Ultraprocessed foods have a terrible reputation.
Studies have linked them with multiple chronic diseases. Journalists and health influencers characterize them as poison. Some public health experts call for a global halt to producing and consuming them.
kAmqFE E96 5632E6 2C@F?5 F=EC2AC@46DD65 7@@5D :D ?@E ?62C=J 2D D6EE=65 2D :E >2J D66>] pD 2 k2 9C67lQ9EEADi^^D49@=2C]8@@8=6]4@>^4:E2E:@?DnFD6ClcK\6$FcppppyU2>Aj9=l6?QmC6D62C496C H9@ DEF5:6D D@4:2= >@G6>6?EDk^2m 7@C 962=E9J 2?5 DFDE2:?23=6 7@@5[ x 92G6 366? 5@4F>6?E:?8 k2 9C67lQ9EEADi^^5@:]@C8^`_]`_hb^24C67@C6^hfg_`hffeadb_]_`b]heQmE96 9:DE@CJ @7 AC@46DD65 7@@5Dk^2m 2?5 6I2>:?:?8 k2 9C67lQ9EEADi^^5@:]@C8^`_]`_hb^hfg_`hfgdh`__]__b]__egQm5632E6D 2C@F?5 E96 D4:6?46 2?5 A@=:E:4D @7 F=EC2AC@46DD:?8k^2m]k^Am
kAmx? 32D:4 E6C>D[ F=EC2AC@46DD65 7@@5D 2C6 k2 9C67lQ9EEADi^^HHH]?6HD\>65:42=]?6E^962=E9^w@H\&=EC2\!C@46DD65\u@@5D\pC6\|256\x?D:56\E96\x?5FDECJ\@7\t?8:?66C65\t2E:?8]2DAIQm>2DD\AC@5F465[ :?5FDEC:2= 7@C>F=2E:@?Dk^2m E92E FD6 :?8C65:6?ED ?@E EJA:42==J 7@F?5 :? 2 9@>6 <:E496?[ 2?5 E92E 86?6C2==J 4@?E2:? =:EE=6 E@ ?@ :?E24E H9@=6 7@@5D]k^Am
kAm*6E E96 G6CJ 567:?:E:@? @7 F=EC2AC@46DD65 :D k2 9C67lQ9EEADi^^5@:]@C8^`_]`_`f^$___f``cdaa__afhbQm9:89=J 4@?E6DE65k^2m] (9:=6 2 8C@H:?8 ?F>36C @7 25G@42E6D D2J E92E F=EC2AC@46DD:?8 :D 52?86C@FD E@ AF3=:4 962=E9[ k2 9C67lQ9EEADi^^884<a]DF3DE24<]4@>^A^H9J\:\4@>A=6E6=J\5:D28C66\H:E9\F=EC2QmD<6AE:4D 4@F?E6Ck^2m E92E E96 76CG@C 2C@F?5 E96 E@A:4 92D 364@>6 2 >@C2= A2?:4[ 2?5 :?D:DE E92E D@>6 F=EC2AC@46DD65 7@@5D 42? 36 A2CE @7 2 962=E9J 5:6E]k^Am
k9amp 3C:67 9:DE@CJ @7 7@@5 AC@46DD:?8k^9am
kAm!6@A=6 92G6 366? k2 9C67lQ9EEADi^^HHH]:7E]@C8^A@=:4J\2?5\25G@424J^25G@424J^E@@=<:ED^7@@5\AC@46DD:?8QmAC@46DD:?8 7@@5k^2m – E92E :D[ EC2?D7@C>:?8 4C@AD 2?5 2?:>2=D :?E@ 7@@5 :?8C65:6?ED 2?5 AC@5F4ED – 7@C 2== @7 9F>2? 9:DE@CJ] r@@<:?8[ H9:49 9:DE@C:2?D 86?6C2==J 4@?D:56C E96 k2 9C67lQ9EEADi^^HHH]D4:6?E:7:42>6C:42?]4@>^2CE:4=6^AC@46DD65\7@@5\2\EH@\>:==:@?\J62C\9:DE@CJ^Qm7:CDE 7@C> @7 7@@5 AC@46DD:?8k^2m[ 8@6D 324< 2D 72C 2D a >:==:@? J62CD] x? E96 >:==6??:2 2?5 46?EFC:6D E92E 7@==@H65[ A6@A=6 56G6=@A65 2?5 C67:?65 @E96C EC25:E:@?2= 7@@5 AC@46DD:?8 >6E9@5D[ :?4=F5:?8 8C:?5:?8[ 32<:?8[ 76C>6?E:?8[ 5CJ:?8 2?5 AC6DD:?8]k^Am
kAmk2 9C67lQ9EEADi^^5@:]@C8^`_]bhcd^2;4?]``c]_ghagcQm}6H EJA6D @7 7@@5 AC@46DD:?8k^2m H6C6 4C62E65 5FC:?8 E96 :?5FDEC:2= 286[ 368:??:?8 :? E96 >:5\`gE9 46?EFCJ] r2??:?8[ k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^H92E\:D\A2DE6FC:K2E:@?\2\52:CJ\6IA6CE\6IA=2:?D\9@H\:E\AC@E64ED\282:?DE\7@@53@C?6\:==?6DD\:?4=F5:?8\2G:2?\7=F\aahbbdQmA2DE6FC:K2E:@?k^2m 2?5 C67C:86C2E:@? H6C6 2>@?8 E96 >2;@C :??@G2E:@?D E92E C6D92A65 ?@E @?=J 9@H A6@A=6 62E 3FE k2 9C67lQ9EEADi^^5@:]@C8^`_]`_hb^@I7@C593^hfg_`hhfahhbf]_`b]__`dQmD@4:6EJ 2D 2 H9@=6k^2m]k^Am
kAmq67@C6 E92E E:>6[ ?62C=J 2== 7@@5 H2D =@42= 7@@5 – E92E :D[ AC@5F465 H:E9:? 2 76H 5@K6? >:=6D – 2?5 A6@A=6 4@?DF>65 7C6D9 7@@5D BF:4<=J E@ 2G@:5 DA@:=286] u@@5 AC@46DD:?8 AC@>:D65 E@ :>AC@G6 7@@5 D276EJ[ D96=7 =:76[ BF2=:EJ[ 4@?G6?:6?46[ E2DE6 2?5 962=E97F=?6DD] %96 H@C=5 3642>6 >@C6 FC32?:K65 2D C68:@?2= 2?5 :?E6C?2E:@?2= DFAA=J 492:?D 56G6=@A65] v6@8C2A9:42==J 5:DA6CD65 72C>6CD H6C6 4@??64E65 E@ C6E2:=6CD 2?5 4@?DF>6CD 24C@DD E96 k2 9C67lQ9EEADi^^5@:]@C8^`_]`_g_^_b_ee`d_h_aga_bdcQm?6H=J >@56C? 7@@5 DJDE6>k^2m]k^Am
kAmuC@> E96 >:5\a_E9 :?E@ E96 a`DE 46?EFCJ[ 7@@5 >2?F724EFC6CD 25565 2 9@DE @7 4@>A=6I E649?@=@8:42= :??@G2E:@?D E@ E96 7@@5 AC@46DD:?8 A=2J3@@<] %96:C 677@CED >256 AC@46DD65 7@@5D >@C6 DE2?52C5:K65 7@C E96 >2DD >2C<6E 2?5 >@C6 4@?G6?:6?E 7@C 4@?DF>6CD] qFE AF3=:4 962=E9 6IA6CED H2C?65 E92E AC@46DD65 k2 9C67lQ9EEADi^^HHH]>42==]4@>^a_`f^`a^ag^9@H\E@\7:I\E96\2>6C:42?\5:6E\244@C5:?8\E@\E96\>2?\H9@\4@:?65\E96\E6C>\;F?<\7@@5^Qm;F?< 7@@5Dk^2m H6C6 A24<65 H:E9 k2 9C67lQ9EEADi^^HHH]E968F2C5:2?]4@>^3@@<D^a_`b^763^ac^D2=E\DF82C\72E\>@DD\C6G:6HQmD2=E[ DF82C 2?5 D2EFC2E65 72Ek^2m – k2 9C67lQ9EEADi^^234?6HD]4@>^w62=E9^8@G6C?>6?E\5:6E2CJ\8F:56=:?6D\492?865\J62CD^DE@CJn:5lbe`cdcbeQmAC@3=6>2E:4 ?FEC:6?EDk^2m =:?<65 E@ @36D:EJ[ 5:236E6D 2?5 @E96C 5:6E\C6=2E65 5:D62D6D]k^Am
k9amu@@5 AC@46DD:?8 2?5 E96 }~'p 7C2>6H@C<k^9am
kAmqJ E96 >:5\a___D[ D@>6 962=E9J 7@@5 25G@42E6D 3682? E@ 2C8F6 E92E E96 ?2EFC6 2?5 6IE6?E @7 7@@5 AC@46DD:?8[ C2E96C E92? E96 AC6D6?46 @7 k2 9C67lQ9EEADi^^4FA]4@=F>3:2]65F^3@@<^?FEC:E:@?:D>^hfg_ab``dede`^QmDA64:7:4 AC@3=6>2E:4 ?FEC:6?EDk^2m[ 6IA=2:?65 5:6E\C6=2E65 49C@?:4 5:D62D6] %96 ;@FC?2=:DE |:4926= !@==2? 72>@FD=J :>A=@C65 9:D 2F5:6?46 E@ 2G@:5 “k2 9C67lQ9EEADi^^>:4926=A@==2?]4@>^3@@<D^:?\5676?D6\@7\7@@5^Qm65:3=6 7@@5\=:<6 DF3DE2?46Dk^2m]” x?DE625[ 96 25G:D65i “t2E 7@@5] }@E E@@ >F49] |@DE=J A=2?ED]”k^Am
kAmqC2K:=:2? 6A:56>:@=@8:DE r2C=@D |@?E6:C@ 4@:?65 E96 E6C> “F=EC2AC@46DD:?8” :? a__h 2D A2CE @7 9:D H@C< @? H92E 96 2?5 4@==628F6D 42==65 k2 9C67lQ9EEADi^^5@:]@C8^`_]`_`f^$`beghg__`g__bfeaQmE96 }~'p 4=2DD:7:42E:@?k^2m] %96 }~'p 7C2>6H@C< 6DE23=:D96D 2 k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^>292\C6A@CE\@?\49:=5C6?D\962=E9\9:89=:89ED\92C>D\@7\F=EC2AC@46DD65\7@@5D\2\7@@5\D4:6?E:DE\6IA=2:?D\E96\C6D62C49\adfccbQm7@FC\42E68@CJ DJDE6>k^2m E92E 492C24E6C:K6D 2 7@@5 32D65 @? :ED =6G6= @7 AC@46DD:?8]k^Am
k7:8FC6mk:>8 2=ElQp D496>2E:4 @7 E96 7@FC }~'p 7@@5 AC@46DD:?8 42E68@C:6D \ F?AC@46DD65 7@@5D[ AC@46DD65 :?8C65:6?ED[ AC@46DD65 7@@5D 2?5 F=EC2AC@46DD65 7@@5DQ DC4lQ9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^feedhe^@C:8:?2=^7:=6\a_ae`_`d\d_\>ddg36];A8n:I=:3lC3\c]`]`U2>AjBlcdU2>Aj2FE@l7@C>2EU2>Aj7:El4=:AU2>AjHlfc_Q ^mk7:842AE:@?mp44@C5:?8 E@ E96 }~'p 4=2DD:7:42E:@? 56G6=@A65 3J qC2K:=:2? 6A:56>:@=@8:DE r2C=@D |@?E6:C@[ F=EC2AC@46DD65 7@@5D 2C6 567:?65 2D :?5FDEC:2==J >2?F724EFC65 7@@5 AC@5F4ED E92E H@F=5 36 :>A@DD:3=6 E@ >2<6 2E 9@>6] k2 9C67lQ9EEADi^^HHH]86EEJ:>286D]4@>^56E2:=^:==FDEC2E:@?^7@@5\AC@46DD:?8\4=2DD:7:42E:@?\:?7@8C2A9:4\C@J2=EJ\7C66\:==FDEC2E:@?^aafbg_caehQmp?2DE2D:2 &D6?<@^:$E@4< G:2 v6EEJ x>286D !=FDk^2mk^7:842AE:@?mk^7:8FC6m
kAm}~'p r2E68@CJ ` :?4=F56D F?AC@46DD65 @C >:?:>2==J AC@46DD65 A=2?E @C 2?:>2= 7@@5D E92E 2C6 4=@D6 E@ E96:C ?2EFC2= DE2E6 2?5 4@?E2:? ?@ 255:E:G6D] r2E68@CJ a C676CD E@ AC@46DD65 4F=:?2CJ :?8C65:6?ED – E92E :D[ AC@5F4ED 56C:G65 7C@> r2E68@CJ ` G:2 AC6DD:?8[ 8C:?5:?8 @C D:>:=2C E649?:BF6D] r2E68@CJ b 56D4C:36D AC@46DD65 7@@5D >256 3J 4@>3:?:?8 r2E68@CJ ` 2?5 r2E68@CJ a FD:?8 EC25:E:@?2= >6E9@5D[ DF49 2D 32<:?8[ 3@:=:?8 @C 42??:?8]k^Am
kAm}~'p r2E68@CJ c 7@@5D 2C6 F=EC2AC@46DD65 7@@5D[ @7E6? 56D4C:365 2D :?5FDEC:2==J >2?F724EFC65 7@@5 AC@5F4ED E92E 42?’E 36 >256 2E 9@>6] tI2>A=6D @7 F=EC2AC@46DD:?8 :?4=F56 D6A2C2E:?8 H9@=6 7@@5D :?E@ DF3DE2?46D[ 496>:42==J 7@C>F=2E:?8 7@@5D @C FD:?8 4@D>6E:4 255:E:G6D DF49 2D 7@@5 5J6D]k^Am
kAmp44@C5:?8 E@ E96 7C2>6H@C<[ 4@CA@C2E:@?D 56D:8? F=EC2AC@46DD65 7@@5D E@ 36 k2 9C67lQ9EEADi^^5@:]@C8^`_]`_`f^$`beghg__`f___abcQm4@?G6?:6?E[ 9JA6CA2=2E23=6 2?5 9:89=J AC@7:E23=6k^2m] %96J 2C6 A24<2865 2EEC24E:G6=J[ >2C<6E65 :?E6?D:G6=J 2?5 :?E6?565 E@ 5:DA=246 @E96C 7@@5 8C@FAD]k^Am
kAm%@52J[ F=EC2AC@46DD65 7@@5D >2<6 FA 2? :?4C62D:?8=J =2C86 k2 9C67lQ9EEADi^^5@:]@C8^`_]`_`e^;]2;4?FE]a_ae]`_`c`fQmD92C6 @7 8=@32= 5:6EDk^2m] %96J 244@F?E 7@C >@C6 E92? d_T @7 E@E2= 42=@C:6D k2 9C67lQ9EEADi^^HHH]?AC]@C8^D64E:@?D^D9@ED\962=E9\?6HD^a_ad^_g^_f^?I\D`\dchdb_g^F=EC2\AC@46DD65\7@@5\FA7\C7<\454Qm:? E96 &?:E65 $E2E6Dk^2m[ H:E9 >2?J k2 9C67lQ9EEADi^^5@:]@C8^`_]````^:;A@]f___aQm=@H\ 2?5\>:55=6 :?4@>6 ?2E:@?Dk^2m ?@E 72C 369:?5]k^Am
k9am&?D6EE=65 D4:6?46k^9am
kAm$:?46 E96 }~'p 7C2>6H@C< 6>6C865[ C6D62C496CD 92G6 EC:65 E@ E6DE H96E96C 7@@5 AC@46DD:?8 42? 6IA=2:? 9@H 46CE2:? 7@@5D 27764E A6@A=6’D 962=E9]k^Am
kAm%96 G2DE >2;@C:EJ @7 E9:D H@C< 92D 6IA=@C65 4@CC6=2E:@?D 36EH66? 4@?DF>:?8 F=EC2AC@46DD65 7@@5D 2?5 56G6=@A:?8 962=E9 AC@3=6>D] ~?6 4@?D:DE6?E C6DF=E DE2?5D @FEi k2 9C67lQ9EEADi^^5@:]@C8^`_]``be^7>49\a_ae\__bhadQm!6@A=6 H9@ 4@?DF>6 >@C6 F=EC2AC@46DD65 7@@5Dk^2m 2C6 2E 9:896C C:D< 7@C >F=E:A=6 49C@?:4 5:D62D6D 2?5 62C=J 562E9]k^Am
kAmw@H6G6C[ 6G6? E92E 4@?4=FD:@? :D >@C6 4@>A=6I E92? :E 2AA62CD] xE EFC?D @FE E92E k2 9C67lQ9EEADi^^5@:]@C8^`_]`_`e^;]=2?2]a_ac]`__gdhQm46CE2:? 42E68@C:6D @7 F=EC2AC@46DD65 7@@5Dk^2m – DF49 2D DH66E6?65 36G6C286D =:<6 D@52D 2?5 AC@46DD65 >62ED =:<6 56=: >62ED – 2C6 4@?D:DE6?E=J 2DD@4:2E65 H:E9 ?682E:G6 962=E9 @FE4@>6D :?4=F5:?8 962CE 5:D62D6 2?5 DEC@<6] qFE @E96C F=EC2AC@46DD65 AC@5F4ED – 3C625D[ 4@=5 46C62=D[ J@8FCE 2?5 6G6? D2G@CJ D?24<D – 92G6 24EF2==J 366? 4@CC6=2E65 H:E9 =@H6C C2E6D @7 E96D6 962=E9 AC@3=6>D]k^Am
kAm$E:== @E96C F=EC2AC@46DD65 7@@5D – :?4=F5:?8 D2F46D[ 4@?5:>6?ED 2?5 C625J\E@\962E 5:D96D =:<6 7C@K6? 5:??6CD – D9@H ?@ 4@?D:DE6?E =:?<D E@ A6@A=6’D 962=E9 @?6 H2J @C E96 @E96C]k^Am
kAm~?=J 2 92?57F= @7 4=:?:42= EC:2=D E92E 42? 24EF2==J D9@H 42FD6 2?5 67764E 92G6 6IA=@C65 k2 9C67lQ9EEADi^^5@:]@C8^`_]`_`e^;]6?D4:]a_ad]`__dcfQmF=EC2AC@46DD65 7@@5D’ 67764ED @? 962=E9k^2m] ~?6 AC@>:?6?E DEF5J 5:5 7:?5 E92E A2CE:4:A2?ED H9@ 2E6 2 5:6E @7 F=EC2AC@46DD65 7@@5D 7@C EH@ H66<D k2 9C67lQ9EEADi^^5@:]@C8^`_]`_`e^;]4>6E]a_`h]_d]__gQm4@?DF>65 >@C6 42=@C:6D 2?5 82:?65 >@C6 H6:89Ek^2m E92? A2CE:4:A2?ED H9@ 7@==@H65 2 >:?:>2==J AC@46DD65 5:6E[ 3FE @E96C 6IA6C:>6?ED 92G6 k2 9C67lQ9EEADi^^5@:]@C8^`_]``ae^D4:6?46]267bchdQm7@F?5 ?@ 4=62C 67764Ek^2m] (92E’D >@C6[ E96D6 DEF5:6D 86?6C2==J =2DE ;FDE 2 76H H66<D – 72C E@@ D9@CE 2 E:>6 7C2>6 E@ 5C2H 4@?4=FD:@?D 23@FE =@?8\E6C> 962=E9 :>A24ED]k^Am
k7:8FC6mk:7C2>6 H:5E9lQcc_Q 96:89ElQae_Q DC4lQ9EEADi^^HHH]J@FEF36]4@>^6>365^2(v(rq*e=tcnH>@56lEC2?DA2C6?EU2>AjDE2CEl_Q 7C2>63@C56ClQ_Q 2==@H7F==D4C66?lQQmk^:7C2>6mk7:842AE:@?m|2?J C6D62C496CD A@:?E E@ DEF5:6D =:?<:?8 F=EC2AC@46DD65 7@@5D E@ 49C@?:4 :==?6DD6D[ E9@F89 E96 E:6D 2C6 ?@E 2D 4=62C\4FE 2D E96J >:89E 2AA62C]k^7:842AE:@?mk^7:8FC6m
k9amp EC:4<J 567:?:E:@?k^9am
kAm$@>6 7@@5 D4:6?46 C6D62C496CD 2C6 F?DFCAC:D65 3J E96D6 >:I65 7:?5:?8D[ 2C8F:?8 E92E E96 567:?:E:@? @7 “F=EC2AC@46DD65” :D k2 9C67lQ9EEADi^^5@:]@C8^`_]`_bg^Dc`cb_\_aa\_`_hh\`Qm2>3:8F@FD 2?5 7C6BF6?E=J DF3;64E:G6k^2m] u@C 6I2>A=6[ 2 42<6 AC6A2C65 3J 2 9@>6 32<6C H@F=5 36 4@?D:56C65 2 }~'p r2E68@CJ b “AC@46DD65 7@@5]” qFE k2 9C67lQ9EEADi^^5@:]@C8^`_]`_`f^$_hdccaacaa___``fQm:7 E92E D2>6 42<6 H6C6 :?5FDEC:2==J >2?F724EFC65k^2m FD:?8 2 4@>>6C4:2= AC6D6CG2E:G6[ E96? A24<2865 2?5 D@=5 2E 2 8C@46CJ DE@C6[ :E H@F=5 364@>6 2 }~'p r2E68@CJ c “F=EC2AC@46DD65 7@@5” – 6G6? :7 E96 EH@ 42<6D H6C6 ?FEC:E:@?2==J :56?E:42=]k^Am
kAmuF?52>6?E2==J[ >2?J ?FEC:E:@? D4:6?E:DED C6>2:? k2 9C67lQ9EEADi^^5@:]@C8^`_]`_`e^;]25G?FE]a_ab]_c]__eQmF?4@?G:?465 E92E AC@46DD:?8 2=@?6k^2m 42? 6IA=2:? H9J 46CE2:? 7@@5D 2C6 2DD@4:2E65 H:E9 A@@C 962=E9] x?DE625[ E96J 6>A92D:K6 E92E F?962=E9J F=EC2AC@46DD65 7@@5D 7C6BF6?E=J 92G6 A@@C ?FEC:E:@?2= AC@7:=6D 2?5 @E96C BF2=:E:6D E92E >2<6 E96> 62DJ E@ @G6C62E] p?5 E96J 2C8F6 E92E k2 9C67lQ9EEADi^^5@:]@C8^`_]`_`e^;]4>6E]a_a`]`_]__dTa_tIE6C?2=Ta_{:?<Qm>2<:?8 F=EC2AC@46DD65 7@@5D 962=E9:6Ck^2m[ ?@E 86EE:?8 C:5 @7 E96> 6?E:C6=J[ 42? :>AC@G6 AF3=:4 962=E9]k^Am
kAm':=:7J:?8 F=EC2AC@46DD65 7@@5D >2J 92G6 92C>D[ E96J DF886DE[ =:<6 k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^F=EC2\AC@46DD65\7@@5\H9J\E96\5632E6\?665D\=6DD\762C\2?5\>@C6\4=2C:EJ\afg_e_Qm4C62E:?8 F??646DD2CJ 762Ck^2m 2?5 AC@>@E:?8 k2 9C67lQ9EEADi^^HHH]D<6AE:4]@C8]F<^a_ad^``^9@H\F=EC2\AC@46DD65\7@@5\762C\42?\7F6=\2?I:6EJ\2?5\5:D@C56C65\62E:?8^Qm5:D@C56C65 62E:?8k^2m] xE 42? 2=D@ DE:8>2E:K6 k2 9C67lQ9EEADi^^HHH]8C66?BF66?]4@>]9<^F=EC2\AC@46DD65\7@@5D\=:DE\A=2?E\32D65\>62E\8F:56^Qm64@\7C:6?5=J[ A=2?E\32D65 >62EDk^2m @C F=EC2AC@46DD65 AC@5F4ED DF49 2D 323J 7@C>F=2 E92E 2C6 k2 9C67lQ9EEADi^^5@:]@C8^`_]`__a^@DAc]edfQm56D:8?65 7@C 4=:?:42= ?FEC:E:@?k^2m]k^Am
kAm%96 H9@=6D2=6 C6;64E:@? @7 F=EC2AC@46DD65 7@@5D 4@F=5 2=D@ >2<6 =:76 >@C6 k2 9C67lQ9EEADi^^G:C8:?:2D@=6D>:E9]DF3DE24<]4@>^A^H9J\F=EC2\AC@46DD65\7@@5D\D2G6\72>:=J\5:??6CQm5:77:4F=E 7@C 72>:=:6Dk^2m H9@ C6=J @? E96 4@?G6?:6?46 2?5 277@C523:=:EJ E96 AC@5F4ED @776C]k^Am
k9am!C@46DD:?8 G6CDFD ?FEC:6?EDk^9am
kAm~? E96 @E96C 92?5[ >2?J 7@@5 A@=:4J 2?5 AF3=:4 962=E9 C6D62C496CD >2:?E2:? E92E E96 4@>>@? k2 9C67lQ9EEADi^^5@:]@C8^`_]`_`e^$_`c_\efbeWadX_`ded\)Qm567:?:E:@? @7 F=EC2AC@46DD65k^2m :D k2 9C67lQ9EEADi^^HHH]7@@5A@=:E:4D]4@>^a_ae^_d^F=EC2\AC@46DD65\7@@5\567:?65\?@E\2==\E92E\4@>A=:42E65^Qm4=62C 6?@F89k^2m[ 6DA64:2==J :7 6I46AE:@?D 2C6 >256 7@C 962=E9J F=EC2AC@46DD65 7@@5D] %96J 2=D@ ?@E6 E92E >2?J DFAA@CE6CD @7 F=EC2AC@46DD65 7@@5D k2 9C67lQ9EEADi^^5@:]@C8^`_]a`_d^py!w]a_ae]b_gdh`Qm92G6 E:6D E@ E96 7@@5 :?5FDECJk^2m] %96J :?D:DE E92E E96 6I:DE:?8 6G:56?46 :D DEC@?8 6?@F89 E@ k2 9C67lQ9EEADi^^962=E9J62E:?8C6D62C49]@C8^HA\4@?E6?E^FA=@25D^a_ae^_d^&!u\tIA6CE\!2?6=\tI64FE:G6\$F>>2CJ\_c]A57QmE2<6 :>>65:2E6 A@=:4J 24E:@?k^2m[ :?4=F5:?8 >2<:?8 492?86D E@ 9@H F=EC2AC@46DD65 7@@5D 2C6 AC@5F465[ AFC492D65 2?5 >2C<6E65]k^Am
kAm#68F=2E:?8 F=EC2AC@46DD65 7@@5D k2 9C67lQ9EEADi^^5@:]@C8^`_]`_bg^Dcb_`e\_aa\__dhh\cQmH@F=5?’E ;FDE 36?67:E AF3=:4 962=E9k^2m[ 25G@42E6D 2C8F6] xE 4@F=5 2=D@ 96=A C6:? :? 92C>D E@ k2 9C67lQ9EEADi^^HHH]?JE:>6D]4@>^:?E6C24E:G6^a_`f^_h^`e^962=E9^3C2K:=\@36D:EJ\?6DE=6]9E>=Qm7@@5 4F=EFC6[ 3FD:?6DD 2?5 E96 6?G:C@?>6?Ek^2m]k^Am
kAmx? E9:D D6?D6[ F=EC2AC@46DD65 7@@5D 2C6 2 DJ>AE@> @7 2 3:886C AC@3=6>i 2? k2 9C67lQ9EEADi^^HHH]D@:=2DD@4:2E:@?]@C8^H92E\H6\5@^7@@5^F=EC2\AC@46DD65\7@@5D^QmF?DFDE2:?23=6 :?5FDEC:2= 7@@5 DJDE6>k^2m E92E :D 5@>:?2E65 3J 2 92?57F= @7 4@CA@C2E:@?D] %92E 2C8F>6?E[ @7 4@FCD6[ k2 9C67lQ9EEADi^^HHH]?JE:>6D]4@>^a_ae^_a^_g^@A:?:@?^7@@5\:?5FDEC:2=\=@42=\@C82?:4]9E>=Qm:D A=6?EJ 4@?E6DE65 E@@k^2m]k^Am
kAm&=E:>2E6=J[ C6D62C496CD 2?5 25G@42E6D 7C@> 2== D:56D @7 E96 5632E6 >@DE=J 28C66 E92E E96 k2 9C67lQ9EEADi^^HHH]?JE:>6D]4@>^a_ad^_h^`_^@A:?:@?^7@@5\6?G:C@?>6?E\49C@?:4\5:D62D6]9E>=Qm>@56C? 7@@5 6?G:C@?>6?Ek^2m ?665D E@ 36 >256 962=E9:6C] %96 <6J A@:?E @7 5:D28C66>6?E[ 9@H6G6C[ :D H96E96C A@=:4J>2<:?8 2?5 5:6E2CJ 8F:52?46 D9@F=5 5:C64E=J 255C6DD F=EC2AC@46DD:?8 @C DE:4< E@ 2 >@C6 EC25:E:@?2= 7@4FD @? ?FEC:6?ED :?DE625]k^Am
kAmk6>m%9:D 2CE:4=6 :D C6AF3=:D965 7C@> k2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^FDnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<\_U2>AjFE>04@?E6?El2CE:4=6\ahaee`Qm%96 r@?G6CD2E:@?k^2m[ 2 ?@?AC@7:E[ :?56A6?56?E ?6HD @C82?:K2E:@? 3C:?8:?8 J@F 724ED 2?5 ECFDEH@CE9J 2?2=JD:D E@ 96=A J@F >2<6 D6?D6 @7 @FC 4@>A=6I H@C=5] xE H2D HC:EE6? 3Ji k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^AC@7:=6D^82CC6EE\>\3C@25\ab`_benFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?l3J=:?6\=:?<U2>AjFE>04@?E6?El2CE:4=6\ahaee`Qmv2CC6EE |] qC@25k^2m[ k6>mk2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^:?DE:EFE:@?D^C@H2?\F?:G6CD:EJ\bcdgnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?l3J=:?6\=:?<U2>AjFE>04@?E6?El2CE:4=6\ahaee`Qm#@H2? &?:G6CD:EJk^2mk^6>mk^6>mk^Am
kAmkDEC@?8m#625 >@C6ik^DEC@?8mk^Am
kF=mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^42?\J@F\C62==J\36\255:4E65\E@\7@@5\C6D62C496CD\2C6\F?4@G6C:?8\4@?G:?4:?8\D:>:=2C:E:6D\E@\5CF8\255:4E:@?\ae`fafnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<_U2>AjFE>04@?E6?El2CE:4=6\ahaee`Qmr2? J@F C62==J 36 255:4E65 E@ 7@@5n #6D62C496CD 2C6 F?4@G6C:?8 4@?G:?4:?8 D:>:=2C:E:6D E@ 5CF8 255:4E:@?k^2mk^=:mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^62E:?8\=6DD\F=EC2AC@46DD65\7@@5\DFAA@CED\962=E9:6C\28:?8\?6H\C6D62C49\D9@HD\af`hgenFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<`U2>AjFE>04@?E6?El2CE:4=6\ahaee`Qmt2E:?8 =6DD F=EC2AC@46DD65 7@@5 DFAA@CED 962=E9:6C 28:?8[ ?6H C6D62C49 D9@HDk^2mk^=:mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^>292\C6A@CE\@?\49:=5C6?D\962=E9\9:89=:89ED\92C>D\@7\F=EC2AC@46DD65\7@@5D\2\7@@5\D4:6?E:DE\6IA=2:?D\E96\C6D62C49\adfccbnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<aU2>AjFE>04@?E6?El2CE:4=6\ahaee`Qm|pwp C6A@CE @? 49:=5C6?’D 962=E9 9:89=:89ED 92C>D @7 F=EC2AC@46DD65 7@@5D – 2 7@@5 D4:6?E:DE 6IA=2:?D E96 C6D62C49k^2mk^=:mk^F=m
kA 4=2DDlQ7:?6\AC:?EQmk6>mkDA2?mv2CC6EE |] qC@25 :D 2 3@2C5 >6>36C H:E9 E96 ?@?\AC@7:E !=2?E q2D65 u@@5D x?DE:EFE6 2?5 2? p5G:D@CJ q@2C5 >6>36C H:E9 E96 ?@?\AC@7:E }6H y6CD6J u@@5 s6>@4C24J r@==23@C2E:G6[ 3@E9 @? 2 ?@?\C6>F?6C2E65 32D:D] w6 92D C646:G65 C6D62C49 7F?5:?8 7C@> E96 &?:E65 $E2E6D s6A2CE>6?E @7 p8C:4F=EFC6 W&$spX[ }2E:@?2= p6C@?2FE:4D 2?5 $A246 p5>:?:DEC2E:@? W}p$pX[ $@FE9 y6CD6J x?DE:EFE6 @7 !@AF=2E:@? w62=E9[ 2?5 p?:>2= r92C:EJ tG2=F2E@CD]k^DA2?mk^6>mk^Am
kAmk:>8 DC4lQ9EEADi^^4@F?E6C]E964@?G6CD2E:@?]4@>^4@?E6?E^ahaee`^4@F?E]8:7n5:DEC:3FE@Cl=66Q DEJ=6lQ96:89Ei`AIjH:5E9i`AIjQ 2=ElQQ ^mk^Am
