How much is the NFL worth? Inside America's most valuable sports league

kAm%96 }u{ :D p>6C:42’D 3:886DE AC@76DD:@?2= 7@@E32== =628F6[ 3FE :E :D 2=D@ 2 >F=E:3:==:@?\5@==2C 64@?@>:4 64@DJDE6> DA2??:?8 >65:2 C:89ED[ 7C2?49:D6 G2=F2E:@?D[ A=2J6C D2=2C:6D[ DE25:F> :?G6DE>6?E[ 25G6CE:D:?8[ >6C492?5:D6[ DA@CED 36EE:?8 2?5 AC65:4E:@? >2C<6ED]k^Am

kAm(:E9 ba E62>D[ >@C6 E92? Sab 3:==:@? :? 2??F2= C6G6?F6 2?5 2? 2G6C286 7C2?49:D6 G2=F6 @7 Sf]` 3:==:@? :? a_ae[ E96 =628F6 92D 364@>6 2 >2;@C 4@>>6C4:2= 7@C46 H:E9 =:?<D E@ 2 H:56 C2?86 @7 :?5FDEC:6D 2?5 7:?2?4:2= >2C<6ED]k^Am

kAmpD E96 a_ae }u{ D62D@? 2AAC@2496D[ :ED 64@?@>:4 7@@EAC:?E :D 6IA2?5:?8 7FCE96C] (:E9 2 C64@C5 Sb_`]a >:==:@? D2=2CJ 42A[ S``_ 3:==:@? :? 5@>6DE:4 >65:2 C:89ED 2?5 E96 8C@H:?8 C@=6 @7 AC65:4E:@? >2C<6ED[ E96 }u{ @776CD 2 FD67F= =6?D :?E@ 9@H DA@CE[ 3FD:?6DD 2?5 7:?2?4:2= >2C<6ED :?4C62D:?8=J :?E6CD64E]k^Am

k9bm%{js#k^9bm

kF=mk=: 52E2\=:DE\:E6>\:5lQ6g`2354e7c23g3ce`eceg_3bha5h5`ceaQmkDEC@?8mp >@C6 E92? Sab 3:==:@? }u{ 64@?@>Jk^DEC@?8mi %96 =628F6 86?6C2E65 >@C6 E92? Sab 3:==:@? :? C6G6?F6 :? a_ad\ae]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6e37cb56``_37hd7`fc3ehhg7fab4`hchQmkDEC@?8m#64@C5 7C2?49:D6 G2=F6Dk^DEC@?8mi %96 2G6C286 E62> G2=F6 C624965 Sf]` 3:==:@? :? a_ae[ FA b`T J62C @? J62C]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6ecb3`fg5g5_fcd5_`72ecf4`4df`3_eaQmkDEC@?8m}u{ D2=2CJ 42A WSb_`]a >:==:@?Xk^DEC@?8mi %96 a_ae 42A :D E96 9:896DE :? }u{ 9:DE@CJ]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6476d53cf56ch7_4462fdfcbc`37h7f3aQmkDEC@?8mS``_ 3:==:@? >65:2 C:89EDk^DEC@?8mi qC@2542DE 562=D C6>2:? E96 =628F6’D 3:886DE 7:?2?4:2= 6?8:?6]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6he3`64e2`7dbc`fcc6gdeg3f246b62b7QmkDEC@?8m}u{ 36EE:?8 2?5 72?E2DJ 3@@>k^DEC@?8mi }u{ A@AF=2C:EJ 7F6=D >2;@C DA@CED 36EE:?8 2?5 72?E2DJ >2C<6ED]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6hhdbdc5b`657cbfh3c475e`da7_g36fdQmkDEC@?8m!C65:4E:@? >2C<6ED 8C@Hk^DEC@?8mi }u{ 4@?EC24ED 2C6 364@>:?8 2 >2;@C A2CE @7 E96 6IA2?5:?8 AC65:4E:@?\>2C<6E D64E@C]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6_g_2gg2fbabd_f554ehba667cgch3f72QmkDEC@?8ma_ae D62D@? <:4<@77k^DEC@?8mi $62EE=6 7246D }6H t?8=2?5 @? $6AE] h[ a_ae]k^=:mk^F=m

k9bm(92E :D E96 }u{nk^9bm

kAm%96 }u{ W}2E:@?2= u@@E32== {628F6X :D E96 E@A AC@76DD:@?2= p>6C:42? 7@@E32== =628F6 :? E96 &?:E65 $E2E6D]k^Am

kAmxE 92D ba E62>D[ :?4=F5:?8 E96 z2?D2D r:EJ r9:67D[ !9:=256=A9:2 t28=6D[ s2==2D r@H3@JD[ 2?5 $2? uC2?4:D4@ ch6CD] %96 E62>D 2C6 5:G:565 :?E@ EH@ 4@?76C6?46D[ E96 pur 2?5 }ur[ H:E9 7@FC 5:G:D:@?D :? 6249]k^Am

kAm%96 32D:4 :562 @7 p>6C:42? 7@@E32== :D E@ >@G6 2? @G2=\D92A65 32== 5@H? E96 7:6=5 2?5 D4@C6] p E@F495@H? :D H@CE9 e A@:?ED[ 2?5 E62>D 42? 2=D@ D4@C6 H:E9 7:6=5 8@2=D 2?5 @E96C A=2JD] t249 E62> 86ED 2 D6C:6D @7 2EE6>AED 42==65 5@H?D E@ 25G2?46 E96 32==]k^Am

kAm%96 }u{ D62D@? 86?6C2==J CF?D 7C@> $6AE6>36C E9C@F89 y2?F2CJ[ 7@==@H65 3J E96 A=2J@77D] %96 492>A:@?D @7 E96 pur 2?5 }ur E96? >66E :? E96 $FA6C q@H=[ E96 }u{VD 492>A:@?D9:A 82>6 2?5 @?6 @7 E96 3:886DE 2??F2= DA@CE:?8 6G6?ED :? E96 &]$]k^Am

k9bmw@H 3:8 :D E96 }u{nk^9bm

kAm%96 }u{ 86?6C2E65 >@C6 E92? Sab 3:==:@? :? E@E2= C6G6?F6 :? E96 7:D42= J62C E92E 6?565 =2DE |2C49[ 2 7:8FC6 E92E DFCA2DD6D E96 2??F2= k2 9C67lQ9EEADi^^HHH]A=FDd__]4@>^6?\4J^?6HD2?5>2C<6E:?D:89ED^H92E\:D\85AQmvs!k^2m @7 @G6C g_ 4@F?EC:6D] t249 @7 :ED ba 7C2?49:D6D C646:G65 2 ?2E:@?2= C6G6?F6 D92C6 @7 >@C6 E92? Scd_ >:==:@? 7@C E96 a_ad D62D@? 2=@?6[ C6AC6D6?E:?8 2 dT J62C\@?\J62C :?4C62D6[ 244@C5:?8 E@ $A@CE:4@]k^Am

kAm%92E D92C65 C6G6?F6 :D E96 }u{VD DECF4EFC2= 25G2?E286i F?=:<6 >@DE DA@CED =628F6D[ 6G6CJ E62> 36?67:ED 7C@> E96 D2>6 ?2E:@?2= >65:2 2?5 =:46?D:?8 562=D[ 4C62E:?8 2 7:?2?4:2= 7=@@C E92E ?@ @E96C >2;@C DA@CED =628F6 C6A=:42E6D]k^Am

k9bmz6J }u{ C6G6?F6 36?49>2C<Dik^9bm

kF=mk=: 52E2\=:DE\:E6>\:5lQ6h`_fb55_f2hed`347c2f_agb5g___gf5Qm%@E2= k2 9C67lQ9EEADi^^HHH]DA@CE:4@]4@>^=628F6D^7@@E32==^a_ae^?7=\C6G6?F6\ad\3:==:@?\C@86C\8@@56==\8@2=\`abcggb`ec^Qm}u{ C6G6?F6k^2mi ~G6C Sab 3:==:@? W7:D42= J62C a_ad\aeXk^=:mk=: 52E2\=:DE\:E6>\:5lQ6755h`ge2g7e_4cgbdefd7dfab6`ea2_3Qm}2E:@?2= k2 9C67lQ9EEADi^^DA@CED]J29@@]4@>^2CE:4=6D^?7=\`c\d3\C6G6?F6\EC:886CD\`daad_dg_]9E>=QmC6G6?F6 A6C E62>k^2mi ~G6C Scd_ >:==:@?k^=:mk=: 52E2\=:DE\:E6>\:5lQ6bab22hg772b_dhafg`g2662che7bcb45QmpG6C286 k2 9C67lQ9EEADi^^HHH]DA@CE:4@]4@>^G2=F2E:@?D^E62>D^a_ae^?7=\E62>\G2=F6D\a_ae\52==2D\4@H3@JD\=@D\2?86=6D\C2>D\`abchc`e_f^Qm}u{ 7C2?49:D6 G2=F6k^2m Wa_aeXi Sf]` 3:==:@? WFA b`T J62C\@?\J62C A6C $A@CE:4@Xk^=:mk=: 52E2\=:DE\:E6>\:5lQ65`e`43bdh2a24d75_bag6ca`2b5e4ddfQmk2 9C67lQ9EEADi^^DA@CED]J29@@]4@>^2CE:4=6D^52==2D\4@H3@JD\C6>2:?\>@DE\G2=F23=6\`h____fda]9E>=Qm|@DE G2=F23=6 7C2?49:D6k^2mi s2==2D r@H3@JD 2E S`d]d 3:==:@? W$A@CE:4@ a_aeXk^=:mk=: 52E2\=:DE\:E6>\:5lQ6_be44ab7facef2435ebgbad35e4bfe53Qm}@] ai k2 9C67lQ9EEADi^^DA@CED]J29@@]4@>^2CE:4=6D^C2>D\a?5\>@DE\G2=F23=6\7C2?49:D6\`dbc`bf_h]9E>=Qm{@D p?86=6D #2>Dk^2m 2E S`a]f 3:==:@?k^=:mk=: 52E2\=:DE\:E6>\:5lQ6hd`_3cc4cg374dbg`df_336b34_f5hddQm}@] bi }6H *@C< v:2?ED 2E S`a 3:==:@?k^=:mk^F=m

kAm%96 r@H3@JDV k2 9C67lQ9EEADi^^HHH]43DDA@CED]4@>^?7=^?6HD^?7=\E62>\G2=F2E:@?D\7@C\a_ae\4@H3@JD^QmS`d]d 3:==:@? G2=F2E:@?k^2m >2<6D E96> ?@E ;FDE E96 >@DE G2=F23=6 }u{ 7C2?49:D6[ 3FE E96 >@DE G2=F23=6 DA@CED 7C2?49:D6 :? E96 H@C=5]k^Am

k9bm%96 }u{ D2=2CJ 42Ak^9bm

kAm%96 k2 9C67lQ9EEADi^^HHH]?7=]4@>^?6HD^?7=\2??@F?46D\a_ae\D2=2CJ\42A\D6E\2E\b_`\a\>:==:@?\A6C\E62>Qma_ae }u{ D2=2CJ 42Ak^2m :D D6E 2E Sb_`]a >:==:@? A6C E62>[ E96 9:896DE :? =628F6 9:DE@CJ] %9:D 7:8FC6 5:C64E=J 4@?EC@=D 9@H ba @C82?:K2E:@?D 2==@42E6 9F?5C65D @7 >:==:@?D @7 5@==2CD 24C@DD C@DE6CD @7 db A=2J6CD[ >2<:?8 :E @?6 @7 E96 >@DE\H2E4965 7:?2?4:2= >6EC:4D :? p>6C:42? DA@CED]k^Am

k9bmz6J }u{ D2=2CJ 42A 7:8FC6Dik^9bm

kF=mk=: 52E2\=:DE\:E6>\:5lQ6e_ce6fh73e`dh3d6`aa7dc75```d4f27Qmk2 9C67lQ9EEADi^^HHH]E968=@362?5>2:=]4@>^:?G6DE:?8^>2C<6ED^DE@4<D^x}%r^AC6DDC6=62D6D^bhc`f_b^>2D2J@D9:\D@?\92D\ef\@7\D@7E32?<D\FD\DE@4<\A@CE7@=:@\:?\:?E6=\96\5:5?E\3FJ\2\D:?8=6\D92C6\=2DE\BF2CE6C^Qm%@E2= A=2J6C 4@>A6?D2E:@?k^2m 24C@DD 2== ba E62>Di 2AAC@I:>2E6=J S`a]` 3:==:@?k^=:mk=: 52E2\=:DE\:E6>\:5lQ6cc`4g37b73gb257a375675haea56h326Qmk2 9C67lQ9EEADi^^6]G?6IAC6DD]?6E^?6HD^DA@CED^@E96C\DA@CED^?7=\D2=2CJ\42A\A2DD6D\b__>\7@C\7:CDE\E:>6\d_cd_af]9E>=Qm!=2J6C 36?67:EDk^2m 2?5 A6C7@C>2?46 A2Ji Sff]e >:==:@? A6C E62>k^=:mk=: 52E2\=:DE\:E6>\:5lQ6_ge5e35b62gddee5afh``bbhge`e`43fQmk2 9C67lQ9EEADi^^HHH]DA@EC24]4@>^?7=^432^>:?:>F>^Qm|:?:>F> }u{ A=2J6C D2=2CJk^2m Wa_aeXi 2AAC@I:>2E6=J Sgf_[___ A6C J62Ck^=:mk=: 52E2\=:DE\:E6>\:5lQ6g26aadag2e2hd55`cc_gd23775f35d4hQmk2 9C67lQ9EEADi^^HHH]DA@EC24]4@>^?7=^A=2J6C^0^:5^e_fg^>2EE96H\DE277@C5Qm%@A 42A 9:EDk^2mi |2EE96H $E277@C5 W{p#X 2E Scg]b >:==:@?[ k2 9C67lQ9EEADi^^HHH]DA@EC24]4@>^?7=^A=2J6C^0^:5^cfdhh^;FDE:?\96C36CEQmyFDE:? w6C36CEk^2m W{prX 2E Sce]b >:==:@? 2?5 k2 9C67lQ9EEADi^^HHH]DA@EC24]4@>^?7=^A=2J6C^62C?:?8D^0^:5^`ghgd^49C:D\;@?6DQmr9C:D y@?6Dk^2m WzrX 2E Scc]h >:==:@?k^=:mk^F=m

k9bm(9J }u{ 42A DA246 >2EE6CDik^9bm

kAm$2=2CJ 42A >2?286>6?E 92D 364@>6 2 AC@IJ 5:D4:A=:?6 7@C 7:?2?4:2= DEC2E68J] }u{ 42A DA246 42? 23D@C3 E2=6?E — E62>D @G6C E96 42A 7246 DECF4EFC2= 4@?DEC2:?ED :56?E:42= E@ 2 =6G6C2865 4@>A2?J] }u{ 86?6C2= >2?286CD 2C6[ :? 67764E[ CF??:?8 2 k2 9C67lQ9EEADi^^HHH]DA@CE:4@]4@>^=628F6D^7@@E32==^a_ae^?7=\a_ad\?2E:@?2=\C6G6?F6\A6C\E62>\`abchbhedh^QmSb__ >:==:@?k^2m 2??F2= AC@7:E 2?5 =@DD DE2E6>6?E] %96 }u{VD 7C2?49:D6 E28[ 2 >6492?:D> E92E 2==@HD E62>D E@ C6E2:? 2 A=2J6C 2E 2 D6E D2=2CJ[ :D @?6 @7 E96 >@DE 5632E65 7:?2?4:2= :?DECF>6?ED :? E96 =628F6[ 42CCJ:?8 :ED @H? D62C49 G@=F>6 WE96C6 H6C6 `a[`__ v@@8=6 D62C496D 7@C Q?7= D2=2CJ 42AQ :? pF8FDEX AC64:D6=J 3642FD6 72?D 7@==@H :E =:<6 2 >2C<6E]k^Am

k9bm%96 S``_ 3:==:@? >65:2 C:89ED >249:?6k^9bm

kAm}@ D:?8=6 724E@C 6IA=2:?D E96 }u{VD 7:?2?4:2= 5@>:?2?46 >@C6 E92? :ED 3C@2542DE 28C66>6?ED] %96 }u{ 9@=5D S``_ 3:==:@? :? 5@>6DE:4 k2 9C67lQ9EEADi^^HHH]DA@CEDAC@]4@>^?6HD^3C@2542DE\@EE^?7=\43D\A2C2>@F?E\>65:2\C:89ED\AC:46\>2C49\a_ae^Qm3C@2542DE C:89EDk^2m 24C@DD p>2K@?[ rq$[ t$!}^pqr[ u@I[ 2?5 }qr[ 2 A24<286 CF??:?8 E9C@F89 a_ba H:E9 2? @AE\@FE 4=2FD6 24E:G6 7C@> a_ah]k^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ65df_cfec4g_4hdfg3b`ggfd_ddcdc2caQm}qr&?:G6CD2= A2JD 2AAC@I:>2E6=J k2 9C67lQ9EEADi^^HHH]>2C42]4@>^6?^?7=^a_ae^_a^`f^ehhcdgde42cfc`_febg3cdgb]9E>=QmSa 3:==:@?k^2m A6C J62C 7@C :ED }u{ A24<286]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6ghc5bbafc6eh367`e2hca7_c_42hb_54Qmp>2K@? !C:>6 ':56@ 9@=5D k2 9C67lQ9EEADi^^HHH]J@FEF36]4@>^H2E49nGl\uGgAth_"AHQm6I4=FD:G6 C:89EDk^2m E@ %9FCD52J }:89E u@@E32==]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6eb4`adc64d_aaf4hc6d53ehf`5b`6gb2Qm%96 }u{ :D k2 9C67lQ9EEADi^^HHH]DA@CE:4@]4@>^3FD:?6DD^>65:2^a_ae^?7=\E6DED\>65:2\C:89ED\>2C<6E\`abchc`h_h^Qm24E:G6=J 6IA=@C:?8k^2m C6?68@E:2E:@? @7 E6C>D 29625 @7 E96 a_ae D62D@?[ H:E9 ?6EH@C<D 2=C625J k2 9C67lQ9EEADi^^DA@CED]J29@@]4@>^2CE:4=6D^?7=\62C=J\>65:2\C:89ED\E2=<D\`g`abf_ag]9E>=QmD:8?2=:?8 2AA6E:E6k^2m 7@C 9:896C G2=F2E:@?D]k^=:mk^F=m

kAm%96D6 562=D 5H2C7 2?J @E96C DA@CED C:89ED A24<286 :? 9:DE@CJ] u@C 4@>A2C:D@?[ E96 6?E:C6 k2 9C67lQ9EEADi^^2A?6HD]4@>^6?8=:D9\AC6>:6C\=628F6\3C@2542DE\C:89ED\C:D6\E@\`a\3:==:@?\4fa_abhhchdgc5cfg63c3`66f72e7_caQm!C6>:6C {628F6VD 8=@32= 3C@2542DE 562=k^2m :D G2=F65 2E C@F89=J S`a 3:==:@? @G6C E9C66 J62CD] %96 }u{ 62C?D >@C6 E92? E92E 2??F2==J]k^Am

k9bm(92E E9:D >62?D 7@C >2C<6EDk^9bm

kAm(96? 3C@2542DE C:89ED G2=F6D C:D6[ E96J 7=@H 5:C64E=J :?E@ 7C2?49:D6 G2=F2E:@?D] }u{ E62> G2=F6D 92G6 :?4C62D65 2? 2G6C286 @7 b`T :? 2 D:?8=6 J62C[ 244@C5:?8 E@ k2 9C67lQ9EEADi^^HHH]DA@CE:4@]4@>^G2=F2E:@?D^E62>D^a_ae^?7=\E62>\G2=F6D\a_ae\52==2D\4@H3@JD\=@D\2?86=6D\C2>D\`abchc`e_f^Qma_ae $A@CE:4@ 52E2k^2m[ A2CE=J 5C:G6? 3J E96 6IA64E2E:@? @7 C6?68@E:2E65 >65:2 4@?EC24ED 2E 6G6? 9:896C =6G6=D] x?G6DE@CD H9@ EC24< >65:2 D64E@C DE@4<D[ s:D?6J Wt$!}X[ u@I[ 2?5 r@>42DE W}qrX[ 2C6 :?5:C64E=J EC24<:?8 }u{ 64@?@>:4D]k^Am

k9bm%96 DE25:F> :?G6DE>6?E 3@@>k^9bm

kAm%96 }u{ :D 4FCC6?E=J :? E96 >:55=6 @7 :ED =2C86DE H2G6 @7 DE25:F> 4@?DECF4E:@? :? 564256D] $6G6C2= 7C2?49:D6D 2C6 4@>>:EE:?8 3:==:@?D E@ ?6H 724:=:E:6D[ 6249 H:E9 D:8?:7:42?E =@42= 64@?@>:4 :>A=:42E:@?Dik^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ64ah5`fgec575cb`bebfcec55bbc_42heQmk2 9C67lQ9EEADi^^DA@CED]J29@@]4@>^2CE:4=6D^3F772=@\3:==D\6IA=2:?:?8\3CFE2=\9:89>2C<\`c`bcdhff]9E>=QmkDEC@?8mqF772=@ q:==Dk^DEC@?8mk^2m \ }6H w:89>2C< $E25:F>i Sa]` 3:==:@?[ @A6?:?8 a_ae D62D@? :? ~C492C5 !2C<k^=:mk=: 52E2\=:DE\:E6>\:5lQ6a`ch54e3_cba`d`742f23ahd76`g5e5hQmk2 9C67lQ9EEADi^^HHH]<2?D2D4:EJ]4@>^?6HD^=@42=^2CE:4=6b`c_de`eg]9E>=QmkDEC@?8mz2?D2D r:EJ r9:67Dk^DEC@?8mk^2m \ }6H 5@>65 DE25:F>i 6DE:>2E65 Sb 3:==:@?[ H:E9 FA E@ S`]g 3:==:@? We_TX :? AF3=:4 7F?5:?8k^=:mk=: 52E2\=:DE\:E6>\:5lQ67ghg_aggcchc3g42f_`ghdc3ebg`6`3fQmk2 9C67lQ9EEADi^^HHH]C2:56CD]4@>^?6HD^4@?DECF4E:@?\@7\2==68:2?E\DE25:F>\249:6G6D\46CE:7:42E6\@7\@44FA2?4JQmkDEC@?8m{2D '682D #2:56CDk^DEC@?8mk^2m \ p==68:2?E $E25:F> 4@DE S`]hf 3:==:@? 2E @A6?:?8[ Sfd_ >:==:@? 7C@> AF3=:4 7F?5Dk^=:mk^F=m

kAm}6H DE25:F>D 86?6C2E6 5:C64E 4@?DECF4E:@? 6>A=@J>6?E[ =@?8\E6C> 9@DA:E2=:EJ 2?5 C6E2:= C6G6?F6[ 2?5 AC@A6CEJ G2=F6 FA=:7E 7@C DFCC@F?5:?8 ?6:893@C9@@5D] %96 64@?@>:4 5632E6 @G6C AF3=:4 7F?5:?8[ @7E6? C6AC6D6?E:?8 9F?5C65D @7 >:==:@?D :? E2IA2J6C 5@==2CD[ 92D :?E6?D:7:65 2D DE25:F> 4@DED 6D42=2E6]k^Am

k9bm%96 5C27E 2D 2? 64@?@>:4 6G6?Ek^9bm

kAm%96 }u{ sC27E :D ?@ =@?86C ;FDE 2 E2=6?E D6=64E:@? AC@46DD] xE 92D 364@>6 2 >2;@C 64@?@>:4 24E:G2E:@? :? :ED @H? C:89E]k^Am

kAm%96 k2 9C67lQ9EEADi^^HHH]AF3=:4D@FC46]@C8^A:EED3FC89\E2I6D\?7=\5C27E\`ff\>:==:@?\:>A24E^Qma_ae }u{ sC27E :? !:EED3FC89k^2m 5C6H 2 C64@C5 g_d[___ 2EE6?566D 2?5 86?6C2E65ik^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ6a6cff6af7_g76f3a5fcgca_2c3eh6h``QmS`ff >:==:@? :? 5:C64E C68:@?2= 64@?@>:4 :>A24Ek^=:mk=: 52E2\=:DE\:E6>\:5lQ6abdfh64h5af5456h_hc35a44aaaf33`_QmS`]d 3:==:@? :? E@E2= 64@?@>:4 G2=F6 WA6C 2?2=JE:4D 7:C> %C2;6<E@CJXk^=:mk=: 52E2\=:DE\:E6>\:5lQ6_2436`4gf4ag7`3h56``f27d_h43e`43QmS`ae >:==:@? :? 5:C64E G:D:E@C DA6?5:?8k^=:mk^F=m

kAmr:E:6D ?@H 4@>A6E6 288C6DD:G6=J E@ 9@DE E96 5C27E[ EC62E:?8 :E 2D 6BF:G2=6?E E@ 9@DE:?8 2 >2;@C :?E6C?2E:@?2= DA@CE:?8 6G6?E] u@C !:EED3FC89[ E96 a_ae 5C27E @FEA6C7@C>65 6IA64E2E:@?D 3J 2 >62DFC23=6 >2C8:?[ 2 42D6 DEF5J :? 9@H }u{ 6G6?ED EC2?D=2E6 5:C64E=J :?E@ =@42= vs!]k^Am

k9bm}u{ 36EE:?8i !2C2==6= 64@?@>Jk^9bm

kAm%96 =682=:K2E:@? @7 DA@CED 36EE:?8 24C@DD >@DE &]$] DE2E6D 92D 4C62E65 2 A2C2==6= 7:?2?4:2= 64@DJDE6> E:89E=J 4@FA=65 E@ }u{ @FE4@>6D] %96 8=@32= k2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^EC2G6=^=2D\G682D\DEC:A\42D:?@\DA@CED\3@@<QmDA@CED 36EE:?8 >2C<6Ek^2m :D G2=F65 2E S`ac]gg 3:==:@? :? a_ae[ AC@;64E65 E@ C6249 Sbad]f` 3:==:@? 3J a_bd]k^Am

kAmx? E96 k2 9C67lQ9EEADi^^C8]@C8^DE2E:DE:4D^FDQm&]$] DA64:7:42==Jk^2mik^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ6hd`2`fhah54bdbe2aah_64f2e7h74b_bQm&]$] DA@CED3@@<D AC@46DD65 >@C6 E92? Sc_]cf 3:==:@? :? 92?5=6 :? "` a_ae 2=@?6]k^=:mk=: 52E2\=:DE\:E6>\:5lQ65b5abb76bfb22f3fec2e6f5hd2ghc7deQm&]$] DA@CED 36EE:?8 8C@DD 82>:?8 C6G6?F6i Sb]ga 3:==:@? :? "` a_ae]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6ee5c7_6e4aea_66e`_dhf`3g2gbgcc56Qm$A@CED 36EE:?8 :D =682==J 2G2:=23=6 :? @G6C bg DE2E6D]k^=:mk^F=m

kAm}u{ 36EE:?8 :D E96 5@>:?2?E 5C:G6C @7 p>6C:42? DA@CED 36EE:?8 G@=F>6] }u{ 36EE:?8 =:?6D[ DAC625D[ 2?5 AC@A >2C<6ED 86?6C2E6 E96 9:896DE 92?5=6 @7 2?J DA@CE E9C@F89@FE E96 $6AE6>36C\y2?F2CJ C68F=2C D62D@? H:?5@H] %96 :?E68C2E:@? @7 36EE:?8 :?E@ @77:4:2= }u{ 3C@2542DED[ E9C@F89 52E2 A2CE?6CD9:AD 2?5 :?\3C@2542DE @55D 5:DA=2J[ 92D 7@C>2=:K65 H92E H2D AC6G:@FD=J 2 D925@H >2C<6E]k^Am

k9bmu2?E2DJ 7@@E32==i p Scb]f 3:==:@? >2C<6Ek^9bm

kAmp? 6DE:>2E65 @G6C c_ >:==:@? p>6C:42?D A2CE:4:A2E6 :? k2 9C67lQ9EEADi^^?6IE@=:G6]4@>^3=@8D^72?E2DJ\DA@CED\2AA\56G6=@A>6?E^Qm72?E2DJ 7@@E32==k^2m[ >2<:?8 :E @?6 @7 E96 =2C86DE A2CE:4:A2E:@?\32D65 7:?2?4:2= >2C<6ED :? DA@CED] %96 8=@32= 72?E2DJ DA@CED >2C<6E :D AC@;64E65 2E Scb]fc 3:==:@? :? a_ae[ 8C@H:?8 E@ S`bf]g` 3:==:@? 3J a_bd]k^Am

kAmu2?E2DJ A2CE:4:A2E:@? 5C:G6Dik^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ6bgfeaa63c25gdc5da722a6522c475eh`Qms:C64E A=2E7@C> DA6?5:?8 W6?ECJ 766D[ AC6>:F> DF3D4C:AE:@?DXk^=:mk=: 52E2\=:DE\:E6>\:5lQ623ecg`fg2253632bh_`fg72fg4cd_b3hQmx?4C62D65 G:6H6CD9:A 24C@DD 2== 82>6D W?@E ;FDE E62>\=@J2=EJ >2E49FADXk^=:mk=: 52E2\=:DE\:E6>\:5lQ6gdb6473ge4c`5``h7c6dcc_g_33_7ga4Qmw:896C }u{ >6C492?5:D6 2?5 }u{ E:4<6E 56>2?5 4@CC6=2E65 H:E9 72?E2DJ C@DE6C 9@=5:?8Dk^=:mk^F=m

kAmu@C E96 }u{[ 72?E2DJ 7@@E32== 7F?4E:@?D 2D 2 DF3D4C:36C C6E6?E:@? >6492?:D>] u2?D H9@ A=2J 72?E2DJ 2C6 DECF4EFC2==J >@C6 6?82865 24C@DD E96 6?E:C6 D62D@?[ ?@E ;FDE H:E9 E96:C =@42= E62>]k^Am

k9bm}u{ >6C492?5:D6 2?5 E96 C6E2:= >2C<6Ek^9bm

kAm}u{\=:46?D65 >6C492?5:D6 C6AC6D6?ED 2 D:8?:7:42?E C6E2:= G6CE:42=] %96 =2F?49 @7 ?6H E62> F?:7@C>D[ ?6H DE25:F> 3C2?5:?8[ 2?5 >2;@C A=2J6C EC256D 2== 86?6C2E6 :>>65:2E6 >6C492?5:D6 C6G6?F6 DA:<6D] (96? 2 9:89\AC@7:=6 A=2J6C 492?86D E62>D[ EC:886C:?8 ;6CD6J C6A=246>6?E 4J4=6D 24C@DD >:==:@?D @7 72?D[ E96 7:?2?4:2= :>A24E 7=@HD 5:C64E=J E@ E96 }u{VD =:46?D:?8 C6G6?F6]k^Am

kAm}u{ >6C492?5:D6 D2=6D 3J E62> 2C6 EC24<65 2D 2 =625:?8 :?5:42E@C @7 72? 6?8286>6?E 2?5 3C2?5 DEC6?8E9[ H:E9 D62C49 G@=F>6 @? $6>#FD9 7@C Q?7= >6C492?5:D6Q CF??:?8 2E e[e__ D62C496D :? pF8FDE 2?5 Q?7= ;6CD6J D2=6DQ 2E a[c__[ 3@E9 H:E9 >62DFC23=6 4@>>6C4:2= 25G6CE:D6C DA6?5 369:?5 E96>]k^Am

k9bm$FA6C q@H= 64@?@>:4Dk^9bm

kAm%96 $FA6C q@H= :D E96 D:?8=6\=2C86DE 2??F2= 64@?@>:4 6G6?E :? p>6C:42? DA@CED] $FA6C q@H= {) Wa_aeX[ A=2J65 2E {6G:VD $E25:F> :? E96 $2? uC2?4:D4@ q2J pC62[ 86?6C2E65 2? 6DE:>2E65 Sfa_ >:==:@? :? E@E2= 64@?@>:4 24E:G:EJ 7@C E96 C68:@?[ EC:A=:?8 E96 :>A24E @7 2 EJA:42= >2;@C DA@CE:?8 6G6?E :? E96 D2>6 >2C<6E]k^Am

kAm$FA6C q@H= 64@?@>:4 :>A24ED EJA:42==J :?4=F56ik^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ6e5ga62`36hfhf52`3_2b`c5de`d`dagcQmw@E6=[ 9@DA:E2=:EJ[ 2?5 7@@5 U2>Aj 36G6C286 C6G6?F6k^=:mk=: 52E2\=:DE\:E6>\:5lQ6d4bff43h2_dd3eee255__aeebe6ga4abQm%C2?DA@CE2E:@? 2?5 =@8:DE:4D DA6?5:?8k^=:mk=: 52E2\=:DE\:E6>\:5lQ6dg74bfh65e4d6ac`7ghd7b`f5da3edfaQmqC@2542DE:?8 2?5 k2 9C67lQ9EEADi^^HHH]G@BF6?E]4@>^3=@8^5:8:E2=\EG\25\C6G6?F6\@77:4:2==J\DFCA2DD6D\=:?62C\EG\:?\E96\FD2^Qm25G6CE:D:?8 C6G6?F6k^2m W@G6C Sf >:==:@? A6C b_\D64@?5 25 D=@EXk^=:mk=: 52E2\=:DE\:E6>\:5lQ6gba`gh7`h4376e4a_bfb2aacbf6gcf73Qm{@?8\E2:= E@FC:D> 7C@> >65:2 2EE6?E:@?k^=:mk^F=m

kAm%96 4:EJ D6=64E:@? AC@46DD 7@C $FA6C q@H= 9@DE:?8 C:89ED 92D :ED6=7 364@>6 2 4@>A6E:E:G6 64@?@>:4 ?68@E:2E:@?[ H:E9 >F?:4:A2=:E:6D 4@>>:EE:?8 :?7C2DECF4EFC6 :?G6DE>6?E E@ D64FC6 E96 6G6?E]k^Am

k9bm%96 $FA6C q@H= x?5:42E@Ci p 72>@FD >2C<6E D:8?2=k^9bm

kAm~?6 @7 (2== $EC66EVD >@DE 6?5FC:?8 4FC:@D:E:6D :D E96 $FA6C q@H= x?5:42E@C[ 2 DAFC:@FD 4@CC6=2E:@? 7:CDE ?@E65 :? `hfg E92E DF886DED E96 $U2>Aj! d__VD 2??F2= 5:C64E:@? 42? 36 AC65:4E65 3J H9:49 4@?76C6?46 H:?D E96 $FA6C q@H=] %96 E96@CJi p? }ur H:??6C D:8?2=D 2 k2 9C67lQ9EEADi^^FD]A=FDd__]4@>^6?^?6HD2?5>2C<6E:?D:89ED^3F==\GD\362C\>2C<6E\H92ED\E96\5:776C6?46Qm3F== >2C<6Ek^2m H9:=6 2? pur H:??6C D:8?2=D 2 362C >2C<6E]k^Am

kAmw:DE@C:42==J[ E96 :?5:42E@C 92D 96=5 C@F89=J fdT\g_T @7 E96 E:>6[ 72C 23@G6 492?46[ E9@F89 DE2E:DE:4:2?D 2C6 BF:4< E@ ?@E6 E96 4@CC6=2E:@? :D 4@:?4:56?E2= C2E96C E92? 42FD2=]k^Am

kAm$FA6C q@H= {) Wu63CF2CJ a_aeXi %96 !9:=256=A9:2 t28=6D W}urX H@?[ E96 :?5:42E@C A@:?E65 3F==:D9 7@C a_ae] xED G2=F6 7@C EC256CD :D ?@E AC65:4E:G6j :E :D 2 C6>:?56C E92E 7:?2?4:2= >2C<6ED 2?5 >2;@C DA@CE:?8 6G6?ED D92C6 2? 2F5:6?46[ 2?5 E92E D6?E:>6?E[ 2EE6?E:@?[ 2?5 4@?DF>6C 4@?7:56?46 >@G6 :? 4J4=6D E92E E96 }u{ D62D@? 96=AD D92A6]k^Am

k9bm$64E@C 7FEFC6Di (96C6 }u{ D62D@?2=:EJ D9@HD FAk^9bm

kAmu@C EC256CD 24E:G6 :? k2 9C67lQ9EEADi^^FD]A=FDd__]4@>^6?^24256>J^H92E\2C6\7FEFC6D\2?5\9@H\E@\EC256\7FEFC6DO`Qm7FEFC6Dk^2m[ E96 }u{ D62D@? 4C62E6D :56?E:7:23=6 D62D@?2= A2EE6C?D :? D6G6C2= F?56C=J:?8 >2C<6EDik^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ6ae5h4`heebbd_4_dh5766c7c_a6gcff7QmkDEC@?8mr@?DF>6C 5:D4C6E:@?2CJk^DEC@?8mi }u{ D62D@? k2 9C67lQ9EEADi^^7:?2?46]J29@@]4@>^G:56@^?7=\82>652JD\>2;@C\5C:G6CD\=@42=\ab____ddd]9E>=Qm5C:G6Dk^2m "b\"c k2 9C67lQ9EEADi^^HHH]>2EE96HD]4@>^:?D:89ED^9@H\?7=\DE25:F>D\D4@C6\3:8\7@C\C6DE2FC2?ED\C6E2:=QmC6DE2FC2?E[ C6E2:=k^2m[ 2?5 k2 9C67lQ9EEADi^^HHH]4=62C]4@^3=@8^E96D6\64@>>6C46\:?5FDEC:6D\D4@C6\3:8\7@C\DFA6C\3@H=\DF?52JQm6=64EC@?:4Dk^2m DA6?5:?8] q:8\D4C66? %' D2=6D 4@CC6=2E6 H:E9 }u{ D62D@? @A6?6CD 2?5 A=2J@77 CF?D]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6dh22dbgf53d`c6bg37e5dfd3a6452c66QmkDEC@?8m|65:2 4@>A2?Jk^DEC@?8m k2 9C67lQ9EEADi^^HHH]A=FDd__]4@>^6?\2F^?6HD2?5>2C<6E:?D:89ED^H92E\:D\62C?:?8D\D62D@?QmkDEC@?8m62C?:?8Dk^DEC@?8mk^2mi }u{ 3C@2542DE :?G6?E@CJ :D E96 >@DE 6IA6?D:G6 25G6CE:D:?8 C62= 6DE2E6 :? E96 &]$] p b_\D64@?5 $FA6C q@H= D=@E EC256D k2 9C67lQ9EEADi^^65:E:@?]4??]4@>^a_ad^_`^ah^>65:2^DFA6C\3@H=\4@>>6C4:2=D\4@DEQm23@G6 Sf >:==:@?k^2m] %96 <?@4<\@? 67764E @? u@I[ s:D?6J[ r@>42DE[ 2?5 p>2K@? k2 9C67lQ9EEADi^^FD]A=FDd__]4@>^6?^?6HD2?5>2C<6E:?D:89ED^H92E\:D\63:E2\6IA=2:?65Qmtqx%spk^2m >2C8:?D 7=@HD :?E@ "c 2?5 "` 62C?:?8D D62D@?D]k^=:mk=: 52E2\=:DE\:E6>\:5lQ673ab62_5aa37h6cgfdd6bh_6c_5ee234QmkDEC@?8mp5G6CE:D:?8 AC:4:?8k^DEC@?8mi }u{ r!| C2E6D D6E 2 46:=:?8 7@C 2== @E96C &]$] 3C@2542DE :?G6?E@CJ[ :?7=F6?4:?8 >65:2 D64E@C G2=F2E:@?D 24C@DD E96 3@2C5]k^=:mk^F=m

k9bm}u{ AC65:4E:@? >2C<6EDk^9bm

kAmk2 9C67lQ9EEADi^^FD]A=FDd__]4@>^6?^AC65:4E:@?\>2C<6EDQm!C65:4E:@? >2C<6EDk^2m 2C6 @?6 @7 E96 72DE6DE\8C@H:?8 7:?2?4:2= :?DECF>6?ED :? E96 &]$][ 2?5 E96 }u{ :D E96:C D:?8=6 3:886DE F?56C=J:?8 2DD6E]k^Am

kAm&?=:<6 EC25:E:@?2= DA@CED3@@<D H96C6 J@F 36E 282:?DE E96 9@FD6[ AC65:4E:@? >2C<6ED 2C6 DECF4EFC65 >@C6 =:<6 7FEFC6D 6I492?86D[ H96C6 A2CE:4:A2?ED 3FJ 2?5 D6== 4@?EC24ED @? E96 AC@323:=:EJ @7 @FE4@>6D[ H:E9 AC:46D >@G:?8 :? C62= E:>6 2D ?6H :?7@C>2E:@? 6?E6CD E96 >2C<6E] %96J 2C6 7656C2==J C68F=2E65 3J E96 r@>>@5:EJ uFEFC6D %C25:?8 r@>>:DD:@? Wru%rX[ ?@E DE2E6 82>:?8 4@>>:DD:@?D[ A=24:?8 E96> 7:C>=J :? E96 7:?2?4:2= :?DECF>6?E 42E68@CJ]k^Am

k9bmw@H }u{ AC65:4E:@? >2C<6ED H@C<k^9bm

kAmt249 @FE4@>6 :D 2 4@?EC24E E92E EC256D 36EH66? S_ 2?5 S`] x7 J@F 3FJ 2 4@?EC24E @? E96 {@D p?86=6D #2>D H:??:?8 $FA6C q@H= {)x 2E S_]`d[ J@F 4@==64E S` :7 E96 #2>D H:? 2?5 S_ :7 E96J 5@?VE] %96 AC:46 2E 2?J A@:?E C67=64ED E96 >2C<6EVD 4@==64E:G6 :>A=:65 AC@323:=:EJ]k^Am

k9bm%96 C68F=2E@CJ >@>6?Ek^9bm

kAm!C65:4E:@? >2C<6ED @44FAJ 2 86?F:?6=J ?@G6= C68F=2E@CJ DA246 :? a_ae] x? yF?6[ E96 ru%r :DDF65 2 AC@A@D65 CF=6 E92E H@F=5 =:>:E 46CE2:? EJA6D @7 DA@CED\C6=2E65 6G6?E 4@?EC24ED[ :?4=F5:?8 A=2J6C\DA64:7:4 AC@AD[ H9:=6 =62G:?8 E62> @FE4@>6 2?5 492>A:@?D9:A >2C<6ED :?E24E] %96 AC@A@D2= :D DE:== :? AF3=:4 4@>>6?E 2?5 92D ?@E 366? 7:?2=:K65]k^Am

kAm$E2?7@C5 &?:G6CD:EJ C6D62C496CD :? pAC:= a_ae 7C2>65 E96 DECF4EFC2= 5:DE:?4E:@? 4=62C=Ji !C65:4E:@? >2C<6ED 2C6 ?@E DECF4EFC65 2D H286CD 282:?DE E96 9@FD6] %96C6 :D ?@ H286C F?=6DD D@>6@?6 E2<6D E96 @E96C D:56 @7 E96 4@?EC24E[ E96 D2>6 >6492?:4D 2D 2 7FEFC6D 6I492?86] %92E DECF4EFC2= 5:776C6?46 :D H9J E96J D:E F?56C ru%r ;FC:D5:4E:@? C2E96C E92? DE2E6 82>3=:?8 C68F=2E:@?[ 2?5 H9J 7:?2?4:2= :?DE:EFE:@?D 92G6 6?82865 H:E9 E96> :? H2JD E96J 42??@E H:E9 EC25:E:@?2= DA@CED3@@<D]k^Am

k9bmw@H E96 }u{ 4@??64ED E@ 7:?2?4:2= >2C<6EDk^9bm

kAm%96 }u{ D62D@? 4C62E6D 2 C@==:?8 42=6?52C @7 AC65:4E:@? >2C<6E 6G6?ED[ H66<\3J\H66< 82>6 @FE4@>6D[ |'! 7FEFC6D[ 5:G:D:@? H:??6CD[ 2?5 4@?76C6?46 492>A:@?D E92E CF? :? A2C2==6= H:E9 E96 EC25:E:@?2= 7:?2?4:2= 42=6?52C 7C@> $6AE6>36C E9C@F89 u63CF2CJ]k^Am

kAmu@C EC256CD 72>:=:2C H:E9 7FEFC6D 2?5 6G6?E\5C:G6? 4@?EC24ED[ E96 >6492?:4D 2C6 E96 D2>6i 2 3:?2CJ @FE4@>6[ 2 >2C<6E\4=62C:?8 AC:46[ C62=\E:>6 k2 9C67lQ9EEADi^^FD]A=FDd__]4@>^6?^?6HD2?5>2C<6E:?D:89ED^>2C<6E\G@=2E:=:EJ\6IA=2:?65QmG@=2E:=:EJk^2m 5C:G6? 3J ?6H :?7@C>2E:@?[ 2?5 2 D6EE=6>6?E 52E6] %96 F?56C=J:?8 6G6?E :D 7@@E32==j E96 :?DECF>6?E DECF4EFC6 :D 7:?2?4:2=]k^Am

kAm%9:D 4@?G6C86?46[ DA@CED @FE4@>6D EC2565 2D 7:?2?4:2= 4@?EC24ED @? C68F=2E65 6I492?86D[ :D @?6 @7 E96 567:?:?8 >2C<6E 56G6=@A>6?ED @7 a_ae[ 2?5 E96 }u{ D62D@? :D H96C6 :E :D >@DE G:D:3=6]k^Am

k9bmz6J a_ae }u{ D62D@? 52E6Dk^9bm

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_g^ae^!=FDd__\}u{]A?8Q 2=ElQz6J a_ae }u{ D62D@? 52E6DQ DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m!=FDd__k^7:842AE:@?mk^7:8FC6m

kAm%96 }u{’D 8C@H:?8 64@?@>:4 7@@EAC:?E 6IE6?5D 72C 36J@?5 E96 7:6=5[ H:E9 C64@C5 7C2?49:D6 G2=F2E:@?D[ 2 Sb_`]a >:==:@? }u{ D2=2CJ 42A 2?5 3:==:@?D :? >65:2[ 25G6CE:D:?8[ DE25:F> 2?5 4@?DF>6C DA6?5:?8 C6:?7@C4:?8 :ED C@=6 2D 2 >2;@C 4@>>6C4:2= 7@C46] pD E96 a_ae D62D@? 368:?D[ E96 6IA2?D:@? @7 DA@CED 36EE:?8[ 72?E2DJ 7@@E32== 2?5 AC65:4E:@? >2C<6ED :D 4C62E:?8 7FCE96C =:?<D 36EH66? E96 }u{[ 3FD:?6DD6D 2?5 7:?2?4:2= >2C<6ED] %@86E96C[ E96D6 EC6?5D 9:89=:89E 9@H E96 =628F6 92D 6G@=G65 :?E@ 2 A@H6C7F= 64@?@>:4 64@DJDE6> H9@D6 :>A24E C62496D H6== 36J@?5 DA@CE]k^Am

kAmk2 9C67lQ9EEADi^^FD]A=FDd__]4@>^6?^:?DECF>6?ED^?7=\64@?@>:4\:>A24EO`fQmk6>m%9:D DE@CJk^6>mk^2m k6>mH2D AC@5F465 3Jk^6>m k2 9C67lQ9EEADi^^FD]A=FDd__]4@>^6?^Qmk6>m!=FDd__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