The ‘it’ cities are out in 2025: The 2025-2026 migration report

k9bmkDEC@?8m%96 ‘:E’ 4:E:6D 2C6 @FE :? a_adi %96 a_ad\a_ae >:8C2E:@? C6A@CEk^DEC@?8mk^9bm

kAmx? a_ad[ $@FE9 r2C@=:?2 E@AA65 :?3@F?5 >@G6 D62C496D 4@>A2C65 E@ 6I:ED] p?5 :ED 4@2DE2= C6D@CE[ |JCE=6 q6249[ 2=D@ H@? E96 4:EJ AC:K6 7@C E96 =2C86DE D92C6 @7 :?3@F?5 D62C496D :? E96 4@F?ECJ] qFE H92E @E96C 56DE:?2E:@?D 2C6 4@>:?8 7@C E96 !2=>6EE@ $E2E6’D 4C@H?[ 2?5 H:== E96J C62==J E9C62E6? :ED 5@>:?2?46 :? a_aenk^Am

kAmk2 9C67lQ9EEADi^^HHH]>@G63F5592]4@>^Qm|@G6qF5592k^2m’D 7:7E9 2??F2= >:8C2E:@? C6A@CE =@@<D 324< @? a_ad 2?5 2?2=JK6D 92=7 2 >:==:@? D62C496D >256 :? E96 k2 9C67lQ9EEADi^^HHH]>@G63F5592]4@>^>@G:?8\4@DE\42=4F=2E@C^Qm>@G:?8 4@DE 6DE:>2E@C E@@=k^2m]k^Am

kAm&?=:<6 r6?DFD 52E2[ H9:49 :D @7E6? >@?E9D @C 2 J62C @=5[ E9:D 52E2 :D 7@CH2C5\=@@<:?8 2?5 :?5:42E6D H96C6 A6@A=6 2C6 A=2??:?8 E@ >@G6 2?5 2=D@ H96C6 E96J 2C6 >@G:?8 7C@>] uC@> E9:D[ >@G6qF5592 2?2=JK65 9:89\=6G6= :?D:89ED 2E E96 DE2E6 2?5 4:EJ =6G6=D — 2?5 2=D@ 7@C642DE H92E’D =:<6=J E@ 4@>6 ?6IE :? a_ae]k^Am

kAmw6C6’D H92E >@G6qF5592 7@F?5 :? a_ad 2?5 H92E E92E DF886DED 7@C a_ae 2?5 36J@?5]k^Am

k9bmz6J u:?5:?8Dk^9bm

kF=mk=:m|:4C@56DE:?2E:@?D 82:? `_TZ :? A@AF=2C:EJ :? a_ad] s@?’E 6IA64E E@ D66 E9C66 @C >@C6 :?\>@G6D 7@C 6G6CJ 6I:E 2?JH96C6 :? a_ae]k^=:mk=:mu@C E96 7:CDE E:>6 D:?46 E96 r~'xs\`h A2?56>:4[ ?@ DE2E6 AF==D :? 5@F3=6 E96 ?F>36C @7 :?\>@G6D 2D @FE\>@G6D[ 3FE 7@C 2 E9:C5 J62C :? 2 C@H[ $@FE9 r2C@=:?2 :D E96 R` 56DE:?2E:@? 7@C :?\>@G6D 4@>A2C65 E@ 6I:ED] xE D66D ;FDE D9J @7 EH@ ?6H4@>6CD 7@C 6G6CJ 6I:E]k^=:mk=:mp=2D<2 92D D66? E96 3:886DE A6C46?E286 :?4C62D6 :? :?E6C6DE :? a_ad[ H:E9 :ED :?\E@\@FE C2E:@ FA ba]_aT 7C@> a_ac]k^=:mk=:m(:E9 b]ag :?\>@G6D A6C 6I:E[ R` |JCE=6 q6249 :D 2 3:8 A2CE @7 $@FE9 r2C@=:?2’D 3FKK[ @FEA24:?8 E96 DE2E6 :ED6=7 7@C :?\>@G6D G6CDFD @FE\>@G6D]k^=:mk=:mu:G6 @7 E96 `_ >@DE 56D:C23=6 4:E:6D @7 a_ad 2C6 :? u=@C:52[ H9:49 =:6D @FED:56 E96 E@A `_ >@DE 56D:C23=6 DE2E6D] ~42=2[ !@CE $E] {F4:6[ !2=> r@2DE[ $E] pF8FDE:?6[ 2?5 z:DD:>>66[ H9:=6 :ED 286\C6DEC:4E65 6?4=2G6[ %96 ':==286D[ 92D D66? E96 3:886DE 564=:?6 :? >@G6 :?E6C6DE]k^=:mk=:mv@@53J6 F=EC2EC6?5J 4:E:6D[ 2?5 96==@ E@ 2 DAC2H= @7 9@EDA@ED 7C@> q6==:?892>[ (2D9:?8E@?[ E@ !@CE $E] {F4:6[ 4:E:6D E92E =:6 a[eg_ >:=6D 2A2CE]k^=:mk=:mx? a_ae[ >@G6qF5592 7@C642DED p=2D<2’D ?@CE9 DE2C H:== <66A C:D:?8] xE DE2?5D E@ AF== :? 2? 2G6C286 @7 a]cd ?6H ?6:893@CD 7@C 6G6CJ p=2D<2? 42==:?8 :E BF:ED] $@FE9 s2<@E2 H:== D66 E96 72DE6DE\8C@H:?8 DFC86 @7 :?E6C6DE]k^=:mk^F=m

k9bmx] |@G:?8 !2EE6C?Di p>6C:42?D |@G65 {6DD :? a_ad — p?5 v@E !:4<:6Ck^9bm

kAmx? a_ad[ 76H6C p>6C:42?D >@G65 @G6C2==] %9@D6 H9@ 5:5 7@F?5 E92E E96C6 H6C6 ?@ =@?86C 962GJ\9:EE6C 56DE:?2E:@?D H96C6 “6G6CJ@?6” H2?ED E@ 8@] x?DE625[ E96 H:?5@H :D 86EE:?8 D>2==6C[ H:E9 =6DD FA\2?5\5@H? DH:?8 2D 56DE:?2E:@?D 7:?5 E96:C EC6?5:?6DD 6G6?:?8 @FE[ DAC625:?8 24C@DD 2 =2C86C 3F776E @7 DE2E6D]k^Am

k9bm|:4C@56DE:?2E:@?D v2:?65 `_T !@AF=2C:EJ :? a_adk^9bm

kAm%@52J[ >:4C@56DE:?2E:@?D 2C6 368:??:?8 E@ 6586 @FE E96 3:8 DE2E6H:56 H:??6CD] %9:?< D>2== 4:E:6D 2?5 E@H?D E92E 2EEC24E =@ED @7 >@G6CD[ 6G6? E9@F89 E96:C DE2E6 :D @?=J >:55=6 @7 E96 A24<]k^Am

kAmu@C :?DE2?46[ H@F=5\36 >@G6CD 2C6 7:?5:?8 u@CE r@==:?D[ r@=@C25@[ 2?5 $2=6>[ ~C68@?[ 8C62E A=246D E@ 3FJ 2 9@>6 W2D H6== 2D 42E49 2 82>6X]k^Am

kAmrF>>:?8[ v6@C8:2[ @776CD 2446DD E@ {2<6 {2?:6C =@F?8:?8 H:E9@FE DF776C:?8 E9C@F89 pE=2?E2’D EC277:4]k^Am

kAmv6@C86E@H?[ %6I2D[ 2?5 {:EE=6E@?[ r@=@C25@[ @776C 3:8\4:EJ 2>6?:E:6D ?62C3J[ H:E9 D>2== 5@H?E@H?D 2?5 :?5:6 D9@AD H96C6 3C6H6C:6D 2?5 D>2==W6CX E@H? G:36D C6:8?]k^Am

kAmp== E96D6 DA@ED 92G6 8C@H? :? A@AF=2C:EJ 3J >@C6 E92? `_T :? a_ad] }@?6 @7 E96:C DE2E6D 2C6 :? E96 E@A `_ 7@C a_ad 7@C :?\E@\@FE C2E:@]k^Am

kAm%92E >62?D E92E[ 2D A@AF=2C $@FE96C? 2?5 |@F?E2:? (6DE 56DE:?2E:@?D 86E >@C6 4C@H565 2?5 F?277@C523=6[ ?6H4@>6CD 2C6 =@@<:?8 :?DE625 E@ C6A=:42E6 E96:C 72G@C:E6 4:E:6D’ G:36D :? @E96C A=246D] p?5 E96J’C6 >@C6 H:==:?8 E92? 6G6C E@ =@@< @FE @7 DE2E6 7@C E92E ;FDE\C:89E 56DE:?2E:@?]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_a^`b^>@G63F5592\D9:7E:?8\AC676C6?46D]A?8Q 2=ElQp 52E2 8C2A9:4 D9@H:?8 2 D9:7E :? >@G:?8 AC676C6?46D 7C@> a_a_ E@ a_ad]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m>@G6qF5592k^7:842AE:@?mk^7:8FC6m

kAmx?\E@\@FE >@G6 C2E:@D 2C6?’E ?646DD2C:=J 86EE:?8 =@H6Cj 27E6C 2==[ H96? D@>6@?6 >@G6D @FE @7 @?6 56DE:?2E:@?[ E96J AFE 5@H? C@@ED :? 2?@E96C[ 6G6?:?8 @FE E96 >2E9 @7 DE2E6\E@\DE2E6 >@G6D] qFE >@G6 C2E:@D 2C6 4=FDE6C:?8 4=@D6C E@86E96C[ H:E9 76H6C DE2E6D 42F89E :? E96 H9:A=2D9 @7 6IEC6>6 A@AF=2C:EJ W@C 724:?8 2? 2A@42=JAE:4 6I@5FDX]k^Am

k9bmxx] $E2E6D – uC@> $@FE9 r2C@=:?2’D bC5 *62C 2E E96 %@A E@ p=2D<2’D $FC86 :? a_adk^9bm

kAm$@FE9 r2C@=:?2 <66AD E96 4C@H? 7@C 2EEC24E:?8 E96 >@DE :?E6C6DE 7C@> >@G6CD[ 7@==@H65 3J x529@ 2?5 }@CE9 r2C@=:?2[ H9:=6 p=2D<2 DFC86D :?E@ E96 DA@E=:89E] #6E:C66D[ G2=F6 D66<6CD[ 2?5 @77\E96\362E6?\A2E9 EC2:=3=2K6CD 2C6 DE66C:?8 DE2E6 >:8C2E:@? :? a_ad] |62?H9:=6[ r2=:7@C?:2 2?5 x==:?@:D 368:? BF:6E 4@>6324<D[ H9:=6 (2D9:?8E@? s]r] DF776CD E96 DE66A6DE 564=:?6 :? >@G6C :?E6C6DE]k^Am

k9bm(92E (6C6 E96 |@DE !@AF=2C $E2E6D 7@C |@G6CD :? a_adn $@FE9 r2C@=:?2[ x529@[ 2?5 }@CE9 r2C@=:?2k^9bm

kAmu@C E96 E9:C5 J62C :? 2 C@H[ $@FE9 r2C@=:?2 C6:8?65 DFAC6>6 2D p>6C:42?D’ E@A >@G6\E@ 56DE:?2E:@? :? a_ad] xED DE2J:?8 A@H6C :D C6>2C<23=J DE23=6[ E@@] x? a_ac[ ;FDE @G6C EH:46 2D >2?J >@G6CD 7=@@565 E96 DE2E6 2D =67E[ H9:=6 7C@> a_a_ E@ a_ab[ E96 ?F>36C 7=F4EF2E65 36EH66? `]h 2?5 a]``]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_a^`b^>@G63F5592\H9:49\DE2E6D]A?8Q 2=ElQp 52E2 >2A D9@H:?8 H9:49 DE2E6D 92G6 82:?65 @C =@DE E96 >@DE 5F6 E@ >@G6 :?7=@H 2?5 @FE7=@H]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m>@G6qF5592k^7:842AE:@?mk^7:8FC6m

kAm$@ H9:=6 $@FE9 r2C@=:?2 24EF2==J 92D 2 ?682E:G6 3:CE9 C2E6 2?5 =:>:E65 2AA62= E@ :?E6C?2E:@?2= >:8C2?ED[ :ED A@AF=2E:@? :D k2 9C67lQ9EEADi^^56H]D4]8@G^=23@C\>2C<6E\:?7@C>2E:@?\3=@8^a_ad\_d^a_ac\A@AF=2E:@?\6DE:>2E6D\>:8C2E:@?\5C:G6D\C2A:5\8C@HE9\D@FE9Qm8C@H:?8 5F6 E@ >:8C2E:@?k^2m 7C@> @E96C DE2E6D[ =625:?8 E@ 2 k2 9C67lQ9EEADi^^492C=6DE@?4:EJA2A6C]4@>^a_ad^_g^aa^D\4\92D\E@@\>2?J\A6@A=6\E@@\76H\9@>6D^Qm9@FD:?8 4CF?49k^2m 2?5 >:I65 @A:?:@?D @? E96 4@DED @7 DF446DD]k^Am

kAmxED C6E:C6>6?E 4=:>2E6 :D A2CE @7 E96 2AA62=[ H:E9 56DE:?2E:@?D 36DE <?@H? 2>@?8 E96 8@=7\42CE D6E k2 9C67lQ9EEADi^^HHH]A@DE2?54@FC:6C]4@>^?6HD^D@FE9\42C@=:?2\46?DFD\8C@H:?8\A@AF=2E:@?^2CE:4=60h7g3e72a\7_g3\``67\g`b2\d7_55`_f3_fc]9E>=QmDFC8:?8 DEC@?86DEk^2m[ 2?5 E96 A6C46?E286 @7 C6D:56?ED @G6C ed k2 9C67lQ9EEADi^^HHH]A@DE2?54@FC:6C]4@>^?6HD^D@FE9\42C@=:?2\46?DFD\8C@H:?8\A@AF=2E:@?^2CE:4=60h7g3e72a\7_g3\``67\g`b2\d7_55`_f3_fc]9E>=QmC:D:?8k^2m 7C@> `b]fdT :? a_`_ E@ `h]beT :? a_ac]k^Am

kAm(9:=6 $@FE9 r2C@=:?2 9@=5D DE625J[ :ED `]hh :?\>@G6 C2E:@ D:ED 2E@A 2 ?2E:@?2= 52>A6?:?8 @7 “EC6?5J” >@G6Di xE’D E96 7:CDE J62C D:?46 E96 r~'xs\`h A2?56>:4 H96? ?@ DE2E6 D2H 5@F3=6 E96 ?F>36C @7 :?\>@G6D 4@>A2C65 E@ @FE\>@G6D]k^Am

kAmx529@ E2<6D D64@?5 A=246 :? a_ad[ @776C:?8 H:56\@A6? DA246D[ 2=@?8 H:E9 =@H6C 4@DED W4@>A2C65 E@ E96 9@>6 DE2E6D @7 >2?J k2 9C67lQ9EEADi^^HHH]>D?]4@>^6?\FD^>@?6J^64@?@>J^8C@H:?8\:529@\H9@\D\>@G:?8\E@\:529@\H96C6\2C6\E96J\8@:?8\2?5\H9J^2C\pp`p63J~Qm>@G6CD H9@ 2C6 =@@<:?8 E@ 6I:E (2D9:?8E@? 2?5 r2=:7@C?:2k^2m >2C<6EDX]k^Am

kAm}@CE9 r2C@=:?2 C2?<D E9:C5] {:<6 :ED D@FE96C? ?6:893@C[ :?E6C6DE :D k2 9C67lQ9EEADi^^H=@D]4@>^?6HD^=@42=^?@CE9\D@FE9\42C@=:?2\42C@=:?2D\C2?<\>@DE\A@AF=2C\DE2E6D\>@G6\?6E\>:8C2E:@?\C6A@CE\C6E:C6>6?E\=:G:?8\FD\46?DFD\3FC62F\286\8C@FAD\86?6C2E:@?D\4@F?ECJ\F?:E65\DE2E6D\D@FE9Qm9:896DE 2>@?8 @=56C 86?6C2E:@?Dk^2m] qFE k2 9C67lQ9EEADi^^?442A:E2=8C@FA]4@>^a_ad^_`^a_ac\4@?E:?F6D\?6E\>:8C2E:@?\:?E@\?@CE9\42C@=:?2^Qm=@42=D ?@E6k^2m E92E 277@C523:=:EJ[ 64@?@>J[ =:76DEJ=6[ 2?5 C6>@E6 H@C< 2C6 2=D@ 5C:G:?8 >@G6D]k^Am

kAm}6H E@ E96 E@A `_ :? a_ad 2C6 p=2D<2 W563FE:?8 2E RcX[ s6=2H2C6[ 2?5 p=232>2]k^Am

kAm%96J 5:DA=246 (6DE ':C8:?:2[ (J@>:?8[ 2?5 |@?E2?2]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_a^`b^>@G63F5592\>@G6D\:?\@FE]A?8Q 2=ElQ%23=6 =:DE:?8 E96 E@A `_ DE2E6D H:E9 E96 9:896DE 2?5 =@H6DE C2E:@ @7 >@G6D :?\E@\@FE]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m>@G6qF5592k^7:842AE:@?mk^7:8FC6m

k9bmk3C ^m(92E (6C6 E96 {62DE !@AF=2C $E2E6D 7@C |@G6CD :? a_adn r2=:7@C?:2[ }6H y6CD6J[ 2?5 r@??64E:4FEk^9bm

kAmr2=:7@C?:2 C6E2:?D E96 Rd_ A@D:E:@?[ E9@F89 :E’D 3=665:?8 >F49 =6DD E92? :? a_acj :? a_ad[ _]ea ?6H4@>6CD >@G65 :? 4@>A2C65 E@ @FE — :? a_ac[ E92E 7:8FC6 H2D _]cg] !6@A=6 2C6 DE:== =62G:?8 4@>A2C65 E@ 2CC:G:?8[ 3FE E96 82A :D ?2CC@H:?8]k^Am

kAm}6H y6CD6J 9@=5D DE625J 2E Rch[ H:E9 4@>A2C23=6 @FE7=@H E@ a_ac] p=@?8 H:E9 r2=:7@C?:2 2?5 }6H y6CD6J[ a_ac’D Rcf[ #9@56 xD=2?5[ :D @?6 @7 E96 3@EE@> DE2E6D E@ D66 2 =:7E :? a_ad]k^Am

kAm$6G6? @7 E96 3@EE@> `_ H:?5 FA E96C6 5F6 E@ H@CD6 A6C7@C>2?46 :? a_ad] %2<6 r@??64E:4FE[ H9:49 E2<6D 2 5:A :? a_ad[ =2?5:?8 :? DA@E Rcf] x? a_ac[ E96 DE2E6 D2H _]fa :?\>@G6D 7@C 6G6CJ >@G6 @FE[ 3FE :? a_ad[ ;FDE _]ef >@G6CD DE2J65 7@C 6249 @FE3@F?5 >@G6]k^Am

kAm~E96C 3@EE@> DE2E6D H96C6 >@C6 C6D:56?ED 2C6 9625:?8 @FE E92? :? a_ac[ 2?5 H9:49 2C6 2== D66:?8 >@C6 @FE\>@G6D E92? ?6H4@>6CD[ 2C6 ':C8:?:2[ |2DD249FD6EED[ }63C2D<2[ E96 s:DEC:4E @7 r@=F>3:2[ |2CJ=2?5[ 2?5 }6H *@C<]k^Am

k9bmp=2D<2 $2H E96 q:886DE yF>A :? a_adk^9bm

kAmp=2D<2’D 3:8 DFC86 :D E96 =2C86DE A@D:E:G6 D9@4< @7 a_ad] |@G:?8 7C@> R`b E@ Rc[ :ED C2E:@ 92D DFC865 7C@> `]b_ E@ `]ea[ E96 =2C86DE ;F>A :? C2E:@ :? E96 H9@=6 52E2D6E[ >@C6 E92? 5@F3=:?8 E96 82:?D E92E @E96C DE2E6D 92G6 D66? WH:E9 2 baT :?4C62D6 :? >@G6 C2E:@X] %96 6?5 C6DF=En p=2D<2 :D?’E 2 ?:496 56DE:?2E:@? 7@C 9F?E6CD 2?5 7:D9:?8 :?5FDECJ H@C<6CD 2?J>@C6 3FE 2 =68:E:>2E6 C67F86 7@C 25G6?EFC6CD E:C65 @7 E96 =@H6C cg]k^Am

kAm%96 D9:7E 7@==@HD k2 9C67lQ9EEADi^^HHH]25?]4@>^2=2D<2\?6HD^a_ac^`a^_c^2=2D<2\4@F=5\36\724:?8\:ED\7:CDE\=@?8\E6C>\564=:?6\:?\A@AF=2E:@?^QmJ62CD @7 564=:?6k^2m 2?5 86=D H:E9 E96 25G6?E @7 H:56DAC625 k2 9C67lQ9EEADi^^C:D6\@7\C6>@E6\H@C<]CFC2=:??@G2E:@?]FD^QmC6>@E6 H@C< 2?5 2 8C@H:?8 6>A92D:D @? =:76DEJ=6k^2m @G6C 3:8\4:EJ 42C66C =2556CD]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_a^`b^>@G63F5592\:E\4:E:6D\d]A?8Q 2=ElQp? :?7@8C2A9:4 D9@H:?8 52E2 @? E96 E@A `_ C:D:?8 2?5 72==:?8 DE2E6D :? >@G6 56>2?5]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m>@G6qF5592k^7:842AE:@?mk^7:8FC6m

kAm|62?H9:=6[ =@?8E:>6 @FE\>:8C2E:@? =@42=6D =:<6 x==:?@:D 2?5 r2=:7@C?:2 2C6 DE28:?8 BF:6E 4@>6324<D] %92E’D D2J:?8 D@>6E9:?8[ D:?46 ;FDE `d DE2E6D D2H 2?J :>AC@G6>6?E :? E96:C >@G6 C2E:@ :? a_ad]k^Am

kAm%96 4@>6324< 4@9@CE :?4=F56D a_ac’D Rcg #9@56 xD=2?5] %96 E:?J D62D:56 DE2E6 3@F?465 324< H:E9 2 `d]beT :>AC@G6>6?E :? >@G6 C2E:@ :? a_ad — D64@?5 @?=J E@ p=2D<2]k^Am

kAm|@G:?8 7C@> Rcb @G6C2== E@ Rb`[ x==:?@:D 92D =@8865 E96 3:886DE C2?< :>AC@G6>6?E :? a_ad[ H:E9 2 C2E:@ >@G:?8 7C@> _]ga E@ _]hc W2? ``]e`T :>AC@G6>6?EX] xE’D DE:== =@D:?8 A6@A=6[ 3FE :E’D >F49 4=@D6C E@ 3C62<:?8 6G6?]k^Am

kAmp=D@ ?@E23=6 :D r2=:7@C?:2’D `c]``T :>AC@G6>6?E] (9:=6 :E’D E96 E9:C5 =2C86DE :>AC@G6>6?E :? E96 ?2E:@? J62C @G6C J62C[ E92E 92D?’E 5:D=@5865 E96 v@=56? $E2E6 7C@> :ED Rd_ DA@E @G6C2==…3FE :E’D 2 DE2CE]k^Am

k9bm(2D9:?8E@? sr {65 E96 }2E:@?’D $E66A6DE sC@A :? a_ad |@G6 x?E6C6DEk^9bm

kAm%96 3:886DE 7246\A=2?E @7 a_ad 4@>6D 7C@> (2D9:?8E@? s]r] %96 s:DEC:4E 92D 7=:AA65 7C@> 2 `]_` C2E:@ E@ _]fc[ E96 >@DE D:8?:7:42?E 5C@A :? C2?< :? E96 52E2D6E[ 5@H? af]beT]k^Am

kAm!2CE @7 2 8C@FA @7 k2 9C67lQ9EEADi^^HHH]>@G63F5592]4@>^3=@8^>@G:?8\EC6?5D^Qm56?D6[ 6IA6?D:G6 4:E:6Dk^2m E92E D66 C6D:56?ED =62G:?8 :? 5C@G6D[ s]r] 2=D@ D2H E96 A2EE6C? 4@>A@F?565 3J E96 =@DD @7 D@>6 k2 9C67lQ9EEADi^^6?]H:<:A65:2]@C8^H:<:^a_ad0&?:E650$E2E6D07656C2=0>2DD0=2J@77DQma__[___ ;@3D :? a_adk^2m] p?2=JDED 4@?4=F565 E92E E96 s:DEC:4E’D 7@CEF?6D “k2 9C67lQ9EEADi^^HHH]3C@@<:?8D]65F^2CE:4=6D^62C=J\H2C?:?8\D:8?D\7@C\E96\54\C68:@?D\64@?@>J\2>:5\7656C2=\5@H?D:K:?8^QmE@@< 2 ?@D65:G6k^2m” :? a_ad 5F6 E@ 7656C2= ;@3 =@DD6D E92E C:4@496E65 E9C@F89@FE E96 =@42= 64@?@>J]k^Am

kAm!6C92AD 5:DA=2465 H@C<6CD 2C6 E9C@H:?8 :? E96 E@H6= 2?5 9625:?8 E@ E96 {2DE uC@?E:6C]k^Am

kAmqFE :E’D :>A@CE2?E E@ 4@?E6IEF2=:K6 E96 DFC86D 2?5 D=F>AD]k^Am

kAma_ad 92D D66? 76H6C >@G6 24E:@?D E92? :? J62CD A2DE[ H:E9 72C 76H6C p>6C:42?D FAC@@E:?8 E@ ?6H DE2E6D E92? E96J 5:5 5FC:?8 2?5 :>>65:2E6=J 27E6C E96 r~'xs\`h A2?56>:4] $@ H9:=6 p=2D<2 D62C496D D9:7E65 7C@> `]b_ E@ `]ea :?\>@G6D 7@C 6249 6I:E[ 2?5 s]r] EF>3=65 7C@> `]_` E@ _]fc[ $@FE9 s2<@E2 @?46 D2H :ED 7@CEF?6D 492?86 7C@> d]c :?\>@G6D A6C 6I:E :? E96 E9:C5 BF2CE6C @7 a_ab E@ `]cc E96 ?6IE]k^Am

kAm%@52J[ H6’C6 D66:?8 E96 E@A “DFC86” 2?5 “D=F>A” C2E6D D:E 2C@F?5 ad\bdT] %92E’D 2 72C 4CJ 7C@> E96 fbT DH:?8D H6 D2H 2E E96 96:89E @7 E96 >:8C2E:@? 3@@>]k^Am

k9bmxxx] r:E:6D – |JCE=6 q6249 2?5 u=@C:52 #6E:C6>6?E wF3D s@>:?2E65 x?3@F?5 x?E6C6DE :? a_adk^9bm

kAm|@G6CD 72G@C |JCE=6 q6249 2?5 @E96C $@FE96C? C6E:C6>6?E 56DE:?2E:@?D :? a_ad[ J6E >@>6?EF> :?4C62D:?8=J 7=@HD E@H2C5 D>2== 2?5 >:5\D:K65 >6EC@D E92E >:I ?2EFC6[ 4F=EFC6[ 2?5 42C66CD] #@D6G:==6[ z:DD:>>66[ v6@C86E@H?[ $2?E2 u6[ pD96G:==6[ q6==:?892>[ q@F=56C[ 2?5 #2=6:89 2C6 EFC?:?8 D64@?5\C:?8 2?5 4@==686\E@H? 2AA62= :?E@ >@G6\E@ 9@E DA@ED] q2<6CD7:6=5 2?5 D6G6C2= r2=:7@C?:2 >6EC@D =625 7@C 6I:ED[ 2?5 =@?8\E:>6 9@E DA@E %96 ':==286D D66D 2 >2;@C 4@@=\5@H? 3FE C6E2:?D 2 DA@E :? E96 E@A `_]k^Am

k9bm(9:49 r:E:6D (6C6 |@DE !@AF=2C :? a_adn #6E:C6>6?E w2G6?D 2C6 ~?=J !2CE @7 E96 $E@CJk^9bm

kAm(:E9 2 b]ag :?\E@\@FE C2E:@[ |JCE=6 q6249 :D 96=A:?8 $@FE9 r2C@=:?2 DE2J @? E@A H96? :E 4@>6D E@ ?6H ?6:893@CD] p?5 H9@ H@F=5?’E H2?E E@ E9C@H @77 E96:C 7=:A 7=@AD 2?5 5:8 E96:C E@6D :?E@ >:=6D @7 pE=2?E:4 362496D :? E96 9F>2?\D:K65 C6D@CE 4@>>F?:EJ @7 k2 9C67lQ9EEADi^^C62=6DE2E6]FD?6HD]4@>^A=246D^D@FE9\42C@=:?2^>JCE=6\36249QmOcb[___ C6D:56?EDk^2mnk^Am

kAm(6==[ J@F?8 A6@A=6[ 7@C @?6]k^Am

kAm%96 “vC2?5 $EC2?5’D” 2AA62= :D 9:896DE 2>@?8 @=56C 25F=ED[ >2<:?8 :E E96 k2 9C67lQ9EEADi^^HA56]4@>^?6HD^=@42=^5:CEJ\>JCE=6\>JCE=6\36249\8C@HE9\6=56C=J\D6?:@C\@=5\7@=<D\A@AF=2E:@?\8C@HE9\>@G:?8Qm72DE6DE\8C@H:?8 >6EC@ 7@C p>6C:42?D @G6C edk^2m :? E96 4@F?ECJ]k^Am

kAmx? 2 D:>:=2C ?2CC2E:G6[ E96 E@A >@G6 56DE:?2E:@?D :? a_ad 2C6 2== :? E96 $@FE9[ H96C6 H2C> 4=:>6D 2?5 D:?8=6\DE@CJ 9@>6D EC25:E:@?2==J 364<@? E@ E9@D6 92?8:?8 FA E96:C @77:46 =2?J2C5D 2?5 9625:?8 7@C E96 ?62C6DE 7:D9:?8 9@=6]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_a^`b^>@G63F5592\:E\4:E:6D\e]A?8Q 2=ElQp? :?7@8C2A9:4 >2AA:?8 E96 4:E:6D A6@A=6 D62C4965 E@ >@G6 E@ >@DE :? a_ad]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m>@G6k^7:842AE:@?mk^7:8FC6m

kAmRa ~42=2[ u=@C:52[ :D <?@H? 2D 2 k2 9C67lQ9EEADi^^7=@C:52D6?:@C4@?DF=E:?8]4@>^E@A\4:E:6D\E@\C6E:C6\:?\7=@C:52^QmE@A C6E:C6>6?E 56DE:?2E:@?k^2m[ H9:=6 Rb %96 ':==286D[ u=@C:52[ H2D k2 9C67lQ9EEADi^^6?]H:<:A65:2]@C8^H:<:^%960':==286D[0u=@C:52Qm56G6=@A65 2D 2? 286\C6DEC:4E65 4@>>F?:EJk^2m H96C6 @=56C 25F=ED >FDE @44FAJ >@DE 9@>6D[ 2?5 49:=5C6? 2C6?’E EJA:42==J 2==@H65 E@ =:G6 A6C>2?6?E=J]k^Am

kAmxE’D 72:C E@ 2DDF>6 72>:=:6D 2C6?’E >@G:?8 E@ %96 ':==286D 7@C E96 D49@@=D 2?5 ;@3 @AA@CEF?:E:6D]k^Am

kAmqFE C6E:C6>6?E 56DE:?2E:@?D 2C6?’E 5C:G:?8 E96 6?E:C6 =:DE]k^Am

kAm$>2== 2CE:DE:4 4@>>F?:E:6D H:E9 DEF??:?8 ?2EFC6 H:E9 3C@25 2AA62=[ =:<6 $2?E2 u6[ }6H |6I:4@[ 2?5 pD96G:==6[ }@CE9 r2C@=:?2[ 2=D@ >2<6 2AA62C2?46D :? E96 E@A ad] r@==686 E@H?D H:E9 >@F?E2:? 2446DD[ =:<6 q6==:?892>[ (2D9:?8E@?[ 2?5 q@F=56C[ r@=@C25@[ 2C6 E96C6[ E@@] p?5 E9@D6 4@==686 E@H?D EFC?65 3:8\4:EJ 64@?@>:4 A@H6CD[ =:<6 #2=6:89[ }@CE9 r2C@=:?2[ 2EEC24E ?@E @?=J E9@D6 :? D62C49 @7 2 >:=5 H:?E6C 3FE 2 =@?8\=:G65 42C66C]k^Am

kAmx? @E96C H@C5D[ H9:=6 A6C92AD @=56C 25F=ED 2C6 5C:G:?8 p>6C:42’D 4FCC6?E E@A >@G6\E@ 4:E:6D[ 2 >@C6 ?F2?465 ?2CC2E:G6 DE2?5D @FE ;FDE F?56C E96 “3:8” ?F>36CDi %96 C6DE @7 p>6C:42 :D 56G6=@A:?8 2 E2DE6 7@C D>2== 2?5 >:5\D:K65 4:E:6D H:E9 @FE5@@C 4C65 24C@DD E96 4@F?ECJ]k^Am

k9bm(9:49 r:E:6D s:5 p>6C:42?D (2?E E@ {62G6 E96 |@DE :? a_adn $@ {@?8[ $@r2=k^9bm

kAm(96C6 2C6 E96J =62G:?8 :? 72G@C @7 D46?:4 2?5 4C62E:G6 E@H?Dn |@C6 E92? 2?J @E96C 4:EJ[ q2<6CD7:6=5[ r2=:7@C?:2[ 76=E 6>AE:6C :? a_ad] (:E9 2? :?\E@\@FE >@G6 C2E:@ @7 _]cg[ E96 $2? y@2BF:? '2==6J 4:EJ ;@:?65 E9C66 @E96C r2=:7@C?:2 4:E:6D 2D D@>6 @7 E96 =62DE A@AF=2C C62= 6DE2E6 :? E96 &]$]i {@?8 q6249[ #:G6CD:56[ 2?5 uC6D?@ D66 E96 9:896DE >@G6\@FE :?E6C6DE W4@>A2C65 E@ :?\>:8C2E:@?X :? p>6C:42 :? a_ad]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_a^`b^>@G63F5592\:E\4:E:6D\f]A?8Q 2=ElQp? :?7@8C2A9:4 >2AA:?8 E96 4:E:6D A6@A=6 D62C4965 E@ =62G6 >@DE :? a_ad]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m>@G6qF5592k^7:842AE:@?mk^7:8FC6m

k9bmk3C ^m(9:49 r:E:6D (6C6 $FC8:?8 |@DE :? a_adn p $E@C> @7 }6H |@G6D w:ED u=@C:52 %@H?Dk^9bm

kAm(9:=6 $@FE9 r2C@=:?2 :D E96 ?2E:@?’D >@DE A@AF=2C @G6C2==[ :E 5:5?’E 7246 2 E@F89 4=:>3 7@C E96 E@A DA@E] pD :E 32D<D :? :ED A@AF=2C:EJ[ @E96C 4:E:6D 2C6 BF:6E=J 492C8:?8 FA E96 =2556C 7@C E96 ?F>36C\@?6 DA@E]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_a^`b^>@G63F5592\:E\4:E:6D\g]A?8Q 2=ElQp? :?7@8C2A9:4 D9@H:?8 52E2 @? E96 E@A `_ C:D:?8 2?5 72==:?8 4:E:6D :? >@G6 56>2?5]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m>@G6qF5592k^7:842AE:@?mk^7:8FC6m

kAm~42=2[ u=@C:52[ H2D?’E E96 ?2E:@?’D 72G@C:E6 :? a_ac[ 3FE :? a_ad[ :ED :?\E@\@FE C2E:@ C@D6 fcT[ 7C@> a]bh E@ 2? 2DEC@?@>:42= b]_h] |2J36 E92E’D 3642FD6 :E 92D =2?565 @? =:DED D9@H42D:?8 k2 9C67lQ9EEADi^^HHH]>D?]4@>^6?\FD^>@?6J^C6E:C6>6?E^h\7=@C:52\4:E:6D\E@\C6E:C6\@?\a\___\2\>@?E9\@C\=6DD^2C\pp`"~>AwQm9@H E@ C6E:C6 @? 2 DEC:4E 3F586Ek^2m @C 3642FD6 :ED AC:46D C6>2:? k2 9C67lQ9EEADi^^HHH]>D?]4@>^6?\FD^>@?6J^64@?@>J^@42=2\C2?<65\?@\`\8C@HE9\4:EJ\:?\E96\4@F?ECJ\F\92F=\C6A@CED^2C\pp`Ic_I)Qm277@C523=6 4@>A2C65 E@ @E96C u=@C:52 4:E:6Dk^2m]k^Am

kAmRa !@CE $E] {F4:6[ u=@C:52[ 2?5 Rb !2=> r@2DE[ u=@C:52[ 92G6 2=D@ D66? f_TZ C:D6D :? E96:C >@G6 C2E:@D] x? E96 42D6 @7 !@CE $E] {F4:6[ :ED C2?<:?8 92D D<JC@4<6E65 FA ``b A=246D] (92E 5@ 2== E9C66 @7 u=@C:52’D >@DE A@AF=2C 92G6 :? 4@>>@?n %96J’C6 C6E:C6>6?E 92G6?D[ 277@C523=6 4@>A2C65 E@ ?62C3J 2=E6C?2E:G6D[ 2?5 @77 E96 362E6? A2E9 — ?@?6 2C6 ECF=J 4@>>FE23=6 E@ u=@C:52’D =2C86DE 64@?@>:4 46?E6CD]k^Am

kAm$9@@E:?8 FA `cf A=246D E@ Rc[ #@D6G:==6[ r2=:7@C?:2[ D9@HD E92E r2=:7@C?:2 DE:== 2AA62=D E@ >@G6CD 7C@> @FE @7 DE2E6] {:<6 u=@C:52’D DFC8:?8 4:E:6D[ #@D6G:==6 :D DE:== 2 k2 9C67lQ9EEADi^^HHH]>D?]4@>^6?\FD^>@?6J^C62=6DE2E6^d\H6DE\4@2DE\4:E:6D\H96C6\C6E:C66D\=@G6\E@\=:G6^2C\pp`#f4@qQmC6E:C6>6?E 92G6?k^2m[ 3FE :E’D 2=D@ C2?<65 2D E96 k2 9C67lQ9EEADi^^HHH]C@D6G:==6]42]FD^?6HD^2C49:G60?6HD^a_`f02C49:G60?6HD^C@D6G:==60E@A0A=2460E@0C2:D602072>:=J0:?042Qm36DE A=246 E@ C2:D6 2 72>:=Jk^2m :? r2=:7@C?:2]k^Am

kAm~G6C2==[ 9@E 4:E:6D :? a_ad 92G6 366? “D64@?5 C:?8” =@42E:@?D @FED:56 E96 8C:A @7 FC32? AC:46 E28Di #@D6G:==6 — 2=@?8 H:E9 rF>>:?8[ v6@C8:2 z:DD:>>66[ u=@C:52 2?5 v6@C86E@H?[ %6I2D — 8:G6 >@G6CD 2446DD E@ 2:CA@CED 2?5 9J3C:5 H@C< 2CC2?86>6?ED 6G6? 2D E96J 2==@H 3C62E9:?8 C@@> 7C@> E96 9FDE=6 2?5 3FDE=6 @7 p>6C:42’D 64@?@>:4 46?E6CD] p?5 E92E’D 366? 2 H:??:?8 7@C>F=2 7@C C6E:C66D — 3FE 2=D@ >2?J 72>:=:6D]k^Am

k9bm(9:49 r:E:6D (6C6 r@@=:?8 ~77 :? a_adn a_ac’D w@E $A@ED (6C6 W|@DE=JX $E:== }6E !@D:E:G6k^9bm

kAmuF??:=J 6?@F89[ u=@C:52’D %96 ':==286D :D E96 E@A 72==:?8 4:EJ :? p>6C:42 :? a_ad] (96C6 a_ac’D >6E6@C:4 A@AF=2C:EJ >256 :E R`[ :? a_ad :ED :?\E@\@FE C2E:@ 92D A=F?865 geT[ =62G:?8 :E 32C6=J 3CF:D65 2E Rb :? E96 ?2E:@?] $E:== @?6 @7 E96 >@DE A@AF=2C 4:E:6D[ H:E9 a]fh ?6H4@>6CD 7@C 6G6CJ >@G6 @FE[ %96 ':==286D 92D D66? E96 2A6I @7 :ED A@AF=2C:EJ]k^Am

kAmyFDE EH@ @7 E96 4:E:6D =@D:?8 E96 >@DE A@AF=2C:EJ :? a_ad 92G6 =2?565 :? ?682E:G6 E6CC:E@CJ — 3@E9 ?62C3J >2;@C FC32? 2C62Di }6H *@C< r:EJ WH9:49 H6?E 7C@> `]bg :? a_ac E@ _]fh :? a_adX 2?5 }@CE9 {2D '682D[ }6G252 W>@G:?8 7C@> `]_g E@ _]ecX]k^Am

kAm~E96C 3:8 “=@D6CD” E92E C6>2:? ?6E A@D:E:G6 2C6 @7E6? 7@C>6C=J EC6?5J DA@ED E92E DE:== 9@=5 D@>6 2AA62= 7@C >@G6CD] u@C 6I2>A=6[ r2CJ[ }@CE9 r2C@=:?2[ 92D 5@>:?2E65 >@G6\E@ =:DED 7@C J62CD[ 2=@?8 H:E9 $2G2??29[ v6@C8:2[ 2?5 ~=J>A:2[ (2D9:?8E@?] %96:C 72== 7C@> 8C246 :D =:<6=J =6DD 23@FE E96:C 56D:C23:=:EJ E92? 23@FE @G6CD2EFC2E:@? 2?5 C:D:?8 AC:46D]k^Am

kAm(92E 2C6 >@G6CD E@ 5@ E@52Jn {@@< 7@C E96 D2>6 G:36D :? @E96C =@42E:@?D E92E 92G6?’E 42F89E @? J6E]k^Am

k9bmx'] a_ae u@C642DEi w:556? r@C?6CD (:== q62E w625=:?6 $E2E6Dk^9bm

kAmp=2D<2’D DA@E 2E E96 E@A @7 >@G6qF5592’D a_ae 7@C642DED :D =6DD 23@FE 6G6CJ@?6 >@G:?8 E96C6 2?5 >@C6 23@FE H92E :E C6AC6D6?EDi p>6C:42?D 2C6 H:==:?8 E@ EC256 DE2EFD 4:E:6D 7@C 42C67F==J 49@D6? 4@C?6CD E92E ;FDE 7:E] (96E96C :E’D :? A=246D =:<6 $@FE9 s2<@E2’D D>2== E@H?D @C z?@IG:==6[ %6??6DD66[ E96 ?6IE 86?6C2E:@? @7 9@E 56DE:?2E:@?D H:== 36 567:?65 =6DD 3J DE2E6 3@C56CD 2?5 >@C6 3J A=246D E92E 86?F:?6=J 766= =:<6 9@>6]k^Am

k9bm(96C6 (:== p>6C:42?D v@ :? a_aen uC@> p=2D<2 pFC@C2D E@ s2<@E2 !2J4964<Dk^9bm

kAm~?6 A=246 H:E9 A=6?EJ @7 C@@> 7@C ?6H4@>6CD :D >@G6qF5592’D R` a_ae A:4<[ p=2D<2] #6>@E6 H@C<6CD =:G:?8 @FE E96:C 423:? 5C62>D 42? 42E49 >@C6 2FC@C2D 2?5 4@>>F?6 H:E9 >@@D6[ 362C[ 2?5 <:?8 4C23]k^Am

kAm|@G6CD 2C6 2=D@ 7@C642DE65 E@ E2<6 25G2?E286 @7 $@FE9 s2<@E2’D k2 9C67lQ9EEADi^^HHH]52<@E2?6HD?@H]4@>^a_ad^_f^ae^D@FE9\52<@E2\3@2DED\36DE\F?6>A=@J>6?E\C2E6\4@F?ECJ^Qm=@H F?6>A=@J>6?E C2E6k^2m[ H9:49 4@?E:?F6D E@ 2EEC24E ?6H H@C<6CD 9@A:?8 E@ 42A:E2=:K6 @? 9:89 H286D H:E9 =@H 4@DED]k^Am

kAmtG6? (6DE ':C8:?:2[ H9:49 D2H :ED A@AF=2C:EJ A=F>>6E :? a_ad[ :D =@@<:?8 =:<6 :E 4@F=5 DE286 2 4@>6324< :? a_ae]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_a^`b^a_ae\DE2E6\E@\DE2E6\>@G:?8\7@C642DE]A?8Q 2=ElQp 52E2 >2A D9@H:?8 H9:49 DE2E6D 2C6 6IA64E65 E@ 82:? 2?5 =@D6 >@DE >@G6CD :? a_ae]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m>@G6qF5592k^7:842AE:@?mk^7:8FC6m

kAmp>6C:42’D >@G:?8 DE@CJ :D?’E 2== 23@FE a_ad] $@ H9:=6 >@G6qF5592 AF==65 a_ad’D >@G6 D62C496D[ 6286C E@ =62C? H9@ H2?ED E@ 8@ 7C@> H96C6 E@ H96C6 :? a_ad[ H6 4@F=5?’E 96=A 3FE H@?56C[ 2D E96 J62CD 8@ 3J[ H92E 5@ E96D6 D62C496D D9@H FD 23@FE E96 >@G6D E92E 92G6?’E 6G6? 366? D62C4965 J6E[ =6E 2=@?6 4@>A=6E65nk^Am

kAmu@C642DE:?8 E6==D FD E92E 3J E96 6?5 @7 a_ae[ H6’== 36 =@@<:?8 2E E@A :?\E@\@FE >@G6 C2E:@D :? p=2D<2[ x529@[ $@FE9 r2C@=:?2[ |2:?6[ 2?5 pC<2?D2D] }@?6 @7 E96D6 DE2E6D :D 7@C642DE65 E@ D66 76H6C E92? `]eg ?6H :?\>@G6D A6C 6I:E 2E 2?J A@:?E :? a_ae[ H:E9 p=2D<2 9:EE:?8 ?62C=J a]d ?6H4@>6CD A6C @FE>@G6 3J E96 6?5 @7 E96 J62C]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_a^`b^>@G63F5592\:E\4:E:6D\`_]A?8Q 2=ElQ%23=6 =:DE:?8 DE2E6D >@DE AC65:4E65 H:E9 E96 E@A >@G:?8 C2E:@ :? a_ad]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m>@G6qF5592k^7:842AE:@?mk^7:8FC6m

kAm$@FE9 s2<@E2 :D E96 DE2E6 H96C6 :?3@F?5 :?E6C6DE :D C:D:?8 E96 72DE6DE[ 7@==@H65 3J |2:?6 2?5 pC<2?D2D]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_a^`b^>@G63F5592\D@FE9\52<@E2]A?8Q 2=ElQ%23=6 =:DE:?8 DE2E6D H:E9 E96 E@A D=@A6 @7 7@C642DED]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m>@G6qF5592k^7:842AE:@?mk^7:8FC6m

kAmYw:896C D=@A6 >62?D 72DE6C AC@;64E65 8C@HE9 :? >@G6C :?E6C6DE 7C@> a_`h E@ a_ae]Yk^Am

kAm|62?H9:=6[ H6’== D66 E96 >@DE @FE7=@H 7C@> r2=:7@C?:2[ }6H w2>AD9:C6[ }6H y6CD6J[ r@??64E:4FE[ 2?5 z2?D2D] }@?6 @7 E96D6 =62DE A@AF=2C DE2E6D :D 7@C642DE65 E@ D66 A@D:E:G6 :?7=@H :? a_ae[ H:E9 E96D6 @FE7=@H DE2E6D C2?8:?8 7C@> _]e` E@ _]fa ?6H >@G6\:?D A6C 6I:E 24C@DD E96 J62C]k^Am

kAm(6’G6 2=C625J 7@C642DE65 k2 9C67lQ9EEADi^^HHH]>@G63F5592]4@>^3=@8^>@G:?8\7@C642DE\AC65:4E:@?D^Qma_ae’D >@DE A@AF=2C 4:E:6Dk^2m Wz?@IG:==6[ %6??6DD66[ :D R`X] x?E6C6DE:?8=J[ ?@?6 2C6 AC65:4E65 E@ 36 :? E96 ?2E:@?’D E@A 7:G6 >@DE A@AF=2C DE2E6D] %92E DA=:E DF886DED E92E E96 ?6IE H2G6 @7 9@E 56DE:?2E:@?D :D?’E 23@FE A:4<:?8 E96 36DE DE2E6 — :E H:== 36 23@FE A:4<:?8 E96 C:89E =:EE=6 4@C?6C :?D:56 DE2E6D E92E @E96CH:D6 7=J ;FDE F?56C E96 C252C]k^Am

k9bmp>6C:42?D w62565 }@CE9…2?5 $@FE9…:? a_adk^9bm

kAm(96? :E 4@>6D E@ >@G:?8[ a_ad C6AC6D6?E65 2 vC62E r@@=\s@H? 2?5 $AC625\~FE]k^Am

kAm(9:=6 4=2DD:4 C6E:C6>6?E 56DE:?2E:@?D 2C6 DE:== D@>6 @7 E96 >@DE A@AF=2C DE2E6D 2?5 4:E:6D :? E96 4@F?ECJ[ E96J’C6 4=62C=J D66:?8 =6DD 24E:@?]k^Am

kAmqFE E96 :562 @7 D>2==6C[ 4@@=6C[ 2?5 >@C6 277@C523=6 — H:E9 DEC@?8 =:76DEJ=6 A6C<D — :D 96C6 E@ DE2J] |@C6 p>6C:42?D 2C6 EC25:?8 3:8\4:EJ AC6DE:86 7@C >:5\D:K65 >6EC@D 2?5 6G6? 4@==686 E@H?D E92E @776C 2 >:I @7 ;@3D[ 5646?E D49@@=D[ 2?5 @FE5@@C C64C62E:@?]k^Am

kAm%9@F89 “C6EFC? E@ @77:46” 9625=:?6D 2C6 6G6CJH96C6[ p>6C:42? >@G6CD 92G6?’E 8@EE6? E96 >6>@] %96J’C6 DE:== 72G@C:?8 =6DD 56?D6 56DE:?2E:@?D[ 6G6? E2<:?8 E96 :562 E@ E96 6IEC6>6] %96J’C6 =@@<:?8 :?E@ C6>@E6 4@C?6CD @7 p=2D<2 2?5 C6E:C66 DF3FC3D E92E 2C6 2 h_\>:?FE6 5C:G6 7C@> E96 ?62C6DE >2;@C 5@H?E@H?]k^Am

kAmx? a_ad[ E96 4@F?ECJ’D 962CEDEC:?8D 2C6 AF==:?8 C6D:56?ED :? >F=E:A=6 3FE 2=D@ @AA@D:E6 5:C64E:@?D] $@>6 A6@A=6 2C6 492D:?8 D?@H[ E9@F89 >2?J @E96CD 2C6 6J6:?8 E96 H9:E6 D2?5 362496D @7 u=@C:52 @C $@FE9 r2C@=:?2] ~E96CD 2C6 D6EE=:?8 :?E@ 4@==686 E@H?D[ $@FE96C? DF3FC3D[ 2?5 6IFC32? 92G6?D E92E 92G6?’E 366? A@AF=2C 367@C6]k^Am

kAmq69:?5 6249 @7 E9@D6 49@:46D :D E96 D2>6 D9:7Ei {:76DEJ=6 :D H:??:?8 @FE H96? p>6C:42?D 564:56 H96C6 E@ >@G6]k^Am

k9bm|6E9@5@=@8Jk^9bm

kAm%96 52E2 FD65 :? E9:D C6A@CE 4@>6D 5:C64E=J 7C@> >@G6qF5592’D k2 9C67lQ9EEADi^^HHH]>@G63F5592]4@>^>@G:?8\4@DE\42=4F=2E@C^Qm|@G:?8 r@DE r2=4F=2E@Ck^2m]k^Am

kAm%9:D 2?2=JD:D E2<6D :?E@ 244@F?E D62C496D >256 7C@> y2?] `[ a_a_[ E9C@F89 s64] `[ a_ad]k^Am

kAmu@C DE2E6 EC6?5D[ >@G6qF5592 @?=J =@@<65 2E DE2E6\E@\DE2E6 >@G6D] u@C 4:E:6D[ >@G6qF5592 =:>:E65 E96 52E2 E@ A=246D H:E9 2E =62DE `__ :?3@F?5 2?5 `__ @FE3@F?5 >@G6 D62C496D]k^Am

kAmkDEC@?8mr2=4F=2E:@?D FD65 :? E9:D 2?2=JD:D :?4=F56ik^DEC@?8mk^Am

kAmk6>mkDEC@?8mx?\E@\~FE #2E:@k^DEC@?8mk^6>m x?\E@\~FE l r@F?E @7 x?3@F?5 |@G6D ^ r@F?E @7 ~FE3@F?5 |@G6Dk^Am

kAm#2E:@D U8Ej` :?5:42E6 kDEC@?8m>@C6 :?7=@Hk^DEC@?8m E92? @FE7=@H]k^Am

kAm#2E:@D U=Ej` :?5:42E6 kDEC@?8m>@C6 @FE7=@Hk^DEC@?8m E92? :?7=@H]k^Am

kAm%96 :?\E@\@FE C2E:@ :D E96 AC@A@CE:@? @7 :?3@F?5 G6CDFD @FE3@F?5 >@G6D 7@C 2 4:EJ @C DE2E6 @G6C E96 4@FCD6 @7 2 42=6?52C J62C]k^Am

kAmtIi $@FE9 r2C@=:?2 :? a_ab 925 2 ?6E >:8C2E:@? C2E:@ @7 a]`` W2=D@ 6IAC6DD65 2D a``X[ >62?:?8 E92E 7@C 6G6CJ a`` D62C496D 7@C >@G6D :?[ `__ H6C6 D62C49:?8 E@ >@G6 @FE] x? a_ac[ E92E C2E:@ 564C62D65 E@ a]_d W2=D@ 6IAC6DD65 2D a_dX[ >62?:?8 E92E 7@C 6G6CJ a_d :?3@F?5 >@G6 D62C496D[ `__ H6C6 D62C49:?8 E@ >@G6 @FE]k^Am

kAmk6>mkDEC@?8m#2E:@ A6C46?E286\A@:?E 492?86k^DEC@?8mik^6>m *62C\@G6C\J62C :?\E@\@FE C2E:@ A6C46?E286\A@:?E 492?86k^Am

kAm!6C46?E286\!@:?E r92?86 :? #2E:@ l Wx?\E@\~FE #2E:@ a_ad – x?\E@\~FE #2E:@ a_acX I `__k^Am

kAmr2=4F=2E:@?D 32D65 @? J62C\E@\J62C A6C46?E286\A@:?E 492?86 :? >:8C2E:@? H6C6 56C:G65 FD:?8 E96 DE2E6 >:8C2E:@? C2E:@] %9:D D2>6 >6E9@5 92D 2=D@ 366? FD65 3J k2 9C67lQ9EEADi^^HHH]=:?<65:?]4@>^AF=D6^D@\=@?8\3:8\4:EJ\92?5=:?8\A2?56>:4\@7E6?\>62?D\42==:?8\86@C86\2?56CD^Qm{:?<65x? 52E2 D4:6?E:DEDk^2m 2?5 k2 9C67lQ9EEADi^^HHH]3=@@>36C8]4@>^8C2A9:4D^a_a`\4:EJ=23\9@H\2>6C:42?D\>@G65^Qmq=@@>36C8k^2m]k^Am

kAmp *@* A6C46?E\A@:?E 492?86 U8Ej_ :?5:42E6D E92E E96C6 H2D 2? :?4C62D6 :? E96 C2E:@ @7 :?7=@H 7C@> @?6 J62C E@ E96 ?6IE]k^Am

kAmp *@* A6C46?E\A@:?E 492?86 U=Ej_ :?5:42E6D E92E E96C6 H2D 2 564C62D6 :? E96 C2E:@ @7 :?7=@H 7C@> @?6 J62C E@ E96 ?6IE]k^Am

kAma_ae 7@C642DEi |@G6qF5592’D a_ae 4:EJ 7@C642DED H6C6 7@F?5 FD:?8 2 C2?5@> 7@C6DE >@56=]k^Am

kAm%96 >@56= H2D EC2:?65 @? BF2CE6C=J 52E2 7C@> a_`h E@ a_ad E92E 244@F?E65 7@C E96 =2DE 7@FC BF2CE6CD 7@C >@>6?EF>[ E96 BF2CE6C @7 E96 J62C 7@C D62D@?2=:EJ[ E96 42=6?52C J62C 7@C =@?86C\E6C> D9:7ED[ 2?5 2 C@==:?8 `a\>@?E9 2G6C286 E@ D>@@E9 F?FDF2= DA:<6D]k^Am

k9bm"F6DE:@?Dk^9bm

kAmkDEC@?8m(92E 2C6 D@>6 9:556?\86> &]$] 4:E:6D E92E 2C6 DE2CE:?8 E@ 86E 2 =@E >@C6 2EE6?E:@? 7C@> >@G6CDnk^DEC@?8mk^Am

kAm|@G6qF5592 a_ad 52E2 A@:?ED E@ 2 H2G6 @7 D>2==6C 2?5 >:5\D:K65 “D64@?5 C:?8” 4:E:6D BF:6E=J 4=:>3:?8 E96 492CED H9:=6 3:8\?2>6 >6EC@D 4@@=] p 76H DE2?5@FEDik^Am

kF=mk=:mv6@C86E@H?[ %6I2Dk^=:mk=:mrF>>:?8[ v6@C8:2k^=:mk=:mu@CE r@==:?D[ r@=@C25@k^=:mk=:m$2?E2 u6[ }6H |6I:4@k^=:mk=:mpD96G:==6[ }@CE9 r2C@=:?2k^=:mk=:mq6==:?892>[ (2D9:?8E@?k^=:mk^F=m

kAmkDEC@?8m(96C6 2C6 A6@A=6 >@G:?8 :? a_aenk^DEC@?8mk^Am

kAmp44@C5:?8 E@ >@G6qF5592’D 52E2 7@C642DE[ E96 E@A 4:EJ E92E H:== 62C? E96 9:896DE C2E:@ @7 :?3@F?5 >@G6D :D z?@IG:==6[ %6??6DD66[ 2?5 E96 E@A DE2E6 :D p=2D<2]k^Am

kAm%9@D6 AC65:4E:@?D 2C6 32D65 @? >@G6qF5592’D >@G6C D62C49 52E2 4@==64E65 FD:?8 E96 k2 9C67lQ9EEADi^^HHH]>@G63F5592]4@>^>@G:?8\4@DE\42=4F=2E@C^Qm|@G:?8 r@DE r2=4F=2E@Ck^2m] %9:D AC@G:56D :?D:89E :?E@ E96 4:E:6D C:D:?8 2?5 72==:?8 :? :?E6C6DE[ H9:49 42? AC@G:56 2 >2E9\324<65 2?DH6C E@ H96C6 A6@A=6 >2J 36 :?4C62D:?8=J >@G:?8 E@ 2?5 7C@> :? a_ae]k^Am

kAmkDEC@?8m(92E 24EF2==J 5C:G6D H96C6 A6@A=6 2C6 >@G:?8 C:89E ?@Hnk^DEC@?8mk^Am

kAm(9:=6 >@G6qF5592 52E2 5@6D?’E A:?A@:?E >@E:G2E:@?[ E96 7:?5:?8D A@:?E E@ 2 D:>A=6 ECFE9i |@DE A6@A=6 >@G6 H96C6 E96J 42? >2<6 E96 >@?6J H@C<] (96? =@@<:?8 2E 9F?5C65D @7 E9@FD2?5D @7 >@G:?8 4@DE D62C496D[ E96 DEC@?86DE D:8?2=D =:?6 FA H:E9 ;@3D 2?5 9@FD:?8 4@DED[ ?@E 3F4<6E\=:DE 5C62> 4:E:6D]k^Am

kAm!C676C6?46 DE:== >2EE6CD[ ;FDE ?@E 7@C 6G6CJ@?6 :? E96 D2>6 H2J] #6E:C66D H:E9 D2G:?8D 42? 492D6 H2C> H62E96C 2?5 8@=7 42CED] #6>@E6 H@C<6CD 42? AC:@C:E:K6 >@F?E2:? E@H?D[ 4@2DE2= DF3FC3D[ @C “9:556? 4@C?6C” 4:E:6D H:E9 DEC@?8 =:76DEJ=6 2AA62=] %9@D6 >@G6D D9@H FA :? E96 C:D6 @7 A=246D =:<6 |JCE=6 q6249[ ~42=2[ p=2D<2[ 2?5 2 DAC625 @7 D>2== 2?5 >:5\D:K65 >6EC@D] u@C E96 >2;@C:EJ @7 >@G6CD[ E9@F89[ E96 7:CDE 7:=E6C :D D:>A=6i r2? x 7:?5 2 ;@3[ 2?5 42? x 277@C5 E@ =:G6 E96C6 @?46 E96 >@G:?8 ECF4< AF==D 2H2Jnk^Am

kAmk2 9C67lQ9EEADi^^HHH]>@G63F5592]4@>^3=@8^>:8C2E:@?\>@G:?8\C6A@CE^Qmk6>m%9:D DE@CJk^6>mk^2m k6>mH2D AC@5F465 3Jk^6>m k2 9C67lQ9EEADi^^HHH]>@G63F5592]4@>Qmk6>m>@G6qF5592k^6>mk^2m k6>m2?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^2m]k^Am