Kalshi leads prediction markets’ $3 million effort to fight off state regulations

kAmpD AC65:4E:@? >2C<6ED 92G6 6IA=@565 :? A@AF=2C:EJ @G6C E96 A2DE EH@ J62CD[ E96J 92G6 2=D@ 364@>6 :?4C62D:?8=J 4@?EC@G6CD:2=[ D6EE:?8 @77 2 =@33J:?8\7F6=65 A@H6C DECF88=6 7@C C68F=2E:@? @7 E96 A=2E7@C>D] k^Am

kAmp>:5 2==682E:@?D @7 k2 9C67lQ9EEADi^^HHH]?JE:>6D]4@>^a_ae^_g^`a^FD^A@=:E:4D^AC65:4E:@?\>2C<6ED\:?D:56C\EC25:?8]9E>=Qm:?D:56C EC25:?8k^2m[ k2 9C67lQ9EEADi^^HHH]334]4@>^?6HD^2CE:4=6D^4;HKg_d`J_=@Qm36ED @? >:=:E2CJ @A6C2E:@?Dk^2m[ 2?5 k2 9C67lQ9EEADi^^4@F?4:=]?J4]8@G^AC6DD^a_ae^_g^`a^ba`d^Qm5646AE:G6 >2C<6E:?8 AC24E:46Dk^2m[ D@>6 DE2E6D 2C6 D66<:?8 E@ k2 9C67lQ9EEADi^^28]?J]8@G^AC6DD\C6=62D6^a_ae^8@G6C?@C\9@49F=\2?5\2EE@C?6J\86?6C2=\;2>6D\2??@F?46\?6H\J@C<\92D\DF65\<2=D9:QmDF6k^2m @C 32? AC65:4E:@? >2C<6ED] qFE E96 7656C2= 8@G6C?>6?E 92D E2<6? 2? F?FDF2= C@=6 :? E96 =682= 32EE=6[ H:E9 E96 r@>>@5:EJ uFEFC6D %C25:?8 r@>>:DD:@? DF:?8 DE2E6D E92E D66< E@ 6?7@C46 E96:C 82>3=:?8 =2HD 282:?DE AC65:4E:@?\>2C<6E A=2E7@C>D]k^Am

kAm!C65:4E:@? >2C<6E 4@>A2?:6D 4@?E6?5 E96J 2C6 @776C:?8 7:?2?4:2= EC2?D24E:@?D <?@H? 2D DH2AD — H9:49 2C6 C68F=2E65 3J E96 r@>>@5:EJ uFEFC6D %C25:?8 r@>>:DD:@?[ 2 7656C2= 286?4J — H9:=6 >2?J DE2E6D 2C8F6 E96J 2C6 82>3=:?8 @A6C2E:@?D[ 2<:? E@ DA@CED3@@<D 2?5 42D:?@D] v2>3=:?8 :D C68F=2E65 3J E96 DE2E6D] k^Am

kAm$6G6C2= =2HDF:ED 255C6DD:?8 H96E96C DE2E6 =2H 2AA=:6D E@ AC65:4E:@? >2C<6ED 92G6 25G2?465 E@ 7656C2= 4@FCED[ 3FE 3642FD6 ;F586D 92G6 DA=:E @? E96:C CF=:?8D[ E96 BF6DE:@? :D DE:== F?D6EE=65 2?5 >@G:?8 E@H2C5D E96 $FAC6>6 r@FCE] k^Am

kAmp=E9@F89 >2C<6E =6256C z2=D9: 2C8F6D :E D9@F=5 36 C68F=2E65 2E E96 7656C2= =6G6=[ E96 4@>A2?J’D =@33J:?8 2?5 DA6?5:?8 56>@?DEC2E6D 2 AFD9 E@ 82:? DE2E6\=6G6= :?7=F6?46[ 6DA64:2==J :? E96 DE2E6D DA62C9625:?8 C68F=2E:@?[ 2D k2 9C67lQ9EEADi^^HHH]@A6?D64C6ED]@C8Qm~A6?$64C6EDk^2m C6A@CED 36=@H] k^Am

kAm$@ 72C :? a_ae[ z2=D9:[ :ED 4@>A6E:E@C !@=J>2C<6E 2?5 E96 r@2=:E:@? 7@C !C65:4E:@? |2C<6ED 92G6 DA6?E 2E =62DE Sb >:==:@? @? =@33J:?8 2?5 42>A2:8? 4@?EC:3FE:@?D 24C@DD E96 7656C2= 2?5 DE2E6 =6G6=D]   k^Am

k9bmz2=D9: 5:C64ED A@=:E:42= DA6?5:?8 E@ 8@G6C?@CD 2?5 DE2E6 pvDk^9bm

kAm$E2E6 2EE@C?6JD 86?6C2= 2C6 =625:?8 E96 C68F=2E@CJ 7:89E 282:?DE AC65:4E:@? >2C<6ED — 2?5 E96 k2 9C67lQ9EEADi^^HHH]?JE:>6D]4@>^a_ae^_g^af^E649?@=@8J^AC65:4E:@?\>2C<6ED\DE2E6D\<2=D9:\A@=J>2C<6E\=2HDF:ED]9E>=nF?=@4<6502CE:4=604@56l`]g=p]3H+$]*Dp0<F{\?G0dU2>AjD>:5l?JE4@C6\:@D\D92C6Qm>2;@C:EJ 2C6 F?:E65k^2m :? E96 @A:?:@? E92E ru%r C68F=2E:@? D9@F=5 ?@E AC66>AE DE2E6 82>3=:?8 =2HD] x? yF=J[ 2 4@2=:E:@? @7 cc DE2E6 pvD D:8?65 @?E@ 2 k2 9C67lQ9EEADi^^HHH]?JE:>6D]4@>^a_ae^_g^af^E649?@=@8J^AC65:4E:@?\>2C<6ED\DE2E6D\<2=D9:\A@=J>2C<6E\=2HDF:ED]9E>=nF?=@4<6502CE:4=604@56l`]g=p]3H+$]*Dp0<F{\?G0dU2>AjD>:5l?JE4@C6\:@D\D92C6Qm=6EE6Ck^2m E@ E96 ru%r 2C8F:?8 E92E AC65:4E:@? >2C<6ED 2C6 2 “?6H 7@C> @7 42D:?@]” k^Am

kAmqFE ;FDE 2D 2EE@C?6JD 86?6C2= 2?5 AC65:4E:@? >2C<6ED 2AA62C E@ 36 32EE=:?8 6249 @E96C[ z2=D9: :D A@FC:?8 9F?5C65D @7 E9@FD2?5D @7 5@==2CD :?E@ E96 EH@ >2;@C A@=:E:42= @C82?:K2E:@?D 565:42E65 E@ 6=64E:?8 2?5 DFAA@CE:?8 pvD] k^Am

kAmp44@C5:?8 E@ x#$ 7:=:?8D C6G:6H65 3J ~A6?$64C6ED[ :? E96 7:CDE 92=7 @7 a_ae[ z2=D9: k2 9C67lQ9EEADi^^7@C>D]:CD]8@G^2AA^A@5^32D:4$62C49^5@H?=@25u:=6n7@C>x5l`efc_gU2>Aj7@C>%JA6l6ggfaQm82G6 S`cf[d__k^2m E@ E96 #6AF3=:42? pEE@C?6JD v6?6C2= pDD@4:2E:@? 2?5 k2 9C67lQ9EEADi^^7@C>D]:CD]8@G^2AA^A@5^32D:4$62C49^5@H?=@25u:=6n7@C>x5l`efddeU2>Aj7@C>%JA6l6ggfaQmS`f_[___k^2m E@ E96 s6>@4C2E:4 pEE@C?6JD v6?6C2= pDD@4:2E:@?] k^Am

kAmz2=D9: 92D 2=D@ 5@?2E65 5:C64E=J E@ D@>6 2EE@C?6JD 86?6C2=[ :?4=F5:?8 E96 DFA6C !pr DFAA@CE:?8 k2 9C67lQ9EEADi^^HHH]A@=:E:4@]4@>^?6HD^a_ae^_h^_b^<6?\A2IE@?\<2=D9:\E6I2D\AC65:4E:@?\>2C<6ED\_`_eaebgQmz6? !2IE@?k^2m’D CF? 7@C $6?2E6 :? %6I2D 2?5 E96 42>A2:8?D @7 '6C>@?E’D k2 9C67lQ9EEADi^^HHH]G6C>@?EAF3=:4]@C8^=@42=\?6HD^a_ae\_g\af^4@CA@C2E6\42D9\7F6=D\D@>6\G6C>@?E\A@=:E:42=\42>A2:8?DQmr92C:EJ r=2C<k^2m[ ~C68@?’D k2 9C67lQ9EEADi^^HHH]HH66<]4@>^?6HD^DE2E6^a_ae^_g^`h^<2=D9:\9:C6D\@C68@?\=@33J:DED\2?5\8:G6D\C2J7:6=5\`ad__^Qms2? #2J7:6=5k^2m 2?5 u=@C:52’D k2 9C67lQ9EEADi^^HHH]EC2?DA2C6?4JFD2]@C8^7=^4@>>:EE66^7C:6?5D\@7\;2>6D\FE9>6:6C\gh__f^4@?EC:3FE@CDnA286laQmy2>6D &E96:>6Ck^2m] x? C6DA@?D6 E@ E96 4@?EC:3FE:@?D[ #2J7:6=5 2?5 r=2C< E@=5 =@42= ?6HD @FE=6ED E96J 2C6 ?@E :?7=F6?465 3J A@=:E:42= 5@?2E:@?D] p DA@<6DA6CD@? 7@C !2IE@?’D DFA6C !pr E@=5 !@=:E:4@ E92E !2IE@? “92D 7@F89E 2E 6G6CJ EFC? E@ 9@=5 3:8 4@CA@C2E:@?D 244@F?E23=6]”k^Am

kAm%96 }6H *@C< %:>6D k2 9C67lQ9EEADi^^HHH]?JE:>6D]4@>^a_ae^_g^af^E649?@=@8J^AC65:4E:@?\>2C<6ED\DE2E6D\<2=D9:\A@=J>2C<6E\=2HDF:ED]9E>=nF?=@4<6502CE:4=604@56l`]g=p]3H+$]*Dp0<F{\?G0dU2>AjD>:5l?JE4@C6\:@D\D92C6QmC6A@CE65k^2m :? pF8FDE E92E s@?2=5 %CF>A yC][ H9@ D6CG6D 2D 2 DEC2E68:4 25G:D@C E@ z2=D9: 2?5 !@=J>2C<6E[ E@=5 #6AF3=:42? DE2E6 pvD ?@E E@ 7:89E AC65:4E:@? >2C<6ED] %CF>A yC]’D k2 9C67lQ9EEADi^^HHH]?AC]@C8^a_ae^_h^_`^8\D`\`c`bhc^A@=J>2C<6E\<2=D9:\5@?2=5\ECF>A\;C\G6?EFC6\42A:E2=\7:C>QmG6?EFC6 42A:E2= 7:C> :D :?G6DE65 :? !@=J>2C<6Ek^2m 2?5 k2 9C67lQ9EEADi^^HHH]7E]4@>^4@?E6?E^7f_`cf3`\66ff\c5fd\gdgf\f_f2ch553e_dnDJ?\ad2e3`2el`Qm96 92D 2? 6BF:EJ DE2<6 :? z2=D9:k^2m]k^Am

kAm%96 9625 @7 z2=D9:’D DE2E6 C6=2E:@?D[ q=2<6 q66[ H2D AC6G:@FD=J 5:C64E@C @7 E96 }2E:@?2= pDD@4:2E:@? @7 pEE@C?6JD v6?6C2=’D r6?E6C 7@C {6256CD9:A s6G6=@A>6?E[ H96C6 96 H@C<65 5:C64E=J H:E9 DE2E6 2EE@C?6JD 86?6C2=] k^Am

kAmz2=D9: 2=D@ k2 9C67lQ9EEADi^^7@C>D]:CD]8@G^2AA^A@5^32D:4$62C49^5@H?=@25u:=6n7@C>x5l`efabfU2>Aj7@C>%JA6l6ggfaQm5@?2E65 S`__[___k^2m E@ E96 #6AF3=:42? v@G6C?@CD pDD@4:2E:@? 2?5 k2 9C67lQ9EEADi^^7@C>D]:CD]8@G^2AA^A@5^32D:4$62C49^5@H?=@25u:=6n7@C>x5l`efceaU2>Aj7@C>%JA6l6ggfaQmS`d_[___k^2m E@ E96 s6>@4C2E:4 v@G6C?@CD pDD@4:2E:@? :? E96 7:CDE 92=7 @7 a_ae] k^Am

kAm“{:<6 >2?J &]$] C68F=2E65 4@>A2?:6D[ H6 DFAA@CE 42?5:52E6D @? 3@E9 D:56D @7 E96 2:D=6[” s2?: {6G6C[ 2 DA@<6DA6CD@? 7@C z2=D9:[ HC@E6 :? 2 DE2E6>6?E E@ ~A6?$64C6ED]k^Am

k9bmz2=D9: 9:C6D 5@K6?D @7 ?6H =@33J:DED[ 7@4FD:?8 @? r2=:7@C?:2 2?5 }6H *@C<k^9bm

kAmz2=D9: 92D C2>A65 FA DE2E6\=6G6= =@33J:?8 :? E96 A2DE D6G6C2= >@?E9D] pD @7 $6AE6>36C[ E96 4@>A2?J 92D 2E =62DE @?6 C68:DE6C65 =@33J:DE :? c` DE2E6D[ ?62C=J 2== @7 E96> 3C@F89E @? 3@2C5 D:?46 pAC:=] k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^`_^_g^<2=D9:\6IA2?5D\=@33J:?8\AC6D6?46\E@\c`\DE2E6D]A?8Q 2=ElQp >2A D92CE D9@H:?8 z2=D9:UR_bhjD 6IA2?D:@? @7 =@33J:?8 AC6D6?46 :? c` p>6C:42? DE2E6D]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m~A6?$64C6EDk^7:842AE:@?mk^7:8FC6m

kAmz2=D9: 2AA62CD E@ 36 DA6?5:?8 E96 >@DE @? =@33J:?8 :? r2=:7@C?:2 2?5 }6H *@C<[ E9@F89 >2?J DE2E6D k2 9C67lQ9EEADi^^HHH]@A6?D64C6ED]@C8^?6HD^C6A@CED^=2J6CD\@7\=@33J:?8^=@33J:?8\D4@C642C5n42E68@CJl{@33J:?8U2>AjFE>0D@FC46l4@A:=@E]4@>Qm5@ ?@E C6BF:C6 7:?2?4:2= 5:D4=@DFC6k^2m 3J =@33J:DED] k^Am

kAmx? r2=:7@C?:2[ z2=D9: k2 9C67lQ9EEADi^^42=\2446DD]D@D]42]8@G^{@33J:?8^t>A=@J6CD^s6E2:=]2DAIn:5l`cg_becU2>AjD6DD:@?la_adU2>AjG:6Hl24E:G:EJQmDA6?Ek^2m Sea[___ @? =@33J:?8 :? E96 7:CDE 92=7 @7 a_ae] s:D4=@DFC6 C6A@CED C6G:6H65 3J ~A6?$64C6ED D9@H E92E z2=D9: :D =@33J:?8 @? E9C66 2DD6>3=J 3:==D 2?5 E96 “pEE@C?6J v6?6C2=’D 2?5 v@G6C?@C’D @77:46D C6i AC65:4E:@? >2C<6ED]” k^Am

kAmz2=D9:’D r2=:7@C?:2 =@33J:?8 92D D@ 72C 366? 92?5=65 3J #65H@@5 !F3=:4 p772:CD] #65H@@5’D k2 9C67lQ9EEADi^^C65H@@5AF3=:42772:CD]4@>^23@FEQm4@\7@F?56C 2?5 AC:?4:A2=k^2m H2D 7@C>6C=J E96 =68:D=2E:G6 5:C64E@C 2?5 49:67 @7 DE277 7@C DE2E6 pEE@C?6J v6?6C2= #@3 q@?E2] ~? pF8] `a[ z2=D9: C68:DE6C65 2?@E96C r2=:7@C?:2\32D65 7:C>[ E96 (6:56>2? vC@FA[ E@ 368:? =@33J:?8] k^Am

kAmx? }6H *@C<[ z2=D9: C646?E=J C6A@CE65 E92E :E H@F=5 :?4C62D6 :ED A2J>6?E E@ =@33J:DED 2E qC@H? U2>Aj (6:?C2F3 p5G:D@CD 7C@> S`_[___ >@?E9=J E@ Sad[___ >@?E9=J E@ H@C< @? =68:D=2E:@? C6=2E:?8 E@ AC65:4E:@? >2C<6ED] k^Am

kAmz2=D9: :D DAC625:?8 :ED t>A:C6 $E2E6 H@C< 2C@F?5[ 2=D@ 4@>>:EE:?8 E@ A2J Sad[___ >@?E9=J E@ E96 |:CC2> vC@FA :? 2 4@?EC24E CF??:?8 F?E:= yF=J a_af] p55:E:@?2==J[ z2=D9: 92D C68:DE6C65 q=2<6 q66 2D :ED :?\9@FD6 =@33J:DE :? }6H *@C<] q66 H:== =@33J E96 @77:46 @7 E96 8@G6C?@C 2?5 E96 DE2E6 2DD6>3=J E9C@F89 s646>36C a_ae[ 244@C5:?8 E@ E96 C68:DEC2E:@?] k^Am

kAmq6EH66? :ED A2J>6?ED E@ 3@E9 =@33J:?8 8C@FAD 2?5 q66[ z2=D9: :D 4FCC6?E=J AC@;64E65 E@ DA6?5 @G6C Sc__[___ @? =@33J:?8 :? }6H *@C< E9C@F89 yF=J a_af] k^Am

kAm%9C@F89 :ED DE2E6\=6G6= =@33J:?8 677@CED[ z2=D9: >2J 36 A@D:E:@?65 E@ 562= H:E9 2 7=@@5 @7 ?6H =2HD :7 E96 $FAC6>6 r@FCE CF=6D E92E AC65:4E:@? >2C<6ED D9@F=5 36 C68F=2E65 3J E96 DE2E6D 2D 82>3=:?8] k^Am

kAm“|@DE DE2E6 82>3=:?8 =2HD 2C6 56D:8?65 7@C DA@CE:?8 6G6?ED[ A@<6C[ 42D:?@ 82>6D[ 3FE E96J >@DE=J 4=62C=J 4@G6C 82>3=:?8 :? H92E6G6C 7@C> @C A24<28:?8[” D2:5 q6?;2>:? $49C:77:?[ 5:C64E@C @7 D64FC:E:6D A@=:4J 2E q6EE6C |2C<6ED[ 2 ?@?AC@7:E E92E 25G@42E6D 7@C 7:?2?4:2= C67@C>] “x 5@?’E E9:?< 2?J3@5J 6G6C 4@?46:G65 @7 92G:?8 E@ A2DD 2 =2H E92E’D 8@:?8 E@ AC6G6?E A6@A=6 H9@ 2C6 H2E49:?8 ‘$FCG:G@C’ 2E 9@>6 @? 2 (65?6D52J ?:89E 7C@> 36EE:?8 @? H9@’D 8@:?8 E@ H:?] $@ J@F 4@F=5 D66 DE2E6D E9:?<:?8[ ‘(6 ?665 E@ 4=2C:7J @FC 82>3=:?8 =2HD 7@C 2== E96D6 ?6H H2JD E92E A6@A=6 92G6 ?@H 7@F?5 E@ 82>3=6 @? AC65:4E:@? >2C<6ED]’”k^Am

kAm!@=J>2C<6E 92D ?@E J6E C68:DE6C65 2?J =@33J:DED 2E E96 DE2E6 =6G6=] k^Am

k9bmz2=D9: 4@?E:?F6D 7656C2= =@33J:?8[ DA6?5:?8 ?62C=J S` >:==:@? :? E96 7:CDE 92=7 @7 a_aek^9bm

kAmpD :E 6IA2?5D :ED DE2E6 AC6D6?46[ z2=D9: :D 2=D@ 4@?E:?F:?8 :ED 7656C2= =@33J:?8 3J DA6?5:?8 ?62C=J S` >:==:@? E9C@F89 yF?6 b_] k^Am

kAmx? y2?F2CJ[ z2=D9: k2 9C67lQ9EEADi^^HHH]A@=:E:4@]4@>^?6HD=6EE6CD^A@=:E:4@\:?7=F6?46^a_ae^_`^ae^<2=D9:\@A6?D\2\54\@77:46\__fcgccfQm@A6?65 2 (2D9:?8E@?[ s]r][ @77:46k^2m 962565 3J y@9? q:G@?2[ H9@ D6CG65 @? y@6 q:56?’D AC6D:56?E:2= 42>A2:8? 2?5 2D E96 s6A2CE>6?E @7 w@>6=2?5 $64FC:EJ’D (9:E6 w@FD6 =:2:D@? 5FC:?8 E96 q:56? 25>:?:DEC2E:@?] k^Am

kAmx? 255:E:@? E@ :ED :?\9@FD6 7656C2= =@33J:?8 E62>[ k2 9C67lQ9EEADi^^HHH]@A6?D64C6ED]@C8^7656C2=\=@33J:?8^4=:6?ED^<2=D9:\:?4^9:C6507:C>Dn4=:6?E0:5l`cdgfgU2>Aj4J4=6la_aeQmz2=D9: 92D 9:C65 D:I @FED:56 7:C>Dk^2m] z2=D9: C6=:6D >@DE @? |:==6C $EC2E68:6D[ H9:49 :E 92D A2:5 Sac_[___ 5FC:?8 E96 7:CDE 92=7 @7 a_ae] |:==6C $EC2E68:6D :D 962565 3J y677 |:==6C[ H9@ D6CG65 2D 7:?2?46 492:C @? !C6D:56?E s@?2=5 %CF>A’D D64@?5 :?2F8FC2= 4@>>:EE66 2?5 92D 8C@H? 9:D D9@A :?E@ k2 9C67lQ9EEADi^^HHH]@A6?D64C6ED]@C8^7656C2=\=@33J:?8^E@A\7:C>DQmE96 7:7E9\9:896DE\8C@DD:?8 =@33J:?8 7:C> :? E96 7:CDE 92=7 @7 a_aek^2m]k^Am

kAmz2=D9: 92D 2=D@ C6A@CE65 S`a_[___ :? =@33J:?8 6IA6?D6D E@ {:?4@=? !@=:4J vC@FA[ 7@F?565 3J 7@C>6C $6?] q=2?496 {:?4@=? Ws\pC<]X] (9:=6 :? E96 $6?2E6[ {:?4@=? 492:C65 E96 p8C:4F=EFC6[ }FEC:E:@?[ 2?5 u@C6DECJ r@>>:EE66[ E96 ru%r’D 2FE9@C:K:?8 4@>>:EE66]k^Am

kAmpD 2 =@33J:DE 7@C z2=D9:[ {:?4@=? :D ?@H 2C8F:?8 5:C64E=J 282:?DE DE2?46D D96 E@@< 2D 492:C] x? a_`_[ {:?4@=? D2:5 E96 ru%r D9@F=5 36 6>A@H6C65 E@ “AC6G6?E 56C:G2E:G6D 4@?EC24ED E92E 2C6 4@?EC2CJ E@ E96 AF3=:4 :?E6C6DE 3642FD6 E96J 6I:DE AC65@>:?2?E=J E@ 6?23=6 82>3=:?8 E9C@F89 DFAA@D65 ‘6G6?E 4@?EC24ED]’” x? a_ad[ {:?4@=? DF3>:EE65 k2 9C67lQ9EEADi^^HHH]5@4F>6?E4=@F5]@C8^5@4F>6?ED^agehfhba\=:?4@=?A@=:4J8C@FA_f`_ad^Qm2 AF3=:4 =6EE6C E@ E96 ru%rk^2m 2C8F:?8 E92E z2=D9: D9@F=5 36 A6C>:EE65 E@ @776C DA@CED 36ED :? 2== DE2E6D]k^Am

kAmz2=D9: 92D 5:D4=@D65 =@33J:?8 @? E9C66 $6?2E6 3:==Di E96 k2 9C67lQ9EEADi^^HHH]4@?8C6DD]8@G^3:==^``hE9\4@?8C6DD^D6?2E6\3:==^cceh^E6IEnDl`U2>AjCl`U2>Aj9=l$ccehQm!C65:4E:@? |2C<6E p4Ek^2m[ H9:49 H@F=5 4C62E6 DEC@?86C 7656C2= C68F=2E:@?D @? 6G6?ED 4@?EC24ED[ E96 k2 9C67lQ9EEADi^^HHH]4@?8C6DD]8@G^3:==^``hE9\4@?8C6DD^D6?2E6\3:==^ceegn9=l$ceegU2>AjDlaU2>AjCl`Qm!C@E64E r@==686 $A@CED p4Ek^2m 2?5 E96 k2 9C67lQ9EEADi^^HHH]4@?8C6DD]8@G^3:==^``hE9\4@?8C6DD^D6?2E6\3:==^cfgc^E6IEnDlbU2>AjCl`U2>Aj9=l$cfgcQm}2E:@?2= s676?D6 pFE9@C:K2E:@? p4Ek^2m] k^Am

kAm%96 !C@E64E r@==686 $A@CED p4E H@F=5 4C62E6 7656C2= CF=6D 2C@F?5 2E9=6E6 A2J>6?E[ EC2?D76CD 2?5 4@?76C6?46 2=:8?>6?E] p=E9@F89 =@33J:?8 5:D4=@DFC6D 5@ ?@E DA64:7J z2=D9:’D DE2?46 :? :ED =@33J:?8[ E96 }rpp[ k2 9C67lQ9EEADi^^HHH]@A6?D64C6ED]@C8^?6HD^a_ae^_h^4@==686\7@@E32==\:D\324<\D@\:D\E96\7:89E\@G6C\H9@\4@?EC@=D\:ED\3:==:@?DQmH9:49 DFAA@CED E96 3:==k^2m[ 92D AC6G:@FD=J DE2E65 :ED “k2 9C67lQ9EEADi^^DA@CED]J29@@]4@>^2CE:4=6D^?422\G696>6?E=J\@AA@D65\<2=D9:\7:=6D\`ece_dcfe]9E>=QmG696>6?E @AA@D:E:@?k^2m” E@ AC65:4E:@? >2C<6E 4@?EC24ED C6=2E65 E@ 4@==686 DA@CED] %96 $6?2E6 A2DD65 E96 3:== @? |@?52J 2?5 :E ?@H 2H2:ED 24E:@? :? E96 w@FD6 @7 #6AC6D6?E2E:G6D]k^Am

kAmz2=D9:’D =@33J:?8 @? E96 }spp :D =:<6=J C6=2E65 E@ D64E:@?D `_g`[ `_ga[ 2?5 `_gb[ H9:49 H@F=5 32? “4@G6C65 EC2?D24E:@?D” :?G@=G:?8 AC65:4E:@? >2C<6E 4@?EC24ED[ AC6G6?E s6A2CE>6?E @7 s676?D6 A6CD@??6= 7C@> EC25:?8 @? AC65:4E:@? >2C<6ED[ 2?5 32? 2== 36ED C682C5:?8 >:=:E2CJ @A6C2E:@?D]k^Am

kAmx? 255:E:@? E@ E9@D6 E9C66 3:==D[ z2=D9:’D =@33J:?8 5:D4=@DFC6D 2=D@ C6G62= :ED 7@4FD @? E96 ru%r[ E96 tI64FE:G6 ~77:46 @7 E96 !C6D:56?E[ E96 $64FC:E:6D 2?5 tI492?86 r@>>:DD:@? 2?5 3@E9 492>36CD @7 r@?8C6DD]k^Am

kAm%96 5:C64E@C @7 E96 ru%r 92D 366? 6IA=:4:E=J AC@\AC65:4E:@? >2C<6E[ 3@E9 E9C@F89 k2 9C67lQ9EEADi^^HHH]47E4]8@G^!C6DD#@@>^$A66496D%6DE:>@?J^D6=:8DE2E6>6?E_a`faeQmAF3=:4 DE2E6>6?EDk^2m 2?5 E96 4@>>:DD:@?’D =682= 24E:@? 282:?DE DE2E6D 2EE6>AE:?8 E@ C68F=2E6 E96 A=2E7@C>D]k^Am

kAmqC25 {:AE@?[ 5:C64E@C @7 E96 #@@D6G6=E x?DE:EFE6’D 4@CA@C2E6 A@H6C 2?5 7:?2?4:2= C68F=2E:@? AC@8C2>[ D2:5 E96 ru%r DF:?8 DE2E6D :D “F?AC64656?E65]”k^Am

kAm“%96J’C6 36:?8 DFA6C 288C6DD:G6[ 2?5 :E’D D@CE @7 2 9625 D4C2E496C 2D E@ H9J E96J’C6 36:?8 D@ 288C6DD:G6[” {:AE@? D2:5] “xE’D 3642FD6 E96J’C6 D@ 4@>>:EE65 E@ 96=A:?8 @FE AC65:4E:@? >2C<6ED[ :D C62==J E96 @?=J 6IA=2?2E:@?]”k^Am

kAmq6J@?5 :ED 4@CA@C2E6 DA6?5:?8[ z2=D9:’D 4@\7@F?56CD %2C6< |2?D@FC 2?5 {F2?2 {@A6D {2C2 92G6 5@?2E65 E@ 7656C2= A@=:E:42= 42>A2:8?D 2?5 A@=:E:42= 24E:@? 4@>>:EE66D] |2?D@FC 2?5 {@A6D {2C2 92G6 4@==64E:G6=J 8:G6? 23@FE S` >:==:@? E@ 3@E9 s6>@4C2E:4 2?5 #6AF3=:42? C64:A:6?ED E9:D 4J4=6[ 244@C5:?8 E@ utr 7:=:?8D] k^Am

kAm!@=J>2C<6E k2 9C67lQ9EEADi^^HHH]@A6?D64C6ED]@C8^7656C2=\=@33J:?8^4=:6?ED^A@=J>2C<6E^=@33J:DEDn4=:6?E0:5l`cbeg_U2>Aj4J4=6la_aeQm92D DA6?E S`g_[___ @? 7656C2= =@33J:?8k^2m :? a_ae[ 9:C:?8 p5G@4FD !2CE?6CD] p5G@4FD :D 2 4@==23@C2E:G6 25G@424J 8C@FA H9@D6 >6>36CD :?4=F56 qv# vC@FA[ @?6 @7 E96 =625:?8 =@33J:?8 7:C>D] !@=J>2C<6E’D =@33J:DED :?4=F56 z62892? p>6D[ 2 7@C>6C D6?:@C A@=:4J 25G:D@C 2E E96 ru%r]k^Am

k9bmr@2=:E:@? 7@C !C65:4E:@? |2C<6ED 3C:?8D :? @E96C A=2J6CDk^9bm

kAmx? s646>36C a_ad[ z2=D9: k2 9C67lQ9EEADi^^HHH]4@2=:E:@?7@CAC65:4E:@?>2C<6ED]4@>^DE2E6>6?EDQm;@:?65k^2mU?3DAj#@3:?9@@5[ r@:?32D6[ k2 9C67lQ9EEAi^^rCJAE@]4@>QmrCJAE@]4@>k^2m 2?5 &?56C5@8 U>52D9j H9:49 2== @776C 6I492?86 36EE:?8 :? E96:C 2AAD U>52D9j E@ =2F?49 E96 r@2=:E:@? 7@C !C65:4E:@? |2C<6ED] !@=J>2C<6E :D ?@E 2 >6>36C]k^Am

kAm%96 4@2=:E:@?’D 3:A2CE:D2? =6256CD9:A :?4=F56D 2 A2:C @7 7@C>6C w@FD6 >6>36CD] !C6D:56?E $62? !2EC:4< |2=@?6J C6AC6D6?E65 }6H *@C< 2D 2 s6>@4C2E 367@C6 D6CG:?8 :? E96 q:56? 25>:?:DEC2E:@?[ 2?5 D6?:@C 25G:D6C !2EC:4< |4w6?CJ H2D 3C:67=J E96 24E:?8 DA62<6C @7 E96 w@FD6 H9:=6 96 C6AC6D6?E65 }@CE9 r2C@=:?2 2D 2 #6AF3=:42?]k^Am

kAmx? yF=J[ E96 4@2=:E:@? k2 9C67lQ9EEADi^^HHH]4@2=:E:@?7@CAC65:4E:@?>2C<6ED]4@>^DE2E6>6?EDQm?2>65k^2m 7@C>6C ru%r r@>>:DD:@?6C qC:2? "F:?E6?K 2D 2 D6?:@C 25G:D@C 2?5 92D 3C@F89E @? 2 A2:C @7 =@33J:?8 7:C>D E@ H@C< 2E E96 7656C2= =6G6=] pD @7 yF?6 b_[ E96 4@2=:E:@? 925 A2:5 Sk2 9C67lQ9EEADi^^=52]8@G^7:=:?8D^AF3=:4^7:=:?8^d6_`gh3d\3b_`\cg`2\244d\3ce5dffaba5a^AC:?E^Qm`__[___ E@ 7@FC x?G2C:2?E =@33J:DEDk^2m 2?5 k2 9C67lQ9EEADi^^=52]8@G^7:=:?8D^AF3=:4^7:=:?8^2b67f`hc\hae`\cf67\gabc\_3ccgba53`g_^AC:?E^QmC68:DE6C65 EH@ s6E6C>:?2?E =@33J:DEDk^2m] k^Am

kAm%96 4@2=:E:@? 92D 2=D@ DA6?E Sd_[___ =@33J:?8 :? r2=:7@C?:2 E9C@F89 #65H@@5 !F3=:4 p772:CD[ E96 D2>6 =@33J:?8 7:C> FD65 3J z2=D9:] k^Am

kAm%96 4@2=:E:@?UCDBF@jD 4CJAE@ >6>36CD 2C6 D@>6 @7 E96 3:886DE A@=:E:42= DA6?56CD :? E96 4FCC6?E 6=64E:@? 4J4=6] k2 9C67lQ9EEAi^^rCJAE@]4@>QmrCJAE@]4@>k^2mUCDBF@jD A2C6?E 4@>A2?J[ u@C:D s2I[ :D E96 =2C86DE 5@?@C E@ |pvp x?4][ E96 >2:? DFA6C !pr DFAA@CE:?8 !C6D:56?E s@?2=5 %CF>A] r@:?32D6 :D E96 `_E9 =2C86DE A@=:E:42= 5@?@C :? E9:D 6=64E:@? 4J4=6]U?3DAjk^Am

kAm%96 4@2=:E:@? 7@==@HD 2 A2EE6C? @7 F?:7:65 25G@424J D66? :? @E96C =:?6D @7 3FD:?6DD[ >F49 =:<6 E92E @7 E96 DA@CED 36EE:?8 2?5 82>3=:?8 :?5FDECJ[ H9:49 92D DA6?E k2 9C67lQ9EEADi^^HHH]@A6?D64C6ED]@C8^?6HD^a_ae^_b^72?5F6=\2?5\5C27E<:?8D\D9:7E\7@4FD\E@\5\4\2>:5\7656C2=\677@CED\E@\=68:D=2E6\DA@CED\36EE:?8^Qm>:==:@?D @? =@33J:?8 2?5 :?5FDECJ\DA64:7:4 DFA6C !prDk^2m E9:D J62C] k^Am

kAm{:AE@? D2:5 E96 4FCC6?E 32EE=6 7@C C68F=2E@CJ 4@?EC@= @7 AC65:4E:@? >2C<6ED :D 2? “6I:DE6?E:2= BF6DE:@?” 7@C E96 A=2E7@C>D[ =:<6=J >@E:G2E:?8 E96:C 2EE6>AED E@ :?4C62D6 E96:C A@=:E:42= :?7=F6?46]k^Am

kAm“xE’D ?@E 2E 2== 4=62C E@ >6 E92E E96:C 3FD:?6DD >@56= 42? 4@>A6E6 :7 E96J 2C6 8@:?8 E@ 4@>A=J H:E9 DE2E6 =2H[” {:AE@? D2:5] “%96J’C6 C62==J ECJ:?8 E@ 4C62E6 2 D:EF2E:@?[ x E9:?<[ H96C6 E96J 92G6 6?@F89 A@=:E:42= A@H6C E@ @G6C4@>6 E96 =682= 567:4:6?4:6D :? E96:C 2C8F>6?ED]”k^Am

kAmk2 9C67lQ9EEADi^^HHH]@A6?D64C6ED]@C8^?6HD^a_ae^_h^<2=D9:\=625D\AC65:4E:@?\>2C<6ED\b\>:==:@?\677@CE\E@\7:89E\@77\DE2E6\C68F=2E:@?D^Qmk6>m%9:D DE@CJk^6>mk^2mk6>m H2D AC@5F465 3Jk^6>m k2 9C67lQ9EEADi^^HHH]@A6?D64C6ED]@C8Qmk6>m~A6?$64C6EDk^6>mk^2mk6>m 2?5 C6G:6H65 2?5 5:DEC:3FE65 3Jk^6>m k2 9C67lQ9EEADi^^9F3D]=2^"_b<=8$#_Q C6=lQ?@7@==@HQmk6>m$E24<6Ck^6>mk^2mk6>m]k^6>mk^Am