Guía Gerente Sistemas INEI

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Guía del Gerente de Sistemas realizado por el INEI

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Guía Gerente Sistemas INEI

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  12. 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. 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 (WGPVG+0'+602+8'04+#2 $X[LOLDU .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. 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-$25 G QVTQ NCFQ CN JCEGT WP CP¶NKUKU FG NC KPHQTOCEKÎP RTQXGPKGPVG FG NQU 2NCPGU QRGTCVKXQUFG+PHQTO¶VKECFGNGPNC#FOKPKUVTCEKÎP2ÕDNKECRQFGOQUNKUVCT CNIWPCU FG NCU HQTVCNGCU FGDKNKFCFGU [ COGPCCU GP VQTPQ C NQU TGEWTUQU JWOCPQUFGN¶TGCFGKPHQTO¶VKEC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  15. 15. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU (QTVCNGCU GDKNKFCFGU 0QEQPVCTEQPRGTUQPCNRCTC HQTOWNCTUQHVYCTG 4GEWTUQU*WOCPQU ECNKHKECFQU[EQPCORNKC GZRGTKGPEKC +FGPVKHKECEKÎPFGNRGTUQPCN EQPNCKPUVKVWEKÎP 2TGFKURQUKEKÎPFGN RGTUQPCNFGNC1HKEKPC FG 5KUVGOCUCNECODKQ +PUWHKEKGPEKCFGRGTUQPCN KPHQTO¶VKEQRCTCNCU TGRTGUGPVCEKQPGUFGHGPUQTKCNGU 0QUGEWGPVCPEQPRTQITCOCUFG ECRCEKVCEKÎPCNRGTUQPCN (CNVCFGRGTUQPCNGURGEKCNKCFQ ENCUKHKECFQRQTUGTXKEKQ4GFGU[ %QOWPKECEKQPGU$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 GPNQURTQEGUQUFGNC TGNCEKÎPCNOGTECFQ KPUVKVWEKÎP %CTGPEKCFGWPRNCPFG 2GTUQPCNKFGPVKHKECFQEQP ECRCEKVCEKÎP NCKPUVKVWEKÎP +PCFGEWCFCKPHTCGUVTWEVWTC HWPEKQPCN 'ZRGTKGPEKCFGNRGTUQPCN 'NFGNCHWGTCNCDQTCNTGCNKC FGN¶TGCFGKPHQTO¶VKECGP OCPVGPKOKGPVQFGUCTTQNNQFGNQU KORNGOGPVCTOQFGTPQU UKUVGOCUQRGTCEKÎP[GLGEWEKÎPFG UKUVGOCUFGIGUVKÎPEQP NQUUKUVGOCUFGRTQFWEEKÎPGUVC VGEPQNQIÈCUFGRWPVCJC EQORWGUVQRQTRGTUQPCNFGNQU RGTOKVKFQQDVGPGTXGPVCLCU UGTXKEKQUFGVGTEGTQU EQORGVKVKXCURCTC FGUCTTQNNCTEQPUWNVQTÈCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC #OGPCCU +PUVKVWEKQPGUEQP OC[QTGUVGEPQNQIÈCU RQTEQPVCTEQP TGEWTUQURTQRKQU[WPC CFGEWCFCCVGPEKÎPFG NQUFKTGEVKXQU (CNVCFGNÈPGCUFG ECTTGTCRCTCRGTUQPCN FGVGEPQNQIÈCUFG KPHQTOCEKÎP $CLQRTGUWRWGUVQ CVGPVCEQPVTCWPOGLQT PKXGNVGEPQNÎIKEQ *C[RTGUGPEKCFG TKGUIQFGFGUGTEKÎP FGNRGTUQPCN ECNKHKECFQRQTGN GUSWGOC TGOWPGTCVKXQOGPQT CNOGTECFQNCDQTCN KPHQTO¶VKEQ
  16. 16. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU (QTVCNGCU 2GTUQPCNFKTGEVKXQ[ VÃEPKEQEQPCORNKC GZRGTKGPEKCGPGNTCOQFG VGEPQNQIÈCUFGKPHQTOCEKÎP [EQPQEKOKGPVQFGNUGEVQT $WGPCFKURQUKEKÎPFGN RGTUQPCNFGKPHQTO¶VKEC RCTCNQITCTNQUQDLGVKXQU VTCCFQU )TCPKFGPVKHKECEKÎPFGN RGTUQPCNFGKPHQTO¶VKEC +FGPVKHKECEKÎPFGNRGTUQPCN EQPNCKPUVKVWEKÎP GDKNKFCFGU 4QVCEKÎPFGNRGTUQPCNRQT FKURQUKEKQPGURQNÈVKECU 'UECUCECRCEKFCFFGTGVGPEKÎPFGN RGTUQPCN 0QGZKUVGWPRNCPFGECRCEKVCEKÎP [FGUCTTQNNQRTQHGUKQPCNGPNC KPUVKVWEKÎP (CNVCFGRTQITCOCUFG ECRCEKVCEKÎPCEQTFGCNQUECODKQU FGNCVGEPQNQIÈC +FGPVKHKECEKÎPFGNRGTUQPCN #NVCOQXKNKFCFFGRGTUQPCNFG EQPNCKPUVKVWEKÎP FGUCTTQNNQFGUKUVGOCU 2GTUQPCNECNKHKECFQ 'UECUQUEWTUQUFGECRCEKVCEKÎP RCTCGNRGTUQPCNKPHQTO¶VKEQ 2GTUQPCNFKTGEVKXQ[ VÃEPKEQEQPCORNKC GZRGTKGPEKC +FGPVKHKECEKÎP[ EQORTQOKUQFGNRGTUQPCN EQPNCKPUVKVWEKÎP #OGPCCU (CNVCFGTGEWTUQUFGRGTUQPCNGPNC 1HKEKPCFG+PHQTO¶VKEC 'UECUCQRQTVWPKFCFFG ECRCEKVCEKÎPCNRGTUQPCN +ORQUKDKNKFCFFG EQPVTCVCTRGTUQPCN CFKEKQPCNRCTCEWORNKT GPHQTOCQRQTVWPCNCU PGEGUKFCFGUFG CWVQOCVKCEKÎPFG RTQEGUQUPQ EQPUKFGTCFQUGPGN 2NCPQRGTCVKXQ +PHQTO¶VKEQCPWCN '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. 17. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU GHKPGPEQOQ/KUKÎP P RTQRQTEKQPC CRNKECEKQPGU FG VGEPQNQIÈC FG KPHQTO¶VKEC [ UQRQTVG VÃEPKEQ FG CNVC ECNKFCF SWG C[WFGP C NC KPUVKVWEKÎP C RTQOQXGT WPC EWNVWTC FG JQPGUVKFCF [ VTCPURCTGPEKCGPNCIGUVKÎPRÕDNKECQ P RQPGT CN UGTXKEKQ FG NCU FKHGTGPVGU WPKFCFGU QTI¶PKECU NCU VGEPQNQIÈCU FG KPHQTOCEKÎP NQU TGEWTUQU JWOCPQU [ NCU JGTTCOKGPVCU OGVQFQNÎIKECU SWG NGU RGTOKVKT¶P EWORNKT NC OKUKÎP KPUVKVWEKQPCNQ ;EQOQ8KUKÎP PDTKPFCTNCUJGTTCOKGPVCUVÃEPKECU SWGRGTOKVGPQRVKOKCTGN HWPEKQPCOKGPVQFGNUKUVGOC0CEKQPCN FG%QPVTQNGPDCUGCNCQRQTVWPKFCF [OQFGTPKFCFQ P EQPUKFGTCP SWG GN FGUCHÈQ FG NQU NKFGTGU KPHQTO¶VKEQU SWG IGTGPEKCP NC KPHQTOCEKÎP GU RWGU GPEQPVTCT JGTTCOKGPVCU VGEPQNÎIKECU IGPGTCT KFGCU KPPQXCFQTCU [ RTQOQXGT 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. 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 N N N N N N N %QOQÎTICPQUFGNÈPGC %QOQÎTICPQUFGCRQ[Q[SWGFGRGPFGPFGNC,GHCVWTC %QOQÎTICPQUFGCRQ[QSWGFGRGPFGPFGNC5GETGVCTKC)GPGTCN %QOQ¶TGCUSWGFGRGPFGPFGEQOKUKQPGU %QOQ¶TGCSWGFGRGPFGFG#FOKPKUVTCEKÎP %QOQ¶TGCSWGFGRGPFGFGNC)GTGPEKCFG#FOKPKUVTCEKÎP[2TGUWRWGUVQ %QOQ¶TGCSWGFGRGPFGFGNC1HKEKPCFG#FOKPKUVTCEKÎP[(KPCPCU %QOQ¶TGCSWGFGRGPFGFGNC)GTGPEKCFGGUCTTQNNQG+PXGUVKICEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  19. 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. 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. 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 SODQWHDQXHYRVGHVDItRVD ODVLQVWLWXFLRQHV W 6HURUJDQL]DFLRQHVFDGDYH]PiV FRPSHWLWLYDV W UHDURIUHFHUVHUYLFLRV RULHQWDGRVDOFLXGDGDQR W 2SWLPL]DUORVSURFHVRVLQWHUQRVGH W 0DQHMDUDVSHFWRVGHFXOWXUD ODRUJDQL]DFLyQ LQIRUPiWLFDGHFDPELR RUJDQL]DFLRQDO W $GRSWDUQXHYDVWHFQRORJtDVH LQWHJUDUODDODH[LVWHQWH W $GPLQLVWUDUORVULHVJRV W 0HMRUDUODVFDSDFLGDGHVKXPDQDV /DVSUHVLRQHVGHFRUWR SOD]ROOHJDQSRUWRGRV ORVIUHQWHV 3URYRFDQGRUHVSXHVWDV QRLQWHJUDGDV FRRUGLQDGDV W 3REODFLyQTXHGHPDQGDSRUXQD W 3URHFWRVLQGHSHQGLHQWHVTXH JHVWLyQPDVHILFLHQWHGHO(VWDGR FRPRSULQFLSDOSURYHHGRUGH VHUYLFLRV W 3UREOHPDVSUHVXSXHVWDOHVTXH HQIUHQWDQODVRUJDQL]DFLRQHV W 2WURVSDLVHVHVWDQWRPDQGROD GHODQWHUD W 3URFHGLPLHQWRVTXHQRDSRDQOD LPSOHPQHWDFLyQGHODV7,V W $OWDURWDFLyQGHUHFXUVRV KXPDQRV HQODVRUDJQL]DFLRQHV W )DOWD GHGHILQLFLyQSDUD IXQFLRQDQFRPR³LVODV´ W LPSOHPHQWDUORVVHUYLFLRVHQOtQHD HBJRELHUQR
  22. 22. FRPRSULRULGDGSDUD DWHQGHUPHMRUDOFLXGDGDQR 3HQVDUTXHODV7,VHVHOILQQR XQPHGLR W 3DUiOLVLVPLHGRDSUREDU H[SHULPHQWDUQXHYRVPRGHORVR DSURYHFKDUORVPRGHORV H[LVWHQWHVHQHOPHUFDGR W $GRSWDUSURHFWRVSRUTXHORV GHPiVORHVWiQKDFLHQGR W )DOWDGHVLVWHPDWL]DFLyQHQHO DQiOLVLVGHULHVJRV +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  23. 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. 24. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU '564#6')+# 2'4510#5 6'%01.1)+# 5+56'/#5 241%'515 4'%74515 'UVTCVGIKCQTICPKCEKQPCN KTGEEKÎPGUVTCVÃIKECFGNCHWPEKÎPFG6+ 2QNÈVKECU[GUVTCVGIKCUFG6+ 2NCPKHKECEKÎP[RTGUWRWGUVQFG6+ 2QNÈVKECUFGTGEWTUQUJWOCPQU 2GTUQPCNVÃEPKEQKPHQTO¶VKEC 7UWCTKQU KTGEEKÎP[XKUKÎPGUVTCVÃIKEC #TSWKVGEVWTCJCTFYCTG[UQHVYCTG +PHTCGUVTWEVWTCFGEQORWVCEKÎP[EQOWPKECEKQPGU /QFGNQFGCRNKECEKQPGU /QFGNQFGFCVQUGKPHQTOCEKÎP )GUVKÎPFGNCFGOCPFCKPUCVKUHGEJC 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. 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. 26. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU KPVGTÃUFGNQU)GTGPVGUFG6GEPQNQIÈCUFG KPHQTOCEKÎP[NQU)GTGPVGU)GPGTCNGU FGNCUQTICPKCEKQPGUQDVGPKÃPFQUGNQUUKIWKGPVGUTGUWNVCFQU +PVGTÃUFGN +PVGTÃUFGN )GTGPVGFG6+ )GTGPVG)GPGTCN '$WUKPGUU ¶TGCU 5GIWTKFCF %QPUWNVQTGUQ#UGUQTGU'UVTCVÃIKEQU #FOKPKUVTCEKÎP[#NOCEGPCOKGPVQFGFCVQU #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. 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. 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. 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. 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. 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. 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. 33. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  34. 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 2TQCEVKXKFCF %QOGPCT EQP WPHKP GPOGPVG 'UVCDNGEGT RTKOGTQNQ RTKOGTQ 2GPUCTGP ICPCT[ ICPCT '5%4+2%+¦0 14+'06#1# '2'0'0%+# C NC NKDGTVCF RCTC GUEQIGT PWGUVTC TGURWGUVC HTGPVGCEWCNSWKGTGUVÈOWNQFGNOGFKQCODKGPVG #WOGPVCT EQPUKFGTCDNG PWGUVTC HCEWNV¶PFQPQU RCTC TGURQPFGT FG CEWGTFQ C OGPVG CWVQEQPHKCPC NNGICPFQ C PWGUVTQURTKPEKRKQU[XCNQTGU EQPQEGT RTQHWPFC [ *CEGRQUKDNGSWGPWGUVTCUXKFCUVGPICPTCÎPFG UKIPKHKECVKXCOGPVG PWGUVTC UGT[CSWGPQURGTOKVGETGCTNCXKUKÎPFGNQSWG PCVWTCNGC XCNQTGU [ SWGTGOQU NQITCT FKTKIKGPFQ PWGUVTCU CEEKQPGUC RTQRKC ECRCEKFCF FG NQ SWG XGTFCFGTCOGPVG GU UKIPKHKECVKXQ GP CRQTVCEKÎP GP GN UGPVKFQ PWGUVTCUXKFCU FG PWGUVTC KFGPVKFCF 2TKQTKC PWGUVTQ VKGORQ C NCU CEVKXKFCFGU SWG KPVGITKFCF CWVQEQPVTQN [ XGTFCFGTCOGPVGFCPUGPVKFQCPWGUVTCUXKFCU ECRCEKFCFCWVQFKTGEVKXC 2GTOKVG GUVCDNGEGT GN DCNCPEG GPVTG PWGUVTQU +0'2'0'0%+# QDLGVKXQU[NQUQDLGVKXQUFGNQUFGO¶UNQITCPFQ GUEWDTKT NKDGTCT [ 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. 35. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU *$+615 $WUEC RTKOGTQ EQORTGPFGT [FGURWÃUUGT EQORTGPFKFQ 5KPGTIKCT #HKNCTNC UKGTTC '5%4+2%+¦0 'U NC GUGPEKC CN TGURGVQ RQT NQU FGO¶U [ EQPUVKVW[G NC ENCXG FG NCU TGNCEKQPGU JWOCPCU GHGEVKXCU SWG PQU QTKGPVCCNNGICTCCEWGTFQUFG VKRQICPCTICPCT 14+'06#1# 'U GN TGUWNVCFQ FG EWNVKXCT NC JCDKNKFCF [ NC CEVKVWF FG XCNQTCT NC FKXGTUKFCF RGTHKNCPFQ JGTTCOKGPVCUD¶UKECUEQOQGNVTCDCLQGPGSWKRQ [NCKPPQXCEKÎP.CUÈPVGUKUFGKFGCUFKXGTIGPVGU RTQFWEG KFGCU OGLQTCU [ UWRGTKQTGU C NCU KFGCU KPFKXKFWCNGU 'UV¶ TGHGTKFC C NC ECRCEKFCF SWG VGPGOQU RCTC +06'4'2'0'0%+# TGPQXCTPQU HÈUKEC OGPVCN [ GURKTKVWCNOGPVG %CTICT GPGTIÈCU RCTC RGTOKVKÃPFQPQU GUVCDNGEGT WP DCNCPEG GPVTG KPVGTPCNKCTRTQHWPFCOGP VQFCUNCUFKOGPUKQPGUFGPWGUVTQUGTCHKPFGUGT VG [ TGPQXCT NQU UGKU GHGEVKXQU GP NQU FKHGTGPVGU TQNGU SWG RTKOGTQU J¶DKVQU F¶PFQ FGUGORGÌCOQUGPPWGUVTCUXKFCU PQU GN UGPVKFQ FG WPC XGTFCFGTC KPFGRGPFGPEKC [ ECRCEKFCF RCTC NC KPVGTFGRGPFGPEKCGHGEVKXC 24+/'4*$+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. 36. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU NCUEKTEWPUVCPEKCURQTNCUEQPFKEKQPGURQTGNCODKGPVG.CURGTUQPCURTQCEVKXCU UG OWGXGP RQT XCNQTGU 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 KPFKSWGGPSWGOGFKFCFGUETKDGEÎOQ 7FUGEQORQTVC ‹#EGRVCUNQKPGURGTCFQ!‹6KGPGUWPC FKURQUKEKÎPEQPUVCPVGRCTCGPHTGPVCTNQU TGVQU! /W[DKGP /GFKCPC OGPVGDKGP 2QEQ 0CFC ‹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. 37. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'PECFCRWPVQGPWOGTCFQCEQPVKPWCEKÎP /GFKCPC /W[DKGP KPFKSWGGPSWGOGFKFCFGUETKDGEÎOQ OGPVGDKGP 7FUGEQORQTVC ‹'TGUECRCFGTGEQTFCTVWUVTKWPHQURCUCFQU EWCPFQNCKPEGTVKFWODTGVGCVQTOGPVC! 2QEQ 0CFC ‹'TGUECRCFGPQCDCPFQPCTH¶EKNOGPVGWP CUWPVQ[EWCPFQÃUVGUGEQORNKECKPUKUVG TGCNKCPFQCEEKQPGURCTCUWRGTCTNQU QDUV¶EWNQU! ‹'POQOGPVQUFGETKUKUGTGUECRCFGCEVWCT T¶RKFC[FGEKFKFCOGPVG[PQGURGTCTCXGTUK NCUKVWCEKÎPUGTGUWGNXGRQTUÈUQNC! 5KTGURQPFKÎCNOC[QTPÕOGTQFGRTGIWPVCU/W[DKGPQ/GFKCPCOGPVGDKGP GU RTQCEVKXQ Q VKGPG OWEJCU ECTCEVGTÈUVKECU RCTC UGTNQ 5K RQT GN EQPVTCTKQ VWU TGURWGUVCUOC[QTKVCTKCOGPVGHWGTQP2QEQQ0CFCFGDGTGXKUCTUWUCEVKVWFGU[ RTQRQPGTUGECODKCTNCU 5')701*$+61%1/'0#4%1070(+0'0.#/'06' 'UVG J¶DKVQ UG DCUC GP SWG RTKOGTQ JC[ WPC ETGCEKÎP OGPVCN [ NWGIQ WPC ETGCEKÎPHÈUKECRQTNQSWGUGFGDGKPKEKCTEQPNCKOCIGPGNEWCFTQQGNRCTCFKIOC FG XKFC EQOQ OCTEQ FG TGHGTGPEKC Î ETKVGTKQ RCTC GN GZCOGP FG VQFCU NCU QVTCU EQUCU 2QT SWG UÎNQ UGTGOQU XGTFCFGTCOGPVG GHGEVKXQU EWCPFQ GORGEGOQU EQP WPHKPGPOGPVGCRGUCTFGGUVCTOW[CVCTGCFQU[UGTOW[GHKEKGPVGU 7PGPWPEKCFQFGNCOKUKÎPRGTUQPCNGORGCTEQPWPHKPGPNCOGPVGEQPUKUVGGP GNCDQTCTWPGPWPEKCFQFGNCOKUKÎPHKNQUQHÈCÎETGFQURGTUQPCNGUUGEGPVTCGPNQ SWGWPQSWKGTGUGT[JCEGT[GPNQUXCNQTGUQRTKPEKRKQUSWGFCPHWPFCOGPVQCN UGT[JCEGT .C OKUKÎP Q EQPUVKVWEKÎP RGTUQPCN GP NQ HWPFCOGPVCN PPWPEC ECODKCQ 2CTC GUETKDKTWPGPWPEKCFQFGNCOKUKÎPRGTUQPCNVGPGOQUSWGGORGCTGPGNEGPVTQ OKUOQ FG PWGUVTQ EÈTEWNQ FG KPHNWGPEKC GU CNNÈ FQPFG VQOCOQU EQPVCEVQ EQP PWGUVTC XKUKÎP [ PWGUVTQU XCNQTGU GU CNNÈ FQPFG WUCOQU PWGUVTC ECRCEKFCF FG CWVQEQPEKGPEKC %WCPFQQTICPKCOQUPWGUVTQURCTCFKIOCUD¶UKEQURCTCRQPGTNQUGPCTOQPÈCEQP RTKPEKRKQUEQTTGEVQUETGCOQUWPEGPVTQGHGEVKXQSWGPQUFCRQFGT[WPCÎRVKECC VTCXÃU FG NC EWCN RQFGOQU XGT GN OWPFQ .C OKUKÎP GP PWGUVTC XKFC PQ NC KPXGPVCOQU UÎNQ NC FGVGEVCOQU 0WGUVTC CWVQEQPEKGPEKC PQU RGTOKVG GZCOKPCT PWGUVTQURTQRKQURGPUCOKGPVQU7PCDWGPCCHKTOCEKÎPVKGPGEKPEQECTCEVGTÈUVKECU D¶UKECU GU RGTUQPCN GU RQUKVKXC GUV¶ GP VKGORQ RTGUGPVG GU XKUWCN [ GU GOQEKQPCN2QTGLGORNQGNGPWPEKCFQFGNCOKUKÎPUGEQPXKGTVGGPGNOCTEQFG TGHGTGPEKCRCTCRGPUCT[IQDGTPCTNCHCOKNKC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  38. 38. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 6'4%'4*$+6124+/'41.124+/'41 5GTGHKGTGCNCETGCEKÎPHÈUKECGUFGEKTGUGNGLGTEKEKQFGNCXQNWPVCFKPFGRGPFKGPVG EGPVTCFQ GP RTKPEKRKQU ECRCEKFCF RCTC VQOCT FGEKUKQPGU GNGIKT [ CEVWCT NQ SWG RQFTÈCOQU FGPQOKPCT NC CWVQCFOKPKUVTCEKÎP GHGEVKXC 'N ITCFQ GP SWG JGOQU FGUCTTQNNCFQ PWGUVTC XQNWPVCF KPFGRGPFKGPVG GP NC XKFC EQVKFKCPC UG OKFG RQT PWGUVTC KPVGITKFCF RGTUQPCN .C KPVGITKFCF GU PWGUVTC ECRCEKFCF RCTC EQORTQOGVGTPQU C OCPVGPGT NQU EQORTQOKUQU EQP PQUQVTQUNQSWGFGEKOQUGU JCEGT RQT GNNQ NC GUGPEKC FGN FGUCTTQNNQ RTQCEVKXQ 5K WPQ GU WP CFOKPKUVTCFQT GHGEVKXQ FG UÈ OKUOQ NC FKUEKRNKPC RTQXKPG FGN KPVGTKQT GU WPC HWPEKÎP FG NC XQNWPVCFKPFGRGPFKGPVG'NEQOÕPFGPQOKPCFQTFGVQFCUNCURGTUQPCUFGÃZKVQGU PGORGCTRQTNQRTKOGTQQ #SWÈWPOÃVQFQRCTCOCPGLCTGNVKGORQCFGEWCFCOGPVG N 2NCPKHKECT*CEGTWPCNKUVCFGQDLGVKXQUCEWORNKTVQO¶PFQUGWPQUOKPWVQU FKCTKQU'UVQRQFTÈCUKIPKHKECTNGCJQTTQFGJQTCUGPUGOCPCU N 2TKQTKCTGEKFKTEW¶NGUFGNCUCEVKXKFCFGUUQPNCUO¶UKORQTVCPVGURCTCSWG GPECDGEGPNCNKUVC#NIWPCURGTUQPCUNNGXCPCVÃTOKPQVQFCUNCUVCTGCURQUKDNGU SWGCRCTGEGPGPUWNKUVCNQITCPFQWPGNGXCFQRQTEGPVCLGFGVCTGCUTGCNKCFCU RGTQ UW GHGEVKXKFCF GU DCLC FGDKFQ C SWG NCU VCTGCU FGUGORGÌCFCU GP UW OC[QTÈCUQPFGDCLCRTKQTKFCF N 'UVCDNGEGTWPCCIGPFCGVGTOKPCTEW¶PFQUGJCT¶ECFCWPQFGNQURWPVQU.C ENCXGPQGUFCTRTKQTKFCFCNQSWGGUV¶GPNCCIGPFCUKPQQTFGPCTGPNCCIGPFC NCURTKQTKFCFGU N *CEGT UGIWKOKGPVQ *CEGT NCU EQUCU FG CEWGTFQ C NQ RNCPGCFQ [ XGTKHKECTNQU RCUQUFGECFCQDLGVKXQ .C UCVKUHCEEKÎP FGRGPFG VCPVQ FG NC GZRGEVCVKXC EQOQ FG NC TGCNKCEKÎP [ NC GZRGEVCVKXC TGUKFG GP PWGUVTQ EÈTEWNQ FG KPHNWGPEKC 'U KORQTVCPVG GP NC CFOKPKUVTCEKÎP FGN VKGORQ FGEKT 5+ C NCU CEVKXKFCFGU KORQTVCPVGU [ CRTGPFGT C FGEKT01CQVTCUCEVKXKFCFGUPQRTKQTKVCTKCU %7#461*$+612+'05''0 )#0#4)#0#4 'PGNOQOGPVQGPSWGUGRCUCFGNCKPFGRGPFGPEKCCNCKPVGTFGRGPFGPEKCUGGUV¶ CXCPCPFQJCEKCGNTQNFGNKFGTCIQ[GURQUKDNGKPHNWKTUQDTGQVTCURGTUQPCUEQP NCHKNQUQHÈCFGRGPUCTGPICPCTICPCT.QUUGKURCTCFKIOCUFGKPVGTCEEKÎPJWOCPC UQP N )CPCTICPCT .QU CEWGTFQU Q UQNWEKQPGU UQP OWVWCOGPVG DGPÃHKEQU [ UCVKUHCEVQTKQU 5G VTCDCLCGPWPGUEGPCTKQEQQRGTCVKXQ PQEQORGVKVKXQ 6QFQU UGUKGPVGPDKGP[UGEQORTQOGVGPEQPGNRNCPFGCEEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  39. 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
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  45. 45. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  46. 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 4QNFGFKTGEVQT 4QNFG2TQFWEVQT 4QNFGN%QQTFKPCFQT 4QNFG/QPKVQT 4QNFG/GPVQT 4QNFGNHCEKNKVCFQT 4QNFGNKPPQXCFQT 4QNFGNDTQMGT %QORGVGPEKCU%NCXGU 6QOCFGKPKEKCVKXCU (KLCEKÎPFGOGVCU GNGICEKÎPGHKEC 2TQFWEVKXKFCF[OQVKXCEKÎPRGTUQPCN /QVKXCTCNQUFGO¶U )GUVKÎPFGNVKGORQ[FGNGUVTÃU 2NCPKHKECEKÎP 1TICPKCEKÎPQFKUGÌQ %QPVTQN 4GFWEKTNCUQDTGECTICFGKPHQTOCEKÎP #PCNKCTNCKPHQTOCEKÎPETÈVKECOGPVG 2TGUGPVCTNCKPHQTOCEKÎPTGFCEVCTEQP GHKECEKC #WVQEQORTGPUKÎP [ EQORTGPUKÎP FG NQUFGO¶U %QOWPKECEKÎPKPVGTRGTUQPCN GUCTTQNNQFGNQUUWDQTFKPCFQU %TGCEKÎPFGGSWKRQU 6QOCFGFGEKUKQPGURCTVKEKRCVKXC )GUVKÎPFGNEQPHNKEVQ %QPXKXKTEQPGNECODKQ 'NRGPUCOKGPVQETGCVKXQ .CIGUVKÎPFGNECODKQ %TGCT[OCPVGPGTWPCDCUGFGRQFGT 0GIQEKCTCEWGTFQU [EQORTQOKUQU 2TGUGPVCT NCU KFGCU RTGUGPVCEKQPGU XGTDCNGUGHKECEGU 6QOCFQFG/CGUVTKCGPNCIGUVKÎPFGNCUQTICPKCEKQPGURQT4QDGTV3WKPP 5WG4(CGTOCP[/KEJCGN26JQORUQP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  47. 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. 48. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N /GFKDNGU EQP TGURGEVQ CN RTQITGUQ CNECPCFQ GP GN NQITQ FGN GUV¶PFCT N #UKIPCDNGU EQP TGURGEVQ C SWà 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 ‹3Wà 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. 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 TGC$ #PCNKUVC KTGEVQTFGN 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

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