Only one in five Gen Z investors say they understand how compounding interest works; four in ten believe the standard retirement age of 65 is not relevant to them
COLUMBUS, Ohio, May 27, 2025 /PRNewswire/ -- Despite just beginning their careers, many American Gen Z investors (aged 18-28) are already evaluating their retirement prospects – and many feel uneasy about their financial futures. A new Advisor Authority study, powered by the Nationwide Retirement Institute, highlights the financial challenges of Gen Z investors and the unexpected spending behaviors and digital strategies they're using to navigate them.
k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56C`QmkAmk2 9C67lQ9EEADi^^>>2]AC?6HDH:C6]4@>^>65:2^g`_c`f^}2E:@?H:560{@8@]9E>=Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<Qmk^2mk^Amk^5:Gm
kAm|@C6 E92? EH@\:?\7:G6 WccTX v6? + :?G6DE@CD D2J E96J 766= 369:?5 :? E96:C C6E:C6>6?E D2G:?8D 8@2=D 2?5 2C6 H@C<:?8 E@ 42E49 FA] w@H6G6C[ v6? +6CD 2C6 =62?:?8 :?E@ DA6?5:?8 56DA:E6 =@?8\E6C> 7:?2?4:2= 4@?46C?D[ H:E9 ?62C=J 2 7:7E9 W`fTX D2J:?8 E96J 2C6 DA6?5:?8 >@C6 @? =6:DFC6 6IA6?D6D 2E E9:D A@:?E :? E96:C =:76 3642FD6 E96J >2J ?6G6C 36 23=6 E@ C6E:C6]k^Am
kAmpD EC25:E:@?2= C6E:C6>6?E 766=D :?4C62D:?8=J @FE @7 C6249[ v6? + :D 368:??:?8 E@ 492==6?86 E96 G6CJ 4@?46AE @7 C6E:C:?8 2E 286 ed] %9:CEJ\6:89E A6C46?E 36=:6G6 E96 DE2?52C5 C6E:C6>6?E 286 @7 ed :D ?@E C6=6G2?E E@ E96> :? E@52JVD 64@?@>:4 6?G:C@?>6?E[ 2?5 2AAC@I:>2E6=J 92=7 WcgTX ?@H A=2? E@ H@C< =@?86C[ 4:E:?8 C6>@E6 H@C< 2D 2 724E@C E92E >2<6D :E F??646DD2CJ 7@C E96> E@ C6E:C6 2E E92E 286]Â k^Am
kAmv6? +VD D<6AE:4:D> :D C@@E65 :? 4FCC6?E 7:?2?4:2= AC6DDFC6D] u@FC :? E6? Wc_TX 766= H@CC:65 23@FE E96:C 23:=:EJ E@ 277@C5 >@?E9=J 3:==D @G6C E96 ?6IE `a >@?E9D[ 2?5 ?62C=J 92=7 WceTX 4:E65 A2J:?8 5@H? =@2?D 2?5 563ED W:]6][ DEF56?E =@2?D[ 4C65:E 42C5D[ >@CE8286D[ 42C A2J>6?ED[ 6E4]X 2D 2 E@A 7:?2?4:2= 4@>>:E>6?E :? E92E D2>6 E:>67C2>6]k^Am
kAm%@ 7FCE96C 4@>A@F?5 E9:D 86?6C2E:@?VD DEC6DD[ ffT @7 v6? +6CD 2C6 2=D@ 4@?46C?65 23@FE 2 &]$] 64@?@>:4 C646DD:@? @G6C E96 ?6IE `a >@?E9D] w@H6G6C[ >2?J 2C6?VE E2<:?8 AC@24E:G6 DE6AD E@ 255C6DD E92E 4@?46C? – 7@FC :? E6? Wc_TX 4FCC6?E=J 5@ ?@E 92G6 2 DEC2E68J :? A=246 E@ 96=A AC@E64E E96:C 2DD6ED 282:?DE >2C<6E C:D<[ D=:89E=J FA 7C@> baT 2 J62C 28@] tG6? >@C6 EC@F3=:?8[ @?=J 2 7:7E9 W`hTX @7 v6? + :?G6DE@CD D2J E96J F?56CDE2?5 9@H 4@>A@F?5:?8 :?E6C6DE H@C<D H96? :?G6DE:?8 @G6C E:>6[ A@E6?E:2==J =:>:E:?8 E96:C 23:=:EJ E@ 3F:=5 =@?8\E6C> H62=E9]k^Am
kAmQ(:E9 C646?E >2C<6E G@=2E:=:EJ[ :EVD ?@E DFCAC:D:?8 E92E v6? + D2G6CD 2C6 D@>6H92E A6DD:>:DE:4 23@FE E96:C 7:?2?4:2= 7FEFC6D[Q D2:5 kDA2? 4=2DDlQI?\A6CD@?QmzC:DE: |2CE:? #@5C:8F6Kk^DA2?m[ =6256C @7 E96 }2E:@?H:56 #6E:C6>6?E x?DE:EFE6 2?5 7:?2?4:2= D6CG:46D >2C<6E:?8 7@C }2E:@?H:56] Qu@C E96D6 J@F?8 A6@A=6[ C6E:C6>6?E >2J D66> =:<6 2 =:76E:>6 2H2J 2?5 766= =:<6 2 G6CJ DE66A >@F?E2:? E@ 4=:>3] w@H6G6C[ D@>6E9:?8 E96J >2J ?@E 36 4@?D:56C:?8 :D E92E E96J 4@F=5 A@E6?E:2==J =:G6 564256D =@?86C :? C6E:C6>6?E E92? AC:@C 86?6C2E:@?D] pD 2 >@E96C @7 EH@ v6? + 52F89E6CD[ xVG6 366? k2 9C67lQ9EEADi^^HHH]?2E:@?H:56]4@>^7:?2?4:2=\AC@76DD:@?2=D^3=@8^C6D62C49\=62C?:?8^2CE:4=6D^A6CD@?2=:K65\7:?2?4:2=\8F:52?46\86?\K\D9@CE\=@?8\E6C>\?665DnFE>0D@FC46lAC?Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<QmDEC6DD:?8 E96 :>A@CE2?46 @7 368:??:?8 E@ D2G6 C:89E 2H2Jk^2m D@ E96J 42? =6G6C286 E96:C >@DE A@H6C7F= 25G2?E286i p =@?8\E6C> 9@C:K@? E92E 2==@HD E96> E@ >2I:>:K6 E96 A@H6C @7 4@>A@F?5:?8 :?E6C6DE]Qk^Am
kAmkDEC@?8mp }6H (2J @7 $2G:?8 2?5 x?G6DE:?8k^DEC@?8mk^Am
kAmv6? + :D E2<:?8 25G2?E286 @7 ?6H[ =6DD EC25:E:@?2= 7:?2?4:2= E@@=D E@ D2G6 E96:C 92C5\62C?65 42D9[ ?@ =@?86C C6=J:?8 @? =6824J 7:?2?4:2= :?DE:EFE:@?D E@ 8C@H E96:C >@?6J] pD 2 86?6C2E:@? C2:D65 @? >@56C? E649?@=@8J[ ?62C=J @?6 :? E9C66 WbaTX v6? + :?G6DE@CD FD6 5:8:E2= H2==6ED W6]8][ pAA=6 !2J @C v@@8=6 !2JX 2?5 b_T FD6 A66C A2J>6?E A=2E7@C>D W6]8][ '6?>@ @C +6==6X E@ :?G6DE[ D2G6 @C DE@C6 E96:C >@?6J] p55:E:@?2==J[ 2 DFCAC:D:?8 @?6 :? 7:G6 W`hTX D2J E96J :?G6DE[ D2G6 @C DE@C6 E96:C >@?6J :? kDA2?m4CJAE@4FCC6?4Jk^DA2?m @C ?@?\kDA2?m7F?8:3=6k^DA2?m E@<6?D]k^Am
kAmkDEC@?8mv6? + x?G6DE@CD s6=2J $66<:?8 !C@76DD:@?2= vF:52?46Â k^DEC@?8mk^Am
kAms6DA:E6 4@?46C?D 23@FE 3@E9 E96 4FCC6?E 64@?@>:4 6?G:C@?>6?E 2?5 E96:C A6CD@?2= 7:?2?4:2= DE2?5:?8[ >2?J v6? +6CD 2C6 9@=5:?8 @77 @? D66<:?8 AC@76DD:@?2= 8F:52?46] p E9:C5 WbbTX @7 v6? + :?G6DE@CD H9@ 5@?VE A2J E@ H@C< H:E9 2 7:?2?4:2= AC@76DD:@?2= :?5:42E65 :E :D 3642FD6 E96J 36=:6G6 E96J 2C6 E@@ J@F?8^62C=J :? E96:C C6E:C6>6?E A=2??:?8 ;@FC?6J E@ C2E:@?2=:K6 AFCDF:?8 7:?2?4:2= 25G:46] x?DE625[ E96J 2C6 EFC?:?8 E@ >@C6 2446DD:3=6 – E9@F89 ?@E 2=H2JD C6=:23=6 – D@FC46D] p BF2CE6C WacTX @7 v6? + :?G6DE@CD H9@ 5@?VE 92G6 2 7:?2?4:2= 25G:D@C :?5:42E65 :E :D 3642FD6 E96J 86E 2?J ?646DD2CJ 7:?2?4:2= 25G:46 7C@> @?=:?6 7:?2?4:2= :?7=F6?46CD WQ7:?7=F6?46CDQX 2?5 D@4:2= >65:2 A=2E7@C>D]k^Am
kAm(9:=6 5:8:E2= 4@?E6?E 42? 36 2 8@@5 DE2CE:?8 A=246 H96? :E 4@>6D E@ 7:?2?4:2= =:E6C24J[ E96 23D6?46 @7 AC@76DD:@?2= 25G:46 >2J =62G6 82AD :? F?56CDE2?5:?8 @C DEC2E68J] %92E D2:5[ A6CD@?2=:K2E:@? :D DE:== 2 <6J >@E:G2E@C 7@C E9:D 8C@FA] |@C6 E92? 2 E9:C5 WbcTX D2J 2? 25G:D@C H9@ F?56CDE2?5D E96:C 7:?2?4:2= 8@2=D 2E E9:D DE286 :? E96:C =:76 H@F=5 >2<6 E96> >@C6 =:<6=J E@ H@C< H:E9 2 7:?2?4:2= AC@76DD:@?2=]k^Am
kAmQxEVD 8C62E E@ D66 v6? +6CD D66<:?8 @FE 7:?2?4:2= =:E6C24J 7C@> 2 G2C:6EJ @7 C6D@FC46D] z?@H=6586 :D A@H6C[ 2?5 E96 >@C6 J@F =62C? 23@FE :?G6DE:?8 2?5 D2G:?8[ E96 36EE6C AC6A2C65 J@F H:== 36[Q #@5C:8F6K D2:5] Qw@H6G6C[ >2<6 DFC6 J@FVC6 H@C<:?8 H:E9 ECFDEH@CE9J D@FC46D[ :?4=F5:?8 E96 >@DE C6=:23=6 D@FC46 @7 2==i 2 ECFDE65 7:?2?4:2= AC@76DD:@?2=] u@C E9@D6 H9@ 766= E96J 5@?VE 92G6 E96 >62?D @C 2DD6ED E@ 5@ D@[ >2?J H@C<A=246 C6E:C6>6?E A=2?D @776C D@>6 8C62E 65F42E:@?2= E@@=D 2?5 C6D@FC46D 2D H6== 2D 7:?2?4:2= 8F:52?46 E92E 42? 36 3@E9 277@C523=6 2?5 :>A24E7F=]Qk^Am
kAmkDEC@?8mu:?2?4:2= !C@76DD:@?2=D pAA=2F5 v6? + u:?2?4:2= {:E6C24JÂ k^DEC@?8mk^Am
kAmp5G:D@CD H9@ H@C< H:E9 v6? + 4=:6?ED D66 2 86?6C2E:@? E92E :D 3@E9 42FE:@FD 2?5 42A23=6] p >2;@C:EJ @7 E96D6 25G:D@CD WeaTX 36=:6G6 E92E v6? +6CD 2C6 >@C6 7:?2?4:2==J =:E6C2E6 E92? AC6G:@FD 86?6C2E:@?D]k^Am
kAmp5G:D@CD 92G6 ?@E65 E96J 2C6 DA6?5:?8 2 D:8?:7:42?E A@CE:@? @7 E96:C E:>6 65F42E:?8 v6? + 4=:6?ED @? 7@F?52E:@?2= 7:?2?4:2= E@A:4D] $A64:7:42==J[ caT @7 25G:D@CD 2C6 4@F?D6=:?8 E96:C v6? + 4=:6?ED >@DE 7C6BF6?E=J @? :?G6DE:?8 7@C E96 7:CDE E:>6 W6]8][ c_`W<XD[ x#pD 2?5 DE@4<DX] p55:E:@?2= E@A:4D 25G:D@CD 766= 2C6 >@DE :>A@CE2?E 7@C E96:C v6? + 4=:6?ED :?4=F56i k^Am
kF= EJA6lQ5:D4Qmk=:m%96 :>A@CE2?46 @7 DE2CE:?8 C6E:C6>6?E A=2??:?8 62C=J WdcTXk^=:mk=:mq2D:4 3F586E:?8 2?5 3F:=5:?8 962=E9J DA6?5:?8 923:ED WdaTXk^=:mk=:m&?56CDE2?5:?8 E96 32D:4D @7 :?G6DE:?8 2?5 4@>A@F?5:?8 8C@HE9 WchTXk^=:mk=:ms63E >2?286>6?E 2?5 DEC2E68:6D 7@C 2G@:52?46 WchTXk^=:mk^F=m
kAmkDA2?m%96D6 @?8@:?8 4@?G6CD2E:@?D DF886DE E92E[ H9:=6 v6? + >2J 766= @G6CH96=>65[ >2?J 2C6 24E:G6=J =@@<:?8 E@ 3F:=5 2 D@=:5 7:?2?4:2= 7@F?52E:@?— 2?5 25G:D@CD D66 2? @AA@CEF?:EJ E@ 8F:56 E96> E@H2C5 =@?8\E6C> DF446DD]k^DA2?mk^Am
kAmQxEVD 6?4@FC28:?8 E@ D66 25G:D@CD 7@4FD65 @? E96 C:89E E9:?8D H:E9 v6? + 4=:6?ED] %92E :?4=F56D 96=A:?8 E96> 3C62< E96 :46 @? D2G:?8 2?5 :?G6DE:?8[ H9:=6 32=2?4:?8 E92E @AA@CEF?:EJ H:E9 @E96C 7:?2?4:2= 56>2?5D :?4=F5:?8 563E 2?5 DA6?5:?8 @? E@52JVD ?665D[Q #@5C:8F6K D2:5] Qw@H6G6C[ E@ C62==J 4@??64E H:E9 E9:D 86?6C2E:@? @7 D2G6CD[ 25G:D@CD 2C6 8@:?8 E@ ?665 E@ =625 H:E9 6>A2E9J] |2<6 DFC6 J@F 2C6 4@?D:56C:?8 v6? +6CDV F?:BF6 7:?2?4:2= D:EF2E:@? 2?5 =:DE6?:?8 E@ F?56CDE2?5] w6=A E96> C64@8?:K6 E96 =@?86G:EJ 492==6?86D E96J H:== =:<6=J 7246[ AC@G:56 E96> H:E9 65F42E:@? 2?5 <?@H=6586 E@ >2<6 D>2CE 7:?2?4:2= 564:D:@?D 2?5 2C> E96> H:E9 2 9@=:DE:4 7:?2?4:2= A=2? E92E H:== 96=A 6?DFC6 E96J H@?VE @FE=:G6 E96:C :?4@>6 :? C6E:C6>6?E]Qk^Am
kAm%96 }2E:@?H:56 #6E:C6>6?E x?DE:EFE6Â kDA2? DEJ=6lQE6IE\564@C2E:@?i F?56C=:?6Qmk2 9C67lQ9EEADi^^HHH]?2E:@?H:56]4@>^7:?2?4:2=\AC@76DD:@?2=D^E@A:4D^nFE>0D@FC46lAC?Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<Qm@776CD 255:E:@?2= C6D@FC46Dk^2mk^DA2?m E@ 96=A 25G:D@CD 724:=:E2E6 4@?G6CD2E:@?D H:E9 4=:6?ED]k^Am
kAmu@C 255:E:@?2= :?D:89ED @? E9:D DFCG6J 52E2[ D66 @FCÂ k2 9C67lQ9EEADi^^HHH]?2E:@?H:56]4@>^7:?2?4:2=\AC@76DD:@?2=D^:?7@8C2A9:4D^86?6C2E:@?\K\7:?2?4:2=\7FEFC6\@FE=@@<nFE>0D@FC46lAC?Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<Qm:?7@8C2A9:4k^2m]k^Am
kAm}2E:@?H:56VD E6?E9 2??F2= k6>mp5G:D@C pFE9@C:EJk^6>m DEF5J A@H6C65 3J E96 }2E:@?H:56 #6E:C6>6?E x?DE:EFE6kDFAm®k^DFAm 6IA=@C6D 4C:E:42= :DDF6D 4@?7C@?E:?8 25G:D@CD[ 7:?2?4:2= AC@76DD:@?2=D 2?5 :?5:G:5F2= :?G6DE@CD—2?5 E96 :??@G2E:G6 E649?:BF6D E92E E96J ?665 E@ DF44665 :? E@52JVD 4@>A=6I >2C<6E]k^Am
kAmkDEC@?8mp3@FE p5G:D@C k6>mpFE9@C:EJk^6>mi |6E9@5@=@8Jk^DEC@?8mk^Am
kAm%96 w2CC:D !@==[ @? 3692=7 @7 }2E:@?H:56[ 4@?5F4E65 2? @?=:?6 DFCG6J :? E96 &] $] 2>@?8 e`_ 25G:D@CD 2?5 7:?2?4:2= AC@76DD:@?2=D 2?5 a[dac :?G6DE@CD 286D `gZ H:E9 :?G6DE23=6 2DD6ED WxpX @7 S`_zZ[ kDA2? 4=2DDlQI?\49C@?Qmy2?F2CJ e\ad[ a_adk^DA2?m] p>@?8 E96 :?G6DE@CD[ E96C6 H6C6 bch v6? + :?G6DE@CD W2865 `g\agX]k^Am
kAm%96 D2>A=:?8 AC64:D:@? @7 w2CC:D @?=:?6 A@==D :D >62DFC65 3J FD:?8 2 q2J6D:2? 4C65:3=6 :?E6CG2=] u@C E9:D DEF5J[ E96 D2>A=6 52E2 7@C 25G:D@CD :D 244FC2E6 E@ H:E9:? ± c]_ A6C46?E286 A@:?ED 2?5 7@C :?G6DE@CD E96 D2>A=6 52E2 :D 244FC2E6 E@ H:E9:? ± a]d A6C46?E286 A@:?ED FD:?8 2 hdT 4@?7:56?46 =6G6=] %9:D 4C65:3=6 :?E6CG2= H:== 36 H:56C 2>@?8 DF3D6ED @7 E96 DFCG6J65 A@AF=2E:@?D @7 :?E6C6DE]k^Am
kAmu@C 4@>A=6E6 DFCG6J >6E9@5@=@8J[ :?4=F5:?8 H6:89E:?8 G2C:23=6D 2?5 DF38C@FA D2>A=6 D:K6D[ A=62D6 4@?E24E k2 9C67lQ>2:=E@i?6HDo?2E:@?H:56]4@>Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<Qm?6HDo?2E:@?H:56]4@>k^2m]k^Am
kAmkDEC@?8mp3@FE %96 w2CC:D !@==k^DEC@?8mk^Am
kAm%96 w2CC:D !@== :D @?6 @7 E96 =@?86DE CF??:?8 DFCG6JD :? E96 &]$] EC24<:?8 AF3=:4 @A:?:@?[ >@E:G2E:@?D 2?5 D@4:2= D6?E:>6?E D:?46 `heb E92E :D ?@H A2CE @7 w2CC:D x?D:89ED U2>Aj p?2=JE:4D[ 2 8=@32= 4@?DF=E:?8 2?5 >2C<6E C6D62C49 7:C> E92E 56=:G6CD D@4:2= :?E6==:86?46 7@C EC2?D7@C>2E:@?2= E:>6D] (6 H@C< H:E9 4=:6?ED :? E9C66 AC:>2CJ 2C62Di 3F:=5:?8 EH6?EJ\7:CDE\46?EFCJ 4@CA@C2E6 C6AFE2E:@?[ 4C27E:?8 3C2?5 DEC2E68J 2?5 A6C7@C>2?46 EC24<:?8[ 2?5 62C?:?8 @C82?:4 >65:2 E9C@F89 AF3=:4 C6=2E:@?D C6D62C49] ~FC >:DD:@? :D E@ AC@G:56 :?D:89ED 2?5 25G:D@CJ E@ 96=A =6256CD >2<6 E96 36DE 564:D:@?D A@DD:3=6] %@ =62C? >@C6[ A=62D6 G:D:E k2 9C67lQ9EEAi^^HHH]E9692CC:DA@==]4@>^Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<QmHHH]E9692CC:DA@==]4@>k^2m]k^Am
kAmkDEC@?8mp3@FE }2E:@?H:56k^DEC@?8mk^Am
kAm}2E:@?H:56[ 2 u@CEF?6 `__ 4@>A2?J 32D65 :? kDA2? 4=2DDlQI?\=@42E:@?Qmr@=F>3FD[ ~9:@k^DA2?m[ :D @?6 @7 E96 =2C86DE 2?5 DEC@?86DE 5:G6CD:7:65 7:?2?4:2= D6CG:46D 2?5 :?DFC2?46 @C82?:K2E:@?D :? kDA2? 4=2DDlQI?\=@42E:@?QmE96 &?:E65 $E2E6Dk^DA2?m] }2E:@?H:56 :D C2E65 pZ 3J $E2?52C5 U2>Aj !@@CVD] p? :?5FDECJ =6256C :? 5C:G:?8 4FDE@>6C\7@4FD65 :??@G2E:@?[ }2E:@?H:56 AC@G:56D 2 7F== C2?86 @7 :?DFC2?46 2?5 7:?2?4:2= D6CG:46D AC@5F4ED :?4=F5:?8 2FE@[ 3FD:?6DD[ 9@>6@H?6CD[ 72C> 2?5 =:76 :?DFC2?46j AF3=:4 2?5 AC:G2E6 D64E@C C6E:C6>6?E A=2?D[ 2??F:E:6D 2?5 >FEF2= 7F?5Dj 6I46DD U2>Aj DFCA=FD[ DA64:2=EJ 2?5 DFC6EJj 2?5 A6E[ >@E@C4J4=6 2?5 3@2E :?DFC2?46]k^Am
kAmu@C >@C6 :?7@C>2E:@? 23@FE }2E:@?H:56 2?5 }2E:@?H:56VD C2E:?8D[ G:D:E k2 9C67lQ9EEAi^^HHH]?2E:@?H:56]4@>^Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<QmHHH]?2E:@?H:56]4@>k^2m @C k2 9C67lQ9EEADi^^HHH]?2E:@?H:56]4@>^A6CD@?2=^23@FE\FD^4@>A2?J\C2E:?8D^Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<Qmr@>A2?J #2E:?8D \\ }2E:@?H:56k^2m]k^Am
kAmk2 9C67lQ9EEADi^^?6HD]?2E:@?H:56]4@>^DF3D4C:AE:@?^Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<Qm$F3D4C:36 E@52Jk^2m E@ C646:G6 E96 =2E6DE ?6HD 7C@> }2E:@?H:56 2?5 7@==@H }2E:@?H:56 !# @? k2 9C67lQ9EEADi^^EH:EE6C]4@>^}2E:@?H:56!#Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<Qm)k^2m]k^Am
kAm}2E:@?H:56 x?G6DE>6?E $6CG:46D r@CA@C2E:@? W}x$rX[ >6>36C ux}#p[ kDA2? 4=2DDlQI?\=@42E:@?Qmr@=F>3FD[ ~wk^DA2?m] }2E:@?H:56 #6E:C6>6?E x?DE:EFE6 :D 2 5:G:D:@? @7 }x$r]k^Am
kAm}2E:@?H:56[ }2E:@?H:56 :D @? J@FC D:56 2?5 E96 }2E:@?H:56 } 2?5 t28=6 2C6 D6CG:46 >2C<D @7 }2E:@?H:56 |FEF2= x?DFC2?46 r@>A2?J] © a_adk^Am
kAm}u|\acgbbp~k^Am
kAmkDEC@?8mk2 9C67lQ9EEADi^^?6HD]?2E:@?H:56]4@>^DF3D4C:AE:@?^Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<Qm$F3D4C:36k^2mk^DEC@?8mkDEC@?8m E@ }2E:@?H:56 }6HDk^DEC@?8mk^Am
kAmkDEC@?8mr@?E24Eik^DEC@?8mk^Am
kAmkDA2? 4=2DDlQI?\A6CD@?Qmp=6DD2?5C2 |@9Ck^DA2?mk^Am
kAm%96 q=:DD vC@FAk^Am
kAma`a\gc_\`ee`k^Am
kAmk2 9C67lQ>2:=E@i2>@9CoE963=:DD8CA]4@>Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<Qm2>@9CoE963=:DD8CA]4@>k^2mk^Am
kAmzC:DE6? '2D2D\$2>D@?k^Am
kAm}2E:@?H:56k^Am
kAmWe`cX cbd\df`ek^Am
kAmk2 9C67lQ>2:=E@iG2D2D<o?2E:@?H:56]4@>Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<QmG2D2D<o?2E:@?H:56]4@>k^2mk^Am
kA :5lQ!&#{Qmk:>8 2=ElQr:D:@?Q 96:89ElQ`aQ DC4lQ9EEADi^^4a`a]?6E^4^:>8^72G:4@?]A?8nD?lr{hefeaU2>AjD5la_ad\_d\afQ E:E=6lQr:D:@?Q H:5E9lQ`aQ ^m ':6H @C:8:?2= 4@?E6?E E@ 5@H?=@25 >F=E:>65:2ik2 9C67lQ9EEADi^^HHH]AC?6HDH:C6]4@>^?6HD\C6=62D6D^86?\K\8C2AA=6D\H:E9\563E\D@>6\DA6?5\7C66=J\56DA:E6\=@H\4@?7:56?46\:?\C6E:C6>6?E\C625:?6DD\b_acee`c`]9E>=Q :5lQ!#}&#{Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<Qm9EEADi^^HHH]AC?6HDH:C6]4@>^?6HD\C6=62D6D^86?\K\8C2AA=6D\H:E9\563E\D@>6\DA6?5\7C66=J\56DA:E6\=@H\4@?7:56?46\:?\C6E:C6>6?E\C625:?6DD\b_acee`c`]9E>=k^2mk^Am
kAm$~&#rt }2E:@?H:56k^Am
kAmk:>8 DC4lQ9EEADi^^CE]AC?6HDH:C6]4@>^CE]8:7n}6HDxE6>x5lr{hefeaU2>Aj%C2?D>:DD:@?0x5la_ad_daf`ba`!#0}t($0&$!#00000r{hefeaU2>Ajs2E6x5la_ad_dafQ DEJ=6lQ3@C56Ci_AIj H:5E9i`AIj 96:89Ei`AIjQ ^mk^Am
