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MJRYJR@ BXUNKHUU UEMGGC

BXNC@NKL JK@ UXUPJNKNKL J UXEEHUUIXC HKPHRVRNUH

VRGIHUUGR ECJ^PGK A+ EMRNUPHKUHK

A J ^ 5 # 2 6 : 5

P M G A J U C X H O H

O X R P R J A N R H T

P G B N J U \ H N @ K H R

@nsruptnkl tmh Vubcnsmnkl Yjcuh Emjnk

\h jrh `nsruptnkl tmh $ :66 bnccngk rhj`nkl jk` wrntnkl nk`ustry by `nrhetcy egkkhetnkl jutmgrs wntm tmhnr

rhj`hrs+ Jcchk Cju# Eg!Iguk`hr jk` EHG gi \jttpj`:

Mjs tmh rnsh gi Jajzgk jk` tmh nktrg`uetngk gi tmh Onk`ch bhhk tmh inkjc strjw nk tmh upmhjvjcgi tmh pubcnsmnkl nk`ustry tmh cjst gi tmh ah`nj vhrtnejcs tg uk`hrlg iuk`jahktjc emjklh7 Pg `jthgkcy j ihw shlahkts gi tmh pubcnsmnkl vjcuh emjnk mjvh bhhk `nsrupth`+ @nsruptngk mjs gkcygeeurrh` nk wmjt wh `hinkh js tmh `gwkstrhja pgrtngk -prnktnkl# `nstrnbutngk# rhtjnc. wmnem nsstrullcnkl# js hvn`hkeh` by tmh kuabhr gi egapjknhs lgnkl gut gi busnkhss+ Pmh upstrhja pgrtngk-wrntnkl# h`ntnkl jk` pubcnsmnkl.# gk tmh gtmhr mjk`# mjs cjrlhcy kgt bhhk jiiheth`+ Eurrhktcy sgah gitmh trj`ntngkjc pubcnsmnkl mgushs jrh stncc jbch tg jemnhvh snlkninejkt rhturks# mgwhvhr rhehktegksgcn`jtngk jagkl pubcnsmhrs nk`nejths tmhyrh tjonkl prhejutngkjry ahjsurhs tg prgthet tmhnrajrlnks+ Pmh ahrlhr gi Rjk`ga Mgush jk` Vhklunk ns jk hxjapch+ Utrhkltmhknkl tmh hxnstnklbusnkhss tmus jpphjrs tg bh mnlmhr gk tmh prngrnty cnst tmjk `hvhcgpnkl khw ejpjbncntnhs tmjt wncc bh

rhqunrh` tg sueehh` nk tmh iuturh+ Mgwhvhr# wmhk jkjcyznkl tmh nk`ustry tmrgulm tmh chkshs gi tmhBUUH tmhgrnhs# nt bhegahs hvn`hkt tmjt tmh upstrhja pgrtngk wgkt bh prgtheth` auem cgklhr jsag`ucjrnzjtngk ns gk nts wjy+ Nk`hphk`hkt egkthkt prg`uehrs jk` `nstrnbuthrs suem js \jttpj`#githk rhihrrh` tg js tmh ^guPubh gi wrntthk ah`nj# jrh pusmnkl nktg tmh ajroht tg jttjeo tmh egkthkterhjtngk pgrtngk+

Pmns pjphr wncc4 Jkjcyzh tmh pubcnsmnkl nk`ustry# pjrtneucjrcy bggo pubcnsmnkl# irga tmh vnhwpgnkt gi

\jttpj`# j `nsruptgr trynkl tg brhjo up tmh upstrhja pjrt gi tmh vjcuh emjnk+ @hagkstrjth# usnkl Khticnx js jk hxjapch# mgw j `nsruptngk nk tmh `gwkstrhja pgrtngk

gi ah`nj `nstrnbutngk ns jk nk`nejtgr tmjt `nsruptngk nk tmh upstrhja pgrtngk wncc cnohcyigccgw js pcjyhrs sojth tg wmhrh mnlmhr ajrlnks wncc bh+

Rhmjsm wmjt mjs mjpphkh` up tg tg`jy# gutcnkh eurrhkt `hvhcgpahkts wntm pjrtneucjrrhljr` tg egkthkt erhjtngk# jk` prh`net tmh napcnejtngks igr nkeuabhkt pubcnsmnkl mgushsnk tmh ijeh gi upegankl egapjknhs suem js \jttpj`+

Jbgut \jttpj`

\jttpj` wjs iguk`h` nk 2669 by Jcchk Cju jk` Nvjk ^uhk wntm j echjr vnsngk igr tmh egapjky4\jttpj` ns `nsruptnkl tmh $:66 bnccngk rhj`nkl jk` wrntnkl nk`ustry 2+ Pmh egapjky ns jk gkcnkhsgenjc khtwgro tmjt lnvhs jutmgrs j pcjtigra tg `nrhetcy pubcnsm tmhnr wgro jk` rhj`hrs tg jeehssstgrnhs igr irhh# _Q whrh `nrhetcy egkkhetnkl tmh rhj`hrs jk` wrnthrs _Q+ \mnch tmh trj`ntngkjc

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pubcnsmnkl prgehss ejk tjoh :2 := agktms -jithr tmh jutmgr inknsmh` wrntnkl nt. uktnc tmh bggo nsjvjncjbch nk tmh ajroht# wgros gk \jttpj` jrh jvjncjbch js sggk js tmh jutmgr ns `gkh+ Agrhgvhr#bggos jrh kg cgklhr wrntthk sherhtcy jk` gkcy rhvhjch` tg rhj`hrs jithr pubcnsmnkl+ Pg`jy \jttpj`mjs agrh tmjk :6 anccngk agktmcy rhj`hrs5 sphk`nkl gvhr 2 bnccngk ankuths rhj`nkl phr agktm0+

\jttpj` ajohs wrntnkl jk jet gi egccjbgrjtngk bhtwhhk tmh jutmgr jk` tmhnr rhj`hrs+ Jutmgrs gktmh pcjtigra rhchjsh bggos nk j pnheh ahjc igrajt# emjpthr by emjpthr# jk` ljtmhr eustgahr ihh`bjeo

jcgkl tmh wjy+ Jcchk Cju thccs us Vubcnsmnkl mgushs jrh shjremnkl igr j wjy tg lht tmh egksuahrnkvgcvh` hjrcnhr igr j cgkl tnah8+ \jttpj` inkjccy ahhts tmns khh` jk` jt tmh sjah tnah ajohs tmhegkthkt jeehssnbch gkcnkh jk` tmrgulm nts agbnch jpp+

\jttpj` ns @nrhetcy Egkkhetnkl Jutmgrs wntm Pmhnr Rhj`hrs

Egkkhetnkl jutmgrs jk` egksuahrs sguk`s lrhjt# but wmy ns nt pgwhriuc7 J lgg` hxjapch tgnccustrjth tmns ns tmh rhehkt sueehss gi :< yhjr gc` Bhtm Rhhochs nk wrntnkl mhr bggo Pmh Onssnkl Bggtm+Bhtm stjrth` wrntnkl jt tmh jlh gi :0 jk` wjs jcwjys cggonkl igr wjys tg ajoh mhr wgro jeehssnbch tgphgpch+9 \mhk \jttpj` stjrth` smh bhejah j egktrnbutgr hjrcy gk jk` bhejah pgpucjr gk tmhpcjtigra+ Umh stjrth` pubcnsmnkl emjpthrs gi mhr bggo Pmh Onssnkl Bggtm jk` quneocy hstjbcnsmh` j ijk

bjsh tmjt prgvn`h` mhr wntm mhcpiuc egaahkts jk` ihh`bjeo+ Umh hvhktujccy rhehnvh` :> anccngkvnhws# 06#666 egaahkts jk` wgk tmh ushr!hcheth` jwjr` igr bhst thhk kgvhc nk 26:2+ Jcc tmns mhcph`mhr tg bunc` j lrhjt stgry emjpthr by emjpthr+ Cglnejccy nt jcsg `n`kt tjoh cgkl uktnc smh ejulmt tmhjtthktngk gi trj`ntngkjc pubcnsmnkl mgushs jk` wjs quneocy snlkh` by Rjk`ga Mgush igr j tmrhhbggo `hjc+

Pmns smgws tmh pgwhr gi sgenjc pcjtigras jk` nkthrjetngk wntm rhj`hrs+ Unancjrcy# jutmgrs mjvhbhegah ijagus tmrgulm gtmhr ukegkvhktngkjc wjys gk \jttpj`4 thjas gi jutmgrs mjvh egkkheth`tg dgnktcy wrnth j bggo jk` hvhk hstjbcnsmh` jutmgrs mjvh `nsegvhrh` \jttpj` js j tggc tg ergw`sgureh ihh`bjeo+ < Igr hxjapch# Ajk Bggohr Vrnzh wnkknkl jutmgr Ajrljrht Jtwgg` stjrth`pubcnsmnkl pnhehs gi mhr wgro gk tmh pcjtigra jk` sjys Nt ns j lrhjt prjetneh spjeh+=

Nk`ustry Utrueturh

Nk tmh eurrhkt nk`ustry strueturh# auctnpch pcjyhrs jrh nkvgcvh` nk tmh prgehss gi egkvhrtnkl tmhwrnthrs egkthkt nktg j inkjc bggo jk` uctnajthcy nktg tmh mjk`s gi tmh rhj`hr -Inlurh :.+ Jk jlhktwmg hkljlhs nk j bggo jequnsntngk `hjc wntm j pubcnsmnkl mgush usujccy rhprhshkts tmh jutmgr+H`ntgrs jt tmh pubcnsmnkl mgush shchet jk` snlk wrnthrs igr hntmhr j snklch bggo `hjc gr j cgklhr!thraegktrjet nkvgcvnkl j shrnhs gi bggos+ Pmh wrnthr usujccy rhehnvhs jk j`vjkeh pjyahkt# j pjyahktupgk egapchtngk gi j bggo# jk` j vjrnjbch egapgkhkt `hphk`nkl gk tmh sueehss gi tmh bggo+ Pmhpubcnsmhr ns nkvgcvh` nk tmh h`ntnkl# egpywrntnkl# egvhr `hsnlk# jk` ajrohtnkl gi tmh bggo js whcc jstmh brjk` bunc`nkl gi tmh jutmgr# jagklst gtmhr shrvnehs+ Pmh h`ntgrnjc wgro gi tmh pubcnsmhr ejklrhjtcy jiihet tmh qujcnty gi tmh inkjc bggo+ Pmh prnktnkl gi bggos# wmnem jrh `nstrnbuth` nk pmysnejcigrajt# ns `gkh agstcy tmrgulm tmnr` pjrty gutsgurenkl prgvn`hrs+ Pmh pubcnsmhr tmhk ajkjlhs tmh

auctnpch emjkkhcs tmrgulm wmnem tmh inkjc bggo ns `nstrnbuth` nktg tmh ajroht+ Pmns ajy nkvgcvhwmgchsjchrs gr `nrhet `nstrnbutngk tmrgulm rhtjnchrs gr h!pubcnsmhrs bhigrh tmh bggo rhjemhs tmh inkjcrhj`hr+ Pmh pubcnsmhr ns nk emjrlh gi tmh nkthlrjtngk gi tmhsh sthps nk tmh vjcuh emjnk jk` prgagthstmh bggo jk` jutmgr jithr tmh bggo mjs bhhk pubcnsmh`+

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Inlurh :>

Emjklhs nk tmh Vubcnsmnkl Yjcuh Emjnk @uh tg tmh Rnsh gi @nlntjc

Pmh cjst `hej`h mjs shhk tmh hahrlhkeh gi khw lnjkts nk tmh pubcnsmnkl nk`ustrys `gwkstrhja+\ntm tmh j`vhkt gi h!egaahreh# pusmh` igrwjr` prnajrncy by Jajzgk# trj`ntngkjc brneo jk` agrtjrbggo rhtjnchrs jrh strullcnkl jk` tmh ajroht mjs shhk nts inrst bjkoruptenhs -h+l+ Bgr`hrs.+ Pmh rnsh gi`nlntjc# mgwhvhr# mjs napjeth` ajnkcy `nstrnbutngk jk` mjs chit tmh upstrhja pgrtngk gi tmh vjcuhemjnk ukjiiheth`+ Jajzgk jk` nts Onk`ch mjvh ljnkh` j snlkninejkt smjrh nk rhj`hrsmnp jk` bggossgc`# but jcsg gtmhr pcjtigras suem js tjbchts gr pmgkhs gk wmnem bggos ejk bh jeehssh` tmrgulmjpps gr `nlntjc bggostgrhs jrh hxmnbntnkl snlkninejkt lrgwtm+ \mnch hbggos jcrhj`y jeegukth` igrjbgut

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rhjem tmh wn`hst pgssnbch ju`nhkeh jk` tg erhjth j strgkl brjk` jrguk` tmh bggo jk` jutmgr#pubcnsmnkl mgushs jrh kgw igreh` tg erhjth tmhnr gwk egksuahr ijenkl pcjtigras+ Iurtmhr# tmhy austpjrtnenpjth gk hxnstnkl pcjtigras jk` erhjth nkthrkjc tggcs tmjt wncc jccgw igr sejcjbch `nlntjcajrohtnkl jk` nstrnbutngk+

Pmh A)J Vcjybggo nk tmh Vubcnsmnkl Nk`ustry

J ahjks tg rhjet tg tmh emjklnkl nk`ustry `ykjanes ajy hktjnc strhkltmhknkl j inras rhcjtnvhajroht pgsntngk by egksgcn`jtnkl wntm gtmhr inras jk` strhkltmhknkl egrh ejpjbncntnhs nk gr`hr tg`hajk` mnlmhr prnehs jk`'gr cgwhr tmh egst bjsh+ Pmh pubcnsmnkl nk`ustry shhas tg igccgw tmnsprh`netngk4 gk Getgbhr 2># 26:2 Rjk`ga Mgush jk` Vhklunk jkkgukeh` pcjks tg ahrlh tmh twgegapjknhs nk j kgk!ejsm `hjc# erhjtnkl tmh wgrc`s cjrlhst pubcnsmnkl mgush+:8 Gtmhr pubcnsmnklmgushs jrh nk tjcos tg iurtmhr egksgcn`jth+ Jithr tmh ahrlhr tmh egapjknhs nssuh` tmh igccgwnklrjtngkjch4

_AjkjlhahktQ -. bhcnhvh-s. tmjt tmh egabnkh` grljknzjtngk wncc mjvh j strgklhr pcjtigra jk` lrhjthrrhsgurehs tg nkvhst nk rnem egkthkt# khw `nlntjc pubcnsmnkl ag`hcs jk` mnlm!lrgwtm hahrlnkl ajrohts+Pmh grljknzjtngk wncc lhkhrjth sykhrlnhs irga smjrh` rhsgurehs suem js wjrhmgusnkl# `nstrnbutngk#prnktnkl jk` ehktrjc iuketngks+:9

Jeegr`nkl tg tmh A)J pcjybggo tmhgry nt ns hjsy tg egkecu`h tmjt tmh lgjc gi tmh ahrlhr ns tgchvhrjlh tmh egapjknhs hxnstnkl busnkhss ag`hcs nk gr`hr tg rhspgk` tg egaphtntnvh prhssurh wntmnktmh nk`ustry jk` tg ljnk khlgtnjtngk pgwhr gvhr tmh `gankjkt emjkkhc pcjyhr Jajzgk+ Nk`ustrygbshrvhrs iurtmhr spheucjth tmh pgssnbncnty igr Vhklunk Rjk`ga Mgush tg erhjth nts gwk `nstrnbutngkemjkkhcs igr `nlntjc egkthkt+:

Pmh pcjybggo rhank`s us tmjt egapjknhs smguc` turk tg jequnsntngks tg ahht lgjcs tmhyejkkgt jemnhvh nkthrkjccy+ \h susphet tmjt iurtmhr egst naprgvhahkts eguc` mjvh bhhk jttjnkh` by

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tmh nk`nvn`ujc egapjknhs gk tmhnr gwk# napcynkl tmjt nksthj` tmh rhsphetnvh egapjknhs smguc` mjvhigeush` gk jequnrnkl khw busnkhss ag`hcs tg egapchahkt# hxthk`# jk` nk tmh cgkl!ruk pgthktnjccyhvhk rhpcjeh tmh hxnstnkl busnkhss+ Ahrlhrs phr sh rhqunrh snlkninejkt ajkjlhahkt jtthktngk jk`rhsgurehs+ Pmns bhjrs tmh rnso tmjt tmh ahrlhr `h!prngrntnzhs ajkjlhahkt tg iuk`jahktjccy rhtmnkowmhrh tmh agkhy ns lgnkl tg bh nk tmh iuturh jk` tg rh`nrhet nts rhsgurehs jeegr`nklcy+ \h ajy bhchit wntm j cjrlhr jk` nk tmh smgrt!thra agrh prgintjbch egapjky tmjt ns hqujccy nkejpjbch gisustjnknkl nkkgvjtngk jk` prgthetnkl ntshci jljnkst cgw!hk` `nsruptngks by egapjknhs suem js

\jttpj`+

\mjt ns tmh Dgb!tg!bh!@gkh7

Unkeh pubcnsmnkl mgushs trj`ntngkjccy shrvh twg eustgahrs# tmh hk`!egksuahr wmg ns rhj`nklbggos jk` tmh jutmgr wmg ns erhjtnkl tmh egkthkt# tmh dgb!tg!bh!`gkh ns rhchvjkt tg gur jkjcysns gi tmhupstrhja jetnvntnhs gk hjem gi tmgsh irgkts+

Hk`!egksuahr+ Pmh dgb tmh hk`!egksuahr mnrhs j bggo igr mjs vjrngus ijehts+ Pypnejc dgbs bggosiucincc jrh4 N wjkt jk hsejph# N wjkt tg bh hkthrtjnkh` gr N wjkt tg chjrk sgahtmnkl+ Nt ns#mgwhvhr# napgrtjkt tg `nstnklunsm ejthlgrnhs gi bggos igr tmns ajtthr+ J egksuahr ns agrh cnohcy tgmnrh j inetngk kgvhc igr N wjkt jk hsejph rjtmhr tmjk j kgk!inetngk bggo+ Gk tmh gtmhr mjk`# j kgk!

inetngk bggo ns agrh cnohcy tg bh mnrh` igr N wjkt tg chjrk sgahtmnkl+ Bgtm ejthlgrnhs ejk mhcp wntmN wjkt tg bh hkthrtjnkh`+ Agrhgvhr# jkgtmhr typnejc dgb iucincch` by rhj`nkls ns N wjkt tg ush ay`gwktnah# wmnem agstcy geeurs `urnkl trjvhcnkl gr egaauths+ \mnch tmns dgb ejk jcsg bh shrvh` bykhwspjphrs jk` ajljznkhs# bggos jrh j lgg` jcthrkjtnvh tg mnrh+ Vjrtneucjrcy smgrthr bggos grstgrnhs jrh shrvnkl tmjt dgb bhtthr+ Pmh eurrhkt strueturh gi tmh pubcnsmnkl nk`ustry ns shrvnkl tmhshdgbs# mgwhvhr# nt ns kgt kjncnkl nt+ Inrstcy# tmhrh ns vhry cnanth` gppgrtuknty tg gbtjnk ihh`bjeo jk`naprgvh egkthkt tg bhtthr shrvh tmh dgb+ Jk` shegk`cy# tmh jagukt gi lgg`# smgrt egkthkt ns rjtmhrcnanth`+ Bgtm `rjwbjeos jrh bhtthr shrvh` nk j agrh ag`ucjr strueturh gi tmh upstrhja+ Vcjtigrascnoh \jttpj` jrh brnklnkl egksuahrs jk` erhjtgrs gi egkthkt ecgshr tg hjem gtmhr jk` ijencntjthprg`uetnvh nthrjtngks jrguk` shrvnkl tmh dgb+

Jutmgr+ Pmh dgb jk jutmgr trj`ntngkjccy mnrhs j pubcnsmnkl mgush igr ns qunth `niihrhkt tg tmjt gi tmh

hk`!egksuahr+ Pmh ohy dgbs jk jutmgr khh`s tg bh `gkh jrh4 N wjkt tg erhjth tmh bhst bggo pgssnbchigr ay rhj`hrs# N wjkt tg rhjem tmh bnllhst pgssnbch ju`nhkeh# jk` N wjkt tg erhjth j brjk` igrayshci+ H`ntnkl hxphrtnsh jk` ihh`bjeo irga hxphrnhkeh` pubcnsmhrs js whcc js ajrohtnkl tmh bggojrh tmh shrvnehs pubcnsmnkl mgushs prgvn`h+ Mgwhvhr# wmnch ajrohtnkl bggos jk` pusmnkl tmha gutnktg tmh `nstrnbutngk emjkkhcs ns qunth hiihetnvh# tmhrh ns j cjeo gi ihh`bjeo tg nkerhjsh tmh sueehss gitmh bggo+ J vnvn` hxjapch tg nccustrjth tmns ns tmh rhehkt bcgeobusthr Inity Umj`hs gi Lrhy+ Jt inrst kgpubcnsmnkl mgushs tggo gk Hrnoj C+ Djahs sg smh gpth` tg lg `gwk tmh ukegkvhktngkjc rguth gipubcnsmnkl pjrts gi mhr n`hjs igr tmh bggo gk tmh gkcnkh igrua IjkInetngk+ega# bjeo tmhk uk`hr tmhphk kjah ajsthr gi tmh uknvhrsh+26 Jithrwjr`s# Hrnoj egktnkuh` tmh ukegkvhktngkjc wjy by shci!pubcnsmnkl j inrst vhrsngk gi tmh bggo# usnkl khw ah`nj tg mhcpnkl mhr naprgvh tmh egkthkt+ 2: Pmnspjtm hkjbch` mhr tg lht j `hjc wntm Rjk`ga Mgush# wmnem kgw pubcnsmhs tmh shrnhs gi tmh bggo igrmhr+ @nrhet ihh`bjeo jk` ag`ucjr egkthkt erhjtngk ijencntjth` tmns sueehss nk j wjy khvhr shhk bhigrh+

Pmh dgb lgnkl igrwjr`+ Gur sgenhty ns cnvnkl nk jk nkerhjsnklcy ijst!pjeh` cnih+ Pmh dgb!tg!bh!`gkhwntm rhljr`s tg sphk`nkl chnsurh!tnah ns emjklnkl jeegr`nklcy+ Nk tmh pjst wh tggo agrh tnah tgegksuah ah`nj jk` mj` ihwhr jcthrkjtnvhs+ Pg`jy# wh wjkt quneo hkthrtjnkahkt `urnkl `gwktnahssuem js subwjy rn`hs gr wgro brhjos+ Js j rhsuct khw# agrh shlahkth` igras gi ah`nj jrh ljnknklnkerhjsnkl pgpucjrnty+ Gkh hxjapch ns tmh rhehkt trhk` irga agvnhs tg PY smgws nk tmh incank`ustry+ J `hej`h jlg tmh egst igr j bcgeobusthr agvnh wjs :6x tmh egst gi j shjsgk gi bcgeobusthrPY!Umgw+ Pg`jy# mgwhvhr# bcgeobusthr PY!Umgws suem js Khticnxs Mgush gi Ejr`s egst nts spgksgr$:66 anccngk22 egapjrh` tg $98 anccngk25 tmjt nt egst tg ajoh Cnkegck# tmh jwjr`!wnkknkl agvnh irgaUthvhk Upnhcbhrl+ \jtemnkl j agvnh mjs bhhk rhpcjeh` by wjtemnkl 5 hpnsg`hs gi Mgush gi Ejr`s+Ah`nj egksuaptngk ns emjklnkl jk` tmh nk`ustry ns j`jptnkl+ \h bhcnhvh tmjt tmns wncc jcsg erhjth

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gppgrtukntnhs nk tmh pubcnsmnkl nk`ustry+ Bu`lhts ajy khh` tg bh rhjccgejth` jk` pubcnsmhrs jk`jutmgrs smguc` jt chjst egksn`hr gppgrtukntnhs jrguk` shrnhs gi smgrt kgvhcs tmjt ejk bh rhj` nk 56!08ank+ Pmus egksuahrs eguc` hjsncy rhj` nt nk gkh `jy `urnkl egaauths jk` whhocy nktrg`uetngksgi tmh khxt kgvhc nk tmh shrnhs eguc` erhjth j buzz+ \h bhcnhvh tmjt upegankl egapjknhs cnoh\jttpj` jrh bhst pgsntngkh` tg j``rhss tmns dgb tmjt shhas tg bh jrnsnkl nk j ijst!pjeh` wgrc` wntmemjklnkl egksuaptngk pjtthrks jk` chss pmysnejc bggo `nsegvhry gppgrtukntnhs+ \ntm nkstjkt`hcnvhry jk` ihh`bjeo# tmh erhjtngk prgehss eguc` rhshabch tmjt gi mnlm!hk` PY!smgws+

Pmh Eustgahr Emjkkhcs jrh Emjklnkl

Js prhvnguscy kgth`# tmh j`vhkt gi Jajzgks Onk`ch jk` lrgwtm gi hbggos `nsrupth` tmh`gwkstrhja pgrtngk gi tmh vjcuh emjnk+ But wmy ns nt tmjt gkcnkh rhtjnc jk` hbggos mjvh bhhk sgjpphjcnkl tg egksuahrs7 Jkjcyznkl tmh hahrlhkeh gi hbggos irga j emjkkhcs phrsphetnvh# ntbhegahs hvn`hkt tmjt hegaahreh ns sgcvnkl j khh` brneo jk` agrtjr stgrhs whrhkt ejpjbch gi4Egkvhknhkeh+ Pmh egksuahr ejk snt jt mgah# rhj` tmrgulm tmh sjapch pjlhs gi tmh gvhr :+< anccngkbggos gk Jajzgk20# jk` ajoh mhr puremjshs wntm j agush ecneo irga mgah+ Pmh gkcy eurrhktj`vjktjlh brneo jk` agrtjr stgrhs ajy stncc mjvh gvhr `hcnvhry ns tmjt tmhy giihr j bhtthr hxphrnhkehwntm rhljr` tg hxphrt j`vneh+ Pmh j`vhkt gi tmh hbggo sgcvh` tmh nssuh gi ijst `hcnvhry# wmnem wjsgkh rhjsgk igr jcagst j igurtm gi egksuahrs tg ajoh tmh hbggo tmhnr bggo gi emgneh+28 Gi egursh# tmns

ns khxt tg tmh egkvhknhkeh gi kgt mjvnkl tg ejrry jrguk` mhjvy bggos+

Pmh pubcnsmnkl nk`ustry ns j lrhjt hxjapch gi tmh twg!pmjsh `nsruptngk ajky nk`ustrnhs jrhijeh` wntm+ Inrst# ohy nkkgvjtngks nk prg`uets gr busnkhss ag`hcs `nsrupt tmh `nstrnbutngk gi jknk`ustry js `hsernbh` igr bggos+ Jkgtmhr lgg` hxjapch ns Khticnxs gkcnkh strhjankl# wmnem`nsrupth` tmh agvnh rhktjc ajroht+ Uhegk`# tmh `nsruptgrs gi tmh `gwkstrhja pjrt gi tmh nk`ustrystjrt rhjemnkl igr tmh upstrhja pjrt wmhrh ajrlnks jrh agrh jttrjetnvh+ Igr hxjapch# Jajzgk nshstjbcnsmnkl nts gwk gkcnkh pubcnsmnkl pcjtigra jk` trynkl tg `nsnkthrah`njth pubcnsmnkl mgushshktnrhcy+ Khticnxs rhehkt pusm nktg nts gwk egkthkt erhjtngk wntm nts PY Umgw Mgush gi Ejr`s nsjkgtmhr hxjapch+ Pmus nk tmh igccgwnkl shetngks wh wncc jkjcyzh tmh iuturh prgsphets nk tmhupstrhja pjrt gi tmh pubcnsmnkl nk`ustrys suppcy emjnk+

Ag`ucjrnzjtngk gi tmh Nk`ustry ns Xk`hrwjy

Js jigrhahktngkh`# tmhgry thccs us tmjt tmh nkeuabhkt pgsntngk gi tmh nkthlrjth` pubcnsmnklmgushs wjs sjih uktnc tmh `gwkstrhja pgrtngk gi tmh vjcuh emjnk bhejah `nsrupth`+ Js j rhsuctjutmgrs kgw khh` tmh nkthlrjth` pubcnsmnkl mgushs chss tmjk tmhy `n` bhigrh js tmhrh jrh kgwjcthrkjtnvh ahjks igr `nstrnbutngk+ Pmhgry jcsg sullhsts tmjt upgk hxjanknkl tmh hktnrh pubcnsmnklvjcuh emjnk# wmhk hchahkts gi iuketngk jk` rhcnjbncnty wntmnk hjem sthp gi tmh emjnk jrh aht tmhrh ns jrh`hinkntngk gi wmjt nskt lgg` hkgulm tmns ns wmhrh tmh vjcuh wncc cnh jk` nk`nejthsag`ucjrnzjtngk ns tjonkl pcjeh+ Pmns tmhk napcnhs tmjt tmh icgg` ljths igr egaphtntngk wncc gphk igrkgk!nkthlrjth` pcjyhrs tg egaphth igr hjem sthp gi tmh vjcuh emjnk+ Gur mypgtmhsns ns tmjt tmh brhjo!up gi tmh nkeuabhkt upstrhja systha jk` ag`ucjrnzjtngk gi nts iuketngks wncc tmhrhigrh smnit vjcuhtg tmh khxt subsystha tmjt ns kgt qunth lgg` hkgulm tmh lhkhrjtngk jk` eurjtngk gi egkthkt+

J prgbcha wntm tmh nkeuabhkt systha ns tmjt nt ejthrs mhjvncy tgwjr`s tmh ihw jutmgrs tmjt mjvhtmhnr wgro shcheth` by tmh nkthlrjth` pubcnsmnkl mgushs tg prgehh` tmrgulm h`ntnkl# ajrohtnkl#pubcnsmnkl# jk` `nstrnbutngk+ Pmhsh jutmgrs jrh kgt gvhr!shrvh` jk` jrh qunth mjppy wntm tmhjtthktngk jk` rhsgurehs `hvgth` tg tmha by pubcnsmnkl mgushs+ Mgwhvhr tmns ag`hc cgeos gut j vhrycgkl tjnc gi jutmgrs wmg try tg ink` jcthrkjtnvhs tg incc tmh rgch tmjt tmh nkeuabhkt pubcnsmnkl mgushspcjy+ Pmns rhprhshkts j cjrlh lrgup gi kgk!egksuahrs tmjt \jttpj` ns j``rhssnkl+ J``ntngkjccy# igrtmhsh jutmgrs wh ink` tmjt tmh pubcnsmnkl emjnk ns j vhry ag`ucjrnzh` jremntheturh+ Hjem sthp gi tmhemjnk# irga shchetngk tg h`ntnkl tg ajrohtnkl tg pubcnsmnkl# jcnlks tnlmtcy wntm tmh prheh`nkl jk`igccgwnkl sthps+ \mjts eruenjc igr jutmgrs nk tmns ag`ucjrnzh` wgrc` ns tmjt tmhrh jrh auctnpch inras

7/23/2019 Disrupting the Publishing Value Chain

7/10

Jcchk Cju# Eg!iguk`hr jk` EHG# \jttpj`# Vrhshktjtngk jt PhemErukem? mttp4''www+scn`hsmjrh+kht'bhctzkhr'wjttpj`!`nsruptnvh!

anknajc!vnjbch!pubcnsmnkl# jeehssh` Ajy 26:5+:6 V\E# Purknkl tmh Vjlh Pmh iuturh gi hbggos# p0# jeehssh` vnj mttp4''www+pwe+ega'hkWL]'lx'hkthrtjnkahkt!

ah`nj'p`i'hBggos!Prhk`s!@hvhcgpahkts+p`i gk Jprnc 26:5+:: Dna Anccngt# H!bggos Ajroht Umjrh jt 22(# Jajzgk Mjs 2!h!bggos!ajroht!smjrh!jt!22!jajzgk!mjs!2

jeehssh` Jprnc 26:5+22mttp4''www+tmhjtcjktnewnrh+ega'themkgcgly'26:5'62'hegkganes!khticnxs!:66!anccngk!khw!smgw'9:9>2'# jeehssh` gk Jprnc 26:5+25mttp4''www+bcggabhrl+ega'khws'26:2!::!6>'spnhcbhrl!s!cnkegck!rnsos!cgsshs!igr!`rhjawgros!stu`ng+mtac# jeehssh` gk Jprnc

26:5+20mttp4''jsovncch+jajzgk+ega'bggo!tntchs!jajzgk'JkswhrYnhwhr+`g7rhquhstN`1=:92# jeehssh` gk Jprnc 28# 26:5+28 Dna Anccngt# H!bggos Ajroht Umjrh jt 22(# Jajzgk Mjs 2!h!bggos!ajroht!smjrh!jt!22!jajzgk!mjs!2