A good, useful essay is one that helps the college understand what matters to you, what's important to you and why. (Dreamstime/TNS)
Dreamstime/Dreamstime/TNSkAm#p{txvw[ }]r] — x7 J@FVC6 2 DEF56?E 2AA=J:?8 7@C 4@==686[ HC:E:?8 2 A6CD@?2= 6DD2J 42? D66> 52F?E:?8]k^Am
kAmqFE :E 5@6D?VE ?665 E@ 36]k^Am
kAm%96 }6HD U2>Aj ~3D6CG6C E2=<65 E@ 25>:DD:@?D @77:46D 2E F?:G6CD:E:6D :? }@CE9 r2C@=:?2 E@ 7:?5 @FE H92E E@ 5@ — 2?5 H92E E@ 2G@:5 — H96? HC:E:?8 E9@D6 6DD2JD @G6C E96 ?6IE 76H H66<D]k^Am
kAmw6C6VD H92E H6 =62C?65]k^Am
kAm#6>6>36Ci >@DE 2AA=:42E:@? 5625=:?6D 72== 2C@F?5 E96 7:CDE @C >:55=6 @7 y2?F2CJ]k^Am
People are also reading…
- Former Cyclone Addy Brown commits to reigning NCAA Champs
- Daughter of 10-year MLB vet, Brianna Johnson a 'gem' who delivers for Hawkeyes again and again
- 8 children killed at home in Louisiana domestic violence, police say
- Pope Leo signals shift away from Catholic Church's focus on sex
- Iowa women’s basketball head coach Jan Jensen teases more transfer portal additions for Hawkeyes
- Iowa State's 2027 recruiting class ranks No. 1 after Donovan Davis commitment
- A timeline of assassination attempts and threats against Trump
- Basketball transfer portal’s early losers: Big names, big swings, bigger questions
- 4-star Donovan Davis commits to Iowa State over Iowa, Nebraska, others
- Illinois football coach Bielema making connections both past and present
- They’re in remission, but their medical bills aren’t: Cancer survivors navigate soaring costs
- Iowa’s Kirk Ferentz, Ben McCollum sound off on potential NCAA eligibility changes during Polk County I-Club stop
- Are you due COVID era tax refund? Deadline is approaching
- In indie thriller 'Neglected,' David Lipper wears every hat
- CyHawk Talk: How to feel about transfer portal additions and Iowa State recruiting win vs Iowa, Wisconsin
k9bmw6C6VD H92E >2EE6CDk^9bm
kAmr9C:DE@A9 vFEE6?E28[ sF<6 &?:G6CD:EJVD 562? @7 F?56C8C25F2E6 25>:DD:@?D[ D92C65 D@>6 :?D:89Eik^Am
kAmkDEC@?8m%96 A6CD@?2= 6DD2J =6ED E96 4@==686 <?@H J@F 2D 2? :?5:G:5F2=]k^DEC@?8mk^Am
kAm— x7 2 4@==686 :D 2D<:?8 7@C 2? 6DD2J W@C >@C6 E92? @?6X[ :EVD 3642FD6 E96J 2C6 =@@<:?8 7@C E96 :?D:89E E92E 2? 6DD2J 42? AC@G:56[ 96 D2:5]k^Am
kAm— p 8@@5[ FD67F= 6DD2J :D @?6 E92E 96=AD E96 4@==686 F?56CDE2?5 H92E >2EE6CD E@ J@F[ H92EVD :>A@CE2?E E@ J@F 2?5 H9J]k^Am
kAmkDEC@?8m%96C6 2C6?VE Q8@@5Q E@A:4D E@ 49@@D6 @C Q325Q E@A:4D E@ 2G@:5]k^DEC@?8mk^Am
kAm— %96C6VD ?@ E@A:4 E92E :D A2CE:4F=2C=J 8@@5 @C A2CE:4F=2C=J AC@3=6>2E:4] p=>@DE 2?JE9:?8 42? 36 E96 DF3;64E @7 2 8@@5 6DD2J[ vFEE6?E28 D2:5]k^Am
kAm— (92E >2EE6CD :D E92E J@F HC:E6 23@FE H92E >2EE6CD E@ J@F 2?5 H9J] p?5 E9:D :D E96 @?6 A2CE @7 E96 2AA=:42E:@? H96C6 J@F 86E E@ 6IAC6DD J@FCD6=7 :? J@FC @H? H@C5D]k^Am
kAmkDEC@?8m!2J 2EE6?E:@? E@ DEJ=6 2?5 E@?6]k^DEC@?8mk^Am
kAm— %96 E@?6 5@6D ?@E 92G6 E@ 36 7@C>2=[ 2?5 E96 =2?8F286 5@6D ?@E 92G6 E@ 36 A2CE:4F=2C=J D@A9:DE:42E65] x? 724E[ D@>6E:>6D E9@D6 42? 86E :? E96 H2J @7 E96 C6256C 86EE:?8 2 D6?D6 @7 J@F[ 96 D2:5]k^Am
kAm— *@F D9@F=5 2AAC@249 :E 2D :7 :E H6C6 2 4@?G6CD2E:@? J@F H6C6 92G:?8 H:E9 2? 25F=E H9@ :D A2CE:4F=2C=J :?E6C6DE65 :? H92E J@F 92G6 E@ D2J] }@E 2D 42DF2= 2D :7 J@F H6C6 DA62<:?8 H:E9 2 7C:6?5 @C 4=2DD>2E6[ 3FE ?@E 2D 7@C>2= 2D :7 :E H6C6 2 A2A6C J@F H6C6 HC:E:?8 7@C 2? 2DD:8?>6?E]k^Am
kAm— x7 J@F C625 J@FC 6DD2J @FE =@F5[ 2?5 :E D@F?5D =:<6 D@>6E9:?8 J@FV5 D2J E@ 2? 25F=E D:EE:?8 24C@DD 7C@> J@F =:DE6?:?8 E@ J@F H:E9 :?E6C6DE[ J@FV== 36 @? E96 C:89E EC24<]k^Am
kAmQ%92EVD 2=>@DE =:E6C2==J H92EVD 8@:?8 E@ 92AA6?[Q vFEE6?E28 D2:5] Qp? 25>:DD:@?D @77:46C H:== C625 E92E 6DD2J[ ECJ:?8 E@ 86E 2 D6?D6 @7 J@F 2D 2 F?:BF6 A6CD@?[ 2?5 C625:?8 :E 2D :7 J@F H6C6 DA62<:?8 :E]Qk^Am
kAmkDEC@?8mtDD2JD 2=>@DE ?6G6C 56E6C>:?6 2 564:D:@?]k^DEC@?8mk^Am
kAm— tDD2JD 364@>6 :>A@CE2?E H96? 2 4@==686 ?665D E@ 5:DE:?8F:D9 36EH66? >2?J 2AA=:42?ED H9@ 2C6 24256>:42==J BF2=:7:65 7@C E92E D49@@=[ 96 D2:5]k^Am
kAm— %96JVC6 ?@E >@C6 :>A@CE2?E E92? J@FC 24256>:4 C64@C5 @C J@FC 6IEC24FCC:4F=2C 24E:G:E:6D 2?5 244@>A=:D9>6?ED[ 3FE 2>@?8 D:>:=2C=J BF2=:7:65 DEF56?ED[ 6DD2JD 42? D@>6E:>6D 96=A ?F586 2 564:D:@? :? @?6 5:C64E:@? @C 2?@E96C]k^Am
k9bm|@C6 E:ADk^9bm
kAmQ(9:=6 E96C6 :D ?@ H6:89E E@ :?5:G:5F2= 4@>A@?6?ED @7 E96 2AA=:42E:@?[ E96 6DD2J :D 2 F?:BF6 @AA@CEF?:EJ E@ D92C6 J@FC DE@CJ 2?5 H92E :D >62?:?87F= @C :>A@CE2?E E@ J@F[Q D2:5 |:4926= s2G:D[ &}r\rwVD 2DD@4:2E6 5:C64E@C @7 25>:DD:@?D]k^Am
kAm— kDEC@?8ms@k^DEC@?8mi (C:E6 23@FE 2 E@A:4 E92E 96=AD E96 F?:G6CD:EJ F?56CDE2?5 J@F 2D 2 F?:BF6 :?5:G:5F2=] (C:E6 23@FE 9@H J@F H@F=5 4@?EC:3FE6 E@ E96 42>AFD 4@>>F?:EJ]k^Am
kAm— kDEC@?8ms@?VEk^DEC@?8mi (C:E6 23@FE E@A:4D J@FVC6 ?@E 4@>7@CE23=6 HC:E:?8 23@FE] p?5 5@?VE HC:E6 6DD2JD E92E H@F=5 AC@>AE 2 86?6C:4 C6DA@?D6[ 2D @AA@D65 E@ @?6 E92E D9@H42D6D J@FC F?:BF6 G@:46 2?5 A6CDA64E:G6]k^Am
kAms6Vy2?6= w6?CJ[ }r r6?EC2=VD :?E6C:> 2DD@4:2E6 5:C64E@C @7 8C25F2E6 25>:DD:@?D[ C64@>>6?5D 2G@:5:?8 6DD2JD E92E :?G@=G6 4@?EC@G6CD:2= E@A:4D[ :?4=F5:?8 A@=:E:42= 2?5^@C DA:C:EF2= :DDF6D]k^Am
k9bmw@H J@F D9@F=5 AC6A2C6 E@ HC:E6 J@FC 4@==686 6DD2JDk^9bm
kAm*@F D9@F=5 2D< J@FCD6=7 2 76H BF6DE:@?D 367@C6 D:EE:?8 5@H? E@ HC:E6 J@FC A6CD@?2= 6DD2J[ A6C sF<6VD C64@>>6?52E:@?ik^Am
kAm`] (92E 6IA6C:6?46D 92G6 J@F 925 E92E >2<6 J@F F?:BF6n r2? J@F 56D4C:36 492C24E6C:DE:4D E92E H@F=5 >2<6 J@F 2 G2=F23=6 >6>36C @7 E96 F?:G6CD:EJ 4@>>F?:EJ 7@C E96 ?6IE 7@FC J62CDnk^Am
kAma] w2G6 J@F @G6C4@>6 2?J @3DE24=6D :? J@FC 65F42E:@?2= 42C66Cn ~C[ 92G6 J@F 9:E 2?J DA6653F>AD E92E J@F ?665 E@ 6IA=2:?nk^Am
kAmb] (92E :D Q>:DD:?8Q 7C@> J@FC 2AA=:42E:@? 7:=6n x7 E96J 92G6 2 EC2?D4C:AE[ E96C6 :D ?@ C62D@? E@ H2DE6 H@C5D E6==:?8 E96> 23@FE J@FC 9:89 8C256D] x7 E96J 92G6 2 =:DE @7 J@FC 2H2C5D 2?5 24E:G:E:6D[ E96C6 :D ?@ ?665 E@ D:>A=J C6\Â=:DE E96> 96C6] xD E96C6 D@>6E9:?8 DA64:2= 23@FE @?6 @7 J@FC 24E:G:E:6D E92E 5@6D?VE 4@>6 E9C@F89 :? 2 =:DE 2=@?6nk^Am
kAmkDEC@?8mp?5 96C6 2C6 D@>6 255:E:@?2= E:AD 7C@> E96 r@==686 u@F?52E:@? @7 }@CE9 r2C@=:?2ik^DEC@?8mk^Am
kAm— qC2:?DE@C> 2?5 @FE=:?6i tDD2J E@A:4D @7E6? 72== :?E@ @?6 @7 EH@ 42E68@C:6Di 2 A6CD@?2= DE2E6>6?E @C 2 DECF4EFC65 BF6DE:@?] x7 J@F 42? 49@@D6 H9:49 E@ 2?DH6C[ J@F >:89E H2?E E@ 3C2:?DE@C> 2?5 @FE=:?6 2 C6DA@?D6 7@C D6G6C2= BF6DE:@?D E@ D66 H9:49 :D 36DE 7@C J@F]k^Am
kAm— q68:? 62C=Ji $E2CE H@C<:?8 @? J@FC 6DD2JD 62C=J] v:G6 J@FCD6=7 A=6?EJ @7 E:>6 7@C C6G:D:@?D]k^Am
kAm— v6E 7665324<i $66< 7665324< 7C@> 2 4@F?D6=@C[ A2C6?E @C ECFDE65 E62496C E@ 96=A J@F C6G:D6 2?5 65:E J@FC H@C<]k^Am
kAm— q6 DA64:7:4i |2<6 DFC6 J@F 2?DH6C E96 DA64:7:4 6DD2J AC@>AE 7@C 6249 2AA=:42E:@?] s@?VE ;FDE C692D9 724ED 23@FE J@FCD6=7 @C C6FD6 2? 6DD2J J@F HC@E6 7@C 2?@E96C 4@==686]k^Am
kAm— t5:E 42C67F==Ji #6AC6D6?E J@FC :562D :? E96 36DE =:89E 3J 4964<:?8 J@FC 6DD2J E9@C@F89=J 7@C 4@CC64E FD286[ DA6==:?8 2?5 AF?4EF2E:@?]k^Am
kAm— s@?VE @G6CFD6 E96 E96D2FCFDi $E:4< E@ G@423F=2CJ E92E :D 72>:=:2C E@ J@F] x7 J@F C6=J E@@ 962G:=J @? 2 E96D2FCFD :? D62C49 @7 3:886C 2?5 36EE6C\D@F?5:?8 H@C5D] *@F C:D< D@F?5:?8 AC6E6?E:@FD[ 2D H6== 2D F?:?E6?E:@?2==J >:DFD:?8 H@C5D]k^Am
kAm— s@?VE A=28:2C:K6i #6>6>36C E92E 6DD2J C6256CD 2C6 EC2:?65 E@ DA@E A=28:2C:D>] *@F 42? =62C? 7C@> @E96C 6DD2JD[ 3FE J@F 5@?VE H2?E E@ 4@AJ E96>]k^Am
kAm— q6 ECFE97F=i xE 42? 36 E6>AE:?8 E@ DEC6E49 E96 ECFE9 H96? J@F 2C6 ECJ:?8 E@ :>AC6DD D@>6@?6[ 3FE E96 AFCA@D6 @7 E96 6DD2J :D E@ E6== 2 C6256C H92E D@CE @7 A6CD@? J@F C62==J 2C6]k^Am
kAmYYYk^Am
The 2024-2025 school year saw a growing number of students at campuses nationwide. Undergraduate enrollment was up by 3.2% in the spring of 2025, according to the National Student Clearinghouse Research Center. That increase is all the more noteworthy when you consider the current price tag for a college education—per the Education Data Initiative, the average cost of one year at a higher education institution clocks in at more than $38,000 in 2022-23. Still, college offers a valuable return on investment for many prospective students. An analysis from the Federal Reserve Bank of New York found that in recent years, college grads earned a median of $80,000 per year, while workers with only a high school diploma earned a median of $47,000 per year.
With this in mind, the return on investment may be more apparent at some schools than others. Stacker compiled a list of the best colleges in America using Niche's 2026 rankings. All four-year schools in Niche's database were considered. Niche ranks colleges using various factors, including academics, admissions, finances, and student life. You can check out the full methodology here.
kAm%96 =:DE :?4=F56D AF3=:4 2?5 AC:G2E6 :?DE:EFE:@?D[ 7C@> (6DE r@2DE C6D62C49 4@==686D E@ t2DE r@2DE =:36C2= 2CED D49@@=D] xE 2=D@ 4@?E2:?D 2 72:C D92C6 @7 DAC2H=:?8 DE2E6 D49@@=D 2?5 C6=:8:@?\46?EC:4 F?:G6CD:E:6D]k^Am
kAm%96D6 4@==686D @776C A:@?66C:?8 D4:6?46D[ 6?EC6AC6?6FCD9:A[ 2?5 6G6? 328A:A6 A6C7@C>2?46 AC@8C2>D] (9:=6 D@>6 >2J 36 36DE <?@H? 7@C 2E9=6E:4 249:6G6>6?ED[ >2?J 7@@E32== D49@@=D 2C6 >2<:?8 C2A:5 65F42E:@?2= 25G2?46>6?ED[ AC@5F4:?8 D6G6C2= #9@56D D49@=2CD 2?5 4@==23@C2E:?8 H:E9 E649 :?5FDECJ 8:2?ED] ~7 4@FCD6[ D@>6 92G6 4@@= A6C<D E92E 76H @E96CD 5@[ :?4=F5:?8 2? @?\42>AFD :46 4C62> 724E@CJ @C AC@I:>:EJ E@ E96 36249]k^Am
- Winston Tan // Shutterstock
Best colleges in America
Best colleges in America
kAm%96 a_ac\a_ad D49@@= J62C D2H 2 8C@H:?8 ?F>36C @7 DEF56?ED 2E 42>AFD6D ?2E:@?H:56] &?56C8C25F2E6 6?C@==>6?E H2D FA 3J b]aT :? E96 DAC:?8 @7 a_ad[ 244@C5:?8 E@ E96 k2 9C67lQ9EEADi^^?D4C6D62C4946?E6C]@C8^4FCC6?E\E6C>\6?C@==>6?E\6DE:>2E6D^Qm}2E:@?2= $EF56?E r=62C:?89@FD6 #6D62C49 r6?E6Ck^2m] %92E :?4C62D6 :D 2== E96 >@C6 ?@E6H@CE9J H96? J@F 4@?D:56C E96 4FCC6?E AC:46 E28 7@C 2 4@==686 65F42E:@?—A6C E96 k2 9C67lQ9EEADi^^65F42E:@?52E2]@C8^2G6C286\4@DE\@7\4@==686Qmt5F42E:@? s2E2 x?:E:2E:G6k^2m[ E96 2G6C286 4@DE @7 @?6 J62C 2E 2 9:896C 65F42E:@? :?DE:EFE:@? 4=@4<D :? 2E >@C6 E92? Sbg[___ :? a_aa\ab] $E:==[ 4@==686 @776CD 2 G2=F23=6 C6EFC? @? :?G6DE>6?E 7@C >2?J AC@DA64E:G6 DEF56?ED] p? 2?2=JD:D 7C@> E96 k2 9C67lQ9EEADi^^=:36CEJDEC66E64@?@>:4D]?6HJ@C<765]@C8^a_ad^_c^:D\4@==686\DE:==\H@CE9\:E^Qmu656C2= #6D6CG6 q2?< @7 }6H *@C<k^2m 7@F?5 E92E :? C646?E J62CD[ 4@==686 8C25D 62C?65 2 >65:2? @7 Sg_[___ A6C J62C[ H9:=6 H@C<6CD H:E9 @?=J 2 9:89 D49@@= 5:A=@>2 62C?65 2 >65:2? @7 Scf[___ A6C J62C]k^Am
kAm(:E9 E9:D :? >:?5[ E96 C6EFC? @? :?G6DE>6?E >2J 36 >@C6 2AA2C6?E 2E D@>6 D49@@=D E92? @E96CD] k2 9C67lQ9EEADi^^DE24<6C]4@>^DE@C:6DQm$E24<6Ck^2m 4@>A:=65 2 =:DE @7 E96 36DE 4@==686D :? p>6C:42 FD:?8 k2 9C67lQ9EEADi^^HHH]?:496]4@>^4@==686D^D62C49^36DE\4@==686D^Qm}:496VDk^2m a_ae C2?<:?8D] p== 7@FC\J62C D49@@=D :? }:496VD 52E232D6 H6C6 4@?D:56C65] }:496 C2?<D 4@==686D FD:?8 G2C:@FD 724E@CD[ :?4=F5:?8 24256>:4D[ 25>:DD:@?D[ 7:?2?46D[ 2?5 DEF56?E =:76] *@F 42? 4964< @FE E96 7F== >6E9@5@=@8J k2 9C67lQ9EEADi^^HHH]?:496]4@>^4@==686D^D62C49^E@A\AF3=:4\F?:G6CD:E:6D^Qm96C6k^2m]k^Am
kAm%96 =:DE :?4=F56D AF3=:4 2?5 AC:G2E6 :?DE:EFE:@?D[ 7C@> (6DE r@2DE C6D62C49 4@==686D E@ t2DE r@2DE =:36C2= 2CED D49@@=D] xE 2=D@ 4@?E2:?D 2 72:C D92C6 @7 DAC2H=:?8 DE2E6 D49@@=D 2?5 C6=:8:@?\46?EC:4 F?:G6CD:E:6D]k^Am
kAm%96D6 4@==686D @776C A:@?66C:?8 D4:6?46D[ 6?EC6AC6?6FCD9:A[ 2?5 6G6? 328A:A6 A6C7@C>2?46 AC@8C2>D] (9:=6 D@>6 >2J 36 36DE <?@H? 7@C 2E9=6E:4 249:6G6>6?ED[ >2?J 7@@E32== D49@@=D 2C6 >2<:?8 C2A:5 65F42E:@?2= 25G2?46>6?ED[ AC@5F4:?8 D6G6C2= #9@56D D49@=2CD 2?5 4@==23@C2E:?8 H:E9 E649 :?5FDECJ 8:2?ED] ~7 4@FCD6[ D@>6 92G6 4@@= A6C<D E92E 76H @E96CD 5@[ :?4=F5:?8 2? @?\42>AFD :46 4C62> 724E@CJ @C AC@I:>:EJ E@ E96 36249]k^Am
kAm(9:=6 E96 xGJ {628F6 :D 4@?D:56C65 E96 4C62> @7 E96 4C@A 7@C p>6C:42? 4@==686D[ E92EVD ?@E ?646DD2C:=J E96 42D6 H:E9 E9:D =:DE] z66A C625:?8 E@ D66 H9:49 D49@@= 8C23365 E96 R` DA@E]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65`36DE4@==686Dcb&vp`$%uA?80_0_0_]!}vQ 2=ElQ$EF56?ED H2=< E96 8C@F?5D @7 E96 &?:G6CD:EJ @7 v6@C8:2]Q E:E=6lQRd_] &?:G6CD:EJ @7 v6@C8:2Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?mqCJ2? !@==2C5 ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRd_] &?:G6CD:EJ @7 v6@C8:2k^9am
kAm\ {@42E:@?i pE96?D[ vpk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei ah[fhhk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i `bi`k^Am
kAm\ p446AE2?46 C2E6i bfTk^Am
kAm\ %JA:42= $p% C2?86i ``e_\`bh_k^Am
kAm\ pE9=6E:4 4@?76C6?46i $@FE962DE6C? r@?76C6?46 W$trXk^Am
kAm%96 &?:G6CD:EJ @7 v6@C8:2VD 3FD:?6DD D49@@= H2D E96 7:CDE @7 :ED <:?5 :? E96 $@FE9[ 2?5 :E C6>2:?D 2 E@A :?DE:EFE:@? :? E96 7:6=5] %96 r@==686 @7 t?G:C@?>6?E 2?5 s6D:8? 2=D@ 4@?D:DE6?E=J C2?<D 2>@?8 E96 ?2E:@?VD 36DE 2?5 4@?76CD 568C66D :? =2?5D42A6 2C49:E64EFC6[ 9:DE@C:4 AC6D6CG2E:@?[ FC32? A=2??:?8[ 2?5 6?G:C@?>6?E2= 56D:8?] x? 2E9=6E:4D[ &vp :D 2== 23@FE 7@@E32==]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^&@7|:2>:~ey&0_];A8Q 2=ElQ$92=2=2 $EF56?E r6?E6C =@@<:?8 @G6C {2<6 ~D46@=2 @? &?:G6CD:EJ @7 |:2>: 42>AFD]Q E:E=6lQRch] &?:G6CD:EJ @7 |:2>:Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m!@A@G2 '2=6C:J2 ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRch] &?:G6CD:EJ @7 |:2>:k^9am
kAm\ {@42E:@?i r@C2= v23=6D[ u{k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei `b[ad_k^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i gi`k^Am
kAm\ p446AE2?46 C2E6i `hTk^Am
kAm\ %JA:42= $p% C2?86i `bb_\`cf_k^Am
kAm\ pE9=6E:4 4@?76C6?46i pE=2?E:4 r@2DE r@?76C6?46 WprrXk^Am
kAms@?VE =6E E96 AC@I:>:EJ E@ $@FE9 q6249 2?5 DE@C:6D @7 A2CEJ:?8 7@@= J@Fj E96 &?:G6CD:EJ @7 |:2>: :D 2 =625:?8 46?E6C @7 24256>:4 DEF5J] |:2>: 92D E@A\7=:89E AC@8C2>D :? @462?@8C2A9J[ >65:4:?6[ 2?5 4=:>2E6 492?86] p?5 J6D[ E96 >2:? 42>AFD :? r@C2= v23=6D :D =@42E65 ?62C E96 36249]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dde&rq6C<'!#(A?80_0_0_]!}vQ 2=ElQp? 26C:2= G:6H @7 E96 42>AFD @7 E96 &?:G6CD:EJ @7 r2=:7@C?:2[ q6C<6=6J]Q E:E=6lQRcg] &?:G6CD:EJ @7 r2=:7@C?:2[ q6C<6=6JQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?mz6? (@=E6C ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRcg] &?:G6CD:EJ @7 r2=:7@C?:2[ q6C<6=6Jk^9am
kAm\ {@42E:@?i q6C<6=6J[ rpk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei b`[dcgk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i `ci`k^Am
kAm\ p446AE2?46 C2E6i `aTk^Am
kAm\ %JA:42= $p% C2?86i `b`_\`db_k^Am
kAm\ pE9=6E:4 4@?76C6?46i pE=2?E:4 r@2DE r@?76C6?46 WprrXk^Am
kAm~7E6? 4@?D:56C65 E96 k2 9C67lQ9EEADi^^G@:46D]36C<6=6J]65F^:?E6C?2E:@?2=^F4\36C<6=6J\E2<6D\`\AF3=:4\D49@@=\FD7@C\a_ad\a_aeQmE@A AF3=:4 F?:G6CD:EJ :? E96 4@F?ECJk^2m[ E96 &?:G6CD:EJ @7 r2=:7@C?:2[ q6C<6=6J 92D >2?J }@36= !C:K6 H:??6CD 2>@?8 :ED 2=F>?: 2?5 724F=EJ 2?5 92D AC@5F465 E96 >@DE !6246 r@CAD G@=F?E66CD—2=>@DE c[___] (:E9 >2?J :>A@CE2?E AC@;64ED 6>2?2E:?8 7C@> E96 $A246 $4:6?46D {23@C2E@CJ 2?5 2 9:DE@CJ @7 6?EC6AC6?6FCD9:A[ DEF56?ED @7E6? 364@>6 =6256CD :? E96:C 7:6=5D]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^FC32?2492>A2:8?_~b(];A8Q 2=ElQ$EF56?ED H2=< 2?5 D:E @FED:56 @? E96 BF25 2E E96 &?:G6CD:EJ @7 x==:?@:D 4@==686 42>AFD :? &C32?2 r92>A2:8?]Q E:E=6lQRcf] &?:G6CD:EJ @7 x==:?@:D[ &C32?2\r92>A2:8?Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m{6:89 %C2:= ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRcf] &?:G6CD:EJ @7 x==:?@:D[ &C32?2\r92>A2:8?k^9am
kAm\ {@42E:@?i r92>A2:8?[ x{k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei bc[cegk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i `bi`k^Am
kAm\ p446AE2?46 C2E6i ccTk^Am
kAm\ %JA:42= $p% C2?86i `af_\`d`_k^Am
kAm\ pE9=6E:4 4@?76C6?46i q:8 %6? r@?76C6?46 Wq:8 %6?Xk^Am
kAm%96 &?:G6CD:EJ @7 x==:?@:D &C32?2\r92>A2:8? 4@F?ED 5@K6?D @7 }@36= 2?5 !F=:EK6C !C:K6 H:??6CD 2>@?8 :ED 2=F>?: 2?5 724F=EJ] %96 D49@@= @776CD @?6 @7 E96 =2C86DE AF3=:4 F?:G6CD:EJ =:3C2C:6D :? E96 H@C=5[ H:E9 >@C6 E92? `c >:==:@? G@=F>6D 2?5 ac >:==:@? @E96C :E6>D] xE :D 9:89=J C682C565 7@C :ED =625:?8 C6D62C49 :? E649?@=@8J[ 28C:4F=EFC6[ 2?5 8@G6C?>6?E A@=:4J]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^EF7EDF?:G6CD:EJ!q*#];A8Q 2=ElQp 3F:=5:?8 @? E96 %F7ED &?:G6CD:EJ 42>AFD H:E9 EH@ 6=64EC:4 3=F6 p5:C@?524< 492:CD :? 7C@?E @7 :E]Q E:E=6lQRce] %F7ED &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m{2?6 %FC?6C ^^ %96 q@DE@? v=@36 G:2 v6EEJ x>286Dk^7:842AE:@?mk^7:8FC6m
k9amRce] %F7ED &?:G6CD:EJk^9am
kAm\ {@42E:@?i |657@C5[ |pk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei e[egdk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i ei`k^Am
kAm\ p446AE2?46 C2E6i `_Tk^Am
kAm\ %JA:42= $p% C2?86i `ce_\`dd_k^Am
kAm\ pE9=6E:4 4@?76C6?46i }6H t?8=2?5 $>2== r@==686 pE9=6E:4 r@?76C6?46k^Am
kAm%F7ED &?:G6CD:EJ DEF56?ED 92G6 2 G2C:6EJ @7 24E:G:E:6D 2E E96:C 5:DA@D2=[ :?4=F5:?8 H:E9 E96 v6@=@8:42= $@4:6EJ 2?5 A@AF=2C 2 42AA6==2 8C@FAD] xED 2CE 4@==64E:@? 762EFC6D H@C<D 7C@> !23=@ !:42DD@ 2?5 p?5J (2C9@=[ 2?5 E96 F?:G6CD:EJ 92D A2CE?6CD9:AD H:E9 w2CG2C5[ |x%[ 2?5 >@C6]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Ddbq@DE@?r@==686g!#gA?80_0_0_]!}vQ 2=ElQp C65 D:8? 92?8D 7C@> 2? :C@? A@DE H:E9 E96 H@C5D q@DE@? r@==686]Q E:E=6lQRcd] q@DE@? r@==686Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?my2J *F2? ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRcd] q@DE@? r@==686k^9am
kAm\ {@42E:@?i r96DE?FE w:==[ |pk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei h[edck^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i hi`k^Am
kAm\ p446AE2?46 C2E6i `eTk^Am
kAm\ %JA:42= $p% C2?86i `cb_\`dc_k^Am
kAm\ pE9=6E:4 4@?76C6?46i pE=2?E:4 r@2DE r@?76C6?46 WprrXk^Am
kAmq@DE@? r@==686 9@DED 2 72>@FD pCED u6DE:G2= 2D H6== 2D 2 A=6E9@C2 @7 52?46 4@>A6E:E:@?D] %96 r2CC@== $49@@= @7 |2?286>6?E :D 2 E@A 3FD:?6DD AC@8C2>[ 2?5 qr :D 2=D@ 2 E@A y6DF:E[ r2E9@=:4[ 2?5 =:36C2= 2CED :?DE:EFE:@?] u@F?565 :? `geb[ :E H2D E96 7:CDE D49@@= @7 9:896C 65F42E:@? E@ @A6C2E6 :? q@DE@?]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dedp>96CDEu`%#A?80_0_0_]!}vQ 2=ElQp DA:C6 7C@> p>96CDE r@==686 C:D6D 23@G6 72== 7@=:286]Q E:E=6lQRcc] p>96CDE r@==686Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m|2C< *2C49@2? ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRcc] p>96CDE r@==686k^9am
kAm\ {@42E:@?i p>96CDE[ |pk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei `[h`_k^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i fi`k^Am
kAm\ p446AE2?46 C2E6i `_Tk^Am
kAm\ %JA:42= $p% C2?86i `be_\`dd_k^Am
kAm\ pE9=6E:4 4@?76C6?46i }6H t?8=2?5 $>2== r@==686 pE9=6E:4 r@?76C6?46k^Am
kAmp>96CDE r@==686 :D C6A62E65=J C64@8?:K65 2D @?6 @7 E96 E@A =:36C2= 2CED D49@@=D :? E96 4@F?ECJ] $EF56?ED 42? E2<6 25G2?E286 @7 2? @A6? 4FCC:4F=F> H:E9 ?@ 4@C6 C6BF:C6>6?ED] p>96CDE :D 9@>6 E@ E96 q6?6D<: |FD6F> @7 }2EFC2= w:DE@CJ 2?5 2 d__\24C6 H:=5=:76 D2?4EF2CJ]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dec|:55=63FCJb|_%A?80_0_0_]!}vQ 2=ElQp5:C@?524< 492:CD 2?5 72== 7@=:286 @? E96 42>AFD @7 |:55=63FCJ r@==686]Q E:E=6lQRcb] |:55=63FCJ r@==686Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m|2C82C6E q6CCJ ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRcb] |:55=63FCJ r@==686k^9am
kAm\ {@42E:@?i |:55=63FCJ[ '%k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei a[ffgk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i gi`k^Am
kAm\ p446AE2?46 C2E6i `_Tk^Am
kAm\ %JA:42= $p% C2?86i `cb_\`dd_k^Am
kAm\ pE9=6E:4 4@?76C6?46i }6H t?8=2?5 $>2== r@==686 pE9=6E:4 r@?76C6?46k^Am
kAm|:55=63FCJ r@==686 :D C64@8?:K65 7@C :ED 6?G:C@?>6?E2= DEF5:6D AC@8C2>[ H9:49 3682? :? `hed 2D E96 7:CDE @7 :ED <:?5 :? E96 &]$] %96 D49@@= 4@>>:EE65 E@ E2<:?8 24E:@? @? 4=:>2E6 492?86 H:E9 :ED t?6C8Ja_ag :?:E:2E:G6 E@ FD6 `__T C6?6H23=6 6?6C8J D@FC46D 3J E96 6?5 @7 E92E J62C] xE 2=D@ @H?D :ED @H? D<: 2C62[ E96 |:55=63FCJ $?@H3@H=]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^q2C?2C5r&{)`0_];A8Q 2=ElQ':6H @7 q2C?2C5 r@==686 >2:? 42>AFD H:E9 E96 |:=DE6:? r6?E6C 2?5 uFEE6C u:6=5]Q E:E=6lQRca] q2C?2C5 r@==686Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?mw6C6 }@H ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRca] q2C?2C5 r@==686k^9am
kAm\ {@42E:@?i }6H *@C<k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei b[`gbk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i `_i`k^Am
kAm\ p446AE2?46 C2E6i gTk^Am
kAm\ %JA:42= $p% C2?86i `cd_\`dd_k^Am
kAm\ pE9=6E:4 4@?76C6?46i xGJ {628F6k^Am
kAm{@42E65 24C@DD E96 DEC66E 7C@> r@=F>3:2 &?:G6CD:EJ[ q2C?2C5 r@==686 @776CD E96 D2>6 AC:G:=686D E@ :ED DEF56?ED] %96 q2C?2C5 r6?E6C 7@C #6D62C49 @? (@>6? 2?5 E96 pE96?2 u:=> u6DE:G2= 2C6 EH@ 46=63C2E65 C6D@FC46D @? 42>AFD] p 46?E6C 7@C E6249:?8 2?5 =62C?:?8[ H9:49 @A6?65 :? a_`g[ 92D 8:G6? E96 D49@@= :ED @H? 5:DE:?4E:G6 9F3]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65`36DE4@==686Dcd&%p#u~gA?80_0_0_]!}vQ 2=ElQ%96 |2:? qF:=5:?8[ <?@H? 4@==@BF:2==J 2D %96 %@H6C[ 2E E96 46?E6C @7 E96 &?:G6CD:EJ @7 %6I2D 2E pFDE:? 42>AFD]Q E:E=6lQRc`] &?:G6CD:EJ @7 %6I2D 2E pFDE:?Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m7``A9@E@ ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRc`] &?:G6CD:EJ @7 %6I2D 2E pFDE:?k^9am
kAm\ {@42E:@?i pFDE:?[ %)k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei bh[fgfk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i `ci`k^Am
kAm\ p446AE2?46 C2E6i ahTk^Am
kAm\ %JA:42= $p% C2?86i `ab_\`ch_k^Am
kAm\ pE9=6E:4 4@?76C6?46i $@FE962DE6C? r@?76C6?46 W$trXk^Am
kAm&?:G6CD:EJ @7 %6I2D 2E pFDE:? DEF56?ED 42? E2<6 25G2?E286 @7 E96 |4s@?2=5 ~3D6CG2E@CJ[ @?6 @7 >2?J AC6DE:8:@FD 724:=:E:6D 2E E9:D DE2E6 D49@@=] %96 42>AFD 92D 2 H62=E9 @7 >FD6F>D[ 7C@> E96 {qy !C6D:56?E:2= {:3C2CJ E@ E96 q=2?E@? |FD6F> @7 pCE[ 2?5 J@F >:89E 6G6? 42E49 |2EE96H |4r@?2F896J 2E 2 {@?89@C?D 7@@E32== 82>6] ~FED:56 @7 42>AFD[ DEF56?ED 42? A2CE2<6 :? E96 42A:E2=VD 4F=EFC2= :?DE:EFE:@?D[ DF49 2D $@FE9 3J $@FE9H6DE 2?5 uC2?<=:? q2C364F6]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Deh(:==:2>Dc&|fA?80_0_0_]!}vQ 2=ElQp? :GJ 4@G6C65 3F:=5:?8 @? E96 42>AFD @7 (:==:2>D r@==686]Q E:E=6lQRc_] (:==:2>D r@==686Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?mr@=:? s] *@F?8 ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRc_] (:==:2>D r@==686k^9am
kAm\ {@42E:@?i (:==:2>DE@H?[ |pk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei a[_f_k^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i ei`k^Am
kAm\ p446AE2?46 C2E6i `_Tk^Am
kAm\ %JA:42= $p% C2?86i `cf_\`de_k^Am
kAm\ pE9=6E:4 4@?76C6?46i }6H t?8=2?5 $>2== r@==686 pE9=6E:4 r@?76C6?46k^Am
kAmuC2E6C?:E:6D ?@ =@?86C 6I:DE 2E (:==:2>D r@==686[ 3FE >@C6 E92? ` :? b DEF56?ED A2CE:4:A2E6 :? :?E6C4@==68:2E6 DA@CED] }62C=J 6G6CJ@?6 6?8286D :? 4=F3D @C 24E:G:E:6D[ 2?5 E96 D49@@= 92D 2? 6I4=FD:G6 AC@8C2> H:E9 E96 &?:G6CD:EJ @7 ~I7@C5] y2?F2CJ :D 565:42E65 E@ H:?E6C DEF5J[ H96? DEF56?ED AFCDF6 @?6 D:?8=6 DF3;64E @? 2 A2DD\72:= 32D:D[ 4@?5F4E C6D62C49[ =2?5 2? :?E6C?D9:A[ @C EC2G6=]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dda}@CE962DE6C?wz$vA?80_0_0_]!}vQ 2=ElQp 7C@?E2= G:6H @7 E96 }@CE962DE6C? &?:G6CD:EJ 42>AFD]Q E:E=6lQRbh] }@CE962DE6C? &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m#:EF |2?@; y6E92?: ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRbh] }@CE962DE6C? &?:G6CD:EJk^9am
kAm\ {@42E:@?i q@DE@?k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei `d[gdfk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i gi`k^Am
kAm\ p446AE2?46 C2E6i eTk^Am
kAm\ %JA:42= $p% C2?86i `ce_\`dd_k^Am
kAm\ pE9=6E:4 4@?76C6?46i r@2DE2= pE9=6E:4 pDD@4:2E:@? WrppXk^Am
kAm}@CE962DE6C? &?:G6CD:EJ :D C68F=2C=J 4@?D:56C65 @?6 @7 E96 36DE 4@==686D 7@C 4@\@A 2?5 :?E6C?D9:A 6IA6C:6?46D] xE 92D `b 42>AFD6D :? E96 &]$][ r2?252[ 2?5 E96 &?:E65 z:?85@> 2?5 b[d__ 6>A=@J6C A2CE?6CD 2C@F?5 E96 H@C=5] u:6=5D @7 DEF5J :?4=F56 C@3@E:4D C6D62C49 2?5 496>:42= :>28:?8]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65`36DE4@==686Dcfq@DE@?&dx$~A?80_0_0_]!}vQ 2=ElQp q@DE@? &?:G6CD:EJ 7=28 7=:6D @? E96 8C@F?5D @7 E96 42>AFD]Q E:E=6lQRbg] q@DE@? &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m(2?8<F? y:2 ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRbg] q@DE@? &?:G6CD:EJk^9am
kAm\ {@42E:@?i q@DE@?k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei `f[ghhk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i di`k^Am
kAm\ p446AE2?46 C2E6i ``Tk^Am
kAm\ %JA:42= $p% C2?86i `c__\`da_k^Am
kAm\ pE9=6E:4 4@?76C6?46i !2EC:@E {628F6 W!2EC:@EXk^Am
kAm{@42E65 :? @?6 @7 p>6C:42VD 3FD:6DE 4@==686 4:E:6D[ q@DE@? &?:G6CD:EJ @776CD 2 >:I @7 3:8 4:EJ 3F:=5:?8D 2?5 :?E:>2E6 3C@H?DE@?6D] xE DE2?5D @? 2446DD:3=6 65F42E:@? 2?5 AC:@C:E:K6D C6D62C49[ 2CE:DE:4 4C62E:@?[ 2?5 AC@76DD:@?2= AC24E:46] %96 D49@@= :D 2=D@ 9@>6 E@ E96 q@DE@? !=2JHC:89EDV %962EC6 2?5 62D:=J 2446DD:3=6 7C@> >@DE A2CED @7 E96 4:EJ 3J AF3=:4 EC2?DA@CE2E:@?]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Ddc&}rqb!"A?80_0_0_]!}vQ 2=ElQp? 6IE6C:@C G:6H @7 r2CC@== w2== 2E E96 &?:G6CD:EJ @7 }@CE9 r2C@=:?2]Q E:E=6lQRbf] &?:G6CD:EJ @7 }@CE9 r2C@=:?2 2E r92A6= w:==Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?mqCJ2? !@==2C5 ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRbf] &?:G6CD:EJ @7 }@CE9 r2C@=:?2 2E r92A6= w:==k^9am
kAm\ {@42E:@?i r92A6= w:==[ }rk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei `h[hbhk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i hi`k^Am
kAm\ p446AE2?46 C2E6i `hTk^Am
kAm\ %JA:42= $p% C2?86i `bf_\`db_k^Am
kAm\ pE9=6E:4 4@?76C6?46i pE=2?E:4 r@2DE r@?76C6?46 WprrXk^Am
kAm%96 &?:G6CD:EJ @7 }@CE9 r2C@=:?2 2E r92A6= w:==VD >65:42= AC@8C2>D[ A2CE:4F=2C=J :? 56?E:DECJ 2?5 A92C>24J[ C646:G6 9:89 AC2:D6] %96 D49@@= AC:56D :ED6=7 @? E6249:?8[ C6D62C49[ 2?5 AF3=:4 D6CG:46 2D H6== 2D 42CCJ:?8 @? 2 DE@C:65 9:DE@CJ 2?5 EC25:E:@?j :E @A6?65 :? `fhd]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686De_$H2CE9>@C6gw|eA?80_0_0_]!}vQ 2=ElQ$E@?6 3F:=5:?8D @? E96 42>AFD @7 $H2CE9>@C6 r@==686]Q E:E=6lQRbe] $H2CE9>@C6 r@==686Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m$A:C@G:6H x?4 ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRbe] $H2CE9>@C6 r@==686k^9am
kAm\ {@42E:@?i $H2CE9>@C6[ !pk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei `[ec`k^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i ei`k^Am
kAm\ p446AE2?46 C2E6i fTk^Am
kAm\ %JA:42= $p% C2?86i `ce_\`de_k^Am
kAm\ pE9=6E:4 4@?76C6?46i r6?E6??:2= r@?76C6?46k^Am
kAm$H2CE9>@C6 r@==686 :D 9:89=J 4@>>:EE65 E@ :ED DFDE2:?23:=:EJ :?:E:2E:G6D[ H:E9 E96 8@2= @7 364@>:?8 2 K6C@\H2DE6 42>AFD 3J a_bd] %96 b__\24C6 $4@EE pC3@C6EF> :D 2 9:89=:89E @7 E96 bd_\24C6 8C@F?5D[ =@42E65 `` >:=6D 7C@> !9:=256=A9:2[ 2?5 E96 !62D=66 s632E6 $@4:6EJ :D 2>@?8 E96 A@AF=2C 6IEC24FCC:4F=2C @AE:@?D]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^s2G:5D@?r@==686d#p"0_];A8Q 2=ElQp? 6IE6C:@C G:6H @7 s2G:5D@? }@CE9 r2C@=:?2 4@==686 42>AFD]Q E:E=6lQRbd] s2G:5D@? r@==686Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m>2C=:? 8@@5H:? ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRbd] s2G:5D@? r@==686k^9am
kAm\ {@42E:@?i s2G:5D@?[ }rk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei `[h_ck^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i gi`k^Am
kAm\ p446AE2?46 C2E6i `cTk^Am
kAm\ %JA:42= $p% C2?86i `be_\`d`_k^Am
kAm\ pE9=6E:4 4@?76C6?46i pE=2?E:4 `_ r@?76C6?46 Wp\`_Xk^Am
kAms2G:5D@? r@==686[ ;FDE ?@CE9 @7 r92C=@EE6[ }@CE9 r2C@=:?2[ :D <?@H? 7@C :ED E:89E\<?:E 4@>>F?:EJ[ H9:49 4@>6D E@86E96C 7@C 6G6?ED :?4=F5:?8 7=:4<6C32==—2 G2C:2E:@? @7 E@F49 7@@E32== 4C62E65 @? 42>AFD :? `hd`] %96 u2C> E62496D DEF56?ED 23@FE DFDE2:?23=6 8C@HE9 2?5 AC@G:56D E96> H:E9 7C6D9 AC@5F46]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dd`}*&~`whA?80_0_0_]!}vQ 2=ElQ%96 2C4965 6?EC2?46 E@ }6H *@C< &?:G6CD:EJ $49@@= @7 {2H :? |2?92EE2?]Q E:E=6lQRbc] }6H *@C< &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m=:EE=6?J$%~rz ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRbc] }6H *@C< &?:G6CD:EJk^9am
kAm\ {@42E:@?i }6H *@C<k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei ag[ehak^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i bi`k^Am
kAm\ p446AE2?46 C2E6i hTk^Am
kAm\ %JA:42= $p% C2?86i `cg_\`df_k^Am
kAm\ pE9=6E:4 4@?76C6?46i &?:G6CD:EJ pE9=6E:4 pDD@4:2E:@?k^Am
kAm}6H *@C< &?:G6CD:EJ 92D >@C6 :?E6C?2E:@?2= DEF56?ED 2?5 E9@D6 DEF5J:?8 23C@25 E92? 2?J @E96C D49@@= :? p>6C:42] xE 5C2HD 4C62E:G6D 2?5 7:=>>2<6CD E@ :ED 49:4 42>AFD 46?E6C65 :? 9:DE@C:4 vC66?H:49 ':==286] %96 D49@@= @776CD 2 C2?86 @7 k2 9C67lQ9EEADi^^HHH]?JF]65F^23@FE^?6HD\AF3=:42E:@?D^?6HD^D6C:6D\2C49:G6^4@@=\4@FCD6\5:DA2E496D]9E>=QmF?:BF6 4@FCD6Dk^2m[ 7C@> :ED r6?E6C 7@C s:D23:=:EJ $EF5:6D E@ 4=2DD6D @? :?;FDE:46[ 5:D2DE6C ?FCD:?8[ 2?5 6>6C86?4J AC6A2C65?6DD[ 2?5 E96 }6H *@C< &?56C8C@F?5]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^t>@CJ&$#hw0_];A8Q 2=ElQr@?G@42E:@? 92== @? t>@CJ &?:G6CD:EJUR_bhjD pE=2?E2 42>AFD]Q E:E=6lQRbb] t>@CJ &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?mq@ $96? ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRbb] t>@CJ &?:G6CD:EJk^9am
kAm\ {@42E:@?i pE=2?E2k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei f[aebk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i ci`k^Am
kAm\ p446AE2?46 C2E6i ``Tk^Am
kAm\ %JA:42= $p% C2?86i `ce_\`dd_k^Am
kAm\ pE9=6E:4 4@?76C6?46i &?:G6CD:EJ pE9=6E:4 pDD@4:2E:@?k^Am
kAmt>@CJ &?:G6CD:EJ :D :?E6C?2E:@?2==J <?@H? 7@C :ED =:36C2= 2CED 4@==686D[ 8C25F2E6 2?5 AC@76DD:@?2= D49@@=D[ 2?5 24256>:4 962=E9 42C6 DJDE6>] %96 v@:KF6E2 qFD:?6DD $49@@= :D 4@?D:DE6?E=J C2?<65 2D @?6 @7 E96 ?2E:@?VD 36DE] %96 r2CE6C r6?E6C[ 4C62E65 3J 7@C>6C !C6D:56?E y:>>J r2CE6C[ @776CD :?E6C?D9:AD 2?5 =64EFC6D E9C@F89@FE E96 J62C]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^q@H5@:?r'tzh0_];A8Q 2=ElQp? 6IE6C:@C G:6H @7 E96 42>AFD @7 q@H5@:? r@==686]Q E:E=6lQRba] q@H5@:? r@==686Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?mt"#@J ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRba] q@H5@:? r@==686k^9am
kAm\ {@42E:@?i qCF?DH:4<[ |tk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei `[gfbk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i gi`k^Am
kAm\ p446AE2?46 C2E6i gTk^Am
kAm\ %JA:42= $p% C2?86i `cg_\`dd_k^Am
kAm\ pE9=6E:4 4@?76C6?46i }6H t?8=2?5 $>2== r@==686 pE9=6E:4 r@?76C6?46k^Am
kAmq@H5@:? r@==686 ECF>A6ED :ED 4@@A6C2E:G6 6?G:C@?>6?E H:E9 5@K6?D @7 2C62D @7 DEF5J] $EF56?ED 7@4FD @? 3C2:?DE@C>:?8 H:E9 724F=EJ[ H@C<:?8 :? E62>D[ 2?5 H6=4@>:?8 5:77:4F=E BF6DE:@?D] vC25F2E6D 2C6 7C6BF6?E=J 6>A=@J65 3J v@@8=6[ E96 &]$] 8@G6C?>6?E[ 7:?2?4:2= :?DE:EFE:@?D[ 2?5 9@DA:E2=D] p?@E96C A6C<i $p% D4@C6D 2C6 @AE:@?2= 7@C 25>:DD:@?]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^H2D9:?8E@?2?5=66)&#q];A8Q 2=ElQp 3C:4< A2E9H2J =625D E@ 2 C65 3F:=5:?8 H:E9 >2?J H:?5@HD 2?5 H9:E6 4@=F>?D @? E96 (2D9:?8E@? 2?5 {66 &?:G6CD:EJ 42>AFD] Q E:E=6lQRb`] (2D9:?8E@? 2?5 {66 &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?mzC:DE: q=@<9:? ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRb`] (2D9:?8E@? 2?5 {66 &?:G6CD:EJk^9am
kAm\ {@42E:@?i {6I:?8E@?[ 'pk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei `[ggfk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i fi`k^Am
kAm\ p446AE2?46 C2E6i `fTk^Am
kAm\ %JA:42= $p% C2?86i `c`_\`db_k^Am
kAm\ pE9=6E:4 4@?76C6?46i ~=5 s@>:?:@? pE9=6E:4 r@?76C6?46k^Am
kAm~?6 @7 (2D9:?8E@? 2?5 {66 &?:G6CD:EJVD 92==>2C<D :D :ED D>2== 4=2DD D:K6 2?5 2446DD E@ 724F=EJ] %96 D49@@=[ E96 ?:?E9\@=56DE :? E96 4@F?ECJ[ 52E6D E@ `fch 2?5 @776CD 2 D>2== 3FE @FEDE2?5:?8 =2H AC@8C2>] p55:E:@?2==J[ :E :D E96 @?=J =625:?8 =:36C2= 2CED 4@==686 :? E96 4@F?ECJ H:E9 2 k2 9C67lQ9EEADi^^HHH]H=F]65F^24256>:4D^RiOiE6IEl(Tae{Ta_:DTa_E96Ta_@?=JTa_E@ATa_=:36C2=Ta_2CEDTa_4@==686Ta_:?Ta_E96Ta_&?:E65Ta_$E2E6DTa_E@Ta_4=2:>Ta_2Ta_?2E:@?2==JTa_244C65:E65Ta_F?56C8C25F2E6Ta_3FD:?6DDTa_AC@8C2>]Qm?2E:@?2==J 244C65:E65 F?56C8C25F2E6 3FD:?6DD AC@8C2>k^2m E@@]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65`36DE4@==686Dce&u{@CrapbA?80_0_0_]!}vQ 2=ElQ%96 6IE6C:@C @7 2 >@56C? 3F:=5:?8 2E E96 &?:G6CD:EJ @7 u=@C:52]Q E:E=6lQRb_] &?:G6CD:EJ @7 u=@C:52Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?mqCJ2? !@==2C5 ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRb_] &?:G6CD:EJ @7 u=@C:52k^9am
kAm\ {@42E:@?i v2:?6DG:==6[ u{k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei b`[df`k^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i `_i`k^Am
kAm\ p446AE2?46 C2E6i acTk^Am
kAm\ %JA:42= $p% C2?86i `b__\`cg_k^Am
kAm\ pE9=6E:4 4@?76C6?46i $@FE962DE6C? r@?76C6?46 W$trXk^Am
kAm%96 &?:G6CD:EJ @7 u=@C:52 9@DED E96 >@DE A@H6C7F= DFA6C4@>AFE6C @H?65 3J 2 4@==686 :? E96 4@F?ECJ[ 2?5 2== DEF56?ED 2C6 E2F89E 23@FE 2CE:7:4:2= :?E6==:86?46] p446=6C2E6 2E $:5 |2CE:? q:@E649 :D 2 3FD:?6DD :?4F32E@C 277:=:2E65 H:E9 E96 D49@@=[ 2?5 &u x??@G2E6 @776CD @E96C C6D62C49 2?5 :??@G2E:@?\@C:6?E65 AC@8C2>D]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^v6@C8:2%649}df|0_];A8Q 2=ElQ%649 %@H6C 2E E96 v6@C8:2 x?DE:EFE6 @7 %649?@=@8J :? pE=2?E2]Q E:E=6lQRah] v6@C8:2 x?DE:EFE6 @7 %649?@=@8JQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m#@3 w2:?6C ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRah] v6@C8:2 x?DE:EFE6 @7 %649?@=@8Jk^9am
kAm\ {@42E:@?i pE=2?E2k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei `f[`f`k^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i `bi`k^Am
kAm\ p446AE2?46 C2E6i `eTk^Am
kAm\ %JA:42= $p% C2?86i `bb_\`db_k^Am
kAm\ pE9=6E:4 4@?76C6?46i pE=2?E:4 r@2DE r@?76C6?46 WprrXk^Am
kAmr6?E6C65 :? pE=2?E2[ E96 v6@C8:2 x?DE:EFE6 @7 %649?@=@8J 92D 2 E@A\C2?<65 F?56C8C25F2E6 6?8:?66C:?8 AC@8C2>] xE AC@5F46D E96 >@DE H@>6? 2?5 F?56CC6AC6D6?E65 >:?@C:E:6D H:E9 6?8:?66C:?8 568C66D :? E96 ?2E:@?[ 2?5 E96 x?DE:EFE6 7@C #@3@E:4D 2?5 x?E6==:86?E |249:?6D 3C62<D 8C@F?5 :? 2FE@?@>J[ >65:42= C@3@E:4D 2?5 9F>2? 2F8>6?E2E:@?[ 2?5 4@==23@C2E:G6 C@3@E:4D]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^&@7':C8:?:2#c$%0_];A8Q 2=ElQp4256>:42= G:==286 2E E96 &?:G6CD:EJ @7 ':C8:?:2[ r92C=@EE6DG:==6]Q E:E=6lQRag] &?:G6CD:EJ @7 ':C8:?:2Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m|6=:?52 u2HG6C ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRag] &?:G6CD:EJ @7 ':C8:?:2k^9am
kAm\ {@42E:@?i r92C=@EE6DG:==6[ 'pk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei `e[gahk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i fi`k^Am
kAm\ p446AE2?46 C2E6i `fTk^Am
kAm\ %JA:42= $p% C2?86i `c`_\`db_k^Am
kAm\ pE9=6E:4 4@?76C6?46i pE=2?E:4 r@2DE r@?76C6?46 WprrXk^Am
kAm%96 &?:G6CD:EJ @7 ':C8:?:2 :D 2 AF3=:4 D49@@= E92E 62C?D 9:89 >2C<D 7@C :ED 3FD:?6DD AC@8C2> 2?5 9@DA:E2=] %96 4@==686 6DE:>2E6D Sa]ha 3:==:@? :? C6D62C49 AC@A@D2= 24E:G:EJ :? a_ad[ H:E9 E96 s2E2 $4:6?46 x?DE:EFE6 2?5 q:@4@>A=6I:EJ x?DE:EFE6 2?5 x?:E:2E:G6 2?49@C:?8 E92E 2C62]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^&$raefc0_];A8Q 2=ElQ%96 t5H2C5 {] s@96?J yC] |6>@C:2= {:3C2CJ @? &?:G6CD:EJ @7 $@FE96C? r2=:7@C?:2 :? 5@H?E@H? {@D p?86=6D]Q E:E=6lQRaf] &?:G6CD:EJ @7 $@FE96C? r2=:7@C?:2Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m(2?8<F? y:2 ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRaf] &?:G6CD:EJ @7 $@FE96C? r2=:7@C?:2k^9am
kAm\ {@42E:@?i {@D p?86=6Dk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei a_[d_ak^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i fi`k^Am
kAm\ p446AE2?46 C2E6i `_Tk^Am
kAm\ %JA:42= $p% C2?86i `cc_\`dd_k^Am
kAm\ pE9=6E:4 4@?76C6?46i q:8 %6? r@?76C6?46 Wq:8 %6?Xk^Am
kAm{@42E65 :? D@FE9H6DE {@D p?86=6D[ E96 &?:G6CD:EJ @7 $@FE96C? r2=:7@C?:2 92D 2 ?6EH@C< @7 @G6C k2 9C67lQ9EEADi^^?6HD]FD4]65F^a_gfcd^FD4\2=F>?:\2DD@4:2E:@?\>2C<D\2\46?EFCJ\@7\46=63C2E:?8\E96\EC@;2?\72>:=J^Qmcg_[___ =:G:?8 2=F>?:k^2m 7@C >2<:?8 4@??64E:@?D :? w@==JH@@5 2?5 6=D6H96C6] v6@C86 {F42D 2?5 #@36CE +6>64<:D 2C6 ;FDE D@>6 @7 E96 5:C64E@CD E@ 2EE6?5 E96 $49@@= @7 r:?6>2E:4 pCED] %96 $A:C:E @7 %C@J >2C49:?8 32?5 :D @?6 @7 E96 36DE :? E96 ?2E:@?]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^!@>@?2rg{fz0_];A8Q 2=ElQ%96 9:DE@C:4 r2C?68:6 {:3C2CJ 2E !@>@?2 r@==686]Q E:E=6lQRae] !@>@?2 r@==686Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m$2?5C2 u@JE ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRae] !@>@?2 r@==686k^9am
kAm\ {@42E:@?i r=2C6>@?E[ rpk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei `[fbhk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i fi`k^Am
kAm\ p446AE2?46 C2E6i fTk^Am
kAm\ %JA:42= $p% C2?86i `cg_\`de_k^Am
kAm\ pE9=6E:4 4@?76C6?46i $@FE96C? r2=:7@C?:2 x?E6C4@==68:2E6 pE9=6E:4 r@?76C6?46k^Am
kAms6DA:E6 :ED D>2== D:K6[ !@>@?2 r@==686—@?6 @7 7:G6 r=2C6>@?E r@==686D—92D >@C6 E92? ad_ 4=F3D 2?5 @C82?:K2E:@?D[ 2?5 hdT @7 DEF56?ED =:G6 @? 42>AFD 7@C 7@FC J62CD[ 4C62E:?8 2 E:89E\<?:E 2E>@DA96C6] }62C {@D p?86=6D :? 2 3F4@=:4 >@F?E2:? D6EE:?8[ DEF56?ED 6?;@J D<::?8 2?5 362496D[ :?4=F5:?8 E96 2??F2= $<:\q6249 s2J] %96 D49@@= 2=D@ 92D 2? 2CE >FD6F> 2?5 6:89E >FD:4 6?D6>3=6D]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^}@EC6s2>6&+$e#0_];A8Q 2=ElQp6C:2= G:6H @7 q2D:=:42 @7 E96 $24C65 w62CE 2?5 |2:? qF:=5:?8 2E E96 &?:G6CD:EJ @7 }@EC6 s2>6 42>AFD]Q E:E=6lQRad] &?:G6CD:EJ @7 }@EC6 s2>6Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m&?:G6CD:EJ @7 r@==686 ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRad] &?:G6CD:EJ @7 }@EC6 s2>6k^9am
kAm\ {@42E:@?i }@EC6 s2>6[ x}k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei g[geek^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i ei`k^Am
kAm\ p446AE2?46 C2E6i `aTk^Am
kAm\ %JA:42= $p% C2?86i `cc_\`dc_k^Am
kAm\ pE9=6E:4 4@?76C6?46i pE=2?E:4 r@2DE r@?76C6?46 WprrXk^Am
kAm%96 &?:G6CD:EJ @7 }@EC6 s2>6 4@>3:?6D r2E9@=:4 2?5 :?E6==64EF2= AFCDF:ED :? 2 =625:?8 D49@@= <?@H? 7@C :ED E96@=@8J 2?5 A9:=@D@A9J 56A2CE>6?ED] %96 4@==686 :D 2 E@A F?56C8C25F2E6 E6249:?8 :?DE:EFE:@? 2?5 C6D62C49 46?E6C[ 2?5 E96 #24=:? |FCA9J |FD6F> @7 pCE 2?5 E96 s6q2CE@=@ !6C7@C>:?8 pCED r6?E6C AC@G:56 :?D:89E7F= AC@8C2>>:?8] %96 42>AFD 2=D@ 92D >@C6 E92? e_ 492A6=D]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dg`y@9?Dw@Az(e)A?80_0_0_]!}vQ 2=ElQ|2D@? w2== @? E96 42>AFD @7 y@9?D w@A<:?D &?:G6CD:EJ]Q E:E=6lQRac] y@9?D w@A<:?D &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?my@? q:=@FD ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRac] y@9?D w@A<:?D &?:G6CD:EJk^9am
kAm\ {@42E:@?i q2=E:>@C6k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei d[e_fk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i `i`k^Am
kAm\ p446AE2?46 C2E6i gTk^Am
kAm\ %JA:42= $p% C2?86i `db_\`dg_k^Am
kAm\ pE9=6E:4 4@?76C6?46i r6?E6??:2= r@?76C6?46k^Am
kAmy@9?D w@A<:?D &?:G6CD:EJ :D @?6 @7 E96 AC66>:?6?E D49@@=D 7@C DEF5J:?8 >65:4:?6] u@C k2 9C67lQ9EEADi^^9F3];9F]65F^a_ac^_`^_d^?D7\9:896C\65F42E:@?\C6D62C49\DA6?5:?8\a_aaQmcd 4@?D64FE:G6 J62CDk^2m[ :E 92D =65 &]$] 4@==686D :? C6D62C49 2?5 56G6=@A>6?E DA6?5:?8[ 2?5 :E 4@F?ED ah }@36= !C:K6 H:??6CD 2>@?8 :ED 2DD@4:2E6D] %96 D49@@= 2=D@ CF?D AC@8C2>D :? 4@?;F?4E:@? H:E9 }p$p[ 2?5 E96 $AC:?8 u2:C :D @?6 @7 E96 =2C86DE DF49 82E96C:?8D :? E96 ?2E:@?]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Debr=2C6>@?EytcbA?80_0_0_]!}vQ 2=ElQp DE@?6 D:8? 2E E96 6?EC2?46 E@ r=2C6>@?E |4z6??2 r@==686]Q E:E=6lQRab] r=2C6>@?E |4z6??2 r@==686Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?mq2C32C2 z2=37=6:D49 ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRab] r=2C6>@?E |4z6??2 r@==686k^9am
kAm\ {@42E:@?i r=2C6>@?E[ rpk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei `[bffk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i fi`k^Am
kAm\ p446AE2?46 C2E6i ``Tk^Am
kAm\ %JA:42= $p% C2?86i `cd_\`de_k^Am
kAm\ pE9=6E:4 4@?76C6?46i $@FE96C? r2=:7@C?:2 x?E6C4@==68:2E6 pE9=6E:4 r@?76C6?46k^Am
kAm{@42E65 b_ >:=6D 62DE @7 {@D p?86=6D[ r=2C6>@?E |4z6??2 r@==686[ 56DA:E6 6?4@>A2DD:?8 @?=J ` DBF2C6 >:=6[ 92D A=6?EJ @? 42>AFD E@ <66A DEF56?ED 3FDJ[ :?4=F5:?8 E96 pE96?26F>[ H9:49 9@DED 2 G2C:6EJ @7 DA62<6CD 7@FC ?:89ED 2 H66<] %9:D D>2== D49@@= 92D 4=@D6 DEF56?E\724F=EJ 3@?5D[ 2D 23@FE fdT @7 DEF56?ED 6?8286 :? C6D62C49 H:E9 724F=EJ]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dgg}@CE9H6DE6C?up#eA?80_0_0_]!}vQ 2=ElQp? 2C4965 6?ECJH2J E@ E96 }@CE9H6DE6C? &?:G6CD:EJ 42>AFD]Q E:E=6lQRaa] }@CE9H6DE6C? &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?mt"#@J ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRaa] }@CE9H6DE6C? &?:G6CD:EJk^9am
kAm\ {@42E:@?i tG2?DE@?[ x{k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei h[_a_k^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i ci`k^Am
kAm\ p446AE2?46 C2E6i fTk^Am
kAm\ %JA:42= $p% C2?86i `ch_\`de_k^Am
kAm\ pE9=6E:4 4@?76C6?46i q:8 %6? r@?76C6?46 Wq:8 %6?Xk^Am
kAm}@CE9H6DE6C? &?:G6CD:EJVD ;@FC?2=:D> AC@8C2> 92D 2 46?EFCJ\=@?8 EC25:E:@? @7 AC@5F4:?8 BF2=:EJ C6A@CE6CD] %96 D49@@=VD 3FD:?6DD 2?5 >2E6C:2=D D4:6?46 2?5 6?8:?66C:?8 AC@8C2>D 2C6 2=D@ 9:89=J C682C565[ H9:=6 C6D62C49 C6>2:?D :ED 324<3@?6[ H:E9 Sa]e 3:==:@? :? C6G6?F6 7C@> A2E6?ED 2?5 :?E6==64EF2= AC@A6CEJ =:46?D:?8] {@42E65 @FED:56 @7 r9:428@[ }@CE9H6DE6C? 4@>3:?6D DF3FC32? EC2?BF:=:EJ H:E9 2 3:8\4:EJ 766=]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dgcr@C?6==fdbdA?80_0_0_]!}vQ 2=ElQp? 26C:2= G:6H @7 E96 r@C?6== &?:G6CD:EJ 42>AFD]Q E:E=6lQRa`] r@C?6== &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m{6H:D {:F ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRa`] r@C?6== &?:G6CD:EJk^9am
kAm\ {@42E:@?i xE9242[ }*k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei `d[ghhk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i gi`k^Am
kAm\ p446AE2?46 C2E6i gTk^Am
kAm\ %JA:42= $p% C2?86i `cg_\`de_k^Am
kAm\ pE9=6E:4 4@?76C6?46i xGJ {628F6k^Am
kAmu@C 564256D[ r@C?6== &?:G6CD:EJ 92D 366? G:E2= E@ DA246 6IA=@C2E:@? E@ |2CD 2?5 25G2?46>6?ED :? 28C:4F=EFC6 2?5 72C>:?8] %9@F89 46?E6C65 :? xE9242[ r@C?6== 92D D6G6C2= 724:=:E:6D :? }6H *@C< r:EJ 2?5 EH@ AC@8C2>D @G6CD62D] v2E96C:?8D 2E :46 9@4<6J 82>6D 2C6 k2 9C67lQ9EEADi^^2=F>?:]4@C?6==]65F^4@C?6==:2?D^=J?29\72:E97F=^Qm7F== @7 EC25:E:@?Dk^2m[ 2?5 E96J 42? 36 7@==@H65 3J 2 EC:A E@ E96 r@C?6== s2:CJ 7@C :46 4C62>]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dfg&r{p+a(|A?80_0_0_]!}vQ 2=ElQtIE6C:@C @7 #@J46 w2== 3F:=5:?8 :? E96 42>AFD @7 &r{p]Q E:E=6lQRa_] &?:G6CD:EJ @7 r2=:7@C?:2[ {@D p?86=6DQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m|:4926= v@C5@? ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRa_] &?:G6CD:EJ @7 r2=:7@C?:2[ {@D p?86=6Dk^9am
kAm\ {@42E:@?i {@D p?86=6Dk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei ba[cfak^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i fi`k^Am
kAm\ p446AE2?46 C2E6i hTk^Am
kAm\ %JA:42= $p% C2?86i }@ 52E2 2G2:=23=6k^Am
kAm\ pE9=6E:4 4@?76C6?46i q:8 %6? r@?76C6?46 Wq:8 %6?Xk^Am
kAm%96 &?:G6CD:EJ @7 r2=:7@C?:2[ {@D p?86=6D[ @776CD >@C6 E92? `c_ >2;@CD 2?5 C646:G6D @G6C Sd]f 3:==:@? 7@C C6D62C49 2?5 AC@8C2> DFAA@CE] %96 k2 9C67lQ9EEADi^^25>:DD:@?]F4=2]65F^6IA=@C6^=@D\2?86=6DQmA6C764E=J D:EF2E65 42>AFDk^2m :D C68F=2C=J FD65 2D 2 7:=>:?8 =@42E:@? 2?5 9@DED D6G6C2= =2C86 82E96C:?8D E9C@F89@FE E96 J62C[ :?4=F5:?8 E96 y2KK#68826 u6DE:G2=] qCF:?D 2E9=6E:4 E62>D 92G6 H@? `ac ?2E:@?2= 492>A:@?D9:AD—E96 D64@?5\>@DE 2==\E:>6]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dfh&|:49)bc)A?80_0_0_]!}vQ 2=ElQp? 6IE6C:@C G:6H @7 2 42>AFD 3F:=5:?8 H:E9 3=F6 D<J 2?5 2 8C66? =2H?]Q E:E=6lQR`h] &?:G6CD:EJ @7 |:49:82?[ p?? pC3@CQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m$}twx% !w~%~ ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amR`h] &?:G6CD:EJ @7 |:49:82?[ p?? pC3@Ck^9am
kAm\ {@42E:@?i p?? pC3@C[ |xk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei ba[bcdk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i ci`k^Am
kAm\ p446AE2?46 C2E6i `gTk^Am
kAm\ %JA:42= $p% C2?86i `bd_\`db_k^Am
kAm\ pE9=6E:4 4@?76C6?46i q:8 %6? r@?76C6?46 Wq:8 %6?Xk^Am
kAmx? a_ab[ E96 &?:G6CD:EJ @7 |:49:82? AC@5F465 dg_ :?G6?E:@?D 2?5 ad 3FD:?6DD DE2CEFAD] &\| C68F=2C=J =2?5D 2>@?8 E96 D49@@=D H:E9 E96 >@DE C6D62C49 G@=F>6[ 92D 2 E@A 24256>:4 >65:42= 46?E6C 2?5 >F=E:A=6 C6?@H?65 8C25F2E6 AC@8C2>D[ 2?5 D4@C6D H6== :? 277@C523:=:EJ H:E9 :ED 7:?2?4:2= 2:5] |:49:82? $E25:F> :D E96 =2C86DE :? E96 4@F?ECJ H:E9 2 42A24:EJ @7 `_h[h_` 72?D]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65D9FEE6CDE@4<abcddgcg`b_"ft;A80_]y!tvQ 2=ElQvC25F2E:@? AC6A2C2E:@?D[ 7@=5:?8 492:CD D6E FA :? C@HD :? 7C@?E @7 2 C65 4FCE2:? H:E9 E96 H@C5D[ &?:G6CD:EJ @7 r9:428@[ 2?5 E96 F?:G6CD:EJUR_bhjD 4@2E @7 2C>D]Q E:E=6lQR`g] %96 &?:G6CD:EJ @7 r9:428@Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?mt"#@J ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amR`g] %96 &?:G6CD:EJ @7 r9:428@k^9am
kAm\ {@42E:@?i r9:428@k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei f[e`fk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i bi`k^Am
kAm\ p446AE2?46 C2E6i dTk^Am
kAm\ %JA:42= $p% C2?86i `d`_\`df_k^Am
kAm\ pE9=6E:4 4@?76C6?46i |:5H6DE r@?76C6?46k^Am
kAm%96 &?:G6CD:EJ @7 r9:428@ 92D 366? :?DECF>6?E2= :? A:@?66C:?8 G2C:@FD 42?46C EC62E>6?ED[ 5:D4@G6C:?8 ?6H 5:?@D2FC DA64:6D[ 2?5 AC@A@D:?8 E96 6I:DE6?46 @7 3=24< 9@=6D] %96 D49@@= 9@DED uC2?< {=@J5 (C:89EVD #@3:6 w@FD6[ 2 }2E:@?2= w:DE@C:4 {2?5>2C< 2?5 A2CE @7 2 &}t$r~ (@C=5 w6C:E286 :?D4C:AE:@?] %96 D49@@= 2=D@ 92D 2 =@?8 EC25:E:@? @7 ?FCEFC:?8 DF446DD7F= :>AC@G 4@>65J EC@FA6D]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dff86@C86E@H?spg_A?80_0_0_]!}vQ 2=ElQ$EF56?ED 9625:?8 E@ 4=2DD @? E96 42>AFD @7 v6@C86E@H? &?:G6CD:EJ]Q E:E=6lQR`f] v6@C86E@H? &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m$92C<D9@4< ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amR`f] v6@C86E@H? &?:G6CD:EJk^9am
kAm\ {@42E:@?i (2D9:?8E@? srk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei f[aa_k^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i ci`k^Am
kAm\ p446AE2?46 C2E6i `bTk^Am
kAm\ %JA:42= $p% C2?86i `bh_\`dd_k^Am
kAm\ pE9=6E:4 4@?76C6?46i q:8 t2DE r@?76C6?46 Wq:8 t2DEXk^Am
kAmv6@C86E@H? &?:G6CD:EJ[ E96 ?2E:@?VD @=56DE r2E9@=:4 2?5 y6DF:E F?:G6CD:EJ[ :D 9@>6 E@ E96 =2C86DE DEF56?E\CF? 3FD:?6DD :? E96 H@C=5[ %96 r@CA[ 2?5 E96 @=56DE 4@?E:?F@FD=J CF??:?8 DEF56?E E962E6C 8C@FA[ |2D< 2?5 q2F3=6] xED 3FD:?6DD D49@@= =2F?4965 E96 '6?EFC6 {23 7@C DEF56?ED E@ :?4F32E6 :562D 2?5 DE2CEFAD] {@42E65 :? (2D9:?8E@? s]r][ DEF56?ED 2C6 4@??64E65 E@ 2 36GJ @7 :?E6C?D9:A @AA@CEF?:E:6D H:E9 AC:G2E6 3FD:?6DD6D 2?5 =@42=[ DE2E6[ 2?5 7656C2= 8@G6C?>6?ED]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^w2CG6J|F55#wap0_];A8Q 2=ElQp? 6IE6C:@C G:6H @7 2? 24256>:4 3F:=5:?8 2E w2CG6J |F55 r@==686]Q E:E=6lQR`e] w2CG6J |F55 r@==686Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?my:>0qC@H?0!9@E@8C2A9J ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amR`e] w2CG6J |F55 r@==686k^9am
kAm\ {@42E:@?i r=2C6>@?E[ rpk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei h``k^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i gi`k^Am
kAm\ p446AE2?46 C2E6i `bTk^Am
kAm\ %JA:42= $p% C2?86i `cg_\`de_k^Am
kAm\ pE9=6E:4 4@?76C6?46i $@FE96C? r2=:7@C?:2 x?E6C4@==68:2E6 pE9=6E:4 r@?76C6?46k^Am
kAmw2CG6J |F55 r@==686 7@4FD6D @? 6?8:?66C:?8[ D4:6?46[ 2?5 >2E9[ @776C:?8 C62=\H@C=5 6IA6C:6?46 E9C@F89 :ED r=:?:4 !C@8C2>] $EF56?ED C68F=2C=J 6?8286 :? k2 9C67lQ9EEADi^^HHH]J@FEF36]4@>^H2E49nGl5eD;xut;p#gQm6=23@C2E6 AC2?<Dk^2m] $<: D=@A6D 2C6 =6DD E92? b_ >:?FE6D 2H2J[ 362496D 2C6 =6DD E92? 2? 9@FC 2H2J[ 2?5 E96 56D6CE :D h_ >:?FE6D 2H2J]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dg_r2C?68:6we*!A?80_0_0_]!}vQ 2=ElQp? 26C:2= G:6H @7 E96 r2C?68:6 |6==@? &?:G6CD:EJ 42>AFD]Q E:E=6lQR`d] r2C?68:6 |6==@? &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?my2J *F2? ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amR`d] r2C?68:6 |6==@? &?:G6CD:EJk^9am
kAm\ {@42E:@?i !:EED3FC89k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei f[`bbk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i di`k^Am
kAm\ p446AE2?46 C2E6i ``Tk^Am
kAm\ %JA:42= $p% C2?86i `d__\`df_k^Am
kAm\ pE9=6E:4 4@?76C6?46i &?:G6CD:EJ pE9=6E:4 pDD@4:2E:@?k^Am
kAmr2C?68:6 |6==@? &?:G6CD:EJ DEF56?ED DEF5J E@A:4D :?4=F5:?8 3C2:? D4:6?46 2?5 5C:G6C=6DD G69:4=6D[ H:E9 E96 =2EE6C AFCDF:E 92G:?8 368F? 7@FC 564256D 28@] xE :D 4@>>@?=J C64@8?:K65 7@C :ED AC6>:6C 4@>AFE6C D4:6?46[ 3FD:?6DD[ 2?5 6?8:?66C:?8 AC@8C2>D 2?5 3@2DED 2 9:89=J C6DA64E65 5C2>2 AC@8C2>] xE :D @?6 @7 E96 @?=J D49@@=D E@ @776C 2 568C66 :? 328A:A6 A6C7@C>2?46]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^sF<6&duey0_];A8Q 2=ElQq6?;2>:? sF<6 DE2EF6 @? 42>AFD @7 sF<6 &?:G6CD:EJ]Q E:E=6lQR`c] sF<6 &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?my2J *F2? ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amR`c] sF<6 &?:G6CD:EJk^9am
kAm\ {@42E:@?i sFC92>[ }rk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei e[cfck^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i `i`k^Am
kAm\ p446AE2?46 C2E6i fTk^Am
kAm\ %JA:42= $p% C2?86i `d`_\`df_k^Am
kAm\ pE9=6E:4 4@?76C6?46i pE=2?E:4 r@2DE r@?76C6?46 WprrXk^Am
kAmsF<6 &?:G6CD:EJVD =2H 2?5 >65:42= D49@@=D C68F=2C=J C2?< ?62C E96 E@A @7 =:DED[ 2?5 E96 {6G:?6 $4:6?46 #6D62C49 r6?E6C—@?6 @7 E96 4@F?ECJVD =2C86DE D:?8=6\D:E6 :?E6C5:D4:A=:?2CJ C6D62C49 724:=:E:6D—:D :>AC6DD:G6 E@@] sF<6 &?:G6CD:EJ r92A6= :D 2 46?E6C 7@C 42>AFD 6G6?ED 2?5 C6=:8:@FD D6CG:46D[ 2?5 r2>6C@? x?5@@C $E25:F> @776CD 2 AC6>:6C DA@CE:?8 6?G:C@?>6?E]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^(2D9:?8E@?&$E{@F:D)}pe0_];A8Q 2=ElQ$F??J G:6H @7 E96 qC@@<:?8D w2== @7 (2D9:?8E@? &?:G6CD:EJ :? $E] {@F:D]Q E:E=6lQR`b] (2D9:?8E@? &?:G6CD:EJ :? $E] {@F:DQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?mz:E {6@?8 ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amR`b] (2D9:?8E@? &?:G6CD:EJ :? $E] {@F:Dk^9am
kAm\ {@42E:@?i $E] {@F:Dk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei f[dbck^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i ci`k^Am
kAm\ p446AE2?46 C2E6i `aTk^Am
kAm\ %JA:42= $p% C2?86i `d__\`df_k^Am
kAm\ pE9=6E:4 4@?76C6?46i r@==686 r@?76C6?46 @7 x==:?@:D 2?5 (:D4@?D:?k^Am
kAm$EF56?ED 2E (2D9:?8E@? &?:G6CD:EJ :? $E] {@F:D 4@>6 7C@> @G6C ``_ 4@F?EC:6D[ 2?5 g :? `_ F?56C8C25F2E6D AFCDF6 >F=E:A=6 >2;@CD @C >:?@CD] (2D9& C646:G65 Shfg >:==:@? :? DA@?D@C65 DFAA@CE :? a_ab 7@C >65:42=[ 6?G:C@?>6?E2= 2?5 6?6C8J[ :??@G2E:@? 2?5 6?EC6AC6?6FC:2=[ A=2?E D4:6?46[ 2?5 @E96C C6D62C49] %96 F?:G6CD:EJ 2=D@ 92D ?:?6 =:3C2C:6D 2?5 :ED @H? 2CE >FD6F>]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dha&!6??cth&A?80_0_0_]!}vQ 2=ElQ%96 u:D96C w2DD6?76=5 r@==686 w@FD6 @? E96 42>AFD @7 E96 &?:G6CD:EJ @7 !6??DJ=G2?:2 2D D66? 7C@> 24C@DD E96 DEC66E]]Q E:E=6lQR`a] &?:G6CD:EJ @7 !6??DJ=G2?:2Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m7``A9@E@ ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amR`a] &?:G6CD:EJ @7 !6??DJ=G2?:2k^9am
kAm\ {@42E:@?i !9:=256=A9:2k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei `_[e`_k^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i di`k^Am
kAm\ p446AE2?46 C2E6i eTk^Am
kAm\ %JA:42= $p% C2?86i `d__\`df_k^Am
kAm\ pE9=6E:4 4@?76C6?46i xGJ {628F6k^Am
kAm#6D62C496CD 2E E96 &?:G6CD:EJ @7 !6??DJ=G2?:2—:?4=F5:?8 >@C6 E92? d[___ 724F=EJ 2E `hd 46?E6CD 2?5 :?DE:EFE6D—92G6 2 3F586E @7 S`]bf 3:==:@? :? a_ac[ 7@4FD:?8 @? >65:4:?6[ E649?@=@8J[ 3FD:?6DD[ 2?5 D4:6?46] !6?? H2D 7@F?565 :? `fc_ 2?5 92D 7@FC F?56C8C25F2E6 2?5 `a 8C25F2E6 D49@@=D[ :?4=F5:?8 E96 5:DE:?8F:D965 (92CE@? $49@@=] xED 2CED 2?5 4F=EFC6 2?5 !9:==J 2EEC24E:@?D 2C6 ?62C=J =:>:E=6DD[ 2?5 E96?[ @7 4@FCD6[ E96C6VD k2 9C67lQ9EEADi^^724:=:E:6D]FA6??]65F^>2AD^5:D4@G6C\A6??^36?\36?49QmQq6? @? E96 q6?49]Qk^2mk^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686DhbqC@H?`cs!A?80_0_0_]!}vQ 2=ElQ$E6AD =625 FA E@ 2 3F:=5:?8 @? E96 qC@H? &?:G6CD:EJ 42>AFD]Q E:E=6lQR``] qC@H? &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?my@? q:=@FD ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amR``] qC@H? &?:G6CD:EJk^9am
kAm\ {@42E:@?i !C@G:56?46[ #xk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei f[aa_k^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i fi`k^Am
kAm\ p446AE2?46 C2E6i dTk^Am
kAm\ %JA:42= $p% C2?86i `d__\`df_k^Am
kAm\ pE9=6E:4 4@?76C6?46i xGJ {628F6k^Am
kAmqC@H? &?:G6CD:EJ :D H6== <?@H? 7@C :ED @A6? 4FCC:4F=F>[ H9:49 6?4@FC286D 4C62E:G6 E9:?<6CD[ :?E6==64EF2= C:D<\E2<6CD[ 2?5 6?EC6AC6?6FC:2= AC@3=6>\D@=G6CD] %96 r2C?6J x?DE:EFE6 7@C qC2:? $4:6?46 2?5 E96 x?DE:EFE6 2E qC@H? 7@C t?G:C@?>6?E 2?5 $@4:6EJ AC@G:56 F?:BF6 A6CDA64E:G6D @? :>A@CE2?E 7:6=5D @7 DEF5J] %96 F?:G6CD:EJ G2=F6D :ED C6=2E:@?D9:A H:E9 !C@G:56?46[ 2?5 >@C6 E92? ca_ DEF56?ED H@C< @C G@=F?E66C 6G6CJ J62C :? E96 4:EJVD AF3=:4 D49@@=D]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dhd#:46'_swA?80_0_0_]!}vQ 2=ElQ#:46 &?:G6CD:EJ {@G6EE w2== :? E96 27E6C?@@?]Q E:E=6lQR`_] #:46 &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m496?8 ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amR`_] #:46 &?:G6CD:EJk^9am
kAm\ {@42E:@?i w@FDE@?k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei c[cgbk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i di`k^Am
kAm\ p446AE2?46 C2E6i gTk^Am
kAm\ %JA:42= $p% C2?86i `d__\`df_k^Am
kAm\ pE9=6E:4 4@?76C6?46i p>6C:42? pE9=6E:4 r@?76C6?46 W%96 p>6C:42?Xk^Am
kAmp? @2< EC66\=:?65 D2?4EF2CJ :? E96 >:55=6 @7 3FDE=:?8 w@FDE@?[ #:46 &?:G6CD:EJ :D 4@?D:DE6?E=J C2?<65 ?62C E96 E@A @7 =:DED E92E 82F86 DEF56?EDV BF2=:EJ @7 =:76] #:46 92D 366? 2 =6256C :? 2CE:7:4:2= 962CE C6D62C49 2?5 @E96C D4:6?46D 2?5 >2:?E2:?D 2 4=@D6 A2CE?6CD9:A H:E9 }p$p] xE H2D >@56=65 27E6C t?8=:D9 F?:G6CD:E:6D[ H:E9 6=6G6? C6D:56?E:2= 4@==686D]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dhcrx%!'zxA?80_0_0_]!}vQ 2=ElQtIE6C:@C @7 E96 q64<>2? x?DE:EFE6 2E E96 r2=:7@C?:2 x?DE:EFE6 @7 %649?@=@8J]Q E:E=6lQRh] r2=:7@C?:2 x?DE:EFE6 @7 %649?@=@8JQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?mz6? (@=E6C ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRh] r2=:7@C?:2 x?DE:EFE6 @7 %649?@=@8Jk^9am
kAm\ {@42E:@?i !2D256?2[ rpk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei hgak^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i bi`k^Am
kAm\ p446AE2?46 C2E6i bTk^Am
kAm\ %JA:42= $p% C2?86i `db_\`dg_k^Am
kAm\ pE9=6E:4 4@?76C6?46i $@FE96C? r2=:7@C?:2 x?E6C4@==68:2E6 pE9=6E:4 r@?76C6?46k^Am
kAm%96 r2=:7@C?:2 x?DE:EFE6 @7 %649?@=@8J :D 9@>6 E@ E96 y6E !C@AF=D:@? {23@C2E@CJ[ E96 t:?DE6:? !2A6CD !C@;64E[ 2 D6:D>@=@8:42= =23@C2E@CJ[ 2?5 2? :?E6C?2E:@?2= @3D6CG2E@CJ ?6EH@C<] tG6CJ w2==@H66?[ DEF56?ED 4@>3:?6 E96:C :?E6C6DE :? D4:6?46 H:E9 C64C62E:@?[ D>2D9:?8 AF>A<:?D 7C@> E96 E@A @7 r2=E649 w2==] %96 DEF56?E 3@5J :D 72>@FD 7@C :ED AC2?<D]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dhe!C:?46E@?p#&"A?80_0_0_]!}vQ 2=ElQ!:?<\7=@H6C:?8 5@8H@@5 EC66D H:E9 :? 7C@?E @7 2? 2C4965 6?EC2?46 2E !C:?46E@? &?:G6CD:EJ]Q E:E=6lQRg] !C:?46E@? &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?my2J *F2? ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRg] !C:?46E@? &?:G6CD:EJk^9am
kAm\ {@42E:@?i !C:?46E@?[ }yk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei d[dhgk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i di`k^Am
kAm\ p446AE2?46 C2E6i cTk^Am
kAm\ %JA:42= $p% C2?86i `d__\`dg_k^Am
kAm\ pE9=6E:4 4@?76C6?46i xGJ {628F6k^Am
kAm}:?6EJ\D:I A6C46?E @7 DEF56?ED =:G6 @? 42>AFD 2E !C:?46E@? &?:G6CD:EJ[ H9:49 :D :? 5@H?E@H? !C:?46E@? 2?5 2 D9@CE EC2:? C:56 E@ }6H *@C< r:EJ 2?5 !9:=256=A9:2] }@E65 7@C :ED 64@?@>:4D 2?5 6?8:?66C:?8 56A2CE>6?ED[ !C:?46E@? 2=D@ E9C:G6D :? >@56C? D4:6?46D DF49 2D A=2D>2 A9JD:4D[ 2?5 2 BF2?EF> D4:6?46 46?E6C 92D 366? :? E96 H@C<D 7@C J62CD] k2 9C67lQ9EEADi^^AC:?46E@?62E:?84=F3D]@C8^Qmt2E:?8 4=F3Dk^2m 2C6 2E E96 :?E6CD64E:@? @7 D@4:2= =:76 2?5 EC25:E:@?]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dh`'2?56C3:=Ezhf~A?80_0_0_]!}vQ 2=ElQp 4=@4< E@H6C :D D66? E9C@F89 8C66? =62G6D @? E96 42>AFD @7 '2?56C3:=E &?:G6CD:EJ]Q E:E=6lQRf] '2?56C3:=E &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m$62? !2G@?6 ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRf] '2?56C3:=E &?:G6CD:EJk^9am
kAm\ {@42E:@?i }2D9G:==6[ %}k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei f[`cek^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i di`k^Am
kAm\ p446AE2?46 C2E6i eTk^Am
kAm\ %JA:42= $p% C2?86i `d`_\`de_k^Am
kAm\ pE9=6E:4 4@?76C6?46i $@FE962DE6C? r@?76C6?46 W$trXk^Am
kAm'2?56C3:=E &?:G6CD:EJ :D @?6 @7 E96 H@C=5VD >@DE :??@G2E:G6 :?DE:EFE:@?D] uC@> a_`d\a_ad[ :E =2F?4965 ee DE2CEFAD 2?5 925 e`` A2E6?ED 2?5 hah =:46?D6D :DDF65[ 2?5 E96 r6?E6C 7@C %649?@=@8J %C2?D76C 2?5 r@>>6C4:2=:K2E:@? 4@?E:?F6D E@ 3C62< 8C@F?5] x? a_ac[ '2?56C3:=E H2D C2?<65 R` 3J %96 !C:?46E@? #6G:6H :? DEF56?EDV BF2=:EJ @7 =:76 2?5 :D 2=D@ <?@H? 7@C :ED >65:42= 46?E6C 2?5 >FD:4 D49@@=]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dh_r@=F>3:2$%z#;A80_0_0_]y!tvQ 2=ElQp G:6H 7C@> 369:?5 E96 p=>2 |2E6C 3C@?K6 D4F=AEFC6[ 2 A6CD@? D62E65 @? 2 E9C@?6 :? 2? 24256>:4 8@H? 2?5 H62C:?8 2 =2FC6= FA@? E96:C 9625[ @? E96 DE6AD @7 E96 {@H |6>@C:2= {:3C2CJ @? E96 42>AFD @7 r@=F>3:2 &?:G6CD:EJ]Q E:E=6lQRe] r@=F>3:2 &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m$F492? ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRe] r@=F>3:2 &?:G6CD:EJk^9am
kAm\ {@42E:@?i }6H *@C<k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei g[cagk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i ai`k^Am
kAm\ p446AE2?46 C2E6i cTk^Am
kAm\ %JA:42= $p% C2?86i `ch_\`df_k^Am
kAm\ pE9=6E:4 4@?76C6?46i xGJ {628F6k^Am
kAmr@=F>3:2 &?:G6CD:EJ :D =@42E65 @? E96 &AA6C (6DE $:56 @7 |2?92EE2? :? }6H *@C< r:EJ[ ?62C 2 G2C:6EJ @7 A2C<D 2?5 =2?5>2C<D] %96 DEF56?ED 7@C> 2 >6=E:?8 A@E[ H:E9 `eT 7C@> :?E6C?2E:@?2= =@42=6D 2?5 `aT 7C@> 5@>6DE:4 D>2== E@H?D] r2>AFD >65:2 @FE=6ED DF49 2D E96 r@=F>3:2 s2:=J $A64E2E@C[ (zr#[ 2?5 qH@8 42AE:G2E6 C6256CD 2?5 =:DE6?6CD E9C@F89@FE E96 4:EJ] u@C 564256D[ DEF56?ED 92G6 DE2CE65 AC@E6DED E92E 92G6 >256 ?2E:@?2= 9625=:?6D]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dghs2CE>@FE9d_{"A?80_0_0_]!}vQ 2=ElQ$EF56?ED C6=2I @? E96 =2H? 367@C6 2 4=@4< E@H6C @? E96 42>AFD @7 s2CE>@FE9 r@==686]Q E:E=6lQRd] s2CE>@FE9 r@==686Q DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?my2J *F2? ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRd] s2CE>@FE9 r@==686k^9am
kAm\ {@42E:@?i w2?@G6C[ }wk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei c[c`hk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i di`k^Am
kAm\ p446AE2?46 C2E6i eTk^Am
kAm\ %JA:42= $p% C2?86i `d__\`df_k^Am
kAm\ pE9=6E:4 4@?76C6?46i xGJ {628F6k^Am
kAms2CE>@FE9 r@==686 2==@HD DEF56?ED E@ 4FDE@>:K6 E96:C 24256>:4 D4965F=6D] %9:D xGJ {628F6 :?DE:EFE:@? 92D 2? 23F?52?46 @7 46?E6CD 7@C 2CED 2?5 4F=EFC6 2D H6== 2D G2C:@FD E649?@=@8J 2?5 D4:6?46 :?DE:EFE6D] t249 J62C[ :E 9@DED 2 (:?E6C r2C?:G2= 2?5 2 !@HH@H 46=63C2E:?8 x?5:86?@FD 9:DE@CJ]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686D`__w2CG2C5y)|tA?80_0_0_]!}vQ 2=ElQp 3C:4< 2?5 :C@? 2C49H2J =625D @?E@ E96 w2CG2C5 42>AFD]Q E:E=6lQRc] w2CG2C5 &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?my@C86 $2=465@ ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRc] w2CG2C5 &?:G6CD:EJk^9am
kAm\ {@42E:@?i r2>3C:586[ |pk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei f[b`ek^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i ci`k^Am
kAm\ p446AE2?46 C2E6i bTk^Am
kAm\ %JA:42= $p% C2?86i `d__\`dg_k^Am
kAm\ pE9=6E:4 4@?76C6?46i xGJ {628F6k^Am
kAmw2CG2C5 &?:G6CD:EJ[ H9:49 52E6D E@ `ebe[ H2D E96 7:CDE 4@==686 :? E96 p>6C:42? 4@=@?:6D[ 2?5 :E C6>2:?D 2 32DE:@? @7 DF446DD] %96 D49@@= 92D 65F42E65 6:89E &]$] AC6D:56?ED 2?5[ :? a_aa[ 62C>2C<65 S`__ >:==:@? E@ 255C6DD :ED k2 9C67lQ9EEADi^^=6824J@7D=2G6CJ]92CG2C5]65F^Qm9:DE@CJ H:E9 D=2G6CJk^2m] w2CG2C5 92D @G6C cd_ @C82?:K2E:@?D 2?5 @776CD ca G2CD:EJ DA@CED[ E96 >@DE :? E96 4@F?ECJ] %96 w2CG2C5 {2>A@@? 9F>@C >282K:?6 92D 366? 6?E6CE2:?:?8 W2?5 :?7FC:2E:?8X DEF56?ED 7@C 2=>@DE `d_ J62CD]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dhh$E2?7@C5"a~yA?80_0_0_]!}vQ 2=ElQ$E2?7@C5 &?:G6CD:EJ 42>AFD H:E9 w@@G6C %@H6C :? E96 324<8C@F?5]Q E:E=6lQRb] $E2?7@C5 &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?ms>:EC:: $2<92C@G ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRb] $E2?7@C5 &?:G6CD:EJk^9am
kAm\ {@42E:@?i $E2?7@C5[ rpk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei f[gc`k^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i ai`k^Am
kAm\ p446AE2?46 C2E6i cTk^Am
kAm\ %JA:42= $p% C2?86i `d`_\`dg_k^Am
kAm\ pE9=6E:4 4@?76C6?46i pE=2?E:4 r@2DE r@?76C6?46 WprrXk^Am
kAm{@42E65 :? $:=:4@? '2==6J :? }@CE96C? r2=:7@C?:2[ $E2?7@C5 &?:G6CD:EJ 92D DEC@?8 3@?5D H:E9 E649 8:2?ED DF49 2D v@@8=6[ H9:49 H2D 7@F?565 3J $E2?7@C5 DEF56?ED] xE 92D D6G6? D49@@=D 2?5 :D <?@H? 7@C :ED 244=2:>65 65F42E:@?[ 6?8:?66C:?8[ =2H[ 2?5 3FD:?6DD AC@8C2>Dj E962E6C 2?5 >FD:4 8C@FADj 2?5 E96 k2 9C67lQ9EEADi^^?6HD]DE2?7@C5]65F^DE@C:6D^a_ac^_e^42E49\FA\H:E9\E96\DE2?7@C5\D@=2C\42C\AC@;64EQm$@=2C r2C !C@;64Ek^2m] %96 F?:G6CD:EJ 2=D@ 92D 2 DE@C:65 2E9=6E:4 AC@8C2>[ 2?5 :ED 2E9=6E6D 92G6 H@? k2 9C67lQ9EEADi^^8@DE2?7@C5]4@>^?6HD^a_ac^_g^``^C64@C5\D6EE:?8\a_ac\A2C:D\82>6DQm9F?5C65D @7 ~=J>A:4 >652=Dk^2m]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686Dhg*2=6~#(%A?80_0_0_]!}vQ 2=ElQ!6@A=6 H2=< 2=@?8 2 D:56H2=< ?62C 2? @C?2E6 2C49H2J 2?5 2? :?EC:42E6 :C@? 82E6 @? E96 42>AFD @7 *2=6 &?:G6CD:EJ]Q E:E=6lQRa] *2=6 &?:G6CD:EJQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?mw6=:@D4C:36 ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amRa] *2=6 &?:G6CD:EJk^9am
kAm\ {@42E:@?i }6H w2G6?[ r%k^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei e[g_dk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i ai`k^Am
kAm\ p446AE2?46 C2E6i dTk^Am
kAm\ %JA:42= $p% C2?86i `d__\`dg_k^Am
kAm\ pE9=6E:4 4@?76C6?46i xGJ {628F6k^Am
kAm%H6?EJ\7:G6 A6C46?E @7 E96 *2=6 &?:G6CD:EJ DEF56?E 3@5J 92:=D 7C@> 23C@25[ 4C62E:?8 2 5:G6CD6 >:I @? E96 ?6@\v@E9:4 42>AFD ?6DE=65 :? 5@H?E@H? }6H w2G6?] *2=6 92D `c C6D:56?E:2= 4@==686D 2?5 :D <?@H? 7@C :ED =2H[ 2CE[ ?FCD:?8[ 5C2>2[ 6?G:C@?>6?E[ 2?5 5:G:?:EJ D49@@=D[ 2>@?8 @E96CD] u@F?565 :? `f_`[ :E 92D >2?J C6G6C65 EC25:E:@?D[ :?4=F5:?8 k2 9C67lQ9EEADi^^J2=6a_ac]J2=6]65F^4=2DD\52J^EC25:E:@?DQmr=2DD s2Jk^2m[ H9:49 762EFC6D AC:K6D 2?5 2H2C5D[ :GJ[ 49FC49H2C56? A:A6D[ 92ED[ 2?5 >@C6]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^4C@AA65a36DE4@==686D`_`|x%g#dfA?80_0_0_]!}vQ 2=ElQ%96 vC62E s@>6 @7 E96 |2DD249FD6EED x?DE:EFE6 @7 %649?@=@8J :? r2>3C:586 @? 2 DF??J 52J[ H:E9 A6@A=6 H2=<:?8 2C@F?5]Q E:E=6lQR`] |2DD249FD6EED x?DE:EFE6 @7 %649?@=@8JQ DEJ=6lQH:5E9i `__TjQ ^mk7:842AE:@?m%C2G6=0p5G6?EFC6 ^^ $9FEE6CDE@4<k^7:842AE:@?mk^7:8FC6m
k9amR`] |2DD249FD6EED x?DE:EFE6 @7 %649?@=@8Jk^9am
kAm\ {@42E:@?i r2>3C:586[ |pk^Am
kAm\ uF==\E:>6 F?56C8C25F2E6 6?C@==>6?Ei c[dcbk^Am
kAm\ $EF56?E\E@\724F=EJ C2E:@i bi`k^Am
kAm\ p446AE2?46 C2E6i dTk^Am
kAm\ %JA:42= $p% C2?86i `d`_\`dg_k^Am
kAm\ pE9=6E:4 4@?76C6?46i }6H t?8=2?5 (@>6?VD U2>Aj |6?VD pE9=6E:4 r@?76C6?46k^Am
kAm$EF56?ED 2?5 C6D62C496CD 2E E96 |2DD249FD6EED x?DE:EFE6 @7 %649?@=@8J 2C6 2=H2JD @? E96 4FEE:?8 6586 @7 >@56C? E649?@=@8J] p>@?8 E96 9:89=:89ED @7 E9:D D49@@= 2C6 E96 w2JDE24< ~3D6CG2E@CJ[ |65:2 {23 Wk2 9C67lQ9EEADi^^HHH]>65:2]>:E]65F^23@FE^23@FE\E96\3F:=5:?8^Qm56D:8?65 3J 2=F> x] |] !6:k^2mX[ 2?5 |x%]?2?@] |x% 92D 24C6D @7 DEF??:?8 D46?6CJ[ 7C@> BF:6E r2>3C:586 DEC66ED E@ E96 7FEFC:DE:4 =2J@FE @7 $:>>@?D w2==[ 2?5 2 DEC:<:?8 AF3=:4 2CE 4@==64E:@?]k^Am
kAmk6>ms2E2 C6A@CE:?8 3J #@3 !@H6==] $E@CJ 65:E:?8 3J rJ?E9:2 #63@==65@]k^6>mk^Am
The 2024-2025 school year saw a growing number of students at campuses nationwide. Undergraduate enrollment was up by 3.2% in the spring of 2025, according to the National Student Clearinghouse Research Center. That increase is all the more noteworthy when you consider the current price tag for a college education—per the Education Data Initiative, the average cost of one year at a higher education institution clocks in at more than $38,000 in 2022-23. Still, college offers a valuable return on investment for many prospective students. An analysis from the Federal Reserve Bank of New York found that in recent years, college grads earned a median of $80,000 per year, while workers with only a high school diploma earned a median of $47,000 per year.
With this in mind, the return on investment may be more apparent at some schools than others. Stacker compiled a list of the best colleges in America using Niche's 2026 rankings. All four-year schools in Niche's database were considered. Niche ranks colleges using various factors, including academics, admissions, finances, and student life. You can check out the full methodology here.
kAm%96 =:DE :?4=F56D AF3=:4 2?5 AC:G2E6 :?DE:EFE:@?D[ 7C@> (6DE r@2DE C6D62C49 4@==686D E@ t2DE r@2DE =:36C2= 2CED D49@@=D] xE 2=D@ 4@?E2:?D 2 72:C D92C6 @7 DAC2H=:?8 DE2E6 D49@@=D 2?5 C6=:8:@?\46?EC:4 F?:G6CD:E:6D]k^Am
kAm%96D6 4@==686D @776C A:@?66C:?8 D4:6?46D[ 6?EC6AC6?6FCD9:A[ 2?5 6G6? 328A:A6 A6C7@C>2?46 AC@8C2>D] (9:=6 D@>6 >2J 36 36DE <?@H? 7@C 2E9=6E:4 249:6G6>6?ED[ >2?J 7@@E32== D49@@=D 2C6 >2<:?8 C2A:5 65F42E:@?2= 25G2?46>6?ED[ AC@5F4:?8 D6G6C2= #9@56D D49@=2CD 2?5 4@==23@C2E:?8 H:E9 E649 :?5FDECJ 8:2?ED] ~7 4@FCD6[ D@>6 92G6 4@@= A6C<D E92E 76H @E96CD 5@[ :?4=F5:?8 2? @?\42>AFD :46 4C62> 724E@CJ @C AC@I:>:EJ E@ E96 36249]k^Am
- Winston Tan // Shutterstock
