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Buenas practicas

This document provides an overview of the role and responsibilities of Systems Managers within the public administration of a country. It discusses the current situation of information technologies in the public sector and the need for systems managers to lead the modernization of the government through effective use of new technologies. The document outlines the key characteristics, skills, and best practices that systems managers should demonstrate in order to successfully drive the digital transformation of the organization and improve services for citizens.

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)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 3Q`de_ 9999 ** 7UbU^SYYQ TU CYYcdU]Qc 3Q` de _ 7UbU^S Q TU C cdU]Qc 5+67#%+¦0#%67#. .CU QTICPKCEKQPGU RÕDNKECU OQFGTPCU TGSWKGTGP FGNC GLGEWEKÎP UKUVGO¶VKEC FG CEVKXKFCFGU SWG VKGPFCP C GNGXCT NC ECRCEKFCF VÃEPKEC NQU EQPQEKOKGPVQU [ NCU FGUVTGCU FGN RGTUQPCN [ C FGUCTTQNNCT UW RQVGPEKCN RCTC QEWRCT RQUKEKQPGU FG TGURQPUCDKNKFCF ETGEKGPVG .C HQTOCEKÎP RGTOCPGPVG GU WPC XÈC RCTC FGUCTTQNNCT TGEWTUQU JWOCPQUSWGCUWOCPTGURQPUCDKNKFCFGU[QEWRGPFGOCPGTCGHGEVKXC NQUECTIQUSWGFGUGORGÌCP 0QUGVTCVCFGCEWOWNCTRWPVQUUKPQFGRTQITGUCTGPNCECTTGTC‹RGTQSWGRCUCUK PQGZKUVGGUVCRQNÈVKECQPQGZKUVGPNQUTGEWTUQURTGUWRWÃUVCNGUQUKORNGOGPVGPQ GZKUVGKPVGTÃUFGCODCURCTVGU! 'PVQPEGU UG TGSWKGTG GLGEWVKXQU SWG RTQOWGXCP NQU RTKPEKRKQU D¶UKEQU FG WP XGTFCFGTQ RTQEGUQ FG OQFGTPKCEKÎP OGFKCPVG NC KPEQTRQTCEKÎP FG NCU 6GEPQNQIÈCUFG+PHQTOCEKÎP[%QOWPKECEKQPGURCTCNQITCT 7PCIGUVKÎPRÕDNKECGHKEKGPVG[GHKEC .QU GLGEWVKXQU TGNCEKQPCFQU EQP NC DWGPC HG EGNGTKFCF GEQPQOÈC GHKEKGPEKC [ GHKECEKCCRQ[CPNCDÕUSWGFCFGNCTCEKQPCNKFCFGPGNWUQFGNQUTGEWTUQURÕDNKEQU [ GN EWORNKOKGPVQ FG NCU HKPCNKFCFGU FG ECFC GPVKFCF[FGNCCFOKPKUVTCEKÎPGP IGPGTCN 3WGUGUKGPVCPEQORTQOGVKFQUEQPNCIGUVKÎPRÕDNKECQTKGPVCFCCTGUWNVCFQUEQP GN OGLQTCOKGPVQ FG NCU TGNCEKQPGU 'UVCFQEKWFCFCPQ [ EQP NC ECNKFCF GP NC RTGUVCEKÎP FGN UGTXKEKQ FKURWGUVQU C CIKNKCT NQU RTQEGUQU VT¶OKVGU [ RTQEGFKOKGPVQU C TGEQPQEGT NC KORQTVCPEKC FG NC KPHQTOCEKÎP QRQTVWPC RCTC NC VQOCFGFGEKUKQPGU .C IGUVKÎP RÕDNKEC GHKEKGPVG FGOCPFC CFGO¶U GN HQTVCNGEKOKGPVQ FG NQU EQPQEKOKGPVQUNCUJCDKNKFCFGU[NCUCEVKVWFGUFGNQUUGTXKFQTGURÕDNKEQURCTCSWG EQPVTKDW[CPGPNCUCEEKQPGUFKTKIKFCUC U GUCTTQNNCTEQORGVGPEKCURCTCGNOCPGLQKPVGITCNFGWPRTQ[GEVQQRTQFWEVQ U 4CEKQPCNKCTVT¶OKVGUOÃVQFQU[RTQEGFKOKGPVQUFGVTCDCLQ U (QTVCNGEGTNQUUKUVGOCUFGKPHQTOCEKÎPRCTCNCVQOCFGFGEKUKQPGU U +ORNCPVCTCFGEWCFQUOGECPKUOQUFGEQPVTQNKPVGTPQ U /GLQTCTNCECNKFCFFGNUGTXKEKQCNWUWCTKQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'P ECFC WPC FG GUVCU UGPVGPEKCU GNTQN FGN)GTGPVGFG5KUVGOCUGUKPJGTGPVGGU SWKGP FGDG EQPFWEKT NQU RTQEGUQU FG TGKPIGPKGTÈC OGLQTCOKGPVQ FG RTQEGUQU KORNGOGPVCTOÃVQFQU RCTCOGFKTNCECNKFCFFGNQUUGTXKEKQU[RTQFWEVQUSWGUG QHTGEGPVCPVQCPKXGNKPVGTPQEQOQGZVGTPQFGNCKPUVKVWEKÎP 7PCIGUVKÎPRÕDNKECVTCPURCTGPVG 'PNCTGNCEKÎPGPVTGNQUEKWFCFCPQU[NCURGTUQPCUCNUGTXKEKQFGN'UVCFQUG RWGFG IGPGTCT EQTTWREKÎP EWCPFQ GP DGPGHKEKQ RTQRKQ UG KIPQTCP Q VTCKEKQPCP NQU RTKPEKRKQU FG KIWCNFCF OQTCNKFCF KORCTEKCNKFCF RWDNKEKFCF TGURQPUCDKNKFCF [ VTCPURCTGPEKC SWG FGDGP TGIKT GP NC HWPEKÎP CFOKPKUVTCVKXC C VTCXÃU FGN EWCN UG UCVKUHCEG GN KPVGTÃU IGPGTCN %NCTQ GUV¶ SWG GN )GTGPVG FG 5KUVGOCU PQ RQFT¶ UQNWEKQPCTGNRTQDNGOCFGÃVKECFGNQUHWPEKQPCTKQURGTQUKEQPVTKDWKT¶OGFKCPVG NC KORNGOGPVCEKÎP FG UQNWEKQPGU RCTC RTQRKEKCT NC VTCPURCTGPEKC C VTCXÃU FG UKUVGOCUGPNÈPGCGKORNCPVCEKÎP FGUGTXKEKQUFGECTCCNEKWFCFCPQRTQOQXKGPFQ WPEÎFKIQFGÃVKECEQOQUGTXKFQTGUÈPVGITQU )GUVKÎPKPVGITCN[OGLQTCOKGPVQFGRTQEGUQU 'NUGTXKFQTRÕDNKEQFGDGRTQRKEKCTWPCEWNVWTCFGIGUVKÎPSWGUWRGTGGNRCTCFKIOC DWTQET¶VKEQDCUCFQGPGNHQTOCNKUOQNCTKIKFGNCHTCIOGPVCEKÎP[UWDQTFKPCEKÎP RCTC NC VQOC FG FGEKUKQPGU [ SWG RQUKDKNKVG NC CFCRVCEKÎP CN ECODKQ [ GN OGLQTCOKGPVQ RGTOCPGPVG FG NQU RTQEGUQU [ FG NQU UGTXKEKQU SWG RTGUVC NC GPVKFCF .QU )GTGPVGU FG 5KUVGOCU UQP NQU NNCOCFQU C KPKEKCTWP RTQEGUQ FG ECODKQ FG RCTCFKIOCU [ GPHQSWG FG NC CFOKPKUVTCEKÎP QTKGPVCFC C RTQEGUQU [ PQ C GUVTWEVWTCU 2CTC NQ EWCN VGPFT¶ SWG FGUCTTQNNCT WP EQPLWPVQ FG GXGPVQU [ JCDKNKVCTNQU RCTC GN CP¶NKUKU [ OGLQTCOKGPVQ FG RTQEGUQU CFOKPKUVTCVKXQU [ VÃEPKEQUNQEWCNGZKIGEQPQEGTNCQTICPKCEKÎPOCPGLCTVÃEPKECU[OGVQFQNQIÈCU SWGRGTOKVCPKFGPVKHKECTFGHKEKGPEKCUGPNCRTGUVCEKÎPFGNQUUGTXKEKQU[RTQRQPGT CNVGTPCVKXCUFGOGLQTCOKGPVQ .KFGTCIQ[)TWRQUFGVTCDCLQ 3WG NQU )GTGPVGU FG 5KUVGOCU GLGTCP GN NKFGTCIQ RCTC NNGICT EQP UQNWEKQPGU KPPQXCFQTCUCNC#NVCKTGEEKÎP[EQOQTGURQPUCDNGUFGNCEQPFWEEKÎPFGITWRQU QGSWKRQUFGVTCDCLQRTQRGPFGTRQTPWGXCUHQTOCUGPNCFKP¶OKECQTICPKCEKQPCN FG OCPGTC SWG UG VTCUHQTOGP NCU TGNCEKQPGU [ RT¶EVKECU EQVKFKCPCU GPVTG NQU FKTGEVKXQU[NQUGLGEWVQTGU 5KCPCNKCOQU NCUKVWCEKÎPCEVWCNFGNC#FOKPKUVTCEKÎP2ÕDNKECQDUGTXCTGOQUNC PGEGUKFCF FG KPEQTRQTCT WPC UGTKG FG OÃVQFQU [ RTQEGFKOKGPVQU QTKGPVCFQU CN OGLQTCOKGPVQFGRTQEGUQURTQEGUQUFGTGKPIGPKGTÈCEQPVCTEQPNQUUGTXKEKQUFG +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU VGTEGTQU OGFKCPVG QWVUQWTEKPI CRTGPFGT FG GZRGTKGPEKCU GZKVQUCU FG QTICPKCEKQPGUUKOKNCTGUGPVTGQVTQU .CRTGUGPVGIWÈCGUUQNQGUQWPCIWÈCQTKGPVCFQTCFGNQUFKHGTGPVGUCURGEVQUSWG FGDGP VQOCT GP EWGPVC GN )GTGPVG FG 5KUVGOCU FG NCU KPUVKVWEKQPGU FG NC #FOKPKUVTCEKÎP2ÕDNKECRCTCCUWOKTGNXGTFCFGTQTQNSWGNGEQORGVG .15 4'%74515 *7/#015 '0 6'%01.1) #5 ' +0(14/#%+¦0 ' .# #/+0+564#%+¦02­$.+%# 'N +PUVKVWVQ 0CEKQPCN FG 'UVCFÈUVKEC G +PHQTO¶VKEC +0'+ GP GN RGTÈQFQ UGVKGODTG [ CDTKN NNGXÎ C ECDQ NC 'PEWGUVC FG 4GEWTUQU +PHQTO¶VKEQU FG #FOKPKUVTCEKÎP2ÕDNKEC.QUTGUWNVCFQU FGNCGPEWGUVCTGHNGLCPNCUKVWCEKÎPGPNC SWGUGGPEWGPVTCPNCU)GTGPEKCUFG5KUVGOCU 'NRGTUQPCNKPHQTO¶VKEQSWGUGRWFQEQPVCDKNKCTGUFGFGNQUEWCNGU GURGTUQPCNPQODTCFQ[EQPVTCVCFQNQUEWCNGUCUWXGUGFKUVTKDW[GPFGNC UKIWKGPVGOCPGTCRGTUQPCNKPHQTO¶VKEQEQPECTIQFKTGEVKXQUQPPQODTCFQU[ EQPVTCVCFQU CPCNKUVCU UQP PQODTCFQU [ UQP EQPVTCVCFQU RTQITCOCFQTGU PQODTCFQU [ EQPVTCVCFQU CWZKNKCTGU UG VKGPGP PQODTCFQU[EQPVTCVCFQU [HKPCNOGPVGPQVTQRGTUQPCNKPHQTO¶VKEQQ FGNQU EWCNGUUQPPQODTCFQU[EQPVTCVCFQU +564+$7%+¦0'.2'4510#.+0(14/6+%1'0.# #/+0+564#%+¦02­$.+%# 2WURV 'LUHFWLYR $QDOLVWD 3URJUDPDGRU $X[LOLDU (WGPVG+0'+602+8'04+#2 .C RTQRQTEKÎP SWG GZKUVG GPVTG RGTUQPCN KPHQTO¶VKEQ PQODTCFQ [ EQPVTCVCFQ GU FGN [ TGURGEVKXCOGPVG 'UVC UKVWCEKÎP COGTKVC GURGEKCN GXCNWCEKÎP EQPUKFGTCPFQ NC CNVC TQVCEKÎP FGN RGTUQPCN KPHQTO¶VKEQ FG NC #FOKPKUVTCEKÎP 2ÕDNKEC GP GN SWG CFSWKGTGP EKGTVC GZRGTKGPEKC [ NWGIQ UCNGP GP DÕUSWGFC FG OGLQTGU EQPFKEKQPGU NCDQTCNGU [ RTQHGUKQPCNGU GP GURGEKCN GP GN RGTUQPCN FG PKXGNVÃEPKEQ[QRTQHGUKQPCN +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU # PKXGN FGUEGPVTCNKCFQ GZKUVG GUECUG FG RTQHGUKQPCNGU GP VGEPQNQIÈCU FG KPHQTOCEKÎPEQOQGUGNECUQFGNQU IQDKGTPQUNQECNGU [EQOQTGUWNVCFQGNDCLQ FGUCTTQNNQKPHQTO¶VKEQGPNCSWGÃUVCUUGGPEWGPVTCPTCÎPRQTNCSWGHTGPVGCWP RTQEGUQ FG FGUEGPVTCNKCEKÎP NQU NKFGTGU FG NCU FKHGTGPVGU QTICPKCEKQPGU IWDGTPCOGPVCNGUCNKPVGTKQTFGNRCÈUVGPFT¶PSWGGUVCTO¶UUGPUKDKNKCFQUEQPNCU XGPVCLCU SWG QHTGEG NCU 6GEPQNQIÈCU FG KPHQTOCEKÎP GP CRQ[Q FG UW IGUVKÎP [ EQOQ NCU )GTGPEKCU FG 5KUVGOCU FGDGP TGURQPFGT C NQU PWGXQU TGVQU RCTC NC KPVGTEQPGZKÎP GKPVGITCEKÎPFGNQUUKUVGOCUFGN'UVCFQ 2CTVG FGN RGTUQPCN VÃEPKEQ [Q RTQHGUKQPCN SWG VTCDCLC GP CEVKXKFCFGU FG VGEPQNQIÈCU FG KPHQTOCEKÎP GP NC #FOKPKUVTCEKÎP 2ÕDNKEC GURGEKCNOGPVG GP NCU RTQXKPEKCU PQ GUV¶ CEVWCNKCFQ GP PWGXCU VGEPQNQIÈCU FG KPHQTOCEKÎP [ GP OWEJQU ECUQU PQ JCP VGPKFQ WPC ECRCEKVCEKÎP HQTOCN [Q RCTVKEKRCFQ FG RTQITCOCUFGCEVWCNKCEKÎPRTQHGUKQPCN #UÈOKUOQGPNC#FOKPKUVTCEKÎP2ÕDNKECNQU)GTGPVGUFG5KUVGOCUCRGUCTFGUGT WP ¶TGC VÃEPKEC CN UGT GP UW ITCP OC[QTÈC FGPQOKPCFQ PRWGUVQ FG EQPHKCPCQ UWHTGPECODKQUGPHWPEKÎPCNQUECODKQUFG/KPKUVTQUQ,GHGUKPUVKVWEKQPCNGU5G GURGTCSWGGPGNOCTEQFGNCOQFGTPKCEKÎPFGN'UVCFQ[EQPNCTGXCNQTKCEKÎPFG NC ECTTGTC RÕDNKEC GUVC UKVWCEKÎP OGLQTG FCPFQ OC[QT GUVCDKNKFCF C NCU ¶TGCU VÃEPKECUFGNCUQTICPKCEKQPGU %QPUKFGTCPFQ NC RTQDNGO¶VKEC GZKUVGPVG GU KORQTVCPVG SWG GN )GTGPVG FG 5KUVGOCUFGNUGEVQT RÕDNKEQEQPVKPÕG EQPQRVKOKUOQ[CUWOCGNTGVQFGUGTWP CIGPVGFGECODKQGPUWQTICPKCEKÎP[FGWPVTCDCLQEQQTFKPCFQEQPNCUFGO¶U QTICPKCEKQPGURCTCCVGPFGTPGEGUKFCFGUEQOWPGU 7PFCVQSWGGUKORQTVCPVGEQOGPVCTGUSWGUGIÕPNC+8'04+#2GNFGNQU VTCDCLCFQTGU FG NCU GPVKFCFGU RÕDNKECU VKGPGP CEEGUQ C +PVGTPGV GUVQ UG RWGFG KPVGTRTGVCT EQOQ NCU TGUVTKEEKQPGU FG CEEGUQ RQT RCTVG FG OC[QT RCTVG FG NCU KPUVKVWEKQPGUCUWUVTCDCLCFQTGUGUWPCURGEVQCUGTCDQTFCFQEQPGNQDLGVKXQFG EWNVWTKCT GP GN WUQ FG NCU VGEPQNQIÈCU FG KPHQTOCEKÎP C NC OC[QT RCTVG FG VTCDCLCFQTGUNCDTGEJCFKIKVCNFGDGCEQTVCTUGGPGNUGEVQTRÕDNKEQ7PCNKOKVCEKÎP RCTCNQEQOGPVCFQRWGFGUGTGNNKOKVCFQCPEJQFGDCPFCRCTCCEEGUCTC+PVGTPGV RQTRCTVGFGDWGPPÕOGTQFGVTCDCLCFQTGU MDRUGPGNFGKPUVKVWEKQPGU [EQP-$25 G QVTQ NCFQ CN JCEGT WP CP¶NKUKU FG NC KPHQTOCEKÎP RTQXGPKGPVG FG NQU 2NCPGU QRGTCVKXQUFG+PHQTO¶VKECFGNGPNC#FOKPKUVTCEKÎP2ÕDNKECRQFGOQUNKUVCT CNIWPCU FG NCU HQTVCNGCU FGDKNKFCFGU [ COGPCCU GP VQTPQ C NQU TGEWTUQU JWOCPQUFGN¶TGCFGKPHQTO¶VKEC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU (QTVCNGCU GDKNKFCFGU #OGPCCU 0QEQPVCTEQPRGTUQPCNRCTC +PUVKVWEKQPGUEQP HQTOWNCTUQHVYCTG OC[QTGUVGEPQNQIÈCU RQTEQPVCTEQP TGEWTUQURTQRKQU[WPC CFGEWCFCCVGPEKÎPFG NQUFKTGEVKXQU 4GEWTUQU*WOCPQU +PUWHKEKGPEKCFGRGTUQPCN (CNVCFGNÈPGCUFG ECNKHKECFQU[EQPCORNKC KPHQTO¶VKEQRCTCNCU ECTTGTCRCTCRGTUQPCN GZRGTKGPEKC TGRTGUGPVCEKQPGUFGHGPUQTKCNGU FGVGEPQNQIÈCUFG +FGPVKHKECEKÎPFGNRGTUQPCN 0QUGEWGPVCPEQPRTQITCOCUFG KPHQTOCEKÎP EQPNCKPUVKVWEKÎP ECRCEKVCEKÎPCNRGTUQPCN 2TGFKURQUKEKÎPFGN (CNVCFGRGTUQPCNGURGEKCNKCFQ RGTUQPCNFGNC1HKEKPC FG ENCUKHKECFQRQTUGTXKEKQ4GFGU[ 5KUVGOCUCNECODKQ %QOWPKECEKQPGU$CUGUFGFCVQU 5QRQTVGVÃEPKEQGPGNUKVKQ FGUCTTQNNQFGUKVKQU9'$ +FGPVKHKECEKÎPFGNRGTUQPCN 'UECUQURTQITCOCUFGECRCEKVCEKÎP EQPNCKPUVKVWEKÎP[EQP ITCPGPVWUKCUOQ 2GTUQPCNKFGPVKHKECFQEQP #NVCTQVCEKÎPFGRGTUQPCNGP NCQTICPKCEKÎP WPKFCFGUQRGTCVKXCU[FGCRQ[Q[ SWGTGSWKGTGFGECRCEKVCEKÎP EQPUVCPVG +PGUVCDKNKFCF.CDQTCN (CNVCFGECRCEKVCEKÎP[ TGOWPGTCEKQPGUPQFGCEWGTFQEQP NCHWPEKÎP[RWGUVQFGUKIPCFQ 2GTUQPCNFKTGEVKXQ[ .KOKVCEKQPGUGPNCEQPVTCVCEKÎPFG VÃEPKEQEQPCORNKC TGEWTUQUJWOCPQURCTCGN GZRGTKGPEKC FGUCTTQNNQFGRTQ[GEVQU 2GTUQPCNKFGPVKHKECFQEQP #NVCTQVCEKÎPFGRGTUQPCN NCKPUVKVWEKÎP 2GTUQPCNEQPGZRGTKGPEKC 4GOWPGTCEKQPGUTGVTCUCFCUEQP $CLQRTGUWRWGUVQ GPNQURTQEGUQUFGNC TGNCEKÎPCNOGTECFQ CVGPVCEQPVTCWPOGLQT KPUVKVWEKÎP %CTGPEKCFGWPRNCPFG PKXGNVGEPQNÎIKEQ 2GTUQPCNKFGPVKHKECFQEQP ECRCEKVCEKÎP NCKPUVKVWEKÎP +PCFGEWCFCKPHTCGUVTWEVWTC HWPEKQPCN 'ZRGTKGPEKCFGNRGTUQPCN 'NFGNCHWGTCNCDQTCNTGCNKC *C[RTGUGPEKCFG FGN¶TGCFGKPHQTO¶VKECGP OCPVGPKOKGPVQFGUCTTQNNQFGNQU TKGUIQFGFGUGTEKÎP KORNGOGPVCTOQFGTPQU UKUVGOCUQRGTCEKÎP[GLGEWEKÎPFG FGNRGTUQPCN UKUVGOCUFGIGUVKÎPEQP NQUUKUVGOCUFGRTQFWEEKÎPGUVC ECNKHKECFQRQTGN VGEPQNQIÈCUFGRWPVCJC EQORWGUVQRQTRGTUQPCNFGNQU GUSWGOC RGTOKVKFQQDVGPGTXGPVCLCU UGTXKEKQUFGVGTEGTQU TGOWPGTCVKXQOGPQT EQORGVKVKXCURCTC CNOGTECFQNCDQTCN FGUCTTQNNCTEQPUWNVQTÈCU KPHQTO¶VKEQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU KPVGTÃUFGNQU)GTGPVGUFG6GEPQNQIÈCUFG KPHQTOCEKÎP[NQU)GTGPVGU)GPGTCNGU FGNCUQTICPKCEKQPGUQDVGPKÃPFQUGNQUUKIWKGPVGUTGUWNVCFQU +PVGTÃUFGN +PVGTÃUFGN ¶TGCU )GTGPVGFG6+ )GTGPVG)GPGTCN '$WUKPGUU 5GIWTKFCF #FOKPKUVTCEKÎP[#NOCEGPCOKGPVQFGFCVQU %QPUWNVQTGUQ#UGUQTGU'UVTCVÃIKEQU #RNKECEKQPGUFGECTCCNENKGPVG +PHTCGUVTWEVWTCFG4GFGU[5KUVGOCU 2TQXGGFQTGUFG5GTXKEKQ[1WVUQWTEKPI #RNKECEKQPGURCTC1RGTCEKQPGU+PVGTPCU #FOKPKUVTCEKÎPFGTGFGU[UKUVGOCU /QXKNKFCF [TGFGUKPCN¶ODTKECU %QPXGTIGPEKCFKIKVCN 'PGNEWCFTQUGQDUGTXCSWGGNITCFQFGKORQTVCPEKCFGNQUVGOCUGPWPPKXGN[GN QVTQ UQP FKHGTGPVGU 5KP GODCTIQ RQFGOQU CRTGEKCT SWG GN KPVGTÃU RTKPEKRCN FGN )GTGPVGFG6+GUFGUCTTQNNCTGNGADWUKPGUU [GNFGN)GTGPVG)GPGTCNGUGNKPVGTÃU RQTNCUCRNKECEKQPGUFGECTCCNENKGPVG 'P WP GUVWFKQ FG )CTVPGT':' JVVRFGNVCJ[RGTOCTVPGVGUVC'56JVON CDTKN C O¶U FG FKTGEVQTGU FG VGEPQNQIÈCU FG KPHQTOCEKÎP NCU RTKQTKFCFGU HWGTQP 'NCDQTCTGUVTCVGIKCURCTCKPVGITCTNQUPGIQEKQUEQPNCVGEPQNQIÈCKPHQTO¶VKEC 2TQXGGTNKFGTCIQ[IWÈCCNCCNVCFKTGEEKÎP[NCUIGTGPEKCUFGNÈPGC GOQUVTCTGNXCNQTFGNCUVGEPQNQIÈCUFGKPHQTOCEKÎPRCTCNCQTICPKCEKÎP GUCTTQNNCTGNGSWKRQCFOKPKUVTCVKXQFGVGEPQNQIÈCUFGKPHQTOCEKÎP 4GFWEEKÎPFGNEQUVQVQVCNFGNCUVGEPQNQIÈCUFGKPHQTOCEKÎP #LWUVCTRTQEGUQUFGRTKQTKCEKÎP[CFOKPKUVTCEKÎPFGRTQ[GEVQU #LWUVCTOGFKFCUFGUGIWTKFCF[RTKXCEKFCF +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'U CUÈ SWG XCP CRCTGEKGPFQ NQU EWCVTQ UKIWKGPVGU VKRQU FGN)GTGPVGFG5KUVGOCU CWPSWGCVQFQUGNNQUPQUGNGUFGUKIPCEQPGUVGPQODTGFGOCPGTCGZRNÈEKVC N .QU )GTGPVGU FG 5KUVGOCU SWG VKGPGP WPC TGURQPUCDKNKFCF C PKXGN QTICPKCEKQPCNGPWPRWGUVQFGIGUVKÎPFGFGOCPFCSWGGUWPTQNGUVTCVÃIKEQ GPHQECFQ CN EWORNKOKGPVQ FG NCU PGEGUKFCFGU [ GZRGEVCVKXCU FG NC QTICPKCEKÎP CN O¶U CNVQ PKXGN 'UVQU )GTGPVGU FG 5KUVGOCU PQ UWGNGP UGT TGURQPUCDNGUFGNCKORNGOGPVCEKÎP N .QULGHGUFGVGEPQNQIÈCQFGKPHTCGUVTWEVWTCSWGFGUGORGÌCPUWUHWPEKQPGUCN OKUOQPKXGN SWGGNRTKOGTVKRQ UQPTGURQPUCDNGUFGICTCPVKCTNCRTGUVCEKÎP GHGEVKXCGPEWCPVQCNQUEQUVQUFGNQUUGTXKEKQUVGEPQNÎIKEQU RGLGZRNQVCPFQ NCUQRQTVWPKFCFGUFG QWVUQWTEKPI N .QU QRQTVWPKUVCU VGEPQNÎIKEQU UQP CSWGNNQU GLGEWVKXQU EW[CU TGURQPUCDKNKFCFGUEQOQ)GTGPVGFG5KUVGOCUJCPKFQCWOGPVCFQCRCTVKTFG NCU FGOCPFCU VGEPQNÎIKECU FG NC QTICPKCEKÎP 'UVQU GLGEWVKXQU GUV¶P OW[ KPXQNWETCFQUGPGNKORWNUQFGPWGXCUQRQTVWPKFCFGU[HQTOCUFGOGLQTCT[Q CRQ[CT NQU RTQEGUQU FG NC QTICPKCEKÎP FGDKFQ C UW FQOKPKQ FG NCU VGEPQNQIÈCUGOGTIGPVGU N 'P NCU QTICPKCEKQPGU EQPOÕNVKRNGU FKXKUKQPGUCSWGNNCURGTUQPCUCECTIQFG NCUWPKFCFGUO¶UKORQTVCPVGUFGUGORGÌCPNCHWPEKÎPFGIGTGPVGFGUKUVGOCU # OGPWFQ GUVQU GLGEWVKXQU EQODKPCP NQU TQNGU FG QHGTVC [ FGOCPFC GP NC WPKFCF DCLQ UW ECTIQ [ UQP TGURQPUCDNGU FG NC IGUVKÎP [ EWORNKOKGPVQ FG GZRGEVCVKXCU CUÈ EQOQFGNCRTGUVCEKÎPFGUGTXKEKQU GURGEÈHKEQU GPGN¶ODKVQ FGUWWPKFCF *C[EWCVTQRCNCDTCUSWGTGUWOGPNCUCEVKXKFCFGUQTQNGUSWGUQPRTKQTKVCTKCURCTC GN)GTGPVGFG5KUVGOCUCEVWCNCEVKXCEKÎPECRCEKVCEKÎPGLGEWEKÎP[GZRNQVCEKÎP 'UFGEKTGNNQUFCPXKFCCNCUKPKEKCVKXCUGUVTCVÃIKECUFGNCUQTICPKCEKQPGUCNWPKT NC GZRGTKGPEKC VGEPQNÎIKEC EQP GN EQPQEKOKGPVQ FG NCU CEVKXKFCFGU FG NC QTICPKCEKÎPHWPFCOGPVCNGU .QU)GTGPVGUFG5KUVGOCUEQPUVKVW[GPWPQFGNQURQEQUITWRQUFGGLGEWVKXQUSWG VKGPGP WPC XKUVC RCPQT¶OKEC FG NC KPUVKVWEKÎP [ UWU EQNGICU GLGEWVKXQU UG XCP FCPFQ EWGPVC FG NQ XCNKQUC SWG GU GUVC RGTURGEVKXC RQT GNNQ PQ GU FKHÈEKN TGEQPQEGTCNVQUGLGEWVKXQUSWGWPFÈCHWGTQPIGTGPVGUFGKPHQTO¶VKEC %#4#%6'4 56+%#5'.15)'4'06'5'5+56'/#5 2CTC CUWOKT NQU PWGXQU TGVQU SWG NG RNCPVGC GN FGUCTTQNNQ FG NCU 6+%U GN PWGXQ )GTGPVGFG5KUVGOCU VCPVQGPGNUGEVQTRÕDNKEQEQOQGPGNRTKXCFQFGDGVGPGT EKGTVCUECTCEVGTÈUVKECUSWGFGUETKDKTGOQUCEQPVKPWCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU .KFGTCIQ .CRTKPEKRCNECTCEVGTÈUVKECFGNPPWGXQQ )GTGPVGFG5KUVGOCUGUUGTGNNKFGT GP 6GEPQNQIÈCU FG +PHQTOCEKÎP EQOQ GP EWCNSWKGT RWGUVQ FG IGTGPEKC KORNKEC UGT XKUKQPCTKQ CRCUKQPCFQ VQOCFQT FG TKGUIQ KPURKTCFQT ECTKUO¶VKEQ UGIWTQ FG UÈ OKUOQ KPHNW[GPVG ETGCVKXQ RQUKVKXQ CRQ[CFQT EQOWPKECFQTHKLCFQTFGQDLGVKXQUGUVKOWNCPVGLWUVQGPVTGQVTQU'NNÈFGTGP VGEPQNQIÈCUFGKPHQTOCEKÎPGUECRCFGPPCXGICTQ GPNCVGEPQNQIÈC[GPNC QTICPKCEKÎPEQPNCOKUOCHCEKNKFCF 'ZRGTKGPEKCGPCNKPGCTNCVGEPQNQIÈCEQPGNTQNFGNCQTICPKCEKÎP *C[SWGVGPGTENCTQSWGNCVGEPQNQIÈCGUWPOGFKQ[WPTGEWTUQO¶URCTC NNGXCT CFGNCPVG C NCU KPUVKVWEKQPGU RQT NQ SWG GU KFGCN SWG EQPQEC NQU CURGEVQU VGEPQNÎIKEQU VCNGU EQOQ EQPQEGT FG 'PVGTRTKUG 4GUQWTEG 2NCPPKPI KPHTCGUVTWEVWTC YGD %WUVQOGT 4GNCVKQP /CPCIGOGPV 5WRRN[ %JCKP /CPCIGOGPV [ QVTQU SWG VKGPGP UVCVWU FG PFGUGCFQQ RGTQ PQ KPFKURGPUCDNG GU KORQTVCPVG EQPQEGT DKGP GN TQN FG NC QTICPKCEKÎP 'N EQPQEKOKGPVQ FG UKUVGOCU QRGTCVKXQU JCTFYCTG Q OCTECU GURGEÈHKECU PQ GUV¶PGPNCNKUVCFGTGSWGTKOKGPVQU %QPQEKOKGPVQFGNCECFGPCFGXCNQTFGNCQTICPKCEKÎP .QU)GTGPVGUFGNÈPGCQLGHGUUKGORTGEQPUKFGTCPSWGGNRWPVQO¶UFÃDKN[ HTWUVTCPVG FGN )GTGPVG FG 5KUVGOCU GU UW HCNVC FG EQORTGPUKÎP [ EQPQEKOKGPVQFGNCQTICPKCEKÎP.QU)GTGPVGUFG5KUVGOCUSWGPQNQITCP JCEGTUGGZRGTVQUGPGNXGTFCFGTQTQNQIKTQFGPGIQEKQFGNCQTICPKCEKÎP [GPGN¶ODKVQGPSWGUGOWGXGPGUVCT¶PUKGORTGNKOKVCFQU[CITGICT¶P RQEQXCNQT *C[ SWG FGUCTTQNNCT WP EQPQEKOKGPVQ RTQHWPFQ FG NC ECFGPC FG XCNQT CFOKPKUVTCEKÎPRÕDNKECUGTXKEKQU[RTQFWEVQUCDCUVGEKOKGPVQOCTMGVKPI[ XGPVCU HKPCPCU [ EQPVCDKNKFCF ECPCNGU FG FKUVTKDWEKÎP GVE FG NC QTICPKCEKÎP[NCHQTOCGPSWGNCVGEPQNQIÈCKPHNW[GGPGNNC'N)GTGPVGFG 5KUVGOCU GU GN ÕPKEQ IGTGPVG CRCTVG FGN )GTGPVG )GPGTCN SWG TGSWKGTG VGPGT WP OCPGLQ CORNKQ [ RTQHWPFQ FG VQFQU NQU RTQEGUQU FG NC QTICPKCEKÎPCFGO¶UVKGPGSWGUCDGTFGVGEPQNQIÈC GUVTGCUFGTGNCEKQPCOKGPVQKPVGTRGTUQPCN .QU)GTGPVGUFG5KUVGOCUUWGNGPVGPGTRGTUQPCNKFCFGUPGURGEKCNGUQNQEWCN PQ NQU HCXQTGEG HTGEWGPVGOGPVG JCDNCPFGNPEQORWVÎNQIQQ EQOQCNIWKGP KPECRC FG TGNCEKQPCTUG JWOCPCOGPVG C WP PKXGN CNVQ [ OGPQU CÕP PPCXGICTQ DKGPGPNCRQNÈVKECKPVGTPCQCVTCXÃUFGNQUFKXGTUQURTQEGUQUFG NCQTICPKCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU .CECRCEKFCFFGTGNCEKQPCOKGPVQKPVGTRGTUQPCNFGGZEGNGPVGPKXGNUGJCEG OWEJQO¶UETÈVKECEQPNCNNGICFCFGNCPKPUVKVWEKÎPGZVGPFKFCQ XÈC+PVGTPGV JC[ SWG KPVGTCEVWCT EQP RGTUQPCU FG QVTCU EWNVWTCU KPUVKVWEKQPCNGU [ RGTUQPCNGUHWGTCFGNQURCTCFKIOCU[EQUVWODTGUFGNCRTQRKCKPUVKVWEKÎP %CRCEKFCFRCTC)GTGPEKCT .C ECRCEKFCF RCTC FKTKIKT [ UWRGTXKUCT RGTUQPCU RTQ[GEVQU TGEWTUQU RTGUWRWGUVQU RTQXGGFQTGU EQPVTCVKUVCU [ QVTQU UQEKQU FG PGIQEKQU GU GUGPEKCN .CECRCEKFCFFGHQTOCTGSWKRQUOQVKXCT[GUVKOWNCTCNRGTUQPCNVCODKÃPGU WP CEVKXQ HKLCT RTKQTKFCFGU CUKIPCT TGEWTUQU RCTC GUVCU RTKQTKFCFGU [ EWORNKTUKGORTGEQPNQRNCPKHKECFQ RNCQURTGUWRWGUVQHWPEKQPCNKFCFGU WPCECTCEVGTÈUVKECGUGPEKCNFGWP)GTGPVGFG5KUVGOCU GUVTGCURCTC%QOWPKECTGPHQTOCGHGEVKXC .C JCDKNKFCF RCTC CTVKEWNCT KPVGNKIGPVGOGPVG WPC GUVTCVGIKC Q WPC KFGC GP HQTOC ENCTC [ RTGEKUC GU WP TGSWGTKOKGPVQ XKVCN FGN PWGXQ )GTGPVG FG 5KUVGOCU.CECRCEKFCFFGGUEWEJCT[FGUVTGCUFGPGIQEKCEKÎPRGTUWCUKÎP [OCPGLQFGEQPHNKEVQUVTCDCLCPFQDCLQRTGUKÎPVCODKÃPUQPKPFKURGPUCDNGU 5CDGT JCEGT WP DWGP FQEWOGPVQ HQTOCN WPC RTGUGPVCEKÎP RÕDNKEC FG RTKOGTPKXGN[EQPFWEKTTGWPKQPGUGPHQTOCGHGEVKXCUQPQVTCUFGUVTGCU *CDKNKFCFRCTCETGCT[CFOKPKUVTCTNQUECODKQU 7PC FGNCUFGUVTGCUO¶UUQNKEKVCFCUGUUGTCIGPVGFGECODKQ [GUSWGNC OC[QTÈCFGNCUDÕUSWGFCUFG)GTGPVGFG5KUVGOCUPQUQPRCTCTGGORNCCTC CNIWKGPSWGUGHWGUKPQRCTCRTQXQECTWPECODKQFGOCIPKVWFGPGUVGTQN IGPGTCNOGPVG GU WP ECTIQ PWGXQ GP NC QTICPKCEKÎP .C RTKQTKFCF GU ECODKCT GN GPHQSWG FG VGEPQNQIÈCU FG +PHQTOCEKÎP FGUFG WPC PGEGUKFCF QRGTCEKQPCNJCEKCWPGNGOGPVQGUVTCVÃIKEQ.CJCDKNKFCFFGETGCTECODKQU TGNGXCPVGURCTCNCKPUVKVWEKÎP[CFOKPKUVTCTGNRTQEGUQRCTCPQOQTKTGPGN KPVGPVQGUENCXGCNGNGIKTWP)GTGPVGFG5KUVGOCU %QPQEKOKGPVQ[GZRGTKGPEKC FGNCQTICPKCEKÎP 7PTGSWGTKOKGPVQOW[EQOÕPGUSWGGNECPFKFCVQC)GTGPVGFG5KUVGOCU XGPIC FG NC OKUOC KPUVKVWEKÎP [ NC EQPQEC DKGP # XGEGU RWGFG TGGORNCCTUG GUVQ EQP GZRGTKGPEKC CFSWKTKFC GP QVTC KPUVKVWEKÎP EQP RTQEGUQU UKOKNCTGU Q CHÈPGU 1ECUKQPCNOGPVG NC QTICPKCEKÎP SWKGTG KPEQTRQTCTWPGZRGTVQ[PWGXCUKFGCUKPEWDCFCUGPQVTCKPUVKVWEKÎPEQPNQ EWCNGN)GTGPVGFG5KUVGOCURQVGPEKCUWTQNFGCIGPVGFGECODKQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'ZRGTKGPEKCKPVGTPCEKQPCNQINQDCN 'N )GTGPVG FG 5KUVGOCU FG WPC KPUVKVWEKÎP FGDG EQPQEGT EQOQ UG GUV¶P OQXKGPFQGPGNOWPFQKPUVKVWEKQPGUUKOKNCTGU CNCSWGFKTKIGRQTNQSWG UGT¶ KORQTVCPVG SWG EQPQEC FG KFKQOCU VGPIC JCDKNKFCFGU FG EQOWPKECEKÎP SWG RWGFG VTCDCLCT UKP RTQDNGOCU GP XCTKCU EWNVWTCU SWG GUV¶ CDKGTVQ [ UGPUKDNG C NCU RCTVKEWNCTKFCFGU [ CRTGPFGT FG NCU DWGPCU RT¶EVKECU SWG RWGFCP QHTGEGT QVTCU KPUVKVWEKQPGU RCTC CRNKECTNCU #SWÈ OGPEKQPCTGOQUNCKORQTVCPEKCFGNEQPEGRVQ$GPEJOCTM GUVTGCURCTCTGENWVCTFGUCTTQNNCT[TGVGPGTRTQHGUKQPCNGU6+ 5QTRTGPFGPVGOGPVGGUVGCVTKDWVQFGN)GTGPVGFG5KUVGOCUPVQRQ PQJCUKFQ EQPUKFGTCFQ GP OWEJQU ECUQU TGEKGPVGU 7P )GTGPVG FG 5KUVGOCU SWG RTQCEVKXCOGPVG KPENW[G GUVG VGOC GP UW KPXGPVCTKQ FG EQORGVGPEKCU [C EQOGPÎDKGP 'N RTQEGUQ FG TGENWVCOKGPVQ GU ENCXG RQTSWG EQOQ NCU CRNKECEKQPGU UQP ECFC XG O¶U GUVTCVÃIKECU NQU TGEWTUQU ECNKHKECFQU NQ UQP VCODKÃP GP GURGEKCNGPNC#FOKPKUVTCEKÎP2ÕDNKECGPGNSWGGNÈPFKEGFGTQVCEKÎPFGNQU TGEWTUQUGUCNVQ 'UVCU ECTCEVGTÈUVKECU UG GPEWGPVTCP KPOGTUQU GP ECFC WPC FG NCU EQORGVGPEKCU SWG WP )GTGPVG FG 5KUVGOCU FGDG VGPGT RCTC EWORNKT NQU FKXGTUQUTQNGUCUÈEQOQNCUCEVKVWFGUSWGFGDGPVQTPCTUGGPJ¶DKVQURCTC CUGIWTCT GHKEKGPEKC GP GN VTCDCLQ C FGUGORGÌCT CURGEVQU SWG KTGOQU TGXKUCPFQGPNQUECRÈVWNQUUKIWKGPVGU +PHQGVKEC #UKOKUOQ FGDGT¶ EQPQEGT UQDTG CURGEVQU ÃVKEQU LWTÈFKEQU [ UQEKCNGU FGN %KDGTGURCEKQ FG VCN OCPGTC SWG HQOGPVG GN CEEGUQ WPKXGTUCN C NC KPHQTOCEKÎPGPHQTOCUGIWTC 2QT GLGORNQ NQU )GTGPVGU FG 5KUVGOCU FGDGP FG CFOKPKUVTCT GHKECOGPVG NQUTGEWTUQUFGNCQTICPKCEKÎPEQPWPCXKUKÎPKPVGITCFQTC[TCEKQPCNKCFC [GXKVCTICUVQUKPPGEGUCTKQU 6GPGTOW[GPEWGPVCGNEÎFKIQFGÃVKECSWGNGDTKPFCUWEQNGIKCVWTCCHKP FG EQPFWEKTUG EQOQ WP RTQHGUKQPCN KPVGITQ GP VQFQ OQOGPVQ GURGEKCNOGPVG UCNXCIWCTFCPFQ NC KPHQTOCEKÎP IGPGTCFC GP NC KPUVKVWEKÎP EQOQGNVCPIKDNGO¶URTGEKCFQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 41.'.%114+0#14 'NTQN FGEQQTFKPCFQTGUCUGIWTCTSWGGNVTCDCLQHNW[CKPKPVGTTWORKFCOGPVG[SWG NCU CEVKXKFCFGU UG TGCNKEGP FG CEWGTFQ EQP UW KORQTVCPEKC TGNCVKXC GXKVCPFQ EQPHNKEVQUGPVTGNQUKPFKXKFWQU'UCUGIWTCTSWGNCURGTUQPCUEQTTGEVCUGUV¶PGPGN NWICT EQTTGEVQ GP GN OQOGPVQ EQTTGEVQ RCTC TGCNKCT NCU VCTGCU EQTTGEVCU [ ICTCPVKCTSWGÃUVCUFKURQPFT¶PFGNCUJGTTCOKGPVCURCTCTGCNKCTUWVTCDCLQ[SWG UW TGUWNVCFQ GUVCT¶ FKURQPKDNG RCTC GN UKIWKGPVG ITWRQ FG VTCDCLQ EWCPFQ GUVG RTGRCTCFQRCTCTGEKDKTNQ.CUEQORGVGPEKCUKPVGTGNCEKQPCFCURCTCFGUGORGÌCTGN TQNFGEQQTFKPCFQTUQPVTGU2NCPKHKECEKÎP1TICPKCEKÎP[%QPVTQN 2NCPKHKECEKÎP .C 2NCPKHKECEKÎP [ NC HKLCEKÎP FG OGVCU UQP JGTTCOKGPVCU KORQTVCPVGU RCTC FGVGTOKPCTCFQPFGUGFGUGCKT[EQOQUGFGUGCNNGICTCNNÈ 2NCPKHKECEKÎP 1RGTCVKXC %QPUKUVG GP VTCFWEKT NQU QDLGVKXQU GP CEEKQPGU TGCNKCTNCRTGRCTCEKÎP[OCPVGPKOKGPVQFGNHNWLQFGVTCDCLQFGNUKUVGOC5G VKGPG SWG FGEKFKT EQOQ UG WVKNKCT¶P NQU TGEWTUQU HKPCPEKGTQU JWOCPQU [ OCVGTKCNGURCTCICTCPVKCTNCGPVTGICFGNQUUGTXKEKQUEQPNCOC[QTGHKECEKC RQUKDNG .QUECODKQUPGEGUCTKQURCTCVTCFWEKTOGVCUGPRNCPGUUQP 2CUCT FG WPC RGTURGEVKXC C PKXGN QTICPKCVKXQ Q FG FKXKUKÎP C WPC RGTURGEVKXCEGPVTCFCGPWPCWPKFCFFGVTCDCLQ¶TGCHWPEKQPCNRTQITCOC QRTQ[GEVQGURGEÈHKEQ 2CUCTFGNNCTIQCNEQTVQRNCQGPNCRNCPKHKECEKÎP2QTNQIGPGTCNPQNNGIC VCPNGLQUEQOQNCRNCPKHKECEKÎPGUVTCVÃIKECQNCV¶EVKECSWGUGEGPVTCPFG CCÌQUOKGPVTCUSWGNQURNCPGUQRGTCVKXQUUGEGPVTCPGPRGTÈQFQUC WPCÌQKPENWUQUÎNQWPCUGOCPC .CRNCPKHKECEKÎPQRGTCVKXCGUKORQTVCPVGRQTSWGQHTGEGWPOCRCFGVCNNCFQ FGEÎOQNNGICTFGCSWÈCCNNÈCFGO¶U 2QTSWGPQURGTOKVGHKLCTNQUGUV¶PFCTGUENCTKHKECTSWGGUNQSWGJC[SWG JCEGT [ EQOQ FGDG JCEGTUG GVGTOKPCFQ NQU GUV¶PFCTGU FG TGPFKOKGPVQGURQUKDNGGXCNWCTNCGHKECEKCFGNQSWGUGGUV¶JCEKGPFQQ UGJCJGEJQ'URQUKDNGHKLCTGUV¶PFCTGUFGTGPFKOKGPVQRCTCNQUTGEWTUQU JWOCPQUTGEWTUQUHKPCPEKGTQUTGEWTUQUVÃEPKEQU .QUGUV¶PFCTGUFGDGPUGT N 'URGEÈHKEQUEQPTGURGEVQCNQSWGFGDGNQITCTUG +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N /GFKDNGU EQP TGURGEVQ CN RTQITGUQ CNECPCFQ GP GN NQITQ FGN GUV¶PFCT N #UKIPCDNGU EQP TGURGEVQ C SWÃ KPFKXKFWQ Q ITWRQFGKPFKXKFWQUGU TGURQPUCDNGFGFGUGORGÌCTNCVCTGC N 4GCNKUVCUEQPTGURGEVQCNQUTGEWTUQUFKURQPKDNGU N %QP NÈOKVGU FG VKGORQ EQP TGURGEVQ C EW¶PFQ UG GURGTCP NQU TGUWNVCFQU 2QTSWGRGTOKVGENCTKHKECTNCURTKQTKFCFGUQTICPKCVKXCU[FGNCWPKFCFFG VTCDCLQ GUV¶ TGNCEKQPCFC EQP NC RTQITCOCEKÎP [ GN GUVCDNGEKOKGPVQ FG ECNGPFCTKQU [ RWPVQU FG TGHGTGPEKC 'U PGEGUCTKQ HKLCT RTKQTKFCFGU [ FGEKFKTNCUGEWGPEKCFGGLGEWEKÎP .QUHCEVQTGUSWGKPHNW[GPGPGNGUVCDNGEKOKGPVQFGNCURTKQTKFCFGU N .KOKVCEKQPGU GZVGTPCU ‹%W¶NGU UQP NCU HGEJCU VQRG GZKUVGPVGU KORWGUVCU FGUFG GN GZVGTKQT! ‹%W¶N GU NC WTIGPEKC GP VGTOKPCT ÃUVC VCTGCCEVKXKFCFQRTQ[GEVQ! N 6KGORQVQVCNPGEGUCTKQ5KNCVCTGCGUNCTICGNVKGORQPGEGUCTKQRCTC UWVGTOKPCEKÎPUKGUEQTVCGURQUKDNGTGVTCUCTUWEQOKGPQ N .CTGNCEKÎPFGGUVCVCTGCEQPQVTCUVCTGCU‹%W¶NUGTÈCGNKORCEVQFG VGTOKPCTQPQGUVCVCTGCGPNQURNCPGUFGQVTQURTQ[GEVQU!‹GRGPFG QVTCURGTUQPCUWQTICPKCEKQPGUFGNTGUWNVCFQFGGUVGRTQ[GEVQRCTC RQFGTEQOGPCTCVTCDCLCT! N 'N DGPGHKEKQ TGNCVKXQ FG VGTOKPCT WPC VCTGC FGPVTQ FG WP OCTEQ FG VKGORQ Q PQ [ CUWOKT NC RGPCNKCEKÎP RQT PQ JCEGTNQ ‹3WÃ ICPCTGOQU RQT VGTOKPCT NC VCTGC! ‹%W¶NGU UQP NCU EQPUGEWGPEKCU FG TGVTCUCTGNVTCDCLQWPCQFQUUGOCPCUWPOGUGVE! 'ZKUVGP WP EQPLWPVQ FG JGTTCOKGPVCU RCTC NC RNCPKHKECEKÎP [ RTQITCOCEKÎP FG VKGORQ CUÈ EQOQ UG FGDG EQPUKFGTCT NQU GNGOGPVQU PGEGUCTKQURCTCFGHKPKTGNVTCDCLQ N GUETKREKQPGU FG NCU VCTGCU PGEGUCTKCU RCTC NC VGTOKPCEKÎP FGN RTQ[GEVQ N GUETKREKÎPFGECFCVCTGC N 5K RTQEGFGP EQOQ UG KPVGITCT¶P NCU VCTGCU KPFKXKFWCNGU EQP GN EQPLWPVQVQVCN N (GEJCUFGKPKEKQ[VGTOKPCEKÎPFGECFCVCTGC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N 4GUWOKT NQU TGEWTUQU JWOCPQU Q FG EWCNSWKGT VKRQ TGSWGTKFQU RCTC FGUGORGÌCTECFCVCTGC 5G RWGFG WUCT GN KCITCOC FG TGNCEKQPGU FG NC VCTGC SWG C[WFC C UGT O¶UEQPUEKGPVGFGNKORCEVQFGGUCUTGNCEKQPGUGPUWVTCDCLQ KUGÌQ'UETKDCUWPQODTGGPGNEGPVTQFGWPEÈTEWNQ[CNTGFGFQTNQU PQODTGUFGNCURGTUQPCUKPXQNWETCFCUGPECFCVCTGCGNFKCITCOCFGDG KPENWKT NÈPGCU GPVTG WUVGF [ ECFC WPC FG NCU RGTUQPCU KPENWKFCU GP GN FKCITCOC #EQPVKPWCEKÎPKFGPVKHKSWGGNVKRQFGEQOWPKECEKÎPSWGOCPVKGPGEQP GUCU RGTUQPCU [ GN OGFKQ SWG WVKNKC 2QT ÕNVKOQ CPCNKEG GN PKXGN FG GHKECEKCFGECFCECFGPCFGEQOWPKECEKÎPKFGPVKHKECPFQCNCURGTUQPCU EQP NCU SWG PGEGUKVC EQOWPKECTUG EQP O¶U HTGEWGPEKC EQP GN HKP FG OGLQTCTNCEQQTFKPCEKÎPFGNC VCTGC 2TQITCOCFQT #PCNKUVC #PCNKUVC 7F )GTGPVGFG 5KUVGOCU KTGEVQTFGN KTGEVQTFGN #PCNKUVC TGC$ TGC$ 6CODKÃPUGRWGFGWVKNKCTGNKCITCOCFG)CPV3WGRGTOKVGGUVCDNGEGT NCU TGNCEKQPGU FG VKGORQ GPVTG NCU FKXGTUCU VCTGCU FGPVTQ FGN RTQ[GEVQ FGPVTQ FGN OCTEQ IGPGTCN FG VKGORQ FGN RTQ[GEVQ FGUCTTQNNCFQ RQT *GPT[.)CPVVCEQOKGPQUFGNUKINQ:: +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 2CTCGNNQUGFGDG N 2TGRCTCT WPC NKUVC FG VCTGCU Q ITWRQU FG VCTGCU O¶U KORQTVCPVGU GP QTFGPEQPUGEWVKXQ N 'UVKOCTGNVKGORQPGEGUCTKQRCTCGORGCTECFCWPC N GVGTOKPCT EW¶NGU FG NCU VCTGCU RWGFGP EQOGPCT CPVGU FG JCDGT VGTOKPCFQNCCPVGTKQT N KDWLCTNC NÈPGCFGVKGORQGPGNGLGJQTKQPVCNFGNFKCITCOC N 'UETKDKTNCNKUVCFGVCTGCUGPGNGLGXGTVKECN N 2CTC ECFC VCTGC FKDWLG WPC DCTTC KPFKECPFQ GN EQORTQOKUQ FG VKGORQ N +FGPVKHKECT JKVQU OGVCU RCTEKCNGU Q RWPVQU ETÈVKEQU FGPVTQ FG ECFC VCTGC EQNQECPFQ WP PÕOGTQ TQFGCFQ RQT WP EÈTEWNQ FGPVTQ FG NC DCTTC N 7VKNKCT EQNQTGU [ UÈODQNQU FKHGTGPVGU RCTC JCEGTNG UGIWKOKGPVQ [ FGVGTOKPCT UK UG GUV¶ EWORNKGPFQ GN ECNGPFCTKQ RTQITCOCFQ RCTC FGVGTOKPCTUKGUPGEGUCTKQQPQOQFKHKECTGNECNGPFCTKQ 5KGNRTQ[GEVQKPENW[GFKXGTUCUVCTGCUFKHGTGPVGURGTQKPVGTTGNCEKQPCFCU GUCEQPUGLCDNGWVKNKCTNQUOQFGNQUFGTGFGU #UÈOKUOQGUPGEGUCTKQCRNKECTWPEQPLWPVQFGVÃEPKECUFGGXCNWCEKÎP[ TGXKUKÎPFGN2TQITCOC[OÃVQFQFGNECODKQEQOQGN2'46%2/ #P¶NKUKU2'46%2/ 2GTOKVG TGRTGUGPVCT IT¶HKECOGPVG GN HNWLQ FG VCTGCU CUQEKCFCU EQP WP RTQ[GEVQ[GUVKOCTGNVKGORQPGEGUCTKQRCTCVGTOKPCTGNRTQ[GEVQVQVCN VGPKGPFQ GP EWGPVC NC KPVGTFGRGPFGPEKC FG NCU VCTGCU CUÈ EQOQ KFGPVKHKECTNQURWPVQUETÈVKEQUGPNQUSWGWPCVTCUQGPNCHKPCNKCEKÎPFG NCVCTGCRWGFGVGPGTWPGHGEVQKORQTVCPVGGPGNRTQ[GEVQIGPGTCN 1TICPKCEKÎP 'UGNRTQEGUQFGFKXKFKTGNVTCDCLQGPEQORQPGPVGUOCPGLCDNGU[FGCUKIPCT NCU CEVKXKFCFGU RCTC NQITCT EQP NC OC[QT GHKEKGPEKC RQUKDNG NQU TGUWNVCFQU FGUGCFQU 5K NC 2NCPKHKECEKÎP QHTGEG NCU JGTTCOKGPVCU RCTC FGEKFKTMFÎPFG FGUGCKT[EW¶NGUNCOGLQTHQTOCFGNNGICTCNNÈNNC1TICPKCEKÎPNGQHTGEG NCUJGTTCOKGPVCURCTCTGCNOGPVGMNNGICTCNNÈN +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU .CQTICPKCEKÎPKPENW[GGNFKUGÌQFGNQURWGUVQUFG VTCDCLQ[NCCUKIPCEKÎP FG VCTGCU RCTC SWG NC WPKFCF RWGFC NQITCT UWU OGVCU EQP GHKECEKC EQOQ CRQ[QCNCOKUKÎPIGPGTCNQTICPKCVKXC .CU QTICPKCEKQPGU ITCPFGU PGEGUKVCP PQTOCU [ RTQEGFKOKGPVQU NCU QTICPKCEKQPGUFGUGORGÌCPXCTKCUHWPEKQPGUKORQTVCPVGU N .CQTICPKCEKÎPENCTKHKECSWKÃPFGDGFGUGORGÌCTSWÃVTCDCLQU[EÎOQ FGDGPFKXKFKTUGGUQUVTCDCLQUGPVTGNQUOKGODTQU N .C QTICPKCEKÎP ENCTKHKEC NCU NÈPGCU FG CWVQTKFCF CN GURGEKHKECT SWKGP FGRGPFGFKTGEVCOGPVGFGSWKÃP N .C QTICPKCEKÎP ETGC OGECPKUOQU FG EQQTFKPCEKÎP GPVTGNQU FKHGTGPVGU ITWRQU[PKXGNGUFGNCQTICPKCEKÎP %QOQFKUGÌCTNCUQTICPKCEKQPGUOGFKCPVGNCFGRCTVCOGPVCNKCEKÎP GRCTVCOGPVCNKCEKÎP .C FKXKUKÎP FGN VTCDCLQ GPVTG NQU OKGODTQU FG NC QTICPKCEKÎP.QUGORNGCFQUUGCITWRCPGPFGRCTVCOGPVQUUKIWKGPFQWPC NÎIKECFGVGTOKPCFC %QPHTGEWGPEKCNCUQTICPKCEKQPGUWVKNKCPWPCOGENCFGVQFCU[CSWGUG VKGPG OC[QT HNGZKDKNKFCF [ JCDKNKFCFRCTCTGURQPFGTCNCUPGEGUKFCFGUFG NQU WUWCTKQU OWEJCU QTICPKCEKQPGU RTGHKGTGP QTICPKCTUG RQT FKXKUKQPGU TGURGEVQ C NQU RTQFWEVQU Q UGTXKEKQU GURGEÈHKEQU SWG QHTGEGP RGTQ RQT HWPEKQPGUTGURGEVQCNCIGUVKÎPFGTGEWTUQUJWOCPQUNCIGUVKÎPHKPCPEKGTC[ NCCUGUQTÈCLWTÈFKEC # OGFKFC SWG NC GEQPQOÈC INQDCN UG XWGNXG O¶U EQORGVKVKXC OWEJCU EQORCÌÈCUEQOKGPCPCQTICPKCTUWUWPKFCFGUFGHQTOCSWGHQOGPVGPNC HNGZKDKNKFCF [ NC KPPQXCEKÎP O¶U SWG GN EQPVTQN EGPVTCNKCFQ [ NC GUVCPFCTKCEKÎP .CFGRCTVCOGPVCNKCEKÎPFGHKPGNCUTGNCEKQPGUFGCWVQTKFCFSWKÃPFGRGPFG FKTGEVCOGPVGFGSWKÃP[CSWÈ UGFGDGVGPGTGPEWGPVCNQUVTGURTKPEKRKQUFG 'HKEKGPEKC N 2TKPEKRKQFGWPKFCFFGOCPFQECFCRGTUQPCFGDGTGPFKTEWGPVCUCWP UQNQFKTGEVKXQ N 2TKPEKRKQ FG GUECNC C PKXGNGU LGT¶TSWKEQU GUFGEKTSWGGZKUVCWPCNÈPGC ENCTC FG OCPFQ SWG XKPEWNG C ECFC GORNGCFQ EQP GN PKXGN UWRGTKQT UKIWKGPVGFGCWVQTKFCFKPENWKFQGNPKXGNO¶ZKOQFGFKTGEEKÎP N 2TKPEKRKQ FGN CDCPKEQ FG EQPVTQN CHKTOC SWG WPC RGTUQPC UQNCOGPVG RWGFG IGUVKQPCT EQP GHKECEKC WP PÕOGTQ NKOKVCFQ FG GORNGCFQU GUVG +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU PÕOGTQ RWGFG XCTKCT GP HWPEKÎP FG NQU KPFKXKFWQU KPXQNWETCFQU # OC[QT CDCPKEQ FG EQPVTQN OC[QT OGPQT PÕOGTQ FG FKTGEVKXQU PGEGUCTKQU[OGPQTPÕOGTQFGPKXGNGULGT¶TSWKEQU .CU QTICPKCEKQPGU SWG VKGPGP PWOGTQUQU PKXGNGU FG LGT¶TSWKEQU UQP EQPQEKFCU EQOQ QTICPKCEKQPGU RKTCOKFCNGU [ NCU SWG VKGPGP RQEQU PKXGNGULGT¶TSWKEQUEQOQQTICPKCEKQPGURNCPCU (CEVQTGUSWGJC[SWGVGPGTGPEWGPVCCNRNCPKHKECTGNCDCPKEQFGEQPVTQN (CEVQT 'HGEVQ 4GEQOGPFCEKÎP 8CTKGFCFFGHWPEKQPGU #OC[QTXCTKGFCFFG /¶UTGFWEKFQFGDG HWPEKQPGUSWG UGTGNCDCPKEQFG IGUVKQPCT EQPVTQN 7DKECEKÎPHÈUKECFGNCU #OC[QTFKUVCPEKC /¶UTGFWEKFQFGDG HWPEKQPGU HÈUKECGPVTGNCU UGTGNCDCPKEQFG HWPEKQPGUIGUVKQPCFCU EQPVTQN %QORNGLKFCFFGNCUHWPEKQPGU #OC[QTEQORNGLKFCF /¶UTGFWEKFQFGDG FGNCUVCTGCU UGTGNCDCPKEQFG IGUVKQPCFCU EQPVTQN 2NCPKHKECEKÎPPGEGUCTKCRCTC #OC[QTRNCPKHKECEKÎP /¶UTGFWEKFQFGDG NCUHWPEKQPGU PGEGUCTKCRCTCNCNCU UGTGNCDCPKEQFG VCTGCUIGUVKQPCFCU EQPVTQN %QQTFKPCEKÎPGZKIKFCGPVTGNCU #OC[QTXQNWOGPFG /¶UTGFWEKFQFGDG HWPEKQPGU EQQTFKPCEKÎP UGTGNCDCPKEQFG PGEGUCTKC EQPVTQN 0KXGNFGFGUVTGCFGNQU #OC[QTPKXGNFG /¶UCORNKQRWGFG UWDQTFKPCFQU FGUVTGCFGNQU UGTGNCDCPKEQFG UWDQTFKPCFQU EQPVTQN 0GEGUKFCFFGGSWKNKDTKQGPVTG #OC[QTPGEGUKFCFFG /¶UCORNKQFGDGUGT GNCDCPKEQFGEQPVTQN[GN WPCQTICPKCEKÎP GNCDCPKEQFG PÕOGTQFG PKXGNGU RNCPC EQPVTQN LGT¶TSWKEQU %QPHNKEVQUGPVTGNQURTKPEKRKQUFGQTICPKCEKÎP .QU EKPEQ RTKPEKRKQU FG QTICPKCEKÎP GURGEKCNKCEKÎP FKXKUKÎP FGN VTCDCLQ WPKFCF FG OCPFQECFGPCFGLGT¶TSWKEC[CDCPKEQFGEQPVTQN EQPHTGEWGPEKCUGEQPVTCFKEGPGPVTGUÈ5KGORTGGZKUVKT¶PUKVWCEKQPGUGP NCU SWG GN EWORNKOKGPVQ FG WP RTKPEKRKQ FG GHKEKGPEKC UWRQPFT¶ NC XKQNCEKÎPFGWPUGIWPFQRTKPEKRKQ'PGUQUECUQUJCDT¶SWGQRVCT[Q EQODKPCTGPVTGNQUFKHGTGPVGUVKRQUFGGHKEKGPEKC2CTCFGEKFKTEWCNGUGN KPVGTECODKQCFGEWCFQEQPUWNVGNCOKUKÎPIGPGTCNFGNCQTICPKCEKÎPG KFGPVKHKSWG EW¶N FG NQU RTKPEKRKQU FG GHKEKGPEKC RTGUVC WP UGTXKEKQ O¶U GHKECCNCOKUOC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +FGPVKFCFFGNCVCTGC.COGFKFCGPNCSWGGNRWGUVQGZKIGVGTOKPCT WPQ FG NQU EQORQPGPVGU FGN VTCDCLQ SWG NQU GORNGCFQU RWGFCP KFGPVKHKECTEQOQTGUWNVCFQFGUWUGUHWGTQUKPFKXKFWCNGU +ORQTVCPEKCFGNCVCTGC.COGFKFCGPNCSWGUGRGTEKDGSWGGNRWGUVQ VKGPGKORCEVQGPNCXKFCQGNVTCDCLQFGQVTQU #WVQPQOÈC.COGFKFCGPNCSWGNQUGORNGCFQURWGFGPFGEKFKTCUW FKUETGEKÎPNQUECNGPFCTKQU[RTQEGFKOKGPVQUFGVTCDCLQ +PHQTOCEKÎP FG TGVQTPQ .C OGFKFC GP SWG GN RWGUVQ QHTGEG C NQU GORNGCFQUKPHQTOCEKÎPENCTC[FKTGEVCUQDTGUWTGPFKOKGPVQ 'UVCU FKOGPUKQPGU KPHNW[GP GP NQU GORNGCFQU GP VÃTOKPQU FG OQVKXCEKÎP KPVGTPC TGPFKOKGPVQ UCVKUHCEEKÎP GP GN VTCDCLQ PKXGN FG CWUGPVKUOQ[FGTQVCEKÎP 'UKORQTVCPVGVQOCTGPEWGPVCNCUGUVTCVGIKCUSWGUGRWGFGPCRNKECTRCTC GNFKUGÌQFGNRWGUVQFGVTCDCLQRCTCKPETGOGPVCTVCPVQGNTGPFKOKGPVQ EQOQNCUCVKUHCEEKÎPRGTUQPCNGPGNVTCDCLQ N #ORNKCEKÎP FGN RWGUVQ FG VTCDCLQ RGTOKVG KPETGOGPVCT NC XCTKGFCF FG FGUVTGCU [ NC KFGPVKFCF FG NC VCTGC OGFKCPVG GN TGFKUGÌQ FGN RWGUVQFGVTCDCLQRCTCCORNKCTUWECORQFGCEEKÎP N 4QVCEKÎP FGN RWGUVQ FG VTCDCLQ 2GTOKVG SWG NQU GORNGCFQU FGUGORGÌGP WPC XCTKGFCF FG VCTGCU GP DCUG C WP FGVGTOKPCFQ ECNGPFCTKQKPETGOGPVCPFQFGGUVCOCPGTCUWUFGUVTGCU N 'PTKSWGEKOKGPVQFGNRWGUVQFGVTCDCLQSWGRTQOWGXGGNKPETGOGPVQ FG NC TGURQPUCDKNKFCF [ NC VQOC FG FGEKUKQPGU TGNCEKQPCFCU EQP GN RTQRKQVTCDCLQ /KGPVTCU SWG NC CORNKCEKÎP FGN RWGUVQ FG VTCDCLQ UG EGPVTC HWPFCOGPVCNOGPVGGPUWECORQFGCEEKÎPGNGPTKSWGEKOKGPVQUGEGPVTC GPGNECORQFGCEEKÎPRTQHWPFKFCF[NCUTGNCEKQPGU %QPVTQN .C RNCPKHKECEKÎP P*CEKC FQPFG XCOQU [ EW¶N GU NC OGLQT HQTOC FG NNGICT CNNÈQ [ NC QTICPKCEKÎPPNQU OGECPKUOQU RCTC NNGICT CN NWICT FQPFG FGUGC KTQCJQTCGN%QPVTQNGUWPRTQEGUQSWGNGKPFKECPUKTGCNOGPVGNNGIÎQPQQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU /WEJCURGTUQPCUPQUQP TGEGRVKXCUFGNCKPHQTOCEKÎPFGTGVQTPQUQDTGUWU RWPVQU EKGIQU #FQRVCP WPC CEVKVWF FGHGPUKXC [ WVKNKCP FKXGTUQU EQORQTVCOKGPVQUSWGKORKFGPNCKPHQTOCEKÎPFGTGVQTPQ .C XGPVCPC FG ,QJCTK PQ UÎNQ PQU KPFKEC PWGUVTCU RTQRKCU ¶TGCU EKGICU QEWNVCU[FGUEQPQEKFCUVCODKÃPPQUJCEGEQPQEGTFGNCGZKUVGPEKCFGGUCU ¶TGCU GP NQU FGO¶U [ SWG CFQRVCOQU CEVKVWFGU FGHGPUKXCU GP TGNCEKÎP C GNNCU 'N UGETGVQ RCTC ECODKCT GUVC CEVKVWF GP NQU FGO¶U GUV¶ GP UWRGTCT PWGUVTCRTQRKCCEVKVWFFGHGPUKXC*GCSWÈCNIWPCUTGEQOGPFCEKQPGU N 6KGPG SWG CPCNKCTUG C UÈ OKUOQ RQT SWG UK PQ FGUGC TGCNOGPVG EQORTGPFGTCNQUFGO¶UUKPQGUUKPEGTQNCGORCVÈCGUKORQUKDNG N .CEQOWPKECEKÎPGUCNIQO¶USWGRCNCDTCUVCODKÃPUGFGDGNGGTVCPVQ NCUUGÌCNGUXGTDCNGUEQOQNCUPQXGTDCNGU N 0QTGCEEKQPGEQPFGOCUKCFCTCRKFGCNCUFGHKPKEKQPGUKPGZCEVCUFGNQU JGEJQU GUEWEJG EQP CVGPEKÎP RCTC KFGPVKHKECT NQU UGPVKOKGPVQU SWG UG QEWNVCPVTCUGUCFGHKPKEKÎPCPVGUFGCRTGUWTCTCEQTTGIKTNQUJGEJQU N GDG RGTOKVKT SWG NC RGTUQPC FKIC NC XGTFCF GOQEKQPCN SWG RWGFG KPENWKT UGPVKOKGPVQU PGICVKXQU JCEKC WUVGF 6KGPG SWG GUVCT RTGRCTCFQ RCTCTGEKDKTGUVCKPHQTOCEKÎPFGTGVQTPQPGICVKXC %QOWPKECEKÎPKPVGTRGTUQPCN .C EQOWPKECEKÎP KPVGTRGTUQPCN GU SWK¶ WPC FG NCU EQORGVGPEKCU O¶U KORQTVCPVGU [ OGPQU EQORTGPFKFCU FGN FKTGEVKXQ RGTQ GU XKVCN RCTC FGUGORGÌCTGNTQNFGNOGPVQT.CEQOWPKECEKÎPUKIPKHKECGNKPVGTECODKQFG KPHQTOCEKÎP JGEJQU KFGCU [ UKIPKHKECFQU 2WGFG WVKNKCTUG RCTC KPHQTOCT EQQTFKPCT[OQVKXCTCNQUFGO¶U2QTFGUITCEKCPQGUH¶EKNEQOWPKECTUGEQP GHKECEKC %WCPFQ UWTIGP NQU RTQDNGOCU KPVGTRGTUQPCNGU NCU RGTUQPCU EQOKGPCP C GZRGTKOGPVCT EQPHNKEVQU TGUKUVKTUG CN ECODKQ [ GXKVCT GN EQPVCEVQ EQP NQU FGO¶U # PKXGN QTICPKCVKXQ NC EQOWPKECEKÎP FGHKEKGPVG EQP HTGEWGPEKC IGPGTC WP FGUEGPUQ GP NQU PKXGNGU FG OQTCN [ RTQFWEVKXKFCF .CU QTICPKCEKQPGU PGEGUKVCP SWG NCU RGTUQPCU UG EQOWPKSWGP EQP GN HKP FG FGUCTTQNNCTOGVCUECPCNKCTNCGPGTIÈCGKFGPVKHKECT[TGUQNXGTNQURTQDNGOCU /QFGNQD¶UKEQFGEQOWPKECEKÎPKPVGTRGT UQPCN 'N KPVGTECODKQ FG KPHQTOCEKÎP UG FC GP VTGU PKXGNGU FKHGTGPVGU KFGCU JGEJQU[UGPVKOKGPVQURGTQUGRWGFGGUVCDNGEGTWPOQFGNQIGPGTCN N 2GTUQPCSWGUGEQOWPKECEQFKHKECWPOGPUCLG +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N %QFKHKECEKÎPVTCFWEKTWPEQPLWPVQFGKFGCUGPWPUKUVGOCFGUÈODQNQU VCNGU EQOQ RCNCDTCU Q EKHTCU 'P GN RTQEGUQ FG EQFKHKECEKÎP KPHNW[G NC WTIGPEKCFGNOGPUCLGNCGZRGTKGPEKC[NCFGUVTGCFGEQOWPKECEKÎPFG NCRGTUQPCSWGNCGPXÈCCUÈEQOQUWRGTEGREKÎPFGNTGEGRVQT N /GFKQ GU RQT FQPFG UG VTCPUOKVG GN OGPUCLG GUETKVQ XGTDCN Q PQ XGTDCN N GEQFKHKECEKÎP NC RGTUQPC SWG TGEKDG GN OGPUCLG VKGPG SWG KPVGTRTGVCTNQ N 4GEGRVQTRGTUQPCSWGTGEKDGGNOGPUCLG .CKPHQTOCEKÎPFGTGVQTPQGUFGVTGUOQFCNKFCFGU N +PHQTOCVKXC GU WP RTQEGUQ SWG PQ KPENW[G GXCNWCEKÎP UKORNGOGPVG QHTGEGJGEJQUCNTGOKVGPVGFGNOGPUCLG N %QTTGEVKXCKORNKECWPFGUCHÈQQCWPCEQTTGEEKÎPFGNOGPUCLGQTKIKPCN N G TGHWGTQ GU WP TGEQPQEKOKGPVQ ENCTQ FGN OGPUCLG GPXKCFQ 2WGFG UGTRQUKVKXCQPGICVKXC 'N ÕNVKOQ GNGOGPVQ FGN OQFGNQ GU GN TWKFQ GU VQFQ CSWGNNQ SWG RWGFG FKUVQTUKQPCTGNOGPUCLGFWTCPVGGNRTQEGUQFGEQOWPKECEKÎP #NIWPCU4GINCUD¶UKECURCTCCWOGPVCTNCECNKFCFFGNCEQOWPKECEKÎP +FGPVKHKECT EQP ENCTKFCF CN TGEGRVQT FGN OGPUCLG ‹%W¶N GU NC CEVKVWF FGN TGEGRVQT! ‹%W¶NGU UQP UWU JKRÎVGUKU RTGEQPEGDKFCU! ‹%ÎOQ UG UKGPVG ÃNGNNCGPÃUVCUKVWCEKÎP! %QPQEC UW QDLGVKXQ ‹3WÃ GU NQ SWG FGUGC NQITCT EQOQ TGUWNVCFQ FGN OGPUCLGSWGVTCPUOKVG! #PCNKEG GN ENKOC ‹3WÃ PGEGUKVC RCTC SWG GN TGEGRVQT UG TGNCLG [ GUVÃ CDKGTVQCNCEQOWPKECEKÎP! #PCNKEGOGPVCNOGPVGGNOGPUCLGCPVGUFGVTCPUOKVKTNQ#PCNÈEGNQFGUFGNC RGTURGEVKXCFGNTGEGRVQT 7VKNKEGGNNGPIWCLGFGNCQVTCRGTUQPC 5K PQ GUV¶ UGIWTQ FG SWG GN TGEGRVQT JC EQORTGPFKFQ GN OGPUCLG ENCTKHÈSWGNQ 5KNCTGURWGUVCVKGPGOCVKEGU FGETÈVKECPQTGCEEKQPGCNCFGHGPUKXC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU GUCTTQNNQFGNQUUWDQTFKPCFQU .C KPHQTOCEKÎP FG TGVQTPQ UQDTG GN TGPFKOKGPVQ GU WPQ FG NQU VKRQU FG HQTOCEKÎP RQVGPEKCNOGPVG O¶U ÕVKNGU SWG WPC RGTUQPC RWGFG TGEKDKT [ GU ETÈVKECRCTCNCOGLQTCGNETGEKOKGPVQ[GNFGUCTTQNNQUKPGODCTIQHTCECUCP EQPOWEJCHTGEWGPEKC2CTCGNOGPVQTNCGXCNWCEKÎPFGNTGPFKOKGPVQGUNC JGTTCOKGPVC SWG HCEKNKVC GN FGUCTTQNNQ FG NQU UWDQTFKPCFQU UKP GODCTIQ OWEJCU QTICPKCEKQPGU NCU CRNKECP RQT QVTCU TCQPGU %QP HTGEWGPEKC UG WVKNKCRCTCVQOCTFGEKUKQPGUUQDTGGNUKUVGOCFGTGEQORGPUCUTGVTKDWEKÎP [ RTQOQEKÎP VCODKÃP GP ECUQU FG FGURKFQ %QP HTGEWGPEKC VCPVQ NQU UWDQTFKPCFQUEQOQNQULGHGUUGUKGPVGPKPEÎOQFQU .C GXCNWCEKÎP FGN TGPFKOKGPVQ GORKGC OWEJQ CPVGU FG NC UGUKÎP FG GXCNWCEKÎP5KVKGPGNCUWHKEKGPVGCWVQPQOÈCRCTCJCEGTNQ[UWUKVWCEKÎPGU NC CFGEWCFC RWGFG KPXKVCT C QVTQU UWDQTFKPCFQU C SWG RCTVKEKRGP GP GN FKUGÌQRCTCSWGTGCNOGPVGUGCGHKEC KTGEVTKEGURCTCNCKPHQTOCEKÎPFGTGVQTPQ %ÎOQHCEKNKVCTK PHQTOCEKÎPFGTGVQTPQ #PVGUFGHCEKNKVCTKPHQTOCEKÎPFGTGVQTPQCPCNKEGUWUOQVKXQU[CUGIÕTGUGFG SWGGNTGEGRVQTGUV¶RTGRCTCFQRCTCGUEWEJCTNG %WCPFQHCEKNKVGKPHQTOCEKÎPFGTGVQTPQWVKNKEGHTCUGUSWGEQOKGPEGPRQTP;QQ GP NWICT FG P7UVGFQ RCTC KPFKECT SWG GUCU UQP UWU RGTEGREKQPGU KFGCU [ UGPVKOKGPVQU GUETKDC GN EQORQTVCOKGPVQ FG NC QVTC RGTUQPC CUÈ EQOQ UWU RTQRKCU RGTEGREKQPGUFGNOKUOQ 2KFCCNCQVTCRGTUQPCSWGENCTKHKSWGGZRNKSWGECODKGQTGEVKHKSWG GURWÃU FG NC KPHQTOCEKÎP FG TGVQTPQFGDGFCTCNCQVTC RGTUQPCGNVKGORQ SWGPGEGUKVGRCTCTGURQPFGT #PVGUFGRGFKTKPHQTOCEKÎPFGTGVQTPQCUGIÕTGUGFGSWGGUV¶RTGRCTCFQRCTC GUEWEJCTKPHQTOCEKÎPSWGRWGFGCNVGTCTUWRTQRKCRGTEGREKÎP 5GC EQPUEKGPVG FG SWG NC RGTUQPC SWG NG QHTGEG KPHQTOCEKÎP FG TGVQTPQ GUV¶ FGUETKDKGPFQ UW RTQRKC RGTEGREKÎP FG NC UKVWCEKÎP RGTQ VGPIC RTGUGPVG SWG GUQUUGPVKOKGPVQUUQPTGCNGU %QORTWGDGUKJCEQORTGPFKFQNCKPHQTOCEKÎPFGTGVQTPQTGEKDKFCJCEKGPFQ RTGIWPVCUQFCPFQGLGORNQU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 2CTC QHTGEGT [ TGEKDKT KPHQTOCEKÎP FG TGVQTPQ GU ENCXG NC CWVQEQPHKCPC CJQTC GP NWICT FG EQOGPCT PGP HTÈQQ NC GXCNWCEKÎP RWGFG KPVGPVCT QVTC GUVTCVGIKC N +PVGTECODKCT EQP UW UWDQTFKPCFQ WPC GXCNWCEKÎP GUETKVC FG UW TGPFKOKGPVQ N GFKSWG CNIÕP VKGORQ C NGGT NC CWVQGXCNWCEKÎP FG UW UWDQTFKPCFQ [ WVKNKEG NC GORCVÈC RCTC RQPGTUG GP UW NWICT 7VKNKEG GUVG RTQEGUQ RCTC RTGRCTCTUGCUÈOKUOQRCTCNCUGUKÎPFGGXCNWCEKÎP '.41.'(#%+.+6#14 'P GUVG TQN GN OCPFQ HQOGPVC GN GUHWGTQ EQNGEVKXQ ETGC NC WPKÎP CWOGPVC NC OQTCN FGN GSWKRQ [ IGUVKQPC NQU EQPHNKEVQU KPVGTRGTUQPCNGU #NIWPCU FG NCU EQORGVGPEKCU SWG WVKNKC GN HCEKNKVCFQT UQP NCU OKUOCU SWG NCU WVKNKCFCU RQT GN OGPVQT RQT GLGORNQ NC GUEWEJC CEVKXC NC GORCVÈC [ NC UGPUKDKNKFCF C NCU PGEGUKFCFGU FG NQU FGO¶U 'N TQN FGN HCEKNKVCFQT UGEGPVTCGPNCHQTOCGPSWGGN OCPFQVTCDCLCEQPNQUITWRQU6TGUEQORGVGPEKCUENCXGFGNHCEKNKVCFQT%TGCEKÎP FGGSWKRQU6QOCFGFGEKUKQPGURCTVKEKRCVKXC)GUVKÎPFGNEQPHNKEVQ %TGCEKÎPFGGSWKRQU 6TCDCLCTGPGSWKRQGU WPFGUGQFGVQFCQTICPKCEKÎPEQORGVKVKXCRGTQRCTC VGPGTÃZKVQGUPGEGUCTKQHQTOCTITWRQUFGVTCDCLQUSWG %WGPVGPEQPWPCTCÎPFGUGTRCTCVTCDCLCTLWPVQU .QU OKGODTQU FGN ITWRQ UGCP KPVGTFGRGPFKGPVGU GU FGEKT PGEGUKVCP NC JCDKNKFCF NC GZRGTKGPEKC [ GN EQORTQOKUQ FG NQU FGO¶URCTCCNECPCT NCUOGVCUEQOWPGU .QU OKGODTQU FGN ITWRQ GUV¶P EQORTQOGVKFQU EQP NC KFGC FG SWG VTCDCLCTWPKFQUEQOQITWRQIGPGTCFGEKUKQPGUO¶UGHKECEGUSWGVTCDCLCT CKUNCFCOGPVG 6GPICP SWG TGPFKT EWGPVCU EQOQ WPKFCF QRGTCVKXC FGPVTQ FG WP EQPVGZVQQTICPKCVKXQOC[QT %WCPFQNCQRGTCVKXCGHKECFGNCWPKFCFFGRGPFGFGNVTCDCLQEQPLWPVQFG NQUKPFKXKFWQU[FGNWUQFGNCGZRGTKGPEKCNCUJCDKNKFCFGU[GNEQORTQOKUQ FGVQFQUGNITWRQFGVTCDCLQUGEQPXKGTVGGPWPGSWKRQFGVTCDCLQ .QU OKGODTQU FGN GSWKRQ TGSWKGTGP KPVGTCEEKÎP [ EQQTFKPCEKÎP UWU OKGODTQURQTNQIGPGTCNVKGPGPWPQUTQNGUGURGEÈHKEQU[VCODKÃPGZKUVGP EQP HTGEWGPEKC TQNGU GURGEKCNKCFQU 7PC FG NCU TGURQPUCDKNKFCFGU FGN HCEKNKVCFQTGUENCTKHKECTNQUTQNGUFGUWUGORNGCFQUFGHKPKTSWÃGUNQSWGUG +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU GURGTCFGWPKPFKXKFWQSWGFGUGORGÌCWPFGVGTOKPCFQRWGUVQFGVTCDCLQ[ QEWRCWPFGVGTOKPCFQECTIQ .CENCTKFCFGPNQUTQNGUKORNKECNCCWUGPEKCFGFQUEQPFKEKQPGUPGICVKXCUNC CODKI×GFCF [ GN EQPHNKEVQ GP NQU TQNGU .C CODKI×GFCF UWTIG EWCPFQ GN KPFKXKFWQ PQ VKGPG UWHKEKGPVG KPHQTOCEKÎP GP VÃTOKPQU FG Q SWG FGDGTÈC GUVCT JCEKGPFQ [ GN EQPHNKEVQ QEWTTG EWCPFQ WP KPFKXKFWQ RGTEKDG NC KPHQTOCEKÎP TGNCEKQPCFC EQP UW RWGUVQ FG VTCDCLQ EQOQ KPEQJGTGPVG Q EQPVTCFKEVQTKC .QU TQNGU FG OCPVGPKOKGPVQ FGN ITWRQ [ FG VCTGC UG EGPVTCP GP FQU EQORQPGPVGUPGEGUCTKQURCTCGNHWPEKQPCOKGPVQGHKECFGNGSWKRQ'PGNTQN FGVCTGCGNEQORQTVCOKGPVQUGEGPVTCGPSWÃGUNQSWGGNGSWKRQVKGPGSWG EQPUGIWKT GP GN TQN FG OCPVGPKOKGPVQ FGN ITWRQ GN EQORQTVCOKGPVQ UG EGPVTC GP EÎOQ GN GSWKRQ NQITCT¶ UW VCTGC 'U RQUKDNG KFGPVKHKECT UGKU UWDTQNGURTKPEKRCNGUCUQEKCFQUEQPNCQTKGPVCEKÎPCNCVCTGC 'N KPKEKCFQT RQPG GP OQXKOKGPVQ CN ITWRQ CN QHTGEGTNG PWGXCU KFGCU [ UWIGTKT HQTOCU FG EQPHTQPVCT WPC VCTGC Q WP RTQDNGOC 'P GUVG TQN GN OKGODTQ FGN ITWRQ TGEWGTFC C NQU FGO¶U SWG VKGPGP WPC VCTGC SWG TGCNKCT 'N KPHQTOCFQT RNCPVGC Q ENCTKHKEC JGEJQU [ QRKPKQPGU KORQTVCPVGU DCUCFQGPUWEQPQEKOKGPVQ[GZRGTKGPEKCURGTUQPCNGU 'N DWUECFQT FG KPHQTOCEKÎP CPKOC C NQU FGO¶U C RNCPVGCT Q ENCTKHKECT JGEJQU [ QRKPKQPGU KORQTVCPVGU DCUCFQU GP UWU EQPQEKOKGPVQU [ GZRGTKGPEKCU 'NEQQTFKPCFQTTGÕPGRTQITCOC[EQODKPCNCUCEVKXKFCFGUFGNQUFGO¶U 'N GXCNWCFQT C[WFC CN ITWRQ C XCNQTCT NC ECNKFCFFG UWU UWIGTGPEKCU Q UQNWEKQPGU[EQORTWGDCUWXKCDKNKFCFGPNCRT¶EVKEC 'N UKPVGVKCFQT TGÕPG NC XCTKGFCF FG KFGCU FKUEWVKFCU GP GN ITWRQ NCU XWGNXG C FGHKPKT EQP DTGXGFCF [ QHTGEG CN ITWRQ WPC FGEKUKÎP Q EQPENWUKÎPRCTCUWGUVWFKQ G KIWCN OCPGTC RQFGOQU KFGPVKHKECT UGKU UWDTQNGU RTKPEKRCNGU CUQEKCFQU EQPNCQTKGPVCEKÎPCNOCPVGPKOKGPVQFGNITWRQ 'N CPKOCFQT CRQ[C C NQU OKGODTQU FGN GSWKRQ NGU C[WFC C ETGCT WP ENKOCFGWPKÎP[EQTFKCNKFCF[HQOGPVCNCUKFGCUFGNQUFGO¶U +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'NCTOQPKCFQT UWCXKCNCVGPUKÎP[C[WFCCNQUOKGODTQUCGPEQPVTCT HQTOCU FG GNKOKPCT UWU FKHGTGPEKCU RCTC SWG RWGFCP UGIWKT VTCDCLCPFQ WPKFQU.CRGTUQPCSWGFGUGORGÌCGUVGTQNKPVGPVCTGFWEKTNCVGPUKÎPGP GNITWRQWVKNKCPFQGNJWOQT[NCCOKUVCF 'NIWCTFK¶POCPVKGPGNCPRWGTVCCDKGTVCQ CNCRCTVKEKRCEKÎPFGNQUFGO¶U CUGIWTCPFQ SWG VQFQU NQ OKGODTQU FGN ITWRQ VGPICP NCU UWHKEKGPVGU QRQTVWPKFCFGUFGEQORCTVKTUWUKFGCU[UGPVKOKGPVQU 'NPFKUGÌCFQTFGGUV¶PFCTGUQ C[WFCCNITWRQCHKLCTNCUOGVCUCRTQRKCFCU [CGXCNWCTNCECNKFCFFGNRTQEGUQFGNITWRQ 'NUGIWKFQTCEGRVC[RGTUKIWGNCUKFGCU[UWIGTGPEKCUFGNQUFGO¶U 'N QDUGTXCFQT FGNITWRQJCEGGNUGIWKOKGPVQFGNRTQITGUQFGNITWRQ[ HCEKNKVCKPHQTOCEKÎPFGTGVQTPQUQDTGUWQRGTCVKXC %WCPFQUGETGCWPPWGXQITWRQFGVTCDCLQQEWCPFQWPITWRQ[CHQTOCFQ UGJCEGECTIQFGWPCPWGXCVCTGCQRTQDNGOCGNITWRQCVTCXKGUCFKHGTGPVGU HCUGUFGFGUCTTQNNQJCUVCVTCPUHQTOCTGGPWPGSWKRQWTCPVGGUVCUHCUGUFG FGUCTTQNNQ GN GSWKRQ PGEGUKVC WP ÃPHCUKU FKHGTGPVG GP NQU FKXGTUQU EQORQTVCOKGPVQUFGVCTGC[OCPVGPKOKGPVQ (#5'%QORTQDCEKÎP'NITWRQFGVGTOKPCUWUOGVCU[FGHKPGNCUVCTGCU[ EQP GN HKP FG ETGCT WP ENKOC SWG HQOGPVG GN KPVGTECODKQ FG KFGCU [ UGPVKOKGPVQUGNGURÈTKVWFGGSWKRQ[NCEQQRGTCEKÎPGNNÈFGTFGDGCPKOCTC NQU OKGODTQU C CUWOKT NQU TQNGU FG KPKEKCFQT KPHQTOCFQT DWUECFQT FG KPHQTOCEKÎP[IWCTFK¶P (#5' 1TICPKCEKÎP 'N ITWRQ FGVGTOKPC NC GUVTWEVWTC [ GN NÈFGT RQPG ÃPHCUKU GP GN RTQRÎUKVQ EQOÕP [ GUVCDNGEG NCU PQTOCU NQU GUV¶PFCTGU [ VCODKÃP FGDG CPKOCT C NQU OKGODTQU C SWG CUWOCP NQU TQNGU FG EQQTFKPCFQT GXCNWCFQT FKUGÌCFQT FG GUV¶PFCTGU QDUGTXCFQT [ CTOQPKCFQT (#5''UVCDNGEKOKGPVQFGNCKPVGTFGRGPFGPEKC'NNÈFGTFGDGEGPVTCUGGPNC KPVGTFGRGPFGPEKC GPVTGNQU OKGODTQUKORGFKTNCEQORGVGPEKC[CPKOCTC VQFQURCTCSWGCUWOCPTQNGUKPHQTOCNGUFGNKFGTCIQ.QUTQNGUFGVCTGC[ FG OCPVGPKOKGPVQ O¶U KORQTVCPVGU UQP DWUECFQT FG KPHQTOCEKÎP UKPVGVKCFQTCTOQPKCFQTUGIWKFQT[CPKOCFQT (#5' 2TQFWEEKÎP [ GXCNWCEKÎP 'N ITWRQ UG JC VTCPUHQTOCFQ [C GP WP GSWKRQ [ VTCDCLC WPKFQ UKP FKHKEWNVCFGU GXCNÕCP GN RTQFWEVQ FG UWU GUHWGTQUEQPLWPVQU[GNITCFQFGGHKECEKCFGUWVTCDCLQEQOQGSWKRQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU #XGEGUNCPGEGUKFCFFGVGTOKPCTGNVTCDCLQJCEGSWGNQUITWRQUUGEGPVTGP GP NCU VCTGCU GURGEÈHKECU CPVGU SWG GP NC RNCPKHKECEKÎP [ NC EQQTFKPCEKÎP ENKOCQTICPKCVKXQ[NCHCNVCFGEQPQEKOKGPVQUQDTGEQOQETGCTWPGSWKRQ NQEWCNRWGFGPEQPUVKVWKTUGDCTTGTCU 6QOCFGFGEKUKQPGURCTVKEKRCVKXC 'P GN VTCDCLQ NCU FGEKUKQPGU KORQTVCPVGU FGDGP KPXQNWETCT C CSWGNNQU KPFKXKFWQU EW[CU KFGCU NCDQTCNGU UG XGT¶P CHGEVCFCU RQT GNTGUWNVCFQFGNC FGEKUKÎP 5KP GODCTIQ PQ VQFCU NCU FGEKUKQPGU CHGEVCP FKTGEVCOGPVG C NC XKFCNCDQTCNFGNQUGORNGCFQU.QUOCPFQUVKGPGPSWGFKUVKPIWKTEW¶PFQGU CRTQRKCFQKPXQNWETCTCNQUGORNGCFQU[EW¶PFQPQNQGU %QPUVCPVGOGPVG NQU OCPFQU UG GPHTGPVCP C UKVWCEKQPGU GP NCU SWG VKGPGP SWG VQOCT FGEKUKQPGU TGNCEKQPCFCU EQP UW WPKFCF FG VTCDCLQ [ UWU GORNGCFQU .C RCTVKEKRCEKÎP FG NQU GORNGCFQU GP GN RTQEGUQ FG VQOC FG FGEKUKQPGUVKGPGUWUXGPVCLCU[UWUFGUXGPVCLCU 8GPVCLCU N 'NPKXGNFGEQPQEKOKGPVQUQGZRGTKGPEKCFGNITWRQVKGPFGCUGTUWRGTKQT CNPKXGNKPFKXKFWCN N .CU FKUEWUKQPGU FG ITWRQ IGPGTCP WPC ICOC O¶U CORNKC FG XCNQTGU [ RGTURGEVKXCUSWGTGRTGUGPVCPNCXCTKGFCFFGVGOCUGKPVGTGUGUSWGGUV¶P GPLWGIQGPNCFGEKUKÎP.CRCTVKEKRCEKÎPFGNQUGORNGCFQUGPGNRTQEGUQ CWOGPVCNCURTQDCDKNKFCFGUFGSWGCHNQTGPVQFQUNQUVGOCUKORQTVCPVGU SWGCHGEVCPNCFGEKUKÎP N .QU GORNGCFQU GUV¶P O¶U EQORTQOGVKFQU EQP NC GLGEWEKÎP FG WPC FGEKUKÎP GP NC SWG JCP RCTVKEKRCFQ [C SWG EQORTGPFGP NCU TCQPGU UWD[CEGPVGUCNCOKUOC N %QP HTGEWGPEKC NQ GORNGCFQU KPXQNWETCFQU GP GN RTQEGUQ FG VQOC FG FGEKUKQPGU UQP ECRCEGU FG KFGPVKHKECT NQU QDUV¶EWNQU RQVGPEKCNGU GP NC GLGEWEKÎPFGNCFGEKUKÎPCUÈEQOQNCHQTOCFGGXKVCTNQU N +PXQNWETCTCNQUGORNGCFQUGPGNRTQEGUQFGVQOCFGFGEKUKQPGUOGLQTC UWU FGUVTGCU [ JCDKNKFCFGU [ NGU C[WFC C ETGEGT [ FGUCTTQNNCTUG EQOQ OKGODTQUFGNCQTICPKCEKÎP GUXGPVCLCU N .C VQOC FG FGEKUKQPGU RCTVKEKRCVKXCU TGSWKGTG VKGORQ # OGFKFC SWG CWOGPVC GN PWOGTQ FG RGTUQPCU KPXQNWETCFCU GP NC FGEKUKÎP VCODKÃP CWOGPVCGNVKGORQPGEGUCTKQRCTCVQOCTNC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N 5KGNITWRQRCTVKEKRCGPWPCFGEKUKÎPRCTCNCEWCNPQVKGPGNCGZRGTKGPEKC PGEGUCTKC GU RTQDCDNG SWG GN RTQEGUQ CRQTVG WPC FGEKUKÎP FG DCLC ECNKFCF N 5K NCU TGWPKQPGU FG ITWRQ PQ GUV¶P DKGP GUVTWEVWTCFCU GU RQUKDNG SWG CNIWPCU RGTUQPCU SWG EWGPVCP EQP NC GZRGTKGPEKC PGEGUCTKC PQ EQPVTKDW[CPOKGPVTCUSWGQVTCUSWGVKGPGPRQECQPKPIWPCGZRGTKGPEKC RWGFCPEQPVTKDWKTGPGZEGUQ[FQOKPCTNCFKUEWUKÎP N %WCPFQ NQU OKGODTQU FGN ITWRQ UG RTGQEWRCP GP GZEGUQRQTNNGICTCN EQPUGPUQ GP NC VQOC FG FGEKUKQPGU RCTVKEKRCVKXC GN TGUWNVCFQ GU GN PRGPUCOKGPVQFGITWRQQ 2CTC CWOGPVCT NC GHKECEKC FG NCU TGWPKQPGU UG FGDG VGPGT JCDKNKFCF RCTC GSWKNKDTCT NQU TQNGU FG VCTGC [ NQU FG OCPVGPKOKGPVQ FG ITWRQ GU FGEKT OCPVGPGT EGPVTCFQ CN ITWRQ [ CN VKGORQ CUGIWTCT SWG VQFQU VKGPGP NC QRQTVWPKFCFFGRCTVKEKRCTCFGEWCFCOGPVG2CTCGNNQGUKORQTVCPVGVGPGTGP EWGPVCSWGEWCPFQRTGRCTCNCTGWPKÎP N GDGHKLCTNQUQDLGVKXQUFGNCTGWPKÎP N 5GNGEEKQPCTCNQURCTVKEKRCPVGUCFGEWCFQU N 5GNGEEKQPCTGNNWICT[NCJQTCCFGEWCFC N 2TGRCTCT [ FKUVTKDWKT EQP CPVGNCEKÎP GN QTFGP FGN FÈC [ FGVGTOKPCT WPC UGEWGPEKCRCTCUGIWKTWPCEKGTVCNÎIKECQHNWLQFGVGOCU 'PGNOQOGPVQFGFKTKIKTNCTGWPKÎP N %QOKGPEGCNCJQTCHKLCFC N 5KRTQEGFGCUGIÕTGUGFGSWGWPQFGNQURCTVKEKRCPVGUVQOGPQVCU N 4GXKUGGNQTFGPFGNFÈC[EQORTWGDGUKUQPPGEGUCTKQUCNIWPQUCLWUVGU N #UGIÕTGUGFGSWGVQFQUNQURCTVKEKRCPVGUUGEQPQEGP N 5KICGNQTFGPFGNFÈC N 'UVÃCVGPVQCNCUEQPVTKDWEKQPGUFGVQFQU N 6GTOKPGNCTGWPKÎPTGXKUCPFQQTGCHKTOCPFQNCUFGEKUKQPGUVQOCFCU[NCU VCTGCUCUKIPCFCU ;RCTCJCEGTUGIWKOKGPVQFGNCTGWPKÎP N 5KUGJCPVQOCFCPQVCUFKUVTKDÕ[CNCUEQPXGPKGPVGOGPVG N 5KUGJCP CUKIPCFQVCTGCUEQORTWGDGRGTKÎFKECOGPVGUWRTQITGUQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'PGUQUECUQUKPVGPVCTOQVKXCTCNQVTQSWKGTGFGEKTKPVGPVCTJCEGTNGECODKCT GPUWOCPGTCFGRGPUCT[FGGPVGPFGTGNOWPFQRCTCSWGXCNQTGNQSWGGN GPVQTPQNGQHTGEG )GUVKÎPFGNVKGORQFGNGUVTÃU 5GFGDGVGPGTGPEWGPVCSWGCFOKPKUVTCTGNVKGORQRCTCWPFKTGEVKXQGU GUEGPEKCNGUVCUGRWGFGXGTRGTLWFKECFCRQTNC N .CKPGZKUVGPEKCFGQDLGVKXQURTGXKCOGPVGFGHKPKFQUQNCVGQTÈCCUCNVQFG OCVC N 0QFKUVKPIWKTGPVTGNQSWGGUKORQTVCPVG[NQSWGGUWTIGPVG N .CKPEQTTGEVCIGUVKÎPFGNCRTQRKCCIGPFCFGVTCDCLQ N 0GICEKÎPFGNCRTQRKCGXKFGPEKC0QCEGRVCTSWGPQUQVTQUPQRQFGOQU JCEGTNQVQFQ N .CKPUWHKEKGPVGFGNGICEKÎPFGVCTGCU N 'ZEGUQFGKPHQTOCEKÎPRCTCCPCNKCT1KPHQTOCEKÎPFGUQTFGPCFC KORTGEKUCQVCTFÈC 'XKFGPVGOGPVG UG JCEG KORTGUEKPFKDNG SWGRCTCQTICPKCTPWGUVTQVKGORQ FGDGTGOQUGPRTKOGTNWICTFGVGTOKPCTSWÃCEEKQPGUQVCTGCUUQPNCUO¶U KORQTVCPVGU 2QT KORQTVCPVGU GPVGPFGOQU CSWÃNNCU VCTGCU SWG KPEKFGP FG CNIWPCHQTOCGPNCU¶TGCUGUVTCVÃIKECUFGNCGORTGUCCNQUQDLGVKXQUCNQU EQUVGUQCNQUKPITGUQU 7PC XG GUVCDNGEKFQU NQU QDLGVKXQU EQOGPCTGOQU RQT FCT WP QTFGP FG RTKQTKFCFCECFCWPCFGNCUCEVKXKFCFGUFKCTKCU#XGEGUUGUWGNGCUKIPCTWP VKGORQ O¶ZKOQ RCTC ECFC CEVKXKFCF EQP NC HKPCNKFCF FG SWG PQ GUVGOQU FGOCUKCFQVKGORQQEWRCFQUGPWPCVCTGCSWGPQGUFGOCUKCFQKORQTVCPVG TGUVCPFQVKGORQCQVTCUSWGUÈNQUQP #RTGPFGTCFGEKTPQCVCTGCUSWGPQUQPKORQTVCPVGUQSWGRWGFGPTGCNKCT QVTCURGTUQPCU'NKOKPCTNCRQUKDKNKFCFFGSWGPQURWGFCPKORQTVWPCTEQP XKUKVCU PQ RTGXKUVCU Q TGWPKQPGU OCN RNCPKHKECFCU EQP JQTC FG KPKEKQRGTQ UKPJQTCFGUCNKFC GUVKPCT WPQUOKPWVQU CN FÈCCNCRNCPKHKECEKÎPFGPWGUVTCRTQRKCCIGPFC GGUVCHQTOCRQFTGOQUVGPGTUKGORTGRTGRCTCFQWPRTQITCOCFGVTCDCLQ CPVGUFGKPKEKCTNCLQTPCFC 5GT PQUQVTQU OKUOQU NQU IGUVQTGU FG PWGUVTQ VKGORQ 0Q FGLCT SWG UGCP QVTQUNQUSWGNQJCICP'XKFGPVGOGPVGUKGORTG[EWCPFQPWGUVTQRWGUVQ[ ECTIQPQUNQRGTOKVC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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Buenas practicas

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  • 9.
    )WÈC FGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU ‹'ZKUVG TGCNOGPVGGUVG PUWRGTOCPQ! ‹%ÎOQ UG GPEWGPVTC RTGRCTCFQ WUVGF RCTC GUVGFGUCHÈQ! 'U KORQTVCPVG TGEQPQEGT SWG GN )GTGPVG FG 5KUVGOCU UG JCEG [PQPCEG[RCTC GPHTGPVCT OGLQT NQU FGUCHÈQU SWG KORQPG NC EQORNGLKFCF CEVWCN VCPVQ QTICPKCEKQPCNEQOQVGEPQNÎIKECJC[SWGCRQ[CTUGGPOGVQFQNQIÈCUEQPEGRVQU [FGUVTGCUSWGGUV¶PCUWCNECPEG'NQDLGVKXQRTKPEKRCNFGGUVCIWÈCGUDTKPFCTWP EQPLWPVQFGVKRUQWPPOCPWCNFGUWRGTXKXGPEKC[FGUCTTQNNQQ RCTCGN)GTGPVGFG 5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 10.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 11.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 3Q`de_ 9999 ** 7UbU^SYYQ TU CYYcdU]Qc 3Q` de _ 7UbU^S Q TU C cdU]Qc 5+67#%+¦0#%67#. .CU QTICPKCEKQPGU RÕDNKECU OQFGTPCU TGSWKGTGP FGNC GLGEWEKÎP UKUVGO¶VKEC FG CEVKXKFCFGU SWG VKGPFCP C GNGXCT NC ECRCEKFCF VÃEPKEC NQU EQPQEKOKGPVQU [ NCU FGUVTGCU FGN RGTUQPCN [ C FGUCTTQNNCT UW RQVGPEKCN RCTC QEWRCT RQUKEKQPGU FG TGURQPUCDKNKFCF ETGEKGPVG .C HQTOCEKÎP RGTOCPGPVG GU WPC XÈC RCTC FGUCTTQNNCT TGEWTUQU JWOCPQUSWGCUWOCPTGURQPUCDKNKFCFGU[QEWRGPFGOCPGTCGHGEVKXC NQUECTIQUSWGFGUGORGÌCP 0QUGVTCVCFGCEWOWNCTRWPVQUUKPQFGRTQITGUCTGPNCECTTGTC‹RGTQSWGRCUCUK PQGZKUVGGUVCRQNÈVKECQPQGZKUVGPNQUTGEWTUQURTGUWRWÃUVCNGUQUKORNGOGPVGPQ GZKUVGKPVGTÃUFGCODCURCTVGU! 'PVQPEGU UG TGSWKGTG GLGEWVKXQU SWG RTQOWGXCP NQU RTKPEKRKQU D¶UKEQU FG WP XGTFCFGTQ RTQEGUQ FG OQFGTPKCEKÎP OGFKCPVG NC KPEQTRQTCEKÎP FG NCU 6GEPQNQIÈCUFG+PHQTOCEKÎP[%QOWPKECEKQPGURCTCNQITCT 7PCIGUVKÎPRÕDNKECGHKEKGPVG[GHKEC .QU GLGEWVKXQU TGNCEKQPCFQU EQP NC DWGPC HG EGNGTKFCF GEQPQOÈC GHKEKGPEKC [ GHKECEKCCRQ[CPNCDÕUSWGFCFGNCTCEKQPCNKFCFGPGNWUQFGNQUTGEWTUQURÕDNKEQU [ GN EWORNKOKGPVQ FG NCU HKPCNKFCFGU FG ECFC GPVKFCF[FGNCCFOKPKUVTCEKÎPGP IGPGTCN 3WGUGUKGPVCPEQORTQOGVKFQUEQPNCIGUVKÎPRÕDNKECQTKGPVCFCCTGUWNVCFQUEQP GN OGLQTCOKGPVQ FG NCU TGNCEKQPGU 'UVCFQEKWFCFCPQ [ EQP NC ECNKFCF GP NC RTGUVCEKÎP FGN UGTXKEKQ FKURWGUVQU C CIKNKCT NQU RTQEGUQU VT¶OKVGU [ RTQEGFKOKGPVQU C TGEQPQEGT NC KORQTVCPEKC FG NC KPHQTOCEKÎP QRQTVWPC RCTC NC VQOCFGFGEKUKQPGU .C IGUVKÎP RÕDNKEC GHKEKGPVG FGOCPFC CFGO¶U GN HQTVCNGEKOKGPVQ FG NQU EQPQEKOKGPVQUNCUJCDKNKFCFGU[NCUCEVKVWFGUFGNQUUGTXKFQTGURÕDNKEQURCTCSWG EQPVTKDW[CPGPNCUCEEKQPGUFKTKIKFCUC U GUCTTQNNCTEQORGVGPEKCURCTCGNOCPGLQKPVGITCNFGWPRTQ[GEVQQRTQFWEVQ U 4CEKQPCNKCTVT¶OKVGUOÃVQFQU[RTQEGFKOKGPVQUFGVTCDCLQ U (QTVCNGEGTNQUUKUVGOCUFGKPHQTOCEKÎPRCTCNCVQOCFGFGEKUKQPGU U +ORNCPVCTCFGEWCFQUOGECPKUOQUFGEQPVTQNKPVGTPQ U /GLQTCTNCECNKFCFFGNUGTXKEKQCNWUWCTKQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 12.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'P ECFC WPC FG GUVCU UGPVGPEKCU GNTQN FGN)GTGPVGFG5KUVGOCUGUKPJGTGPVGGU SWKGP FGDG EQPFWEKT NQU RTQEGUQU FG TGKPIGPKGTÈC OGLQTCOKGPVQ FG RTQEGUQU KORNGOGPVCTOÃVQFQU RCTCOGFKTNCECNKFCFFGNQUUGTXKEKQU[RTQFWEVQUSWGUG QHTGEGPVCPVQCPKXGNKPVGTPQEQOQGZVGTPQFGNCKPUVKVWEKÎP 7PCIGUVKÎPRÕDNKECVTCPURCTGPVG 'PNCTGNCEKÎPGPVTGNQUEKWFCFCPQU[NCURGTUQPCUCNUGTXKEKQFGN'UVCFQUG RWGFG IGPGTCT EQTTWREKÎP EWCPFQ GP DGPGHKEKQ RTQRKQ UG KIPQTCP Q VTCKEKQPCP NQU RTKPEKRKQU FG KIWCNFCF OQTCNKFCF KORCTEKCNKFCF RWDNKEKFCF TGURQPUCDKNKFCF [ VTCPURCTGPEKC SWG FGDGP TGIKT GP NC HWPEKÎP CFOKPKUVTCVKXC C VTCXÃU FGN EWCN UG UCVKUHCEG GN KPVGTÃU IGPGTCN %NCTQ GUV¶ SWG GN )GTGPVG FG 5KUVGOCU PQ RQFT¶ UQNWEKQPCTGNRTQDNGOCFGÃVKECFGNQUHWPEKQPCTKQURGTQUKEQPVTKDWKT¶OGFKCPVG NC KORNGOGPVCEKÎP FG UQNWEKQPGU RCTC RTQRKEKCT NC VTCPURCTGPEKC C VTCXÃU FG UKUVGOCUGPNÈPGCGKORNCPVCEKÎP FGUGTXKEKQUFGECTCCNEKWFCFCPQRTQOQXKGPFQ WPEÎFKIQFGÃVKECEQOQUGTXKFQTGUÈPVGITQU )GUVKÎPKPVGITCN[OGLQTCOKGPVQFGRTQEGUQU 'NUGTXKFQTRÕDNKEQFGDGRTQRKEKCTWPCEWNVWTCFGIGUVKÎPSWGUWRGTGGNRCTCFKIOC DWTQET¶VKEQDCUCFQGPGNHQTOCNKUOQNCTKIKFGNCHTCIOGPVCEKÎP[UWDQTFKPCEKÎP RCTC NC VQOC FG FGEKUKQPGU [ SWG RQUKDKNKVG NC CFCRVCEKÎP CN ECODKQ [ GN OGLQTCOKGPVQ RGTOCPGPVG FG NQU RTQEGUQU [ FG NQU UGTXKEKQU SWG RTGUVC NC GPVKFCF .QU )GTGPVGU FG 5KUVGOCU UQP NQU NNCOCFQU C KPKEKCTWP RTQEGUQ FG ECODKQ FG RCTCFKIOCU [ GPHQSWG FG NC CFOKPKUVTCEKÎP QTKGPVCFC C RTQEGUQU [ PQ C GUVTWEVWTCU 2CTC NQ EWCN VGPFT¶ SWG FGUCTTQNNCT WP EQPLWPVQ FG GXGPVQU [ JCDKNKVCTNQU RCTC GN CP¶NKUKU [ OGLQTCOKGPVQ FG RTQEGUQU CFOKPKUVTCVKXQU [ VÃEPKEQUNQEWCNGZKIGEQPQEGTNCQTICPKCEKÎPOCPGLCTVÃEPKECU[OGVQFQNQIÈCU SWGRGTOKVCPKFGPVKHKECTFGHKEKGPEKCUGPNCRTGUVCEKÎPFGNQUUGTXKEKQU[RTQRQPGT CNVGTPCVKXCUFGOGLQTCOKGPVQ .KFGTCIQ[)TWRQUFGVTCDCLQ 3WG NQU )GTGPVGU FG 5KUVGOCU GLGTCP GN NKFGTCIQ RCTC NNGICT EQP UQNWEKQPGU KPPQXCFQTCUCNC#NVCKTGEEKÎP[EQOQTGURQPUCDNGUFGNCEQPFWEEKÎPFGITWRQU QGSWKRQUFGVTCDCLQRTQRGPFGTRQTPWGXCUHQTOCUGPNCFKP¶OKECQTICPKCEKQPCN FG OCPGTC SWG UG VTCUHQTOGP NCU TGNCEKQPGU [ RT¶EVKECU EQVKFKCPCU GPVTG NQU FKTGEVKXQU[NQUGLGEWVQTGU 5KCPCNKCOQU NCUKVWCEKÎPCEVWCNFGNC#FOKPKUVTCEKÎP2ÕDNKECQDUGTXCTGOQUNC PGEGUKFCF FG KPEQTRQTCT WPC UGTKG FG OÃVQFQU [ RTQEGFKOKGPVQU QTKGPVCFQU CN OGLQTCOKGPVQFGRTQEGUQURTQEGUQUFGTGKPIGPKGTÈCEQPVCTEQPNQUUGTXKEKQUFG +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 13.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU VGTEGTQU OGFKCPVG QWVUQWTEKPI CRTGPFGT FG GZRGTKGPEKCU GZKVQUCU FG QTICPKCEKQPGUUKOKNCTGUGPVTGQVTQU .CRTGUGPVGIWÈCGUUQNQGUQWPCIWÈCQTKGPVCFQTCFGNQUFKHGTGPVGUCURGEVQUSWG FGDGP VQOCT GP EWGPVC GN )GTGPVG FG 5KUVGOCU FG NCU KPUVKVWEKQPGU FG NC #FOKPKUVTCEKÎP2ÕDNKECRCTCCUWOKTGNXGTFCFGTQTQNSWGNGEQORGVG .15 4'%74515 *7/#015 '0 6'%01.1) #5 ' +0(14/#%+¦0 ' .# #/+0+564#%+¦02­$.+%# 'N +PUVKVWVQ 0CEKQPCN FG 'UVCFÈUVKEC G +PHQTO¶VKEC +0'+ GP GN RGTÈQFQ UGVKGODTG [ CDTKN NNGXÎ C ECDQ NC 'PEWGUVC FG 4GEWTUQU +PHQTO¶VKEQU FG #FOKPKUVTCEKÎP2ÕDNKEC.QUTGUWNVCFQU FGNCGPEWGUVCTGHNGLCPNCUKVWCEKÎPGPNC SWGUGGPEWGPVTCPNCU)GTGPEKCUFG5KUVGOCU 'NRGTUQPCNKPHQTO¶VKEQSWGUGRWFQEQPVCDKNKCTGUFGFGNQUEWCNGU GURGTUQPCNPQODTCFQ[EQPVTCVCFQNQUEWCNGUCUWXGUGFKUVTKDW[GPFGNC UKIWKGPVGOCPGTCRGTUQPCNKPHQTO¶VKEQEQPECTIQFKTGEVKXQUQPPQODTCFQU[ EQPVTCVCFQU CPCNKUVCU UQP PQODTCFQU [ UQP EQPVTCVCFQU RTQITCOCFQTGU PQODTCFQU [ EQPVTCVCFQU CWZKNKCTGU UG VKGPGP PQODTCFQU[EQPVTCVCFQU [HKPCNOGPVGPQVTQRGTUQPCNKPHQTO¶VKEQQ FGNQU EWCNGUUQPPQODTCFQU[EQPVTCVCFQU +564+$7%+¦0'.2'4510#.+0(14/6+%1'0.# #/+0+564#%+¦02­$.+%# 2WURV 'LUHFWLYR $QDOLVWD 3URJUDPDGRU $X[LOLDU (WGPVG+0'+602+8'04+#2 .C RTQRQTEKÎP SWG GZKUVG GPVTG RGTUQPCN KPHQTO¶VKEQ PQODTCFQ [ EQPVTCVCFQ GU FGN [ TGURGEVKXCOGPVG 'UVC UKVWCEKÎP COGTKVC GURGEKCN GXCNWCEKÎP EQPUKFGTCPFQ NC CNVC TQVCEKÎP FGN RGTUQPCN KPHQTO¶VKEQ FG NC #FOKPKUVTCEKÎP 2ÕDNKEC GP GN SWG CFSWKGTGP EKGTVC GZRGTKGPEKC [ NWGIQ UCNGP GP DÕUSWGFC FG OGLQTGU EQPFKEKQPGU NCDQTCNGU [ RTQHGUKQPCNGU GP GURGEKCN GP GN RGTUQPCN FG PKXGNVÃEPKEQ[QRTQHGUKQPCN +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 14.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU # PKXGN FGUEGPVTCNKCFQ GZKUVG GUECUG FG RTQHGUKQPCNGU GP VGEPQNQIÈCU FG KPHQTOCEKÎPEQOQGUGNECUQFGNQU IQDKGTPQUNQECNGU [EQOQTGUWNVCFQGNDCLQ FGUCTTQNNQKPHQTO¶VKEQGPNCSWGÃUVCUUGGPEWGPVTCPTCÎPRQTNCSWGHTGPVGCWP RTQEGUQ FG FGUEGPVTCNKCEKÎP NQU NKFGTGU FG NCU FKHGTGPVGU QTICPKCEKQPGU IWDGTPCOGPVCNGUCNKPVGTKQTFGNRCÈUVGPFT¶PSWGGUVCTO¶UUGPUKDKNKCFQUEQPNCU XGPVCLCU SWG QHTGEG NCU 6GEPQNQIÈCU FG KPHQTOCEKÎP GP CRQ[Q FG UW IGUVKÎP [ EQOQ NCU )GTGPEKCU FG 5KUVGOCU FGDGP TGURQPFGT C NQU PWGXQU TGVQU RCTC NC KPVGTEQPGZKÎP GKPVGITCEKÎPFGNQUUKUVGOCUFGN'UVCFQ 2CTVG FGN RGTUQPCN VÃEPKEQ [Q RTQHGUKQPCN SWG VTCDCLC GP CEVKXKFCFGU FG VGEPQNQIÈCU FG KPHQTOCEKÎP GP NC #FOKPKUVTCEKÎP 2ÕDNKEC GURGEKCNOGPVG GP NCU RTQXKPEKCU PQ GUV¶ CEVWCNKCFQ GP PWGXCU VGEPQNQIÈCU FG KPHQTOCEKÎP [ GP OWEJQU ECUQU PQ JCP VGPKFQ WPC ECRCEKVCEKÎP HQTOCN [Q RCTVKEKRCFQ FG RTQITCOCUFGCEVWCNKCEKÎPRTQHGUKQPCN #UÈOKUOQGPNC#FOKPKUVTCEKÎP2ÕDNKECNQU)GTGPVGUFG5KUVGOCUCRGUCTFGUGT WP ¶TGC VÃEPKEC CN UGT GP UW ITCP OC[QTÈC FGPQOKPCFQ PRWGUVQ FG EQPHKCPCQ UWHTGPECODKQUGPHWPEKÎPCNQUECODKQUFG/KPKUVTQUQ,GHGUKPUVKVWEKQPCNGU5G GURGTCSWGGPGNOCTEQFGNCOQFGTPKCEKÎPFGN'UVCFQ[EQPNCTGXCNQTKCEKÎPFG NC ECTTGTC RÕDNKEC GUVC UKVWCEKÎP OGLQTG FCPFQ OC[QT GUVCDKNKFCF C NCU ¶TGCU VÃEPKECUFGNCUQTICPKCEKQPGU %QPUKFGTCPFQ NC RTQDNGO¶VKEC GZKUVGPVG GU KORQTVCPVG SWG GN )GTGPVG FG 5KUVGOCUFGNUGEVQT RÕDNKEQEQPVKPÕG EQPQRVKOKUOQ[CUWOCGNTGVQFGUGTWP CIGPVGFGECODKQGPUWQTICPKCEKÎP[FGWPVTCDCLQEQQTFKPCFQEQPNCUFGO¶U QTICPKCEKQPGURCTCCVGPFGTPGEGUKFCFGUEQOWPGU 7PFCVQSWGGUKORQTVCPVGEQOGPVCTGUSWGUGIÕPNC+8'04+#2GNFGNQU VTCDCLCFQTGU FG NCU GPVKFCFGU RÕDNKECU VKGPGP CEEGUQ C +PVGTPGV GUVQ UG RWGFG KPVGTRTGVCT EQOQ NCU TGUVTKEEKQPGU FG CEEGUQ RQT RCTVG FG OC[QT RCTVG FG NCU KPUVKVWEKQPGUCUWUVTCDCLCFQTGUGUWPCURGEVQCUGTCDQTFCFQEQPGNQDLGVKXQFG EWNVWTKCT GP GN WUQ FG NCU VGEPQNQIÈCU FG KPHQTOCEKÎP C NC OC[QT RCTVG FG VTCDCLCFQTGUNCDTGEJCFKIKVCNFGDGCEQTVCTUGGPGNUGEVQTRÕDNKEQ7PCNKOKVCEKÎP RCTCNQEQOGPVCFQRWGFGUGTGNNKOKVCFQCPEJQFGDCPFCRCTCCEEGUCTC+PVGTPGV RQTRCTVGFGDWGPPÕOGTQFGVTCDCLCFQTGU MDRUGPGNFGKPUVKVWEKQPGU [EQP-$25 G QVTQ NCFQ CN JCEGT WP CP¶NKUKU FG NC KPHQTOCEKÎP RTQXGPKGPVG FG NQU 2NCPGU QRGTCVKXQUFG+PHQTO¶VKECFGNGPNC#FOKPKUVTCEKÎP2ÕDNKECRQFGOQUNKUVCT CNIWPCU FG NCU HQTVCNGCU FGDKNKFCFGU [ COGPCCU GP VQTPQ C NQU TGEWTUQU JWOCPQUFGN¶TGCFGKPHQTO¶VKEC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 15.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU (QTVCNGCU GDKNKFCFGU #OGPCCU 0QEQPVCTEQPRGTUQPCNRCTC +PUVKVWEKQPGUEQP HQTOWNCTUQHVYCTG OC[QTGUVGEPQNQIÈCU RQTEQPVCTEQP TGEWTUQURTQRKQU[WPC CFGEWCFCCVGPEKÎPFG NQUFKTGEVKXQU 4GEWTUQU*WOCPQU +PUWHKEKGPEKCFGRGTUQPCN (CNVCFGNÈPGCUFG ECNKHKECFQU[EQPCORNKC KPHQTO¶VKEQRCTCNCU ECTTGTCRCTCRGTUQPCN GZRGTKGPEKC TGRTGUGPVCEKQPGUFGHGPUQTKCNGU FGVGEPQNQIÈCUFG +FGPVKHKECEKÎPFGNRGTUQPCN 0QUGEWGPVCPEQPRTQITCOCUFG KPHQTOCEKÎP EQPNCKPUVKVWEKÎP ECRCEKVCEKÎPCNRGTUQPCN 2TGFKURQUKEKÎPFGN (CNVCFGRGTUQPCNGURGEKCNKCFQ RGTUQPCNFGNC1HKEKPC FG ENCUKHKECFQRQTUGTXKEKQ4GFGU[ 5KUVGOCUCNECODKQ %QOWPKECEKQPGU$CUGUFGFCVQU 5QRQTVGVÃEPKEQGPGNUKVKQ FGUCTTQNNQFGUKVKQU9'$ +FGPVKHKECEKÎPFGNRGTUQPCN 'UECUQURTQITCOCUFGECRCEKVCEKÎP EQPNCKPUVKVWEKÎP[EQP ITCPGPVWUKCUOQ 2GTUQPCNKFGPVKHKECFQEQP #NVCTQVCEKÎPFGRGTUQPCNGP NCQTICPKCEKÎP WPKFCFGUQRGTCVKXCU[FGCRQ[Q[ SWGTGSWKGTGFGECRCEKVCEKÎP EQPUVCPVG +PGUVCDKNKFCF.CDQTCN (CNVCFGECRCEKVCEKÎP[ TGOWPGTCEKQPGUPQFGCEWGTFQEQP NCHWPEKÎP[RWGUVQFGUKIPCFQ 2GTUQPCNFKTGEVKXQ[ .KOKVCEKQPGUGPNCEQPVTCVCEKÎPFG VÃEPKEQEQPCORNKC TGEWTUQUJWOCPQURCTCGN GZRGTKGPEKC FGUCTTQNNQFGRTQ[GEVQU 2GTUQPCNKFGPVKHKECFQEQP #NVCTQVCEKÎPFGRGTUQPCN NCKPUVKVWEKÎP 2GTUQPCNEQPGZRGTKGPEKC 4GOWPGTCEKQPGUTGVTCUCFCUEQP $CLQRTGUWRWGUVQ GPNQURTQEGUQUFGNC TGNCEKÎPCNOGTECFQ CVGPVCEQPVTCWPOGLQT KPUVKVWEKÎP %CTGPEKCFGWPRNCPFG PKXGNVGEPQNÎIKEQ 2GTUQPCNKFGPVKHKECFQEQP ECRCEKVCEKÎP NCKPUVKVWEKÎP +PCFGEWCFCKPHTCGUVTWEVWTC HWPEKQPCN 'ZRGTKGPEKCFGNRGTUQPCN 'NFGNCHWGTCNCDQTCNTGCNKC *C[RTGUGPEKCFG FGN¶TGCFGKPHQTO¶VKECGP OCPVGPKOKGPVQFGUCTTQNNQFGNQU TKGUIQFGFGUGTEKÎP KORNGOGPVCTOQFGTPQU UKUVGOCUQRGTCEKÎP[GLGEWEKÎPFG FGNRGTUQPCN UKUVGOCUFGIGUVKÎPEQP NQUUKUVGOCUFGRTQFWEEKÎPGUVC ECNKHKECFQRQTGN VGEPQNQIÈCUFGRWPVCJC EQORWGUVQRQTRGTUQPCNFGNQU GUSWGOC RGTOKVKFQQDVGPGTXGPVCLCU UGTXKEKQUFGVGTEGTQU TGOWPGTCVKXQOGPQT EQORGVKVKXCURCTC CNOGTECFQNCDQTCN FGUCTTQNNCTEQPUWNVQTÈCU KPHQTO¶VKEQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 16.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU (QTVCNGCU GDKNKFCFGU #OGPCCU 2GTUQPCNFKTGEVKXQ[ 4QVCEKÎPFGNRGTUQPCNRQT VÃEPKEQEQPCORNKC FKURQUKEKQPGURQNÈVKECU GZRGTKGPEKCGPGNTCOQFG 'UECUCECRCEKFCFFGTGVGPEKÎPFGN VGEPQNQIÈCUFGKPHQTOCEKÎP RGTUQPCN [EQPQEKOKGPVQFGNUGEVQT $WGPCFKURQUKEKÎPFGN 0QGZKUVGWPRNCPFGECRCEKVCEKÎP RGTUQPCNFGKPHQTO¶VKEC [FGUCTTQNNQRTQHGUKQPCNGPNC RCTCNQITCTNQUQDLGVKXQU KPUVKVWEKÎP VTCCFQU )TCPKFGPVKHKECEKÎPFGN RGTUQPCNFGKPHQTO¶VKEC +FGPVKHKECEKÎPFGNRGTUQPCN (CNVCFGRTQITCOCUFG EQPNCKPUVKVWEKÎP ECRCEKVCEKÎPCEQTFGCNQUECODKQU FGNCVGEPQNQIÈC +FGPVKHKECEKÎPFGNRGTUQPCN #NVCOQXKNKFCFFGRGTUQPCNFG +ORQUKDKNKFCFFG EQPNCKPUVKVWEKÎP FGUCTTQNNQFGUKUVGOCU EQPVTCVCTRGTUQPCN 2GTUQPCNECNKHKECFQ 'UECUQUEWTUQUFGECRCEKVCEKÎP CFKEKQPCNRCTCEWORNKT RCTCGNRGTUQPCNKPHQTO¶VKEQ GPHQTOCQRQTVWPCNCU PGEGUKFCFGUFG CWVQOCVKCEKÎPFG RTQEGUQUPQ EQPUKFGTCFQUGPGN 2NCPQRGTCVKXQ +PHQTO¶VKEQCPWCN 2GTUQPCNFKTGEVKXQ[ (CNVCFGTGEWTUQUFGRGTUQPCNGPNC VÃEPKEQEQPCORNKC 1HKEKPCFG+PHQTO¶VKEC GZRGTKGPEKC 'UECUCQRQTVWPKFCFFG +FGPVKHKECEKÎP[ ECRCEKVCEKÎPCNRGTUQPCN EQORTQOKUQFGNRGTUQPCN EQPNCKPUVKVWEKÎP 'P TGUWOGP RQFGOQU QDUGTXCT SWG GZKUVG WPC HQTVCNGC EQOÕP GP NQU TGEWTUQU EQPNQU SWGEWGPVCPNCU)GTGPEKCUFG+PHQTO¶VKECNCKFGPVKHKECEKÎPFGNRGTUQPCN EQPNCKPUVKVWEKÎPHTGPVGCNCFGDKNKFCFFGHCNVCFGRGTUQPCN[NCKORQUKDKNKFCFFG EQPVCTEQPOCUTGEWTUQUWPCCNVCTQVCEKÎPFGRGTUQPCN[GUECUCQRQTVWPKFCFFG ECRCEKVCEKÎPCNRGTUQPCN 2CTCXGTEQOQUGEQPEKDGCEVWCNOGPVGNCU)GTGPEKCUFG5KUVGOCUUGJCVQOCFQFG NQU RNCPGU QRGTCVKXQU [ VTCPUETKVQ EQOQ FGHKPGP NC OKUKÎP [ NC XKUKÎP GP NC #FOKPKUVTCEKÎP2ÕDNKECSWGUGFGUETKDGCEQPVKPWCEKÎP ','/2.15'/+5+¦0;8+5+¦0'.#)'4'0%+#'5+56'/#5 #EQPVKPWCEKÎPXGCOQUEQOQCNIWPCUQTICPKCEKQPGUJCPFGHKPKFQNCOKUKÎP[ XKUKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 17.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU GHKPGPEQOQ/KUKÎP ;EQOQ8KUKÎP P RTQRQTEKQPC CRNKECEKQPGU FG VGEPQNQIÈC PDTKPFCTNCUJGTTCOKGPVCUVÃEPKECU FG KPHQTO¶VKEC [ UQRQTVG VÃEPKEQ FG CNVC SWGRGTOKVGPQRVKOKCTGN ECNKFCF SWG C[WFGP C NC KPUVKVWEKÎP C HWPEKQPCOKGPVQFGNUKUVGOC0CEKQPCN RTQOQXGT WPC EWNVWTC FG JQPGUVKFCF [ FG%QPVTQNGPDCUGCNCQRQTVWPKFCF VTCPURCTGPEKCGPNCIGUVKÎPRÕDNKECQ [OQFGTPKFCFQ P RQPGT CN UGTXKEKQ FG NCU FKHGTGPVGU P EQPUKFGTCP SWG GN FGUCHÈQ FG NQU WPKFCFGU QTI¶PKECU NCU VGEPQNQIÈCU FG NKFGTGU KPHQTO¶VKEQU SWG IGTGPEKCP NC KPHQTOCEKÎP NQU TGEWTUQU JWOCPQU [ NCU KPHQTOCEKÎP GU RWGU GPEQPVTCT JGTTCOKGPVCU OGVQFQNÎIKECU SWG NGU JGTTCOKGPVCU VGEPQNÎIKECU IGPGTCT RGTOKVKT¶P EWORNKT NC OKUKÎP KFGCU KPPQXCFQTCU [ RTQOQXGT KPUVKVWEKQPCNQ CEVKVWFGU RTQCEVKXCU FG NQU CIGPVGU RTQVCIÎPKEQUFGNQUITCPFGUECODKQUQ P .CRNCPKHKECEKÎPQTICPKCEKÎP[GLGEWEKÎP P.C )GTGPEKC FG +PHQTO¶VKEC GU ECRC FG NCU CEVKXKFCFGU XKPEWNCFCU EQP NCU FG WVKNKCT NC VGEPQNQIÈC FG WNVKOC VGEPQNQIÈCU [ UKUVGOCU FG KPHQTOCEKÎP UG IGPGTCEKÎP RCTC RTQRQTEKQPCT GN GPECTIC FG RTQ[GEVQU KPHQTO¶VKEQU [ FG NCU EÎORWVQFGTGUWNVCFQUFGNQURTQEGUQU QRGTCEKQPGU PGEGUCTKCU RCTC NNGXCT CECDQ GNGEVQTCNGU GP HQTOC GHKEKGPVG EQPHKC FKEJQU RTQ[GEVQU CFOKPKUVTC NC RNCVCHQTOC DNG[QRQTVWPCIGPGTCPFQEQPHKCPC[ VGEPQNÎIKEC FG NC KPUVKVWEKÎP DTKPFC UGTXKEKQU VTCPURCTGPEKC GP NC EKWFCFCPÈC #UÈ KPHQTO¶VKEQU [ GN UQRQTVG EQTTGURQPFKGPVGFG OKUOQ CFOKPKUVTC VQFQU NQU TGEWTUQU VQFQU NCU CEVKXKFCFGU CFOKPKUVTCVKXCU [ KPHQTO¶VKEQU [ RTQRQPG [ GLGEWVC NQU EQVKFKCPCU FG NC KPUVKVWEKÎP ICTCPVKCPFQ GN RTQ[GEVQUSWGUKORNKHKECPNQURTQEGUQU TGURGVQCNCXQNWPVCFFGNGNGEVQT[NQUXCNQTGUCFOKPKUVTCVKXQUFGRNCPGCOKGPVQ[FG FGNKORKGCVTCPURCTGPEKC[JQPGUVKFCFQ GXCNWCEKÎP FG IGUVKÎP KPUVKVWEKQPCN SWG KFGPVKHKECP C NC KPUVKVWEKÎP EQOQ WPCFGNCUO¶UGHKEKGPVGU[OQFGTPCUQ 'P QVTC KPUVKVWEKÎP EWGPVCP EQP GN 'UVC KPUVKVWEKÎP CFGO¶U FGHKPG UW GRCTVCOGPVQFGGUCTTQNNQ[/CPVGPKOKGPVQ XKUKÎPP EQOQ WPQTICPKUOQNÈFGTGP FG5KUVGOCUEW[COKUKÎPGUP CRQTVCTCNNQITQ 6GEPQNQIÈCU FG +PHQTOCEKÎP [ GN WUQ FG NQU QDLGVKXQU [ OGVCU FG NC KPUVKVWEKÎP C OCUKXQ FG NCU 6GEPQNQIÈCU FG VTCXÃU FG NC CFQREKÎP FG PWGXCU VGEPQNQIÈCU KPHQTOCEKÎP GP GN %QPITGUQ FG NC KPHQTO¶VKECU GN FGUCTTQNNQ FG UKUVGOCU FG 4GRÕDNKECQ KPHQTOCEKÎP [ NC KORNGOGPVCEKÎP FG PWGXCU JGTTCOKGPVCU[UGTXKEKQUKPHQTO¶VKEQURCTCNQU ÎTICPQU RCTNCOGPVCTKQU [ RCTC NCU WPKFCFGU FGN5GTXKEKQRCTNCOGPVCTKQFGNIQDKGTPQQ 'P GN %QPUGLQ 0CEKQPCN FG NC /CIKUVTCVWTC P+PEQTRQTCT GP NC GUVTWEVWTC FGN FGHKPGP UW OKUKÎP PCRQ[CT NC )GUVKÎP +PUVKVW %QPUGLQ WPC QHKEKPC FG +PHQTO¶VKEC EKQPCN CWVQOCVKCPFQ NC KPHQTOCEKÎP EQP HWPEKQPGU FGHKPKFCU TGEWTUQU TGNCEKQPCFC EQP NQU RTQEGUQU FG UGNGEEKÎP [ JWOCPQU ECNKHKECFQU [ RTQXKUVC FG PQODTCOKGPVQ TCVKHKECEKÎP [ FGUVKVWEKÎP FG GSWKRQU OQFGTPQU *CTFYCTG EQP LWGEGU [ HKUECNGU CUÈ EQOQ NCU FG ECT¶EVGT UQHVYCTG CFGEWCFQ C NCU PGEGUKFCFGU CFOKPKUVTCVKXQ HWPEKQPCN 6CODKÃP GU GN FG FGNCQTICPKCEKÎPQ UGTXKT FG UQRQTVG VÃEPKEQ [ FG ECRCEKVCEKÎP CN RGTUQPCN FG NC KPUVKVWEKÎP RCTC GN CFGEWCFQ HWPEKQPCOKGPVQFGNQUCRNKECVKXQUKPHQTO¶VKEQUQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 18.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU GHKPGPEQOQ/KUKÎP ;EQOQ8KUKÎP P'U WP FGRCTVCOGPVQ EW[C IGUVKÎP GUVC P'N FGRCTVCOGPVQ FG KPHQTO¶VKEC QTKGPVCFC C EQPVTKDWKT GP GN WUQ FG NCU OCPVKGPG UW NKFGTCIQ RQT NC 6GEPQNQIÈCU OQFGTPCU FG +PHQTOCEKÎP GP GZEGNGPEKC FG UWU UGTXKEKQU [ CRQ[QCNQUQDLGVKXQUKPUVKVWEKQPCNGUQ UQUVGPKFCKPPQXCEKÎP6GEPQNÎIKECQ .C )GTGPEKC FG +PHQTO¶VKEC FG WPC GORTGUC P5GT NÈFGT GP CUGUQTÈC [ EQPUWNVQTÈC FG UGTXKEKQU FGHKPG UW OKUKÎP EQOQPDTKPFCT KPHQTO¶VKEC FG GORTGUCUFG 5GTXKEKQU UGTXKEKQU KPHQTO¶VKEQU EQP UQNWEKQPGU 2ÕDNKEQUCPKXGN0CEKQPCNCNQ KPVGITCNGUWVKNKCPFQNCOGLQTVGEPQNQIÈCRCTC UCVKUHCEGT EQORGVKVKXCOGPVG NCU PGEGUKFCFGU FG PWGUVTQU ENKGPVGU GP GN OCPGLQ FG NC KPHQTOCEKÎPQ P.C )GTGPEKC FG 5KUVGOCU GU GN ÎTICPQ P'U NC VCTGC FG NC )GTGPEKC FG GPECTICFQ FG RNCPKHKECT QTICPKCT FKTKIKT [ 5KUVGOCU GN CRQ[CT [ RTQRKEKCT NC GXCNWCT NC CRNKECEKÎP TCEKQPCN FG NCU OQFGTPKCEKÎPKPUVKVWEKQPCNOGFKCPVG VGEPQNQIÈCU FG KPHQTOCEKÎP XKIGPVGU GP NC GN WUQ [ CRNKECEKÎP TCEKQPCN FG NCU KPUVKVWEKÎP 5W OKUKÎP +ORNKEC GN CFGEWCFQ 6GEPQNQIÈCUFGKPHQTOCEKÎPXKIGPVGU WUQ [ CRTQXGEJCOKGPVQ FG NQU TGEWTUQU 0WGUVTC XKUKÎP EQPVGORNC GN KPHQTO¶VKEQU RCTC NC QRVKOKCEKÎP FG NCU FGUCTTQNNCT CEEKQPGU RCTC NC CEVKXKFCFGU UGTXKEKQU QRVKOKCEKÎP FG QRVKOKCEKÎP EQPVKPWC FG NQU RTQEGUQU [ QDVGPEKÎP T¶RKFC FG KPHQTOCEKÎP RTQEGUQU [ RTQEGFKOKGPVQU FG NC RCTC NC VQOC FG FGEKUKQPGU FG NCU FGO¶U KPUVKVWEKÎP CUÈ EQOQ RTQRWIPCT RQT IGTGPEKCU OGFKCPVG GN FGUCTTQNNQ GN FGUCTTQNNQ [ GORNGQ FG KORNCPVCEKÎP [ UWRGTXKUKÎP FGN EQTTGEVQ CRNKECEKQPGU C ECRCU [ GN WUQ HWPEKQPCOKGPVQ FG NQU UKUVGOCU [ KPVGPUKXQ FG EQTTGQ GNGEVTÎPKEQ KPVTC EQOWPKECEKQPGUQ [GZVTCKPUVKVWEKQPCNQ 2QFGOQUQDUGTXCTSWGGNITCPEQORQPGPVGFGNCFGHKPKEKÎPGUGNVGEPQNÎIKEQ[GP OW[RQEQUECUQUGNEQORQPGPVGFGNXGTFCFGTQTQNSWGFGDGCUWOKTNC)GTGPEKC FG5KUVGOCU 7$+%#%+¦0'0.#14)#0+#%+¦0 .C )GTGPEKC FG 5KUVGOCU QEWRC FKHGTGPVGU WDKECEKQPGU GP NC GUVTWEVWTC QTICPKCEKQPCNFGNCUKPUVKVWEKQPGU N %QOQÎTICPQUFGNÈPGC N %QOQÎTICPQUFGCRQ[Q[SWGFGRGPFGPFGNC,GHCVWTC N %QOQÎTICPQUFGCRQ[QSWGFGRGPFGPFGNC5GETGVCTKC)GPGTCN N %QOQ¶TGCUSWGFGRGPFGPFGEQOKUKQPGU N %QOQ¶TGCSWGFGRGPFGFG#FOKPKUVTCEKÎP N %QOQ¶TGCSWGFGRGPFGFGNC)GTGPEKCFG#FOKPKUVTCEKÎP[2TGUWRWGUVQ N %QOQ¶TGCSWGFGRGPFGFGNC1HKEKPCFG#FOKPKUVTCEKÎP[(KPCPCU N %QOQ¶TGCSWGFGRGPFGFGNC)GTGPEKCFGGUCTTQNNQG+PXGUVKICEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 19.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N %QOQ ÎTICPQ FG CRQ[Q SWG FGRGPFG FG NC 5GETGVCTKC FG 2NCPKHKECEKÎP 'UVTCVÃIKEC N %QOQWPCWPKFCFSWGTGRQTVCCNC,GHCVWTCFG#UGUQTCOKGPVQ+PUVKVWEKQPCN N %QOQWP¶TGCSWGFGRGPFGFGNCU1HKEKPCUFG2TGUWRWGUVQ[2NCPGCOKGPVQ .CUFKXGTUCUHQTOCUFGWDKECEKÎPSWGQEWRCNC)GTGPEKCFG5KUVGOCU GPWPHCEVQT ETÈVKEQ RCTC SWG RWGFC EWORNKT DKGP UW TQN GU ENCTQ QDUGTXCT SWG OKGPVTCU NC )GTGPEKC FG 5KUVGOCU FGRGPFG FKTGEVCOGPVG FGN O¶ZKOQ TGRTGUGPVCPVG FG NC QTICPKCEKÎPRWGFGVGPGTOC[QTCEEGUQCRCTVKEKRCTFGNCUFGEKUKQPGUSWGRWGFCP VQOCTUGECUQFKUVKPVQFGCSWGNNCUSWGGUV¶PWDKECFCUFGDCLQFG¶TGCUGURGEKHKECU GPGNSWGNCRCTVKEKRCEKÎPGPNCUFGEKUKQPGUQTICPKCEKQPCNGUUGXGT¶NKOKVCFC #NIWPCUKPUVKVWEKQPGUKPENWUKXGJCPETGÈFQEQPXGPKGPVGEQPUKFGTCTCNC)GTGPEKC FG 5KUVGOCU FG ÎTICPQ FG NÈPGC RCUCTNQ C WPC WPKFCF FGDCLQ FG GNNC 'LGORNQ RCUCT FG WPC 1HKEKPC )GPGTCN C WPC 1HKEKPC 'LGEWVKXC FG OGPQT PKXGN SWG GN CPVGTKQTQGPCNIWPCUKPUVKVWEKQPGUPQEWGPVCPGPUWGUVTWEVWTCEQPWPCIGTGPEKC FGKPHQTO¶VKEC /+5+¦0'.)'4'06''5+56'/#5 2QFGOQUFGHKPKTNCOKUKÎPFGN)GTGPVGFG5KUVGOCUEQOQGNFGPRTQXGGTNCXKUKÎP VGEPQNÎIKEC [ OCPVGPGT GN NKFGTCIQ GP GN FGUCTTQNNQ G KORNCPVCEKÎP FG KPKEKCVKXCU GP OCVGTKC FG CRNKECEKÎP FG NCU 6GEPQNQIÈCU FG KPHQTOCEKÎP [ %QOWPKECEKQPGUSWGOCP VGPICPGNNKFGTCIQFGNCQTICPKCEKÎPGPWPGPVQTPQ ECODKCPVGGKPVGPUCOGPVGEQORGVKVKXQ 3 'N )GTGPVG FG 5KUVGOCU GU WP GLGEWVKXQ SWG QEWRC WPC RQUKEKÎP ENCXG GP NC QTICPKCEKÎPGUGNTGURQPUCDNGFGNCURQNÈVKECUFGVGEPQNQIÈCUFG+PHQTOCEKÎP[ EQOWPKECEKQPGU[FGNCNKPGCOKGPVQFGNCUGUVTCVGIKCUFG6+%UEQPNCUGUVTCVGIKCU KPUVKVWEKQPCNGU 0QTOCNOGPVG NC )GTGPEKC FG 5KUVGOCU GUVC WDKECFQ GP NC UGFG RTKPEKRCN FG NC QTICPKCEKÎP [ C PKXGN FGUEGPVTCNKCFQ VKGPG EQQTFKPCFQTGU Q IGTGPEKCUTGIKQPCNGU 'PIGPGTCNNQU)GTGPVGUFG5KUVGOCUUQPRTQHGUKQPCNGUEQPPKXGNFGRQUVITCFQ[ OWEJCGZRGTKGPEKCGP6GEPQNQIÈCUFG+PHQTOCEKÎPCFOKPKUVTCEKÎPFGGORTGUCU[ IGUVKÎPFGPGIQEKQU 2WGFGPGUVCTHQTOCFQUGPECTTGTCUFGKPIGPKGTÈC GPGURGEKCNUKUVGOCUGNGEVTÎPKEC Q FG VGNGEQOWPKECEKQPGU EKGPEKCU FG EQORWVCEKÎP OCVGO¶VKEC 7PQ FG NQU TGSWKUKVQU GU NC EQPUVCPVG CEVWCNKCEKÎP [ EQPQEKOKGPVQU FG KPINGU VÃEPKEQ GU KPFKURGPUCDNG #UÈOKUOQFGDGPVGPGTEQPQEKOKGPVQUFGFKP¶OKECQTICPKCEKQPCNRNCPGCOKGPVQ GUVTCVÃIKEQEQPVCDKNKFCFIGTGPEKCNOCVGO¶VKECUHKPCPEKGTCHKPCPCUEQTRQTCVKXCU OCTMGVKPIIGUVKÎPFGTGEWTUQUJWOCPQUIGTGPEKCFGQRGTCEKQPGUGPVTGQVTQU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 20.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 5WUTGURQPUCDKNKFCFGU N 2CTVKEKRCTFGNQU%QOKVÃUFG+PHQTO¶VKECQFGNCUTGWPKQPGUEQPQVTQUIGTGPVGU RCTCGUVCTUKGORTGCNCRCTEQPNCUFGEKUKQPGUFGNQUPGIQEKQUFGNCGORTGUC N 4GCNKCTKPXGUVKICEKQPGUEQPUVCPVGURCTCOCPVGPGTUGKPHQTOCFQFGNCUPWGXCU 6GEPQNQIÈCU N /GLQTCOKGPVQEQPVKPWQFGNQURTQEGUQUFGNCQTICPKCEKÎP N GUCTTQNNQ FG NCU CRNKECEKQPGU PWGXCU [ GZKUVGPVGU RCTC NCU KPKEKCVKXCU FG NC QTICPKCEKÎP N #UGIWTCT NCU KPXGTUKQPGU GP +PHTCGUVTWEVWTC CTSWKVGEVWTC FG EQORWVCFQTCU TGFGUGPIGPGTCNFGNCU6+%UGPNCQTICPKCEKÎP N #FOKPKUVTCTUGTXKEKQUFGQWVUQWTEKPI[CRTQXKUKQPCOKGPVQKPVGTPQFGUGTXKEKQU N 'UVCDNGEGT TGNCEKQPGU GUVTCVÃIKECU EQP RTQXGGFQTGU [ EQPUWNVQTCU ENCXGU GP 6+%U N 6TCPUHGTGPEKC VGEPQNÎIKEC JCDKNKVCT VGEPQNQIÈCU RCTC JCEGT O¶U H¶EKN C NQU WUWCTKQU [ RTQXGGFQTGU RCTC JCEGT VTCPUCEEKQPGU EQP NC QTICPKCEKÎP G KPETGOGPVCT NC EQORGVKVKXKFCF 2TQRQPGT C NQU IGTGPVGU GLGEWVKXQU NC KPEQTRQTCEKÎP FG NCU 6+%U PWGXCU CRNKECEKQPGU FG KPHQTO¶VKEC SWG VTCKICP DGPGHKEKQCNQUPGIQEKQU N #EVWCT TGEÈRTQECOGPVG EQP NQU WUWCTKQU KPVGTPQU [ GZVGTPQU RCTC CUGIWTCT NC UCVKUHCEEKÎPEQPVKPWCFGNWUWCTKQ N 2TQXGGT GPVTGPCOKGPVQ C VQFQU NQU WUWCTKQU FG 6+%U RCTC CUGIWTCT GN WUQ RTQFWEVKXQFGUKUVGOCUPWGXQU[GZKUVGPVGU N 2CTVKEKRCTFGEWTUQUUGOKPCTKQU[VCNNGTGUEQPITGUQU N #FOKPKUVTCTNQUEQPHNKEVQU[RTKQTKFCFGUFGPVTQFGNGSWKRQFGNCGORTGUC N 2NCPGCT[FKUVTKDWKTNQUVTCDCLQUGPGSWKRQU N 5WRGTXKUCT[GXCNWCTGNFGUGORGÌQ[NCECNKFCFFGNUGTXKEKQSWGQHTGEG *#$+.+#'50'%'5#4+#5 .QU )GTGPVGU FG 5KUVGOCU FGDGP RCTVKEKRCT FGN PGIQEKQ [ FG NCU FGEKUKQPGU GUVTCVÃIKECUSWGUGVQOCPGPNCQTICPKCEKÎPECFCXGO¶UVKGPGPNCRQUKDKNKFCF FG CEEGFGT C RWGUVQU LGT¶TSWKEQU [ UG EQPXKGTVGP GP GN DTCQ FGTGEJQ FG NCU IGTGPEKCU FG NÈPGC [ FG NC ECDGC FG NC QTICPKCEKÎP CUGUQT¶PFQNQ UQDTG NCU ÕNVKOCUKPPQXCEKQPGUFGNOGTECFQ G KIWCN HQTOC CFOKPKUVTCP GN CEVKXQ O¶U RTGEKCFQ FG NC QTICPKCEKÎP NC KPHQTOCEKÎP [ FGDGP GUVCT CVGPVQU C NQU ECODKQU GP GN GPVQTPQ FG NCU QTICPKCEKQPGUCEVWCNGU5GJCRCUCFQFGNIGTGPVGTGURQPUCDNGFGNRTQEGUCOKGPVQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 21.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU FGFCVQUCNIGTGPVGEW[CRTKPEKRCNTGURQPUCDKNKFCFGUGNOCPGLQFG NCKPHQTOCEKÎP [PQFGDGRGPUCTSWG N .CVGEPQNQIÈCFGKPHQTOCEKÎPPQIGPGTCFKHGTGPEKCU N 'UKPUWRGTCDNGSWGNCUFKXGTUCUIGTGPEKCUFGNCQTICPKCEKÎPUGTGUKUVCPCN ECODKQ N .CU6GEPQNQIÈCUFG+PHQTOCEKÎPGUFKHÈEKNFGCFOKPKUVTCT N .QUVÃEPKEQUUQPSWKGPGU FGEKFGP N 7PCXKUKÎPFGEQTVQRNCQGUNQO¶UKORQTVCPVG N .CUVGEPQNQIÈCUFGKPHQTOCEKÎPUQPUÎNQWPECODKQVÃEPKEQ[PQ QTICPKCEKQPCN 'PECODKQFGDGVGPGTRTGUGPVGGP N 5GTGNRTKPEKRCNKORWNUQTFGNECODKQ[GLGTEGTGNNKFGTCIQGPNCU6+%U N 3WGNCUFGEKUKQPGUFG6GEPQNQIÈCUFGKPHQTOCEKÎPPQFGDGPGUVCTFKXQTEKCFCU FGNQUPGIQEKQU N 'UVCTFKURWGUVQCEQOGVGTGTTQTGU N #UWOKTWPPWGXQTQNRCTCGN¶TGCFGUKUVGOCU N 'NECODKQGORKGCRQTWPCPWGXCHQTOCFGRGPUCT 'UKORQTVCPVGQDUGTXCTGNUKIWKGPVGEWCFTQ (OHQWRUQRRUJDQL]DFLRQDO /DVSUHVLRQHVGHFRUWR 3URYRFDQGRUHVSXHVWDV SODQWHDQXHYRVGHVDItRVD SOD]ROOHJDQSRUWRGRV QRLQWHJUDGDV ODVLQVWLWXFLRQHV ORVIUHQWHV FRRUGLQDGDV W 6HURUJDQL]DFLRQHVFDGDYH]PiV W 3REODFLyQTXHGHPDQGDSRUXQD W 3URHFWRVLQGHSHQGLHQWHVTXH W UHDURIUHFHUVHUYLFLRV FRPSHWLWLYDV JHVWLyQPDVHILFLHQWHGHO(VWDGR W )DOWD GHGHILQLFLyQSDUD IXQFLRQDQFRPR³LVODV´ FRPRSULQFLSDOSURYHHGRUGH VHUYLFLRV W 3UREOHPDVSUHVXSXHVWDOHVTXH RULHQWDGRVDOFLXGDGDQR LPSOHPHQWDUORVVHUYLFLRVHQOtQHD W 2SWLPL]DUORVSURFHVRVLQWHUQRVGH HBJRELHUQR
  • 22.
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  • 23.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 6QFQ NQQDUGTXCFQIGPGTCPWGXQUFGUCHÈQUCNQU)GTGPVGUFG5KUVGOCUGNEKENQFG NC VGEPQNQIÈC [ NCU CRNKECEKQPGU GU ECFC XG OCU EQTVQ UKPQ TGEQTFGOQU NCU ITCPFGU OCKPHTCOGU NQU UKUVGOCU FGUCTTQNNCFQU GP %NKRRGT [ SWG CWP EQTTGP GP OWEJCUKPUVKVWEKQPGUHTGPVGCNCVGEPQNQIÈCTGEKGPVGGPGNSWGNCOC[QTÈCFGNQU UKUVGOCUGUV¶PDCUCFQUGP+PVGTPGVEQPRQUKDKNKFCFGUFGCRNKECEKQPGU[OCPGLQU FGXQNÕOGPGUFGKPHQTOCEKÎPSWGPQUGGURGTCDCPCÌQUCVT¶U .CU 6+%U UQP RCTVG HWPFCOGPVCN FG NCU GUVTCVGIKCU FG NCU QTICPKCEKQPGU RCTC DTKPFCT WP OGLQT UGTXKEKQ Q SWG WP PGIQEKQ UGC HTWEVÈHGTQ .QU PWGXQU CIGPVGU GZVGTPQU QDNKICP C UCNKTUG FGN GPHQSWG VTCFKEKQPCN JCEKC WPC QTICPKCEKÎP O¶U HNGZKDNG[CFGEWCTUGCNQUPWGXQUECODKQU GQVTQNCFQ CNJCDGTUGKPETGOGPVCFQNCEQORNGLKFCFUGTGSWKGTGFGOÃVQFQ[ FKUEKRNKPCFGIGUVKÎPNCUOGVQFQNQIÈCUUQPECFCXGOCUUQHKUVKECFCU[EQORNGVCU [C PQ UG RWGFG UGIWKT GP GN FGUQTFGP G KORTQXKUCEKÎP KPUVKVWEKQPCNKCFC %CFC RTQ[GEVQ[¶TGCFG6+%UGUGURGEKCNKCFCRGTQUGRWGFGP[UGFGDGPFGUCTTQNNCT OÃVQFQURCTCJCEGTNCUEQUCUSWGCUGIWTGPGNÃZKVQ .CURTGIWPVCUENCXGUSWGRQFGOQUJCEGTRCTCFGHKPKTWPOÃVQFQUQP N ‹%ÎOQFGHKPKOQUGNRTQDNGOCFGNWUWCTKQ! N ‹%ÎOQGUVCDNGEGOQUNCUOGVCU[QDLGVKXQU[GNUKUVGOCRCTCOGFKTNQU! N ‹%ÎOQVTCDCLCOQUGPEQPLWPVQEQPNQUWUWCTKQU! N ‹%ÎOQNNGXCOQUCECDQNCKPXGUVKICEKÎPFGNRTQDNGOC! N ‹%ÎOQRTGUGPVCOQUPWGUVTQUJCNNCIQU! N ‹%ÎOQKP[GEVCOQUQTKIKPCNKFCFGPGNRTQEGUQ[GPNCIGUVKÎPFKCTKC! N ‹%ÎOQCUGIWTCOQUNCECNKFCFFGUGTXKEKQSWGQHTGEGOQUCPWGUVTQUWUWCTKQU GPVQFQNQSWGJCEGOQU! N ‹%ÎOQCDQTFCOQUNCEQPVTCVCEKÎPFGUGTXKEKQU[EQORTCFGRTQFWEVQU! N ‹%ÎOQCFOKPKUVTCOQUPWGUVTQUTGEWTUQUJWOCPQU! N ‹%ÎOQGZVGPFGOQUGNOÃVQFQJCEKCNQURTQXGGFQTGU[WUWCTKQU! N ‹%ÎOQFKHGTGPEKCOQUPWGUVTQ GPHQSWGRCTCCITGICTXCNQTCNCQTICPKCEKÎP! 7POÃVQFQCFOKPKUVTCTGEWTUQU[ECFCWPQFGNQUGNGOGPVQURNCPVGCFQUGPGN UKIWKGPVGEWCFTQPQURGTOKVKT¶TGURQPFGTCNCUKPVGTTQICPVGURNCPVGCFCUEQOQNQ RQFGOQUXGTGPGNUKIWKGPVGEWCFTQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 24.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 4'%74515 '564#6')+# 'UVTCVGIKCQTICPKCEKQPCN KTGEEKÎPGUVTCVÃIKECFGNCHWPEKÎPFG6+ 2QNÈVKECU[GUVTCVGIKCUFG6+ 2NCPKHKECEKÎP[RTGUWRWGUVQFG6+ 2'4510#5 2QNÈVKECUFGTGEWTUQUJWOCPQU 2GTUQPCNVÃEPKEQKPHQTO¶VKEC 7UWCTKQU 6'%01.1)+# KTGEEKÎP[XKUKÎPGUVTCVÃIKEC #TSWKVGEVWTCJCTFYCTG[UQHVYCTG +PHTCGUVTWEVWTCFGEQORWVCEKÎP[EQOWPKECEKQPGU 5+56'/#5 /QFGNQFGCRNKECEKQPGU /QFGNQFGFCVQUGKPHQTOCEKÎP )GUVKÎPFGNCFGOCPFCKPUCVKUHGEJC 241%'515 GHKPKEKÎPTQNGU[TGURQPUCDKNKFCFGU KUGÌQQTICPKCEKQPCN #FOKPKUVTCEKÎPFGRTQ[GEVQU GNKXGT[FGUGTXKEKQU #P¶NKUKU[FKUGÌQUQHVYCTG GUCTTQNNQUQHVYCTG +ORNGOGPVCEKÎPFGUKUVGOCU /CPVGPKOKGPVQFGUQHVYCTG #UGIWTCOKGPVQFGECNKFCF #FOKPKUVTCEKÎPFGFCVQU #FOKPKUVTCEKÎPFGUGIWTKFCF 1RGTCEKQPGUFCVCEGPVGT 1RGTCEKQPGUTGURCNFQU[EQPVKPIGPEKCU 1RGTCEKQPGUVGNGEQOWPKECEKQPGU )GUVKÎPFGEQPVTCVQUQWVUQWTEKPI %QPVTQNFGIGUVKÎP 5QRQTVG[*GNRGUM 7P CURGEVQ HWPFCOGPVCN GU SWG NCU GUVTCVGIKCU FG VGEPQNQIÈCU FG KPHQTOCEKÎP FGDGPGUVCTCNKPGCFCUCNCUGUVTCVGIKCURNCPVGCFCURQTNCKPUVKVWEKÎP2CTCXGTEQOQ XC NC TGNCEKÎP FG NQU GLGEWVKXQU [ NCU IGTGPEKCU FG 6GEPQNQIÈCU FG KPHQTOCEKÎP TGXKUCTGOQUCNIWPCUKPXGUVKICEKQPGU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 25.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'P NC IT¶HKEC CFLWPVC RQFGOQU QDUGTXCT NC RTGHGTGPEKC FG NQU GLGEWVKXQU RCTC KPHQTOCTUG FG NQU PWGXQURTQFWEVQU[UGQDUGTXCSWGGN NQ JCEG C VTCXÃU FG +PVGTPGV GN CVTCXÃUFGNCUTGXKUVCUGNC VTCXÃU FG NQU RGTKÎFKEQU GN C VTCXÃUFGNC6GNGXKUKÎP[UQNQGNC VTCXÃUFGNCTCFKQ %QPTGNCEKÎPCNPÕOGTQRTQOGFKQFG JQTCU RQT UGOCPC WVKNKCP JQTCU RCTC +PVGTPGV JQTCU RQT VGNGXKUKÎP JQTCU RCTC XGT NCU TGXKUVCU KIWCN PÕOGTQ FG JQTCU RCTC TGXKUCT NQU RGTKÎFKEQU [ GN JQTCU RQTNCTCFKQ 'UVQ UKIPKHKEC SWG GN GPVQTPQ FG NQU IGTGPVGU IGPGTCNGU FG NCU GORTGUCU VCPVQ RÕDNKECU EQOQ RTKXCFCU [C PQ UQP NQU OKUOQU TCÎP RQT NC SWG GN )GTGPVG FG 5KUVGOCU N 0QVKGPGSWGJCDNCTUÎNQFGVGEPQNQIÈCUKPQSWGFGDGJCDNCTGPWPKFKQOCSWG NGGPVKGPFCGNLGHGFGNCQTICPKCEKÎPRCTCFGGUVCOCPGTCCRQ[CTNCVQOCFG FGEKUKQPGU N GDGRCTVKEKRCTO¶UGPNCQTICPKCEKÎP[GPNCUFGEKUKQPGUGUVTCVÃIKECUSWGUG VQOCPGPNCQTICPKCEKÎP N 2TGQEWRCTUGRQTGNENKOCGZVGTPQFGNCQTICPKCEKÎP N 2TGQEWRCTUGVCODKÃPRQTGNWUWCTKQGZVGTPQFGNCQTICPKCEKÎP N 'UVCTRTGRCTCFQRCTCCUGUQTCTUQDTGNCUÕNVKOCUKPPQXCEKQPGUFGNOGTECFQ N 6GPGTNCUJCDKNKFCFGUFGWPDWGPCFOKPKUVTCFQTUCDGTFGTGEWTUQUJWOCPQU[ FGNCTCÎPFGUGTFGNCQTICPKCEKÎP N /CPGLCTWPQFGNQURTKPEKRCNGUCEVKXQUFGNCQTICPKCEKÎPNCKPHQTOCEKÎP N 6GPGT OC[QT KPVGTCEEKÎP EQP VQFCU NCU ¶TGCU FCFQ C SWG NC VGEPQNQIÈC NQ RQUKDKNKVC 'P WPC GPEWGUVC TGEKGPVG TGCNKCFC RQT +PHQTOCVKQP 9GGM 4GUGCTEJ JVVRFGNVCJ[RGTOCTVPGVGUVC'56JVON UG JCEG WPC EQORCTCEKÎP GPVTG GN +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 26.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU KPVGTÃUFGNQU)GTGPVGUFG6GEPQNQIÈCUFG KPHQTOCEKÎP[NQU)GTGPVGU)GPGTCNGU FGNCUQTICPKCEKQPGUQDVGPKÃPFQUGNQUUKIWKGPVGUTGUWNVCFQU +PVGTÃUFGN +PVGTÃUFGN ¶TGCU )GTGPVGFG6+ )GTGPVG)GPGTCN '$WUKPGUU 5GIWTKFCF #FOKPKUVTCEKÎP[#NOCEGPCOKGPVQFGFCVQU %QPUWNVQTGUQ#UGUQTGU'UVTCVÃIKEQU #RNKECEKQPGUFGECTCCNENKGPVG +PHTCGUVTWEVWTCFG4GFGU[5KUVGOCU 2TQXGGFQTGUFG5GTXKEKQ[1WVUQWTEKPI #RNKECEKQPGURCTC1RGTCEKQPGU+PVGTPCU #FOKPKUVTCEKÎPFGTGFGU[UKUVGOCU /QXKNKFCF [TGFGUKPCN¶ODTKECU %QPXGTIGPEKCFKIKVCN 'PGNEWCFTQUGQDUGTXCSWGGNITCFQFGKORQTVCPEKCFGNQUVGOCUGPWPPKXGN[GN QVTQ UQP FKHGTGPVGU 5KP GODCTIQ RQFGOQU CRTGEKCT SWG GN KPVGTÃU RTKPEKRCN FGN )GTGPVGFG6+GUFGUCTTQNNCTGNGADWUKPGUU [GNFGN)GTGPVG)GPGTCNGUGNKPVGTÃU RQTNCUCRNKECEKQPGUFGECTCCNENKGPVG 'P WP GUVWFKQ FG )CTVPGT':' JVVRFGNVCJ[RGTOCTVPGVGUVC'56JVON CDTKN C O¶U FG FKTGEVQTGU FG VGEPQNQIÈCU FG KPHQTOCEKÎP NCU RTKQTKFCFGU HWGTQP 'NCDQTCTGUVTCVGIKCURCTCKPVGITCTNQUPGIQEKQUEQPNCVGEPQNQIÈCKPHQTO¶VKEC 2TQXGGTNKFGTCIQ[IWÈCCNCCNVCFKTGEEKÎP[NCUIGTGPEKCUFGNÈPGC GOQUVTCTGNXCNQTFGNCUVGEPQNQIÈCUFGKPHQTOCEKÎPRCTCNCQTICPKCEKÎP GUCTTQNNCTGNGSWKRQCFOKPKUVTCVKXQFGVGEPQNQIÈCUFGKPHQTOCEKÎP 4GFWEEKÎPFGNEQUVQVQVCNFGNCUVGEPQNQIÈCUFGKPHQTOCEKÎP #LWUVCTRTQEGUQUFGRTKQTKCEKÎP[CFOKPKUVTCEKÎPFGRTQ[GEVQU #LWUVCTOGFKFCUFGUGIWTKFCF[RTKXCEKFCF +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 27.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'UVQU TGUWNVCFQU OWGUVTCP SWG NCU RTKQTKFCFGU GPVTG GN 4GURQPUCDNG FG NC QTICPKCEKÎP [ NC )GTGPEKC FG 5KUVGOCU UQP FKHGTGPVGU RQT GN PKXGN FG TGURQPUCDKNKFCFGURGTQJC[CNIQOW[KORQTVCPVGCVGPGTGPEWGPVCSWGGUEQPVCT EQPGNEQORTQOKUQFGNCCNVCIGTGPEKCRCTCCUWOKTGUVQUPWGXQUTQNGU 'NO¶ZKOQTGRTGUGPVCPVGFGNCQTICPKCEKÎPFGDGGUVCTEQPXGPEKFQNCXKUKÎPFGNC KPHQTOCEKÎP EQOQ TGEWTUQ XKVCN FG NC QTICPKCEKÎP FG NCU QRQTVWPKFCFGU GUVTCVÃIKECU[FGNCQDVGPEKÎPFGXGPVCLCUEQORGVKVKXCUTGNGXCPVGU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 28.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 3Q`de_ 999999** 3QbQSdUbcdYYSQc TU _c 7UbU^dUc TU CYYcdU]Qc 3Q` de _ 3QbQSdUb cd SQc TU _c 7UbU^dUc TU C cdU]Qc %1/1'$'05'4.15)'4'06'5'5+56'/#5 .QU)GTGPVGUFG5KUVGOCUFGDGPVGPGTEKGTVCUECTCEVGTÈUVKECU N %QP WPC QTKGPVCEKÎP HWGTVG JCEKC NC RTKPEKRCN TCÎP FG UGT FG NC KPUVKVWEKÎP EQPGZRGTKGPEKCCORNKCGPGNUGEVQTSWGVTCDCLC N GOQUVTCT JCDKNKFCFGU RCTC VTCGT DGPGHKEKQU CRNKECPFQ 6+%U RCTC TGUQNXGT NQU RTQDNGOCUOCPGLQFGEQUVQU[TKGUIQ N 'ZRGTKOGPVCT KFGPVKHKECT [ GXCNWCT NQU PWGXQU FGUCTTQNNQU VGEPQNÎIKEQU [ GXCNWCTUWCFGEWCEKÎPRCTCUWQTICPKCEKÎP N *CDKNKFCFRCTCEQOWPKECTUG[GPVGPFGTNCUPGEGUKFCFGUFGNQUWUWCTKQUGPWP NGPIWCLGUKORNGPQVÃEPKEQ N *CDKNKFCF RCTC EQPEGRVWCNKCT NCPCT [ GPVTGICT OÕNVKRNGU RTQ[GEVQU 6+%U C VKGORQ[FGPVTQFGNRTGUWRWGUVQ N *CDKNKFCFFGKPVGITCTUG EQPGNGSWKRQFGFKTGEEKÎPGZKUVGPVGUKGPFQWPDWGP Q[GPVGWPDWGPEQPUVTWEVQT[WPCDQICFQCTVKEWNCFQFGUWXKUKÎPVGEPQNÎIKEC 37'%7#.+#'52'4510#.'5'$'6'0'4 7P)GTGPVGFG5KUVGOCUFGDGVGPGT %QPFKEKQPGU FG NKFGTCIQ JCDKNKFCFGU FG EQOWPKECEKÎP KPVGTRGTUQPCNGU JCDKNKFCF FG VTCDCLCT GP CODKGPVG FG EQNCDQTCEKÎP [ CRTGPFKCLG EQPVKPWQ CNVC KPVGITCEKÎP G KPVGNKIGPEKC UGPUKDKNKFCF RQT QVTQU GZEGNGPVG LWKEKQ RGPUCFQT EQPEGRVWCNGUVTCVÃIKEQVCPDWGPQEQOQRTCIO¶VKEQ[WPCJCDKNKFCFRCTCIGPGTCT EQPHKCPC[CNKCPCUGUVTCVÃIKECU 'PLWNKQFGNGPWPCGPEWGUVCFG)GTGPVGUFG5KUVGOCURGTVGPGEKGPVGU CNQU2TQITCOCU'LGEWVKXQUFG)CTVPGTUGRWUKGTQPFGOCPKHKGUVQWPCUVGPFGPEKCU ENCXG GP GN FGUCTTQNNQ FG NC RQUKEKÎP FGN )GTGPVG FG 5KUVGOCU FGPVTQ FG NCU GORTGUCU .CU GORTGUCU GUV¶P EQNQECPFQ GLGEWVKXQU EQP TGURQPUCDKNKFCFGU KORQTVCPVGUGP6+%UGPNQUPKXGNGUO¶UCNVQUFGNCVQOCFGFGEKUKQPGUGLGEWVKXCU )CTVPGT JC EQORTQDCFQ SWG GP NCU GORTGUCU OGFKCPCU [ ITCPFGU GUV¶ GOGTIKGPFQWPPWGXQGUVKNQFGGLGEWVKXQEQPTGURQPUCDKNKFCFGUGPNCHWUKÎPFGN PGIQEKQ[NCVGEPQNQIÈC[SWGGUVGGLGEWVKXQ GUV¶GXQNWEKQPCPFQRCTCQEWRCTUG FGFKUVKPVCURCTVGUFGNCUGUVTCVGIKCUGKORNGOGPVCEKQPGUFG6+%UGIQDKGTPQ[FG GDWUKPGUU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 29.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'U CUÈ SWG XCP CRCTGEKGPFQ NQU EWCVTQ UKIWKGPVGU VKRQU FGN)GTGPVGFG5KUVGOCU CWPSWGCVQFQUGNNQUPQUGNGUFGUKIPCEQPGUVGPQODTGFGOCPGTCGZRNÈEKVC N .QU )GTGPVGU FG 5KUVGOCU SWG VKGPGP WPC TGURQPUCDKNKFCF C PKXGN QTICPKCEKQPCNGPWPRWGUVQFGIGUVKÎPFGFGOCPFCSWGGUWPTQNGUVTCVÃIKEQ GPHQECFQ CN EWORNKOKGPVQ FG NCU PGEGUKFCFGU [ GZRGEVCVKXCU FG NC QTICPKCEKÎP CN O¶U CNVQ PKXGN 'UVQU )GTGPVGU FG 5KUVGOCU PQ UWGNGP UGT TGURQPUCDNGUFGNCKORNGOGPVCEKÎP N .QULGHGUFGVGEPQNQIÈCQFGKPHTCGUVTWEVWTCSWGFGUGORGÌCPUWUHWPEKQPGUCN OKUOQPKXGN SWGGNRTKOGTVKRQ UQPTGURQPUCDNGUFGICTCPVKCTNCRTGUVCEKÎP GHGEVKXCGPEWCPVQCNQUEQUVQUFGNQUUGTXKEKQUVGEPQNÎIKEQU RGLGZRNQVCPFQ NCUQRQTVWPKFCFGUFG QWVUQWTEKPI N .QU QRQTVWPKUVCU VGEPQNÎIKEQU UQP CSWGNNQU GLGEWVKXQU EW[CU TGURQPUCDKNKFCFGUEQOQ)GTGPVGFG5KUVGOCUJCPKFQCWOGPVCFQCRCTVKTFG NCU FGOCPFCU VGEPQNÎIKECU FG NC QTICPKCEKÎP 'UVQU GLGEWVKXQU GUV¶P OW[ KPXQNWETCFQUGPGNKORWNUQFGPWGXCUQRQTVWPKFCFGU[HQTOCUFGOGLQTCT[Q CRQ[CT NQU RTQEGUQU FG NC QTICPKCEKÎP FGDKFQ C UW FQOKPKQ FG NCU VGEPQNQIÈCUGOGTIGPVGU N 'P NCU QTICPKCEKQPGU EQPOÕNVKRNGU FKXKUKQPGUCSWGNNCURGTUQPCUCECTIQFG NCUWPKFCFGUO¶UKORQTVCPVGUFGUGORGÌCPNCHWPEKÎPFGIGTGPVGFGUKUVGOCU # OGPWFQ GUVQU GLGEWVKXQU EQODKPCP NQU TQNGU FG QHGTVC [ FGOCPFC GP NC WPKFCF DCLQ UW ECTIQ [ UQP TGURQPUCDNGU FG NC IGUVKÎP [ EWORNKOKGPVQ FG GZRGEVCVKXCU CUÈ EQOQFGNCRTGUVCEKÎPFGUGTXKEKQU GURGEÈHKEQU GPGN¶ODKVQ FGUWWPKFCF *C[EWCVTQRCNCDTCUSWGTGUWOGPNCUCEVKXKFCFGUQTQNGUSWGUQPRTKQTKVCTKCURCTC GN)GTGPVGFG5KUVGOCUCEVWCNCEVKXCEKÎPECRCEKVCEKÎPGLGEWEKÎP[GZRNQVCEKÎP 'UFGEKTGNNQUFCPXKFCCNCUKPKEKCVKXCUGUVTCVÃIKECUFGNCUQTICPKCEKQPGUCNWPKT NC GZRGTKGPEKC VGEPQNÎIKEC EQP GN EQPQEKOKGPVQ FG NCU CEVKXKFCFGU FG NC QTICPKCEKÎPHWPFCOGPVCNGU .QU)GTGPVGUFG5KUVGOCUEQPUVKVW[GPWPQFGNQURQEQUITWRQUFGGLGEWVKXQUSWG VKGPGP WPC XKUVC RCPQT¶OKEC FG NC KPUVKVWEKÎP [ UWU EQNGICU GLGEWVKXQU UG XCP FCPFQ EWGPVC FG NQ XCNKQUC SWG GU GUVC RGTURGEVKXC RQT GNNQ PQ GU FKHÈEKN TGEQPQEGTCNVQUGLGEWVKXQUSWGWPFÈCHWGTQPIGTGPVGUFGKPHQTO¶VKEC %#4#%6'4 56+%#5'.15)'4'06'5'5+56'/#5 2CTC CUWOKT NQU PWGXQU TGVQU SWG NG RNCPVGC GN FGUCTTQNNQ FG NCU 6+%U GN PWGXQ )GTGPVGFG5KUVGOCU VCPVQGPGNUGEVQTRÕDNKEQEQOQGPGNRTKXCFQFGDGVGPGT EKGTVCUECTCEVGTÈUVKECUSWGFGUETKDKTGOQUCEQPVKPWCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 30.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU .KFGTCIQ .CRTKPEKRCNECTCEVGTÈUVKECFGNPPWGXQQ )GTGPVGFG5KUVGOCUGUUGTGNNKFGT GP 6GEPQNQIÈCU FG +PHQTOCEKÎP EQOQ GP EWCNSWKGT RWGUVQ FG IGTGPEKC KORNKEC UGT XKUKQPCTKQ CRCUKQPCFQ VQOCFQT FG TKGUIQ KPURKTCFQT ECTKUO¶VKEQ UGIWTQ FG UÈ OKUOQ KPHNW[GPVG ETGCVKXQ RQUKVKXQ CRQ[CFQT EQOWPKECFQTHKLCFQTFGQDLGVKXQUGUVKOWNCPVGLWUVQGPVTGQVTQU'NNÈFGTGP VGEPQNQIÈCUFGKPHQTOCEKÎPGUECRCFGPPCXGICTQ GPNCVGEPQNQIÈC[GPNC QTICPKCEKÎPEQPNCOKUOCHCEKNKFCF 'ZRGTKGPEKCGPCNKPGCTNCVGEPQNQIÈCEQPGNTQNFGNCQTICPKCEKÎP *C[SWGVGPGTENCTQSWGNCVGEPQNQIÈCGUWPOGFKQ[WPTGEWTUQO¶URCTC NNGXCT CFGNCPVG C NCU KPUVKVWEKQPGU RQT NQ SWG GU KFGCN SWG EQPQEC NQU CURGEVQU VGEPQNÎIKEQU VCNGU EQOQ EQPQEGT FG 'PVGTRTKUG 4GUQWTEG 2NCPPKPI KPHTCGUVTWEVWTC YGD %WUVQOGT 4GNCVKQP /CPCIGOGPV 5WRRN[ %JCKP /CPCIGOGPV [ QVTQU SWG VKGPGP UVCVWU FG PFGUGCFQQ RGTQ PQ KPFKURGPUCDNG GU KORQTVCPVG EQPQEGT DKGP GN TQN FG NC QTICPKCEKÎP 'N EQPQEKOKGPVQ FG UKUVGOCU QRGTCVKXQU JCTFYCTG Q OCTECU GURGEÈHKECU PQ GUV¶PGPNCNKUVCFGTGSWGTKOKGPVQU %QPQEKOKGPVQFGNCECFGPCFGXCNQTFGNCQTICPKCEKÎP .QU)GTGPVGUFGNÈPGCQLGHGUUKGORTGEQPUKFGTCPSWGGNRWPVQO¶UFÃDKN[ HTWUVTCPVG FGN )GTGPVG FG 5KUVGOCU GU UW HCNVC FG EQORTGPUKÎP [ EQPQEKOKGPVQFGNCQTICPKCEKÎP.QU)GTGPVGUFG5KUVGOCUSWGPQNQITCP JCEGTUGGZRGTVQUGPGNXGTFCFGTQTQNQIKTQFGPGIQEKQFGNCQTICPKCEKÎP [GPGN¶ODKVQGPSWGUGOWGXGPGUVCT¶PUKGORTGNKOKVCFQU[CITGICT¶P RQEQXCNQT *C[ SWG FGUCTTQNNCT WP EQPQEKOKGPVQ RTQHWPFQ FG NC ECFGPC FG XCNQT CFOKPKUVTCEKÎPRÕDNKECUGTXKEKQU[RTQFWEVQUCDCUVGEKOKGPVQOCTMGVKPI[ XGPVCU HKPCPCU [ EQPVCDKNKFCF ECPCNGU FG FKUVTKDWEKÎP GVE FG NC QTICPKCEKÎP[NCHQTOCGPSWGNCVGEPQNQIÈCKPHNW[GGPGNNC'N)GTGPVGFG 5KUVGOCU GU GN ÕPKEQ IGTGPVG CRCTVG FGN )GTGPVG )GPGTCN SWG TGSWKGTG VGPGT WP OCPGLQ CORNKQ [ RTQHWPFQ FG VQFQU NQU RTQEGUQU FG NC QTICPKCEKÎPCFGO¶UVKGPGSWGUCDGTFGVGEPQNQIÈC GUVTGCUFGTGNCEKQPCOKGPVQKPVGTRGTUQPCN .QU)GTGPVGUFG5KUVGOCUUWGNGPVGPGTRGTUQPCNKFCFGUPGURGEKCNGUQNQEWCN PQ NQU HCXQTGEG HTGEWGPVGOGPVG JCDNCPFGNPEQORWVÎNQIQQ EQOQCNIWKGP KPECRC FG TGNCEKQPCTUG JWOCPCOGPVG C WP PKXGN CNVQ [ OGPQU CÕP PPCXGICTQ DKGPGPNCRQNÈVKECKPVGTPCQCVTCXÃUFGNQUFKXGTUQURTQEGUQUFG NCQTICPKCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 31.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU .CECRCEKFCFFGTGNCEKQPCOKGPVQKPVGTRGTUQPCNFGGZEGNGPVGPKXGNUGJCEG OWEJQO¶UETÈVKECEQPNCNNGICFCFGNCPKPUVKVWEKÎPGZVGPFKFCQ XÈC+PVGTPGV JC[ SWG KPVGTCEVWCT EQP RGTUQPCU FG QVTCU EWNVWTCU KPUVKVWEKQPCNGU [ RGTUQPCNGUHWGTCFGNQURCTCFKIOCU[EQUVWODTGUFGNCRTQRKCKPUVKVWEKÎP %CRCEKFCFRCTC)GTGPEKCT .C ECRCEKFCF RCTC FKTKIKT [ UWRGTXKUCT RGTUQPCU RTQ[GEVQU TGEWTUQU RTGUWRWGUVQU RTQXGGFQTGU EQPVTCVKUVCU [ QVTQU UQEKQU FG PGIQEKQU GU GUGPEKCN .CECRCEKFCFFGHQTOCTGSWKRQUOQVKXCT[GUVKOWNCTCNRGTUQPCNVCODKÃPGU WP CEVKXQ HKLCT RTKQTKFCFGU CUKIPCT TGEWTUQU RCTC GUVCU RTKQTKFCFGU [ EWORNKTUKGORTGEQPNQRNCPKHKECFQ RNCQURTGUWRWGUVQHWPEKQPCNKFCFGU WPCECTCEVGTÈUVKECGUGPEKCNFGWP)GTGPVGFG5KUVGOCU GUVTGCURCTC%QOWPKECTGPHQTOCGHGEVKXC .C JCDKNKFCF RCTC CTVKEWNCT KPVGNKIGPVGOGPVG WPC GUVTCVGIKC Q WPC KFGC GP HQTOC ENCTC [ RTGEKUC GU WP TGSWGTKOKGPVQ XKVCN FGN PWGXQ )GTGPVG FG 5KUVGOCU.CECRCEKFCFFGGUEWEJCT[FGUVTGCUFGPGIQEKCEKÎPRGTUWCUKÎP [OCPGLQFGEQPHNKEVQUVTCDCLCPFQDCLQRTGUKÎPVCODKÃPUQPKPFKURGPUCDNGU 5CDGT JCEGT WP DWGP FQEWOGPVQ HQTOCN WPC RTGUGPVCEKÎP RÕDNKEC FG RTKOGTPKXGN[EQPFWEKTTGWPKQPGUGPHQTOCGHGEVKXCUQPQVTCUFGUVTGCU *CDKNKFCFRCTCETGCT[CFOKPKUVTCTNQUECODKQU 7PC FGNCUFGUVTGCUO¶UUQNKEKVCFCUGUUGTCIGPVGFGECODKQ [GUSWGNC OC[QTÈCFGNCUDÕUSWGFCUFG)GTGPVGFG5KUVGOCUPQUQPRCTCTGGORNCCTC CNIWKGPSWGUGHWGUKPQRCTCRTQXQECTWPECODKQFGOCIPKVWFGPGUVGTQN IGPGTCNOGPVG GU WP ECTIQ PWGXQ GP NC QTICPKCEKÎP .C RTKQTKFCF GU ECODKCT GN GPHQSWG FG VGEPQNQIÈCU FG +PHQTOCEKÎP FGUFG WPC PGEGUKFCF QRGTCEKQPCNJCEKCWPGNGOGPVQGUVTCVÃIKEQ.CJCDKNKFCFFGETGCTECODKQU TGNGXCPVGURCTCNCKPUVKVWEKÎP[CFOKPKUVTCTGNRTQEGUQRCTCPQOQTKTGPGN KPVGPVQGUENCXGCNGNGIKTWP)GTGPVGFG5KUVGOCU %QPQEKOKGPVQ[GZRGTKGPEKC FGNCQTICPKCEKÎP 7PTGSWGTKOKGPVQOW[EQOÕPGUSWGGNECPFKFCVQC)GTGPVGFG5KUVGOCU XGPIC FG NC OKUOC KPUVKVWEKÎP [ NC EQPQEC DKGP # XGEGU RWGFG TGGORNCCTUG GUVQ EQP GZRGTKGPEKC CFSWKTKFC GP QVTC KPUVKVWEKÎP EQP RTQEGUQU UKOKNCTGU Q CHÈPGU 1ECUKQPCNOGPVG NC QTICPKCEKÎP SWKGTG KPEQTRQTCTWPGZRGTVQ[PWGXCUKFGCUKPEWDCFCUGPQVTCKPUVKVWEKÎPEQPNQ EWCNGN)GTGPVGFG5KUVGOCURQVGPEKCUWTQNFGCIGPVGFGECODKQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 32.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'ZRGTKGPEKCKPVGTPCEKQPCNQINQDCN 'N )GTGPVG FG 5KUVGOCU FG WPC KPUVKVWEKÎP FGDG EQPQEGT EQOQ UG GUV¶P OQXKGPFQGPGNOWPFQKPUVKVWEKQPGUUKOKNCTGU CNCSWGFKTKIGRQTNQSWG UGT¶ KORQTVCPVG SWG EQPQEC FG KFKQOCU VGPIC JCDKNKFCFGU FG EQOWPKECEKÎP SWG RWGFG VTCDCLCT UKP RTQDNGOCU GP XCTKCU EWNVWTCU SWG GUV¶ CDKGTVQ [ UGPUKDNG C NCU RCTVKEWNCTKFCFGU [ CRTGPFGT FG NCU DWGPCU RT¶EVKECU SWG RWGFCP QHTGEGT QVTCU KPUVKVWEKQPGU RCTC CRNKECTNCU #SWÈ OGPEKQPCTGOQUNCKORQTVCPEKCFGNEQPEGRVQ$GPEJOCTM GUVTGCURCTCTGENWVCTFGUCTTQNNCT[TGVGPGTRTQHGUKQPCNGU6+ 5QTRTGPFGPVGOGPVGGUVGCVTKDWVQFGN)GTGPVGFG5KUVGOCUPVQRQ PQJCUKFQ EQPUKFGTCFQ GP OWEJQU ECUQU TGEKGPVGU 7P )GTGPVG FG 5KUVGOCU SWG RTQCEVKXCOGPVG KPENW[G GUVG VGOC GP UW KPXGPVCTKQ FG EQORGVGPEKCU [C EQOGPÎDKGP 'N RTQEGUQ FG TGENWVCOKGPVQ GU ENCXG RQTSWG EQOQ NCU CRNKECEKQPGU UQP ECFC XG O¶U GUVTCVÃIKECU NQU TGEWTUQU ECNKHKECFQU NQ UQP VCODKÃP GP GURGEKCNGPNC#FOKPKUVTCEKÎP2ÕDNKECGPGNSWGGNÈPFKEGFGTQVCEKÎPFGNQU TGEWTUQUGUCNVQ 'UVCU ECTCEVGTÈUVKECU UG GPEWGPVTCP KPOGTUQU GP ECFC WPC FG NCU EQORGVGPEKCU SWG WP )GTGPVG FG 5KUVGOCU FGDG VGPGT RCTC EWORNKT NQU FKXGTUQUTQNGUCUÈEQOQNCUCEVKVWFGUSWGFGDGPVQTPCTUGGPJ¶DKVQURCTC CUGIWTCT GHKEKGPEKC GP GN VTCDCLQ C FGUGORGÌCT CURGEVQU SWG KTGOQU TGXKUCPFQGPNQUECRÈVWNQUUKIWKGPVGU +PHQGVKEC #UKOKUOQ FGDGT¶ EQPQEGT UQDTG CURGEVQU ÃVKEQU LWTÈFKEQU [ UQEKCNGU FGN %KDGTGURCEKQ FG VCN OCPGTC SWG HQOGPVG GN CEEGUQ WPKXGTUCN C NC KPHQTOCEKÎPGPHQTOCUGIWTC 2QT GLGORNQ NQU )GTGPVGU FG 5KUVGOCU FGDGP FG CFOKPKUVTCT GHKECOGPVG NQUTGEWTUQUFGNCQTICPKCEKÎPEQPWPCXKUKÎPKPVGITCFQTC[TCEKQPCNKCFC [GXKVCTICUVQUKPPGEGUCTKQU 6GPGTOW[GPEWGPVCGNEÎFKIQFGÃVKECSWGNGDTKPFCUWEQNGIKCVWTCCHKP FG EQPFWEKTUG EQOQ WP RTQHGUKQPCN KPVGITQ GP VQFQ OQOGPVQ GURGEKCNOGPVG UCNXCIWCTFCPFQ NC KPHQTOCEKÎP IGPGTCFC GP NC KPUVKVWEKÎP EQOQGNVCPIKDNGO¶URTGEKCFQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 33.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 34.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 3Q`de_ 99F** _c ' 8vRYYd_c TU 7UbU^dU TU CYYcdU]Qc UVVUSdYYf_ 3Q` de _ F _c ' 8vR d_c TU 7UbU^dU TU C cdU]Qc U USd f_ 'PGNECRÈVWNQCPVGTKQTJGOQUTGXKUCFQWPCUGTKGFGECTCEVGTÈUVKECUSWGFGDGVGPGTGN )GTGPVGFG5KUVGOCUOWEJQUFGGNNQUGUV¶PDCUCFQUGPCEVKVWFGUJ¶DKVQUECODKQFG RCTCFKIOCUEQORQTVCOKGPVQSWGCFQRVCOQUCPVGWPCWQVTCUKVWCEKÎP .C OC[QTÈC FG NCU RGTUQPCU VGPGOQU NC ECRCEKFCF FG KPVWKT SWG PWGUVTQ EQORQTVCOKGPVQ VCPVQ C PKXGN NCDQTCN EQOQ GP NC XKFC RTKXCFC RQFTÈC OGLQTCT GP OWEJQU CURGEVQU RCTC NQITCT NQU KFGCNGU SWG UG GURGTC 5KP GODCTIQ UÎNQ RQECU RGTUQPCUEQPQEGPNCOCPGTCFGEQPUGIWKTNQ5VGRJGP%QXG[GZRQPGENCTCOGPVGGPUW NKDTQWPOÃVQFQEGTVGTQ[GHKEKGPVGFGPQOKPCFQP.QU*¶DKVQUFGNCIGPVG#NVCOGPVG 'HGEVKXCQGUVQGUCRNKECDNGKIWCNOGPVGCNQU)GTGPVGUFG5KUVGOCU .QU UKGVG J¶DKVQU NQ OWGXGP RTQITGUKXCOGPVG UQDTG WP EQPVKPWC OCFWTG FGUFG NC FGRGPFGPEKCJCEKCNCKPFGRGPFGPEKC[JCUVCNCKPVGTFGRGPFGPEKC .C FGRGPFGPEKC GU GN RCTCFKIOC FGN 6Õ VÕ EWKFCU FG OÈ [Q VG EWNRQ C VK RQT NQU TGUWNVCFQUGVE.CKPFGRGPFGPEKCGUGNRCTCFKIOCFGN[Q [QRWGFQJCEGTGUVQ[Q UQ[TGURQPUCDNG.CKPVGTFGRGPFGPEKCGUGNRCTCFKIOCFGPQUQVTQU PQUQVTQURQFGOQU JCEGTNQPQUQVTQURQFGOQUETGCT *$+615 '5%4+2%+¦0 14+'06#1# 2TQCEVKXKFCF C NC NKDGTVCF RCTC GUEQIGT PWGUVTC TGURWGUVC '2'0'0%+# HTGPVGCEWCNSWKGTGUVÈOWNQFGNOGFKQCODKGPVG #WOGPVCT EQPUKFGTCDNG HCEWNV¶PFQPQU RCTC TGURQPFGT FG CEWGTFQ C OGPVG PWGUVTC PWGUVTQURTKPEKRKQU[XCNQTGU CWVQEQPHKCPC NNGICPFQ C %QOGPCT EQPQEGT RTQHWPFC [ *CEGRQUKDNGSWGPWGUVTCUXKFCUVGPICPTCÎPFG EQP WPHKP UKIPKHKECVKXCOGPVG PWGUVTC UGT[CSWGPQURGTOKVGETGCTNCXKUKÎPFGNQSWG GPOGPVG PCVWTCNGC XCNQTGU [ SWGTGOQU NQITCT FKTKIKGPFQ PWGUVTCU CEEKQPGUC RTQRKC ECRCEKFCF FG NQ SWG XGTFCFGTCOGPVG GU UKIPKHKECVKXQ GP CRQTVCEKÎP GP GN UGPVKFQ PWGUVTCUXKFCU FG PWGUVTC KFGPVKFCF 'UVCDNGEGT 2TKQTKC PWGUVTQ VKGORQ C NCU CEVKXKFCFGU SWG KPVGITKFCF CWVQEQPVTQN [ RTKOGTQNQ XGTFCFGTCOGPVGFCPUGPVKFQCPWGUVTCUXKFCU ECRCEKFCFCWVQFKTGEVKXC RTKOGTQ 2GPUCTGP 2GTOKVG GUVCDNGEGT GN DCNCPEG GPVTG PWGUVTQU +0'2'0'0%+# ICPCT[ QDLGVKXQU[NQUQDLGVKXQUFGNQUFGO¶UNQITCPFQ GUEWDTKT NKDGTCT [ ICPCT GN DKGP EQOÕP JCDKGPFQ FGUCTTQNNCFQ WPC OGLQTCT NCU DWGPCU OGPVCNKFCFFGCDWPFCPEKCOCVGTKCN[GURKTKVWCN TGNCEKQPGU JCEKÃPFQNCU #UKOKUOQ EWCPFQ PWGUVTC FGVGTOKPCEKÎP UG O¶U RTQHWPFCU UÎNKFCU [ DCNCPEGCCNCEQPUKFGTCEKÎPRCTCEQPNQUFGO¶U ETGCVKXCU NQITCOQU UGPVCT NCU DCUGU RCTC NC EQPXKXGPEKC [ NCGSWKFCFGPVTGNQUUGTGUJWOCPQU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 35.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU *$+615 '5%4+2%+¦0 14+'06#1# $WUEC 'U NC GUGPEKC CN TGURGVQ RQT NQU FGO¶U [ RTKOGTQ EQPUVKVW[G NC ENCXG FG NCU TGNCEKQPGU JWOCPCU EQORTGPFGT GHGEVKXCU SWG PQU QTKGPVCCNNGICTCCEWGTFQUFG [FGURWÃUUGT VKRQICPCTICPCT EQORTGPFKFQ 5KPGTIKCT 'U GN TGUWNVCFQ FG EWNVKXCT NC JCDKNKFCF [ NC CEVKVWF FG XCNQTCT NC FKXGTUKFCF RGTHKNCPFQ JGTTCOKGPVCUD¶UKECUEQOQGNVTCDCLQGPGSWKRQ [NCKPPQXCEKÎP.CUÈPVGUKUFGKFGCUFKXGTIGPVGU RTQFWEG KFGCU OGLQTCU [ UWRGTKQTGU C NCU KFGCU KPFKXKFWCNGU #HKNCTNC 'UV¶ TGHGTKFC C NC ECRCEKFCF SWG VGPGOQU RCTC +06'4'2'0'0%+# UKGTTC TGPQXCTPQU HÈUKEC OGPVCN [ GURKTKVWCNOGPVG %CTICT GPGTIÈCU RCTC RGTOKVKÃPFQPQU GUVCDNGEGT WP DCNCPEG GPVTG KPVGTPCNKCTRTQHWPFCOGP VQFCUNCUFKOGPUKQPGUFGPWGUVTQUGTCHKPFGUGT VG [ TGPQXCT NQU UGKU GHGEVKXQU GP NQU FKHGTGPVGU TQNGU SWG RTKOGTQU J¶DKVQU F¶PFQ FGUGORGÌCOQUGPPWGUVTCUXKFCU PQU GN UGPVKFQ FG WPC XGTFCFGTC KPFGRGPFGPEKC [ ECRCEKFCF RCTC NC KPVGTFGRGPFGPEKCGHGEVKXC 24+/'4*$+615'4241#%6+81 2TQCEVKXKFCF PQ UÎNQ UKIPKHKEC VQOCT NC KPKEKCVKXC UKIPKHKEC SWG UQOQU TGURQPUCDNGU FG PWGUVTCU RTQRKCU XKFCU [ NC EQPFWEVC GUVC GP HWPEKÎP FG NCU FGEKUKQPGU SWG UG VQOC 5G RWGFG UWDQTFKPCT NQU UGPVKOKGPVQU C NQU XCNQTGU 6GPGOQU NC KPKEKCVKXC [ NC TGURQPUCDKNKFCF FG JCEGT SWG NCU EQUCU UWEGFCP .C TGURQPUCDKNKFCF GU NC JCDKNKFCF RCTC GNGIKT NC TGURWGUVC [ NC EQPFWEVC GU WP RTQFWEVQFGNCRTQRKCGNGEEKÎPEQPEKGPVGDCUCFCGPNQU XCNQTGU 'NRTQCEVKXQUGCTTKGUICUGNCPCEQPUGIWTKFCFCNCDÕUSWGFCFGUQNWEKQPGUGU ECRC FG EQPUVTWKT ECOKPQU [ FG UGT PGEGUCTKQ CEVÕC [ FGEKFG GP NC KPEGTVKFWODTG PQ RGTOKVKGPFQ LCO¶U SWG GUVC KPEGTVKFWODTG NG RCTCNKEG Q NG TGVCTFG1DUGTXGOQU[PQUFCTGOQUEWGPVCSWGGUVCCEVKVWF[GUVCUECTCEVGTÈUVKECU FGNCEQPFWEVCUQPRTQRKCUFGWPCRGTUQPCRTQCEVKXC 1VTQ TCUIQ FG NQU RTQCEVKXQU GU NC FG UGT CEGTVKXQU NQITCPFQ EQPEGPVTCT UWU OGLQTGUTGEWTUQURCTCUGTWUCFQUGPNCUOGLQTGUQRQTVWPKFCFGU'UCUGIWTKFCFGP UKOKUOQUNGUNNGXCCNQITCTNQSWGUGRTQRQPGP[RGTOKVGVTCPUHQTOCTGUEQNNQU[ DCTTGTCU GP QRQTVWPKFCFGU GUCHÈCP C VTCXÃU FG NC ETGCVKXKFCF [ OWEJCU XGEGU ECODKCP NQ EQPXGPEKQPCN [ PQ UG EQPHQTOCP FGUCTTQNNCPFQ WPC OCTCXKNNQUC ECRCEKFCFXKUKQPCTKCRCTCCPVKEKRCTUGCNQURTQDNGOCU[RNCPVGCTCNVGTPCVKXCU .C ECRCEKFCF RCTC UWDQTFKPCT NQU KORWNUQU C NQU XCNQTGU GU NC GUGPEKC FG NC RGTUQPCRTQCEVKXC.CURGTUQPCUTGCEVKXCUUGXGPKORWNUCFCURQTUGPVKOKGPVQURQT +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 36.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU NCUEKTEWPUVCPEKCURQTNCUEQPFKEKQPGURQTGNCODKGPVG.CURGTUQPCURTQCEVKXCU UG OWGXGP RQTXCNQTGU EWKFCFQUCOGPVG OGFKVCFQU UGNGEEKQPCFQU G KPVGTPCNKCFQU 6CODKÃPUGXGPKPHNWKFCURQTGUVÈOWNQUGZVGTPQUHÈUKEQUUQEKCNGUÎ RUKEQNÎIKEQU 2GTQ UW TGURWGUVC EQPUEKGPVG Î KPEQPUEKGPVG GU WPC GNGEEKÎP Q TGURWGUVCDCUCFCGPXCNQTGU.QSWGPQUFCÌCOWEJQO¶UFGNQSWGPQUUWEGFG GUPWGUVTQRGTOKUQPWGUVTQEQPUGPVKOKGPVQCNQSWGPQUUWEGFG # EQPVKPWCEKÎP UG RTGUGPVC WP 6GUV SWG RWGFG UGT WVKNKCFQ RCTC JCEGTUG WPC CWVQGXCNWCEKÎP 'PECFCRWPVQGPWOGTCFQCEQPVKPWCEKÎP /GFKCPC KPFKSWGGPSWGOGFKFCFGUETKDGEÎOQ /W[DKGP 2QEQ 0CFC OGPVGDKGP 7FUGEQORQTVC ‹#EGRVCUNQKPGURGTCFQ!‹6KGPGUWPC FKURQUKEKÎPEQPUVCPVGRCTCGPHTGPVCTNQU TGVQU! ‹GUVKNCUGKTTCFKCUWPGPVWUKCUOQSWGVG RGTOKVGNNGICTFGNQDWGPQCNQGZEGREKQPCN! m‹#EVÕCUEQPUGIWTKFCF[FGVGTOKPCEKÎPRCTC NQITCTVWURTQRÎUKVQU! ‹6GCPVKEKRCUCNCUPGEGUKFCFGUSWGVW CEVKXKFCFNCDQTCNVGRTGUGPVC! ‹6GUKGPVGUSWGGTGUQRWGFGUUGTWPNÈFGT RQUKVKXQRCTCVWGSWKRQQITWRQ! ‹6GOQVKXCDWUECTQETGCTPWGXQU[OGLQTGU GUEGPCTKQU! ‹6GRNCPVGCUQREKQPGU! ‹2KGPUCUEQPHTGUEWTC[UKPOKGFQEQOQNQ JCTÈCWPRTKPEKRKCPVGCDKGTVQCNQSWGXC UWTIKGPFQ[ FGUEWDTKGPFQ! ‹2NCPKHKECUEQPQDLGVKXKFCF[JQPGUVKFCFNC OCPGTCFGECODKCTVWURTQ[GEVQUGPECUQFG SWGNQUJGEJQUPQEQPEWGTFGPEQPNQ RTQITCOCFQ! ‹6GCFGNCPVCU[VKGPGUUKGORTGWPRNCPFG EQPVKPIGPEKC! ‹6GEQPEGPVTCU[NQITCUFGHKPKT[EQPQEGTVWU HQTVCNGCU[PQÕPKECOGPVGVWUFGDKNKFCFGU! ‹.QITCUEQPEGPVTCTVQFCUVWUGPGTIÈCUGP CSWGNNQSWGFGDGUWEGFGTHKL¶PFQVGOGVCU RQUKVKXCU[XKUWCNKCPFQEQPÃZKVQGNHWVWTQ FGVWUCEVQU! +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 37.
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  • 38.
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  • 39.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N )CPQRKGTFGU NC OC[QTÈC RKGPUC GUVQ FGUFG SWG PCEG 'UV¶ DCUCFQ GP NC EQORGVGPEKC[PQGPNCEQQRGTCEKÎP.CUOGPVGUFGHGPUKXCUPQUQPETGCVKXCUPK EQQRGTCVKXCUNQEWCNPQEQPFWEGPCPCFCRQUKVKXQ N 2KGTFQICPCUPQVKGPGPKPIWPCPQTOCTGSWGTKOKGPVQGZRGEVCVKXCXKUKÎPGVE 6KGPFGP C EGFGT Q TGPWPEKCT DWUECPFQ NC CEGRVCEKÎP Q NC RQRWNCTKFCF *C[ KPUGIWTKFCFNCURGTUQPCUGUV¶PVGPFKGPVGUCCRCEKIWCTQFGUGQUFGCITCFCT N 2KGTFQRKGTFGU GU NC HKNQUQHÈC FG NC IWGTTC FGN EQPHNKEVQ 0QTOCNOGPVG FG RGTUQPCUQDUVKPCFCU[GIQÈUVCU N )CPQNGUKORQTVCEQPUGIWKTNQSWGSWKGTGPKPFKXKFWCNOGPVG.CRGTUQPCEQP GUVCOGPVCNKFCFRKGPUCGPVÃTOKPQUFGCUGIWTCTUGUWURTQRKQUHKPGU N )CPCTICPCTÎPQJC[VTCVQUKPQNNGICTCPCWPCUQNWEKÎPUKPÃTIKECEQPNCSWG GUVWXKGTCPFGCEWGTFQTGEWTTGPCNCGZRTGUKÎPPQJC[VTCVQ .QKFGCNGUUKGORTGICPCTICPCT KOGPUKQPGUFGICPCTICPCTGUGNJ¶DKVQFGNNKFGTCIQKPVGTRGTUQPCN+ORNKECGN GLGTEKEKQ FG NCU FQVGU JWOCPCU GP PWGUVTCU TGNCEKQPGU EQP NQU FGO¶U 5WRQPG CRTGPFKCLGTGEÈRTQEQKPHNWGPEKCOWVWCDGPGHKEKQUEQORCTVKFQU.CUFKOGPUKQPGU UQPNCUUIVGU N %CT¶EVGT TCUIQU ECTCEVGTÈUVKEQU KPVGITKFCF OCFWTG OGPVCNKFCF FG CDWPFCPEKC N 4GNCEKQPGUUKPEQPHKCPCUGFGVGTKQTCNCEQOWPKECEKÎP[GNCRTGPFKCLG N #EWGTFQUDCUCFQUGPGNGOGPVQUTGUWNVCFQUFGUGCFQUFKTGEVTKEGUTGEWTUQU TGPFKEKÎPFGEWGPVCUEQPUGEWGPEKCU N 5KUVGOCU GN UKUVGOC FG TGEQORGPUCU FGDG UGT EQPITWGPVG EQP NCU OGVCU [ XCNQTGU N 2TQEGUQU NC GUGPEKC FG NC PGIQEKCEKÎP FG RTKPEKRKQU EQPUKUVG GP UGRCTCT RGTUQPC[RTQDNGOCGPEGPVTCTUGGPNQU KPVGTGUGU[PQGPNCURQUKEKQPGUGP KFGCTQREKQPGURCTCNCICPCPEKCOWVWC[GPKPUKUVKTGPETKVGTKQUQDLGVKXQUSWG CODCURCTVGURWGFCPEQORCTVKT 37+061*$+61241%74'%1/24'0'4;.7')15'4%1/24'0+1 %WCPFQGZKUVGWPRTQDNGOCOWEJCUXGEGUNCURGTUQPCUVKGPFGPCRTGEKRKVCTUG[ PQ UG VQOC GN VKGORQ RCTC FKCIPQUVKECT [ GORGCT C EQORTGPFGT RTQHWPFC [ TGCNOGPVGGNRTQDNGOCRQTNQSWGFGDGOQURTQEWTCTRTKOGTQEQORTGPFGT[NWGIQ UGT EQORTGPFKFQU 'UVG RTKPEKRKQ GU NC ENCXG FG NC EQOWPKECEKÎP RGTUQPCN GHGEVKXC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 40.
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  • 41.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU XCPCNGU1TICPKCT[RNCPKHKECTUQPHQTOCUFGTGPQXCEKÎPOGPVCNCUQEKCFCUCNQU J¶DKVQU UGIWPFQ [ VGTEGTQ GORGCOQU EQP WP HKP GP OGPVG [ UQOQU OGPVCNOGPVGECRCEGUFGQTICPKCT[CNECPCTGUGHKP KOGPUKÎP 5QEKCN'OQEKQPCN UG EGPVTC GP NQU RTKPEKRKQU FGN NKFGTCIQ KPVGTRGTUQPCNNCEQOWPKECEKÎPGOR¶VKEC[NCEQQRGTCEKÎPETGCVKXCGPHQECPFQCUÈ NQUJ¶DKVQUEWCTVQSWKPVQ[UGZVQ '37+.+$4+1'0.#4'018#%+¦0 'N RTQEGUQ FG NC CWVQTTGPQXCEKÎP FGDG KPENWKT NC TGPQXCEKÎP GSWKNKDTCFC GP NCU EWCVTQ FKOGPUKQPGU FG PWGUVTC PCVWTCNGC NC HÈUKEC GURKTKVWCN OGPVCN [ UQEKCNGOQEKQPCN %WCPVQ O¶U RTQCEVKXQU UQOQU RTKOGT J¶DKVQ O¶U GHGEVKXCOGPVG RQFGOQU GLGTEGTGNNKFGTCIQRGTUQPCN UGIWPFQJ¶DKVQ[NCCFOKPKUVTCEKÎPRGTUQPCN VGTEGT J¶DKVQGPNCXKFC %WCPVQ O¶U GHGEVKXCOGPVG CFOKPKUVTCOQU PWGUVTCXKFC VGTEGT J¶DKVQ GPOC[QT OGFKFCRQFGOQUTGCNKCTCEVKXKFCFGUTGPQXCFQTCU UÃRVKOQJ¶DKVQ %WCPVQ O¶U RTQEWTCOQU RTKOGTQ EQORTGPFGT SWKPVQ J¶DKVQ EQP O¶U GHGEVKXKFCF RQFGOQU DWUECT UQNWEKQPGU UKPÃTIKECU FG VKRQ ICPCTICPCT EWCTVQ [ UGZVQJ¶DKVQU %WCPVQ O¶U RTQITGUCOQU GP EWCNSWKGTC FG NQU J¶DKVQU SWG EQPFWEGP C NC KPFGRGPFGPEKC RTKOGT UGIWPFQ [ VGTEGT J¶DKVQ O¶U GHGEVKXQU UGTGOQU GP NCU UKVWCEKQPGU KPVGTFGRGPFKGPVGU VGTEGT EWCTVQ SWKPVQ [ UGZVQ J¶DKVQ [ NC TGPQXCEKÎP UÃRVKOQJ¶DKVQGUGNRTQEGUQFGTGXKXKHKECTVQFQUNQUJ¶DKVQU ‹37œ'5;21437œ'5+/2146#06'.#+06'.+)'0%+#'/1%+10#.! #VQFQGUVQUGFGDGVGPGTGPEWGPVCNC KPVGNKIGPEKCGOQEKQPCNSWGUGRGTHKNC EQOQWPPWGXQEQPEGRVQGPGNGPVQTPQQTICPKCEKQPCNRQTGNNCUGGPVKGPFG NCECRCEKFCFFGNUGTJWOCPQFGTGEQPQEGTUWUUGPVKOKGPVQU[NQUUGPVKOKGPVQU FGNQUFGO¶UEQPGNHKPFGOQVKXCTUG[RCTCOCPGLCTFGHQTOCCFGEWCFCNCU TGNCEKQPGUGPVTGWPQOKUOQ[NQUFGO¶U 'U FGEKT NC KPVGNKIGPEKC GOQEKQPCN GU WP EQPLWPVQ FG FGUVTGCU CEVKVWFGU JCDKNKFCFGU[EQORGVGPEKCUSWGFGVGTOKPCPNCEQPFWEVCFGWPKPFKXKFWQUWU TGCEEKQPGU GUVCFQU OGPVCNGU GVE [ SWG RWGFG FGHKPKTUG UGIÕP GN RTQRKQ )QNGOCPEQOQNCECRCEKFCFFGTGEQPQEGTPWGUVTQURTQRKQUUGPVKOKGPVQU[NQU FGNQUFGO¶UFGOQVKXCTPQU[FGOCPGLCTCFGEWCFCOGPVGNCUTGNCEKQPGU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 42.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU .Q SWG JCUVCJCEG RQEQ UG XCNQTCDC GURGEKCNOGPVG GTC GN EQGHKEKGPVG KPVGNGEVWCN[NCGZRGTKGPEKCCJQTCUGXCNQTCPNCKPVGNKIGPEKCGOQEKQPCNFGNCU RGTUQPCUGUVQGUNCECRCEKFCFFGCRTGPFGTWPCUGTKGFGJCDKNKFCFGURT¶EVKECU DCUCFCU GP NC EQPEKGPEKC FG WPQ OKUOQ NC OQVKXCEKÎP NC GORCVÈC GN CWVQEQPVTQN[NCUJCDKNKFCFGUUQEKCNGUGPKPVGTCEEKÎPCFGO¶UEQPGNTGUVQ .CU ENCXGU FG GUVG PWGXQ EQPEGRVQ FG XCNQTCEKÎP RGTUQPCN UG DCUCP GP NC TGECRCEKVCEKÎPUQDTGGNVTCDCLQ[NCRTGFKURQUKEKÎPJCEKCGNOKUOQGNGUVWFKQ FGNCUOQVKXCEKQPGURTQHGUKQPCNGUKPVGPVCTEGPVTCTUGGPQDLGVKXQUCNECPCDNGUC OGFKQRNCQUGTRQUKVKXQHKLCTUGGPOQFGNQUÕVKNGU[CIWFKCTGNUGPVKFQETÈVKEQ RCTCRQFGTCWVQGXCNWCTUG[ECODKCT *CDKVWCNOGPVG GUVCOQU CEQUVWODTCFQU C TGNCEKQPCT NC KPVGNKIGPEKC EQP NC ECRCEKFCF FG TCEKQEKPKQ NÎIKEQ EQP GN EQGHKEKGPVG KPVGNGEVWCN SWG FGVGTOKPC NCU JCDKNKFCFGU RCTC NCU EKGPEKCU GZCEVCU NC EQORTGPUKÎP [ ECRCEKFCF FG CP¶NKUKU TGHNGZKXQ GN TCQPCOKGPVQ GURCEKCN NC ECRCEKFCF XGTDCN [ NCU JCDKNKFCFGU OGE¶PKECU 5KP GODCTIQ GP GN OWPFQ GORTGUCTKCN UG GUV¶ GORGCPFQ C VGPGT GP EWGPVC [ C XCNQTCT O¶U NC FGPQOKPCFC KPVGNKIGPEKC GOQEKQPCNSWGFGVGTOKPCEÎOQPQUOCPGLCOQUEQPPQUQVTQUOKUOQU[EQP NQUFGO¶U 'NVÃTOKPQFGKPVGNKIGPEKCGOQEKQPCNKPENW[GFQUVKRQUFGKPVGNKIGPEKCU .C +PVGNKIGPEKC 2GTUQPCN GUV¶ EQORWGUVC C UW XG RQT WPC UGTKG FG EQORGVGPEKCUSWGFGVGTOKPCPGNOQFQGPSWGPQUTGNCEKQPCOQUEQPPQUQVTQU OKUOQUGUVCKPVGNKIGPEKCEQORTGPFGVTGUEQORQPGPVGUEWCPFQUGCRNKECGPGN VTCDCLQ N %QPEKGPEKCGPWPQOKUOQECRCEKFCFFGTGEQPQEGT[GPVGPFGTGPWPQOKUOQ NCU RTQRKCU HQTVCNGCUFGDKNKFCFGUGUVCFQUFG¶PKOQ GOQEKQPGU GKORWNUQU CUÈEQOQGNGHGEVQSWGÃUVQUVKGPGPUQDTGNQUFGO¶U[UQDTGGNVTCDCLQ N #WVQTTGIWNCEKÎPQEQPVTQNFGUÈOKUOQJCDKNKFCFFGEQPVTQNCTPWGUVTCURTQRKCU GOQEKQPGUGKORWNUQURCTCCFGEWCTNQUCWPQDLGVKXQFGTGURQPUCDKNKCTUGFG NQURTQRKQUCEVQUFGRGPUCTCPVGUFGCEVWCT[FGGXKVCTNQULWKEKQURTGOCVWTQU .CURGTUQPCUSWGRQUGGPGUVCEQORGVGPEKCUQPUKPEGTCUGÈPVGITCUEQPVTQNCPGN GUVTÃU [ NC CPUKGFCF CPVG UKVWCEKQPGU EQORTQOGVKFCU [ UQP HNGZKDNGU CPVG NQU ECODKQUQNCUPWGXCUKFGCU N #WVQOQVKXCEKÎPGUNCJCDKNKFCFFGGUVCTGPWPGUVCFQFGEQPVKPWCDÕUSWGFC[ RGTUKUVGPEKC GP NC EQPUGEWEKÎP FG NQU QDLGVKXQU JCEKGPFQ HTGPVG C NQU RTQDNGOCU [ GPEQPVTCPFQ UQNWEKQPGU 'UVC EQORGVGPEKC UG OCPKHKGUVC GP NCU RGTUQPCUSWGOWGUVTCPWPITCPGPVWUKCUOQRQTUWVTCDCLQ[RQTGNNQITQFG NCU OGVCURQTGPEKOCFGNCUKORNGTGEQORGPUCGEQPÎOKECEQPWPCNVQITCFQFG +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 43.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU KPKEKCVKXC[EQORTQOKUQ[EQPITCPECRCEKFCFQRVKOKUVCGPNCEQPUGEWEKÎPFG UWUQDLGVKXQU 'NQRVKOKUOQGUWPQFGNQUTGSWKUKVQUKORTGUEKPFKDNGURCTCNCEQPUGEWEKÎPFG OGVCUTGNGXCPVGU[VCTGCUEQORNGLCU[UGTGNCEKQPCEQPWPCORNKQGNGPEQFG EQPEGRVQU RUKEQNÎIKEQU SWG WUCOQU JCDKVWCNOGPVG EQPVTQN FG KORWNUQU KPJKDKEKÎPFGRGPUCOKGPVQUPGICVKXQUGUVKNQCVTKDWVKXQPKXGNFGGZRGEVCVKXCU CWVQGUVKOC N 'N EQPVTQN FG NQU KORWNUQU ECRCEKFCF FG TGUKUVGPEKC C NC HTWUVTCEKÎP [ CRNCCOKGPVQ FG NC ITCVKHKECEKÎP RCTGEG UGT WPC FG NCU JCDKNKFCFGU RUKEQNÎIKECUO¶UKORQTVCPVGU[TGNGXCPVGUGPGNFGXGPKTXKVCN[CECFÃOKEQ N 'N EQPVTQN FG NQU RGPUCOKGPVQU PGICVKXQU XGPGPQ FGN QRVKOKUOQ UG TGNCEKQPC EQP GN TGPFKOKGPVQ C VTCXÃU FG NC GEQPQOÈC FG NQU TGEWTUQU CVGPEKQPCNGU RTGQEWRCTUG EQPUWOG NQU TGEWTUQU SWG PGEGUKVCOQU RCTC CHTQPVCTEQPÃZKVQNQUTGVQUXKVCNGU[CECFÃOKEQU N 'NGUVKNQCVTKDWVKXQFGNQUÃZKVQU[HTCECUQUWUKORNKECEKQPGUGOQEKQPCNGU[ UW TGNCEKÎP EQP NCU GZRGEVCVKXCU FG ÃZKVQ GU WPC VGQTÈC RUKEQNÎIKEC SWG EQPVTKDW[G GPQTOGOGPVG C PWGUVTC EQORTGPUKÎP FG NQU RTQDNGOCU FG CRTGPFKCLG[CUWUQNWEKÎP .C ECRCEKFCF FG OQVKXCTUG C WPQ OKUOQ UG RQPG GURGEKCNOGPVG C RTWGDC EWCPFQUWTIGPNCUFKHKEWNVCFGUGNECPUCPEKQGNHTCECUQGUGNOQOGPVQGPSWG OCPVGPGTGNRGPUCOKGPVQFGSWGNCUEQUCUKT¶PDKGPRWGFGUKIPKHKECTGNÃZKVQQ GN CDCPFQPQ [ GN HTCECUQ C RCTVG FG QVTQU HCEVQTGU O¶U EQIPKVKXQU EQOQ FGUEQORQPGT NQU RTQDNGOCU [ UGT HNGZKDNGU RCTC ECODKCT FG OÃVQFQU [ QDLGVKXQU 'N FGUCTTQNNQ FGN QRVKOKUOQ NC CWVQGUVKOC NC GZRGEVCVKXC FG ÃZKVQ GUV¶ TGNCEKQPCFQEQPNCURCWVCUFGETKCPC[GFWECEKÎPGXKVCPFQGNRTQVGEEKQPKUOQ [ NC ETÈVKEC FGUVTWEVKXC HCXQTGEKGPFQ NC CWVQPQOÈC [ NQU NQITQU RGTUQPCNGU WVKNKCPFQGNGNQIKQ[NCRGFCIQIÈCFGNÃZKVQEQORNGOGPVCFQEQPNCGZKIGPEKC [CNCC[WFC .C +PVGNKIGPEKC +PVGTRGTUQPCN CN KIWCN SWG NC CPVGTKQT GUVC KPVGNKIGPEKC VCODKÃP GUV¶EQORWGUVCRQTQVTCUEQORGVGPEKCUSWGFGVGTOKPCPGNOQFQGP SWGPQUTGNCEKQPCOQUEQPNQUFGO¶U[CSWÈ FQUEQPEGRVQUKORQTVCPVGU N 'ORCVÈC JCDKNKFCF RCTC GPVGPFGT NCU PGEGUKFCFGU UGPVKOKGPVQU [ RTQDNGOCU FG NQU FGO¶U RQPKÃPFQUG GP UW NWICT [ TGURQPFGT EQTTGEVCOGPVG C UWU TGCEEKQPGU GOQEKQPCNGU .CU RGTUQPCU GOR¶VKECU UQP CSWGNNCU ECRCEGU FG GUEWEJCT C NQU FGO¶U [ GPVGPFGT UWU RTQDNGOCU [ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 44.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU OQVKXCEKQPGU SWG PQTOCNOGPVG VKGPGP OWEJC RQRWNCTKFCF [ TGEQPQEKOKGPVQUQEKCNSWGUGCPVKEKRCPCNCUPGEGUKFCFGUFGNQUFGO¶U[ SWGCRTQXGEJCPNCUQRQTVWPKFCFGUSWGNGUQHTGEGPQVTCURGTUQPCU N *CDKNKFCFGU UQEKCNGU GU GN VCNGPVQ GP GN OCPGLQFGNCUTGNCEKQPGU EQPNQU FGO¶U GP UCDGT RGTUWCFKT G KPHNWGPEKCT C NQU FGO¶U 3WKGPGU RQUGGP JCDKNKFCFGU UQEKCNGU UQP GZEGNGPVGU PGIQEKCFQTGU VKGPGP WPC ITCP ECRCEKFCF RCTC NKFGTCT ITWRQU [ RCTC FKTKIKT ECODKQU [ UQP ECRCEGU FG VTCDCLCTEQNCDQTCPFQGPWPGSWKRQ[ETGCPFQUKPGTIKCUITWRCNGU .C KPVGNKIGPEKC GOQEKQPCN RWGFG VGPGT ITCPFGU GHGEVQU UQDTG NQU HCEVQTGU ETÈVKEQUFGÃZKVQGPWPCECTTGTCRTQHGUKQPCNEQOQNQUQP N .CVQOCFGFGEKUKQPGU N 'NNKFGTCIQ N .QUCXCPEGUFGEKUKXQUVÃEPKEQU[GUVTCVÃIKEQU N .CEQOWPKECEKÎPCDKGTVC[HTCPEC N .CUTGNCEKQPGUFGEQPHKCPC[VTCDCLQGPGSWKRQ N .CNGCNVCFFGNQUWUWCTKQU N .CETGCVKXKFCF[NCKPPQXCEKÎP 5KVQOCOQUGPEWGPVCGUVQUJ¶DKVQU[OCPGLCOQUDKGPNCKPVGNKIGPEKCGOQEKQPCN GUVCTGOQU CRVQU RCTC EWORNKT NQU TQNGU FG VQFQ DWGP FKTGEVKXQ SWG XGTGOQU C OC[QTFGVCNNGGPGNUKIWKGPVGECRÈVWNQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 45.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 46.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 3Q`de_ F** _c ( b_Uc TU e^ ReU^ 7UbU^dU TU CYYcdU]Qc 3Q` de _ F _c ( b_ Uc TU e^ ReU^ 7UbU^dU TU C cdU]Qc 2CTC NNGICT C UGT WP DWGP IGTGPVG UG TGSWKGTG VGPGT WP EQPLWPVQ FG EQORGVGPEKCU EQPFWEVWCNGU GU FGEKT VGPGT NQU EQPQEKOKGPVQU [ NCU FGUVTGCU PGEGUCTKCU RCTC FGUGORGÌCT FGVGTOKPCFC VCTGC Q TQN 'N RTGUGPVG EWCFTQ TGUWOG NQU TQNGU [ NCU EQORGVGPEKCURQTECFCTQN .151%*141.'5'.)'4'06''5+56'/#5 4QN %QORGVGPEKCU%NCXGU 4QNFGFKTGEVQT 6QOCFGKPKEKCVKXCU (KLCEKÎPFGOGVCU GNGICEKÎPGHKEC 4QNFG2TQFWEVQT 2TQFWEVKXKFCF[OQVKXCEKÎPRGTUQPCN /QVKXCTCNQUFGO¶U )GUVKÎPFGNVKGORQ[FGNGUVTÃU 4QNFGN%QQTFKPCFQT 2NCPKHKECEKÎP 1TICPKCEKÎPQFKUGÌQ %QPVTQN 4QNFG/QPKVQT 4GFWEKTNCUQDTGECTICFGKPHQTOCEKÎP #PCNKCTNCKPHQTOCEKÎPETÈVKECOGPVG 2TGUGPVCTNCKPHQTOCEKÎPTGFCEVCTEQP GHKECEKC 4QNFG/GPVQT #WVQEQORTGPUKÎP [ EQORTGPUKÎP FG NQUFGO¶U %QOWPKECEKÎPKPVGTRGTUQPCN GUCTTQNNQFGNQUUWDQTFKPCFQU 4QNFGNHCEKNKVCFQT %TGCEKÎPFGGSWKRQU 6QOCFGFGEKUKQPGURCTVKEKRCVKXC )GUVKÎPFGNEQPHNKEVQ 4QNFGNKPPQXCFQT %QPXKXKTEQPGNECODKQ 'NRGPUCOKGPVQETGCVKXQ .CIGUVKÎPFGNECODKQ 4QNFGNDTQMGT %TGCT[OCPVGPGTWPCDCUGFGRQFGT 0GIQEKCTCEWGTFQU [EQORTQOKUQU 2TGUGPVCT NCU KFGCU RTGUGPVCEKQPGU XGTDCNGUGHKECEGU 6QOCFQFG/CGUVTKCGPNCIGUVKÎPFGNCUQTICPKCEKQPGURQT4QDGTV3WKPP 5WG4(CGTOCP[/KEJCGN26JQORUQP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 47.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 41.'.%114+0#14 'NTQN FGEQQTFKPCFQTGUCUGIWTCTSWGGNVTCDCLQHNW[CKPKPVGTTWORKFCOGPVG[SWG NCU CEVKXKFCFGU UG TGCNKEGP FG CEWGTFQ EQP UW KORQTVCPEKC TGNCVKXC GXKVCPFQ EQPHNKEVQUGPVTGNQUKPFKXKFWQU'UCUGIWTCTSWGNCURGTUQPCUEQTTGEVCUGUV¶PGPGN NWICT EQTTGEVQ GP GN OQOGPVQ EQTTGEVQ RCTC TGCNKCT NCU VCTGCU EQTTGEVCU [ ICTCPVKCTSWGÃUVCUFKURQPFT¶PFGNCUJGTTCOKGPVCURCTCTGCNKCTUWVTCDCLQ[SWG UW TGUWNVCFQ GUVCT¶ FKURQPKDNG RCTC GN UKIWKGPVG ITWRQ FG VTCDCLQ EWCPFQ GUVG RTGRCTCFQRCTCTGEKDKTNQ.CUEQORGVGPEKCUKPVGTGNCEKQPCFCURCTCFGUGORGÌCTGN TQNFGEQQTFKPCFQTUQPVTGU2NCPKHKECEKÎP1TICPKCEKÎP[%QPVTQN 2NCPKHKECEKÎP .C 2NCPKHKECEKÎP [ NC HKLCEKÎP FG OGVCU UQP JGTTCOKGPVCU KORQTVCPVGU RCTC FGVGTOKPCTCFQPFGUGFGUGCKT[EQOQUGFGUGCNNGICTCNNÈ 2NCPKHKECEKÎP 1RGTCVKXC %QPUKUVG GP VTCFWEKT NQU QDLGVKXQU GP CEEKQPGU TGCNKCTNCRTGRCTCEKÎP[OCPVGPKOKGPVQFGNHNWLQFGVTCDCLQFGNUKUVGOC5G VKGPG SWG FGEKFKT EQOQ UG WVKNKCT¶P NQU TGEWTUQU HKPCPEKGTQU JWOCPQU [ OCVGTKCNGURCTCICTCPVKCTNCGPVTGICFGNQUUGTXKEKQUEQPNCOC[QTGHKECEKC RQUKDNG .QUECODKQUPGEGUCTKQURCTCVTCFWEKTOGVCUGPRNCPGUUQP 2CUCT FG WPC RGTURGEVKXC C PKXGN QTICPKCVKXQ Q FG FKXKUKÎP C WPC RGTURGEVKXCEGPVTCFCGPWPCWPKFCFFGVTCDCLQ¶TGCHWPEKQPCNRTQITCOC QRTQ[GEVQGURGEÈHKEQ 2CUCTFGNNCTIQCNEQTVQRNCQGPNCRNCPKHKECEKÎP2QTNQIGPGTCNPQNNGIC VCPNGLQUEQOQNCRNCPKHKECEKÎPGUVTCVÃIKECQNCV¶EVKECSWGUGEGPVTCPFG CCÌQUOKGPVTCUSWGNQURNCPGUQRGTCVKXQUUGEGPVTCPGPRGTÈQFQUC WPCÌQKPENWUQUÎNQWPCUGOCPC .CRNCPKHKECEKÎPQRGTCVKXCGUKORQTVCPVGRQTSWGQHTGEGWPOCRCFGVCNNCFQ FGEÎOQNNGICTFGCSWÈCCNNÈCFGO¶U 2QTSWGPQURGTOKVGHKLCTNQUGUV¶PFCTGUENCTKHKECTSWGGUNQSWGJC[SWG JCEGT [ EQOQ FGDG JCEGTUG GVGTOKPCFQ NQU GUV¶PFCTGU FG TGPFKOKGPVQGURQUKDNGGXCNWCTNCGHKECEKCFGNQSWGUGGUV¶JCEKGPFQQ UGJCJGEJQ'URQUKDNGHKLCTGUV¶PFCTGUFGTGPFKOKGPVQRCTCNQUTGEWTUQU JWOCPQUTGEWTUQUHKPCPEKGTQUTGEWTUQUVÃEPKEQU .QUGUV¶PFCTGUFGDGPUGT N 'URGEÈHKEQUEQPTGURGEVQCNQSWGFGDGNQITCTUG +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 48.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N /GFKDNGU EQP TGURGEVQ CN RTQITGUQ CNECPCFQ GP GN NQITQ FGN GUV¶PFCT N #UKIPCDNGU EQP TGURGEVQ C SWÃ KPFKXKFWQ Q ITWRQFGKPFKXKFWQUGU TGURQPUCDNGFGFGUGORGÌCTNCVCTGC N 4GCNKUVCUEQPTGURGEVQCNQUTGEWTUQUFKURQPKDNGU N %QP NÈOKVGU FG VKGORQ EQP TGURGEVQ C EW¶PFQ UG GURGTCP NQU TGUWNVCFQU 2QTSWGRGTOKVGENCTKHKECTNCURTKQTKFCFGUQTICPKCVKXCU[FGNCWPKFCFFG VTCDCLQ GUV¶ TGNCEKQPCFC EQP NC RTQITCOCEKÎP [ GN GUVCDNGEKOKGPVQ FG ECNGPFCTKQU [ RWPVQU FG TGHGTGPEKC 'U PGEGUCTKQ HKLCT RTKQTKFCFGU [ FGEKFKTNCUGEWGPEKCFGGLGEWEKÎP .QUHCEVQTGUSWGKPHNW[GPGPGNGUVCDNGEKOKGPVQFGNCURTKQTKFCFGU N .KOKVCEKQPGU GZVGTPCU ‹%W¶NGU UQP NCU HGEJCU VQRG GZKUVGPVGU KORWGUVCU FGUFG GN GZVGTKQT! ‹%W¶N GU NC WTIGPEKC GP VGTOKPCT ÃUVC VCTGCCEVKXKFCFQRTQ[GEVQ! N 6KGORQVQVCNPGEGUCTKQ5KNCVCTGCGUNCTICGNVKGORQPGEGUCTKQRCTC UWVGTOKPCEKÎPUKGUEQTVCGURQUKDNGTGVTCUCTUWEQOKGPQ N .CTGNCEKÎPFGGUVCVCTGCEQPQVTCUVCTGCU‹%W¶NUGTÈCGNKORCEVQFG VGTOKPCTQPQGUVCVCTGCGPNQURNCPGUFGQVTQURTQ[GEVQU!‹GRGPFG QVTCURGTUQPCUWQTICPKCEKQPGUFGNTGUWNVCFQFGGUVGRTQ[GEVQRCTC RQFGTEQOGPCTCVTCDCLCT! N 'N DGPGHKEKQ TGNCVKXQ FG VGTOKPCT WPC VCTGC FGPVTQ FG WP OCTEQ FG VKGORQ Q PQ [ CUWOKT NC RGPCNKCEKÎP RQT PQ JCEGTNQ ‹3WÃ ICPCTGOQU RQT VGTOKPCT NC VCTGC! ‹%W¶NGU UQP NCU EQPUGEWGPEKCU FG TGVTCUCTGNVTCDCLQWPCQFQUUGOCPCUWPOGUGVE! 'ZKUVGP WP EQPLWPVQ FG JGTTCOKGPVCU RCTC NC RNCPKHKECEKÎP [ RTQITCOCEKÎP FG VKGORQ CUÈ EQOQ UG FGDG EQPUKFGTCT NQU GNGOGPVQU PGEGUCTKQURCTCFGHKPKTGNVTCDCLQ N GUETKREKQPGU FG NCU VCTGCU PGEGUCTKCU RCTC NC VGTOKPCEKÎP FGN RTQ[GEVQ N GUETKREKÎPFGECFCVCTGC N 5K RTQEGFGP EQOQ UG KPVGITCT¶P NCU VCTGCU KPFKXKFWCNGU EQP GN EQPLWPVQVQVCN N (GEJCUFGKPKEKQ[VGTOKPCEKÎPFGECFCVCTGC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 49.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N 4GUWOKT NQU TGEWTUQU JWOCPQU Q FG EWCNSWKGT VKRQ TGSWGTKFQU RCTC FGUGORGÌCTECFCVCTGC 5G RWGFG WUCT GN KCITCOC FG TGNCEKQPGU FG NC VCTGC SWG C[WFC C UGT O¶UEQPUEKGPVGFGNKORCEVQFGGUCUTGNCEKQPGUGPUWVTCDCLQ KUGÌQ'UETKDCUWPQODTGGPGNEGPVTQFGWPEÈTEWNQ[CNTGFGFQTNQU PQODTGUFGNCURGTUQPCUKPXQNWETCFCUGPECFCVCTGCGNFKCITCOCFGDG KPENWKT NÈPGCU GPVTG WUVGF [ ECFC WPC FG NCU RGTUQPCU KPENWKFCU GP GN FKCITCOC #EQPVKPWCEKÎPKFGPVKHKSWGGNVKRQFGEQOWPKECEKÎPSWGOCPVKGPGEQP GUCU RGTUQPCU [ GN OGFKQ SWG WVKNKC 2QT ÕNVKOQ CPCNKEG GN PKXGN FG GHKECEKCFGECFCECFGPCFGEQOWPKECEKÎPKFGPVKHKECPFQCNCURGTUQPCU EQP NCU SWG PGEGUKVC EQOWPKECTUG EQP O¶U HTGEWGPEKC EQP GN HKP FG OGLQTCTNCEQQTFKPCEKÎPFGNC VCTGC 2TQITCOCFQT #PCNKUVC #PCNKUVC 7F )GTGPVGFG 5KUVGOCU KTGEVQTFGN KTGEVQTFGN #PCNKUVC TGC$ TGC$ 6CODKÃPUGRWGFGWVKNKCTGNKCITCOCFG)CPV3WGRGTOKVGGUVCDNGEGT NCU TGNCEKQPGU FG VKGORQ GPVTG NCU FKXGTUCU VCTGCU FGPVTQ FGN RTQ[GEVQ FGPVTQ FGN OCTEQ IGPGTCN FG VKGORQ FGN RTQ[GEVQ FGUCTTQNNCFQ RQT *GPT[.)CPVVCEQOKGPQUFGNUKINQ:: +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 50.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 2CTCGNNQUGFGDG N 2TGRCTCT WPC NKUVC FG VCTGCU Q ITWRQU FG VCTGCU O¶U KORQTVCPVGU GP QTFGPEQPUGEWVKXQ N 'UVKOCTGNVKGORQPGEGUCTKQRCTCGORGCTECFCWPC N GVGTOKPCT EW¶NGU FG NCU VCTGCU RWGFGP EQOGPCT CPVGU FG JCDGT VGTOKPCFQNCCPVGTKQT N KDWLCTNC NÈPGCFGVKGORQGPGNGLGJQTKQPVCNFGNFKCITCOC N 'UETKDKTNCNKUVCFGVCTGCUGPGNGLGXGTVKECN N 2CTC ECFC VCTGC FKDWLG WPC DCTTC KPFKECPFQ GN EQORTQOKUQ FG VKGORQ N +FGPVKHKECT JKVQU OGVCU RCTEKCNGU Q RWPVQU ETÈVKEQU FGPVTQ FG ECFC VCTGC EQNQECPFQ WP PÕOGTQ TQFGCFQ RQT WP EÈTEWNQ FGPVTQ FG NC DCTTC N 7VKNKCT EQNQTGU [ UÈODQNQU FKHGTGPVGU RCTC JCEGTNG UGIWKOKGPVQ [ FGVGTOKPCT UK UG GUV¶ EWORNKGPFQ GN ECNGPFCTKQ RTQITCOCFQ RCTC FGVGTOKPCTUKGUPGEGUCTKQQPQOQFKHKECTGNECNGPFCTKQ 5KGNRTQ[GEVQKPENW[GFKXGTUCUVCTGCUFKHGTGPVGURGTQKPVGTTGNCEKQPCFCU GUCEQPUGLCDNGWVKNKCTNQUOQFGNQUFGTGFGU #UÈOKUOQGUPGEGUCTKQCRNKECTWPEQPLWPVQFGVÃEPKECUFGGXCNWCEKÎP[ TGXKUKÎPFGN2TQITCOC[OÃVQFQFGNECODKQEQOQGN2'46%2/ #P¶NKUKU2'46%2/ 2GTOKVG TGRTGUGPVCT IT¶HKECOGPVG GN HNWLQ FG VCTGCU CUQEKCFCU EQP WP RTQ[GEVQ[GUVKOCTGNVKGORQPGEGUCTKQRCTCVGTOKPCTGNRTQ[GEVQVQVCN VGPKGPFQ GP EWGPVC NC KPVGTFGRGPFGPEKC FG NCU VCTGCU CUÈ EQOQ KFGPVKHKECTNQURWPVQUETÈVKEQUGPNQUSWGWPCVTCUQGPNCHKPCNKCEKÎPFG NCVCTGCRWGFGVGPGTWPGHGEVQKORQTVCPVGGPGNRTQ[GEVQIGPGTCN 1TICPKCEKÎP 'UGNRTQEGUQFGFKXKFKTGNVTCDCLQGPEQORQPGPVGUOCPGLCDNGU[FGCUKIPCT NCU CEVKXKFCFGU RCTC NQITCT EQP NC OC[QT GHKEKGPEKC RQUKDNG NQU TGUWNVCFQU FGUGCFQU 5K NC 2NCPKHKECEKÎP QHTGEG NCU JGTTCOKGPVCU RCTC FGEKFKTMFÎPFG FGUGCKT[EW¶NGUNCOGLQTHQTOCFGNNGICTCNNÈNNC1TICPKCEKÎPNGQHTGEG NCUJGTTCOKGPVCURCTCTGCNOGPVGMNNGICTCNNÈN +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 51.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU .CQTICPKCEKÎPKPENW[GGNFKUGÌQFGNQURWGUVQUFG VTCDCLQ[NCCUKIPCEKÎP FG VCTGCU RCTC SWG NC WPKFCF RWGFC NQITCT UWU OGVCU EQP GHKECEKC EQOQ CRQ[QCNCOKUKÎPIGPGTCNQTICPKCVKXC .CU QTICPKCEKQPGU ITCPFGU PGEGUKVCP PQTOCU [ RTQEGFKOKGPVQU NCU QTICPKCEKQPGUFGUGORGÌCPXCTKCUHWPEKQPGUKORQTVCPVGU N .CQTICPKCEKÎPENCTKHKECSWKÃPFGDGFGUGORGÌCTSWÃVTCDCLQU[EÎOQ FGDGPFKXKFKTUGGUQUVTCDCLQUGPVTGNQUOKGODTQU N .C QTICPKCEKÎP ENCTKHKEC NCU NÈPGCU FG CWVQTKFCF CN GURGEKHKECT SWKGP FGRGPFGFKTGEVCOGPVGFGSWKÃP N .C QTICPKCEKÎP ETGC OGECPKUOQU FG EQQTFKPCEKÎP GPVTGNQU FKHGTGPVGU ITWRQU[PKXGNGUFGNCQTICPKCEKÎP %QOQFKUGÌCTNCUQTICPKCEKQPGUOGFKCPVGNCFGRCTVCOGPVCNKCEKÎP GRCTVCOGPVCNKCEKÎP .C FKXKUKÎP FGN VTCDCLQ GPVTG NQU OKGODTQU FG NC QTICPKCEKÎP.QUGORNGCFQUUGCITWRCPGPFGRCTVCOGPVQUUKIWKGPFQWPC NÎIKECFGVGTOKPCFC %QPHTGEWGPEKCNCUQTICPKCEKQPGUWVKNKCPWPCOGENCFGVQFCU[CSWGUG VKGPG OC[QT HNGZKDKNKFCF [ JCDKNKFCFRCTCTGURQPFGTCNCUPGEGUKFCFGUFG NQU WUWCTKQU OWEJCU QTICPKCEKQPGU RTGHKGTGP QTICPKCTUG RQT FKXKUKQPGU TGURGEVQ C NQU RTQFWEVQU Q UGTXKEKQU GURGEÈHKEQU SWG QHTGEGP RGTQ RQT HWPEKQPGUTGURGEVQCNCIGUVKÎPFGTGEWTUQUJWOCPQUNCIGUVKÎPHKPCPEKGTC[ NCCUGUQTÈCLWTÈFKEC # OGFKFC SWG NC GEQPQOÈC INQDCN UG XWGNXG O¶U EQORGVKVKXC OWEJCU EQORCÌÈCUEQOKGPCPCQTICPKCTUWUWPKFCFGUFGHQTOCSWGHQOGPVGPNC HNGZKDKNKFCF [ NC KPPQXCEKÎP O¶U SWG GN EQPVTQN EGPVTCNKCFQ [ NC GUVCPFCTKCEKÎP .CFGRCTVCOGPVCNKCEKÎPFGHKPGNCUTGNCEKQPGUFGCWVQTKFCFSWKÃPFGRGPFG FKTGEVCOGPVGFGSWKÃP[CSWÈ UGFGDGVGPGTGPEWGPVCNQUVTGURTKPEKRKQUFG 'HKEKGPEKC N 2TKPEKRKQFGWPKFCFFGOCPFQECFCRGTUQPCFGDGTGPFKTEWGPVCUCWP UQNQFKTGEVKXQ N 2TKPEKRKQ FG GUECNC C PKXGNGU LGT¶TSWKEQU GUFGEKTSWGGZKUVCWPCNÈPGC ENCTC FG OCPFQ SWG XKPEWNG C ECFC GORNGCFQ EQP GN PKXGN UWRGTKQT UKIWKGPVGFGCWVQTKFCFKPENWKFQGNPKXGNO¶ZKOQFGFKTGEEKÎP N 2TKPEKRKQ FGN CDCPKEQ FG EQPVTQN CHKTOC SWG WPC RGTUQPC UQNCOGPVG RWGFG IGUVKQPCT EQP GHKECEKC WP PÕOGTQ NKOKVCFQ FG GORNGCFQU GUVG +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 52.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU PÕOGTQ RWGFG XCTKCTGP HWPEKÎP FG NQU KPFKXKFWQU KPXQNWETCFQU # OC[QT CDCPKEQ FG EQPVTQN OC[QT OGPQT PÕOGTQ FG FKTGEVKXQU PGEGUCTKQU[OGPQTPÕOGTQFGPKXGNGULGT¶TSWKEQU .CU QTICPKCEKQPGU SWG VKGPGP PWOGTQUQU PKXGNGU FG LGT¶TSWKEQU UQP EQPQEKFCU EQOQ QTICPKCEKQPGU RKTCOKFCNGU [ NCU SWG VKGPGP RQEQU PKXGNGULGT¶TSWKEQUEQOQQTICPKCEKQPGURNCPCU (CEVQTGUSWGJC[SWGVGPGTGPEWGPVCCNRNCPKHKECTGNCDCPKEQFGEQPVTQN (CEVQT 'HGEVQ 4GEQOGPFCEKÎP 8CTKGFCFFGHWPEKQPGU #OC[QTXCTKGFCFFG /¶UTGFWEKFQFGDG HWPEKQPGUSWG UGTGNCDCPKEQFG IGUVKQPCT EQPVTQN 7DKECEKÎPHÈUKECFGNCU #OC[QTFKUVCPEKC /¶UTGFWEKFQFGDG HWPEKQPGU HÈUKECGPVTGNCU UGTGNCDCPKEQFG HWPEKQPGUIGUVKQPCFCU EQPVTQN %QORNGLKFCFFGNCUHWPEKQPGU #OC[QTEQORNGLKFCF /¶UTGFWEKFQFGDG FGNCUVCTGCU UGTGNCDCPKEQFG IGUVKQPCFCU EQPVTQN 2NCPKHKECEKÎPPGEGUCTKCRCTC #OC[QTRNCPKHKECEKÎP /¶UTGFWEKFQFGDG NCUHWPEKQPGU PGEGUCTKCRCTCNCNCU UGTGNCDCPKEQFG VCTGCUIGUVKQPCFCU EQPVTQN %QQTFKPCEKÎPGZKIKFCGPVTGNCU #OC[QTXQNWOGPFG /¶UTGFWEKFQFGDG HWPEKQPGU EQQTFKPCEKÎP UGTGNCDCPKEQFG PGEGUCTKC EQPVTQN 0KXGNFGFGUVTGCFGNQU #OC[QTPKXGNFG /¶UCORNKQRWGFG UWDQTFKPCFQU FGUVTGCFGNQU UGTGNCDCPKEQFG UWDQTFKPCFQU EQPVTQN 0GEGUKFCFFGGSWKNKDTKQGPVTG #OC[QTPGEGUKFCFFG /¶UCORNKQFGDGUGT GNCDCPKEQFGEQPVTQN[GN WPCQTICPKCEKÎP GNCDCPKEQFG PÕOGTQFG PKXGNGU RNCPC EQPVTQN LGT¶TSWKEQU %QPHNKEVQUGPVTGNQURTKPEKRKQUFGQTICPKCEKÎP .QU EKPEQ RTKPEKRKQU FG QTICPKCEKÎP GURGEKCNKCEKÎP FKXKUKÎP FGN VTCDCLQ WPKFCF FG OCPFQECFGPCFGLGT¶TSWKEC[CDCPKEQFGEQPVTQN EQPHTGEWGPEKCUGEQPVTCFKEGPGPVTGUÈ5KGORTGGZKUVKT¶PUKVWCEKQPGUGP NCU SWG GN EWORNKOKGPVQ FG WP RTKPEKRKQ FG GHKEKGPEKC UWRQPFT¶ NC XKQNCEKÎPFGWPUGIWPFQRTKPEKRKQ'PGUQUECUQUJCDT¶SWGQRVCT[Q EQODKPCTGPVTGNQUFKHGTGPVGUVKRQUFGGHKEKGPEKC2CTCFGEKFKTEWCNGUGN KPVGTECODKQCFGEWCFQEQPUWNVGNCOKUKÎPIGPGTCNFGNCQTICPKCEKÎPG KFGPVKHKSWG EW¶N FG NQU RTKPEKRKQU FG GHKEKGPEKC RTGUVC WP UGTXKEKQ O¶U GHKECCNCOKUOC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 53.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 2CTCGNVTCDCLQFG/QFGTPKCEKÎPFGN'UVCFQUGIWTCOGPVGUGVGPFT¶SWG VTCDCLCT RQT RTQEGUQU [ RTQDCDNGOGPVG CNIWPCU FG GUVCU GUVTWEVWTCU UG TGUGPVKT¶RQTNQSWGNQKORQTVCPVGGUGNUGTXKEKQ[PQNCU¶TGCURQTFQPFG VTCPUEWTTG WPC UQNKEKVWF FG WP UGTXKEKQ .CU QTICPKCEKQPGU VCODKÃP VKGPGPSWGCFGEWCTUGCNQUECODKQU .QU UKUVGOCU QTICPKCVKXQU EW[QU GPVQTPQU UQP O¶U KPEKGTVQU FGDGP QTICPKCTUG FG HQTOC SWG RGTOKVCP WPC OC[QT HNGZKDKNKFCF [ CFCRVCDKNKFCF C NQU ECODKQU UÕDKVQU [ NQU UWDUKUVGOCU QTICPKCVKXQU EW[CU VGEPQNQIÈCU UQP O¶U KPEKGTVCU FGDGP QTICPKCTUG FG HQTOC SWG CEQOQFGPUWOC[QTPGEGUKFCFFGKPVGTCEEKÎPGPVTGNCURGTUQPCU %QOQRCTVGFGNCQTICPKCEKÎPXCCUGTPGEGUCTKQFKUGÌCTNQURWGUVQUFG VTCDCLQ GN EWCN QHTGEG NC NÎIKEC RCTC CUKIPCT GN VTCDCLQ FGPVTQ FG NC WPKFCF GU FGEKT UG FGHKPG NQ SWG FGDG JCEGT EWCNSWKGT KPFKXKFWQ GP EWCNSWKGT ¶TGC GURGEÈHKEC %CFC RWGUVQ FG VTCDCLQ VKGPG ECTCEVGTÈUVKECU QDLGVKXCU[UWDLGVKXCU 1DLGVKXCU 'N ECORQ FG CEEKÎP FGN RWGUVQ FG VTCDCLQ UG TGHKGTG CN PÕOGTQ FG CEVKXKFCFGU FKHGTGPVGUSWGFGUGORGÌCGNGORNGCFQCOC[QTPÕOGTQ FGVCTGCUFKHGTGPVGUO¶UCORNKQUGT¶UWECORQFGCEEKÎP 2TQHWPFKFCFFGNRWGUVQFGVTCDCLQUGTGHKGTGCNITCFQFGEQPVTQNSWG VKGPG NC RGTUQPC RCTC FGVGTOKPCT SWÃ JC[ SWG JCEGT [ EÎOQ FGDG JCEGTUG%WCPFQVKGPGOC[QTCWVQPQOÈCVKGPGITCPRTQHWPFKFCF 4GNCEKQPGU FGN RWGUVQ FG VTCDCLQ UG TGHKGTG CN PÕOGTQ FG RGTUQPCU EQP NCU SWG GN GORNGCFQ GPVTC GP EQPVCEVQ [ NC PCVWTCNGC FG GUCU KPVGTCEEKQPGU 'N PÕOGTQ FG TGNCEKQPGU GUV¶ FGVGTOKPCFQ RQT GN CDCPKEQ FG EQPVTQN [ GN ITCFQ FG KPVGTFGRGPFGPEKC GPVTG NQU GORNGCFQU 5WDLGVKXCU 'UFGEKTEQOQRGTEKDGUWVTCDCLQGNKPFKXKFWQ'NGPHQSWGO¶UWUCFQGU NC GPEWGUVC FG FKCIPÎUVKEQ FGN RWGUVQ FG VTCDCLQ NC EWCN OKFG NCU ECTCEVGTÈUVKECU SWG VGÎTKECOGPVG NNGXCP C GUVCFQU RUKEQNÎIKEQU ETÈVKEQU SWGKPHNW[GPGPNQUTGUWNVCFQUNCDQTCNGU 8CTKGFCF FG FGUVTGCU .C OGFKFC GP NC SWG GN RWGUVQGZKIGSWGGN GORNGCFQFGUGORGÌGWPCCORNKCXCTKGFCFFGVCTGCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 54.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +FGPVKFCFFGNCVCTGC.COGFKFCGPNCSWGGNRWGUVQGZKIGVGTOKPCT WPQ FG NQU EQORQPGPVGU FGN VTCDCLQ SWG NQU GORNGCFQU RWGFCP KFGPVKHKECTEQOQTGUWNVCFQFGUWUGUHWGTQUKPFKXKFWCNGU +ORQTVCPEKCFGNCVCTGC.COGFKFCGPNCSWGUGRGTEKDGSWGGNRWGUVQ VKGPGKORCEVQGPNCXKFCQGNVTCDCLQFGQVTQU #WVQPQOÈC.COGFKFCGPNCSWGNQUGORNGCFQURWGFGPFGEKFKTCUW FKUETGEKÎPNQUECNGPFCTKQU[RTQEGFKOKGPVQUFGVTCDCLQ +PHQTOCEKÎP FG TGVQTPQ .C OGFKFC GP SWG GN RWGUVQ QHTGEG C NQU GORNGCFQUKPHQTOCEKÎPENCTC[FKTGEVCUQDTGUWTGPFKOKGPVQ 'UVCU FKOGPUKQPGU KPHNW[GP GP NQU GORNGCFQU GP VÃTOKPQU FG OQVKXCEKÎP KPVGTPC TGPFKOKGPVQ UCVKUHCEEKÎP GP GN VTCDCLQ PKXGN FG CWUGPVKUOQ[FGTQVCEKÎP 'UKORQTVCPVGVQOCTGPEWGPVCNCUGUVTCVGIKCUSWGUGRWGFGPCRNKECTRCTC GNFKUGÌQFGNRWGUVQFGVTCDCLQRCTCKPETGOGPVCTVCPVQGNTGPFKOKGPVQ EQOQNCUCVKUHCEEKÎPRGTUQPCNGPGNVTCDCLQ N #ORNKCEKÎP FGN RWGUVQ FG VTCDCLQ RGTOKVG KPETGOGPVCT NC XCTKGFCF FG FGUVTGCU [ NC KFGPVKFCF FG NC VCTGC OGFKCPVG GN TGFKUGÌQ FGN RWGUVQFGVTCDCLQRCTCCORNKCTUWECORQFGCEEKÎP N 4QVCEKÎP FGN RWGUVQ FG VTCDCLQ 2GTOKVG SWG NQU GORNGCFQU FGUGORGÌGP WPC XCTKGFCF FG VCTGCU GP DCUG C WP FGVGTOKPCFQ ECNGPFCTKQKPETGOGPVCPFQFGGUVCOCPGTCUWUFGUVTGCU N 'PTKSWGEKOKGPVQFGNRWGUVQFGVTCDCLQSWGRTQOWGXGGNKPETGOGPVQ FG NC TGURQPUCDKNKFCF [ NC VQOC FG FGEKUKQPGU TGNCEKQPCFCU EQP GN RTQRKQVTCDCLQ /KGPVTCU SWG NC CORNKCEKÎP FGN RWGUVQ FG VTCDCLQ UG EGPVTC HWPFCOGPVCNOGPVGGPUWECORQFGCEEKÎPGNGPTKSWGEKOKGPVQUGEGPVTC GPGNECORQFGCEEKÎPRTQHWPFKFCF[NCUTGNCEKQPGU %QPVTQN .C RNCPKHKECEKÎP P*CEKC FQPFG XCOQU [ EW¶N GU NC OGLQT HQTOC FG NNGICT CNNÈQ [ NC QTICPKCEKÎPPNQU OGECPKUOQU RCTC NNGICT CN NWICT FQPFG FGUGC KTQCJQTCGN%QPVTQNGUWPRTQEGUQSWGNGKPFKECPUKTGCNOGPVGNNGIÎQPQQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 55.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'UVCODKÃPWPRTQEGUQRCTCCPCNKCTNCUFKUETGRCPEKCUGPVTGGNTGPFKOKGPVQ RNCPKHKECFQ [ GN TGCN [ CUÈ RQFGT OQFKHKECT NQU RNCPGU [ RTQEGUQ QTICPKCVKXQURCTCUCVKUHCEGTOGLQTNCUPGEGUKFCFGU 'ZKUVGPEWCVTQETKVGTKQUD¶UKEQUGPEWCNSWKGTUKUVGOCFGEQPVTQN N (KLCTNQUQDLGVKXQUQGUV¶PFCTGU.QUUKUVGOCUFGEQPVTQNVKGPGSWGRCTVKT FG WP GUV¶PFCT CEQTFCFQ FG TGPFKOKGPVQ Q GP GN PKXGN GURGTCFQ FG TGPFKOKGPVQ N /GFKT GN TGPFKOKGPVQ TGCN 7PC XG HKLCFQ GN GUV¶PFCT GU PGEGUCTKQ EQORTQDCTUKGNTGPFKOKGPVQTGCNEWORNGGNGUV¶PFCT N %QORCTCTGNTGPFKOKGPVQTGCNEQPNQUQDLGVKXQUQGUV¶PFCTGURCTCRQFGT FGVGTOKPCT UK GU PGEGUCTKC WPC CEEKÎP RCTC EQTTGIKT NC FKUETGRCPEKC GDGOQU FGEKFKT EWCN GU NC FKUETGRCPEKC VQNGTCDNG CPVGU FG KPKEKCT NCU CEEKQPGUEQTTGEVKXCU N 6QOCTNCCEEKÎPCFGEWCFCEWCPFQNCFKUETGRCPEKCGPVTGNQUQDLGVKXQUQ GUV¶PFCTGU[GNTGPFKOKGPVQTGCNUWRGTCGNPKXGNVQNGTCDNGKFGPVKHKECTNC CEEKÎPEQTTGEVKXCCFGEWCFC 2CTCKFGPVKHKECTNQURWPVQUETÈVKEQUFGEQPVTQNUGFGDGKFGPVKHKECT ‹3WÃGUNQSWGUGOGFKT¶!GU PGEGUCTKQCPCNKCTNQUEQUVGUGURGTCFQUVCPVQ HKPCPEKGTQU EQOQ PQHKPCPEKGTQU CUÈ EQOQ NC OGLQTC GURGTCFC GP GN TGPFKOKGPVQ [ NCU EQPUGEWGPEKCU GURGTCFCU FGN PQGUVCDNGEKOKGPVQ FGN UKUVGOC ‹'P SWÃ NWICT FGN RTQEGUQ UG OGFKT¶! VQFQU NQU UKUVGOCU QTICPKCVKXQU VKGPGPVTGUEQORQPGPVGUGPVTCFCRTQEGUQUFGVTCPUHQTOCEKÎP[TGUWNVCFQU ‹%QPSWÃHTGEWGPEKCUGCPCNKCT¶PNCUOGFKFCU!UGRWGFGOGFKTFGHQTOC RGTOCPGPVGQCKPVGTXCNQUHKLQUFGRGPFKGPFQFGNCOGFKFCWUCFC ‹3WKÃP UGT¶ TGURQPUCDNG FG NCU CEEKQPGU EQTTGEVKXCU! GN RTKPEKRKQ FG IGUVKÎPRQTGZEGREKÎPCHKTOCSWGUQNCOGPVGFGDGPNNCOCTNCCVGPEKÎPFGNC FKTGEEKÎP NQU ECUQU FG FKUETGRCPEKCU UKIPKHKECVKXCU GU FGEKT UQNCOGPVG GP UKVWCEKQPGUSWGPQRWGFGTGUQNXGTNCRGTUQPCSWGQEWRCGNPKXGNLGT¶TSWKEQ UKIWKGPVG 5KPGODCTIQFGDGOQUGURGTCTTGCEEKQPGUJWOCPCUCNUKUVGOCFGEQPVTQN RQTNCUUKIWKGPVGUTCQPGU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 56.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU S 2WGFGP EQPUKFGTCTNC EQOQ WPC TGUVTKEEKÎP C UWEQORQTVCOKGPVQ[WPC NKOKVCEKÎPCUWJCDKNKFCFRCTCCEVWCTEQPCWVQPQOÈC S 2WGFGP GUVCT GP FGUCEWGTFQ EQP NQU GUV¶PFCTGU FG TGPFKOKGPVQ RQT EQPUKFGTCTNQU CTDKVTCTKQU G KTTGNGXCPVGU RCTC UW TGPFKOKGPVQ TGCN GP GN VTCDCLQ S #FQRVCPWPCRQUVWTCFGHGPUKXCGPTGNCEKÎPEQPUWTGPFKOKGPVQ2WGFG RGPUCT SWG UW TGPFKOKGPVQ GU CEGRVCDNG [ RQT VCPVQ UG TGUKUVGP C NC GXCNWCEKÎPFGUWTGPFKOKGPVQKPFKXKFWCNQCNFGUWWPKFCF 2QTNQSWGGPCNIWPQUECUQUHCNUKHKECPNQUKPHQTOGUQHCEKNKVCPKPHQTOCEKÎP KPGZCEVCUQDTGGNFGUGORGÌQFGNCVCTGCQVTCDCLCPNQLWUVQRCTCEWORNKT NQUGUV¶PFCTGUGURGEÈHKEQUGPNWICTFGGUHQTCTUGRCTCCNECPCTWPÎRVKOQ TGPFKOKGPVQ 5G FGDG JCEGT WP ECODKQ FG QTKGPVCEKÎP FG NCU OGVCU [ QDLGVKXQUQTICPKCVKXQUCNQUCURGEVQUGURGEÈHKEQUFGNTGPFKOKGPVQOGFKFQU RQT GN UKUVGOC FG EQPVTQN NQ SWG UG EQPQEG EQOQ TGRNCPVGCOKGPVQ FG OGVCU '.41.'./10+614 'N /QPKVQT GU NC RGTUQPC SWG UCDG NQ SWG GUV¶ UWEGFKGPFQ GP NC WPKFCF FG VTCDCLQ GNNQU QDUGTXCP NQU UKIPQU XKVCNGU FG NC WPKFCF [ JCEGP VCODKÃP GN UGIWKOKGPVQ FG UW RTQRKQ VTCDCLQ [C SWG PGEGUKVCP EQPQEGT [ EQPVTQNCT UWU QRGTCEKQPGU.CUVCTGCUFGNOQPKVQTUQP N %NCUKHKECT[ECPCNKCTNCKPHQTOCEKÎPSWGPGEGUKVCGNKOKPCTRQTUGTKPPGEGUCTKC N 1TICPKCT NC KPHQTOCEKÎP EQP WP GUSWGOC SWG NG RGTOKVC RNCPKHKECT VQOCT FGEKUKQPGU[RTGUGPVCTNQSWGUGEQPUKFGTCO¶UKORQTVCPVG 2CTC EQPUGIWKT NCU OGLQTCU UG FGDG QDUGTXCP EQOQ HWPEKQPCP NCU EQUCU [ RNCPVGCTUGRTGIWPVCUUGPEKNNCUEQOQ N ‹GFÎPFGRTQXKGPGTGCNOGPVGPWGUVTQVTCDCLQ! N ‹%W¶NGUUQPPWGUVTCUHWGPVGURTKPEKRCNGUFGGTTQTGUGKPGHKEKGPEKC! N 5K NQU OKGODTQU FG OK WPKFCF RWFKGUGP ECODKCT CNIQ GP PWGUVTQU RTQEGUQU! ‹3WÃGUNQSWGECODKCTÈCP! N G VQFQU NQU GTTQTGU EQOGVKFQU ‹%W¶NGU UQP NQU KPUKIPKHKECPVGU! ‹%W¶NGU UQP NQUGTTQTGUSWGPQRQFGOQUFCTPQUGNNWLQFGEQOGVGT! N 'P EQPETGVQ ‹G SWÃ HQTOC UCDGOQU EW¶N GU GN ITCFQ FG GHKECEKC FG NC QRGTCVKXKFCFFGNCWPKFCFFGVTCDCLQ! +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 57.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'NFGUGORGÌQFGNOQPKVQTTGSWKGTGFGNCUEQORGVGPEKCU4GFWEKTNCUQDTGECTIC FGKPHQTOCEKÎP#PCNKCTNCKPHQTOCEKÎPETÈVKECOGPVG[2TGUGPVCTNCKPHQTOCEKÎP TGFCEVCPFQEQPGHKECEKC 2CTCRQFGTTGFWEKTNCUQDTGECTICFGKPHQTOCEKÎPUGRWGFGCRNKECTGN5KUVGOC64#( SWGEQPUKUVGGPJCEGTCNIQEQPECFCWPQFGNQURCRGNGUSWGVGPICGPUWOGUC'N VTCHHKPIGUGNTGOGFKQRCTCGXKVCTSWGPQJCICPCFCEQPGNOKUOQRCRGNOWEJCU XGEGURCTCGNEWCNFGDG N 6KTCTCNEGUVQNQURCRGNGUSWGPQVGPICPWPXCNQTKPOGFKCVQ N 4GOKVKTNQURCRGNGUCQVTQU UGETGVCTKCURGTUQPCNEQNGICU N #EVWCTEQNQECPFQVQFQCSWGNNQSWGGZKIGUWCVGPEKÎPRGTUQPCNGPWPCDCPFGLC QECTRGVCFGCEEKÎP N #TEJKXCTNQUFQEWOGPVQUKPFKECPFQGPGNRTQRKQFQEWOGPVQPRCTCCTEJKXCTQ 2CTCEQPQEGTGNITCFQFGGHKEKGPEKCFGPWGUVTQTGPFKOKGPVQGUKORQTVCPVGTGEKDKT NCUWHKEKGPVGKPHQTOCEKÎPFGTGVQTPQUQDTGGNITCFQFGGHKECEKCFGUWFGUGORGÌQ RCTC GN EWCN HKLCT¶ WP EQPLWPVQ FG QDLGVKXQU [ FGUCTTQNNCT OGFKFCU Q ETKVGTKQU CFGEWCFQUFGTGPFKOKGPVQRCTCJCEGTGNUGIWKOKGPVQ N ‹%ÎOQUCDGOQUSWÃVCNNQGUVCOQUJCEKGPFQ! N %QOQFKTGEVKXQ‹%QPQEQSWÃGUNQSWGGNUKUVGOCFGDGTÈCJCEGT! N 5CDGPOKUGORNGCFQUCPKXGNKPFKXKFWCNNQSWGVKGPGPSWGJCEGT[SWÃGUNQ SWGGNUKUVGOCEQNGEVKXCOGPVGPGEGUKVC! N ‹%QPQEQEW¶NGUUQPNCUOGFKFCU[NQUKPFKECFQTGUFGTGPFKOKGPVQSWGFGDQ UWRGTXKUCT[EQORCTVKTEQPOKRGTUQPCN! N ‹6KGPGOKRGTUQPCNNCUFGUVTGCU[NQUEQPQEKOKGPVQUPGEGUCTKQURCTCJCEGTUW VTCDCLQ! 'P ECUQ PGICVKXQ ‹%ÎOQ RWGFQ OGLQTCT UWU FGUVTGCU [ EQPQEKOKGPVQU! N 2GTOKVGGNUKUVGOCSWGTKPFCPCNO¶ZKOQQRQTGNEQPVTCTKQGNUKUVGOCGUWP KORGFKOGPVQKORQTVCPVGCNTGPFKOKGPVQ!‹%ÎOQRWGFQCUGIWTCTOGFGGNNQ! N 5K GN UKUVGOC GU KPGUVCDNG Q EQPUGEWGPVGOGPVG KPGHKEKGPVG ‹FG SWÃ HQTOC RWGFQECODKCTPWGUVTQURTQEGFKOKGPVQUOGLQTCTPWGUVTQGSWKRQ[RTQEGUCTQ TGGUVTWEVWTCTGNGPVQTPQFGVTCDCLQRCTCKPETGOGPVCTNCECRCEKFCFFGNUKUVGOC! 6GPFGOQUCEWNRCTCNQUGTTQTGUKPFKXKFWCNGUQCNQUGORNGCFQUEW[QTGPFKOKGPVQ GUFGHKEKGPVG EWCPFQGNRTQDNGOCTGCNGUGNUKUVGOC RTQEGFKOKGPVQUGSWKRQUG KPUVCNCEKQPGU[GNRTQOGFKQEQNGEVKXQFGGTTQTGU 4GPFKOKGPVQ*CDKNKFCF QECRCEKFCF /QVKXCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 58.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 2CTC KPETGOGPVCT [OGLQTCT GN TGPFKOKGPVQ FGUGCOQU EQPVCT EQP RGTUQPCN PECRCEKVCFQQ RCTCTGCNKCTUWUVCTGCUEQPRNGPQUTGUWNVCFQURGTQNCECRCEKFCFSWG NGUQHTGEGGNUKUVGOCGUVCODKÃPQVTQEQORQPGPVGKORQTVCPVG #PCNKCTNCKPHQTOCEKÎPETÈVKECOGPVG .C IGUVKÎP FG NC KPHQTOCEKÎP NG C[WFC C ICTCPVKCT SWG TGEKDG NC KPHQTOCEKÎPEQTTGEVCRGTQNNGICGNOQOGPVQFGCPCNKCTGUCKPHQTOCEKÎP 7VKNKCT NC KPHQTOCEKÎP EQP NC OC[QT GHKECEKC RQUKDNG EQP QDLGVKXKFCF GSWKNKDTKQCRGTVWTCCPWGXCKPHQTOCEKÎP[GNGUVWFKQOGVÎFKEQQOKPWEKQUQ FGNRTQDNGOCCPVGUFGVQOCTNCFGEKUKÎP 'UPGEGUCTKQCPCNKCTNCKPHQTOCEKÎPQUGRCTCTNCKPHQTOCEKÎPKORQTVCPVGFG NCVTKXKCN2GTQNCOC[QTÈCFGNQURTQDNGOCUKPENWUQNQUCRCTGPVGOGPVGO¶U FKTGEVQUTGSWKGTGPTCQPCOKGPVQQDWGPLWKEKQ[PQUQNCOGPVGNQUUKORNGU E¶NEWNQU'NRGPUCOKGPVQETGCVKXQUGEGPVTCGPFGUCTTQNNCTPWGXCUHQTOCUFG JCEGT NCU EQUCU GP GN RTQEGUQ FG KPXGPEKÎP GP IGPGTCN [ GN RGPUCOKGPVQ ETÈVKEQDWUECNCHQTOCFGJCEGTOGLQTNCUEQUCUTGUQNXKGPFQNQURTQDNGOCU EQPOC[QTGHKEKGPEKC[GZCEVKVWF ‹SWÃUWEGFGGPGNECOKPQJCEKCGNDWGPLWKEKQ S .C ETGGPEKC FG SWGPNQ OÈQ GU NQ OGLQTQ Q GN OÈQ GU GN GUV¶PFCT SWG FGDG WVKNKCTUG RCTC LWICT C NQU FGO¶U .C OC[QTÈC FG NCU RGTUQPCU VGPGOQUWPCVGPFGPEKCPCVWTCNCTGUKUVKTPQUCNECODKQ S 'UVGTGQVKRQU #DUQTDGOQU NC ECPVKFCF FG KPHQTOCEKÎP SWG PGEGUKVCOQU RCTCXGTEÎOQUGXCHQTOCPFQWPRCVTÎP[CEQPVKPWCEKÎPEQPUVTWKOQU GN VQFQ DCUCFQ GP NC RCTVG SWG GUVCOQU OKTCPFQ .QU RCVTQPGU PQU C[WFCP C RGPUCT 0QU IWUVC CITWRCT NCU EQUCU NCU RGTUQPCU NCU UKVWCEKQPGU [ NQU UGPVKOKGPVQU GP EQPLWPVQ FG HQTOC SWG RQFCOQU VTCVCTNQEQPOC[QTHCEKNKFCF2GTQIGPGTCNKCT[JCEGTKORTGUKQPGUUQDTG GNVQFQDCUCFQUGPWPCRGSWGÌCOWGUVTCFGEWCNSWKGTEQPLWPVQGUWPC VTCORC S 0GICEKÎP 'U FKHÈEKN FGVGEVCT NC PGICEKÎP GP PQUQVTQU OKUOQU [C SWG ITCPRCTVGFGGNNCGUKPEQPUEKGPVG S %QPHQTOKUOQ6GPFGPEKCCCEGRVCTNCFKTGEEKÎPVQOCFCRQTGNITWRQCN SWG RGTVGPGEGOQU [ EQP GN SWG PQU KFGPVKHKECOQU )GPGTCNOGPVG VGPFGOQU C DWUECT GN EQPUGLQ FG CSWGNNQU SWG XGP GN OWPFQ FG NC OKUOCHQTOCSWGPQUQVTQU2QFGOQUFKUETGRCTUKPQHGPFGT[RQFGOQU OGLQTCTNCECNKFCFFGPWGUVTCUFGEKUKQPGU[CSWGPQVGPGOQUSWGGUVCT FGCEWGTFQCWVQO¶VKECOGPVGRCTCCUÈGXKVCTNCUVGPUKQPGU.QUDWGPQU NÈFGTGUVKGPGPNCJCDKNKFCFFGVTCDCLCTGHKECOGPVGEQPNCURGTUQPCUSWG PQGUV¶PFGCEWGTFQEQPGNNQU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 59.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU S 1TIWNNQ RGTUQPCN GP OWEJCU UGUKQPGU PQ GU ‹3WKÃPRWGFGTGUQNXGT GN RTQDNGOC! UKPQ ‹3WKÃP UCDG O¶U! 1 ‹3WKÃP VKGPG OC[QT RGUQ! NQU DWGPQUFKTGEVKXQUFGDGPKFGPVKHKECTNCHQTOCFGECPCNKCT[CDUQTDGTGN VQTTGPVGFGGIQUFG NQUFGO¶U[GNRTQRKQ S #P¶NKUKUFGHGEVWQUQQKPEQORNGVQ'NUGPVKFQEQOÕPGUNCJCDKNKFCFRCTC EQPVKPWCT EQP CNIQ GEJCTNG WPC QLGCFC CPVGU FG GPVTGICTNQ G KPVGPVCT WPC XG O¶U KFGPVKHKECT GN RTQDNGOC CPVGU FG FCTUG RQT XGPEKFQ 5G RWGFG EQODKPCT NC EQORGVGPEKC FG WP /QPKVQT GZRGTVQ EQP NC FGN OGPQTGZRGTVQ 'U DWGPQ SWG JC[C WPKFCF GURÈTKVW FGGSWKRQ[CNKPGCEKÎPFGKPVGTGUGU RGTQPQNQGUVCPVQEWCPFQGNITWRQJCETGCFQOCNQUJ¶DKVQUQUQNWEKQPGU KPGHKECEGU 2TGUGPVCTNCKPHQTOCEKÎPTGFCEVCTE QPGHKECEKC 'P NCU KPUVKVWEKQPGU UG TGFCEVC RCTC FQEWOGPVCT WPC CEEKÎP [ PQ RCTC EQOWPKECT WP OGPUCLG RQT NQ SWG C XGEGU GU FKHÈEKN KFGPVKHKECT NC CWFKGPEKCFGDKFQCSWGGNÕPKEQTGEGRVQTFGNKPHQTOGGUNCECTRGVCFQPFG UGCTEJKXC'PQECUKQPGUGZKUVGWPTGEJCQFGNQUFKTGEVKXQUCPVGWPCJQLC FGRCRGNGPDNCPEQ[CUGCRQTSWGPQUCDGPEQOQEQOGPCTVKGPGPSWG NWEJCTRCTCGPEQPVTCTNCURCNCDTCCFGEWCFCURCTCGUETKDKT[UGRTGQEWRCP RQTNCQTICPKCEKÎP 'N OC[QT GTTQT GU PQ JCEGT PKPIÕP VKRQ FG GUDQQ Q ETQSWKU FG NQ SWG PGEGUKVC FGEKT CSWÈ UG RTGUGPVC EQOQ WUCT GN OÃVQFQ FGN OCRC OGPVCN Q GUSWGOCUCVÃNKVG 9GUVJGKOGT N 6QOGWPCJQLCGPDNCPEQ[GPGNEGPVTQFGNCJQLCFKDWLGWPEWCFTCFQ QWPEÈTEWNQ N GPVTQ FGN EÈTEWNQGUETKDC GNPQODTGFGUWRTQ[GEVQ GNVGOCUQDTGGN SWGXCCGUETKDKTQGNCUWPVQSWGKPVGPVCFKUEWVKT N KDWLG WPCU NÈPGCU RCTVKGPFQ FGNEÈTEWNQ EQOQNCUTCOCUFGWP¶TDQN RCTCFGUKIPCTUWUVGOCUQKPVGTGUGURTKPEKRCNGU N 2WGFGRTGIWPVCTUG3WKÃPSWÃEWCPFQFÎPFGRQTSWÃ[EÎOQ N GUINQUGECFCTCOCGPVGOCUOGPQUKORQTVCPVGURGTQTGNCEKQPCFQU N 0Q UG RTGQEWRG FG NC QTICPKCEKÎP FG NCU TCOCU UG NNGICT¶ OCU CFGNCPVG N 7VKNKEG N¶RKEGU FG FKHGTGPVGU EQNQTGU RCTC FGUKIPCT NQU VGOCU TGNCEKQPCFQU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 60.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 2CTCKPKEKCTCGUETKDKTGNFQEWOGPVQFGDGRTGEKUCTNCFGHKPKEKÎPFGNQDLGVKXQ GUFGEKTGNFGHKPKTGNRTQRÎUKVQRTKPEKRCNUWKFGCFGNQSWGGNFQEWOGPVQ FGDGNQITCT[UCDGTSWGGUNQSWGUGSWKGTG 7PQ FG NQU FQEWOGPVQU O¶U HTGEWGPVG GP NCU QTICPKCEKQPGU GU GN /GOQT¶PFWOFQEWOGPVQKPVGTPQ[EQPHTGEWGPEKCGUV¶FKTKIKFCCO¶UFG WPC RGTUQPC UG EGPVTC GP WP OGPUCLG HWPFCOGPVCN Q WPC RKGC FG KPHQTOCEKÎP GU WP FQEWOGPVQ DTGXG [ EQPEKUQ [ FGDGP VTCPUOKVKT KPHQTOCEKÎPUKPETGCTUWURGPUQ2CTCVGPGTGPEWGPVCEWCPFQUGRTGRCTCNQU OGOQT¶PFWOU N .CURGVKEKQPGUQGZKIGPEKCUCPVGUSWGNCULWUVKHKECEKQPGU N .CUTGURWGUVCUCPVGUSWGNCUGZRNKECEKQPGU N .CUEQPENWUKQPGUCPVGUSWGNCUFKUEWUKQPGU N .QUTGUÕOGPGUCPVGUSWGNQUFGVCNNGU N .QUVGOCUIGPGTCNGUCPVGUSWGNQUGURGEÈHKEQU '.41.'/'0614 6CODKÃPRWGFGFGPQOKPCTUGGNTQNFGKPVGTÃUJWOCPQTGHNGLCWPCQTKGPVCEKÎPFG KPVGTÃU[GORCVÈC'PGUVGTQNUGGURGTCSWGGNFKTGEVKXQC[WFGUGCEQPUKFGTCFQ UGPUKDNGCUGSWKDNGCDKGTVQ[LWUVQ#FGO¶USWGGUEWEJGCEVKXCOGPVGCRQ[GNCU RGVKEKQPGU NGIÈVKOCU GZVGTKQTKEG GN CRTGEKQ [ UGRC QHTGEGT TGEQPQEKOKGPVQ .QU GORNGCFQUUQPTGEWTUQUKORQTVCPVGUCNQUSWGGUPGEGUCTKQEQORTGPFGTXCNQTCT[ FGUCTTQNNCT .QU FKTGEVKXQU NGU C[WFCP EQP RNCPGU FG FGUCTTQNNQ KPFKXKFWCN [ UG CUGIWTCFGHCEKNKVCTNGUQRQTVWPKFCFGUFGHQTOCEKÎP[ETGCEKÎPFGFGUVTGCU .CU EQORGVGPEKCU FG GUVG TQN UQP VTGU #WVQEQORTGPUKÎP [ EQORTGPUKÎP FG NQU FGO¶U%QOWPKECEKÎPKPVGTRGTUQPCN[GUCTTQNNQFGNQUUWDQTFKPCFQU #WVQEQORTGPUKÎP[EQORTGPUKÎPFGNQUFGO¶U 2CTCVTKWPHCTGPUWTQNFGOGPVQTNQUFKTGEVKXQUVKGPGPSWGEQORTGPFGTUGC UÈOKUOQU[CNQUFGO¶U GUGNSWKPVQJ¶DKVQCWPSWGVQFQUNQUOKGODTQU FGWPITWRQVKGPGPCNIQGPEQOÕPECFCKPFKXKFWQGUJCUVCEKGTVQRWPVQ GURGEKCN'NTGVQGUV¶GPEQORTGPFGTNQURWPVQUEQOWPGU[NCUFKHGTGPEKCU CUÈEQOQNCUFKXGTUCUOCPGTCUGPSWGRWGFGPCHGEVCTUWUTGNCEKQPGU .CURGTUQPCUVKGPFGPCOCPVGPGTFQUEQPLWPVQUOW[FKHGTGPVGUFGJKRÎVGUKU UQDTGGNOWPFQ 6GQTÈC:RGTURGEVKXCEN¶UKECFGNCIGUVKÎPSWGRQPGÃPHCUKUGPGNEQPVTQN[ NC UWRGTXKUKÎP GUVTGEJC 5WRQPG SWG NCU RGTUQPCU PQ VKGPGP WPC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 61.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU RTGFKURQUKEKÎP CN VTCDCLQ 2QT EQPUKIWKGPVG NC VCTGC FGN FKTGEVKXQ GU EQPVTQNCTRTGUKQPCT[CIWKLQPGCTCNQUGORNGCFQURCTCSWGCEVÕGP 6GQTÈC ; UWRQPG SWG NCU RGTUQPCU FGUGCP VTCDCLCT FGUGCP EQPVTQNCT UWU RTQRKCU CEVKXKFCFGU [ DWUECP EQPUVCPVGOGPVG PKXGNGU UWRGTKQTGU FG TGURQPUCDKNKFCF%QPUKFGTCCNCURGTUQPCUEQOQVQVCNOGPVGECRCEGUFGUGT KPPQXCFQTCU[FGCRQTVCTEQPVTKDWEKQPGUUKIPKHKECVKXCUCNCQTICPKCEKÎP .C VCTGC FGN FKTGEVKXQ GU RQT VCPVQ GUEWEJCT CEVKXCOGPVG TGURQPFGT KPURKTCT TGEQORGPUCT [ EQPQEGT SWG NCU RGTUQPCU RTQITGUCP C VTCXÃU FG WPCUGTKGFGHCUGU (CUG VÃEPKEC NCU RGTUQPCU UG RTGQEWRCP RQT NC RGTKEKC RTQHGUKQPCN 5G EGPVTCP GP NC NÎIKEC VÃEPKEC [ GP NC GHKEKGPEKC HKLCPFQ EQP HTGEWGPEKC GUV¶PFCTGUFGRGTHGEEKÎP6KGPFGPCVTCDCLCTOW[WPKFQUCNQUFGO¶URGTQ FGHQTOCKORGTUQPCN /WEJQU FKTGEVKXQU GUV¶P TGCNOGPVG GP NC HCUG VÃEPKEC CRTGPFGT UQDTG UÈ OKUOQU [ CWVQEQORTGPFGTUG UWRQPG WP RTQDNGOC KORQTVCPVG 2QT GUVG OQVKXQGUCEQPUGLCDNGHCOKNKCTKCTUGEQPGNOQFGNQNNCOCFQPNCXGPVCPCFG ,QJCTKQ /QFGNQFG,QJCTK %QPQEKFQURCTCWPQ GUEQPQEKFQU OKUOQ RCTCWPQOKUOQ %QPQEKFQU #$+'46# %+')# RCTCQVTQU GUEQPQEKFQ 1%7.6# '5%101%+# RCTCQVTQU 8GPVCPCFG,QJCTK 6KGPGEWCVTQEWCFTCPVGU TGC CDKGTVC TGRTGUGPVC NQU XCNQTGU OQVKXQU [ EQORQTVCOKGPVQU EQPQEKFQURCTCPQUQVTQU[RCTCNQUFGO¶U TGCEKGICCSWÈGUV¶PNQUXCNQTGOQVKXQU[EQORQTVCOKGPVQUSWGNQU FGO¶URGTEKDGPRGTQWPQOKUOQPQTGEQPQEG TGCQEWNVCNQUOQVKXQU[EQORQTVCOKGPVQUSWGEQPQEGOQURGTQPQ TGXGNCOQUCNQUFGO¶U TGCFGUEQPQEKFCOQVKXQU[EQORQTVCOKGPVQUFGNQUSWGPKPQUQVTQU OKUOQUPKNQUFGO¶UUQOQUCÕPEQPUEKGPVGU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 62.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU /WEJCURGTUQPCUPQUQP TGEGRVKXCUFGNCKPHQTOCEKÎPFGTGVQTPQUQDTGUWU RWPVQU EKGIQU #FQRVCP WPC CEVKVWF FGHGPUKXC [ WVKNKCP FKXGTUQU EQORQTVCOKGPVQUSWGKORKFGPNCKPHQTOCEKÎPFGTGVQTPQ .C XGPVCPC FG ,QJCTK PQ UÎNQ PQU KPFKEC PWGUVTCU RTQRKCU ¶TGCU EKGICU QEWNVCU[FGUEQPQEKFCUVCODKÃPPQUJCEGEQPQEGTFGNCGZKUVGPEKCFGGUCU ¶TGCU GP NQU FGO¶U [ SWG CFQRVCOQU CEVKVWFGU FGHGPUKXCU GP TGNCEKÎP C GNNCU 'N UGETGVQ RCTC ECODKCT GUVC CEVKVWF GP NQU FGO¶U GUV¶ GP UWRGTCT PWGUVTCRTQRKCCEVKVWFFGHGPUKXC*GCSWÈCNIWPCUTGEQOGPFCEKQPGU N 6KGPG SWG CPCNKCTUG C UÈ OKUOQ RQT SWG UK PQ FGUGC TGCNOGPVG EQORTGPFGTCNQUFGO¶UUKPQGUUKPEGTQNCGORCVÈCGUKORQUKDNG N .CEQOWPKECEKÎPGUCNIQO¶USWGRCNCDTCUVCODKÃPUGFGDGNGGTVCPVQ NCUUGÌCNGUXGTDCNGUEQOQNCUPQXGTDCNGU N 0QTGCEEKQPGEQPFGOCUKCFCTCRKFGCNCUFGHKPKEKQPGUKPGZCEVCUFGNQU JGEJQU GUEWEJG EQP CVGPEKÎP RCTC KFGPVKHKECT NQU UGPVKOKGPVQU SWG UG QEWNVCPVTCUGUCFGHKPKEKÎPCPVGUFGCRTGUWTCTCEQTTGIKTNQUJGEJQU N GDG RGTOKVKT SWG NC RGTUQPC FKIC NC XGTFCF GOQEKQPCN SWG RWGFG KPENWKT UGPVKOKGPVQU PGICVKXQU JCEKC WUVGF 6KGPG SWG GUVCT RTGRCTCFQ RCTCTGEKDKTGUVCKPHQTOCEKÎPFGTGVQTPQPGICVKXC %QOWPKECEKÎPKPVGTRGTUQPCN .C EQOWPKECEKÎP KPVGTRGTUQPCN GU SWK¶ WPC FG NCU EQORGVGPEKCU O¶U KORQTVCPVGU [ OGPQU EQORTGPFKFCU FGN FKTGEVKXQ RGTQ GU XKVCN RCTC FGUGORGÌCTGNTQNFGNOGPVQT.CEQOWPKECEKÎPUKIPKHKECGNKPVGTECODKQFG KPHQTOCEKÎP JGEJQU KFGCU [ UKIPKHKECFQU 2WGFG WVKNKCTUG RCTC KPHQTOCT EQQTFKPCT[OQVKXCTCNQUFGO¶U2QTFGUITCEKCPQGUH¶EKNEQOWPKECTUGEQP GHKECEKC %WCPFQ UWTIGP NQU RTQDNGOCU KPVGTRGTUQPCNGU NCU RGTUQPCU EQOKGPCP C GZRGTKOGPVCT EQPHNKEVQU TGUKUVKTUG CN ECODKQ [ GXKVCT GN EQPVCEVQ EQP NQU FGO¶U # PKXGN QTICPKCVKXQ NC EQOWPKECEKÎP FGHKEKGPVG EQP HTGEWGPEKC IGPGTC WP FGUEGPUQ GP NQU PKXGNGU FG OQTCN [ RTQFWEVKXKFCF .CU QTICPKCEKQPGU PGEGUKVCP SWG NCU RGTUQPCU UG EQOWPKSWGP EQP GN HKP FG FGUCTTQNNCTOGVCUECPCNKCTNCGPGTIÈCGKFGPVKHKECT[TGUQNXGTNQURTQDNGOCU /QFGNQD¶UKEQFGEQOWPKECEKÎPKPVGTRGT UQPCN 'N KPVGTECODKQ FG KPHQTOCEKÎP UG FC GP VTGU PKXGNGU FKHGTGPVGU KFGCU JGEJQU[UGPVKOKGPVQURGTQUGRWGFGGUVCDNGEGTWPOQFGNQIGPGTCN N 2GTUQPCSWGUGEQOWPKECEQFKHKECWPOGPUCLG +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 63.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N %QFKHKECEKÎPVTCFWEKTWPEQPLWPVQFGKFGCUGPWPUKUVGOCFGUÈODQNQU VCNGU EQOQ RCNCDTCU Q EKHTCU 'P GN RTQEGUQ FG EQFKHKECEKÎP KPHNW[G NC WTIGPEKCFGNOGPUCLGNCGZRGTKGPEKC[NCFGUVTGCFGEQOWPKECEKÎPFG NCRGTUQPCSWGNCGPXÈCCUÈEQOQUWRGTEGREKÎPFGNTGEGRVQT N /GFKQ GU RQT FQPFG UG VTCPUOKVG GN OGPUCLG GUETKVQ XGTDCN Q PQ XGTDCN N GEQFKHKECEKÎP NC RGTUQPC SWG TGEKDG GN OGPUCLG VKGPG SWG KPVGTRTGVCTNQ N 4GEGRVQTRGTUQPCSWGTGEKDGGNOGPUCLG .CKPHQTOCEKÎPFGTGVQTPQGUFGVTGUOQFCNKFCFGU N +PHQTOCVKXC GU WP RTQEGUQ SWG PQ KPENW[G GXCNWCEKÎP UKORNGOGPVG QHTGEGJGEJQUCNTGOKVGPVGFGNOGPUCLG N %QTTGEVKXCKORNKECWPFGUCHÈQQCWPCEQTTGEEKÎPFGNOGPUCLGQTKIKPCN N G TGHWGTQ GU WP TGEQPQEKOKGPVQ ENCTQ FGN OGPUCLG GPXKCFQ 2WGFG UGTRQUKVKXCQPGICVKXC 'N ÕNVKOQ GNGOGPVQ FGN OQFGNQ GU GN TWKFQ GU VQFQ CSWGNNQ SWG RWGFG FKUVQTUKQPCTGNOGPUCLGFWTCPVGGNRTQEGUQFGEQOWPKECEKÎP #NIWPCU4GINCUD¶UKECURCTCCWOGPVCTNCECNKFCFFGNCEQOWPKECEKÎP +FGPVKHKECT EQP ENCTKFCF CN TGEGRVQT FGN OGPUCLG ‹%W¶N GU NC CEVKVWF FGN TGEGRVQT! ‹%W¶NGU UQP UWU JKRÎVGUKU RTGEQPEGDKFCU! ‹%ÎOQ UG UKGPVG ÃNGNNCGPÃUVCUKVWCEKÎP! %QPQEC UW QDLGVKXQ ‹3WÃ GU NQ SWG FGUGC NQITCT EQOQ TGUWNVCFQ FGN OGPUCLGSWGVTCPUOKVG! #PCNKEG GN ENKOC ‹3WÃ PGEGUKVC RCTC SWG GN TGEGRVQT UG TGNCLG [ GUVÃ CDKGTVQCNCEQOWPKECEKÎP! #PCNKEGOGPVCNOGPVGGNOGPUCLGCPVGUFGVTCPUOKVKTNQ#PCNÈEGNQFGUFGNC RGTURGEVKXCFGNTGEGRVQT 7VKNKEGGNNGPIWCLGFGNCQVTCRGTUQPC 5K PQ GUV¶ UGIWTQ FG SWG GN TGEGRVQT JC EQORTGPFKFQ GN OGPUCLG ENCTKHÈSWGNQ 5KNCTGURWGUVCVKGPGOCVKEGU FGETÈVKECPQTGCEEKQPGCNCFGHGPUKXC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 64.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU GUCTTQNNQFGNQUUWDQTFKPCFQU .C KPHQTOCEKÎP FG TGVQTPQ UQDTG GN TGPFKOKGPVQ GU WPQ FG NQU VKRQU FG HQTOCEKÎP RQVGPEKCNOGPVG O¶U ÕVKNGU SWG WPC RGTUQPC RWGFG TGEKDKT [ GU ETÈVKECRCTCNCOGLQTCGNETGEKOKGPVQ[GNFGUCTTQNNQUKPGODCTIQHTCECUCP EQPOWEJCHTGEWGPEKC2CTCGNOGPVQTNCGXCNWCEKÎPFGNTGPFKOKGPVQGUNC JGTTCOKGPVC SWG HCEKNKVC GN FGUCTTQNNQ FG NQU UWDQTFKPCFQU UKP GODCTIQ OWEJCU QTICPKCEKQPGU NCU CRNKECP RQT QVTCU TCQPGU %QP HTGEWGPEKC UG WVKNKCRCTCVQOCTFGEKUKQPGUUQDTGGNUKUVGOCFGTGEQORGPUCUTGVTKDWEKÎP [ RTQOQEKÎP VCODKÃP GP ECUQU FG FGURKFQ %QP HTGEWGPEKC VCPVQ NQU UWDQTFKPCFQUEQOQNQULGHGUUGUKGPVGPKPEÎOQFQU .C GXCNWCEKÎP FGN TGPFKOKGPVQ GORKGC OWEJQ CPVGU FG NC UGUKÎP FG GXCNWCEKÎP5KVKGPGNCUWHKEKGPVGCWVQPQOÈCRCTCJCEGTNQ[UWUKVWCEKÎPGU NC CFGEWCFC RWGFG KPXKVCT C QVTQU UWDQTFKPCFQU C SWG RCTVKEKRGP GP GN FKUGÌQRCTCSWGTGCNOGPVGUGCGHKEC KTGEVTKEGURCTCNCKPHQTOCEKÎPFGTGVQTPQ %ÎOQHCEKNKVCTK PHQTOCEKÎPFGTGVQTPQ #PVGUFGHCEKNKVCTKPHQTOCEKÎPFGTGVQTPQCPCNKEGUWUOQVKXQU[CUGIÕTGUGFG SWGGNTGEGRVQTGUV¶RTGRCTCFQRCTCGUEWEJCTNG %WCPFQHCEKNKVGKPHQTOCEKÎPFGTGVQTPQWVKNKEGHTCUGUSWGEQOKGPEGPRQTP;QQ GP NWICT FG P7UVGFQ RCTC KPFKECT SWG GUCU UQP UWU RGTEGREKQPGU KFGCU [ UGPVKOKGPVQU GUETKDC GN EQORQTVCOKGPVQ FG NC QVTC RGTUQPC CUÈ EQOQ UWU RTQRKCU RGTEGREKQPGUFGNOKUOQ 2KFCCNCQVTCRGTUQPCSWGENCTKHKSWGGZRNKSWGECODKGQTGEVKHKSWG GURWÃU FG NC KPHQTOCEKÎP FG TGVQTPQFGDGFCTCNCQVTC RGTUQPCGNVKGORQ SWGPGEGUKVGRCTCTGURQPFGT #PVGUFGRGFKTKPHQTOCEKÎPFGTGVQTPQCUGIÕTGUGFGSWGGUV¶RTGRCTCFQRCTC GUEWEJCTKPHQTOCEKÎPSWGRWGFGCNVGTCTUWRTQRKCRGTEGREKÎP 5GC EQPUEKGPVG FG SWG NC RGTUQPC SWG NG QHTGEG KPHQTOCEKÎP FG TGVQTPQ GUV¶ FGUETKDKGPFQ UW RTQRKC RGTEGREKÎP FG NC UKVWCEKÎP RGTQ VGPIC RTGUGPVG SWG GUQUUGPVKOKGPVQUUQPTGCNGU %QORTWGDGUKJCEQORTGPFKFQNCKPHQTOCEKÎPFGTGVQTPQTGEKDKFCJCEKGPFQ RTGIWPVCUQFCPFQGLGORNQU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 65.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 2CTC QHTGEGT [ TGEKDKT KPHQTOCEKÎP FG TGVQTPQ GU ENCXG NC CWVQEQPHKCPC CJQTC GP NWICT FG EQOGPCT PGP HTÈQQ NC GXCNWCEKÎP RWGFG KPVGPVCT QVTC GUVTCVGIKC N +PVGTECODKCT EQP UW UWDQTFKPCFQ WPC GXCNWCEKÎP GUETKVC FG UW TGPFKOKGPVQ N GFKSWG CNIÕP VKGORQ C NGGT NC CWVQGXCNWCEKÎP FG UW UWDQTFKPCFQ [ WVKNKEG NC GORCVÈC RCTC RQPGTUG GP UW NWICT 7VKNKEG GUVG RTQEGUQ RCTC RTGRCTCTUGCUÈOKUOQRCTCNCUGUKÎPFGGXCNWCEKÎP '.41.'(#%+.+6#14 'P GUVG TQN GN OCPFQ HQOGPVC GN GUHWGTQ EQNGEVKXQ ETGC NC WPKÎP CWOGPVC NC OQTCN FGN GSWKRQ [ IGUVKQPC NQU EQPHNKEVQU KPVGTRGTUQPCNGU #NIWPCU FG NCU EQORGVGPEKCU SWG WVKNKC GN HCEKNKVCFQT UQP NCU OKUOCU SWG NCU WVKNKCFCU RQT GN OGPVQT RQT GLGORNQ NC GUEWEJC CEVKXC NC GORCVÈC [ NC UGPUKDKNKFCF C NCU PGEGUKFCFGU FG NQU FGO¶U 'N TQN FGN HCEKNKVCFQT UGEGPVTCGPNCHQTOCGPSWGGN OCPFQVTCDCLCEQPNQUITWRQU6TGUEQORGVGPEKCUENCXGFGNHCEKNKVCFQT%TGCEKÎP FGGSWKRQU6QOCFGFGEKUKQPGURCTVKEKRCVKXC)GUVKÎPFGNEQPHNKEVQ %TGCEKÎPFGGSWKRQU 6TCDCLCTGPGSWKRQGU WPFGUGQFGVQFCQTICPKCEKÎPEQORGVKVKXCRGTQRCTC VGPGTÃZKVQGUPGEGUCTKQHQTOCTITWRQUFGVTCDCLQUSWG %WGPVGPEQPWPCTCÎPFGUGTRCTCVTCDCLCTLWPVQU .QU OKGODTQU FGN ITWRQ UGCP KPVGTFGRGPFKGPVGU GU FGEKT PGEGUKVCP NC JCDKNKFCF NC GZRGTKGPEKC [ GN EQORTQOKUQ FG NQU FGO¶URCTCCNECPCT NCUOGVCUEQOWPGU .QU OKGODTQU FGN ITWRQ GUV¶P EQORTQOGVKFQU EQP NC KFGC FG SWG VTCDCLCTWPKFQUEQOQITWRQIGPGTCFGEKUKQPGUO¶UGHKECEGUSWGVTCDCLCT CKUNCFCOGPVG 6GPICP SWG TGPFKT EWGPVCU EQOQ WPKFCF QRGTCVKXC FGPVTQ FG WP EQPVGZVQQTICPKCVKXQOC[QT %WCPFQNCQRGTCVKXCGHKECFGNCWPKFCFFGRGPFGFGNVTCDCLQEQPLWPVQFG NQUKPFKXKFWQU[FGNWUQFGNCGZRGTKGPEKCNCUJCDKNKFCFGU[GNEQORTQOKUQ FGVQFQUGNITWRQFGVTCDCLQUGEQPXKGTVGGPWPGSWKRQFGVTCDCLQ .QU OKGODTQU FGN GSWKRQ TGSWKGTGP KPVGTCEEKÎP [ EQQTFKPCEKÎP UWU OKGODTQURQTNQIGPGTCNVKGPGPWPQUTQNGUGURGEÈHKEQU[VCODKÃPGZKUVGP EQP HTGEWGPEKC TQNGU GURGEKCNKCFQU 7PC FG NCU TGURQPUCDKNKFCFGU FGN HCEKNKVCFQTGUENCTKHKECTNQUTQNGUFGUWUGORNGCFQUFGHKPKTSWÃGUNQSWGUG +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 66.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU GURGTCFGWPKPFKXKFWQSWGFGUGORGÌCWPFGVGTOKPCFQRWGUVQFGVTCDCLQ[ QEWRCWPFGVGTOKPCFQECTIQ .CENCTKFCFGPNQUTQNGUKORNKECNCCWUGPEKCFGFQUEQPFKEKQPGUPGICVKXCUNC CODKI×GFCF [ GNEQPHNKEVQ GP NQU TQNGU .C CODKI×GFCF UWTIG EWCPFQ GN KPFKXKFWQ PQ VKGPG UWHKEKGPVG KPHQTOCEKÎP GP VÃTOKPQU FG Q SWG FGDGTÈC GUVCT JCEKGPFQ [ GN EQPHNKEVQ QEWTTG EWCPFQ WP KPFKXKFWQ RGTEKDG NC KPHQTOCEKÎP TGNCEKQPCFC EQP UW RWGUVQ FG VTCDCLQ EQOQ KPEQJGTGPVG Q EQPVTCFKEVQTKC .QU TQNGU FG OCPVGPKOKGPVQ FGN ITWRQ [ FG VCTGC UG EGPVTCP GP FQU EQORQPGPVGUPGEGUCTKQURCTCGNHWPEKQPCOKGPVQGHKECFGNGSWKRQ'PGNTQN FGVCTGCGNEQORQTVCOKGPVQUGEGPVTCGPSWÃGUNQSWGGNGSWKRQVKGPGSWG EQPUGIWKT GP GN TQN FG OCPVGPKOKGPVQ FGN ITWRQ GN EQORQTVCOKGPVQ UG EGPVTC GP EÎOQ GN GSWKRQ NQITCT¶ UW VCTGC 'U RQUKDNG KFGPVKHKECT UGKU UWDTQNGURTKPEKRCNGUCUQEKCFQUEQPNCQTKGPVCEKÎPCNCVCTGC 'N KPKEKCFQT RQPG GP OQXKOKGPVQ CN ITWRQ CN QHTGEGTNG PWGXCU KFGCU [ UWIGTKT HQTOCU FG EQPHTQPVCT WPC VCTGC Q WP RTQDNGOC 'P GUVG TQN GN OKGODTQ FGN ITWRQ TGEWGTFC C NQU FGO¶U SWG VKGPGP WPC VCTGC SWG TGCNKCT 'N KPHQTOCFQT RNCPVGC Q ENCTKHKEC JGEJQU [ QRKPKQPGU KORQTVCPVGU DCUCFQGPUWEQPQEKOKGPVQ[GZRGTKGPEKCURGTUQPCNGU 'N DWUECFQT FG KPHQTOCEKÎP CPKOC C NQU FGO¶U C RNCPVGCT Q ENCTKHKECT JGEJQU [ QRKPKQPGU KORQTVCPVGU DCUCFQU GP UWU EQPQEKOKGPVQU [ GZRGTKGPEKCU 'NEQQTFKPCFQTTGÕPGRTQITCOC[EQODKPCNCUCEVKXKFCFGUFGNQUFGO¶U 'N GXCNWCFQT C[WFC CN ITWRQ C XCNQTCT NC ECNKFCFFG UWU UWIGTGPEKCU Q UQNWEKQPGU[EQORTWGDCUWXKCDKNKFCFGPNCRT¶EVKEC 'N UKPVGVKCFQT TGÕPG NC XCTKGFCF FG KFGCU FKUEWVKFCU GP GN ITWRQ NCU XWGNXG C FGHKPKT EQP DTGXGFCF [ QHTGEG CN ITWRQ WPC FGEKUKÎP Q EQPENWUKÎPRCTCUWGUVWFKQ G KIWCN OCPGTC RQFGOQU KFGPVKHKECT UGKU UWDTQNGU RTKPEKRCNGU CUQEKCFQU EQPNCQTKGPVCEKÎPCNOCPVGPKOKGPVQFGNITWRQ 'N CPKOCFQT CRQ[C C NQU OKGODTQU FGN GSWKRQ NGU C[WFC C ETGCT WP ENKOCFGWPKÎP[EQTFKCNKFCF[HQOGPVCNCUKFGCUFGNQUFGO¶U +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 67.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'NCTOQPKCFQT UWCXKCNCVGPUKÎP[C[WFCCNQUOKGODTQUCGPEQPVTCT HQTOCU FG GNKOKPCT UWU FKHGTGPEKCU RCTC SWG RWGFCP UGIWKT VTCDCLCPFQ WPKFQU.CRGTUQPCSWGFGUGORGÌCGUVGTQNKPVGPVCTGFWEKTNCVGPUKÎPGP GNITWRQWVKNKCPFQGNJWOQT[NCCOKUVCF 'NIWCTFK¶POCPVKGPGNCPRWGTVCCDKGTVCQ CNCRCTVKEKRCEKÎPFGNQUFGO¶U CUGIWTCPFQ SWG VQFQU NQ OKGODTQU FGN ITWRQ VGPICP NCU UWHKEKGPVGU QRQTVWPKFCFGUFGEQORCTVKTUWUKFGCU[UGPVKOKGPVQU 'NPFKUGÌCFQTFGGUV¶PFCTGUQ C[WFCCNITWRQCHKLCTNCUOGVCUCRTQRKCFCU [CGXCNWCTNCECNKFCFFGNRTQEGUQFGNITWRQ 'NUGIWKFQTCEGRVC[RGTUKIWGNCUKFGCU[UWIGTGPEKCUFGNQUFGO¶U 'N QDUGTXCFQT FGNITWRQJCEGGNUGIWKOKGPVQFGNRTQITGUQFGNITWRQ[ HCEKNKVCKPHQTOCEKÎPFGTGVQTPQUQDTGUWQRGTCVKXC %WCPFQUGETGCWPPWGXQITWRQFGVTCDCLQQEWCPFQWPITWRQ[CHQTOCFQ UGJCEGECTIQFGWPCPWGXCVCTGCQRTQDNGOCGNITWRQCVTCXKGUCFKHGTGPVGU HCUGUFGFGUCTTQNNQJCUVCVTCPUHQTOCTGGPWPGSWKRQWTCPVGGUVCUHCUGUFG FGUCTTQNNQ GN GSWKRQ PGEGUKVC WP ÃPHCUKU FKHGTGPVG GP NQU FKXGTUQU EQORQTVCOKGPVQUFGVCTGC[OCPVGPKOKGPVQ (#5'%QORTQDCEKÎP'NITWRQFGVGTOKPCUWUOGVCU[FGHKPGNCUVCTGCU[ EQP GN HKP FG ETGCT WP ENKOC SWG HQOGPVG GN KPVGTECODKQ FG KFGCU [ UGPVKOKGPVQUGNGURÈTKVWFGGSWKRQ[NCEQQRGTCEKÎPGNNÈFGTFGDGCPKOCTC NQU OKGODTQU C CUWOKT NQU TQNGU FG KPKEKCFQT KPHQTOCFQT DWUECFQT FG KPHQTOCEKÎP[IWCTFK¶P (#5' 1TICPKCEKÎP 'N ITWRQ FGVGTOKPC NC GUVTWEVWTC [ GN NÈFGT RQPG ÃPHCUKU GP GN RTQRÎUKVQ EQOÕP [ GUVCDNGEG NCU PQTOCU NQU GUV¶PFCTGU [ VCODKÃP FGDG CPKOCT C NQU OKGODTQU C SWG CUWOCP NQU TQNGU FG EQQTFKPCFQT GXCNWCFQT FKUGÌCFQT FG GUV¶PFCTGU QDUGTXCFQT [ CTOQPKCFQT (#5''UVCDNGEKOKGPVQFGNCKPVGTFGRGPFGPEKC'NNÈFGTFGDGEGPVTCUGGPNC KPVGTFGRGPFGPEKC GPVTGNQU OKGODTQUKORGFKTNCEQORGVGPEKC[CPKOCTC VQFQURCTCSWGCUWOCPTQNGUKPHQTOCNGUFGNKFGTCIQ.QUTQNGUFGVCTGC[ FG OCPVGPKOKGPVQ O¶U KORQTVCPVGU UQP DWUECFQT FG KPHQTOCEKÎP UKPVGVKCFQTCTOQPKCFQTUGIWKFQT[CPKOCFQT (#5' 2TQFWEEKÎP [ GXCNWCEKÎP 'N ITWRQ UG JC VTCPUHQTOCFQ [C GP WP GSWKRQ [ VTCDCLC WPKFQ UKP FKHKEWNVCFGU GXCNÕCP GN RTQFWEVQ FG UWU GUHWGTQUEQPLWPVQU[GNITCFQFGGHKECEKCFGUWVTCDCLQEQOQGSWKRQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 68.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU #XGEGUNCPGEGUKFCFFGVGTOKPCTGNVTCDCLQJCEGSWGNQUITWRQUUGEGPVTGP GP NCU VCTGCU GURGEÈHKECU CPVGU SWG GP NC RNCPKHKECEKÎP [ NC EQQTFKPCEKÎP ENKOCQTICPKCVKXQ[NCHCNVCFGEQPQEKOKGPVQUQDTGEQOQETGCTWPGSWKRQ NQEWCNRWGFGPEQPUVKVWKTUGDCTTGTCU 6QOCFGFGEKUKQPGURCTVKEKRCVKXC 'P GN VTCDCLQ NCU FGEKUKQPGU KORQTVCPVGU FGDGP KPXQNWETCT C CSWGNNQU KPFKXKFWQU EW[CU KFGCU NCDQTCNGU UG XGT¶P CHGEVCFCU RQT GNTGUWNVCFQFGNC FGEKUKÎP 5KP GODCTIQ PQ VQFCU NCU FGEKUKQPGU CHGEVCP FKTGEVCOGPVG C NC XKFCNCDQTCNFGNQUGORNGCFQU.QUOCPFQUVKGPGPSWGFKUVKPIWKTEW¶PFQGU CRTQRKCFQKPXQNWETCTCNQUGORNGCFQU[EW¶PFQPQNQGU %QPUVCPVGOGPVG NQU OCPFQU UG GPHTGPVCP C UKVWCEKQPGU GP NCU SWG VKGPGP SWG VQOCT FGEKUKQPGU TGNCEKQPCFCU EQP UW WPKFCF FG VTCDCLQ [ UWU GORNGCFQU .C RCTVKEKRCEKÎP FG NQU GORNGCFQU GP GN RTQEGUQ FG VQOC FG FGEKUKQPGUVKGPGUWUXGPVCLCU[UWUFGUXGPVCLCU 8GPVCLCU N 'NPKXGNFGEQPQEKOKGPVQUQGZRGTKGPEKCFGNITWRQVKGPFGCUGTUWRGTKQT CNPKXGNKPFKXKFWCN N .CU FKUEWUKQPGU FG ITWRQ IGPGTCP WPC ICOC O¶U CORNKC FG XCNQTGU [ RGTURGEVKXCUSWGTGRTGUGPVCPNCXCTKGFCFFGVGOCUGKPVGTGUGUSWGGUV¶P GPLWGIQGPNCFGEKUKÎP.CRCTVKEKRCEKÎPFGNQUGORNGCFQUGPGNRTQEGUQ CWOGPVCNCURTQDCDKNKFCFGUFGSWGCHNQTGPVQFQUNQUVGOCUKORQTVCPVGU SWGCHGEVCPNCFGEKUKÎP N .QU GORNGCFQU GUV¶P O¶U EQORTQOGVKFQU EQP NC GLGEWEKÎP FG WPC FGEKUKÎP GP NC SWG JCP RCTVKEKRCFQ [C SWG EQORTGPFGP NCU TCQPGU UWD[CEGPVGUCNCOKUOC N %QP HTGEWGPEKC NQ GORNGCFQU KPXQNWETCFQU GP GN RTQEGUQ FG VQOC FG FGEKUKQPGU UQP ECRCEGU FG KFGPVKHKECT NQU QDUV¶EWNQU RQVGPEKCNGU GP NC GLGEWEKÎPFGNCFGEKUKÎPCUÈEQOQNCHQTOCFGGXKVCTNQU N +PXQNWETCTCNQUGORNGCFQUGPGNRTQEGUQFGVQOCFGFGEKUKQPGUOGLQTC UWU FGUVTGCU [ JCDKNKFCFGU [ NGU C[WFC C ETGEGT [ FGUCTTQNNCTUG EQOQ OKGODTQUFGNCQTICPKCEKÎP GUXGPVCLCU N .C VQOC FG FGEKUKQPGU RCTVKEKRCVKXCU TGSWKGTG VKGORQ # OGFKFC SWG CWOGPVC GN PWOGTQ FG RGTUQPCU KPXQNWETCFCU GP NC FGEKUKÎP VCODKÃP CWOGPVCGNVKGORQPGEGUCTKQRCTCVQOCTNC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 69.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N 5KGNITWRQRCTVKEKRCGPWPCFGEKUKÎPRCTCNCEWCNPQVKGPGNCGZRGTKGPEKC PGEGUCTKC GU RTQDCDNG SWG GN RTQEGUQ CRQTVG WPC FGEKUKÎP FG DCLC ECNKFCF N 5K NCU TGWPKQPGU FG ITWRQ PQ GUV¶P DKGP GUVTWEVWTCFCU GU RQUKDNG SWG CNIWPCU RGTUQPCU SWG EWGPVCP EQP NC GZRGTKGPEKC PGEGUCTKC PQ EQPVTKDW[CPOKGPVTCUSWGQVTCUSWGVKGPGPRQECQPKPIWPCGZRGTKGPEKC RWGFCPEQPVTKDWKTGPGZEGUQ[FQOKPCTNCFKUEWUKÎP N %WCPFQ NQU OKGODTQU FGN ITWRQ UG RTGQEWRCP GP GZEGUQRQTNNGICTCN EQPUGPUQ GP NC VQOC FG FGEKUKQPGU RCTVKEKRCVKXC GN TGUWNVCFQ GU GN PRGPUCOKGPVQFGITWRQQ 2CTC CWOGPVCT NC GHKECEKC FG NCU TGWPKQPGU UG FGDG VGPGT JCDKNKFCF RCTC GSWKNKDTCT NQU TQNGU FG VCTGC [ NQU FG OCPVGPKOKGPVQ FG ITWRQ GU FGEKT OCPVGPGT EGPVTCFQ CN ITWRQ [ CN VKGORQ CUGIWTCT SWG VQFQU VKGPGP NC QRQTVWPKFCFFGRCTVKEKRCTCFGEWCFCOGPVG2CTCGNNQGUKORQTVCPVGVGPGTGP EWGPVCSWGEWCPFQRTGRCTCNCTGWPKÎP N GDGHKLCTNQUQDLGVKXQUFGNCTGWPKÎP N 5GNGEEKQPCTCNQURCTVKEKRCPVGUCFGEWCFQU N 5GNGEEKQPCTGNNWICT[NCJQTCCFGEWCFC N 2TGRCTCT [ FKUVTKDWKT EQP CPVGNCEKÎP GN QTFGP FGN FÈC [ FGVGTOKPCT WPC UGEWGPEKCRCTCUGIWKTWPCEKGTVCNÎIKECQHNWLQFGVGOCU 'PGNOQOGPVQFGFKTKIKTNCTGWPKÎP N %QOKGPEGCNCJQTCHKLCFC N 5KRTQEGFGCUGIÕTGUGFGSWGWPQFGNQURCTVKEKRCPVGUVQOGPQVCU N 4GXKUGGNQTFGPFGNFÈC[EQORTWGDGUKUQPPGEGUCTKQUCNIWPQUCLWUVGU N #UGIÕTGUGFGSWGVQFQUNQURCTVKEKRCPVGUUGEQPQEGP N 5KICGNQTFGPFGNFÈC N 'UVÃCVGPVQCNCUEQPVTKDWEKQPGUFGVQFQU N 6GTOKPGNCTGWPKÎPTGXKUCPFQQTGCHKTOCPFQNCUFGEKUKQPGUVQOCFCU[NCU VCTGCUCUKIPCFCU ;RCTCJCEGTUGIWKOKGPVQFGNCTGWPKÎP N 5KUGJCPVQOCFCPQVCUFKUVTKDÕ[CNCUEQPXGPKGPVGOGPVG N 5KUGJCP CUKIPCFQVCTGCUEQORTWGDGRGTKÎFKECOGPVGUWRTQITGUQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 70.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU )GUVKÎPFGNEQPHNKEVQ WTCPVG NCU FQU ÕNVKOCU FÃECFCU NQU VGOCU FGN EQPHNKEVQ [ NC IGUVKÎP FGN EQPHNKEVQJCPCWOGPVCFQRTQITGUKXCOGPVGUWKORQTVCPEKCRCTCNQUOCPFQU FKTGEVKXQU FG NCU QTICPKCEKQPGU UGC EWCN UGC UW VCOCÌQ .QU VTCDCLQU FG KPXGUVKICEKÎP TGCNKCFQU UQDTG GN EQPHNKEVQ QTICPKCVKXQ UWIKGTGP SWG NQU FKTGEVKXQU KPXKGTVGP GPVTG GN [ GN FG UW VKGORQ IGUVKQPCPFQ GN EQPHNKEVQ NQU SWG QEWRCP PKXGNGU KPHGTKQTGU GP NC LGTCTSWÈC FGFKECP O¶U VKGORQSWGNQUSWGGUV¶PGPPKXGNGUO¶UCNVQU .CRCNCDTCEQPHNKEVQEQPNNGXCCEQPPQVCEKQPGUPGICVKXCU'PNCUUKVWCEKQPGU VCPVQNCDQTCNGUEQOQPQNCDQTCNGUUGFGDGKPVGPVCTEQPHTGEWGPEKCGXKVCTGN EQPHNKEVQ[CSWGETGCUGPVKOKGPVQUPGICVKXQU N 2GTURGEVKXC VTCFKEKQPCN UWRQPGSWGGNGPHQSWGO¶UGHKECCNCIGUVKÎP FGNEQPHNKEVQGUNCGNKOKPCEKÎPFGNCHWGPVGUFGEQPHNKEVQ'LGORNQUKFQU GORNGCFQU VKGPFGP C VGPGT EQPHNKEVQU NC UQNWEKÎP GU UGRCTCTNQU [ GUVTWEVWTCT UW VTCDCLQ FG HQTOC SWG PQ VGPICP PGEGUKFCF FG KPVGTTGNCEKQPCTUG N 2GTURGEVKXC EQPFWEVWCN EQPUKFGTC KPGXKVCDNG GN EQPHNKEVQ 6GPKGPFQ GP EWGPVC NCU FKHGTGPEKCU GPVTG NCU RGTUQPCNKFCFGU PGEGUKFCFGU OGVCU [ XCNQTGUKPFKXKFWCNGU N 2GTURGEVKXC KPVGTCEEKQPKUVC SWG FKHKGTG FG NCU CPVGTKQTGU [C SWG PQ EQPUKFGTC SWG GN EQPHNKEVQ UG DWGPQ Q OCNQ UKPQ CFGEWCFQ Q KPCFGEWCFQ UGIÕP NC UKVWCEKÎP GURGEKHKEC 'UVC RGTURGEVKXC TGEQPQEG SWGGNEQPHNKEVQPQUÎNQGUKPGXKVCDNGUKPQSWGVCODKÃPGPQECUKQPGUGU PGEGUCTKQHQOGPVCTNQEQPGNHKPFGRGTOKVKTSWGCHNQTGPPWGXCUKFGCU[ ETGCTHWGTCURQUKVKXCUSWGIGPGTGPKPPQXCEKÎP[ECODKQ %QP GN HKP FG WVKNKCT GN EQPHNKEVQ FG HQTOC EQPUVTWEVKXC GU KORQTVCPVG EQORTGPFGT EQOQ UWTIG [ EQOQ UG FGUCTTQNNC .QU KPFKXKFWQU EQP HTGEWGPEKCXKXGP EQPHNKEVQUKPVGTPQUQKPVTCRGTUQPCNGU N 'N EQPHNKEVQ CEVWCTCEVWCT UG FC EWCPFQ GN KPFKXKFWQ VKGPG SWG GUEQIGT GPVTGFQUTGUWNVCFQUQEWTUQUFGCEEKÎPFGUGCDNGURQTGLGORNQEWCPFQ UGVKGPGSWGUGNGEEKQPCTGPVTGFQUDWGPQUECPFKFCVQU N 'NEQPHNKEVQCEVWCTGXKVCTUWTIGEWCPFQNCOKUOCOGVCQTGUWNVCFQVKGPG EQPUGEWGPEKCU RQUKVKXCU [ PGICVKXCU RQT GLGORNQ EWCPFQ GNKIG WP PWGXQ VTCDCLQ RQTSWG RQVGPEKCNOGPVG VKGPGP OCU QRQTVWPKFCFGU FG RTQOQEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 71.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N 'N EQPHNKEVQ GXKVCTGXKVCT EWCPFQ WP KPFKXKFWQ VKGPG SWG GUEQIGT GPVTG FQU TGUWNVCFQU Q EWTUQU FG CEEKÎP PGICVKXQU RQT GLGORNQ FWTCPVG WPC ETKUKUHKPCPEKGTCEWCPFQNCFKTGEEKÎPVKGPGSWGFGEKFKTUKFGDGGNKOKPCT VQVCNOGPVG WP ÕPKEQ RTQ[GEVQ Q TGEQTVCT GN RTGUWRWGUVQ C NQ NCTIQ [ CPEJQFGNCQTICPKCEKÎP 'NEQPHNKEVQUGFGUCTTQNNCGPNCUQTICPKCEKQPGURQTFKXGTUQUOQVKXQUEQOQ FKHGTGPEKCU KPFKXKFWCNGU XCNQTGU CEVKVWFGU ETGGPEKCU Q EWCPFQ UWTIGP OCNCU KPVGTRTGVCEKQPGU Q GTTQTGU FG EQOWPKECEKÎP SWG JCEGP SWG NCU RGTUQPCUETGCPSWGGZKUVGPFKHGTGPEKCU #EQPVKPWCEKÎPTGXKUCTGOQUGUVTCVGIKCURCTCIGUVKQPCTGNEQPHNKEVQ C 6ÃEPKEC FG GXCUKÎP %WCPFQ WVKNKCP GUVC VÃEPKEC NQU KPFKXKFWQU TGEQPQEGPNCGZKUVGPEKCFGNEQPHNKEVQRGTQPQFGUGCPGPHTGPVCTUGCNQU VGOCU SWG NQ ECWUCP 'UVC VÃEPKEC GU CEQPUGLCDNG EWCPFQ UG PGEGUKVC VKGORQRCTCSWGNCURCTVGUKPXQNWETCFCUGPGNEQPHNKEVQPUGGPHTÈGPQ 5KP GODCTIQ C NCTIQ RNCQ UK PQ UG CHTQPVC GN EQPHNKEVQ GU OW[ RTQDCDNG SWGCHNQTGFGPWGXQ D 6ÃEPKECFGEQPEKNKCEKÎP 'UVGGPHQSWGVKGPGNCXGPVCLCFGSWGOCPVKGPG NC CTOQPÈC [ GXKVC NCU FKXKUKQPGU # EQTVQ RNCQ GUVG GPHQSWG GU CEQPUGLCDNGEWCPFQGNVGOCPQGUFGOCUKCFQKORQTVCPVGRCTCWUVGFQ EWCPFQNCQVTCRCTVGGUOWEJQO¶UHWGTVG[PQVTCPUKIKT¶.CVÃEPKECFG EQPEKNKCEKÎPRQTNQIGPGTCNNKOKVCNCETGCVKXKFCF[RCTCNKCNCDÕUSWGFC FGPWGXCUKFGCU[UQNWEKQPGUCNRTQDNGOC E 6ÃEPKECFGEQORGVGPEKC 'UCSWGNNCGPNCSWGNQUKPFKXKFWQUUQNCOGPVG UGGUHWGTCPRQTNQITCTUWURTQRKCUOGVCU'PGUVQUECUQUTGEWTTGPCNCU GUVTWEVWTCU FG CWVQTKFCF [ NCU TGIWNCEKQPGU HQTOCNGU RCTC ICPCT NC DCVCNNC.QUEQORQTVCOKGPVQUEQORGVKVKXQUIGPGTCPNCUEQPHTQPVCEKQPGU ICPCTRGTFGTGPNCSWGWPCGUGNICPCFQT[GNQVTQGNRGTFGFQTNQEWCN NKOKVCNCETGCVKXKFCF[RCTCNKCNCDÕUSWGFCFGPWGXCUKFGCU[UQNWEKQPGU CNRTQDNGOC F 6ÃEPKECFGEQORTQOKUQ 'UNCRTKOGTCFGNCUGUVTCVGIKCUQTKGPVCFCUCNC UQNWEKÎP.QUSWGWVKNKCPGUVCVÃEPKECUGRTGQEWRCPVCPVQFGUWURTQRKQU KPVGTGUGU [ OGVCU EQOQ FG NQU KPVGTGUGU [ OGVCU FG NC QVTC RCTVG KPXQNWETCFC 2QT NQ IGPGTCN KPENW[G CNIÕP VKRQ FGPGIQEKCEKÎP GP NC SWGECFCRCTVGKPVGTGUCFCVKGPGSWGEGFGTGPCNIQEQPGNHKPFGICPCT CNIQPQJCDT¶RGTFGFQTGU G 6ÃEPKEC FG EQNCDQTCEKÎP 'U NC UGIWPFC GUVTCVGIKC QTKGPVCFC C NC UQNWEKÎP NQU KPFKXKFWQU SWG WVKNKCP NC VÃEPKEC FG EQNCDQTCEKÎP UG RTGQEWRCPFGUWURTQRKQUKPVGTGUGU[OGVCUVCPVQEQOQFGNQUKPVGTGUGU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 72.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU [OGVCUFGNCQVTCRCTVGKPVGTGUCFC0QRCTVGPFGNCDCUGFGEGFGTCNIQ EQP GN HKP FG ICPCT CNIQ RQT NQ EQPVTCTKQ RCTVGP FG NC DCUG FG SWG NC RCTVKEKRCEKÎPETGCVKXCGPGNRTQDNGOCRGTOKVGIGPGTCTWPCUQNWEKÎPGPNC SWG VQFQU UQP ICPCFQTGU .C RTKPEKRCN FGUXGPVCLC GU SWG EQPUWOG OWEJQVKGORQ 8GCOQU CJQTC EWCNGU UQP NCU XGPVCLCU [ FGUXGPVCLCU FG NCU VÃEPKECU FG IGUVKÎPFGNEQPHNKEVQ[EWCPFQWVKNKCTNC 'UVTCVGIKC %W¶PFQWVKNKCTNC %WCPFQGUPGEGUCTKCWPCCEEKÎPT¶RKFC[FGEKFKFC 'P VGOCU KORQTVCPVGU EWCPFQ GUPGEGUCTKQKORNCPVCT %QORGVGPEKC UQNWEKQPGUKORQRWNCTGU 'PVGOCUXKVCNGU RCTCGNDKGPGUVCTFGNCQTICPKCEKÎP EWCPFQGUV¶EQPXGPEKFQFGSWGVKGPGTCÎP (TGPVG C RGTUQPCU SWG UG CRTQXGEJCP FGN EQORQTVCOKGPVQPQEQORGVKVKXQ 2CTC GPEQPVTCT WPC UQNWEKÎP KPVGITCFQTC EWCPFQ NQU KPVGTGUGU FG VQFQU UQP VCP KORQTVCPVGU SWG PQ GU RQUKDNGNNGICTCWPEQORTQOKUQ %QNCDQTCEKÎP %WCPFQGNQDLGVKXQGUCRTGPFGT 2CTC CWPCT NCU GPVTCFCU FG RGTUQPCU EQP FKHGTGPVGU RGTURGEVKXCU 2CTCNQITCTGNEQORTQOKUQCNKPEQTRQTCTNQUKPVGTGUGU GPWPEQPUGPUQ 2CTCUQNWEKQPCTRTQDNGOCUGOQEKQPCNGUSWGFKHKEWNVCP NCTGNCEKÎP %WCPFQ NCU OGVCU UQP KORQTVCPVGU RGTQ PQ EQORGPUCPGNGUHWGTQQNCKPVGTTWREKÎPRQVGPEKCNFG QVTCUHÎTOWNCUO¶UCEGTVCFCU %QORTQOKUQ %WCPFQ NQU QRQPGPVGU GP KIWCNFCF FG RQFGT GUV¶P EQORTQOGVKFQUEQPOGVCUOWVWCOGPVGGZENW[GPVGU 2CTCNQITCTCTTGINQUVGORQTCNGUGPVGOCUEQORNGLQU 2CTCNNGICTCUQNWEKQPGUGZRGFKVKXCUEWCPFQGNVKGORQ CRTGOKC %QOQ CNVGTPCVKXC EWCPFQ NC EQNCDQTCEKÎP Q NC EQORGVGPEKCPQFCPTGUWNVCFQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 73.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'UVTCVGIKC %W¶PFQWVKNKCTNC %WCPFQGNCUWPVQGUVTKXKCNQGZKUVGPQVTQUVGOCUO¶U KORQTVCPVGU %WCPFQRGTEKDGSWGPQJC[RQUKDKNKFCFGUFGUCVKUHCEGT UWUKPVGTGUGU 'XCUKÎP %WCPFQ NCU EQPUGEWGPEKCU PGICVKXCU FG NC RQUKDNG KPVGTTWREKÎPUWRGTCPNQUDGPGHKEKQUFGNCTGUQNWEKÎP %WCPFQJC[SWGFCTVKGORQCNQUKPVGTGUCFQURCTCSWG UGPGPHTÈGPQ[TGEWRGTGPNCRGTURGEVKXC %WCPFQ NC TGEQIKFC FG KPHQTOCEKÎP TGGORNCC C NC UQNWEKÎPKPOGFKCVC %WCPFQ FGUEWDTG SWG GUV¶ GSWKXQECFQ RCTC NQITCT WPC RQUVWTC SWG RGTOKVC SWG NG GUEWEJGP RCTC CRTGPFGT[RCTCFGOQUVTCTSWGGUTCQPCDNG %WCPFQ GN CUWPVQ GU OCU KORQTVCPVG RCTC NQU FGO¶U SWGRCTCWUVGFRCTCUCVKUHCEGTCNQUFGO¶U[OCPVGPGT NCEQQRGTCEKÎP 2CTCICPCTRWPVQUCUWHCXQTEQPXKUVCUCQVTQUCUWPVQU HWVWTQU %QPEKNKCEKÎP 2CTC OKPKOKCT NCU RGTFKFCU EWCPFQ NG UWRGTCP GP PÕOGTQ[GUV¶RGTFKGPFQ %WCPFQ NC CTOQPÈC [ NC GUVCDKNKFCF UQP FG GURGEKCN KORQTVCPEKC 2CTC EQPVTKDWKT CN FGUCTTQNNQ FG UWU GORNGCFQU RGTOKVKGPFQSWGCRTGPFCPFGUWUGTTQTGU 2CTC WVKNKCT NC VÃEPKEC FG EQNCDQTCEKÎP RCTC IGUVKQPCT GN EQPHNKEVQ FGDG UGIWKTNQUUKIWKGPVGURCUQU N 'N RTKOGT RCUQ GU CHTQPVCT GN EQPHNKEVQ 7PC FG NCU RCTVGU VKGPG SWG TGEQPQEGT NC GZKUVGPEKCFGNEQPHNKEVQ CPCNKCTUWURTQRKQUUGPVKOKGPVQU GP TGNCEKÎP EQP GN OKUOQ [ GUVCT FKURWGUVC C CEGTECTUG C NC QVTC RCTC JCDNCTUQDTGUWUUGPVKOKGPVQU N %WCPFQ CODCU RCTVGU JCP VGPKFQ NC QRQTVWPKFCF FG GZRTGUCT UWU UGPVKOKGPVQU [ QRKPKQPGU RGTUQPCNGU FGDGP FGHKPKT GN EQPHNKEVQ GP VÃTOKPQUFGPGEGUKFCFGU N $WUECTUQNWEKQPGUSWGUCVKUHCICPNCUPGEGUKFCFGUFGCODCURCTVGU N 7VKNKCT VÃEPKECU FG RGPUCOKGPVQ ETGCVKXQ RCTC CWOGPVCT NCU RQUKDKNKFCFGU FG GPEQPVTCT WPC UQNWEKÎP UCVKUHCEVQTKC GXKVCT GOKVKT LWKEKQUUQDTGEWCNSWKGTCFGNCUUQNWEKQPGU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 74.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N KUGÌCT WP RNCP FG CEEKÎP SWG RGTHKNG NQU RCUQU PGEGUCTKQU RCTC KORNCPVCTNCUQNWEKÎP N %QOQ RCUQ HKPCN CODCU RCTVGU FGDGP KFGPVKHKECT SWÃ GU NQ SWG JCP CRTGPFKFQFGGUGEQPHNKEVQ[SWÃGUNQSWGJCT¶PGPGNHWVWTQRCTCGXKVCT SWGUGTGRKVCNCOKUOCUKVWCEKÎP '.41.'+0018#14 'N TQN FGN KPPQXCFQT GU WPQ FG NQU O¶U KORQTVCPVGU [ RTQDCDNGOGPVG GN OGPQU EQORTGPFKFQFGNQUQEJQTQNGUFGNKFGTCIQ5WRQPGGNWUQFGNCETGCVKXKFCF[NC IGUVKÎPFGNQU ECODKQU [FGNCU VTCPUKEKQPGUQTICPKCVKXCUNQEWCNGZKIGSWGGN OCPFQ UGC HNGZKDNG [ GUVÃ CDKGTVQ C NCU PWGXCU KFGCU [ PWGXCU NÈPGCU FG RGPUCOKGPVQCUÈEQOQCNQUPWGXQUTGVQUSWGCHTQPVCGPUWTQNFKTGEVKXQ .C KPPQXCEKÎP [ NC IGUVKÎP FGN ECODKQ JCEGP RQUKDNG NC RTGRCTCEKÎP [ NC CFCRVCEKÎP CN ECODKQ GP WPC UQEKGFCF .QU OCPFQU FGUGORGÌCP WP RCRGN KORQTVCPVGVCPVQGPNCKPKEKCEKÎPEQOQGPNCGLGEWEKÎPFGNECODKQQTICPKCVKXQ .CUVTGUEQORGVGPEKCUFGNKPPQXCFQTUQPEQPXKXKTEQPGNECODKQGNRGPUCOKGPVQ ETGCVKXQ[NCIGUVKÎPFGNECODKQ %QPXKXKTEQPGNECODKQ 7PQFGNQUTGVQURTKPEKRCNGUSWGCHTQPVCGNOCPFQGPUWTQNFGKPPQXCFQT GU GN FG EQPXKXKT EQP NQU ECODKQU PQ RNCPKHKECFQU [ GP QECUKQPGU PQ FGUGCFQU'PVTGNCUFKHGTGPEKCUSWGGZKUVGGPVTGGNECODKQRNCPKHKECFQ[GN ECODKQPQRNCPKHKECFQVGPGOQU N 'N ECODKQ RNCPKHKECFQ UWRQPG WPC EQPPQVCEKÎP O¶U RQUKVKXC SWG GN ECODKQPQRNCPKHKECFQ N 'N ECODKQ RNCPKHKECFQ EQPNNGXC WP UGPVKFQ FG NQITQ GN PQ RNCPKHKECFQ EQPNNGXCWPUGPVKFQFGRGTFKFC N 2QFGOQU CPVKEKRCT GN ECODKQ RNCPKHKECFQ GN ECODKQ PQ RNCPKHKECFQ GU TGRGPVKPQ N 2CTVKEKRCOQU CEVKXCOGPVG GP GN ECODKQ RNCPKHKECFQ UQOQU TGEGRVQTGU RCUKXQUFGNECODKQPQRNCPKHKECFQ N 'NECODKQRNCPKHKECFQPQETGCVCPVCUVGPUKQPGUEQOQGNPQRNCPKHKECFQ 'U KPFKURGPUCDNG SWG GN FKTGEVKXQ EQORTGPFC NCU ECWUCU RTQHWPFCU FG UW RTQRKCTGUKUVGPEKC[FGNCFGNQUFGO¶UCNECODKQPQRNCPKHKECFQ5WTGVQ GUFQDNG +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 75.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 4GVQ #[WFCTUG C UÈ OKUOQ C CFCRVCTUG C NQU ECODKQU PQ RNCPKHKECFQU SWGSWK¶UPQFGUGG[EQPNQUSWGFGJGEJQRWGFGGUVCTGPVQVCN FGUCEWGTFQ 4GVQ #[WFCTCUWUGORNGCFQUCCFCRVCTUG .CU GUVTCVGIKCU SWG NG C[WFCP C WUVGF C CHTQPVCT GN ECODKQ PQ RNCPKHKECFQ RWGFGPC[WFCTVCODKÃPCNQUFGO¶U%WCNSWKGTGUVTCVGIKCFGDGVGPGTEQOQ QDLGVKXQTGFWEKTNCTGUKUVGPEKCVCPVQNCRTQRKCEQOQNCFGNQUGORNGCFQU 2CTCWPCOGLQTVQNGTCPEKCFGNECODKQPQRNCPKHKECFQGPGNTQNFGKPPQXCFQT RQFGOQUQRVCTRQT N 4GEQPQEGT SWG FWTCPVG NQU RGTKQFQU FG CLWUVG C NQU ECODKQU PQ RNCPKHKECFQUGUVCT¶UQOGVKFQCPKXGNGUCFKEKQPCNGUFGGUVTÃU N +FGPVKHKECT NCU GUVTCVGIKCU SWG NG JCP C[WFCFQ GP GN RCUCFQCVQNGTCTGN GUVTÃURTQXQECFQRQTNQUECODKQUPQRNCPKHKECFQU N $WUECT HQTOCU FG TGRGVKT NCU EQPFKEKQPGU GZRTGUCFCU GP GN RCUQ [ EWCNGUSWKGTCQVTCUSWGRWGFCKFGPVKHKECTEWCPFQPGEGUKVGC[WFCGUFG UW RWGUVQ FKTGEVKXQ WUVGF VCODKÃP VKGPG SWG HQOGPVCT NC GZRTGUKÎP FG GUCUEQPFKEKQPGUGPUWWPKFCFFGVTCDCLQ 7PCXGUWRGTCFQGNTGVQFGFGVGTOKPCTUWRTQRKCGUVTCVGIKCFGVQNGTCPEKC RGTUQPCNUWUGIWPFQTGVQEQPUKUVGGPC[WFCTCUWUGORNGCFQUCCLWUVCTUGC NQU ECODKQU PQ RNCPKHKECFQU 'U OW[ RTQDCDNG SWG KPVGPVG JCEGT RQT NQU FGO¶UNQSWGJCUKFQÕVKNRCTCWUVGFGPVTQFGNCQTICPKCEKÎPVKGPGCUW FKURQUKEKÎPFQUJGTTCOKGPVCUKORQTVCPVGU NCEWNVWTCFGNCQTICPKCEKÎP [ UWGUVKNQFGNKFGTCIQUWTGVQGUNCJCDKNKFCFRCTCWUCTNQURCTCCHTQPVCT GNECODKQPQRNCPKHKECFQ .C EWNVWTC FG NC QTICPKCEKÎP GU GN EQPLWPVQ FG XCNQTGU ETGGPEKCU GZRGEVCVKXCU [ CEVKVWFGU EQORCTVKFQU RQT NQU OKGODTQU FG NC OKUOC .C EWNVWTCFGNCQTICPKCEKÎPGUWPHCEVQTRQFGTQUQSWGKPHNW[GGPVQFQUUWU OKGODTQU VCPVQ GP NC RGTEGREKÎP FG NQU CEQPVGEKOKGPVQU EQOQ FG NCU UKVWCEKQPGU+PHNW[GVCODKÃPGPNCHQTOCGPSWGNQUOKGODTQUKPVGTCEVÕCP[ GP UWU TGNCEKQPGU EQP NCU RGTUQPCU CLGPCU C NC QTICPKCEKÎP GP GN FGUGORGÌQ FG NCU TGURQPUCDKNKFCFGU RTQRKCU FG UW VTCDCLQ .C EWNVWTC TGHNGLCNCHQTOCGPSWGNCQTICPKCEKÎPCHTQPVCNQUECODKQURNCPKHKECFQU # OGFKFC SWG CPCNKC NC EWNVWTC FG UW QTICPKCEKÎP KFGPVKHKSWG NQU GNGOGPVQU SWG TGHWGTCP NC TGUKUVGPEKC CN ECODKQ G KPVGPVG TGFWEKTNQU 6CODKÃPFGDGKFGPVKHKECTNQUGNGOGPVQUSWGUQPEQJGTGPVGUEQPWPGPVQTPQ FGEQNCDQTCEKÎPGKPVGPVCTTGHQTCTNQU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 76.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 6TGUHQTOCUFGWVKNKCTNCEWNVWTCFGUWQTICPKCEKÎPRCTCCHTQPVCTGNECODKQ PQRNCPKHKECFQ N #RQ[G WPCEWNVWTCQTICPKCVKXC FGNCWPKFCFFGVTCDCLQSWGXCNQTGNC HNGZKDKNKFCF [ NC ECRCEKFCF FG CFCRVCEKÎP 2GTOKVC SWG UWU GORNGCFQU CRTGPFCP SWG NCU QRQTVWPKFCFGU FG ECODKQ UQP QRQTVWPKFCFGU FG CRTGPFKCLG[ETGEKOKGPVQ[GUPGEGUCTKQFCTNGUNCDKGPXGPKFC N (QOGPVGNCRCTVKEKRCEKÎPFGNQUGORNGCFQUGPNQUECODKQUSWGCHTQPVG NC WPKFCF FG VTCDCLQ #N HQOGPVCT NC RCTVKEKRCEKÎP FG NQU GORNGCFQU TGFWEGNCTGUKUVGPEKCCNECODKQ[EQPVTKDW[GCNECODKQFGEWNVWTC N %QPUKFGTG C UWU GORNGCFQU EQOQ TGEWTUQU ETGCVKXQU 2QVGPEKCT NC ETGCVKXKFCF FG UWU GORNGCFQU NGU C[WFC C EQORTGPFGT UWU RTQRKQU XCNQTGU[RWPVQUHWGTVGUGURGEÈHKEQU 'NRGPUCOKGPVQETGCVKXQ .C ETGCVKXKFCF GU GN VKRQ FG RGPUCOKGPVQ SWG IGPGTC PWGXCU KFGCU [ UQNWEKQPGU CUQEKCPFQ NCUEQUCUQKFGCUEQPQEKFCU 'LGORNQ/EQODKPC NQUCFJGUKXQUEQPNQURGSWGÌQUVTQQUFGRCRGNRCTCVQOCTPQVCUETGCPFQ NQUP2QUVKVQ ‹G SWÃ HQTOC RQFGOQU CWOGPVCT PWGUVTC JCDKNKFCF RCTC WVKNKCT GN RGPUCOKGPVQETGCVKXQ! N 6GPGOQU SWG TGEQPQEGT SWG VQFQU VGPGOQU FGVGTOKPCFQU UWRWGUVQU[ RCVTQPGUFGRGPUCOKGPVQSWGWVKNKCOQURGTQPQEWGUVKQPCOQU N 6GPGOQUSWGTGEQPQEGTSWGNCKPHQTOCEKÎPSWGWVKNKCOQURCTCIGPGTCT PWGXCUTGNCEKQPGUGPVTGNCUEQUCU[NCUKFGCUGUV¶[CGPNCOGPVG 'N RGPUCOKGPVQ ETGCVKXQ GU KOCIKPCVKXQ RTQXQECFQT [ IGPGTC WPC CORNKC XCTKGFCF FG KFGCU RQT NQ SWG FGDG KPVGPVCT FGUCTTQNNCT FGUVTGCU FG RGPUCOKGPVQETGCVKXQGPUKOKUOQ[GPNQUFGO¶U 2CTCEGPVTCTUGGPGNFGUCTTQNNQFGUWUFGUVTGCUETGCVKXCU[NCUFGNQUFGO¶U CPCNKEGNCUVTGUFKOGPUKQPGUFGNCETGCVKXKFCFFGUVTGCUTGNGXCPVGUTGURGEVQ CNCOCVGTKCQVGOCFGUVTGCUTGNGXCPVGUFGETGCVKXKFCF[OQVKXCEKÎPRCTC NCVCTGC .CUFGUVTGCUTGNGXCPVGUGPGN¶TGC 'UV¶PCUQEKCFCUEQPNQUEQPQEKOKGPVQU D¶UKEQU [ GURGEKCNKCFQU GUGPEKCNGU RCTC GN RGPUCOKGPVQ ETGCVKXQ 'N CWOGPVQFGGUVCUFGUVTGCUUWRQPGD¶UKECOGPVGGNKPETGOGPVQFGUWDCUG FG EQPQEKOKGPVQU 'LGORNQ EWCNSWKGTC PQ RWFQ JCDGT FGUEWDKGTVQ NC RGPKEKNKPC RGTQ SWK¶U EWCNSWKGT DKÎNQIQ EQP NQU EQPQEKOKGPVQU GURGEKCNKCFQU RQFTÈC JCDGTNQ JGEJQ GPVTQ FG NCU QTICPKCEKQPGU NQU EQPQEKOKGPVQUXCTÈCPGPNCUFKHGTGPVGU¶TGCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 77.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU .CUFGUVTGCUTGNGXCPVGURCTCNCETGCVKXKFCF 5QPCSWGNNCUSWGECRCEKVCPC NQUKPFKXKFWQURCTCCUQEKCTEQPEGRVQURTGXKCOGPVGKPEQPGZQURCTCRGPUCT FG HQTOC FKHGTGPVG 7PC ENCXG RCTC KPETGOGPVCT UWU FGUVTGCU GU NC JCDKNKFCF RCTC TQORGT EQP JKRÎVGUKU [ UWRWGUVQU IGPGTCNKCFQU UQDTG NC TGNCEKÎPGPVTGNCUKFGCU[NCUEQUCUFGHQTOCSWGUGCECRCFGEQPUKFGTCT PWGXCUTGNCEKQPGU'UOW[KORQTVCPVGSWGTGEQPQECNCUDCTTGTCUEWNVWTCNGU CNCETGCVKXKFCFRCTCRTQVGIGTPQUFGGNNCUOGPEKQPCTGOQUCNIWPCU N 4GUKUVGPEKCCNECODKQ N /KGFQCGSWKXQECTPQU[OKGFQCHTCECUCT N +PECRCEKFCFRCTCVQNGTCTNCCODKI×GFCFNCKPECRCEKFCFRCTCVQNGTCTNC HNGZKDKNKFCF N 6GPFGPEKCCGPLWKEKCTCPVGUSWGCIGPGTCTKFGCU N +PECRCEKFCF RCTC TGNCLCTPQU Q RCTC RGTOKVKT SWG PCEC EWCNSWKGT KFGC PWGXC N 6GPFGPEKCFGNCCWVQETÈVKECGZEGUKXC N /KGFQCNTKFÈEWNQ N %QPHQTOKUOQ Q FGUGQU FG TGURQPFGT FG NC HQTOC GURGTCFC SWK¶U NQU KPFKXKFWQU PQ SWKGTGP KT EQPVTC EQTTKGPVG Q RTGUGPVCT CTIWOGPVQU KORQRWNCTGU N %TGCEKÎP FG GUVGTGQVKRQU Q NKOKVCEKÎP FG NCU KFGCU [ QDLGVQU C UW WUQ PEQPQEKFQQNCKPECRCEKFCFRCTCEQPVGORNCTWPRTQDNGOCFGUFGFKXGTUCU RGTURGEVKXCUGUEQPUGEWGPEKCFGNQUGUVGTGQVKRQUOGPVCNGU N (CNVCFGKPHQTOCEKÎPQGZEGUQFGKPHQTOCEKÎPKPEQTTGEVCQKTTGNGXCPVGNC HCNVCFGÃUVCNKOKVCGNVTCVCOKGPVQETGCVKXQFGNCKPHQTOCEKÎP .C OQVKXCEKÎP RCTC NC VCTGC UG TGHKGTG C NC GZKUVGPEKC FG WP GPVQTPQ QTICPKCVKXQ SWG HQOGPVG NC ETGCVKXKFCF FG UWU GORNGCFQU 1HTGEGT WP GPVQTPQHCXQTCDNGCNCETGCVKXKFCFRNCPVGCOWEJQUTGVQU%QPHTGEWGPEKCNCU DCTTGTCU KPFKXKFWCNGU [ EWNVWTCNGU OGTOCP PWGUVTCU JCDKNKFCFGU RCTC ETGCT GUGVKRQFGGPVQTPQ 'ZKUVGP FQU VKRQU FG DCTTGTCU QTICPKCVKXCU SWG NQU OCPFQU VKGPGP SWG UWRGTCTEQPGNHKPFGCWOGPVCTNCUQRQTVWPKFCFGU[NCUJCDKNKFCFGUFGUWU GORNGCFQURCTCWVKNKCTGNRGPUCOKGPVQETGCVKXQNCRTKOGTCGUKPJGTGPVGC NC FGHKPKEKÎP [ GUVTWEVWTC FG NCU QTICPKCEKQPGU NC UGIWPFC GUV¶ CUQEKCFC EQPNQUGUVKNQU[NCUCEVKVWFGUFGIGUVKÎP[QHTGEGOC[QTGURQUKDKNKFCFGUFG GHGEVWCTECODKQU N .CUQTICPKCEKQPGUEQPGUVTWEVWTCUTÈIKFCUETGCPDCTTGTCUCNRGPUCOKGPVQ ETGCVKXQ FGDKFQ C SWG UQP RQECU NCU RQUKDKNKFCFGU FG ECODKCT GUCU ECTCEVGTÈUVKECUQTICPKCVKXCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 78.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N 1VTCDCTTGTCRWGFGCVTKDWKTUGCNGUVKNQFKTGEVKXQSWGEQPHTGEWGPEKCGUVC OQVKXCFQ RQT NC RTQRKC GUVTWEVWTC LGT¶TSWKEC FG NC QTICPKCEKÎP 6KGPG XCTKCUECTCEVGTÈUVKECUSWGQDUVCEWNKCPNCETGCVKXKFCFGPNQUGORNGCFQU VCNGU EQOQ GN CWVQTKVCTKUOQ [ NC ETGGPEKC FG SWG UQNCOGPVG GZKUVG WPC OCPGTCFGJCEGTNCUEQUCU .KUVCFGEQORTQDCEKÎPFGNCOQVKXCEKÎPRCTCNCVCTGC N 0QKPVGPVGFKTKIKTQDUGTXCTQKPHQTOCTGPGZEGUQ N 4GEQPQECNCUFKHGTGPEKCUKPFKXKFWCNGU8CNQTGNCUECTCEVGTÈUVKECUÕPKECU FGECFCRGTUQPC N #[WFGCUWUUWDQTFKPCFQUCEQPUKFGTCTNQURTQDNGOCUEQOQTGVQU N 'XCNÕG C UWU GORNGCFQU GP NQU CURGEVQU GP SWG GNNQU UG EQPUKFGTCP ETGCVKXQUQGPNQUSWGNGUIWUVCTÈCUGTO¶UETGCVKXQUFGVGTOKPGGNVKRQFG EQPVTKDWEKÎPETGCVKXCSWGNGUIWUVCTÈCQHTGEGT N 2GTOKVC WPC OC[QT NKDGTVCF C NQU KPFKXKFWQU RCTC FKTKIKT UW RTQRKQ VTCDCLQ N #FKÃUVTGUG C UÈ OKUOQ [ C NQU FGO¶U RCTC TGURQPFGT C NQU CURGEVQU RQUKVKXQUFGNCUKFGCURTQRWGUVCUGPNWICTFGTGCEEKQPCTUQNCOGPVGCNQU CURGEVQUPGICVKXQUSWGRQTNQIGPGTCNUQPOCUH¶EKNGUFGKFGPVKHKECT N GUCTTQNNGWPCOC[QTVQNGTCPEKCCNQUGTTQTGU N %TGGWPENKOCSWGRGTOKVCGNHTCECUQ N #EVÕG EQOQ TGEWTUQ [ CRQ[Q PQ EQOQ OGTQ EQPVTQN CEVÕG EQOQ HCEKNKVCFQT N #EVÕGEQOQCOQTVKIWCFQTGPVTGNQUGORNGCFQU[NQURTQDNGOCUGZVGTPQU QNCUGZKIGPEKCUFGNQUPKXGNGUUWRGTKQTGU N GUCTTQNNG UW RTQRKC JCDKNKFCF ETGCVKXC OGFKCPVG NC RCTVKEKRCEKÎP GP UGOKPCTKQU GURGEKCNGU .CU NGEVWTCU GURGEKCNKCFCU [ NC RT¶EVKEC FG GLGTEKEKQU[LWGIQUETGCVKXQU N #UGIÕTGUGFGVTCPUOKVKTCUWLGHGVQFCUNCUKFGCUKPPQXCFQTCU[FGOQUVTCT UWCRQ[QKPUKUVCGPNCPGEGUKFCFFGWPOGECPKUOQFGKPHQTOCEKÎPFG TGVQTPQ 7PCFGNCUGUVTCVGIKCUO¶UGHKECEGURCTCFGUEWDTKT[HQOGPVCTNCETGCVKXKFCF FGNQUGORNGCFQUGUGNDQODCTFGQFGKFGCU5GWVKNKCRCTCIGPGTCTPWGXCU KFGCU[CSWGEQODKPC NCUFGUVTGCUNQURGPUCOKGPVQU[NQUEQPQEKOKGPVQU FG NQU GORNGCFQU 'P GUVCU UGUKQPGU UG CPKOC C VQFQU NQ OKGODTQU C EQPVTKDWKTEQPUWUKFGCU .CVÃEPKECFGNITWRQPQOKPCNGUWPRTQEGUQSWGWVKNKC GNDQODCTFGQFG KFGCURCTCIGPGTCTPWGXCUKFGCU[WVKNKCNCFKUEWUKÎPFGITWRQ[NCXQVCEKÎP UKUVGO¶VKEC RCTC GNGIKT GPVTG NCU KFGCU IGPGTCFCU RQT GN ITWRQ .QU RCUQU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 79.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU UKIWKGPVGU RWGFGP C[WFCTNG C RNCPKHKECT WPC UGUKÎP FG VÃEPKEC FG ITWRQ PQOKPCN #UGIÕTGUGFGSWGVQFQUEQORCTVGPWPCOKUOCFGHKPKEKÎPFGNRTQDNGOC 2KFC C NQU RCTVKEKRCPVGU SWG GUETKDCP UWU KFGCU FWTCPVG GUVG VKGORQ PCFKG FGDG FG JCDNCT GZEGRVQ RCTCJCEGT CENCTCEKQPGUGFKSWGGPVTG K OKPCGUVGRCUQ 2GTOKVC SWG VQFQU GZRTGUGP UWU KFGCU 'UETKDKTNCU GP TQVC HQNKQU FG OCPGTCSWGVQFQUNCRWGFCPXGT GURWÃUFGGUETKDKTVQFCUNCUKFGCUTGXÈUGNCUWPCRQTWPCRGTOKVCSWG NQURCTVKEKRCPVGURTGIWPVGP[GZRTGUGPUWQRKPKÎP 2KFC C NQU RCTVKEKRCPVGU SWG XQVGP EW¶N GU UW UQNWEKÎP CNVGTPCVKXC RTGHGTKFC GP IGPGTCN GU UGETGVC [ ECFC RCTVKEKRCPVG FGDG KFGPVKHKECT KPFKXKFWCNOGPVGEKPEQKFGCURQTQTFGPFGRTGHGTGPEKC 4GXKUGNCXQVCEKÎP UKWPCFGNCUCNVGTPCVKXCUUQDTGUCNGEQOQNCQREKÎP RTGHGTKFCUGUVCRTGRCTCFQRCTCFGEKFKTNCHQTOCFGRQPGTNCGPRT¶EVKEC 'PECUQEQPVTCTKQ UGNGEEKQPGNCUEKPEQ RTKOGTCUCNVGTPCVKXCU[TGRKVCGN RCUQ CUKIPCPFQ RWPVQU UQNCOGPVG C NCU VTGU RTKOGTCU QREKQPGU RTGHGTKFCU .CIGUVKÎPFGNECODKQ .QUECODKQUUQPPGEGUCTKQU EQPGNHKPFGCNECPCTOGVCU[QDLGVKXQUVCNGU EQOQ OGLQTCU GP NC GHKEKGPEKC NQU TGEWTUQU GVE 5G QRVC GUQU ECODKQU [ CLWUVGU EQP GN HKP FG CLWUVCTPQU EQP OC[QT GHKECEKC C NC OKUKÎP FG NC QTICPKCEKÎPGPWPOWPFQGPRGTOCPGPVGOQXKOKGPVQ#PVGGUVCUKVWCEKÎP UG RWGFG VGPGT TGUKUVGPEKC FG NCU RGTUQPCU VCODKÃP GU RQUKDNG SWG GPEWGPVTGTGUKUVGPEKCRQTRCTVGFGNCQTICPKCEKÎPEQOQGPNQUUKIWKGPVGU ECUQU N %CODKQUSWGCHGEVCPCNQUTGSWGTKOKGPVQUFGEQPQEKOKGPVQU[FGUVTGCU .QU GORNGCFQU UG TGUKUVGP C NQU ECODKQ SWG JCEGP SWG UWU FGUVTGCU RCTGECPKPPGEGUCTKCU N %CODKQUCUQEKCFQUEQPRGTFKFCUGEQPÎOKECUQFGUVCVWU N %CODKQUUWIGTKFQURQTQVTQUEWCPFQWPGORNGCFQGUVCEGNQUQFGNÃZKVQ FG WP EQORCÌGTQ Q RGTEKDG SWG GN ÃZKVQ FG QVTQ RGTLWFKEC NC KOCIGP SWGVKGPGPGNOCPFQFGNQUFGO¶UGORNGCFQUQEWCPFQNCEQORGVGPEKC GUKPVGPUCFGPVTQFGNCWPKFCFFGVTCDCLQUQPRQECUNCURQUKDKNKFCFGUFG SWGNQUGORNGCFQUCEGRVGPNCUKFGCUFGUWUEQORCÌGTQU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 80.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N %CODKQUSWGEQPNNGXCPTKGUIQUEWCPFQNCEWNVWTCFGNCQTICPKCEKÎPPQ XCNQTCNCCUWPEKÎPFGTKGUIQUNQUKPFKXKFWQUPQSWKGTGPEQTTGTGNTKGUIQ FG GSWKXQECTUG [ GU RTQDCDNG SWG UG TGUKUVCP C UWIGTKT Q CEGRVCT EWCNSWKGTECODKQSWGEQPNNGXGTKGUIQU N %CODKQU SWG KPENW[GP NC CNVGTCEKÎP FG NCU TGNCEKQPGU UQEKCNGU RCTC OWEJQU NC QTICPKCEKÎP GU NC HWGPVG RTKPEKRCN FG KPVGTCEEKÎP UQEKCN EWCPFQGUVQURCVTQPGUUQEKCNGUFGCNVGTCPNCURGTUQPCUUGTGUKUVGP 7PC XG FGVGTOKPCFC NC PGEGUKFCF FG WP ECODKQ GP NQU RTQEGUQU FG VTCDCLQ NQU RTQEGFKOKGPVQU Q NC GUVTWEVWTC GN FKTGEVKXQ FGDG EGPVTCTUG GP FQU VGOCU GN FKUGÌQ FGN ECODKQ [ FGVGTOKPCT GN VKRQ FG ECODKQ PGEGUCTKQ[ GNRTQEGUQFGKORNCPVCEKÎPFGNECODKQ %ÎOQFKUGÌCTGNECODKQ 'NFKUGÌQFGNECODKQGUNQRTKOGTQSWGCHTQPVCGNOCPFQFGDGRTGIWPVCTUG UKGNECODKQGUPGEGUCTKQ[UKGUCHKTOCVKXQSWGUGVKGPGSWGECODKCT-WTV .GYKURTQRQPGWPOQFGNQ #P¶NKUKUFGNECORQFGHWGTCUGUFGEKTGZKUVGP HWGTCUSWGHCXQTGEGPGNECODKQ[HWGTCUSWGUGTGUKUVGPCNOKUOQ 2TGUKQPGUCHCXQTFGNECODKQ 2TGUKQPGUGPEQPVTCFGNECODKQ HWGTCUFGCRQ[Q HWGTCUFGTGUKUVGPEKC %CODKQUUQEKCNGU #OGPCCURGTEKDKFCUCNRQFGT %CODKQUGEQPÎOKEQUGPNCU 4WVKPC[GUVTWEVWTC UQEKGFCF .KOKVCEKÎPFGTGEWTUQU /GLQTCFGNCGHKEKGPEKC 2TGHGTGPEKCRQTNCVTCFKEKÎP /GLQTCGPNCTGNCEKÎP %CODKQUGPNQUTGSWGTKOKGPVQUFG EQUVGGHKECEKC FGUVTGCU %QORGVGPEKCRQTFKPGTQ[ 2GTFKFCUGEQPÎOKECUQFGUVCVWU TGEWTUQU (CNVCFGCRQ[QCNCUKFGCUFGNQUFGO¶U %WORNKOKGPVQFGPQTOCVKXCU 4GUKUVGPEKCCNCCUWPEKÎPFGTKGUIQU QHKEKCNGU #NVGTCEKÎPFGNCUTGNCEKQPGUUQEKCNGU 2TGUKQPGURÕDNKECU 'ZRCPUKÎP /GLQTCFGNCGHKECEKC %CODKQUCFOKPKUVTCVKXQU KURQPKDKNKFCFFGPWGXQU RTQFWEVQU %ÎOQKORNCPVCTGNECODKQ KUGÌCTNCHQTOCGPSWGGNECODKQJCFGRTQFWEKTUGGURCTCGNCIGPVGFGN ECODKQ VCP KORQTVCPVG EQOQ GN RTQEGUQ FG FKUGÌQ FGN VKRQ FG ECODKQ PGEGUCTKQ %WCNSWKGT FGUEWKFQ GP GN RTQEGUQ FG KORNCPVCEKÎP RWGFG +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 81.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU RTQ[GEVCTWPCKOCIGPGTTÎPGCFGCSWGN[GPÕNVKOCKPUVCPEKCJCEGTSWGNC KFGCHTCECUG 6TGUGUVTCVGIKCURCTCNCIGUVKÎPFGNECODKQ C 'UVTCVGIKCTCEKQPCNGORÈTKEC 'UVCGUVTCVGIKCHQOGPVCNCCFSWKUKEKÎPFGEQPQEKOKGPVQUGKPHQTOCEKÎP RCTC EQORTGPFGT OGLQT NQU CURGEVQU UWUVCPVKXQU FGN ECODKQ CFGO¶U QDNKICCGZCOKPCTOKPWEKQUCOGPVGNQURTQU[NQUEQPVTCUFGNCUKVWCEKÎP [ C RTGUGPVCT NC NÎIKEC FG NC FGEKUKÎP 2QT NQ IGPGTCN NCU RGTUQPCU TGURQPFGPO¶URQUKVKXCOGPVGCNECODKQEWCPFQNGUGZRNKECPGNRTQEGUQ [NQUFGVCNNGU D'UVTCVGIKCPQTOCVKXCTGGFWECVKXC 6KGPGGPEWGPVCNQUXCNQTGUNCUCEVKVWFGUNCUKPVGPEKQPGU[NQUJ¶DKVQU FGNQUKPFKXKFWQUKPXQNWETCFQUGPGNRTQEGUQFGECODKQ'UVCGUVTCVGIKC UWRQPG SWG NCU GZRGTKGPEKCU NCDQTCNGU CHGEVCP RGTUQPCN [ GOQEKQPCNOGPVG C NCU RGTUQPCU QDNKIC C EGPVTCTUG GP GN ECODKQ GP VÃTOKPQU FG EÎOQ TGCEEKQPCTCP NQU FGO¶U 5W RWPVQ FÃDKN NC NGPVKVWF RQT SWG IGPGTCNOGPVG UQNQ UG RWGFG FGVGEVCT UWU GHGEVQU VTCPUEWTTKFQU WPVKGORQEQPUKFGTCDNG E 'UVTCVGIKCFGRQFGTEQCEEKÎP 5GDCUCGPGNUWRWGUVQFGSWGGNKPFKXKFWQSWGFGUGCGNECODKQVKGPG O¶U RQFGT SWG CSWGN SWG VKGPG SWG CEGRVCTNQ 'P NCU QTICPKCEKQPGU VGPFGOQU C RGPUCT SWG NQU SWG QEWRCP PKXGNGU CNVQU GP NC LGTCTSWÈC VKGPGP GN RQFGT PGEGUCTKQ RCTC ETGCT WPC UKVWCEKÎP PGICVKXC .QU GORNGCFQUVCODKÃPRWGFGPWVKNKCTGUVTCVGIKCUFGRQFGTEQCEEKÎP .CUGUVTCVGIKCUCUQEKCFCUUGEGPVTCPGPFQUVKRQUFGRQFGT N 'NSWGCEQORCÌCCNCRQUKEKÎPLGT¶TSWKEC N 'NWUQFGNRQFGTOQTCNFQPFGUGWVKNKCPNQUUGPVKOKGPVQUFGEWNRC[ XGTI×GPCEQPQDLGVQFGNQITCTNCCEGRVCEKÎPFGNECODKQ 7PRWPVQHWGTVGFGGUVCGUVTCVGIKCGUSWGTGEQPQEGNCKORQTVCPEKCFGNC NGIKVKOKFCFFGNQUPKXGNGUFGFKTGEEKÎPUWRGTKQTGU5WRWPVQFÃDKNGUSWG GNWUQFGNCUCOGPCCUNCEWNRCDKNKFCFPQUQPCNCTIQRNCQGUVTCVGIKCU GHKECEGU 2CTC IGUVKQPCT GHKECOGPVG GN ECODKQ FGDGOQU VGPGT GP EWGPVC NCU UKIWKGPVGUFKTGEVTKEGU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 82.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N WTCPVG NC RNCPKHKECEKÎP FGN ECODKQ UQNKEKVG NC RCTVKEKRCEKÎP FG VQFQU NQU SWG UG XGT¶P CHGEVCFQU RQT GN OKUOQ #PKOG C UWU GORNGCFQU CWVKNKCTGNRGPUCOKGPVQETGCVKXQFWTCPVGGNRTQEGUQFG TGUQNWEKÎPFGRTQDNGOCU N *CICSWGNQUGORNGCFQUUKGPVCPNCPGEGUKFCFFGNECODKQ N /CPVGPICWPCEQOWPKECEKÎPCDKGTVC[HTGEWGPVGEQPUWUGORNGCFQU N 'XKVGNCOGPVCNKFCF QPQUQVTQUGNNQUQ N 6GPICGPEWGPVCNCUPGEGUKFCFGUKPFKXKFWCNGUFGNQUGORNGCFQU '.41.'2$41-'43 'N DTQMGT RTGUGPVC [ PGIQEKC EQP GHKECEKC GN ECODKQ [ NC HQTOC FG OGLQTCT NC QRGTCVKXCRQTNQSWGGUV¶DCUCFQGPVTGUEQORGVGPEKCUENCXGU%TGCT[OCPVGPGT WPCDCUGFGRQFGTPGIQEKCTCEWGTFQU[EQORTQOKUQU[RTGUGPVCTKFGCU %TGCT[OCPVGPGTWPCDCUGFGRQFGT %QPHTGEWGPEKCNCURGTUQPCUCHKTOCPSWGGNRQFGTGUWPPOCNPGEGUCTKQQ GP NCUQTICPKCEKQPGU[CSWGÃUVCUGZKUVGPRCTCJCEGTEQUCUNWGIQGNRQFGTUG CITWRCCNTGFGFQTFGNCUEQUCUO¶UKORQTVCPVGUSWGNCQTICPKCEKÎPJCEG[ GP VQTPQ C NCU RGTUQPCU SWG VKGPGP WP OC[QT CEEGUQ C NQU TGEWTUQU PGEGUCTKQURCTCJCEGTNCU 5QPFQUNQUPKXGNGUGPNQUSWGRQFGOQUCPCNKCTGNRQFGT N 'NOCETQPKXGNQ PKXGNQTICPKCVKXQGNRQFGTGUNCJCDKNKFCFRCTCKPHNWKT GP GN HNWLQ FG NC GPGTIÈ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ÈUVKECG+PHQTO¶VKEC
  • 83.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N 'N RQFGT FG RQUKEKÎP UW RTKOGTC HWGPVG GUV¶ GP GN RWGUVQ SWG QEWRC 'LGORNQ GN KTGEVQT FG #FOKPKUVTCEKÎP VKGPG RQFGT GP XKTVWF FG GUG RWGUVQ[CSWGEQPNNGXCITCPFGUFQUKUFGNGIKVKOKFCFGKPHNWGPEKC N 'NRQFGTRGTUQPCNRTQXKGPGFGNCHQTOCFGRTGUGPVCTUGCPVGNQUFGO¶U[ GNKORCEVQSWGNGUECWUCGUFGEKTNQUTCUIQURGTUQPCNGUSWGNQUFGO¶U GPEWGPVTCPCVTCEVKXQUKPHNW[GPVGUQRGTUWCUKXQU N 'NRQFGTGZRGTVQUGDCUCGPNCGZRGTKGPEKCSWGRWGFCVGPGTGPWP¶TGC Q ECORQ GURGEÈHKEQ FG EQPQEKOKGPVQU 1DUGTXG SWG GN RQFGT FGN GZRGTVQ PQ GU KIWCN CN TGEWTUQ RGTUQPCN FG NC KPVGNKIGPEKC 'LGORNQ GN RQFGT FGN GZRGTVQ KPHQTO¶VKEQ FG NC QTICPKCEKÎP GU OC[QT EWCPFQ GN UKUVGOCVKGPGRTQDNGOCUSWGEWCPFQGUVGHWPEKQPCUKPRTQDNGOCU N 'NRQFGTFGNCQRQTVWPKFCFUGTGNCEKQPCEQPGNRQFGTGZRGTVQRGTQGU O¶U DKGP EWGUVKÎP FG GUVCT GP GN NWICT EQTTGEVQ GP GN OQOGPVQ QRQTVWPQ %QP HTGEWGPEKC NC FKHGTGPEKC GPVTG WP NÈFGT [ WP UKORNG CFOKPKUVTCFQT EQORGVGPVG GUV¶ GP NC JCDKNKFCF FGN RTKOGTQ RCTC CRTQXGEJCTNCUQRQTVWPKFCFGU N 'N RQFGT FG NC KPHQTOCEKÎP FGRGPFG FGN CEEGUQ C NC KPHQTOCEKÎP 'LGORNQ EWCPFQ WP GORNGCFQ UG GPVGTC FGCNIQ GUECPFCNQUQCECGEKFQ FGPVTQFGWPFGRCTVCOGPVQQWPCEQTRQTCEKÎPCFSWKGTGWPITCPRQFGT FG KPHQTOCEKÎP [ GUVCT¶ QDNKICFQ C VQOCT FGVGTOKPCFCU FGEKUKQPGU OQTCNGU[RTQHGUKQPCNGUGP VÃTOKPQUFGEÎOQWVKNKCTNC #EQPVKPWCEKÎPWPCNKUVCFGOQFQUGURGEÈHKEQUFGKPHNWKTCFCRVCFQUCNTQN[ PKXGNSWGQEWRGNCRGTUQPCEQPNCSWGKPVGPVGWVKNKCTUWKPHNWGPEKC 572'4+14'5 N $WUSWGNCHQTOCFGTGUQNXGTNQURTQDNGOCUSWGUWUUWRGTKQTGUCHTQPVCP N GOWGUVTGCUWUUWRGTKQTGUSWGXCNQTCNQSWGGNNQUJCEGPRQTC[WFCTNG N #PKOGCUWUUWRGTKQTGUCFKUEWVKTUWURTQDNGOCUGUEWEJGCVGPVCOGPVG[ QHTÃECNGUEQORTGPUKÎP[CRQ[Q N 1HTGECKPHQTOCEKÎPFGTGVQTPQEQPUVTWEVKXCUQDTGNCUCEVKXKFCFGUFGUWU UWRGTKQTGU N +PFKSWG C UWU UWRGTKQTGU HQTOCU FKHGTGPVGU GP NCU SWG WUVGF RWGFG WVKNKCTUWUFGUVTGCU N 5GC NGCN KPENWUQ GP UKVWCEKQPGU FKHÈEKNGU C OGPQU SWG GUVÃ GP LWGIQ CNIÕPRTKPEKRKQÃVKEQQRTQDNGOCNGICN N 5GC ENCTQ GP GN GSWKNKDTKQ FG NQU KPVGTECODKQU GPVTG CODQU 5K WUVGF EQPUKFGTCSWGNGWVKNKCPQGZRNQVCPFGCNIWPCOCPGTCKPVGPVGPGIQEKCT 5KGUVQPQHWPEKQPCDWUSWGQVTQLGHG +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 84.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU %1/2#¤'415 N +FGPVKHKSWG HQTOCUFGC[WFCTCUWUEQORCÌGTQU CNQITCTUWUOGVCU[C SWGUGUKGPVCP[RTQ[GEVGPNCKOCIGPFGVTKWPHCFQTGU N +PVGPVGEQORTGPFGTUWURTQDNGOCUGKPVGTECODKCTKPHQTOCEKÎPÕVKN N +FGPVKHKSWGOGVCUEQOWPGUGPNCUSWGVTCDCLCTEQPLWPVCOGPVG N %TGGITWRQKPHQTOCNGUFGTGUQNWEKÎPFGRTQDNGOCUGPVTGNCUWPKFCFGU N %WCPFQWPEQORCÌGTQUGEQPXKGTVCGPWPRTQDNGOCEQPUKICSWGQVTQU NGRTGUKQPGPRCTCSWGTGITGUGCNDWGPECOKPQ 57$14+0#15 N +PVGPVGEQPUEKGPVGOGPVGKPETGOGPVCTNCEQPHKCPCSWGVKGPGPGPWUVGF N 4GEQPQECGNDWGPTGPFKOKGPVQ N #N JCDNCT EQP UWU LGHGU CVTKDW[C C UWU UWDQTFKPCFQU GN OÃTKVQ FG UWU KFGCU N #[ÕFGNGU C TGUQNXGT CSWGNNQU RTQDNGOCU SWG UWRGTGP UW JCDKNKFCF Q GZRGTKGPEKC N /CPVÃPICNGUCNFÈCFGVQFCNCKPHQTOCEKÎP[VGPFGPEKCUFGUWECORQFG GURGEKCNKFCF N (CEKNÈVGNGUHQTOCEKÎP2TQOWGXCUWFGUCTTQNNQRTQHGUKQPCN N 0QRTGVGPFCPWPECSWGUCDGCNIQEWCPFQTGCNOGPVGPQNQUCDG N 4GCNKEGEQPTGIWNCTKFCFGXCNWCEKQPGUFGTGPFKOKGPVQ N 0QVGOCJCDNCTUQDTGUWFGRGPFGPEKCOWVWC N %NCTKHKSWGUWUTGURQPUCDKNKFCFGUEQPGNNQU[NCUFGGNNQUEQPWUVGF 0GIQEKCTCEWGTFQU[EQORTQOKUQU .QUDTQMGTUGZRGTVQUUQPPGIQEKCFQTGUHKTOGUUCDGPEQPGZCEVKVWFSWÃGU NQSWGPGEGUKVCPRGTQVCODKÃPUCDGPSWGNCURGTUQPCUEQPNCUSWGVTCVCPC UW XG VKGPGP UWU RTQRKCU PGEGUKFCFGU .QU DTQMGTU GHKECEGU VKGPGP GP EWGPVCGUCUPGEGUKFCFGUEWCPFQEQOKGPCPGNRTQEGUQ .CHCNVCFGENCTKFCFFGNCUGZRGEVCVKXCUGUWPCFGNCURTKPEKRCNGUHWGPVGUFG GUVTÃU GP NC XKFC QTICPKCVKXC 3WGTGOQU SWG PWGUVTQU LGHGU UGCP O¶U GZRNÈEKVQUUQDTGNQSWGFGUGCP[EQOQSWKGTGPSWGHWPEKQPGOQU.CGUECNC FG NKDGTVCF FGUETKDG GN ITCFQ FG NKDGTVCF Q CWVQPQOÈC SWG FGUGC GP UWU TGNCEKQPGUEQPNQUPKXGNGUUWRGTKQTGUNQUKPHGTKQTGU[NQUKIWCNGU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 85.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 0KXGN#EVÕCRQTUWEWGPVCUQNCOGPVGKPHQTOGUTWVKPCTKQU 0KXGN#EVÕCRGTQKPHQTOCFGKPOGFKCVQ 0KXGN4GEQOKGPFCNWGIQGORTGPFGNCCEEKÎPTGUWNVCPVG 0KXGN2TGIWPVCSWÃGUNQSWGJC[SWGJCEGT 0KXGN'URGTCJCUVCSWGVGFKICPNQSWGVKGPGUSWGJCEGT %WCPFQ WUVGF FGUGORGÌC GN RCRGN FG UWDQTFKPCFQ NC UKVWCEKÎP GU O¶U EQORNGLC3WK¶HWPEKQPGUCNPKXGNEQPUWLGHGRGTQUKGPVGNCPGEGUKFCF FGCXCPCTCNPKXGNGPNCOC[QTÈCFGRTQ[GEVQU.CRQUKEKÎPSWGQEWRGGP NCGUECNCXCTKCT¶FGRGPFKGPFQFGNPKXGNFGCPUKGFCFGKPVGTÃURGTUQPCNFG UWLGHGGPNQUFKHGTGPVGURTQ[GEVQU[TGURQPUCDKNKFCFGUGPNQSWGWUVGFGUVÃ KPXQNWETCFQ 2TGUGPVCT NCUKFGCURTGUGPVCEKQPGUXGTDCNGUGHKECEGU 'PNCXKFCQTICPKCVKXCTGCNKCOQUNCOC[QTRCTVGFGNVTCDCLQGPITWRQURQT NQSWGNCEQOWPKECEKÎPGUXKVCNRCTCVQFQUNQUTQNGUSWGFGUGORGÌCGPUW ECNKFCFFGFKTGEVKXQ.CUGUVTCVGIKCU[QREKQPGURCTCEQOWPKECTPQUEQPWP ITWRQ FGDGP GUVCT OQVKXCFCU RQT VTGU EQPUKFGTCEKQPGU PWGUVTQ RTQRÎUKVQ PWGUVTCCWFKGPEKC[PWGUVTQUTGEWTUQU .CURTGUGPVCEKQPGUGHKECEGUUGEGPVTCPGPNCCWFKGPEKC[PQGPGNQTCFQT.C CEVKVWF EQPUKIWG VTGU QDLGVKXQU ICTCPVKCT C NQU Q[GPVGU SWG XCNG NC RGPC GUEWEJCTNGETGCTWPGUVCFQFGCPKOQ[WPCRTQRGPUKÎPCNCGUEWEJC[CNC CEGRVCEKÎP[UGÌCNCTGNECOKPQFGNXKCLGSWGWUVGFKPVGPVCGORTGPFGTEQP UWCWFKGPEKC N %TGFKDKNKFCFICTCPVKCCNCCWFKGPEKCSWGWUVGFGUWPQTCFQTKPHQTOCFQ [NGIÈVKOQ N %NKOC EQPUKUVG GP GN GUHWGTQ SWG WUVGF JCEG RCTC EQPGEVCT EQP NC CWFKGPEKC [ NNGXCTNC C WP GUVCFQ FG ¶PKOQ Q GUVKNQ CFGEWCFQ C NC RTGUGPVCEKÎP 'P RTKOGT NWICT RKGPUG GP NC VCTGC FGN QTCFQT FG GUVCDNGEGTPTGNCEKÎPQ N %QPVGPKFQ CRQTVC GN PRNCP FG TWVCQ SWG WUVGF HCEKNKVC C UW CWFKGPEKC %WCPFQ JCDNG C WP ITWRQ FÈICNG SWG GU NQ SWG XC C UWEGFGT FGUFG GN EQOKGPQ FG UW RTGUGPVCEKÎP GHKPC NQU VÃTOKPQU [ GXKVG WVKNKCT GN CTIQVVÃEPKEQGPNCOGFKFCSWGUGCRQUKDNG .C UGEWGPEKC C UGIWKT GU XKVCN CWPSWG EQP HTGEWGPEKC PQ UG NG RTGUVC NC FGDKFCCVGPEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 86.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N %QOWPKSWG RTKOGTQ GN OGPUCLG O¶U KORQTVCPVG [ C EQPVKPWCEKÎP CRÎ[GNQEQPCTIWOGPVQU[FGVCNNGU7PCDWGPCRTGUGPVCEKÎPEQOWPKEC CNEQOKGPQNQURWPVQUKORQTVCPVGU[O¶UCFGNCPVGNQUTGURCNFC N %ÎOQFGEKFKTNCUGEWGPEKCWPCGUVTCVGIKCOW[ÕVKNEQPUKUVGGPWVKNKCTGN O¶IKEQ PWOGTQ PVTGUQ FGHKPC Q GZRTGUG GN RTQDNGOC Q UKVWCEKÎP GURGEKHKSWGVTGURWPVQUFGCRQ[QCD[E[VGTOKPGEQPWPTGUWOGP #N JCDNCT KPVGPVG WVKNKCT GN VKRQ FG CTIWOGPVCEKÎP SWG VGPIC WPC OC[QT TGNGXCPEKC XCNKFG G KORCEVQ [ NC KPHQTOCEKÎP FGDG GUVCT CN CNECPEG FGN Q[GPVG .CU RTGUGPVCEKQPGU VCODKÃP RWGFG OGLQTCTNQ WVKNKCPFQ WPCU DWGPCUC[WFCUXKUWCNGU[RTQEWTCPFQSWGNCVTCPUKEKÎPFGWPRWPVQCQVTQ UGCNQO¶UENCTCRQUKDNG .CU C[WFCU XKUWCNGU UQP FG ITCP KORQTVCPEKC 8KXKOQU GP WP GTC XKUWCN [ RTQEGUCOQU XKUWCNOGPVG NCOC[QT RCTVGFGPWGUVTCKPHQTOCEKÎP RGTQJC[ SWGVGPGTCNIWPCUEQPUKFGTCEKQPGU N 0QRGTOKVCSWGNCUC[WFCUXKUWCNGUEQPVTQNGPUWRTGUGPVCEKÎP N .CU C[WFCUXKUWCNGUCWOGPVCPNCEQORTGPUKÎPFGNCCWFKGPEKC[OGLQTCP UWETGFKDKNKFCF N .CUC[WFCUXKUWCNGUGUV¶PFKTKIKFQUHWPFCOGPVCNOGPVGCNCCWFKGPEKCPQ CNQTCFQT N .CU C[WFCU XKUWCNGU TGSWKGTGP OWEJQU GURCEKQU GP DNCPEQ 5K WVKNKC RCNCDTCU PQ KPENW[C OCU FG EKPEQ CRCTVCFQU GP NC VTCPURCTGPEKC [ PQ O¶UFGEKPEQRCNCDTCURQTCRCTVCFQ N .CUC[WFCUXKUWCNGURWGFGPJCEGTNGRCUCTWPOCNTCVQUKPQGPUC[CCPVGU NC HQTOC FG WVKNKCTNCU 2TCEVKSWG GN TKVOQ [ NC UGEWGPEKC JCUVC SWG UG UKGPVCEÎOQFQWVKNK¶PFQNCU '.41.'+4'%614 'P GUVG TQN UG GURGTC SWG GN FKTGEVKXQ ENCTKHKSWG NCU GZRGEVCVKXCU WVKNKCPFQ RTQEGUQU VCNGU EQOQ NC RNCPKHKECEKÎP [ NC HKLCEKÎP FG QDLGVKXQU SWG UGC WP KPFKECFQT FGEKFKFQ SWG FGHKPC NQU RTQDNGOCU GUVCDNGEC NQU QDLGVKXQU GURGEKHKSWGNQUTQNGU[NCUVCTGCUIGPGTGNCUPQTOCURQNÈVKECUGKPUVTWEEKQPGU2CTC GNNQFGDGEGPVTCTUGGPNCUUKIWKGPVGUEQORGVGPEKCUVQOCFGKPKEKCVKXCUHKLCEKÎPFG OGVCUFGNGICEKÎPGHKEC 6QOCFGKPKEKCVKXCU 2CTCWPCGHGEVKXCVQOCFGKPKEKCVKXCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 87.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N 7VKNKEG WPC OQVKXCEKÎP KPVGTKQT GN RWPVQ FG RCTVKFC GU OCPVGPGT WPC CEVKVWF OGPVCN RQUKVKXC CEQUVWODT¶PFQUG C GPHQECT ECFC WPC FG NCU VCTGCUEQPOWEJCGPGTIÈC[FGHQTOCRQUKVKXC N %GPVTCTUG GP NCU VCTGCU O¶U KORQTVCPVGU GU FGEKT FGDGOQU CRTGPFGT C IGUVKQPCTGNVKGORQ N 5GCRGTUKUVGPVG[VGPICRCEKGPEKCSWGUQPETWEKCNGUHTGPVGCNCKPGTEKC 5KPGODCTIQRCEKGPEKCPQUKIPKHKECRCUKXKFCF.CQDUVKPCEKÎPNNGXCFCC GZVTGOQURWGFGEQPUKFGTCTUGEQOQETWGNFCF N %QPVCIKGGNFGUGQFGNCGZEGNGPEKC N %CVCNKEGNC CEEKÎPKPVGNKIGPVGCEVKXCT[JCEGTFGDGPEGPVTCTUGGPVQTPQC OGVCU[QDLGVKXQUENCTCOGPVGGURGEKHKECFQU[TGCNKUVCU .CUENCXGURCTCNCECRCEKFCFFGFGEKUKÎP N 5GTEQPUEKGPVGFGSWGRWGFGHTCECUCTRQTSWGVQFCFGEKUKÎPEQPNNGXCWP EKGTVQTKGUIQNQEWCNKORNKECWPRQVGPEKCNHTCECUQ5KPQURTGQEWRCOQU FGPQHTCECUCTPQVQOCTGOQUFGEKUKQPGU.QUEQORQPGPVGUFGGTTQTGU[ NQUHTCECUQUUQPWPEQORQPGPVGPCVWTCNFGNRTQEGUQFGNKFGTCIQ N 5GT EQPUEKGPVG FG SWG RWGFG ECODKCT UW FGEKUKÎP .CU FGEKUKQPGU UQP TGXQECDNGUEWCPFQUGQRQPICCWPCFGEKUKÎPUGCEQPUEKGPVGFGSWGPQ UKGORTGRWGFGVGPGTNCUGIWTKFCFVQVCN N 0Q RQPIC FGOCUKCFQ ÃPHCUKU GP NQU JGEJQU [ NC KPHQTOCEKÎP 0Q EQPXKGTVCGNCP¶NKUKUGPHKPGPNWICTFGWVKNKCTNQEQOQWPOGFKQ'PGN OWPFQ TGCN PQ UKGORTG VGPGOQU NC UWHKEKGPVG KPHQTOCEKÎP RCTC VQOCT WPCFGEKUKÎP N %QPHÈG GP UWU UGPUCEKQPGU G KPVWKEKQPGU [ GP NC KFGC FG NQ SWG GU EQTTGEVQ %QP HTGEWGPEKC UG ETKVKEC NC KPVWKEKÎP NQU RTGUGPVKOKGPVQU PQ UQP GURQPV¶PGQU VKGPGP WPC DCUG FG PWGUVTC GZRGTKGPEKC [ GP PWGUVTQ GUVKNQFGVQOCFGFGEKUKQPGU N 1DVGPIC FCVQU FG UWU EQNGICU [ FG QVTCU RGTUQPCU EW[CU QRKPKQPGU TGURGVC N 7VKNKEGGZRGTVQUGZVGTPQUEWCPFQUGCPGEGUCTKQ'PVGOCUOW[UGTKQUPQ UG FGDG KORTQXKUCT VQOCPFQ FGEKUKQPGU T¶RKFCU WPC NNCOCFC CN RTQHGUKQPCN KPFKECFQ RWGFG HCEKNKVCTNG NC KPHQTOCEKÎP SWG NG C[WFCT¶ C SWGNCFGEKUKÎPEQTTGEVCUGCO¶UGXKFGPVG N )GPGTG GN OC[QT PÕOGTQ FG RQUKDNGU UQNWEKQPGU DWUSWG WPC JQLC FG RCRGN OCPVGPIC EQPUKIQ OKUOQ WPC UGUKÎP FG DQODCTFGQ FG KFGCU [ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 88.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU GPWOGTG VQFCU NCU RQUKDNGU UQNWEKQPGU SWG UG NG QEWTTCP RQT OW[ FKURCTCVCFCUSWGNGRCTGECP N *CIC FG CDQICFQ FG FKCDNQ 'NKOKPG VQFQU NQU TGUWNVCFQU OGFKQU [ EÃPVTGUGGPNQUGZVTGOQU2KGPUGGPGNOGLQT[GNRGQTTGUWNVCFQRQUKDNG FGUWFGEKUKÎPEWCPVQGUV¶FKURWGUVQCCTTKGUICT N 2QURQPIC NC FGEKUKÎP 5K NC UKVWCEKÎP CUÈ NQ GZKIG PQ VGOC TGVTCUCT NC FGEKUKÎPPQUWRQPGWPUKIPQFGFGDKNKFCF0QJC[SWGFGEKFKTNQCJQTC OKUOQGU[CWPCITCPFGEKUKÎP (KLCEKÎPFGOGVCU #EQPVKPWCEKÎPGZCOKPCTGOQUWPEQPLWPVQFGVÃEPKECUFGUCTTQNNCFCURCTC CWOGPVCTNCGHKECEKCFGNCHKLCEKÎPFGOGVCUV¶EVKECU .CUOGVCUGURGEÈHKECU[FGUCHKCPVGUIGPGTCPWPTGPFKOKGPVQUWRGTKQTCNFG NCU OGVCU KORTGEKUCU H¶EKNGU FG CNECPCT 'U FGEKT UG FGDG FGHKPKT EQP ENCTKFCF GP VÃTOKPQU FG SWG GU NQ SWG VKGPG SWG UWEGFGT EQP SWG HTGEWGPEKCGPSWGECPVKFCF[RCTCEWCPFQ .C KPHQTOCEKÎP FGN TGVQTPQ UQDTG GN RTQITGUQ HCXQTGEG GN RTQEGUQ NC KPHQTOCEKÎPUQDTGGNRTQITGUQCNECPCFQGUGUGPEKCN %WCPFQJC[OCUFGWPCOGVCGUPGEGUCTKQGUVCDNGEGTRTKQTKFCFGUVCODKÃP UKTXG RCTC XGTKHKECT NCU GZRGEVCVKXCU VCPVQ FGN FKTGEVKXQ EQOQ FG NQU UWDQTFKPCFQU .C EQORGVGPEKC KPHQTOCN FG NQU GORNGCFQU ECWUCFC RQT NC HKLCEKÎPFGOGVCU[NCKPHQTOCEKÎPFGTGVQTPQCWOGPVCNQUDGPGHKEKQUFGN RTQEGUQ 'UPGEGUCTKQTGEQORGPUCTGNNQITQFGNCUOGVCU[GNTGPFKOKGPVQOGFKCPVG WPCXCTKGFCFFGKPEGPVKXQUGEQPÎOKEQUQTGEQORGPUCUPQGEQPÎOKECU.C HKLCEKÎP FG OGVCU RWGFG UGT WP EQORQPGPVG KORQTVCPVG FG NC IGUVKÎP FGN TGPFKOKGPVQ .CU RGTUQPCU VKGPGP SWG FGUCTTQNNCT RNCPGU FG CEEKÎP RCTC NQITCTUWUOGVCU .CU OGVCU FGDGP HKLCTUG GP WP GPVQTPQ FG CRQ[Q GP GN SWG NQU FKTGEVKXQU C[WFGP[CPKOGPCUWUGORNGCFQUCVTKWPHCT[UGIÕPEQOQUGWVKNKEGPNCU OGVCU RWGFGP KPETGOGPVCT Q FKUOKPWKT GN GUVTÃU RGTEKDKFQ RQT NQU UWDQTFKPCFQU GNGICEKÎPGHKEC 2CTCWPCFGNGICEKÎPGHKECEQPUKFGTGNQUUKIWKGPVGURWPVQU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 89.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N %NCTKHKSWG GP UW RTQRKC OGPVG SWG GU NQ SWG FGUGC SWG UG JCIC WPC HQTOCGUGUETKDKÃPFQNQ N #UKIPGNCVCTGCO¶UCFGEWCFCCNGORNGCFQO¶UCFGEWCFQ N #N CUKIPCT NC VCTGC CUGIÕTGUG FG GZRTGUCTUG EQP ENCTKFCF RNCPVGG RTGIWPVCU RCTC FGVGTOKPCT UKP EQORTGPFGP GP RTQHWPFKFCF NC VCTGC #UGIÕTGUGFGCENCTCTNCUHGEJCUVQRG[NQUJQTKQPVGUFGVKGORQ N /CPVGPICCDKGTVQNQUECPCNGUFGFKHWUKÎPFGLGOW[ENCTQSWGWUVGFGUV¶ FKURQPKDNGRCTCEQPUWNVCUQFKUEWUKQPGU N 2GTOKVCSWGNQUGORNGCFQUJCICPNCVCTGCFGNCHQTOCGPSWGUGUKGPVCP O¶U EÎOQFQU FGOWÃUVTGNGU EQPHKCPC GP UWU JCDKNKFCFGU 0Q VGPIC GZRGEVCVKXCU FGOCUKCFQ GNGXCFQU RCTC SWG NC ÕPKEC CNVGTPCVKXC UGC GN HTCECUQ N %QORTWGDGGNRTQITGUQRGTQPQUGNCPEGCNTGUECVGCNRTKOGTUÈPVQOC FGNHTCECUQ N 4GURQPUCDKNKEG C NC RGTUQPC FGN VTCDCLQ [ FG EWCNSWKGT FKHKEWNVCF SWG RWGFCUWTIKTRGTQJ¶ICNQFGUFGWPCRQUKEKÎPFGOCGUVTQPQFGCIGPVG FGRQNKEÈC#PCNKEGNQSWGGUV¶OCN [C[ÕFGNGUCFGUCTTQNNCTUWURTQRKCU UQNWEKQPGU N +IPQTCT NQU GUHWGTQU FG NQU GORNGCFQU RWGFG UGT FGUCUVTQUQ RCTC NC OQVKXCEKÎP 4GEQPQEC NQU NQITQU [ FGOWGUVTG SWG NQU XCNQTC CFGEWCFCOGPVG '.41.'2417%614 5GGURGTCSWGNQUFKTGEVKXQUGUVÃPQTKGPVCFQUCNCVCTGCEGPVTCFQUGPGNVTCDCLQ[ OW[ KPVGTGUCFQU GP NC VCTGC SWG VKGPGP GPVTG OCPQU 6CODKÃP FGDG OQUVTCT WP CNVQPKXGNFGOQVKXCEKÎPGPGTIÈC[HWGTCKPVGTKQT 2TQFWEVKXKFCF[OQVKXCEKÎPRGTUQPCN 5GEGPVTCGPEQOQWUVGFEQOQFKTGEVKXQFGUEWDTGGNSWGFQPFGEQOQ[ RQTSWGRCTCOQVKXCTUGJCUVCCNECPCTNQU CNVQU PKXGNGUFGRTQFWEVKXKFCF GURGEKCNOGPVG UG GPHQEC GN TGPFKOKGPVQ RGTUQPCN QRVKOQ RCTC SWG GN RGTUQPCNUGQTKGPVGCTGUWNVCFQUFGDKFQCUWUGPVKFQFGOKUKÎPRGTUQPCN[ VGPGT NCECRCEKFCFFGCWVQIGUVKÎP[FGFQOKPKQFGNGSWKRQCUÈEQOQVGPGT NCECRCEKFCFFGJCEGTNQUCLWUVGURGTVKPGPVGU[IGUVKQPCTGNECODKQ 'UVCUIGUVKQPGUUQP N %QORTQOKUQ7PCNVQPKXGNFGEQORTQOKUQRCTCRTQVGIGCNCURGTUQPCU FGNQUGHGEVQUPGICVKXQUFGNGUVTÃU[FGNCUQDTGECTICFGVTCDCLQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 90.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N 4GVQ 'U GN FGUGQ [ PGEGUKFCF FG GPHTGPVCTUG C WP PKXGN CFGEWCFQ FG TGVQ NC DÕUSWGFC EQJGTGPVG FG NQU TKGUIQU TCQPCDNGU [ FG QRQTVWPKFCFGURCTCRGTUGIWKTOGVCUO¶UCORNKCU N 2TQRÎUKVQ .QU FKTGEVKXQU PQ UQNCOGPVG VKGPGP SWG EQPQEGT NCU TGURWGUVCU C NCU RTGIWPVCU UKPQ SWG VCODKÃP VKGPGP SWG GUVCT FG CEWGTFQEQPNCUTGURWGUVCU N %QPVTQN 'N TGPFKOKGPVQ QRVKOQ GZKIG WP GSWKNKDTKQ FGFKECFQ GPVTG NC CWVQPQOÈCGPNCCEEKÎP[NCECRCEKFCFRCTCEQTTGURQPFGTCWPCU OGVCU ENCTCU[GURGEKHKECU N 5WRGTCEKÎP /QVKXCEKÎP RCTC UWRGTCT NQU PKXGNGU CPVGTKQTGU FG TGPFKOKGPVQQNCPOGLQTCRGTOCPGPVGQ N 'SWKNKDTKQ 5QP ECRCEGU FG IGUVKQPCT [ FKUHTWVCT EQP UW VTCDCLQ UW HCOKNKCUWUCOKIQU[UWUOQOGPVQUFGQEKQ /QVKXCT CNQUFGO¶U 7PCFGNCUCURKTCEKQPGUO¶UEQOWPGUGPVTGNQUSWGVTCDCLCPEQPQVTCIGPVG GU NC FG UGT ECRCEGU FG OQVKXCT C NCU RGTUQPCU EQP NCU SWG VTCDCLCP WPC UGPUCEKÎP FG HTCECUQ GP GUC CURKTCEKÎP EQP HTGEWGPEKC EQPNNGXC HWGTVGU UGPUCEKQPGUFGEWNRC[NCFKUOKPWEKÎPFGNCCWVQGUVKOC PQUQ[ECRCFG OQVKXCTCOKUEQNCDQTCFQTGURQTNQVCPVQUQ[WPOCNFKTGEVKXQ 2GTQRCTCRQFGTOQVKXCTCNQUFGO¶URTKOGTQPGEGUKVCOQUGPVGPFGTNQSWG GUQUWRQPG/QVKXCTCNQUFGO¶UEQPUKUVGGPETGCTWPCUKVWCEKÎPGPNC SWG NGQHTGECOQUCNIQXCNKQUQCNQVTQGPHWPEKÎPFGUWOCRCCEVKVWFKPCN 'UQRTGUWRQPG C %QPQEGTCNQVTQUCDGTNQSWGXCNQTC/QVKXCTCNQVTQKORNKECEQPQEGTNG RTGUVCTNG CVGPEKÎP FGUCTTQNNCT PWGUVTC RGTEGREKÎP [ PWGUVTC ECRCEKFCF FGGORCVÈCGUFGEKTCRTGPFGTCUGTTGEGRVKXQU%QPHTGEWGPEKCUGCUQEKC NC ECRCEKFCF FG OQVKXCT CN QVTQ EQP NC PCEEKÎPQ RGTQ NC OQVKXCEKÎP GORKGCEQPNCPQCEEKÎPEQPNCQDUGTXCEKÎP[GNTGURGVQCNQVTQ D %WCPFQ GN GPVQTPQ QHTGEG NCU EQUCU SWG XCNQTCOQU PQ JCEG HCNVC SWG PCFKG PQU OQVKXG %WCPFQ UG VKGPG RQFGT RCTC JCEGTNQ ECODKCT NQU GUVÈOWNQU GZVGTPQU GU NC HQTOC O¶U T¶RKFC FG EQPUGIWKT TGUWNVCFQU 'N RTQDNGOC GU SWG EQP HTGEWGPEKC PQU XCOQU C GPEQPVTCT EQP SWG PQ VGPGOQURQFGTRCTCECODKCTGNGPVQTPQFGOCPGTCCFGEWCFC %WCPFQPQRQFGOQUECODKCTGNGPVQTPQRCTCCFGEWCTNQCNCUCEVKVWFGUFGN QVTQGNÕPKEQGNGOGPVQUQDTGGNSWGRQFGOQUVTCDCLCTUQPUWUCEVKVWFGU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 91.
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  • 92.
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  • 93.
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  • 94.
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  • 95.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU *COOGT FGHKPG NC TGKPIGPKGTÈC FG PGIQEKQU EQOQ TGRNCPVGQ HWPFCOGPVCN [ TGFKUGÌQTCFKECNFGNQURTQEGUQUFGPGIQEKQURCTCCNECPCTOGLQTCUGPQTFGPFG OCIPKVWF GP GN TGPFKOKGPVQ FG EQUVQU ECNKFCF UGTXKEKQU [ TCRKFG %WCPFQ JCDNCOQUFGOGLQTCUGPQTFGPFGOCIPKVWFPQUTGHGTKOQUCRQTGLTGFWEKT NQUEQUVQUQKPETGOGPVCTGPWPNCECNKFCF[UCVKUHCEEKÎPFGNQUWUWCTKQU0Q GPWP .CTGKPIGPKGTÈCUGRNCPVGCTGRGPUCT[TGJCEGTNQURTQEGUQUFGWPCQTICPKCEKÎPGP HWPEKÎPFGFQUCTIWOGPVQUEGPVTCNGU N GN CTIWOGPVQ RTQ CEEKÎP EQPUKUVG GP NC TCÎP HWPFCOGPVCN FGN RQTSWÃ SWGTGOQUQFGDGOQUECODKCT5KPQGZKUVGWPCTCÎPRQFGTQUCPQXCOQUC JCEGTGNECODKQ'UEQOQEWCPFQGNFQEVQTNGFKEGCNRCEKGPVGSWGVKGPGSWG ECODKCT FG TÃIKOGP FG XKFC Q SWG UG XC C OQTKT GP WP OGU /KGPVTCU O¶U TCFKECN [ EQPVWPFGPVG UGC ÃUVG CTIWOGPVQ RTQ CEEKÎP O¶U EQPXGPEKFQU GUVCTGOQUFGJCEGTGNECODKQ N GNCTIWOGPVQRTQXKUKÎPEQPUKUVGGPNCXKUKÎPSWGPQUCVTCGGUFGEKTGNQDLGVKXQ Q GN KFGCN SWG GUVCOQU DWUECPFQ EQP GN ECODKQ /KGPVTCU O¶U ENCTC UGC NC XKUKÎPFGNQSWGDWUECOQUO¶UH¶EKNOGPVGPQUGPECOKPCTGOQUJCEKCGNNQ[NQ NQITCTGOQU .C 4GKPIGPKGTÈC GP WP RTKOGT OQOGPVQ GU WP RTQEGUQ SWG FGDG TGCNKCTUG FG CTTKDCJCEKCCDCLQGUFGEKTSWGFGDGUGTKPKEKCFCRQTGNNÈFGTFGWPCQTICPKCEKÎP Q FG WP RCÈU NÈFGT VTCPUHQTOCEKQPCN 5K PQ GZKUVG XQNWPVCF RQNÈVKEC Î KPUVKVWEKQPCNFGNNGXCTNCCECDQUKPQJC[FGEKUKÎP[UKPQUGECPCNKCPTGEWTUQUC NCOKUOCGUV¶PQRTQURGTCT¶ 'PWPUGIWPFQOQOGPVQNCTGKPIGPKGTÈCTGSWKGTGFGWPKORWNUQFGTGHWGTQGP UGPVKFQ KPXGTUQ GU FGEKT FG CDCLQ JCEKC CTTKDC [C SWG UK PQ UG KPXQNWETC GP NC OKUOCCVQFQUNQUOKGODTQUFGNCQTICPKCEKÎPGPVQPEGUHTCECUCT¶RQTSWGGPGN OGLQTFGNQUECUQUNCIGPVGFGCDCLQVTCDCLCT¶GPQVTQUGPVKFQQFKTGEEKÎPQGPGN RGQTUCDQVGCT¶QDQKEQVGCT¶GNECODKQ 5KP GODCTIQ NC RTKPEKRCN CFXGTVGPEKC FG NC TGKPIGPKGTÈC GU SWG UK WPQ PQ GUV¶ EQPXGPEKFQFGNNGXCTNCCECDQQFGUWUDQPFCFGUNQOGLQTGUPKUKSWKGTCGORGCT GNECODKQRQTSWGGPVQPEGURQFGOQUSWGFCTPQUGPGNRGQTFGCODQUOWPFQU'U FGEKT EQP VQFCU NCU HCNNCU G KPEQPXGPKGPVGU FG NQU RTQEGUQU CPVGTKQTGU GP VCPVQ SWGNCUXGPVCLCUFGNQUPWGXQURTQEGUQUPQUGXCPCUGPVKTRQTSWGGNRTQEGUQUG SWGFCT¶KPEQPENWUQ .QKPVGTGUCPVGFGNCTGKPIGPKGTÈCGUSWGPQJC[WPOQFGNQFGTGKPIGPKGTÈC'P QVTCURCNCDTCUGNOQFGNQGUSWGPQJC[OQFGNQ%CFCSWKGPVKGPGSWGJCEGTUW RTQRKQ RTQ[GEVQ FG TGKPIGPKGTÈC CWPSWG UÈ JC[ EKGTVQU RTKPEKRKQU FG XCNQT +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 96.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU WPKXGTUCN SWG RWGFGPUGT CRNKECFQU GP RT¶EVKECOGPVG VQFCU NCU QTICPKCEKQPGU CUKOKUOQJC[WPCEKGTVCOGVQFQNQIÈCSWGUGRWGFGTGUECVCTFGNCGZRGTKGPEKCFG ECUQU GZKVQUQU 2WGU EQOQ FKEG GN FKEJQ GU O¶U H¶EKN EQRKCT SWG KPXGPVCT VQFQ FGUFGEGTQ DGPEJOCTMKPI .Q O¶U KORQTVCPVG GU WP ECODKQ FG OGPVCNKFCF Q FG GPHQSWG 0Q FGDGOQU RGPUCTGPVCTGCUCKUNCFCUUKPQGPRTQEGUQUKPVGITCFQU.CXKUKÎPGUJQNÈUVKEC'UVG GU SWK¶ GN RNCPVGCOKGPVQ O¶U TGXQNWEKQPCTKQ FG NC TGKPIGPKGTÈC 'P RQECU RCNCDTCUNQSWGRNCPVGCGUSWGNQUEQPEGRVQUFGNCFKXKUKÎPFGNVTCDCLQSWGHWGTQP NC ENCXG FG NC TGXQNWEKÎP KPFWUVTKCN RGPUCOKGPVQNKPGCNJQ[FÈCUQPQDUQNGVQU *Q[ FÈC NQ SWG RTQEGFG [C PQ GU VTCDCLCT GP UGTKG UKPQ FG HQTOC KPVGITCFC [ FKP¶OKEC'PQVTCURCNCDTCUVGPGOQUSWGTGKPVGITCTVQFQUNQURTQEGUQUXGTNQUGP HQTOCINQDCN 1VTQEQPEGRVQKORQTVCPVGFGNCTGKPIGPKGTÈCGUSWGUGVTCVCFGECODKQUTCFKECNGU [VQVCNGU CNIWPQUJCDNCPFGECODKQUDTWVCNGUGUFGEKTECODKQUFGN0Q UGVTCVCFGECODKQUITCFWCNGUQKPETGOGPVCNGU 'UVQU UGTÈCP CNIWPQU FG NQU RTKPEKRCNGU EQPEGRVQU FG NC TGKPIGPGTÈC 'U GXKFGPVG SWG PQ RQFGOQU FGUETKDKT GP GUVG GURCEKQ VQFQ NQ SWG GU G KORNKEC NC TGKPIGPKGTÈC5GTGEQOKGPFCNGGT[GUVWFKCTGNNKDTQFG*COOGT .QURTQEGUQU 2QFTÈCOQUFGEKTSWGWPRTQEGUQGUWPEQPLWPVQFGCEVKXKFCFGUTGCNKCFCURCTC UGTXKT C WP WUWCTKQ 'N RTQRÎUKVQ GU QHTGEGT CN WUWCTKQ GN RTQFWEVQ Q UGTXKEKQ EQTTGEVQ EQP WP CNVQ ITCFQ FG TGPFKOKGPVQ GP EQUVQ UGTXKEKQ [ ECNKFCF 'N VÃTOKPQWUWCTKQFGDGTÈCUGTGPVGPFKFQGPWPUGPVKFQO¶UCORNKQEQPUKFGTCPFQ VCODKÃPCNWUWCTKQKPVGTPQFGNCEQORCÌÈCUQEKQU[UWDEQPVTCVKUVCU .QU RTQEGUQU HQTOCP RCTVG FG WPC KPUVKVWEKÎP [ CVTCXKGUCP NCU QTICPKCEKQPGU VTCFKEKQPCNGU[UWXGPVCLCGUSWGUGRWGFGOGFKTGNEQUVQVKGORQUCNKFCECNKFCF [ UCVKUHCEEKÎP FGN WUWCTKQ CUQEKCFC EQP NQU RTQEGUQU .WGIQ FG WP RTQEGUQ FG TGKPIGPKGTKCNCUKPUVKVWEKQPGUCEVWCNGUEW[CGUVTWEVWTCQTICPKCVKXCVTCFKEKQPCNGU GP HQTOC FG RKT¶OKFG UG CRNCPCTÈC [C SWG NCU PWGXCU GUVTWEVWTCU QTKGPVCFCU C RTQEGUQU ECTGEGTÈCP FG IGTGPVGU OGFKQU XKPEWNCFQU C WP ¶TGC HWPEKQPCN [ GPECTICFQUFGUWRGTXKUCTGPUWNWICTGNNÈFGTFGN RTQEGUQGUTGURQPUCDNGFKTGEVQ CPVGNCCNVCIGTGPEKC KHGTGPEKCGPVTG4GKPIGPKGTÈC[/GLQTCFG2TQEGUQU %QOQ UGJCOGPEKQPCFQNCTGKPIGPKGTÈCKORNKECEQOGPCTFGPWGXQRQPKGPFQ VQFQGPFWFCEQPGNQDLGVQFGQDVGPGTOGLQTCUGPQTFGPFGOCIPKVWFPQWPC OGLQTCKPETGOGPVCNFGRQTGLGORNQUQNQGNCXGPRQTVWUÎNCUKIWKGPVGVCDNC RCTCGUVCDNGEGTFKEJCUFKHGTGPEKCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 97.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU /GLQTCOKGPVQFG 4GKPIGPKGTÈCFG 2TQEGUQU 0GIQEKQU 0KXGNFGECODKQ +PETGOGPVCN 4CFKECN 2WPVQFG 2TQEGUQCEVWCN 2KCTTCGPDNCPEQ EQOKGPQ (TGEWGPEKCFG %QPVKPWC 7PCXG ECODKQ 6KGORQTGSWGTKFQ %QTVQ .CTIQ #NECPEGVÈRKEQ 'UVTGEJQFGPVTQ 'ZVGPUQCVTCXÃUFG FG¶TGCU NCU¶TGCUHWPEKQPCNGU (WPEKQPCNGU 4KGUIQ /QFGTCFQ #NVQ (CEKNKVCFQT %QPVTQNGUVCFÈUVKEQ 6GEPQNQIÈCFGNC RTKOCTKQ +PHQTOCEKÎP 6KRQFGFGUCHÈQ %WNVWTCN %WNVWTCN'UVTWEVWTCN .QU%QPEGRVQU(WPFCOGPVCNGUFGNC4GKPIGPKGTÈC N %QPUKUVG GP GORGCT FG EGTQ GP WPC JQLC GP DNCPEQ 5G EQPUKFGTC SWG RT¶EVKECOGPVG VQFQ NQ SWG JCEÈCOQU CPVGU EQOQ RGTUQPCU GORTGUCU KPUVKVWEKQPGU Q IQDKGTPQ RCTGEGTÈC GUVCT OCN JGEJQ EQPUKFGTCPFQ NQU TGUWNVCFQUQDVGPKFQU N %QPUKUVG GP ECODKQU TCFKECNGU DTWVCNGU GURGEVCEWNCTGU .C TGKPIGPKGTÈC GU GPGOKICFGNQUECODKQUITCFWCNGUOQFGTCFQUGKPVTCUEGPFGPVGU5GJCDNCFG ECODKQUFGPQFGECODKQUKPETGOGPVCNGUFGQ N 'UV¶ GPHQECFC C RTQEGUQU 0Q C FGRCTVCOGPVQU Q ¶TGCU VTCDCLQU RGTUQPCU Q GUVTWEVWTCU .QU XKGLQU RTKPEKRKQU FG NC CFOKPKUVTCEKÎP SWG HTCIOGPVCDCP GN VTCDCLQGPXCTKCUWPKFCFGU[CPQHWPEKQPCP CJQTCJC[PWGXQURTKPEKRKQU 5G FGHKPGWPRTQEGUQEQOQWPCEQNGEEKÎPFGCEVKXKFCFGUSWGTGEKDGPWPCQO¶U GPVTCFCU[IGPGTCPWPCUCNKFCSWGGUFGXCNQTRCTCGNWUWCTKQ N 6KGPGWPCXKUKÎPJQNÈUVKEC 1DUGTXCVQFQUNQURTQEGUQUFGUFGWPCRGTURGEVKXC KPVGITCN8GGNVQFQ[PQNCURCTVGU6KGPGWPCRGTURGEVKXCINQDCN N .CFKXKUKÎPFGNVTCDCLQ[CPQHWPEKQPC .CFKXKUKÎPFGVCTGCUSWGHWGENCXGRCTC NCTGXQNWEKÎPKPFWUVTKCN RGPUCOKGPVQNKPGCNGUQDUQNGVC*Q[FÈCPQRTQEGFG VTCDCLCTGPUGTKGUKPQGPHQTOCKPVGITCFC[FKP¶OKEC6GPGOQUSWGTGKPVGITCT NQURTQEGUQU.QUCEVQTGUFGNCTGKPIGPKGTÈCFGDGPUGTECRCEGUFGFGUGORGÌCT O¶UFGWPTQN N 'U GPGOKIC FG NC GURGEKCNKCEKÎP 'U OWNVKGURGEKCNKCEKÎP IGPGTCNKUVC.C TGKPIGPKGTÈC GU CPVKGURGEKCNKCEKÎP .C GURGEKCNKFCF VKGPG XKTVWFGU RGTQ UW +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 98.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU FGHGEVQGUNCRÃTFKFCFGHNGZKDKNKFCFGPTGKPIGPKGTÈCNQSWGO¶UUGTGSWKGTGGU HNGZKDKNKFCF N 5G CRQ[C GP GN RTKPEKRKQ FG NC KPEGTVKFWODTG 6GQTÈC FGN %CQU 'P TGKPIGPKGTÈC VQFQ GU RWNUQ [ XKUVC 2WTC KPVWKEKÎP RGTQ PQ EKGIC 2CTVG FGN UWRWGUVQ FG SWG GN FGVGTOKPKUOQ PQ GZKUVG [ RQT NQ VCPVQ PQ GZKUVG PCFC GUVCDNGEKFQPKRTGFGVGTOKPCFQ*C[SWGCRTGPFGTCCFOKPKUVTCTQOCPGLCTNC KPEGTVKFWODTG *C[ SWG VGPGT WPC VQNGTCPEKC C NC XCIWGFCF [C SWG PQ JC[ IWÈCUPKRTGEKUKÎP'UEQPUVTWKTWPRWGPVGCNXCEÈQUKPEQPQEGTNCQVTCQTKNNC N 5W JGTTCOKGPVC RTKPEKRCN GU NC FGUVTWEEKÎP ETGCVKXC .Q CPVGTKQT [C PQ HWPEKQPC [ RQT NQ VCPVQ JC[ SWG FGUVTWKTNQ RGTQ FG WPC OCPGTC ETGCVKXC EQPUVTW[GPFQ NQU PWGXQU RTQEGUQU 5G DCUC GP GN RTKPEKRKQ FG SWG GP WP GURCEKQUÎNQECDGWPGFKHKEKQRCTCEQPUVTWKTNQPWGXQVKGPGSWGJCEGTUGUQDTG NCUTWKPCUQEGPKCUFGNQXKGLQ N 0Q JC[ WP OQFGNQ FG TGKPIGPKGTÈC 0Q JC[ WP RNCP RTGGUVCDNGEKFQ 'N OQFGNQGUSWGPQJC[OQFGNQ%CFCSWKGPVKGPGSWGJCEGTUWRTQRKQRTQ[GEVQ FGTGKPIGPKGTÈC[GUKORQTVCPVGTGEWTTKTCCUGUQTÈCUQEQPUWNVQTÈCGZVGTPC.C KPUVKVWEKÎPCXCPCRCTVGFGNRTQEGUQFGTGKPIGPKGTÈC[RCTVGFGDGT¶EQPVCTEQP UWRGTXKCEKÎP GZVGTPC RQTSWG FG NQ EQPVTCTKQ GZKUVG GN TKGUIQ FG ECGT GP NC CWVQEQORNCEGPEKCGPGNCWVQGPICÌQ5ÎNQWPCCWFKVQTÈCGZVGTPCGXKVCT¶SWGUG UKICJCEKGPFQNQOKUOQFGCPVGUEQPWPPQODTGPWGXQ N .QO¶UKORQTVCPVGGUWPECODKQFGOGPVCNKFCFQFGGPHQSWG/GVCPQKC 0Q UGFGDGRGPUCTGPVCTGCUCKUNCFCUUKPQGPRTQEGUQUKPVGITCFQU'UPGEGUCTKQWP ECODKQFGCEVKVWFEQORQTVCOKGPVQNCHQTOCFGVTCDCLCT[GUVCTFKURWGUVQCNC KPEGTVKFWODTGRQTSWGUQNQCUÈUGGUVCT¶RTGRCTCFQRCTCTGCNKCTWPRTQEGUQFG TGKPIGPKGTÈC N 'P WP RTKOGT OQOGPVQ FGDG TGCNKCTUG FG CTTKDC JCEKC CDCLQ GDG UGT KPKEKCFQRQTGNNÈFGTFGNCQTICPKCEKÎP NÈFGTVTCPUHQTOCEKQPCNRQTSWGUKPQ JC[XQNWPVCF[FGEKUKÎPUKPQUGECPCNKCRQFGT[TGEWTUQUPQRTQURGTCT¶ N 'P WP UGIWPFQ OQOGPVQ NC TGKPIGPKGTÈC TGSWKGTG WP KORWNUQ GP UGPVKFQ KPXGTUQ FG CDCLQ JCEKC CTTKDC 5K PQ KPXQNWETC C VQFQU NQU OKGODTQU FG NC QTICPKCEKÎPHTCECUCT¶RQTSWGGUVQUNQDQKEQVGCT¶PNQUCDQVGCT¶PQNQJCT¶P O¶UNGPVQ'NKPXQNWETCOKGPVQFGDGJCEGTUGRQTEQPXGPEKOKGPVQQRQTCOQTC NCECOKUGVC N 5K WPQ PQ GUV¶ EQPXGPEKFQ GU OGLQT PQ JCEGT TGKPIGPKGTÈC .QU TGUWNVCFQU RWGFGP UGT FGUCUVTQUQU [C SWG UG FGUOCPVGNCTÈC NQ SWG HWPEKQPCDC GP GN RCUCFQ[PQUGCECDCTÈCFGKPUVCNCTNQUPWGXQURTQEGUQU0QUSWGFCTÈCOQUGP GNRGQTFGCODQUOWPFQUVQFQNQOCNQFGNRCUCFQUKPNQDWGPQFGNHWVWTQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 99.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N 5KGUV¶UEQPXGPEKFQF GNCUDQPFCFGUFGNCTGKPIGPKGTÈCFGUWUEQPEGRVQU[FG UWOGVQFQNQIÈC PQGURGTGUO¶URQPNCGPRT¶EVKECEWCPVQCPVGU'NOWPFQ[C ECODKÎCJQTCHCNVCSWGECODKGUVÕQVWGORTGUCQVWQTICPKCEKÎP .CU RTKPEKRCNGU GORTGUCU FGN OWPFQ [C JKEKGTQP Q GUV¶PJCEKGPFQ TGKPIGPKGTÈC RCTC RCUCT FG NC GTC FG NC KPFWUVTKCNKCEKÎP C NC PWGXC GTC FG NC KPHQTOCEKÎP EQOWPKECEKÎP'NOWPFQPQFGVGPFT¶UWOCTEJCEQOQPQUGFGVWXQGPGNUCNVQ FGNHGWFCNKUOQCNECRKVCNKUOQ 'PGNRCÈUOWEJCUGORTGUCURTKXCFCUJQ[FÈCGZKVQUCUCUÈEQOQCNIWPCUGPVKFCFGU RÕDNKECURCUCTQPRQTWPRTQEGUQFGTGKPIGPKGTÈC[JQ[GPFÈCOWGUVTCPCXCPEGU UKIPKHKECVKXQU GP VÃTOKPQU FG OQFGTPKCEKÎP KORNGOGPVCEKÎP FG UGTXKEKQU OQFGTPQUEWNVWTCQTICPKCEKQPCN[GORNGCFQUOQVKXCFQU 2CUQURCTCJCEG TWPRTQEGUQFGTGKPIGPKGTÈC 2CTCJCEGTWPRTQEGUQFGTGKPIGPKGTÈCGUPGEGUCTKQTGEQTTGTWPCUGTKGFGGVCRCU RCTCQDVGPGTWPTGUWNVCFQQRVKOQGPRTKOGTNWICTFGDGJCDGTWPCPGEGUKFCFFG NCQTICPKCEKÎP[GNNÈFGTFGÃUVCFGDGGUVCTVQVCNOGPVGEQORTQOGVKFQ[FKURWGUVQ CKPXGTVKTGPGUVGRTQEGUQPQUQNQVKGORQTGEWTUQUJWOCPQUUKPQKPXGTUKÎP .QURCUQUCUGIWKTRCTCWPRTQEGUQFGTGKPIGPKGTÈCUQP +FGPVKHKECEKÎPFGRTQEGUQU .C KPUVKVWEKÎP VKGPG SWG KFGPVKHKECT EW¶NGU UGT¶P NQU RTQEGUQU SWG ETWCP C VTCXÃU FG NCU FKHGTGPVGU HWPEKQPGU FG NC QTICPKCEKÎP [ SWG HQTOCP RCTVG RTKPEKRCN [ D¶UKEC FG NC QTICPKCEKÎP 2CTC EQPQEGT NQU RTQEGUQU RTKOGTQ UG FGDGTGHNGLCTEÎOQEKTEWNCGNVTCDCLQGPVTGNCUWPKFCFGUFGNCQTICPKCEKÎP 5GNGEEKÎPFGRTQEGUQ UENCXG 0QGURQUKDNGTGFKUGÌCTVQFQGNEQPLWPVQFGRTQEGUQUUKOWNV¶PGCOGPVGRQTNQ VCPVQ FGDGOQU TGCNKCT WPC UGNGEEKÎP FG NQU OKUOQU RCTCFGVGTOKPCTEW¶NGU UGT¶PTGFKUGÌCFQU[GPSWÃQTFGP5GFGDGCRNKECTETKVGTKQUEQOQGNGUVCFQGP SWGUGGPEWGPVTCPNQURTQEGUQUNCKORQTVCPEKCFGNRTQEGUQFGCEWGTFQCNQU RNCPGUKPUVKVWEKQPCNGU[EQPUKFGTCTNQUHCEVQTGUSWGFGVGTOKPCPNCRTQDCDKNKFCF FGSWGVGPICÃZKVQWPGUHWGTQRCTVKEWNCTFGTGKPIGPKGTÈC %QPUVKVWKTGNGSWKRQJWOCPQ .QUGSWKRQUSWGKORWNUCT¶PGNRTQEGUQUQPNQUUKIWKGPVGU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 100.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N.ÈFGT GU GN O¶ZKOQ TGURQPUCDNG FG NNGXCT C DWGP HKP NC TGKPIGPKGTÈC GU SWKGP KORWNUC C NC QTICPKCEKÎP C SWG CUWOC NC PWGXC GUVTWEVWTC RQT RTQEGUQU'NRCRGNRTKPEKRCNFGNNÈFGTGUCEVWCTEQOQXKUKQPCTKQ[OQVKXCFQT GU SWKGP KFGC [ GZRQPG GN VKRQ FG QTICPKCEKÎP SWG FGUGC ETGCT [ NC EQOWPKECCVQFQGNRGTUQPCNNCOKUKÎPFGNCGORTGUC[UWRTQRÎUKVQ'NNÈFGT PQFGDGQDNKICTCPCFKGCTGCNKCTECODKQUSWGPQSWKGTGJCEGTVKGPGSWG RTGUGPVCTWPRTQ[GEVQ[RGTUWCFKTC NCIGPVGFGSWGFGDGVQOCTRCTVGGPGN GUHWGTQFGOQFQSWGRQTUWRTQRKCXQNWPVCFCEGRVGNCUEQPUGEWGPEKCUFGN ECODKQ N KTGEVQT FGN RTQEGUQ NC KPUVKVWEKÎP RWGFG VGPGT XCTKQU RTQEGUQUD¶UKEQUC TGFKUGÌCT .QU FKTGEVQTGU UQP NQU TGURQPUCDNGU FG CNECPCT NCU OGVCU RTGXKUVCU RCTC GN RTQEGUQ [ FG EQQTFKPCT GN GUHWGTQ C TGCNKCT RQT NCU RGTUQPCUFGNGSWKRQFGTGKPIGPKGTÈC N 'SWKRQ FG TGKPIGPKGTÈC GU GN ITWRQ FG RGTUQPCU CUKIPCFCU C WP RTQEGUQ GURGEÈHKEQCTGFKUGÌCT5QPTGURQPUCDNGUEQNGEVKXCOGPVGFGNTGUWNVCFQHKPCN EQORCTVGP EQP UWU EQNGICU FG GSWKRQ NC TGURQPUCDKNKFCF EQPLWPVC FGN TGPFKOKGPVQFGNRTQEGUQVQVCNPQUÎNQFGWPCRGSWGÌCRCTVGFGÃN N %QOKVÃ FG FKTGEEKÎP EQPUVKVWKFQ RQT FKTGEVKXQU TGURQPUCDNGU FG NCU ¶TGCU CHGEVCFCU 5GGPECTIC FGFGUCTTQNNCTNCGUVTCVGIKCINQDCN[FGNUGIWKOKGPVQ FGNQURNCPGUFGTGKPIGPKGTÈC N 4GURQPUCDNGFGTGKPIGPKGTÈCUGVTCVCFGWPCRGTUQPCGZRGTVC RWGFGUGTWP EQPUWNVQT GZVGTPQ SWG FGDG RTQRQTEKQPCT NCU VÃEPKECU G KPUVTWOGPVQU PGEGUCTKQURCTCCRQ[CTNCKORNCPVCEKÎPFGNRTQEGUQFGTGKPIGPKGTÈC 'NNÈFGTCFGO¶UFGKPEQTRQTCTNCXKUKÎP[FKTKIKTGNITCPGUHWGTQCFGUCTTQNNCT RQT NC QTICPKCEKÎP GU GN SWG FGDG UGNGEEKQPCT C NQU FKTGEVQTGU FG RTQEGUQ 'UVQUCUWXGUQPNQUGPECTICFQUFGEQPUVKVWKT[FKTKIKTNQUEQTTGURQPFKGPVGU GSWKRQUFGTGKPIGPKGTÈC2QTUWRCTVGNCFKTGEEKÎP[UGIWKOKGPVQINQDCNFGNC KPUVKVWEKÎP EQTTGURQPFGT¶ CN EQOKVÃ FG FKTGEEKÎP 6QFQU GUVG ITWRQ FGDG EQPQEGTGNRTQEGUQCEVWCNGPVGPFGTNQRCTCFKUGÌCTNQFGPWGXQ 0WGXQFKUGÌQ 'NQDLGVQFGNCTGKPIGPKGTÈCGUNCVTCPUHQTOCEKÎPFGNQURTQEGUQUCEVWCNGUNQU ECODKQU C GHGEVWCT TGRGTEWVGP CFGO¶U FG GP NC QTICPKCEKÎP [ HNWLQ FGN VTCDCLQ GP NC HQTOCEKÎP [ OQVKXCEKÎP FGN RGTUQPCN GP NC EWNVWTC FG NC GORTGUCGPNCGUVTWEVWTCQTICPKCVKXC[GPNCUTGNCEKQPGUEQPNQUWUWCTKQU'N PWGXQFKUGÌQEQPUKUVKT¶GP N 4GFKUGÌCT NQU RTQEGUQU ENCXGU CRQ[¶PFQUG GP NCU KPPQXCEKQPGU VGEPQNÎIKECU RTKPEKRCNOGPVG KPHQTO¶VKECU 5G FGDGP CRTQXGEJCT NCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 101.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU XGPVCLCUSWGRWGFGPCRQTVCTNQUUKUVGOCUFGKPHQTOCEKÎPRCTCEQPUGIWKTNC O¶ZKOC GHKEKGPEKC [ QRVKOKCTGOQU GN CRTQXGEJCOKGPVQ FG JGTTCOKGPVCU EQOQ NCU DCUGU FG FCVQU EQORCTVKFCU NQU UKUVGOCU GZRGTVQU Q NCU TGFGU ECRCEGUFGUKVWCTNCKPHQTOCEKÎPGPGNVKGORQ[NWICTRTGEKUQ N 4GQTICPKCT GN VTCDCLQ WVKNKCPFQ GSWKRQU OWNVKFKUEKRNKPCTKQU 5G TGEQPUKFGTCT¶PCURGEVQUD¶UKEQUFGNCGUVTWEVWTCQTICPKCVKXCNCGUVTWEVWTC DCUCFC GPFGRCTVCOGPVQU HWPEKQPCNGU FGLCFGVGPGTUGPVKFQRWGUVQSWGGN VTCDCLQ UG QTICPKC CVGPFKGPFQ C NQU FKUVKPVQU RTQEGUQU 'UVQU RTQEGUQU UGT¶P NNGXCFQU C ECDQ FGUFG GN RTKPEKRKQ JCUVC GN HKP RQT GN GSWKRQ FG VTCDCLQEQTTGURQPFKGPVG 7PCFGNCUVÃEPKECUSWGUGWUCPRCTCJCEGTNCTGKPIGPKGTÈCGUGN$GPEJOCTM $'0%*/#4- 'U WP EQPEGRVQ DCUVCPVG FKHWPFKFQ RGTQ GU O¶ WUCFQ GP GN UGEVQT RTKXCFQ VCODKÃPRWGFGUGTWUCFQGPGNUGEVQTRÕDNKEQ[CSWGGUVGRTQEGUQUKUVGO¶VKEQ[ EQPVKPWQPQURGTOKVGGXCNWCTNQURTQFWEVQUUGTXKEKQU[RTQEGUQUFGVTCDCLQFGNCU QTICPKCEKQPGU SWG UQP TGEQPQEKFCU EQOQ TGRTGUGPVCPVGU FG NCU OGLQTGU RT¶EVKECUEQPGNRTQRÎUKVQFGTGCNKCTOGLQTCUGPWPCQTICPKCEKÎP 7PCFGNCUTGEQOGPFCEKQPGUEWCPFQUGFGEKFGJCEGT$GPEJOCTMGUSWGUGFGDG EQPQEGT ENCTCOGPVG NQU RTQEGUQU WP FGUEQPQEKOKGPVQ PQ RQUKDKNKVCT¶ NC KORNGOGPVCEKÎPFGECODKQUUWUVCPEKCNGU 2CTCSWGJCEGT$GPEJOCTM N 2CTCKFGPVKHKECTPWGUVTCEQORGVKVKXKFCF[FGDKNKFCFGUTGNCVKXCU N 2CTCFGUCTTQNNCTWPEQPQEKOKGPVQFGNCPGEGUKFCFFGECODKCT[FGOGLQTCT N 2CTCKFGPVKHKECTNCUOGLQTCURT¶EVKECUFGQTICPKCEKQPGUNKFGTGU[EQORGVKVKXCU N 2CTC FGUCTTQNNCT NQU CEGTECOKGPVQU XGTFCFGTCOGPVG ETGCVKXQU G KPPQXCFQTGU RCTCRTQEGUCTGNTGCLWUVG N 2CTCFGUCTTQNNCTNCUPWGXCUVÃEPKECURCTCOGLQTCTECNKFCFUGTXKEKQ[GHKECEKC N 2CTCC[WFCTCECODKCTNCEWNVWTCJCEKCNCOGLQTCFGRTQEGUQU N 2CTCUCDGTSWGOGLQTCUUKIPKHKECVKXCUNNGXCTCECDQ[OGLQTCTPWGUVTQUUGTXKEKQU OCPVGPGTUCVKUHGEJQUCPWGUVTQUWUWCTKQU 'LGORNQ5GRWGFGCRNKECTRCTCFGUCTTQNNCTWPPWGXQCRNKECVKXQKORNGOGPVCTWP PWGXQ RTQEGUQ Q EWCPFQ UG SWKGTG KORNGOGPVCT WP UGTXKEKQ GP NÈPGC RTQDCDNGOGPVG UG VTCVCT¶ FG KFGPVKHKECT WPC QTICPKCEKÎP Q XCTKCU EQP GZRGTKGPEKCUUKOKNCTGU[GZKVQUCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 102.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'LGORNQGPGNECUQFGN2GTÕRCTCFCTKPKEKQCNRTQEGUQFGFGUCTTQNNQFGIQDKGTPQ GNGEVTÎPKEQUGJCPTGCNKCFQXKUKVCUC%JKNGRCTCXGTNQUCXCPEGUC/ÃZKEQRQTGN RTQITCOC GOGZKEQ[ CRTGPFGT NCU DWGPCU RT¶EVKECU SWG RWGFGP VGPGT GUVQU CXCPEGU 'NRTQEGUQFGDGPEJOCTMEQPUVCFGEKPEQHCUGU'NRTQEGUQUGKPKEKCEQPNCHCUG FG RNCPGCEKÎP [ EQPVKPÕC C VTCXÃU FGN CP¶NKUKU NC KPVGITCEKÎP NC CEEKÎP [ RQT ÕNVKOQNCOCFWTG (CUGUFGWPRTQEGUQFG$GPEJOCTM C(CUGFG2NCPGCEKÎP 'NQDLGVKXQFGGUVCHCUGGURNCPGCTNCUKPXGUVKICEKQPGUFGDGPEJOCTMGU FGEKTFGDGOQUTGURQPFGTCNCURTGIWPVCU3WG3WKGP[%QOQ 2CUQ2NCPGCT'UPGEGUCTKQRNCPGCTKFGPVKHKECT EWCNGUGNRTQEGUQSWG UG SWKGTG OGLQTCT JCEGT WP CP¶NKUKU FG EÎOQ UG GPEWGPVTC GN RTQEGUQ CEVWCNOGPVG GUVCDNGEGT NQU QDLGVKXQU [ VQFQ GUVQ FGDG GUVCT FQEWOGPVCFQ#UÈOKUOQUGFGDGUGNGEEKQPCTGNGSWKRQFGDGPEJOCTM SWG GUVG NKICFQ CN RTQEGUQ KFGPVKHKECT SWG QVTCU EQUCU GUV¶ NNGXCPFQ C ECDQ 2CUQ %QNGEEKÎP 5GNGEEKQPCT C NQU UQEKQU G KPXKVCTNQU C RCTVKEKRCT [ GZRNKECTNGU NQ SWG SWGTGOQU NNGXCT C ECDQ GU PGEGUCTKQ UGT UKPEGTQ JQPGUVQCDKGTVQ[SWGVQFQUNQUUQEKQUICPGP 2CUQ #PCNKCT GURWÃU FG VQOCT NQU FCVQU FG UQEKQU JC[ SWG GUVCDNGEGT NQ SWG NQU UQEKQU VKGPGP [ FGURWÃU NQ SWG UG VKGPG GP NC KPUVKVWEKÎPFKUEWVKGPFQ[JCEKGPFQNCUTGEQOGPFCEKQPGUFGNECODKQ'U PGEGUCTKQDTKPFCTCVGPEKÎPCNCEWNVWTCFGNCGORTGUCCUWUXCNQTGU[C NCGUVTWEVWTC 2CUQ +ORNGOGPVCEKÎP 5K UG KPXGUVKIÎ JC[ SWG KORNGOGPVCT NQU TGUWNVCFQU GP HQTOC EQPLWPVC EQP VQFQU NQU UQEKQU UGNGEEKQPCT NCU TGEQOGPFCEKQPGU KORNGOGPVCPFQ NQU ECODKQU TGSWGTKFQU GUVCDNGEKGPFQQDLGVKXQUTGCNGU N +FGPVKHKECTGNRTQFWEVQ[QUGTXKEKQSWGUGXCCUQOGVGTDGPEJOCTM N +FGPVKHKECT KPUVKVWEKQPGU EQORCTCDNGU GU FGEKT KPUVKVWEKQPGU EQP NCU OGLQTGURT¶EVKECU N GVGTOKPCT GN OÃVQFQ RCTC TGEQRKNCEKÎP FG FCVQU [ TGEQRKNCT NQU FCVQU'UVCUGRWGFGQDVGPGTFGNCKPHQTOCEKÎPKPVGTPCKPHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 103.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU FGNFQOKPKQRÕDNKEQDÕUSWGFCFGKPXGUVKICEKQPGUQTKIKPCNGUQXKUKVCU FKTGEVCUGPNCWDKECEKÎP D(CUGFG#P¶NKUKU GURWÃUFGFGVGTOKPCTSWÃSWKÃP[EÎOQUGVKGPGSWGNNGXCTCECDQNC TGEQRKNCEKÎP [ GN CP¶NKUKU FG NQU FCVQU 'UVC HCUG VKGPG SWG KPENWKT NC EQORTGPUKÎPEWKFCFQUCFGNCURT¶EVKECUCEVWCNGU FGNRTQEGUQCUÈEQOQ NCUFGNQUUQEKQUGPGNDGPEJOCTM N GVGTOKPCT NC DTGEJC FG FGUGORGÌQ CEVWCN 'P GUVG RCUQ UG FGVGTOKPCNCFKHGTGPEKCFGPWGUVTCUQRGTCEKQPGUEQPNCUFGNQUUQEKQU FG DGPEJOCTM [ UG FGVGTOKPC NC DTGEJC GZKUVGPVG GPVTGNCUOKUOCU 'ZKUVGPVTGURQUKDNGUTGUWNVCFQUSWGUQPDTGEJCPGICVKXCSWGKPFKEC SWGNCURT¶EVKECUGZVGTPCUUQPOGLQTGUQRGTCEKQPGUGPRCTKFCFSWG UKIPKHKECSWGPQJC[FKHGTGPEKCUKORQTVCPVGUGPNCURT¶EVKECU[DTGEJC RQUKVKXCSWGNCURT¶EVKECUKPVGTPCUUQPUWRGTKQTGU N 2TQ[GEVCT NQU PKXGNGU FG FGUGORGÌQ HWVWTQU GN EWCN GU NC FKHGTGPEKC GPVTGGNFGUGORGÌQHWVWTQGURGTCFQ[NQOGLQTGPNCQTICPKCEKÎP E(CUGFG+PVGITCEKÎP .C KPVGITCEKÎP GU GN RTQEGUQ FG WUCT NQU JCNNCIQU FG DGPEJOCTM RCTC HKLCT QDLGVKXQU QRGTCEKQPCNGU RCTC GN ECODKQ +PHNW[G NC RNCPGCEKÎP EWKFCFQUC RCTC KPEQTRQTCT PWGXCU RT¶EVKECU C NC QRGTCEKÎP [ CUGIWTCT SWG NQU JCNNCIQU UG KPEQTRQTGP C VQFQU NQU RTQEGUQU HQTOCNGU FG RNCPGCEKÎP 2QTGNNQNCPGEGUKFCFFGEQOWPKECTNQUJCNNCIQUFGDGPEJOCTMCVQFQU NQU PKXGNGU FG NC QTICPKCEKÎP RCTC QDVGPGT TGURCNFQ EQORTQOKUQ [ RTQRKGFCF 2CTC NC EQOWPKECEKÎP RTKOGTCOGPVG UG FGDG FGVGTOKPCT GN CWFKVQTKQ[UWUPGEGUKFCFGUUGUGNGEEKQPCWPOÃVQFQFGEQOWPKECEKÎP [RQTÕNVKOQUGFGDGPRTGUGPVCTNQUJCNNCIQUGPWPCHQTOCQTFGPCFC F (CUGFG#EEKÎP 5G VKGPG SWG EQPXGTVKT GP CEEKÎP NQU JCNNCIQU FG DGPEJOCTM [ NQU RTKPEKRKQUQRGTCEKQPCNGUDCUCFQUGPGNNQU'UPGEGUCTKQEQPXGTVKTNQUGP CEEKQPGU GURGEÈHKECU FG RWGUVC GP RT¶EVKEC [ UG VKGPG SWG ETGCT WPC OGFKEKÎP RGTKÎFKEC [ NC GXCNWCEKÎP FGN NQITQ 5G FGDGP FGUCTTQNNCT G KORNGOGPVCTRNCPGUFGCEEKÎP[UWRGTXKUCTUWRTQITGUQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 104.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU G(CUGFGOCFWTG 5GCNECPCT¶NCOCFWTGEWCPFQUGKPEQTRQTGPNCUOGLQTGURT¶EVKECUFG NC KPUVKVWEKÎP C VQFQU NQU RTQEGUQU CUGIWTCPFQ CUÈ NC UWRGTKQTKFCF 6CODKÃP UG NQITC NC OCFWTG EWCPFQ UG EQPXKGTVG GP WPC HCEGVC EQPVKPWC GUGPEKCN [ CWVQKPKEKCFC FGN RTQEGUQ FG CFOKPKUVTCEKÎP QUGC SWGUGKPUVKVWEKQPCNKC %QPUKFGTCTNQUHCEVQTGUETÈVKEQUFGÃZKVQ (%' G NC UKORNG RTGIWPVC SWG PQU JCEGOQU ‹RCTC SWG XCOQU C JCEGT $GPEJOCTM! GPVQPEGU UWTIGP NQU HCEVQTGU ETÈVKEQU FGN ÃZKVQ SWG UQP NQU CURGEVQUGPDCUGCNQUEWCNGUXCOQUCTGCNKCTGN$GPEJOCTM'UVQUGRWGFG FGVGTOKPCTJCEKGPFQCNIWPCURTGIWPVCU N ‹%W¶NGUGNHCEVQTO¶UETÈVKEQFGÃZKVQRCTCOKHWPEKÎPKPUVKVWEKÎP! N ‹3WÃHCEVQTGUGUV¶PECWUCPFQGNOC[QTRTQDNGOC! N ‹3WÃRTQFWEVQUUGNGURTQRQTEKQPCPCNQUWUWCTKQU[SWÃUGTXKEKQUUGNGU RTGUVCP! N ‹3WÃHCEVQTGUGZRNKECPNCUCVKUHCEEKÎPFGNWUWCTKQ! N ‹3WÃ RTQDNGOCU GURGEÈHKEQU QRGTCEKQPCNGU UG JCP KFGPVKHKECFQ GP NC QTICPKCEKÎP! N ‹'PFÎPFGGUV¶PNQECNKCFCUNCURTGUKQPGUEQORGVKVKXCUSWGUGUKGPVGPGP NCQTICPKCEKÎP! N ‹%W¶NGUUQPNQUOC[QTGUEQUVQUFGNCQTICPKCEKÎP! N ‹3WÃHWPEKQPGUTGRTGUGPVCPGNOC[QTRQTEGPVCLGFGEQUVQU! N ‹3WÃHWPEKQPGUVKGPGPGNOC[QTGURCEKQRCTCJCEGTOGLQTCU! N ‹3WÃ HWPEKQPGU VKGPGP OC[QT RQVGPEKCN RCTC FKHGTGPEKCT C NC QTICPKCEKÎPFGNQUEQORGVKFQTGUGPGNOGTECFQ! 1765174%+0) 'P NC #FOKPKUVTCEKÎP 2ÕDNKEC PQ GU OW[ EQOÕP JCDNCT FG QWVUQWTEKPI KPHQTO¶VKEQSWGRQFGOQUFGHKPKTNQEQOQNCDÕUSWGFCFGWPCUWDEQPVTCVCEKÎPQ FG WP VGTEGTQ GP GN EWCN FGNGICT Q VTCPUHGTKT WPC HWPEKÎP Q CEVKXKFCF SWG VTCFKEKQPCNOGPVG UG JC TGCNKCFQ KPVGTPCOGPVG WPC RT¶EVKEC KPKEKCFC JCEG CRTQZKOCFCOGPVGWPRCTFGFÃECFCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 105.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 1WVUQWTEKPIGUEQPVTCVCT[FGNGICTWPQQ O¶URTQEGUQUPQETÈVKEQURCTCPWGUVTC KPUVKVWEKÎP C WP RTQXGGFQT O¶U GURGEKCNKCFQ SWG PQUQVTQU RCTC EQPUGIWKT WPC OC[QT GHGEVKXKFCF SWG PQU RGTOKVC QTKGPVCT PWGUVTQU OGLQTGU GUHWGTQU C NCU PGEGUKFCFGUPGWT¶NIKECURCTCGNEWORNKOKGPVQFGWPCOKUKÎP .QSWGUGDWUECGUTGUQNXGTRTQDNGOCUHWPEKQPCNGU[QHKPCPEKGTQUCVTCXÃUFGWP GPHQSWG SWG EQODKPC KPHTCGUVTWEVWTC VGEPQNÎIKEC [ HÈUKEC TGEWTUQU JWOCPQU [ GUVTWEVWTCHKPCPEKGTCGPWPEQPVTCVQFGHKPKFQCNCTIQRNCQ .QUUGTXKEKQUFGQWVUQWTEKPIGPGN¶TGCFGNCUVGEPQNQIÈCUFGNCKPHQTOCEKÎPUQP CORNÈUKOQU SWG XC FGUFG GN FGUCTTQNNQ [ OCPVGPKOKGPVQ FG UKUVGOCU JCUVC NC CFOKPKUVTCEKÎPEQORNGVC FGN¶TGCKPHQTO¶VKECFGWPCQTICPKCEKÎPRCUCPFQRQT NC RTGUVCEKÎP FG RGTUQPCN ECNKHKECFQ FKIKVCEKÎP KORTGUKÎP [ QRGTCEKÎP GPVTG QVTQU;GUSWGGNCXCPEGFGNCUVGEPQNQIÈCUFGKPHQTOCEKÎPJCEGPECFCXGO¶U EQUVQUQSWGWPCGORTGUCRQTUÈUQNCRWGFCUGTCWVÎPQOCGPVQFCUNCU¶TGCUFGNC KPHQTO¶VKEC UKP SWGFCTUG CVT¶U GP CNIÕP VÎRKEQ [ CUÈ KPETGOGPVCT GHKEKGPEKC [ RTQFWEVKXKFCF 7PQ FG NQU CURGEVQU KORQTVCPVG GU SWG NCUGORTGUCUEQPQEGP GN IKTQFGNPGIQEKQKPHQTO¶VKEQEWGPVCPEQPRGTUQPCNGURGEKCNKCFQ[FGUCTTQNNCNQU VTCDCLQUEQPECNKFCF[GPGNOGPQTVKGORQCFGO¶URWGFGPTGJWUCTNQUEÎFKIQU[ NQUFKUGÌQURWGFGPUGTOCUT¶RKFQUCNEQPVCTEQPRTQVQVKRQU /WEJCUKPUVKVWEKQPGUSWGJKUVÎTKECOGPVGCUWOÈCPGNTQNKPHQTO¶VKEQEQOQWP¶TGC KPVGTPCUKPUGT UWPGIQEKQNCKPHQTO¶VKECUGJCPFCFQEWGPVCSWGGUOWEJQO¶U TGPVCDNGGZVGTPCNKCTGUVQUUGTXKEKQUCKPUVKVWEKQPGUQGORTGUCUGURGEKCNKCFCUSWG TGFWEGPNQUEQUVQU[OGLQTCPEQPUKFGTCDNGOGPVGNQUTGUWNVCFQUGPGUVCU¶TGCUFG GURGEKCNKCEKÎP 5G RWGFG UQNKEKVCT CWVUQWTEKPI RCTC KPHTCGUVTWEVWTC EQORWVCEKQPCN QRGTCEKÎP FG VGNGEQOWPKECEKQPGU FKUGÌQ KORNCPVCEKÎP [ CFOKPKUVTCEKÎP FG TGFGU CFOKPKUVTCEKÎP [ CVGPEKÎP FG EQPVKPIGPEKCU FG EGPVTQU FG EÎORWVQ CFOKPKUVTCEKÎP FG FCVQU [ DCUGU FG FCVQU TGEWTUQU JWOCPQU CRNKECEKQPGU [ DTKPFCTEQPUWNVQTÈC $GPGHKEKQU[4KGUIQU .CUOQVKXCEKQPGURCTCVQOCTUGTXKEKQUFGQWVUQWTEKPIUGRWGFGPQTICPKCT GP FQU ITCPFGU ITWRQU OQVKXCEKQPGU HKPCPEKGTCU [ FG IGUVKÎP #ODCU VKGPGP UWU DGPGHKEKQU [ UWU TKGUIQU 'N 1WVUQWTEKPI RGTOKVG TGFWEKT NQU ICUVQUFKTGEVQUDCUCFQUGPNCUWDEQPVTCVCEKÎPFGUGTXKEKQUSWGPQCHGEVCP NCCEVKXKFCFRTKPEKRCNFGNCKPUVKVWEKÎP %WCPFQGUEQIGTQWVUQWTEKPI N %WCPFQNCKPUVKVWEKÎPSWKGTGEGPVTCTUGGPUWCEVKXKFCFRTKPEKRCNGUFGEKT GNIKTQFGUWPGIQEKQQUWTCÎPFGUGTGZVGTPCNKCPFQVQFCUCSWGNNCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 106.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU CEVKXKFCFGUPGEGUCTKCURGTQNCVGTCNGU[SWGFGUXÈCPGUHWGTQUTGUVCPFQ GHKEKGPEKCCNCGORTGUC N %WCPFQ UG SWKGTG CEEGFGT C GZRGTKGPEKC FG RTKOGT PKXGN CEGNGTCT RTQEGUQU FG TGKPIGPKGTÈC FKURQPGT FG TGEWTUQU TGQTKGPVCPFQNGU JCEKC CEVKXKFCFGU OCU RTQFWEVKXCU FKURQPGT FG ECRKVCN VTCPUHQTOCPFQ KPXGTUKÎPGPICUVQQRGTCEKQPCN N 4GFWEKT [ EQPVTQNCT NQU EQUVQU VTCPUHQTOCT EQUVQU HKLQU GP EQUVQU XCTKCDNGUNQSWGRWGFGTGFWPFCTGPWPCTGFWEEKÎPFGEQUVQUVCPVQFGNC QRGTCEKÎPKPHQTO¶VKECGPUÈEQOQGPVÃTOKPQUFGKPXGTUKÎP[RGTUQPCN CNTCEKQPCNKCT[QRVKOKCTTGEWTUQUUGIÕPUGCNCPGEGUKFCF N %WCPFQUGSWKGTGOCPGLCTO¶UH¶EKNOGPVGNCUHWPEKQPGUFKHÈEKNGUQSWG GUV¶PHWGTCFGEQPVTQNQEWCPFQUGSWKGTGCEGNGTCTNQUDGPGHKEKQUFGNC TGKPIGPKGTÈC N %WCPFQ UG TGSWKGTG EQPVCT EQP GZRGTVQU [ VGEPQNQIÈC FG RWPVC SWG GPVTGIWGP UGTXKEKQU TGCNOGPVG GHGEVKXQ RGTOKVKGPFQ KORQTVCPVGU CWOGPVQU GP NC RTQFWEVKXKFCF [ GHKEKGPEKC FG NC QTICPKCEKÎP CFGO¶U FG QDVGPGT HNGZKDKNKFCF G GUVC HQTOC GUVC NC HCEKNKFCF FG KPVGITCT PWGXCU VGEPQNQIÈCU GP NC KPHTCGUVTWEVWTC GZKUVGPVG RCTC UCVKUHCEGT NCU ECODKCPVGU PGEGUKFCFGU FG NQU WUWCTKQU RQT QVTC GN QWVUQWTEKPI GU UGNGEVKXQUÎNQUGGZVGTPCNKCPNCUCRNKECEKQPGUQRTQEGUQUSWGGNWUWCTKQ PGEGUKVC GQVTQNCFQGUKORQTVCPVGEQPQEGTNQUTKGUIQUSWGRWGFGVTCGTEQPUKIQ N 'PWPEQPVTCVQFGQWVUQWTEKPIFGNGICTNGCWPVGTEGTQWPCHWPEKÎPRCUC RQTUCDGTDKGPSWKÃPGUGUGVGTEGTQ'UVGGUWPGNGOGPVQHWPFCOGPVCN[ JC[SWGFGFKECTNGOWEJQVKGORQCNEQPVTCVQFGVCNOQFQSWGTGCNOGPVG UGCRTGEKUQ N 5G KPETGOGPVC GP GN EQUVQ FG NC PGIQEKCEKÎP [ OQPKVQTGQ FGNEQPVTCVQ RQTSWGJCDT¶SWGJCEGTWPGUVWFKQFGEQUVQUDGPGHKEKQU N 'N QWVUQWTEKPI KPETGOGPVC GN PKXGN FG FGRGPFGPEKC FG GPVGU GZVGTPQU RQTNQSWGGUKORQTVCPVGSWGNCKPUVKVWEKÎPKPEQTRQTGRGTUQPCNFGRNCPVC RCTCSWGRWGFCKPXQNWETCTUGGPGNRTQ[GEVQ N 5GFGDGCPCNKCTUKJC[QPQFKHGTGPEKCUFGGUVKNQUQFGEWNVWTCGPVTGGN VGTEGTQ [ NC GORTGUC UK RWFKGTC NNGICT C RGTFGTUG GN EQPVTQN FG NC EQORCÌÈCGZVGTPC[FGNCKPHQTOCEKÎP N 'NTKGUIQFGSWGGNRTQHGUKQPCNSWGRTGUVCGNUGTXKEKQFGQWVUQWTEKPIGP WPC EQORCÌÈC PQ UG UKGPVC RCTVG FG GNNC [ RQT GPFG UW PKXGN FG EQORTQOKUQUGCOGPQUFGNQGURGTCFQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 107.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N 5KNCTQVCEKÎPFGRTQHGUKQPCNGU FGKPHQTO¶VKECGUCNVCGPGNOWPFQFGN QWVUQWTEKPI KPHQTO¶VKEQ GUVG GHGEVQ UG CORNKHKEC NQ EWCN KORKFG FCT ICTCPVÈCUCNWUWCTKQHKPCN N .C ECNKFCF [ JQOQIGPGKFCF FG NQU EQPQEKOKGPVQU FGNQU RTQHGUKQPCNGU [C SWG CNIWPCU GORTGUCU EQPVTCVCP C NQU RTQHGUKQPCNGU RCTC GXKVCT NC KPUGIWTKFCFNCDQTCN[NQSWGGUQEQPNNGXCETGCPKPUVCPEKCURCTCJCEGTNQU UGPVKT RCTVG FG WPC EQORCÌÈC [ NQU ECRCEKVCP RGTOCPGPVGOGPVG GP NCU VGEPQNQIÈCUFGXCPIWCTFKC N 5G FGDG TGEQTFCT SWG UG FGDG JCEGT QTICPKCEKQPGU ECFC XG OCU GHKEKGPVGUCNOGPQTEQUVQUKPFGLCTRQTWPNCFQNQUGUV¶PFCTGUFGECNKFCF [ UGTXKEKQ CN WUWCTKQ WPCURGEVQOW[ KORQTVCPVGGUNCEQPVTCRCTVGRQT RCTVG FG NC QTICPKCEKÎP SWKGP FGDG EWKFCT FG SWG UG EWORNC EQPNQU QDLGVKXQURNCPVGCFQU 4CQPGUGUVTCVÃIK ECUO¶UKORQTVCPVGU8GPVCLCU N .C QTICPKCEKÎP RTGUVCVCTKC FGN UGTXKEKQ CUWOKT¶ NQU EQUVQU [ EQPVKPWQU ECODKQU VGEPQNÎIKEQU NQ EWCN RWGFG TGUWNVCT EQUVQUQ RCTC WPC KPUVKVWEKÎP N KURQPKDKNKFCF FG GURGEKCNKUVCU GP NCU FKHGTGPVGU ¶TGCU FG NC EQORWVCEKÎP[NCU EQOWPKECEKQPGUFGCEWGTFQCNCUPGEGUKFCFGUTGCNGU FG NC QTICPKCEKÎP RCTC NC RNCPKHKECEKÎP FGN HWVWTQ KPHQTO¶VKEQ [ NC RWGUVCGPOCTEJCFGRTQ[GEVQUGURGEKCNGU N .G FCT¶ UQRQTVG RQT SWG NC QTICPKCEKÎP RTGUVCVCTKC FGN UGTXKEKQ UG GPECTICT¶FGEQPVCTEQP RGTUQPCNGURGEKCNKUVC[ECNKHKECFQGPGN¶TGCFG UKUVGOCU N .C KPUVKVWEKÎP VGPFT¶ OCU VKGORQ RCTC FGFKECTUG C GURGEKCNKCT UWU CEVKXKFCFGURTKPEKRCNGU[RQFT¶OGLQTCTNCECNKFCFFGNUGTXKEKQQDVGPKFQ EQPGNSWGGZKUVÈCCPVGU N .QU VTCDCLCFQTGU FG NC KPUVKVWEKÎP RWGFGP FGFKECT UW VKGORQ C NCU CEVKXKFCFGURTKPEKRCNGUFGNCKPUVKVWEKÎP N 'P GN QWVUQWTEKPI GN WUWCTKQ CRQTVC GN EQORTQOKUQ FG QHTGEGT CN RTQXGGFQTKPHQTOCEKÎPENCXG[GUVTCVÃIKECRCTCSWGÃUVGRWGFCTGCNKCT UW CEVKXKFCF OKGPVTCU SWG GN RTQXGGFQT GPVTGIC TGEWTUQU VKGORQ RGTUQPCN[GUHWGTQRCTCKPVGITCTUGFGNNGPQCNRTQEGUQFGUWWUWCTKQ[ ETGEGTLWPVQEQPÃN N 'NQWVUQWTEKPI TGRTGUGPVCWPOGECPKUOQFGEQPVTQN FGEQUVQURGTOKVG GPHQECTUGGPCEVKXKFCFGURTQRKCUUGTO¶UGHKEKGPVGUCRTQXGEJCT CNO¶ZKOQUWUCEVKXQU[OGLQTCTNCCVGPEKÎPCNWUWCTKQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 108.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N 'PNCCEVWCNKFCFGNQWVUQWTEKPIGUWPCJGTTCOKGPVCIGTGPEKCNGUVTCVÃIKEC SWG OCTECNCFKHGTGPEKCGPVTGWPCnDWGPCKPUVKVWEKÎP€ SWGUCDGNQSWG FGDGJCEGTFGWPCnITCPKPUVKVWEKÎP€SWGUCDGNQSWG01FGDGJCEGT %105+'4#%+10'5#.*#%'4%1064#615 7PQFGNQUCURGEVQUSWGUGFGDGVTCVCTUQPNQUEQPVTCVQU[NCUEQPUKFGTCEKQPGUC VGPGTGPEWGPVCEWCPFQUGEGNGDTCPGUVQU N 5GFGDGPGUVCDNGEGT[OCPVGPGTRTQEGFKOKGPVQURCTCNCTGXKUKÎPFGNEQPVTCVQ N .QUTGSWGTKOKGPVQUFGNRTQ[GEVQFGDGPGUVCTFGHKPKFQU[FQEWOGPVCFQU[SWG UGJC[CPKFGPVKHKECFQRQUKDNGUEQPVKPIGPEKCUQTKGUIQU N 8GTKHKECTSWGNCKPHQTOCEKÎPFGNRTQRKGVCTKQGUV¶CFGEWCFCOGPVGRTQVGIKFC N 'NRTQXGGFQTGUVCECRCEKVCFQRCTCEWORNKTEQPNQUTGSWGTKOKGPVQUFGNEQPVTCVQ N .CTGURQPUCDKNKFCFFGNRTQXGGFQTRCTCUWDEQPVTCVCTGUV¶FGHKPKFC N .CVGTOKPQNQIÈCWUCFCGPGNEQPVTCVQGUEQPQEKFQRQTCODQU N 'N EQORTCFQT RQUGG NC ECRCEKFCF RCTC EWORNKT EQP NCU QDNKICEKQPGU EQPVTCEVWCNGU N GQVTQNCFQGUKORQTVCPVGVGPGTEQPUKFGTCEKQPGUEQOQETKVGTKQFGCEGRVCEKÎP OCPGLQ FG NQU ECODKQU FG NQU TGSWGTKOKGPVQU OCPGLQ FG NQU RTQDNGOCU FGVGEVCFQU FGURWÃU FG NC CEGRVCEKÎP GUV¶PFCTGU [ RTQEGFKOKGPVQU C UGT WVKNKCFQU TGSWGTKOKGPVQU FG TGRNKECEKÎP OCPWCNGU [ IWÈCU FG WUWCTKQU FGTGEJQUFGCWVQT[NKEGPEKCUICTCPVÈCU N #UKIPCEKÎP FG RGTUQPCU FG CODQU NCFQU SWG UG TGURQPUCDKNKEGP RQT GN GUVCDNGEKOKGPVQUFGNQUTGSWGTKOKGPVQU[GNEWORNKOKGPVQFGNQUCEWGTFQU N 'UHWGTQRCTCRTGXGTOCNGPVGPFKFQUVCNGUEQOQFGHKPKEKÎPFGVÃTOKPQU /'+4.#'(+%#%+#'07'564155'48+%+15 5KNC)GTGPEKCFG+PHQTO¶VKECEQPWPDWGPNÈFGTVWXKGTCEQOQRT¶EVKECOGFKTNC GHKECEKCFGNQUUGTXKEKQUSWGRTGUVCCNCQTICPKCEKÎPRCTCEQPQEGTEQOQUGUKGPVG GNWUWCTKQKPVGTPQQGNGZVGTPQEQPTGNCEKÎPCUWFGUGORGÌQEQOQRTQXGGFQTGU FG RTQFWEVQU [Q UGTXKEKQU RQFTÈCP KPKEKCTCEEKQPGU EQPETGVCURCTCCWOGPVCTUW GHKECEKC OCPVGPGT C UWU CEVWCNGU WUWCTKQU EQPVGPVQU [ ECRVCT PWGXQU 'URGEKCNOGPVGGPNC#FOKPKUVTCEKÎP2ÕDNKECGPNCSWGNCCVGPEKÎPFGWPUGTXKEKQ VQFCXÈCNNGXCXCTKQUFÈCUTGSWKGTGPFGNCRTGUGPEKCFGNKPFKXKFWQRCTCJCEGTNCTICU EQNCU[RQUVGTKQTOGPVGRCTCJCEGTNGUGIWKOKGPVQCUWUVT¶OKVGU 'URQTGNNQNCPGEGUKFCFFGKPXGTVKTVKGORQ[GUHWGTQGPGHGEVWCTOGFKEKQPGUFG NC UCVKUHCEEKÎP FG UWU WUWCTKQU CPCNKCT G KPVGTRTGVCT CFGEWCFCOGPVG NC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 109.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU KPHQTOCEKÎPTGEQNGEVCFC[VQOCTCEEKQPGURGTVKPGPVGURCTCCEGPVWCTNQSWGUGGUV¶ JCEKGPFQDKGP[EQTTGIKTNQSWGGUV¶IGPGTCPFQKPUCVKUHCEEKÎPGPNQUWUWCTKQU.C OGFKEKÎP FG NC UCVKUHCEEKÎP FG NQU WUWCTKQU EQPNNGXC C WVKNKCT WP GPHQSWG OGVQFQNÎIKEQRCTCPQECGTGPUWDLGVKXKFCFGU[VQOCTCEEKQPGUPQCFGEWCFCU.C QTICPKCEKÎP RCTCKORNCPVCTNCUOGFKEKQPGUFGDKGTCUGIWKTNQUUKIWKGPVGURCUQU OGVQFQNÎIKEQU KFGPVKHKECEKÎPFGUWUWUWCTKQU #SWÈUGFGDGPWDKECTNQUWUWCTKQUCEVWCNGU[ GU TGEQOGPFCDNG VCODKÃP KPENWKT C NQU FGUGTVQTGU RWGFGP RTQRQTEKQPCT KPHQTOCEKÎPXCNKQUC 'UVCDNGEKOKGPVQ FGN OÃVQFQ FG OWGUVTGQ C WVKNKCT 5G FGDG VGPGT WPC OWGUVTCGUVCFÈUVKECOGPVGTGRTGUGPVCVKXCFGNCRQDNCEKÎPCKPXGUVKICT +FGPVKHKECEKÎP FG NQU TGSWGTKOKGPVQU FG NQU WUWCTKQ OGFKCPVG GPVTGXKUVCU C WPCOWGUVTCFGWUWCTKQU 'NCDQTCEKÎP FGN EWGUVKQPCTKQ FG TGSWGTKOKGPVQU FG NQU WUWCTKQU NQU EWCNGU WPCXGCPCNKCFQU[ECVGIQTKCFQUUGEQPXKGTVGPGPNCUXCTKCDNGUCOGFKT .CGUECNCCWVKNKCTNCEWCNFGDGUGTUGPEKNNC[OW[H¶EKNFGGPVGPFGT*CEGT WPCRTWGDCRKNQVQ #FOKPKUVTCEKÎP FGN EWGUVKQPCTKQ .C RTWGDC EQPHGEEKQPCFC FGDG UGT CFOKPKUVTCFC RQT RGTUQPCN FGDKFCOGPVG GPVTGPCFQ .C TGEGRVKXKFCF FGN WUWCTKQ GU KORQTVCPVG RCTC CUGIWTCT QDLGVKXKFCF GP NC KPHQTOCEKÎP C TGEQNGEVCT #P¶NKUKU G KPVGTRTGVCEKÎP FG NQU FCVQU 7PC XG ECRVCFC NC KPHQTOCEKÎP UG FGDGRTQEGFGTCCPCNKCTNCIT¶HKECOGPVGRCTCHCEKNKVCTUWEQOWPKECEKÎPGPNC QTICPKCEKÎP'UVGCP¶NKUKUFGDGNNGXCTCKFGPVKHKECTNCUFKOGPUKQPGUUWLGVCUC OGLQTCT[NCUSWGFGDGPCEGPVWCTUGRQTGUVCTECWUCPFQUCVKUHCEEKÎP #EEKÎP EQTTGEVKXC .CKPXGUVKICEKÎPTGCNKCFC PQFGDGSWGFCTGPWPUKORNG GLGTEKEKQCECFÃOKEQFGDWGPCUKPVGPEKQPGU 2CTCNQITCTWPCGHKECEKCQTICPKCEKQPCNUGVKGPGSWGQTKGPVCTVQFQGNGUHWGTQFGNC GORTGUCCUCVKUHCEGTCRNGPKVWFNCUPGEGUKFCFGUFGNQUWUWCTKQU #UÈEQOQUGOKFGNCUCVKUHCEEKÎPFGNQUWUWCTKQUVCODKÃPGUKORQTVCPVGEQPQEGT NCUCVKUHCEEKÎPNCDQTCNFGNQUEQNCDQTCFQTGU '8#.7#4.#5#6+5(#%%+¦0.#$14#.'.15%1.#$14#14'5 .C OC[QT RCTVG FG NC KPXGUVKICEKÎP GP %QORQTVCOKGPVQ 1TICPKCEKQPCN UG JC KPVGTGUCFQ GP VTGU CEVKVWFGU 5 4QDDKPU EQORTQOKUQ EQP GN VTCDCLQ UCVKUHCEEKÎPNCDQTCN[EQORTQOKUQQTICPKCEKQPCN +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 110.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N %QORTQOKUQ EQPGN VTCDCLQ 2WGFG FGHKPKTUG EQOQ GN ITCFQ GP GN EWCN WPC RGTUQPCUGKFGPVKHKECEQPUWVTCDCLQRCTVKEKRCCEVKXCOGPVGGPÃN[EQPUKFGTCUW FGUGORGÌQKORQTVCPVGRCTCNCXCNQTCEKÎPRTQRKC N 5CVKUHCEEKÎPNCDQTCN#EVKVWFIGPGTCNFGWPKPFKXKFWQJCEKCUWGORNGQUQDTGNC EWCNCORNKCTGOQUO¶UCFGNCPVG N %QORTQOKUQQTICPKCEKQPCN'NITCFQGPGNEWCNWPGORNGCFQUGKFGPVKHKECEQP WPC QTICPKCEKÎP GP RCTVKEWNCT EQP UWU OGVCU [ FGUGC OCPVGPGTUG GP GNNC EQOQWPQFGUWUOKGODTQU 5GIÕP 4QDDKPU GN EQORTQOKUQ QTICPKCEKQPCN GU WP OGLQT RTQPQUVKECFQT FG NC TQVCEKÎPSWGNCUCVKUHCEEKÎPGPGNVTCDCLQWPGORNGCFQRQFTÈCGUVCTKPUCVKUHGEJQ EQP UW VTCDCLQ GP RCTVKEWNCT [ ETGGT SWG GU WPC EQPFKEKÎP RCUCLGTC [ PQ GUVCT KPUCVKUHGEJQEQPNCQTICPKCEKÎP .CUCVKUHCEEKÎPNCDQTCNRQFTÈCFGHKPKTUGEQOQNCCEVKVWFFGNVTCDCLCFQTHTGPVGCUW RTQRKQ VTCDCLQ FKEJC CEVKVWF GUV¶ DCUCFC GP NCU ETGGPEKCU [ XCNQTGU SWG GN VTCDCLCFQT FGUCTTQNNC FG UW RTQRKQ VTCDCLQ .CU CEVKVWFGU UQP FGVGTOKPCFCU EQPLWPVCOGPVG RQT NCU ECTCEVGTÈUVKECU CEVWCNGU FGN RWGUVQ EQOQ RQT NCU RGTEGREKQPGUSWGVKGPGGNVTCDCLCFQTFGNQSWGFGDGTÈCPUGT )GPGTCNOGPVG NCU VTGU ENCUGU FG ECTCEVGTÈUVKECU FGN GORNGCFQ SWG CHGEVCP NCU RGTEGREKQPGUFGNFGDGTÈCUGT NQSWGFGUGCWPGORNGCFQFGUWRWGUVQUQPNCU PGEGUKFCFGUNQUXCNQTGU[NQUTCUIQURGTUQPCNGU .QU VTGU CURGEVQU FG NC UKVWCEKÎP FG GORNGQ SWG CHGEVCP NCU RGTEGREKQPGU FGN FGDGTÈC UGT UQP NCU EQORCTCEKQPGU UQEKCNGU EQP QVTQU GORNGCFQU NCU ECTCEVGTÈUVKECUFGGORNGQUCPVGTKQTGU[ NQUITWRQUFGTGHGTGPEKC 'PVTG NCU ECTCEVGTÈUVKECU FGN RWGUVQ SWG KPHNW[GP GP NC RGTEGREKÎP FG NCU EQPFKEKQPGU CEVWCNGU FGN RWGUVQ RQFGOQU OGPEKQPCT NC TGVTKDWEKÎP NCU EQPFKEKQPGU FG VTCDCLQ NC UWRGTXKUKÎP EQORCÌGTQU FG VTCDCLQ EQPVGPKFQ FGN RWGUVQ UGIWTKFCFGPGNGORNGQ[QRQTVWPKFCFGUFGRTQITGUQ .CUCVKUHCEEKÎPNCDQTCNGUV¶TGNCEKQPCFCCNENKOCQTICPKCEKQPCNFGNCGORTGUC[CN FGUGORGÌQNCDQTCN[GPVTGNQURTKPEKRCNGUHCEVQTGUSWGFGVGTOKPCPNCUCVKUHCEEKÎP NCDQTCNUQP N 4GVQ FGN VTCDCLQ NC CEVKXKFCF SWG XCP C FGUCTTQNNCT UQP KORQTVCPVGU VTCUEGPFGPVCNGUNGURGTOKVGWPFGUCTTQNNQRTQHGUKQPCN N 5KUVGOC FG TGEQORGPUCU LWUVCU NQU UCNCTKQU UQP NQU CFGEWCFQU RQT UW GZRGTKGPEKCUWPKXGNCECFÃOKEQGNTQNFGPVTQFGNCQTICPKCEKÎP N %QPFKEKQPGU HCXQTCDNGU FG VTCDCLQ DWGP ENKOC NCDQTCN DWGP CODKGPVG FG VTCDCLQ FQVCTFGNQU TGEWTUQU PGEGUCTKQU RCTCGNFGUCTTQNNQFGNCUCEVKXKFCFGU FGNVTCDCLCFQT +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 111.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'U KORQTVCPVG TGUCNVCT SWG WPC FG NCU HQTVCNGCU SWG UG OGPEKQPC GP NQU 2NCPGU 1RGTCVKXQU FG NCU KPUVKVWEKQPGU FG NC #FOKPKUVTCEKÎP 2ÕDNKEC GUVC TGNCEKQPCFQ CN RGTUQPCN VCNGU EQOQ RGTUQPCN KFGPVKHKECFQ EQP NC QTICPKCEKÎP ITCPKFGPVKHKECEKÎPEQPNCU6+%UKFGPVKHKECEKÎP[EQORTQOKUQFGNRGTUQPCNEQPNC KPUVKVWEKÎPRQTOGPEKQPCTCNIWPQU2QTGNNQGUKORQTVCPVGSWGGUVQUVTCDCLCFQTGU FGDCPVGPGTWPUKUVGOCFGTGEQORGPUCULWUVCU[EQPFKEKQPGUHCXQTCDNGUFGVTCDCLQ SWGNGURGTOKVCWPXGTFCFGTQFGUCTTQNNQRTQHGUKQPCN %7+'575#.7;.#'575%1.#$14#14'5 7PQ FG NQU RTQDNGOCU OCU HTGEWGPVGU GP GN VTCDCLQ FG NQU KPHQTO¶VKEQU FKIKVCFQTGU Q RGTUQPCU SWG GP HQTOC RGTOCPGPVG GUV¶P UGPVCFQU HTGPVG C NC EQORWVCFQTC UQP NQU FQNQTGU FG GURCNFC RQT NQ SWG NC )GTGPEKC FG 5KUVGOCU EQOQTGURQPUCDNGFGNCKPEQTRQTCEKÎPFGNCU6+%UGPNCUKPUVKVWEKQPGUFGDGVQOCT WP EQPLWPVQ FG TGEQOGPFCEKQPGU [ FCT C EQPQEGT C NQU VTCDCLCFQTGU FG NCU RQUKDNGU EQPUGEWGPEKCU HWVWTCU OGFKCPVG UGOKPCTKQU Q VCNNGTGU FKTKIKFQU RQT GURGEKCNKUVCUGPGNVGOC +PENWUKXG GUVCU EQPUKFGTCEKQPGU FGDGP UGT VQOCFCU GP EWGPVC EWCPFQ UG CFSWKGTGPNQUOQDKNKCTKQUGPNCKPUVKVWEKÎPGUFGEKTFGDGPUGTGTIQPÎOKEQU 2QTGNNQGUPGEGUCTKQVQOCTGPEWGPVCCNIWPCUTGEQOGPFCEKQPGUEWCPFQJCEGWUQ FG NC EQORWVCFQTC SWG GU NC OC[QT RCTVG FGN VKGORQ SWG NNGXC CN RGTUQPCN FG KPHQTO¶VKEC[QVTCU¶TGCU 2CPVCNNC %QNQEC NC RCPVCNNC FG OCPGTC SWG PQ UG TGHNGLG GP GNNC NC NW FG NCU N¶ORCTCUFGNCJCDKVCEKÎP[FGNCXGPVCPC.CRCTVGUWRGTKQTFGNCRCPVCNNCFGDG SWGFCTCCNVWTCNKIGTCOGPVGOC[QTUWRGTKQTCNCFGNCXKUVC %QNQECTNCRCPVCNNCCWPCFKUVCPEKCSWGPQGZKLCGUHWGTQCNCXKUVC EO'P ECUQFGRCPVCNNCCPVKIWCRCTCTGFWEKTNCGZRQUKEKÎPCNCUTCFKCEKQPGUGUPGEGUCTKQ UGPVCTUGCWPDTCQFGFKUVCPEKCFGGNNC[VTCDCLCTEQPWPVCOCÌQFGNGVTCOC[QT +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 112.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU /WÌGECU[DTCQU .QUDTCQUFGDGPCFQRVCTWPCRQUVWTCGZVGPFKFC[RCTCNGNCCN UWGNQ.CUOWÌGECUCFQRVCT¶PNCOKUOCRQUVWTC *QODTQU 5KGNVGENCFQGUV¶OW[CNVQNCTGCEEKÎPPQTOCNGUCNCTNQUJQODTQUNC VGPUKÎPC SWG UG XGP UQOGVKFQU NQU OÕUEWNQU RTQXQEC FQNQTGU GP NCGURCNFCGN EWGNNQ[NQUJQODTQU 'URCNFC.CRCTVGKPHGTKQTFGNCGURCNFCUQUVKGPGGNEWGTRQ[FGDGSWGFCTCRQ[CFC GP GN TGURCNFQ .C RCTVG UWRGTKQT VCODKÃP FGDG EQPVCT EQP UWUVGPVQ RCTC RQFGT TGENKPCTUGEÎOQFCOGPVG /WUNQU 2CTC PQ UWHTKT RTQDNGOCU GP NC RCTVG KPHGTKQT FG NC GURCNFC NCU RKGTPCU FGDGPFGUETKDKTWP¶PIWNQUWRGTKQTCEQPTGNCEKÎPCNVTQPEQ .QURKGU FGDGPSWGFCTGZVGPFKFQUGPGNUWGNQQGPWPTGRQUCRKÃU KUVCPEKCGPVTGNCOGUCFGVTCDCLQ[NCURKGTPCU 5KUGPVCFQGPNCRQUVWTCEQTTGEVC SWGFCGURCEKQGPVTGNQUOWUNQU[GNGUETKVQTKQUGTGEQOKGPFCGNGXCTNCCNVWTCFG ÃUVG '.'/'061'. %#75#5'215674# 215674#+0%144'%6# 27'561 +0%144'%6# 'PWPGZVTGOQFGNC 2CPVCNNC )KTQFGNCECDGCRQUKDNGIKTQFGVTQPEQ OGUC 5QDTGNCOGUC +PENKPCEKÎP [ IKTQ FG NC ECDGC RQUKDNG QEWOGPVQ 5QDTGWPCVTKN IKTQ G KPENKPCEKÎP NCVGTCN FGN VTQPEQ )KTQU FKUVCPEKCFQ FGNCECDGCRQUKDNGIKTQFGNVTQPEQ 7PKFQCNCRCPVCNNC 'ZVGPUKÎP FGN DTCQ RQUKDNG KPENKPCEKÎP FGNVTQPEQ(NGZKÎPFGNCOCPQTGURGEVQCN 6GENCFQ %QPOWEJCKPENKPCEKÎP CPVGDTCQ 'NGXCEKÎP FGN DTCQ HNGZKÎP FG %QPWPCCNVWTCGZEGUKXC NC OCPQ 2QUKDNG FGUXKCEKÎP NCVGTCN FG NC GITCPVCOCÌQ OCPQTGURGEVQCNCPVGDTCQ /CNCFKURQUKEKÎPFGNQUGNGOGPVQU(CNVCFG CRQ[Q C NQU CPVGDTCQU 'NGXCEKÎP FGN DTCQRQUKDNGKPENKPCEKÎPFGNVTQPEQJCEKC G RQEC UWRGTHKEKG #NVC FGNCPVG (ÃOWTGU JCEKC CDCLQ OCN CRQ[Q UKNNC PQ TGIWNCDNG #NVC FG NQU RKGU GP GN UWGNQ #WOGPVQ FG NCU UKNNC TGIWNCDNG UKP EKHQUKU FQTUCN GURCNFC GPEQTXCFC OCN /GUC TGRQUCRKÃU $CLC *WGEQ CNQLCOKGPVQFGNCURKGTPCU CNQLCOKGPVQ RKGTPCU KPUWHKEKGPVG KUVCPEKCOKGPVQ FG NQU GNGOGPVQU FG VTCDCLQ +PENKPCEKÎP FGN VTQPEQ GZVGPUKÎP FG NQU DCQU FKHKEWNVCF FG OQXKOKGPVQU RCTCNCURKGTPCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 113.
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  • 114.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 15H? ! 15H? ! .QU RGECFQU [ NCU TGINCU FG QTQ FG WP )GTGPVG FG 5KUVGOCU OQFGTPQ %WCNGUUQPNQURGECFQUFGWP)GTGPVGFG5KUVGO CU/QFGTPQ! N #HGTTCTUG C NCU RNCVCHQTOCU [ UKUVGOCU FG KPHQTOCEKÎP SWG VCPVQ GUHWGTQ NG EQUVCTQP N 0GICTUGCXGTSWGNCUPWGXCUVGEPQNQIÈCUKORNKECPFGUEGPVTCNKCTNQUDGPGHKEKQU[ XQNXGTCEGPVTCNKCTGNRTQEGUCOKGPVQ N %TGGTSWGNCUGUVTCVGIKCUVGEPQNÎIKECUSWGNGRGTOKVKGTQPNNGICTGZKVQUCOGPVGJCUVC GNRWPVQCEVWCNNGRGTOKVKT¶PCXCPCTCNHWVWTQ N %QPHWPFKTNCVGEPQNQIÈCEQPGNPGIQEKQGNOGFKQEQPGNHKP N 2TGVGPFGT FGUCTTQNNCT KPVGTPCOGPVG VQFCU NCU CRNKECEKQPGU EQP GN RTGVGZVQ FG SWG UQPPGUVTCVÃIKECUQ N 5WDGUVKOCT NC KORQTVCPEKC FG NCU RNCVCHQTOCU VGEPQNÎIKECU [ GUVKNQU FG IGUVKÎP FG RTQXGGFQTGU[WUWCTKQU N 0QUCDGTECNEWNCTDGPGHKEKQUTGNGXCPVGURCTCGNPGIQEKQ %WCNGUUQPNCUTGINCUFGQTQFGN)GTGPVGFG5KUVGOCUOQFGTPQ N #NOQTCTCFKCTKQEQPNQUGLGEWVKXQUTGURQPUCDNGUFGNCUGUVTCVGIKCUFGPGIQEKQU N 'XCPIGNKCT GXCPIGNKCT GXCPIGNKCT RGTQ UQDTG NQU $'0'(+%+15 PQ UQDTG NC VGEPQNQIÈC N +PXGTVKTGNFGNGUHWGTQGPGNFGNCRNCVCHQTOCSWGCRQTVCGNFGNC TGPVCDKNKFCF N $WUECTCNKCPCUGUVTCVÃIKECU VGEPQNÎIKECUEQPRTQXGGFQTGU[WUWCTKQU N .QUPWUWCTKQUQ QWUWCTKQUNGRCICPGNUWGNFQVTCDCLG[VTCPURKTGRQTGNNQU N *CDNG FG NQU PGIQEKQU RQUKDKNKVCFQU RQT NC VGEPQNQIÈC PQ FG VGEPQNQIÈCU SWG RQUKDKNKVCPPGIQEKQU N 5GCWPRWGPVGEQPNQUPGLGEWVKXQUQ VTCFKEKQPCNGURGTQU¶NXGNGUUWFKIPKFCF +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 115.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 2YYRYY_WbQVVQ 2 R _WbQ Q N GNC5CVKUHCEEKÎPFGN7UWCTKQ%COKPQCNC'HKECEKC#NDGTVQ)#NGZCPFGT2J %GPVTWO%CVÎNKEC N 5VGRJGP4%QXG[ .QUJ¶DKVQUFGNCIGPVGCNVCOGPVGGHGEVKXCQ'FKEKQPGU2CKFQU +DÃTKEC5# N 4GXKUVC 8+5+10.#)7+#'..+'4%NWD'HGEVKXKFCF N 4GXKUVC ‹ #/+0+564# '. 6+'/21 1 '. 6+'/21 .' #/+0+564# !%NWD 'HGEVKXKFCF N 5VGDDKPI.KQPGN'FYKP #5')74#/+'061'.#%#.+#'.%#/+01# .#'(+%+'0%+#;#.#%1/2'6+6+8+# N 4CPIWGNQX5;.ÎRG)ÎOG/[7TKQPCDCTTGPGVZGC5 P4GKPIGPKGTÈC FGRTQEGUQU $24Q(CEWNVCF%%''7PKXGTUKFCFFGN2CÈU8CUEQ$KNDCQ N *COOGT/[%JCOR[,Q4GKPIGPKGTÈCFGNCGORTGUCQ2CTTCOÎP N $Q[NG4 P%QOQGXKVCTNQUGUEQNNQUO¶UJCDKVWCNGUFGNC4GKPIGPKGTÈCQ *CTXCTFGWUVQ(KPCPCU[%QPVCDKNKFCF N (GTP¶PFG (% P.C4GKPIGPKGTÈCEQOQTGURWGUVCCNCINQDCNKCEKÎPFGNC GEQPQOÈCQ%QQRGTUCPF.[DTCPF N ,GCPPGV, Q4GGPIKPGGTKPICNIQO¶USWGTGGUVTWEVWTCTQTGQTICPKCTQ%CRKVCN JWOCPQ0Q5GRV N .CTIQ#%Q/¶UCNN¶FGNTGFKUGÌQFGRTQEGUQUQ*CTXCTFGWUVQ$WUKPGUU4GXKGY N GXGPRQTV6,CTXGPRCC5.[$GGTU/% P /GLQTCFGNQURTQEGUQUFGN VTCDCLQFGNEQPQEKOKGPVQQ*CTXCTFGWUVQ$WUKPGUU4GXKGY N 5RGPUGT./ P4GGPIGPGGTKPIJWOCPTGUQWTEGUQ,QJP9KNG[UQPU N 'FKVQTKCN Q 4GGPIKPGGTKPITGXKGYGFQ 6JGGEQPQOKUVLWN[ N )TCPV 4 / P6JG TGUQWTUGDCUGF 6JGQT[ QH %QORGVKVKXG #FXCPVCIG +ORNKECVKQPUHQT5VTCVGI[(QTOWNCVKQPQ%CNKHQTPKC/CPCIGOGPV4GXKGYRTKOCXGTC RR N *CTCTK 1 P‹2QT SWà OWTKÎ NC 4GKPIGPKGTÈC!Q *CTXCTF GWUVQ $WUKPGUU TGXKGYOCTQCDTKNRR N 3WKPP,$ +PVGNNKIGPVGPVGTRTKEG0;6JG(TGG2TGUU N 4QEJCTV , ( %JKGH 'ZGEWVKXG FGHKPG VJGKT QYP FCVC PGGFU *CTXCGTF $WUKPGUU4GXKGY8QNPÕO +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 116.
    )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N [GT 99C[PG 6WU QPCU 'TTÎPGCU 6ÃEPKECU CWFCEGU RGTQ UGPEKNNCU RCTC FQOKPCTNQUGUSWGOCUGTTÎPGQUFGVWEQPFWEVC'F)TKLCNDQ/ÃZKEQ N )QNGOCP CPKGN .C +PVGNKIGPEKC 'OQEKQPCN 2QT SWÃ GU O¶U KORQTVCPVG SWG GN EQEKGPVGKPVGNGEVWCN'F,CXKGT8GTICTC'FKVQTC4GKORTGUKÎP/ÃZKEQ N *COOGT/KEJCGN%JCOR[,COGU4GKPIGPKGTÈC 1NXKFGNQSWGWUVGFUCDGUQDTG EÎOQ FGDG HWPEKQPCT WPC GORTGUC b%CUK VQFQ GUV¶ GTTCFQ 'F )TWRQ 'FKVQTKCN 0QTOCCTGKORTGUKÎPPQXKGODTG%QNQODKC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC