What is debt, and how do different types work?

kAmx7 J@F’G6 6G6C E2<6? @FE 2 =@2? @C FD65 2 4C65:E 42C5 E@ 4@G6C 2 42C C6A2:C[ J@F’G6 4C62E65 563E] s63E :D >@?6J J@F 3@CC@H 2?5 28C66 E@ A2J 324<[ FDF2==J H:E9 :?E6C6DE] s63E 42? 36 2 FD67F= E@@=[ 2?5 :7 J@F 92?5=6 :E C6DA@?D:3=J[ :E 4@F=5 96=A J@F 3F:=5 2 A@D:E:G6 4C65:E 9:DE@CJ] qFE :7 J@F 5@?’E >2?286 :E H6==[ 563E 42? >2<6 :E 92C56C E@ 86E 2 =@2? @C 4C65:E 42C5 :? E96 7FEFC6 2?5 >2J AFE 2 DEC2:? @? J@FC 3F586E]k^Am

kAmz?@H:?8 9@H 563E H@C<D — 2?5 E96 C6DA@?D:3:=:EJ E92E 4@>6D H:E9 :E — 42? 96=A J@F >2<6 D>2CE 7:?2?4:2= 49@:46D] k2 9C67lQ9EEADi^^HHH]@?6>2:?7:?2?4:2=]4@>Qm~?6|2:? u:?2?4:2=k^2m 8@6D @G6C 5:776C6?E EJA6D @7 563E 2?5 9@H E@ 92?5=6 :E H:D6=J[ D@ J@F 42? DE2J @? E@A @7 J@FC 7:?2?46D 2?5 C6249 J@FC 7:?2?4:2= 8@2=D]k^Am

k9bm(92EVD E96 567:?:E:@? @7 563Enk^9bm

kAms63E :D 2? 2>@F?E @7 k2 9C67lQ9EEADi^^HHH]6IA6C:2?]4@>^3=@8D^2D<\6IA6C:2?^H92E\:D\563E^Qm>@?6J E92E 2 A6CD@? 92D 3@CC@H65k^2m 2?5 :D 6IA64E65 E@ C6A2J[ FDF2==J H:E9 :?E6C6DE]k^Am

kAms63E E92E 2 A6CD@? @H6D :D @7E6? 42==65 “4@?DF>6C 563E” @C “A6CD@?2= 563E]” r@?DF>6C 563E >2J 36 FD65 E@ 4@G6C F?6IA64E65 6>6C86?4:6D =:<6 2 =62<:?8 A:A6 @C E@ >2<6 >2;@C AFC492D6D =:<6 2 ?6H 42C 2 =:EE=6 >@C6 >2?28623=6] &D:?8 2 4C65:E 42C5 7@C 4@?G6?:6?46 @C E@ >2<6 6?5D >66E 36EH66? A2J4964<D :D 2=D@ 2 EJA6 @7 4@?DF>6C 563E]k^Am

k9bmw@H 5@6D 563E H@C<nk^9bm

kAmtG6CJ E:>6 J@F 3@CC@H >@?6J — 6G6? 7C@> 2 7C:6?5 @C 72>:=J >6>36C — J@F 4C62E6 563E] {6?56CD[ 32?<D 2?5 4C65:E F?:@?D FDF2==J 92G6 DA64:7:4 C6BF:C6>6?ED 7@C =6?5:?8 >@?6J] $:?46 =6?56CD 42?’E 36 46CE2:? :7 2 3@CC@H6C H:== C6A2J E96:C 563E[ E96J EJA:42==J C6=J @? 2? 2AA=:42?E’D 4C65:E 9:DE@CJ 2?5 7:?2?4:2= :?7@C>2E:@? E@ >2<6 :?7@C>65 564:D:@?D 23@FE 2AAC@G2=[ E96 =@2? 2>@F?E @C 4C65:E =:>:E 2?5 E96 :?E6C6DE C2E6]k^Am

kAmt249 =@2? @C 4C65:E 42C5 4@>6D H:E9 2? k2 9C67lQ9EEADi^^HHH]@?6>2:?7:?2?4:2=]4@>^A6CD@?2=\=@2?D^C6D@FC46D^9@H\:?E6C6DE\C2E6D\2C6\56E6C>:?65\2?5\H9J\E96J\42?\G2CJQm:?E6C6DE C2E6k^2m[ H9:49 :D E96 4@DE @7 3@CC@H:?8 >@?6J] x?E6C6DE :D 2? 2>@F?E[ 6IAC6DD65 2D 2 A6C46?E286[ E92E E96 =6?56C 2AA=:6D E@ E96 7F== 3@CC@H65 @C @H65 2>@F?E WE96 AC:?4:A2= 7@C 2 =@2? @C E96 32=2?46 7@C 2 4C65:E 42C5X] p? :?E6C6DE C2E6 42? 36 7:I65[ >62?:?8 :E 5@6D?’E 492?86[ @C k2 9C67lQ9EEADi^^HHH]@?6>2:?7:?2?4:2=]4@>^A6CD@?2=\=@2?D^C6D@FC46D^H92E\:D\2\G2C:23=6\:?E6C6DE\C2E6QmG2C:23=6k^2m[ >62?:?8 :E >2J 492?86 H:E9 E96 >2C<6E] %96 :?E6C6DE C2E6 :D FD65 E@ 42=4F=2E6 9@H >F49 >@C6 J@F H:== 36 A2J:?8 E96 =6?56C :? 255:E:@? E@ A2J:?8 324< E96 =@2? AC:?4:A2= @C E96 4C65:E 42C5 32=2?46]k^Am

kAmt249 =6?56C AC:@C:E:K6D 5:776C6?E 2DA64ED @7 J@FC 7:?2?4:2= 324<8C@F?5 E@ 564:56 H96E96C E@ 2AAC@G6 J@FC 2AA=:42E:@?[ H92E EJA6 @7 =@2? J@F BF2=:7J 7@C[ :ED :?E6C6DE C2E6 2?5 E96 2>@F?E @7 E96 =@2? @C 4C65:E =:>:E :E H:== @776C J@F]k^Am

kAmx7 J@F >66E E96 =6?56C’D C6BF:C6>6?ED[ E96J H:== @776C J@F 2 =@2? @C 2AAC@G6 J@FC 2AA=:42E:@? 7@C 2 4C65:E 42C5] q67@C6 J@F 42? C646:G6 7F?5D @C J@FC ?6H 4C65:E 42C5[ J@F >FDE 28C66 E@ C6A2J E96 563E 244@C5:?8 E@ 2 DA64:7:4 D6E @7 E6C>D] x7 J@F 5@?’E C6A2J J@FC 563E 2D 28C665[ J@F >2J 7246 7:?2?4:2= 2?5 =682= 4@?D6BF6?46D]k^Am

kAm{6E’D E2<6 2 4=@D6C =@@< 2E E96 5:776C6?E EJA6D @7 563E 2?5 9@H E96J H@C<]k^Am

k9bm(92E 2C6 E96 EJA6D @7 563Enk^9bm

kAmr@?DF>6C 563E 72==D :?E@ @?6 @7 EH@ 42E68@C:6Di :?DE2==>6?E 563E @C C6G@=G:?8 563E] %96 >2:? 5:776C6?46 36EH66? E96> :D 9@H J@F 3@CC@H 2?5 C6A2J E96 >@?6J]k^Am

kAmkDEC@?8m(92E :D :?DE2==>6?E 563Enk^DEC@?8mk^Am

kAm(96? J@F E2<6 @? :?DE2==>6?E 563E[ J@F 3@CC@H 2 7:I65 =F>A DF> @7 >@?6J[ 42==65 E96 AC:?4:A2=] *@F 2C6 492C865 :?E6C6DE @? E92E AC:?4:A2=[ 2?5 E96 :?E6C6DE :D 2AA=:65 E@ E96 32=2?46 @7 J@FC =@2?] *@F E96? A2J @77 E96 AC:?4:A2= 2?5 :?E6C6DE :? C68F=2C :?DE2==>6?ED F?E:= E96 =@2? 32=2?46 :D K6C@]k^Am

kAmx?DE2==>6?E 563E H@C<D 36DE H96? J@F <?@H 6I24E=J 9@H >F49 >@?6J J@F ?665] q@CC@H:?8 >@C6 E92? J@F E9:?< J@F’== FD6 42? 42FD6 J@F E@ A2J >@C6 :? :?E6C6DE 2?5 4@F=5 27764E J@FC 23:=:EJ E@ BF2=:7J 7@C @E96C 7@C>D @7 4C65:E]k^Am

kAm$@>6 @7 E96 >@C6 4@>>@? 7@C>D @7 :?DE2==>6?E 563E 2C6 A6CD@?2= =@2?D[ k2 9C67lQ9EEADi^^HHH]@?6>2:?7:?2?4:2=]4@>^A6CD@?2=\=@2?D^563E\4@?D@=:52E:@?^C6D@FC46D^5:776C6?46\36EH66?\563E\4@?D@=:52E:@?\=@2?\2?5\A6CD@?2=\=@2?Qm563E 4@?D@=:52E:@? =@2?Dk^2m[ >@CE8286D[ 2FE@ =@2?D 2?5 DEF56?E =@2?D] (9:=6 D@>6 EJA6D @7 :?DE2==>6?E =@2?D 2C6 56D:8?65 7@C 2 DA64:7:4 AFCA@D6[ DF49 2D 3FJ:?8 2 42C @C A2J:?8 7@C 4@==686[ A6CD@?2= =@2?D >2J 36 FD65 7@C 2=>@DE 2?JE9:?8] u@C 6I2>A=6[ :7 J@F’C6 >@G:?8 :?E@ 2 ?6H 9@>6[ J@F >2J H2?E E@ =@@< :?E@ 2 >@G:?8 =@2?[ H9:49 :D 2 A6CD@?2= =@2? E96 3@CC@H6C FD6D E@ 4@G6C 6IA6?D6D =:<6 2 C6?E2= ECF4< @C >@G6CD]k^Am

kAmkDEC@?8m(92E :D C6G@=G:?8 563Enk^DEC@?8mk^Am

kAmk2 9C67lQ9EEADi^^HHH]@?6>2:?7:?2?4:2=]4@>^A6CD@?2=\=@2?D^C6D@FC46D^H92E\:D\C6G@=G:?8\4C65:EQm#6G@=G:?8 563Ek^2m :D 563E E92E C6DF=ED 7C@> FD:?8 2 =:?6 @7 4C65:E E92E J@F 3@CC@H 7C@> 2D ?66565[ FA E@ J@FC 2AAC@G65 4C65:E =:>:E] xE’D 42==65 C6G@=G:?8 563E 3642FD6 H96? J@F C6A2J J@FC 563E[ E92E A@CE:@? @7 J@FC 2G2:=23=6 4C65:E :D C6DE@C65[ 2?5 J@F 42? 3@CC@H 282:?]k^Am

kAmrC65:E 42C5D[ k2 9C67lQ9EEADi^^HHH]@?6>2:?7:?2?4:2=]4@>^A6CD@?2=\=@2?D^C6D@FC46D^A6CD@?2=\=@2?D\GD\=:?6D\@7\4C65:EQmA6CD@?2= =:?6D @7 4C65:Ek^2m 2?5 k2 9C67lQ9EEADi^^HHH]@?6>2:?7:?2?4:2=]4@>^A6CD@?2=\=@2?D^C6D@FC46D^H92E\:D\2\96=@4Qm9@>6 6BF:EJ =:?6D @7 4C65:Ek^2m Wwt{~rDX 2C6 4@>>@? 6I2>A=6D @7 C6G@=G:?8 563E]k^Am

kAm(:E9 C6G@=G:?8 563E[ J@F 5@?’E 92G6 E@ C6A2J E96 7F== 32=2?46 6G6CJ >@?E9[ 3FE J@F >FDE 2E =62DE >2<6 E96 >:?:>F> >@?E9=J A2J>6?E 3J E96 A2J>6?E 5F6 52E6 E@ <66A J@FC 244@F?E :? 8@@5 DE2?5:?8]k^Am

kAmu@C 4C65:E 42C5D[ E96C6 >2J 2=D@ 36 2 8C246 A6C:@5 36EH66? E96 6?5 @7 E96 3:==:?8 A6C:@5 2?5 E96 A2J>6?E 5F6 52E6] sFC:?8 E96 8C246 A6C:@5[ E92E >@?E9’D AFC492D6D H@?’E 244CF6 :?E6C6DE 2D =@?8 2D J@F A2:5 J@FC 32=2?46 :? 7F== 5FC:?8 E96 AC6G:@FD 3:==:?8 4J4=6]k^Am

kAmxE’D FDF2==J 36DE E@ A2J @77 E96 6?E:C6 32=2?46 6G6CJ >@?E9 :7 J@F 42?] qJ A2J:?8 E96 6?E:C6 32=2?46 3J E96 5F6 52E6[ J@F 2G@:5 92G:?8 E@ A2J :?E6C6DE] x7 J@F A2J =6DD E92? E96 7F== 32=2?46[ E96 2>@F?E J@F 5@?’E C6A2J H:== 42CCJ @G6C E@ E96 ?6IE >@?E9] %96 42CC:65\@G6C 32=2?46 2?5 J@FC >@?E9=J A2J>6?E H:== E96? DE2CE E@ :?4=F56 :?E6C6DE] &?56C E96D6 4:C4F>DE2?46D[ J@F 2=D@ =@D6 J@FC 8C246 A6C:@5k^Am

kAm%@ 8:G6 J@F 2 36EE6C :562 @7 9@H C6G@=G:?8 563E H@C<D[ =6E’D =@@< 2E 2? 6I2>A=6] $FAA@D6 2 4C65:E 42C5 :DDF6C @776CD J@F 2 4C65:E 42C5 H:E9 2 S`[___ =:>:E] *@F 42? FD6 J@FC 42C5 7@C S`__ H@CE9 @7 8C@46C:6D[ 2 Sf =2EE6 2?5 2 Sd_ A2:C @7 D9@6D :? @?6 H66<6?5 — 2 E@E2= @7 S`df — 2?5 DE:== 92G6 Sgcb 2G2:=23=6 E@ DA6?5 @? J@FC 42C5]k^Am

kAmx7 J@F A2J E96 S`df :? 7F== 367@C6 E96 A2J>6?E 5F6 52E6 2?5 J@F 2C6?’E 42CCJ:?8 2 32=2?46 7C@> E96 AC6G:@FD >@?E9[ J@F H@?’E @H6 :?E6C6DE] x7 J@F A2J =6DD E92? E96 7F== 32=2?46[ J@F’== @H6 :?E6C6DE @? E96 C6DE 2?5 =@D6 J@FC 8C246 A6C:@5 E96 ?6IE >@?E9]k^Am

kAmkDEC@?8m(92E :D D64FC65 GD] F?D64FC65 563Enk^DEC@?8mk^Am

kAmq@E9 :?DE2==>6?E 2?5 C6G@=G:?8 563E >2J 36 6:E96C D64FC65 @C F?D64FC65] k2 9C67lQ9EEADi^^HHH]@?6>2:?7:?2?4:2=]4@>^A6CD@?2=\=@2?D^C6D@FC46D^H92ED\E96\5:776C6?46\36EH66?\2\D64FC65\2?5\F?D64FC65\=@2?Qm$64FC65 563Ek^2m C6BF:C6D J@F E@ AC@G:56 k2 9C67lQ9EEADi^^HHH]@?6>2:?7:?2?4:2=]4@>^A6CD@?2=\=@2?D^C6D@FC46D^H92E\:D\4@==2E6C2=\2?5\9@H\5@6D\:E\H@C<Qm4@==2E6C2=k^2m[ DF49 2D J@FC 42C @C 2?@E96C G2=F23=6 :E6> E92E J@F A=6586 E@ 324< E96 =@2? @C 4C65:E =:>:E] (:E9 D64FC65 563E[ E96 =6?56C 4@F=5 E2<6 A@DD6DD:@? @7 E96 4@==2E6C2= :7 J@F 5672F=E @? E96 =@2?] w@H6G6C[ D64FC65 563E @7E6? 4@>6D H:E9 2 =@H6C 2??F2= A6C46?E286 C2E6 Wp!#X E92? 2? F?D64FC65 =@2? — 2?5 J@F >2J 36 23=6 E@ 3@@DE J@FC 3@CC@H:?8 A@H6C[ E@@]k^Am

kAm~?46 2 =6?56C 2AAC@G6D J@FC 2AA=:42E:@? 2?5 J@F 28C66 E@ E2<6 E96 =@2?[ E96J A=246 H92E’D 42==65 2 “=:6?” @? E96 4@==2E6C2= J@F’G6 FD65 E@ D64FC6 E96 =@2?] p =:6? 8:G6D E96 =6?56C E96 =682= C:89E E@ 4=2:> E96 AC@A6CEJ FD65 2D 4@==2E6C2= 2?5 A@E6?E:2==J D6== :E :7 E96 3@CC@H6C 5@6D?’E C6A2J E96 =@2?]k^Am

kAmk2 9C67lQ9EEADi^^HHH]@?6>2:?7:?2?4:2=]4@>^A6CD@?2=\=@2?D^C6D@FC46D^H92E\E@\<?@H\23@FE\F?D64FC65\A6CD@?2=\=@2?DQm&?D64FC65 563Ek^2m 5@6D?’E C6BF:C6 4@==2E6C2=[ 3FE E@ BF2=:7J 7@C 2? F?D64FC65 =@2?[ J@F >2J ?665 2 DEC@?86C 4C65:E 9:DE@CJ 2?5 =6DD E@E2= 563E] p D64FC65 =@2? 4@F=5 36 2 8@@5 @AE:@? :7 J@F 92G6 =6DD 72G@C23=6 4C65:E]k^Am

k9bm(92E 2C6 E96 AC@D 2?5 4@?D @7 563Enk^9bm

kAms63E 42? 96=A J@F 2446DD E96 7F?5D J@F ?665 @C 62D6 7:?2?4:2= DEC6DD[ 2?5 :7 92?5=65 H6==[ 96=A J@F 3F:=5 2 36EE6C 4C65:E 9:DE@CJ] w@H6G6C[ >:D>2?28:?8 563E 42? 92G6 92C>7F= 4@?D6BF6?46D @? J@FC 4C65:E]k^Am

kAmkDEC@?8m!C@D @7 563Ek^DEC@?8mk^Am

kAm&D65 C6DA@?D:3=J[ 563E >2J @776C >2?J 36?67:ED]k^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ6hb72_e56_aa265d`eafe5b5636c_h7bcQmkDEC@?8m|2<6 =2C86C 6IA6?D6D >@C6 >2?28623=6ik^DEC@?8m q@CC@H:?8 42? 96=A J@F DAC625 @FE 46CE2:? 4@DED[ =:<6 4@?E:?F:?8 J@FC 65F42E:@? @C 3FJ:?8 2 9@>6[ @G6C E:>6 H96? A2J:?8 FA 7C@?E :D?’E 762D:3=6]k^=:mk=: 52E2\=:DE\:E6>\:5lQ64hf7g5gh`35`7h24457a`bdca2g77b52QmkDEC@?8m!@E6?E:2==J 3F:=5 J@FC 4C65:E D4@C6ik^DEC@?8m (6==\>2?2865 563E 42? 96=A 3F:=5 J@FC 4C65:E D4@C6 :7 J@F’C6 42C67F= E@ >2<6 @?\E:>6 A2J>6?ED 2?5 <66A J@FC k2 9C67lQ9EEADi^^HHH]@?6>2:?7:?2?4:2=]4@>^A6CD@?2=\=@2?D^C6D@FC46D^F?56CDE2?5:?8\4C65:E\FE:=:K2E:@?Qm4C65:E FE:=:K2E:@?k^2m =@H]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6c2g5g_ha552h55fhc4_g3dgg3a_b_2g4QmkDEC@?8mrC62E6 7:?2?4:2= 7=6I:3:=:EJik^DEC@?8m s63E 42? 96=A J@F 92?5=6 F?6IA64E65 9@FD69@=5 6>6C86?4:6D @C 6IA6?D6D DF49 2D 42C C6A2:CD[ 7F?6C2= 4@DED @C >65:42= 3:==D :7 J@F 5@?’E 92G6 E96 >@?6J @? 92?5 E@ 4@G6C E96D6 6G6?ED]k^=:mk^F=m

kAmkDEC@?8mr@?D @7 563Ek^DEC@?8mk^Am

kAm|:D>2?2865 563E H:== 42FD6 2 G2C:6EJ @7 =@?8\=2DE:?8 AC@3=6>D[ D@ :E’D :>A@CE2?E E@ FD6 :E H:D6=J]k^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ6hh2a4eca7f6`bag6f57f45ge2b55_h6dQmkDEC@?8mr@F=5 92C> J@FC 4C65:E D4@C6 :7 J@F >:DD A2J>6?EDik^DEC@?8m |:DD65 A2J>6?ED @C 9:89 32=2?46D 4@F=5 :>A24E J@FC 4C65:E D4@C6 2?5 >2<6 :E 92C56C 7@C J@F E@ BF2=:7J 7@C =@2?D 2?5 4C65:E 42C5D :? E96 7FEFC6]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6_3532geb6a6ff_ghd_h`hf453dggf43_QmkDEC@?8mx?E6C6DE 4@DED 4@F=5 36 9:89ik^DEC@?8m q642FD6 F?A2:5 563E :D DF3;64E E@ 244CF:?8 :?E6C6DE[ FD:?8 4C65:E :?DE625 @7 42D9 H:== 4@DE J@F >@C6]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6`c563b523d2fgf6cg3_a6cb`3`cd643eQmkDEC@?8m%@@ >F49 563E 4@F=5 42FD6 DEC6DDik^DEC@?8m &?>2?28623=6 563E 42? EC:886C 6>@E:@?2= DEC6DD 7@C :?5:G:5F2=D[ 4@FA=6D 2?5 72>:=:6D E92E >2J DA:== @G6C :?E@ @E96C A2CED @7 J@FC =:76]k^=:mk=: 52E2\=:DE\:E6>\:5lQ64dfg7a53`bbcf27ga4e3`7d27ec`bc__QmkDEC@?8ms63E A2J>6?ED 4@F=5 364@>6 5:77:4F=E E@ >2?286ik^DEC@?8m r92?86D :? :?4@>6 @C 6IA6?D6D 4@F=5 >2<6 <66A:?8 FA H:E9 A2J>6?ED @G6CH96=>:?8 — 6G6? :7 E96J H6C6?’E 367@C6]k^=:mk^F=m

k9bmw@H 42? J@F >2?286 563Enk^9bm

kAm|2?28:?8 563E DE2CED H:E9 <?@H:?8 9@H >F49 J@F 42? 277@C5 E@ 3@CC@H 2?5 92G:?8 2 A=2? E@ A2J :E 324<] x7 J@F E2<6 @? E@@ >F49 563E[ <66A:?8 FA H:E9 A2J>6?ED 42? 36 E@F89 2?5 >2J 42FD6 7:?2?4:2= DEC6DD] w6C6’D 9@H E@ 7:8FC6 @FE 9@H >F49 563E J@F 42? 92?5=6 2?5 9@H E@ A2J :E @77]k^Am

kAmkDEC@?8m$E6A `i z?@H H92E J@F 42? 277@C5k^DEC@?8mk^Am

kAmq67@C6 3@CC@H:?8 >@?6J @C FD:?8 4C65:E[ E2<6 2 =@@< 2E J@FC :?4@>6 2?5 6IA6?D6D] pD< J@FCD6=7ik^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ67c665g4_b`6d7bh65a57g7gf576dh4c4QmkDEC@?8mw@H >F49 5@ x DA6?5 6249 >@?E9 @? 9@FD:?8[ 7@@5 2?5 @E96C 6DD6?E:2=Dnk^DEC@?8m r964< H96E96C J@F H@F=5 DE:== 92G6 6?@F89 >@?6J =67E @G6C E@ 4@G6C ?646DD2CJ 6IA6?D6D 27E6C >2<:?8 J@FC >@?E9=J =@2? A2J>6?E @C A2J:?8 J@FC 4C65:E 42C5 3:==]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6a3dab64h_e4a4ffcefc7bf7c64g25hheQmkDEC@?8mw@H >F49 5@ x 2=C625J @H6 @? 4C65:E 42C5D @C =@2?Dnk^DEC@?8m x7 J@F 2=C625J 92G6 9:89 32=2?46D[ 4@?D:56C E96 7:?2?4:2= :>A24E @7 E2<:?8 @? 6G6? >@C6 563E]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6`34fcbgaeb`hfgddhg6b3g`a_4__6a2hQmkDEC@?8mr2? x 277@C5 2?@E96C >@?E9=J A2J>6?E H:E9@FE DECF88=:?8 E@ A2J >J @E96C 3:==Dnk^DEC@?8m r@?D:56C 9@H >F49 J@F 4@F=5 C62D@?23=J 277@C5 E@ A2J 6249 >@?E9 H:E9@FE AFEE:?8 2 D:8?:7:42?E DEC2:? @? J@FC 3F586E]k^=:mk^F=m

kAmp 4@>>@? 8F:56=:?6 :D E@ <66A J@FC k2 9C67lQ9EEADi^^HHH]@?6>2:?7:?2?4:2=]4@>^A6CD@?2=\=@2?D^C6D@FC46D^H92E\:D\563E\E@\:?4@>6\C2E:@Qm563E\E@\:?4@>6 C2E:@k^2m — E96 A6C46?E286 @7 J@FC 8C@DD >@?E9=J :?4@>6 DA6?E @? 563E A2J>6?ED — k2 9C67lQ9EEADi^^HHH]:?G6DE@A65:2]4@>^E6C>D^E^EH6?EJ\6:89E\E9:CEJ\D:I\CF=6]2DAQm36=@H beTk^2m @7 J@FC 8C@DD >@?E9=J :?4@>6] W*@FC 8C@DD >@?E9=J :?4@>6 :D 9@H >F49 >@?6J J@F 62C? 367@C6 E2I6D]X %9:D 96=AD J@F >2?286 563E H:E9@FE :E E2<:?8 @G6C J@FC 3F586E]k^Am

kAmkDEC@?8m$E6A ai rC62E6 2 A=2? E@ A2J @77 563Ek^DEC@?8mk^Am

kAmx7 J@F 2=C625J 92G6 D@>6 563E 2?5 2C6 4@?46C?65 23@FE :E 364@>:?8 F?>2?28623=6[ >2<:?8 2 A=2? E@ A2J :E @77 4@F=5 96=A J@F DE2J @? EC24<] $E2CE 3J =:DE:?8 6G6CJE9:?8 J@F @H6[ :?4=F5:?8 E96 32=2?46D[ :?E6C6DE C2E6D[ 2?5 >:?:>F> A2J>6?ED 7@C 6249 563E] %96? 49@@D6 2 C6A2J>6?E DEC2E68J] %H@ 4@>>@? @?6D 2C6 E96 563E D?@H32== >6E9@5 2?5 E96 563E 2G2=2?496 >6E9@5]k^Am

kAmkDEC@?8ms63E D?@H32== >6E9@5k^DEC@?8mk^Am

kAm%96 k2 9C67lQ9EEADi^^HHH]@?6>2:?7:?2?4:2=]4@>^A6CD@?2=\=@2?D^C6D@FC46D^563E\D?@H32==\>6E9@5Qm563E D?@H32== >6E9@5k^2m AC:@C:E:K6D A2J:?8 @77 E96 D>2==6DE 563ED 7:CDE] u@C E9:D 2AAC@249[ J@F AFE 2D >F49 >@?6J 2D J@F 42? E@H2C5 J@FC D>2==6DE 563E 2?5 4@?E:?F6 >2<:?8 >:?:>F> A2J>6?ED 7@C J@FC @E96C 563ED] p7E6C J@F’G6 C6A2:5 E96 D>2==6DE 563E[ AFE E96 7F?5D J@F’G6 7C665 FA E@H2C5 E96 ?6IE D>2==6DE 563E 2?5 D@ @?]k^Am

kAm(:E9 E9:D E24E:4[ J@F 4@F=5 >2<6 AC@8C6DD BF:4<=J 2?5 :>AC@G6 J@FC 7:?2?4:2= 4@?7:56?46] p7E6C 2==[ A2J:?8 @77 2 H9@=6 4C65:E 42C5 32=2?46 @C =@2? :D 2 >2;@C 244@>A=:D9>6?E] w@H6G6C[ J@F >2J A2J >@C6 :?E6C6DE @? E96 C6>2:?:?8 @FEDE2?5:?8 32=2?46D FD:?8 E9:D >6E9@5 E92? J@F H@F=5 H:E9 2 5:776C6?E 2AAC@249]k^Am

kAmkDEC@?8ms63E 2G2=2?496 >6E9@5k^DEC@?8mk^Am

kAm%96 k2 9C67lQ9EEADi^^HHH]@?6>2:?7:?2?4:2=]4@>^A6CD@?2=\=@2?D^C6D@FC46D^563E\D?@H32==\GD\2G2=2?496\H92ED\E96\5:776C6?46Qm563E 2G2=2?496 >6E9@5k^2m 7@4FD6D @? A2J:?8 @77 32=2?46D H:E9 E96 9:896DE :?E6C6DE C2E6D 7:CDE] p7E6C J@F’G6 C6A2:5 J@FC 9:896DE\:?E6C6DE 563E[ J@F 42? >@G6 @? E@ E96 @?6 H:E9 E96 ?6IE 9:896DE :?E6C6DE C2E6] pD H:E9 E96 563E D?@H32== >6E9@5[ J@F >FDE DE:== A2J E96 C6BF:C65 >:?:>F> 2>@F?E @? 2== J@FC @E96C 563ED[ E@@] &?=:<6 E96 563E D?@H32== >6E9@5[ E9:D E649?:BF6 D2G6D J@F >@?6J :? :?E6C6DE[ 3FE J@F >2J ?@E D66 C6DF=ED C:89E 2H2J]k^Am

kAmkDEC@?8ms63E 4@?D@=:52E:@?k^DEC@?8mk^Am

kAmx7 J@F’C6 ;F88=:?8 >F=E:A=6 4C65:E 42C5 32=2?46D @C =@2? A2J>6?ED 2?5 92G:?8 2 92C5 E:>6 <66A:?8 FA H:E9 E9@D6 3:==D[ 5@?’E A2?:4] p 563E 4@?D@=:52E:@? =@2? >2J 96=A J@F 86E 324< @? EC24<] *@F 42? FD6 2 563E 4@?D@=:52E:@? =@2? E@ A2J @77 J@FC @E96C 32=2?46D[ EFC?:?8 >F=E:A=6 >@?E9=J A2J>6?ED :?E@ 2 D:?8=6 >@?E9=J A2J>6?E 2?5 D:>A=:7J:?8 J@FC 563E A2J@77 ;@FC?6J]k^Am

kAmx562==J[ 2 563E 4@?D@=:52E:@? =@2? D9@F=5 >2<6 J@FC 563E 7:E J@FC 7:?2?4:2= D:EF2E:@? 36EE6C]k^Am

k9bm(96? >2?2865 C6DA@?D:3=J[ 563E 42? 36 2 96=A7F= E@@=k^9bm

kAms63E :D 2 A2CE @7 =:76 7@C >@DE A6@A=6] (92E >2EE6CD >@DE :D 9@H J@F 92?5=6 :E] s63E 4@F=5 >2<6 :E A@DD:3=6 7@C J@F E@ 3FJ 2 ?6H 42C @C A=2? 2 =@?8\2H2:E65 72>:=J G242E:@?[ 3FE :E’D :>A@CE2?E E@ 92G6 2 C6A2J>6?E A=2? 367@C6 J@F E2<6 :E @?] p E9@F89E7F= 2AAC@249 E@ 3@CC@H:?8 >@?6J 4@F=5 96=A J@F DE2J @? EC24< E@ 249:6G:?8 J@FC >@?6J 8@2=D]k^Am

kAmk2 9C67lQ9EEADi^^HHH]@?6>2:?7:?2?4:2=]4@>^A6CD@?2=\=@2?D^C6D@FC46D^H92E\:D\563EQmk6>m%9:D DE@CJk^6>mk^2m k6>mH2D AC@5F465 3Jk^6>m k2 9C67lQ9EEADi^^HHH]@?6>2:?7:?2?4:2=]4@>Qmk6>m~?6|2:? u:?2?4:2=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