Tilburg University
Vind ik dit leuk? Een fundamenteel privacyperspectief op monitoring en
profilingtechnologieën
C Roosendaal, A.P.
Published in:
Privacy en informatie
Publication date:
2011
Document Version
Publisher's PDF, also known as Version of record
Link to publication in Tilburg University Research Portal
Citation for published version (APA):
C Roosendaal, A. P. (2011). Vind ik dit leuk? Een fundamenteel privacyperspectief op monitoring en
profilingtechnologieën. Privacy en informatie, 2011(3), 127-132.
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'GP HWPFCOGPVGGN RTKXCE[RGTURGEVKGH QR OQPKVQTKPI GP RTQƂNKPIVGEJPQNQIKGÇP
6TGHYQQTFGP
EQPVGZVWGNGKPVGITKVGKVKPHQTOCVKQPGNG\GNHDGUEJKM MKPI EQQMKGU FKIKVCNG XGTIGVGNJGKF
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ËPXNQGFV #CP FG JCPF XCP GGP EQPETGVG ECUWU FG n8KPF KM NGWMoMPQR XCP (CEGDQQM YQTFV FWKFGNKLM FCV RTKXCE[ GP CWVQPQOKG YGN FGIGNKLM KP JGV IGFKPI \KLP #HUNWKVGPF YQTFV GGP CNVGTPCVKGXG FGPMTKEJVKPI XQQT IGIGXGPUDGUEJGTOKPI IGIGXGP OGV TGHGTGPVKG CCP TGEGPVG QPVYKMMGNKPIGP DKL FG #OGTK MCCPUG (GFGTCN 6TCFG %QOOKUUKQP #NU DGNCPITKLMUVG CCPFCEJVURWPVGP IGNFGP JGV XGTFYKLPGPFG DGNCPI XCP JGV QPFGTUEJGKF VWUUGP RGTUQQPUIGIGXGPU GP CPFGTG IGIGXGPU GP FG RTCMVKLM XCP ITQVG IGIGXGPUUGVU KP RNCCVU XCP NQUUG IGIGXGPU
+PNGKFKPI
*GV IGDTWKM XCP EQQMKGU QO UWTHIGFTCI XCP KPVGTPGVIG DTWKMGTU VG OQPKVQTGP KU QR \KEJ PKGVU PKGWYU*GV YGV VGNKLM MCFGT KU GEJVGT UVGTM KP DGYGIKPI +P 0GFGTNCPF YQTFV JCTF IGYGTMV CCP FG KORNGOGPVCVKG XCP PKGWYG TGIGNIGXKPIDGVTGHHGPFGEQQMKGU \QCNU FG\G KU XQQTIGUEJTG XGP KP 4KEJVNKLP ')XCP JGV 'WTQRGGU2CTNGOGPV
GP FKG GKPF OGK KP CNNG '7NKFUVCVGP OQGV \KLP KPIGXQGTF &G 4KEJVNKLP ICCV GTXCP WKV FCV EQQMKGU IGDTWKMV YQTFGP
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
9CPPGGT JGV QO RTKXCE[ QH IGIGXGPUDGUEJGTOKPIICCV YQTFV XCCM QR EQPETGGV PKXGCW PCCT GGP ECUWU IGMGMGP GP RGT FGVCKN DGRCCNF QH KGVU YGVVGNKLM KU VQGIGUVCCP QH PKGV 'GP HWPFCOGPVGNG DGPCFGTKPI QPVDTGGMV JGNCCU XCCM GP FCV KU OGFG VG YKLVGP CCP FG HQTOWNGTKPIGP GP DGPCFGTKPIGP KP FG JWKFKIG TGIGNIGXKPI DGVTGHHGPFG IG IGXGPUDGUEJGTOKPI
#WVQPQOKG RTKXCE[ GP KFGPVKVGKV
*GV TGEJV QR RTKXCE[ KU GGP HWPFCOGPVGGN TGEJV FCV IGNFV XQQT CNNG KPFKXKFWGP 8CP QWFUJGT YGTF RTKXCE[ KP \GMGTG OCVG IGYCCTDQTIF FQQT PCVWWTNKLMG DGRGTMKPIGP \QCNU H[UKGMG CHUVCPF \GMGT VQGP GT PQI IGGP CWVQoU GP VGNG HQQPU YCTGP GP FG OGPUGNKLMG GKIGPUEJCR XCP nXGTIGVGPo &G\G DGRGTMKPIGP \QTIFGP GTXQQT FCV XGTUEJKNNGPFG EQPVGZVGP IGUEJGKFGP DNGXGP FCV FG MTKPI XCP OGPUGP FKG GTIGPU MGPPKU XCP MQP PGOGP DGRGTMV YCU GP FCV FKPIGP PC XGTNQQR XCP VKLF XGTIGVGP YGTFGP +P FG JWKFKIG KPHQTOCVKGOCCVUEJCRRKL\KLP CN FG\G DGRGTMKPIGPXGTFYG PGP )GIGXGPU YQTFGP FKIKVCCN QRIGUNCIGP GP XGTYGTMV GGP FTWM QR FG MPQR \QTIV FCV IGIGXGPU IGFGGNF YQTFGP OGV ITQVG ITQGRGP OGPUGP QH RQVGPVKGGN \GNHU KGFGTGGP
#TPQNF 4QQUGPFCCN KU RTQOQXGPFWU DKL JGV 6KNDWTI +PUVKVWVG HQT .CY 6GEJPQNQI[ CPF 5QEKGV[ 6+.6 CCP 6KNDWTI 7PKXGTUKV[ GP RCTVPGT DKL (GPPGNN4QQUGPFCCN 1PFGT\QGM GP #FXKGU
<KG DKLXQQTDGGNF %# &Y[GT $GJCXKQTCN 6CTIGVKPI # %CUG 5VWF[ QH %QPUWOGT 6TCEMKPI QP .GXKUEQO 2CRGT RTGUGPVGF CV VJG VJ #OGTKECP %QPHGTGPEG QP +PHQTOCVKQP 5[UVGOU 5CP (TCPEKUEQ %CNKHQTPKC & /CTVKP * 9W # #NUCKF *KFFGP 5WTXGKNNCPEG D[ 9GD 5KVGU 9GD
$WIU KP %QPVGORQTCT[ 7UG %QOOWPKECVKQPU QH VJG #%/ PQ XG R
4KEJVNKLP ') XCP JGV 'WTQRGGU 2CTNGOGPV GP FG 4CCF XCP PQXGODGT VQV YKL\KIKPI XCP 4KEJVNKLP ') KP\CMG FG WPKXGTUGNG FKGPUV GP IGDTWKMGTUTGEJVGP OGV DGVTGMMKPI VQV GNGMVTQPKUEJG EQOOWPKECVKGPGVYGTMGP GP FKGPUVGP COGPFGGTV 4KEJVNĎP
') DGVTGHHGPFG FG XGTYGTMKPI XCP RGTUQQPUIGIGXGPU GP FG DGUEJGTOKPI XCP FG RGTUQQPNĎMG NGXGPUUHGGT KP FG UGEVQT GNGMVTQPKUEJG EQOOWPKECVKG
4KEJVNKLP ') XCP JGV 'WTQRGGU 2CTNGOGPV GP FG 4CCF XCP QMVQDGT DGVTGHHGPFG FG DGUEJGTOKPI XCP PCVWWTNKLMG RGTUQPGP KP XGTDCPF OGV FG XGTYGTMKPI XCP RGTUQQPUIGIGXGPU GP DGVTGHHGPFG JGV XTKLG XGTMGGT XCP FKG IGIGXGPU
(, <WKFGTXGGP $QTIGUKWU n&G PKGWYG EQQMKGTGIGNU CNYGVGPFG DGFTKLXGP GP QPYGVGPFG KPVGTPGVIGDTWKMGTU!o 2+ R
$ XCP FGT 5NQQV n*GV RNCCVUGP XCP EQQMKGU VGP DGJQGXG XCP DGJCXKQWTCN VCTIGVKPI XCPWKV RTKXCE[RGTURGEVKGH o 2+ R
#ƃ s OGK
GP JGV KPVGTPGV XGTIGGV PKGVU GT KU IGGP nFKIKVCN QDNKXKQPo IGGP FKIKVCNG XGTIGVGNJGKF &CV DGVGMGPV FCV IGIGXGPU NCPIG VKLF DGYCCTF DNKLXGP OQIGNKLM QR XGTUEJKNNGPFG RNCCVUGP GP FCV GGP KPFKXKFW IGGP QXGT\KEJV OGGT JGGHV QXGT YKG VQGICPI JGGHV VQV YGNMG IGIGXGPU
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ËPVTQFWEGGTF &G\G 4KEJVNKLP OQGUV FQQT CNNG '7NKFUVCVGP KP PCVKQPCNG YGVIGXKPI YQTFGP IGËORNGOGPVGGTF +P FG 4KEJVNKLP KU QPFGT OGGT FWKFGNKLM CCPIGIGXGP YCV NGIKVKGOG ITQPFGP XQQT IGIG XGPUXGTYGTMKPI \KLP <QPFGT GGP XCP FG\G ITQPFUNCIGP KU XGTYGTMKPI XCP RGTUQQPUIGIGXGPU PKGV VQGIGUVCCP 1R XGTUEJGKFGPG RNCCVUGP KP FG RTGCODWNG YQTFGP HWPFC OGPVGNG TGEJVGP XCP JGV KPFKXKFW KP JGV DKL\QPFGT JGV TGEJV QR RTKXCE[ CCPIGJCCNF CNU DGUEJGTOGPUYCCTFKI GP YQTFV GZRNKEKGV XGTFWKFGNKLMV FCV FG 4KEJVNKLP QQM DG FQGNF KU QO FKG DGUEJGTOKPI VG DKGFGP
&G TGNCVKG VWUUGP IGIGXGPUDGUEJGTOKPI GP RTKXCE[ KU FG RGTUQQPNKLMG NGXGPUUHGGT 1R FG RGTUQQPNKLMG NGXGPU UHGGT OCI PKGV \QOCCT KPDTGWM IGOCCMV YQTFGP /CCT FG VTCFKVKQPGNG OWTGP QO KGVU DKPPGPUJWKU VG JQWFGP XQNUVCCP PKGV OGGT &QQT JGV XQQTVUEJTKLFGP XCP FG KPHQT OCVKGVGEJPQNQIKG MWPPGP FKPIGP FKG KP FG RGTUQQPNKLMG NGXGPUUHGGT IGDGWTGP UVGGFU OCMMGNKLMGT KP IGIGXGPU IGXCPIGP YQTFGP &CCTQO FKGPGP FKG IGIGXGPU FWU DG UEJGTOF VG YQTFGP
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
*GV DGRCNGP YGNMG IGIGXGPU YQTFGP IGFGGNF OGV YKG JCPIV YGGT UCOGP OGV RGTUQQPNKLMG KFGPVKVGKV &KV XGT DCPF MQOV XQQTCN UVGTM VQV WKVFTWMMKPI KP FG FGƂPKVKG XCP RTKXCE[ FKG 4QVGPDGTI GP #ITG IGXGP 2TKXCE[ KU VJG HTGGFQO HTQO WPTGCUQPCDNG EQPUVTCKPVU QP EQPUVTWEVKPI KFGPVKV[ CPF EQPVTQN QXGT CURGEVU QH KFGPVKV[ RTQLGEVGF VQ VJG YQTNF+PFKXKFWGP JGDDGP KP JGV FCIGNKLMU NGXGP XGTUEJKNNGPFG FGGNKFGPVKVGKVGP YGTMPGOGT IQNƃKGHJGD DGT QWFGT GVE $KL GNMG KFGPVKVGKV JQTGP DGRCCNFG IGIG XGPU FKG IGFGGNF MWPPGP YQTFGP OGV CPFGTGP FKG VQV FG FGUDGVTGHHGPFG EQPVGZV DGJQTGP /GV LG EQNNGICoU QR JGV YGTM DGURTGGM LG CPFGTG FKPIGP FCP OGV LG IG\KP 9CP PGGT IGIGXGPU DKPPGP FG TGNGXCPVG EQPVGZV DNKLXGP YQTFV FKV QQM YGN EQPVGZVWGNG KPVGITKVGKV IGPQGOF&KG KPVGITK VGKV KU PQQF\CMGNKLM QO GGP TQN DKPPGP GGP EQPVGZV IQGF VG MWPPGP XGTXWNNGP9CPPGGT EQPVGZVGP FQQT GNMCCT ICCP NQRGP MWPPGP MGW\GU DGRGTMVGT YQTFGP GP KU WKV GKPFGNKLM FG CWVQPQOKG CCPIGVCUV
/QPKVQTKPI GP RTQƂNKPI
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oU IGVQQPF MWPPGP YQTFGP PCCTIGNCPI XQQTMGWTUKPUVGNNKP IGP XCP FG IGDTWKMGT 1QM MWPPGP CCPMQRGP WKV JGV XGTNGFGP QH CTVKMGNGP FKG DGMGMGP \KLP WKVIGNKEJV YQTFGP GP QR DCUKU XCP GGTFGTG CCPMQRGP CCPDGXGNKPIGP IGFCCP YQTFGP &CCTOGG MCP FWU FG IGDTWKMGTUGTXCTKPI XGTDG VGTF YQTFGP
'GP CPFGTG DGNCPITKLMG QXGTYGIKPI XQQT EQOOGTEKÇNG RCTVKLGP QO EQQMKGU VG IGDTWKMGP KU JGV QRVKOCNKUGTGP XCP KPMQOUVGP FQQT IGTKEJVG CFXGTVGPVKGU *QG RGTUQQP NKLMGT GGP CFXGTVGPVKG KU CHIGUVGOF JQG ITQVGT FG MCPU FCV GGP KPVGTPGVIGDTWKMGT FCCFYGTMGNKLM QR FG CFXGTVGP VKG MNKMV 1O GGP CFXGTVGPVKG IQGF CH VG UVGOOGP KU JGV DGNCPITKLM QO VG YGVGP YGNMG KPVGTGUUGU GGP KPVGTPGVIG DTWKMGT JGGHV *QG IGFGVCKNNGGTFGT JQG DGVGT 1O FKG KPVGTGUUGU VG DGRCNGP MWPPGP RTQƂGNGP IGOCCMV YQTFGP XCP KPFKXKFWGNG KPVGTPGVIGDTWKMGTU %QQMKGU \KLP FCCTDKL GGP DGNCPITKLM JWNROKFFGN XCPYGIG FG OQIGNKLMJGKF QO KPVGTPGVIGFTCI VG OQPKVQTGP *GV URTGGMV XQQT \KEJ FCV GGP ITQVGTG JQGXGGNJGKF KPHQTOCVKG VQV GGP IGFGVCKNNGGT FGT RTQƂGN MCP NGKFGP 1O GGP ITQVG JQGXGGNJGKF IGIG XGPU VG XGT\COGNGP KU JGV JCPFKI QO GGP IGDTWKMGT QXGT XGTUEJKNNGPFG YGDRCIKPCoU VG MWPPGP XQNIGP 'T \KLP
2' #ITG / 4QVGPDGTI 6GEJPQNQI[ CPF 2TKXCE[ 6JG 0GY .CPFUECRG %CODTKFIG /# =GVE? /+6 2TGUU R
* 0KUUGPDCWO 2TKXCE[ CU %QPVGZVWCN +PVGITKV[ 9CUJKPIVQP .CY 4GXKGY
GEJVGT GPMGNG DGRGTMKPIGP CCP EQQMKGU FKG FCV VGEJPKUEJ IG\KGP NCUVKIGT OCMGP
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oU 9CPPGGT \KL GGP EQQMKG IGRNCCVUV JGDDGP QR FG EQORWVGT XCP GGP KPVGTPGVIGDTWKMGT MWPPGP \KL FG\G IGDTWKMGT FWU XQNIGP QXGT CN FG\G RCIKPCoU QOFCV FG EQQMKG OGGIGUVWWTF YQTFV KP FG JVVRTGSWGUV CCP FG UGTXGTU XCP FG\G RCTVKL QPIGCEJV QR YGNMG RCIKPC FG IGDTWKMGT \KEJ DGXKPFV
1OFCV JGV QR JGV GGTUVG IG\KEJV PKGV FWKFGNKLM KU FCV PKGV CNNGGP FG DGQQIFG YGDRCIKPC YQTFV DG\QEJV OCCT FCV GT KP HGKVG OGV GGP JGNGDQGN RCTVKLGP IGEQOOWPKEGGTF YQTFV KU JGV NCUVKI QO KP VG UEJCVVGP YGNMG RCTVKLGP IG IGXGPU QXGT FG KPVGTPGVIGDTWKMGT XGT\COGNGP /GFG FCCTQO KU JGV NCUVKI QO VQGUVGOOKPI XQQT EQQMKGIGDTWKM VG IGXGP OKFFGNU DTQYUGTKPUVGNNKPIGP6QGUVGOOKPI KP FG \KP XCP FG 9GV DGUEJGTOKPI RGTUQQPUIGIGXGPU XGTGKUV KOOGTU IGËPHQTOGGTF \KLP &QQTFCV EQQMKGU QR FG CEJVGTITQPFYGTMGP GP FG IGOKFFGNFGKPVGTPGVIGDTWK MGT FWU XCCM PKGV QR FG JQQIVG KU XCP EQQMKGU GP YCV FKG FQGP MCP GT XCP IGËPHQTOGGTF \KLP IGGP URTCMG \KLP 'T \KLP GEJVGT QQM UKVWCVKGU YCCT JGV NKLMV QH FG KPVGTPGVIG DTWKMGT GGP DGYWUVG MGW\G MCP OCMGP OCCT YCCT FKV LWKUV XCPYGIG EQQMKGU PKGV JGV IGXCN KU 'GP FWKFGNKLM XQQTDGGNF JKGTXCP KU FG YKL\G YCCTQR (CEGDQQM FG n8KPF KM NGWMoMPQRIGDTWKMV
&G n8KPF KM NGWMoMPQR XCP (CEGDQQM
&G n8KPF KM NGWMoMPQR n.KMG DWVVQPo KU GGP MPQR FKG QR XGGN YGDRCIKPCoU XQQTMQOV *GV KU GGP nVJWODUWRo U[ODQQN OGV FG VGMUV n8KPF KM NGWMo GTPCCUV (CEGDQQM NGFGP MWPPGP QR FG MPQR MNKMMGP QO CCP VG IGXGP FCV \G KGVU NGWM XKPFGP $KL GGP KPIGNQIFG (CEGDQQMIGDTWKMGT
XGTUEJKLPV GT FCP QPOKFFGNNKLM GGP NKPM PCCT JGV KVGO QH FG DGVTGHHGPFG YGDRCIKPC QR \KLP QH JCCT RTQƂGNRCIKPC 8QNIGPU (CEGDQQM n=V?JG .KMG DWVVQP NGVU C WUGT UJCTG [QWT EQPVGPV YKVJ HTKGPFU QP (CEGDQQM 9JGP VJG WUGT ENKEMU VJG .KMG DWVVQP QP [QWT UKVG C UVQT[ CRRGCTU KP VJG WUGToU HTKGPFUo 0GYU (GGF YKVJ C NKPM DCEM VQ [QWT YGDUKVGo&G EQFG YCCTOGG FG MPQR IGËORNGOGPVGGTF MCP YQTFGP KP GGP YGDRCIKPC KU ITCVKU DGUEJKMDCCT GP MCP FWU GGPXQWFKI FQQT YGDUKVGGKIGPCTGP YQTFGP IG DTWKMV QO DG\QGMGTU FG RCIKPC QH QPFGTFGNGP GTXCP VG NCVGP RTQOQVGP
&G n8KPF KM NGWMoMPQR KU ÅÅP XCP FG \QIGJGVGP UQEKCN RNWIKPU FKG (CEGDQQM KP CRTKN QR JCCT (EQPHGTGPVKG KPVTQFWEGGTFG &G MPQR OQGUV (CEGDQQMIGDTWKMGTU KP UVCCV UVGNNGP QO QR GGPXQWFKIG YKL\G KPVGTGUUGU VG FGNGP FQQT VG XGTYKL\GP PCCT CTVKMGNGP GP RCIKPCoU 5KPFUFKGP KU FG MPQR QR VCN XCP RCIKPCoU XGTUEJGPGP &G YCCTFG XCP FG MPQR KU QQM XCPWKV EQOOGTEKGGN QQIRWPV CCP\KGP NKLM 2CIKPCoU FKG FG n8KPF KM NGWMoMPQR JGDDGP IGËORNG OGPVGGTF TCRRQTVGTGP ITQGK KP DG\QGMGTUCCPVCNNGP XCP UQOU OGGT FCP GP FG VKLF FKG QR RCIKPCoU OGV FG MPQR YQTFV IGURGPFGGTF QO CTVKMGNGP VG NG\GP KU XCCM QQM OGV VQGIGPQOGP&G RQRWNCTKVGKV XCP FG MPQR KP EQODKPCVKGOGV FG GPQTOG EQOOGTEKÇNGYCCTFG OCCMV JGV CCPPGOGNKLM FCV JGV CCPVCN n8KPF KM NGWMoMPQRRGP GZRNQUKGH VQG \CN DNKLXGP PGOGP
$KL JGV NCFGP XCP FG n8KPF KM NGWMoMPQR YQTFV IGGP EQQMKG IGRNCCVUV (CEGDQQM JGGHV FCCT CPFGTG OGVJQFGP XQQT 8CP\GNHURTGMGPF MTKLIGP NGFGP XCP (CEGDQQM DKL JWP CCPOGNFKPI GGP EQQMKG OGV GGP WPKGMG IGDTWKMGTU +& /GPUGP FKG IGGP CEEQWPV DKL (CEGDQQM JGDDGP MWP PGP GEJVGT QQM GGP EQQMKG MTKLIGP XKC (CEGDQQM %QPPGEV (CEGDQQM %QPPGEV KU GGP RTQITCOOC FCV QR FG CEJVGT ITQPF XCP XGGN YGDRCIKPCoU FTCCKV QO MQRRGNKPIGP VWU UGP FG RCIKPC GP (CEGDQQM OQIGNKLM VG OCMGP DKLXQQT DGGNF QO FG NKPM XCP GGP RTQƂGNRCIKPC PCCT GGP CTVKMGN FCV KGOCPF OGV FG n8KPF KM NGWMoMPQR JGGHV IGRTQOQQV VG OCMGP 9CPPGGT (CEGDQQM %QPPGEV YQTFV IGNCFGP DKL JGV DG\QGMGP XCP GGP YGDRCIKPC YQTFV GGP EQQMKG IGRNCCVUV QR FG EQORWVGT XCP FG IGDTWKMGT KPFKGP FG\G PQI IGGP (CEGDQQMEQQMKG JGGHV 8CPCH JGV OQOGPV FCV FG EQQMKG GT KU YQTFV FG\G GNMG MGGT OGGIGUVWWTF KP GGP JVVRTGSWGUV QO EQPVGPV XCP FG (CEGDQQMUGTXGTU VG NC FGP &CV MCP FWU QQM FG n8KPF KM NGWMoMPQR \KLP &G\G MPQR YQTFV KOOGTU IGËORNGOGPVGGTF KP GGP RCIKPC OCCT KU KP HGKVG GGP TGIGNEQFG FKG JGV RNCCVLG QRXTCCIV XCP FG (CEGDQQMUGTXGTU
&G n8KPF KM NGWMoMPQR KU VG XKPFGP QR GGP \GGT ITQVG JQGXGGNJGKF YGDRCIKPCoU (CEGDQQM MTKLIV XKC CN FG\G RCIKPCoU KPHQTOCVKG QXGT FG DG\QGMGTU 9CV FG n8KPF KM NGWMoMPQR DKL\QPFGT OCCMV VGP QR\KEJVG XCP nVTCFKVKQPG NGo VJKTF RCTV[ EQQMKGU QO KPVGTPGVIGFTCI VG OQPKVQTGP KU FG \KEJVDCCTJGKF XCP FG MPQR ,WKUV QOFCV FG MPQR \KEJVDCCT KU \CN GGP IGDTWKMGT FGPMGP \GNH EQPVTQNG VG
<KG JKGTQXGT QQM JGV GGTFGTIGPQGOFG CTVKMGN XCP <WKFGTXGGP $QTIGUKWU
+P JGV 'PIGNU FG n.KMG DWVVQPo
<KG XQQT GGP WKVIGDTGKFGTG VGEJPKUEJG DGUEJTKLXKPI OKLP RCRGT n(CEGDQQM 6TCEMU CPF 6TCEGU 'XGT[QPG .KMG 6JKUo DGUEJKMDCCT QR JVVR RCRGTUUUTPEQOUQNRCRGTUEHO!CDUVTCEVAKF GP OKLP DKLFTCIG KP +PHQTOCVKG$GXGKNKIKPI n(CEGDQQM XQNIV KGFGTG KPVGT PGVIGDTWKMGT .KMG VJKUo +PHQTOCVKG$GXGKNKIKPI R
JGDDGP QXGT FG EQOOWPKECVKG OGV (CEGDQQM (CEGDQQM NGFGP MWPPGP DGYWUV QR FG MPQR MNKMMGP QO GGP MQRRG NKPI PCCT JWP RTQƂ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n8KPF KM NGWMoMPQR CN JCFFGP IGËORNGOGPVGGTF
'P VGTWI PCCT RTKXCE[e
9CV DGVGMGPV FG n8KPF KM NGWMo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nEJKNNKPI GHHGEVo YCV JKL HGKVGNKLM MQRRGNV CCP DGXGKNKIKPIURTQDNGOGP GP JGV NGMMGP XCP IGIGXGPU IGIGXGPU MQOGP KP XGTMGGTFG JCPFGP VGTGEJV GP MWPPGP OKUDTWKMV YQTFGP 'T KU GEJVGT OGGT CCP FG JCPF +P JQQHFNKLPGP MWPPGP CCP JGV TGEJV QR RTKXCE[ KP JGV NKEJV XCP CWVQPQOKG GP KFGPVKVGKV VYGG JQQHFMCTCMVGTKUVKGMGP YQTFGP VQGIGUEJTGXGP KPHQTOCVKQPGNG \GNHDGUEJKMMKPI GP EQPVGZVWGNGKPVGITKVGKV8QQTPQGOFGRTQDNGOGPJQTGP JQQHF\CMGNKLM DKL KPHQTOCVKQPGNG \GNHDGUEJKMMKPI *GV ICCV FCP QXGT FG EQPVTQNG GP \GIIGPUEJCR QXGT YKG GT DGRCCNFG KPHQTOCVKG VG \KGP MTKLIV GP YKG DGRCCNFG IGIG XGPU OCI XGTYGTMGP /GV PCOG KP JGV IGXCN XCP FCVCNGM MGP KU FKG EQPVTQNG XGTFYGPGP
&G VYGGFG MCTCMVGTKUVKGM EQPVGZVWGNG KPVGITKVGKV KU GEJVGT PQI PKGV XQNNGFKI CCP FG QTFG IGYGGUV ,WKUV QOFCV KPVGTPGVIGFTCI QXGT XGTUEJKNNGPFG YGDRCIKPCoU IGXQNIF
YQTFV TCMGP FG ITGP\GP VWUUGP XGTUEJKNNGPFG EQPVGZVGP XGTXCCIF $KL GNMG EQPVGZV JQQTV GEJVGT GGP CPFGTG FGGN KFGPVKVGKV 2CIKPCoU MWPPGP DGMGMGP YQTFGP XQQT RTQHGU UKQPGNG FQGNGKPFGP KP QRFTCEJV XCP GGP YGTMIGXGT CPFG TG RCIKPCoU YQTFGP DG\QEJV XCPWKV JQDD[KUVKUEJ RGTURGE VKGH GP GT \KLP \CMGP FKG RTKXÅ FKGPGP VG DNKLXGP XQQT JGV IG\KP QH XQQT FG KPFKXKFWGNG IGDTWKMGT $KL JGV IGDTWKM XCP EQQMKGU QO KPVGTPGVIGFTCI IGFGVCKNNGGTF KP MCCTV VG DTGPIGP ICCP FG EQPVGZVGP XGTNQTGP GP MQOGP IGIGXGPU FKG GKIGPNKLM IGUEJGKFGP DGJQTGP VG DNKLXGP DKL GNMCCT 'ÅP RCTVKL JGGHV FWU OQIGNKLM KP\KEJV KP CNNG FGGNKFGPVK VGKVGP FKG GGP KPFKXKFW CCPPGGOV
9CPPGGT YG FCP MKLMGP PCCT RTKXCE[ CNU FG XTKLJGKF QO GGP KFGPVKVGKV VG EQPUVTWGTGP GP QO VG EQPVTQNGTGP YGNMG CURGEVGP XCP GGP KFGPVKVGKV IGVQQPF YQTFGPKU CN UPGN FWKFGNKLM FCV XCP FKG XTKLJGKF YGKPKI URTCMG OGGT MCP \KLP &G KFGPVKVGKV QH KP JGV IGXCN XCP DGJCXKQTCN CFXGTVKUKPI JGV RTQƂGN YQTFV KOOGTU FQQT GGP CPFGT IGEQPUVTWGGTF &CCTPCCUV JGGHV JGV KPFKXKFW IGGP EQPVTQNG QXGT YGNMG IGIGXGPU FG DCUKU XQTOGP XQQT FCV RTQƂGN GP YGNMG PKGV +P JGV URGEKƂGMG IGXCN XCP (CEG DQQM MWPPGP IGIGXGPU FKG XGT\COGNF YQTFGP QXGT YGDIGFTCI IGMQRRGNF YQTFGP CCP RTQƂGNRCIKPCoU XCP NGFGP &CCTOGG YQTFV JGV RTQƂGN FWU XGGN WKVIGDTGKFGT GP IGFGVCKNNGGTFGT FCP FG KPHQTOCVKG FKG JGV (CEGDQQM NKF DGYWUV QR \KLP RTQƂGNRCIKPCJGGHV IGRNCCVUV 9CPPGGT GGP KPFKXKFW DGYWUV MKGUV QO XQQT XGTUEJKNNGPFG EQPVGZ VGP XGTUEJKNNGPFG UQEKCNGPGVYGTMGP VG IGDTWKMGP DKLXQQT DGGNF (CEGDQQM XQQT GGP JQDD[ENWD GP .KPMGF+P XQQT RTQHGUUKQPGNG EQPVCEVGP ICCV FKG UEJGKFKPI XGTNQTGP KP KGFGT IGXCN QR JGV PKXGCW XCP KPVGTGUUGU
1QM XQQT KGOCPF FKG DGYWUV OKUUEJKGP \GNHU XCPWKV RTKXCE[QXGTYGIKPIGP IGGP NKF XCP (CEGDQQM KU KU FG UK VWCVKG CNCTOGTGPF 'T MCP IGGP MQRRGNKPI CCP GGP RTQ ƂGNRCIKPC IGOCCMV YQTFGP OCCT JGV KPFKXKFW YQTFV YGN FGIGNKLM IGXQNIF QR JGV KPVGTPGV 1QM JKGT YQTFV GGP RTQƂGN IGXQTOF FQQT (CEGDQQM *GV XGTDCPF OGV KPFKXK FWGNG CWVQPQOKG KU JKGT PQI FWKFGNKLMGT CCPYG\KI 'GP DGYWUVG MGW\G QO IGGP EQPPGEVKG OGV (CEGDQQM CCP VG ICCP KU GKIGPNKLM PKGV OQIGNKLM &CCTPCCUV YGMMGP FG (CEGDQQMVQQNU LWKUV FG UWIIGUVKG FCV FG\G MGW\G GT YGN FGIGNKLM KU DKLXQQTDGGNF FQQT JGV \KEJVDCCT VQPGP XCP FG n8KPF KM NGWMoMPQR QR YGDRCIKPCoU 'GP XQQT FG JCPF NKIIGPFG XGTYCEJVKPI KU PKGV MNKMMGP DGVGMGPV IGGP EQPVCEV OGV (CEGDQQM &KV DNKLMV PKGV JGV IGXCN VG \KLP
'GP NCCVUVG CCPFCEJVURWPV DGVTGHV FG RTQƂGNGP FKG UC OGPIGUVGNF YQTFGP &G\G RTQƂGNGP MWPPGP GTI IGFGVCKN NGGTF \KLP GP KP JGV IGXCN XCP IGDTWKM XQQT DGJCXKQWTCN CFXGTVKUKPI NQIKUEJGTYKLU QQM GTI IGRGTUQPCNKUGGTF *GV ICCV FWU GEJV QO GGP KPFKXKFW GP XGTFGT FCP GGP TGNCVKGH DGRGTMVG XGT\COGNKPI JQMLGU QR JQQHFNKLPGP &CCTOGG KU FG KPXNQGF QR JGV KPFKXKFW XGGN ITQVGT FCP DKL JGV RTCMVKUEJG JQMLGUFGPMGP YCV \GNHU JCPFKI MCP \KLP
)GËPFKXKFWCNKUGGTFG RTQƂGNGP JGDDGP QQM KPXNQGF QR FG CWVQPQOKG XCP KPFKXKFWGP 9CPPGGT GT QR DCUKU XCP GGP RTQƂGN GGP CCPVCN MGW\GU YQTFGP CCPIGDQFGP \KLP FKG MGW\GU CN XQQTIGUGNGEVGGTF 'T KU FWU IGGP QXGT\KEJV
n(CEGDQQM 6TCEMU CPF 6TCEGU 'XGT[QPG .KMG 6JKUo DGUEJKMDCCT QR JVVR RCRGTUUUTPEQOUQNRCRGTUEHO!CDUVTCEVAKF
> *CODWTIKUEJG $GCWHVTCIVG HØT &CVGPUEJWV\ WPF +PHQTOCVKQPUHTGKJGKV YYYJCODWTIFCVGPUEJWV\FG
2' #ITG / 4QVGPDGTI 6GEJPQNQI[ CPF 2TKXCE[ 6JG 0GY .CPFUECRG %CODTKFIG /# =GVE? /+6 2TGUU R
2+ #ƃ s OGK
XCP JGV EQORNGVG CCPDQF *GV KPFKXKFW JGGHV GGP MGW\G OCCT FKG MGW\G KU DGRGTMV &CV KU FGU VG OGGT JGV IGXCN YCPPGGT QR DCUKU XCP GGP RTQƂGN IGGP MGW\G YQTFV IGDQ FGP +GVU YCV LG PKGV MTKLIV CCPIGDQFGP \KG LG PKGV 'GP KPFKXKFW MCP JGV FWU QQM PKGV UPGN OKUUGP GP JGV KU QQM GTI NCUVKI QO KP\KEJV VG MTKLIGP KP YCV KGOCPF CNNGOCCN PKGV MTKLIV CCPIGDQFGP #WVQPQOKG KP FG \KP XCP MGW\G XTKLJGKF KU FWU KP JGV IGFKPI OCCT QQM CWVQPQOKG KP FG \KP XCP \GNH DGRCNGP YCV LG KFGPVKVGKV KU GP JQG LG CNU KPFK XKFW LG\GNH YKNV RTGUGPVGTGP UVCCV QPFGT FTWM
&G UVGTMG KPFKXKFWCNKUCVKG XCP RTQƂGNGP DGVGMGPV FCV JGV GEJV QO GGP KPFKXKFW ICCV QPIGCEJV QH FG PCCO XCP FCV KPFKXKFW DGMGPF KU DKL FGIGPG FKG JGV RTQƂGN DGJGGTV *GV XCUVJQWFGP CCP CTIWOGPVGP FCV FG YGV PKGV XCP VQGRCUUKPI \QW \KLP QOFCV JGV CPQPKGOG IGIGXGPU \QW FGP \KLP KU FCCTQO GEJV PKGV NCPIGT JQWFDCCT &G WKVFC IKPI KU QO CNVGTPCVKGXGP VG XKPFGP
'GP DNKM KP FG VQGMQOUV
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
/GV DGVTGMMKPIVQV JGV GGTUVG RWPV KU TGEGPV GGP DGNCPI TKLMG UVCR IG\GV KP FG 8GTGPKIFG 5VCVGP &G (GFGTCN 6TCFG %QOOKUUKQP (6% JGGHV KP FGEGODGT GGP UVCHTCR RQTV WKVIGDTCEJV QXGT EQPUWOGPVGPDGUEJGTOKPI KP GGP VKLFRGTM XCP UPGNNG XGTCPFGTKPIGP'GP XCP FG DGNCPI TKLMUVG RWPVGP KP FCV TCRRQTV KU FCV JGV QPFGTUEJGKF VWU UGP 2++GP 2+ 2GTUQPCN +PHQTOCVKQP PKGV OGGT TGNGXCPV
KU &KV KU QXGTKIGPU GGP RWPV FCV KP 'WTQRC CN XGGN NCPIGT QPFGTMGPF KU 1QM \QPFGT FG PCCO CFTGU GP YQQPRNCCVU VG MGPPGP MWPPGP KPFKXKFWGP DGTGKMV YQTFGP GP RGT UQQPNKLM DGPCFGTF QR DCUKU XCP RTQƂGNGP &CV IGDGWTV FCP XKC GGP EQORWVGT QH CPFGT CRRCTCCV YCCTOGG FKIKVCNG KPVGTCEVKG JQQHF\CMGNKLM KPVGTPGV RNCCVU MCP XKPFGP 8CP\GNHURTGMGPF MWPPGP FG\G CRRCTCVGP FQQT OGGTFGTG RGTUQPGP IGDTWKMV YQTFGP 'EJVGT XGGN CRRCTCVGP YQT FGP RGTUQQPNKLM XCPYGIG FG OQDKNKVGKV \QCNU NCRVQRU GP UOCTVRJQPGU &CCTPCCUV KU FG VGEJPQNQIKG CN XGT IGPQGI QO CCP FG JCPF XCP UWTHIGFTCI XGTUEJKNNGPFG IGDTWKMGTU VG QPFGTUEJGKFGP +P \KLP TCRRQTV UVGNV FG (6% GGP CCPVCN OCCVTGIGNGP XQQT QO RTKXCE[ XCP EQPUWOGPVGP GP XGK
NKIJGKF XCP IGIGXGPU DGVGT VG YCCTDQTIGP &G (6% UVGNV FCCTDKL GGP PKGWYG FGƂPKVKG XQQT XCP JGV DGITKR EQPUW OGPVGPIGIGXGPU*GV XQQTIGUVGNFG TCCOYGTM \QW XCP
VQGRCUUKPI OQGVGP \KLP QR nCNN EQOOGTEKCN GPVKVKGU VJCV EQNNGEV QT WUG EQPUWOGT FCVC VJCV ECP DG TGCUQPCDN[ NKPMGF VQ C URGEKƂE EQPUWOGT EQORWVGT QT QVJGT FGXK EGo9CPPGGT GT FWU GGP OQIGNKLMJGKF KU QO GGP URGEK ƂGMG EQPUWOGPV ÏH EQORWVGT QH CPFGT CRRCTCCV VG MQR RGNGP CCP IGIGXGPU \KLP FG OCCVTGIGNGP XCP VQGRCUUKPI *KGTKP KU FG XGTUEJWKXKPI XCP RGTUQPGP PCCT FGXKEGU GP FCCTOGG QQM XCP 2++ PCCT nRGTUQPCNKPHQTOCVKQPoVTGHHGPF XCUVIGNGIF*GV KU DGNCPITKLMFCV FG (6% FG\G XGTUEJWKXKPI GZRNKEKGV OCCMV QOFCV XGGN ITQVG KPVGTPGVDGFTKLXGP \QCNU (CEGDQQM GP )QQING JWP VJWKUDCUKU KP FG 8GTGPKIFG 5VC VGP JGDDGP GP FWU KP FG GGTUVG RNCCVU CCP #OGTKMCCPUG TGIGNIGXKPI IGDQPFGP \KLP &G EQPVTQNG QR FGTIGNKLMG DGFTKLXGP MCP FCCTFQQT YGNNKEJV CCPIGUEJGTRV YQTFGP
#NU URGEKƂGMG OCCVTGIGNGP \GV FG (6% UVGTM KP QR nRTKXCE[ D[ FGUKIPo YCCTDKL DGFTKLXGP RTKXCE[DGUEJGT OKPI KP JWP FCIGNKLMUG ICPI XCP \CMGP KP OQGVGP DQW YGP %QPUWOGPVGP OQGVGP FCCTPCCUV GGPXQWFKIGT MGW \GU MWPPGP OCMGP QXGT YCV GT OGV JWP IGIGXGPU IG DGWTV &G EQPVTQNG FQQT JGV KPFKXKFW YQTFV DGNCPITKLM IGXQPFGP GP OQGV QQM RTCMVKUEJ WKVXQGTDCCT \KLP 'ÅP XCP FG OCPKGTGP QO FCV VG DGTGKMGP KU GGP \QIGPQGOF n&Q 0QV 6TCEMoU[UVGGO DKLXQQTDGGNF KP FG XQTO XCP GGP KPUVGNNKPI KP FG DTQYUGT FKG FG XQQTMGWTGP XCP FG IGDTWK MGT FQQTIGGHV XQQT YCV DGVTGHV VTCEMKPI GP JGV QPVXCPIGP XCP VCTIGVGF CFXGTVKUGOGPVU0CCUV FG\G FTKG JQQHFRWP VGP IGGHV FG (6% CCP FCV \G FG VQGICPI XQQT EQPUWOGPVGP VQV JWP IGIGXGPU YKN XGTDGVGTGP GP QQM YKN YGTMGP CCP DGYWUVYQTFKPI FQQT GFWECVKGXG OCCVTGIGNGP
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ƂEGGTV CNU RGTUQQPUIGIGXGP KP FG \KP XCP FG 9GV DGUEJGTOKPI RGTUQQPUIGIGXGPU +U FCV JGV IGXCN FCP KU FG YGV XCP VQGRCUUKPI 8QQT MYCNKƂECVKG CNU RGTUQQPUIG IGXGP KU FKTGEVG QH KPFKTGEVG JGTNGKFDCCTJGKF PCCT GGP PCVWWTNKLM RGTUQQP XGTGKUV $KL FKTGEVG JGTNGKFDCCTJGKF VTGFGP FQQTICCPU YGKPKI RTQDNGOGP QR OCCT KPFKTGEVG JGTNGKFDCCTJGKF KU XCCM NCUVKIGT &KV JGGHV OGFG VG OCMGP OGV JGV HGKV FCV IGIGXGPU XQQT GGP XGTYGTMGT PKGV JGT
(GFGTCN 6TCFG %QOOKUUKQP 2TQVGEVKPI %QPUWOGT 2TKXCE[ KP CP 'TC QH 4CRKF %JCPIG 1PNKPG DGUEJKMDCCT YYYHVEIQXQURTKXC E[TGRQTVRFH
2GTUQPCNN[ +FGPVKƂCDNG +PHQTOCVKQP FG #OGTKMCCPUG XQTO XCP RGTUQQPUIGIGXGPU FKG QXGTKIGPU XGGN DGRGTMVGT KU FCP DKL QPU QOFCV JGV CNNGGP ICCV QO GGP EQODKPCVKG XCP UQEKCN UGEWTKV[ PWODGT PCCO GP OGGT
+P FG 85 KU RTKXCE[ CNNGGP KP URGEKƂGMG UGEVQTGP YGVVGNKLM DGUEJGTOF 'T KU GGP ITQVG TQN YGIIGNGIF XQQT EQPUWOGPVGPDGUEJGTOKPI VGIGP QPGGTNKLMG GP OKUNGKFGPFG JCPFGNURTCMVKLMGP
(GFGTCN 6TCFG %QOOKUUKQP 2TQVGEVKPI %QPUWOGT 2TKXCE[ KP CP 'TC QH 4CRKF %JCPIG R
'GP EQPETGVG WKVYGTMKPI XCP FKV XQQTUVGN YQTFV IGIGXGP KP GGP TGCEVKG XCP 5VCPHQTF 7PKXGTUKV[ QR JGV TCRRQTV , /C[GT # 0CTC[CPCP
4G 2TQVGEVKPI %QPUWOGT 2TKXCE[ KP CP 'TC QH 4CRKF %JCPIG # 2TQRQUGF (TCOGYQTM HQT $WUKPGUUGU CPF 2QNKE[OCMGTU HGDTWCTK 1PNKPG DGUEJKMDCCT JVVR FQPQVVTCEMWUFQEU(6%A2TKXCE[A%QOOGPVA5VCPHQTFRFH
#TVKMGN 9GTMITQGR 6JG (WVWTG QH 2TKXCE[ 92 XCP FGEGODGT 1PNKPG DGUEJKMDCCT JVVR GEGWTQRCGWLWUVKEGRQNKEKGURTKXC E[FQEUYRFQEUYRAGPRFH
#ƃ s OGK
NGKFDCCT MWPPGP \KLP OCCT YGN XQQT GGP CPFGTG RCTVKL FKG VQGICPI VQV FG IGIGXGPU MTKLIV
'GP XQTO XCP KPFKTGEVG JGTNGKFDCCTJGKF KU YCPPGGT GGP MQRRGNKPI CCP CPFGTG IGIGXGPU OQIGNKLM KU YCCTFQQT GGP IGIGXGP VG JGTNGKFGP KU PCCT GGP PCVWWTNKLM RGTUQQP +P \GMGTG \KP YQTFV GT FWU QQM KGVU IG\GIF QXGT IGIGXGPU UGVU QH QXGT IGMQRRGNFG IGIGXGPU 6GIGPYQQTFKI ICCV JGV GEJVGT JQQHF\CMGNKLM QO IGIGXGPUUGVU GP KU JGV GTI IG MWPUVGNF QO GGP FKUEWUUKG VG XQGTGP QXGT QH GGP VQVCNG UGV CN FCP PKGV JGTNGKFDCCT KU VQV GGP PCVWWTNKLM RGTUQQP YCPPGGT GT IGGP PCCO QH CPFGT FKTGEV KFGPVKƂEGTGPF IGIGXGP DGUEJKMDCCT KU *GV \QW FCCTQO DGVGT CCPUNWKVGP QO XCP FG EQORNGVG UGVU IGIGXGPU WKV VG ICCP GP VG MKLMGP QH CCP FG JCPF FCCTXCP GGP KPFKXKFW DGTGKMV MCP YQTFGP &G PCFTWM MQOV FCP OGGT VG NKIIGP QR FG IGIGXGPUUGV CNU VQVCCNRNCCVLG FCV GGP KPFKXKFW FKIKVCCN TGRTGUGPVGGTV *QG FKV YGVVGNKLM XCUVIGNGIF \QW MWPPGP YQTFGP GP KP YCV XQQT XQTO KU GEJVGT QR FKV OQOGPV NCUVKI VG \GIIGP %QPENWUKG
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ƂNKPIVGEJPQNQIKÇP&G WKVFCIKPI NKIV KP JGV XKPFGP XCP CNVGTPCVKGXG QRNQUUKPIGP OCCT KP KGFGT IGXCN JGGHV FG (6% CN GGP UVCR KP FG IQGFG TKEJVKPI IG\GV 1QM FG '7 \QW DKL FG JGT\KGPKPI XCP FG &CVCRTQVGEVKGTKEJVNKLP UVGTM TGMGPKPI OQGVGP JQWFGP OGV JGV DGUVCCP XCP IGIGXGPU UGVU FG VQGPGOGPFG QPOQIGNKLMJGKF XCP CPQPKOKUGTKPI FCP YGN FG VQGPGOGPFG OQIGNKLMJGKF XCP KFGPVKƂECVKG FQQT FGTFGP GP FCV JGTNGKFDCCTJGKF VQV GGP RGTUQQP QQM XCCM OQIGNKLM KU QR OCEJKPGPKXGCW 'GP PCCO KU PKGV PQFKI *GV JGTMGPPGP XCP GGP EQORWVGT GP OQIGNKLM XCUVUVGNNGP FCV GGP DGRCCNFG IGDTWKMGT CEJVGT FKG EQORW VGT \KV KU XQNFQGPFG
2+ #ƃ s OGK
