Money in motion: 5 key personal finance trends reshaping 2025

k9bmkDEC@?8m|@?6J :? >@E:@?i d <6J A6CD@?2= 7:?2?46 EC6?5D C6D92A:?8 a_adk^DEC@?8mk^9bm

kAmx?7=2E:@? 2?5 ;@3 >2C<6E ;:EE6CD 2C6 492?8:?8 9@H p>6C:42?D 92?5=6 E96:C 7:?2?46D] p44@C5:?8 E@ E96 qFC62F @7 {23@C $E2E:DE:4D[ E96 k2 9C67lQ9EEADi^^HHH]3=D]8@G^4A:^RiOiE6IElx?Ta_yF?6TarTa_E96Ta_r@?DF>6CTa_!C:46Ta_x?56ITa_7@CTa_p==Ta_&C32?Ta_r@?DF>6CDTa_C@D6Ta__]bTa_A6C46?ETarTa_D62D@?2==JTa_25;FDE65TarTa_2?5Ta_C@D6Ta_a]fTa_A6C46?ETa_@G6CTa_E96Ta_=2DETa_`aTa_>@?E9DQmr@?DF>6C !C:46 x?56I :D FA a]fTk^2m @G6C E96 =2DE J62C[ H9:=6 k2 9C67lQ9EEADi^^HHH]3=D]8@G^64:^RiOiE6IElH286DTa_2?5Ta_D2=2C:6DTa_C@D6Ta_b]dTa_A6C46?EQmH286D 92G6 C:D6? ;FDE b]eTk^2m] %92E >62?D 4@DED 2C6 4C66A:?8 FA 72DE6C E92? A2J4964<D]k^Am

kAmqFE :?DE625 @7 A2?:4<:?8[ A6@A=6 2C6 25;FDE:?8] z6J 3692G:@CD 2C6 @? E96 C:D6i “C6G6?86 D2G:?8[” >@C6 >:?57F= DA6?5:?8[ 5:G6CD:7:65 :?G6DE>6?ED[ 2?5 6IEC2 :?4@>6 7C@> D:56 8:8D] p4C@DD E96 4@F?ECJ[ 7@=<D 2C6 C6H@C<:?8 6G6CJ52J 49@:46D[ 7C@> 9@H E96J D9@A E@ 9@H E96J :?G6DE]k^Am

kAmk2 9C67lQ9EEADi^^HHH]4962A:?DFC2?46]4@>Qmr962Ax?DFC2?46]4@>k^2m 3C62<D 5@H? 7:G6 <6J >@?6J EC6?5D D92A:?8 &]$] 9@FD69@=5D :? a_ad[ 324<65 3J E96 =2E6DE 52E2 2?5 6IA6CE :?D:89ED]k^Am

k9bm%96 64@?@>:4 C62=:EJ 4964<i :?7=2E:@? 2?5 :?4@>6 DECF88=6Dk^9bm

kAmx? a_ad[ E96 82A 36EH66? H92E p>6C:42?D 62C? 2?5 H92E E96J ?665 <66AD 8C@H:?8] tG6? H:E9 DE625J H286 :?4C62D6D[ :?7=2E:@? :D 49:AA:?8 2H2J 2E DA6?5:?8 A@H6C]k^Am

kAmkDEC@?8mx?7=2E:@? E@AD E96 H@CCJ =:DEk^DEC@?8mk^Am

kAmp3@FE k2 9C67lQ9EEADi^^?6HD]82==FA]4@>^A@==^ee__f`^:?7=2E:@?\E@A\7:?2?4:2=\AC@3=6>\76H6C\4:E6]2DAIQmahT @7 p>6C:42?D D2J :?7=2E:@? :D E96:C 3:886DE 7:?2?4:2= 4@?46C?k^2m] k2 9C67lQ9EEADi^^HHH]4?34]4@>^a_ad^_f^`d^4A:\:?7=2E:@?\C6A@CE\;F?6\a_ad]9E>=RiOiE6IEl&]$]Ta_64@?@>J]\[%96Ta_4@?DF>6CTa_AC:46Ta_:?56ITarTa_2Ta_3C@25Tas32D65Ta_>62DFC6Ta_@7Ta_8@@5DTa_2?5[9:896DETa_D:?46Ta_u63CF2CJTa_2?5Ta_DE:==Ta_23@G6Ta_E96Ta_u656C2=Ta_#6D6CG6TtaTg_ThhDTa_aTadTa_E2C86E][\tI4=F5:?8Ta_G@=2E:=6Ta_7@@5Qm(:E9 E96 r!x 2E a]fTk^2m WDE:== @G6C E96 u65’D aT E2C86EX[ 6DD6?E:2=D =:<6 8C@46C:6D[ C6?E[ 2?5 82D 2C6 DEC6E49:?8 3F586ED E9:?]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ad^_h^_a^4962A:?DFC2?46\>@?6J\:?\>@E:@?\`]A?8Q 2=ElQs2E2 492CE D9@H:?8 C6DF=ED @7 4@>A2C:?8 E96 4@?DF>6C AC:46 :?56I E@ H286 8C@HE9 D:?46 a_a_]Q DEJ=6lQH:5E9i `__TQmk7:842AE:@?mk2 9C67lQ9EEAi^^r962Ax?DFC2?46]4@>Qmr962Ax?DFC2?46]4@>k^2mk^7:842AE:@?mk^7:8FC6m

kAmkDEC@?8m(286D 2C6?VE <66A:?8 FAk^DEC@?8mk^Am

kAm!C:G2E6 D64E@C H286D C@D6 b]dT E9:D J62C[ 3FE >2?J 766= :E’D ?@E 6?@F89] p44@C5:?8 E@ C6D62C49 7C@> pEE:4FD[ @? 2G6C286[ A6@A=6 D2J E96J ?665 k2 9C67lQ9EEADi^^HHH]2EE:4FD]4@>^25G:46^86?6C2=^F?>2D<:?8\7:?2?4:2=\DECF88=6D\:?D:89ED\@?\5:G6CD6\492==6?86D\2>6C:42?D\7246RiOiE6IEl%96Ta_2G6C286Ta_p>6C:42?Ta_?665DTa_2?Ta_2??F2=Ta_D2=2CJTa_@7Ta_TacfcTareggTa_E@Ta_766=Ta_7:?2?4:2==JTa_D64FC6QmSfc[egg 2 J62C E@ 766= 7:?2?4:2==J D64FC6k^2m[ H6== 23@G6 E96 ?2E:@?2= >65:2?] $E:==[ ?62C=J 92=7 36=:6G6 E96J 4@F=5 k2 9C67lQ9EEADi^^HHH]8@32?<:?8C2E6D]4@>^>@?6J^>2<:?8\>@?6J^4@DE\@7\=:G:?8\DFCG6J\D2=2CJ\6249\86?6C2E:@?\D2JD\E96J\?665\:?\a_ad^RiOiE6IElp=E9@F89Ta_E96Ta_4@DE[fdTar___Ta_2?5Ta_Tac`__Tar___]Qm=:G6 4@>7@CE23=J @? F?56C S`__[___k^2m[ H:E9 Sfd[___ D66? 2D E96 DH66E DA@E]k^Am

kAm%96 492CE 23@G6 9:89=:89ED E96 :DDF6i :?7=2E:@? <66AD @FEA24:?8 H286 8C@HE9[ >2<:?8 :E 92C56C 7@C 9@FD69@=5D E@ DE2J 29625]k^Am

k9bm%96 C:D6 @7 “C6G6?86 D2G:?8” 2?5 6>6C86?4J\7F?5 AC:@C:E:6Dk^9bm

kAmp7E6C J62CD @7 7:?2?4:2= DEC6DD[ p>6C:42?D 2C6 7:89E:?8 324<i ?@E H:E9 DA6?5:?8[ 3FE H:E9 D2G:?8] k2 9C67lQ9EEADi^^HHH]:?G6DE@A65:2]4@>^>2?J\A6@A=6\2C6\C6G6?86\D2G:?8\D9@F=5\J@F\``fchfffQm“#6G6?86 D2G:?8” :D 42E49:?8 @?k^2m[ 2D >@C6 A6@A=6 4FE 324< E@ 3F:=5 FA 6>6C86?4J 7F?5D 2?5 7:?2?4:2= D64FC:EJ]k^Am

kAmkDEC@?8m%96 “?@\3FJ” 492==6?86 :D EC6?5:?8k^DEC@?8mk^Am

kAm(:E9 >@?6J 2?5 E96 64@?@>J C2?<:?8 2>@?8 k2 9C67lQ9EEADi^^HHH]2A2]@C8^AF3D^C6A@CED^DEC6DD\:?\2>6C:42^a_acQmp>6C:42?D’ E@A DEC6DD@CDk^2m[ :?E6C6DE :? ‘?@‑DA6?5’ 2?5 ‘=@H‑3FJ’ 492==6?86D 4@?E:?F6D E@ 8C@H 2D A6@A=6 =@@< 7@C DECF4EFC6 E@ C6:? :? 4@DED] %96D6 D9@CE\E6C> DA6?5:?8 7C66K6D 96=A A6@A=6 C6D6E 923:ED 2?5 7@4FD @? 6DD6?E:2=D]k^Am

kAmxE’D A2CE @7 2 3:886C D9:7Ei :>AF=D6 3FJD 2C6 @FE[ 2?5 :?E6?E:@?2= D2G:?8 :D :?] t>6C86?4J 7F?5D 2C6 364@>:?8 2 E@A AC:@C:EJ[ 2D >@C6 p>6C:42?D =@@< E@ AC@E64E E96>D6=G6D 7C@> 64@?@>:4 H9:A=2D9]k^Am

k9bmt>6C86?4J\D2G:?8D D?2AD9@Ek^9bm

kAm|@C6 A6@A=6 2C6 ECJ:?8 E@ AC6A2C6 7@C 7:?2?4:2= D9@4<D[ 3FE >2?J DE:== 72== D9@CE @? 6>6C86?4J D2G:?8D]k^Am

kAmx? a_ac[ k2 9C67lQ9EEADi^^HHH]7656C2=C6D6CG6]8@G^4@?DF>6CD4@>>F?:E:6D^D96552E2G:K^6>6C86?4J\D2G:?8D]9E>=Qm@?=J ddT @7 &]$] 25F=EDk^2m D2J E96J 4@F=5 4@G6C E9C66 >@?E9D @7 6IA6?D6D[ 244@C5:?8 E@ E96 u65’D $wts DFCG6J] *6E 6G6? >@56DE D2G:?8D >2EE6C] '2?8F2C5 7@F?5 E92E ;FDE k2 9C67lQ9EEADi^^4@CA@C2E6]G2?8F2C5]4@>^4@?E6?E^52>^4@CA^C6D62C49^A57^C6=2E:@?D9:A036EH66?06>6C86?4J0D2G:?8D07:?2?4:2=0H6==036:?807:?2?4:2=0DEC6DD]A57QmSa[___ :? =:BF:5 42D9k^2m 42? 3@@DE 2 A6CD@?’D 7:?2?4:2= H6==\36:?8 D4@C6 3J a`T]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ad^_h^_a^4962A:?DFC2?46\>@?6J\:?\>@E:@?\a]A?8Q 2=ElQ!:6 492CE D9@H:?8 E@A DFCG6J C6DF=ED E@ E96 BF6DE:@? Q DEJ=6lQH:5E9i `__TQmk7:842AE:@?mk2 9C67lQ9EEAi^^r962Ax?DFC2?46]4@>Qmr962Ax?DFC2?46]4@>k^2mk^7:842AE:@?mk^7:8FC6m

kAmx? a_ad[ 2 D:I\>@?E9 6>6C86?4J 7F?5 7@C 2 EH@\A6CD@? 9@FD69@=5 k2 9C67lQ9EEADi^^HHH]:?G6DE@A65:2]4@>^J@FC\6>6C86?4J\7F?5\D9@F=5\36\FD5bd\___\96C6\D\H9J\``fadfddRiOiE6IEl(6Ta_42=4F=2E65Ta_E96Ta_4@DETa_@7Ta_D:ITa_>@?E9DTa_@7Ta_9@FD:?8TarTa_FE:=:E:6DTarTa_7@@5TarTa_>65:42=Ta_42C6TarTa_2?5Ta_42CTa_A2J>6?EDTa_7@CTa_2?Ta_2G6C286Ta_&]$]Ta_9@FD69@=5Ta_@7Ta_2ETa_=62DETa_EH@Ta_A6@A=6TarTa_6?5:?8Ta_FATa_H:E9Ta_2Ta_E@E2=Ta_@7Ta_TacbdTara`f]fbQmE@E2=D 2C@F?5 Sbd[a`gk^2m[ @C c_T @7 E96 2G6C286 2??F2= :?4@>6[ A6C x?G6DE@A65:2] %96 492CE 23@G6 3C62<D 5@H? E96 <6J 4@DED — 9@FD:?8[ 7@@5[ 962=E942C6 — E92E >2<6 FA E9:D D2G:?8D 8@2=] %96 >6E9@5@=@8J 7@C E9:D 52E2 4@>6D 7C@> D@FC46D DF49 2D zuu[ E96 qFC62F @7 %C2?DA@CE2E:@? $E2E:DE:4D[ E96 p>6C:42? r@>>F?:E:6D $FCG6J[ 2?5 E96 r@?DF>6C tIA6?5:EFC6 $FCG6J]k^Am

k9bmtG@=G:?8 :?G6DE>6?E 3692G:@C 24C@DD 86?6C2E:@?Dk^9bm

kAm(:E9 E96 64@?@>J DE:== F?46CE2:?[ p>6C:42?D 2C6 C6E9:?<:?8 9@H[ 2?5 H96C6[ E96J :?G6DE]k^Am

kAmkDEC@?8m!2CE:4:A2E:@? 2?5 A=2E7@C> D9:7EDk^DEC@?8mk^Am

kAmx? a_ad[ k2 9C67lQ9EEADi^^4@>>6C4:2=]J@F8@G]4@>^CD^cec\'ww\hgg^:>286D^(!\a_ad\_a\&$\x?G6DE>6?E\%C6?5D\#6A@CE]A57QmecT @7 25F=EDk^2m D2J E96J A=2? E@ :?G6DE[ A6C *@Fv@G] v6? + :D =625:?8 E96 492C86 :?E@ 4CJAE@[ H:E9 caT @H?:?8 5:8:E2= 2DD6ED] ~E96CD 2C6 6IA=@C:?8 ?6H6C @AE:@?D =:<6 5:8:E2= C62= 6DE2E6] ~? E96 4@?D6CG2E:G6 D:56[ 9:89\J:6=5 @?=:?6 D2G:?8D 244@F?ED W@776C:?8 2C@F?5 dT 2??F2= A6C46?E286 J:6=5X 2C6 5C2H:?8 :? 42FE:@FD D2G6CD[ k2 9C67lQ9EEADi^^7@CEF?6]4@>^2CE:4=6^36DE\9:89\J:6=5\D2G:?8D\244@F?ED^RiOiE6IEl%96Ta_2G6C286Ta_D2G:?8DTa_244@F?ETa_62C?DTa_2Ta_>62D=JTa__]c`TadTarTa_244@C5:?8Ta_E@Ta_E96Ta_usxrTarTa_3FETa_E96Ta_36DETa_9:89TasJ:6=5Ta_D2G:?8DTa_244@F?EDTa_@776CTa_p!*DTa_W2??F2=Ta_A6C46?E286Ta_J:6=5DXTa_@7Ta_FATa_E@Ta_dTad]TraTp_QmH6== 23@G6 E96 ?2E:@?2= _]c`T 2G6C286k^2m]k^Am

kAmkDEC@?8mtE9:42= 2?5 :>A24E :?G6DE:?8k^DEC@?8mk^Am

kAm|@C6 :?G6DE@CD 2C6 AFEE:?8 E96:C >@?6J H96C6 E96:C G2=F6D 2C6] k2 9C67lQ9EEADi^^>@?6JH:D6]4@>^C6D62C49^6E9:42=\:?G6DE:?8RiOiE6IEl%H@TasE9:C5DTa_@7Ta_C6DA@?56?EDTa_H@F=5Ta_4@?D:56CTa_5:G6DE:?8Ta_7C@>Ta_4@>A2?:6DTa_E92ETa_72:=Ta_E@Ta_>66ETa_6E9:42=Ta_DE2?52C5DQm%H@\E9:C5D 4@?D:56C t$v 724E@CDk^2m[ 2?5 k2 9C67lQ9EEADi^^>@?6JH:D6]4@>^C6D62C49^6E9:42=\:?G6DE:?8RiOiE6IElddTadTa_@7Ta_p>6C:42?DTa_2C6Ta_H:==:?8Ta_E@Ta_2446AETa_=@H6CTa_C6EFC?DTa_:?Ta_E96Ta_D9@CETa_E6C>Ta_W`TtaTg_ThbaTa_J62CDXTa_E@Ta_DFAA@CETa_6E9:42=Ta_:?G6DE>6?ED]QmddT D2J E96J’C6 H:==:?8k^2m E@ E2<6 D>2==6C C6EFC?D E@ DFAA@CE C6DA@?D:3=6 4@>A2?:6D]k^Am

k9bms63E >2?286>6?E :? 2 9:89\:?E6C6DE 6?G:C@?>6?Ek^9bm

kAm(:E9 3@CC@H:?8 4@DED DE:== 9:89[ p>6C:42?D 2C6 C6E9:?<:?8 9@H E96J 92?5=6 563E 2?5 >2<6 C6A2J>6?ED] p44@C5:?8 E@ E96 k2 9C67lQ9EEADi^^HHH]?6HJ@C<765]@C8^>65:2=:3C2CJ^:?E6C24E:G6D^9@FD69@=54C65:E^52E2^A57^wwsr0a_ad"aQmu656C2= #6D6CG6 q2?< @7 }6H *@C<k^2m[ &]$] 4C65:E‑42C5 32=2?46D 2C6 ?62C C64@C5 9:89D]k^Am

kAm%96 r@?DF>6C u:?2?4:2= !C@E64E:@? qFC62F 7@F?5 E92E k2 9C67lQ9EEADi^^HHH]4@?DF>6C7:?2?46]8@G^23@FE\FD^3=@8^4C65:E\42C5\:?E6C6DE\C2E6\>2C8:?D\2E\2==\E:>6\9:89^Qm4C65:E 42C5 2??F2= A6C46?E286 C2E6D 2C6 DE:== @G6C abTk^2m] %92E’D AFD9:?8 >@C6 3@CC@H6CD E@H2C5 DEC2E68:6D =:<6 563E D?@H32==:?8 2?5 4@?D@=:52E:@? E@ 4FE :?E6C6DE 72DE6C]k^Am

k9bm%96 >6?E2= 962=E9–7:?2?46 4@??64E:@?k^9bm

kAmp|u| w62=E942C6 C6A@CED E92E k2 9C67lQ9EEADi^^2>7>EC62E>6?E]4@>^3=@8^2>7>\DFCG6J\@?\64@?@>J\2?5\>6?E2=\962=E9^RiOiE6IElgfTa_A6C46?ETa_@7[:?Ta_a_ad]QmgfT @7 25F=ED 766= 2?I:@FD 23@FE >@?6Jk^2m[ 2?5 ?62C=J g_T D2J E92E 2?I:6EJ 92D 8@EE6? H@CD6 E9:D J62C]k^Am

kAmp DFCG6J 7C@> }@CE9H6DE6C? |FEF2= 324<D :E FAi k2 9C67lQ9EEADi^^?6HD]?@CE9H6DE6C?>FEF2=]4@>^a_ad\_e\_b\}62C=J\f_\@7\p>6C:42?D\$2J\u:?2?4:2=\&?46CE2:?EJ\w2D\|256\%96>\u66=\s6AC6DD65\2?5\p?I:@FD[\p44@C5:?8\E@\}@CE9H6DE6C?\|FEF2=\a_ad\!=2??:?8\!C@8C6DD\$EF5JRiOiE6IElTbpTraTp_}62C=JTa_fTa_:?Ta_`_Ta_p>6C:42?DTa_WehTadXTa_D2JTa_E92ETa_7:?2?4:2=Ta_F?46CE2:?EJTa_92DTa_>256Ta_E96>Ta_766=Ta_56AC6DD65Ta_2?5Ta_2?I:@FDQmehT @7 A6@A=6k^2m D2J >@?6J DEC6DD EC:886CD 2?I:6EJ @C 56AC6DD:@?[ 2?5 chT D2J :E’D 9FCE:?8 E96:C H@C<[ k2 9C67lQ9EEADi^^?6HD]?@CE9H6DE6C?>FEF2=]4@>^a_ad\_e\_b\}62C=J\f_\@7\p>6C:42?D\$2J\u:?2?4:2=\&?46CE2:?EJ\w2D\|256\%96>\u66=\s6AC6DD65\2?5\p?I:@FD[\p44@C5:?8\E@\}@CE9H6DE6C?\|FEF2=\a_ad\!=2??:?8\!C@8C6DD\$EF5JRiOiE6IEl?62C=JTa_92=7Ta_WchTadXTa_D2JTa_E96:CTa_H@CC:6DTa_23@FETa_>@?6JTa_92G6Ta_27764E65Ta_E96:CTa_;@3Ta_A6C7@C>2?46Ta_TtaTg_ThbTa_FATa_`bTa_A6C46?E286Ta_A@:?EDTa_D:?46Ta_a_abTa_WbeTadXQmFA 7C@> beT ;FDE EH@ J62CD 28@k^2m] pD 7:?2?4:2= AC6DDFC6D 8C@H[ :E’D 4=62C E92E >@?6J >2?286>6?E 2?5 >6?E2= 962=E9 42?’E 36 EC62E65 D6A2C2E6=J] u:?2?4:2= H6==?6DD :D 364@>:?8 2 >6?E2= 962=E9 >FDE]k^Am

k9bm$:56 9FDE=6D 2?5 2=E6C?2E:G6 :?4@>6k^9bm

kAm(:E9 H286D =288:?8 369:?5 :?7=2E:@?[ D:56 8:8D 2C6 >@C6 E92? ;FDE 6IEC2 42D9j E96J’C6 6DD6?E:2=] v:8 H@C< 2?5 :?56A6?56?E 62C?:?8 C6>2:? H:56DAC625j k2 9C67lQ9EEADi^^HHH]7656C2=C6D6CG6]8@G^AF3=:42E:@?D^a_ad\64@?@>:4\H6==\36:?8\@7\FD\9@FD69@=5D\:?\a_ac\6>A=@J>6?E\2?5\8:8\H@C<]9E>QmE96 u65k^2m 7:?5D ?@E23=6 8:8 A2CE:4:A2E:@?[ 6DA64:2==J 2>@?8 J@F?86C 25F=ED[ 2?5 k2 9C67lQ9EEADi^^HHH]FAH@C<]4@>^C6D62C49^7C66=2?46\7@CH2C5\a_ab\C6D62C49\C6A@CEQm&AH@C<k^2m C6A@CED 2 D:K23=6 7C66=2?46 H@C<7@C46]k^Am

kAmpx\A@H6C65 8:8D =:<6 k2 9C67lQ9EEADi^^HHH]?2D52B]4@>^2CE:4=6D^``\EC6?5:?8\2?5\A@AF=2C\D:56\8:8D\a_adRiOiE6IEl52JTa_;@3]\[|@3:=6Ta_r2CTa_(2D9Ta_$6CG:46D[\pG6C286Ta_w@FC=JTa_!2JQm>@3:=6 42C H2D96Dk^2m 2?5 k2 9C67lQ9EEADi^^HHH]?2D52B]4@>^2CE:4=6D^``\EC6?5:?8\2?5\A@AF=2C\D:56\8:8D\a_adRiOiE6IEluC66=2?46Ta_vC2A9:4Ta_s6D:8?6CQm5:8:E2= 7C66=2?4:?8k^2m 2C6 8C@H:?8 72DE[ 244@C5:?8 E@ }2D52B] p?5 E96 D9:7E :D?’E D=@H:?8i @?6 k2 9C67lQ9EEADi^^HHH]7@C36D]4@>^D:E6D^3CJ2?C@3:?D@?^a_ad^_c^_`^D:56\9FDE=6D\d\C62D@?D\J@F\?665\2\8:8\;@3\:?\E96\a_ad\>2C<6E^RiOiE6IEl@?6Ta_:?Ta_7:G6Ta_p>6C:42?DTa_2C6Ta_A=2??:?8Ta_E@Ta_BF:ETa_E96:CTa_;@3DTa_:?Ta_a_adTarTa_H:E9Ta_|:==6??:2=DTa_2?5Ta_v6?Ta_+Ta_=625:?8Ta_E96Ta_H2J]Qm:? 7:G6 H@C<6CDk^2m A=2?D E@ 5:E49 EC25:E:@?2= ;@3D 7@C 7F==\E:>6 7C66=2?4:?8 :? a_ad[ D2JD u@C36D] xE’D 4=62C E92E 7=6I:3=6[ 5:G6CD:7:65 :?4@>6 :D 364@>:?8 E96 ?6H ?@C>2=]k^Am

k9bm{@@<:?8 29625i 7:?2?4:2= A=2??:?8 7@C F?46CE2:?EJk^9bm

kAm(:E9 E96 64@?@>J D6?5:?8 >:I65 D:8?2=D[ p>6C:42?D 2C6 C6E9:?<:?8 =@?8\E6C> 7:?2?4:2= A=2??:?8]k^Am

kAmkDEC@?8m#6E:C6>6?E C62=:8?>6?Ek^DEC@?8mk^Am

kAmp44@C5:?8 E@ r92C=6D $49H23’D a_ad |@56C? (62=E9 $FCG6J[ k2 9C67lQ9EEADi^^AC6DDC@@>]23@FED49H23]4@>^AC6DD\C6=62D6D^AC6DD\C6=62D6^a_ad^p>6C:42?D\$2J\xE\%2<6D\|@C6\|@?6J\E@\q6\u:?2?4:2==J\r@>7@CE23=6\}@H\%92?\xE\s:5\2\*62C\p8@\p44@C5:?8\E@\$49H23\$FCG6J^5672F=E]2DAIRiOiE6IElp>6C:42?DTa_?@HTa_E9:?<Ta_:ETa_E2<6DTa_2?Ta_2G6C286Ta_@7Ta_Taca]bTa_>:==:@?Ta_E@Ta_36Ta_4@?D:56C65Ta_TtaTg_ThrH62=E9JTarTtaTg_ThsQmA6@A=6 ?@H 567:?6 “H62=E9J” 2D Sa]b >:==:@?k^2m[ 2?5 k2 9C67lQ9EEADi^^AC6DDC@@>]23@FED49H23]4@>^AC6DD\C6=62D6D^AC6DD\C6=62D6^a_ad^p>6C:42?D\$2J\xE\%2<6D\|@C6\|@?6J\E@\q6\u:?2?4:2==J\r@>7@CE23=6\}@H\%92?\xE\s:5\2\*62C\p8@\p44@C5:?8\E@\$49H23\$FCG6J^5672F=E]2DAIRiOiE6IElp>6C:42?DTa_36=:6G6Ta_:ETa_E2<6DTa_TacgbhTar___Ta_E@Ta_36Ta_TtaTg_Thr7:?2?4:2==JTa_4@>7@CE23=6TarTtaTg_ThsQm“7:?2?4:2==J 4@>7@CE23=6” 2E Sgbh[___k^2m] x? C6DA@?D6[ 6>A=@J6CD 2C6 FA52E:?8 C6E:C6>6?E A=2?D[ =62?:?8 :?E@ A6CD@?2=:K65 >2?2865 244@F?ED 2?5 4@==64E:G6 :?G6DE>6?E ECFDED]k^Am

kAmkDEC@?8mr@?7=:4E:?8 @FE=@@<Dk^DEC@?8mk^Am

kAm!F3=:4 @FE=@@< :D DA=:E] !6H #6D62C49 D2JD k2 9C67lQ9EEADi^^HHH]A6HC6D62C49]@C8^D9@CE\C625D^a_ad^_d^_f^8C@H:?8\D92C6\@7\FD\25F=ED\D2J\E96:C\A6CD@?2=\7:?2?46D\H:==\36\H@CD6\2\J62C\7C@>\?@H^RiOiE6IEl%96Ta_D92C6Ta_@7Ta_25F=EDTa_H9@Ta_D2JTa_E96:CTa_D:EF2E:@?Ta_H:==Ta_36Ta_36EE6CTa_2Ta_J62CTa_7C@>Ta_?@HTa_92DTa_:?4C62D65Ta_@?=JTa_>2C8:?2==JTarTa_7C@>Ta_bcTadTa_:?Ta_a_acTa_E@Ta_bfTadTa_E@52JQmbfT 6IA64E E96:C 7:?2?46D E@ :>AC@G6 E9:D J62Ck^2m[ H9:=6 k2 9C67lQ9EEADi^^HHH]A6HC6D62C49]@C8^D9@CE\C625D^a_ad^_d^_f^8C@H:?8\D92C6\@7\FD\25F=ED\D2J\E96:C\A6CD@?2=\7:?2?46D\H:==\36\H@CD6\2\J62C\7C@>\?@H^RiOiE6IEl#@F89=JTa_E9C66Tas:?TasE6?Ta_25F=EDTa_WagTadXTa_D2JTa_E96JTa_6IA64ETa_E96Ta_7:?2?4:2=Ta_D:EF2E:@?Ta_7@CTa_E96>Ta_2?5Ta_E96:CTa_72>:=JTa_E@Ta_36Ta_H@CD6Ta_2Ta_J62CTa_7C@>Ta_?@H]QmagT 6IA64E E9:?8D E@ 86E H@CD6k^2m] $E:==[ E96C6’D 8C@H:?8 @AE:>:D> — k2 9C67lQ9EEADi^^HHH]3FD:?6DDH:C6]4@>^?6HD^9@>6^a_ad_``cbgbh_`^6?^|2;@C:EJ\@7\p>6C:42?D\p?E:4:A2E6\x>AC@G65\t4@?@>J\:?\a_adRiOiE6IElefTadTa_E9:?<Ta_E96:CTa_7:?2?4:2=Ta_D:EF2E:@?Ta_H:==Ta_:>AC@G6Ta_:?Ta_a_adQmefT @7 p>6C:42?D 766= A@D:E:G6k^2m 23@FE E96:C 7:?2?4:2= 7FEFC6 :? a_ad[ E96 >@DE 9@A67F= D6?E:>6?E D:?46 367@C6 E96 A2?56>:4]k^Am

k9bm$EC6?8E96?:?8 7:?2?4:2= C6D:=:6?46 :? a_adk^9bm

kAmx? 2 D92<J 64@?@>J[ p>6C:42?D 2C6 5@F3=:?8 5@H? @? 7:?2?4:2= DE23:=:EJi 3F:=5:?8 3:886C 6>6C86?4J 7F?5D[ FD:?8 D>2CE 3F586E:?8 E@@=D[ 5:G6CD:7J:?8 :?G6DE>6?ED[ 2?5 =62?:?8 :?E@ D:56 8:8D] ~AE:>:D> :D C:D:?8[ 3FE E96 ?F>36CD DE:== FC86 42FE:@?i :?7=2E:@? :D DE:4<:?8 2C@F?5[ 2?5 9@FD69@=5 563E C6>2:?D 2 C62= H6:89E]k^Am

kAm%@ DE2J @? D@=:5 8C@F?5 E9:D J62C[ :E’D D>2CE E@ E2<6 2 76H <6J DE6ADi C6G:6H J@FC 6>6C86?4J D2G:?8D[ 25;FDE J@FC 3F586E 7@C :?7=2E:@?[ 2FE@>2E6 J@FC :?G6DE>6?ED[ 2?5 4@?D:56C H2JD E@ 62C? 6IEC2 :?4@>6] %96D6 D>2== >@G6D 42? >2<6 2 3:8 5:776C6?46 :? DE2J:?8 DE625J E9C@F89 F?46CE2:?EJ]k^Am

kAmk2 9C67lQ9EEADi^^HHH]4962A:?DFC2?46]4@>^3=@8^>@?6J\:?\>@E:@?\d\<6J\A6CD@?2=\7:?2?46\EC6?5D\C6D92A:?8\a_ad^Qmk6>m%9:D DE@CJk^6>mk^2m k6>mH2D AC@5F465 3Jk^6>m k2 9C67lQ9EEADi^^HHH]4962A:?DFC2?46]4@>^Qmk6>mr962Ax?DFC2?46]4@>k^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