* *TY YPY\*S12 1W *TY
!14.x2qk x2[ +1 P12U x+ 21 [YWx(P* +TxPP Tx’Y 1\\(,,Y[k *TY !14.x2q 4xq ,YS2’Y+* xPPk 1, x2q .1,*S12k 1W *TY 2Y* .,1\YY[+ W,14
+(\T x++Y* [S+.1+S*S12+ 1, S2\(,,Y2\Y+ 1W [Yv* tS*TS2 x qYx,i

#+ 1W ~Y\Y4vY, LNk MgMNk *TY !14.x2q Tx[ 5LKGiK 4SPPS12 x’xSPxvPY *1 vY [,xt2 (2[Y, *TY ,Y’1P’S2U \,Y[S* Wx\SPS*qi

fr\P([S2U \144S*4Y2* WYY+k *TY tYSUT*Y[ x’Y,xUY S2*Y,Y+* ,x*Y W1, *TY @Y2S1, !,Y[S* ex\SPS*SY+ tx+ x..,1rS4x*YPq MiLL3 x+ 1W
~Y\Y4vY, LNk MgMNi >TY \144S*4Y2* WYY ,x*Y W1, *TY (2(+Y[ \144S*4Y2*+ (2[Y, *TY ,Y’1P’S2U \,Y[S* Wx\SPS*q tx+ x..,1rS4x*YPq
giKg3 x+ 1W ~Y\Y4vY, LNk MgMNi

Guarantees

>TY @Y2S1, !,Y[S* ex\SPS*SY+ S+ U(x,x2*YY[ vq ]1’x2*x b2\ik ]1’x2*x !1,.1,x*S12k ]~@ @(,US\xP b4xUS2U __!k ^Y[ 7
!Tx2UYk b2\ik ]1’x2*x ^Y[S\xP >Y\T21P1USY+ !1,.ik 8iDi^i 81,P[ 1W ^Y[S\S2Y <@#k b2\ik ]1’x2*x f(,1.Y d4vck ]1’x2*x <‘
b2’Y+*4Y2*+ c1P[S2U _S4S*Y[ x2[ ]1’x2*x >Y\T21P1USY+ <‘ _S4S*Y[ n\1PPY\*S’YPqk Vd(x,x2*1,+?mi fx\T d(x,x2*1,k R1S2*Pq x2[
+Y’Y,xPPqk (2\12[S*S12xPPq U(x,x2*YY+ *TY [(Y x2[ .(2\*(xP .xq4Y2* 1W *TY .,S2\S.xPk S2*Y,Y+* x2[ WYY+ (2[Y, *TY @Y2S1, !,Y[S*
ex\SPS*SY+k tTY2 [(Y x2[ .xqxvPYk tTY*TY, x* 4x*(,S*qk vq ,Y-(S,Y[ .,Y.xq4Y2*k vq x\\YPY,x*S12 1, 1*TY,tS+Yi b2 x[[S*S12k d(x,x2*1,+
U(x,x2*YY *TY [(Y x2[ .(2\*(xP .xq4Y2*k WYY+ x2[ S2*Y,Y+* 12 *TY 1’Y,[(Y .,S2\S.xP 1W *TY @Y2S1, !,Y[S* ex\SPS*SY+ x2[ *TY [(Y x2[
.(2\*(xP .Y,W1,4x2\Y 1W xPP 1vPSUx*S12+ 1W *TY !14.x2q S2 x\\1,[x2\Y tS*T *TY *Y,4+ 1W *TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S*

GM

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

#U,YY4Y2*i e(,*TY,41,Yk Yx\T d(x,x2*1,k R1S2*Pq x2[ +Y’Y,xPPqk (2\12[S*S12xPPq U(x,x2*YY+ *Tx* S2 *TY Y’Y2* 1W x2q Yr*Y2+S12k
,Y2YtxPk x4Y2[4Y2*k ,YWS2x2\S2U 1, 41[SWS\x*S12 1W x2q 1W *TY @Y2S1, !,Y[S* ex\SPS*SY+k x41(2*+ [(Y tSPP vY .,14.*Pq .xS[ S2 W(PP
tTY2 [(Y S2 x\\1,[x2\Y tS*T *TY *Y,4+ 1W *TY Yr*Y2+S12 1, ,Y2YtxPk x* +*x*Y[ 4x*(,S*qk vq x\\YPY,x*S12 1, 1*TY,tS+Yi

>TY 1vPSUx*S12+ 1W Yx\T d(x,x2*1, x,Y PS4S*Y[ *1 *TY 4xrS4(4 x41(2*k xW*Y, US’S2U YWWY\* *1 xPP 1*TY, \12*S2UY2* x2[ WSrY[

PSxvSPS*SY+ 1, x2q \1PPY\*S12+ W,14k 1, .xq4Y2*+ 4x[Y vq 1, 12 vYTxPW 1Wk x2q 1*TY, d(x,x2*1,i fx\T d(x,x2*1, *Tx* 4xQY+ x .xq4Y2*
1, [S+*,Sv(*S12 (2[Y, x d(x,x2*YY S+ Y2*S*PY[ *1 x \12*,Sv(*S12 W,14 Yx\T 1*TY, d(x,x2*1, 1W S*+ .,1 ,x*x +Tx,Y vx+Y[ 12 *TY x[R(+*Y[
2Y* x++Y*+ 1W Yx\T d(x,x2*1,i bW x* x2q *S4Y x2q .xq4Y2* 1W x2q 1W *TY 1vPSUx*S12+ 1W *TY d(x,x2*1,+ S+ ,Y+\S2[Y[ 1, 4(+* 1*TY,tS+Y
vY ,Y*(,2Y[ (.12 *TY S2+1P’Y2\qk vx2Q,(.*\q 1, ,Y1,Ux2Sox*S12 1W *TY !14.x2qk x d(x,x2*1, 1, 1*TY,tS+Yk *TY d(x,x2*YY+ tSPP
\12*S2(Y *1 vY YWWY\*S’Y 1, vY ,YS2+*x*Y[k x+ *TY \x+Y 4xq vYk x+ *T1(UT +(\T .xq4Y2* Tx[ 21* vYY2 4x[Yi

fx\T d(x,x2*1, 4xq vY ,YPYx+Y[ W,14 S*+ 1vPSUx*S12+ (2[Y, S*+ ,Y+.Y\*S’Y d(x,x2*YY x2[ S*+ 1vPSUx*S12+ (2[Y, *TY >TS,[

#4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2* (.12 *TY 1\\(,,Y2\Y 1W \Y,*xS2 Y’Y2*+k S2\P([S2Uk v(* 21* PS4S*Y[ *1E nSm *TY d(x,x2*1,
\Yx+S2U *1 vY x +(v+S[Sx,q% 1, nSSm .xq4Y2* S2 W(PP 1W *TY .,S2\S.xP x2[ x\\,(Y[ x2[ (2.xS[ S2*Y,Y+* 12 *TY @Y2S1, !,Y[S* ex\SPS*SY+ x2[
xPP 1*TY, 1vPSUx*S12+i

>TY 4xrS4(4 .1*Y2*SxP x41(2* 1W W(*(,Y .xq4Y2*+ *Tx* *TY d(x,x2*1,+ \1(P[ vY ,Y-(S,Y[ *1 4xQY (2[Y, *TY d(x,x2*YY S+ *TY
.,S2\S.xP x41(2* 1W *TY @Y2S1, !,Y[S* ex\SPS*SY+ .P(+ xPP x\\,(Y[ x2[ (2.xS[ S2*Y,Y+* *TY,Y12i c1tY’Y,k x+ 1W ~Y\Y4vY, LNk MgMNk *TY
d(x,x2*1,+ tY,Y 21* Yr.Y\*Y[ *1 vY ,Y-(S,Y[ *1 .Y,W1,4 (2[Y, *TY d(x,x2*YYi

Liens

>TY !14.x2q;+ 1vPSUx*S12+ (2[Y, *TY @Y2S1, !,Y[S* ex\SPS*SY+ x,Y +Y\(,Y[k 12 x +Y2S1, vx+S+k vq x PSY2 12 +(v+*x2*SxPPq xPP 1W

*TY x++Y*+ 1W ]1’x2*x b2\i >TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2* xP+1 \12*xS2+ \(+*14x,q Y’Y2*+ 1W [YWx(P*i

Deferred Financing Costs

b2 \122Y\*S12 tS*T *TY YrY\(*S12 1W *TY >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2*k *TY eS,+* #4Y2[4Y2*k x2[ *TY e1(,*T

#4Y2[4Y2*k *TY !14.x2q \x.S*xPSoY[ x2 x[[S*S12xP 5JiM 4SPPS12 1W [YWY,,Y[ WS2x2\S2U \1+*+i >TY !14.x2q xPP1\x*Y[ *TY+Y \1+*+
vY*tYY2 *TY *Y,4 P1x2 x2[ *TY ,Y’1P’S2U \,Y[S* Wx\SPS*q vx+Y[ 12 *TY 4xrS4(4 v1,,1tS2U \x.x\S*q x2[ x41,*SoY+ *TY \1+*+ 12 x
+*,xSUT*jPS2Y vx+S+ 1’Y, *TY *Y,4 1W *TY @Y2S1, !,Y[S* ex\SPS*SY+i C,Y’S1(+Pq (2x41,*SoY[ [YWY,,Y[ WS2x2\S2U \1+*+ tSPP \12*S2(Y *1 vY
x41,*SoY[i ]12j\x+T S2*Y,Y+* Yr.Y2+Y ,YPx*Y[ *1 *TY x41,*Sox*S12 1W *TY [YWY,,Y[ WS2x2\S2U \1+*+ tx+ 5NiM 4SPPS12k 5Nig 4SPPS12 x2[
5NiN 4SPPS12 S2 MgMNk MgMg x2[ MgNFk ,Y+.Y\*S’YPqi <2x41,*SoY[ [YWY,,Y[ WS2x2\S2U \1+*+ x,Y .,Y+Y2*Y[ x+ x ,Y[(\*S12 *1 *TY [Yv*
vxPx2\Y+ 12 *TY \12+1PS[x*Y[ vxPx2\Y +TYY*+i

Fair Value of Debt

#+ 1W ~Y\Y4vY, LNk MgMN x2[ MgMgk *TY 1(*+*x2[S2U vxPx2\Y 1W *TY !14.x2q;+ [Yv* x..,1rS4x*Y[ S*+ WxS, ’xP(Y vx+Y[ 12
\(,,Y2* ,x*Y+ x’xSPxvPY *1 *TY !14.x2q W1, [Yv* 1W *TY +x4Y 4x*(,S*SY+i >TY WxS, ’xP(Y 1W *TY !14.x2q;+ [Yv* S+ \Px++SWSY[ x+ _Y’YP M
(2[Y, *TY WxS, ’xP(Y TSY,x,\Tqi

[X(cid:136) (cid:143)˘Øt˘t

^1+* PYx+Y+ TYP[ vq *TY !14.x2q Yr.S,Y vY*tYY2 MgMM x2[ MgLIi b2 *TY TY YrY,\S+Y 1W PYx+Y ,Y2YtxP 1, *Y,4S2x*S12 1.*S12 S+ x* *TY !14.x2q;+ +1PY [S+\,Y*S12% *TY,YW1,Yk *TY
4xR1,S*q 1W ,Y2YtxP+ *1 Yr*Y2[ *TY PYx+Y *Y,4+ x,Y 21* S2\P([Y[ S2 *TY !14.x2q;+ ,SUT*j1Wj(+Y x++Y*+ x2[ 1.Y,x*S2U PYx+Y PSxvSPS*SY+ x+
*TYq x,Y 21* ,Yx+12xvPq \Y,*xS2 1W vYS2U YrY,\S+Y[i >TY !14.x2q ,YU(Px,Pq Y’xP(x*Y+ *TY ,Y2YtxP 1.*S12+ x2[ S2\P([Y+ *TY ,Y2YtxP
.Y,S1[+ S2 *TY PYx+Y *Y,4 tTY2 *TYq x,Y ,Yx+12xvPq \Y,*xS2 1W vYS2U YrY,\S+Y[i >TY [Y.,Y\SxvPY PSWY 1W ,SUT*j1Wj(+Y x++Y*+ x2[
PYx+YT1P[ S4.,1’Y4Y2*+ S+ PS4S*Y[ *1 *TY Yr.Y\*Y[ PYx+Y *Y,4+i

GL

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

>TY W1PP1tS2U *xvPY +(44x,SoY+ *TY \14.12Y2*+ 1W PYx+Y \1+*+ S2\P([Y[ S2 *TY +*x*Y4Y2*+ 1W 1.Y,x*S12+ W1, *TY .Y,S1[+

S2[S\x*Y[ nS2 *T1(+x2[+mE

D.Y,x*S2U PYx+Y \1+*
eS2x2\Y PYx+Y \1+*

#41,*Sox*S12 1W ,SUT*j1Wj(+Y x++Y*+
b2*Y,Y+* 12 PYx+Y PSxvSPS*SY+

:x,SxvPY PYx+Y \1+*
>1*xP PYx+Y \1+*

5

5

X(cid:131)X[

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X(cid:131)

X(cid:131)[?

GkJLL 5

HkIFL 5

HkILG

IgM
LKg
NkgHK
NgkJKF 5

FGF
KLM
NkLLI
NgkKJg 5

GLN
KLg
NkLMF
NgkMMG

>TY W1PP1tS2U *xvPY .,1’S[Y+ *TY [Y*xSP+ 1W vxPx2\Y +TYY* S2W1,4x*S12 ,YPx*Y[ *1 PYx+Y+ x+ 1W *TY [x*Y+ S2[S\x*Y[ nS2 *T1(+x2[+k

Yr\Y.* PYx+Y *Y,4 x2[ [S+\1(2* ,x*YmE

]}˘wØq”(cid:132)(cid:192) ‡˘Øt˘t=

D.Y,x*S2U PYx+Y ,SUT*j1Wj(+Y x++Y*+

!(,,Y2* .1,*S12 1W 1.Y,x*S2U PYx+Y PSxvSPS*SY+
D.Y,x*S2U PYx+Y PSxvSPS*SY+
>1*xP 1.Y,x*S2U PYx+Y PSxvSPS*SY+

(cid:160)”(cid:132)Ø(cid:132)(cid:204)˘ ‡˘Øt˘t=

C,1.Y,*qk .Px2* x2[ Y-(S.4Y2*k U,1++
#\\(4(Px*Y[ [Y.,Y\Sx*S12
eS2x2\Y PYx+Y x++Y*+ S2\P([Y[ S2 .,1.Y,*qk .Px2* x2[
Y-(S.4Y2*k 2Y*

#\\,(Y[ Yr.Y2+Y+ x2[ 1*TY, \(,,Y2* PSxvSPS*SY+
D*TY, PSxvSPS*SY+
>1*xP WS2x2\Y PYx+Y PSxvSPS*SY+

G˘”(cid:192)‰q˘(cid:201)(cid:139)Øm˘wØ(cid:192)˘ w˘(cid:136)Ø”(cid:132)”(cid:132)(cid:192) ‡˘Øt˘ q˘w(cid:136) (cid:153)”(cid:132) D˘Øwt(cid:151)=

D.Y,x*S2U PYx+Y+
eS2x2\Y PYx+Y+

G˘”(cid:192)‰q˘(cid:201)(cid:139)Øm˘wØ(cid:192)˘ (cid:201)”t(cid:204)(cid:128)o(cid:132)q wØq˘=

D.Y,x*S2U PYx+Y+
eS2x2\Y PYx+Y+

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[

X(cid:131)X(cid:131)

5

5

5

5

5

5

5

KGkLLG

HkLLK
KJkHgg
JLkgLK

FkJGM
nJkgIGm

KkJNK

JFF
JkLgF
JkFgG

5

5

5

5

5

5

5

LKkKKK

IkNGG
LMkGgM
LGkFFg

NFkGNF
nKkFLKm

NKkGGJ

FkHMg
JkFgG
NJkIMG

Fig
HiJ

KiHM3
JiJK3

FiL
LiJ

JiJg3
Ligg3

GK

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

>TY W1PP1tS2U *xvPY .,1’S[Y+ *TY [Y*xSP+ 1W \x+T WP1t S2W1,4x*S12 ,YPx*Y[ *1 PYx+Y+ W1, *TY .Y,S1[+ S2[S\x*Y[ nS2 *T1(+x2[+mE

(cid:211)Øt‰ }Ø”(cid:201) ˆ(cid:128)w Ø(cid:136)(cid:128)o(cid:132)qt ”(cid:132)(cid:204)‡o(cid:201)˘(cid:201) ”(cid:132) ‡˘Øt˘ ‡”ØŁ”‡”q”˘t=
D.Y,x*S2U \x+T WP1t+ W,14 WS2x2\Y PYx+Y+
D.Y,x*S2U \x+T WP1t+ W,14 1.Y,x*S2U PYx+Y+
eS2x2\S2U \x+T WP1t+ W,14 WS2x2\Y PYx+Y+

Qo}}‡˘(cid:136)˘(cid:132)q؇ (cid:132)(cid:128)(cid:132)(cid:139)(cid:204)Øt‰ ”(cid:132)ˆ(cid:128)w(cid:136)Øq”(cid:128)(cid:132)=

ASUT*j1Wj(+Y x++Y*+ 1v*xS2Y[ S2 Yr\Tx2UY W1, 2Yt
1.Y,x*S2U PYx+Y PSxvSPS*SY+
ASUT*j1Wj(+Y x++Y*+ 1v*xS2Y[ S2 Yr\Tx2UY W1, 2Yt
WS2x2\Y PYx+Y PSxvSPS*SY+

5
5
5

5

5

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X(cid:131)

X(cid:131)[?

X(cid:131)X[

LKg 5
HkGNG 5
FkLNg 5

KLM 5
IkHIg 5
NkLMN 5

KLg
HkHIG
GIG

MMkJHK 5

KkMFg 5

HkHML

j 5

j 5

FkMgF

~(,S2U *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgMNk *TY !14.x2q .xS[ 5GiH 4SPPS12 (.12 *TY YrY,\S+Y 1W x2 1.*S12 *1 .(,\Tx+Y x
v(SP[S2U (2[Y, x WS2x2\Y PYx+Y xU,YY4Y2* S2 dY,4x2qi >TY \x+T .xq4Y2* S+ .,Y+Y2*Y[ x+ x \x+T 1(*WP1t W,14 WS2x2\S2U x\*S’S*SY+ S2
*TY \12+1PS[x*Y[ +*x*Y4Y2* 1W \x+T WP1t+i

e(*(,Y 4S2S4(4 PYx+Y .xq4Y2*+ (2[Y, 1.Y,x*S2U x2[ WS2x2\Y PYx+Y+ Yr.S,S2U +(v+Y-(Y2* *1 ~Y\Y4vY, LNk MgMNk S2\P([S2U
1.Y,x*S2U PYx+Y+ x++1\Sx*Y[ tS*T Wx\SPS*SY+ *Tx* Tx’Y vYY2 ’x\x*Y[ x+ x ,Y+(P* 1W *TY !14.x2q;+ ,Y+*,(\*(,S2U x\*S12+k x,Y +(44x,SoY[
x+ W1PP1t+ nS2 *T1(+x2[+mE

!˘Øw £(cid:132)(cid:201)”(cid:132)(cid:192) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
MgMM
MgML
MgMK
MgMJ
MgMI
>TY,YxW*Y,
>1*xP 4S2S4(4 PYx+Y .xq4Y2*+

_Y++E S2*Y,Y+*

C,Y+Y2* ’xP(Y 1W PYx+Y PSxvSPS*SY+

]}˘wØq”(cid:132)(cid:192) (cid:143)˘Øt˘t
FkNJM
5
GkKNF
HkHNN
HkIHL
IkJGJ
MHkJHH
IHkNNH
nNKkgGLm
JLkgLK

5

5

5

(cid:160)”(cid:132)Ø(cid:132)(cid:204)˘ (cid:143)˘Øt˘t

FgH
FLg
FJK
FJK
FHF
MkJgG
HkMLM
nNkLMKm
JkFgG

[U(cid:136) Qq(cid:128)(cid:204)(cid:181)‰(cid:128)‡(cid:201)˘wt‚ £zo”qD Ø(cid:132)(cid:201) Q‰Øw˘(cid:139)(cid:213)Øt˘(cid:201) (cid:211)(cid:128)(cid:136)}˘(cid:132)tØq”(cid:128)(cid:132)

Preferred Shares

b2 ^xq MgMNk *TY !14.x2q;+ +Tx,YT1P[Y,+ x..,1’Y[ x +.Y\SxP ,Y+1P(*S12 *1 x4Y2[ *TY !14.x2q;+ x,*S\PY+ *1 x(*T1,SoY (. *1

Hig 4SPPS12 .,YWY,,Y[ +Tx,Y+ W1, W(*(,Y S++(x2\Yi >TY !14.x2q;+ "1x,[ 1W ~S,Y\*1,+ S+ x(*T1,SoY[ *1 [Y+SU2x*Y x2[ S++(Y 12Y 1, 41,Y
+Y,SY+ 1W .,YWY,,Y[ +Tx,Y+k WSr *TY ,SUT*+k .,YWY,Y2\Y+ x2[ [Y+SU2x*S12k x+ [YY4Y[ 2Y\Y++x,q 1, x[’S+xvPYk ,YPx*S2U *1 *TY .,YWY,,Y[
+Tx,Y+k .,1’S[Y[ *Tx* 21 +Tx,Y+ 1W x2q +Y,SY+ 4xq vY Y2*S*PY[ *1 41,Y *Tx2 12Y ’1*Y .Y, +Tx,Yi #+ 1W ~Y\Y4vY, LNk MgMNk 21 .,YWY,,Y[
+Tx,Y+ Tx[ vYY2 S++(Y[ x2[ 1(*+*x2[S2Ui

Common Shares

>TY !14.x2q Tx+ x2 (2PS4S*Y[ 2(4vY, 1W 212j.x, ’xP(Y \14412 +Tx,Y+ x(*T1,SoY[ W1, S++(x2\Yi c1P[Y,+ 1W \14412 +Tx,Y+
x,Y Y2*S*PY[ *1 12Y ’1*Y .Y, +Tx,Yi c1P[Y,+ 1W \14412 +Tx,Y+ x,Y Y2*S*PY[ *1 ,Y\YS’Y [S’S[Y2[+k SW x2[ tTY2 [Y\Px,Y[ vq *TY "1x,[ 1W
~S,Y\*1,+k x2[ *1 +Tx,Y ,x*xvPq S2 *TY !14.x2q;+ x++Y*+ PYUxPPq x’xSPxvPY W1, [S+*,Sv(*S12 *1 +Tx,YT1P[Y,+ S2 *TY Y’Y2* 1W PS-(S[x*S12i
c1P[Y,+ 1W \14412 +Tx,Y+ Tx’Y 21 ,Y[Y4.*S12 1, \12’Y,+S12 ,SUT*+i

Common Share Repurchases

>TY !14.x2q;+ "1x,[ 1W ~S,Y\*1,+ 4xq x..,1’Y +Tx,Y ,Y.(,\Tx+Y .Px2+ W,14 *S4Y *1 *S4Yi <2[Y, *TY+Y ,Y.(,\Tx+Y .Px2+k

+Tx,Y+ 4xq vY ,Y.(,\Tx+Y[ x* *TY !14.x2q;+ [S+\,Y*S12 vx+Y[ 12 12U1S2U x++Y++4Y2* 1W *TY \x.S*xP 2YY[+ 1W *TY v(+S2Y++k 4x,QY*
.,S\Y+ 1W *TY !14.x2q;+ \14412 +Tx,Y+k x2[ UY2Y,xP 4x,QY* \12[S*S12+i @Tx,Y+ 4xq xP+1 vY ,Y.(,\Tx+Y[ *T,1(UT x2 x\\YPY,x*Y[

GJ

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

+Tx,Y .(,\Tx+Y xU,YY4Y2*k 12 *TY 1.Y2 4x,QY* 1, S2 .,S’x*YPq 2YU1*Sx*Y[ *,x2+x\*S12+ S2 x\\1,[x2\Y tS*T x..PS\xvPY WY[Y,xP +Y\(,S*SY+
Pxt+i AY.(,\Tx+Y+ 4xq vY 4x[Y (2[Y, \Y,*xS2 @f! ,YU(Px*S12+k tTS\T t1(P[ .Y,4S* \14412 +Tx,Y+ *1 vY ,Y.(,\Tx+Y[ tTY2 *TY
!14.x2q t1(P[ 1*TY,tS+Y vY .,1TSvS*Y[ W,14 [1S2U +1 (2[Y, S2+S[Y, *,x[S2U Pxt+i 8TSPY *TY +Tx,Y ,Y.(,\Tx+Y .Px2+ x,Y UY2Y,xPPq
S2*Y2[Y[ *1 1WW+Y* [SP(*S12 W,14 Y-(S*q xtx,[+ U,x2*Y[ *1 *TY !14.x2q;+ Y4.P1qYY+ x2[ [S,Y\*1,+k *TY .Px2+ [1 21* 1vPSUx*Y *TY
!14.x2q *1 x\-(S,Y x2q .x,*S\(Px, x41(2* 1W \14412 +Tx,Y+i ]1 *S4Y PS4S* S+ *q.S\xPPq +Y* W1, *TY \14.PY*S12 1W *TY +Tx,Y
,Y.(,\Tx+Y .Px2+k x2[ *TY .Px2+ 4xq vY +(+.Y2[Y[ 1, [S+\12*S2(Y[ x* x2q *S4Yi >TY !14.x2q Yr.Y\*+ *1 W(2[ +Tx,Y ,Y.(,\Tx+Y+
*T,1(UT \x+T 12 Tx2[ x2[ \x+T UY2Y,x*Y[ W,14 1.Y,x*S12+i

b2 D\*1vY, MgNGk *TY !14.x2q;+ "1x,[ 1W ~S,Y\*1,+ x..,1’Y[ x +Tx,Y ,Y.(,\Tx+Y .Px2 n*TY VMgNG AY.(,\Tx+Y CPx2?m

x(*T1,SoS2U *TY ,Y.(,\Tx+Y 1W 5MJig 4SPPS12 t1,*T 1W \14412 +Tx,Y+i @Tx,Y ,Y.(,\Tx+Y+ Tx’Y vYY2 4x[Y (2[Y, *TY MgNG AY.(,\Tx+Y
CPx2 .(,+(x2* *1 A(PY NgvjNG (2[Y, *TY @Y\(,S*SY+ fr\Tx2UY #\* 1W NFLKi ~(,S2U MgMgk *TY !14.x2q ,Y.(,\Tx+Y[ IJ *T1(+x2[
+Tx,Y+ W1, x2 xUU,YUx*Y .(,\Tx+Y .,S\Y 1W 5JiJ 4SPPS12 x* x2 x’Y,xUY .,S\Y 1W 5GKiJJ .Y, +Tx,Yi ~(,S2U MgNFk *TY !14.x2q
,Y.(,\Tx+Y[ NNF *T1(+x2[ +Tx,Y+ W1, x2 xUU,YUx*Y .(,\Tx+Y .,S\Y 1W 5Ngig 4SPPS12 x* x2 x’Y,xUY .,S\Y 1W 5GLiHN .Y, +Tx,Y (2[Y, *TY
MgNG AY.(,\Tx+Y CPx2i >TY !14.x2q Tx[ 5FiJ 4SPPS12 x’xSPxvPY W1, +Tx,Y ,Y.(,\Tx+Y+ (2[Y, *TY MgNG AY.(,\Tx+Y CPx2 x+ 1W
~Y\Y4vY, LNk MgMNi

b2 eYv,(x,q MgMgk *TY !14.x2q;+ "1x,[ 1W ~S,Y\*1,+ x..,1’Y[ x 2Yt +Tx,Y ,Y.(,\Tx+Y .Px2 n*TY VMgMg AY.(,\Tx+Y CPx2?m

x(*T1,SoS2U *TY ,Y.(,\Tx+Y 1W x2 x[[S*S12xP 5Jgig 4SPPS12 t1,*T 1W \14412 +Tx,Y+k YWWY\*S’Y xW*Y, *TY \14.PY*S12 1W *TY MgNG
AY.(,\Tx+Y CPx2i ]1 +Tx,Y+ Tx’Y vYY2 ,Y.(,\Tx+Y[ (2[Y, *TY MgMg AY.(,\Tx+Y CPx2 *1 [x*Yi

#+ 1W ~Y\Y4vY, LNk MgMNk *TY !14.x2q Tx[ 5JFiJ 4SPPS12 x’xSPxvPY (2[Y, *TY MgNG x2[ MgMg +Tx,Y ,Y.(,\Tx+Y .Px2+ W1,

W(*(,Y +Tx,Y ,Y.(,\Tx+Y+i

2010 Incentive Award Plan

b2 ]1’Y4vY, MgNgk *TY !14.x2q;+ +Tx,YT1P[Y,+ x..,1’Y[ *TY MgNg b2\Y2*S’Y #tx,[ CPx2 (2[Y, tTS\T *TY !14.x2q 4xq

U,x2* +Tx,Yjvx+Y[ \14.Y2+x*S12 xtx,[+ *1 Y4.P1qYY+k \12+(P*x2*+ x2[ [S,Y\*1,+i b2 ^xq MgMNk *TY !14.x2q;+ +Tx,YT1P[Y,+
x..,1’Y[ x2 x4Y2[Y[ x2[ ,Y+*x*Y[ MgNg b2\Y2*S’Y #tx,[ CPx2 nx+ x4Y2[Y[k *TY V#4Y2[Y[ x2[ AY+*x*Y[ MgNg b2\Y2*S’Y CPx2?mi >TY
4xrS4(4 2(4vY, 1W +Tx,Y+ tTS\T \x2 vY S++(Y[ .(,+(x2* *1 *TY #4Y2[Y[ x2[ AY+*x*Y[ MgNg b2\Y2*S’Y CPx2 S+ IkNKGkINLk +(vRY\* *1
x[R(+*4Y2* x+ +Y* W1,*T S2 *TY #4Y2[Y[ x2[ AY+*x*Y[ MgNg b2\Y2*S’Y CPx2i >TY #4Y2[Y[ x2[ AY+*x*Y[ MgNg b2\Y2*S’Y CPx2 .,1’S[Y+
W1, *TY U,x2* 1W S2\Y2*S’Y +*1\Q 1.*S12+k 212j-(xPSWSY[ +*1\Q 1.*S12+k ,Y+*,S\*Y[ +*1\Qk ,Y+*,S\*Y[ +*1\Q (2S*+k +*1\Q x..,Y\Sx*S12 ,SUT*+k
[YWY,,Y[ +*1\Qk [YWY,,Y[ +*1\Q (2S*+k [S’S[Y2[ Y-(S’xPY2*+k .Y,W1,4x2\Y xtx,[+ x2[ +*1\Q .xq4Y2*+ n\1PPY\*S’YPq ,YWY,,Y[ *1 x+
V#tx,[+?mi >TY #4Y2[Y[ x2[ AY+*x*Y[ MgNg b2\Y2*S’Y CPx2 .,1’S[Y+ W1, +.Y\SWS\ PS4S*+ 12 *TY 2(4vY, 1W +Tx,Y+ tS*T ,Y+.Y\* *1
#tx,[+ *Tx* 4xq vY U,x2*Y[ *1 x2q .Y,+12 [(,S2U x2q \xPY2[x, qYx, x2[ *TY x41(2* 1W \x+T *Tx* \x2 vY .xS[ tS*T ,Y+.Y\* *1 #tx,[+
*1 x2q 12Y .Y,+12 [(,S2U x2q \xPY2[x, qYx,i >TY #4Y2[Y[ x2[ AY+*x*Y[ MgNg b2\Y2*S’Y CPx2 tSPP Yr.S,Y x2[ 21 W(,*TY, #tx,[+ 4xq
vY U,x2*Y[ xW*Y, ^xq NLk MgLNi #+ 1W ~Y\Y4vY, LNk MgMNk *TY,Y tY,Y MkMKMkGGg +Tx,Y+ x’xSPxvPY W1, W(*(,Y xtx,[+ (2[Y, *TY
#4Y2[Y[ x2[ AY+*x*Y[ MgNg b2\Y2*S’Y CPx2i

@Tx,Y+ +(vRY\* *1 #tx,[+ *Tx* Tx’Y Yr.S,Y[k W1,WYS*Y[ 1, +Y**PY[ S2 \x+Tk 1, ,Y.(,\Tx+Y[ vq *TY !14.x2q x* *TY +x4Y .,S\Y .xS[
vq *TY xtx,[YY 4xq vY x[[Y[ vx\Q *1 *TY 2(4vY, 1W +Tx,Y+ x’xSPxvPY W1, U,x2* (2[Y, *TY #4Y2[Y[ x2[ AY+*x*Y[ MgNg b2\Y2*S’Y CPx2
x2[ 4xq vY U,x2*Y[ x+ 2Yt #tx,[+i ]1*tS*T+*x2[S2U *TY W1,YU1S2Uk *TY W1PP1tS2U +Tx,Y+ tSPP 21* vY x[[Y[ vx\Q *1 *TY 2(4vY, 1W
+Tx,Y+ x’xSPxvPY W1, U,x2*E nxm +Tx,Y+ *Tx* x,Y (+Y[ *1 .xq *TY YrY,\S+Y .,S\Y W1, x2 1.*S12k nvm +Tx,Y+ *Y2[Y,Y[ 1, tS*TTYP[ *1 .xq
*xrY+ tS*T ,Y+.Y\* *1 x2q #tx,[ n1*TY, *Tx2 1.*S12+ x2[ +*1\Q x..,Y\Sx*S12 ,SUT*+m *1 *TY Yr*Y2* *TYq Yr\YY[ *TY 2(4vY, 1W +Tx,Y+
tS*T x WxS, 4x,QY* ’xP(Y Y-(xP *1 *TY *xr PSxvSPS*q vx+Y[ 12 4S2S4(4 tS*TT1P[S2U ,x*Y+k n\m +Tx,Y+ *Y2[Y,Y[ 1, tS*TTYP[ *1 .xq *xrY+
tS*T ,Y+.Y\* *1 1.*S12+ x2[ +*1\Q x..,Y\Sx*S12 ,SUT*+k n[m +Tx,Y+ +(vRY\* *1 x +*1\Q x..,Y\Sx*S12 ,SUT* *Tx* x,Y 21* S++(Y[ S2 \122Y\*S12
tS*T *TY +*1\Q +Y**PY4Y2* 1W *TY +*1\Q x..,Y\Sx*S12 ,SUT* 12 YrY,\S+Y *TY,Y1Wk x2[ nYm +Tx,Y+ .(,\Tx+Y[ 12 *TY 1.Y2 4x,QY* tS*T *TY
\x+T .,1\YY[+ W,14 *TY YrY,\S+Y 1W 1.*S12+i @Tx,Y+ S++(Y[ *1 +x*S+Wq #tx,[+ (2[Y, *TY #4Y2[Y[ x2[ AY+*x*Y[ MgNg b2\Y2*S’Y CPx2
4xq vY .,Y’S1(+Pq x(*T1,SoY[ v(* (2S++(Y[ +Tx,Y+k *,Yx+(,q +Tx,Y+ 1, +Tx,Y+ ,Y.(,\Tx+Y[ 12 *TY 1.Y2 4x,QY*i

GI

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

Share-Based Compensation Expense

>TY *xvPY vYP1t +(44x,SoY+ +Tx,Yjvx+Y[ \14.Y2+x*S12 Yr.Y2+Y ,Y\1,[Y[ S2 1.Y,x*S2U S2\14Y nS2 *T1(+x2[+mE

@YPPS2Uk UY2Y,xP x2[ x[4S2S+*,x*S’Y
AY+Yx,\T x2[ [Y’YP1.4Y2* x2[ Y2US2YY,S2U
!1+* 1W ,Y’Y2(Y
AY+*,(\*(,S2U x2[ x\-(S+S*S12 ,YPx*Y[ \1+*+
>1*xP +Tx,Yjvx+Y[ \14.Y2+x*S12 Yr.Y2+Y

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X(cid:131)

X(cid:131)[?

X(cid:131)X[

5

5

NHkMJJ
MkMFK
LkggG
LkgKF
MJkIgI

5

5

NKkJJg
LkLgN
KkIGK
JGK
MLkNNF

5

5

GkLIN
KFH
KGM
X
FkLKg

>TY Yr.Y2+Y ,Y\1,[Y[ [(,S2U Yx\T 1W *TY *T,YY qYx,+ Y2[Y[ ~Y\Y4vY, LNk MgMNk MgMg x2[ MgNF S2\P([Y[ 5NiN 4SPPS12k 5Nig

4SPPS12 x2[ 5giF 4SPPS12k ,Y+.Y\*S’YPqk ,YPx*Y[ *1 ,Y+*,S\*Y[ +*1\Q (2S*+ x2[ [YWY,,Y[ +*1\Q (2S*+ U,x2*Y[ *1 *TY 4Y4vY,+ 1W *TY
!14.x2q;+ "1x,[ 1W ~S,Y\*1,+i

#+ 1W ~Y\Y4vY, LNk MgMNk *TY !14.x2q;+ 1(*+*x2[S2U Y-(S*q xtx,[+ W1, tTS\T \14.Y2+x*S12 Yr.Y2+Y tSPP vY ,Y\1U2SoY[ S2

*TY W(*(,Y \12+S+*Y[ 1W *S4Yjvx+Y[ ,Y+*,S\*Y[ +*1\Q (2S*+ x2[ .Y,W1,4x2\Y +*1\Q (2S*+ U,x2*Y[ (2[Y, *TY #4Y2[Y[ x2[ AY+*x*Y[ MgNg
b2\Y2*S’Y CPx2i >TY !14.x2q Yr.Y\*+ *1 ,Y\1,[ x2 xUU,YUx*Y +Tx,Yjvx+Y[ \14.Y2+x*S12 Yr.Y2+Y 1W 5LNiK 4SPPS12k 2Y* 1W Y+*S4x*Y[
W1,WYS*(,Y+k 1’Y, x tYSUT*Y[ x’Y,xUY .Y,S1[ 1W NigJ qYx,+ +(v+Y-(Y2* *1 ~Y\Y4vY, LNk MgMNk W1, xPP 1(*+*x2[S2U Y-(S*q xtx,[+ x+ 1W
~Y\Y4vY, LNk MgMNi

Restricted Stock Units and Deferred Stock Units

>TY !14.x2q;+ ,Y+*,S\*Y[ +*1\Q (2S*+ nVA@<+?m Tx’Y UY2Y,xPPq vYY2 S++(Y[ *1 Y4.P1qYY+ tS*T ’Y+*S2U .Y,S1[+ ,x2US2U W,14
oY,1 *1 WS’Y qYx,+ x2[ ’Y+* vx+Y[ +1PYPq 12 +Y,’S\Y \12[S*S12+i #\\1,[S2UPqk *TY !14.x2q ,Y\1U2SoY+ \14.Y2+x*S12 Yr.Y2+Y 12 x
+*,xSUT*jPS2Y vx+S+ 1’Y, *TY ,Y-(S+S*Y +Y,’S\Y .Y,S1[i >TY !14.x2q ,Y[(\Y+ *TY \14.Y2+x*S12 Yr.Y2+Y vq x2 Y+*S4x*Y[ W1,WYS*(,Y ,x*Y
tTS\T S+ vx+Y[ 12 x2*S\S.x*Y[ W1,WYS*(,Y+ x2[ x\*(xP Yr.Y,SY2\Yi

~YWY,,Y[ +*1\Q (2S*+ nV~@<+?m x,Y U,x2*Y[ *1 *TY 4Y4vY,+ 1W *TY !14.x2q;+ "1x,[ 1W ~S,Y\*1,+i >TY \14.Y2+x*S12 Yr.Y2+Y

x++1\Sx*Y[ tS*T *TY ~@<+ S+ ,Y\1U2SoY[ S2 W(PP 12 *TY ,Y+.Y\*S’Y [x*Y 1W U,x2*k x+ ~@<+ x,Y W(PPq ’Y+*Y[ x2[ 212jW1,WYS*xvPY (.12
U,x2*i >TY,Y tY,Y FN *T1(+x2[ x2[ NIM *T1(+x2[ ~@<+ 1(*+*x2[S2U x+ 1W ~Y\Y4vY, LNk MgMN x2[ ~Y\Y4vY, LNk MgMgk ,Y+.Y\*S’YPqk
tTS\T tY,Y S2\P([Y[ S2 *TY \xP\(Px*S12 1W tYSUT*Y[ x’Y,xUY vx+S\ +Tx,Y+ 1(*+*x2[S2U W1, *TY ,Y+.Y\*S’Y .Y,S1[+i

>TY *xvPY vYP1t +(44x,SoY+ x\*S’S*SY+ [(,S2U MgMN ,YPx*S2U *1 ,Y+*,S\*Y[ x2[ [YWY,,Y[ +*1\Q (2S*+ S++(Y[ x2[ 1(*+*x2[S2U (2[Y,

*TY #4Y2[Y[ x2[ AY+*x*Y[ MgNg b2\Y2*S’Y CPx2E

<2’Y+*Y[ x* ~Y\Y4vY, LNk MgMg
d,x2*Y[
:Y+*Y[
e1,WYS*Y[
<2’Y+*Y[ x* ~Y\Y4vY, LNk MgMN
fr.Y\*Y[ *1 ’Y+* x+ 1W ~Y\Y4vY, LNk MgMN

T˘tqw”(cid:204)q˘(cid:201)
Ø(cid:132)(cid:201) (cid:210)˘ˆ˘ww˘(cid:201)
G˘”(cid:192)‰q˘(cid:201)
Qq(cid:128)(cid:204)(cid:181) K(cid:132)”qt
(cid:215)m˘wØ(cid:192)˘ (cid:157)wØ(cid:132)q
(cid:153)(cid:151)(cid:132) q‰(cid:128)otØ(cid:132)(cid:201)t(cid:151)
(cid:210)Øq˘ (cid:160)Ø”w I؇o˘
JGiHF
5
IMJ
NLHiFg
NHI
5
JNiLG
nKGHm 5
NgKiFG
nMMm 5
NNJiKM
5
MFM
NNJiNH
5
MHH

G˘”(cid:192)‰q˘(cid:201) (cid:215)m˘wØ(cid:192)˘
T˘(cid:136)Ø”(cid:132)”(cid:132)(cid:192) I˘tq”(cid:132)(cid:192)
Z˘w”(cid:128)(cid:201) (cid:153)(cid:151)(cid:132) D˘Øwt(cid:151)

(cid:215)(cid:192)(cid:192)w˘(cid:192)Øq˘
(cid:151)(cid:132)qw”(cid:132)t”(cid:204)
I؇o˘ (cid:153)[(cid:151)
(cid:153)(cid:151)(cid:132) q‰(cid:128)otØ(cid:132)(cid:201)t(cid:151)

giFJ qYx,+ 5
giFJ qYx,+ 5

JNkKKM
KGkGMM

nNm

>TY xUU,YUx*Y S2*,S2+S\ ’xP(Y S+ \xP\(Px*Y[ vx+Y[ 12 *TY WxS, ’xP(Y 1W 5NHIiLL .Y, +Tx,Y 1W *TY !14.x2q;+
\14412 +*1\Q 12 ~Y\Y4vY, LNk MgMN [(Y *1 *TY Wx\* *Tx* *TY ,Y+*,S\*Y[ +*1\Q (2S*+ \x,,q x 5g .(,\Tx+Y .,S\Yi

>TY *1*xP WxS, ’xP(Y 1W ,Y+*,S\*Y[ +*1\Q (2S*+ x2[ [YWY,,Y[ +*1\Q (2S*+ *Tx* ’Y+*Y[ S2 MgMNk vx+Y[ 12 *TY 4x,QY* .,S\Y 1W *TY

(2[Y,PqS2U +Tx,Y+ 12 *TY [xq 1W ’Y+*S2Uk tx+ 5IGiJ 4SPPS12i

GH

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

Performance Stock Units

>TY !14.x2q *q.S\xPPq U,x2*+ *t1 *q.Y+ 1W .Y,W1,4x2\Yjvx+Y[ +*1\Q xtx,[+ *1 \Y,*xS2 4Y4vY,+ 1W *TY YrY\(*S’Y 4x2xUY4Y2*

*Yx4E 212jd##C fC@ .Y,W1,4x2\Yjvx+Y[ ,Y+*,S\*Y[ +*1\Q (2S*+ nVfC@jC@<+?m x2[ ,YPx*S’Y *1*xP +Tx,YT1P[Y, ,Y*(,2 .Y,W1,4x2\Yj
vx+Y[ ,Y+*,S\*Y[ +*1\Q (2S*+ nV>@AjC@<+?mi "1*T *q.Y+ 1W .Y,W1,4x2\Yjvx+Y[ ,Y+*,S\*Y[ +*1\Q (2S*+ UY2Y,xPPq \PSWW ’Y+* 12 *TY WS,+*
[xq W1PP1tS2U *TY Y2[ 1W x *T,YYjqYx, .Y,W1,4x2\Y .Y,S1[i

>TY 2(4vY, 1W \14412 +Tx,Y+ *1 vY S++(Y[ (.12 +Y**PY4Y2* W1PP1tS2U ’Y+*S2U 1W *TY fC@jC@<+ S+ [Y*Y,4S2Y[ vx+Y[ 12 *TY
!14.x2q;+ \(4(Px*S’Y 212jd##C fC@ 1’Y, *TY *T,YYjqYx, .Y,W1,4x2\Y .Y,S1[ xUxS2+* *TY *x,UY* Y+*xvPS+TY[ vq *TY !14.x2q;+
"1x,[ 1W ~S,Y\*1,+ x* *TY *S4Y 1W U,x2* x2[ tSPP vY S2 *TY ,x2UY 1W oY,1 *1 Mgg3 1W *TY *x,UY* 2(4vY, 1W +Tx,Y+i >TY !14.x2q
,Y\1U2SoY+ \14.Y2+x*S12 Yr.Y2+Y ,x*xvPq 1’Y, *TY .Y,W1,4x2\Y .Y,S1[ vx+Y[ 12 *TY 2(4vY, 1W +Tx,Y+ *Tx* x,Y [YY4Y[ .,1vxvPY 1W
’Y+*S2U x* *TY Y2[ 1W *TY *T,YYjqYx, .Y,W1,4x2\Y \q\PYi >TS+ .,1vxvSPS*q x++Y++4Y2* S+ .Y,W1,4Y[ -(x,*Y,Pq x2[ *TY \(4(Px*S’Y YWWY\*
1W x \Tx2UY S2 *TY Y+*S4x*Y[ \14.Y2+x*S12 Yr.Y2+Yk SW x2qk S+ ,Y\1U2SoY[ S2 *TY \12+1PS[x*Y[ +*x*Y4Y2* 1W 1.Y,x*S12+ S2 *TY .Y,S1[ S2
tTS\T +(\T [Y*Y,4S2x*S12 S+ 4x[Yi

>TY 2(4vY, 1W \14412 +Tx,Y+ *1 vY S++(Y[ (.12 +Y**PY4Y2* W1PP1tS2U ’Y+*S2U 1W *TY >@AjC@<+ S+ [Y*Y,4S2Y[ vx+Y[ 12 *TY

,YPx*S’Y 4x,QY* .Y,W1,4x2\Y 1W *TY !14.x2q;+ \14412 +*1\Q \14.x,Y[ *1 *TY A(++YPP Mggg b2[Yr 1’Y, *TY *T,YYjqYx, .Y,W1,4x2\Y
.Y,S1[ (+S2U x .xq1(* W1,4(Px Y+*xvPS+TY[ vq *TY !14.x2q;+ "1x,[ 1W ~S,Y\*1,+ x* *TY *S4Y 1W U,x2* x2[ tSPP vY S2 *TY ,x2UY 1W oY,1
*1 Mgg3 1W *TY *x,UY* 2(4vY, 1W +Tx,Y+i >TY !14.x2q ,Y\1U2SoY+ *TY ,YPx*Y[ \14.Y2+x*S12 Yr.Y2+Y vx+Y[ 12 *TY WxS, ’xP(Y 1W *TY
>@AjC@<+k [Y*Y,4S2Y[ (+S2U *TY ^12*Yj!x,P1 ’xP(x*S12 41[YP x+ 1W *TY U,x2* [x*Yk 12 x +*,xSUT*jPS2Y vx+S+ W,14 *TY U,x2* [x*Y *1
*TY Y2[ 1W *TY *T,YYjqYx, .Y,W1,4x2\Y .Y,S1[i !14.Y2+x*S12 Yr.Y2+Y tSPP 21* vY xWWY\*Y[ vq *TY 2(4vY, 1W >@AjC@<+ *Tx* tSPP
x\*(xPPq ’Y+* x* *TY Y2[ 1W *TY *T,YYjqYx, .Y,W1,4x2\Y .Y,S1[i

b2 eYv,(x,q MgMNk *TY !14.x2q U,x2*Y[ 1.Y,x*S2U \x+T WP1t .Y,W1,4x2\Yjvx+Y[ ,Y+*,S\*Y[ +*1\Q (2S*+ nVD!ejC@<+?m *1
\Y,*xS2 4Y4vY,+ 1W *TY YrY\(*S’Y 4x2xUY4Y2* *Yx4i <.12 \14.PY*S12 1W *TY ,Y-(S+S*Y +Y,’S\Y .Y,S1[+k *TY D!ejC@<+ tSPP ’Y+* S2
*t1 *,x2\TY+ SW *TY !14.x2q x\TSY’Y+ *TY \(4(Px*S’Y 1.Y,x*S2U \x+T WP1t .Y,W1,4x2\Y *x,UY* W1, WS+\xP qYx,+ MgMN *T,1(UT MgML x+
x..,1’Y[ vq *TY !14.x2q;+ !14.Y2+x*S12 !144S**YY x+ 1W *TY [x*Y 1W U,x2*i >TY WS,+* WSW*q .Y,\Y2* 1W *TY D!ejC@< U,x2* tSPP ’Y+*
x* *TY Y2[ 1W *TY W1(,jqYx, +Y,’S\Y .Y,S1[ W,14 *TY [x*Y 1W U,x2* x2[ *TY ,Y4xS2S2U WSW*q .Y,\Y2* 1W *TY D!ejC@< U,x2* tSPP ’Y+* x*
*TY Y2[ 1W *TY WS’YjqYx, +Y,’S\Y .Y,S1[ W,14 *TY [x*Y 1W U,x2*i >TY !14.x2q ,Y\1U2SoY+ \14.Y2+x*S12 Yr.Y2+Y ,x*xvPq 1’Y, *TY
,Y-(S+S*Y +Y,’S\Y .Y,S1[ vx+Y[ 12 *TY Yr.Y\*x*S12 *Tx* Ngg .Y,\Y2* 1W *TY D!ejC@<+ x,Y [YY4Y[ .,1vxvPY 1W ’Y+*S2Ui >TS+
.,1vxvSPS*q x++Y++4Y2* S+ .Y,W1,4Y[ -(x,*Y,Pq x2[ *TY \(4(Px*S’Y YWWY\* 1W x \Tx2UY S2 *TY Y+*S4x*Y[ \14.Y2+x*S12 Yr.Y2+Yk SW x2qk
S+ ,Y\1U2SoY[ S2 *TY \12+1PS[x*Y[ +*x*Y4Y2* 1W 1.Y,x*S12+ S2 *TY .Y,S1[ S2 tTS\T +(\T [Y*Y,4S2x*S12 S+ 4x[Yi

GG

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

>TY *xvPY vYP1t +(44x,SoY+ x\*S’S*SY+ [(,S2U MgMN ,YPx*S2U *1 .Y,W1,4x2\Yjvx+Y[ +*1\Q xtx,[+ S++(Y[ x2[ 1(*+*x2[S2U (2[Y,

*TY !14.x2q;+ #4Y2[Y[ x2[ AY+*x*Y[ MgNg b2\Y2*S’Y CPx2E

<2’Y+*Y[ x* ~Y\Y4vY, LNk MgMg
d,x2*Y[
CY,W1,4x2\Y x[R(+*4Y2* nLm
:Y+*Y[
e1,WYS*Y[
<2’Y+*Y[ x* ~Y\Y4vY, LNk MgMN
fr.Y\*Y[ *1 ’Y+* x+ 1W ~Y\Y4vY, LNk MgMN

Z˘wˆ(cid:128)w(cid:136)Ø(cid:132)(cid:204)˘
Qq(cid:128)(cid:204)(cid:181) K(cid:132)”qt (cid:153)[(cid:151)
(cid:153)(cid:151)(cid:132) q‰(cid:128)otØ(cid:132)(cid:201)t(cid:151)

G˘”(cid:192)‰q˘(cid:201)
(cid:215)m˘wØ(cid:192)˘ (cid:157)wØ(cid:132)q
(cid:210)Øq˘ (cid:160)Ø”w I؇o˘
GGiFF
5
NKM
NJgiGF
5
IH
IHiHM
5
MG
IKiMJ
nHJm 5
X
X 5
NMMiMI
5
NIM
NLgiLL
5
NFH

G˘”(cid:192)‰q˘(cid:201) (cid:215)m˘wØ(cid:192)˘
T˘(cid:136)Ø”(cid:132)”(cid:132)(cid:192) I˘tq”(cid:132)(cid:192)
Z˘w”(cid:128)(cid:201) (cid:153)(cid:151)(cid:132) D˘Øwt(cid:151)

(cid:215)(cid:192)(cid:192)w˘(cid:192)Øq˘
(cid:151)(cid:132)qw”(cid:132)t”(cid:204)
I؇o˘ (cid:153)X(cid:151)
(cid:153)(cid:151)(cid:132) q‰(cid:128)otØ(cid:132)(cid:201)t(cid:151)

NiJJ qYx,+ 5
NiJJ qYx,+ 5

MGkKIN
LKkHKF

nNm

nMm

nLm

>TY (2’Y+*Y[ C@<+ x,Y +T1t2 S2 *TS+ *xvPY x* *x,UY*i >TY 2(4vY, 1W +Tx,Y+ ’Y+*Y[ ,YWPY\*+ *TY 2(4vY, 1W +Tx,Y+
Yx,2Y[ x2[ S++(Y[ [(,S2U *TY qYx,i #+ 1W ~Y\Y4vY, LNk MgMNk *TY 4xrS4(4 2(4vY, 1W C@<+ x’xSPxvPY *1 vY
Yx,2Y[ tx+ x..,1rS4x*YPq MGI *T1(+x2[i

>TY xUU,YUx*Y S2*,S2+S\ ’xP(Y S+ \xP\(Px*Y[ vx+Y[ 12 *TY WxS, ’xP(Y 1W 5NHIiLL .Y, +Tx,Y 1W *TY !14.x2q;+
\14412 +*1\Q 12 ~Y\Y4vY, LNk MgMN [(Y *1 *TY Wx\* *Tx* *TY .Y,W1,4x2\Y +*1\Q (2S*+ \x,,q x 5g .(,\Tx+Y .,S\Yi

>TY x41(2* +T1t2 ,Y.,Y+Y2*+ .Y,W1,4x2\Y x[R(+*4Y2*+ W1, .Y,W1,4x2\Yjvx+Y[ xtx,[+ U,x2*Y[ 12 eYv,(x,q MMk
MgNGi >TY+Y xtx,[+ ’Y+*Y[ x* NIg3 1W *x,UY* 2(4vY, 1W +Tx,Y+ [(,S2U MgMN vx+Y[ 12 *TY x\TSY’Y4Y2* 1W
\(4(Px*S’Y ]12jd##C fC@ x2[ x..PS\xvPY ,YPx*S’Y >@A .Y,W1,4x2\Y \12[S*S12+ [(,S2U *TY .Y,W1,4x2\Y .Y,S1[
1W WS+\xP qYx,+ MgNG *T,1(UT MgMgi

>TY *1*xP WxS, ’xP(Y 1W C@<+ *Tx* ’Y+*Y[ S2 MgMNk vx+Y[ 12 *TY 4x,QY* .,S\Y 1W *TY (2[Y,PqS2U +Tx,Y+ 12 *TY [x*Y 1W ’Y+*S2Uk tx+

5FiL 4SPPS12i

>TY WxS, ’xP(Y 1W *TY >@AjC@<+ x* *TY [x*Y 1W U,x2* tx+ Y+*S4x*Y[ (+S2U *TY ^12*Yj!x,P1 ’xP(x*S12 41[YP tS*T *TY W1PP1tS2U

x++(4.*S12+E

d,x2*j[x*Y +*1\Q .,S\Y
fr.Y\*Y[ ’1Px*SPS*q
AS+QjW,YY S2*Y,Y+* ,x*Y
fr.Y\*Y[ x22(xP [S’S[Y2[ qSYP[
8YSUT*Y[ x’Y,xUY WxS, ’xP(Y

5

5

!˘Øw £(cid:132)(cid:201)˘(cid:201)
(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142) X(cid:131)X[

NLGiML
KMiKK3
giMM3
X
NIIiIK

Stock Options

D2 ^x,\T Lgk MgNIk *TY !14.x2q U,x2*Y[ NFL *T1(+x2[ +*1\Q 1.*S12+ *1 \Y,*xS2 4Y4vY,+ 1W *TY YrY\(*S’Y 4x2xUY4Y2* *Yx4

*1 .(,\Tx+Y \14412 +Tx,Y+ 1W *TY !14.x2q x* x .,S\Y Y-(xP *1 *TY \P1+S2U 4x,QY* .,S\Y 1W *TY !14.x2q;+ \14412 +Tx,Y+ 12 *TY
[x*Y 1W U,x2*i >TY +*1\Q 1.*S12+ ’Y+*Y[ ,x*xvPq 12 *TY x22S’Y,+x,q [x*Y 1W *TY U,x2* [x*Y 1’Y, x *T,YYjqYx, .Y,S1[ x2[ Yr.S,Y 12 *TY
*Y2*T x22S’Y,+x,q 1W *TY U,x2* [x*Yi >TY WxS, ’xP(Y 1W *TY+Y +*1\Q 1.*S12+ tx+ Y+*S4x*Y[ (+S2U *TY "Px\Qj@\T1PY+ ’xP(x*S12 41[YPi
‘Yq S2.(* x++(4.*S12+ (+Y[ *1 Y+*S4x*Y *TY WxS, ’xP(Y 1W +*1\Q 1.*S12+ S2\P([Y[ *TY Yr.Y\*Y[ 1.*S12 *Y,4k *TY Yr.Y\*Y[ ’1Px*SPS*q 1W
*TY !14.x2q;+ \14412 +*1\Q 1’Y, *TY Yr.Y\*Y[ *Y,4 1W *TY 1.*S12+k *TY ,S+QjW,YY S2*Y,Y+* ,x*Yk x2[ *TY Yr.Y\*Y[ [S’S[Y2[ qSYP[i >TY
!14.x2q ,Y\1U2SoY[ *TY \14.Y2+x*S12 Yr.Y2+Y 1W +*1\Q 1.*S12+ 12 x +*,xSUT*jPS2Y vx+S+ S2 *TY \12+1PS[x*Y[ +*x*Y4Y2* 1W 1.Y,x*S12+
1’Y, *TY ’Y+*S2U .Y,S1[i ]1 +*1\Q 1.*S12+ tY,Y U,x2*Y[ [(,S2U MgMNi

GF

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

>TY W1PP1tS2U *xvPY +T1t+ +*1\Q 1.*S12+ *Tx* tY,Y 1(*+*x2[S2U x2[ YrY,\S+xvPY x+ 1W ~Y\Y4vY, LNk MgMN x2[ *TY ,YPx*Y[

tYSUT*Y[ x’Y,xUY YrY,\S+Y .,S\Yk tYSUT*Y[ x’Y,xUY ,Y4xS2S2U \12*,x\*(xP *Y,4 x2[ xUU,YUx*Y S2*,S2+S\ ’xP(YE

@*1\Q 1.*S12+ 1(*+*x2[S2U
@*1\Q 1.*S12+ YrY,\S+xvPY

Ig
Ig

5
5

NKiNL
NKiNL

(cid:140)o(cid:136)Ł˘w (cid:128)ˆ Q‰Øw˘t
(cid:153)(cid:151)(cid:132) q‰(cid:128)otØ(cid:132)(cid:201)t(cid:151)

G˘”(cid:192)‰q˘(cid:201)
(cid:215)m˘wØ(cid:192)˘ £H˘w(cid:204)”t˘
Zw”(cid:204)˘

G˘”(cid:192)‰q˘(cid:201) (cid:215)m˘wØ(cid:192)˘
T˘(cid:136)Ø”(cid:132)”(cid:132)(cid:192)
(cid:211)(cid:128)(cid:132)qwØ(cid:204)qo؇ N˘w(cid:136)
(cid:153)(cid:151)(cid:132) D˘Øwt(cid:151)

(cid:215)(cid:192)(cid:192)w˘(cid:192)Øq˘
(cid:151)(cid:132)qw”(cid:132)t”(cid:204)
I؇o˘ (cid:153)[(cid:151)
(cid:153)(cid:151)(cid:132) q‰(cid:128)otØ(cid:132)(cid:201)t(cid:151)
FkHJL
FkHJL

KiMJ 5
KiMJ 5

nNm

>TY xUU,YUx*Y S2*,S2+S\ ’xP(Y S+ \xP\(Px*Y[ x+ *TY [SWWY,Y2\Y vY*tYY2 *TY \P1+S2U 4x,QY* .,S\Y 1W 5NHIiLL .Y,
+Tx,Y 1W *TY !14.x2q;+ \14412 +*1\Q 12 ~Y\Y4vY, LNk MgMN x2[ *TY YrY,\S+Y .,S\Y 1W *TY +*1\Q 1.*S12+i

[Q(cid:136) £(cid:136)}‡(cid:128)D˘˘ (cid:213)˘(cid:132)˘ˆ”q Z‡Ø(cid:132)t

Defined Contribution Plans

>TY !14.x2q Tx+ [YWS2Y[ \12*,Sv(*S12 Y4.P1qYY ,Y*S,Y4Y2* +x’S2U+ .Px2+ S2 *TY TY !14.x2q

4x*\TY+ *TY \12*,Sv(*S12+ 1W .x,*S\S.x*S2U Y4.P1qYY+ 12 *TY vx+S+ 1W .Y,\Y2*xUY+ +.Y\SWSY[ S2 Yx\T .Px2i >TY !14.x2q;+ 4x*\TS2U
\12*,Sv(*S12+ *1 *TY .Px2+ tY,Y 5KiK 4SPPS12k 5KiM 4SPPS12 x2[ 5KiK 4SPPS12 W1, *TY qYx,+ Y2[Y[ ~Y\Y4vY, LNk MgMNk MgMg x2[ MgNFk
,Y+.Y\*S’YPqi

Defined Benefit Plan

>TY !14.x2q 4xS2*xS2+ x W,1oY2 [YWS2Y[ vY2YWS* .Y2+S12 .Px2 S2 *TY TY TY !14.x2q \12*S2(Y+ *1 W(2[ *TY .Px2 S2 x\\1,[x2\Y tS*T *TY .Y2+S12 ,YU(Px*S12+ S2 *TY TY 2Y* .Y,S1[S\ .Y2+S12 \1+* S+ S2\P([Y[ S2 1*TY, S2\14Y nYr.Y2+Ym S2 *TY \12+1PS[x*Y[ +*x*Y4Y2*+ 1W 1.Y,x*S12+ x2[ \12+S+*Y[

1W *TY W1PP1tS2U \14.12Y2*+ nS2 *T1(+x2[+mE

!14.12Y2*+ 1W *TY 2Y* .Y,S1[S\ .Y2+S12 \1+*E

b2*Y,Y+* \1+*
fr.Y\*Y[ ,Y*(,2 12 .Px2 x++Y*+
#41,*Sox*S12 1W x\*(x,SxP P1++Y+
#41,*Sox*S12 1W .,S1, +Y,’S\Y \1+*

]Y* .Y,S1[S\ .Y2+S12 \1+*

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[

X(cid:131)X(cid:131)

X(cid:131)[?

5

5

JJK
nNkNMgm
FMG
LN
LFL

5

5

HLI
nNkLKgm
IGI
MF
NNN

5

5

FHN
nNkIHNm
FJH
MF
MGI

>TY x\*(x,SxP x++(4.*S12+ (+Y[ *1 \14.(*Y *TY 2Y* .Y,S1[S\ .Y2+S12 \1+* W1, *TY qYx,+ Y2[Y[ ~Y\Y4vY, LNk MgMNk MgMg x2[

MgNFk ,Y+.Y\*S’YPqk tY,Y x+ W1PP1t+E

8YSUT*Y[jx’Y,xUY [S+\1(2* ,x*Y
8YSUT*Y[jx’Y,xUY P12Uj*Y,4 ,x*Y 1W ,Y*(,2 12 .Px2 x++Y*+

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[

X(cid:131)X(cid:131)

X(cid:131)[?

NiM3
MiJ3

NiF3
LiI3

MiH3
JiN3

>TY x\*(x,SxP x++(4.*S12+ (+Y[ *1 \14.(*Y *TY vY2YWS* 1vPSUx*S12+ x+ 1W ~Y\Y4vY, LNk MgMN x2[ MgMgk ,Y+.Y\*S’YPqk tY,Y x+

W1PP1t+E

8YSUT*Y[jx’Y,xUY [S+\1(2* ,x*Y
Ax*Y 1W S2WPx*S12

Fg

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[

X(cid:131)X(cid:131)

NiG3
LiM3

NiM3
MiI3

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

>TY [S+\1(2* ,x*Y+ (+Y[ x,Y [Y,S’Y[ W,14 n##m \1,.1,x*Y v12[+ *Tx* Tx’Y 4x*(,S*SY+ x..,1rS4x*S2U *TY *Y,4+ 1W *TY .Y2+S12

1vPSUx*S12+ (2[Y, *TY TY W1PP1tS2U *xvPY .,1’S[Y+ x ,Y\12\SPSx*S12 1W vY2YWS* 1vPSUx*S12+ x2[ .Px2 x++Y*+ 1W *TY TY W(2[Y[ +*x*(+ 1W *TY TY W1PP1tS2U *xvPY ,YWPY\*+ *TY *1*xP Yr.Y\*Y[ vY2YWS* .xq4Y2*+ *1 .Px2 .x,*S\S.x2*+ W1, Yx\T 1W *TY 2Yr* WS’Y qYx,+ x2[ *TY

W1PP1tS2U WS’Y qYx,+ S2 xUU,YUx*Y x2[ Tx’Y vYY2 Y+*S4x*Y[ vx+Y[ 12 *TY +x4Y x++(4.*S12+ (+Y[ *1 4Yx+(,Y *TY !14.x2q;+ vY2YWS*
1vPSUx*S12+ x+ 1W ~Y\Y4vY, LNk MgMN nS2 *T1(+x2[+mE

MgMM
MgML
MgMK
MgMJ
MgMI
MgMHjMgLN
>1*xP

5

5

(cid:215)(cid:136)(cid:128)o(cid:132)q

NkgFg
NkNFG
NkJIH
NkKKH
NkIHH
FkHIJ
NIkHKK

FN

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

b2 *TY TY *,(+*YY 1W *TY TY 1’Y,xPP 1vRY\*S’Y S+ *1 S2’Y+* .Px2 x++Y*+ S2 x .1,*W1PS1 1W [S’Y,+SWSY[ x++Y*+k .,S4x,SPq *T,1(UT *TY (+Y 1W S2+*S*(*S12xP \1PPY\*S’Y
W(2[+k *1 x\TSY’Y vxPx2\Y[ U,1t*T *T,1(UT x \14vS2x*S12 1W S2’Y+*4Y2*+ S2 Y-(S*SY+ W1, P12Uj*Y,4 U,1t*T x2[ S2’Y+*4Y2*+ S2 [Yv*
S2+*,(4Y2*+ *Tx* 4x*\T x .1,*S12 1W *TY Yr.Y\*Y[ W(*(,Y vY2YWS* .xq4Y2*+ x2[ *1 4xS2*xS2 x[Y-(x*Y PS-(S[S*q *1 4xQY .Y2+S12
.xq4Y2*+ *1 .Y2+S12Y,+i

>TY W1PP1tS2U *xvPY +(44x,SoY+ *TY WxS, ’xP(Y+ 1W CPx2 x++Y*+ vq x++Y* \x*YU1,q x+ 1W ~Y\Y4vY, LNk MgMN nS2 *T1(+x2[+mE

(cid:215)tt˘q (cid:211)Øq˘(cid:192)(cid:128)wD

(cid:160)Ø”w I؇o˘

Wo(cid:128)q˘(cid:201) Zw”(cid:204)˘t ”(cid:132)
(cid:215)(cid:204)q”m˘ (cid:141)Øw(cid:181)˘qt
ˆ(cid:128)w (cid:151)(cid:201)˘(cid:132)q”(cid:204)؇
(cid:215)tt˘qt
(cid:153)(cid:143)˘m˘‡ [(cid:151)

Q”(cid:192)(cid:132)”ˆ”(cid:204)Ø(cid:132)q ]q‰˘w
]Łt˘wmØŁ‡˘
(cid:151)(cid:132)}oqt
(cid:153)(cid:143)˘m˘‡ X(cid:151)

Q”(cid:192)(cid:132)”ˆ”(cid:204)Ø(cid:132)q ]q‰˘w
K(cid:132)(cid:128)Łt˘wmØŁ‡˘
(cid:151)(cid:132)}oqt
(cid:153)(cid:143)˘m˘‡ U(cid:151)

(cid:140)(cid:128)q
QoŁ•˘(cid:204)q q(cid:128)
(cid:143)˘m˘‡”(cid:132)(cid:192)

^(*(xP e(2[+E
"xPx2\Y[ nNm
eSrY[ S2\14Y nMm

!x+T
>1*xP

5 LgkHHK
NLkMJg
NIL
5 KKkNGH

5

5

X 5
X
NIL
NIL

5

X 5
X
X
X 5

X 5
X
X
X 5

LgkHHK
NLkMJg
X
KKkgMK

nNm

nMm

>TS+ \Px++ \14.,S+Y+ x [S’Y,+SWSY[ .1,*W1PS1 1W UP1vxP S2’Y+*4Y2*+ tTS\T +YYQ+ x vxPx2\Y[ ,Y*(,2 vY*tYY2 \x.S*xP
U,1t*T x2[ WSrY[ S2\14Y x2[ S+ xPP1\x*Y[ 12 x tYSUT*Y[ x’Y,xUY vx+S+ x+ W1PP1t+E Y-(S*SY+ nLJ3mk v12[+ nLF3mk
1*TY, x++Y*+ nMN3m x2[ \x+T nJ3mi

>TS+ \Px++ \14.,S+Y+ x [S’Y,+SWSY[ .1,*W1PS1 1W UP1vxP S2’Y+*4Y2*+ tTS\T +YYQ+ WSrY[ S2\14Y U,1t*T x2[ S+
xPP1\x*Y[ 12 x tYSUT*Y[ x’Y,xUY vx+S+ x+ W1PP1t+E v12[+ nGG3mk 1*TY, x++Y*+ nI3mk x2[ \x+T nIm3i

>TY W1PP1tS2U *xvPY +(44x,SoY+ *TY WxS, ’xP(Y+ 1W CPx2 x++Y*+ vq x++Y* \x*YU1,q x+ 1W ~Y\Y4vY, LNk MgMg nS2 *T1(+x2[+mE

(cid:215)tt˘q (cid:211)Øq˘(cid:192)(cid:128)wD

(cid:160)Ø”w I؇o˘

Wo(cid:128)q˘(cid:201) Zw”(cid:204)˘t ”(cid:132)
(cid:215)(cid:204)q”m˘ (cid:141)Øw(cid:181)˘qt
ˆ(cid:128)w (cid:151)(cid:201)˘(cid:132)q”(cid:204)؇
(cid:215)tt˘qt
(cid:153)(cid:143)˘m˘‡ [(cid:151)

Q”(cid:192)(cid:132)”ˆ”(cid:204)Ø(cid:132)q ]q‰˘w
]Łt˘wmØŁ‡˘
(cid:151)(cid:132)}oqt
(cid:153)(cid:143)˘m˘‡ X(cid:151)

Q”(cid:192)(cid:132)”ˆ”(cid:204)Ø(cid:132)q ]q‰˘w
K(cid:132)(cid:128)Łt˘wmØŁ‡˘
(cid:151)(cid:132)}oqt
(cid:153)(cid:143)˘m˘‡ U(cid:151)

(cid:140)(cid:128)q
QoŁ•˘(cid:204)q q(cid:128)
(cid:143)˘m˘‡”(cid:132)(cid:192)

^(*(xP e(2[+E
"xPx2\Y[ nNm
eSrY[ S2\14Y nMm

!x+T
>1*xP

5 LNkJHM
NLkMJN
GII
5 KJkIGF

5

5

X 5
X
GII
GII

5

X 5
X
X
X 5

X 5
X
X
X 5

LNkJHM
NLkMJN
X
KKkGML

nNm

nMm

>TS+ \Px++ \14.,S+Y+ x [S’Y,+SWSY[ .1,*W1PS1 1W UP1vxP S2’Y+*4Y2*+ tTS\T +YYQ+ x vxPx2\Y[ ,Y*(,2 vY*tYY2 \x.S*xP
U,1t*T x2[ WSrY[ S2\14Y x2[ S+ xPP1\x*Y[ 12 x tYSUT*Y[ x’Y,xUY vx+S+ x+ W1PP1t+E Y-(S*SY+ nLJ3mk v12[+ nLH3mk
1*TY, x++Y*+ nNF3m x2[ \x+T nF3mi

>TS+ \Px++ \14.,S+Y+ x [S’Y,+SWSY[ .1,*W1PS1 1W UP1vxP S2’Y+*4Y2*+ tTS\T +YYQ+ WSrY[ S2\14Y U,1t*T x2[ S+
xPP1\x*Y[ 12 x tYSUT*Y[ x’Y,xUY vx+S+ x+ W1PP1t+E v12[+ nGL3mk 1*TY, x++Y*+ nNI3m x2[ \x+T nN3mi

FM

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

[M(cid:136) (cid:151)(cid:132)(cid:204)(cid:128)(cid:136)˘ NØH˘t

!14.12Y2*+ 1W *TY !14.x2q;+ S2\14Y nP1++m vYW1,Y S2\14Y *xrY+ x,Y x+ W1PP1t+ nS2 *T1(+x2[+mE

b2\14Y nP1++m vYW1,Y S2\14Y *xrY+E

!x2x[x
1*xP

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[

X(cid:131)X(cid:131)

X(cid:131)[?

5

5

nNkLHNm 5
NFkNIG
LGkLHJ
JIkNHM 5

nMkMHGm 5
NIkGHJ
LLkGgI
KGkKgL 5

HG
MJkJHH
MgkNNN
KJkHII

!14.12Y2*+ 1W *TY !14.x2q;+ S2\14Y *xr .,1’S+S12 nvY2YWS*m x,Y x+ W1PP1t+ nS2 *T1(+x2[+mE

!(,,Y2*

!x2x[x
1*xP

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[

X(cid:131)X(cid:131)

X(cid:131)[?

5

5

FJ
MgJ
FkKGI
FkHGI

KFL
nMkNLLm
nMkLgJm
nLkFKJm
JkGKN

5

5

GM
NkLMK
IkJGF
HkFFJ

nKFLm
nNkMJIm
nMkLIKm
nKkNNLm
LkGGM

5

5

Ngg
NkNgF
GkNNI
FkLMJ

X
HgL
nJkgLJm
nKkLLMm
KkFFL

FL

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

>TY !14.x2q S+ S2\1,.1,x*Y[ S2 !x2x[x x2[ *TY,YW1,Y (+Y+ *TY !x2x[Sx2 +*x*(*1,q ,x*Y W1, S2\14Y *xr [S+\P1+(,Yi >TY

,Y\12\SPSx*S12 1W *TY +*x*(*1,q !x2x[Sx2 *xr ,x*Y *1 *TY YWWY\*S’Y *xr ,x*Y ,YPx*Y[ *1 S2\14Y vYW1,Y S2\14Y *xrY+ S+ x+ W1PP1t+ nS2
*T1(+x2[+k Yr\Y.* .Y,\Y2*xUY [x*xmE

@*x*(*1,q !x2x[Sx2 *xr ,x*Y
fr.Y\*Y[ S2\14Y *xr .,1’S+S12 x* !x2x[Sx2 +*x*(*1,q *xr
,x*Y
b2*Y,2x*S12xP *xr ,x*Y [SWWY,Y2\Y+
xr \,Y[S*+
@*x*(*1,q *xr ,x*Y \Tx2UY+
<2\Y,*xS2 *xr .1+S*S12+
!Tx2UY S2 ’xP(x*S12 xPP1tx2\Y
#\-(S+S*S12 \12*S2UY2* \12+S[Y,x*S12 x[R(+*4Y2*+
>,x2+x\*S12 \1+*+
C,1’S+S12 *1 ,Y*(,2 [SWWY,Y2\Y+
8S2[WxPP vY2YWS* W,14 +Tx,Yjvx+Y[ \14.Y2+x*S12
<‘ .x*Y2* v1r
AY.1,*Y[ S2\14Y *xr .,1’S+S12

fWWY\*S’Y *xr ,x*Y

5

5

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[

X(cid:131)X(cid:131)

X(cid:131)[?

MFigg3

MFigg3

MFigg3

5

5

NIkMFN
nLkIMNm
nMKFm
KMF
FMN
NkNNN
nNkMNNm
nNkKgGm
KGF
nKHMm
FNG
GH
MKG
LL
nJkNLNm
nMkJFKm
JkGKN
NgiK3

5

5

NKkgLH
nLkKGLm
nNgGm
KGJ
MJF
IGJ
nNkgILm
nMkgNIm
KMF
nNHIm
nHMHm
nNkJNLm
nMLm
HJg
nMkLMMm
nNkLLMm
LkGGM

Gig3

NLkMHM
nLkLKIm
LGI
LIK
KKL
j
nHGHm
nNkKJHm
LJ
LNg
nKGMm
MGH
MKH
nJNIm
nNkHNHm
nMkgKIm
KkFFL
NgiF3

FK

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

~YWY,,Y[ S2\14Y *xrY+ ,Y+(P* .,S2\S.xPPq W,14 *Y4.1,x,q [SWWY,Y2\Y+ S2 *TY ,Y\1U2S*S12 1W \Y,*xS2 ,Y’Y2(Y x2[ Yr.Y2+Y S*Y4+
x2[ 1.Y,x*S2U P1++ x2[ *xr \,Y[S* \x,,qW1,tx,[+ W1, WS2x2\SxP x2[ *xr ,Y.1,*S2U .(,.1+Y+i @SU2SWS\x2* \14.12Y2*+ 1W *TY !14.x2q;+
[YWY,,Y[ *xr x++Y*+ x2[ PSxvSPS*SY+ x+ 1W ~Y\Y4vY, LNk MgMN x2[ MgMg x,Y x+ W1PP1t+ nS2 *T1(+x2[+mE

~YWY,,Y[ *xr x++Y*+E

_1++Y+
D.Y,x*S2U PYx+Y PSxvSPS*SY+
!14.Y2+x*S12 ,YPx*Y[ [Y[(\*S12+
b2’Y2*1,SY+
>xr \,Y[S*+
AY+*,(\*(,S2U ,YPx*Y[ PSxvSPS*SY+
8x,,x2*q
D*TY,

>1*xP [YWY,,Y[ *xr x++Y*+

:xP(x*S12 xPP1tx2\Y 12 [YWY,,Y[ *xr x++Y*+
]Y* [YWY,,Y[ *xr x++Y*+
~YWY,,Y[ *xr PSxvSPS*SY+E

~Y.,Y\Sx*S12
#41,*Sox*S12
<2,YxPSoY[ \(,,Y2\q UxS2+hP1++Y+
D.Y,x*S2U PYx+Y ,SUT*j1Wj(+Y x++Y*+
~YWY,,Y[ ,Y’Y2(Y

>1*xP [YWY,,Y[ *xr PSxvSPS*SY+
]Y* [YWY,,Y[ S2\14Y *xr x++Y*+ nPSxvSPS*SY+m

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[

X(cid:131)X(cid:131)

5

5

5

5
5

FkLJG 5
NMkMgg
IkHFJ
IkJFK
MkHGI
MgI
Hgg
NFH
LGkGLI
nNMkIgGm
MIkMMG 5

nMkJGJm 5
nLMkNNHm
j
nNNkIIHm
nNkLFNm
nKHkHIgm 5
nMNkJLMm 5

GkJMK
NgkMNI
JkFJJ
JkgFg
MkFJG
NGJ
HMg
FJH
LKkIgJ
nNNkJINm
MLkgKK

nNkJGLm
nMKkHHMm
nLHMm
nFkFIgm
X
nLIkIGHm
nNLkIKLm

b2 [Y*Y,4S2S2U S*+ S2\14Y *xr .,1’S+S12+k *TY !14.x2q \xP\(Px*Y[ [YWY,,Y[ *xr x++Y*+ x2[ PSxvSPS*SY+ W1, Yx\T +Y.x,x*Y
R(,S+[S\*S12i >TY !14.x2q *TY2 \12+S[Y,Y[ x 2(4vY, 1W Wx\*1,+k S2\P([S2U .1+S*S’Y x2[ 2YUx*S’Y Y’S[Y2\Y ,YPx*Y[ *1 *TY ,YxPSox*S12
1W S*+ [YWY,,Y[ *xr x++Y*+k *1 [Y*Y,4S2Y tTY*TY, x ’xP(x*S12 xPP1tx2\Y +T1(P[ vY ,Y\1U2SoY[ tS*T ,Y+.Y\* *1 S*+ [YWY,,Y[ *xr x++Y*+i

b2 MgMNk *TY !14.x2q ,Y\1,[Y[ x2 x[[S*S12xP 5giF 4SPPS12 ’xP(x*S12 xPP1tx2\Yi b2 MgMgk *TY !14.x2q ,Y’Y,+Y[ ’xP(x*S12
xPP1tx2\Y 1W 5giH 4SPPS12 ,Y\1,[Y[ 12 2Y* 1.Y,x*S2U P1++Y+ x2[ 1*TY, *S4S2U S*Y4+ S2 \Y,*xS2 *xr R(,S+[S\*S12+ [(Y *1 \(,,Y2* x2[
W1,Y\x+* *xrxvPY S2\14Yi b2 MgNFk *TY !14.x2q ,Y’Y,+Y[ ’xP(x*S12 xPP1tx2\Y 1W 5giJ 4SPPS12 ,Y\1,[Y[ 12 2Y* 1.Y,x*S2U P1++Y+ x2[
1*TY, *S4S2U S*Y4+ S2 \Y,*xS2 *xr R(,S+[S\*S12+ [(Y *1 *xrxvPY S2\14Y UY2Y,x*Y[ [(,S2U *TY qYx,i

:xP(x*S12 xPP1tx2\Y \12*S2(Y+ *1 vY .,1’S[Y[ 12 *TY ,Y4xS2S2U vxPx2\Y+ 1W \Y,*xS2 TY
,Y4xS2[Y, 5giI 4SPPS12 ,YPx*Y+ *1 ’x,S1(+ TY ,Y4xS2S2U 5NiM

FJ

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

4SPPS12 *xr \,Y[S* \x,,qW1,tx,[+ tY,Y ,YPx*Y[ *1 !x2x[xk 1W tTS\T 5giJ 4SPPS12 Yr.S,Y+ *T,1(UT MgMM x2[ 5giH 4SPPS12 \x2 vY \x,,SY[
W1,tx,[ S2[YWS2S*YPqi

#+ 1W ~Y\Y4vY, LNk MgMgk *TY !14.x2q Tx[ *xr \,Y[S* \x,,qW1,tx,[+ 1W x..,1rS4x*YPq 5LiL 4SPPS12 x’xSPxvPY *1 ,Y[(\Y
S2\14Y *xrY+ S2 W(*(,Y qYx,+i #..,1rS4x*YPq 5NiK 4SPPS12 ,YPx*Y+ *1 *TY TY ,Y4xS2S2U 5NiF 4SPPS12 *xr \,Y[S* \x,,qW1,tx,[+ tY,Y ,YPx*Y[
*1 !x2x[xk 1W tTS\T 5NiM 4SPPS12 Yr.S,Y+ *T,1(UT MgMM x2[ 5giH 4SPPS12 \x2 vY \x,,SY[ W1,tx,[ S2[YWS2S*YPqi

b2\14Y x2[ W1,YSU2 tS*TT1P[S2U *xrY+ Tx’Y 21* vYY2 ,Y\1U2SoY[ 12 *TY Yr\Y++ 1W *TY x41(2* ,Y\1U2SoY[ W1, WS2x2\SxP
,Y.1,*S2U .(,.1+Y+ 1’Y, *TY *xr vx+S+ 1W S2’Y+*4Y2*+ S2 W1,YSU2 +(v+S[Sx,SY+ *Tx* x,Y Y++Y2*SxPPq .Y,4x2Y2* S2 2x*(,Yi >TY Yr\Y++
x41(2* vY\14Y+ *xrxvPY (.12 x ,Y.x*,Sx*S12 1W x++Y*+ W,14 x +(v+S[Sx,q 1, x +xPY 1, PS-(S[x*S12 1W x +(v+S[Sx,qi >TY x41(2* 1W
(2[S+*,Sv(*Y[ Yx,2S2U+ 1W W1,YSU2 +(v+S[Sx,SY+ *1*xPY[ 5MIIiN 4SPPS12 x+ 1W ~Y\Y4vY, LNk MgMNi >TY Y+*S4x*Y[ (2,Y\1U2SoY[ S2\14Y
*xr x2[ W1,YSU2 tS*TT1P[S2U *xr PSxvSPS*q 12 *TS+ *Y4.1,x,q [SWWY,Y2\Y S+ x..,1rS4x*YPq 5Kig 4SPPS12i

#+ 1W ~Y\Y4vY, LNk MgMNk *TY !14.x2q;+ *1*xP x41(2* 1W (2,Y\1U2SoY[ *xr vY2YWS*+ tx+ 5KiG 4SPPS12k 1W tTS\T 5KiI 4SPPS12

t1(P[ Wx’1,xvPq xWWY\* *TY YWWY\*S’Y *xr ,x*Y SW vY2YWS*Y[i D’Y, *TY 2Yr* *tYP’Y 412*T+k *TY !14.x2q 4xq 2YY[ *1 ,Y’Y,+Y (. *1 5giJ
4SPPS12 1W .,Y’S1(+Pq ,Y\1,[Y[ (2,Y\1U2SoY[ *xr vY2YWS*+ [(Y *1 +*x*(*Y 1W PS4S*x*S12+ \P1+(,Y+i >TY !14.x2q vYPSY’Y+ *TY,Y x,Y 21
R(,S+[S\*S12+ S2 tTS\T *TY 1(*\14Y 1W (2,Y+1P’Y[ S++(Y+ 1, \PxS4+ S+ PSQYPq *1 vY 4x*Y,SxP *1 S*+ ,Y+(P*+ 1W 1.Y,x*S12+k WS2x2\SxP
.1+S*S12 1, \x+T WP1t+i e(,*TY,41,Yk *TY !14.x2q vYPSY’Y+ *Tx* S* Tx+ x[Y-(x*YPq .,1’S[Y[ W1, xPP +SU2SWS\x2* S2\14Y *xr
(2\Y,*xS2*SY+i

>TY ,Y\12\SPSx*S12 1W *TY *1*xP x41(2*+ 1W (2,Y\1U2SoY[ *xr vY2YWS*+ S+ x+ W1PP1t+ nS2 *T1(+x2[+mE

"xPx2\Y x* ~Y\Y4vY, LNk MgNG
#[[S*S12+ vx+Y[ 12 *xr .1+S*S12+ ,YPx*Y[ *1 *TY \(,,Y2* qYx,
#[[S*S12+ W1, *xr .1+S*S12+ 1W .,S1, qYx,+
AY[(\*S12+ *1 *xr .1+S*S12+ 1W .,S1, qYx,+
AY[(\*S12+ *1 *xr .1+S*S12+ ,Y+(P*S2U W,14 x Px.+Y 1W *TY x..PS\xvPY
+*x*(*Y 1W PS4S*x*S12+
@Y**PY4Y2*+ tS*T *xr x(*T1,S*SY+
"xPx2\Y x* ~Y\Y4vY, LNk MgNF
#[[S*S12+ vx+Y[ 12 *xr .1+S*S12+ ,YPx*Y[ *1 *TY \(,,Y2* qYx,
#[[S*S12+ W1, *xr .1+S*S12+ 1W .,S1, qYx,+
AY[(\*S12+ *1 *xr .1+S*S12+ 1W .,S1, qYx,+
AY[(\*S12+ *1 *xr .1+S*S12+ ,Y+(P*S2U W,14 x Px.+Y 1W *TY x..PS\xvPY
+*x*(*Y 1W PS4S*x*S12+
@Y**PY4Y2*+ tS*T *xr x(*T1,S*SY+
"xPx2\Y x* ~Y\Y4vY, LNk MgMg
#[[S*S12+ vx+Y[ 12 *xr .1+S*S12+ ,YPx*Y[ *1 *TY \(,,Y2* qYx,
#[[S*S12+ W1, *xr .1+S*S12+ 1W .,S1, qYx,+
AY[(\*S12+ *1 *xr .1+S*S12+ 1W .,S1, qYx,+
AY[(\*S12+ *1 *xr .1+S*S12+ ,Y+(P*S2U W,14 x Px.+Y 1W *TY x..PS\xvPY
+*x*(*Y 1W PS4S*x*S12+
@Y**PY4Y2*+ tS*T *xr x(*T1,S*SY+
"xPx2\Y x* ~Y\Y4vY, LNk MgMN

5

KkHMJ
HMH
J
nLNm

nKFHm
X
KkFMF
KHI
LJI
nJm

nKFGm
X
JkMJG
NkNIM
F
nKNm

nNkJFNm
X
KkHFH

5

>TY !14.x2q ,Y\1U2SoY+ S2*Y,Y+* x2[ .Y2xP*SY+ ,YPx*Y[ *1 (2\Y,*xS2 *xr .1+S*S12+ S2 S2\14Y *xr .,1’S+S12i #+ 1W ~Y\Y4vY, LNk

MgMN x2[ MgMgk *TY !14.x2q Tx[ x..,1rS4x*YPq 5giI 4SPPS12 x2[ 5giH 4SPPS12k ,Y+.Y\*S’YPqk 1W x\\,(Y[ S2*Y,Y+* x2[ .Y2xP*SY+
,YPx*Y[ *1 (2\Y,*xS2 *xr .1+S*S12+i ~(,S2U *TY qYx,+ Y2[Y[ ~Y\Y4vY, LNk MgMNk MgMg x2[ MgNFk *TY !14.x2q ,Y\1U2SoY[ n5giNm
4SPPS12k 5giM 4SPPS12 x2[ 5giN 4SPPS12k ,Y+.Y\*S’YPqk 1W Yr.Y2+Y W1, x2 S2\,Yx+Y n[Y\,Yx+Ym S2 S2*Y,Y+* x2[ .Y2xP*SY+ ,YPx*Y[ *1
(2\Y,*xS2 *xr .1+S*S12+i

FI

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

>TY !14.x2q WSPY+ S2\14Y *xr ,Y*(,2+ S2 !x2x[xk *TY TY !14.x2q;+ S2\14Y *xr ,Y*(,2+ 4xq vY ,Y’SYtY[ vq *xr x(*T1,S*SY+ S2 *TY W1PP1tS2U \1(2*,SY+ W1, *TY W1PP1tS2U .Y,S1[+

(2[Y, *TY x..,1.,Sx*Y +*x*(*Y 1W PS4S*x*S12+E

<2S*Y[ @*x*Y+
!x2x[x
<2S*Y[ ‘S2U[14
dY,4x2q
>TY ]Y*TY,Px2[+
!TS2x
ax.x2

MgNG j C,Y+Y2*
MgNH j C,Y+Y2*
MgMg j C,Y+Y2*
MgNH j C,Y+Y2*
MgNH j C,Y+Y2*
MgNM j C,Y+Y2*
MgNI j C,Y+Y2*

[I(cid:136) T˘tqwo(cid:204)qow”(cid:132)(cid:192) Ø(cid:132)(cid:201) (cid:215)(cid:204)zo”t”q”(cid:128)(cid:132) T˘‡Øq˘(cid:201) (cid:211)(cid:128)tqt

>TY W1PP1tS2U *xvPY +(44x,SoY+ ,Y+*,(\*(,S2U x2[ x\-(S+S*S12 ,YPx*Y[ \1+*+ ,Y\1,[Y[ S2 *TY x\\14.x2qS2U \12+1PS[x*Y[

+*x*Y4Y2*+ 1W 1.Y,x*S12+ nS2 *T1(+x2[+mE

MgMg ,Y+*,(\*(,S2U
MgNF ,Y+*,(\*(,S2U
MgNG ,Y+*,(\*(,S2U
>1*xP ,Y+*,(\*(,S2U ,YPx*Y[ \Tx,UY+
#\-(S+S*S12 x2[ ,YPx*Y[ \Tx,UY+
>1*xP ,Y+*,(\*(,S2U x2[ x\-(S+S*S12 ,YPx*Y[ \1+*+

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X(cid:131)

X(cid:131)[?

X(cid:131)X[

5

5
5
5

GkNLL 5
MgG
j
GkLKN 5
FkIHF 5
NGkgMg 5

5

MkHLI
FGG
HJL
KkKHH
5
nIIHm 5
5
LkGNg

X
HkKIL
NkNHH
GkIKg
HkFLK
NIkJHK

2020 Restructuring

#+ x ,Y+(P* 1W *TY !14.x2q;+ 12U1S2U Y’xP(x*S12+ x2[ YWW1,*+ *1 ,Y[(\Y S*+ 1.Y,x*S2U \1+*+k tTSPY S4.,1’S2U YWWS\SY2\q x2[

YWWY\*S’Y2Y++k *TY !14.x2q S2S*Sx*Y[ *TY MgMg ,Y+*,(\*(,S2U .,1U,x4 S2 *TY *TS,[ -(x,*Y, 1W MgMgi >TS+ .,1U,x4 S+ W1\(+Y[ 12
,Y[(\S2U 1.Y,x*S2U \14.PYrS*q S2 *TY !14.x2qk S2\P([S2U ,Y[(\S2U S2W,x+*,(\*(,Y \1+*+ x2[ +*,Yx4PS2S2U *TY !14.x2q;+ 1.Y,x*S2U
41[YP *1 vY**Y, +Y,’Y S*+ \(+*14Y,+i b2 x[[S*S12k *TY .,1U,x4 Tx+ vYY2 W1\(+Y[ 12 \1+* ,Y[(\*S12 x\*S12+ *Tx* S4.,1’Y U,1++ 4x,US2+
W1, *TY 1’Y,xPP \14.x2qi b2 MgMNk *TY !14.x2q ,Y\1,[Y[ 5GiN 4SPPS12 S2 +Y’Y,x2\Y x2[ 1*TY, \1+*+ S2 \122Y\*S12 tS*T *TY MgMg
,Y+*,(\*(,S2U .,1U,x4i >TY !14.x2q x2*S\S.x*Y+ \14.PY*S2U *TY MgMg ,Y+*,(\*(,S2U .,1U,x4 S2 *TY W1(,*T -(x,*Y, 1W MgMM x2[
Yr.Y\*+ *1 S2\(, x[[S*S12xP ,Y+*,(\*(,S2U \Tx,UY+ vY*tYY2 5LiJ 4SPPS12 x2[ 5KiJ 4SPPS12 ,YPx*Y[ *1 *TY MgMg ,Y+*,(\*(,S2U .,1U,x4 S2
*TY 2Yr* *tYP’Y 412*T+i

>TY W1PP1tS2U *xvPY +(44x,SoY+ ,Y+*,(\*(,S2U \1+*+ x++1\Sx*Y[ tS*T *TY MgMg ,Y+*,(\*(,S2U .,1U,x4 vq ,Y.1,*xvPY +YU4Y2* nS2

*T1(+x2[+mE

CT1*12S\+
:S+S12
C,Y\S+S12 ^1*S12
<2xPP1\x*Y[ !1,.1,x*Y x2[
@Tx,Y[ @Y,’S\Y+
>1*xP

5

5

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[

X(cid:131)X(cid:131)

(cid:211)o(cid:136)o‡Øq”m˘ (cid:211)(cid:128)tqt Øt (cid:128)ˆ
(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142) X(cid:131)X[

HKg
NkLLg
JMK

NKM
MkHLI

5

5

LkGMJ
MkNKL
KkHLg

NHN
NgkGIF

LkgGJ
GNL
KkMgI

MF
GkNLL

5

5

FH

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

2019 Restructuring

~(,S2U *TY W1(,*T -(x,*Y, 1W MgNGk *TY !14.x2q S4.PY4Y2*Y[ x ,Y+*,(\*(,S2U .Px2 S2*Y2[Y[ *1 ,YxPSU2 1.Y,x*S12+k ,Y[(\Y \1+*+k
x\TSY’Y 1.Y,x*S12xP YWWS\SY2\SY+ x2[ W1\(+ ,Y+1(,\Y+ 12 U,1t*T S2S*Sx*S’Y+i b2 MgMNk *TY !14.x2q ,Y\1,[Y[ 5giM 4SPPS12 S2 +Y’Y,x2\Y
x2[ ,YPx*Y[ \1+*+ S2 \122Y\*S12 tS*T *TY MgNF ,Y+*,(\*(,S2U .Px2i #+ 1W ~Y\Y4vY, LNk MgMNk *TY !14.x2q S2\(,,Y[ \(4(Px*S’Y \1+*+
,YPx*Y[ *1 *TS+ ,Y+*,(\*(,S2U .Px2 *1*xPS2U 5Fig 4SPPS12i >TY MgNF ,Y+*,(\*(,S2U .,1U,x4 tx+ \14.PY*Y[ S2 *TY WS,+* -(x,*Y, 1W MgMNi

Rollforward of Accrued Expenses Related to Restructuring

>TY W1PP1tS2U *xvPY +(44x,SoY+ *TY x\\,(xP x\*S’S*SY+k vq \14.12Y2*k ,YPx*Y[ *1 *TY !14.x2q;+ ,Y+*,(\*(,S2U \Tx,UY+ ,Y\1,[Y[

S2 *TY x\\14.x2qS2U \12+1PS[x*Y[ vxPx2\Y +TYY*+ nS2 *T1(+x2[+mE

"xPx2\Y x* ~Y\Y4vY, LNk MgNF
AY+*,(\*(,S2U \Tx,UY+
!x+T .xq4Y2*+
]12j\x+T t,S*Yj1WW+ x2[ 1*TY, x[R(+*4Y2*+
"xPx2\Y x* ~Y\Y4vY, LNk MgMg
AY+*,(\*(,S2U \Tx,UY+
!x+T .xq4Y2*+
]12j\x+T t,S*Yj1WW+ x2[ 1*TY, x[R(+*4Y2*+ nNm
"xPx2\Y x* ~Y\Y4vY, LNk MgMN

N(cid:128)q؇

MkgHL
KkKHH
nKkgMKm
nHMIm
NkGgg
GkLKN
nLkHMHm
nLkHMGm
MkIGI

£(cid:136)}‡(cid:128)D˘˘ T˘‡Øq˘(cid:201)
NkFGG
5
LkJgI
nLkMMFm
nJGKm
NkIGN
IkKIM
nMkGFGm
nLkNLGm
MkNgH

5

5

5

5

(cid:160)Ø(cid:204)”‡”qD T˘‡Øq˘(cid:201)
5

X 5
JgL
nNNJm
nMHMm
NNI
NkLgF
nMMIm
nIKFm
JJg

5

]q‰˘w

GJ
KIG
nIGgm
NLg
L
JHg
nIgLm
JF
MF

nNm

]12j\x+T \Tx,UY+ S2\P([Y[ +*1\Qjvx+Y[ \14.Y2+x*S12 \Tx,UY+ x41(2*S2U *1 5Lig 4SPPS12 x++1\Sx*Y[ tS*T +Y’Y,x2\Y
xU,YY4Y2*+ W1, \Y,*xS2 Y4.P1qYY+i

Acquisition and Related Charges

#\-(S+S*S12 x2[ ,YPx*Y[ \1+*+ S2\(,,Y[ S2 \122Y\*S12 tS*T v(+S2Y++ \14vS2x*S12+k .,S4x,SPq S2\P([S2U WS2[Y,+; WYY+k PYUxPk
’xP(x*S12 x2[ 1*TY, .,1WY++S12xP 1, \12+(P*S2U WYY+k *1*xPY[ 5JiF 4SPPS12k 5giI 4SPPS12k x2[ 5JiL 4SPPS12 [(,S2U MgMNk MgMgk x2[
MgNFk ,Y+.Y\*S’YPqi >TY !14.x2q S2\(,,Y[ 5NiF 4SPPS12 x2[ 5NiH 4SPPS12 S2 PYUxP \1+*+ ,YPx*Y[ *1 x [S+.(*Y S2’1P’S2U x \14.x2q *Tx*
tx+ x\-(S,Y[ S2 MgNF [(,S2U MgMN x2[ MgMgk ,Y+.Y\*S’YPqi #\-(S+S*S12 ,YPx*Y[ \1+*+ ,Y\1U2SoY[ (2[Y, Yx,2j1(* xU,YY4Y2*+ S2
\122Y\*S12 tS*T x\-(S+S*S12+ *1*xPY[ 5NiF 4SPPS12k 5nLigm 4SPPS12k x2[ 5MiI 4SPPS12 [(,S2U MgMNk MgMgk x2[ MgNFk ,Y+.Y\*S’YPqi >TY
x\-(S+S*S12 ,YPx*Y[ \1+*+ W1, MgMN tY,Y 5ngiJm 4SPPS12k 5MiJ 4SPPS12k 5Mig 4SPPS12 x2[ 5JiH 4SPPS12 W1, CT1*12S\+k :S+S12k C,Y\S+S12
^1*S12k x2[ <2xPP1\x*Y[ !1,.1,x*Y x2[ @Tx,Y[ @Y,’S\Y+ ,Y.1,*xvPY +YU4Y2*+k ,Y+.Y\*S’YPqi

[E(cid:136) (cid:211)(cid:128)(cid:136)(cid:136)”q(cid:136)˘(cid:132)qt Ø(cid:132)(cid:201) (cid:211)(cid:128)(cid:132)q”(cid:132)(cid:192)˘(cid:132)(cid:204)”˘t

Purchase Commitments

#+ 1W ~Y\Y4vY, LNk MgMNk *TY !14.x2q Tx[ .(,\Tx+Y \144S*4Y2*+ .,S4x,SPq W1, S2’Y2*1,q .(,\Tx+Y+ 1W 5NIFiI 4SPPS12i

>TY+Y .(,\Tx+Y \144S*4Y2*+ x,Y Yr.Y\*Y[ *1 vY S2\(,,Y[ x+ W1PP1t+E 5NIHiN 4SPPS12 S2 MgMM x2[ 5MiJ 4SPPS12 S2 MgMLi

Legal Proceedings

b2 #.,SP MgMgk *TY !14.x2q ,Y\YS’Y[ 21*SWS\x*S12 1W x2 x,vS*,x*S12 [Y4x2[ WSPY[ tS*T *TY #4Y,S\x2 #,vS*,x*S12 #++1\Sx*S12
xUxS2+* x v(+S2Y++ x\-(S,Y[ vq *TY !14.x2q S2 a(2Y MgNFi >TY x,vS*,x*S12 [Y4x2[ tx+ WSPY[ vq x \12*,x\* \1(2*Y,.x,*q *1 x R1S2*
.,1[(\* [Y’YP1.4Y2* xU,YY4Y2* Y2*Y,Y[ S2*1 vq *TY v(+S2Y++ vYW1,Y *TY !14.x2q x\-(S,Y[ S*i >TY x,vS*,x*S12 [Y4x2[ xPPYUY[ v,Yx\T
1W \12*,x\* x2[ 1*TY, \PxS4+ x,S+S2U 1(* 1W xPPYUx*S12+ *Tx* *TY v(+S2Y++ WxSPY[ *1 Y2UxUY S2 ,Y-(S,Y[ 4x,QY*S2U x\*S’S*SY+ W1, *TY
.,1[(\* [Y’YP1.Y[ (2[Y, *TY R1S2* .,1[(\* [Y’YP1.4Y2* xU,YY4Y2*i >TY \PxS4x2* +1(UT* \14.Y2+x*1,q x2[ .(2S*S’Y [x4xUY+k P1+*
.,1WS*+ x2[ 1*TY, ,YPSYWi ~(,S2U *TY +Y\12[ -(x,*Y, 1W MgMNk *TY x,vS*,x*1, W1,4xPPq \P1+Y[ *TY x,vS*,x*S12 .(,+(x2* *1 x +Y**PY4Y2*
vY*tYY2 *TY .x,*SY+i ]1 WS2x2\SxP [x4xUY+ .xq4Y2*+ tY,Y 4x[Y vq *TY !14.x2qi

>TY !14.x2q S+ +(vRY\* *1 ’x,S1(+ 1*TY, PYUxP .,1\YY[S2U+ x2[ \PxS4+ *Tx* x,S+Y S2 *TY 1,[S2x,q \1(,+Y 1W v(+S2Y++i >TY
!14.x2q ,Y’SYt+ *TY +*x*(+ 1W Yx\T +SU2SWS\x2* 4x**Y, x2[ x++Y++Y+ *TY .1*Y2*SxP WS2x2\SxP Yr.1+(,Y 12 x -(x,*Y,Pq vx+S+i bW *TY
.1*Y2*SxP P1++ W,14 x2q \PxS4 1, PYUxP .,1\YY[S2U S+ \12+S[Y,Y[ .,1vxvPY x2[ *TY x41(2* \x2 vY ,Yx+12xvPq Y+*S4x*Y[k *TY !14.x2q
x\\,(Y+ x PSxvSPS*q W1, *TY Y+*S4x*Y[ P1++i @SU2SWS\x2* R([U4Y2* S+ ,Y-(S,Y[ S2 v1*T *TY [Y*Y,4S2x*S12 1W .,1vxvSPS*q x2[ *TY

FG

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

[Y*Y,4S2x*S12 x+ *1 tTY*TY, x2 Yr.1+(,Y S+ ,Yx+12xvPq Y+*S4xvPYi "Y\x(+Y 1W (2\Y,*xS2*SY+ ,YPx*Y[ *1 *TY+Y 4x**Y,+k x\\,(xP+ x,Y
vx+Y[ 12Pq 12 *TY vY+* S2W1,4x*S12 x’xSPxvPY x+ 1W *TY [x*Y 1W *TY \12+1PS[x*Y[ vxPx2\Y +TYY*i #+ x[[S*S12xP S2W1,4x*S12 vY\14Y+
x’xSPxvPYk *TY !14.x2q ,Yx++Y++Y+ *TY .1*Y2*SxP PSxvSPS*q ,YPx*Y[ *1 x2q .Y2[S2U \PxS4+ x2[ PS*SUx*S12 x2[ 4xq ,Y’S+Y S*+ Y+*S4x*Y+i
>TY !14.x2q [1Y+ 21* vYPSY’Y *Tx* *TY 1(*\14Y 1W *TY+Y \PxS4+ tSPP Tx’Y x 4x*Y,SxP x[’Y,+Y YWWY\* (.12 S*+ \12+1PS[x*Y[ WS2x2\SxP
+*x*Y4Y2*+ v(* *TY,Y \x2 vY 21 x++(,x2\Y *Tx* x2q +(\T \PxS4+k 1, x2q +S4SPx, \PxS4+k t1(P[ 21* Tx’Y x 4x*Y,SxP x[’Y,+Y YWWY\* (.12
S*+ \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+i

Guarantees and Indemnifications

b2 *TY 21,4xP \1(,+Y 1W S*+ 1.Y,x*S12+k *TY !14.x2q YrY\(*Y+ xU,YY4Y2*+ *Tx* .,1’S[Y W1, S2[Y42SWS\x*S12 x2[ U(x,x2*YY+ *1
\1(2*Y,.x,*SY+ S2 *,x2+x\*S12+ +(\T x+ v(+S2Y++ [S+.1+S*S12+k +xPY 1W x++Y*+k +xPY 1W .,1[(\*+ x2[ 1.Y,x*S2U PYx+Y+i #[[S*S12xPPqk *TY
vqjPxt+ 1W *TY !14.x2q ,Y-(S,Y S* *1 S2[Y42SWq \Y,*xS2 \(,,Y2* 1, W1,4Y, [S,Y\*1,+k 1WWS\Y,+k x2[ Y4.P1qYY+ 1W *TY !14.x2q xUxS2+*
Yr.Y2+Y+ S2\(,,Y[ vq *TY4 S2 \122Y\*S12 tS*T Yx\T .,1\YY[S2U S2 tTS\T TY 1, +TY S+ S2’1P’Y[ x+ x ,Y+(P* 1W +Y,’S2U 1, Tx’S2U +Y,’Y[
S2 \Y,*xS2 \x.x\S*SY+i b2[Y42SWS\x*S12 S+ 21* x’xSPxvPY tS*T ,Y+.Y\* *1 x .,1\YY[S2U x+ *1 tTS\T S* Tx+ vYY2 x[R([S\x*Y[ *Tx* *TY .Y,+12
[S[ 21* x\* S2 U11[ WxS*T S2 *TY ,Yx+12xvPY vYPSYW *Tx* *TY x\*S12 tx+ S2 *TY vY+* S2*Y,Y+*+ 1W *TY !14.x2qi !Y,*xS2 1W *TY !14.x2q;+
1WWS\Y,+ x2[ [S,Y\*1,+ x,Y xP+1 x .x,*q *1 S2[Y42SWS\x*S12 xU,YY4Y2*+ tS*T *TY !14.x2qi >TY+Y S2[Y42SWS\x*S12 xU,YY4Y2*+ .,1’S[Yk
x412U 1*TY, *TS2U+k *Tx* *TY [S,Y\*1, x2[ 1WWS\Y, +TxPP vY S2[Y42SWSY[ *1 *TY W(PPY+* Yr*Y2* .Y,4S**Y[ vq x..PS\xvPY Pxt xUxS2+* xPP
Yr.Y2+Y+k R([U4Y2*+k WS2Y+ x2[ x41(2*+ .xS[ S2 +Y**PY4Y2* x\*(xPPq x2[ ,Yx+12xvPq S2\(,,Y[ vq +(\T 1WWS\Y, 1, [S,Y\*1, S2 \122Y\*S12
tS*T x2q .,1\YY[S2U vq ,Yx+12 1W TS+ 1, TY, ,YPx*S12+TS. tS*T *TY !14.x2qi b2 x[[S*S12k *TY S2[Y42SWS\x*S12 xU,YY4Y2*+ .,1’S[Y W1,
*TY x[’x2\Y4Y2* 1W Yr.Y2+Y+ S2\(,,Y[ vq +(\T [S,Y\*1, 1, 1WWS\Y, S2 \122Y\*S12 tS*T x2q .,1\YY[S2U \1’Y,Y[ vq *TY S2[Y42SWS\x*S12
xU,YY4Y2*k +(vRY\* *1 *TY \12[S*S12+ +Y* W1,*T *TY,YS2 x2[ *1 *TY Yr*Y2* +(\T x[’x2\Y4Y2* S+ 21* .,1TSvS*Y[ vq Pxti >TY
S2[Y42SWS\x*S12 xU,YY4Y2*+ xP+1 +Y* 1(* *TY .,1\Y[(,Y+ W1, [Y*Y,4S2S2U Y2*S*PY4Y2* *1 S2[Y42SWS\x*S12k *TY ,Y-(S,Y4Y2*+ ,YPx*S2U *1
21*S\Y x2[ [YWY2+Y 1W \PxS4+ W1, tTS\T S2[Y42SWS\x*S12 S+ +1(UT*k *TY .,1\Y[(,Y+ W1, Y2W1,\Y4Y2* 1W S2[Y42SWS\x*S12 ,SUT*+k *TY
PS4S*x*S12+ 12 x2[ Yr\P(+S12+ W,14 S2[Y42SWS\x*S12k x2[ *TY 4S2S4(4 PY’YP+ 1W [S,Y\*1,+; x2[ 1WWS\Y,+; PSxvSPS*q S2+(,x2\Y *1 vY
4xS2*xS2Y[ vq *TY !14.x2qi

D2 a(Pq Nk MgNLk *TY !14.x2q .,1’S[Y[ x d(x,x2*YY n*TY Vd(x,x2*YY?m S2 Wx’1, 1W *TY *,(+*YY+ 1W *TY Y\T21P1USY+ <‘ _S4S*Y[k x tT1PPq 1t2Y[ +(v+S[Sx,q 1W ]1’x2*x b2\i

Credit Risks and Other Uncertainties

>TY !14.x2q 4xS2*xS2+ WS2x2\SxP S2+*,(4Y2*+ +(\T x+ \x+T x2[ \x+T Y-(S’xPY2*+ x2[ *,x[Y ,Y\YS’xvPY+i e,14 *S4Y *1 *S4Yk
\Y,*xS2 1W *TY+Y S2+*,(4Y2*+ 4xq +(vRY\* *TY !14.x2q *1 \12\Y2*,x*S12+ 1W \,Y[S* ,S+Q tTY,Yvq 12Y S2+*S*(*S12 4xq T1P[ x +SU2SWS\x2*
.1,*S12 1W *TY \x+T x2[ \x+T Y-(S’xPY2*+k 1, 12Y \(+*14Y, 4xq ,Y.,Y+Y2* x Px,UY .1,*S12 1W *TY x\\1(2*+ ,Y\YS’xvPY vxPx2\Y+i

>TY,Y tx+ 21 +SU2SWS\x2* \12\Y2*,x*S12 1W \,Y[S* ,S+Q ,YPx*Y[ *1 *TY !14.x2q;+ .1+S*S12 S2 *,x[Y x\\1(2*+ ,Y\YS’xvPY x+ 21

S2[S’S[(xP \(+*14Y, ,Y.,Y+Y2*Y[ Ng3 1, 41,Y 1W *TY !14.x2q;+ 1(*+*x2[S2U x\\1(2*+ ,Y\YS’xvPY x* ~Y\Y4vY, LNk MgMN x2[ MgMgi
!,Y[S* ,S+Q tS*T ,Y+.Y\* *1 *,x[Y x\\1(2*+ ,Y\YS’xvPY+ S+ UY2Y,xPPq 4S2S4SoY[ vY\x(+Y 1W *TY [S’Y,+SWS\x*S12 1W *TY !14.x2q;+
1.Y,x*S12+k x+ tYPP x+ S*+ Px,UY \(+*14Y, vx+Y x2[ S*+ UY1U,x.TS\ [S+.Y,+S12i

!Y,*xS2 1W *TY \14.12Y2*+ x2[ 4x*Y,SxP+ S2\P([Y[ S2 *TY !14.x2q;+ .,1[(\*+ x,Y \(,,Y2*Pq 1v*xS2Y[ W,14 +S2UPY +1(,\Y
+(..PSY,+i >TY,Y \x2 vY 21 x++(,x2\Y *Tx* x [S+,(.*S12 1W *TY +(..Pq 1W +(\T \14.12Y2*+ x2[ 4x*Y,SxP+ t1(P[ 21* \,Yx*Y +(v+*x2*SxP
4x2(Wx\*(,S2U [YPxq+ x2[ x[[S*S12xP \1+* *1 *TY !14.x2qi

>TY !14.x2q;+ 1.Y,x*S12+ S2’1P’Y x 2(4vY, 1W 1*TY, ,S+Q+ x2[ (2\Y,*xS2*SY+ S2\P([S2Uk v(* 21* PS4S*Y[ *1k *TY YWWY\*+ 1W

UY2Y,xP Y\1214S\ \12[S*S12+k ,x.S[Pq \Tx2US2U *Y\T21P1USY+k x2[ S2*Y,2x*S12xP 1.Y,x*S12+i

[B(cid:136) Q˘(cid:192)(cid:136)˘(cid:132)q (cid:151)(cid:132)ˆ(cid:128)w(cid:136)Øq”(cid:128)(cid:132)

Reportable Segments

>TY !14.x2q;+ !TSYW D.Y,x*S2U ~Y\S+S12 ^xQY, nV!D~^?m S+ 1(, !TSYW frY\(*S’Y DWWS\Y,i >TY !D~^ (*SPSoY+ WS2x2\SxP

S2W1,4x*S12 *1 4xQY [Y\S+S12+ xv1(* xPP1\x*S2U ,Y+1(,\Y+ x2[ x++Y++S2U .Y,W1,4x2\Y W1, *TY Y2*S,Y !14.x2qi >TY !14.x2q
Y’xP(x*Y+ *TY .Y,W1,4x2\Y 1Wk x2[ xPP1\x*Y+ ,Y+1(,\Y+ *1k S*+ +YU4Y2*+ vx+Y[ 12 ,Y’Y2(Yk U,1++ .,1WS* x2[ 1.Y,x*S2U .,1WS*i >TY
!14.x2q;+ ,Y.1,*xvPY +YU4Y2*+ Tx’Y vYY2 S[Y2*SWSY[ vx+Y[ 12 \14412xPS*q x2[ x[Rx\Y2\q 1W *Y\T21P1USY+k x..PS\x*S12+ x2[

FF

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

\(+*14Y,+ x412U+* *TY !14.x2q;+ S2[S’S[(xP .,1[(\* PS2Y+i >TY !14.x2q [Y*Y,4S2Y[ *Tx* [S+\P1+S2U ,Y’Y2(Y vq +.Y\SWS\ .,1[(\*
tx+ S4.,x\*S\xvPY [(Y *1 *TY TSUTPq \(+*14SoY[ x2[ Yr*Y2+S’Y .1,*W1PS1 1W *Y\T21P1USY+ 1WWY,Y[ *1 \(+*14Y,+i

"x+Y[ (.12 *TY S2W1,4x*S12 .,1’S[Y[ *1 *TY !D~^k *TY !14.x2q Tx+ [Y*Y,4S2Y[ S* 1.Y,x*Y+ S2 *T,YY ,Y.1,*xvPY +YU4Y2*+E

CT1*12S\+k :S+S12k x2[ C,Y\S+S12 ^1*S12i >TY ,Y.1,*xvPY +YU4Y2*+ x2[ *TYS, .,S2\S.xP x\*S’S*SY+ \12+S+* 1W *TY W1PP1tS2UE

Photonics

>TY CT1*12S\+ +YU4Y2* [Y+SU2+k 4x2(Wx\*(,Y+ x2[ 4x,QY*+ .T1*12S\+jvx+Y[ +1P(*S12+k S2\P([S2U Px+Y, +\x22S2Uk Px+Y, vYx4

[YPS’Y,qk !DM Px+Y,k +1PS[ +*x*Y Px+Y,k (P*,xWx+* Px+Y,k x2[ 1.*S\xP PSUT* Y2US2Y .,1[(\*+ *1 \(+*14Y,+ t1,P[tS[Yi >TY +YU4Y2* +Y,’Y+
TSUTPq [Y4x2[S2U .T1*12S\+jvx+Y[ x..PS\x*S12+ W1, x[’x2\Y[ S2[(+*,SxP .,1\Y++Y+k 4Y*,1P1Uqk 4Y[S\xP x2[ PSWY +\SY2\Y S4xUS2Uk
~]# +Y-(Y2\S2Uk x2[ 4Y[S\xP Px+Y, .,1\Y[(,Y+i >TY ’x+* 4xR1,S*q 1W *TY +YU4Y2*;+ .,1[(\* 1WWY,S2U+ x,Y +1P[ *1 Df^ \(+*14Y,+i
>TY +YU4Y2* +YPP+ *TY+Y .,1[(\*+ v1*T [S,Y\*Pqk (*SPSoS2U x TSUTPq *Y\T2S\xP +xPY+ W1,\Yk x2[ S2[S,Y\*Pqk *T,1(UT ,Y+YPPY,+ x2[
[S+*,Sv(*1,+i

Vision

>TY :S+S12 +YU4Y2* [Y+SU2+k 4x2(Wx\*(,Y+ x2[ 4x,QY*+ x ,x2UY 1W 4Y[S\xP U,x[Y *Y\T21P1USY+k S2\P([S2U 4Y[S\xP S2+(WWPx*1,+k
.(4.+ x2[ ,YPx*Y[ [S+.1+xvPY+% ’S+(xPSox*S12 +1P(*S12+% tS,YPY++ *Y\T21P1USY+k ’S[Y1 ,Y\1,[Y, x2[ ’S[Y1 S2*YU,x*S12 *Y\T21P1USY+ W1,
1.Y,x*S2U ,114 S2*YU,x*S12+% 1.*S\xP [x*x \1PPY\*S12 x2[ 4x\TS2Y ’S+S12 *Y\T21P1USY+% ,x[S1 W,Y-(Y2\q S[Y2*SWS\x*S12 *Y\T21P1USY+%
*TY,4xP \Tx,* ,Y\1,[Y,+% +.Y\*,14Y*,q *Y\T21P1USY+% x2[ Y4vY[[Y[ *1(\T +\,YY2 +1P(*S12+i >TY ’x+* 4xR1,S*q 1W *TY +YU4Y2*;+
.,1[(\* 1WWY,S2U+ x,Y +1P[ *1 Df^ \(+*14Y,+i >TY +YU4Y2* +YPP+ *TY+Y .,1[(\*+ v1*T [S,Y\*Pqk (*SPSoS2U x TSUTPq *Y\T2S\xP +xPY+ W1,\Yk
x2[ S2[S,Y\*Pqk *T,1(UT ,Y+YPPY,+ x2[ [S+*,Sv(*1,+i

Precision Motion

>TY C,Y\S+S12 ^1*S12 +YU4Y2* [Y+SU2+k 4x2(Wx\*(,Y+ x2[ 4x,QY*+ 1.*S\xP x2[ S2[(\*S’Y Y2\1[Y,+k .,Y\S+S12 41*1,+k +Y,’1
[,S’Y+ x2[ 41*S12 \12*,1P +1P(*S12+k S2*YU,x*Y[ +*Y..Y, 41*1,+k S2*YPPSUY2* ,1v1*S\ Y2[j1Wjx,4 *Y\T21P1Uq +1P(*S12+k xS, vYx,S2U+k x2[
xS, vYx,S2U +.S2[PY+ *1 \(+*14Y,+ t1,P[tS[Yi >TY ’x+* 4xR1,S*q 1W *TY +YU4Y2*;+ .,1[(\* 1WWY,S2U+ x,Y +1P[ *1 Df^ \(+*14Y,+i >TY
+YU4Y2* +YPP+ *TY+Y .,1[(\*+ v1*T [S,Y\*Pqk (*SPSoS2U x TSUTPq *Y\T2S\xP +xPY+ W1,\Yk x2[ S2[S,Y\*Pqk *T,1(UT ,Y+YPPY,+ x2[ [S+*,Sv(*1,+i

Reportable Segment Financial Information

AY’Y2(Yk U,1++ .,1WS*k 1.Y,x*S2U S2\14Y nP1++mk [Y.,Y\Sx*S12 x2[ x41,*Sox*S12 Yr.Y2+Y+k x\\1(2*+ ,Y\YS’xvPY x2[ S2’Y2*1,SY+

vq ,Y.1,*xvPY +YU4Y2*+ tY,Y x+ W1PP1t+ nS2 *T1(+x2[+mE

T˘m˘(cid:132)o˘

CT1*12S\+
:S+S12
C,Y\S+S12 ^1*S12

N(cid:128)q؇

(cid:157)w(cid:128)tt Zw(cid:128)ˆ”q
CT1*12S\+
:S+S12
C,Y\S+S12 ^1*S12
<2xPP1\x*Y[ !1,.1,x*Y x2[ @Tx,Y[ @Y,’S\Y+

N(cid:128)q؇

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X(cid:131)

X(cid:131)[?

X(cid:131)X[

MLMkKJF
MIMkgIg
MNMkMHK
HgIkHFL

5

5

NFFkINL
MINkIJg
NMFkLIg
JFgkIML

5

5

MLgkKJH
MHNkKgH
NMKkMLJ
IMIkgFF

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X(cid:131)

X(cid:131)[?

X(cid:131)X[

NgHkFFL
NggkGFg
FFkLKJ
nHkFggm
LggkLMG

5

5

GFkgIg
NggkMIH
JGkMHF
nLkgGFm
MKKkJNH

5

5

NgJkGKJ
NgJkMMG
JLkLMI
nMkLNKm
MIMkgGJ

5

5

5

5

Ngg

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

]}˘wØq”(cid:132)(cid:192) (cid:151)(cid:132)(cid:204)(cid:128)(cid:136)˘ (cid:153)(cid:143)(cid:128)tt(cid:151)

CT1*12S\+
:S+S12
C,Y\S+S12 ^1*S12
<2xPP1\x*Y[ !1,.1,x*Y x2[ @Tx,Y[ @Y,’S\Y+

N(cid:128)q؇

(cid:210)˘}w˘(cid:204)”Øq”(cid:128)(cid:132) Ø(cid:132)(cid:201) (cid:215)(cid:136)(cid:128)wq”AØq”(cid:128)(cid:132) £H}˘(cid:132)t˘t

CT1*12S\+
:S+S12
C,Y\S+S12 ^1*S12
<2xPP1\x*Y[ !1,.1,x*Y x2[ @Tx,Y[ @Y,’S\Y+

N(cid:128)q؇

(cid:215)(cid:204)(cid:204)(cid:128)o(cid:132)qt T˘(cid:204)˘”mØŁ‡˘

CT1*12S\+
:S+S12
C,Y\S+S12 ^1*S12
>1*xP x\\1(2*+ ,Y\YS’xvPY

(cid:151)(cid:132)m˘(cid:132)q(cid:128)w”˘t
CT1*12S\+
:S+S12
C,Y\S+S12 ^1*S12
>1*xP S2’Y2*1,SY+
N(cid:128)q؇ t˘(cid:192)(cid:136)˘(cid:132)q Øtt˘qt

N(cid:128)q؇ (cid:215)tt˘qt

>1*xP +YU4Y2* x++Y*+
!x+T x2[ \x+T Y-(S’xPY2*+
C,Y.xS[ S2\14Y *xrY+ x2[ S2\14Y *xrY+ ,Y\YS’xvPY
C,Y.xS[ Yr.Y2+Y+ x2[ 1*TY, \(,,Y2* x++Y*+
C,1.Y,*qk .Px2* x2[ Y-(S.4Y2*k 2Y*
D.Y,x*S2U PYx+Y x++Y*+
~YWY,,Y[ *xr x++Y*+
D*TY, x++Y*+
b2*x2USvPY x++Y*+k 2Y*
d11[tSPP

N(cid:128)q؇

5

5

5

5

5

5

5

5
5

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X(cid:131)

X(cid:131)[?

X(cid:131)X[

KIkHFM
NHkIFK
JMkIHI
nJLkNgGm
IKkgJK

5

5

LKkggN
NIkLJK
LNkIIL
nMIkNLgm
JJkGGG

5

5

KNkFFg
MNkggH
MMkLLF
nLgkgJKm
JJkMGM

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)
X(cid:131)X(cid:131)

X(cid:131)[?

X(cid:131)X[

NNkIgg
MgkGNM
NgkHMG
MJK
KLkLFK

5

5

NNkMIN
MNkLHK
JkKKL
MNJ
LGkMFL

5

5

NMkNLF
MNkNIN
KkHNM
MIG
LGkMGg

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[

X(cid:131)X(cid:131)

LNkLFM 5
KKkgHG
KgkNKH
NNJkINH 5

KFkNKI 5
LKkIMN
KNkGFg
NMJkIJH 5
MKNkMHK 5

MHkLMG
LLkNFK
NKkJLM
HJkgJK

LJkGHG
KNkNLH
NJkHMM
FMkHLH
NIHkHFN

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[

X(cid:131)X(cid:131)

5

5

MKNkMHK 5
NNHkLFL
NkFFH
NLkNIN
GHkKLF
KGkLLG
NMkMgI
JkJGI
MMgkFGF
KHFkJgg
NkMMHkGGL 5

NIHkHFN
NMJkgJK
LkMgL
GkNMJ
HGkIHI
LKkKKK
NgkKFN
MkGFK
NKGkJMN
MGJkFGg
GIJkNHF

NgN

(cid:140)]I(cid:215)(cid:140)N(cid:215) (cid:151)(cid:140)(cid:211)(cid:136)

(cid:140)]N£Q N] (cid:211)](cid:140)Q](cid:143)(cid:151)(cid:210)(cid:215)N£(cid:210) (cid:160)(cid:151)(cid:140)(cid:215)(cid:140)(cid:211)(cid:151)(cid:215)(cid:143) QN(cid:215)N£(cid:141)£(cid:140)NQ (cid:229) (cid:153)(cid:211)(cid:128)(cid:132)q”(cid:132)o˘(cid:201)(cid:151)
(cid:215)Q ](cid:160) (cid:210)£(cid:211)£(cid:141)(cid:213)£T U[(cid:142) X(cid:131)X[

Geographic Information

>TY !14.x2q xUU,YUx*Y+ UY1U,x.TS\ ,Y’Y2(Y vx+Y[ 12 *TY \(+*14Y, P1\x*S12 tTY,Y .,1[(\*+ x,Y +TS..Y[i AY’Y2(Y W,14

*TY+Y \(+*14Y,+ S+ +(44x,SoY[ x+ W1PP1t+ nS2 *T1(+x2[+k Yr\Y.* .Y,\Y2*xUY [x*xmE

<2S*Y[ @*x*Y+
dY,4x2q
AY+* 1W f(,1.Y
!TS2x
AY+* 1W #+SxjCx\SWS\
D*TY,
>1*xP

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[

X(cid:131)X(cid:131)

X(cid:131)[?

T˘m˘(cid:132)o˘

! (cid:128)ˆ N(cid:128)q؇

T˘m˘(cid:132)o˘

! (cid:128)ˆ N(cid:128)q؇

T˘m˘(cid:132)o˘

! (cid:128)ˆ N(cid:128)q؇

5

5

MHgkGLL
NgNkGIJ
NLGkGIL
FJkgKJ
GFkNFG
NgkFGF
HgIkHFL

LGiK3 5
NKiK
NFiI
NLiK
NMiI
NiI
Nggig3 5

MMJkHIg
GLkHIJ
NMHkgKg
HgkJJH
HKkLLK
FkNIH
JFgkIML

LGiM3 5
NKiM
MNiJ
NNiF
NMiI
NiI
Nggig3 5

MJKkMHF
GMkgLM
NMFkIKL
JFkJNM
GFkJGG
NNkgKJ
IMIkgFF

KgiI3
NLiN
MgiH
FiJ
NKiL
NiG
Nggig3

_12UjPS’Y[ x++Y*+ \12+S+* 1W .,1.Y,*qk .Px2* x2[ Y-(S.4Y2*k 2Y*k x2[ x,Y xUU,YUx*Y[ vx+Y[ 12 *TY P1\x*S12 1W *TY x++Y*+i #

+(44x,q 1W *TY+Y P12UjPS’Y[ x++Y*+ S+ x+ W1PP1t+ nS2 *T1(+x2[+mE

<2S*Y[ @*x*Y+
dY,4x2q
1*xP

(cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[

X(cid:131)X(cid:131)

5

5

MHkJGH 5
LLkLKK
NJkgJF
KkHJK
IkJMN
NHK
GHkKLF 5

MJkKLI
LIkLNK
FkKKH
JkLNM
NkGgF
LJG
HGkIHI

Revenue by End Market

>TY !14.x2q .,S4x,SPq 1.Y,x*Y+ S2 *t1 Y2[ 4x,QY*+E *TY 4Y[S\xP 4x,QY* x2[ *TY x[’x2\Y[ S2[(+*,SxP 4x,QY*i AY’Y2(Y vq Y2[

4x,QY* tx+ x..,1rS4x*YPq x+ W1PP1t+E

^Y[S\xP
#[’x2\Y[ b2[(+*,SxP
>1*xP

!˘Øw £(cid:132)(cid:201)˘(cid:201) (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142)

X(cid:131)X[

X(cid:131)X(cid:131)

X(cid:131)[?

JM3
KG3
Ngg3

JI3
KK3
Ngg3

JJ3
KJ3
Ngg3

>TY 4xR1,S*q 1W *TY ,Y’Y2(Y W,14 *TY CT1*12S\+ x2[ C,Y\S+S12 ^1*S12 +YU4Y2*+ S+ UY2Y,x*Y[ W,14 +xPY+ *1 \(+*14Y,+ S2 *TY

x[’x2\Y[ S2[(+*,SxP 4x,QY*i >TY 4xR1,S*q 1W *TY ,Y’Y2(Y W,14 *TY :S+S12 +YU4Y2* S+ UY2Y,x*Y[ W,14 +xPY+ *1 \(+*14Y,+ S2 *TY
4Y[S\xP 4x,QY*i

Significant Customers

]1 \(+*14Y, x\\1(2*Y[ W1, U,Yx*Y, *Tx2 Ng3 1W *TY !14.x2q;+ \12+1PS[x*Y[ ,Y’Y2(Y [(,S2U *TY qYx,+ Y2[Y[ ~Y\Y4vY, LNk

MgMN x2[ ~Y\Y4vY, LNk MgNFi e1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgMgk *TY !14.x2q ,Y\1U2SoY[ ,Y’Y2(Y W,14 x2 Df^ \(+*14Y, S2
*TY 4Y[S\xP Y2[ 4x,QY* tTS\T x\\1(2*Y[ W1, x..,1rS4x*YPq NN3 1W *TY !14.x2q;+ \12+1PS[x*Y[ ,Y’Y2(Yi

NgM

(cid:151)q˘(cid:136) ?(cid:136) Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

]12Yi

(cid:151)q˘(cid:136) ?(cid:215)(cid:136) Controls and Procedures

>TY ,Y-(S,Y[ \Y,*SWS\x*S12+ 1W 1(, !TSYW frY\(*S’Y DWWS\Y, x2[ !TSYW eS2x2\SxP DWWS\Y, x,Y S2\P([Y[ S2 frTSvS*+ LNiN x2[ LNiM *1

*TS+ #22(xP AY.1,* 12 e1,4 Ngj‘i >TY [S+\P1+(,Y+ +Y* W1,*T S2 *TS+ b*Y4 F# \12*xS2 S2W1,4x*S12 \12\Y,2S2U *TY Y’xP(x*S12 1W 1(,
[S+\P1+(,Y \12*,1P+ x2[ .,1\Y[(,Y+k 4x2xUY4Y2*;+ ,Y.1,* 12 S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U x2[ \Tx2UY+ S2 S2*Y,2xP \12*,1P
1’Y, WS2x2\SxP ,Y.1,*S2U ,YWY,,Y[ *1 S2 *T1+Y \Y,*SWS\x*S12+i >T1+Y \Y,*SWS\x*S12+ +T1(P[ vY ,Yx[ S2 \12R(2\*S12 tS*T *TS+ b*Y4 F# W1, x
41,Y \14.PY*Y (2[Y,+*x2[S2U 1W *TY 4x**Y,+ \1’Y,Y[ vq *TY \Y,*SWS\x*S12+i

£m؇oØq”(cid:128)(cid:132) (cid:128)ˆ (cid:210)”t(cid:204)‡(cid:128)tow˘ (cid:211)(cid:128)(cid:132)qw(cid:128)‡t Ø(cid:132)(cid:201) Zw(cid:128)(cid:204)˘(cid:201)ow˘t Øt (cid:128)ˆ (cid:210)˘(cid:204)˘(cid:136)Ł˘w U[(cid:142) X(cid:131)X[

D(, 4x2xUY4Y2*k tS*T *TY .x,*S\S.x*S12 1W 1(, !TSYW frY\(*S’Y DWWS\Y, x2[ !TSYW eS2x2\SxP DWWS\Y,k \12[(\*Y[ x2 Y’xP(x*S12 1W
1(, [S+\P1+(,Y \12*,1P+ x2[ .,1\Y[(,Y+k x+ +(\T *Y,4 S+ [YWS2Y[ (2[Y, A(PY NLxjNJnYm .,14(PUx*Y[ (2[Y, *TY @Y\(,S*SY+ fr\Tx2UY #\*
1W NFLKk x+ x4Y2[Y[ n*TY Vfr\Tx2UY #\*?mk x+ 1W ~Y\Y4vY, LNk MgMNi "x+Y[ 12 *TS+ Y’xP(x*S12k 1(, !TSYW frY\(*S’Y DWWS\Y, x2[ !TSYW
eS2x2\SxP DWWS\Y, \12\P([Y[ *Tx* 1(, [S+\P1+(,Y \12*,1P+ x2[ .,1\Y[(,Y+ tY,Y YWWY\*S’Y x+ 1W ~Y\Y4vY, LNk MgMNi

(cid:211)‰Ø(cid:132)(cid:192)˘t ”(cid:132) (cid:151)(cid:132)q˘w(cid:132)؇ (cid:211)(cid:128)(cid:132)qw(cid:128)‡ ]m˘w (cid:160)”(cid:132)Ø(cid:132)(cid:204)”؇ T˘}(cid:128)wq”(cid:132)(cid:192)

>TY,Y Tx+ vYY2 21 \Tx2UY *1 1(, S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U [(,S2U *TY WS+\xP -(x,*Y, Y2[Y[ ~Y\Y4vY, LNk MgMN *Tx*

Tx+ 4x*Y,SxPPq xWWY\*Y[k 1, S+ ,Yx+12xvPq PSQYPq *1 4x*Y,SxPPq xWWY\*k 1(, S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2Ui

(cid:141)Ø(cid:132)Ø(cid:192)˘(cid:136)˘(cid:132)q‚t (cid:215)(cid:132)(cid:132)o؇ T˘}(cid:128)wq (cid:128)(cid:132) (cid:151)(cid:132)q˘w(cid:132)؇ (cid:211)(cid:128)(cid:132)qw(cid:128)‡ ]m˘w (cid:160)”(cid:132)Ø(cid:132)(cid:204)”؇ T˘}(cid:128)wq”(cid:132)(cid:192)

^x2xUY4Y2* S+ ,Y+.12+SvPY W1, Y+*xvPS+TS2U x2[ 4xS2*xS2S2U x[Y-(x*Y S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2Uk x+ [YWS2Y[ S2

A(PY+ NLxjNJnWm (2[Y, *TY fr\Tx2UY #\*i b2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U S+ [Y+SU2Y[ *1 .,1’S[Y ,Yx+12xvPY x++(,x2\Y
,YUx,[S2U *TY ,YPSxvSPS*q 1W WS2x2\SxP ,Y.1,*S2U x2[ *TY .,Y.x,x*S12 1W WS2x2\SxP +*x*Y4Y2*+ W1, Yr*Y,2xP ,Y.1,*S2U .(,.1+Y+ S2 x\\1,[x2\Y
tS*T UY2Y,xPPq x\\Y.*Y[ x\\1(2*S2U .,S2\S.PY+i b2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U S2\P([Y+ *T1+Y .1PS\SY+ x2[ .,1\Y[(,Y+ *Tx*E

•

•

•

.Y,*xS2 *1 *TY 4xS2*Y2x2\Y 1W ,Y\1,[+ *Tx*k S2 ,Yx+12xvPY [Y*xSPk x\\(,x*YPq x2[ WxS,Pq ,YWPY\* 1(, *,x2+x\*S12+ x2[
[S+.1+S*S12+ 1W 1(, x++Y*+%

.,1’S[Y ,Yx+12xvPY x++(,x2\Y *Tx* *,x2+x\*S12+ x,Y ,Y\1,[Y[ x+ 2Y\Y++x,q *1 .Y,4S* .,Y.x,x*S12 1W WS2x2\SxP +*x*Y4Y2*+ S2
x\\1,[x2\Y tS*T UY2Y,xPPq x\\Y.*Y[ x\\1(2*S2U .,S2\S.PY+k x2[ *Tx* 1(, ,Y\YS.*+ x2[ Yr.Y2[S*(,Y+ x,Y vYS2U 4x[Y 12Pq S2
x\\1,[x2\Y tS*T x(*T1,Sox*S12+ 1W 1(, 4x2xUY4Y2* x2[ [S,Y\*1,+% x2[

.,1’S[Y ,Yx+12xvPY x++(,x2\Y ,YUx,[S2U .,Y’Y2*S12 1, *S4YPq [Y*Y\*S12 1W (2x(*T1,SoY[ x\-(S+S*S12k (+Y 1, [S+.1+S*S12 1W
1(, x++Y*+ *Tx* \1(P[ Tx’Y x 4x*Y,SxP YWWY\* 12 *TY WS2x2\SxP +*x*Y4Y2*+i

"Y\x(+Y 1W S*+ S2TY,Y2* PS4S*x*S12+k S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U 4xq 21* .,Y’Y2* 1, [Y*Y\* 4S++*x*Y4Y2*+i #P+1k
.,1RY\*S12+ 1W x2q Y’xP(x*S12 1W YWWY\*S’Y2Y++ *1 W(*(,Y .Y,S1[+ x,Y +(vRY\* *1 *TY ,S+Q *Tx* \12*,1P+ 4xq vY\14Y S2x[Y-(x*Y vY\x(+Y 1W
\Tx2UY+ S2 \12[S*S12+ x2[ *Tx* *TY [YU,YY 1W \14.PSx2\Y tS*T *TY .1PS\SY+ 1, .,1\Y[(,Y+ 4xq [Y*Y,S1,x*Yi

D(, 4x2xUY4Y2* x++Y++Y[ *TY YWWY\*S’Y2Y++ 1W 1(, S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U x+ 1W ~Y\Y4vY, LNk MgMNi b2 4xQS2U

*TYS, x++Y++4Y2*k 1(, 4x2xUY4Y2* (*SPSoY[ *TY \,S*Y,Sx +Y* W1,*T S2Internal Control—Integrated Framework nMgNLm S++(Y[ vq *TY
!144S**YY 1W @.12+1,S2U D,Ux2Sox*S12+ 1W *TY >,Yx[txq !144S++S12 nV!D@D?mi D(, x++Y++4Y2* 1Wk x2[ \12\P(+S12 12k *TY
YWWY\*S’Y2Y++ 1W S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U [S[ 21* S2\P([Y #>b b2[(+*,SxP #(*14x*S12k b2\ nV#>b?mi x2[ @\T2YS[Y,
fPY\*,S\ ^1*S12 <@#k b2\inV@f^?mk v1*T x\-(S,Y[ S2 .(,\Tx+Y v(+S2Y++ \14vS2x*S12+ S2 MgMN x2[ S2\P([Y[ S2 1(, MgMN \12+1PS[x*Y[
WS2x2\SxP +*x*Y4Y2*+i #>b x2[ @f^k tT1+Y x++Y*+ x2[ ,Y’Y2(Y+ Yr\P([Y[ W,14 1(, x++Y++4Y2* 1W S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP
,Y.1,*S2U ,Y.,Y+Y2* x..,1rS4x*YPq J3 x2[ N3 1W *1*xP x++Y*+k ,Y+.Y\*S’YPqk x2[ x..,1rS4x*YPq J3 x2[ N3 1W *1*xP ,Y’Y2(Y+k
,Y+.Y\*S’YPqk 1W *TY ,YPx*Y[ \12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2* x41(2*+ x+ 1W x2[ W1, *TY qYx, Y2[Y[ ~Y\Y4vY, LNk MgMNi "x+Y[ 12 1(,
Y’xP(x*S12 (2[Y, *TY W,x4Yt1,Q S2 Internal Control—Integrated Framework nMgNL)k S++(Y[ vq !D@Dk 1(, 4x2xUY4Y2* \12\P([Y[
*Tx* 1(, S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U tx+ YWWY\*S’Y x+ 1W ~Y\Y4vY, LNk MgMNi

>TY YWWY\*S’Y2Y++ 1W 1(, S2*Y,2xP \12*,1P 1’Y, WS2x2\SxP ,Y.1,*S2U x+ 1W ~Y\Y4vY, LNk MgMN Tx+ vYY2 x([S*Y[ vq

C,S\Ytx*Y,T1(+Y!11.Y,+ __Ck x2 S2[Y.Y2[Y2* ,YUS+*Y,Y[ .(vPS\ x\\1(2*S2U WS,4k x+ +*x*Y[ S2 *TYS, ,Y.1,* tTS\T S+ \12*xS2Y[ S2 b*Y4 G
1W *TS+ #22(xP AY.1,* 12 e1,4 Ngj‘i

NgL

(cid:151)q˘(cid:136) ?(cid:213)(cid:136) Other Information

]12Yi

(cid:151)q˘(cid:136) ?(cid:211)(cid:136) Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

]1* x..PS\xvPYi

Z(cid:215)TN (cid:151)(cid:151)(cid:151)

!Y,*xS2 S2W1,4x*S12 ,Y-(S,Y[ vq Cx,* bbb S+ 14S**Y[ W,14 *TS+ #22(xP AY.1,* 12 e1,4 Ngj‘ x2[ S+ S2\1,.1,x*Y[ TY,YS2 vq
,YWY,Y2\Y *1 *TY !14.x2q;+ ~YWS2S*S’Y C,1rq @*x*Y4Y2* W1, *TY MgMM #22(xP ^YY*S2U 1W @Tx,YT1P[Y,+ *1 vY WSPY[ tS*T *TY @Y\(,S*SY+
x2[ fr\Tx2UY !144S++S12i

(cid:151)q˘(cid:136) [(cid:131)(cid:136) Directors, Executive Officers and Corporate Governance

#PP 1W *TY !14.x2q;+ [S,Y\*1,+k 1WWS\Y,+ x2[ Y4.P1qYY+ 4(+* x\* S2 x\\1,[x2\Y tS*T *TY !1[Y 1W f*TS\+ x2[ "(+S2Y++ !12[(\*k

tTS\T Tx+ vYY2 x[1.*Y[ vq *TY !14.x2q;+ "1x,[ 1W ~S,Y\*1,+i # \1.q 1W *TY !1[Y 1W f*TS\+ x2[ "(+S2Y++ !12[(\* S+ x’xSPxvPY 12 *TY
!14.x2q;+ tYv+S*Y x* T**.+Ehhttti21’x2*xi\14 S2 *TY V#v1(* <+? +Y\*S12i n>TS+ tYv+S*Y x[[,Y++ S+ 21* S2*Y2[Y[ *1 W(2\*S12 x+ x
Tq.Y,PS2Qk x2[ *TY S2W1,4x*S12 \12*xS2Y[ S2 1(, tYv+S*Y S+ 21* S2*Y2[Y[ *1 vY x .x,* 1W *TS+ WSPS2Umi >TY !14.x2q S2*Y2[+ *1 +x*S+Wq *TY
[S+\P1+(,Y ,Y-(S,Y4Y2* (2[Y, ]x+[x- ,(PY+ ,YUx,[S2U txS’Y,+ 1, (2[Y, b*Y4 JigJ 1W e1,4 Gj‘ ,YUx,[S2U [S+\P1+(,Y 1W x2 x4Y2[4Y2*
*1k 1, txS’Y, W,14k x .,1’S+S12 1W *TS+ !1[Y 1W f*TS\+ x2[ "(+S2Y++ !12[(\*k S2\P([S2U tS*T ,Y+.Y\* *1 S*+ .,S2\S.xP YrY\(*S’Y 1WWS\Y,k
.,S2\S.xP WS2x2\SxP 1WWS\Y,k .,S2\S.xP x\\1(2*S2U 1WWS\Y, 1, \12*,1PPY,k 1, .Y,+12+ .Y,W1,4S2U +S4SPx, W(2\*S12+k vq .1+*S2U +(\T
S2W1,4x*S12 12 *TY !14.x2q;+ tYv+S*Y x* T**.+Ehhttti21’x2*xi\14 S2 *TY V#v1(* <+? +Y\*S12k (2PY++ x e1,4 Gj‘ S+ 1*TY,tS+Y
,Y-(S,Y[ vq Pxt 1, x..PS\xvPY PS+*S2U ,(PY+i

>TY ,Y4xS2[Y, 1W *TY ,Y+.12+Y *1 *TS+ S*Y4 S+ \12*xS2Y[ S2 *TY C,1rq @*x*Y4Y2* W1, *TY !14.x2q;+ #22(xP ^YY*S2U 1W

@Tx,YT1P[Y,+ +\TY[(PY[ *1 vY TYP[ 12 ^xq NMk MgMM x2[ S+ S2\1,.1,x*Y[ TY,YS2 vq ,YWY,Y2\Yi

(cid:151)q˘(cid:136) [[(cid:136) Executive Compensation

>TY S2W1,4x*S12 ,Y-(S,Y[ *1 vY [S+\P1+Y[ vq *TS+ S*Y4 S+ \12*xS2Y[ S2 *TY C,1rq @*x*Y4Y2* W1, *TY !14.x2q;+ #22(xP ^YY*S2U 1W

@Tx,YT1P[Y,+ +\TY[(PY[ *1 vY TYP[ 12 ^xq NMk MgMM x2[ S+ S2\1,.1,x*Y[ TY,YS2 vq ,YWY,Y2\Yi

(cid:151)q˘(cid:136) [X(cid:136) Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

>TY S2W1,4x*S12 ,Y-(S,Y[ *1 vY [S+\P1+Y[ vq *TS+ S*Y4 S+ \12*xS2Y[ S2 *TY C,1rq @*x*Y4Y2* W1, *TY !14.x2q;+ #22(xP ^YY*S2U 1W

@Tx,YT1P[Y,+ +\TY[(PY[ *1 vY TYP[ 12 ^xq NMk MgMM x2[ S+ S2\1,.1,x*Y[ TY,YS2 vq ,YWY,Y2\Yi

(cid:151)q˘(cid:136) [U(cid:136) Certain Relationships and Related Transactions, and Director Independence

>TY S2W1,4x*S12 ,Y-(S,Y[ *1 vY [S+\P1+Y[ vq *TS+ S*Y4 S+ \12*xS2Y[ S2 *TY C,1rq @*x*Y4Y2* W1, *TY !14.x2q;+ #22(xP ^YY*S2U 1W

@Tx,YT1P[Y,+ +\TY[(PY[ *1 vY TYP[ 12 ^xq NMk MgMM x2[ S+ S2\1,.1,x*Y[ TY,YS2 vq ,YWY,Y2\Yi

(cid:151)q˘(cid:136) [Q(cid:136) Principal Accounting Fees and Services

>TY S2W1,4x*S12 ,Y-(S,Y[ *1 vY [S+\P1+Y[ vq *TS+ S*Y4 S+ \12*xS2Y[ S2 *TY C,1rq @*x*Y4Y2* W1, *TY !14.x2q;+ #22(xP ^YY*S2U 1W

@Tx,YT1P[Y,+ +\TY[(PY[ *1 vY TYP[ 12 ^xq NMk MgMM x2[ S+ S2\1,.1,x*Y[ TY,YS2 vq ,YWY,Y2\Yi

(cid:151)q˘(cid:136) [M(cid:136) Exhibits and Financial Statement Schedules

(cid:153)Ø(cid:151) (cid:210)(cid:128)(cid:204)o(cid:136)˘(cid:132)qt ˆ”‡˘(cid:201) Øt }Øwq (cid:128)ˆ q‰”t w˘}(cid:128)wq=

[(cid:136) (cid:143)”tq (cid:128)ˆ (cid:160)”(cid:132)Ø(cid:132)(cid:204)”؇ QqØq˘(cid:136)˘(cid:132)qt

Z(cid:215)TN (cid:151)I

>TY WS2x2\SxP +*x*Y4Y2*+ ,Y-(S,Y[ vq *TS+ S*Y4 x,Y PS+*Y[ S2 b*Y4 Gk VeS2x2\SxP @*x*Y4Y2*+ x2[ @(..PY4Y2*x,q ~x*x? TY,YS2i

NgK

(cid:160)”‡˘(cid:201)(cid:133)
(cid:160)ow(cid:132)”t‰˘(cid:201)
(cid:154)˘w˘L”q‰

X(cid:136) (cid:143)”tq (cid:128)ˆ (cid:160)”(cid:132)Ø(cid:132)(cid:204)”؇ QqØq˘(cid:136)˘(cid:132)q Q(cid:204)‰˘(cid:201)o‡˘t

#PP +\TY[(PY+ x,Y 14S**Y[ vY\x(+Y *TYq x,Y 21* x..PS\xvPY 1, 21* ,Y-(S,Y[ 1, *TY ,Y-(S,Y[ S2W1,4x*S12 S+ +T1t2 S2 *TY

\12+1PS[x*Y[ WS2x2\SxP +*x*Y4Y2*+ 1, 21*Y+ *TY,Y*1i

U(cid:136) (cid:143)”tq (cid:128)ˆ £H‰”Ł”qt

(cid:151)(cid:132)(cid:204)(cid:128)w}(cid:128)wØq˘(cid:201) ŁD T˘ˆ˘w˘(cid:132)(cid:204)˘

£H‰”Ł”q
(cid:140)o(cid:136)Ł˘w

MiN)

MiM)

LiN

LiM

LiL

LiK

LiJ

LiI

KiN

KiM

KiL

£H‰”Ł”q (cid:210)˘t(cid:204)w”}q”(cid:128)(cid:132)

(cid:160)(cid:128)w(cid:136)

(cid:160)”‡˘ (cid:140)(cid:128)(cid:136)

£H‰”Ł”q

(cid:160)”‡”(cid:132)(cid:192) (cid:210)Øq˘

@*1\Q C(,\Tx+Y #U,YY4Y2* [x*Y[ a(Pq Fk MgMNk vY*tYY2 ]1’x2*x
!1,.1,x*S12 x2[ @\T2YS[Y, fPY\*,S\ c1P[S2Uk b2\i

NgjB

ggNjLJgGL

MiN NNhgFhMgMN

@*1\Q C(,\Tx+Y #U,YY4Y2* [x*Y[ a(Pq Fk MgMNk vY*tYY2 ]1’x2*x
!1,.1,x*S12k ]1’x2*x >Y\T21P1USY+ n@(oT1(m !1i _*[k #>b
b2[(+*,SxP #(*14x*S12k b2\i x2[ #>b b2[(+*,SxP #(*14x*S12 n_x2U
ex2Um !1i _*[

NgjB

ggNjLJgGL

MiM NNhgFhMgMN

!Y,*SWS\x*Y x2[ #,*S\PY+ 1W !12*S2(x2\Y 1W *TY AYUS+*,x2*k [x*Y[
^x,\T MMk NFFF

@jL

LLLjMgMJFH

LiN gLhgFhMgNJ

"qj_xt+ 1W *TY AYUS+*,x2*k x+ x4Y2[Y[

Ngj‘

ggNjLJgGL

LiM gLhgNhMgMN

#,*S\PY+ 1W AY1,Ux2Sox*S12 1W *TY AYUS+*,x2*k [x*Y[ a(Pq MLk MgNg

Gj‘

gggjMJHgJ

LiN gHhMLhMgNg

#,*S\PY+ 1W #4Y2[4Y2* 1W *TY AYUS+*,x2*k [x*Y[ ~Y\Y4vY, MFk
MgNg

#,*S\PY+ 1W #4Y2[4Y2* 1W *TY AYUS+*,x2*k [x*Y[ ^xq NNk MgNI

#,*S\PY+ 1W #4Y2[4Y2* 1W *TY AYUS+*,x2*k [x*Y[ #.,SP MLk MgMN

Gj‘

gggjMJHgJ

LiN NMhMFhMgNg

Gj‘

Gj‘

ggNjLJgGL

NgiN gJhNMhMgNI

ggNjLJgGL

LiN gJhNKhMgMN

@.Y\S4Y2 @*1\Q !Y,*SWS\x*Y

Ngj‘

ggNjLJgGL

KiN gMhMGhMgNG

e1,4 1W b2[Y2*(,Yk vY*tYY2 *TY AYUS+*,x2* x2[ 8SP4S2U*12 >,(+*k
]x*S12xP #++1\Sx*S12

@jL

LLLjMMFFNM

KiL gMhMHhMgNF

~Y+\,S.*S12 1W !14412 @Tx,Y+

Ngj‘

ggNjLJgGL

KiL gMhMIhMgMg

NgiN))

]1’x2*x b2\i MgNg b2\Y2*S’Y #tx,[ CPx2 n#4Y2[Y[ x2[ AY+*x*Y[
fWWY\*S’Y ^x,\T NFk MgMNmk x+ x4Y2[Y[

Gj‘

ggNjLJgGL

NgiN gJhNKhMgMN

NgiM))

e1,4 1W ~YWY,,Y[ @*1\Q <2S* #tx,[ #U,YY4Y2*

Ngj‘

ggNjLJgGL

NgiJF gLhLghMgNN

NgiL))

AY+*,S\*Y[ @*1\Q <2S* b2[(\Y4Y2* #tx,[ d,x2* ]1*S\Y

@jG

LLLjNFKJJH

FFiN gLhNKhMgNK

NgiK))

e1,4 1W @*1\Q D.*S12 d,x2* ]1*S\Y x2[ @*1\Q D.*S12 #U,YY4Y2* NgjB

ggNjLJgGL

NgiM gGhgMhMgNI

NgiJ))

e1,4 1W (,2.SQYk __!

e1,4 1W CY,W1,4x2\Y @*1\Q <2S* #tx,[ d,x2* ]1*S\Y x2[
CY,W1,4x2\Y @*1\Q <2S* #tx,[ #U,YY4Y2*

Gj‘

ggNjLJgGL

NgiN gJhgKhMgNM

NgjB

ggNjLJgGL

NgiL gGhgMhMgNI

@Y’Y,x2\Y #U,YY4Y2*k [x*Y[ x+ 1W #(U(+* NJk MgNMk vY*tYY2 d@b
d,1(. b2\i x2[ CY*Y, !Tx2U

NgjB

ggNjLJgGL

NgiH NNhgHhMgNM

NgJ

£H‰”Ł”q
(cid:140)o(cid:136)Ł˘w

NgiNg

£H‰”Ł”q (cid:210)˘t(cid:204)w”}q”(cid:128)(cid:132)

(cid:160)(cid:128)w(cid:136)

(cid:160)”‡˘ (cid:140)(cid:128)(cid:136)

£H‰”Ł”q

(cid:160)”‡”(cid:132)(cid:192) (cid:210)Øq˘

(cid:160)”‡˘(cid:201)(cid:133)
(cid:160)ow(cid:132)”t‰˘(cid:201)
(cid:154)˘w˘L”q‰

(cid:151)(cid:132)(cid:204)(cid:128)w}(cid:128)wØq˘(cid:201) ŁD T˘ˆ˘w˘(cid:132)(cid:204)˘

Gj‘

ggNjLJgGL

NgiN gNhgLhMgMg

>TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S* #U,YY4Y2*k [x*Y[ x+ 1W
~Y\Y4vY, LNk MgNFk vq x2[ x412U ]1’x2*x !1,.1,x*S12k
]1’x2*x b2\ik ]1’x2*x <‘ b2’Y+*4Y2*+ c1P[S2U _S4S*Y[k
]1’x2*x f(,1.Y d4vck "x2Q 1W #4Y,S\xk ]i#ik x+
#[4S2S+*,x*S’Y #UY2*k @tS2U _S2Y _Y2[Y,k _h! b++(Y, x2[ PY2[Y,k
"1W# @Y\(,S*SY+k b2\ik x+ a1S2* _Yx[ #,,x2UY,k aC ^1,Ux2 !Tx+Y
"x2Qk ]i#ik x+ a1S2* _Yx[ #,,x2UY,k !1j@q2[S\x*S12 #UY2* x2[
PY2[Y,k 8YPP+ ex,U1 @Y\(,S*SY+ __!k x+ a1S2* _Yx[ #,,x2UY,k
8YPP+ ex,U1 "x2Qk ]x*S12xP #++1\Sx*S12k x+ !1j@q2[S\x*S12
#UY2* x2[ PY2[Y,k @SPS\12 :xPPYq "x2Qk x+ !1j~1\(4Y2*x*S12
#UY2* x2[ PY2[Y,k >~ "x2Qk ]i#ik x+ !1j~1\(4Y2*x*S12 #UY2*
x2[ PY2[Y,k "x2Q 1W ^12*,YxPk x+ !1j~1\(4Y2*x*S12 #UY2* x2[
PY2[Y,k x2[ c@"! "x2Q <@#k ]i# x2[ c@"! "x2Q <‘ik x+
PY2[Y,+

NgiNN

_Yx+Y #U,YY4Y2*k [x*Y[ x+ 1W ^xq LNk MgNLk vq x2[ vY*tYY2
a#~#‘k __! x2[ cx2\1\Q Cx,* ~Y’YP1.4Y2*k __!

NgjB

ggNjLJgGL

NgiL gJhgIhMgNK

NgiNM)) #4Y2[Y[ x2[ AY+*x*Y[ f4.P1q4Y2* #U,YY4Y2*k [x*Y[ #.,SP MNk

Gj‘

ggNjLJgGL

NgiN gKhMKhMgNH

MgNHk vY*tYY2 ]1’x2*x b2\i x2[ ^x**TSR+ dPx+*,x

NgiNL)) #4Y2[Y[ x2[ AY+*x*Y[ f4.P1q4Y2* #U,YY4Y2*k [x*Y[ #.,SP MNk

Gj‘

ggNjLJgGL

NgiM gKhMKhMgNH

MgNHk vY*tYY2 ]1’x2*x b2\i x2[ A1vY,* "(\QPYq

NgiNK))

f4.P1q4Y2* #U,YY4Y2*k [x*Y[ #.,SP MNk MgNHk vY*tYY2 ]1’x2*x
b2\i x2[ ",Sx2 }1(2U

Gj‘

ggNjLJgGL

NgiL gKhMKhMgNH

NgiNJ))

e1,4 1W ]Yt AY+*,S\*Y[ @*1\Q <2S* #tx,[ #U,YY4Y2*

NgjB

ggNjLJgGL

NgiN gJhgGhMgNH

NgiNI))

e1,4 1W ]Yt CY,W1,4x2\Y @*1\Q <2S* #tx,[ d,x2* ]1*S\Y x2[
CY,W1,4x2\Y @*1\Q <2S* #tx,[ #U,YY4Y2*

NgjB

ggNjLJgGL

NgiM gJhgGhMgNH

NgiNH))

e1,4 1W b2[Y42SWS\x*S12 #U,YY4Y2*k vq x2[ vY*tYY2 ]1’x2*x
b2\i x2[ \Y,*xS2 1WWS\Y,+ x2[ [S,Y\*1,+

NgjB

ggNjLJgGL

NgiM NNhgNhMgNH

NgiNG))

e1,4 1W b2[Y42SWS\x*S12 #U,YY4Y2*k vq x2[ vY*tYY2 ]1’x2*x
!1,.1,x*S12 x2[ \Y,*xS2 1WWS\Y,+ x2[ [S,Y\*1,+

NgjB

ggNjLJgGL

NgiL NNhgNhMgNH

NgiNF

eS,+* #4Y2[4Y2*k [x*Y[ ^xq Hk MgNGk *1 #4Y2[Y[ x2[ AY+*x*Y[
_Yx+Y n[x*Y[ x+ 1W ^xq Nk MgNMm vq x2[ vY*tYY2 ]1’x2*x
!1,.1,x*S12 x2[ NMJ ^S[[PY+Yr >(,2.SQYk __!

NgjB

ggNjLJgGL

NgiM gJhgGhMgNG

NgiMg)) ]1’x2*x b2\i ]12jf4.P1qYY ~S,Y\*1, !14.Y2+x*S12 C1PS\q

NgjB

ggNjLJgGL

NgiN NNhgIhMgNG

NgiMN))

e1,4 1W ~S,Y\*1, AY+*,S\*Y[ @*1\Q <2S* #tx,[ d,x2* ]1*S\Y x2[
AY+*,S\*Y[ @*1\Q <2S* #tx,[ #U,YY4Y2*

NgjB

ggNjLJgGL

NgiM NNhgIhMgNG

NgiMM

NgiML

NgiMK

NgiMJ

eS,+* #4Y2[4Y2* *1 >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S*
#U,YY4Y2*k [x*Y[ ^x,\T MHk MgMg

@Y\12[ #4Y2[4Y2* *1 >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S*
#U,YY4Y2*k [x*Y[ a(2Y Mk MgMg

>TS,[ #4Y2[4Y2* *1 >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S*
#U,YY4Y2*k [x*Y[ @Y.*Y4vY, MMk MgMN

e1(,*T #4Y2[4Y2* *1 >TS,[ #4Y2[Y[ x2[ AY+*x*Y[ !,Y[S*
#U,YY4Y2*k ~x*Y[ D\*1vY, Jk MgMN

Gj‘

ggNjLJgGL

NgiN gLhLNhMgMg

NgjB

ggNjLJgGL

NgiN gGhgIhMgMg

NgjB

ggNjLJgGL

NgiN NNhgFhMgMN

Gj‘

gNNjLJgGL

NgiN NghgHhMgMN

NgI

£H‰”Ł”q
(cid:140)o(cid:136)Ł˘w
NgiMI))

£H‰”Ł”q (cid:210)˘t(cid:204)w”}q”(cid:128)(cid:132)
e1,4 1W AY+*,S\*Y[ @*1\Q <2S* #tx,[ d,x2* ]1*S\Y x2[
#U,YY4Y2*

(cid:151)(cid:132)(cid:204)(cid:128)w}(cid:128)wØq˘(cid:201) ŁD T˘ˆ˘w˘(cid:132)(cid:204)˘

(cid:160)(cid:128)w(cid:136)
NgjB

(cid:160)”‡˘ (cid:140)(cid:128)(cid:136)
gNNjLJgGL

£H‰”Ł”q

(cid:160)”‡”(cid:132)(cid:192) (cid:210)Øq˘

NgiM gJhNNhMgMN

(cid:160)”‡˘(cid:201)(cid:133)
(cid:160)ow(cid:132)”t‰˘(cid:201)
(cid:154)˘w˘L”q‰

NgiMH))

e1,4 1W D.Y,x*S2U !x+T eP1t CY,W1,4x2\Y @*1\Q <2S* #tx,[
d,x2* ]1*S\Y x2[ #U,YY4Y2*

NgjB

gNNjLJgGL

NgiL gJhNNhMgMN

MNiN

MLiN

LNiN

LNiM

LMiN

LMiM

@(v+S[Sx,SY+ 1W *TY AYUS+*,x2*

!12+Y2* 1W b2[Y.Y2[Y2* AYUS+*Y,Y[ C(vPS\ #\\1(2*S2U eS,4

!TSYW frY\(*S’Y DWWS\Y, !Y,*SWS\x*S12 .(,+(x2* *1 @Y\*S12 LgM 1W
*TY @x,vx2Y+jDrPYq #\* 1W MggM

!TSYW eS2x2\SxP DWWS\Y, !Y,*SWS\x*S12 .(,+(x2* *1 @Y\*S12 LgM 1W
*TY @x,vx2Y+jDrPYq #\* 1W MggM

!TSYW frY\(*S’Y DWWS\Y, !Y,*SWS\x*S12 .(,+(x2* *1 NG xr1214q fr*Y2+S12 @\TY4x ~1\(4Y2*

NgNi!#_ b2PS2Y 7"A_ >xr1214q fr*Y2+S12 !xP\(Px*S12 _S2Qvx+Y

~1\(4Y2*

NgNi~fe b2PS2Y 7"A_ >xr1214q fr*Y2+S12 ~YWS2S*S12 _S2Qvx+Y

~1\(4Y2*

NgNi_#" b2PS2Y 7"A_ >xr1214q fr*Y2+S12 _xvYP _S2Qvx+Y ~1\(4Y2*

NgNiCAf b2PS2Y 7"A_ >xr1214q fr*Y2+S12 C,Y+Y2*x*S12 _S2Qvx+Y

~1\(4Y2*

!1’Y, CxUY b2*Y,x\*S’Y ~x*x eSPY nW1,4x**Y[ x+ b2PS2Y 7"A_ x2[
\12*xS2Y[ S2 frTSvS* NgNmi

NgK

)

))
l
ll

!Y,*xS2 +\TY[(PY+ 1, x..Y2[S\Y+ *1 *TS+ YrTSvS* Tx’Y vYY2 14S**Y[ .(,+(x2* *1 AYU(Px*S12 @j‘ b*Y4 IgNnxmnJmi # \1.q 1W x2q
14S**Y[ +\TY[(PY tSPP vY W(,2S+TY[ *1 *TY @Y\(,S*SY+ x2[ fr\Tx2UY !144S++S12 1, S*+ +*xWW (.12 ,Y-(Y+*i
>TS+ YrTSvS* \12+*S*(*Y+ x 4x2xUY4Y2* \12*,x\*k \14.Y2+x*1,q .Px2k 1, x,,x2UY4Y2*i
eSPY[ TY,YtS*T
e(,2S+TY[ TY,YtS*T

l

l

l

l

l

l

(cid:151)q˘(cid:136) [I(cid:136) Form 10-K Summary

]12Yi

NgH

C(,+(x2* *1 *TY ,Y-(S,Y4Y2*+ 1W @Y\*S12 NL 1, NJn[m 1W *TY @Y\(,S*SY+ fr\Tx2UY #\* 1W NFLKk *TY ,YUS+*,x2* Tx+ [(Pq \x(+Y[ *TS+

,Y.1,* *1 vY +SU2Y[ 12 S*+ vYTxPW vq *TY (2[Y,+SU2Y[k *TY,Y(2*1 [(Pq x(*T1,SoY[i

Q(cid:151)(cid:157)(cid:140)(cid:215)NKT£Q

~x*YE ^x,\T Nk MgMM

]1’x2*x b2\i

"qE

h+h ^x**TSR+ dPx+*,x
(cid:141)Øqq‰”•t (cid:157)‡ØtqwØ
Chief Executive Officer

NgG

C(,+(x2* *1 *TY ,Y-(S,Y4Y2*+ 1W *TY @Y\(,S*SY+ fr\Tx2UY #\* 1W NFLKk *TS+ ,Y.1,* Tx+ vYY2 +SU2Y[ vYP1t vq *TY W1PP1tS2U .Y,+12+

12 vYTxPW 1W *TY ,YUS+*,x2* x2[ S2 *TY \x.x\S*SY+ x2[ 12 *TY [x*Y+ S2[S\x*Y[i

(cid:140)(cid:128)mØ(cid:132)qØ (cid:151)(cid:132)(cid:204)(cid:136) (cid:153)T˘(cid:192)”tqwØ(cid:132)q(cid:151)

(cid:140)Ø(cid:136)˘

N”q‡˘

(cid:210)Øq˘

h+h ^x**TSR+ dPx+*,x

!TxS,.Y,+12 1W *TY "1x,[ 1W ~S,Y\*1,+k !TSYW

^x,\T Nk MgMM

frY\(*S’Y DWWS\Y,

(cid:141)Øqq‰”•t (cid:157)‡ØtqwØ

h+h A1vY,* ai "(\QPYq
T(cid:128)Ł˘wq (cid:148)(cid:136) (cid:213)o(cid:204)(cid:181)‡˘D

h+h CY*Y, _i !Tx2U
Z˘q˘w (cid:143)(cid:136) (cid:211)‰Ø(cid:132)(cid:192)

h+h _122q ai !x,.Y2*Y,
(cid:143)(cid:128)(cid:132)(cid:132)D (cid:148)(cid:136) (cid:211)Øw}˘(cid:132)q˘w

h+h ",Sx2 ~i ‘S2U
(cid:213)w”Ø(cid:132) (cid:210)(cid:136) (cid:145)”(cid:132)(cid:192)

h+h b,x ai _x4YP
(cid:151)wØ (cid:148)(cid:136) (cid:143)Ø(cid:136)˘‡

h+h ^xrS2Y _i ^x(,S\S1
(cid:141)ØH”(cid:132)˘ (cid:143)(cid:136) (cid:141)Øow”(cid:204)”(cid:128)

h+h ‘x*TY,S2Y #i DtY2
(cid:145)Øq‰˘w”(cid:132)˘ (cid:215)(cid:136) ]L˘(cid:132)

h+h >T14x+ ]i @Y\1,
N‰(cid:128)(cid:136)Øt (cid:140)(cid:136) Q˘(cid:204)(cid:128)w

h+h e,x2Q #i 8SP+12
(cid:160)wØ(cid:132)(cid:181) (cid:215)(cid:136) G”‡t(cid:128)(cid:132)

!TSYW eS2x2\SxP DWWS\Y,

^x,\T Nk MgMM

!TSYW #\\1(2*S2U DWWS\Y, x2[ !1,.1,x*Y !12*,1PPY,

^x,\T Nk MgMM

_Yx[ ~S,Y\*1,

~S,Y\*1,

~S,Y\*1,

~S,Y\*1,

~S,Y\*1,

~S,Y\*1,

~S,Y\*1,

^x,\T Nk MgMM

^x,\T Nk MgMM

^x,\T Nk MgMM

^x,\T Nk MgMM

^x,\T Nk MgMM

^x,\T Nk MgMM

^x,\T Nk MgMM

NgF

FACTORS AFFECTING FUTURE PERFORMANCE 
Certain statements in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on current 
expectations and assumptions that are subject to risks and uncertainties. All statements contained in this Annual Report that do not relate to matters of historical fact 
should be considered forward-looking statements, and are generally identified by words such as “expect,” “intend,” “anticipate,” “estimate,” “believe,” “future,” “could,” 
“should,”  “plan,”  “aim,”  and  other  similar  expressions.  These  forward-looking  statements  include,  but  are  not  limited  to,  statements  regarding  anticipated  financial 
performance and financial position, including expectations regarding market conditions; statements regarding the COVID-19 pandemic; expectations regarding product 
launches; our ability to fund future acquisitions; and other statements that are not historical facts. These forward-looking statements are neither promises nor guarantees, 
but involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. Our actual results could differ 
materially from those anticipated in these forward-looking statements for many reasons, including, but not limited to, the following: economic and political conditions 
and the effects of these conditions on our customers’ businesses, capital expenditures and level of business activities; risks associated with the COVID-19 pandemic and 
other events outside our control; our dependence upon our ability to respond to fluctuations in product demand; our ability to continually innovate, introduce new products 
in a timely manner and successfully commercialize our innovations; customer order timing and other similar factors beyond our control; disruptions or breaches in security 
of our or our third-party providers’ information technology systems; our failure to comply with data protection, privacy and security laws, regulations, standards and other 
requirements; changes in interest rates, credit ratings or foreign currency exchange rates; our reliance on international operations; our increased outsourcing of components 
manufacturing  to  manufacturers  outside  the  U.S.;  our  exposure  to  increased  tariffs,  trade  restrictions  or  taxes  on  our  products;  negative  effects  on  global  economic 
conditions, financial markets and our business as a result of the United Kingdom’s withdrawal from the European Union; violations of our intellectual property rights and 
our ability to protect our intellectual property against infringement by third parties; risk of losing our competitive advantage; our failure to successfully integrate recent 
and future acquisitions into our business; our ability to attract and retain key personnel; our restructuring and realignment activities and disruptions to our operations as a 
result of consolidation of our operations; product defects or problems integrating our products with other vendors’ products; disruptions in the supply of certain key 
components or other goods from our suppliers; our failure to accurately forecast component and raw material requirements leading to excess inventories or delays in the 
delivery of our products; production difficulties and product delivery delays or disruptions; our exposure to medical device regulations, which may impede or hinder the 
approval or sale of our products and, in some cases, may ultimately result in an inability to obtain approval of certain products or may result in the recall or seizure of 
previously  approved  products;  potential  penalties  for  violating  foreign,  U.S.  federal,  and  state  healthcare  laws  and  regulations;  impact  of  healthcare  industry  cost 
containment  and  healthcare  reform  measures;  changes  in  governmental  regulations  affecting  our  business  or  products;  our  failure  to  implement  new  information 
technology systems and software successfully; our failure to realize the full value of our intangible assets;  increasing scrutiny and changing expectations from investors, 
customers, and governments with respect to environmental, social and governance policies and practices leading to higher costs and other risks, being subject to U.S. 
federal income taxation even though we are a non-U.S. corporation; any need for additional capital to adequately respond to business challenges or opportunities and 
repay or refinance our existing indebtedness, which may not be available on acceptable terms or at all; our existing indebtedness limiting our ability to engage in certain 
activities; and the important factors described in Item 1A of the Annual Report on Form 10-K for the year ended December 31, 2021 included in this Annual Report and 
in the Company’s future filings with the Securities and Exchange Commission (the “SEC”). Such statements are based on management’s beliefs and assumptions and on 
information  currently  available  to  the  Company’s  management.  The  Company  disclaims  any  obligation  to  update  any  forward-looking  statements  as  a  result  of 
developments occurring after the date of this document except as required by law.  

FORM 10-K 
This Annual Report to Shareholders includes a copy of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, excluding exhibits, as filed with 
the  SEC  and  available  through  our  website  at  https://www.novanta.com.    We  will,  upon  written  request  and  payment  of  an  appropriate  processing  fee,  provide  our 
shareholders with copies of the exhibits to our Annual Report on Form 10-K.  Please address your request to Novanta Inc., 125 Middlesex Turnpike, Bedford, MA 01730, 
Attention: Investor Relations. 
_______________________________________________________________________________________________________________________________________ 
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 
This Annual Report contains the non-GAAP financial measures of Adjusted EBITDA, Organic Revenue Growth and Adjusted Diluted EPS.  A tabular reconciliation of 
these non-GAAP financial measures to the most comparable GAAP measures are set forth below. 

Adjusted EBITDA (Non-GAAP): (1) 

 (in thousands of U.S. dollars) 
 Consolidated Net Income (GAAP) 
Interest (income) expense, net  
Income tax provision 
Depreciation and amortization 
Share-based compensation 
Restructuring and acquisition related costs 
Acquisition inventory fair value adjustments 
Employee COVID-19 testing costs 
Other non-operating income (expense), net 

Adjusted EBITDA (non-GAAP) 
Adjusted EBITDA Margin (non-GAAP) 
(1) 

Year Ended December 31,
2021 
(Unaudited) 

2020

(Unaudited)

   $ 

   $ 

50,331   $
7,387     
5,841     
43,126     
22,557     
18,020     
1,411     
3,568  
 495  
152,736    $
21.6%  

44,521  
6,564   
3,882   
38,293   
22,535   
3,810   
188
275
921  

120,989   
20.5%

The Company defines Adjusted EBITDA as the consolidated net income before deducting interest (income) expense, income taxes, depreciation, amortization, non-cash share-based compensation, 
restructuring,  acquisition  and  divestiture  related  costs,  acquisition  fair  value  adjustments,  costs  directly  related  to  employee  COVID-19  testing,  other  non-operating  income  (expense)  items, 
including foreign exchange gains (losses), and net periodic pension costs of the Company’s frozen U.K. defined benefit pension plan. The Company defines Adjusted EBITDA Margin as Adjusted 
EBITDA as a percentage of Revenue. The Company believes Adjusted EBITDA and Adjusted EBITDA Margin provide useful and supplementary information to investors regarding the operating 
results of the Company because of the significant changes that have occurred outside of the Company’s day-to-day business in accordance with the execution of the Company’s strategy. This 
strategy includes streamlining the Company’s existing operations through site and functional consolidations, strategic divestitures and product line closures, expanding the Company’s business 
through significant internal investments, and broadening  the  Company’s product and service offerings through acquisition of innovative and complementary  technologies and solutions. The 
financial impact of certain elements of these  activities, particularly  acquisitions, divestitures, and site and functional restructurings, is  often large relative to  the Company’s overall financial 
performance and can adversely affect the comparability of its operating results and investors’ ability to analyze the business from period to period. Adjusted EBITDA is used by management to 
evaluate operating performance, communicate financial results to the Board of Directors, benchmark results against historical performance and the performance of peers, and evaluate investment 
opportunities, including acquisitions and divestitures. In addition, Adjusted EBITDA is used as one of the performance metrics to determine bonus payments for senior management and employees. 
Accordingly, the Company believes that these non-GAAP measures provide greater transparency and insight into management’s method of analysis. In evaluating Adjusted EBITDA, you should 
be aware that, in the future, the Company may incur expenses that are the same as, or similar to, some of the adjustments listed above. 

110 

 
 
 
 
 
 
 
   
 
  
   
 
 
 
   
  
 
 
     
     
     
     
     
    
   
 
     
  
   
 
 
  RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Continued) 

Organic Revenue Growth/(Decline) (Non-GAAP): (1) 

  Reported Revenue Growth/(Decline) (GAAP) 

Less: Change attributable to acquisitions  
Plus: Change due to foreign currency 
Organic Revenue Growth/(Decline) (non-GAAP) 
(1) 

Year Ended December 31, 2021  
Compared to  
Year Ended December 31, 2020

(Unaudited)
19.7% 
7.3% 
(2.1%) 
10.3% 

The Company defines the term “organic revenue” as revenue excluding the impact from business acquisitions, divestitures, product line discontinuations, and the effect of foreign currency 
translation. The Company uses the related term “organic revenue growth/(decline)” to refer to the financial performance metric of comparing current period organic revenue with the reported 
revenue of the corresponding period in the prior year. The Company believes that this non-GAAP financial measure, when taken together with our GAAP financial measures, allows the 
Company and its investors to better measure the Company’s performance and evaluate long-term performance trends. Organic revenue growth/(decline) also facilitates easier comparisons of the 
Company’s performance with prior and future periods and relative comparisons to its peers. The Company excludes the effect of foreign currency translation from these measures because 
foreign currency translation is subject to volatility and can obscure underlying business trends. The Company excludes the effect of acquisitions and divestitures because these activities can vary 
dramatically between reporting periods and between the Company and its peers, which the Company believes makes comparisons of long-term performance trends difficult for management and 
investors. Organic Revenue Growth/(Decline) is also used as a performance metric to determine bonus payments for senior management and employees. 

   Adjusted Diluted EPS (Non-GAAP): (1) 

  (in thousands of U.S. dollars except per share amounts) 
  Net income (GAAP) 
Diluted EPS (GAAP) 

Non-GAAP adjustments: 

Amortization of intangible assets (2) 
Restructuring costs (3) 
Acquisition related costs (3) 
Acquisition fair value adjustments (3) 
Employee COVID-19 testing costs (4) 
Foreign exchange transaction (gains) losses, net (5) 

Total Non-GAAP adjustments before income taxes 
Tax effect of non-GAAP adjustments (6) 
Non-GAAP tax adjustments (6) 

Adjusted net income (Non-GAAP) 
  Adjusted Diluted EPS (Non-GAAP) 
   Weighted-average shares outstanding - Diluted 

Year Ended December 31,
2021 
(Unaudited) 

2020

(Unaudited)

$ 
$ 

50,331   $ 
1.41    $ 

44,521
1.25

29,865      

8,341
9,679 
1,411
3,568
127 
52,991
10,815 
(1,370) 

93,877    $ 
2.62    $ 

 35,781 

25,093
4,477
(667)
188
275
942 
30,308 
5,482 
(35)

69,382
1.95
35,654

$ 
$ 

(1) 

The Company believes Adjusted Diluted EPS provides useful and supplementary information to investors regarding the operating performance of the Company because Adjusted Diluted EPS is 
used by management to evaluate operating performance, communicate financial results to the Board of Directors, and benchmark results against historical performance and the performance of 
peers. The Company also uses Adjusted Diluted EPS as a measurement for performance-based restricted stock units issued to certain executives.  Accordingly, the Company believes this non-
GAAP measure provides greater transparency and insight into management’s method of analysis. In evaluating Adjusted Diluted EPS, you should be aware that in the future the Company may 
incur expenses that are the same as, or similar to, some of the adjustments listed above.  

(2)  Amortization of acquired intangible assets and acquisition fair value adjustments are excluded from  Adjusted Diluted EPS because (i) these amounts are non-cash; (ii) the Company  cannot 

(3) 

(4) 
(5) 
(6) 

influence the timing and amount of future expense recognition; and (iii) excluding such expenses provides investors and management better visibility into the components of operating costs.  
These amounts relate to the Company’s restructuring programs, business acquisitions, divestitures and related activities. Such expenses are excluded from the calculation of Adjusted Diluted EPS 
due to the significant changes that have occurred outside of the Company’s day-to-day business as a result of the execution of the Company’s strategy.  The financial impact of certain elements 
of these activities, particularly acquisitions, divestures, and site and functional restructurings, is often large relative to the Company’s overall financial performance and can adversely affect the 
comparability of its operating results and investors’ ability to analyze the business from period to period. 
The Company excludes costs directly related to employee COVID-19 testing as these costs are unique to the current pandemic and had a significant impact on our operating results. 
The Company excludes foreign exchange transaction gains (losses) as the Company cannot fully influence the timing and amount of foreign currency transaction gains (losses). 
The Company excludes significant discrete income tax expenses (benefits) related to releases of valuation allowances, benefits or expenses associated with the completion of tax audits, effects of 
changes in tax laws, effects of acquisition related tax planning actions on our effective tax rate, and the income tax effect of non-GAAP adjustments above. 

Non-GAAP financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. They 
are limited in value because they exclude charges that have a material effect on the Company’s reported results and, therefore, should not be relied upon as the sole 
financial measures to evaluate the Company’s financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, 
GAAP financial measures.

111 

 
 
 
 
 
 
 
  
   
   
 
   
   
 
   
    
  
  
   
  
   
   
 
 
 
 
 
 
 
 
  
   
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
 
 
 
 
 
CORPORATE INFORMATION 

EXECUTIVE OFFICERS 

Matthijs Glastra 
Chairperson and Chief Executive Officer 

Robert J. Buckley 
Chief Financial Officer 

Brian S. Young 
Chief Human Resources Officer 

BOARD OF DIRECTORS 

Matthijs Glastra 
Chairperson of the Board of Directors, Novanta Inc. 

Lonny J. Carpenter, Lead Director 
Former Group President, Stryker Corporation 

Brian D. King 
Former President and Chief Executive Officer, 
Viant Medical, LLC 

Ira J. Lamel 
Former Executive Vice President and Chief Financial 
Officer, The Hain Celestial Group, Inc. 

Maxine L. Mauricio 
Executive Vice President, General Counsel and Secretary, 
EMCOR Group, Inc. 

Katherine A. Owen 
Former Vice President and Advisor to the CEO, 
Stryker Corporation 

Thomas N. Secor 
Managing Director, Morningside Heights Capital, 
an investment firm 

SHAREHOLDER INFORMATION

CORPORATE HEADQUARTERS 

Novanta Inc. 
125 Middlesex Turnpike 
Bedford, MA 01730 
U.S.A. 
Phone: 1-781-266-5700 
Fax: 1-781-266-5114 

WEBSITE 
https://www.novanta.com 

ANNUAL MEETING OF SHAREHOLDERS 
Thursday, May 12, 2022 at 2:00 p.m. (ET) 

Virtually at: 
www.virtualshareholdermeeting.com/NOVT2022 

An Annual Report, a Management Proxy Circular and a 
form of Proxy will be furnished to each shareholder as of the 
record date of March 31, 2022. 

AUDITORS 
PricewaterhouseCoopers LLP 
101 Seaport Boulevard 
Boston, MA 02210 

TRANSFER AGENT 
Computershare Investor Services 
100 University Ave. 
8th Floor, North Tower 
Toronto, Ontario, M5J 2Y1, Canada 
Phone: 1-800-564-6253 

Fax: 1-888-453-0330 
service@computershare.com 

STOCK EXCHANGE 
Novanta Inc.’s common shares are listed and traded on the 
Nasdaq Global Select Market under the ticker symbol 
“NOVT”.