La necesidad de un nuevo paradigma estratégico operacional para

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UGJCXWGNVQO¶UEQORGVKVKXQCPVGGNCWOGPVQ
GPGNFGUCTTQNNQFGRTQ[GEVQU[RQTNCRTGUGPEKC
FGQRGTCFQTGUFGNEQOGTEKQSWGJCEGCÌQUFG
EKFKGTQPGZVGPFGTUWPGIQEKQGPVTCPFQCNTWDTQ
KPOQDKNKCTKQXKPEWNCFQCUWPGIQEKQRTKPEKRCN
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GNOGFKQJCNNGXCFQCSWGGPGUVQUEGPVTQUUG
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FGNCEQPUVTWEEKÎPEQOQCNQUFGNEQOGTEKQOK
PQTKUVCFCFQGNOKZFGRTQFWEVQUSWGRTGUGP
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QRGTCFQTGU'NRTKOGTQHQECNK\CFQD¶UKECOGP
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PGUKPFKECPSWGWPFGNOGTECFQEQTTGU
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GPGUVGUGEVQTFCFQGNGURCEKQSWGCÕPVKGPGP
NCUITCPFGUECFGPCURCTCGZRCPFKTUGGNITCFQ
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EQPUWOKFQTGU[GNTGFWEKFQPÕOGTQFGNQECNGU
RQTJCDKVCPVGFGGUVGHQTOCVQGP%JKNGXGTUWU
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2QTQVTCRCTVGGUGNJKRGTOGTECFQGNSWG
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NCUNÈPGCUFGRTQFWEVQUQVTCUECVGIQTÈCUVCNGU
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DCUCGPFGUEWGPVQUGPRTGEKQU[O¶TIGPGUTG
FWEKFQU
DCLQOCTMWRFCFCNCCNVCTQVCEKÎPFG
UVQEM CRQ[CFQU RQT WP CEVKXQ OGTEJCPFKUKPI
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VCTNQUTGPFKOKGPVQUO¶USWGRQTRTQFWEVQRQT
GNXQNWOGPVQVCNXGPFKFQ
2QFGOQU FGUVCECT CFGO¶U SWG RQT NC
EQOQFKFCF SWG TGRTGUGPVC RCTC NQU EQPUWOK
FQTGUGPEQPVTCTVQFQVKRQFGRTQFWEVQUGPWP
OKUOQ GUVCDNGEKOKGPVQ UG FKEG SWG GUVG VKRQ
FGEQOGTEKQOKPQTKUVCFQOKPCT¶NCFKUVTKDWEKÎP
CNKOGPVKEKCGPGNHWVWTQ5WRTQZKOKFCFCNENKGP
VGNCQHGTVCFGWPCORNKQUWTVKFQ[NCRTGUVCEKÎP
FG UGTXKEKQU EQORNGOGPVCTKQU EQOQ ETÃFKVQ
RGFKFQURQTKPVGTPGV[VGNÃHQPQ[TGRCTVQCFQ
OKEKNKQCXCNCPGUVCCUGXGTCEKÎP2QTVCPVQGN
JKRGTOGTECFQCEVWCNOGPVGGUV¶VGPFKGPFQJC
EKCNCKFGCFGEGPVTQEQOGTEKCNKPETGOGPVCPFQ
NQUUGTXKEKQUSWGQHTGEGCNEQPUWOKFQT
8GPVCU5WRGTOGTECFKUVCU//75
8GPVCUGPGP5WRGTOGTECFQU
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1VTQU
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RTGUCU DWUECP ICPCT GſEKGPEKCU C VTCXÃU FGN
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PGIQEKQſPCPEKGTQNCKPVTQFWEEKÎPFGOCTECU
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FGETGEKGPVGECNKFCF[O¶TIGPGUO¶U
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NQUEQPVTCVQUEQPNQURTQXGGFQTGU
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FGCDCTECTUGIOGPVQUFGEQPUWOKFQTGUUGP
UKDNGU CN RTGEKQ QDVGPEKÎP FG OC[QTGU TGP
VCDKNKFCFGU XGTUWU NQU RTQFWEVQU FG OCTECU
EQPXGPEKQPCNGU[GNKPETGOGPVQFGRQFGTRQT
RCTVGFGNQUFKUVTKDWKFQTGUTGURGEVQCNQURTQ
XGGFQTGUCNQSWGUGCITGICNCſFGNK\CEKÎPFG
ENKGPVGU[NCFKHGTGPEKCEKÎPTGURGEVQCQVTQUFKU
VTKDWKFQTGULWPVQEQPKPVGPVCTKIWCNCTNCECNKFCF
FG NQU RTQFWEVQU EQPXGPEKQPCNGU C WP OGPQT
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NCUOCTECURTQRKCUUQPNKFGTCFQUCORNKCOGPVG
RQT.ÈFGTEQPWPOKGPVTCU%GPEQUWFTG
IKUVTCPKXGNGUOGPQTGUCN'UVCUEKHTCUUQP
CÕPDCLCUUKUGEQORCTCPEQPNQURCÈUGUSWG
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4GKPQ7PKFQ
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NQU ENKGPVGU GUEQIGP FKTGEVCOGPVG NQU RTQFWE
VQUGPQECUKQPGUCUGUQTCFQURQTXGPFGFQTGUQ
RTQOQVQTGU[NWGIQTGCNK\CPGNRCIQGPCNIWPCU
FGNCUECLCUFGRCIQSWGUGGPEWGPVTCPGPNCU
FKUVKPVCUUGEEKQPGUFGRTQFWEVQU2QTVCPVQGUVC
HQTOCFGQRGTCTRGTOKVGCNEQPUWOKFQTNCNKDTG
GNGEEKÎPFGNQUCTVÈEWNQUHCEKNKFCFFGEQORCTC
EKÎPFGRTGEKQU[OCTECU[XCTKGFCFFGHQTOCU
FGRCIQUFQOKPCPFQGNRCIQEQPETÃFKVQFGNC
OKUOCECUCEQOGTEKCNQOWNVKVKGPFC[RQTQVTC
RCTVGRGTOKVGCNOKPQTKUVCTGWPKTWPCITCPECP
VKFCFFGENKGPVGUGPWPOKUOQGURCEKQ[VKGORQ
UKPTGSWGTKTFGWPXGPFGFQTRCTCECFCENKGPVG
RQT VCPVQ VKGPG NC RQUKDKNKFCF FG CWOGPVCT NC
RTQFWEVKXKFCFRQTOGVTQEWCFTCFQEQOQEQPUG
EWGPEKCFGNCUWUVKVWEKÎPFGGURCEKQFGCNOCEÃP
ŌVTCUVKGPFC
2QTQVTCRCTVGRQTGNITCPXQNWOGPFGXGP
VCUSWGCNECP\CPRQUGGPWPGNGXCFQRQFGTFG
PGIQEKCEKÎPEQPUWURTQXGGFQTGURGTOKVKÃPFQ
NGUQDVGPGTWPCUKIPKſECVKXCXGPVCLCGPEQUVQU
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VQTRQFGOQUOGPEKQPCTC(CNCDGNNC#NOCEGPGU
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VCNOGPVGEQPEWGUVKQPGUFGCRCTKGPEKCGU
FGEKTUGVTCVCFGWPCHQTOCFGEQORTCXGPVC
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GPNCSWGUGFCWPCKPVGPUCTGNCEKÎPGPVTGXGP
VTCEKÎPFGNCUVCTLGVCUFGETÃFKVQRTQRKCUNCUSWG
FGFQT[ENKGPVGFGHQTOCSWGÃUVGCNTGSWGTKT
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XGP
FGFQT'UVCTGNCEKÎPUWGNG
RTQFWEKTUG GP NQECNGU FG RGSWGÌC FKOGPUKÎP
WDKECFQUGPNQUGPVQTPQUTGUKFGPEKCNGUFGNCU
RQDNCEKQPGUSWGGUV¶PCFOKPKUVTCFQUOW[FK
TGEVCOGPVGRQTUWURTQRKGVCTKQU
'NVÃTOKPQFGEQOGTEKQVTCFKEKQPCNUGWVKNK\C
GPNCCEVWCNKFCFGPEQPVTCRQUKEKÎPCNEQOGTEKQ
OQFGTPQ [ NCU PWGXCU HÎTOWNCU EQOGTEKCNGU
'NEQPEGRVQFGEQOGTEKQVTCFKEKQPCNUGCUKOKNC
GPOWEJCUQECUKQPGUCWPEQOGTEKQRTKOKVKXQ
[CPVKIWQSWGUKIWGUWDUKUVKGPFQRTQHWUCOGPVG
[EW[CECTCEVGTÈUVKECO¶UTGNGXCPVGEQPUKUVGGP
NCKORQUKDKNKFCFFGNCEEGUQFKTGEVQCNCOGTECP
EÈCRQTRCTVGFGNEQORTCFQT
6+'0&#5&'%108'0+'0%+#
.CU VKGPFCU FG EQPXGPKGPEKC UQP WPC HQT
OWNCEQOGTEKCNEW[CFKHWUKÎPJCGUVCFQXKPEW
NCFCCITCPFGUEKWFCFGU'UVCUVKGPFCUUQPWP
VKRQFGGUVCDNGEKOKGPVQSWGGUV¶PUKVWCFQUIG
PGTCNOGPVGGP\QPCUFGITCPVT¶ſEQRGCVQPCN
CDKGTVQUFWTCPVGJQTCTKQUGZVGPUQU[FKURQPGP
FG WP PÕOGTQ OQFGTCFQ FG RTQFWEVQU RTKPEK
RCNOGPVGFGCNKOGPVQU[DGDKFCU
5G WDKECP GP NQECNGU RGSWGÌQU EQP RTG
EKQUUKVWCFQUGPWPPKXGNOGFKQCNVQEQPWPITC
FQOGFKQFGUGTXKEKQUCNEQPUWOKFQT'NJQTCTKQ
NCHCEKNKFCFFGEQORTCUWRTQZKOKFCF[GNVTCVQ
RGTUQPCNNQUJCEGPCVTCEVKXQUCUWUENKGPVGUNQU
EWCNGUUQPOGPQUUGPUKDNGUCNRTGEKQSWGEWCN
SWKGTQVTQPGIQEKQQTKGPVCFQCNCCNKOGPVCEKÎP
RQTGUQUWUO¶TIGPGUUQPOWEJQO¶UGNGXCFQU
SWGNCFGNQUUWRGTOGTECFQUEQPXGPEKQPCNGU
'P%JKNGRQFGOQUOGPEKQPCTFQUVKRQUFG
HQTOCVQU
Ŗ7DKECFQUGP'UVCEKQPGUFG5GTXKEKQUQP
NQUNQECNGUFKURWGUVQUGPNCU$QODCUFG$GP
EKPCSWGGPWPEQOKGP\QCDCUVGEÈCPFGUGTXK
EKQUD¶UKEQUFGCUGQEQOQDCÌQU[FGCNKOGP
VCEKÎP EQOQ JQV FQI RCRCU HTKVCU [ DGDKFC [
SWGUKPGODCTIQHWGTQPGXQNWEKQPCPFQJCUVC
VTCUHQTOCTUGGPWPPGIQEKQEQORNGLQSWGQHTG
EG WPC CORNKC ICOC FG RTQFWEVQU FG JKIKGPG
CNKOGPVCEKÎP[UGTXKEKQUEQOQKPVGTPGVHQVQEQ
RKCFQTC KORTGUKÎP ECLGTQ CWVQO¶VKEQ GVE 5W
RWPVQHWGTVGGUV¶GPSWGCFGO¶UFGCVGPFGTCN
RÕDNKEQ SWG XC C NNGPCT GN GUVCPSWG FG UW XG
JÈEWNQRWGFGCVGPFGTCEWCNSWKGTRGCVÎPSWG
PGEGUKVG FG UWU UGTXKEKQU CFGO¶U FG RQUGGT
NCXGPVCLCFGGUVCTCDKGTVCNCUJQTCUFGNFÈC
'PPWGUVTQRCÈUUQPEWCVTQNCUEQORCÌÈCUSWG
FGUVCECP EQP UWU VKGPFCU 5JGNN %QRGE 'UUQ
GPVTGQVTCU
Ŗ 4GUKFGPEKCNGU .C KFGC FG GUVG VKRQ FG
HQTOCVQ GUV¶ QTKGPVCFQ C DCTTKQU SWG EQPUGT
XCP WP ECT¶EVGT TGUKFGPEKCN GP FQPFG NC KFGC
FGKTCEQORTCTCNIWPCUEQUCURCTCNCECUCGP
őGN PGIQEKQ FG NC GUSWKPCŒ GU CNIQ TGEWTTGPVG
[ UG GUV¶ FKURWGUVQ C RCICT WP RQEQ O¶U RQT
WPCNKUVCFGRTQFWEVQU
RQTNQIGPGTCNWPCNKUVC
CEQVCFCCECODKQFGPQVGPGTSWGFGURNC\CTUG
XCTKCUEWCFTCUGPCWVQQOKETQDÕUJCUVCNNGICT
C WP UWRGTOGTECFQ GPQTOG G KORGTUQPCN NQ
SWGGUO¶UEQPXGPKGPVGUKNCNKUVCFGEQORTCU
GU NCTIC 2QT QVTQ NCFQ GUVG PGIQEKQ GPVTC GP
FKTGEVC EQORGVGPEKC EQP NQU CNOCEGPGU VTCFK
EKQPCNGUCPVGNQUEWCNGURTGUGPVCNCXGPVCLCFG
RQUGGTWPCOC[QTICOCFGRTQFWEVQUSWGUQP
FGECNKFCF[CRTGEKQUEQORGVKVKXQU'PVTGGNNCU
RQFGOQUOGPEKQPCTC$KI,QJP[1-/CTMGV
6+'0&#5&'&'5%7'061
'UVC GU WPC HÎTOWNC EQOGTEKCN FGUCTTQNNC
FC QTKIKPCNOGPVG GP #NGOCPKC FGUFG FQPFG
ITCEKCUCUWÃZKVQUGHWGKPVTQFWEKGPFQRTQITG
UKXCOGPVGRQTVQFC'WTQRC[NWGIQGPVQFQGN
OWPFQ .C ſNQUQHÈC UG VTCFWEG GP WP VKRQ FG
XGPVCFGCWVQUGTXKEKQDCUCFCGPNCTGFWEEKÎP
FGRTGEKQUFGUWURTQFWEVQUEQOQEQPUGEWGP
EKCFGNCGNKOKPCEKÎPGPICUVQUFGCFOKPKUVTC
EKÎPRGTUQPCNQTPCOGPVCEKÎPRWDNKEKFCFGVE
'UVG HQTOCVQ EWGPVC EQP WP UWTVKFQ FG RTQ
FWEVQU NKOKVCFQU RTGHGTGPVGOGPVG GPHQECFQU
GPNCCNKOGPVCEKÎP[SWGCFGO¶URQUGGWPC
KORQTVCPVGRTGUGPEKCFGNCUNNCOCFCUOCTECU
RTQRKCU
RTQFWEVQUXGPFKFQUDCLQNCOCTECFGN
GUVCDNGEKOKGPVQSWGNCURTQOQEKQPC[GPNQEC
NGUEW[CUWRGTſEKGPQUWRGTCNQUOVU'P
VTGGNNCURQFGOQUOGPEKQPCTC5WRGT$QFGIC
#EWGPVC['MQPQ
%1/'4%+1#/$7.#06'
'U WP VKRQ FG EQOGTEKQ EQOÕPOGPVG NNC
OCFQKPHQTOCNSWGPQUGTGCNK\CGPWPGUVCDNG
EKOKGPVQEQOGTEKCNRGTOCPGPVGUGUKVÕCGPEC
NNGUFGCNVCCƀWGPEKCFGRGTUQPCUKPVGTXKPKGPFQ
GPNQUGURCEKQURÕDNKEQURCTCQHTGEGTFKXGTUQU
RTQFWEVQUFGCNVCTQVCEKÎP1TKIKPCNOGPVGSWKG
PGUGLGTEÈCPGNEQOGTEKQCODWNCPVGNQJCEÈCP
RCTC GPHTGPVCT GN FGUGORNGQ UKP GODCTIQ
JQ[ GP FÈC GZKUVGP ITWRQU QTICPK\CFQU EQOQ
FKXGTUQU ITGOKQU FG XGPFGFQTGU CODWNCPVGU
SWGCFGO¶UGUV¶PQHTGEKGPFQICTCPVÈCUCNQU
EQPUWOKFQTGU[RQUGGPTGFGUFGFKUVTKDWEKÎP
'P%JKNG5CPVKCIQGUNCEKWFCFEQPOC[QT
RTQRQTEKÎPFGXGPFGFQTGUFGNVKRQCODWNCPVGU
EQPWPGPUGIWPFQNWICTUGGPEWGPVTC
8CNRCTCÈUQEQP[NWGIQ4CPECIWCEQP
2QTNQIGPGTCNGUVGVKRQFGEQOGTEKQ
QHTGEG RTQFWEVQU SWG UQP CVTCEVKXQU RCTC NCU
RGTUQPCU CN RCUCT RGTQ SWG UKP GODCTIQ PQ
XCP RTGEKUCOGPVG C DWUECT GU RQT GUVQ SWG
ITCPRCTVGFGNEQOGTEKQCODWNCPVGXGPFGCTVÈ
EWNQUFGNCVGORQTCFC[CDCLQURTGEKQUNQEWCN
UGFGDGGPRCTVGCNCGXCUKÎPFGKORWGUVQUG
KNGICNKFCF SWG TGRTGUGPVC [ SWG UKGORTG JC
UKFQGNITCPVGOCFGFKUEWUKÎP[RTGQEWRCEKÎP
FGNCUCWVQTKFCFGU[GORTGUCTKQU
1VTCECTCEVGTÈUVKECFGGUVGVKRQFGEQOGT
EKQGUSWGIGPGTCNOGPVGGUGNRTQRKGVCTKQFGN
őPGIQEKQŒSWKGPXGPFGUWOGTECFGTÈCRQTVCPVQ
GNVTCVQEQPGNENKGPVGGUFKTGEVQNQSWGPQQEW
TTGGPQVTQUVKRQUFGHQTOCVQUFGTGVCKN5GIÕP
GUVWFKQUTGEKGPVGUNQURTQFWEVQUO¶UXGPFKFQU
GP %JKNG DCLQ GUVG HQTOCVQ FG TGVCKN UQP NQU
%&BU NKDTQU &8&ŏU EQOKFC TQRC RTKPEKRCN
OGPVGFGOWLGTGU[CEEGUQTKQURCTCGNJQICT
0QQDUVCPVGFGDGOQUUGÌCNCTSWGHQTOCPRCT
VGFGGUVGVKRQFGEQOGTEKQNCUNNCOCFCU(GTKCU
.KDTGUEW[CUXGPVCUPQUQPQECUKQPCNGU[NCU
EWCNGUUKUGTKIGPRQTPQTOCVKXCUNGICNGUSWG
NGURGTOKVGPQRGTCTGPNWICTGUFGſPKFQU
.#'81.7%+¦0&'.%1057/1
'.%1057/1ő'/'4)'06'Œ
5GIÕPGNő*QOGUECPŒ[GNő0KGNUGP4GVCKN
+PFGZŒNCRKT¶OKFGUQEKCNGP%JKNGGUV¶EQPHQT
OCFCFGNCUKIWKGPVGOCPGTCFGCEWGTFQCGU
VTCVQUQEKQGEQPÎOKEQ[RCTVKEKRCEKÎPGPGNICU
VQGPRTQFWEVQUFGEQPUWOQOCUKXQ
HCOKNKCU FG 5GIOGPVQ #$% SWG CRQTVCP WP
GPGNICUVQFGEQPUWOQOCUKXQ
HCOKNKCUFG5GIOGPVQ%SWGCRQTVCPFGN
ICUVQHCOKNKCUFG5GIOGPVQ%SWG
CRQTVCP GN FGN ICUVQ HCOKNKCU
FGN5GIOGPVQ&'SWGCRQTVCPFGNICUVQ
5GFGURTGPFGFGNR¶TTCHQCPVGTKQTSWGGN
ITCP RQTEGPVCLG FG HCOKNKCU FG PWGUVTQ RCÈU
EQTTGURQPFGCGUVTCVQUOGFKQUDCLQU
FG NCU HCOKNKCU SWG CRQTVCP WP FGN ICU
VQ[SWGFGCEWGTFQCFKXGTUCUKPXGUVKICEKQ
PGUFGOGTECFQRCTVKEKRCPHWGTVGOGPVGGPGN
ETGEKOKGPVQ FG ECVGIQTÈCU EQOQ TQP XQFMC
OCUEQVCU CIWCU OKPGTCNGU FGUQFQTCPVGU
CODKGPVCNGU[EQTRQTCNGUGPVTGQVTCUECVGIQ
TÈCUIGPGTCPFQRQTEQPUKIWKGPVGSWGECFCXG\
O¶UNCUEQORCÌÈCUFKTKLCPUWUGUVTCVGIKCUFG
OCTMGVKPIJCEKCNCUPGEGUKFCFGUCURKTCEKQPC
NGU FG GUVQU UGIOGPVQU 'UVQU GUVTCVQU OG
FKQU DCLQU UG GUV¶P EQPXKTVKGPFQ GP GN OQVQT
FGN ETGEKOKGPVQ FGN TGVCKN [ FG UW GUVTCVGIKC
KPVGITCFC
'UVG PWGXQ EQPUWOKFQT GU RTQFWEVQ FG
HGPÎOGPQU VCNGU EQOQ NC HCNVC FG VKGORQ GN
GPXGLGEKOKGPVQ[NCOC[QTGURGTCP\CFGXKFC
GNOC[QTCEEGUQCNEQPUWOQIGPGTCNOGPVGXÈC
ETÃFKVQNCRGPGVTCEKÎPFGNCUPWGXCUVGEPQNQ
IÈCUFGEQOWPKECEKÎPNCUVGPFGPEKCUGPHQEC
FCUCNCXKFCUCPCNCHTCIOGPVCEKÎPGNKPITGUQ
OCUKXQFGNCOWLGTCNVTCDCLQGPVTGQVTQUHGPÎ
OGPQUSWGUGVTCPUHQTOCPGPFGOCPFCFGCT
VÈEWNQUCUQEKCFQUCNEQPUWOQHWGTCFGNJQICT
CNOGLQTCOKGPVQFGNJQICTCNQEKQNCEQORWVC
EKÎP+PVGTPGVVGNGHQPÈCGVE*Q[PQUGRWGFG
CPCNK\CTGNRQVGPEKCNFGEQPUWOQFGWPCRGT
UQPC Q HCOKNKC GZENWUKXCOGPVG FG CEWGTFQ C
UWKPITGUQFKURQPKDNGUKPQSWGCFGO¶UFGDG
UWOCTUGGUVGKPITGUQCNCECRCEKFCFSWGVGP
ICFGUWUVKVWKTEQPUWOQRTGUGPVGRQTEQPUWOQ
HWVWTQ
GPFGWFCOKGPVQ
2QTVQFQNQUGÌCNCFQCPVGTKQTOGPVGGUPG
EGUCTKQTGRNCPVGCTUGNCENWUVGTK\CEKÎPWVKNK\CFC
RQTNQUFKUVKPVQUTGVCKNGTUGP%JKNGEWCPFQCRNK
.VOEP3FUBJM
(678',2
ECPUWTGVCKNOKZ
UWTVKFQRTKEKPINC[QWVRTQOQEKQPGU
GPFQPFGUWRQPGPSWGGPNWICTGUIGQIT¶ſEQUFQPFGUG
GPEWGPVTGPOC[QTKVCTKCOGPVGGUVQUEQPUWOKFQTGUGOGT
IGPVGUUQNQGUVCT¶PKPVGTGUCFQUGUVQUGPWPCRTQRWGUVC
FG XCNQT GPHQECFC JCEKC NC EQDGTVWTC FG PGEGUKFCFGU
D¶UKECU
*#%+#7007'812#4#&+)/#
'564#6œ)+%112'4#%+10#.
&GURWÃUFGCPCNK\CTEQPFGVGPEKÎPVQFQUNQUCPVGEG
FGPVGUGZRWGUVQUJCUVCCJQTCGUXCNKFQRNCPVGCTUGXC
TKCUKPVGTTQICPVGUSWGPQURGTOKVCPRTQRQPGTWPPWGXQ
RCTCFKIOCGUVTCVÃIKEQQRGTCEKQPCNRCTCOGLQTCTNCRGT
HQTOCPEGFGNQUFKUVKPVQUQRGTCFQTGUFGTGVCKNGP%JKNG
‹'UNÎIKEQGNFKUGÌQFGPWGUVTCVKGPFCFGCEWGTFQC
NCGUECUG\FGVKGORQFGPWGUVTQUEQPUWOKFQTGU!
‹5QPNÎIKECUNCUFKOGPUKQPGUFGPWGUVTCUGUVCPVG
TÈCU[RCUKNNQUFGCEWGTFQCPWGUVTCTGCNKFCFFGXGPVCU!
‹*CEKCSWÃUGEVQTFGNCEKWFCFFGDGTÈCOQUETGEGT
CORNKCPFQPWGUVTCTGCNKFCFFGVKGPFCU!‹5GIWKOQUETG
[GPFQGPNCSWKOGTCFGNQU#$%!
‹'UEQTTGEVQGNVCOCÌQFGNCUVKGPFCUSWGVGPGOQU
GPNCECTRGVCFGCRGTVWTCU!‹%QTTGNCEKQPCOQUGNVCOC
ÌQFGNCVKGPFCEQPGNUWTVKFQSWGQHTGEGOQU!‹#ÕPQRG
TCOQUEQPGNUWRWGUVQFGNQUCPCSWGNGUőƀGZKDNGUŒ!
*Q[PQUGRWGFGCPCNK\CTGNRQVGPEKCNFGEQPUWOQ
FGWPCRGTUQPCQHCOKNKCGZENWUKXCOGPVGFGCEWGTFQC
UWKPITGUQFKURQPKDNGUKPQSWGCFGO¶UFGDGUWOCTUG
GUVGKPITGUQCNCECRCEKFCFSWGVGPICFGUWUVKVWKT
EQPUWOQRTGUGPVGRQTEQPUWOQHWVWTQ
‹%W¶N FGDG UGT NC TGNCEKÎP CORNKVWF [ RTQHWPFKFCF
GPGNUWTVKFQ!
‹%W¶PVQU ECODKQU FG RTGEKQU GLGEWVCOQU FKCTKC
OGPVG JCEKC NCU VKGPFCU! ‹'UV¶U UGT¶P ECRCEGU FG
TGURQPFGTCPVGGUVGTKVOQ!‹0WGUVTQUEQPUWOKFQTGUNQ
VQNGTCT¶P!
‹%W¶N GU GN XCNQT RGTEKDKFQ FG PWGUVTQU GUHWGT\QU
RTQOQEKQPCNGU! ‹%W¶N GU GN CRQTVG KPETGOGPVCN C NCU
XGPVCU!
‹%W¶NGUPWGUVTQPKXGNFGUGTXKEKQTGCNGPNQUCPC
SWGNGU!
5K WUVGF VKGPG TGURWGUVCU PGICVKXCU C CNIWPCU FG
GUVCU RTGIWPVCU Q RGQT CÕP PQ VKGPG WPC TGURWGUVC
EQPETGVCRCTCCNIWPCFGGUVCURTGIWPVCUFGVÃPICUG[
OGFKVG5WPGIQEKQPGEGUKVCWTIGPVGOGPVGRGPUCTGPGN
RCTCFKIOCCEVWCNEQPNCSWGQRGTCUWEQORCÌÈC[CPC
NK\CTUKCSWGNGUV¶GPUKPVQPÈCEQPNCPWGXCTGCNKFCFFGN
EQPUWOQ[NCEQORGVGPEKC
.VOEP3FUBJM
.GEVWTCU4GEQOGPFCFCU
#%0+'.5'0
'N/GTECFQ%JKNGPQ
$#0%1%'064#.&'%*+.'+0'#%0+'.5'0
+ORQTVCPEKCFG%CPCNGUFGPVTQFGN2TQFWEVQ+PVGTPQ$TWVQ
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OGPVQUFG/CTMGVKPIŒ'FKEKQPGU2GCTUQP'FWECVKQP%CRKVWNQ
8GPVCCNFGVCNNG[CNRQTOGPQT
'FKEKÎP2¶I
.'8;/+%*#'.9'+6<$#4610
4GVCKNKPI/CPCIG
OGPV/E)TCY*KNN+TYKP
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XQNPRR
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4GVCKNKPI2TGPVKEG*CNN
.';610,1*05.7+5
&GſPKEKÎPFG4GVCKN/CPCIG
OGPV7PKXGTUKFCFFG5CPVKCIQFG%JKNG
<'06'5/145%*'66[5%*#4#//Ō-.'+0
5VTCVGIKE4GVCKN/CPCIGOGPV$GVTKGDUYKTVUEJCHVNKEJGT8GTNCI&T
6J)CDNGT^)98(CEJXGTNCIG)OD*9KGUDCFGP
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