The most popular cities to move to in 2026

k9bmkDEC@?8m%96 >@DE A@AF=2C 4:E:6D E@ >@G6 E@ :? a_aek^DEC@?8mk^9bm

kAm|2?J 7@C>6C DH66E962CE 4:E:6D 2C6 =@D:?8 E96:C 4C@H?D E@ E96D6 FA\2?5\4@>6CD] k2 9C67lQ9EEADi^^HHH]>@G63F5592]4@>^Qm|@G6qF5592k^2m 52E2 D9@HD pFDE:?’D @FE[ H9:=6 4:E:6D =:<6 z?@IG:==6[ $2:?E !2F=[ 2?5 r9:428@ 2C6 C:D:?8 FA]k^Am

kAmp7E6C J62CD @7 3FKK[ u=@C:52’D C62= 6DE2E6 >2C<6E :D “k2 9C67lQ9EEADi^^HHH]3FD:?6DD:?D:56C]4@>^7=@C:52\9@>6\AC:46\5C@AD\:?DFC2?46\C62=\6DE2E6\EC6?5\D2=6D\>2C<6E\a_ad\eQm?FCD:?8 2 92?8@G6C]k^2m” p?5 pFDE:?’D @?46 C65\9@E C62= 6DE2E6 >2C<6E :D ?@H D288:?8 F?56C k2 9C67lQ9EEADi^^HHH]>JD2?2?E@?:@]4@>^C62=6DE2E6^2CE:4=6^2FDE:?\C62=\6DE2E6\>2C<6E\a_ff_cac]A9AQmAC:46 C65F4E:@?D 2D 9@>6D =:?86Ck^2m @? E96 >2C<6E]k^Am

kAm$@ H96C6 H:== p>6C:42?D =2?5 ?6IEnk^Am

kAm%@ 56E6C>:?6 H9:49 H2J E96 H:?5D 2C6 3=@H:?8 :? a_ae[ 32D65 @? 52E2 C2E96C E92? H2:E:?8 F?E:= a_af[ H96? E96 &]$] r6?DFD ?F>36CD H:== 4@?7:C> H96C6 p>6C:42?D H:?5 FA[ >@G6qF5592 2?2=JK65 >@G:?8 D62C49 52E2]k^Am

kAm|@G6qF5592 >:?65 :ED k2 9C67lQ9EEADi^^HHH]>@G63F5592]4@>^>@G:?8\4@DE\42=4F=2E@C^Qm|@G:?8 r@DE r2=4F=2E@Ck^2m 52E2 7C@> a_`h E@ ~4E@36C a_ad E@ 6I2>:?6 >@G:?8 D62C49 EC6?5D 2?5 7@C642DE H9:49 4:E:6D H:== 36 >@DE A@AF=2C :? a_ae]k^Am

kAm%96 7:?5:?8Dnk^Am

kAm%96 |:5H6DE :D >2<:?8 2 4@>6324< — 3FE :E’D DE:== “@FE” 7@C a_ae] x?DE625[ p>6C:42?D 2C6 962565 E@ >:5\D:K65 F?:G6CD:EJ E@H?D[ 6DA64:2==J :? E96 $@FE9 2?5 $@FE9H6DE]k^Am

k9bmz6J %2<62H2JDk^9bm

kF=mk=:mz?@IG:==6 H:== 92G6 E96 9:896DE :?\E@\@FE >@G6 C2E:@ :? a_ae[ H:E9 `]e` >@C6 ?6H4@>6CD 9625:?8 :? 7@C 6G6CJ A6CD@? >@G:?8 2H2J]k^=:mk=:mz?@IG:==6 9:ED 2== E9C66 DH66E DA@ED E92E 567:?6 E96 E@A adi `` E@A 4:E:6D 2C6 2?49@C65 3J 2 F?:G6CD:EJ[ a_ 2C6 >:5\D:K65 4:E:6D[ 2?5 `b 2C6 :? E96 $@FE9 @C $@FE9H6DE]k^=:mk=:m$E] !2F= :D E96 3:886DE “4@>6324< 4:EJ[” H:E9 :?E6C6DE D@2C:?8 `aaT @G6C E96 A2DE 7:G6 J62CD]k^=:mk=:m~?6 @7 E96 @?=J =2C86[ 9F3 4:E:6D E92E p>6C:42?D 2C6 D2J:?8 “DH66E 9@>6” E@ :D r9:428@[ H9:49 92D DFC865 caT D:?46 a_`h]k^=:mk=:mpC6 E96 9@EE6DE 4:E:6D 86EE:?8 9@EE6Cn r:E:6D E92E A2:C 9:89 AC65:4E65 :?\>@G6D :? a_ae H:E9 C2C6 8C@H:?8 :?E6C6DE :?4=F56 z?@IG:==6[ %F=D2[ $2G2??29[ 2?5 uC:D4@]k^=:mk^F=m

k9bm(92E pC6 %96 %@A |@G6\%@ r:E:6D @7 a_aenk^9bm

kAm%96D6 4:E:6D H:== AF== :? E96 >@DE ?6H >@G6D 4@>A2C65 E@ @FE\>@G6D :? a_ae] R` :D z?@IG:==6]k^Am

kAmkDEC@?8mR` z?@IG:==6[ %}k^DEC@?8mk^Am

kAmx? a_ae[ 9:<6CD H:== 7:?5 :?4C62D:?8=J 4C@H565 EC2:=D :? E9:D 4:EJ @7 O`hh[___ C6D:56?ED 2E E96 32D6 @7 E96 vC62E $>@<J |@F?E2:?D] p=@?8 H:E9 >@DE &]$] 4:E:6D[ z?@IG:==6 92D D66? :ED >@G6 A@AF=2C:EJ H2?6 :? C646?E BF2CE6CD W:? E96 D64@?5 BF2CE6C @7 a_a`[ E96 4:EJ H6=4@>65 >@C6 E92? E9C66 :?\>@G6D 7@C 6G6CJ >@G6 @FE3@F?5X]k^Am

kAm%92E 5@6D?’E >62? :ED 4FCC6?E C2E:@ @7 `]de :D 2 D:8? E92E :ED A@AF=2C:EJ DEC62< :D @G6C] z?@IG:==6’D :?\>@G6D H6C6 D64@?5 :? E96 4@F?ECJ E9:D BF2CE6C] p?5 >@G6qF5592 AC65:4E65 E92E[ :? a_ae[ E96 62DE6C? %6??6DD66 4:EJ H:== DFCA2DD $2G2??29 E@ 364@>6 E96 ?2E:@?’D E@A >@G6\E@ 4:EJ]k^Am

kAmkDEC@?8mRa %F=D2[ ~zk^DEC@?8mk^Am

kAmq24< :? a_`h[ %F=D2 H2D =@D:?8 >@C6 C6D:56?ED E92? :E H2D 82:?:?8] qFE :ED ECF=J DA64E24F=2C 7:G6\J62C DA:<6 :? >@G6 :?E6C6DE Waf]`hTX DE2?5D E@ =2?5 :E 2E Ra :? E96 ?2E:@? :? a_ae H:E9 2? :?\E@\@FE C2E:@ @7 `]df ?6H >@G6D 7@C 6G6CJ 6I:E] %9@F89 E96 2CE 564@ 42A:E2= :D EC625:?8 H2E6C C:89E ?@H W:? 72== a_ad’D DE2?5:?8DX[ H2G6D @7 :?E6C6DE 92G6 366? =2AA:?8 2E ~<=29@>2’D D64@?5 4:EJ[ AC@>:D:?8 E@ 3C:?8 >@C6 4@?86DE:@? 2?5 2 8C@H:?8 5@H?E@H? D46?6 E@ E96 32?<D @7 E96 pC<2?D2D #:G6C]k^Am

kAmkDEC@?8mRb '2?4@FG6C[ (pk^DEC@?8mk^Am

kAm%9:D @FED:K65 !@CE=2?5 DF3FC3 24C@DD E96 r@=F>3:2 #:G6C :D?’E E96 62D:6DE 4@>>FE6[ 3FE “%96 r@FG6” H2D FC32? 6?@F89 E@ D66 2? @FE7=@H @7 C6D:56?ED 5FC:?8 E96 r~'xs\`h A2?56>:4] %@52J[ '2?4@FG6C’D 3=2K:?8 324<[ H:E9 D@>6 C646?E BF2CE6CD D66:?8 :E ?6E 2=>@DE EH:46 E96 :?4@>:?8 C6D:56?ED 2D E9@D6 D2J:?8 8@@53J6] x? a_ae[ 6IA64E E96 4:EJ E@ E:6 7@C E96 Ra A@D:E:@? ?2E:@?2==J[ H:E9 2 `]df :?\E@\@FE C2E:@]k^Am

kAmkDEC@?8mRc $2G2??29[ vpk^DEC@?8mk^Am

kAm$2G2??29 4@>6D H:E9 8@E9:4 492C>[ 4@33=6DE@?6D[ 2CEDJ $rps 4@\65D — 2?5 @77\E96\492CED A@AF=2C:EJ] %96 DF=ECJ 4:EJ ?62C E96 v6@C8:2 4@2DE 92D?’E D66? >@C6 C6D:56?ED =62G6 E92? 6?E6C D:?46 $6AE6>36C a_`h] x? E9@D6 D:I J62CD[ :E’D 2=D@ D66? DFC86D @7 6IEC6>6 :?\>:8C2E:@?[ H:E9 @?6 BF2CE6C :? a_a` 3C:?8:?8 >@C6 E92? EC:A=6 E96 ?F>36C @7 ?6H4@>6CD E92? 6I:E6CD[ 2?5 2 D64@?5 H2G6 :? a_ac 3C:?8:?8 EH:46 2D >2?J ?6H4@>6CD] tIA64E $2G2??29 E@ <66A :ED >28?6E:4 2AA62= :? a_ae]k^Am

kAmkDEC@?8mRd %F4D@?[ p+k^DEC@?8mk^Am

kAm~?46 2? F?56C\E96\C252C 9@EDA@E[ D=@H65 :?E6C6DE 9:E E9:D D@FE96C? pC:K@?2 F?:G6CD:EJ E@H? 92C5 2E E96 DE2CE @7 r~'xs[ H96? BF:4<6C 4@>>FE6D H6C6?’E H:??:?8 ?6H >@G6CD] %9@F89 :E’D 4FCC6?E=J DA@CE:?8 2 D=:89E=J ?682E:G6 :?\E@\@FE C2E:@ W_]h` :? "b a_adX 2?5 92D D66? 2 564=:?6 :? >@G6 :?E6C6DE @G6C 7:G6 J62CD[ :E’D AC65:4E65 E92E %F4D@? H:== 3@F?46 324< >@C6 E92? 6G6C :? a_ae[ 3C:?8:?8 :? `]bf ?6H >@G6D 7@C 6G6CJ 6I:E]k^Am

kAmkDEC@?8mRe %6>A6[ p+k^DEC@?8mk^Am

kAm%6>A6’D 7@CEF?6D 2C6 A@:D65 E@ C6G6CD6 >:55=:?8 A6C7@C>2?46 D:?46 r~'xs W2G6C28:?8 2? :?\E@\@FE _]ha C2E:@ D:?46 a_abX[ C6EFC?:?8 E@ >@G6 :?E6C6DE E92E =@@<D >@C6 =:<6 a_`h W@G6C `]c_ :? AC6\r~'xs BF2CE6CDX] {:<6 %F4D@?[ E9:D F?:G6CD:EJ\2?49@C65 E@H? @776CD >F49 E92E 4@>A6E:?8 >@G6\E@ 56DE:?2E:@?D 42?’E >2E49i r2>AFD DEC@==D 2?5 82>6\52J 46=63C2E:@?D C6:8? DFAC6>6 96C6 @G6C ?62C3J DF3FC3D] tIA64E `]bb ?6H4@>6CD 7@C 6G6CJ C6D:56?E 9625:?8 @FE :? a_ae]k^Am

kAmkDEC@?8mRf uC:D4@[ %)k^DEC@?8mk^Am

kAmx? a__a[ uC:D4@ 925 2 k2 9C67lQ9EEADi^^6?]H:<:A65:2]@C8^H:<:^uC:D4@0x?56A6?56?E0$49@@=0s:DEC:4EQmD:?8=6 9:89 D49@@=k^2m] %@52J[ E96C6 2C6 ?:?6] p?5 E96C6 :D?’E 2 D=@H5@H? E@ E9:D s2==2D’ DF3FC3’D “3:886C :? %6I2D” 8C@HE9 4@>:?8 :? a_ae] x? 724E[ uC:D4@’D @?=J D66? @?6 BF2CE6C :? E96 =2DE D:I J62CD H96? >:8C2E:@? H2D ?682E:G6j :? 72== a_ab[ uC:D4@ 5:AA65 F?56C E96 `]__ E9C6D9@=5 H:E9 2? :?\E@\@FE C2E:@ @7 _]he] xE H2D 2? 2?@>2=J] uC:D4@ 3@F?465 324<[ 8C@H:?8 DE625:=J E9C@F89 E96 r~'xs J62CD 2?5 27E6C WF?=:<6 >F49 @7 E96 C6DE @7 E96 4@F?ECJ[ H9:49 D2H 6:E96C 2 DE2C< 5@H?EFC? @C FAEFC? :? =2E6 a_a_ 2?5 a_a`X] (:== :ED DFA6CD:K65 8C@HE9 6G6C DE@An }@E :? E96 4@>:?8 J62C[ H96? >@G6qF5592 AC65:4ED 2? :?\E@\@FE C2E:@ @7 `]ah]k^Am

kAmkDEC@?8mRg #2=6:89[ }rk^DEC@?8mk^Am

kAm#2=6:89’D DEC@?8 A6C7@C>2?46 @G6C E96 A2DE D:I J62CD WH:E9@FE 2 D:?8=6 BF2CE6C H96? @FE\>:8C2E:@? @FEA2465 :?7=@HX D66>D F?C6=6?E:?8] x? 724E[ :7 #2=6:89 <6AE FA :ED H@CDE A6C7@C>2?46 W72== a_ad[ H:E9 2? :?\E@\@FE C2E:@ @7 `]abX[ :E H@F=5 =2?5 ;FDE @FE @7 E96 E@A `_ 7@C 2== 4:E:6D :? a_ae] %96 FC32? 9F3 @7 }@CE9 r2C@=:?2’D “#6D62C49 %C:2?8=6[” #2=6:89 2EEC24ED 2== E9@D6 ?6H4@>6CD H:E9 E6>A6C2E6 H62E96C W2?5 E@?D @7 k2 9C67lQ9EEADi^^42C@=:?256>@8C2A9J]4A4]F?4]65F^a_`e^_g^``^?4\:?\7@4FD\6I2>:?:?8\92=7324<D\EC6?5D^QmC6E:C66D 7C@> u=@C:52 2C6 E2<:?8 ?@E:46k^2mX[ 3FE 2=D@ 2 C@3FDE 64@?@>J[ E649 D46?6[ 2?5 @FE5@@C 2446DD] xE’D 6IA64E65 E@ =2?5 2E Rg :? a_ae H:E9 2? :?\E@\@FE C2E:@ @7 `]ae]k^Am

kAmkDEC@?8mRh $E] !2F=[ |}k^DEC@?8mk^Am

kAm$E] !2F= :D =6DD 4@?86DE65 E92? :ED EH:? DE2C[ H:E9 C62= 6DE2E6 AC:46D E92E 42? F?56C4FE E96 4@>A6E:E:@?] p?5 $E] !2F= 2=D@ @776CD C6D:56?ED 2 7C66 K@@[ 2 9@4<6J 9@>6 32D6[ 2 3=F77D:56 ?2EFC6 D2?4EF2CJ[ 2?5 2 D:8?2EFC6 H:?E6C 42C?:G2=] (6 5@?’E <?@H :7 E92E >:I @7 72>:=J\7C:6?5=J 2?5 A2C<D AC@H6DD :D E96 C62D@? 7@C :ED A@AF=2C:EJ[ 3FE C682C5=6DD[ $E] !2F= 92D 6IA=@565 :? :?E6C6DE @G6C E96 A2DE 7:G6 J62CD[ FA `aaT WE96 >@DE @7 2?J 4:EJ 3J 72CX] p?5 :? a_ae[ :E’D AC65:4E65 E92E :E’== D66 `]ad :?\>@G6D 7@C 6G6CJ 6I:E]k^Am

kAmkDEC@?8mR`_ ':C8:?:2 q6249[ 'pk^DEC@?8mk^Am

kAm|@C6 p>6C:42?D 2C6 9625:?8 62DE @7 E96 4@>>6C4:2= 9F3 @7 }@C7@=<[ H96C6 E96J’== DE2J 4=@D6 E@ ;@3D 3FE 6?;@J 3@2C5H2=< 3:<6D[ 7=:A\7=@AD[ 2?5 ?2G2= ?6:893@CD @FE 3J E96 H2E6C] (9:=6 E96 2C62 H2D?’E 2 E@A 56DE:?2E:@? 2 76H J62CD 28@[ 2 BF:6E A@DE\r~'xs C2==J 92D DE625:=J EC2?D7@C>65 :E D:?46 a_aa[ 2?5 :E’D 6?;@J65 >@DE=J A@D:E:G6 :?7=@H 7@C E9@D6 H9@ 2AAC64:2E6 :ED 492C>D 6G6C D:?46] (9:=6 a_ad’D 366? 7=2E 7@C E96 36249 E@H? 2E E96 >@FE9 @7 r96D2A62<6 q2J[ :? a_ae[ 6IA64E ':C8:?:2 q6249 E@ C6DF>6 :ED 8C@HE9[ H:E9 2? :?\E@\@FE C2E:@ @7 `]ac]k^Am

k9bmp>6C:42?D {62G6 E96 ‘xE’ r:E:6D 7@C E96 ‘yFDE\#:89E’ r:E:6D :? a_aek^9bm

kAmw@>6 @7 E96 &?:G6CD:EJ @7 %6??6DD66 '@=F?E66CD[ z?@IG:==6 :D 2 C:G6C7C@?E 4@==686 E@H? E92E’D ?@E@C:@FD=J 5@8\7C:6?5=J[ H:E9 A=6?EJ @7 4C27E 366C 2?5 32C364F6 E@ 8@ 2C@F?5] qFE :D E92E E96 D64C6E @7 :ED C646?E DF446DDnk^Am

kAm|2J36]k^Am

kAmk2 9C67lQ9EEADi^^HHH]>@G63F5592]4@>^3=@8^a_ad\>@DE\A@AF=2C\4@==686\E@H?D^Qmr@==686 E@H?Dk^2m 2C6 @G6CC6AC6D6?E65 @? E9:D =:DE @7 FA\2?5\4@>:?8 4:E:6D[ DF886DE:?8 E92E p>6C:42?D 2C6?’E C6;64E:?8 2== 4:E:6Dj E96J’C6 ;FDE 6J6:?8 F?:G6CD:EJ 9F3D] !@AF=2C:EJ :? a_ae H:== 46?E6C @? 2 J@F?8 G:36[ 2 DE23=6 ;@3 >2C<6E[ 2?5 2 5:DAC@A@CE:@?2E6 ?F>36C @7 >FD6F>D[ EC2G6=:?8 AC@5F4E:@?D[ 2?5 32== 82>6D]k^Am

kAmuC@> z?@IG:==6 E@ %F=D2 W%&X[ %6>A6 Wp$&X[ %F4D@? W& @7 pX[ #2=6:89 W}r $E2E6 2?5 E96 C6D62C49 EC:2?8=6X[ |:??62A@=:D\$E] !2F= W& @7 |X[ tF86?6 W&~X[ $A@<2?6 Wv@?K282^($& $A@<2?6X[ ~C=2?5@ W&ruX[ }2D9G:==6 W'2?56C3:=EX[ (2D9:?8E@? s]r] W>F=E:A=6X[ r92C=@EE6 W&}r 2?5 E96 EC:2?8=6X[ $2G2??29 W$rpsX[ 2?5 vC2?5 #2A:5D Wv'$&X[ p>6C:42?D 2C6 D62C49:?8 7@C >@G6D E@ 4:E:6D H:E9 568C66D]k^Am

kAmx? E96 E@A ad[ 7@FC 4:E:6D 2C6 AC:>2C:=J “4@==686 E@H?D[” 2?5 D6G6? >@C6 3@2DE 2 D:8?:7:42?E F?:G6CD:EJ 2?49@C]k^Am

kAmuFCE96C[ E96C6’D 2 >:5\D:K65 >2;@C:EJ 2>@?8 E@A 4:E:6D[ H:E9 a_ @7 E96 E@A ad 36:?8 >:5\D:K65 4:E:6D @C =2C86 DF3FC3D — E96 DH66E DA@E 7@C 2446DD E@ 2>6?:E:6D H:E9@FE E96 4C@H5D 2?5 4@DED E92E 4@>6 H:E9 3:8\4:EJ =:76]k^Am

kAm$@ >:5\D:K65 4@==686\2?49@C65 4:E:6D 2C6 A@:D65 E@ H:? 3:8 :? a_ae]k^Am

kAmqFE H9:49 >:5\D:K65 4@==686 E@H?D D66 E96 >@DE 24E:@?nk^Am

kAm#68:@? :D 2=D@ :>A@CE2?E] u@CEJ\6:89E A6C46?E @7 E96 E@A ad 4:E:6D =:6 :? E96 $@FE9 2?5 $@FE9H6DE[ D9@H:?8 E92E E96 $F?36=E H@?’E 36 4@@=:?8 2?JE:>6 D@@?] x? a_ac[ E96 $@FE9 D2H E96 k2 9C67lQ9EEADi^^HHH]A6H]@C8^6?^C6D62C49\2?5\2?2=JD:D^2CE:4=6D^a_ad^_b^_d^A@AF=2E:@?\8C@HE9\:?\>@DE\DE2E6D\@FEA2465\=@?8\E6C>\EC6?5D\:?\a_acQm72DE6DE >65:2? 8C@HE9 C2E6k^2m @7 2?J C68:@?[ 2?5 D@ 72C :? a_ad[ :E 92D E96 9:896DE 2G6C286 :?\E@\@FE C2E:@ @7 2?J C68:@?] w@H6G6C[ E96 $@FE9H6DE W:?4=F5:?8 %6I2D 2?5 ~<=29@>2X =@@<D E@ @FEA6C7@C> :ED D@FE96C? ?6:893@CD :? E96 4@>:?8 J62C]k^Am

k9bm(92E 2C6 a_ad’D q:886DE r@>6324< r:E:6Dnk^9bm

kAm$E] !2F= 92D D66? :?E6C6DE >@C6 E92? 5@F3=6 :? E96 A2DE 7:G6 J62CD[ D9@H:?8 E92E H9:=6 r~'xs >@G6CD H6C6?’E 52KK=65 3J E96 42A:E2= 4:EJ’D @776C:?8D[ E@52J’D >@G6CD 2C6 >2<:?8 FA 7@C :E] $@ H9:=6 E@52J[ E96 4:EJ :D A@:D65 E@ 92G6 E96 ?:?E9 9:896DE :?\E@\@FE C2E:@ @7 a_ae[ :E >2J 4@?E:?F6 E@ C:D6 :? a_af]k^Am

kAmu@C 2== BF2CE6CD @7 a_`h[ $E] !2F= D2H 2? 2G6C286 :?\E@\@FE C2E:@ @7 _]ec :?\>@G6D 7@C 6G6CJ @FE8@:?8 C6D:56?E]k^Am

kAm%@52J’D `]ag >@G6 C2E:@ :D C@F89=J `aaT 9:896C[ 2 ;F>A E92E’D >@C6 E92? 5@F3=6 E92E @7 E96 4=@D6DE 4@>A6E:E@C W76==@H FAA6C\|:5H6DE6C?6C[ |:=H2F<66[ H96C6 :?E6C6DE :D FA cf]dcTX]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_`^_h^>@G63F5592\:?E6C6DE\:?\>@G:?8\E@\DE]\A2F=\>?\92D\5@F3=65\:?\E96\=2DE\d\J62CD]A?8Q 2=ElQp 52E2 32C 8C2A9 D9@H:?8 C6DF=ED E92E :?E6C6DE :? >@G:?8 E@ $E] !2F=[ |:??6D@E2 92D 5@F3=65 :? E96 =2DE 7:G6 J62CD]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m>@G6qF5592k^7:842AE:@?mk^7:8FC6m

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_`^_h^>@G63F5592\DE\A2F=]A?8Q 2=ElQ%23=6 =:DE:?8 E96 E@A 4:E:6D[ E96:C DE2E6D 2?5 E96:C d\J62C A6C46?E286 492?86]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m>@G6qF5592k^7:842AE:@?mk^7:8FC6m

kAm$:?46 a_`h[ E96 &AA6C |:5H6DE 2?5 vC62E {2<6D 2C6 C@2C:?8 29625[ H:E9 @G6CD:K65 :?E6C6DE 4@>A2C65 E@ H92E E96J D2H :? a_`h] *6E >2?J 4:E:6D :? E96 A6C6??:2==J A@AF=2C $@FE9 W$2G2??29[ pE=2?E2[ z?@IG:==6X 2C6 2=D@ C6AC6D6?E65]k^Am

kAm(92E 5@ E96J 92G6 :? 4@>>@?nk^Am

kAm%96C6’D 2 4@DE 25G2?E286 E@ >2?J @7 E96D6 D64@?52CJ =@42=6D] %2<6 u@CE (@CE9[ 4@>A2C65 E@ s2==2D[ H96C6 `__Z >:=6D @7 EC2:= ?6EH@C< >66E =@H6C 56?D:EJ 2?5 2 >@C6 (6DE6C? 766=] ~C p=6I2?5C:2[ 4@>A2C65 E@ (2D9:?8E@? s]r][ H96C6 @2<\=:?65 3@F=6G2C5D =62G6 E96 4:EJ’D 4@?86DE:@? 369:?5] |@G6CD E@52J >2J 36 >@C6 :?E6C6DE65 :? <66A:?8 E96 3:8 C68:@? 2?5 64@?@>J[ 3FE 5C@AA:?8 E96 =6DD 56D:C23=6 A2CED @7 4:EJ =:76]k^Am

kAm(9:=6 E96D6 “3:8 4@>6324<” 4:E:6D 5:776C 7C@> E96 “E@A” a_ae :?7=@H 4:E:6D 5C2H:?8 ?6H >@G6CD[ E96 DE@CJ’D E96 D2>6]k^Am

kAmq@E9 D66> E@ E6== 2 DE@CJ 23@FE C:89E\D:K65 FC32?:EJ] #6D:56?ED :? 4:E:6D =:<6 |:=H2F<66 2?5 r=6G6=2?5 5@?’E DA6?5 2== 52J @? A2C<:?8 2AAD[ 3FE E96J 42? DE:== 6?;@J 2 3:8 82>6 W2?5 >2J36 6G6? 277@C5 E96 E:4<6EX]k^Am

kAmkDEC@?8mr9:428@ :D 2 }@E23=6 &ADH:?86Ck^DEC@?8mk^Am

kAm~?6 8=2C:?8 6I46AE:@? :D E96 (:?5J r:EJ] x?DE625 @7 “86EE:?8 @FE @7 E96 4:EJ[” E9:D ?2E:@?2= 9F3 92D C6G6CD65 :ED F?4@@= C6AFE2E:@? 2?5 :D 5C2H:?8 >@C6 :?E6C6DE E92? 6G6C[ E:AA:?8 :E :?E@ E96 3=24<] %@52J[ r9:428@’D ?@E ;FDE “C64@G6C:?8” H:E9 76H6C @FE\>@G6D E92? 367@C6j :E’D 24EF2==J 82:?:?8 >@C6 ?6H4@>6CD E92? 2C6 =62G:?8] (:E9 caT :?4C62D65 :?E6C6DE 4@>A2C65 E@ a_`h[ :? E96 72==[ a_ad[ r9:428@ D2H `]`c :?\>@G6D 7@C 6G6CJ @FE3@F?5 C6=@42E:@?] xE’D AC65:4E65 a_ae C2E:@ :D ;FDE F?56C `]__[ 3FE 2D @?6 @7 ;FDE ab @FE @7 fh 4:E:6D H:E9 “8C@H:?8 :?E6C6DE[” >2J36 a_af H:== EFC? E96 E:56]k^Am

kAmkDEC@?8m!9@6?:I :D?’E #:D:?8 7C@> E96 pD96D %9:D %:>6k^DEC@?8mk^Am

kAm(:E9 E96 3:886DE @G6C2== 5@H?DH:?8 :? A@AF=2C:EJ 7C@> a_`h E@ a_ad[ !9@6?:I D9@HD E92E :E’D ?@E 2=H2JD A@DD:3=6 7@C 2 3:8 A=2J6C E@ >2<6 2 3:8 4@>6324<] (9:=6 >2?J @7 :ED DF3FC3D 2C6 DE:== A@AF=2C[ E9:D FC32? 9F3 :ED6=7 :D DECF88=:?8[ H:E9 dhT =6DD :?E6C6DE E92? :E D2H :? a_`h] uFCE96C[ :ED :?\E@\@FE >@G6 C2E:@ :D AC65:4E65 E@ 36 ?682E:G6 :? a_`e[ H:E9 _]fd :?\>@G6D 7@C 6G6CJ 6I:E]k^Am

k9bm%96D6 r:E:6D !2:C vC@H:?8 x?E6C6DE 2?5 w:89 !C65:4E65 x?\|@G6Dk^9bm

kAm(9:=6 r9:428@ :D 86EE:?8 A@AF=2C E96 72DE6DE[ >@G6qF5592 :D?’E AC65:4E:?8 E92E :E H:== EC2?D=2E6 :?E@ 9F86 :?\>@G6 :?E6C6DE :? a_ae]k^Am

kAm$@[ H9:49 4:E:6D 92G6 3@E9 8C@H:?8 :?E6C6DE 2?5 2C6 AC65:4E65 E@ 92G6 9:89 :?3@F?5 >@G6Dn x? @E96C H@C5D[ H9@ :D 2=C625J 9@E 2?5 A@:D65 E@ 86E 9@EE6Cnk^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_`^_h^9@E\2?5\9@EE6C\E96\E@A\f\C:D:?8\4:E:6D\:?\a_ae\?3DA\]A?8Q 2=ElQp 52E2 >2A @7 E96 &$ D9@H:?8 E96 E@A D6G6? C:D:?8 4:E:6D :? a_ae]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m>@G6qF5592k^7:842AE:@?mk^7:8FC6m

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_`^_h^>@G63F5592\f\C:D:?8\4:E:6D]A?8Q 2=ElQp E23=6 =:DE:?8 E96 E@A 4:E:6D[ E96:C AC65:4E65 a_ae C2E:@[ 2?5 E96:C A6C46?E286 492?86 7C@> a_`h\a_ad]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m>@G6qF5592k^7:842AE:@?mk^7:8FC6m

kAm%96C6 2C6 @?=J D6G6? 4:E:6D H:E9 a_ae AC65:4E65 :?\C2E:@D @G6C `]__ E92E 2=D@ D9@H 8C@H:?8 :?E6C6DE 24C@DD E96 =2DE 7:G6 J62CD] %96D6 DE625J 4=:>36CD’ A@AF=2C:EJ :D?’E 2 7=2D9 :? E96 A2? — :E’D 3F:=E :?E@ E96 723C:4 @7 E96D6 4:E:6D[ H9:49 2C6 8@@5 2E H6=4@>:?8 ?6H C6D:56?ED]k^Am

kAmqFE 8C@H:?8 :?E6C6DE :D?’E 2== 2=:<6]k^Am

kAm(9:=6 uC:D4@’D =@?8\=:G65 A@AF=2C:EJ >62?D :E 42?’E 6IA=@56 >F49 >@C6 :? :?E6C6DE W2E =62DE[ :E 2AA62CD F?=:<6=J E@X[ E96 56D:C6 E@ >@G6 E@ E96 ?@CE96C? s2==2D 4:EJ 92D 4C6AE FA gbT @G6C E96 A2DE 7:G6 J62CD] ~? E96 @E96C 92?5[ $E] !2F=[ H9:49 D2H ?62C=J EH:46 2D >2?J >@G6\@FED 4@>A2C65 E@ E9@D6 =@@<:?8 E@ >@G6 :? 7:G6 J62CD 28@[ 92D 7=:AA65 :ED 7@CEF?6D 7C@> 2? @FE\>:8C2E:@? 4:EJ E@ 2 9@E 4@>>@5:EJ]k^Am

kAm$2G2??29 :D 2? @FE=:6C] (9:=6 :?E6C6DE 92D 366? 9:89 @G6C E96 =2DE 7:G6 J62CD[ :?E6C6DE 4@?E:?F6D E@ C:D6 3J =62AD 2?5 3@F?5D] xE’D aaT 9:896C E92? :E H2D :? a_`h[ 56DA:E6 E96 724E E92E DAC:?8 a_`h >@G6CD H6C6 2=C625J :?E6C6DE65 :? >@G:?8 E@ $2G2??29 2E EH:46 E96 C2E6 @7 >@G6\@FED]k^Am

kAmkDEC@?8m|:??62A@=:D #:G2=D $E] !2F= 7@C !@AF=2C:EJ !@:?EDk^DEC@?8mk^Am

kAm|:??62A@=:D’ A@AF=2C:EJ 4=:>3 :D?’E 2D AC@7@F?5 2D :ED ?6:893@C’D[ 3FE :E’D E96 D64@?5\=2C86DE :? E96 4@F?ECJ @G6C E96 A2DE 7:G6 J62CD[ H:E9 :ED :?\E@\@FE C2E:@ D@2C:?8 7C@> 7=2E :?E6C6DE :? a_`h E@ 2 AC65:4E65 a_ae :?\E@\@FE C2E:@ @7 `]a_ W`aE9 :? E96 4@F?ECJX] (9:=6 E96 4:EJ D66D BF2CE6CD H96C6 >@G6 :?E6C6DE =62?D @FE3@F?5[ |:??62A@=:D’ A@AF=2C:EJ D9@HD :?\>@G6D 2C6?’E ;FDE =@@<:?8 E@ $E] !2F=[ E96J’C6 D4@FE:?8 2? 6?E:C6 2C62 E92E’D DEC@?8 @G6C2== — 2?5 86EE:?8 6G6? DEC@?86C]k^Am

kAmkDEC@?8mxD pFDE:?’D {@?6 $E2C u2==:?8nk^DEC@?8mk^Am

kAm(:E9 c_T =6DD :?E6C6DE E92? :? a_`h[ pFDE:?’D ?@E FD65 E@ 36:?8 @? E96 =@D:?8 6?5 @7 2 A@AF=2C:EJ 4@?E6DE] xED :?\E@\@FE C2E:@ @?=J 5:AA65 :?E@ @FE7=@H E6CC:E@CJ EH:46 @G6C E96 A2DE 7:G6 J62CD[ :? E96 =2DE EH@ BF2CE6CD @7 a_ab] qFE E96 4:EJ :D AC65:4E65 E@ 2G6C286 >@C6 @FE7=@H E92? :?\>@G6D 24C@DD a_ae[ H:E9 _]hd :?\>@G6D 7@C 6G6CJ C6D:56?E 42==:?8 :E BF:ED] p?5 H:E9 A@AF=2C:EJ D:?<:?8 c_T @G6C E96 A2DE 7:G6 J62CD[ E9:D k2 9C67lQ9EEADi^^HHH]>@G63F5592]4@>^3=@8^>@G6\E@\E6I2D\>:8C2E:@?\C6A@CE^Qm%6I2D H:??6Ck^2m >2J 36 AFEE:?8 :ED 3@@> 52JD 369:?5 :E]k^Am

k9bmr@?4=FD:@?k^9bm

kAm~7 E96 E@A ad 4:E:6D 7@C :?\E@\@FE C2E:@D :? a_ae[ `g 92G6 “72==:?8 :?E6C6DE]” %92E’D ?6H 7@C >2?J @7 E96 4:E:6D @? >@G6qF5592’D =:DE E92E 92G6 4@>6 E@ 6IA64E >@G:?8 G2?D C@==:?8 FA E@ E96:C ?6:893@C9@@5D]k^Am

kAmqFE 6G6? 2D >@G6 :?E6C6DE 72==D :? 86?6C2=[ D@>6 4:E:6D 2C6 362C:?8 >@C6 @7 E96 H6:89E @7 5:D:?E6C6DE E92? @E96CD] q:8 4:E:6D 2C6 =@D:?8 :?E6C6DE >@DE[ H9:=6 >:5\D:K65 4:E:6D[ 6DA64:2==J :? E96 $@FE9 2?5 (6DE[ 2C6 DE:== 9@E H96? :E 4@>6D E@ ?6H >@G6D] $@>6 C:D:?8 DE2CD =:<6 %F=D2 2?5 $2G2??29 2C6 EC6?5:?8 2?5 A@:D65 E@ H:? 6G6? >@C6 >@G6D :? a_ae[ H9:=6 @=5 72G@C:E6D =:<6 pFDE:? D66 E96:C A@AF=2C:EJ H2?:?8]k^Am

kAm%@ >@G6 E96 ?665=6 :? a_ae[ 4:E:6D D9@F=5 36 4@>A24E[ F?:G6CD:EJ\5C:G6?[ 2?5 @776C $F?36=E H2C>E9] p?5 7@C 4:E:6D E92E 5@?’E 7:E E96 AC@7:=6[ >2?J 2C6 DE:== H:??:?8 H96? E96J’C6 23=6 E@ @776C 3:8\4:EJ 2>6?:E:6D >:?FD 3:8\4:EJ 7C:4E:@?]k^Am

k9bm|6E9@5@=@8Jk^9bm

kAm|@G6qF5592 :?4=F565 2== &]$] 4:E:6D H:E9 2E =62DE a_ :?\>@G6 2?5 a_ @FE\>@G6 D62C496D 24C@DD E96 A2DE 7:G6 J62CD’ H@CE9 @7 52E2 7@C 2 E@E2= @7 fh 4:E:6D] |@G6qF5592 E96? D@CE65 E9@D6 3J EC6?5:?8 :?E6C6DE W2C6 E96J 8C@H:?8 @C 72==:?8 :? :?E6C6DEnX]k^Am

k9bmw@H 5:5 H6 7@C642DE a_ae’D E@A 4:E:6Dnk^9bm

kAm|@G6qF5592’D a_ae 4:EJ 7@C642DED H6C6 7@F?5 FD:?8 2 C2?5@> 7@C6DE >@56=] %96 >@56= H2D EC2:?65 @? BF2CE6C=J 52E2 7C@> a_`h E@ a_ad E92E 244@F?E65 7@C E96 =2DE 7@FC BF2CE6CD 7@C >@>6?EF>[ E96 BF2CE6C @7 E96 J62C 7@C D62D@?2=:EJ[ E96 42=6?52C J62C 7@C =@?86C\E6C> D9:7ED[ 2?5 2 C@==:?8 `a\>@?E9 2G6C286 E@ D>@@E9 F?FDF2= DA:<6D]k^Am

k9bm"F6DE:@?Dk^9bm

kAmkDEC@?8m(9:49 4:E:6D 2C6 AC65:4E65 E@ 36 E96 >@DE A@AF=2C E@ >@G6 E@ :? a_aenk^DEC@?8mk^Am

kAmz?@IG:==6 :D AC@;64E65 E@ C2?< R` 7@C :?3@F?5 >@G6 :?E6C6DE :? a_ae H:E9 2 `]e` :?\E@\@FE C2E:@[ 7@==@H65 3J %F=D2 2?5 '2?4@FG6C 2E `]df 6249[ 2?5 $2G2??29 2E `]c`[ 244@C5:?8 E@ >@G6qF5592 >@G6C D62C49 52E2 2?5 7@C642DE:?8]k^Am

kAmkDEC@?8m(9J 2C6 >:5\D:K65[ F?:G6CD:EJ\2?49@C65 4:E:6D :? E96 $@FE9 2?5 $@FE9H6DE 6IA64E65 E@ 36 E96 >@DE A@AF=2C A=246D E@ >@G6 E@ :? a_aenk^DEC@?8mk^Am

kAm|:5\D:K65[ F?:G6CD:EJ\2?49@C65 4:E:6D =625 3642FD6 E96J 5@>:?2E6 E96 E@A ad Wa_ 2C6 >:5\D:K65[ `` 92G6 2 F?:G6CD:EJ 2?49@CX 2?5 ?62C=J 92=7 =:6 :? E96 $@FE9^$@FE9H6DE[ H96C6 a_ae C2E:@D 2C6 7@C642DE 2C@F?5 `]_b\`]_d]k^Am

kAmkDEC@?8m(9:49 4:E:6D 2C6 D66:?8 E96 72DE6DE 8C@HE9 @7 :?E6C6DE D:?46 a_`h[ 2?5 9@H >F49 92D :?E6C6DE 8C@H?nk^DEC@?8mk^Am

kAm$E] !2F= :D E96 3:886DE 4@>6324< 4:EJ[ H:E9 :?E6C6DE FA `aaT D:?46 a_`h[ 72C @FEA24:?8 |:=H2F<66 WZcf]dcTX 2?5 r9:428@ WZca]abTX]k^Am

kAmkDEC@?8m~7 p>6C:42’D >2;@C 4:E:6D[ H96C6 :D E96 >@G6\E@ :?E6C6DE 6IA64E65 E@ C:D6 @C 72== :? a_aenk^DEC@?8mk^Am

kAm{@@<:?8 @?=J 2E 4:E:6D H:E9 2E =62DE d__z C6D:56?EDik^Am

kF=mk=:mkDEC@?8mu2DE6DE\C:D:?8 :?E6C6DEik^DEC@?8m |:=H2F<66 WZcf]dcTX[ r9:428@ WZca]abTX[ u@CE (@CE9 WZba]fcTX[ {@F:DG:==6 WZaaTX[ 2?5 z2?D2D r:EJ WZ`gTX]k^=:mk=:mkDEC@?8m$E66A6DE 564=:?6D :? :?E6C6DEik^DEC@?8m !9@6?:I W−dhTX[ s6?G6C W\cgTX[ p=3FBF6CBF6 W\cfTX[ $62EE=6 W\ceTX[ pFDE:? W\c_TX]k^=:mk^F=m

k9bmp>@?8 p>6C:42’D =2C86DE 4:E:6D[ H9:49 2C6 AC65:4E65 E@ 36 E96 >@DE @C =62DE A@AF=2C E@ >@G6 E@ :? a_aenk^9bm

kAm|@G6qF5592 =@@<65 @?=J 2E 4:E:6D H:E9 2E =62DE d__[___ C6D:56?ED 2?5 7@F?5ik^Am

kAmkDEC@?8m%96 |@DE !@AF=2Ck^DEC@?8m W9:896DE AC65:4E65 :?3@F?5 C2E:@[ U8Ej`Xk^Am

k@=mk=:m%F4D@?[ p+ `]bfk^=:mk=:m(2D9:?8E@? sr `]`gk^=:mk=:m!@CE=2?5[ ~# `]`gk^=:mk=:my24<D@?G:==6[ u{ `]`fk^=:mk=:m}2D9G:==6[ %} `]`ck^=:mk=:m}6H *@C<[ }* `]`ak^=:mk=:mr92C=@EE6[ }r `]`_k^=:mk=:ms2==2D[ %) `]_ck^=:mk^@=m

kAmkDEC@?8m%96 {62DE !@AF=2Ck^DEC@?8m W=@H6DE AC65:4E65 :?3@F?5 C2E:@[k^Am

k@=mk=:mx?5:2?2A@=:D[ x} _]fdk^=:mk=:m!9@6?:I[ p+ _]fdk^=:mk=:m$2? s:68@[ rp _]ffk^=:mk=:mq2=E:>@C6[ |s _]fgk^=:mk=:m~<=29@>2 r:EJ[ ~z _]g`k^=:mk=:mpE=2?E2[ vp _]g`k^=:mk=:m$2? p?E@?:@[ %) _]gbk^=:mk=:m|6>A9:D[ %} _]gbk^=:mk=:mz2?D2D r:EJ[ |~ _]gdk^=:mk=:mw@FDE@?[ %) _]gdk^=:mk^@=m

kAmk2 9C67lQ9EEADi^^HHH]>@G63F5592]4@>^3=@8^>@G:?8\7@C642DE\AC65:4E:@?D^Qmk6>m%9:D DE@CJk^6>mk^2m k6>mH2D AC@5F465 3Jk^6>m k2 9C67lQ9EEADi^^HHH]>@G63F5592]4@>Qmk6>m>@G6qF5592k^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