5162

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5162

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  10. 10. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP UGTXKEKQU [ GP NC CFOKPKUVTCEKÎP FG NC KPHQTOCEKÎP TGHQTCPFQ UW NKFGTCIQ CPVG NC UQEKGFCF FGPQOKPCFC TGNCEKÎP IQDKGTPQ C IQDKGTPQ (KPCNOGPVG NCU TGNCEKQPGU IQDKGTPQ C GORTGUCU UGT¶P VCODKÃP TGFKUGÌCFCU DWUECPFQ NC RCTVKEKRCEKÎP CEVKXC [ EQORTQOGVKFC FGN UGEVQT RTKXCFQ GP NC OQFGTPKCEKÎP IWDGTPCOGPVCN .CKFGCUWD[CEGPVGGUSWGGPNQUVTGUVKRQUFGKPVGTCEEKÎPGNIQDKGTPQRQFT¶ JCEGTO¶UEQPOGPQU[CNOKUOQVKGORQHQTVCNGEGT¶NCEQOWPKECEKÎPFKTGEVC EQP NQU EKWFCFCPQU GNKOKPCPFQ NC KPVGTOGFKCEKÎP SWG PQTOCNOGPVG GHGEVWCDCPNCUDWTQET¶VKECUQHKEKPCUIWDGTPCOGPVCNGU .C/QFGTPKCEKÎPFGN'UVCFQ‹CWVQOCVKCEKÎPFGXKGLQUXKEKQU! 7PQ FG NQU OC[QTGU TGVQU SWG VKGPGP SWG GPHTGPVCT NQU IQDKGTPQU GU GN FG OGLQTCT [ VTCPUHQTOCT UWU UGTXKEKQU CPVGU FG CWVQOCVKCTNQU PQ JCEGTNQ KORNKECTÈCVTCUNCFCTNQUXKEKQUDWTQET¶VKEQUCNCTGF 'P/ÃZKEQNC1HKEKPCFGNC2TGUKFGPEKCRCTCNC+PPQXCEKÎP)WDGTPCOGPVCNJC VQOCFQ [C RTGECWEKQPGU GP GUVG UGPVKFQ C VTCXÃU FG NC ETGCEKÎP FGN /QFGNQ 'UVTCVÃIKEQRCTCNC+PPQXCEKÎP)WDGTPCOGPVCN P'UVGGUGUGPEKCNOGPVGWPOQFGNQFGECODKQFGRCTCFKIOCUJCEKCGNKPVGTKQT FG NC #FOKPKUVTCEKÎP 2ÕDNKEC HGFGTCN 5W XKUKÎP UG EGPVTC GP TGEWRGTCT NC EQPHKCPC FG NQU EKWFCFCPQU GP GN IQDKGTPQ [ VTCPUHQTOCTNC GP WP GPVG EQORGVKVKXQ SWG EQPVTKDW[C C NQITCT NQU TGUWNVCFQU RNCPGCFQU GP OCVGTKC FG ETGEKOKGPVQ GEQPÎOKEQ FGUCTTQNNQJWOCPQ[UQEKCNCUÈEQOQGPOCVGTKCFG QTFGP[TGURGVQQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  11. 11. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 6ÃTOKPQUENCXGU 4 /GLQTCTNCECNKFCFFGNUGTXKEKQ4GFWEKTEQUVQUCFOKPKUVTCVKXQU4GGUVCDNGEGT NCEQPHKCPCFGNQUEKWFCFCPQU 4 'XKVCTGNFGURGTFKEKQ4GKPIGPKGTÈCFGRTQEGUQU/GLQTCTNCKPHTCGUVTWEVWTCFG VGEPQNQIÈCU FG KPHQTOCEKÎP /GLQTCT GN CEEGUQ C NQU UGTXKEKQU 'PVGPFGTNC TGNCEKÎPGPVTGRQNÈVKEC[TGUWNVCFQU 4 GEKFKT FÎPFG ICUVCT [ EW¶PVQ GVGTOKPCT NCU UCNKFCU [ TGUWNVCFQU FG NCU 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 'N FGUCHÈQ FGN G)QDKGTPQ RTGUGPVC FQU ITCPFGU QRQTVWPKFCFGU RCTC GN UGEVQT GORTGUCTKCN 4 4 %QOQ RTQXGGFQT RQTSWG VKGPG GN MPQYJQY [ NQU RTQFWEVQU NQ SWG RGTOKVKT¶CNIQDKGTPQCNECPCTUWUQDLGVKXQU %QOQ EQPUWOKFQT CN KIWCN SWG VQFQU NQU EKWFCFCPQU RQTSWG UG DGPGHKEKCT¶PEQPGNOGLQTCOKGPVQFGNQUUGTXKEKQUFGNIQDKGTPQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  12. 12. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 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 RCTC WPC RWGUVC GP 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 TGCNKFCF SWG ECFC EKWFCFCPQ VGPIC CEEGUQ C WPC EQORWVCFQTC EQP CEEGUQ C +PVGTPGVSWGGZKUVCPGPNCTGFUKUVGOCUFGVTCDCLQEQORNGVQU[UQHKUVKECFQUSWG RWGFCPJCEGTUGVTCPUCEEKQPGUOQPGVCTKCUGPNÈPGCSWGUGNQITGNCKPVGITCEKÎP EQPQVTQUUGEVQTGUFGNCUQEKGFCF[EQPUWUUKUVGOCU[SWGNCFGOQETCEKCGP NÈPGCUGCRCTVGFGNCFKP¶OKECEKWFCFCPC +ORNGOGPVCTGZKVQUCOGPVGWPCKPKEKCVKXCFGG)QDKGTPQTGSWKGTGSWGGPECFC RCUQ C UGIWKT NCU QTICPKCEKQPGU IWDGTPCOGPVCNGU FGHKPCP [ TGUWGNXCP EKGTVQ 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 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  13. 13. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 'N TGVQ UÎNQ RQFT¶ UGT GPHTGPVCFQ UK UG EQPUKIWG WPC ETGCVKXC G KPPQXCFQTC CNKCPCGPVTGGNUGEVQTRTKXCFQ[GNUGEVQTRÕDNKEQSWGICTCPVKEGSWGPCFKG UGC GZENWKFQFGNCUQRQTVWPKFCFGUFGNCVGEPQNQIÈCRQTTCQPGUGEQPÎOKECUQFG FGUXGPVCLCUQEKCN 2CTCGNNQGN+0'+EQPVTKDW[GCVTCXÃUFGNCGNCDQTCEKÎPFG2QNÈVKECU2NCPGU[NC RTQOQEKÎP FG OGVQFQNQIÈCU SWG HCEKNKVGP GN FKUGÌQ G KORNGOGPVCEKÎP FGN G )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 KORNCPVCEKÎP FG PWGXQU OÃVQFQU [ GUVKNQU FG VTCDCLQ NC ECRCEKVCEKÎP FG NQU 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 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  14. 14. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP QDLGVKXQU GUVTCVÃIKEQU CSWÈ HQTOWNCFQU RCTC IGPGTCT UKPGTIKCU [ CWOGPVCT NQU DGPGHKEKQUFGNCUCEEKQPGURTGXKUVCU GUFGGNRWPVQFGXKUVCFGN'UVCFQUG TGSWKGTG 8+5+¦0 7P OQFGNQ FG IGUVKÎP FG TGEWTUQU ECRC FG CEGNGTCT NC FGUEGPVTCNKCEKÎP KPVGITCPFQ DTKPFCPFQ OGLQTGU UGTXKEKQU [ HCEKNKVCPFQ GN CEEGUQ FG NQU EKWFCFCPQU [ NCU GORTGUCU C NC KPHQTOCEKÎP 'UVC XKUKÎP FG HWVWTQ RTGVGPFG GPHCVKCT GN TQN FGN 'UVCFQ FG CEVWCT FG OCPGTC GHKEKGPVG [ VTCPURCTGPVG RCTC JCEGT TGCNKFCF GN FGTGEJQ FG NQU EKWFCFCPQU [ NCU GORTGUCU FG TGEKDKT UGTXKEKQU FG ECNKFCF CEEGFGT C NC KPHQTOCEKÎP RÕDNKEC [ TGNCEKQPCTUG CEVKXCOGPVG EQP NC #FOKPKUVTCEKÎP 2ÕDNKEC FGUFG EWCNSWKGT NWICT [ EQP FKXGTUQU OGFKQU RTGHGTGPVGOGPVG NQU VGEPQNÎIKEQU /+5+¦0 (CEKNKVCT NC KPEQTRQTCEKÎP [ WUQ GHKEKGPVG FG NCU VGEPQNQIÈCU FG KPHQTOCEKÎP [ EQOWPKECEKÎP RCTC EQPVCT EQP WP 'UVCFQ OQFGTPQ ECRC FG RTGUVCT UGTXKEKQU FG ECNKFCF QRQTVWPQU UGIWTQU [ CEEGUKDNGU CN EKWFCFCPQ CEGTECT CN EKWFCFCPQ C NC IGUVKÎP RÕDNKEC [ HCEKNKVCT GN CEEGUQ KTTGUVTKEVQ [ WPKXGTUCN C NC KPHQTOCEKÎP C VQFC NC RQDNCEKÎP RCTC SWG RCTVKEKRGP GP NC EQPUVTWEEKÎP [ GP NQU DGPGHKEKQU FG NC 5QEKGFCF FG NC +PHQTOCEKÎP 'N CRQTVG GUVTCVÃIKEQ FG NCU 6+ C NC OQFGTPKCEKÎP FGN 'UVCFQ RGTOKVG NC KORNCPVCEKÎP FG PWGXQU OQFGNQU FG IGUVKÎP SWG CEGNGTCP NQU RTQEGUQU CDTGP PWGXQU ECPCNGU FG EQOWPKECEKÎP GP NQU FQU UGPVKFQU TGFWEGP EQUVQU [ VKGORQ [ RQUKDKNKVCP QRGTCT GP OWEJQU ECUQU KPFGRGPFKGPVGOGPVG FGN VKGORQ [ NC FKUVCPEKC '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 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  15. 15. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP N 6TCDCLCT GP HWPEKÎP FG NQ SWG GN OGTECFQ NCU KPUVKVWEKQPGU [ EKWFCFCPQU FGOCPFCP RTQOQXKGPFQ [ FGVGEVCPFQ QRQTVWPKFCFGU SWG DTKPFCP NCU PWGXCUVGEPQNQIÈCU N GUCTTQNNCTRTQ[GEVQUEQPLWPVQU EQPNCUQEKGFCFEKXKN[NCUGORTGUCURCTC UWRGTCTNCUDCTTGTCUSWGKORKFGPCITCPFGU UGEVQTGUFGNCRQDNCEKÎPCEEGFGT CNCOQFGTPKFCF N 6TCPUHQTOCTNCUOÕNVKRNGUQRQTVWPKFCFGUSWGQHTGEGPNCUPWGXCUVGEPQNQIÈCU FG KPHQTOCEKÎP [ EQOWPKECEKÎP GP RTQ[GEVQU XKCDNGU RCTC RQVGPEKCT GN FGUCTTQNNQFGNCUQEKGFCFFGNCKPHQTOCEKÎPGPGNRCÈU .CTCÎPRTKPEKRCNRCTCNCHQTOWNCEKÎPFGGUVG2NCP'UVTCVÃIKEQFG6+GUVQOCT NC KPKEKCVKXC RCTC CEVWCT T¶RKFC EQPEGTVCFC [ GHKEKGPVGOGPVG RCTC NQITCT SWG 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 1TKGPVCTGNFGUCTTQNNQFGNQU2TQ[GEVQUFG6+GPNCUGPVKFCFGURÕDNKECURCTC NCEQPUVKVWEKÎPFGNG)QDKGTPQ N N 'UVCDNGEGT WP GPNCEG [EQPEQTFCPEKCGPVTGNCU6GEPQNQIÈCU'UVTWEVWTCFCU[ 6GEPQNQIÈCUFG1DLGVQURCTCGNFGUCTTQNNQFG2TQ[GEVQUFG6GEPQNQIÈCFG +PHQTOCEKÎP 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 Q JCP FGOQTCFQ GP UW KORNGOGPVCEKÎP IGPGTCPFQ RÃTFKFCU Q GNGXCPFQ NQU EQUVQUFGNRTQ[GEVQFGDKFQHWPFCOGPVCNOGPVGCSWGGNPGUVCFQFGCTVGQ FGNCU VGEPQNQIÈCUFGDCUGUFGFCVQUJGTTCOKGPVCUFGOQFGNCOKGPVQ[FGUCTTQNNQCUÈ EQOQ FG GXCNWCEKÎP FG RTQFWEVQU PQ GUVCDCP C NC RCT FG NQU UWRWGUVQU VGÎTKEQU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  16. 16. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP #FGO¶U GN PQ EQPVCT EQP RGTUQPCN RTGRCTCFQ RCTC KORNGOGPVCT GUVQU RTQ[GEVQU GP GN OGFKQ OCN GPFÃOKEQ GP UQEKGFCFGU GP XÈCU FG FGUCTTQNNQ [ 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 'LVHxRGHO 0RGHOR GH6LVWHPDV ,QVWLWXFLRQDOHV 'HILQLFLyQ RUJDQL]DFLyQ GHO3(7, $OLQHDPLHQWR GHO3(7,FRQHO 3ODQ(VWUDWpJLFR ,QVWLWXFLRQDO 3ODQHVGH$FFLyQ (YDOXDFLyQ%6
  17. 17. ,GHQWLILFDFLyQGH 5HTXHULPLHQWRV 'LVHxRGHO 0RGHOR GH$UTXLWHFWXUD 7HFQROyJLFD 'NGUSWGOCIGPGTCNFGNC/GVQFQNQIÈC2'6+GUNCSWGUGOWGUVTCGPGNIT¶HKEQ EW[CUHCUGUUQP N N N N N N GHKPKEKÎP[1TICPKCEKÎPFGN2'6+ #NKPGCEKÎPFGN2'6+EQPGN2NCP'UVTCVÃIKEQ+PUVKVWEKQPCN +FGPVKHKECEKÎPFG4GSWGTKOKGPVQU KUGÌQFGN/QFGNQFG5KUVGOCU+PUVKVWEKQPCN KUGÌQFGN/QFGNQFG#TSWKVGEVWTC6GEPQNÎIKEC 2NCPGUFG#EEKÎP 2TQURGEVKXCFGNFGUCTTQNNQFGNCUVGEPQNQIÈCUFG+PHQTOCEKÎPGPNCUGPVKFCFGU FGNGUVCFQRGTWCPQRCTCNCRTKOGTCFÃECFCFGNPWGXQ UKINQ 'N RNCPVGCOKGPVQ SWG UG RTGUGPVC GU EQJGTGPVG EQP GN P2NCP 0CEKQPCN FG GUCTTQNNQ+PHQTO¶VKEQ Q CEVWCNOGPVGGPGTCXGTUKÎP[GN/QFGNQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  18. 18. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP FG GUCTTQNNQ FG 5KUVGOCU [ 5GTXKEKQU RNCPVGCFQU GP GN FQEWOGPVQ P.KPGCOKGPVQURCTCNC%TGCEKÎPFG NC5QEKGFCFFG+PHQTOCEKÎPGPGN2GTÕQ ( P SUHV D V LXG D GD QRV ,QWHUP HG LD ULR V 3 0 RGHOR 3 UR SXHVWR ' LVS R VLWLYRV P HG LR VG H$FFHVV 7 9 7 HOpIRQR . LRVNR DELQD DEOH 0 y Y LO 0 XOWLP HGLD 3 ~EOLFD 3 UR YHH GRUH V ( [WUDQHWV 3 RUWDOH V
  19. 19. ,QWUDQH W 0 LQLVWHULRV 2 UJDQLVP RV3 ~EOLFRV ( [WUDQHWV * RELHUQR V/RFDOHV 8 QLYHUVLGDGHV ROHJLRV $UHD GHDFFLyQG HO,1 ( , 'PGNNÈOKVGGNEKWFCFCPQ[NCUGORTGUCUPQFGDGTÈCPPGEGUKVCTEQPQEGTSWKÃP Q SWG FGRGPFGPEKC DTKPFC GN UGTXKEKQ Q EÎOQ GUV¶ QTICPKCFC NC KPUVKVWEKÎP RCTCCEEGFGT[WUCTWPUGTXKEKQFGVGTOKPCFQFGNC#FOKPKUVTCEKÎP2ÕDNKEC.C OCPGTCEQOQGUVQUUGTXKEKQU FKIKVCNKCDNGUUQPQTICPKCFQU[QHGTVCFQUFGDG UGTVTCPURCTGPVGRCTCGNWUWCTKQ'UVGGUWPKFGCNCNSWGFGDGTÈCVGPFGTNCHQTOC GPSWGGNEKWFCFCPQ[NCUGORTGUCUTGUWGNXGPUWUPGEGUKFCFGUFGFCT[TGEKDKT KPHQTOCEKÎPFG[JCEKCNC#FOKPKUVTCEKÎP2ÕDNKEC 5GTÈC FGUGCDNG VCODKÃP SWG NC OC[QT RCTVG FG NQU UGTXKEKQU FG KPHQTOCEKÎP RWGFCPUGTTGCNKCFQUCVTCXÃUFGTGFGU[UGTCEEGUKDNGUGP+PVGTPGVRQTNQEWCN FGDGT¶P VQOCTUG NCU RTGXKUKQPGU FGN ECUQ RCTC CVGPFGT NCU PWGXCU FGOCPFCU SWGUGQTKIKPCT¶PRQTNQUECODKQUGPNCXCTKGFCF[RGPGVTCEKÎPFGNQUOGFKQU SWG UG VGPFT¶ GP NQU RTÎZKOQU CÌQU RCTC CEEGFGT C +PVGTPGV #EVWCNOGPVG NC OCPGTC O¶U FKHWPFKFC FG CEEGUQ C +PVGTPGV GU C VTCXÃU FG NCU 2%NU RGTQ NCU 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 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  20. 20. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 2CTC HCEKNKVCT NC FKUVTKDWEKÎP [ EKTEWNCEKÎP FG NC KPHQTOCEKÎP [ NC WDKECEKÎP [ 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 UQNWEKÎP VGEPQNÎIKEC FKURWGUVCU C FCT [ TGEKDKT KPHQTOCEKÎP FG [ JCEKC NQU 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 .C KPHQTOCEKÎP SWG OCPGLC GN 'UVCFQ FGDGTÈC UGT RWGUVC C FKURQUKEKÎP FGNCU 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 RTQHWPFQU ECODKQU [ GEQPQOÈCU SWG UG RWGFGP NQITCT GP NCU VTCPUCEEKQPGU [ PGIQEKQU EQP NQU RTQXGGFQTGU [ QVTCU KPUVKVWEKQPGU FGN UGEVQT RÕDNKEQOGFKFQUVCPVQGPVÃTOKPQUFGTGFWEEKÎPGPNQUEQUVQUFGVTCPUCEEKÎP EQOQ GP NQU FG EQOWPKECEKÎP RCRGNGQ FGVGEEKÎP FG PWGXCU QRQTVWPKFCFGU 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 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  21. 21. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 7PC#FOKPKUVTCEKÎP2ÕDNKECOQFGTPCGPNÈPGCGU N #EGTECT NC CFOKPKUVTCEKÎP [UWURTQEGUQUCNQU EKWFCFCPQUCPCNKCPFQNCU 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 VTCPURCTGPVCTNQU OGTECFQUJCEGTPGIQEKQU[OCPVGPGTKPHQTOCFQUCNQU EKWFCFCPQU N (CEKNKVCT GN CEEGUQ C NC KPHQTOCEKÎP FGN UGEVQT RÕDNKEQ UKORNKHKECPFQ NC GPVTCFC[JCEKGPFQCOKICDNG[UGIWTCNCPCXGICEKÎPGP+PVGTPGV +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  22. 22. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  23. 23. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 4UVVYY^YYSYY†^ i _bWQ^YYjQSYY†^ TU @Q^ UcdbQd}WYYS_ TU 4U ^ S †^ i _bWQ^ jQS †^ TU @ Q^ UcdbQd}W S_ TU dUS^__WQc TU YY^VV_b]QSYY†^ @5D99 dUS^_ _W Qc TU ^ _b]QS †^ @5D /QFGNCOKGPVQFGNRTQ[GEVQ2'6+ 'N QDLGVKXQ FG GUVC CEVKXKFCF GU FGVGTOKPCT NC PGEGUKFCF FGN 2NCP FG 6GEPQNQIÈCU FG +PHQTOCEKÎP [ NNGXCT C ECDQ GNPCTTCPSWGQ HQTOCN FGN OKUOQ EQPGNCRQ[QFGNPKXGNO¶UCNVQFGNCQTICPKCEKÎP%QOQTGUWNVCFQUGQDVKGPG WPC FGUETKREKÎP IGPGTCN FGN 2NCP SWG RTQRQTEKQPC WPC FGHKPKEKÎP KPKEKCN FGN 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 FKTGEEKQPGU FG NCU ¶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 N GUETKREKÎPIGPGTCNFGN2'6+ N 5GUKQPGUFG N %QOKVÃFG PGEGUKFCFFGN2'6+ VTCDCLQ KTGEEKÎP S #RTQDCEKÎPFGKPKEKQFGN 2'6+ +FGPVKHKECEKÎPFGN CNECPEGFGN2'6+ N GUETKREKÎPIGPGTCNFGN2'6+ N (CEVQTGU N %QOKVÃFG ETÈVKEQUFG KTGEEKÎP S ODKVQ[QDLGVKXQUFGN2'6+ ÃZKVQ S 1DLGVKXQUGUVTCVÃIKEQU TGNCEKQPCFQUEQPGN2'6+ N 5GUKQPGUFG S (CEVQTGUETÈVKEQUFGÃZKVQ VTCDCLQ GVGTOKPCEKÎPFG N GUETKREKÎP IGPGTCNFGN2'6+ TGURQPUCDNGU S 4GURQPUCDNGUFGN2'6+ N 5GUKQPGUFG N %QOKVÃFG VTCDCLQ KTGEEKÎP #P¶NKUKUFGNCPGEGUKFCFGUFGNRTQ[GEVQ2'6+ 5G CPCNKCP NCU GZRGEVCVKXCU FG NCU ¶TGCU SWG JCP RNCPVGCFQ NC PGEGUKFCF FG NNGXCT C ECDQ GN 2'6+ CUÈ EQOQ NQU RTQFWEVQU HKPCNGU GURGTCFQU 7PC XG XGTKHKECFCNCUPGEGUKFCFGUFGNCQTICPKCEKÎPSWGUGFGDGPEWDTKTEQPWP2NCP 'UVTCVÃIKEQFG6GEPQNQIÈCUFG+PHQTOCEKÎPUGVQOCNCFGEKUKÎPFGUWKPKEKQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  24. 24. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 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 6GEPQNQIÈC FG +PHQTOCEKÎP 2'6+ FCOQU C EQPQEGT GP HQTOCTGUVTKPIKFCNQU RTQEGFKOKGPVQU [ RTQEGUQU FGUCTTQNNCFQUGP GN 2'6+ FGN +PUVKVWVQ FGN /CT FGN 2GTÕ +/#42' EQPNCFGDKFCCWVQTKCEKÎPRCTCGNNQ 'U GP GUVG EQPVGZVQ GN RTGUGPVG 2.#0 '564#6œ)+%1 ' .# 6'%01.1) # '+0(14/#%+¦0 RGTOKVGXKUWCNKCTNCPGEGUKFCF[RQUKDKNKFCFFGGUVCDNGEGT WP UKUVGOC FG KPHQTOCEKÎP CWVQOCVKCFQ G KPVGITCN VCPVQ FGN #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 UKUVGOCU TGEQOGPFCFQU SWG RGTOKVC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  25. 25. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 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+ UG KORNKEC CNCUWPKFCFGUQTICPKCVKXCUCHGEVCFCUKPHQTO¶PFQNGUFGNC FGEKUKÎP [ UQNKEKVCPFQ UW RCTVKEKRCEKÎP GP GN GUVWFKQ SWG UG XC C KPKEKCT 'P UGUKQPGU FG VTCDCLQ EQP NCU FKUVKPVCU WPKFCFGU UG FGVGTOKPCP NQU RTKPEKRCNGU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  26. 26. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 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 RGTUQPCU SWG NQ XC C NNGXCT C ECDQ [ UG GNCDQTC WP ECNGPFCTKQ FG GLGEWEKÎP 6QFQU NQU TGUWNVCFQU Q RTQFWEVQU FG GUVC CEVKXKFCF EQPUVKVWKT¶P GN OCTEQ FG CEVWCEKÎP FGN RTQ[GEVQ GP EWCPVQ C QDLGVKXQU RTQEGUQU CHGEVCFQU RCTVKEKRCPVGUTGUWNVCFQU[HGEJCUFGGPVTGIC 6CTGC 2TQFWEVQU 6ÃEPKECU[ 2T¶EVKECU 'URGEKHKECEKÎP N GUETKREKÎPIGPGTCNFG N %CVCNQICEKÎP FGN¶ODKVQ[ RTQEGUQUFGNCQTICPKCEKÎP CNECPEG CHGEVCFQU .KUVCFQFGQDLGVKXQUFG2'6+ N S 1DLGVKXQUIGPGTCNGU S 1DLGVKXQUGURGEÈHKEQUFG ECFCRTQEGUQ UKNQUJWDKGTC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 2CTVKEKRCPVGU N %QOKVÃFG KTGEEKÎP N KTGEVQTGUFG ¶TGCUWUWCTKCU N ,GHGFGRTQ[GEVQ FGN2'6+
  27. 27. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 6CTGC 2TQFWEVQU 1TICPKCEKÎP N .KUVCFQFGWUWCTKQU FGN2'6+ N 'SWKRQUFGVTCDCLQ GHKPKEKÎPFGN N 2NCPFGVTCDCLQ RNCPFG VTCDCLQ 6ÃEPKECU[ 2T¶EVKECU 2CTVKEKRCPVGU N 2NCPKHKECEKÎP N 'UVKOCEKÎP N KTGEVQTGUFG ¶TGCUWUWCTKCU N 'NCDQTCEKÎP N KTGEVQTGUFG FGFKTGEVQTKQU ¶TGCUWUWCTKCU N 5GUKQPGUFG N ,GHGFGRTQ[GEVQ VTCDCLQ FGN2'6+ %QOWPKECEKÎP N 2NCPFGVTCDCLQ FGN2NCPFG S #EGRVCEKÎPFGNRNCPFG 6TCDCLQ VTCDCLQRQTRCTVGFGNQU RCTVKEKRCPVGU N ,GHGFG2TQ[GEVQ FGN2'6+ 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 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  28. 28. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 2CTVKEKRCPVGU N %QOKVÃFGKTGEEKÎP N KTGEVQTGUFG#TGCU7UWCTKCU N ,GHGFG2TQ[GEVQ 'PGUVCVCTGCUGVTCVCPEWGUVKQPGUTGNCEKQPCFCUEQPNCQTICPKCEKÎPFGNVTCDCLQ RCTCNNGXCTCECDQGN2'6+ %QOKVÃFG KTGEEKÎP %QOKVÃFG RTQ[GEVQ 'SWKRQFG CP¶NKUKU 'SWKRQFG CP¶NKUKU 'SWKRQFG CP¶NKUKU %%QOKVÃFGKTGEEKÎP N N N N N ,GHG+PUVKVWEKQPCN KTGEEKÎPFGRNCPKHKECEKÎP KTGEEKÎPFGUKUVGOCU ,GHGFGRTQ[GEVQ2'6+ 4GRTGUGPVCPVGFGFKTGEVQTGUFG¶TGCUWUWCTKCU 'UTGEQOGPFCDNGPQO¶UFGOKGODTQU %2%QOKVÃFG2TQ[GEVQ N N N N ,GHGFG2TQ[GEVQ 4GRTGUGPVCPVGFGFKTGEVQTGUFG¶TGCUWUWCTKCU %QPUWNVQTGU ,GHGFGGSWKRQFGCWFKVQTÈCU N N N N ,GHGFGGSWKRQ .ÈFGTWUWCTKQFGN¶TGCEQORTQOGVKFC 7UWCTKQU'ZRGTVQU #PCNKUVCURNCPKHKECFQTGU #RQ[Q '#'SWKRQFGCP¶NKUKUK RNCPKHKECEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  29. 29. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 5GUGNGEEKQPCPNQURCTVKEKRCPVGUXCNQTCPFQGNPÕOGTQ[RGTHKNFGRTQHGUKQPCNGU FGUKUVGOCU[VGEPQNQIÈCUFGNCKPHQTOCEKÎP[EQOWPKECEKQPGUPGEGUCTKQUGP HWPEKÎPFGNQUQDLGVKXQURGTUGIWKFQU #UKOKUOQ UG FGVGTOKPCP NCU HWPEKQPGU FGNQU TGURQPUCDNGU FG NC FKTGEEKÎP [ UGIWKOKGPVQ FGN 2'6+ CFKEKQPCNOGPVG UG EQPETGVCP CURGEVQU NQIÈUVKEQU TGNCEKQPCFQU EQP GN OCVGTKCN UCNCU FG TGWPKQPGU GUV¶PFCTGU FG FQEWOGPVCEKÎPGVE 2TQFWEVQU GGPVTCFC N N N N 'UVTWEVWTCQTICPKCVKXC GUETKREKÎPIGPGTCNFGN2'6+ GUETKREKÎPIGPGTCNFGRTQEGUQUFGNCQTICPKCEKÎPCHGEVCFQU .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 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  30. 30. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 2TQFWEVQU GGPVTCFC N N N N N 'SWKRQUFGVTCDCLQ GUETKREKÎPIGPGTCNFGN2'6+ .KUVCFQFGQDLGVKXQUFG2'6+ GUETKREKÎPIGPGTCNFGRTQEGUQUFGNCQTICPKCEKÎPCHGEVCFQU .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 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  31. 31. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 2NCPFG6TCDCLQ 1DLGVKXQU 1TICPKCEKÎP 4GURQPUCDKNKFCFGU #WFKVQTÈCFGNRNCPFGVTCDCLQ #EVKXKFCFGU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  32. 32. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  33. 33. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP # 1YY^UQ]YYU^d_ TU @Q^ TU cYYcdU]Qc Q @Q^ UcdbQd}WYYS_ # 1 ^UQ] U^d_ TU @ Q^ TU c cdU]Qc Q @ Q^ UcdbQd}W S_ 'PGNRTGUGPVGECRÈVWNQUGFGHKPG NCOKUKÎPFGN%GPVTQ+PHQTO¶VKEQUGHKLCPUWUOGVCU [QDLGVKXQUFGHKPKÃPFQUGUWUGUVTCVGIKCUNCUEWCNGUFGDGPFGGPEQPVTCTUGCNKPGCFCUCN 2NCP'UVTCVÃIKEQ+PUVKVWEKQPCN /QFGNCOKGPVQKPUVKVWEKQPCN 'PGUVCHCUGUGDWUECGPNQHWPFCOGPVCNGNCNKPGCOKGPVQFGN2'6+EQPGN2NCP 'UVTCVÃIKEQ+PUVKVWEKQPCNCUÈEQOQFGVGTOKPCTUKNCUHWPEKQPGUFGNC1HKEKPCFG +PHQTO¶VKEC FG NC +PUVKVWEKÎP RGTOKVGP CEQOGVGT GUVC VCTGC [C SWG UG DWUEC 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 FG VQFC QTICPKCEKÎP RCTC RQFGT FGHKPKT NC OKUKÎP FG WPC QTICPKCEKÎP FGDGOQUFGTGXKUCTGNRNCPGUVTCVÃIKEQFGNCQTICPKCEKÎPGPECUQFGSWG +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  34. 34. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 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 CEWGTFQ C NC OKUKÎP FG NC 1TICPKCEKÎPGUFGEKTNCOKUKÎPFGN%GPVTQ+PHQTO¶VKEQFGDGT EQCF[WXCT CNNQITQFGNCOKUKÎPFGNCQTICPKCEKÎP 2CTCNCFGHKPKEKÎPFGNCOKUKÎPUGFGDGFGTGWPKTCNRGTUQPCNFKTGEVKXQFGN %GPVTQ +PHQTO¶VKEQ CUÈ EQOQ CN RGTUQPCN GZRGTVQ GP OCVGTKC KPHQTO¶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 'P ECUQ FG SWG GP NC WPKFCF GZKUVC WP RNCP GUVTCVÃIKEQ NQU QDLGVKXQU FGN %GPVTQ+PHQTO¶VKEQUGT¶PTGXKUCFQU[CEVWCNKCFQUUKGNECUQNQCOGTKVC C1DLGVKXQU
  35. 35. GVGTOKPCTNQUQDLGVKXQU[OGVCUFGN%GPVTQ+PHQTO¶VKEQ
  36. 36. 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
  37. 37. GHKPKTNQUQDLGVKXQUEQTRQTCVKXQU
  38. 38. GHKPKTNQUQDLGVKXQUFGN%GPVTQ+PHQTO¶VKEQ
  39. 39. GHKPKTNCUOGVCUFGN%GPVTQ+PHQTO¶VKEQ EGUETKREKÎPFGVCTGCU .CU VCTGCU TGSWGTKFCU RCTC NC GLGEWEKÎP FG NC CEVKXKFCF UG FGUETKDGP C EQPVKPWCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  40. 40. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 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 .QU QDLGVKXQU FGN %GPVTQ +PHQTO¶VKEQ UG FGHKPKT¶P VQOCPFQ EQOQ DCUG NQUQDLGVKXQUEQTRQTCVKXQUKFGPVKHKECFQUCPVGTKQTOGPVG G GUVC OCPGTC NQU QDLGVKXQU FGN %GPVTQ +PHQTO¶VKEQ VGPFT¶P TGNCEKÎP 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
  41. 41. 1DLGVKXQUEQTRQTCVKXQU
  42. 42. 1DLGVKXQUFGN%GPVTQ+PHQTO¶VKEQ
  43. 43. /GVCUFGN%GPVTQ+PHQTO¶VKEQ GVGTOKPCEKÎPFGGUVTCVGIKCU 'P GUVC CEVKXKFCF UG FGVGTOKPCP NQU ECOKPQU [ CNVGTPCVKXCU SWG UG JCP FG UGIWKTCHKPFGNQITCTNQUQDLGVKXQUFGN%GPVTQ+PHQTO¶VKEQ[EWORNKTEQPNC OKUKÎPFGNCQTICPKCEKÎP C1DLGVKXQU
  44. 44. GHKPKTCNVGTPCVKXCUSWGRGTOKVCPNQITCTNQUQDLGVKXQURTQRWGUVQU D GUETKREKÎP .CU GUVTCVGIKCU FG VQFC QTICPKCEKÎP Q WPKFCF QTICPKCVKXC UG FGHKPGP VQOCPFQEQOQDCUGNCRTGIWPVC‹3WÃFGDGOQUFGJCEGTRCTCNQITCTNQU QDLGVKXQU!NCTGURWGUVCUGQDVKGPGCNTGCNKCTNCUUKIWKGPVGUVCTGCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  45. 45. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +FGPVKHKECT NCU QRQTVWPKFCFGU [ TKGUIQU FG NC QTICPKCEKÎP Q VÃEPKEC 12''21
  46. 46. +FGPVKHKECTCNVGTPCVKXCUFGUQNWEKÎP
  47. 47. 'XCNWCTNCUCNVGTPCVKXCUFGUQNWEKÎP EGUETKREKÎPFGVCTGCU .CU VCTGCU TGSWGTKFCU RCTC NC GLGEWEKÎP FG NC CEVKXKFCF UG FGUETKDGP C EQPVKPWCEKÎP +FGPVKHKECTNCUQRQTVWPKFCFGU[TKGUIQU %QPGNHKPFGFGVGTOKPCTNCUQRQTVWPKFCFGU[TKGUIQUSWGKPHNW[GPGPGN HWPEKQPCOKGPVQ FG NC QTICPKCEKÎP GU EQPXGPKGPVG TGCNKCT WP CP¶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 CPVGTKQT UG GXCNWCT¶P ECFC WPC FG GNNCU EQP GN HKP FG EQPVCT EQP WPC ECTVGTC FG RTQ[GEVQU SWG EQCF[WXCT¶P CN NQITQ FG NQU QDLGVKXQU FG NC WPKFCF .QU ETKVGTKQU SWG FGDGOQU FG EQPUKFGTCT RCTC FGVGTOKPCT NC ECTVGTC FG RTQ[GEVQUUQPNQUUKIWKGPVGU
  48. 48. GVGTOKPCT UK NC CNVGTPCVKXC GU EQJGTGPVG EQP NC EQORGVGPEKC [ NQU TGEWTUQUEQTRQTCVKXQURTGUGPVGU[RTGXKUVQU
  49. 49. 'N PKXGN FG TKGUIQ GUEQIKFQ GU HCEVKDNG GP VÃTOKPQU GEQPÎOKEQU [ RGTUQPCNGU
  50. 50. .CU GUVTCVGIKCU UG CEQOQFCP C NQU XCNQTGU RGTUQPCNGU [ CURKTCEKQPGU FGNQUIGTGPVGUENCXGU
  51. 51. %QPUVKVWKTNCGUVTCVGIKCGPWPGUVÈOWNQENCTQCNGUHWGTQ[EQORTQOKUQ FGNCQTICPKCEKÎP F2TQFWEVQUCQDVGPGT
  52. 52. .KUVCFGTKGUIQUQRQTVWPKFCFGUHQTVCNGCU[FGDKNKFCFGU
  53. 53. %CTVGTCFG2TQ[GEVQU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  54. 54. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP GHKPKEKÎPFGHCEVQTGUETÈVKEQUFGÃZKVQ 'PÃUVCCEVKXKFCFUGFGVGTOKPCT¶PNQUHCEVQTGUETÈVKEQUFGÃZKVQGUFGEKT CSWGNNQU HCEVQTGU SWG RGTOKVKT¶P EWORNKT EQP NQU QDLGVKXQU [ OGVCU RTQRWGUVCURQTGN%GPVTQ+PHQTO¶VKEQ C 1DLGVKXQU
  55. 55. +FGPVKHKECTNQUHCEVQTGUETÈVKEQUFGÃZKVQ D GUETKREKÎP 2CTCKFGPVKHKECTNQUHCEVQTGUETÈVKEQUFGÃZKVQFGDGOQUFGTGCNKCTNCU UKIWKGPVGUVCTGCU
  56. 56. GHKPKTNQUHCEVQTGUFGÃZKVQ
  57. 57. +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'/ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  58. 58. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 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 5GNGEEKÎP[ CP¶NKUKUFG CPVGEGFGPVGU N 5GUKQPGUFGVTCDCLQ 8CNQTCEKÎPFG CPVGEGFGPVGU N 8CNQTCEKÎPFG CPVGEGFGPVGU N .KUVCFQFG TGSWKUKVQU N 4GSWKUKVQU IGPGTCNGU N .KUVCFQFG RTKQTKFCFGU #P¶NKUKUFGNQUCPVGEGFGPVGU 2CTVKEKRCPVGU N %QPUWNVQTGU N %QPUWNVQTGU +PHQTO¶VKEQU N 7UWCTKQUGZRGTVQU N %QPUWNVQTGU N %QPUWNVQTGU N +PHQTO¶VKEQU 5G UGNGEEKQPCP NCU HWGPVGU FG KPHQTOCEKÎP [ FQEWOGPVCEKÎP C EQPUKFGTCT GP GUVGGUVWFKQVGPKGPFQGPEWGPVCVQFQUCSWGNNQUCPVGEGFGPVGUFGKPVGTÃURNCP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  59. 59. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP GUVTCVÃIKEQKPUVKVWEKQPCNRNCPGUFGUKUVGOCUFGKPHQTOCEKÎPCPVGTKQTGUGUVWFKQU RTGXKQU RNCP IGPGTCN KPHQTO¶VKEQ Q RNCPGU QRGTCVKXQU FGUCTTQNNCFQU GP CÌQU CPVGTKQTGUGVE #UKOKUOQ UG FGDG GPVTGXKUVCT C NCU RGTUQPCU FG NC QTICPKCEKÎP SWG RWGFCP CRQTVCTKPHQTOCEKÎPCFKEKQPCNUQDTGCPVGEGFGPVGUSWGFGDCPUGTEQPUKFGTCFQU GP GN 2'6+ CN OCTIGP FG NC FQEWOGPVCEKÎP FKURQPKDNG .C KPHQTOCEKÎP TGEQIKFCUGVKGPGVCODKÃPGPEWGPVCGPNCXCNQTCEKÎPFGNQUOKUOQU 2TQFWEVQU GGPVTCFC N N N N +PHQTOCEKÎPTGNGXCPVG GZVGTPQ GUETKREKÎPIGPGTCNFGRTQEGUQUFGNCQTICPKCEKÎPCHGEVCFQU .KUVCFQFGQDLGVKXQUFG2NCPGU CPVGTKQTGU .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 5G TGCNKC NC XCNQTCEKÎP FG NQU CPVGEGFGPVGU CPCNKCFQU[NCUEQPENWUKQPGUUG TGEQIGT¶PGPGNNKUVCFQFGTGSWKUKVQU.CTGCNKCEKÎPFGGUVCXCNQTCEKÎPC[WFCT¶ C GUVCDNGEGT VÃTOKPQU FG TGHGTGPEKC GP EWCPVQ C GUV¶PFCTGU RTQEGFKOKGPVQU PQTOCVKXKFCFGVEUKGZKUVGP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  60. 60. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 2TQFWEVQU GGPVTCFC N +PHQTOCEKÎPTGNGXCPVG N #P¶NKUKUFGCPVGEGFGPVGU GUCNKFC N .KUVCFQFGTGSWKUKVQU S 4GSWKUKVQUIGPGTCNGU 2T¶EVKECU N #P¶NKUKUFGKPHQTOCEKÎP 2CTVKEKRCPVGU N %QPUWNVQTGU N %QPUWNVQTGUKPHQTO¶VKEQU 1$,'61;#.%#0%'5'.+/#42' /+5+10 GNC+PUVKVWEKÎP 4GCNKCTKPXGUVKICEKQPGUEKGPVÈHKECUFGNOCT[FGNCUCIWCUEQPVKPGPVCNGU [ FG NQU TGEWTUQU FG CODQU EQP GN HKP FG RTQRQTEKQPCT NCU DCUGU EKGPVÈHKECU [ VÃEPKECU SWG RGTOKVCP NC OGLQT CFOKPKUVTCEKÎP FG NQU OKUOQU GN#TGC+PHQTO¶VKEC #RQ[CTCNNQITQFGNCOKUKÎP[NQUQDLGVKXQUFGN+/#42'OGFKCPVGGN GORNGQ FG OGFKQU [ GSWKRQU EKDGTPÃVKEQU FG CNVC VGEPQNQIÈC RCTC GN VTCVCOKGPVQ FG NC KPHQTOCEKÎP FG NCU CEVKXKFCFGU FG KPXGUVKICEKÎP EKGPVÈHKECVGEPQNÎIKEC[CFOKPKUVTCVKXC 8+5+10 7PC +PUVKVWEKÎP EKGPVÈHKEC CNVCOGPVG EQORGVKVKXC EQP RGTUQPCN EKGPVÈHKEQ [ VÃEPKEQ ECNKHKECFQ [ FG RTGUVKIKQ KPVGTPCEKQPCN EQP KPHTCGUVTWEVWTC[GSWKRCOKGPVQEKGPVÈHKEQFGVGEPQNQIÈCFGRWPVCRCTC NCGLGEWEKÎPFGNCUKPXGUVKICEKQPGUEKGPVÈHKECU[VGEPQNÎIKECUGPGNOCT [ CIWCU EQPVKPGPVCNGU C HKP FG EQPVTKDWKT CN NQITQ FG NQU QDLGVKXQU PCEKQPCNGU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  61. 61. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 1$,'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 D 14)#01%1057.6+81 E 14)#01'%10641. F 14)#015'#5'514#/+'061
  62. 62. %QPUGLQKTGEVKXQ KTGEEKÎP'LGEWVKXC KTGEEKÎP%KGPVÈHKEC 5GETGVCTÈC)GPGTCN
  63. 63. %QOKVÃ%QPUWNVKXQ
  64. 64. 1HKEKPCFG#WFKVQTÈC+PVGTPC
  65. 65. 1HKEKPCFG#UGUQTÈC,WTÈFKEC
  66. 66. 1HKEKPCFG#UWPVQU+PVGTKPUVKVWEKQPCNGU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  67. 67. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP G H
  68. 68. 1HKEKPCFG2NCPKHKECEKÎP[2TGUWRWGUVQ 1HKEKPC FG 2TQITCOCEKÎP %QPVTQN [ 'XCNWCEKÎP 2TGUWRWGUVCN 1HKEKPCFG2NCPGU1TICPKCEKÎP[/ÃVQFQU 1HKEKPCFG%QQRGTCEKÎP6ÃEPKEC'EQPÎOKEC ¦4)#015'#21;1
  69. 69. 1HKEKPCFG#FOKPKUVTCEKÎP 1HKEKPCFG4GEWTUQU*WOCPQU 1HKEKPCFG%QPVCDKNKFCF 1HKEKPCFG6GUQTGTÈC 1HKEKPCFG#DCUVGEKOKGPVQ[5GTXKEKQU#WZKNKCTGU
  70. 70. 1HKEKPCFG(NQVC
  71. 71. 1HKEKPCFGKHWUKÎP[$KDNKQVGEC
  72. 72. %GPVTQFG%ÎORWVQ[%QOWPKECEKQPGU
  73. 73. 1HKEKPCFG+PHTCGUVTWEVWTC6GTTGUVTG
  74. 74. 1HKEKPCFG'UVCFÈUVKEC KTGEEKÎP%KGPVÈHKEC ¦4)#015'. 0'#
  75. 75. KTGEEKÎP)GPGTCNFG+PXGUVKICEKQPGU1EGCPQIT¶HKECU KTGEEKÎP FG 1EGCPQITCHÈC (ÈUKEC [ 2TQPÎUVKEQU 1EGCPQIT¶HKEQU KTGEEKÎPFG1EGCPQITCHÈC3WÈOKEC KTGEEKÎPFG1EGCPQITCHÈC$KQNÎIKEC KTGEEKÎP FG /QPKVQTGQ [ 2TQVGEEKÎP FGN #ODKGPVG /CTKPQ
  76. 76. 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
  77. 77. KTGEEKÎP)GPGTCNFG+PXGUVKICEKQPGUGP#EWKEWNVWTC KTGEEKÎPFG'ZRGTKOGPVCEKÎP KTGEEKÎPFGGUCTTQNNQ#EWÈEQNC
  78. 78. KTGEEKÎP)GPGTCNFG+PXGUVKICEKQPGUGP2GUEC KTGEEKÎPFG6GEPQNQIÈCFG'ZVTCEEKÎP KTGEEKÎPFG6GEPQNQIÈCFGGVGEEKÎP KTGEEKÎP FG 6GEPQNQIÈC FG 'NGEVTQCEÕUVKEC [ 6GNGFGVGEEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  79. 79. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP I 14)#0+5/15'5%10%'064#15
  80. 80. .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 [ NCU SWG RTQRGPFCP CN FGUCTTQNNQ FG NC 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 #UWOKT RQTFGNGICEKÎPFGN)QDKGTPQUWTGRTGUGPVCEKÎP CPVGQTICPKUOQUKPVGTPCEKQPCNGUGPNQEQPEGTPKGPVGCUW HKPCNKFCF J 2CTVKEKRCT EQP QVTQU QTICPKUOQU RÕDNKEQU GP NC HQTOWNCEKÎPFGRQNÈVKECUEKGPVÈHKECU[VGEPQNÎIKECU K %QQTFKPCT EQP NC WPKXGTUKFCF RGTWCPC EQP GORTGUCU [ 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 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  81. 81. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 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 RNCPEVQP GP GN NKVQTCNRGTWCPQ 2WDNKECEKÎPEKGPVÈHKEC[VGEPQNÎIKEC 2CTVKEKRCEKÎP[4GRTGUGPVCEKÎP%KGPVÈHKEC .QUTGUWNVCFQUFGGUVCUKPXGUVKICEKQPGUUQPFKHWPFKFQUCNC EQOWPKFCFEKGPVÈHKEC[RÕDNKEQGPIGPGTCNGPVTGUUGTKGUFG RWDNKECEKQPGU $1.'6+0 SWG GU WPC RWDNKECEKÎP FG TKIQT EKGPVÈHKEQ SWG EQPUVKVW[G GN CRQTVG CN OGLQT EQPQEKOKGPVQ FGNQUTGEWTUQUCEW¶VKEQUNCUKPVGTCEEKQPGUGPVTGÃUVQU[UW CODKGPVG[SWGRGTOKVGQDVGPGTEQPENWUKQPGURTGNKOKPCTGU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  82. 82. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP Q HKPCNGU UQDTG NCU KPXGUVKICEKQPGU SWG TGCNKC GN +/#42' +0(14/' SWG GU NC RWDNKECEKÎP SWG FC C EQPQEGT NQU TGUWNVCFQU RTGNKOKPCTGU Q HKPCNGU FG WPC QRGTCEKÎP Q CEVKXKFCFRTQITCOCFCFGPVTQFGWPECORQGURGEÈHKEQFGNC KPXGUVKICEKÎP EKGPVÈHKEC [ VGEPQNÎIKEC [ SWG TGSWKGTG FKHWUKÎP KPOGFKCVC [ GN +0(14/' 241)4'5+81 SWG GU WPC RWDNKECEKÎP RGTKÎFKEC OGPUWCN FG FKUVTKDWEKÎP PCEKQPCN NC EWCN EQPVKGPG KPHQTOCEKÎP FG KPXGUVKICEKQPGU GP OCTEJC EQPHGTGPEKCU [ QVTQU FQEWOGPVQU VÃEPKEQU 6CODKÃPUQPFKHWPFKFQUCVTCXÃUFGNCR¶IKPC9'$ #UKOKUOQGUVQU TGUWNVCFQUUQPRTGUGPVCFQUQRQTVWPCOGPVG CN/KPKUVGTKQFG2GUSWGTÈCEQPNCHKPCNKFCFFGSWGUGVQOGP NCU OGFKFCU EQTTGURQPFKGPVGU RCTC GN OCPGLQ ÎRVKOQ [ TCEKQPCN FG NC RGUSWGTÈC PCEKQPCN SWG GU FG XKVCN KORQTVCPEKCRCTCGNFGUCTTQNNQFGN5GEVQT2GUSWGTQ .QIÈUVKEC 5G EQPUKFGTCP NCU UKIWKGPVGU NÈPGCU FG CEVKXKFCFGU CFOKPKUVTCVKXCU RCTC GN NQITQ FG NQU QDLGVKXQU KPUVKVWEKQPCNGU #FOKPKUVTCEKÎPGKPXGUVKICEKÎPGPNCDQTCVQTKQUEQUVGTQU %QPUVTWEEKÎP[GSWKRCOKGPVQFGNCDQTCVQTKQUEQUVGTQU 'SWKRCOKGPVQFGGODCTECEKQPGUEKGPVÈHKECU %CRCEKVCEKÎPFGNRGTUQPCN #FOKPKUVTCEKÎPFGVÃEPKEQUEKGPVÈHKEQU %GPVTQ FG EQOWPKECEKÎP G KPHQTOCEKÎP FG CFOKPKUVTCEKÎPEKGPVÈHKEC %QPVTQNKPVGTPQ[GZVGTPQFG)GUVKÎP %QQTFKPCEKÎP CFOKPKUVTCVKXC [ GLGEWEKÎP HKPCPEKGTC EQPVCDNG /CPVGPKOKGPVQ RTGXGPVKXQ FG $WSWGU FG +PXGUVKICEKÎP %KGPVÈHKEC 2CIQFG2GPUKQPGUCEGUCPVGU[LWDKNCFQU 2CIQFG4GOWPGTCEKQPGU[QVTQU$GPGHKEKQU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  83. 83. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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  94. 94. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 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 KCIPÎUVKEQFGNC UKVWCEKÎPCEVWCN 2TQFWEVQU N KCIPÎUVKEQFGNC N /CVTKEKCN UKVWCEKÎPCEVWCN S 4GNCEKÎPFGUKUVGOCU FGKPHQTOCEKÎPSWGUG EQPUGTXCP[OGLQTCU PGEGUCTKCU GHKPKEKÎPFGN N /QFGNQFGUKUVGOCUFG OQFGNQFGUKUVGOCU KPHQTOCEKÎP FGKPHQTOCEKÎP 6ÃEPKECU[ 2T¶EVKECU N /CVTKEKCN N KCITCOCFG TGRTGUGPVCEKÎP N 5GUKQPGUFG VTCDCLQ 2CTVKEKRCPVGU N %QPUWNVQTGU N %QPUWNVQTGU N %QPUWNVQTGU KPHQTO¶VKEQU N 7UWCTKQU GZRGTVQU KCIPÎUVKEQFGNUKUVGOCFGKPHQTOCEKÎP 2CTC NNGICT C WP FKCIPÎUVKEQ UQDTG NC UKVWCEKÎP CEVWCN UG VKGPG GP EWGPVC NC XCNQTCEKÎPFGNQUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGUTGCNKCFCGPNCCEVKXKFCFFG GUVWFKQ FG NQU UKUVGOCU FG KPHQTOCEKÎP CEVWCNGU [ UG GUVWFKC NC EQDGTVWTCFG TGSWKUKVQUSWGUGVKGPGEQPGNNQU 'UVQ RGTOKVG FGVGTOKPCT NQU TGSWKUKVQU FGN ECV¶NQIQ PQ EWDKGTVQU RQT NQU UKUVGOCUFGKPHQTOCEKÎPCEVWCNGUGUVWFKCPFQUWCURGEVQETÈVKEQ[RTKQTKFCF +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  95. 95. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP '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 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  96. 96. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 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 QDVKGPG GN OQFGNQ FG UKUVGOCU FG KPHQTOCEKÎP SWG KPENW[G WP FKCITCOC FG 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 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  97. 97. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP '52'%+(+%#%+¦0'.155+56'/#5'+0(14/ #%+¦024127'5615 .WGIQFGKFGPVKHKECTUGNCUGPVKFCFGU[NCURQUKDNGUDCUGUFGFCVQUEQTRQTCVKXCU UGRTQEGFKÎCKFGPVKHKECTNQUUKUVGOCUFGKPHQTOCEKÎPSWGJCPFGFGUCTTQNNCTUG FGOCPGTCSWGÃUVCNQITGEWORNKTEQPUWUQDLGVKXQURTQITCOCFQU 'PDCUGCNQUTGSWGTKOKGPVQUFGKPHQTOCEKÎPFGNCKPUVKVWEKÎP[FGNGUVWFKQFG NQU UKUVGOCU FG KPHQTOCEKÎPGZKUVGPVGUUGJCXKUVQRQTEQPXGPKGPVGRTQRQPGT 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 EQPUVTWKFQ NC OCVTK 2TQEGUQ 'PVKFCFFGCVQUSWGTGRTGUGPVCGNVTCVCOKGPVQNÎIKEQFGNQURTQEGUQUUQDTGNQU FCVQUFGNUKUVGOCCITWRCPFQNQURTQEGUQU[NQUFCVQUGPFKUVKPVQUOÎFWNQU G CEWGTFQ C NCU PGEGUKFCFGU FG KPHQTOCEKÎP FGN +/#42' UG ETGG RQT EQPXGPKGPVGGNFGUCTTQNNQFGNQUUKIWKGPVGU5KUVGOCUFG+PHQTOCEKÎP 5KUVGOCUGUVTCVÃIKEQU 5KUVGOCFGKPHQTOCEKÎPIGTGPEKCN 5KUVGOCFGKPHQTOCEKÎPIGQIT¶HKEQ 5KUVGOCFGKPHQTOCEKÎPFGPQTOCU[OGVQFQNQIÈCU 5KUVGOCFGKPHQTOCEKÎPFGPQTOCUNGICNGU 5KUVGOCFGKPHQTOCEKÎPFGVT¶OKVGFQEWOGPVCTKQ 5KUVGOCFGKPHQTOCEKÎPEKGPVÈHKEC[VGEPQNÎIKEC 5KUVGOC+PVGITCFQFGIGUVKÎPCFOKPKUVTCVKXC 5+)# 5KUVGOCFGKPHQTOCEKÎPFGEQPVTQNFGXKUKVCU 5KUVGOCFGKPHQTOCEKÎPFGRTQOQEKÎP 5KUVGOCFGDKDNKQVGEC 5KUVGOCFGCTEJKXQU 5KUVGOCFGKPHQTOCEKÎP9GD 5KUVGOC+PVTCPGV 5KUVGOC'ZVTCPGV 5KUVGOCUV¶EVKEQU 5KUVGOCVÃEPKEQQRGTCVKXQU 5KUVGOCKPVGTKPUVKVWEKQPCNGU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  98. 98. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 'UVQU UKUVGOCU UG ETGCT¶P EQP NC HKPCNKFCF FG UCVKUHCEGT NQU TGSWGTKOKGPVQU FG 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 %QPVCT EQP WP UKUVGOC FG KPHQTOCEKÎP KPVGITCFQ [ FG CEEGUQKPOGFKCVQC GNNCEQPUWTGURGEVKXCUGIWTKFCFUQDTGNCFCVCDKQNÎIKEC RGUSWGTCFGNQU TGEWTUQU JKFTQDKQNÎIKEQU C HKP FG GXCNWCT [ FKCIPQUVKECT GN PKXGN RQDNCEKQPCNFGNQUTGEWTUQURGUSWGTQUOCTKPQUGZRNQVCFQU GUETKREKÎP 'UVGUKUVGOCGUVCT¶EQPHQTOCFQRQTOÎFWNQU /ÎFWNQTGEWTUQURGN¶IKEQU 'UVCT¶EQPHQTOCFQRQTUWDOÎFWNQU 5WDOÎFWNQRGN¶IKEQ2TQEGUCT¶KPHQTOCEKÎPTGHGTGPVGC
  99. 99. %CRVWTCU [ FGUGODCTSWGU FG GURGEKGU RGN¶IKECU RQT RWGTVQU ¶TGCU TGIKQPGUGVE
  100. 100. CVQUFGECRVWTC[GUHWGTQFGRGUEC
  101. 101. CVQUDKQNÎIKEQU[DKQOÃVTKEQUGPVTGQVTQU 5WDOÎFWNQOCOÈHGTQUOCTKPQU2TQEGUCT¶FCVQUUQDTG
  102. 102. %GPUQUFGNQDQUOCTKPQU PÕOGTQRQTGURGEKGUUGZQGFCFGVE %QORQUKEKÎPFGFKGVC ÈVGOHTGEWGPEKCGVE %CRVWTCKPEKFGPVCNFGEGV¶EGQUGPNCRGUSWGTÈCKPFWUVTKCN 0ÕOGTQFGGURGEKGUVCUCUFGECRVWTCRQTECNCUFGETWEGTQU %¶NEWNQFGNGUHWGTQRGUSWGTQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  103. 103. )WÈC6GÎTKEQ 2T¶EVKECRCTCNC 'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP 5WDOÎFWNQ CXGU OCTKPCU 'UVG UWDOÎFWNQ RTQEGUCT¶ RTKPEKRCNOGPVG FCVQUFG
  104. 104. %GPUQURQDNCEKQPCNGUFGCXGUIWCPGTCU

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