The 2027 growth opportunity for e-commerce and why wellness brands are positioned to benefit

kAmt\4@>>6C46 :D 2=H2JD 6G@=G:?8[ 3FE E96 A246 @7 492?86 92D @?=J 2446=6C2E65 :? C646?E J62CD] k^Am

kAmpD 3C2?5D =@@< E@H2C5 a_af[ px\2DD:DE65 AC@5F4E 5:D4@G6CJ 2?5 k2 9C67lQ9EEADi^^A2DDA@CE8=@32=]4@>^3=@8^4C@DD\3@C56C\D9:AA:?8\64@>>6C46\8F:56^Qm4C@DD\3@C56C 4@>>6C46k^2m 2C6 492?8:?8 9@H D9@AA6CD 7:?5 AC@5F4ED 2?5 564:56 H92E E@ 3FJ] vC@HE9 H:== 56A6?5 @? F?56CDE2?5:?8 E9@D6 D9:7ED 2?5 <?@H:?8 H96C6 E@ 7@4FD[ 7C@> >2C<6E:?8 2?5 =@J2=EJ E@ E96 @A6C2E:@?D E92E DFAA@CE 2 DEC@?8 4FDE@>6C 6IA6C:6?46]k^Am

kAmp E9@F89E7F= 8C@HE9 A=2? DE2CED H:E9 2 4=62C A:4EFC6 @7 H92E’D H@C<:?8 E@52J] qJ C6G:6H:?8 A6C7@C>2?46[ D6EE:?8 AC:@C:E:6D[ 2?5 EC24<:?8 AC@8C6DD E9C@F89@FE E96 J62C[ 3FD:?6DD6D 42? 252AE 2D 4FDE@>6C 923:ED 2?5 >2C<6E 4@?5:E:@?D 6G@=G6]k^Am

kAmq6=@H[ k2 9C67lQ9EEADi^^HHH]A2DDA@CED9:AA:?8]4@>Qm!2DDA@CEk^2m D92C6D H92E E@ 4@?D:56C H96? A=2??:?8 7@C E96 J62C 29625[ :?4=F5:?8ik^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ654cb`44f4daf6hehdgd3f2562fe_2fbaQm(92E’D D92A:?8 6\4@>>6C46 8C@HE9 :? a_af 2?5 9@H E@ AC6A2C6k^=:mk=: 52E2\=:DE\:E6>\:5lQ6`42__`52e6`7a62`726_faae6cf4aba4Qm(9J E96 962=E9 :?5FDECJ :D 6DA64:2==J H6== A@D:E:@?65 E@ 36?67:Ek^=:mk=: 52E2\=:DE\:E6>\:5lQ6c_f55d_26d`h_b2ec`74ghgcecb_gc`hQmw@H E@ 49@@D6 H96C6 E@ 7@4FD J@FC 8C@HE9 677@CEDk^=:mk=: 52E2\=:DE\:E6>\:5lQ6e2d75fec5575`3c_7fcag24b42e6`df4Qmw@H E@ 2=:8? @A6C2E:@?D 2?5 4FDE@>6C 6IA6C:6?46 H:E9 J@FC 8@2=Dk^=:mk=: 52E2\=:DE\:E6>\:5lQ6ah76dehefa22a```gcbhhfa_4gfc`bc7Qmw@H E@ EC24< AC@8C6DD 2?5 25;FDE J@FC A=2? E9C@F89@FE E96 J62Ck^=:mk^F=m

k9bm(92E t\r@>>6C46 qC2?5D $9@F=5 r@?D:56C 2D %96J !=2? 7@C a_afk^9bm

kAm%96 ?6H J62C 8:G6D 3FD:?6DD6D 2 ?2EFC2= >@>6?E E@ D6E AC:@C:E:6D[ 3FE 2 DEC@?8 A=2? E2<6D D92A6 H6== k2 9C67lQ9EEADi^^A2DDA@CE8=@32=]4@>^3=@8^A62<\D62D@?\64@>>6C46\>:DE2<6D^Qm367@C6 E96 42=6?52C 492?86Dk^2m] #6G:6H:?8 E96 A2DE J62C’D A6C7@C>2?46[ :56?E:7J:?8 3@EE=6?64<D[ 2?5 2=:8?:?8 H:E9 J@FC E62> 42? 96=A J@F >2<6 >@C6 :?7@C>65 564:D:@?D 23@FE H96C6 E@ 7@4FD ?6IE]k^Am

kAm!=2??:?8 29625 2=D@ 8:G6D 3FD:?6DD6D E:>6 E@ C6DA@?5 E@ 492?86D 2=C625J C6D92A:?8 6\4@>>6C46] #2A:5 k2 9C67lQ9EEADi^^A2DDA@CE8=@32=]4@>^3=@8^2:\64@>>6C46\DA6?5:?8\EC6?5D^Qmpx 25@AE:@?k^2m[ k2 9C67lQ9EEADi^^A2DDA@CE8=@32=]4@>^3=@8^6F\4FDE@>D\492?86D\a_ae^QmC68F=2E@CJ @G6C92F=Dk^2m[ 2?5 k2 9C67lQ9EEADi^^A2DDA@CE8=@32=]4@>^3=@8^F\D\42?252\EC256\H2C\9@H\C6E2=:2E@CJ\E2C:77D\27764E\64@>>6C46^Qm86@A@=:E:42= :?DE23:=:EJk^2m 42? 27764E 9@H 3C2?5D C6249 4FDE@>6CD 2?5 D6== :? 5:776C6?E >2C<6ED] pE E96 D2>6 E:>6[ :?4C62D:?8=J 4@??64E65 DFAA=J 492:?D 2C6 >2<:?8 :?E6C?2E:@?2= 4@>>6C46 >@C6 2446DD:3=6 E@ 3FD:?6DD6D @7 2== D:K6D]k^Am

kAm%C256 A@=:4J :D 2?@E96C G2C:23=6 3C2?5D >2J ?665 E@ A=2? 2C@F?5] k2 9C67lQ9EEADi^^A2DDA@CE8=@32=]4@>^3=@8^F\D\42?252\EC256\H2C\9@H\C6E2=:2E@CJ\E2C:77D\27764E\64@>>6C46^Qm%2C:77D 92G6 27764E65 4@DEDk^2m 2?5 >2C<6E 564:D:@?D[ 2?5 2 492?86 :? A2CEJ 4@?EC@= 4@F=5 4C62E6 E96 A@DD:3:=:EJ @7 D@>6 E2C:77D 6?5:?8[ 56A6?5:?8 @? E96 24E:@?D r@?8C6DD 2?5 E96 25>:?:DEC2E:@? E2<6] qC2?5D A=2??:?8 7@C a_af D9@F=5 4@?D:56C 9@H 5:776C6?E EC256 A@=:4J D46?2C:@D 4@F=5 27764E E96:C 4@DED 2?5 <66A E96:C AC:4:?8 2?5 >2C<6E A=2?D 7=6I:3=6]k^Am

kAm$9@AA:?8 ;@FC?6JD ?@H DA2? D62C49 6?8:?6D[ D@4:2= A=2E7@C>D[ 2?5 492E3@ED[ 4C62E:?8 ?6H H2JD 7@C 3C2?5D E@ C6249 4FDE@>6CD 2?5 ?6H 56>2?5D @? 9@H E96J D9@H FA 24C@DD 6249 492??6=] u@C 3C2?5D D6==:?8 24C@DD 3@C56CD[ DF446DD >62?D 252AE:?8 E@ 492?86 H9:=6 <66A:?8 E96 7F?52>6?E2=D :? A=246i 2 4=62C 4FDE@>6C 6IA6C:6?46[ C6=:23=6 @A6C2E:@?D[ 2?5 2 D@=:5 F?56CDE2?5:?8 @7 6249 >2C<6E]k^Am

k9bm#6G:6H:?8 a_ae 2?5 $6EE:?8 a_af vC@HE9 !C:@C:E:6Dk^9bm

kAm$EC@?8 8@2=D DE2CE H:E9 2 4=62C F?56CDE2?5:?8 @7 H92E’D H@C<:?8] #6G:6H J@FC a_ae A6C7@C>2?46[ FD:?8 AC@;64E:@?D H96C6 7:?2= C6DF=ED 2C6?’E 2G2:=23=6 J6E]k^Am

kAm{@@< 36J@?5 C6G6?F6] (9:49 AC@5F4ED[ 492??6=D[ >2C<6ED[ 2?5 4FDE@>6C D68>6?ED 5C@G6 8C@HE9n (9:49 C6BF:C65 >@C6 :?G6DE>6?E E92? E96:C C6EFC?D ;FDE:7:65nk^Am

kAmxE’D 2=D@ H@CE9 2D<:?8 H96E96C J@FC a_ae 8@2=D DE:== C67=64E H92E J@F H2?E E@ 249:6G6] #6G:6H:?8 E96 C6DF=ED 42? 96=A J@FC E62> :56?E:7J DFDE2:?23=6 DEC2E68:6D E@ 6IA2?5 2?5 D9@CE\E6C> 82:?D E92E >2J ?@E 36 H@CE9 C6A62E:?8]k^Am

kAm$|p#% @3;64E:G6D[ H9:49 2C6 DA64:7:4[ >62DFC23=6[ 249:6G23=6[ C6=6G2?E[ 2?5 E:>6\3@F?5[ 42? EFC? 3C@25 2>3:E:@?D :?E@ 4=62C E2C86ED] qFE E96 7C2>6H@C< H@C<D @?=J H96? J@F 49@@D6 8@2=D :?E6?E:@?2==J 2?5 C6G:D:E E96> 2D AC:@C:E:6D 492?86]k^Am

kAmr=62C 8@2=D E92E 2=:8? H:E9 J@FC 3C2?5’D A@D:E:@?:?8 >2<6 :E 62D:6C E@ AC:@C:E:K6 C6D@FC46D[ 8F:56 J@FC E62>[ 2?5 2DD6DD H96E96C 2? :?:E:2E:G6 :D 24EF2==J 56=:G6C:?8 >62?:?87F= C6DF=ED]k^Am

k9bm(9J (6==?6DD xD 2 z6J vC@HE9 pC62 7@C t\r@>>6C46 :? a_afk^9bm

kAm%96 DE2CE @7 2 ?6H J62C @7E6? 3C:?8D C6?6H65 :?E6C6DE :? 962=E9 2?5 H6==?6DD] p k2 9C67lQ9EEADi^^J@F8@G]4@>^2CE:4=6D^d`afe\a_ad\?6H\J62C\C6D@=FE:@?D\962=E9\H62=E9\2?5\72>:=J\E:>6\E@A\8=@32=\AC:@C:E:6DQm8=@32= DFCG6Jk^2m @7 `g[___ A6@A=6 24C@DD `f >2C<6ED 7@F?5 E92E daT 9@A65 E@ :>AC@G6 E96:C A9JD:42= 962=E9[ H:E9 C6DF=ED C2?8:?8 7C@> caT E@ edT 24C@DD C68:@?D] %92E :?E6C6DE 42? 42CCJ :?E@ ?6H DA6?5:?8[ E@@] vJ>D EJA:42==J D66 2 y2?F2CJ :?4C62D6 :? ?6H >6>36CD9:AD[ 2?5 DF3D4C:AE:@? 2AA 52E2 D9@HD E92E }6H *62C 2?5 y2?F2CJ 2C6 DEC@?8 A6C:@5D 7@C ?6H 962=E9 2?5 7:E?6DD DF3D4C:36CD]k^Am

kAmu@C H6==?6DD 3C2?5D[ E9:D D62D@?2= :?E6C6DE 4C62E6D 2? @AA@CEF?:EJ E@ C6249 4FDE@>6CD 2D E96J :?G6DE :? ?6H C@FE:?6D] qFE E96 42D6 7@C 8C@HE9 8@6D 36J@?5 }6H *62C’D C6D@=FE:@?D]k^Am

kAm$6G6C2= 3C@256C EC6?5D 4@F=5 D92A6 E96 H6==?6DD >2C<6E :? a_afik^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ66dbhag4e6h4cfd7_6gaaea5ffg5d5ec`Qm%96 >2C<6E :D =2C86 2?5 8C@H:?8] %96 k2 9C67lQ9EEADi^^HHH]8C2?5G:6HC6D62C49]4@>^:?5FDECJ\2?2=JD:D^5:6E2CJ\DFAA=6>6?ED\>2C<6E\C6A@CEQm8=@32= 962=E9 DFAA=6>6?E :?5FDECJ :D 6DE:>2E65 2E 2C@F?5 Sa__ 3:==:@?k^2m[ H:E9 4@?E:?F65 8C@HE9 6IA64E65]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6`e2cga_643_f2e2gfadf_b`2a5d5bd2fQmr@?DF>6C :?E6C6DE DA2?D >@C6 42E68@C:6D] p=@?8D:56 72>:=:2C AC@5F4ED[ D9@AA6CD 2C6 6IA=@C:?8 2C62D DF49 2D ?@@EC@A:4D[ 4@==286? A6AE:56D[ 2?5 AC@5F4ED >2C<6E65 7@C v{!\` DFAA@CE] %96D6 k2 9C67lQ9EEADi^^HHH]G:E28=@36]4@>^3=@8D^DFAA=6>6?ED^a_ae\DFAA=6>6?E\EC6?5D\H92E\24EF2==J\>2EE6CDQm6>6C8:?8 EC6?5Dk^2m 4C62E6 @AA@CEF?:E:6D 7@C 3C2?5D E@ D6CG6 >@C6 DA64:7:4 ?665D]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6_d6afbd32c_5eheadbee3a3`572g`aa3Qmk2 9C67lQ9EEADi^^A2DDA@CE8=@32=]4@>^3=@8^D9:AA:?8\DFAA=6>6?ED\:?E6C?2E:@?2==J\<6J\:?D:89ED\7@C\FD\32D65\3C2?5D^Qm#68F=2E@CJ C6BF:C6>6?EDk^2m 2C6 6G@=G:?8] }6H 2?5 492?8:?8 C6BF:C6>6?ED >2<6 4@>A=:2?46 2?5 DF3DE2?E:2E65 AC@5F4E :?7@C>2E:@? :>A@CE2?E 4@?D:56C2E:@?D 7@C 3C2?5D]k^=:mk^F=m

kAm%@86E96C[ 4@?DF>6C :?E6C6DE[ 6IA2?5:?8 AC@5F4E 42E68@C:6D[ 2?5 6G@=G:?8 C6BF:C6>6?ED >2<6 a_af 2 A@E6?E:2==J A:G@E2= J62C 7@C E96 DFAA=6>6?E :?5FDECJ] k2 9C67lQ9EEADi^^G:E2BF6DE]4@>^a_af\DFAA=6>6?E\EC6?5D^QmtIA6CED 2C6 2=C625J =@@<:?8 29625k^2m E@ E96 EC6?5D E92E 4@F=5 D92A6 E96 >2C<6E]k^Am

kAm(9:=6 H6==?6DD 3C2?5D >2J 36 6DA64:2==J H6==\A@D:E:@?65 E@ 36?67:E[ EFC?:?8 E92E 56>2?5 :?E@ DFDE2:?23=6 8C@HE9 DE:== E2<6D E96 C:89E 49@:46D 23@FE k2 9C67lQ9EEADi^^A2DDA@CE8=@32=]4@>^3=@8^AC@5F4E\4@>A=:2?46\64@>>6C46\8F:56\7@C\6IA2?5:?8\E@\8=@32=\>2C<6ED^QmAC@5F4EDk^2m[ 492??6=D[ 2?5 >2C<6ED]k^Am

k9bmr9@@D6 !C@5F4ED[ r92??6=D[ @C |2C<6ED E@ vC@Hk^9bm

kAm~?46 J@F’G6 :56?E:7:65 J@FC 8@2=D[ 564:56 H96C6 E@ 7@4FD] vC@HE9 42? 4@>6 7C@> D6G6C2= 2C62Dik^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ675afbg`a_bd4663623f4g_ch2h`65`22QmkDEC@?8mtIA2?5:?8 AC@5F4E =:?6D @C 5:DEC:3FE:@?k^DEC@?8m 42? 96=A J@F C6249 ?6H 4FDE@>6CD[ 3FE :E 42? 2=D@ 255 AC6DDFC6 E@ :?G6?E@CJ[ AC@5F4E:@?[ 2?5 EC2?DA@CE2E:@?] u@C642DE 56>2?5 2?5 4@?D:56C H96E96C J@F 42? >2:?E2:? AC@5F4E 2G2:=23:=:EJ H:E9@FE EJ:?8 FA E@@ >F49 42A:E2= :? DE@4<]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6ca_hfeb3e__6_ghd3c_gf6_fc``6`32eQmkDEC@?8mtIA2?5:?8 24C@DD 492??6=Dk^DEC@?8m 42? 8:G6 4FDE@>6CD >@C6 H2JD E@ 5:D4@G6C 2?5 3FJ J@FC AC@5F4ED] |2C<6EA=246D[ D@4:2= 4@>>6C46[ A9JD:42= C6E2:=[ 2?5 J@FC @H? 492??6=D H@C< 36DE H96? E96J 766= 4@??64E65] |2A E96 4FDE@>6C ;@FC?6J 24C@DD 492??6=D 2?5 :56?E:7J H96C6 4@@C5:?2E:@? 42? <66A AC@5F4E :?7@C>2E:@? 2?5 E96 3C2?5 6IA6C:6?46 4@?D:DE6?E]k^=:mk=: 52E2\=:DE\:E6>\:5lQ67g73ddfg3cc__f4_234aha343h46gbbeQmkDEC@?8mt?E6C:?8 ?6H 4@F?EC:6D @C C68:@?Dk^DEC@?8m 42? @A6? 2446DD E@ ?6H 4FDE@>6C D68>6?ED[ 3FE >2C<6E D6=64E:@? D9@F=5 36 32D65 @? 6G:56?46] pDD6DD 56>2?5[ 4@>A6E:E:@?[ =@42= AC676C6?46D[ AFC492D:?8 A@H6C[ 2?5 E96 E@E2= 4@DE @7 D6CG:?8 6249 >2C<6E] $9:AA:?8[ E2I6D[ AC@5F4E C6BF:C6>6?ED[ 2?5 56=:G6CJ 6IA64E2E:@?D 2== 27764E E96 64@?@>:4D @7 :?E6C?2E:@?2= 8C@HE9]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6a__4a57_dfhe_6bha26_g2a5h_cgaf4bQmkDEC@?8m~AE:>:K:?8 6I:DE:?8 D2=6D 492??6=Dk^DEC@?8m 42? 36 2 AC24E:42= H2J E@ :>AC@G6 C6DF=ED] %C62E @AE:>:K2E:@? 2D 2? @?8@:?8 677@CEi %C24< A6C7@C>2?46[ :56?E:7J @AA@CEF?:E:6D[ 2?5 >2<6 492?86D E92E DEC6?8E96? E96 492??6=D J@F 2=C625J FD6]k^=:mk^F=m

kAm(9:496G6C A2E9 J@F 49@@D6[ EH@ 2C62D 56D6CG6 2EE6?E:@?ik^Am

kAm`] kDEC@?8m$ECF4EFC65 AC@5F4E 52E2 2?5 px\C625J 42E2=@8Dk^DEC@?8m — z66A AC@5F4E :?7@C>2E:@? 4@>A=6E6[ 4@?D:DE6?E[ 2?5 244FC2E6 24C@DD J@FC D2=6D 492??6=D] r=62C AC:4:?8[ 56D4C:AE:@?D[ 2?5 2G2:=23:=:EJ 42? 96=A D62C49 A=2E7@C>D 2?5 px E@@=D F?56CDE2?5 J@FC AC@5F4ED 2?5 >2E49 E96> E@ C6=6G2?E D62C496D]k^Am

kAma] kDEC@?8m!C@5F4E EC24623:=:EJ 2?5 =:764J4=6 :?7@C>2E:@?k^DEC@?8m — s:8:E2= AC@5F4E A2DDA@CED 42? >2<6 AC@5F4E =:764J4=6 :?7@C>2E:@? 2446DD:3=6 2?5 >2J DFAA@CE k2 9C67lQ9EEADi^^A2DDA@CE8=@32=]4@>^3=@8^6F\AC@5F4E\:56?E:7:6CD\A:5\8F:56\a_ae^QmC68F=2E@CJ C6BF:C6>6?EDk^2m :? D@>6 >2C<6ED] rC@DD\3@C56C 3FD:?6DD6D D9@F=5 >@?:E@C 2AA=:423=6 CF=6D 2?5 2DD6DD H92E :?7@C>2E:@? E96J >2J ?665 E@ 4@==64E[ >2:?E2:?[ 2?5 D92C6]k^Am

k9bm!C6A2C:?8 ~A6C2E:@?D 2?5 E96 rFDE@>6C tIA6C:6?46k^9bm

kAmp 8C@HE9 DEC2E68J 56A6?5D @? 92G:?8 E96 @A6C2E:@?D 2?5 4FDE@>6C 6IA6C:6?46 :? A=246 E@ DFAA@CE :E] pD J@FC 3FD:?6DD 8C@HD[ D9:AA:?8[ :?G6?E@CJ[ E649?@=@8J[ 2?5 4FDE@>6C DFAA@CE 2== ?665 E@ <66A A246]k^Am

k9bmqF:=5 ~A6C2E:@?D pC@F?5 E96 rFDE@>6C tIA6C:6?46k^9bm

kAmz66A E96 4FDE@>6C 6IA6C:6?46 :? >:?5 2D J@F A=2? 7@C 8C@HE9] $9:AA:?8 4@DED 2?5 56=:G6CJ E:>6D :?7=F6?46 AFC492D6 564:D:@?D] &?6IA64E65 492C86D @C D=@H 56=:G6CJ 42? =625 D9@AA6CD E@ k2 9C67lQ9EEADi^^A2DDA@CE8=@32=]4@>^3=@8^9@H\E@\C65F46\42CE\232?5@?>6?E\7@C\:?E6C?2E:@?2=\4FDE@>6CD^Qm232?5@? E96:C 42CEDk^2m[ 6G6? H96? E96J H2?E E96 AC@5F4E] z66A AC:4:?8 4=62C[ AC@G:56 C62=:DE:4 56=:G6CJ 6DE:>2E6D[ 2?5 >2<6 DFC6 J@FC 7F=7:==>6?E 42A23:=:E:6D 42? DFAA@CE E96 AC@>:D6D J@F >2<6]k^Am

kAmpD J@F 6IA2?5 24C@DD 492??6=D @C >2C<6ED[ 4@??64E65 :?G6?E@CJ DJDE6>D 42? 96=A J@F DE2J @C82?:K65 2?5 2G@:5 DE@4<@FED] ':D:3:=:EJ :?E@ :?G6?E@CJ[ @C56CD[ 2?5 4FDE@>6C :?7@C>2E:@? 24C@DD E@F49A@:?ED 42? C65F46 7C:4E:@? 7@C 3@E9 J@FC E62> 2?5 J@FC D9@AA6CD] #62=\E:>6 :?G6?E@CJ 52E2 2=D@ 96=AD E62>D C6DA@?5 H96? 56>2?5 D9:7ED]k^Am

kAm%649?@=@8J 49@:46D >2EE6C[ E@@] %96 A=2E7@C>D 2?5 D6CG:46D J@F FD6[ 7C@> k2 9C67lQ9EEADi^^A2DDA@CE8=@32=]4@>^3=@8^8=@32=\4@>>6C46\D9@A:7J\8F:56^Qm6\4@>>6C46 >2C<6EA=246Dk^2m E@ 9625=6DD 4@>>6C46 2?5 E9:C5\A2CEJ E@@=D[ 27764E 9@H 62D:=J J@F 42? FA52E6 J@FC DE@C67C@?E 2?5 @A6C2E:@?D] r9@@D6 DJDE6>D E92E >66E J@FC 4FCC6?E ?665D 2?5 42? DFAA@CE J@FC A=2?D 7@C 8C@HE9]k^Am

kAmu@C 3C2?5D D6==:?8 :?E6C?2E:@?2==J[ E96 C:89E A2CE?6C 42? DFAA@CE D6G6C2= >@G:?8 A2CED[ 7C@> D9:AA:?8 2?5 7F=7:==>6?E E@ DE@C67C@?E =@42=:K2E:@? 2?5 4@>A=:2?46[ 96=A:?8 4C62E6 2 D>@@E96C 6IA6C:6?46 7@C 4FDE@>6CD :? 6G6CJ >2C<6E]k^Am

kAmrFDE@>6C DFAA@CE D9@F=5 2=D@ 8C@H 2=@?8D:56 J@FC 3FD:?6DD] px\6?23=65 E@@=D 42? 96=A D9@AA6CD 7:?5 AC@5F4ED 2?5 86E 2?DH6CD >@C6 BF:4<=J[ 3FE E96J D9@F=5 4@>A=6>6?E 9F>2? DFAA@CE] rFDE@>6CD >2J DE:== ?665 A6CD@?2=:K65 8F:52?46[ 96=A C6D@=G:?8 2? F?FDF2= :DDF6[ @C C62DDFC2?46 7C@> 2 A6CD@?]k^Am

k9bm!C@5F4E s:D4@G6CJ 2?5 rFDE@>6C %CFDEk^9bm

kAm!C@5F4E 5:D4@G6CJ :D 492?8:?8 2D k2 9C67lQ9EEADi^^3FD:?6DD]25@36]4@>^3=@8^2:\EC277:4\DFC86\C6E2:=\D:E6D\?@E\>249:?6\C62523=6QmD9@AA6CD FD6 pxk^2m E@ C6D62C49 AC@5F4ED 2?5 4@>A2C6 C64@>>6?52E:@?D] #6D62C49 DF886DED E92E px E@@=D 2C6 364@>:?8 A2CE @7 E96 D9@AA:?8 ;@FC?6J] '@:46 D62C49 2?5 4@?G6CD2E:@?2= D9@AA:?8 E@@=D 2=D@ 8:G6 3C2?5D ?6H H2JD E@ 2AA62C :? AC@5F4E C6D62C49]k^Am

kAm%C25:E:@?2= $t~ 2?5 ECFDE D:8?2=D DE:== >2EE6C W6]8][ C6=6G2?E 4@?E6?E[ 2446DD:3=6 D:E6 DECF4EFC6[ 56D4C:AE:G6 AC@5F4E A286D[ 2 4=62C 3C2?5 :56?E:EJ[ 6E4]X[ 3FE >2<:?8 E92E 7@F?52E:@? px\C62523=6 D9@F=5 36 @? 6G6CJ@?6VD E@\5@ =:DE 7@C a_af]k^Am

kAmk2 9C67lQ9EEADi^^HHH]ECJAC@7@F?5]4@>^3=@8^E96\D9@CE=:DE\:D\E96\?6H\D96=7RD92C6\@7\G@:46\AC65:4ED\4@?G6CD:@?DQm~?6 C6A@CEk^2m 7@F?5 E92E px D92C6 @7 G@:46 W9@H >F49 2 492E3@E >6?E:@?D 2 3C2?5X H2D 2 >@56C2E6=J 244FC2E6 AC65:4E@C @7 FD6C 49@:46 W2 ]df 2G6C286 4@CC6=2E:@?X] }@E23=J[ E96 4@CC6=2E:@? G2C:65 H:56=J 3J :?5FDECJ[ H:E9 k2 9C67lQ9EEADi^^A2DDA@CE8=@32=]4@>^3=@8^H6==?6DD\H:E9@FE\3@C56CD\9@H\E@\D6==\2?5\D9:A\DFAA=6>6?ED\:?E6C?2E:@?2==J^QmDFAA=6>6?EDk^2m W]gfX 2?5 8C@46C:6D W]hfX D9@H:?8 E96 DEC@?86DE A@D:E:G6 @FE4@>6D]k^Am

kAmpD J@FV5 6IA64E[ DF886DE:@?D E92E >2<6 E96 E@A @7 2? px D9@CE=:DE 2C6 E96 >@DE =:<6=J E@ H:? 4@?G6CD:@?D] w@H6G6C[ @?6 724E@C 42? @G6C4@>6 2 =@H D9@CE=:DE C2?<i 3C2?5 C64@8?:E:@?] k2 9C67lQ9EEADi^^D62C496?8:?6=2?5]4@>^@C82?:4\8C@HE9\64@>>6C46\a_af\chdbaaQm#6D62C49 24C@DD D6G6C2= DEF5:6Dk^2m 7@F?5 E92E A6@A=6 H6C6 >@C6 =:<6=J E@ ECFDE 2 C64@>>6?52E:@? :7 E96J C64@8?:K65 E96 3C2?5 367@C6 D66:?8 :E :? 2 492E]k^Am

kAm%@86E96C[ E96D6 7:?5:?8D A@:?E E@ EH@ AC:@C:E:6Di |2<6 J@FC AC@5F4ED 62DJ E@ 7:?5 2?5 F?56CDE2?5 24C@DD D62C49 2?5 px E@@=D[ 2?5 3F:=5 3C2?5 C64@8?:E:@? E92E 42? D92A6 9@H D9@AA6CD 6G2=F2E6 C64@>>6?52E:@?D]k^Am

k9bmrFDE@>6C r@?G6CD:@?[ #6E6?E:@?[ 2?5 {@J2=EJk^9bm

kAmpEEC24E:?8 D9@AA6CD :D @?=J E96 7:CDE DE6A] *@F 2=D@ ?665 E@ 8:G6 E96> 8@@5 C62D@?D E@ 3FJ[ 4@>6 324<[ 2?5 C64@>>6?5 J@FC 3C2?5]k^Am

kAm!6CD@?2=:K65 D9@AA:?8 6IA6C:6?46D 2?5 >@3:=6\7C:6?5=J DE@C67C@?ED 42? >2<6 :E 62D:6C 7@C 4FDE@>6CD E@ 7:?5 E96 C:89E AC@5F4ED] "F:KK6D 2?5 2F8>6?E65 C62=:EJ ECJ\@? E@@=D 42? 96=A D9@AA6CD 6IA=@C6 E96:C @AE:@?D 2?5 564:56 H92E DF:ED E96>]k^Am

kAmrFDE@>6CD @7E6? 4@>A2C6 D6G6C2= @AE:@?D 367@C6 3FJ:?8[ D@ 62C?:?8 E96:C ECFDE >2EE6CD E@@] p 76H 2C62D E@ 7@4FD @? :?4=F56ik^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ62dhd`dbch6b`hbeh`c`f44g`e`2dhc6_QmkDEC@?8m%C2?DA2C6?4J —k^DEC@?8m s2E2 EC2?DA2C6?4J 2?5 D64FC:EJ 2C6 E@A 4@?46C?D k2 9C67lQ9EEADi^^HHH]8=@36?6HDH:C6]4@>^?6HD\C6=62D6^a_ae^`_^aa^bbgeadf^_^6?^E96\?2E:@?2=\4J36CD64FC:EJ\2==:2?46\2?5\4J3D276\D\@9\3692G6\C6A@CE\7:?5D\4J36CD64FC:EJ\2H2C6?6DD\:D\9:89\2?5\A6@A=6\2C6\C625J\E@\24E]9E>=Qm7@C :?E6C?6E FD6CD 8=@32==Jk^2m] t\4@>>6C46 3C2?5D D9@F=5 36 4=62C 23@FE H9J E96J 4@==64E 52E2 2?5 9@H :EVD FD65] |@DE 3FD:?6DD6D 2C6 C6BF:C65 E@ 5:D4=@D6 E9:D :? =682= ;2C8@?[ 3FE A=2:? 4@>>F?:42E:@? 8@6D 2 =@?8 H2J] %96D6 ECFDE D:8?2=D 364@>6 A2CE:4F=2C=J :>A@CE2?E H96? D9@AA6CD 6?4@F?E6C 2 3C2?5 E9C@F89 2 ?6H A=2E7@C> @C F?72>:=:2C D2=6D 492??6=] x? EFC?[ 3692G:@C2= EC24<:?8 42? @776C 2? 6E9:42= D@FC46 @7 @?\D:E6 52E2 E@ :>AC@G6 J@FC DE@C6 2?5 E96 4FDE@>6C 6IA6C:6?46]  k^=:mk=: 52E2\=:DE\:E6>\:5lQ63f`356c`67db66g33g7bb3c_7f7623b2QmkDEC@?8m$FDE2:?23:=:EJ —k^DEC@?8m #64J4=23=6 A24<28:?8[ 6E9:42= D@FC4:?8[ 2?5 6?G:C@?>6?E2= 4=2:>D 42? :?7=F6?46 A6C46AE:@? 2?5 k2 9C67lQ9EEADi^^42A:E2=@?6D9@AA:?8]4@>^C6D62C49^64@\4@?D4:@FD\4@?DF>6C\DE2E:DE:4D^QmD9@AA:?8 564:D:@?Dk^2m] z66A 4=2:>D DA64:7:4 2?5 DFAA@CE23=6[ 2?5 4@?D:56C 9@H AC@5F4E :?7@C>2E:@? C6=2E6D E@ EC24623:=:EJ 2?5 C6=6G2?E C68F=2E:@?D]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6hebcecadfh4gd6`276eeh5c3g``722a4QmkDEC@?8mu@==@H\E9C@F89 —k^DEC@?8m %96 4FDE@>6C 6IA6C:6?46 4@?E:?F6D 27E6C 4964<@FE] s6=:G6CJ FA52E6D[ AC@5F4E 8F:56D[ 2446DD:3=6 DFAA@CE[ 2?5 E9@F89E7F= A24<28:?8 2== D92A6 9@H 4FDE@>6CD 766= 23@FE 2 AFC492D6] rFDE@>6C DE@C:6D[ 4C62E@C A2CE?6CD9:AD[ 2?5 FD6C\86?6C2E65 4@?E6?E 42? AC@G:56 D@4:2= AC@@7 367@C6 2?5 27E6C E96 D2=6] pD<:?8 7@C 7665324< 27E6C 56=:G6CJ 42? 96=A J@F F?56CDE2?5 H92E’D H@C<:?8 2?5 H96C6 E96 6IA6C:6?46 4@F=5 :>AC@G6]k^=:mk^F=m

k9bm%C24< !C@8C6DD 2?5 p5;FDE *@FC !=2? %9C@F89@FE E96 *62Ck^9bm

kAm$E2CE 3J 49@@D:?8 2 76H >6EC:4D E92E D9@H H96E96C J@FC 8C@HE9 DEC2E68J :D H@C<:?8] s6A6?5:?8 @? J@FC AC:@C:E:6D[ E96D6 >:89E :?4=F56 2G6C286 @C56C G2=F6[ 4FDE@>6C 24BF:D:E:@? 4@DE[ C6A62E AFC492D6 C2E6[ 7F=7:==>6?E A6C7@C>2?46[ @C 4@?EC:3FE:@? >2C8:? 3J >2C<6E]k^Am

kAm#6G:6H E9@D6 >6EC:4D @? 2 C68F=2C D4965F=6 2?5 =@@< 7@C >62?:?87F= 492?86D] %96 8@2= :D?’E E@ C624E E@ 6G6CJ 7=F4EF2E:@?[ 3FE E@ F?56CDE2?5 H92E E96 C6DF=ED 2C6 E6==:?8 J@F 2?5 25;FDE J@FC 2AAC@249 H96? E96 6G:56?46 A@:?ED E@ 2 36EE6C A2E9] %92E H2J[ J@FC A=2? 42? 252AE E9C@F89@FE E96 J62C H9:=6 DE2J:?8 7@4FD65 @? J@FC AC:@C:E:6D]k^Am

k9bmz6J %2<62H2JD 7@C t\r@>>6C46 vC@HE9 :? a_afk^9bm

kAmt\4@>>6C46 8C@HE9 H:== =@@< 5:776C6?E 7@C 6G6CJ 3FD:?6DD[ 3FE 2 76H AC:?4:A=6D 42? 96=A 3C2?5D A=2? 7@C E96 J62C 29625ik^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ6fhabba2c657fc`g7cehfe3d`75bf4ee4QmkDEC@?8m$E2CE H:E9 6G:56?46 —k^DEC@?8m #6G:6H a_ae A6C7@C>2?46[ FD:?8 AC@;64E:@?D H96C6 7:?2= C6DF=ED 2C6?’E 2G2:=23=6] x56?E:7J H92E’D H@C<:?8 2?5 H96C6 :?G6DE>6?E :D A2J:?8 @77]k^=:mk=: 52E2\=:DE\:E6>\:5lQ65_dceb`c3bd`ef__b23_25a`4a6_5`74QmkDEC@?8m$6E 4=62C AC:@C:E:6D —k^DEC@?8m %FC? J@FC 8C@HE9 8@2=D :?E@ DA64:7:4[ >62DFC23=6 E2C86ED E92E 8F:56 564:D:@?D E9C@F89@FE E96 J62C]k^=:mk=: 52E2\=:DE\:E6>\:5lQ64_cf7hfcda6ca5f2522g765_3a52g56dQmkDEC@?8mr9@@D6 H96C6 E@ 8C@H —k^DEC@?8m (6:89 AC@5F4E 6IA2?D:@?[ ?6H D2=6D 492??6=D[ 2?5 >2C<6E 6?ECJ 282:?DE 4FDE@>6C 56>2?5[ 4@DED[ 2?5 J@FC E62>’D 23:=:EJ E@ DFAA@CE E96>]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6dab6_5ab_7g_5d665a54c4fc5`64g6ffQmkDEC@?8m!C6A2C6 7@C 492?8:?8 5:D4@G6CJ 923:ED —k^DEC@?8m z66A AC@5F4E :?7@C>2E:@? 244FC2E6 2?5 62DJ 7@C D62C49 6?8:?6D 2?5 px E@@=D E@ F?56CDE2?5[ H9:=6 3F:=5:?8 3C2?5 C64@8?:E:@? H:E9 D9@AA6CD]k^=:mk=: 52E2\=:DE\:E6>\:5lQ652cchfa2c3d_`cd43aag27`4d_a35ag4QmkDEC@?8mr@??64E @A6C2E:@?D E@ E96 4FDE@>6C 6IA6C:6?46 —k^DEC@?8m p=:8? :?G6?E@CJ[ D2=6D A=2E7@C>D[ 7F=7:==>6?E[ 2?5 56=:G6CJ 6IA64E2E:@?D E@ >2<6 3FJ:?8 62D:6C 7@C 4FDE@>6CD]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6f6765de`4b6`hh77a7`2f4e635cehg4hQmkDEC@?8m%C24< C6DF=ED 2?5 252AE —k^DEC@?8m #6G:6H 2 7@4FD65 D6E @7 >6EC:4D C68F=2C=J[ E96? 25;FDE J@FC 2AAC@249 H96? E96 6G:56?46 A@:?ED E@ 2 36EE6C A2E9]k^=:mk^F=m

kAm%96 AC:?4:A=6D H:== 96=A 3C2?5D <66A =62C?:?8[ >2<6 56=:36C2E6 49@:46D[ 2?5 252AE 2D E96 >2C<6E 492?86D]k^Am

kAmk2 9C67lQ9EEADi^^A2DDA@CE8=@32=]4@>^3=@8^a_af\64@>>6C46\8C@HE9\@AA@CEF?:EJ^Qmk6>m%9:D DE@CJk^6>mk^2mk6>m H2D AC@5F465 3Jk^6>m k2 9C67lQ9EEADi^^HHH]A2DDA@CED9:AA:?8]4@>Qmk6>m!2DDA@CEk^6>mk^2mk6>m 2?5 C6G:6H65 2?5 5:DEC:3FE65 3Jk^6>m k2 9C67lQ9EEADi^^9F3D]=2^"_b<=8$#_Q C6=lQ?@7@==@HQmk6>m$E24<6Ck^6>mk^2mk6>m]k^6>mk^Am