Power Demand Growth and Net-Zero Goals Support Nuclear Market Expansion and Rising Revenue Opportunities
MarketNewsUpdates.com News Commentary
kAmkDA2? 4=2DDlQ=686?5$A2?r=2DDQm}t( *~#zk^DA2?m[ kDA2? 4=2DDlQ=686?5$A2?r=2DDQms64] b_[ a_adk^DA2?m ^!#}6HDH:C6^ \\ +6C@\42C3@? ?F4=62C 6=64EC:4:EJ A=2JD 2 4C:E:42= C@=6 :? E96 8=@32= EC2?D:E:@? E@ 4=62? 6?6C8J 3J AC@G:5:?8 C6=:23=6[ =2C86\D42=6 A@H6C H:E9 G:CEF2==J ?@ 5:C64E 8C66?9@FD6 82D 6>:DD:@?D] &?=:<6 :?E6C>:EE6?E C6?6H23=6 D@FC46D DF49 2D H:?5 2?5 D@=2C[ ?F4=62C A=2?ED @A6C2E6 2E 9:89 42A24:EJ 724E@CD[ 56=:G6C:?8 DE625J 32D6=@25 6=64EC:4:EJ C682C5=6DD @7 H62E96C @C E:>6 @7 52J] %9:D C6=:23:=:EJ >2<6D ?F4=62C A@H6C 6DA64:2==J G2=F23=6 7@C 5642C3@?:K:?8 :?5FDEC:2= D64E@CD 2?5 DFAA@CE:?8 6=64EC:4 8C:5D H:E9 8C@H:?8 D92C6D @7 G2C:23=6 C6?6H23=6D[ H9:=6 >2:?E2:?:?8 6?6C8J D64FC:EJ] x?5FDECJ C6D62C49 :?5:42E6D E92E E96 8=@32= ?F4=62C A@H6C >2C<6E :D 6IA64E65 E@ 8C@H DE625:=J :?E@ a_ae] |F=E:A=6 >2C<6E 2?2=JDED k2 9C67lQ9EEADi^^HHH]7@CEF?63FD:?6DD:?D:89ED]4@>^:?5FDECJ\C6A@CED^?F4=62C\A@H6C\>2C<6E\`__fbcnFE>0D@FC46l492E8AE]4@>Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmAC@;64Ek^2m E96 >2C<6E G2=F6 E@ 36 :? E96 2AAC@I:>2E6 C2?86 @7 Sbg–ca 3:==:@? :? a_ae] ~?6 C6A@CE 6DE:>2E6D E96 >2C<6E 2E 23@FE Sc_]cg 3:==:@? :? a_ad 2?5 C:D:?8 E@ C@F89=J Sc`]eg 3:==:@? :? a_ae[ C67=64E:?8 2 >F=E:\J62C 6IA2?D:@? EC6?5 2D ?F4=62C 42A24:EJ :?4C62D6D H@C=5H:56 2?5 :?G6DE>6?ED :? A=2?E =:76 6IE6?D:@?D 2?5 ?6H 3F:=5D 4@?E:?F6]  \  %96 >2C<6E 7@C K6C@\42C3@? ?F4=62C 6=64EC:4:EJ :D D92A65 3J A@=:4J 7C2>6H@C<D[ 42A:E2= 4@DED[ 2?5 E649?@=@8:42= :??@G2E:@?] v@G6C?>6?E DFAA@CE E9C@F89 42C3@? AC:4:?8[ 4=62? 6?6C8J DE2?52C5D[ 2?5 =@?8\E6C> A@H6C AFC492D6 28C66>6?ED 92D 364@>6 2 <6J 5C:G6C @7 ?6H :?G6DE>6?ED 2?5 =:76\6IE6?D:@? AC@;64ED 7@C 6I:DE:?8 C624E@CD] pE E96 D2>6 E:>6[ 25G2?465 C624E@C 56D:8?D—:?4=F5:?8 D>2== >@5F=2C C624E@CD W$|#DX—2C6 82:?:?8 2EE6?E:@? 7@C E96:C A@E6?E:2= E@ C65F46 FA7C@?E 4@DED[ :>AC@G6 D276EJ[ 2?5 D6CG6 ?:496 >2C<6ED DF49 2D C6>@E6 C68:@?D[ 52E2 46?E6CD[ 2?5 :?5FDEC:2= 962E 2AA=:42E:@?D]   p4E:G6 4@>A2?:6D :? E96 >2C<6ED E9:D H66< :?4=F56 kDEC@?8ms6GG$EC62> r@CA]k^DEC@?8m W}p$sp"i st'$X[ kDEC@?8m)ru v=@32= x?4]k^DEC@?8m W}p$sp"i $pu)X[ kDEC@?8m%CF>A |65:2 U2>Aj %649?@=@8J vC@FA r@CA]k^DEC@?8m W}p$sp"i sy%X[ kDEC@?8mr@?DE6==2E:@? t?6C8J r@CA@C2E:@?k^DEC@?8m W}p$sp"i rtvX 2?5 kDEC@?8m}F$42=6 !@H6C r@CA@C2E:@?k^DEC@?8m W}*$ti $|#X]k^Am
k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56C`c`dQmkAmk2 9C67lQ9EEADi^^>>2]AC?6HDH:C6]4@>^>65:2^agdaddg^dehfc_g^|2C<6E0}6HD0&A52E6D0{@8@]9E>=Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmk^2mk^Amk^5:Gm
kAms6DA:E6 :ED 25G2?E286D[ E96 ?F4=62C 6=64EC:4:EJ >2C<6E 7246D 492==6?86D E92E 27764E 4@>A6E:E:G6?6DD[ :?4=F5:?8 9:89 :?:E:2= :?G6DE>6?E C6BF:C6>6?ED[ =@?8 AC@;64E E:>6=:?6D[ 2?5 AF3=:4 A6C46AE:@? 4@?46C?D C6=2E65 E@ D276EJ 2?5 H2DE6 >2?286>6?E] w@H6G6C[ 2D 4@F?EC:6D 4@>>:E E@ ?6E\K6C@ E2C86ED 2?5 D66< 7:C>[ K6C@\42C3@? A@H6C D@FC46D[ ?F4=62C 6?6C8J :D :?4C62D:?8=J G:6H65 2D 2 4@>A=6>6?E E@ C6?6H23=6D C2E96C E92? 2 4@>A6E:E@C] %9:D 6G@=G:?8 A6CDA64E:G6 :D 5C:G:?8 C6?6H65 :?E6C6DE :? ?F4=62C 6=64EC:4:EJ 2D 2 DEC2E68:4 2DD6E H:E9:? 2 5:G6CD:7:65[ =@H\42C3@? 6?6C8J >2C<6E] {@@<:?8 29625[ E96 K6C@\42C3@? ?F4=62C 6=64EC:4:EJ >2C<6E :D A@D:E:@?65 7@C >62DFC65 3FE 5FC23=6 8C@HE9] r92==6?86D C6>2:?—A2CE:4F=2C=J 2C@F?5 AC@;64E 6I64FE:@?[ H2DE6 >2?286>6?E[ 2?5 AF3=:4 2446AE2?46—3FE E96 >24C@ 5C:G6CD @7 5642C3@?:K2E:@?[ 6=64EC:7:42E:@?[ 2?5 6?6C8J D64FC:EJ 2C6 DECF4EFC2= 2?5 =@?8\E6C>] pD 8C:5D 56>2?5 4=62?[ C6=:23=6 A@H6C 2E D42=6[ ?F4=62C 6?6C8J :D =:<6=J E@ D64FC6 2 =2C86C 2?5 >@C6 C6D:=:6?E C@=6 :? E96 8=@32= 6=64EC:4:EJ >:I[ DFAA@CE:?8 3@E9 4=:>2E6 @3;64E:G6D 2?5 64@?@>:4 4@>A6E:E:G6?6DD]k^Am
kAmkDEC@?8ms6GG$EC62>[ $@FE96C?[ x!b[ 2?5 )ru E@ tG2=F2E6 s6G6=@A>6?E @7 p>6C:42\u:CDE }F4=62C !@H6C[ p5G2?465 uF6=D[ 2?5 s:8:E2= t?G:C@?>6?E2= pDD6E |@?6E:K2E:@?k^DEC@?8mkDEC@?8mk6>m \k^6>mk^DEC@?8m kDEC@?8mk6>m!@E6?E:2= E@ 25G2?46 ?6IE\86?6C2E:@? 6$pu A2E9H2JD 3J A2:C:?8 4@?E:?F@FD 4=62? 6=64EC:4:EJ H:E9 6=64EC@=JD:D[ 9J5C@86? AC@5F4E:@?[ 2?5 =@H\42C3@? 7F6= DJ?E96D:Dk^6>mk^DEC@?8m kDEC@?8m \ s6GG$EC62> r@CA]k^DEC@?8m kDEC@?8mW}p$sp"i st'$Xk^DEC@?8m k2 9C67lQ9EEADi^^I]4@>^s6GG$EC62>r@CAQ E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmWSst'$k^2mX WQs6GG$EC62>QX[ 2 =625:?8 42C3@? >2?286>6?E 2?5 6?G:C@?>6?E2=\2DD6E >@?6E:K2E:@? 7:C>[ E@52J 2??@F?465 2 ?@?\3:?5:?8 >6>@C2?5F> @7 F?56CDE2?5:?8 WQ|~&QX E@ 6G2=F2E6 2 DEC2E68:4 4@==23@C2E:@? 7@4FD65 @? D>2== >@5F=2C C624E@C WQ$|#QX ?F4=62C A@H6C 56G6=@A>6?E[ 6=64EC@\DFDE2:?23=6 2G:2E:@? 7F6= WQ6$puQX AC@5F4E:@?[ 2?5 E96 4C62E:@?[ G6C:7:42E:@?[ 2?5 >@?6E:K2E:@? @7 6=:8:3=6 6?G:C@?>6?E2= 2EEC:3FE6D 2=@?8D:56 x!b r@CA@C2E:@? WQx!bQX[ $@FE96C? t?6C8J #6?6H23=6D x?4] WQ$@FE96C?QX[ 2?5 kDEC@?8m)ru v=@32= x?4] W}p$sp"i $pu)Xk^DEC@?8m WQ)ruQX WE@86E96C QE96 A2CE:6DQX]k^Am
kAm%96 |~& @FE=:?6D 2 AC@A@D65 :?E68C2E65 7C2>6H@C< E@ 2DD6DD E96 56G6=@A>6?E 2?5 56A=@J>6?E @7 7:C>[ K6C@\42C3@? ?F4=62C 6=64EC:4:EJ 7C@> $|#D E@ DFAA@CE 4=62? 7F6= AC@5F4E:@? 2?5 6?6C8J\:?E6?D:G6 6?5 >2C<6ED[ :?4=F5:?8 px 52E2 46?E6CD[ H9:=6 6?23=:?8 C@3FDE 6?G:C@?>6?E2=\2EEC:3FE6 DECF4EFC6D E92E >2J >66E 6G@=G:?8 4@>A=:2?46[ C6A@CE:?8[ 2?5 >2C<6E DE2?52C5D] %96 |~& 2=D@ @FE=:?6D 2 7C2>6H@C< E@ 6IA=@C6 E96 56G6=@A>6?E 2?5 56A=@J>6?E @7 $|#\86?6C2E65 6=64EC:4:EJ E@ DFAA@CE 6I:DE:?8 2?5 7FEFC6 @A6C2E:?8 2DD6ED[ :?4=F5:?8 2 A@E6?E:2= ?F4=62C A@H6C D@=FE:@? 7@C 2 AC@A@D65 $pu C67:?6CJ :? {@F:D:2?2[ 2?5 E@ 6?23=6 2 D42=23=6 A@CE7@=:@ @7 G6C:7:23=6 6?G:C@?>6?E2= 2EEC:3FE6D]k^Am
kAmx7 AFCDF65[ E96 A2CE:6D :?E6?5 E@ 25G2?46 C6=:23=6[ K6C@\42C3@? ?F4=62C A@H6C E@ 6?23=6 4@?E:?F@FD 6=64EC@=JD:D[ 9J5C@86? AC@5F4E:@?[ 2?5 5@H?DEC62> 7F6= DJ?E96D:D[ H9:=6 2=D@ DFAA@CE:?8 6I46DD 4=62?\A@H6C @77E2<6 7@C E9:C5\A2CEJ 4FDE@>6CD H96C6 2AAC@AC:2E6]k^Am
kAm%96 A2CE:6D 2=D@ :?E6?5 E@ 6G2=F2E6[ 2D A2CE @7 E96 ?68@E:2E:@? @7 567:?:E:G6 28C66>6?ED[ 6?G:C@?>6?E2=\2EEC:3FE6 DECF4EFC6D 2DD@4:2E65 H:E9 6$pu 2?5 C6=2E65 =@H\42C3@? 7F6= A2E9H2JD[ :?4=F5:?8 6>6C8:?8 Q3@@<\2?5\4=2:>Q 2?5 $pu 46CE:7:42E6 7C2>6H@C<D E92E 2==@H 2:C=:?6D 2?5 4@CA@C2E6 3FJ6CD E@ 2446DD G6C:7:65 :?\D64E@C 6>:DD:@?D C65F4E:@? 2EEC:3FE6D H96? A9JD:42= 7F6= 56=:G6CJ :D 4@?DEC2:?65]k^Am
kAmx? A2C2==6=[ 2?5 A6?5:?8 E96 6I64FE:@? @7 567:?:E:G6 28C66>6?ED[ E96 |~& 4@?E6>A=2E6D 7FEFC6 56G6=@A>6?E @7 5:8:E2= :?7C2DECF4EFC6 E@ 6?92?46 EC2?DA2C6?4J[ AC@G6?2?46[ 2?5 2F5:E23:=:EJ[ :?4=F5:?8 kDA2?mE@<6?:K2E:@?k^DA2?m @7 6=:8:3=6 6?G:C@?>6?E2= 2DD6ED 2?5 E96 FD6 @7 5:8:E2= >62DFC6>6?E[ C6A@CE:?8[ 2?5 G6C:7:42E:@? WQ|#'QX DJDE6>D E@ DFAA@CE 52E2 BF2=:EJ[ AC@G6?2?46[ 2?5 2F5:E23:=:EJ]k^Am
kAmQ%@86E96C[ H6 2C6 6IA=@C:?8 C62=\H@C=5 2DD6E 2?5 E@<6?:K65 6?G:C@?>6?E2=\2DD6E 7C2>6H@C<D H:E9 E96 A@E6?E:2= E@ F?=@4< 255:E:@?2= G2=F6[ :>AC@G6 =:BF:5:EJ[ 2?5 96=A =@H6C E96 56=:G6C65 4@DE @7 4=62? 6?6C8J 2?5 7F6=D[Q D2:5 $F??J %C:?9[ r9:67 tI64FE:G6 ~77:46C @7 s6GG$EC62>] Q(6 D66 E9:D 2D 2 A@E6?E:2= p>6C:42\7:CDE >@56= E92E 4@>3:?6D &]$] C6D@FC46D[ 5:8:E2= :?7C2DECF4EFC6[ 2?5 D42=23=6 >2C<6ED]Qk^Am
kAmQ%9:D |~& C67=64ED @FC 7@4FD @? AFEE:?8 p>6C:42? 6?6C8J[ :?7C2DECF4EFC6[ 2?5 AC@5F4E:@? 7:CDE[Q D2:5 y2J !2E6=[ r9:67 tI64FE:G6 ~77:46C @7 $@FE96C? t?6C8J #6?6H23=6D] QpD E96 56G6=@A>6?E @7 25G2?465 ?F4=62C A=2E7@C>D 82:? >@>6?EF>[ H6 36=:6G6 E96 8@2= @7 56G6=@A:?8 2?5 56A=@J:?8 7:C>[ 5@>6DE:4 A@H6C :D 364@>:?8 6DD6?E:2= 7@C 7F6=D[ >2?F724EFC:?8[ 2?5 52E2\5C:G6? :?5FDEC:6D] (6 2C6 4@>>:EE65 E@ 6IA=@C:?8 9@H ?F4=62C A@H6C[ 4@>3:?65 H:E9 &]$] 3:@>2DD C6D@FC46D[ 42? 6?23=6 2? :?E68C2E65[ >F=E:\AC@5F4E 2AAC@249 E92E DEC6?8E96?D &]$] :?5FDEC:2= =6256CD9:A H9:=6 C6>2:?:?8 8=@32==J 4@>A6E:E:G6]Qk^Am
kAm#s|{ W#6E]X |:<6 w6H:EE[ r9:67 tI64FE:G6 ~77:46C @7 x!b[ 25565i Qr=62?[ C6=:23=6 ?F4=62C A@H6C :D :?4C62D:?8=J 36:?8 AFCDF65 2D 7@F?52E:@?2= :?7C2DECF4EFC6 7@C p>6C:42? 6?6C8J D64FC:EJ 2?5 :?5FDEC:2= 8C@HE9] (6 2C6 6I4:E65 E@ 6IA=@C6 2 DEC2E68:4 C6=2E:@?D9:A H:E9 )ru[ s6GG$EC62>[ 2?5 $@FE96C?[ :?4=F5:?8 E96 A@E6?E:2= 56A=@J>6?E @7 D>2== >@5F=2C C624E@C E649?@=@8J E@ AC@G:56 7:C> A@H6C 2?5 DFAA@CE 6‑$pu AC@5F4E:@? 7@C tFC@A62? >2C<6ED] x!bVD 3FD:?6DD >@56= E@ 56G6=@A :?7C2DECF4EFC6 AC@;64ED E@ AC:G2E:K6 $>2== |@5F=2C #624E@CD 7@C >F=E:A=6 @77E2<6CD DF49 2D px 2?5 52E2 46?E6CD E92E DFAA@CE 8@G6C?>6?E 2?5 4@>>6C4:2= C6BF:C6>6?ED] (6 36=:6G6 A2:C:?8 7:C> A@H6C 56G6=@A>6?E H:E9 AC24E:42= 6?G:C@?>6?E2=‑2DD6E 56D:8? 2?5 >@?6E:K2E:@? 42? 4C62E6 2 5:776C6?E:2E65 A=2E7@C> E92E >66ED C62= 4FDE@>6C 56>2?5 H9:=6 56=:G6C:?8 E96 EC2?DA2C6?4J E96 >2C<6E 6IA64ED]Q kDEC@?8mk6>mr@?E:?F65…k^6>mk^DEC@?8m  kDEC@?8m#625 E9:D 7F== C6=62D6 2?5 255:E:@?2= ?6HD 7@C st'$ 3J G:D:E:?8i  k^DEC@?8mk2 9C67lQ9EEADi^^HHH]56GGDEC62>]4@>^?6HD^?6HD\C6=62D6D^Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm9EEADi^^HHH]56GGDEC62>]4@>^?6HD^?6HD\C6=62D6D^k^2mk^Am
kAmk6>m~E96C C646?E 56G6=@A>6?ED :? 6?6C8J ?6HD D64E@CD :?4=F56ik^6>mk^Am
kAmkDEC@?8m%CF>A |65:2 U2>Aj %649?@=@8J vC@FA r@CA] W}p$sp"i sy%Xk^DEC@?8m WQ%|%vQX 2?5 %pt %649?@=@8:6D[ x?4] WQ%ptQX C646?E=J k2 9C67lQ9EEADi^^7:?2?46]J29@@]4@>^?6HD^ECF>A\>65:2\E649?@=@8J\8C@FA\>6C86\``b___gd`]9E>=Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm2??@F?465k^2m E96 D:8?:?8 @7 2 567:?:E:G6 >6C86C 28C66>6?E E@ 4@>3:?6 :? 2? 2==\DE@4< EC2?D24E:@? G2=F65 2E >@C6 E92? Se 3:==:@?] &A@? 4=@D:?8[ D92C69@=56CD @7 6249 4@>A2?J H:== @H? 2AAC@I:>2E6=J d_T @7 E96 4@>3:?65 4@>A2?J @? 2 7F==J 5:=FE65 6BF:EJ 32D:D] %96 4@>A2?:6D 92G6 A@DE65 DFAA=6>6?E2= D=:56D E@ E96:C C6DA64E:G6 H63D:E6D[ 2== @7 H9:49 42? 36 2446DD65 2E k2 9C67lQ9EEAi^^E>E84@CA]4@>QmE>E84@CA]4@>k^2m 2?5 k2 9C67lQ9EEAi^^E26]4@>QmE26]4@>k^2m]k^Am
kAmw:89=:89EDi %C2?D24E:@? E@ 4C62E6 @?6 @7 E96 H@C=5VD 7:CDE AF3=:4=J EC2565 7FD:@? 4@>A2?:6D] s62= E@ 4@>3:?6 %|%vVD 2446DD E@ D:8?:7:42?E 42A:E2= 2?5 %ptVD =625:?8 7FD:@? E649?@=@8J] x? a_ae[ E96 4@>3:?65 4@>A2?J A=2?D E@ D:E6 2?5 368:? 4@?DECF4E:@? @? E96 H@C=5VD 7:CDE FE:=:EJ\D42=6 7FD:@? A@H6C A=2?E Wd_ |(6X[ DF3;64E E@ C6BF:C65 2AAC@G2=D] p55:E:@?2= 7FD:@? A@H6C A=2?ED 2C6 A=2??65 2?5 6IA64E65 E@ 36 bd_ – d__ |(6] uFD:@? A@H6C A=2?ED 2C6 6IA64E65 E@ AC@G:56 64@?@>:4[ 23F?52?E[ 2?5 56A6?523=6 6=64EC:4:EJ E92E H@F=5 96=A p>6C:42 H:? E96 p]x] C6G@=FE:@? 2?5 >2:?E2:? :ED 8=@32= 64@?@>:4 5@>:?2?46]k^Am
kAmkDEC@?8mr@?DE6==2E:@? t?6C8J r@CA@C2E:@? W}p$sp"i rtvXk^DEC@?8m H2D C646?E=J k2 9C67lQ9EEADi^^7:?2?46]J29@@]4@>^?6HD^4@?DE6==2E:@?\H:?D\A=2EED\8=@32=\6?6C8J\`bcd__`de]9E>=Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm2H2C565k^2m Qt?6C8J s62= @7 E96 *62CQ 2E E96 a_ad !=2EED v=@32= t?6C8J pH2C5D 7@C :ED a_\J62C A@H6C AFC492D6 28C66>6?E H:E9 |:4C@D@7E E92E A2G65 E96 H2J 7@C E96 =2F?49 @7 E96 rC2?6 r=62? t?6C8J r6?E6C 2?5 C6DE2CE @7 &?:E ` :? {@?5@?56CCJ[ !2] %9:D 9:DE@C:4 C6DE2CE DE2?5D 2D 2 567:?:?8 >@>6?E 7@C p>6C:42? ?F4=62C A@H6C 2?5 4@>>6C4:2= :?E6C6DE :? ?F4=62C 6?6C8J E@ A@H6C E96 52E2 64@?@>J]k^Am
kAmQ(6VC6 G6CJ AC@F5 @7 @FC E62>VD E:C6=6DD H@C< E@ >2<6 E96 rC2?6 C6DE2CE A@DD:3=6] %9:D AC@;64E H:== 4C62E6 >@C6 E92? b[___ ;@3D[ 255 @G6C S`e 3:==:@? E@ !6??DJ=G2?:2VD vs![ 2?5 86?6C2E6 >@C6 E92? Sb 3:==:@? :? 4@>>F?:EJ DFAA@CE:?8 E2I6D[Q D2:5 s2? t886CD[ r@?DE6==2E:@? tI64FE:G6 ':46 !C6D:56?E 2?5 r9:67 u:?2?4:2= ~77:46C] Q%9:D 2H2C5 56>@?DEC2E6D E96 EC2?D7@C>2E:G6 :>A24E @7 H@C<:?8 E@86E96C H:E9 A2CE?6CD =:<6 |:4C@D@7E 2?5 !6??DJ=G2?:2 v@G] y@D9 $92A:C@ E@ >66E E96 C68:@?VD 8C@H:?8 6?6C8J ?665D 2?5 AFE gbd |(D @7 4=62?[ C6=:23=6 A@H6C 324< @? E96 8C:5 2E 2 4C:E:42= E:>6]Qk^Am
kAmkDEC@?8m}F$42=6 !@H6C r@CA@C2E:@? W}*$ti $|#X[k^DEC@?8m E96 :?5FDECJ\=625:?8 AC@G:56C @7 AC@AC:6E2CJ 2?5 :??@G2E:G6 25G2?465 D>2== >@5F=2C C624E@C W$|#X ?F4=62C E649?@=@8J[ C646?E=J k2 9C67lQ9EEADi^^HHH]?FD42=6A@H6C]4@>^AC6DD\C6=62D6D^a_ad^?FD42=6\A@H6C\AC@F5=J\DFAA@CED\6?EC2`\6?6C8JD\ad\3:==:@?\28C66>6?E\E@\56A=@J\=2C86\D42=6\A@H6C\:?7C2DECF4EFC6\2DD6ED\24C@DD\E96\F?:E65\DE2E6DQ E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm4@?8C2EF=2E65k^2m :ED 6I4=FD:G6 8=@32= DEC2E68:4 A2CE?6C[ t}%#p` t?6C8J[ @? 36:?8 A@D:E:@?65 E@ C646:G6 FA E@ Sad 3:==:@? :? :?G6DE>6?E 42A:E2= F?56C E96 ?6H=J D:8?65 Sdd_ 3:==:@? &]$]\y2A2? uC2>6H@C< p8C66>6?E]k^Am
kAm%96 3:=2E6C2= 7C2>6H@C< 28C66>6?E[ 2??@F?465 3J E96 (9:E6 w@FD6 7@==@H:?8 2 >66E:?8 36EH66? !C6D:56?E s@?2=5 y] %CF>A 2?5 !C:>6 |:?:DE6C $2?26 %2<2:49: :? %@<J@ E9:D H66<[ H:== >@3:=:K6 FA E@ Sdd_ 3:==:@? :? AF3=:4\ 2?5 AC:G2E6\D64E@C :?G6DE>6?E E@ 6IA2?5 4C:E:42= 6?6C8J :?7C2DECF4EFC6 2?5 DEC6?8E96? DFAA=J 492:?D]k^Am
kAmpD A2CE @7 E9:D :?:E:2E:G6[ t}%#p` t?6C8J H:== 56G6=@A 2 7=66E @7 A@H6C A=2?ED FE:=:K:?8 32D6=@25 6?6C8J D@FC46D] %96 AC@8C2> H:== D6CG6 72DE\8C@H:?8 6?6C8J 56>2?5 7C@> px 52E2 46?E6CD[ >2?F724EFC:?8 2?5 ?2E:@?2= 5676?D6[ H9:=6 4C62E:?8 E9@FD2?5D @7 9:89\BF2=:EJ p>6C:42? ;@3D 2?5 C6:?7@C4:?8 &]$] 6?6C8J :?56A6?56?46]k^Am
kAmsx$r{px|t#iU?3DAj k2 9C67lQ9EEAi^^|2C<6E}6HD&A52E6D]4@>Qm|2C<6E}6HD&A52E6D]4@>k^2m W|}&X :D 2 E9:C5 A2CEJ AF3=:D96C 2?5 ?6HD 5:DD6>:?2E:@? D6CG:46 AC@G:56C[ H9:49 5:DD6>:?2E6D 6=64EC@?:4 :?7@C>2E:@? E9C@F89 >F=E:A=6 @?=:?6 >65:2 492??6=D]U?3DAj |}& :D }~% 277:=:2E65 :? 2?J >2??6C H:E9 2?J 4@>A2?J >6?E:@?65 96C6:?]U?3DAj |}& 2?5 :ED 277:=:2E65 4@>A2?:6D 2C6 2 ?6HD 5:DD6>:?2E:@? D@=FE:@?D AC@G:56C 2?5 2C6 }~% 2 C68:DE6C65 3C@<6C^562=6C^2?2=JDE^25G:D6C[ 9@=5D ?@ :?G6DE>6?E =:46?D6D 2?5 >2J }~% D6==[ @776C E@ D6== @C @776C E@ 3FJ 2?J D64FC:EJ]U?3DAj |}&V$ >2C<6E FA52E6D[ ?6HD 2=6CED 2?5 4@CA@C2E6 AC@7:=6D 2C6 }~% 2 D@=:4:E2E:@? @C C64@>>6?52E:@? E@ 3FJ[ D6== @C 9@=5 D64FC:E:6D]U?3DAj %96 >2E6C:2= :? E9:D C6=62D6 :D :?E6?565 E@ 36 DEC:4E=J :?7@C>2E:@?2= 2?5 :D }t't# E@ 36 4@?DECF65 @C :?E6CAC6E65 2D C6D62C49 >2E6C:2=]U?3DAj p== C6256CD 2C6 DEC@?8=J FC865 E@ A6C7@C> C6D62C49 2?5 5F6 5:=:86?46 @? E96:C @H? 2?5 4@?DF=E 2 =:46?D65 7:?2?4:2= AC@76DD:@?2= 367@C6 4@?D:56C:?8 2?J =6G6= @7 :?G6DE:?8 :? DE@4<D]U?3DAj p== >2E6C:2= :?4=F565 96C6:? :D C6AF3=:D965 4@?E6?E 2?5 56E2:=D H9:49 H6C6 AC6G:@FD=J 5:DD6>:?2E65 3J E96 4@>A2?:6D >6?E:@?65 :? E9:D C6=62D6]U?3DAj |}& :D ?@E =:23=6 7@C 2?J :?G6DE>6?E 564:D:@?D 3J :ED C6256CD @C DF3D4C:36CD]U?3DAj x?G6DE@CD 2C6 42FE:@?65 E92E E96J >2J =@D6 2== @C 2 A@CE:@? @7 E96:C :?G6DE>6?E H96? :?G6DE:?8 :? DE@4<D]U?3DAj kDEC@?8m%9:D AC6DD C6=62D6 H2D 5:DEC:3FE65 @? 3692=7 @7k^DEC@?8m kDEC@?8ms6GG$EC62> r@CA]k^DEC@?8m U?3DAju@C 4FCC6?E D6CG:46D A6C7@C>65 |}& H2D 4@>A6?D2E65 7@CEJ 7@FC 9F?5C65 5@==2CD 7@C ?6HD 4@G6C286 @7 E96 4FCC6?E AC6DD C6=62D6D :DDF65 3J s6GG$EC62> r@CA] 3J E96 r@>A2?J]U?3DAj |}& w~{s$ }~ $wp#t$ ~u p}* r~|!p}* }p|ts x} %wx$ #t{tp$tk^Am
kAmk^Am
kAm%9:D C6=62D6 4@?E2:?D Q7@CH2C5\=@@<:?8 DE2E6>6?EDQ H:E9:? E96 >62?:?8 @7 $64E:@? afp @7 E96 $64FC:E:6D p4E @7 `hbb[ 2D 2>6?565[ 2?5 $64E:@? a`t E96 $64FC:E:6D tI492?86 p4E @7 `hbc[ 2D 2>6?565 2?5 DF49 7@CH2C5\=@@<:?8 DE2E6>6?ED 2C6 >256 AFCDF2?E E@ E96 D276 92C3@C AC@G:D:@?D @7 E96 !C:G2E6 $64FC:E:6D {:E:82E:@? #67@C> p4E @7 `hhd] Qu@CH2C5\=@@<:?8 DE2E6>6?EDQ 56D4C:36 7FEFC6 6IA64E2E:@?D[ A=2?D[ C6DF=ED[ @C DEC2E68:6D 2?5 2C6 86?6C2==J AC646565 3J H@C5D DF49 2D Q>2JQ[ Q7FEFC6Q[ QA=2?Q @C QA=2??65Q[ QH:==Q @C QD9@F=5Q[ Q6IA64E65[Q Q2?E:4:A2E6DQ[ Q5C27EQ[ Q6G6?EF2==JQ @C QAC@;64E65Q] *@F 2C6 42FE:@?65 E92E DF49 DE2E6>6?ED 2C6 DF3;64E E@ 2 >F=E:EF56 @7 C:D<D 2?5 F?46CE2:?E:6D E92E 4@F=5 42FD6 7FEFC6 4:C4F>DE2?46D[ 6G6?ED[ @C C6DF=ED E@ 5:776C >2E6C:2==J 7C@> E9@D6 AC@;64E65 :? E96 7@CH2C5\=@@<:?8 DE2E6>6?ED[ :?4=F5:?8 E96 C:D<D E92E 24EF2= C6DF=ED >2J 5:776C >2E6C:2==J 7C@> E9@D6 AC@;64E65 :? E96 7@CH2C5\=@@<:?8 DE2E6>6?ED 2D 2 C6DF=E @7 G2C:@FD 724E@CD[ 2?5 @E96C C:D<D :56?E:7:65 :? 2 4@>A2?JVD 2??F2= C6A@CE @? u@C> `_\z @C `_\z$q 2?5 @E96C 7:=:?8D >256 3J DF49 4@>A2?J H:E9 E96 $64FC:E:6D 2?5 tI492?86 r@>>:DD:@?] *@F D9@F=5 4@?D:56C E96D6 724E@CD :? 6G2=F2E:?8 E96 7@CH2C5\=@@<:?8 DE2E6>6?ED :?4=F565 96C6:?[ 2?5 ?@E A=246 F?5F6 C6=:2?46 @? DF49 DE2E6>6?ED] %96 7@CH2C5\=@@<:?8 DE2E6>6?ED :? E9:D C6=62D6 2C6 >256 2D @7 E96 52E6 96C6@7 2?5 |}& F?56CE2<6D ?@ @3=:82E:@? E@ FA52E6 DF49 DE2E6>6?ED]k^Am
kAmr@?E24E x?7@C>2E:@?ik^Am
kAm|65:2 r@?E24E 6>2:=i k2 9C67lQ>2:=E@i65:E@Co>2C<6E?6HDFA52E6D]4@>Q C6=lQ?@7@==@HQm65:E@Co>2C<6E?6HDFA52E6D]4@>k^2m \ Z`Wde`Xcge\`fhhk^Am
kAm{@8@ \ k2 9C67lQ9EEADi^^>>2]AC?6HDH:C6]4@>^>65:2^agdaddg^|2C<6E0}6HD0&A52E6D0{@8@];A8Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm9EEADi^^>>2]AC?6HDH:C6]4@>^>65:2^agdaddg^|2C<6E0}6HD0&A52E6D0{@8@];A8k^2mk^Am
k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56C_Qmk^5:Gm
kA :5lQ!&#{Qmk:>8 E:E=6lQr:D:@?Q H:5E9lQ`aQ 96:89ElQ`aQ 2=ElQr:D:@?Q DC4lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^:>8^72G:4@?]A?8nD?l{}dccbgU2>AjD5la_ad\`a\b_Q ^m ':6H @C:8:?2= 4@?E6?E E@ 5@H?=@25 >F=E:>65:2ik2 :5lQ!#}&#{Q C6=lQ?@7@==@HQ 9C67lQ9EEADi^^HHH]AC?6HDH:C6]4@>^?6HD\C6=62D6D^K6C@\42C3@?\?F4=62C\A@H6C\6>6C8:?8\2D\2\4C:E:42=\A:==2C\@7\E96\4=62?\6=64EC:4:EJ\>2C<6E\56=:G6C:?8\2\D42=23=6\8C@HE9\82E6H2J\b_aed_gce]9E>=Q E2C86ElQ03=2?<Qm9EEADi^^HHH]AC?6HDH:C6]4@>^?6HD\C6=62D6D^K6C@\42C3@?\?F4=62C\A@H6C\6>6C8:?8\2D\2\4C:E:42=\A:==2C\@7\E96\4=62?\6=64EC:4:EJ\>2C<6E\56=:G6C:?8\2\D42=23=6\8C@HE9\82E6H2J\b_aed_gce]9E>=k^2mk^Am
kAm$~&#rt |2C<6E }6HD &A52E6Dk^Am
kAmk:>8 2=ElQQ DC4lQ9EEADi^^CE]AC?6HDH:C6]4@>^CE]8:7n}6HDxE6>x5l{}dccbgU2>Aj%C2?D>:DD:@?0x5la_ad`ab_`bah!#0}t($0&$!#00000{}dccbgU2>Ajs2E6x5la_ad`ab_Q DEJ=6lQ3@C56Ci_AIj H:5E9i`AIj 96:89Ei`AIjQ ^mk^Am
