The Space Economy Is Heading for $1.8 Trillion. The Bottleneck Nobody Talks About Is Getting There

kAmkDA2? 4=2DDlQ=686?5$A2?r=2DDQmrp!t rp}p't#p{[ u=2]k^DA2?m[ kDA2? 4=2DDlQ=686?5$A2?r=2DDQmyF=J a_[ a_aek^DA2?m ^!#}6HDH:C6^ \\ Wk2 9C67lQ9EEADi^^6BF:EJ\:?D:56C]4@>^Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmtBF:EJ x?D:56Ck^2m }6HD r@>>6?E2CJX — u@C >@DE @7 E96 =2DE 564256[ E96 DE@CJ @7 4@>>6C4:2= DA246 H2D E@=5 :? C@4<6E D:K6D] q:886C 3@@DE6CD[ 962G:6C A2J=@25D[ E2==6C G69:4=6D @? 3:886C A25D] %92E DE@CJ AC@5F465 C62= C6DF=ED 2?5 @?6 6?@C>@FD H:??6C] qFE :E 2=D@ @3D4FC65 D@>6E9:?8 E96 ?F>36CD ?@H >2<6 :>A@DD:3=6 E@ :8?@C6i E96 DA246 64@?@>J 92D BF:6E=J 364@>6 2? 24EF2= :?5FDECJ[ H:E9 24EF2= C6G6?F6[ 24EF2= 324<=@8[ 2?5 2? 24EF2= 3@EE=6?64<] p?5 E96 3@EE=6?64< :D ?@E 2>3:E:@?] xE :D 2446DD] kDEC@?8m$E2C7:89E6CD $A246[ x?4]k^DEC@?8m W}*$t p>6C:42?i uyt%X 92D 3F:=E :ED 6?E:C6 E96D:D 2C@F?5 E92E 82A]k^Am

k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56C`QmkAmk:>8 DC4lQ9EEADi^^>>I]AC?6HDH:C6]4@>^>65:2^|$`f`gahh^tBF:EJ\x?D:56C\{@8@];A8n:5l~paffb__hQ E:E=6lQtBF:EJ x?D:56CQ 2=ElQtBF:EJ x?D:56CQ ^mk^Amk^5:Gm

kAmkDEC@?8mz6J %2<62H2JDk^DEC@?8mk^Am

kF= EJA6lQ5:D4Qmk=:mkDEC@?8m%96 D64E@C 92D 4C@DD65 :?E@ :?5FDECJ DE2EFD]k^DEC@?8m tDE:>2E6D AFE E96 8=@32= DA246 64@?@>J 2C@F?5 Seae 3:==:@? :? a_ad[ 9625:?8 E@H2C5 C@F89=J Sef_ 3:==:@? :? a_ae 2?5 AC@;64E65 A2DE S` EC:==:@? 3J a_c_[ H:E9 E96 >@DE 288C6DD:G6 7@C642DED C6249:?8 S`]g EC:==:@? 3J a_bd] r@>>6C4:2= DA246 :D 8C@H:?8 2E 2? 6DE:>2E65 `aT E@ `dT 2??F2==J[ @FEA24:?8 E96 3C@256C 64@?@>J]k^=:mk=:mkDEC@?8mr2A:E2= >2C<6ED 92G6 G2=:52E65 :E]k^DEC@?8m %96 a_ad x!~D @7 '@J286C %649?@=@8:6D 2?5 u:C67=J p6C@DA246[ p>2K@?VD S``]e 3:==:@? 24BF:D:E:@? @7 v=@32=DE2C[ rprxVD Sa]e 3:==:@? AFC492D6 @7 p#zp[ 2?5 $A246)VD }2D52B 563FE @? yF?6 ah[ a_ae 4@==64E:G6=J >2C< 2 D64E@C E92E AF3=:4 2?5 DEC2E68:4 :?G6DE@CD ?@H EC62E 2D :?G6DE23=6 :?7C2DECF4EFC6]k^=:mk=:mkDEC@?8mv@G6C?>6?E 56>2?5 :D E96 7=@@C]k^DEC@?8m %96 &]$] u*a_af DA246 3F586E E@E2=D Sdh]f 3:==:@? 2?5 7F?5D b` =2F?496D[ 2 DE6A\492?86 7C@> AC:@C J62CD[ H9:=6 }p$p C@FE6D C@F89=J fb]dT @7 :ED Sac]cc 3:==:@? u*a_ae 3F586E E9C@F89 4@?EC24ED H:E9 @FED:56 3FD:?6DD6D 2?5 :?DE:EFE:@?D]k^=:mk=:mkDEC@?8mp446DD :D E96 4@?DEC2:?E]k^DEC@?8m $A246 =2F?49 D6CG:46D 2C6 AC@;64E65 E@ 8C@H 7C@> C@F89=J S`b]gd 3:==:@? :? a_ae E@ Sac]ca 3:==:@? 3J a_b_ 2E 2 `d]aT 4@>A@F?5 C2E6] s6>2?5 7@C 7=:89E E6DE:?8[ A2J=@25 G2=:52E:@? 2?5 D>2==\D2E6==:E6 56=:G6CJ :D C:D:?8 72DE6C E92? 4@?G6?E:@?2= =2F?49 42A24:EJ 42? 23D@C3 :E]k^=:mk=:mkDEC@?8mp 5:776C6?E C@FE6 E@ 2=E:EF56]k^DEC@?8m $E2C7:89E6CD $A246 @A6C2E6D H92E :E 56D4C:36D 2D E96 H@C=5VD @?=J 4@>>6C4:2= 7=66E @7 7=:89E\C625J |249 aZ u\`_c DFA6CD@?:4 2:C4C27E[ AC@G:5:?8 4@>>6C4:2= DFA6CD@?:4 7=:89E\E6DE D6CG:46D E92E DFAA@CE 9JA6CD@?:4 C6D62C49 2?5 56G6=@A>6?E AC@8C2>D H9:=6 56G6=@A:?8 :ED $%p#{p&}rw 2:C\=2F?49 AC@8C2>[ 2?5 ;@:?65 E96 #FDD6== b___ x?56I 67764E:G6 yF?6 ah[ a_ae]k^=:mk^F=m

kAmkDEC@?8muC@> $4:6?46 !C@;64E E@ x?5FDECJk^DEC@?8mk^Am

kAm%96 >@DE :>A@CE2?E E9:?8 E92E 92AA6?65 E@ 4@>>6C4:2= DA246 :D E92E :E DE@AA65 36:?8 2 DE@CJ 23@FE E96 7FEFC6 2?5 3642>6 2 DE@CJ 23@FE C6G6?F6] tDE:>2E6D A=246 E96 8=@32= DA246 64@?@>J 2E C@F89=J Seae 3:==:@? :? a_ad[ C:D:?8 E@ 23@FE Sef_ 3:==:@? :? a_ae 2D @A6C2E:@?2= $E2CD9:A 7=:89ED 368:?[ 2?5 2AAC@249:?8 Sfc_ 3:==:@? 3J a_ag 2D E96 zF:A6C 4@?DE6==2E:@? 56A=@JD] qJ a_b_[ E96 >2C<6E 4@F=5 2AAC@249 Shd_ 3:==:@?[ DFAA@CE65 3J 4@>>6C4:2= DA246 DE2E:@?D] %96 >@DE 288C6DD:G6 =@?8\C2?86 7@C642DED AFE E96 D64E@C 2E S`]g EC:==:@? 3J a_bd[ 724E@C:?8 :? DA246 E@FC:D>[ :?\DA246 >2?F724EFC:?8 2?5 4:D=F?2C 24E:G:EJ]k^Am

kAm%9@D6 2C6 =2C86 ?F>36CD[ 2?5 =2C86 ?F>36CD :? 6>6C8:?8 D64E@CD 56D6CG6 D<6AE:4:D>] %96 D64E@C 92D 564=2C65 :?7=64E:@? A@:?ED 367@C6] (92E >2<6D E9:D >@>6?E 5:776C6?E :D E96 >:I @7 6G:56?46 F?56C?62E9 E96 AC@;64E:@?D] %96 (@C=5 t4@?@>:4 u@CF>[ 6I2>:?:?8 E96 D2>6 EC6?5[ A@:?E65 E@ E96 a_ad x!~D @7 '@J286C %649?@=@8:6D 2?5 u:C67=J p6C@DA246[ p>2K@?VD S``]e 3:==:@? 24BF:D:E:@? @7 v=@32=DE2C[ 2?5 rprxVD Sa]e 3:==:@? AFC492D6 @7 p#zp 2D D:8?2=D @7 D@>6E9:?8 >@C6 5FC23=6 E92? 2 D:?8=6 >682\=:DE:?8] %96? 42>6 E96 3:886DE >2C<6C @7 2==i $A246) 563FE65 @? E96 }2D52B @? yF?6 ah[ a_ae[ 8:G:?8 AF3=:4 :?G6DE@CD 5:C64E 2446DD E@ E96 D64E@CVD 5@>:?2?E A=2J6C 7@C E96 7:CDE E:>6]k^Am

kAm%96 DECF4EFC2= D9:7E E96 (tu :56?E:7:65 :D H@CE9 DE2E:?8 A=2:?=Ji G2=F6 :D >@G:?8 7C@> D6==:?8 DA246 2DD6ED E@ D6==:?8 E96 @FE4@>6D E96J 6?23=6] %92E :D E96 5:776C6?46 36EH66? 2 92C5H2C6 3FD:?6DD 2?5 2? :?7C2DECF4EFC6 3FD:?6DD[ 2?5 :E :D H9J E96 8C@HE9 C2E6D 9@=5 FA] r@>>6C4:2= DA246 :D 6DE:>2E65 E@ 36 4@>A@F?5:?8 2E `aT E@ `dT 2??F2==J 282:?DE C@F89=J hT 7@C E96 DA246 64@?@>J @G6C2==[ :ED6=7 @FEA24:?8 8=@32= vs!]k^Am

kAmkDEC@?8m%96 u=@@C &?56C E96 $64E@Ck^DEC@?8mk^Am

kAm$A64F=2E:G6 D64E@CD 86E C6AC:465 G:@=6?E=J H96? D6?E:>6?E EFC?D] (92E =:>:ED E96 5@H?D:56 :? DA246 :D E92E 2 =2C86 D92C6 @7 E96 56>2?5 :D ?@E D6?E:>6?E 2E 2==] xE :D 2AAC@AC:2E65] %96 &]$] u*a_af DA246 3F586E E@E2=D Sdh]f 3:==:@? 2?5 7F?5D b` =2F?496D[ 2 >62?:?87F= DE6A FA 7C@> AC:@C J62CD] }p$pVD u*a_ae 3F586E @7 Sac]cc 3:==:@? C@FE6D C@F89=J fb]dT @7 2??F2= DA6?5:?8 E9C@F89 28C66>6?ED 2?5 4@?EC24ED H:E9 ?62C=J d[___ 3FD:?6DD6D[ F?:G6CD:E:6D 2?5 ?@?AC@7:ED[ 2? 6IA=:4:E DECF4EFC2= AC676C6?46 7@C 4@>>6C4:2= A2CE?6CD @G6C 8@G6C?>6?E\@H?65 DJDE6>D]k^Am

kAm%92E AC676C6?46 D9@HD FA :? AC@8C2> 56D:8?] %96 r@>>6C4:2= {F?2C !2J=@25 $6CG:46D AC@8C2> 3682? H:E9 2 46:=:?8 ?62C Sa]e 3:==:@? 2?5 92D 366? C2:D65 E@ C@F89=J Sc]a 3:==:@? 3J a_ae[ H:E9 2 !92D6 a C@25>2A E2C86E:?8 ff =F?2C =2?56C >:DD:@?D @G6C E96 ?6IE 564256 2E 2? 6DE:>2E65 Se 3:==:@?[ 6IA=:4:E=J 6?8:?66C65 E@ 5C:G6 A6C\>:DD:@? 4@DE 7C@> 23@FE S`ah >:==:@? E@H2C5 Sh` >:==:@?] s676?D6 56>2?5 CF?D @? 2 A2C2==6= EC24<[ H:E9 9JA6CD@?:4 7=:89E E6DE:?8[ >:DD:=6\5676?D6 AC@8C2>D 2?5 DA246\32D65 :?E6C46AE@C H@C< 2== 7F?565 E9C@F89 DFDE2:?65 AC@4FC6>6?E 4J4=6D]k^Am

kAm%96 AC24E:42= 4@?D6BF6?46 :D E92E E96 4@>>6C4:2=\DA246 324<=@8 C646?E=J 4C@DD65 Sd__ 3:==:@?] q24<=@8 :D ?@E C6G6?F6[ 2?5 4@?G6CD:@? :D H96C6 4@>A2?:6D =:G6 @C 5:6] qFE 2 92=7\EC:==:@?\5@==2C @C56C 3@@< 2?49@C65 DF3DE2?E:2==J :? 8@G6C?>6?E 2AAC@AC:2E:@?D :D 2 7F?52>6?E2==J 5:776C6?E C:D< AC@7:=6 E92? 2 D64E@C CF??:?8 AFC6=J @? G6?EFC6 @AE:>:D>]k^Am

kAmkDEC@?8m%96 q@EE=6?64< xD p446DD[ }@E p>3:E:@?k^DEC@?8mk^Am

kAmw6C6 :D E96 A2CE E96 C@4<6E\D:K6 ?2CC2E:G6 @3D4FC6D] q67@C6 2 D2E6==:E6 42? 362> 52E2 @C 2 G69:4=6 42? C6249 @C3:E[ E96 92C5H2C6 92D E@ 36 E6DE65[ E96 4C6HD EC2:?65[ E96 A2J=@25D G2=:52E65[ 2?5 E96 D6?D@CD 7=@H? :? C62= 4@?5:E:@?D] %92E :?7C2DECF4EFC6 =2J6C[ E96 F?8=2>@C@FD H@C< @7 86EE:?8 E9:?8D E@ 2=E:EF56 C6A62E65=J 2?5 277@C523=J[ :D H96C6 56>2?5 :D 4FCC6?E=J @FECF??:?8 DFAA=J]k^Am

kAm%96 >2C<6E 52E2 C67=64ED :E] $A246 =2F?49 D6CG:46D 2C6 AC@;64E65 E@ 8C@H 7C@> C@F89=J S`b]gd 3:==:@? :? a_ae E@ Sac]ca 3:==:@? 3J a_b_[ 2 `d]aT 4@>A@F?5 2??F2= C2E6[ 5C:G6? 3J C:D:?8 {t~ 2?5 |t~ D2E6==:E6 56A=@J>6?E[ 6IA2?5:?8 AC:G2E6 =2F?49 AC@G:56CD 2?5 8C@H:?8 56>2?5 7@C ?2G:82E:@? 2?5 DFCG6:==2?46 DJDE6>D] r@>>6C4:2= D2E6==:E6 =2F?49 D6CG:46D DA64:7:42==J 2C6 7@C642DE E@ >@G6 7C@> 23@FE Sg]ed 3:==:@? :? a_ae E@ S``]`d 3:==:@? 3J a_b_] %96 4@?DEC2:?E :D ?@E H96E96C A2J=@25D 6I:DE] xE :D =2F?49 4256?46[ E6DE 42A24:EJ[ 2?5 4@DE A6C 2EE6>AE]k^Am

kAm%9:D :D E96 82A k2 9C67lQ9EEADi^^FD2?6HD8C@FA]4@>^7;6E\=2?5:?8^Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm$E2C7:89E6CD $A246k^2m :D E2C86E:?8[ 2?5 :E 5@6D D@ H:E9 2? 2AAC@249 2=>@DE ?@3@5J 6=D6 :D CF??:?8] %96 4@>A2?J @A6C2E6D 2 7=66E @7 u\`_c $E2C7:89E6C ;6ED[ 2:C4C27E @C:8:?2==J 3F:=E 7@C AFC6 DA665[ H9:49 :E D2JD 42? DFDE2:? |249 a[ C@F89=J EH:46 E96 DA665 @7 D@F?5] %92E 7=66E AC@G:56D 4@>>6C4:2= DFA6CD@?:4 7=:89E\E6DE 2?5 #U2>Ajs D6CG:46D DFAA@CE:?8 9JA6CD@?:4 AC@8C2>D 7@C 8@G6C?>6?E 2?5 4@>>6C4:2= 4=:6?ED E@52J[ 7C@> E96 $9FEE=6 {2?5:?8 u24:=:EJ 2E }p$p z6??65J $A246 r6?E6C] %96 4@>A2?J 56D4C:36D :E 2D E96 H@C=5VD @?=J 4@>>6C4:2= 7=66E @7 7=:89E\C625J |249 aZ DFA6CD@?:4 2:C4C27E]k^Am

kAm%96 =@?86C\E6C> AC@8C2> :D $%p#{p&}rw[ 2? 2:C\=2F?49 2C49:E64EFC6 56D:8?65 E@ FD6 E96 2:C4C27E 2D 2 C6FD23=6 7:CDE\DE286 =:7E:?8 A=2E7@C>[ 42CCJ:?8 =2F?49 G69:4=6D H:E9 A2J=@25D 2?5 D2E6==:E6D E@ 9:89 2=E:EF56 367@C6 C6=62D6] rt~ %:> uC2?E2 92D 56D4C:365 2 DE2865 56G6=@A>6?E A2E9 368:??:?8 H:E9 2 A=2??65 5C@A E6DE[ 7@==@H65 3J AC@8C6DD:G6=J >@C6 25G2?465 7=:89E 56>@?DEC2E:@?D 2?5[ F=E:>2E6=J[ @C3:E2= =2F?49 42A23:=:EJ] %96 4@>A2?J 25565 EH@ D6?:@C =6256CD 7C@> q=F6 ~C:8:?VD }6H v=6?? AC@8C2> :? |2J a_ae 2?5 D64FC65 2 S`f]d >:==:@? DEC2E68:4 :?G6DE>6?E E@ 25G2?46 E96 H@C<]k^Am

kAm#68F=2E:@? :D >@G:?8 :? 2 96=A7F= 5:C64E:@? E@@] $E2C7:89E6CD AF3=:4=J 324<65 E96 uppVD AC@A@D2= E@ >@56C?:K6 DFA6CD@?:4 7=:89E CF=6D] QpD E96 @A6C2E@C @7 E96 H@C=5VD @?=J 4@>>6C4:2= 7=66E @7 7=:89E\C625J |249 aZ 2:C4C27E[ H6 G:6H E9:D AC@A@D2= 2D 2? :>A@CE2?E >:=6DE@?6 7@C E96 7FEFC6 @7 9:89\DA665 2G:2E:@?[Q D2:5 uC2?E2[ 255:?8 E92E 2 >@56C? C68F=2E@CJ 7C2>6H@C< Q42? 96=A DFAA@CE 4@?E:?F65 :?G6DE>6?E :? 4@>>6C4:2= 7=:89E E6DE:?8 H9:=6 C6:?7@C4:?8 p>6C:42VD =6256CD9:A :? DA246]Q %96 4@>A2?J 2=D@ ;@:?65 E96 3C@25\>2C<6E #FDD6== b___ x?56I 67764E:G6 yF?6 ah[ a_ae]k^Am

kAmkDEC@?8m%96 r@9@CEi u@FC s@@CD x?E@ E96 $2>6 %C256k^DEC@?8mk^Am

kAm$E2C7:89E6CD :D 2 D>2==[ 56G6=@A>6?E\DE286 4@>A2?J[ 2?5 E96 ?2>6D 36=@H 2C6 =2C86C 2?5 2C6 C676C6?465 96C6 @?=J 2D >2C<6E 2?5 E96>2E:4 4@?E6IE[ ?@E 2D A66CD[ 4@>A6E:E@CD[ @C 7:?2?4:2= 4@>A2C23=6D E@ uyt%] %@86E96C E96J >2A E96 D64E@CVD D68>6?EDi =2F?49[ =F?2C D6CG:46D[ 4@??64E:G:EJ 2?5 52E2] ~?6 9@?6DE 42G62E FA 7C@?E[ 3642FD6 :E >2EE6CD 7@C C625:?8 E96 492CEi E9:D 8C@FA D@=5 @77 D92CA=J :? E96 H66<D 2C@F?5 $A246)VD }2D52B 563FE[ H:E9 D6G6C2= ?2>6D 5@H? 5@F3=6 5:8:ED @G6C E96 A2DE >@?E9 27E6C 6?@C>@FD CF?D] r@G6C286 @7 E96 AF==324< 92D =2C86=J 492C24E6C:K65 :E 2D AC@7:E\E2<:?8 2?5 C@E2E:@? H:E9:? E96 D64E@C C2E96C E92? 2 3C62< :? E96 F?56C=J:?8 E96D:D] p== 7:8FC6D 2C6 2AAC@I:>2E6 2?5 DF3;64E E@ 492?86]k^Am

kAmkDEC@?8m#@4<6E {23k^DEC@?8m W}p$sp"i #z{qX :D E96 4=@D6DE E9:?8 E96 D64E@C 92D E@ 2 AC@G6? 492==6?86C[ 2?5 E96 4=62C6DE C625 @? =2F?49 56>2?5] %96 4@>A2?J 92D 3F:=E 2 C@F89=J Sa]a 3:==:@? 324<=@8[ H2D D6=64E65 7@C E96 s6A2CE>6?E @7 (2CVD $A246 q2D65 x?E6C46AE@C AC@8C2> F?56C v@=56? s@>6 7@C p>6C:42 2=@?8D:56 #2JE96@?[ 4=@D65 :ED 24BF:D:E:@? @7 =2D6C\4@>>F?:42E:@?D 7:C> |J?2C:4[ 2?5 :D E2C86E:?8 E96 563FE @7 :ED >65:F>\=:7E }6FEC@? G69:4=6 :? E96 7@FCE9 BF2CE6C @7 a_ae] #@4<6E {23 :D E96 AC@@7 E92E =2F?49 56>2?5 :D C62= 2?5 7F?523=6] xE :D 2=D@ E96 C6>:?56C E92E =2F?49 :D 3CFE2==J 42A:E2=\:?E6?D:G6i E96 4@>A2?J :D DE:== 3FC?:?8 42D9 2?5 C2? 2 Scd_ >:==:@? p%| C2:D6 :? E96 7:CDE BF2CE6C] %92E 4@>3:?2E:@?[ 6?@C>@FD 56>2?5 >66E:?8 6IA6?D:G6 DFAA=J[ :D 6I24E=J E96 E6?D:@? 2? 2:C\=2F?49 2AAC@249 :D 56D:8?65 E@ 2EE24<]k^Am

kAmkDEC@?8mx?EF:E:G6 |249:?6Dk^DEC@?8m W}p$sp"i {&}#X 56>@?DEC2E6D 9@H BF:4<=J 8@G6C?>6?E 56>2?5 42? 4@>A@F?5 :?E@ 2 C62= 3FD:?6DD] %96 =F?2C\D6CG:46D 4@>A2?J :D FA C@F89=J `eeT J62C E@ 52E6 6G6? 27E6C 2 D92CA >@?E9=J 5C2H5@H?[ 56=:G6C65 23@FE `hhT C6G6?F6 8C@HE9[ 2?5 42CC:6D 2 C64@C5 324<=@8 ?62C S`]_e 3:==:@?[ 2?49@C65 3J 2 &]$] $A246 u@C46 p?5C@>652 xsx" 4@?EC24E H:E9 2? 2?E:4:A2E65 46:=:?8 @7 Se]a 3:==:@?] xED u*a_ae C6G6?F6 8F:52?46 DE2?5D 2E Sh__ >:==:@? E@ S` 3:==:@?] x?EF:E:G6 |249:?6D D9@HD H92E E96 r{!$\DEJ=6 4@>>6C4:2= AC@4FC6>6?E >@56= AC@5F46D H96? :E H@C<D[ 2?5 2=D@ :ED 4@?46?EC2E:@? C:D<i 2 D:?8=6 7656C2= 3F586E D9:7E 42? C6D6E E96 62C?:?8D A@H6C @7 2 3FD:?6DD 3F:=E E9:D H2J]k^Am

kAmkDEC@?8mp$% $A246|@3:=6k^DEC@?8m W}p$sp"i p$%$X C6AC6D6?ED E96 56>2?5 D:56 E92E >2<6D =2F?49 42A24:EJ G2=F23=6 :? E96 7:CDE A=246] %96 4@>A2?J :D 3F:=5:?8 2 D2E6==:E6 4@?DE6==2E:@? 56D:8?65 E@ 4@??64E 5:C64E=J E@ F?>@5:7:65 D>2CEA9@?6D[ H:E9 C@F89=J e_ >@3:=6 ?6EH@C< @A6C2E@C A2CE?6CD9:AD 4@G6C:?8 >@C6 E92? b 3:==:@? DF3D4C:36CD[ Sb]_b 3:==:@? :? 42D9[ 2?5 C6277:C>65 u*a_ae C6G6?F6 8F:52?46 @7 S`d_ >:==:@? E@ Sa__ >:==:@? H9:=6 E2C86E:?8 23@FE cd D2E6==:E6D :? @C3:E 3J J62C\6?5] tG6CJ 4@?DE6==2E:@? =:<6 E9:D @?6 :D[ 7C@> 2 =2F?49 AC@G:56CVD A6CDA64E:G6[ 2 >F=E:\J62C DEC62> @7 A2J=@25D E92E 92D E@ 86E E@ @C3:E] p$%$ :D 2=D@ 2 72:C H2C?:?8 23@FE E:>6=:?6Di :ED 7:CDE\BF2CE6C C6G6?F6 325=J >:DD65 4@?D6?DFD[ 2?5 :E C6>2:?D 67764E:G6=J AC6\C6G6?F6 2E 4@>>6C4:2= D42=6]k^Am

kAmkDEC@?8m!=2?6E {23Dk^DEC@?8m W}*$ti !{X :D 2C8F23=J E96 36DE :==FDEC2E:@? @7 E96 (tuVD A@:?E E92E G2=F6 :D >:8C2E:?8 7C@> 2DD6ED E@ @FE4@>6D] %96 t2CE9\@3D6CG2E:@? 4@>A2?J D6==D DF3D4C:AE:@? 2446DD E@ 52:=J 8=@32= :>286CJ C2E96C E92? D6==:?8 D2E6==:E6D[ A@DE65 7:CDE\BF2CE6C C6G6?F6 8C@HE9 @7 C@F89=J caT J62C @G6C J62C[ C2:D65 7F==\J62C 8F:52?46 E@ 2 C2?86 @7 Scad >:==:@? E@ Scc` >:==:@?[ 2?5 C@D6 23@FE `eT @? E92E ?6HD :? =2E6 yF?6] xE 2=D@ >@G65 FA 7C@> E96 #FDD6== a___ :?E@ E96 #FDD6== `___[ 2 DE6A @? E96 D2>6 :?56I =2556Ck^Am

kAmk2 9C67lQ9EEADi^^FD2?6HD8C@FA]4@>^7;6E\=2?5:?8^Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm$E2C7:89E6CD C646?E=J ;@:?65k^2m 2E E96 #FDD6== b___ =6G6=] !=2?6E D9@HD E96 C64FCC:?8\C6G6?F6 6?582>6 E96 D64E@C :D 3F:=5:?8 E@H2C5[ @?46 E96 2446DD AC@3=6> :D D@=G65 2E D42=6]k^Am

kAmkDEC@?8m(92E w2D E@ q6 %CF6k^DEC@?8mk^Am

kAmp D64E@C\=6G6= E96D:D 5@6D ?@E 6I6>AE 2?J :?5:G:5F2= 4@>A2?J 7C@> 92G:?8 E@ 6I64FE6[ 2?5 $E2C7:89E6CD :D 62C=J] xE 92D ?@E 7=@H? $%p#{p&}rw] $F3@C3:E2= :D 2 ?6IE\J62C @3;64E:G6 2?5 @C3:E2= D:ED `g >@?E9D E@ EH@ J62CD 36J@?5 E92E @? E96 4@>A2?JVD @H? DE2E65 E:>6=:?6] xE H:== ?665 42A:E2=[ C68F=2E@CJ AC@8C6DD[ 2?5 DF446DD7F= 92C5H2C6 >:=6DE@?6D E@ 4@?G6CE 2? F?4@?G6?E:@?2= :562 :?E@ 2 3FD:?6DD] %96 S`f]d >:==:@? :?G6DE>6?E 2?5 E96 q=F6 ~C:8:? 9:C6D 2C6 :?AFED[ ?@E @FE4@>6D]k^Am

kAm(92E :D H@CE9 F?56CDE2?5:?8 :D E96 D92A6 @7 E96 36E] x7 E96 DA246 64@?@>J C62==J :D @? 2 A2E9 7C@> C@F89=J Sef_ 3:==:@? E@52J E@ D@>6E9:?8 >F=E:A=6D @7 E92E H:E9:? 2 564256[ E96 4@?DEC2:?E H:== ?@E 36 56>2?5 7@C H92E D2E6==:E6D 5@] xE H:== 36 E96 4@DE[ 4256?46 2?5 7=6I:3:=:EJ @7 86EE:?8 92C5H2C6 E@ 2=E:EF56 2?5 AC@G:?8 :E H@C<D] %96 4@>A2?:6D D@=G:?8 E92E =2J6C[ H96E96C H:E9 C6FD23=6 C@4<6ED[ 2:C\=2F?49 A=2E7@C>D[ @C 2AAC@2496D ?@3@5J 92D 7F?565 J6E[ D:E FADEC62> @7 6G6CJE9:?8 6=D6 :? E96 :?5FDECJ] $E2C7:89E6CD :D AFCDF:?8 2 DA64:7:4[ DE2865 56G6=@A>6?E DEC2E68J 3F:=E 2C@F?5 2? 6I:DE:?8 2:C4C27E 7=66E 2?5 C6FD23=6 2:C3@C?6 :?7C2DECF4EFC6[ 7C@> 2 7=66E @7 2:C4C27E E92E 2=C625J 6I:DED 2?5 2=C625J 7=:6D] uFEFC6 7=:89E\E6DE >:=6DE@?6D[ :?4=F5:?8 E96 A=2??65 5C@A E6DE[ 2C6 6IA64E65 E@ AC@G:56 :>A@CE2?E G2=:52E:@? @7 E96 $%p#{p&}rw 56G6=@A>6?E AC@8C2>]k^Am

kAmkDEC@?8mr~}%x}&ts… u@==@H $E2C7:89E6CD $A246 2D $%p#{p&}rw 25G2?46D E@H2C5 :ED 7:CDE 5C@A E6DE 2?5k^DEC@?8m k2 9C67lQ9EEADi^^FD2?6HD8C@FA]4@>^7;6E\=2?5:?8^Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm86E E96 7F== DE@CJ 2?5 FA52E6D 96C6k^2mkDEC@?8m]k^DEC@?8mk^Am

kAmkDEC@?8mp3@FE $E2C7:89E6CD $A246[ x?4]k^DEC@?8mk^Am

kAm$E2C7:89E6CD $A246[ x?4] W}*$t p>6C:42?i uyt%X :D 2? DA246 4@>A2?J 2?5 E96 @H?6C 2?5 @A6C2E@C @7 H92E :E 56D4C:36D 2D E96 H@C=5VD @?=J 4@>>6C4:2= 7=66E @7 7=:89E\C625J |249 aZ u\`_c DFA6CD@?:4 2:C4C27E[ @A6C2E:?8 7C@> E96 $9FEE=6 {2?5:?8 u24:=:EJ 2E }p$p z6??65J $A246 r6?E6C :? u=@C:52] rFCC6?E AC@8C2>D :?4=F56 4@>>6C4:2= DFA6CD@?:4 7=:89E\E6DE D6CG:46D DFAA@CE:?8 9JA6CD@?:4 C6D62C49 2?5 56G6=@A>6?E[ 2:C\=2F?49 56G6=@A>6?E E9C@F89 E96 $%p#{p&}rw AC@8C2>[ A=2??65 >:4C@8C2G:EJ >:DD:@?D[ 2?5 DA246 C6D62C49 24E:G:E:6D] %96 4@>A2?J ;@:?65 E96 #FDD6== b___ x?56I 67764E:G6 yF?6 ah[ a_ae] %:> uC2?E2 D6CG6D 2D r9:67 tI64FE:G6 ~77:46C]k^Am

kAmkDEC@?8m%C24< xE *@FCD6=7[ uC66k^DEC@?8mk^Am

kAmk6>mp D64E@C >@G:?8 E9:D 72DE :D H@CE9 H2E49:?8 @? J@FC @H? E6C>D] "F@E6 s255J 4@G6CD }*$t[ }*$t p>6C:42? 2?5 }2D52B 2=@?8D:56 %$)[ %$)\' 2?5 r$t[ H:E9 =:G6 H2E49=:DED[ :?E6C24E:G6 492CED[ $tr 7:=:?8D 2?5 :?D:56C 24E:G:EJ[ AC:46 2=6CED[ 2?5 A@CE7@=:@ EC24<:?8 H:E9 =:G6 AC@7:E 2?5 =@DD] xE 2=D@ DFC7246D `bu 2?5 r@?8C6DD:@?2= EC25:?8 52E2 E92E >@DE 2AAD 492C86 7@C] xE :D 7C66[ H:E9 ?@ A2JH2==D[ @? H63 2?5 >@3:=6] qF:=5 J@FC 7:CDE H2E49=:DE :? F?56C 2 >:?FE6 2Ek^6>m k2 9C67lQ9EEADi^^BF@E65255J]4@>^Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmBF@E65255J]4@>k^2mk6>m]k^6>mk^Am

kAmkDEC@?8mpCE:4=6 $@FC46k^DEC@?8mk^Am

kAmtBF:EJ x?D:56Ck^Am

kAmk2 9C67lQ>2:=E@i65:E@Co6BF:EJ\:?D:56C]4@>Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm65:E@Co6BF:EJ\:?D:56C]4@>k^2mk^Am

kAmkDEC@?8msx$r{px|t#k^DEC@?8mk^Am

kAm}@E9:?8 :? E9:D AF3=:42E:@? D9@F=5 36 4@?D:56C65 A6CD@?2=:K65 7:?2?4:2= 25G:46] (6 2C6 ?@E =:46?D65 F?56C D64FC:E:6D =2HD E@ 255C6DD J@FC A2CE:4F=2C 7:?2?4:2= D:EF2E:@?] }@ 4@>>F?:42E:@? 3J @FC 6>A=@J66D E@ J@F D9@F=5 36 566>65 A6CD@?2=:K65 7:?2?4:2= 25G:46] !=62D6 4@?DF=E 2 =:46?D65 7:?2?4:2= 25G:D@C 367@C6 >2<:?8 2?J :?G6DE>6?E 564:D:@?] %9:D :D 2 5:8:E2= >65:2 5:DEC:3FE:@? 2?5 :D ?6:E96C 2? @776C ?@C 2 C64@>>6?52E:@? E@ 3FJ @C D6== 2?J D64FC:EJ] (6 9@=5 ?@ :?G6DE>6?E =:46?D6D 2?5 2C6 E9FD ?6:E96C =:46?D65 ?@C BF2=:7:65 E@ AC@G:56 :?G6DE>6?E 25G:46] %96 4@?E6?E :? E9:D C6A@CE @C 6>2:= :D ?@E AC@G:565 E@ 2?J :?5:G:5F2= H:E9 2 G:6H E@H2C5 E96:C :?5:G:5F2= 4:C4F>DE2?46D]k^Am

kAm%9:D 2CE:4=6 :D 36:?8 5:DEC:3FE65 3J &$p }6HD vC@FA @? 3692=7 @7 |2C<6E tBF:E:6D {:>:E65 WQ|2C<6E tBF:E:6DQX[ H9:49 H9@==J @H?D 2?5 @A6C2E6D &$p }6HD vC@FA 2?5 tBF:EJ x?D:56C] |2C<6E tBF:E:6D 92D 366? A2:5 2 766 7@C $E2C7:89E6CD $A246[ x?4] 25G6CE:D:?8 2?5 5:8:E2= >65:2 7C@> rC62E:G6 s:C64E |2C<6E:?8 vC@FA WQrs|vQX] %96C6 >2J 36 E9:C5 A2CE:6D H9@ 9@=5 D92C6D @7 $E2C7:89E6CD $A246[ x?4] 2?5 >2J =:BF:52E6 E96:C D92C6D[ H9:49 4@F=5 92G6 2 ?682E:G6 67764E @? E96 AC:46 @7 E96 DE@4<] %9:D 4@>A6?D2E:@? 4@?DE:EFE6D 2 4@?7=:4E @7 :?E6C6DE 2D E@ @FC 23:=:EJ E@ C6>2:? @3;64E:G6 :? @FC 4@>>F?:42E:@? C682C5:?8 E96 AC@7:=65 4@>A2?J]k^Am

kAmq642FD6 2 4@?7=:4E @7 :?E6C6DE 6I:DED 5F6 E@ E96 4@>A6?D2E:@? 56D4C:365 23@G6[ :?5:G:5F2=D 2C6 DEC@?8=J 6?4@FC2865 ?@E E@ FD6 E9:D AF3=:42E:@? 2D E96 32D:D 7@C 2?J :?G6DE>6?E 564:D:@?] |2C<6E tBF:E:6D 2?5 :ED @H?6CD[ @A6C2E@CD[ 5:C64E@CD[ 2?5 277:=:2E6D 5@ ?@E 4FCC6?E=J @H? 2?J D92C6D @7 $E2C7:89E6CD $A246[ x?4][ 3FE C6D6CG6 E96 C:89E E@ 3FJ[ D6==[ @C 9@=5 D92C6D @7 $E2C7:89E6CD $A246[ x?4] 2E 2?J E:>6 H:E9@FE 7FCE96C ?@E:46[ 4@>>6?4:?8 :>>65:2E6=J 2?5 @?8@:?8] (6 2=D@ 6IA64E E@ C646:G6 7FCE96C 4@>A6?D2E:@? 2D A2CE @7 2? @?8@:?8 5:8:E2= >65:2 677@CE E@ :?4C62D6 G:D:3:=:EJ 7@C E96 4@>A2?J[ 2?5 ?@ 7FCE96C ?@E:46 H:== 36 8:G6?[ 3FE =6E E9:D 5:D4=2:>6C D6CG6 2D ?@E:46 E92E 2== >2E6C:2=[ :?4=F5:?8 E9:D 2CE:4=6[ H9:49 :D 5:DD6>:?2E65 3J |2C<6E tBF:E:6D 92D 366? C6G:6H65 2?5 2AAC@G65 @? 3692=7 @7 $E2C7:89E6CD $A246[ x?4] 3J rs|v] (9:=6 2== :?7@C>2E:@? :D 36=:6G65 E@ 36 C6=:23=6[ :E :D ?@E 8F2C2?E665 3J FD E@ 36 244FC2E6] x?5:G:5F2=D D9@F=5 2DDF>6 E92E 2== :?7@C>2E:@? 4@?E2:?65 :? E9:D AF3=:42E:@? :D ?@E ECFDEH@CE9J F?=6DD G6C:7:65 3J E96:C @H? :?56A6?56?E C6D62C49] p=H2JD 4@?DF=E 2 =:46?D65 :?G6DE>6?E AC@76DD:@?2= 367@C6 >2<:?8 2?J :?G6DE>6?E 564:D:@?] q6 6IEC6>6=J 42C67F=[ :?G6DE:?8 :? D64FC:E:6D 42CC:6D 2 9:89 568C66 @7 C:D<j J@F >2J =@D6 D@>6 @C 2== @7 J@FC :?G6DE>6?E]k^Am

kAmu@CH2C5\{@@<:?8 $E2E6>6?ED] %9:D AF3=:42E:@? >2J 4@?E2:? 7@CH2C5\=@@<:?8 DE2E6>6?ED H:E9:? E96 >62?:?8 @7 2AA=:423=6 D64FC:E:6D =2HD[ :?4=F5:?8 DE2E6>6?ED C682C5:?8 $E2C7:89E6CD $A246[ x?4]VD $%p#{p&}rw 56G6=@A>6?E AC@8C2>[ 2?E:4:A2E65 DF3@C3:E2= 2?5 @C3:E2= =2F?49 E:>6=:?6D[ 7=:89E E6DE:?8 2?5 5C@A\E6DE A=2?D[ C68F=2E@CJ 56G6=@A>6?ED[ 42A:E2= C6BF:C6>6?ED[ 2?5 >2C<6E @AA@CEF?:EJ] u@CH2C5\=@@<:?8 DE2E6>6?ED 42? @7E6? 36 :56?E:7:65 3J H@C5D DF49 2D Q6IA64ED[Q Q2?E:4:A2E6D[Q Q:?E6?5D[Q QA=2?D[Q Q36=:6G6D[Q QD66<D[Q Q6DE:>2E6D[Q Q>2J[Q QH:==[Q QD9@F=5[Q Q4@F=5[Q @C E96 ?682E:G6 @7 DF49 E6C>D] %96D6 DE2E6>6?ED 2C6 32D65 @? 4FCC6?E 6IA64E2E:@?D 2?5 :?G@=G6 <?@H? 2?5 F?<?@H? C:D<D 2?5 F?46CE2:?E:6D E92E 4@F=5 42FD6 24EF2= C6DF=ED E@ 5:776C >2E6C:2==J[ :?4=F5:?8 C:D<D E92E 56G6=@A>6?E E:>6=:?6D D=:A @C >:=6DE@?6D 2C6 ?@E 249:6G65[ E92E 255:E:@?2= 42A:E2= >2J ?@E 36 2G2:=23=6 @? 2446AE23=6 E6C>D[ 92C5H2C6 2?5 7=:89E\E6DE C:D<[ C68F=2E@CJ @FE4@>6D[ 4@>A6E:E:@?[ 2?5 86?6C2= 64@?@>:4 4@?5:E:@?D] #6256CD 2C6 42FE:@?65 ?@E E@ A=246 F?5F6 C6=:2?46 @? 7@CH2C5\=@@<:?8 DE2E6>6?ED[ H9:49 DA62< @?=J 2D @7 E96 52E6 @7 E9:D AF3=:42E:@?] }6:E96C E96 4@>A2?J ?@C 2?J @E96C A2CEJ F?56CE2<6D 2?J @3=:82E:@? E@ FA52E6 @C C6G:D6 2?J 7@CH2C5\=@@<:?8 DE2E6>6?ED] #6256CD D9@F=5 4@?5F4E E96:C @H? 5F6 5:=:86?46 367@C6 >2<:?8 2?J :?G6DE>6?E 564:D:@?D]k^Am

kAm%9:C5\!2CEJ s2E2 2?5 r@>A2C23=6D] |2C<6E D:K6[ 8C@HE9[ 3F586E 2?5 324<=@8 7:8FC6D 4:E65 :? E9:D 2CE:4=6 2C6 5C2H? 7C@> E9:C5\A2CEJ :?5FDECJ C6D62C49[ 8@G6C?>6?E 3F586E 5:D4=@DFC6D 2?5 AC6DD C6A@CED[ 2C6 6DE:>2E6D @C AC@;64E:@?D C2E96C E92? 8F2C2?E66D[ 2?5 2C6 DF3;64E E@ C6G:D:@?] %9:C5\A2CEJ 4@>A2C23=6 4@>A2?:6D C676C6?465 W#z{q[ {&}#[ p$%$[ !{X 2C6 AC@G:565 D@=6=J 2D >2C<6E 2?5 E96>2E:4 4@?E6IE 2?5 2C6 ?@E A66CD[ 4@>A6E:E@CD[ @C 4@>A2C23=6D @7 $E2C7:89E6CD $A246[ x?4]j 2== E9:C5\A2CEJ A6C7@C>2?46 7:8FC6D 2C6 2AAC@I:>2E6[ C67=64E 2 A6C:@5 @7 D:8?:7:42?E D64E@C G@=2E:=:EJ[ 2?5 2C6 DF3;64E E@ 492?86] !2DE A6C7@C>2?46 @7 2?J C676C6?465 4@>A2?J :D ?@E :?5:42E:G6 @C AC65:4E:G6 @7 uyt% 7FEFC6 EC25:?8 A6C7@C>2?46] %9:D 5:D4=2:>6C[ E@86E96C H:E9 J@FC 2446DD E@ 2?5 FD6 @7 E9:D 4@?E6?E[ D92== 36 8@G6C?65 3J 2?5 4@?DECF65 :? 244@C52?46 H:E9 E96 =2HD @7 xC6=2?5]k^Am

kAm"F@E6 s255J s:D4=@DFC6] "F@E6 s255J :D 2 DE@4<\EC24<:?8 2AA=:42E:@? 277:=:2E65 H:E9 E96 AF3=:D96C @7 E9:D 2CE:4=6[ 2?5 E9:D C676C6?46 4@?DE:EFE6D AC@>@E:@? @7 2? 277:=:2E65 AC@5F4E] "F@E6 s255J :D ?@E 2 3C@<6C\562=6C[ 2?5 ?@E9:?8 :? E96 2AA=:42E:@? @C :? E9:D 2CE:4=6 :D 7:?2?4:2=[ :?G6DE>6?E[ E2I[ @C =682= 25G:46] |2C<6E 52E2 AC@G:565 :? E96 2AA=:42E:@? :D 7@C :?7@C>2E:@?2= AFCA@D6D @?=J 2?5 >2J 36 56=2J65] p?J :?\2AA 4@>>6?E2CJ @C 3C:67:?8 4@?E6?E :D 65F42E:@?2= @?=J] p=H2JD 5@ J@FC @H? C6D62C49 367@C6 >2<:?8 2?J :?G6DE>6?E 564:D:@?]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{}_gbhaU2>AjD5la_ae\_f\a_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^E96\DA246\64@?@>J\:D\9625:?8\7@C\`\g\EC:==:@?\E96\3@EE=6?64<\?@3@5J\E2=<D\23@FE\:D\86EE:?8\E96C6\b_agb__ca]9E>=Q E2C86ElQ03=2?<Qm9EEADi^^HHH]AC?6HDH:C6]4@>^?6HD\C6=62D6D^E96\DA246\64@?@>J\:D\9625:?8\7@C\`\g\EC:==:@?\E96\3@EE=6?64<\?@3@5J\E2=<D\23@FE\:D\86EE:?8\E96C6\b_agb__ca]9E>=k^2mk^Am

kAm$~&#rt tBF:EJ x?D:56Ck^Am

kAmk:>8 2=ElQQ DC4lQ9EEADi^^CE]AC?6HDH:C6]4@>^CE]8:7n}6HDxE6>x5l{}_gbhaU2>Aj%C2?D>:DD:@?0x5la_ae_fa_`gaa!#0}t($0&$!#00000{}_gbhaU2>Ajs2E6x5la_ae_fa_Q DEJ=6lQ3@C56Ci_AIj H:5E9i`AIj 96:89Ei`AIjQ ^mk^Am