&RPXQHGL*RUQR
6FULYLXQDVWRU\WHOOLQJ
VXLPLQDWRUL
&RQFRUVROHWWHUDULRULVHUYDWR
DJOLDOXQQLGHOODVFXRODSULPDULD
GHOODSURYLQFLDGL%HUJDPR
7YVNL[[V
CZdT`acZR^`
]VR_eZTYV
^Z_ZVcV
^VeR]]ZWVcV
0SWYVNL[[V9PZJVWYPHTVSLHU[PJOLTPUPLYLTL[HSSPMLYLu\UHWHY[LKP\UWYV
JLZZV TVS[V WPƒ HTWPV L HY[PJVSH[V KP [\[LSH ]HSVYPaaHaPVUL L WYVTVaPVUL
KLSSHYPJJOLaaHJ\S[\YHSLWYLZLU[LZ\SUVZ[YVJVT\ULL]HSVYLKLSSHUVZ[YH
*VT\UP[n
*VUPSWH[YVJPUPVKP
7YVNL[[VZVZ[LU\[VJVUJVU]PUaPVULKH9LNPVUL3VTIHYKPHJVUSHYPJJHZL
YPLKPPUPaPH[P]LWYL]PZ[L!SHIVYH[VYPKPKH[[PJP]PZP[LN\PKH[LYPJLYJOLJVUJVYZV
WLY\UHZ[VY`[LSSPUNJOLYPN\HYKHWYVWYPVX\LZ[HW\IISPJHaPVUL
0SJVU[LZ[VPUJ\P]PLULWVY[H[VH]HU[PuKLÄUP[VKH9LNPVULVYPNPUHSLLPU
UV]H[P]VPUX\HU[V¸UVUuX\LSSVJVUZ\L[VLPUX\HSJOLTVKVJVSSH\KH[V
KP \U PZ[P[\[V KP JVUZLY]HaPVUL HYJOP]PZ[PJV ILUZy X\LSSV KP \U LJVT\ZLV!
S»LJVT\ZLVKLSSL4PUPLYLKP.VYUVKPJ\PS»HYJOP]PVYHWWYLZLU[HPSYL[YV[LYYH
KVJ\TLU[HYPVPUKPZWLUZHIPSL¹
7YVNL[[V
CZdT`acZR^`
]VR_eZTYV
^Z_ZVcV
^VeR]]ZWVcV
*VVYKPUHTLU[VLKP[VYPHSL
:LYNPV7YPTV+LS)LSSV
7YVNL[[VNYHMPJVLYLHSPaaHaPVUL
*HZ[LSSL[[PNYHMPJHPTTHNPUL
-PUP[VKPZ[HTWHYL
4HNNPV
0UJVWLY[PUH!
3HIVYH[VYPVZJ\VSHWYPTHYPH
WYLZZVS»(YJOP]PVZ[VYPJV
KLSSLTPUPLYLKP.VYUV
0SYPJJVWHY[LUHYPH[VJOLuHUKH[VHJVZ[P[\PYZP9LNPVUL3VTIHYKPH7YVTV
ZLYPV 7YV]PUJPHKP)LYNHTV7HYJVKLSSL6YVIPL*VT\UP[n4VU[HUH=HSSL
:LYPHUH-VUKHaPVULWLYSH:[VYPH,JVUVTPJHL:VJPHSLKP)LYNHTV*LU[YV
Z[\KP L 9PJLYJOL (YJOP]PV )LYNHTHZJV (5(0 (ZZVJPHaPVUL 5HaPVUHSL (Y
JOP]PZ[PJH 0[HSPHUH ZLaPVUL 3VTIHYKPH SL JVZ[HU[P YLSHaPVUP JVU S»(YJOP]PV
KP:[H[V4PUPZ[LYVKLP)LUPLKLSSL([[P]P[n*\S[\YHSPLKLS;\YPZTVYHWWYL
ZLU[HUV\U¸TVK\ZVWLYHUKP¹]PUJLU[LPUX\LZ[HZP[\HaPVULLJVUVTPJHLK
HTTPUPZ[YH[P]H
7LY JYLZJLYL IPZVNUH LZZLYL JVTL ZHY[P JOL [LZZVUV YLSHaPVUP L ZPULYNPL
*OLOHUUVSHWYVZWL[[P]HKLS]LZ[P[VÄUHSLMH[[VKHKP]LYZPPUK\TLU[P8\L
Z[VWYVNL[[Vu\UZLTWSPJLIV[[VULKLSSHJHTPJPHKLS]LZ[P[VJOL.VYUVZP
Z[HJVZ[Y\LUKV
<U NYHaPL X\PUKP H [\[[P NSP LU[P L HNSP H[[VYP JVPU]VS[P LK PU WHY[PJVSHYL HNSP
HS\UUP KLSSH ZJ\VSH WYPTHYPH JOL OHUUV WHY[LJPWH[V HS WYVNL[[V LK HP [HU[P
VWLYH[VYP LJVT\ZLHSP JOL KH ]VSVU[HYP Z[HUUV JVVWLYHUKV ULSSH JYLZJP[H
KLSSHUVZ[YH*VT\UP[n
=HS[LY8\PZ[PUP
:PUKHJVKLSJVT\ULKP.VYUV
(SL_)VYSPUP
(ZZLZZVYLPZ[Y\aPVULJ\S[\YHLWVSP[PJOLZVJPHSPKLS*VT\ULKP.VYUV
7YVNL[[V
CZdT`acZR^`
]VR_eZTYV
^Z_ZVcV
^VeR]]ZWVcV
+HSWYVNL[[V¸9PZJVWYPHTVSLHU[PJOLTPUPLYL¹TL[HSSPMLYLJ»uTVS[VKHPT
WHYHYLL]PZ[HKH4PSHUVZLTIYH\UHLZWLYPLUaHKH]]LYVPUUV]H[P]H
(NSPVWLYH[VYPHYJOP]PZ[PJPWPƒH]]LY[P[PuUV[VKH[LTWVPSWYPUJPWPVZLJVUKVPS
X\HSLSHTPNSPVYL[\[LSHKP\UHYJOP]PVTHWV[YLTTVLZ[LUKLYLPSJVUJL[[V
H[\[[VPSWH[YPTVUPVJ\S[\YHSLSHTPNSPVYLNHYHUaPHKPJVUZLY]HaPVULZ[HULSSH
Z\H]HSVYPaaHaPVULULSSHWYVTVaPVULKLSSHZ\HJVUVZJLUaHULSSVZ[PTVSVHS
Z\V\[PSPaaV
(UJOLS»HYJOP]PVWPƒZPUNVSHYLLPU[LYLZZHU[LHUJOLX\LSSVWPƒHU[PJVLWYL
aPVZVHUJOLX\LSSVJVUPSTPNSPVYJVYYLKVZJPLU[PÄJVuMH[HSTLU[LKLZ[PUH[V
HSS»VISPVLK\UX\LHSKLNYHKVZLUVU]PLULJVUVZJP\[VZLUVU]PLULPKLU
[PÄJH[VJVTLYPZLY]HKPZHWLYLZLUVU]PLUL¸ZVJPHSTLU[L¸MY\P[V
8\LZ[V WYPUJPWPV MHJPSL KH LU\UJPHYL TH KPMÄJPSL KH HWWSPJHYL u X\LSSV JOL
PZWPYHPSWYVNL[[VKPJ\PVNNP]LUNVUVWYLZLU[H[PPWYPTPLZP[P3LNNVULSKVJ\
TLU[VKPWYVNL[[VWYVNL[[VJOL9LNPVUL3VTIHYKPHOHZVZ[LU\[VJVUJVU
]PUaPVULSHYPJJHZLYPLKPPUPaPH[P]LWYL]PZ[L!SHIVYH[VYPKPKH[[PJP]PZP[LN\PKH[L
YPJLYJOLJVUJVYZVWLY\UHZ[VY`[LSSPUNMVYTHaPVULKLSWLYZVUHSL+HX\LZ[V
W\U[VKP]PZ[HSHWYVWVZ[HYHWWYLZLU[H\UWV»SHZ\TTHKLSSL]HYPLWYH[PJOLKP
]HSVYPaaHaPVULYLHSPaaH[LWYLZZVNSPHYJOP]PSVTIHYKPULNSP\S[PTPHUUP
7LYJLU[\HSTLU[LWVZZPHTVHMMLYTHYLJOLZ\[YLYPJOPLZ[LYP\ZJPHTVHZVK
KPZMHYUL\UHVWVJVWPƒ9LNPVUL3VTIHYKPHJLYJHKPWYLTPHYLVS[YLHSS»PT
WLNUVÄUHUaPHYPVKLSZVNNL[[VWYVWVULU[LSLWYVWVZ[LJOLZPIHZHUVZ\SSH
JVVWLYHaPVUL[LYYP[VYPHSLLX\LSSLJOLWYLZLU[HUVJHYH[[LYPZ[PJOLPUUV]H[P]L
+HX\LZ[VW\U[VKP]PZ[H¸9PZJVWYPHTVSLHU[PJOLTPUPLYLTL[HSSPMLYL¹ZPu
JHUKPKH[VJVU[\[[LSLJHY[LPUYLNVSH3»H\ZWPJPVuJOLHSSHMLSPJLLSHIVYHaPV
ULKLSSHWYVWVZ[HWYVNL[[\HSLZPHJVYYPZWVZ[V\UHS[YL[[HU[VMLSPJLYPZJVU[YV
KHWHY[LKLSW\IISPJV
9VILY[V.YHZZP
9LNPVUL3VTIHYKPH+PYLaPVUL.LULYHSL*\S[\YLPKLU[P[nLH\[VUVTPL
:[Y\[[\YH4\ZLPIPISPV[LJOLHYJOP]PLZVWYPU[LUKLUaHILUPSPIYHYP
<66(YJOP]PZ[VYPJPLWVY[HSLSVTIHYKPHILUPJ\S[\YHSP
6YPNPUHSLLPUUV]H[P]VZLTIYHWVPPSJVU[LZ[VPUJ\P]PLULWVY[H[VH]HU[P¸9P
ZJVWYPHTV SL HU[PJOL TPUPLYL TL[HSSPMLYL¹ JOL UVU u X\LSSV JVUZ\L[V L PU
X\HSJOLTVKVJVSSH\KH[VKP\UPZ[P[\[VKPJVUZLY]HaPVULHYJOP]PZ[PJVILUZy
X\LSSVKP\ULJVT\ZLV!S»LJVT\ZLVKLSSL4PUPLYLKP.VYUVKPJ\PS»HYJOP]PV
YHWWYLZLU[H PS YL[YV[LYYH KVJ\TLU[HYPV PUKPZWLUZHIPSL 0S JVU[PU\V YPTHUKV
]LYYLIILKHKPYLSHUH[\YHSLKPHSL[[PJH[YHYPZVYZLKVJ\TLU[HYPLLYPZVYZLT\
ZLHSPHYYPJJOPZJLLU[YHTILLZVWYH[[\[[VHYYPJJOPZJLS»LZWLYPLUaHKLSMY\P[VYL
*YLKVKPH]LYJOPHYP[VJVUX\LZ[LWVJOLWHYVSLKPZHS\[VSLYHNPVUPKLSSH
TPHWLYZVUHSLJ\YPVZP[nLZVWYH[[\[[VX\LSSLWLYSLX\HSP9LNPVUL3VTIHYKPH
OHJVUJLZZV\UPTWVY[HU[LZVZ[LNUVÄUHUaPHYPV(X\LZ[VWYVWVZP[V]VYYLP
ZPU[L[PJHTLU[LJOPHYPYLPSX\HKYVPUJ\PuZ[H[VJVUJLZZVX\LZ[VHP\[VLJV
UVTPJV0JHWP[VSPKPIPSHUJPVKLZ[PUH[PHSSHJ\S[\YHZVUVHUKH[PULSJVYZVKLNSP
HUUPYPK\JLUKVZPZPNUPÄJH[P]HTLU[L"X\LZ[VOHZPNUPÄJH[VJOLHIIPHTVKV
]\[VH\TLU[HYLKPTVS[VSHZLSLaPVULKLSSLKVTHUKL
7YVNL[[V
CZdT`acZR^`
]VR_eZTYV
^Z_ZVcV
^VeR]]ZWVcV
4PJVTWSPTLU[VJVUP¸WPJJVSPZ[VYPJP¹KLSSHJSHZZL[LYaHKLSSHZJ\VSHWYP
THYPHKP.VYUVJOLVNNPYPJL]VUVX\LZ[VPTWVY[HU[LWYLTPVWLYH]LY]PU[V
PS JVUJVYZV SL[[LYHYPV JVU SH ¸:[VYPH KLS TPUH[VYL (UNLSV¹ ULSS»HTIP[V KLS
WYVNL[[V¸9PZJVWYPHTVSLHU[PJOLTPUPLYLTL[HSSPMLYL¹
/V[YV]H[VTVS[VPU[LYLZZHU[LPSWLYJVYZVHSSHYPJLYJHKLSSLMVU[PLKLSSL[L
Z[PTVUPHUaLVYHSPLZJYP[[LYLHSPaaH[VJVUZ\S[HUKVHYJOP]P]PZP[HUKVPS4\ZLV
KLSSLTPUPLYLPU[LY]PZ[HUKVUVUUPSLNNLUKV[LZ[PLHY[PJVSP
8\LZ[HTL[VKVSVNPHKPSH]VYVJHYH[[LYPaaHSHZJ\VSHKP.VYUVTVS[VH[[LU[H
HS[LYYP[VYPVLHSSHJVT\UP[nSVJHSLULPKP]LYZPHZWL[[PZ[VYPJPJ\S[\YHSPLHT
IPLU[HSPYLZHWVZZPIPSLKHSSHWHZZPVULLKHSSHJVTWL[LUaHKLPKVJLU[PLKHS
SHWYLaPVZHJVSSHIVYHaPVULKPHZZVJPHaPVUPL]VSVU[HYPJOLYPJVUVZJLUKVULS
WHZZH[VSLSVYVYHKPJPPU[LUKVUV]HSVYPaaHYULPSWH[YPTVUPVZ[VYPJVLP]HSVYP
0IHTIPUPZVUVZ[H[PTVS[VIYH]PULSYLUKLYLL]PKLU[PULSSHZ[VYPHKLSTPUH
[VYL(UNLSVP]HSVYPJOLOHUUVJHYH[[LYPaaH[VPSSH]VYVPUTPUPLYH!S»HTPJPaPH
SHZVSPKHYPL[nSHJVUKP]PZPVULPSZLUZVKPYLZWVUZHIPSP[nULSWYVWYPVSH]VYVSH
MLKLLSHYPJVUVZJLUaH
(\N\YV SVYV KP ZHWLY YPJVUVZJLYL JOL JP~ JOL ZPHTV VNNP u MY\[[V KLSSL
LZWLYPLUaLKLSWHZZH[VKPMHY[LZVYVKLP]HSVYPWVZP[P]PJOLOHUUVZJVWLY[V
ULS]PHNNPVZ[VYPJVPU[YHWYLZVLKP]P]LYSPULSSHSVYVJVT\UP[n
9PUNYHaPVS»,JVT\ZLVS»(TTPUPZ[YHaPVUL*VT\UHSLKP.VYUVL[\[[PJVSVYV
JOLOHUUVWLYTLZZVHPIHTIPUPKP]P]LYLX\LZ[HLZWLYPLUaHTL[[LUKVHKP
ZWVZPaPVULTH[LYPHSPLKVJ\TLU[HaPVULZLNUVKPZLUZPIPSP[nULPJVUMYVU[P
KLSSHZJ\VSHLÄK\JPHULPIHTIPUPJOLZVUVPSJ\VYLLPSM\[\YVKLSSHUVZ[YH
JVT\UP[n
=HUKH.PILSSPUP
+PYPNLU[L0Z[P[\[V*VTWYLUZP]VZ[H[HSLKP7VU[L5VZZH
9HNHaaPKP[LYaHLSLTLU[HYLJOLZJYP]VUV\UYHJJVU[V&,UVUKPW\YHPU
]LUaPVULJVTLZWLZZVZPMHVZPMHJL]HULSSLZJ\VSLTH\UYHJJVU[VKV
J\TLU[H[V&
4LYH]PNSPH , WLYJOt& 7LYJOt KLSSL NPV]HUP TLU[P KLP J\VYP YPJL[[P]P KLSSL
PU[LSSPNLUaLPUMVYTHaPVULUVUKV]YLIILYVLZZLYLPUNYHKVKPHMMLYYHYL\UH
TH[LYPHZyJVTWSLZZHTHHUJOLHMMHZJPUHU[LJVTLSHZ[VYPHKP\U[LYYPIPSL
PUJPKLU[LPUTPUPLYH&
*P]VNSPVUVZVSV[YLWYLJVUKPaPVUP
3HWYPTH!H]LYLHKPZWVZPaPVULYHNHaaPZ]LNSPLH[[LU[P4HZLZPuPUNYHKVKP
JVPU]VSNLYSPX\HZP[\[[PPYHNHaaPZPSHZJPHUV]VSLU[PLYPHMMHZJPUHYL
3HZLJVUKH!WYVWVYYL\UHZ[VYPHJOLTLYP[HKPLZZLYLYHJJVU[H[H
;LYaHWYLJVUKPaPVULLMVYZLSHWPƒPTWVY[HU[LLZZLYLN\PKH[PKHPUZLNUHU[P
JHWHJPKP\ZHYL\UHZ[Y\TLU[HaPVULYPJJH
,X\PJVTPUJPHSHUV]LSSHZ[VYPHWLYKPYSHJVU*HYK\JJP!\UHZ[VYPHMH[[HKP
YPJLYJHJ\YPVZP[n\THUHLJVUKP]PZPVULKPZLU[PTLU[P
3H]PJLUKHJOLNSPZ[\KLU[PKP.VYUVYHJJVU[HUVuSHZPU[LZPKP[\[[PX\LZ[P
LSLTLU[P
(ZJVS[HYL P YHJJVU[P KLSSH ]P[H PU TPUPLYH ULSSL [LZ[PTVUPHUaL KLP TPUH[VYP L
PUZPLTLHWWYVMVUKPYLS»HYNVTLU[VH[[YH]LYZVSHYPJLYJHKVJ\TLU[HSLLZ[V
YPVNYHÄJH OH JVUZLU[P[V HP YHNHaaP KP PKLU[PÄJHYZP PU X\HSJOL TPZ\YH PU \U
\UP]LYZV SH]VYH[P]V VYTHP LZ[PU[V HSSL UVZ[YL SH[P[\KPUP L X\PUKP KPMÄJPSTLU[L
JVTWYLUZPIPSL
-PU X\P ZPHTV [\[[H]PH ULSSH ZHJYVZHU[H L ILULKL[[H LZWLYPLUaH KPKH[[PJH
JOL u VYTHP WH[YPTVUPV JVUZVSPKH[V KLSSH TL[VKVSVNPH KP PUZLNUHTLU[V PU
[HU[LZJ\VSLWYPTHYPLP[HSPHULX\HSZPHZPJVZHULKPJHUVJVSVYVJOLZWYVWVZP
[HUVZ\SSP]LSSVKLSSHUVZ[YHPZ[P[\aPVULZJVSHZ[PJH
4HPUX\LZ[HLZWLYPLUaHJ»uX\HSJVZHKPWPƒ!J»uPSWHZZHNNPVHSSHUHYYHaPV
UL
7HZZHNNPV MVUKHTLU[HSL WVPJOt VNNP X\HZP [\[[L SL MVYTL JVT\UPJH[P]L
OHUUVPSJHYH[[LYLKLSSHUHYYHaPVUL
)HZ[P\UZVSVLZLTWPV!SHW\IISPJP[nu[HU[VWPƒLMÄJHJLX\HU[VWPƒJVZ[Y\P
ZJLH[[VYUVHSWYVKV[[V\UWPJJVSV\UP]LYZVUHYYH[P]VJOLZPZ]PS\WWHKPZWV[
PUZWV[,SVZWV[ZPYPJVYKHWYVWYPVNYHaPLHNSPLZWLKPLU[PUHYYH[P]PJOLPULZZV
ZPZ]PS\WWHUV<ULZLTWPVWLY[\[[P!NSPZWV[ZRL[JOKLSSH3H]HaaH
7YVNL[[V
CZdT`acZR^`
]VR_eZTYV
^Z_ZVcV
^VeR]]ZWVcV
0S JVUJVYZV SL[[LYHYPV u Z[H[V VYNHUPaaH[V ULSS»HTIP[V KLS WYVNL[[V 9PZJV
3H WV[LUaH KLSSH UHYYHaPVUL W\~ LZZLYL WPLNH[H H ÄUHSP[n TLUV JVYYP]L KP
X\LSSL W\IISPJP[HYPL 7LY LZLTWPV W\~ LZZLYL \[PSPaaH[H WLY YPJVZ[Y\PYL \U
KYHTTH[PJVPUJPKLU[LPUTPUPLYHJVTLOHUUVMH[[VPYHNHaaPKP.VYUV
+V]LZ[HS»VYPNPUHSP[nLS»LMÄJHJPHKLSS»VWLYHaPVUL&5LSMH[[VJOLX\LZ[H]PJLU
KHuKLS[\[[VHKLYLU[LHSSHYLHS[nuKVJ\TLU[H[H,K\UX\L]LYHKLSSH
]LYP[nKLSSHYPJVZ[Y\aPVULZ[VYPJH
(SSVYH WVUPHTVJP KHS W\U[V KP ]PZ[H KLP YHNHaaP 7V[L]HUV Z[\KPHYL S»PUJP
KLU[LPU\U[LZ[VJVTTLU[HYLSH]PJLUKHLJVU[LZ[\HSPaaHYSH6WLYHaPVUL
KPKH[[PJHTLU[LJVYYL[[HLHUJOL[YHKPaPVUHSTLU[LLMÄJHJL
3L PUZLNUHU[P OHUUV PU]LJL ZJLS[V KP YPJVZ[Y\PYL SH ]PJLUKH HMMYVU[HUKVSH
KHWPƒW\U[PKP]PZ[HP[LZ[PTVUPPSZVWYHSS\VNVSHYPJVZ[Y\aPVULKVJ\TLU
[HYPHL]PHL]PH8\LZ[VOHJVUZLU[P[VSVYVKPTL[[LYLPUTV[VULSYHNHaaV
WPƒSP]LSSPKPH[[LUaPVUL\UHJ\YPVZP[nWPƒHTWPHLTV[P]H[H(X\LZ[VTVKV
OHUUVJLYJH[VSHIPISPVNYHÄHTHHUJOLPNPVYUHSPOHUUVJVUZ\S[H[VPS3PILY
*OYVUPJ\ZPS3PILY*OYVUPJ\ZuPSKVJ\TLU[VPUJ\P]LUNVUVYLNPZ[YH[PPWYPU
JPWHSPH]]LUPTLU[PKLSSHWHYYVJJOPHUVUZVSVYLSPNPVZPTHHUJOLJP]PSPLKu
K\UX\L\UVZ[Y\TLU[VKPJVUVZJLUaHZ[VYPJHMVYTPKHIPSLPUZLKLKPZ[VYPH
SVJHSLHUJOLZLZVSP[HTLU[LWVJVMYLX\LU[H[V:VWYH[[\[[VZPZVUVPTTLYZP
ULPKVJ\TLU[PKLSS»HYJOP]PVKLSSLTPUPLYLKP.VYUVLHX\LZ[VTVKVOHUUV
MHTPSPHYPaaH[VJVUSHWS\YHSP[nKPMVU[PVNNPHKPZWVZPaPVULWLYSHYPJVZ[Y\aPVUL
Z[VYPJH
0UÄULOHUUVJVU[LZ[\HSPaaH[V\[PSPaaHUKV[\[[LSLPUMVYTHaPVUPHJX\PZP[LSH
]PJLUKHYLZ[P[\LUKVSHHSSHZ\H]LYHKPTLUZPVUL!UVUW\YVMH[[VKPJYVUHJH
THTVTLU[VKPYV[[\YHPU\UHTIPLU[LLPU\UHJVT\UP[nTVS[VJVLZH
+P[LWVJV&;\[[VX\LZ[VZLY]LUVUZVSVHSS»H[[P]P[nZWLJPHSPZ[PJHKLSSVZ[\KPV
KLSSHZ[VYPHTHHUJOLLZVWYH[[\[[VHJVUZLU[PYLHSYHNHaaVKPJHWPYLJOLSH
YLHS[nuJVTWVZP[HJOLPW\U[PKP]PZ[HZVUVZLTWYLTVS[LWSPJPLJOLVJJVYYL
ZLTWYLLZZLYL]PZP[H[PKHK\IIPX\HUKVZPJLYJH\UH]LYP[nKLSWHZZH[V
+L[[VJVZyZLTIYHJVZHUVPVZHHZZHPLHZZHPHZ[YH[[H
4H JOPLKL[LSV HP YHNHaaP JOL OHUUV ZJHY[HILSSH[V [YH SH KVJ\TLU[HaPVUL
JOL OHUUV PU[LYYVNH[V P [LZ[PTVUP OHUUV JVUZ\S[H[V P NPVYUHSP , ZLU[PYL[L
JVZH]PYPZWVUKVUV
3VKPTHNNPV
-YHUJLZJV*H[[HULV
NPn+PYL[[VYLKLSS»(YJOP]PVZ[VYPJVJVT\UHSLKP3VKP
WYPHTVSLHU[PJOLTPUPLYLTL[HSSPMLYLÄUHUaPH[VKHSSH9LNPVUL3VTIHYKPHL
KHS *VT\UL KP .VYUV 0S WYVNL[[V u Z[H[V WYLZLU[H[V HSS»HTTPUPZ[YHaPVUL
JVT\ULKVWVPSJVU]LNUVPU[LYUHaPVUHSLKPZ[\KPJOLZPu[LU\[VH.VYUVPS
THYaVZ\SKPZ[YL[[VTPULYHYPV9PZV7HYPUH3»PUPaPH[P]HZPJVSSVJHPU
\U WPƒ ]HZ[V WYVNYHTTH KLSS»HTTPUPZ[YHaPVUL ÄUHSPaaH[V HS YLJ\WLYV ]H
SVYPaaHaPVULLMY\PaPVULKLPILUPZ[VYPJPLHYJOP]PZ[PJPKLSSLZVJPL[nTPULYHYPL
KPZTLZZLJOLOHUUVVWLYH[VPUX\LZ[HaVUHÄUVHNSPPUPaPKLNSPHUUP6[[HU[H
KLSZLJVSVZJVYZV
+VWVSHJOP\Z\YHKLSSLH[[P]P[nTPULYHYPLULS LS»HIIHUKVUVKLNSPLKPÄJP
HTTPUPZ[YH[P]PLPUK\Z[YPHSPHUJOLS»HYJOP]PVKLSSLZVJPL[nuYPTHZ[VPUJ\Z[V
KP[VLWLY[HSLYHNPVULOHZ\IP[VKHUUPLZV[[YHaPVUP<UHWHY[LKLSSHKVJ\
TLU[HaPVULuZ[H[HYLJ\WLYH[HKHSS»(YJOP]PVKP:[H[VKP)LYNHTVULS TLU[YLSHWHY[LYPTHULU[LKLSMVUKVuZ[H[HZHS]H[HLYLJ\WLYH[HKHSS»HT
TPUPZ[YHaPVULJVT\UHSLKP.VYUV9PTHZ[HPUKLWVZP[VWYV]]PZVYPVWYLZZV
HSJ\UPSVJHSPJVT\UHSPuZ[H[HZVTTHYPHTLU[LVYKPUH[HLJVSSVJH[HULS
PU\UHZ[HUaHKLST\ZLVTPULYHYPV0SNLUUHPVKLSKVWV\UHZLYPL
KP]LYPÄJOLuZ[H[VZV[[VZJYP[[V\UHJJVYKVJVUS»(YJOP]PVKP:[H[VKP)LY
NHTVZ\SSHIHZLKLSX\HSLPS*VT\ULKP.VYUVW\~KL[LULYLSLNHSTLU[LPU
KLWVZP[V[LTWVYHULVS»HYJOP]PVPTWLNUHUKVZPHYPVYKPUHYSVLKPU]LU[HYPHYSV
LHKVYNHUPaaHYLPUPaPH[P]LÄUHSPaaH[LHSSHZ\H]HSVYPaaHaPVUL
:VUVZ[H[PPKLH[PKLSSHIVYH[VYPLK\JH[P]PWLYPYHNHaaPKLSSLZJ\VSLWYPTHYPL
LZLJVUKHYPLKPWYPTVNYHKVLWLYNSPHK\S[PPTWLYUPH[LZ\SS»HYJOP]PVZ[VYPJV
TPULYHYPVKP.VYUV3»PKLHKPZWLYPTLU[HYLU\V]LMVYTLKPH[[YH[[P]P[nZPHULP
JVUMYVU[PKLSTVUKVKLSSHZJ\VSHJOLKPX\LSSVKLNSPHK\S[Pu]LU\[HHUJOL
Z\Z\NNLYPTLU[VKLSSH9LNPVUL3VTIHYKPHJOLOHYPJOPLZ[VKPWYLKPZWVYYL
U\V]LMVYTLKPMY\PaPVULKLPILUPJ\S[\YHSPPUWYL]PZPVULKP,?76.YH
aPLHSÄUHUaPHTLU[VYLNPVUHSLLJVT\UHSLuZ[H[VWVZZPIPSLYLHSPaaHYLX\L
Z[LU\V]LMVYTLPUUV]H[P]LKPJVPU]VSNPTLU[VKLSW\IISPJVLJVUZLU[PYLH
\UH[YLU[PUHNY\WWPKPWHY[LJPWHYLZLUaHHSJ\UJVZ[V6YHS»,JVT\ZLVWV[Yn
WYVWVYYLX\LZ[PU\V]PZLY]PaPHWHNHTLU[VJVUZLU[LUKVPU[HSTVKVPSSVYV
THU[LUPTLU[V LJVUVTPJV ZLUaH HNNYH]HYL SL JHZZL KLSS»HTTPUPZ[YHaPVUL
JVT\UHSL0SWYVZZPTVVIPL[[P]VVYHuPSYPVYKPUVLS»PU]LU[HYPHaPVULKLSS»HYJOP
]PVTPULYHYPVPUKLWVZP[VWYLZZVSHZLKLKLST\ZLV
:LYNPV7YPTV+LS)LSSV
*VVYKPUH[VYLKLSWYVNL[[V
ZWKLSILSSV'`HOVVP[ 7YVNL[[V
CZdT`acZR^`
]VR_eZTYV
^Z_ZVcV
^VeR]]ZWVcV
0S JVUJVYZV u Z[H[V PUKL[[V KHS *VT\UL KP .VYUV ULSS»HTIP[V KLSSL H[[P]P[n KLS WYVNL[[V 9P
ZJVWYPHTVSLHU[PJOLTPUPLYLTL[HSSPMLYLÄUHUaPH[VKHSSH9LNPVUL3VTIHYKPHLWYVTVZZVKHS
*VT\ULKP.VYUVPUWYL]PZPVULKP,?76LÄUHSPaaH[VHSSH]HSVYPaaHaPVULKLPWH[YPTVUPKP
IPISPV[LJOL L HYJOP]P WLY SH WYVTVaPVUL KLSSH Z[VYPH L KLSSH J\S[\YH KLP [LYYP[VYP SVTIHYKP LK PU
WHY[PJVSHYLWLYMH]VYPYLSHJVUVZJLUaHLS»\ZVKLSSLJVSSLaPVUPKVJ\TLU[HYPLLSPIYHYPLH[[YH]LYZV
PUPaPH[P]LYP]VS[LHSSLZJ\VSL
.VYUV
0SWYLTPVJVUZPZ[LPUSPIYPKVUH[PKHSSH-VUKHaPVULWLYSH:[VYPH,JVUVTPJHL:VJPHSLKP)LYNH
TV*LU[YV:[\KP(YJOP]PV)LYNHTHZJVLK,JVT\ZLVKLS*VT\ULKP.VYUV
=LYYHUUVWYLTPH[LSLWYPTLJPUX\LVWLYLJSHZZPÄJH[LJOLZHYHUUVW\IISPJH[LHZ[HTWHHJ\YH
KLSS»VYNHUPaaHaPVULPU\U»LKPaPVULH[PYH[\YHSPTP[H[H3HW\IISPJHaPVUL]LYYnKVUH[HHSSHJSHZZP
]PUJP[YPJP
0WYLTPKV]YHUUVLZZLYLYP[PYH[PWLYZVUHSTLU[LKHP]PUJP[VYPK\YHU[LSHJLYPTVUPHKPWYLTPHaPVUL
VPUJHZVKPNP\Z[PÄJH[VSVYVPTWLKPTLU[VKHJVT\UPJHYLWYL]LU[P]HTLU[LHS*VT\ULKP.VY
UVKHWLYZVUHSVYVKLZPNUH[H
3LJSHZZP]PUJP[YPJLH]YHUUVKPYP[[VHK\UH]PZP[HN\PKH[HNYH[\P[HHS4\ZLVLHSZP[VTPULYHYPV
(KVNUPPZ[P[\[VWHY[LJPWHU[L]LYYnKH[VPUVTHNNPVPS]VS\TLKP3\PNP-\YPH3LTPUPLYLKPWPVT
IVLKPaPUJVKLSSH)LYNHTHZJH)VSPZ,KPaPVUP)LYNHTV
5HJRODPHQWR
$UWò)LQDOLW¿
3HÄUHSP[nKLSJVUJVYZVuKPZ[PTVSHYLS»H[[LUaPVUL]LYZVSLMVU[PZ[VYPJOLLSHJHWHJP[nKPZJYP[[\YH
ULPIHTIPUPWLY]HSVYPaaHYLLZ]PS\WWHYLPSSVYV[HSLU[VJYLH[P]V
$UW0RGDOLW¿GLSDUWHFLSD]LRQH
:VUVHTTLZZPYHJJVU[PKPJHYH[[LYLZ[VYPJVPSS\Z[YH[PJVUKPZLNUPZPHKPSPILYHLZWYLZZPVULKLSSH
MHU[HZPHJOLYPMLYP[PHKLWPZVKPYLHSTLU[LHJJHK\[PH]LU[P\UHS\UNOLaaHTPUPTHLZJS\ZVPSMYVU
[LZWPaPVKPJHY[LSSLLTHZZPTHKPJHY[LSSL[PTLZUL^YVTHUJVYWVPU[LYSPULHZPUNVSH
UVUVS[YLIH[[\[LHWHNPUHJOL[YH[[HUVLHIIPHUVJVTLZVNNL[[VLJVU[LZ[VWYPUJPWHSL
PTPUH[VYPLSLTPUPLYL
0U[VYUVHSSH]P[HLHSSLMH[PJOLKLSSH]VYVX\V[PKPHUVKLPTPUH[VYPZVUVUH[LTVS[LZ[VYPLLSLN
NLUKL HSJ\UL KLSSL X\HSP YPMLYP[L H LWPZVKP YLHSTLU[L H]]LU\[P JVTL SH ]PJLUKH KLS TPUH[VYL
4VKLZ[V=HYPZJOL[[PKL[[V*OHYSPLJOLULS KVWVLZZLYLLTPNYH[VKH.VYUVPU(\Z[YHSPH
KP]LUULMHTVZVWLYLZZLYZPZHS]H[VTPYHJVSVZHTLU[LULSSH>LZ[YHSPHKV]LYPTHZLISVJJH[VWLY
UV]LNPVYUPKLU[YV\UHTPUPLYHHZLN\P[VKP\UPUJPKLU[L
:\S ZP[V KLSS»,JVT\ZLV KLSSH TPUPLYL KP .VYUV O[[W!^^^LJVT\ZLVTPUPLYLKPNVYUVP[ ]P
ZVUVU\TLYVZLPUMVYTHaPVUPLHWWYVMVUKPTLU[PYPN\HYKHU[PPSSH]VYVLSH]P[HKLPTPUH[VYP
3HWHY[LJPWHaPVULuNYH[\P[H
6NUPJSHZZLKLSSLZJ\VSLWYPTHYPLKLSSHWYV]PUJPHKP)LYNHTVWV[YnWYLZLU[HYL\UZVSVLSHIVYH[V
PKLU[PÄJH[VJVU\U[P[VSVZJYP[[VLKPSS\Z[YH[VKHNSPHS\UUPJVUSHZ\WLY]PZPVULKLSS»PUZLNUHU[L
3LVWLYLKL]VUVLZZLYLPULKP[LLPUSPUN\HP[HSPHUHLKV]YHUUVLZZLYLPU]PH[LLU[YVZHIH[V HWYPSLPUMVYTHJHY[HJLHPUI\Z[HJOP\ZHLZ\\UÄSLKP^VYKWYVJLZZVYMVYTH[V[LZ[VTL
TVYPaaH[VZ\\U*+VWW\YLZWLKP[V]PHTHPS7,*H!
*VT\ULKP.VYUV]PHKLSSH*YLKLUaH.VYUV).
7,*!WYV[VJVSSVNVYUV'WLJP[
-HMLKLPS[PTIYVWVZ[HSLLSHKH[HKPYPJLaPVULKLSSHTHPS
0S*VT\ULKP.VYUVUVUuYLZWVUZHIPSLPUJHZVKPZTHYYPTLU[VKLP[LZ[P
JOLUVU]LYYHUUVJVT\UX\LYLZ[P[\P[P
$UW3UHPL
(Y[*VTTPZZPVULNP\KPJH[YPJL
;\[[LSLVWLYLYPJL]\[LZHYHUUV]HS\[H[LKH\UHJVTTPZZPVULUVTPUH[HKHSSH.P\U[H*VT\UL
KP.VYUVWYLZPLK\[HKHSS»HZZLZZVYLHSSH*\S[\YH(SL_)VYSPUPLJVVYKPUH[HKHSS»HYJOP]PZ[H:LYNPV
7YPTV+LS)LSSV
0SNP\KPaPVKLSSHJVTTPZZPVULZHYnPUZPUKHJHIPSL3HJVTTPZZPVULOHSHMHJVS[nKPWYLTPHYLWPƒ
VWLYLLKPZLNUHSHYULHS[YLWHY[PJVSHYTLU[LTLYP[L]VSPWYVWVULUKVSLL]LU[\HSTLU[LWLY\UH
Z\JJLZZP]HW\IISPJHaPVUL
$UW3UHPLD]LRQH
3»LZP[VKLSWYLTPV]LYYnJVT\UPJH[VHSSHZJ\VSHLZHYnW\IISPJH[VZ\SZP[VKLS*VT\ULKP.VYUV
LKLSS»,JVT\ZLV
3H JLYPTVUPH KP WYLTPHaPVUL ZP Z]VSNLYn ZHIH[V THNNPV WYLZZV SH ZHSH (YJVIHSLUV
KLSS»6YH[VYPVWHYYVJJOPHSLKP.VYUV
(Y[+PYP[[PK»H\[VYL
.SP H\[VYPH]LUKVHJJL[[H[VPSYLNVSHTLU[VKLSJVUJVYZVJLKVUVNYH[\P[HTLU[LHS*VT\UL
KP .VYUV VYNHUPaaH[VYL KLS JVUJVYZV VNUP KPYP[[P KP KP]\SNHaPVUL L ZMY\[[HTLU[V LJVUVTPJV
KLSS»VWLYHMH[[PZHS]PPKPYP[[PK»H\[VYLWLYZVUHSPZZPTP
(Y[;\[LSHKLSSHWYP]HJ`
0UMVYTH[P]HZ\SSHWYP]HJ`!PUYLSHaPVULHNSPHY[[KLS+3U LZ\JJLZZP]LTVKPÄJOLPKH[P
WLYZVUHSPLPKLU[PÄJH[P]PZHYHUUV\[PSPaaH[PLZJS\ZP]HTLU[LHPÄUPKLSJVUJVYZVLUVU]LYYHUUV
JVT\UPJH[PVKPMM\ZPH[LYaP
3HWHY[LJPWHaPVULHSJVUJVYZVZV[[PU[LUKLSHJVTWSL[HHJJL[[HaPVULKLSWYLZLU[LYLNVSHTLU[V
0UMVYTHaPVUP!*VT\ULKP.VYUV,JVT\ZLVKLSSLTPUPLYLKP.VYUV
]PHKLSSH*YLKLUaH.VYUV).
LSMH_
ZLNYL[LYPH'JVT\ULNVYUVINP[
7YVNL[[V
CZdT`acZR^`
]VR_eZTYV
^Z_ZVcV
^VeR]]ZWVcV
*VUJVYZVSL[[LYHYPVYPZLY]H[VHNSPHS\UUP
KLSSHZJ\VSHWYPTHYPHKLSSHWYV]PUJPHKP)LYNHTV
6FULYLXQDVWRU\WHOOLQJVXLPLQDWRUL
0Z[P[\[V*VTWYLUZP]VKP7VU[L5VZZH
:J\VSH7YPTHYPHKPWYPTVNYHKVKP.VYUV
(UUVZJVSHZ[PJV
*SHZZLE
(IIHKPUP*OPHYH
(IVUKPV.P\SPH
)VUHUKYPUP.PHKH
)VYSPUP3PZH
*HIYPUP+H]PKL
.HTIH=LYVUPJH
9PJJP\[V(UNLSV
9PJJP\[V(YPHUUH
:LUVJYH[L7HVSV
=HYPZJOL[[P5PJVS~
0UZLNUHU[L
:PS]HUH7VSP
7YLTLZZH
¸3LZ[VYPLYHWWYLZLU[HUVPSTLaaVKP[YHZTPZZPVULKLSSLLZWLYPLUaLKH\UH
NLULYHaPVUL HSS»HS[YH ([[YH]LYZV SH UHYYHaPVUL PUMH[[P TL[[PHTV VYKPUL JLY
JHUKVKPKHYLZLUZVHSSLUVZ[YLLZWLYPLUaL¹
¸:LUaHTLTVYPHZ[VYPJH\UHJVT\UP[nYPZJOPHKPWLYKLYLLZTHYYPYLPSZPNUP
ÄJH[VLPSZLUZVWYVMVUKVKLSSHWYVWYPHPKLU[P[nJ\S[\YHSLLJP]PSL¹
¸3HZJ\VSHuPSS\VNVPUJ\PPSWYLZLU[LuLSHIVYH[VULSS»PU[YLJJPV[YHWHZZH[V
LM\[\YV[YHTLTVYPHLWYVNL[[V¹+HSSL¸0UKPJHaPVUPUHaPVUHSPWLYPSJ\YYPJVSV
KLSSHZJ\VSHKLSS»PUMHUaPHLKLSWYPTVJPJSVK»PZ[Y\aPVUL¹
3»PZ[P[\aPVUL ZJVSHZ[PJH VWLYH HMÄUJOt S»HS\UUV WVZZH YHNNP\UNLYL KLP [YH
N\HYKPWLYSVZ]PS\WWVKPJVTWL[LUaL+HPJ\YYPJVSPKPJSHZZLE!
¸3»HSSPL]VWHY[LJPWHHZJHTIPJVT\UPJH[P]P(ZJVS[HLJVTWYLUKL[LZ[PVYHSP
¸KPYL[[P¹JVNSPLUKVULPSZLUZVSLPUMVYTHaPVUPWYPUJPWHSPLSVZJVWV
3LNNLLJVTWYLUKL[LZ[PKP]HYPV[PWVULPUKP]PK\HPSZLUZVNSVIHSLLSLPU
MVYTHaPVUPWYPUJPWHSP:JYP]L[LZ[PSLNH[PHSS»LZWLYPLUaHLHSSLKP]LYZLVJJHZPVUP
KPZJYP[[\YHJOLSHZJ\VSHVMMYL3»HS\UUVYPJVUVZJLLSLTLU[PZPNUPÄJH[P]PKLS
WHZZH[VKLSZ\VHTIPLU[LKP]P[H!PUKP]PK\HSL[YHJJLLSL\ZHJVTLMVU[PWLY
WYVK\YYLJVUVZJLUaLYLSH[P]LHSSHJVT\UP[nKPHWWHY[LULUaHZ\HZWL[[PKLS
WHZZH[V
9PJVUVZJL LK LZWSVYH PU TVKV ]PH ]PH WPƒ HWWYVMVUKP[V SL [YHJJL Z[VYPJOL
WYLZLU[P ULS [LYYP[VYPV L JVTWYLUKL S»PTWVY[HUaH KLS WH[YPTVUPV HY[PZ[PJV L
J\S[\YHSL
:PYLUKLJVU[VJOLSVZWHaPVNLVNYHÄJVu\UZPZ[LTH[LYYP[VYPHSLJVZ[P[\P[V
KHLSLTLU[PÄZPJPLHU[YVWPJPSLNH[PKHYHWWVY[PKPJVUULZZPVULLVKPPU[LYKP
WLUKLUaH,»HJVUVZJLUaHKPHSJ\UPWYVJLZZPKP[YHZMVYTHaPVULKPYPZVYZL
Ï PU NYHKV KP VZZLY]HYL LZWSVYHYL KLZJYP]LYL L SLNNLYL PTTHNPUP VWLYL
K»HY[LMV[VNYHÄLLTLZZHNNPT\S[PTLKPHSPÄSTH[P
:HJVSSLNHYLPJVU[LU\[PWYPUJPWHSPKLSZ\VPUZLNUHTLU[VHSSL[YHKPaPVUPKLS
S»HTIPLU[LPUJ\P]P]L¹
7YVNL[[V
CZdT`acZR^`
]VR_eZTYV
^Z_ZVcV
^VeR]]ZWVcV
0U[YVK\aPVUL
5VP HS\UUP KP JSHZZL E KLSSH :J\VSH WYPTHYPH KP
.VYUV ULSS»HTIP[V KLS WYVNL[[V ¸ 9PZJVWYPHTV
SLHU[PJOLTPUPLYLTL[HSSPMLYL¹WYVTVZZVKHS*V
T\ULKP.VYUVHIIPHTV]PZP[H[VPS4\ZLVKLSSL
TPUPLYLLSHTPUPLYHKP*VZ[H1LSZMVU[PTH[LYPHSP
LZJYP[[LLHIIPHTV]PZ[VPSÄSTH[V¸3H]HSSLKLSSV
aPUJV¹MVU[L]PZP]H
7LYJVUVZJLYLHS[YLPUMVYTHaPVUPYLSH[P]LHSS»LZ[YH
aPVULKLSTPULYHSLKHSSHTPUPLYHLHSSHZ\HSH]V
YHaPVUL HIIPHTV WLUZH[V KP PU[LY]PZ[HYL HUJOL
HSJ\ULWLYZVULJOLOHUUVZ]VS[VPKP]LYZPSH]VYP
HSSHTPUPLYHMVU[LVYHSL
7LYX\LZ[V\UJVTWHNUVOHPU[LY]PZ[H[VHJHZH
PS UVUUV 7VSP .P\ZLWWL JOL OH SH]VYH[V WYLZZV
SL UVZ[YL TPUPLYL L \U HS[YV JVTWHNUV PS UVUUV
.\LSTHUP .PV]HUUP JOL OH SH]VYH[V ULSSL TPUPL
YLPU:]PaaLYH"WVP]LULYKyTHYaVHIIPHTV
PUJVU[YH[VHZJ\VSHHSJ\UPKLNSP¸(TPJPKP:)HY
IHYH¹! ;LSPUP )H[[PZ[H AHUV[[P 0WWVSP[V .\LYPUVUP
3\PNPL-\YPH4HYPV
(SS»PUJVU[YVJ»LYHHUJOL(TLYPNV)HJJHULSSPJOL
UVPHS\UUPHIIPHTVNPnJVUVZJP\[VPUVJJHZPVUL
KLSSH[YH[[HaPVULKPHZWL[[PZ[VYPJPKLS[LYYP[VYPV
8\LZ[LZVUVZ[H[LSLKVTHUKLJOLHIIPHTVWV
Z[VSVYV!
*VTLZPJOPHTH&
*OLH[[P]P[nZ]VSNL]H&
+V]LZ]VSNL]HX\LZ[HH[[P]P[n&0UX\HSLJHU
[PLYL&
( X\HU[P HUUP OH PUPaPH[V H SH]VYHYL& , WLY
X\HU[V[LTWVOHZ]VS[VX\LZ[VSH]VYV&
:]VSNL]HPSZ\VSH]VYVKHZVSVVJVUX\HSJ\U
HS[YV&
8\HSPH[[YLaaP\[PSPaaH]H&
8\HU[LVYLHSNPVYUVSH]VYH]H&7LYX\HU[PNPVYUP
HSSHZL[[PTHUH&
*VT»LYHPSZ\VSH]VYV&*VZHKV]L]HMHYL&
3LWPHJL]HPSZ\VSH]VYV&*VTLZPZLU[P]HWYP
THKPPUPaPHYLPSSH]VYV&
8\HU[PLYHUVPSH]VYH[VYPJOLZ]VSNL]HUVSHZ\H
Z[LZZHH[[P]P[n&
*»u\UMH[[VJOLuHJJHK\[VJOL]\VSLYHJJVU
[HYJP&3LuTHPJHWP[H[VX\HSJVZHKPZWPHJL]VSL&
(NY\WWPHIIPHTVYHJJVS[VSLPUMVYTHaPVUPLZ\J
JLZZP]HTLU[LSLHIIPHTVYPVYKPUH[LL[YHZJYP[[L
0U X\LSS»VJJHZPVUL P TPUH[VYP JP OHUUV TVZ[YH[V
JVTLZPHJJLUKLSHSHTWHKHHKHJL[PSLULJOLVNUP
TPUH[VYLWVY[H]HZLTWYLJVUZtWLYMHYZPS\JLULS
I\PVKLSSHTPUPLYH
0UVS[YLJPOHUUVYLNHSH[VKLPTPULYHSPLZ[YH[[PKHSSLTPUPLYLKP.VYUVL\UWH
UL[[VKPaPUJVJOLuPSWYVKV[[VV[[LU\[VHSSHÄULKLSSHSH]VYHaPVUL
(S [LYTPUL JP OHUUV ZWPLNH[V JVTL THP u UH[V PS NY\WWV ¸(TPJP KP :
)HYIHYH¹LJPOHUUVKVUH[VHSJ\ULMV[VNYHÄLJOLYHWWYLZLU[HUVTVTLU[P
KP]P[HKLSNY\WWV
Ï Z[H[V JVTTV]LU[L ]LKLYL JVTL X\LZ[L WLYZVUL ZPHUV HUJVYH WYVMVU
KHTLU[L SLNH[L H X\LZ[V SH]VYV K\YV L WLYPJVSVZV JOL WLY [HU[V [LTWV
OHUUV Z]VS[V" SH SVYV PU[LUaPVUL u X\LSSH KP JVU[PU\HYL H WVY[HYL H]HU[P PS
YPJVYKVKLSSH[YHKPaPVULTPULYHYPHWLYJOtUVUZPHKPTLU[PJH[HLUVPKPJLY[V
UVUKPTLU[PJOLYLTVX\HU[VJPOHUUVYHJJVU[H[V
(TLYPNV)HJJHULSSPOHWVY[H[VSH[LZ[PTVUPHUaHYLSH[P]HHK\UPUJPKLU[LPU
TPUPLYHHJJHK\[VHK\UMHTPSPHYLPSZ\VJLYV!WVPJOtX\LZ[VMH[[VYPZ\S[H]H
ZJYP[[VZ\]HYP[LZ[PLKVJ\TLU[PHIIPHTVWLUZH[VKP\[PSPaaHYSVWLYZJYP]LYL
SHUVZ[YHUHYYHaPVUL
*VZyJPZPHTVTLZZPHSS»VWLYHWLYSH]VYHYLJVTLMHSVZ[VYPJV!
HIIPHTVTLZZVWLYZJYP[[VPSYHJJVU[VHZJVS[H[V
HIIPHTVJVUZ\S[H[VPSSPIYV¸0S]PHNNPVKLSSVaPUJV¹KP(TLYPNV)HJJHULSSPH
WHNKV]LuKLZJYP[[VS»PUMVY[\UPV
7YVNL[[V
CZdT`acZR^`
]VR_eZTYV
^Z_ZVcV
^VeR]]ZWVcV
HIIPHTVJLYJH[VPSUVTLKLSUVZ[YVTPUH[VYLZ\S[LZ[V¹*»LYHZVSVSHTPUPL
YH4PUPLYLLTPUH[VYPKLSSH=HSKLS9PZV¹KP.PVYNPV:JOLUHULSS»LSLUJVKLNSP
PUMVY[\UPYLNPZ[YH[PKHS+PZ[YL[[VTPULYHYPV
HIIPHTV SL[[V S»HY[PJVSV KLS NPVYUHSL ¸3»LJV KP )LYNHTV¹ YLSH[P]V HSS»PU
JPKLU[LYPWVY[H[VHWHNKLSSPIYV¸3LTPUPLYLKPWPVTIVLaPUJVKLSSH
ILYNHTHZJH¹KP3\PNP-\YPH
HIIPHTV ]PZP[H[V S»(YJOP]PV WHYYVJJOPHSL WLY WYLUKLYL ]PZPVUL KLS 3PILY
*OYVUPJ\ZZ\SX\HSLPSWHYYVJVKPHSSVYHH]L]HZJYP[[VKLSS»PUJPKLU[LHJJHK\[V
PS V[[VIYL PUTPUPLYH
JPZPHTVYLJH[PU\V]HTLU[LHS4\ZLVKLSSLTPUPLYLKP.VYUVWLYVZZLY]HYL
PS[PWVKPIHYLSSH\ZH[VWLYPS[YHZWVY[VKLSMLYP[VLULSS»(YJOP]PVTPULYHYPVULS
SHZLKLKLSS»,JVT\ZLVHIIPHTVZJVWLY[VU\V]LPUMVYTHaPVUPZ\STPUH[VYL
(UNLSVH[[YH]LYZVSHJVUZ\S[HaPVULKLSZ\VSPIYL[[VKPSH]VYV
HIIPHTV]PZP[H[VPSZHU[\HYPVKLS*YVJPÄZZVWLY]LKLYLPSX\HKYL[[VL_]V[V
KLSTPUH[VYL
HIIPHTVSL[[VHWHNKLSSPIYV¸0S]PHNNPVKLSSVaPUJV¹SHWVLZPHJVT
WVZ[HKHSTPUH[VYL7VSP(UNLSV
HIIPHTVVZZLY]H[VSLMV[VNYHÄLZ\PSPIYPJP[H[PLZ\SSPIYV¹¸3H=HSSLKLS9PZV¹L
Z\S*+¸.VYUVJVT»LYH¹
HS[LYTPULKP[\[[HSHYPJLYJHZ[VYPJHHIIPHTVZJYP[[VSH¸:[VYPHKLSTPUH[VYL
(UNLSV¹
:[VYPHKLSTPUH[VYL(UNLSV
,YHPS V[[VIYL 0STPUH[VYL7VSP(UNLSVZPH]]P~HWPLKPKHSSHJVU[YHKH
*HSJOLYHKV]LHIP[H]HJVUZ\HTVNSPLLPZ\VP[YLÄNSP
]LYZVS»PTIVJJV:LYWLU[PKLSSHTPUPLYHKP*VZ[H1LSZ"
Sy SH]VYH]H JVTL ¸MVNOy¹ L WLYJP~ JHYPJH]H SL TPUL L
HJJLUKL]HSLTPJJLJOLWYV]VJH]HUVS»LZWSVZPVUL
3\UNVPSZLU[PLYVWYLNH]HLX\HUKVPUJVU[YH]HX\HS
JOL HS[YV TPUH[VYL JVU WHZZV ZWLKP[V PUZPLTL H S\P
WYVZLN\P]HPSJHTTPUVWLUZHUKVHSSH]VYVJOLSVH[
[LUKL]H
0S[\YUVPUPaPH]HHSSLVYLL(UNLSVPUZPLTLHPJVT
WHNUP3\PNPL(U[VUPVZPWYVJ\Y~PSJHYI\YVULJLZZHYPV
WLYMHYM\UaPVUHYLSHSHTWHKHHKHJL[PSLULJOLH]YLI
ILPSS\TPUH[VWLYV[[VVYLPSS\VNVKPSH]VYVWVPYP[PY~
S»LZWSVZP]V JOL KV]L]H \[PSPaaHYL WLY X\LSSH NPVYUH[H
LKLU[Y~ULSSHTPUPLYH
9HNNP\U[V PS JHU[PLYL P JVTWHNUP PUPaPHYVUV Z\IP[V H
Z]VSNLYLSHWLYMVYHaPVULWLYSH]VSH[HLS\PWYLKPZWVZL
SLJHYPJOLKPKPUHTP[LKHZWPUNLYLULPMVYPJVUPSJHS
JH[VPV" WVP PUPaP~ H WYLWHYHYL KLSSH JHY[H TPZJOPH[H H
MHUNVWLY[HWWHYLILULPMVYPLMHYLPUTVKVJOLS»LZWSVZPVULMVZZL
WPƒWV[LU[L
(K\U[YH[[V]LYZVSLVYLTLU[YLWYVZLN\P]HUVPSSVYVSH]VYV\UHNYVZZH
YVJJPHZPZ[HJJ~KHSSH]VS[H!\UTPUH[VYLM\[YH]VS[V\UHS[YVYP\ZJyHZM\NNPYL
L(UNLSVYPTHZLPU[YHWWVSH[VJVU\UHNHTIHISVJJH[H
0TPUH[VYPZ\IP[VZPYLZLYVJVU[VKLSSHNYH]P[nKLSSHZP[\HaPVULL(U[VUPV
JVYZL HSS»\ZJP[H WLY H]]LY[PYL JOL LYH Z\JJLZZV \U PUJPKLU[L! \U VWLYHPV
HUK~ ULSSH aVUH KLSSL [LSLMLYPJOL L WLY TLaaV KLS [LSLMVUV JVT\UPJ~ HS
+PYL[[VYLX\LSSVJOLLYHHJJHK\[VLJVZyZPTPZLYVPUHaPVULPZVJJVYZP
7YVNL[[V
CZdT`acZR^`
]VR_eZTYV
^Z_ZVcV
^VeR]]ZWVcV
0U[HU[VHSS»PU[LYUVKLSSHTPUPLYH(UNLSVWYLNH]H:)HYIHYHLPS:HU[V*YV
JLÄZZVJOLSVHP\[HZZLYVHZVWWVY[HYLPSKVSVYL!M\PUX\LSTVTLU[VJOLMLJL
SHWYVTLZZHJOLZLMVZZLYP\ZJP[VHZVWYH]]P]LYLH]YLIILKVUH[V\UX\HKYV
HS:HU[V*YVJLÄZZVJVTLZLNUVKPYPUNYHaPHTLU[V
)LUWYLZ[VSHUV[PaPHKLSS»PUJPKLU[LZPZWHYZLULSWHLZLLH*VZ[H1LSZNP\U
ZLYVPSKV[[VYLLPSWHYYVJVLKHS[YHNLU[L
<UHZX\HKYHKPTPUH[VYPLU[Y~PUTPUPLYHLYHNNP\UZLPSS\VNVKLSS»PUJPKLU[L!
(UNLSVM\KPZ[LZVZ\SSHIHYLSSHLWVY[H[VKH\UNY\WWVKPZVJJVYYP[VYPÄUVHSSH
JVU[YHKH,YKLUVKV]LJ»LYHS»H\[VSL[[PNHJOLSVHZWL[[H]HWLY[YHZWVY[HY
SVHSS»VZWLKHSLKP.HaaHUPNH3»HS[YVTPUH[VYLJOLW\Y[YVWWVLYHTVY[VM\
[YHZWVY[H[VJVU\U»HS[YHIHYLSSHULSSHJHTLYHTVY[\HYPHKLSJPTP[LYVLKVWV
K\LNPVYUPNSPMLJLYVPSM\ULYHSLHSX\HSLWHY[LJPWHYVUV[\[[PPTPUH[VYPL[HU[H
NLU[LKLSWHLZL
+VWV ZLZZHU[H NPVYUP (UNLSV YP[VYU~ H JHZH KHSS»VZWLKHSL JVU SH NHTIH
PUNLZZH[HHJH\ZHKLSSHMYH[[\YHLKVWV\UHS\UNHJVU]HSLZJLUaHX\HUKV
YP\ZJyKPU\V]VHJHTTPUHYLZPYLJ~HSZHU[\HYPVKLS*YVJPÄZZVWLYWVY[HYL
S»L_]V[VZLJVUKVSHWYVTLZZHMH[[HLWLYYPUNYHaPHYLWLYLZZLYLZJHTWH[V
HSS»PUJPKLU[L
7VPYPJVTPUJP~HSH]VYHYLHSSHTPUPLYHTHUVUWV[tWPƒMHYLPSJHYPJHTPUL
WLYJOtaVWWPJH]HLHSSVYHZ]VSZLPSZ\VSH]VYVHSSHSH]LYPH
(UNLSVZHWL]HJOLMHYLPSTPUH[VYLLYHMH[PJVZVLWLYPJVSVZVTHPU\UHKLSSL
WVLZPLPUKPHSL[[VJOLS\POHZJYP[[VPUVJJHZPVULKLSSHMLZ[HKP:)HYIHYHZP
SLNNL!
¸)HYIHYHZHU[HMHJOLPUVZJÄVP
PJYuZLZKL»IYHLTPUHK\Y¹
5VUVZ[HU[L[\[[VZPH\N\YH]HJOLPÄNSPJYLZJLZZLYVIYH]PTPUH[VYP