Banks retreat from climate change commitments – but it’s business more than politics

kAm~? pF8] af[ a_ad[ E96 k2 9C67lQ9EEADi^^HHH]HD;]4@>^2CE:4=6D^?6E\K6C@\32?<:?8\2==:2?46\DFDA6?5D\24E:G:E:6D\2>:5\H2G6\@7\56A2CEFC6D\74`3667`nQm}6E\+6C@ q2?<:?8 p==:2?46 DFDA6?565 :ED 24E:G:E:6Dk^2m 27E6C D6G6C2= >2;@C &]$] 2?5 tFC@A62? 32?<D 324<65 @FE]k^Am

kAm(9:=6 >@DE @3D6CG6CD 2C6 3=2>:?8 E96 k2 9C67lQ9EEADi^^HHH]HD;]4@>^2CE:4=6D^C6AF3=:42?\2EE@C?6JD\86?6C2=\244FD6\?6E\K6C@\DE2?52C5D\D6EE6CD\@7\CF??:?8\4=:>2E6\42CE6=\dghb5bc6QmDEC@?8 A@=:E:42= 324<=2D9k^2m :? E96 &]$] 282:?DE 4=:>2E6 492?86 24E:@? 2?5 DFDE2:?23=6 :?G6DE:?8[ H6 36=:6G6 E96 32?<D 5:5?’E ?665 >F49 @7 2 AFD9i %96D6 ?6E\K6C@ 2==:2?46D ?6G6C >256 >F49 3FD:?6DD D6?D6 2?5 k2 9C67lQ9EEADi^^HHH]32?<:?8@?4=:>2E6492@D]@C8^HA\4@?E6?E^FA=@25D^a_ad^_e^q~rr0a_ad0ux}p{c]A57QmH6C6 ?@E A2CE:4F=2C=J 67764E:G6k^2m 2E 7:89E:?8 4=:>2E6 492?86] x?5665[ 7@C FD E96 AFKK=6 H2D H9J E96J 925 7=@FC:D965 :? E96 7:CDE A=246]k^Am

kAm%@ 6I2>:?6 E96:C C:D6 2?5 72==[ H6 k2 9C67lQ9EEADi^^5@:]@C8^`_]““^C68@]f____QmC646?E=J 4@?5F4E65 2 C6D62C49 AC@;64Ek^2m E92E 6?4@>A2DD65 :?E6CG:6HD H:E9 >@C6 E92? g_ 6I64FE:G6D 7C@> G2C:@FD 7:?2?4:2= :?DE:EFE:@?D[ 24E:G:DE @C82?:K2E:@?D 2?5 @:= 2?5 82D 4@>A2?:6D]k^Am

k9am!@H6C7F= 2==:6D 8C2DA65 4=:>2E6 C:D<Dk^9am

kAm%96 k2 9C67lQ9EEADi^^HHH]F?6A7:]@C8^?6E\K6C@\32?<:?8^Qm}6E\+6C@ q2?<:?8 p==:2?46k^2m H2D 7@F?565 :? a_a`] |6>36CD 28C665 E@ =:>:E =6?5:?8 E@ 42C3@?\:?E6?D6 D64E@CD D@ E92E E@E2= 8C66?9@FD6 82D 6>:DD:@?D 7C@> 4@>A2?:6D :? E96 32?<D’ =@2? A@CE7@=:@D 2C6 4=@D6 E@ K6C@ 3J a_d_]k^Am

kAm%9:D E2C86E 2=:8?65 H:E9 E96 8@2=D @7 E96 k2 9C67lQ9EEADi^^F?7444]:?E^AC@46DD\2?5\>66E:?8D^E96\A2C:D\28C66>6?EQm!2C:D p8C66>6?Ek^2m 3FE H2D ?@E 3:?5:?8 2?5 =24<65 4=62C D9@CE6C\E6C> E2C86ED 2?5 A=2?D] $:>:=2C ?6E\K6C@ ?6EH@C<D H6C6 6DE23=:D965 7@C :?DFC2?46[ 2DD6E >2?286>6?E 2?5 @E96C 7:?2?4:2= 2C62D[ 2== F?56C E96 F>3C6==2 @7 E96 k2 9C67lQ9EEADi^^HHH]F?6A7:]@C8^Qm&?:E65 }2E:@?D t?G:C@?>6?E !C@8C2>’D u:?2?46 x?:E:2E:G6k^2m] ~G6C E96 A2DE `e >@?E9D[ E96 k2 9C67lQ9EEADi^^HHH]6D8E@52J]4@>^?6E\K6C@\32?<:?8\2==:2?46\A2FD6D\24E:G:E:6D^Qm:?DFC2?46k^2m 2?5 k2 9C67lQ9EEADi^^HHH]:A6]4@>^?6HD^?6E\K6C@\2DD6E\>2?286CD\:?:E:2E:G6\92=ED\24E:G:E:6D^`_`ag`da]2CE:4=6Qm2DD6E >2?286CD’k^2m 2==:2?46D 92G6 2=D@ DFDA6?565 E96:C 24E:G:E:6D]k^Am

kAm%96D6 ?6E\K6C@ 2==:2?46D H6C6 3F:=E @? E96 k2 9C67lQ9EEADi^^:24A>]@C8^HA\4@?E6?E^FA=@25D^a_`h^_a^xpr!|\~=:G6C\(J>2?\a_`g\$EF5J\@?\r=:>2E6\#:D<\pH2C6?6DD\(9:E6\!2A6C]A57nQmAC6>:D6 E92E 4=:>2E6 C:D< 6BF2=D 7:?2?4:2= C:D<k^2m 2?5 E92E E96 492==6?86 C6BF:C6D 2 4@==64E:G6 C6DA@?D6] %96:C 8@2= H2D E@ =6G6C286 E96 A@H6C @7 7:?2?46 E@ AFD9 4@>A2?:6D E@ 5642C3@?:K6 E96:C AC@5F4ED 2?5 AC@46DD6D]k^Am

kAmz6J 7:?2?4:2= C68F=2E@CD[ 46?EC2= 32?<D 2?5 2 76H @7 E96 =2C86DE 2DD6E >2?286CD AC@A6==65 E96D6 2==:2?46D 3642FD6 E96J A6C46:G65 E92E 4=:>2E6 492?86 A@D6D D6C:@FD =@?8\E6C> DJDE6>:4 C:D<D E@ >2C<6ED 2?5 64@?@>:6D 2C@F?5 E96 H@C=5] x?7=F6?E:2= 7:8FC6D DF49 2D k2 9C67lQ9EEADi^^HHH]7E]4@>^4@?E6?E^6d3df646\_4b`\c7ca\haah\4ghg`34h75bcQm{2CCJ u:?<k^2m[ E96 rt~ @7 q=24<#@4<[ E96 H@C=5’D =2C86DE 2DD6E >2?286C[ 2?5 7@C>6C k2 9C67lQ9EEADi^^HHH]32?<@76?8=2?5]4@]F<^\^>65:2^3@6^7:=6D^DA6649^a_`d^3C62<:?8\E96\EC2865J\@7\E96\9@C:K@?\4=:>2E6\492?86\2?5\7:?2?4:2=\DE23:=:EJ]A57Qmq2?< @7 t?8=2?5 9625 |2C< r2C?6Jk^2m[ ?@H E96 AC:>6 >:?:DE6C @7 r2?252[ =6?E =68:E:>24J E@ E96D6 :?:E:2E:G6D]k^Am

kAmk2 9C67lQ9EEADi^^HHH]46C6D]@C8^32?<:?8Qm$@>6 6?G:C@?>6?E2= 8C@FADk^2m 2=D@ DFAA@CE65 E96D6 2==:2?46D 2D 2 D>2CE DEC2E68J E@ AC6DDFC6 4@>A2?:6D @? 4=:>2E6] |2?J @E96C 7:?2?4:2= :?DE:EFE:@?D E96? ;@:?65 E96 ?6E\K6C@ 32?5H28@?[ 3FE @FC C6D62C49 C6G62=65 E92E E96J 5:5?’E 5@ D@ 3642FD6 @7 4@?46C? 23@FE 4=:>2E6\C6=2E65 7:?2?4:2= C:D<D] #2E96C[ E96J 76=E 2? 2CC2J @7 AC6DDFC6 7C@> A66CD[ :?G6DE@CD[ 24E:G:DED[ C68F=2E@CD 2?5 6G6? E96:C 72>:=:6D]k^Am

kAm|2?J A6@A=6 H6 :?E6CG:6H65 >6?E:@?65 C6AFE2E:@?2= C:D< 2D 2 <6J 5C:G6C 2?5 D2H 2 =@H\42C3@? EC2?D:E:@? 2D :?6G:E23=6[ 5C:G6? 3J C68F=2E:@?[ E649?@=@8:42= :??@G2E:@? 2?5 4@?DF>6C 56>2?5] %9:D H2D E96 q:56? 6C2[ H:E9 3:==:@?D @7 5@==2CD 7=@H:?8 E@ 4=62? 6?6C8J E9C@F89 E96 k2 9C67lQ9EEADi^^:?D:564=:>2E6?6HD]@C8^?6HD^ag“a_ac^4=62?\6?6C8J\:?7=2E:@?\C65F4E:@?\24E\F?46CE2:?EJ^nFE>0D@FC46l492E8AE]4@>Qmx?7=2E:@? #65F4E:@? p4Ek^2m]k^Am

kAm%96 3FC86@?:?8 7:6=5 2=D@ DA2H?65 2 DA64:2=:K65 3FE =F4C2E:G6 :?5FDECJ @7 52E2 AC@G:56CD 2?5 4@?DF=E2?ED H9@ 24E:G6=J >2C<6E65 42C3@? >2?286>6?E[ 5:D4=@DFC6 2?5 3C@256C DFDE2:?23:=:EJ D6CG:46D] %96 k2 9C67lQ9EEADi^^HHH]8C2?5G:6HC6D62C49]4@>^:?5FDECJ\2?2=JD:D^6D8\D@7EH2C6\>2C<6E\C6A@CEQm8=@32= >2C<6E 7@C DFDE2:?23:=:EJ 52E2 2?5 D@7EH2C6k^2m H2D 6DE:>2E65 2E >@C6 E92? &$S` 3:==:@? :? a_ac 2?5 8C@H:?8 C2A:5=J]k^Am

kAmr=:>2E6 DEC2E68J 2?5 DFDE2:?23:=:EJ C6A@CE:?8 H2D E96 72DE6DE\8C@H:?8 3FD:?6DD D64E@C 7@C k2 9C67lQ9EEADi^^HHH]>@C5@C:?E6==:86?46]4@>^:?5FDECJ\C6A@CED^DFDE2:?23:=:EJ\4@?DF=E:?8\D6CG:46D\>2C<6EQm244@F?E:?8 2?5 4@?DF=E:?8 7:C>Dk^2m] p?5 2DD6E >2?286CD H6C6 92AAJ E@ 4@==64E k2 9C67lQ9EEADi^^HHH]3=@@>36C8]4@>^@A:?:@?^2CE:4=6D^a_a`\_d\_f^>2?J\6D8\7F?5D\2C6\;FDE\6IA6?D:G6\D\A\d__\:?56I6CDnQm9:896C 766D 7@C 7F?5D D4C66?65 7@C DFDE2:?23:=:EJk^2m – 6G6? E9@F89 E96D6 7F?5D 92G6 ?@E @FEA6C7@C>65 E96 3C@256C >2C<6E]k^Am

kAm%96D6 G6DE65 :?E6C6DED DAFCC65 4@?E:?F65 6IA2?D:@? @7 ?6E\K6C@ ?6EH@C<D] x?5665[ 2E :ED A62< :? a_ac[ E96 }6E\+6C@ q2?<:?8 p==:2?46 k2 9C67lQ9EEADi^^HHH]6D8E@52J]4@>^?6E\K6C@\32?<:?8\2==:2?46\A2FD6D\24E:G:E:6D^Qm:?4=F565 @G6C `c_ >6>36CD 8=@32==Jk^2m H:E9 Sfc EC:==:@? :? 6DE:>2E65 E@E2= 2DD6ED[ C6AC6D6?E:?8 @G6C c_T @7 8=@32= 32?<:?8 2DD6ED]k^Am

k7:8FC6 4=2DDlQ2=:8?\46?E6CQmk:>8 2=ElQH:?5 EFC3:?6 4@>A@?6?ED 2H2:E 2DD6>3=J @? 2 A:6C :? 4@??64E:4FEQ DC4lQ9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^ehadbf^@C:8:?2=^7:=6\a_ad_hab\ec\ea592g];A8n:I=:3lC3\c]`]_U2>AjBlcdU2>Aj2FE@l7@C>2EU2>AjHlfdcU2>Aj7:El4=:AQ DC4D6ElQ9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^ehadbf^@C:8:?2=^7:=6\a_ad_hab\ec\ea592g];A8n:I=:3lC3\c]`]_U2>AjBlcdU2>Aj2FE@l7@C>2EU2>AjHle__U2>Aj9lc__U2>Aj7:El4C@AU2>Aj5ACl` e__H[ 9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^ehadbf^@C:8:?2=^7:=6\a_ad_hab\ec\ea592g];A8n:I=:3lC3\c]`]_U2>AjBlb_U2>Aj2FE@l7@C>2EU2>AjHle__U2>Aj9lc__U2>Aj7:El4C@AU2>Aj5ACla `a__H[ 9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^ehadbf^@C:8:?2=^7:=6\a_ad_hab\ec\ea592g];A8n:I=:3lC3\c]`]_U2>AjBl`dU2>Aj2FE@l7@C>2EU2>AjHle__U2>Aj9lc__U2>Aj7:El4C@AU2>Aj5AClb `g__H[ 9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^ehadbf^@C:8:?2=^7:=6\a_ad_hab\ec\ea592g];A8n:I=:3lC3\c]`]_U2>AjBlcdU2>Aj2FE@l7@C>2EU2>AjHlfdcU2>Aj9ld_bU2>Aj7:El4C@AU2>Aj5ACl` fdcH[ 9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^ehadbf^@C:8:?2=^7:=6\a_ad_hab\ec\ea592g];A8n:I=:3lC3\c]`]_U2>AjBlb_U2>Aj2FE@l7@C>2EU2>AjHlfdcU2>Aj9ld_bU2>Aj7:El4C@AU2>Aj5ACla `d_gH[ 9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^ehadbf^@C:8:?2=^7:=6\a_ad_hab\ec\ea592g];A8n:I=:3lC3\c]`]_U2>AjBl`dU2>Aj2FE@l7@C>2EU2>AjHlfdcU2>Aj9ld_bU2>Aj7:El4C@AU2>Aj5AClb aaeaHQ D:K6DlQW>:?\H:5E9i `ceeAIX fdcAI[ W>2I\H:5E9i dhhAIX `__GH[ W>:?\H:5E9i e__AIX e__AI[ abfAIQ ^mk7:842AE:@?mkDA2? 4=2DDlQ42AE:@?Qm%96 %CF>A 25>:?:DEC2E:@? 92D 42?46=65 D6G6C2= @77D9@C6 H:?5 72C> AC@;64ED[ DF49 2D @?6 E92E’D ?62C=J 4@>A=6E6 2?5 :?E6?565 E@ D6CG6 #9@56 xD=2?5 2?5 r@??64E:4FE – E9@F89 :ED 72E6 :D DE:== :? 4@FCE]k^DA2?m kDA2? 4=2DDlQ2EEC:3FE:@?Qmk2 4=2DDlQD@FC46Q 9C67lQ9EEADi^^?6HDC@@>]2A]@C8^56E2:=^r=:>2E6%CF>A~77D9@C6(:?5^a7ghh5g5`_4`c642g44d7baa2g4hc4bb^A9@E@nGDl72=D6Qmp! !9@E@^yF=:2 s6>2C66 }:<9:?D@?k^2mk^DA2?mk^7:842AE:@?mk^7:8FC6m

k9am!@=:E:42= 324<=2D9k^9am

kAmv:G6? E96 D:K6 2?5 D4@A6 @7 E96D6 ?6E\K6C@ ?6EH@C<D[ H92E EC:886C65 E96:C C2A:5 4@==2AD6nk^Am

kAm~?6 >2;@C 724E@C[ @7 4@FCD6[ H2D E96 k2 9C67lQ9EEADi^^HHH]E962E=2?E:4]4@>^A@=:E:4D^2C49:G6^a_ad^_f^=6@?2C5\=6@\4@?DF>6CD\C6D62C49\6D8\4=:>2E6^egbdg`^QmA@=:E:42= 324<=2D9k^2m 282:?DE 2?JE9:?8 4@??64E65 H:E9 4=:>2E6 24E:@? 2?5 DFDE2:?23=6 :?G6DE:?8 7@==@H:?8 E96 a_ac 6=64E:@? @7 !C6D:56?E s@?2=5 %CF>A]k^Am

kAmu:?2?46 k2 9C67lQ9EEADi^^HHH]6D85:G6]4@>^?6HD^DE2E6\8@A\7:?2?46\@77:4:2=D\AC6DD\FD\2DD6E\>2?286CD\56?@F?46\6D8\4=:>2E6\3=24<C@4<\G2?8F2C5\;A>@C82?^fdef`e^Qm@77:4:2=D :? >@C6 E92? a_ &]$] DE2E6Dk^2m 92G6 56>2?565 E92E >2;@C 2DD6E >2?286CD C6DEC:4E E96 FD6 @7 6?G:C@?>6?E[ D@4:2= 2?5 8@G6C?2?46 36?49>2C<D[ 244FD:?8 E96> @7 6C@5:?8 “EC25:E:@?2= 7:5F4:2CJ 5FEJ” 2?5 4=2:>:?8 E96J 9FCE :?G6DE@CD]k^Am

kAmx? pF8FDE[ k2 9C67lQ9EEADi^^HHH]HD;]4@>^2CE:4=6D^C6AF3=:42?\2EE@C?6JD\86?6C2=\244FD6\?6E\K6C@\DE2?52C5D\D6EE6CD\@7\CF??:?8\4=:>2E6\42CE6=\dghb5bc6n>@5l$62C49C6DF=EDU2>AjA@Dl`U2>AjA286l`Qmab #6AF3=:42? 2EE@C?6JD 86?6C2=k^2m 244FD65 @C82?:K2E:@?D 4C62E65 E@ D6E DE2?52C5D 7@C 4@CA@C2E6 4=:>2E6 5:D4=@DFC6D @7 @A6C2E:?8 2? 2?E:4@>A6E:E:G6 “4=:>2E6 42CE6=” 2?5 G:@=2E:?8 2?E:ECFDE =2HD]k^Am

k9amu@DD:= 7F6=D – E@@ =F4C2E:G6 E@ 232?5@?k^9am

kAm(9:=6 E96 k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^C6AF3=:42?D\2?E:\6D8\2EE24<\>2J\36\D:=6?4:?8\:?DFC6CD\3FE\:E\:D?E\492?8:?8\E96:C\AC@\4=:>2E6\3FD:?6DD\564:D:@?D\a_ehaaQmA@=:E:42= AC6DDFC6 :? E96 &]$]k^2m 92D :?5665 366? :?E6?D6[ E96 k2 9C67lQ9EEADi^^DFDE2:?23:=:EJ>28]4@>^2CE:4=6D^3=24<C@4<\6I:E\?6E\K6C@\2DD6E\>2?286CD\DFDA6?5D\24E:G:E:6DQm4@==2AD6 @7 ?6E\K6C@ ?6EH@C<Dk^2m 2?5 E96 3C@256C k2 9C67lQ9EEADi^^HHH]3=@@>36C8]4@>^762EFC6D^a_ad\4@CA@C2E6\4=:>2E6\3C@<6?\AC@>:D6D^n6>365565\4964<@FElECF6Qm4@CA@C2E6 C6EC62E 7C@> 4=:>2E6 4@>>:E>6?EDk^2m :D =2C86=J 5F6 E@ E96 k2 9C67lQ9EEADi^^HHH]7E]4@>^4@?E6?E^26353d24\f6hf\cad6\g27b\6_gecggadd4dQm4@?E:?F65 AC@7:E23:=:EJ @7 7@DD:= 7F6=Dk^2m 2?5 E96 k2 9C67lQ9EEADi^^HHH]3C@@<:?8D]65F^HA\4@?E6?E^FA=@25D^a_a`^_e^u!0a_a`_eab0:?5FDEC:2=08C@DD0Ga]A57Qm9:89 4@DED 2?5 C:D<D @7 566A 5642C3@?:K2E:@?k^2m] x?G6DE@CD 2?5 32?<D[ @7 4@FCD6[ H2?E E@ <66A @? 7:?2?4:?8 AC@7:E23=6 4@>A2?:6D 2?5 2G@:5 AC6DDFC:?8 E96:C 4=:6?ED E@ E2<6 C:D<J >62DFC6D]k^Am

kAm~:= 4@>A2?:6D DF49 2D q! 2?5 $96== E92E 925 C6=2E:G6=J k2 9C67lQ9EEADi^^HHH]7@C36D]4@>^D:E6D^49C:DE:2?DE25=6C^a_ac^_c^b_^D96==\:D\A2J:?8\E96\AC:46\7@C\DFDE2:?23:=:EJ\H9:=6\6II@?\AC@7:ED\D@2C^nQmDEC@?8 4=:>2E6 E2C86ED DF776C65 7:?2?4:2==Jk^2m 2D 2 C6DF=E[ AC@>AE:?8 E96> E@ C6EC62E 7C@> E96D6 E2C86ED 2?5 k2 9C67lQ9EEADi^^HHH]72DE4@>A2?J]4@>^h`adb_f`^3A\D96==\324<EC24<65\4=:>2E6\8@2=D\a_ac\96C6D\H9JQmD9:7E 42A:E2=k^2m 7C@> C6?6H23=6 AC@;64ED 324< E@H2C5 7@DD:= 7F6=D] k2 9C67lQ9EEADi^^HHH]6:2]8@G^E@52J:?6?6C8J^56E2:=]A9An:5ldd_a_Qmw:89 6?6C8J AC:46D :? E96 H2<6 @7 E96 #FDD:2\&<C2:?6 H2Ck^2m >256 E96 D64E@C 6G6? >@C6 =F4C2E:G6] {@H\42C3@? 7F6=D 2?5 AC@46DD6D 7@C :?5FDEC:6D DF49 2D 2G:2E:@?[ DE66= 2?5 46>6?E 2C6 k2 9C67lQ9EEADi^^23@FE]3?67]4@>^:?D:89ED^:?5FDECJ\2?5\3F:=5:?8D^E96\4@DE\@7\5642C3@?:K:?8\:?5FDECJ\:D\9:89\3FE\H:E9:?\C6249^nQmDE:== G6CJ 6IA6?D:G6k^2m]k^Am

kAm|@C6@G6C[ E96 %CF>A 25>:?:DEC2E:@? :D 23@=:D9:?8 >@DE k2 9C67lQ9EEADi^^HHH]2>6C:42?AC@8C6DD]@C8^2CE:4=6^E96\ECF>A\25>:?:DEC2E:@?\2?5\4@?8C6DD\2EE24<D\@?\H:?5\A@H6C\2C6\<:==:?8\E9@FD2?5D\@7\;@3D\2?5\C:D<\E9@FD2?5D\>@C6^nQmDF3D:5:6D 7@C 4=62? 6?6C8J 2?5 7C66K:?8 A6C>:ED 7@C @77D9@C6 H:?5k^2m[ H9:=6 62D:?8 C68F=2E:@?D 2?5 @A6?:?8 >@C6 =2?5 7@C @:= 2?5 82D 6IA=@C2E:@?]k^Am

kAm%96D6 64@?@>:4 :?46?E:G6D >256 :E 92C5 7@C E96 32?<:?8 2==:2?46 E@ k2 9C67lQ9EEADi^^HHH]3=@@>36C8]4@>^AC@76DD:@?2=^:?D:89ED^4@>>@5:E:6D^@:=\82D\4@>A2?:6D\4@?E:?F6\E@\7:?5\7:?2?4:?8QmC65F46 7:?2?4:?8 7@C 7@DD:= 7F6=Dk^2m – 2?5 k2 9C67lQ9EEADi^^HHH]32?<:?8@?4=:>2E6492@D]@C8^HA\4@?E6?E^FA=@25D^a_ad^_e^q~rr0a_ad0ux}p{c]A57QmE96 >@?6J 92D <6AE @? 7=@H:?8k^2m :?E@ @:= 2?5 82D AC@;64ED]k^Am

kAmtFC@A62? 32?<D E92E D92CA=J 4FE 7F?5:?8 E@ 7@DD:= 7F6= 4@>A2?:6D D2H E96:C k2 9C67lQ9EEADi^^5@:]@C8^`_]`_bg^Dc`cef\_ac\d`eea\eQm3FD:?6DD 5:G6CE65 E@ @E96C 32?<Dk^2m 2?5 E@ k2 9C67lQ9EEADi^^HHH]2<:?8F>A]4@>^2^H63^G)FCz3:@*;gfsK9”r84”cf^EC6?5D\:?\@:=\2?5\82D\a_ad\2<:?\A57\Ge]A57QmAC:G2E6[ ?@?32?< D@FC46D @7 7:?2?46k^2m[ H9:49 92D D@2C65 :? E96 A2DE EH@ J62CD] u24:?8 E9:D =@DD @7 3FD:?6DD[ >2;@C 32?<D’ k2 9C67lQ9EEADi^^HHH]32?<:?8@?4=:>2E6492@D]@C8^HA\4@?E6?E^FA=@25D^a_ad^_e^q~rr0a_ad0ux}p{c]A57Qm=6?5:?8 E@ @:= 2?5 82D 4@>A2?:6D DFC865k^2m :? a_ac[ 5C:G:?8 =@2?D E@ 2 E9C66\J62C 9:89 @7 Sgeh 3:==:@?]k^Am

kAmk:7C2>6 :5lQ=JHr2Q 4=2DDlQE4\:?7@8C2A9:4\52E2HC2AA6CQ DC4lQ9EEADi^^52E2HC2AA6C]5H45?]?6E^=JHr2^a^Q 96:89ElQc__AIQ H:5E9lQ`__TQ DEJ=6lQ3@C56Ci _jQ D4C@==:?8lQ?@Q 7C2>63@C56ClQ_Q ?2>6lQ=JHr2Qmk^:7C2>6mk^Am

kAm%96 4@DED @7 >6>36CD9:A :? E96 ?6E\K6C@ 2==:2?46D 2=D@ :?4C62D65 @G6C E:>6[ H:E9 E96 25@AE:@? @7 k2 9C67lQ9EEADi^^6D8?6HD]4@>^?6E\K6C@\32?<:?8\2==:2?46\E:89E6?D\8F:56=:?6D\7@C\32?<D\4=:>2E6\E2C86ED^QmDEC:4E6C DE2?52C5Dk^2m E92E 42==65 7@C DA64:7:4 A=2?D 2?5 E:>6=:?6D 7@C 6?5:?8 7@DD:= 7F6= 7:?2?4:?8 6?E:C6=J] %96 ?6H DE2?52C5D 2=D@ C6BF:C65 =@2? C64:A:6?ED E@ k2 9C67lQ9EEADi^^>:ED=@2?]>:E]65F^:562D\>256\E@\>2EE6C^D4@A6\b\6>:DD:@?D\E@A\DFAA=J\492:?\DFDE2:?23:=:EJ\492==6?86DnFE>0D@FC46l492E8AE]4@>Qm5:D4=@D6 $4@A6 b 6>:DD:@?Dk^2m[ H9:49 :?4=F56 6>:DD:@?D 7C@> 2 4@>A2?J’D DFAA=:6CD 2?5 4FDE@>6CD]k^Am

kAm|2?286CD :? 7:?2?4:2= :?DE:EFE:@?D E@=5 FD E92E E96 :?4C62D:?8=J 4@>A=6I 2?5 56>2?5:?8 C6BF:C6>6?ED H6C6 86?6C2E:?8 DEC@?8 AFD9324< 7C@> E96:C 4=:6?ED] (6 2=D@ 962C5 E92E >6>36CD9:A H2D EFC?:?8 7C@> 2 C6AFE2E:@?2= 2DD6E E@ 2 =:23:=:EJ[ 2D k2 9C67lQ9EEADi^^36J@?5\4@2=];A^6?^5@4F>6?ED^3@44a_ad^Qm24E:G:DE @C82?:K2E:@?D 42==65 @FE E96 9JA@4C:DJk^2m @7 4@?E:?F65 7@DD:= 7F6= =6?5:?8 56DA:E6 E96:C 4@>>:E>6?ED E@ A92D:?8 :E @FE]k^Am

k9amx8?@C:?8 4=:>2E6 492?86’D =@?8\E6C> C:D<Dk^9am

kAmp=E9@F89 32?<D 2C6 CFD9:?8 324< E@ 7:?2?46 7@DD:= 7F6= AC@;64ED[ E96D6 =@2?D EJA:42==J 92G6 =@?8 E6C>D @7 `_ E@ ad J62CD] %9:D >62?D E96J 42CCJ E96 C:D< E92E 2? 6G6?EF2= EC2?D:E:@? E@ 4=62? 6?6C8J H:== >2<6 E96D6 AC@;64ED k2 9C67lQ9EEADi^^HHH]6FC@A2C=]6FC@A2]6F^#68s2E2^6EF56D^$%&s^a_aa^ehhdba^x!~{0$%&Taga_aaTahehhdba0t}]A57nQmH@CE9=6DD[ “DEC2?565 2DD6EDk^2m]” ~?6 DEF5J k2 9C67lQ9EEADi^^5@:]@C8^`_]`_bg^Dc`ddg\_aa\_`bde\JQm6DE:>2E6D E92E :?G6DE@CDk^2m 2C6 4FCC6?E=J 6IA@D65 E@ >@C6 E92? S` EC:==:@? :? A@E6?E:2= =@DD6D]k^Am

kAm(9J 5@ 32?<D @7E6? :8?@C6 E96D6 C:D<Dnk^Am

k5:Gmk^5:Gm

kAm~FC :?E6CG:6H66D >6?E:@?65 E96 @C82?:K2E:@?2= D:=@D E92E D6A2C2E6 2?2=JDED H9@ 2DD6DD 4=:>2E6 C:D<D 7C@> E96 =@2? @C:8:?2E@CD] x? @E96C H@C5D[ E96 6>A=@J66D 564:5:?8 H96C6 E@ =6?5 >@?6J >2J ?@E 36 E2=<:?8 E@ E96 E62> E92E 36DE F?56CDE2?5D E96 =@?8\E6C> C:D<D] |@C6@G6C[ 4FCC6?E C:D< 2DD6DD>6?E E@@=D 2C6 BF:E6 4CF56 2?5 5@?’E 86?6C2E6 E96 BF2?E:E2E:G6 >6EC:4D E92E =@2? F?56CHC:E6CD H2?E]k^Am

kAmu:?2==J[ k2 9C67lQ9EEAi^^5I]5@:]@C8^`_]a`bh^DDC?]cafefg`Qm=@2?D 2C6 :?4C62D:?8=J C6A24<2865 2?5 D@=5k^2m[ @C D64FC:E:K65[ :?E@ E96 =2C86C 4@CA@C2E6 563E >2C<6E[ @3D4FC:?8 E96 C:D<D]k^Am

k9amr=:>2E6 C:D<D 2C6 C62= 2?5 8C@H:?8k^9am

kAm%96 }6E\+6C@ q2?<:?8 p==:2?46 :D?’E 5:D2AA62C:?8 6?E:C6=J] %96 8C@FA :D 4FCC6?E=J k2 9C67lQ9EEADi^^HHH]F?6A7:]@C8^?6E\K6C@\32?<:?8^>65:2^?K32\FA52E6\2F8FDE\a_ad^Qm564:5:?8 @? H96E96C E@ C6DECF4EFC6k^2m :?E@ 2 >F49 H62<6C “7C2>6H@C< :?:E:2E:G6” E92E AC@G:56D G@=F?E2CJ 8F:52?46 :?DE625 @7 3:?5:?8 4@>>:E>6?ED]k^Am

kAmp?5 D@>6 32?<D =62G:?8 E96 2==:2?46 92G6 k2 9C67lQ9EEADi^^HHH]HD;]4@>^2CE:4=6D^?6E\K6C@\32?<:?8\2==:2?46\DFDA6?5D\24E:G:E:6D\2>:5\H2G6\@7\56A2CEFC6D\74`3667`nFE>0D@FC46l492E8AE]4@>QmDE2E65 E92E E96J H:== >2:?E2:? E96:C 4=:>2E6 8@2=Dk^2m 2?5 DFDE2:?23:=:EJ A@=:4:6D]k^Am

kAmqFE 4=:>2E6 C:D<D 2C6 C62= 2?5 8C@H:?8] %96 k2 9C67lQ9EEADi^^HHH]348]4@>^AC6DD^“5646>36Ca_ac\4=:>2E6\C:D<\4@DE\@7\:?24E:@?Qmq@DE@? r@?DF=E:?8 vC@FA C646?E=J 6DE:>2E65k^2m E92E ;FDE E96 A9JD:42= C:D<D – 7=@@5D[ 5C@F89E 2?5 H:=57:C6D – 4@F=5 4@DE 4@>A2?:6D FA E@ adT @7 E96:C AC@7:ED 3J a_d_ 2?5 DF3DE2?E:2==J 4FE 8=@32= vs!]k^Am

kAmp k2 9C67lQ9EEADi^^HHH]>4<:?D6J]4@>^42A23:=:E:6D^DFDE2:?23:=:EJ^@FC\:?D:89ED^4=:>2E6\EC2?D:E:@?\:>A24E\7C2>6H@C<\4E:7\A=2??:?8\7@C\2\DFDE2:?23=6\2?5\:?4=FD:G6\7FEFC6R^QmEC2?D:E:@? E@ 2 =@H\42C3@? 64@?@>Jk^2m H:== 4@DE EC:==:@?D @7 5@==2CD 2?5 4C62E6 >2DD:G6 5:DCFAE:@? – 2D H6== 2D @AA@CEF?:E:6D – 2D ?6H E649?@=@8:6D 2?5 4@>A2?:6D 6>6C86] %96 =@?86C E92E 24E:@? :D 56=2J65[ E96 8C62E6C E96 C:D<D E@ E96 A=2?6E – 2?5 @7 >@C6 5C2DE:4 D9@4<D E@ E96 8=@32= 64@?@>J 2?5 7:?2?4:2= DJDE6>]k^Am

kAmk:>8 DC4lQ9EEADi^^4@F?E6C]E964@?G6CD2E:@?]4@>^4@?E6?E^aed`fe^4@F?E]8:7Q 2=ElQ%96 r@?G6CD2E:@?Q H:5E9lQ`Q 96:89ElQ`Q ^mk^Am

kA 4=2DDlQ7:?6\AC:?EQmk6>mkDA2?ms2G:5 { {6GJ C646:G6D 7F?5:?8 7C@> E96 q$u[ E96 q:\?2E:@?2= &$\xDC26= $4:6?46 u@F?52E:@?k^DA2?mk^6>mk^Am

kA 4=2DDlQ7:?6\AC:?EQmk6>mkDA2?m#2>: z2A=2? C646:G6D 7F?5:?8 7C@> E96 q$u[ E96 q:\?2E:@?2= &$\xDC26= $4:6?46 u@F?52E:@?k^DA2?mk^6>mk^Am