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EQPQVTQUUGEVQTGUFGNCUQEKGFCF[EQPUWUUKUVGOCU[SWGNCFGOQETCEKCGP
NÈPGCUGCRCTVGFGNCFKP¶OKECEKWFCFCPC
+ORNGOGPVCTGZKVQUCOGPVGWPCKPKEKCVKXCFGG)QDKGTPQTGSWKGTGSWGGPECFC
RCUQCUGIWKTNCUQTICPKCEKQPGUIWDGTPCOGPVCNGUFGHKPCP[TGUWGNXCPEKGTVQ
PÕOGTQFGCUWPVQUEQOQUQP
4 'UVTCVGIKCURQNÈVKECU.CUGUVTCVGIKCUNG[GU[OCTEQUTGIWNCVQTKQURWGFGPUGT
KPCFGEWCFQU RCTC NNGXCT C ECDQ PWGXQU VKRQU FG TGNCEKQPGU KPVGTPCU [
GZVGTPCUSWGRGTOKVCPGNG)QDKGTPQ
4 2GTUQPCN 'N HCEVQT JWOCPQ GU GZVTGOCFCOGPVG KORQTVCPVG GP EWCNSWKGT
RTQEGUQFGVTCPUHQTOCEKÎP.CUGVCRCUHKPCNGUFGWPCKPKEKCVKXCG)QDKGTPQ
RWGFGP GPEQPVTCT WPC HWGTVG QRQUKEKÎP 5G KPEWTTKT¶ GP ICUVQU RCTC
FGURNCCTTGENWVCTTGVGPGT[TGECRCEKVCTCNRGTUQPCN
4 2TQEGUQU .C OC[QTÈC FG NQU RTQEGUQU DWTQET¶VKEQU GUV¶P EQPUVTWKFQU
CNTGFGFQT FG WPC GUVTWEVWTC LGT¶TSWKEC .C KPVGTCEEKÎP GNGEVTÎPKEC RWGFG
EQPVTCTTGUVCT CNIWPQU FG GUVQU RTQDNGOCU RQT NQ SWG UG TGSWGTKT¶ FG WP
TGFKUGÌQFGNQURTQEGUQU
4 6GEPQNQIÈC 7PC ITCP XCTKGFCF FG VGEPQNQIÈCU FG KPHQTOCEKÎP [
EQOWPKECEKÎPFGUGORGÌCPWPRCRGNENCXGGPNCUFKHGTGPVGUGVCRCUFGWPC
KPKEKCVKXC FGG)QDKGTPQEQOQGN+PVGTPGVEQOWPKECEKÎPKPCN¶ODTKEC[NC
KPVGITCEKÎPFGCRNKECEKQPGU[UGIWTKFCF
)WÈC6GÎTKEQ 2T¶EVKECRCTCNC
'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
'N TGVQ UÎNQ RQFT¶ UGT GPHTGPVCFQ UK UG EQPUKIWG WPC ETGCVKXC G KPPQXCFQTC
CNKCPCGPVTGGNUGEVQTRTKXCFQ[GNUGEVQTRÕDNKEQSWGICTCPVKEGSWGPCFKG UGC
GZENWKFQFGNCUQRQTVWPKFCFGUFGNCVGEPQNQIÈCRQTTCQPGUGEQPÎOKECUQFG
FGUXGPVCLCUQEKCN
2CTCGNNQGN+0'+EQPVTKDW[GCVTCXÃUFGNCGNCDQTCEKÎPFG2QNÈVKECU2NCPGU[NC
RTQOQEKÎPFGOGVQFQNQIÈCUSWGHCEKNKVGPGNFKUGÌQGKORNGOGPVCEKÎPFGNG
)QDKGTPQ GP RCTVKEWNCT 2CTC GN ECUQ GN 2NCP 'UVTCVÃIKEQ FG 6GEPQNQIÈC FG
+PHQTOCEKÎP
2'6+GUWPKPUVTWOGPVQSWGCRQ[CGNRTQEGUQFGRNCPKHKECEKÎP[
FGUCTTQNNQFGNCU6+GPNCU+PUVKVWEKQPGUFGN'UVCFQ
'N OQFGNQ NC #FOKPKUVTCEKÎP 2ÕDNKEC GP NÈPGC 
G)QDKGTPQ Q IQDKGTPQ
GNGEVTÎPKEQ GU NC CRNKECEKÎP FG PWGXCU VGEPQNQIÈCU FG KPHQTOCEKÎP [
EQOWPKECEKÎP LWPVQ EQP NC VTCPUHQTOCEKÎP FG NQU RTQEGFKOKGPVQU NC
KORNCPVCEKÎPFGPWGXQUOÃVQFQU[GUVKNQUFGVTCDCLQNCECRCEKVCEKÎPFGNQU
GORNGCFQU GP NCU 6+% GN VTCDCLQ GP ITWRQ [ NC RTGUVCEKÎP FG UGTXKEKQU FG
ECNKFCFCNENKGPVG
GNEKWFCFCPQ
5GEQPUKFGTCPGEGUCTKQNCKORNGOGPVCEKÎPFGWP2NCP'UVTCVÃIKEQ[NCUCEEKQPGU
SWGUGFGTKXGPEQPGNQDLGVQFG
N CEVWCT T¶RKFCOGPVG RCTC CRTQXGEJCT GN GPQTOG RQVGPEKCN RTQFWEVKXQ SWG
QHTGEG+PVGTPGV
OW[RTQPVQNCUQRQTVWPKFCFGU[RQUKDKNKFCFGURWGFGPXGTUG
EGTTCFCU RQT NC RQUKEKÎP FQOKPCPVG SWG CNECPEGP NCU GORTGUCU G
KPUVKVWEKQPGUSWGNCUWVKNKEGPRTKOGTQ
N KPETGOGPVCT UWUVCPEKCNOGPVG NQU CEVWCNGU ÈPFKEGU FG RGPGVTCEKÎP FG NQU
OGFKQU [ UGTXKEKQU FG KPHQTO¶VKEC [ VGNGEQOWPKECEKQPGU KPENW[GPFQ NCU
QPCU TWTCNGU [ CKUNCFCU FGN RCÈU UK UG FGUGC CRTQXGEJCT CN O¶ZKOQ NCU
XGPVCLCUFGNCUPWGXCUVGEPQNQIÈCU5KPEQDGTVWTCFGVGNGEQOWPKECEKQPGUPQ
JC[FGOQETCVKCEKÎP[FGUEGPVTCNKCEKÎPFGNCEEGUQ
N OCUKHKECT NC GFWECEKÎP[ ECRCEKVCEKÎP GP +PVGTPGV 
PQ DCUVC VGPGT CEEGUQ
JC[ SWG RQVGPEKCT UW GORNGQ %WCPVQ OC[QT UGC NC RQDNCEKÎP [ NCU
GORTGUCU GP ECRCEKFCF FG WUCT [ VGPGT CEEGUQ C NQU UGTXKEKQU OC[QT
FGOCPFCGZKUVKT¶
N RTKQTKCT NCU CEEKQPGU FG GUVG RNCP GP NC RTQITCOCEKÎP [ CUKIPCEKÎP FG
TGEWTUQU [ EQPVCT EQP GN O¶U CNVQ TGURCNFQ IWDGTPCOGPVCN RCTC SWG
CNECPEGP GN ÃZKVQ FGUGCFQ NQITCT NC CEGRVCEKÎP [Q RCTVKEKRCEKÎP FG NCU
GORTGUCU[UQEKGFCFEKXKNGPGNFGUCTTQNNQFGNCUCEEKQPGUGLGEWVCFCURQTGN
'UVCFQGPGNOCTEQFGGUVGRNCP
'ZKUVGP UGTXKEKQU SWG UQP FG EQORGVGPEKC GURGEÈHKEC FG NQU OKPKUVGTKQU Q
KPUVKVWEKQPGU RÕDNKECU EW[CU ECTCEVGTÈUVKECU RNCPGU OGVCU [ TGEWTUQU UQP
IGTGPEKCFQUFKTGEVCOGPVGRQTGNNQU[SWGPQUQPEQPUKFGTCFQUFKTGEVCOGPVGGP
GUVG FQEWOGPVQ RGTQ SWG GP UW GLGEWEKÎP FGDGT¶P VQOCT GP EWGPVC NQU
)WÈC6GÎTKEQ 2T¶EVKECRCTCNC
'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
QDLGVKXQU GUVTCVÃIKEQUCSWÈHQTOWNCFQURCTCIGPGTCTUKPGTIKCU[CWOGPVCTNQU
DGPGHKEKQUFGNCUCEEKQPGURTGXKUVCU
GUFGGNRWPVQFGXKUVCFGN'UVCFQUG TGSWKGTG
8+5+¦0
77PP OOQQFFGGNNQQ FFGG IIGGUUVVKKÎÎPP FFGG TTGGEEWWTTUUQQUU EECCRRCC FFGG CCEEGGNNGGTTCCTT NNCC FFGGUUEEGGPPVVTTCCNNKKCCEEKKÎÎPP
KKPPVVGGIITTCCPPFFQQ DDTTKKPPFFCCPPFFQQ OOGGLLQQTTGGUU UUGGTTXXKKEEKKQQUU [[ HHCCEEKKNNKKVVCCPPFFQQ GGNN CCEEEEGGUUQQ FFGG NNQQUU
EEKKWWFFCCFFCCPPQQUU [[ NNCCUU GGOORRTTGGUUCCUU CC NNCC KKPPHHQQTTOOCCEEKKÎÎPP
''UUVVCC XXKKUUKKÎÎPP FFGG HHWWVVWWTTQQ RRTTGGVVGGPPFFGG GGPPHHCCVVKKCCTT GGNN TTQQNN FFGGNN ''UUVVCCFFQQ FFGG CCEEVVWWCCTT FFGG OOCCPPGGTTCC
GGHHKKEEKKGGPPVVGG [[ VVTTCCPPUURRCCTTGGPPVVGG RRCCTTCC JJCCEEGGTT TTGGCCNNKKFFCCFF GGNN FFGGTTGGEEJJQQ FFGG NNQQUU EEKKWWFFCCFFCCPPQQUU [[ NNCCUU
GGOORRTTGGUUCCUU FFGG TTGGEEKKDDKKTT UUGGTTXXKKEEKKQQUU FFGG EECCNNKKFFCCFF CCEEEEGGFFGGTT CC NNCC KKPPHHQQTTOOCCEEKKÎÎPP RRÕÕDDNNKKEECC [[
TTGGNNCCEEKKQQPPCCTTUUGG CCEEVVKKXXCCOOGGPPVVGG EEQQPP NNCC ##FFOOKKPPKKUUVVTTCCEEKKÎÎPP 22ÕÕDDNNKKEECC FFGGUUFFGG EEWWCCNNSSWWKKGGTT NNWWIICCTT
[[ EEQQPP FFKKXXGGTTUUQQUU OOGGFFKKQQUU RRTTGGHHGGTTGGPPVVGGOOGGPPVVGG NNQQUU VVGGEEPPQQNNÎÎIIKKEEQQUU
/+5+¦0
((CCEEKKNNKKVVCCTT NNCC KKPPEEQQTTRRQQTTCCEEKKÎÎPP [[ WWUUQQ GGHHKKEEKKGGPPVVGG FFGG NNCCUU VVGGEEPPQQNNQQIIÈÈCCUU FFGG KKPPHHQQTTOOCCEEKKÎÎPP [[
EEQQOOWWPPKKEECCEEKKÎÎPP RRCCTTCC EEQQPPVVCCTT EEQQPP WWPP ''UUVVCCFFQQ OOQQFFGGTTPPQQ EECCRRCC FFGG RRTTGGUUVVCCTT UUGGTTXXKKEEKKQQUU
FFGG EECCNNKKFFCCFF QQRRQQTTVVWWPPQQUU UUGGIIWWTTQQUU [[ CCEEEEGGUUKKDDNNGGUU CCNN EEKKWWFFCCFFCCPPQQ CCEEGGTTEECCTT CCNN EEKKWWFFCCFFCCPPQQ
CC NNCC IIGGUUVVKKÎÎPP RRÕÕDDNNKKEECC [[ HHCCEEKKNNKKVVCCTT GGNN CCEEEEGGUUQQ KKTTTTGGUUVVTTKKEEVVQQ [[ WWPPKKXXGGTTUUCCNN CC NNCC KKPPHHQQTTOOCCEEKKÎÎPP
CC VVQQFFCC NNCC RRQQDDNNCCEEKKÎÎPP RRCCTTCC SSWWGG RRCCTTVVKKEEKKRRGGPP GGPP NNCC EEQQPPUUVVTTWWEEEEKKÎÎPP [[ GGPP NNQQUU DDGGPPGGHHKKEEKKQQUU
FFGG NNCC 55QQEEKKGGFFCCFF FFGG NNCC ++PPHHQQTTOOCCEEKKÎÎPP
''NN CCRRQQTTVVGG GGUUVVTTCCVVÃÃIIKKEEQQ FFGG NNCCUU 66++ CC NNCC OOQQFFGGTTPPKKCCEEKKÎÎPP FFGGNN ''UUVVCCFFQQ RRGGTTOOKKVVGG NNCC
KKOORRNNCCPPVVCCEEKKÎÎPP FFGG PPWWGGXXQQUU OOQQFFGGNNQQUU FFGG IIGGUUVVKKÎÎPP SSWWGG CCEEGGNNGGTTCCPP NNQQUU RRTTQQEEGGUUQQUU CCDDTTGGPP
PPWWGGXXQQUU EECCPPCCNNGGUU FFGG EEQQOOWWPPKKEECCEEKKÎÎPP GGPP NNQQUU FFQQUU UUGGPPVVKKFFQQUU TTGGFFWWEEGGPP EEQQUUVVQQUU [[ VVKKGGOORRQQ
[[ RRQQUUKKDDKKNNKKVVCCPP QQRRGGTTCCTT GGPP OOWWEEJJQQUU EECCUUQQUU KKPPFFGGRRGGPPFFKKGGPPVVGGOOGGPPVVGG FFGGNN VVKKGGOORRQQ [[ NNCC
FFKKUUVVCCPPEEKKCC
'NÃZKVQFGNCOKUKÎPRNCPVGCFC
FGOCPGTCKPVGITCNT¶RKFCFKTGEVC[GHGEVKXC
KORNKECSWGNCUKPUVKVWEKQPGUFGN'UVCFQTGFGHKPKT¶PUWQTICPKCEKÎPRCTC
N KUGÌCTUWUUGTXKEKQUEGPVTCFQUGPGNEKWFCFCPQEQPECNKFCFQRQTVWPKFCF
UGIWTKFCF[CEEGUKDKNKFCFEQPUKFGTCPFQUWUPGEGUKFCFGUGURGEÈHKECU
N #ORNKCTUWUEQORGVGPEKCU[JCDKNKFCFGURCTCOQPKVQTGCTGNKORCEVQFGNCU
PWGXCU VGEPQNQIÈCU CN KPVGTKQT FG NCU QTICPKCEKQPGU [ GP NC UQEKGFCF GP
IGPGTCN
N KUGÌCTOGECPKUOQUFGEQQTFKPCEKÎP[EQQRGTCEKÎPGPVTGQTICPKUOQUFGN
'UVCFQHNGZKDNGU[GPNÈPGCEQPNCUPWGXCUVGEPQNQIÈCURCTCSWGQRVKOKEGP
TGEWTUQU [ GUHWGTQU GP NC RWGUVC GP OCTEJC FG UQNWEKQPGU VGEPQNÎIKECU
EQORNGLCU[HKCDNGU
)WÈC6GÎTKEQ 2T¶EVKECRCTCNC
'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
N 6TCDCLCTGPHWPEKÎP FGNQSWGGNOGTECFQNCUKPUVKVWEKQPGU[EKWFCFCPQU
FGOCPFCP RTQOQXKGPFQ [ FGVGEVCPFQ QRQTVWPKFCFGU SWG DTKPFCP NCU
PWGXCUVGEPQNQIÈCU
N GUCTTQNNCTRTQ[GEVQUEQPLWPVQUEQPNCUQEKGFCFEKXKN[NCUGORTGUCURCTC
UWRGTCTNCUDCTTGTCUSWGKORKFGPCITCPFGU UGEVQTGUFGNCRQDNCEKÎPCEEGFGT
CNCOQFGTPKFCF
N 6TCPUHQTOCTNCUOÕNVKRNGUQRQTVWPKFCFGUSWGQHTGEGPNCUPWGXCUVGEPQNQIÈCU
FG KPHQTOCEKÎP [ EQOWPKECEKÎP GP RTQ[GEVQU XKCDNGU RCTC RQVGPEKCT GN
FGUCTTQNNQFGNCUQEKGFCFFGNCKPHQTOCEKÎPGPGNRCÈU
.CTCÎPRTKPEKRCNRCTCNCHQTOWNCEKÎPFGGUVG2NCP'UVTCVÃIKEQFG6+GUVQOCT
NCKPKEKCVKXCRCTCCEVWCTT¶RKFCEQPEGTVCFC[GHKEKGPVGOGPVGRCTCNQITCTSWG
NQU EKWFCFCPQU [ NCU GORTGUCU RWGFCP WUCT [ FKUHTWVCT NQU DGPGHKEKQU FG NC
OQFGTPKCEKÎPFGN'UVCFQDCUCFCGPNCU6+%
 1DLGVKXQUFGN2'6+
GUFGGNRWPVQFGXKUVCFGN+0'+NC/GVQFQNQIÈC2'6+XGTUKÎPDWUEC
N /GLQTCTNC)GUVKÎPFGNQU5GTXKEKQU+PHQTO¶VKEQUFGNCUGPVKFCFGURÕDNKECU
N 'UVCDNGEGTWPGPNCEG[EQPEQTFCPEKCGPVTGNCU6GEPQNQIÈCU'UVTWEVWTCFCU[
6GEPQNQIÈCUFG1DLGVQURCTCGNFGUCTTQNNQFG2TQ[GEVQUFG6GEPQNQIÈCFG
+PHQTOCEKÎP
N 1TKGPVCTGNFGUCTTQNNQFGNQU2TQ[GEVQUFG6+GPNCUGPVKFCFGURÕDNKECURCTC
NCEQPUVKVWEKÎPFGNG)QDKGTPQ
N 1TKGPVCT NCU CEVKXKFCFGU KPHQTO¶VKECU GP GN OCTEQ FGN 2NCP 'UVTCVÃIKEQ
0CEKQPCNK [UWUCEVWCNKCEKQPGU
 'XQNWEKÎPFGNC/GVQFQNQIÈC+PHQTO¶VKECFGN+0'+
.C /GVQFQNQIÈCU +PHQTO¶VKEC FGN +0'+ PQ JC UKFQ CLGPC CN FGUCTTQNNQ FG NCU
VGEPQNQIÈCUKPHQTO¶VKECUFGNQUÕNVKOQUCÌQUNQUGUHWGTQU FGNQUEGPVTQUFG
KPXGUVKICEKÎPGPWPKXGTUKFCFGU[GORTGUCUJCPGUVCFQRWGUVQUGPGNFGUCTTQNNQ
FG RTQRWGUVCU SWG RWGFCP UGT PTGCNOGPVG KORNGOGPVCFCUQ [ PQ UQNCOGPVG
GUDQCFCU
.QUPUCNVQUQ CNCUVGEPQNQIÈCUFGQDLGVQUPQJCPUKFQVQVCNOGPVGUCVKUHCEVQTKQU
UWKORNGOGPVCEKÎPTGCNGPRTQ[GEVQUFGFGUCTTQNNQFGUKUVGOCUJCPHTCECUCFQ
QJCPFGOQTCFQGPUWKORNGOGPVCEKÎPIGPGTCPFQRÃTFKFCUQGNGXCPFQNQU
EQUVQUFGNRTQ[GEVQFGDKFQHWPFCOGPVCNOGPVGCSWGGNPGUVCFQFGCTVGQ FGNCU
VGEPQNQIÈCUFGDCUGUFGFCVQUJGTTCOKGPVCUFGOQFGNCOKGPVQ[FGUCTTQNNQCUÈ
EQOQ FG GXCNWCEKÎP FG RTQFWEVQU PQ GUVCDCP C NC RCT FG NQU UWRWGUVQU
VGÎTKEQU
)WÈC6GÎTKEQ 2T¶EVKECRCTCNC
'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
#FGO¶U GN PQ EQPVCT EQP RGTUQPCN RTGRCTCFQ RCTC KORNGOGPVCT GUVQU
RTQ[GEVQUGPGNOGFKQOCNGPFÃOKEQGPUQEKGFCFGUGPXÈCU FGFGUCTTQNNQ[
SWG UÎNQ UG RWGFG UQNWEKQPCT HQTOCPFQ PWGXQU EWCFTQU VÃEPKEQU Q
KORQTV¶PFQNQURCTCUWUVGPVCTGNFGUCTTQNNQFGNQURTQ[GEVQU
 /CTEQ%QPEGRVWCNRCTCGNFGUCTTQNNQFGN2'6+
'N OCTEQ EQPEGRVWCN GORNGCFQ RQT NCU XGTUKQPGU CPVGTKQTGU FG NCU
RWDNKECEKQPGU FG  NC /GVQFQNQIÈC +PHQTO¶VKEC FGN +0'+ GUVCDC GUVTWEVWTCFQ
UQDTGNCDCUGFGNQURTKPEKRKQUFGNCVGEPQNQIÈCGUVTWEVWTCFCCUÈUGJKQPQVCT
GPNCUXGTUKQPGU[FGN2'6+
CPVGU25+CUÈEQOQGPNCUXGTUKQPGUFGDCUGFG
FCVQUFGUCTTQNNCFQTGU[WVKNKVCTKQU
'NGUSWGOCIGPGTCNFGNC/GVQFQNQIÈC2'6+GUNCSWGUGOWGUVTCGPGNIT¶HKEQ
EW[CUHCUGUUQP
N GHKPKEKÎP[1TICPKCEKÎPFGN2'6+
N #NKPGCEKÎPFGN2'6+EQPGN2NCP'UVTCVÃIKEQ+PUVKVWEKQPCN
N +FGPVKHKECEKÎPFG4GSWGTKOKGPVQU
N KUGÌQFGN/QFGNQFG5KUVGOCU+PUVKVWEKQPCN
N KUGÌQFGN/QFGNQFG#TSWKVGEVWTC6GEPQNÎIKEC
N 2NCPGUFG#EEKÎP
 2TQURGEVKXCFGNFGUCTTQNNQFGNCUVGEPQNQIÈCUFG+PHQTOCEKÎPGPNCUGPVKFCFGU
FGNGUVCFQRGTWCPQRCTCNCRTKOGTCFÃECFCFGNPWGXQ UKINQ
'N RNCPVGCOKGPVQ SWG UG RTGUGPVC GU EQJGTGPVG EQP GN P2NCP 0CEKQPCN FG
GUCTTQNNQ+PHQTO¶VKEQ Q 
CEVWCNOGPVGGPGTCXGTUKÎP[GN/QFGNQ
'HILQLFLyQ
RUJDQL]DFLyQ
GHO3(7,
$OLQHDPLHQWR
GHO3(7,FRQHO
3ODQ(VWUDWpJLFR
,QVWLWXFLRQDO
,GHQWLILFDFLyQGH
5HTXHULPLHQWRV
'LVHxRGHO
0RGHOR
GH6LVWHPDV
,QVWLWXFLRQDOHV
'LVHxRGHO
0RGHOR
GH$UTXLWHFWXUD
7HFQROyJLFD
3ODQHVGH$FFLyQ
(YDOXDFLyQ%6
'HILQLFLyQ
RUJDQL]DFLyQ
GHO3(7,
$OLQHDPLHQWR
GHO3(7,FRQHO
3ODQ(VWUDWpJLFR
,QVWLWXFLRQDO
,GHQWLILFDFLyQGH
5HTXHULPLHQWRV
'LVHxRGHO
0RGHOR
GH6LVWHPDV
,QVWLWXFLRQDOHV
'LVHxRGHO
0RGHOR
GH$UTXLWHFWXUD
7HFQROyJLFD
3ODQHVGH$FFLyQ
(YDOXDFLyQ%6
Peti
)WÈC6GÎTKEQ 2T¶EVKECRCTCNC
'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
FG GUCTTQNNQ FG 5KUVGOCU [ 5GTXKEKQU RNCPVGCFQU GP GN FQEWOGPVQ
P.KPGCOKGPVQURCTCNC%TGCEKÎPFG NC5QEKGFCFFG+PHQTOCEKÎPGPGN2GTÕQ
'PGNNÈOKVGGNEKWFCFCPQ[NCUGORTGUCUPQFGDGTÈCPPGEGUKVCTEQPQEGTSWKÃP
QSWGFGRGPFGPEKCDTKPFCGNUGTXKEKQQEÎOQGUV¶QTICPKCFCNCKPUVKVWEKÎP
RCTCCEEGFGT[WUCTWPUGTXKEKQFGVGTOKPCFQFGNC#FOKPKUVTCEKÎP2ÕDNKEC.C
OCPGTCEQOQGUVQUUGTXKEKQU
FKIKVCNKCDNGUUQPQTICPKCFQU[QHGTVCFQUFGDG
UGTVTCPURCTGPVGRCTCGNWUWCTKQ'UVGGUWPKFGCNCNSWGFGDGTÈCVGPFGTNCHQTOC
GPSWGGNEKWFCFCPQ[NCUGORTGUCUTGUWGNXGPUWUPGEGUKFCFGUFGFCT[TGEKDKT
KPHQTOCEKÎPFG[JCEKCNC#FOKPKUVTCEKÎP2ÕDNKEC
5GTÈC FGUGCDNGVCODKÃP SWG NC OC[QT RCTVGFG NQU UGTXKEKQU FG KPHQTOCEKÎP
RWGFCPUGTTGCNKCFQUCVTCXÃUFGTGFGU[UGTCEEGUKDNGUGP+PVGTPGVRQTNQEWCN
FGDGT¶PVQOCTUGNCURTGXKUKQPGUFGNECUQRCTCCVGPFGTNCUPWGXCUFGOCPFCU
SWGUGQTKIKPCT¶PRQTNQUECODKQUGPNCXCTKGFCF[RGPGVTCEKÎPFGNQUOGFKQU
SWGUGVGPFT¶GPNQURTÎZKOQUCÌQURCTCCEEGFGTC+PVGTPGV#EVWCNOGPVGNC
OCPGTCO¶UFKHWPFKFCFGCEEGUQC+PVGTPGVGUCVTCXÃU FGNCU2%NURGTQNCU
RTGXKUKQPGUCRWPVCPCSWGRTQPVQQVTQUOGFKQU[HQTOCUFGCEEGUQGUVCT¶PCN
CNECPEGFGEWCNSWKGTWUWCTKQFGNCOCPQEQPNCUEQOWPKECEKQPGUKPCN¶ODTKECU
[NCVGNGHQPÈCOÎXKN'PGN2GTÕNCUECDKPCURÕDNKECU[NQUEGPVTQUEQOWPKVCTKQU
FG CEEGUQ C +PVGTPGV UQP WP OGFKQ CRTQRKCFQ RCTC HCEKNKVCT GN CEEGUQ C NQU
RQDNCFQTGUFGDCLQUKPITGUQU[FGNCUQPCUTWTCNGUSWGFGUFGGN'UVCFQ[NCU
QTICPKCEKQPGUEKXKNGUFGDKGTCUGIWKTKORWNU¶PFQUG
(P SUHVDVLXGDGDQRV
,QWHUP HGLDULRV
'LVSRVLWLYRVPHGLRVGH$FFHVV
3 79 7HOpIRQR .LRVNR DELQD
DEOH 0yYLO  0XOWLPHGLD 3~EOLFD
3URYHHGRUHV
3RUWDOHV
,QWUDQHW
0LQLVWHULRV
2UJDQLVP RV3~EOLFRV
*RELHUQRV/RFDOHV
8QLYHUVLGDGHVROHJLRV
0RGHOR
3URSXHVWR
$UHD GHDFFLyQG HO,1(,
([WUDQHWV
([WUDQHWV
(P SUHVDVLXGDGDQRV
,QWHUP HGLDULRV
'LVSRVLWLYRVPHGLRVGH$FFHVV
3 79 7HOpIRQR .LRVNR DELQD
DEOH 0yYLO  0XOWLPHGLD 3~EOLFD
3URYHHGRUHV
3RUWDOHV
,QWUDQHW
0LQLVWHULRV
2UJDQLVP RV3~EOLFRV
*RELHUQRV/RFDOHV
8QLYHUVLGDGHVROHJLRV
0RGHOR
3URSXHVWR
$UHD GHDFFLyQG HO,1(,
([WUDQHWV
([WUDQHWV
)WÈC6GÎTKEQ 2T¶EVKECRCTCNC
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  • 11. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 6ÃTOKPQUENCXGU 4 /GLQTCTNCECNKFCFFGNUGTXKEKQ4GFWEKTEQUVQUCFOKPKUVTCVKXQU4GGUVCDNGEGT NCEQPHKCPCFGNQUEKWFCFCPQU 4 'XKVCTGNFGURGTFKEKQ4GKPIGPKGTÈCFGRTQEGUQU/GLQTCTNCKPHTCGUVTWEVWTCFG VGEPQNQIÈCUFGKPHQTOCEKÎP/GLQTCTGNCEEGUQCNQUUGTXKEKQU'PVGPFGTNC TGNCEKÎPGPVTGRQNÈVKEC[TGUWNVCFQU 4 GEKFKTFÎPFGICUVCT[EW¶PVQGVGTOKPCTNCUUCNKFCU[TGUWNVCFQUFGNCU CEVKXKFCFGU 4 4GFKUGÌCTNCGPVTGICFGUGTXKEKQUEQPECNKFCF'UVCDNGEGTNCUPWGXCUHWGPVGU FGKPITGUQU 4 6TCPURCTGPEKC[TGPFKEKÎPFGEWGPVCU 2CTC NC 1HKEKPC FG NC 2TGUKFGPEKC NC KPPQXCEKÎP FGN IQDKGTPQ PGU WP OQXKOKGPVQ EWNVWTCN [ GUVTWEVWTCN SWG DWUECT¶ VTCPUHQTOCT TCFKECNOGPVG NC QTKGPVCEKÎP NC ECRCEKFCF [ NC XGNQEKFCF FG TGURWGUVC GUVTCVÃIKEC FG NC #FOKPKUVTCEKÎP 2ÕDNKEC HGFGTCN TGXKUWCNKCPFQ VQFQ FGUFG OÕNVKRNGU GZRGEVCVKXCUQ P'NRTQRÎUKVQUWRGTKQTFGGUVCKPPQXCEKÎPGUOGLQTCTNCECRCEKFCFFGIQDGTPCT RCTCCVGPFGTNQUCPJGNQU[GZRGEVCVKXCUFGNCUQEKGFCFOGZKECPCTGEWRGTCPFQ EQPGNNQNCEQPHKCPCGPUWUCWVQTKFCFGUQ P#NCRCTFGGUVCCEEKÎPOQFGTPKCFQTCÈPVGITC[CNCTIQRNCQGNGIQDKGTPQ HCEKNKVCT¶NCKORNGOGPVCEKÎPFGNCCFOKPKUVTCEKÎPRQTQDLGVKXQUNCETGCEKÎPFG QTICPKCEKQPGU O¶U HNGZKDNGU GN HWPEKQPCOKGPVQ FG GUVTWEVWTCU OGPQU RKTCOKFCNGU[NCETGCEKÎPFGQHKEKPCUFGIQDKGTPQO¶URGSWGÌCU[GHKEKGPVGU EQPTGURQPUCDKNKFCFGUGURGEÈHKECU[GNEQORTQOKUQFGIGPGTCTTGUWNVCFQUQ P'P GUVG PWGXQ IQDKGTPQ UG XCP CDCPFQPCPFQ NCU VTCFKEKQPCNGU QHKEKPCU HWGTVGOGPVG LGTCTSWKCFCU RKTCOKFCNGU [ XGTVKECNGU FCPFQ QTKIGP C QTICPKCEKQPGU DCUCFCU GP NCU PGEGUKFCFGU FG NQU EKWFCFCPQU EQP PWGXQU GSWKRQU FG VTCDCLQ SWG QRGTCP GP HQTOC KPVGITCN JQTKQPVCN [ GP NÈPGC C FKURQUKEKÎPFGNQUKPVGTGUCFQUCVTCXÃUFG+PVGTPGVQ 4GVQU[QRQTVWPKFCFGUFGNG)QDKGTPQ 'NFGUCHÈQFGNG)QDKGTPQRTGUGPVCFQUITCPFGUQRQTVWPKFCFGURCTCGNUGEVQT GORTGUCTKCN 4 %QOQ RTQXGGFQT RQTSWG VKGPG GN MPQYJQY [ NQU RTQFWEVQU NQ SWG RGTOKVKT¶CNIQDKGTPQCNECPCTUWUQDLGVKXQU 4 %QOQ EQPUWOKFQT CN KIWCN SWG VQFQU NQU EKWFCFCPQU RQTSWG UG DGPGHKEKCT¶PEQPGNOGLQTCOKGPVQFGNQUUGTXKEKQUFGNIQDKGTPQ
  • 12. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 5KP GODCTIQ NC GPQTOG DTGEJC FKIKVCN VCPVQ EWNVWTCN EQOQ FG CEEGUQ SWG GZKUVGGPRCÈUGUEQOQGNPWGUVTQGPVTGNQUJCDKVCPVGUSWGVKGPGP[NQUSWGPQ VKGPGP CEEGUQ C NC KPHQTOCEKÎP [ C NC VGEPQNQIÈC EQOQ OGFKQ FG EQOWPKECEKÎP FG NC KPHQTOCEKÎP IGPGTC GPQTOGU TGVQU RCTCWPC RWGUVCGP OCTEJCGZKVQUCFGNIQDKGTPQGNGEVTÎPKEQ 'P WP PKXGN D¶UKEQ UG PGEGUKVCT¶ EQORWVCFQTCU GP VQFCU NCU GUEWGNCU [ DKDNKQVGECU CUÈ EQOQ GP VQFCU NCU QHKEKPCU FG IQDKGTPQ #UÈ OKUOQ UG PGEGUKVCT¶ NC IGPGTCEKÎP FG UKUVGOCU FG KPHQTOCEKÎP FG NC CEVKXKFCF IWDGTPCOGPVCN GP GURGEKCN FG NQU VT¶OKVGU IWDGTPCOGPVCNGU [ FG EQOWPKECEKÎPEQPNCEKWFCFCPÈC 'P WP PKXGN KPVGTOGFKQ NCU CEEKQPGU FG NQU GUVCFQU FGDGT¶P QTKGPVCTUG C KORNGOGPVCT EQORWVCFQTCU GP VQFQU NQU NWICTGU RÕDNKEQU [ JCEGT GUHWGTQU RCTC EQNQECT GP +PVGTPGV R¶IKPCU YGD [ RQTVCNGU VGO¶VKEQU NQU UKUVGOCU FG KPHQTOCEKÎP QTKGPVCFQU C NQU EKWFCFCPQU NQU VT¶OKVGU RCTC NC QDVGPEKÎP FG UGTXKEKQU RÕDNKEQU [ FGDGT¶P GUVCT KPVGITCFQU VQFQU NQU UGTXKEKQU IWDGTPCOGPVCNGU (KPCNOGPVG RCTC EQPUGIWKT WP G)QDKGTPQ CXCPCFQ UG VGPFT¶ SWG JCEGT TGCNKFCFSWGECFCEKWFCFCPQVGPICCEEGUQCWPCEQORWVCFQTCEQPCEEGUQC +PVGTPGVSWGGZKUVCPGPNCTGFUKUVGOCUFGVTCDCLQEQORNGVQU[UQHKUVKECFQUSWG RWGFCPJCEGTUGVTCPUCEEKQPGUOQPGVCTKCUGPNÈPGCSWGUGNQITGNCKPVGITCEKÎP EQPQVTQUUGEVQTGUFGNCUQEKGFCF[EQPUWUUKUVGOCU[SWGNCFGOQETCEKCGP NÈPGCUGCRCTVGFGNCFKP¶OKECEKWFCFCPC +ORNGOGPVCTGZKVQUCOGPVGWPCKPKEKCVKXCFGG)QDKGTPQTGSWKGTGSWGGPECFC RCUQCUGIWKTNCUQTICPKCEKQPGUIWDGTPCOGPVCNGUFGHKPCP[TGUWGNXCPEKGTVQ PÕOGTQFGCUWPVQUEQOQUQP 4 'UVTCVGIKCURQNÈVKECU.CUGUVTCVGIKCUNG[GU[OCTEQUTGIWNCVQTKQURWGFGPUGT KPCFGEWCFQU RCTC NNGXCT C ECDQ PWGXQU VKRQU FG TGNCEKQPGU KPVGTPCU [ GZVGTPCUSWGRGTOKVCPGNG)QDKGTPQ 4 2GTUQPCN 'N HCEVQT JWOCPQ GU GZVTGOCFCOGPVG KORQTVCPVG GP EWCNSWKGT RTQEGUQFGVTCPUHQTOCEKÎP.CUGVCRCUHKPCNGUFGWPCKPKEKCVKXCG)QDKGTPQ RWGFGP GPEQPVTCT WPC HWGTVG QRQUKEKÎP 5G KPEWTTKT¶ GP ICUVQU RCTC FGURNCCTTGENWVCTTGVGPGT[TGECRCEKVCTCNRGTUQPCN 4 2TQEGUQU .C OC[QTÈC FG NQU RTQEGUQU DWTQET¶VKEQU GUV¶P EQPUVTWKFQU CNTGFGFQT FG WPC GUVTWEVWTC LGT¶TSWKEC .C KPVGTCEEKÎP GNGEVTÎPKEC RWGFG EQPVTCTTGUVCT CNIWPQU FG GUVQU RTQDNGOCU RQT NQ SWG UG TGSWGTKT¶ FG WP TGFKUGÌQFGNQURTQEGUQU 4 6GEPQNQIÈC 7PC ITCP XCTKGFCF FG VGEPQNQIÈCU FG KPHQTOCEKÎP [ EQOWPKECEKÎPFGUGORGÌCPWPRCRGNENCXGGPNCUFKHGTGPVGUGVCRCUFGWPC KPKEKCVKXC FGG)QDKGTPQEQOQGN+PVGTPGVEQOWPKECEKÎPKPCN¶ODTKEC[NC KPVGITCEKÎPFGCRNKECEKQPGU[UGIWTKFCF
  • 13. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 'N TGVQ UÎNQ RQFT¶ UGT GPHTGPVCFQ UK UG EQPUKIWG WPC ETGCVKXC G KPPQXCFQTC CNKCPCGPVTGGNUGEVQTRTKXCFQ[GNUGEVQTRÕDNKEQSWGICTCPVKEGSWGPCFKG UGC GZENWKFQFGNCUQRQTVWPKFCFGUFGNCVGEPQNQIÈCRQTTCQPGUGEQPÎOKECUQFG FGUXGPVCLCUQEKCN 2CTCGNNQGN+0'+EQPVTKDW[GCVTCXÃUFGNCGNCDQTCEKÎPFG2QNÈVKECU2NCPGU[NC RTQOQEKÎPFGOGVQFQNQIÈCUSWGHCEKNKVGPGNFKUGÌQGKORNGOGPVCEKÎPFGNG )QDKGTPQ GP RCTVKEWNCT 2CTC GN ECUQ GN 2NCP 'UVTCVÃIKEQ FG 6GEPQNQIÈC FG +PHQTOCEKÎP 2'6+GUWPKPUVTWOGPVQSWGCRQ[CGNRTQEGUQFGRNCPKHKECEKÎP[ FGUCTTQNNQFGNCU6+GPNCU+PUVKVWEKQPGUFGN'UVCFQ 'N OQFGNQ NC #FOKPKUVTCEKÎP 2ÕDNKEC GP NÈPGC G)QDKGTPQ Q IQDKGTPQ GNGEVTÎPKEQ GU NC CRNKECEKÎP FG PWGXCU VGEPQNQIÈCU FG KPHQTOCEKÎP [ EQOWPKECEKÎP LWPVQ EQP NC VTCPUHQTOCEKÎP FG NQU RTQEGFKOKGPVQU NC KORNCPVCEKÎPFGPWGXQUOÃVQFQU[GUVKNQUFGVTCDCLQNCECRCEKVCEKÎPFGNQU GORNGCFQU GP NCU 6+% GN VTCDCLQ GP ITWRQ [ NC RTGUVCEKÎP FG UGTXKEKQU FG ECNKFCFCNENKGPVG GNEKWFCFCPQ 5GEQPUKFGTCPGEGUCTKQNCKORNGOGPVCEKÎPFGWP2NCP'UVTCVÃIKEQ[NCUCEEKQPGU SWGUGFGTKXGPEQPGNQDLGVQFG N CEVWCT T¶RKFCOGPVG RCTC CRTQXGEJCT GN GPQTOG RQVGPEKCN RTQFWEVKXQ SWG QHTGEG+PVGTPGV OW[RTQPVQNCUQRQTVWPKFCFGU[RQUKDKNKFCFGURWGFGPXGTUG EGTTCFCU RQT NC RQUKEKÎP FQOKPCPVG SWG CNECPEGP NCU GORTGUCU G KPUVKVWEKQPGUSWGNCUWVKNKEGPRTKOGTQ N KPETGOGPVCT UWUVCPEKCNOGPVG NQU CEVWCNGU ÈPFKEGU FG RGPGVTCEKÎP FG NQU OGFKQU [ UGTXKEKQU FG KPHQTO¶VKEC [ VGNGEQOWPKECEKQPGU KPENW[GPFQ NCU QPCU TWTCNGU [ CKUNCFCU FGN RCÈU UK UG FGUGC CRTQXGEJCT CN O¶ZKOQ NCU XGPVCLCUFGNCUPWGXCUVGEPQNQIÈCU5KPEQDGTVWTCFGVGNGEQOWPKECEKQPGUPQ JC[FGOQETCVKCEKÎP[FGUEGPVTCNKCEKÎPFGNCEEGUQ N OCUKHKECT NC GFWECEKÎP[ ECRCEKVCEKÎP GP +PVGTPGV PQ DCUVC VGPGT CEEGUQ JC[ SWG RQVGPEKCT UW GORNGQ %WCPVQ OC[QT UGC NC RQDNCEKÎP [ NCU GORTGUCU GP ECRCEKFCF FG WUCT [ VGPGT CEEGUQ C NQU UGTXKEKQU OC[QT FGOCPFCGZKUVKT¶ N RTKQTKCT NCU CEEKQPGU FG GUVG RNCP GP NC RTQITCOCEKÎP [ CUKIPCEKÎP FG TGEWTUQU [ EQPVCT EQP GN O¶U CNVQ TGURCNFQ IWDGTPCOGPVCN RCTC SWG CNECPEGP GN ÃZKVQ FGUGCFQ NQITCT NC CEGRVCEKÎP [Q RCTVKEKRCEKÎP FG NCU GORTGUCU[UQEKGFCFEKXKNGPGNFGUCTTQNNQFGNCUCEEKQPGUGLGEWVCFCURQTGN 'UVCFQGPGNOCTEQFGGUVGRNCP 'ZKUVGP UGTXKEKQU SWG UQP FG EQORGVGPEKC GURGEÈHKEC FG NQU OKPKUVGTKQU Q KPUVKVWEKQPGU RÕDNKECU EW[CU ECTCEVGTÈUVKECU RNCPGU OGVCU [ TGEWTUQU UQP IGTGPEKCFQUFKTGEVCOGPVGRQTGNNQU[SWGPQUQPEQPUKFGTCFQUFKTGEVCOGPVGGP GUVG FQEWOGPVQ RGTQ SWG GP UW GLGEWEKÎP FGDGT¶P VQOCT GP EWGPVC NQU
  • 14. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC QDLGVKXQU GUVTCVÃIKEQUCSWÈHQTOWNCFQURCTCIGPGTCTUKPGTIKCU[CWOGPVCTNQU DGPGHKEKQUFGNCUCEEKQPGURTGXKUVCU GUFGGNRWPVQFGXKUVCFGN'UVCFQUG TGSWKGTG 8+5+¦0 77PP OOQQFFGGNNQQ FFGG IIGGUUVVKKÎÎPP FFGG TTGGEEWWTTUUQQUU EECCRRCC FFGG CCEEGGNNGGTTCCTT NNCC FFGGUUEEGGPPVVTTCCNNKKCCEEKKÎÎPP KKPPVVGGIITTCCPPFFQQ DDTTKKPPFFCCPPFFQQ OOGGLLQQTTGGUU UUGGTTXXKKEEKKQQUU [[ HHCCEEKKNNKKVVCCPPFFQQ GGNN CCEEEEGGUUQQ FFGG NNQQUU EEKKWWFFCCFFCCPPQQUU [[ NNCCUU GGOORRTTGGUUCCUU CC NNCC KKPPHHQQTTOOCCEEKKÎÎPP ''UUVVCC XXKKUUKKÎÎPP FFGG HHWWVVWWTTQQ RRTTGGVVGGPPFFGG GGPPHHCCVVKKCCTT GGNN TTQQNN FFGGNN ''UUVVCCFFQQ FFGG CCEEVVWWCCTT FFGG OOCCPPGGTTCC GGHHKKEEKKGGPPVVGG [[ VVTTCCPPUURRCCTTGGPPVVGG RRCCTTCC JJCCEEGGTT TTGGCCNNKKFFCCFF GGNN FFGGTTGGEEJJQQ FFGG NNQQUU EEKKWWFFCCFFCCPPQQUU [[ NNCCUU GGOORRTTGGUUCCUU FFGG TTGGEEKKDDKKTT UUGGTTXXKKEEKKQQUU FFGG EECCNNKKFFCCFF CCEEEEGGFFGGTT CC NNCC KKPPHHQQTTOOCCEEKKÎÎPP RRÕÕDDNNKKEECC [[ TTGGNNCCEEKKQQPPCCTTUUGG CCEEVVKKXXCCOOGGPPVVGG EEQQPP NNCC ##FFOOKKPPKKUUVVTTCCEEKKÎÎPP 22ÕÕDDNNKKEECC FFGGUUFFGG EEWWCCNNSSWWKKGGTT NNWWIICCTT [[ EEQQPP FFKKXXGGTTUUQQUU OOGGFFKKQQUU RRTTGGHHGGTTGGPPVVGGOOGGPPVVGG NNQQUU VVGGEEPPQQNNÎÎIIKKEEQQUU /+5+¦0 ((CCEEKKNNKKVVCCTT NNCC KKPPEEQQTTRRQQTTCCEEKKÎÎPP [[ WWUUQQ GGHHKKEEKKGGPPVVGG FFGG NNCCUU VVGGEEPPQQNNQQIIÈÈCCUU FFGG KKPPHHQQTTOOCCEEKKÎÎPP [[ EEQQOOWWPPKKEECCEEKKÎÎPP RRCCTTCC EEQQPPVVCCTT EEQQPP WWPP ''UUVVCCFFQQ OOQQFFGGTTPPQQ EECCRRCC FFGG RRTTGGUUVVCCTT UUGGTTXXKKEEKKQQUU FFGG EECCNNKKFFCCFF QQRRQQTTVVWWPPQQUU UUGGIIWWTTQQUU [[ CCEEEEGGUUKKDDNNGGUU CCNN EEKKWWFFCCFFCCPPQQ CCEEGGTTEECCTT CCNN EEKKWWFFCCFFCCPPQQ CC NNCC IIGGUUVVKKÎÎPP RRÕÕDDNNKKEECC [[ HHCCEEKKNNKKVVCCTT GGNN CCEEEEGGUUQQ KKTTTTGGUUVVTTKKEEVVQQ [[ WWPPKKXXGGTTUUCCNN CC NNCC KKPPHHQQTTOOCCEEKKÎÎPP CC VVQQFFCC NNCC RRQQDDNNCCEEKKÎÎPP RRCCTTCC SSWWGG RRCCTTVVKKEEKKRRGGPP GGPP NNCC EEQQPPUUVVTTWWEEEEKKÎÎPP [[ GGPP NNQQUU DDGGPPGGHHKKEEKKQQUU FFGG NNCC 55QQEEKKGGFFCCFF FFGG NNCC ++PPHHQQTTOOCCEEKKÎÎPP ''NN CCRRQQTTVVGG GGUUVVTTCCVVÃÃIIKKEEQQ FFGG NNCCUU 66++ CC NNCC OOQQFFGGTTPPKKCCEEKKÎÎPP FFGGNN ''UUVVCCFFQQ RRGGTTOOKKVVGG NNCC KKOORRNNCCPPVVCCEEKKÎÎPP FFGG PPWWGGXXQQUU OOQQFFGGNNQQUU FFGG IIGGUUVVKKÎÎPP SSWWGG CCEEGGNNGGTTCCPP NNQQUU RRTTQQEEGGUUQQUU CCDDTTGGPP PPWWGGXXQQUU EECCPPCCNNGGUU FFGG EEQQOOWWPPKKEECCEEKKÎÎPP GGPP NNQQUU FFQQUU UUGGPPVVKKFFQQUU TTGGFFWWEEGGPP EEQQUUVVQQUU [[ VVKKGGOORRQQ [[ RRQQUUKKDDKKNNKKVVCCPP QQRRGGTTCCTT GGPP OOWWEEJJQQUU EECCUUQQUU KKPPFFGGRRGGPPFFKKGGPPVVGGOOGGPPVVGG FFGGNN VVKKGGOORRQQ [[ NNCC FFKKUUVVCCPPEEKKCC 'NÃZKVQFGNCOKUKÎPRNCPVGCFC FGOCPGTCKPVGITCNT¶RKFCFKTGEVC[GHGEVKXC KORNKECSWGNCUKPUVKVWEKQPGUFGN'UVCFQTGFGHKPKT¶PUWQTICPKCEKÎPRCTC N KUGÌCTUWUUGTXKEKQUEGPVTCFQUGPGNEKWFCFCPQEQPECNKFCFQRQTVWPKFCF UGIWTKFCF[CEEGUKDKNKFCFEQPUKFGTCPFQUWUPGEGUKFCFGUGURGEÈHKECU N #ORNKCTUWUEQORGVGPEKCU[JCDKNKFCFGURCTCOQPKVQTGCTGNKORCEVQFGNCU PWGXCU VGEPQNQIÈCU CN KPVGTKQT FG NCU QTICPKCEKQPGU [ GP NC UQEKGFCF GP IGPGTCN N KUGÌCTOGECPKUOQUFGEQQTFKPCEKÎP[EQQRGTCEKÎPGPVTGQTICPKUOQUFGN 'UVCFQHNGZKDNGU[GPNÈPGCEQPNCUPWGXCUVGEPQNQIÈCURCTCSWGQRVKOKEGP TGEWTUQU [ GUHWGTQU GP NC RWGUVC GP OCTEJC FG UQNWEKQPGU VGEPQNÎIKECU EQORNGLCU[HKCDNGU
  • 15. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC N 6TCDCLCTGPHWPEKÎP FGNQSWGGNOGTECFQNCUKPUVKVWEKQPGU[EKWFCFCPQU FGOCPFCP RTQOQXKGPFQ [ FGVGEVCPFQ QRQTVWPKFCFGU SWG DTKPFCP NCU PWGXCUVGEPQNQIÈCU N GUCTTQNNCTRTQ[GEVQUEQPLWPVQUEQPNCUQEKGFCFEKXKN[NCUGORTGUCURCTC UWRGTCTNCUDCTTGTCUSWGKORKFGPCITCPFGU UGEVQTGUFGNCRQDNCEKÎPCEEGFGT CNCOQFGTPKFCF N 6TCPUHQTOCTNCUOÕNVKRNGUQRQTVWPKFCFGUSWGQHTGEGPNCUPWGXCUVGEPQNQIÈCU FG KPHQTOCEKÎP [ EQOWPKECEKÎP GP RTQ[GEVQU XKCDNGU RCTC RQVGPEKCT GN FGUCTTQNNQFGNCUQEKGFCFFGNCKPHQTOCEKÎPGPGNRCÈU .CTCÎPRTKPEKRCNRCTCNCHQTOWNCEKÎPFGGUVG2NCP'UVTCVÃIKEQFG6+GUVQOCT NCKPKEKCVKXCRCTCCEVWCTT¶RKFCEQPEGTVCFC[GHKEKGPVGOGPVGRCTCNQITCTSWG NQU EKWFCFCPQU [ NCU GORTGUCU RWGFCP WUCT [ FKUHTWVCT NQU DGPGHKEKQU FG NC OQFGTPKCEKÎPFGN'UVCFQDCUCFCGPNCU6+% 1DLGVKXQUFGN2'6+ GUFGGNRWPVQFGXKUVCFGN+0'+NC/GVQFQNQIÈC2'6+XGTUKÎPDWUEC N /GLQTCTNC)GUVKÎPFGNQU5GTXKEKQU+PHQTO¶VKEQUFGNCUGPVKFCFGURÕDNKECU N 'UVCDNGEGTWPGPNCEG[EQPEQTFCPEKCGPVTGNCU6GEPQNQIÈCU'UVTWEVWTCFCU[ 6GEPQNQIÈCUFG1DLGVQURCTCGNFGUCTTQNNQFG2TQ[GEVQUFG6GEPQNQIÈCFG +PHQTOCEKÎP N 1TKGPVCTGNFGUCTTQNNQFGNQU2TQ[GEVQUFG6+GPNCUGPVKFCFGURÕDNKECURCTC NCEQPUVKVWEKÎPFGNG)QDKGTPQ N 1TKGPVCT NCU CEVKXKFCFGU KPHQTO¶VKECU GP GN OCTEQ FGN 2NCP 'UVTCVÃIKEQ 0CEKQPCNK [UWUCEVWCNKCEKQPGU 'XQNWEKÎPFGNC/GVQFQNQIÈC+PHQTO¶VKECFGN+0'+ .C /GVQFQNQIÈCU +PHQTO¶VKEC FGN +0'+ PQ JC UKFQ CLGPC CN FGUCTTQNNQ FG NCU VGEPQNQIÈCUKPHQTO¶VKECUFGNQUÕNVKOQUCÌQUNQUGUHWGTQU FGNQUEGPVTQUFG KPXGUVKICEKÎPGPWPKXGTUKFCFGU[GORTGUCUJCPGUVCFQRWGUVQUGPGNFGUCTTQNNQ FG RTQRWGUVCU SWG RWGFCP UGT PTGCNOGPVG KORNGOGPVCFCUQ [ PQ UQNCOGPVG GUDQCFCU .QUPUCNVQUQ CNCUVGEPQNQIÈCUFGQDLGVQUPQJCPUKFQVQVCNOGPVGUCVKUHCEVQTKQU UWKORNGOGPVCEKÎPTGCNGPRTQ[GEVQUFGFGUCTTQNNQFGUKUVGOCUJCPHTCECUCFQ QJCPFGOQTCFQGPUWKORNGOGPVCEKÎPIGPGTCPFQRÃTFKFCUQGNGXCPFQNQU EQUVQUFGNRTQ[GEVQFGDKFQHWPFCOGPVCNOGPVGCSWGGNPGUVCFQFGCTVGQ FGNCU VGEPQNQIÈCUFGDCUGUFGFCVQUJGTTCOKGPVCUFGOQFGNCOKGPVQ[FGUCTTQNNQCUÈ EQOQ FG GXCNWCEKÎP FG RTQFWEVQU PQ GUVCDCP C NC RCT FG NQU UWRWGUVQU VGÎTKEQU
  • 16. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC #FGO¶U GN PQ EQPVCT EQP RGTUQPCN RTGRCTCFQ RCTC KORNGOGPVCT GUVQU RTQ[GEVQUGPGNOGFKQOCNGPFÃOKEQGPUQEKGFCFGUGPXÈCU FGFGUCTTQNNQ[ SWG UÎNQ UG RWGFG UQNWEKQPCT HQTOCPFQ PWGXQU EWCFTQU VÃEPKEQU Q KORQTV¶PFQNQURCTCUWUVGPVCTGNFGUCTTQNNQFGNQURTQ[GEVQU /CTEQ%QPEGRVWCNRCTCGNFGUCTTQNNQFGN2'6+ 'N OCTEQ EQPEGRVWCN GORNGCFQ RQT NCU XGTUKQPGU CPVGTKQTGU FG NCU RWDNKECEKQPGU FG NC /GVQFQNQIÈC +PHQTO¶VKEC FGN +0'+ GUVCDC GUVTWEVWTCFQ UQDTGNCDCUGFGNQURTKPEKRKQUFGNCVGEPQNQIÈCGUVTWEVWTCFCCUÈUGJKQPQVCT GPNCUXGTUKQPGU[FGN2'6+ CPVGU25+CUÈEQOQGPNCUXGTUKQPGUFGDCUGFG FCVQUFGUCTTQNNCFQTGU[WVKNKVCTKQU 'NGUSWGOCIGPGTCNFGNC/GVQFQNQIÈC2'6+GUNCSWGUGOWGUVTCGPGNIT¶HKEQ EW[CUHCUGUUQP N GHKPKEKÎP[1TICPKCEKÎPFGN2'6+ N #NKPGCEKÎPFGN2'6+EQPGN2NCP'UVTCVÃIKEQ+PUVKVWEKQPCN N +FGPVKHKECEKÎPFG4GSWGTKOKGPVQU N KUGÌQFGN/QFGNQFG5KUVGOCU+PUVKVWEKQPCN N KUGÌQFGN/QFGNQFG#TSWKVGEVWTC6GEPQNÎIKEC N 2NCPGUFG#EEKÎP 2TQURGEVKXCFGNFGUCTTQNNQFGNCUVGEPQNQIÈCUFG+PHQTOCEKÎPGPNCUGPVKFCFGU FGNGUVCFQRGTWCPQRCTCNCRTKOGTCFÃECFCFGNPWGXQ UKINQ 'N RNCPVGCOKGPVQ SWG UG RTGUGPVC GU EQJGTGPVG EQP GN P2NCP 0CEKQPCN FG GUCTTQNNQ+PHQTO¶VKEQ Q CEVWCNOGPVGGPGTCXGTUKÎP[GN/QFGNQ 'HILQLFLyQ RUJDQL]DFLyQ GHO3(7, $OLQHDPLHQWR GHO3(7,FRQHO 3ODQ(VWUDWpJLFR ,QVWLWXFLRQDO ,GHQWLILFDFLyQGH 5HTXHULPLHQWRV 'LVHxRGHO 0RGHOR GH6LVWHPDV ,QVWLWXFLRQDOHV 'LVHxRGHO 0RGHOR GH$UTXLWHFWXUD 7HFQROyJLFD 3ODQHVGH$FFLyQ (YDOXDFLyQ%6
  • 19. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC FG GUCTTQNNQ FG 5KUVGOCU [ 5GTXKEKQU RNCPVGCFQU GP GN FQEWOGPVQ P.KPGCOKGPVQURCTCNC%TGCEKÎPFG NC5QEKGFCFFG+PHQTOCEKÎPGPGN2GTÕQ 'PGNNÈOKVGGNEKWFCFCPQ[NCUGORTGUCUPQFGDGTÈCPPGEGUKVCTEQPQEGTSWKÃP QSWGFGRGPFGPEKCDTKPFCGNUGTXKEKQQEÎOQGUV¶QTICPKCFCNCKPUVKVWEKÎP RCTCCEEGFGT[WUCTWPUGTXKEKQFGVGTOKPCFQFGNC#FOKPKUVTCEKÎP2ÕDNKEC.C OCPGTCEQOQGUVQUUGTXKEKQU FKIKVCNKCDNGUUQPQTICPKCFQU[QHGTVCFQUFGDG UGTVTCPURCTGPVGRCTCGNWUWCTKQ'UVGGUWPKFGCNCNSWGFGDGTÈCVGPFGTNCHQTOC GPSWGGNEKWFCFCPQ[NCUGORTGUCUTGUWGNXGPUWUPGEGUKFCFGUFGFCT[TGEKDKT KPHQTOCEKÎPFG[JCEKCNC#FOKPKUVTCEKÎP2ÕDNKEC 5GTÈC FGUGCDNGVCODKÃP SWG NC OC[QT RCTVGFG NQU UGTXKEKQU FG KPHQTOCEKÎP RWGFCPUGTTGCNKCFQUCVTCXÃUFGTGFGU[UGTCEEGUKDNGUGP+PVGTPGVRQTNQEWCN FGDGT¶PVQOCTUGNCURTGXKUKQPGUFGNECUQRCTCCVGPFGTNCUPWGXCUFGOCPFCU SWGUGQTKIKPCT¶PRQTNQUECODKQUGPNCXCTKGFCF[RGPGVTCEKÎPFGNQUOGFKQU SWGUGVGPFT¶GPNQURTÎZKOQUCÌQURCTCCEEGFGTC+PVGTPGV#EVWCNOGPVGNC OCPGTCO¶UFKHWPFKFCFGCEEGUQC+PVGTPGVGUCVTCXÃU FGNCU2%NURGTQNCU RTGXKUKQPGUCRWPVCPCSWGRTQPVQQVTQUOGFKQU[HQTOCUFGCEEGUQGUVCT¶PCN CNECPEGFGEWCNSWKGTWUWCTKQFGNCOCPQEQPNCUEQOWPKECEKQPGUKPCN¶ODTKECU [NCVGNGHQPÈCOÎXKN'PGN2GTÕNCUECDKPCURÕDNKECU[NQUEGPVTQUEQOWPKVCTKQU FG CEEGUQ C +PVGTPGV UQP WP OGFKQ CRTQRKCFQ RCTC HCEKNKVCT GN CEEGUQ C NQU RQDNCFQTGUFGDCLQUKPITGUQU[FGNCUQPCUTWTCNGUSWGFGUFGGN'UVCFQ[NCU QTICPKCEKQPGUEKXKNGUFGDKGTCUGIWKTKORWNU¶PFQUG (P SUHVDVLXGDGDQRV ,QWHUP HGLDULRV 'LVSRVLWLYRVPHGLRVGH$FFHVV 3 79 7HOpIRQR .LRVNR DELQD DEOH 0yYLO 0XOWLPHGLD 3~EOLFD 3URYHHGRUHV 3RUWDOHV
  • 20. ,QWUDQHW 0LQLVWHULRV 2UJDQLVP RV3~EOLFRV *RELHUQRV/RFDOHV 8QLYHUVLGDGHVROHJLRV 0RGHOR 3URSXHVWR $UHD GHDFFLyQG HO,1(, ([WUDQHWV ([WUDQHWV (P SUHVDVLXGDGDQRV ,QWHUP HGLDULRV 'LVSRVLWLYRVPHGLRVGH$FFHVV 3 79 7HOpIRQR .LRVNR DELQD DEOH 0yYLO 0XOWLPHGLD 3~EOLFD 3URYHHGRUHV 3RUWDOHV
  • 22. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 2CTCHCEKNKVCTNCFKUVTKDWEKÎP[EKTEWNCEKÎPFG NCKPHQTOCEKÎP[NCWDKECEKÎP[ RTGUVCEKÎPFGUGTXKEKQUGN+0'+[GNTGUVQFGNC#FOKPKUVTCEKÎP2ÕDNKECFGDGP QTICPKCTWPRQTVCN QXCTKQURQTVCNGUUGEVQTKCNGU'UVGRQTVCNFGDGTÈCUGTXKUVQ EQOQGNRWPVQQRWGTVCFGGPVTCFCO¶UH¶EKNT¶RKFCCOKICDNG [VTCPURCTGPVG RCTC KPVGTCEVWCT EQP NC #FOKPKUVTCEKÎP 2ÕDNKEC C VTCXÃU FG +PVGTPGV FQPFG EQPXGTIGP NCU KPUVKVWEKQPGU [ UGTXKEKQU RÕDNKEQU ECFC WPC EQP UW RTQRKC UQNWEKÎPVGEPQNÎIKECFKURWGUVCUCFCT[TGEKDKTKPHQTOCEKÎPFG[JCEKCNQU EKWFCFCPQU[GORTGUCU'NRQTVCNFGDGRGTOKVKTNCRTKXCEKFCF[NCCWVGPVKECEKÎP FGNQUFCVQUSWGUGOCPGLCP[QHTGEGTNCQREKÎPFGRGTUQPCNKCEKÎP EQOQNC OC[QTÈCFGRQTVCNGURTKXCFQURCTCSWGECFCEKWFCFCPQQGORTGUCNQCFCRVGC UWUPGEGUKFCFGU 'UVGRQTVCN QRQTVCNGU[NCUKPVTCPGVUSWGUGFGUCTTQNNGPCNKPVGTKQTFGN'UVCFQ FGDGT¶P HCEKNKVCT G KPVGITCT GN CEEGUQ C NQU UGTXKEKQU FKIKVCNKCDNGU FGUFG EWCNSWKGTNWICTCVTCXÃUFGNQUOGFKQU[FKURQUKVKXQUCEVWCNGU[RQTETGCTUGGP NC Q NCU NGPIWCU O¶U WVKNKCFCU RQT NC RQDNCEKÎP GP UGTXKEKQU EQOQ NQU GFWECVKXQU ECUVGNNCPQ SWGEJWC C[OCTC NGIWCU COCÎPKECU Q GP NC RTQOQEKÎPFGNEQOGTEKQGZVGTKQT ECUVGNNCPQKPINÃU+IWCNOGPVGFGDGT¶VQOCT GPEWGPVCNCUPGEGUKFCFGUFGNCURGTUQPCUEQPFKUECRCEKFCFGU .CKPHQTOCEKÎPSWGOCPGLCGN'UVCFQFGDGTÈCUGTRWGUVCCFKURQUKEKÎPFGNCU GORTGUCU[NQUEKWFCFCPQURCTCEQPQEGTNCUECTCEVGTÈUVKECUFGNCUQRGTCEKQPGU [VTCPURCTGPVCTGNOGTECFQ RQTGLGORNQGPVGOCUEQOQGNEQOGTEKQGZVGTKQT NCU KPXGTUKQPGU GN OGTECFQ HKPCPEKGTQ GVE UKP O¶U TGUVTKEEKÎP SWG NC RTQVGEEKÎPFGNQUFCVQURGTUQPCNGU5KPKPHQTOCEKÎPPQJC[NKDTGOGTECFQPK UG RWGFGP CRTQXGEJCT NCU XGPVCLCU FG NC INQDCNKCEKÎP 6CODKÃP JC[ SWG EQPUKFGTCT NQU RTQHWPFQUECODKQU[GEQPQOÈCUSWGUGRWGFGPNQITCT GPNCU VTCPUCEEKQPGU[PGIQEKQUEQPNQURTQXGGFQTGU[QVTCUKPUVKVWEKQPGUFGNUGEVQT RÕDNKEQOGFKFQUVCPVQGPVÃTOKPQUFGTGFWEEKÎPGPNQUEQUVQUFGVTCPUCEEKÎP EQOQGPNQUFGEQOWPKECEKÎPRCRGNGQFGVGEEKÎPFGPWGXCUQRQTVWPKFCFGU FGPGIQEKQUIGUVKÎP [TQVCEKÎPFGKPXGPVCTKQUGPVTGQVTQURWPVQU 'UVQUTGVQURQPGPGPRTKOGTRNCPQGNVGOCFGNCGUVTWEVWTC[QTICPKCEKÎPFGN 'UVCFQ [ FGN +0'+ GP RCTVKEWNCT UK SWKGTG LWICT WP RCRGN KORQTVCPVG GP GN RTQEGUQ FG OQFGTPKCEKÎP FGN 'UVCFQ [ FGN RGTHKN FG NQU HWPEKQPCTKQU SWG VTCDCLCP GP ÃN 0WGXCU EQORGVGPEKCU [ JCDKNKFCFGU UGT¶P TGSWGTKFCU RCTC TGURQPFGT C NQU TGVQU SWG RNCPVGG GUVC ECTTGTC INQDCN [ OCPVGPGT PKXGNGU CFGEWCFQU FG ECNKFCF ETGFKDKNKFCF [ QRQTVWPKFCF GP NC RTGUVCEKÎP FG NQU UGTXKEKQUQHGTVCFQU 'PUÈPVGUKUGNFGURNKGIWG[WUQNCUVGEPQNQIÈCUFGKPHQTOCEKÎP[EQOWPKECEKÎP FGDGT¶UGTTGCNKCFQEQPWPGURÈTKVWKPPQXCFQTEQPWPCXKUKÎPFGNCTIQRNCQ [ GORNGCPFQ OÃVQFQU UKOKNCTGU FG PGIQEKQ GNGEVTÎPKEQ SWG NQU SWG UG GORNGCPGPNCCEVKXKFCFRTKXCFC
  • 23. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 7PC#FOKPKUVTCEKÎP2ÕDNKECOQFGTPCGPNÈPGCGU N #EGTECTNCCFOKPKUVTCEKÎP[UWURTQEGUQUCNQUEKWFCFCPQUCPCNKCPFQNCU QRKPKQPGU QDVGPKFCU GP HQTQU RÕDNKEQU GPEWGUVCU [ VQFQ VKRQ FG TGIKUVTQ GNGEVTÎPKEQRCTCEQPQEGTNQSWGRKGPUCFGNQUUGTXKEKQUSWGUGNGFC N 5KORNKHKECT NQU RTQEGFKOKGPVQU [ RGTOKVKT NC TGEGREKÎP [ GPVTGIC FG KPHQTOCEKÎPWVKNKCPFQNCUTGFGU[OGFKQUGNGEVTÎPKEQU N /GLQTCT NC ECNKFCF [ CORNKCT NC QHGTVC FG NC KPHQTOCEKÎP NGICN CFOKPKUVTCVKXC [ EQOGTEKCN UQDTG NQU RTQEGUQU [ VTCPUCEEKQPGU RCTC VTCPURCTGPVCTNQUOGTECFQUJCEGTPGIQEKQU[OCPVGPGTKPHQTOCFQUCNQU EKWFCFCPQU N (CEKNKVCT GN CEEGUQ C NC KPHQTOCEKÎP FGN UGEVQT RÕDNKEQ UKORNKHKECPFQ NC GPVTCFC[JCEKGPFQCOKICDNG[UGIWTCNCPCXGICEKÎPGP+PVGTPGV
  • 25. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 444UUUVVVYYY^^^YYYSSSYYY†††^^^ iii ___bbbWWWQQQ^^^YYYjjjQQQSSSYYY†††^^^ TTTUUU @@@QQQ^^^ UUUcccdddbbbQQQddd}}}WWWYYYSSS___ TTTUUU dddUUUSSS^^^______WWWQQQccc TTTUUU YYY^^^VVV___bbb]]]QQQSSSYYY†††^^^ @@@555DDD999 /QFGNCOKGPVQFGNRTQ[GEVQ2'6+ 'N QDLGVKXQ FG GUVC CEVKXKFCF GU FGVGTOKPCT NC PGEGUKFCF FGN 2NCP FG 6GEPQNQIÈCUFG+PHQTOCEKÎP[NNGXCTCECDQGNPCTTCPSWGQ HQTOCN FGNOKUOQ EQPGNCRQ[QFGNPKXGNO¶UCNVQFGNCQTICPKCEKÎP%QOQTGUWNVCFQUGQDVKGPG WPCFGUETKREKÎPIGPGTCNFGN2NCPSWGRTQRQTEKQPCWPCFGHKPKEKÎPKPKEKCNFGN OKUOQKFGPVKHKECPFQNQUQDLGVKXQUGUVTCVÃIKEQUCNQUSWGCRQ[C GUDQCFQUGP GN 2NCP 'UVTCVÃIKEQ +PUVKVWEKQPCN [ GP NQU 2NCPGU 'UVTCVÃIKEQU 5GEVQTKCNGU /WNVKCPWCNGU2'5'/ K CUÈ EQOQ GN ¶ODKVQ IGPGTCN FG NC QTICPKCEKÎP CN SWG CHGEVC NQ SWG RGTOKVG KORNKECT C NCU FKTGEEKQPGUFGNCU ¶TGCUCHGEVCFCURQTGN2'6+ #FGO¶U UG KFGPVKHKECP NQU HCEVQTGU ETÈVKEQU FG ÃZKVQ [ NQU RCTVKEKRCPVGU GP GN 2'6+PQODTCPFQCNQUTGURQPUCDNGUFGNCUCEVKXKFCFGU # EQPVKPWCEKÎP UG KPENW[G WPC VCDNC TGUWOGP EQP NCU VCTGCU FG NC RTGUGPVG CEVKXKFCF 6CTGC 2TQFWEVQU 6ÃEPKECU[ 2T¶EVKECU 2CTVKEKRCPVGU #P¶NKUKUFGNC PGEGUKFCFFGN2'6+ N GUETKREKÎPIGPGTCNFGN2'6+ S #RTQDCEKÎPFGKPKEKQFGN 2'6+ N 5GUKQPGUFG VTCDCLQ N %QOKVÃFG KTGEEKÎP +FGPVKHKECEKÎPFGN CNECPEGFGN2'6+ N GUETKREKÎPIGPGTCNFGN2'6+ S ODKVQ[QDLGVKXQUFGN2'6+ S 1DLGVKXQUGUVTCVÃIKEQU TGNCEKQPCFQUEQPGN2'6+ S (CEVQTGUETÈVKEQUFGÃZKVQ N (CEVQTGU ETÈVKEQUFG ÃZKVQ N 5GUKQPGUFG VTCDCLQ N %QOKVÃFG KTGEEKÎP GVGTOKPCEKÎPFG TGURQPUCDNGU N GUETKREKÎP IGPGTCNFGN2'6+ S 4GURQPUCDNGUFGN2'6+ N 5GUKQPGUFG VTCDCLQ N %QOKVÃFG KTGEEKÎP #P¶NKUKUFGNCPGEGUKFCFGUFGNRTQ[GEVQ2'6+ 5GCPCNKCPNCUGZRGEVCVKXCUFGNCU¶TGCUSWGJCPRNCPVGCFQNCPGEGUKFCFFG NNGXCT C ECDQ GN 2'6+ CUÈ EQOQ NQU RTQFWEVQU HKPCNGU GURGTCFQU 7PC XG XGTKHKECFCNCUPGEGUKFCFGUFGNCQTICPKCEKÎPSWGUGFGDGPEWDTKTEQPWP2NCP 'UVTCVÃIKEQFG6GEPQNQIÈCUFG+PHQTOCEKÎPUGVQOCNCFGEKUKÎPFGUWKPKEKQ
  • 26. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 2TQFWEVQU GGPVTCFC N 5QNKEKVWFHQTOCNFG2'6+ GZVGTPQ GUCNKFC N GUETKREKÎPIGPGTCN N #RTQDCEKÎPFGKPKEKQFGN2'6+ 2T¶EVKECU N 5GUKQPGUFGVTCDCLQ N /QFGNCOKGPVQFGRTQ[GEVQU N 2NCPGCOKGPVQGUVTCVÃIKEQ 2CTVKEKRCPVGU N %QOKVÃFGKTGEEKÎP %QOQGLGORNQFGNCKORNGOGPVCEKÎPFGNCOGVQFQNQIÈCFG2NCP'UVTCVÃIKEQFG 6GEPQNQIÈCFG+PHQTOCEKÎP 2'6+FCOQUCEQPQEGTGPHQTOCTGUVTKPIKFCNQU RTQEGFKOKGPVQU[RTQEGUQUFGUCTTQNNCFQUGPGN2'6+FGN+PUVKVWVQFGN/CTFGN 2GTÕ +/#42' EQPNCFGDKFCCWVQTKCEKÎPRCTCGNNQ 'UGPGUVGEQPVGZVQGNRTGUGPVG 2.#0'564#6œ)+%1'.#6'%01.1) # '+0(14/#%+¦0 RGTOKVGXKUWCNKCTNCPGEGUKFCF[RQUKDKNKFCFFGGUVCDNGEGT WP UKUVGOC FG KPHQTOCEKÎP CWVQOCVKCFQ G KPVGITCN VCPVQFGN#TGC%KGPVÈHKEC EQOQ FGN #TGC #FOKPKUVTCVKXC SWG EQCF[WXGP CN NQITQ FG NQU QDLGVKXQU FGN +/#42' 'N OGPEKQPCFQ 2NCP EQORTGPFG GN 5KUVGOC FG +PHQTOCEKÎP %KGPVÈHKEC [ 6GEPQNÎIKECFGN+/#42' 5+%6+QTKGPVCFQCNCKPVGTEQPGZKÎPFGUWUUKUVGOCU KPVGITCEKÎPFGRTQEGUQU$CUGFGCVQUEQOÕP[H¶EKNCEEGUQCNCKPHQTOCEKÎP CPKXGNPCEKQPCN#FGO¶UEQPUKFGTCNCFGHKPKEKÎPFGNCRNCVCHQTOCUQDTGNCSWG VTCDCLCT¶NC+PUVKVWEKÎP 'N 2NCP VCODKÃP EQORTGPFG GN 5KUVGOC FG %QOWPKECEKÎP C PKXGN FG #TGC 7UWCTKC 7PKFCF1RGTCVKXCGNEWCNEQPVGORNCGNGSWKRCOKGPVQGURGEÈHKEQ[GN UQHVYCTGCRNKECVKXQ 'NRTGUGPVG2NCP'UVTCVÃIKEQSWGUGRQPGCEQPUKFGTCEKÎPHWGGNCDQTCFCRQTNC %QOKUKÎP FGUKIPCFC OGFKCPVG 4GUQNWEKÎP KTGEVQTCN 0 ' FGN EW[CKORQTVCPEKCGUV¶FCFCGPUWCRNKECEKÎPRCTCGNCP¶NKUKUFKUGÌQ RTQITCOCEKÎP à KORNGOGPVCEKÎP FG NQU UKUVGOCUTGEQOGPFCFQUSWGRGTOKVC
  • 27. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC GNCDQTCTGN2NCPFG#EEKÎPRCTCGNFGUCTTQNNQÃKORNCPVCEKÎPFGNQUUKUVGOCUFG +PHQTOCEKÎPRTQRWGUVQU .C1TICPKCEKÎPRCTCGUVGRNCPGCOKGPVQUGGHGEVWÎEQPNCRCTVKEKRCEKÎPFGNC #NVC KTGEEKÎP 7UWCTKQU [ RGTUQPCN GURGEKCNKCFQ [ EQPVÎ EQP GN CUGUQTCOKGPVQ FGN +PUVKVWVQ 0CEKQPCN FG 'UVCFÈUVKEC G +PHQTO¶VKEC +0'+ EQPHQTOGUGKPFKECGPGN#PGZQ #NECPEGFGNRTQ[GEVQ2'6+ 5G FGHKPG GN ¶ODKVQ FGN 2'6+ GP VÃTOKPQU FG RTQEGUQU FG NC QTICPKCEKÎP CHGEVCFQU[EQOQEQPUGEWGPEKCFGNCUFKTGEEKQPGUFGNCU¶TGCUKORNKECFCU5G FGVGTOKPCP NQU QDLGVKXQU GUVTCVÃIKEQU FG NC QTICPKCEKÎP SWG FGDGP UGT EQPUKFGTCFQUGPGN2NCPCUÈEQOQCSWGNNQUCURGEVQUSWGNCFKTGEEKÎPEQPUKFGTC HCEVQTGUETÈVKEQUFGÃZKVQRCTCGNOKUOQ 2TQFWEVQU GGPVTCFC N GUETKREKÎPIGPGTCNFGN2'6+ GUCNKFC N GUETKREKÎPIGPGTCN S ODKVQ[QDLGVKXQUFGN2'6+ S 1DLGVKXQUGUVTCVÃIKEQUTGNCEKQPCFQUEQPGN2'6+ S (CEVQTGU ETÈVKEQUFGÃZKVQ 2T¶EVKECU N 5GUKQPGUFGVTCDCLQ N /QFGNQFGXKUVCRCPQT¶OKECFGNCKPUVKVWEKÎP N 'PVTGXKUVC 2CTVKEKRCPVGU N %QOKVÃFGKTGEEKÎP GVGTOKPCEKÎPFGTGURQPUCDKNKFCFGU GNKOKVCFQ GN ¶ODKVQ FGN 2NCP 'UVTCVÃIKEQ FG 6GEPQNQIÈCU FG +PHQTOCEKÎP 2'6+UGKORNKECCNCUWPKFCFGUQTICPKCVKXCUCHGEVCFCUKPHQTO¶PFQNGUFGNC FGEKUKÎP [ UQNKEKVCPFQ UW RCTVKEKRCEKÎP GP GN GUVWFKQ SWG UG XCCKPKEKCT'P UGUKQPGU FG VTCDCLQ EQP NCU FKUVKPVCU WPKFCFGU UG FGVGTOKPCP NQU RTKPEKRCNGU
  • 28. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC TGURQPUCDNGU FGN 2'6+ C NQU SWG UGIWKFCOGPVG UG NGU FGDG EQOWPKECT UW PQODTCOKGPVQ[UQNKEKVCTUWCEGRVCEKÎP 6CODKÃPUGFGVGTOKPCNCPGEGUKFCFFGCRQ[QGPNCHWPEKÎPFGUGIWKOKGPVQSWG FGVGTOKPG GN 2'6+ GUVC PGEGUKFCF FGRGPFGFG NC CORNKVWF FGN 2NCP[ FG NC FWTCEKÎPRTGXKUVCRCTCGNOKUOQ5KUGEQPUKFGTCPGEGUCTKQGPGUVCCEVKXKFCFUG RTQRQPGPNQUTGURQPUCDNGUFGFKEJQUGIWKOKGPVQ 2TQFWEVQU GGPVTCFC N GUETKREKÎPIGPGTCN GUCNKFC N GUETKREKÎPIGPGTCN S 4GURQPUCDNGUFGN2'6+ 2T¶EVKECU N )GUVKÎPFGRTQ[GEVQU N 5GUKQPGUFGVTCDCLQ 2CTVKEKRCPVGU N %QOKVÃFGKTGEEKÎP 1TICPKCEKÎPFGN2'6+ 'P GUVC CEVKXKFCF UG FGVCNNC GN CNECPEG FGN RNCP UG QTICPKC GN GSWKRQ FG RGTUQPCUSWGNQXCCNNGXCTCECDQ[UGGNCDQTCWPECNGPFCTKQFG GLGEWEKÎP 6QFQU NQU TGUWNVCFQU Q RTQFWEVQU FG GUVC CEVKXKFCF EQPUVKVWKT¶PGNOCTEQFG CEVWCEKÎP FGN RTQ[GEVQ GP EWCPVQ C QDLGVKXQU RTQEGUQU CHGEVCFQU RCTVKEKRCPVGUTGUWNVCFQU[HGEJCUFGGPVTGIC 6CTGC 2TQFWEVQU 6ÃEPKECU[ 2T¶EVKECU 2CTVKEKRCPVGU 'URGEKHKECEKÎP FGN¶ODKVQ[ CNECPEG N GUETKREKÎPIGPGTCNFG RTQEGUQUFGNCQTICPKCEKÎP CHGEVCFQU N .KUVCFQFGQDLGVKXQUFG2'6+ S 1DLGVKXQUIGPGTCNGU S 1DLGVKXQUGURGEÈHKEQUFG ECFCRTQEGUQ UKNQUJWDKGTC N %CVCNQICEKÎP N %QOKVÃFG KTGEEKÎP N KTGEVQTGUFG ¶TGCUWUWCTKCU N ,GHGFGRTQ[GEVQ FGN2'6+
  • 29. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 6CTGC 2TQFWEVQU 6ÃEPKECU[ 2T¶EVKECU 2CTVKEKRCPVGU 1TICPKCEKÎP FGN2'6+ N .KUVCFQFGWUWCTKQU N 'SWKRQUFGVTCDCLQ N 'NCDQTCEKÎP FGFKTGEVQTKQU N 5GUKQPGUFG VTCDCLQ N KTGEVQTGUFG ¶TGCUWUWCTKCU N ,GHGFGRTQ[GEVQ FGN2'6+ GHKPKEKÎPFGN RNCPFG VTCDCLQ N 2NCPFGVTCDCLQ N 2NCPKHKECEKÎP N 'UVKOCEKÎP N KTGEVQTGUFG ¶TGCUWUWCTKCU N ,GHGFG2TQ[GEVQ FGN2'6+ %QOWPKECEKÎP FGN2NCPFG 6TCDCLQ N 2NCPFGVTCDCLQ S #EGRVCEKÎPFGNRNCPFG VTCDCLQRQTRCTVGFGNQU RCTVKEKRCPVGU N %QOKVÃFG KTGEEKÎP N KTGEVQTGUFG ¶TGCUWUWCTKCU N ,GHGFG2TQ[GEVQ FGN2'6+ 'URGEKHKECEKÎPFGN¶ODKVQ[CNECPEG GOCPGTCO¶UEQPETGVCSWGGPNCCEVKXKFCF+PKEKQFGN2'6+GPGUVCVCTGCUG FGUETKDGGN¶ODKVQFGNQURTQEGUQUFGNCQTICPKCEKÎPCEQPUKFGTCT +IWCNOGPVGUGFGHKPKT¶GNCNECPEGGUFGEKTNQUQDLGVKXQUGURGEÈHKEQUFGN2'6+ 2WGFG UGT PGEGUCTKQ FGVGTOKPCT FKUVKPVQU QDLGVKXQU RCTC ECFC RTQEGUQ FGN RTQ[GEVQ .QU TGURQPUCDNGU FG NQU FKUVKPVQU RTQEGUQU FG NC QTICPKCEKÎP CHGEVCFQU RQT GN 2NCP RCTVKEKRCT¶P FG HQTOC CEVKXC GP NC FGHKPKEKÎP FG NQU QDLGVKXQUUKPRGTFGT FGXKUVCNQUTGUWNVCFQUFGNCCEVKXKFCFCPVGTKQT 2TQFWEVQU GGPVTCFC N GUETKREKÎPIGPGTCNFGN2'6+ GUCNKFC N GUETKREKÎPIGPGTCNFGRTQEGUQUFGNCQTICPKCEKÎPCHGEVCFQU N .KUVCFQFGQDLGVKXQUFGN2'6+ S 1DLGVKXQUIGPGTCNGU S 1DLGVKXQUGURGEÈHKEQUFGECFC RTQEGUQ UKNQUJWDKGTC 2T¶EVKECU N )GUVKÎPFGRTQ[GEVQU N (CEVQTGUETÈVKEQUFGÃZKVQ XCNQTCEKÎP[ECVCNQICEKÎP
  • 30. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 2CTVKEKRCPVGU N %QOKVÃFGKTGEEKÎP N KTGEVQTGUFG#TGCU7UWCTKCU N ,GHGFG2TQ[GEVQ 'PGUVCVCTGCUGVTCVCPEWGUVKQPGUTGNCEKQPCFCUEQPNCQTICPKCEKÎPFGNVTCDCLQ RCTCNNGXCTCECDQGN2'6+ %%QOKVÃFGKTGEEKÎP N ,GHG+PUVKVWEKQPCN N KTGEEKÎPFGRNCPKHKECEKÎP N KTGEEKÎPFGUKUVGOCU N ,GHGFGRTQ[GEVQ2'6+ N 4GRTGUGPVCPVGFGFKTGEVQTGUFG¶TGCUWUWCTKCU 'UTGEQOGPFCDNGPQO¶UFGOKGODTQU %2%QOKVÃFG2TQ[GEVQ N ,GHGFG2TQ[GEVQ N 4GRTGUGPVCPVGFGFKTGEVQTGUFG¶TGCUWUWCTKCU N %QPUWNVQTGU N ,GHGFGGSWKRQFGCWFKVQTÈCU '#'SWKRQFGCP¶NKUKUK RNCPKHKECEKÎP N ,GHGFGGSWKRQ N .ÈFGTWUWCTKQFGN¶TGCEQORTQOGVKFC 7UWCTKQU'ZRGTVQU N #PCNKUVCURNCPKHKECFQTGU N #RQ[Q %QOKVÃFG KTGEEKÎP %QOKVÃFG RTQ[GEVQ 'SWKRQFG CP¶NKUKU 'SWKRQFG CP¶NKUKU 'SWKRQFG CP¶NKUKU
  • 31. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 5GUGNGEEKQPCPNQURCTVKEKRCPVGUXCNQTCPFQGNPÕOGTQ[RGTHKNFGRTQHGUKQPCNGU FGUKUVGOCU[VGEPQNQIÈCUFGNCKPHQTOCEKÎP[EQOWPKECEKQPGUPGEGUCTKQUGP HWPEKÎPFGNQUQDLGVKXQURGTUGIWKFQU #UKOKUOQUGFGVGTOKPCPNCUHWPEKQPGUFGNQUTGURQPUCDNGUFGNCFKTGEEKÎP[ UGIWKOKGPVQ FGN 2'6+ CFKEKQPCNOGPVG UG EQPETGVCP CURGEVQU NQIÈUVKEQU TGNCEKQPCFQU EQP GN OCVGTKCN UCNCU FG TGWPKQPGU GUV¶PFCTGU FG FQEWOGPVCEKÎPGVE 2TQFWEVQU GGPVTCFC N 'UVTWEVWTCQTICPKCVKXC N GUETKREKÎPIGPGTCNFGN2'6+ N GUETKREKÎPIGPGTCNFGRTQEGUQUFGNCQTICPKCEKÎPCHGEVCFQU N .KUVCFQFGQDLGVKXQUFGN2'6+ GUCNKFC N .KUVCFQFGWUWCTKQU N 'SWKRQUFGVTCDCLQ 2T¶EVKECU N )GUVKÎPFGRTQ[GEVQU N .KUVCFQFGUGUKQPGUFGVTCDCLQ N 5GUKQPGUFGVTCDCLQ 2CTVKEKRCPVGU N KTGEVQTGUFG¶TGCUWUWCTKCU N ,GHGFGRTQ[GEVQ N #UGUQTGU 'NCDQTCEKÎPFGNRNCPFGVTCDCLQRCTCGNFGUCTTQNNQFGN2'6+ 'NQDLGVKXQFGGUVCVCTGCGUFGVGTOKPCTVQFQUNQURTQFWEVQUHKPCNGUFGNRNCPFG VTCDCLQ FG EQPUVKVWEKÎP FGN 2'6+ CUÈ EQOQ NC HGEJC RTGXKUVC FG QDVGPEKÎP[ GPVTGICFGNQUOKUOQU'UPGEGUCTKQRNCPKHKECTNCUFKUVKPVCUCEVKXKFCFGU[GUVKOCT NQU VKGORQU TGSWGTKFQU RCTC NNGXCTNCU C ECDQ VGPKGPFQ GP EWGPVC NC FKURQPKDKNKFCFFGNQUWUWCTKQUFGNRNCPFG2'6+5GFGDGPEQPUKFGTCTVCODKÃP NQUHCEVQTGUETÈVKEQUFGÃZKVQKFGPVKHKECFQUGPNCCEVKXKFCFCPVGTKQT[TGEQIKFQU GP NC FGUETKREKÎP IGPGTCN FG RTQEGUQU FG NC QTICPKCEKÎP CHGEVCFQU [C SWG RWGFGPEQPFKEKQPCTNCGNCDQTCEKÎPFGNRNCPFGVTCDCLQ 5GFGVCNNCPNCUCEVKXKFCFGUCUKIPCPFQRCTVKEKRCPVGUVKGORQU[TGURQPUCDNGUFG ECFCWPCFGGNNCUNQUTGUWNVCFQUGURGTCFQU[GNRNCPFGVTCDCLQCUGIWKT
  • 32. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 2TQFWEVQU GGPVTCFC N 'SWKRQUFGVTCDCLQ N GUETKREKÎPIGPGTCNFGN2'6+ N .KUVCFQFGQDLGVKXQUFG2'6+ N GUETKREKÎPIGPGTCNFGRTQEGUQUFGNCQTICPKCEKÎPCHGEVCFQU N .KUVCFQFGWUWCTKQU GUCNKFC N 2NCPFGVTCDCLQ 6ÃEPKECU N 2NCPKHKECEKÎPGUVTCVÃIKEC N 'UVKOCEKÎP 2CTVKEKRCPVGU N KTGEVQTGUFG¶TGCUWUWCTKCU N ,GHGFG2TQ[GEVQ %QOWPKECEKÎPFGNRNCPFGVTCDCLQ 7PCXGFGHKPKFQGNRNCPFGVTCDCLQUGEQOWPKECCNQUWUWCTKQUFGN2'6+EQPGN HKPFGSWGUGCCEGRVCFQ'UVQRGTOKVGSWGNQUWUWCTKQUEQPQECPGNOÃVQFQFG VTCDCLQCUGIWKTNQUTGUWNVCFQUCQDVGPGT[NCFGFKECEKÎPPGEGUCTKCRQTRCTVGFG GNNCU 2TQFWEVQU GGPVTCFC N 2NCPFGVTCDCLQ N .KUVCFQFGWUWCTKQU G UCNKFC N 2NCPFGVTCDCLQ S #EGRVCEKÎPFGNRNCPFGVTCDCLQ 2CTVKEKRCPVGU N %QOKVÃFGFKTGEEKÎP N KTGEVQTGUFGWUWCTKQU N ,GHGFG2TQ[GEVQ
  • 35. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC ### 111YYY^^^UUUQQQ]]]YYYUUU^^^ddd___ TTTUUU @@@QQQ^^^ TTTUUU cccYYYcccdddUUU]]]QQQccc QQQ @@@QQQ^^^ UUUcccdddbbbQQQddd}}}WWWYYYSSS___ 'PGNRTGUGPVGECRÈVWNQUGFGHKPG NCOKUKÎPFGN%GPVTQ+PHQTO¶VKEQUGHKLCPUWUOGVCU [QDLGVKXQUFGHKPKÃPFQUGUWUGUVTCVGIKCUNCUEWCNGUFGDGPFGGPEQPVTCTUGCNKPGCFCUCN 2NCP'UVTCVÃIKEQ+PUVKVWEKQPCN /QFGNCOKGPVQKPUVKVWEKQPCN 'PGUVCHCUGUGDWUECGPNQHWPFCOGPVCNGNCNKPGCOKGPVQFGN2'6+EQPGN2NCP 'UVTCVÃIKEQ+PUVKVWEKQPCNCUÈEQOQFGVGTOKPCTUKNCUHWPEKQPGUFGNC1HKEKPCFG +PHQTO¶VKEC FG NC +PUVKVWEKÎP RGTOKVGP CEQOGVGT GUVCVCTGC[CSWGUGDWUEC SWG NQU UKUVGOCU FG KPHQTOCEKÎP EQCF[WXGP CN NQITQ FG NQU QDLGVKXQU FG NC +PUVKVWEKÎP[CRQ[GPNCUGUVTCVGIKCUFGNOKUOQ GHKPKEKÎPFGNCOKUKÎPFGN%GPVTQ+PHQTO¶VKEQ /GFKCPVG NC RTGUGPVG CEVKXKFCF UG FGHKPG NC OKUKÎP GN TQN FGN %GPVTQ +PHQTO¶VKEQGPGNFGUCTTQNNQFGNQUUKUVGOCURTQRWGUVQU C 1DLGVKXQ .QU QDLGVKXQU SWG UG DWUECP CNECPCT EQP NC RTGUGPVG CEVKXKFCF UQP NQU UKIWKGPVGU #NKPGCTNCOKUKÎPFGN%GPVTQ+PHQTO¶VKEQEQPNCOKUKÎPKPUVKVWEKQPCN GHKPKTNCOKUKÎPFGN%GPVTQ+PHQTO¶VKEQ DGUETKREKÎP %QPGNHKPFGFGHKPKTNCOKUKÎPFGN%GPVTQ+PHQTO¶VKEQFGDGOQUFGTGCNKCT NCUUKIWKGPVGUVCTGCU GHKPKEKÎPFGNCOKUKÎPFGNCQTICPKCEKÎP GHKPKEKÎPFGNCOKUKÎPFGN%GPVTQ+PHQTO¶VKEQ EGUETKREKÎPFG6CTGCU 5GTGCNKC WPCFGUETKREKÎPFGVCNNCFCFGNCUVCTGCUUGÌCNCFCUCPVGTKQTOGPVG GHKPKEKÎPFGNCOKUKÎPFGNCQTICPKCEKÎP .C OKUKÎPFGNCQTICPKCEKÎPGUGNGLGUQDTGGNEWCNUGFGUCTTQNNCVQFCUNCU QVTCUCEVKXKFCFGU[UKUVGOCUNCOKUKÎPGZRTGUCNCTCÎPFGUGT[FGGZKUVKT FGVQFCQTICPKCEKÎPRCTCRQFGTFGHKPKTNCOKUKÎPFGWPCQTICPKCEKÎP FGDGOQUFGTGXKUCTGNRNCPGUVTCVÃIKEQFGNCQTICPKCEKÎPGPECUQFGSWG
  • 36. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC ÃUVG PQ GZKUVKGTC Q GUVWXKGUG FGUCEVWCNKCFQ GN GSWKRQ FG GUVWFKQ UG GPECTICT¶ FGEQPXQECTCWPCTGWPKÎPCNPKXGNFKTGEVKXQ[CNRGTUQPCNENCXG FGNCQTICPKCEKÎPEQPGNHKPFGSWGÃUVQURWGFCPFCTUWQRKPKÎPCEGTECFG NC OKUKÎP FG NC QTICPKCEKÎP RTQEGFKOKGPVQ HQTOCN Q GP QVTQ ECUQ FCT HQTOCCNCXKUKÎPSWGNC#NVCKTGEEKÎPVKGPGFGNCOKUOC GHKPKEKÎPFGNCOKUKÎPFGN%GPVTQFG+PHQTO¶VKEQ .C OKUKÎP FGN %GPVTQ +PHQTO¶VKEQ UG FGHKPG FG CEWGTFQC NC OKUKÎP FGNC 1TICPKCEKÎPGUFGEKTNCOKUKÎPFGN%GPVTQ+PHQTO¶VKEQFGDGT EQCF[WXCT CNNQITQFGNCOKUKÎPFGNCQTICPKCEKÎP 2CTCNCFGHKPKEKÎPFGNCOKUKÎPUGFGDGFGTGWPKTCNRGTUQPCNFKTGEVKXQFGN %GPVTQ +PHQTO¶VKEQ CUÈ EQOQ CN RGTUQPCNGZRGTVQ GP OCVGTKCKPHQTO¶VKEC EQPGNHKPFGSWGÃUVQUDTKPFGPKPHQTOCEKÎPFGDCUGSWGRGTOKVCFGHKPKTNC OKUKÎPFGN%GPVTQ+PHQTO¶VKEQ (KLCEKÎPFGQDLGVKXQU[OGVCU 'PÃUVCCEVKXKFCFUGVTCVCT FGKFGPVKHKECTNQUQDLGVKXQU[NCUOGVCUHKLCFCURQT GN %GPVTQ +PHQTO¶VKEQ NCU EWCNGU EQPVTKDWKT¶P CN NQITQ FG NQU QDLGVKXQU EQTRQTCVKXQU 'PECUQFGSWGGPNCWPKFCFGZKUVCWPRNCPGUVTCVÃIKEQNQUQDLGVKXQUFGN %GPVTQ+PHQTO¶VKEQUGT¶PTGXKUCFQU[CEVWCNKCFQUUKGNECUQNQCOGTKVC C1DLGVKXQU
  • 38. 1TKGPVCT NCU CEVKXKFCFGU FGN %GPVTQ +PHQTO¶VKEQ CN NQITQ FG NQU QDLGVKXQUEQTRQTCVKXQU DGUETKREKÎP .CHKLCEKÎPFGNQUQDLGVKXQU[OGVCUFGN%GPVTQ+PHQTO¶VKEQVQOCPEQOQ RWPVQFGRCTVKFCCNQUQDLGVKXQU[OGVCUEQTRQTCVKXQUEQPVGORNCFQUGP GNRNCPGUVTCVÃIKEQFGNCKPUVKVWEKÎPGPGNECUQFGSWGPQGZKUVCWPRNCP GUVTCVÃIKEQFGNCKPUVKVWEKÎPUGFGDGT TGCNKCTVQFCUNCUVCTGCUKPFKECFCU NÈPGCUCDCLQECUQEQPVTCTKQUGRTQUGIWKT¶ EQPNCUVCTGCU
  • 41. GHKPKTNCUOGVCUFGN%GPVTQ+PHQTO¶VKEQ EGUETKREKÎPFGVCTGCU .CU VCTGCU TGSWGTKFCU RCTC NC GLGEWEKÎP FG NC CEVKXKFCF UG FGUETKDGP C EQPVKPWCEKÎP
  • 42. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC GHKPKEKÎPNQUQDLGVKXQEQTRQTCVKXQU 6QOCPFQ EQOQ DCUG NC OKUKÎP FG NC KPUVKVWEKÎP KFGPVKHKECFC GP NC #EVKXKFCF UG FGVGTOKPCT¶P NQU QDLGVKXQU EQTRQTCVKXQU NQU EWCNGU RGTOKVKT¶PGURGEKHKECTNQURTQRÎUKVQUFGNCQTICPKCEKÎPGKFGPVKHKECTNQU CURGEVQUSWGPGEGUCTKCOGPVGUGFGDGPEQPVTQNCT[VQOCTGPEWGPVCRCTC SWGUGRWGFCPNQITCTGUVQUQDLGVKXQUEQPGNHKPFGSWGÃUVQUEQCF[WXGP CNEWORNKOKGPVQFGNCOKUKÎPFGNCKPUVKVWEKÎP GHKPKTNQUQDLGVKXQUFGN%GPVTQ+PHQTO¶VKEQ .QUQDLGVKXQUFGN%GPVTQ+PHQTO¶VKEQUGFGHKPKT¶PVQOCPFQEQOQDCUG NQUQDLGVKXQUEQTRQTCVKXQUKFGPVKHKECFQUCPVGTKQTOGPVG GGUVCOCPGTCNQUQDLGVKXQUFGN%GPVTQ+PHQTO¶VKEQVGPFT¶PTGNCEKÎP EQP GN SWGJCEGT GP NC QTICPKCEKÎP GP OCVGTKC KPHQTO¶VKEC [ FG VGEPQNQIÈCFGKPHQTOCEKÎP GHKPKTNCUOGVCUFGN%GPVTQ+PHQTO¶VKEQ .CU OGVCU FGN %GPVTQ +PHQTO¶VKEQ FGDGT¶P EQPVGORNCT CURGEVQU VCNGU EQOQSWÃEW¶PFQ[EW¶PVQUGFGUGCNQITCTGPWPRGTÈQFQFGVGTOKPCFQ GU FGEKT NQU QDLGVKXQU FGDGT¶P UGT XCNQTKCFQU [ GURGEKHKECFQU GP GN VKGORQ[GURCEKQ #UÈ OKUOQ GUVCU OGVCU FGDGT¶P EQCF[WXCT CN EWORNKOKGPVQ FG NQU QDLGVKXQUFGN%GPVTQ+PHQTO¶VKEQ[RQTGPFGCNQUQDLGVKXQUEQTRQTCVKXQU G5CNKFC
  • 49. 'XCNWCTNCUCNVGTPCVKXCUFGUQNWEKÎP EGUETKREKÎPFGVCTGCU .CU VCTGCU TGSWGTKFCU RCTC NC GLGEWEKÎP FG NC CEVKXKFCF UG FGUETKDGP C EQPVKPWCEKÎP +FGPVKHKECTNCUQRQTVWPKFCFGU[TKGUIQU %QPGNHKPFGFGVGTOKPCTNCUQRQTVWPKFCFGU[TKGUIQUSWGKPHNW[GPGPGN HWPEKQPCOKGPVQFGNCQTICPKCEKÎPGUEQPXGPKGPVGTGCNKCTWPCP¶NKUKU FGN OKUOQ GU FGEKT FGHKPG NCU HQTVCNGCU TKGUIQU FGDKNKFCFGU [ QRQTVWPKFCFGUVCPVQFGNCQTICPKCEKÎPEQOQFGN%GPVTQ+PHQTO¶VKEQ +FGPVKHKECTCNVGTPCVKXCUFGUQNWEKÎP 6QOCFQEQOQDCUGGNCP¶NKUKUTGCNKCFQGPNCVCTGCCPVGTKQTUGFGHKPGP WPC UGTKG FG CNVGTPCVKXCU FG UQNWEKÎP SWG RGTOKVKT¶P EWORNKT EQP NQU QDLGVKXQU[OGVCURTQRWGUVCUCN%GPVTQ+PHQTO¶VKEQ 'XCNWCTNCUCNVGTPCVKXCUFGUQNWEKÎP %QPUKFGTCPFQ NCU CNVGTPCVKXCU FG UQNWEKÎP KFGPVKHKECFCU GP NC VCTGC CPVGTKQTUGGXCNWCT¶PECFCWPCFGGNNCUEQPGNHKPFGEQPVCTEQPWPC ECTVGTC FG RTQ[GEVQU SWG EQCF[WXCT¶P CN NQITQ FG NQU QDLGVKXQU FG NC WPKFCF .QUETKVGTKQUSWGFGDGOQUFGEQPUKFGTCTRCTCFGVGTOKPCTNCECTVGTCFG RTQ[GEVQUUQPNQUUKIWKGPVGU
  • 50. GVGTOKPCT UK NC CNVGTPCVKXC GU EQJGTGPVGEQP NC EQORGVGPEKC [ NQU TGEWTUQUEQTRQTCVKXQURTGUGPVGU[RTGXKUVQU
  • 51. 'N PKXGN FG TKGUIQ GUEQIKFQ GU HCEVKDNG GP VÃTOKPQU GEQPÎOKEQU [ RGTUQPCNGU
  • 59. +FGPVKHKECTNQUHCEVQTGUETÈVKEQUFGÃZKVQ EGUETKREKÎPFG6CTGCU GHKPKTNQUHCEVQTGUFGÃZKVQ .QU HCEVQTGU FG ÃZKVQ UG FGVGTOKPCP CPCNKCPFQ RTKOGTCOGPVG NQU QDLGVKXQURTQRWGUVQU[TGURQPFKGPFQCNCRTGIWPVC‹%W¶NGUUQPCSWGNNQU HCEVQTGUSWGCNTGCNKCTUGRGTOKVKT¶PGNÃZKVQFGNQUQDLGVKXQU! +FGPVKHKECTNQUHCEVQTGUETÈVKEQUFGÃZKVQ 6QOCFQ EQOQ DCUG NQU HCEVQTGU FG ÃZKVQ KFGPVKHKECFQU GP NC VCTGC CPVGTKQTUGRTQEGFGT¶CKFGPVKHKECTNQUHCEVQTGUETÈVKEQUFGÃZKVQGUFGEKT CSWGNNQUHCEVQTGUSWGFGHKPKVKXCOGPVGFGDGPFGTGCNKCTUGEQPGNHKPFG EWORNKTEQPNQUQDLGVKXQUFGN%GPVTQ+PHQTO¶VKEQ 2CTC GNNQ FGDGOQU FG TGURQPFGT C NC UKIWKGPVG RTGIWPVC ‹%W¶NGU UQP CSWGNNQU HCEVQTGU ETÈVKEQU SWG RGTOKVKT¶P GN ÃZKVQ FG NQU QDLGVKXQU RTQRWGUVQU! 2TQFWEVQU GGPVTCFC N 2NCP'UVTCVÃIKEQ0CEKQPCN N 2NCP'UVTCVÃIKEQ+PUVKVWEKQPCN GUCNKFC N #NKPGCEKÎPFGN2'6+EQPGN2'5'/
  • 60. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 6ÃEPKECU N 2NCP'UVTCVÃIKEQ+PUVKVWEKQPCN N (CEVQTGUETÈVKEQUFGÃZKVQ 2T¶EVKECU N #P¶NKUKUFGNCKPHQTOCEKÎP N 'PVTGXKUVCU 2CTVKEKRCPVGU ,GHGFGRTQ[GEVQ KTGEVQTFG2NCPKHKECEKÎP 'SWKRQFGCPCNKUVCU RNCPKHKECFQTGU 'UVWFKQFGNCQTICPKCEKÎP 'N QDLGVKXQ FG GUVC CEVKXKFCF GU TGEQRKNCT [CPCNKCT VQFQU NQU CPVGEGFGPVGU IGPGTCNGU SWG RWGFCP CHGEVCT C NQU RTQEGUQU [ C NCU WPKFCFGU QTICPKCVKXCU KORNKECFCUGPGN2NCPGUVTCVÃIKEQFGVGEPQNQIÈCFGKPHQTOCEKÎP 2'6+CUÈEQOQ C NQU TGUWNVCFQU FGN OKUOQ 2WGFGP UGT FG GURGEKCN KPVGTÃU NQU GUVWFKQU TGCNKCFQUEQPCPVGTKQTKFCFCN2'6+TGNCVKXQUCNQUUKUVGOCUFGKPHQTOCEKÎPFG UW ¶ODKVQ Q DKGP C UW GPVQTPQ VGEPQNÎIKEQ EW[CU EQPENWUKQPGU FGDGP UGT EQPQEKFCURQTGNGSWKRQFGVTCDCLQFGN2NCP .C KPHQTOCEKÎP QDVGPKFC GP GUVC CEVKXKFCF UG VGPFT¶ GP EWGPVC GP NC GNCDQTCEKÎPFGNQUTGSWKUKVQU 6CTGC 2TQFWEVQU 6ÃEPKECU[2T¶EVKECU 2CTVKEKRCPVGU 5GNGEEKÎP[ CP¶NKUKUFG CPVGEGFGPVGU N 8CNQTCEKÎPFG CPVGEGFGPVGU N 5GUKQPGUFGVTCDCLQ N %QPUWNVQTGU N %QPUWNVQTGU +PHQTO¶VKEQU N 7UWCTKQUGZRGTVQU 8CNQTCEKÎPFG CPVGEGFGPVGU N .KUVCFQFG TGSWKUKVQU N 4GSWKUKVQU IGPGTCNGU N .KUVCFQFG RTKQTKFCFGU N %QPUWNVQTGU N %QPUWNVQTGU N +PHQTO¶VKEQU #P¶NKUKUFGNQUCPVGEGFGPVGU 5GUGNGEEKQPCPNCUHWGPVGUFGKPHQTOCEKÎP[FQEWOGPVCEKÎPCEQPUKFGTCTGP GUVGGUVWFKQVGPKGPFQGPEWGPVCVQFQUCSWGNNQUCPVGEGFGPVGUFGKPVGTÃURNCP
  • 61. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC GUVTCVÃIKEQKPUVKVWEKQPCNRNCPGUFGUKUVGOCUFGKPHQTOCEKÎPCPVGTKQTGUGUVWFKQU RTGXKQURNCPIGPGTCNKPHQTO¶VKEQQRNCPGUQRGTCVKXQUFGUCTTQNNCFQUGPCÌQU CPVGTKQTGUGVE #UKOKUOQUGFGDGGPVTGXKUVCTC NCURGTUQPCUFGNCQTICPKCEKÎPSWGRWGFCP CRQTVCTKPHQTOCEKÎPCFKEKQPCNUQDTGCPVGEGFGPVGUSWGFGDCPUGTEQPUKFGTCFQU GP GN 2'6+ CN OCTIGP FG NC FQEWOGPVCEKÎP FKURQPKDNG .C KPHQTOCEKÎP TGEQIKFCUGVKGPGVCODKÃPGPEWGPVCGPNCXCNQTCEKÎPFGNQUOKUOQU 2TQFWEVQU GGPVTCFC N +PHQTOCEKÎPTGNGXCPVG GZVGTPQ N GUETKREKÎPIGPGTCNFGRTQEGUQUFGNCQTICPKCEKÎPCHGEVCFQU N .KUVCFQFGQDLGVKXQUFG2NCPGU CPVGTKQTGU N .KUVCFQFGWUWCTKQU GUCNKFC N #P¶NKUKUFGNCKPHQTOCEKÎPRTGNKOKPCT 6ÃEPKECU N /QFGNQFGXKUVC RCPQT¶OKECKPUVKVWEKQPCN N 6ÃEPKEC12''21 N (CEVQTGUETÈVKEQUFGÃZKVQ 2T¶EVKECU N 5GUKQPGUFGVTCDCLQ 2CTVKEKRCPVGU N %QPUWNVQTGU N %QPUWNVQTGU+PHQTO¶VKEQU N 7UWCTKQU'ZRGTVQU 8CNQTCEKÎPFGNCKPHQTOCEKÎP 5GTGCNKCNCXCNQTCEKÎPFGNQUCPVGEGFGPVGUCPCNKCFQU[NCUEQPENWUKQPGUUG TGEQIGT¶PGPGNNKUVCFQFGTGSWKUKVQU.CTGCNKCEKÎPFGGUVCXCNQTCEKÎPC[WFCT¶ C GUVCDNGEGT VÃTOKPQU FG TGHGTGPEKC GP EWCPVQ C GUV¶PFCTGU RTQEGFKOKGPVQU PQTOCVKXKFCFGVEUKGZKUVGP
  • 62. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 2TQFWEVQU GGPVTCFC N +PHQTOCEKÎPTGNGXCPVG N #P¶NKUKUFGCPVGEGFGPVGU GUCNKFC N .KUVCFQFGTGSWKUKVQU S 4GSWKUKVQUIGPGTCNGU 2T¶EVKECU N #P¶NKUKUFGKPHQTOCEKÎP 2CTVKEKRCPVGU N %QPUWNVQTGU N %QPUWNVQTGUKPHQTO¶VKEQU 1$,'61;#.%#0%'5'.+/#42' /+5+10 GNC+PUVKVWEKÎP 4GCNKCTKPXGUVKICEKQPGUEKGPVÈHKECUFGNOCT[FGNCUCIWCUEQPVKPGPVCNGU [ FG NQU TGEWTUQU FG CODQU EQP GN HKP FG RTQRQTEKQPCT NCU DCUGU EKGPVÈHKECU [ VÃEPKECU SWG RGTOKVCP NC OGLQT CFOKPKUVTCEKÎP FG NQU OKUOQU GN#TGC+PHQTO¶VKEC #RQ[CTCNNQITQFGNCOKUKÎP[NQUQDLGVKXQUFGN+/#42'OGFKCPVGGN GORNGQFGOGFKQU[GSWKRQUEKDGTPÃVKEQUFGCNVCVGEPQNQIÈCRCTCGN VTCVCOKGPVQ FG NC KPHQTOCEKÎP FG NCU CEVKXKFCFGU FG KPXGUVKICEKÎP EKGPVÈHKECVGEPQNÎIKEC[CFOKPKUVTCVKXC 8+5+10 7PC +PUVKVWEKÎP EKGPVÈHKEC CNVCOGPVG EQORGVKVKXC EQP RGTUQPCN EKGPVÈHKEQ [ VÃEPKEQ ECNKHKECFQ [ FG RTGUVKIKQ KPVGTPCEKQPCN EQP KPHTCGUVTWEVWTC[GSWKRCOKGPVQEKGPVÈHKEQFGVGEPQNQIÈCFGRWPVCRCTC NCGLGEWEKÎPFGNCUKPXGUVKICEKQPGUEKGPVÈHKECU[VGEPQNÎIKECUGPGNOCT [ CIWCU EQPVKPGPVCNGU C HKP FG EQPVTKDWKT CN NQITQ FG NQU QDLGVKXQU PCEKQPCNGU
  • 63. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 1$,'6+815+056+67%+10#.'5 C 4GCNKCTNCUKPXGUVKICEKQPGUEKGPVÈHKECUFGNQUTGEWTUQUFGNOCT[FG NCUCIWCUEQPVKPGPVCNGUFGNQUHCEVQTGUGEQNÎIKEQUFGKPVGTCEEKÎP[ NQUSWGRTQRGPFGP CNFGUCTTQNNQFGNCCEWKEWNVWTC D 4GCNKCT KPXGUVKICEKQPGU QEGCPQIT¶HKECU [ NKOPQNÎIKECU [ FG NC ECNKFCFFGNOGFKQCEW¶VKEQ E 4GCNKCTKPXGUVKICEKQPGUVGEPQNÎIKECUFGFGVGEEKÎP[GZVTCEEKÎPFG NQUTGEWTUQUFGNOCT[FGNCUCIWCUEQPVKPGPVCNGU F KHWPFKT NQU TGUWNVCFQU FG NCU KPXGUVKICEKQPGU TGCNKCFCU C NC EQOWPKFCF EKGPVÈHKEC UGEVQTGU GEQPÎOKEQU [ FG RTQFWEEKÎP EGPVTQUCECFÃOKEQU[RÕDNKEQGPIGPGTCN #0.+5+5;+#)0¦56+%1'.#14)#0+#%+¦0'.+/#42' 'PVQTPQ 'UVTWEVWTC1TICPKCEKQPCN .C GUVTWEVWTC QTICPKCEKQPCN FGN +/#42' OKUOQ SWG HWG CRTQDCFQ RQT GN %QPUGLQ KTGEVKXQ FGN +/#42' OGFKCPVG #EWGTFQ0%1FGHGEJCFGGPGTQFG[GUV¶ EQPUVKVWKFQRQT C #.6#+4'%%+¦0
  • 73. 1HKEKPCFG2NCPKHKECEKÎP[2TGUWRWGUVQ 1HKEKPC FG 2TQITCOCEKÎP %QPVTQN [ 'XCNWCEKÎP 2TGUWRWGUVCN 1HKEKPCFG2NCPGU1TICPKCEKÎP[/ÃVQFQU 1HKEKPCFG%QQRGTCEKÎP6ÃEPKEC'EQPÎOKEC G ¦4)#015'#21;1
  • 74. 1HKEKPCFG#FOKPKUVTCEKÎP 1HKEKPCFG4GEWTUQU*WOCPQU 1HKEKPCFG%QPVCDKNKFCF 1HKEKPCFG6GUQTGTÈC 1HKEKPCFG#DCUVGEKOKGPVQ[5GTXKEKQU#WZKNKCTGU
  • 80. KTGEEKÎP)GPGTCNFG+PXGUVKICEKQPGU1EGCPQIT¶HKECU KTGEEKÎP FG 1EGCPQITCHÈC (ÈUKEC [ 2TQPÎUVKEQU 1EGCPQIT¶HKEQU KTGEEKÎPFG1EGCPQITCHÈC3WÈOKEC KTGEEKÎPFG1EGCPQITCHÈC$KQNÎIKEC KTGEEKÎP FG /QPKVQTGQ [ 2TQVGEEKÎP FGN #ODKGPVG /CTKPQ
  • 81. KTGEEKÎP )GPGTCN FG +PXGUVKICEKQPGU FG 4GEWTUQU *KFTQDKQNÎIKEQU KTGEEKÎPFG+PXGUVKICEKÎP['XCNWCEKÎPFG4GEWTUQU 2GN¶IKEQU KTGEEKÎPFG+PXGUVKICEKÎP['XCNWCEKÎPFG4GEWTUQU GOGTUCNGU[%QUVGTQU KTGEEKÎP FG +PXGUVKICEKQPGU GP $KQFKXGTUKFCF 'EQNQIÈC6TÎHKEC[4GRTQFWEEKÎP KTGEEKÎPFG'XCNWCEKÎPFG+PXGTVGDTCFQU/CTKPQU
  • 85. .CDQTCVQTKQU%QUVGTQU[%QPVKPGPVCN (WPEKQPGU 'N 4GINCOGPVQ FG 1TICPKCEKÎP [ (WPEKQPGU 41( FGN +/#42'EQPUKFGTCNCUUKIWKGPVGUHWPEKQPGU C 2NCPKHKECT FKTKIKT EQQTFKPCT GLGEWVCT [ GXCNWCT NCU KPXGUVKICEKQPGUFGUWEQORGVGPEKC D 4GCNKCT KPXGUVKICEKQPGU EKGPVÈHKECU FG NQU TGEWTUQU FGN OCT[FGNCUCIWCUEQPVKPGPVCNGUNQUHCEVQTGUGEQNÎIKEQU FG KPVGTCEEKÎP[NCUSWGRTQRGPFCPCNFGUCTTQNNQFGNC CEWKEWNVWTC E 4GCNKCT KPXGUVKICEKQPGU QEGCPQIT¶HKECU NKOPQNÎIKECU [ FGNCECNKFCFFGNCODKGPVGCEW¶VKEQ F 4GCNKCT KPXGUVKICEKQPGU VGEPQNÎIKECU FG GZVTCEEKÎP [ FGVGEEKÎP G 2TQRQTEKQPCT CN /KPKUVGTKQ FG 2GUSWGTÈC NCU DCUGU EKGPVÈHKECURCTCNCCFOKPKUVTCEKÎPTCEKQPCNFGNQUTGEWTUQU FGNOCT[FGNCUCIWCUEQPVKPGPVCNGU H 2TQOQXGT GN FGUCTTQNNQ FG NC KPXGUVKICEKÎP EKGPVÈHKEC [ VGEPQNÎIKECCUÈEQOQNCHQTOCEKÎPRGTHGEEKQPCOKGPVQ[ GURGEKCNKCEKÎP FG NQU KPXGUVKICFQTGU EKGPVÈHKEQU [ VÃEPKEQU I #UWOKTRQTFGNGICEKÎPFGN)QDKGTPQUWTGRTGUGPVCEKÎP CPVGQTICPKUOQUKPVGTPCEKQPCNGUGPNQEQPEGTPKGPVGCUW HKPCNKFCF J 2CTVKEKRCT EQP QVTQU QTICPKUOQU RÕDNKEQU GP NC HQTOWNCEKÎPFGRQNÈVKECUEKGPVÈHKECU[VGEPQNÎIKECU K %QQTFKPCTEQPNCWPKXGTUKFCFRGTWCPCEQPGORTGUCU[ QVTCU RGTUQPCU PCVWTCNGU Q LWTÈFKECU NCU KPXGUVKICEKQPGU FGOWVWQKPVGTÃU L KHWPFKTNQUTGUWNVCFQUFGUWUGUVWFKQUGKPXGUVKICEKQPGU CNCEQOWPKFCFEKGPVÈHKEC[RÕDNKEQGPIGPGTCN M %GNGDTCTEQPXGPKQU[QEQPVTCVQUEQPRGTUQPCUPCVWTCNGU QLWTÈFKECUPCEKQPCNGUGKPVGTPCEKQPCNGURCTCRTQOQXGT GN FGUCTTQNNQ VÃEPKEQEKGPVÈHKEQ PCEKQPCN GP NQU CUWPVQU FG UW EQORGVGPEKC EQP UWLGEKÎP C NCU FKURQUKEKQPGU NGICNGURGTVKPGPVGU
  • 86. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC N 2TKQTKCT NCU KPXGUVKICEKQPGU SWG NG EQTTGURQPFCP GP EQPEQTFCPEKCEQPUWUHKPGU O 1TICPKCT [ RCTVKEKRCT GP GXGPVQU EKGPVÈHKEQU [ VGEPQNÎIKEQUPCEKQPCNGUGKPVGTPCEKQPCNGU P 1VTCU CEVKXKFCFGU SWG UG NG GPECTIWGP OGFKCPVG 4GUQNWEKÎP/KPKUVGTKCNGPEQPEQTFCPEKCEQPNCRQNÈVKEC QDLGVKXQU[OGVCUFGN/KPKUVGTKQFG2GUSWGTÈC .ÈPGCUFG+PXGUVKICEKÎP[.QIÈUVKEC .ÈPGCUFG+PXGUVKICEKÎP +PXGUVKICEKÎPFGNCCPEJQXGVC[QVTQUTGEWTUQURGN¶IKEQU +PXGUVKICEKÎPFGNCOGTNWC[QVTQUTGEWTUQUFGOGTUCNGU +PXGUVKICEKÎPFGNQUKPXGTVGDTCFQUOCTKPQU +PXGUVKICEKÎPFGNCRGUECCTVGUCPCN +PXGUVKICEKÎPFGNCTGRTQFWEEKÎPFGTGEWTUQURGUSWGTQU +PXGUVKICEKÎPFGNCUCXGUOCTKPCU +PXGUVKICEKÎPFGNQUEGV¶EGQU[NQDQUOCTKPQU +PXGUVKICEKÎPGPCEWKEWNVWTC[GPTGEWTUQUEQPVKPGPVCNGU +PXGUVKICEKÎPFGTGEWTUQUUWDGZRNQVCFQU[RQVGPEKCNGU +PXGUVKICEKÎPFGDKQFKXGTUKFCFFGTGEWTUQUOCTKPQU +PXGUVKICEKÎP FG NC CNKOGPVCEKÎP FG NQU RTKPEKRCNGU TGEWTUQURGUSWGTQU +PXGUVKICEKÎPGPCTVGU[OÃVQFQUFGRGUEC +PXGUVKICEKÎP GP UGPUQTCOKGPVQ TGOQVQ [ UKUVGOC FG KPHQTOCEKÎPIGQIT¶HKEC %QPVCOKPCEKÎPOCTKPC 'UVWFKQUQEGCPQIT¶HKEQU[FGN(GPÎOGPQ'N0KÌQ +PXGUVKICEKQPGU FG NCU EQOWPKFCFGU FGN RNCPEVQPGPGN NKVQTCNRGTWCPQ 2WDNKECEKÎPEKGPVÈHKEC[VGEPQNÎIKEC 2CTVKEKRCEKÎP[4GRTGUGPVCEKÎP%KGPVÈHKEC .QUTGUWNVCFQUFGGUVCUKPXGUVKICEKQPGUUQPFKHWPFKFQUCNC EQOWPKFCFEKGPVÈHKEC[RÕDNKEQGPIGPGTCNGPVTGUUGTKGUFG RWDNKECEKQPGU $1.'6+0SWGGUWPCRWDNKECEKÎPFGTKIQT EKGPVÈHKEQSWGEQPUVKVW[GGNCRQTVGCNOGLQTEQPQEKOKGPVQ FGNQUTGEWTUQUCEW¶VKEQUNCUKPVGTCEEKQPGUGPVTGÃUVQU[UW CODKGPVG[SWGRGTOKVGQDVGPGTEQPENWUKQPGURTGNKOKPCTGU
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  • 89. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC $$$ 999TTTUUU^^^dddYYYVVVYYYSSSQQQSSSYYY†††^^^ TTTUUU bbbUUUaaaeeeUUUbbbYYY]]]YYYUUU^^^ddd___ccc /QFGNCOKGPVQFGTGSWGTKOKGPVQ 'NQDLGVKXQHKPCNFGGUVCCEVKXKFCFXCCUGTNCGURGEKHKECEKÎPFGNQUTGSWKUKVQUFG KPHQTOCEKÎPFGNCQTICPKCEKÎPCUÈEQOQQDVGPGTWPOQFGNQFGKPHQTOCEKÎP SWGNQUEQORNGOGPVG 2CTC EQPUGIWKT GUVG QDLGVKXQ UG GUVWFKC GN RTQEGUQ Q RTQEGUQU FG NC QTICPKCEKÎPKPENWKFQUGPGN¶ODKVQFGN2'6+2CTCGNNQGUPGEGUCTKQNNGXCTC ECDQUGUKQPGUFGVTCDCLQEQPNQUWUWCTKQUCPCNKCPFQECFCRTQEGUQVCN[EQOQ FGDGTÈC UGT [ PQ UGIÕP UW UKVWCEKÎP CEVWCN [C SWG ÃUVC RWGFG GUVCT EQPFKEKQPCFCRQTNQUUKUVGOCUFGKPHQTOCEKÎPGZKUVGPVGU GNOKUOQOQFQUGKFGPVKHKECPNQUTGSWKUKVQUFGKPHQTOCEKÎP[UGGNCDQTCWP OQFGNQFGKPHQTOCEKÎPSWGTGRTGUGPVGNCUFKUVKPVCUGPVKFCFGUKORNKECFCUGPGN RTQEGUQCUÈEQOQNCUTGNCEKQPGUGPVTGGNNCU 2QTÕNVKOQUGENCUKHKECPNQUTGSWKUKVQUKFGPVKHKECFQUUGIÕP UWRTKQTKFCFEQPGN QDLGVKXQ FG KPEQTRQTCTNQU CN ECV¶NQIQ FG TGSWKUKVQU FGN 2NCP 'UVTCVÃIKEQ FG 6GEPQNQIÈCUFG+PHQTOCEKÎP 6CTGC 2TQFWEVQU 6ÃEPKECU[2T¶EVKECU 2CTVKEKRCPVGU 'UVWFKQFGNQU RTQEGUQU N /QFGNQFG RTQEGUQUFGNC QTICPKCEKÎP N /QFGNCFQFGRTQEGUQUFG NCQTICPKCEKÎP N 5GUKQPGU FGVTCDCLQ N %QPUWNVQTGU N 7UWCTKQU GZRGTVQU #P¶NKUKUFGNCU PGEGUKFCFGUFG NC KPHQTOCEKÎP N 0GEGUKFCFGUFG KPHQTOCEKÎP N /QFGNQFG KPHQTOCEKÎP N /QFGNQ N 'PVKFCFTGNCEKÎP N 'ZVGPFKFQ N KCITCOCFGENCUGU N 5GUKQPGUFGVTCDCLQ N %QPUWNVQTGU N 7UWCTKQU GZRGTVQU .KUVCFQFG TGSWKUKVQU N .KUVCFQFG TGSWKUKVQU N 4GSWKUKVQUFGNQU RTQEGUQUCHGEVCFQU RQTGN2'6+ N %CVCNQICEKÎP N %QPUWNVQTGU N 7UWCTKQU GZRGTVQU
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  • 96. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 6CTGC 2TQFWEVQU 6ÃEPKECU[ 2T¶EVKECU 2CTVKEKRCPVGU #P¶NKUKUFGNQU UKUVGOCUFG KPHQTOCEKÎP CEVWCNGU N GUETKREKÎPIGPGTCNFG UKUVGOCUFGKPHQTOCEKÎP CEVWCNGU N 5GUKQPGUFG VTCDCLQ N KCITCOCFG TGRTGUGPVCEKÎP N %QPUWNVQTGU N %QPUWNVQTGU KPHQTO¶VKEQU N 7UWCTKQU GZRGTVQU N 'SWKRQFGN RTQ[GEVQ N 'SWKRQFG UQRQTVGVÃEPKEQ N 4GURQPUCDNGFG OCPVGPKOKGPVQ 8CNQTCEKÎPFGNQU UKUVGOCUFG KPHQTOCEKÎP CEVWCNGU N 8CNQTCEKÎPFGNCUKVWCEKÎP CEVWCN N 5GUKQPGUFG VTCDCLQ N %QPUWNVQTGU N %QPUWNVQTGU +PHQTO¶VKEQU #NECPEG[QDLGVKXQUFGNGUVWFKQFGNQUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU #RCTVKTFGNCFGUETKREKÎPIGPGTCNFGNQURTQEGUQUFGNCQTICPKCEKÎPCHGEVCFQU RQTGN2NCP'UVTCVÃIKEQFG6GEPQNQIÈCUFG+PHQTOCEKÎP 2'6+UGFGVGTOKPCSWÃ UKUVGOCUFGKPHQTOCEKÎPCEVWCNGUUGGPEWGPVTCPFGPVTQFGN¶ODKVQFGNRNCPUG UGNGEEKQPCPFGNQUUKUVGOCUGZKUVGPVGUNQUSWGFGDGPUGTCPCNKCFQUCUÈEQOQ NQUQDLGVKXQUFGNGUVWFKQFGECFCWPQGGUVCHQTOCUGGUVCDNGEGGNFQOKPKQ FGNQUUKUVGOCUFGKPHQTOCEKÎPFG NCQTICPKCEKÎPCEQPUKFGTCT6CODKÃPUG VKGPGP GP EWGPVC NQU QDLGVKXQU FGHKPKFQU RCTC GN 2NCP FG 'UVTCVÃIKEQ FG 6GEPQNQIÈCUFG+PHQTOCEKÎPGPHWPEKÎPFGNQUEWCNGUUGGUVCDNGEGNCCORNKVWF [RTQHWPFKFCFEQPNCSWGUGFGDGT¶FGUCTTQNNCTGUVCCEVKXKFCF .QUQDLGVKXQUFGN2NCP'UVTCVÃIKEQFG6GEPQNQIÈCUFG+PHQTOCEKÎPUGEQORNGVCP EQP NQU QDLGVKXQU FGHKPKFQU GP GUVC VCTGC RCTC GN GUVWFKQ FG NQU UKUVGOCU FG KPHQTOCEKÎPCEVWCNGU .C KPHQTOCEKÎP TGNCVKXC C NQU UKUVGOCU FG KPHQTOCEKÎP SWG FCP CEVWCNOGPVG UQRQTVGCNQURTQEGUQUCHGEVCFQURQTGN2'6+UGQDVKGPGOGFKCPVGUGUKQPGUFG VTCDCLQEQPNQUWUWCTKQU[GNCRQ[QFGNRGTUQPCNKPHQTO¶VKEQSWGUGEQPUKFGTG PGEGUCTKQ 2TQFWEVQU GGPVTCFC N .KUVCFQFGQDLGVKXQU N GUETKREKÎPIGPGTCNFGRTQEGUQUFGNCQTICPKCEKÎPCHGEVCFQU N .KUVCFQFGWUWCTKQU N 'SWKRQUFGVTCDCLQ
  • 97. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC GUCNKFC N .KUVCFQFGQDLGVKXQU S 1DLGVKXQUFGNGUVWFKQFGNQUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU N +FGPVKHKECEKÎPFGUKUVGOCUFGKPHQTOCEKÎPCEVWCNGUCHGEVCFQURQTGN2'6+ 2T¶EVKECU N 5GNGEEKÎP N 5GUKQPGUFGVTCDCLQ 2CTVKEKRCPVGU N %QPUWNVQTGU N %QPUWNVQTGU+PHQTO¶VKEQU N 7UWCTKQUGZRGTVQU #P¶NKUKUFGNQUUKUVGOCUFGKPHQTOCEKÎP 'PGUVCVCTGCUGNNGXCCECDQGNGUVWFKQFGNQUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU CHGEVCFQURQTGN2'6+2CTCECFCUKUVGOCFGKPHQTOCEKÎPUGTGEQIGPCNOGPQU NCUECTCEVGTÈUVKECUD¶UKECUTGNCVKXCUCFCVQUUQHVYCTGFGCRNKECEKÎPRTQEGUQUFG NC QTICPKCEKÎP C NQU SWG FC UQRQTVG [ FG SWÃ HQTOC NQ JCEG HNGZKDKNKFCF ECTGPEKCUTKGUIQU[RQUKDNGUCOGPCCU 'PHWPEKÎPFGNVKRQFGUKUVGOCFGKPHQTOCEKÎP[FGNQUQDLGVKXQUFGUWGUVWFKQ UG TGEQRKNC CFGO¶U RCTC ECFC WPQ FG GNNQU KPHQTOCEKÎP RTQEGFGPVG FG FKXGTUQURWPVQUFGXKUVC NCQRKPKÎPFGWUWCTKQUFGNQUUKUVGOCUFGKPHQTOCEKÎP FGCPCNKUVCUFGFGUCTTQNNQFGNRGTUQPCNFGQRGTCEKÎPGVE 2TQFWEVQU GGPVTCFC N GUETKREKÎPIGPGTCNFGRTQEGUQUFGNCQTICPKCEKÎPCHGEVCFQU N .KUVCFQFGQDLGVKXQU N +FGPVKHKECEKÎPFGUKUVGOCUFGKPHQTOCEKÎPCEVWCNGUCHGEVCFQURQTGN2'6+ GUCNKFC N GUETKREKÎPIGPGTCNFGUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU 2T¶EVKECU N 5GUKQPGUFGVTCDCLQ N KCITCOCFGTGRTGUGPVCEKÎP
  • 98. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 2CTVKEKRCPVGU N %QPUWNVQTGU N %QPUWNVQTGUKPHQTO¶VKEQU N 7UWCTKQUGZRGTVQU N 'SWKRQFGNRTQ[GEVQ N 'SWKRQFGUQRQTVGVÃEPKEQ N 4GURQPUCDNGFGOCPVGPKOKGPVQ 8CNQTCEKÎPFGNQUUKUVGOCUFGKPHQTOCEKÎP 7PCXGFGUETKVCUNCUECTCEVGTÈUVKECUFGNQUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGUUG CPCNKCP NQU RTQDNGOCU TGCNGU [ RQVGPEKCNGU QRKPKQPGU GVE 5G QDVKGPGP EQPENWUKQPGU[WPCXCNQTCEKÎPNQO¶UQDLGVKXCRQUKDNGFGECFCWPQFGGNNQU 'UKORQTVCPVGNQITCTGUVCQDLGVKXKFCF[C SWGNCXCNQTCEKÎPRQFT¶KPHNWKTGPNC FGEKUKÎP FG NC UWUVKVWEKÎP Q OGLQTC FG NQU UKUVGOCU FG KPHQTOCEKÎP GP NQU RTÎZKOQUCÌQU %QPXKGPGUGÌCNCTSWGGUVCXCNQTCEKÎPPQUGTGCNKCGPEWCPVQCEQDGTVWTCFG TGSWKUKVQU UKPQ EQP TGURGEVQ C CURGEVQU KPVTÈPUGEQU Q FG GHKEKGPEKC FG ECFC UKUVGOCFGKPHQTOCEKÎPTGNCVKXQUCHCEKNKFCFFGOCPVGPKOKGPVQQRGTCVKXKFCF PKXGNFGUGTXKEKQEQUVGUGVE 2TQFWEVQU GGPVTCFC N .KUVCFQFGQDLGVKXQU N GUETKREKÎPIGPGTCNFGUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU GUCNKFC N 8CNQTCEKÎPFGNCUKVWCEKÎPCEVWCN 2T¶EVKECU N 5GUKQPGUFGVTCDCLQ N +ORCEVQGPNCQTICPKCEKÎP 2CTVKEKRCPVGU N %QPUWNVQTGU N %QPUWNVQTGUKPHQTO¶VKEQU
  • 99. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC KUGÌQFGNOQFGNQFGUKUVGOCUFGKPHQTOCEKÎP 'NQDLGVKXQFGGUVCCEVKXKFCFGUKFGPVKHKECT[FGHKPKTNQUUKUVGOCUFGKPHQTOCEKÎP SWGXCPCFCTUQRQTVGCNQURTQEGUQUFGNCQTICPKCEKÎPCHGEVCFQURQTGN2NCP 'UVTCVÃIKEQFG6GEPQNQIÈCFG+PHQTOCEKÎP2CTCGNNQGPRTKOGTNWICTUGCPCNKC NC EQDGTVWTC SWG NQU UKUVGOCU FG KPHQTOCEKÎP CEVWCNGU FCP C NQU TGSWKUKVQU TGEQIKFQU GP GN ECV¶NQIQ GNCDQTCFQ GP NCU CEVKXKFCFGU 'UVWFKQ FG NC KPHQTOCEKÎPTGNGXCPVGGKFGPVKHKECEKÎPFGTGSWKUKVQU 'UVQRGTOKVKT¶GHGEVWCTWP FKCIPÎUVKEQFGNCUKVWCEKÎPCEVWCNCRCTVKTFGNEWCNUGUGNGEEKQPCPNQUUKUVGOCU FG KPHQTOCEKÎP CEVWCNGU EQPUKFGTCFQU X¶NKFQU KFGPVKHKECPFQ NCU OGLQTCU C TGCNKCTGPNQUOKUOQU 2QT ÕNVKOQ UG FGHKPGP NQU PWGXQU UKUVGOCU FG KPHQTOCEKÎP PGEGUCTKQU RCTC EWDTKTNQUTGSWKUKVQU[HWPEKQPGUFGNQURTQEGUQUPQUQRQTVCFQURQTNQUUKUVGOCU CEVWCNGUUGNGEEKQPCFQU 6GPKGPFQGPEWGPVCNQUTGUWNVCFQUCPVGTKQTGUUGGNCDQTCGNOQFGNQFGUKUVGOCU FG KPHQTOCEKÎP X¶NKFQ RCTC FCT UQRQTVG C NQU RTQEGUQU FG NC QTICPKCEKÎP KPENWKFQUGPGN¶ODKVQFGN2NCP'UVTCVÃIKEQFG6GEPQNQIÈCUFG+PHQTOCEKÎP 6CTGC 2TQFWEVQU 6ÃEPKECU[ 2T¶EVKECU 2CTVKEKRCPVGU KCIPÎUVKEQFGNC UKVWCEKÎPCEVWCN N KCIPÎUVKEQFGNC UKVWCEKÎPCEVWCN S 4GNCEKÎPFGUKUVGOCU FGKPHQTOCEKÎPSWGUG EQPUGTXCP[OGLQTCU PGEGUCTKCU N /CVTKEKCN N %QPUWNVQTGU GHKPKEKÎPFGN OQFGNQFGUKUVGOCU FGKPHQTOCEKÎP N /QFGNQFGUKUVGOCUFG KPHQTOCEKÎP N /CVTKEKCN N KCITCOCFG TGRTGUGPVCEKÎP N 5GUKQPGUFG VTCDCLQ N %QPUWNVQTGU N %QPUWNVQTGU KPHQTO¶VKEQU N 7UWCTKQU GZRGTVQU KCIPÎUVKEQFGNUKUVGOCFGKPHQTOCEKÎP 2CTC NNGICT C WP FKCIPÎUVKEQ UQDTG NC UKVWCEKÎP CEVWCN UG VKGPG GP EWGPVCNC XCNQTCEKÎPFGNQUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGUTGCNKCFCGPNCCEVKXKFCFFG GUVWFKQFGNQUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU[UGGUVWFKCNCEQDGTVWTCFG TGSWKUKVQUSWGUGVKGPGEQPGNNQU 'UVQ RGTOKVG FGVGTOKPCT NQU TGSWKUKVQU FGN ECV¶NQIQ PQ EWDKGTVQU RQT NQU UKUVGOCUFGKPHQTOCEKÎPCEVWCNGUGUVWFKCPFQUWCURGEVQETÈVKEQ[RTKQTKFCF
  • 100. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 'PRCTCNGNQUGCPCNKCGNOQFGNQFGKPHQTOCEKÎPQDVGPKFQGPNCVCTGCCP¶NKUKU FG NCU PGEGUKFCFGU FG KPHQTOCEKÎP 5G FGVGTOKPC UK GZKUVGP GPVKFCFGU Q TGNCEKQPGUFGNOKUOQSWGPQCRCTGEGPTGEQIKFCUGPNCUKVWCEKÎPCEVWCNQSWG GUVCPFQTGEQIKFCUUWVTCVCOKGPVQCEVWCNPQTGURQPFGCNQUPWGXQUTGSWKUKVQU %QOQ TGUWNVCFQ FGN CP¶NKUKU CPVGTKQT UG UGNGEEKQPCP NQU UKUVGOCU FG KPHQTOCEKÎP C EQPUGTXCT [ UG GNCDQTC UK RTQEGFG NC TGNCEKÎP FG OGLQTCU C TGCNKCTGPECFCWPQFGGNNQURCTCEWDTKTNQUTGSWKUKVQUSWGNGCHGEVCP 2TQFWEVQU GGPVTCFC N /QFGNQFGKPHQTOCEKÎP N .KUVCFQFGTGSWKUKVQU N 8CNQTCEKÎPFGNCUKVWCEKÎPCEVWCN GUCNKFC N KCIPÎUVKEQFGNCUKVWCEKÎPCEVWCN S 4GNCEKÎP FG UKUVGOCU FG KPHQTOCEKÎP SWG UG EQPUGTXCP [ OGLQTCU PGEGUCTKCU 6ÃEPKECU N /CVTKEKCN 2CTVKEKRCPVGU N %QPUWNVQTGU N #PCNKUVCU GHKPKEKÎPFGNOQFGNQFGUKUVGOCUFGKPHQTOCEKÎPTGSWGTKFQ 'UVC VCTGC VKGPG EQOQ QDLGVKXQ TGRTGUGPVCT GN EQPLWPVQ FG UKUVGOCU FG KPHQTOCEKÎP SWG FCP UQRQTVG C NQU RTQEGUQU FG NC QTICPKCEKÎP CHGEVCFQU FGUETKDKGPFQ UWU TGNCEKQPGU G KPVGTHCEGU CUÈ EQOQ FGHKPKT SWÃ UKUVGOCU FG KPHQTOCEKÎP CEVWCNGU UG OCPVGPFT¶P EQP NCU OGLQTCU RTQRWGUVCU [ SWÃ UKUVGOCUFGKPHQTOCEKÎPPWGXQUEWDTKT¶PNQUTGSWKUKVQUPQUQRQTVCFQURQTNQU UKUVGOCUFGKPHQTOCEKÎPCEVWCNGU 2CTCKFGPVKHKECTECFCUKUVGOCFGKPHQTOCEKÎPPWGXQUGCPCNKCP N .QUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGUSWGUGEQPUGTXCP N .QU TGSWKUKVQU PQ EWDKGTVQU RQT NQU UKUVGOCU FG KPHQTOCEKÎP CEVWCNGU 5G TGCNKC WPC KFGPVKHKECEKÎP KPKEKCN FG UKUVGOCU FG KPHQTOCEKÎP CITWRCPFQ
  • 101. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC CEVKXKFCFGUJQOQIÃPGCUFGNQURTQEGUQUFGNCQTICPKCEKÎPCHGEVCFQUSWG CEVÕCPUQDTGKPHQTOCEKÎPEQOÕP N KHGTGPVGU VKRQU FG UKUVGOCU FG KPHQTOCEKÎP FG IGUVKÎP FG UQRQTVG C NC VQOCFGFGEKUKQPGUGURGEKCNGUGVE N +PVGTHCEGUGPVTGUKUVGOCUFGKPHQTOCEKÎPEQPGNQDLGVKXQFGOKPKOKCTNCU N 6GEPQNQIÈCGURGEKCNTGSWGTKFCUKRTQEGFG .CU EQPENWUKQPGU QDVGPKFCU FG FKEJQ CP¶NKUKU UKTXGP RCTC KFGPVKHKECT ECFC UKUVGOCFGKPHQTOCEKÎPPWGXQ[GNCDQTCTGNOQFGNQFGUKUVGOCUFGKPHQTOCEKÎP 2QTÕNVKOQ[EQPVCPFQEQPNCGZRGTKGPEKCFGNQURCTVKEKRCPVGUGPGUVCVCTGCUG QDVKGPGGNOQFGNQFGUKUVGOCUFGKPHQTOCEKÎPSWGKPENW[GWPFKCITCOCFG TGRTGUGPVCEKÎP FG VQFQU GNNQU EQP UWU EQPGZKQPGU G KPVGTHCEGU [ WPC FGUETKREKÎPFGECFCUKUVGOCFGKPHQTOCEKÎPEQPGNEQPLWPVQFGCEVKXKFCFGU[ TGSWKUKVQUSWGEWDTGCUÈEQOQGNVKRQFGUKUVGOCFGSWGUGVTCVC 2TQFWEVQU GGPVTCFC N KCIPÎUVKEQUKVWCEKÎPCEVWCN N /QFGNQFGRTQEGUQUFGNCQTICPKCEKÎP N /QFGNQFGKPHQTOCEKÎP GUCNKFC N /QFGNQFGUKUVGOCUFGKPHQTOCEKÎP 6ÃEPKECU N /CVTKEKCN 2T¶EVKECU N KCITCOCFGTGRTGUGPVCEKÎP N 5GUKQPGU FGVTCDCLQ 2CTVKEKRCPVGU N %QPUWNVQTGU N %QPUWNVQTGUKPHQTO¶VKEQU N 7UWCTKQUGZRGTVQU
  • 102. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC '52'%+(+%#%+¦0'.155+56'/#5'+0(14/ #%+¦024127'5615 .WGIQFGKFGPVKHKECTUGNCUGPVKFCFGU[NCURQUKDNGUDCUGUFGFCVQUEQTRQTCVKXCU UGRTQEGFKÎCKFGPVKHKECTNQUUKUVGOCUFGKPHQTOCEKÎPSWGJCPFGFGUCTTQNNCTUG FGOCPGTCSWGÃUVCNQITGEWORNKTEQPUWUQDLGVKXQURTQITCOCFQU 'PDCUGCNQUTGSWGTKOKGPVQUFGKPHQTOCEKÎPFGNCKPUVKVWEKÎP[FGNGUVWFKQFG NQUUKUVGOCUFGKPHQTOCEKÎPGZKUVGPVGUUGJCXKUVQRQTEQPXGPKGPVGRTQRQPGT WP 5KUVGOC +PVGITCN FG NC +PUVKVWEKÎP FGPQOKPCFQ 5+56'/# ' +0(14/#%+¦0 %+'06 (+%# ; 6'%01.¦)+%# '. +/#42' 5+%6+ SWG EQORTGPFGNQUPKXGNGUEKGPVÈHKEQVGEPQNÎIKEQ[CFOKPKUVTCVKXQNQUEWCNGUGUV¶P EQPHQTOCFQURQTFKXGTUQUOÎFWNQU[UWDOÎFWNQUEQPXKIGPEKCGPGNOGFKCPQ [NCTIQRNCQ[SWGRGTOKVCPNQITCTNQUQDLGVKXQUKPUVKVWEKQPCNGU .CKFGPVKHKECEKÎPFGNQUOÎFWNQU[UWDOÎFWNQUUGJCDCUCFQGPNCCRNKECEKÎP FG 6ÃEPKECU /CVTKEKCNGU G GUVC HQTOC UG JC EQPUVTWKFQNCOCVTK2TQEGUQ 'PVKFCFFGCVQUSWGTGRTGUGPVCGNVTCVCOKGPVQNÎIKEQFGNQURTQEGUQUUQDTGNQU FCVQUFGNUKUVGOCCITWRCPFQNQURTQEGUQU[NQUFCVQUGPFKUVKPVQUOÎFWNQU G CEWGTFQ C NCU PGEGUKFCFGU FG KPHQTOCEKÎP FGN +/#42' UG ETGG RQT EQPXGPKGPVGGNFGUCTTQNNQFGNQUUKIWKGPVGU5KUVGOCUFG+PHQTOCEKÎP 5KUVGOCUGUVTCVÃIKEQU 5KUVGOCFGKPHQTOCEKÎPIGTGPEKCN 5KUVGOCFGKPHQTOCEKÎPIGQIT¶HKEQ 5KUVGOCUV¶EVKEQU 5KUVGOCFGKPHQTOCEKÎPFGPQTOCU[OGVQFQNQIÈCU 5KUVGOCFGKPHQTOCEKÎPFGPQTOCUNGICNGU 5KUVGOCFGKPHQTOCEKÎPFGVT¶OKVGFQEWOGPVCTKQ 5KUVGOCVÃEPKEQQRGTCVKXQU 5KUVGOCFGKPHQTOCEKÎPEKGPVÈHKEC[VGEPQNÎIKEC 5KUVGOC+PVGITCFQFGIGUVKÎPCFOKPKUVTCVKXC 5+)# 5KUVGOCFGKPHQTOCEKÎPFGEQPVTQNFGXKUKVCU 5KUVGOCFGKPHQTOCEKÎPFGRTQOQEKÎP 5KUVGOCFGDKDNKQVGEC 5KUVGOCFGCTEJKXQU 5KUVGOCKPVGTKPUVKVWEKQPCNGU 5KUVGOCFGKPHQTOCEKÎP9GD 5KUVGOC+PVTCPGV 5KUVGOC'ZVTCPGV
  • 103. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 'UVQUUKUVGOCUUGETGCT¶PEQPNCHKPCNKFCFFGUCVKUHCEGTNQUTGSWGTKOKGPVQUFG KPHQTOCEKÎP FG VQFQ GN RGTUQPCN EKGPVÈHKEQVÃEPKEQ [ CFOKPKUVTCVKXQ EQPUKFGTCPFQVQFQUNQUPKXGNGULGT¶TSWKEQU .C KPVGITCEKÎP FG GUVQU UKUVGOCU FG KPHQTOCEKÎP FCT¶P QTKIGP CN UKUVGOC FG KPHQTOCEKÎPKPVGITCNFGN+/#42'FGPQOKPCFQ5+56'/#'+0(14/#%+¦0 %+'06 (+%#;6'%01.¦)+%#'.+/#42' 5+%6+ 'UVQUUKUVGOCUCUWXGGUV¶PFKXKFKFQUGPOÎFWNQU[ÃUVQUGPUWDOÎFWNQU NQUEWCNGUUGFGUETKDGPCEQPVKPWCEKÎP 5KUVGOCFGKPHQTOCEKÎ PEKGPVÈHKEC[VGEPQNÎIKEC C 5KUVGOCFGKPHQTOCEKÎPFGTGEWTUQUJKFTQDKQNÎIKEQU 1DLGVKXQ %QPVCTEQPWPUKUVGOCFGKPHQTOCEKÎPKPVGITCFQ[FGCEEGUQKPOGFKCVQC GNNCEQPUWTGURGEVKXCUGIWTKFCFUQDTGNCFCVCDKQNÎIKEC RGUSWGTCFGNQU TGEWTUQU JKFTQDKQNÎIKEQU C HKP FG GXCNWCT [ FKCIPQUVKECT GN PKXGN RQDNCEKQPCNFGNQUTGEWTUQURGUSWGTQUOCTKPQUGZRNQVCFQU GUETKREKÎP 'UVGUKUVGOCGUVCT¶EQPHQTOCFQRQTOÎFWNQU /ÎFWNQTGEWTUQURGN¶IKEQU 'UVCT¶EQPHQTOCFQRQTUWDOÎFWNQU 5WDOÎFWNQRGN¶IKEQ2TQEGUCT¶KPHQTOCEKÎPTGHGTGPVGC
  • 104. %CRVWTCU [ FGUGODCTSWGU FG GURGEKGU RGN¶IKECU RQTRWGTVQU¶TGCU TGIKQPGUGVE