20 side hustle ideas to make extra money in 2026

k9bmkDEC@?8ma_ D:56 9FDE=6 :562D E@ >2<6 6IEC2 >@?6J :? a_aek^DEC@?8mk^9bm

kAm%96 EC25:E:@?2= A2E9 @7 H@C<:?8 2 7F==\E:>6 ;@3 F?E:= C6E:C6>6?E :D 492?8:?8] |@C6 A6@A=6 2C6 ?@H 6IA=@C:?8 4C62E:G6[ 7=6I:3=6 H2JD E@ 62C? 6IEC2 :?4@>6 2?5 3F:=5 7:?2?4:2= 7C665@> @? E96:C @H? E6C>D[ 6DA64:2==J 2D 9@=:52J 6IA6?D6D 2AAC@249 2?5 2 ?6H J62C 3C:?8D 7C6D9 8@2=D] %92EVD H96C6 7C66=2?46 D:56 9FDE=6D 4@>6 :?] p D:56 9FDE=6 :D =:<6 J@FC @H? D>2== 3FD:?6DD J@F >2?286 2=@?8D:56 J@FC C68F=2C A2CE\E:>6 @C 7F==\E:>6 ;@3]k^Am

kAmx7 J@F’C6 :?E6C6DE65 :? A:4<:?8 FA 2 D:56 9FDE=6[ J@F 92G6 >2?J 5:776C6?E @AE:@?D E@ 49@@D6 7C@>] $:56 9FDE=6D 2C6?’E @?6\D:K6\7:ED\2==] %96 C:89E 7:E A=2JD E@ J@FC DEC6?8E9D[ H@C<D H:E9 J@FC D4965F=6[ 2?5 96=AD J@F C6249 J@FC 7:?2?4:2= 8@2=D[ H96E96C J@F’C6 D2G:?8 FA 7@C 2 3:8 AFC492D6 @C ECJ:?8 E@ DFAA=6>6?E J@FC :?4@>6] |2J36 A@542DE:?8 @C 5@8 H2=<:?8 :D J@FC E9:?8] |2J36 J@F’C6 5C2H? E@ EFE@C:?8 @C G:CEF2= 2DD:DE2?46] }@ >2EE6C :7 J@F =62? E@H2C5 :?\A6CD@? H@C< @C @?=:?6 @AA@CEF?:E:6D[ J@F 92G6 A=6?EJ @7 @AE:@?D E@ 49@@D6 7C@>]k^Am

kAmw@=:52J 4@DED 42? D?62< FA 72DE[ 2?5 A=2??:?8 7@C E96 ?6H J62C DE2CED ?@H] %96D6 a_ D:56 9FDE=6 :562D 42? 96=A J@F 3C:?8 :? 6IEC2 :?4@>6 2?5 49@@D6 2 8:8 E92E DFAA@CED J@FC 8@2=D] k2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^Qm&AH@C<k^2m[ 2? @?=:?6 >2C<6EA=246 7@C 9:C:?8 D<:==65 7C66=2?46CDk6>m[k^6>m D92C6D :562D E@ 96=A 7:?5 E96 36DE 7:E 7@C J@F]k^Am

k9bmw@H E@ 49@@D6 J@FC 7C66=2?46 D:56 9FDE=6k^9bm

kAmp k2 9C67lQ9EEADi^^HHH]32?<C2E6]4@>^7^`_ahhf^I^5cb4gg`273^D:56\9FDE=6\DFCG6J\AC6DD\C6=62D607:?2=]A57QmyF=J a_ad q2?<C2E6 DFCG6Jk^2m 7@F?5 E92E afT @7 &]$] 25F=ED 4FCC6?E=J 92G6 2 D:56 9FDE=6[ 2?5 ahT @7 E9@D6 H:E9 2 D:56 8:8 D2J E96J 36=:6G6 E96JV== 2=H2JD ?665 @?6 E@ >2<6 6?5D >66E]k^Am

kAm}@E 6G6CJ 7C66=2?46 k2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^C6D@FC46D^H92E\:D\2\D:56\9FDE=6QmD:56 9FDE=6k^2m :D C:89E 7@C 6G6CJ@?6] %96 36DE 7:E 56A6?5D @? J@FC D<:==D[ J@FC 8@2=D[ 2?5 9@H >F49 E:>6 2?5 677@CE J@F’C6 23=6 E@ AFE :?]k^Am

kAmw6C6 2C6 D@>6 BF6DE:@?D E@ 2D< J@FCD6=7 E@ 56E6C>:?6 :7 2 D:56 9FDE=6 :D C:89E 7@C J@F 2?5 H9:49 A2E9D >2<6 E96 >@DE D6?D6ik^Am

kF=mk=:mkDEC@?8mw@H >F49 E:>6 5@ x 92G6 6249 H66<nk^DEC@?8m $@>6 D:56 9FDE=6D 2C6 BF:4< E@ DE2CE W=:<6 EFE@C:?8 @C 5@8 H2=<:?8X] ~E96CD[ =:<6 3=@88:?8 @C 6\4@>>6C46[ E2<6 =@?86C E@ 3F:=5]k^=:mk=:mkDEC@?8m(92E D<:==D 42? x >@?6E:K6nk^DEC@?8m x7 J@F 2=C625J 92G6 2 >2C<6E23=6 D<:==[ DF49 2D 36:?8 2 HC:E6C[ 8C2A9:4 56D:8?6C[ @C @C82?:K6C[ =@@< 7@C 8:8D E92E A2J 7@C E9@D6 DEC6?8E9D]k^=:mk=:mkDEC@?8ms@ x H2?E E@ H@C< @?=:?6 @C :? A6CD@?nk^DEC@?8m #6>@E6\7C:6?5=J D:56 9FDE=6D =:<6 G:CEF2= 2DD:DE2?46 @C 4@?E6?E 4C62E:@? FDF2==J @776C >@C6 7=6I:3:=:EJ] x?\A6CD@? 8:8D =:<6 A6E D:EE:?8 @C 56=:G6CJ @7E6? @776C 72DE6C 42D9]k^=:mk=:mkDEC@?8mw@H >F49 >@?6J 42? x :?G6DE FA 7C@?Enk^DEC@?8m $@>6 @AE:@?D W=:<6 7C66=2?4:?8 @C EFE@C:?8X 92G6 =@H DE2CEFA 4@DED] ~E96CD W=:<6 5C@A\D9:AA:?8 @C A@542DE:?8X >:89E C6BF:C6 6BF:A>6?E[ DF3D4C:AE:@?D[ @C :?G6?E@CJ]k^=:mk=:mkDEC@?8m(92EVD >J 8@2=[ 6IEC2 >@?6J @C 2 ?6H 42C66Cnk^DEC@?8m $9@CE\E6C> 8:8D 96=A J@F >2<6 >@?6J 72DE] qFE >2?J D:56 9FDE=6D 42? 8C@H :?E@ 7F==\E:>6 7C66=2?46 H@C< :7 J@F H2?E E@ D42=6 FA]k^=:mk^F=m

kAmx7 J@FVC6 ?@E DFC6 H96C6 E@ DE2CE[ 7C66=2?4:?8 A=2E7@C>D 42? >2<6 :E 62DJ E@ E6DE 5:776C6?E :562D[ 3F:=5 J@FC C6AFE2E:@?[ 2?5 7:?5 H@C< E92E 7:ED J@FC 8@2=D]k^Am

k9bms63F?<:?8 4@>>@? 7C66=2?46 D:56 9FDE=6 >JE9Dk^9bm

kAmq67@C6 J@F 5:G6 :?E@ J@FC 7:CDE D:56 8:8[ 36 DFC6 E92E J@F 92G6 E96 C:89E 6IA64E2E:@?D] %96C6VD 2 =@E @7 ?@:D6 @FE E96C6 23@FE 7C66=2?4:?8 2?5 >2<:?8 >@?6J @?=:?6] %96D6 BF:4< >JE9\3FDE6CD 42? 96=A J@F 86E DE2CE65 H:E9 4@?7:56?46ik^Am

kF=mk=:mkDEC@?8m|JE9i *@F ?665 E@ 36 2? 6IA6CE E@ DE2CEk^DEC@?8m] x? C62=:EJ[ E96C6’D 2 H:56 C2?86 @7 AC@;64E EJA6D 2?5 3F586ED @? &AH@C<[ 2?5 >2?J 7C66=2?46CD 368:? H:E9 D>2==[ D:>A=6 ;@3D E@ 3F:=5 6IA6C:6?46 2?5 4@?7:56?46 367@C6 E2<:?8 @? =2C86C @AA@CEF?:E:6D]k^=:mk=:mkDEC@?8m|JE9i *@F 92G6 E@ BF:E J@FC 7F==\E:>6 ;@3k^DEC@?8m] uC66=2?46 D:56 9FDE=6D 2C6 56D:8?65 E@ 36 7=6I:3=6] *@F 42? DE2CE H:E9 @?6 @C EH@ AC@;64ED 2 H66< 2?5 D42=6 FA @?=J :7 2?5 H96? J@FVC6 C625J]k^=:mk=:mkDEC@?8m|JE9i *@F ?665 E@ 92G6 2 9F86 A@CE7@=:@k^DEC@?8m] p 76H 7@4FD65[ @FE4@>6\5C:G6? D2>A=6D 2C6 @7E6? 36EE6C E92? 2 =@?8 =:DE] x7 J@FVC6 ?6H[ J@F 42? 3F:=5 >@4< AC@;64ED @C @776C =@H\DE2<6D 8:8D E@ 86E DE2CE65]k^=:mk=:mkDEC@?8m|JE9i uC66=2?46CD 92G6 E@ 5@ 6G6CJE9:?8 @? E96:C @H?k^DEC@?8m] %@@=D =:<6 k2 9C67lQ9EEADi^^42?G2]4@>^Qmr2?G2k^2m[ k2 9C67lQ9EEADi^^8C2>>2C=J]4@>^QmvC2>>2C=Jk^2m[ 2?5 k2 9C67lQ9EEADi^^EC6==@]4@>^Qm%C6==@k^2m 96=A J@F DEC62>=:?6 J@FC H@C<[ 6G6? :7 J@FVC6 ;FDE 86EE:?8 DE2CE65]k^=:mk=:mkDEC@?8m|JE9i *@F H@?VE DE2?5 @FE @? 3:8 A=2E7@C>Dk^DEC@?8m] (96? J@F @AE:>:K6 J@FC AC@7:=6[ 9:89=:89E E96 G2=F6 J@F 3C:?8[ 2?5 HC:E6 E9@F89E7F=[ E2:=@C65 AC@A@D2=D[ 4=:6?ED ?@E:46] $EC@?8 4@>>F?:42E:@?[ :?5FDECJ <?@H\9@H[ 2?5 2 4=62C G2=F6 AC@A@D:E:@? 8@ 2 =@?8 H2J]k^=:mk^F=m

k9bmuC66=2?4:?8 D:56 9FDE=6Dk^9bm

kAmpD 2 7C66=2?46C[ J@F 42? EFC? J@FC F?:BF6 E2=6?ED 2?5 D<:==D :?E@ 2 D:56 8:8] pD 2? :?56A6?56?E AC@76DD:@?2=[ J@FVC6 6DD6?E:2==J J@FC @H? 3@DD 2?5 42? >2?286 5:776C6?E AC@;64ED E92E 2=:8? H:E9 J@FC D<:==D 2?5 :?E6C6DED 2=@?8D:56 J@FC 52J ;@3]k^Am

kAm!=6?EJ @7 3FD:?6DD6D 2C6 =@@<:?8 7@C D<:==D 7C@> 7C66=2?46 HC:E:?8 2?5 65:E:?8 E@ 8C2A9:4 56D:8? @C H63 56G6=@A>6?E[ 2?5 E96 36DE A2CE :D E92E >2?J @7 E96D6 AC@;64ED 42? 36 5@?6 C6>@E6=J]k^Am

kAm%96 362FEJ @7 7C66=2?4:?8 :D E96 7=6I:3:=:EJ :E 8:G6D J@F 2?5 E96 492?46 E@ EFC? J@FC DA2C6 E:>6 :?E@ 6IEC2 :?4@>6] w6C6 2C6 D@>6 A@AF=2C 7C66=2?4:?8 ;@3D]‍k^Am

k9bm`] (C:E:?8 2?5 65:E:?8 D6CG:46Dk^9bm

kAmpD 2 HC:E6C @C 65:E@C[ J@FC D:56 8:8 4@F=5 36 AC@5F4:?8 6?828:?8 3=@8 A@DED 2?5 :?D:89E7F= 2CE:4=6D @C =6?5:?8 J@FC k2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^C6D@FC46D^AC@@7C625:?8\D:56\9FDE=6DQmAC@@7C625:?8 AC@H6DDk^2m E@ A@=:D9 6I:DE:?8 4@?E6?E] qFD:?6DD6D 2?5 :?5:G:5F2=D 2C6 2=H2JD @? E96 9F?E 7@C E2=6?E65 H@C5D>:E9D E@ 96=A E96:C >6DD286D DE2?5 @FE]k^Am

kF=mk=:mkDEC@?8m$<:==D C6BF:C65k^DEC@?8m] $EC@?8 HC:E:?8 2?5 65:E:?8 23:=:E:6D[ 2 D@=:5 8C2DA @7 8C2>>2C 2?5 =2?8F286[ 2?5 2 >6E:4F=@FD 6J6 7@C 56E2:=]k^=:mk=:mkDEC@?8m!@E6?E:2= 62C?:?8Dk^DEC@?8m] *@FC 62C?:?8D H:== 56A6?5 @? 9@H >2?J AC@;64ED J@F E2<6 @? 2?5 E96:C 4@>A=6I:EJ] ~? 2G6C286[ k2 9C67lQ9EEADi^^HHH]3=D]8@G^@6D^4FCC6?E^@6Dafb_cb]9E>Qm7C66=2?46 HC:E6CDk^2m 2?5 k2 9C67lQ9EEADi^^HHH]3=D]8@G^@6D^4FCC6?E^@6Dafb_c`]9E>Qm65:E@CDk^2m 42? 6IA64E E@ >2<6 2C@F?5 Sc_ E@ Scd A6C 9@FC[ 3FE 62C?:?8D 42? :?4C62D6 2D J@F 3F:=5 J@FC C6AFE2E:@? 2?5 A@CE7@=:@]k^=:mk^F=m

k9bma] vC2A9:4 56D:8? 2?5 5:8:E2= 2CEk^9bm

kAmvC2A9:4 56D:8?6CD FD6 E96:C 4C62E:G6 D<:==D 2?5 AC@7:4:6?4J :? 56D:8? D@7EH2C6 E@ 4C62E6 G:DF2= 6=6>6?ED 2?5 5:8:E2= AC@5F4ED[ DF49 2D =@8@D[ 3C@49FC6D[ 2?5 :?7@8C2A9:4D] k2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^C6D@FC46D^8C2A9:4\56D:8?\D:56\9FDE=6DQmvC2A9:4 56D:8? 8:8Dk^2m 4@F=5 36 E96 A6C764E D:56 9FDE=6 :7 J@FVC6 4C62E:G6[ 2CE:DE:4[ 2?5 72>:=:2C H:E9 56D:8? D@7EH2C6]k^Am

kF=mk=:mkDEC@?8m$<:==D C6BF:C65k^DEC@?8m]‍ *@FVC6 36DE DF:E65 7@C E96D6 C@=6D :7 J@F 2C6 4C62E:G6 2?5 92G6 2? 6J6 7@C 26DE96E:4D 2?5 2 DEC@?8 8C2DA @7 56D:8? D@7EH2C6 =:<6 p5@36 rC62E:G6 $F:E6] p? F?56CDE2?5:?8 @7 4FCC6?E 56D:8? EC6?5D :D 2 A=FD]k^=:mk=:mkDEC@?8m!@E6?E:2= 62C?:?8Dk^DEC@?8m] *@FC 62C?:?8D H:== 56A6?5 @? E96 4@>A=6I:EJ @7 E96 AC@;64ED J@F F?56CE2<6 2?5 J@FC 6IA6C:6?46] w@H6G6C[ 7C66=2?46 8C2A9:4 56D:8?6CD 42? 86?6C2==J 6IA64E E@ 62C? k2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^9:C6^8C2A9:4\56D:8?6CD^4@DE^Qm2C@F?5 S`d E@ Sb_ A6C 9@FCk^2m]k^=:mk^F=m

k9bmb] (63 56G6=@A>6?E 2?5 56D:8?k^9bm

kAmx7 J@F’C6 4@>7@CE23=6 4C62E:?8 @C FA52E:?8 H63D:E6D[ H63 56G6=@A>6?E 2?5 56D:8? 4@F=5 36 2 D@=:5 D:56 9FDE=6] $>2== 3FD:?6DD6D 2?5 @?=:?6 D9@AD @7E6? ?665 96=A 3F:=5:?8 @C C67C6D9:?8 E96:C D:E6D[ 2?5 E96J’C6 FDF2==J H:==:?8 E@ A2J 7@C BF2=:EJ H@C<]k^Am

kF=mk=:mkDEC@?8m$<:==D C6BF:C65k^DEC@?8m] !C@7:4:6?4J :? w%|{[ r$$[ 2?5 y2G2$4C:AE :D 2 >FDE] *@FV== 2=D@ ?665 2 8@@5 F?56CDE2?5:?8 @7 FD6C 6IA6C:6?46 56D:8?[ (@C5!C6DD[ EC@F3=6D9@@E:?8 23:=:E:6D[ 2?5 72>:=:2C:EJ H:E9 H63 56G6=@A>6?E E@@=D]k^=:mk=:mkDEC@?8m!@E6?E:2= 62C?:?8Dk^DEC@?8m] t2C?:?8D 42? C2?86 H:56=J 32D65 @? J@FC 6IA6CE:D6 2?5 E96 AC@;64ED J@F E2<6 @?] w@H6G6C[ 7C66=2?46 H63 56G6=@A6CD 2?5 56D:8?6CD EJA:42==J 62C? 2?JH96C6 k2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^9:C6^H63\56D:8?6CD^4@DE^Qm36EH66? S`d 2?5 Sb_ A6C 9@FCk^2m]k^=:mk^F=m

k9bmc] px 4@?E6?E DFAA@CE 2?5 @AE:>:K2E:@?k^9bm

kAmpD px E@@=D =:<6 r92Ev!% 2?5 r=2F56 364@>6 >@C6 A@AF=2C[ >2?J 3FD:?6DD6D 2C6 =@@<:?8 7@C 96=A FD:?8 E96> 67764E:G6=J] uC66=2?46CD H:E9 DEC@?8 HC:E:?8[ C6D62C49[ @C 5:8:E2= >2C<6E:?8 D<:==D 42? DFAA@CE 4=:6?ED 3J 86?6C2E:?8[ 65:E:?8[ @C C67:?:?8 px\2DD:DE65 4@?E6?E] %9:D :?4=F56D E2D<D =:<6 4=62?:?8 FA px\86?6C2E65 3=@8 A@DED[ 4FDE@>:K:?8 492E3@E C6DA@?D6D[ @C 96=A:?8 4=:6?ED 56G6=@A 67764E:G6 AC@>AED 7@C DA64:7:4 FD6 42D6D]k^Am

kF=mk=:mkDEC@?8m$<:==D C6BF:C65k^DEC@?8m] $EC@?8 HC:E:?8 @C 65:E:?8 D<:==D[ 72>:=:2C:EJ H:E9 px E@@=D =:<6 r92Ev!%[ 2?5 E96 23:=:EJ E@ F?56CDE2?5 4=:6?E 8@2=D 2?5 EC2?D=2E6 E96> :?E@ 67764E:G6 AC@>AED @C 4@?E6?E]k^=:mk=:mkDEC@?8m!@E6?E:2= 62C?:?8Dk^DEC@?8m] #2E6D G2CJ 56A6?5:?8 @? J@FC ?:496 2?5 56=:G6C23=6D[ 3FE px 4@?E6?E DFAA@CE C@=6D EJA:42==J A2J 36EH66? k2 9C67lQ9EEADi^^HHH]K:AC64CF:E6C]4@>^$2=2C:6D^p:\r@?E6?E\(C:E6C\$2=2CJQmSb_ 2?5 Se_ A6C 9@FCk^2m[ @7E6? >@C6 7@C E649?:42= @C DEC2E68:4 H@C<]k^=:mk^F=m

k9bmt\4@>>6C46 D:56 9FDE=6Dk^9bm

kAmk2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^C6D@FC46D^9@H\E@\8C@H\J@FC\64@>>6C46\DE@C6Qmt\4@>>6C46k^2m :D 2 8C62E @AE:@? :7 J@F H2?E 2 D:56 9FDE=6 J@F 42? CF? 2=>@DE 4@>A=6E6=J @?=:?6] *@F 42? 6IA=@C6 6G6CJE9:?8 7C@> C6D6==:?8 AC@5F4ED E@ =2F?49:?8 2 D>2== 3C2?5[ 8:G:?8 J@F A=6?EJ @7 4C62E:G6 H2JD E@ 62C? 6IEC2 :?4@>6 2?5 86E J@FC 3FD:?6DD @77 E96 8C@F?5[ H9:=6 H@C<:?8 7C@> 9@>6]k^Am

kAm*@F 42? DE2CE D>2== 2?5 D42=6 2D J@FC 3F586E 2?5 D4965F=6 2==@H[ H9:49 >2<6D k2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^C6D@FC46D^64@>>6C46\3FD:?6DD\:562DQm6\4@>>6C46k^2m 2 7=6I:3=6 @AE:@? 7@C 3FDJ DEF56?ED @C H@C<:?8 AC@76DD:@?2=D] (96E96C J@F’C6 7=:AA:?8 E9C:7E DE@C6 7:?5D @C D6==:?8 92?5>256 AC@5F4ED[ 6\4@>>6C46 42? 36 2 8C62E H2J E@ >2<6 >@?6J @?=:?6]k^Am

k9bmd] sC@A\D9:AA:?8k^9bm

kAmk2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^C6D@FC46D^9@H\E@\DE2CE\5C@AD9:AA:?8QmsC@A D9:AA:?8k^2m :D 2? 6\4@>>6C46 >6E9@5 :? H9:49 J@F D6== AC@5F4ED @?=:?6 H:E9@FE 92G:?8 E@ 92?5=6 :?G6?E@CJ @C D9:AA:?8] (96? 2 4FDE@>6C AFC492D6D 7C@> J@FC @?=:?6 DE@C6[ J@F 7@CH2C5 E96 @C56C E@ 2 E9:C5\A2CEJ DFAA=:6C H9@ 7F=7:==D E96 @C56C 7@C J@F FD:?8 A=2E7@C>D =:<6 k2 9C67lQ9EEADi^^HHH]D9@A:7J]4@>^Qm$9@A:7Jk^2m] t77:4:6?E DJDE6>D 42? EFC? 5C@A\D9:AA:?8 :?E@ 2 DE625J D@FC46 @7 k2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^C6D@FC46D^A2DD:G6\:?4@>6QmA2DD:G6 :?4@>6k^2m]k^Am

kF=mk=:mkDEC@?8m$<:==D C6BF:C65k^DEC@?8m] *@FV== ?665 DEC@?8 C6D62C49 D<:==D E@ 7:?5 AC@7:E23=6 AC@5F4ED 2?5 ECFDEH@CE9J DFAA=:6CD[ 32D:4 <?@H=6586 @7 6r@>>6C46 A=2E7@C>D[ 2?5 4FDE@>6C D6CG:46 D<:==D E@ 255C6DD 2?J :DDF6D E92E >:89E 4@>6 FA]k^=:mk=:mkDEC@?8m!@E6?E:2= 62C?:?8Dk^DEC@?8m] t2C?:?8D 7C@> 5C@A\D9:AA:?8 42? G2CJ H:56=J 56A6?5:?8 @? J@FC AC@5F4ED[ AC:4:?8[ 2?5 >2C<6E:?8 677@CED] w@H6G6C[ DF446DD7F= 5C@A\D9:AA6CD 42? 62C? 2?JH96C6 7C@> 2 k2 9C67lQ9EEADi^^HHH]K:AC64CF:E6C]4@>^$2=2C:6D^!C@76DD:@?2=\sC@A\$9:AA:?8\$2=2CJR(66<=JQm76H 9F?5C65 E@ 2 E9@FD2?5 5@==2CD A6C >@?E9k^2m]k^=:mk^F=m

k9bme] !C:?E\@?\56>2?5 >6C492?5:D6k^9bm

kAm!C:?E\@?\56>2?5 >6C492?5:D6 2==@HD J@F E@ D6== 4FDE@>\56D:8?65 :E6>D =:<6 %\D9:CED[ >F8D[ 2?5 A@DE6CD H:E9@FE H@CCJ:?8 23@FE :?G6?E@CJ @C D9:AA:?8] *@F 4C62E6 J@FC 56D:8?D 2?5 =:DE E96> @? 2 A=2E7@C>] (96? 2 4FDE@>6C >2<6D 2 AFC492D6[ J@FC AC:?E\@?\56>2?5 AC@G:56C AC:?ED E96 :E6> 2?5 D9:AD :E 5:C64E=J E@ E96 4FDE@>6C] !C:?E–@?\56>2?5 :D 2 4C62E:G6 H2J E@ 62C? 6IEC2 :?4@>6 H:E9 >:?:>2= DE2CEFA 4@DED]k^Am

kF=mk=:mkDEC@?8m$<:==D C6BF:C65k^DEC@?8m] *@F D9@F=5 92G6 D@>6 56D:8? D<:==D 2?5 4C62E:G:EJ] u2>:=:2C:EJ H:E9 6\4@>>6C46 A=2E7@C>D 2?5 32D:4 >2C<6E:?8 D<:==D E@ AC@>@E6 J@FC AC@5F4ED H@F=5 2=D@ 36 36?67:4:2=]k^=:mk=:mkDEC@?8m!@E6?E:2= 62C?:?8Dk^DEC@?8m] t2C?:?8D 56A6?5 @? E96 AC:46 @7 J@FC AC@5F4ED 2?5 E96 G@=F>6 @7 J@FC D2=6D[ 3FE DF446DD7F= AC:?E\@?\56>2?5 D6==6CD 42? >2<6 2C@F?5 k2 9C67lQ9EEADi^^HHH]K:AC64CF:E6C]4@>^$2=2C:6D^(@C<\uC@>\w@>6\!C:?E\~?\s6>2?5\$2=2CJRw@FC=JQmSaf A6C 9@FCk^2m]k^=:mk^F=m

k9bmf] p77:=:2E6 >2C<6E:?8k^9bm

kAmk2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^C6D@FC46D^277:=:2E6\>2C<6E:?8Qmp77:=:2E6 >2C<6E:?8k^2m :D 23@FE AC@>@E:?8 @E96C 4C62E@CDV AC@5F4ED 2?5 62C?:?8 2 4@>>:DD:@? 7@C 6249 D2=6 >256 E9C@F89 J@FC C676CC2= =:?<] %96 C:D6 @7 D@4:2= >65:2 2?5 DF3D4C:AE:@?\32D65 A=2E7@C>D 92D @A6?65 E96 5@@C E@ >@C6 k2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^C6D@FC46D^277:=:2E6\>2C<6E:?8\D:56\9FDE=6QmC6>@E6 277:=:2E6 @AA@CEF?:E:6Dk^2m E92? 6G6C]k^Am

kF=mk=:mkDEC@?8m‍$<:==D C6BF:C65k^DEC@?8m] *@FV== ?665 E@ 36 A6CDF2D:G6 2?5 92G6 2 8@@5 F?56CDE2?5:?8 @7 5:8:E2= >2C<6E:?8 2?5 D@4:2= >65:2] *@FV== 2=D@ ?665 E@ 36 23=6 E@ :56?E:7J H9:49 AC@5F4ED H:== C6D@?2E6 H:E9 J@FC 2F5:6?46]k^=:mk=:mkDEC@?8m‍!@E6?E:2= 62C?:?8Dk^DEC@?8m] %96 62C?:?8 A@E6?E:2= :? 277:=:2E6 >2C<6E:?8 42? G2CJ] xE =2C86=J 56A6?5D @? E96 AC@5F4ED J@FVC6 AC@>@E:?8[ E96 4@>>:DD:@? C2E6[ 2?5 9@H 67764E:G6=J J@F 42? >2C<6E E96> E@ J@FC 2F5:6?46] w@H6G6C[ DF446DD7F= 277:=:2E6 >2C<6E6CD 42? >2<6 2?JH96C6 7C@> 2 76H 9F?5C65 5@==2CD E@ D6G6C2= E9@FD2?5 A6C >@?E9]k^=:mk^F=m

k9bmr@?E6?E 4C62E:@? D:56 9FDE=6Dk^9bm

kAmr@?E6?E A=2JD 2 9F86 C@=6 :? 9@H A6@A=6 =62C?[ 4@??64E[ 2?5 >2<6 564:D:@?D @?=:?6[ 2?5 4C62E@CD 2C6 2E E96 46?E6C @7 :E 2==] (96E96C J@F’C6 2 DEC@?8 HC:E6C[ 92G6 2 G@:46 >256 7@C A@542DE:?8[ <?@H 9@H E@ 6?8286 2? 2F5:6?46 @? D@4:2= >65:2[ @C 42? 4C62E6 5:8:E2= AC@5F4ED =:<6 4@FCD6D @C E6>A=2E6D[ E96C6’D DA246 7@C J@F :? E96 H@C=5 @7 4@?E6?E 4C62E:@?]k^Am

kAmpD 2 D:56 ;@3[ 4@?E6?E 4C62E:@? =6ED J@F FD6 J@FC DEC6?8E9D[ D92C6 H92E J@F <?@H[ 2?5 62C? >@?6J 5@:?8 D@>6E9:?8 J@F 6?;@J] {6E’D =@@< 2E D@>6 @7 E96 >@DE 4@>>@? 4@?E6?E 4C62E:@? 2G6?F6D 2?5 9@H J@F 42? EFC? J@FC 4C62E:G:EJ :?E@ :?4@>6]k^Am

k9bmg] q=@88:?8 2?5 G=@88:?8k^9bm

kAmq=@88:?8 2?5 G=@88:?8 2C6 23@FE D92C:?8 A6CD@?2= 6IA6C:6?46D[ :?D:89ED[ @C D<:==D E9C@F89 HC:EE6? @C G:56@ 4@?E6?E] (96E96C J@FVC6 A2DD:@?2E6 23@FE 4@@<:?8[ EC2G6=:?8[ @C E649[ J@F 42? D92C6 J@FC :?E6C6DE 2?5 <?@H=6586 H:E9 E96 H@C=5 G:2 2 3=@8[ %H:E49 DEC62>[ @C *@F%F36 492??6=]k^Am

kF=mk=:mkDEC@?8m$<:==D C6BF:C65k^DEC@?8m] *@FV== ?665 DEC@?8 HC:E:?8 D<:==D 7@C 3=@88:?8 2?5 G:56@ 65:E:?8 D<:==D 7@C G=@88:?8] *@FV== 2=D@ ?665 E@ F?56CDE2?5 J@FC E2C86E 2F5:6?46 2?5 4C62E6 6?828:?8 4@?E6?E E92E DA62<D E@ E96>]k^=:mk=:mkDEC@?8m!@E6?E:2= 62C?:?8Dk^DEC@?8m] t2C?:?8D 42? G2CJ 8C62E=J 32D65 @? E96 ?:496[ 2F5:6?46 D:K6[ 2?5 >@?6E:K2E:@? DEC2E68J] %96 k2 9C67lQ9EEADi^^A@542DE=6]2:^3=@8^9@H\>F49\>@?6J\5@\J@FEF36CD\>2<6\A6C\G:6H^Qm2G6C286 *@F%F36C @?=J >2<6D S_]_ad A6C G:6Hk^2m[ D@ E96 ?F>36C @7 G:6HD ?665D E@ 36 BF:E6 9:89 E@ 62C? C62= >@?6J] %96 2G6C286 3=@886C >2<6D k2 9C67lQ9EEADi^^HHH]K:AC64CF:E6C]4@>^$2=2C:6D^q=@8\(C:E6C\$2=2CJR*62C=JQm2C@F?5 Sad A6C 9@FCk^2m]k^=:mk^F=m

k9bmh] !@542DE:?8k^9bm

kAmk2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^C6D@FC46D^9@H\E@\DE2CE\2\A@542DEQm!@542DE:?8k^2m 6?23=6D J@F E@ D92C6 J@FC G@:46 2?5 G:6HD @? E@A:4D C2?8:?8 7C@> A6CD@?2= 7:?2?46 W=:<6 >2?28:?8 DEF56?E =@2?D @C 4C65:E 42C5DX E@ ECF6 4C:>6 @C A@A 4F=EFC6] pD 2 A@542DE6C[ J@F 42? 4@??64E H:E9 2F5:6?46D H9@ D92C6 J@FC :?E6C6DED 3J 4C62E:?8 6?828:?8 4@?G6CD2E:@?D 2?5 :?7@C>2E:G6 D68>6?ED]k^Am

kF=mk=:mkDEC@?8m$<:==D C6BF:C65k^DEC@?8m] $EC@?8 4@>>F?:42E:@? D<:==D 2C6 ?646DD2CJ] *@FV== 2=D@ ?665 2 8@@5 F?56CDE2?5:?8 @7 J@FC 49@D6? E@A:4[ 32D:4 2F5:@ C64@C5:?8 2?5 65:E:?8 D<:==D[ 2?5 2 <?24< 7@C DE@CJE6==:?8]k^=:mk=:mkDEC@?8m!@E6?E:2= 62C?:?8Dk^DEC@?8m] |F49 =:<6 3=@88:?8 2?5 G=@88:?8[ J@FC 62C?:?8D 2D 2 A@542DE6C 42? 8C62E=J G2CJ] xE 56A6?5D @? 724E@CD DF49 2D E96 D:K6 @7 J@FC 2F5:6?46[ DA@?D@CD9:A 562=D[ 2?5 25G6CE:D:?8 C2E6D] %96 2G6C286 A@542DE 9@DE >2<6D k2 9C67lQ9EEADi^^HHH]K:AC64CF:E6C]4@>^$2=2C:6D^!@542DE\w@DE\$2=2CJQmS`e A6C 9@FCk^2m]k^=:mk^F=m

k9bm`_] $@4:2= >65:2 :?7=F6?4:?8k^9bm

kAm$@4:2= >65:2 :?7=F6?46CD FD6 A=2E7@C>D =:<6 x?DE28C2> 2?5 %:<%@< E@ 3F:=5 2 7@==@H:?8 2?5 6?8286 H:E9 2? 2F5:6?46] x?7=F6?46CD @7E6? 4@==23@C2E6 H:E9 3C2?5D E@ AC@>@E6 AC@5F4ED @C D6CG:46D[ EFC?:?8 E96:C A@AF=2C:EJ :?E@ AC@7:E]k^Am

kF=mk=:mkDEC@?8m$<:==D C6BF:C65k^DEC@?8m] %9:D 8:8 42==D 7@C 4C62E:G:EJ[ DEC@?8 4@>>F?:42E:@? D<:==D[ 2?5 2? F?56CDE2?5:?8 @7 D@4:2= >65:2 EC6?5D 2?5 A=2E7@C> 2=8@C:E9>D] qF:=5:?8 2? 6?82865 7@==@H6C 32D6 :D 2=D@ 2? :>A@CE2?E A2CE @7 E96 ;@3]k^=:mk=:mkDEC@?8m!@E6?E:2= 62C?:?8Dk^DEC@?8m] t2C?:?8D 42? G2CJ 5C2>2E:42==J 56A6?5:?8 @? J@FC 7@==@H6C 4@F?E[ 6?8286>6?E C2E6[ 2?5 E96 A=2E7@C>D J@F FD6] |:4C@\:?7=F6?46CD WH:E9 `_[___ E@ `__[___ 7@==@H6CDX >2J >2<6 k2 9C67lQ9EEADi^^HHH]D9@A:7J]4@>^3=@8^:?7=F6?46C\AC:4:?8QmSd_ E@ Sd__ A6C A@DEk^2m[ H9:=6 9:89\AC@7:=6 :?7=F6?46CD 42? 62C? E9@FD2?5D @C 6G6? E6?D @7 E9@FD2?5D A6C A@DE]k^=:mk^F=m

k9bm':CEF2= 2DD:DE2?E D:56 9FDE=6Dk^9bm

kAmk2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^C6D@FC46D^G:CEF2=\2DD:DE2?E\D:56\9FDE=6DQm':CEF2= 2DD:DE2?46k^2m[ H9:49 C2?86D 7C@> 25>:?:DEC2E:G6 E2D<D 2?5 E649?:42= 2DD:DE2?46 E@ 4C62E:G6 D6CG:46D[ :D 2 8C@H:?8 2G6?F6 7@C D:56 9FDE=6CD H2?E:?8 7=6I:3=6[ C6>@E6 H@C< D4965F=6D] ':CEF2= 2DD:DE2?ED @7E6? E2<6 @? E2D<D =:<6 D4965F=:?8[ 4@CC6DA@?56?46[ 2?5 D@4:2= >65:2 DFAA@CE[ H9:49 >2<6D :E 2 7=6I:3=6 2?5 C6H2C5:?8 D:56 ;@3k^Am

k9bm``] $@4:2= >65:2 >2?286>6?Ek^9bm

kAmpD 2 D@4:2= >65:2 >2?286C[ J@F 92?5=6 2 4=:6?EVD D@4:2= >65:2 AC@7:=6D[ 56G6=@A DEC2E68:6D[ 4C62E6 4@?E6?E[ D4965F=6 A@DED[ 2?5 6?8286 H:E9 7@==@H6CD] xEVD 2 8@@5 D:56 9FDE=6 7@C E9@D6 256AE 2E FD:?8 D@4:2= >65:2 A=2E7@C>D 2?5 F?56CDE2?5:?8 E96:C 2=8@C:E9>D]k^Am

kF=mk=:mkDEC@?8m$<:==D C6BF:C65k^DEC@?8m] p DEC@?8 F?56CDE2?5:?8 @7 5:776C6?E D@4:2= >65:2 A=2E7@C>D[ 4@?E6?E 4C62E:@?[ >2C<6E:?8 DEC2E68:6D[ 2?5 8@@5 4@>>F?:42E:@? D<:==D :D 6DD6?E:2=]k^=:mk=:mkDEC@?8m!@E6?E:2= 62C?:?8Dk^DEC@?8m] *@FC 62C?:?8D H:== 56A6?5 @? E96 D42=6 2?5 4@>A=6I:EJ @7 E96 AC@;64ED J@F F?56CE2<6] v6?6C2==J[ 7C66=2?46 D@4:2= >65:2 >2?286CD 42? 6IA64E E@ 62C? k2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^9:C6^D@4:2=\>65:2\>2?286CD^4@DE^Qm36EH66? S`c 2?5 Sbd A6C 9@FCk^2m]k^=:mk^F=m

k9bm`a] q@@<<66A:?8k^9bm

kAmq@@<<66A:?8 :?G@=G6D >2?28:?8 2 4=:6?EVD 7:?2?4:2= C64@C5D[ :?4=F5:?8 EC24<:?8 C6G6?F6D 2?5 6IA6?D6D[ AC@46DD:?8 :?G@:46D[ 2?5 AC6A2C:?8 7:?2?4:2= C6A@CED]k^Am

kF=mk=:mkDEC@?8m$<:==D C6BF:C65k^DEC@?8m] *@FV== ?665 DEC@?8 ?F>6C:42= D<:==D[ AC@7:4:6?4J :? 244@F?E:?8 D@7EH2C6 =:<6 k2 9C67lQ9EEADi^^BF:4<3@@<D]:?EF:E]4@>^Qm"F:4<q@@<Dk^2m @C k2 9C67lQ9EEADi^^HHH]I6C@]4@>^FD^Qm)6C@k^2m[ 2?5 >6E:4F=@FD 2EE6?E:@? E@ 56E2:=] u2>:=:2C:EJ H:E9 7:?2?4:2= C6A@CE:?8 :D 2 A=FD]k^=:mk=:mkDEC@?8m!@E6?E:2= 62C?:?8Dk^DEC@?8m] uC66=2?46 3@@<<66A6CD 42? 86?6C2==J 6IA64E E@ 62C? 36EH66? k2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^9:C6^3@@<<66A6CD^4@DE^QmS`` 2?5 Sad A6C 9@FCk^2m]k^=:mk^F=m

k9bm`b] s2E2 6?ECJ G:CEF2= 2DD:DE2?Ek^9bm

kAmpD 2 k2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^C6D@FC46D^52E2\6?ECJ\D:56\9FDE=6DQm52E2 6?ECJ G:CEF2= 2DD:DE2?Ek^2m[ J@FC C@=6 :?G@=G6D 244FC2E6=J :?AFEE:?8 2?5 @C82?:K:?8 :?7@C>2E:@? :?E@ 52E232D6D @C DAC625D966ED]k^Am

kF=mk=:mkDEC@?8m$<:==D C6BF:C65k^DEC@?8m] pEE6?E:@? E@ 56E2:=[ 72DE 2?5 244FC2E6 EJA:?8 2?5 EC2?D4C:AE:@? D<:==D[ 72>:=:2C:EJ H:E9 52E2 6?ECJ D@7EH2C6[ 2?5 32D:4 4@>AFE6C =:E6C24J 2C6 6DD6?E:2= 7@C E9:D H@C<]k^=:mk=:mkDEC@?8m!@E6?E:2= 62C?:?8Dk^DEC@?8m] s2E2 6?ECJ G:CEF2= 2DD:DE2?ED EJA:42==J 62C? 2C@F?5 k2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^9:C6^52E2\6?ECJ\DA64:2=:DED^4@DE^QmS`_ E@ Sa_ A6C 9@FCk^2m[ 56A6?5:?8 @? E96 4@>A=6I:EJ 2?5 G@=F>6 @7 E96 E2D<D]k^=:mk^F=m

k9bm`c] #62= 6DE2E6 2DD:DE2?Ek^9bm

kAmpD 2 C62= 6DE2E6 2DD:DE2?E[ J@FV== 36 96=A:?8 C62= 6DE2E6 286?ED H:E9 E2D<D DF49 2D >2?28:?8 AC@A6CEJ =:DE:?8D[ D4965F=:?8 D9@H:?8D[ =:2:D:?8 H:E9 A@E6?E:2= 3FJ6CD @C C6?E6CD[ 2?5 2DD:DE:?8 H:E9 >2C<6E:?8 677@CED]k^Am

kF=mk=:mkDEC@?8m$<:==D C6BF:C65k^DEC@?8m] %96D6 C@=6D C6BF:C6 6I46==6?E @C82?:K2E:@?2= D<:==D[ DEC@?8 4@>>F?:42E:@? 23:=:E:6D[ 2?5 2 32D:4 F?56CDE2?5:?8 @7 E96 C62= 6DE2E6 >2C<6E] !C@7:4:6?4J H:E9 C62= 6DE2E6 =:DE:?8 A=2E7@C>D 2?5 4FDE@>6C C6=2E:@?D9:A >2?286>6?E D@7EH2C6 42? 2=D@ 36 96=A7F=]k^=:mk=:mkDEC@?8m!@E6?E:2= 62C?:?8Dk^DEC@?8m] %96 :?4@>6 7@C E9:D C@=6 42? G2CJ 32D65 @? J@FC =6G6= @7 6IA6C:6?46 2?5 E96 DA64:7:4 E2D<D :?G@=G65[ 3FE E96 k2 9C67lQ9EEADi^^HHH]K:AC64CF:E6C]4@>^$2=2C:6D^t?ECJ\{6G6=\#62=\tDE2E6\pDD:DE2?E\$2=2CJRw@FC=JQm2G6C286 9@FC=J C2E6 7@C C62= 6DE2E6 2DD:DE2?ED :D Sabk^2m]k^=:mk^F=m

k9bm~?=:?6 E6249:?8 D:56 9FDE=6Dk^9bm

kAmk2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^C6D@FC46D^D:56\9FDE=6D\7@C\E62496CDQm~?=:?6 EFE@C:?8 D:56 9FDE=6Dk^2m @776C 2 7=6I:3=6 2?5 C6H2C5:?8 H2J E@ D92C6 J@FC 6IA6CE:D6 :? 24256>:4 DF3;64ED @C =2?8F286 :?DECF4E:@? H:E9 DEF56?ED :? ?665[ 2== 7C@> E96 4@>7@CE @7 J@FC 9@>6]k^Am

kAmx7 J@F 6I46= :? >2E9[ D4:6?46[ =2?8F286D[ @C 9F>2?:E:6D[ @C 92G6 2 7=2:C 7@C E6249:?8 t?8=:D9 @C @E96C =2?8F286D[ @?=:?6 EFE@C:?8 A=2E7@C>D >2J 36 7@C J@F] %96J AC@G:56 @AA@CEF?:E:6D E@ 62C? 255:E:@?2= :?4@>6 @? J@FC @H? D4965F=6]k^Am

k9bm`d] %FE@C:?8 24256>:4 DF3;64EDk^9bm

kAm%FE@C:?8 :? 24256>:4 DF3;64ED =6ED J@F D92C6 J@FC 6IA6CE:D6 :? DA64:7:4 7:6=5D[ DF49 2D >2E96>2E:4D[ D4:6?46D[ =2?8F286D[ 2?5 9F>2?:E:6D[ H:E9 DEF56?ED H9@ ?665 96=A] *@FV== 2DD:DE H:E9 9@>6H@C<[ AC6A2C6 DEF56?ED 7@C 6I2>D[ 2?5 96=A E96> F?56CDE2?5 5:77:4F=E 4@?46AED]k^Am

kF=mk=:mkDEC@?8m$<:==D C6BF:C65k^DEC@?8m] %@ 36 2? 24256>:4 EFE@C[ J@F ?665 :?\56AE9 <?@H=6586 @7 E96 DF3;64E J@FV== 36 EFE@C:?8[ DEC@?8 4@>>F?:42E:@? D<:==D[ A2E:6?46[ 2?5 2? 23:=:EJ E@ E6249 4@?46AED :? 2? 62DJ\E@\F?56CDE2?5 >2??6C]k^=:mk=:mkDEC@?8m!@E6?E:2= 62C?:?8Dk^DEC@?8m] uC66=2?46 EFE@CD 42? 6IA64E E@ 62C? k2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^9:C6^E62496C\EFE@CD^4@DE^Qm36EH66? Sa_ 2?5 Sc_ A6C 9@FCk^2m]k^=:mk^F=m

k9bm`e] {2?8F286 :?DECF4E:@?k^9bm

kAm%6249:?8 2 =2?8F286 2D 2 EFE@C 2==@HD J@F E@ 96=A DEF56?ED :>AC@G6 E96:C =2?8F286 D<:==D[ :?4=F5:?8 DA62<:?8[ C625:?8[ HC:E:?8[ 2?5 4@>AC696?D:@?] %9:D 4@F=5 :?G@=G6 E6249:?8 t?8=:D9 @C 2?@E96C =2?8F286 E@ ?@?\?2E:G6 DA62<6CD[ 96=A:?8 DEF56?ED AC6A2C6 7@C =2?8F286 6I2>D[ @C AC@G:5:?8 4@?G6CD2E:@?2= AC24E:46]k^Am

kF=mk=:mkDEC@?8m$<:==D C6BF:C65k^DEC@?8m] *@F ?665 7=F6?4J :? E96 =2?8F286 J@FV== 36 E6249:?8[ DEC@?8 4@>>F?:42E:@? D<:==D[ 2?5 A2E:6?46] tIA6C:6?46 H:E9 E6249:?8 @C 2 46CE:7:42E:@? :? =2?8F286 :?DECF4E:@? 42? 2=D@ 36 96=A7F=[ DF49 2D 2 %tu{ 46CE:7:42E:@? E@ E6249 t?8=:D9]k^=:mk=:mkDEC@?8m!@E6?E:2= 62C?:?8Dk^DEC@?8m] {2?8F286 EFE@CD 42? EJA:42==J 6IA64E E@ k2 9C67lQ9EEADi^^HHH]K:AC64CF:E6C]4@>^$2=2C:6D^{2?8F286\%FE@C\$2=2CJQm62C? 23@FE Saf A6C 9@FCk^2m]k^=:mk^F=m

k9bm`f] |FD:4 @C 2CE =6DD@?Dk^9bm

kAm~776C:?8 >FD:4 @C 2CE =6DD@?D 2==@HD J@F E@ D92C6 J@FC 6IA6CE:D6 2?5 A2DD:@? H:E9 DEF56?ED 6286C E@ =62C? 4C62E:G6 D<:==D]k^Am

kF=mk=:mkDEC@?8m$<:==D C6BF:C65k^DEC@?8m] !C@7:4:6?4J :? E96 49@D6? >FD:42= :?DECF>6?E @C 2CE 7@C>[ 67764E:G6 E6249:?8 >6E9@5D[ A2E:6?46[ 2?5 E96 23:=:EJ E@ 252AE E@ DEF56?EDV =62C?:?8 DEJ=6D 2C6 4CF4:2=]k^=:mk=:mkDEC@?8m!@E6?E:2= 62C?:?8Dk^DEC@?8m] t2C?:?8D 42? G2CJ H:56=J 32D65 @? J@FC D<:== =6G6=[ E96 56>2?5 7@C J@FC 6IA6CE:D6[ 2?5 E96 =@42E:@?[ 3FE >FD:4 @C 2CE :?DECF4E@CD @7E6? >2<6 2C@F?5 k2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^9:C6^>FD:4\E62496CD^4@DE^QmS`e E@ Sb_ A6C 9@FCk^2m]k^=:mk^F=m

k9bmw@>6 2?5 A6CD@?2= D6CG:46Dk^9bm

kAmw@>6 D6CG:46D 4@G6C 2 5:G6CD6 C2?86 @7 E2D<D E92E EJA:42==J :?G@=G6 AC@G:5:?8 DA64:7:4 D6CG:46D E@ 9@>6@H?6CD[ DF49 2D =2?5D42A:?8[ C6A2:CD[ 4=62?:?8[ 2?5 >@C6] u@C :?DE2?46[ J@F 4@F=5 H2=< 5@8D[ 2 ;@3 E92E <66AD J@F 24E:G6 2?5 6?23=6D J@F E@ DA6?5 E:>6 @FE5@@CD] !=2E7@C>D =:<6 k2 9C67lQ9EEADi^^HHH]E2D<C233:E]4@>^D6CG:46DQm%2D<#233:Ek^2m 42? 36 2 FD67F= C6D@FC46 7@C 7:?5:?8 ;@3D :? E96D6 42E68@C:6D[ >2<:?8 :E 62D:6C E@ 4@??64E H:E9 4=:6?ED H9@ ?665 J@FC 96=A]k^Am

kAmr=62?:?8 D6CG:46D 2C6 2=D@ :? 9:89 56>2?5[ 6DA64:2==J 7@C p:C3?3 9@DED =@@<:?8 E@ >2:?E2:? E96:C AC@A6CE:6D]k^Am

kAm$:?46 E96D6 ;@3D 86?6C2==J C6BF:C6 J@F E@ 36 A9JD:42==J AC6D6?E[ J@FV== 92G6 E@ 92G6 2 42C @C @E96C >62?D @7 EC2?DA@CE2E:@?] {6EVD 6IA=@C6 D@>6 @7 E96D6 9@>6 D6CG:46D :? 8C62E6C 56E2:=]k^Am

k9bm`g] u@@5 @C 8C@46CJ 56=:G6CJk^9bm

kAm*@F 4@F=5 ;@:? E96 D6CG:46D 8:8 64@?@>J H:E9 8C@46CJ @C 7@@5 56=:G6CJ E9C@F89 A=2E7@C>D =:<6 k2 9C67lQ9EEADi^^HHH]5@@C52D9]4@>^Qms@@Cs2D9k^2m[ k2 9C67lQ9EEADi^^HHH]F36C62ED]4@>^Qm&36C t2EDk^2m[ @C k2 9C67lQ9EEADi^^HHH]:?DE242CE]4@>^Qmx?DE242CEk^2m] x? 7@@5 @C 8C@46CJ 56=:G6CJ k2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^C6D@FC46D^36DE\8:8\64@?@>J\;@3DQm8:8 ;@3Dk^2m[ J@F EC2?DA@CE @C56CD 7C@> C6DE2FC2?ED @C DE@C6D E@ 4FDE@>6CDV =@42E:@?D]k^Am

kF=mk=:mkDEC@?8m$<:==D C6BF:C65k^DEC@?8m] v@@5 E:>6 >2?286>6?E[ ?2G:82E:@? D<:==D[ 4FDE@>6C D6CG:46[ 2?5 E96 23:=:EJ E@ 92?5=6 7@@5 D276=J 2C6 6DD6?E:2= 7@C E9:D C@=6]k^=:mk=:mkDEC@?8m!@E6?E:2= 62C?:?8Dk^DEC@?8m] t2C?:?8D G2CJ 32D65 @? =@42E:@?[ E:AD[ 2?5 @C56C G@=F>6[ 3FE 56=:G6CJ 5C:G6CD 42? >2<6 2C@F?5 k2 9C67lQ9EEADi^^HHH]K:AC64CF:E6C]4@>^$2=2C:6D^u@@5\s6=:G6CJ\sC:G6C\$2=2CJQmS`g A6C 9@FCk^2m[ A=FD E:AD]k^=:mk^F=m

k9bm`h] s@8 H2=<:?8 2?5 A6E D:EE:?8k^9bm

kAmpD 2 5@8 H2=<6C @C A6E D:EE6C[ J@F 42C6 7@C A6@A=6VD A6ED[ AC@G:5:?8 D6CG:46D =:<6 7665:?8[ H2=<:?8[ 2?5 A=2J:?8 H:E9 E96>]k^Am

kF=mk=:mkDEC@?8m$<:==D C6BF:C65k^DEC@?8m] p =@G6 7@C 2?:>2=D[ A2E:6?46[ C6=:23:=:EJ[ 2?5 A9JD:42= DE2>:?2]k^=:mk=:mkDEC@?8m‍!@E6?E:2= 62C?:?8Dk^DEC@?8m] s@8 H2=<6CD >2<6 k2 9C67lQ9EEADi^^HHH]K:AC64CF:E6C]4@>^$2=2C:6D^!C@76DD:@?2=\s@8\(2=<6C\$2=2CJQm23@FE S`f A6C 9@FCk^2m]k^=:mk^F=m

k9bma_] q23JD:EE:?8k^9bm

kAmpD 2 323JD:EE6C[ J@F 42C6 7@C 49:=5C6? H9:=6 E96:C A2C6?ED 2C6 2H2J[ <66A:?8 E96> D276[ 7665:?8 E96>[ 2?5 6?828:?8 E96> H:E9 82>6D @C 65F42E:@?2= 24E:G:E:6D]k^Am

kF=mk=:mkDEC@?8m$<:==D C6BF:C65k^DEC@?8m] vC62E 323JD:EE6CD 92G6 A2E:6?46[ 4@>>F?:42E:@? D<:==D[ 4C62E:G:EJ[ 2?5 32D:4 7:CDE\2:5 D<:==D]k^=:mk=:mkDEC@?8m!@E6?E:2= 62C?:?8Dk^DEC@?8m] ~? 2G6C286[ 323JD:EE6CD 62C? 23@FE k2 9C67lQ9EEADi^^HHH]K:AC64CF:E6C]4@>^$2=2C:6D^q23JD:EE:?8\$2=2CJQmS`g A6C 9@FCk^2m]k3C ^m(92E :D E96 36DE H2J E@ DE2CE 2 D:56 9FDE=6nk^=:mk^F=m

kAmk2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^C6D@FC46D^9@H\E@\DE2CE\2\D:56\9FDE=6Qm$E2CE:?8 2 D:56 9FDE=6k^2m 5@6D?VE 92G6 E@ 36 92C5] xEVD 2== 23@FE 7:8FC:?8 @FE H92E J@FVC6 8@@5 2E[ H92E J@F 6?;@J[ 2?5 9@H >F49 E:>6 J@F 92G6] *@F >:89E 36 2 ?2EFC2= H:E9 =2?8F286[ @C >2J36 J@FVC6 2 H9:K 2E 8C2A9:4 56D:8?] !6C92AD J@F =@G6 HC:E:?8 @C AC@8C2>>:?8] (92E6G6C :E :D[ J@FC D<:==D 2?5 :?E6C6DED 42? 8F:56 J@F E@ E96 C:89E D:56 9FDE=6 H:E9 2 7=6I:3=6 D4965F=6]k^Am

k9bmup"D 23@FE 7C66=2?46 D:56 9FDE=6Dk^9bm

kAm%9:?<:?8 23@FE DE2CE:?8 2 7C66=2?46 D:56 9FDE=6[ 3FE ?@E DFC6 H96C6 E@ 368:?n %96D6 4@>>@? BF6DE:@?D 42? 96=A J@F 7:?5 4=2C:EJ[ 3F:=5 >@>6?EF>[ 2?5 E2<6 24E:@?[ 6G6? :7 J@FVC6 2 368:??6C DE2CE:?8 7C@> D4C2E49]k^Am

kAmkDEC@?8m(92E :D E96 >@DE AC@7:E23=6 7C66=2?46 D:56 9FDE=6nk^DEC@?8mk^Am

kAmuC66=2?46 D:56 9FDE=6D E92E C6BF:C6 DA64:2=:K65 D<:==D[ =:<6 H63 56D:8?[ &)^&x[ $t~ 4@?DF=E:?8[ @C D@7EH2C6 56G6=@A>6?E[ @7E6? 3C:?8 :? E96 9:896DE C2E6D] (C:E:?8[ D@4:2= >65:2 >2?286>6?E[ 2?5 G:CEF2= 2DD:DE2?46 42? 2=D@ 36 9:89=J AC@7:E23=6 @?46 J@F 3F:=5 6IA6C:6?46 2?5 4@??64E H:E9 E96 C:89E 4=:6?ED] x? 86?6C2=[ E96 D:56 9FDE=6D E92E D@=G6 3FD:?6DD\4C:E:42= AC@3=6>D E6?5 E@ A2J >@C6]k^Am

kAmkDEC@?8mr2? x 7C66=2?46 H9:=6 H@C<:?8 2 7F==\E:>6 ;@3nk^DEC@?8mk^Am

kAm*6D] uC66=2?4:?8 :D @?6 @7 E96 >@DE 7=6I:3=6 D:56 8:8D 3642FD6 J@F 4@?EC@= J@FC D4965F=6] |2?J 7C66=2?46CD DE2CE H:E9 d–`_ 9@FCD A6C H66< @FED:56 E96:C 52J ;@3] yFDE >2<6 DFC6 E@ 4964< 2?J ?@?4@>A6E6 @C 4@?7=:4E\@7\:?E6C6DE 4=2FD6D :7 J@FVC6 4FCC6?E=J 6>A=@J65]k^Am

kAmkDEC@?8ms@ x ?665 2 3FD:?6DD =:46?D6 E@ DE2CE 7C66=2?4:?8nk^DEC@?8mk^Am

kAmx? >@DE 42D6D[ ?@] *@F 42? 368:? 7C66=2?4:?8 2D 2 D@=6 AC@AC:6E@C H:E9@FE 2 =:46?D6] w@H6G6C[ =@42= =2HD G2CJ[ 6DA64:2==J :7 J@F A=2? E@ D42=6 J@FC D:56 9FDE=6 :?E@ 2 7F==\E:>6 3FD:?6DD] xEVD 2 8@@5 :562 E@ C6D62C49 =@42= E2I 2?5 =:46?D:?8 C6BF:C6>6?ED]k^Am

kAmkDEC@?8mw@H 5@ x 86E 4=:6?ED 7@C >J 7C66=2?46 D:56 9FDE=6nk^DEC@?8mk^Am

kAm$E2CE 3J 4C62E:?8 2 4=62C AC@7:=6 @? 2 7C66=2?4:?8 A=2E7@C> =:<6 &AH@C<] uC@> E96C6[ 2AA=J E@ ;@3D E92E >2E49 J@FC D<:==D[ HC:E6 E2:=@C65 AC@A@D2=D[ 2?5 3F:=5 2 DEC@?8 A@CE7@=:@] |2?J D:56 9FDE=6CD 2=D@ 7:?5 4=:6?ED E9C@F89 H@C5 @7 >@FE9[ {:?<65x?[ 2?5 :?5FDECJ 4@>>F?:E:6D]k^Am

kAmkDEC@?8m(92EVD E96 5:776C6?46 36EH66? 2 7C66=2?46C 2?5 2 D:56 9FDE=6Cnk^DEC@?8mk^Am

kAmp 7C66=2?46C :D D@>6@?6 H9@ H@C<D :?56A6?56?E=J 7@C 4=:6?ED[ FDF2==J @? 2 AC@;64E 32D:D] p D:56 9FDE=6C :D 2?J@?6 62C?:?8 >@?6J @FED:56 @7 E96:C AC:>2CJ ;@3] uC66=2?4:?8 :D @?6 EJA6 @7 D:56 9FDE=6[ 6DA64:2==J A@AF=2C 3642FD6 :EVD 7=6I:3=6[ D42=23=6[ 2?5 =@H\4@DE E@ DE2CE]k^Am

kAm&AH@C< :D ?@E 277:=:2E65 H:E9 2?5 5@6D ?@E DA@?D@C @C 6?5@CD6 2?J @7 E96 E@@=D @C D6CG:46D 5:D4FDD65 :? E9:D 2CE:4=6] %96D6 E@@=D 2?5 D6CG:46D 2C6 AC@G:565 @?=J 2D A@E6?E:2= @AE:@?D[ 2?5 6249 C6256C 2?5 4@>A2?J D9@F=5 E2<6 E96 E:>6 ?66565 E@ 256BF2E6=J 2?2=JK6 2?5 56E6C>:?6 E96 E@@=D @C D6CG:46D E92E H@F=5 36DE 7:E E96:C DA64:7:4 ?665D 2?5 D:EF2E:@?]k^Am

kAmk2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^C6D@FC46D^D:56\9FDE=6\:562DQmk6>m%9:D DE@CJk^6>mk^2m k6>mH2D AC@5F465 3Jk^6>m k2 9C67lQ9EEADi^^HHH]FAH@C<]4@>Qmk6>m&AH@C<k^6>mk^2mk6>m[ 2?5 C6G:6H65 2?5 5:DEC:3FE65 3Jk^6>m k2 9C67lQ9EEADi^^9F3D]=2^"_b<=8$#_Q C6=lQ?@7@==@HQmk6>m$E24<6Ck^6>mk^2m]k^Am