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  5. 5. ÅÅÅ^^^TTTYYYSSSUUU 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 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 333QQQ```dddeee___ 999 *** 999^^^dddbbb___TTTeeeSSSSSSYYY†††^^^ 'P GN RCÈU GN SWG NKFGTC NC IGUVKÎP FG NQU TGEWTUQU KPHQTO¶VKEQU C PKXGN FG NCU QTICPKCEKQPGU RÕDNKECU [ RTKXCFCU TGEKDG FKHGTGPVGU FGPQOKPCEKQPGU ,GHG FG KPHQTO¶VKEC KTGEVQT FG +PHQTO¶VKEC ,GHG FG 1TICPKCEKÎP [Q OÃVQFQU G +PHQTO¶VKECKTGEVQTC6ÃEPKECFGNCQHKEKPC6ÃEPKECFG+PHQTO¶VKECKTGEVQTFG 'UVCFÈUVKECG+PHQTO¶VKECGPVTGQVTCUGKIWCNOCPGTCGNPQODTGFGNCU¶TGCUGP NCUSWGUGWDKECPTGEKDGPFKHGTGPVGUFGPQOKPCEKQPGURCTCGNRTGUGPVGFQEWOGPVQ PQUTGHGTKTGOQUEQOQ)GTGPVGFG5KUVGOCU 'P TGNCEKÎP CN NWICT SWG QEWRCP GP NC GUVTWEVWTC LGT¶TSWKEC NC )GTGPEKC FG 5KUVGOCU GUV¶ WDKECFC GP FKHGTGPVGU PKXGNGU GP CNIWPQU ECUQU EQOQ ¶TGC FG CRQ[Q GP QVTQU ECUQU FGRGPFGP FGN ¶TGC FG #FOKPKUVTCEKÎP Q FGRGPFGP FKTGEVCOGPVGFGNO¶ZKOQPKXGNQ,GHCVWTC 'PEWCPVQUGTGHKGTGCNPÕOGTQFGRGTUQPCNCUWECTIQRCTCEWORNKTEQPUWOKUKÎP ÃUVCFGRGPFGT¶FGNCEQORNGLKFCFFGNCQTICPKCEKÎP[GNPÕOGTQFGRTQ[GEVQU RWGFGVGPGTFGUFGJCUVCWPITCPPÕOGTQFGEQNCDQTCFQTGU .QURTQHGUKQPCNGUGURGEKCNKUVCUGPVGEPQNQIÈCUFGKPHQTOCEKÎP[EQOWPKECEKQPGU EQPECT¶EVGTFGPQODTCFQQFGPRNCPVCQ GPNCUQTICPKCEKQPGURÕDNKECUUQPOW[ RQEQU GP UW ITCP OC[QTÈC NCU KPUVKVWEKQPGU EQPVTCVCP RGTUQPCN RCTC RTQ[GEVQU GURGEÈHKEQU/WEJQUGURGEKCNKUVCULÎXGPGUUGKPKEKCPGPNCCEVKXKFCFRÕDNKECNWGIQ FGJCDGTCFSWKTKFQEKGTVCGZRGTKGPEKCUGKPEQTRQTCPEQPHCEKNKFCFGPGNUGEVQT RTKXCFQRQTSWGNQUUWGNFQUUQPO¶UCVTCEVKXQU[RQTSWGNGUQHTGEGPFGUCTTQNNQ RTQHGUKQPCN[ENKOCQTICPKCEKQPCN GGUVCTGCNKFCFFGRGPFGNCIGUVKÎPFGNQUTGEWTUQUKPHQTO¶VKEQUTCÎPRQTNCSWG GN TGURQPUCDNG FG IGUVKQPCT NCU 6GEPQNQIÈCU FG +PHQTOCEKÎP [ %QOWPKECEKQPGU 6+%UGPWPCQTICPKCEKÎPRÕDNKECQRTKXCFCFGDGFGVGPGTEKGTVCUECTCEVGTÈUVKECU JCDKNKFCFGU[FGUVTGCUEQPQEKOKGPVQU[CUWOKTWPPWGXQTQNRTQVCIÎPKEQ 'N KPETGOGPVQXGTVKIKPQUQ FG NCU VGEPQNQIÈCU FG KPHQTOCEKÎP [EQOWPKECEKQPGU GUVCECODKCPFQNCHQTOCFGJCEGTNCUEQUCUGNVTCDCLQPGIQEKQUGPVTGVGPKOKGPVQ RQTNQSWGNQU)GTGPVGUFG5KUVGOCUPQRWGFGPVTCDCLCTGPEGTTCFQUFGVT¶UFGWPC ECLC FG ETKUVCN LWPVQ C NCU ITCPFGU OCKPHTCOGU [ OKPKEQORWVCFQTCU [ UGIWKT UKGPFQEQPUKFGTCFQUNQUSWGGLGEWVCPCEEKQPGURTQEGUCPFQFCVQU[CTTGINCPFQNCU EQORWVCFQTCU[GZKIKGPFQSWGUGCPGZRGTVQUGPGNOCPGLQFGUQHVYCTGUKPVGPGT RCTVKEKRCEKÎPGPNCUFGEKUKQPGUGUVTCVÃIKECUSWGVQOCPUWUQTICPKCEKQPGU *Q[GPFÈCNCHWPEKÎPFGN)GTGPVGFG5KUVGOCUPQGUO¶UUQNQGUEQIGTGNOGLQT EQORWVCFQT UQHVYCTG KORTGUQTC [ CFGO¶U UCDGT FGVGEPQNQIÈCUKPQVGPGTNCU
  8. 8. )WÈC FGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ 0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 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)GTGPVGFG5KUVGOCUGUSWKGPFGDGNNGICT[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 KPUVKVWEKQPGUFGN'UVCFQGPGNSWGUGFGDGQRVKOKCTGNWUQFGNQUGUECUQUTGEWTUQU FGN'UVCFQEQPXKTVKÃPFQUGGPGNUQRQTVGD¶UKEQFGNCVGEPQNQIÈCGZKUVGPVGGPNC 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 FGNPGIQEKQFGUWQTICPKCEKÎPRCTCSWGRWGFCFGUGORGÌCTWPDWGPTQN'URQT GNNQNCKORQTVCPEKCSWGNCLGTCTSWKCEKÎPFGNECTIQRCTCSWGUGGPEWGPVTGO¶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¶ODKVQFGDGUCDGTGZRNKECT[PXGPFGTQ CUWURCTGUGPNCQTICPKCEKÎPNQU 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[QTGUPFCÌQUQ FGDG UCDGT UGNGEEKQPCT[EQPVTCVCTDWGPQURTQXGGFQTGUFGUGTXKEKQUECFCXGO¶UFKHÈEKNGUFG GPEQPVTCT [ PGIQEKCT EQPFKEKQPGU SWG FGLGP C VQFQU UCVKUHGEJQU [ HKPCNOGPVG UCDGT CFOKPKUVTCT [ FKTKIKT RTQ[GEVQU FG KORNGOGPVCEKÎP VGEPQNÎIKEC OWEJCU XGEGUFGITCPGPXGTICFWTC
  9. 9. )WÈC FGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC ‹'ZKUVG TGCNOGPVG GUVGPUWRGTOCPQ! ‹%ÎOQ UG GPEWGPVTC RTGRCTCFQ WUVGF RCTC GUVGFGUCHÈQ! 'UKORQTVCPVGTGEQPQEGTSWGGN)GTGPVGFG5KUVGOCUUGJCEG[PQPCEG[RCTC GPHTGPVCT OGLQT NQU FGUCHÈQU SWG KORQPG NC EQORNGLKFCF CEVWCN VCPVQ QTICPKCEKQPCNEQOQVGEPQNÎIKECJC[SWGCRQ[CTUGGPOGVQFQNQIÈCUEQPEGRVQU [FGUVTGCUSWGGUV¶PCUWCNECPEG'NQDLGVKXQRTKPEKRCNFGGUVCIWÈCGUDTKPFCTWP EQPLWPVQFGVKRUQWPPOCPWCNFGUWRGTXKXGPEKC[FGUCTTQNNQQ RCTCGN)GTGPVGFG 5KUVGOCU
  10. 10. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  11. 11. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 333QQQ```dddeee___ 999999 *** 777UUUbbbUUU^^^SSSYYYQQQ TTTUUU CCCYYYcccdddUUU]]]QQQccc 5+67#%+¦0#%67#. .CUQTICPKCEKQPGURÕDNKECUOQFGTPCUTGSWKGTGPFGNCGLGEWEKÎPUKUVGO¶VKECFG CEVKXKFCFGU SWG VKGPFCP C GNGXCTNC ECRCEKFCF VÃEPKEC NQU EQPQEKOKGPVQU [ NCU FGUVTGCU FGN RGTUQPCN [ C FGUCTTQNNCT UW RQVGPEKCN RCTC QEWRCT RQUKEKQPGU FG TGURQPUCDKNKFCFETGEKGPVG.CHQTOCEKÎPRGTOCPGPVGGUWPCXÈCRCTCFGUCTTQNNCT TGEWTUQUJWOCPQUSWGCUWOCPTGURQPUCDKNKFCFGU[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 [GNEWORNKOKGPVQFGNCUHKPCNKFCFGUFGECFCGPVKFCF[FGNCCFOKPKUVTCEKÎPGP IGPGTCN 3WGUGUKGPVCPEQORTQOGVKFQUEQPNCIGUVKÎPRÕDNKECQTKGPVCFCCTGUWNVCFQUEQP GN OGLQTCOKGPVQ FG NCU TGNCEKQPGU 'UVCFQEKWFCFCPQ [ EQP NC ECNKFCF GP NC RTGUVCEKÎP FGN UGTXKEKQ FKURWGUVQU C CIKNKCT NQU RTQEGUQU VT¶OKVGU [ RTQEGFKOKGPVQUCTGEQPQEGTNCKORQTVCPEKCFGNCKPHQTOCEKÎPQRQTVWPCRCTCNC 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
  12. 12. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 'PECFCWPCFGGUVCUUGPVGPEKCUGNTQNFGN)GTGPVGFG5KUVGOCUGUKPJGTGPVGGU SWKGP FGDG EQPFWEKT NQU RTQEGUQU FG TGKPIGPKGTÈC OGLQTCOKGPVQ FG RTQEGUQU KORNGOGPVCTOÃVQFQURCTCOGFKTNCECNKFCFFGNQUUGTXKEKQU[RTQFWEVQUSWGUG QHTGEGPVCPVQCPKXGNKPVGTPQEQOQGZVGTPQFGNCKPUVKVWEKÎP 7PCIGUVKÎPRÕDNKECVTCPURCTGPVG 'PNCTGNCEKÎPGPVTGNQUEKWFCFCPQU[NCURGTUQPCUCNUGTXKEKQFGN'UVCFQUGRWGFG IGPGTCT EQTTWREKÎP EWCPFQ GP DGPGHKEKQ RTQRKQ UG KIPQTCP Q VTCKEKQPCP NQU RTKPEKRKQUFGKIWCNFCFOQTCNKFCFKORCTEKCNKFCFRWDNKEKFCFTGURQPUCDKNKFCF[ VTCPURCTGPEKCSWGFGDGPTGIKTGPNCHWPEKÎPCFOKPKUVTCVKXCCVTCXÃUFGNEWCNUG 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 5KUVGOCUUQPNQUNNCOCFQUCKPKEKCTWPRTQEGUQFGECODKQFG 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 5KCPCNKCOQUNCUKVWCEKÎPCEVWCNFGNC#FOKPKUVTCEKÎP2ÕDNKECQDUGTXCTGOQUNC PGEGUKFCF FG KPEQTRQTCT WPC UGTKG FG OÃVQFQU [ RTQEGFKOKGPVQU QTKGPVCFQU CN OGLQTCOKGPVQFGRTQEGUQURTQEGUQUFGTGKPIGPKGTÈCEQPVCTEQPNQUUGTXKEKQUFG
  13. 13. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 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+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC+0'+GPGNRGTÈQFQUGVKGODTG [ CDTKN NNGXÎ C ECDQ NC 'PEWGUVC FG 4GEWTUQU +PHQTO¶VKEQU FG #FOKPKUVTCEKÎP2ÕDNKEC.QUTGUWNVCFQUFGNCGPEWGUVCTGHNGLCPNCUKVWCEKÎPGPNC SWGUGGPEWGPVTCPNCU)GTGPEKCUFG5KUVGOCU 'NRGTUQPCNKPHQTO¶VKEQSWGUGRWFQEQPVCDKNKCTGUFGFGNQUEWCNGU GURGTUQPCNPQODTCFQ[EQPVTCVCFQNQUEWCNGUCUWXGUGFKUVTKDW[GPFGNC UKIWKGPVGOCPGTCRGTUQPCNKPHQTO¶VKEQEQPECTIQFKTGEVKXQUQPPQODTCFQU[ EQPVTCVCFQU CPCNKUVCU UQP PQODTCFQU [ UQP EQPVTCVCFQU RTQITCOCFQTGU PQODTCFQU [ EQPVTCVCFQU CWZKNKCTGU UG VKGPGP PQODTCFQU[EQPVTCVCFQU[HKPCNOGPVGPQVTQRGTUQPCNKPHQTO¶VKEQQ FGNQU EWCNGUUQPPQODTCFQU[EQPVTCVCFQU +564+$7%+¦0'.2'4510#.+0(14/6+%1'0.# #/+0+564#%+¦02­$.+%# (WGPVG+0'+602+8'04+#2 .CRTQRQTEKÎPSWGGZKUVGGPVTGRGTUQPCNKPHQTO¶VKEQPQODTCFQ[EQPVTCVCFQGU FGN[TGURGEVKXCOGPVG'UVCUKVWCEKÎPCOGTKVCGURGEKCNGXCNWCEKÎP 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 3URJUDPDGRU $X[LOLDU $QDOLVWD 'LUHFWLYR 2WURV
  14. 14. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC # PKXGN FGUEGPVTCNKCFQ GZKUVG GUECUG FG RTQHGUKQPCNGU GP VGEPQNQIÈCU FG KPHQTOCEKÎPEQOQGUGNECUQFGNQUIQDKGTPQUNQECNGU[EQOQTGUWNVCFQGNDCLQ FGUCTTQNNQKPHQTO¶VKEQGPNCSWGÃUVCUUGGPEWGPVTCPTCÎPRQTNCSWGHTGPVGCWP RTQEGUQ FG FGUEGPVTCNKCEKÎP NQU NKFGTGU FG NCU FKHGTGPVGU QTICPKCEKQPGU IWDGTPCOGPVCNGUCNKPVGTKQTFGNRCÈUVGPFT¶PSWGGUVCTO¶UUGPUKDKNKCFQUEQPNCU XGPVCLCU SWG QHTGEG NCU 6GEPQNQIÈCU FG KPHQTOCEKÎP GP CRQ[Q FG UW IGUVKÎP [ EQOQ NCU )GTGPEKCU FG 5KUVGOCU FGDGP TGURQPFGT C NQU PWGXQU TGVQU RCTC NC KPVGTEQPGZKÎP GKPVGITCEKÎPFGNQUUKUVGOCUFGN'UVCFQ 2CTVG FGN RGTUQPCN VÃEPKEQ [Q RTQHGUKQPCN SWG VTCDCLC GP CEVKXKFCFGU FG VGEPQNQIÈCU FG KPHQTOCEKÎP GPNC#FOKPKUVTCEKÎP2ÕDNKEC GURGEKCNOGPVGGPNCU 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 UWITCPOC[QTÈCFGPQOKPCFQPRWGUVQFGEQPHKCPCQ UWHTGPECODKQUGPHWPEKÎPCNQUECODKQUFG/KPKUVTQUQ,GHGUKPUVKVWEKQPCNGU5G GURGTCSWGGPGNOCTEQFGNCOQFGTPKCEKÎPFGN'UVCFQ[EQPNCTGXCNQTKCEKÎPFG NC ECTTGTC RÕDNKEC GUVC UKVWCEKÎP OGLQTG FCPFQ OC[QT GUVCDKNKFCFC NCU ¶TGCU VÃEPKECUFGNCUQTICPKCEKQPGU %QPUKFGTCPFQ NC RTQDNGO¶VKEC GZKUVGPVG GU KORQTVCPVG SWG GN )GTGPVG FG 5KUVGOCUFGNUGEVQTRÕDNKEQEQPVKPÕGEQPQRVKOKUOQ[CUWOCGNTGVQFGUGTWP CIGPVGFGECODKQGPUWQTICPKCEKÎP[FGWPVTCDCLQEQQTFKPCFQEQPNCUFGO¶U QTICPKCEKQPGURCTCCVGPFGTPGEGUKFCFGUEQOWPGU 7PFCVQSWGGUKORQTVCPVGEQOGPVCTGUSWGUGIÕPNC+8'04+#2GNFGNQU VTCDCLCFQTGU FG NCU GPVKFCFGU RÕDNKECU VKGPGP CEEGUQ C +PVGTPGV GUVQ UG RWGFG KPVGTRTGVCT EQOQ NCU TGUVTKEEKQPGU FG CEEGUQ RQT RCTVG FG OC[QT RCTVG FG NCU KPUVKVWEKQPGUCUWUVTCDCLCFQTGUGUWPCURGEVQCUGTCDQTFCFQEQPGNQDLGVKXQFG EWNVWTKCT GP GN WUQ FG NCU VGEPQNQIÈCU FG KPHQTOCEKÎP C NC OC[QT RCTVG FG VTCDCLCFQTGUNCDTGEJCFKIKVCNFGDGCEQTVCTUGGPGNUGEVQTRÕDNKEQ7PCNKOKVCEKÎP RCTCNQEQOGPVCFQRWGFGUGTGNNKOKVCFQCPEJQFGDCPFCRCTCCEEGUCTC+PVGTPGV RQTRCTVGFGDWGPPÕOGTQFGVTCDCLCFQTGU MDRUGPGNFGKPUVKVWEKQPGU [EQP-$25 G QVTQ NCFQ CN JCEGT WP CP¶NKUKU FG NC KPHQTOCEKÎP RTQXGPKGPVG FG NQU 2NCPGU QRGTCVKXQUFG+PHQTO¶VKECFGNGPNC#FOKPKUVTCEKÎP2ÕDNKECRQFGOQUNKUVCT CNIWPCU FG NCU HQTVCNGCU FGDKNKFCFGU [ COGPCCU GP VQTPQ C NQU TGEWTUQU JWOCPQUFGN¶TGCFGKPHQTO¶VKEC
  15. 15. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC (QTVCNGCU GDKNKFCFGU #OGPCCU 0QEQPVCTEQPRGTUQPCNRCTC HQTOWNCTUQHVYCTG +PUVKVWEKQPGUEQP OC[QTGUVGEPQNQIÈCU RQTEQPVCTEQP TGEWTUQURTQRKQU[WPC CFGEWCFCCVGPEKÎPFG NQUFKTGEVKXQU 4GEWTUQU*WOCPQU ECNKHKECFQU[EQPCORNKC GZRGTKGPEKC +FGPVKHKECEKÎPFGNRGTUQPCN EQPNCKPUVKVWEKÎP +PUWHKEKGPEKCFGRGTUQPCN KPHQTO¶VKEQRCTCNCU TGRTGUGPVCEKQPGUFGHGPUQTKCNGU 0QUGEWGPVCPEQPRTQITCOCUFG ECRCEKVCEKÎPCNRGTUQPCN (CNVCFGNÈPGCUFG ECTTGTCRCTCRGTUQPCN FGVGEPQNQIÈCUFG KPHQTOCEKÎP 2TGFKURQUKEKÎPFGN RGTUQPCNFGNC1HKEKPC FG 5KUVGOCUCNECODKQ (CNVCFGRGTUQPCNGURGEKCNKCFQ ENCUKHKECFQRQTUGTXKEKQ4GFGU[ %QOWPKECEKQPGU$CUGUFGFCVQU 5QRQTVGVÃEPKEQGPGNUKVKQ FGUCTTQNNQFGUKVKQU9'$ +FGPVKHKECEKÎPFGNRGTUQPCN EQPNCKPUVKVWEKÎP[EQP ITCPGPVWUKCUOQ 'UECUQURTQITCOCUFGECRCEKVCEKÎP 2GTUQPCNKFGPVKHKECFQEQP NCQTICPKCEKÎP #NVCTQVCEKÎPFGRGTUQPCNGP WPKFCFGUQRGTCVKXCU[FGCRQ[Q[ SWGTGSWKGTGFGECRCEKVCEKÎP EQPUVCPVG +PGUVCDKNKFCF.CDQTCN (CNVCFGECRCEKVCEKÎP[ TGOWPGTCEKQPGUPQFGCEWGTFQEQP NCHWPEKÎP[RWGUVQFGUKIPCFQ 2GTUQPCNFKTGEVKXQ[ VÃEPKEQEQPCORNKC GZRGTKGPEKC 2GTUQPCNKFGPVKHKECFQEQP NCKPUVKVWEKÎP .KOKVCEKQPGUGPNCEQPVTCVCEKÎPFG TGEWTUQUJWOCPQURCTCGN FGUCTTQNNQFGRTQ[GEVQU #NVCTQVCEKÎPFGRGTUQPCN 2GTUQPCNEQPGZRGTKGPEKC GPNQURTQEGUQUFGNC KPUVKVWEKÎP 2GTUQPCNKFGPVKHKECFQEQP NCKPUVKVWEKÎP 4GOWPGTCEKQPGUTGVTCUCFCUEQP TGNCEKÎPCNOGTECFQ %CTGPEKCFGWPRNCPFG ECRCEKVCEKÎP +PCFGEWCFCKPHTCGUVTWEVWTC HWPEKQPCN $CLQRTGUWRWGUVQ CVGPVCEQPVTCWPOGLQT PKXGNVGEPQNÎIKEQ 'ZRGTKGPEKCFGNRGTUQPCN FGN¶TGCFGKPHQTO¶VKECGP KORNGOGPVCTOQFGTPQU UKUVGOCUFGIGUVKÎPEQP VGEPQNQIÈCUFGRWPVCJC RGTOKVKFQQDVGPGTXGPVCLCU EQORGVKVKXCURCTC FGUCTTQNNCTEQPUWNVQTÈCU 'NFGNCHWGTCNCDQTCNTGCNKC OCPVGPKOKGPVQFGUCTTQNNQFGNQU UKUVGOCUQRGTCEKÎP[GLGEWEKÎPFG NQUUKUVGOCUFGRTQFWEEKÎPGUVC EQORWGUVQRQTRGTUQPCNFGNQU UGTXKEKQUFGVGTEGTQU *C[RTGUGPEKCFG TKGUIQFGFGUGTEKÎP FGNRGTUQPCN ECNKHKECFQRQTGN GUSWGOC TGOWPGTCVKXQOGPQT CNOGTECFQNCDQTCN KPHQTO¶VKEQ
  16. 16. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC (QTVCNGCU GDKNKFCFGU #OGPCCU 2GTUQPCNFKTGEVKXQ[ VÃEPKEQEQPCORNKC GZRGTKGPEKCGPGNTCOQFG VGEPQNQIÈCUFGKPHQTOCEKÎP [EQPQEKOKGPVQFGNUGEVQT 4QVCEKÎPFGNRGTUQPCNRQT FKURQUKEKQPGURQNÈVKECU 'UECUCECRCEKFCFFGTGVGPEKÎPFGN RGTUQPCN $WGPCFKURQUKEKÎPFGN RGTUQPCNFGKPHQTO¶VKEC RCTCNQITCTNQUQDLGVKXQU VTCCFQU )TCPKFGPVKHKECEKÎPFGN RGTUQPCNFGKPHQTO¶VKEC 0QGZKUVGWPRNCPFGECRCEKVCEKÎP [FGUCTTQNNQRTQHGUKQPCNGPNC KPUVKVWEKÎP +FGPVKHKECEKÎPFGNRGTUQPCN EQPNCKPUVKVWEKÎP (CNVCFGRTQITCOCUFG ECRCEKVCEKÎPCEQTFGCNQUECODKQU FGNCVGEPQNQIÈC +FGPVKHKECEKÎPFGNRGTUQPCN EQPNCKPUVKVWEKÎP 2GTUQPCNECNKHKECFQ #NVCOQXKNKFCFFGRGTUQPCNFG FGUCTTQNNQFGUKUVGOCU 'UECUQUEWTUQUFGECRCEKVCEKÎP RCTCGNRGTUQPCNKPHQTO¶VKEQ +ORQUKDKNKFCFFG EQPVTCVCTRGTUQPCN CFKEKQPCNRCTCEWORNKT GPHQTOCQRQTVWPCNCU PGEGUKFCFGUFG CWVQOCVKCEKÎPFG RTQEGUQUPQ EQPUKFGTCFQUGPGN 2NCPQRGTCVKXQ +PHQTO¶VKEQCPWCN 2GTUQPCNFKTGEVKXQ[ VÃEPKEQEQPCORNKC GZRGTKGPEKC +FGPVKHKECEKÎP[ EQORTQOKUQFGNRGTUQPCN EQPNCKPUVKVWEKÎP (CNVCFGTGEWTUQUFGRGTUQPCNGPNC 1HKEKPCFG+PHQTO¶VKEC 'UECUCQRQTVWPKFCFFG ECRCEKVCEKÎPCNRGTUQPCN 'PTGUWOGPRQFGOQUQDUGTXCTSWGGZKUVGWPCHQTVCNGCEQOÕPGPNQUTGEWTUQU EQPNQUSWGEWGPVCPNCU)GTGPEKCUFG+PHQTO¶VKECNCKFGPVKHKECEKÎPFGNRGTUQPCN EQPNCKPUVKVWEKÎPHTGPVGCNCFGDKNKFCFFGHCNVCFGRGTUQPCN[NCKORQUKDKNKFCFFG EQPVCTEQPOCUTGEWTUQUWPCCNVCTQVCEKÎPFGRGTUQPCN[GUECUCQRQTVWPKFCFFG ECRCEKVCEKÎPCNRGTUQPCN 2CTCXGTEQOQUGEQPEKDGCEVWCNOGPVGNCU)GTGPEKCUFG5KUVGOCUUGJCVQOCFQFG NQU RNCPGU QRGTCVKXQU [ VTCPUETKVQ EQOQ FGHKPGP NC OKUKÎP [ NC XKUKÎP GP NC #FOKPKUVTCEKÎP2ÕDNKECSWGUGFGUETKDGCEQPVKPWCEKÎP ','/2.15'/+5+¦0;8+5+¦0'.#)'4'0%+#'5+56'/#5 #EQPVKPWCEKÎPXGCOQUEQOQCNIWPCUQTICPKCEKQPGUJCPFGHKPKFQNCOKUKÎP[ XKUKÎP
  17. 17. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC GHKPGPEQOQ/KUKÎP ;EQOQ8KUKÎP P RTQRQTEKQPC CRNKECEKQPGU FG VGEPQNQIÈC FG KPHQTO¶VKEC [ UQRQTVG VÃEPKEQ FG CNVC ECNKFCF SWG C[WFGP C NC KPUVKVWEKÎP C RTQOQXGT WPC EWNVWTC FG JQPGUVKFCF [ VTCPURCTGPEKCGPNCIGUVKÎPRÕDNKECQ PDTKPFCTNCUJGTTCOKGPVCUVÃEPKECU SWGRGTOKVGPQRVKOKCTGN HWPEKQPCOKGPVQFGNUKUVGOC0CEKQPCN FG%QPVTQNGPDCUGCNCQRQTVWPKFCF [OQFGTPKFCFQ P RQPGT CN UGTXKEKQ FG NCU FKHGTGPVGU WPKFCFGU QTI¶PKECU NCU VGEPQNQIÈCU FG KPHQTOCEKÎP NQU TGEWTUQU JWOCPQU [ NCU JGTTCOKGPVCU OGVQFQNÎIKECU SWG NGU RGTOKVKT¶P EWORNKT NC OKUKÎP KPUVKVWEKQPCNQ P EQPUKFGTCP SWG GN FGUCHÈQ FG NQU NKFGTGUKPHQTO¶VKEQUSWGIGTGPEKCPNC KPHQTOCEKÎP GU RWGU GPEQPVTCT JGTTCOKGPVCU VGEPQNÎIKECU IGPGTCT KFGCU KPPQXCFQTCU [ RTQOQXGT CEVKVWFGU RTQCEVKXCU FG NQU CIGPVGU RTQVCIÎPKEQUFGNQUITCPFGUECODKQUQ P .CRNCPKHKECEKÎPQTICPKCEKÎP[GLGEWEKÎP FG NCU CEVKXKFCFGU XKPEWNCFCU EQP NCU VGEPQNQIÈCU [ UKUVGOCU FG KPHQTOCEKÎP UG GPECTIC FG RTQ[GEVQU KPHQTO¶VKEQU [ FG NCU QRGTCEKQPGU PGEGUCTKCU RCTC NNGXCT CECDQ FKEJQU RTQ[GEVQU CFOKPKUVTC NC RNCVCHQTOC VGEPQNÎIKECFGNCKPUVKVWEKÎPDTKPFCUGTXKEKQU KPHQTO¶VKEQU[GNUQRQTVGEQTTGURQPFKGPVGFG VQFQU NCU CEVKXKFCFGU CFOKPKUVTCVKXCU [ EQVKFKCPCUFGNCKPUVKVWEKÎPICTCPVKCPFQGN TGURGVQCNCXQNWPVCFFGNGNGEVQT[NQUXCNQTGU FGNKORKGCVTCPURCTGPEKC[JQPGUVKFCFQ P.C)GTGPEKCFG+PHQTO¶VKECGUECRC FG WVKNKCT NC VGEPQNQIÈC FG WNVKOC IGPGTCEKÎP RCTC RTQRQTEKQPCT GN EÎORWVQFGTGUWNVCFQUFGNQURTQEGUQU GNGEVQTCNGU GP HQTOC GHKEKGPVGEQPHKC DNG[QRQTVWPCIGPGTCPFQEQPHKCPC[ VTCPURCTGPEKC GP NC EKWFCFCPÈC #UÈ OKUOQ CFOKPKUVTC VQFQU NQU TGEWTUQU KPHQTO¶VKEQU [ RTQRQPG [ GLGEWVC NQU RTQ[GEVQUSWGUKORNKHKECPNQURTQEGUQU CFOKPKUVTCVKXQUFGRNCPGCOKGPVQ[FG GXCNWCEKÎP FG IGUVKÎP KPUVKVWEKQPCN SWG KFGPVKHKECP C NC KPUVKVWEKÎP EQOQ WPCFGNCUO¶UGHKEKGPVGU[OQFGTPCUQ 'P QVTC KPUVKVWEKÎP EWGPVCP EQP GN GRCTVCOGPVQFGGUCTTQNNQ[/CPVGPKOKGPVQ FG5KUVGOCUEW[COKUKÎPGUP CRQTVCTCNNQITQ FG NQU QDLGVKXQU [ OGVCU FG NC KPUVKVWEKÎP C VTCXÃUFGNCCFQREKÎPFGPWGXCUVGEPQNQIÈCU KPHQTO¶VKECU GN FGUCTTQNNQ FG UKUVGOCU FG KPHQTOCEKÎP [ NC KORNGOGPVCEKÎP FG PWGXCU JGTTCOKGPVCU[UGTXKEKQUKPHQTO¶VKEQURCTCNQU ÎTICPQU RCTNCOGPVCTKQU [ RCTC NCU WPKFCFGU FGN5GTXKEKQRCTNCOGPVCTKQFGNIQDKGTPQQ 'UVC KPUVKVWEKÎP CFGO¶U FGHKPG UW XKUKÎPP EQOQWPQTICPKUOQNÈFGTGP 6GEPQNQIÈCUFG+PHQTOCEKÎP[GNWUQ OCUKXQ FG NCU 6GEPQNQIÈCU FG KPHQTOCEKÎP GP GN %QPITGUQ FG NC 4GRÕDNKECQ 'P GN %QPUGLQ 0CEKQPCN FG NC /CIKUVTCVWTC FGHKPGP UW OKUKÎPPCRQ[CT NC )GUVKÎP +PUVKVW EKQPCN CWVQOCVKCPFQ NC KPHQTOCEKÎP TGNCEKQPCFC EQP NQU RTQEGUQU FG UGNGEEKÎP [ PQODTCOKGPVQ TCVKHKECEKÎP [ FGUVKVWEKÎP FG LWGEGU [ HKUECNGU CUÈ EQOQ NCU FG ECT¶EVGT CFOKPKUVTCVKXQ HWPEKQPCN 6CODKÃP GU GN FG UGTXKTFGUQRQTVGVÃEPKEQ[FGECRCEKVCEKÎPCN RGTUQPCN FG NC KPUVKVWEKÎP RCTC GN CFGEWCFQ HWPEKQPCOKGPVQFGNQUCRNKECVKXQUKPHQTO¶VKEQUQ P+PEQTRQTCT GP NC GUVTWEVWTC FGN %QPUGLQ WPC QHKEKPC FG +PHQTO¶VKEC EQP HWPEKQPGU FGHKPKFCU TGEWTUQU JWOCPQU ECNKHKECFQU [ RTQXKUVC FG GSWKRQU OQFGTPQU *CTFYCTG EQP UQHVYCTGCFGEWCFQCNCUPGEGUKFCFGU FGNCQTICPKCEKÎPQ
  18. 18. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC GHKPGPEQOQ/KUKÎP ;EQOQ8KUKÎP P'U WP FGRCTVCOGPVQ EW[C IGUVKÎP GUVC QTKGPVCFC C EQPVTKDWKT GP GN WUQ FG NCU 6GEPQNQIÈCU OQFGTPCU FG +PHQTOCEKÎP GP CRQ[QCNQUQDLGVKXQUKPUVKVWEKQPCNGUQ P'N FGRCTVCOGPVQ FG KPHQTO¶VKEC OCPVKGPG UW NKFGTCIQ RQT NC GZEGNGPEKC FG UWU UGTXKEKQU [ UQUVGPKFCKPPQXCEKÎP6GEPQNÎIKECQ .C )GTGPEKC FG +PHQTO¶VKEC FG WPC GORTGUC FGUGTXKEKQUFGHKPGUWOKUKÎPEQOQPDTKPFCT UGTXKEKQU KPHQTO¶VKEQU EQP UQNWEKQPGU KPVGITCNGUWVKNKCPFQNCOGLQTVGEPQNQIÈCRCTC UCVKUHCEGT EQORGVKVKXCOGPVG NCU PGEGUKFCFGU FG PWGUVTQU ENKGPVGU GP GN OCPGLQ FG NC KPHQTOCEKÎPQ P5GT NÈFGTGP CUGUQTÈC [ EQPUWNVQTÈC KPHQTO¶VKECFGGORTGUCUFG5GTXKEKQU 2ÕDNKEQUCPKXGN0CEKQPCNCNQ P.C )GTGPEKC FG 5KUVGOCU GU GN ÎTICPQ GPECTICFQ FG RNCPKHKECT QTICPKCT FKTKIKT [ GXCNWCT NC CRNKECEKÎP TCEKQPCN FG NCU VGEPQNQIÈCU FG KPHQTOCEKÎP XKIGPVGU GP NC KPUVKVWEKÎP 5W OKUKÎP +ORNKEC GN CFGEWCFQ WUQ [ CRTQXGEJCOKGPVQ FG NQU TGEWTUQU KPHQTO¶VKEQU RCTC NC QRVKOKCEKÎP FG NCU CEVKXKFCFGU UGTXKEKQU QRVKOKCEKÎP FG RTQEGUQU[ QDVGPEKÎP T¶RKFC FG KPHQTOCEKÎP RCTC NC VQOC FG FGEKUKQPGU FG NCU FGO¶U IGTGPEKCU OGFKCPVG GN FGUCTTQNNQ KORNCPVCEKÎP [ UWRGTXKUKÎP FGN EQTTGEVQ HWPEKQPCOKGPVQ FG NQU UKUVGOCU [ EQOWPKECEKQPGUQ P'U NC VCTGC FG NC )GTGPEKC FG 5KUVGOCU GN CRQ[CT [ RTQRKEKCT NC OQFGTPKCEKÎPKPUVKVWEKQPCNOGFKCPVG GN WUQ [ CRNKECEKÎP TCEKQPCN FG NCU 6GEPQNQIÈCUFGKPHQTOCEKÎPXKIGPVGU 0WGUVTC XKUKÎP EQPVGORNC GN FGUCTTQNNCT CEEKQPGU RCTC NC QRVKOKCEKÎP EQPVKPWC FG NQU RTQEGUQU [ RTQEGFKOKGPVQU FG NC KPUVKVWEKÎP CUÈ EQOQ RTQRWIPCT RQT GN FGUCTTQNNQ [ GORNGQ FG CRNKECEKQPGU C ECRCU [ GN WUQ KPVGPUKXQ FG EQTTGQ GNGEVTÎPKEQ KPVTC [GZVTCKPUVKVWEKQPCNQ 2QFGOQUQDUGTXCTSWGGNITCPEQORQPGPVGFGNCFGHKPKEKÎPGUGNVGEPQNÎIKEQ[GP OW[RQEQUECUQUGNEQORQPGPVGFGNXGTFCFGTQTQNSWGFGDGCUWOKTNC)GTGPEKC FG5KUVGOCU 7$+%#%+¦0'0.#14)#0+#%+¦0 .C )GTGPEKC FG 5KUVGOCU QEWRC FKHGTGPVGU WDKECEKQPGU GP NC GUVTWEVWTC QTICPKCEKQPCNFGNCUKPUVKVWEKQPGU N %QOQÎTICPQUFGNÈPGC N %QOQÎTICPQUFGCRQ[Q[SWGFGRGPFGPFGNC,GHCVWTC N %QOQÎTICPQUFGCRQ[QSWGFGRGPFGPFGNC5GETGVCTKC)GPGTCN N %QOQ¶TGCUSWGFGRGPFGPFGEQOKUKQPGU N %QOQ¶TGCSWGFGRGPFGFG#FOKPKUVTCEKÎP N %QOQ¶TGCSWGFGRGPFGFGNC)GTGPEKCFG#FOKPKUVTCEKÎP[2TGUWRWGUVQ N %QOQ¶TGCSWGFGRGPFGFGNC1HKEKPCFG#FOKPKUVTCEKÎP[(KPCPCU N %QOQ¶TGCSWGFGRGPFGFGNC)GTGPEKCFGGUCTTQNNQG+PXGUVKICEKÎP
  19. 19. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 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 FG5KUVGOCUFGÎTICPQFG NÈPGCRCUCTNQCWPCWPKFCFFGDCLQFGGNNC'LGORNQ RCUCT FG WPC 1HKEKPC )GPGTCN C WPC 1HKEKPC 'LGEWVKXC FG OGPQT PKXGN SWG GN CPVGTKQTQGPCNIWPCUKPUVKVWEKQPGUPQEWGPVCPGPUWGUVTWEVWTCEQPWPCIGTGPEKC FGKPHQTO¶VKEC /+5+¦0'.)'4'06''5+56'/#5 2QFGOQUFGHKPKTNCOKUKÎPFGN)GTGPVGFG5KUVGOCUEQOQGNFGPRTQXGGTNCXKUKÎP VGEPQNÎIKEC [ OCPVGPGT GN NKFGTCIQ GP GN FGUCTTQNNQ G KORNCPVCEKÎP FG KPKEKCVKXCU GP OCVGTKC FG CRNKECEKÎP FG NCU 6GEPQNQIÈCU FG KPHQTOCEKÎP [ %QOWPKECEKQPGUSWGOCP VGPICPGNNKFGTCIQFGNCQTICPKCEKÎPGPWPGPVQTPQ ECODKCPVGGKPVGPUCOGPVGEQORGVKVKXQ 3 'N )GTGPVG FG 5KUVGOCU GU WP GLGEWVKXQ SWG QEWRC WPC RQUKEKÎP ENCXG GP NC QTICPKCEKÎPGUGNTGURQPUCDNGFGNCURQNÈVKECUFGVGEPQNQIÈCUFG+PHQTOCEKÎP[ EQOWPKECEKQPGU[FGNCNKPGCOKGPVQFGNCUGUVTCVGIKCUFG6+%UEQPNCUGUVTCVGIKCU KPUVKVWEKQPCNGU 0QTOCNOGPVG NC )GTGPEKC FG 5KUVGOCU GUVC WDKECFQ GP NC UGFG RTKPEKRCN FG NC QTICPKCEKÎP [ C PKXGN FGUEGPVTCNKCFQ VKGPG EQQTFKPCFQTGU Q IGTGPEKCUTGIKQPCNGU 'PIGPGTCNNQU)GTGPVGUFG5KUVGOCUUQPRTQHGUKQPCNGUEQPPKXGNFGRQUVITCFQ[ OWEJCGZRGTKGPEKCGP6GEPQNQIÈCUFG+PHQTOCEKÎPCFOKPKUVTCEKÎPFGGORTGUCU[ IGUVKÎPFGPGIQEKQU 2WGFGPGUVCTHQTOCFQUGPECTTGTCUFGKPIGPKGTÈC GPGURGEKCNUKUVGOCUGNGEVTÎPKEC Q FG VGNGEQOWPKECEKQPGU EKGPEKCU FG EQORWVCEKÎP OCVGO¶VKEC 7PQ FG NQU TGSWKUKVQU GU NC EQPUVCPVG CEVWCNKCEKÎP [ EQPQEKOKGPVQU FG KPINGU VÃEPKEQ GU KPFKURGPUCDNG #UÈOKUOQFGDGPVGPGTEQPQEKOKGPVQUFGFKP¶OKECQTICPKCEKQPCNRNCPGCOKGPVQ GUVTCVÃIKEQEQPVCDKNKFCFIGTGPEKCNOCVGO¶VKECUHKPCPEKGTCHKPCPCUEQTRQTCVKXCU OCTMGVKPIIGUVKÎPFGTGEWTUQUJWOCPQUIGTGPEKCFGQRGTCEKQPGUGPVTGQVTQU
  20. 20. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 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 #EVWCTTGEÈRTQECOGPVGEQPNQUWUWCTKQUKPVGTPQU[GZVGTPQURCTCCUGIWTCTNC 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
  21. 21. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC FGFCVQUCNIGTGPVGEW[CRTKPEKRCNTGURQPUCDKNKFCFGUGNOCPGLQFG NCKPHQTOCEKÎP [PQFGDGRGPUCTSWG N .CVGEPQNQIÈCFGKPHQTOCEKÎPPQIGPGTCFKHGTGPEKCU N 'UKPUWRGTCDNGSWGNCUFKXGTUCUIGTGPEKCUFGNCQTICPKCEKÎPUGTGUKUVCPCN ECODKQ N .CU6GEPQNQIÈCUFG+PHQTOCEKÎPGUFKHÈEKNFGCFOKPKUVTCT N .QUVÃEPKEQUUQPSWKGPGU FGEKFGP N 7PCXKUKÎPFGEQTVQRNCQGUNQO¶UKORQTVCPVG N .CUVGEPQNQIÈCUFGKPHQTOCEKÎPUQPUÎNQWPECODKQVÃEPKEQ[PQ QTICPKCEKQPCN 'PECODKQFGDGVGPGTRTGUGPVGGP N 5GTGNRTKPEKRCNKORWNUQTFGNECODKQ[GLGTEGTGNNKFGTCIQGPNCU6+%U N 3WGNCUFGEKUKQPGUFG6GEPQNQIÈCUFGKPHQTOCEKÎPPQFGDGPGUVCTFKXQTEKCFCU FGNQUPGIQEKQU N 'UVCTFKURWGUVQCEQOGVGTGTTQTGU N #UWOKTWPPWGXQTQNRCTCGN¶TGCFGUKUVGOCU N 'NECODKQGORKGCRQTWPCPWGXCHQTOCFGRGPUCT 'UKORQTVCPVGQDUGTXCTGNUKIWKGPVGEWCFTQ (OHQWRUQRRUJDQL]DFLRQDO SODQWHDQXHYRVGHVDItRVD ODVLQVWLWXFLRQHV /DVSUHVLRQHVGHFRUWR SOD]ROOHJDQSRUWRGRV ORVIUHQWHV 3URYRFDQGRUHVSXHVWDV QRLQWHJUDGDV FRRUGLQDGDV W 3REODFLyQTXHGHPDQGDSRUXQD JHVWLyQPDVHILFLHQWHGHO(VWDGR FRPRSULQFLSDOSURYHHGRUGH VHUYLFLRV W 3UREOHPDVSUHVXSXHVWDOHVTXH HQIUHQWDQODVRUJDQL]DFLRQHV W 2WURVSDLVHVHVWDQWRPDQGROD GHODQWHUD W 3URFHGLPLHQWRVTXHQRDSRDQOD LPSOHPQHWDFLyQGHODV7,V W $OWDURWDFLyQGHUHFXUVRV KXPDQRV W 3URHFWRVLQGHSHQGLHQWHVTXH IXQFLRQDQFRPR³LVODV´ W )DOWD GHGHILQLFLyQSDUD LPSOHPHQWDUORVVHUYLFLRVHQOtQHD HBJRELHUQR
  22. 22. FRPRSULRULGDGSDUD DWHQGHUPHMRUDOFLXGDGDQR W 3HQVDUTXHODV7,VHVHOILQQR XQPHGLR W 3DUiOLVLVPLHGRDSUREDU H[SHULPHQWDUQXHYRVPRGHORVR DSURYHFKDUORVPRGHORV H[LVWHQWHVHQHOPHUFDGR W $GRSWDUSURHFWRVSRUTXHORV GHPiVORHVWiQKDFLHQGR W )DOWDGHVLVWHPDWL]DFLyQHQHO DQiOLVLVGHULHVJRV W 6HURUJDQL]DFLRQHVFDGDYH]PiV FRPSHWLWLYDV W UHDURIUHFHUVHUYLFLRV RULHQWDGRVDOFLXGDGDQR W 2SWLPL]DUORVSURFHVRVLQWHUQRVGH ODRUJDQL]DFLyQ W 0DQHMDUDVSHFWRVGHFXOWXUD LQIRUPiWLFDGHFDPELR RUJDQL]DFLRQDO W $GRSWDUQXHYDVWHFQRORJtDVH LQWHJUDUODDODH[LVWHQWH W $GPLQLVWUDUORVULHVJRV W 0HMRUDUODVFDSDFLGDGHVKXPDQDV HQODVRUDJQL]DFLRQHV
  23. 23. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 6QFQ NQQDUGTXCFQIGPGTCPWGXQUFGUCHÈQUCNQU)GTGPVGUFG5KUVGOCUGNEKENQFG NC VGEPQNQIÈC [ NCU CRNKECEKQPGU GU ECFC XG OCU EQTVQ UKPQ TGEQTFGOQU NCU ITCPFGUOCKPHTCOGUNQUUKUVGOCUFGUCTTQNNCFQUGP%NKRRGT[SWGCWPEQTTGPGP OWEJCUKPUVKVWEKQPGUHTGPVGCNCVGEPQNQIÈCTGEKGPVGGPGNSWGNCOC[QTÈCFGNQU UKUVGOCUGUV¶PDCUCFQUGP+PVGTPGVEQPRQUKDKNKFCFGUFGCRNKECEKQPGU[OCPGLQU FGXQNÕOGPGUFGKPHQTOCEKÎPSWGPQUGGURGTCDCPCÌQUCVT¶U .CU 6+%U UQP RCTVG HWPFCOGPVCN FG NCU GUVTCVGIKCU FG NCU QTICPKCEKQPGU RCTC DTKPFCTWPOGLQTUGTXKEKQQSWGWPPGIQEKQUGCHTWEVÈHGTQ.QUPWGXQUCIGPVGU GZVGTPQU QDNKICP C UCNKTUG FGN GPHQSWG VTCFKEKQPCN JCEKC WPC QTICPKCEKÎP O¶U HNGZKDNG[CFGEWCTUGCNQUPWGXQUECODKQU GQVTQNCFQCNJCDGTUGKPETGOGPVCFQNCEQORNGLKFCFUGTGSWKGTGFGOÃVQFQ[ FKUEKRNKPCFGIGUVKÎPNCUOGVQFQNQIÈCUUQPECFCXGOCUUQHKUVKECFCU[EQORNGVCU [CPQUGRWGFGUGIWKTGPGNFGUQTFGPGKORTQXKUCEKÎPKPUVKVWEKQPCNKCFC%CFC RTQ[GEVQ[¶TGCFG6+%UGUGURGEKCNKCFCRGTQUGRWGFGP[UGFGDGPFGUCTTQNNCT OÃVQFQURCTCJCEGTNCUEQUCUSWGCUGIWTGPGNÃZKVQ .CURTGIWPVCUENCXGUSWGRQFGOQUJCEGTRCTCFGHKPKTWPOÃVQFQUQP N ‹%ÎOQFGHKPKOQUGNRTQDNGOCFGNWUWCTKQ! N ‹%ÎOQGUVCDNGEGOQUNCUOGVCU[QDLGVKXQU[GNUKUVGOCRCTCOGFKTNQU! N ‹%ÎOQVTCDCLCOQUGPEQPLWPVQEQPNQUWUWCTKQU! N ‹%ÎOQNNGXCOQUCECDQNCKPXGUVKICEKÎPFGNRTQDNGOC! N ‹%ÎOQRTGUGPVCOQUPWGUVTQUJCNNCIQU! N ‹%ÎOQKP[GEVCOQUQTKIKPCNKFCFGPGNRTQEGUQ[GPNCIGUVKÎPFKCTKC! N ‹%ÎOQCUGIWTCOQUNCECNKFCFFGUGTXKEKQSWGQHTGEGOQUCPWGUVTQUWUWCTKQU GPVQFQNQSWGJCEGOQU! N ‹%ÎOQCDQTFCOQUNCEQPVTCVCEKÎPFGUGTXKEKQU[EQORTCFGRTQFWEVQU! N ‹%ÎOQCFOKPKUVTCOQUPWGUVTQUTGEWTUQUJWOCPQU! N ‹%ÎOQGZVGPFGOQUGNOÃVQFQJCEKCNQURTQXGGFQTGU[WUWCTKQU! N ‹%ÎOQFKHGTGPEKCOQUPWGUVTQ GPHQSWGRCTCCITGICTXCNQTCNCQTICPKCEKÎP! 7POÃVQFQCFOKPKUVTCTGEWTUQU[ECFCWPQFGNQUGNGOGPVQURNCPVGCFQUGPGN UKIWKGPVGEWCFTQPQURGTOKVKT¶TGURQPFGTCNCUKPVGTTQICPVGURNCPVGCFCUEQOQNQ RQFGOQUXGTGPGNUKIWKGPVGEWCFTQ
  24. 24. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 4'%74515 '564#6')+# 'UVTCVGIKCQTICPKCEKQPCN KTGEEKÎPGUVTCVÃIKECFGNCHWPEKÎPFG6+ 2QNÈVKECU[GUVTCVGIKCUFG6+ 2NCPKHKECEKÎP[RTGUWRWGUVQFG6+ 2'4510#5 2QNÈVKECUFGTGEWTUQUJWOCPQU 2GTUQPCNVÃEPKEQKPHQTO¶VKEC 7UWCTKQU 6'%01.1)+# KTGEEKÎP[XKUKÎPGUVTCVÃIKEC #TSWKVGEVWTCJCTFYCTG[UQHVYCTG +PHTCGUVTWEVWTCFGEQORWVCEKÎP[EQOWPKECEKQPGU 5+56'/#5 /QFGNQFGCRNKECEKQPGU /QFGNQFGFCVQUGKPHQTOCEKÎP )GUVKÎPFGNCFGOCPFCKPUCVKUHGEJC 241%'515 GHKPKEKÎPTQNGU[TGURQPUCDKNKFCFGU KUGÌQQTICPKCEKQPCN #FOKPKUVTCEKÎPFGRTQ[GEVQU GNKXGT[FGUGTXKEKQU #P¶NKUKU[FKUGÌQUQHVYCTG GUCTTQNNQUQHVYCTG +ORNGOGPVCEKÎPFGUKUVGOCU /CPVGPKOKGPVQFGUQHVYCTG #UGIWTCOKGPVQFGECNKFCF #FOKPKUVTCEKÎPFGFCVQU #FOKPKUVTCEKÎPFGUGIWTKFCF 1RGTCEKQPGUFCVCEGPVGT 1RGTCEKQPGUTGURCNFQU[EQPVKPIGPEKCU 1RGTCEKQPGUVGNGEQOWPKECEKQPGU )GUVKÎPFGEQPVTCVQUQWVUQWTEKPI %QPVTQNFGIGUVKÎP 5QRQTVG[*GNRGUM 7P CURGEVQ HWPFCOGPVCN GU SWG NCU GUVTCVGIKCU FG VGEPQNQIÈCU FG KPHQTOCEKÎP FGDGPGUVCTCNKPGCFCUCNCUGUVTCVGIKCURNCPVGCFCURQTNCKPUVKVWEKÎP2CTCXGTEQOQ XC NC TGNCEKÎP FG NQU GLGEWVKXQU [ NCUIGTGPEKCUFG6GEPQNQIÈCUFGKPHQTOCEKÎP TGXKUCTGOQUCNIWPCUKPXGUVKICEKQPGU
  25. 25. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 'P NC IT¶HKEC CFLWPVC RQFGOQU QDUGTXCT NC RTGHGTGPEKC FG NQU GLGEWVKXQU RCTC KPHQTOCTUG FG NQU PWGXQURTQFWEVQU[UGQDUGTXCSWGGN NQJCEGCVTCXÃUFG+PVGTPGVGN CVTCXÃUFGNCUTGXKUVCUGNC VTCXÃU FG NQU RGTKÎFKEQU GN C VTCXÃUFGNC6GNGXKUKÎP[UQNQGNC VTCXÃUFGNCTCFKQ %QPTGNCEKÎPCNPÕOGTQRTQOGFKQFG JQTCURQTUGOCPCWVKNKCPJQTCU RCTC +PVGTPGV JQTCU RQT VGNGXKUKÎP JQTCU RCTC XGT NCU TGXKUVCUKIWCNPÕOGTQFGJQTCURCTC TGXKUCT NQU RGTKÎFKEQU [ GN JQTCU RQTNCTCFKQ 'UVQ UKIPKHKEC SWG GN GPVQTPQ FG NQU IGTGPVGU IGPGTCNGU FG NCU GORTGUCU VCPVQ RÕDNKECUEQOQRTKXCFCU[CPQUQPNQUOKUOQUTCÎPRQTNCSWGGN)GTGPVGFG 5KUVGOCU N 0QVKGPGSWGJCDNCTUÎNQFGVGEPQNQIÈCUKPQSWGFGDGJCDNCTGPWPKFKQOCSWG NGGPVKGPFCGNLGHGFGNCQTICPKCEKÎPRCTCFGGUVCOCPGTCCRQ[CTNCVQOCFG FGEKUKQPGU N GDGRCTVKEKRCTO¶UGPNCQTICPKCEKÎP[GPNCUFGEKUKQPGUGUVTCVÃIKECUSWGUG VQOCPGPNCQTICPKCEKÎP N 2TGQEWRCTUGRQTGNENKOCGZVGTPQFGNCQTICPKCEKÎP N 2TGQEWRCTUGVCODKÃPRQTGNWUWCTKQGZVGTPQFGNCQTICPKCEKÎP N 'UVCTRTGRCTCFQRCTCCUGUQTCTUQDTGNCUÕNVKOCUKPPQXCEKQPGUFGNOGTECFQ N 6GPGTNCUJCDKNKFCFGUFGWPDWGPCFOKPKUVTCFQTUCDGTFGTGEWTUQUJWOCPQU[ FGNCTCÎPFGUGTFGNCQTICPKCEKÎP N /CPGLCTWPQFGNQURTKPEKRCNGUCEVKXQUFGNCQTICPKCEKÎPNCKPHQTOCEKÎP N 6GPGT OC[QT KPVGTCEEKÎP EQP VQFCU NCU ¶TGCU FCFQ C SWG NC VGEPQNQIÈC NQ RQUKDKNKVC 'P WPC GPEWGUVC TGEKGPVG TGCNKCFC RQT +PHQTOCVKQP 9GGM 4GUGCTEJ JVVRFGNVCJ[RGTOCTVPGVGUVC'56JVON UG JCEG WPC EQORCTCEKÎP GPVTG GN
  26. 26. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC KPVGTÃUFGNQU)GTGPVGUFG6GEPQNQIÈCUFG KPHQTOCEKÎP[NQU)GTGPVGU)GPGTCNGU FGNCUQTICPKCEKQPGUQDVGPKÃPFQUGNQUUKIWKGPVGUTGUWNVCFQU 'PGNEWCFTQUGQDUGTXCSWGGNITCFQFGKORQTVCPEKCFGNQUVGOCUGPWPPKXGN[GN QVTQUQPFKHGTGPVGU5KPGODCTIQRQFGOQUCRTGEKCTSWGGNKPVGTÃURTKPEKRCNFGN )GTGPVGFG6+GUFGUCTTQNNCTGNGADWUKPGUU [GNFGN)GTGPVG)GPGTCNGUGNKPVGTÃU RQTNCUCRNKECEKQPGUFGECTCCNENKGPVG 'P WP GUVWFKQ FG )CTVPGT':' JVVRFGNVCJ[RGTOCTVPGVGUVC'56JVON CDTKN C O¶U FG FKTGEVQTGU FG VGEPQNQIÈCU FGKPHQTOCEKÎPNCURTKQTKFCFGU HWGTQP 'NCDQTCTGUVTCVGIKCURCTCKPVGITCTNQUPGIQEKQUEQPNCVGEPQNQIÈCKPHQTO¶VKEC 2TQXGGTNKFGTCIQ[IWÈCCNCCNVCFKTGEEKÎP[NCUIGTGPEKCUFGNÈPGC GOQUVTCTGNXCNQTFGNCUVGEPQNQIÈCUFGKPHQTOCEKÎPRCTCNCQTICPKCEKÎP GUCTTQNNCTGNGSWKRQCFOKPKUVTCVKXQFGVGEPQNQIÈCUFGKPHQTOCEKÎP 4GFWEEKÎPFGNEQUVQVQVCNFGNCUVGEPQNQIÈCUFGKPHQTOCEKÎP #LWUVCTRTQEGUQUFGRTKQTKCEKÎP[CFOKPKUVTCEKÎPFGRTQ[GEVQU #LWUVCTOGFKFCUFGUGIWTKFCF[RTKXCEKFCF +PVGTÃUFGN )GTGPVGFG6+ +PVGTÃUFGN )GTGPVG)GPGTCN ¶TGCU '$WUKPGUU 5GIWTKFCF #FOKPKUVTCEKÎP[#NOCEGPCOKGPVQFGFCVQU %QPUWNVQTGUQ#UGUQTGU'UVTCVÃIKEQU #RNKECEKQPGUFGECTCCNENKGPVG +PHTCGUVTWEVWTCFG4GFGU[5KUVGOCU 2TQXGGFQTGUFG5GTXKEKQ[1WVUQWTEKPI #RNKECEKQPGURCTC1RGTCEKQPGU+PVGTPCU #FOKPKUVTCEKÎPFGTGFGU[UKUVGOCU /QXKNKFCF [TGFGUKPCN¶ODTKECU %QPXGTIGPEKCFKIKVCN
  27. 27. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC '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
  28. 28. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 333QQQ```dddeee___ 999999999*** 333QQQbbbQQQSSSdddUUUbbbcccdddYYYSSSQQQccc TTTUUU ___ccc 777UUUbbbUUU^^^dddUUUccc TTTUUU CCCYYYcccdddUUU]]]QQQccc %1/1'$'05'4.15)'4'06'5'5+56'/#5 .QU)GTGPVGUFG5KUVGOCUFGDGPVGPGTEKGTVCUECTCEVGTÈUVKECU N %QP WPC QTKGPVCEKÎP HWGTVG JCEKC NC RTKPEKRCNTCÎP FG UGT FG NC KPUVKVWEKÎP EQPGZRGTKGPEKCCORNKCGPGNUGEVQTSWGVTCDCLC N GOQUVTCTJCDKNKFCFGURCTCVTCGTDGPGHKEKQUCRNKECPFQ6+%URCTCTGUQNXGTNQU RTQDNGOCUOCPGLQFGEQUVQU[TKGUIQ N 'ZRGTKOGPVCT KFGPVKHKECT [ GXCNWCT NQU PWGXQU FGUCTTQNNQU VGEPQNÎIKEQU [ GXCNWCTUWCFGEWCEKÎPRCTCUWQTICPKCEKÎP N *CDKNKFCFRCTCEQOWPKECTUG[GPVGPFGTNCUPGEGUKFCFGUFGNQUWUWCTKQUGPWP NGPIWCLGUKORNGPQVÃEPKEQ N *CDKNKFCFRCTCEQPEGRVWCNKCTNCPCT[GPVTGICTOÕNVKRNGURTQ[GEVQU6+%UC VKGORQ[FGPVTQFGNRTGUWRWGUVQ N *CDKNKFCFFGKPVGITCTUG EQPGNGSWKRQFGFKTGEEKÎPGZKUVGPVGUKGPFQWPDWGP Q[GPVGWPDWGPEQPUVTWEVQT[WPCDQICFQCTVKEWNCFQFGUWXKUKÎPVGEPQNÎIKEC 37'%7#.+#'52'4510#.'5'$'6'0'4 7P)GTGPVGFG5KUVGOCUFGDGVGPGT %QPFKEKQPGU FG NKFGTCIQ JCDKNKFCFGU FG EQOWPKECEKÎP KPVGTRGTUQPCNGU JCDKNKFCFFGVTCDCLCTGPCODKGPVGFGEQNCDQTCEKÎP[CRTGPFKCLGEQPVKPWQCNVC KPVGITCEKÎP G KPVGNKIGPEKC UGPUKDKNKFCF RQT QVTQU GZEGNGPVG LWKEKQ RGPUCFQT EQPEGRVWCNGUVTCVÃIKEQVCPDWGPQEQOQRTCIO¶VKEQ[WPCJCDKNKFCFRCTCIGPGTCT EQPHKCPC[CNKCPCUGUVTCVÃIKECU 'PLWNKQFGNGPWPCGPEWGUVCFG)GTGPVGUFG5KUVGOCURGTVGPGEKGPVGU CNQU2TQITCOCU'LGEWVKXQUFG)CTVPGTUGRWUKGTQPFGOCPKHKGUVQWPCUVGPFGPEKCU ENCXG GP GN FGUCTTQNNQ FG NC RQUKEKÎP FGN )GTGPVG FG 5KUVGOCU FGPVTQ FG NCU GORTGUCU .CU GORTGUCU GUV¶P EQNQECPFQ GLGEWVKXQU EQP TGURQPUCDKNKFCFGU KORQTVCPVGUGP6+%UGPNQUPKXGNGUO¶UCNVQUFGNCVQOCFGFGEKUKQPGUGLGEWVKXCU )CTVPGT JC EQORTQDCFQ SWG GP NCU GORTGUCU OGFKCPCU [ ITCPFGU GUV¶ GOGTIKGPFQWPPWGXQGUVKNQFGGLGEWVKXQEQPTGURQPUCDKNKFCFGUGPNCHWUKÎPFGN PGIQEKQ[NCVGEPQNQIÈC[SWGGUVGGLGEWVKXQGUV¶GXQNWEKQPCPFQRCTCQEWRCTUG FGFKUVKPVCURCTVGUFGNCUGUVTCVGIKCUGKORNGOGPVCEKQPGUFG6+%UGIQDKGTPQ[FG GDWUKPGUU
  29. 29. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 'UCUÈSWGXCPCRCTGEKGPFQNQUEWCVTQUKIWKGPVGUVKRQUFGN)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 OKUOQPKXGNSWGGNRTKOGTVKRQUQPTGURQPUCDNGUFGICTCPVKCTNCRTGUVCEKÎP GHGEVKXCGPEWCPVQCNQUEQUVQUFGNQUUGTXKEKQUVGEPQNÎIKEQU RGLGZRNQVCPFQ NCUQRQTVWPKFCFGUFG QWVUQWTEKPI N .QU QRQTVWPKUVCU VGEPQNÎIKEQU UQP CSWGNNQU GLGEWVKXQU EW[CU TGURQPUCDKNKFCFGUEQOQ)GTGPVGFG5KUVGOCUJCPKFQCWOGPVCFQCRCTVKTFG NCU FGOCPFCU VGEPQNÎIKECU FG NC QTICPKCEKÎP 'UVQU GLGEWVKXQU GUV¶P OW[ KPXQNWETCFQUGPGNKORWNUQFGPWGXCUQRQTVWPKFCFGU[HQTOCUFGOGLQTCT[Q CRQ[CT NQU RTQEGUQU FG NC QTICPKCEKÎP FGDKFQ C UW FQOKPKQ FG NCU VGEPQNQIÈCUGOGTIGPVGU N 'PNCUQTICPKCEKQPGUEQPOÕNVKRNGUFKXKUKQPGUCSWGNNCURGTUQPCUCECTIQFG NCUWPKFCFGUO¶UKORQTVCPVGUFGUGORGÌCPNCHWPEKÎPFGIGTGPVGFGUKUVGOCU # OGPWFQ GUVQU GLGEWVKXQU EQODKPCP NQU TQNGU FG QHGTVC [ FGOCPFC GP NC WPKFCF DCLQ UW ECTIQ [ UQP TGURQPUCDNGU FG NC IGUVKÎP [ EWORNKOKGPVQ FG GZRGEVCVKXCUCUÈEQOQFGNCRTGUVCEKÎPFGUGTXKEKQUGURGEÈHKEQUGPGN¶ODKVQ FGUWWPKFCF *C[EWCVTQRCNCDTCUSWGTGUWOGPNCUCEVKXKFCFGUQTQNGUSWGUQPRTKQTKVCTKCURCTC GN)GTGPVGFG5KUVGOCUCEVWCNCEVKXCEKÎPECRCEKVCEKÎPGLGEWEKÎP[GZRNQVCEKÎP 'UFGEKTGNNQUFCPXKFCCNCUKPKEKCVKXCUGUVTCVÃIKECUFGNCUQTICPKCEKQPGUCNWPKT NC GZRGTKGPEKC VGEPQNÎIKEC EQP GN EQPQEKOKGPVQ FG NCU CEVKXKFCFGU FG NC QTICPKCEKÎPHWPFCOGPVCNGU .QU)GTGPVGUFG5KUVGOCUEQPUVKVW[GPWPQFGNQURQEQUITWRQUFGGLGEWVKXQUSWG VKGPGP WPC XKUVC RCPQT¶OKEC FG NC KPUVKVWEKÎP [ UWU EQNGICU GLGEWVKXQU UG XCP FCPFQ EWGPVC FG NQ XCNKQUC SWG GU GUVC RGTURGEVKXC RQT GNNQ PQ GU FKHÈEKN TGEQPQEGTCNVQUGLGEWVKXQUSWGWPFÈCHWGTQPIGTGPVGUFGKPHQTO¶VKEC %#4#%6'4 56+%#5'.15)'4'06'5'5+56'/#5 2CTCCUWOKTNQUPWGXQUTGVQUSWGNGRNCPVGCGNFGUCTTQNNQFGNCU6+%UGNPWGXQ )GTGPVGFG5KUVGOCU VCPVQGPGNUGEVQTRÕDNKEQEQOQGPGNRTKXCFQFGDGVGPGT EKGTVCUECTCEVGTÈUVKECUSWGFGUETKDKTGOQUCEQPVKPWCEKÎP
  30. 30. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC .KFGTCIQ .CRTKPEKRCNECTCEVGTÈUVKECFGNPPWGXQQ )GTGPVGFG5KUVGOCUGUUGTGNNKFGT GP 6GEPQNQIÈCU FG +PHQTOCEKÎP EQOQ GP EWCNSWKGT RWGUVQ FG IGTGPEKC KORNKEC UGT XKUKQPCTKQ CRCUKQPCFQ VQOCFQT FG TKGUIQ KPURKTCFQT ECTKUO¶VKEQUGIWTQFGUÈOKUOQKPHNW[GPVGETGCVKXQRQUKVKXQCRQ[CFQT EQOWPKECFQTHKLCFQTFGQDLGVKXQUGUVKOWNCPVGLWUVQGPVTGQVTQU'NNÈFGTGP VGEPQNQIÈCUFGKPHQTOCEKÎPGUECRCFGPPCXGICTQ GPNCVGEPQNQIÈC[GPNC QTICPKCEKÎPEQPNCOKUOCHCEKNKFCF 'ZRGTKGPEKCGPCNKPGCTNCVGEPQNQIÈCEQPGNTQNFGNCQTICPKCEKÎP *C[SWGVGPGTENCTQSWGNCVGEPQNQIÈCGUWPOGFKQ[WPTGEWTUQO¶URCTC NNGXCT CFGNCPVG C NCU KPUVKVWEKQPGU RQT NQ SWG GU KFGCN SWG EQPQEC NQU CURGEVQU VGEPQNÎIKEQU VCNGU EQOQ EQPQEGT FG 'PVGTRTKUG 4GUQWTEG 2NCPPKPI KPHTCGUVTWEVWTC YGD %WUVQOGT 4GNCVKQP /CPCIGOGPV 5WRRN[ %JCKP /CPCIGOGPV [ QVTQU SWG VKGPGP UVCVWU FG PFGUGCFQQ RGTQ PQ KPFKURGPUCDNG GU KORQTVCPVG EQPQEGT DKGP GN TQN FG NC QTICPKCEKÎP 'N EQPQEKOKGPVQ FG UKUVGOCU QRGTCVKXQU JCTFYCTG Q OCTECU GURGEÈHKECU PQ GUV¶PGPNCNKUVCFGTGSWGTKOKGPVQU %QPQEKOKGPVQFGNCECFGPCFGXCNQTFGNCQTICPKCEKÎP .QU)GTGPVGUFGNÈPGCQLGHGUUKGORTGEQPUKFGTCPSWGGNRWPVQO¶UFÃDKN[ HTWUVTCPVG FGN )GTGPVG FG 5KUVGOCU GU UW HCNVC FG EQORTGPUKÎP [ EQPQEKOKGPVQFGNCQTICPKCEKÎP.QU)GTGPVGUFG5KUVGOCUSWGPQNQITCP JCEGTUGGZRGTVQUGPGNXGTFCFGTQTQNQIKTQFGPGIQEKQFGNCQTICPKCEKÎP [GPGN¶ODKVQGPSWGUGOWGXGPGUVCT¶PUKGORTGNKOKVCFQU[CITGICT¶P RQEQXCNQT *C[ SWG FGUCTTQNNCT WP EQPQEKOKGPVQ RTQHWPFQ FG NC ECFGPC FG XCNQT CFOKPKUVTCEKÎPRÕDNKECUGTXKEKQU[RTQFWEVQUCDCUVGEKOKGPVQOCTMGVKPI[ XGPVCU HKPCPCU [ EQPVCDKNKFCF ECPCNGU FG FKUVTKDWEKÎP GVE FG NC QTICPKCEKÎP[NCHQTOCGPSWGNCVGEPQNQIÈCKPHNW[GGPGNNC'N)GTGPVGFG 5KUVGOCU GU GN ÕPKEQ IGTGPVG CRCTVG FGN )GTGPVG )GPGTCNSWG TGSWKGTG VGPGT WP OCPGLQ CORNKQ [ RTQHWPFQ FG VQFQU NQU RTQEGUQU FG NC QTICPKCEKÎPCFGO¶UVKGPGSWGUCDGTFGVGEPQNQIÈC GUVTGCUFGTGNCEKQPCOKGPVQKPVGTRGTUQPCN .QU)GTGPVGUFG5KUVGOCUUWGNGPVGPGTRGTUQPCNKFCFGUPGURGEKCNGUQNQEWCN PQNQUHCXQTGEGHTGEWGPVGOGPVGJCDNCPFGNPEQORWVÎNQIQQ EQOQCNIWKGP KPECRC FG TGNCEKQPCTUG JWOCPCOGPVG C WP PKXGN CNVQ [ OGPQU CÕP PPCXGICTQ DKGPGPNCRQNÈVKECKPVGTPCQCVTCXÃUFGNQUFKXGTUQURTQEGUQUFG NCQTICPKCEKÎP
  31. 31. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC .CECRCEKFCFFGTGNCEKQPCOKGPVQKPVGTRGTUQPCNFGGZEGNGPVGPKXGNUGJCEG OWEJQO¶UETÈVKECEQPNCNNGICFCFGNCPKPUVKVWEKÎPGZVGPFKFCQ XÈC+PVGTPGV JC[ SWG KPVGTCEVWCT EQP RGTUQPCU FG QVTCU EWNVWTCU KPUVKVWEKQPCNGU [ RGTUQPCNGUHWGTCFGNQURCTCFKIOCU[EQUVWODTGUFGNCRTQRKCKPUVKVWEKÎP %CRCEKFCFRCTC)GTGPEKCT .C ECRCEKFCF RCTC FKTKIKT [ UWRGTXKUCT RGTUQPCU RTQ[GEVQU TGEWTUQU RTGUWRWGUVQU RTQXGGFQTGU EQPVTCVKUVCU [ QVTQU UQEKQU FG PGIQEKQU GU GUGPEKCN .CECRCEKFCFFGHQTOCTGSWKRQUOQVKXCT[GUVKOWNCTCNRGTUQPCNVCODKÃPGU WP CEVKXQ HKLCT RTKQTKFCFGU CUKIPCT TGEWTUQU RCTC GUVCU RTKQTKFCFGU [ EWORNKTUKGORTGEQPNQRNCPKHKECFQ RNCQURTGUWRWGUVQHWPEKQPCNKFCFGU WPCECTCEVGTÈUVKECGUGPEKCNFGWP)GTGPVGFG5KUVGOCU GUVTGCURCTC%QOWPKECTGPHQTOCGHGEVKXC .CJCDKNKFCFRCTCCTVKEWNCTKPVGNKIGPVGOGPVGWPCGUVTCVGIKCQWPCKFGCGP 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 7PCFGNCUFGUVTGCUO¶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
  32. 32. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 'ZRGTKGPEKCKPVGTPCEKQPCNQINQDCN 'N )GTGPVG FG 5KUVGOCU FG WPC KPUVKVWEKÎP FGDG EQPQEGT EQOQ UG GUV¶P OQXKGPFQGPGNOWPFQKPUVKVWEKQPGUUKOKNCTGUCNCSWGFKTKIGRQTNQSWG 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 #UKOKUOQFGDGT¶EQPQEGTUQDTGCURGEVQUÃVKEQULWTÈFKEQU[UQEKCNGUFGN %KDGTGURCEKQ FG VCN OCPGTC SWG HQOGPVG GN CEEGUQ WPKXGTUCN C NC KPHQTOCEKÎPGPHQTOCUGIWTC 2QTGLGORNQNQU)GTGPVGUFG5KUVGOCUFGDGPFGCFOKPKUVTCTGHKECOGPVG NQUTGEWTUQUFGNCQTICPKCEKÎPEQPWPCXKUKÎPKPVGITCFQTC[TCEKQPCNKCFC [GXKVCTICUVQUKPPGEGUCTKQU 6GPGTOW[GPEWGPVCGNEÎFKIQFGÃVKECSWGNGDTKPFCUWEQNGIKCVWTCCHKP FG EQPFWEKTUG EQOQ WP RTQHGUKQPCN KPVGITQ GP VQFQ OQOGPVQ GURGEKCNOGPVGUCNXCIWCTFCPFQNCKPHQTOCEKÎPIGPGTCFCGPNCKPUVKVWEKÎP EQOQGNVCPIKDNGO¶URTGEKCFQ
  33. 33. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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  43. 43. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC KPKEKCVKXC[EQORTQOKUQ[EQPITCPECRCEKFCFQRVKOKUVCGPNCEQPUGEWEKÎPFG UWUQDLGVKXQU 'NQRVKOKUOQGUWPQFGNQUTGSWKUKVQUKORTGUEKPFKDNGURCTCNCEQPUGEWEKÎPFG OGVCUTGNGXCPVGU[VCTGCUEQORNGLCU[UGTGNCEKQPCEQPWPCORNKQGNGPEQFG EQPEGRVQU RUKEQNÎIKEQU SWG WUCOQU JCDKVWCNOGPVG EQPVTQN FG KORWNUQU KPJKDKEKÎPFGRGPUCOKGPVQUPGICVKXQUGUVKNQCVTKDWVKXQPKXGNFGGZRGEVCVKXCU CWVQGUVKOC N 'N EQPVTQN FG NQU KORWNUQU ECRCEKFCF FG TGUKUVGPEKC C NC HTWUVTCEKÎP [ CRNCCOKGPVQ FG NC ITCVKHKECEKÎP RCTGEG UGT WPC FG NCU JCDKNKFCFGU RUKEQNÎIKECUO¶UKORQTVCPVGU[TGNGXCPVGUGPGNFGXGPKTXKVCN[CECFÃOKEQ N 'N EQPVTQN FG NQU RGPUCOKGPVQU PGICVKXQU XGPGPQ FGN QRVKOKUOQ UG TGNCEKQPC EQP GN TGPFKOKGPVQ C VTCXÃU FG NC GEQPQOÈC FG NQU TGEWTUQU CVGPEKQPCNGU RTGQEWRCTUG EQPUWOG NQU TGEWTUQU SWG PGEGUKVCOQU RCTC CHTQPVCTEQPÃZKVQNQUTGVQUXKVCNGU[CECFÃOKEQU N 'NGUVKNQCVTKDWVKXQFGNQUÃZKVQU[HTCECUQUWUKORNKECEKQPGUGOQEKQPCNGU[ UW TGNCEKÎP EQP NCU GZRGEVCVKXCU FG ÃZKVQ GU WPC VGQTÈC RUKEQNÎIKEC SWG EQPVTKDW[G GPQTOGOGPVG C PWGUVTC EQORTGPUKÎP FG NQU RTQDNGOCU FG CRTGPFKCLG[CUWUQNWEKÎP .C ECRCEKFCF FG OQVKXCTUG C WPQ OKUOQ UG RQPG GURGEKCNOGPVG C RTWGDC EWCPFQUWTIGPNCUFKHKEWNVCFGUGNECPUCPEKQGNHTCECUQGUGNOQOGPVQGPSWG OCPVGPGTGNRGPUCOKGPVQFGSWGNCUEQUCUKT¶PDKGPRWGFGUKIPKHKECTGNÃZKVQQ GN CDCPFQPQ [ GN HTCECUQ C RCTVG FG QVTQU HCEVQTGU O¶U EQIPKVKXQU EQOQ FGUEQORQPGT NQU RTQDNGOCU [ UGT HNGZKDNGU RCTC ECODKCT FG OÃVQFQU [ QDLGVKXQU 'N FGUCTTQNNQ FGN QRVKOKUOQ NC CWVQGUVKOC NC GZRGEVCVKXC FG ÃZKVQ GUV¶ TGNCEKQPCFQEQPNCURCWVCUFGETKCPC[GFWECEKÎPGXKVCPFQGNRTQVGEEKQPKUOQ [ NC ETÈVKEC FGUVTWEVKXC HCXQTGEKGPFQ NC CWVQPQOÈC [ NQU NQITQU RGTUQPCNGU WVKNKCPFQGNGNQIKQ[NCRGFCIQIÈCFGNÃZKVQEQORNGOGPVCFQEQPNCGZKIGPEKC [CNCC[WFC .C +PVGNKIGPEKC +PVGTRGTUQPCN CN KIWCN SWG NC CPVGTKQT GUVC KPVGNKIGPEKC VCODKÃPGUV¶EQORWGUVCRQTQVTCUEQORGVGPEKCUSWGFGVGTOKPCPGNOQFQGP SWGPQUTGNCEKQPCOQUEQPNQUFGO¶U[CSWÈ FQUEQPEGRVQUKORQTVCPVGU N 'ORCVÈC JCDKNKFCF RCTC GPVGPFGT NCU PGEGUKFCFGU UGPVKOKGPVQU [ RTQDNGOCU FG NQU FGO¶U RQPKÃPFQUG GP UW NWICT [ TGURQPFGT EQTTGEVCOGPVGCUWUTGCEEKQPGUGOQEKQPCNGU.CURGTUQPCUGOR¶VKECUUQP CSWGNNCU ECRCEGU FG GUEWEJCT C NQU FGO¶U [ GPVGPFGT UWU RTQDNGOCU [
  44. 44. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC OQVKXCEKQPGU SWG PQTOCNOGPVG VKGPGP OWEJC RQRWNCTKFCF [ TGEQPQEKOKGPVQUQEKCNSWGUGCPVKEKRCPCNCUPGEGUKFCFGUFGNQUFGO¶U[ SWGCRTQXGEJCPNCUQRQTVWPKFCFGUSWGNGUQHTGEGPQVTCURGTUQPCU N *CDKNKFCFGUUQEKCNGUGUGNVCNGPVQGPGNOCPGLQFGNCUTGNCEKQPGUEQPNQU FGO¶U GP UCDGT RGTUWCFKT G KPHNWGPEKCT C NQU FGO¶U 3WKGPGU RQUGGP JCDKNKFCFGU UQEKCNGU UQP GZEGNGPVGU PGIQEKCFQTGU VKGPGP WPC ITCP ECRCEKFCF RCTC NKFGTCT ITWRQU [ RCTC FKTKIKT ECODKQU [ UQP ECRCEGU FG VTCDCLCTEQNCDQTCPFQGPWPGSWKRQ[ETGCPFQUKPGTIKCUITWRCNGU .C KPVGNKIGPEKC GOQEKQPCN RWGFG VGPGT ITCPFGU GHGEVQU UQDTG NQU HCEVQTGU ETÈVKEQUFGÃZKVQGPWPCECTTGTCRTQHGUKQPCNEQOQNQUQP N .CVQOCFGFGEKUKQPGU N 'NNKFGTCIQ N .QUCXCPEGUFGEKUKXQUVÃEPKEQU[GUVTCVÃIKEQU N .CEQOWPKECEKÎPCDKGTVC[HTCPEC N .CUTGNCEKQPGUFGEQPHKCPC[VTCDCLQGPGSWKRQ N .CNGCNVCFFGNQUWUWCTKQU N .CETGCVKXKFCF[NCKPPQXCEKÎP 5KVQOCOQUGPEWGPVCGUVQUJ¶DKVQU[OCPGLCOQUDKGPNCKPVGNKIGPEKCGOQEKQPCN GUVCTGOQU CRVQU RCTC EWORNKT NQU TQNGU FG VQFQDWGPFKTGEVKXQSWGXGTGOQUC OC[QTFGVCNNGGPGNUKIWKGPVGECRÈVWNQ
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  46. 46. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 333QQQ```dddeee___ FFF*** ___ccc ((( bbb___UUUccc TTTUUU eee^^^ RRReeeUUU^^^ 777UUUbbbUUU^^^dddUUU TTTUUU CCCYYYcccdddUUU]]]QQQccc 2CTC NNGICT C UGT WP DWGP IGTGPVG UG TGSWKGTG VGPGT WP EQPLWPVQ FG EQORGVGPEKCU EQPFWEVWCNGU GU FGEKT VGPGT NQU EQPQEKOKGPVQU [ NCU FGUVTGCU PGEGUCTKCU RCTC FGUGORGÌCT FGVGTOKPCFC VCTGC Q TQN 'N RTGUGPVG EWCFTQ TGUWOG NQU TQNGU [ NCU EQORGVGPEKCURQTECFCTQN .151%*141.'5'.)'4'06''5+56'/#5 4QN %QORGVGPEKCU%NCXGU 4QNFGFKTGEVQT 6QOCFGKPKEKCVKXCU (KLCEKÎPFGOGVCU GNGICEKÎPGHKEC 4QNFG2TQFWEVQT 2TQFWEVKXKFCF[OQVKXCEKÎPRGTUQPCN /QVKXCTCNQUFGO¶U )GUVKÎPFGNVKGORQ[FGNGUVTÃU 4QNFGN%QQTFKPCFQT 2NCPKHKECEKÎP 1TICPKCEKÎPQFKUGÌQ %QPVTQN 4QNFG/QPKVQT 4GFWEKTNCUQDTGECTICFGKPHQTOCEKÎP #PCNKCTNCKPHQTOCEKÎPETÈVKECOGPVG 2TGUGPVCTNCKPHQTOCEKÎPTGFCEVCTEQP GHKECEKC 4QNFG/GPVQT #WVQEQORTGPUKÎP [ EQORTGPUKÎP FG NQUFGO¶U %QOWPKECEKÎPKPVGTRGTUQPCN GUCTTQNNQFGNQUUWDQTFKPCFQU 4QNFGNHCEKNKVCFQT %TGCEKÎPFGGSWKRQU 6QOCFGFGEKUKQPGURCTVKEKRCVKXC )GUVKÎPFGNEQPHNKEVQ 4QNFGNKPPQXCFQT %QPXKXKTEQPGNECODKQ 'NRGPUCOKGPVQETGCVKXQ .CIGUVKÎPFGNECODKQ 4QNFGNDTQMGT %TGCT[OCPVGPGTWPCDCUGFGRQFGT 0GIQEKCTCEWGTFQU [EQORTQOKUQU 2TGUGPVCT NCU KFGCU RTGUGPVCEKQPGU XGTDCNGUGHKECEGU 6QOCFQFG/CGUVTKCGPNCIGUVKÎPFGNCUQTICPKCEKQPGURQT4QDGTV3WKPP 5WG4(CGTOCP[/KEJCGN26JQORUQP
  47. 47. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 41.'.%114+0#14 'NTQN FGEQQTFKPCFQTGUCUGIWTCTSWGGNVTCDCLQHNW[CKPKPVGTTWORKFCOGPVG[SWG NCU CEVKXKFCFGU UG TGCNKEGP FG CEWGTFQ EQP UW KORQTVCPEKC TGNCVKXC GXKVCPFQ EQPHNKEVQUGPVTGNQUKPFKXKFWQU'UCUGIWTCTSWGNCURGTUQPCUEQTTGEVCUGUV¶PGPGN NWICT EQTTGEVQ GP GN OQOGPVQ EQTTGEVQ RCTC TGCNKCT NCU VCTGCU EQTTGEVCU [ ICTCPVKCTSWGÃUVCUFKURQPFT¶PFGNCUJGTTCOKGPVCURCTCTGCNKCTUWVTCDCLQ[SWG UW TGUWNVCFQ GUVCT¶ FKURQPKDNG RCTC GN UKIWKGPVG ITWRQ FG VTCDCLQ EWCPFQ GUVG RTGRCTCFQRCTCTGEKDKTNQ.CUEQORGVGPEKCUKPVGTGNCEKQPCFCURCTCFGUGORGÌCTGN TQNFGEQQTFKPCFQTUQPVTGU2NCPKHKECEKÎP1TICPKCEKÎP[%QPVTQN 2NCPKHKECEKÎP .C2NCPKHKECEKÎP[NCHKLCEKÎPFGOGVCUUQPJGTTCOKGPVCUKORQTVCPVGURCTC FGVGTOKPCTCFQPFGUGFGUGCKT[EQOQUGFGUGCNNGICTCNNÈ 2NCPKHKECEKÎP 1RGTCVKXC %QPUKUVG GP VTCFWEKT NQU QDLGVKXQU GP CEEKQPGU TGCNKCTNCRTGRCTCEKÎP[OCPVGPKOKGPVQFGNHNWLQFGVTCDCLQFGNUKUVGOC5G VKGPGSWGFGEKFKTEQOQUGWVKNKCT¶PNQUTGEWTUQUHKPCPEKGTQUJWOCPQU[ OCVGTKCNGURCTCICTCPVKCTNCGPVTGICFGNQUUGTXKEKQUEQPNCOC[QTGHKECEKC RQUKDNG .QUECODKQUPGEGUCTKQURCTCVTCFWEKTOGVCUGPRNCPGUUQP 2CUCT FG WPC RGTURGEVKXC C PKXGN QTICPKCVKXQ Q FG FKXKUKÎP C WPC RGTURGEVKXCEGPVTCFCGPWPCWPKFCFFGVTCDCLQ¶TGCHWPEKQPCNRTQITCOC QRTQ[GEVQGURGEÈHKEQ 2CUCTFGNNCTIQCNEQTVQRNCQGPNCRNCPKHKECEKÎP2QTNQIGPGTCNPQNNGIC VCPNGLQUEQOQNCRNCPKHKECEKÎPGUVTCVÃIKECQNCV¶EVKECSWGUGEGPVTCPFG CCÌQUOKGPVTCUSWGNQURNCPGUQRGTCVKXQUUGEGPVTCPGPRGTÈQFQUC WPCÌQKPENWUQUÎNQWPCUGOCPC .CRNCPKHKECEKÎPQRGTCVKXCGUKORQTVCPVGRQTSWGQHTGEGWPOCRCFGVCNNCFQ FGEÎOQNNGICTFGCSWÈCCNNÈCFGO¶U 2QTSWGPQURGTOKVGHKLCTNQUGUV¶PFCTGUENCTKHKECTSWGGUNQSWGJC[SWG JCEGT [ EQOQ FGDG JCEGTUG GVGTOKPCFQ NQU GUV¶PFCTGU FG TGPFKOKGPVQGURQUKDNGGXCNWCTNCGHKECEKCFGNQSWGUGGUV¶JCEKGPFQQ UGJCJGEJQ'URQUKDNGHKLCTGUV¶PFCTGUFGTGPFKOKGPVQRCTCNQUTGEWTUQU JWOCPQUTGEWTUQUHKPCPEKGTQUTGEWTUQUVÃEPKEQU .QUGUV¶PFCTGUFGDGPUGT N 'URGEÈHKEQUEQPTGURGEVQCNQSWGFGDGNQITCTUG
  48. 48. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC N /GFKDNGU EQP TGURGEVQ CN RTQITGUQ CNECPCFQ GP GN NQITQ FGN GUV¶PFCT N #UKIPCDNGUEQPTGURGEVQCSWÃKPFKXKFWQQITWRQFGKPFKXKFWQUGU TGURQPUCDNGFGFGUGORGÌCTNCVCTGC N 4GCNKUVCUEQPTGURGEVQCNQUTGEWTUQUFKURQPKDNGU N %QP NÈOKVGU FG VKGORQ EQP TGURGEVQ C EW¶PFQ UG GURGTCP NQU TGUWNVCFQU 2QTSWGRGTOKVGENCTKHKECTNCURTKQTKFCFGUQTICPKCVKXCU[FGNCWPKFCFFG VTCDCLQGUV¶TGNCEKQPCFCEQPNCRTQITCOCEKÎP[GNGUVCDNGEKOKGPVQFG ECNGPFCTKQU [ RWPVQU FG TGHGTGPEKC 'U PGEGUCTKQ HKLCT RTKQTKFCFGU [ FGEKFKTNCUGEWGPEKCFGGLGEWEKÎP .QUHCEVQTGUSWGKPHNW[GPGPGNGUVCDNGEKOKGPVQFGNCURTKQTKFCFGU N .KOKVCEKQPGU GZVGTPCU ‹%W¶NGU UQP NCU HGEJCU VQRG GZKUVGPVGU KORWGUVCU FGUFG GN GZVGTKQT! ‹%W¶N GU NC WTIGPEKC GP VGTOKPCT ÃUVC VCTGCCEVKXKFCFQRTQ[GEVQ! N 6KGORQVQVCNPGEGUCTKQ5KNCVCTGCGUNCTICGNVKGORQPGEGUCTKQRCTC UWVGTOKPCEKÎPUKGUEQTVCGURQUKDNGTGVTCUCTUWEQOKGPQ N .CTGNCEKÎPFGGUVCVCTGCEQPQVTCUVCTGCU‹%W¶NUGTÈCGNKORCEVQFG VGTOKPCTQPQGUVCVCTGCGPNQURNCPGUFGQVTQURTQ[GEVQU!‹GRGPFG QVTCURGTUQPCUWQTICPKCEKQPGUFGNTGUWNVCFQFGGUVGRTQ[GEVQRCTC RQFGTEQOGPCTCVTCDCLCT! N 'N DGPGHKEKQ TGNCVKXQ FGVGTOKPCTWPCVCTGCFGPVTQFGWPOCTEQFG VKGORQ Q PQ [ CUWOKT NC RGPCNKCEKÎP RQT PQ JCEGTNQ ‹3Wà ICPCTGOQURQTVGTOKPCTNCVCTGC!‹%W¶NGUUQPNCUEQPUGEWGPEKCUFG TGVTCUCTGNVTCDCLQWPCQFQUUGOCPCUWPOGUGVE! 'ZKUVGP WP EQPLWPVQ FG JGTTCOKGPVCU RCTC NC RNCPKHKECEKÎP [ RTQITCOCEKÎP FG VKGORQ CUÈ EQOQ UG FGDG EQPUKFGTCT NQU GNGOGPVQU PGEGUCTKQURCTCFGHKPKTGNVTCDCLQ N GUETKREKQPGU FG NCU VCTGCU PGEGUCTKCU RCTC NC VGTOKPCEKÎP FGN RTQ[GEVQ N GUETKREKÎPFGECFCVCTGC N 5K RTQEGFGP EQOQ UG KPVGITCT¶P NCU VCTGCU KPFKXKFWCNGU EQP GN EQPLWPVQVQVCN N (GEJCUFGKPKEKQ[VGTOKPCEKÎPFGECFCVCTGC
  49. 49. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC N 4GUWOKTNQUTGEWTUQUJWOCPQUQFGEWCNSWKGTVKRQTGSWGTKFQURCTC FGUGORGÌCTECFCVCTGC 5GRWGFGWUCTGNKCITCOCFGTGNCEKQPGUFGNCVCTGCSWGC[WFCCUGT O¶UEQPUEKGPVGFGNKORCEVQFGGUCUTGNCEKQPGUGPUWVTCDCLQ KUGÌQ'UETKDCUWPQODTGGPGNEGPVTQFGWPEÈTEWNQ[CNTGFGFQTNQU PQODTGUFGNCURGTUQPCUKPXQNWETCFCUGPECFCVCTGCGNFKCITCOCFGDG KPENWKT NÈPGCU GPVTG WUVGF [ ECFC WPC FG NCU RGTUQPCU KPENWKFCU GP GN FKCITCOC #EQPVKPWCEKÎPKFGPVKHKSWGGNVKRQFGEQOWPKECEKÎPSWGOCPVKGPGEQP GUCU RGTUQPCU [ GN OGFKQ SWG WVKNKC 2QT ÕNVKOQ CPCNKEG GN PKXGN FG GHKECEKCFGECFCECFGPCFGEQOWPKECEKÎPKFGPVKHKECPFQCNCURGTUQPCU EQP NCU SWG PGEGUKVC EQOWPKECTUG EQP O¶U HTGEWGPEKC EQP GN HKP FG OGLQTCTNCEQQTFKPCEKÎPFGNC VCTGC 6CODKÃPUGRWGFGWVKNKCTGNKCITCOCFG)CPV3WGRGTOKVGGUVCDNGEGT NCU TGNCEKQPGU FG VKGORQ GPVTG NCU FKXGTUCUVCTGCU FGPVTQ FGN RTQ[GEVQ FGPVTQ FGN OCTEQ IGPGTCN FG VKGORQ FGN RTQ[GEVQ FGUCTTQNNCFQ RQT *GPT[.)CPVVCEQOKGPQUFGNUKINQ:: 2TQITCOCFQT #PCNKUVC #PCNKUVC KTGEVQTFGN TGC$ #PCNKUVC KTGEVQTFGN TGC$ 7F )GTGPVGFG 5KUVGOCU

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