Reset Reshape and Rethink New 2023

Download as pdf or txt
Download as pdf or txt
You are on page 1of 20

Hong Kong Research

!"!#

:;;<=4><*0

$%&%'()$%&*+,%)+-.)$%'*/-01
2/-.)3,,45'6-/'7)/-)8*+-9%
!"#$%&'()%#"'*$+",
I(%&2%&1 $%&'()*+&,(%
$%&'()*+&,(% #

01 -(%."/(%.01"'2&3,4"12+&('"531"2672',2%+2)"8,)217'23)"
I3&34C1&1"A('"+53%.21 P ),1'*7&,(%"1,%+2"&52"73%)29,+":'(;2"(*&<"=(8",%"&52"7(1&>
73%)29,+"2'3?"8,&5"8('4)8,)2"'2(72%,%."3%)":*1,%211"

02 '2&*'%,%."&("%('934,13&,(%?"'2&3,42'1"3%)"43%)4(')1"9*1&"4((;"
&(83')1"&52"@%28"%('934@"&53&"8,44"A(44(8<"B52"'2&3,4"12+&('"
B52"O212& !F"""""""""""""""""" ,%"-(%."/(%.",1"2672+&2)"&("A3+2"3"4(&"(A"*%+2'&3,%&C?":*&"(%2"

03
&5,%."82")(";%(8D"93%C"3172+&1"(A"'2&3,4,%."8,44"%(&"'2&*'%"&("
"""""""""""""""""""""""""""""""""" &52"83C"&52C"82'2")*',%."&52"52C)3C":2&822%"!EE#"3%)"!EF#<
GA"+(*'12?"&52"&'2%)1"82"3'2"+*''2%&4C"2672',2%+,%."53)"
B52"O215372 !Q
:2.*%"&("292'.2"(H2'"&52"431&")2+3)2?"('"2H2%"23'4,2'<"

04 I(%1*92'":253H,(*'"831"34'23)C"+53%.,%."852%"IGJ$K"
),1'*7&2)")3,4C"4,A2?"+(97244,%.":*1,%21121"&("3++242'3&2"&52"
O2&5,%; #R '212&"3%)"'215372"(A"&52",%)*1&'C<""

$%"&5,1"7372'?"82"8,44"2674('2"&52"+',&,+34"1,.%341"(A"+53%.2L"
&52"+3&34C1&1"A('"1*+5"+53%.21L"3%)"5(8"&52"'2&3,4"12+&('"+3%"
:(*%+2":3+;<""

B(",)2%&,AC"A,'1&"53%)",%1,.5&1",%&(";2C"172%),%."73&&2'%1"
3%)"423),%."&'2%)1?"(*'"'2123'+5",%+('7('3&21"&8("753121"
(A"1*'H2C1"+(%)*+&2)"39(%."+(%1*92'1"3%)"(72'3&('1",%"
-(%."/(%.":2&822%"G+&(:2'"!E!!"3%)"M27&29:2'"!E!#F<"
N2"&'*1&"&52"7372'"8,44"7'(H,)2":*1,%211"423)2'1"3%)"12+&('"
1&3;25(4)2'1"H34*3:42",%1,.5&"&("7'273'2"A('"3%)")',H2"&52"
A*&*'2"(A"'2&3,4<

!"
"#$%&'"!"()*+',"-"./012'*"3433"01"5%6)%*,"3437"8&%9:;'"&<='>"343"/16&)9'*&"%6?"@3"*'0%<;'*&A
"""#$%&'"3"()*+',"-"(':0'92'*"3437"8&%9:;'"&<='>"B!C"/16&)9'*&"%6?"DD"*'0%<;'*&A

!"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" !"" !"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" #""


!
I3&34C1&1"A('"
+53%.2
B(*',1&">"4(+34"'2:343%+2
B'3),&,(%344C?"-(%."/(%.01"'2&3,4"13421"93';2&" 53)")'(772)"&("3:(*&"!ZX<"B'3H24"'21&',+&,(%1"
531":22%"523H,4C"'24,3%&"(%"&(*',19">"2172+,344C" 3)(7&2)"&("+(9:3&"&52"73%)29,+")234&"3"
1,%+2"&52",974292%&3&,(%"(A"&52"$%),H,)*34" 13H3.2":4(8?"74*%.,%."&52"&(*',19",%)*1&'C",%&("
J,1,&"M+5292"T$JMU",%"!EE#?"85,+5"1*:1&3%&,344C" &52")(4)'*91"8,&5"%2.4,.,:42"&(*',1&"15(77,%."
:((1&2)"&52"%*9:2'"(A"93,%43%)"I5,%212" 172%),%.<""
H,1,&('1"&("-(%."/(%.<"V++('),%.4C?"&52"153'2"(A"
&(*',1&"15(77,%."172%),%."31"3"72'+2%&3.2"(A" [(44(8,%."&52"8('4)8,)2"'2(72%,%.",%"!E!!?"3%)"
'2&3,4"13421",%+'2312)"A'(9"3:(*&"FWX",%"!EE#?"&(" -(%."/(%.01"4,A&,%."(A",&1"431&"'293,%,%.":(')2'"
P!X",%"!EFP<" '21&',+&,(%1",%"[2:'*3'C"!E!#?"&52"+,&C"831"'23)C"
&("824+(92"&52"'2&*'%"(A",%&2'%3&,(%34"H,1,&('1"
VA&2'"&53&"723;?"5(82H2'?"93,%43%)"I5,%212" 3%)"&52",97('&3%&"93,%43%)"I5,%3"12.92%&<"$%"
&(*',1&"'2&3,4"172%),%.":2.3%"&(")2+4,%2<"/22%" F-!#?"&52"'2:(*%),%."&(*',1&"172%)"3++(*%&2)"
+(972&,&,(%"A'(9"(&52'")21&,%3&,(%1?"1*:)*2)" A('"3:(*&"FQX"(A"&(&34"'2&3,4"13421<""
2+(%(9,+".'(8&5".4(:344C"3%)"3"'243&,H24C"1&'(%."
-(%."/(%.")(443'"26+53%.2"'3&2"138"&52"12+&('"
9(H2",%&("3"+(%1(4,)3&,(%"75312<"YC"!EFW?"&52"
153'2"(A"93,%43%)"I5,%212"&(*',1&"172%),%."

!"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" P"" !"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" S""


6%)#+7&,#7%&8'9-',+)%,&:7'8#7&;,&)'*$+,)&<&12=><1245?
!"#$%&'($&"')*+,*(%#"('-&*)$&'.('#*/0%(#'1'2345123678
!"#$%&'(&)'*$+,)&,-%./+.0
;<<
40% !" 16%
1213 1245
@>

@<
=><
/)"**%+,(&*-+.%+,(0123(45+6 @> F*:(/+"0'(/0."B'0"(/&#(
=<< ;<

=>
B52"+,&C"531":22%"',72"A('"3"83H2"(A"0'2H2%.2"&'3H240",%)*+2)":C"&52"&5'22>C23'"IGJ$K"4(+;)(8%<"V:(*&"

/)7$-(086
?><
=< 534A"(A"&52"'217(%)2%&1"&("(*'"\5312"F"1*'H2C",%),+3&2)"&53&"&52C"8(*4)"'2)*+2"'2&3,4"172%),%."&("
?<< ?> 13H2"9(%2C"A('"&'3H244,%."3]2'":(')2'1"A*44C"'2(72%2)<"$%"&2'91"(A")29(.'375,+?"&5,1"(7,%,(%"831"
?< 1&'(%.21&"39(%.1&"&52"7',92"3.2".'(*71"FZ>!S"3%)"#F>PE?"3%)"823;21&"39(%.1&"&52"PQ>SS"3.2".'(*7<
><
>

< <
?1<D ?1?< ?1?? ?1?= ?1?; ?1?@ ?1?> ?1?E ?1?F ?1?G ?1?D ?1=< ?1=? ?1== ?1=;
!"#$%&'(&)"**%+,(&*-+.%+, 9":75($-'7%5(&*-+.%+, /)7$-("A('"#$%&'(&*-+.%+,(B(C1/
=>"0'#?"'@*0;"0'A/&&B'0"*,":";C'D%&&'B*/')*:#%:/"'#*'(,":;'$('+/)?'*:'0"#$%&'
*0'D%&&'B*/'0";/)"'B*/0'0"#$%&'(,":;%:<'#*'($."'+*:"B'A*0'#0$."&&%:<E
(1)*/'>"E'6&)&"%6?"(0%0<&0</&"F':%*09'60G"H16I"J16I"K1)*<&9"L1%*?G"5MM

$%"&52"A3+2"(A";22%"+(972&,&,(%"A('"&(*',1&1",%" 3%)"c373%212"C2%?"3%)"&52"43*%+5"(A"&52"
!"# 0#123 $%#
93^('"V1,3%"+,&,21"3%)":2C(%)?"82"2672+&",&"8,44" @=('&5:(*%)"B'3H24"A('"-(%."/(%."J25,+421@"
&3;2"&,92"A('"-(%."/(%.01"H,1,&('"%*9:2'1"&(" 1+5292<"V1"(A"M27&29:2'"!E!#?"&52",%:(*%)">" $&# !"#$%&'' $&#
'23+5"7'2>IGJ$K"42H24<"B5,1",1"3%"(77('&*%,&C"A('" (*&:(*%)"'3&,("531"',12%"&("FD!<F?"+(973'2)"&("
'(# ()*'' )!#
4(+34"H2%)('1"&("+37,&34,12"(%"&52,'"1&'2%.&51?" &52"'(*.54C"FDF<S"42H24")*',%."!EFS>!EFW"T7'2>
%(&3:4C":C"A(+*1,%."(%"&52"9,)>9311"[_Y" IGJ$KU<" $%# (+*(' !"#
,-./00-5=:6/:42-6= ,-./00-123452
(`2',%.?"'2&3,4"7'(H,1,(%1"*%,a*2"&("-(%."/(%.?" *+# ,+*(- ()# 1267/0-892:3/:;
892:3-78-?45@
<=1-617>200/:;
3%)"%,+52"4*6*'C"7'()*+&1<" N52%"9('2",%&2'%3&,(%34"A4,.5&1"'21*92?"&5,1" =:-1267/0
9419=82
!$# .)*,- $$#
+(*4)"A*'&52'")'3."&52"73+2"(A"'2+(H2'C",%"
b23%85,42?",%"&52"15('&>&2'9?"423;3.2"A'(9" -(%."/(%.01"'2&3,4"93';2&<"[*'&52'9('2?"&52" *+# +/*.' ()#

)(921&,+"+(%1*97&,(%",1"2672+&2)"&("1*'.2"31" +(%H2'1,(%"(A"-3,%3%",%&("3"A'22"&'3)2"7('&",%" (1)*/'>"5MM


72(742"A4(+;"&("(*&:(*%)"&'3H24">":(&5"(H2'1231" !E!S"8,44",%&2%1,AC"'2&3,4"+(972&,&,(%",%"-(%."
3%)"&("&52"b3,%43%)">",%+2%&,H,12)":C"A3+&('1" /(%.?"2172+,344C"A('"4*6*'C",&291<
1*+5"31"&52"'243&,H2"823;%211"(A"O2%9,%:,"

9*/0%(#('*0%":#";'#0$;"('-<*&;":'.(';%+',"0%*;(8
!"#$%!"!$&'()*
!"!$%!"+$&'()*

12.2% 13.5% 21.5% 11.8% 12.2% 6.8%


-4.8% -4.2% 0.7%
-2.1% -7.0% -2.0%

,-./012/3-&45567&8&509.1 G.H310<.:0&7051.7 J;H.1<31C.07&8


'-5092:4B&?550>.31&8 @.>.--.1AB&>30/9.7B F.62/2:.7&8
/5:7;<.1&6;13=-.&45567 .I&7;H.1<31C.07 7;H.1<31C.07&7./025:7
3--2.6&H156;/07 /-5/C7&8&D3-;3=-.&42E7 /57<.02/7
:50&.-7.>9.1.&/-3772?2.6 7./025:7 5?&6.H310<.:0&7051.7

(1)*/'>"E'6&)&"%6?"(0%0<&0</&"F':%*09'60G"5MM

!"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" Q"" !"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" R""


IGJ$K
B52":,..21&"&3;2383C"A'(9"&52"73%)29,+"
831"&52"3++242'3&2)"15,A&"&("2>+(992'+2<"" F*:(/+"0'(/0."B'0"(/&#(
M&3C,%."3&"5(92")*2"&("1(+,34"),1&3%+,%."3%)"
b3%C"5(*125(4)1"82'2"5,&":C"3"12',(*1"A344"
1&',%.2%&"a*3'3%&,%2"'2a*,'292%&1?"+(%1*92'1"
,%",%+(92"31":*1,%21121"+4(12)"3%)"^(:1"
29:'3+2)"(%4,%2"15(77,%."8,&5"H,.(*'<"
82'2"4(1&")*',%."&52"73%)29,+<"-2%+2?",&"
O2&3,42'1"'217(%)2)"8,&5"&52"1722)C"'(44(*&"
831"%(&"1*'7',1,%."&53&"3++('),%."&("(*'"
(A"%28"&2+5%(4(.,21?"9(:,42"3771?"3%)"%28"
\5312"F"1*'H2C"'21*4&1?"3"4(82'"7'(7('&,(%"
83C1"(A"922&,%."15(772'10"%22)1<"B52"8(')1"
(A"'217(%)2%&1"2672+&2)"&("172%)"-/K"
@+(%&3+&4211@"3%)"@A',+&,(%4211@"53H2"a*,+;4C"
R?EEE"('"9('2"(%"'2&3,4"72'"9(%&5"3A&2'"
:2+(92"73'&"(A"&52"H2'%3+*43'"3%)"+(973%,21"
IGJ$K"TPRX",%"&52"7(1&>IGJ$K"72',()"H1"SEX"
&53&"53H2"93%3.2)"&(":'23;"&52"9(*4)"3%)"
7'2>IGJ$KU<"-(82H2'?"R#X"(A"'217(%)2%&1"
3)37&"3'2"8,%%,%.<
,%),+3&2)"&53&"&52C"8(*4)"15,A&"9('2"&(83')1"
V++('),%.4C?"(%4,%2"13421",%"-(%."/(%."1*'.2)" (%4,%2"15(77,%.",%"&52"A*&*'2?"8,&5"3"%(&3:42"
#WX",%"!E!F"3%)"!FX",%"!E!!?":*&",%"F-!E!#?" ,%+'2312",%"15(772'1"7'273'2)"&("172%)",%"
)'(772)":C"Q<!X"C>(>C<"$%"&2'91"(A"(H2'344"'2&3,4" &52"5,.52'":3%)1"(A"(%4,%2"'2&3,4"3A&2'"IGJ$K<"
13421?"(%4,%2"13421?"53H,%.",%+'2312)"A'(9"3" GH2'85249,%.4C?"@+(%H2%,2%+2@",1"+(%1,)2'2)"
Q<#X"93';2&"153'2",%"!E!E?"W<WX",%"!E!!?"3%)" &52"93^('"3&&'3+&,(%"(A"(%4,%2"15(77,%.<
A244":3+;"&("R<FX"31"(A"F-!#<"V4&5(*.5"&52"
73+2"(A".'(8&5"531"9()2'3&2)"31"231,%."(A"
'21&',+&,(%1"344(82)"3"'2&*'%"&("75C1,+34"1&('21?"
82":24,2H2"&52"&'2%)"(A"(%4,%2"15(77,%.",1"52'2"
&("1&3C"31"73'&"(A"3"'2&3,4"^(*'%2C< G%&&'B*/'(?%>'+*0"'#*D$0;('*:&%:"'(?*,,%:<'%:'A/#/0"E
,-../012/34-5/6178/91:;7<3/1=.-=8/341>>-=?/-=/@29278A
!"# 0#123 $!#

%&# !"#$%&'' %&#

'(# ()*'' "'#

)'# (+*(' *(#


#$% !"
!(# ,+*(- $'#

!*# .)*,- $+#

!!# +/*.' $"#

(1)*/'>"5MM

!"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" Z"" !"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" W""


3*D'+/)?'%('B*/0'#B,%)$&'+*:#?&B'(,":;%:<'*:'*:&%:"'0"#$%&E
K,1'*7&,H2"&2+5%(4(.C
N-/199'*/'"%6?"&1/<%;"/199'*/'

./0 *20 *30 20 d>+(992'+2"531"4(%.":22%"7(1&*43&2)"31"3"


/10 /10 *,0 *30
1*:1&3%&,34"&5'23&"&("&52"H,3:,4,&C"(A"&'3),&,(%34"
!"#$% &'()*+,--4 &'()/+---4 &'()3+---4 :',+;>3%)>9('&3'":*1,%21121<"$A"31;2)"&(",)2%&,AC"
&'()*+,-- *+222 /+222 .+222
&52",%),17*&3:42":'23;(*&"&'2%)",%"'2+2%&"C23'1?"
%(")(*:&",&"8(*4)":2"1(+,34"+(992'+2"T,%+4*),%."
50 .0 .0
4,H21&'239,%."13421U<"
50 ,0 50

B52",)23"(A"'2&3,42'1"3%)":'3%)1"+'23&,%."15(77,%."
&'(),+---4 &'()6+---4 &'()*-+---
1+222 2+222 7%)897:$ 2672',2%+21"H,3"1(+,34"92),3"531"+2'&3,%4C"&3;2%"
!"#$%&'()
!*+,$%&'()
(AA<"$&1"1&3C,%."7(82'",1"*%)2%,3:42"A('"9*4&,742"
'231(%1?",%+4*),%."&52"26+4*1,H2"A224,%.1"&5212"
(77('&*%,&,21"+'23&2?"&52"+53%+2"&(":*,4)"
Note: Spending in retail shopping (including groceries), entertainment, dining and drinks
(1)*/'>"5MM 7*'+531,%.",%&2%&"3%)"&52"A',+&,(%4211"73C92%&"
7'(+211"&53&".,H21"%28"923%,%."&("&52"8(')"
@12394211@<"M(+,34"+(992'+2"531"&52"7(&2%&,34"
H$I*0'$##0$)#%*:'*A'(?*,,%:<'*:&%:"
&(".'(8"A31&2'"&53%"(H2'344"2>+(992'+2">"7'(H,%."
(%+2"3.3,%"&53&?"85,42"+(%1*92'1"93C"%(&":2"

3%
!"#$%&'(#&)&#$*+,#&
922&,%."*7",%"72'1(%?"1(+,344C>)',H2%"+(992'+2",1"
*%,a*24C"29:2))2)",%"&52,'"K=V<

92% 5%
-./#$&

012*#2+#2,#

(1)*/'>"5MM

!"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" FE"" !"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" FF""


.96<-/$%66';"*'0%<;<6I

B52"3)H2%&"(A"2>+(992'+2"2%3:421"'2&3,42'1"&("+'23&2"3"12394211"15(77,%.>2672',2%+2"A('"+(%1*92'1" dH2%"31"9('2"'217(%)2%&1",%),+3&2)"3%",%&2%&"&("172%)"9('2"(%"(%4,%2"15(77,%.?"&52"3&&'3+&,(%1"(A"
3+'(11"(%4,%2"3%)"(AA4,%2"+53%%241<"b3%C":'3%)1"344(8"3++211"&("7'()*+&1"(%"&52,'"82:1,&21"('"9(:,42"3771?" 75C1,+34"1&('21"3'2"52'2"&("1&3C<"b(1&"TR#XU":24,2H2"&52"*%,a*2"7'()*+&"2672',2%+2"&52C"2%^(C",1"&52"
31"8244"31",%>1&('2<"e&,4,1,%."&52"),AA2'2%&"+53%%241?"+(%1*92'1"+3%")("&52,'"'2123'+5"(%4,%2":2A('2":*C,%.",%" 93^('"3&&'3+&,(%"A('"H,1,&,%."75C1,+34"1&('21<"
1&('2?"3%)"H,+2"H2'13<"B52",%&2.'3&,(%":2&822%"+53%%241"344(81"&529"&("+(974292%&"23+5"(&52'"3%)":((1&"
=(8"8,&5"&52"A'22)(9"&("&'3H24"3%)"1(+,344C"2%.3.2"(%+2"3.3,%?"4(+34"3%)",%&2'%3&,(%34"15(772'1"
13421<"-2%+2?"82":24,2H2"(%4,%2"'2&3,4",1"52'2"&("1&3C"3%)"93%C"15(77,%."^(*'%2C1"8,44"1&3'&"&52'2<
8,44")',H2"3"75C1,+34"1&('2"+(92:3+;?"8,&5"72(742"+'3H,%."'234"4,A2?"2%.3.,%."12%1('C"2672',2%+21<

H$I*0'$##0$)#%*:'*A'.%(%#%:<',?B(%)$&'(#*0"('A*0'(?*,,%:<'$:;'*#?"0'"J,"0%":)"E

15% 2$%(')'/0'(+'1,'
73% 9% !"#$%&'()#'(*+,'
-(%.",$
'/0'(+'1,' 2% 3$4'(#
F*:(/+"0'(/0."B'0"(/&#(
[315,(%"_"3++211(',21"3%)"f'(+2',21"3'2"&52"9(1&"+(99(%",&291"&53&"'217(%)2%&1"15(772)"A('" (1)*/'>"5MM
(%4,%2<""$%"&2'91"(A"3.2".'(*7?"3"%(&,+23:4C"5,.52'"7'(7('&,(%"(A"FZ"&("!S>C23'>(4)"'217(%)2%&1"15(7"
A('"[315,(%"_"3++211(',21"TPWXU?"85,42"3"5,.52'"7'(7('&,(%"(A"9('2"93&*'2"'217(%)2%&1"T3:(H2"SSU"
15(7"A('".'(+2'C",&291"(%4,%2<

G?$#';*'B*/'(?*,'A*0'#?"'+*(#';/0%:<'*:&%:"'(?*,,%:<'-%:'#"0+('*A':/+@"0'*A'%#"+(8E

&'()* ).(+- +&(,-

!"#$%
,&(,* ,.(** /0"12
**

9)$."%086.+:003& 5%0.$%6$& /01$+2%034."&


7-&#608+,+-..$&&0%6$& '$($))$%*+,+(-".#$& !"#$%&

(1)*/'>"5MM

!"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" F!"" !"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" F#""


f'(8,%."4(+34"+(972&,&,(%" -(%."/(%."'2&3,4"
V:(*&"P<E"9,44,(%"1a"A&"(A"%28"7',92"15(77,%."
43%)1+372"&("A3+2"A,2'+2"
+2%&'2"1*774C"8,44"+(92"(%&("&52"'2&3,4"93';2&" +(972&,&,(%"A'(9"
,%"!E!#?"3)),&,(%34"&("(H2'"#"9,44,(%"1a"A&"
'2+(')2)",%"!E!!<"V%"21&,93&2)"Q<Q"9,44,(%"1a"A&"
3+'(11"&52"'2.,(%
(A"%28"1*774C"(A"\',92"15(77,%."+2%&'21"8,&5"
3%"3H2'3.2"(A"F<#"9,44,(%"1a"A&"72'"C23'"15344":2" $%"3)),&,(%"&("4(+34"+(972&,&,(%?"-(%."
)24,H2'2)"&("&52"93';2&":2&822%"!E!#"3%)"!E!R?" /(%.01"'2&3,4"93';2&",1"341("A3+,%.",%&2%12"
349(1&")(*:4,%."&52"3%%*34"3H2'3.2"1*774C"(A"E<R" +(972&,&,(%"A'(9"%23':C"+,&,21"3%)"+(*%&',21?"
9,44,(%"1a"A&",%"&52"731&"FS"C23'1<" 1*+5"31"M52%g52%?"f*3%.g5(*?"c373%?"/('23"
3%)"M,%.37('2<"B52"+(972&,&,(%",1"%(&"(%4C"
I(%1,)2',%."&53&"&5,1"1*'.,%."%28"1*774C"8,44"
(%":'3%)"9,6?":*&":31,+344C"(%"&52"85(42"
9(1&4C":2",%"%(%>+('2"3'23"TWFXU?"43%)4(')1"(A"
2672',2%+2"^(*'%2C",%+4*),%.":(&5"53')83'2"
%28"3%)"26,1&,%."15(77,%."+2%&'21"9*1&"&5,%;"
T&52"&'3)2"9,6?"&2%3%&"9,6?"392%,&,21?")21,.%?"
(*&"(A"&52":(6"&(",%+('7('3&2"+(972&,&,H2"2).2"
3'+5,&2+&*'2?"2&+U?"3%)"1(A&83'2"T+*1&(92'"
3%)"15(772'"2%.3.292%&",%,&,3&,H21",%&("&52,'"
12'H,+2?"*%,a*2"7'(7(1,&,(%1?"+(%+27&1?"
)21,.%"3%)"93';2&,%."1&'3&2.,21<"
,%&2.'3&,(%"8,&5"%2,.5:(*'5(()"3%)"15(77,%."
39:,2%+2?"2&+U<
K0%+"'(?*,,%:<')":#0"('(/,,&B'-?%(#*0%)$&'L'A/#/0"8

0.6
6.0
1.2
5.1
1.3
2.2
1.2
0.4

566785695 569:8569; 569785655 565:<8565;<


!"#$%&'())%*&+,&-"./&$./$&01%,&'2&34 !"#$%&'())%*&+,&,",8-"./&$./$&01%,&'2&34

(1)*/'>"L)<;?<6I&"F':%*09'60G"O%*P'0"(1)*/'G"5MM

!"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" FP"" !"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" FS""


h((;,%.",%&("&52,'"172%),%."73&&2'%?",&"831"A(*%)"&53&"3"93^(',&C"TQSXU"344(+3&2)"&52"43'.21&"7('&,(%"
&("),%2>,%"2672',2%+2<"B5,1"831"A(44(82)":C"2%&2'&3,%92%&"TFRXU"3%)"72'1(%34"5234&5i42,1*'2"12'H,+21"
TFFXU<"$%"&2'91"(A"3H2'3.2"2672%),&*'2?"&52"93^(',&C"T#QXU"'27('&2)"172%),%."-/K"SEE>WWW"72'"H,1,&"
F*:(/+"0'(/0."B'0"(/&#( &("93,%43%)"I5,%3?"A(44(82)":C"&5(12"85("172%&"*%)2'"-/K"SEE"72'"H,1,&"T!!XU<

V++('),%."&("&52"\5312"!"+(%1*92'"1*'H2C"A,%),%.1?"P#X"(A"'217(%)2%&1"'27('&2)"&'3H244,%."&("
93,%43%)"I5,%3"A('"42,1*'2"7*'7(121",%"&52"7'2H,(*1"&5'22"9(%&51"Tc*%2>M27&29:2'"!E!#U<"V9(%."
&53&"+(5('&?"&52"93^(',&C"TPPXU"H,1,&2)"3%"3H2'3.2"(A"4211"&53%"(%+2"3"9(%&5?":*&",&"&'3%143&21"&("3%" G?%)?'*A'#?"'@"&*D')$#"<*0%"('-*#?"0'#?$:'#0$:(,*0#$#%*:'$:;'$))*++*;$#%*:8'$))*/:#('A*0'
343'9,%."A,.*'2"&53&"SQX"(%"3H2'3.2"H,1,&2)"3&"4231&"(%+2"3"9(%&5< #?"'&$0<"(#',*0#%*:'*A'B*/0'(,":;%:<'D?":'B*/'#0$."&'#*'+$%:&$:;'F?%:$E''''

M:'#?"',$(#'7'+*:#?(C'?$."'B*/'#0$."&&";'#*'+$%:&$:;'F?%:$'A*0'&"%(/0"',/0,*("(E'' Dine-in 65%

Shopping 3%
43% 57%
Entertainment 17%

Personal health/
11%
leisure services

Professional
!"#$%&%'()" *+$%&%'()",-. consumer services
1%

(1)*/'>"5MM Others 3%

M:'#?"'&$(#'#?0""'+*:#?(C'*:'$."0$<"C'?*D'*A#":';%;'B*/'#0$."&'#*' 0 100
(1)*/'>"5MM
+$%:&$:;'F?%:$'A*0'&"%(/0"',/0,*("(E''

3*D'+/)?'%('B*/0'$."0$<"'(,":;%:<'-*#?"0'#?$:'#0$:(,*0#$#%*:'$:;'

2% 1%
More than ten times
$))*++*;$#%*:8',"0'.%(%#'#*'+$%:&$:;'F?%:$E''
Four to six times per month
per month

1%
Seven to ten times 5% 17% 23% 13% 20%
20%
Two to three
per month Under HKD
200-499
HKD
500-799
HKD
800-999
HKD
1,000-1,499
times per month

44%
Less than once
11% 5% 2% 4%
32% for month HKD HKD HKD HKD
1,500-1,999 2,000-2,499 2,500-2,999 or o e
Once per month

(1)*/'>"5MM
(1)*/'>"5MM

!"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" FQ"" !"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" FR""


F*:(/+"0'(/0."B'0"(/&#(
M:'#?"')*+%:<'(%J'+*:#?(C'D%&&'B*/'0";/)"'B*/0'0"#$%&'(,":;%:<'%:'3*:<'O*:<'#*'
($."'+*:"B'A*0'*/#@*/:;'#0$."&&%:<E'
V%(&52'"1,.%"&53&"15(81"&52",%&2%1,AC,%."'2.,(%34"+(972&,&,(%",1"-(%.;(%.2'10"(*&:(*%)"&'3H24"
9,%)12&">"3"&'2%)"A,'1&"'2H2342)",%"(*'"\5312"F"1*'H2C<"V++('),%."&("&52"\5312"!"1*'H2C"'21*4&1?"PSX"
(A"&52"'217(%)2%&1",%),+3&2)"&53&"&52C"53)"'2)*+2)"&52,'"'2&3,4"172%),%.",%"-(%."/(%."1,%+2"&52" Yes, I will No, I will not
'2(72%,%."(A"&52":(')2'1"&("13H2"9(%2C"A('"(*&:(*%)"&'3H24<"h((;,%."3523)?"&52"7'(7('&,(%"(A"
'217(%)2%&1"2672+&,%."&("A(44(8"1*,&",%"&52"+(9,%."1,6"9(%&51"',121"&("S#X?"7(1,%."3"%23'"&2'9" 53% 47%
)(8%1,)2"',1;"&("&52"'2:(*%)",%")(921&,+"+(%1*97&,(%<

M,9,43'4C?"&52")(8%1,)2"',1;1"A('"&52"'2&3,4"93';2&"&("2672',2%+2"423;3.2",%")(921&,+"+(%1*97&,(%"8,44"
4,;24C"72'1,1&?"8,&5"3"1&3..2',%."SZX"(A"'217(%)2%&1"743%%,%."&("&'3H24"&("93,%43%)"I5,%3"A('"42,1*'2"
N%:)"'#?"'@*0;"0'0"*,":";C'?$."'B*/'0";/)";'B*/0'0"#$%&'(,":;%:<'%:'3*:<'O*:<'#*' 7*'7(121",%"&52"+(9,%."1,6"9(%&51?"3++('),%."&("&52"\5312"!"1*'H2C"'21*4&1<
($."'+*:"B'A*0'*/#@*/:;'#0$."&&%:<E

M:'#?"')*+%:<'(%J'+*:#?(C'D%&&'B*/'#0$."&'#*'+$%:&$:;'F?%:$'A*0'&"%(/0"',/0,*("(E

Yes, I have No, I haven’t


Yes, I will No, I will not
45% 55%
58% 42%
(1)*/'>"5MM

(1)*/'>"5MM

!"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" FZ"" !"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" FW""


"
F*:(/+"0'(/0."B'0"(/&#(

$%"&52"\5312"!"1*'H2C?"82"31;2)"'217(%)2%&1"3:(*&"A3+&('1"&53&"8(*4)"3&&'3+&"&529"&("172%)"9('2",%"
-(%."/(%.<"B52"&(7"&5'22"9(1&",97('&3%&"A3+&('1"3'2D
1. to introduce more mom-and-pop stores (51%)
2. to introduce more restaurants with unique cuisines/dishes (42%)
3. better customer service (41%)
Y21,)21?"&52'2"3'2"341("83C1"&53&"(72'3&('1"3%)"15(77,%."+2%&'2"43%)4(')1"+3%"'217(%)"&("2H(4H,%."
+(%1*92'"%22)1<"B5212",%+4*)2"&52"7'(H,1,(%"(A"9('2"2672',2%&,34"'2&3,4,%."T!QXU?"9('2"72'1(%34,12)"
12'H,+21"3%)"7'()*+&1"T!QXU?"3%)"26&2%)2)"(72%,%."5(*'1"T!FXU<

B52"
K&"$("'("&")#'$&&'#?"'A$)#*0('#?$#'D*/&;'$##0$)#'B*/'#*'(,":;'+*0"'%:'3*:<'O*:<P('
0"#$%&'+$0Q"#'R'(?*,,%:<')":#0"('-B*/'+$B',%)Q'+*0"'#?$:'*:"8S''

18%
Global brands that
currently are not
in on on
15%
Famous chef restaurants
that are currently not
in on on
42%
More restaurants
with unique
c isines ishes
7%
More pet friendly
shoppin centres
14%
More entertainment
or i s n mi ies
18%
More entertainment
or in i i ts O212&
21% 41% 26% 51% 26% 5%
Extended Better More personalised More More experiential retailing - Others
openin ho rs c stomer ser ice ser ices n pro cts mom-and-pop stores that engage customers
stores n pro i e ni e e perience

(1)*/'>"5MM

!"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" !E"" !"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" !F""


2367'!"#$%&'($&"(',"0'"(#$@&%(?+":#'-,"$Q'B"$0'.('0"("#'B"$08'
O2&3,4"13421
!"!"
!"#% !"#% !"#% !"#( !"#(
GH2'"&52"431&"A28"C23'1?"%281"3:(*&"&52"
+4(1*'2"(A"&'3),&,(%34"(*&42&1"3%)"3"8,&5)'3834"
(A",%&2'%3&,(%34":'3%)1"A'(9"-(%."/(%." !"#& !"#& !"#&
53H2"A'2a*2%&4C"5,&"&52"523)4,%2<"K217,&2"&52" !"#'
!"#$ !"#' !"#$
%(&3:42"'2+(H2'C",%"'2&3,4"13421"'2+(')2)",%"
F-!#">"A'(9"3"H2'C"4(8":312",%"F-!!">"9('2" !"## !"## !"## !"## !"##
,%1,.5&"831".3,%2)"852%"82"3%34C12)"&52")3&3" !"#" !"#"
72'"21&3:4,1592%&<"N2"A(*%)"&53&"&52"3H2'3.2"
H34*2"(A"13421"A('"344"&C721"(A"(*&42&",%"F-!#"
831"2a*,H342%&"&("&53&",%"F-FF?"15',%;,%.":C"
FWX"A'(9"&52"F-F#"723;<""
!""#$ <&3'0*)'%& 6373&&3*8$
D"0%&.*30%)&.-%&3- B:53*>%*,30-C 23%*)+4 !""073%*-./ ?35%*0>3+0 A()+3-3.#*:4- @3#)')+3-./
%&'"("&)' 4""#-./ 7%0'(3-$
EF&&.*30%)&.":0&30-G '"+93+)3+'3 %55%*3& "0(3*.'&"0()+4 -0"*3- /.(3*1- '"->30)'-
#*)+,-./
-0"*3- %''3--"*)3- 5("0"4*%5()' '&"',-./
M3421":C"&C721"(A"(*&42&1"53')21&"5,&":C"&52" 0"1%''" 3=:)5>3+0- 9%&:%1&3.4);-

!"#$%&"#' (")"*%&"#'
14*97",%"H,1,&('"3'',H341">"%3924C?"&5(12"&'3),%."
,%"^282442'C?"83&+521?"+4(+;1"3%)"H34*3:42" Note: Reset Year is the historical year that 1H23 figures are on par with (in terms of the first half year)
(1)*/'>"E'6&)&"%6?"(0%0<&0</&"F':%*09'60G"5MM
.,A&1?"92),+,%21"3%)"+(192&,+1"31"8244"31"
)273'&92%&"1&('21">"53H2"'212&"&("3:(*&"!EFE"
&("!EFF"42H241<"G%"&52"(&52'"53%)?"&52"3H2'3.2"
13421"72'"21&3:4,1592%&"A('"9(1&"(&52'"&C721" 2367'!"#$%&'($&"(',"0'"(#$@&%(?+":#'-,"0)":#$<"')?$:<"'A0*+',"$Q8
(A"(*&42&1"53H2"'212&"&("!EFE"&("!EFS"42H241?"
,973+&2)":C"&52"+53%.2",%"172%),%."73&&2'%1"
3%)"&52"IGJ$K>)',H2%"'2+211,(%< ;&3'0+)'%& 6373&&3+)3.$
C&&*0D53. !""#$ A953+=%+-30.B 23%+),4 !""073%+.*/ >35%+0=3,0 ?(),3.3*#+94. @3#)'),3.*/
%&'"("&)'*#+),-. '",83,)3,'3 "0(3+*'&"0(),4 4""#.*/ 7%0'(3.$
"E*"90&30 %55%+3& .0"+3. /*(3+1. '".=30)'.
/*0"1%''" .0"+3. %''3.."+)3. 5("0"4+%5()' '&"'-.*/
3<9)5=3,0. 8%&9%1&3*4):.
!

"#!

"$!

) "%!
"&!

"'!

"(!

Note: Assume the total no. of retail establishment as of June 2023 equals that in Mar 2023.
(1)*/'>"E'6&)&"%6?"(0%0<&0</&"F':%*09'60G"5MM

!"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" !!"" !"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" !#""


O2%&34"3%)"+37,&34" TUU'0"#$%&'%:;%)"(

H34*2"42H241 !""

#""

@15/67-65:-?64*/67-867912-*5:*?12-A'B"(C(""D
B52"'212&"(A"'2&3,4"13421",%"&*'%")'(H2"3"'212&"
(A"'2%&34"3AA(')3:,4,&C"A('"&2%3%&1<"O2%&341" $""
(A"-,.5"M&'22&"15(71"53H2"34'23)C"3)^*1&2)"
:3+;"&("!EE#"42H24"852%"&52"+,&C"831"*%)2'" %""
&52",973+&"(A"MVOM?"3%)":2A('2"&52"$%),H,)*34"
J,1,&"M+5292"831"43*%+52)<"b23%85,42?"\',92" &""
15(77,%."+2%&'21"'2%&341"53H2"3)^*1&2)":3+;"
&("!EEQ"42H24<"Y'(3)4C"+(992%1*'3&2"8,&5" '""
42H241"(A")(921&,+"+(%1*97&,(%"3%)"13421?"
&5212"&'2%)1",%"'2&3,4"'2%&1"3'2"2672+&2)"&(":2"
(""
3"%28"%('934<

"
V9,)"3"9(()"(A"IGJ$K"4(+;)(8%1"3%)"9*&2)" !"#$ !"#! !"#% !"#& !"#' !"#( !"#) !"#* !"#+ !"$# !"$$ !"$! !"$% !"$& !"$' !"$( !"$) !"$* !"$+ !"!# !"!$ !"!! !"!%

,%:(*%)"&(*',19?"4231,%.")293%)"531"15,A&2)" )*+,-./011/-2,342-015/67-86791-*5:1;
&("&52"%(%>+('2"3'231"(A"&52"+,&C<"\'211*'2)":C" <810677-=0*>1-2,344*5+-?15/012-015/67-86791-*5:1; )*+,-./011/-2,342-?64*/67-86791-*5:1;

43+;"(A")293%)"3%)"5,.5"H3+3%+C"'3&21?"-,.5"
M&'22&"15(71"+37,&34"H34*21"53H2"341("'212&"&(" (1)*/'>"5MM

!EEP"42H24<"

d%&2',%."!E!#"5(82H2'?"31"&52"73%)29,+"
),11,73&21?"&52".'3)*34"'2+(H2'C",%",%:(*%)" K217,&2"&52"1*:1&3%&,34"+(''2+&,(%1"+3*12)"
H,1,&3&,(%"531":(41&2'2)"4231,%."9(92%&*9?" 43'.24C":C"&52"73%)29,+?"31"3&"2%)>!j!#?"
7'(97&,%."93';2&"3+&,H,&C"&("&,4&"&(83')1" -(%."/(%."'293,%2)"&52"9(1&"2672%1,H2"
+('2"15(77,%."),1&',+&1<"Y(&5"'2%&34"3%)" +,&C",%"V1,3"\3+,A,+"'2.,(%"A('"'2&3,4"'2%&341<"
+37,&34"H34*21"(A"-,.5"M&'22&"15(71"3%)"\',92" V++('),%."&("chh")3&3?"&52"3H2'3.2"*%,&"'2%&"
15(77,%."+2%&'21"53H2".'(8%",%"F-!#"31"9('2" 3&"\',92"15(77,%."+2%&'21",%"-(%."/(%.",1"
'2&3,42'1"3%)",%H21&('1"'2.3,%"+(%A,)2%+2",%" W!<#X"3%)"FRS<RX"5,.52'"&53%"&52"12+(%)"
'2&*'%,%."&("&52"93';2&< 3%)"&5,')"9(1&"2672%1,H2"+,&,21",%"&52"'2.,(%"
Tf*3%.g5(*"3%)"M53%.53,"'2172+&,H24CU<"V1"
A('"-,.5"M&'22&"15(71?"&52"3H2'3.2"*%,&"'2%&",%"
-(%."/(%.",1"#!<RX"3%)"F!E<FX"5,.52'"&53%"
&52"12+(%)"3%)"&5,')"9(1&"2672%1,H2"+,&,21",%"
&52"'2.,(%"TM2(*4"3%)"B(;C("'2172+&,H24CU<

!"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" !P"" !"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" !S""


#
G%2"1&3%)(*&"2639742"(A"&52"%28"83C"(A"&5,%;,%." O2,93.,%,%."&52"7*'7(12"(A"&52"'2&3,4"1&('2"
,1"2672',2%&,34"'2&3,4<"f3'%2',%."3&&2%&,(%"39(%." 831"12&",%"9(&,(%"4(%.":2A('2"&52"73%)29,+<"
+*1&(92'1"8,&5"H3',2)"%22)1?"&5,1"+(%+27&",1" V4&5(*.5"'3'2?"82"82'2"34'23)C"122,%.":'3%)1"
12&"&(":2"&52"+3&34C1&"A('"3"13421"'2:(*%)",%"&52" 3%)"15(77,%."+2%&'2"43%)4(')1"&3;,%.",%%(H3&,H2"
'2&3,4"12+&('<"\'(>3+&,H2"'2&3,42'1"8,44"A(+*1"(%" 42371"&(83')1"&52"@%26&"%('934@<"$%"+(%&'31&?"
A,%),%."&52,'"+*1&(92'1?"5247,%."&529"'2),1+(H2'" 1(92"(&52'1"3'2"A344,%.":C"&52"83C1,)2")*2"&("
&52"74231*'2"(A"15(77,%.",%"-(%."/(%.?"3%)" &52,'"42.3+C"377'(3+5"&("&'3),&,(%34":',+;>3%)>
21&3:4,15,%."(%2>(%>(%2"'243&,(%15,71<" 9('&3'"15(77,%.<""

''

" B52"O215372
N,&5"&52"'212&",%"743+2?"&52'2"3'2";2C"15,A&1"3+'(11"
&52"+,&C"&53&"53H2"'215372)",&1"'2&3,4"43%)1+372<"
M72+,A,+344C?"53H,%."1*'H,H2)"&52")27'211,%."
72',()1"(A"&52"73%)29,+?"&52"+,&C",1"7(,12)"&("
='(B(#"+%)'0"@**#'A*0'0"#$%&"0(
&*'%"&52"&3:421"3%)":',%."&52"'2&3,4"12+&('":3+;"(%"
&52"&'3+;<"B52"%31+2%&"'2&*'%"(A",%:(*%)"42,1*'2"
&(*',1&1?"&(.2&52'"8,&5"&52"&(*',19>:((1&,%."3%)"
%,.5&4,A2>'2H,&34,1,%."+3973,.%1"7*&"A('&5":C"&52"
!" O2&3,42'1"*12"&2+5%(4(.C"&(".23'"*7"&52,'".392"
V9,)"A,2'+2"+(972&,&,(%"A'(9":(&5"(%4,%2" A('"&52"[_Y",%)*1&'C?"3%)"3"8,%>8,%"1,&*3&,(%"
.(H2'%92%&?"8,44"+(9:,%2"&("'2^*H2%3&2"&52"
3%)"(AA4,%2"13421?"'2&3,4"(72'3&('1?"73'&,+*43'4C" A('":(&5"73&'(%1"3%)"(72'3&('1<"$%"-(%."
:*1,%211"2%H,'(%92%&",%"-(%."/(%.<"-(82H2'?"
&5(12"85("'*%"&52,'":*1,%21121"3&":',+;>3%)> /(%.?"743C,%."+3&+5>*7"+(973'2)"&("&52,'"
:3%;,%."(%"H,1,&('"%*9:2'1"34(%2",1"%(&"2%(*.5D"
9('&3'"1&('21?"15344"153'72%"&52,'"2).21"3%)" +(*%&2'73'&1",%"93,%43%)"I5,%3?"3"',1,%."
&52"+,&C"531"&("'2+43,9",&1"1C%2'.C":C"3&&'3+&,%."
.23'"*7"&52,'".392<"N,&5"&52"*12"(A"&2+5%(4(.C?" %*9:2'"(A"'21&3*'3%&"(72'3&('1"3'2"3)(7&,%."
5,.5"172%),%."&(*',1&1"3%)"4(+34"15(772'1<
'2&3,42'1"+3%"*7.'3)2"&52,'"12'H,+2"7'(H,1,(%" 3%"2>92%*"&("+(72"8,&5"523HC")293%)"
3%)")',H2"&'3%1A('93&,(%",%"&52,'"1&('21<"$%" )*',%."723;"5(*'1?"31"8244"31"&52"15('&3.2"
$%"&52"+53442%.,%.":*1,%211"2%H,'(%92%&":'(*.5&" 3)),&,(%"&("(7&,9,1,%.":*1,%211"93%3.292%&" (A"43:(*'<"K,.,&34,13&,(%"%(&"(%4C"1&'2394,%21"
(%":C"&52"'212&"(A"-(%."/(%.01"'2&3,4"43%)1+372?" 3%)"72'1(%34,1,%."+*1&(92'"12'H,+2?"9('2" (72'3&,(%1"3%)"(7&,9,121"93%3.292%&?"
&52"+,&C"+3%%(&"'24C"(%"(4)"A('9*431"&("'2.3,%",&1" 2672',2%&,34"24292%&1"+(*4)":2",%+('7('3&2)"&(" :*&",%"24,9,%3&,%."&52"%22)"A('"75C1,+34"
'2&3,4"H,:'3%+C"3%)"A392"31"3".4(:344C>'2%(8%2)" 3))"17,+2"&("15(77,%.< 92%*1?",&"341(",97'(H21"5C.,2%2":C"4,9,&,%."
&(*',1&")21&,%3&,(%<" *%%2+2113'C"+(%&3+&<
Q" E)00<6I-'?I'"0'/$61;1I,"01"1:0<9<&'"
9%6%I'9'60"%6?"'6$%6/'"&$1::<6I" N,&5"&52"3)H3%+292%&"(A"&2+5%(4(.C?"
'R:'*<'6/' 9('2"929('3:42"2672',2%+21"A('"15(772'1"
K,.,&34"(')2',%.",1"(%2"(A"&52".392>+53%.2'1" ,%"1&('21"8,44":2+(92"7(11,:42<"[('"

!"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" !Q"" !"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" !R""


2639742?"3&"&52"=3&,(%34"O2&3,4"[2)2'3&,(%" 7(,12)"&(":2"&52"1,4H2'":*442&"&("&52"9*&3&,%."
!E!#"I(%A2'2%+2",%"&52"eM?"M391*%." '2&3,4"+*4&*'2<"N,&5"743%%,%."3%)"262+*&,(%" V1"A('"&52"&C721"(A"'2&3,4" K0"A"00";'#B,"('*A'0"#$%&',0*,"0#B
)29(%1&'3&2)"5(8"2%53%+2)"),1743C" &3;,%."743+2"+(%+*''2%&4C"H,3"),.,&34,13&,(%?" 7'(72'&C?"3++('),%."&("&52"
9')$:#,-++,
&2+5%(4(.,21")24,H2'",992'1,H2"3%)"12%1('C" :'3%)1"A'(9"344"3+'(11"&52":(3')"3'2" \5312"!"1*'H2C"'21*4&1?"%23'4C" .$%&. !"#
2672',2%+21"&5'(*.5"1,.5&?"1(*%)"3%)"19244" 2%+(*'3.2)"&("',)2"&52"83H2"(A"%28"'2&3,4" REX"(A"&52"'2&3,42'1"&3'.2&"
>"",%&'()*+,%."+(%1*92'1"&(",%%(H3&,H2" A('93&1"3%)"&2+5%(4(.C"&(".3,%"+(972&,&,H2" 15(77,%."+2%&'21?"85,42"(H2'" #$%&&'()
$%#
*+(,-+.
2672',2%+21"&53&"922&"9('2"&53%"&52"2C2<" 2).2"A('"&52,'":*1,%211")(8%"&52"'(3)< SEX"8(*4)"341("+(%1,)2'"-,.5"
f(,%."A('83')?"&52"*12"(A"&2+5%(4(.C",1" M&'22&"15(71<"V9(%."&5(12"
/'(012,3&+
'2&3,42'1"85("3'2"743%%,%." 45'67'(). %#
&("2673%)?"7',92"15(77,%."

!# K,H2'1,A,2)"4(+3&,(%1"&(":343%+2"(77('&*%,&,21"3%)"',1;1
),1&',+&1"'293,%"&52"9(1&"
1(*.5&>3A&2'"&C72"(A"'2&3,4"3112&<
8,$+-.

"
&#
A" @" ?" >"
B
=" <" ;" !"

N52%"&52"+,&Ck1"'2&3,4"93';2&"831":((9,%.?" G%"&52":3+;"(A"'2>(72%,%."3%)"&52"'2&*'%"(A" (1)*/'>"5MM

:(&5"4(+34"3%)",%&2'%3&,(%34":'3%)1"82'2";22%" ,%:(*%)"H,1,&('1?"9('2"'2&3,42'1"3'2"15(8,%."
&("1%37"*7"7',92"173+2"3%)"823'"&52"2672%12" '2%282)",%&2'21&",%"15(71",%"+('2"15(77,%."3'231<"

!$
(A"1*'.,%."'2%&341<"K*',%."&52"73%)29,+?" B52C"3'2";22%"&("12+*'2"7',92"173+2":2A('2"&52"
43'.24C")*2"&("&52"',1,%."&'2%)"(A"5C:',)" '2&3,4"93';2&"2%&2'1"3"A*44"'2+(H2'C"1&3.2"3%)" h2H2'3.2"3"75C1,+34"1&('2"&(":((1&"+*1&(92'"
8(';"3''3%.292%&1?"4231,%.",%&2'21&"&,4&2)" '2%&341"1*'.2"3.3,%<"$%"73'34424?"82"2672+&"93';2&" H34*2"8,&5,%"&52"(9%,>+53%%24
&(83')1")2+2%&'34,12)"('")2%124C>7(7*43&2)" ,%&2'21&",%"%2,.5:(*'5(()"4(+3&,(%1"&("'293,%"
N5,42"(%4,%2"15(77,%.",1"52'2"&("1&3C?"3%)" 7'(H,),%."&52"75C1,+34"2%.3.292%&"+*1&(92'1"
%2,.5:(*'5(()1<"l*2%"h(%.?"j*3''C"Y3C"3%)" (8,%."&("&52"93';2&>&21&2)"1&3:42"+*1&(92'"
29:'3+2)"2%&5*1,31&,+344C":C"'2&3,42'1"(A"344" %22)"&("&3%.,:4C"2672',2%+2"&52"7'()*+&1"('"
B*2%"b*%"3'2"1(92"(A"&52"A3H(*',&2"),1&',+&1" :312<"-2%+2?"82"2672+&"&("8,&%211"3"'2:343%+2"
&C721?"&5,1")(21"%(&"923%"&53&"&52"377234"(A" 12'H,+21"8,&5,%"&52"+(%1*97&,(%"^(*'%2C<"$%"
:2,%."2C2)":C"(72'3&('1"3%)",%H21&('1"34,;2<" :2&822%"+('2"3%)"%(%>+('2"4(+3&,(%1",%"&52"+,&C?"
&52"75C1,+34"1&('2"531"),9,%,152)<"O3&52'?",&01" (&52'"8(')1?"+'23&,%."3%"2672',2%+2"852'2"
),H2'1,AC,%."&52"93';2&"43%)1+372<
&52"'(42"1&('21"743C"&53&"531"+53%.2)<"V"+'*+,34" 2>+(992'+2"A3441"15('&<
(77('&*%,&C"4,21",%"2%53%+,%."2%)>*12'"H34*2":C"

!"#$%&"0'(/0."B'0"(/&#(
!"#$%&"0'(/0."B'0"(/&#( VJ,$:(%*:',&$:'%:'3*:<'O*:<'*."0'#?"'
K0"A"00";'(#*0"'&*)$#%*: :"J#'(%J'#*'26'+*:#?(
V++('),%."&("&52"\5312"!"1*'H2C"'21*4&1?"
V++('),%."&("&52"\5312"!"1*'H2C" !"
!"# 9(1&"'2&3,42'1"3'2"2C2,%."2673%1,(%":C"
A,%),%.1?"%23'4C"PEX"(A"&52"(72'3&('" !#

%!# 43*%+5,%."9('2":',+;>3%)>9('&3'"1&('21"
'217(%)2%&1"7'2A2''2)"(72%,%."1&('21",%" $"

$# ,%"&52"%26&"1,6"&("F!"9(%&51<"M72+,A,+344C?"
I2%&'34?"A(44(82)":C"B1,9153&1*,"T#PXU?"
%" $%# 9('2"&53%"PEX"(A"&52"(72'3&('1"743%"
I3*1283C"Y3C"T!#XU?"3%)"b(%.;(;"TWXU<" '
%#
&("(72%"(%2"&("&5'22"9('2":',+;>3%)>
b23%85,42?"39(%."%(%>+('2"),1&',+&1?" &"
&# &# &# &# 9('&3'"1&('21?"8,&5"3:(*&"!QX"743%%,%."
N3%+53,?"l*2%"h(%."3%)"M53&,%"3'2"&52" &#
'# A(*'"&("1,6"9('2"8,&5,%"&53&"&,92A'392<"
',1,%."1&3'1",%"&52"4231,%."93';2&"31"3" " !# !# !#
# B5,1",%),+3&21"&52",97('&3%+2"(A"75C1,+34"
%*9:2'"(A"'2&3,42'1"267'2112)",%&2'21&",%" !%0-:"=
!"#$%&"' )$*+
./012/2 3"04,"*
5#%0
7,"8)*0
9#"::'8("' </&=//0
)#%08.#0
7,%#01
("' $,"-$#* 6/01 ;)"*2// )/01 3"0
1&('21"31"8244"31"(72'3&('10"(7&,9,19"A('"
(72%,%."1&('21"&52'2<
(1)*/'>"5MM :*1,%211",%"&52"+(9,%."C23'<
(1)*/'>"5MM

!"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" !Z"" !"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" !W""


!% M5',%;,%."1,g2"'2a*,'292%&1"&("4(82'":*1,%211"',1;1" !& K,H2'1,AC,%.":*1,%211"743&A('91

$%"&52"3A&2'93&5"(A"&52"73%)29,+?"93%C"'2&3,42'1" 1&('21?"(72'3&('1"+3%"15(8+312"%28"+(%+27&1"('" B52",%&2'743C":2&822%"&'3),&,(%34"1244,%."3%)"


3'2"9('2"521,&3%&"852%",&"+(921"&("'2%&,%."43'.2'" &3'.2&"%,+52"+*1&(92'1"3&"9('2"3AA(')3:42"+(1&" 2>+(992'+2",1"12&"&(":2"(%2"(A"&52"9(1&"1(*.5&>3A&2'"
15(71<"K217,&2"&52"2312"(A"&'3H24"&("-(%."/(%." 3%)"4(82'"',1;<"" 1(*'+21"(A"92'+53%),1,%."A('"43'.2"'2&3,42'1",%"7*'1*,&"(A"
8,&5(*&"'21&',+&,(%1?"&52"93';2&"12%&,92%&",%" 7('&A(4,("(7&,9,13&,(%<"=(&"(%4C",1"),H2'1,AC,%.":*1,%211"
.2%2'34",1"1&,44"+3*&,(*1<" ['(9"3"15(77,%."+2%&'2"43%)4(')k1"72'172+&,H2?" 743&A('91"+(%)*+,H2"&(":(41&2',%."13421?":*&",&"341("
7'(H,),%."193442'"15(7"1,g21"341(",%+'23121"&52" '2)*+21"',1;1")2',H2)"A'(9"*%A('21223:42"+,'+*91&3%+21?"
b23%85,42?"8,&5"1*++211,H2",%&2'21&"'3&2"5,;21" H3',2&C"(A"(AA2',%.1"&("3&&'3+&"15(772'1< :21&"2H,)2%+2)":C"&52"IGJ$K>,%)*+2)"4(+;)(8%1"&53&"
3%)"&52",%A43&,%."7',+21"(A"93&2',341"3%)"43:(*'" (:1&'*+&2)"%('934"85(42134,%."3%)"'2&3,4,%.<
A*'&52'"263+2':3&,%."(72'3&,%."+(1&1?"93%C" e%)2'"1,9,43'"'3&,(%342?"82":24,2H2"&52"7(7*43',&C"
'2&3,42'1"4((;"A('"193442'"15(71"85,+5"'2a*,'2" (A"7(7>*7"1&('21",1"52'2"&("1&3C"3%)"+(*4)"2673%)" N52%"'2H397,%."&52,'":*1,%211"1&'3&2.C?"'2&3,42'1"15(*4)"
4211"+423%,%."3%)"93,%&2%3%+2?"3%)"A282'"1&3AA" &("9('2"),H2'12"&C721"(A"(72'3&('1"&53%"&52" +(%1,)2'"3"8,)2"'3%.2"(A"+*1&(92'"2672+&3&,(%1?"1*+5"
&("93%3.2"&52"1&('21<"b23%85,42?"8,&5"7(7>*7" +*''2%&"[_Y"3%)"4*6*'C":'3%)"3)(7&2'1<"" 31"7'()*+&"+5(,+21"3%)"(')2'"743+292%&?",%"&52"(H2'344"
15(77,%."^(*'%2C<"[('"2639742?"&5,1"C23'?"[(()73%)3"
2673%)2)"A'(9"(%4,%2"'2&3,4"&(":',+;>3%)>9('&3'":C"
43*%+5,%.",&1"A,'1&"G!G"TG%4,%2>&(>GAA4,%2U"+(%+27&"1&('2"
!"#$%&"0'(/0."B'0"(/&#( ,%"-(%."/(%.">"73%)393'&",%"M3,"l,%."\*%">"),1743C,%."
A'215?"A'(g2%"3%)"'23)C>&(>23&"A(()1"A'(9"9*4&,%3&,(%34"
V++('),%."&("&52"\5312"F"1*'H2C"'21*4&1?"&52'2",1"3"%(&3:42",%+'2312",%")293%)"A('"19344>&(>92),*9> :'3%)1<"B52"1&('2"341("A23&*'21"7'()*+&1"A'(9"4(+34"
1,g2)"15(71"TSEE>#?EEE"1a"A&U"7(1&>IGJ$K<"I(''217(%),%.4C?"&52"72'+2%&3.2"(A"&2%3%&1"'2a*,',%."43'.2'" A,152',21"3%)"A3'91<"$&1"!PiR":*1,%211"(72'3&,(%"(AA2'1"
15(71"T3:(H2"#?EEE"1a"A&U")'(772)< 5(92")24,H2'C"3%)"7,+;>*7"12'H,+2"A('"'21,)2%&1",%"+2'&3,%"
%2,.5:(*'5(()"),1&',+&1<
N?*,'(%W"'0"X/%0"+":#

!'
!"

J2'&,+34"2673%1,(%
#$
B3;,%.",%&("3++(*%&"+*''2%&"'2&3,4"&'2%)1?"4*6*'C"A315,(%"
#" 5(*121"53H2":22%"g234(*14C"3&"&52"A('2A'(%&"(A":'3%)"
),H2'1,A,+3&,(%":C",%+('7('3&,%."%28"H34*21",%&("&52,'"
) %$
:*1,%211"1&'3&2.C<"[('"2639742?"h(*,1"J*,&&(%"3%)"K,('"
'(442)"(*&"A,&%211"7'()*+&1",%+4*),%."&'23)9,441?")*9::2441"
%"
3%)"262'+,12":3441<"$%"3)),&,(%"&("*%H2,4,%."%28"4*6*',(*1"
$ .C9"2a*,792%&?"-2'9m1"^*972)"(%"&52":3%)83.(%":C"
43*%+5,%."A,&%211"+431121"&("2%&,+2"+*1&(92'1"85("H34(',12"
" &52,'"8244>:2,%.<"$%"15('&?"&52"73%)29,+"531"73H2)"&52"83C"
&'($"" $"%(*(%+""" %+""%(*(#+""" #+""%(*(!+""" !+""%(*($+""" $+""%(*(%"+""" %"+"""(,( A('"'2&3,42'1"&("26&2%)"&52,'":*1,%211"4,%2?"C,24),%."&529"3"
89:/(;6<(=>(
-./*01234 -567*01234
+(*7":C"83C"(A"H2'&,+34"2673%1,(%<
(1)*/'>"5MM

!"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" #E"" !"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" #F""


!( d672',2%&,34"1&('2
\/#/0"',0**A%:<'
(?*,,%:<')":#0"'
V9,)1&".'(8,%.")293%)"A('"*%,a*2"3%)"
2%.3.,%."15(77,%."2672',2%+21?"12H2'34"
3%",97'211,H2"),1743C"(A"*7"&("1,6"5,.54,.5&2)"
9()241"3H3,43:42"A('"&21&")',H21?"&52"1&('2"344(81" &$:;&*0;('#*'(#$B'
(72'3&('1"53H2"&3;2%"1&271"&("2%53%+2"&52"
2672',2%&,34"24292%&"8,&5,%"&52,'"1&('21<"G%2"
+*1&(92'1"&("53H2"3"A,'1&>53%)"2%+(*%&2'"
8,&5"&52"*%73'344242)"2672',2%+2"(A")',H,%."3"
$?"$;'*A'#?"'<$+"

!"
%(&3:42"2639742",1"&52"b2'+2)21>Y2%g"h3:" b2'+2)21>Y2%g<"$%"3)),&,(%?"&52"1&('2"('.3%,121"
4(+3&2)",%"@B52"N3,@",%"B3,"N3,?"85,+5"12'H21"31" H3',(*1":'3%)"3+&,H,&,21"&53&"7'(H,)2",992'1,H2"
&52":'3%)01"+(%+27&"1&('2",%"-(%."/(%.<"N,&5" 2%&2'&3,%92%&"A('"H,1,&('1<

d9:'3+2"&2+5%(4(.C"
V83'2"(A"+53%.,%."+(%1*92'10"3%)"'2&3,42'10"
!"#$%&"0'(/0."B'0"(/&#( '2a*,'292%&1?"15(77,%."+2%&'2"43%)4(')1"53H2"
:2+(92"9('2"(72%"&(",%H21&,%.",%"&2+5%(4(.C<""
[('"2639742?"-3':(*'"I,&C",%"B1,9153&1*,"
Y312)"(%"&52"\5312"F"1*'H2C"'21*4&1?"9(1&"'2&3,42'1"2672',2%+2)"3"',12",%"&52"7'(7('&,(%"(A"&52,'" 531"43*%+52)"bC"J,'&*34"I4(12&?"3"7,(%22',%."
&(&34"(%4,%2"13421")*',%."3%)"3A&2'"&52"IGJ$K"72',()<"B52"%*9:2'"(A"'2&3,42'1"85("'27('&2)"53H,%." +(443:('3&,(%"8,&5"3%"3H3&3'"&2+5%(4(.C"
%("(%4,%2"13421"153'2")2+'2312)",%"&52"7(1&>IGJ$K"72',()L"(%"&52"(&52'"53%)?"&52"%*9:2'"(A" +(973%C"2%3:4,%.";,)1"&(")'211"31"3%"3H3&3'"
'2&3,42'1"85("'27('&2)"53H,%."3"7(1,&,H2"(%4,%2"13421"153'2",%+'2312)"3A&2'"IGJ$K< (A"&529124H21"&("H,'&*344C"&'C"(%"+4(&521":2A('2"
&52C":*C<
N?$0"'*A'K0"1'$:;'K*(#1FYZM['*:&%:"'($&"(
$%"+37,&34,1,%."(%"&2+5?"43%)4(')1",%+'2312"
!"# ! $%# 7'()*+&,H,&C"3%)"2AA,+,2%+C?"31"8244"31"7'(H,),%."
15(772'1"8,&5"3%",%A('92)"3%)")C%39,+"
$)# "#"!$ $&# 2672',2%+2<
"# ""#%!$ '(#
Q" K1)/$"&/*''6"P<1&P"-"b('2"3%)"9('2"15(77,%." Q" ($1::<6I"/'60*'"%::"-"N5,42"&(*+5"1+'22%"
)# %"#&!$ !# +2%&'21"3'2"3)(7&,%."&52"43&21&"&2+5%(4(.C"&(" ;,(1;1"3'2"(%4C"4(+3&2)",%"+2'&3,%"17(&1",%"
2%53%+2"&52"15(77,%."2672',2%+2<"B3;2"&52" 15(77,%."+2%&'21?"+(%1*92'1"+3%"%(8".3,%"344"
!# &"#'!$ !# &(*+5"1+'22%";,(1;"31"3%"2639742<"d%3:42)" 1('&1"(A",%A('93&,(%",%+4*),%."15(7"4(+3&,(%1?"
:C",97'(H2)"&2+5%(4(.C?",&"+3%":2"*12)"&(" '(*&21?":'3%)1"3H3,43:42?"(72%,%."5(*'1?"172+,34"
)# '"#(!$ "# 2%.3.2"+*1&(92'1",%"H3',(*1"A*%+&,(%1",%+4*)2" 7'(9(&,(%1"3%)"2H2%&1"2&+<"1,974C"A'(9"3%"377"
!"#$%&'() )#
!*+,$%&'() 83CA,%),%.?"124A>12'H,+2"&,+;2&"93+5,%21?" )2H24(72)":C"&52"934401"43%)4(')<"J2'C"(A&2%?"
!# ("#)!$
,%&2'3+&,H2"'2&3,4"),1743C1?"A31&>A(()"124A> &52",%A('93&,(%",1"%(&"4,9,&2)"&("(%2"1,%.42"
!# *"#+!$ !# (')2',%."7(,%&1"3%)",%&2'3+&,H2"9*12*9" 15(77,%."+2%&'2?":*&"&("344"15(77,%."+2%&'21"
265,:,&1?"2&+ (8%2)":C"&52"1392"43%)4(')<"[('"2639742?"
'$# "!!$ '(# M-/\"43*%+52)"9(:,42"3774,+3&,(%"0B52"\(,%&0"
&("7'(H,)2"193'&"73';,%."3%)",%)*+2"73&'(%1":C"
(1)*/'>"5MM
(AA2',%."3"12',21"(A"929:2'15,7"7',H,42.21<

"

!"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" #!"" !"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" ##""


!# !$
O2&3,4&3,%92%&"3%)"2672',2%&,34" M5(77,%."9344"31"3"9*4&,>A*%+&,(%34"
'2&3,4"&("2%.3.2"H,1,&('1"3%)" 173+2"3%)"3"+(99*%,&C>:312)"
,%+'2312"13421 2+(1C1&29

e%)2'"&52"'212&"3%)"'215372"(A"&52"'2&3,4" M,%.42>7*'7(12"93441"8,44"1&'*..42"&("1&3C" 9*4&,>7*'7(12"173+2",%"-(%."/(%.<"$&1"+*4&*'34>


,%)*1&'C?",&",1"+'*+,34"A('"15(77,%."+2%&'2" '242H3%&"31"9('2"+(%1*92'1"+53%.2"&52,'" '2&3,4"+(%+27&?",%+('7('3&,%."3'&1"3%)")21,.%?"
43%)4(')1"3%)"'2&3,42'1"&("2674('2"%28" 7',(',&,21"852%".(,%."(*&<"G%"&(7"(A"'2&3,4?"),%,%." '2153721"&52"'2&3,4"2672',2%+2"A('"+*1&(92'1<"B52"
:*1,%211"9()241"&("2%.3.2"15(772'1"3%)" 3%)"2%&2'&3,%92%&?"93441"3'2"12&"&(":2+(92"3" =3&*'2"K,1+(H2'C"\3';"(A"&52"9344",1"3%"*':3%"
+'23&2"*%,a*2"2672',2%+2"&53&"3'2"%(&" 9*4&,>A*%+&,(%34"173+2"&53&"92'.21"A*%+&,(%1" :,(),H2'1,&C"9*12*9"3%)"1*1&3,%3:,4,&C>&5292)"
'2743+23:42":C"(%4,%2"15(77,%.<"$%+'231,%.4C?" 3%)"+(%+27&1?"1*+5"31"42,1*'2"3+&,H,&,21?"+*4&*'34" 2)*+3&,(%"73';?"85,+5"(AA2'1"2672',2%&,34"423'%,%."
&52",%)*1&'C"531":22%"18,&+5,%."A(+*1"A'(9" 392%,&,21?"3%)"),H2'12"2H2%&1<"[('"2639742?" 3%)"A3'9>&(>&3:42"),%,%."2672',2%+21<
&'3),&,(%34"'2&3,4"&("2672',2%&,34"'2&3,4?"31"8244" /FF"beMdV",%"B1,9153&1*,",1"+(%1,)2'2)"(%2"
31"3)),%."2%&2'&3,%92%&"&("3&&'3+&"+*1&(92'1" (A"&52"43&21&"26397421"(A"3"15(77,%."9344"8,&5"
3%)"2%.3.2"&529"&("172%)"9('2"&,92"3%)"
.2%2'3&2"9('2"13421<"-2%+2?"&52"H,1,&('1"3'2"
%("4(%.2'"1,974C"+*1&(92'1?":*&"2%.3.2)"
73'&,+,73%&1",%"&52"3+&,(%1"(A"&52"93441"3%)"
,&1"1&('21<"$%"A3+&?"&5,1"+(%+27&"531":22%"
3'(*%)"A('"a*,&2"1(92"&,92?":*&"531"%(&":22%"
1&'(%."1("A3'",%"-(%."/(%."93,%4C")*2"&("&52"
+(973'3&,H24C"4(82'"'2%&34"3AA(')3:,4,&C"3%)"
43'.2"173+2"'2a*,'292%&1"(A"2%&2'&3,%92%&"
3%)"2672',2%&,34"'2&3,4,%."&'3)21<"-(82H2'?"
Q" ($1::'*"0*%SS</"?%0%"">"M5(77,%."+2%&'2" 8,&5"&52"'212&",%"743+2"34(%."8,&5",%+'231,%."
43%)4(')1"+3%"93;2"*12"(A"&2+5%(4(.C"1*+5" +(972&,&,(%"4(+344C"3%)"'2.,(%344C">"%(&3:4C"
31"3%"$%)(('"\(1,&,(%,%."MC1&29"T$\MU"&("&'3+;"
:C"15(77,%."+2%&'21",%"%23':C"M52%g52%"3%)"
15(772'1",%"&52,'"3112&1",%"'234"&,92<"N52%"
f*3%.g5(*">"82":24,2H2"&5,1"&'2%)"8,44":2"
.*21&1"15(7",%"&52"9344?"$\M"+3%"12%)"&3'.2&2)"
1*..21&,(%1"(%"15(71"3%)")2341"&("&52,'" 7*152)"53')2'",%"&52"+,&C<
193'&75(%21<"[*'&52'9('2?"&52"1C1&29"+3%"
7'(H,)2")3&3"&("5247"*%)2'1&3%)"&52"9(H,%."
73&&2'%"(A"15(772'1?",)2%&,AC,%."&52,'"7'2A2''2)"
3%)"4211"H,1,&2)"4(+3&,(%1"&(",97'(H2"&2%3%&"
743+292%&"1&'3&2.C<

!"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" #P"" !"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" #S""


H*0"';%."0(%A%";'
%:."(#+":#'A*)/(
B52"73%)29,+"531"'215372)"3%)"2673%)2)"&52"A(+*1"
(A"'2&3,4"7'(72'&C",%H21&('1<"-,.5"M&'22&"15(71",%"+('2"
15(77,%."3'231"*12)"&(":2"&52".(4)2%"2..1"(A"H2&2'3%"
,%H21&('1"A('"4(%."&2'9",%H21&92%&<"$%H21&('1"*%)2'1&3%)"
&53&":(&5"7',+21"3%)"'2%&341"(A"&5212"7',92"15(71"+3%"
A4*+&*3&2"4,;2"3"'(442'"+(31&2'?"7'(H,),%."(77('&*%,&,21"
A('"1*:1&3%&,34"+37,&34".3,%"3%)"242H3&2)"'2%&341")*',%."
&52"*7+C+42?"2172+,344C"852%"&52"+,&C"824+(92)"3"1&23)C"
! O2&5,%;
G%"3"A,'9"73&5"(A"'2+(H2'C?"&52"'2&3,4"93';2&",%"-(%."
/(%."531"'212&"3%)"8,44"+(%&,%*2"&("'215372<"N,&5"&52"
+53%.,%."+(%1*92'"7'2A2'2%+21?"15(77,%."53:,&1?"
&2+5%(4(.C"3)H3%+292%&"3%)",%&2%1,AC,%.",%&2'%34"
3%)"26&2'%34"+(972&,&,(%?"(72'3&('1?"43%)4(')1"3%)"
,%H21&('1"53H2"&("29:'3+2"&52"+53%.21"3%)"1&3C"3523)"
(A"&52"+*'H2"&("'293,%"'242H3%&",%"&52"2H2'>+53%.,%."
'2&3,4"43%)1+372<"M(92",97('&3%&"1&271"8,44"122"&529D
,%A4*6"(A"(H2'1231"&(*',1&1<""

n" [(+*1"(%"+*1&(92'"2672',2%+2?"72'1(%34,13&,(%"
-(82H2'?")*2"&("&52"1&'*+&*'34"+53%.2",%"-(%."/(%.01"
3%)"12'H,+2"TA('"2639742?"2672',2%&,34"'2&3,4U
'2&3,4"93';2&"1;28,%."9('2"&(83')1"&52"9,)"93';2&?"3%)"
&52",973+&"(A"&52"73%)29,+?"9('2",%H21&('1"3'2"2C2,%." n" d97531,12"*%,a*2%211",%"(AA2',%.1?"&'3)2"9,6?"
%2,.5:(*'5(()"'2&3,4"7'29,121"85,+5"12'H2"&52")3,4C" &2%3%&"9,6"3%)"7'(H,1,(%1
'2a*,'292%&1"(A"&52"4(+34"+(99*%,&C<"B5212"7'29,121"
53H2")29(%1&'3&2)"&52,'"3:,4,&C"&("8,&51&3%)"&52"3)H2'12" n" h2H2'3.2":'3%)"'2+(.%,&,(%"3%)"4(C34&C"A('"7'()*+&"
2AA2+&1"(A"3%"2+(%(9,+")(8%&*'%"&53&"531"743.*2)"4*6*'C" )2H24(792%&?"93';2&")2H24(792%&"3%)i('"
'2&3,42'1"+4*1&2'2)",%"+('2"15(77,%."4(+3&,(%1"A('"&52"731&" ),H2'1,A,+3&,(%
&5'22"C23'1<
V44",%"344?"'2&3,4"(72'3&('1?"43%)4(')1?"3%)",%H21&('1"
h((;,%."3523)",%"&52"7(1&>73%)29,+"2'3?"82":24,2H2" %22)"&("1&3C"3.,42"3%)"'217(%1,H2<"B52C"53H2"&(":2"
,%H21&('"A(+*1"8,44"+(92":3+;"&("&52"+('2"3'231"&(" 7'(3+&,H2"3%)"A426,:42",%"3)37&,%."&("+53%.,%."93';2&"
+37&*'2"(77('&*%,&,21":'(*.5&":C"&52"'2&*'%"(A"(H2'1231" +(%),&,(%1<"B5,1"93C",%H(4H2"+(%1&3%&4C"2H34*3&,%."3%)"
3)^*1&,%."&52,'":*1,%211"9()241?"7'()*+&"(AA2',%.1"3%)"
&(*',1&1"3%)"4*6*'C":'3%)1<"V&"&52"1392"&,92?"+(99*%,&C"
93';2&,%."1&'3&2.,21":312)"(%"+(%1*92'"A22):3+;"3%)"
+2%&'21"3%)"'2&3,4"3112&1"&53&"&3'.2&"%2,.5:(*'5(()"
,%)*1&'C"&'2%)1<
+*1&(92'1"8,44"1&,44":2"(%"&52"15(77,%."4,1&"(A",%H21&('1"
85("4((;"A('"1&23)C"'2%&34",%+(92",%"&52"9,)>&(>4(%."
N5,42"&52'2"3'2"),AA2'2%&"1&'3&2.,21"&("3+5,2H2"&52"
&2'9<"b23%85,42?",%&2'21&"'3&2"5,;21"31"8244"31"&52"
3:(H2?"3";2C"7'2>'2a*,1,&2",1"&53&"'2&3,4"'2%&341",%"&52"
7(&2%&,34"&5'23&"(A"+(%1*97&,(%"2672%),&*'2"423;3.2"&(" +,&C"1&3C"'243&,H24C"3AA(')3:42"&("2%3:42"2672',2%&,34"
%('&5:(*%)"3%)"(*&:(*%)"&'3H24"3'2"&52";2C"15('&>&(> '2&3,4,%.?"3%)"7'(H,)2"',.5&>1,g2"15(71"&("2%+(*'3.2"
92),*9"&2'9"523)8,%)1",%"&52"'2&3,4",%H21&92%&"93';2&< &52")2H24(792%&"(A"%28"+(%+27&1<

!"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" #Q"" !"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" #R""


^44<+(9<5;

!"#$%&"0'(/0."B'0"(/&#(

O"B')?$&&":<"('A*0'#?"'0"#$%&'@/(%:"((
9*'A%:;'*/#'?*D'D"')$:'(/,,*0#'B*/0'0"#$%&'
17% 8%
&"$(%:<'$:;'%:."(#+":#'(#0$#"<B'D%#?'
0"("$0)?'%:(%<?#('$:;'(#0$#"<%)'$;.%)"C'
=)-*',2'.04#" ,&"$("')*:#$)#'*:"'*A'#?"'+"+@"0('*A'#?"'
34%
!"#$%&' 67&0.$&&
3*:<'O*:<'0"("$0)?'$:;'0"#$%&'#"$+(S
($)*'+,-)+'$-,.,/0-
1$%2,%/).-$
25%
;).1,<$%
&#,%")4$

-(%."/(%."O2123'+5
17% 45% 9%
3,)%0.4'%$.")+& 5$97-$9'2,,"2)++:
50&0.4'+)6,7%'8 1)"%,.)4$'0.'4$.$%)+ F$#?%"'F?/:< Y&%."0'9*:<
/)"$%0)+'-,&"& M2%,('"K,'2+&('? -23)"(A"O2&3,4?

11%
O2123'+5?"-(%."/(%. -(%."/(%.
+3&5,2<+5*%.o^44<+(9 (4,H2'<&(%.o^44<+(9
>."$.&02?0.4
pZS!"!ZPQ"S!#R pZS!"!ZPQ"SEEE
-,/1$"0"0,.

(1)*/'>"5MM H$##?"D'N?$+
M2%,('"V%34C1&?
V++('),%."&("&52"\5312"!"1*'H2C"'21*4&1?"3"93^(',&C"(A"'217(%)2%&1"TPSXU",)2%&,A,2)"@1(3',%."'2%&341@" O2123'+5?"-(%."/(%.
93&&528<1539o^44<+(9
31"&52"7',93'C"+53442%.2"3`2+&,%."&52,'":*1,%21121<"B5,1"831"+4(124C"A(44(82)":C"&52",973+&"(A"3" pZS!"!ZPQ"SEF#
@823;"4(+34"2+(%(9,+"72'A('93%+2@"T#PXU?"85,+5"3)H2'124C"3`2+&1":*1,%211"13421<"V)),&,(%344C?"
'217(%)2%&1"5,.54,.5&2)"@93%7(82'"15('&3.21@"T!SXU"3%)"@',1,%."43:(*'"3%)"93&2',34"+(1&1@"TFRXU"
31"A3+&('1"&53&")2&',92%&344C",973+&"&52"1*1&3,%3:,4,&C"(A"&52,'"(72'3&,(%1<

F<&/;%<9'*
I(7C',.5&<"V44"',.5&1"'212'H2)<"=("'217(%1,:,4,&C",1"3++27&2)"&("3%C"&5,')"73'&C"A('"&52"
85(42"('"3%C"73'&"(A",&1"+(%&2%&1"3%)"%2,&52'"&52"85(42"(A"&52"'27('&"%('"3%C"73'&"
('"'2A2'2%+2"&52'2&("93C":2"7*:4,152)",%"3%C")(+*92%&?"1&3&292%&"('"+,'+*43'"('"
$%"1*993'C?"82"2672+&"15(77,%."+2%&'2"'2%&34" &(*',1&1"A'(9"3+'(11"&52".4(:2"3%)"(`2'"3"A'215" ,%"3%C"+(99*%,+3&,(%"8,&5"&5,')"73'&,21"8,&5(*&"7',('"8',&&2%"377'(H34"(A"&52"A('9"
3%)"+(%&26&",%"85,+5",&"8,44"37723'<""
42H241",%"-(%."/(%."3]2'"&52"'212&"&(":2+(92" 3%)"+37&,H3&,%."2672',2%+2"A('"4(+34"15(772'1<" N5,41&"+3'2"531":22%"&3;2%",%",&1"7'273'3&,(%?"%("'27'212%&3&,(%",1"93)2"('"
3"%28"%('934?"3%)"*%)2'.("3"4(%."'2+(H2'C" $&",1"+'*+,34"A('")2H24(72'1?"(72'3&('1?";2C" '217(%1,:,4,&C"3%)"3++(*%&3:,4,&C"3++27&2)"A('"&52"3++*'3+C"(A"&52"85(42"('"3%C"
73'&"(A"&52"'27('&<"-2%+2?",%A('93&,(%",%"&52"'27('&"15(*4)":2"'2.3')2)"1(424C"31"3"
7'(+211"&("2%3:42"&52"A*'&52'"'215372"(A"'2&3,4" 1&3;25(4)2'1?"3%)",%A4*2%+2'1",%"&52"-(%."/(%." .2%2'34".*,)2<""
B5,1"'27('&"+(%&3,%1"A('83')>4((;,%."1&3&292%&1"85,+5"1&3&2"c(%21"h3%."h3M3442"
43%)1+372",%"&52"+,&C<"[*'&52'9('2?"15(77,%." '2&3,4",%)*1&'C"&("+(443:('3&2"3%)"42H2'3.2"&52" h,9,&2)01"2672+&3&,(%1?":24,2A1"('"7'2),+&,(%1"A('"&52"A*&*'2<"N2"1&'211"&53&"344"1*+5"
A('2+31&1"3%)"A('83')>4((;,%."1&3&292%&1"15(*4)":2"'2.3')2)"31"3%",%),+3&,H2"
+2%&'2"43%)4(')1"8,44"53H2"&("'2&5,%;"&52":21&" +,&C01"*%,a*2"1&'2%.&51<"B5,1"+(443:('3&,(%"15(*4)" 31121192%&"(A"7(11,:,4,&,21"'3&52'"&53%"3:1(4*&2"+2'&3,%&,21<"B52"7'(+211"(A"93;,%."
A('2+31&1",%H(4H21"311*97&,(%1"3:(*&"3"+(%1,)2'3:42"%*9:2'"(A"H3',3:421"85,+5"3'2"
43%)4(')>&2%3%&"'243&,(%15,7"9()24<"N2":24,2H2" :2"*%)2'7,%%2)":C"377'(7',3&2".(H2'%92%&" H2'C"12%1,&,H2"&("+53%.,%."+(%),&,(%1<"N2")'38"C(*'"3&&2%&,(%"&53&"H3',3&,(%1"(A"3%C"
(%2"(A"&52"311*97&,(%1"93C"1,.%,A,+3%&4C"3AA2+&"(*&+(921<
3"73'&%2'15,7"9()24"8,44":2";2C"&("%*'&*',%."3" 7(4,+,21<"d674(',%."1C%2'.,21"3+'(11",%)*1&',21?"
c(%21"h3%."h3M3442"&52'2A('2"+3%".,H2"%("311*'3%+2"&53&"&52"A('2+31&1"(*&4,%2)",%"
8,%>8,%"1,&*3&,(%"A('":(&5"73'&,21"3%)",%"&52":21&" 1*+5"31":2&822%"&52"'2&3,4"3%)"2%&2'&3,%92%&" &52"'27('&"8,44":2"3+5,2H2)"('"&53&"1*+5"A('2+31&1"3%)"A('83')">"4((;,%."1&3&292%&1"
8,44"7'(H2"&("53H2":22%"+(''2+&"3%)"C(*"3'2"+3*&,(%2)"%(&"&("743+2"*%)*2"'24,3%+2"
,%&2'21&1"(A"+*1&(92'1<" ,%)*1&',21?"8,44":2",%1&'*92%&34",%"936,9,1,%." (%"1*+5"1&3&292%&1<

&52"2+(%(9,+":2%2A,&1"A('"&52"2%&,'2"-(%."/(%."
N,&5"&52"+(9:,%2)"A('+21"(A"'212&?"'215372?" 2+(%(9C<"N2"A,'94C":24,2H2"&53&"&52"+,&C01"'2&3,4"
3%)"'27(1,&,(%,%.?"&52"'2&3,4"93';2&",%"-(%." 43%)1+372"8,44"'2.3,%",&1"17(&4,.5&"(%"&52".4(:34"
/(%."531"3"'293';3:42"+53%+2"&("3&&'3+&" 1&3.2",%"&52"%23'"A*&*'2<

!"#"$%&!"#'()"&(*+&!"$',*-.&/,*+&0))12$3*,$4&,*&5'(*6" #Z""

You might also like