0(722/2*Ì$6,1)250É7,$6                             *8Ì$ ( %8(1$6 35É7,$6 ( /26                                  *(5(17(6 (...
2TGRCTCFQ           5WD,GHCVWTCFG+PHQTO¶VKEC KTGEEKÎP6ÃEPKECFG0QTOCVKXKFCF[2TQOQEKÎPl+ORTGUKÎP           6CNNGTGU )T¶HKEQU...
@bUcU^dQSY†^N+PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKECK +0+GUGNÎTICPQTGEVQTFGNQU5KUVGOCU0CEKQPCNGUFGUVCFÈUVKECG+PHQTO¶VKEC...
N %CRÈVWNQ 8 TGUWOG NQU QEJQ TQNGU SWG FGDG EWORNKT WP DWGP IGTGPVG FGUKUVGOCU[GPECFCWPQFGGNNQUNCUEQORGVGPEKCURCTCECFCTQNP...
Å^TYSU                                                                                                                    ...
.QUQEJQTQNGUFGWPDWGP)GTGPVGFG5KUVGOCU     4QNFGNEQQTFKPCFQT              4QNFGN/QPKVQT            4QNFGN/GPVQT            ...
)WÈC FGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU                           3Q`de_ 99 ** 99^db_TeSSYY†^                     ...
)WÈC FGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU JCDKNKFCFGURCTCCUWOKTGNNKFGTCIQGP6+%UGPNCQTICPKCEKÎP[NCKPVGTTGNCEKÎP GHGEVKX...
)WÈC FGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU‹ZKUVG TGCNOGPVG GUVG PUWRGTOCPQ! ‹%ÎOQ UG GPEWGPVTC RTGRCTCFQ WUVGF RCTCGUVG...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU                                  +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU                    3Q`de_ 9999 ** 7UbU^SYYQ TU CYYcdU]Qc                   ...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU      P ECFC WPC FG GUVCU UGPVGPEKCU GNTQN FGN)GTGPVGFG5KUVGOCUGUKPJGTGPVGGU  ...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU   VGTEGTQU OGFKCPVG QWVUQWTEKPI CRTGPFGT FG GZRGTKGPEKCU GZKVQUCU FG   QTICPK...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU      # PKXGN FGUEGPVTCNKCFQ GZKUVG GUECUG FG RTQHGUKQPCNGU GP VGEPQNQIÈCU FG ...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU        (QTVCNGCU                           GDKNKFCFGU                        ...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU                  (QTVCNGCU                             GDKNKFCFGU            ...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU                 GHKPGPEQOQ/KUKÎP                                      ;EQOQ8K...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU                            GHKPGPEQOQ/KUKÎP                                  ...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU   N %QOQ ÎTICPQ FG CRQ[Q SWG FGRGPFG FG NC 5GETGVCTKC FG 2NCPKHKECEKÎP     UV...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU      5WUTGURQPUCDKNKFCFGU      N 2CTVKEKRCTFGNQU%QOKVÃUFG+PHQTO¶VKECQFGNCUTGW...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU       FGFCVQUCNIGTGPVGEW[CRTKPEKRCNTGURQPUCDKNKFCFGUGNOCPGLQFG NCKPHQTOCEKÎP ...
FRPRSULRULGDGSDUD                                               W 2WURVSDLVHVHVWDQWRPDQGROD                               ...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU      6QFQ NQQDUGTXCFQIGPGTCPWGXQUFGUCHÈQUCNQU)GTGPVGUFG5KUVGOCUGNEKENQFG     ...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU                                        4%74515564#6)+#                       ...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU                                                                  P NC IT¶HKEC...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCUKPVGTÃUFGNQU)GTGPVGUFG6GEPQNQIÈCUFG KPHQTOCEKÎP[NQU)GTGPVGU)GPGTCNGUFGNCUQTICP...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU      UVQU TGUWNVCFQU OWGUVTCP SWG NCU RTKQTKFCFGU GPVTG GN 4GURQPUCDNG FG NC ...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU    3Q`de_ 999999** 3QbQSdUbcdYYSQc TU _c 7UbU^dUc TU CYYcdU]Qc    3Q` de ...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU      U CUÈ SWG XCP CRCTGEKGPFQ NQU EWCVTQ UKIWKGPVGU VKRQU FGN)GTGPVGFG5KUVGO...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU .KFGTCIQ      .CRTKPEKRCNECTCEVGTÈUVKECFGNPPWGXQQ )GTGPVGFG5KUVGOCUGUUGTGNNKF...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU               .CECRCEKFCFFGTGNCEKQPCOKGPVQKPVGTRGTUQPCNFGGZEGNGPVGPKXGNUGJCEG...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU  ZRGTKGPEKCKPVGTPCEKQPCNQINQDCN       N )GTGPVG FG 5KUVGOCU FG WPC KPUVKVWEKÎ...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU                                  +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU    3Q`de_ 99F** _c  8vRYYd_c TU 7UbU^dU TU CYYcdU]Qc UVVUSdYYf_    3Q` de _...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU     *$+615                                5%4+2%+¦0                         ...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCUNCUEKTEWPUVCPEKCURQTNCUEQPFKEKQPGURQTGNCODKGPVG.CURGTUQPCURTQCEVKXCUUG OWGXGP ...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU         PECFCRWPVQGPWOGTCFQCEQPVKPWCEKÎP                                     ...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 64%4*$+6124+/41.124+/41   5GTGHKGTGCNCETGCEKÎPHÈUKECGUFGEKTGUGNGLGTEKEKQFGNC...
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU      N )CPQRKGTFGU NC OC[QTÈC RKGPUC GUVQ FGUFG SWG PCEG UV¶ DCUCFQ GP NC    ...
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  1. 1. 0(722/2*Ì$6,1)250É7,$6 *8Ì$ ( %8(1$6 35É7,$6 ( /26 *(5(17(6 ( 6,67(0$6 ,,(0%5(
  2. 2. 2TGRCTCFQ 5WD,GHCVWTCFG+PHQTO¶VKEC KTGEEKÎP6ÃEPKECFG0QTOCVKXKFCF[2TQOQEKÎPl+ORTGUKÎP 6CNNGTGU )T¶HKEQU FG NC 1HKEKPC 6ÃEPKEC FG #FOKPKUVTCEKÎP FGN +PUVKVWVQ 0CEKQPCN FG UVCFÈUVKECG+PHQTO¶VKEC +0+FKEKÎP LGORNCTGUQOKEKNKQ #X)TCN)CTÎP0,GUÕU/CTÈCK .KOC1TFGP 016#+0+GRÎUKVQ.GICN 0
  3. 3. @bUcU^dQSY†^N+PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKECK +0+GUGNÎTICPQTGEVQTFGNQU5KUVGOCU0CEKQPCNGUFGUVCFÈUVKECG+PHQTO¶VKECGPGNRCÈUEW[COKUKÎPGUEQPVTKDWKT CNCVQOCFGFGEKUKQPGUEQPKPHQTOCEKÎPGUVCFÈUVKECFGECNKFCF[CNWUQ FG NCU VGEPQNQIÈCU FG KPHQTOCEKÎP RCTC GN FGUCTTQNNQFGNC#FOKPKUVTCEKÎP2ÕDNKEC[ NC5QEKGFCFP GUVG OCTEQ PQTOCVKXQ [ FGUFG UW ETGCEKÎP GN +0+ JC GNCDQTCFQRWDNKECEKQPGU EQP GN RTQRÎUKVQ FG QTKGPVCT JCEGT EQPQEGT VÃEPKECUOGVQFQNQIÈCU KPHQTO¶VKECU GUV¶PFCTGU TGEQOGPFCEKQPGU VÃEPKECU FKTKIKFCU CNRGTUQPCNFGNC#FOKPKUVTCEKÎP2ÕDNKEC[CNRÕDNKEQGPIGPGTCN%QPUKFGTCPFQ SWG PQU GPEQPVTCOQU HTGPVG C WPC RQNÈVKEC FG /QFGTPKCEKÎPFGN UVCFQ [ WP RTQEGUQ FG FGUEGPVTCNKCEKÎP GP ECOKPQ RTQEGUQU SWG PQGUV¶P FGUXKPEWNCFQU FG WP WUQ TCEKQPCN G KPVGPUKXQ FG NCU VGEPQNQIÈCU FGKPHQTOCEKÎP[SWGRCTCGNNQUGTGSWKGTGFGNKFGTGU[CIGPVGUFGECODKQGPECFCWPC FG NCU QTICPKCEKQPGU RCTC SWG DTKPFGP WP OGLQT UGTXKEKQ C NQUEKWFCFCPQUUGJCRTGRCTCFQGNRTGUGPVGFQEWOGPVQUVG FQEWOGPVQ GPHQEC GN VGOC FG EÎOQ FGDGP UGT GUVQU CIGPVGU FG ECODKQSWG GP NCU GUVTWEVWTCU QTICPKCEKQPCNGU UQP FGPQOKPCFQU )GTGPVGU FG+PHQTO¶VKECEWCNGUFGDGPUGTNCUJCDKNKFCFGU[FGUVTGCUSWGFGDGPOGLQTCTQCNECPCTRCTCEQPFWEKTGHKEC[GHKEKGPVGOGPVGNCIGTGPEKCFGNCUVGEPQNQIÈCUFGKPHQTOCEKÎP[EQORTGPFGTSWG[CPQUQPO¶UUÎNQNQUGPECTICFQUFGRTQEGUCTNC KPHQTOCEKÎP XGT GN UQHVYCTG JCTFYCTG UKPQ SWG KPVGTXKGPGP GP NC VQOC FGFGEKUKQPGUFGNCQTICPKCEKÎP[EQPQEGPDKGPNCQTICPKCEKÎP2CTC NC GNCDQTCEKÎP FG GUVG FQEWOGPVQ PQU JGOQU DCUCFQ GP WPC UGTKG FGDKDNKQITCHÈC GZKUVGPVG UQDTG ECFC WPQ FG NQU VGOCU VTCVCFQU [ JCP UKFQQTICPKCFQUGPUGKUECRÈVWNQUGPGN%CRÈVWNQ+UGTGCNKCNCKPVTQFWEEKÎPCNVGOC[GPGN%CRÈVWNQ++UGRTGUGPVCNCUKVWCEKÎPCEVWCNFGNCUIGTGPEKCUFGUKUVGOCUEQOQ FGHKPGP UW XKUKÎP [ OKUKÎP GP GN SWG RTGFQOKPC GN EQORQPGPVGVGEPQNÎIKEQ CUÈ EQOQ NC WDKECEKÎP FG GUVCU GP NCU FKXGTUCU GUVTWEVWTCUQTICPKCEKQPCNGUP GN %CRÈVWNQ +++ UG VTCVC UQDTG EQOQ FGDGTÈCP UGT NQU IGTGPVGU FG UKUVGOCUSWG ECTCEVGTÈUVKECU FGDGTÈCP VGPGT [ SWG EWCNKFCFGU RGTUQPCNGU SWG FGDGPVGPGTN%CRÈVWNQ+8VTCVCUQDTGNQURTKPEKRCNGUJ¶DKVQUFGWPIGTGPVGFGUKUVGOCU[NC KORQTVCPEKC FG NC KPVGNKIGPEKC GOQEKQPCN HTGPVG C NC KPVGNKIGPEKCEQIPQUEKVKXC
  4. 4. N %CRÈVWNQ 8 TGUWOG NQU QEJQ TQNGU SWG FGDG EWORNKT WP DWGP IGTGPVG FGUKUVGOCU[GPECFCWPQFGGNNQUNCUEQORGVGPEKCURCTCECFCTQNP GN %CRÈVWNQ 8+ UG TGUWOG CNIWPCU DWGPCU RT¶EVKECU QTKGPVCFCU C CRQ[CT GNVTCDCLQ FGN IGTGPVG FG UKUVGOCU [ CNIWPCU VÃEPKECU SWG UQP CRNKECFCU GP GNUGEVQTRTKXCFQEQPÃZKVQEQOQUQPNCTGKPIGPKGTÈCFGRTQEGUQUOGLQTCOKGPVQFGRTQEGUQUQWVUQWTEKPINCGHKECEKCFGNQUUGTXKEKQU[EWKFCFQFGNCUCNWFFGNQUVTCDCLCFQTGUN +0+ EQP GUVG FQEWOGPVQ GURGTC EQPVTKDWKT EQP GN IGTGPVGU FG KPHQTO¶VKECSWG FGDGP KPEQTRQTCT NCU 6GEPQNQIÈCU FG +PHQTOCEKÎP RCTC DTKPFCT WP OGLQTUGTXKEKQCNQUEKWFCFCPQUNQUFÈCUFGNCÌQNCUJQTCUFGNFÈC[RGTOKVKTGNCEEGUQCNCKPHQTOCEKÎPFGUFGEWCNSWKGTNWICT
  5. 5. Å^TYSU 2¶I +PVTQFWEEKÎP )GTGPEKCFG5KUVGOCU 5KVWCEKÎPCEVWCN .QU TGEWTUQU JWOCPQU GP VGEPQNQIÈCU FG +PHQTOCEKÎP GP NC #FOKPKUVTCEKÎP2ÕDNKEC LGORNQUFG/KUKÎP[8KUKÎPFGNC)GTGPEKCFG5KUVGOCU 7DKECEKÎPGPNCQTICPKCEKÎP /KUKÎPFGN)GTGPVGFG 5KUVGOCU *CDKNKFCFGUPGEGUCTKCU %CTCEVGTÈUVKECUFGNQU)GTGPVGUFG5KUVGOCU %QOQFGDGPUGTNQU)GTGPVGUFG5KUVGOCU 3WGEWCNKFCFGURGTUQPCNGUFGDGPVGPGT %CTCEVGTÈUVKECUFGNQU)GTGPVGUFG5KUVGOCU .KFGTCIQ ZRGTKGPEKCGPCNKPGCTNCVGEPQNQIÈCEQPGNTQNFGNCQTICPKCEKÎP %QPQEKOKGPVQFGNCECFGPCFGXCNQTFGNCQTICPKCEKÎP GUVTGCUFGTGNCEKQPCOKGPVQKPVGTRGTUQPCN %CRCEKFCFFG)GTGPEKCT GUVTGCURCTC%QOWPKECTGPHQTOCGHGEVKXC *CDKNKFCFRCTCETGCT[CFOKPKUVTCTNQUECODKQU %QPQEKOKGPVQ[GZRGTKGPEKCFGNCQTICPKCEKÎP ZRGTKGPEKCKPVGTPCEKQPCNQINQDCN GUVTGCURCTCTGENWVCTFGUCTTQNNCT[TGVGPGTRTQHGUKQPCNGU6+ +PHQGVKEC 5KGVGJ¶DKVQUFGN)GTGPVGFG5KUVGOCUGHGEVKXQ 2TKOGTJ¶DKVQ5GTRTQCEVKXQ 5GIWPFQJ¶DKVQ%QOGPCTEQPWPHKPGPNCOGPVG 6GTEGTJ¶DKVQ2TKOGTQNQRTKOGTQ %WCTVQJ¶DKVQ2KGPUGGPICPCTICPCT 3WKPVQJ¶DKVQ2TQEWTGEQORTGPFGT[NWGIQUGTEQORTGPFKFQ 5GZVQJ¶DKVQ5KPGTIKEG 5ÃRVKOQJ¶DKVQ#HKNGNCUKGTTC SWKNKDTKQFGNCTGPQXCEKÎP ‹3WÃGU[RQTSWÃGUKORQTVCPVGNCKPVGNKIGPEKCGOQEKQPCN!
  6. 6. .QUQEJQTQNGUFGWPDWGP)GTGPVGFG5KUVGOCU 4QNFGNEQQTFKPCFQT 4QNFGN/QPKVQT 4QNFGN/GPVQT 4QNFGN(CEKNKVCFQT 4QNFGN+PPQXCFQT 4QNFGNDTQMGT 4QNFGNKTGEVQT 4QNFGNRTQFWEVQT $WGPCURT¶EVKECUFGN)GTGPVGFG5KUVGOCU 2TQEGUQUFGTGKPIGPKGTÈC $GPEJOCTM 1WVUQWTEKPI %QPUKFGTCEKQPGUCNJCEGT%QPVTCVQU /GFKTNC GHKECEKCFGPWGUVTQUUGTXKEKQU XCNWCTNCUCVKUHCEEKÎPNCDQTCNFGNQUEQNCDQTCFQTGU %WKFGUWUCNWF[NCFGUWUEQNCDQTCFQTGU #PGZQU#PGZQ.QURGECFQU[NCUTGINCUFGQTQFGWP)GTGPVGFG5KUVGOCUOQFGTPQ$KDNKQITCHÈC
  7. 7. )WÈC FGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 3Q`de_ 99 ** 99^db_TeSSYY†^ 3Q` de _ ^db_TeSS †^P GN RCÈU GN SWG NKFGTC NC IGUVKÎP FG NQU TGEWTUQU KPHQTO¶VKEQU C PKXGN FG NCUQTICPKCEKQPGU RÕDNKECU [ RTKXCFCU TGEKDG FKHGTGPVGU FGPQOKPCEKQPGU ,GHG FGKPHQTO¶VKEC KTGEVQT FG +PHQTO¶VKEC ,GHG FG 1TICPKCEKÎP [Q OÃVQFQU G+PHQTO¶VKEC KTGEVQTC 6ÃEPKEC FG NC QHKEKPC 6ÃEPKECFG+PHQTO¶VKECKTGEVQT FGUVCFÈUVKECG+PHQTO¶VKECGPVTGQVTCUGKIWCNOCPGTCGNPQODTGFGNCU¶TGCUGPNCUSWGUGWDKECPTGEKDGPFKHGTGPVGUFGPQOKPCEKQPGURCTCGNRTGUGPVGFQEWOGPVQPQUTGHGTKTGOQUEQOQ)GTGPVGFG5KUVGOCU P TGNCEKÎP CN NWICT SWG QEWRCP GP NC GUVTWEVWTC LGT¶TSWKEC NC )GTGPEKC FG5KUVGOCU GUV¶ WDKECFC GP FKHGTGPVGU PKXGNGU GP CNIWPQU ECUQU EQOQ ¶TGC FGCRQ[Q GP QVTQU ECUQU FGRGPFGP FGN ¶TGC FG #FOKPKUVTCEKÎP Q FGRGPFGPFKTGEVCOGPVGFGNO¶ZKOQPKXGNQ,GHCVWTCPEWCPVQUGTGHKGTGCNPÕOGTQFGRGTUQPCNCUWECTIQRCTCEWORNKTEQPUWOKUKÎPÃUVCFGRGPFGT¶FGNCEQORNGLKFCFFGNCQTICPKCEKÎP[GNPÕOGTQFGRTQ[GEVQURWGFGVGPGTFGUFGJCUVCWPITCPPÕOGTQFGEQNCDQTCFQTGU.QURTQHGUKQPCNGUGURGEKCNKUVCUGPVGEPQNQIÈCUFGKPHQTOCEKÎP[EQOWPKECEKQPGUEQPECT¶EVGTFGPQODTCFQQFGPRNCPVCQ GPNCUQTICPKCEKQPGURÕDNKECUUQPOW[RQEQU GP UW ITCP OC[QTÈC NCU KPUVKVWEKQPGU EQPVTCVCP RGTUQPCN RCTC RTQ[GEVQUGURGEÈHKEQU/WEJQUGURGEKCNKUVCULÎXGPGUUGKPKEKCPGPNCCEVKXKFCFRÕDNKECNWGIQFG JCDGT CFSWKTKFQ EKGTVC GZRGTKGPEKC UG KPEQTRQTCP EQP HCEKNKFCF GP GN UGEVQTRTKXCFQRQTSWGNQUUWGNFQUUQPO¶UCVTCEVKXQU[RQTSWGNGUQHTGEGPFGUCTTQNNQRTQHGUKQPCN[ENKOCQTICPKCEKQPCNGGUVCTGCNKFCFFGRGPFGNCIGUVKÎPFGNQUTGEWTUQUKPHQTO¶VKEQUTCÎPRQTNCSWGGN TGURQPUCDNG FG IGUVKQPCT NCU 6GEPQNQIÈCU FG +PHQTOCEKÎP [ %QOWPKECEKQPGU6+%UGPWPCQTICPKCEKÎPRÕDNKECQRTKXCFCFGDGFGVGPGTEKGTVCUECTCEVGTÈUVKECUJCDKNKFCFGU[FGUVTGCUEQPQEKOKGPVQU[CUWOKTWPPWGXQTQNRTQVCIÎPKEQN KPETGOGPVQ XGTVKIKPQUQ FG NCU VGEPQNQIÈCU FG KPHQTOCEKÎP [ EQOWPKECEKQPGUGUVCECODKCPFQNCHQTOCFGJCEGTNCUEQUCUGNVTCDCLQPGIQEKQUGPVTGVGPKOKGPVQRQTNQSWGNQU)GTGPVGUFG5KUVGOCUPQRWGFGPVTCDCLCTGPEGTTCFQUFGVT¶UFGWPCECLC FG ETKUVCN LWPVQ C NCU ITCPFGU OCKPHTCOGU [ OKPKEQORWVCFQTCU [ UGIWKTUKGPFQEQPUKFGTCFQUNQUSWGGLGEWVCPCEEKQPGURTQEGUCPFQFCVQU[CTTGINCPFQNCUEQORWVCFQTCU[GZKIKGPFQSWGUGCPGZRGTVQUGPGNOCPGLQFGUQHVYCTGUKPVGPGTRCTVKEKRCEKÎPGPNCUFGEKUKQPGUGUVTCVÃIKECUSWGVQOCPUWUQTICPKCEKQPGU*Q[GPFÈCNCHWPEKÎPFGN)GTGPVGFG5KUVGOCUPQGUO¶UUQNQGUEQIGTGNOGLQTEQORWVCFQT UQHVYCTG KORTGUQTC [ CFGO¶U UCDGT FGVGEPQNQIÈC UKPQ VGPGT NCU +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKEC
  8. 8. )WÈC FGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU JCDKNKFCFGURCTCCUWOKTGNNKFGTCIQGP6+%UGPNCQTICPKCEKÎP[NCKPVGTTGNCEKÎP GHGEVKXC EQP UW CODKGPVG /¶U CFGNCPVG RQFGOQU QDUGTXCT EQOQ CNIWPCU QTICPKCEKQPGU CN FGHKPKT NC XKUKÎP [ OKUKÎP FG NC )GTGPEKC FG 5KUVGOCU PQU RGTOKVGCHKTOCTSWGGNEQORQPGPVGVGEPQNÎIKEQGURTGFQOKPCPVG N )GTGPVG FG 5KUVGOCU GU SWKGP FGDG NNGICT[EQPXGPEGTCNPÕOGTQWPQFGNC QTICPKCEKÎP IGTGPVG )GPGTCN /KPKUVTQ Q ,GHG KPUVKVWEKQPCN EQP UQNWEKQPGU KPPQXCFQTCU [ JCEGT SWG XKUKQPGP LWPVQ EQP GN WPC QTICPKCEKÎP KPVGITCFC C VTCXÃU FGN WUQ FG NC KPHQTOCEKÎP KFGPVKHKECPFQ EWCNGU UQP NCU QRQTVWPKFCFGU VGEPQNÎIKECUSWGRWGFGJCEGTRCTCOGLQTCTNCEQORGVKVKXKFCFFGNCQTICPKCEKÎP GUFGEKTUGTGNXGTFCFGTQCIGPVGFGECODKQFGNCQTICPKCEKÎ P UVQKORNKECSWGGN)GTGPVGFG5KUVGOCUFGDCVGPGTWPCOKZVWTCFGEQPQEGTNC VGEPQNQIÈC [ GP GURGEKCN UGT WP JQODTG FG PGIQEKQU [ EWCPFQ JCDNCOQU FG PGIQEKQU PQ UÎNQ JCDNCOQU FG NCU GORTGUC RTKXCFCU UKPQ VCODKÃP FG NCU KPUVKVWEKQPGUFGNUVCFQGPGNSWGUGFGDGQRVKOKCTGNWUQFGNQUGUECUQUTGEWTUQU FGN UVCFQ EQPXKTVKÃPFQUG GP GN UQRQTVG D¶UKEQ FG NC VGEPQNQIÈC GZKUVGPVG GP NC QTICPKCEKÎP [ RQT QVTQ NCFQ C[WFCPFQ C GNGIKT NC VGEPQNQIÈC SWG TGSWKGTG UW QTICPKCEKÎP [ C TGEQPQEGT NC KPHQTOCEKÎP EQOQ GN RTKPEKRCN CEVKXQ FG NC QTICPKCEKÎP 6TCFKEKQPCNOGPVG NQU GURGEKCNKUVCU GP VGEPQNQIÈC TGRQTVCDCP C RQUKEKQPGU KPVGTOGFKCUFGNCUQTICPKCEKQPGU[PQHQTOCDCPRCTVGFGNQUPKXGNGUFGFGEKUKÎP GPGUVQUVKGORQUGN)GTGPVGFG5KUVGOCUFGDGEQORTGPFGTRGTHGEVCOGPVGGNIKTQ FGNPGIQEKQFGUWQTICPKCEKÎPRCTCSWGRWGFCFGUGORGÌCTWPDWGPTQNURQT GNNQ NC KORQTVCPEKC SWG NC LGTCTSWKCEKÎP FGN ECTIQ RCTC SWG UG GPEWGPVTG O¶U RTÎZKOQCN,GHGQ)GTGPVG)GPGTCN NPWGXQ)GTGPVGFG5KUVGOCU ‹ZKUVGTGCNOGPVGGNRGTHKNKFGCN! .CU VGPUKQPGU [ TGSWGTKOKGPVQU C SWG GUV¶ UWLGVQ GN IGTGPVG FG 5KUVGOCU GP NC CEVWCNKFCFRCTCJCEGTNCUEQUCUDKGPUQPUQHKUVKECFCU[GZKIGPVGUFGDGEQPQEGT NCVGEPQNQIÈC[OCPVGPGTUGCNFÈCGPGNNCCRGUCTFGNQUXGTVKIKPQUQUECODKQUGP GUG ¶ODKVQ FGDG UCDGT GZRNKECT [PXGPFGTQ C UWU RCTGU GP NC QTICPKCEKÎP NQU DGPGHKEKQUFGNQURTQ[GEVQUVGEPQNÎIKEQURGTQGPWPNGPIWCLGSWGNQUWUWCTKQUNQ GPVKGPFCP FGDG UGNGEEKQPCT [ TGVGPGT RTQHGUKQPCNGU ECFC XG O¶U FKHÈEKNGU FG GPEQPVTCT[EQPRGTUQPCNKFCFGUECFCXGO¶UPFGNKECFCUQFGDGUCDGTPCXGICTGP NC RQNÈVKEC KPVGTPC FG NC QTICPKCEKÎP UKP UWHTKT OC[QTGU PFCÌQUQ FGDG UCDGT UGNGEEKQPCT[EQPVTCVCTDWGPQURTQXGGFQTGUFGUGTXKEKQUECFCXGO¶UFKHÈEKNGUFG GPEQPVTCT [ PGIQEKCT EQPFKEKQPGU SWG FGLGP C VQFQU UCVKUHGEJQU [ HKPCNOGPVG UCDGT CFOKPKUVTCT [ FKTKIKT RTQ[GEVQU FG KORNGOGPVCEKÎP VGEPQNÎIKEC OWEJCU XGEGUFGITCPGPXGTICFWTC +PUVKVWVQ 0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKEC
  9. 9. )WÈC FGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU‹ZKUVG TGCNOGPVG GUVG PUWRGTOCPQ! ‹%ÎOQ UG GPEWGPVTC RTGRCTCFQ WUVGF RCTCGUVGFGUCHÈQ!U KORQTVCPVG TGEQPQEGT SWG GN )GTGPVG FG 5KUVGOCU UG JCEG [PQPCEG[RCTCGPHTGPVCT OGLQT NQU FGUCHÈQU SWG KORQPG NC EQORNGLKFCF CEVWCN VCPVQQTICPKCEKQPCNEQOQVGEPQNÎIKECJC[SWGCRQ[CTUGGPOGVQFQNQIÈCUEQPEGRVQU[FGUVTGCUSWGGUV¶PCUWCNECPEGNQDLGVKXQRTKPEKRCNFGGUVCIWÈCGUDTKPFCTWPEQPLWPVQFGVKRUQWPPOCPWCNFGUWRGTXKXGPEKC[FGUCTTQNNQQ RCTCGN)GTGPVGFG5KUVGOCU +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKEC
  10. 10. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKEC
  11. 11. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 3Q`de_ 9999 ** 7UbU^SYYQ TU CYYcdU]Qc 3Q` de _ 7UbU^S Q TU C cdU]Qc 5+67#%+¦0#%67#. .CU QTICPKCEKQPGU RÕDNKECU OQFGTPCU TGSWKGTGP FGNC GLGEWEKÎP UKUVGO¶VKEC FG CEVKXKFCFGU SWG VKGPFCP C GNGXCT NC ECRCEKFCF VÃEPKEC NQU EQPQEKOKGPVQU [ NCU FGUVTGCU FGN RGTUQPCN [ C FGUCTTQNNCT UW RQVGPEKCN RCTC QEWRCT RQUKEKQPGU FG TGURQPUCDKNKFCF ETGEKGPVG .C HQTOCEKÎP RGTOCPGPVG GU WPC XÈC RCTC FGUCTTQNNCT TGEWTUQU JWOCPQUSWGCUWOCPTGURQPUCDKNKFCFGU[QEWRGPFGOCPGTCGHGEVKXC NQUECTIQUSWGFGUGORGÌCP 0QUGVTCVCFGCEWOWNCTRWPVQUUKPQFGRTQITGUCTGPNCECTTGTC‹RGTQSWGRCUCUK PQGZKUVGGUVCRQNÈVKECQPQGZKUVGPNQUTGEWTUQURTGUWRWÃUVCNGUQUKORNGOGPVGPQ GZKUVGKPVGTÃUFGCODCURCTVGU! PVQPEGU UG TGSWKGTG GLGEWVKXQU SWG RTQOWGXCP NQU RTKPEKRKQU D¶UKEQU FG WP XGTFCFGTQ RTQEGUQ FG OQFGTPKCEKÎP OGFKCPVG NC KPEQTRQTCEKÎP FG NCU 6GEPQNQIÈCUFG+PHQTOCEKÎP[%QOWPKECEKQPGURCTCNQITCT 7PCIGUVKÎPRÕDNKECGHKEKGPVG[GHKEC .QU GLGEWVKXQU TGNCEKQPCFQU EQP NC DWGPC HG EGNGTKFCF GEQPQOÈC GHKEKGPEKC [ GHKECEKCCRQ[CPNCDÕUSWGFCFGNCTCEKQPCNKFCFGPGNWUQFGNQUTGEWTUQURÕDNKEQU [ GN EWORNKOKGPVQ FG NCU HKPCNKFCFGU FG ECFC GPVKFCF[FGNCCFOKPKUVTCEKÎPGP IGPGTCN 3WGUGUKGPVCPEQORTQOGVKFQUEQPNCIGUVKÎPRÕDNKECQTKGPVCFCCTGUWNVCFQUEQP GN OGLQTCOKGPVQ FG NCU TGNCEKQPGU UVCFQEKWFCFCPQ [ EQP NC ECNKFCF GP NC RTGUVCEKÎP FGN UGTXKEKQ FKURWGUVQU C CIKNKCT NQU RTQEGUQU VT¶OKVGU [ RTQEGFKOKGPVQU C TGEQPQEGT NC KORQTVCPEKC FG NC KPHQTOCEKÎP QRQTVWPC RCTC NC VQOCFGFGEKUKQPGU .C IGUVKÎP RÕDNKEC GHKEKGPVG FGOCPFC CFGO¶U GN HQTVCNGEKOKGPVQ FG NQU EQPQEKOKGPVQUNCUJCDKNKFCFGU[NCUCEVKVWFGUFGNQUUGTXKFQTGURÕDNKEQURCTCSWG EQPVTKDW[CPGPNCUCEEKQPGUFKTKIKFCUC U GUCTTQNNCTEQORGVGPEKCURCTCGNOCPGLQKPVGITCNFGWPRTQ[GEVQQRTQFWEVQ U 4CEKQPCNKCTVT¶OKVGUOÃVQFQU[RTQEGFKOKGPVQUFGVTCDCLQ U (QTVCNGEGTNQUUKUVGOCUFGKPHQTOCEKÎPRCTCNCVQOCFGFGEKUKQPGU U +ORNCPVCTCFGEWCFQUOGECPKUOQUFGEQPVTQNKPVGTPQ U /GLQTCTNCECNKFCFFGNUGTXKEKQCNWUWCTKQ +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKEC
  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[NCURGTUQPCUCNUGTXKEKQFGNUVCFQUG 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 +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+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+$7%+¦0.24510#.+0(14/6+%10.# #/+0+564#%+¦02­$.+%# 2WURV LUHFWLYR $QDOLVWD 3URJUDPDGRU $X[LOLDU (WGPVG+0+602+804+#2 .C RTQRQTEKÎP SWG GZKUVG GPVTG RGTUQPCN KPHQTO¶VKEQ PQODTCFQ [ EQPVTCVCFQ GU FGN [ TGURGEVKXCOGPVG UVC UKVWCEKÎP COGTKVC GURGEKCN GXCNWCEKÎP EQPUKFGTCPFQ NC CNVC TQVCEKÎP FGN RGTUQPCN KPHQTO¶VKEQ FG NC #FOKPKUVTCEKÎP 2ÕDNKEC GP GN SWG CFSWKGTGP EKGTVC GZRGTKGPEKC [ NWGIQ UCNGP GP DÕUSWGFC FG OGLQTGU EQPFKEKQPGU NCDQTCNGU [ RTQHGUKQPCNGU GP GURGEKCN GP GN RGTUQPCN FG PKXGNVÃEPKEQ[QRTQHGUKQPCN +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+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 GKPVGITCEKÎPFGNQUUKUVGOCUFGNUVCFQ 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 GURGTCSWGGPGNOCTEQFGNCOQFGTPKCEKÎPFGNUVCFQ[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+804+#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 RQTRCTVGFGDWGPPÕOGTQFGVTCDCLCFQTGUMDRUGPGNFGKPUVKVWEKQPGU [EQP-$25 G QVTQ NCFQ CN JCEGT WP CP¶NKUKU FG NC KPHQTOCEKÎP RTQXGPKGPVG FG NQU 2NCPGU QRGTCVKXQUFG+PHQTO¶VKECFGNGPNC#FOKPKUVTCEKÎP2ÕDNKECRQFGOQUNKUVCT CNIWPCU FG NCU HQTVCNGCU FGDKNKFCFGU [ COGPCCU GP VQTPQ C NQU TGEWTUQU JWOCPQUFGN¶TGCFGKPHQTO¶VKEC +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKEC
  15. 15. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU (QTVCNGCU GDKNKFCFGU #OGPCCU 0QEQPVCTEQPRGTUQPCNRCTC +PUVKVWEKQPGUEQP HQTOWNCTUQHVYCTG OC[QTGUVGEPQNQIÈCU RQTEQPVCTEQP TGEWTUQURTQRKQU[WPC CFGEWCFCCVGPEKÎPFG NQUFKTGEVKXQU4GEWTUQU*WOCPQU +PUWHKEKGPEKCFGRGTUQPCN (CNVCFGNÈPGCUFGECNKHKECFQU[EQPCORNKC KPHQTO¶VKEQRCTCNCU ECTTGTCRCTCRGTUQPCNGZRGTKGPEKC TGRTGUGPVCEKQPGUFGHGPUQTKCNGU FGVGEPQNQIÈCUFG+FGPVKHKECEKÎPFGNRGTUQPCN 0QUGEWGPVCPEQPRTQITCOCUFG KPHQTOCEKÎPEQPNCKPUVKVWEKÎP ECRCEKVCEKÎPCNRGTUQPCN2TGFKURQUKEKÎPFGN (CNVCFGRGTUQPCNGURGEKCNKCFQRGTUQPCNFGNC1HKEKPC FG ENCUKHKECFQRQTUGTXKEKQ4GFGU[5KUVGOCUCNECODKQ %QOWPKECEKQPGU$CUGUFGFCVQU 5QRQTVGVÃEPKEQGPGNUKVKQ FGUCTTQNNQFGUKVKQU9$+FGPVKHKECEKÎPFGNRGTUQPCN UECUQURTQITCOCUFGECRCEKVCEKÎPEQPNCKPUVKVWEKÎP[EQPITCPGPVWUKCUOQ2GTUQPCNKFGPVKHKECFQEQP #NVCTQVCEKÎPFGRGTUQPCNGPNCQTICPKCEKÎP WPKFCFGUQRGTCVKXCU[FGCRQ[Q[ SWGTGSWKGTGFGECRCEKVCEKÎP EQPUVCPVG +PGUVCDKNKFCF.CDQTCN (CNVCFGECRCEKVCEKÎP[ TGOWPGTCEKQPGUPQFGCEWGTFQEQP NCHWPEKÎP[RWGUVQFGUKIPCFQ2GTUQPCNFKTGEVKXQ[ .KOKVCEKQPGUGPNCEQPVTCVCEKÎPFGVÃEPKEQEQPCORNKC TGEWTUQUJWOCPQURCTCGNGZRGTKGPEKC FGUCTTQNNQFGRTQ[GEVQU2GTUQPCNKFGPVKHKECFQEQP #NVCTQVCEKÎPFGRGTUQPCNNCKPUVKVWEKÎP2GTUQPCNEQPGZRGTKGPEKC 4GOWPGTCEKQPGUTGVTCUCFCUEQP $CLQRTGUWRWGUVQGPNQURTQEGUQUFGNC TGNCEKÎPCNOGTECFQ CVGPVCEQPVTCWPOGLQTKPUVKVWEKÎP %CTGPEKCFGWPRNCPFG PKXGNVGEPQNÎIKEQ2GTUQPCNKFGPVKHKECFQEQP ECRCEKVCEKÎPNCKPUVKVWEKÎP +PCFGEWCFCKPHTCGUVTWEVWTC HWPEKQPCNZRGTKGPEKCFGNRGTUQPCN NFGNCHWGTCNCDQTCNTGCNKC *C[RTGUGPEKCFGFGN¶TGCFGKPHQTO¶VKECGP OCPVGPKOKGPVQFGUCTTQNNQFGNQU TKGUIQFGFGUGTEKÎPKORNGOGPVCTOQFGTPQU UKUVGOCUQRGTCEKÎP[GLGEWEKÎPFG FGNRGTUQPCNUKUVGOCUFGIGUVKÎPEQP NQUUKUVGOCUFGRTQFWEEKÎPGUVC ECNKHKECFQRQTGNVGEPQNQIÈCUFGRWPVCJC EQORWGUVQRQTRGTUQPCNFGNQU GUSWGOCRGTOKVKFQQDVGPGTXGPVCLCU UGTXKEKQUFGVGTEGTQU TGOWPGTCVKXQOGPQTEQORGVKVKXCURCTC CNOGTECFQNCDQTCNFGUCTTQNNCTEQPUWNVQTÈCU KPHQTO¶VKEQ +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKEC
  16. 16. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU (QTVCNGCU GDKNKFCFGU #OGPCCU 2GTUQPCNFKTGEVKXQ[ 4QVCEKÎPFGNRGTUQPCNRQT VÃEPKEQEQPCORNKC FKURQUKEKQPGURQNÈVKECU GZRGTKGPEKCGPGNTCOQFG UECUCECRCEKFCFFGTGVGPEKÎPFGN VGEPQNQIÈCUFGKPHQTOCEKÎP RGTUQPCN [EQPQEKOKGPVQFGNUGEVQT $WGPCFKURQUKEKÎPFGN 0QGZKUVGWPRNCPFGECRCEKVCEKÎP RGTUQPCNFGKPHQTO¶VKEC [FGUCTTQNNQRTQHGUKQPCNGPNC RCTCNQITCTNQUQDLGVKXQU KPUVKVWEKÎP VTCCFQU )TCPKFGPVKHKECEKÎPFGN RGTUQPCNFGKPHQTO¶VKEC +FGPVKHKECEKÎPFGNRGTUQPCN (CNVCFGRTQITCOCUFG EQPNCKPUVKVWEKÎP ECRCEKVCEKÎPCEQTFGCNQUECODKQU FGNCVGEPQNQIÈC +FGPVKHKECEKÎPFGNRGTUQPCN #NVCOQXKNKFCFFGRGTUQPCNFG +ORQUKDKNKFCFFG EQPNCKPUVKVWEKÎP FGUCTTQNNQFGUKUVGOCU EQPVTCVCTRGTUQPCN 2GTUQPCNECNKHKECFQ UECUQUEWTUQUFGECRCEKVCEKÎP CFKEKQPCNRCTCEWORNKT RCTCGNRGTUQPCNKPHQTO¶VKEQ GPHQTOCQRQTVWPCNCU PGEGUKFCFGUFG CWVQOCVKCEKÎPFG RTQEGUQUPQ EQPUKFGTCFQUGPGN 2NCPQRGTCVKXQ +PHQTO¶VKEQCPWCN 2GTUQPCNFKTGEVKXQ[ (CNVCFGTGEWTUQUFGRGTUQPCNGPNC VÃEPKEQEQPCORNKC 1HKEKPCFG+PHQTO¶VKEC GZRGTKGPEKC UECUCQRQTVWPKFCFFG +FGPVKHKECEKÎP[ ECRCEKVCEKÎPCNRGTUQPCN EQORTQOKUQFGNRGTUQPCN EQPNCKPUVKVWEKÎP P TGUWOGP RQFGOQU QDUGTXCT SWG GZKUVG WPC HQTVCNGC EQOÕP GP NQU TGEWTUQU EQPNQU SWGEWGPVCPNCU)GTGPEKCUFG+PHQTO¶VKECNCKFGPVKHKECEKÎPFGNRGTUQPCN EQPNCKPUVKVWEKÎPHTGPVGCNCFGDKNKFCFFGHCNVCFGRGTUQPCN[NCKORQUKDKNKFCFFG EQPVCTEQPOCUTGEWTUQUWPCCNVCTQVCEKÎPFGRGTUQPCN[GUECUCQRQTVWPKFCFFG ECRCEKVCEKÎPCNRGTUQPCN 2CTCXGTEQOQUGEQPEKDGCEVWCNOGPVGNCU)GTGPEKCUFG5KUVGOCUUGJCVQOCFQFG NQU RNCPGU QRGTCVKXQU [ VTCPUETKVQ EQOQ FGHKPGP NC OKUKÎP [ NC XKUKÎP GP NC #FOKPKUVTCEKÎP2ÕDNKECSWGUGFGUETKDGCEQPVKPWCEKÎP ,/2.15/+5+¦0;8+5+¦0.#)40%+#5+56/#5 #EQPVKPWCEKÎPXGCOQUEQOQCNIWPCUQTICPKCEKQPGUJCPFGHKPKFQNCOKUKÎP[ XKUKÎP +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKEC
  17. 17. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU GHKPGPEQOQ/KUKÎP ;EQOQ8KUKÎP P RTQRQTEKQPC CRNKECEKQPGU FG VGEPQNQIÈC PDTKPFCTNCUJGTTCOKGPVCUVÃEPKECU FG KPHQTO¶VKEC [ UQRQTVG VÃEPKEQ FG CNVC SWGRGTOKVGPQRVKOKCTGN ECNKFCF SWG C[WFGP C NC KPUVKVWEKÎP C HWPEKQPCOKGPVQFGNUKUVGOC0CEKQPCN RTQOQXGT WPC EWNVWTC FG JQPGUVKFCF [ FG%QPVTQNGPDCUGCNCQRQTVWPKFCF VTCPURCTGPEKCGPNCIGUVKÎPRÕDNKECQ [OQFGTPKFCFQ P RQPGT CN UGTXKEKQ FG NCU FKHGTGPVGU P EQPUKFGTCP SWG GN FGUCHÈQ FG NQU WPKFCFGU QTI¶PKECU NCU VGEPQNQIÈCU FG NKFGTGU KPHQTO¶VKEQU SWG IGTGPEKCP NC KPHQTOCEKÎP NQU TGEWTUQU JWOCPQU [ NCU KPHQTOCEKÎP GU RWGU GPEQPVTCT JGTTCOKGPVCU OGVQFQNÎIKECU SWG NGU JGTTCOKGPVCU VGEPQNÎIKECU IGPGTCT RGTOKVKT¶P EWORNKT NC OKUKÎP KFGCU KPPQXCFQTCU [ RTQOQXGT KPUVKVWEKQPCNQ CEVKVWFGU RTQCEVKXCU FG NQU CIGPVGU RTQVCIÎPKEQUFGNQUITCPFGUECODKQUQ P .CRNCPKHKECEKÎPQTICPKCEKÎP[GLGEWEKÎP P.C )GTGPEKC FG +PHQTO¶VKEC GU ECRC FG NCU CEVKXKFCFGU XKPEWNCFCU EQP NCU FG WVKNKCT NC VGEPQNQIÈC FG WNVKOC VGEPQNQIÈCU [ UKUVGOCU FG KPHQTOCEKÎP UG IGPGTCEKÎP RCTC RTQRQTEKQPCT GN GPECTIC FG RTQ[GEVQU KPHQTO¶VKEQU [ FG NCU EÎORWVQFGTGUWNVCFQUFGNQURTQEGUQU QRGTCEKQPGU PGEGUCTKCU RCTC NNGXCT CECDQ GNGEVQTCNGU GP HQTOC GHKEKGPVG EQPHKC FKEJQU RTQ[GEVQU CFOKPKUVTC NC RNCVCHQTOC DNG[QRQTVWPCIGPGTCPFQEQPHKCPC[ VGEPQNÎIKEC FG NC KPUVKVWEKÎP DTKPFC UGTXKEKQU VTCPURCTGPEKC GP NC EKWFCFCPÈC #UÈ KPHQTO¶VKEQU [ GN UQRQTVG EQTTGURQPFKGPVGFG OKUOQ CFOKPKUVTC VQFQU NQU TGEWTUQU VQFQU NCU CEVKXKFCFGU CFOKPKUVTCVKXCU [ KPHQTO¶VKEQU [ RTQRQPG [ GLGEWVC NQU EQVKFKCPCU FG NC KPUVKVWEKÎP ICTCPVKCPFQ GN RTQ[GEVQUSWGUKORNKHKECPNQURTQEGUQU TGURGVQCNCXQNWPVCFFGNGNGEVQT[NQUXCNQTGUCFOKPKUVTCVKXQUFGRNCPGCOKGPVQ[FG FGNKORKGCVTCPURCTGPEKC[JQPGUVKFCFQ GXCNWCEKÎP FG IGUVKÎP KPUVKVWEKQPCN SWG KFGPVKHKECP C NC KPUVKVWEKÎP EQOQ WPCFGNCUO¶UGHKEKGPVGU[OQFGTPCUQ P QVTC KPUVKVWEKÎP EWGPVCP EQP GN UVC KPUVKVWEKÎP CFGO¶U FGHKPG UW GRCTVCOGPVQFGGUCTTQNNQ[/CPVGPKOKGPVQ XKUKÎPP EQOQ WPQTICPKUOQNÈFGTGP FG5KUVGOCUEW[COKUKÎPGUP CRQTVCTCNNQITQ 6GEPQNQIÈCU FG +PHQTOCEKÎP [ GN WUQ FG NQU QDLGVKXQU [ OGVCU FG NC KPUVKVWEKÎP C OCUKXQ FG NCU 6GEPQNQIÈCU FG VTCXÃU FG NC CFQREKÎP FG PWGXCU VGEPQNQIÈCU KPHQTOCEKÎP GP GN %QPITGUQ FG NC KPHQTO¶VKECU GN FGUCTTQNNQ FG UKUVGOCU FG 4GRÕDNKECQ KPHQTOCEKÎP [ NC KORNGOGPVCEKÎP FG PWGXCU JGTTCOKGPVCU[UGTXKEKQUKPHQTO¶VKEQURCTCNQU ÎTICPQU RCTNCOGPVCTKQU [ RCTC NCU WPKFCFGU FGN5GTXKEKQRCTNCOGPVCTKQFGNIQDKGTPQQ P GN %QPUGLQ 0CEKQPCN FG NC /CIKUVTCVWTC P+PEQTRQTCT GP NC GUVTWEVWTC FGN FGHKPGP UW OKUKÎP PCRQ[CT NC )GUVKÎP +PUVKVW %QPUGLQ WPC QHKEKPC FG +PHQTO¶VKEC EKQPCN CWVQOCVKCPFQ NC KPHQTOCEKÎP EQP HWPEKQPGU FGHKPKFCU TGEWTUQU TGNCEKQPCFC EQP NQU RTQEGUQU FG UGNGEEKÎP [ JWOCPQU ECNKHKECFQU [ RTQXKUVC FG PQODTCOKGPVQ TCVKHKECEKÎP [ FGUVKVWEKÎP FG GSWKRQU OQFGTPQU *CTFYCTG EQP LWGEGU [ HKUECNGU CUÈ EQOQ NCU FG ECT¶EVGT UQHVYCTG CFGEWCFQ C NCU PGEGUKFCFGU CFOKPKUVTCVKXQ HWPEKQPCN 6CODKÃP GU GN FG FGNCQTICPKCEKÎPQ UGTXKT FG UQRQTVG VÃEPKEQ [ FG ECRCEKVCEKÎP CN RGTUQPCN FG NC KPUVKVWEKÎP RCTC GN CFGEWCFQ HWPEKQPCOKGPVQFGNQUCRNKECVKXQUKPHQTO¶VKEQUQ +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKEC
  18. 18. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU GHKPGPEQOQ/KUKÎP ;EQOQ8KUKÎP PU WP FGRCTVCOGPVQ EW[C IGUVKÎP GUVC PN 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 PU 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$+%#%+¦00.#14)#0+#%+¦0 .C )GTGPEKC FG 5KUVGOCU QEWRC FKHGTGPVGU WDKECEKQPGU GP NC GUVTWEVWTC QTICPKCEKQPCNFGNCUKPUVKVWEKQPGU N %QOQÎTICPQUFGNÈPGC N %QOQÎTICPQUFGCRQ[Q[SWGFGRGPFGPFGNC,GHCVWTC N %QOQÎTICPQUFGCRQ[QSWGFGRGPFGPFGNC5GETGVCTKC)GPGTCN N %QOQ¶TGCUSWGFGRGPFGPFGEQOKUKQPGU N %QOQ¶TGCSWGFGRGPFGFG#FOKPKUVTCEKÎP N %QOQ¶TGCSWGFGRGPFGFGNC)GTGPEKCFG#FOKPKUVTCEKÎP[2TGUWRWGUVQ N %QOQ¶TGCSWGFGRGPFGFGNC1HKEKPCFG#FOKPKUVTCEKÎP[(KPCPCU N %QOQ¶TGCSWGFGRGPFGFGNC)GTGPEKCFGGUCTTQNNQG+PXGUVKICEKÎP +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+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.)4065+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 2WGFGPGUVCTHQTOCFQUGPECTTGTCUFGKPIGPKGTÈCGPGURGEKCNUKUVGOCUGNGEVTÎPKEC 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 +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+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 +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+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 /DVSUHVLRQHVGHFRUWR 3URYRFDQGRUHVSXHVWDVSODQWHDQXHYRVGHVDItRVD SOD]ROOHJDQSRUWRGRV QRLQWHJUDGDV ODVLQVWLWXFLRQHV ORVIUHQWHV FRRUGLQDGDV W 6HURUJDQL]DFLRQHVFDGDYH]PiV W 3REODFLyQTXHGHPDQGDSRUXQD W 3URHFWRVLQGHSHQGLHQWHVTXH W UHDURIUHFHUVHUYLFLRV FRPSHWLWLYDV JHVWLyQPDVHILFLHQWHGHO(VWDGR W )DOWD GHGHILQLFLyQSDUD IXQFLRQDQFRPR³LVODV´ FRPRSULQFLSDOSURYHHGRUGH VHUYLFLRV W 3UREOHPDVSUHVXSXHVWDOHVTXH RULHQWDGRVDOFLXGDGDQR LPSOHPHQWDUORVVHUYLFLRVHQOtQHD W 2SWLPL]DUORVSURFHVRVLQWHUQRVGH HBJRELHUQR
  22. 22. FRPRSULRULGDGSDUD W 2WURVSDLVHVHVWDQWRPDQGROD HQIUHQWDQODVRUJDQL]DFLRQHV W DWHQGHUPHMRUDOFLXGDGDQR W 0DQHMDUDVSHFWRVGHFXOWXUD ODRUJDQL]DFLyQ 3HQVDUTXHODV7,VHVHOILQQR W 3URFHGLPLHQWRVTXHQRDSRDQOD GHODQWHUD W 3DUiOLVLVPLHGRDSUREDU XQPHGLR LQIRUPiWLFDGHFDPELR RUJDQL]DFLRQDO W $GRSWDUQXHYDVWHFQRORJtDVH W $OWDURWDFLyQGHUHFXUVRV LPSOHPQHWDFLyQGHODV7,V H[SHULPHQWDUQXHYRVPRGHORVR DSURYHFKDUORVPRGHORV W $GPLQLVWUDUORVULHVJRV LQWHJUDUODDODH[LVWHQWH H[LVWHQWHVHQHOPHUFDGR W $GRSWDUSURHFWRVSRUTXHORV KXPDQRV W 0HMRUDUODVFDSDFLGDGHVKXPDQDV W )DOWDGHVLVWHPDWL]DFLyQHQHO GHPiVORHVWiQKDFLHQGR HQODVRUDJQL]DFLRQHV DQiOLVLVGHULHVJRV +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKEC
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  24. 24. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 4%74515564#6)+# UVTCVGIKCQTICPKCEKQPCN KTGEEKÎPGUVTCVÃIKECFGNCHWPEKÎPFG6+ 2QNÈVKECU[GUVTCVGIKCUFG6+ 2NCPKHKECEKÎP[RTGUWRWGUVQFG6+24510#5 2QNÈVKECUFGTGEWTUQUJWOCPQU 2GTUQPCNVÃEPKEQKPHQTO¶VKEC 7UWCTKQU6%01.1)+# KTGEEKÎP[XKUKÎPGUVTCVÃIKEC #TSWKVGEVWTCJCTFYCTG[UQHVYCTG +PHTCGUVTWEVWTCFGEQORWVCEKÎP[EQOWPKECEKQPGU5+56/#5 /QFGNQFGCRNKECEKQPGU /QFGNQFGFCVQUGKPHQTOCEKÎP )GUVKÎPFGNCFGOCPFCKPUCVKUHGEJC241%515 GHKPKEKÎPTQNGU[TGURQPUCDKNKFCFGU KUGÌQQTICPKCEKQPCN #FOKPKUVTCEKÎPFGRTQ[GEVQU GNKXGT[FGUGTXKEKQU #P¶NKUKU[FKUGÌQUQHVYCTG GUCTTQNNQUQHVYCTG +ORNGOGPVCEKÎPFGUKUVGOCU /CPVGPKOKGPVQFGUQHVYCTG #UGIWTCOKGPVQFGECNKFCF #FOKPKUVTCEKÎPFGFCVQU #FOKPKUVTCEKÎPFGUGIWTKFCF 1RGTCEKQPGUFCVCEGPVGT 1RGTCEKQPGUTGURCNFQU[EQPVKPIGPEKCU 1RGTCEKQPGUVGNGEQOWPKECEKQPGU )GUVKÎPFGEQPVTCVQUQWVUQWTEKPI %QPVTQNFGIGUVKÎP 5QRQTVG[*GNRGUM7P CURGEVQ HWPFCOGPVCN GU SWG NCU GUVTCVGIKCU FG VGEPQNQIÈCU FG KPHQTOCEKÎPFGDGPGUVCTCNKPGCFCUCNCUGUVTCVGIKCURNCPVGCFCURQTNCKPUVKVWEKÎP2CTCXGTEQOQXC NC TGNCEKÎP FG NQU GLGEWVKXQU [ NCU IGTGPEKCU FG 6GEPQNQIÈCU FG KPHQTOCEKÎPTGXKUCTGOQUCNIWPCUKPXGUVKICEKQPGU +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+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[RGTOCTVPGVGUVC56JVON UG JCEG WPC EQORCTCEKÎP GPVTG GN +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKEC
  26. 26. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCUKPVGTÃUFGNQU)GTGPVGUFG6GEPQNQIÈCUFG KPHQTOCEKÎP[NQU)GTGPVGU)GPGTCNGUFGNCUQTICPKCEKQPGUQDVGPKÃPFQUGNQUUKIWKGPVGUTGUWNVCFQU +PVGTÃUFGN +PVGTÃUFGN ¶TGCU )GTGPVGFG6+ )GTGPVG)GPGTCN $WUKPGUU 5GIWTKFCF #FOKPKUVTCEKÎP[#NOCEGPCOKGPVQFGFCVQU %QPUWNVQTGUQ#UGUQTGUUVTCVÃIKEQU #RNKECEKQPGUFGECTCCNENKGPVG +PHTCGUVTWEVWTCFG4GFGU[5KUVGOCU 2TQXGGFQTGUFG5GTXKEKQ[1WVUQWTEKPI #RNKECEKQPGURCTC1RGTCEKQPGU+PVGTPCU #FOKPKUVTCEKÎPFGTGFGU[UKUVGOCU /QXKNKFCF [TGFGUKPCN¶ODTKECU %QPXGTIGPEKCFKIKVCNPGNEWCFTQUGQDUGTXCSWGGNITCFQFGKORQTVCPEKCFGNQUVGOCUGPWPPKXGN[GNQVTQ UQP FKHGTGPVGU 5KP GODCTIQ RQFGOQU CRTGEKCT SWG GN KPVGTÃU RTKPEKRCN FGN)GTGPVGFG6+GUFGUCTTQNNCTGNGADWUKPGUU [GNFGN)GTGPVG)GPGTCNGUGNKPVGTÃURQTNCUCRNKECEKQPGUFGECTCCNENKGPVGP WP GUVWFKQ FG )CTVPGT: JVVRFGNVCJ[RGTOCTVPGVGUVC56JVON CDTKN C O¶U FG FKTGEVQTGU FG VGEPQNQIÈCU FG KPHQTOCEKÎP NCU RTKQTKFCFGUHWGTQP NCDQTCTGUVTCVGIKCURCTCKPVGITCTNQUPGIQEKQUEQPNCVGEPQNQIÈCKPHQTO¶VKEC 2TQXGGTNKFGTCIQ[IWÈCCNCCNVCFKTGEEKÎP[NCUIGTGPEKCUFGNÈPGC GOQUVTCTGNXCNQTFGNCUVGEPQNQIÈCUFGKPHQTOCEKÎPRCTCNCQTICPKCEKÎP GUCTTQNNCTGNGSWKRQCFOKPKUVTCVKXQFGVGEPQNQIÈCUFGKPHQTOCEKÎP 4GFWEEKÎPFGNEQUVQVQVCNFGNCUVGEPQNQIÈCUFGKPHQTOCEKÎP #LWUVCTRTQEGUQUFGRTKQTKCEKÎP[CFOKPKUVTCEKÎPFGRTQ[GEVQU #LWUVCTOGFKFCUFGUGIWTKFCF[RTKXCEKFCF +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+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 +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+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$054.15)40655+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#.+#524510#.5$604 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 CNQU2TQITCOCULGEWVKXQUFG)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 +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+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 GHGEVKXCGPEWCPVQCNQUEQUVQUFGNQUUGTXKEKQUVGEPQNÎIKEQURGLGZRNQVCPFQ 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#%64 56+%#5.15)40655+56/#5 2CTC CUWOKT NQU PWGXQU TGVQU SWG NG RNCPVGC GN FGUCTTQNNQ FG NCU 6+%U GN PWGXQ )GTGPVGFG5KUVGOCUVCPVQGPGNUGEVQTRÕDNKEQEQOQGPGNRTKXCFQFGDGVGPGT EKGTVCUECTCEVGTÈUVKECUSWGFGUETKDKTGOQUCEQPVKPWCEKÎP +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+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 EQOWPKECFQTHKLCFQTFGQDLGVKXQUGUVKOWNCPVGLWUVQGPVTGQVTQUNNÈFGTGP 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[GGPGNNCN)GTGPVGFG 5KUVGOCU GU GN ÕPKEQ IGTGPVG CRCTVG FGN )GTGPVG )GPGTCN SWG TGSWKGTG VGPGT WP OCPGLQ CORNKQ [ RTQHWPFQ FG VQFQU NQU RTQEGUQU FG NC QTICPKCEKÎPCFGO¶UVKGPGSWGUCDGTFGVGEPQNQIÈCGUVTGCUFGTGNCEKQPCOKGPVQKPVGTRGTUQPCN .QU)GTGPVGUFG5KUVGOCUUWGNGPVGPGTRGTUQPCNKFCFGUPGURGEKCNGUQNQEWCN PQ NQU HCXQTGEG HTGEWGPVGOGPVG JCDNCPFGNPEQORWVÎNQIQQ EQOQCNIWKGP KPECRC FG TGNCEKQPCTUG JWOCPCOGPVG C WP PKXGN CNVQ [ OGPQU CÕP PPCXGICTQ DKGPGPNCRQNÈVKECKPVGTPCQCVTCXÃUFGNQUFKXGTUQURTQEGUQUFG NCQTICPKCEKÎP +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+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 [ EWORNKTUKGORTGEQPNQRNCPKHKECFQRNCQURTGUWRWGUVQHWPEKQPCNKFCFGU 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 +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+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 +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKEC
  33. 33. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+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¶DKVQUECODKQFGRCTCFKIOCUEQORQTVCOKGPVQSWGCFQRVCOQUCPVGWPCWQVTCUKVWCEKÎP.C OC[QTÈC FG NCU RGTUQPCU VGPGOQU NC ECRCEKFCF FG KPVWKT SWG PWGUVTQEQORQTVCOKGPVQ VCPVQ C PKXGN NCDQTCN EQOQ GP NC XKFC RTKXCFC RQFTÈC OGLQTCT GPOWEJQU CURGEVQU RCTC NQITCT NQU KFGCNGU SWG UG GURGTC 5KP GODCTIQ UÎNQ RQECURGTUQPCUEQPQEGPNCOCPGTCFGEQPUGIWKTNQ5VGRJGP%QXG[GZRQPGENCTCOGPVGGPUWNKDTQWPOÃVQFQEGTVGTQ[GHKEKGPVGFGPQOKPCFQP.QU*¶DKVQUFGNCIGPVG#NVCOGPVGHGEVKXCQGUVQGUCRNKECDNGKIWCNOGPVGCNQU)GTGPVGUFG5KUVGOCU.QU UKGVG J¶DKVQU NQ OWGXGP RTQITGUKXCOGPVG UQDTG WP EQPVKPWC OCFWTG FGUFG NCFGRGPFGPEKCJCEKCNCKPFGRGPFGPEKC[JCUVCNCKPVGTFGRGPFGPEKC.C FGRGPFGPEKC GU GN RCTCFKIOC FGN 6Õ VÕ EWKFCU FG OÈ [Q VG EWNRQ C VK RQT NQUTGUWNVCFQUGVE.CKPFGRGPFGPEKCGUGNRCTCFKIOCFGN[Q[QRWGFQJCEGTGUVQ[QUQ[TGURQPUCDNG.CKPVGTFGRGPFGPEKCGUGNRCTCFKIOCFGPQUQVTQUPQUQVTQURQFGOQUJCEGTNQPQUQVTQURQFGOQUETGCT *$+615 5%4+2%+¦0 14+06#1#2TQCEVKXKFCF C NC NKDGTVCF RCTC GUEQIGT PWGUVTC TGURWGUVC 200%+# HTGPVGCEWCNSWKGTGUVÈOWNQFGNOGFKQCODKGPVG #WOGPVCT EQPUKFGTCDNG HCEWNV¶PFQPQU RCTC TGURQPFGT FG CEWGTFQ C OGPVG PWGUVTC PWGUVTQURTKPEKRKQU[XCNQTGU CWVQEQPHKCPC NNGICPFQ C%QOGPCT EQPQEGT RTQHWPFC [ *CEGRQUKDNGSWGPWGUVTCUXKFCUVGPICPTCÎPFG EQP WPHKP UKIPKHKECVKXCOGPVG PWGUVTC UGT[CSWGPQURGTOKVGETGCTNCXKUKÎPFGNQSWG GPOGPVG PCVWTCNGC XCNQTGU [ SWGTGOQU NQITCT FKTKIKGPFQ PWGUVTCU CEEKQPGUC RTQRKC ECRCEKFCF FG NQ SWG XGTFCFGTCOGPVG GU UKIPKHKECVKXQ GP CRQTVCEKÎP GP GN UGPVKFQ PWGUVTCUXKFCU FG PWGUVTC KFGPVKFCFUVCDNGEGT 2TKQTKC PWGUVTQ VKGORQ C NCU CEVKXKFCFGU SWG KPVGITKFCF CWVQEQPVTQN [ RTKOGTQNQ XGTFCFGTCOGPVGFCPUGPVKFQCPWGUVTCUXKFCU ECRCEKFCFCWVQFKTGEVKXC RTKOGTQ2GPUCTGP 2GTOKVG GUVCDNGEGT GN DCNCPEG GPVTG PWGUVTQU +0200%+# ICPCT[ QDLGVKXQU[NQUQDLGVKXQUFGNQUFGO¶UNQITCPFQ GUEWDTKT NKDGTCT [ ICPCT GN DKGP EQOÕP JCDKGPFQ FGUCTTQNNCFQ WPC OGLQTCT NCU DWGPCU OGPVCNKFCFFGCDWPFCPEKCOCVGTKCN[GURKTKVWCN TGNCEKQPGU JCEKÃPFQNCU #UKOKUOQ EWCPFQ PWGUVTC FGVGTOKPCEKÎP UG O¶U RTQHWPFCU UÎNKFCU [ DCNCPEGCCNCEQPUKFGTCEKÎPRCTCEQPNQUFGO¶U ETGCVKXCU NQITCOQU UGPVCT NCU DCUGU RCTC NC EQPXKXGPEKC [ NCGSWKFCFGPVTGNQUUGTGUJWOCPQU +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKEC
  35. 35. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU *$+615 5%4+2%+¦0 14+06#1# $WUEC U NC GUGPEKC CN TGURGVQ RQT NQU FGO¶U [ RTKOGTQ EQPUVKVW[G NC ENCXG FG NCU TGNCEKQPGU JWOCPCU EQORTGPFGT GHGEVKXCU SWG PQU QTKGPVCCNNGICTCCEWGTFQUFG [FGURWÃUUGT VKRQICPCTICPCT EQORTGPFKFQ 5KPGTIKCT U GN TGUWNVCFQ FG EWNVKXCT NC JCDKNKFCF [ NC CEVKVWF FG XCNQTCT NC FKXGTUKFCF RGTHKNCPFQ JGTTCOKGPVCUD¶UKECUEQOQGNVTCDCLQGPGSWKRQ [NCKPPQXCEKÎP.CUÈPVGUKUFGKFGCUFKXGTIGPVGU RTQFWEG KFGCU OGLQTCU [ UWRGTKQTGU C NCU KFGCU KPFKXKFWCNGU #HKNCTNC UV¶ TGHGTKFC C NC ECRCEKFCF SWG VGPGOQU RCTC +064200%+# UKGTTC TGPQXCTPQU HÈUKEC OGPVCN [ GURKTKVWCNOGPVG %CTICT GPGTIÈCU RCTC RGTOKVKÃPFQPQU GUVCDNGEGT WP DCNCPEG GPVTG KPVGTPCNKCTRTQHWPFCOGP VQFCUNCUFKOGPUKQPGUFGPWGUVTQUGTCHKPFGUGT VG [ TGPQXCT NQU UGKU GHGEVKXQU GP NQU FKHGTGPVGU TQNGU SWG RTKOGTQU J¶DKVQU F¶PFQ FGUGORGÌCOQUGPPWGUVTCUXKFCU PQU GN UGPVKFQ FG WPC XGTFCFGTC KPFGRGPFGPEKC [ ECRCEKFCF RCTC NC KPVGTFGRGPFGPEKCGHGEVKXC 24+/4*$+6154241#%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 OGLQTGUTGEWTUQURCTCUGTWUCFQUGPNCUOGLQTGUQRQTVWPKFCFGUUCUGIWTKFCFGP 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 +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKEC
  36. 36. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCUNCUEKTEWPUVCPEKCURQTNCUEQPFKEKQPGURQTGNCODKGPVG.CURGTUQPCURTQCEVKXCUUG OWGXGP RQT XCNQTGU EWKFCFQUCOGPVG OGFKVCFQU UGNGEEKQPCFQU GKPVGTPCNKCFQU 6CODKÃPUGXGPKPHNWKFCURQTGUVÈOWNQUGZVGTPQUHÈUKEQUUQEKCNGUÎRUKEQNÎIKEQU 2GTQ UW TGURWGUVC EQPUEKGPVG Î KPEQPUEKGPVG GU WPC GNGEEKÎP QTGURWGUVCDCUCFCGPXCNQTGU.QSWGPQUFCÌCOWEJQO¶UFGNQSWGPQUUWEGFGGUPWGUVTQRGTOKUQPWGUVTQEQPUGPVKOKGPVQCNQSWGPQUUWEGFG# EQPVKPWCEKÎP UG RTGUGPVC WP 6GUV SWG RWGFG UGT WVKNKCFQ RCTC JCEGTUG WPCCWVQGXCNWCEKÎP PECFCRWPVQGPWOGTCFQCEQPVKPWCEKÎP /GFKCPC KPFKSWGGPSWGOGFKFCFGUETKDGEÎOQ /W[DKGP 2QEQ 0CFC OGPVGDKGP 7FUGEQORQTVC‹#EGRVCUNQKPGURGTCFQ!‹6KGPGUWPC FKURQUKEKÎPEQPUVCPVGRCTCGPHTGPVCTNQU TGVQU!‹GUVKNCUGKTTCFKCUWPGPVWUKCUOQSWGVG RGTOKVGNNGICTFGNQDWGPQCNQGZEGREKQPCN!m‹#EVÕCUEQPUGIWTKFCF[FGVGTOKPCEKÎPRCTC NQITCTVWURTQRÎUKVQU!‹6GCPVKEKRCUCNCUPGEGUKFCFGUSWGVW CEVKXKFCFNCDQTCNVGRTGUGPVC!‹6GUKGPVGUSWGGTGUQRWGFGUUGTWPNÈFGT RQUKVKXQRCTCVWGSWKRQQITWRQ!‹6GOQVKXCDWUECTQETGCTPWGXQU[OGLQTGU GUEGPCTKQU!‹6GRNCPVGCUQREKQPGU!‹2KGPUCUEQPHTGUEWTC[UKPOKGFQEQOQNQ JCTÈCWPRTKPEKRKCPVGCDKGTVQCNQSWGXC UWTIKGPFQ[ FGUEWDTKGPFQ!‹2NCPKHKECUEQPQDLGVKXKFCF[JQPGUVKFCFNC OCPGTCFGECODKCTVWURTQ[GEVQUGPECUQFG SWGNQUJGEJQUPQEQPEWGTFGPEQPNQ RTQITCOCFQ!‹6GCFGNCPVCU[VKGPGUUKGORTGWPRNCPFG EQPVKPIGPEKC!‹6GEQPEGPVTCU[NQITCUFGHKPKT[EQPQEGTVWU HQTVCNGCU[PQÕPKECOGPVGVWUFGDKNKFCFGU!‹.QITCUEQPEGPVTCTVQFCUVWUGPGTIÈCUGP CSWGNNQSWGFGDGUWEGFGTHKL¶PFQVGOGVCU RQUKVKXCU[XKUWCNKCPFQEQPÃZKVQGNHWVWTQ FGVWUCEVQU! +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKEC
  37. 37. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU PECFCRWPVQGPWOGTCFQCEQPVKPWCEKÎP /GFKCPC KPFKSWGGPSWGOGFKFCFGUETKDGEÎOQ /W[DKGP 2QEQ 0CFC OGPVGDKGP 7FUGEQORQTVC ‹TGUECRCFGTGEQTFCTVWUVTKWPHQURCUCFQU EWCPFQNCKPEGTVKFWODTGVGCVQTOGPVC! ‹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*$+61%1/0#4%1070(+00.#/06 UVG J¶DKVQ UG DCUC GP SWG RTKOGTQ JC[ WPC ETGCEKÎP OGPVCN [ NWGIQ WPC ETGCEKÎPHÈUKECRQTNQSWGUGFGDGKPKEKCTEQPNCKOCIGPGNEWCFTQQGNRCTCFKIOC FG XKFC EQOQ OCTEQ FG TGHGTGPEKC Î ETKVGTKQ RCTC GN GZCOGP FG VQFCU NCU QVTCU EQUCU 2QT SWG UÎNQ UGTGOQU XGTFCFGTCOGPVG GHGEVKXQU EWCPFQ GORGEGOQU EQP WPHKPGPOGPVGCRGUCTFGGUVCTOW[CVCTGCFQU[UGTOW[GHKEKGPVGU 7PGPWPEKCFQFGNCOKUKÎPRGTUQPCNGORGCTEQPWPHKPGPNCOGPVGEQPUKUVGGP GNCDQTCTWPGPWPEKCFQFGNCOKUKÎPHKNQUQHÈCÎETGFQURGTUQPCNGUUGEGPVTCGPNQ SWGWPQSWKGTGUGT[JCEGT[GPNQUXCNQTGUQRTKPEKRKQUSWGFCPHWPFCOGPVQCN UGT[JCEGT .C OKUKÎP Q EQPUVKVWEKÎP RGTUQPCN GP NQ HWPFCOGPVCN PPWPEC ECODKCQ 2CTC GUETKDKTWPGPWPEKCFQFGNCOKUKÎPRGTUQPCNVGPGOQUSWGGORGCTGPGNEGPVTQ OKUOQ FG PWGUVTQ EÈTEWNQ FG KPHNWGPEKC GU CNNÈ FQPFG VQOCOQU EQPVCEVQ EQP PWGUVTC XKUKÎP [ PWGUVTQU XCNQTGU GU CNNÈ FQPFG WUCOQU PWGUVTC ECRCEKFCF FG CWVQEQPEKGPEKC %WCPFQQTICPKCOQUPWGUVTQURCTCFKIOCUD¶UKEQURCTCRQPGTNQUGPCTOQPÈCEQP RTKPEKRKQUEQTTGEVQUETGCOQUWPEGPVTQGHGEVKXQSWGPQUFCRQFGT[WPCÎRVKECC VTCXÃU FG NC EWCN RQFGOQU XGT GN OWPFQ .C OKUKÎP GP PWGUVTC XKFC PQ NC KPXGPVCOQU UÎNQ NC FGVGEVCOQU 0WGUVTC CWVQEQPEKGPEKC PQU RGTOKVG GZCOKPCT PWGUVTQURTQRKQURGPUCOKGPVQU7PCDWGPCCHKTOCEKÎPVKGPGEKPEQECTCEVGTÈUVKECU D¶UKECU GU RGTUQPCN GU RQUKVKXC GUV¶ GP VKGORQ RTGUGPVG GU XKUWCN [ GU GOQEKQPCN2QTGLGORNQGNGPWPEKCFQFGNCOKUKÎPUGEQPXKGTVGGPGNOCTEQFG TGHGTGPEKCRCTCRGPUCT[IQDGTPCTNCHCOKNKC +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKEC
  38. 38. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 64%4*$+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 XQNWPVCFKPFGRGPFKGPVGNEQOÕPFGPQOKPCFQTFGVQFCUNCURGTUQPCUFGÃZKVQGU PGORGCTRQTNQRTKOGTQQ #SWÈWPOÃVQFQRCTCOCPGLCTGNVKGORQCFGEWCFCOGPVG N 2NCPKHKECT*CEGTWPCNKUVCFGQDLGVKXQUCEWORNKTVQO¶PFQUGWPQUOKPWVQU FKCTKQUUVQRQFTÈCUKIPKHKECTNGCJQTTQFGJQTCUGPUGOCPCU 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+050 )#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 +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+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%1/2404;.7)154%1/240+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 +PUVKVWVQ0CEKQPCNFGUVCFÈUVKECG+PHQTO¶VKEC

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