Merger to Recapitalize and Reposition GoPro; Company to Remain Publicly Listed on Nasdaq
Transaction Expected to Add U.S. Onshore Optical Transceiver Business, Positioning GoPro to Expand into AI Data Center, Government, Defense and Aerospace Markets
kA 4=2DDlQAC?E24Qmk6>mv@!C@ E@ r@?E:?F6 $FAA@CE:?8 :ED tI:DE:?8 r@?DF>6C !C@5F4ED 2?5 :ED $F3D4C:AE:@? 2?5 r=@F5 !=2E7@C> (9:=6 x?G6DE:?8 :? vC@HE9k^6>mk^Am
kAmkDA2? 4=2DDlQ=686?5$A2?r=2DDQm}t( *~#z 2?5 $p} |p%t~[ r2=:7]k^DA2?m[ kDA2? 4=2DDlQ=686?5$A2?r=2DDQm$6AE] `[ a_aek^DA2?m ^!#}6HDH:C6^ \\ v@!C@[ x?4] W}p$sp"i v!#~X 2?5 $E2C>2? ~AE:42=[ x?4] WQ$E2C>2?QX[ 2 AC:G2E6=J 96=5 @AE:42=\A9@E@?:4D 4@>A2?J[ E@52J 2??@F?465 E92E E96J 92G6 6?E6C65 :?E@ 2 567:?:E:G6 >6C86C 28C66>6?E] x? 4@??64E:@? H:E9 E96 AC@A@D65 EC2?D24E:@?[ v@!C@ D92C69@=56CD H:== C646:G6 2? 288C682E6 42D9 A2J>6?E @7 Sagd >:==:@?[ @C S`]`c A6C D92C6[ DF3;64E E@ A@E6?E:2= 25;FDE>6?E 32D65 @? v@!C@VD ?6E H@C<:?8 42A:E2= 2E 4=@D:?8 2?5 H:== >2:?E2:? @H?6CD9:A @7 2AAC@I:>2E6=J `_T @7 E96 @FEDE2?5:?8 D92C6D @7 E96 r@>A2?J] v@!C@VD @FEDE2?5:?8 563E @7 2AAC@I:>2E6=J Sha >:==:@? H:== 36 C6A2:5 :? 7F== 2E 4=@D:?8[ C6DF=E:?8 :? 2 4=62?[ DF3DE2?E:2==J 563E\7C66 32=2?46 D966E]Â k^Am
k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56C`QmkAmk:>8 DC4lQ9EEADi^^>>I]AC?6HDH:C6]4@>^>65:2^|$edfeda^v@!C@\=@8@\2=>@DE\3=24<\4@AJ];A8n:5l~pahab_geQ E:E=6lQv@!C@Q 2=ElQv@!C@Q ^mk^Amk^5:Gm
kAm~G6C E96 A2DE ac J62CD[ v@!C@ 92D 56G6=@A65 :?5FDECJ\=625:?8 :>28:?8 D@=FE:@?D 762EFC:?8 :??@G2E:G6[ 25G2?465 @AE:4D[ >2C<6E\567:?:?8 E649?@=@8J 2?5 2? 2DD@4:2E65 x! A@CE7@=:@ @7 >@C6 E92? ad__ &]$] A2E6?ED] %96 >6C86C :?E6?5D E@ >2I:>:K6 E96 G2=F6 @7 v@!C@VD x! 2?5 8C@HE9 A@E6?E:2= :? 4@?DF>6C[ 4@>>6C4:2= 2?5 5676?D6 >2C<6ED 3J C642A:E2=:K:?8 E96 4@>A2?J[ DEC6?8E96?:?8 :ED 32=2?46 D966E[ :?G6DE:?8 :? 8C@HE9 2?5 @?D9@C:?8 E96 >2?F724EFC:?8 @7 AC@5F4ED 7@C DEC2E68:4 >2C<6ED]k^Am
kAmv@!C@ H:== C6>2:? 2 AF3=:4=J =:DE65 4@>A2?J 2?5 H:== 4@?E:?F6 E@ 7F==J DFAA@CE :ED 6I:DE:?8 4@?DF>6C AC@5F4ED 2?5 :ED DF3D4C:AE:@? 2?5 4=@F5 A=2E7@C> H9:=6 :?G6DE:?8 :? 8C@HE9 2?5 2 3C@256C[ 5:G6CD:7:65 AC@5F4E C@25>2A] $E2C>2?VD &]$]\>256 @AE:42= EC2?D46:G6CD 2C6 6IA64E65 E@ 36 25565 E@ v@!C@VD A@CE7@=:@[ 6IE6?5:?8 E96 r@>A2?JVD C6249 :?E@ E96 =2C86 2?5 C2A:5=J 8C@H:?8 >2C<6E 7@C px :?7C2DECF4EFC6 :? @AE:42= EC2?D46:G6CD]k^Am
kAmu@==@H:?8 E96 EC2?D24E:@? 4=@D:?8[ E96 4@>3:?65 4@>A2?J 2=D@ :?E6?5D E@ =6G6C286 :ED x![ @AE:4D 2?5 :>28:?8 42A23:=:E:6D 24C@DD 5676?D6[ 8@G6C?>6?E[ C@3@E:4D 2?5 26C@DA246 >2C<6ED[ 3F:=5:?8 @? 56>2?5 7@C &]$]\>256 D@=FE:@?D]k^Am
kAmQp5G2?465 @AE:4D 2?5 :>28:?8 2C6 6DD6?E:2= E@ px[ ?2E:@?2= D64FC:EJ[ 2?5 E96 3C@256C 64@?@>J[ J6E >F49 @7 E96 4C:E:42= 92C5H2C6 DFAA@CE:?8 E96D6 E649?@=@8:6D 4@?E:?F6D E@ 36 >2?F724EFC65 @G6CD62D[Q D2:5 r92C=6D %636=6[ r9:67 tI64FE:G6 ~77:46C @7 $E2C>2? w@=5:?8] Q%96 4@>3:?2E:@? @7 v@!C@VD H@C=5\4=2DD @AE:42= 6IA6CE:D6 2?5 :?E6==64EF2= AC@A6CEJ H:E9 $E2C>2?VD 25G2?465 EC2?D46:G6C 42A23:=:E:6D 2?5 &]$] >2?F724EFC:?8 A=2E7@C> 4C62E6D 2 F?:BF6 @AA@CEF?:EJ] %@86E96C[ H6 :?E6?5 E@ 3C:?8 AC@5F4E:@? @7 E96D6 4C:E:42= 4@>A@?6?ED 324< E@ E96 &?:E65 $E2E6D]Qk^Am
kAmQ(6 6IA64E E9:D >6C86C E@ 6?23=6 v@!C@ E@ 8C@H 24C@DD 4@?DF>6C[ 4@>>6C4:2= 2?5 5676?D6 >2C<6ED 2D 2 =625:?8 p>6C:42? :>28:?8 2?5 @AE:42= D@=FE:@?D 4@>A2?J[ 255C6DD:?8 :>A@CE2?E 2C62D @7 ?2E:@?2= D64FC:EJ C6=2E65 E@ 42>6C2D[ @AE:4D 2?5 px :?7C2DECF4EFC6] (6VC6 6I4:E65 E@ 4@>3:?6 H:E9 E96 $E2C>2? E62> E@ 42A:E2=:K6 @? E9:D @AA@CEF?:EJ 2?5 A=2J 2? :>A@CE2?E C@=6 :? p>6C:42VD 7FEFC6[Q D2:5 }:49@=2D (@@5>2?[ u@F?56C 2?5 rt~ @7 v@!C@]k^Am
kAm%96 EC2?D24E:@? 92D 366? 2AAC@G65 3J v@!C@VD q@2C5 @7 s:C64E@CD 2?5 3J E96 q@2C5 @7 $E2C>2?] xE :D 6IA64E65 E@ 4=@D6 3J J62C\6?5 a_ae[ DF3;64E E@ C68F=2E@CJ 2AAC@G2=D 2?5 @E96C 4FDE@>2CJ 4=@D:?8 4@?5:E:@?D[ :?4=F5:?8 2AAC@G2= 3J v@!C@VD DE@4<9@=56CD]Â k^Am
kAmv@!C@ A=2?D E@ AC@G:56 255:E:@?2= :?7@C>2E:@? C682C5:?8 E96 EC2?D24E:@? FA@? 4=@D:?8]k^Am
kAmw@F=:92? {@<6J[ x?4] :D 24E:?8 2D 7:?2?4:2= 25G:D@C 2?5 92D AC@G:565 2 72:C?6DD @A:?:@? E@ v@!C@[ 2?5 u6?H:4< U2>Aj (6DE {{! :D D6CG:?8 2D =682= 4@F?D6= E@ v@!C@]k^Am
kAmkDEC@?8mp3@FE v@!C@[ x?4] W}p$sp"i v!#~Xk^DEC@?8mk^Am
More from this section
kAmv@!C@ 96=AD E96 H@C=5 42AEFC6 2?5 D92C6 :ED6=7 :? :>>6CD:G6 2?5 6I4:E:?8 H2JD]k^Am
kAmr@??64E H:E9 v@!C@ @? k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcfecgbe\`U2>Aj9l`dh`egdbbhU2>AjFl9EEADTbpTauTauHHH]:?DE28C2>]4@>Tau8@AC@TauU2>Aj2lx?DE28C2>Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmx?DE28C2>k^2m[ k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcfecgbe\`U2>Aj9lad_`c`e`acU2>AjFl9EEADTbpTauTauHHH]J@FEF36]4@>Tau4Tauv@!C@U2>Aj2l*@F%F36Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm*@F%F36k^2m[ k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcfecgbe\`U2>Aj9lbaede_fhagU2>AjFl9EEADTbpTauTauHHH]E:<E@<]4@>TauTc_8@AC@Tbu=2?8Tbs6?U2>Aj2l%:<%@<Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm%:<%@<k^2m[ k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcfecgbe\`U2>Aj9lacdgdegf_U2>AjFl9EEADTbpTauTauHHH]72463@@<]4@>Tau8@AC@TauU2>Aj2lu2463@@<Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmu2463@@<k^2m[ k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcfecgbe\`U2>Aj9lbcfh_ha_ecU2>AjFl9EEADTbpTauTauI]4@>Tauv@!C@U2>Aj2l)Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm)k^2m[ k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcfecgbe\`U2>Aj9lbbbgfgagahU2>AjFl9EEADTbpTauTauHHH]=:?<65:?]4@>Tau4@>A2?JTau8@AC@0bU2>Aj2l{:?<65x?Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm{:?<65x?k^2m[ 2?5 v@!C@VD 3=@8[ k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcfecgbe\`U2>Aj9ldbabdhhcaU2>AjFl9EEADTbpTauTau8@AC@]4@>Tau6?TauFDTau?6HDU2>Aj2l%96ZrFCC6?EQ E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm%96 rFCC6?Ek^2m] |6>36CD @7 E96 AC6DD 42? 2446DD @77:4:2= =@8@D 2?5 :>286CJ @? @FC k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcfecgbe\`U2>Aj9lh`gcae_hbU2>AjFl9EEATbpTauTau3C2?5]8@AC@]4@>TauU2>Aj2lAC6DDZA@CE2=Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmAC6DD A@CE2=k^2m] u@C >@C6 :?7@C>2E:@?[ G:D:E k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcfecgbe\`U2>Aj9l`agdghh`h`U2>AjFl9EEATbpTauTau8@AC@]4@>TauU2>Aj2lv@!C@]4@>Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmv@!C@]4@>k^2m]k^Am
kAmv@!C@[ wt#~[ |p)[ |x$$x~} 2?5 E96:C C6DA64E:G6 =@8@D 2C6 EC256>2C<D @C C68:DE6C65 EC256>2C<D @7 v@!C@[ x?4] :? E96 &?:E65 $E2E6D 2?5 @E96C 4@F?EC:6D]k^Am
kAmkDEC@?8mp3@FE $E2C>2? ~AE:42=k^DEC@?8mk^Am
kAm$E2C>2? ~AE:42=[ x?4] WQ$E2C>2?QX[ 2 $E2C>2? w@=5:?8 4@>A2?J[ :D 2 AC:G2E6=J 96=5 &]$] @AE:42=\A9@E@?:4D 4@>A2?J 7@4FD65 @? E96 56G6=@A>6?E 2?5 5@>6DE:4 >2?F724EFC:?8 @7 @AE:42= EC2?D46:G6CD 2?5 C6=2E65 A9@E@?:4D E649?@=@8:6D E9C@F89 :ED $E2C>2? }6H !9@E@?:4D 3FD:?6DD] $E2C>2? w@=5:?8 :D 2 5:G6CD:7:65 9@=5:?8 4@>A2?J H:E9 :?E6C6DED 24C@DD E649?@=@8J[ 4@?DF>6C 3C2?5D[ 2?5 @AE:42= A9@E@?:4D]k^Am
kAmkDEC@?8mp55:E:@?2= x?7@C>2E:@? 2?5 (96C6 E@ u:?5 xEk^DEC@?8mk^Am
kAm%9:D AC6DD C6=62D6 >2J 36 566>65 E@ 36 D@=:4:E2E:@? >2E6C:2= :? C6DA64E @7 E96 AC@A@D65 EC2?D24E:@? :?G@=G:?8 v@!C@[ x?4] WQv@!C@QX 2?5 $E2C>2?] x? 4@??64E:@? H:E9 E96 AC@A@D65 EC2?D24E:@?[ v@!C@ :?E6?5D E@ 7:=6 H:E9 E96 $64FC:E:6D 2?5 tI492?86 r@>>:DD:@? WE96 Q$trQX 2?5 7FC?:D9 E@ DE@4<9@=56CD 2 AC@IJ DE2E6>6?E] %9:D AC6DD C6=62D6 :D ?@E 2 DF3DE:EFE6 7@C E96 AC@IJ DE2E6>6?E @C 2?J @E96C 5@4F>6?E E92E v@!C@ >2J 7:=6 H:E9 E96 $tr @C D6?5 E@ :ED DE@4<9@=56CD :? 4@??64E:@? H:E9 E96 AC@A@D65 EC2?D24E:@?] x}'t$%~#$ p}s $%~rzw~{st#$ ~u v~!#~ p#t &#vts %~ #tps %wt !#~)* $%p%t|t}% p}s ~%wt# #t{t'p}% |p%t#xp{$ (wt} %wt* qtr~|t p'px{pq{t qtu~#t |pzx}v p}* '~%x}v strx$x~} (x%w #t$!tr% %~ %wt !#~!~$ts %#p}$pr%x~} qtrp&$t %wt* (x{{ r~}%px} x|!~#%p}% x}u~#|p%x~} pq~&% v~!#~ p}s %wt !#~!~$ts %#p}$pr%x~}] %96 >2E6C:2=D E@ 36 7:=65 3J v@!C@ H:== 36 >256 2G2:=23=6 E@ v@!C@VD :?G6DE@CD 2?5 DE@4<9@=56CD 2E ?@ 6IA6?D6 E@ E96> 2?5 4@A:6D >2J 36 @3E2:?65 7C66 @7 492C86 @? v@!C@VD H63D:E6 2E k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcfecgbe\`U2>Aj9la_c_d_e_gaU2>AjFl9EEADTbpTauTau:?G6DE@C]8@AC@]4@>TauU2>Aj2l9EEADTbpTauTau:?G6DE@C]8@AC@]4@>TauQ E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm9EEADi^^:?G6DE@C]8@AC@]4@>^k^2m] x? 255:E:@?[ 2== @7 E9@D6 >2E6C:2=D H:== 36 2G2:=23=6 2E ?@ 492C86 @? E96 $trVD H63D:E6 2E k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcfecgbe\`U2>Aj9la_`_habcbcU2>AjFl9EEADTbpTauTauHHH]D64]8@GTauU2>Aj2lHHH]D64]8@GQ E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmHHH]D64]8@Gk^2m]k^Am
kAmv@!C@ 2?5 :ED 5:C64E@CD[ 6I64FE:G6 @77:46CD[ @E96C >6>36CD @7 :ED >2?286>6?E 2?5 6>A=@J66D >2J 36 566>65 E@ 36 A2CE:4:A2?ED :? E96 D@=:4:E2E:@? @7 AC@I:6D @7 v@!C@ DE@4<9@=56CD :? 4@??64E:@? H:E9 E96 AC@A@D65 EC2?D24E:@? F?56C $tr CF=6D] x?G6DE@CD 2?5 DE@4<9@=56CD >2J @3E2:? >@C6 56E2:=65 :?7@C>2E:@? C682C5:?8 E96 ?2>6D[ 277:=:2E:@?D 2?5 :?E6C6DED @7 v@!C@VD 6I64FE:G6 @77:46CD 2?5 5:C64E@CD :? E96 D@=:4:E2E:@? 3J C625:?8 v@!C@VD AC@IJ DE2E6>6?E 7@C :ED a_ae 2??F2= >66E:?8 @7 DE@4<9@=56CD[ E96 p??F2= #6A@CE @? u@C> `_\z 7@C E96 7:D42= J62C 6?565 s646>36C b`[ a_ad 2?5 E96 DF3D6BF6?E "F2CE6C=J #6A@CED @? u@C> `_\"[ 2?5 E96 AC@IJ DE2E6>6?E 2?5 @E96C C6=6G2?E >2E6C:2=D E92E H:== 36 7:=65 H:E9 E96 $tr :? 4@??64E:@? H:E9 E96 AC@A@D65 EC2?D24E:@? H96? E96J 364@>6 2G2:=23=6] x?7@C>2E:@? 4@?46C?:?8 E96 :?E6C6DED @7 v@!C@VD A2CE:4:A2?ED :? E96 D@=:4:E2E:@?[ H9:49 >2J[ :? D@>6 42D6D[ 36 5:776C6?E E92? E9@D6 @7 v@!C@VD DE@4<9@=56CD 86?6C2==J[ H:== 36 D6E 7@CE9 :? E96 AC@IJ DE2E6>6?E C6=2E:?8 E@ E96 AC@A@D65 EC2?D24E:@? H96? :E 364@>6D 2G2:=23=6]k^Am
kAmkDEC@?8mu@CH2C5\{@@<:?8 $E2E6>6?EDk^DEC@?8mk^Am
kAm%9:D AC6DD C6=62D6 >2J 4@?E2:? 7@CH2C5\=@@<:?8 DE2E6>6?ED :?4=F5:?8[ 2>@?8 @E96C E9:?8D[ DE2E6>6?ED C682C5:?8 E96 A@E6?E:2= 36?67:ED @7 E96 AC@A@D65 EC2?D24E:@?j E96 AC@DA64E:G6 A6C7@C>2?46 2?5 @FE=@@< @7 v@!C@VD 3FD:?6DD[ A6C7@C>2?46 2?5 @AA@CEF?:E:6Dj E96 E649?@=@8:6D E@ 36 25565 E@ v@!C@VD A@CE7@=:@j E96 23:=:EJ @7 E96 A2CE:6D E@ 4@>A=6E6 E96 AC@A@D65 EC2?D24E:@? 2?5 E96 6IA64E65 E:>:?8 @7 4@>A=6E:@? @7 E96 AC@A@D65 EC2?D24E:@?j 2D H6== 2D 2?J 2DDF>AE:@?D F?56C=J:?8 2?J @7 E96 7@C68@:?8] %96 H@C5D Q36=:6G6[Q Q>2J[Q QH:==[Q Q6DE:>2E6[Q Q4@?E:?F6[Q Q2?E:4:A2E6[Q Q:?E6?5[Q Q6IA64E[Q 2?5 D:>:=2C 6IAC6DD:@?D 2C6 :?E6?565 E@ :56?E:7J 7@CH2C5\=@@<:?8 DE2E6>6?ED] %96D6 7@CH2C5\=@@<:?8 DE2E6>6?ED 2C6 DF3;64E E@ C:D<D[ F?46CE2:?E:6D[ 2?5 2DDF>AE:@?D] x7 E96 C:D<D >2E6C:2=:K6 @C 2DDF>AE:@?D AC@G6 :?4@CC64E[ 24EF2= C6DF=ED 4@F=5 5:776C >2E6C:2==J 7C@> E96 C6DF=ED :>A=:65 3J E96D6 7@CH2C5\=@@<:?8 DE2E6>6?ED] #:D<D :?4=F56[ 3FE 2C6 ?@E =:>:E65 E@i W:X E96 23:=:EJ E@ @3E2:? E96 C6BF:D:E6 2AAC@G2= 7C@> DE@4<9@=56CD @7 v@!C@j W::X E96 C:D< E92E E96 AC@A@D65 EC2?D24E:@? >2J ?@E 36 4@>A=6E65 :? 2 E:>6=J >2??6C @C 2E 2==j W:::X E96 A@DD:3:=:EJ E92E 4@>A6E:?8 @776CD @C 24BF:D:E:@? AC@A@D2=D 7@C v@!C@ H:== 36 >256j W:GX E96 A@DD:3:=:EJ E92E 2?J @C 2== @7 E96 G2C:@FD 4@?5:E:@?D E@ E96 4@?DF>>2E:@? @7 E96 AC@A@D65 EC2?D24E:@? >2J ?@E 36 D2E:D7:65 @C H2:G65[ :?4=F5:?8 E96 72:=FC6 E@ C646:G6 2?J C6BF:C65 C68F=2E@CJ 2AAC@G2=D 7C@> 2?J 2AA=:423=6 8@G6C?>6?E2= 6?E:E:6Dj WGX E96 @44FCC6?46 @7 2?J 6G6?E[ 492?86 @C @E96C 4:C4F>DE2?46 E92E 4@F=5 8:G6 C:D6 E@ E96 E6C>:?2E:@? @7 E96 >6C86C 28C66>6?E[ :?4=F5:?8 :? 4:C4F>DE2?46D E92E H@F=5 C6BF:C6 v@!C@ E@ A2J 2 E6C>:?2E:@? 766 @C @E96C 6IA6?D6Dj WG:X E96 67764E @7 E96 A6?56?4J @7 E96 AC@A@D65 EC2?D24E:@? @? v@!C@VD 23:=:EJ E@ C6E2:? 2?5 9:C6 <6J A6CD@??6=[ :ED 23:=:EJ E@ >2:?E2:? C6=2E:@?D9:AD H:E9 :ED 4FDE@>6CD[ DFAA=:6CD 2?5 @E96CD H:E9 H9@> :E 5@6D 3FD:?6DD[ :ED 3FD:?6DD 86?6C2==J @C :ED DE@4< AC:46j WG::X C:D<D C6=2E65 E@ 5:G6CE:?8 >2?286>6?EVD 2EE6?E:@? 7C@> v@!C@VD @?8@:?8 3FD:?6DD @A6C2E:@?D @C E96 =@DD @7 @?6 @C >@C6 >6>36CD @7 E96 >2?286>6?E E62>j WG:::X E96 C:D< E92E DE@4<9@=56C =:E:82E:@? :? 4@??64E:@? H:E9 E96 AC@A@D65 EC2?D24E:@? >2J C6DF=E :? D:8?:7:42?E 4@DED @7 5676?D6[ :?56>?:7:42E:@? 2?5 =:23:=:EJj W:IX 492?86D :? 86?6C2= 64@?@>:4[ 4@>A6E:E:G6[ E649?@=@8:42= 2?5^@C :?5FDECJ\DA64:7:4 4@?5:E:@?D 27764E:?8 E96 3FD:?6DD6D 2?5 :?5FDEC:6D :? H9:49 v@!C@ 2?5 $E2C>2? @A6C2E6j WIX 24E:@?D 3J E9:C5 A2CE:6D[ :?4=F5:?8 8@G6C?>6?E 286?4:6D[ WI:X F?46CE2:?EJ C682C5:?8 E96 6IA64E65 7:?2?4:2= A6C7@C>2?46 @7 E96 4@>3:?65 4@>A2?J 7@==@H:?8 4@>A=6E:@? @7 E96 AC@A@D65 EC2?D24E:@?j WI::X 72:=FC6 E@ C62=:K6 E96 2?E:4:A2E65 36?67:ED @7 E96 AC@A@D65 EC2?D24E:@? H:E9:? E96 6IA64E65 E:>6 7C2>6 @C 2E 2==[ :?4=F5:?8 2D 2 C6DF=E @7 2 56=2J :? 4@>A=6E:?8 E96 AC@A@D65 EC2?D24E:@? @C :?E68C2E:?8 E96 3FD:?6DD6Dj WI:::X E96 23:=:EJ @7 E96 4@>3:?65 4@>A2?J E@ :>A=6>6?E :ED 3FD:?6DD DEC2E68Jj 2?5 WI:GX @E96C C:D< 724E@CD 56E2:=65 7C@> E:>6 E@ E:>6 :? v@!C@VD C6A@CED 7:=65 H:E9 E96 $tr[ :?4=F5:?8 v@!C@VD p??F2= #6A@CED @? u@C> `_\z[ "F2CE6C=J #6A@CED @? u@C> `_\"[ rFCC6?E #6A@CED @? u@C> g\z 2?5 @E96C 5@4F>6?ED 7:=65 H:E9 E96 $tr[ :?4=F5:?8 5@4F>6?ED E92E H:== 36 7:=65 H:E9 E96 $tr :? 4@??64E:@? H:E9 E96 AC@A@D65 EC2?D24E:@?] %96 7@C68@:?8 =:DE @7 :>A@CE2?E 724E@CD :D ?@E 6I4=FD:G6] p?J 7@CH2C5\=@@<:?8 DE2E6>6?ED DA62< @?=J 2D @7 E96 52E6 @7 E9:D 4@>>F?:42E:@?] v@!C@ 5@6D ?@E F?56CE2<6[ 2?5 6IAC6DD=J 5:D4=2:>D[ 2?J @3=:82E:@? E@ FA52E6 2?J 7@CH2C5\=@@<:?8 DE2E6>6?ED[ H96E96C 2D 2 C6DF=E @7 ?6H :?7@C>2E:@? @C 56G6=@A>6?ED[ 7FEFC6 6G6?ED @C @E96CH:D6[ 6I46AE 2D C6BF:C65 3J =2H] #6256CD 2C6 42FE:@?65 ?@E E@ A=246 F?5F6 C6=:2?46 @? 2?J @7 E96D6 7@CH2C5\=@@<:?8 DE2E6>6?ED]k^Am
kA :5lQ!&#{Qmk:>8 E:E=6lQr:D:@?Q H:5E9lQ`aQ 96:89ElQ`aQ 2=ElQr:D:@?Q DC4lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^:>8^72G:4@?]A?8nD?l$ubg``hU2>AjD5la_ae\_h\_`Q ^m ':6H @C:8:?2= 4@?E6?E E@ 5@H?=@25 >F=E:>65:2ik2 :5lQ!#}&#{Q C6=lQ?@7@==@HQ 9C67lQ9EEADi^^HHH]AC?6HDH:C6]4@>^?6HD\C6=62D6D^8@AC@\6?E6CD\:?E@\567:?:E:G6\28C66>6?E\E@\>6C86\H:E9\DE2C>2?\@AE:42=\:?4\b_ageeah`]9E>=Q E2C86ElQ03=2?<Qm9EEADi^^HHH]AC?6HDH:C6]4@>^?6HD\C6=62D6D^8@AC@\6?E6CD\:?E@\567:?:E:G6\28C66>6?E\E@\>6C86\H:E9\DE2C>2?\@AE:42=\:?4\b_ageeah`]9E>=k^2mk^Am
kAm$~&#rt v@!C@[ x?4]k^Am
kAmk:>8 2=ElQQ DC4lQ9EEADi^^CE]AC?6HDH:C6]4@>^CE]8:7n}6HDxE6>x5l$ubg``hU2>Aj%C2?D>:DD:@?0x5la_ae_h_`_ha_!#0}t($0&$!#00000$ubg``hU2>Ajs2E6x5la_ae_h_`Q DEJ=6lQ3@C56Ci_AIj H:5E9i`AIj 96:89Ei`AIjQ ^mk^Am
