B
D
(,167(,1
I`7H\S*)\MM
,1,7,$/6(783
9LTV]L[OLZOPWWPUNJV]LY
;OL,PUZ[LPU\UP[ZOPWZ^P[OHISHJRZOPWWPUNJV]LYWVZP[PVULKVU
[OLMHJLWSH[LV]LY[OLÅHZO[\ILTVKLSPUNSHTWHUKMYVZ[LKKVTL[VWYV[LJ[[OLZLP[LTZPU
[YHUZP[;OPZVWHX\LISHJRJV]LYT\Z[ILYLTV]LKILMVYL\ZL(U`WYV[LJ[P]LWHJRPUNTH[LYPHS
HYV\UK[OLMYVZ[LKKVTLT\Z[HSZVILYLTV]LK
;VYLTV]L[OLJV]LYZSPKLLP[OLYVM[OLX\PJR
YLSLHZLSL]LYZ[VYL[YHJ[[OLMV\YMHJLWSH[LÄUNLYZOVSKPUN[OLJV]LY
5V[L!
+V56;YLWSHJL[OL
ZOPWWPUNJV]LYVUHOV[SPNO[(SSV^[OLSPNO[[VM\SS`JVVSILMVYLPUZ[HSSPUN[OLZOPWWPUNJV]LY
7SHJL[OLÅHZO\UP[VUHSPNO[Z[HUK
7SHJL[OL,PUZ[LPU\UP[VUHZ[HUKHYKSPNO[Z[HUK^P[O[OL
Z[HUK»Z[VWJV\WSLYWSHJLKPUZPKL[OL,PUZ[LPUZ[HUKTV\U[:LJ\YL[OLOVSKI`[^PZ[PUN[OL
Z[HUKTV\U[[PNO[LUPUNRUVIVU[OL,PUZ[LPU\UP[JSVJR^PZL3VVZLU[OLYH[JOL[OHUKSL[V
Z^P]LS[OLÅHZO\UP[\WVYKV^U;OLOHUKSLOHZHYH[JOL[HJ[PVU!W\SSPUNV\[VU[OLOHUKSL
HSSV^Z`V\[VHS[LYP[ZWVZP[PVUPUVYKLY[VTHRLHKQ\Z[TLU[Z^P[OV\[OP[[PUN[OLOV\ZPUN
*VUULJ[[OLZ\WWSPLKWV^LYJVYK
*VUULJ[[OLWYV]PKLKWV^LYJVYKPU[V[OLWV^LYJVYKQHJR
VU[OLIHJRWHULSVM[OLÅHZO\UP[[OLUWS\N[OLJVYKPU[VH=HJVY=HJVY/a
V\[SL[VY[VH=HNHIVUKZ`Z[LT;OL,PUZ[LPU\UP[^PSSH\[VTH[PJHSS`ZLUZL[OL]VS[HNLHUK
MYLX\LUJ`7YLZZ[OL
76>,9
I\[[VU[V[\YU[OL\UP[VU
5V[L!
>OLU[OL,PUZ[LPU\UP[PZ[\YULK
VMMP[»ZHJ[\HSS`PU:;(5+)@TVKLHUKJHUIL[\YULKVUYLTV[LS`I`H*`ILY*VTTHUKLY
YLTV[LPMP[PZÄ[[LK^P[OH*:?*=*`ILY:`UJ;YHUZJLP]LYIV[OVW[PVUHSHJJLZZVYPLZZVSK
ZLWHYH[LS`ZLLWHNLMVYTVYLKL[HPSZ
)LNPUPU
,(:@:,;
4VKL
;OLYLJLZZLK
,(:@:,;
I\[[VUHSSV^ZPUZ[HU[ZL[\WMVYTVZ[\ZLYZ
7YLZZPUN[OPZI\[[VUJSLHYZHU`ZWLJPHSWYVNYHTTPUNHUKZL[Z[OL,PUZ[LPU\UP[[V[OLMVSSV^PUN
WHYHTL[LYZOV^[OL\UP[PZZOPWWLKMYVT[OLMHJ[VY`!
4VKLS 4VKL $ ;9(*2 -SHZOWV^LY!
;OL TVKLSPUN SHTW [YHJRZ [OL ÅHZOWV^LY V\[W\[
IYPNO[LUPUNVYKPTTPUNH\[VTH[PJHSS`HZ[OLÅHZOWV^LYPZHKQ\Z[LK\WVYKV^UMVYH
¸>OH[@V\:LL0Z>OH[@V\.L[¹TVKLSPUNWYL]PL^
9LJ`JSL9LHK`0UKPJH[PVU$)6;/(\KPISLHUK=PZ\HS9LJ`JSL0UKPJH[PVU!
9LJ`JSLPUKPJH[PVU
PZWYV]PKLKI`HUH\KPISLILLWHUKI`[OLTVKLSPUNSHTWKPTTPUNK\YPUNYLJ`JSL
[OLUYLZ[VYPUNIYPNO[ULZZ^OLUYLJ`JSLPZJVTWSL[L
*VSVY(J[PVU$*63694VKL!
;OLLTP[[LKJVSVY[LTWLYH[\YLPZOLSKJVUZ[HU[H[¢2
WS\ZVYTPU\Z¢2H[HU`WV^LYZL[[PUNVYPUW\[]VS[HNL
:LLWHNLMVYTVYLKL[HPSZ
:SH]L,`L:[H[\Z$65!
;OLZSH]LL`LÅHZOZLUZVYPZ[\YULKVU
*OHUULS-YLX\LUJ`!
;OLVW[PVUHS*:?*=*`ILY:`UJ;YHUZJLP]LYPMWYLZLU[PZZL[[V
-YLX\LUJ`HUK*OHUULS
;OL*:?*=PZZVSKZLWHYH[LS`WHY[VM[OL*`ILY:`UJ
YLTV[LJVU[YVSZ`Z[LTZLLWHNLMVYTVYLKL[HPSZ
