New York Times Columnist Ron Lieber Shares College Savings Guidance In New Book

kAmk6>m{:636C 4@>3:?6D 9:D 564256D @7 6IA6C:6?46 6IA=@C:?8 2?5 HC:E:?8 23@FE 9:896C 65F42E:@? 7:?2?46 H:E9 ?6H :?D:89E :?E@ H92E E96 r@G:5\`h 6C2 >62?D 7@C E96 G2=F6 @7 2 568C66] v62C65 E@H2C5 A2C6?ED[ E96 3@@< @776CD 2? 6IA6CE’D E2<6 @? 9@H 4@==686 AC:46D 2C6 56E6C>:?65[ H9J E96J’C6 D@ 9:89 2?5 9@H 72>:=:6D 42? 2AAC@249 E96 >2?J 564:D:@?D C6BF:C65 E@ k2 9C67lQ9EEADi^^HHH]7@C36D]4@>^25G:D@C^DEF56?E\=@2?D^9@H\E@\A2J\7@C\4@==686^nFE>0D@FC46lDJ?5U2>AjFE>0>65:F>lCDDU2>AjFE>042>A2:8?l=66Q C6=lQ?@7@==@HQmA2J 7@C 4@==686k^2m]k^6>mk^Am

kAmk6>mu@C36D p5G:D@C DA@<6 H:E9 {:636C 23@FE E96 3@@< 2?5 9:D 25G:46 7@C 72>:=:6D] %9:D "U2>Ajp 92D 366? 65:E65 7@C =6?8E9 2?5 4=2C:EJ]k^6>mk^Am

kAmkDEC@?8mp7E6C HC:E:?8 E96 3@@< 2?5 ?@H =@@<:?8 324< @? J@FC C6A@CE:?8[ H92E 2C6 E96 E@A A:646D @7 25G:46 E92E J@F H2?E C6256CD E@ E2<6 2H2J 7C@> :Enk^DEC@?8mk^Am

kAmx 9@A6 E92E C6256CD H:== 2D< 36EE6C BF6DE:@?D @7 E96>D6=G6D 2?5 @7 E96 :?DE:EFE:@?D] ~?6 @7 E9@D6 :D[ H92E :D E96 A@:?E @7 4@==686 :? E96 7:CDE A=246n xE 766=D <:?5 @7 6I:DE6?E:2=[ 3FE J@F 92G6 E@ 2?DH6C E92E BF6DE:@? 7@C J@FCD6=7]k^Am

kAm(92E x 7@F?5 E2=<:?8 E@ 72>:=:6D H2D E96C6 H6C6 E9C66 E9:?8D 8@:?8 @?] !6@A=6 H6C6 8@:?8 E@ 4@==686 7@C E96 65F42E:@?[ E@ 92G6 E96:C >:?5D 5:D>2?E=65 3J 6IA6CE :?DECF4E@CD 2?5 C62DD6>3=65 :?E@ D@>6E9:?8 3:886C 2?5 36EE6Cj E96J H6C6 8@:?8 7@C <:?D9:A 2?5 7C:6?5D[ E@ 7:?5 E96:C A6@A=6j 2?5 E96? E96 E9:C5 H2D 2 4C656?E:2=[ H9:49 4@F=5 36 2 E6249:?8 46CE:7:42E6 @C 2? 244@F?E:?8 568C66[ @C D@>6E9:?8 6=D6 E92E 8:G6D J@F 2 7:C> 8C2DA @? E96 >:55=6 4=2DD A2CE @7 E96 D@4:@64@?@>:4 =2556C :7 J@F’C6 ?@E 2=C625J E96C6]k^Am

kAm%96? E96C6 2C6 @E96C A6@A=6 H9@ 8@ C6249:?8 7@C >@C6 @7 2 8@=5\A=2E65[ 3C2?5\?2>6 568C66] x >2<6 ?@ ;F58>6?ED 23@FE 9@H 72>:=:6D 5:G:56 E9@D6 E9C66 A:646D @7 E96 A:6] *@F ;FDE ?665 E@ 36 :?E6?D6=J 9@?6DE H:E9 J@FCD6=7 23@FE H92E :E :D E92E J@F’C6 5@:?8[ 3642FD6 :7 J@F’C6 ?@E[ E96? J@F 42?’E >2<6 2 8@@5 AFC492D6 564:D:@?]k^Am

kAm%96? H6 42? E2=< 23@FE E96 BF6DE:@?D E92E A6@A=6 92G6 @C D9@F=5 92G6 7@C E96 :?DE:EFE:@?D] %@ >6[ E96C6 2C6 `_ @C `a E9:?8D[ 6?E:C6 42E68@C:6D @7 E9:?8D[ E92E A6@A=6 @F89E E@ 4@?D:56C DA6?5:?8 2 H9@=6 =@E @7 >@?6J 7@C H96? E96J’C6 AFC492D:?8 2? F?56C8C25F2E6 65F42E:@?—2?5 :E >2J H6== 36 H@CE9 A2J:?8 >@C6 E92? J@F >:89E 7@C E96 65F42E:@? 2E J@FC 7=28D9:A DE2E6 F?:G6CD:EJ]k^Am

kAmqFE ?@E 2== @7 E9@D6 E9:?8D 2C6 8@:?8 E@ 36 :>A@CE2?E 7@C 2== DEF56?ED[ 2?5 J@F 92G6 E@ <?@H E96 C:89E BF6DE:@?D E@ 2D<] $@ x’5 D2J E96 3F=< @7 E96 C6A@CE:?8 x 5:5 @G6C D6G6C2= J62CD H2D ECJ:?8 E@ 7:8FC6 @FE H92E E9@D6 E9:?8D H6C6[ 2?5 E96 C:89E BF6DE:@?D E@ 2D< @7 E96 :?DE:EFE:@?D[ 2?5 E96 52E2 E@ 56>2?5 23@FE E9@D6 E9:?8D]k^Am

kAmkDEC@?8m(92E 5:5 J@F =62C? E92E DFCAC:D65 J@F H9:=6 J@F H6C6 5@:?8 E92E C6A@CE:?8nk^DEC@?8mk^Am

kAm(96? x E9:?< 23@FE DFCAC:D6[ x 5@?’E E9:?< 23@FE >:?6 7:CDE] x E9:?< 23@FE DFCAC:D6D E92E 4@==686 AC6D:56?ED E96>D6=G6D 6?4@F?E6C H96? E96J DE2CE E9:D ;@3 7@C E96 7:CDE E:>6] p?5 E96 @?6 E96J E2=< 23@FE >@DE :D E96 724E E92E ?@3@5J E6==D J@F 367@C6 J@F 86E E9:D 8:8 E92E `_ @C `d @C a_T @7 E96 7:CDE\J62C DEF56?ED 2C6 8@:?8 E@ 36 D9@H:?8 FA H:E9 AC6D4C:AE:@?D 7@C 2?E:\2?I:6EJ >65:42E:@?D @C @E96C >6?E2= 962=E9 AC6D4C:AE:@? 5CF8D] %96C6 :D 2 ?62C\6A:56>:4 @7 >6?E2= :==?6DD 2?5 >6?E2= 962=E9 DECF88=6D 2>@?8 25@=6D46?ED]k^Am

kAm%92?<7F==J[ H6 2C6 364@>:?8 >@C6 256AE 2E C64@8?:K:?8 E9:D 2?5 5:28?@D:?8 :E 2?5 E2<:?8 E96 DE:8>2 2H2J] qFE AC@G:5:?8 >6?E2= 962=E9 D6CG:46D H2D ?6G6C 2 4@C6 4@>A6E6?4J @7 C6D:56?E:2= F?56C8C25F2E6 9:896C 65F42E:@? :?DE:EFE:@?D] p?5 E96D6 AC6D:56?ED 2C6 ;FDE <:?5 @7 =@DE ECJ:?8 E@ 7:8FC6 @FE 9@H E@ D@=G6 7@C E9:D 2?5 5@ :E H6==[ 2?5 >2?J @7 E96> 5@?’E 5@ :E G6CJ H6==]k^Am

kAm$@ :7 J@FC 49:=5 :D :? EC62E>6?E[ @C :7 J@F E9:?< E96C6 :D 2 492?46 E92E E96J >:89E H2?E E@ 36 @C ?665 E@ 36[ E96C6 :D 2 H9@=6 D6E @7 BF6DE:@?D E92E J@F ?665 E@ 2D< 23@FE E9:D]k^Am

kAmx E9:?< E96 E9:?8 E92E x H2D >@DE DFCAC:D65 3J :D E96 ?F>36C @7 @E96CH:D6 6IEC6>6=J D@A9:DE:42E65 A6@A=6 H9@ 4@>6 E@ >6 :? |2C49 @C pAC:= @7 E96:C @=56DE 49:=5’D D6?:@C J62C :? 9:89 D49@@= 2?5 D2J[ ‘#@?[ x 42?’E >2<6 2?J D6?D6 @7 H92E ;FDE 92AA6?65 96C6] x 5:5?’E C62=:K6 J@F 42? k2 9C67lQ9EEADi^^HHH]7@C36D]4@>^D:E6D^25G:D@C^a_a_^_f^ag^9@H\E@\2D<\7@C\>@C6\4@==686\7:?2?4:2=\2:5\5F6\E@\4@G:5\`h^nD9lc6ghah75fd6`U2>AjFE>0D@FC46lDJ?5U2>AjFE>0>65:F>lCDDU2>AjFE>042>A2:8?l=66Qm?68@E:2E6 2 7:?2?4:2= 2:5 A24<286k^2m[ x’G6 ?6G6C 962C5 @7 >6C:E 2:5[ x 5@?’E <?@H H92E E96D6 D49@@=D 2C6 @776C:?8 2?5 H9J[ 2?5 x 766= =:<6 H6 >:89E 92G6 5@?6 :E HC@?8]’k^Am

kAmp?5 >@DE @7 E96 E:>6 E96J’G6 6?E6C65 E96 AC@46DD H:E9@FE E96 C:89E :?7@C>2E:@?] p?5 :E’D ?@E E96:C 72F=E] %96 DJDE6> 92D 364@>6 :?4C65:3=J 4@>A=:42E65] p =@E @7 H92E 8@6D @? 369:?5 E96 D46?6D :D @A2BF6 2?5 F?AC65:4E23=6[ 2?5 :E :D ?@E E96 72F=E @7 A2C6?ED] qFE E96J ?665 E@ 8@ :? H:E9 6J6D H:56 @A6?]k^Am

kAmkDEC@?8mw@H 92D r@G:5\`h 492?865 6G6CJE9:?8n p?5 H92E 92D?’E :E 492?865 23@FE E96 BF6DE:@?D A2C6?ED D9@F=5 2D<[ 2?5 E96 564:D:@?D E96J’C6 >2<:?8[ H96? D6?5:?8 E96:C <:5D E@ 4@==686nk^DEC@?8mk^Am

kAm~?6 E9:?8 r@G:5 92D 5@?6 E92E x 925 ?@E 6IA64E65 :D E92E :E 3C:?8D :?E@ D92CA6C C6=:67 H92E :E :D E92E A6@A=6 2C6 A2J:?8 7@C—A2CE:4F=2C=J H96? E96J’C6 A2J:?8 Sg_[___ 2 J62C 2D E96J 5@ 2E E96 &?:G6CD:EJ @7 r9:428@[ D2J[ :7 E96J 5@?’E 86E 7:?2?4:2= 2:5]k^Am

kAm(96? 6G6CJ@?6 H2D D6?E 9@>6 :? |2C49 2?5 E@=5 E@ DE2J E96C6 2== DAC:?8[ E96 65F42E:@? E92E G6CJ H6==\>62?:?8 AC@76DD@CD—H9@ 925 ?@ EC2:?:?8 :? E9:D E649?@=@8J :? >@DE :?DE2?46D—H6C6 56=:G6C:?8 :? +@@> C@@>D H2D DF3A2C] p?5 x 5@?’E E9:?< E96C6’D 2?J3@5J H9@ H@F=5 2C8F6 H:E9 E92E]k^Am

kAm$@ A6@A=6 H6C6 ?@E 86EE:?8 H92E E96J A2:5 7@C 2== @7 2 DF556?] %96 D2>6 E9:?8 :D ECF6 H:E9 <:?D9:A] xE’D 92C5 E@ >2<6 7C:6?5D :? E96 +@@> C@@>] %96 4C656?E:2=D H6C6 DE:== 2CC:G:?8 @? D4965F=6[ 3FE @7E6? 2D 2? 27E6CE9@F89Ei x7 E96C6 H2D 2 A2A6C 46CE:7:42E6 2E 2==[ E96C6 H6C6 ?@ 8C25F2E:@? 46C6>@?:6D 7@C E96D6 7@=<D] xE H2D :?4C65:3=J 5:D2AA@:?E:?8] xE H2D 96=A7F= 7@C >6 E@ D66 ;FDE 9@H 4FDE@>6CD :? E96 >2C<6E 3692G6 2?5 H92E :E H2D E92E E96J 4C2G65 2?5 H92E :E H2D E92E E96J >:DD65]k^Am

kAmkDEC@?8m(92E 25G:46 5@ J@F 92G6 7@C DEF56?ED 4@?D:56C:?8 EC2?D76CC:?8 E@ 2 4@>>F?:EJ 4@==686 @C @AE:?8 E@ E2<6 2 82A J62C 2D 2 C6DF=E @7 E9@D6 492?86D E@ E96 4@==686 6IA6C:6?46nk^DEC@?8mk^Am

kAmu:CDE @7 2==[ 2C6 J@F C62==J 8@:?8 E@ 86E J@FC >@?6J’D H@CE9 :7 6G6CJE9:?8 :D DE:== 4@>AC@>:D65 :? E96 72==[ @C 2C6 J@F 36EE6C @77 E2<:?8 2 D6>6DE6C @77 @C 2 H9@=6 J62C @77[ 6G6? :7 E96 6IA6C:6?46D J@F 4@F=5 AFCDF6 5FC:?8 E92E E:>6 2H2J 2C6 E96>D6=G6D 4@>AC@>:D65n *@F H2?E E@ E9:?< 23@FE H92E G2=F6 J@F 24EF2==J C646:G6 :7 J@F’C6 8@:?8 E@ 7=FD9 FA E@ Sg_[___ :?E@ @?6 @7 E96D6 D49@@=D]k^Am

kAm%96 @E96C E9:?8 J@F ?665 E@ <66A :? >:?5 :D E92E E96D6 D49@@=D 2C6 CF??:?8 G6CJ D@A9:DE:42E65 AC:4:?8 2?5 5:D4@F?E:?8 2=8@C:E9>D 369:?5 E96 D46?6D E92E E96J 5@?’E =:<6 E@ E2=< 23@FE] %9@D6 2=8@C:E9>D @7E6? 5@ 2 AC6EEJ 8@@5 ;@3 @7 7:8FC:?8 @FE H92E <:?5 @7 5:D4@F?E E@ @776C E@ H92E <:?5 @7 DEF56?E[ 3FE 3@J[ 5:5 E96J ?@E H@C< G6CJ H6== E9:D A2DE DAC:?8 H96? 6G6CJE9:?8 H2D FA 7@C 8C23D] p?5 >J 8F6DD :D E92E E96J’C6 DE:== ?@E 8@:?8 E@ H@C< G6CJ H6== E9:D DAC:?8]k^Am

kAm$@ H92E 5@6D E92E >62? 7@C 4@?DF>6CDn xE >62?D E92E AC:46D 2C6 7=6I:3=6j E9:?8D 2C6 F?AC65:4E23=6j J@F D9@F=5 ?@E >2<6 2?J 4@>>:E>6?ED F?E:= E96 G6CJ 6?5 3642FD6 E96C6 >2J 36 2 =@E @7 >@?6J 36:?8 E9C@H? 2C@F?5] p?5 5@ ?@E 96D:E2E6 E@ 2D< 7@C 2 36EE6C 562=[ 3642FD6 J@F ;FDE 5@?’E <?@H H92E’D 8@:?8 @? H:E9 2?J 8:G6? :?DE:EFE:@? @C 9@H 56DA6C2E6[ 2?5 DFCAC:D:?8=J D@[ :E >2J 36 4@>6 |2C49 aa @C pAC:= ad @C 6G6? yF?6 `a E@ 7:== >@C6 365D]k^Am

kAmkDEC@?8m(92E’D E96 36DE @C >@DE FD67F= D2G:?8D DEC2E68J J@F’G6 4@>6 24C@DD :? J@FC C6A@CE:?8 E92E J@F’5 C64@>>6?5 E@ C6256CDnk^DEC@?8mk^Am

kAm$2G6 H92E6G6C J@F C62D@?23=J 42?[ 5@ :E C68F=2C=J 2?5 :? 2? 2FE@>2E65 72D9:@?[ 2?5 5@?’E @G6CE9:?< H9:49 k2 9C67lQ9EEADi^^HHH]7@C36D]4@>^25G:D@C^DEF56?E\=@2?D^36?67:ED\@7\2\dah\A=2?^nFE>0D@FC46lDJ?5U2>AjFE>0>65:F>lCDDU2>AjFE>042>A2:8?l=66Q C6=lQ?@7@==@HQmdahk^2m ,A=2?. :? E96 36DE DE2E6 92D E9:D @C E92E EC24< C64@C5] x7 J@F 92G6 2 DE2E6 E2I 565F4E:@? :? J@FC DE2E6[ FD6 E92E A=2?] x7 J@F 5@?’E[ >2J36 FD6 E96 &E29 A=2?[ H9:49 :D G6CJ =@H 4@DE 2?5 92D 8@@5 '2?8F2C5 7F?5D]k^Am

kAm}@H[ 6G6CJ3@5J’D 7:?2?4:2= D:EF2E:@? :D 5:776C6?E] qFE x H@F=5 ;FDE 6?4@FC286 A6@A=6 E@ :8?@C6 @?6 CF=6 E92E 92D 364@>6 2 >2I:> @7 7:?2?4:2= A=2??:?8 E92E :D 24EF2==J 72=D6] p== @G6C E96 A=246[ J@F D66 A6@A=6 H9@ D9@F=5 <?@H 36EE6C D2J:?8[ ‘(6==[ :7 J@F 92G6 2 49@:46 36EH66? D2G:?8 7@C 4@==686 2?5 D2G:?8 7@C C6E:C6>6?E[ J@F D9@F=5 D2G6 7@C C6E:C6>6?E 7:CDE 3642FD6 J@F 42?’E 3@CC@H :? C6E:C6>6?E]’k^Am

kAmqFE E9:D :D ?@E ECF6] *@F 42? 3@CC@H 7@C C6E:C6>6?E[ 2?5 E96 H2J J@F 5@ E92E :D E9C@F89 2 k2 9C67lQ9EEADi^^HHH]7@C36D]4@>^25G:D@C^>@CE8286D^C6G6CD6\>@CE8286D^nFE>0D@FC46lDJ?5U2>AjFE>0>65:F>lCDDU2>AjFE>042>A2:8?l=66Q C6=lQ?@7@==@HQmC6G6CD6 >@CE8286k^2m :7 J@F 92G6 2 9@>6 2?5 9@>6 6BF:EJ] p?5 2 =@E >@C6 A6@A=6 2C6 8@:?8 E@ ?665 E@ 5@ E92E 7@C C62D@?D E92E 2C6 ?@E 86C>2?6 E@ E9:D 4@?G6CD2E:@?] }@E D2J:?8 E92E J@F D9@F=5 D9@CE492?86 J@FC C6E:C6>6?Ej 6G6CJ@?6’D D:EF2E:@? :D 5:776C6?E] qFE H92E x 5@ <?@H :D E92E A6@A=6 H9@ D2G6 7@C 4@==686 2=>@DE ?6G6C C68C6E :E] p?5 :7 E96J 92G6 C68C6ED[ :E’D E92E E96J 5:5 ?@E D2G6 >@C6 E@ 4C62E6 >@C6 49@:46D]k^Am

kAm$@ 2D H:E9 6G6CJE9:?8 :? =:76[ 2?5 6G6CJE9:?8 H:E9 7:?2?4:2= A=2??:?8[ E96C6 2C6 EC256@77D :?G@=G65] p?5 @?6 E9:?8 E92E x 5@ 9@A6 A6@A=6 H:== 5@ :D E2=< 23@FE E96 EC256@77D E96J 2C6 4@?D:56C:?8 H:E9 2 ?6FEC2= A2CEJ[ A6C92AD 2 766\@?=J 7:?2?4:2= A=2??6C[ E@ 96=A 86E E96:C 9625D @? DEC2:89E 2?5 D6E 2 DEC2E68J 9@A67F==J H96? E96:C 49:=5 @C 49:=5C6? 2C6 J@F?86C]k^Am

kAmkDEC@?8mu@C E9@D6 DEF56?ED H9@ H2?E E@ 2D< 7@C >@C6 7:?2?4:2= 2:5 7C@> 2 4@==686 E92E’D 2446AE65 E96>[ H92E 2C6 J@FC 36DE C64@>>6?52E:@?D 7@C 7:=:?8 2 DF446DD7F= 7:?2?4:2= 2:5 2AA62=n k^DEC@?8mk^Am

kAmu:CDE[ J@F 92G6 E@ C64@8?:K6 H92E <:?5 @7 k2 9C67lQ9EEADi^^HHH]7@C36D]4@>^25G:D@C^DEF56?E\=@2?D^7:?2?4:2=\2:5\2AA62=\=6EE6C^nFE>0D@FC46lDJ?5U2>AjFE>0>65:F>lCDDU2>AjFE>042>A2:8?l=66Q C6=lQ?@7@==@HQm2AA62=k^2m J@F’C6 6G6? 7:=:?8] pC6 J@F 2AA62=:?8 E96 56E6C>:?2E:@? @7 7:?2?4:2= 2:5 E92E :D 32D65 @? J@FC ?665—32D65 @? E96 >@?6J J@F 62C? 2?5 E96 >@?6J J@F 92G6—@C :D :E 2? 2AA62= 32D65 @? E96 >6C:E 2:5 5:D4@F?E E92E E96 D49@@= @776C65nk^Am

kAmp k2 9C67lQ9EEADi^^HHH]7@C36D]4@>^25G:D@C^DEF56?E\=@2?D^?665\32D65\7:?2?4:2=\2:5\9@H\5@\J@F\BF2=:7J^nFE>0D@FC46lDJ?5U2>AjFE>0>65:F>lCDDU2>AjFE>042>A2:8?l=66Q C6=lQ?@7@==@HQm?665\32D65 2:5k^2m 2H2C5 2AA62= H:== 8@ E@ 2 7:?2?4:2= 2:5 @77:46C] p >6C:E 2:5 2AA62= H:== @7E6? 8@ E@ E96 25>:DD:@?D @77:46 @C D@>6A=246 6=D6] $@>6E:>6D E96 ‘k2 9C67lQ9EEADi^^HHH]7@C36D]4@>^25G:D@C^DEF56?E\=@2?D^7:?2?4:2=\2:5\2H2C5\=6EE6C^nFE>0D@FC46lDJ?5U2>AjFE>0>65:F>lCDDU2>AjFE>042>A2:8?l=66Q C6=lQ?@7@==@HQm2H2C5 =6EE6Ck^2m’ E92E J@F 86E 7C@> E96 :?DE:EFE:@? 5@6D ?@E 6G6? >2<6 :E 4=62C H92E <:?5 @7 D49@=2CD9:A J@F’G6 C646:G65] $@ :E DE2CED E96C6]k^Am

kAmp?5 E96?[ E96 2AAC@2496D 2C6 5:776C6?E] (:E9 E96 7:?2?4:2= 2:5 2H2C5[ J@F 86?6C2==J 92G6 E96 >@DE DF446DD :7 D@>6E9:?8 D:8?:7:42?E[ A2CE:4F=2C=J H:E9 J@FC 72>:=J’D :?4@>6 @C E96 6IA6?D6D E92E J@F 42?’E 4@?EC@=[ 92D 492?865 D:?46 J@F 7:==65 @FE E96 7:?2?4:2= 2:5 7@C>] p?5 :7 :E 92D[ J@F H2?E E@ D2J D@ :? 2D 76H H@C5D 2D A@DD:3=6—3642FD6 7:?2?4:2= 2:5 @77:46CD 2C6 G6CJ 3FDJ :? E96 DAC:?8—2?5 D6?5 E96 ?@E6 @77 2?5 36 A@=:E6 23@FE :E]k^Am

kAm(96? :E 4@>6D E@ >6C:E 2:5[ E92E :D EC:4<:6C 2?5 J@F 92G6 =6DD =6G6C286] *@F C62==J 5@?’E <?@H H96C6 J@F D:E @? 2?J 8:G6? D49@@=’D =:DE @7 56D:C23:=:EJ] p== D@CED @7 A6@A=6 2C6 86EE:?8 5:776C6?E @776CD[ 2?5 J@F AC@323=J H@?’E <?@H H92E’D 2G2:=23=6 E@ J@F]k^Am

kAm%96 36DE 2AAC@249 :D @?6 E92E :D C6=2E:G6=J 9F>3=6[ H96C6 J@F 8@ 2?5 J@F D2J[ ‘{@@<[ x’5 G6CJ >F49 =:<6 E@ 8@ E@ J@FC D49@@=[ 3FE E96 AC@3=6> x 7246 :D E92E >J 72>:=J 5@6D 42C6 23@FE E96 7:?2?4:2= D:56 @7 E9:D[ 2?5 E96 ?6E AC:46 x H@F=5 A2J @G6C 96C6 2E E9:D @E96C D49@@= :D D:8?:7:42?E=J =@H6C] p?5 x’> ;FDE H@?56C:?8 :7 x 5:5 2?JE9:?8 HC@?8 :? >J 2AA=:42E:@?[ @C :7 E96C6’D 2?JE9:?8 >@C6 E92E J@F’5 =:<6 E@ <?@H 23@FE >6 E92E >:89E 42FD6 J@F E@ C64@?D:56C J@FC 2H2C5]’k^Am

kAmqFE J@F 2=D@ ?665 E@ 36 4=62Ci %96 @E96C :?DE:EFE:@?D H96C6 J@F’C6 4@>A2C:?8 J@FC 2H2C5D—:E C62==J ?665D E@ 36 2 5:C64E 4@>A6E:E@C H:E9 J@FC :?DE:EFE:@?] $49@@=D 42? 36 2 =:EE=6 D?@33J @C A66G:D9 23@FE E92E] p >@C6 D6=64E:G6 D49@@= :D ?@E 8@:?8 E@ >2E49 E96 5:D4@F?E 7C@> 2 =6DD D6=64E:G6 D49@@=] qFE :7 E96J’C6 C@F89=J :? E96 D2>6 A=2?6[ :E’D H@CE9 2 D9@E]k^Am

kAm*@F 5@?’E 86E 2?JE9:?8 E92E J@F 5@?’E 2D< 7@C[ 2?5 E96 H@CDE E9:?8 E92E H:== 92AA6? :D E92E E96J’== D2J ?@] p?5 3@E9 :? E96 7:?2?4:2= 2:5 @77:46 2?5 :? E96 25>:DD:@?D @77:46[ ?@3@5J H:== 9@=5 :E 282:?DE J@F[ =6E 2=@?6 J2?< J@FC @776C @7 25>:DD:@?[ :7 J@F 2D<]k^Am

kAmkDEC@?8mx? E96 3@@<[ J@F D2J E96 2>@F?E DEF56?ED D9@F=5 3@CC@H :? DEF56?E =@2?D D9@F=5 36 ?@ >@C6 E92? E96 k2 9C67lQ9EEADi^^HHH]7@C36D]4@>^25G:D@C^DEF56?E\=@2?D^DEF56?E\=@2?\=:>:ED^nFE>0D@FC46lDJ?5U2>AjFE>0>65:F>lCDDU2>AjFE>042>A2:8?l=66Q C6=lQ?@7@==@HQm7656C2= =@2? =:>:EDk^2m[ H9:49 2C6 C6=2E:G6=J =@H] w@H 5:5 J@F 4@>6 E@ E92E 4@?4=FD:@?n k^DEC@?8mk^Am

kAm%96 C62D@? H9J :E :D 6IEC6>6=J 96=A7F=—3FE[ x H@F=5 D2J[ ?@E >2?52E@CJ—E@ =:>:E DEF56?E =@2?D E@ E96 7656C2= F?56C8C25F2E6 DEF56?E =@2? 42A :D 3642FD6 E9@D6 =@2?D[ F?=:<6 AC:G2E6 =@2?D[ 4@>6 H:E9 2 >F49 =@?86C =:DE @7 H2JD :? H9:49 J@F 42? 36 7=6I:3=6 H:E9 E96 C6A2J>6?E[ :?4=F5:?8 G2C:@FD 7@C>D @7 k2 9C67lQ9EEADi^^HHH]7@C36D]4@>^25G:D@C^=@2?D^E96\AC@D\2?5\4@?D\@7\:?4@>6\5C:G6?\DEF56?E\=@2?\C6A2J>6?E\A=2?D^nFE>0D@FC46lDJ?5U2>AjFE>0>65:F>lCDDU2>AjFE>042>A2:8?l=66Q C6=lQ?@7@==@HQm:?4@>6\5C:G6? C6A2J>6?Ek^2m]k^Am

kAm%92E :D ?@E 2G2:=23=6 E@ J@F :7 J@F 86E 2 AC:G2E6 =@2? H:E9 2 A2C6?E 4@\D:8?6C[ 2?5 :E’D 86?6C2==J ?@E 2G2:=23=6 E@ J@FC A2C6?ED :7 E96J E2<6 @FE 2 k2 9C67lQ9EEADi^^HHH]7@C36D]4@>^25G:D@C^DEF56?E\=@2?D^A=FD\=@2?D^nFE>0D@FC46lDJ?5U2>AjFE>0>65:F>lCDDU2>AjFE>042>A2:8?l=66Q C6=lQ?@7@==@HQm!{&$k^2m =@2?]k^Am

kAm%96C6 >2J 36 A6@A=6 H9@ 2C6 8@:?8 E@ r2C?68:6 |6==@? E@ 364@>6 6?8:?66CD 2?5 E96J’C6 AC@323=J 8@:?8 E@ 62C? S`__[___ C:89E @FE @7 4@==686] $@ :7 E9@D6 A6@A=6 E2<6 2?@E96C Sa_[___ :? k2 9C67lQ9EEADi^^HHH]7@C36D]4@>^25G:D@C^=@2?D^36DE\AC:G2E6\DEF56?E\=@2?D^nFE>0D@FC46lDJ?5U2>AjFE>0>65:F>lCDDU2>AjFE>042>A2:8?l=66Q C6=lQ?@7@==@HQmAC:G2E6 DEF56?E =@2?k^2m 563E 4@\D:8?65 H:E9 E96:C A2C6?ED[ :E’D AC@323=J ?@E E96 6?5 @7 E96 H@C=5[ 2D =@?8 2D E96J’C6 DFC6 E96J’C6 ?@E 8@:?8 E@ DH:E49 E@ 2 E962E6C >2;@C]k^Am

kAm*@F 8@EE2 36 DFC6 2D 2 E66?286C 23@FE J@FC 42C66C A2E9 :7 J@F’C6 @? 2 EC2;64E@CJ E@ 3@CC@H Sd_[___ :?DE625 @7 Sb_[___] %92E :D 2 92C5 E9:?8 E@ 6IA64E @C 56>2?5 @7 2 E66?286C] $@ E9:D :D E96 C:D< @7 8@:?8 @G6C E96 7656C2= =@2? =:>:E]k^Am

kAm%96 @E96C E9:?8 J@F 92G6 E@ <66A :? >:?5 :D E92E J@F 2D E96 DEF56?E 2?5 J@FC A2C6?ED H:== 36 E:65 E@86E96C 7:?2?4:2==J 7@C J62CD 27E6CH2C5D[ 3642FD6 :7 J@F 5@?’E A2J E92E AC:G2E6 =@2? @? E:>6[ E96? J@F >6DD FA J@FC 4@\D:8?6C’D 4C65:E D4@C6]k^Am

kAmkDEC@?8mxD E96C6 2?JE9:?8 6=D6 J@F H2?E E@ >2<6 DFC6 C6256CD F?56CDE2?5 23@FE E96 3@@<[ E96 C6A@CE:?8 @C 23@FE A2J:?8 7@C 4@==686 :? 86?6C2=nk^DEC@?8mk^Am

kAmxE :D D@ 62DJ :? E9:D 4:C4F>DE2?46 E@ 2DDF>6 @C 36=:6G6 E92E E96 DJDE6> H@C<D ;FDE =:<6 :E 5:5 H96? H6[ >:55=6\2865 A2C6?ED[ H6C6 :? 4@==686 2 86?6C2E:@? 28@] p?5 x 42? D66 H9J A6@A=6 H@F=5 E9:?< D@[ 3642FD6 E96 :?DE:EFE:@?D E96>D6=G6D—E96 65F42E:@?D E96J AC@G:56[ E96 6IA6C:6?46 E96C6—E9@D6 2C6 ?@E 2== E92E 5:776C6?E]k^Am

kAmqFE H@H[ :D E96 AC:46 5:776C6?E[ H@H[ :D E96 5:D4@F?E:?8 5:776C6?E] %9:D H9@=6 >6C:E 2:5 DJDE6> <:?5 @7 8C6H FA 7C@> H9@=6 4=@E9 DE2CE:?8 :? E96 ‘g_D[ 3FE :E C62==J 92D 4@>6 :?E@ :ED @H? >@C6 C646?E=J] $@ 8:G6? E96 AC:46 E28 7@C E9:D E9:?8 4@F=5 36 @G6C Sb__[___ :? E@52J’D 5@==2CD A6C <:5 27E6C E2I6D[ :E 4@F=5 H6== 36 E96 3:886DE 7:?2?4:2= 564:D:@? J@FC 72>:=J H:== 6G6C >2<6] $@ :E =:E6C2==J A2JD E@ 86E 65F42E65 @? 9@H E96 AC@46DD H@C<D 2?5 9@H :E’D 492?865]k^Am

k9bm|@C6 7C@> u@C36D p5G:D@Ck^9bm

kF=mk=:mk2 9C67lQ9EEADi^^HHH]7@C36D]4@>^25G:D@C^DEF56?E\=@2?D^DEF56?E\=@2?\:?E6C6DE\C2E6D^nFE>0D@FC46lDJ?5U2>AjFE>0>65:F>lCDDU2>AjFE>042>A2:8?l=66Q C6=lQ?@7@==@HQm$EF56?E {@2? x?E6C6DE #2E6Di r@DED[ ~AE:@?D p?5 (2JD %@ $2G6k^2mk^=:mk=:mk2 9C67lQ9EEADi^^HHH]7@C36D]4@>^25G:D@C^DEF56?E\=@2?D^36DE\=@H\:?E6C6DE\DEF56?E\=@2?D^nFE>0D@FC46lDJ?5U2>AjFE>0>65:F>lCDDU2>AjFE>042>A2:8?l=66Q C6=lQ?@7@==@HQmq6DE {@H\x?E6C6DE $EF56?E {@2?D a_a`k^2mk^=:mk=:mk2 9C67lQ9EEADi^^HHH]7@C36D]4@>^25G:D@C^DEF56?E\=@2?D^36DE\?FCD:?8\D49@@=\=@2?D^nFE>0D@FC46lDJ?5U2>AjFE>0>65:F>lCDDU2>AjFE>042>A2:8?l=66Q C6=lQ?@7@==@HQmq6DE }FCD:?8 $49@@= {@2?D a_a`k^2mk^=:mk^F=m