Political action committees are responsible for nearly two-thirds of all federal election funding, with about US$6.3 billion raised and $4.8 billion spent since January 2025. But their outsized political influence does not just come from their wallets. It’s also generated from their names.
Political strategists are adopting PAC names that signal the opposite political goals from what those organizations truly intend. They hope to taint voter perception of the candidates or ballot initiatives to which they donate.
kAmp?5[ 2D k2 9C67lQ9EEADi^^D49@=2CD9:A]=2H]E2>F]65F^48:^G:6H4@?E6?E]48:n2CE:4=6l`bfeU2>Aj4@?E6IEl=2HC6G:6HQm@FC C6D62C49 D9@HDk^2m[ E96 DEC2E68J :D H@C<:?8]k^Am
k9am%96 9:DE@CJ @7 5646AE:G6 !pr ?2>:?8k^9am
kAm%JA:42==J[ !pr ?2>6D 3@CC@H 6IAC6DD:@?D 7C@> E96 A2CEJ E96J H:D9 E@ 96=A[ =:<6 p4Eq=F6 @C (:?#65[ H9:49 k2 9C67lQ9EEADi^^HHH]@A6?D64C6ED]@C8^6=64E:@?D\@G6CG:6H^E@A\A24Dn4J4=6la_acU2>Aj7:=E6Cl}U2>AjA2CEJlpU2>AjEJA6l#QmC2:D65 E96 >@DE >@?6Jk^2m :? E96 a_ac 7656C2= 6=64E:@? 4J4=6]k^Am
kAmk2 9C67lQ9EEADi^^HHH]?AC]@C8^D64E:@?D^E96EH@\H2J^a_`a^_`^b`^`ce`bacee^DE6A96?\4@=36CE\D2JD\9:D\DFA6C\A24\C2:D65\`\>:==:@?Qm|2?J @7 E9@D6 ?2>6D 92G6 366? C:5:4F=65k^2m 7@C E96:C @G6CC6=:2?46 @? E9C@H2H2J 4=:49Ă©D] x? a_`a[ 4@>65:2? $E6A96? r@=36CE 4C62E65 E96 !pr k2 9C67lQ9EEADi^^HHH]?AC]@C8^D64E:@?D^E96EH@\H2J^a_`a^_`^b`^`ce`bacee^DE6A96?\4@=36CE\D2JD\9:D\DFA6C\A24\C2:D65\`\>:==:@?Qmp>6C:42?D 7@C 2 q6EE6C %@>@CC@H[ %@>@CC@Hk^2m E@ AC@G6 E96 A@:?E]k^Am
kAmqFE 2 >@C6 D:?:DE6C 4FDE@> 92D 6>6C865] ~FC C6D62C49 92D D9@H? E92E 7@C E96 A2DE 564256 @C D@[ !prD 92G6 6?82865 :? H92E H6 42== “k2 9C67lQ9EEADi^^D49@=2CD9:A]=2H]E2>F]65F^48:^G:6H4@?E6?E]48:n2CE:4=6l`bfeU2>Aj4@?E6IEl=2HC6G:6HQmE24E:42=k^2m k2 9C67lQ9EEADi^^?JF;=AA]@C8^HA\4@?E6?E^FA=@25D^a_aa^``^y{!!\ac]b\$96AA2C5]A57Qm?2>:?8k^2m[” E96 AC24E:46 @7 8:G:?8 =2HD 2?5 !prD ?2>6D 56D:8?65 E@ >2?:AF=2E6 G@E6C A6C46AE:@?]k^Am
kAm~?6 E24E:4 :D E@ 49@@D6 2 ?2>6 56C:G65 7C@> D=@82?D @7 E96 @AA@D:?8 A2CEJ[ 72=D6=J D:8?2=:?8 :56@=@8:42= <:?D9:A E@ 82:? E96 ECFDE @7 G@E6CD 7C@> E96 @E96C D:56] x? a_`c[ 7@C 6I2>A=6[ E96 !pr k2 9C67lQ9EEADi^^HHH]FD2E@52J]4@>^DE@CJ^?6HD^A@=:E:4D^a_`c^_a^``^DFA6C\A24\?2>6D^dbfdehh^Qmp>6C:42?D 7@C !C@8C6DD:G6 p4E:@?k^2m AC@G:565 ?@ DFAA@CE 7@C s6>@4C2E:4 42?5:52E6D] x?DE625[ :E 82G6 @G6C S`]b >:==:@? E@ #6AF3=:42? v23C:6= v@>6K’D a_`c 42>A2:8? 7@C 2 &]$] $6?2E6 D62E :? |2DD249FD6EED]k^Am
kAmtI2>A=6D 42? 36 7@F?5 @? 3@E9 D:56D @7 E96 2:D=6] %96 !pr !2EC:@E |2;@C:EJ &$p[ H9:49 DA@CED 2 k2 9C67lQ9EEADi^^HHH]A2EC:@E>2;@C:EJ]@C8^Qm8F?\E@E:?8 >:?FE6>2? =@8@k^2m 2?5 7@C68C@F?5D E96 H@C5 “A2EC:@E[” 2 E6C> E92E k2 9C67lQ9EEADi^^5@:]@C8^`_]`_bg^Dc`dhg\_ab\d_g`_\_QmC646?E C6D62C49k^2m :?5:42E6D :D 2 DEC@?8 >2C<6C @7 4@?D6CG2E:G6 A@=:E:42= :56?E:EJ[ C2? 25D k2 9C67lQ9EEADi^^HHH]J@FEF36]4@>^H2E49nGlb)rIg_~!H=pQm:? DFAA@CE @7 s6>@4C2E:4 42?5:52E6Dk^2m] xE 2=D@ k2 9C67lQ9EEADi^^HHH]J@FEF36]4@>^H2E49nGl7>+#vC8HI#@Qm@AA@D65 #6AF3=:42? 42?5:52E6Dk^2m :? >F=E:A=6 DE2E6D k2 9C67lQ9EEADi^^HHH]J@FEF36]4@>^H2E49nGlD9%86)IdEy|Qm7@C J62CDk^2m]k^Am
kAm%96 !pr k2 9C67lQ9EEADi^^2A?6HD]4@>^2CE:4=6^724E\4964<\6=64E:@?\@9:@\23@CE:@?\32==@E\BF6DE:@?\hedceegga`e_Qm!C@E64E (@>6? ~9:@ p4E:@?[ x?4]k^2m 4@?EC:3FE65 E@ 4@?D6CG2E:G6 25D @AA@D:?8 2 32==@E :?:E:2E:G6 E92E =:>:E65 k2 9C67lQ9EEADi^^32==@EA65:2]@C8^~9:@0xDDF60`[0Ta_#:89E0E@0|2<60#6AC@5F4E:G60s64:D:@?D0x?4=F5:?80p3@CE:@?0x?:E:2E:G60Wa_abXQm~9:@’D 2FE9@C:EJ E@ C6DEC:4E 23@CE:@?k^2m]k^Am
k9ams646AE:G6 !pr ?2>:?8 E@52Jk^9am
kAm%24E:42= ?2>:?8 4@?E:?F6D :? 4FCC6?E AC:>2C:6D]k^Am
kAmt2C=:6C :? E9:D AC:>2CJ 4J4=6[ E96 !prD #62= r92?86 2?5 {625 {67E k2 9C67lQ9EEADi^^AF?493@H=]?6HD^2CE:4=6^42>A2:8?D^>JDE6CJ\A24D^QmC2? E6=6G:D:@? 25D 2?5 >2:=6CDk^2m :? 4@>A6E:E:G6 4@?8C6DD:@?2= 5:DEC:4ED 2EE24<:?8 s6>@4C2E:4 42?5:52E6D[ @DE6?D:3=J 7C@> E96 =67E] %96 k2 9C67lQ9EEADi^^A@AF=2C]:?7@^A^FA52E6\6>2:=\6IA@D6D\8@A\5:CEJ\EC:4<DQm25D 244FD65 42?5:52E6D @7 DE2?5:?8 H:E9 !C6D:56?E s@?2=5 %CF>Ak^2m[ @AA@D:?8 |65:42C6 7@C 2== 2?5 “42D9:?8 :? @? %CF>A’D E6CC@C]”k^Am
kAm%@ 2?J 42DF2= @3D6CG6C[ #62= r92?86 2?5 {625 {67E =@@< =:<6 AC@8C6DD:G6 8C@FAD 9@=5:?8 s6>@4C2ED 244@F?E23=6] qFE 4=@D6C D4CFE:?J C6G62=D D@>6E9:?8 6=D6]k^Am
kAm(96? A6@A=6 DF3D4C:365 E@ #62= r92?86UCDBF@jD 6>2:= =:DE[ E96J C646:G65 k2 9C67lQ9EEADi^^?6H;6CD6J8=@36]4@>^4@?8C6DD^36??6EE\42>A2:8?\D6?5D\462D6\2?5\56D:DE\=6EE6C\E@\8@A\2=:8?65\A24^Qm6>2:=D 4@?7:C>:?8 E96:C DF3D4C:AE:@?Dk^2m E92E C@FE65 E9C@F89 k2 9C67lQ9EEAi^^42G2=CJ==4]4@>Qm42G2=CJ==4]4@>k^2m] %92EUCDBF@jD E96 5@>2:? @7 r2G2=CJ {{r[ @?6 @7 (2D9:?8E@?UCDBF@jD AC6>:6C #6AF3=:42? 4@>>F?:42E:@?D 7:C>D[ k2 9C67lQ9EEADi^^42G2=CJ==4]4@>^Qm7@F?565 3J #6AF3=:42? $6?] |:E49 |4r@??6==UCDBF@jD 7@C>6C 49:67 @7 DE277k^2m]k^Am
kAmk2 9C67lQ9EEADi^^A@AF=2C]:?7@^A^FA52E6\6>2:=\6IA@D6D\8@A\5:CEJ\EC:4<DQmr2G2=CJ 92D C646:G65 >@C6 E92? S`_ >:==:@?k^2m 7C@> E96 r@?8C6DD:@?2= {6256CD9:A uF?5[ E96 DFA6C !pr 2=:8?65 H:E9 w@FD6 #6AF3=:42? =6256CD9:A] p?5 k2 9C67lQ9EEADi^^A@AF=2C]:?7@^A^2\8@A\5:CEJ\EC:4<D\@A6C2E:@?\6IA@D65Qm:?G6DE:82E:G6 C6A@CEDk^2m C6G62=65 E92E r2=63 rC@D3J[ E96 EC62DFC6C @7 E96 r@?8C6DD:@?2= {6256CD9:A uF?5[ 7@F?565 2 A@=:E:42= 4@>A=:2?46 7:C> E92E DFAA@CE65 A6CD@??6= 2E EH@ 4@?D6CG2E:G6 !prD E92E FD65 E96 D2>6 F?FDF2= 255C6DD 2D {625 {67Ei 2 $E2A=6D DE@C6 :? %2==292DD66[ u=@C:52]k^Am
k7:8FC6mk2 2C:2\=236=lQ+@@>23=6 :>286Q 9C67lQ9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^fdbc_c^@C:8:?2=^7:=6\a_ae_g``\d_\<a@9@g];A8n:I=:3lC3\c]`]`U2>AjBlcdU2>Aj2FE@l7@C>2EU2>Aj7:El4=:AQmk:>8 2=ElQp C65\ 2?5 3=F6\E:?E65 :>286 @7 2 7656C2= 3F:=5:?8 H:E9 5@==2C 3:==D DFA6C:>A@D65 @G6C :E]Q DC4lQ9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^fdbc_c^@C:8:?2=^7:=6\a_ae_g``\d_\<a@9@g];A8n:I=:3lC3\c]`]`U2>AjBlcdU2>Aj2FE@l7@C>2EU2>Aj7:El4=:AQ ^mk^2mk7:842AE:@?mp 32? @? 5646AE:G6 !pr ?2>6D H@F=5 7246 u:CDE p>6?5>6?E @3DE24=6D] k2 9C67lQ9EEADi^^HHH]86EEJ:>286D]4@>^56E2:=^A9@E@^A@=:E:42=\4@?EC:3FE:@?D\=@33J:DED\DFA6C\A24D\2?5\C@J2=EJ\7C66\:>286^`c`cehfecgnA9C2D6l!@=:E:42=Ta_24E:@?Ta_4@>>:EE66U2>AjD62C49D4@A6l:>286Tar7:=>U2>AjD=@ElhfU2>Aj25AA@AFAlECF6Qms@F8=2D #:DD:?8^v6EEJ x>286Dk^2mk^7:842AE:@?mk^7:8FC6m
k9am%96 D4:6?46 369:?5 E96 ?2>6Dk^9am
kAmxE’D E6>AE:?8 E@ E9:?< E92E E9:D E24E:4 H@?’E H@C< @? E96 A@=:E:42==J D2GGJ A6@A=6 H9@ A2J 2EE6?E:@? E@ !pr ?2>6D] qFE @FC C6D62C49 D9@HD @E96CH:D6]k^Am
kAm%@ E6DE E96 67764ED @7 5646AE:G6 !pr ?2>6D[ H6 4@?5F4E65 k2 9C67lQ9EEADi^^D49@=2CD9:A]=2H]E2>F]65F^48:^G:6H4@?E6?E]48:n2CE:4=6l`bfeU2>Aj4@?E6IEl=2HC6G:6HQm2 4@?EC@==65 @?=:?6 6IA6C:>6?Ek^2m :?G@=G:?8 >@C6 E92? ed_ A2CE:4:A2?ED C64CF:E65 E9C@F89 k2 9C67lQ9EEADi^^HHH]AC@=:7:4]4@>^Qm!C@=:7:4k^2m[ 2? @?=:?6 24256>:4 C6D62C49 DEF5:6D A=2E7@C>] %96 D2>A=6 H2D 32=2?465 3J 86?56C 2?5 5:G6CD6 :? 286[ E9@F89 A2CE:4:A2?ED H6C6 D@>6H92E >@C6 65F42E65 E92? E96 86?6C2= &]$] A@AF=2E:@?]k^Am
kAm!2CE:4:A2?ED 6G2=F2E65 7@FC AC@A@D65 =2HD 367@C6 2?5 27E6C =62C?:?8 E92E 6249 =2H H2D DA@?D@C65 3J 2 !pr] %96 !pr’D ?2>6 H2D >2?:AF=2E65 E@ 36 6:E96C 4@?8CF6?E H:E9 E96 =2H’D :56@=@8:42= 5:C64E:@?[ :?4@?8CF6?E H:E9 :E @C A@=:E:42==J ?6FEC2=] u@C 6I2>A=6[ 2 =67E\=62?:?8 6?G:C@?>6?E2= AC@A@D2= >:89E 36 DA@?D@C65 3J 2 !pr 42==65 $2G6 E96 t2CE9[ p>6C:42?D 7@C ~:= @C $>:E9] qJ 4@>A2C:?8 A2CE:4:A2?ED’ C2E:?8D 367@C6 2?5 27E6C 6IA@DFC6 E@ E9@D6 ?2>6D[ H6 >62DFC65 E96 6IE6?E E@ H9:49 ?2>:?8 2=@?6 4@F=5 2=E6C 2EE:EF56D E@H2C5 @E96CH:D6 :56?E:42= AC@A@D2=D]k^Am
kAm(6 7@F?5 E92E >:D=625:?8 !pr ?2>6D D:8?:7:42?E=J D9:7E65 G@E6C @A:?:@?] (6 2=D@ 7@F?5 E92E !pr ?2>6D H6C6 >@DE 67764E:G6 H96? E96J H6C6 5646AE:G6] (96? A2CE:4:A2?ED H9@ DFAA@CE65 2 A2CE:4F=2C =2H H6C6 E@=5 E92E 2? :?4@?8CF6?E=J ?2>65 !pr H2D DA@?D@C:?8 :E[ E96:C DFAA@CE 7@C E92E =2H 5C@AA65 D92CA=J[ 6G6? H96? E96 =2H’D E6IE D2E C:89E :? 7C@?E @7 E96>]k^Am
kAmu@C 6I2>A=6[ H96? A6@A=6 H9@ :56?E:7:65 2D =67E\=62?:?8 2=C625J 72G@C65 2 =2H E92E 6IA65:E65 C67F866 H@C<6C C:89ED[ E96:C 72G@C23:=:EJ C2E:?8D 5C@AA65 D92CA=J H96? E96J =62C?65 E92E E96 DA@?D@C:?8 !pr 925 2 C:89E\D:8?2=:?8 ?2>6[ qF:=5:?8 E96 (2==] qJ 4@?EC2DE[ =62C?:?8 E92E 2? 2AE=J ?2>65 !pr[ wF>2?6 %C62E>6?E @7 |:8C2?ED[ 925 DA@?D@C65 E96 D2>6 =2H 5:5 ?@E D:8?:7:42?E=J 27764E E96 C2E:?8D @7 =67E\=62?:?8 A6@A=6 2?5 32C6=J 27764E65 E96 C2E:?8D @7 C:89E\=62?:?8 A6@A=6]k^Am
kAm~FC C6D62C49 2=D@ 7@F?5 E92E k2 9C67lQ9EEADi^^D49@=2CD9:A]=2H]E2>F]65F^48:^G:6H4@?E6?E]48:n2CE:4=6l`bfeU2>Aj4@?E6IEl=2HC6G:6HQmDEC@?86C A2CE:D2?D 2C6 >@C6 DFD46AE:3=6k^2m E@ E9:D E24E:4] %96 >@C6 7:C>=J D@>6@?6 :56?E:7:65 H:E9 2 A@=:E:42= A2CEJ[ E96 8C62E6C E96 DH:?8 :? E96:C @A:?:@? H96? 2? :?2AE !pr ?2>6 H2D :?EC@5F465]k^Am
kAm$@A9:DE:42E65 G@E6CD 2C6 ?@E 2FE@>2E:42==J :?@4F=2E65 – :7 2?JE9:?8[ E96:C DEC@?86C AC:@CD >2<6 E96> >@C6 GF=?6C23=6 E@ 4F6D E92E 2AA62C E@ 4@?7:C> @C E9C62E6? E96:C A@=:E:42= :56?E:EJ]k^Am
kAm(92E >2<6D E9:D 6DA64:2==J EC@F3=:?8 :D H96C6 E24E:42= ?2>6D 2AA62C] u656C2= C68F=2E:@?D C6BF:C6 E92E !prD 5:D4=@D6 E96:C ?2>6D “k2 9C67lQ9EEADi^^HHH]764]8@G^96=A\42?5:52E6D\2?5\4@>>:EE66D^25G6CE:D:?8\2?5\5:D4=2:>6CD^Qm:? 2 4=62C 2?5 4@?DA:4F@FD >2??6Ck^2m” :? E96:C A@=:E:42= 25G6CE:D6>6?ED]k^Am
kAm~?6 >:89E H@?56C H96E96C E24E:42= ?2>:?8 :D ;FDE 6G6CJ52J A@=:E:4D] qFE H62A@?:K:?8 ?2>6D :?EC@5F46D 2 92K2C5 E92E 8@6D 72C 36J@?5 @C5:?2CJ ?682E:G6 42>A2:8?:?8]k^Am
kAmp #6AF3=:42? 8C@FA CF??:?8 25D 282:?DE s6>@4C2ED :D F?C6>2C<23=6] p #6AF3=:42? 8C@FA AC6E6?5:?8 E@ 36 2 s6>@4C2E:4 8C@FA E@ CF? E9@D6 D2>6 25D :D D@>6E9:?8 5:776C6?Ei xE :D 2 56=:36C2E6 2EE6>AE E@ 4@CCFAE E96 :?7@C>2E:@?2= 6?G:C@?>6?E :? H9:49 G@E6CD 564:56 H9@> E@ DFAA@CE]k^Am
k9amr2? 2?JE9:?8 36 5@?6nk^9am
kAm~FC C6D62C49 255C6DD65 E9:D BF6DE:@?[ 2?5 @FC 4@?4=FD:@?D 2C6 D@36C:?8]k^Am
kAmk2 9C67lQ9EEADi^^D49@=2CD9:A]=2H]E2>F]65F^48:^G:6H4@?E6?E]48:n2CE:4=6l`bfeU2>Aj4@?E6IEl=2HC6G:6HQmp? @FEC:89E 32? @? 5646AE:G6 !pr ?2>6Dk^2m H@F=5 7246 D6C:@FD u:CDE p>6?5>6?E @3DE24=6D] }2>:?8 2 !pr :D 2 7@C> @7 6IAC6DD:@? E92E C646:G6D 4@?DE:EFE:@?2= AC@E64E:@?]k^Am
kAmr@FCED 92G6 366? C6=F4E2?E E@ 2==@H E96 8@G6C?>6?E E@ 5:4E2E6 9@H A@=:E:42= @C82?:K2E:@?D AC6D6?E E96>D6=G6D] x? k2 9C67lQ9EEADi^^=2H];FDE:2]4@>^42D6D^7656C2=^5:DEC:4E\4@FCED^>@?E2?2^>E546^hia_a_4G___ce^ebd_b^`e^Qms@4E@CD 7@C 2 w62=E9J |@?E2?2 G] u@Ik^2m :? a_a_[ 2 7656C2= 5:DEC:4E 4@FCE DECF4< 5@H? 2 |@?E2?2 =2H C6BF:C:?8 !prD E@ ?2>6 E96>D6=G6D :? 2 H2J E92E 4=62C=J :56?E:7:65 E96 64@?@>:4 @C DA64:2= :?E6C6DE @7 2 >2;@C:EJ @7 E96:C 4@?EC:3FE@CD] %96 4@FCE 7@F?5 E92E E96 DE2EFE6 5:5 >@C6 E92? C6BF:C6 5:D4=@DFC6 @7 724EF2= :?7@C>2E:@?j :E F?4@?DE:EFE:@?2==J 5:4E2E65 “9@H E92E :?7@C>2E:@? >FDE 36 A24<2865 E@ E96 AF3=:4]”k^Am
kAm#6BF:C65 5:D4=2:>6CD[ DF49 2D H2C?:?8D E@ G@E6CD ?@E E@ EC62E 2 !pr’D ?2>6 2D C6=:23=6 6G:56?46 @7 :ED A@=:E:42= :56?E:EJ[ H@F=5 AC@323=J 36 E96 >@DE =682==J G:23=6 :?E6CG6?E:@?] tG6? E96:C 4@?DE:EFE:@?2=:EJ :D F?46CE2:?[ 9@H6G6C]k^Am
kAm%92E =62G6D EH@ @E96C C6>65:6Di EC2?DA2C6?4J ;@FC?2=:D> 2?5 G@E6C D<6AE:4:D>]k^Am
kAmk2 9C67lQ9EEADi^^AF?493@H=]?6HD^2CE:4=6^42>A2:8?D^>JDE6CJ\A24D^Qm%96 C6A@CE:?8 @? #62= r92?86 !prk^2m[ H9:49 7@==@H65 >@?6J E9C@F89 D96== 4@>A2?:6D[ EC2465 6>2:= 5@>2:?D 2?5 >2AA65 4@??64E:@?D E@ E96 r@?8C6DD:@?2= {6256CD9:A uF?5[ :D E96 <:?5 @7 :?G6DE:82E:G6 H@C< E92E 8:G6D G@E6CD 2 7:89E:?8 492?46]k^Am
kAm'@E6CD 42? 2=D@ 7@==@H 2 D:>A=6 CF=6 @7 E9F>3i (96? J@F D66 2 !pr ?2>6[ 5@?’E EC62E :E 2D 8@DA6=] pD< H9@ :D A2J:?8 7@C :E 2?5 H9@ 36?67:ED]k^Am
kAmq6 >:?57F= H96? E96 !pr :D 4C:E:42= @7 2 A6CD@? @C A@D:E:@? E92E :D DFAA@CE65 3J E96 G6CJ A2CEJ E92E E96 !pr 2AA62CD E@ D6CG6] p?5 C6>6>36C E92E E96 >@DE 52?86C@FD A@=:E:42= 24E@CD 5@?’E 2=H2JD 2EE24< J@FC A@=:E:42= 2==:6D]k^Am
kAm$@>6E:>6D[ E96J ;FDE DE62= E96:C ?2>6D]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\aghbc_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^3C:2?\D96AA2C5\aed`aganFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?l3J=:?6\=:?<U2>AjFE>04@?E6?El2CE:4=6\aghbc_QmqC:2? $96AA2C5k^2m[ k6>mk2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^:?DE:EFE:@?D^D6E@?\92==\F?:G6CD:EJ\`g`gnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?l3J=:?6\=:?<U2>AjFE>04@?E6?El2CE:4=6\aghbc_Qm$6E@? w2== &?:G6CD:EJk^2mk^6>m 2?5 k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^AC@7:=6D^2?5C6H\>@D9:C?:2\`bbgggfnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?l3J=:?6\=:?<U2>AjFE>04@?E6?El2CE:4=6\aghbc_Qmp?5C6H |@D9:C?:2k^2m[ k6>mk2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^:?DE:EFE:@?D^>@?2D9\F?:G6CD:EJ\`_ednFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?l3J=:?6\=:?<U2>AjFE>04@?E6?El2CE:4=6\aghbc_Qm|@?2D9 &?:G6CD:EJk^2mk^6>mk^6>mk^Am
kAmkDEC@?8m#625 >@C6ik^DEC@?8mk^Am
kF=mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^d_\J62CD\28@\E96\DFAC6>6\4@FCE\3C@<6\42>A2:8?\7:?2?46\C68F=2E:@?\afchbhnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<_U2>AjFE>04@?E6?El2CE:4=6\aghbc_Qmd_ J62CD 28@[ E96 $FAC6>6 r@FCE 3C@<6 42>A2:8? 7:?2?46 C68F=2E:@?k^2mk^=:mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^9@H\>@?6J\6I492?86D\36EH66?\9@FD6\>6>36CD\D92A6\E96\32=2?46\@7\A@H6C\:?\4@?8C6DD\agbdegnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<`U2>AjFE>04@?E6?El2CE:4=6\aghbc_Qmw@H >@?6J 6I492?86D 36EH66? w@FD6 >6>36CD D92A6 E96 32=2?46 @7 A@H6C :? r@?8C6DDk^2mk^=:mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^A@=:E:42=\A2CE:6D\42?\?@H\DA6?5\F?=:>:E65\>@?6J\DFAA@CE:?8\42?5:52E6D\27E6C\DFAC6>6\4@FCE\@G6CEFC?D\564256D\@7\AC64656?E\ag_eecnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<aU2>AjFE>04@?E6?El2CE:4=6\aghbc_Qm!@=:E:42= A2CE:6D 42? ?@H DA6?5 F?=:>:E65 >@?6J DFAA@CE:?8 42?5:52E6D[ 27E6C $FAC6>6 r@FCE @G6CEFC?D 564256D @7 AC64656?Ek^2mk^=:mk^F=m
kA 4=2DDlQ7:?6\AC:?EQmk6>mkDA2?m%96 2FE9@CD 5@ ?@E H@C< 7@C[ 4@?DF=E[ @H? D92C6D :? @C C646:G6 7F?5:?8 7C@> 2?J 4@>A2?J @C @C82?:K2E:@? E92E H@F=5 36?67:E 7C@> E9:D 2CE:4=6[ 2?5 92G6 5:D4=@D65 ?@ C6=6G2?E 277:=:2E:@?D 36J@?5 E96:C 24256>:4 2AA@:?E>6?E]k^DA2?mk^6>mk^Am
kAmk:>8 DC4lQ9EEADi^^4@F?E6C]E964@?G6CD2E:@?]4@>^4@?E6?E^aghbc_^4@F?E]8:7n5:DEC:3FE@Cl=66Q DEJ=6lQ96:89Ei`AIjH:5E9i`AIjQ 2=ElQQ ^mk^Am
