Weitere ähnliche Inhalte Ähnlich wie Gerente informatico (20) Kürzlich hochgeladen (20) Gerente informatico1. 0(72'2/2*Ì$6,1)250É7,$6
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2TKOGTJ¶DKVQ5GTRTQCEVKXQ
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6GTEGTJ¶DKVQ2TKOGTQNQRTKOGTQ
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5GZVQJ¶DKVQ5KPGTIKEG
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6. .QUQEJQTQNGUFGWPDWGP)GTGPVGFG5KUVGOCU
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7. )WÈC FGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
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'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
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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
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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. )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. )WÈC FGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
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GPHTGPVCT OGLQT NQU FGUCHÈQU SWG KORQPG NC EQORNGLKFCF CEVWCN VCPVQ
QTICPKCEKQPCNEQOQVGEPQNÎIKECJC[SWGCRQ[CTUGGPOGVQFQNQIÈCUEQPEGRVQU
[FGUVTGCUSWGGUV¶PCUWCNECPEG'NQDLGVKXQRTKPEKRCNFGGUVCIWÈCGUDTKPFCTWP
EQPLWPVQFGVKRUQWPPOCPWCNFGUWRGTXKXGPEKC[FGUCTTQNNQQ RCTCGN)GTGPVGFG
5KUVGOCU
11. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
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FGUVTGCU FGN RGTUQPCN [ C FGUCTTQNNCT UW RQVGPEKCN RCTC QEWRCT RQUKEKQPGU FG
TGURQPUCDKNKFCFETGEKGPVG.CHQTOCEKÎPRGTOCPGPVGGUWPCXÈCRCTCFGUCTTQNNCT
TGEWTUQUJWOCPQUSWGCUWOCPTGURQPUCDKNKFCFGU[QEWRGPFGOCPGTCGHGEVKXC
NQUECTIQUSWGFGUGORGÌCP
0QUGVTCVCFGCEWOWNCTRWPVQUUKPQFGRTQITGUCTGPNCECTTGTC‹RGTQSWGRCUCUK
PQGZKUVGGUVCRQNÈVKECQPQGZKUVGPNQUTGEWTUQURTGUWRWÃUVCNGUQUKORNGOGPVGPQ
GZKUVGKPVGTÃUFGCODCURCTVGU!
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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
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EQPQEKOKGPVQUNCUJCDKNKFCFGU[NCUCEVKVWFGUFGNQUUGTXKFQTGURÕDNKEQURCTCSWG
EQPVTKDW[CPGPNCUCEEKQPGUFKTKIKFCUC
U GUCTTQNNCTEQORGVGPEKCURCTCGNOCPGLQKPVGITCNFGWPRTQ[GEVQQRTQFWEVQ
U 4CEKQPCNKCTVT¶OKVGUOÃVQFQU[RTQEGFKOKGPVQUFGVTCDCLQ
U (QTVCNGEGTNQUUKUVGOCUFGKPHQTOCEKÎPRCTCNCVQOCFGFGEKUKQPGU
U +ORNCPVCTCFGEWCFQUOGECPKUOQUFGEQPVTQNKPVGTPQ
U /GLQTCTNCECNKFCFFGNUGTXKEKQCNWUWCTKQ
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
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NC KORNGOGPVCEKÎP FG UQNWEKQPGU RCTC RTQRKEKCT NC VTCPURCTGPEKC C VTCXÃU FG
UKUVGOCUGPNÈPGCGKORNCPVCEKÎP FGUGTXKEKQUFGECTCCNEKWFCFCPQRTQOQXKGPFQ
WPEÎFKIQFGÃVKECEQOQUGTXKFQTGUÈPVGITQU
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'NUGTXKFQTRÕDNKEQFGDGRTQRKEKCTWPCEWNVWTCFGIGUVKÎPSWGUWRGTGGNRCTCFKIOC
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RCTC NC VQOC FG FGEKUKQPGU [ SWG RQUKDKNKVG NC CFCRVCEKÎP CN ECODKQ [ GN
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GPVKFCF
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GUVTWEVWTCU 2CTC NQ EWCN VGPFT¶ SWG FGUCTTQNNCT WP EQPLWPVQ FG GXGPVQU [
JCDKNKVCTNQU RCTC GN CP¶NKUKU [ OGLQTCOKGPVQ FG RTQEGUQU CFOKPKUVTCVKXQU [
VÃEPKEQUNQEWCNGZKIGEQPQEGTNCQTICPKCEKÎPOCPGLCTVÃEPKECU[OGVQFQNQIÈCU
SWGRGTOKVCPKFGPVKHKECTFGHKEKGPEKCUGPNCRTGUVCEKÎPFGNQUUGTXKEKQU[RTQRQPGT
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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
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QTICPKCEKQPGUUKOKNCTGUGPVTGQVTQU
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FGDGP VQOCT GP EWGPVC GN )GTGPVG FG 5KUVGOCU FG NCU KPUVKVWEKQPGU FG NC
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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
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EQPUKFGTCPFQ NC CNVC TQVCEKÎP FGN RGTUQPCN KPHQTO¶VKEQ FG NC #FOKPKUVTCEKÎP
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OGLQTGU EQPFKEKQPGU NCDQTCNGU [ RTQHGUKQPCNGU GP GURGEKCN GP GN RGTUQPCN FG
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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
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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
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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
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QRGTCVKXQUFG+PHQTO¶VKECFGNGPNC#FOKPKUVTCEKÎP2ÕDNKECRQFGOQUNKUVCT
CNIWPCU FG NCU HQTVCNGCU FGDKNKFCFGU [ COGPCCU GP VQTPQ C NQU TGEWTUQU
JWOCPQUFGN¶TGCFGKPHQTO¶VKEC
15. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
(QTVCNGCU GDKNKFCFGU #OGPCCU
0QEQPVCTEQPRGTUQPCNRCTC
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RQTEQPVCTEQP
TGEWTUQURTQRKQU[WPC
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EQPNCKPUVKVWEKÎP
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KPHQTO¶VKEQRCTCNCU
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ECRCEKVCEKÎPCNRGTUQPCN
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RGTUQPCNFGNC1HKEKPC FG
5KUVGOCUCNECODKQ
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2GTUQPCNEQPGZRGTKGPEKC
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FGN¶TGCFGKPHQTO¶VKECGP
KORNGOGPVCTOQFGTPQU
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RGTOKVKFQQDVGPGTXGPVCLCU
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FGNRGTUQPCN
ECNKHKECFQRQTGN
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GHKPGPEQOQ/KUKÎP ;EQOQ8KUKÎP
P RTQRQTEKQPC CRNKECEKQPGU FG VGEPQNQIÈC
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ECNKFCF SWG C[WFGP C NC KPUVKVWEKÎP C
RTQOQXGT WPC EWNVWTC FG JQPGUVKFCF [
VTCPURCTGPEKCGPNCIGUVKÎPRÕDNKECQ
PDTKPFCTNCUJGTTCOKGPVCUVÃEPKECU
SWGRGTOKVGPQRVKOKCTGN
HWPEKQPCOKGPVQFGNUKUVGOC0CEKQPCN
FG%QPVTQNGPDCUGCNCQRQTVWPKFCF
[OQFGTPKFCFQ
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WPKFCFGU QTI¶PKECU NCU VGEPQNQIÈCU FG
KPHQTOCEKÎP NQU TGEWTUQU JWOCPQU [ NCU
JGTTCOKGPVCU OGVQFQNÎIKECU SWG NGU
RGTOKVKT¶P EWORNKT NC OKUKÎP
KPUVKVWEKQPCNQ
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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
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FGHKPGP UW OKUKÎPPCRQ[CT NC )GUVKÎP +PUVKVW
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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. )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
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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. )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. )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. )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
34. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
333QQQ```dddeee___ 999FFF*** ___ccc ''' 888vvvRRRYYYddd___ccc TTTUUU 777UUUbbbUUU^^^dddUUU TTTUUU CCCYYYcccdddUUU]]]QQQccc UUUVVVUUUSSSdddYYYfff___
'PGNECRÈVWNQCPVGTKQTJGOQUTGXKUCFQWPCUGTKGFGECTCEVGTÈUVKECUSWGFGDGVGPGTGN
)GTGPVGFG5KUVGOCUOWEJQUFGGNNQUGUV¶PDCUCFQUGPCEVKVWFGUJ¶DKVQUECODKQFG
RCTCFKIOCUEQORQTVCOKGPVQSWGCFQRVCOQUCPVGWPCWQVTCUKVWCEKÎP
.C OC[QTÈC FG NCU RGTUQPCU VGPGOQU NC ECRCEKFCF FG KPVWKT SWG PWGUVTQ
EQORQTVCOKGPVQ VCPVQ C PKXGN NCDQTCNEQOQ GP NC XKFC RTKXCFC RQFTÈC OGLQTCT GP
OWEJQU CURGEVQU RCTC NQITCT NQU KFGCNGU SWG UG GURGTC 5KP GODCTIQ UÎNQ RQECU
RGTUQPCUEQPQEGPNCOCPGTCFGEQPUGIWKTNQ5VGRJGP%QXG[GZRQPGENCTCOGPVGGPUW
NKDTQWPOÃVQFQEGTVGTQ[GHKEKGPVGFGPQOKPCFQP.QU*¶DKVQUFGNCIGPVG#NVCOGPVG
'HGEVKXCQGUVQGUCRNKECDNGKIWCNOGPVGCNQU)GTGPVGUFG5KUVGOCU
.QU UKGVG J¶DKVQU NQ OWGXGPRTQITGUKXCOGPVGUQDTGWPEQPVKPWCOCFWTGFGUFGNC
FGRGPFGPEKCJCEKCNCKPFGRGPFGPEKC[JCUVCNCKPVGTFGRGPFGPEKC
.C FGRGPFGPEKCGU GN RCTCFKIOC FGN 6Õ
VÕEWKFCUFGOÈ[QVGEWNRQCVKRQTNQU
TGUWNVCFQUGVE.CKPFGRGPFGPEKCGUGNRCTCFKIOCFGN[Q
[QRWGFQJCEGTGUVQ[Q
UQ[TGURQPUCDNG.CKPVGTFGRGPFGPEKCGUGNRCTCFKIOCFGPQUQVTQU
PQUQVTQURQFGOQU
JCEGTNQPQUQVTQURQFGOQUETGCT
*$+615 '5%4+2%+¦0 14+'06#1#
2TQCEVKXKFCF C NC NKDGTVCF RCTC GUEQIGT PWGUVTC TGURWGUVC
HTGPVGCEWCNSWKGTGUVÈOWNQFGNOGFKQCODKGPVG
HCEWNV¶PFQPQU RCTC TGURQPFGT FG CEWGTFQ C
PWGUVTQURTKPEKRKQU[XCNQTGU
%QOGPCT
EQP WPHKP
GPOGPVG
*CEGRQUKDNGSWGPWGUVTCUXKFCUVGPICPTCÎPFG
UGT[CSWGPQURGTOKVGETGCTNCXKUKÎPFGNQSWG
SWGTGOQUNQITCTFKTKIKGPFQPWGUVTCUCEEKQPGUC
NQ SWG XGTFCFGTCOGPVG GU UKIPKHKECVKXQ GP
PWGUVTCUXKFCU
'UVCDNGEGT
RTKOGTQNQ
RTKOGTQ
2TKQTKC PWGUVTQ VKGORQ C NCU CEVKXKFCFGU SWG
XGTFCFGTCOGPVGFCPUGPVKFQCPWGUVTCUXKFCU
'2'0'0%+#
#WOGPVCT EQPUKFGTCDNG
OGPVG PWGUVTC
CWVQEQPHKCPC NNGICPFQ C
EQPQEGT RTQHWPFC [
UKIPKHKECVKXCOGPVG PWGUVTC
PCVWTCNGC XCNQTGU [
RTQRKC ECRCEKFCF FG
CRQTVCEKÎP GP GN UGPVKFQ
FG PWGUVTC KFGPVKFCF
KPVGITKFCF CWVQEQPVTQN [
ECRCEKFCFCWVQFKTGEVKXC
2GPUCTGP
ICPCT[
ICPCT
2GTOKVG GUVCDNGEGT GN DCNCPEG GPVTG PWGUVTQU
QDLGVKXQU[NQUQDLGVKXQUFGNQUFGO¶UNQITCPFQ
GN DKGP EQOÕP JCDKGPFQ FGUCTTQNNCFQ WPC
OGPVCNKFCFFGCDWPFCPEKCOCVGTKCN[GURKTKVWCN
#UKOKUOQ EWCPFQ PWGUVTC FGVGTOKPCEKÎP UG
DCNCPEGCCNCEQPUKFGTCEKÎPRCTCEQPNQUFGO¶U
NQITCOQUUGPVCTNCUDCUGURCTCNCEQPXKXGPEKC[
NCGSWKFCFGPVTGNQUUGTGUJWOCPQU
+0'2'0'0%+#
GUEWDTKT NKDGTCT [
OGLQTCT NCU DWGPCU
TGNCEKQPGU JCEKÃPFQNCU
O¶U RTQHWPFCU UÎNKFCU [
ETGCVKXCU
35. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
*$+615 '5%4+2%+¦0 14+'06#1#
$WUEC
RTKOGTQ
EQORTGPFGT
[FGURWÃUUGT
EQORTGPFKFQ
'U NC GUGPEKC CN TGURGVQ RQT NQU FGO¶U [
EQPUVKVW[G NC ENCXG FG NCU TGNCEKQPGU JWOCPCU
GHGEVKXCUSWGPQUQTKGPVCCNNGICTCCEWGTFQUFG
VKRQICPCTICPCT
5KPGTIKCT 'U GN TGUWNVCFQ FG EWNVKXCT NC JCDKNKFCF [ NC
CEVKVWF FG XCNQTCT NC FKXGTUKFCF RGTHKNCPFQ
JGTTCOKGPVCUD¶UKECUEQOQGNVTCDCLQGPGSWKRQ
[NCKPPQXCEKÎP.CUÈPVGUKUFGKFGCUFKXGTIGPVGU
RTQFWEG KFGCU OGLQTCU [ UWRGTKQTGU C NCU KFGCU
KPFKXKFWCNGU
#HKNCTNC
UKGTTC
'UV¶ TGHGTKFC C NC ECRCEKFCF SWG VGPGOQU RCTC
TGPQXCTPQU HÈUKEC OGPVCN [ GURKTKVWCNOGPVG
RGTOKVKÃPFQPQU GUVCDNGEGT WP DCNCPEG GPVTG
VQFCUNCUFKOGPUKQPGUFGPWGUVTQUGTCHKPFGUGT
GHGEVKXQU GP NQU FKHGTGPVGU TQNGU SWG
FGUGORGÌCOQUGPPWGUVTCUXKFCU
+06'4'2'0'0%+#
%CTICT GPGTIÈCU RCTC
KPVGTPCNKCTRTQHWPFCOGP
VG [ TGPQXCT NQU UGKU
RTKOGTQU J¶DKVQU F¶PFQ
PQU GN UGPVKFQ FG WPC
XGTFCFGTC KPFGRGPFGPEKC
[ ECRCEKFCF RCTC NC
KPVGTFGRGPFGPEKCGHGEVKXC
24+/'4*$+615'4241#%6+81
2TQCEVKXKFCF PQ UÎNQ UKIPKHKEC VQOCT NC KPKEKCVKXC UKIPKHKEC SWG UQOQU
TGURQPUCDNGU FG PWGUVTCU RTQRKCU XKFCU [ NC EQPFWEVC GUVC GP HWPEKÎP FG NCU
FGEKUKQPGU SWG UG VQOC 5G RWGFG UWDQTFKPCT NQU UGPVKOKGPVQU C NQU XCNQTGU
6GPGOQU NC KPKEKCVKXC [ NC TGURQPUCDKNKFCF FG JCEGT SWG NCU EQUCU UWEGFCP .C
TGURQPUCDKNKFCF GU NC JCDKNKFCF RCTC GNGIKT NC TGURWGUVC [ NC EQPFWEVC GU WP
RTQFWEVQFGNCRTQRKCGNGEEKÎPEQPEKGPVGDCUCFCGPNQU XCNQTGU
'NRTQCEVKXQUGCTTKGUICUGNCPCEQPUGIWTKFCFCNCDÕUSWGFCFGUQNWEKQPGUGU
ECRC FG EQPUVTWKT ECOKPQU [ FG UGT PGEGUCTKQ CEVÕC [ FGEKFG GP NC
KPEGTVKFWODTG PQ RGTOKVKGPFQ LCO¶U SWG GUVC KPEGTVKFWODTG NG RCTCNKEG Q NG
TGVCTFG1DUGTXGOQU[PQUFCTGOQUEWGPVCSWGGUVCCEVKVWF[GUVCUECTCEVGTÈUVKECU
FGNCEQPFWEVCUQPRTQRKCUFGWPCRGTUQPCRTQCEVKXC
1VTQ TCUIQ FG NQU RTQCEVKXQU GU NC FG UGT CEGTVKXQU NQITCPFQ EQPEGPVTCT UWU
OGLQTGUTGEWTUQURCTCUGTWUCFQUGPNCUOGLQTGUQRQTVWPKFCFGU'UCUGIWTKFCFGP
UKOKUOQUNGUNNGXCCNQITCTNQSWGUGRTQRQPGP[RGTOKVGVTCPUHQTOCTGUEQNNQU[
DCTTGTCUGPQRQTVWPKFCFGUGUCHÈCPCVTCXÃUFGNCETGCVKXKFCF[OWEJCUXGEGU
ECODKCP NQ EQPXGPEKQPCN [ PQ UG EQPHQTOCP FGUCTTQNNCPFQ WPC OCTCXKNNQUC
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6KGPFGPCEGFGTQTGPWPEKCTDWUECPFQNCCEGRVCEKÎPQNCRQRWNCTKFCF*C[
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GLGTEKEKQ FG NCU FQVGU JWOCPCU GP PWGUVTCU TGNCEKQPGU EQP NQU FGO¶U 5WRQPG
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OW[RQEQUUGXCPCRTGQEWRCTRQTNQITCTNCGUEWEJCGOR¶VKECSWGGUGUEWEJCT
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RGTUQPC NG RTQRQTEKQPC CKTG RUKEQNÎIKEQ [ FGURWÃU FG FGLCT UCVKUHGEJC GUC
PGEGUKFCFRWGFGEGPVTCTUGGPKPHNWKTQGPTGUQNXGTRTQDNGOCU
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EGPVTCPGP ICPCTICPCT[GPNCUCRVKVWFGURCTCNCEQOWPKECEKÎPGOR¶VKECGPNQU
FGUCHÈQUSWGCHTQPVCOQUFKCTKCOGPVGUWTIKGPFQPWGXCUCNVGTPCVKXCU.CUKPGTIKCGU
NCGUGPEKCFGNNKFGTCIQVTCPUHQTOCFQTWPKHKEC[NKDGTCNCKPOGPUCGPGTIÈCKPVGTKQT
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NCUEWCVTQOQVKXCEKQPGUGLGTEKGPFQNCUEWCVTQFKOGPUKQPGUFGPWGUVTCPCVWTCNGC
TGIWNCT[EQPITWGPVGOGPVGFGOCPGTCUCDKC[GSWKNKDTCFC2GTQRCTCNQITCTGUVQ
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KOGPUKÎP 'URKTKVWCN NC TGPQXCEKÎP FG NC FKOGPUKÎP GURKTKVWCN RTQRQTEKQPC
NKFGTCIQCPWGUVTCRTQRKCXKFC'UV¶OW[TGNCEKQPCFCEQPGNUGIWPFQJ¶DKVQ.C
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41. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
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J¶DKVQU UGIWPFQ [ VGTEGTQ GORGCOQU EQP WP HKP GP OGPVG [ UQOQU
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UKVWCEKQPGU KPVGTFGRGPFKGPVGU
VGTEGT EWCTVQ SWKPVQ [ UGZVQ J¶DKVQ [ NC
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#VQFQGUVQUGFGDGVGPGTGPEWGPVCNC KPVGNKIGPEKCGOQEKQPCNSWGUGRGTHKNC
EQOQWPPWGXQEQPEGRVQGPGNGPVQTPQQTICPKCEKQPCNRQTGNNCUGGPVKGPFG
NCECRCEKFCFFGNUGTJWOCPQFGTGEQPQEGTUWUUGPVKOKGPVQU[NQUUGPVKOKGPVQU
FGNQUFGO¶UEQPGNHKPFGOQVKXCTUG[RCTCOCPGLCTFGHQTOCCFGEWCFCNCU
TGNCEKQPGUGPVTGWPQOKUOQ[NQUFGO¶U
'U FGEKT NC KPVGNKIGPEKC GOQEKQPCN GU WP EQPLWPVQ FG FGUVTGCU CEVKVWFGU
JCDKNKFCFGU[EQORGVGPEKCUSWGFGVGTOKPCPNCEQPFWEVCFGWPKPFKXKFWQUWU
TGCEEKQPGU GUVCFQU OGPVCNGU GVE [ SWG RWGFG FGHKPKTUG UGIÕP GN RTQRKQ
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FGNQUFGO¶UFGOQVKXCTPQU[FGOCPGLCTCFGEWCFCOGPVGNCUTGNCEKQPGU
42. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
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.Q SWG JCUVC JCEG RQEQ UG XCNQTCDC GURGEKCNOGPVG GTC GN EQGHKEKGPVG
KPVGNGEVWCN[NCGZRGTKGPEKCCJQTCUGXCNQTCPNCKPVGNKIGPEKCGOQEKQPCNFGNCU
RGTUQPCUGUVQGUNCECRCEKFCFFGCRTGPFGTWPCUGTKGFGJCDKNKFCFGURT¶EVKECU
DCUCFCU GP NC EQPEKGPEKC FG WPQ OKUOQ NC OQVKXCEKÎP NC GORCVÈC GN
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.CU ENCXGU FG GUVG PWGXQ EQPEGRVQ FG XCNQTCEKÎP RGTUQPCN UG DCUCP GP NC
TGECRCEKVCEKÎPUQDTGGNVTCDCLQ[NCRTGFKURQUKEKÎPJCEKCGNOKUOQGNGUVWFKQ
FGNCUOQVKXCEKQPGURTQHGUKQPCNGUKPVGPVCTEGPVTCTUGGPQDLGVKXQUCNECPCDNGUC
OGFKQRNCQUGTRQUKVKXQHKLCTUGGPOQFGNQUÕVKNGU[CIWFKCTGNUGPVKFQETÈVKEQ
RCTCRQFGTCWVQGXCNWCTUG[ECODKCT
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ECRCEKFCFFGTCEKQEKPKQNÎIKEQEQPGNEQGHKEKGPVGKPVGNGEVWCNSWGFGVGTOKPC
NCU JCDKNKFCFGU RCTC NCU EKGPEKCU GZCEVCU NC EQORTGPUKÎP [ ECRCEKFCF FG
CP¶NKUKU TGHNGZKXQ GN TCQPCOKGPVQ GURCEKCN NC ECRCEKFCF XGTDCN [ NCU
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GORGCPFQ C VGPGT GP EWGPVC [ C XCNQTCT O¶U NC FGPQOKPCFC KPVGNKIGPEKC
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.C +PVGNKIGPEKC 2GTUQPCN GUV¶ EQORWGUVC C UW XG RQT WPC UGTKG FG
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OKUOQUGUVCKPVGNKIGPEKCEQORTGPFGVTGUEQORQPGPVGUEWCPFQUGCRNKECGPGN
VTCDCLQ
N %QPEKGPEKCGPWPQOKUOQECRCEKFCFFGTGEQPQEGT[GPVGPFGTGPWPQOKUOQ
NCURTQRKCUHQTVCNGCUFGDKNKFCFGUGUVCFQUFG¶PKOQGOQEKQPGUGKORWNUQU
CUÈEQOQGNGHGEVQSWGÃUVQUVKGPGPUQDTGNQUFGO¶U[UQDTGGNVTCDCLQ
N #WVQTTGIWNCEKÎPQEQPVTQNFGUÈOKUOQJCDKNKFCFFGEQPVTQNCTPWGUVTCURTQRKCU
GOQEKQPGUGKORWNUQURCTCCFGEWCTNQUCWPQDLGVKXQFGTGURQPUCDKNKCTUGFG
NQURTQRKQUCEVQUFGRGPUCTCPVGUFGCEVWCT[FGGXKVCTNQULWKEKQURTGOCVWTQU
.CURGTUQPCUSWGRQUGGPGUVCEQORGVGPEKCUQPUKPEGTCUGÈPVGITCUEQPVTQNCPGN
GUVTÃU[NCCPUKGFCFCPVGUKVWCEKQPGUEQORTQOGVKFCU[UQPHNGZKDNGUCPVGNQU
ECODKQUQNCUPWGXCUKFGCU
N #WVQOQVKXCEKÎPGUNCJCDKNKFCFFGGUVCTGPWPGUVCFQFGEQPVKPWCDÕUSWGFC[
RGTUKUVGPEKC GP NC EQPUGEWEKÎP FG NQU QDLGVKXQU JCEKGPFQ HTGPVG C NQU
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RGTUQPCUSWGOWGUVTCPWPITCPGPVWUKCUOQRQTUWVTCDCLQ[RQTGNNQITQFG NCU
OGVCURQTGPEKOCFGNCUKORNGTGEQORGPUCGEQPÎOKECEQPWPCNVQITCFQFG
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. )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
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. )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. )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 ‹3WÃ
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