;OL)LYSPU>HSS¶4HUHNPUNHKPMÄJ\S[OLYP[HNL
I`(UQH4LYIHJO
;OL )LYSPU >HSS PZ HU V\[Z[HUKPUN HUK H[ [OL ZHTL
[PTL KPMÄJ\S[ OPZ[VYPJ SLNHJ` VM [OL [O JLU[\Y` ^OVZL
JVUZLY]H[PVU HUK THUHNLTLU[ [VKH` PZ HU LUVYTV\Z
JOHSSLUNL>P[O[OLHPTVMYLTLTILYPUNHUKJVUZLY]PUN
[OL )LYSPU >HSS PU )LYSPU»Z W\ISPJ \YIHU ZWHJL PU [OL 3HUK )LYSPU PUP[PH[LK H Z`Z[LTH[PJ JVUZLY]H[PVU HUK
THUHNLTLU[ WYVJLZZ HUK HU VMÄJPHS THZ[LYWSHU ^HZ
KYH^U \W ;OL THZ[LYWSHU WYV]PKLZ [OL Z[YH[LNPJ
IHZPZMVYV]LYHSSWSHUUPUNHUKZWLJPÄJHJ[P]P[PLZYLNHYKPUN
[OL>HSS»ZYLTLTIYHUJLPU)LYSPU\W[V
/V^L]LY ^P[OPU [OPZ VMÄJPHS º>HSSYLTLTIYHUJL
PUP[PH[P]L» P[ PZ WYV]PUN KPMÄJ\S[ [V ÄUK H JVUJLW[\HS HUK
TL[OVKVSVNPJHS HWWYVHJO ^OPJO ILZ[ ZLY]LZ [OL V]LYHSS
[YLH[TLU[ VM [OPZ OPZ[VYPJ SLNHJ` ¸/V^ [V THUHNL [OL
T\S[PMHJL[LK SLNHJ` VM [OL )LYSPU >HSS&¹ PZ [OLYLMVYL H
JLU[YHSX\LZ[PVUPU[OLJ\YYLU[JVUZLY]H[PVUWYVJLZZHUK
[OL H\[OVY OVWLZ [V WYV]PKL HU HKKP[PVUHS HUNSL I` KPZ
J\ZZPUNHUKL]HS\H[PUN[OLJ\YYLU[JVUZLY]H[PVUHUKTHU
HNLTLU[ WYVJLZZ ^P[OPU [OL TL[OVKVSVNPJHS JVU[L_[ VM
]HS\LZIHZLKOLYP[HNLTHUHNLTLU[([[OLZHTL[PTL[OL
THZ[LY [OLZPZ HSZV L_WSVYLZ IHZPJ JVUZPKLYH[PVUZ ^OPJO
HJJVTWHU` [OL X\LZ[PVU VM [OL OV^ HUK ^OPJO HYL HY
N\HIS` PU[YPUZPJ [V LHJO JVUZLY]H[PVU HUK THUHNLTLU[
WYVJLZZ![OLX\LZ[PVUZHIV\[^OH[HJ[\HSS`JVUZ[P[\[LZ[OL
OLYP[HNL^L^HU[[VJVUZLY]L^O`^L^HU[[VJVUZLY]L
[OPZOLYP[HNLHUKMVY^OVT
;/,),9305>(33¶(+0--0*<3;/,90;(.,
;OL)LYSPU>HSSPZHOLYP[HNL^P[OJVTWSL_[HUNPISLHUK
PU[HUNPISL KPTLUZPVUZ HUK ^OPJO [OLYLMVYL JHUUV[ IL
KLÄULK PU VUL ZPUNSL ^H` 0U MHJ[ M\UKHTLU[HS MVY P[Z
KLÄUP[PVUHYLP[ZKP]LYZP[`PUTLHUPUNHUKWLYJLW[PVU[OL
ULHYKPZHWWLHYHUJLVMP[Z[HUNPISLYLTHPUZI\[[OLHSS[OL
Z[YVUNLYL_PZ[LUJLVMP[ZPU[HUNPISLHZWLJ[ZHUKL]LU[\HSS`
[OL KP]LYZL HUK VM[LU JVU[LZ[LK JVU[L_[Z LTILKKLK
^P[OPU P[ \U[PS [OL WYLZLU[ KH` ¶ IL P[ HZ [OL Z\IQLJ[ VM
J\S[\YHS WVSP[PJZ VM [V\YPZT VY VM WYP]H[L TLTVYPLZ HUK
JVTTLTVYH[PVU ;OLYLMVYL KPZJ\ZZPUN [OL >HSS \UKLY
[OL OLHKPUN VM ºKPMÄJ\S[ OLYP[HNL» PZ VUS` VUL HS[OV\NO
HU HYN\HIS` ]LY` HWWYVWYPH[L ZJPLU[PÄJ JVU[L_[ ;OL
IYVHKUH[\YLVM[OLOLYP[HNLJVUJLW[JHW[\YLZ[OLKP]LYZL
[HUNPISL HUK PU[HUNPISL WHZ[ HUK WYLZLU[ KPTLUZPVUZ VM
[OL )LYSPU >HSS HZ OHYKS` HU` V[OLY JVUJLW[ PZ HISL [V
)\[ OV^ ZOV\SK VUL THUHNL Z\JO H JVTWSL_ J\S[\YHS
OLYP[HNL&
.,94(5+,524(37-3,.,(5+=(3<,:)(:,+
/,90;(.,4(5(.,4,5;
;OL J\YYLU[ JVUZLY]H[PVU WYVJLZZ VM [OL )LYSPU >HSS
PZ LTILKKLK PU [OL ZJPLU[PÄJ JVU[L_[ VM .LYTHU
+LURTHSWÅLNL +LURTHSWÅLNL MVJ\ZLZ PU H [YHKP[PVUHS
^LZ[LYU THUULY VU [OL TH[LYPHS YLSPJZ VM [OL WHZ[ HUK
[OL WO`ZPJHS HJ[Z VM [OLPY WYLZLY]H[PVU" [O\Z [OL Z\IQLJ[
VM +LURTHSWÅLNL PZ [OL TVU\TLU[ P[ZLSM [OL [HUNPISL
VIQLJ[ VY ZP[L >OPJO VIQLJ[Z VY ZP[LZ HYL JVUZPKLYLK [V
IL ZPNUPÄJHU[ PZ SHYNLS` L_WLY[KLÄULK HUK \W \U[PS
UV^ [YHKP[PVUHS ]HS\LZ Z\JO HZ [OL HY[ OPZ[VYPJHS VY
HYJOP[LJ[\YHS ]HS\L KVTPUH[L HUK JVUZ[P[\[L [OL THQVY
JYP[LYPH MVY PKLU[PM`PUN YLSL]HU[ HUK WYV[LJ[PVU^VY[O`
OPZ[VYPJVIQLJ[ZVYZP[LZ
+\L [V [OPZ NP]LU JVU[L_[ [OL WO`ZPJHS THPU[LUHUJL
VM H TVU\TLU[ VY WSHJL HZ H YLZV\YJL MVY ZJPLU[PÄJ VY
4HZ[LYHYILP[LU
OPZ[VYPJHS PU]LZ[PNH[PVU HUK PU[LYWYL[H[PVU VM [OL WHZ[ PZ
\Z\HSS`ZLLUHZ[OLTHQVYYLZWVUZPIPSP[`VM.LYTHU+LUR
THSWÅLNL ;O\Z HU` ºTHUHNLTLU[» VM TVU\TLU[Z VY
ZP[LZ¶HS[OV\NO[OPZ[LYTKVLZUV[ZLLT[VILLTWSV`LK
^P[OPU[OL+LURTHSWÅLNLJVU[L_[¶PZMYVT[OL]LY`IL
NPUUPUN]LY`T\JOJVUÄULK[V[OPZYLZWVUZPIPSP[`
[OL )\YYH *OHY[LY ^OPJO MVYT\SH[LZ [OH[ ¸B[DOL
HPT VM JVUZLY]H[PVU PZ [V YL[HPU [OL J\S[\YHS ZPNUPÄJHUJL
VMHWSHJL¹;O\Z[OLHPTVM]HS\LZKYP]LUJVUZLY]H[PVU
HUKTHUHNLTLU[PZ¸UV[[VJVUZLY]LTH[LYPHSMVYP[ZV^U
ZHRL I\[ YH[OLY [V THPU[HPU HUK ZOHWL [OL ]HS\LZ LT
IVKPLKI`[OLOLYP[HNL¹ /V^L]LY [OL ZWLJPÄJ HWWYVHJO VM .LYTHU +LUR
THSWÅLNLHUKP[ZWV[LU[PHSHUKZ\P[HIPSP[`MVYKLHSPUN^P[O
[OLOLYP[HNLVM[OL)LYSPU>HSSPUP[ZLU[PYL[`PZZVTL[PTLZ
X\LZ[PVULK
*VUZLY]H[PVUTHUHNLTLU[[VKH`ULLKZ[VILZLLUHZ
H JVTWSL_ ZVJPHS WYHJ[PJL YLJVNUPZPUN [OH[ OLYP[HNL PZ
PUL_[YPJHIS` LTILKKLK PU ZVJPL[HS JVU[L_[Z ;OLZL JVU
[L_[Z ¶ Z\JO HZ [OL ]HS\LZ WLVWSL KYH^ MYVT OLYP[HNL VY
[OL \ZLZ [V ^OPJO OLYP[HNL PZ W\[ ¶ JHU IL ZLLU HZ [OL
YHPZVU K»v[YL MVY JVUZLY]H[PVU PU HSS ZLUZLZ HUK YLJVNUP
[PVUVM[OVZLJVU[L_[ZSLHKZ[VHIYVHKLUPUNVM[OLJVU
[LU[HUKYVSLVMOLYP[HNLJVUZLY]H[PVUHUKTHUHNLTLU[
0[PZUVSVUNLYTLYLS`[OLJVUJLYUMVY[OLOLYP[HNLVIQLJ[Z
HUKZP[LZ[OLTZLS]LZ^OPJOKLÄULZJVUZLY]H[PVUTHUHNL
TLU[ 9H[OLY PU WYHJ[PJL OLYP[HNL ZP[LZ HYL JVUMYVU[LK
^P[OH]HYPL[`VMVIQLJ[P]LZHUKHJ[P]P[PLZ[OH[ULLK[VIL
THUHNLKZ\JOHZKL]LSVWTLU[SLKVIQLJ[P]LZVYZP[LPU
[LYWYL[H[PVU
0U[OPZYLZWLJ[]HS\LZSLKJVUZLY]H[PVUJHUIL]PL^LK
HZILPUNKPMMLYLU[[V.LYTHU+LURTHSWÅLNL,]LU[OV\NO
[OLSH[[LYYLJVNUPZLZOLYP[HNL]HS\LZ[OL`HYLOV^L]LYUV[
H^HYKLK[OLJLU[YHSN\PKPUNYVSLHZPU]HS\LZIHZLKJVU
ZLY]H[PVU WYVJLZZLZ 0UZ[LHK .LYTHU +LURTHSWÅLNL PZ
SLKI`[OLLUKLH]V\Y[VWYLZLY]LHWSHJLHUKP[Z[HUNPISL
HZZL[ZHZZ\JO0UZVMHYHZ[OPZOPUKLYZHOVSPZ[PJTHUHNL
TLU[VMHSS]HS\LZJVUZ[P[\[PUN[OLZPNUPÄJHUJLVMHWSHJL
[OLWV[LU[PHSVM+LURTHSWÅLNL[VJVUZLY]LHUKTHUHNL
[OL PU[HUNPISL ZPNUPÄJHUJL VY [OL JVU[LTWVYHY`\ZL ]HS
\LZVMHWSHJLPUWHY[PJ\SHYZLLTZ[VILYH[OLYSPTP[LK
;VHJJVTTVKH[L[OPZJVTWSL_P[`HUKPUJVYWVYH[L[OL
T\S[PWSL VIQLJ[P]LZ HZZVJPH[LK ^P[O SVVRPUN HM[LY H OLYP
[HNLWSHJLPU[VHOVSPZ[PJTHUHNLTLU[WYVJLZZPU[LNYH[P]L
HWWYVHJOLZ [V OLYP[HNL ZP[L THUHNLTLU[ OH]L ILLU KL
]LSVWLKZ\JOHZ]HS\LZIHZLKOLYP[HNLTHUHNLTLU[;OPZ
HWWYVHJO W\[Z [OL Z`Z[LTH[PJ HUHS`ZPZ HUK WYV[LJ[PVU VM
]HS\LZH[[OLJLU[YLVM[OLJVVYKPUH[LKVWLYH[PVUVMHOLY
P[HNLZP[L)`[OPZTLHUZP[HKVW[ZHOVSPZ[PJ]PL^VU[OL
ZP[LHUKHPTZH[MVJ\ZPUNHSSKLJPZPVUZVUJVTTVUNVHSZ
=HS\LZIHZLK JVUZLY]H[PVU THUHNLTLU[ JOHYHJ[LY
PZLK I` P[Z PU[LNYH[P]L HUK KLTVJYH[PJ `L[ HSZV J`JSPJHS
HUK K`UHTPJ UH[\YL PZ TVZ[ [OVYV\NOS` L_WYLZZLK HUK
LTWSV`LK PU (\Z[YHSPH [OYV\NO [OL N\PKPUN WYPUJPWSLZ VM
;OL PKLU[PÄLK NHW IL[^LLU º[YHKP[PVUHS» TVU\TLU[
JVUZLY]H[PVU Z\JO HZ .LYTHU +LURTHSWÅLNL HUK [OVZL
JVUZLY]H[PVU WYHJ[PJLZ MVJ\ZZPUN L_WSPJP[S` VU \UKLY
Z[HUKPUN HUK YL[HPUPUN [OL ]HS\LZ VM H WSHJL H[ WYLZLU[
ÄUKZ P[Z L_WYLZZPVU PU [OL 0*646: PUP[PH[LK KPZJ\ZZPVU
HIV\[ H º5L^ /LYP[HNL 7HYHKPNT» HUK [OL PU[LYUH[PVUHS
YLHJ[PVUZ[VP[(UHZZVJPH[LKW\ISPJH[PVUVM[OL7YLZPKLU[
VM0*646:.LYTHU`7L[aL[L_LTWSPÄLZHUPU[LUZLWSLH
MVY OVSKPUN VU[V [OL [YHKP[PVUHS WYPUJPWSLZ VM JVUZLY]H
[PVUSLKI`[OLY\SLZVM[OL=LUPJL*OHY[LY 0UOPZ
W\ISPJH[PVU^OPJO^HZOV^L]LYKPZJSHPTLKI`0*646:
7L[aL[YLJVNUPZLZ[OLJVUJLW[VM]HS\LZHUK[OLPYPTWVY
[HUJL MVY H WSHJL»Z ZPNUPÄJHUJL /V^L]LY OL L_WYLZZLZ
H ]PL^ VU ]HS\LZ [OH[ ULNH[LZ [OLPY Z\IQLJ[P]L K`UHTPJ
HUK VM[LU WVW\SHY UH[\YL HUK HSZV PU[YVK\JLZ H WLYJLW
[PVU VM JVUZLY]H[PVU HUK THUHNLTLU[ HZ [^V VWWVZPUN
HZWLJ[Z VM JVUZLY]H[PVU WYHJ[PJL ([ WYLZLU[ P[ YLTHPUZ
VWLU^OLYL[OPZKPZJ\ZZPVU^PSSSLHK[VHUK^OL[OLY[OLYL
^PSSILHZOPM[[VHº5L^/LYP[HNL7HYHKPNT»^OPJO^PSSIL
HISL[V[Y\S`YLZWVUK[VJVU[LTWVYHY`JOHSSLUNLZVMOLYP[
HNLJVUZLY]H[PVU
;OL)LYSPU>HSS¶4HUHNPUNHKPMÄJ\S[OLYP[HNL
;/,4(5(.,4,5;6-;/,),9305>(33
;/96<./;/,3,5:6-=(3<,:)(:,+/,90;(.,
4(5(.,4,5;
/H]PUN HJRUV^SLKNLK [OL NYLH[ WV[LU[PHS VM [OL ]HS\LZ
IHZLKHWWYVHJO[VKLHS^P[OJVTWSL_OLYP[HNLZP[LZZ\JO
HZ [OL )LYSPU>HSS PU H OVSPZ[PJ ^H` P[ ILJVTLZ L]PKLU[
[OH[ [OL HWWYVHJO JVUZ[P[\[LZ H TL[OVKVSVNPJHS JVU[L_[
VM \[TVZ[ YLSL]HUJL MVY [OL L]HS\H[PVU VM [OL VMÄJPHS
JVUZLY]H[PVU HUK THUHNLTLU[ WYVJLZZ VM [OL )LYSPU
>HSS /LYL [OL PU]LZ[PNH[PVU JVUJLU[YH[LZ VU H JLU[YHS
RL`Z[VUL^P[OPU[OH[WYVJLZZHUK[OLJVUÅPJ[Z\YYV\UKPUN
P[! [OL L_[LUZPVU VM [OL )LYSPU >HSS 4LTVYPHS H[ [OL
H\[OLU[PJ)LYUH\LY:[YHLZP[L^P[OYLNHYK[VP[ZM\UJ[PVU
HZ [OL VMÄJPHS HUK JLU[YHS WSHJL VM UH[PVU^PKL >HSS
YLTLTIYHUJL
(ZZ\JO[OL)LYSPU>HSS4LTVYPHSPZJVUMYVU[LK^P[O
[OLTHQVYJOHSSLUNL[VÄUKHJVUJLW[\HSHWWYVHJO^OPJO
PZ ILZ[ HISL [V ZOV^ [OL OPZ[VY` VM [OL )LYSPU >HSS PU H
YLWYLZLU[H[P]L^H`;OLL_HTPUH[PVU[OYV\NO[OLº]HS\LZ
SLUZ» YL]LHSZ [^V VWWVZPUN HWWYVHJOLZ PU [OL KLIH[L
HIV\[[OLºYPNO[^H`VMYLTLTIYHUJL»H[)LYUH\LY:[YHL
;OL:[PM[\UN)LYSPULY4H\LY^OPJOY\UZ[OL4LTVYPHSPU
)LYUH\LY :[YHL LTWSV`Z H º+LURTHSWÅLNLHWWYVHJO»
W\[[PUN LTWOHZPZ VU [OL [HUNPISL ZP[L HUK P[Z X\HSP[` HZ
TVU\TLU[6WWVZPUN[V[OH[PZHIVK`VMVWPUPVU^OPJO
HWWYVHJOLZ [OL TLTVYPHSPZH[PVU HUK YLTLTIYHUJL VM
[OL )LYSPU>HSS UV[ [OYV\NO [OL WO`ZPJHS YLTHPUZ VM [OL
H\[OLU[PJZP[LI\[YH[OLY[OYV\NO[OLV[OLYLZZLU[PHSLSL
TLU[LTIVK`PUN[OLOLYP[HNLVM[OL)LYSPU>HSS![OLHZ
ZVJPH[PVUZHUKTLTVYPLZH[[HJOLK[VP[VYPUV[OLY^VYKZ
[OYV\NO[OLPU[HUNPISLHZWLJ[ZVM[OPZOLYP[HNL
ILPUN LZZLU[PHSS` SPTP[LK I` [OL HWWYVHJO VM .LYTHU
+LURTHSWÅLNL
;OL KLIH[L Z\YYV\UKPUN [OL L_[LUZPVU VM [OL )LYSPU
>HSS 4LTVYPHS PZ VM WYPUJPWHS YLSL]HUJL MVY [OL LU[PYL
>HSSYLTLTIYHUJL WYVJLZZ PU )LYSPU 0[ THRLZ HWWHYLU[
[OH[[OLJ\YYLU[JVUZLY]H[PVUHWWYVHJOLTILKKLKPU[OL
Z[YH[LNPLZ VM .LYTHU +LURTHSWÅLNL JVUZ[P[\[LZ [OL LZ
ZLU[PHSIHZPZMVY[OLV]LYHSSJVUZLY]H[PVUHUKTHUHNLTLU[
VM[OL)LYSPU>HSSHUKHKKYLZZLZPUWHY[PJ\SHYP[Z[HUNPISL
ZPNUPÄJHUJL HZ H WYLJPV\Z ^P[ULZZ [V OPZ[VY` HZ ^LSS HZ
[OL PTWVY[HUJL VM [OL H\[OLU[PJ WSHJL ^P[O HU PUOLYLU[
NLUP\ZSVJP/V^L]LY[OLKLIH[LHSZVZOV^Z[OH[PUVYKLY
[V HJJVTTVKH[L HUK JVUZLY]L [OL YPJO PU[HUNPISL OLYP[
HNLHZZVJPH[LK^P[O[OL)LYSPU>HSSHTVYLOVSPZ[PJHUK
PU[LNYH[P]L HWWYVHJO [V JVUZLY]H[PVU HUK THUHNLTLU[
ZOV\SK IL ZV\NO[;OL THZ[LY [OLZPZ Z\NNLZ[Z H THUHNL
TLU[HWWYVHJOIHZLKVU]HS\LZ[VWYV]PKLHIHZPZMVYHJ
JVTTVKH[PUN HSS ]HS\LZ JVUZ[P[\[PUN [OL ZPNUPÄJHUJL VM
[OL>HSS 0[ LSHIVYH[LZ VU WVZZPISL JVUJLW[\HS Z[YH[LNPLZ
[VZ[YLUN[OLU[OLJVUZLY]H[PVUVM[OLPU[HUNPISLOLYP[HNL
HUKPKLU[PÄLZPUWHY[PJ\SHY[OLJVU[LTWVYHY`\ZL]HS\LVM
[OL>HSS»ZOLYP[HNLHZHZV\YJLMVYLK\JH[PVUHUKYLZLHYJO
HZILPUNJLU[YHSMVY[OLWYV[LJ[PVUVM[OLPU[HUNPISLOLYP
[HNLHUKOLUJLHZILPUNHULZZLU[PHSWHY[VM[OLJVUZLY
]H[PVUZ[YH[LNPLZMVY[OL)LYSPU>HSS
56;,:
;OPZ WHWLY PZ H Z`UVWZPZ VM [OL [OLZPZ Z\ITP[[LK I` [OL H\[OVY PU
-LIY\HY`MVY[OLWHY[PHSM\SÄSSTLU[VM[OLYLX\PYLTLU[ZMVY[OL
KLNYLLVM4HZ[LYVM(Y[ZPU>VYSK/LYP[HNL:[\KPLZH[);<*V[[I\Z
^OPJO^HZZ\JJLZZM\SS`KLMLUKLKPU4HYJO0[ZOV\SKILUV[LK
(KL[HPSLKL_HTPUH[PVUVM[OLKLIH[LZOV^Z[OH[[OLYL
PZHZ[YVUNIVK`VMPU[HUNPISL]HS\LZHZJYPILK[V[OL)LYSPU
>HSS¶]HS\LZ^OPJOOH]LUV[ILLUHJJVTTVKH[LKHUK
YLWYLZLU[LK PU [OL VMÄJPHS THZ[LYWSHU HKLX\H[LS` HUK
TVYLV]LY [OLPY PUJVYWVYH[PVU PU [OL WHY[PJ\SHY TLTVYP
HSPZH[PVU HUK PU[LYWYL[H[PVU WYVJLZZ H[ )LYUH\LY :[YHL
[OH[[OLW\ISPJH[PVUI`7L[aL[ HZKPZJ\ZZLKPU[OPZWHWLY^HZ
UV[ YLMLYYLK [V PU [OL THZ[LY»Z [OLZPZ ZPUJL P[ ^HZ W\ISPZOLK VUS`
YLJLU[S` /V^L]LY K\L [V P[Z \[TVZ[ YLSL]HUJL P[ ^HZ KLJPKLK [V
KPZJ\ZZP[Z\IZLX\LU[S`PU[OLMYHTL^VYRVM[OPZZ`UVWZPZ
*M :LUH[ ]VU )LYSPU .LZHT[RVUaLW[ a\Y ,YPUULY\UN HU KPL
)LYSPULY4H\LY!+VR\TLU[H[PVU0UMVYTH[PVU\UK.LKLURLU
4HZ[LYHYILP[LU
¸/LYP[HNLPZ^OH[WLVWSL]HS\LHUK^HU[[VOHUKVU[V[OLM\[\YL¹
O[[W!^^^NL[[`LK\JVUZLY]H[PVUW\ISPJH[PVUZWKMFW\ISPJH[PVUZ
*SHYR2W;V[OLJVUJLW[VMOLYP[HNLJMHSZV(ZO^VY[O
.3HYROHT7
"(ZO^VY[O./V^HYK7
+LURTHSWÅLNLJHUIL[YHUZSH[LKHZTVU\TLU[JVUZLY]H[PVU
B(JJLZZLK 4H` D
*SHYR
-VY H JVTWYLOLUZP]L HUK KL[HPSLK PU[YVK\J[PVU [V .LYTHU +LUR
WYVJLLKPUNZ VM [OL 3VUKVU JVUMLYLUJL 1HU\HY` THSWÅLNLJM:JOTPK[3
B6USPULD(]HPSHISLMYVT!O[[W!^^^OLSTVYN\R\WSVHKWKM7\ISPJ
(]YHTP , L[ HS WW 0U OLYP[HNL [OLVY` HUK WYHJ[PJL
[LYTPUVSVN`
YLNHYKPUN
[OL
*SHYR 2 LK *HW[\YPUN [OL 7\ISPJ=HS\L VM /LYP[HNL;OL
[LYTZ
ºOLYP[HNL
THUHNLTLU[»
ºJVUZLY]H[PVU» ºJVUZLY]H[PVU THUHNLTLU[» PZ UV[ JVUZPZ[LU[ 0U
=HS\LWKMB(JJLZZLK4H` D
+LHJVU
[OLJVU[L_[VM[OPZWHWLY[OLZL[LYTZHYL\ZLKHUK\UKLYZ[VVKPUH
+LHJVU/0U[HUNPISL/LYP[HNLPU*VUZLY]H[PVU4HUHNLTLU[
7SHUUPUN! ;OL *HZL VM 9VIILU 0ZSHUK 0U[LYUH[PVUHS 1V\YUHS VM
Z`UVU`TV\Z^H`
/LYP[HNL:[\KPLZWW :`Z[LTH[PJ HUK OVSPZ[PJ THUHNLTLU[ VM OLYP[HNL WSHJLZ ^HZ
WPVULLYLKI`[OL(\Z[YHSPHU1HTLZ:LTWSL2LYY^OVPUYLZWVUZL[V
+L\[ZJOLZ5H[PVUHSRVTP[LLM…Y+LURTHSZJO\[a
[OL)\YYH*OHY[LYKL]LSVWLK[OLHWWYVHJOVMHZ[Y\J[\YLKHUKOVSPZ[PJ
+L\[ZJOLZ 5H[PVUHSRVTP[LL M…Y +LURTHSZJO\[a LK +PL
)LYSPULY 4H\LY =VT :WLYY^HSS a\T +LURTHS :JOYPM[LUYLPOL KLZ
JVUZLY]H[PVUTHUHNLTLU[VUIHZPZVMHJVUZLY]H[PVUTHUHNLTLU[
+L\[ZJOLU5H[PVUHSRVTP[LLZM…Y+LURTHSZJO\[a
WSHU"JM2LYY1:"*MHSZV4HZVU9L[HSMVYHJHZL
2LYY
Z[\K`VM[OL]HS\LZIHZLKTHUHNLTLU[VM[OL/HKYPHU»Z>HSS>VYSK
/LYP[HNL:P[L^OPJO^P[OYLZWLJ[[V[OLTHUHNLTLU[VM[OL)LYSPU
>HSSPZJVUZPKLYLKHZHTVKLSVM\[TVZ[YLSL]HUJL
*M(\Z[YHSPH0*646:
)\YYH*OHY[LY(Y[
2LYY1:;OL*VUZLY]H[PVU7SHU[OLKU;OL5H[PVUHS;Y\Z[
VM(\Z[YHSPH5L^:V\[O>HSLZ
4HZVU
(]YHTP,L[HSW
4HZVU 9 L[ HS /HKYPHU»Z >HSS >VYSK /LYP[HNL :P[L (
*HZL :[\K` 3VZ (UNLSLZ! .L[[` *VUZLY]H[PVU 0UZ[P[\[L B6USPULD
*M7L[aL[4 (]HPSHISL MYVT! O[[W!^^^NL[[`LK\JVUZLY]H[PVUW\ISPJH[PVUZ
WKMFW\ISPJH[PVUZB(JJLZZLK 4H` D
7L[aL[
:,3,*;,+)0)306.9(7/@
7L[aL[4 0U[LYUH[PVUHS7YPUJPWSLZVM7YLZLY]H[PVUBW\ISPZOLK
\UKLY! 4VU\TLU[Z HUK :P[LZ ?? 7HYPZ! 0U[LYUH[PVUHS *V\UJPS VU
(ZO^VY[O
4VU\TLU[Z HUK :P[LZ 0*646: KPZJSHPTLK I` 0*646: PU 4H`
(ZO^VY[O .3HYROHT 7 LKZ :JOTPK[
@VYR
(ZO^VY[O./V^HYK7LKZ
,\YVWLHU/LYP[HNL7SHUUPUN
HUK4HUHNLTLU[,_L[LYHUK7VY[SHUK
(\Z[YHSPH0*646:
;OL)\YYH*OHY[LY!;OL(\Z[YHSPH0*646:
*OHY[LYMVY7SHJLZVM*\S[\YHS:PNUPÄJHUJLB6USPULD(]HPSHISLMYVT!
O[[W!^^^PJVTVZVYNH\Z[YHSPHI\YYHO[TSB(JJLZZLK(WYPS D
(]YHTP
(]YHTP , L[ HS =HS\LZ HUK /LYP[HNL *VUZLY]H[PVU 3VZ
(UNLSLZ! .L[[` *VUZLY]H[PVU 0UZ[P[\[L B6USPULD (]HPSHISL MYVT!
:LUH[ ]VU )LYSPU .LZHT[RVUaLW[ a\Y ,YPUULY\UN HU KPL
)LYSPULY4H\LY!+VR\TLU[H[PVU0UMVYTH[PVU\UK.LKLURLUB6USPULD
(]HPSHISL MYVT! O[[W!^^^ILYSPUKLZLUR\S[\YR\S[\YWVSP[PRTH\LY
(\Z[YHSPH0*646:
:JOTPK[3,PUM…OY\UNPUKPL+LURTHSWÅLNL:[\[[NHY[
:LUH[]VU)LYSPU
(ZO^VY[O
D
)\PSKPUN H 5L^ /LYP[HNL
;V\YPZT*\S[\YLHUK0KLU[P[`PU[OL5L^,\YVWL3VUKVUHUK5L^
NLZHT[RVUaLW[O[TSB(JJLZZLK4H` D
3LV:JOTPK[:TYP[P7HU[/HPRV;…YR/N
-69:*/,5)(<,5,9/(3;,5
1HOYI\JO
)LYSPU)VUU
)PISPVNYHÄZJOL0UMVYTH[PVUKLY+L\[ZJOLU5H[PVUHSIPISPV[OLR+PL+L\[
ZJOL5H[PVUHSIPISPV[OLR]LYaLPJOUL[KPLZL7\ISPRH[PVUPUKLY+L\[ZJOLU
5H[PVUHSIPISPVNYHÄL" KL[HPSSPLY[L IPISPVNYHÄZJOL +H[LU ZPUK PT 0U[LYUL[
…ILYO[[W!KUIKUIKLHIY\MIHY
0:)5 3LV:JOTPK[:TYP[P7HU[/HPRV;…YR/N
3LOYZ[\OS+LURTHSWÅLNL);<*V[[I\Z
7VZ[MHJO
*V[[I\Z
O[[W!^^^[\JV[[I\ZKLI\UKL
>LZ[RYL\a=LYSHN.TI/
)LYSPU)VUU
)…OSLUZ[YHL
)HK4…UZ[LYLPMLS
O[[W!^^^^LZ[RYL\aKL
7YPU[LKPU.LYTHU`
>LZ[RYL\a+Y\JRLYLP(OYLUZ2.
)LYSPU)VUU
9LKHR[PVU!/HPRV;…YR:TYP[P7HU[(UUL)HU[LSTHUU
;P[LSIPSK!/LLYLZ]LYZ\JOZZ[LSSL2\TTLYZKVYM2SLPULY7Y…MZ[HUK.Y\UK
YPZZTP[>HUKÅpJOLUILaLPJOU\UNKLY.LIp\KLH\LU^HUK
(\[VYLU!7.HQKaPR::LPKSLY
,]VS\[PVU:H[a*V]LY\UK3H`V\[!7OPSPWW:[HML
=VYSHNL:H[a3H`V\[!*OYPZ[PHU9LOLY
*V]LY\UK3H`V\[LU[^\YM!1\SPHU4LY[LS
0UOHS[
=69>69;
(<-:f;A,
+PL>\WWLY[HSLYÉ/pUNL)HUR¸¶A\Y)H\\UK2VUZ[Y\R[PVUZNLZJOPJO[L
KLY:[HK[ZWHYRHZZLPU,SILYMLSK]VU7H\S:JOULPKLY,ZSLILU
(URL2\OYTHUU
)H\LUPT)LZ[HUK]VY1HOYLU¶
+LYKLURTHSWÅLNLYPZJOL<TNHUNTP[3HUKOp\ZLYUPTZWp[]PR[VYPHUPZJOLU,UNSHUK
(UUL)HU[LSTHUU
(PaHUVPhH]KHYOPZHY;…YRLP¶7YHR[PZJOL+LURTHSWÅLNLPTHUH[VSPZJOLU)LYNSHUK
/HPRV;…YR
)H\R\S[\YH\ZOPZ[VYPZJOLY7LYZWLR[P]L¶
+PL-HJORSHZZL/PZ[VYPZJOL)H\R\S[\YKLY0U[LYUH[PVUHS.YHK\H[L:JOVVS*V[[I\Z
2SH\Z9OLPK[)LYUOHYK-S…NL
*VUZLY]H[PVU4HUHNLTLU[7SHUUPUNMVY*VTWSL_:P[LZ
*HZL:[\K`¶7YPUJL/LUY`:P[L3P[[SL)H`:`KUL`
+H]PK3VNHU
4(:;,9(9),0;,5
ÉPTWSHU[PLY[¸VKLYÉPU[LNYPLY[¸&+LY;VWVZÈ:OVWWPUN*LU[LY»KLZZLU(\Z^PYR\UNLUH\M
OPZ[VYPZJOL:[HK[aLU[YLU\UKT€NSPJOLYLJO[SPJOL:[L\LY\UN
*SH\KPH4H[a
+LY:VTTLYRLSSLYKLY0UUZ[HK[)YH\LYLP7HZZH\
-YHUa1VZLM:JOPSKOHTTLY
2\TTLYZKVYM¶0U[LYUH[PVUHSLY+LURTHS^LY[\UK>LS[R\S[\YLYIL7V[LUaPHS
/HUZ/HJR
;OL)LYSPU>HSS¶4HUHNPUNHKPMÄJ\S[OLYP[HNL
(UQH4LYIHJO
+HZ/H\Z,Z[YPJOPU1…[LYIVN¶
,PUL,U[^\YMZHUHS`ZLPT2VU[L_[KLZ-Y…O^LYRZ2VUYHK>HJOZTHUUZ
)YP[[H2L\[LY
+HZ7OpUVTLUKLYA^PZJOLUU\[a\UN\U[LYILZVUKLYLY)LY…JRZPJO[PN\UN
KLY+LURTHSWÅLNLHT)LPZWPLSKLYQ…UNLYLU)LYSPULY:[HK[NLZJOPJO[L
3\PZL9LSSLUZTHUU
+PL:WHUUIL[VUIH\^LPZL\UKKPL:WHUU]LYMHOYLUTP[UHJO[YpNSPJOLT=LYI\UK
2H[YPU:HSVNH
+PL2\S[\YMHIYPRPU4VHIP[
0UNYPK;HJRL
5(*/90*/;,5
;(.<5.,5
>VYSK/LYP[HNLMVY;VTVYYV^
:TYP[P7HU[:HT4LYYPSS
=VU/HUKH\MTHIPZ/PNO;LJO000¶+PUKLYOPZ[VYPZJOLU)H\MVYZJO\UN
2H[QH/LPUL-YHUR/LUaL(SL_HUKYH9PLKLS
+LURTHSR\S[\Y¶([[P[\KLZ[V/LYP[HNL
:TYP[P7HU[
3(<-,5+,7961,2;,3,/9=,9(5:;(3;<5.,5
=VT 9H\TI\JO a\T ^LIIHZPLY[LU .LVPUMVYTH[PVUZZ`Z[LT +VR\TLU[H[PVUZTL[OVKLU
KLY+LURTHSWÅLNLHT)LPZWPLSKLZ-SpJOLUKLURTHSZ¸/LLYLZ]LYZ\JOZZ[LSSL2\TTLYZKVYM¸
(U[QL4\LZ
0UOHS[
<UILX\LTL+LURTHSL¶6Y[LKLY,YPUULY\UN
+HNTHY1pNLY2SH\Z9OLPK[
().,:*/36::,5,79646;065,5
+LY.YPMMUHJOKLU2PYJOLU0KLVSVNPZJOLY\UKKLURTHSWÅLNLYPZJOLY<TNHUNTP[RYPLNZ
aLYZ[€Y[LU2PYJOLUIH\[LUPUKLY++9
/LUYPL[[L]VU7YL\ZJOLU
)Y…JRLUSHNLY¶ =VSRLY>L[aR
4(:;,9(9),0;,5 ¶
:;<+0,9,5+,5A(/3,5
(<;69,5)06.9(-0,5