Document 1951696

)(95:9f;;:64(5/k90.(
,5(5;636.064(;;.k9()(95+,3(2;0.(
0:)5  :[PM[LSZLU(SSTpUUH)HYUO\ZL[VJOM€YMH[[HYUH
:[VJROVST
;Y`JRLYP!,KP[H=pZ[YH(YVZ
(+KLZPNU!/pNLY9`KLSS
0SS\Z[YH[PVU!;VTHZ.YHKaRP
INNEHÅLL
)9()HYUZ9p[[ZVT(UO€YPNH
gZH3\UKZ[Y€T4H[[ZVU;P[[P:JO€UILJR
+LS[HNHYUHZY€Z[LYVT)9(TVKLSSLU
4HYPH,YPRZZVU
7LYZWLR[P]WrIHYUZKLSHR[PNOL[ZVTHUO€YPNH
,SPZHIL[5pZTHU
/pSZVVJOZQ\R]rYKLUZHUZ]HYM€YIHYU
ZVTHUO€YPNH¶L[[Yp[[ZSPN[WLYZWLR[P]
7LYUPSSH3L]PULY
([[ILT€[H
gZH3HUKILYN
BRA, BARNS RÄTT
SOM ANHÖRIGA
gZH3\UKZ[Y€T4H[[ZZVUZVJPVUVT:[PM[LSZLU(SSTpUUH)HYUO\ZL[
;P[[P:JO€UILJRZVJPVUVTVJORVUZ\S[
0 QHU\HYP Z[pYR[LZ IHYUL[Z Yp[[PNOL[LY P OpSZV VJO ZQ\R]rYKZSHNLU /:3
,USPN[ILZ[pTTLSZLUpYOpSZVVJOZQ\R]rYKLUZ]LYRZHTOL[LYVJOKLZZWLYZV
UHSZR`SKPNHH[[ZpYZRPS[ILHR[HIHYUL[ZILOV]H]PUMVYTH[PVUYrKVJOZ[€KUpY
LU M€YpSKLY OHY LU WZ`RPZR ZQ\RKVT LSSLY M\UR[PVUZULKZp[[UPUN OHY LU HSS]HYSPN
M`ZPZRZQ\RKVTLSSLYZRHKHpYTPZZIY\RHYLH]HSRVOVSLSSLYHUUH[ILYVLUKLMYHT
RHSSHUKLTLKLS:HTTHZHRNpSSLYUpYLUM€YpSKLYV]pU[H[H]SPKLY/:3NŠVJO
WH[PLU[ZpRLYOL[ZSHNLURHWŠ
,M[LYH[[ILZ[pTTLSZLUP/:3PUM€YKLZOHYKL[M\UUP[ZLUVZpRLYOL[IrKLVTO\Y
HUO€YPNHIHYUZRH\WWTpYRZHTTHZVJOWr]PSRL[Zp[[KLZRHMrPUMVYTH[PVUYrK
VJOZ[€K:[PM[LSZLU(SSTpUUH)HYUO\ZL[)HYUO\ZL[Z[HY[HKLKpYM€YL[[\[]LJR
SPUNZHYIL[LTLKUHTUL[)9()HYUZ9p[[ZVT(UO€YPNHM€YH[[[HMYHTLUTVKLSS
M€YO\YWLYZVUHSPWYHR[PRLURHUM€Y]LYRSPNHSHNLUZPU[LU[PVULY<[NrUNZW\UR[M€Y
\[]LJRSPUNZHYIL[L[OHYM€Y\[VTOpSZVVJOZQ\R]rYKZSHNLU]HYP[IHYUL[ZYp[[PNOL
[LYLUSPN[ZVJPHS[QpUZ[SHNLUVJO-5!ZRVU]LU[PVUVTIHYUL[ZYp[[PNOL[LYIHYURVU
]LU[PVULU
)HYUO\ZL[ \[MVYTHKL )9( TVKLSSLU P ZHTHYIL[L TLK MVYZRHYL WYHR[PRLY VJO
WLYZVULYTLKLYMHYLUOL[H]H[[OH]HYP[HUO€YPNHZVTIHYUMYrUO€Z[LU[PSS
]rYLU<[]LJRSPUNZHYIL[L[YLZ\S[LYHKLP[]rVSPRHMVYTLYM€YPUMVYTH[PVUYrK
VJOZ[€K[PSSHUO€YPNHIHYU"L[[WYVNYHTM€YSpNLYVJOLUZ[Y\R[\YM€YMLTZHT[HS
:HT[HSLUVJOSpNYL[\[N€Y[PSSZHTTHUZ)9(TVKLSSLU
+LUOpYHU[VSVNPUOHYRVTTP[[PSSPUVTYHTLUM€Y\[]LJRSPUNZHYIL[L[)9(+LU
RHUSpZHZOLS[MYPZ[rLUKLTLUPUNrYVJRZrP)9(TVKLSSLUZ\[IPSKUPUNZTH[LYPHS
(]ZPR[LUTLKHU[VSVNPUpYH[[NLLUM€YKQ\WUPUNUpYKL[NpSSLYUrNYHVSPRHVTYr
KLUZVTILY€YIHYUL[ZYp[[PNOL[LYVJOKLSHR[PNOL[
0KL[OpYPUSLKHUKLRHWP[SL[N€Y]PZVT]HYP[)HYUO\ZL[ZWYVQLR[SLKHYLgZH3\UK
Z[Y€T4H[[ZZVUVJO;P[[P:JO€UILJRLURVY[MH[[HKILZRYP]UPUNH])9(TVKLSSLU
VJOKLVSPRHHY[PRSHYZVTPUNrYPHU[VSVNPU=PH]ZS\[HYTLKUrNYHY€Z[LYMYrUIHYU
VJO]\_UHZVTOHYLYMHYLUOL[H]O\YKL[pYH[[]HYHHUO€YPN
)9(TVKLSSLU
)9( ZHT[HS pY KLU M€YZ[H KLS P TVKLSSLU ZVT OHY \[]LJRSH[Z VJO KpY KL[ ÄUUZ
L[[\[IPSKUPUNZTH[LYPHS.\PKLM€Y)9(ZHT[HS)9(ZHT[HSpYLUZ[Y\R[\YM€YMLT
ZHT[HSTLKHUO€YPNHIHYU¶rYUpY]PMVY[Zp[[UPUNZ]PZZRYP]LYIHYUPURS\KLYHY
]Pp]LU\UNKVTHYVJOKLYHZM€YpSKYHY
‹:HT[HSTLKM€YpSKLY
‹:HT[HSTLKIHYUVJOM€YpSKLY
‹;]rZHT[HSTLKIHYUL[
‹<WWM€SQHUKLZHT[HSTLKIHYUVJOM€YpSKLY
0USLKUPUNZ]PZ MrY M€YpSKLY]rYKUHKZOH]HYL PUMVYTH[PVU VT KL Yp[[PNOL[LY ZVT
IHYUL[ZHUO€YPNZRHWTLKM€YZHT[VT]PUZ[LYUHH]H[[IHYUL[[PSSMYrNHZVJOPUMVY
TLYHZ5pZ[HZ[LNpYH[[IQ\KHPUIHYUL[[PSSL[[ZHT[HS[PSSZHTTHUZTLKM€YpSKLYU
M€Y H[[ NL PUMVYTH[PVU KPYLR[ [PSS IHYUL[ <UKLY KL[[H ZHT[HS LYIQ\KZ IHYUL[ []r
LUZRPSKHZHT[HS
=PKKLLUZRPSKHZHT[HSLUTLKIHYUL[HU]pUKZL[[WLKHNVNPZR[OQpSWTLKLSPMVYT
H]LUJPYRLSKpYVSPRH[LTHU[HZ\WWVJOMpYNSpNNZM€YH[[[`KSPNN€YHO\YIHYUL[
OHYKL[:`M[L[pYH[[NLIHYUL[T€QSPNOL[H[[\[[Y`JRHZP[[ILOV]H]PUMVYTH[PVUVT
M€YpSKLYUZZQ\RKVTVJOLSSLYYrKVJOZ[€K,UKLSIHYURHULUIHY[OHILOV]H]
PUMVYTH[PVUVTZQ\RKVTLUTLKHUHUKYHIHYUILO€]LY`[[LYSPNHYLZ[€K
<UKLYZHT[HSLU[PSSZHTTHUZTLKIHYUVJOM€YpSKYHYVJOPPUMVYTH[PVUZVJOHYIL[Z
TH[LYPHSWYLZLU[LYHZLYIQ\KHUKL[VTPUMVYTH[PVUYrKVJOZ[€K[PSSIHYUL[\[PMYrU
L[[IHYUYp[[ZWLYZWLR[P]+L[ZRLYNLUVTH[[[H\WWIHYUL[ZYp[[[PSS
¶PUMVYTH[PVU
¶YrKVJOZ[€K
¶MYP[PKSLRVJO]PSH
¶H[[Mr\[[Y`JRHZPUHrZPR[LYVJOISPS`ZZUHKWrPHSSHMYrNVYZVTY€YIHYUL[
)9(ZHT[HSpYL[[Zp[[H[[T€QSPNN€YHM€YHUO€YPNHIHYUH[[ISPKLSHR[PNHVJO\[
[Y`JRHZP[[ILOV]H]PUMVYTH[PVUYrKVJOZ[€K¶]HKKLILO€]LYM€YH[[KLYHZYp[
[PNOL[LYZRH[PSSNVKVZLZ+L[pYHSS[ZrPU[LMYrNHVTLUTL[VKM€YILOHUKSPUNLSSLY
LUZ[€KPUZH[Zp]LUVTZHT[HSLU[PSS]PZZKLSRHUOHLUZ[€KQHUKLM\UR[PVUVJO
\UKLYSp[[HRVTT\UPRH[PVULUPMHTPSQLU
<UKLY\[]LJRSPUNZHYIL[L[OHY)HYUO\ZL[p]LU[HNP[MYHTL[[WYVNYHTM€YL[[SpNLY
TLK HUO€YPNH IHYU 3pNYL[ RHU NLUVTM€YHZ ZVT PU[LYUH[ LSSLY KHNSpNLY \UKLY
LU OLSN LSSLY L[[ ZRVSSV] :`M[L[ pY H[[ HUO€YPNH IHYU ZRH Mr T€QSPNOL[ H[[ \[I`[H
LYMHYLUOL[LYPLURYLH[P]^VYRZOVWWrTPUUHZVTZPUHYp[[PNOL[LYTLUVJRZrMr
L[[WVZP[P][H]IYV[[P]HYKHNLU6SPRH€]UPUNHYVJONY\WWHYIL[LU]HY]HZTLKSLR
VJO\TNpUNL,UH]ZS\[HUKL\WWNPM[pYH[[IHYULU\[PMYrUZPUHLNUHLYMHYLUOL[LY
MVYT\SLYHYL[[IYL][PSS]\_LU]pYSKLUVT]HKKL[`JRLYpY]PR[PN[UpYKL[NpSSLYHU
O€YPNHIHYU3pNYL[OHYZVTZSVNHU!+LSHWLWWHVJOZRPJRH]PKHYL
4LK \[NrUNZW\UR[ P L[[ Yp[[PNOL[ZWLYZWLR[P] Wr HUO€YPNH IHYU RHU LU KPMMLYLU
[PLYHKRLKQHH]Z[€KVJOOQpSWPUZH[ZLY¶LU¹PUZH[Z[YHWWH¹¶M€YHUO€YPNHIHYU
MVYT\SLYHZPL[[HU[HSVSPRHUP]rLY+LY€YZPNMYrUZ`USPNN€YHUKLVJOM€YLI`NNHUKL
[PSSOHU[LYPUNH]WYVISLTZVTIHYUL[\[]LJRSH[WrNY\UKH]ZP[[HUO€YPNZRHW
4LKHUHSSHHUO€YPNHOHYYp[[[PSSZ`USPNN€YHUKLVJONLULYLSSPUMVYTH[PVURHY[SpNN
UPUN H] SP]ZZP[\H[PVULU VJO LNUH ILOV] ZHT[ PUKP]PK\LSS[ HUWHZZHK PUMVYTH[PVU
UP]rL[[VJO[]rOHYLUKHZ[LUKLSHUO€YPNHIHYUILOV]H]YPR[HKLPUZH[ZLYUP]r
[YLVJOLUTPUKYLNY\WWILOV]H]ZWLJPHSPZ[OQpSWWrNY\UKH]LU\[]LJRSHKLNLU
WYVISLTH[PRPUKPRLYHKLPUZH[ZLYUP]rM`YH
)9(TVKLSSLUILÄUULYZPNPLUPUZH[Z[YHWWHWrUP]rL[[VJO[]r5pYKL[NpSSLYH[[
M€YLI`NNHZrOHUKSHYKL[VTL[[PUKPRLYH[M€YLI`NNHUKLHYIL[LZVTYPR[HYZPN[PSS
IHYUPLUPKLU[PÄLYHKYPZRNY\WW
)HRNY\UKLU[PSSILZ[pTTLSZLUPOpSZVVJOZQ\R]rYKZSHNLUpYH[[HUO€YPNHIHYUpY
PYPZRaVU+L[RHUOHUKSHVTIHYUZVTMHYPSSHVJOYPZRLYHYH[[\[]LJRSHLNUHWYV
ISLT([[KL[ÄUUZT`JRL[H[[]PUUHWrH[[ZpYZRPS[\WWTpYRZHTTHHUO€YPNHIHYU
IrKLWrSrUNVJORVY[ZPR[OHYZ[€KPMVYZRUPUN]PSRL[[L_:VJPHSZ[`YLSZLU]PZHYP
ZPUZHTTHUMH[[UPUNH]R\UZRHWZSpNL[UpYKL[NpSSLYHUO€YPNHIHYU)9(ZHT[HS
pYLUOQpSWH[[\WWTpYRZHTTHHUO€YPNHIHYUVJO[HYLKHWr]PSRL[ILOV]H]PU
MVYTH[PVUYrKVJOZ[€KLSSLYHUKYHPUZH[ZLYZVTIHYULUOHY-€YH[[Mr]L[HKL[
TrZ[L]PMYrNH+pYM€YpYKL[]PR[PN[H[[IHYUL[MrYLUT€QSPNOL[H[[RVTTH[PSS[HSZ
)LOHUKSPUN
9PR[HKLPUZH[ZLY
:`USPNN€YHUKL
NLULYLSSPUMV
:HT[HSTLKM€YpSKLY
LSSLYHUUHU]\_LU
:HT[HSTLKIHYU
VJOM€YpSKLY
2HY[SpNNUPUNH]
ZP[\H[PVUPUKP]PK\LSS[
HUWHZZHKPUMV
:HT[HSTLKIHYUL[
:HT[HSTLKIHYU
VJOM€YpSKYHY
(Y[PRSHYUH
0KLUM€YZ[HHY[PRLSUPHU[VSVNPUpYZ`M[L[H[[NLLUPUISPJRP]rY[HYIL[LTLKH[[\[
]LJRSH)9(TVKLSSLU4HYPH,YPRZZVUWYVMLZZVYPZVJPHS[HYIL[LpYKLUMVYZRHYL
ZVTM€SQ[\[]LJRSPUNZHYIL[L[\UKLYWPSV[WLYPVKLU4HYPH]HYL[[ZQpS]RSHY[]HSUpY]P
SL[HKLLM[LYLUMVYZRHYLTLKL[[[`KSPN[IHYUWLYZWLR[P]ZVTR\UKLOQpSWHVZZTLK
LUM€YZ[H\WWM€SQUPUNVJO\[]pYKLYPUNH]O\Y)9(TVKLSSLUM\UNLYHYPWYHR[PRLU
4HYPHZMVYZRUPUNpYMYHTM€YHSS[PUYPR[HKWr]HKVSPRHMVYTLYH]VQpTSPROL[IL[`KLY
M€YKLUWVSP[PZRHVJOWYHR[PZRHOHU[LYPUNLUH]M€YpSKYHZRHWVJOIHYUZYp[[PNOL[LY
:pYZRPS[MYrNVYVTTpUZ]rSKTV[R]PUUVYVJOIHYUZ[rYPMVR\Z-SLYHWYVQLR[OHY
ILY€Y[WYVMLZZPVULSSWYHR[PRL_LTWLS]PZL[[VTMHTPSQLYp[[Z\[YLKHYLZILT€[HUKLU
H]IHYUZVT\WWSL][]rSKZL[[Zr]pS\YKLWYVMLZZPVULSSHZZVT\YIHYUZWLYZWLR[P]
4HYPHOHYM€SQ[\[]LJRSPUNZHYIL[L[ZHTTHUZ[pSS[VJOHUHS`ZLYH[]HKIHYULUVJO
KLWYVMLZZPVULSSH[`JRLYLM[LYH[[OHWY€]H[TVKLSSLU\UKLYWPSV[VTNrUNLU+LYHZ
LYMHYLUOL[LY VJO Z`UW\UR[LY WYLZLU[LYHZ P HY[PRLSU -SLYH H] WPSV[LYUHZ M€YZSHN
[PSSM€YIp[[YPUNHYOHY]PS`ZZUH[WrUpY]PYL]PKLYH[TVKLSSLUVJO)9(ZHT[HSLUOHY
Mr[[ZPUU\]HYHUKL\[MVYTUPUN;PSSL_LTWLSSHKLZL[[TV[P]LYHUKLM€YpSKYHZHT[HS
[PSSKL[ISL]ÅLYRVURYL[HL_LTWLSISHH]O\YYp[[PNOL[LYUHRHUWYLZLU[LYHZVJO
TVKLSSLUZ ÅL_PIPSP[L[ M€Y[`KSPNHKLZ 7PSV[LYUH ZVT WY€]H[ )9( pY WLYZVUHS MYrU
[]rRVTT\ULYVJOL[[SHUKZ[PUN7PSV[LYUHMYrURVTT\ULYUH]HYPTHQVYP[L[VJO
HYIL[HKLPUVT]LYRZHTOL[ZVTOHYIHYUVJO\UNKVTHYLSSLYIHYUMHTPSQLYZVT
TrSNY\WW
0PUSLKUPUN[PSS)HYUO\ZL[Z\[]LJRSPUNZHYIL[L[RVT]PPRVU[HR[TLKL[[ILNYLWW"
rSKLYZTHR[ZVYKUPUN ZVT Z[pYR[ KL[ KLSHR[PNOL[ZWLYZWLR[P] ZVT NLUVTZ`YHY
)9(TVKLSSLU+L[]HY[YL\UNKVTZVYNHUPZH[PVULYZVTPKL[NLTLUZHTTHWYV
QLR[L[ <UN+\T NQVYKL LU RYP[PZR NYHUZRUPUN H] IHYU VJO \UNKVTZWVSP[PZRH
ZRYP]LSZLY+LOp]KHYH[[KL[ÄUUZL[[TV[Z[rUKTV[H[[ZLrSKLYZVTLULNLU
THR[VYKUPUNPU[LIHYHPUVTWVSP[PRLU\[HUp]LUPJP]PSZHTOpSSL[VJOMVYZRHY]pYS
KLU)HYUVJO\UNHMYHTZ[pSSZVM[HPL[[TV[ZH[ZM€YOrSSHUKL[PSS]\_UH:VT]\_LU
pYTHUTVNLUTLKLYMHYLUOL[VJOR\UZRHWTLKHUIHYUpYVMpYKPNHVJOVTVNUH
]PSRL[ISHYp[[MpYKPNHYH[[KLPU[LILO€]LYRVTTH[PSS[HSZVJOMrPUÅ`[HUKL
gSKLYZTHR[VYKUPUNpYL[[[LTHZVTp]LUILY€YZPUpZ[HHY[PRLSZVTOHUKSHYVT
VSPRH WLYZWLR[P] Wr IHYUZ KLSHR[PNOL[ ,SPZHIL[ 5pZTHU WYVMLZZVY P ZVJPVSVNP
HUHS`ZLYHY ILNYLWWL[ KLSHR[PNOL[ VJO ]HK L[[ KLSHR[PNOL[ZWLYZWLR[P] Y€YHUKL
IHYUVJO\UNKVTHYRHUPUULIpYH=\_UHZTV[Z[rUKVJO[]LRHU[PSSH[[N€YHIHYU
KLSHR[PNOL[KPZR\[LYHZSPRZVTM€Y\[Zp[[UPUNHYM€YH[[€RHIHYUZKLSHR[PNOL[
,SPZHIL[MVYZRHYVTIHYUVJOIHYUKVTTLKMVR\ZWrIHYUZVTHR[€YLY(R[\LSSH
WYVQLR[OHUKSHYVT]rSKZ\[ZH[[HIHYUIHYUZVTSL]LYTLKTPZZIY\RHUKLM€YpSK
YHYVJOLRVUVTPZR[\[ZH[[OL[ISHUKIHYU[PSSM€YpSKYHYTLKRVNUP[P]HZ]rYPNOL[LY
([[HYIL[HTLKWYVMLZZPVULSSHZR\UZRHWZ\[]LJRSPUNNLUVTMVYZRUPUNZJPYRSHYVJO
M€YLSpZUPUNHYO€YVJRZr[PSS,SPZHIL[ZWrNrLUKLHYIL[L
7LYUPSSH3L]PULYKVR[VYVJOSLR[VYPVMMLU[SPNYp[[OHYPZPUHY[PRLSL[[Yp[[ZSPN[WLY
ZWLR[P]WrIHYUZKLSHR[PNOL[/LUULZH]OHUKSPUNMYrUOHUKSHYVTZVJPHS
[QpUZ[LUZHUZ]HYM€YIHYUVJO\UNHVJOZpYZRPS[KLYp[[ZSPNHM€Y\[Zp[[UPUNHYUHH[[
ZR`KKHIHYUMYrUIYV[[VJO\[ZH[[OL[PZPUHOLTTPSQ€LY7LYUPSSHILKYP]LYM€YUpY]H
YHUKLMVYZRUPUNPMYrNVYZVTY€YZHT]LYRHUVJOZLRYL[LZZKL[Z]LUZRHM€YI\KL[
TV[IHYUHNHPLUPU[LYUH[PVULSSRVU[L_[ZHT[IHYUZKLSHR[PNOL[P3=<WYVJLZZLU
07LYUPSSHZHY[PRLSN€YZLUNLUVTNrUNH]SHNZ[PM[UPUNVJORVU]LU[PVULYZVTIL
Y€YTrSNY\WWLUHUO€YPNHIHYU3HNLUpYLU]PR[PN\[NrUNZW\UR[VJOL[[Z[€KM€Y
LYIQ\KHUKL[ [PSS HUO€YPNH IHYU TLU PUULOrSSLY VJRZr ILNYpUZUPUNHY 7LYUPSSH [HY
\WWÅLYHMYrNLZ[pSSUPUNHYMYHTM€YHSS[Y€YHUKLM€YpSKYHYZ]rYKUHKZOH]HYLZZHT
[`JRL VJO ILZ[pTTHUKLYp[[ ZVT ISPY HR[\LSSH UpY HUO€YPNH IHYU ZRH LYIQ\KHZ
RVU[HR[VJOPUMVYTH[PVU,[[H]ZUP[[ILOHUKSHYKLUHUTpSUPUNZWSPR[ZVTVTMH[[HY
HSSH]LYRZHTOL[LYZVTOHYRVU[HR[TLKHUO€YPNHIHYUVJOKLYHZM€YpSKYHY
(]ZS\[UPUNZ]PZZRYP]LYgZH3HUKILYNVTILT€[HUKLH]HUO€YPNHIHYUgZHpYSL
NP[PTLYHKWZ`RVSVNSLNP[PTLYHKWZ`RV[LYHWL\[KLIH[[€YVJOM€YLSpZHYL/VUOHY
HYIL[H[PUVTIHYUVJO\UNKVTZWZ`RPH[YPU)<7P:[VJROVST9pKKH)HYULUVJO
pYU\LNLUM€YL[HNHYLgZHOHYTrUNrYPNLYMHYLUOL[H]ILOHUKSPUNZHYIL[L[TLK
]rSKZ\[ZH[[HIHYU/VUM€YLSpZLY\[IPSKHYNLYRVUZ\S[H[PVULYVJOOHUKSLKLY
:RHTHU\[Zp[[HIHYUM€YKL[OpY&+L[pYLUPUSLKHUKLMYrNHPgZHZHY[PRLS0KL[
OpYZHTTHUOHUNL[NpSSLYKL[VT]P]LYRSPNLUZRHIQ\KHPU[PSSZHT[HSTLKIHYUVT
KLYHZM€YpSKYHYZZQ\RKVTLSSLYTPZZIY\R1HKL[ZRH]PRVUZ[H[LYHYgZH+LHSSYH
ÅLZ[HIHYUILO€]LYWYH[HVTKL[Z]rYHZVTOpUKLYPKLYHZMHTPSQLYVJOMrZ]HYWr
ZPUHMYrNVYVJOM\UKLYPUNHY0HY[PRLSUN€YZLUNLUVTNrUNH]]HKZVTpYIYHH[[
[pURHWrPZHT[HSTLKHUO€YPNHIHYU+L[OHUKSHYISHVTIHYUZM€Y]pU[UPUNHY
VJO\WWSL]LSZLYH]ZHT[HSVJOH[[ZRHWHSpTWSPNHM€Y\[Zp[[UPUNHYM€YZHT[HSL[
(U[VSVNPUZRHZLZZVTLUR\UZRHWZRpSSHVJO\[NrUNZW\UR[M€YKPZR\ZZPVULYVT
PUMVYTH[PVUYrKVJOZ[€K[PSSHUO€YPNHIHYUVH]ZL[[P]PSRLUMVYTKL[NLZ
([[]HYHHUO€YPNVJOIHYU
/pYRVTTLYUrNYHY€Z[LYVTO\YKL[pYH[[]HYHHUO€YPNVJOIHYU9€Z[LYUHRVT
TLYMYrUIHYUZVT]HYTLKWrKLSpNLYZVT)HYUO\ZL[NLUVTM€YKL\UKLYWPSV[WL
YPVKLU+L[pYVJRZrY€Z[LYMYrULUYLMLYLUZNY\WWTLK]\_UHZVTOHYLYMHYLUOL[H]
H[[]p_H\WWZVTHUO€YPNHIHYU
<UKLY)9(SpNYLUÄJRIHYULUKLSHLYMHYLUOL[LYVTO\YKL[H[[]HYH\UNVJOHU
O€YPNQ\Z[U\)HYULUÄJRHYIL[HTLK[LTHUZVTY€YZ]rYPNOL[LYTLUVJRZr]HK
KLpYZ[VS[H€]LYVJO]HKZVTM\UNLYHYIYH)HYULUZHUO€YPNZRHW]HYUL\YVSVNPZR
ZQ\RKVTWZ`RPZRM\UR[PVUZULKZp[[UPUNZQ\RKVTVJOTPZZIY\R+L]HYPrSKLYU
¶rY
=rYYLMLYLUZNY\WW]HYr[[HR]PUUVYP[Q\NVrYZrSKLYUZVTOHKLLYMHYLUOL[UpYHP
[PKLUH]H[[OH]HYP[HUO€YPNHZVTIHYU=P]PSSLO€YH]HKKL[`JR[LVT]rYHPKtLY
ZVT Y€YKL )9( TVKLSSLU TLU MYHTM€YHSS[ VT ]HK KL HUZrN H[[ HUO€YPNH IHYU
ILO€]LY+LILYp[[HKLH[[KLZQpS]HZHRUH[LUOLSKLSZ[€KPZP[[HUO€YPNZRHWVJO
WYLJPZKpYM€YOHKLUrNV[H[[IPKYHTLK+L[R\UKL\[[Y`JRHZZrOpY!¸4PUZRP[ISPY
UrNVUHUUHUZN€KZLSVJORHUISP]HJRYHISVTTVY¹
0KL[M€SQHUKLILYp[[HY]P\UKLYUrNYHY\IYPRLYVTKLZ]rYPNOL[LY€UZRUPUNHYVJO
RSVROL[LY]PÄJR[HKLSH]IrKLH]IHYULUVJOH]KL]\_UH)LZRYP]UPUNLUpYLU
R€YH]VSPRHY€Z[LY0ISHUKpYKL[UrNV[ZVTRVTTLYIHYHMYrULUWLYZVUPISHUK
MYrUÅLYH;YV[ZH[[KLOHYVSPRHrSKYHYVJOHUO€YPNZRHWpYKL[T`JRL[ZVTpYNL
TLUZHT[+LKLSHYMYHTM€YHSS[H[[]HYHLSSLYOH]HYP[PLUZ]rYZP[\H[PVUTLUpUKr
OHZHTTHILOV]SpUN[HUVJO€UZRUPUNHYZVTHUKYHIHYU
(;;/(,5:1<2-k9f3+,9f9:=g9;
+L[pYZ]rY[H[[OHLUZQ\RM€YpSKLY:]rY[H[[ZLM€YpSKLYUZ]rY[ZQ\RVJOH[[PU[L
R\UUHWYH[H:]rY[H[[PU[LIYrRHPMHTPSQLU3p_VYRHU]HYHZ]rYHVJOKL[RHU]HYH
Z]rY[H[[ILYp[[HM€YRVTWPZHYH[[WYH[HVTRpUZSVYVJOH[[\[[Y`JRHRpUZSVYPZRV
SHU-HTPSQLUZLRVUVTPRHUN€YHKL[Z]rY[+L[pYZ]rY[TLK€NVURVU[HR[VJOH[[
MrMYHTZPUHrZPR[LYUpYPUNLUS`ZZUHYLSSLYIY`YZPN+L[RHU]HYHZ]rY[H[[ZpNHULQ
)HYUZRHMr]HYHIHYU(SSHIVYKLMrOQpSW+L[ZRHÄUUHZIYHZ[€K[PSSM€YpSKYHYUpY
KLPU[LVYRHYVJORHU0UMVYTH[PVUVTM€YpSKLYUZZQ\RKVTpYU€K]pUKPN[;`Z[UH
KLUZRHKHY+L[M\UNLYHYIYHVTTHUPU[L[pURLYWrM€YpSKYHYUHZrT`JRL[+L[
RHU]HYHZ]rY[H[[UpZ[HUHSKYPNMr[YpMMHKLULUHM€YpSKLYU
)HYULU\UKYHY]HKZVTpYUVYTHS[LNLU[SPNLUVJO]PSRL[SHNSPN[ZR`KKM€YpSKYHYOHY
+L[`JRLYH[[KL[RHU]HYHU€K]pUKPN[H[[ZHTOpSSL[NrYPUVJOOQpSWLY[PSSUpYPU[L
M€YpSKYHYRHUN€YHKL[KLZRH+LOHYT€[[]\_UHZVTZHRUHYJP]PSR\YHNLVJOZVT
PU[LZLYO\YIHYULUOHYKL[PMHTPSQLU)HYUTrZ[LISPpSZRHKLVJOMr]HYHIHYU
),4k;(5+,
+L[pY]PR[PN[H[[ISPS`ZZUHKWrVJOMr]HYHKLSHR[PN)HYU]PSSMrZ]HYWrKL[KL
\UKYHY€]LYVJOKL]PSSISPYLZWLR[LYHKL+L]L[T`JRL[]pSO\YKL]PSSISPILT€[[H"
H[[UrNVUIY`YZPNMYrNHYO\YTHUOHYKL[VJO]rNHYS`ZZUHWrZ]HYL[=\_UHZRH
WYH[HTLYTLKIHYUpUVTIHYU0ZRVSHURHUTHURpUUHZPNHUUVYS\UKH0ZRVSHU
ÄUUZKL[LSL]LYZVTTrYKrSPN[VJOPU[LMrYKLUOQpSWKLILO€]LY!0ISHUKISPYTHU
\WWTpYRZHTTHKVJO¹ZLUNLYKVTLU[`JRHZ`UKVTISPJRLU¹
64(;;(5-k9;96:0.
64IHYUZRHHUM€Y[YVZPN]PSSKLH[[WLYZVULUKL€WWUHYZPNM€YZRH]HYHLUIYH
]pULUNSHKWLYZVUZVTNrYH[[SP[HWr5rNVUZVT[`JRLYVTIHYUL[VJOZVT
RHURVTTHWrS€ZUPUNHY[PSSWYVISLT-€YH[[MrIHYUL[ZM€Y[YVLUKLpYKL[]PR[PN[
H[[ ]PSQH IHYUL[Z IpZ[H VJO ]HYH \WWT\U[YHUKL /LU ZRH ]HYH ZUpSS VJO M€YZ[r
]HYHSp[[H[[WYH[HTLKVJOMrYNpYUHOHZHTTHPU[YLZZLUVJOO\TVY)HYUILO€
]LY]\_UH\[HUM€YMHTPSQLU+L[pYZ]rY[H[[IpYHT`JRL[ZQpS]VJOPU[LOHUrNVUH[[
WYH[HTLK]HYRLUUrNVURVTWPZLSSLY]\_LU
2<5:2(76*/:(4(9),;,
)HYU[`JRLYH[[]\_UHILO€]LYT`JRL[TLYPUMVYTH[PVUVJOR\UZRHW2\UZRHW
ZVTÄUUZTrZ[LKL]\_UHHU]pUKH[PSSL_LTWLSILYp[[HVTZ[€KNY\WWZ]LYRZHT
OL[[PSSIHYU=\_UHZRHOHR\UZRHWVTIHYUZVTHUO€YPNHVJOKL[ZRHÄUUHZ\[
IPSKUPUNZrHSSHRHUSpYHZPNZHTTHZHR
=\_UHTrZ[LZHTHYIL[H-€YH[[R\UUHOQpSWHIHYUWrIpZ[HZp[[TrZ[LKLRpUUH
[PSS]HKHUKYHN€YVJORVTTHPU[PKPN[+L[ILO€]LYI`NNHZ\WWZR`KKZUp[RYPUN
IHYU+L[ILO€]Z[Y`NNH]\_UH9LMLYLUZNY\WWLUM€YLZSrYH[[KLZVTOHYLNLU
LYMHYLUOL[\[IPSKHZ[PSSRVU[HR[WLYZVULYr[HUO€YPNHIHYU
9f;;0./,;,96*/)(95265=,5;065
)LYp[[LSZLY VT O\Y KL[ pY H[[ ]HYH HUO€YPN RVWWSHZ ZHTTHU TLK IHYUL[Z Yp[
[PNOL[LYVJO]HKIHYUL[ILO€]LYM€YH[[TrIYH+LpYM€Y]rUHKL€]LYH[[KLOHY
Yp[[PNOL[LYTLUPU[LOHYMr[[R\UZRHWVTKLT[PKPNHYL0YLMLYLUZNY\WWLUISPYKL
HYNHVJO[`JRLYH[[KL[MYHTZ[rYZVTL[[O`JRSLYPH[[:]LYPNLOHYHU[HNP[IHYURVU
]LU[PVULUUpYKLUPU[LM€SQZ
)HYULU[`JRLYKL[pYWVZP[P][H[[SpYHZPNVTYp[[PNOL[LYPU[LIHYHYp[[LU[PSSPUMVY
TH[PVUYrKVJOZ[€K\[HUp]LUHUKYHYp[[PNOL[LYZVTL_LTWLS]PZYp[[[PSSMYP[PK
SLRVJO]PSH2\UZRHWVJONLTLUZRHWpY]PR[PN[VJOHSSH"IHYUM€YpSKYHY]\_UH
WLYZVUHSTrZ[LRpUUH[PSSIHYURVU]LU[PVULUJOLMLYVJOWVSP[PRLYZRHM€SQHKLU
:;63;k=,9
7rSpNYL[ZHT[HSHKLIHYULUPNY\WWVT]HKKL]HYZ[VS[H€]LY+L[R\UKL]HYH"
H[[KLN€YSp_VYH[[WHWWHVYRHYTLKZHRLYH[[OH]pYSKLUZIpZ[HTVYTVYVJO
TVYMHY,UKLSIHYU\[[Y`JRLYH[[KLpYZ[VS[H€]LYZPNZQpS]HVJOH[[KLpYZVTKL
pYVJOKLZ[rY\WWM€YZPNZQpS]H
¹:[VS[€]LYH[[QHNpYQHNVJOOHY]pYSKLUZIpZ[HMHTPSQ¹¹:[VS[€]LYH[[QHN
pYHUUVYS\UKH¹¹k]LYH[[THTTHpYU`R[LY¹
+L[ ZVT M\UNLYHY IYH RHU ]HYH" YLSH[PVULY MYP[PKLU H[[ R\UUH WYH[H OLTTH VT
]PR[PNHZHRLYVJOH[[M€YpSKYHYpYZUpSSH
+L[ZRH]HYHZ[H[\ZPH[[]HYHHUO€YPN[IHYU+L[ZRHPU[L]HYHUrNV[THUZRpTZ
M€Y\[HUTHUZRH]HYHZ[VS[M€YKLUTHUpYVJOKL[THURSHYHYH]:QpS]M€Y[YVLUKL
VJOZQpS]RpUZSHpY]PR[PN[M€YHUO€YPNHIHYU¹+L[ZRHISPJYLKKPN[H[[]HYHHUO€YPN[
IHYU¹+L[NrYH[[pUKYHWrH[[P[`KLYZVTÄUUZPZHTOpSSL[
:20*2(=0+(9,;033+,:64/(9(5:=(9
<UKLY)9(SpNYLUÄJRIHYULUMVYT\SLYHM€YZSHNWrM€YIp[[YPUNHYM€YHUKYHHUO€
YPNHIHYU[PSS]\_UHZVTRHUWr]LYRH)HYULUZ\UPRHR\UZRHWVTH[[]HYHHUO€YPN[
IHYU¹ZRPJRHZ]PKHYL¹
<WWNPM[LUNQVYKLH[[KLZ[YpJR[LWrZPNVJOÄJRLUL_[YHZ[VS[OL[PISPJRLU/pY
RVTTLYUrNYHL_LTWLSWr]HKIHYUZRYL]PIYL][PSSYLR[VYLYVJOWVSP[PRLYPZVJPHS
UpTUKVJO\[IPSKUPUNZUpTUK!
¶-SLYIHYUP:]LYPNLZRHRpUUH[PSSZ[€KNY\WWLYM€YIHYU
¶+L[ZRHÄUUHZIYVZJO`YLYVTZ[€KNY\WWZ]LYRZHTOL[M€YIHYUWr[rN
Z[H[PVULYWrZ[HKLUZ[VYNVJOPHMMpYLY
¶=\_UHZRHMrOQpSWTLKZPUHTPZZIY\RZWYVISLT
¶1p[[L]PR[PN[H[[HSSHIHYURHUNrWr)9(ZHT[HSVJO)9(SpNLY
¶2\YH[VYZRH]HYQL[LYTPURVTTH[PSS]HYQLRSHZZVJOPUMVYTLYHH[[KL[NrY
H[[MrZHT[HS
¶2\YH[VYZRHPUMVYTLYHVTVSPRHOLTTPSQ€LYZVTpY]HUSPNHZrH[[IHYU
PU[LZRHRpUUHZPNLUZHTTHVJOZrH[[KL]rNHYWYH[HVTO\YKL
OHYKL[
¶)HYUZRHOHZHT[HSTLKWLYZVULYZVTpYPRVU[HR[TLKKLUZQ\RL
M€YpSKLYU[L_WZ`RVSVNLYSpRHYLM€YH[[]PIHYUZRHMrIp[[YLM€YZ[rLSZL
VTZQ\RKVTLULSSLYZRHKHUVJOM€YKrpY]PILYLKKWrKL[]pYZ[H
5rNYH\UNKVTHYZHTTHUMH[[HY!
¹=P€UZRHYH[[]\_UHTrZ[LIPSKHLUM€YZ[rLSZLVTO\YIHYUOHYKL[PLUMH
TPSQKpYUrNVUM€YpSKLYpYZQ\RLSSLYZRHKHKM€YH[[R\UUHI`NNHPUMVYTH
[PVUVJOZLKHUNLVZZIHYUZ[€KVJOOQpSW¹
,UNY\WWTLK`UNYLIHYU\[[Y`JR[LH[[!
+L[RHU]HYHIYHTLK)9(PZRVSHUVJOTLKR\YH[VYLYZVTIY`YZPNTLY
4LYWLUNHY[PSSMVUKLYVJOMVYZRUPUNM€YIp[[YLTLKPJPU
k5:2505.(9;07:;033(5+9((5/k90.()(95
¶;]LRHPU[LH[[ZRHMMHOQpSW
¶.rPU[LVJOIpYWrUrNV[KrSPN[
¶;`JRPU[LH[[KL[pYWPUZHT[
¶)LYp[[HM€YUrNVUK\SP[HYWr
¶/HUrNVUH[[WYH[HTLK
¶2pUUPU[LUrNVUZR\SK
¶;YpMMHKLTZVTT€[LYKPUTHTTHVJOWHWWHVJOMrPUMVYTH[PVU
VTZQ\RKVTLU
¶+L[ÄUUZOQpSW¶=rNHOHOVWW
¶=HYKPULNLU]pU
¶+\ZRH]L[HH[[KL[ÄUUZUrNVUZVTVJRZrRpUULYZVTK\
¶+\ZRHOHR\S
+LPSS\Z[YLYHKLJP[H[ZVTÄUUZPHU[VSVNPURVTTLYMYrUIHYUZVTKLS[HNP[PWPSV[
VTNrUNLUH])9(
(=:3<;505.:=0:
3LKZ[QpYUHP]rY[\[]LJRSPUNZHYIL[L)9(OHY]HYP[H[[PUMVYTH[PVUYrKVJOZ[€KpY
LUYp[[PNOL[M€YHSSHHUO€YPNHIHYUVJOPU[LIHYHM€Y]PZZHIHYUZVT]\_UH]pSQLY\[
=\_UH]L[PU[L]HKIHYU€UZRHYVJOILO€]LYKpYM€YTrZ[LKLMYrNHVJOS`ZZUH
+L[)HYUO\ZL[]PSSTLK)9(TVKLSSLUpYH[[ZRHWHM€Y\[Zp[[UPUNHYM€YH[[HUO€YPNH
IHYUZRHR\UUHRVTTH[[PSS[HSZVJOISPKLSHR[PNH
,[[Z[VY[[HJR[PSSHSSHHUO€YPNHIHYUVJO]\_UHZVTIPKYHNP[[PSS\[]LJRSPUNZHYIL[L[
)9(Sr[P[VZZMrLUPUISPJRPLYHSP]VJOKLSH[TLKLYH]LYHLYMHYLUOL[LY;HJRM€YLY[
TVKHSSHRSVRHZ`UW\UR[LYVJOMVY[Zp[[H[[N€YHLYHY€Z[LYO€YKH¶KLpYZr]PR[PNH
=PKKLUUHHU[VSVNPZ[Y`JRUPUN]HYPU[L\[IPSKUPUNZTH[LYPHSL[M€Y)9(SpNLYMYHT[HNL[
6TPUZH[Z[YHWWHZL)YVILYN(UKLYZ(STX]PZ[3PUULH(_ILYN<SM.YPW2HYPU(STX]PZ[2QLYZ[PU
:OHYPÄ<SYPRH*H[LYgZH2-VYZZLSS(UUH,YPRZZVU4HYPH0]LYZLU*SHYH:[€K[PSSIHYUZVT
\WWSL][]rSKTV[THTTH9LZ\S[H[MYrULUUH[PVULSS\[]pYKLYPUN.€[LIVYN!.€[LIVYNZ\UP]LYZP[L[
7Z`RVSVNPZRHPUZ[P[\[PVULU,SSLY,YPRZZVU4HYPH0UZH[ZLYM€YIHYUVJOM€YpSKYHY
P:HTTHUZ[pSSUPUNH]HR[\LSSMVYZRUPUNVJOR\UZRHWH[[HU]pUKHZPWYVQLR[L[¹([[Z[pYRHIHYUZ
Yp[[PNOL[LYPZ]rYH]rYKUHKZVJO\TNpUNLZRVUÅPR[LY¹:[VJROVST!(SSTpUUH)HYUO\ZL[
2PSStU2)HYUKVTLU]HYHYPNLULYH[PVULY6TM€YLI`NNHUKLHYIL[LTLK\[ZH[[HMHTPSQLY
:[VJROVST!>HOSZ[Y€T>PKZ[YHUK
:VJPHSZ[`YLSZLU)HYUZVTHUO€YPNH2VUZLR]LUZLYVJOILOV]UpYM€YpSKYHYOHYHSS]HYSPNH
Z]rYPNOL[LYLSSLYH]SPKLY
(]KLIHYUZVTOHKL)9(ZHT[HSKLS[VNH]KLTWr[YLOLSNSpNLY
:]LYPNLZLSL]YrK¶:=,(9pKKH)HYULUZ<UNKVTZM€YI\UK*LU[Y\TTV[YHZPZT<UN+\T
¶VTZ`ULUWrIHYUVJO\UNH)HYUVJO\UNHZWVSP[PZRH]PSSRVY;4.:[OST
0SS\Z[YH[PVULYUHpYNQVYKHH];VTHZ.YHKaRP
3PUKH(SM]LNYLUUVS0PTHNLZ7LYZVULUWrIPSKLUOHYPUNL[TLKZHTTHUOHUNL[H[[N€YH
DELTAGARNAS RÖSTER
OM BRA MODELLEN
4HYPH,YPRZZVUWYVMLZZVYPZVJPHS[HYIL[L
@[[LYZ[pY[HURLUTLK)9(TVKLSSLUH[[IHYUZRHMrTLYTHR[PZPUHSP]VJOR\U
UHWr]LYRHTLYZQpS]H+LZRH]L[HTLYVTZPUHYp[[PNOL[LYVJOVTM€YpSKLYUZ
ZQ\RKVTLSSLYTPZZIY\RVJOTrSL[pYH[[IHYUZYp[[PNOL[LYZRHYLZWLR[LYHZ5pY
TVKLSSLU]pSpY\[]LJRSHKVJOWrHSS]HYRHUWY€]HZPVSPRH]LYRZHTOL[LYRVTTLY
KL[H[[]HYHHUNLSpNL[H[[\[]pYKLYHVTHYIL[L[TLK)9(UrY\WW[PSSKLZZHO€NH
HTIP[PVULYVJOp]LUZ[\KLYHO\Y)9(TVKLSSLUM\UNLYHYPQpTM€YLSZLTLKHUKYH
TL[VKLYLSSLYTVKLSSLYM€YPUMVYTH[PVU[PSSIHYUZVTHUO€YPNH<UKLY\[]LJRSPUNZ
WYVJLZZLU OHY KLU [`WLU H] \[]pYKLYPUN KVJR PU[L ]HYP[ T€QSPN \[HU MVR\Z OHY
SLNH[WrH[[ZRHMMHLUZrIYLKIPSKZVTT€QSPN[H]O\Y)9(TVKLSSLUM\UNLYHYP
WYHR[PRLUVJOH[[[H]HYHWrZ`UW\UR[LY[HURHYVJOM€YpUKYPUNZM€YZSHNZVTRHU
IPKYH[PSSH[[[`KSPNN€YHVJOM€YIp[[YHTVKLSSLU
¹)9(pYIYH¹
,[[WLYZWLR[P]KpYIHYUIL[YHR[HZZVTRVTWL[LU[HHR[€YLYPZPUHLNUHSP]OHY]HYP[
LU]PR[PNIHZM€YOLSH\[]LJRSPUNZWYVQLR[L[4LKLUZrKHU\[NrUNZW\UR[OHYKL[
]HYP[ZQpS]RSHY[H[[IHYUZVTLYIQ\KP[ZVSPRHKLSHYH])9(TVKLSSLUpYLUJLU[YHSPU
MVYTH[PVUZVJOR\UZRHWZRpSSH<UKLYWYVQLR[WLYPVKLUOHY[V[HS[IHYUWrVSPRH
Zp[[RVTTP[PRVU[HR[TLK)9(TVKLSSLUVJOLUKLSH]KLIHYULUOHYSpTUH[
ZPUHZ`UW\UR[LY[PSSKLZHT[HSZSLKHYLKL]HYP[PRVU[HR[TLKNLUVTLUPU[LY]Q\P
ZHTIHUKTLKH]ZS\[UPUNLUWrRVU[HR[LU+L[OpYH]ZUP[[L[VTIHYUZWLYZWLR[P]
Wr)9(TVKLSSLUI`NNLYWrKLYHZY€Z[LY,M[LYZVTPU[LY]Q\LYUHNLUVTM€Y[ZZVT
LUKLSP\[]LJRSPUNZHYIL[L[]HYKL[KLWLYZVULYZVTIHYULUYLKHURpUKLZVTÄJR
ZHT[HSH TLK KLT M€Y H[[ PU[LY]Q\LYUH ZR\SSL PUULIpYH Zr SP[LU WrMYLZ[UPUN ZVT
T€QSPN[M€YIHYULU+LUOpYTVKLSSLUOHYHU]pU[Z[PKPNHYLPHUKYHZ[\KPLYH]IHYU
P\[ZH[[HZP[\H[PVULY0U[LY]Q\LYUHOHYZWLSH[ZPUVJOZLKHUOHYQHNMr[[[PSSNrUN[PSS
PUZWLSUPUNHYUHPL[[MHSSLU\[ZRYPM[M€YH[[QHNPU[L[HSHYZHT[HSZSLKHYLUZVJOIHY
UL[ZNLTLUZHTTHZWYrR
:`M[L[TLKPU[LY]Q\LYUH]HYH[[MrLUIPSKH]O\YKLIHYUVJO\UNHZVTOHM[RVU
[HR[TLK)9(WPSV[LYUH\WWMH[[H[PUZH[ZLUVJOH[[p]LUNLLUIPSKH]]PSRLU[`W
H]Z[€KVJOOQpSWKLPU[LY]Q\HKLIHYULU[`JRLYHUO€YPNHIHYUZRHLYIQ\KHZ)HY
ULUOHYMr[[PUMVYTH[PVUVTH[[PU[LY]Q\UNrY[PSSZVTL[[ZHT[HSVJOH[[KL[PU[L
ÄUUZUrNYHZ]HYZVTpYYp[[LSSLYMLS\[HUH[[KL[pYIHYUL[ZrZPR[LYZVTpYKL[
]PR[PNH-YrNVYUHOHYOHUKSH[VTO\Y\]PKHKL[IYHM€YIHYUH[[]L[HH[[KLOHYYp[
[PNOL[LYUpYLUM€YpSKLYpYZQ\RZRHKHKTPZZIY\RHYVJOPZrMHSSWr]PSRL[Zp[[VT
IHYUL[pYU€QKTLKKLUPUMVYTH[PVUOVULSSLYOHUMr[[VJOVTOVULSSLYOHUMr[[
Z]HYWrZPUHMYrNVYVTIHYUL[\WWMH[[HYH[[M€YpSKYHYVJOHUKYHUpYZ[rLUKL]\_UH
Mr[[€RHKM€YZ[rLSZLM€YIHYUL[ZILOV]VJOYp[[PNOL[LYZVTHUO€YPNVTPUZH[ZLU
]HYP[ [PSS OQpSW VJO VT IHYUL[ ZR\SSL YLRVTTLUKLYH )9( ZHT[HS [PSS HUKYH IHYU
-YrNVYUHOHYVJRZrOHUKSH[VTZQpS]H\WWSpNNL[WrTVKLSSLUIrKLUpYKL[NpSSLY
KLPUKP]PK\LSSHZHT[HSLUVJOSpNLYVT]PSRLU[`WH]Z[€KVJOOQpSWIHYUL[TLUHY
H[[HUO€YPNHIHYURHUILO€]HVJOVTIHYUL[OHYLNL[ILOV]H]MVY[ZH[[Z[€K
+LPU[LY]Q\HKLIHYULUpY€]LYSHNT`JRL[WVZP[P]H[PSSKLUPUZH[ZKLOHYMr[[VJO
KLYHZZ`UW\UR[LYRHUZHTTHUMH[[HZTLKY\IYPRLUWrKL[OpYH]ZUP[[L[!¹)9(pY
IYH¹ZVTpYL[[KPYLR[JP[H[MYrU[]rH]KLT4HUI€YOrSSHPTPUUL[H[[KL[pYKL
WLYZVULYZVTKLMr[[Z[€KH]ZVTPU[LY]Q\HYKLTVJOH[[IHYULUZ\[ZHNVYUH[\Y
SPN[]PZRHUMpYNHZH]KL[[H+L[RHU]HYHZ]rYHYLH[[\[[Y`JRHRYP[PRTV[UrNVUZVT
THUOHYMr[[OQpSWVJOZ[€KH]VJORHUZRL€UZRHYpUU\TLYOQpSWH]4LKKL[ZHN[
RHUTHUpUKrZLH[[IHYULU\[]LJRSHYVJOTV[P]LYHYZPUWVZP[P]HILK€TUPUNWr
LUYHKVSPRHZp[[VJOH]ZUP[[LUZVTM€SQLY[HY\WWKLTLZ[MYHT[YpKHUKL[LTHU
ZVTRVTTLYMYHTPPU[LY]Q\LYUH
(;;2f55(;033:05(9f;;0./,;,9
)9(pYLUTVKLSSZVTOHYIHYUL[ZYp[[PNOL[LYZVT\[NrUNZW\UR[VJOH[[KL[[H
RHU]HYH]PR[PN[M€YIHYUILRYpM[HZH]KLTZVTPU[LY]Q\H[Z:HT[HSLUPUSLKZTLK
MYrNHUVTKL[pY]PR[PN[M€YIHYUH[[MrPUMVYTH[PVUVTZPUHYp[[PNOL[LYVJOL[[H]
IHYULUWrWLRHYL_LTWLS]PZH[[¹HSS[Zr)HYURVU]LU[PVULUOHKLQHNHSKYPNMr[[Zr
T`JRL[PUMVYTH[PVUVTPUUHU¹,[[HUUH[H]IHYULUMVYT\SLYHYZPNZrOpY!
+L[pYIYHH[[]L[H]HKTHUOHYYp[[[PSSQHTLUKL[]HYIYHB¯D4HU]L[]HK
THUOHYYp[[H[[N€YHVJOYp[[[PSSH[[ZpNH¯VJOYp[[[PSSOQpSWVJOZrKHU[
VTTHU]PSSOHOQpSWZr]L[THUH[[THURHUMrOQpSWVJOOHYYp[[H[[MrKL[
)HYULUZRVTTLU[HYLYOHUKSHYPU[LIHYHVTYp[[PNOL[LYWrKL[NHUZRHHIZ[YHR[H
VJONLULYLSSHZp[[ZVTPL_LTWSL[V]HU\[HUKLRHUp]LU[H\WWTLYRVURYL[H
ZHRLY,Ur[[HrYPUNZpNLYISHUKHUUH[!
4HUMrYSpYHZPNVTZPUHYp[[PNOL[LY1HN]PZZ[LPU[LM€Y\[]HKQHNOHY¯M€Y
Yp[[PNOL[LY1HN]L[H[[QHNOHYTrUNHYp[[PNOL[LY1HNOHYYp[[H[[NrWr
[VHQHNOHYYp[[H[[]PSHVJOp[HVJOSLRH
:rLUKLSH]KLZZHIHYUTLKLUM€YpSKLYZVTpYZQ\RLSSLYTPZZIY\RHYHZZVJPLYHY
MYrNHU VT IHYUZ Yp[[PNOL[LY TLK NY\UKSpNNHUKL ILOV]" IHZHSH ZHRLY ZVT p[H
VJOMrNrWr[VHSL[[LULSSLYZVTL[[HUUH[L_LTWLSVTZrKHU[ZVTRYVWWZSPN
PU[LNYP[L[]HYKHNZY\[PULYVJOUpYPUNZYPR[PNTH[!
-€YpSKYHYUHILO€]LYVJRZr]L[HVTIHYULUZYp[[PNOL[LY+L[]L[PU[LHSSH
M€YpSKYHY=PZZHM€YpSKYHY]L[PU[LH[[THUPU[LMrYZSrIHYUVJOHUKYH]L[
PU[L]PSRLU[PKIHYUILO€]LYNrVJOSpNNHZPNLSSLYH[[NY€UZHRLYpYU`[[PNH
4LKHU]PZZHIHYU[HSHYVTM€YpSKYHYVJOHUKYH]\_UHZVTWLYZVULYKLOHYM€Y
[YVLUKL M€Y ÄUUZ L_LTWLS MYrU HUKYH IHYU ZVT WLRHY Wr LU TLY TPZZ[YVLUKL
OrSSUPUNZVTLUPUMVYTHU[ZVTILRYpM[HYH[[KL[pYIYHH[[Mr]L[HH[[IHYUOHYYp[
[PNOL[LYVJOTV[P]LYHYKL[TLKH[[¹1H\[HUIHYULUZYp[[PNOL[LYRHUTHUQ\N€YH
]HKZVTOLSZ[¹KpY¹THU¹Z`M[HYWrM€YpSKYHYVJOHUKYH]\_UH
0U[LY]Q\LYUHOHYPU[LNLUVTM€Y[ZM€YH[[NLPUMVYTH[PVUVTIHYULUZLNUHLYMHYLU
OL[LYH]\[ZH[[OL[M€YRUPWWHKLTLKM€YpSKLYUZZQ\RKVTLSSLYTPZZIY\RVJOKL[
NrYPU[LH[[\[PMYrUKL[[HTH[LYPHSZpNHUrNV[TLYRVURYL[VTYLSH[PVULUTLSSHU
]HKIHYULU\WWSL][VJOO\YKL[HSHYVTIHYUZYp[[PNOL[LY7rL[[TLYHSSTpU[WSHU
ZR\SSLTHUKVJRR\UUHZpNHH[[KL[[`KSPNHILRYpM[HUKL[H]IL[`KLSZLUH]IHYUZ
Yp[[PNOL[LYVJOH]H[[RpUUH[PSSZPUHYp[[PNOL[LYRHUOpUNHPOVWTLKLNUHULNH[P]H
LYMHYLUOL[LYH]H[[Yp[[PNOL[LYUHPU[LYLZWLR[LYHZ
(;;-g/1f37(;;-k9:;g
+LPU[LY]Q\HKLIHYULUILRYpM[HYVJRZrIL[`KLSZLUH]H[[MrPUMVYTH[PVUVJOZ]HY
WrZPUHMYrNVYVTM€YpSKLYUZZQ\RKVTLSSLYTPZZIY\R:VTLUH]KLT\[[Y`JRLY
KL[!¹VTTHUOHYLUMYrNHZVTLUZM€YpSKLYPU[LRHUZ]HYHWrBPU[LY]Q\HYL!4TD
Kr]PSSTHUQ\]L[HZ]HYL[pUKr¹0L[[HUUH[L_LTWLSWrKL[OpY[LTH[[HSHYIHYUL[
VTO\YPUMVYTH[PVUVJOR\UZRHWRHUOHZ[VYIL[`KLSZLM€YIHYUL[ZYLSH[PVU[PSSVJO
RpUZSVYPUM€YM€YpSKLYU!
1HN[`JRLYH[[KLZRHMrOQpSWHSS[ZrOQpSWH[[Mr]L[HVTZQ\RKVTLUVJO
H[[KLRHUMrOQpSW¯H[[M€YZ[rZPUHM€YpSKYHYVJRZr-€YKL[pY]pSKPN[Z]rY[
H[[M€YZ[rZPUHM€YpSKYHYVJOKL[pY]pSKPN[Sp[[VTTHUVTM€YpSKLYUpY
ZQ\RZrRHUTHUSpYHZPNH[[PU[L[`JRHVTKLUM€YH[[THUPU[LYPR[PN[M€Y
Z[rYKLUM€YKL[pYQ\PU[LKLUZMLSVTKLUpYZQ\RKL[pYLUZQ\RKVTKL
OHYMr[[6JOKr[`JRLYQHNH[[IHYUL[ZRHMrSpYHZPNH[[KL[PU[LpYM€YpSK
LYUZMLSKL[pYUrNVU[PUNTHUMrYSpYHZPNH[[HJJLW[LYHVJOK\MrYVJRZr
SpYHKPNH[[R\UUH¯SL]HTLKLM[LYZVTKL[pYQ\KPUKL[pYLUZ]HYKHN
KL[pYQ\QVIIPN[TLUTHURHUQ\PU[LN€YHUrNVU[PUNr[KL[KPYLR[\[VT
H[[NrY\U[VJOWYH[HVTKL[B¯D:rKL[pYQ\H[[THUZRHMrSpYHZPNH[[
M€YZ[rZPUM€YpSKLYVJRZrVJOWYH[HTLKHUKYHZVTOHYZHTTHWYVISLT
ZrTHURHUKLSHZPUH[HURHYVJOZr
0UMVYTH[PVUVJOR\UZRHW¶H[[M€YZ[rZPUM€YpSKLY¶OHUKSHYHSS[ZrISHUKHUUH[VT
H[[ZP[\H[PVULUZVTHUO€YPN[IHYUZRHISPTLYILNYPWSPNVJOOHU[LYIHY]PSRL[pYL[[
[LTHZVTKPZR\[LYHZSpUNYLMYHT
(;;-g/1f37(;;;(3(
)HYUL[ZVTPL_LTWSL[V]HU[HSHYVTH[[MrOQpSWH[[M€YZ[rZPUM€YpSKLYS`M[LYVJRZr
MYHTH[[KL[pY]PR[PN[H[[KLSHZPUH[HURHYTLKHUKYHMYHTM€YHSS[TLKKLTZVT
OHY SPRUHUKL LYMHYLUOL[LY -€Y H[[ R\UUH KLSH [HURHY VJO LYMHYLUOL[LY ILO€]LY
THUZp[[HVYKWrKLT,U]PR[PNWVpUNTLK)9(TVKLSSLUpYH[[IHYUZRHMrT€Q
SPNOL[VJOOQpSWH[[MVYT\SLYHZPUHLNUHILOV]VJOMYrNVY;HURLUpYH[[TVKLSSLU
WrWLKHNVNPZR[PUMVYTH[P][VJOSLRM\SS[Zp[[ZRHZ[pYRHIHYUL[VJOIPKYH[PSSH[[KL[
RpUULYH[[KL[OHYTHR[PZP[[LNL[SP]+L[TH[LYPHSVJOHYIL[ZZp[[ZVT\[]LJRSH[Z
]LYRHYOHM\UNLYH[]pSM€YKLIHYUZVTPU[LY]Q\H[Z+LS`M[LYKLSZMYHTH[[HYIL[Z
Zp[[L[OHM[L[[[`KSPN[MVR\ZWrKLTZQpS]HVJOQ\Z[KLYHZ[HURHYVJOrZPR[LY!
1HN[`JRLYKL[pY]pSKPN[IYHTHUMrYRHUZRLSP[LTLYPUMVYTH[PVUTHU
MrY[pURH[PSSSP[LTLYVTO\YQ\Z[QHNOHYKL[PU[LVTNP]PUNLUVJOO\Y
HUKYH[`JRLYKL[pY\[HUKL[pYQ\Z[TPUHrZPR[LYZVTpYKL[]PR[PNHZ[L
1HN[`JRLYKL[]HYQp[[LIYH
=PZZHIHYUILZRYP]LYKL[VJRZrZVTH[[KLR\UUH[WYH[HTLYP)9(ZHT[HSLUQpT
M€Y[TLKKLUNY\WWM€YHUO€YPNHIHYUZVTKLNr[[P[PKPNHYL=PKHYL[HSHYKLVTH[[
KL[pYSp[[HYLH[[WYH[HVTTHUMrYRVURYL[HMYrNVYTLKM€SQKMYrNVYVJOKL[ÄUUZ
ÅLYHVSPRHL_LTWLSWrO\YIHYULUZWVU[HU[[HY\WW¹JPYRSHYUH¹KL[WLKHNVNPZRH
OQpSWTLKLSZHT[HSZSLKHYUHHU]pU[PKLPUKP]PK\LSSHZHT[HSLU!
+L[]HYVJRZrR\SH[[WYH[HK\]L[UpYTHUNQVYKLKLOpYMYrNVYUHKLU
OpYJPYRLSUVJO[rY[VYUH
0U[LY]Q\HYL!QHUpY]POHKLLUZRPSKHZHT[HS
1HKL[[`JR[LQHN]HYYVSPN[
+L[[`JR[LK\]HYYVSPN[
:rÄJRTHUZpNH]HKTHU[`JR[LVJOZrÄJRTHUTrSHKLT
1HÄJRMpYNSpNNH\[PMYrU
=HKTHU[`JR[LO\YIYHLSSLYKrSPN[KL[]HYVJOZr]L[THUZQpS]]HYTHU
SPNNLYVJRZrM€YTHU[pURLYPU[LVM[HWrKL[
+L[ISL][`KSPN[M€YKPN&
1HKL[ISL][`KSPNHYL]HKZVTpY]LYRSPNLUQVIIPN[VJO]HKZVT]LYRSPNLU
pYIYHPISHUKZrRHUZRLTHU€]LYKYP]LYH[[KL[pYKrSPNHYLpU]HKTHU
[YVYLSSLYZrRHUZRLKL[pYIp[[YLpUTHU[YVY
0[PSSpNN[PSSH[[ZHT[HSH\[PMYrUJPYRSHYUHRHUOQpSWHIHYUH[[MVYT\SLYHZPN[`JRZKL
VJRZrR\UUHNLIHYULUWLYZWLR[P]WrZPUZP[\H[PVUNLUVTH[[IrKLKL[ZVTpYWV
ZP[P][VJOULNH[P][ISPY[`KSPN[,[[HUUH[IHYUMVYT\SLYHYZPNUpZ[HUWrZHTTHZp[[!
-€YKL[OHYZ[pYR[TPN]pSKPN[T`JRL[IrKLPNY\WWLUVJOU\Wr)9(Wr
L[[WVZP[P][Zp[[1HQHNOHYISP]P[Z[HYRHYLVJOQHN[YVYH[[ÅLY\UNKVTHY
ZR\SSLRpUUHLU[Y`NNOL[H[[THUWYH[HYVTILR`TTLYLSSLYZQ\RKVTHY
VJOKrH[[THUOHYJOHUZH[[IQ\KHPUM€YpSKYHYUHLSSLYLUM€YpSKLYLSSLY
IHYHZ`ZRVUTHUZLYWrTHUMrYLUHUUHUPUISPJRWrKL[THU[pURLY
PU[LIHYHWrKL[ULNH[P]H\[HUKL[ISPYWVZP[P][H]KL[UpYTHUNQVYKLKLU
JPYRLSUTLK[rY[IP[HYUHKL[]HYPU[LIHYHULNH[P][ZVTRVT\WW\[HUKL[
]HYQ\VJRZrH[[THUÄJR[pURH[PSSVTKL[WVZP[P]H
.LUVTH[[ZHT[HSLUIrKLOHUKSHYVTKLSP]ZVTYrKLUZVTWr]LYRHZULNH[P][H]
M€YpSKLYUZTPZZIY\RLSSLYZQ\RKVTVJOKLVTYrKLUZVTWr]LYRHZPTPUKYL\[
Z[YpJRUPUNLSSLYPU[LHSSZISPYKL[[`KSPN[H[[Wr]PZZHZp[[pYIHYULU¹ZVT]LTZVT
OLSZ[¹ ZVT LU H] KL PU[LY]Q\HKL \[[Y`JRLY KL[ (YIL[ZZp[[L[ P )9( [`JRZ HSS[Zr
IrKLR\UUHM\UNLYHZVTL[[Z[€KM€YH[[ILUpTUHWYVISLTVJOOQpSWILOV]VJO
¹H]Z[PNTH[PZLYHUKL¹
(;;05;,=(9(,5:(46*/(55693<5+(
,[[[LTHZVTr[LYRVTTLYWrÅLYHVSPRHZp[[PPU[LY]Q\LYUHpYIL[`KLSZLUH]H[[
[YpMMHHUKYHPLUSPRUHUKLZP[\H[PVU+L[OHY]HYP[]pSKPN[]PR[PN[M€YTPN¹M€YUpY
QHN]HYSP[LUZr[YVKKLQHNH[[QHN]HYKLULUKH¹ZpNLYL_LTWLS]PZL[[H]IHYULU
+L[OHUKSHYKLSZVTH[[KL[RHU]HYHSp[[HYLH[[WYH[HTLKKLTZVTOHYSPRUHUKL
LYMHYLUOL[LYQpTM€Y[TLKQpTUrYPNH]pUULYZVTPU[LKLSHYLYMHYLUOL[LYUHH]HU
O€YPNZRHWKLSZVTH[[PU[LRpUUHZPNZrHUUVYS\UKHVJOLUZHT([[T€[HHUKYHZ
\WWSL]LSZLYH]H[[OHLUZQ\RLSSLYTPZZIY\RHUKLM€YpSKLYNLYWLYZWLR[P]WrKLU
LNUHZP[\H[PVULU
-€YH[[THU]PSS]L[HVJRZrO\YKLOHYOHTUH[VJOO\YKLOHYKL[
-€YTHUOHYQ\OHTUH[WrL[[Zp[[,M[LYZVTQHNOHYLUHUUHULUZQ\R
THTTHZrRHUKL[OpUKHH[[QHNPU[LpYZVTHSSHHUKYHIHYU7rKL[Zp[
[L[6JOKL[pYYVSPN[H[[OHHUKYHIHYUZVTM€YZ[rYLUIp[[YLpU]HKHUKYH
IHYUPU[LN€YZVTPU[LOHYZHTTHWYVISLT
0WPSV[]LYZPVULUPUNPJRL[[SpNLYP)9(TVKLSSLUVJOKLIHYUZVTKLS[HNP[PL[[[HSHY
HSSHT`JRL[WVZP[P][VTKLULYMHYLUOL[LU5rNYHLUKLSZ`UW\UR[LYVJOM€YZSHN[PSS
M€YIp[[YPUNHYTLUIL[VUHYZHT[PKPN[H[[KL[]HYIYH2VTTLU[HYLYUHVTSpNYL[
WLRHYWrH[[KL[pY]PR[PN[H[[MrRVTTH[PSSLURVUMLYLUZHUSpNNUPUNH[[MrLNL[Y\T
VJONVKTH[KL[RHU\WWSL]HZZVTSP[LH]LUS`_H]IHYULU:QpS]HPUULOrSSL[VJO
\WWSpNNL[MrYVJRZr€]LYSHNNV[[IL[`N4LYRYP[PZRHZ`UW\UR[LYOHUKSHYMYHTM€
YHSS[VTH[[SpNYL[]HYP[SP[LM€YRVTWYPTLYH[[PKZTpZZPN[VJOH[[SpNLYSLKHYUHIL
O€]LY]HYHVIZLY]HU[HWrH[[KL[RHU]HYHWrMYLZ[HUKLRpUZSVTpZZPN[H[[]HYHWr
SpNLY!¹6TTHUZLYH[[UrNVUI€YQHY]HYHULKZ[pTKRHUZRLTHUZRHNrMYHTVJO
RVSSHH[[HSS[pYIYH¹+L[ZVTNQVYKLSpNYL[[PSSLUZrWVZP[P]\WWSL]LSZLpYKVJRPU[L
PM€YZ[HOHUKSVRHSLYVJOHR[P]P[L[LY\[HUQ\Z[T€[L[TLKKLHUKYHIHYULU+LUUH
RVSSLR[P]HKLSH])9(OHYM`SS[LU]PR[PNM\UR[PVU6TpUWrSP[LVSPRHZp[[ZR\SSLTHU
R\UUHZpNHH[[IrKLSpNYL[VJOJPYRSHYUHM\UNLYH[UVYTHSPZLYHUKLVJOTV[]LYRH[
IHYULUZRpUZSVYH]HUUVYS\UKHZRHWWrNY\UKH]ZP[\H[PVULUZVTHUO€YPN
(;;)303@::5(+7g
:HT[HSZSLKHYUHZM€YOrSSUPUNZp[[[PSSIHYUL[pYUH[\YSPN[]PZLUM€Y\[Zp[[UPUNM€YH[[
T€[L[ZRHISPIYHVJOM€YTVKLSSLUZRHM\UNLYHUpYKLUVTZp[[ZPWYHR[PRf]LU
UpYKL[NpSSLYKL[[HNLYKLPU[LY]Q\HKLIHYULUNVKHVTK€TLU!
(SS[ZrKL[]HYQ\¯H[[UP]HY[YL]SPNHVJOKL[]HY[YL]SPN[H[[RVTTHOP[
VJO¯THURpUKLZVTH[[MVSRS`ZZUHWrLU
/pYRHU[PSSpNNHZH[[p]LUUpYKL[NpSSLY\WWSL]LSZLUH]H[[ISPS`ZZUHK[PSSRHUHY
IL[ZZp[[L[ TLK JPYRSHYUH OH IPKYHNP[ Wr L[[ WVZP[P][ Zp[[ ISHUK HUUH[ M€Y H[[ KL
M\UNLYHYZVTLUKVR\TLU[H[PVUH]]HKZVTZHN[Z,[[H]IHYULUZVTILRYpM[HY
H[[OLU\WWMH[[H[H[[OLUISP]P[S`ZZUHKWrM€YZ€RLYTV[P]LYHKL[[HWrM€SQHUKLZp[[!
1HM€Y¯QHN]L[H[[HUKYH]L[QHN]L[PU[LO\YQHNZRHM€YRSHYHTLU¯KL[
RpUUZZVTH[[QHNÄJRZpNH]HKQHN]PSSLZpNHM€YUP]LYRSPNLUS`ZZUHKL
BTTDVJOKL[pYPU[LVM[HTHUWYH[HYVTKL[[HTLKUrNVUVJOZpNLY
H[[KLZRHS`ZZUHM€YUpYKL[]HYT€[LZrOHUKSHKLKL[VTTPNVJOQHN
ZR\SSLZRYP]HULYO\YQHNOHKLKL[VJOZrQHISL]S`ZZUHK[PSS
<WWSL]LSZLUH]H[[ISPS`ZZUHKWrOHUKSHYVJRZrVTH[[MrL[[LNL[\[Y`TTLKpY
THURHURpUUHZPNMYPHYLH[[[HSHVJOKpYKL[PU[LpY]\_UHZVT[HY€]LY!
1HN[`JRLY]pSKL[pYIYHM€YH[[¯THUKrWYH[HYTHUPU[LTLKM€YpSKLYU
VJOKrOrSSLYTHUPU[LPUULZPUHVYKSPRHT`JRL[ZLKHUUpYTHUWYH[HY
ZQpS]Z[pUKPN[ZrWYH[HYTHUTLYM€YTHU]L[H[[THURHUZpNHTLYKL[pY
Sp[[HYLH[[ZL¯5pYKL[pYM€YpSKLYUZrpYKL[KLZVTWYH[HYTLZ[
)HYULUILRYpM[HYVJRZrH[[ZQpS]H\WWSpNNL[Wr)9(ZHT[HSLUM\UNLYH[IYHM€Y
KLYHZKLSKL[]PSSZpNHH[[M€YpSKLYUpYTLK]PZZHNrUNLYZVT]PKKL[PUSLKHUKL
VJO\WWM€SQHUKLZHT[HSL[TLUKpY]PZZHZHT[HSpYPUKP]PK\LSSHM€YIHYUL[
2f5:3(5(=:(44(5/(5.
/\YRHUTHUKrM€YZ[rIHYULUZRVTTLU[HYLYVTKL[WVZP[P]HTLK)9(&+LZZH
ZHT[HS [`JRZ M\UNLYH ZVT Z[€KQHUKL ZHT[HS ZVT \UKLYSp[[HY M€Y IHYULU IHYH
NLUVTH[[KLNLYLUT€QSPNOL[M€YIHYULUH[[\[[Y`JRHZPNVJOMrILRYpM[LSZL-SLYH
IHYUWYH[HYVTIL[`KLSZLUQ\Z[H]KL[[HVJOL[[ZpNLY[PSSL_LTWLS!¹+L[pYQ\VSPRH
MYrUWLYZVUTLUQHN[YVYH[[KL[VM[HZ[pYIYHH[[WYH[H\[VJOZrKHU[¹+L]LYRHY
p]LUR\UUHIPKYH[PSSIp[[YLRVTT\UPRH[PVUTLSSHUIHYUL[VJOM€YpSKLYU!¹-€Y\[
OHKLQHNLUTHZZHRpUZSVYZVTQHNPU[LR\UKLILYp[[HM€YTHTTHZrT`JRL[¹
<[PMYrUKLPU[LY]Q\LYZVTKL[OpYRHWP[SL[I`NNLYWrZR\SSLTHUVJRZrR\UUH[VS
RHKL[ZVTH[[)9(ZHT[HSRHUZ[pYRHIHYUZRpUZSHH]ZHTTHUOHUN+L[[HZHN[
TLK[HURLWrO\YIHYULUWYH[HYIrKLVTKLUPUMVYTH[PVUKLMr[[OQpSWLUTLK
H[[M€YZ[rVJOOHU[LYHZPUZP[\H[PVUVJO\WWSL]LSZLUH]H[[PU[L]HYHZrLUZHTVJO
HUUVYS\UKH
,URpUZSHH]ZHTTHUOHUNpYLUSPN[(U[VUV]ZR`]pZLU[SPNM€YH[[RSHYHH]WrMYLZ[
UPUNHY VJO KL[ pY UrNV[ ZVT P M€YZ[H OHUK \[]LJRSHZ \UKLY IHYUKVTLU 2pUZ
SHU H] ZHTTHUOHUN ILZ[rY H] [YL KPTLUZPVULY! ILNYPWSPNOL[ OHU[LYIHYOL[ VJO
TLUPUN0MHTPSQLYKpYIHYULUpY\[ZH[[HWrVSPRHZp[[M€YZ]rYHZ\[]LJRSPUNLUH]
RpUZSHUH]ZHTTHUOHUN0UMVYTH[PVULUVTM€YpSKLYUZWYVISLTVJOKLUKPHSVN
IHYUL[LYIQ\KZNLUVT)9(ZHT[HSLURHUPZPNN€YHKL[Sp[[HYLM€YIHYUL[H[[M€YZ[r
ZPUZP[\H[PVUVJOM€YpSKLYUILNYPWSPNOL[VJON€YHKLUTLYM€Y\[ZpNIHYOHU[LY
IHY0TH[LYPHSL[ÄUUZL_LTWLSWrIHYUZVTMVYT\SLYHYZPNZr!¹4HU]L[O\YTHU
ZRHOHU[LYHZP[\H[PVULU]L[]HYM€Y]HYM€YOVUIL[LYZPNWrKL[Zp[[L[ZrTHUPU[L
[YVYH[[KL[pYLUZLNL[MLSH[[OVUIL[LYZPNWrKL[Zp[[L[¹/HU[LYIHYOL[LUOHUK
SHYHSS[ZrVJRZrVTH[[H]SHZ[HIHYUL[ZR\SK.LUVTH[[IHYULUMrYOQpSWH[[ZQpS]H
MVYT\SLYHZPUHILOV]VJOMYrNVYRHUKLVJRZrMrZ[€YYLT€QSPNOL[LYH[[MHR[PZR[
Wr]LYRH]HKZVTZRHOpUKHTLKKLT:HT[PKPN[MrYKLOQpSWH[[MVYT\SLYHKL[KL
]PSSOHVJOILO€]LYPM€YOrSSHUKL[PSSIHYUZYp[[PNOL[LY]PSRL[Z[pYRLYKLYHZWVZP[PVU
`[[LYSPNHYL=PKHYLMYHTZ[rYKL[ZVTH[[TVKLSSLUZ]pSKPN[RVURYL[HMVR\ZWrKL[
LUZRPSKHIHYUL[NQVY[H[[r[TPUZ[VULLUKLSH]IHYULU[HNP[TLKZPN\WWSL]LSZLU
H]H[[OLUpYLU]PR[PNWLYZVU]PSRL[IPKYHNP[[PSS\WWSL]LSZLUH]TLUPUN"H]H[[KL[
]HYP[TLUPUNZM\SS[H[[KLS[HP)9(ZHT[HSLUf]LUT€[L[TLKHUKYHIHYUMYHTZ[rY
ZVTTLUPUNZM\SS[
+L[ZVTRHU]HYHLUZ[`YRHWLRHYZHT[PKPN[Wr\[THUPUNHY5pYPU[LY]Q\URVTTLY
[PSSMYrNHUVTIHYUL[OHYILOV]H]MVY[ZH[[Z[€KZpNLYL[[H]KLPU[LY]Q\HKLIHY
ULU[PSSL_LTWLSVTZPUU\]HYHUKLZP[\H[PVUH[[KLUpYNHUZRHIYHKLS]PZM€YH[[
OLUSpY[ZPNOHU[LYHZP[\H[PVULUWrL[[Zp[[ZVTM\UNLYHYIp[[YL!
1HN]L[PU[LYPR[PN[TLUQHNRpUULYH[[QHNOHYKL[NHUZRHIYHTLKTPU
THTTHU\B0U[LY]Q\HYL!QHDM€YOVUOHYS\NUH[ULYZPNNHUZRHT`JRL[
]PZZ[OVUOHYQ\ZPUHO\T€YZ]pNUPUNHYTLUQHNOHYQ\Sp[TPNNHUZRH
T`JRL[H[[QHNMrYHJJLW[LYHKL[VJOKL[pYUrNVU[PUNQHNMrYNr\UKHU
UpYOVUpYZr
+\RHUOHU[LYHKL[Kr&
1HQHNNrYSP[L\UKHULSSLYM€YZ€RHWYH[HPU[L]HYHZr]HYHZrH[[OVU
[rSKL[BTTDZrH[[OVUPU[LISPYZrPYYP[LYHKLSSLYUrNVU[PUNZrTHUZRH
R\UUH[`W
+L[Sr[LYZVTK\RHUWHYLYHKL[WrUrNV[Zp[[&
1H]PZZ[QHNRHUZRLH[[ISPYPYYP[LYHKVJOIYrRHYTLKOLUULKL[OpUKLYQ\
THUISPYQ\[Y€[[UrNVUNrUNTLU[PSSZS\[ZrMrYTHUSpYHZPNH[[HJJLW[LYH
KL[
gLUHZPKHUOHYIHYUL[Mr[[LUHUUHUM€YZ[rLSZLM€YZPUM€YpSKLYVJOSP]L[OHYISP]P[
TLYOHU[LYIHY[gHUKYHZPKHUpYMYrNHU]PSRHULNH[P]HRVUZLR]LUZLYKL[RHUMr
M€YIHYUL[VTOLUPM€YO€NNYHK[HYHUZ]HYM€YH[[OLTZP[\H[PVULUM\UNLYHYNL
UVTH[[Nr\UKHUVJOM€YZ€RHWYH[HTLKM€YpSKLYUWrL[[Zp[[ZVTM€YpSKLYU¹[rS¹
<;=,*2305.:),/6=
(]KLVTYrKLUZVTILOHUKSHZPPU[LY]Q\LYUHpYKL[MYHTM€YHSS[[]rKpYIHYULUZ
RVTTLU[HYLYWLRHYWr[`KSPNH\[]LJRSPUNZILOV]+L[LUHNpSSLYP]PSRLUNYHKIHY
ULU\WWMH[[HYH[[KLYHZM€YpSKYHYVJOHUKYH]\_UHMr[[LUIp[[YLM€YZ[rLSZLM€YIHY
ULUVJOKLYHZYp[[PNOL[LYZVTHUO€YPNH/pYpYKL[UpZ[HUPUNHIHYUZVTWYH[HY
VTUrNVU[`KSPNM€YIp[[YPUN0KLÅLZ[HMHSSILZRYP]LYIHYUL[PUNLUM€YpUKYPUN[PSS
KL[Ip[[YLHSSZTLUKL[ÄUUZL[[WHYL_LTWLSZVTPHSSHMHSSWLRHYWrH[[UrNV[OHY
OpU[ZVTKL[OpY!
0U[LHSS[[YVYQHNPU[LH[[KLOHYM€YZ[r[[TLUKL]L[Q\SP[LVJOZrKHU[\U
KLY[PKLUZVTOHYNr[[VJRZr]HKZVTpYYp[[VJOMLSZHT[PKPN[Zr]L[QHN
PU[LYPR[PN[VTKLOHYMr[[PUHSS[POVWHKL[pYQ\Yp[[T`JRL[
:HTTHU[HNL[MYHTZ[rYKLUKLSZVTYPR[HYZPN[PSSM€YpSKLYUZVTL[[\[]LJRSPUNZ
VTYrKL
,[[HUUH[\[]LJRSPUNZVTYrKLpYMVY[ZH[[Z[€KLM[LY)9(ZHT[HSLU0PU[LY]Q\LYUH
ÄUUZÅLYHL_LTWLSWrO\YIHYULUUpYKLMrYMYrNHUMHR[PZR[LM[LYMYrNHYTLYZ[€K
+L[RHUIrKLOHUKSHVTLUZRPS[Z[€KVJOVT€UZRLTrSVTH[[NrPNY\WWVJO
MVY[Zp[[H[YpMMHHUKYHIHYUTLKSPRUHUKLLYMHYLUOL[LY+L[OHUKSHYVJRZrVTH[[
MrOQpSW\UKLYSpNYL[PKTLK[HURLWrH[[)9(ZHT[HSLUpYLUT`JRL[RVY[PUZH[Z
+L[ÄUUZVJRZrL_LTWLSZVTILS`ZLYIL[`KLSZLUH]H[[MrZ[€KPHUKYHZHTTHU
OHUNZVTZRVSHU!
-€YTPNZr]HYKL[)9(ZHT[HS[`JRLYQHNTLUZLKHUVJRZrH[[¯1H
RHUZRLH[[THUILYp[[HYM€YZPURVU[HR[SpYHYLPZRVSHUZrKLUM€YZ[rYH[[
THUOHYKL[QVIIPN[0TPUZP[\H[PVUZrOHKLQHNKL[]pSKPN[QVIIPN[PZRVSHU
U\KL[ZLUHZ[LM€YKL[OHYRVTTP[\WW]pSKPN[T`JRL[U`HNYLQLYZVTOHY
]HYP[IHRVTLUZVTRVTTLY\WWPNLUB¯D6JOKrOHYKL[]HYP[]pSKPN[
ZR€U[H[[THUOHYR\UUH[MrT`JRL[TLYZ[€KMYrUSpYHYUHpU]HKTHU
RHUZRL[YVKKLH[[KLZR\SSLNL
¹,[[U`[[Zp[[H[[T€[HIHYU¹
:`UW\UR[LY [HURHY VJO M€YpUKYPUNZM€YZSHN ZVT RHU IPKYH [PSS H[[ [`KSPNN€YH VJO
M€YIp[[YHTVKLSSLUOHYVJRZrZHTSH[ZPUMYrUZHT[HSZSLKHYLVJOZHTVYKUHYLPKL
[YL WPSV[]LYRZHTOL[LYUH ZHT[ MYrU WYVQLR[SLKHYUH Wr )HYUO\ZL[ 7PSV[]LYRZHT
OL[LYUHZTLKSLTTHYULKHURHSSHKLWPSV[LYUHOHYMr[[[PSSMpSSLH[[YLÅLR[LYH€]LY
)9(TVKLSSLUPÅLYHVSPRHZHTTHUOHUN:HT[HSLUOHYKLSZKVR\TLU[LYH[ZNL
UVTTPUULZHU[LJRUPUNHYKLSZNLUVTPUZWLSHKLPU[LY]Q\LYYLZWLR[P]LZHT[HS0U
[LY]Q\LYUHNLUVTM€YKLZPNY\WWVJOKL[]HYQHNZVTPU[LY]Q\HKL+L[OpYH]ZUP[[L[
I`NNLYMYHTM€YHSS[WrWPSV[LYUHZY€Z[LYPKLPUZWLSHKLPU[LY]Q\LYUH+LMYrNVYZVT
KLYLÅLR[LYHY€]LYOHUKSHYVTKLM€YVJOUHJRKLSHYZVTRHUÄUUHZTLKKLU
OpY TVKLSSLU L]LU[\LSSH Z]rYPNOL[LY P ZQpS]H T€[L[ TLK IHYULU IL[`KLSZLU H]
TVKLSSLUZMVR\ZWrYp[[PNOL[LYP]PSRLUNYHKKL[]HYP[Z]rYHYLH[[\WWM`SSHUrNYH
H]TVKLSSLUZTrSZp[[UPUNHYZHT[VTO\YKL[]HYP[H[[KLS[HP\[]LJRSPUNZWYVQLR[L[
3PRZVTKLPU[LY]Q\HKLIHYULUpYWPSV[LYUH€]LYSHNT`JRL[WVZP[P]H[PSS)9(TV
KLSSLUVJOPZ`UULYOL[\[NrUNZW\UR[LUPIHYUL[ZYp[[PNOL[LYS`M[ZMYHTZVTVLY
O€Y[]PR[PN,Ur[LYRVTTHUKLRVTTLU[HYpYH[[KLUOpY\[NrUNZW\UR[LUM€YZRQ\
[LYWLYZWLR[P]L[M€YKLTZVTSLKLYZHT[HSLUVJONLYL[[U`[[Zp[[H[[T€[HIHYU
:HT[PKPN[ pY KL[ PU[L OLS[ LURLS[ H[[ VTZp[[H TVKLSSLU P WYHR[PRLU VJO SPRZVT
IHYUPU[LY]Q\LYUHWLRHYPU[LY]Q\LYUHTLKWPSV[LYUHWrH[[KL[ÄUUZVTYrKLUZVT
ILO€]LY\[]LJRSHZ
9f;;0./,;,96*/2647,;,5;()(95
+L[ZVTM€YTrUNHH]WPSV[LYUHOHY]HYP[U`[[TLK)9(TVKLSSLUpYH[[PUZH[ZLU
YPR[HYZPNKPYLR[[PSSIHYUL[VJOH[[KL[pYIHYUL[ZYp[[PNOL[LYZVTpY\[NrUNZW\UR
[LU,[[HUUH[Zp[[H[[ILUpTUH\[NrUNZW\UR[LUpYH[[)9(TVKLSSLUI`NNLYWr
L[[KLSHR[PNOL[ZWLYZWLR[P]WrIHYUZL5pZTHUZRHWP[LSPHU[VSVNPU+L[[HVT[H
SHZZVTZHN[ZVT]pSKPN[IL[`KLSZLM\SS[VJOKL[pYLUr[LYRVTTHUKLRVTTLU[HY
H[[¹KL[Wr]LYRHY]pSKPN[T`JRL[WrO\YTHUZLYWrIHYUL[VJOIHYUL[Z\[ZHNVY¹
7PSV[LYUHIL[VUHYVJRZrH[[KL[pYL[[U`[[WLYZWLR[P]KLOHYSpY[ZPNH[[HYIL[H\[P
MYrUZVTPMYrNHZp[[LY]\_UHZ[VSRUPUNZM€YL[YpKL!
1HN[YVYH[[]PTrZ[L]pSKPN[WYH[HT`JRL[TLYVTKL[OpYIHYUWLYZWLR
[P]L[-€YH[[RVTTHPUYp[[P)9(ZHT[HSLU€]LYO\]\K[HNL[ZrTrZ[L]P
WYH[HT`JRL[T`JRL[TLYVTIHYUWLYZWLR[P]L[-€YUpYQHNWYH[HYVT
)9(PTPUHUKYHHYIL[ZNY\WWVTIHYURVU]LU[PVULUVJO¹QHTLUKL[RHU
]PQ\¹VJOZrO€YQHNH[[KLOHYPU[LIHYUWLYZWLR[P]L[¹TLUKL[OpYpY
IYH¹L[[]\_LUWLYZWLR[P]WrH[[KL[OpYpYIYHM€YIHYULUQHNRVTTLYQ\
MYrULUOLS[HUUHU]PURLS
4VKLSSLUM€Y\[Zp[[LYHSS[ZrIHYUL[ZKLSHR[PNOL[VJO]\_UHZS`ZZUHUKL+L[PUUL
IpYISHUKHUUH[H[[PUULOrSSL[ILZ[pTZ[PSSZHTTHUZTLKIHYUL[-€YWPSV[LYUHOHY
KL[]HYP[UrNV[U`[[H[[KL[KpYTLKISPY\WW[PSSIHYUL[H[[Z[`YH([[IHYULUWrZr
Zp[[MrYTHR[€]LYZHT[HSL[RHUVJRZrPUULIpYHH[[KLRHUH]Z[rMYrUPUMVYTH[PVU
VJOZ[€K:VTLUKLSWPSV[LYM€YZ[rYKL[PUNrYKL[PIHYUZYp[[PNOL[LYH[[ZSPWWHISP
Wr[]PUNHKLUrNV[KLPU[L]PSSOH!
1HN[pURLYL[[HUUH[Zp[[O\YKL[RHU[`KSPNN€YHKL[pY[PSSL_LTWLSTLK
Yp[[PNOL[LYOHYQHNWYH[H[TLKLU[QLQVJORVTTLYMYHT[PSSH[[¹QHULQTLU
QHN]L[PU[LZrT`JRL[TLUQHNRpUULYPU[LH[[QHNILO€]LY]L[HTLYQHN
]L[PU[LVTQHN]PSS]L[HTLYOLSSLY¹TLUH[[KL[pUKrISPY[`KSPN[VJOK\
TrZ[LPU[LMrWYVJLU[PUMVYTH[PVUVTK\PU[L]PSSSPRZVTH[[KL[RHU
]HYHZR€U[H[[]pUKHVJO]YPKHWrKL[VJOQ\Z[U\¹QHN]L[H[[QHNRHUMr
TLYPUMVYTH[PVUVTQHN]PSS¹+L[[`JRLYQHNOHY]HYP[ZrOPTSHILMYPHUKLM€Y
KLOpYIHYULUKL[pYPUNLUZVTWYHJRHYWrKPNUrNV[VTK\PU[L]PSSKL[
[`JRLYQHNISPY[`KSPN[PKLUOpYTVKLSSLU
([[IHYUMrYTHR[H[[[HJRHQHLSSLYULQRHUp]LUPUULIpYHLU\[THUPUNTLUHYLU
KLSWPSV[LYPU[LTPUZ[TLK[HURLWrIHYULUZILYVLUKLH]VJOOpUZ`UZ[HNHUKL[PSS
ZPUHM€YpSKYHY!
1HN[pURLYH[[PISHUKOHKLQHN€UZRH[H[[THUOHKLR\UUH[H[[QHNOHKL
SHN[\WWKLUOpYPUMVYTH[PVULUWrL[[HUUH[Zp[[H[[QHNOHKLRHUZRL
PUMVYTLYH[\UNKVTLUZLWHYH[VJOM€YpSKLYUZLWHYH[BHUKYH!TOTDM€YKL[
OHYQHNTpYR[H[[KL[IHYULULSSLY\UNKVTHYUHOHYZHN[H[[¹QHNILO€]LY
PU[L¹TLUKL[OHY]HYP[H]OpUZ`U[PSSM€YpSKLYUKL[OHY]HYP[Zr[`KSPN[6JO
PVJOTLKH[[THUZpNLYH[[¹K\MrYILZ[pTTHZQpS]¹KrRHUTHUSPRZVT
PU[LNr]PKHYLWrZWLJPLSS[IYHZp[[BPU[LY]Q\HYL!ULQQ\Z[KL[DTLUOHKLTHU
PUMVYTLYH[ZLWHYH[IHYUL[ZLWHYH[KrOHKLRHUZRLKL[ISP]P[LUZRPSSUHK
1\Z[KL[OpYL_LTWSL[OHUKSHYVT[VUrYPUNHYVJO`[[LYSPNHYLLUYLÅLR[PVUPNY\W
WLU\UKLYKLUOpYKLSLUH]PU[LY]Q\UpYH[[THURHUZRLZR\SSLILO€]HWYLZLU[LYH
)9(ZHT[HSLUWrL[[SP[LHUUH[Zp[[M€Y\UNKVTHYQpTM€Y[TLK`UNYLIHYU
+L[pYPU[LIHYHKLSHR[PNOL[ZWLYZWLR[P]L[WrIHYUZVTpYHUUVYS\UKHf]LUKL[
H[[\[NrMYrUYp[[[PSSPUMVYTH[PVUPZ[pSSL[M€YH[[M€Y\[Zp[[HH[[KL[ÄUUZL[[¹WYVISLT¹
LSSLY OQpSWILOV] NLY L[[ HUUH[ HYIL[ZZp[[ QpTM€Y[ O\Y THU IY\RHY HYIL[H PUVT
ZVJPHS[QpUZ[LUTLUHYLUKLSWPSV[LY,UH]KLTWYH[HYVTH[[THUP)9(ZHT[HSLU
PU[LRHUM€Y\[Zp[[HH[[IHYULUOHYUrNV[ZSHNZILOV]H]VTZVYN!
+L[pYQ\PU[LKLUPUNrUNLU]POHYKL[OHY]PQ\UpZ[HUHSS[PKHUUHYZH[[]P
ZRH\UKLYZ€RHVTKLILO€]LYUrNVUMVYTH]PUZH[ZZVTZQpS]HNY\UKLU
PZVJPHS[QpUZ[LUTLUOpYZRH]POHLUHUUHUPUNrUN]PZRH[HSHVTH[[
KLOHYYp[[PNOL[LYQHN[`JRLYH[[KL[pYKL[ZVTpYWVpUNLUTLKKL[[H
QpTM€Y[TLKT`JRL[HUUH[
4LKHU\[NrUNZW\UR[LUPYp[[LU[PSSPUMVYTH[PVUMYHTZ[pSSZZVTH[[KLUM€SQZH]LU
S`ZZUHUKLPUZ[pSSUPUNWYLZLU[LYHZKL[¹]HUSPNH¹Zp[[L[H[[HYIL[HZVTT`JRL[[`K
SPNHYLZ[`Y[H]KLUWYVMLZZPVULSSHVJOOLUZMYrNVY!
1VTLUM€YKL[pYRSHY[H[[OHYTHUKL[OpYWLYZWLR[P]L[H[[THUZRH\[YLKH
VTUrNVUOHYILOV]LUPUZH[ZLSSLYUrNVU[PUNKrOHTUHYTHUQ\T`JRL[
TLYPKL[OpY\[YLKHUKLWLYZWLR[P]L[VJOKrZRHTHUZ[pSSHLUTHZZH
MYrNVYM€YH[[THUZRHMr]L[H]PSRLU[`WH]PUZH[ZZVTRHU]HYHSpTWSPN
VJOKLU[`WLUH]ZHT[HSOHYTHUQ\OLSH[PKLUPUVTZVJPHS[QpUZ[LUTLU
OpYISPYKL[SPRZVTLUHUUHUPUNrUN
9p[[PNOL[LYZVT\[NrUNZW\UR[N€Yp]LU)9(ZHT[HSLU[PSS¹L[[TLYSp[[PSSNpUNSPN[
Zp[[ ZVT PU[L KYHY PNrUN ZRHT VJO ZR\SK¹ OVZ M€YpSKYHY VJO KL[ ISPY Sp[[HYL M€Y
M€YpSKYHYH[[[HLTV[KLUOpY[`WLUH]PUZH[Z+L[N€YKL[Sp[[HYLM€YKLTH[[PU[L
RpUUHH[[KLOHYNQVY[UrNV[MLSVJOKL[ISPYKrLUSPN[WPSV[LYUHSp[[HYLH[[MrM€YpSK
YHYH[[PHSSHMHSSWY€]HVJORVTTH[PSSKL[M€YZ[HPUMVYTH[PVUZZHT[HSL[
,UHUUHUM€YKLSZVTRVTTLU[LYHZWrÅLYHVSPRHZp[[PPU[LY]Q\LYUHpYH[[p]LU
VTZ`M[L[pYH[[NLPUMVYTH[PVUVJOPU[LH[[\[YLKHIHYUL[ZZP[\H[PVUZrRHU)9(
ZHT[HS]HYHTLYLMMLR[P]HPH[[ZRHMMHZPNLUIPSKH]IHYUL[ZZP[\H[PVU!
,[[L_LTWLSQHN[pURLYWrB¯DNLUVTH[[VJRZrVTKL[pYPJRLZ[PNTH[P
ZLYHUKLVJOLUHUUHU[`WH]RVU[HR[VJOUpY]PZLKHUUpY]PWYH[HYKr
QHN[pURLYZpYZRPS[WrLURVU[HR[ZrMrY]P]L[HTHZZVYTLKZHRLYZVT
ZVJPHS[QpUZ[LUIVYKLOHZL[[[PSSSrUN[[PKPNHYL¯VJOKr[YVYQHNH[[KL[RHU
]HYHH[[]PWYH[HKL\[PMYrUL[[Yp[[PNOL[ZWLYZWLR[P]VJOH[[KL[]HYLUOLS[
HUUHUPUNrUNB¯DH[[]POHY]HYP[]pSKPN[UVNHTLKH[[WVpUN[LYHH[[KL[pY
PU[L]PZVTRVTTLYH[[Z[pSSHLUTHZZHMYrNVY\[HU]PRVTTLYH[[ILYp[[H
]HKK\RHUMrOQpSWTLKH]VZZVTK\ZR\SSL]PSQH]L[HTLYVTZR\SSL]PSQH
MYrNHTLY[YpMMHTLY
7PSV[LYUHWYH[HYVJRZrH[[KL[pYUrNV[TLKTVKLSSLUZLURLSOL[VJOIHYUL[ZT€Q
SPNOL[H[[Z[pSSHMYrNVYZVT]LYRHYIPKYH[PSSH[[KL[ISPYL[[HUUH[ZHT[HSVJOKLOHY
L_LTWLSWrIHYUZVTKLZQpS]HOHM[LUSrUNRVU[HR[TLKVJOKpYIHYULUVJRZr
[PKPNHYLKLS[HNP[PNY\WW]LYRZHTOL[TLUKpYIHYULU[`JRLYH[[KL[OpYOHYKLPU[L
WYH[H[VTMHZ[KLOHYNr[[PNY\WW4LK)9(ZHT[HSLUOHYKL[HSS[ZrMrUNH[\WW
UrNV[ZVTKLPU[LNQVY[PUUHUQpTM€YIHYULUZRVTTLU[HYLYV]HU0LUH]NY\W
WLYUHYLÅLR[LYHYLUWPSV[€]LYKL[[HZrOpY!
7!1HN[pURLYWrLUNrUNH[[KL[ISL]]pSKPN[[`KSPN[VJOMYHTM€YHSS[M€Y
KLT\UNKVTHYUHQHNWYH[HKLTLKH[[KLÄJRSpNNHKL[\[HUM€YZPN
MYHTM€YZPNZrKL[NPJRPU[LH[[]pYQHZPN\[HUKLZrNMHR[PZR[]HKZVT]HY
IYHVJO]HKZVT]HYQVIIPN[KL[ISL]Qp[[L[`KSPN[
0U[LY]Q\HYL!6JOU\]PZHYK\JPYRSHYUHOpYBRVTTLU[LYHYNLZ[LYD
7!1HOHBZRYH[[D
7!+L[ZVTpYpY]pSVJRZrpYH[[MrMYHT]pSKPN[T`JRL[Wr]pSKPN[RVY[[PK
[pURLYQHNH[[KL[ISPY]pSKPN[[`KSPN[M€YIHYULUVJRZrWr]pSKPN[RVY[[PK
7!6JOKL[RpUKLZVJRZrZVTH[[KL[RYPUNNPJRKLYHZM€YZ]HYKLIL
O€]KLPU[LOrSSH\WWKLTUpYKLÄJRKLOpYKPYLR[HZHRLYUHH[[M\UKLYH
Wr:r]HYKL[WYLJPZZVTQH6JOKL[]HYVJRZr]HKQHNÄJR[PSSIHRHM€Y
TPUH\UNKVTHYOHKLNr[[PNY\WW[PKPNHYL+LOHKLPU[L\WWSL][H[[UrNVU
OHKLS`ZZUH[Zr[`KSPN[WrKLTMHZ[]POHKLRpU[KLTPÅLYHrY
,_LTWSL[V]HUPSS\Z[YLYHYH[[p]LUWPSV[LYUH\WWMH[[H[TVKLSSLUZVTT`JRL[WL
KHNVNPZRVJOIYH]PSRL[KPZR\[LYHZTLYPUNrLUKLPUpZ[HH]ZUP[[0UUHUQHNSpTUHY
Yp[[PNOL[Z[LTH[]PSSQHNKVJRWLRHWrH[[p]LUVTWPSV[LYUHpYT`JRL[WVZP[P]H[PSS
KL[WLYZWLR[P]L[ZVT\[NrUNZW\UR[WYH[HYKLVTH[[KL[VJRZrÄUUZ]PZZH\[TH
UPUNHYTLKH[[ZHT[HSHWrKL[OpYZp[[L[,UH]\[THUPUNHYUHpYH[[Yp[[PNOL[LY
RHUMYHTZ[rZVTUrNV[NHUZRHHIZ[YHR[VJOH[[KL[RHU]HYHZ]rY[H[[¹€]LYZp[[H¹
KL[ZrH[[KL[ISPYT€QSPN[M€YIHYUH[[[H[PSSZPN!
1HNOHY\WWSL][H[[KL[OHY]HYP[Z]rY[M€YTrUNHIHYUH[[[H[PSSZPN]HKYp[
[PNOL[LYUHOHUKSHYVTKL[pYZ]rYM€YRSHYH[OLS[LURLS[KL[pYSP[LSP[LS\K
KPN[M€YKLTKL[[HYL[[[HNTHUMrY]HYH]pSKPN[¯1HNTpYRLYH[[PISHUK
ZrOpUNLYKLPU[LYPR[PN[TLKPO\YKLZRH[pURH¹O\YOHYKL[OpYWr]LYRH[
KLUOpYYp[[PNOL[LU¹HSS[ZrTHUMrY]HYH]pSKPN[[`KSPN[pURLYQHN+L[RHU
]HYHLUILNYpUZUPUNM€Y]PZZHVTTHUPU[L[HYZPNKLU[PKLULSSLYRpUULYPU
H[[KLPU[LYPR[PN[M€YZ[rY
6T THU [HY )9( ZHT[HSLUZ PKt Wr HSS]HY Zr pY KL[ Wr L[[ Zp[[ LU NHUZRH H]
HUJLYHKHUHS`ZZVTIHYUL[VJOZHT[HSZSLKHYLUZRHNLUVTM€YHWrRVY[[PK+L
ZRH[PSSZHTTHUZ\UKLYZ€RHIHYUL[ZZP[\H[PVUNLUVTH[[KL[HSQLYH[RHY[SpNNHVSPRH
SP]ZVTYrKLU O\Y KLZZH Wr]LYRHZ H] M€YpSKLYUZ ZQ\RKVT LSSLY TPZZIY\R ZHT[
IHYUL[Z\WWSL]LSZLVJORpUZSVYM€YRUPWWHKLTLKKL[[H:LKHUZRHKLUOpYIPS
KLUH]IHYUL[ZZP[\H[PVURVWWSHZPOVWTLKZr]pSIHYUZYp[[PNOL[LYZVTL]LU[\LSSH
M€YpUKYPUNZILOV]4LK[HURLWrKL[[HpYKL[PU[LZrRVUZ[PN[H[[KL[RHU]HYH\[
THUHUKLH[[ZL[PSSH[[IHYUL[]LYRSPNLUMrYT€QSPNOL[H[[M€YZ[rVJO[H[PSSZPNMYrNHU
VTYp[[PNOL[LY0LUHUUHUNY\WWWYH[HYWPSV[LYUHVTZHTTH[LTHVJOKPZR\[LYHY
ISHUKHUUH[O\YTHUPU[LRHU¹YHIISHIHYURVU]LU[PVULUZHY[PRSHY¹\[HUH[[THU
TrZ[LHU]pUKHL[[T`JRL[TLY]HYKHNSPN[ZWYrR4HUMrYL_LTWLS]PZWYH[HVT
¹OHYK\ISP]P[S`ZZUHKWrPKPUMHTPSQ¹]PSRL[ZHT[PKPN[]pJRLYMYrNHUVTIHYULU
M€YZ[rYH[[KL[KLMrYP)9(ZHT[HSLUpY¹PUMVYTH[PVUZVTZPUHYp[[PNOL[LY¹
@[[LYSPNHYLLU\[THUPUNZVTWPSV[LYUHS`M[LYMYHTpYH[[KL[PU[LpYNP]L[H[[)9(
[HURLUVTIHYUZYp[[PNOL[LYVJOIHYUZKLSHR[PNOL[MrYNLO€YOVZHUKYHZHTOpSSZ
PUZ[HUZLY,_LTWSL[ZVTUpTUZpYO\Y\UNKVTHYUHZVT]HYP[WrSpNLY[PSSZHT
THUZZRYP]P[L[[IYL][PSSWVSP[PRLYZVTKLPU[LMr[[UrNVUYLZWVUZWrHSSZ¹6JOZr
[pURLYQHNVJRZrKL[OpYO\YKLSHR[PNH]PSSZHTOpSSL[H[[IHYUZRH]HYH&¹MYrNHY
WPSV[LUYL[VYPZR[
7,+(.6.0:2(9,+:2(7
7PSV[LYUHZIPSKpYH[[ZQpS]HZp[[L[H[[ZHT[HSHTLKOQpSWH]KLVSPRHJPYRSHYUHOHY
M\UNLYH[\[TpYR[+L[pYL[[IYHYLKZRHWM€YH[[OQpSWHIHYUH[[ILUpTUHZPUZP[\H
[PVUVJOM€YH[[ILRYpM[HVJONPS[PNN€YHKLYHZLYMHYLUOL[LYH]HUO€YPNZRHW7PSV
[LYUHTLUHYH[[IHYULUOHYRpU[ZPNS`ZZUHKLWrVJORpU[H[[KL[OHY]HYP[\[PMYrU
KLYHZM€Y\[Zp[[UPUNHY4VKLSSLUpY[`KSPNVJOI`NNLYWrRVURYL[HMYrNVY0Z[pSSL[
M€YL[[TLYZ]p]HUKL¹O\YOHYK\KL[¹T€[ZIHYUL[H]¹O\YOHYK\KL[UpYKL[NpS
SLYKL[OpY¹4L[VKLUH[[HU]pUKHMpYNLYM€YH[[PSS\Z[YLYHVSPRHZHRLYS`M[ZVJRZr
MYHTZVT]pSKPN[WLKHNVNPZR[VJOIYH+L[ISPY[`KSPN[IrKLM€YZHT[HSZSLKHYLU
VJOIHYUL[O\YIHYUL[OHYKL[VJOO\YOLURpUULY¹[P[[H]HKT`JRL[Y€[[K\OHY¹
+LU]PZ\LSSHHUZH[ZLUpY]PR[PNLUWPSV[PSS\Z[YLYHYKL[TLKL[[IHYUZVTNQVYKLLU
Z[VYZ]HY[RS\[[KpYZHT[HSL[RVTH[[OHUKSHZVT¹O\YZRH]PN€YHZrH[[KLUKpY
RS\[[LUZRHISPTPUKYL¹]PSRL[\UKLYSp[[HKLM€YIHYUL[H[[I€YQHM\UKLYHWrS€ZUPUN
HY¹+L[NrY]LYRSPNLUH[[HU]pUKHKL[WrL[[IYHZp[[¹TLUHKLWPSV[LU4VKLSSLU
M\UNLYHYp]LU[`KSPNN€YHUKLM€YKLIHYUZVTPU[LILO€]LYOQpSWQ\Z[U\
f]LUTVKLSSLUpY[`KSPNVJOLURLSH[[HU]pUKHZ[pSSLY)9(ZHT[HSKVJRRYH]Wr
KLUZVTSLKLYZHT[HSLU!
+L[pYQ\LU]pSKPN[RVURYL[VJOLURLSTVKLSSTLUM€YH[[THUZRHR\UUH
OrSSHZPN[PSSKL[OpYH[[BZVTZHT[HSZSLKHYLD]HYHMVYZRHYLVJO\[MVYZRH
[PSSZHTTHUZKL[RYp]LYpUKrLUKLSH]KLUZVTSLKLYZHT[HSL[ZrH[[
THUPU[LOHTUHYPKL[OpYH[[ZP[[HVJOZ[pSSHLUTHZZHMYrNVYWrKLOpY
VTYrKLUH:rKL[pYUVN]PR[PN[H[[IL[VUHKL[VJRZrP\[IPSKUPUNLUH]
)9(SLKHYL
0U[LIHYHZHT[HSZZ[€KL[\[HUp]LUOLSH\WWSpNNL[TLKPUMVYTH[PVUZVJO\WWM€SQ
UPUNZZHT[HS[PSSZHTTHUZTLKM€YpSKYHYS`M[ZMYHTZVT]pSM\UNLYHUKL([[ZHT[HSH
TLKIHYUL[TLKM€YpSKLYUUpY]HYHUKLRHU]HYHL[[Zp[[H[[NLM€YpSKLYULUTVKLSS
M€Y O\Y THU RHU WYH[H TLK VJO PUMVYTLYH IHYU .LUVT H[[ WYH[H TLK IHYUL[
RHUTHU]PZHM€YpSKLYUH[[KL[PU[LpYMHYSPN[H[[WYH[HTLKIHYUVJOILZRYP]HH[[
KL[pY]pYYLTLKMHU[HZPLYZpNLYL_LTWLS]PZLUH]WPSV[LYUH,[[HUUH[L_LTWLS
pY L[[ pYLUKL KpY KL PU[L [VN PU UrNVU L_WLY[ ]PK KL[ \WWM€SQHUKL ZHT[HSL[ M€Y
IHYUL[RpUKLH[[OVUR\UKL]pUKHZPN[PSSTHTTHUVJOTHTTHUR\UKLNLZ]HYWr
IHYUL[Z MYrNVY 0U[LY]Q\LYUH NLY ]PKHYL L_LTWLS Wr LYMHYLUOL[LY H] H[[ ZHT[HSL[
TLKIHYUVJOM€YpSKLY[PSSZHTTHUZRHU\WWM`SSHTrSZp[[UPUNLUH[[IHYUL[ZILOV]
ZRHISP[`KSPNHM€YM€YpSKLYU!
,UTHTTH[PSSL_LTWLSZVTOHYLUSrUNRVU[HR[B¯DVJOOHYZ]rYPNOL[LY
WrVSPRHZp[[TLUZrKpYT`JRL[M€YTrNVYVJORVTWL[LU[ZR\SSLTHU
PU[L]L[HOLUULZIHRNY\UKZR\SSLTHU[YVH[[OVU]HYO\Y¯M€YZPNRVTTLU
ZVTOLSZ[TLUOVUZP[[LYKrPZHT[HSUpY]POHY]rYL_WLY[TLK]PWYH[HY
VTZQ\RKVTLUVJOTHTTHMrYVJRZrZ]HYHWr¹O\YpYKL[M€YKPNKr&¹
VJOKrOpUKLYKL[Q\ZHRLYp]LUKpYTLKH[[THTTHUOHYPU[L[pUR[Wr
H[[OVUSLNP[PTLYHYPU[LNLYPU[LZpNLYPU[L[PSSÅPJRHU¹QHNTrYKrSPN[PKHN
VJOK\]L[SPRZVTTLUKL[pYVRLQH[[K\NrYP]pN[PSSKPUHRVTWPZHYVJO
SLRLYQHNRSHYHYK\]L[H[[QHN]L[]HY[QHNZRHYPUNHUrNVUZ[HUZVTQHN
TrYQp[[LKrSPN[K\RHURVWWSHH]¹OVUOHYPU[L[pUR[WrH[[OVUTrZ[L
\[[HSHKL[VJRZrM€YÅPJRHU:rKpY[PSSL_LTWLS]HYKL[UrNV[OLS[U`[[
0U[LY]Q\HYL!:VTOpUKLPY\TTL[&
:VTOpUKLPY\TTL[KpYM€YH[[]PKrRVTTLYPUMYrUL[[HUUH[WLYZWLR[P]
VJOZ[pSSLYHUKYHMYrNVYVJOOVU]HY]pSKPN[TV[[HNSPN¹QHN[YVKKLKL[]HY
\UKLYM€YZ[r[[¹SPRZVTH[[ÅPJRHU]L[VTKL[TLUÅPJRHUILO€]LYO€YHKL[
4LUWYLJPZZVTTLKYp[[PNOL[ZWLYZWLR[P]L[RHUKL[ÄUUHZ]PZZH\[THUPUNHYM€Y
RUPWWHKLTLK\WWSpNNL[Wr)9(ZHT[HSLU,UH]WPSV[LYUH[HY\WWH[[TLKHUKL[
M€YZ[HZHT[HSL[VM[HZ[M\UNLYHY]pSKPN[IYHpYKL[PU[LHSS[PKMHSSL[TLKKL[ZHT[HS
ZVTRVTTLYZLKHU!
1HNOHY[pUR[WrLUZHRKLUM€YZ[HJPYRLSUOHYVM[HZ[€WWUH[\WWQp[[L
T`JRL[VJOKLOHYKLSH[TLKZPNVJOKLOHY]HYP[Qp[[LWVZP[P]HVJOUpZ[H
NrUNZVTQHNOHY[YpMMH[KLTZrOHY]PWYH[H[Yp[[PNOL[ZJPYRLSUKrOHYKL[
SP[LNYHUUPU[L]HY[SPRH]HKZRHTHUZpNHKL[OHYRpU[ZZVTH[[KrOHY
THU[HWWH[SP[LUrNVU[PUN
0U[LY]Q\HYL!,ULYNPU&
5QHQHN]L[PU[L]HKQHNZRHZpNHKL[OHYRpU[ZZVTH[[KLOHM[Qp[[LO€NH
M€Y]pU[UPUNHYLM[LYM€YZ[HZHT[HSL[]HYP[ZrOPTSHU€QKHTLKKLUOpY
ZVJPHSHZP[\H[PVUKPZR\ZZPVULUVJOZrUpYTHUUpZ[HNrUNZRHMVY[Zp[[H
WYH[HVTYp[[PNOL[LYQHN]L[PU[LKL[pYUrNV[ZVTpYKL[OHYRpU[ZZVT
H[[KL[ISPYPU[LYPR[PN[ZHTTHBHUUHU7!LULYNP&DLULYNPPKL[
<UKLY PU[LY]Q\U YLÅLR[LYHKL ]P [PSSZHTTHUZ €]LY KLU OpY \WWSL]LSZLU VJO €]LY
]HKZVTZR\SSLOHR\UUH[IPKYH[PSSH[[ILOrSSHKLUWVZP[P]HHUKHUMYrUKL[M€YZ[H
ZHT[HSL[,U[HURLpYH[[TLKHUKL[M€YZ[HZHT[HSL[]pSKPN[[`KSPN[OHYMVR\ZWr
KL[LUZRPSKHIHYUL[¶]PSRL[pYKL[KLPU[LY]Q\HKLIHYULUS`M[LYMYHTZVTZpYZRPS[
NP]HUKL¶ZrRHUKL[HUKYHZHT[HSL[MrTLYH]LU]\_LUHNLUKHLM[LYZVTKL[pY
KrYp[[PNOL[LYZRHZ[rPMVR\Z0VJOTLKKL[RHUKL[]HYHSp[[H[[I€YQH¹\UKLY]PZH¹
ZrH[[ZHT[HSL[ZPUULOrSSPU[LRVTTLYSPRHT`JRL[MYrUIHYULUZQpS]H+LMrYLU
SpNYLNYHKH]KLSHR[PNOL[
5g.9(<;4(505.(9
5rNV[ZVTISP]P[[`KSPN[\UKLY\[]LJRSPUNZWYVQLR[L[pYIL[`KLSZLUH]H[[HYIL[L[
TLK )9( pY M€YHURYH[ P KLU LNUH VYNHUPZH[PVULU VJO H[[ KL ZVT HYIL[HY TLK
ZHT[HSLUOHYZ[€KMYrUJOLMLYVJORVSSLNVY6TKL[PU[LÄUUZLUNY\UKSpNNHUKL
R\UZRHW P OLSH VYNHUPZH[PVULU VT HUO€YPNH IHYU VJO KLYHZ Yp[[PNOL[LY ISPY KL[
Z]rY[H[[YLRY`[LYHIHYU[PSSZHT[HSLU4rSNY\WWLUTrZ[LISPZ`USPNM€YHSSHPVYNHUP
ZH[PVULUVJOKLZVTZRHIPKYH[PSSYLRY`[LYPUNTrZ[LR\UUHWYLZLU[LYHLYIQ\KHU
KL[WrL[[Zp[[ZVTM€YpSKYHYUHRHU[H[PSSZPN5rNYHYLÅLR[LYHYVJRZrH[[KL[IVYKL
]HYHY\[PUH[[NLLYIQ\KHUKL[[PSSHSSHM€YpSKYHYZVTRVTTLY[PSSL_LTWLS]PZZVJPHS
[QpUZ[LUPZ[pSSL[M€YH[[IHYHMYrNHKLTZVTTHU]L[WHZZHYPUPTrSNY\WWLU7PSV[
]LYRZHTOL[LYUH ZRPSQLY ZPN ZVT ZHN[ r[ UpY KL[ NpSSLY PUZH[ZLY M€Y M€YpSKYHY VJO
IHYUVJOKLZVTYLKHUOHYLUNY\WW]LYRZHTOL[YPR[HK[PSSIHYUKPZR\[LYHYH[[KL
ILO€]LY ILZ[pTTH ZPN M€Y O\Y )9( ZHT[HS WHZZHY PU P KLU ILÄU[SPNH ]LYRZHT
OL[LU4LK[HURLWrH[[KL[[HpYLUPUZH[Z[PKPN[PPUZH[Z[YHWWHUIHZLYHKWrYp[[PN
OL[LYVJOPU[LRpUKHILOV]H]OQpSWRHUZRLKL[pYLUHUUHUKLSH]VYNHUPZH[PV
ULUZVTI€YOrSSHPZHT[HSLUVJOZLKHUYLTP[[LYH]PKHYL[PSSNY\WW]LYRZHTOL[VT
IHYUL[OHYILOV]H]TLYZ[€K5pYKL[NpSSLYVSPRHVYNHUPZH[VYPZRHMYrNVYWrWLRHY
VJRZr UrNYH H] WPSV[LYUH H[[ KL OHY Mr[[ NLUVTM€YH \[]LJRSPUNZWYVQLR[L[ \[€]LY
KL[VYKPUHYPLHYIL[L[VJOH[[KLKpYTLKOHYMr[[LUVYPTSPNHYIL[ZI€YKHf]LUKLU
LYMHYLUOL[LUWLRHYWrKLZ]rYPNOL[LYZVTRHU\WWZ[rUpYKL[PU[LÄUUZ[PSSYpJRSPN[
Z[€KVJOM€YHURYPUNPVYNHUPZH[PVULU
+L[MHR[\TH[[)9(MYHTZ[pSSZZVTLUTVKLSSRHU]HYHUrNV[H]LU\[THUPUNM€Y
KLZVTZRHVTZp[[HKLUPWYHR[PRgLUHZPKHUWYH[HYLUKLSWPSV[LYVTH[[KL[pY
WVZP[P][H[[KL[pYLUTVKLSSM€YPUMVYTLYHUKLZHT[HSTLKIHYU!
+L[OHYQ\ISP]P[LUZrKHU[PKH[[OHLUTVKLSSVTTHUU\ZRH\[PZQ\R
]rYKLUZVTQHN[pURLYKL[OpYpY)9(VJOKLUILMVYZRHZVJOKLUS`KLY
\UKLYZVJPHSKLWHY[LTLU[L[KrMrYTHUpUKrNLO€YZrH[[THU]rNHYM€Y
KL[OpYpYQ\pUKrL[[U`[[VTYrKL]PY€YVZZWrKpYHSSHIHYUZRHM€YpSK
YHYUHZRHILUpTUHZVJOZr]PKHYL:rKr[`JRLYQHNKL[pYIYHH[[OHLU
TVKLSSZVTpYLURLSH[[ILZRYP]H
0U[LTPUZ[H]SLNP[PTP[L[ZZRpSPUVTIrKLOpSZVVJOZQ\R]rYKLUVJOZVJPHS[QpUZ[LU
pYKL[]PR[PN[TLKLU[`KSPNTVKLSSgHUKYHZPKHURHULUKLSWYVMLZZPVULSSHPU[L
TPUZ[PUVTZVJPHS[QpUZ[LU]HYHV]HUH]PKH[[HYIL[HTHU\HSIHZLYH[VJOH[[K€TH
H]PU[LY]Q\LYUHÄUUZKL[OVZLUKLSWPSV[LYLUVZpRLYOL[VTO\YZ[YPR[KLTrZ[L
M€SQHHU]PZUPUNHYUHM€YZHT[HSLUM€YH[[KLZRHNLUVTM€YH¹YPR[PNH¹)9(ZHT[HS
+L[\WWZ[rYÅLYHNrUNLYZHT[HSVTKL[LUHLSSLYHUKYH¹NrYHU¹!VTTHUPU[LOHY
[PKH[[N€YHHSSHJPYRSHYUHRHUTHUIHRHPUWYH[VTYp[[PNOL[LYVJOM€YpUKYPUNZ
ILOV]PRHY[SpNNUPUNLUH]KLUZVJPHSHZP[\H[PVULU&2HUZHT[HSZSLKHYLUZRYP]HP
Z[pSSL[M€YIHYUL[&2HUTHUHU]pUKHMpYNLYWrL[[HUUH[Zp[[pU]HKZVTZ[rYPHU
]PZUPUNHYUH&:RHTHUPUSLKHKL[HUKYHZHT[HSL[TLKH[[r[LYRVWWSH[PSS]HKZVT
ZHKLZPKL[M€YZ[H&/\YTrUNHL_[YHNrUNLYRHUTHUSpNNH[PSS&3PZ[HUWrMYrNVY
RHUN€YHZSrUN5pYLUH]NY\WWLYUHWYH[HYVT\[]LJRSPUNZILOV]pYKL€]LYLUZ
VTH[[KL[ZR\SSL]HYHIYHH[[OHSP[LTLYOQpSWMYrNVYH[[[H[PSSVTKL[ILO€]ZZpY
ZRPS[VTTHUPU[LOHYZr]pSKPN[T`JRL[LYMHYLUOL[H]H[[ZHT[HSHTLKIHYU+L
TLUHYH[[TVKLSSLUM€Y\[Zp[[LY]PZZ]HUHVJOLYMHYLUOL[H[[OpT[H\Y:HT[PKPN[
KPZR\[LYHZ Wr L[[ HUUH[ Z[pSSL P LU PU[LY]Q\ H[[ KL[ RHU ]HYH ¹SP[L R]p]HUKL¹ UpY
UrNV[ISPYM€YT`JRL[THU\HSIHZLYH[0M€YOrSSHUKL[PSSKL[]LYRHY)9(TVKLSSLU
]HYH¹SHNVT¹Z[`YKM€YH[[KLUZRHNrH[[[H[PSSZPNp]LUM€YKLTZVTpYV]HUH]PK
THU\HSLY,UMYrNHM€YKL[]PKHYLHYIL[L[TLK)9(pYZrSLKLZH[[[`KSPNN€YHPU
Z[Y\R[PVULU[PSS)9(ZHT[HSVJOp]LUKPZR\[LYHO\YZ[YPR[KLUUHTrZ[LM€SQHZM€YH[[
KL[ZRH]HYHMYrNHVTQ\Z[¹)9(!)HYUZ9p[[ZVT(UO€YPNH¹
-VYZILYN/)HYUZY€Z[LYVTOQpSWPUZH[ZLYP,YPRZZVU4*H[LYg2+HOSRPSKkOTHU.
5pZTHU,YLK)HYUZY€Z[LYVT]rSK¶H[[[VSRHVJOM€YZ[r4HST€!.SLLY\WZ
(U[VUV]ZR`( /pSZHUZT`Z[LYP\T:[VJROVST!5H[\YVJO2\S[\Y
5pZTHU, ¹2pUZSHUH]ZHTTHUOHUNPL[[MHTPSQLWLYZWLR[P]¹P2\TSPU;YLK2pUZSHH]
ZHTTHUOHUNP[LVYPLTWPYPVJORYP[PR:[VJROVST!-VYZRUPUNZYrKZUpTUKLU ! 0THNL:V\YJL1VOUtY7LYZVULUWrIPSKLUOHYPUNL[TLKZHTTHUOHUNL[H[[N€YH
PERSPEKTIV PÅ
BARNS DELAKTIGHET
SOM ANHÖRIGA
,SPZHIL[5pZTHUWYVMLZZVYPZVJPVSVNP
¹+L[HUNrYQ\VZZ¹
,[[IHYUZZQpS]RSHYHHYN\TLU[M€YH[[Mr]L[H]HKZVTOpUKLYPMHTPSQLUp]LUKrKL[
OHUKSHYVT]\_UHZWYVISLT:`ULUWrIHYUZYp[[PNOL[LYOHYM€YpUKYH[ZKYHTH[PZR[
5pYM€YLNrUNHYLU[PSS-55H[PVULYUHZM€YI\UKPI€YQHUH] [HSL[WYLZLU[LYHKL
LUKLRSHYH[PVUZVTY€YKLIHYUZYp[[PNOL[LYSrNMVR\ZOLS[WrIHYUZVTVIQLR[M€Y
]\_UHZVTZVYN5pYRVU]LU[PVULUVTIHYUL[ZYp[[PNOL[LYRVTPZS\[L[WrZLRSL[
RVTIPULYHKLZKL[[HTLKLUZ`UWrIHYUZVTHR[€YLYTLKYp[[[PSSKLSHR[PNOL[-€Y
pUKYPUNLUPM€YOrSSUPUNZZp[[L[[PSSIHYURHUZLZPUVTIrKLMVYZRUPUNVJO]pSMpYKZ
[QpUZ[LYKpYIHYUZZ[pSSUPUNNr[[MYrUH[[PO\]\KZHR]HYHVIQLR[M€Y]\_UHZZHT[HS[PSS
H[[HSS[TLYZQpS]HMrLUY€Z[)9(TVKLSSLUpYL[[\[[Y`JRM€YKL[Zp[[L[H[[ZLWrIHYU
:LYTHUWr-5!ZRVU]LU[PVUVTIHYUL[ZYp[[PNOL[LYIHYURVU]LU[PVULUVJOO\Y
KLZZPU[LU[PVULY[PSSpTWHZPWYVMLZZPVULSSHZWYHR[PRr[LYZWLNSHZKL[]rZ`UZp[[LUP
L[[HTIP]HSLU[M€YOrSSUPUNZZp[[ZVTPO\]\KZHROHUKSHYVTLU[]LRHUPUM€YH[[[HSH
TLKIHYULU[]LRHUZVTVM[HNY\UKHZPVTZVYNVTIHYULU=PRHU[HSHVT[]r
PISHUKRVUR\YYLYHUKLWLYZWLR[P]WrIHYU+L[LUHOHYRHSSH[ZVTZVYNZWLYZWLR
[P]L[LM[LYZVTKL[[`KSPNN€YH[[KL[PNY\UKLUOHUKSHYVTH[[]\_UH]PZHYVTZVYN
NLU[LTV[ IHYU <[NrUNZW\UR[LU pY LU IL[VUPUN H] H[[ IHYU ILÄUULY ZPN P \[
]LJRSPUNVJOZHRUHYM€YTrNVYR\UZRHWLYVJOLYMHYLUOL[LYZVT]\_UHHU[HZOH
+L[PUULIpYH[[IHYUpYZrYIHYHVJOILYVLUKLH]]\_UHZVT[HYHUZ]HYM€YH[[KL
YHZILOV]ISPY[PSSNVKVZLKKHVJOZR`KKHYKLT=\_UHOHY[VSRUPUNZM€YL[YpKLVJO
ILZ[pTTHUKLYp[[€]LYIHYULU
+L[HUKYHWLYZWLR[P]L[OHYRHSSH[ZKLSHR[PNOL[ZWLYZWLR[P]VJO[HYPZ[pSSL[MHZ[HWr
H[[IHYUpYHR[€YLYZVTOHYRVTWL[LUZM€YH[[\WWMH[[HVJO[VSRH]HKZVTZRLYP
KLYHZVT]pYSKVJORHUHNLYH\[PMYrUKL[0RYHM[H]KLURVTWL[LUZLUOHYKLYp[[
H[[]HYHKLSHR[PNHPZPUHSP]+LUYp[[LUVTMH[[HYLUSPN[IHYURVU]LU[PVULUYp[[[PSS
PUMVYTH[PVUVJOYp[[H[[\[[Y`JRHZPUHrZPR[LYTLUHY[PRLSZVT[HY\WWIHYUZ
Yp[[ H[[ Mr \[[Y`JRH ZPN VJO Mr ZPUH rZPR[LY ILHR[HKL ]PZHY KLU HTIP]HSLUZ ZVT
ÄUUZRYPUNKLUMYrNHU/pY]PSSRVYHZYp[[LUTLKRYH]WrM€YTrNHH[[IPSKHLUrZPR[
rSKLYVJOTVNUHK]PSRL[Z`USPNN€Y]\_UHZ[VSRUPUNZM€YL[YpKLVJOT€QSPNOL[H[[
\[LZ[pUNHIHYUMYrUH[[MrN€YHZPUY€Z[O€YK6TIHYU\[[Y`JRLYLUrZPR[ZVTKLU
]\_ULPU[LKLSHYÄUUZKL[LUWr[HNSPNYPZRM€YH[[KLYHZrZPR[H]]PZHZTLKOpU]PZ
UPUN[PSSH[[KLpYVTVNUH)HYUZYp[[[PSSKLSHR[PNOL[RYPUNNpYKHZH]VTZVYNZWLY
ZWLR[P]L[ZIL[VUPUNH]H[[IHYUpY\UKLY\[]LJRSPUN
fY Kr WLYZWLR[P]LU VM€YLUSPNH& -VYZRUPUN VT IHYU P \[ZH[[OL[ [HSHY ZUHYHYL M€Y
H[[T€QSPNOL[[PSSKLSHR[PNOL[RHU]HYHLU]PR[PNKLSPVTZVYNLUVTIHYU+L[RHU
ILZRYP]HZTLKHURU`[UPUN[PSSKPTLUZPVULYUHPRpUZSHUH]ZHTTHUOHUN.LUVT
H[[MrILYp[[HMrYIHYUOQpSWH[[N€YHZPUHLYMHYLUOL[LYILNYPWSPNH¶H[[Zp[[HVYKWr
KLTMrKLTILRYpM[HKLNLUVTH[[KLKLSHZTLKHUKYHVJOH[[MrTPZZM€YZ[rUK
\[YLKKH.PS[PNN€YHUKL[H]IHYULUZ\WWSL]LSZLYRHUIPKYH[PSSr[LYOpT[UPUNZWYV
JLZZLU([[MrT€QSPNOL[H[[Wr]LYRHZPUZP[\H[PVUNLY\WWSL]LSZLH]OHU[LYIHYOL[
UrNV[ ZVT TrUNH \[ZH[[H IHYU ZHRUH[ ([[ ISP S`ZZUHK Wr VJO [HNLU Wr HSS]HY
IPKYHY[PSS\WWSL]LSZLH]TLUPUN+LUNY\WWIHYUZVTWYVMLZZPVULSSHRpUULYZ[€YZ[
HUZ]HYM€YH[[ZR`KKHMYrUWrMYLZ[UPUNHYRHU]HYHKLM€Y]PSRHKLSHR[PNOL[pYZpY
ZRPS[]PR[PN[+L[OHUKSHYVTH[[OHL[[K\IILS[ZLLUKL¶MYrUIrKLL[[VTZVYNZWLY
ZWLR[P]VJOL[[KLSHR[PNOL[ZWLYZWLR[P]
=HKTLUHZKrTLKKLSHR[PNOL[&)LNYLWWL[HU]pUKZPKHNPTrUNHZHTTHUOHUN
UpYKL[NpSSLYQ\Z[IHYUVJOKrVM[HTLKOpU]PZUPUN[PSSIHYURVU]LU[PVULUVJOKL
H][Y`JRKLUOHYZH[[PZ]LUZRSHNZ[PM[UPUNPUVTZVJPHS[QpUZ[LUZVJOZQ\R]rYKLUZ
VTYrKL(UKYHILZSpR[HKL\[[Y`JRpYIY\RHYTLK]LYRHUZVTZ`M[HYWrH[[IY\RHYL
H] ZHTOpSSL[Z PUZH[ZLY ZRH NLZ T€QSPNOL[ H[[ HR[P][ TLK]LYRH P IrKL ILZS\[ VT
PUZH[ZLYNLUVTM€YHUKLVJO\WWM€SQUPUNH]KLT-€YKLUL]PKLUZIHZLYHKLWYHR
[PRLUpYIY\RHYUHZWLYZWLR[P]LUH]NY\UKWLSHYUH
k]LYNYPWHUKLRHUTHUZLKLUOpY\[]LJRSPUNLUZVTL[[SLKPLUM€YpUKYPUNTV[
L[[TLYKLTVRYH[PZR[ZHTOpSSLKpYp]LUKLZVTOHYILOV]H]ZHTOpSSL[ZVTZVY
NLYVJO]rYK[PSSZRYP]ZIrKLRVTWL[LUZVJOYp[[H[[Wr]LYRHZPULNLUSP]ZZP[\H[PVU
p]LUKrKLUPUULIpYL[[ILYVLUKLH]HUKYHVJOWYVMLZZPVULSSOQpSW
+L[]rHUKYHNY\UKWLSHYUHM€YKLUL]PKLUZIHZLYHKLWYHR[PRLUpY]L[LUZRHWVJO
ILWY€]HKLYMHYLUOL[+LUWYVMLZZPVULSSLZRHHSS[ZrPZPUWYHR[PR]pNHZHTTHU]HK
KLU]L[LUZRHWSPNHMVYZRUPUNLUZpNLYKLUR\UZRHWZVTWYVMLZZPVULUZI`NN[\WW
NLUVTZPUWYHR[PRVJOIY\RHYLUZWLYZWLR[P]/\YRHU]PM€YZ[rIHYUZKLSHR[PNOL[P
KL[ZHTTHUOHUNL[&
0Z]LUZRHZWYrRL[OHY]PÅLYHUpYHSPNNHUKLVYKZVTRHUNLVZZOQpSWH[[TLQZSH
\[]HKKLSHR[PNOL[OHUKSHYVT+LS[HNHUKLRHUIL[`KHH[[Mr[HKLSPLUZP[\H[PVU
VJOH[[Mr[HKLSH]]HKZHRLUNpSSLY,[[ZrKHU[KLS[HNHUKLILO€]LYKVJRPU[L
PUULIpYHH[[THUpYHR[P]VJOZQpS]OHUKSHYPZP[\H[PVULU,[[KLS[HNHUKLRHU]HYH
WHZZP][4LK]LYRHUOHUKSHYVJRZrVTH[[Mr]HYHTLK¶HSS[ZrKLS[H¶TLU]LYRHU
Z`M[HYWrH[[R\UUH]HYHHR[€YPZP[\H[PVULU0UÅ`[HUKLZVTPIY\RHYPUÅ`[HUKLNrY
pUU\SP[LSpUNYL+rOHUKSHYKL[VTH[[R\UUHWr]LYRHHSS[ZrL[[HR[P][KLS[HNHUKL
ZVTZWLSHYYVSSM€YKL[ZVTZRLY-YrUHYIL[ZSP]L[RHU]POpT[H\[[Y`JRL[TLKIL
Z[pTTHUKL ¶ ]PSRL[ [`KSPNHYL WLRHY \[ KLS[HNHUKL P L[[ ILZS\[ZMH[[HUKL +LZZH
VSPRHKLSHYPUNrYHSSHPKLUZ[LNL9VNLY/HY[ \[]LJRSH[M€YH[[ILZRYP]HVSPRHUP]rLY
H]KLSHR[PNOL[TLUKLZZ\[VTS`M[LYOHUMYHTLUHUUHUKLS!Yp[[LUH[[[HPUP[PH[P]
+L[RHUZLZZVTLUKLSH]ILZS\[ZMH[[HUKLZrH[[KLSHR[PNOL[LUVJRZrOHUKSHYVT
]LTZVTOHYYp[[H[[ILZ[pTTH]PSRHMYrNVYZVTZRH[HZ\WW0/HY[ZZ[LNLOHUK
SHYKLSHR[PNOL[HSS[ZrVTH[[MrPUMVYTH[PVUH[[ISP[PSSMYrNHKH[[MH[[HILZS\[VJOH[[
Mr[HPUP[PH[P]
/HY[ILZRYP]LYVJRZrH[[IHYUZKLSHR[PNOL[RHU]HYHZRLUIHYKrKLYHZKLS[HNHU
KLHU]pUKZOLS[M€Y]\_UHZZ`M[LUZVTH[[MrUNH\WWTpYRZHTOL[NLUVTIHYUZ
UpY]HYVLM[LYZVTKLpYKLRVYH[P]HH[[THUPW\SLYHIHYULU[PSSKLS[HNHUKLM€YH[[
\WWM`SSHLNUHTrSVJOH[[TLKOQpSWH]IHYUZZ`TIVSPZRHPUULI€YKZVTZrYIHYH
VJOZR`KKZS€ZHMYHTZ[pSSHZPNZQpS]PWVZP[P]KHNLY0U[LTPUZ[HU]pUKZIHYUWr
KLZp[[LUPWVSP[PZRHZHTHUOHUN0L[[KLTVRYH[PZR[ZHTOpSSLKpYUVYTLUZpNLY
H[[IHYUZRHYLZWLR[LYHZVJONLZIrKLVTZVYNVJOKLSHR[PNOL[RHUZRLUIHYKLS
HR[PNOL[VJRZrHU]pUKHZM€YH[[ZRHWHLUWVZP[P]IPSKH]WYVMLZZPVULSSHZVTUpY
IHYU\WW[YpKLYPPUSLKUPUNLUWrRVUMLYLUZLYVTIHYULSSLYUpYIHYUVTIL[[ZYP[H
[LJRUPUNHYZVTKLRVYLYHYT€[LZY\TTL[Z]pNNHY\[HUH[[PUULOrSSL[PKLTKPZR\
[LYHZ+L[RHUKpYM€Y]HYH]PR[PN[H[[NYHUZRHIHYUZKLS[HNHUKLVJOYLÅLR[LYH€]LY
ZPULNLUWYHR[PRM€YH[[ZLVTKL[Y€YZPNVTUrNVUH]KLZZHZRLUIHYHMVYTLY
ZUHYHYLpULNLU[SPNKLSHR[PNOL[
+L[M€YZ[HZ[LNL[TV[KLSHR[PNOL[/HY[[HY\WW¶PUMVYTH[PVU¶PUULIpYPU[LOLSSLY
H[[IHYUHNLYHYPZP[\H[PVULUTLUNY\UKLUM€YKLSHR[PNOL[SpNNZNLUVTH[[IHYU
MrYKLUPUMVYTH[PVUZVTILO€]ZM€YH[[M€YZ[rZP[\H[PVULU([[MrR\UZRHWVTZPU
M€YpSKLYZ TPZZIY\R LSSLY WZ`RPZRH ZQ\RKVT pY L_LTWLS Wr ]HK KL[ RHU OHUKSH
VT :[LN]PZ €RHY ZLKHU IHYUZ HR[€YZRHW MYrU H[[ ISP PUMVYTLYHK VJO [PSSMYrNHK
[PSSH[[R\UUHKLS[HPILZS\[ZMH[[HUKLTLK]\_UH/HY[[HYVJRZr\WWH[[IHYURHU
[HPUP[PH[P]VJOZQpS]HKYP]HLUWYVJLZZ4VY[PLY[pURLYZPNH[[VTILZS\[ZRHMH[
[HZH]IHYUZQpS]HLSSLY[PSSZHTTHUZTLK]\_UHRHUILYVWr]HKKL[OHUKSHYVT
NYpUZKYHNUPUNHYZVTRHUI`NNHWrIHYUL[ZRVTWL[LUZO\YHSS]HYSPNHMYrNVYUHpY
SPRZVTRVUZLR]LUZLYUHH]MLSILZS\[ZHT[LUH]]pNUPUNILYVLUKLWr]PSRHZVT
pY ILY€YKH H] ILZS\[LU 0 IHYUZ ]HYKHN ZRLY r[LYRVTTHUKL M€YOHUKSPUNHY TLS
SHUIHYUVJO]\_UHVT]HYZrKHUHNYpUZLYZRHKYHZ)HYURHUMrILZS\[HUKLYp[[
TLUPUVTNYpUZLY]\_UHILZ[pT[VM[HPMVYTH]NP]UHHS[LYUH[P]ZVTRHUOHUKSH
VT HSS[ PMYrU TPKKHNZTH[LU ]HK IHYULU MrY R€WH M€Y ZPUH ÄJRWLUNHY ]PSRH MYP
[PKZHR[P]P[L[LY KL ZRH pNUH ZPN r[ VJO O\Y MHTPSQLU ZRH [PSSIYPUNH ZLTLZ[LYU +L
Z]rYHMYrNVYUHOHUKSHYIrKLVTUpYRVUZLR]LUZLYUHM€YIHYULURHUISPHSS]HYPNH
ZVT]PKILZS\[VTZTpY[ZHTTH]rYKPUZH[ZLYM€YIHYUKrKLOHYLUZ]rYZQ\RKVT
VJOUpYHUKYHpYILY€YKHZVTM€YpSKYHYUHpY]PKMYrNHUVT]rYKUHKIVLUKLVJO
\TNpUNLPZHTIHUKTLKM€YpSKYHYZZLWHYH[PVUVJO]PKM€YpSKYHYZZQ\RKVT1HN
RVTTLY U\ H[[ Nr PU UpYTHYL Wr KL VSPRH ZPKVYUH H] KLSHR[PNOL[ ZVT /HY[ [HY
\WWM€YH[[KPZR\[LYHIrKL]HKKLRVURYL[RHUPUULIpYHUpYIHYUpYHUO€YPNHVJO
\[ZH[[H M€Y YPZRLY Wr NY\UK H] WYVISLT OVZ M€YpSKYHYUH VJO KL Z]rYPNOL[LY VJO
T€QSPNOL[LYZVTRHUÄUUHZVTIHYUZRHN€YHZKLSHR[PNH
([[MrPUMVYTH[PVU
0UMVYTH[PVUpY]PR[PN[IrKLZVTM€Y\[Zp[[UPUNM€YIHYUZKLSHR[PNOL[PLUSpUNYLWYV
JLZZVJOPKL[ZVTRHSSHZPUMVYTLYHUKLZHT[HS-YrNHUVTIHYUZYp[[[PSSPUMVYTH
[PVUOHUKSHYVTHSS[PMYrURVURYL[H\WWS`ZUPUNHYVTZHRM€YOrSSHUKLU[PSSKLUIYLKH
MYrNHUVTO\Y]PNLYIHYUT€QSPNOL[H[[M€YZ[rZPUVT]pYSKVJOZPNZQpS]HNLUVT
MVZ[YHUZRVSNrUNVJOKLSP]ZLYMHYLUOL[LY]PSr[LYIHYUMr([[MVYTHTpUUPZRVYZ
[HURHYIY\RHYZLZZVTL[[H]THR[LUZ[YLHUZPR[LUk]LYNYPWHUKLRHUTHURVU
Z[H[LYHH[[]\_UHIrKLPRYHM[H]ZRVSUPUNVJOPRYHM[H]SP]ZLYMHYLUOL[LYOHYL[[Z[VY[
€]LY[HNUpYKL[NpSSLYR\UZRHW+LU]\_ULRHU\[U`[[QHKL[[PSSH[[M€YTLKSHLUM€Y
KLLNUHZ`M[LUH[PSSYp[[HSHNKIPSKH]]LYRSPNOL[LUVJOZp[[HNYpUZLYM€Y]HKIHYU
PUMVYTLYHZVTVJOKpYTLKILNYpUZHIHYULUZM€Y\[Zp[[UPUNHYM€YKLSHR[PNOL[5pY
KL[NpSSLY\[ZH[[HIHYURHU]P[pURHWrILNYLWWL[UVYTHSPZLYPUNZVTNrY\[Wr
H[[IHYUTLKZPUILNYpUZHKLSP]ZLYMHYLUOL[RHU[HZVTZQpS]RSHYHVJOHUWHZZHZPN
[PSSSP]Z]PSSRVYPMHTPSQLUZVTH]VT]pYSKLUZLZZVTH]]PRHUKLVJOWYVISLTH[PZRH
[PSSL_LTWLSL[[VTMH[[HUKLVTZVYNZHUZ]HYM€YLUM€YpSKLY([[IHYUZM€YZ[rLSZLH]
ZPUZP[\H[PVUWrZrZp[[RHUILNYpUZHZH]]\_UHpYL[[H]ZRpSLU[PSSZ`ULUWrIHYU
ZVTZrYIHYHVJOILYVLUKLH]]\_UH
,UNY\UKSpNNHUKLPUMVYTH[PVU[PSSIHYUP\[ZH[[OL[ZR\SSLKrR\UUHNpSSHKLSZH[[
€WWL[M€YTLKSH[PSSKLT]PSRLUIPSKKLU]\_ULOHYHSS[ZrH[[IHYULUZSP]ZZP[\H[PVU
HUZLZ]HYHWYVISLTH[PZRKLSZH[[IHYUOHYYp[[[PSSKLSHR[PNOL[VJO]HKKL[PZPU[\Y
RHU IL[`KH /pY [HZ HSS[Zr IrKL ZHRMYrNHU VJO WYVJLZZLU H[[ OHU[LYH KLU \WW
ZVTLUKLSH]PUMVYTH[PVULUVJORHUT€[HTV[Z[rUKMYrUIHYUZVTUVYTHSPZLYH[
ZPUZP[\H[PVU)HYURHUp]LUUVYTHSPZLYHIYPZ[WrKLSHR[PNOL[+LILO€]LYKpYM€Y
Mr]L[H]HYM€YVJOWr]HKZp[[ZP[\H[PVULUHUZLZWYVISLTH[PZR0UMVYTH[PVULUVT
KLU WYVJLZZ IHYULU ZRH LYIQ\KHZ KLSHR[PNOL[ P NpSSLY HSS[PMYrU ]HYM€Y WYVJLZZLU
PUP[PLYH[Z[PSSL_LTWLSTLKPUIQ\KHU[PSSZHT[HS]HKKL[OLSHZ`M[HY[PSS]PSRHHUKYH
ZVTKLS[HY]PSRHKLSHYWYVJLZZLUVTMH[[HY]PSRLU[`WH]R\UZRHWVJOMYrNVYZVT
ILOHUKSHZUpYVJOH]]LT]PSRLU[`WH]MYrNVYVJOHYN\TLU[ZVTpYNPS[PNHVJO
O\YUpYVJOH]]LTILZS\[MH[[HZWrVSPRHZ[LNVJO]HKILZS\[LURHUOHUKSHVT
=PSRLUR\UZRHWOHYIHYUVTKLUYp[[[PSSZ[€KKLZQpS]HVJOKLYHZRHUZRLKYVNIL
YVLUKLM€YpSKLYOHYVJOO\YTHUZRHNr[PSS]pNHM€YH[[MrKL[Z[€KL[&
g[LYPNLU MYHTZ[rY KL[ RSHY[ H[[ KL ]\_UH VTRYPUN IHYUL[ OHY L[[ €]LYSpNL R\U
ZRHWZTpZZPN[VJOH[[KL[pYZ]rY[M€YH[[PU[LZpNHVT€QSPN[M€YL[[IHYUH[[RVTTH
PRHWWM€YH[[R\UUHISPLUSPR]pYKPNWHY[PWYVJLZZLU([[TLK]L[HUKLN€YHIHYUVT
KL[VJOZHT[PKPN[N€YH[`KSPN[]PSRL[OHUKSPUNZ\[Y`TTLKLOHYH[[Z[pSSHMYrNVYVJO
Wr]LYRHRHU]HYHLU]PR[PNKLSPH[[KLPU[LZRH\WWMH[[HZPNZVTTHUPW\SLYHKL
:HT[PKPN[ÄUUZKL[T`JRL[H[[N€YHM€YH[[€RHIHYUZT€QSPNOL[H[[M€YZ[rIrKLKL
WYVJLZZLYKLpYTLKVTVJOVSPRHZHRMYrNVY+L[OHUKSHYVTH[[ZWYrRSPN[€]LY
Zp[[H WYVMLZZPVULSSH [LYTLY [PSS ]HYKHNZZWYrR VJO H[[ [HSH VJO ZRYP]H LURLS[ VJO
YHR[)HYUHUWHZZHKLOLTZPKVYVJO[Y`JR[PUMVYTH[PVUZTH[LYPHSTLKIPSKLYÄN\YLY
VJOILYp[[LSZLYVJOWSH[ZM€YIHYUZLNUH[HURHYRHU\UKLYSp[[HM€YIHYUH[[M€YZ[r
VJO[H[PSSZPNPUMVYTH[PVU([[IHYUMrYMVYT\SLYHZPULNLUZ`UWrZHRMYrNVYUHVJO
WYVJLZZLUPVYKVJOIPSKRHUNLKLTT€QSPNOL[H[[ILHYIL[HPUMVYTH[PVULUVJO
M€YKLU]\_ULH[[ZL]PSRL[Z[€KZVTILO€]ZM€YH[[KLZRHRVTTH]PKHYL([[NL
T€QSPNOL[M€YIHYUH[[Z[pSSHZPUHLNUHMYrNVYIrKLPT€[LUVJO]PHUp[L[N€YKL[
T€QSPN[H[[MrUNH\WW]HKIHYUPU[LM€YZ[r[[LSSLY]PSS]L[H6TIHYULYIQ\KZVSPRH
RVTT\UPRH[PVUZ]pNHYpYKL[Sp[[HYLM€YKLTH[[OP[[HKL[ZVTWHZZHYKLTVJO
KLYHZZP[\H[PVUIpZ[6SPRHOQpSWTLKLSVJO]LYR[`NRHU\UKLYSp[[HM€YIHYUH[[\[
[Y`JRHZPNVTZPUZP[\H[PVUVJOZPUHILOV][PSSL_LTWLSTLKOQpSWH]JPYRLSUTLK
SP]ZVTYrKLUP)9(ZHT[HSLU
([[PUMVYTH[PVUOVZ/HY[Z[rYZVTL[[M€YILYLKHUKLM€YZ[HZ[LNRHUNLPU[Y`JR
H]H[[KL[pYLUMYrNHZVTS€ZLZWrL[[PUSLKHUKLZ[HKP\TTLUKL[RHUM€YZ[rZ
ILO€]H]HYHLUr[LYRVTTHUKLKLSH]WYVJLZZLU,UPUSLKHUKLPUMVYTH[PVUVT
WYVJLZZLUZVTOLSOL[RHUM€YKQ\WHZZLUHYLPUM€YKLVSPRHKLSHYKLUZ\JJLZZP][
VTMH[[HY )HYU RHU ]PSQH ]L[H ]HK ZVT ISL] YLZ\S[H[L[ H] LU T`UKPNOL[Z \[YLK
UPUNZHYIL[L]HYM€YVJO]HKZVTZRHOpUKHZLKHU0U[LTPUZ[RHUIHYUOHMYrNVY
VTPUNLU[PUNOpUKLY[YV[ZH[[KLILYp[[H[VTWYVISLT+L[RHUVJRZrOHUKSHVT
H[[Mr[HKLSH]KLUKVR\TLU[H[PVUZVTY€YKLT=HKNQVYKLKLWYVMLZZPVULSSH
TLKKL[IHYULUZHN[&0U[LOLSSLYPUMVYTLYHUKLZHT[HSRHUZLZZVTLUNrUNZM€
YL[LLSZLYM€YIHYUZVTpY\[ZH[[HVJOHUO€YPNH4LK[PKLU]pJRZU`HMYrNVYVJO
NHTSH HR[\HSPZLYHZ :HRM€YOrSSHUKLU ZVT LU M€YpSKLYZ ZQ\RKVTZ[PSSZ[rUK RHU
pUKYHZVJOPUULIpYHU`HR\UZRHWZILOV]
([[ISP[PSSMYrNHK
([[N€YHIHYUKLSHR[PNHNLUVTH[[[PSSMYrNHKLTRHUOHUKSHVTHSS[PMYrUPU[YVK\
JLYHUKLMYrNVYVTO\YKL]PSSOHKL[\UKLYL[[ZHT[HSTLKKLT[PSSH[[MYrNHVT
JLU[YHSHZHRMYrNVY/pYY`TZHSS[ZrT€QSPNOL[H[[N€YHIHYUKLSHR[PNHPKL[SPSSHp]LU
UpYKLPU[LOHYZrZ[VYHT€QSPNL[LYH[[Wr]LYRHPKLZ[VYHILZS\[LU
([[IHYUISPY[PSSMYrNHKL\WWMH[[HZKVJRMYHTM€YHSS[ZVTLUMYrNHVTIHYUZrZPR[LY
VJOHURU`[LYKr[PSSIHYURVU]LU[PVULUZHY[PRLSVTIHYUZYp[[H[[\[[Y`JRHZPU
rZPR[ P HSSH MYrNVY ZVT ILY€Y KLT TLU [HY MHZ[H Wr ]PR[LU H] H[[ KLU ISPY HR[P][
LM[LYMYrNHK:VJPHS[QpUZ[LUZ\WWNPM[H[[PUOpT[HIHYUZ\WWMH[[UPUNPMHTPSQLYp[[Z
pYLUKLUpYL[[L_LTWLSWrO\YYp[[LUH[[ISP[PSSMYrNHKZRYP]P[ZPUPYLNSLYPUNLUH]
ILT€[HUKL[ H] IHYU )rKL IHYURVU]LU[PVULU VJO Z]LUZR SHNZ[PM[UPUN ]PSSRVYHY
KVJRIHYUZYp[[NLUVTVSPRHM€YILOrSS0IHYURVU]LU[PVULURVWWSHZYp[[LU[PSSLU
ZR`SKPNOL[H[[ILK€THIHYUL[ZRHWHJP[L[H[[IPSKHZPNLUrZPR[PZ[pSSL[M€YH[[IHYH
\[NrPMYrUH[[L[[IHYUZHRUHYKLUM€YTrNHU0]HKTrUKL[IHYULU`[[YHYZRHILHR
[HZZRHSPRHZrH]N€YHZH]LUILK€TUPUNH]KLYHZTVNUHKVJOPU[LLUIHY[KLYHZ
rSKLY)rKHKLZZHILK€TUPUNHYPUULIpYH[[IHYUZRVTWL[LUZpYZH[[PMYrNHVJO
IrKH ILK€TUPUNHYUH RHU ILNYpUZH Yp[[LU [PSS KLSHR[PNOL[ M€Y L[[ IHYU 4LK \[
NrUNZW\UR[PIHYUZZrYIHYOL[RHUVJRZrIHYUZ`[[YHUKLYp[[ILNYpUZHZTLKOpU
]PZUPUN[PSSKLYHZILOV]H]VTZVYNVJOZR`KKMYrUWrMYLZ[UPUNHY([[KLS[HPZHT[HS
VTZ]rYHpTULUZVT[PSSL_LTWLSM€YpSKYHYZWYVISLTRHUKrZLZZVTLUILSHZ[
UPUNIHYUZRHZR`KKHZMYrUZL]PKHYLULKHU+LZZHTHYRLYPUNHYH]M€YILOrSSNLY
KL]\_UH[VSRUPUNZM€YL[YpKLYLKHUUpYKL[NpSSLYVTIHYUZRHNLZT€QSPNOL[H[[
`[[YHZPNVJOVTKLHR[P][ZRH[PSSMYrNHZ
6TIHYUZYp[[[PSSKLSHR[PNOL[ZRHZ[pYRHZRHUKL[PZ[pSSL[OHUKSHVTH[[PU[LWr
M€YOHUKILK€TH]PSRHIHYUZVTRHU[pURHZOHM€YTrNHH[[IPSKHZPNLUrZPR[\[HU
H[[NLp]LUZTrIHYUT€QSPNOL[H[[RVTT\UPJLYHKL[KL]PSSWrKL[Zp[[KL]PSSVJO
RHU)LK€TUPUNLUH]VTIHYUZrSKLYVJOTVNUHKpYZrKHUHH[[KL[KLZpNLY
PU[LZRHILHR[HZZRHKrN€YHZMYPZ[rLUKLMYrUH[[MYrNHIHYUVTKLYHZrZPR[M€YH[[
PU[LYPZRLYHH[[KLIHYUZVTOHYLUrZPR[ZVTH]]PRLYMYrUKLWYVMLZZPVULSSHZYLKHU
H]KL[ZRpSL[ILK€TZZVTM€Y\UNHLSSLYVTVNUH
3PRZVTUpYKL[NpSSLYMYrNHUVTH[[NLPUMVYTH[PVUÄUUZVJRZrWrKLUOpYW\UR
[LUL[[€]LY[HNM€YKLU]\_ULZVTNLUVTO\YT€[L[PZJLUZp[[ZIHYULUILT€[Z
VJOMYrNVYUHZ[pSSZWr]LYRHYKLYHZT€QSPNOL[H[[\[€]HZPUYp[[H[[MYP[[\[Y`JRHZPU
rZPR[+LTVRYH[P\[YLKUPUNLUMYHTOrSSLYVJRZr]PR[LUH]O\Y`[[YHUKLU[HZLTV[
¶H[[KL[ZRLYTLKYLZWLR[0ILT€[HUKL[H]IHYUpYHSS[ZrZp[[L[H[[S`ZZUHLUJLU
[YHSKLS,[[HR[P][S`ZZUHUKLVJOPU[YLZZLM€Y]HKIHYUOHYH[[ZpNHVJOH[[[HLTV[
KL[KLZpNLYTLKS`O€YKOL[VJOYLZWLR[RHU]HYHH]N€YHUKLM€YVTKL[H[[[PSS
MYrNHIHYU\WWMH[[HZZVTKLSHR[PNOL[H]KLT([[YLKHUP[HURHYUH]HYHUrNVUHU
UHUZ[HUZH[[PU[L[HPU]HKKLZHN[\[HUIHYHM\SSM€SQHZPULNLUPKtH[[TLKZRYH[[
VJOTPUZWLS]PZHH[[KL[ZVTIHYUZpNLYPU[L[HZWrHSS]HYpYM€YOrSSUPUNZZp[[ZVT
IHYURHU\WWMH[[H+L[RHUIrKLPUULIpYHH[[KLRpUULYZPNULK]pYKLYHKLVJOH[[
KLZS\[HYH[[TLK]LYRHPWYVJLZZLU([[]HYHWHZZP]VJOSr[HISPH[[KLSHTLKZPN
H]ZPUHLYMHYLUOL[LYR\UZRHWLYVJOrZPR[LY¹]L[PU[L¹¹]L[PU[L¹RHU]HYHL[[H]
IHYUZMrTHR[TLKLSPT€[L[TLKZrKHUZRLUIHYKLSHR[PNOL[
([[KL[pYL[[THR[TLKLSILYVYPU[LIHYHWrH[[KL[pYLUZR`SKPNOL[H[[PUOpT[H
IHYUZrZPR[PLUKLSZHTTHUOHUN)HYURHUILO€]H[PSSMYrNHZVJRZrM€YH[[MrKLS
H]R\UZRHWLYZVTIHYHIHYULUOHY-VYZRUPUNLU]PZHYH[[]PR[PNHZPKVYH]IHYUZ
ILOV]WYVISLTVJOYLZ\YZLYRHU]HYHKVSKHM€YHUKYHpUIHYULUQHHR[P][K€S
QHZ ([[IHYU[PSSMYrNHZVJOILT€[ZTLKYLZWLR[RHUKr]HYHH]N€YHUKLM€YH[[
MrPUMVYTH[PVUZVTILO€]ZM€YKLILZS\[ZVTZRHMH[[HZ)HYUZKLSHR[PNOL[pYPU[L
IHYHLUYp[[PNOL[M€YIHYUVJOUrNV[KLZQpS]HRHUOHU`[[HH]\[HUUrNV[ZVT
WYVMLZZPVULSSHRHUOHILOV]H]M€YH[[N€YHL[[IYHHYIL[L
¹+L[RpUKLZZR€U[H[[ZpNHKL[[PSSUrNVUZVTQHNSP[HYWr¹
1VOHU
([[KLS[HPILZS\[
([[KLS[HPILZS\[ZMH[[HUKLRHUSPRZVTH[[ISP[PSSMYrNHKY€YHIrKLKLZTrILZS\
[LUZVTZRHMH[[HZPT€[LUTLSSHUIHYUVJOWYVMLZZPVULSSHVJOKLZ[VYHILZS\[LU
T`UKPNOL[LYRHUMH[[HVTIHYU([[IHYUMrYM€YLZSr]LTZVTZRHM€SQHTLKKLT
[PSSL[[T€[L]HYTHUZRH[YpMMHZO\YTHUZRHZP[[H\UKLYT€[L[VJOSPRUHUKLY€Y
ILZS\[PZTrMYrNVYZVTpUKrIPKYHY[PSSIHYUZ\WWSL]LSZLH]H[[]HYHKLSHR[PNH
)HYU RHU VJRZr IPKYH [PSS KL Z[VYH MYrNVYUH VT KL MrY KLS[H P KPZR\ZZPVULU VT
]HKKL[pYZVTZLZZVTWYVISLTH[PZR[VJO]HKZVTRHUN€YHZr[ZHRLU)HYUpY
VT`UKPNHVJO]\_UHVM[HZ[M€YpSKYHYUHOHYILZS\[HUKLYp[[VTIHYULUPRYHM[H]
H[[KLOHY]rYKUHKLUVTKLT4LKZ[PNHUKLrSKLY€RHYKVJRIHYUZOHUKSPUNZ\[
Y`TTLIrKLMVYTLSS[VJOPWYHR[PRLU(\R[VYP[pYHTL[VKLYpYPU[LHJJLW[LYHKLP
KHNLUZ:]LYPNL]HYLZPNPMHTPSQLULSSLYPIHYUKVTLUZPUZ[P[\[PVULY¶M€YZRVSHVJO
ZRVSH :HT[PKPN[ ILNYpUZHZ ZVT YLKHU UpTU[Z IHYUZ OHUKSPUNZ\[Y`TTL P O€N
NYHKH]H[[]\_UHVYNHUPZLYHYVJOMVYTHYIHYUZSP]=\_UHZp[[LYNYpUZLYM€Y]HK
IHYUMrY]L[HZQpS]HRHUILZ[pTTH€]LYLSSLYMrY]HYHTLKVJOKPZR\[LYH
:HT[PKPN[]PZHYMVYZRUPUNH[[LM[LYZVT]\_UHPU[LHSS[PKOHYM\SSPUZ`UPIHYUZSP]RHU
IHYUIPKYHTLKR\UZRHWILK€TUPUNHYVJOM€YZSHN[PSSS€ZUPUNHYWrWYVISLTZVT
KL]\_UHPU[L[pUR[Wr+VSKHILOV]RHUKr[PSSNVKVZLZKVSKHYPZRLY\UK]PRHZ
VJOKVSKHYLZ\YZLYRVTTH[PSSHU]pUKUPUNVJOILZS\[LUHSS[ZrISPIp[[YL
,UHUUHUZPKHH]H[[KLS[HPILZS\[ZMH[[HUKLOHUKSHYVTH[[IHYURHURpUUHZPN
TLYTV[P]LYHKLH[[YLHSPZLYHKL[ZVTWYVJLZZLUZ`M[HY[PSSH[[\WWUr0Z[pSSL[M€Y
WHZZP][TV[Z[rUKRHUIHYUL[HJJLW[LYHWVZP[P]TLK]LYRHU,YPRZZVU5pZTHU
=PRHUVJRZrr[LYRU`[H[PSSKPZR\ZZPVULUVTRHZHTRpUZSHUH]ZHTTHU
OHUN)HYUZ\[ZH[[OL[RHUISHUKHUUH[OHUKSHVTIYPZ[WrOHUKSPUNZ\[Y`TTL([[
KrMrKLS[HPILZS\[ZMH[[HUKLNLYIHYULUWVZP[P]LYMHYLUOL[H]H[[LUHUUHUSP]Z
ZP[\H[PVUpYT€QSPN)HYURHUVJRZr\[]LJRSHIrKLZQpS]M€Y[YVLUKLVJORVTWL[LU
ZLYZVTNLYKLTZ[€YYLT€QSPNOL[LYH[[Z[`YH€]LYZPUHSP]MYHT€]LY
([[Mr[HPUP[PH[P]
<[ZH[[HIHYUZT€[LUTLKWYVMLZZPVULSSH\[NrYVM[HMYrULUM€YM€YZ[rLSZLOVZKLU
]\_UH VT ]HK WYVISLTL[ OHUKSHY VT ([[ SpTUH \[Y`TTL M€Y IHYUL[ H[[ OH LU
LNLUHNLUKHTLKT€[L[H[[Mr[H\WWZPUHLNUHMYrNVYWYVISLTVJO€UZRLTrS
VTM€YpUKYPUNpYLU]PR[PNZPKHH]KLSHR[PNOL[LU+L[RHUN€YHZHR[P][H]KLU]\_
ULNLUVTH[[ILIHYUILYp[[H]PSRHMYrNVYKL[`JRLYH[[KL[pY]PR[PN[H[[Z[pSSH[PSS
IHYUZVTOHYKL[ZVTKLVJO]PSRHMYrNVYIHYU]PSSZ[pSSH[PSSKLUWYVMLZZPVULSSL
LSSLYM€YpSKYHYUH+L[€WWUHYM€YH[[IHYULUMrYTLYRVU[YVSS€]LYZHT[HSL[ZPUYPR[
UPUN]PSRL[M€YKLUWYVMLZZPVULSSLRHUPUULIpYHVZpRLYOL[VJOVILOHNZRpUZSVY
TLUZHT[PKPN[RHUKL[Z`USPNN€YHR\UZRHWZVTL[[ZHT[HSOLS[Z[`Y[\[PMYrUKLU
WYVMLZZPVULSSLZHNLUKHPU[LZR\SSLOHNL[[7YVMLZZPVULSSHRHU]pYQHZPNTV[KLU
€WWLUOL[LUM€YH[[KLKrRHUMrPZP[[RUpMYrNVYZVTPU[LO€Y[PSSKL[KL[pUR[[HSH
VTLSSLYLUZ[PSSKLYHZHYIL[ZVTYrKLTLUVTIHYU[HY]HYHWrLUZrKHUT€QSPNOL[
H[[[PSSLUWYVMLZZPVULSSILYp[[HUrNV[KL]PSSOHOQpSWTLKRHUTHUZLKL[ZVTH[[
KLUZVTOHYL[[HYIL[LKpYTHUT€[LYIHYUOHYHUZ]HYH[[[HLTV[KL[VJOZLKHU
ZL]PSRLUPUZ[HUZZVTPZ[pSSL[RHU[HHUZ]HYM€YMYrNHU
)HYULUP[L_[LU
f]LUVTIHYUpYKLSHR[PNH\[PMYrU[HURLUH[[KLOHYRVTWL[LUZVJOYp[[H[[]HYH
KL[r[LYZ[rYMYrNHUO\YKL[MYHTNrYPKL[L_[LYZVTZRYP]ZVTKLT+VR\TLU[H
[PVUH]IHYUZKLSHR[PNOL[pY]PR[PNKLSZM€YH[[[PSS]HYH[HVJOM€YTLKSH]PKHYLKLU
R\UZRHWVJOKLZ`UW\UR[LYIHYUM€YTLKSH[KLSZM€YH[[VYNHUPZH[PVULUZRHR\UUH
M€SQH\WWH[[IHYUOHYNL[[ZT€QSPNOL[H[[]HYHKLSHR[PNHLSSLYVTPU[L]HYM€YPU[L
,[[LURLS[RY`ZZPLUY\[HWrL[[KVR\TLU[ZVT]PZHYH[[L[[IHYUZHT[HSZRL[[Zp
NLYKVJRPU[LH[[L[[IHYU]HYP[KLSHR[PN[
+VR\TLU[H[PVULURHUr[LYZRHWHIHYUIrKLZVTVIQLR[VJOZ\IQLR[VJOKpYTLK
HU[PUNLU\UKLYNYp]HLSSLYIPKYH[PSSL[[KLSHR[PNOL[ZWLYZWLR[P]WrIHYUOVZKLZVT
[HYKLSH]KVR\TLU[H[PVULU+L[[HRHU[HZPNYLU[ZWYrRSPNH\[[Y`JRZVTPZRPSS
UHKLUTLSSHUH[[[L_[LUpYLU]\_LUZY€Z[VTIHYUH[[ILYp[[HVTIHYULSSLYH[[
[L_[LUPUULOrSSLYJP[H[MYrUIHYULUKpYKLZQpS]HMrYLUY€Z[H[[]PZHMYHTIHYU
0ILYp[[HUKLVTIHYURHUIHYUMYHTZ[pSSHZZVTVIQLR[VJOKLYHZWVZP[PVUZVT
HR[€YLY VZ`USPNN€YHZ =PSRLU IPSK H] IHYULU M€YTLKSHZ Kr& )LZRYP]Z IHYULU Zr
H[[ KL[ YLKHU P ILZRYP]UPUNLU N€YZ LU ILK€TUPUN H] IHYULU ZVT ZrYIHYH VJO
VTVNUH LSSLY MYHTNrY KLYHZ HR[€YZRHW& 5pY IHYU ]PZHZ MYHT NLUVT ZPUH LNUH
JP[H[ MYHTNrY KL[ KpYLTV[ H[[ KL pY HR[€YLY TLU p]LU OpY RHU L[[ \Y]HS H] KL[
IHYULUZHN[ZRLZVTNLY\[Y`TTLM€YH[[Wr]LYRHSpZHYLUZIPSKH]IHYULU*P[H[
RHU]pSQHZ\[WYLZLU[LYHZVJORVTTLU[LYHZZrH[[IHYULUMYHTZ[rYZVTTLYLSSLY
TPUKYLTVNUHVJO[YV]pYKPNHVJOKL[KLZpNLYKpYTLKZVTTLYLSSLYTPUKYL]pY[
H[[[HPILHR[HUKL0L[[HYIL[LTLKIHYUZKLSHR[PNOL[RHUHSS[Zrp]LUILO€]HPUNr
YLÅLR[PVU€]LYO\YIHYUMYHTZ[pSSZPKL[L_[LYZVTWYVK\JLYHZ,UHUUHUKLSHR[PN
OL[ZMYrNHOpYpYVTIHYUZQpS]HLYIQ\KZH[[[HKLSH]KL[ZVTZRYP]ZVTKLTVJO
VTKLMrYSpTUHZ`UW\UR[LYWrKL[ZVTZ[rYKpY
gSKLYZTHR[VYKUPUNVJOMHTPSQLMVR\Z
1HNUpTUKLPUSLKUPUNZ]PZH[[VTZVYNZVJOKLSHR[PNOL[ZWLYZWLR[P]L[PISHUKHU
ZLZRVSSPKLYHTLK]HYHUKYHVJOH[[VTZVYNVTIHYULURHUN€YHKL[[]LRZHT[VT
IHYUHSS[PKZRH]HYHKLSHR[PNH+LUUH[]LRHUPUM€YIHYUZKLSHR[PNOL[RVTTLY\Y
ÅLYHHYN\TLU[6M[HIL[VUHZZ[HYR[H[[KLSHR[PNOL[LUZRH]HYHMYP]PSSPN)L[VUPUN
RHU N€YHZ TLK HYN\TLU[L[ H[[ KLSHR[PNOL[Z VJO Yp[[PNOL[ZKPZR\YZLY pY ]\_UHZ
RVUZ[Y\R[PVULY VJO H[[ KLSHR[PNOL[ PU[L ZRH M€Y\[Zp[[HZ ]HYH UrNV[ IHYU ]PSS OH
7HYHKV_HS[IL[VUHZHSS[ZrIHYUZYp[[[PSSKLSHR[PNOL[PO€NNYHKUpYKL[NpSSLYH[[
]pSQHH[[H]Z[rMYrUKLSHR[PNOL[4LUKL[RHUVJRZr[VSRHZZVT\[[Y`JRM€YL[[
VTZVYNZWLYZWLR[P]¶H[[ZR`KKHIHYUMYrUWr[Y`JRUPUNHYVJO[]rUN
,U[`WH]RYP[PR\[NrYMYrUH[[RYH]WrH[[N€YHIHYUKLSHR[PNHpYLUMVYT\SLYPUNKpY
IHYUISPY[PSSVIQLR[M€YUrNV[LU]\_LUZRHN€YHTLKKLTVJOKpYTLKRHUZLZ
ZVT\[ZSHNH]L[[WH[YPHYRHS[[pURHUKLVTH[[IHYUpYVM€YT€NUHH[[ZQpS]HILNpYH
KLYp[[PNOL[LYKL]PSSOHf]LUOpYRVUZ[Y\LYHZHSS[ZrKLTVRYH[PPKtUPKLSHR[PN
OL[ZKPZR\YZLUZVTUrNV[H]LUWHYHKV_4LUZ[pTTLYKL[&/HYKL[]LYRSPNLU
PU[LM€YLRVTTP[H[[IHYU\[[Y`JR[]PSQHH[[Mr]HYHTLKVJOILZ[pTTHVTZPUHSP]&
0KHNÄUUZKL[pUKr[`KSPNHZrKHUHI\KZRHWMYrU\[ZH[[HIHYU+LSHR[PNOL[ZKPZ
R\YZLURHUKrZUHYHYLZLZZVT\[[Y`JRM€YH[[]\_UHOHYS`ZZUH[VJOpY]PSSPNHH[[
SpTUHPMYrUZPNLUKLSH]ZPUHTHR[YLZ\YZLY[PSSIHYU
,[[HUUH[r[LYRVTTHUKLHYN\TLU[ZVTPMYrNHZp[[LYIHYUZKLSHR[PNOL[NpSSLYH[[
IHYUPU[LZRHILSHZ[HZTLKHUZ]HY/pYRHUÄUUHZRVWWSPUNHY[PSSTLKIVYNHY
ZRHWZILNYLWWL[ZVT[YHKP[PVULSS[VTMH[[HYIrKLYp[[PNOL[LYVJOZR`SKPNOL[LYTLU
VJRZrLUTLYRVURYL[[HURLVTYPZRLUM€YH[[IHYUMrYHUZ]HYM€YRVUZLR]LUZLYUH
H]KL[KLILYp[[H[LSSLYKLILZS\[KLKLS[HNP[P([[IHYURHUZ[YHMMHZH]]\_UH]HYZ
PU[YLZZLUKLNr[[LTV[[PSSL_LTWLSNLUVT]HKKLZHN[PLU]rYKUHKZ[]PZ[LSSLYLU
IHYUH]rYKZ\[YLKUPUN pY L[[ WYVISLT ZVT SpNNLY L[[ [\UN[ HUZ]HY Wr KL WYVMLZ
ZPVULSSH +L[•]YLLPKLRHSSHYH]ZS€QHUKLZHT[HSPUULIpYQ\Z[ZrKHUHYPZRLYM€Y
IHYULUTLUKpYIHYULUZKLSHR[PNOL[rHUKYHZPKHURHU]HYHOLS[U€K]pUKPNM€Y
H[[R\UUHZR`KKHKLTTV[€]LYNYLWW+L[pYKVJRZRPSSUHKWrH[[YPZRLYHH[[KYHI
IHZH]RVUZLR]LUZLYVJOH[[rSpNNHZHUZ]HY+L[ÄUUZPUNLUPUI`NNKSVNPRZVT
N€YKL[U€K]pUKPN[H[[]\_UHZRHMrH]OpUKHZPNHUZ]HYL[M€Y\[ZH[[HIHYUM€YH[[
KLZZHMr[[T€QSPNOL[[PSSKLSHR[PNOL[
+L[RHUZRL]HUSPNHZ[ZRpSL[TV[IHYUZKLSHR[PNOL[PWYHR[PRLUpYKVJRM€YLZ[pSS
UPUNLUH[[ZHT[HSTLK\[ZH[[HIHYUWrNY\UKH]PUULOrSSL[pYLUWrMYLZ[UPUNM€Y
IHYULUHSS[ZrL[[VTZVYNZWLYZWLR[P]+L[RHUOHUKSHVTH[[IHYUOHY[YH\TH[PZRH
\WWSL]LSZLYZVTYPZRLYHYH[[HR[\HSPZLYHZPZHT[HSL[)HYURHUVJRZrM€YZp[[HZP
LUWYLZZHKZP[\H[PVUWrNY\UKH]H[[KLTrZ[LM€YOrSSHZPN[PSSH[[WLYZVULYKLpY
ILYVLUKLH]RHUWr]LYRHZULNH[P][H]KL[IHYULUILYp[[HY+L[RHU[PSSL_LTWLS
ISPMHSSL[UpYWYVISLTOVZM€YpSKYHYUHH]ZS€QHZLSSLYUpYKLZZHZ[rYPRVUÅPR[TLK
]HYHUKYHZVT]PKMHTPSQLYp[[Z[]PZ[LY/pYRHUVTZVYNZWLYZWLR[P]L[SLKH[PSSTV[
Z[YPKPNHZS\[ZH[ZLY)HYURHUIrKL]PSQHVJOILO€]HILYp[[HZLV]HUVTRpUZSHU
H]ZHTTHUOHUNVJOKL[RHU]HYHU€K]pUKPN[H[[KLN€YKL[M€YH[[R\UUHZR`KKH
KLTMYrU€]LYNYLWW]PSRL[[HSHYM€YL[[ZHT[HSTLUKL[RHUVJRZr]HYHRpUZSV
TpZZPN[Z]rY[M€YIHYULU]PSRL[[HSHYM€YZR`KKTV[KLUWrMYLZ[UPUNLU2HUKLU
WYVMLZZPVULSSLH]N€YHIHSHUZLUP]rNZRrSLU&2HUIHYUZQpS]HISP[PSSMYrNHKL&2HU
IHYULU H]SHZ[HZ NLUVT H[[ ]\_UH [`KSPNHYL ]PZHY H[[ KL [HY HUZ]HY M€Y [pURIHYH
RVUZLR]LUZLYH]ZHT[HSL[&
0NY\UKLUM€YT`JRL[H][]LRHURYPUNKLSHR[PNOL[SPRZVTM€YLUKLSH]KLWYVISLT
TLKIHYUZKLSHR[PNOL[ZVTQHN[HNP[\WWSPNNLYH[[ZHTOpSSL[WYpNSHZH]LUrSKLYZ
VYKUPUN =PSRLU rSKLY LU TpUUPZRH OHY HU]pUKZ ZVT NY\UK M€Y M€YLZ[pSSUPUNHY
VT]HKZVTpYUVYTHS[€UZR]pY[VJOYPR[PN[YLZWLR[P]LH]]PRHUKLV€UZRH[VJO
MLSHR[PN[ gSKLYZVYKUPUNLU PUULIpY VJRZr H[[ ZHTOpSSL[ VYNHUPZLYHY VJO M€YKLSHY
OPUKLY VJO T€QSPNOL[LY M€Y TpUUPZRVYZ OHUKSHUKL \[PMYrU rSKLY -€Y IHYUZ KLS
PUULIpYKL[H[[KLZLZZVTTpUUPZRVY\UKLY\[]LJRSPUNZVTpUU\PU[LUr[[\WW[PSS
UVYTLYUHM€YO\YLU]\_LUZRH]HYH]HKLU]\_LUZRHR\UUHVJO]HKLU]\_LU
ZRHMrVJOI€YN€YH)HYULU\UKLYZ[pSSZKpYM€Y]\_UHZMYHTM€YHSS[M€YpSKYHYUHZ
ILZR`KK VTZVYNZHUZ]HY [VSRUPUNZM€YL[YpKL VJO ILZS\[HUKLYp[[ =P RHU HSS[Zr
[HSH VT LU rSKLYZTHR[VYKUPUN )HYUZ \UKLYVYKUHKL Z[pSSUPUN PUULIpY H[[ IHYU
KVTLUZLZZVTTHYNPULSSPYLSH[PVU[PSS]\_LU]pYSKLUVJO]pYKLYHZ\[PMYrUH[[KLU
ZLZZVTLU\WW]p_[WLYPVKKpYMYHT[PKHRVUZLR]LUZLYZ[rYPMVR\ZTLKHUIHYUZ
OpYVJOU\pYH]\UKLYVYKUHKIL[`KLSZL+LUUHWYPVYP[LYPUNOHRHYPMYrNHUVTIL
[`KLSZLUH]IHYUZrZPR[LYKrIHYURHUZLZZVTVTVNUH\[PMYrUL[[HU[HNHUKLVT
H[[KLSL]LYPU\L[VJOZHRUHYM€YTrNHH[[[pURHSrUNZPR[PN[]PSRL[TV[ZpNZH]H[[
IHYUMYrUSrNrSKLYRHUOH[`KSPNH\WWMH[[UPUNHYVTH[[KL]p_LYM€YH[[ISP]\_UHP
MYHT[PKLUVJO]HK]\_LUSP]L[RHURYp]H
+LUZ[HYRHRVWWSPUNLUH]IHYUZ\UKLYVYKUPUN[PSSM€YpSKYHYUHRHUZLZPYLSH[PVU[PSS
LU[LUKLUZ[PSSH[[PM€YZ[HOHUK\WWMH[[HIHYUZVTPUNrLUKLPLUMHTPSQKL[ZVT
(SHULURHSSH[MHTPSPHSPZLYPUN+L[RHUM€YZ[rZZVTH[[KLUZQpS]RSHYH[VSRUPUNLUH]
IHYUpYH[[KLPUNrYPLUMHTPSQVJOH[[MHTPSQLU\[N€Y[VSRUPUNZYHTM€YM€YZ[rLSZLUH]
IHYUVJOIHYUZ]PSSRVY-HTPSQLILNYLWWL[H]ZLYL[[RVSSLR[P]VJOHU]pUKZPISHUKP
[L_[LYWrL[[Zp[[ZVT]PZHYH[[MVR\ZPU[LpYSPR]pYKPN[WrMHTPSQLUZTLKSLTTHY\[HU
PZ[pSSL[SPNNLYWrKL]\_UHTLKHUIHYULUISPYLNLUZRHWLYLSSLYHUZ]HYZVTYrKLUM€Y
M€YpSKYHYUHZUHYHYLpUPUKP]PKLYPLNLUYp[[,[[MHTPSQLILNYLWWZVTHU]pUKZWrKL[
Zp[[L[YPZRLYHYH[[K€SQHKLVQpTSPRHTHR[YLSH[PVULYZVTRHUÄUUHZPMHTPSQLU¶TLS
SHUM€YpSKYHYVJOIHYUTLSSHUWHWWHUVJOTHTTHUVJOTLSSHUZ`ZRVU
/\YRHUWYVMLZZPVULSSHZVTQ\pY]\_UHOHU[LYHrSKLYZTHR[VYKUPUNLUVJOMHTP
SPHSPZLYPUNLUPT€[L[TLKIHYULU&-PUUZKL[YPZRM€YH[[SPROL[LUTLKKL]\_UHM€Y
pSKYHYUHVJOrSKLYZVYKUPUNLUZ[pURHUKLSLKLY[PSSLU]\_LUHSSPHUZZVTPU[LMrYZPU
TV[Z]HYPNOL[PLUHSSPHUZTLKIHYULU&-PUUZKL[LUYPZRH[[MHTPSPHSPZLYPUNSLKLY[PSS
MVR\ZWrM€YpSKYHYUHVJOM€YpSKYHZRHWL[[PSSM€YMrUNM€YIHYULUL[[IHYUWLYZWLR[P]
VJOIHYUZWLYZWLR[P]&/\YRHUL[[rSKLYZTLK]L[L[VJOrSKLYZL[PZR[M€YOrSSUPUNZ
Zp[[\[]LJRSHZZVTLUKLSH]KL[WYVMLZZPVULSSHHYIL[ZZp[[L[&
gSKLYZTLK]L[LUOL[OHUKSHYOpYVTH[[R\UUHYLÅLR[LYH€]LYrSKLYZZRPSSUHKZVT
NY\UKM€YTHR[YLSH[PVULY/pYRYp]ZLUIHSHUZNrUNTLSSHUH[[PU[LZQpS]RSHY[HU
]pUKH KLU THR[YLZ\YZ ]\_LU rSKLY NLY NLU[LTV[ IHYU VJO H[[ ZHT[PKPN[ M€YZ[r
VJOM€YOrSSHZPN[PSSKLZRPSSUHKLYUpYKL[NpSSLYR\UZRHWLYMHYLUOL[VJOM€YTrNH
ZVT RHU OpUNH ZHTTHU TLK rSKLY VJO LYMHYLUOL[ :WpKIHYU RVTT\UPJLYHY
TLKVT]pYSKLUTLUKL[NrYPU[LH[[M€YULRHZRPSSUHKLUPM€YTrNHTLSSHUKLT
VJO[VUrYPUNHY:HT[PKPN[NLYM€YLZ[pSSUPUNHYVTIHYUZ\[]LJRSPUNZVTI`NNLYWr
Z[HUKHYKPZLYPUNHYVJOZ[H[PZ[PZRUVYTHSP[L[PU[L[PSSYpJRSPNR\UZRHWM€YH[[rSKLYLU
IHY[ZRHMrH]N€YH]HYL[[IHYUHU[HZILÄUUHZPNPZPU\[]LJRSPUN)HYUOHYVSPRH
M€Y\[Zp[[UPUNHYVJON€YVSPRHZ\JJLZZP]HSP]ZLYMHYLUOL[LY,[[IHYURHUOHTLYPU
NrLUKLR\UZRHWVJOLYMHYLUOL[ZVTNY\UKM€YZPUKLSHR[PNOL[PLUZWLJPÄRZHR
MYrNHpUKLÅLZ[H]\_UHVJORHU\[PMYrUKL[OH\[]LJRSH[LUVTK€TLZM€YTrNH
ZVT]PKH€]LYZRYPKLY]HKNLUVTZUP[[ZIHYUL[PKLUrSKLYUOHYf]LUVTKL[[HP
ZPNRHU]HYHL[[YLZ\S[H[H]UrNV[ULNH[P][VJOV€UZRH[ZVTTHUHUZLYH[[IHYU
PU[LIVYKLILO€]H]HYHTLKVTpYKL[PU[LL[[ZRpSH[[IVY[ZLMYrUZrKHUHIHYUZ
M€YTrNH[PSSKLSHR[PNOL[:P[\H[PVULURHUPSS\Z[YLYHZTLKMHSSKrIHYUMYrUSrNrSKLY
[HYL[[VTZVYNZHUZ]HYM€YLUM€YpSKLYZVTOHYWYVISLT2HUKLUSVQHSP[L[ZVTVM[H
[PSSZRYP]ZIHYUPZrKHUHZP[\H[PVULYZVTM€YRSHYPUN[PSSKLYHZTV[Z[rUKTV[T`U
KPNOL[LYZPUZ`UVJOPUZH[ZLYRHUZRLKLS]PZPZ[pSSL[OHUKSHVTH[[KLPU[LLYIQ\KP[Z
KLSHR[PNOL[\[PMYrUKLULYMHYLUOL[VJORVTWL[LUZUP]rKLOHY&
)HYUZ\[]LJRSPUNH]RVTWL[LUZpYHSS[ZrPU[LL[[rSKLYZÄ_LYH[]PSSRVYM€YKLSHR[PN
OL[,M[LYZVTKLSHR[PNOL[pYL[[TrUNMHZL[[LYH[ILNYLWWVJORHUZRLWrLUYHK
VSPRHZp[[PIrKLZTrVJOZ[VYHMYrNVYRHUL[[KLSHR[PNOL[ZWLYZWLR[P]PU[L\[LZS\
[HZLUZM€YKLHSSYH`UNZ[HIHYULUp]LUVTKL[PKLYHZMHSSPO€NZ[HNYHKM€Y\[Zp[[LY
LUPUSL]LSZLM€YTrNHS`O€YKOL[VJONVK]PSQHMYrUKLU]\_UL+L[pYVJRZr]PR[PN[
H[[WrTPUUHZPNH[[ZTrIHYURHUOHLUR\UZRHWVJOM€YZ[rLSZLZVTpYT`JRL[
TLYVTMH[[HUKLpUKLZQpS]HRHU\[[Y`JRH9LKHUPUUHUZTrIHYUWYH[HYPVYKVJO
TLUPUNHYRHUKLM€YZ[rT`JRL[H]]HKHUKYHZpNLY9LKHUM€YKLZZHIHYURHU
/HY[ZM€YZ[HWVZP[P]HZ[LN¶H[[ISPPUMVYTLYHKVT]HKZVTWrNrY¶]HYH]PR[PN
([[\[]LJRSHIHYUZRVTWL[LUZRHUVJRZrPUNrZVTLUKPTLUZPVUPWYVJLZZLUH[[
MYpTQHKLYHZKLSHR[PNOL[
=PSSK\RHUK\ZRHK\&
0NLUVTNrUNLUH]WYVJLZZLUOHYQHNKrVJOKrILY€Y[M€Y\[Zp[[UPUNHYM€YIHYUZ
KLSHR[PNOL[ZVTWLRHYTV[WYVMLZZPVULSSHZZ`UZp[[VJOKL[WYVMLZZPVULSSHHYIL
[L[ZVYNHUPZH[PVU:OPLYOHYNQVY[LUKLSHR[PNOL[ZZ[LNLZVTZ[pSSLYLUYHKMYrNVY
[PSSKLUWYVMLZZPVULSSLVJOVYNHUPZH[PVULUZVT]PSSRVYM€Y]PSRLUUP]rH]IHYUZKLS
HR[PNOL[ZVTpYT€QSPN1HN]PSSH]ZS\[HKLUOpYNLUVTNrUNLUTLKH[[RVTTLU
[LYHKLU/pYZ`USPNN€YZM€Y\[Zp[[UPUNHYZVTRYp]ZPVYNHUPZH[PVULUM€YH[[IHYUZ
Yp[[ [PSS KLSHR[PNOL[ ZRH YLHSPZLYHZ VJO Wr ]PSRLU UP]r KLU RHU SHUKH +L[[H RHU
HURU`[HZ[PSSLYMHYLUOL[LYUHMYrUKLMVYZRUPUNZJPYRSHYZVTILKYP]P[Z\UKLY¶
PUVTYHTLUM€Y:[PM[LSZLU(SSTpUUH)HYUO\ZL[ZWYVQLR[VTIHYUZKLSHR[PN
OL[KpYLUYHKVYNHUPZH[VYPZRHOPUKLYZ`USPNNQVYKLZ
:OPLYZ Z[LNL OHY KLSHR[PNOL[ZUP]rLY ZVT SPRUHY /HY[Z Kr KL NrY MYrU H[[ ISP
S`ZZUHK Wr €]LY PU]VS]LYPUN P ILZS\[ [PSS KLSH[ ILZS\[ZMH[[HUKL +L[ ZVT ZHRUHZ
OVZ :OPLY pY KLU ZRLUIHYH KLSHR[PNOL[LU KL[ M€YILYLKHUKL PUMVYTH[PVUZZ[LNL[
VJOMYrNHUVTPUP[PH[P]T€QSPNOL[+L[:OPLY[PSSM€YZVT/HY[ZHRUHYRHUZLZZVT
LU\WWKLSUPUNP[YLZ[LNH]KL[ZVTOpYRHSSHZ¹H[[ISP[PSSMYrNHK¹]PSRL[OVZ:OPLY
TV[Z]HYHZ H] H[[ S`ZZUH Wr NL IHYU Z[€K H[[ \[[Y`JRH ZPU rZPR[ VJO H[[ ILHR[H
IHYUZrZPR[
7r]HYQLZ[LNZ[pSSLY:OPLYMYrNVY[PSSKLUWYVMLZZPVULSSH!VTKL[ÄUUZLUILYLK
ZRHWH[[N€YHKL[VTKL[ÄUUZT€QSPNOL[LYH[[N€YHKL[TLKKLTL[VKLYVJOPKL
WYVJLZZLYZVTNpSSLYVJOVTKL[ÄUUZZVTL[[WVSPJ`RYH]H[[KL[ZRHN€YHZ4HU
ZR\SSLLURLS[R\UUHMVYT\SLYHKL[ZVT!=PSSK\&2HUK\&:RHK\&:OPLYM€YLZ[pS
SLYZPNLUZ\JJLZZP]€RUPUNH]KLSHR[PNOL[LU]PKLUM€YÅ`[[UPUN\WWr[VJO[PSSO€
NLYYHKM€YYHK,M[LYZVTQHNZLYWVpUNLYTLKIrKHTVKLSSLYUHOHYQHN[HNP[TPN
MYPOL[LUH[[RVTIPULYHKLT
=033+<&
),9,+:2(7
+,3(2;0./,;:50=g,9
)(95:-g9;(050;0(;0=+,3(;),:3<;:-(;;(5+,
)(95+,3(94(2;k=,9),:3<;:-(;;(5+,
)(95)309;033-9g.(+,6*/3@::5(+,;033
)(95-g9:;k+(;;<;;9@*2(:05(g:02;,9
)(95)30905-694,9(+,
:2(+<&
7630*@29(=
)(9505=63=,9(:0),:3<;:-(;;(5+,796*,::,9
)(95:g:02;,9),(2;(:
2(5+<&
4k130./,;,9
:2,5)(9;!+,269(;0654(507<3(;065:@4)63
;HURLUpYOpYKLUZHTTHZVTOVZ:OPLYH[[THUTLKI€YQHUWrZ[LNL[[RHU
HYIL[HZPNMYHT[PSSHSS[O€NYLUP]rH]KLSHR[PNOL[TLUH[[KL[pY]PR[PN[H[[NYHUZRH
]PSSRVYLU:VTQHNZLYKL[pYKL[ZRPSSUHKWrKLTWrZrZp[[H[[IrKLKLULNUH
ILYLKZRHWLU VJO KL T€QSPNOL[LY VYNHUPZH[PVULU LYIQ\KLY pY M€Y\[Zp[[UPUNHY M€Y
H[[R\UUHNLIHYUT€QSPNOL[[PSSKLSHR[PNOL[TLKHUKpYLTV[L[[WVSPJ`RYH]OHUKSHY
VTUrNV[ZVTRHUZ[pYRHH[[T€QSPNOL[[PSSKLSHR[PNOL[YLHSPZLYHZ([[QHNILOrSSP[
KLUZRLUIHYHKLSHR[PNOL[LUPTPURVTIPUH[PVUZTVKLSSpYM€YH[[KLUpYLU]PR[PN
KLSPNYHUZRUPUNLUH]]PSSRVYLUPLUVYNHUPZH[PVUZHYIL[LTLKIHYUZKLSHR[PNOL[
=PKZRLUIHYKLSHR[PNOL[PLUVYNHUPZH[PVURHUTHUZVTRVU[YHZ[[HSHVTZ[LN]PZ
€RHUKLNYHKH]WYVISLTTLKKLSHR[PNOL[LUWr]pNLUMYrUKLULUZRPSKLWYVMLZ
ZPVULSSL[PSSVYNHUPZH[PVULUZWVSPJ`
4€QSPNOL[[PSSPUP[PH[P]pYLUNY\UKSpNNHUKLMYrNHVTTHR[2HUIHYUWrLNL[PUP[PH
[P][HRVU[HR[TLKLUT`UKPNOL[VJOWrZrZp[[MrYrKZ[€KLSSLYPUP[PLYHLUWYV
JLZZ& 2HU IHYU HR[\HSPZLYH LU IHYUH]rYKZ\[YLKUPUN LSSLY WY€]UPUN H] ]rYKUHK
IVLUKLVJO\TNpUNL&2HUIHYUZQpS]HILVTLUPUZH[Z&,YIQ\KZIHYURHUHSLYZr
H[[KLZQpS]RHUO€YHH]ZPNTLKPUMVYTH[PVUMYrNVYVJOM€YZSHN\UKLYL[[pYLUKLZ
NrUN&,SSLYPKL[SPSSHSpTUHZ\[Y`TTLM€YIHYUH[[[H\WWLULNLUMYrNH\UKLY
IHYUZHT[HSL[&
0MVYZRUPUNZJPYRSHYUHZVTILKYP]P[ZVTIHYUZKLSHR[PNOL[RHU]PZLVSPRHZ]HYWr
HSSHKL[YLMYrNVYUH:OPLYZ[pSSLY,UNLUVTNrLUKLLYMHYLUOL[]HYH[[KLUWVZP
[P]HTLU[HSHPUZ[pSSUPUNLUOVZKLUWYVMLZZPVULSSLZVTKLS[HNP[PJPYRLSU]HYH]H]
N€YHUKLIL[`KLSZLIrKLM€YH[[RpUUHO€NTV[P]H[PVUVJONLL[[NV[[ILT€[HUKL
]PSRL[PZPU[\Y\WWSL]KLZSLKH[PSSYHKPRHS[TLYNP]HUKLIHYUZHT[HS)LNYpUZUPUN
H]T€QSPNOL[LYUHL_LTWSPÄLYHKLZTLKIYPZ[WrOQpSWTLKLSRVTWL[LUZPZHT[HSZ
TL[VKPRVJOU`HY\[PULYTLUPU[LTPUZ[IYPZ[Wr[PKIrKL\[PMYrU[PKZYHTHYUHM€Y
LU\[YLKUPUNVJOHYIL[ZILSHZ[UPUNLUZVTIrKHPUULIpYILNYpUZH[\[Y`TTLM€Y
H[[OrSSHÅLYHZHT[HS]PSRL[RHUILO€]HZM€YH[[OPUUHI`NNH\WWLUM€Y[YVLUKLM\SS
YLSH[PVU[PSSIHYULU7VSPJ`UP]rUOHUKSHKLVJRZrVTKLU]PR[PNHYVSSJOLMZUP]rUP
VYNHUPZH[PVULUOHYIrKLNLUVTH[[]PZH]PR[LUH]HYIL[L[TLKIHYUZKLSHR[PNOL[
ZrH[[KL[NLZSLNP[PTP[L[VJOH[[HYIL[L[SLKZVJOM€YKLSHZZrH[[YLZ\YZLYÄUUZH[[
KL[I`NNZPUPY\[PULYVJOKVR\TLU[H[PVUH[[KL[NLZZ[€KVJOH[[KL[Z[pSSZZVT
RYH]P]LYRZHTOL[LU
¹+L[pYHSS[PKIYHH[[THUMrYWYH[HVTKL[THURpUULYVJO¯
VTKL[OHYOpU[UrNVU[PUNPMHTPSQLULSSLYUrNVU[PUN+L[pY
HSS[PKIYHH[[WYH[H\[KL[+L[[`JRLYQHN]LYRSPNLU¹
9LILJRH
3LL5
;OLJOHSSLUNLVMJOPSKOVVK+PZ[YPI\[PVUZVMJOPSKOVVK»ZHTIPN\P[`PUHK\S[0UZ[P[\[PVUZ
*OPSKOVVK]VSUY!WW¶
,YPRZZVU4,5pZTHU5pYIHYUZVT\WWSL][]rSKT€[LYZVJPHS[QpUZ[LU6TIHYUZ
WLYZWLR[P]KLSHR[PNOL[VJONPS[PNN€YHUKL:[VJROVST!.V[OPHM€YSHN
:Lp]LU8]VY[Y\W1 ¸*OPSKOVVK4H[[LYZ!(U0U[YVK\J[PVU¹8]VY[Y\W1L[HSLKZ*OPSKOVVK
4H[[LYZ:VJPHS;OLVY`7YHJ[PJLHUK7VSP[PJZ(SKLYZOV[(]LI\Y` ¶
,YPRZZVU5pZTHU
,YPRZZVU5pZTHU0]LYZLU*4HRPUNX\LZ[PVUZHUKHUZ^LYZ^VYR!ULNV[PH[PUN
WHY[PJPWH[PVUPUPU[LY]PL^PU[LYHJ[PVU<WWZHSH!(J[H<UP]LYZP[H[PZ<WZHSPLUZPZ(]OHUKSPUN
(U[VUV]ZR`( /pSZHUZT`Z[LYP\T:[VJROVST!5H[\YVJOR\S[\Y
3LPYH/ ¹-YH[HI\PZLY[[YH\TH[PSHULYRQLUULSZLVNLYRQLUULSZL¹+LS000;PKZRYPM[MVY5VYZR
7Z`RVSVNMVYLUPUN=VSZPK¶ ¶
,YPRZZVU5pZTHU
/HY[9 !*OPSKYLU»ZWHY[PJPWH[PVU!¶MYVT[VRLUPZT[VJP[PaLUZOPW<50*,-0UUVJLU[P,ZZH`Z
5V-PYLUaL!<50*,-0UUVJLU[P
(H
(H
4VY[PLY-
9H[PVUHSP[`HUKJVTWL[LUJL[VKLJPKLPUJOPSKYLU0U!=LYOLSSLU,LKP[VY<UKLYZ[HU
KPUN*OPSKYLU»Z9PNO[Z*VSSLJ[LKWHWLYZWYLZLU[LKH[[OL[OPYKPU[LYUH[PVUHSPU[LYKPZJPWSPUHY`JV\YZL
VUJOPSKYLU»ZYPNO[Z .OLU[!*OPSKYLU»Z9PNO[Z*LU[YL"
"WW ¶
)LJRLY: ¹0U[YVK\J[PVU¹0!)LJRLY:YLK@V\UN*HYLYZPU,\YVWL!(U,_WSHUH[VY`*YVZZ
UH[PVUHS:[\K`PU)YP[HPU-YHUJL:^LKLUHUK.LYTHU`3V\NOIVYV\NO<UP]LYZP[`@V\UN*HYLYZ
9LZLHYJO.YV\W3V\NOIVYV\NO
/HY[ 0]LYZLU
:6<!,U\[OrSSPNKLTVRYH[P¶7VSP[PRM€YMVSRZ[`YLSZLWr[HSL[:[VJROVST!-YP[aLZ
,YPRZZVU5pZTHU-LYUX]PZ[:,ULYMHYLUOL[YPRHYL,UR]HSP[H[P]Z[\KPLH]IHYUZ
Z[YH[LNPLYVJOIHYUMH[[PNKVTLUZ]PSSRVYP]pSMpYKZZ[H[LU<WWZHSH!<WWZHSH\UP]LYZP[L[(]O
;PSSLY7 ¹)HYUZVTZHRR`UKPNLPUMVYTHU[LY¹P42Q¤YYLK0U[LY]PL^TLKI¥YU
:VJPHSMVYZRUPUNPUZ[P[\[[L[9HWW! 2€WLUOHTU
5pZTHU,TLK*]VU.LYILY:-LYUX]PZ[)HYUMH[[PNKVT6TILT€[HUKLVJOTL[VKLY\Y
L[[IHYUWLYZWLR[P]:[VJROVST!.V[OPHM€YSHN
,YPRZZVU5pZTHU
:THY[*)5LHSL(>HKL;OLJOHUNPUNL_WLYPLUJLVM*OPSKOVVK-HTPSPLZHUK+P]VYJL
*HTIYPKNL7VSP[`7YLZZ
:L(UNLS)•)HYUZZLS]WYLZLU[HZQVULYZVTIHYULWLYZWLR[P]7HWLYWYLZLU[LYH[WrYK
5VYKPJ:VJPVSVNPJHS*VUMLYLUJLgIV
5pZTHU,-VYZRUPUNZJPYRLSU!([[Z[pYRHIHYUZVJO\UNKVTHYZIY\RHYTLK]LYRHUPKLUZVJPHSH
IHYUH]rYKLU<WWZHSH!<WWZHSH\UP]LYZP[L[9LNPVUM€YI\UKL[<WWZHSH3pU
:\UKOHSS12HUIHYU[HSH&!LUNLU\Z]L[LUZRHWSPN\UKLYZ€RUPUNH]rSKLYPMHTPSQLYp[[ZSPNH
\[YLKUPUNZ[L_[LY.€[LIVYN!0UZ[P[\[PVULUM€YR\S[\Y]L[LUZRHWLY.€[LIVYNZ\UP]LYZP[L[(]O
56<!)HYUL]LYUL[P5VYNL;PSZ[HUKZ]\YKLYPUNLYU`LWLYZWLR[P]LYVNMVYZSHN[PSSYLMVYTLY
6ZSV!:[H[LUZMVY]HS[UPUNZ[QLUZL
-LYUX]PZ[
,YPRZZVU5pZTHUHH4HZRYVZIHYU-YrNHYTHUPUNL[¶MrYTHUPUNL[]L[H,U\UPRR]HSP[H[P]
VJOR]HU[P[H[P]PU[LY]Q\Z[\KPLTLK\UNKVTHYO[[W!^^^THZRYVZIHYUVYN^WJVU[LU[
\WSVHKZ 3rUN]LYZPVU9HWWVY[LUWKM
3PUKNYLU(3/HSSKtU.\UPSSH¹0UKP]PK\LSSHYp[[PNOL[LY"H\[VUVTPVJOILYVLUKL6SPRH
Z`UZp[[WrIHYUPYLSH[PVU[PSS-5!ZIHYURVU]LU[PVU¹<[IPSKUPUN+LTVRYH[P=VSUYZ¶ ,YPZZVU5pZTHU
•]YLLPKL/:HT[HSTLKIHYU!TL[VKPZRHZHT[HSTLKIHYUPZ]rYHSP]ZZP[\H[PVULY3\UK
:[\KLU[SP[[LYH[\Y"ZPKMM
5pY]pULU(3,5pZTHU¸(NL6YKLYHUK*OPSKYLU»Z(NLUJ`¹P>PU[LYZILYNLYL[HSLKZ
*OPSKOVVK.LULYH[PVUHS6YKLYHUK[OL>LSMHYL:[H[L!,_WSVYPUN*OPSKYLU»Z:VJPHSHUK,JVUVTPJ
>LSMHYL6KLUZL!<UP]LYZP[`7YLZZVM:V\[OLYU+LUTHYRZPK¶
(H
(SHULU3 4VKLYU*OPSKOVVK&,_WSVYPUN[OL»*OPSK8\LZ[PVU»PU:VJPVSVN`<UP]LYZP[`VM
1`]pZR`Sp(]O
5pY]pULU(3,5pZTHUgSKLYPZTVJOMVYZRUPUNZL[PRP(35pY]pULU,5pZTHUYLK
,[PRPMVYZRUPUNLUZ]HYKHN3PUR€WPUNZ\UP]LYZP[L[
4VY[PLY
/HY[ :OPLY/7H[O^H`Z[V7HY[PJPWH[PVU!6WLUPUNZ6WWVY[\UP[PLZHUK6ISPNH[PVUZ(5L^4VKLS
MVY,UOHUJPUN*OPSKYLU‘Z7HY[PJPWH[PVUPU+LJPZPVUTHRPUNPUSPUL^P[O(Y[PJSLVM[OL<UP[LK
5H[PVUZ*VU]LU[PVUVU[OL9PNO[ZVM[OL*OPSK*OPSKYLU:VJPL[`=VSWW¶
5pZTHUZL:[PM[LSZLU(SSTpUUH)HYUO\ZL[ZOLTZPKH^^^HSSTHUUHIHYUO\ZL[ZLM€YTLY
PUMVYTH[PVUVTWYVQLR[L[
:OPLY
(H
(H
^^^HSSTHUUHIHYUO\ZL[ZL
:OPLYHH
5pZTHU
,YPRZZVU5pZTHU
7PH<SPU1VOUtY7LYZVULUWrIPSKLUOHYPUNL[TLKZHTTHUOHUNL[H[[N€YH
HÄLSO- OCH SJUKVÅRDENS ANSVAR FÖR
BARNS SOM ANHÖRIGA
– ETT RÄTTSLIGT
PERSPEKTIV
7LYUPSSH3L]PULYQ\YPZKVR[VYVJOSLR[VYPVMMLU[SPNYp[[
0USLKUPUN
([[IHYU[PSSM€YpSKYHYTLKWZ`RPZRZQ\RKVTM\UR[PVUZULKZp[[UPUNLSSLYTPZZIY\R
pYLU\[ZH[[NY\WWOHY\WWTpYRZHTTH[ZHSS[TLYMYrU [HSL[VJOMYHTr[0VJO
TLKH[[R\UZRHWLUVTKLUUH\[ZH[[OL[€RHKLO€QKLZVJRZrY€Z[LYM€YH[[ZHTOpS
SL[VJOZpYZRPS[]LYRZHTOL[LYPUVT]\_LUWZ`RPH[YPUTTILO€]KL[HL[[Z[€YYL
HUZ]HY M€Y H[[ KLZZH IHYU ZR\SSL \WWTpYRZHTTHZ VJO NLZ Z[€K VJO ZR`KK
4V[ KLUUH IHRNY\UK PUM€YKLZ ILZ[pTTLSZLY P OpSZV VJO ZQ\R]rYKZSHNLU
! /:3 NŠ VJO WH[PLU[ZpRLYOL[ZSHNLU ! 7:3 RHW Š
ZVTHUNLYH[[OpSZVVJOZQ\R]rYKLUOHYL[[HUZ]HYM€YH[[ILHR[HKL[ZpYZRPSKH
ILOV] H] PUMVYTH[PVU YrK VJO Z[€K ZVT IHYU [PSS M€YpSKYHY TLK HSS]HYSPNH ZQ\R
KVTHYVJO[PSSZ[rUKRHUOH0KL[[HRHWP[LSILOHUKSHZQ\YPKPZRHMYrNVYRVWWSHKL[PSS
KLUUHYLNSLYPUN:`M[L[pYH[[ILZRYP]HKLUUpYTHYLYp[[ZSPNHPUULI€YKLUH]KLZZH
ILZ[pTTLSZLYTLUVJRZrH[[Zp[[HYLNSLYPUNLUPL[[Z[€YYLQ\YPKPZR[ZHTTHUOHUN
/pSZVVJOZQ\R]rYKLUZHUZ]HYM€YIHYUZVTHUO€YPNHWYVISLTH[PZLYHZPM€YOrSS
HUKL[PSSM€YpSKYHYZYp[[ZVT]rYKUHKZOH]HYLZHT[ZHTOpSSL[ZZpYZRPSKHHUZ]HYH[[
ZR`KKHIHYUMYrUYPZRM`SSKHOLTTPSQ€LY(]ZPR[LUpYH[[NLKLTZVTZRH[PSSpTWH
SHNLUK]ZMYpTZ[OpSZVVJOZQ\R]rYKLUZM€YL[YpKHYLM€YKQ\WHKR\UZRHWVTKL
ZR`SKPNOL[LYZVTKLUYp[[ZSPNHYLNSLYPUNLUHUNLYTLUVJRZrH[[NL€RHKM€YZ[r
LSZLM€YKLVSPRHYp[[ZSPNHZ]rYPNOL[LYVJOKPSLTTHUZVTRHU\WWZ[r
)HYUZYp[[ZVTHUO€YPNH¶\[NrUNZW\UR[LY
PRVU]LU[PVULYVJOZ]LUZRNY\UKSHN
.LUVT YH[PÄJLYPUNLU H] -5!Z RVU]LU[PVU VT IHYUL[Z Yp[[PNOL[LY IHYURVU]LU
[PVULU OHY :]LYPNL ZVT Z[H[ LU M€YWSPR[LSZL H[[ M€SQH VJO NLUVTM€YH
RVU]LU[PVULUPZPUOLSOL[f]LUVTRVU]LU[PVULUPU[LpYKPYLR[[PSSpTWSPNP:]LYPNL
WrZHTTHZp[[ZVTUH[PVULSSHM€YMH[[UPUNHYPUULIpYKLUL[[IPUKHUKLr[HNHUKL
VJOYPRZKHNVJOYLNLYPUNZRHZL[PSSH[[Z]LUZRYp[[€]LYLUZZ[pTTLYTLKRVU]LU
[PVULU0RVU]LU[PVULUZHY[PRLSÄUUZLUZ[HKNHKZR`SKPNOL[H[[]PK[HHSSHSpTWSPNH
SHNZ[PM[UPUNVJOHUKYHr[NpYKLYM€YH[[NLUVTM€YHIHYUZYp[[PNOL[LYLUSPN[RVU
]LU[PVULU¹TLK\[U`[[QHUKL[PSSKL[`[[LYZ[HH]ZPUH[PSSNpUNSPNHYLZ\YZLY¹-€Y]HS[
UPUNZT`UKPNOL[LYVJOKVTZ[VSHYpYZVTYp[[Z[PSSpTWHYLZR`SKPNHH[[[VSRHZ]LUZR
Yp[[PIHYURVU]LU[PVUZ]pUSPNHUKH
5pYKL[NpSSLYMYrNHUVTIHYUZYp[[ZVTHUO€YPNHVJOILZ[pTTLSZLUP/:3NŠ
pYKL[[HWrL[[€]LYNYPWHUKLWSHUZHTTHURVWWSH[TLKÅLYHH]HY[PRSHYUHP-5!Z
IHYURVU]LU[PVU.Y\UKLUM€YILZ[pTTLSZLURHUHSS[ZrOpUM€YHZ[PSSKLUUHRVU
]LU[PVU;PSSH[[I€YQHTLKRHURVUZ[H[LYHZH[[KL[YLNSLYHZH[[ZHTOpSSL[OHYL[[
HUZ]HYM€YH[[ZL[PSSH[[IHYUPU[LKPZRYPTLYHZWrNY\UKH]IHYUL[ZLSSLYM€YpSKYHY
UHZ\YZWY\UNrZRrKUPUNM\UR[PVUZULKZp[[UPUNLSSLYHUUH[HY[PRLSH[[IHYUL[Z
IpZ[HZRHRVTTHPMYpTZ[HY\TTL[]PKHSSHr[NpYKLYZVTY€YIHYUL[HY[PRLSH[[
IHYUL[OHYYp[[[PSSKLSHR[PNOL[PUULMH[[HUKLYp[[[PSSPUMVYTH[PVUVJOH[[\[[Y`JRHZPU
rZPR[ZVTZRHILHR[HZTLKOpUZ`U[HNLU[PSSIHYUL[ZrSKLYVJOTVNUHKHY[PRLS
+pY\[€]LYOHYIHYUVJRZrYp[[[PSSIpZ[H\WWUrLSPNHOpSZHVJOYp[[[PSSZQ\R]rYK
VJOYLOHIPSP[LYPUNHY[PRLSZHT[Yp[[[PSS]PSHMYP[PKVJOYLRYLH[PVUHY[PRLS=PR
[PN[PZHTTHUOHUNL[pYVJRZrH[[UpTUHZHTOpSSL[ZHUZ]HYM€YH[[PLUSPNOL[TLK
HY[PRLS ]PK[HHSSHSpTWSPNHr[NpYKLYM€YH[[ZR`KKHIHYUMYrUHSSHMVYTLYH]]rSK
VJO\[ZH[[OL[PZPUHOLTTPSQ€LY
)HYURVU]LU[PVUZSrYOLS[LURLS[MHZ[H[[IHYUOHYNY\UKSpNNHUKLYp[[PNOL[LYZVT
ZRH YLZWLR[LYHZ VJO [PSSNVKVZLZ =PZZH H] RVU]LU[PVULUZ HY[PRSHY Z`M[HY [PSS H[[
ZR`KKHIHYUZZpYZRPSKHILOV]K]ZH[[]HYHL_[YHZrYIHYVJOPILOV]H]ZR`KK
MYrU\[ZH[[OL[TLURVU]LU[PVULUZHY[PRSHYIL[VUHYVJRZrH[[IHYUOHYILOV]H]
\[IPSKUPUNVJOOpSZV]rYKTT2VU]LU[PVULUNLYVJRZrZVTMYHTNrYNLUVTHY
[PRLSIHYULUYp[[H[[HR[P][Wr]LYRHZP[[SP]NLUVTYp[[LU[PSSKLSHR[PNOL[ZVT
NY\UKHZWrLUZ`UWrIHYUZVTZ\IQLR[VJOHR[€YPU[LIHYHZVTL[[VIQLR[ZVT
ZRHZR`KKHZ
<[€]LYYLNSLYPUNLUPIHYURVU]LU[PVUHUNrLUKLIHYUZYp[[pYKL[VJRZr]PR[PN[H[[
IL[VUH KLU RVUZ[P[\[PVULSSH THYRLYPUNLU HUNrLUKL IHYUZ Yp[[ VJO HUZ]HYL[ M€Y
IHYUZVTMYHTNrYPNY\UKSHNLUTLUVJRZrPL\YVWLPZRHRVU]LU[PVULUVTZR`KK
M€YKLTpUZRSPNHYp[[PNOL[LYUHVJOKLNY\UKSpNNHUKLMYPOL[LYUH,\YVWHRVU]LU
[PVULU ZHT[ ,<!Z Yp[[PNOL[ZZ[HKNH 0 HY[PRLS P ,<!Z Yp[[PNOL[ZZ[HKNH HUNLZ
H[[IHYUOHYYp[[[PSSKL[ZR`KKVJOKLUVT]rYKUHKZVTILO€]ZM€YKLYHZ]pSMpYK
ZHT[H[[IHYUL[ZIpZ[HZRHRVTTHPMYpTZ[HY\TTL[]PKHSSHr[NpYKLYZVTY€Y
IHYU VH]ZL[[ VT KL ]PK[HZ H] VMMLU[SPNH T`UKPNOL[LY LSSLY WYP]H[H PUZ[P[\[PVULY
)rKL,\YVWHRVU]LU[PVULUVJO,<!ZYp[[PNOL[ZZ[HKNHpY[PSSZRPSSUHKMYrU]HKZVT
ILZRYP]P[ZVT-5!ZIHYURVU]LU[PVUKPYLR[IPUKHUKLP:]LYPNLK]ZKLUZVT[PSS
SpTWHYSHNHYVJOYLNSLYTrZ[LPU[LIHYHM€YOrSSHZPN[PSSZ]LUZRHYLNSLY\[HUp]LU
[PSSL\YVWHYp[[LU:LKHUÄUUZPTrSZp[[UPUNZZ[HKNHUKL[PYLNLYPUNZMVYTLUZ
! 9- RHW Š LU THYRLYPUN VT H[[ ¹KL[ HSSTpUUH ZRH ]LYRH M€Y H[[
IHYUZYp[[[HZ[PSS]HYH¹+L[[HRHUZLZZVTL[[ZWLJPÄR[IL[VUHUKLH]H[[:]LYPNL
ZRHSL]H\WW[PSSZPUHPU[LYUH[PVULSSHr[HNHUKLUVJOPM€YSpUNUPUNLUKpYTLKVJRZr
LUTHYRLYPUNH]]PR[LUH]H[[T`UKPNOL[LYZrZVTOpSZVVJOZQ\R]rYKLU[HYZP[[
HUZ]HYPMYrNHVTIHYUZZpYZRPSKHYp[[PNOL[LYVJOILOV]L_LTWLS]PZNLUVT[PSS
SpTWUPUNLUH]KLUILZ[pTTLSZLZVTILOHUKSHZPKL[[HRHWP[LS
/pSZVVJOZQ\R]rYKLUZZR`SKPNOL[H[[
ILHR[HIHYUZILOV]
0/:3NVJO7:3!HUNLZHUNrLUKLIHYUZVTHUO€YPNHM€SQHUKL!
/pSZVVJOZQ\R]rYKLUZRHZpYZRPS[ILHR[HL[[IHYUZILOV]H]PUMVYTH[PVU
YrKVJOZ[€KVTIHYUL[ZM€YpSKLYLSSLYUrNVUHUUHU]\_LUZVTIHYUL[
]HYHR[PN[IVY[PSSZHTTHUZTLK
‹OHYLUWZ`RPZRZ[€YUPUNLSSLYLUWZ`RPZRM\UR[PVUZULKZp[[UPUN
‹OHYLUHSS]HYSPNM`ZPZRZQ\RKVTLSSLYZRHKHLSSLY
‹pYTPZZIY\RHYLH]HSRVOVSLSSLYHUUH[ILYVLUKLMYHTRHSSHUKLTLKLS
+L[ZHTTHNpSSLYVTIHYUL[ZM€YpSKLYLSSLYUrNVUHUUHU]\_LUZVTIHYUL[
]HYHR[PN[IVY[PSSZHTTHUZTLKV]pU[H[H]SPKLY
+LUUHILZ[pTTLSZLZVTOHYZHTTHS`KLSZLPKLIrKHSHNHYUHPUM€YKLZPQHU
\HYPVJOPUULIpYOLS[LURLS[LUZpYZRPSKZR`SKPNOL[M€YOpSZVVJOZQ\R]rYKLU
VJOKLZZWLYZVUHS¶VH]ZL[[VT]LYRZHTOL[LUILKYP]ZPVMMLU[SPNLSSLYWYP]H[YLNP
¶ H[[ Wr LNL[ PUP[PH[P] ILHR[H L[[ IHYUZ ILOV] H] PUMVYTH[PVU YrK VJO Z[€K VT
IHYUL[ZM€YpSKLYLSSLYVT]rYKHYLSPKLYH]HSS]HYSPNZQ\RKVTVZ]:R`SKPNOL[LUPU[Yp
KLYHSS[ZrPM€YOrSSHUKL[PSSIHYUUpYKL[pYLUHUO€YPN]\_LUZVTpYWH[PLU[
)HRNY\UKLU[PSSYLMVYTLU]HYZVT[PKPNHYLUpTU[ZH[[VMMLU[SPNH\[YLKUPUNHY\UKLY
VJO[HSLU\WWTpYRZHTTHKLH[[IHYU[PSSM€YpSKYHYTLKWZ`RPZRZQ\R
KVTWZ`RPZRM\UR[PVUZULKZp[[UPUNTPZZIY\RZWYVISLTVJOP]PZZHMHSSM€YpSKYHY
TLKHSS]HYSPNZQ\RKVT]HYLUZpYZRPS[ZrYIHYYPZRNY\WW+L[MYHTM€YKLZH[[]\_LU
WZ`RPH[YPUVJO]PZZHHUKYH]rYKNP]HYLIVYKLOHLUZR`SKPNOL[H[[\UKLYYp[[HZPN
VTIHYUZZP[\H[PVUVJOILOV]ZHT[L[[HUZ]HYM€YH[[IHYUMrYYLSL]HU[PUMVYTH[PVU
VJOPM€YLRVTTHUKLMHSSHKLR]H[Z[€K)HYUZVTHUO€YPNHPKLUUHRVU[L_[VJO
KLYHZ\[€RHKLYPZRVJOILOV]]HYZrSLKLZRpUKZLKHUSpUNLUpYILZ[pTTLSZLYUH
P/:3VJOU\]HYHUKL7:3PUM€YKLZ0WYVWVZP[PVULUZVTSrN[PSSNY\UKM€YPUM€YHU
KL[HUNLZM€SQHUKLZVTNY\UKM€YYLMVYTLU!
+L[pY]HYQLIHYUZYp[[PNOL[H[[ISP\WWTpYRZHTTHKVJOMrKL[Z[€KVJO
KLUOQpSWZVTOHULSSLYOVUpYPILOV]H]PLUZrKHU\[ZH[[ZP[\H[PVU
.Y\UKLUpYHSS[ZrH[[IHYUZRHMrZPUYp[[[PSSZ[€KVJOOQpSW[PSSNVKVZLKKHTLUIL
Z[pTTLSZLUOHYZVTMYHTNr[[H]KLUV]HUJP[LYHKLSHN[L_[LUMVYT\SLYH[ZZVTLU
ZR`SKPNOL[M€YOpSZVVJOZQ\R]rYKLUZO\]\KTpUVJOKLZZWLYZVUHS+L[pYKVJR
YLSH[P][ VRSHY[ P Yp[[ZRpSSVYUH Wr VTYrKL[ K]Z SHN VJO M€YHYIL[LU ]HK ZR`SKPN
OL[LUMHR[PZR[PUULIpY=HKZRHOpSZVVJOZQ\R]rYKLUN€YHM€YH[[YLHSPZLYHIHYUZ
Yp[[H[[ISP\WWTpYRZHTTHKLVJOH[[MrKL[Z[€KVJOKLUOQpSWZVTOHULSSLYOVU
pYPILOV]H]ZLJP[H[MYrUWYVWVZP[PVULUV]HU&=PSRLUILO€YPNOL[VJO]PSRHILMV
NLUOL[LYOHYOpSZVVJOZQ\R]rYKLUH[[]PK[Hr[NpYKLYPKL[[HZ`M[L&
([[ILZ[pTTLSZLUPUULIpYH[[OpSZVVJOZQ\R]rYKLUI€Y[HYLKHWrVTKLU]\_UL
WH[PLU[LUpYM€YpSKLYLSSLYOHYKLSPVT]rYKUHKLUVTL[[IHYUpYLUZQpS]RSHYRVU
ZLR]LUZH]YLNSLYPUNLU3PRHZrpYKL[ZQpS]RSHY[H[[RVU[HR[VJOZHT[HSTLKHU
O€YPNHIHYUZVTO\]\KYLNLSHSS[PKZRHNLUVTM€YHZTLK]rYKUHKZOH]HYUHZZHT
[`JRLVJOPLUSPNOL[TLKIHYUL[Z]PSQHVJOIpZ[H0KLMHSSWH[PLU[LUZVTM€YpSKLY
pY WVZP[P][ PUZ[pSSK [PSS H[[ ]rYKWLYZVUHS [YpMMHY VJO WYH[HY TLK IHYUL[ [VYKL KL[
PU[LÄUUHZUrNYHYp[[ZSPNHOPUKLYM€YKL[[H:VTZ[€KM€YZHT[HSTLKIHYUPKLZZH
ZP[\H[PVULYÄUUZ[L_KLU.\PKLM€Y)9(ZHT[HSZVT:[PM[LSZLU(SSTpUUH)HYU
O\ZL[[HNP[MYHT
4LU]PZZHYp[[ZSPNHMYrNVYRHU\WWRVTTHp]LUPZrKHUHZP[\H[PVULYKpYKL[ÄUUZ
L[[ZHT[`JRLMYrUM€YpSKLYUZVTpYWH[PLU[,UMYrNHZVTL_LTWLS]PZRHUHR[\H
SPZLYHZpYO\YOpSZVVJOZQ\R]rYKLUZRHM€YOrSSHZPN[PSSIHYUL[ZIpZ[HVJOIHYUL[Z
]PSQHNpSSHUKLZHT[HSVJOZHT[HSLUZPUULOrSS:HT[HSTrZ[LM€YZ[rZHUWHZZHZ\[P
MYrU IHYUL[Z ]PSQH rSKLY VJO TVNUHK VJO ]HK WYPUJPWLU VT IHYUL[Z IpZ[H RHU
PUULIpYHPKL[LUZRPSKHMHSSL[0]PZZHMHSSRHUKL[]HYHPZ[YPKTLKIHYUL[ZIpZ[H
H[[WYH[HTLKVJONL]PZZPUMVYTH[PVU[PSSIHYUL[+L[RHU[PSSL_LTWLS\WWRVTTH
ZP[\H[PVULYKpYIHYUL[NLY\[[Y`JRM€YH[[PU[L]PSQHWYH[HTLKOpSZVVJOZQ\R]rY
KLUZWLYZVUHSLSSLYH[[KL[\[PMYrULUOLSOL[ZILK€TUPUNH]VTZ[pUKPNOL[LYUHPL[[
LUZRPS[pYLUKLMYHTZ[rYZVTVSpTWSPN[H[[IHYUL[MrY]PZZPUMVYTH[PVUr[TPUZ[VUL
]PKL[[]PZZ[[PSSMpSSL
-9g.6964-k9f3+9(9:6*/,33,9=g9+5(+:/(=(9,::(4;@*2,
26773(;;033265;(2;4,+)(95
,UHUUHUMYrNHZVTRHU\WWRVTTHpYO\YZP[\H[PVULUZRHOHU[LYHZUpYKLUM€Y
pSKLY ZVT pY WH[PLU[ ZHT[`JRLY [PSS H[[ OpSZV VJO ZQ\R]rYKLU OHY RVU[HR[ TLK
IHYUL[TLUPU[LKLUHUKYHM€YpSKLYU+L[[HpYZHTTHURVWWSH[TLKMYrNVYVT
IrKLM€YpSKYHYZYp[[ZVT]rYKUHKZOH]HYLVJOIHYUZZQpS]VJOTLKILZ[pTTHUKL
]PSRL[ILOHUKSHZULKHU/pYILOHUKSHZMYrNHUZVTTLYZWLJPÄR[OHYTLKM€YpSK
YHYZZHT[`JRLH[[N€YHK]ZO\YOpSZVVJOZQ\R]rYKLUZRHOHU[LYHZP[\H[PVULY
UpYM€YpSKYHYPU[LZHT[`JRLY[PSSLSSLYOHY]PZZ[TV[Z[rUKTV[RVU[HR[LYTLKIHYU
+L[RHURVUZ[H[LYHZH[[KL[pYVRSHY[]PSRHILMVNLUOL[LYOpSZVVJOZQ\R]rYKLU
OHYH[[[HRVU[HR[TLKVJOZHT[HSHTLKIHYUVTIHYUL[ZM€YpSKLYZVTpYWH
[PLU[PU[L]PSSKL[LSSLYVTKL[pYVZpRLY[VTM€YpSKLYU\UKLYVTZ[pUKPNOL[LYUH
OHYM€YTrNHH[[[HZ[pSSUPUN[PSSZrKHUHMYrNVY+L[[HpYLUMYrNHZVTRHU\WW
RVTTHUpYLUM€YpSKLYZILZS\[ZM€YTrNHH]VSPRHZRpSZVTL_LTWLS]PZWZ`RPZR[
ZQ\RKVTLSSLYHUUH[pYULKZH[[+L[RHUL_LTWLS]PZ]HYHZrH[[M€YpSKLYUZVT
pYWH[PLU[VJOOpSZVVJOZQ\R]rYKLUPU[LOHYZHTTHIPSKVJO\WWMH[[UPUNVT
ZQ\RKVT VJO ]rYKILOV] 0 ZrKHUH ZP[\H[PVULY ]pJRZ MYrNVY VT O\Y\]PKH OpSZV
VJO ZQ\R]rYKLU RHU OH RVU[HR[ TLK IHYU \[HU LU ]rYKUHKZOH]HYLZ ZHT[`JRL
5rNVU\[[Y`JRSPNYLNSLYPUNRYPUNKL[[HÄUUZPU[L]PSRL[N€YH[[ILK€TUPUNLUMHSSLY
[PSSIHRH Wr KL HSSTpUUH ILZ[pTTLSZLYUH P M€YpSKYHIHSRLU ! NpSSHUKL
IHYUZ LNUH ZQpS] VJO TLKILZ[pTTHUKL VJO M€YpSKYHYZ ILZS\[HUKLYp[[ ZVT
]rYKUHKZOH]HYLIrKLPM€YOrSSHUKL[PSS]rYKNP]HYLVJO]HYHUKYH
;PSSKL[[HRVTTLYKLVRSHYOL[LYZVTUpTU[ZV]HURVWWSH[[PSS]PSRLUPUMVYTH[PVU
OpSZVVJOZQ\R]rYKLUI€YSpTUH[PSSIHYUKLSZ\[PMYrU]PSRH\WWNPM[LYZVTKLUM€Y
pSKLYZVTpYWH[PLU[ZHT[`JRLY[PSSRHUSpTUHZ\[KLSZ]PSRH\WWNPM[LYZVTpYSpTW
SPNHH[[SpTUH\[TLKILHR[HUKLH]IHYUL[ZIpZ[H+L[RHU[L_OHUKSHVTH[[PUMVY
TH[PVULUILO€]LYHUWHZZHZ[PSSIHYUL[ZrSKLYVJOH[[PU[LPUMVYTH[PVUSpTUHZZVT
IHYUL[]HYRLULM[LYMYrNHYLSSLYILO€]LYM€Y[PSSMpSSL[,UHUUHUMYrNHZVTRHUHR[\H
SPZLYHZVH]ZL[[LUM€YpSKLYZPUZ[pSSUPUNpYRVWWSPUNLU[PSSOpSZVVJOZQ\R]rYKLUZ
ZR`SKPNOL[H[[HUTpSHVYVM€YIHYU[PSSZVJPHS[QpUZ[LU+L[[HILOHUKSHZSpUNYLMYHT
:(44(5-(;;505.
:HTTHUMH[[UPUNZ]PZRHURVUZ[H[LYHZH[[KL[PWYVWVZP[PVULUZVTSrN[PSSNY\UK
M€YPUM€YHUKL[H]ILZ[pTTLSZLYUHP/:3NŠVJO7:3RHWŠIL[VUHZH[[
IHYU [PSS M€YpSKYHY TLK WZ`RPZR ZQ\RKVT TPZZIY\RZWYVISLT VZ] OHY Yp[[ H[[ Mr
YLSL]HU[PUMVYTH[PVUVJOp]LUZ[€KVJOHKLR]H[HYrKZHT[H[[OpSZVVJOZQ\R
]rYKLUZ HUZ]HY pY H[[ \WWTpYRZHTTH KLZZH ILOV] /\Y KL[ ZRH M€Y]LYRSPNHZ
pY KpYLTV[ V[`KSPN[ MVYT\SLYH[ 9LNSLYPUNLU ]pJRLY LU YHK Yp[[ZSPNH MYrNVY VJO
KPSLTTHUZVTPU[LILOHUKSHKLZPM€YHYIL[LU[PSSYLMVYTLU:`M[L[PKL[[HRHWP[LSpY
H[[Zp[[HILZ[pTTLSZLYUHZYp[[ZSPNHPUULI€YKVJOIL[`KLSZLPL[[IYLKHYLQ\YPKPZR[
ZHTTHUOHUN0KL[M€SQHUKL]PZHZO\Y[PSSpTWUPUNLUH]ILZ[pTTLSZLUYLSH[LYHY[PSS
M€YpSKYHYZYp[[ZVT]rYKUHKZOH]HYLIHYUZZQpS]VJOTLKILZ[pTTHUKLYp[[VJO
ZHTOpSSL[Z€]LYNYPWHUKLHUZ]HYM€YH[[PUNYPWHUpYIHYUYPZRLYHYH[[MHYHPSSH
-€YpSKLYUZYp[[ZVT]rYKUHKZOH]HYL
IHYUZZQpS]VJOTLKILZ[pTTHUKLVJO
ZLRYL[LZZMYrNVY
/pSZVVJOZQ\R]rYKLUOHYL[[HUZ]HYNLU[LTV[IHYUTLUKL[pYZHT[PKPN[M€YpSK
LYUPZPUYVSSZVT]rYKUHKZOH]HYLZVTILZ[pTTLY]PSRHRVU[HR[LYKLYHZIHYUZRH
OHTLKOpSZVVJOZQ\R]rYKLUVJOHUKYHT`UKPNOL[LY+L[PUULIpYH[[OpSZVVJO
ZQ\R]rYKLUZWLYZVUHSPRVU[HR[TLKHUO€YPNHIHYUHSS[PKTrZ[LM€YOrSSHZPN[PSSKLU
KLZVTpY]rYKUHKZOH]HYLVJO]HKKLZZH]PSSVJOHUZLYTLUVJRZr[PSS]HKZVT
NpSSLYPMYrNHVTIHYUZZQpS]VJOTLKILZ[pTTHUKLZHT[IHYUL[Z]PSQHVJOIpZ[H
,UHUUHUMYrNHZVT\WWZ[rYpY]PSRLUPUMVYTH[PVUZVTOpSZVVJOZQ\R]rYKLURHU
SpTUH\[[PSSHUKYH¶IrKLIHYUVJO]rYKUHKZOH]HYLZVTPU[LpYWH[PLU[LY¶\[HU
WH[PLU[LUZZHT[`JRLLSSLYUpYKL[pYVZpRLY[VTWH[PLU[LURHUZHT[`JRH
([[M€YL[YpKHYLM€YOpSZVVJOZQ\R]rYKLUPRVU[HR[TLKM€YpSKYHYVJOIHYUPHSSYH
T€QSPNHZ[LTrUZRHHYIL[HPZHTM€YZ[rUKMYHTNrY€]LYNYPWHUKLPSHNLUVJOKL[
MYHTZ[rYZpRLY[PKLHSSYHÅLZ[HMHSSLUZVTZQpS]RSHY[H[[RVU[HR[TLKIHYUZRHZRLP
ZHTYrKTLKIrKLTLKKLUM€YpSKLYZVTpYWH[PLU[VJOKLUHUKYLM€YpSKLYU
([[M€YpSKYHYZVTpY]rYKUHKZOH]HYLOHYKL[WYPTpYHHUZ]HYL[M€YVJOYp[[LUH[[
ILZ[pTTHPMYrNVYZVTY€YIHYUL[MYHTNrYIrKLH]IHYURVU]LU[PVUHY[PRLSVJO
VJOZ]LUZRYp[[NLUVTM€YpSKYHIHSRLU9LHSPZLYHUKL[H]IHYUZYp[[ZVTHU
O€YPNH LUSPN[ KL HR[\LSSH ILZ[pTTLSZLYUH TrZ[L OLS[ LURLS[ YLSH[LYHZ [PSS KLZZH
YLNSLY 0 M€YpSKYHIHSRLU MYHTNrY H[[ ]rYKUHKZOH]HYUH ISHUK HUUH[ ZRH ZL [PSS H[[
IHYUL[ZILOV]H]VT]rYKUHK[Y`NNOL[VJONVKMVZ[YHUISPY[PSSNVKVZLKKHZHT[
H[[IHYUL[HSS[PKZRHILOHUKSHZTLKHR[UPUNM€YZPUWLYZVUVJOPU[LMrY\[Zp[[HZM€Y
RYVWWZSPNILZ[YHMMUPUNLSSLYHUUHURYpURHUKLILOHUKSPUN-€YH[[R\UUH\WWM`SSH
ZP[[HUZ]HYOHY]rYKUHKZOH]HYLYp[[VJOZR`SKPNOL[H[[ILZ[pTTHPMYrNVYZVTY€Y
IHYUL[ZWLYZVUSPNHHUNLSpNLUOL[LY]PSRL[PURS\KLYHYIHYUZVJO\UNHZRVU[HR[LY
TLKVJOPUZH[ZLYMYrUT`UKPNOL[LY+L[]HUSPNHZ[LPKHNP:]LYPNLpYH[[]rYKUHKLU
KLSHZ H] []r M€YpSKYHY VJO ILZ[pTTHUKLYp[[LU NpSSLY ZVT O\]\KYLNLS NLTLU
ZHT[M€YKLZZH
,U]rYKUHKZOH]HYLRHULUZHT\[HUKLUHUKYL]rYKUHKZOH]HYLUZZHT[`JRLLU
KHZ[ILZS\[HPMYrNVYZVTY€YKLUKHNSPNHVTZVYNLU5pYKL[NpSSLYMYrNVYH]TLY
PUNYPWHUKLIL[`KLSZLL_LTWLS]PZZRVSNrUNYLZVYTTRHU]rYKUHKZOH]HYLULU
ZHTIHYH[HLNUHILZS\[VTMYrNHU¹PU[LRHUZRQ\[HZ\WW¹VJOIHYHVTIHYUL[ZIpZ
[H\WWLUIHYSPNLURYp]LYKL[[H0TrUNHMYrNVYILNYpUZHZKpYTLKLU]rYKUHKZ
OH]HYLZYp[[H]KLUHUKYL]rYKUHKZOH]HYLUZ]PSQH+L[[HOHY\WWTpYRZHTTH[ZZVT
L[[WV[LU[PLSS[OPUKLYM€YIHYUH[[MrZ[€KVJOZR`KKLM[LYZVTp]LULU]rYKUHKZ
OH]HYLZVTVYZHRH[IHYUZRHKHOHYR\UUH[ULRH[PSSPUZH[ZLYZVTIrKLT`UKPN
OL[LYVJOKLUHUKYL]rYKUHKZOH]HYLUHUZLYH[[IHYUL[ILO€]LY+pYM€YOHYU\LU
ILZ[pTTLSZLPUM€Y[ZZVTNLYZVJPHSUpTUKLUT€QSPNOL[H[[ILZS\[HH[[KL[\UKLY
]PZZHVTZ[pUKPNOL[LYZRHYpJRHTLKLU]rYKUHKZOH]HYLZZHT[`JRL+L[[HNpSSLY
ISHUKHUUH[WZ`RPH[YPZRLSSLYWZ`RVSVNPZR\[YLKUPUNLSSLYILOHUKSPUNZVTVTMH[
[HZ H] /:3 ILOHUKSPUN P €WWUH MVYTLY RVU[HR[WLYZVU LSSLY RVU[HR[MHTPSQ ZVT
\[ZLZH]ZVJPHS[QpUZ[LUZHT[]PZZHPUZH[ZLYLUSPN[SHNLU !VTZ[€KVJO
ZLY]PJL[PSS]PZZHM\UR[PVUZOPUKYHKL3::5rNVUT€QSPNOL[H[[HU]pUKHKLUUH
ILMVNLUOL[PKLZP[\H[PVULYZVTpYHR[\LSSHOpYK]ZPUMVYTH[PVUYrKVJOZ[€K[PSS
IHYUL[LUSPN[/:3NŠTLKIHYHLU]rYKUHKZOH]HYLZZHT[`JRLLM[LYILZS\[H]
ZVJPHSUpTUKNLZPU[L0KLZZHZP[\H[PVULYpYKpYM€YOpSZVVJOZQ\R]rYKLUILYV
LUKLH]H[[IrKH]rYKUHKZOH]HYUHZHT[`JRLY[PSSZHT[HSVTKL[PU[LRHUZLZZVT
LUr[NpYKZVTPU[LRHUZRQ\[HZ\WWVZ]ZLV]HULSSLYVT]rYKUHKZOH]HYLUZ
ZHT[`JRLRHUWYLZ\TLYHZK]ZVTKL[TLKO€NZHUUVSPROL[RHUHU[HZH[[LU
]rYKUHKZOH]HYLZR\SSLOHZHT[`JR[[PSSr[NpYKLU
)(95: <;k2(+, :1f3= 6*/ 4,+),:;f44(5+, 6*/ 2677305.,5
;033-k9f3+9(9f;;6*/:,29,;,::
+LUMVYTLSSHILZ[pTTHUKLYp[[LU[PSSRVTTLY]rYKUHKZOH]HYLUMYHT[PSSKLZZH[[
IHYUOHYM`SS[rY0-)RHWŠHUNLZKVJRH[[]rYKUHKZOH]HYLUP[HR[TLK
IHYUL[ZZ[PNHUKLrSKLYVJO\[]LJRSPUNZRH[HHSS[Z[€YYLOpUZ`U[PSSIHYUL[ZZ`U
W\UR[LYVJO€UZRLTrS+L[IL[`KLYH[[pSKYLIHYUMrY\[€RHKZQpS]VJOTLKIL
Z[pTTHUKLYp[[VJOH[[]rYKUHKZOH]HYLUZILZ[pTTHUKLYp[[KpYTLK[\UUHZ\[
5rNYHZWLJPÄRHrSKLYZNYpUZLYM€YIHYUZZQpS]VJOTLKILZ[pTTHUKLHUNLZPU[L
\[HUNYHKLUH]ILZ[pTTHUKLILYVYWrrSKLYVJOTVNUHKZHT[MYrNHUZILZRHM
MLUOL[+L[ÄUUZPU[LUrNYH€]LYNYPWHUKL\[[HSHUKLULSSLYYp[[ZMHSSZVTUpYTHYL
RSHYN€YM€YOpSZVVJOZQ\R]rYKLUVJOHUKYHT`UKPNOL[LYUpY]rYKUHKZOH]HYLZ
ZHT[`JRLRYp]ZM€YVSPRH[`WLYH]r[NpYKLYVJOPUZH[ZLYYPR[HKL[PSSIHYUL[LSSLY
UpY[PSSVJOTLKRVU[HR[TLKIHYURHUZRL\[HUH[[]rYKUHKZOH]HYLU]L[VTKL[
([[IHYUZRHILZ[pTTHTLYVJOTLYQ\pSKYLKLISPYpYKVJRLUNY\UKSpNNHUKL
WYPUJPW P M€YpSKYHIHSRLU ZVT Z[pTTLY ]pS €]LYLUZ TLK IHYURVU]LU[PVU HY[PRLS
+L[I€YIL[VUHZH[[ZQpS]ILZ[pTTHUKLILYVLUKLWrrSKLYVJOTVNUHKpY
NY\UKSpNNHUKLPYp[[LU[PSSKLSHR[PNOL[=PSRL[ ZQpS]ILZ[pTTHUKLIHYUZRHNLZP
VSPRHMYrNVYRHUKVJRNLULYLSS[ZpNHZPUULMH[[HZ]rYHH]]pNUPUNHYM€YT`UKPNOL
[LY5pYOpSZVVJOZQ\R]rYKLUOHYRVU[HR[TLKIHYUPKLZP[\H[PVULYZVTILOHUK
SHZPKLUUHIVRRHUMYrNHUVTO\Y\]PKHIHYUZQpS]HRHUZHT[`JRH[PSSZHT[HS\[HU
LSSLY TV[ LU ]rYKUHKZOH]HYLZ ]PSQH HR[\HSPZLYHZ +L[ ZR\SSL L_LTWLS]PZ R\UUH
]HYHZrH[[LUM€YpSKLYZVT]rYKHZPUVTWZ`RPH[YPUTLUZVTPU[LOHYZHTTHZ`U
Wr ZQ\RKVT VJO ]rYKILOV] ZVT WZ`RPH[YPUZ M€YL[YpKHYL [PSS L_LTWLS Wr NY\UK
H] IYPZ[HUKL ZQ\RKVTZPUZPR[ PU[L ZHT[`JRLY [PSS H[[ WLYZVUHS WYH[HY TLK IHYUL[
VTZQ\RKVTLUVJOKLZZRVUZLR]LUZLY+L[RHUVJRZr]HYHZrH[[M€YpSKLYUpY
ZrZ]rY[ZVTH[PZR[ZQ\RH[[KLUOHYZ]rY[H[[SpTUHZP[[TLKNP]HUKL/pY\WWZ[rY
Z]rYILK€TKHVJORVTWSL_HMYrNVYVTO\Y\]PKHM€YpSKLYUZVTpYWH[PLU[RHU
HUZLZOHILZS\[ZM€YTrNHLSSLYPU[LK]ZVTOHULSSLYOVURHUNLL[[PUMVYTLYH[
ZHT[`JRL[PSSRVU[HR[LYTLKIHYUL[
:P[\H[PVULYKpYM€YpSKLYUPU[LZHT[`JRLYLSSLYVTKL[pYVRSHY[]PSRLUPUZ[pSSUPUN
M€YpSKLYUOHYHR[\HSPZLYHYMYrNHUVT]HKZVTpYIHYUL[ZIpZ[HUpYKL[NpSSLYRVU
[HR[LYZVTLUM€YpSKLYPU[LpYWVZP[P][PUZ[pSSK[PSS=PKHYLRHUKL[\WWZ[rMYrNVYVT
]PSRLUPUMVYTH[PVUVTM€YpSKLYUVJOKLZZZQ\RKVTZ[PSSZ[rUKVZ]ZVTOpSZVVJO
ZQ\R]rYKLU\[HUPUMVYTLYH[ZHT[`JRLRHUSpTUH\[[PSSIHYUL[VJOKLUHUKYL]rYK
UHKZOH]HYLU,UMYrNHpYVJRZrO\YZHT[`JRLZRHPUOpT[HZMYrUKLU]rYKUHKZ
OH]HYLZVTPU[LpYWH[PLU[¶VTKL[YpJRLYTLKH[[KLUM€YpSKLYZVTpYWH[PLU[
ZpNLYH[[KLUHUKYLM€YpSKLYUZHT[`JRLYLSSLYVTRYp]LYKPYLR[RVU[HR[/\]\K
YLNLSUTrZ[LPLUSPNOL[TLKM€YpSKYHIHSRLUZYLNSLY[VSRHZ]HYHH[[OpSZVVJOZQ\R
]rYKLU ZRH ZpRLYZ[pSSH H[[ ]rYKUHKZOH]HYL NVKRpUULY RVU[HR[ TLK KLYHZ IHYU
TT0TrUNHH]KLZZHMYrNVYÄUUZKVJRPU[LUrNYH[`KSPNHYp[[ZSPNHZ]HY\[HUKL[
MrYILK€THZMYrUMHSS[PSSMHSSTLK\[NrUNZW\UR[PO\]\KYLNSLYVTM\SS[ZHT[`JRL
MYrUZHT[SPNHPUISHUKHKL
/LS[ RSHY[ pY H[[ O\]\KYLNLSU pY H[[ ZLRYL[LZZ P LUSPNOL[ TLK VMMLU[SPNOL[Z VJO
ZLRYL[LZZSHNLU !6:3YrKLYM€YWLYZVUHSPUVTOpSZVVJOZQ\R]rYKLU
M€YPUMVYTH[PVUVTWH[PLU[LYZZQ\RKVTZTTZrSpUNLPU[LKLUULZHT[`JRLY[PSS
H[[ZrKHUH\WWNPM[LYSpTUHZ\[4€QSPNLURHUHSSTpUPUMVYTH[PVUVTZQ\RKVTLU
NLZ [PSS IHYU VJOLSSLY HUKYH HUO€YPNH p]LU VT LU M€YpSKLY ZVT pY WH[PLU[ PU[L
ZHT[`JRLY[PSSH[[PUMVYTH[PVUVTKLUULZZWLJPÄRHZQ\RKVTZ[PSSZ[rUKVZ]SpTUHZ
\[TLUKL[pYLURpUZSPNMYrNHZVTI€YOHU[LYHZTLK]HYZHTOL[
+L[pY]PR[PN[H[[WLYZVUHSPUVTOpSZVVJOZQ\R]rYKLURpUULY[PSSYp[[ZSPNHZ]rYPN
OL[LYVJOILNYpUZUPUNHYTLUKLYp[[ZSPNHWYVISLTLUZRHPU[L€]LYKYP]HZ+L[pY
[YVSPNLUZrH[[RVU[HR[LYTLKIHYUVM[HZ[RHUZRLOLS[VJOM\SS[PZHTYrKTLKM€Y
pSKLYUZVTpYWH[PLU[VJOLSSLYKLUHUKYLM€YpSKLYU0)HYUO\ZL[ZN\PKLM€YZHT[HS
TLKHUO€YPNHIHYUÄUUZL_LTWLSWrO\YM€YpSKLYURHUTV[P]LYHZM€YH[[IHYUL[
ZRHR\UUHMrPUMVYTH[PVUYrKVJOZ[€K
-9g.6964:,29,;,::.,5;,46;=g9+5(+:/(=(9(9,5
0LUZP[\H[PVUKpYWLYZVUHSPUVTOpSZVVJOZQ\R]rYKLUOHYLUZRPSKHZHT[HSTLK
IHYU ZVT pY HUO€YPNH RHU MYrNHU VT ]PSRH T€QSPNOL[LY ZVT ÄUUZ H[[ PU[L M€YH
]PKHYLKL[ZVTIHYUL[ZpNLY[PSS]rYKUHKZOH]HYLHR[\HSPZLYHZ+L[[HpYLUMYrNH
ZVTHURU`[LY[PSSIHYUZZQpS]VJOTLKILZ[pTTHUKL+L[RHU]HYHZrH[[IHYU
PZHT[HSTLKOpSZVVJOZQ\R]rYKLUZWLYZVUHSILYp[[HYVTUrNV[ZVTILK€TZ
]HYHVSpTWSPN[LSSLYKPYLR[VWHZZHUKLH[[]rYKUHKZOH]HYLUMrY]L[H.LULYLSS[RHU
KL[ VJRZr ]HYH Zr H[[ IHYUL[ ]PK ZHT[HS ]PSS M€YZpRYH ZPN VT H[[ KL[ ZVT ZpNZ
PU[L ZRH M€YTLKSHZ ]PKHYL [PSS M€YpSKLYU f]LU VT O\]\KYLNLSU pY H[[ M€YpSKLYU P
ZPUYVSSZVT]rYKUHKZOH]HYLILZ[pTTLYPMYrNVYZVTNpSSLYIHYUL[VJOp]LUOHY
Yp[[H[[[HKLSH]HSSPUMVYTH[PVUZVTY€YIHYUL[p]LU]HKIHYUZHN[PZHT[HSTLK
T`UKPNOL[ZM€YL[YpKHYL RHU \UKLYrYPNH OH Yp[[ [PSS ZR`KK M€Y ZPU PU[LNYP[L[ P M€Y
OrSSHUKL[PSS]rYKUHKZOH]HYLU+L[MYHTNrYH]6:3H[[pSKYLILZS\[ZTVNUHIHYU
RHUILZ[pTTHH[[\WWNPM[LYVTKLTPU[LMrYSpTUHZ]PKHYL[PSS]rYKUHKZOH]HYLU
5pYKL[NpSSLY`UNYLIHYUpYKVJRO\]\KYLNLSUH[[PUMVYTH[PVUZRHSpTUHZ\[M€Y
H[[]rYKUHKZOH]HYLUZRHR\UUHM\SSN€YHZP[[M€YpSKYHHUZ]HY:LRYL[LZZRHULNLU[
SPNLUIHYHOp]KHZNLU[LTV[]rYKUHKZOH]HYLUVTKL[RHUHU[HZH[[KLU\UKLY
rYPNLSPKLYIL[`KHUKLTLUVT\WWNPM[LUY€QZM€Y]rYKUHKZOH]HYLU9LNSLYPUNLU
PKLUUHKLSNpSSHUKL`UNYLIHYUYPR[HYPUZPNWrMHSSKpYKL[pYMYrNHVTT`JRL[
RpUZSPNH\WWNPM[LYLSSLYH[[\WWNPM[LYILMHYHZTPZZIY\RHZH]]rYKUHKZOH]HYLUWr
L[[Zp[[ZVTZR\SSLR\UUHZRHKHIHYUL[HSS]HYSPN[ 3HNY\TTL[Z[pSSLYRYH]Wr¹IL
[`KHUKLTLU¹VJOKL[MrY[VSRHZZVTH[[KL[UpYTHZ[pYZP[\H[PVULYKpY[]rUNZ
VTOpUKLY[HNHUKLLUSPN[3=<pYHR[\LSS[K]ZZP[\H[PVULYKpYIHYUL[YPZRLYHYH[[
MHYHHSS]HYSPN[PSSHWrNY\UKH]TPZZOHUKLSLSSLYSPRUHUKL
5pYKL[NpSSLY`UNYLIHYUÄUUZKL[KpYTLKILNYpUZHKLYp[[ZSPNHT€QSPNOL[LYM€Y
WLYZVUHSPUVTOpSZVVJOZQ\R]rYKLUH[[¹SV]H¹H[[PUMVYTH[PVUMYrUIHYUL[RHU
SpTUHZPM€Y[YVLUKL+L[[HNpSSLYIrKLPM€YOrSSHUKL[PSSM€YpSKLYUZVTpY]rYKUHKZ
OH]HYLVJOPM€YOrSSHUKL[PSSZVJPHS[QpUZ[LUVJOKLUHUTpSUPUNZWSPR[ZVTOpSZV
VJO ZQ\R]rYKLU S`KLY \UKLY 4€QSPNLU RHU THU UpY KL[ NpSSLY IHYUL[Z PU[LNYP[L[
NLU[LTV[M€YpSKYHYUHYLZVULYHRYPUNH[[M€YpSKLYUZZHT[`JRL[PSSZHT[HSRHUZpNHZ
PUULMH[[H L[[ ¹HJJLW[LYHUKL H]¹ H[[ PU[L HSS[ ZRH M€YHZ [PSSIHRH [PSS M€YpSKLYU +L[
M€Y\[Zp[[LYKVJRH[[KL[[HOHY[`KSPNNQVY[ZM€YM€YpSKLYU5pYKL[NpSSLYpSKYLIHYU
ZRH]PZZPU[LNYP[L[NLU[LTV[M€YpSKYHYNHYHU[LYHZNLUVTH[[IHYUL[OHY\WWUr[[
ZQpS]ILZ[pTTHUKLPKL[[HH]ZLLUKL
:(44(5-(;;505.6*/-9g.6926773(;;033+,59f;;:30.(
9,3(;065,54,33(5-k9f3+9(96*/)(95
:HTTHUMH[[UPUNZ]PZ¶MYrNHUVTO\YOpSZVVJOZQ\R]rYKLUZRHYLHSPZLYHIHYUZ
Yp[[ZVTHUO€YPNHHR[\HSPZLYHY\YL[[Yp[[ZSPN[WLYZWLR[P]MYrNVYVTM€YpSKYHYZYp[[
ZVT]rYKUHKZOH]HYLVJOIHYUZZQpS]VJOTLKILZ[pTTHUKLYp[[4€QSPNLUpYKL[
ZrH[[KL[PWYHR[PRLUVM[HPU[L\WWZ[rYUrNYHYp[[ZSPNHWYVISLT4LUZVTMYHTNrY
V]HUÄUUZKL[LUYHKQ\YPKPZRHMYrNLZ[pSSUPUNHYRVWWSH[[PSSNLUVTM€YHUKL[ZpYZRPS[
PKLMHSSM€YpSKLYUZVTpYWH[PLU[pYWZ`RPZR[ZQ\RLSSLYHUUHYZRHUHUZLZOHULKZH[[
ILZS\[ZM€YTrNH
:JOLTH[PZR[ZHTTHUMH[[H[VJOUrNV[M€YLURSH[HR[\HSPZLYHZM€SQHUKLMYrNVY!
RHUM€YpSKLYU]rYKUHKZOH]HYLUZVTpYWH[PLU[ZHT[`JRH[PSSH[[OpSZVVJOZQ\R
]rYKLU[YpMMHYVJOZHT[HSHYTLKIHYUL[&([[M€YpSKLYUpYWZ`RPZR[ZQ\RVJOL]LU
[\LSS[PU[LILZS\[ZM€YT€NLUPM€YOrSSHUKL[PSSZP[[]rYKILOV]VJOL]LU[\LSS[]rYKHZ
TLK Z[€K H] []rUNZYLNSLYPUNLU P SHNLU ! VT WZ`RPH[YPZR []rUNZ]rYK
37;IL[`KLYPU[LWLYH\[VTH[PRH[[M€YpSKLYUPU[LOHYYp[[VJOM€YTrNHH[[[`JRH
[PSSVTZHT[HSTLKKLUULZIHYU<[€]LYMYrNHUVTZHT[`JRL[PSSZHT[HSTrZ[L
p]LU\WWTpYRZHTTHZH[[WH[PLU[LUZVTpYM€YpSKLYLUSPN[O\]\KYLNLSUOHYYp[[
H[[M€YMVNH€]LYPUMVYTH[PVULUVTZPUZQ\RKVT/pSZVVJOZQ\R]rYKLUTrZ[LM€Y
ZpRYHZPNVTVJOPZrMHSS]PSRLUPUMVYTH[PVUVTZQ\RKVTTTM€YpSKLYU]PSSH[[
IHYUL[ ZRH Mr -€YTVKSPNLU pY KL[ PU[L YPTSPN[ H[[ OpSZV VJO ZQ\R]rYKLU ZRH
OrSSHZHT[HSTLKIHYU\[HUZHT[`JRLMYrUKLUM€YpSKLYZVTWH[PLU[KL[[HVH]ZL[[
VTIHYUL[OHY\WWUr[[[PSSYpJRSPNrSKLYVJOTVNUHKM€YH[[WYH[HTLKWLYZVUHSLU
\[HU]rYKUHKZOH]HYLZZHT[`JRL+L[I€YKVJRpUKrIL[VUHZH[[IHYHKLUPUMVY
TH[PVUZVTWH[PLU[LUZHT[`JR[[PSSRHU\[SpTUHZ[PSSIHYUL[+L[RHU€]LYNYP
WHUKLRVUZ[H[LYHZH[[PZHT[SPNHMYrNVYTrZ[Lp]LUIHYUL[ZIpZ[HILHR[HZ
+L[RHU\WWZ[rTrUNHVJOZ]rYHH]]pNUPUNHYPMYrNHUVTOpSZVVJOZQ\R]rYKLUZ
RVU[HR[TLKIHYUZVTHUO€YPNHZVTOpUNLYZHTTHUTLKM€YpSKLYUZYp[[ZVT
]rYKUHKZOH]HYL+pY\[€]LYHR[\HSPZLYHZVJRZrMYrNVYRYPUNO\YOpSZVVJOZQ\R
]rYKLUZHUZ]HYNpSSHUKLIHYUZVTHUO€YPNHpY[pUR[H[[M\UNLYHPM€YOrSSHUKL[PSS
WSPR[LUH[[HUTpSHVYVM€YIHYU+L[[HVJOMYrNVYVTZHTOpSSL[ZTLY€]LYNYPWHUKL
IHYUZR`KKZHUZ]HYILOHUKSHZPUpZ[HH]ZUP[[
/pSZVVJOZQ\R]rYKLUZHUZ]HYM€YIHYUZVT
HUO€YPNH¶RVWWSPUN[PSSHUTpSUPUNZWSPR[
WVSPZHUTpSHUHUZ]HYH[[ZHT]LYRHTT
f]LUVTHUZ]HYL[M€YH[[IHYUZVSPRHILOV]ISPY[PSSNVKVZLKKHMYpTZ[]PSHYWrKL
YHZ]rYKUHKZOH]HYLOHYZHTOpSSL[VJRZrL[[ZpYZRPS[HUZ]HYM€YIHYUZ]pSILÄU
UHUKL +L[[H HUNLZ P HY[PRLS P IHYURVU]LU[PVU VJO RVTTLY P Z]LUZR Yp[[ [PSS
\[[Y`JR P :V3 RHW Š VJO SHNLU ! TLK ZpYZRPSKH ILZ[pTTLSZLY VT
\UNH3=<2VTT\ULYUHVJOKLZZZVJPHS[QpUZ[OHYL[[`[[LYZ[HHUZ]HYM€YH[[IHYU
VJO\UNKVTHY]p_LY\WW\UKLY[Y`NNHVJONVKHM€YOrSSHUKLU0M€YZ[HOHUKZRH
ZVJPHS[QpUZ[LUZ\[YLKHUKLr[NpYKLYVJOPUZH[ZLYZRLVJONLZPZHTM€YZ[rUKTLK
IHYUL[VJOOHUZLSSLYOLUULZ]rYKUHKZOH]HYL4LUVTZP[\H[PVULU]PZHYZPN]HYH
T`JRL[HSS]HYSPNVJOMYP]PSSPNHPUZH[ZLYPU[LpYT€QSPNHLSSLY[PSSYpJRSPNHRHUZVJPHS
[QpUZ[LUPLUSPNOL[TLK3=<PUNYPWHTLK[]rUNVJOWSHJLYHIHYUL[\[HUM€YOLT
TL[0UNYPWHUKLUMrYIHYHZRLUpYKL[ÄUUZLUWr[HNSPNYPZRM€YH[[IHYUL[OpSZH
LSSLY\[]LJRSPUNZRHKHZL_LTWLS]PZWrNY\UKH]IYPZ[LYPVTZVYNLULSSLYIHYUL[Z
LNUHKLZ[Y\R[P]HIL[LLUKL
(54f3505.:7302;
-€YH[[ZVJPHS[QpUZ[LUZRHR\UUHPUNYPWH[PSSL[[IHYUZZR`KKLSSLYZ[€KpYKL[M€Y
Z[rZOLS[H]N€YHUKLH[[T`UKPNOL[LUMrY]L[H]PSRHIHYUZVTYPZRLYHYH[[MHYHPSSH
<[PMYrU KL[[H Z[HKNHZ P :V3 RHW Š H[[ T`UKPNOL[LY VJO `YRLZTpZZPN[ IL
KYP]UHLUZRPSKH]LYRZHTOL[LYPZHTOpSSL[ZpYZRPS[KLZVTKPYLR[T€[LYIHYUVJO
MHTPSQLYZHT[HSSH]LYRZHTOL[LYPUVTOpSZVVJOZQ\R]rYKLUpYZR`SKPNHH[[HUTpSH
[PSSZVJPHS[QpUZ[LUVTL[[IHYUMHYPSSH0ILZ[pTTLSZLUVTHUTpSUPUNZWSPR[ZVT
M€YpUKYHKLZPQHU\HYPHUNLZU\H[[KLUZVTpYHUTpSUPUNZWSPR[PNNLUHZ[ZRH
HUTpSH[PSSZVJPHSUpTUKLUVTKLUPZPU]LYRZHTOL[MrYRpUULKVTVTLSSLYTPZZ
[pURLYH[[L[[IHYUMHYPSSH+L[IL[VUHZH[[KL[pYHUTpSHYLUZPHR[[HNLSZLYVJOVYV
ZVTpYH]N€YHUKLM€YUpYHUTpSHUZRHN€YHZ+L[YpJRLYTLKLUTPZZ[HURLVT
H[[L[[IHYUPU[LMrYZPUHNY\UKSpNNHUKLILOV][PSSNVKVZLKKHPOLTTL[pY\[ZH[[
M€YWZ`RPZR[VJOM`ZPZR[]rSKZL_\LSSH€]LYNYLWWLSSLYHUUHU\[ZH[[OL[ZVTRHU
TLKM€YHMHYHM€YIHYUL[ZOpSZHVJO\[]LJRSPUN
4LK\[NrUNZW\UR[PYLNSLYPUNLUP:V3RHWŠOHY:VJPHSZ[`YLSZLUNL[[\[]pN
SLKUPUNM€YOpSZVVJOZQ\R]rYKLUZHT[[HUK]rYKLUNpSSHUKLHUTpSUPUNZZR`SKPN
OL[LU+pYHUNLZH[[KL[PU[LILO€]Z[`KSPNH[LJRLULSSLYIL]PZM€YH[[N€YHLU
HUTpSHU[PSSZVJPHS[QpUZ[LUf]LUZ]rYILK€TKHLSSLYVILZ[`YR[H\WWNPM[LYZRHHU
TpSHZVTKL[`KLYWrH[[L[[IHYURHUILO€]HZ[€KLSSLYOQpSWMYrUZVJPHS[QpUZ[LUZ
ZPKH-€Y]PKHYLPUMVYTH[PVUVTO\YLUHUTpSHUZRHN€YHZRVUZ\S[H[PVURYPUNHU
TpSHUTTOpU]PZHZ[PSSKLUUH]pNSLKUPUN
5pYKL[NpSSLYKLZP[\H[PVULYZVTpYPMVR\ZPKLUUHIVRK]ZUpYOpSZVVJOZQ\R
]rYKLUZRHZHT[HSHTLKIHYUM€YH[[[PSSNVKVZLKLYHZILOV]H]PUMVYTH[PVUYrK
VJOZ[€KRHUUH[\YSPN[]PZHUTpSUPUNZWSPR[PNHZP[\H[PVULY\WWZ[r)HYHKL[MHR[\T
H[[L[[IHYUOHYLUT`JRL[ZQ\RM€YpSKLYLSSLYLUM€YpSKLYTLKHSS]HYSPNHWYVISLT
RHUM€YHUSLKHLUHUTpSHU\[YLKUPUNVJOPUNYPWHUKLUMYrUZVJPHS[QpUZ[LUZZPKH0
ZrKHUHZP[\H[PVULYRHUKL[]HYHSpTWSPN[H[[ZHTYrKHTLKZVJPHS[QpUZ[LUVTUpY
ZHT[HSTLKIHYUZRHpNHY\T)HYUOHYYp[[[PSSPUMVYTH[PVUMYrUOpSZVVJOZQ\R
]rYKLUVJOKLILOV]ZVTPKLU[PÄLYHZMrYZ[`YH]PSRHr[NpYKLYZVTpYSpTWSPNHZ[
+L[ RHU VJRZr \WWZ[r ZP[\H[PVULY KpY IHYU [PSS M€YpSKYHY ZVT pY WH[PLU[LY PUVT
OpSZV VJO ZQ\R]rYKLU VTOpUKLY[HZ TLK Z[€K H] 3=< 5pY KL[ NpSSLY ZrKHUH
ZP[\H[PVULYpYKL[]PR[PN[H[[IL[VUHH[[OpSZVVJOZQ\R]rYKLUZHUZ]HYH[[ILHR[H
IHYUL[ZILOV]H]PUMVYTH[PVUVZ]R]HYZ[rYVH]ZL[[]PSRLUILK€TUPUNZVJPHS[QpUZ
[LUN€Y6TZVJPHS[QpUZ[LUpYPURVWWSHKI€YOpSZVVJOZQ\R]rYKLUHSS[PKZHTYrKH
TLKZVJPHS[QpUZ[LUVT]HKZVTpYSpTWSPN[TLKOpUZ`U[PSSIHYUL[ZIpZ[H
f]LUVTKL[PU[L\[[HSH[ZZWLJPÄR[ZVTL[[TV[P]M€YYLMVYTLUTrZ[LKL[pUKr
RVUZ[H[LYHZH[[LURVUZLR]LUZH]OpSZVVJOZQ\R]rYKLUZHUZ]HY\[€]LYH[[IHYU
ZVTHUO€YPNHP€RHKNYHKNHYHU[LYHZPUMVYTH[PVUVJOKLSHR[PNOL[pYH[[IHYUZVT
YPZRLYHYH[[MHYHPSSHRVTTLYH[[\WWTpYRZHTTHZPO€NYLNYHK/pSZVVJOZQ\R
]rYKLUZWLYZVUHSTrZ[LKpYTLKOHILYLKZRHWM€YH[[RVU[HR[LYTLKIHYUZVT
HUO€YPNHPTrUNHMHSSRHUHR[\HSPZLYHKLUZ]rYHH]]pNUPUNLUVTVYVM€YIHYUZRH
HUTpSHZ[PSSZVJPHS[QpUZ[LULSSLYPU[L+L[[HRHUP]PZZHZP[\H[PVULY]HYHRVTWSPJLYH[
UpYTHUZHT[PKPN[HYIL[HYM€YH[[Mr[PSSZ[rUKLU]rYKHSSPHUZTLKM€YpSKLYUZVTpY
WH[PLU[([[H]Z[rMYrUH[[HUTpSHWrNY\UKH]H[[KL[RHUWr]LYRH]rYKZP[\H[PVULU
M€YM€YpSKLYUpYPU[LT€QSPN[(UTpSUPUNZWSPR[LUpYZ[YPR[PKLUTLUPUNLUH[[IHYUL[Z
L]LU[\LSSHILOV]H]Z[€KVJOZR`KKHSS[PKZRH]pNH[`UN[Z+L[pYHSS[PKT€QSPN[
H[[RVUZ\S[LYHZVJPHS[QpUZ[LUPMYrNHVTLUHUTpSHUZRHN€YHZLSSLYPU[L4LUKL[
IL[VUHZP:VJPHSZ[`YLSZLUZ]pNSLKUPUNH[[ZrKHU[ZHTYrKPU[LMrYM€YKY€QHLUHU
TpSHUZpYZRPS[PU[LKrVTZ[pUKPNOL[LYUHpYHSS]HYSPNH
:(4=,92(56*/:,29,;,::
.LULYLSS[ OHY OpSZV VJO ZQ\R]rYKLU VJO ZVJPHS[QpUZ[LU SPRZVT HUKYH T`UKPN
OL[LY ZVT WVSPZ ZRVSH TT LU ZR`SKPNOL[ H[[ ZHT]LYRH TLK ]HYHUKYH P MYrNVY
ZVTY€YIHYUZVTYPZRLYHYH[[MHYHPSSH+L[[HNpSSLYIrKLPUUHUVJOLM[LYH[[LU
L]LU[\LSSHUTpSHUOHYNQVY[Z(UTpSUPUNZZP[\H[PVULUVJOZHT]LYRHU]pJRLYNL
ULYLSS[MYrNVYVT]PSRLUZLRYL[LZZOpSZVVJOZQ\R]rYKLUVJOZVJPHS[QpUZ[LUZHT[
L]LU[\LSS[HUKYHT`UKPNOL[LYOHYPM€YOrSSHUKL[PSS]HYHUKYH4`JRL[RVY[MH[[H[VJO
KLS]PZ M€YLURSH[ RHU ZpNHZ H[[ O\]\KYLNLSU pY H[[ T`UKPNOL[LY IHYH MrY \[I`[H
PUMVYTH[PVUTLK]HYHUKYHVTKLULUZRPSKLPKLZZHpYLUKLU]rYKUHKZOH]HYLVJO
ILZS\[ZTVNUHIHYUZHT[`JRLY[PSSH[[\WWNPM[LYSpTUHZ\[5pYKL[NpSSLYIHYU
ZVTYPZRLYHYH[[MHYHPSSHÄUUZKL[KVJRÅLYHZLRYL[LZZIY`[HUKLYLNSLY/pSZVVJO
ZQ\R]rYKLUZWSPR[H[[HUTpSHVYVM€YIHYUWrLNL[PUP[PH[P][PSSZVJPHS[QpUZ[LUSPR
ZVTZR`SKPNOL[LUH[[WrZVJPHS[QpUZ[LUZILNpYHUSpTUH\WWNPM[LYZVTILO€]ZP
LUIHYUZR`KKZ\[YLKUPUNpYL_LTWLSWrZrKHUHZLRYL[LZZIY`[HUKLYLNSLY:VJPHS
[QpUZ[LUOHYNL[[ZLUT€QSPNOL[H[[IY`[HZLRYL[LZZLUVJOPUMVYTLYHKLUZVTNQVY[
HUTpSHUVTH[[\[YLKUPUNOHYPUSL[[ZPU[LOHYPUSL[[ZLSSLYYLKHUWrNrY :VJPHS[QpUZ[LURHUVJRZrNL]PZZPUMVYTH[PVU[PSSOpSZVVJOZQ\R]rYKLUVJOHUKYH
PUMVYTHU[LYVTKL[ILO€]ZM€YH[[R\UUHPUOpT[HYLSL]HU[PUMVYTH[PVU,_LT
WLS]PZ RHU ZVJPHS[QpUZ[LU ILYp[[H VT NY\UKLU M€Y LU \[YLKUPUN M€Y H[[ LM[LYO€YH
VTOpSZVVJOZQ\R]rYKLUOHYPUMVYTH[PVUZVTY€YKL[HR[\LSSHIHYUL[+L[ÄUUZ
VJRZr LU ZLRYL[LZZIY`[HUKL YLNLS ZVT HUNLY H[[ LUOL[LY PUVT ZVJPHS[QpUZ[LU
VJOOpSZVVJOZQ\R]rYKLURHU\[I`[HPUMVYTH[PVUVTKL[RYp]ZM€YH[[NL\[ZH[[H
IHYU]rYKZ[€KVJOZR`KK+L[ZHTTHNpSSLYPMYrNHVTNYH]PKHTPZZIY\RHUKL
R]PUUVYKpYKL[HUZL[[ZT`JRL[HUNLSpNL[H[[ZVJPHS[QpUZ[LUVJOOpSZVVJOZQ\R
]rYKLUZRHR\UUHZHTHYIL[HM€YH[[ZR`KKHKL[VM€KKHIHYUL[
+L[ÄUUZHSS[Zr]PZZHZLRYL[LZZIY`[HUKLYLNSLYZVTTLKNLYPUMVYTH[PVUZ\[I`[L
:HT]LYRHUTLSSHULUOL[LYPUVTZVJPHS[QpUZ[LUVJOOpSZVVJOZQ\R]rYKLURHU
KpYM€YPUVTYHTLUM€YNpSSHUKLZLRYL[LZZYLNSLYPUNZRLVJOpYUH[\YSPN[]PZVLYO€Y[
JLU[YHSM€YH[[IHYUP\[ZH[[HZP[\H[PVULYZRH\WWTpYRZHTTHZVJOMrHKLR]H[Z[€K
VJOZR`KK
7630:(54f3(5(=40::;(52(964)96;;46;)(95
,UHUUHUMYrNHZVTRHU\WWZ[rUpYOpSZVVJOZQ\R]rYKLUZWLYZVUHSWYH[HYTLK
IHYUPKLZP[\H[PVULYZVTKPZR\[LYHZOpYpYVTKL[MYHTRVTTLYTPZZ[HURHYVT
IYV[[TV[IHYUL[ZQpS]LSSLYHUUHUHUO€YPN([[OpSZVVJOZQ\R]rYKLUPLUZrKHU
ZP[\H[PVU I€Y WVSPZHUTpSH pY ZpRLYSPNLU TrUNH NrUNLY LU ZQpS]RSHYOL[ 5rNVU
ZR`SKPNOL[H[[HUTpSHTPZZ[HURHYVTIYV[[TV[IHYULSSLYHUUHUÄUUZKVJRPU[L
TLUZr]pSZVJPHS[QpUZ[LUZVTOpSZVVJOZQ\R]rYKLUOHYLUT€QSPNOL[H[[WVSPZHU
TpSHTPZZ[pUR[HIYV[[TV[IHYU\[HUH[[ZLRYL[LZZLUOPUKYHYKLT)LZ[pTTLS
ZLUNpSSLYPMYrNHVTIYV[[TV[SP]VJOOpSZHMYPKVJOMYPOL[ZHT[ZL_\HSIYV[[ZVT
Z[HKNHZ P IYV[[ZIHSRLUZ ! )Y) VJO RHW VJO SHNLU !
TLKM€YI\KTV[R€UZZ[`TWUPUNH]R]PUUVY+L[ZHTTHNpSSLYTPZZ[HURLVT]PZZH
HSS]HYSPNHYL IYV[[ TV[ ]\_UH UpY KL[ NpSSLY IYV[[ M€Y ]PSRL[ KL[ PU[L pY M€YLZRYP]L[
SPUKYPNHYLZ[YHMMpUMpUNLSZLPL[[rY/pSZVVJOZQ\R]rYKLURHUPHSSHZHTTHU
OHUNHSS[PKRVU[HR[HWVSPZPLUU€KZP[\H[PVUM€YH[[H]]pYQHMHYHM€YSP]VJOOpSZH
([[WVSPZHUTpSHpYZVTMYHTRVTTLYLUT€QSPNOL[+L[[HZRHQpTM€YHZTLKKLU
WSPR[ZVTOpSZVVJOZQ\R]rYKLUOHYH[[HUTpSH[PSSZVJPHS[QpUZ[LU0]PZZHMHSSRHU
KL[]HYHSpTWSPN[H[[HUTpSH[PSSZVJPHS[QpUZ[LUVJOSr[HKLUT`UKPNOL[LU[HZ[pSS
UPUN[PSSVTHUTpSHU[PSSWVSPZI€YN€YHZ:VJPHSZ[`YLSZLUHUNLYPZPU]pNSLKUPUN[PSS
OpSZVVJOZQ\R]rYKLUZHT[[HUK]rYKLUH[[KL[RHU]HYHLUM€YKLSH[[WVSPZHUTp
SHUN€YZKPYLR[[PSSWVSPZLUZHT[PKPN[ZVTHUTpSHUN€YZ[PSSZVJPHS[QpUZ[LU+L[
IL[VUHZH[[KL[]PKTPZZ[HURLVTIYV[[RHUÄUUHZL[[ILOV]H]H[[ZpRLYZ[pSSHZ
IL]PZL_LTWLS]PZZRHKVYWrIHYUL[ZUHII[PLUIYV[[ZSPN\[YLKUPUNM€YH[[TPZZ
[HURLUVTIYV[[ZRHOrSSHPLUYp[[ZSPNWY€]UPUN
:HTTHUMH[[HUKLYLÅLR[PVULY
:VT MYHTNrY H] KL[[H RHWP[LS ]pJRZ ÅLYH Yp[[ZSPNH MYrNVY H]ZLLUKL OpSZV VJO
ZQ\R]rYKLUZHUZ]HYH[[\WWTpYRZHTTHIHYUZILOV]UpYKLpYHUO€YPNH0]PZZH
MHSS\WWZ[rYp]LUYp[[ZSPNHKPSLTTHU+LZZHYp[[ZSPNHMYrNVYVJOKPSLTTHUpY]PR
[PNHH[[RpUUH[PSSM€YOpSZVVJOZQ\R]rYKLUZWLYZVUHS2\UZRHWVJOM€YZ[rLSZLM€Y
KLUVZpRLYOL[ZVTP]PZZTrUYrKLY\YYp[[ZSPN[OpUZLLUKLpYIYHH[[OH\[PMYrUH[[
HNLYHUKLKrRHUISPTLYYLÅLR[LYH[TLUVJRZrM€YH[[ZRHWHYPR[PNHY\[PULY<WW
TrSHUKL[H]Yp[[ZSPNHZ]rYPNOL[LYPKL[[HRHWP[LSpYPU[LH]ZL[[H[[H]ZRYpJRH\[HU
ZUHYHYLZ[pYRHNLUVTH[[€RHKR\UZRHWVTKLUYp[[ZSPNHYLNSLYPUNLUp]LUKLZZ
PUULIVLUKL \[THUPUNHY P ZPN RHU N€YH KL[ WYHR[PZRH HYIL[L[ TLY €]LY]pN[ VJO
ZH[[PL[[[`KSPNHYLZHTTHUOHUN
+L[pY]PR[PN[H[[WVpUN[LYHH[[Z`M[L[TLKYLMVYTLUY€YHUKLIHYUZVTHUO€YPNH
]HYH[[IHYUP\[ZH[[HZP[\H[PVULYZRH\WWTpYRZHTTHZ[PKPN[VJOP]LYRZHTOL[LY
ZVT[YHKP[PVULSS[PU[LOHM[ZVTHUZ]HYH[[ZL[PSSIHYUZILOV]ZVTHUO€YPNH([[
OpSZVVJOZQ\R]rYKLUZHUZ]HYIL[VUHZWrKL[[HZp[[OHY[YVSPNLUZ[VYIL[`KLSZL
M€Y[PKPN\WW[pJR[H]IHYUZILOV]VJOL[[YLZ\S[H[pYKpYTLKM€YOVWWUPUNZ]PZH[[
€RH[Z[€KNLZ[PSSMHTPSQLYPKLZZHZP[\H[PVULY4LUKL[RHURVUZ[H[LYHZH[[SHNZ[PM[H
YLUPU[LYLÅLR[LYH[€]LYKLYp[[ZSPNHZ]rYPNOL[LYZVT[PSSpTWHYLUK]ZOpSZVVJO
ZQ\R]rYKLUZ M€YL[YpKHYL RHU T€[H +L[[H pY VS`JRSPN[ VJO KL[ pY KpYM€Y T`JRL[
HUNLSpNL[H[[:VJPHSZ[`YLSZLUPZPUHYPR[SPUQLYM€Y[`KSPNHYO\YOpSZVVJOZQ\R]rYKLU
TLYRVURYL[M€Y]pU[HZHNLYH<[€]LYH[[\WWTpYRZHTTHVTWH[PLU[LYOHYIHYU
VJOZpYZRPS[ILHR[HIHYUZILOV]PRVU[HR[TLKWH[PLU[LYVJOKLYHZHUO€YPNHRHU
LUIYHI€YQHU]HYHH[[[HKLSH]KLUUHIVRVJO:[PM[LSZLU(SSTpUUH)HYUO\ZL[Z
N\PKLNpSSHUKLZHT[HSTLKIHYU¶.\PKLM€Y)9(ZHT[HS0RVU[HR[TLKIHYUVJO
M€YpSKYHYVJOP\[MVYTHUKL[H]Y\[PULYWrKLULUZRPSKHHYIL[ZWSH[ZLUpYKL[ZLKHU
]PR[PN[H[[[HZ[pSSUPUN[PSSO\YTHUZRHHNLYHPYp[[ZSPN[VZpRYHSpNLU+L[NpSSLYO\Y
IHYUZYp[[PNOL[LYVJO€RHKLNYHKH]ZQpS]VJOTLKILZ[pTTHUKLZRHM€Y]LYRSP
NHZZHT[O\Y\WWTpYRZHTTHUKL[H]IHYUZILOV]M€YOrSSLYZPN[PSSHUTpSUPUNZ
WSPR[LUPLUZRPSKHpYLUKLUTT+L[NpSSLYp]LUOHU[LYHUKL[H]M€YpSKYHYZYp[[[PSS
PU[LNYP[L[TLUVJRZrYp[[ZVT]rYKUHKZOH]HYL,[[ILHR[HUKLVJOYLÅLR[LYHUKL
€]LYKLYp[[ZSPNHISPUKZRpYLUpYLUIYH\[NrUNZW\UR[PL[[HYIL[LZVTRHUIL[`KH
T`JRL[M€YYLHSPZLYHUKL[H]IHYUZYp[[[PSSZr]pSKLSHR[PNOL[ZVT[PSSZ[€KVJOZR`KK
:6< !0UZH[ZLYTV[WZ`RPZRHWYVISLTOVZIHYUVJO\UNKVTHYVJO:6<!(TIP[PVUVJO
HUZ]HY¶5H[PVULSSZ[YH[LNPM€Y\[]LJRSPUNH]ZHTOpSSL[ZPUZH[ZLY[PSSWLYZVULYTLKWZ`RPZRHZQ\RKVTHY
VJOM\UR[PVUZOPUKLY
:JOPYH[aRP1)HYUYp[[LUZNY\UKLY:[\KLU[SP[[LYH[\YL\WWS3\UKZM
:PUNLY()HYUL[ZIpZ[H¶VTIHYUZYp[[ZSPNHZ[pSSUPUNPMHTPSQVJOZHTOpSSL!L\WWS5VYZ[LK[Z1\YPKPR
:[VJROVSTZM
([[KL[ÄUUZL[[HUZ]HYM€YZHTOpSSL[H[[HNLYH[PSSZR`KKM€YIHYUMYHTNrYH]HY[PRLSVJOP,\YVWH
RVU]LU[PVULUVJOWYH_PZMYrU,\YVWHKVTZ[VSLUZVTHUNLYH[[KLZZHHY[PRSHYPUULMH[[HYLUWVZP[P]
ZR`SKPNOL[H[[HNLYH[PSSZR`KKM€YIHYUPZpYZRPS[\[ZH[[HZP[\H[PVULY
+L[[HM€SQLYH]YLNLYPUNZMVYTLU !RHWŠVJORHW Š:L]PKHYLVTL\YVWHYp[[LUZ
PU]LYRHUVJOIL[`KLSZLPZ]LUZRYp[[P>HYUSPUN5LYLW>3HNLYX]PZ[=LSVa9VJH(9LPJOLS1
:[H[ZYp[[LUZNY\UKLY5VYZ[LK[ZQ\YPKPRL\WWS:[VJROVSTZMM
/:3YLNSLYHYHUZ]HYVZ]M€Y]rYKNP]HYLVH]ZL[[VT]LYRZHTOL[LUILKYP]ZPVMMLU[SPNLSSLYWYP]H[YLNP
VJO7:3YPR[HYZPNO\]\KZHRSPNLU[PSSOpSZVVJOZQ\R]rYKZWLYZVUHSLU
:6< !VJO:6<!
7YVW ! =PZZHWZ`RPH[YPMYrNVYTTZ
+L[[HIY\RHYPUVTQ\YPKPRLUIL[LJRUHZZVTM€YTrNHUH[[H]NLL[[ZRPUMVYTLYH[ZHT[`JRLZL]PKHYL
SpUNYLMYHTP
-YrNHUVTO\YUpYVJOH]]LTILZS\[ZM€YTrNHUM€YLUWH[PLU[ZRHILK€THZpYLUT`JRL[RVTWSL_
MYrNH+L[OHYPU[LM\UUP[ZUrNVU[`KSPNYLNSLYPUNRYPUNKL[[HP:]LYPNLVJOMYrNHU\[YLKZM€Y
UpY]HYHUKLH]LUZpYZRPSK\[YLKHYLZL+PY!)LZS\[ZVM€YT€NUHWLYZVULYZZ[pSSUPUNPOpSZV
VJOZQ\R]rYK[HUK]rYKZVJPHS[QpUZ[VJOMVYZRUPUN
9LNSLYPUNLURYPUNM€YpSKYHYZYp[[VJOHUZ]HYZVT]rYKUHKZOH]HYLMYHTNrYPM€YpSKYHIHSRLUZRHW
ISHVJOŠŠ
+L[[HYLNSLYHZM€YpSKYHIHSRLURHWŠ
:LISHUKHUUH[16Z
:LWYVW!)HYUZT€QSPNOL[H[[Mr]rYKZHT[SHN!VTpUKYPUNPM€YpSKYHIHSRLU
9`UUPUN,SPZHIL[O:HT[`JRL[PSSTLKPJPUZR]rYKVJOILOHUKSPUN¶LUYp[[Z]L[LUZRHWSPNZ[\KPL0\Z[\Z
<WWZHSH Z
+L[ÄUUZPU[LUrNVUZWLJPÄRKLÄUP[PVUWr]HKPUMVYTLYH[ZHT[`JRLPUULIpYTLUKL[IY\RHYZpNHZ
PUULMH[[HRYH]WrPUMVYTH[PVUZHTYrKVJOYLZWLR[:L9`UUPUN,9p[[ZZpRLYOL[VJOYp[[ZZR`KKP
]rYKLUH]PJRLILZS\[ZRVTWL[LU[H]\_UHP=HOSUL>LZ[LYOpSS39LK9p[[ZZpRLYOL[ZMYrNVYPUVT
ZVJPHSYp[[LU5VYZ[LK[ZQ\YPKPR:[VJROVSTZ -€YLURSH[RHUZpNHZH[[KLUZVTH]NLY
ZHT[`JRLZRHOLS[VJOM\SS[M€YZ[rPUULI€YKLUH]KL[ZVTT`UKPNOL[LUM€YLZSrYVJOH[[ZpNHQHLSSLY
ULQ]PSRL[M€YZ[rZZ[pSSLYRYH]WrO\YPUMVYTH[PVUNLZO\YMYrNVYZ[pSSZVZ]
-YrNHUVTZLRYL[LZZNLU[LTV[]rYKUHKZOH]HYLUYLNSLYHZPVMMLU[SPNOL[ZVJOZLRYL[LZZSHNLURHWŠ
,RYV[O1-YPKZ[Y€T4VU[V`H;=HKZpNLYVMMLU[SPNOL[ZVJOZLRYL[LZZSHNLUVTZVJPHS[QpUZ[LU&
.V[OPH-€YSHN:[VJROVSTZMM
:L7YVW !6MMLU[SPNOL[ZVJOZLRYL[LZZSHNZM
:L:V3RHWŠ
3=<ŠŠ0ZP[\H[PVULYUpYM€Y\[Zp[[UPUNHYUHPKLZZHILZ[pTTLSZLYpY\WWM`SSKHK]ZUpYKL[
M€YLSPNNLYLUT`JRL[HSS]HYSPNZP[\H[PVURHUKL[ILZRYP]HZZVTLUZR`SKPNOL[M€YZVJPHS[QpUZ[LUH[[
PUNYPWH:L3L]PULY79p[[ZSPNHKPSLTTHUPZVJPHS[QpUZ[LUZIHYUZR`KKZHYIL[L1\YLM€YSHN()
:[VJROVSTZM
/pU]PZUPUNHY[PSSHUTpSUPUNZZR`SKPNOL[LULUSPN[:V3RHWŠÄUUZISHUKHUUH[P/:3MŠVJO7:3
RHWŠ+pY\[€]LYZ[HKNHZP:V3RHWJŠM€YZ[HZ[`JRL[LU\WWTHUPUNTLUPU[LLU
ZR`SKPNOL[[PSS¹]HYVJOLU¹KL[]PSSZpNHHSSHPZHTOpSSL[H[[HUTpSHVYVM€YIHYU[PSSZVJPHS[QpUZ[LU
7YVW!:[pYR[Z[€KVJOZR`KKM€YIHYUVJO\UNHZVJO
:VJPHSZ[`YLSZLU)HYUZVTMHYPSSHLSSLYYPZRLYHYH[[MHYHPSSH¶LU]pNSLKUPUNM€YOpSZVVJOZQ\R]rYKLU
ZHT[[HUK]rYKLUNpSSHUKLHUTpSUPUNZZR`SKPNOL[VJOHUZ]HY:[VJROVSTZ+LUUHRHU
SHKKHZULKMYrU:VJPHSZ[`YLSZLUZOLTZPKH¶^^^ZVJPHSZ[`YLSZLUZL:LVJRZrWYVW !
fUKYPUNPZVJPHS[QpUZ[SHNLUZ
:VJPHSZ[`YLSZLU)HYUZVTMHYPSSHLSSLYYPZRLYHYH[[MHYHPSSH¶LU]pNSLKUPUNM€YOpSZVVJOZQ\R]rYKLU
ZHT[[HUK]rYKLUNpSSHUKLHUTpSUPUNZZR`SKPNOL[VJOHUZ]HY:[VJROVSTZ +L[[HMYHTNrYP:V3RHWŠ/:3MŠVJO7:3RHWŠ
:L6:3RHWŠ
:L:V3RHWIŠ
:L:V3RHWŠVJO6:3RHWŠ
:L6:3RHW ŠZHT[RHWŠ
+L[[HYLNSLYHZVJRZrP6:3RHW ŠZHT[RHWŠ
:L6:3RHWŠ
:L6:3RHWŠ
:L)Y)RHWŠ
:VJPHSZ[`YLSZLU)HYUZVTMHYPSSHLSSLYYPZRLYHYH[[MHYHPSSH¶LU]pNSLKUPUNM€YOpSZVVJOZQ\R]rYKLU
ZHT[[HUK]rYKLUNpSSHUKLHUTpSUPUNZZR`SKPNOL[VJOHUZ]HY:[VJROVSTZM
3LUH4VKPNOUVSSPTHNLZ7LYZVULUWrIPSKLUOHYPUNL[TLKZHTTHUOHUNL[H[[N€YH
ATT BEMÖTA
gZH3HUKILYNSLNP[PTLYHKWZ`RVSVNSLNP[PTLYHKWZ`RV[LYHWL\[
:RHTHU\[Zp[[HIHYUM€YKL[OpY&
)HYUZVTSL]LYTLKZ]rYH\WW]p_[]PSSRVY]L[VTKL[4LUPTrUNHMHTPSQLYpYKL[
pUKrYp[[[`Z[4HUWYH[HYPU[LZrT`JRL[TLKIHYULUQ\Z[M€YH[[PU[LVYVHTLY
H[[PU[LILSHZ[HKLT)HYULUWYH[HYPU[LHSS[PKTLKZPUHM€YpSKYHYVJOTV[P]LURHU
]HYHKLZHTTHKL]PSSPU[LVYVHTLYVJOPU[LILSHZ[HKLUZVTpYZQ\RLSSLYTPZZ
IY\RHY`[[LYSPNHYL
5pYLUM€YpSKLYpYHSS]HYSPN[ZQ\RLSSLYTPZZIY\RHYWYpNSHZMHTPSQLUZ]HYKHNH]KL[
4rUNHIHYUpYYpKKHVJOVYVSPNHM\UKLYHY€]LYMYHT[PKLUVJO]HKZVTRVTTLY
H[[OpUKHTLKKLTVTM€YpSKLYUPU[LISPYMYPZRLSSLYVTM€YpSKLYUK€Y=HYKHNZSP]L[
M€YpUKYHZKL]\_UHPMHTPSQLURHUOHTPUKYL[PKM€YIHYULULRVUVTPUM€YZpTYHZ
VM[H+LÅLZ[HIHYUOHYILOV]H]H[[KLSHZPUH[HURHYVJOH[[MrZPUHMYrNVYILZ]H
YHKL([[ZHT[HSHVTZPUZP[\H[PVUVJOMrZ]HYWrMYrNVYPUULIpYVM[HH[[IHYUL[
ZSPWWLY]HYHLUZHT[ZSPWWLYPUIPSSHZPNH[[KL[pY]pYYLpUKL[pY
0ISHUKMrYIHYUZ]rYHILZRLKVTLUHUO€YPNZZQ\RKVT!4PZZIY\RLUSP]ZOV[HUKL
LSSLYRYVUPZRZQ\RKVTOVZLUM€YpSKLY]pJRLYZ[HYRHRpUZSVYILZRLKVTpYM[SPN
OL[RHUVYVHTLUKL[pYU€K]pUKPN[H[[Mr]L[H/HYPU[LIHYUL[YLKHUHUH[LSSLY
TpYR[ZrRVTTLYKL[N€YHKL[+L[pYIp[[YLH[[MrZrKHUHILZRLK\UKLY[Y`NNH
MVYTLYpUH[[ZQpS]SPZ[H\[KL[SpZHVTKL[WrUp[L[LSSLYMr]L[HKL[H]TPZZ[HN
5pYIHYUL[MrYL[[Z]rY[ILZRLKOHUKSHYKL[PZ[pSSL[H[[[Y`NNH\WWZHT[HSLUZrH[[
IHYUL[OHYUrNVUH[[MrZ[€KH]MYHT€]LY+L[RHU]HYHLUMHTPSQLTLKSLTLUZSpR
[PUNLUPKLLSSM€YLUPUNLU]pU[PSSMHTPSQLULSSLYUrNVUWYVMLZZPVULSSZ[€KRVU[HR[
+L[ RHU ÄUUHZ \UKHU[HN ZP[\H[PVULY UpY ZHT[HS TLK HUSLKUPUN H] M€YpSKLYUZ
ZQ\RKVT LSSLY TPZZIY\R pY TPUKYL IYH LSSLY VSpTWSPNH M€Y L[[ IHYU +L[ OHUKSHY
ZWLJPLSS[VTKLIHYUZVTYLKHUpY€]LYPUMVYTLYHKLLSSLYKLIHYUZVTYLKHUOHM[
]pSKPN[TrUNHRVU[HR[LYTLK]\_UH0MHTPSQLYKpYKL[M\UUP[ZZVJPHSHWYVISLT
TPZZIY\RLSSLY]rSK\UKLYSrUN[PKRHUT`UKPNOL[ZRVU[HR[LYUHOH]HYP[VTMH[[HU
KL(SS[M€YVM[HPUULIpYKL[H[[IHYUMrY[YpMMHTrUNHU`H]\_UHZVTZ[pSSLYUpZ[HU
ZHTTHMYrNVYVJOZLKHUZUHII[M€YZ]PUULY\YKLYHZSP])HYUH]rYKZ\[YLKUPUNHY
WVSPZ\[YLKUPUNHYMHTPSQLYp[[Z\[YLKUPUNHYZ[€KPUZH[ZLYRYPZPUZH[ZLYILOHUKSPUNZ
PUZH[ZLYRVU[HR[LYTLKZRVSOpSZV]rYKTLKTLYHPUULIpYHSS[M€YVM[HL[[ŀKLH]
Z[pUKPN[U`H]\_UH-€YIHYUpYKL[Z]rY[H[[]L[H]HKKLVSPRHWLYZVULYUHOHYM€Y
M\UR[PVUVJOO\YSpUNLKLZRHÄUUHZR]HY+L[pYKLZ[Y\R[P][VJOYPZRLYHYH[[SLKH
[PSSH[[KLIHYUZVTKYHIIHZ[HWWHYM€Y[YVLUKL[IrKLM€YT`UKPNOL[ZWLYZVULYVJO
M€Y]\_UHPHSSTpUOL[
5pY L[[ IHYU OHY LSSLY OHY OHM[ TrUNH WYVMLZZPVULSSH RVU[HR[LY I€Y THU KpYM€Y
€]LY]pNHVTL[[)9(ZHT[HSpYYp[[MVYTLSSLYVTIHYUL[RHUMrPUMVYTH[PVUWr
UrNV[ HUUH[ Zp[[ :HTYrK TLK HUKYH ]\_UH P KL[ WYVMLZZPVULSSH Up[]LYRL[ RHU
]HYHLUIYHZ[HY[,[[ZrKHU[ZHTYrKM€Y\[Zp[[LYZHT[`JRLMYrUM€YpSKYHYVJOIHYU
2HU THU NL PUMVYTH[PVULU [PSSZHTTHUZ TLK KLU WLYZVU ZVT OHY YLNLSI\UKLU
ZHT[HSZRVU[HR[&2HU)9(TH[LYPHSL[HU]pUKHZH]LUHUUHUWLYZVUPKL[WYVMLZ
ZPVULSSHUp[]LYRL[&
4rUNHIHYUpYPU[YLZZLYHKLH]H[[KLSHTLKZPNH]O\YKLYHZZP[\H[PVUOLTTHZLY
\[HUKYHpYPU[YLZZLYHKLH]PUMVYTH[PVUTLUOHYPUNL[ILOV]H]H[[ILYp[[HVT
O\YKL[OHYKL[OLTTH,UKLSIHYU]PSSPU[L]L[HZrT`JRL[KLOHYM\SS[\WWTLK
ZP[[LNL[SP]VJOVYRHYLSSLY]PSSPU[L[HPUTLYPUMVYTH[PVU+L[RHU]HYHMHSSL[UpY
IHYURpUULYH[[ZQ\RKVTLU[HNP[€]LYM€YT`JRL[OHYPU]HKLYH[OLSHKLYHZSP]LSSLY
UpYKLYLKHUMr[[HSS[M€YT`JRL[PUMVYTH[PVU5pYL[[IHYUPU[L]PSSOHZHT[HSOHYKL[
VM[HNVKHZRpS[PSSKL[,[[)9(ZHT[HSpYL[[LYIQ\KHUKLVJOIHYUZRHHSS[PKOHL[[
LNL[]HSVTKL]PSSKLS[HVJOWr]PSRL[Zp[[KL]PSSKLS[H
:HT[HSTLKIHYUOHYVSPRHZ`M[LU
:VTTpUUPZRVYKLS[HY]PVM[HPZHT[HSTLKHUKYH6M[HN€Y]PKL[\[HUH[[YLÅLR
[LYHLSSLYHUHS`ZLYHZrT`JRL[ZHT[HSL[pYLUUH[\YSPNKLSH]]rYZHT]HYVTLK
HUKYH:HT[HSpYL[[\[I`[LH]PUMVYTH[PVUTLSSHU[]rLSSLYÅLYHTpUUPZRVY:HT
[HSL[pYLU]PR[PNMVYTH]ZVJPHS[\TNpUNLKpYH]ZPR[LUVM[HpYH[[\TNrZVJOSpYH
RpUUH]HYHUKYHTLYpUH[[\WWUrL[[ZWLJPÄR[Z`M[LTLKZHT[HSL[
+L[ ZVT ZRPSQLY KL[ WYVMLZZPVULSSH ZHT[HSL[ MYrU HUKYH ZHT[HS pY H[[ KL[ OHY LU
TL[VKVJOL[[Z`M[L6SPRHZ`M[LURYp]LYVSPRHTL[VKLY
<;9,+505.05;,9=1<
0\[YLKUPUNZPU[LY]Q\LYpYKL[]PR[PN[H[[PZrSP[LU\[Z[YpJRUPUNZVTT€QSPN[Wr]LYRH
PUMVYTH[PVULUMYrUIHYUL[VJOH[[MrMYHTIHYUL[ZLNUHTPUULU[HURHYRpUZSVY
VJOZ`UW\UR[LY<[YLKUPUNZPU[LY]Q\LYZRLY[PSSL_LTWLSUpYLUWVSPZPU[LY]Q\HYL[[
IHYUPLUIYV[[Z\[YLKUPUNUpYLUZVJPHSZLRYL[LYHYLPU[LY]Q\HYL[[IHYUPLUZVJPHS\[
YLKUPUNLSSLYUpYLUWZ`RVSVN\[YLKLYL[[IHYUWr)<7-VR\ZM€YZHT[HSL[]HYPLYHY
7VSPZLUPU[LY]Q\HYIHYUL[VTIYV[[ZTPZZ[HURLUZVJPHSZLRYL[LYHYLUVTSP]ZZP[\H
[PVULUVJOM€YOrSSHUKLUPOLTTL[WZ`RVSVNLUPU[LY]Q\HYIHYUL[VTKLUWZ`RPZRH
OpSZHUVTYLSH[PVULYVJOVTM\UR[PVUZUP]r4LKLU€WWLUPU[LY]Q\[LRUPRMrYIHY
UL[T€QSPNOL[H[[NLZPULNLUILYp[[LSZLVH]ZL[[]HK[LTH[M€YPU[LY]Q\UpY
,U€WWLUPU[LY]Q\[LRUPRPUULIpYH[[PU[LY]Q\HYLUS`ZZUHYTLYpUOHULSSLYOVU[HSHY
VJOOrSSLYPUULTLKZPUHLNUHHZZVJPH[PVULY[HURHYVJOYLHR[PVULY+L[HSQMYrNVY
[HZWrZS\[L[UpYIHYUL[M€YZ[Mr[[ILYp[[HMYP[[
05-694(;065
4rUNHIHYUZHT[HSOHYZVTZ`M[LH[[NLPUMVYTH[PVU0ZrKHUHZHT[HSpYKLU]\_UL
TLYHR[P]TLUKL[ILO€]LYÄUUHZ\[Y`TTLM€YIHYUL[H[[Z]HYHH[[Z[pSSHMYrNVY
VJOH[[YLHNLYHWrPUMVYTH[PVULU
:;k+6*/-k9f5+905.
:HT[HS PUVT ZVJPHS[QpUZ[LUZ Z[€K]LYRZHTOL[LY WZ`RVSVN VJO R\YH[VYZZHT[HS
VJOZHT[HSPUVTWZ`RPH[YPUZ`M[HYVM[H[PSSZ[€KVJOM€YpUKYPUN+rLYIQ\KZIHYUL[
OQpSWH]ZHT[HSZSLKHYLUM€YH[[ZRHWHL[[ZHTTHUOHUNVJOLUM€YZ[rLSZL4rSL[pY
M€YpUKYPUNH]IL[LLUKLU[HURHYLSSLYRpUZSVY-€YH[[M€YpUKYPUNZRHrZ[HKRVT
THZpYKL[]PR[PN[H[[IHYUL[M€YZ[rYZPULNLUZVJPHSHVJOWZ`RVSVNPZRHZP[\H[PVU
+L[N€YH[[THU[PSSM€YIHYUL[U`PUMVYTH[PVUVJOKpYTLKVJRZr[PSS]PZZKLSM€YpUK
YHYIHYUL[Z\WWSL]LSZL+L[PUULIpYH[[THUKLS]PZHU]pUKLYTL[VKLYZVTPU[LpY
H[[YLRVTTLUKLYHPLUPU[LY]Q\TLKZ`M[LH[[MrZrRVYYLR[PUMVYTH[PVUZVTT€QSPN[
:HTTH ZHT[HSZRVU[HR[ RHU PUULOrSSH ZHT[HS TLK VSPRH Z`M[LU VJO P WYHR[PRLU
PUULOrSSLYKLÅLZ[HWYVMLZZPVULSSHZHT[HSPUZSHNH]VSPRHZHT[HSZ[LRUPRLY
f]LULU]pSKPN[Z[YPR[\[YLKUPUNZPU[LY]Q\PUULOrSSLYPUZSHNH]PUMVYTH[PVU5pYL[[
IHYUPU[LY]Q\HZZVTL[[SLKPLUIYV[[Z\[YLKUPUNNLYWVSPZLUPUMVYTH[PVUVTNY\UK
YLNSLYUHM€YPU[LY]Q\U0U[LY]Q\UH]ZS\[HZTLKH[[IHYUL[MrY]L[H]HKZVTOpUKLY
OpYUpZ[
0L[[WYVMLZZPVULSS[ZHT[HS]pSQLYZHT[HSZSLKHYLUTL[VKLM[LYZ`M[LpYTLK]L[LU
VT]HKO\]\KZ`M[L[pYVJOUpYZHT[HSL[NrYPUPLUU`MHZ
)HYUVJO]\_UHRHUOHVSPRHZ`M[L
)HYUVJO]\_UHRHUOHVSPRHZ`M[LUTLKZHT[HSLU+L[N€YKL[]PR[PN[H[[YLKHU
MYrUI€YQHURSHYN€YH]HKUPRVTTLYH[[WYH[HVTVJO]HKUPPU[LRVTTLYH[[[H
\WW+rOHYIHYUL[LUJOHUZH[[]HYHTLKVJOWr]LYRH7YVWVY[PVULYUHH]PUMVY
TH[PVUYrKZ[€KVJORHY[SpNNUPUNRHUILO€]HZLVSPRH\[MYrUMHSS[PSSMHSS
)HYUL[Z€UZRLTrSpY]PR[PNHM€YH[[SpNNH\WWZHT[HSLUVJOKL[pYKpYM€Y]PR[PN[
H[[Z[pTTHH]]HKIHYUL[]PSSMr\[+L[RHUVJRZrÄUUHZ€UZRLTrSMYrUIHYUL[
ZVTpYZ]rYHH[[[PSSNVKVZL+rpYKL[IpZ[H[[[HSHVTKL[MYrUI€YQHU,_LTWLS
WrKL[pYVTL[[IHYU]PSSOHKL[HSQLYVTZPUM€YpSKLYZOpSZV[PSSZ[rUKZVTM€YpSK
LYUPU[LpYILYLKKH[[SpTUH\[+L[RHUVJRZr]HYHH[[L[[IHYUOHYZ`UW\UR[LY
LSSLY€UZRLTrSWrM€YpSKLYZILOHUKSPUNVJOOVWWHZH[[ZHT[HSLUZRHSLKH[PSSM€Y
pUKYPUNHY,[[IHYUTLKLUTPZZIY\RHUKLTHTTHRHUZRL]PSSH[[OVUZRHPUWr
ILOHUKSPUNZOLTL[[IHYUTLKLUWZ`RPZR[ZQ\RWHWWHRHUZRL]PSSH[[OHUZRHMr
Z[HYRHYLTLKPJPULY+LOpY€UZRLTrSLUpY]PR[PNHIHYUL[OHYYp[[H[[€UZRH4LU
JOHUZLUpYZ[VYH[[]HYRLUIHYUL[LSSLYKLUZVTSLKLYZHT[HSL[RHUWr]LYRHO\Y
ILOHUKSPUNLUSpNNZ\WW
)9(ZHT[HSOHYÅLYHVSPRHZ`M[LU+L[M€YZ[HZ`M[L[OHUKSHYVTH[[PUMVYTLYHIHY
UL[VJOH[[NLYrKVJOZ[€K+L[HUKYHZ`M[L[pYH[[RHY[SpNNHVTKL[ÄUUZILOV]
H]Z[€KPUZH[ZLYM€YIHYUL[VJOMHTPSQLU+L[PUULIpYH[[KLUZVTOrSSLYPL[[)9(
ZHT[HS RVTTLY H[[ HU]pUKH ZPN H] VSPRH TL[VKLY \UKLY ZHT[HSLU +L[ PUULIpY
VJRZrH[[HR[P]P[L[LURVTTLYH[[]p_SHPISHUKpYKL[KLU]\_ULZVTPUMVYTLYHY
VJOIHYUL[ZVTS`ZZUHYVJOZ[pSSLYMYrNVYPISHUKpYKL[IHYUL[ZVTILYp[[HYVT
ZPUZP[\H[PVUTLKHUKLU]\_ULS`ZZUHY0UpZ[HZ[\UKRHUZRLKLM€YL[[ZHT[HSKpY
IpNNLpYSPRHHR[P]H
6H]ZL[[]PSRLU[`WH]ZHT[HSKL[NpSSLYOHYIHYUL[HSS[PKYp[[H[[M€Y]pU[HZPNL[[NV[[
VJOWYVMLZZPVULSS[ILT€[HUKLVJOYLZWLR[
)HYUPRYPZ
(SS]HYSPNZQ\RKVTVJOTPZZIY\RPMHTPSQLUPUULIpYLURYPZM€YKLHUO€YPNH+LZ[pSSZ
PUM€Y LU VILRHU[ ZP[\H[PVU KpY [PKPNHYL LYMHYLUOL[LY VJO R\UZRHWLY PU[L SpUNYL
YpJRLY[PSS)rKL]\_UHVJOIHYUILO€]LYOP[[HU`HZ[YH[LNPLYM€YH[[M\UNLYHVJO
Nr]PKHYL)LZRLKVTZQ\RKVTLURHU]HYHZrVT]pS]HUKLH[[KL[pYLU[YH\TH
[PZROpUKLSZLZVTZp[[LYKQ\WHYLZWrY5pYZQ\RKVTLUSLKLY[PSSM\UR[PVUZULKZp[[
UPUNLSSLYK€KZMHSSSLKLYKL[[PSSZ[HYRHZVYNLYLHR[PVULY
)HYUYLHNLYHY]pSKPN[VSPRHPRYPZLY4H[VJOZ€TUWYVISLTpY]HUSPNHSPRZVTM€Y
[]P]SHUVJORpUZSVYH]OVWWS€ZOL[,UKLSIHYUISPY[`Z[HKYHYZPN\UKHUVJO]PSS
]HYHPMYLKTLKZPUH[HURHYVJORpUZSVY(UKYHRSHYHY[]pY[VTPU[LHSSZH]H[[]HYH
LUZHTTH]PSSOHLU]\_LUUpYHOLSH[PKLU]PSSPU[LZV]HPZPULNLUZpUNVJO\WW
SL]ZRHUZRLZVTRSpUNPNHVJORYp]HUKL4rUNH]PSSWYH[HVTKL[ZVTOpU[RHU
ZRLVTVJOVTPNLU
-€YTpUUPZRVYPRYPZpYZ[€KVJOPUMVYTH[PVUMYrUHUKYHV]pYKLYSPN[)9(ZHT[HSLU
RHU]HYHL[[]PR[PN[SLKPKL[)HYUZVTOHTUH[PLUHSS]HYSPNRYPZZVTZ€YQLYLSSLY
ZVT\[ZH[[ZM€YL[[[YH\THILO€]LYZ[€KWLYZVULYZVTÄUUZR]HY€]LY[PKVJOZVT
IHYUL[OHYLUYLSH[PVU[PSS2HY[SpNNUPUNLUH]IHYUL[ZZ[€KILOV]ZVTZRLY\UKLY
)9(ZHT[HSLUpY]PR[PNM€YH[[MrUNH\WWKLIHYUZVTPU[LOHY]\_UHZ[€KWLYZV
ULYPZPU]HYKHNVJOKLIHYUZVTILO€]LYTLYZ[€KpU]HKMHTPSQLUVJOUp[]LYRL[
RHUNLTLUVJRZrM€YH[[KL[ZVTM\UNLYHYZRHZ`USPNN€YHZ
)HYUZVTMHYPSSHVJOHUTpSUPUNZWSPR[
-€YTrUNH]\_UH\WWSL]ZHUTpSUPUNZWSPR[LUZVTUrNV[OV[M\SS[VJOZ]rY[+L[
ÄUUZLU\[IYLKKYpKZSHM€YH[[M€Y]pYYHZP[\H[PVULUM€YIHYULSSLYMHTPSQNLUVTHU
TpSHU/\YZRHTHUR\UUH]L[HH[[KL[ISPYIp[[YL&2VTTLYZVJPHS[QpUZ[LUH[[[H
IHYULUMYrUM€YpSKYHYUH&
4HURHUVJRZrVYVHZPNM€YZPULNLUZP[\H[PVU2VTTLYM€YpSKYHYUHH[[ISPHYNH
LSSLYILZ]PRUHVJOSLKZUH&2VTTLYKLH[[[H\[ZPUHYLHR[PVULYWrKLUZVTHU
TpS[&,UHUUHUMHYOrNHpYH[[OHMLSPZPUHTPZZ[HURHYVJOKpYTLKN€YHIVY[ZPN
0LUZP[\H[PVUKpYL[[IHYUMHYPSSHpYO\]\KWLYZVULUIHYUL[6TZVYNVTM€YpSK
YHYUH VJO VT ZPU LNLU ZP[\H[PVU ILO€]LY Z[r [PSSIHRH +L[ Z]rYH pY H[[ KL[ PU[L
WrUrNV[Zp[[NrYH[[NHYHU[LYHH[[KL[ISPYIp[[YLM€Y]HYQLLUZRPS[IHYUNLUVTLU
HUTpSHU[PSSZVJPHS[QpUZ[LU-€YLUKLSIHYURHUKL[[PSSVJOTLK]HYHZrH[[KL[ISP
]pYYL4LUM€Y]pSKPN[TrUNHIHYUPUULIpYKL[LUM€YIp[[YPUNVJOLUJOHUZ[PSSL[[
Ip[[YLSP]-€YLUKLSIHYURHUKL[]HYHYLU[SP]ZH]N€YHUKLTPZZM€YOrSSHUKLUHpY
ZrZ]rYHH[[SP]VJO\[]LJRSPUNOV[HZ
5pYL[[IHYUILYp[[HYVTTPZZM€YOrSSHUKLUOLTTHÄUUZLUYPZRH[[KLMHY]pSKPN[
PSSH+LUYPZRLUTrZ[L\[YLKHZLM[LYZVTRVUZLR]LUZLYUHRHU]HYHZrM€Y€KHUKL
VTTPZZM€YOrSSHUKLUHMrYMVY[Zp[[H
4rUNH IHYU ILZRYP]LY H[[ ]\_LU]pYSKLU PU[L YLHNLYH[ [YV[Z H[[ KL ZPNUHSLYH[ Wr
VSPRHZp[[VJOILYp[[H[VTZPU\[ZH[[OL[+LpYILZ]PRUH€]LYH[[PU[LMr[[MYrNVYVT
O\YKLOHYKL[OLTTHLSSLYVTKL\[ZH[[ZM€Y]rSKVJOILZ]PRUH€]LYH[[PUNLU
]\_LUPUNYPWP[5pYL[[IHYUZSrSHYTVTH[[KL[MHYPSSHpYKL[L[[VLYO€Y[Z]LRH[[
PU[LYLHNLYH+L[RHUSLKH[PSSH[[IHYUL[pY[`Z[UHYVJOMVY[Zp[[LYH[[SL]HR]HYP
ZHTTHVOrSSIHYHZP[\H[PVU
3rUN[PMYrUHSSHIHYU]PSSLSSLYM€YTrYH[[ILYp[[HVTKLMHYPSSH4LUNLUVTH[[PUMVY
TLYHVTHUTpSUPUNZWSPR[LUZPNUHSLYHYK\H[[KLOHYLUT€QSPNOL[H[[ILYp[[HVJO
H[[K\PZrMHSSRVTTLYH[[M€YZ€RHZL[PSSH[[KLMrYOQpSW
=PKLUHUTpSHU[PSSZVJPHS[QpUZ[LUpYKL[]PR[PN[H[[ZrSrUN[ZVTT€QSPN[N€YHIHY
ULU KLSHR[PNH VJO OrSSH KLT PUMVYTLYHKL -€Y L[[ TPUKYL IHYU RHU K\ [HSH VT
H[[KL[K\Mr[[O€YHpYZrHSS]HYSPN[H[[K\ILO€]LY[HOQpSWH]HUKYH]\_UH-€YL[[
Z[€YYLIHYURHUK\ILYp[[HH[[K\RVTTLYH[[RVU[HR[HZVJPHS[QpUZ[LU
=\_UHOHYLUTHR[WVZP[PVU
)HYUpYWrTrUNHZp[[P\UKLYSpNLUpYKLT€[LY]\_UH)HYHRpUZSHUH]H[[]HYH
T`JRL[TPUKYLVJOM`ZPZR[Z]HNHYLRHUN€YHH[[KLRpUULYZPN\UKLYSpNZUHTLU
]\_UHZTHR[OHUKSHYVTZrT`JRL[TLYpUH[[KLpYZ[HYRHYLpUIHYU=\_UHMrY
YLU[MHR[PZR[ ILZ[pTTH T`JRL[ TLY pU IHYU VJO M€Y]pU[HZVM[H H[[ MH[[H ILZS\[
P IHYUL[Z Z[pSSL +L[ PUULIpY H[[ IHYU pY \[SpTUHKL [PSS KL ]\_UHZ VTK€TL VJO
NVKH]PSQH=\_UHOHYVM[HL[[€]LYSpNLNLUVTH[[KLOHYZrT`JRL[TLYR\UZRHW
VJOLYMHYLUOL[pUIHYUVJOKLOHYVM[HSp[[HYLH[[\[[Y`JRHZPNPVYKVJOPZRYPM[
+L[OpYNpSSLYM€YZ[rZPU[LHSS[PKf]LUZTrIHYURHU]HYH€]LYSpNZUHUpYKL[NpSSLY
R\UZRHWVTKLOHYL[[ZWLJPHSPU[YLZZLg[[HrYPNH(UUH]L[HSS[VT]HSHY[VS]rYPNH
:[LMHUpY€]LYSpNZLUKLÅLZ[H]\_UHUpYKL[NpSSLYH[[ZWLSHKH[HZWLSMQVY[VUrYPNH
;LKRHUHSS[VTIYLHRKHUJLVJOZL_[VUrYPNH@HZTPUZWLSHYMV[IVSSWrLSP[UP]r¯
5pYKL[NpSSLYR\UZRHWVTKLUZQ\RKVTZVTKLUHUO€YPNHOHYpYKL[WLYZVUHS
PUVTOpSZVVJOZQ\R]rYKLUZVTpYL_WLY[VJOZVTILO€]LYILYp[[HVJOPUMVYTL
YH4LUKL[pYIHYULUZVT]L[TLZ[H]HSSHVTZPULNLUZP[\H[PVUVJOVTO\YKL
Wr]LYRHZH]ZP[[HUO€YPNZRHW+pYpYKLL_WLY[LYVJOZRHILOHUKSHZZVTZrKHUH
+rpYKL[]\_UHZVTZRHS`ZZUH+L[pYHSS[M€YSp[[H[[OHTUHPMpSSHUH[[[HSHVTM€Y
IHYUO\YKL[pYH[[]HYHHUO€YPNLSSLY]HKKLRpUULY
<UK]PR H[[ HU]pUKH MVYT\SLYPUNHY ZVT Kr TrZ[L K\ ]HYH VYVSPN LSSLY Kr ISPY K\
M€YZ[rZSLKZLU1\Z[KL[[HIHYURHUZRL]HYRLUpYVYVSPNLSSLYSLKZLU\[HUPZ[pSSL[
HYNLSSLYYpKK-YrNHPZ[pSSL[O\YIHYUL[RpUULYZPN-€YH[[ILYp[[HVTO\YHUKYH
HUO€YPNHYLHNLYHYZr]pSQPZ[pSSL[MVYT\SLYPUNHYZVTLUKLSIHYUISPY]pSKPN[VYVSPNH
LSSLYTrUNHIHYUISPYSLKZUH
0T€[LUTLKM€YpSKLYVJOIHYU[PSSZHTTHUZpYKL[]PR[PN[H[[ILOHUKSHIrKLIHY
UL[VJOKLU]\_ULTLKYLZWLR[H[[S`ZZUHWrIpNNLVJOH[[]pUKHZPN[PSSIpNNL
5pY[PSSL_LTWLS[PKILZ[pTZM€YZHT[HSMYrNHIrKLM€YpSKLYVJOIHYUVT[PKLU
WHZZHY,U\[Å`R[PZRVSHURHU]HYHSPRH]PR[PNZVTL[[T€[LWrQVIIL[VJOL[[ZRpS
[PSSH[[VTT€QSPN[OP[[HLUHUUHU[PK:WYrRL[VJOZHT[HSZpTULUHI€YHUWHZZHZZr
H[[IHYUL[M€YZ[rYVJORHUKLS[H:HT[HSZpTULUZVTLUIHY[ILY€YKL]\_UHRHU
]pU[H[PSSL[[HUUH[[PSSMpSSL
-€YILYLKLSZLY
0UM€YKL[M€YZ[HZHT[HSL[TLKL[[IHYUILO€]LYK\M€YILYLKHKPNVJOKL[Y\TKpY
UPZRH[YpMMHZ
:L[PSSH[[UP[YpMMHZPL[[Y\TKpYUPRHUWYH[HVZ[€Y[6TUPISPYZ[€YKHH]HUKYH
TpUUPZRVYWr]LYRHYKL[ZHT[HSL[VJORVU[HR[LU6TT€QSPN[[YpMMHIHYUVJOM€Y
pSKYHYPZHTTHY\TOLSHZHT[HSZZLYPLU:HT[HSLUWr]LYRHZH]O\YY\TTL[ZLY
\[VJOO\YUPZP[[LY5pYKLU]\_ULZP[[LYIHRVTL[[ZRYP]IVYKTLKILZ€RZZ[VSHY
MYHTM€Y M€YZ[pYRLY VM[H THR[WVZP[PVULU VJO RHU N€YH H[[ ILZ€RHYLU RpUULY ZPN
TLYVZpRLY([[ZP[[HWrSPRHKHUHZ[VSHYNLYLURpUZSHH]H[[]HYHWrZHTTH]PSSRVY
5pYK\ZRH[YpMMHIHYUVJOM€YpSKLY[PSSZHTTHUZWSHJLYHKPNZQpS]ZrH[[K\RHUZL
WrIpNNLZHT[PKPN[9P[TH[LYPHSVJOL[[IVYKH[[ZRYP]HVJOYP[H]PKILO€]ZPKL[
PUKP]PK\LSSH)9(ZHT[HSL[TLKIHYUL[
;pURPNLUVT]HKK\ZRHPUMVYTLYHIHYUL[VT/\YRHUPUMVYTH[PVULUHUWHZZHZ
[PSSKL[IHYUK\ZRHT€[H&=PSRHVYKZRHK\]pSQH&
-PUUZKL[IPSKLYLSSLYZRYPM[SPN[TH[LYPHSZVTK\RHUHU]pUKH&-PUUZSVRHSHZ[€K
YLZ\YZLYLSSLYPKLLSSHM€YLUPUNHYM€YIHYUPQ\Z[KLUOpYZP[\H[PVULU&-PUUZKL[IYH
PUMVYTH[PVUWrUp[L[ZVTK\RHU[PWZHVT&
-€YILYLKKPNVJRZrNLUVTH[[[HYLKHWr]PSRHY\[PULYZVTNpSSLYVTK\ZR\SSLMr
]L[HH[[L[[IHYUMHYPSSHVJOILO€]LYN€YHLUHUTpSHU[PSSZVJPHS[QpUZ[LU,UZrKHU
ILYLKZRHWpY[PSSZ[VYOQpSW]PKKL\UKHU[HNZMHSSUpYLUHUTpSHUTrZ[LN€YHZ
-€YZ€RH[[SpNNHT€[L[ZrH[[K\OHYSP[L[PKZTHYNPUHS[PSSUpZ[HT€[LLSSLYr[HNHU
KL+L[TPUZRHYZ[YLZZLUVTIHYUL[[HY[PKWrZPNH[[SpTUHY\TTL[LSSLYRVTTLY
Wr]PR[PNHZHRLYH[[ZpNHPZPZ[HTPU\[LU
+L[M€YZ[HT€[L[
0KL[M€YZ[HT€[L[TLKL[[IHYUNY\UKSpNNZKLUYLSH[PVUVJOKL[M€Y[YVLUKLZVT
RVTTLYH[[ÄUUHZ\UKLYRVU[HR[LU/pSZHVYKLU[SPN[WrIHYUL[VJONL€NVURVU
[HR[:[Yp]HLM[LYH[[M€YTLKSHH[[K\pYPU[YLZZLYHKH]IHYUL[VJO]HKKL[OHYH[[
ZpNHH[[K\OHY[PKVJOH[[K\RHUS`ZZUH
+L[pY]PR[PN[H[[UPPU[LISPYZ[€YKH:[pUNVTT€QSPN[H][LSLMVULUVJOTLKKLSHU
KLM\UR[PVULUM€YTLQSVJOHUKYHTLKKLSHUKLU
+L[pYK\ZVTpY]pYKLSSLY]pYKPUUHM€YT€[L[VJOZVTILZ[pTTLYUpYKL[Z[HY[HY
UpYKL[H]ZS\[HZVJOVTKHNVYKUPUNLU7YLZLU[LYHKPNVJO]HKK\HYIL[HYTLK
;pURWrH[[MVYTLSS[P[LSLSSLY\[IPSKUPUNPU[LU€K]pUKPN[]PZIL[`KLYUrNV[M€YL[[
IHYU +L RHUZRL PU[L ]L[ ]HK KPU [P[LS LSSLY KP[[ HYIL[L pY M€Y UrNV[ +L[ RHU K\
ILO€]HM€YRSHYH
.€YVJRZr[`KSPN[\WWYHTHYUHM€YKLZHT[HSUPZRHOH[PSSZHTTHUZ;HSHVTO\Y
TrUNHNrUNLYUPZRHZLZO\YSpUNLVJO]HKK\[pUR[H[[ZHT[HSLUZRHH[[OHUKSH
VT-YrNHIHYUL[VTKL[Sr[LYZVTLUIYHWSHULYPUNLSSLYVTKL[ÄUUZHUUH[ZVT
OHULSSLYOVUYLKHUU\]L[H[[UPIVYKLWYH[HVT)LYp[[HH[[K\NpYUH]PSSH[[IHY
UL[ILYp[[HYVTKL[]pJRZHUKYHMYrNVY\UKLYZHT[HSLU
)HYUL[ILO€]LY[PKH[[SpYHRpUUHKPNSP[LVJOH[[\[]LJRSHL[[M€Y[YVLUKL4LUKL[
ILO€]LYPU[LPUULIpYHH[[UPWYH[HYSpUNLVTUL\[YHSHLSSLYV]PR[PNHpTULU5pYL[[
IHYUpYULY]€ZM€YZHT[HSL[LSSLYOHYT`JRL[ZVTKL[]PSSILYp[[HRHUZTrWYH[\WWSL
]HZZVTrUNLZ[M`SS[+L[ISPYOLS[LURLS[Z]rY[H[[S`ZZUHVTHUKYH[HURHY[YpUNLYWr
)HYUHUWHZZUPUN
:[Y\R[\YLUM€Y)9(ZHT[HSpYMYHT[HNLUM€YIHYUMYrUZQ\rY+L`UNYLIHYULUOHY
PU[LZrT`JRL[VT]pYSKZR\UZRHWLY4rUNHRHUPU[LZrT`JRL[VTZQ\R]rYKLULS
SLYVTO\YZHTOpSSL[M\UNLYHY+L[PUULIpYH[[KLRHUILO€]HTLYPUMVYTH[PVUVT
KL[pU[VUrYPUNHYLSSLY]\_UH:HT[PKPN[RHUL[[`UNYLIHYUPU[L[HPUSPRHT`JRL[
PUMVYTH[PVULSSLYS`ZZUHSPRHSpUNLZVTpSKYLIHYU+L[PUULIpYLU\[THUPUN
;pURLM[LY]HKZVTpY]PR[PNPUMVYTH[PVUVJO]HKZVTLNLU[SPNLUpYVU€KPN[(U
]pUK L[[ LURLS[ RVURYL[ VJO ]HYKHNSPN[ ZWYrR -€YRVY[UPUNHY Z]rYH VYK [LYTLY
VJOILNYLWWI€YVTT€QSPN[\UK]PRHZ(UUHYZTrZ[LKLM€YRSHYHZ-€YRSHYHOLSSYL
LUNrUNM€YT`JRL[6TIHYUL[PU[LM€YZ[rYKLVYKK\HU]pUKLYISPYPUMVYTH[PVULU
TLUPUNZS€ZM€YKLT
0USLKPUMVYTH[PVULUTLKH[[ILIHYUL[H[[H]IY`[HKPNVTKL[pYUrNV[KLPU[LM€Y
Z[rY6TK\pYV]HUH[[PUMVYTLYHIHYURHUK\NpYUHZpNHH[[K\VM[HZ[WYH[HYTLK
]\_UHVTKP[[QVIIVJOH[[K\ILO€]LYOQpSW!
1HNILO€]LYKPUOQpSW=HYQLNrUNQHNHU]pUKLYL[[Z]rY[VYKLSSLYWYH[HYVT
ZrKHU[ZVTIHYUPU[LRHUZrT`JRL[VTZrILO€]LYK\ZpNH[PSS1HNILO€
]LYSpYHTPN]PSRHVYKQHNZRHHU]pUKHM€YH[[IHYUZRHM€YZ[rfYKL[62&
+L[PUULIpYH[[IHYUL[MrYZ[€YYLJOHUZH[[M€YZ[rTLUKL[ISPYVJRZrLUOQpSWM€Y
KPNPUpZ[HZHT[HSVTK\RHUN€YHLULNLUSPZ[HTLKZrKHU[ZVTRHUILO€]H
M€YRSHYHZ:[HUUH\WWPISHUKVJOMYrNHVTIHYUL[\UKYHYUrNV[+L[IpZ[HZp[[L[
H[[[HYLKHWrVTIHYUL[M€YZ[r[[pYH[[MYrNH
2€UL[UPJP[L[YLSPNPVUVJOZL_\HSP[L[
2\UZRHWVTIHYUVJOO\YKLM\UNLYHYPVSPRHrSKYHYRHU]HYH[PSSOQpSW]PKZHT
[HSLU4LUIHYUpYPUKP]PKLYVJOH[[]HYQLPUKP]PKpY\UPR-€YZ[VY[MVR\ZWrUVYTHS
\[]LJRSPUN Wr R€UZZRPSSUHKLY LSSLY Wr L[UPZR IHRNY\UK RHU SLKH [PSS M€Y\[MH[[HKL
TLUPUNHYVJO[PSSL[[TPUKYLIYHILT€[HUKL:[H[PZ[PRVTIHYUPVSPRHrSKYHYH]VSPRH
R€ULSSLYTLKVSPRHL[UPZRIHRNY\UKpYPU[YLZZHU[WrNY\WWUP]rTLUZpNLY]pSKPN[
SP[LVTKLUPUKP]PK]POHYMYHTM€YVZZ
+LÅLZ[H[VS]rYPNHRPSSHYZWLSHYVUSPULZWLSTLULUKLSH]ZR`YKL[
+LÅLZ[HZQ\[[VUrYPUNHYOHYL[[]pS\[]LJRSH[VYKM€YYrKTLUUrNYHOHYL[[
]pSKPN[[VYM[PN[
4rUNH[PVrYPNH[QLQLYOHYLUIpZ[PZTLULUKLSSLRLYPNY\WWVJOLUKLS
OHYPUNHRVTWPZHYHSSZ
+LÅLZ[H[VUrYPUNHY]PSSOHLUWHY[ULYH]KL[TV[ZH[[HR€UL[TLU]pSKPN[
TrUNH]PSSOHLUH]ZHTTHR€UVJOLUKLSpYPU[LHSSZPU[YLZZLYHKLH]LU
WHY[ULY
+LÅLZ[HTpUUPZRVYMYrU0YHUpYT\ZSPTLYTLUTrUNHpYZLR\SHYPZLYHKL
VJOLUKLSpYRYPZ[UH
:HT[HSZSLKHYLUILO€]LYOHL[[€WWL[ZPUULM€YH[[R\UUHILT€[HQ\Z[KLUPUKP]PK
OHULSSLYOVUOHYMYHTM€YZPN6JOWrZHTTHZp[[ZVTIHYULUpYVSPRHVJO\UPRH
pYKLYHZM€YpSKYHYVJOMHTPSQKL[VJRZr5pYRVU[HR[Up[VJOMHTPSQLYLSH[PVULYZRH
RHY[SpNNHZRHU]PPU[LM€Y\[Zp[[HH[[IHYUL[SL]LYPLURpYUMHTPSQTLKLUTHTTH
LSSLYLUWHWWH-HTPSQLYLSH[PVULYRHUZL\[WrTrUNHVSPRHZp[[
-YrNVYRHUMVYT\SLYHZZrH[[KLPU[LM€Y\[Zp[[LYH[[IHYUL[LSSLYKLZZHUO€YPNH[PSS
O€YLU]PZZTHQVYP[L[-YrNH[PSSL_LTWLSfYK\[PSSZHTTHUZTLKUrNVU&PZ[pSSL[M€Y
/HYK\UrNVUWVQR]pU&
/PUKLYM€YH[[S`ZZUH
0IHYUZHT[HSL[pYKL[JLU[YHS[H[[S`ZZUHWr]HKIHYUL[OHYH[[ZpNH4LUKL[ÄUUZ
LUYHKOPUKLYM€YH[[]LYRSPNLU]HYHUpY]HYHUKLVJOS`ZZUHM\SS[\[)HYU\WWSL]LY
PISHUKH[[KLU]\_ULPU[LS`ZZUHY+LRHU\[[Y`JRHVTKLU]\_ULH[[KLU[pURLY
WrHUUH[PU[LIY`YZPNS`ZZUHYTLYWrM€YpSKYHYUHLSSLY]PSSWYH[HVTUrNV[HUUH[
+LRHURSHNHWrH[[KL]\_UHPU[LN€YZVTKL]PSSLSSLYH[[KLM€YZ]PUULY=HKZ[rY
KL[M€Y&
+LU]\_UL[pURLYWrHUUH[
)HYUL[\WWSL]LYH[[KLU]\_UHpY\WW[HNLUH]HUUH[P[HURHYUH6M[HZ[pTTLY
KL[;HURHYUHRHUOHUKSHVTQVIILSSLYWYP]H[SP]0ISHUKRpUUZKL[IHYUL[WYH[HY
VTVPU[YLZZHU[TLUVM[HOHUKSHYKL[VTH[[HUKYH[HURHYWVJRHYWr,UWYLZZHK
HYIL[ZZP[\H[PVURHUSLKH[PSSH[[KLU]\_ULOHYZPU\WWTpYRZHTOL[WrUpZ[Hr[H
NHUKLVJOPU[LRSHYHYH]H[[]HYHUpY]HYHUKLPT€[L[+L[ZHTTHNpSSLYLUWYLZZHK
OLTZP[\H[PVUVYVM€YLUMHTPSQLTLKSLTLSSLYM€YLRVUVTPU+L[ÄUUZT`JRL[ZVT
RHUZU\YYHPO\]\KL[VJO[HHSS\WWTpYRZHTOL[;HURHYWr]HYKHNSPNHr[HNHUKLU
ZVTKHNPZOpT[UPUNLSSLYTPKKHNZTH[RHUVJRZrKPZ[YHOLYH
,U[LSLMVUZVTYPUNLYHUKYHTpUUPZRVYZVTRUHJRHYWrVJOMYrNHYUrNV[\UKLY
ZHT[HSL[LUZHT[HSZSLKHYLZVTRVSSHYTLQSLSSLYTLKKLSHUKLUWr[LSLMVULUYPZ
RLYHYH[[IHYUL[PU[LRpUULYZPNS`ZZUH[Wr
:]rYPNOL[LYH[[S`ZZUHRHUVJRZrOHUKSHKPYLR[VTVYVM€YIHYUL[ZZP[\H[PVU0ISHUK
ISPYKL[UpZ[PU[PSSV\[OpYKSPN[H[[S`ZZUHWrL[[IHYUZVTPU[LOHYKL[IYH:rIVYKL
PUNL[IHYUMrOHKL[+LU]\_UL]PSSOQpSWH[PSSTLU]L[PU[LO\YRpUULYZPNSLKZLU
HYNOQpSWS€ZVJOMY\Z[YLYHK;HURHYUHRHUÅ`NHP]pN[PSS]HKTHUIVYKLN€YH2HU
ZRLIVYKLTHUWYH[HTLKM€YpSKYHYUHLSSLYM€YTLKSHZ[€KPUZH[ZLYRHUZRLTrZ[L
THUHUTpSH[PSSZVJPHS[QpUZ[LU&9PZRLUpYH[[IHYUL[ISPYLUZHT[R]HY\[HUUrNVU
ZVTS`ZZUHY
+L[ÄUUZPU[LLULURLSS€ZUPUNM€YH[[ISPHR[P][S`ZZUHUKL+LÅLZ[HTpUUPZRVYNrY
PNLUVTWLYPVKLYUpYHYIL[ZSP]LSSLYWYP]H[SP][HYT`JRL[[PKVJOLULYNP+LWYVISLT
ZVTÄUUZILO€]LYS€ZHZTLUKL[[HYVM[H[PK,[[M€YZ[HZ[LNpYH[[LYRpUUHH[[
KL[pYZ]rY[H[[MVR\ZLYHWrH[[S`ZZUHWrHUKYHQ\Z[U\,[[HR[P][M€YZ€RH[[SpNNH
HUKYH[HURHYr[ZPKHU\UKLYZHT[HSL[VJOSP[LTLY[PK[PSSM€YILYLKLSZLYRHUOQpSWH
4HURHU[HZPNSP[LL_[YH[PKPUUHUZHT[HSL[Zp[[HZPNULKVJO[pURHPNLUVT]HK
KL[]PR[PNHpY-€YZ€RHH[[OrSSHZP[[TLK]L[HUKLOpYVJOU\VJO]pU[HTLK[HU
RHYUHWrKLHUKYHHYIL[Z\WWNPM[LYUH
6TKL[pUKrpYZ]rY[H[[S`ZZUHRHUZRLKL[IpZ[HHS[LYUH[P]L[pYH[[UrNVUHUUHU
OrSSLYPZHT[HSLULUWLYPVK[PSSZZ]rYPNOL[LYUHS€Z[ZPN
:[Yp]HLM[LYH[[]HYHUpY]HYHUKLVJOHR[P][S`ZZUHUKL
+LU]\_ULIY`YZPNPU[L
+L[OpUKLYH[[KLU]\_ULMHR[PZR[S`ZZUHYVJOIY`YZPNTLUH[[IHYUL[PU[L\WWMH[
[HYKL[+L[RHUOHUKSHVTH[[KLU]\_ULPU[L]PZHYKL[,UHTIP[PVUH[[]HYHVI
QLR[P]UL\[YHSLSSLYWYVMLZZPVULSSRHUZSrZUL[[VJOSLKH[PSSH[[KLU]\_UL]PZHY\WW
LURpUZSVRHSS`[H,U]\_LUZVTPU[L]PZHYUrNYHYLHR[PVULYLSSLYRpUZSVY\UKLY
T€[L[\WWSL]ZZVTVLTWH[PZRRHSSVJOH]]PZHUKL
,UWYVMLZZPVULSSOrSSUPUNPUULIpYH[[THUpYPU[YLZZLYHKH]KL[ZVTIHYUL[IL
Yp[[HY VJO M€YTLKSHY =pYTL PU[YLZZL VJO TLKTpUZRSPNOL[ ILO€]Z M€Y H[[ IHYU
ZRH RpUUH ZPN [Y`NNH VJO ]PSQH €WWUH ZPN 4rUNH IHYU ILZRYP]LY H[[ KL ]\_UH
M€YpUKYHZUpYUrNV[QVIIPN[OpU[PKLYHZSP]+LT€[ZH]SLKZUH€NVUPISHUKHYNH
LSSLYH]Z[rUKZ[HNHUKL€NVU+LRHU\WWSL]HH[[KL[pYKLZQpS]HZVTOHYM€YpUK
YH[ZVJOH[[VTNP]UPUNLUYLHNLYHYWrKLTTLKZVYNH]Z[rUKZ[HNHUKLLSSLYPSZRH
)HYU ZVT OHY \WWSL][ Z]rYH ZHRLY ILO€]LY ]\_UH ZVT ZLY Wr KLT TLK NSHKH
€NVU+LILO€]LYRpUUHH[[KLpY62H[[KL[PU[LpYUrNV[MLSWrKLT
+LIHYUZVTOHY]pSKPN[SrN[Z[pSSKHM€Y]pU[UPUNHYWr]\_UHRHUNrPUPZHT[HSL[
TLKM€YLZ[pSSUPUNLUH[[PUNLURVTTLYH[[S`ZZUHLM[LYZVT]\_UHPU[LIY\RHYN€YH
KL[+rRHUKL[RYp]HZL_[YHT`JRL[M€YH[[IHYUL[ZRHRpUUHH[[KLU]\_ULpY
PU[YLZZLYHK
:[Yp]HLM[LYH[[]PZH]pYTLWYVMLZZPVULSS[PU[YLZZLVJOTLKTpUZRSPNOL[
+LU]\_UL]PSSWYH[HVTUrNV[HUUH[
)HYURHUILZRYP]HH[[KLU]\_UL]PSSWYH[HVTUrNV[HUUH[pU]HKKL]PSS+L[RHU
Z[pTTH+L[pY]PR[PN[H[[PUSLKUPUNZ]PZILYp[[H]HKTHU[pURLYH[[ZHT[HSL[ZRH
OHUKSHVTTLUVJRZrH[[RVSSHH]]HKIHYUL[[pURLYZPNH[[ZHT[HSL[ZRHOHUKSH
VT/HY[]rWHY[LYPL[[ZHT[HSVSPRHPKtLYVTPUULOrSSL[VJOZ`M[L[TLKZHT[HSL[
SLKLYKL[Sp[[[PSSTPZZM€YZ[rUKVJOLURpUZSHH]ILZ]PRLSZLOVZIpNNL,[[L_LT
WLSpYUpYKLU]\_ULNLYHSSTpUPUMVYTH[PVUVTLUZQ\RKVTVJOIHYUL[M€Y]pU
[HYZPNZWLJPÄRPUMVYTH[PVUVTZPUM€YpSKLY,[[HUUH[L_LTWLSpYUpYKLU]\_UL
M€YZ€RLYZRHWHRVU[HR[NLUVTH[[ZTrWYH[HVTUL\[YHSHpTULUVJOIHYUL[]PSS
WYH[HVTKL[Z]rYH
:pYZRPS[Wr[HNSPN[pYKL[UpYL[[IHYUOHY]PR[PNHZHRLYH[[ILYp[[HZVTPU[L\[[HSH[Z
+L[RHUOHUKSHVTHSS]HYSPNHTPZZM€YOrSSHUKLUZVT]rSKTVIIUPUN€]LYNYLWW
LSSLYTPZZIY\RTLUVM[HVTMYrNVYZVTM€YIHYUL[pYKYHTH[PZRHVJOSP]ZH]N€
YHUKL2VTTLYTHTTHH[[K€&=HKOpUKLYTLKTPNVTOVUK€Y&2VTTLYQHN
H[[MrZHTTHZQ\RKVT&
+L[NrYPU[LH[[M€Y\[ZpNH]PSRHM€Y]pU[UPUNHYL[[IHYUOHYWrZHT[HSL[LM[LYZVT
KL[]HYPLYHYTLSSHUVSPRHIHYU+L[OHUKSHYPZ[pSSL[VTH[[MYrNHIHYUL[VJOH[[]HYH
S`O€YK7YH[HY]PVTYp[[ZHRLY&fYKL[UrNV[QHNNS€T[H[[MYrNHVT&fYKL[UrNV[
TLYK\\UKYHY€]LY&pYMYrNVYZVTRHU]HYH[PSSOQpSW
=HY[`KSPNTLKZHT[HSL[ZYHTHYRVT€]LYLUZVTMVR\Z[PSSZHTTHUZTLKIHYUL[
+LU]\_ULS`ZZUHYTLYWrTPUHM€YpSKYHYpUWrTPN
)HYURHU\WWSL]HH[[]\_UHS`ZZUHYTLYWrKLYHZM€YpSKYHYpUWrKLT6M[HZ[pT
TLYKL[=\_UH[LUKLYHYH[[[HKL[ZVTHUKYH]\_UHZpNLYWrTLYHSS]HYpUKL[
ZVTIHYUZpNLY+L[RHU\UK]PRHZNLUVTH[[K\TLK]L[L[ZLY[PSSH[[S`ZZUHWr
IrKLIHYUVJO]\_UHVJOH[[ILOHUKSHIpNNLTLKYLZWLR[.LUVTH[[[YpMMHIHY
UL[LUZRPS[MrYIHYUL[LUIp[[YLJOHUZH[[ISPS`ZZUH[Wr
5pYIHYUOHY\[[HSHKL€UZRLTrSVTO\YZHRLYZRH]HYHZrS`ZZUHVJOILRYpM[HH[[
K\O€Y[KLT4LU]HY[`KSPNTLK]PSRLUTHR[K\OHYH[[MH[[HILZS\[PMYrNHU
1HNM€YZ[rY]LYRSPNLUH[[K\]PSSH[[WHWWHZRH]HYHWrZQ\RO\ZLSSLYUrNVU
Z[HUZKpYOHURHUMrTLYOQpSWPZ[pSSL[M€YOLTTH4LUQHNILZ[pTTLY
PU[L-€YH[[OHUZRHRVTTHPUWrZQ\RO\ZZrTrZ[LOHUZQpS]]PSQHVJOZr
TrZ[LKVR[VYUILZ[pTTHH[[KL[pYIYHVJOH[[KL[ÄUUZWSH[ZM€YOVUVT
1\Z[U\]PSSWHWWH]HYHOLTTHVJOPUNLURHU[]PUNHOVUVTVTOHUPU[L
ISPYpUU\ZQ\RHYL
3`ZZUHWrIHYUL[=HY[`KSPNTLK]HKK\OHYTHR[€]LY
+LM€YZ]PUULY
+LIHYUZVTOHYOHM[TrUNH]\_LURVU[HR[LYRHUKL\WWSL]HH[[KL]\_UHPU[L
S`ZZUHYQ\Z[M€YH[[KLM€YZ]PUULY5pYIHYUI€YQHYRpUUH[PSSP[€WWUHYZPNVJOILYp[
[HYVTZPUH\WWSL]LSZLY[HURHYVJORpUZSVYpYKL[L[[Z[VY[M€Y[YVLUKL5pYKLU
]\_ULZLKHUHSKYPNO€YH]ZPNPNLURHUKL[RpUUHZZVTL[[H]]PZHUKLVJOL[[Z]LR
+L[pY]PR[PN[H[[IHYUL[MYrUI€YQHU]L[O\YTrUNHNrUNLYUPZRH[YpMMHZ4LUUpY
L[[ IHYU OHY LSSLY OHY OHM[ TrUNH VSPRH WYVMLZZPVULSSH ]\_LURVU[HR[LY I€Y THU
€]LY]pNHVTKL[NrYH[[NLIHYUL[PUMVYTH[PVUWrL[[Zp[[ZVTNLYTLYWLYZVU
RVU[PU\P[L[ZLV]HU
=HY[`KSPNTLKKPU\WWNPM[VJOTLKO\YTrUNHNrUNLYUPZRH[YpMMHZ:[Yp]HLM[LY
WLYZVURVU[PU\P[L[
(]ZS\[
;`KSPNHH]ZS\[pYIYH=HY[`KSPNTLKH[[UPZLZM€YZPZ[HNrUNLUf]LUVTKL[]HY
[`KSPN[MYrUI€YQHUO\YTrUNHNrUNLYUPZR\SSL[YpMMHZpYKL[PU[LZpRLY[H[[IHYUL[
RVTTLYPOrNKL[LSSLYLUZ[VNPUKL[UpYK\ILYp[[HKL
:HTTHUMH[[HNpYUH]HKUPNQVY[VJO]HKUPZHT[HSH[RYPUN5\ÄUUZVJRZrLUZPZ[H
JOHUZM€YIHYUL[H[[Z[pSSHMYrNVY=PZHNpYUHH[[K\S`ZZUH[NLUVTH[[YLMLYLYH[PSS
]PR[PNHZHRLYZVTIHYUL[ZHN[-YrNHVJRZrIHYUL[]HKOHULSSLYOVURVTTLYH[[
TPUUHZMYrULYHZHT[HS
(U]pUKLUSP[LUZ[\UKH][PKLU[PSSH[[\[]pYKLYH+\RHUMr]L[HZHRLYZVTpY[PSS
OQpSW]PKUpZ[HIHYUZHT[HS/\YOHYKL[]HYP[H[[RVTTHWrZHT[HS&/HYUPTPZZH[
H[[WYH[HVTUrNV[&fYKL[UrNV[K\ZRH[pURHWrUpZ[HNrUNK\[YpMMHYL[[IHYUP
ZHTTHZP[\H[PVU&
=HKpYL[[S`JRH[ZHT[HS&
5pYL[[ZHT[HSpYH]ZS\[H[pYKL[TrUNHNrUNLY[`KSPN[VTKL[RpUUZIYHLSSLYKr
SPN[0ISHUKRpUULYTHUZPNZVTZHT[HSZSLKHYLNLU\PU[NSHKVJOU€QK
(UKYHNrUNLYpYYLHR[PVULYUHZ]rYHYL:VYNPSZRHZR\SKRpUZSVYLSSLYTHR[S€ZOL[
RHUZRLKVTPULYHY)L[`KLYKL[H[[ZHT[HSL[PU[L]HYS`JRH[&([[THUTPZZS`JRH[Z
ZVTZHT[HSZSLKHYL&0ISHUKTLUTrUNHNrUNLYPU[LHSSZ0ISHUK[]pY[VT
(TIP[PVULU H[[ ZHT[HS ZRH ]HYH S`JRHKL RHU Sp[[ ISP LU ILSHZ[UPUN 3`JRHKL M€Y
]LT&-€YKLUK\ZHT[HSH[TLK&-€YKPN&-€YIrKH&
+L[pYUH[\YSPN[VJOTpUZRSPN[H[[YLNLYHRpUZSVTpZZPN[UpYIHYULSSLY]\_UHIL
Yp[[HYVTZ]rYHZHRLY4rUNHNrUNLYpYKL[[PSSZ[VYOQpSWM€YIHYUH[[MrKLSHZPUH
[HURHYRpUZSVYVJO\WWSL]LSZLYTLKUrNVU6H]ZL[[VTTHURHUM€YpUKYHKLYHZ
ZP[\H[PVULSSLYPU[LZrOHYUrNVUS`ZZUH[VJOKLpYTPUKYLLUZHTTH6M[HRpUULY
KLZPNSp[[HKL
,[[S`JRH[ZHT[HSRHUZL\[WrTrUNHVSPRHZp[[+L[RHUILZ[rH]Z[\UKLYKrUP
ZVTT€[ZOHM[YVSPN[\[I`[[LYMHYLUOL[LYVJOIpNNLRpU[H[[UPMr[[\[UrNV[H]KL[
+L[RHUVJRZrILZ[rH]Z[\UKLYKrUPKLSH[KL[Z]rYHLSSLY]HYHLU]pUKW\UR[Kr
K\ZSHNP[SHYTLSSLYM€YTLKSH[MVY[ZH[[Z[€KPLUVHJJLW[HILSZP[\H[PVU+L[pYPU[L
HSSZZpRLY[H[[KL[RpUUZIYHM€YKPNQ\Z[LM[LYr[4LURHUZRLRpUUZKL[IYHLM[LY
L[[[HN
.YpTKPNPU[L€]LYKLZHT[HSZVT]HYZ]rYH\[HUM€YZ€RSpYHKPNUrNV[PZ[pSSL[
.QVYKLK\KP[[IpZ[H&6TPU[L]HKOPUKYHKLKPN&
2HUK\N€YHUrNV[HUUVYS\UKHUpZ[HNrUN&(]Zp[[HTLY[PKM€YILYLKHKPNIp[[YL
S`ZZUHTLYHR[P][&
6JONS€TPU[LH[[NSpKQHZr[KLZHT[HSZVTÅ`[LYSp[[KpYIrKLK\VJOKLK\[YpM
MHYpYU€QKH
)HYUO\ZL[ZZLUHZ[\[NP]UHI€JRLY
2HUSHKKHZULYMYrU)HYUO\ZL[ZOLTZPKH
2YPZILT€[HUKLM€Y[VUrYPUNHYZVTISP]P[\[ZH[[HM€Y]rSK[pR[2YPZNY\WWM€YILOHUKSPUNH]]rSK[HNUH
[VUrYPUNHY[]rOHUKI€JRLYPLUIVR,]HAHJOYPZVU
-YrURYPZHUKLVYNHUPZH[PVU[PSS¹RYPZVYNHUPZH[PVU¹¶2]HSP[tPZVJPHS[IHYUH]rYKZHYIL[LNLUVT€RHK
WLYZVUHSZ[HIPSP[L[(UUH3LUH3PUKX\PZ[
<UNHZVTZRHKHYZPNNLUVTZL_3PUKH1VUZZVUgZH3\UKZ[Y€T4H[[ZZVU
2YVWWZSPNILZ[YHMMUPUNVJOHUUHURYpURUPUNH]IHYUP:]LYPNL¶LUUH[PVULSSRHY[SpNNUPUN
:[HMMHU1HUZVU*HYVSPUH1LYUIYV)VKPS3rUNILYN
4€[L[Z4HNP¶VTZHTZWLSZILOHUKSPUNVJO]HYKHNLUZ]pSN€YHUKLT€[LU2LYZ[PU5LHUKLY
4VKVJOTHUKH[¶5`SHNZ[PM[UPUNZ[pYRLYIHYUZVTHUO€YPNH/HY]PTVKL[H[[T€[HKLT&
4rY[LU1HUZZVU(UUL4HYPL3HYZZVU*LJPSPH4VKPN
)HYUO\ZL[ZZLUHZ[\[NP]UHYHWWVY[LY
2HUSHKKHZULYMYrU)HYUO\ZL[ZOLTZPKH
7HPYLK9LHKPUN¶,[[M€YZ€RPZQ\RVTT\ULYTLKSpZ[YpUPUNM€YMHTPSQLOLTZWSHJLYHKLIHYU
,]H;PKLTHU4HYPL:HSSUpZ)V=PUULYSQ\UN/PSTH-VYZTHU
/\Y\WW[pJRLY)<7]rSKPUpYHYLSH[PVULY&6SL/\S[THU
:RVSWYVQLR[PUVT-HTPSQLOLTZ]rYKLUWYVQLR[YHWWVY[:RVS-HT9PRHYK;VYK€U<SSH(_LSZZVU
*LSPH5VYKPU9HWWLZ[HK,]H>PUKLSOLK4PH>PTHU6SZZVU
-€YpSKYHYTLKRVNUP[P]HZ]rYPNOL[LY¶H[[IY`[HU`THYR,YMHYLUOL[LYMYrU<WWZHSHSpU3PUULH)Y\UV
:[€K[PSSIHYUZVT\WWSL][H[[THTTH\[Zp[[ZM€Y]rSK¶LYMHYLUOL[LYMYrULUZ[\KPLH]IHYUZVTKLS[HNP[
P)VQLUZNY\WWYVNYHT+LSYHWWVY[2HYPU.YPW(UKLYZ)YVILYN2QLYZ[PU(STX]PZ[
)€JRLYVJOYHWWVY[LY\[NP]UH[PKPNHYLÄUUZWr)HYUO\ZL[ZOLTZPKH^^^HSSTHUUHIHYUO\ZL[ZL
+L[OpYpYLUHU[VSVNPZVTOHYRVTTP[[PSSPUVTYHTLUM€Y:[PM[LSZLU(SSTpUUH
)HYUO\ZL[Z\[]LJRSPUNZHYIL[L)9()HYUZ9p[[ZVT(UO€YPNH(]ZPR[LUpY
H[[NLLUM€YKQ\WUPUNUpYKL[NpSSLYUrNYHVSPRHVTYrKLUZVTILY€YIHYUL[Z
Yp[[PNOL[LYVJOKLSHR[PNOL[4HYPH,YPRZZVUWYVMLZZVYPZVJPHS[HYIL[L
ZRYP]LYVT]HKIHYUVJOWLYZVUHS[`JRLYUpYKLWY€]H[LUU`TVKLSS)9(
M€YH[[\WWTpYRZHTTHHUO€YPNHIHYUZILOV],SPZHIL[5pZTHUWYVMLZZVY
PZVJPVSVNPHUHS`ZLYHY]HKL[[KLSHR[PNOL[ZWLYZWLR[P]ZVTY€YIHYUVJO
\UNKVTHYRHUPUULIpYH7LYUPSSH3L]PULYKVR[VYPVMMLU[SPNYp[[NLYL[[
Yp[[ZSPN[WLYZWLR[P]WrIHYUL[ZKLSHR[PNOL[:S\[SPNLUNLYgZH3HUKILYN
WZ`RVSVNVJOSLNP[PTLYHKWZ`RV[LYHWL\[L_LTWLSWr]HKZVTRHU]HYH
]PR[PN[PILT€[HUKL[M€YKLUZVTZRHZHT[HSHTLKHUO€YPNHIHYU
(SSTpUUH)HYUO\ZL[pYLUZ[H[SPNZ[PM[LSZLTLK\WWKYHNH[[Z[€KQHTL[VK
VJOR\UZRHWZ\[]LJRSPUNPHYIL[L[TLKIHYUVJO\UNKVTHYP\[ZH[[OL[
)HYUO\ZL[NLYHUZSHN[PSSZVJPHS[PUYPR[HKIHYUVJO\UNKVTZMVYZRUPUNKYP]LY
LNUH\[]LJRSPUNZWYVQLR[HUVYKUHYRVUMLYLUZLYVJOZLTPUHYPLYM€YH[[ZWYPKH
R\UZRHWZHT[NLY\[I€JRLYPHR[\LSSHMYrNVY
3pZTLYWr^^^HSSTHUUHIHYUO\ZL[ZL
0:)5