How to estimate what your home will sell for in 2026

k9bmkDEC@?8mw@H E@ 6DE:>2E6 H92E J@FC 9@>6 H:== D6== 7@C :? a_aek^DEC@?8mk^9bm

kAmpC6 J@F D6==:?8 J@FC 9@>6 :? a_aen x7 D@[ J@F’G6 AC@323=J 2=C625J 2D<65 E96 BF6DE:@?[ “(92E H:== >J 9@>6 D6== 7@Cn” 2?5 2C6 4FC:@FD 23@FE E96 36DE H2J E@ 7:?5 @FE]k^Am

kAmw@H6G6C[ E96 2?DH6C H:== 56A6?5 962G:=J @? D6G6C2= 724E@CD[ :?4=F5:?8 9@H J@F 2C6 D6==:?8 E96 9@>6[ H96? J@F 2C6 D6==:?8 :E[ 2?5 E96 @G6C2== DEC6?8E9 @7 J@FC =@42= >2C<6E]k^Am

kAmx? E9:D BF:4< 8F:56 7C@> k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQmw@>6{:89Ek^2m[ J@F’== =62C? 9@H E@ 6DE:>2E6 H92E J@FC 9@>6 H:== D6== 7@C :? a_ae[ H92E G2=F2E:@? E@@=D 2C6 2E J@FC 5:DA@D2=[ 2?5 D66 6IA6CE :?D:89ED E92E 42? 96=A J@F 564:56 H9:49 >6E9@5 @7 D6==:?8 :D C:89E 7@C J@F … 2?5 J@FC H2==6E]k^Am

k9bmw@H 42? x 6DE:>2E6 >J 9@>6’D H@CE9nk^9bm

kAm%92?<7F==J[ E96C6 2C6 D6G6C2= 62DJ H2JD E@ 6DE:>2E6 J@FC 9@>6’D G2=F6 2?5 D6E 2 =:DE:?8 AC:46[ =6EE:?8 J@F 82F86 9@H >F49 :E >:89E D6== 7@C 2?5 A=2? 244@C5:?8=J]k^Am

kAm“p 9@>6’D D2=6 AC:46 :D C62==J 5C:G6? 3J E9C66 3:8 3F4<6EDi =@42E:@?[ E96 AC@A6CEJ :ED6=7[ 2?5 4FCC6?E >2C<6E 4@?5:E:@?D[” 6IA=2:?D k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^286?ED^;2>:6\>4>2CE:?\EI\_degedfnFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQmy2>:6 |4|2CE:?k^2m[ 2 E@A\C2E65 %6I2D C62= 6DE2E6 286?E H:E9 @G6C `h J62CD @7 6IA6C:6?46] “{@42E:@? 2?5 ?6:893@C9@@5 WD49@@=D[ 4@>>FE6[ DA64:7:4 DEC66EX[ 4@>3:?65 H:E9 D:K6[ =2J@FE[ 4@?5:E:@?[ 2?5 =6G6= @7 FA52E:?8[ D6E E96 32D:4 G2=F6 C2?86[ H9:=6 =@42= DFAA=J 2?5 56>2?5[ :?E6C6DE C2E6D[ 2?5 C646?E 4@>A2C23=6 D2=6D 56E6C>:?6 9@H 288C6DD:G6=J 3FJ6CD H:== 4@>A6E6 7@C :E H:E9:? E92E C2?86]”k^Am

k9bm`] &D6 2? @?=:?6 G2=F2E:@? E@@= =:<6 2? 2FE@>2E65 G2=F2E:@? >@56=k^9bm

kAmu@C 2 72DE 2?5 62DJ 6DE:>2E6 @7 J@FC 9@>6’D >2C<6E G2=F6[ 4@?D:56C FD:?8 @?6 @7 E96 D6G6C2= 9@>6 G2=F2E:@? E@@=D E92E 6I:DE @?=:?6] %96D6 42=4F=2E@CD EJA:42==J FD6 2? k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^2FE@>2E65\G2=F2E:@?\>@56=^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQm2FE@>2E65 G2=F2E:@? >@56=k^2m[ @C p'|[ H9:49 =@@<D 2E 2 G2C:6EJ @7 =@42= >2C<6E 52E2[ DF49 2D 4@>A2C23=6 9@>6D :? J@FC >2C<6E[ C646?E D2=6D 52E2[ 2?5 >@C6[ E@ 8:G6 J@F 2 C@F89 6DE:>2E6 @7 J@FC 9@>6’D G2=F6 :? ;FDE 2 76H >:?FE6D]k^Am

kAm*@F’== D:>A=J 6?E6C D@>6 32D:4 :?7@C>2E:@? 23@FE J@FC AC@A6CEJ[ DF49 2D :ED 255C6DD[ 2?5 J@F’== 86E 2 32==A2C< G2=F2E:@? @7 J@FC 9@>6] (9:=6 p'|D 2C6 2 8C62E DE2CE:?8 A@:?E[ :E’D :>A@CE2?E E@ C6>6>36C E92E E96C6 :D 2 =@E E96J 5@?’E 4@?D:56C :? E96:C 2?2=JD6D[ DF49 2D 2 56E2:=65 2DD6DD>6?E @7 E96 9@>6’D 4@?5:E:@?[ F?:BF6 2C49:E64EFC2= 762EFC6D[ @C 2?J C646?E FA8C256D @C 255:E:@?D J@F >2J 92G6 >256]k^Am

kAm$:E6D =:<6 k2 9C67lQ9EEADi^^HHH]K:==@H]4@>^9@H\>F49\:D\>J\9@>6\H@CE9^Qm+:==@Hk^2m[ k2 9C67lQ9EEADi^^HHH]C657:?]4@>^H92E\:D\>J\9@>6\H@CE9Qm#657:?k^2m[ 2?5 k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^9@>6\G2=F6\6DE:>2E@CnFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQmw@>6{:89Ek^2m 2== @776C E96:C @H? G6CD:@?D @7 p'|D[ 6249 H:E9 :ED @H? 36==D 2?5 H9:DE=6D]k^Am

kAmk2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^286?ED^D62?\<66?6\@C\a__e`a_d_nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQm$62? z66?6k^2m[ 2? ~C68@? C62= 6DE2E6 286?E H:E9 ?62C=J a_ J62CD @7 6IA6C:6?46[ A@:?ED E@ E@@=D =:<6 +:==@H’D “+6DE:>2E6D” 2D @?6 @7 E96 >@DE A@AF=2C @7 E96D6 42=4F=2E@CD[ 3FE 42FE:@?D E92E E96C6 2C6 2 =@E @7 E9:?8D E96D6 E@@=D >:DD]k^Am

kAm“%96 2?2=@8J E92E x 8:G6 :D E9:Di H96? J@F 8@ E@ E96 8C@46CJ DE@C6[ 9@H >2?J 5:776C6?E <:?5D @7 2AA=6D 2C6 E96C6n w@H >2?J 5:776C6?E AC:46D 2C6 E96C6 7@C 2AA=6Dn +:==@H D66D 6G6CJ 9@FD6 2D 2 C65 56=:4:@FD 2AA=6 2?5 DECF88=6D E@ E6== E96> 2A2CE] %96 2=8@C:E9> 42? ?@E D66 H92E H6 ,C62= 6DE2E6 286?ED. 42? D66 H:E9 @FC @H? 6J6D[” z66?6 255D]k^Am

kAmkDEC@?8m$9@F=5 x FD6 2? px 492E3@E E@ 56E6C>:?6 >J 9@>6’D H@CE9nk^DEC@?8mk^Am

kAm(9:=6 :E >:89E 36 E6>AE:?8 E@ =6E 2? px 492E3@E =:<6 k2 9C67lQ9EEADi^^492E8AE]4@>^Qmr92Ev!%k^2m @C k2 9C67lQ9EEADi^^86>:?:]8@@8=6]4@>^Qmv6>:?:k^2m E2<6 2 DE23 2E 8F6DD:?8 H92E J@FC 9@>6 :D H@CE9[ 3@E9 |4|2CE:? 2?5 z66?6 2C6 D<6AE:42= E92E E96D6 E@@=D 2C6 H6==\DF:E65 E@ 8:G6 9@>6@H?6CD 2? 244FC2E6 2DD6DD>6?E @7 E96:C 9@>6’D G2=F6 @C H92E :E H:== D6== 7@C]k^Am

kAm“yFDE 2D E96 +6DE:>2E6D 42? 4@>6 4=@D6[ px 42? ?@E D66 H92E H6 D66 H:E9 @FC 6J6D C:89E E96? 2?5 E96C6[” D2JD z66?6]k^Am

kAm“px 492E3@ED =:<6 v6>:?: @C r92Ev!% 2C6 8C62E 7@C 65F42E:@? 2?5 DEC2E68J 3C2:?DE@C>:?8[ 3FE x H@F=5 ?@E EC62E E96> 2D 2 DE2?52=@?6 AC:4:?8 E@@=] %96J FDF2==J 5@?’E 92G6 =:G6 2446DD E@ 2 =@42= >F=E:A=6 =:DE:?8 D6CG:46[ 42?’E D66 E96 9@>6’D 24EF2= 4@?5:E:@? @C >:4C@\=@42E:@?[ 2?5 >2J C6=J @? 86?6C2=:K65 @C =288:?8 52E2[ D@ E96:C 6DE:>2E6D 42? 36 @77 @C =24< 4CF4:2= ?F2?46[” H2C?D |4|2CE:?]k^Am

kAm“x D66 E96> 2D 2 96=A7F= ‘D64@?5 @A:?:@?’ E@ 86?6C2E6 BF6DE:@?D 2?5 A6CDA64E:G6D J@F 42? 3C:?8 E@ J@FC 286?E[ ?@E 2D 2 C6A=246>6?E 7@C 2 52E2‑5C:G6? r|p 2?5 2? :?\A6CD@? 6G2=F2E:@?[” D96 255D]k^Am

kAmx?DE625[ 4@?D:56C FD:?8 2 k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^9@>6\D2=6\?6E\AC@4665D\42=4F=2E@C^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQmw@>6 $2=6 }6E !C@4665D r2=4F=2E@Ck^2m] %9:D EJA6 @7 E@@= :D 8C62E 7@C 96=A:?8 J@F 3C62< 5@H? H92E J@F >:89E 62C? 7C@> D6==:?8 J@FC 9@>6[ =6EE:?8 J@F 724E@C :? 2 C62= 6DE2E6 286?E’D 4@>>:DD:@?[ 9@H >F49 :D =67E @? J@FC >@CE8286 W:7 2?JX[ 2?5 >@C6] %9:D 42? 8:G6 J@F 2 4=62C6C D?2AD9@E @7 H92E J@F >:89E 62C? H96? 2== :D D2:5 2?5 5@?6[ 2?5 96=A J@F A=2? 244@C5:?8=J]k^Am

k9bma] r@?DF=E 2 C62= 6DE2E6 286?E 2?5 86E 2 4@>A2C2E:G6 >2C<6E 2?2=JD:Dk^9bm

kAmx7 J@FC k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^2FE@>2E65\G2=F2E:@?\>@56=\7C66^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQmp'| 6DE:>2E6k^2m =@@<D 8@@5 2?5 J@F H2?E E@ E2<6 E96 ?6IE DE6A[ :E’D E:>6 E@ DE2CE E9:?<:?8 23@FE 4@?E24E:?8 2 E@A =@42= C62= 6DE2E6 286?E]k^Am

kAmp? 6IA6C:6?465 C62= 6DE2E6 286?E :D FDF2==J 8@:?8 E@ 92G6 2 7:?86C @? E96 AF=D6 :? E96:C C6DA64E:G6 >2C<6E[ 2?5 2D DF49[ :D 36DE 6BF:AA65 E@ 96=A J@F 6DE:>2E6 H92E J@FC 9@>6 H:== D6== 7@C] qFE >@C6 E92? E92E[ 2 D<:==65 286?E 42? AC@G:56 J@F H:E9 2 k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^4@>A2C2E:G6\>2C<6E\2?2=JD:D^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQm4@>A2C2E:G6 >2C<6E 2?2=JD:Dk^2m Wr|pX[ @7E6? 7@C 7C66]k^Am

kAmp r|p :D 2 E@@= E92E C62= 6DE2E6 286?ED FD6 E@ 56E6C>:?6 E96 G2=F6 @7 2 9@>6 3J 2DD6DD:?8 G2C:@FD 762EFC6D 23@FE E96 AC@A6CEJ[ =:<6 :ED D:K6[ 286[ =@42E:@?[ 2?5 >@C6[ 282:?DE D:>:=2C AC@A6CE:6D :? E96 2C62 E92E 92G6 k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^DE2E6D^D@=5nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQmC646?E=J D@=5k^2m] %96 8@2= :D E@ 4@>A2C6 J@FC 9@>6 H:E9 D:>:=2C AC@A6CE:6D E@ 56E6C>:?6 E96 4@CC64E DE2CE:?8 AC:46 E@ =:DE :E 7@C WH9:49 42?[ @7 4@FCD6[ 492?86 56A6?5:?8 @? A@E6?E:2= 7FEFC6 3:5D @C 9@H E96 =:DE:?8 D92<6D @FEX]k^Am

kAm“p 4@>A2C2E:G6 >2C<6E 2?2=JD:D 96=AD 2 D6==6C >@G6 7C@> 2 G28F6 :562 @7 ‘H92E >J 9@>6 :D H@CE9’ E@ 2 52E2\324<65 AC:46 C2?86 32D65 @? C646?E D2=6D[ 4FCC6?E 4@>A6E:E:@?[ 2?5 9@H E96:C 9@>6’D 4@?5:E:@? 2?5 762EFC6D DE24< FA[” D2JD |4|2CE:?]k^Am

kAm|4|2CE:? 42==D r|pD @?6 @7 E96 36DE H2JD E@ 2?E:4:A2E6 H92E 3FJ6CD 2C6 =:<6=J E@ A2J 7@C 2 9@>6 :? E96 ?6IE b_ E@ e_ 52JD]k^Am

kAm“|@DE 7F==‑D6CG:46 C62= 6DE2E6 286?ED 5@ @776C 2 r|p 2D A2CE @7 2 =:DE:?8 4@?DF=E2E:@?[ @7E6? 2E ?@ 4@DE[ 3FE E96 C62= G2=F6 4@>6D 7C@> 49@@D:?8 2? 286?E H9@ 42? 4=62C=J 6IA=2:? E96 52E2 2?5 4FDE@>:K6 E96 DEC2E68J E@ E92E DA64:7:4 AC@A6CEJ 2?5 >2C<6E[” |4|2CE:? D2JD]k^Am

k9bmb] w:C6 2 AC@76DD:@?2= 2AAC2:D6C 7@C F?:BF6 AC@A6CEJ D:EF2E:@?Dk^9bm

kAmx7 E96 9@>6 J@F’C6 D6==:?8 :D 6DA64:2==J F?:BF6[ @7 F?FDF2==J 9:89 G2=F6[ @C :? 2? 2C62 H:E9 76H 4@>A2C23=6 D2=6D Wk2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^4@>AD\7@C\>J\9@FD6^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQm4@>ADk^2mX 2?5 =:>:E65 >2C<6E 52E2[ J@F >:89E H2?E E@ AFC492D6 2 k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^D9@F=5\:\86E\2?\2AAC2:D2=\367@C6\D6==:?8\>J\9@FD6^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQmAC6\=:DE:?8 2AAC2:D2=k^2m] p AC@76DD:@?2= 2AAC2:D2= 42? 96=A J@F 56E6C>:?6 E96 >@DE 2AAC@AC:2E6 =:DE AC:46 E@ 2G@:5 @G6C\ @C F?56CAC:4:?8] w@H6G6C[ 7@C >@DE D6==6CD[ 2 r|p 7C@> 2 E@A 286?E :D >@C6 E92? DF77:4:6?E]k^Am

k9bm(92E :7 x H2?E E@ D6== >J 9@>6 7@C 42D9nk^9bm

kAm|2J36 J@F’G6 =@@<65 :?E@ H@C<:?8 H:E9 2 C62= 6DE2E6 286?E 2?5 564:565 E92E J@F ;FDE ?665 E@ D6== J@FC 9@>6 BF:4<=J 2?5 36 5@?6 H:E9 :E] !6C92AD J@F 92G6 2? F?H2?E65 k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^:\:?96C:E65\2\9@FD6\2?5\H2?E\E@\D6==\:E^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQm:?96C:E65 9@FD6k^2m @C 2 9@>6 E92E k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^D6==:?8\2\9@FD6\:?\A@@C\4@?5:E:@?^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQm?665D 2 =@E @7 H@C<k^2m] x? E92E 42D6[ J@F >:89E H2?E E@ 4@?D:56C @3E2:?:?8 2 42D9 @776C]k^Am

kAm%96C6 2C6 >2?J H2JD E@ D6== J@FC 9@>6 7@C 42D9] u@C 6I2>A=6[ E96C6 2C6 >@56C? k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^D6==\>J\9@FD6\@?=:?6\BF@E6^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQm@?=:?6 A=2E7@C>Dk^2m E92E AC@G:56 ?62C\:?DE2?E BF@E6D 2?5 “k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^9@FD6\3FJ:?8\4@>A2?:6D^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQm(6 qFJ w@FD6Dk^2m” 4@>A2?:6D E92E DA64:2=:K6 :? AFC492D:?8 9@>6D 7@C 42D9[ @7E6? :? 2 >2EE6C @7 52JD[ C682C5=6DD @7 E96 AC@A6CEJ’D 4@?5:E:@?] %9:D :D FDF2==J :562= 7@C D6==6CD 562=:?8 H:E9 E:>6\D6?D:E:G6 :DDF6D[ DF49 2D 2G@:5:?8 2 k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^42?\:\D6==\>J\9@>6\:7\:E\:D\:?\7@C64=@DFC6^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQm7@C64=@DFC6k^2m @C C6=@42E:?8 7@C 2 ?6H ;@3]k^Am

kAm#657:? =:DED E96 >65:2? 52JD @? >2C<6E ?2E:@?H:56 7@C k2 9C67lQ9EEADi^^HHH]C657:?]4@>^FD\9@FD:?8\>2C<6EQms646>36C a_adk^2m 2E e_] r@>A2C6 E92E E@ H@C<:?8 H:E9 2 =@42= (6 qFJ w@FD6D 4@>A2?J[ H9:49 42? FDF2==J AFC492D6 2 9@>6 :? 52JD C2E96C E92? >@?E9D H:E9 >:?:>2= 677@CE @? E96 D6==6C’D A2CE[ 2?5 :E’D 62DJ E@ D66 H9J 2 42D9 @776C >:89E 36 2AA62=:?8]k^Am

kAmw@H6G6C[ E96C6 :D 2 5@H?D:56] (9:=6 42D9 3FJ6CD 2C6 <?@H? 7@C E96:C DA665[ E9:D 4@>6D 2E 2 4@DE] |@DE 42D9 @776CD 2C6 H6== k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^9@H\>F49\5@\9@FD6\3FJ:?8\4@>A2?:6D\A2J^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQm36=@H 2 AC@A6CEJ’D >2C<6E G2=F6k^2m] %9:D :D 3642FD6 42D9 3FJ6CD EJA:42==J FD6 E96 k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^H92E\:D\E96\f_\CF=6\:?\9@FD6\7=:AA:?8^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQmf_T CF=6k^2m[ H9:49 >62?D E96J 86?6C2==J H@?’E A2J >@C6 E92? f_T @7 2 9@>6’D 27E6C\C6A2:C G2=F6 Wp#'X[ >:?FD E96 4@DE @7 C6A2:CD[ H96? AFC492D:?8 2 AC@A6CEJ]k^Am

kAmu@C 6I2>A=6[ :7 2 AC@A6CEJ H:E9 2? p#' @7 Sb__[___ ?665D Scd[___ :? C6A2:CD[ 2 42D9 @776C >:89E =@@< D@>6E9:?8 =:<6 E9:Dik^Am

kAmkDEC@?8m$E6A `ik^DEC@?8m WSb__[___ × _]f_X l Sa`_[___k^Am

kAmkDEC@?8m$E6A aik^DEC@?8m Sa`_[___ – Scd[___ WE96 6DE:>2E65 4@DE @7 C6A2:CDX l S`ed[___k^Am

kAmkDEC@?8mr2D9 @776C 2>@F?Eik^DEC@?8m S`ed[___k^Am

kAms6A6?5:?8 @? E96 4@?5:E:@? @7 J@FC AC@A6CEJ 2?5 @E96C >2C<6E 4@?5:E:@?D[ E9:D 4@F=5 36 6G6? =@H6C] $@>6 42D9 3FJ6CD[ k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^H92E\:D\:3FJ6C\C62=\6DE2E6\8F:56^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQm=:<6 :qFJ6CDk^2m[ H:== A2J >@C6[ 3FE E96J EJA:42==J 7@4FD @?=J @? AC@A6CE:6D :? 8@@5 E@ 6I46==6?E 4@?5:E:@? — @7E6? 42==65 “k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^3FJ6C\H92E\:D\2\EFC?<6J\9@>6^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQmEFC?<6J 9@>6Dk^2m]”k^Am

kAmr@?G6CD6=J[ 2 C62= 6DE2E6 286?E 42? =:<6=J 86E J@F 2 9:896C AC:46 7@C E96 D2>6 AC@A6CEJ[ A6C92AD 2C@F?5 Sah_[___ :? E9:D 6I2>A=6 D46?2C:@] %9:D :D >F49 4=@D6C E@ :ED 7F== >2C<6E G2=F6j 9@H6G6C[ :E >2J E2<6 =@?86C[ 2?5 J@F’== ?665 E@ 724E@C k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^C62=\6DE2E6\286?E\4@>>:DD:@?\42=4F=2E@C^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQm286?E 4@>>:DD:@?Dk^2m :?E@ J@FC ?6E AC@4665D]k^Am

kAm“p 42D9 @776C :D 8@:?8 E@ 36 BF:4< 2?5 62DJ — J@F >@DE =:<6=J H@?’E ?68@E:2E6 E96 AC:46] *@F ;FDE 86E E96 @776C 2?5 564:56 H96E96C @C ?@E E@ E2<6 :E] %96C6 :D ?@ 4=62?:?8 FA E96 9@FD6 7@C D9@H:?8D 2?5 DF49] %96 5@H?D:56 :D E92E E96J 2C6 :?G6DE@CD 3FJ:?8 E96 9@>6 2?5 H:== EFC? 2C@F?5 2?5 H2?E E@ D6== :E[ D@ E96J H@?’E @776C J@F 7F== AC:46[” D2JD z66?6]k^Am

kAm“p 42D9 @776C EJA:42==J H:?D @? DA665[ 46CE2:?EJ[ 2?5 4@?G6?:6?46 H:E9 76H6C 4@?E:?86?4:6D[ 72DE6C 4=@D:?8[ @7E6? 2D :D] p EC25:E:@?2=[ H6==‑>2C<6E65 =:DE:?8 H:E9 2? 286?E FDF2==J E2<6D >@C6 E:>6 2?5 677@CE[ 3FE 6IA@D6D E96 AC@A6CEJ E@ E96 H:56DE 3FJ6C A@@= 2?5 8:G6D E96 36DE 492?46 @7 249:6G:?8 E@A 5@==2C E9C@F89 4@>A6E:E:@?[” D2JD |4|2CE:?]k^Am

kAm(2?E >@C6 6I2>A=6Dn %CJ 2 k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^D6==\>J\9@>6\7@C\42D9\BF:4<^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQmw@>6 r2D9 ~776C r@>A2C:D@? r2=4F=2E@Ck^2m] *@F 42? AFE :? J@FC 9@>6’D 6DE:>2E65 G2=F6 2?5 86E 2 BF:4< 4@>A2C:D@? @7 H92E :E >:89E D6== 7@C 36EH66? 2 (6 qFJ w@FD6D 4@>A2?J @C :?G6DE@C[ 2 EC25:E:@?2= :qFJ6C[ 2?5 2 C62= 6DE2E6 286?E]k^Am

k9bmx H2?E E@ D6== >J 9@>6 @? >J @H?] w@H >F49 42? x 86Enk^9bm

kAm*@F >:89E 2=D@ 36 E6>AE65 E@ D6== J@FC AC@A6CEJ @? J@FC @H?[ D<:AA:?8 286?E 766D 2?5 4@>>:DD:@?D E@ D2G6 >@?6J 2?5 >2<:?8 2 “7@C D2=6 3J @H?6C” Wu$q~X D2=6]k^Am

kAm~?6 H2J E@ 86E E96 >@DE @FE @7 2? u$q~ D2=6 :D E@ FD6 2 k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^7=2E\766\>=D\=:DE:?8\4@>A2?:6D^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQm7=2E\766 |{$ =:DE:?8 4@>A2?Jk^2m] %96D6 4@>A2?:6D 96=A sx* D6==6CD =:DE E96:C 9@>6D @? E96 =@42= >F=E:A=6 =:DE:?8 D6CG:46 W|{$X] %96 |{$ :D 2 AC:G2E6 5:C64E@CJ @7 7@C\D2=6 9@>6D E92E C62= 6DE2E6 AC@76DD:@?2=D FD6 E@ D92C6 9@>6 56E2:=D H:E9 6249 @E96C]k^Am

kAm%96 >2:? 36?67:E :D E92E E96 |{$ AFED J@FC 9@>6 :? 7C@?E @7 2 H:56C A@@= @7 A@E6?E:2= 3FJ6CD[ 2D u$q~ D6==6CD EJA:42==J 5@ ?@E 92G6 2446DD E@ :E]k^Am

kAmu=2E\766 |{$ =:DE:?8 4@>A2?:6D 2C6 2G2:=23=6 2E 3@E9 E96 =@42= 2?5 ?2E:@?2= =6G6=D[ 2?5 E96:C 766D C2?86 7C@> 2D =@H 2D Sh_ E@ E9@FD2?5D @7 5@==2CD[ H:E9 G2CJ:?8 =6G6=D @7 D6CG:46 2G2:=23=6 2E 5:776C6?E E:6CD]k^Am

kAm(9:=6 E9:D 42? 36 2 8C62E E@@= 7@C u$q~ D6==6CD[ >2?J 9@>6@H?6CD F?56C6DE:>2E6 E96 E:>6 2?5 677@CE E92E 8@6D :?E@ D6==:?8 2 9@>6[ 2?5 5@:?8 :E D@=@ >62?D ;F88=:?8 6G6CJE9:?8[ 7C@> =:DE:?8 2?5 >2C<6E:?8 E96 AC@A6CEJ E@ 4@?EC24ED[ ?68@E:2E:@?D[ 2?5 >@C6]k^Am

kAmpD DF49[ :?4C62D:?8=J[ 9@>6@H?6CD 2C6 C6=J:?8 @? 286?ED E@ 86E E96 ;@3 5@?6] p44@C5:?8 E@ E96 }2E:@?2= pDD@4:2E:@? @7 #62=E@CD[ @?=J k2 9C67lQ9EEADi^^HHH]?2C]C62=E@C^>282K:?6^C62=\6DE2E6\?6HD^7D3@D\C6249\2==\E:>6\=@H\>@C6\D6==6CD\C6=J\@?\286?EDQmdT @7 DF446DD7F= 9@>6 D2=6D 92G6 366? u$q~k^2m :? E96 A2DE 76H J62CD] (92E’D >@C6[ E96D6 9@>6D D@=5 7@C 2 >65:2? AC:46 @7 2C@F?5 Sbe_[___[ 4@>A2C65 E@ 2 >65:2? AC:46 @7 Scad[___ 7@C 2? 286?E\2DD:DE65 D2=6 — `gT =6DD]k^Am

kAm|4|2CE:? 5@6D ?@E C64@>>6?5 E92E D6==6CD F?56CE2<6 2? u$q~ EC2?D24E:@?[ AC:>2C:=J 3642FD6 E96 :?4C62D:?8 4@>A=6I:EJ @7 D6==:?8 2 9@>6[ A2CE:4F=2C=J :? 4@>A6E:E:G6 >2C<6ED[ >2<6D :E >@C6 5:77:4F=E E92? 6G6C]k^Am

kAm“!C:4:?8[ >2C<6E:?8[ BF2=:7J:?8 3FJ6CD[ 4@?EC24E ?68@E:2E:@?D[ :?DA64E:@?D[ 2AAC2:D2=D[ 2?5 =682= 4@>A=:2?46 92G6 2== 364@>6 >@C6 4@>A=6I[ 2?5 >2?J u$q~ D6==6CD 6:E96C F?56CAC:46 W=62G:?8 >@?6J @? E96 E23=6X @C @G6CAC:46 WD:EE:?8 @? E96 >2C<6E 2?5 F=E:>2E6=J 5:D4@F?E:?8X[” D96 D2JD]k^Am

kAm|4|2CE:? 4@?4656D E92E E96C6 2C6 =:>:E65 2C62D H96C6 2? u$q~ D2=6 42? >2<6 D6?D6[ =:<6 2? “k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^D6==:?8\2\9@FD6\2D\:D^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQm2D\:D” D2=6k^2m E@ 2 3FJ6C J@F <?@H[ 3FE “6G6? E96?[ x DE:== 6?4@FC286 D6==6CD E@ :?G@=G6 2 AC@76DD:@?2= W286?E @C 2EE@C?6JX E@ C65F46 E96:C A@E6?E:2= C:D<[” D96 255D]k^Am

k9bmw@H H:== E96 C62= 6DE2E6 >2C<6E 72C6 :? a_aenk^9bm

kAm%96 a_ad 9@FD:?8 >2C<6E DECF88=65] x? 2 k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^E@A\286?E\:?D:89ED\7@C\a_ae^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQmw@>6{:89E DFCG6J @7 >@C6 E92? gd_ E@A C62= 6DE2E6 286?EDk^2m 24C@DD E96 4@F?ECJ[ >2?J D2:5 E96:C >2C<6ED 6IA6C:6?465 2 86?6C2= “7C66K6[” H:E9 3FJ6CD D=@H E@ 24E 5F6 E@ 277@C523:=:EJ :DDF6D 2?5 D6==6CD DF776C:?8 :? EFC?]k^Am

kAm(:== a_ae 36 36EE6Cn p86?ED 2?5 @E96C :?5FDECJ 6IA6CED 2C6[ 7@C E96 >@DE A2CE[ @AE:>:DE:4] fcT @7 286?ED DFCG6J65 AC65:4E E92E 9@>6@H?6CD H9@ 56=2J65 6?E6C:?8 E96 >2C<6E :? C646?E J62CD 2C6 =:<6=J E@ >2<6 2? 2EE6>AE :? a_ae]k^Am

kAm“x’> 6IA64E:?8 D6==6CD E@ =:DE :? E96 ?6H J62C] x’> 6I4:E65 7@C 2 a_ae H:E9 5646?E :?E6C6DE C2E6D 2?5 :>AC@G65 :?G6?E@CJ =6G6=D[” D2:5 k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^286?ED^32C32C2\D2H:?\?J\c_D2`_cdefanFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQmq2C32C2 $2H:?k^2m[ 2 E@A\C2E65 r@??64E:4FE 286?E[ :? E96 C6A@CE]k^Am

kAm$:>:=2C=J[ {2HC6?46 *F?[ r9:67 t4@?@>:DE H:E9 E96 }2E:@?2= pDD@4:2E:@? @7 #62=E@CD[ 6IA64ED 2 3:E @7 3@F?46324< E9:D J62C[ 2?5 2 DE625J C65F4E:@? @7 E96 “=@4<\:?” 67764E — 2 A96?@>6?@? H96C6 9@>6@H?6CD 2C6 F?H:==:?8 E@ D6==[ 3642FD6 E96 AFC492D6 @7 2 ?6H 9@>6 H:== >62? 3FJ:?8 H:E9 2 >F49 9:896C :?E6C6DE C2E6 E92? E96J 4FCC6?E=J 9@=5]k^Am

kAm“(6 2C6 D66:?8 2 =:EE=6 36EE6C 4@?5:E:@? 7@C >@C6 9@>6 D2=6D … H:E9 >@C6 :?G6?E@CJ 2?5 E96 =@4<\:? 67764E DE625:=J 5:D2AA62C:?8 — 3642FD6 =:76\492?8:?8 6G6?ED 2C6 >2<:?8 >@C6 A6@A=6 =:DE E96:C AC@A6CEJ E@ >@G6 @? E@ E96:C ?6IE 9@>6[” *F? D2:5 :? 2 k2 9C67lQ9EEADi^^HHH]?2C]C62=E@C^>282K:?6^C62=\6DE2E6\?6HD^a_ae\C62=\6DE2E6\@FE=@@<\H92E\=625:?8\9@FD:?8\64@?@>:DED\2C6\H2E49:?8Qm}p# >2C<6E 7@C642DEk^2m]k^Am

kAm“}6IE J62C D9@F=5 36 36EE6C H:E9 =@H6C >@CE8286 C2E6D[ 2?5 E92E H:== BF2=:7J >@C6 3FJ6CD] (6 2C6 6IA64E:?8 9@>6 D2=6D E@ :?4C62D6 3J 23@FE `cT ?2E:@?H:56 :? a_ae]” k^Am

kAmpD :? a_ad[ C62= 6DE2E6 DF446DD H:== 36 962G:=J 567:?65 24C@DD C68:@?2= =:?6D[ H:E9 k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^3FJ6C\36DE\DE2E6D\E@\>@G6\E@\a_ae^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQmD@>6 >2C<6ED 72C:?8 D:8?:7:42?E=J 36EE6Ck^2m E92? @E96CD] u@C 6I2>A=6[ k2 9C67lQ9EEADi^^C62=E@C]4@>^Qm#62=E@C]4@>k^2m 6IA64ED :ED E@A `_ >2C<6ED E@ 36 AC:>2C:=J :? E96 }@CE962DE6C? &?:E65 $E2E6D[ :? 4:E:6D =:<6 #@496DE6C[ }6H *@C<] xE 2EEC:3FE6D E96 k2 9C67lQ9EEADi^^HHH]C62=E@C]4@>^C6D62C49^E@A\9@FD:?8\>2C<6ED\a_ae^QmDF446DD @7 E96D6 >2C<6EDk^2m E@ D6G6C2= 724E@CD[ :?4=F5:?8 C6=2E:G6 277@C523:=:EJ[ 2 36=@H\2G6C286 “=@4<\:?” 67764E[ =6DD @G6C2== ?6H 4@?DECF4E:@? WH9:49 4C62E6D >@C6 56>2?5 7@C 6I:DE:?8 AC@A6CEJX[ 2?5 2 36GJ @7 H6==\BF2=:7:65 3FJ6CD]k^Am

kAm|4|2CE:? 2=D@ 6IA64ED E9:D C68:@? 2?5 E96 |:5H6DE E@ D66 DF446DD]k^Am

kAm“|@DE 7@C642DED A@:?E E@ a_ae 2D 2 ‘?@C>2=:K:?8’ J62C C2E96C E92? 2 3@@> @C 3FDEi >@56DE ?2E:@?2= AC:46 8C@HE9[ D=:89E=J =@H6C >@CE8286 C2E6D[ 2?5 2 3:E >@C6 :?G6?E@CJ] |2C<6ED :? A2CED @7 E96 }@CE962DE 2?5 |:5H6DE[ 6DA64:2==J 277@C523=6 >6EC@D H:E9 D@=:5 ;@3 32D6D 2?5 =:>:E65 ?6H 4@?DECF4E:@?[ 92G6 DEC@?8 A@E6?E:2= E@ @FEA6C7@C> 2D 3FJ6CD =@@< 7@C G2=F6 2?5 DE23:=:EJ[” D96 D2JD]k^Am

kAmw@H6G6C[ C68:@?D =:<6 E96 $@FE962DE 2?5 D@>6 4@2DE2= 4:E:6D[ H9:49 925 366? C62= 6DE2E6 >2C<6E 52C=:?8D :? AC6G:@FD J62CD 5F6 E@ DEC@?8 7F?52>6?E2=D[ 2C6 6IA64E65 E@ E2<6 2 DE6A 324< 2>:5 8C@H:?8 64@?@>:4 9625H:?5D]k^Am

kAm“~? E96 7=:A D:56[ D@>6 A2?56>:4‑6C2 2C62D :? E96 $@FE9 2?5 46CE2:? 4@2DE2= @C 4=:>2E6 C:D< >2C<6ED >2J D@7E6? @C 766= 7=2EE6C 2D :?DFC2?46 4@DED[ H62E96C 4@?46C?D[ 2?5 2 ?@C>2=:K2E:@? @7 C6>@E6 H@C< 4@@= 56>2?5j 2 5J?2>:4 x’== 36 H2E49:?8 4=@D6=J 2D E96 ‘vC62E w@FD:?8 #6D6E’ 4@?E:?F6D E@ F?7@=5[” |4|2CE:? 255D]k^Am

kAmz66?6 AC65:4ED E92E :7 >@CE8286 C2E6D 5@ :?5665 5:A E@ >@C6 72G@C23=6 =6G6=D[ 3FJ6CD H9@ 92G6 366? H2:E:?8 :? E96 H:?8D H:== =:<6=J 6?E6C E96 7C2J]k^Am

kAm“x7 E96 C2E6D 86E :? E96 FAA6C\E@\>:5 cT[ J@F 2C6 8@:?8 E@ D66 2 =@E @7 D6==6CD 6?E6C E96 >2C<6E H9@ 92G6 366? 9@=5:?8 @77 3642FD6 @7 2 =@H r@G:5 C2E6] pE E96 FAA6C\E@\>:5 cT[ E96J 42? 86E 2 C2E6 3FJ\5@H? 2?5 DE:== 766= =:<6 E96J 92G6 2 D4C62>:?8 8@@5 C2E6[” 96 D2JD]k^Am

kAmk2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^3=@8^H92E\H:==\>J\9@>6\D6==\7@C^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQmk6>m%9:D DE@CJk^6>mk^2m k6>mH2D AC@5F465 3Jk^6>m k2 9C67lQ9EEADi^^HHH]9@>6=:89E]4@>^nFE>0D@FC46lDE24<6CU2>AjFE>0>65:F>lC676CC2=U2>AjFE>042>A2:8?lH92E09@>60H:==0D6==07@C0763a_aeQmk6>mw@>6{:89Ek^6>mk^2m k6>m2?5 C6G:6H65 2?5 5:DEC:3FE65 3J C6G:6H65k^6>m k2 9C67lQ9EEADi^^9F3D]=2^"_b<=8$#_Q C6=lQ?@7@==@HQmk6>m$E24<6Ck^6>mk^2mk6>m]k^6>mk^Am