*Y

(ZNLY1VYUZ(IZ[YHJ[4PUKLK-PN\YL  

6WZ[HHUKL]LYMKVVYZJOPSKLY[LJOUPLRLUJVUZVSPKH[PL
4HHY[QL>P[SV_ 2\UZ[LUHHY(ZNLY1VYUaLPPULLUPU[LY]PL^PU  KH[OPQUH]VS[VVPPUN
^LPUPNPU[LYLZZLTLLYOHK]VVYaPQUZJOPSKLYPQLU/PQaHNaPQU^LYRHSZ
PL[ZVT[LTHRLUUPL[VT[LIL^HYLUAPQUZWVU[HULTHUPLY]HU^LYRLU
ISPQR[\P[aPQUZJOPSKLYPQ( IZ[YHJ[4PUKLK-PN\YL\P[ 4HHY[QL>P[SV_
VUKLYaVJO[KLVWIV\^]HUOL[ZJOPSKLYPQLUHUHS`ZLLYKLKLILOV\KZ
[LJOUPZJOLWYVISLTLU

(IZ[YHJ[4PUKLK-PN\YL 
NLTLUNKL[LJOUPLRLUVWKVLR
_JT*VSSLJ[PL:[LKLSPQR
4\ZL\T(TZ[LYKHT0U]UY
(  

+LZJOPSKLY
(ZNLY1VYU^LYKPU NLIVYLUPU=LQY\TLLURSLPUKVYWPU>LZ[
1\[SHUK+LULTHYRLUHSZ(ZNLY6S\M1‚YNLUZLUAPQUTPKKLSIHYLZJOVVS
[PQKIYHJO[OPQKVVYPU:PSRLIVYNPU4PKKLU1\[SHUK^HHYUHOPQTL[LLU
VWSLPKPUN [V[ VUKLY^PQaLY ILNVU .HHUKL^LN RYLLN 1VYU Z[LLKZ TLLY
ILSHUNZ[LSSPUN]VVYILLSKLUKLR\UZ[+HHYKVVYNHMOPQaPQUWSHUULUVT
SLYHHY[L^VYKLUVWLU]LY[YVROPQUHHY7HYPQZ^HHYOPQSLZUHTHHULLU
R\UZ[HJHKLTPLVUKLYSLPKPUN]HU-LYUHUK3¤NLY5HHZ[SLZZLUHHUKLaL
*Y
BD 0UMVYTH[PLV]LYOL[SL]LU]HU(ZNLY
1VYU\P[!;(UKLYZLUL[HS( ZNLY1VYU
  JH[[LU[:[LKLSPQR
4\ZL\T(TZ[LYKHT
]HU [T 
(TZ[LYKHT 
APLVVR!^^^VHRSHUKLK\eQRYPZ[LU
O[TSHOWHWLYZQVYUQVYUO[T
BD ;(UKLYZLUL[HS0IPKLTW
BD *VSSLJ[PL:[LKLSPQR4\ZL\T
(TZ[LYKHTPU]LU[HYPZU\TTLY(  
BD +LZJOPSKLY[LJOUPLRPZILZ[\KLLYKTL[
OL[ISV[LVVNLUTL[LLUZ[LYLVTPJYVZJVVW
TH_PTHSL]LYNYV[PUN_+L^LYR
]VSNVYKLPZ]HZ[NLZ[LSKHHUKLOHUK]HU
WSHH[ZLU^HHY]LYMLLYKLYHHUNLIYHJO[L
]LYMV]LYSHW[
(ZNLY1VYU’Z(IZ[YHJ[4PUKLK-PN\YL 
HJHKLTPL]VSNKLOPQVVRSLZZLUHHUKLR\UZ[HJHKLTPL]HU2VWLUOHNLU
APQUSL]LUSHUNPZ1VYUHJ[PLMNL^LLZ[PUH]HU[NHYKPZ[PZJOLRYPUNLU5HKL
;^LLKL>LYLSKVVYSVN^HZOPQLLU]HUKLVWYPJO[LYZ]HU*V)Y(/PQ
^LYR[LHHU]LYZJOPSSLUKL[PQKZJOYPM[LULUVYNHUPZLLYKLTVKLYULR\UZ[
[LU[VVUZ[LSSPUNLU<P[KL[OLVYL[PZJOLHY[PRLSLULUIVLRLUKPLOPQ
ZJOYLLMISPQR[KH[1VYUaPQUILSHUNZ[LSSPUN]VVYKPKHJ[PLRUVVP[]VSSLKPN
HHUKLRHU[OLLM[NLaL[/PQZJOYLLMUPL[HSSLLUV]LYR\UZ[[OLVYPLTHHY
^HZVVRNL«U[LYLZZLLYKPUTLLYMPSVZVMPZJOLVUKLY^LYWLUT`[OVSVNPL
LUHYJOLVSVNPL
0UKL]PQM[PNLYQHYLURYLLN1VYUZ[LLKZTLLYUH[PVUHSLLUPU[LYUH[PVUHSL
ILRLUKOLPKHSZR\UZ[LUHHY5HHZ[ZJOPSKLYPQLUTHHR[LOPQPUKPL[PQKVVR
JLYHTPZJOLVIQLJ[LUNYHMPZJO^LYRLUILZJOPSKLYKLOPQILZ[HHUKLZJOPS
KLYPQLUKPLOPQVWKLYVTTLSTHYR[RVJO["aPQU +¤MPN\YH[PVUZ LU 4VKPMP
JH[PVUZ/PQOHKLLUZWLJPHSLILSHUNZ[LSSPUN]VVYOL[2\UZ[T\ZL\TPU
:PSRLIVYNKLWSHH[Z^HHYOPQaPQUQL\NKKVVYNLIYHJO[OLLM[APQUZ[L\U
NPUNaV]LYKH[OPQaLSMTVKLYULR\UZ[]LYaHTLSKLVTHHUOL[
2\UZ[T\ZL\T[LZJOLURLU:JOPSKLYPQLUVIQLJ[LULUNYHMPLR]HUILSHUN
YPQRL[^PU[PNZ[LLL\^ZLR\UZ[LUHHYZR^HTLUVWKPLTHUPLYPUKLJVSSLJ
[PL]HUKP[T\ZL\T6VRLLUNYVV[HHU[HS]HU1VYUZLPNLU^LYRLUZJOVUR
OPQOL[T\ZL\TPU:PSRLIVYN0U V]LYSLLK1VYUHHUSVUNRHURLY
/VL^LS\P[1VYUZHJ[P]P[LP[LU]VVYOL[T\ZL\TPU:PSRLIVYNISPQR[KH[OPQ
^LSKLNLSPQRILSHUNOLJO[[LHHUOL[VWIV\^LU]HULLUJVSSLJ[PLaLPOPQ
PULLUPU[LY]PL^PU  KH[OPQUH]VS[VVPPUN^LPUPNPU[LYLZZLTLLYOHK
]VVYaPQUZJOPSKLYPQLU1VYUaLPKH[aPQU^LYRPZVT[LTHRLUUPL[VT[L
IL^HYLULU[LYLZ[H\YLYLUBD
;PQKLUZKLSLZZLU]HU3¤NLYSLLYKL1VYUVTLLUZJOPSKLYPQaVYN]\SKPN
]VVY[LILYLPKLULUVW[LaL[[LUTHHYOPQ^HZ[LNLSPQRLY[PQK]HUTLUPUN
KH[LLUZJOPSKLYPQ]VVYHS\P[ZWVU[HUP[LP[TVLZ[VU[Z[HHU+LZJOPSKLY
TVL[aVUKLYWSHUTL[LLUSLLNOVVMK[L^LYR[LNHHU(\[VTH[PZJOL
HIZ[YHJ[PL^VYK[KLaLIPQKL*V)Y(ZJOPSKLYZNLSPLMKL[LJOUPLRNLUVLTK
6VRUHOL[\P[LLU]HSSLU]HU*V)Y(ISLLM1VYUKVVYNHHUTL[aVLRLULU
L_WLYPTLU[LU^HHYIPQOPQOL[[VL]HSLLUNYV[LYVSSPL[ZWLSLU BD +H[IPQ
KLaLZWVU[HULTHUPLY]HU^LYRLULLUNLaVUKL[LJOUPZJOLVWIV\^
ZVTZTPUKLYILSHUNYPQRPZISPQR[\P[KLTH[LYPHSLUKPLOPQ]VVYaPQUZJOPS
BD
KLYPQ(IZ[YHJ[4PUKLK-PN\YL\P[ NLIY\PR[OLLM[
+LZJOPSKLY[LJOUPLR]HU( IZ[YHJ[4PUKLK-PN\YL
/VL^LS1VYUZZJOPSKLYPQLUUHHYOL[HIZ[YHJ[LULPNLUaPQUPUKLTLLZ[L
[VJOUVNK\PKLSPQRMPN\YH[PL]LRLUTLYRLUHHU^LaPN6VRPU (IZ[YHJ[
4PUKLK-PN\YL aPQUPUKL]VYTLU]HHNKLRLUTLYRLU]HULLUNLaPJO[[L
OLYRLUULU,LU ]SLLZRSL\YPNLTVUKLLUKVURLYNYVLUVTSPQUKLUL\Z
LU[^LLVNLUaPQUTL[LUPNLTVLP[L[LPKLU[PMPJLYLU
,LUUHKLYLHUHS`ZL]HU1VYUZ^LYR]VSNVYKLIL]LZ[PN[KLZWVU[HUL
BD
PU[\«[PL]LTHUPLY^HHYVWKLZJOPSKLY[L^LYRPZNLNHHU /L[ZJOPSKLYPQ
PZ\P[NL]VLYKVWLLUJVTTLYJPLLSNLWYLWHYLLYK SPUULUKVLRTL[LLU
^P[[LNYVUKLYPUNLUTLL[_JTO_I+L^P[[LNYVUKLYPUNPZVW
]LLSWSHH[ZLUVUILKLR[NLSH[LULUZWLLS[]PZ\LLSLLUILSHUNYPQRLYVSPUKL
JVTWVZP[PL
*Y
BD +LSPJO[ISH\^L[VVUPZLLUJVTIPUH
[PL]HULSKLYZNLIY\PR[L^P[[L]LYMLU
KVURLYISH\^L]LYM+L]LYTLUNPUN]HU
KLaL[PU[LUPZ]YPQOVTVNLLUPL[Z^H[
UPL[VWOL[KVLRaLSMILYLPR[RHU^VYKLU
+HHY\P[]VSN[KLJVUJS\ZPLKH[KL]LYM
]VVYHMNLTLUNKTVL[aPQU6IZLY]H[PL
TL[Z[LYLVTPJYVZJVVW]LYNYV[PUN_
BD ;LSLMVUPZJOLTLKLKLSPUN]HU;YVLSZ
(UKLYZLUKPYLJ[L\Y]HUOL[:PSRLIVYN
2\UZ[T\ZL\T
BD /HJRLTLLU[KH[1VYU]HUHMLPUK
aLZ[PNLYILNPUaL]LU[PNLYQHYLUTL[HUKLYL
IPUKTPKKLSLUPZNHHUL_WLYPTLU[LYLUPU
aPQUVSPL]LYMZJOPSKLYPQLU=VVYKPL[PQK
ZJOPSKLYKLOPQVWKVLR\P[ZS\P[LUKTL[
VSPL]LYMKPLZVTZ^LNLUZNLSKNLIYLR
]HUZSLJO[LR^HSP[LP[^HZ;LSLMVUPZJOL
TLKLKLSPUN]HU)LU[/HJRL
BD ;)]HU6VZ[LU(IZ[YHJ[4PUKLK
-PN\YL]HUKLR\UZ[LUHHY(ZNLY
1VYU6UKLYaVLRUHHYOL[IPUK
TPKKLS]HUKLNLSL]LYM
0*5WYVQ
UY Q\SP  IL]PUK[aPQULYLURLSLWSLRRLU^HHYKL]LYMVWNL]HHYSPQRLTHUPLY]HUKL
B D (UHS`ZLTL[?9-KVVY7L[LY
/HSSLUILLR;]HU6VZ[LU0IPKLTW
BD*,OYLUMVY[O( X\HYLSS\UK
.V\HJOLMHYILU)LP[YjNLa\
4H[LYPHSa\ZHTTLUZL[a\UN
=LYjUKLY\UNLU:JOjKLU+ PWSVT
HYILP[0UZ[P[\[MmY;LJOUVSVNPLKLY
4HSLYLPKLY:[HH[SPJOLU(RHKLTPLKLY
)PSKLUKLU2mUZ[L:[\[[NHY[ W
(ZNLY1VYU’Z(IZ[YHJ[4PUKLK-PN\YL 
/L[ZJOPSKLYPQPZLLU]V\KPN]HUVWIV\^/VL^LSVWZVTTPNLWSHH[
ZLULSRHHYV]LYSHWWLUKL]LYMSHNLU]VVYRVTLUPZOL[NYV[LUKLLSZPU¤¤U
LURLSL]LYMSHHNNLZJOPSKLYK0UZVTTPNLWHY[PQLUPZKL]LYMOLLSKPRLU
PTWHZ[VYPQR0UHUKLYLKLSLU]HUOL[ZJOPSKLYPQPZTL[K\UUL]LYK\U
KL&]LYMNL^LYR[+L]LYMPZV]LY^LNLUKTH[OVL^LSVWZVTTPNLWSHH[
ZLUNSHUaLUKLWLUZLLSZ[YLRLUaPJO[IHHYaPQU1VYUOLLM[R^HZ[LULUWLU
ZLSLU]HU]LYZJOPSSLUKLKPR[LNLIY\PR[[\ZZLULUJTIYLLK
+HHYUHHZ[OLLM[OPQVVRPUKL]LYMNLRYHZ[1VYUZJOPSKLY[TL[W\YLRSL\YLU
KPLOPQIPQUHV]LYHSVUNLTLUNKNLIY\PR[,YaPQUTHHYLURLSLWSHH[ZLU
BD
^HHY]LYM]VVYHMNLTLUNK^LYKIPQ]VVYILLSKPUOL[SPJO[ISH\^ :VTZ
]LYTLUNLUKLRSL\YLUaPJOUH[PUUH[VWOL[KVLRaVHSZPUKLWHY[PQLU
^HHYNLSLLUNYVLUL]LYMHHULSRHHYYHRLU
1VYUZJOPSKLY[ZULSLURVT[UPL[VWaPQUILZSPZZPUNLU[LY\N/L[ZJOPS
KLYPQPZPU¤¤UZLZZPL]VS[VVPK6WKL^P[[LNYVUKTHHR[OPQHSSLYLLYZ[TL[
LLUIYLKLR^HZ[PULLUK\UULKLRRLUKLKVURLYNYVLUL ]LYMLLUaLLY
ZJOL[ZTH[PNLSPQUJVTWVZP[PL+LaLZJOL[Z]VYT[KLY\NNLUNYHH[]HU
OL[ZJOPSKLYPQLUNLLM[KLWVZP[PL]HUKLILSHUNYPQRZ[LRSL\YWHY[PQLUHHU
+LVUKLYKLSLU]HUOL[NLaPJO[aPQUOPLYPUK\PKLSPQR[LOLYRLUULU0UOL[
]VSNLUKLZ[HKP\T^LYR[1VYUPU]LYZJOPSSLUKLOLSKLYLL_WYLZZPL]LRSL\
YLUKLZJOL[Z\P[,LYZ[^VYKLUKLNYV[LIY\PULWHY[PQIV]LUPUOL[ZJOPS
KLYPQLUKLSPJO[ISH\^L]LYMYLJO[ZVUKLYHHUNLIYHJO[4L[LLUaLLYWHZ
[L\aLJP[YVLUNLSL]LYMIYLUN[OPQVW]LYZJOPSSLUKLWSHH[ZLUPUOL[
ZJOPSKLYPQMLSNLSLNLIPLKLUHHU=LY]VSNLUZZJOPSKLY[OPQTL[YVKL]LYMOL[
NLIPLKSHUNZKLYLJO[LYRHU[LU^VYKLULURLSLRSLPULYLKL[HPSZPUKVURLY
ISH\^HHUNLIYHJO[(SZSHH[Z[LIYLUN[OPQKLa^HY[LHJJLU[LUHHUVUKLY
HUKLYLKL[^LLW\U[LUKPL]LYTVLKLSPQRVVNW\WPSSLU]VVYZ[LSSLU
7YVISLTLU
/VL^LSOL[NYVV[Z[LKLLS]HUOL[ZJOPSKLYPQaPJOPUNVLKL[VLZ[HUK
VUKLYNYVUKSVZNLSH[LUOLLM[+LaLWSHH[ZLUILWLYRLUaPJO[V[KLaVULZ
^HHY1VYUJP[YVLUNLSL]LYMOLLM[NLIY\PR[+LNSHUZ]HUKLaLKPRHHUNL
IYHJO[LNLSL]LYMPZ]YPQVUYLNLSTH[PN/VL^LSKLaLLLUTH[[LPUKY\R
^LR[aPQULYPUKLKPRRLYLKLSLU]HUOL[PTWHZ[VVVRZ[YLWLUKPLTLLY
NSHUZOLIILU+HHYPZ]LYTVLKLSPQRTLLYIPUKTPKKLSHHU^LaPN+LaL
NLSL]LYMOLJO[UPL[NVLKVWOL[NLWYLWHYLLYKLKVLRLUPZKVVYPU[LYUL
ZWHUUPUNLUIPUULUKL]LYMSHHNVTOVVNNLRVTLU
)PQVWSVZ[LZ[ZISPQR[KLNLSL]LYMIPQaVUKLYNL]VLSPN]VVY^H[LY[LaPQU
ALSMZHSZKLaLTL[LLUSPJO[]VJO[PN^H[[LUZ[HHMQLaHJO[QLZHHUNLYHHR[
^VYK[NLLM[KLaLHSNLLSHM6VRKLKVURLYISH\^L]LYMPZLYNNL]VLSPN
]VVY^H[LY+LaL]LYMOLJO[NLS\RRPNUVN^LSNVLKVWOL[KVLR+H[
OLLM[]LYTVLKLSPQR[LTHRLUTL[OL[MLP[KH[KLaLPU]LLSK\UULYLSHNLU
PZHHUNLIYHJO[KHUKLPTWHZ[VYPQRLNLSL]LYM(UKLYLRSL\YLUKPL1VYU
NLIY\PR[OLLM[PUKP[ZJOPSKLYPQaPQUUPL[VMUH\^LSPQRZNL]VLSPN]VVY^H[LY
)PUKTPKKLSVUKLYaVLR
,YPZ[V[U\[VL^LPUPNVUKLYaVLRNLKHHUUHHY1VYUZZJOPSKLY[LJOUPLR
6VRPU+LULTHYRLUIPQOL[(ZNLY1VYU4\ZL\TPU:PSRLIVYNRHUTLU
^LPUPN]LY[LSSLUV]LYKLKVVY1VYUNLIY\PR[LIPUKTPKKLSLU4LUNHH[
*Y
BD0ULLYZ[LPUZ[HU[PLaPQUNL[LZ[!7SL_[VS
)JVWVS`TLLY]HUI\[`STL[O`S
TL[OHJY`SHH[LUL[O`SHJY`SHH[NLKPZWLY
NLLYKPU^H[LY7SL_PZVS7I\[`
SHJY`SHH[VWSVZIHHYPU[LYWLU[PULTL[
SHHNHYVTHH[NLOHS[L(JYVUHS)
HJY`SHH[NLKPZWLYNLLYKPU^H[LYJHY
IV_`TL[O`SJLSS\SVZLVWNLSVZ[PU^H[LY
TL[O`SJLSS\SVZLVWNLSVZ[PU^H[LY
+LaLRL\aLR^HT[V[Z[HUKHHUKLOHUK
]HUZ\NNLZ[PLZKVVY(]HU6VY[WHWPLY
YLZ[H\YH[VYIPQOL[:[LKLSPQR4\ZL\T
(TZ[LYKHTLU)/HJRLYLZ[H\YH[VY
+LULTHYRLU"KHHYUHHZ[KVVYOL[ILZ[\KL
YLU]HUVUKLYHUKLYL!<2HS[LULNNLY
2VUZLY]PLY\UN]VU. V\HJOL
THSLYLPLU]VU*OHYSV[[L:HSVTVU
:[2VSSLR[PLM9LZ[H\YH[PLH[LSPLY(TZ[LY
KHTPZT*LU[YHHS3HIVYH[VYP\T
(TZ[LYKHT ":>LLYKLUI\YN
6[OVU*V\IPUL!Z[PSSL]LUTL[WLYLU
YLZ[H\YH[PLLUVUKLYaVLRZ]LYZSHNTLP
 0U]UY2YlSSLY4mSSLY
4\ZL\T6[[LYSV5HVUIL]YLKPNLUKL
YLZ\S[H[LUTL[KLaLJVUZVSPKHU[LU^LYKUH
]LYKLYVUKLYaVLRNL[LZ[!4V^PSP[O
WVS`]PU`SHJL[HH[VWNLSVZ[PUL[OHUVSTL[
(ZNLY1VYU’Z(IZ[YHJ[4PUKLK-PN\YL 
BD
LY]HU\P[KH[1VYU]VVYHSPUVSPL]LYMNL^LYR[OLLM[ +L+LLUZLYLZ[H\YH
[VY)LU[/HJRLOLLM[]LLSZJOPSKLYPQLU]HU1VYUNLYLZ[H\YLLYKLU]LY[LS[
KH[OPQ]LYNLSPQRIHYLOLJO[PUNZWYVISLTLUPZ[LNLUNLRVTLUPUNLSLLU
ISH\^LWHY[PQLUVW1VYUZZJOPSKLYPQLU/PQ^PQ[KPLWYVISLTLUHHUOL[
NLIY\PR]HULLUZSLJO[LR^HSP[LP[VSPL]LYMKPLUHHY]LYOV\KPUN[L^LPUPN
IPUKTPKKLSIL]H[)PQKLSH[LYLZJOPSKLYPQLU]HU1VYUR\UULULY]VSNLUZ
OLTHUKLYLIPUKTPKKLSLUaPQUNLIY\PR[THHYaV]YVLNRVT[KH[UPL[
]VVY BD
+L]LYRSHYPUNKPL/HJRLNLLM[]VVYKL^H[LYNL]VLSPNOLPK]HUKL]LYMPZ
PUKP[NL]HSUPL[IL]YLKPNLUK)PQ]LYMKPL[L^LPUPNIPUKTPKKLSIL]H[VU[
Z[HH[LLUWVLKLYLUKL]LYMSHHNKPLZVTZIHYZ[LUVMZJOL\YLU]LY[VVU[
aVHSZLLUVWNLKYVVNKLYP]PLYILKKPUN+L]LYMOLLM[[L^LPUPNJVOLZPL
RHUKHHYKVVY^H[LYNL]VLSPNaPQULUaHSIV]LUKPLULYNNL]VLSPNaPQU]VVY
TLJOHUPZJOLZJOHKL
+LZJOHKL]LYZJOPQUZLSLUPU(IZ[YHJ[4PUKLK-PN\YL ^PQaLULJO[LYPULLU
HUKLYLYPJO[PUN/PLYPZKLJVOLZPL]HUKL]LYMUHTLSPQRNYVV[NLUVLNVT
VWZ[HHUKL]LYMZJOVSSLU[L]VYTLU)PQ[L^LPUPNIPUKTPKKLSaV\LY
VU]VSKVLUKLZHTLUOHUN[\ZZLUWPNTLU[KLLS[QLZaPQUVTKLYNLSPQRL
VWZ[HHUKL]LYMIPQLSRHHY[LOV\KLU+LJVOLZPLIPUULUKL]LYMSHHNPZOPLY
Q\PZ[OLLSNYVV[+L^H[LYNL]VLSPNOLPKTVL[LLUHUKLYLVVYaHHROLIILU
/L[MLP[KH[KL]LYMaPJO]HUKLVUKLYNYVUKSVZOLLM[NL[YVRRLULU
VTOVVNZ[HH[^PQZ[VWLLUIPUKTPKKLS^HHYIPQKVVYRYPTWPU[LYULZWHU
UPUNLUVU[Z[HHUaPQU6TKH[KLaLZWHUUPUNLUZ[LYRLYaPQUKHUKLHKOLZPL
[\ZZLUKL]LYMSHHNLUKLVUKLYSPNNLUKLSHHNPZKL]LYM]HUKLVUKLYNYVUK
SVZNLRVTLU+P[NLNL]LUNLRVWWLSKHHUOL[MLP[KH[KL]LYMaLLY^H[LY
NL]VLSPNPZ^PQZ[PUKLYPJO[PUN]HULLU^H[LYPNIPUKTPKKLSKH[KYVVN[
KVVY]LYKHTWPUNaVHSZIPQ]VVYILLSKHX\HYLSVMNV\HJOL(UHS`ZL]HUKL
BD
NLKPZ[PSSLLYK^H[LY^HHYTLLKL
ILZ[LYLZ\S[H[LU]LYRYLNLU^LYKLU
BD+LVTZ[HUKPNOLKLU^LYKLUV]LY
KYL]LUVTLLU]PZ\LLS]LYNLSPQRIHYL
ZP[\H[PL[LJYL§YLU!6WLLUTL[HJY`S]LYM
NLWYLWHYLLYKSPUULUKVLR^LYKLLUILL[QL
SPQUVSPL\P[NL^YL]LU6WKLaL]L[[LVUKLY
NYVUK^LYKLLUKPRRLSHHNNV\HJOL
JHKTP\TNLLS[\IL>PUZVY
5L^[VU OL[RHKLY]HUKLaLYLZ[H\YH[PLUPL[UVVKaHRLSPQR
HHUNLIYHJO[;PQKLUZOL[KYVNLUVU[
Z[VUKLUNYV[L]LYMZJOVSSLUTL[VWZ[HHUKL
YHUKLU
BD6VRTL[(JYVUHS)RVUKLUNVLKL
YLZ\S[H[LUILYLPR[^VYKLU+LaLJVUZVSP
KHU[PZLJO[LYPU^H[LYNLKPZWLYNLLYKLU
]HU^LNLKLNYV[L^H[LYNL]VLSPNOLPK]HU
KL]LYM^LYKLLUPUVYNHUPZJOLVWSVZ
NLSL]LYMIPQOL[0*5IL]LZ[PN[KP[]LYTVLKLU /VL^LSOL[TVUZ[LYLLU
OVNL7=*O LLM[7PNTLU[=VS\TL*VUJ LU[YH[PL!]LLSWPNTLU[^LPUPN
IPUKTPKKLSPZLY[VJO]VSKVLUKLIPUKTPKKLSHHU^LaPNVTTL[-;09
-V\YPLY;YHUZMVYT0UMYHYLK:WLJ[YVTL[Y`]HZ[[LZ[LSSLUKH[KLNLSL]LYM
\P[WPNTLU[LUILZ[HH[KPLNLIVUKLUaPQUPULLUWSHU[HHYKPNLNVT4L[
]SVLPZ[VMJOYVTH[VNYHMPL^HHYIPQLLUKL[LJ[PLYLHNLUZ]VVYNVTTLU
NLIY\PR[PZ^VYK[KLHHU^LaPNOLPK]HULLUWSHU[HHYKPNLNVTIL]LZ[PNK
>LSRLNVTHHU^LaPNPZRHUOLSHHZUPL[TL[aLRLYOLPKNLaLNK^VYKLU,Y
aPQUZ[LYRLHHU^PQaPUNLUKH[OL[VT(YHIPZJOLNVTNHH[THHYTLLY
VUKLYaVLRaV\UVKPNaPQUVTKHHYaLRLYOLPKV]LY[LNL]LULUKH[^HZPU
/L[NLSLWPNTLU[PUKL]LYMPZKVVYOL[0*5TL[YlU[NLUKPMMYHJ[PL
NLHUHS`ZLLYKHSZJHKTP\TNLLSB D
;V[Z[HUKRVTLU]HUKLILOHUKLSPUN
*VUZLX\LU[PLZ]HUOL[NLIY\PR]HUNV\HJOL
/L[NLIY\PR]HUNV\HJOLaVHSZPU(IZ[YHJ[4PUKLK-PN\YLaHSVUOLYYVLWLSPQR
]VVYWYVISLTLUaVYNLU!KLKYHNLYPZLLUKVLRNLWYLWHYLLYK]VVYVSPL
]LYM+LaLVUKLYSHHNIPLK[UH\^LSPQRZOV\]HZ[HHUNV\HJOL]LYMKPLVW
WHWPLYVMRHY[VUHHUNLIYHJO[]LLSIL[LYaV\OLJO[LU.V\HJOL]LYM\P[KL
TPKKLSLUVWNLSVZ[LJVUZVSPKHU[]LYRVaLU [\ILILZ[HH[NLTPKKLSK]VVYJH\P[WPNTLU[LU]\SZ[VMMLU]VVYJH
Cr 1 2003
Na behandeling
2 Detail gele en groene verf
gemengd (16 cm van boven,
34 cm van links).
3 Macro-opname opstaande
gele verf.
Asger Jorn’s Abstract Minded Figure (1962)
25% uit bindmiddel (voornamelijk Arabische gom, gemengd met andere
gommen), ca. 5% hulpstoffen en voor ongeveer 45% uit vloeistof die ver-
dampt (voornamelijk water).[10] Bij het verdampen van deze vloeistof
krimpt de verflaag sterk en kunnen, vooral bij dik aangebrachte verf,
grote interne spanningen ontstaan, omdat de verf wil samentrekken. De
adhesie tussen verf en ondergrond voorkomt normaal gesproken dat een
verf samentrekt, maar als de hechting tussen ondergrond en verf niet
groot genoeg is, zal de verf los scheuren en in schollen omhoog komen
te staan, zoals hier gebeurd is.
De keuze van een consolidant
De combinatie van door Jorn gebruikte materialen stelt veel eisen aan
een consolidant waarmee de opstaande verf vastgezet kan worden. De
materialen die aan elkaar bevestigd moeten worden zijn duidelijk ver-
schillend van karakter, de gele verflaag is mat, bros en poreus en de con-
solidant mag de watergevoelige verf vanzelfsprekend niet aantasten.
Omdat gouache een materiaal is dat schilderijenrestauratoren niet vaak
tegenkomen, is allereerst advies gevraagd aan papierrestauratoren.
Daarnaast is in de literatuur gezocht naar vergelijkbare consolidatie-pro-
blemen en is informatie ingewonnen bij restauratoren die in het verle-
den schilderijen van Jorn gerestaureerd hebben. Aan de hand van al deze
gegevens is een lijst met consolidanten samengesteld die wellicht
geschikt zijn om de gele gouacheverf op de ondergrond te her-bevesti-
gen. [11] Deze materialen zijn vervolgens uitgeprobeerd op een proef-
*Y (ZNLY1VYU’Z(IZ[YHJ[4PUKLK-PN\YL 

WSHUR BD +HHY\P[PZKLJVUJS\ZPLNL[YVRRLUKH[PU^H[LYVWNLSVZ[LVM

NLKPZWLYNLLYKLJVUZVSPKHU[LUUPL[NLZJOPR[aPQUALSVZZLUKLNV\HJOL
]VSSLKPNVW"LYVU[Z[HH[LLUWHWWLYPNL]LYMKPLHSSL[L_[\\Y]LYSPLZ[)PQUH
HSSLJVUZVSPKHU[LUSH[LUNSHUZWSLRRLUHJO[LYVWKLTH[[LNV\HJOL+LaL
R\UULUUPL[NVLK]LY^PQKLYK^VYKLUVTKH[KLSPQTTLLZ[HSPUKL]LYM
NLKYVUNLU PZ +L TLLZ[ HHU]HHYKIHYL YLZ\S[H[LU ^VYKLU ILYLPR[ TL[
JVUZVSPKHU[LUKPLPUVYNHUPZJOLVWSVZTPKKLSLUVWNLSVZ[aPQU=HUKLaL
BD
JVUZVSPKHU[LUISPQR[4V^PSP[OKLILZ[LRL\aL +LaLZ[HIPLSLWVS`]P
U`SHJL[HH[PZVWSVZIHHYPUL[OHUVS ^HHYHHUNLKPZ[PSSLLYK^H[LY
[VLNL]VLNKPZ/PQPZPULLUVWSVZZPUNNLIY\PR[LJVUJLU[YH[PL^LS
=VVYILOHUKLSPUN PZ^HHYLLUILL[QLZ[YVWLYPNTHHYKYPUN[]VSKVLUKLKVVYVUKLYKL]LYM
 4HJYVVWUHTLVWZ[HHUKL ZJOVSSLULUISPQM[HSZLLUMPSTVUKLYKLZJOVSSLUSPNNLU6TKH[OPQUPL[
NLSL]LYM KPLWPUKLZ[Y\J[\\Y]HUKLKVVYKYPUN[aPQUSPQTYLZ[LUNVLK[L]LY^PQKL
YLUTL[L[OHUVS 

:[YPQRSPJO[]VVYILOHUKLSPUN
 4HJYVVWUHTL[PQKLUZJVUZV
SPKH[PLJT]HUIV]LUJT
]HUSPURZ
 4HJYVVWUHTLUHJVUZV
SPKH[PL
6TKH[KLNV\HJOLLLUILL[QLaHJO[^VYK[KVVYKL[VL]VLNPUN]HU
^H[LYHHUOL[VWSVZTPKKLS]HUKL4V^PSP[OPZKLJVUZVSPKH[PLPU[^LL
Z[HWWLU\P[NL]VLYK(SSLYLLYZ[^ VYK[TL[LLURSLPUWLUZLLSKLVWNLSVZ[L
4V^PSP[OPUKLJYHX\LS\YLZLUVUKLYKL]LYMZJOVSSLUHHUNLIYHJO[
+VVYKLHHU^LaPNOLPK]HUKLRSLPULOVL]LLSOLPK^H[LY^VYK[KL]LYMVW
KH[TVTLU[LLUILL[QLI\PNaHHTaVUKLYLJO[LYaPQU]VSSLKPNZHTLU
OHUN[L]LYSPLaLUaVHSZIPQPU^H[LYVWNLSVZ[LJVUZVSPKHU[LUOL[NL]HSPZ
6TKH[KL]LYMVWKH[TVTLU[^LSLYNR^L[ZIHHYPZ^VYK[KLVWZ[HHUKL
ZJOVS]LYKLYTL[Y\Z[NLSH[LU[V[KLSPQTNLKYVVNKPZ5HVUNL]LLY
TPU\[LU=LY]VSNLUZ^VYKLUTL[LLU^H[[LUZ[HHMQLTL[L[OHUVSKL
SPQTYLZ[LU]HUOL[VWWLY]SHR]LY^PQKLYK0UKP[Z[HKP\TPZKL]LYMUHTL
SPQRZ[L]PNNLUVLNVTTL[LLU^H[[LUZ[HHMQLZJOVVUNLTHHR[[LR\UULU
^VYKLUaVUKLY[LILZJOHKPNLU/PQPZU\TPUKLYIYVZLUIYLLRIHHYKHU
]VVYKLILOHUKLSPUNLUOPLYKVVYRHUKL]LYMZJOVSTL[ILO\SW]HULLU
^HYTLZWH[LS]VVYaPJO[PNULLYNLSLNK^VYKLU6TKH[L[OHUVSKL
4V^PSP[OYLNLULYLLY[^VYK[OPQWSHRRLYPNLUPZLYTHHY^LPUPN^HYT
BD
[LUVKPNVTKL]LYMHHUKLNYVUKLYPUN]HZ[[LOLJO[LU
;VLRVTZ[
(S[LU[PQKL]HUKLOPLYIV]LUILZJOYL]LUILOHUKLSPUNPZK\PKLSPQRKH[
aPJOPUKL[VLRVTZ[IPQKP[ZJOPSKLYPQ]LYNLSPQRIHYLWYVISLTLUa\SSLU
]VVYKVLU>HU[OVL^LSKLTLLZ[R^L[ZIHYLLUZ[LYRZ[YLHNLYLUKLWHY
[PQLUKVVYKLILOHUKLSPUNNLZ[HIPSPZLLYKaPQUaHSVU]LYTPQKLSPQRLSKLYZPU
KL]LYMSHHNKVVYPU[LYULZWHUUPUNLU]LYNLSPQRIHYLZJOV[LS]VYTPUN
VW[YLKLU+LLUPNLTHUPLYVTKL]LYM]VSSLKPN[LJVUZVSPKLYLUaV\LLU
PTWYLNUH[PLaPQULUKHHYIPQaV\KLTH[[LNLSL]LYMaVKHUPN]HURSL\YLU
]LYaHKPNPUNZNYHHK]LYHUKLYLUKH[OL[RHYHR[LY]HUOL[ZJOPSKLYPQVUOLY
YVLWLSPQRHHUNL[HZ[aV\aPQU
;PQKLUZLLUYLJLU[ILaVLRHHUOL[ZJOPSKLYPQLUYLZ[H\YH[PLH[LSPLY]HU
OL[:[LKLSPQR4\ZL\TPZNLISLRLUKH[OL[ZJOPSKLYPQPUTPKKLSZVWUPL\^
ILOHUKLSKPZ]VVYOL[aLSMKLWYVISLLTKH[aPJOKP[THHSPUHUKLYLKLSLU
BD
]HUKLNLSL]LYMOLLM[]VVYNLKHHU
/L[ZJOPSKLYPQILOVVY[HSZPUKZOL[QHHY^HHYPUOL[NLZJOPSKLYK^LYK[V[
KLJVSSLJ[PL]HUOL[:[LKLSPQR4\ZL\TLUPZIPQ]LLSHUKLYLT\ZLHWVW\
*Y
BD+LILOHUKLSPUN]HUOL[ZJOPSKLYPQ
ILZ[HH[]LYKLY\P[OL[]LY^PQKLYLU]HU
VWWLY]SHR[L]\PSTL[LLUaHJO[R^HZ[QL,Y
^HZ^LPUPN]LYM]LYSPLZLUKHHYVT^HZ
OL[UPL[UVVKaHRLSPQRKL^LPUPNLSHJ\ULZ[L
]\SSLULU[LYL[V\JOLYLU
BD)PQKLaL[^LLKLILOHUKLSPUN^LYK
K\PKLSPQROVLLYIPUULUKLZJOPSKLYPQLUYLZ
[H\YH[PLNLLU\UP]LYZLLSPUaL[IHYLVWSVZ
ZPUNLUILZ[HHU!9LZ[H\YH[VY,SPZHIL[O
)YHJO[VUKLY]VUKWYVISLTLUTL[KLOVNL
]PZJVZP[LP[]HU4V^PSP[O6TKH[aLKL
PUKY\ROHKKH[KLJVUZVSPKHU[UPL[NVLK
VUKLYKLVWZ[HHUKL]LYMKYVUNRVVZaL
\P[LPUKLSPQR]VVYOL[NLIY\PR]HU7SL_PZVS
70U]VVYILYLPKPUNVWKLLLYZ[L
ILOHUKLSPUN^HYLU^LSPZ^HHY[LZ[Z
NLKHHUTL[7SL_PZVS7VWKLWYVLM
WSHURTHHY^HZKLJVUJS\ZPLKH[KLaL
7SL_PZVSUPL[]VSKVLUKLOLJO[PUNNHMLU
Z[LYRLNSHUZWSLRRLUHJO[LYSPL[)YHJO[
ILZSVV[KLaLJVUZVSPKHU[[VJO[LNLIY\PRLU
TL[UHTL]HU^LNLaPQUSHNLYL]PZJVZP[LP[
LURVUNLS\RRPN]VSKVLUKL]LYMOLJO[PUN
ILYLPRLU3PQTYLZ[LU^LYKLUaV]LLS
TVNLSPQR]LY^PQKLYKTL[^OP[LZWPYP[
4VUKLSPUNLPUMVYTH[PL,SPZHIL[O)YHJO["
,)YHJO[) LOHUKLSPUNZ]LYZSHN
0U]UY(  :[LKLSPQR4\ZL\T
(TZ[LYKHTKK
(ZNLY1VYU’Z(IZ[YHJ[4PUKLK-PN\YL 
SHPY"OL[^VYK[YLNLSTH[PNPUIY\PRSLLUNLNL]LU;VJOOLLM[OL[T\ZL\T
ILZSV[LUOL[^LYRUPL[TLLYHHUHUKLYLT\ZLH\P[[LSLULU^LNLUZKLMYH
NPLSLZ[HH[]HUOL[ZJOPSKLYPQLUKLNYV[LRHUZVWZJOHKLKPL[PQKLUZ[YHUZ
WVY[RHUVU[Z[HHUKVVYTLJOHUPZJOLZJOVRRLULURSPTHH[ZJOVTTLSPU
NLU <P[LYZ[ Z[HIPLSL RSPTH[VSVNPZJOL VTZ[HUKPNOLKLUaPQU ]VVY LLU
K\ZKHUPNR^L[ZIHHYVIQLJ[]HUSL]LUZILSHUN(SSLLUaVaHSKLO`NYVZJV
WPZJOL]LYMTPUKLYZWHUUPUNLUVUKLY]PUKLUPUYLHJ[PLVWZ[PQNLUKLLU
KHSLUKLYLSH[PL]LS\JO[]VJO[PNOLPK
6WKP[TVTLU[IL]PUK[OL[ZJOPSKLYPQaPJOUPL[PULLUTPJYVRSPTHH[
KVVZ6TKH[OL[IPQLLU]VVYZ[LSSPUNaVHSZ(IZ[YHJ[4PUKLK-PN\YL^LUZLSPQR
PZOL[ZJOPSKLYPQaLLYKPYLJ[LUUPL[KVVYNSHZNLOPUKLYK[LLY]HYLUPZOL[
UPL[^HHYZJOPQUSPQRKH[TLUOL[ZJOPSKLYPQ\P[JVUZLY]LYPUNZV]LY^LNPU
NLUWLYTHULU[PULLUTPJYVRSPTHH[KVVZaHSWSHH[ZLU,LUHJO[LYRHU[IL
ZJOLYTPUNPZUH[\\YSPQR^LSHHU^LaPNVTIL^LNPUNLU]HUOL[KVLR[L
KLTWLULUIPQHIY\W[LRSPTHH[ZJOVTTLSPUNLUHSZI\MMLY[L^LYRLU
4PZZJOPLUPZOL[TVNLSPQRLLUJVUZ[Y\J[PL[LTHRLU^HHYIPQLLULLU]V\
KPNL]VVYaL[SPQZ[TL[NSHZWSHH[HHUKLSPQZ[IL]LZ[PNKRHU^VYKLUVW
TVTLU[LUKH[OL[ZJOPSKLYPQUPL[PUOL[T\ZL\TNL[VVUK^VYK[VMVW
TVTLU[LUKH[OL[ZJOPSKLYPQIPUULUOL[T\ZL\T]LY]VLYK^VYK[,LU
KLYNLSPQRLNSHZWSHH[aV\OL[ZJOPSKLYPQ[L]LUZILZJOLYTLU[LNLUZ[VMLU
VWWLY]SHR[L]\PSKH[aPJOTHRRLSPQRVWKLPTWHZ[VYPQRLTH[[L]LYM]HZ[
aL[
+LWYVISLTLUTL[KLKVVY1VYUNLZJOPSKLYKL^LYRLUPUKLJVSSLJ[PL
aPQU]VVYOL[T\ZL\THHUSLPKPUNNL^LLZ[VT[LILZS\P[LUNLLU]HUKLaL
ZJOPSKLYPQLUTLLY\P[[LSLULU]VVY[LU[VVUZ[LSSPUNLU/PLYKVVYaHSKLaL
IPQaVUKLYLZJOPSKLYPQLUOVWLSPQRLLUSHUNLYSL]LUNLN\UKaPQUaVKH[^L
LYPUOL[:[LKLSPQR4\ZL\TUVNSHUNL[PQK]HUR\UULUNLUPL[LU
+HUR^VVYK
=VVYO\UILNLSLPKPUNLUHK]PLZ[PQKLUZKLYLZ[H\YH[PL^PSKLH\[L\Y
KL]VSNLUKLWLYZVULUILKHURLU!KLZJOPSKLYPQLU
YLZ[H\YH[VYLU]HUOL[:[LKLSPQR4\ZL\T(TZ[LYKHT,SPZHIL[O)YHJO[]VVYPUMVYTH[PLV]LYKL[^LLKLILOHUKLSPUN
KPLOL[ZJOPSKLYPQVUKLYNHHUOLLM[;OLH]HU6VZ[LU(NULZ)YVRLYOVMLU7L[LY/HSSLUILLR]HUOL[0UZ[P[\\[
*VSSLJ[PL5LKLYSHUK]VVYO\UO\SWIPQOL[HUHS`ZLYLU]HUKLNLSL]LYM+HURVVRHHU;YVLSZ(UKLYZLUKPYLJ[L\Y]HU
OL[(ZNLY1VYU4\ZL\T]VVYaPQUPUMVYTH[PLV]LY(ZNLY1VYULUKPLUZZJOPSKLY[LJOUPLRLUKLYLZ[H\YH[VYLUKPLTPQ
PUMVYTH[PLOLIILUNLNL]LUV]LYOL[JVUZVSPKLYLU]HUNV\HJOL]LYMLUO\ULY]HYPUNLUOLIILUNLKLLSK!(UKY¤]HU
6VY[:HUKYH>LLYKLUI\YN)LU[/HJRL=VVYJVTTLU[HHYVWKL[LRZ[]HUKP[HY[PRLS!(UULSPLZ]HU3VVU
,SPZHIL[O)YHJO[LU;OLH]HU6VZ[LU
4HHY[QL>P[SV_PZ^LYRaHHTH SZYLZLHYJOHZZVJPH[LIPQOL[/(9;7YVQLJ[VUKLYKLLS]HUOL[+L4H`LYUL7YVQLJ[
+HHYUHHZ[^LYR[aLHSZMYLLSHUJLZJOPSKLYPQLUYLZ[H\YH[VY+LMV[VZaPQU]HUKLOHUK]HUKLH\[L\Y+LYLZ[H\YH[PL
PZ\P[NL]VLYK[PQKLUZLLUZ[HNLKPLVUKLYKLLS\P[THHR[L]HUKLVWSLPKPUN[V[YLZ[H\YH[VY]HUZJOPSKLYPQLULUILZJOPS
KLYKLVIQLJ[LU]LYaVYNKKVVYKL:9(30*5