The most volatile cryptocurrencies in the first half of 2025

k9bm%96 >@DE G@=2E:=6 4CJAE@4FCC6?4:6D :? E96 7:CDE 92=7 @7 a_adk^9bm

kAma_ad 92D 366? 2 G@=2E:=6 J62C 7@C 4CJAE@4FCC6?4:6D] |2C<6ED 24C@DD 2== 2DD6E 4=2DD6D 92G6 D66? G@=2E:=6 DH:?8D[ 2?5 4CJAE@D DE2J65 ECF6 E@ 7@C>] %2A :?E@ E96 >@DE G@=2E:=6 4CJAE@4FCC6?4:6D @7 E96 7:CDE 92=7 @7 a_ad]k^Am

kAmp7E6C 2 A2CE:4F=2C=J DF446DD7F= 7@FCE9 BF2CE6C @7 a_ac[ 4CJAE@4FCC6?4:6D 282:? E@@< 2== E96 2EE6?E:@? 7C@> >2C<6ED] {:<6 &]$] 6BF:EJ >2C<6ED[ 4CJAE@4FCC6?4J AC:46D H6?E :?E@ 2 7C6?KJ 2D D@@? 2D >2C<6ED DE2CE65 E@ AC:46 !C6D:56?E s@?2=5 %CF>A’D AC6D:56?4J] %96 AC6D:56?E >256 DFC6 E@ >2<6 7C:6?5D :? E96 H@C=5 @7 4CJAE@D 3J 25G6CE:D:?8 C68F=2E:@?D 7@C H92E H2D[ F?E:= C646?E=J[ 2 7@C6:8? >2C<6E E@ 7:?2?4:2= :?DE:EFE:@?D]k^Am

kAmq:E4@:? H6?E 7C@> 2 =@H @7 Sda[ebe 2E E96 368:??:?8 @7 $6AE6>36C a_ac E@ 2 9:89 @7 S`_g[c`_ @? s64] `f — 2 `_b]fhT :?4C62D6 :? 2 3:E >@C6 E92? E9C66 >@?E9D — 2 DE6==2C A6C7@C>2?46 7C@> @?6 @7 E96 >@DE A@AF=2C 7:?2?4:2= >2C<6E 2DD6ED]k^Am

kAmk2 9C67lQ9EEADi^^HHH]@2?52]4@>^FD\6?^EC256\E2A\3=@8^2DD6E\4=2DD6D^4CJAE@^9@H\E@\DE2CE\:?G6DE:?8\:?\4CJAE@4FCC6?4J^QmrCJAE@4FCC6?4Jk^2m >2C<6ED 92G6 D:?46 C6EC2465 2?5 C6EFC?65 E@ E96:C 9:89D[ 2?@E96C AC@@7 @7 9@H G@=2E:=6 E96J 92G6 366? D:?46 E96 368:??:?8 @7 E96 J62C]k^Am

kAmk2 9C67lQ9EEADi^^HHH]@2?52]4@>Qm~p}spk^2m D92C6D H9:49 >2;@C 4CJAE@4FCC6?4:6D H6C6 E96 >@DE 5@>:?2?E 2?5 H9:49 =28865 E96 >@DE :? E96 7:CDE 92=7 @7 E9:D J62C] p=D@[ =62C? 23@FE E96:C FE:=:EJ 2?5 >2C<6E 42AD 2?5 @3D6CG6 2 E649?:42= 2?2=JD:D @7 6249 4@:?]k^Am

kAmkDEC@?8m%@A d >@DE G@=2E:=6 4CJAE@D :? a_adYik^DEC@?8mk^Am

kF=mk=:mq%ri `g]bfTk^=:mk=:m)#!i `c]e`Tk^=:mk=:m)|#i ``_]`gTk^=:mk=:m$~{i \d]heTk^=:mk=:mt%wi \aa]ecTk^=:mk^F=m

kAmYpD @7 |2J af[ a_ad]] !2DE A6C7@C>2?46 :D ?@E :?5:42E:G6 @7 7FEFC6 C6DF=ED]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ad^_f^_`^@2?52\G@=2E:=6\4CJAE@4FCC6?4:6D\_]A?8Q 2=ElQ%23=6 D9@H:?8 E@A d >@DE G@=2E:=6 4CJAE@4FCC6?4:6D 2?5 E96:C C2E6 @7 492?86 E@ 52E6 2D @7 |2J af[ a_ad]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m~p}spk^7:842AE:@?mk^7:8FC6m

kAm k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ad^_f^_`^@2?52\G@=2E:=6\4CJAE@4FCC6?4:6D\`]A?8Q 2=ElQp 8C2A9 D9@H:?8 d 4CJAE@4FCC6?4J A6C7@C>2?46D 3J >@?E9 :? a_ad[ 2D C6A@CE65 3J %C25:?8':6H]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m~p}spk^7:842AE:@?mk^7:8FC6m

k9bmk3C ^mq:E4@:?i %96 }@] ` DE2JD }@] `k^9bm

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ad^_f^_`^@2?52\G@=2E:=6\4CJAE@4FCC6?4:6D\a]A?8Q 2=ElQq%r^&$s s2:=J 492CE 7C@> s646>36C a_ac \ |2J af[ a_ad 2D C6A@CE65 3J %C25:?8':6H]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m~p}spk^7:842AE:@?mk^7:8FC6m

kAm%96 }@] ` 4CJAE@4FCC6?4J 92D 366? :? 2 C6=6?E=6DD C2==J D:?46 E96 pAC:= =@HD[ 6?;@J:?8 DE625J k2 9C67lQ9EEADi^^D@D@G2=F6]4@>^2DD6ED^6E7^FD\3E4\DA@EQm:?7=@HD 7C@> t%uD 2?5 :?DE:EFE:@?Dk^2m]k^Am

kAm(:E9 2 >2C<6E 42A DE2?5:?8 2E Sa]`g%[ 3:E4@:? :D 4=@D6 E@ `_T @7 E96 E@E2= k2 9C67lQ9EEADi^^4@>A2?:6D>2C<6E42A]4@>^8@=5^>2C<6E42A^QmG2=F6 2==@42E65 E@ v@=5k^2m] q%r @G6CD925@HD @E96C 4CJAE@D :? E92E 2DA64E[ C6AC6D6?E:?8 ecT @7 E96 E@E2= 4CJAE@4FCC6?4J >2C<6E G2=F6]k^Am

kAmu@C 2 C6>:?56C[ 3:E4@:?[ 4C62E65 :? a__h 3J E96 AD6F5@?J>@FD $2E@D9: }2<2>@E@[ :D E96 7:CDE 5646?EC2=:K65 5:8:E2= 4FCC6?4J] xE H2D 56D:8?65 E@ 6?23=6 A66C\E@\A66C EC2?D24E:@?D H:E9@FE E96 ?665 7@C 2 46?EC2= 2FE9@C:EJ =:<6 2 32?<] xED AFCA@D6 :D E@ AC@G:56 2 EC2?DA2C6?E 2=E6C?2E:G6 E@ EC25:E:@?2= >@?6J]k^Am

k9bmq:E4@:? E649?:42= 2?2=JD:Dk^9bm

kAmpD @7 |2J af[ a_ad[ 3:E4@:? :D 4@?D@=:52E:?8 2E :ED 2==\E:>6 9:89D] %96 4CJAE@4FCC6?4J 92D 2? :?E6C6DE:?8 5J?2>:4 2D :E :D @?6 @7 E96 7:CDE E:>6D E92E ?62C 2? 2==\E:>6 9:89 E96C6 2C6 ?@ 7C6?K:6D 4@>A2C65 E@ E96 a_`g 2?5 a_a` 9:89D]k^Am

k9bmz6J =6G6=D E@ =@@< @FE 7@C :? E96 AC6D6?E 4@FCD6 @7 24E:@?k^9bm

kAmkDEC@?8m$FAA@CE K@?6Dik^DEC@?8mk^Am

kF=mk=:m$FAA@CE ` \ S`_a[___ E@ S`_c[___k3C ^m$FAA@CE a \ Shb[___ E@ She[___k^=:mk=:m$FAA@CE b \ Sgf[d__ E@ Sgh[d__k^=:mk=:ma_ad {@HDY \ Sfc[ca_k^=:mk^F=m

kAmkDEC@?8m!@E6?E:2= C6D:DE2?46 K@?6Dik^DEC@?8mk^Am

kF=mk=:m#6D:DE2?46 ` \ S``d[___ E@ S``f[___k3C ^m#6D:DE2?46 a \ S`a_[___ E@ S`aa[___k^=:mk=:m#6D:DE2?46 b \ S`ac[___ E@ S`ae[___k^=:mk=:mrFCC6?E 2==\E:>6 9:89Y \ S``a[_b_k3C ^mk3C ^mYpD @7 |2J af[ a_adk^=:mk^F=m

k9bm#:AA=6i $@>6 C6=:67 7C@> AC6G:@FD=J 52>28:?8 E96>6Dk^9bm

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ad^_f^_`^@2?52\G@=2E:=6\4CJAE@4FCC6?4:6D\b]A?8Q 2=ElQ)#!^&$s s2:=J 492CE 7C@> }@G6>36C a_ac \ |2J af[ a_ad[ 2D C6A@CE65 3J %C25:?8':6H]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m~p}spk^7:842AE:@?mk^7:8FC6m

kAm)#! H2D :?G@=G65 :? 2 D:8?:7:42?E =2HDF:E 282:?DE E96 $64FC:E:6D 2?5 tI492?86 r@>>:DD:@? 36EH66? s646>36C a_a_ 2?5 ~4E@36C a_ab[ H9:49 56=2J65 E96 4CJAE@4FCC6?4J’D A@E6?E:2=]k^Am

kAm%96 >2C<6E E@@< E:>6 E@ C624E[ 2D E96 >2;@C C2==J 92AA6?65 36EH66? }@G6>36C a_ac 2?5 y2?F2CJ a_ad] %9:D E@@< E96 4CJAE@4FCC6?4J 7C@> d_ 46?ED E@ 2 Sb]bh 2==\E:>6 9:89—2 df_T :?4C62D6 :? 23@FE EH@ >@?E9D]k^Am

kAmtG6? 27E6C 2 DE6==2C :?4C62D6[ E96 4CJAE@4FCC6?4J 92D?’E C6EC2465 >F49 D:?46 E96 368:??:?8 @7 E96 J62C] xE :D EC25:?8 b_T 7C@> :ED 2==\E:>6 9:89D[ J6E :D DE:== FA `c]e`T @? E96 J62C 2?5 bcfT 7C@> AC64:D6=J @?6 J62C 28@]k^Am

kAm)#! :D 2 5:8:E2= 2DD6E 4C62E65 :? a_`a 3J #:AA=6 {23D E@ 724:=:E2E6 72DE 2?5 4@DE\677:4:6?E :?E6C?2E:@?2= A2J>6?ED] &?=:<6 3:E4@:?[ :E 5@6D?’E C6=J @? >:?:?8 2?5 FD6D 2 4@?D6?DFD AC@E@4@= 7@C EC2?D24E:@? G2=:52E:@?] xED >2:? AFCA@D6 :D E@ D6CG6 2D 2 3C:586 4FCC6?4J 7@C 4C@DD\3@C56C EC2?D76CD 36EH66? 5:776C6?E 7:2E 4FCC6?4:6D — E@ AFE :E D:>A=J[ :E 2:>D E@ C6A=246 E96 $@4:6EJ 7@C (@C=5H:56 x?E6C32?< u:?2?4:2= %6=64@>>F?:42E:@? DJDE6>[ <?@H? 2D $(xu%]k^Am

k9bm)#! E649?:42= 2?2=JD:Dk^9bm

kAm)#! 92D 366? :? G@=2E:=6 3FE C2?86\3@F?5 AC:46 24E:@? E9C@F89@FE a_ad[ 4@>:?8 324< :?E@ :ED C2?86 27E6C 2 EC@F89 2E S`]e`[ H9:49 :E 2EE2:?65 2E 2 D:>:=2C E:>6 2D 3:E4@:?]k^Am

kAm}@ A2CE:4F=2C ?6HD @C >@>6?EF> 92D >@G65 E96 4CJAE@4FCC6?4J[ E9@F89 :ED A6C7@C>2?46 C6>2:?D D@=:5] #66?E6C:?8 E96 a_ad C2?86 4@?D@=:52E6D :ED AC:46D]k^Am

k9bmz6J =6G6=D E@ =@@< @FE 7@Ck^9bm

kAmkDEC@?8m$FAA@CE K@?6Dik^DEC@?8mk^Am

kF=mk=:m$FAA@CE ` \ pAC:= a_ad {@HD \ S`]e`k^=:mk=:m$FAA@CE a \ S`]ag E@ S`]ahk^=:mk=:m$FAA@CE b \ S`]__ \ S`]_bk^=:mk^F=m

kAmkDEC@?8m#6D:DE2?46 K@?6Dik^DEC@?8mk^Am

kF=mk=:m#6D:DE2?46 ` \ Sa]edk^=:mk=:m#6D:DE2?46 a \ Sb]__k^=:mk=:m#6D:DE2?46 b \ a_ad 2==\E:>6 w:89D \ Sb]bhk^=:mk^F=m

k9bm|@?6C@ W)|#Xi %96 DFCAC:D6 A6C7@C>6C @7 E96 J62Ck^9bm

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ad^_f^_`^@2?52\G@=2E:=6\4CJAE@4FCC6?4:6D\c]A?8Q 2=ElQ)|#^&$s s2:=J 492CE 7C@> s646>36C a_ac \ |2J af[ a_ad[ 2D C6A@CE65 3J %C25:?8':6H] Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m~p}spk^7:842AE:@?mk^7:8FC6m

kAm|@?6C@ :D E96 DFCAC:D6 @7 E96 J62C :? E6C>D @7 4CJAE@4FCC6?4J A6C7@C>2?46] %96 4CJAE@4FCC6?4J 925 2 AC6G:@FD 2==\E:>6 9:89 7C@> E96 a_a` 3F== 4J4=6 2E Sda_[ E9@F89 :E 925 DE2J65 2E 2? 2G6C286 @7 =6DD E92? S`d_ 7C@> yF?6 a_aa E@ }@G6>36C a_ac 2?5 :D ?@H EC25:?8 4=@D6C E@ 2 Sbd_ E@ Sc__ C2?86]k^Am

kAm(9:=6 @E96C 2=E4@:?D C6>2:?65 :? 2 C2?86 @C H6?E FA D:>:=2C=J[ 2 =24< @7 DFAA=J 7@C ?6H )|# 4@:?D[ 7@==@H65 3J >2DD:G6 56>2?5[ C2>A65 FA E96 AC:46D >@C6 E92? `__T D:?46 E96 368:??:?8 @7 E96 J62C[ >2<:?8 :E @?6 @7 E96 36DE\A6C7@C>:?8 >2;@C 4CJAE@4FCC6?4:6D] xED >2C<6E 42A :D 23@G6 Se 3:==:@?[ 2?5 :E :D E96 ahE9 =2C86DE 4CJAE@4FCC6?4J @? E96 >2C<6E]k^Am

kAm)|# H2D 4C62E65 :? a_`c 2D 2 AC:G24J\7@4FD65 4CJAE@4FCC6?4J E@ AC@G:56 2?@?J>@FD 2?5 F?EC24623=6 EC2?D24E:@?D] &?=:<6 3:E4@:? @C 6E96C6F>[ >@?6C@ FD6D 25G2?465 4CJAE@8C2A9:4 E649?:BF6D =:<6 C:?8 D:8?2EFC6D 2?5 DE62=E9 255C6DD6D E@ 9:56 EC2?D24E:@? 56E2:=D[ D6?56C 2?5 C646:G6C :56?E:E:6D[ 2?5 2>@F?ED]k^Am

k9bm)|# E649?:42= 2?2=JD:Dk^9bm

kAm)|# 3682? :ED :>AF=D:G6 >@G6 FA :? pAC:= a_ad 27E6C 36:?8 :? 2 4@?D@=:52E:@? K@?6 36EH66? S`g_ 2?5 Saad D:?46 s646>36C a_ac]k^Am

kAm%96 7:CDE =68 @7 E96 >@G6\FA H2D 2 S`d_ >@G6[ E2<:?8 E96 4@:? E@ 9:89D @7 Sbbh 367@C6 4@?D@=:52E:?8 2C@F?5 Sag_]k^Am

kAm%96 DF3D6BF6?E =68 E@@< E96 4@:? E@ 2 >62DFC65 >@G6 FA @7 2?@E96C S`d_ 2E 9:89D @7 Sc`g]k^Am

kAm%96 4@:? 92D DE2CE65 2 4@CC64E:?8 >@G6[ 9:?E:?8 2E 2 C6EC246>6?E E@H2C5D E96 $FAA@CE ` +@?6 :?EC@5F465 :? E96 )|# 492CE]k^Am

k9bmz6J =6G6=D E@ =@@< @FE 7@Ck^9bm

kAmkDEC@?8m$FAA@CE K@?6Dik^DEC@?8mk^Am

kF=mk=:m$FAA@CE ` \ Sbb_ E@ Sbd_k^=:mk=:m$FAA@CE a \ Saed E@ Sag_k^=:mk=:m$FAA@CE b \ Sac_ E@ Sad_k^=:mk^F=m

kAmkDEC@?8m#6D:DE2?46 K@?6Dik^DEC@?8mk^Am

kF=mk=:m#6D:DE2?46 ` \ Sc`_ E@ Sca_k^=:mk=:m#6D:DE2?46 a \ Scc_ E@ Scd_k^=:mk=:m#6D:DE2?46 b \ Sce_ E@ Scf_k^=:mk^F=m

k9bm$@=2?2i |@C6 E@ 5@ E@ C:G2= :ED a_ac A6C7@C>2?46k^9bm

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ad^_f^_`^@2?52\G@=2E:=6\4CJAE@4FCC6?4:6D\d]A?8Q 2=ElQ$~{^&$s s2:=J 492CE 7C@> }@G6>36C a_ac \ |2J af[ a_ad[ 2D C6A@CE65 3J %C25:?8':6H] Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m~p}spk^7:842AE:@?mk^7:8FC6m

kAm$@=2?2 925 2 A2CE:4F=2C=J DEC@?8 A6C7@C>2?46 E@H2C5D E96 =2EE6C A2CE @7 a_ac] %96 4@:? 96=5 2? 2G6C286 @7 S`c_ 7@C >@DE @7 a_ac 367@C6 6IA=@5:?8 E@ 2 9:89 @7 Sahd :? y2?F2CJ a_ad] %96 4@:? AC6D6?ED 2 DECF4EFC6 D:>:=2C E@ 6E96C6F>[ 362E:?8 E96 D64@?5\=2C86DE 4CJAE@4FCC6?4J :? C6=2E:G6 A6C7@C>2?46 5FC:?8 :ED C2==J]k^Am

kAm%96 DFC86 :D 5C:G6? 3J C6?6H65 56G6=@A6C 24E:G:EJ[ 8C@H:?8 @?\492:? G@=F>6D[ 2?5 :?4C62D:?8 25@AE:@? @7 D@=2?2\32D65 AC@;64ED[ A2CE:4F=2C=J :? 5646?EC2=:K65 7:?2?46[ <?@H? 2D s6u:[ 2?5 ?@?7F?8:3=6 E@<6?D[ 2<2 }u%D] (:E9 2 J62C\E@\52E6 82:? @7 >@C6 E92? a__T[ D@=2?2 92D C64=2:>65 :ED DA@E 2D 2 E@A\E:6C D>2CE 4@?EC24E A=2E7@C>[ 3@2DE:?8 2 >2C<6E 42A 6I4665:?8 Sf_ 3:==:@? — >2<:?8 :E E96 7:7E9\=2C86DE 4CJAE@4FCC6?4J 3J >2C<6E 42A:E2=:K2E:@?]k^Am

kAm{2F?4965 :? a_a_[ D@=2?2 :D 2 9:89\A6C7@C>2?46 3=@4<492:? 56D:8?65 E@ @776C 72DE[ D42=23=6[ 2?5 =@H\4@DE EC2?D24E:@?D] xE FD6D 2 F?:BF6 9J3C:5 4@?D6?DFD >@56= 4@>3:?:?8 AC@@7 @7 9:DE@CJ 2?5 AC@@7 @7 DE2<6[ 6?23=:?8 :E E@ AC@46DD E9@FD2?5D @7 EC2?D24E:@?D A6C D64@?5] $@=2?2’D >:DD:@? :D E@ AC@G:56 E96 :?7C2DECF4EFC6 ?66565 7@C >2:?DEC62> 3=@4<492:? 2AA=:42E:@?D H:E9@FE D24C:7:4:?8 5646?EC2=:K2E:@? @C DA665]k^Am

k9bm$~{ E649?:42= 2?2=JD:Dk^9bm

kAm$@=2?2 6IA6C:6?465 EH@ 4@?D64FE:G6 3F==:D9 >@G6D E2<:?8 E96 4@:? E@ 9:89D 36EH66? Sag_ E@ Sahd 2==\E:>6 9:89D 36EH66? }@G6>36C a_ac 2?5 u63CF2CJ a_ad]k^Am

kAmp 72:=FC6 E@ DE2J 23@G6 E96D6 9:89D D6?E E96 4CJAE@4FCC6?4J E@ 2 4@?D6BF6?E:2= 4@CC64E:@? 27E6C !C6D:56?E %CF>A D9@@< >2C<6ED H:E9 9:D :?72>@FD EC256 E2C:77 A@=:4J] %96 4CJAE@4FCC6?4J 92D D:?46 6IA6C:6?465 2 D@=:5 4@>6324< 7C@> 2 =@H @7 Shd 2?5 DE2CE65 E@ 7@C> 2? FAH2C5 492??6= 2D 3:E4@:? :D 5C288:?8 FA E96 4CJAE@4FCC6?4J >2C<6E]k^Am

kAmw2G:?8 8:G6? 324< D@>6 @7 :ED FAH2C5 A6C7@C>2?46 2?5 ?@E C64@G6C65 6?E:C6=J[ E96 4CJAE@4FCC6?4J :D 324< E@ =6G6=D D66? 2E E96 G6CJ 368:??:?8 @7 a_ad 2?5 :D 5@H? 4=@D6 E@ `dT @? E96 J62C]k^Am

k9bmz6J =6G6=D E@ =@@< @FE 7@Ck^9bm

kAmkDEC@?8m$FAA@CE K@?6Dik^DEC@?8mk^Am

kF=mk=:m$FAA@CE `i S`d_ E@ S`e_k^=:mk=:m$FAA@CE ai S`ad E@ S`bak^=:mk=:m$FAA@CE bi S`__ E@ S`_dk^=:mk^F=m

kAmkDEC@?8m#6D:DE2?46 K@?6Dik^DEC@?8mk^Am

kF=mk=:m#6D:DE2?46 `i a__ E@ a_dk^=:mk=:m#6D:DE2?46 ai aad E@ abak^=:mk=:m#6D:DE2?46 bi add E@ aedk^=:mk^F=m

k9bmtE96C6F>i {288:?8 A6C7@C>2?46 7@C E96 }@] ak^9bm

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ad^_f^_`^@2?52\G@=2E:=6\4CJAE@4FCC6?4:6D\e]A?8Q 2=ElQt%w^&$s s2:=J 492CE 7C@> }@G6>36C a_ac \ |2J af[ a_ad[ 2D C6A@CE65 3J %C25:?8':6H]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m~p}spk^7:842AE:@?mk^7:8FC6m

kAmtE96C6F> 92D 56=:G6C65 2 DE625J 2?5 C6D:=:6?E A6C7@C>2?46 E9C@F89 a_ac 2?5 :?E@ a_ad[ C6277:C>:?8 :ED 5@>:?2?46 2D E96 =625:?8 D>2CE 4@?EC24E A=2E7@C>] p7E6C DE23:=:K:?8 :? E96 S`[e__ — S`[g__ C2?86 7@C >F49 @7 a_ac[ t%w 3682? 4=:>3:?8 :? =2E6 "c 2?5 C624965 2 9:89 @7 Sc[`_h :? s646>36C] pD t%w H2D =288:?8 369:?5 >@G6D :? $~{[ E96C6 92G6 366? BF6DE:@?D 23@FE :ED C6=:23:=:EJ 2?5 A6C7@C>2?46[ 2=E9@F89 :ED 7F?52>6?E2=D 2C6 DE:== D2?6[ 2?5 :ED >2C<6E 42A :D DE:== 4@>7@CE23=J 29625]k^Am

kAm%96 8C@HE9 92D 366? 7F6=65 3J C6?6H65 :?DE:EFE:@?2= :?E6C6DE[ ?@E23=J H:E9 E96 25G6?E @7 6E96C6F> t%uD] tE96C6F> C6>2:?D E96 >@DE FD65 2?5 56G6=@A65 3=@4<492:?[ H:E9 2 >2C<6E 42A ?62C:?8 Sd__ 3:==:@? — 7:C>=J D64FC:?8 :ED A=246 2D E96 D64@?5\=2C86DE 4CJAE@4FCC6?4J 369:?5 3:E4@:?]k^Am

kAm{2F?4965 :? a_`d[ 6E96C6F> :?EC@5F465 E96 4@?46AE @7 AC@8C2>>23=6 3=@4<492:? 4@?EC24ED[ <?@H? 2D D>2CE 4@?EC24ED[ 6?23=:?8 E96 3:CE9 @7 s6u:[ }u%D[ 2?5 4@F?E=6DD @E96C 3=@4<492:?\32D65 2AA=:42E:@?D] $:?46 :E EC2?D:E:@?65 E@ AC@@7 @7 DE2<6 :? a_aa WtE96C6F> a]_X[ :E 92D D:8?:7:42?E=J C65F465 :ED 6?6C8J 4@?DF>AE:@? 2?5 6?92?465 D42=23:=:EJ E9C@F89 FA8C256D =:<6 %96 |6C86 2?5 s6?4F?] tE96C6F>’D G:D:@? 4@?E:?F6D E@ 46?E6C @? 364@>:?8 2 8=@32= 5646?EC2=:K65 4@>AFE6C E92E A@H6CD ?6IE\86?6C2E:@? H63 2?5 7:?2?4:2= DJDE6>D]k^Am

k9bmt%w E649?:42= 2?2=JD:Dk^9bm

kAma_ad 92D?’E 366? 8=@C:@FD 7@C E96 }@] a 4CJAE@4FCC6?4J] p7E6C E@F49:?8 E96 Sc`_h 9:89 2?5 4@>:?8 4=@D6 E@ E96 Sc[gf_ p%w 9:E :? E96 a_a` 3F== CF?[ t%w 92D 366? D6?E :?E@ 2 56D46?5:?8 492??6=[ =625:?8 E@ :ED F?56CA6C7@C>2?46 2E E96 368:??:?8 @7 E96 J62C]k^Am

kAmp 3CFE2= ehT 4@CC64E:@? E@@< E96 4@:? E@ =@HD @7 S`[bgc @? pAC:= h[ H:E9 2 86?6C2==J A@D:E:G6 D6?E:>6?E =625:?8 E@ 2 D:8?:7:42?E C64@G6CJ] {@42= 9:89D 2C6 Sa[fbhj E96 4CJAE@4FCC6?4J DE:== 92D BF:E6 2 CF? E@ 5@ E@ 4@>6 324< E@ 3C62< :ED 2==\E:>6 9:89D]k^Am

k9bmz6J =6G6=D E@ =@@< @FE 7@Ck^9bm

kAmkDEC@?8m$FAA@CE K@?6Dik^DEC@?8mk^Am

kF=mk=:m$FAA@CE `i kDEC@?8ma[bgd E@ a[dadk^DEC@?8mk^=:mk=:m$FAA@CE ai kDEC@?8ma[_bd E@ a[`efk^DEC@?8mk^=:mk=:m$FAA@CE bi kDEC@?8m`[f__ E@ `[gadk^DEC@?8mk^=:mk^F=m

kAmkDEC@?8m#6D:DE2?46 K@?6Dik^DEC@?8mk^Am

kF=mk=:m#6D:DE2?46 `i kDEC@?8ma[gd_ E@ a[hhak^DEC@?8mk^=:mk=:m#6D:DE2?46 ai kDEC@?8mb[aad E@ b[bebk^DEC@?8mk^=:mk=:m#6D:DE2?46 bi kDEC@?8mb[ee_ E@ b[g__k^DEC@?8mk^=:mk=:ms646>36C a_ac 9:89Di kDEC@?8mSc[_hdk^DEC@?8mk^=:mk^F=m

kAm%96 4CJAE@4FCC6?4J >2C<6E 92D 925 2 7@C>:523=6 CF? D:?46 a__h[ H96? 3:E4@:? H2D :?EC@5F465] xE 92D 4C62E65 2? :?7:?:EJ @7 A@DD:3:=:E:6D 7@C E649?@=@8:42= 2?5 7:?2?4:2= 492?86] (:E9 >2?J :?DE:EFE:@?D 2?5 ?2E:@?D 5:AA:?8 E96:C E@6D :?E@ E9:D >2C<6E[ E96C6 :D DE:== C@@> 7@C 8C@HE9]k^Am

kAmp 5:D25G2?E286[ E9@F89[ :D E92E E9:D >2C<6E :D G@=2E:=6[ E@ D2J E96 =62DE[ 2?5 2 =24< @7 AC64656?E :D =625:?8 E@ >2?J 7:?2?4:2= 2?5 @E96C 23FD6D @7 E9:D A@H6C7F= E@@=]k^Am

kAm}@?6E96=6DD[ 4CJAE@4FCC6?4:6D 2C6 ?@H A2CE @7 6G6CJ52J =:76 2D >@C6 3FD:?6DD6D 2446AE A2J>6?ED H:E9 5:8:E2= 4@:?D[ 2?5 2 8C@H:?8 =24< @7 ECFDE 7@C 7:2E 4FCC6?4:6D :D =625:?8 E@ 2? :?4C62D:?8 56>2?5 7@C DF49 5646?EC2=:K65 E@@=D]k^Am

kAmk6>m%9:D 2CE:4=6 :D 7@C 86?6C2= :?7@C>2E:@? AFCA@D6D @?=J[ ?@E E@ 36 4@?D:56C65 2 C64@>>6?52E:@? @C 7:?2?4:2= 25G:46] !2DE A6C7@C>2?46 :D ?@E :?5:42E:G6 @7 7FEFC6 C6DF=ED] xE :D ?@E :?G6DE>6?E 25G:46 @C 2 D@=FE:@? E@ 3FJ @C D6== :?DECF>6?ED]k^6>mk^Am

kAmk6>m~p}sp r~#!~#p%x~} x$ p |t|qt# ~u }up p}s x$ $&qytr% %~ }upV$ #tv&{p%~#* ~'t#$xvw% p}s t)p|x}p%x~}$] w~(t't#[ *~& $w~&{s qt p(p#t %wp% }up s~t$ }~% wp't #tv&{p%~#* ~'t#$xvw% p&%w~#x%* ~'t# &}st#{*x}v ~# $!~% 'x#%&p{ r&##t}r* !#~s&r%$ ~# %#p}$pr%x~}$ ~# 'x#%&p{ r&##t}r* t)rwp}vt$[ r&$%~sxp}$ ~# |p#zt%$]k^6>mk^Am

kAmk6>m%C25:?8 :? 5:8:E2= 2DD6ED[ :?4=F5:?8 4CJAE@4FCC6?4:6D[ :D 6DA64:2==J C:D<J 2?5 :D @?=J 7@C :?5:G:5F2=D H:E9 2 9:89 C:D< E@=6C2?46 2?5 E96 7:?2?4:2= 23:=:EJ E@ DFDE2:? =@DD6D] ~p}sp r@CA@C2E:@? :D ?@E A2CEJ E@ 2?J EC2?D24E:@?D :? 5:8:E2= 2DD6ED 2?5 5@6D ?@E 4FDE@5J 5:8:E2= 2DD6ED @? J@FC 3692=7] p== 5:8:E2= 2DD6E EC2?D24E:@?D @44FC @? E96 !2I@D %CFDE r@>A2?J 6I492?86] p?J A@D:E:@?D :? 5:8:E2= 2DD6ED 2C6 4FDE@5:65 D@=6=J H:E9 !2I@D 2?5 96=5 :? 2? 244@F?E :? J@FC ?2>6 @FED:56 @7 ~p}sp r@CA@C2E:@?] s:8:E2= 2DD6ED 96=5 H:E9 !2I@D 2C6 ?@E AC@E64E65 3J $x!r] !2I@D :D ?@E 2? }up >6>36C 2?5 :D ?@E DF3;64E E@ E96 }up’D C68F=2E@CJ @G6CD:89E 2?5 6I2>:?2E:@?D]k^6>mk^Am

kAmk6>m{6G6C2865 EC25:?8 :? 7@C6:8? 4FCC6?4J 4@?EC24ED @C @E96C @77\6I492?86 AC@5F4ED @? >2C8:? 42CC:6D 2 9:89 =6G6= @7 C:D< 2?5 :D ?@E DF:E23=6 7@C 6G6CJ@?6] (6 25G:D6 J@F E@ 42C67F==J 4@?D:56C H96E96C EC25:?8 :D 2AAC@AC:2E6 7@C J@F :? =:89E @7 J@FC A6CD@?2= 4:C4F>DE2?46D] *@F >2J =@D6 >@C6 E92? J@F :?G6DE] (6 C64@>>6?5 E92E J@F D66< :?56A6?56?E 7:?2?4:2= 25G:46 2?5 6?DFC6 J@F 7F==J F?56CDE2?5 E96 C:D<D :?G@=G65 367@C6 EC25:?8] %C25:?8 E9C@F89 2? @?=:?6 A=2E7@C> 42CC:6D 255:E:@?2= C:D<D] {@DD6D 42? 6I4665 56A@D:ED]k^6>mk^Am

kAmk2 9C67lQ9EEADi^^HHH]@2?52]4@>^FD\6?^EC256\E2A\3=@8^2DD6E\4=2DD6D^4CJAE@^>@DE\G@=2E:=6\4CJAE@\a_ad\7:CDE\92=7^Qmk6>m%9:D DE@CJk^6>mk^2m k6>mH2D AC@5F465 3Jk^6>m k2 9C67lQ9EEADi^^@2?52]4@>Qmk6>m~p}spk^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