Instrumentos económicos para el control de la contaminación del

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(WGPVG 125 [ 0CEKQPGU 7PKFCU C
0QVC 5G GUVKOC SWG GUVCU EKHTCU TGRTGUGPVCP VCP UÉNQ WPC HTCEEKÉP FGN PÐOGTQ TGCN FG KPHGEEKQPGU NQ EWCN UG GZRNKEC
RQT NC JKUVQTKC PCVWTCN FG NC GPHGTOGFCF RQT NC UWDPQVKHKECEKÉP [ RQT NC KPGHKEKGPEKC FG NQU UKUVGOCU FG XKIKNCPEKC
~ ECUQU RQT JCDKVCPVGU RQT CÇQ
RCTC EQPQEKOKGPVQ IGPGTCN EQOQ GU GN ECUQ GP OCVGTKC FG CEEGUQ C KPHQTOCEKÉP
UQDTGEQPVCOKPCEKÉPCVOQUH¾TKEC
RWDNKECFCFKCTKCOGPVGGPCNIWPCUEKWFCFGU
#WPSWG OWEJQU RCÃUGU EWGPVCP EQP NC NGIKUNCEKÉP D±UKEC PGEGUCTKC RCTC GN
EQPVTQN FG NC EQPVCOKPCEKÉP FGN CIWC GZKUVG WPC GPQTOG FKURGTUKÉP FG
TGURQPUCDKNKFCFGU RCTC UW CRNKECEKÉP [ EQPUGEWGPVGOGPVG PQ UG JCEG EWORNKT
CFGEWCFCOGPVGNCNGIKUNCEKÉPXKIGPVG.CUFKURQUKEKQPGUPQTOCVKXCURQECUXGEGUUG
HKUECNK\CP[UGQDUGTXCWPCCEVKVWFIGPGTCNK\CFCFGSWGNCRTGUGTXCEKÉPFGNCECNKFCF
FGNCIWCVKGPGWPCRTKQTKFCFUGEWPFCTKCGPNCUCIGPFCU'PNQURQEQUECUQUGPSWG
UG GZKIGP GUVWFKQU FGN KORCEVQ CODKGPVCN PQTOCNOGPVG EQOQ EQPFKEKQPGU FG
HKPCPEKCEKÉP Q FG PQTOCU CODKGPVCNGU ¾UVQU PQ UQP RCTVKEWNCTOGPVG TKIWTQUQU [
RQECU XGEGU UG VQOCP GP EWGPVC UWU TGEQOGPFCEKQPGU GP GN FKUGÇQ FG NQU
RTQ[GEVQU
.QTF[+UTCGN
#RGUCTFGGUVCUUKVWCEKQPGUH±EKNOGPVGQDUGTXCDNGUGPVQFQUNQURCÃUGUFGNC
TGIKÉP UWU IQDKGTPQU JCP XGPKFQ CPWPEKCPFQ NC KORNCPVCEKÉP FG RQNÃVKECU FG
FGUCTTQNNQUQUVGPKDNG[FGRTQVGEEKÉPFGNQUTGEWTUQUJÃFTKEQUFGNCECNKFCFFGNCIWC
[ FG GEQUKUVGOCU CEW±VKEQU 'U FGEKT SWG RQT NQ OGPQU GP OCVGTKC FG FGENCTCEKÉP
FGKPVGPEKQPGUVQFQUNQURCÃUGUJCPKPEQTRQTCFQGPUWURQNÃVKECU[NG[GUFGCIWCNC
QDNKICVQTKGFCF FG XGNCT RQT NC DWGPC ECNKFCF FGN CIWC 'N CUWPVQ GU SWG GNNQ PQ UG
EWORNGEQOQUGRTQOWGXGQCPWPEKC
6TGUUQPNQUOQVKXQUD±UKEQUSWGJCPRWGUVQGNVGOCFGNCRTQVGEEKÉPFGNQU
TGEWTUQUJÃFTKEQU GP GNHQEQFGNFGDCVG RQNÃVKEQ.C RTKOGTC TC\ÉP GU NC PGEGUKFCF
FG OGLQTCT NC IGUVKÉP FGN CIWC RCTC GPHTGPVCT NQU RTQDNGOCU ETGEKGPVGU FG
EQPVCOKPCEKÉPFGNCIWCEQOQNQHWGNCGRKFGOKCFGNEÉNGTCFGSWGUQPECFC
FÃCO±URGTEKDKFQURQTNCRQDNCEKÉPGKPHNW[GPGPNCRQNÃVKECFGNQUIQDKGTPQU
'N JGEJQ FG SWG GZKUVG WP KPVGT¾U ETGEKGPVG GP NC EQPVCOKPCEKÉP JÃFTKEC UG
FGOWGUVTC GPVTG QVTCU EQUCU C VTCX¾U FG NC GXQNWEKÉP FG NC FGOCPFC FG CP±NKUKU FG CIWC
SWG GP GN ECUQ FG %JKNG JC UKFQ GZRNQUKXC NQ EWCN SWGFC FGOQUVTCFQ RQT NC UQNKEKVWF JGEJC
C WPQ FG NQU NCDQTCVQTKQU RTKXCFQU O±U EQPQEKFQU FG GUVG RCÃU GN EWCN JC CWOGPVCFQ UW
HCEVWTCEKÉP GP GN ÐNVKOQ FGEGPKQ GP O±U FG FKG\ XGEGU 6JKGTU 'U KPVGTGUCPVG
OGPEKQPCT NC GXQNWEKÉP SWG JC GZRGTKOGPVCFQ NC FGOCPFC FG CP±NKUKU UGIÐP NCU ECVGIQTÃCU
FG CIWCU #UÃ GU EQOQ UG QDUGTXC SWG JCEG FKG\ CÇQU NQU CP±NKUKU UQNKEKVCFQU RCTC CIWC
RQVCDNG HWGPVG [ RTQFWEVQ EQTTGURQPFÃCP CN FGN VQVCN FG CP±NKUKU TGCNK\CFQU OKGPVTCU
SWG GN EQTTGURQPFÃC C CIWCU UGTXKFCU #EVWCNOGPVG GUVC FKUVTKDWEKÉP JC XCTKCFQ
SWGFCPFQ WP FG CP±NKUKU RCTC CIWC RQVCDNG RCTC CIWCU UGTXKFCU [ RCTC
TGUKFWQU KPFWUVTKCNGU NÃSWKFQU
#PVGU FG NC GRKFGOKC FG EÉNGTC OGPQU FGN FG NQU UKUVGOCU FG CIWC RQVCDNG
GP NC TGIKÉP NC FGUKPHGEVCDCP GP HQTOC EQPHKCDNG [ EQPVKPWC 125 &GUFG NC
OC[QTÃC FG NQU RCÃUGU JCP CWOGPVCFQ NC XKIKNCPEKC [ GN OQPKVQTGQ FG NC ECNKFCF FGN CIWC
RQVCDNG [ OGLQTCFQ GN EQPVTQN FG NC OKUOC .C GRKFGOKC FG EÉNGTC RTQFWLQ O±U KORCEVQ
UQDTG NC KORQTVCPEKC FG EQPVTQNCT NC ECNKFCF FGN CIWC SWG OWEJQU RTQITCOCU FG
EQPEKGPVK\CEKÉP CPVGTKQTGU #NIWPCU EKWFCFGU JCP GHGEVWCFQ KPXGTUKQPGU GP RNCPVCU FG
'N UGIWPFQ HCEVQT FQOKPCPVG GU NC TGNCEKÉP ECFC XG\ O±U GUVTGEJC GPVTG GN
EQOGTEKQ[GNOGFKQCODKGPVGGNCWOGPVQFGNCUEQPVTQXGTUKCUTGNCEKQPCFCUEQPNC
WVKNK\CEKÉP FG PQTOCU CODKGPVCNGU EQOQ DCTTGTCU PQ CTCPEGNCTKCU GP GN EQOGTEKQ
KPVGTPCEKQPCN [ CRNKECEKÉP FG RQNÃVKECU CODKGPVCNGU ÐPKECU FG GORTGUCU
VTCPUPCEKQPCNGUCVQFCUUWUHKNKCNGUKPFGRGPFKGPVGFGUWWDKECEKÉPIGQIT±HKEC
2QT QVTQ NCFQ GZKUVG WPC EQPEKGPVK\CEKÉP ETGEKGPVG CUQEKCFC C WPC UGTKG FG
GXGPVQU KPVGTPCEKQPCNGU [ CEWGTFQU OWNVKNCVGTCNGU CODKGPVCNGU UWUETKVQU RQT NQU
RCÃUGU FG NC TGIKÉP CUÃ EQOQ C NC CEVKXC RCTVKEKRCEKÉP FG TGFGU GURGEKCNK\CFCU [
QTICPKUOQU PQ IWDGTPCOGPVCNGU RCTC CNECP\CT OGVCU FG UQUVGPKDKNKFCF CODKGPVCN
EQOQRCTVGFGNCUOGVCUFGFGUCTTQNNQUQUVGPKDNG/GLQTCTRTGXGPEKÉP[EQPVTQNFG
NCEQPVCOKPCEKÉPFGNCIWCGURTKQTKVCTKQFGPVTQFGGUVGEQPVGZVQ
%QOQTGUWNVCFQFGGUVQUVTGUHCEVQTGUUGTGIKUVTCPCXCPEGUGPGNFKUGÇQ FG
RQNÃVKECU [ GUVTCVGIKCU RCTC GN EQPVTQN FG NC EQPVCOKPCEKÉP FGN CIWC 'P OWEJQU
RCÃUGU FG NC TGIKÉP UG JCP RTQOWNICFQ NG[GU UQDTG GN OGFKQ CODKGPVG [ UG JC
TGHQT\CFQNCNGIKUNCEKÉPUGEVQTKCNVTCFKEKQPCNQTKGPVCFCCNCEQPUGTXCEKÉP[RTQVGEEKÉP
FG NQU TGEWTUQU PCVWTCNGU TGPQXCDNGU NCU NG[GU GP OCVGTKC FG CIWCU TGEWTUQU
HQTGUVCNGU XKFC UKNXGUVTG RGUEC [ EC\C RCTSWGU PCEKQPCNGU [ QVTCU CUÃ EQOQ NC
NGIKUNCEKÉPSWGCWPSWGUWURTQRÉUKVQUFGENCTCFQUPQUGCPNCRTQVGEEKÉPCODKGPVCN
TGIWNCEQORQTVCOKGPVQUSWGKPEKFGPFKTGEVCOGPVGGPGNOGFKQCODKGPVG
*C[ SWG JCEGT PQVCT UKP GODCTIQ SWG GP NC OC[QTÃC FG NQU RCÃUGU NQU
CXCPEGU O±U KORQTVCPVGU UG JCP TGIKUVTCFQ GP GN ±ODKVQ PQTOCVKXQ Q FG
FGENCTCEKÉP 'P OWEJQU FG GNNQU UG GUV± GP RTQEGUQ FG KORWNUCT TGHQTOCU FG NCU
NGIKUNCEKQPGU [ QTICPK\CEKQPGU QTKGPVCFCU C NC RTQVGEEKÉP FGN OGFKQ CODKGPVG [ GN
EQPVTQNFGNCEQPVCOKPCEKÉPFGNCIWC5KPGODCTIQUQPRQEQUNQUECUQUGPSWGUG
JC NQITCFQ TGXGTVKT NCU UKVWCEKQPGU FG FGVGTKQTQ CODKGPVCN /C[QTKVCTKCOGPVG NC
RTQVGEEKÉP FG NQU TGEWTUQU JÃFTKEQU VQFCXÃC UG ECTCEVGTK\C RQT WP EQPLWPVQ FG
CEEKQPGUUGEVQTKCNGUCKUNCFCU[PQGPOCTECFCUGPWPCXKUKÉPFGEQPLWPVQ5KDKGPUG
JCP ETGCFQ KPUVKVWEKQPGU RCTC NC IGUVKÉP CODKGPVCN ¾UVCU TGEK¾P GORKG\CP C NNGXCT
CFGNCPVGRNCPGU[RTQITCOCU GPECOKPCFQUCOGLQTCTNC RTQVGEEKÉP FG NQU TGEWTUQU
JÃFTKEQU NC ECNKFCF FGN CIWC [ NQU GEQUKUVGOCU CEW±VKEQU # GUVQ GP OWEJQU
RCÃUGU UG CÇCFG WPC NGIKUNCEKÉP CODKGPVCN ECTCEVGTK\CFC RQT NC FKURGTUKÉP FG
PQTOCU[RQTVGZVQUSWGCÐPUGGPEWGPVTCPGPWPCHCUGGPWPEKCVKXC[CSWGVQFCXÃC
PQUGEWGPVCEQPOGECPKUOQUFGKORNGOGPVCEKÉPGHKECEGU
VTCVCOKGPVQ FG CIWCU UGTXKFCU %QOQ TGUWNVCFQ FG GUVCU OGLQTCU FKUOKPW[É NC KPEKFGPEKC FG
NCU GPHGTOGFCFGU VTCPUOKVKFCU RQT GN CIWC 5G GUVKOC SWG GP GN CÇQ NC OC[QTÃC FG NC
RQDNCEKÉP WTDCPC TGEKDÃC CIWC FG EQPHQTOKFCF EQP NCU IWÃCU FG NC 1TICPK\CEKÉP /WPFKCN FG
NC 5CNWF 1/5 RCTC NC ECNKFCF FGN CIWC RQVCDNG 5KP GODCTIQ NC RQDNCEKÉP UGTXKFC RQT
UKUVGOCU EQP XKIKNCPEKC [ OQPKVQTGQ CFGEWCFQU UKIWG UKGPFQ TGFWEKFC 6CODK¾P NC
FGUKPHGEEKÉP UKUVGO±VKEC FGN CIWC JC RTQITGUCFQ FGUFG RGTQ UKIWG GUVCPFQ TG\CICFC
5WDUKUVGEKGTVQ ITCFQ FG EQPHWUKÉP EQPEGRVWCN GPVTG NC FKOGPUKÉP CODKGPVCN
FG NC IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU [ NC RTQDNGO±VKEC FG NC IGUVKÉP FGN OGFKQ
CODKGPVG 'P CNIWPQU RCÃUGU UG QDUGTXC NCOGPVCDNGOGPVG WPC VGPFGPEKC C
UWDXCNQTCT NC KORQTVCPEKC TGNCVKXC FG NQU TGEWTUQU JÃFTKEQU GP GN EQPVGZVQ FG NC
RTGQEWRCEKÉP IGPGTCN RQT GN OGFKQ CODKGPVG 'UVC XKUKÉP FG NQU TGEWTUQU JÃFTKEQU
EQOQ WPQ [ SWK\± PQ GN O±U KORQTVCPVG FG NQU EQORQPGPVGU FG NQU UKUVGOCU
CODKGPVCNGU VKGPFG C FKNWKT O±U SWG DGPGHKEKCT NC ECRCEKFCF FG IGUVKÉP FG NQU
TGEWTUQU JÃFTKEQU [ C TGFWEKT UW KORQTVCPEKC TGNCVKXC GP GN EQPVGZVQ FG NC
RTGQEWRCEKÉP IGPGTCN RQT GN OGFKQ CODKGPVG 'UVC TGFWEEKÉP FGN CIWC C UÉNQ WP
EQORQPGPVGFGNVGOC CODKGPVCNJCUKIPKHKECFQ SWG GP CNIWPQURCÃUGUUGTGFW\ECP
NCU KPUVKVWEKQPGU [ GN RGTUQPCN GPECTICFQ FG OCPGLCT [ RTQVGIGT GN CIWC RCTC
FGFKECTNQUCJCEGTKIGUVKÉPCODKGPVCNINQDCNL#EVWCNOGPVGUGKPVGPVCOCPGLCTGUVG
ÐNVKOQ GP HQTOC INQDCN UKP JCDGT FGOQUVTCFQ CÐP PK UKSWKGTC NC ECRCEKFCF FG
OCPGLCT DKGP WPQ UÉNQ FG NQU TGEWTUQU PCVWTCNGU C NC GUECNC PGEGUCTKC .Q SWG C
OGPWFQ UG QNXKFC GU SWG NC IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU QEWRC WP NWICT
RTGRQPFGTCPVGGPNCIGUVKÉPCODKGPVCN
7PQ FG NQU RTQDNGOCU SWG GPHTGPVCP NQU RCÃUGU FG NC TGIKÉP GU NC
KORQUKDKNKFCFFGCRNKECTNQUKPUVTWOGPVQUFGEQPVTQNFGNCEQPVCOKPCEKÉPFGNCIWCGP
GN UGEVQT KPHQTOCN 2QT QVTC RCTVG KPENWUQ VTCV±PFQUG FG GORTGUCU NGICNOGPVG
EQPUVKVWKFCU UW CRNKECEKÉP OW[ C OGPWFQ GU FKHKEWNVCFC RQT GN JGEJQ FG SWG
JCDKVWCNOGPVGPQJC[UWHKEKGPVGKPHQTOCEKÉPPKOGFKEKQPGUJÃFTKECURCTCFGVGTOKPCT
SWK¾PEQPVCOKPC[GPSW¾ECPVKFCF'PIGPGTCNKPUVCNCTNQUUKUVGOCUFGOQPKVQTGQ
[ OGFKT NC EQPVCOKPCEKÉP FG NCU CIWCU UWRGTHKEKCNGU [ UWDVGTT±PGCU EQPUVTWKT
OQFGNQU FG ECNKFCF FG CIWC [ FGVGTOKPCT NQU CRQTVGU FG EQPVCOKPCPVGU FG NCU
KPFWUVTKCUGUWPCVCTGCIKICPVGUEC
'POWEJQURCÃUGUVCODK¾PUGGUV±KPEQTRQTCPFQGNGPHQSWGFGNEQPVTQNFGNC
EQPVCOKPCEKÉPFGUFGNCRGTURGEVKXCFGNCIGUVKÉPFGNCIWCRQTEWGPECJKFTQIT±HKEC
'UVQUGFGDGRTKPEKRCNOGPVGCSWGGULWUVCOGPVGCPKXGNFGEWGPECFQPFGFGDGUGT
RQUKDNGNQITCT WPC OGLQT KPVGITCEKÉP GPVTG VQFQU NQU KPVGTGUCFQU GP NC IGUVKÉP [ GN
CRTQXGEJCOKGPVQ FGN CIWC VCPVQ FGN UGEVQT RÐDNKEQ EQOQ FGN RTKXCFQ GPVTG NQU
WUQUGZVTCEVKXQU[NQUWUQUGPGNRTQRKQECWFCNCUÃEQOQGPVTGSWKGPGURTQRWIPCP
GN WUQ RTQFWEVKXQ FGN CIWC EQOQ NQU SWG NWEJCP RQT UW EQPUGTXCEKÉP #FGO±U NC
IGUVKÉPFGNCIWCCPKXGNFGEWGPECUGEQPUKFGTCECFCXG\O±UEQOQNCOCPGTCO±U
CRTQRKCFCFGEQORCVKDKNK\CTNCRGTURGEVKXCPCEKQPCNEQPNCUCURKTCEKQPGUTGIKQPCNGU[
NQECNGU[ FG CDUQTDGT NQU EQUVQU CODKGPVCNGU FGN CRTQXGEJCOKGPVQ [ NC WVKNK\CEKÉP
FGNQUTGEWTUQUJÃFTKEQU
'PNQURCÃUGUFGNCTGIKÉPUGJCKPVGPUKHKECFQGNFK±NQIQUQDTGNCPGEGUKFCFFG
ETGCTKPUVCPEKCURCTVKEKRCVKXCURCTCNCIGUVKÉPFGNCIWCC PKXGNFG EWGPECEQOQWP
OGFKQRCTCTGUQNXGTEQPHNKEVQUOGLQTCTNCCFOKPKUVTCEKÉP[EQPUKFGTCTGNKORCEVQFGN
WUQFGNCIWCUQDTGGNOGFKQCODKGPVG[NCUQEKGFCF5KPGODCTIQOWEJCUFGVCNGU
GPVKFCFGUCÐPPQJCPNQITCFQCXCPEGUGPV¾TOKPQUFGIGUVKÉPKPVGITCFCFGNCIWC[
EQPVTQN FG NC EQPVCOKPCEKÉP RQT JCDGT ECTGEKFQ FG TGEWTUQU HKPCPEKGTQU
EQQTFKPCEKÉP[DCUGNGICNCFGEWCFQUQRQTJCDGTVGPKFQWPC EQORNGLCTGNCEKÉPFG
FGRGPFGPEKC VCPVQ CFOKPKUVTCVKXC EQOQ HKPCPEKGTC 'P ITCP RCTVG FG NQU ECUQU GN
EQPVTQN FG NC EQPVCOKPCEKÉP C PKXGN FG EWGPECU CÐP PQ JC RCUCFQ FG NC GVCRC FG
TGCNK\CTGUVWFKQU[RTQRQPGTOGFKFCUFGRTQVGEEKÉP
'N KPVGT¾U GP WVKNK\CT KPUVTWOGPVQU GEQPÉOKEQU GRTKPEKRCNOGPVG EQDTQU RQT
GOKUKÉPQFGUECTICFGCIWCUUGTXKFCURGTQVCODK¾PRGTOKUQUFGGOKUKÉPVTCPUCDNGU
X¾CUG GN #PGZQG RCTC NC RTQVGEEKÉP FG NQU TGEWTUQU JÃFTKEQU VCODK¾P HQTOC
RCTVG FG NCU QREKQPGU RCTC EQPVTQNCT NC EQPVCOKPCEKÉP .QU KPUVTWOGPVQU
GEQPÉOKEQUUQPWPQUFGNQUXCTKQUOGFKQURCTCKPEGPVKXCTCNQUWUWCTKQUCCFQRVCT
FGVGTOKPCFQUEQORQTVCOKGPVQUEQPTGNCEKÉPCNEQPVTQNFGNCEQPVCOKPCEKÉPFGNCIWC
X¾CUGGN4GEWCFTQ7PKPUVTWOGPVQGEQPÉOKEQGUCSW¾NSWGCHGEVCNQUEQUVQU[
DGPGHKEKQUKORWVCDNGUCNQUEWTUQUFGCEEKÉPCNVGTPCVKXQUSWGGPHTGPVCPNQUWUWCTKQU
FGCIWC
†3W¾ HCEVQTGU ECWUCP KPVGT¾U GP GORNGCT KPUVTWOGPVQU GEQPÉOKEQU RCTC
EQPVTQNFGNCEQPVCOKPCEKÉPFGNCIWC!'PRTKOGTNWICTGUVGKPVGT¾UUGTGNCEKQPCEQP
NQUECODKQURQNÃVKEQUGKFGQNÉIKEQUSWGJCPQEWTTKFQGPGNOWPFQ[EQPNCRQNÃVKEC
FG OWEJQU IQDKGTPQU FG NQU RCÃUGU FG NC TGIKÉP GP EWCPVQ C CWOGPVCT NC
RCTVKEKRCEKÉP RTKXCFC GP GN CRTQXGEJCOKGPVQ FG NQU TGEWTUQU JÃFTKEQU GP IGPGTCN [
GP NC RTGUVCEKÉP FG UGTXKEKQU RÐDNKEQU TGNCEKQPCFQU EQP GN CIWC GP RCTVKEWNCT 'U
KORQTVCPVG UGÇCNCT SWG JCUVC CJQTC GUVG RTQEGUQ RTKXCVK\CFQT JC UKFQ GP ITCP
OGFKFC HWPFCFQ GP NCU HKNQUQHÃCU RQNÃVKECU [ NC ETKUKU HKPCPEKGTC FGN UGEVQT RÐDNKEQ
RGTQ RTKPEKRCNOGPVG JC UKFQ GN FGUET¾FKVQ RÐDNKEQ GP SWG JCP ECÃFQ CNIWPCU
GORTGUCU RÐDNKECU CUÃ EQOQ QVTQU HCEVQTGU SWG PQ TGHNGLCP FGDKFCOGPVG NCU
XGPVCLCU[FGUXGPVCLCUSWGVKGPGPEQPTGNCEKÉPCNQUWUWCTKQUNCUCNVGTPCVKXCUGPVTG
GORTGUCU RÐDNKECU Q RTKXCFCU #FGO±U NQU KPUVTWOGPVQU GEQPÉOKEQU VKGPGP
CFGRVQU RQTSWG UG UWRQPG SWG GPVTCÇCP WP KFQDNG FKXKFGPFQL G[C SWG RWGFGP
IGPGTCTKPITGUQURCTCNQUIQDKGTPQUSWGGPHTGPVCPKPUWHKEKGPEKCURTGUWRWGUVCTKCUG
EQP NQ SWG UG DWUEC VCPVQ OCPVGPGT WPC GUVTWEVWTC FG CFOKPKUVTCEKÉP GHKEC\ [
RTQVGIGTNCFGNCURTGUKQPGURTGUWRWGUVCTKCUIGPGTCNGUEQOQCWOGPVCTNCGHKEKGPEKC
[TGIWNCTNCFGOCPFC
1VTQ HCEVQT SWG GZRNKEC GN KPVGT¾U IGPGTCNK\CFQ GP GORNGCT KPUVTWOGPVQU
GEQPÉOKEQU RCTC EQPVTQN FG NC EQPVCOKPCEKÉP FGN CIWC GU NC KPHNWGPEKC GZVGTPC
RTKPEKRCNOGPVG FG DCPEQU KPVGTPCEKQPCNGU [ FG CNIWPQU EGPVTQU FG KPXGUVKICEKÉP
1VTQOQVKXQGUNQSWGUGRGTEKDGEQOQNCKPGHKEKGPEKCFGNCURQNÃVKECUUGIWKFCUGPGN
RCUCFQRTKPEKRCNOGPVGCNFGURTGUVKIKQGPSWGJCPECÃFQKPUVTWOGPVQUFGTGIWNCEKÉP
FKTGEVC SWG RQT HCNVC FG WP EQPVTQN GHGEVKXQ GP DWGPC RCTVG FG NQU RCÃUGU FG NC
TGIKÉPJCPRGTFKFQGHKECEKC
1ECORQ
4GEWCFTQ
+PUVTWOGPVQURCTCNCRQNÃVKECCODKGPVCNGP/¾ZKEQ
/¾ZKEQ EWGPVC EQP WP CORNKQ EQPLWPVQ FG KPUVTWOGPVQU FG
RQNÃVKEC CODKGPVCN %CFC WPQ FG GUVQU KPUVTWOGPVQU VKGPG
ECRCEKFCFGU RTQRKCU RCTC CHTQPVCT NQU RTQDNGOCU [
RGTUGIWKT NQU QDLGVKXQU CODKGPVCNGU FG NC UQEKGFCF 5W
RQVGPEKCN XC C FGRGPFGT FG UW IGPGTCNKFCF Q CRNKECEKÉP
KPFKXKFWCN FGN PÐOGTQ FG CEVQTGU GP NQU RTQEGUQU SWG
FGDGP UGT QDLGVQ FG TGIWNCEKÉP FGN VKRQ FG RTQFWEVQU [ FG
CEVKXKFCFGU KPXQNWETCFCU FG NC PCVWTCNG\C DKQHÃUKEC FG NQU
UKUVGOCU CODKGPVCNGU FG SWG UG VTCVG FG NCU RQUKDKNKFCFGU
V¾EPKECU TGCNGU FG CRNKECEKÉP [ HKUECNK\CEKÉP FGN EQUVQ FG
CFOKPKUVTCEKÉP [ EWORNKOKGPVQ [ FG EQPFKEKQPGU
UQEKQGEQPÉOKECU [ TGIKQPCNGU SWG TKIGP GP ECFC ECUQ
%CFC KPUVTWOGPVQ VKGPG WP ±ODKVQ RCTVKEWNCT FG CRNKECEKÉP
[ FKHGTGPVGU EQPFKEKQPGU FG CNECPEG GHKECEKC [
EQUVQGHGEVKXKFCF 0Q VQFQ KPUVTWOGPVQ RWGFG
IGPGTCNK\CTUG RCTC CHTQPVCT EWCNSWKGT VKRQ FG RTQDNGOC Q
RCTC CEEGFGT C EWCNSWKGT VKRQ FG QDLGVKXQU
ŠTGCU PCVWTCNGU RTQVGIKFCU
.C ETGCEKÉP HKPCPEKCOKGPVQ [ CFOKPKUVTCEKÉP FG ±TGCU
PCVWTCNGU GU WP KPUVTWOGPVQ ETÃVKEQ RCTC NC RTQVGEEKÉP FG NC
DKQFKXGTUKFCF [ GN OCPVGPKOKGPVQ FG WP ITCP PÐOGTQ FG
HWPEKQPGU CODKGPVCNGU XKVCNGU CUÃ EQOQ RCTC FGHKPKT
PWGXQU RCT±OGVTQU G KPUVKVWEKQPGU RCTC WP FGUCTTQNNQ
TGIKQPCN UWUVGPVCDNG
4GIWNCEKÉP FKTGEVC FG XKFC UKNXGUVTG
.C TGIWNCEKÉP FKTGEVC FG NQU TGEWTUQU HCWPÃUVKEQU [
HNQTÃUVKEQU UG FC C VTCX¾U FG KPUVTWOGPVQU EQOQ NQU
RGTOKUQU NKEGPEKCU [ CWVQTK\CEKQPGU RCTC EQNGEVC EKGPVÃHKEC
CRTQXGEJCOKGPVQ EQOGTEKCNK\CEKÉP OQXKOKGPVQU
HTQPVGTK\QU [ RTQFWEEKÉP
1TFGPCOKGPVQ GEQNÉIKEQ FGN VGTTKVQTKQ
'N QTFGPCOKGPVQ GU WP RTQEGUQ FG RNCPGCEKÉP FKTKIKFQ C
GXCNWCT [ RTQITCOCT GN WUQ FGN UWGNQ [ GN OCPGLQ FG NQU
TGEWTUQU PCVWTCNGU GP GN VGTTKVQTKQ PCEKQPCN [ NCU \QPCU
UQDTG NCU SWG NC PCEKÉP GLGTEG UW UQDGTCPÃC [ LWTKUFKEEKÉP
RCTC RTGUGTXCT [ TGUVCWTCT GN GSWKNKDTKQ GEQNÉIKEQ [ RTQVGIGT
CN CODKGPVG 'N QTFGPCOKGPVQ VGTTKVQTKCN RGTOKVG QTKGPVCT GN
GORNC\COKGPVQ IGQIT±HKEQ FG NCU CEVKXKFCFGU RTQFWEVKXCU
CUÃ EQOQ NCU OQFCNKFCFGU FG WUQ FG NQU TGEWTUQU [
UGTXKEKQU CODKGPVCNGU EQPUVKVW[GPFQ GN EKOKGPVQ FG NC
RQNÃVKEC GEQNÉIKEC
'XCNWCEKÉP FG +ORCEVQ #ODKGPVCN
.C 'XCNWCEKÉP FG +ORCEVQ #ODKGPVCN GU WPC JGTTCOKGPVC
RCTC IGPGTCT KPHQTOCEKÉP CODKGPVCN [ WP RTQEGUQ CPCNÃVKEQ
RCTC GXCNWCT GNGOGPVQU O±U EQORTGPUKXQU FG EQUVQ [
DGPGHKEKQ UQEKCN GP ECFC RTQ[GEVQ FG FGUCTTQNNQ 'UVQ
RGTOKVG RTQRQPGT OGFKFCU V¾EPKECU RCTC OKPKOK\CT NQU
RTKOGTQU Q CORNKCT NQU UGIWPFQU FG VCN OCPGTC SWG GN
DCNCPEG CODKGPVCN FG WP RTQ[GEVQ TGUWNVG NQ O±U HCXQTCDNG
RQUKDNG
'UVWFKQU FG TKGUIQ
2CTC NC CVGPEKÉP FGN TKGUIQ CODKGPVCN GZKUVGP NQU GUVWFKQU
FG TKGUIQ EQOQ KPUVTWOGPVQ FG ECT±EVGT RTGXGPVKXQ
XKPEWNCFQ CN RTQEGFKOKGPVQ FG GXCNWCEKÉP FG KORCEVQ
CODKGPVCN EWCPFQ UG VTCVC FG PWGXQU RTQ[GEVQU
0QTOCU QHKEKCNGU OGZKECPCU
.C GZRGFKEKÉP FG PQTOCU GU WPQ FG NQU RKNCTGU FG NC
RQNÃVKEC GEQNÉIKEC [ UG EQPUVKVW[G EQOQ WP GUHWGT\Q
TGIWNCVQTKQ RCTC CFGEWCT NCU EQPFWEVCU FG CIGPVGU
GEQPÉOKEQU C NQU QDLGVKXQU UQEKCNGU FG ECNKFCF CODKGPVCN
4GIWNCEKÉP FKTGEVC FG OCVGTKCNGU [
TGUKFWQU RGNKITQUQU [ TKGUIQ
.C ITCP FKXGTUKFCF FG CEVKXKFCFGU KPFWUVTKCNGU [ FG
UGTXKEKQU SWG IGPGTCP TGUKFWQU RGNKITQUQU [ NC
JGVGTQIGPGKFCF FG NQU OKUOQU FKHKEWNVC GN GUVCDNGEKOKGPVQ
FG ETKVGTKQU ENCTQU FG ENCUKHKECEKÉP [ RQT VCPVQ FG OCPGLQ
FG NQU OKUOQU 'UVQ CWPCFQ CN TKGUIQ KORNÃEKVQ [ C UWU
GHGEVQU RQVGPEKCNGU UQDTG NC UCNWF JC JGEJQ PGEGUCTKQ
GUVCDNGEGT WP UKUVGOC FG RGTOKUQU CWVQTK\CEKQPGU [
OCPKHKGUVQU SWG UG FKUGÇCP GURGEÃHKECOGPVG RCTC ECFC
ECUQ RCTVKEWNCT [ SWG GUV±P RTGXKUVQU GP NC NGIKUNCEKÉP
4GIWNCEKÉP FKTGEVC FG CEVKXKFCFGU KPFWUVTKCNGU
# VTCX¾U FG NCU .KEGPEKCU FG (WPEKQPCOKGPVQ EQPVGORNCFCU
GP NQU TGINCOGPVQU EQTTGURQPFKGPVGU UG GUVCDNGEGP
EQPFKEKQPGU RCTVKEWNCTGU FG QRGTCEKÉP KPFWUVTKCN EQP GN HKP
FG TGIWNCT [ OKPKOK\CT NCU GOKUKQPGU C NC CVOÉUHGTC FG
OCPGTC GURGEÃHKEC [ FG TGECDCT KPHQTOCEKÉP KPFKURGPUCDNG
RCTC NC EQPUVTWEEKÉP FG KPXGPVCTKQU
#WVQTGIWNCEKÉP
.C TGURQPUCDKNKFCF [ NQU DGPGHKEKQU FG NQU RTQDNGOCU
CODKGPVCNGU PQ TGECGP GZENWUKXCOGPVG GP GN ±ODKVQ
IWDGTPCOGPVCN 'P GUVG UGPVKFQ GU KORQTVCPVG HQOGPVCT GN
FGUCTTQNNQ FG GUSWGOCU XQNWPVCTKQU SWG RTQEWTGP GN
OGLQTCOKGPVQ CODKGPVCN C VTCX¾U FG NC OKPKOK\CEKÉP FG
TGUKFWQU G KPUWOQU [ FG ECODKQU GP RTQEGUQU JCEKC
VGEPQNQIÃCU O±U NKORKCU
#WFKVQTÃC CODKGPVCN
.CU CWFKVQTÃCU CODKGPVCNGU EQPUKUVGP GP NC TGXKUKÉP
GZJCWUVKXC FG NCU KPUVCNCEKQPGU RTQEGUQU
CNOCEGPCOKGPVQU VTCPURQTVG UGIWTKFCF [ TKGUIQ GPVTG
QVTQU CURGEVQU SWG RGTOKVCP FGHKPKT RNCPGU FG CEEKÉP SWG
FGHKPCP EQP RNC\QU FGVGTOKPCFQU NCU QDTCU TGRCTCEKQPGU
EQTTGEEKQPGU CFSWKUKEKQPGU [ CEEKQPGU PGEGUCTKCU
GOCPCFCU FGN FKEVCOGP FG NC CWFKVQTÃC GUV¾P Q PQ
PQTOCFCU RCTC HKPCNOGPVG UGT HKTOCFCU GPVTG NC CWVQTKFCF
[ GN GORTGUCTKQ [ ICTCPVK\CT UW EWORNKOKGPVQ OGFKCPVG
HKCP\C
+PUVTWOGPVQU GEQPÉOKEQU
.C RTQOQEKÉP FG NC KPVGTPCNK\CEKÉP FG EQUVQU CODKGPVCNGU
RQT OGFKQ FG KPUVTWOGPVQU GEQPÉOKEQU VKGPG EQOQ
RTQRÉUKVQ SWG NQU CIGPVGU TGEKDCP UGÇCNGU CFGEWCFCU
FGUFG GN UKUVGOC FG RTGEKQU G KPEQTRQTGP GPVTG UWU
QDLGVKXQU Q HWPEKQPGU FG DKGPGUVCT OQVKXCEKQPGU
RGTOCPGPVGU RCTC JCEGT WP OCPGLQ UWUVGPVCDNG FG NQU
TGEWTUQU PCVWTCNGU [ RCTC TGFWEKT NC IGPGTCEKÉP FG
EQPVCOKPCPVGU [ TGUKFWQU [ EQP GNNQ NQU GHGEVQU
CODKGPVCNGU PGICVKXQU KPJGTGPVGU
%TKVGTKQU GEQNÉIKEQU
2NCPVGCP OGVCU W QTKGPVCEKQPGU IGPGTCNGU SWG FGDGP FG
UGIWKT EKGTVQU RTQEGUQU Q CEVKXKFCFGU GP V¾TOKPQU FG NC
RQNÃVKEC CODKGPVCN FGN RCÃU /±U SWG UGT WP KPUVTWOGPVQ FG
TGIWNCEKÉP EQCEVKXQ W QDNKICVQTKQ GU WP KPUVTWOGPVQ
RTQRQUKVKXQ FG FGHKPKEKÉP FG RGTURGEVKXCU
+PHQTOCEKÉP CODKGPVCN
'P GN GUENCTGEKOKGPVQ FG EQUVQU RCTC NC CUWPEKÉP FG
TGURQPUCDKNKFCFGU RTKXCFCU [ RÐDNKECU NC KPHQTOCEKÉP GU WP
RTGTGSWKUKVQ .C KPHQTOCEKÉP CODKGPVCN UG EQPUVKVW[G CUÃ GP
WP KPUVTWOGPVQ SWG FGDG PWVTKT WP RTQEGUQ FG
GPVGPFKOKGPVQ [ EQPQEKOKGPVQ FG XCTKCDNGU [ RTQEGUQU
TGNGXCPVGU RCTC EQCF[WXCT C OQFKHKECT EQPFWEVCU EQP WP
UGPVKFQ FG UWUVGPVCDKNKFCF 'P QVTCU RCNCDTCU GU RTGEKUQ
QHTGEGT C NC UQEKGFCF TGEWTUQU FG KPHQTOCEKÉP RCTC KPFWEKT
NQU ECODKQU PGEGUCTKQU [ CRTQXGEJCT NCU QRQTVWPKFCFGU
GZKUVGPVGU
'FWECEKÉP G KPXGUVKICEKÉP
.C GFWECEKÉP GU WP RTQEGUQ RQT GN EWCN NCU UQEKGFCFGU
VTCPUOKVGP FG WPC IGPGTCEKÉP C QVTC NC JGTGPEKC EWNVWTCN
KPFKURGPUCDNG RCTC EWORNKT QDLGVKXQU FG UWRGTXKXGPEKC [
DKGPGUVCT [ RCTC RGTUGIWKT FGUVKPQU SWG ECFC EQNGEVKXKFCF
HQTOWNC RCTC UÃ OKUOC .C GFWECEKÉP CODKGPVCN HQTOCN
QRGTC HCEKNKVCPFQ CN KPFKXKFWQ [ C NC EQNGEVKXKFCF NQU OGFKQU
RCTC KPVGTRTGVCT NC KPVGTFGRGPFGPEKC GP GN VKGORQ [ GP GN
4GEWCFTQ
EQPVKPWCEKÉP
GURCEKQ FG HGPÉOGPQU DKQHÃUKEQU UQEKCNGU [ GEQPÉOKEQU
FKHWPFG KPHQTOCEKÉP [ CNVGTPCVKXCU FGUCTTQNNC WP UGPVKFQ
FG TGURQPUCDKNKFCF [ UQNKFCTKFCF G KPFWEG ECODKQU FG
XCNQTGU [ EQPFWEVCU .C GFWECEKÉP CODKGPVCN PQ HQTOCN
LWGIC WP RCRGN GZVTGOCFCOGPVG TGNGXCPVG CN QHTGEGT
OCTEQU GFWECVKXQU O±U XGTU±VKNGU [ FKXGTUKHKECFQU
KPXQNWETCPFQ FKTGEVCOGPVG C NC RQDNCEKÉP GP CEVKXKFCFGU [
EQORTQOKUQU EQP WPC FQDNG HWPEKÉP EQPEKGPVK\CT [
ECRCEKVCT .C RTQDNGO±VKEC GEQNÉIKEC GU FG NCU O±U
EQORNGLCU SWG JCP GPHTGPVCFQ NCU UQEKGFCFGU JWOCPCU
.QU CURGEVQU EKGPVÃHKEQU [ V¾EPKEQU FG NC NWEJC EQPVTC NC
EQPVCOKPCEKÉP NC EQPUGTXCEKÉP GEQNÉIKEC [ NC
TGUVCWTCEKÉP TGSWKGTGP FG RGTUQPCN ECRCEKVCFQ V¾EPKEC [
EKGPVÃHKECOGPVG
%QPXGPKQU CEWGTFQU [ RCTVKEKRCEKÉP
'ZKUVGP GP NC CEVWCNKFCF FKXGTUCU KPUVCPEKCU FGN FKUGÇQ FG
NC IGUVKÉP [ NC RQNÃVKEC CODKGPVCN GP NCU SWG RCTVKEKRCP
CEVKXCOGPVG EKWFCFCPQU Q UGEVQTGU QTICPK\CFQU FG NC
RQDNCEKÉP VCPVQ KPUVKVWEKQPGU CECF¾OKECU [ ITWRQU FG
KPVGT¾U EQOQ QTICPKUOQU PQ IWDGTPCOGPVCNGU 'UVQU
RWGFGP KPVGITCTUG GP ±ODKVQU V¾EPKEQU CFOKPKUVTCVKXQU
GEQPÉOKEQU [ EQPUWNVKXQU RCTC CUWOKT TGURQPUCDKNKFCFGU
GP WPC VCTGC KORQTVCPVG FG FKUGÇQ [ CRNKECEKÉP FG RQNÃVKECU
CODKGPVCNGU [ GP NC CVGPEKÉP FG RTQDNGOCU GURGEÃHKEQU &G
JGEJQ NC EQPEGTVCEKÉP RCTC RTQOQXGT NC RCTVKEKRCEKÉP [ NC
EQTTGURQPUCDKNKFCF UQEKCN GP NC IGUVKÉP CODKGPVCN UG
EQPUVKVW[G GP WP KPUVTWOGPVQ OW[ RQFGTQUQ RCTC CORNKCT
NCU ECRCEKFCFGU [ NQU CNECPEGU FG NC RQNÃVKEC CUÃ EQOQ FG
RNCPGU RTQITCOCU [ RTQ[GEVQU
8GTKHKECEKÉP EQPVTQN [ XKIKNCPEKC
'P ITCP OGFKFC GN ¾ZKVQ FG NQU KPUVTWOGPVQU TGIWNCVQTKQU
RNCPVGCFQU FGRGPFG FG SWG GZKUVCP KPUVCPEKCU FG
XGTKHKECEKÉP FG UW EWORNKOKGPVQ 5KP GNNCU GUVCTÃCOQU CPVG
WP XCEÃQ SWG JCTÃC SWG UW GHGEVKXKFCF HWGTC OÃPKOC 'UVCU
CEVKXKFCFGU TGSWKGTGP ITCP ECPVKFCF FG TGEWTUQU OCVGTKCNGU
[ RCTVKEWNCTOGPVG JWOCPQU [ GPEWGPVTCP WPC OC[QT
GHGEVKXKFCF EWCPFQ UG DCUCP GP WPC CORNKC RCTVKEKRCEKÉP
UQEKCN
(WGPVG /¾ZKEQ5'/#40#2 (KPCNOGPVG QVTQ HCEVQT SWG KORWNUC GUVG KPVGT¾U IGPGTCNK\CFQ GP GN WUQ FG
KPUVTWOGPVQUGEQPÉOKEQU GUGN JGEJQFGSWG GPOWEJCUTGIKQPGUUQDTGVQFQ GP
EWGPECU EQP CNVQ FGUCTTQNNQ GEQPÉOKEQ GN UGEVQT JÃFTKEQ GUV± GPVTCPFQ
RCWNCVKPCOGPVGCWPCHCUGOCFWTCECTCEVGTK\CFCRQTWPCQHGTVCKPGN±UVKECFGPWGXQU
TGEWTUQU G KPVGTFGRGPFGPEKCU ETGEKGPVGU GPVTG NQU WUQU [ NQU WUWCTKQU FGN CIWC
4CPFCNN # OGFKFC SWG GN UGEVQT JÃFTKEQ OCFWTC [ GN CIWC FKURQPKDNG GU
ECFC XG\ O±U GUECUC GP TGNCEKÉP EQP NCU FGOCPFCU ETGEKGPVGU FG NC UQEKGFCF NC
CVGPEKÉP FG NQU GPECTICFQU FG NC HQTOWNCEKÉP FG RQNÃVKECU JÃFTKECU UG FGURNC\C
ITCFWCNOGPVGFGNKPVGT¾UGPGZRCPFKT[UWDUKFKCTGNFGUCTTQNNQFGNUGEVQTGUFGEKTFG
NCIGUVKÉPFGNCQHGTVC JCEKC NC IGPGTCEKÉP FG KPITGUQU [ NC TGCUKIPCEKÉP FGN CIWC
FKURQPKDNGGUFGEKTNCIGUVKÉPFGNCFGOCPFC
5KPGODCTIQGNKPVGT¾U GZKUVGPVGGPGORNGCTKPUVTWOGPVQUGEQPÉOKEQU RCTC
EQPVTQN FG NC EQPVCOKPCEKÉP FGN CIWC PQ UG EQORCFGEG EQP GN GUVCFQ [ NC
RTGRCTCEKÉP FG NCU EQPFKEKQPGU PGEGUCTKCU RCTC CRNKECTNQU 'UVQU KPUVTWOGPVQU UQP
RQVGPEKCNOGPVG CVTCEVKXQU RGTQ NQU RCÃUGU FG NC TGIKÉP GP IGPGTCN ECTGEGP FG NCU
EQPFKEKQPGURTGXKCU[PGEGUCTKCU
EQOQRQTGLGORNQDWGPQUUKUVGOCUFGIGUVKÉPG
KPHQTOCEKÉPUQDTGGNCIWCRCTCUWKORNGOGPVCEKÉP'UGPRCTVGRQTGUVCTC\ÉPSWG
CWP EWCPFQ CNIWPQU RCÃUGU JCP NQITCFQ CFQRVCT DWGPCU NG[GU VKGPGP ITCPFGU
FKHKEWNVCFGU GP UW RWGUVC GP RT±EVKEC #FGO±U NC RQUKDKNKFCF FG GORNGCT
KPUVTWOGPVQU GEQPÉOKEQU FGRGPFG VCPVQ Q O±U FG HCEVQTGU GZVGTPQU CN UGEVQT
JÃFTKEQ EQOQ GUVCDKNKFCF OCETQGEQPÉOKEC [ RQNÃVKEC [ GORNGQ SWG FG UWU
EQPFKEKQPGU KPVGTPCU /WEJQU FG GUVQU HCEVQTGU GZVGTPQU VCODK¾P UQP
OC[QTKVCTKCOGPVG FGUHCXQTCDNGU RCTC NC CRNKECEKÉP FG KPUVTWOGPVQU GEQPÉOKEQU GP
NCOC[QTÃCFGNQURCÃUGUFGNCTGIKÉP'URQTGUVCUTC\QPGUSWGJCUVCNCHGEJCNQU
CXCPEGUO±UKORQTVCPVGUUGJCPTGCNK\CFQGPGN±ODKVQPQTOCVKXQQFGFGENCTCEKÉP
%%QPFKEKQPGURCTCNCCRNKECEKÉPFG
NQUKPUVTWOGPVQUGEQPÉOKEQU
†%W±NGU UQP NQU RTKPEKRCNGU UWRWGUVQU Q TGSWGTKOKGPVQU RCTC NC CRNKECEKÉP FG NQU
KPUVTWOGPVQUGEQPÉOKEQURCTCGNEQPVTQNFGNCEQPVCOKPCEKÉPFGNCIWC!.CRTKOGTC
EQPFKEKÉPRCTCCRNKECTKPUVTWOGPVQUGEQPÉOKEQURCTCGNEQPVTQNFGNCEQPVCOKPCEKÉP
FGN CIWC EQPUKUVG GP EQPVCT EQP WP UKUVGOC EQPUQNKFCFQ FG EQPVTQN FG NC
EQPVCOKPCEKÉP FGN CIWC GP DCUG C OQFCNKFCFGU Q KPUVTWOGPVQU VTCFKEKQPCNGU NC
CRNKECEKÉP FG KPUVTWOGPVQU GEQPÉOKEQU UG DCUC PGEGUCTKCOGPVG GP GN WUQ FG
KPUVTWOGPVQU VTCFKEKQPCNGU 2QT GLGORNQ RCTC CRNKECT EQDTQU RQT FGUECTICU FG
CIWCUUGTXKFCUGUPGEGUCTKQRTGXKCOGPVGRQTNQOGPQU
KUCDGTSWK¾PEQPVCOKPC
[ SW¾ RCT±OGVTQU XQNWOGP EQPEGPVTCEKÉP EQORQUKEKÉP WDKECEKÉP GVE VKGPGP
UWUFGUECTICUGGNNQUWRQPGEQPVCTEQPWPUKUVGOCFGQVQTICOKGPVQ[UGIWKOKGPVQ
FGRGTOKUQUNKEGPEKCUWQVTCUCWVQTK\CEKQPGU[VGPGTWPECVCUVTQFGFGUECTICUFG
CIWCUUGTXKFCUEQORNGVQ[CEVWCNK\CFQG[
KKFGHKPKT[CRNKECTPQTOCUQGUV±PFCTGU
VCPVQ RCTC NC ECNKFCF CODKGPVCN NC O±U CNVC EQPEGPVTCEKÉP RGTOKUKDNG FG
EQPVCOKPCPVGU GURGEÃHKEQU GP WP FGVGTOKPCFQ EWGTRQ FG CIWC EQOQ RCTC
FGUECTICUFGCIWCUUGTXKFCU
NCO±UCNVCEQPEGPVTCEKÉPQNCECPVKFCFO±ZKOCFGWP
EQPVCOKPCPVG SWG UG NG RGTOKVG FGUECTICT C WPC HWGPVG EQPVCOKPCPVG GP WP
FGVGTOKPCFQEWGTRQFGCIWC
1VTCEQPFKEKÉPGUSWGFKEJQUKUVGOCFGEQPVTQNFGNCEQPVCOKPCEKÉPFGNCIWC
FGUCTTQNNCFQ GP DCUG C OQFCNKFCFGU Q KPUVTWOGPVQU VTCFKEKQPCNGU FGDG PQ UÉNQ
UGIWKTHWPEKQPCPFQCÐPFGURW¾UFGNCKORNGOGPVCEKÉPFGKPUVTWOGPVQUGEQPÉOKEQU
UKPQ SWG FGDG UGT ECRC\ FG CUWOKT PWGXCU TGURQPUCDKNKFCFGU 2QT WP NCFQ JC[
EKGTVQU VKRQU FG RTQDNGOCU FG EQPVCOKPCEKÉP FGN CIWC RCTC NQU EWCNGU NQU
KPUVTWOGPVQU GEQPÉOKEQU PQ UQP OW[ CRTQRKCFQU EQOQ RQT GLGORNQ EWCPFQ UG
VTCVC FG EQPVCOKPCPVGU OW[ RGNKITQUQU Q EWCPFQ UG TGSWKGTG WP CNVQ ITCFQ FG
EGTVG\C GP NQU TGUWNVCFQU 2QT GN QVTQ GN TCUIQ D±UKEQ [ NC XGPVCLC RTKPEKRCN FG
KPUVTWOGPVQUGEQPÉOKEQUGUSWGQHTGEGPWPOCTIGPFGOCPKQDTCO±UCORNKQRCTC
SWGNCUHWGPVGUEQPVCOKPCPVGUGNKLCPEÉOQTGURQPFGT CNQU GUVÃOWNQUGEQPÉOKEQU
'N RTQDNGOC GU SWG PQ GU H±EKN TGEQPEKNKCT GUVC OC[QT HNGZKDKNKFCF SWG QHTGEGP NQU
KPUVTWOGPVQU GEQPÉOKEQU C NCU HWGPVGU EQPVCOKPCPVGU EQP GN EQORQTVCOKGPVQ FG
WPCECTICEQPVCOKPCPVGGPWPEWGTRQFGCIWC%QOQNCOKUOCECTICEQPVCOKPCPVG
RWGFGVGPGTKORCEVQUOW[FKUVKPVQUFGRGPFKGPFQ FG OWEJQU HCEVQTGU VCNGU EQOQ
GNNWICTFQPFGUGGHGEVÐCNCFGUECTICNCUEQPFKEKQPGUFGFGUECTIC[GNGUVCFQFGN
EWGTRQFGCIWCTGEGRVQTNCTGURWGUVCFGNCUHWGPVGUEQPVCOKPCPVGUCNQUGUVÃOWNQU
IGPGTCFQU RQT KPUVTWOGPVQU GEQPÉOKEQU RWGFG CWOGPVCT NC EQPVCOKPCEKÉP RQT
CNIWPCU UWUVCPEKCU GP CNIWPQU UKVKQU [ FKUOKPWKT NC EQPVCOKPCEKÉP RQT QVTCU
UWUVCPEKCU [ GP QVTQU UKVKQU %QOQ TGUWNVCFQ FG GUVQU ECODKQU NQU FCÇQU
GEQPÉOKEQU UQEKCNGU [ CODKGPVCNGU ECWUCFQU RQT NC EQPVCOKPCEKÉP RWGFGP
CWOGPVCT GP CNIWPQU NWICTGU [ OCPVGPGTUG Q FKUOKPWKT GP QVTQU NWICTGU %QOQ
EQPUGEWGPEKCFGNQCPVGTKQTGUPGEGUCTKQTGIWNCTNCCRNKECEKÉPFGNQUKPUVTWOGPVQU
GEQPÉOKEQU 'UVC VCTGC GU EQORNGLC [ TGSWKGTG WPC ECRCEKFCF KPUVKVWEKQPCN
UQHKUVKECFC
.C VGTEGTC EQPFKEKÉP GU SWG KPUVTWOGPVQU GEQPÉOKEQU UQP GZVTGOCFCOGPVG
FGOCPFCPVGU GP V¾TOKPQU FG NC ECRCEKFCF KPUVKVWEKQPCN PGEGUCTKC RCTC CRNKECTNQU
#FGO±U FG NCU TC\QPGU GZRNKECFCU CPVGTKQTOGPVG GNC PGEGUKFCF FG TGIWNCT NC
CRNKECEKÉP FG FKEJQU KPUVTWOGPVQUG GUVQ UG GZRNKEC RQT GN JGEJQ FG SWG UW WUQ
TGSWKGTGWPCECRCEKFCFFGOQPKVQTGQ[EQPVTQNCÐPO±UITCPFGSWGGPGN ECUQ FG
RTQITCOCU FG EQPVTQN FG NC EQPVCOKPCEKÉP GP DCUG C OQFCNKFCFGU VTCFKEKQPGU 2QT
GLGORNQ CNIWPQU RCÃUGU FGUCTTQNNCFQU WVKNK\CP PQTOCU VGEPQNÉIKECU SWG RTGUETKDGP
SW¾UQNWEKQPGUVGEPQNÉIKECUGURGEÃHKECUWPCHWGPVGEQPVCOKPCPVGFGDGWVKNK\CTRCTC
EWORNKT EQP NC PQTOCVKXC XKIGPVG 'UVCU PQTOCU UQP TGNCVKXCOGPVG H±EKNGU FG
OQPKVQTGCT [ CRNKECT RWGU WPC XG\ KPUVCNCFCU NCU QDTCU FG VTCVCOKGPVQ NQ SWG
RWGFGXGTKHKECTUGH±EKNOGPVGNQUEQUVQUFGQRGTCEKÉPUQPTGNCVKXCOGPVGDCLQU[UG
RWGFGFGVGEVCTEQPTGNCVKXCHCEKNKFCFUK¾UVCUUGGPEWGPVTCPGPQRGTCEKÉPQPQRQT
NQSWGNQUKPEGPVKXQURCTCFGUECTICTCIWCUUGTXKFCUUKPVTCVCOKGPVQRTGXKQ
GUFGEKT
PQVTCVCTCIWCUUGTXKFCUGPQDTCU[CEQPUVTWKFCUEQPGNHKPFGGXKVCTKPEWTTKTGPNQU
EQUVQUFGQRGTCEKÉPUQPTGNCVKXCOGPVGDCLQU'PECODKQGPGNECUQFGEQDTQURQT
FGUECTICU FG CIWCU UGTXKFCU JC[ HWGTVGU KPEGPVKXQU RCTC GXKVCT EQPVTQNGU 'UVQ
GZRNKEC RQT SW¾ NQU EQUVQU CFOKPKUVTCVKXQU FG CRNKECEKÉP FG KPUVTWOGPVQU
GEQPÉOKEQUUWGNGPUGTGNGXCFQU1VTQRTQDNGOCGUSWGUKUGEQDTCRQTFGUECTICU
GU PGEGUCTKQ OQPKVQTGCT NCU OKUOCU EQP RTGEKUKÉP NQ SWG GU WPC VCTGC
GZVTGOCFCOGPVGFKHÃEKN[FGOCPFCPVGGPV¾TOKPQUFGNC ECRCEKFCFFGOQPKVQTGQ[
EQPVTQN 5KORNKHKECT NQU RTQEGFKOKGPVQU FG OQPKVQTGQ [ EQPVTQN RWGFG IGPGTCT
KPEGPVKXQU RGTXGTUQU EQOQ RQT GLGORNQ UK UG EQDTC RQT XQNWOGP FGUECTICFQ
GPVQPEGUJC[KPEGPVKXQURCTCEQPEGPVTCTFGUECTICUUKUGEQDTCRQTEQPEGPVTCEKÉP
GPVQPEGU JC[ KPEGPVKXQU RCTC FKNWKT FGUECTICU UK UG EQDTC UGIÐP GUVKOCEKQPGU
GPVQPEGUJC[RQEQUKPEGPVKXQURCTCFKUOKPWKTFGUECTICU[UKPQUGVQOCGPEWGPVC
NCEQORQUKEKÉPTGCNFGCIWCUUGTXKFCUJC[KPEGPVKXQURCTCCWOGPVCTFGUECTICUFG
EQPVCOKPCPVGUPQKPENWKFQUGPRTQITCOCUFGOQPKVQTGQ[EQPVTQN
.C EWCTVC EQPFKEKÉP GU SWG NCU HWGPVGU EQPVCOKPCPVGU FGDGP TGCEEKQPCT FG
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IGPGTCFQWPCQRQUKEKÉPGZVTGOCCNCKORNGOGPVCEKÉPFGNCUVCUCU[JCPUQECXCFQ
CRQ[QRQNÃVKEQ
.CNGEEKÉPRTKPEKRCNFGGUVCUFKHKEWNVCFGUGUSWGNCKPVTQFWEEKÉPFGEQDTQURQT
FGUECTICU FG CIWCU UGTXKFCU TGSWKGTG FG KPUVKVWEKQPGU HWGTVGU [ GUVCDNGU VKGORQ
XQNWPVCF RQNÃVKEC [ TGEWTUQU CUÃ EQOQ FG GHGEVKXQU UKUVGOCU FG IGUVKÉP
CFOKPKUVTCEKÉP [ OQPKVQTGQ # FKHGTGPEKC FG NQ SWG OWEJCU XGEGU UG FKEG NQU
TGSWKUKVQUKPUVKVWEKQPCNGU[V¾EPKEQURCTCWPCCRNKECEKÉPGZKVQUCFGGUVQUEQDTQUUQP
D±UKECOGPVG NQU OKUOQU UK PQ OC[QTGU SWG UG PGEGUKVCP RCTC NC CRNKECEKÉP FG
KPUVTWOGPVQU FG EQOCPFQ [ EQPVTQN 2QT GLGORNQ GP CODQU ECUQU UG TGSWKGTG
DWGPCKPHQTOCEKÉPUKUVGOCUFGEQPVTQNSWGCUGIWTGPGNEWORNKOKGPVQGHGEVKXQFGNC
NGIKUNCEKÉP XKIGPVG OGFKFCU EQORNGOGPVCTKCU SWG HCEKNKVGP NC TGEQPXGTUKÉP FG
RTQEGUQUEQPVCOKPCPVGUCUKUVGPEKCV¾EPKEC[HKPCPEKGTCRCTCKPVTQFWEKTVTCVCOKGPVQ
FG CIWCU UGTXKFCU UKUVGOCU ECRCEGU FG OQPKVQTGCT NCU FGUECTICU EQPVCOKPCPVGU
GVE .C ECTGPEKC FG GUVCU EQPFKEKQPGU RTGXKCU [ PGEGUCTKCU RWGFG HTWUVTCT NC
QRQTVWPKFCF FG WVKNK\CT EQDTQU RQT FGUECTICU FG CIWCU UGTXKFCU EQOQ WP
KPUVTWOGPVQUGEQPÉOKEQFGEQPVTQNFGNCEQPVCOKPCEKÉPFGNCIWC
&GCEWGTFQEQP)CXKTKC
GNEQDTQFGNCUVCUCUVCODK¾PUGXKQCHGEVCFQ
RQT GN JGEJQ FG SWG NCU GPVKFCFGU GPECTICFCU FG UW TGECWFCEKÉP VGPÃCP
TGURQPUCDKNKFCFGU FKHÃEKNOGPVG EQORCVKDNGU UKPQ EQPVTCFKEVQTKCU RTQOQXGT GN
FGUCTTQNNQ TGIKQPCN RQT WP NCFQ [ RTQVGIGT NQU TGEWTUQU PCVWTCNGU RQT GN QVTQ 'P
OWEJQU ECUQU NQU KPVGPVQU FG CRNKECT NCU VCUCU HWGTQP XKUVQU EQOQ WP HTGPQ CN
FGUCTTQNNQ TGIKQPCN .C DCLC TGECWFCEKÉP FG NCU VCUCU VCODK¾P UG GZRNKEC RQT GN
JGEJQ FG SWG CN PQ TGSWGTKT FG GUVQU TGEWTUQU RQT VGPGT CUGIWTCFQU CRQTVGU FG
QVTCU HWGPVGU FG HKPCPEKCOKGPVQ NCU GPVKFCFGU CODKGPVCNGU PQ VWXKGTQP OC[QTGU
KPEGPVKXQU RCTC EQDTCTNCU %QOQ NC EQPVCOKPCEKÉP FGN CIWC VQFCXÃC PQ JCDÃC
CNECP\CFQPKXGNGUETÃVKEQUVCORQEQUKPVKGTQPNCRTGUKÉPUQEKCNRCTCJCEGTNQ
1VTQU RTQDNGOCU HWGTQP QTKIKPCFQU RQT GN CTVÃEWNQ FGN &GETGVQ 0Q
1UQTKQ 5GIÐP GUVG CTVÃEWNQ GN TGECWFQ FG NC VCUC EQTTGURQPFÃC C NCU
CWVQTKFCFGU CODKGPVCNGU UKGORTG SWG NNGXCTCP C ECDQ GN UGTXKEKQ FG GNKOKPCEKÉP Q
EQPVTQNFGNCUEQPUGEWGPEKCUFGNCUCEVKXKFCFGUPQEKXCUSWGUWRQPGPNCFGUECTICFG
UWUVCPEKCU EQPVCOKPCPVGU#PVGNC KPGZKUVGPEKC FG RTQITCOCU GP GUG UGPVKFQ GUVG
CTVÃEWNQ FKQ QTKIGP C OWEJCU FGOCPFCU RQT RCTVG FG NQU CHGEVCFQU EQP GN
CTIWOGPVQ FG SWG NCU CWVQTKFCFGU CODKGPVCNGU PQ GUVCDCP EWORNKGPFQ EQP GN
UGTXKEKQ SWG NGU OCPFCDC NC NG[ 4WFCU 'UVQU CTIWOGPVQU HWGTQP
TGEJC\CFQURQTNCUCWVQTKFCFGULWFKEKCNGUSWKGPGUEQPHKTOCTQPNCNGICNKFCFFGGUVQU
EQDTQU CTIWOGPVCPFQ SWG GUK DKGP NCU GPVKFCFGU CODKGPVCNGU PQ GUVCDCP
EWORNKGPFQEQPGNUGTXKEKQ FG GNKOKPCEKÉP FG NCU EQPUGEWGPEKCU FG NCU CEVKXKFCFGU
PQEKXCUG UÃ GUVCDCP EWORNKGPFQ EQP QVTCU NCDQTGU GZKIKFCU RQT NC NGIKUNCEKÉP NQ
SWGNGUCWVQTK\CDCRCTCJCEGTGHGEVKXQGNEQDTQ
1VTQU HCEVQTGU KORQTVCPVGU SWG FKHKEWNVCTQP NC CRNKECEKÉP FG NCU VCUCU GTCP
SWG KOWEJCU GORTGUCU FKNCVCTQP GN RCIQ FG NCU VCUCU TGVTKDWVKXCU CN KPVGTRQPGT
XCTKQU TGEWTUQU LWTÃFKEQU )CXKTKC [ KKUKGORTG UG RWUQ GP FWFC NC XCNKFG\
FGXCTKQUFGNQUCTVÃEWNQUFGN&GETGVQ0Q[OWEJQUFGGNNQUHWGTQPFGENCTCFQU
PWNQU
$GTPCN'PTGNCEKÉPEQPGUVCUFKHKEWNVCFGUGUKORQTVCPVGUGÇCNCTSWG
NC KPVTQFWEEKÉP FG EQDTQU RQT FGUECTICU FG CIWCU UGTXKFCU UWGNG UGT HWGTVGOGPVG
TGUKUVKFCRQTNCUHWGPVGUEQPVCOKPCPVGU5GTGSWKGTGXQNWPVCFRQNÃVKEC RCTCUWRGTCT
GUVCTGUKUVGPEKC'UDCUVCPVGQDXKQSWGC PCFKG NG IWUVC RCICT RQT CNIQ SWG CPVGU
GTCITCVWKVQ
.G[0QK2QTNCEWCNUGETGCGN/KPKUVGTKQFGN/GFKQ#ODKGPVGUGTGQTFGPC
GNUGEVQTRÐDNKEQGPECTICFQFGNCIGUVKÉP[EQPUGTXCEKÉPFGNOGFKQCODKGPVG[NQU
TGEWTUQUPCVWTCNGUTGPQXCDNGUUGQTICPK\CGN5KUVGOC0CEKQPCN#ODKGPVCN5+0#[
UG FKEVCP QVTCU FKURQUKEKQPGUL FGN FG FKEKGODTG FG &G CEWGTFQ EQP
$GTPCN
GPNCGZRGFKEKÉPFGNC.G[0QKPHNW[GTQPFGOCPGTCFGVGTOKPCPVG
NQUTGUWNVCFQUFGNC%QPHGTGPEKCFGNCU0CEKQPGU7PKFCUUQDTGGN/GFKQ#ODKGPVG[
GN&GUCTTQNNQ
4KQFG,CPGKTQ$TCUKNCNFGLWPKQFG
'N GHGEVQ O±U KORQTVCPVG FG NC .G[ 0Q HWG NC ETGCEKÉP FGN 5KUVGOC
0CEKQPCN #ODKGPVCN 5+0# RCTC GN OCPGLQ CODKGPVCN FGN RCÃU 'UVG UKUVGOC UG
FGHKPG EQOQ GN EQPLWPVQ FG QTKGPVCEKQPGU PQTOCU CEVKXKFCFGU TGEWTUQU
RTQITCOCU G KPUVKVWEKQPGU SWG RGTOKVGP NC RWGUVC GP OCTEJC FG NQU RTKPEKRKQU
IGPGTCNGUCODKGPVCNGUEQPVGPKFQUGPNC.G[0Q.CETGCEKÉPFGN5+0#UWRQPGGN
UKIWKGPVG GUSWGOC LGT±TSWKEQ /KPKUVGTKQ FGN /GFKQ #ODKGPVG %QTRQTCEKQPGU
#WVÉPQOCU 4GIKQPCNGU &GRCTVCOGPVQU [ &KUVTKVQU Q /WPKEKRKQU 'N /KPKUVGTKQ FGN
/GFKQ #ODKGPVG UG EQPUVKVW[G EQOQ QTICPKUOQ TGEVQT FG NC IGUVKÉP FGN OGFKQ
CODKGPVG[FGNQUTGEWTUQUPCVWTCNGUTGPQXCDNGU[GUV±GPECTICFQFGKORWNUCTWPC
TGNCEKÉPFGTGURGVQ[CTOQPÃCFGNJQODTGEQPNCPCVWTCNG\C[FGFGHKPKTNCURQNÃVKECU
[ TGIWNCEKQPGU QTKGPVCFCU C NC TGEWRGTCEKÉP EQPUGTXCEKÉP RTQVGEEKÉP
QTFGPCOKGPVQOCPGLQWUQ[CRTQXGEJCOKGPVQFGNQUTGEWTUQUPCVWTCNGUTGPQXCDNGU
[GNOGFKQCODKGPVGCHKP FG CUGIWTCT GNFGUCTTQNNQUQUVGPKDNG .CU %QTRQTCEKQPGU
#WVÉPQOCU 4GIKQPCNGU UQP GPVGU EQTRQTCVKXQU FG ECT±EVGT RÐDNKEQ KPVGITCFQU RQT
NCU GPVKFCFGU VGTTKVQTKCNGU SWG RQT UWU ECTCEVGTÃUVKECU EQPUVKVW[GP IGQIT±HKECOGPVG
WP OKUOQ GEQUKUVGOC Q EQPHQTOCP WPC WPKFCF IGQRQNÃVKEC DKQIGQIT±HKEC Q
JKFTQIGQIT±HKEC 'UVCU EQTRQTCEKQPGU GUV±P FQVCFCU FG CWVQPQOÃC CFOKPKUVTCVKXC [
HKPCPEKGTC RCVTKOQPKQ RTQRKQ [ RGTUQPGTÃC LWTÃFKEC 5G GPECTICP FG CFOKPKUVTCT
FGPVTQ FGN ±TGC FG UW LWTKUFKEEKÉP GN OGFKQ CODKGPVG [ NQU TGEWTUQU PCVWTCNGU
TGPQXCDNGU [ RTQRGPFGT RQT UW FGUCTTQNNQ UQUVGPKDNG FG EQPHQTOKFCF EQP NCU
RQNÃVKECUFGN/KPKUVGTKQFGN/GFKQ#ODKGPVG
'PNC.G[0QUGFKURQPGSWGGN'UVCFQFGDGHQOGPVCTNCKPEQTRQTCEKÉPFG
NQU EQUVQU CODKGPVCNGU [ GN WUQ FG KPUVTWOGPVQU GEQPÉOKEQU RCTC NC RTGXGPEKÉP
EQTTGEEKÉP [ TGUVCWTCEKÉP FGN FGVGTKQTQ CODKGPVCN [ RCTC NC EQPUGTXCEKÉP FG NQU
TGEWTUQU PCVWTCNGU TGPQXCDNGU &KEJC NG[ OQFKHKEC EQORNGOGPVC [ FGUCTTQNNC
OWEJQU FG NQU KPUVTWOGPVQU GEQPÉOKEQU ETGCFQU RQT NC NGIKUNCEKÉP CPVGTKQT G
KPVTQFWEGPWGXQUKPUVTWOGPVQU
'P GN CTVÃEWNQ NC .G[ 0Q TGIWNC NQ TGNCVKXQ C NCU VCUCU TGVTKDWVKXCU [
EQORGPUCVQTKCU[GUVCDNGEGNCUTGINCURCTCUWE±NEWNQ'PXKTVWFFGGUVGCTVÃEWNQNC
WVKNK\CEKÉPFKTGEVCQKPFKTGEVCFGNCCVOÉUHGTCFGNCIWC[FGNUWGNQRCTCKPVTQFWEKT
FGUGEJQU FG EWCNSWKGT QTKIGP SWG UGCP TGUWNVCFQ FG CEVKXKFCFGU CPVTÉRKECU Q
RTQRKEKCFCU RQT GN JQODTG Q CEVKXKFCFGU GEQPÉOKECU Q FG UGTXKEKQU UGCP Q PQ
NWETCVKXCUUGUWLGVCPCNRCIQFGVCUCUTGVTKDWVKXCURQTNCUEQPUGEWGPEKCUPQEKXCUFG
GUVCU CEVKXKFCFGU 6CODK¾P RWGFGP HKLCTUG VCUCU RCTC EQORGPUCT NQU ICUVQU FG
OCPVGPKOKGPVQ FG NC TGPQXCDKNKFCF FG NQU TGEWTUQU PCVWTCNGU TGPQXCDNGU #ODCU
VCUCU UQNCOGPVG UG CRNKECP C NC EQPVCOKPCEKÉP ECWUCFC FGPVTQ FG NQU NÃOKVGU SWG
RGTOKVGNCNG[UKP RGTLWKEKQ FG NCU UCPEKQPGU CRNKECDNGU C CEVKXKFCFGU SWG GZEGFCP
FKEJQUNÃOKVGU
&G GUVG OQFQ PWGXCOGPVG UG FKHGTGPEKCP NCU VCUCU TGVTKDWVKXCU [ NCU
EQORGPUCVQTKCU NCU RTKOGTCU UG QTKIKPCP RQT NCU EQPUGEWGPEKCU PQEKXCU FG NCU
CEVKXKFCFGU EQPVCOKPCPVGU UKGPFQ UW HKLCEKÉP QDNKICVQTKC RCTC NCU CWVQTKFCFGU
CODKGPVCNGU OKGPVTCU SWG NCU UGIWPFCU RTGVGPFGP EQORGPUCT NQU ICUVQU FG
OCPVGPKOKGPVQ FG NC TGPQXCDKNKFCF FG NQU TGEWTUQU PCVWTCNGU UKGPFQ UW HKLCEKÉP
FKUETGEKQPCN#FKHGTGPEKCFGNCNGIKUNCEKÉPCPVGTKQTCJQTCNCUVCUCU
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&GDGPEQDTCTUGVCPVQCCEVKXKFCFGUNWETCVKXCUEQOQPQNWETCVKXCUEQPNQ
SWG UG GNKOKPC NC TGUVTKEEKÉP RTGXKC FG EQDT±TUGNCU ÐPKECOGPVG C NCU
CEVKXKFCFGUNWETCVKXCU
&GDGPEQDTCTUGEQPDCUGCNFCÇQRTQFWEKFQRQTNCEQPVCOKPCEKÉP[PQCN
EQUVQ FGN UGTXKEKQ FG GNKOKPCEKÉP Q EQPVTQN FG GUVG FCÇQ GU FGEKT UG
EQDTC RQT GN UÉNQ JGEJQ FG WUCT NQU TGEWTUQU PCVWTCNGU TGPQXCDNGU EQOQ
TGEGRVQTGU FG FGUECTICU EQPVCOKPCPVGU GP TGVTKDWEKÉP C NCU
EQPUGEWGPEKCU PQEKXCU FG GUVCU FGUECTICU &G GUVG OQFQ UG FGUNKIC NC
CRNKECEKÉPFGNCUVCUCUFGNCUCEEKQPGUFGNCUCWVQTKFCFGUCODKGPVCNGU
5G GPOCTECP FGPVTQ FG WPC RQNÃVKEC KPVGITCN RCTC GN EQPVTQN FG NC
EQPVCOKPCEKÉP [ UG EQORNGOGPVCP OWVWCOGPVG EQP KPUVTWOGPVQU
VTCFKEKQPCNGUFGRTQVGEEKÉPCODKGPVCN
.C FKHGTGPEKC HWPFCOGPVCN GPVTG NCU PWGXCU VCUCU TGVTKDWVKXCU [ NCU FG NC
PQTOCVKXKFCF CPVGTKQT GU NC ENCTC KPVGPEKÉP FG RCUCT FG WP KPUVTWOGPVQ HKPCPEKGTQ
WVKNK\CFQ GP WPC HQTOC UWOCOGPVG NKOKVCFC RCTC TGECWFCT TGEWTUQU RCTC NCU
CWVQTKFCFGU CODKGPVCNGU C WP XGTFCFGTQ KPUVTWOGPVQ GEQPÉOKEQ Q KKORWGUVQ
RKIQWXKCPQL SWG RTGVGPFG KPEQTRQTCT FGPVTQ FG NQU EQUVQU FG NC CEVKXKFCF
GEQPÉOKEC NQU EQUVQU GZVGTPQU ECWUCFQU RQT NC EQPVCOKPCEKÉP [ FG GUVG OQFQ
NQITCT KPVGTPCNK\CT GP NQU CIGPVGU GEQPÉOKEQU NQU GHGEVQU FG UWU FGEKUKQPGU FG
EW±PVQ EQPVCOKPCT [ EÉOQ VTCVCT UWU FGUECTICU .C KFGC GU SWG EQP NCU PWGXCU
VCUCUTGVTKDWVKXCUECFCCIGPVGGEQPÉOKEQFGEKFGFGCEWGTFQEQPUWGUVTWEVWTCFG
EQUVQU RCTC NC TGFWEEKÉP FG NC EQPVCOKPCEKÉP EW±N PKXGN FG FGUECTIC GU O±U
EQPXGPKGPVG FGUFG GN RWPVQ FG XKUVC FG OKPKOK\CT UWU EQUVQU FG RTQFWEEKÉP 'P
VGQTÃCNQUCIGPVGUGEQPÉOKEQUFKUOKPWKTÃCPNCEQPVCOKPCEKÉPSWGFGUECTICPJCUVC
GNRWPVQGPGNEWCNGNEQUVQOCTIKPCNFGTGFWEEKÉPFGNCEQPVCOKPCEKÉPGUKIWCNCNC
VCUC .QU CIGPVGU GEQPÉOKEQU SWG VKGPGP EQUVQU OCTIKPCNGU FG TGFWEEKÉP FG NC
EQPVCOKPCEKÉP KPHGTKQTGU CN OQPVQ FG NC VCUC QRVCTÃCP RQT TGFWEKT UWU FGUECTICU [
GXKVCTRCICTNCVCUCOKGPVTCUSWGCSWGNNCUEQPEQUVQUOCTIKPCNGUFGTGFWEEKÉP FG
NCEQPVCOKPCEKÉPOC[QTGUQRVCTÃCPRQTRCICTNCVCUC[EQPVKPWCTCEQPVCOKPCT&G
GUVC OCPGTC CN VGPGT SWG KPVGTPCNK\CT NQU EQUVQU FG NC EQPVCOKPCEKÉP NQU CIGPVGU
GEQPÉOKEQU VGPFT±P KPEGPVKXQU FKP±OKEQU VCPVQ RCTC NC TGFWEEKÉP FG NC
EQPVCOKPCEKÉPEQOQRCTCGNFGUCTTQNNQ[WVKNK\CEKÉPFGVGEPQNQIÃCUCODKGPVCNOGPVG
UCPCU %QP ECFC CIGPVG GEQPÉOKEQ OKPKOK\CPFQ UWU EQUVQU FG RTQFWEEKÉP NQU
EQUVQU OCTIKPCNGU FG TGFWEEKÉP FG NC EQPVCOKPCEKÉP UGT±P KIWCNCFQU GPVTG VQFQU
GNNQUQDVGPK¾PFQUGWPCUQNWEKÉPEQUVQGGHGEVKXC
%QTTGURQPFGCN/KPKUVGTKQFGN/GFKQ#ODKGPVGHKLCTGNOQPVQVCTKHCTKQOÃPKOQ
FG NCU VCUCU TGVTKDWVKXCU [ EQORGPUCVQTKCU RCTC VQFQ GN RCÃU CUÃ EQOQ FGVGTOKPCT
NQUHCEVQTGU FG E±NEWNQ UQDTG EW[C DCUG UG HKLCP NQU OQPVQU [ TCPIQU VCTKHCTKQU FG
NCU VCUCU CTVÃEWNQ .CU VCUCU FGDGP ECNEWNCTUG UQDTG NC DCUG FG NQU EQUVQU [
DGPGHKEKQU2CTCNCFGHKPKEKÉPFGGUVQUEQUVQU[DGPGHKEKQUFGDGCRNKECTUGGNUKUVGOC
GUVCDNGEKFQRQTGNEQPLWPVQFGNCUUKIWKGPVGUTGINCU
CTVÃEWNQ
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.CUVCUCUFGDGPKPENWKTGNXCNQTFGFGRTGEKCEKÉPFGNTGEWTUQCHGEVCFQ
'N/KPKUVGTKQFGN/GFKQ#ODKGPVGVGPKGPFQGPEWGPVCNQUEQUVQUUQEKCNGU[
CODKGPVCNGUFGNFCÇQ[NQUEQUVQUFGTGEWRGTCEKÉPFGNTGEWTUQCHGEVCFQ
FGDGFGHKPKTCPWCNOGPVGNCUDCUGUUQDTGNCUEWCNGUFGDGJCEGTUGGNE±NEWNQ
FGNCFGRTGEKCEKÉP
'NE±NEWNQFGNCFGRTGEKCEKÉPFGDGKPENWKTNC GXCNWCEKÉP GEQPÉOKEC FG NQU
FCÇQU UQEKCNGU [ CODKGPVCNGU ECWUCFQU RQT NC TGURGEVKXC CEVKXKFCF 5G
GPVKGPFG RQT FCÇQU UQEKCNGU GPVTG QVTQU NQU QECUKQPCFQU C NC UCNWF
JWOCPCGNRCKUCLGNCVTCPSWKNKFCFRÐDNKECNQUDKGPGURÐDNKEQU[RTKXCFQU
[ FGO±U DKGPGU EQP XCNQT GEQPÉOKEQ FKTGEVCOGPVG CHGEVCFQU RQT NC
CEVKXKFCF EQPVCOKPCPVG5GGPVKGPFGRQT FCÇQCODKGPVCN GNSWG CHGEVG GN
PQTOCN HWPEKQPCOKGPVQ FG NQU GEQUKUVGOCU Q NC TGPQXCDKNKFCF FG UWU
TGEWTUQU[EQORQPGPVGU
'N E±NEWNQ FG EQUVQU CUÃ QDVGPKFQ FGDG UGT NC DCUG RCTC NC FGHKPKEKÉP FGN
OQPVQVCTKHCTKQFGNCUVCUCU
'NCTVÃEWNQFGHKPGCFGO±UGNO¾VQFQSWGGN/KPKUVGTKQFGN/GFKQ#ODKGPVG
FGDGCRNKECTGPNCFGHKPKEKÉPFGNQUEQUVQUUQDTGEW[CDCUGUGHKLCGNOQPVQVCTKHCTKQ
FGNCUVCUCUTGVTKDWVKXCU[EQORGPUCVQTKCU
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&GDG FGHKPKT C ECFC WPQ FG NQU HCEVQTGU FGUECTICU QTI±PKECU OGVCNGU
RGUCFQUGVESWGKPEKFCPGPNCFGVGTOKPCEKÉPFGWPCVCUCNCUXCTKCDNGU
EWCPVKVCVKXCU FGOCPFC DKQSWÃOKEC FG QZÃIGPQ FGOCPFC SWÃOKEC FG
QZÃIGPQUÉNKFQUUWURGPFKFQUGVESWGRGTOKVCPNCOGFKEKÉPFGNFCÇQ
%CFC HCEVQT [ UWU XCTKCDNGU FGDGP VGPGT WP EQGHKEKGPVG SWG RGTOKVC
RQPFGTCTUWRGUQGPGNEQPLWPVQFGNQUHCEVQTGU[XCTKCDNGUEQPUKFGTCFQU
.QUEQGHKEKGPVGUFGDGPECNEWNCTUGVGPKGPFQGPEWGPVCNCFKXGTUKFCFFGNCU
TGIKQPGU NC FKURQPKDKNKFCF FG NQU TGEWTUQU UW ECRCEKFCF FG CUKOKNCEKÉP
NQUCIGPVGUEQPVCOKPCPVGUKPXQNWETCFQUNCUEQPFKEKQPGUUQEKQGEQPÉOKECU
FGNCRQDNCEKÉPCHGEVCFC[GNEQUVQFGQRQTVWPKFCFFGNTGEWTUQFGSWGUG
VTCVG
.QU HCEVQTGU XCTKCDNGU [ EQGHKEKGPVGU CUÃ FGVGTOKPCFQU FGDGP UGT
KPVGITCFQU GP HÉTOWNCU OCVGO±VKECU SWG RGTOKVCP GN E±NEWNQ [
FGVGTOKPCEKÉPFGNCUVCUCUEQTTGURQPFKGPVGU
&GETGVQ0QK2QTOGFKQFGNEWCNUGTGINCOGPVCPNCUVCUCUTGVTKDWVKXCURQT
NC WVKNK\CEKÉP FKTGEVC Q KPFKTGEVC FGN CIWC EQOQ TGEGRVQT FG NQU XGTVKOKGPVQU
RWPVWCNGU[UGGUVCDNGEGPNCUVCTKHCUFG GUVCULFGN FG CDTKN FG 'P EQP GN QDLGVKXQ FG TGINCOGPVCT NCU VCUCU TGVTKDWVKXCU GN /KPKUVGTKQ FGN /GFKQ
#ODKGPVG GZRKFKÉ GN &GETGVQ 0Q SWG EQPVGORNC NQ TGNCEKQPCFQ EQP GN
GUVCDNGEKOKGPVQFGNCVCTKHCOÃPKOC[UWCLWUVGTGIKQPCNFGHKPGNQUUWLGVQURCUKXQU
FGNCVCUCNQUOGECPKUOQUFGTGECWFQHKUECNK\CEKÉP[ EQPVTQN[ GNRTQEGFKOKGPVQ
FGTGENCOCEKÉP
'P VGQTÃC GN ÉRVKOQ GEQPÉOKEQ RCTC NC HKLCEKÉP FG KKORWGUVQU RKIQWXKCPQUL
GUGNEQUVQOCTIKPCNFGNQUFCÇQUECWUCFQURQTNCEQPVCOKPCEKÉP5KPGODCTIQEQP
NC FKURQPKDKNKFCF CEVWCN FG KPHQTOCEKÉP [ FG RTQEGFKOKGPVQU FG NC GXCNWCEKÉP
GEQPÉOKEC FG NQU FCÇQU GEQPÉOKEQU UQEKCNGU [ CODKGPVCNGU FGTKXCFQU FG NC
EQPVCOKPCEKÉP GU RT±EVKECOGPVG KORQUKDNG KFGPVKHKECT NC HWPEKÉP FG FCÇQ # NQ
CPVGTKQT UG UWOC GN JGEJQ FG SWG GP OWEJQU ECUQU GURGEKCNOGPVG GP RCÃUGU GP
XÃCUFGFGUCTTQNNQPQUGRWGFGTGFWEKTNCEQPVCOKPCEKÉPCUWPKXGNÉRVKOQGPEQTVQ
QOGFKCPQRNC\QEQPGNUÉNQWUQFGKORWGUVQURWGUGUVQKORNKECTÃCNCPGEGUKFCFFG
EQNQECTNQU C PKXGNGU VCP CNVQU SWG NQU JCTÃCP GEQPÉOKEC UQEKCN [ RQNÃVKECOGPVG
KPXKCDNGU
'N&GETGVQ0QRTGVGPFGUWRGTCT GUVCUFKHKEWNVCFGU CVTCX¾UFGNUKIWKGPVG
OGECPKUOQUGHKLCWPPKXGNOÃPKOQFGNCVCUCKPKEKCNNCUOGVCUFGTGFWEEKÉPFGNC
EQPVCOKPCEKÉP WP RTQEGFKOKGPVQ FG KPETGOGPVQ TGIKQPCN [ WP RTQITCOC FG
UGIWKOKGPVQSWGOKFGNQUTGUWNVCFQUFGUWCRNKECEKÉPGPTGNCEKÉPCNCQDVGPEKÉPFG
NCU OGVCU FG TGFWEEKÉP FG NC EQPVCOKPCEKÉP RTGXKCOGPVG FGVGTOKPCFCU 'UVQ
UKIPKHKECSWGNCHKLCEKÉPFGNCVCUCTGVTKDWVKXCPQGUGUV±VKECUKPQFKP±OKECUWPKXGN
UG KT± CLWUVCPFQ VCPVQ C PKXGN TGIKQPCN EQOQ GP GN VKGORQ FGRGPFKGPFQ FG NC
TGURWGUVC FG NQU CIGPVGU GEQPÉOKEQU [ FG UWU GHGEVQU UQDTG NC ECTIC
EQPVCOKPCPVG &G GUVG OQFQ UG TGEQPQEG KSWG PQ GU PGEGUCTKQ EQPVCT EQP WPC
VCUCÉRVKOCRCTCNCGZVGTPCNKFCFDCUVCTÃCEQPWPCVCUCVCNSWGRTQOWGXCWPECODKQ
GP NCU HQTOCU [ J±DKVQU FG RTQFWEEKÉP SWG EQPFW\EC JCEKC GN OGLQTCOKGPVQ FGN
OGFKQ CODKGPVG Q UK UG RTGHKGTG JCEKC WPC TGFWEEKÉP FG NC EQPVCOKPCEKÉPL
%WDKNNQU
5WLGVQURCUKXQU[CEVKXQUFGNCVCUC'UV±PQDNKICFQUCNRCIQFGNCVCUCVQFQU
NQU WUWCTKQU SWG TGCNKEGP XGTVKOKGPVQU RWPVWCNGU %WCPFQ GN WUWCTKQ XKGTVG UWU
CIWCUUGTXKFCUCWPCTGFFGCNECPVCTKNNCFQNCVCUCUGEQDTCÐPKECOGPVGCNCGPVKFCF
SWG RTGUVC FKEJQ UGTXKEKQ 5QP EQORGVGPVGU RCTC TGECWFCT NC VCUC TGVTKDWVKXC NCU
%QTRQTCEKQPGU #WVÉPQOCU 4GIKQPCNGU NCU %QTRQTCEKQPGU RCTC GN &GUCTTQNNQ
5QUVGPKDNG[NCU#WVQTKFCFGU#ODKGPVCNGUFGNQU)TCPFGU%GPVTQU7TDCPQU
6QFQU NQU WUWCTKQU SWG TGCNKEGP XGTVKOKGPVQU RWPVWCNGU FGDGP RTGUGPVCT
UGOGUVTCNOGPVG C NC CWVQTKFCF CODKGPVCN TGIKQPCN WPC FGENCTCEKÉP UWUVGPVCFC EQP
WPC ECTCEVGTK\CEKÉP TGRTGUGPVCVKXC FG UWU XGTVKOKGPVQU FG EQPHQTOKFCF EQP WP
HQTOCVQ GZRGFKFQ RTGXKCOGPVG RQT GNNC .CU CWVQTKFCFGU CODKGPVCNGU WVKNK\CP NC
FGENCTCEKÉPRTGUGPVCFCRQTNQUWUWCTKQURCTCECNEWNCTNCECTICEQPVCOKPCPVGFGECFC
UWUVCPEKCQDLGVQFGNEQDTQFGNCVCUC.CUGORTGUCUFGUGTXKEKQFGCNECPVCTKNNCFQ[
NQU OWPKEKRKQU RWGFGP JCEGT FGENCTCEKQPGU RTGUWPVKXCU FG UWU XGTVKOKGPVQU .C
CWVQTKFCF CODKGPVCN RWGFG XKUKVCT C NQU WUWCTKQU GP EWCNSWKGT OQOGPVQ EQP GN HKP
FGXGTKHKECTNCKPHQTOCEKÉPUWOKPKUVTCFC5KWPWUWCTKQPQRTGUGPVCNCFGENCTCEKÉPNC
CWVQTKFCF CODKGPVCN RWGFG EQDTCT NC VCUC EQP DCUG GP NC KPHQTOCEKÉP FKURQPKDNG
DKGP UGC CSWGNNC QDVGPKFC FG OWGUVTGQU CPVGTKQTGU Q GP E±NEWNQU RTGUWPVKXQU
DCUCFQU GP HCEVQTGU FG EQPVCOKPCEKÉP TGNCEKQPCFQU EQP PKXGNGU FG RTQFWEEKÉP G
KPUWOQUWVKNK\CFQU
6CTKHC OÃPKOC FG NC VCUC TGVTKDWVKXC %QTTGURQPFG CN /KPKUVGTKQ FGN /GFKQ
#ODKGPVG GUVCDNGEGT CPWCNOGPVG GN XCNQT FG NC VCTKHC OÃPKOC FG NC VCUC TGVTKDWVKXC
RCTC ECFC WPC FG NCU UWUVCPEKCU EQPVCOKPCPVGU UQDTG NCU EWCNGU UG EQDTCT± FKEJC
VCUC'UVGXCNQTFGDGDCUCTUGGPNQUEQUVQUFKTGEVQUFGTGOQEKÉPFGNCUUWUVCPEKCU
PQEKXCU RTGUGPVGU GP NQU XGTVKOKGPVQU FG CIWC NQU EWCNGU HQTOCP RCTVG FG NQU
EQUVQUFGTGEWRGTCEKÉPFGNTGEWTUQCHGEVCFQ
%QP DCUG GP GUVWFKQU V¾EPKEQU GN /KPKUVGTKQ FGN /GFKQ #ODKGPVG FGEKFKÉ
KPKEKCT GN EQDTQ FG NC VCUC TGVTKDWVKXC EQP FQU RCT±OGVTQU FGOCPFC DKQSWÃOKEC FG
.CU VCUCU TGVTKDWVKXCU UG EQDTCP OGPUWCNOGPVG OGFKCPVG HCEVWTC FG EQDTQ &GDGP
UGT ECPEGNCFCU FGPVTQ FGN RGTÃQFQ SWG GUVCDNG\EC NC HCEVWTC .CU CWVQTKFCFGU CODKGPVCNGU
RWGFGP EQDTCT NQU ET¾FKVQU GZKIKDNGU C UW HCXQT C VTCX¾U FG NC LWTKUFKEEKÉP EQCEVKXC
QZÃIGPQ [ UÉNKFQU UWURGPFKFQU VQVCNGU RCTC NQ SWG GZRKFKÉ NC 4GUQNWEKÉP 0Q
K2QT NC EWCN UG HKLCP NCU VCTKHCU OÃPKOCU FG NCU VCUCU TGVTKDWVKXCU RQT XGTVKOKGPVQU
NÃSWKFQU RCTC NQU RCT±OGVTQU &GOCPFC $KQSWÃOKEC FG 1ZÃIGPQ &$1 [ 5ÉNKFQU
5WURGPFKFQU6QVCNGU
556LFGNFGCDTKNFG5GEQPUKFGTCSWGNCKPENWUKÉP
FG RCT±OGVTQU CFKEKQPCNGU C NQU FQU FGHKPKFQU GP NC 4GUQNWEKÉP 0Q PQ GU
CEQPUGLCDNG RQT CJQTC RWGU QDNKICTÃC NC CFQREKÉP RQT RCTVG FG NCU HWGPVGU
EQPVCOKPCPVGU FG UKUVGOCU CXCP\CFQU FG VTCVCOKGPVQ SWG RQT UW EQORNGLKFCF [
CNVQU EQUVQU FG EQPUVTWEEKÉP [ QRGTCEKÉP PQ UG LWUVKHKECP RQT NQ OGPQU GP NC
CEVWCNKFCF RQT NCU EQPFKEKQPGU GEQPÉOKECU [ UQEKCNGU KORGTCPVGU GP GN RCÃU
1UQTKQ
.C4GUQNWEKÉP0QHKLÉGNXCNQTFGNCVCTKHCOÃPKOCGPRGUQU
WPQU
FÉNCTGU RQT MKNQITCOQ RCTC FGOCPFC DKQSWÃOKEC FG QZÃIGPQ [ GP RGUQU WPQU FÉNCTGU RQT MKNQITCOQ RCTC UÉNKFQU UWURGPFKFQU VQVCNGU 'UVQU
XCNQTGUHWGTQPCEVWCNK\CFQURQTNC4GUQNWEKÉP0QK2QTNCEWCNUGCEVWCNK\CPNCU
VCTKHCU OÃPKOCU FG NCU VCUCU TGVTKDWVKXCU RQT XGTVKOKGPVQU NÃSWKFQU [ UG FKEVCP
FKURQUKEKQPGULFGNFGOC[QFGNCSWGNQUHKLÉGPRGUQU
WPQU
FÉNCTGU RQT MKNQITCOQ RCTC FGOCPFC DKQSWÃOKEC FG QZÃIGPQ [ GP RGUQU
WPQUFÉNCTGURQTMKNQITCOQRCTCUÉNKFQUUWURGPFKFQUVQVCNGU#WPSWGGUVQU
XCNQTGURWGFGPRCTGEGTTGNCVKXCOGPVGDCLQUECDGTGEQTFCTSWG
•
•
•
•
5QP XCNQTGU OÃPKOQU [ EQOQ VCNGU CRCTGPVGOGPVG UG ECNEWNCP RCTC WPC
TGIKÉPQEWGPECFQPFGNCEQPVCOKPCEKÉPVGPFTÃCWPKORCEVQOÃPKOQUQDTG
GNEWGTRQTGEGRVQT
%QOQ UG GZRNKEC O±U CFGNCPVG NCU CWVQTKFCFGU CODKGPVCNGU FGDGP
KPETGOGPVCT GUVQU XCNQTGU OÃPKOQU JCUVC SWG NC TGFWEEKÉP FG NC
EQPVCOKPCEKÉPGPGNEWGTRQFGCIWCCNECPEGNCOGVCFGFGUEQPVCOKPCEKÉP
RTGXKCOGPVGGUVCDNGEKFC
'UVQU XCNQTGU UQP EQPUKFGTCDNGOGPVG O±U CNVQU SWG NQU WVKNK\CFQU
CPVGTKQTOGPVG2QTGLGORNQUGIÐP)CXKTKC
GPNC%8%RCTC
WPC ECTIC EQODKPCFC FG FGOCPFC DKQSWÃOKEC FG QZÃIGPQ FGOCPFC
SWÃOKECFGQZÃIGPQ[UÉNKFQUUWURGPFKFQUHKLÉWPCVCUCRTQOGFKQFG
RGUQU
WPQUFÉNCTGURQTMKNQITCOQ
(KPCNOGPVGCÐPEQPGUVCUVCTKHCUOÃPKOCUUGRWGFGTGECWFCTHQPFQUPCFC
FGURTGEKCDNGU2QTGLGORNQVCPUÉNQRQTEQPEGRVQFGFGOCPFCDKQSWÃOKEC
FG QZÃIGPQ UG RWGFG GP VGQTÃC TGECWFCT CRTQZKOCFCOGPVG OKNNQPGU
FG FÉNCTGU GP GN ±TGC OGVTQRQNKVCPC FG 5CPVCH¾ FG $QIQV±G5QCEJC OKNNQPGU FG FÉNCTGU GP /GFGNNÃPG8CNNG FG #DWTT± [ OKNNQPGU FG
FÉNCTGU GP %CNKG;WODQ GUVKOCFQ UQDTG NC DCUG FG NC KPHQTOCEKÉP
RTQRQTEKQPCFC GP 4GRÐDNKEC FG %QNQODKC/KPKUVGTKQ FGN /GFKQ #ODKGPVG
5GIÐP NC K
5WRGTKPVGPFGPEKC
6CUC
FG
$CPECTKC
%CODKQ
4GRTGUGPVCVKXC
FGN
FG
/GTECFQ
JVVRYYYUWRGTDCPECTKCIQXEQJQOGKPFKECFQTGUKPFKECFQTGUJVO
L RWDNKECFC RQT NC
%QNQODKC
C#PKXGNPCEKQPCNGNTGECWFQRQVGPEKCNFGNCVCUCTGVTKDWVKXCRCTC
NQU RTÉZKOQU FKG\ CÇQU UG GUVKOC GP WPQU OKNNQPGU FG FÉNCTGU
4GRÐDNKECFG%QNQODKC/KPKUVGTKQFGN/GFKQ#ODKGPVGD
.C4GUQNWEKÉP0QGUVCDNGEKÉCFGO±USWGNCUVCTKHCUOÃPKOCUFGNCUVCUCU
TGVTKDWVKXCU FGDGP CLWUVCTUG CPWCNOGPVG UGIÐP GN ÃPFKEG FG RTGEKQU CN EQPUWOKFQT
RCTC GN CÇQ CPVGTKQT %QP GUVG OGECPKUOQ FG CLWUVG UG DWUEC CUGIWTCT GN
OCPVGPKOKGPVQFGNXCNQTTGCNFGNCVCTKHCGPGNVKGORQ
'U KORQTVCPVG OGPEKQPCT SWG CÐP EQP GUVQU XCNQTGU OÃPKOQU JCP UWTIKFQ
CNIWPCUKPSWKGVWFGURQTNQURQUKDNGUKORCEVQUIGPGTCFQURQTGN EQDTQ FGNCVCUCC
NQUWUWCTKQUFQO¾UVKEQUGKPFWUVTKCNGU5GIÐPGUVWFKQUTGCNK\CFQURQTNC(WPFCEKÉP
RCTC NC 'FWECEKÉP 5WRGTKQT [ GN &GUCTTQNNQ ('&'5#441..1 NC 7PKXGTUKFCF FGN
8CNNG [ NC 7PKXGTUKFCF ,CXGTKCPC GP NCU EKWFCFGU FG %CNK 5CPVCH¾ FG $QIQV± [
%CTVCIGPCNCCRNKECEKÉPFGNCVCUCPQRTGUGPVCKORCEVQUUKIPKHKECVKXQUSWGCHGEVGP
NC XKCDKNKFCF GEQPÉOKEC [ HKPCPEKGTC FG NCU GORTGUCU 4GRÐDNKEC FG
%QNQODKC/KPKUVGTKQ FGN /GFKQ #ODKGPVG C 'U KORQTVCPVG FGUVCECT SWG GC
FKHGTGPEKC FG NCU VCUCU TGVTKDWVKXCU CPVKIWCU EW[C KPVTQFWEEKÉP PQ HWG
EQORNGOGPVCFCRQTRWGUVC GPOCTEJCFGOGECPKUOQUHKPCPEKGTQU CFGEWCFQURCTC
NC TGEQPXGTUKÉP KPFWUVTKCN PK RQT QVTCU GUVTCVGIKCU EQORNGOGPVCTKCU )CXKTKC
GGPNCCEVWCNKFCFGP%QNQODKCGZKUVGPXCTKQUKPEGPVKXQUHKUECNGU[ETGFKVKEKQU
SWGVCPVQNCUGORTGUCURTKXCFCUEQOQOWPKEKRKQURWGFGPWVKNK\CTRCTCTGCNK\CTUWU
RNCPGU FG FGUEQPVCOKPCEKÉP 2QT GLGORNQ GZKUVG WPC NÃPGC FG ET¾FKVQ FG
TGEQPXGTUKÉP CODKGPVCN [ WPC GZGPEKÉP GP GN KORWGUVQ C NCU XGPVCU FG GSWKRQU
FGUVKPCFQUCUKUVGOCUFGOQPKVQTGQ[EQPVTQNPGEGUCTKQURCTCGNEWORNKOKGPVQFGNC
NGIKUNCEKÉPCODKGPVCN
6CORQEQ FGDGTÃC RTQFWEKTUG WP KORCEVQ CRTGEKCDNG GP NQU WUWCTKQU
FQO¾UVKEQU RWGU UG GUVKOC SWG GN RCIQ OGPUWCN FG WPC HCOKNKC RQT EQPEGRVQ FG
VCUCUTGVTKDWVKXCUEQTTGURQPFGCCRTQZKOCFCOGPVGFGWPUCNCTKQOÃPKOQNGICN
OGPUWCN 4GRÐDNKEC FG %QNQODKC/KPKUVGTKQ FGN /GFKQ #ODKGPVG C 5KP
GODCTIQ GZKUVG EKGTVC KPSWKGVWF RQT NQU RQUKDNGU KORCEVQU GP NQU WUWCTKQU
FQO¾UVKEQU FG DCLQU KPITGUQU GURGEKCNOGPVG GP EKWFCFGU NQECNK\CFCU GP EWGPECU
O±UEQPVCOKPCFCU#UÃRQTGLGORNQGPNCEKWFCFFG%CNKGNKORCEVQFGNCVCUCGP
NCVCTKHCRQTEQPUWOQD±UKEQFGWPWUWCTKQFGNQUGUVTCVQUOGFKQGCNVQ[CNVQUGTÃC
FGN[TGURGEVKXCOGPVGOKGPVTCUSWGRCTCNQUWUWCTKQUFGNQUGUVTCVQU
DCLQGDCLQ[DCLQGNKORCEVQUGTÃCFGN[
(GTP±PFG\C'URQTGUVC
TC\ÉP SWG CEVWCNOGPVG UG GUV± FKUEWVKGPFQ NC RQUKDKNKFCF FG TGCNK\CT EQDTQU
FKHGTGPEKCNGU RQT GUVTCVQ RCTC FKUOKPWKT NQU GHGEVQU UQEKCNGU KPFGUGCDNGU
(GTP±PFG\ D &KEJCU QDUGTXCEKQPGU NNCOCP NC CVGPEKÉP C NC PGEGUKFCF FG
CPCNK\CT EWKFCFQUCOGPVG NQU RQUKDNGU KORCEVQU GEQPÉOKEQU [ UQEKCNGU FG NC
CRNKECEKÉP FG KPUVTWOGPVQU GEQPÉOKEQU CUÃ EQOQ C NC PGEGUKFCF FG RQPGT GP
OCTEJC GUVTCVGIKCU EQORNGOGPVCTKCU RCTC HCEKNKVCT NC CRNKECEKÉP FG GUVQU
KPUVTWOGPVQU
/GVC FG TGFWEEKÉP FG NC ECTIC EQPVCOKPCPVG .CU CWVQTKFCFGU CODKGPVCNGU
FGDGPGUVCDNGEGTGECFCEKPEQCÇQUEQPNQSWGUGDWUECCUGIWTCTGUVCDKNKFCFRCTC
NQUCIGPVGUGEQPÉOKEQU[HCEKNKVCTNCRNCPKHKECEKÉPFGOGFKCPQRNC\QGWPCOGVCFG
TGFWEEKÉPFGNCECTICEQPVCOKPCPVGRCTCECFCEWGTRQFGCIWCQVTCOQFGNOKUOQ
'UVCOGVCUGFGHKPGRCTCECFCWPCFGNCUUWUVCPEKCUQDLGVQFGNEQDTQFGNCVCUC[
UGGZRTGUC EQOQNC ECTIC VQVCN FG EQPVCOKPCPVG FWTCPVG WP UGOGUVTG XGTVKFC RQT
NCUHWGPVGURTGUGPVGU[HWVWTCU2CTCNCFGVGTOKPCEKÉPFGNCOGVCFGDGVGPGTUGGP
EWGPVCNCKORQTVCPEKCFGNCFKXGTUKFCFTGIKQPCNFKURQPKDKNKFCFEQUVQFGQRQTVWPKFCF
[ ECRCEKFCF FG CUKOKNCEKÉP FGN TGEWTUQ [ NCU EQPFKEKQPGU UQEKQGEQPÉOKECU FG NC
RQDNCEKÉP CHGEVCFC .CU CWVQTKFCFGU CODKGPVCNGU FGDGP CRNKECT GN UKIWKGPVG
RTQEGFKOKGPVQ RCTC NC FGVGTOKPCEKÉP FG NC OGVC FG TGFWEEKÉP FG NC ECTIC
EQPVCOKPCPVG
•
.CCWVQTKFCFCODKGPVCNKFGPVKHKECNCUHWGPVGUSWGTGCNK\CPXGTVKOKGPVQUGP
ECFCEWGTRQFGCIWC[SWGGUV±PUWLGVCUCNRCIQFGNCVCUC'NQDLGVKXQGU
EQPQEGT [C UGC EQP OGFKEKQPGU Q DKGP OGFKCPVG CWVQFGENCTCEKQPGU NC
EQPEGPVTCEKÉPFGECFCUWUVCPEKCEQPVCOKPCPVGQDLGVQFGNEQDTQFGNCVCUC
[GNECWFCNFGNCFGUECTIC
•
%QPDCUGGPNCKPHQTOCEKÉPTGECDCFCRTQEGFGCECNEWNCTGNVQVCNFGECTIC
EQPVCOKPCPVGFGECFCUWUVCPEKCXGTVKFCCNEWGTRQFGCIWCRQTNCUHWGPVGU
KFGPVKHKECFCUFWTCPVGWPUGOGUVTG
–
%WCPFQ NC CWVQTKFCF CODKGPVCN EQORGVGPVG UGC WPC %QTRQTCEKÉP
#WVÉPQOC 4GIKQPCN Q WPC %QTRQTCEKÉP FG &GUCTTQNNQ 5QUVGPKDNG VQFC
NC KPHQTOCEKÉP TGECDCFC FGDG UGT RTGUGPVCFC RQT GN &KTGEVQT FG NC
CWVQTKFCF CODKGPVCN CN %QPUGLQ &KTGEVKXQ EQP GN HKP FG SWG ¾UVG
FGVGTOKPG GP UW ECT±EVGT FG ÉTICPQ TGRTGUGPVCVKXQ FG VQFQU NQU
UGEVQTGUUQEKCNGUNCOGVCFGTGFWEEKÉPFGNCECTICEQPVCOKPCPVG'N
%QPUGLQ&KTGEVKXQFGDGJCEGTNQGPFÃCU5KPQUGNQITCWPCEWGTFQ
'P XKTVWF FG NC .G[ 0 GN %QPUGLQ &KTGEVKXQ GU GN ÉTICPQ FG CFOKPKUVTCEKÉP FG NC
EQTRQTCEKÉP CWVÉPQOC TGIKQPCN [ GUV± EQPHQTOCFQ RQT K NQU IQDGTPCFQTGU FG NQU
FGRCTVCOGPVQU UQDTG EW[Q VGTTKVQTKQ GLGT\C LWTKUFKEEKÉP NC EQTRQTCEKÉP KK WP TGRTGUGPVCPVG
FGN 2TGUKFGPVG FG NC 4GRÐDNKEC KKK WP TGRTGUGPVCPVG FGN /KPKUVTQ FGN /GFKQ #ODKGPVG
KX JCUVC EWCVTQ CNECNFGU FG NQU OWPKEKRKQU EQORTGPFKFQU FGPVTQ FGN VGTTKVQTKQ FG NC
LWTKUFKEEKÉP FG NC EQTRQTCEKÉP GNGIKFQU RQT NC #UCODNGC %QTRQTCVKXC FG NC EQTRQTCEKÉP FG
OCPGTC SWG SWGFGP TGRTGUGPVCFQU VQFQU NQU FGRCTVCOGPVQU Q TGIKQPGU SWG KPVGITCP NC
EQTRQTCEKÉP X FQU TGRTGUGPVCPVGU FGN UGEVQT RTKXCFQ XK WP TGRTGUGPVCPVG FG NCU
EQOWPKFCFGU KPFÃIGPCU Q GVPKCU VTCFKEKQPCNOGPVG CUGPVCFCU GP GN VGTTKVQTKQ FG NC LWTKUFKEEKÉP
FG NC EQTRQTCEKÉP GNGIKFQ RQT GNNCU OKUOCU [ XKK FQU TGRTGUGPVCPVGU FG NCU GPVKFCFGU UKP
±PKOQ FG NWETQ SWG VGPICP UW FQOKEKNKQ GP GN ±TGC FG LWTKUFKEEKÉP FG NC EQTRQTCEKÉP [ EW[Q
QDLGVQ UGC NC RTQVGEEKÉP FGN OGFKQ CODKGPVG [ NQU TGEWTUQU PCVWTCNGU TGPQXCDNGU GNGIKFQ
RQT GNNCU OKUOCU
Q
–
EQPEGTVCFQ GN &KTGEVQT FG NC %QTRQTCEKÉP FGDG GUVCDNGEGT NC OGVC
RCTC NQ SWG VKGPG WP RNC\Q FG FÃCU 'P EWCPVQ CN UGIWKOKGPVQ [
EWORNKOKGPVQFGNCOGVCCNHKPCNFGECFCRGTÃQFQUGOGUVTCNGN&KTGEVQT
FGDG RTGUGPVCT CN %QPUGLQ &KTGEVKXQ WP KPHQTOG FGDKFCOGPVG
UWUVGPVCFQ UQDTG NC ECPVKFCF VQVCN FG ECFC UWUVCPEKC EQPVCOKPCPVG
XGTVKFCFWTCPVG GN RGTÃQFQ EQP GN HKP FG SWG GN %QPUGLQ CPCNKEG GUVQU
TGUWNVCFQU EQP TGNCEKÉP C NC OGVC RTGGUVCDNGEKFC [ UK GU GN ECUQ
TGCNKEGWPCLWUVGCNCVCTKHCUGIÐPUGGZRNKECCEQPVKPWCEKÉP
.CU CWVQTKFCFGU CODKGPVCNGU FG NQU ITCPFGU EGPVTQU WTDCPQU
GUVCDNGEGP NC OGVC FG TGFWEEKÉP FG NC ECTIC EQPVCOKPCPVG [ UW
UGIWKOKGPVQ FG CEWGTFQ EQP UW PQTOCVKXKFCF KPVGTPC 'P VQFQ ECUQ
FGDGP ICTCPVK\CT NC RCTVKEKRCEKÉP GP GN RTQEGUQ FG NQU FKHGTGPVGU
UGEVQTGURÐDNKEQ[RTKXCFQKPXQNWETCFQU
7PRWPVQRQTTGECNECTGUSWGNCFGVGTOKPCEKÉPFGNCOGVCFGTGFWEEKÉPFGNC
ECTICEQPVCOKPCPVGEQPEGTVCFCEQPVQFQUNQUCEVQTGUTGNCEKQPCFQUEQPGN±TGCFG
KPHNWGPEKC GP FQPFG UG GUV± GUVCDNGEKGPFQ NC OGVC GU NC RKGFTC CPIWNCT FG NC
CRNKECEKÉP FG NCU VCUCU TGVTKDWVKXCU 5G RCTVG FG SWG EQOQ NC XQNWPVCF RQNÃVKEC GU
HWPFCOGPVCN RCTC GN ¾ZKVQ NCU OGVCU FGDGP TGHNGLCT VCPVQ NQU KPVGTGUGU FG NQU SWG
UWHTGP NQU FCÇQU FGTKXCFQU FG NC EQPVCOKPCEKÉP EQOQ FG NQU SWG NC ECWUCP 2CTC
CUGIWTCT TGURCNFQ FG NQU KORNKECFQU GU KORQTVCPVG EQPUWNVCT NCU TGCNKFCFGU FG NQU
ITWRQU FG KPVGT¾U KPXQNWETCFQU CUÃ EQOQ CVGPFGT NQU TGUWNVCFQU FG GUVWFKQU FG
UGPUKDKNKFCF SWG FKOGPUKQPGP UW RQUKDNG KORCEVQ GEQPÉOKEQ UQEKCN [ CODKGPVCN
)CXKTKC.CRCTVKEKRCEKÉPEKWFCFCPCGPGNGUVCDNGEKOKGPVQFGOGVCUPQUÉNQ
CUGIWTC UW XKCDKNKFCF QRGTCVKXC FGTKXCFC FG UW CEGRVCEKÉP RQT NC EKWFCFCPÃC UKPQ
VCODK¾P GU GN GNGOGPVQ EGPVTCN RCTC KPEQTRQTCT GN EQUVQ UQEKCN [ CODKGPVCN GP NC
FGHKPKEKÉPFGNCUOGVCU
4WFCU'URQTGUVCUTC\QPGUSWGCNIWPQUGZRGTVQU
EQPUKFGTCP SWG WPQ FG NQU RTKPEKRCNGU CEKGTVQU FGN &GETGVQ 0Q GU NC
RCTVKEKRCEKÉPFGVQFQUNQUUGEVQTGUUQEKCNGUGPGNRTQEGUQFGHKLCEKÉPFGNCOGVCFG
FGUEQPVCOKPCEKÉP
1UQTKQ
.CGZRGTKGPEKCFGN&GRCTVCOGPVQ#FOKPKUVTCVKXQ&KUVTKVCNFGN/GFKQ#ODKGPVG
&#&+/# FG $CTTCPSWKNNC KNWUVTC CNIWPCU FG NCU FKHKEWNVCFGU SWG NCU CWVQTKFCFGU
CODKGPVCNGUFGDGPGPHTGPVCTEWCPFQVTCVCPFGGUVCDNGEGTWPCOGVCFGTGFWEEKÉPFG
NCECTICEQPVCOKPCPVG
GPDCUGC%CDCTECU2CTCNQITCTFGVGTOKPCTNCOGVC
GN&#&+/#TGCNK\ÉWPRTQEGUQFGEQPEGTVCEKÉPFQPFGUGKPXKVÉCVQFQUNQUWUWCTKQU
&GUFGGPGTQFGUGTGCNK\CTQP[UGOCPVWXKGTQPCNQNCTIQFGNCÇQFKHGTGPVGU
OGUCU FG EQPEGTVCEKÉP EQP NC RCTVKEKRCEKÉP FG NQU UGEVQTGU RÐDNKEQ [ RTKXCFQ 5G
TGCNK\CTQP CFGO±U TGWPKQPGU O±U RGSWGÇCU EQP CNIWPCU GORTGUCU # NQU
RCTVKEKRCPVGUUGNGUGZRWUQGNRTQITCOCFGKORNGOGPVCEKÉPFGVCUCUTGVTKDWVKXCU[
UGNGUKPHQTOÉUQDTGNQUXCNQTGUFGECTICEQPVCOKPCPVGCRQTVCFCCNQUEWGTRQUFG
CIWC FG NC EKWFCF 5G RTGUGPVÉ C NQ NCTIQ FG VQFCU NCU TGWPKQPGU NC KPHQTOCEKÉP
TGNCEKQPCFC EQP NQU EQUVQU UQEKCNGU GEQPÉOKEQU [ CODKGPVCNGU FG NQU FCÇQU
ECWUCFQURQTNCEQPVCOKPCEKÉPFGNCIWC
.C RTQRWGUVC QTKIKPCN FG OGVC FG FGUEQPVCOKPCEKÉP QTKIKPÉ WPC UGTKG FG
FKUEWUKQPGU'NUGEVQTKPFWUVTKCNGUVCDCRTGQEWRCFQRQTNQUKORCEVQUHKPCPEKGTQUSWG
RQFTÃCIGPGTCTNCCRNKECEKÉPFGNRTQITCOCOKGPVTCUSWGNCGORTGUCFGCIWCRQVCDNG
[ CNECPVCTKNNCFQ UG OQUVTCDC RTGQEWRCFC RQT NC KPEKFGPEKC FG NC VCUC TGVTKDWVKXC
UQDTG GN KPITGUQ FG NQU JQICTGU (KPCNOGPVG C RGUCT FG JCDGT CEGRVCFQ FKUOKPWKT
NCU OGVCU GP FQU QECUKQPGU C NQ NCTIQ FGN RTQEGUQ FG EQPEGTVCEKÉP UG NNGIÉ C WP
RWPVQOÃPKOQFQPFGFKUOKPWEKQPGUFGNCOGVCCRCTVKTFGGUGXCNQTFGUXKTVWCTÃCPGN
QDLGVKXQ[NCHWPEKQPCNKFCFFGNCOGVC'PGUVCUEKTEWPUVCPEKCUGN&#&+/#FGEKFKÉ
RTGUGPVCTUWRTQRWGUVCFGHKPKVKXCFGNCOGVC5KPQUGCEGRVCGUVCRTQRWGUVCHKLCT±
FKUETGEKQPCNOGPVG NC OGVC VCN EQOQ GN &GETGVQ 0Q NQ GZRTGUC .C RTQRWGUVC
FGHKPKVKXC FGN &#&+/# KORNKEC NC OGVC FG TGFWEEKÉP FG NC ECTIC EQPVCOKPCPVG FG
RCTCNCGORTGUCFGCIWCRQVCDNG[CNECPVCTKNNCFQ[FGRCTCGNTGUVQFGNCU
HWGPVGU
6CTKHC TGIKQPCN [ HCEVQT TGIKQPCN .Q SWG FGDG RCICT WP EQPVCOKPCFQT GU NC
VCTKHC TGIKQPCN SWG NC CWVQTKFCF CODKGPVCN TGIKQPCN GUVCDNGEG RCTC GN EQDTQ FG NC
VCUCTGVTKDWVKXCEQPDCUGGPNCVCTKHCOÃPKOCOWNVKRNKECFCRQTGNHCEVQTTGIKQPCN.C
CWVQTKFCF CODKGPVCN KPETGOGPVC GN HCEVQT TGIKQPCN UGOGUVTCNOGPVG JCUVC NQITCT WP
PKXGN FG VCTKHC TGIKQPCN SWG ECWUG NC TGFWEEKÉP FG NC ECTIC EQPVCOKPCPVG JCUVC GN
PKXGN RTGGUVCDNGEKFQ RCTC NC OGVC FG TGFWEEKÉP &G GUVG OQFQ GUVC CRNKECEKÉP
ITCFWCN FG NC VCUC IGPGTC WPC RTGUKÉP GEQPÉOKEC TGNCVKXCOGPVG RGSWGÇC GP
RTKPEKRKQ RGTQ SWG UG KPETGOGPVC RCWNCVKPCOGPVG GP GN VKGORQ RTGUKQPCPFQ C NQU
CIGPVGUGEQPÉOKEQUCTGFWEKTUWUFGUECTICUJCUVCWPRWPVQGPFQPFGNCTGFWEEKÉP
FGNCEQPVCOKPCEKÉPGPGNEWGTRQFGCIWCCNECPEGNCOGVCRTGXKCOGPVGGUVCDNGEKFC
'NHCEVQTTGIKQPCNGORKG\CEQPWPXCNQTKIWCNCWPQ[UGKPETGOGPVCECFC
UGOGUVTG.CCWVQTKFCFCODKGPVCNFGDGFGLCTFGKPETGOGPVCTGNHCEVQTTGIKQPCNGPGN
UGOGUVTGUKIWKGPVGCCSW¾NGPGNEWCNNCTGFWEEKÉPFGNCEQPVCOKPCEKÉPGPGNEWGTRQ
FG CIWC CNECPEG NC OGVC %QPVKPWCT± EQDTCPFQ NC VCUC TGVTKDWVKXC EQP DCUG GP GN
XCNQTFGNHCEVQTTGIKQPCNEQPGNEWCNUGCNECP\ÉNCOGVC&G GUVGOQFQGNUKUVGOC
RTGVGPFG CUGIWTCTRCTCECFC EWGTRQFGCIWC Q VTCOQ FGN OKUOQ NC HKLCEKÉP FG NC
VCUC GP GN OÃPKOQ PKXGN PGEGUCTKQ RCTC RTQFWEKT NC OGVC FG TGFWEEKÉP FG NC
EQPVCOKPCEKÉP.CCWVQTKFCFCODKGPVCNFGDGXQNXGTCKPETGOGPVCTGNHCEVQTTGIKQPCN
KEWCPFQCNHKPCNK\CTGNRGTÃQFQFGEKPEQCÇQUFGXKIGPEKCFGNCOGVCFGTGFWEEKÉP
FG NC ECTIC EQPVCOKPCPVG UG FGHKPC WPC PWGXC OGVC O±U GUVTKEVC Q KKEWCPFQ
JCDK¾PFQUG CNECP\CFQ NC OGVC UG GORKGEGP C RTGUGPVCT FGUECTICU VCNGU SWG NC
ECTICEQPVCOKPCPVGXWGNXCCUGTUWRGTKQTCNCGUVCDNGEKFCGPNCOGVC
(QPFQU 4GIKQPCNGU FG +PXGTUKÉP 7P VGOC KORQTVCPVG GU GN WUQ FG NQU
TGEWTUQUTGECWFQURQTNCCRNKECEKÉPFGKPUVTWOGPVQUGEQPÉOKEQU.CTGEQOGPFCEKÉP
VGÉTKECVTCFKEKQPCNGUSWGGUVQUTGEWTUQUFGDGPKTCNRTGUWRWGUVQIGPGTCNRCTCSWGGN
IQDKGTPQ RWGFC CUKIPCTNQU JCEKC NCU RTKQTKFCFGU PCEKQPCNGU 'P OWEJQU ECUQU UKP
GODCTIQ GUVG RTQEGFKOKGPVQ VKGPFG C UGT RQNÃVKECOGPVG KPXKCDNG G KPEGPVKXCT NC
GXCUKÉP 'P NC RTCEVKEC WPC QREKÉP O±U CVTCEVKXC RWGFG UGT FGUVKPCT NQU TGEWTUQU
TGECWFCFQU C NQU RTQITCOCU FG EQPVTQN FG NC EQPVCOKPCEKÉP RTGHGTGPVGOGPVG GP
RTQ[GEVQUGHGEVKXQU[XKUKDNGUGPNCEWGPECFQPFGUGIGPGTCPGUVQUTGEWTUQU'UVQ
IGPGTC GN CRQ[Q RÐDNKEQ PGEGUCTKQ RCTC FCTNG UQUVGPKDKNKFCF CN UKUVGOC [ RWGFG
C[WFCT C NQITCT QVTQU QDLGVKXQU EQOQ CUKIPCT NQU TGEWTUQU TGECWFCFQU C NQU
RTQ[GEVQUFGFGUEQPVCOKPCEKÉPO±UGHGEVKXQUCEGNGTCTNQURTQITCOCUFGEQPVTQNFG
NCEQPVCOKPCEKÉP[RTKQTK\CTNQURTQ[GEVQUSWGTGHNGLCPNCURTGHGTGPEKCUCODKGPVCNGU
FG NC EQOWPKFCF NQECN %QNQODKC JC FGEKFKFQ RTKXKNGIKCT GUVG ÐNVKOQ ECOKPQ [
GUVCDNGEGT WPQU HQPFQU TGIKQPCNGU RCTC EQHKPCPEKCT RTQ[GEVQU FG EQPVTQN FG NC
EQPVCOKPCEKÉPFGNCIWCCPKXGNNQECN
'N /KPKUVGTKQ FGN /GFKQ #ODKGPVG VTCDCLC CEVWCNOGPVG GP GN FKUGÇQ FG WPQU
HQPFQU TGIKQPCNGU FG KPXGTUKÉP RCTC NC FGUEQPVCOKPCEKÉP GP DCUG C 4GRÐDNKEC FG
%QNQODKC/KPKUVGTKQ FGN /GFKQ #ODKGPVG D [ [ %CDCTECU 5W
OKUKÉP UGT± FKTGEEKQPCT NQU TGEWTUQU HKPCPEKGTQU IGPGTCFQU RQT CRNKECEKÉP FG VCUCU
CODKGPVCNGUGPRCTVKEWNCTNCVCUCTGVTKDWVKXCJCEKCKPXGTUKÉPGHKEKGPVG[FGOÃPKOQ
EQUVQ GP NC TGIKÉP FQPFG ¾UVQU UG TGECWFCP 5WU QDLGVKXQU GURGEÃHKEQU UGT±P NQU
UKIWKGPVGU KCUGIWTCT GHKEKGPEKC GEQPÉOKEC GP GN RTQEGUQ FG UGNGEEKÉP FG
RTQ[GEVQU C VTCX¾U FG NC CRNKECEKÉP FG ETKVGTKQU SWG ICTCPVKEGP SWG UG QDVGPIC NC
OC[QTTGFWEEKÉPRQUKDNGFGNCECTICEQPVCOKPCPVGRQTRGUQKPXGTVKFQ
KKCUGIWTCT
GHKEKGPEKC CFOKPKUVTCVKXC C VTCX¾U FG NC OKPKOK\CEKÉP FG NQU EQUVQU CFOKPKUVTCVKXQU
GP NCU FKHGTGPVGU HCUGU FG KORNGOGPVCEKÉP FG NC VCUC TGVTKDWVKXC KKKCUGIWTCT
GHKECEKCGPNCCTVKEWNCEKÉPFGGUHWGT\QU[HWGPVGUFGHKPCPEKCEKÉP[GXKVCTFKURGTUKÉP
FGGUHWGT\QU[TGEWTUQUHKPCPEKGTQUFGPVTQ[HWGTCFGN5KUVGOC0CEKQPCN#ODKGPVCN
KXCUGIWTCT VTCPURCTGPEKC GP GN OCPGLQ [ WUQ FG NQU TGEWTUQU TGECWFCFQU
XHCEKNKVCT CNCU CWVQTKFCFGU CODKGPVCNGUTGIKQPCNGUNCCRNKECEKÉPFG RTQITCOCU FG
EQPVTQN FG NC EQPVCOKPCEKÉP FGN CIWC [ XKRQUKDKNKVCT NC RCTVKEKRCEKÉP FG NC
EQOWPKFCFTGIKQPCNGPNCVQOCFGFGEKUKQPGUFGKPXGTUKÉP
2CTC CFOKPKUVTCT NQU HQPFQU TGIKQPCNGU FG KPXGTUKÉP UG RTQRQPG ETGCT FQU
GPVKFCFGU EQP FKHGTGPVGU PKXGNGU FG TGURQPUCDKNKFCF KWPC UQEKGFCF HKFWEKCTKC
CWVQTK\CFC[XKIKNCFCRQTNC5WRGTKPVGPFGPEKC$CPECTKC C NC EWCN UG NG EQPHKCTÃC GP
V¾TOKPQU IGPGTCNGU GN OCPGLQ HKPCPEKGTQ FGN HQPFQ [ KKNC LWPVC FKTGEVKXC FGN
HKFGKEQOKUQ SWG UGTÃC TGURQPUCDNG FG RTKQTK\CT NC KPXGTUKÉP RQT EWGPECU Q VTCOQU
ECNKHKECT NQU RTQ[GEVQU SWG UQNKEKVCP HKPCPEKCEKÉP EQP DCUG GP NQU ETKVGTKQU FG
CUKIPCEKÉP GUVCDNGEKFQU GP GN TGINCOGPVQ FGN HQPFQ [ CUKIPCT NQU TGEWTUQU C NQU
RTQ[GEVQUSWGQDVGPICPNCOGLQTECNKHKECEKÉP
5G EQPUKFGTC SWG NCU LWPVCU FGDGP GUVCT EQPHQTOCFCU RQT TGRTGUGPVCPVGU
UKOKNCTGUCNQUSWGJCPEQPEGTVCFQNCOGVCFGTGFWEEKÉPFGNCECTICEQPVCOKPCPVG
'UVQGUGUGPEKCNRCTCRGTOKVKTSWGUGCNECPEGPNQUQDLGVKXQU RTQRWGUVQUVCPT±RKFQ
EQOQUGCRQUKDNGCPVGUFGSWGGNHCEVQTFGCLWUVGTGIKQPCNFGNCVCUCTGVTKDWVKXCUG
KPETGOGPVG UWUVCPEKCNOGPVG 'P NC LWPVC NC EQOWPKFCF CHGEVCFC [ NQU
EQPVCOKPCFQTGU VGPFTÃCP KIWCN RCTVKEKRCEKÉP 2CTVKEKRCTÃCP CFGO±U GN FKTGEVQT FG NC
CWVQTKFCF CODKGPVCN EQOQ GN TGURQPUCDNG FG EQQTFKPCT NC IGUVKÉP G KPXGTUKÉP
CODKGPVCNCPKXGNTGIKQPCN[WPTGRTGUGPVCPVGFGNCUQEKGFCFHKFWEKCTKCSWKGPGUGN
TGURQPUCDNGFGNDWGPHWPEKQPCOKGPVQHKPCPEKGTQFGNHQPFQ
.QUHQPFQURTQRWGUVQUOCPGLCTÃCPRQTNQOGPQUGNFGNQUTGECWFQUFG
VCUCU CODKGPVCNGU .QU HQPFQU UGTÃCP ETGCFQU C PKXGN TGIKQPCN WPQ RQT ECFC
EQTRQTCEKÉPCWVÉPQOCTGIKQPCN[CNOKUOQVKGORQUGETGCTÃCWPHQPFQEGPVTCNEQP
TGEWTUQU RTQXGPKGPVGU FG ET¾FKVQU KPVGTPCEKQPCNGU [ QVTCU HWGPVGU .C FKUVTKDWEKÉP
RTQRWGUVCFGNQUTGEWTUQUFGNQUHQPFQUGU
•
•
•
•
RCTCEQHKPCPEKCTRTQ[GEVQUFGVTCVCOKGPVQFGCIWCUUGTXKFCUGPNQU
OWPKEKRKQU%QPGUVQUTGEWTUQUUGEQHKPCPEKCTÃCJCUVCGNFGNXCNQTFGN
RTQ[GEVQ [ GUVG FGDGT± VGPGT ICTCPVK\CFC NC EQPVTCRCTVKFC RCTC UW
FGUCTTQNNQ
RCTC EQHKPCPEKCEKÉP FG RTGKPXGTUKÉP V¾EPKEC [ HKPCPEKGTC FG
RTQ[GEVQU FG VTCVCOKGPVQ FG CIWCU UGTXKFCU GP NQU OWPKEKRKQU 'N HQPFQ
TGIKQPCN EQHKPCPEKCTÃC JCUVC GN FG NC RTGKPXGTUKÉP UKGORTG [ EWCPFQ
NQU RTQ[GEVQU UG EQPUKFGTGP RTKQTKVCTKQU FGPVTQ FGN RNCP FG IGUVKÉP
CODKGPVCNFGNCEQTRQTCEKÉP
RCTC EQHKPCPEKCT RTQ[GEVQU FGN UGEVQT RTKXCFQ FGUVKPCFQU C
KPXGUVKICEKÉP CRNKECFC UGEVQTKCN GP RTQFWEEKÉP NKORKC FGUEQPVCOKPCEKÉP
FGCIWC[ECUQURKNQVQFGOQUVTCVKXQU%QPGUVQUTGEWTUQUUGEQHKPCPEKCTÃC
JCUVC GN FGN XCNQT FGN RTQ[GEVQ [ GUVG FGDGT± VGPGT ICTCPVK\CFC NC
EQPVTCRCTVKFCRCTCUWFGUCTTQNNQ
RCTC EQHKPCPEKCEKÉP FG RTQ[GEVQU FG KPXGUVKICEKÉP D±UKEC [
GFWECEKÉP CODKGPVCN TGNCEKQPCFQU EQP NC EQPVCOKPCEKÉP FGN CIWC [ RCTC
NCCFOKPKUVTCEKÉPFGNHQPFQ
'N GUVCFQ CEVWCN [ RTKOGTCU GZRGTKGPEKCU FG NC CRNKECEKÉP FG NCU VCUCU
TGVTKDWVKXCU GP DCUG C 4GRÐDNKEC FG %QNQODKC/KPKUVGTKQ FGN /GFKQ #ODKGPVG
C'N/KPKUVGTKQFGN/GFKQ#ODKGPVGGNCDQTÉ[RWUQGPOCTEJCGN2TQITCOCFG
+ORNGOGPVCEKÉP FGN &GETGVQ 0Q 'P WPC RTKOGTC GVCRC GN RTQITCOC UG EGPVTÉ
RTKPEKRCNOGPVGGPECRCEKVCEKÉPFGNQUFKUVKPVQUUGEVQTGUKPXQNWETCFQUEQPGNEQDTQ[
TGECWFQFGNCVCUCTGVTKDWVKXCNQSWGUGJK\QOGFKCPVGNCTGCNK\CEKÉPFGWPCUGTKGFG
VCNNGTGU[UGOKPCTKQUFGFKXWNICEKÉPFGN&GETGVQ0Q5GJCQTICPK\CFQCFGO±U
WPC UGTKG FG TGWPKQPGU EQP NCU CWVQTKFCFGU CODKGPVCNGU RCTC GUVWFKCT [ TGXKUCT
RGTKÉFKECOGPVGEQPECFCWPCFGGNNCUUWURTQITCOCUFGKORNGOGPVCEKÉP#NOKUOQ
VKGORQ UG JC TGCNK\CFQ WPC NCDQT FG CRQ[Q C CNIWPQU ITGOKQU GP HQTOC FG
RTGUGPVCEKQPGUCPKXGNFKTGEVKXQVCNNGTGUFGVTCDCLQ[TGWPKQPGURGTKÉFKECU
#UKOKUOQ UG FGUCTTQNNÉ WPC UGTKG FG FQEWOGPVQU [ OGFKFCU RCTC CRQ[CT GN
RTQEGUQFGKORNGOGPVCEKÉP#UÃNC1HKEKPCFG#P±NKUKU'EQPÉOKEQFGN/KPKUVGTKQFGN
/GFKQ #ODKGPVG GNCDQTÉ GN K/CPWCN FG KORNGOGPVCEKÉP FG VCUCU TGVTKDWVKXCUL SWG
EQPVKGPG NQU UKIWKGPVGU FQEWOGPVQU K%QPEGTVCEKÉP FG NC OGVC EQP NC EQOWPKFCF
TGIWNCFCLK#WVQFGENCTCEKÉPHCEVWTCEKÉPEQDTQ[TGECWFQLK+PEGPVKXQUVTKDWVCTKQU
RCTC NC KPXGTUKÉP CODKGPVCNL K+PEGPVKXQU ETGFKVKEKQU RCTC NC KPXGTUKÉP CODKGPVCNL
K(QTOWNCTKQ FG CWVQFGENCTCEKÉP FG XGTVKOKGPVQUL K'UVWFKQ FG EQPVCOKPCEKÉP RQT
&$1 [ 556 GP UGEVQTGU RTQFWEVKXQU GP %QNQODKCL [ K5QHVYCTG FG OCPGLQ FG
E±NEWNQFGVCTKHCTGIKQPCNGKPHQTOCEKÉPPGEGUCTKCRCTCGXCNWCEKÉPFGNCVCUCL
7P KORQTVCPVG EQORQPGPVG FGN 2TQITCOC FG +ORNGOGPVCEKÉP FGN &GETGVQ
0 GU GN 2TQITCOC FG %QQRGTCEKÉP *QTK\QPVCN RCTC NC +ORNCPVCEKÉP FG WP
5KUVGOC FG /CPGLQ 'HKEKGPVG FG NC 6CUC 4GVTKDWVKXC 5W QDLGVKXQ HWPFCOGPVCN GU
CRTQXGEJCT NCU XGPVCLCU EQORCTCVKXCU FG CNIWPCU EQTRQTCEKQPGU SWG [C JCP
CXCP\CFQ UKIPKHKECVKXCOGPVG GP NC KORNGOGPVCEKÉP FG NCU VCUCU C VTCX¾U FG WP
RTQITCOC FG VWVQTÃCU C QVTCU EQTRQTCEKQPGU SWG UG GPEWGPVTCP GP GN RTQEGUQ FG
KORNGOGPVCEKÉP .CU EQTRQTCEKQPGU UGNGEEKQPCFCU EQOQ NÃFGTGU RCTC TGCNK\CT NC
ECRCEKVCEKÉPUQPNC%8%NC%QTRQTCEKÉP#WVÉPQOC4GIKQPCNFGNCU%WGPECUFGNQU
4ÃQU4KQPGITQ[0CTG
%140#4'[NC%QTRQTCEKÉP#WVÉPQOC4GIKQPCNFG4KUCTCNFC
%#4&'4
Q
'NRTQITCOCFGEQQRGTCEKÉPJQTK\QPVCNGUV±DCUCFQHWPFCOGPVCNOGPVGGPWPC
UGTKGFGXKUKVCUSWGTGCNK\CT±PNQUV¾EPKEQUFGNCUEQTRQTCEKQPGUNÃFGTGUCNCUPWGXG
EQTRQTCEKQPGU UGNGEEKQPCFCU RCTC TGEKDKT NC VWVQTÃC 'P GUVCU XKUKVCU UG JCT± WPC
TGXKUKÉPFGNRTQITCOCFGKORNGOGPVCEKÉPFGNCEQTRQTCEKÉPTGURGEVKXC[UGTGCNK\CT±
VTCDCLQ GP GSWKRQ EQP GN HKP FG GPECOKPCT NCU CEEKQPGU JCEKC WPC CFGEWCFC
KORNGOGPVCEKÉP FG NC TCUC TGVTKDWVKXC #FKEKQPCNOGPVG UG RTGX¾ NC TGCNK\CEKÉP FG
VCNNGTGU TGIKQPCNGU Q OGUCU FG VTCDCLQ C NCU SWG CUKUVKT±P NQU V¾EPKEQU FG NCU
EQTRQTCEKQPGUVWVQTKCFCUGPFQPFGUGVTCVCT±PNQUECUQUKPFKXKFWCNGUEQPGNHKPFG
ETGCT WP RTQEGUQ FG TGVTQCNKOGPVCEKÉP FG NQU FKUVKPVQU RTQITCOCU FG
KORNGOGPVCEKÉP#NHKPCNK\CTGNRTQITCOCUGGURGTCSWGNCUEQTRQTCEKQPGUVWVQTKCFCU
JC[CP CRTQDCFQ GP UWU TGURGEVKXQU EQPUGLQU FKTGEVKXQU OGFKCPVG RTQEGUQU FG
EQPEGTVCEKÉP NCU OGVCU FG TGFWEEKÉP FG NC ECTIC EQPVCOKPCPVG [ GUV¾P
FGUCTTQNNCPFQ NQU RTQEGUQU CFOKPKUVTCVKXQU PGEGUCTKQU RCTC KPKEKCT GN EQDTQ FG NC
VCUC
.C RTKOGTC CWVQTKFCF CODKGPVCN TGIKQPCN SWG GORG\É C EQDTCT NCU VCUCU
TGVTKDWVKXCU GTC NC %140#4' GP 'P NC CEVWCNKFCF XCTKCU QVTCU EQDTCP NCU
VCUCU EQOQ RQT GLGORNQ NC %8% NC %QTRQTCEKÉP #WVÉPQOC 4GIKQPCN RCTC NC
&GHGPUCFGNC/GUGVCFG$WECTCOCPIC
%&/$[NC%QTRQTCEKÉPRCTCGN&GUCTTQNNQ
.C OKUKÉP FG NC 1HKEKPC FG #P±NKUKU 'EQPÉOKEQ GU FKUGÇCT G KORNGOGPVCT NQU
KPUVTWOGPVQU GEQPÉOKEQU RCTC GN EQPVTQN FG NC EQPVCOKPCEKÉP [ EQPUGTXCEKÉP FGN OGFKQ
CODKGPVG FG OCPGTC VGÉTKECOGPVG EQTTGEVC G KORNGOGPVCDNG DCLQ NCU EQPFKEKQPGU
KPUVKVWEKQPCNGU GEQPÉOKECU [ UQEKCNGU FG NCU CWVQTKFCFGU CODKGPVCNGU TGIKQPCNGU SWG
RGTOKVCP CNECP\CT NCU OGVCU CODKGPVCNGU FG NC UQEKGFCF CN OÃPKOQ EQUVQ RQUKDNG RCTC NC
GEQPQOÃC +PHQTOCEKÉP UQDTG NC 1HKEKPC FG #P±NKUKU 'EQPÉOKEQ UG GPEWGPVTC FKURQPKDNG GP
JVVRYYYOKPCODKGPVGIQXEQQCGUVCHHJVO
5QUVGPKDNG FGN 7TCD± %142174#$# .C ITCP OC[QTÃC FG NCU FGO±U CWVQTKFCFGU
CODKGPVCNGUTGIKQPCNGUJCPRWGUVQGPOCTEJCRTQITCOCUFGKORNGOGPVCEKÉPFGNCU
VCUCU[OWEJCU[CJCPEQPEGTVCFQOGVCUFGTGFWEEKÉPFGNCECTICEQPVCOKPCPVG
'N RTQEGUQ FG KORNGOGPVCEKÉP FG NCU VCUCU TGVTKDWVKXCU GP NC %140#4'
EQORTGPFKÉ NCU UKIWKGPVGU GVCRCU KTGEQPQEKOKGPVQ [ CUKOKNCEKÉP FG NC
PQTOCVKXKFCF KKCRTQDCEKÉP FG NC OGVC TGIKQPCN FG TGFWEEKÉP FG NC ECTIC
EQPVCOKPCPVG RQT RCTVG FGN %QPUGLQ &KTGEVKXQ KKKCRTQDCEKÉP FGN RTQEGUQ FG
KORNGOGPVCEKÉP RQT RCTVG FGN %QPUGLQ &KTGEVKXQ KXFKXWNICEKÉP FGN RTQEGUQ [
EQPEGTVCEKÉP FG NC OGVC TGIKQPCN FG FGUEQPVCOKPCEKÉP XWDKECEKÉP FG WUWCTKQU
RQT EWGPECU [ RQT VTCOQU EQP UWU TGURGEVKXCU ECTICU EQPVCOKPCPVGU
XKPQVKHKECEKÉP FG NQU HQTOWNCTKQU FG CWVQFGENCTCEKÉP [ TGIKUVTQ FG XGTVKOKGPVQU
XKKTGUQNWEKÉP FG SWGLCU TGHGTGPVGU CN HQTOWNCTKQ FG CWVQFGENCTCEKÉP
XKKKHCEVWTCEKÉP
KZEQDTQ[
ZGNCDQTCEKÉPFGNKPHQTOGUGOGUVTCNRCTCUGTRWGUVQ
CEQPUKFGTCEKÉPFGN%QPUGLQ&KTGEVKXQ
2CTC RQPGT C QRGTCT NCU VCUCU TGVTKDWVKXCU UG FKXKFKÉ NC LWTKUFKEEKÉP FG NC
%140#4' GP UKGVG EWGPECU 4ÃQ $WG[G2KGFTCU 4ÃQ %NCTQ %QEQTP± 4ÃQ 0CTG 4ÃQ
0GITQ4ÃQ0WU4ÃQ5COCP±0QTVG[4ÃQ5COCP±5WT[WPVTCOQFG4ÃQ/CIFCNGPC
GP DCUG C 4GRÐDNKEC FG %QNQODKC%140#4' C 'P ECFC WPC FG GNNCU UG
HKLCTQPOGVCUFGFGUEQPVCOKPCEKÉPFGNCEKPEQCÇQU[UGKPKEKÉGNRTQEGUQFG
HCEVWTCEKÉP [EQDTQFGNCUVCUCU EQP WPC NÃPGC DCUG KFGPVKHKECFC C RCTVKT FGN FG
CDTKNFG
#WPSWGPKPIWPCFGNCUEWGPECUFGNCTGIKÉPJCNNGICFQCÐPCNEWORNKOKGPVQ
FG NC OGVC INQDCN CEQTFCFC [ GP VTGU EWGPECU NC ECTIC EQPVCOKPCPVG UG JC
OCPVGPKFQ UKP ECODKQU NQU TGUWNVCFQU QDVGPKFQU JCUVC CJQTC JCP UKFQ GP IGPGTCN
RQUKVKXQU [ UG JC NQITCFQ WPC KORQTVCPVG TGFWEEKÉP FG NC ECTIC EQPVCOKPCPVG
1DXKCOGPVG PQ UG RWGFG CVTKDWKT VQFC GUVC TGFWEEKÉP C NC CRNKECEKÉP FG NC VCUC
TGVTKDWVKXC 2QT GLGORNQ NC %140#4' HKTOÉ GP FKEKGODTG FG EQP GN UGEVQT
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•
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•
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KKKHCXQTCDNGU HCEVQTGU GZVGTPQU CN UGEVQT JÃFTKEQ GUVCDKNKFCF
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•
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•
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•
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ECTCEVGTÃUVKECUD±UKECU RQTNCU SWG TGUWNVC KPVGTGUCPVG RCTC UGT GUVWFKCFQ
RCTC UW GXGPVWCN KORNGOGPVCEKÉP GP QVTQU RCÃUGU FG NC TGIKÉP 5W
KORNGOGPVCEKÉP GU RCTVKEKRCVKXC [ FGUEGPVTCNK\CFC [ UG DCUC GP WP
OGECPKUOQ ITCFWCN QDLGVKXQ [ TGNCVKXCOGPVG UGPEKNNQ SWG RTGVGPFG
UWRGTCT CNIWPCU FG NCU FKHKEWNVCFGU EQOWPGU SWG JCP GPHTGPVCFQ
RTQITCOCU UKOKNCTGU GP QVTQU RCÃUGU GP GN RCUCFQ 'P EWCPVQ C UKUVGOCU
DCUCFQU GP RGTOKUQU FG GOKUKÉP VTCPUCDNGU C RGUCT FG UWU CVTCEVKXQU
VGÉTKEQU NCU RQUKDKNKFCFGU TGCNGU FG UW CRNKECEKÉP RCTC GN EQPVTQN FG NC
EQPVCOKPCEKÉPFGNCIWCGUV±PHWGTVGOGPVGNKOKVCFCU[UGTGFWEGPCUKVKQU
EQP EQPFKEKQPGU IGQIT±HKECU FG GOKUKQPGU [ FG OGTECFQ GZEGREKQPCNGU
X¾CUGGN#PGZQ
•
5G TGSWKGTG O±U KPXGUVKICEKÉP UQDTG NC GXCNWCEKÉP FG NC GHGEVKXKFCF FGN
GORNGQ FG KPUVTWOGPVQU GEQPÉOKEQU [ VTCFKEKQPCNGU NCU EQPFKEKQPGU [
CURGEVQU RT±EVKEQU FG UW KORNGOGPVCEKÉP [ QRGTCEKÉP NCU EKTEWPUVCPEKCU
DCLQ NCU EWCNGU RWGFGP UGT KORNGOGPVCFQU EQP ¾ZKVQ NCU UKVWCEKQPGU GP
SWG UQP O±U GHGEVKXQU NC EQODKPCEKÉP FG KPUVTWOGPVQU O±U CRTQRKCFC
RCTC NQU RCÃUGU FG NC TGIKÉP [ NCU GUVTCVGIKCU PGEGUCTKCU RCTC UW
KORNGOGPVCEKÉP
$KDNKQITCHÃC
$GCVQ 2CWNKPC 2CTVKEKRCEKÉP FGN UGEVQT RTKXCFQ GP NQU UKUVGOCU FG CIWC
RQVCDNG[UCPGCOKGPVQXGPVCLCUTKGUIQU[QDUV±EWNQU$CPEQ+PVGTCOGTKECPQ
FG &GUCTTQNNQ $+& 9CUJKPIVQP&% UG GPEWGPVTC FKURQPKDNG GP
JVVRYYYKCFDQTIUFUFQEKHOURFH
$GTPCN #FTKCPC K&GUCTTQNNQ NGIKUNCVKXQ FG NC TGIWNCEKÉP NGICN UQDTG NQU
XGTVKOKGPVQUL .GVTCU ,WTÃFKECU XQNWOGP 0Q UGRVKGODTG FG 'ORTGUCU 2ÐDNKECU FG /GFGNNÃP /GFGNNÃP %QNQODKC +550F UG
GPEWGPVTCFKURQPKDNGGPJVVRYYYGGRROEQO$KDNKQ+PVGTPGV2WDNKECEKQPGU
TGXKUVCRFH
$QTTQVQ4GP¾
K.C GEQNQIÃCFG8KDTKQEJQNGTCGUGTQITWRQGP CODKGPVGU
CEW±VKEQUL4GXKUVC2CPCOGTKECPCFG5CNWF2ÐDNKEC8QNWOGP0Q %CDCTECU (GTPCPFQ .C VCUC TGVTKDWVKXC 2TQITCOC FG KORNGOGPVCEKÉP FG
VCUCUTGVTKDWVKXCUGPGNFKUVTKVQFG$CTTCPSWKNNC&GRCTVCOGPVQ#FOKPKUVTCVKXQ
&KUVTKVCN FGN /GFKQ #ODKGPVG &#&+/# $CTTCPSWKNNC %QNQODKC UGRVKGODTG
FG
%CNECIPQ #NDGTVQ +PHQTOG UQDTG NC IGUVKÉP FGN CIWC GP NC 4GRÐDNKEC
#TIGPVKPC )NQDCN 9CVGT 2CTVPGTUJKR UG GPEWGPVTC FKURQPKDNG GP
JVVRYYYEGRKUQRUQOUQTIGUYYYHWNNVGZVTGEWJKFTIGUVKQPIGUVKQPRFH
%'2#.
%QOKUKÉP'EQPÉOKECRCTC#O¾TKEC.CVKPC[GN%CTKDG
.QUTGEWTUQU
JÃFTKEQUFG#O¾TKEC.CVKPC[FGN%CTKDGRNCPKHKECEKÉP FGUCUVTGU PCVWTCNGU [
EQPVCOKPCEKÉP 'UVWFKQU G +PHQTOGU FG NC %'2#. 0Q .%)G2
5CPVKCIQFG%JKNG
AAAAAAAA
6GPFGPEKCUCEVWCNGUFGNCIGUVKÉPFGNCIWCGP#O¾TKEC.CVKPC[GN
%CTKDG
CXCPEGUGPNCKORNGOGPVCEKÉPFGNCUTGEQOGPFCEKQPGUEQPVGPKFCUGP
GNECRÃVWNQFGN2TQITCOC.%.5CPVKCIQFG%JKNG
%QTKC,QHT¾&CPKGN1UECT%QTKC/CTKGN(CDKCP<±TCVG'USWKDGN%CTNQU&KC\(CTKCU[
/ÉPKEC %QTKC +ORCEVQ CODKGPVCN UQDTG GN TGEWTUQ JÃFTKEQ GP 5CP
,WCP 4GWUQ FG GHNWGPVGU RCTC TKGIQ VTCDCLQ RTGRCTCFQ RCTC GN 5KORÉUKQ
+PVGTPCEKQPCN UQDTG )GUVµQ FG 4GEWTUQU *ÃFTKEQU )TCOCFQ 4KQ )TCPFG FQ
5WN $TCUKN CN FG QEVWDTG FG UG GPEWGPVTC FKURQPKDNG GP
JVVRQTKQPWHTIUDTKRJUKORQUKQ\KR
%WDKNNQU 4CHCGN K6CUCU TGVTKDWVKXCU [ EQORGPUCVQTKCUL 2NCPGCEKÉP &GUCTTQNNQ XQNWOGP::8++ 0Q CDTKNFLWPKQ FG +550F
&GRCTVCOGPVQ0CEKQPCNFG2NCPGCEKÉP5CPVCH¾FG$QIQV±%QNQODKC
&QWTQLGCPPK#ZGN[#PFTGK,QWTCXNGX
)GUVKÉPFGEWGPECU[TÃQUXKPEWNCFQU
EQP EGPVTQU WTDCPQU %QOKUKÉP 'EQPÉOKEC RCTC #O¾TKEC .CVKPC [ GN %CTKDG
%'2#..%45CPVKCIQFG%JKNG
(GTP±PFG\&KGIQ
C.CUVCUCUTGVTKDWVKXCUGPGN8CNNGFGN%CWEC
AAAAAAAA
D+PUVTWOGPVQUGEQPÉOKEQURCTCGNEQPVTQNFGNCEQPVCOKPCEKÉPFGN
CIWCGP%QNQODKC
)CXKTKC &KCPC K7PC OKTCFC TGVTQURGEVKXC EQP NGEEKQPGU RCTC GN RTGUGPVGL
2NCPGCEKÉP &GUCTTQNNQ XQNWOGP::8++ 0Q CDTKNFLWPKQ FG +550F&GRCTVCOGPVQ0CEKQPCNFG2NCPGCEKÉP5CPVCH¾FG$QIQV±
%QNQODKC
)KPGTFGNQU4ÃQU(TCPEKUEQ
K.QUKPUVTWOGPVQUGEQPÉOKEQU[NCTGIWNCEKÉP
CODKGPVCN GP /¾ZKEQL 'EQPQOÃC CODKGPVCN NGEEKQPGU FG #O¾TKEC .CVKPC
+PUVKVWVQ0CEKQPCNFG'EQNQIÃC
+0'/¾ZKEQ
*WDGT4KEJCTF,CEM4WKVGPDGGM[4QPCNFQ5GTÊCFC/QVVC
/CTMGVDCUGF
KPUVTWOGPVU HQT GPXKTQPOGPVCN RQNKE[OCMKPI KP .CVKP #OGTKEC CPF VJG
%CTKDDGCP NGUUQPU HTQO GNGXGP EQWPVTKGU 9QTNF $CPM &KUEWUUKQP 2CRGT
0Q $CPEQ /WPFKCN 9CUJKPIVQP&% UG GPEWGPVTC FKURQPKDNG GP
JVVRYYYYQTNFDCPMQTIPKRTYQTMARCRGTJWDGTJWDGTRFH
.QTF 9KNNKCO [ /QTTKU +UTCGN EQP NC C[WFC FG &QWINCU -GPPG[ 7PC
GUVTCVGIKC RCTC HQOGPVCT [ HCEKNKVCT WPC OGLQT QTFGPCEKÉP FG NQU TGEWTUQU
JÃFTKEQU GP #O¾TKEC .CVKPC [ GN %CTKDG $CPEQ +PVGTCOGTKECPQ FG &GUCTTQNNQ
$+& 9CUJKPIVQP&% UG GPEWGPVTC FKURQPKDNG GP JVVRYYYKCFDQTI
UFUFQEURCRFH
/E%NGNNCP 5EQVV K'N EÉNGTC OCVC RGTQ NC GRKFGOKC GP GN 2GTÐ VCODK¾P JC
UCNXCFQXKFCUL%GTGU0Q XQNWOGPPÐOGTQUGRVKGODTGGQEVWDTG
/¾ZKEQ5GETGVCTÃCFG&GUCTTQNNQ7TDCPQ['EQNQIÃC
UKPHGEJC%WGPECFGNTÃQ6WNC
\QPCFGFGUECTICFGCIWCUTGUKFWCNGUFGNC\QPCOGVTQRQNKVCPCFGNCEKWFCF
FG /¾ZKEQ &KTGEEKÉP )GPGTCN FG 1TFGPCOKGPVQ 'EQNÉIKEQ G +ORCEVQ
#ODKGPVCN UG GPEWGPVTC FKURQPKDNG GP JVVRYYYEGRKUQTIRGGUYYY
HWNNVGZVTGRKPFFWOFWOJVON
/¾ZKEQ5'/#40#2 5GETGVCTÃC FG /GFKQ #ODKGPVG 4GEWTUQU 0CVWTCNGU [ 2GUEC
2TQITCOCFG/GFKQ#ODKGPVGG
UGGPEWGPVTCFKURQPKDNG
GPJVVRYYYKPGIQDOZWRUGERTQITCOCURTQIAPOCEQPVGPKFQJVON
AAAAAAAA
2TQITCOC FG VTCDCLQ UG GPEWGPVTC FKURQPKDNG GP
JVVRYYYUGOCTPCRIQDOZRTQITCOC\KRRTQI\KR
/QUEQUQ,WNKQ[)WKNNGTOQ.GÉP
7UQFGCIWCUTGUKFWCNGU*&6%GPVTQ
2CPCOGTKECPQ FG +PIGPKGTÃC 5CPKVCTKC [ %KGPEKCU FGN #ODKGPVG %'2+5 UG
GPEWGPVTC FKURQPKDNG GP JVVRYYYEGRKUQTIRGGUYYYRTQ[GEVQTGRKFKUE
RWDNKECJFVJFVJVON
0CEKQPGU 7PKFCU C 9QTNF WTDCPK\CVKQP RTQURGEVU 6JG TGXKUKQP
'UVKOCVGU CPF RTQLGEVKQPU QH WTDCP CPF TWTCN RQRWNCVKQPU CPF QH WTDCP
CIINQOGTCVKQPU56'5#5'4#0WGXC;QTM
AAAAAAAA
D+PHQTOCEKÉPRTGUGPVCFCRQTGN)QDKGTPQFG%WDCCPVGNCSWKPVC[
UGZVC UGUKÉP FG NC %QOKUKÉP FG &GUCTTQNNQ 5QUVGPKDNG FG 0CEKQPGU 7PKFCU
7PKVGF 0CVKQPU 5[UVGOG9KFG 9GD 5KVG QP 0CVKQPCN +ORNGOGPVCVKQP QH VJG
4KQ%QOOKVOGPVUXGTUKÉPFGNFGLWPKQFG
UGGPEWGPVTCFKURQPKDNG
GPJVVRYYYWPQTIGUCCIGPFCPCVNKPHQEQWPVTEWDCPCVWTJVO
1ECORQ,QU¾#PVQPKQ
2QNÃVKECUGKPUVKVWEKQPGURCTCGNFGUCTTQNNQUQUVGPKDNG
GP#O¾TKEC.CVKPC[GN%CTKDG%'2#..%.25GTKG/GFKQ#ODKGPVG[
&GUCTTQNNQ 0Q 5CPVKCIQ FG %JKNG UG GPEWGPVTC FKURQPKDNG GP
JVVRYYYGENCEENGURCPQNKPXGUVKICEKQPUGTKGUOGFKQCODNENRFH
125
1TICPK\CEKÉP2CPCOGTKECPCFGNC5CNWF
5KVWCEKÉPFGNCDCUVGEKOKGPVQ
FGCIWCRQVCDNG[FGNUCPGCOKGPVQGPNCTGIKÉPFGNCU#O¾TKECUCNHKPCNK\CTUG
GN FGEGPKQ G [ RGTURGEVKXCU RCTC GN HWVWTQ 8QNWOGP
9CUJKPIVQP&%
AAAAAAAA
C.CUCNWFCODKGPVCN[NCIGUVKÉPFGNQUTGEWTUQUFGCIWCFWNEGGP
NCU #O¾TKECU 5GTKG #ODKGPVCN 0Q *GPM 9 FG -QPKPI 'FKVQT
9CUJKPIVQP&%
AAAAAAAA
D 4GWPKÉP EQPUWNVKXC UQDTG FKURQUKEKÉP FG GZETGVCU [ CIWCU
TGUKFWCNGU GP #O¾TKEC .CVKPC [ GN %CTKDG 5GTKG #ODKGPVCN 0Q 9CUJKPIVQP&%
AAAAAAAA
'XCNWCEKÉPCOKVCFFGF¾ECFCFGNCIWCRQVCDNG[GNUCPGCOKGPVQ
GP .CVKPQ #O¾TKEC [ GN %CTKDG &KXKUKÉP FG 5CNWF #ODKGPVCN UG GPEWGPVTC
FKURQPKDNGGPJVVRYYYEGRKUQTIRGGUYYYECNKCIWCGXCNFGECJVON
AAAAAAAA
.C UCNWF GP NCU #O¾TKECU 'FKEKÉP FG 8QNWOGP+
2WDNKECEKÉPEKGPVÃHKEC0Q9CUJKPIVQP&%
1UQTKQ #NXCTQ K6CUCU TGVTKDWVKXCU RQT XGTVKOKGPVQU RWPVWCNGUL .GVTCU
,WTÃFKECUXQNWOGP0QOCT\QFG'ORTGUCU2ÐDNKECUFG/GFGNNÃP
/GFGNNÃP %QNQODKC +550F UG GPEWGPVTC FKURQPKDNG GP
JVVRYYYGGRROEQO$KDNKQ+PVGTPGV2WDNKECEKQPGUTGXGGRRRFH
3WCFTK FG NC 6QTTG )CDTKGN K'HKEKGPEKC [ WUQ UWUVGPVCDNG FGN CIWC GP
/¾ZKEQL %QOGTEKQ 'ZVGTKQT XQNWOGP 0Q CDTKN FG $CPEQ
0CEKQPCNFG%QOGTEKQ'ZVGTKQT/¾ZKEQ
4CPFCNN #NCP K2TQRGTV[ GPVKVNGOGPVU CPF RTKEKPI RQNKEKGU HQT C OCVWTKPI
YCVGT GEQPQO[L 6JG #WUVTCNKCP ,QWTPCN QH #ITKEWNVWTCN 'EQPQOKEU 0Q
FKEKGODTG
4GKF4C[OQPF
#DCUVGEKOKGPVQFGCIWCGP#O¾TKEC.CVKPC[GN%CTKDG'P
DWUEC FG WPC OGLQT QTFGPCEKÉP FG TGEWTUQU 1TICPK\CEKÉP 2CPCOGTKECPC FG
NC5CNWF
1259CUJKPIVQP&%
4GPFÉP )WUVCXQ 1TVK\ EQP NC EQNCDQTCEKÉP FG (NQT %TW\ [ ,WCP %CTNQU 8CNGPEKC
#URGEVQUTGNGXCPVGUFGNCRQNÃVKECFGN CIWCGP/¾ZKEQGP GN OCTEQ
FG FGUCTTQNNQ UWUVGPVCDNG FQEWOGPVQ RTGUGPVCFQ GP NC %QPHGTGPEKC
+PVGTPCEKQPCNK#IWC[&GUCTTQNNQ5QUVGPKDNGL2CTÃUFGNCNFGOCT\QFG
UG GPEWGPVTC FKURQPKDNG GP JVVRYYYQKGCWHTEKGFFEQPVTKDWVKQPU
CVEQPVTKDWVKQPTGPFQPJVO
4GRÐDNKECFG%QNQODKC%140#4'
%QTRQTCEKÉP#WVÉPQOC4GIKQPCNFGNCU%WGPECU
FG NQU 4ÃQU 4KQPGITQ [ 0CTG C .CU VCUCU TGVTKDWVKXCU KPUVTWOGPVQ
GEQPÉOKEQGHKEC\RCTCNCFGUEQPVCOKPCEKÉPJÃFTKECGPGNQTKGPVG#PVKQSWGÇQ
%140#4' C NC XCPIWCTFKC GP UW KORNGOGPVCEKÉP FG FKEKGODTG FG UGGPEWGPVTCFKURQPKDNGGPJVVRYYYEQTPCTGIQXEQVCUCUJVO
AAAAAAAA
D2TQFWEEKÉPOCUNKORKCGPGNQTKGPVG#PVKQSWGÇQFGFKEKGODTG
FG UG GPEWGPVTC FKURQPKDNG GP JVVRYYYEQTPCTGIQXEQ
RTQFWEEKJVO
4GRÐDNKECFG%QNQODKC/KPKUVGTKQFGN/GFKQ#ODKGPVG
C#IWCUNKORKCURCTC
%QNQODKC GN OGPQU EQUVQ +ORNGOGPVCEKÉP FG NCU VCUCU TGVTKDWVKXCU RQT
EQPVCOKPCEKÉP JÃFTKEC 1HKEKPC FG #P±NKUKU 'EQPÉOKEQ 5CPVCH¾ FG $QIQV±
%QNQODKC UG GPEWGPVTC FKURQPKDNG GP JVVRYYYOKPCODKGPVGIQXEQQCG
FQEWOGPVQUCIWCUFQE
AAAAAAAA
D /CPWCN FG HQPFQU TGIKQPCNGU FG KPXGTUKÉP 1HKEKPC FG #P±NKUKU
'EQPÉOKEQ 5CPVCH¾ FG $QIQV± %QNQODKC UG GPEWGPVTC FKURQPKDNG GP
JVVRYYYOKPCODKGPVGIQXEQQCGFQEWOGPVQU(QPFQUGZG
AAAAAAAA
(QNNGVQ FG HQPFQU TGIKQPCNGU FG KPXGTUKÉP 1HKEKPC FG #P±NKUKU
'EQPÉOKEQ 5CPVCH¾ FG $QIQV± %QNQODKC UG GPEWGPVTC FKURQPKDNG GP
JVVRYYYOKPCODKGPVGIQXEQQCGFQEWOGPVQUHQNNGVQFQE
4KPIUMQI-NCU
K4GEQNGEEKÉP[VTCVCOKGPVQFGCIWCUTGUKFWCNGUGP#O¾TKEC
.CVKPCL .GVTCU ,WTÃFKECU UGRVKGODTG FG UG GPEWGPVTC FKURQPKDNG GP
JVVRYYYGGRROEQO$KDNKQ+PVGTPGV2WDNKECEKQPGUTGXKUVCRFH
4WFCU )WKNNGTOQ K6CUCU TGVTKDWVKXCU RQT XGTVKOKGPVQU EQPVCOKPCPVGU
†'UVTCVGIKC HKPCPEKGTC Q KPUVTWOGPVQ GEQPÉOKEQ!L 2NCPGCEKÉP &GUCTTQNNQ
XQNWOGP::8++0QCDTKNFLWPKQFG+550F&GRCTVCOGPVQ
0CEKQPCNFG2NCPGCEKÉP5CPVCH¾FG$QIQV±%QNQODKC
5±PEJG\,QU¾/KIWGN
K+PUVTWOGPVQUGEQPÉOKEQUFGRTQVGEEKÉPCODKGPVCNL
2NCPGCEKÉP &GUCTTQNNQ XQNWOGP::8++ 0Q CDTKNFLWPKQ FG +550F&GRCTVCOGPVQ0CEKQPCNFG2NCPGCEKÉP5CPVCH¾FG$QIQV±
%QNQODKC
5EJCVCP %NCWFKC %QPVCOKPCEKÉP KPFWUVTKCN GP NQU RCÃUGU NCVKPQCOGTKECPQU
RTG[RQUVTGHQTOCUGEQPÉOKECU%QOKUKÉP'EQPÉOKECRCTC#O¾TKEC.CVKPC[
GN%CTKDG
%'2#.5GTKG/GFKQ#ODKGPVG[&GUCTTQNNQ0Q.%.G2
5CPVKCIQ FG %JKNG UG GPEWGPVTC FKURQPKDNG GP JVVRYYYGENCEENGURCPQN
KPXGUVKICEKQPUGTKGUOGFKQCODNENGRFH
6JKGTU 4CÐN 'PVTGXKUVC FG QEVWDTG FG .CDQTCVQTKQ #SWC
5CPVKCIQFG%JKNG
XQP #OUDGTI ,QCEJKO K7UQ FG KPUVTWOGPVQU GEQPÉOKEQU RCTC GN EQPVTQN
FG NC EQPVCOKPCEKÉP GP RCÃUGU PQ RGTVGPGEKGPVGU C NC 1%&' GZRGTKGPEKCU
UGNGEEKQPCFCUL 7UQ FG KPUVTWOGPVQU GEQPÉOKEQU GP NC RQNÃVKEC CODKGPVCN
CP±NKUKU FG ECUQU RCTC WPC IGUVKÉP GHKEKGPVG FG NC EQPVCOKPCEKÉP GP %JKNG
0KEQNC $QTTGICCTF 'FOWPFQ %NCTQ [ 5QNGFCF .CTGPCU 'FKVQTGU %QOKUKÉP
0CEKQPCNFGN/GFKQ#ODKGPVG
%10#/#5CPVKCIQFG%JKNG
#PGZQ
2GTOKUQUFGGOKUKÉPVTCPUCDNGU
'N HWPEKQPCOKGPVQ VGÉTKEQ FG WP UKUVGOC FG RGTOKUQU FG GOKUKÉP VTCPUCDNGU GU
DCUVCPVG UGPEKNNQ .C CWVQTKFCF HKLC WP PKXGN FG EQPVCOKPCEKÉP VQNGTCDNG Q WP
GUV±PFCTFGECNKFCFFGNCIWCCODKGPVCN'PDCUGCGUVCKPHQTOCEKÉPUGFGVGTOKPCNC
ECPVKFCFFGGOKUKQPGUEQORCVKDNGEQPGNPKXGNFGUGCFQFGEQPVCOKPCEKÉPGUFGEKT
GNPKXGNCITGICFQFGGOKUKQPGURGTOKUKDNGRCTCECFCEWGPECQ\QPCFQPFGUGDWUEC
EQPVTQNCT NC EQPVCOKPCEKÉP FGN CIWC 'UVC EWQVC VQVCN FG GOKUKQPGU RGTOKVKFCU UG
FKUVTKDW[GGGPHQTOCFGRGTOKUQUVTCPUCDNGUSWGRWGFGPUGTEQORTCFQUXGPFKFQU
QCTTGPFCFQUGGPVTGNCUFKUVKPVCUHWGPVGUEQPVCOKPCPVGUCNCUEWCNGUUGNGUHCEWNVC
CGHGEVWCTWPEQOGTEKQFGUWURGTOKUQU
&GURW¾UFGNCCUKIPCEKÉPKPKEKCNFGRGTOKUQUNCCWVQTKFCFFGLCCNOGTECFQNC
FKUVTKDWEKÉPHWVWTCFGGUVQURGTOKUQUGPVTGNCUFKUVKPVCUHWGPVGUEQPVCOKPCPVGU&G
GUVGOQFQWPUKUVGOCFGRGTOKUQUFGGOKUKÉPVTCPUCDNGUETGCWPOGTECFQCTVKHKEKCN
FQPFG UG VTCPUCP GCN KPVGTKQT FG WPC RNCPVC FGPVTQ FG WPC GORTGUC Q GPVTG
FKHGTGPVGU GORTGUCUG C VTCX¾U FG PGIQEKCEKQPGU VÃRKECU FG OGTECFQ EQORTCT
XGPFGTCTTGPFCTGVE EKGTVQUFQEWOGPVQUFG CWVQTK\CEKÉPCNCUHWGPVGUKPENWKFCU
GP GN UKUVGOC RCTC FGUECTICT ECPVKFCFGU GURGEÃHKECU FG UWUVCPEKCU EQPVCOKPCPVGU
1DXKCOGPVGPQUGVTCVCFGWPOGTECFQKNKDTGLUKPQFGWPOGTECFQTGIWNCFQGPSWG
RQT TC\QPGU SWG GZRNKECOQU O±U CFGNCPVG NC CWVQTKFCF TGXKUC Q TGIWNC VQFCU NCU
VTCPUHGTGPEKCUFGRGTOKUQU[NCURWGFGCWVQTK\CTFGPGICTOQFKHKECTQEQPFKEKQPCT
.C CWVQTKFCF OGFKCPVG NC GOKUKÉP FG PWGXQU RGTOKUQU Q NC EQORTC [ XGPVC
FG NQU GZKUVGPVGU RWGFG TGIWNCT NQU PKXGNGU INQDCNGU [ NQECNGU FG EQPVCOKPCEKÉP
'UVC GU WPC FG NCU XGPVCLCU FGN UKUVGOC RWGU GP VGQTÃC RGTOKVG WP CNVQ ITCFQ FG
HNGZKDKNKFCF VCPVQ VGORQTCN EQOQ GURCEKCN RCTC CNVGTCT NQU QDLGVKXQU CODKGPVCNGU
'UVCECTCEVGTÃUVKECFGNUKUVGOCNCJCEGRQVGPEKCNOGPVGCVTCEVKXQRCTCRCÃUGUGPXÃCU
FG FGUCTTQNNQ FQPFG NCU PQTOCU KPKEKCNGU FG ECNKFCF CODKGPVCN UWGNGP UGT DCUVCPVG
OQFGUVCUQOQFKHKECTUGRGTKÉFKECOGPVG
.CCUKIPCEKÉPKPKEKCNFGRGTOKUQUFGGOKUKÉP
'P IGPGTCN GN O¾VQFQ FG CUKIPCEKÉP KPKEKCN FG RGTOKUQU FG GOKUKÉP GU WP VGOC
UWOCOGPVG EQORNGLQ [ EQPHNKEVKXQ .CU CNVGTPCVKXCU RQT OGFKQ FG NCU EWCNGU UG
RWGFG FKUVTKDWKT GUVQU RGTOKUQU GPVTG NCU HWGPVGU EQPVCOKPCPVGU UQP KQVQTICT
RGTOKUQUITCVWKVQUGPDCUGCNCUGOKUKQPGUJKUVÉTKECUQUKGUVCKPHQTOCEKÉPPQGUV±
FKURQPKDNGGPDCUGCCNIÐPQVTQETKVGTKQFGCUKIPCEKÉPEQOQXQNWOGPFGRTQFWEEKÉP
QXCNQTCITGICFQ[
KKXGPFGTQUWDCUVCTRGTOKUQUCNQUOGLQTGURQUVQTGU6CODK¾P
RWGFGP EQODKPCTUG GUVQU GPHQSWGU EQOQ CUKIPCT WPC RCTVG FG RGTOKUQU UQDTG NC
DCUGFGNCUGOKUKQPGUJKUVÉTKECU[GNTGUVQOGFKCPVGUWDCUVC
# XGEGU UG FKEG SWG NC CUKIPCEKÉP KPKEKCN FG RGTOKUQU PQ KPHNW[G UCNXQ RQT
EQPUKFGTCEKQPGU FG GSWKFCF GP NC GHKEKGPEKCU FGN UKUVGOC #WPSWG GUVQ RWGFG UGT
EKGTVQDCLQUWRWGUVQUVGÉTKEQUOW[TGUVTKEVKXQUNCUKVWCEKÉPGUOW[FKHGTGPVGGPGN
OWPFQ TGCN [ GN O¾VQFQ SWG UG CFQRVG GP NC CUKIPCEKÉP KPKEKCN VKGPG WP KORCEVQ
EQPUKFGTCDNGUQDTGNCKORNGOGPVCEKÉP[GHKEKGPEKCFGNUKUVGOC
.CXGPVCLCRTKPEKRCNFGCUKIPCEKÉPITCVWKVCDCUCFCGPGOKUKQPGUJKUVÉTKECUGU
SWG GXKVC EQPHNKEVQU [ TGFWEG NC QRQUKEKÉP FG NQU EQPVCOKPCFQTGU GZKUVGPVGU 'UVC
CNVGTPCVKXCVKGPGUKPGODCTIQKORQTVCPVGUKPEQPXGPKGPVGUVCPVQFGUFGGNRWPVQFG
XKUVC FG NC GHKEKGPEKC GEQPÉOKEC EQOQ FG NC GSWKFCF 'P RTKOGT NWICT TGRTGUGPVC
GHGEVKXCOGPVGNCVTCPUHGTGPEKCFGTKSWG\CUCNQUEQPVCOKPCFQTGU GZKUVGPVGURWGFG
WVKNK\CTUG RQT ¾UVQU EQOQ DCTTGTC CN KPITGUQ FG PWGXQU EQORGVKFQTGU [ RQT GPFG
FKUOKPW[GNCEQORGVGPEKC[TGVCTFCGPXG\FGRTQOQXGTGNECODKQVGEPQNÉIKEQ.CU
UWDCUVCU CUGIWTCP SWG NC TKSWG\C TGRTGUGPVCFC RQT RGTOKUQU FG GOKUKÉP UG
VTCPUHKGTC C NC UQEKGFCF GP UW EQPLWPVQ [ GEQOQ EQP GUVG UKUVGOC NQU RGTOKUQU
VGPFGT±P C SWGFCT GP NCU OCPQU FG CSWGNNQU SWG NQU EQPUKFGTCP O±U XCNKQUQUG
RTQOWGXGPNCGHKEKGPEKCGEQPÉOKEC
'PUGIWPFQNWICTCUKIPCEKÉPITCVWKVCDCUCFCGPGOKUKQPGUJKUVÉTKECUDTKPFC
CORNKCQRQTVWPKFCFRCTCNCFKUETGEKÉPCFOKPKUVTCVKXC [NCOCPKRWNCEKÉPGUVTCV¾IKEC
RQTNQSWGFGDGDCUCTUGGPKPHQTOCEKÉPSWGUGCFKHÃEKNFGOCPKRWNCTRQTRCTVGFGNCU
HWGPVGU FG GOKUKÉP 1HTGEG CFGO±U KPEGPVKXQU RGTXGTUQU C NQU EQPVCOKPCFQTGU
GZKUVGPVGU 2QT GLGORNQ RWGFG RGPCNK\CT C NQU CIGPVGU GEQPÉOKEQU SWG GP GN
RCUCFQKPOGFKCVQTGCNK\CTQPKPXGTUKQPGUEQPNCHKPCNKFCFFGEQPUGIWKTWPCTGFWEEKÉP
FGGOKUKQPGU#FGO±UGPGNRGTÃQFQKPOGFKCVCOGPVGCPVGTKQTCNCHGEJCCPWPEKCFC
RCTC NC CUKIPCEKÉP KPKEKCN FG RGTOKUQU NCU HWGPVGU EQPVCOKPCPVGU RQFTÃCP UGPVKTUG
CNGPVCFQU C GZRCPFKT UWU GOKUKQPGU C HKP FG TGEKDKT WPC OC[QT ECPVKFCF FG
RGTOKUQU 5K NCU CWVQTKFCFGU PQ CEVÐCP RCTC KORGFKT GUG EQORQTVCOKGPVQ
GUVTCV¾IKEQ GN UKUVGOC RWGFG TGEQORGPUCT C NQU CIGPVGU GEQPÉOKEQU O±U
EQPVCOKPCPVGU[OGPQUGHKEKGPVGU
#WPSWG NCU UWDCUVCU KORKFGP OWEJCU FG NCU EQPUGEWGPEKCU PGICVKXCU FG
CUKIPCEKÉP ITCVWKVC DCUCFC GP GOKUKQPGU JKUVÉTKECU RQUGGP VCODK¾P UWU RTQRKCU
FKHKEWNVCFGUEQOQGNRGNKITQFGSWGNCNKEKVCEKÉPFGRGTOKUQUPQUGCEQORGVKVKXCNCU
FKHKEWNVCFGU HKPCPEKGTCU SWG IGPGTCTÃCP GP NCU HWGPVGU EQPVCOKPCPVGU GZKUVGPVGU
KPENWUQRQFTÃCPRTQXQECTGNEGUGFGNCCEVKXKFCFFGCNIWPCUFGGNNCU[GNJGEJQFG
SWGNCPGEGUKFCFFGIGPGTCTKPITGUQUCFKEKQPCNGURWGFGEQPFWEKTCNCUCWVQTKFCFGUC
CUKIPCT RGTOKUQU GP GZEGUQ Q C RGTOKVKT UW EQPEGPVTCEKÉP GP NCU OCPQU FG RQEQU
WUWCTKQU 'U OW[ RTQDCDNG CFGO±U SWG NCU UWDCUVCU EQPEGPVTGP RGTOKUQU GP
OCPQUFGNCUHWGPVGUEQPVCOKPCPVGUEQPO±UTGEWTUQUGEQPÉOKEQU[OGLQTCEEGUQ
CNHKPCPEKCOKGPVQNCUSWGPQPGEGUCTKCOGPVGUQPNCUSWGVKGPGPOGLQTECRCEKFCFFG
FGUVKPCTNQURGTOKUQUCNWUQFGOC[QTXCNQT1VTQKPEQPXGPKGPVGKORQTVCPVGFGNCU
UWDCUVCUGUSWGNCCUKIPCEKÉPFGRGTOKUQUCVTCX¾UFGGUVGO¾VQFQRWGFGECODKCT
NC PCVWTCNG\C LWTÃFKEC FG RGTOKUQU EQPXKTVK¾PFQNQU GP FGTGEJQU TGCNGU [ TGUVTKPIKT
EQPUKFGTCDNGOGPVGHCEWNVCFGUCFOKPKUVTCVKXCUFGNCUCWVQTKFCFGU
.CUGNGEEKÉPFGNO¾VQFQFGCUKIPCEKÉPKPKEKCNFGRGTOKUQUFGGOKUKÉPRNCPVGC
WPCUGTKGFGKPVGTTQICPVGUGPOCVGTKCFGGSWKFCF7PQFGGUVQUKPVGTTQICPVGUGUUK
NC GSWKFCF FGDG CRNKECTUG UQNCOGPVG C NCU HWGPVGU EQPVCOKPCPVGU GZKUVGPVGU GP
EW[Q ECUQ GN GPHQSWG FG NC FKUVTKDWEKÉP KPKEKCN ITCVWKVC GP DCUG C GOKUKQPGU
JKUVÉTKECUUG XWGNXGO±UCVTCEVKXQGVCODK¾P GZKUVGWPRTQDNGOCFG GSWKFCF GPVTG
NCU HWGPVGU EQPVCOKPCPVGU GZKUVGPVGU [ HWVWTQU SWG RWGFG TGUQNXGTUG GP RCTVG
TGUGTXCPFQ CNIWPQU RGTOKUQU RCTC NQU PWGXQU EQPVCOKPCFQTGUG Q C VQFQU NQU
EKWFCFCPQU GP EW[Q ECUQ NC XGPVC Q UWDCUVC FG RGTOKUQU C NQU EQPVCOKPCFQTGU
UGTÃCO±UCEGRVCDNGGURGEKCNOGPVGUKNQTGECWFCFQHWGTCCNRTGUWRWGUVQIGPGTCN
.CPCVWTCNG\CLWTÃFKECFGRGTOKUQUFGGOKUKÉP
1VTQ VGOC KORQTVCPVG GU NC PCVWTCNG\C LWTÃFKEC FG RGTOKUQU FG GOKUKÉP UK UQP
FGTGEJQU TGCNGU Q CWVQTK\CEKQPGUNKEGPEKCU CFOKPKUVTCVKXCU .CU HCEWNVCFGU FG NCU
CWVQTKFCFGU [ NQU FGTGEJQU FG NQU CFOKPKUVTCFQU UQP OW[ FKHGTGPVGU GP CODQU
ECUQU .C RTKOGTC CNVGTPCVKXC VKGPG NC XGPVCLC FG RTQXGGT WP CNVQ ITCFQ FG NC
UGIWTKFCF NQ SWG GU WP CURGEVQ GUGPEKCN VCPVQ RCTC RTQOQXGT NC KPXGTUKÉP [
RNCPKHKECEKÉPFGNCTIQRNC\QEQOQRCTCKPEGPVKXCTEQOGTEKCNK\CEKÉPFGRGTOKUQU5W
FGUXGPVCLCRTKPEKRCNGUSWGTGUVTKPIGEQPUKFGTCDNGOGPVGHCEWNVCFGUCFOKPKUVTCVKXCU
'PWPECUQGZVTGOQNCUCWVQTKFCFGURWGFGPXGTUGQDNKICFCUCKPFGOPK\CTGPECUQ
FG OQFKHKECT Q UWRTKOKT WP RGTOKUQ EQOQ EQPUGEWGPEKC RQT GLGORNQ FG
OQFKHKECEKÉP FG PQTOCU FG ECNKFCF CODKGPVCN Q WPC GOGTIGPEKC CODKGPVCN .C
UGIWPFCCNVGTPCVKXCVKGPGNCXGPVCLCFGQVQTICTWPCOC[QTCORNKVWFFGHCEWNVCFGUC
NCU CWVQTKFCFGU VCNGU EQOQ TGFWEKT Q OQFKHKECT NQU RGTOKUQU RGTQ C GZRGPUCU FG
CNIWPQU KPEGPVKXQU RCTC RTQOQXGT NC KPXGTUKÉP [ NC RNCPKHKECEKÉP FG NCTIQ RNC\Q
6CODK¾PFKUOKPW[GGNKPEGPVKXQRCTCSWGNQUCIGPVGUGEQPÉOKEQURCTVKEKRGPGPGUVG
RTQITCOC
2GTOKUQUFGGOKUKÉPRGTOCPGPVGUXGTUWUVGORQTCNGU
2GTOKUQUFGGOKUKÉPRWGFGPUGTRGTOCPGPVGUGOGLQTFKEJQFGFWTCEKÉPKPFGHKPKFC
RWGU FGDGTÃCP UGT UWUEGRVKDNGU FG ECFWECT RQT GLGORNQ EQOQ UCPEKÉP CN
KPEWORNKOKGPVQ ITCXG FG NCU EQPFKEKQPGU [ TGUVTKEEKQPGUG Q VGORQTCNGU 6CODK¾P
RWGFGPEQODKPCTUGCODQUGPHQSWGUEQOQGPVTGICPFQRGTOKUQURGTOCPGPVGURGTQ
KPEQTRQTCFQWPGUSWGOCFGTGFWEEKÉP
.QU RGTOKUQU RGTOCPGPVGU UKORNKHKECP NC ETGCEKÉP FGN OGTECFQ FG RGTOKUQU
FG GOKUKÉP VQFQU NQU RGTOKUQU UQP JQOQI¾PGQU [ RTQOWGXGP NC KPXGTUKÉP [ NC
RNCPKHKECEKÉP FG NCTIQ RNC\Q 'ORGTQ TGUWNVC QPGTQUQ Q KORQUKDNG RCTC NCU
CWVQTKFCFGU TGEWRGTCTNQU OKGPVTCU SWG NQU RGTOKUQU C EQTVQ RNC\Q RWGFGP
UGPEKNNCOGPVG PQ TGPQXCTUG EWCPFQ GZRKTCP 'UVQ UKIPKHKEC SWG NCU RQUKDNGU
XCTKCEKQPGUFGNCRQNÃVKECHWVWTCFGIGUVKÉPFGNCECNKFCFFGNCIWCRQFÃCPCDQTFCTUG
EQP OC[QT HCEKNKFCF EQP WP UKUVGOC FG RGTOKUQU VGORQTCNGU 1VTC EQPUKFGTCEKÉP
KORQTVCPVGGUSWGGPNCOGFKFCGPSWGNQURGTOKUQUFGGOKUKÉPRWGFGPQVQTICTUG
KPKEKCNOGPVG GP HWPEKÉP FG GOKUKQPGU JKUVÉTKECU NQU GHGEVQU PGICVKXQU XKPEWNCFQU
EQP GUVG O¾VQFQ FG CUKIPCEKÉP KPKEKCN UG RCNKCTÃCP GP WP UKUVGOC FG RGTOKUQU
VGORQTCNGU)TCPRCTVGFGNCHNGZKDKNKFCFRQVGPEKCNGOCPCFCFGRGTOKUQUVGORQTCNGU
UG JCEG UKP GODCTIQ C GZRGPUCU FG KPEGPVKXQU RCTC RTQOQXGT NC KPXGTUKÉP [ NC
RNCPKHKECEKÉPFGNCTIQRNC\Q[HCEKNKVCTEQOGTEKCNK\CEKÉPFGRGTOKUQU
1RGTCEKÉPFGNUKUVGOC
%QOQ FKHGTGPVGU CIGPVGU GEQPÉOKEQU VKGPGP FKUVKPVQU EQUVQU OCTIKPCNGU FG
TGFWEEKÉP FG NC EQPVCOKPCEKÉP [ GUVQU EQUVQU ECODKCP GP GN VKGORQ GZKUVKT± WPC
VGPFGPEKC CN UWTIKOKGPVQ FG WP OGTECFQ FG RGTOKUQU FG GOKUKÉP GP GN SWG NCU
FKUVKPVCU HWGPVGU VTCPUCT±P RGTOKUQU EQP QDLGVQ FG OKPKOK\CT UWU EQUVQU
KPFKXKFWCNGUFGTGFWEEKÉPFGGOKUKQPGU
.QU CIGPVGU GEQPÉOKEQU SWG VKGPGP WP EQUVQ OCTIKPCN FG TGFWEEKÉP FG NC
EQPVCOKPCEKÉP UWRGTKQT CN RTGEKQ FGN RGTOKUQ GP GN OGTECFQ UG XGT±P HQT\CFQU C
CFSWKTKT RGTOKUQU CFKEKQPCNGU 6CODK¾P NQ JCT±P NQU CIGPVGU GEQPÉOKEQU SWG
RTGVGPFGP KPETGOGPVCT UW PKXGN FG GOKUKQPGU Q FGUGCP KPEQTRQTCTUG C NC CEVKXKFCF
GEQPÉOKECEQPVCOKPCPVG&GKIWCNOQFQQRGTCT±PEQOQFGOCPFCPVGUFGRGTOKUQU
NQUCIGPVGUGEQPÉOKEQUSWGFGUGCPTGFWEKTGNPKXGNFGNC EQPVCOKPCEKÉPFGNCIWC
2QTGLGORNQNQUITWRQUGEQNQIKUVCUQGORTGUCUVWTÃUVKECURQFT±PCFSWKTKTRGTOKUQU
SWGFGURW¾UPQWVKNK\CT±PRCTCTGFWEKTFGGUVGOQFQGNPKXGNFGGOKUKQPGU
'P EWCPVQ C NQU QHGTGPVGU FG RGTOKUQU OKGPVTCU GN EQUVQ OCTIKPCN FG
TGFWEEKÉP FG NC EQPVCOKPCEKÉP UGC KPHGTKQT CN RTGEKQ FGN RGTOKUQ NQU CIGPVGU
GEQPÉOKEQURTGHGTKT±PKPXGTVKTGPTGFWEKTUWU GOKUKQPGU [XGPFGTNQURGTOKUQUSWG
NGU UQDTGP 6CODK¾P NQ JCT±P NQU CIGPVGU GEQPÉOKEQU SWG JCP CDCPFQPCFQ Q
TGFWEKFQNCCEVKXKFCFGEQPÉOKECEQPVCOKPCPVG'NTGUWNVCFQUGT±NCGZKUVGPEKCFGWP
OGTECFQGPGNSWGNQUCIGPVGUGEQPÉOKEQUFGCNVQEQUVQOCTIKPCNFGTGFWEEKÉPFG
NC EQPVCOKPCEKÉP EQORTCT±P RGTOKUQU FG NQU FG DCLQ EQUVQ OCTIKPCN FG TGFWEEKÉP
FGNCEQPVCOKPCEKÉP
2QVGPEKCNGUXGPVCLCU
'PVGQTÃCWPUKUVGOCFGRGTOKUQUFGGOKUKÉPVTCPUCDNGUCFGEWCFCOGPVGFKUGÇCFQ
QHTGEGRQVGPEKCNGUXGPVCLCUVCPVQTGURGEVQCNCTGIWNCEKÉPFKTGEVCEQOQGPTGNCEKÉP
EQP KPUVTWOGPVQU GEQPÉOKEQU O±U VTCFKEKQPCNGU .C XGPVCLC RTKPEKRCN GU SWG WP
UKUVGOC FG RGTOKUQU FG GOKUKÉP VTCPUCDNGU RGTOKVG RQT NQ OGPQU GP VGQTÃC
OKPKOK\CTNQUEQUVQUVQVCNGUFGEQPVTQNFGNCEQPVCOKPCEKÉPFGNCIWC'UVQUGFGDG
C SWG NQU CIGPVGU GEQPÉOKEQU FG DCLQ EQUVQ OCTIKPCN FG TGFWEEKÉP FG NC
EQPVCOKPCEKÉP XGPFGT±P UWU RGTOKUQU C NQU FG CNVQ EQUVQ FG TGFWEEKÉP
RTQFWEK¾PFQUGICPCPEKCUFGKPVGTECODKQVCPVQRCTCNQUEQORTCFQTGUEQOQRCTCNQU
XGPFGFQTGU 6GÉTKECOGPVG NCU VTCPUHGTGPEKCU RTQUGIWKT±P JCUVC SWG UG KIWCNGP NQU
EQUVQU OCTIKPCNGU FG TGFWEEKÉP FG NC EQPVCOKPCEKÉP GPVTG VQFQU NQU CIGPVGU
GEQPÉOKEQU[¾UVQUEQPGNRTGEKQFGNQURGTOKUQUGPGNOGTECFQ
5W UGIWPFC XGPVCLC RQVGPEKCN GU SWG WP UKUVGOC FG RGTOKUQU FG GOKUKÉP
VTCPUCDNGUQHTGEGWPKPEGPVKXQFKP±OKEQ[EQPVKPWQRCTCNCCFQREKÉPKPXGUVKICEKÉP
[ FGUCTTQNNQ FG VGEPQNQIÃCU O±U CXCP\CFCU RCTC NC TGFWEEKÉP FG NC EQPVCOKPCEKÉP
FGNCIWC'UVQUKPEGPVKXQUUGFGTKXCPFGNCGZKUVGPEKC FGWPOGTECFQFG RGTOKUQU
GPGNSWGGNEQOGTEKQEQPVKPWQIGPGTCRTGEKQUSWGEQQTFKPCPFQNCKPHQTOCEKÉP[NCU
RTGHGTGPEKCU FKURGTUCU KPFKECP GN EQUVQ FG NC EQPVCOKPCEKÉP [ OQVKXC PKXGNGU
CRTQRKCFQUFGCEEKÉPKPFKXKFWCNGPTGURWGUVCCNCUXCTKCEKQPGUFGNCUEQPFKEKQPGUFG
QHGTVC [ FGOCPFC 2QT GLGORNQ UK NC FGOCPFC RQT RGTOKUQU CWOGPVC EQP QHGTVC
HKLCUWDKT±UWRTGEKQNQSWGRTQXGGT±KPEGPVKXQURCTCTGFWEKTGNEQUVQOCTIKPCNFGNC
TGFWEEKÉPFGNCEQPVCOKPCEKÉPRQTGLGORNQOGFKCPVGNCKPPQXCEKÉPVGEPQNÉIKEC
5G FKEG CFGO±U SWG WP UKUVGOC FG RGTOKUQU FG GOKUKÉP VTCPUCDNGU VKGPG
EKGTVCU XGPVCLCU GP EQORCTCEKÉP EQP UKUVGOCU DCUCFQU GP EQDTQU Q ECTIQU RQT
GOKUKÉP%QDTQURQTGOKUKÉPHKLCPGNEQUVQSWGWPCIGPVGGEQPÉOKEQFGDGRCICTRQT
ECFCWPKFCFFGEQPVCOKPCEKÉPFGUECTICFCGPWPEWGTRQFGCIWCRGTQFGLCPSWGGN
PKXGNVQVCNFGGOKUKQPGUUGCFGVGTOKPCFQRQTGNOGTECFQ'URQTGUVCTC\ÉPSWGNQU
TGUWNVCFQU FG UW CRNKECEKÉP UQP FKHÃEKNGU FG RTGFGEKT RQT NQ SWG GUVG GPHQSWG
IGPGTCNOGPVG FGDG UGT WVKNK\CFQ EQPLWPVCOGPVG EQP GUV±PFCTGU [ RGTOKUQU FG
GOKUKÉP'PECODKQWPUKUVGOCFGRGTOKUQUFGGOKUKÉPVTCPUCDNGUHKLCNCECPVKFCF
VQVCN FG GOKUKQPGU RQT NQ SWG CUGIWTC WP PKXGN RTGFGVGTOKPCFQ FG ECNKFCF
CODKGPVCN RGTQ FGLC GP OCPQU FGN OGTECFQ VCPVQ GN RTGEKQ FG NC EQPVCOKPCEKÉP
EQOQNCCUKIPCEKÉPFGPKXGNGUO±ZKOQUFGGOKUKÉPCNCUHWGPVGUKPFKXKFWCNGU
&KHKEWNVCFGU[NKOKVCEKQPGU
6CPVQKPXGUVKICEKQPGUVGÉTKECUFGUKUVGOCUFGRGTOKUQUFGGOKUKÉPVTCPUCDNGUEQOQ
GUVWFKQU GORÃTKEQU FG KPVGPVQU FG UW CRNKECEKÉP [ QRGTCEKÉP OWGUVTCP SWG NCU
XGPVCLCU VGÉTKECU SWG GUVG GPHQSWG RTQOGVG UQP UWOCOGPVG FKHÃEKNGU FG
OCVGTKCNK\CT .COGPVCDNGOGPVG GUVCU NKOKVCEKQPGU [ FKHKEWNVCFGU RCTGEGP UGT
GURGEKCNOGPVGUKIPKHKECVKXCUGPGNECUQFGEQPVTQNFGNCEQPVCOKPCEKÉPFGNCIWC'U
RQTGUVCTC\ÉPSWGNCUÐPKECUGZRGTKGPEKCURQUKVKXCUFGUWCRNKECEKÉPUGTGNCEKQPCP
EQPGNEQPVTQNFGNCEQPVCOKPCEKÉPFGNCKTG
'P NQU 'UVCFQU 7PKFQU FG 0QTVGCO¾TKEC GN RCÃU SWG JC CRNKECFQ O±U
GZVGPUCOGPVG GUVG GPHQSWG GN WUQ FG RGTOKUQU FG GOKUKÉP VTCPUCDNGU GP
RTQITCOCU FG EQPVTQN FG NC ECNKFCF FGN CKTG JC TGUWNVCFQ GP CJQTTQU FG EQUVQU FGN
QTFGPFGOWEJQUOKNGUFGOKNNQPGUFGFÉNCTGU'PECODKQGPGNECUQFGEQPVTQNFG
NCEQPVCOKPCEKÉPFGNCIWCNQUUKUVGOCUFGRGTOKUQUFGGOKUKÉPVTCPUCDNGUJCPUKFQ
CRNKECFQU OW[ RQECU XGEGU [ GP IGPGTCN PQ JCP VGPKFQ ¾ZKVQ GURGTCFQ 2QT
GLGORNQCRTKPEKRKQUFGNQUCÇQUQEJGPVCGPNQU'UVCFQU7PKFQUFG0QTVGCO¾TKECGN
GUVCFQFG9KUEQPUKPCRNKEÉWPRTQITCOCFGRGTOKUQUFGGOKUKÉPVTCPUCDNGURCTCGN
EQPVTQN FG NC EQPVCOKPCEKÉP FGN CIWC GP GN 4ÃQ (QZ #WPSWG NQU GUVWFKQU KPKEKCNGU
UWIGTÃCP NC RQUKDKNKFCF FG XCTKCU VTCPUCEEKQPGU EQP KORQTVCPVGU ICPCPEKCU FG
KPVGTECODKQ NC ECPVKFCF TGCN FG VTCPUCEEKQPGU [ GN CJQTTQ FG NQU EQUVQU JCP UKFQ
OÃPKOQU .CU CRNKECEKQPGU FGN UKUVGOC RCTC GN EQPVTQN FG NC EQPVCOKPCEKÉP RQT
PWVTKGPVGU OGFKCPVG VTCPUCEEKQPGU GPVTG HWGPVGU RWPVWCNGU [ PQ RWPVWCNGU GP NQU
GODCNUGUFG&KNNQP[FG%JGTT[%TGGMGPGNGUVCFQFG%QNQTCFQ[GPNCEWGPEC6CT
2CONKEQGPGNGUVCFQFG%CTQNKPCFGN0QTVGJCPVGPKFQTGUWNVCFQUUKOKNCTGU
6TGU UQP NCU RTKPEKRCNGU FKHKEWNVCFGU SWG JCP HTWUVTCFQ JCUVC CJQTC NQU
KPVGPVQU FG WUCT UKUVGOCU FG RGTOKUQU FG GOKUKÉP VTCPUCDNGU RCTC GN EQPVTQN FG NC
EQPVCOKPCEKÉP FGN CIWC .C RTKOGTC FKHKEWNVCF UG TGNCEKQPC EQP NC XCTKGFCF FG NQU
VKRQU FG GOKUKQPGU 'P WPC EWGPEC PQTOCNOGPVG EQGZKUVGP HWGPVGU FG
EQPVCOKPCEKÉP FG FKHGTGPVG VKRQ [ CFGO±U GUVCU GOKUKQPGU VKGPGP FKHGTGPVGU
ECTCEVGTÃUVKECUHÃUKECU[SWÃOKECU[UWUKORCEVQUGPGNOGFKQCODKGPVGVCODK¾PUQP
FKHGTGPVGU 'UVQ UKIPKHKEC SWG NC CWVQTKFCF FGDGT± KGOKVKT RGTOKUQU RCTC ECFC
UWUVCPEKC EQPVCOKPCPVG PQ RWFKGPFQ VTCPUCTUG RGTOKUQU GPVTG GORTGUCU EQP
FKUVKPVCU UWUVCPEKCU EQPVCOKPCPVGU Q KKWVKNK\CT CNIÐP KPFKECFQT EQORWGUVQ RCTC
ECTCEVGTK\CTGNKORCEVQSWGWPCGOKUKÉPVKGPGGPGNOGFKQCODKGPVG
'N RTKOGT ECOKPQ VKGPG WP ITCP KPEQPXGPKGPVG FGTKXCFQ FGN ECT±EVGT
JGVGTQI¾PGQ FG NQU RGTOKUQU RCTC FKHGTGPVGU UWUVCPEKCU EQPVCOKPCPVGU NQ SWG
FKHKEWNVCNCQTICPK\CEKÉP FGNOGTECFQ CWOGPVCNQUEQUVQU FGVTCPUCEEKÉP[TGFWEG
GNPÐOGTQFGRCTVKEKRCPVGURQVGPEKCNGUGPGNOGTECFQCNQURQEQUEQPEQORQUKEKÉP
KF¾PVKEC FG UWU GOKUKQPGU [ RQT GPFG GN PÐOGTQ FG VTCPUCEEKQPGU [ NC
EQORGVGPEKC GP GN OGTECFQ 'N UGIWPFQ ECOKPQ SWG TGSWKGTG GUVCDNGEGT WPC
GSWKXCNGPEKCGPVTCNCUFKUVKPVCUUWUVCPEKCUEQPVCOKPCPVGUVCODK¾PGUV±GTK\CFQFG
EQPUKFGTCDNGU FKHKEWNVCFGU TGNCEKQPCFCU VCPVQ EQP GN FKUGÇQ FG WP KPFKECFQT
EQORWGUVQFGEQPVCOKPCEKÉPEQOQEQPNCPGEGUKFCFFGWVKNK\CTOGFKFCUFGEQPVTQN
CFKEKQPCNGU RCTCGXKVCTSWG UGCP TGDCUCFCU PQTOCU FG ECNKFCF FGN CIWC CODKGPVCN
'P GN ECUQ FGN 4ÃQ (QZ GN UKUVGOC HWG CRNKECFQ RCTC GN EQPVTQN FG NC FGOCPFC
DKQSWÃOKECFGQZÃIGPQ'PQVTQUECUQUHWGCRNKECFQQUWCRNKECEKÉPHWGRTQRWGUVC
RCTCGNEQPVTQNFGPWVTKGPVGU[FGUÉNKFQUUWURGPFKFQU1DXKCOGPVGGUOWEJQO±U
FKHÃEKN CRNKECTNQ RCTC GN EQPVTQN FG SWÃOKEQU QTI±PKEQU VÉZKEQU OGVCNGU RGUCFQU [
QVTCUUWUVCPEKCUUKOKNCTGU
.CUGIWPFC[VCNXG\RTKPEKRCNFKHKEWNVCFUGTGNCEKQPCEQPGNJGEJQFGSWGCÐP
NC OKUOC ECTIC EQPVCOKPCPVG RWGFG VGPGT KORCEVQU OW[ FKUVKPVQU GP GN OGFKQ
CODKGPVG [ NQU WUQU FGN CIWC FGRGPFKGPFQ FG OWEJQU [ XCTKCFQU HCEVQTGU VCNGU
EQOQ KGN NWICT FQPFG UG GHGEVÐC NC FGUECTIC VCPVQ GP IGPGTCN GP GN UKUVGOC
JÃFTKEQ EQOQGPTGNCEKÉPEQPQVTQUWUQU FGN CIWC
KKNCUEQPFKEKQPGU FG FGUECTIC
VKGORQFWTCEKÉPECWFCNVGORGTCVWTC EQORQUKEKÉP EQPEGPVTCEKÉPECRCEKFCFFG
FKURGTUKÉPGVE[
KKKGNGUVCFQFGNEWGTRQFGCIWCTGEGRVQT
ECWFCNVGORGTCVWTC
FKTGEEKÉPFGEQTTKGPVGURTGUGPEKCFGQVTCUUWUVCPEKCUEQPVCOKPCPVGUECRCEKFCFFG
CWVQRWTKHKECEKÉP Q CUKOKNCEKÉP WUQU CIWCU CDCLQ GVE 'UVQ UKIPKHKEC SWG
VTCPUHGTGPEKCU FG RGTOKUQU FG GOKUKÉP RWGFGP CWOGPVCT NC EQPVCOKPCEKÉP RQT
CNIWPCU UWUVCPEKCU GP CNIWPQU UKVKQU [ FKUOKPWKT NC EQPVCOKPCEKÉP RQT QVTCU
UWUVCPEKCU [ GP QVTQU UKVKQU %QOQ TGUWNVCFQ FG GUVQU ECODKQU NQU FCÇQU
GEQPÉOKEQU UQEKCNGU [ CODKGPVCNGU ECWUCFQU RQT NC EQPVCOKPCEKÉP RWGFGP
CWOGPVCTGPCNIWPQUUKVKQUOCPVGPGTUGQFKUOKPWKTGPQVTQUUKVKQU
%QOQEQPUGEWGPEKCFGNQCPVGTKQTGUPGEGUCTKQTGIWNCTNCUVTCPUCEEKQPGUGP
GN OGTECFQ FG RGTOKUQU FG GOKUKÉP [ GP OWEJQU ECUQU NKOKVCT VTCPUHGTGPEKCU FG
RGTOKUQU C WPC \QPC IGQIT±HKEC TGNCVKXCOGPVG RGSWGÇC FQPFG GN KORCEVQ FG NCU
FKHGTGPVGU FGUECTICU GU GUGPEKCNOGPVG KPFGRGPFKGPVG FG UWU NQECNK\CEKQPGU [
FGRGPFGRTKPEKRCNOGPVGFGNCECPVKFCFGOKVKFC'UVCÐNVKOCOGFKFCRWGFGC[WFCTC
GXKVCT CNIWPQU FG NQU RTQDNGOCU FGUETKVQU [ FKUOKPWKT NC PGEGUKFCF FG TGIWNCT
VTCPUHGTGPEKCUFGRGTOKUQURGTQCNOKUOQVKGORQTGFWEGGNVCOCÇQFGNOGTECFQNC
QRQTVWPKFCF FG GHGEVWCT VTCPUCEEKQPGU [ NQU DGPGHKEKQU RQVGPEKCNGU FG ¾UVCU
4GFWEGCFGO±UGNPÐOGTQFGRCTVKEKRCPVGU[NCEQORGVGPEKCGPGNOGTECFQ
.C TGIWNCEKÉP FG VTCPUHGTGPEKCU GU OW[ FGOCPFCPVG GP V¾TOKPQU FG NC
ECRCEKFCFKPUVKVWEKQPCN[TGSWKGTGFGDWGPQU[UQHKUVKECFQUUKUVGOCUFGOQPKVQTGQ
UGIWKOKGPVQ HKUECNK\CEKÉP KPHQTOCEKÉP [ IGUVKÉP 2QT GLGORNQ UG TGSWKGTG WP
EQPQEKOKGPVQ CECDCFQ FGN EQORQTVCOKGPVQ HÃUKEQ SWÃOKEQ [ DKQNÉIKEQ FG NQU
EWGTRQUFGCIWC[FGNQURTQEGUQUSWGKPHNW[GPGPNCEQPEGPVTCEKÉP[FKURGTUKÉPFG
NQUEQPVCOKPCPVGUSWGUGFGUGCTGIWNCT6CODK¾PUG TGSWKGTG WP EQPVTQN EQORNGVQ
RQT RCTVG FG NCU CWVQTKFCFGU FG NCU HWGPVGU [ GOKUKQPGU RCTC CUGIWTCT SWG NCU
FGUECTICU FG CIWCU UGTXKFCU TGCNK\CFCU RQT ECFC HWGPVG UG EQTTGURQPFGP EQP NQU
RGTOKUQUSWGRQUGGPGPECFCOQOGPVQCUÃEQOQWPUKUVGOCGHKEKGPVGFGTGIKUVTQ[
UGIWKOKGPVQFGRGTOKUQUUWUVGPGFQTGU[VTCPUHGTGPEKCU6QFQGUVQJCEGFKHÃEKNFG
KORNGOGPVCTUKUVGOCUFGRGTOKUQUFG GOKUKÉPVTCPUCDNGUKPENWUKXCOGPVGGP RCÃUGU
FGUCTTQNNCFQU
.C TGIWNCEKÉP CWOGPVC KPGXKVCDNGOGPVG NQU EQUVQU FG VTCPUCEEKÉP [ RQT
GPFG KORKFG SWG NQU OGTECFQU QRGTGP EQP GHKEKGPEKC TGFWEG NQU DGPGHKEKQU
GEQPÉOKEQUINQDCNGUFGNCEQOGTEKCNK\CEKÉPFGRGTOKUQU[FGDKNKVCUWURTQRKGFCFGU
KPEGPVKXCFQTCU .CU GXKFGPEKCU GORÃTKECU FKURQPKDNGU KPFKECP SWG NQU EQUVQU FG
VTCPUCEEKÉPJCPUKFQVCPCNVQUSWGNQUOGTECFQUFGRGTOKUQUJCPRGTOCPGEKFQECUK
GUV±VKEQU.CGZRGTKGPEKCFGNRTQITCOCFGEQPVTQNFGNCEQPVCOKPCEKÉPFGNCIWCGP
GN 4ÃQ (QZ GU OW[ KNWUVTCVKXC GU GUVG CURGEVQ 5G EQPUKFGTC SWG NCU TGUVTKEEKQPGU
KORWGUVCU C NCU VTCPUCEEKQPGU UQP WPQ FG NQU HCEVQTGU SWG JCP KPJKDKFQ
UKIPKHKECVKXCOGPVGGNEQOGTEKQFGRGTOKUQUFGPVTQFGGUVGRTQITCOC
.QU EQUVQU FG VTCPUCEEKÉP RWGFGP TGFWEKTUG EQPUKFGTCDNGOGPVG GP CNIWPQU
ECUQU GUVCDNGEKGPFQ WPC VCUC FG KPVGTECODKQ DCUCFC GP NC NQECNK\CEKÉP 'U
KORQTVCPVG QDUGTXCT UKP GODCTIQ SWG NC TGIWNCEKÉP GHKEC\ FG VTCPUHGTGPEKCU FG
RGTOKUQUFGGOKUKÉPGUHQT\QUCOGPVGWPCUWPVQEQORNGLQ[RTGVGPFGTNQEQPVTCTKQ
RWGFGVGPGTEQPUGEWGPEKCURGTLWFKEKCNGUVCPVQRCTCNCEQPVCOKPCEKÉPFGNCIWCEQOQ
RCTCNQURCTVKEKRCPVGUGPGNUKUVGOC
.CVGTEGTCFKHKEWNVCFUGFGTKXCFGNJGEJQFGSWGNC GHKEKGPEKC FGN UKUVGOC FG
RGTOKUQUFGGOKUKÉPVTCPUCDNGUFGRGPFGFGNCOGFKFCGPSWGNCUECTCEVGTÃUVKECUFGN
OGTECFQ FG RGTOKUQU UG CRTQZKOGP C CSWGNNCU FGN RCTCFKIOC EQORGVKVKXQ .C
GHKEKGPEKCGEQPÉOKEC TGSWKGTG NC RTGUGPEKC GP GN OGTECFQ FG WP PÐOGTQ UWHKEKGPVG
FG EQORTCFQTGU [ XGPFGFQTGU C HKP FG SWG NC ECPVKFCF FG WP DKGP CFSWKTKFQ RQT
EWCNSWKGTQVTQEQORTCFQTQXGPFKFQRQTEWCNSWKGTQVTQXGPFGFQTGPTGNCEKÉPEQPNC
ECPVKFCFVQVCNVTCPUCFCPQKPHNW[CGPGNRTGEKQFGOGTECFQ
.COGPVCDNGOGPVG RQT TC\QPGU GZRNKECFCU CPVGTKQTOGPVG NQU EQORTCFQTGU [
XGPFGFQTGU FGDGP GUVCT NQECNK\CFQU GP WPC \QPC TGNCVKXCOGPVG RGSWGÇC UWU
GOKUKQPGU FGDGP RTGUGPVCT ECTCEVGTÃUVKECU UKOKNCTGU GVE GN PÐOGTQ FG
RCTVKEKRCPVGURQVGPEKCNGUGPWPOGTECFQFGRGTOKUQUFGGOKUKÉPVKGPFGCUGTOW[
NKOKVCFQ /W[ C OGPWFQ OWEJQU FG GNNQU UG FGFKECP C NC OKUOC CEVKXKFCF
GEQPÉOKEC NQ SWG UKIPKHKEC SWG VKGPFGP C UGT EQORGVKFQTGU %QOQ VCNGU GU OW[
EQOÐP SWG PQ VGPICP KPVGPUKQPGU TGCNGU FG EQNCDQTCT GPVTG UÃ UKPQ FG WVKNK\CT GN
OGTECFQFGRGTOKUQUFGGOKUKÉPEQOQWPKPUVTWOGPVQFGEQORGVGPEKCGEQPÉOKEC
FGUNGCN'UVGJGEJQPQUÉNQCHGEVCNCQRGTCEKÉPFGNOGTECFQFGRGTOKUQUFGGOKUKÉP
[ FKUVQTUKQPC NC EQORGVGPEKC GP GNNQU UKPQ SWG VCODK¾P RWGFG VGPGT GHGEVQU
PGICVKXQUUQDTGNCGSWKFCF
.QCPVGTKQTUGCITCXCFCFQSWGEQOQNQOWGUVTCPGXKFGPEKCUGORÃTKECUNQU
OGTECFQUFGRGTOKUQUFGGOKUKÉPVKGPFGPCUGTOW[RGSWGÇQU[GUVTGEJQU 'UVQU
OGTECFQUUGECTCEVGTK\CPRQTNQUGNGXCFQU EQUVQUFGVTCPUCEEKÉPUWGNGPUGT RQEQ
GHGEVKXQUGPGUVCDNGEGTWPRTGEKQWPKVCTKQEQOÐP[VTCPUOKVKTNQCUWURCTVKEKRCPVGU
HQOGPVCPCECRCTCOKGPVQ[HKPCNOGPVGUQPUWUEGRVKDNGUFGUGTOCPKRWNCFQU
%QPFKEKQPGUSWGFGVGTOKPCPNCGHKEKGPEKC
TGNCVKXCFGNUKUVGOC
.C EQPFKEKÉP GUGPEKCN RTGXKC [ PGEGUCTKC GU NC GZKUVGPEKC FG WP UKUVGOC
EQPUQNKFCFQ FG EQPVTQN FG NC EQPVCOKPCEKÉP FGN CIWC GP DCUG C OQFCNKFCFGU Q
KPUVTWOGPVQU VTCFKEKQPCNGU CUÃ EQOQ FG DWGPQU UKUVGOCU FG OQPKVQTGQ
UGIWKOKGPVQHKUECNK\CEKÉPKPHQTOCEKÉP[IGUVKÉP'PEWCPVQCQVTCUEQPFKEKQPGUGN
CP±NKUKU CPVGTKQT UWIKGTG SWG WP UKUVGOC FG RGTOKUQU FG GOKUKÉP VTCPUCDNGU UGT±
RTQDCDNGOGPVG O±U GHKEC\ FQPFG GP WPC \QPC IGQIT±HKEC TGNCVKXCOGPVG NKOKVCFC
JC[ OWEJCU HWGPVGU FG EQPVCOKPCEKÉP SWG PQ UG FGFKECP C NC OKUOC CEVKXKFCF
GEQPÉOKEC RGTQ UÃ RTGUGPVCP ECTCEVGTÃUVKECU UKOKNCTGU FG GOKUKQPGU [ WPC
JGVGTQIGPGKFCFVGEPQNÉIKEC[FGEQUVQUOCTIKPCNGUFGEQPVTQNFGNCEQPVCOKPCEKÉP
FQPFG JC[ QRQTVWPKFCFGU RCTC TGCNK\CT GEQPQOÃCU FG GUECNC GP GN VTCVCOKGPVQ FG
CIWCUUGTXKFCUFQPFGGZKUVGPCNVGTPCVKXCUVGEPQNÉIKECUFGRTQFWEEKÉP[EQPVTQNFG
NC EQPVCOKPCEKÉP [ FQPFG NCU PQTOCU FG GOKUKÉP [ FG ECNKFCF CODKGPVCN UQP
HNGZKDNGU # NC KPXGTUC GUVG GPHQSWG UGT± RTQDCDNGOGPVG OGPQU GHKEC\ FQPFG JC[
RQECU HWGPVGU EQPVCOKPCPVGU FQPFG ¾UVCU UQP EQORGVKFQTGU UG NQECNK\CP C
ITCPFGUFKUVCPEKCUWPCUFGQVTCUVKGPGPUKOKNCTGUEQUVQUOCTIKPCNGUFGEQPVTQNFG
NC EQPVCOKPCEKÉP WVKNK\CP NC OKUOC VGEPQNQIÃC FG RTQFWEEKÉP [ UWU FGUECTICU
VKGPGP WPC EQORQUKEKÉP FKHGTGPVG FQPFG NCU PQTOCU FG GOKUKÉP [ FG ECNKFCF
CODKGPVCN UQP OW[ GUVTKEVCU [ FQPFG PQ GZKUVGP CNVGTPCVKXCU VGEPQNÉIKECU FG
RTQFWEEKÉP[EQPVTQNFGNCEQPVCOKPCEKÉP
%QPENWUKQPGU
# RGUCT FG NQU CVTCEVKXQU VGÉTKEQU FGN UKUVGOC NCU RQUKDKNKFCFGU TGCNGU FG UW
CRNKECEKÉPRCTCGNEQPVTQNFGNCEQPVCOKPCEKÉPFGNCIWCGUV±PHWGTVGOGPVGNKOKVCFCU
[ UG TGFWEGP C UKVKQU EQP EQPFKEKQPGU IGQIT±HKECU FG GOKUKQPGU [ FG OGTECFQ
GZEGREKQPCNGU 'P GUVQU UKVKQU EQP ECTCEVGTÃUVKECU HCXQTCDNGU WP UKUVGOC FG
RGTOKUQU FG GOKUKÉP VTCPUCDNGU RWGFG C[WFCT C HNGZKDKNK\CT NC CRNKECEKÉP FG NQU
KPUVTWOGPVQU VTCFKEKQPCNGU [ FG GUVG OQFQ FKUOKPWKT NQU EQUVQU FG EQPVTQN FG NC
EQPVCOKPCEKÉP 5KP GODCTIQ NC OC[QTÃC FG NQU RCÃUGU FG NC TGIKÉP ECTGEG GP NC
CEVWCNKFCFVCPVQFGWPUKUVGOCEQPUQNKFCFQFGEQPVTQNFGNCEQPVCOKPCEKÉPFGNCIWC
GP DCUG C OQFCNKFCFGU Q KPUVTWOGPVQU VTCFKEKQPCNGU EQOQ FG NC ECRCEKFCF FG
OCPGLCT NQ EQORNGLQ FG NCU CEVKXKFCFGU FG OQPKVQTGQ UGIWKOKGPVQ HKUECNK\CEKÉP
KPHQTOCEKÉP[TGIWNCEKÉPSWGUGTGSWKGTGPDCLQWPUKUVGOCFGRGTOKUQUFGGOKUKÉP
VTCPUCDNGU(KPCNOGPVGPQUGEWGPVCEQPNCGZRGTKGPEKCKPVGTPCEKQPCNUWHKEKGPVGRCTC
GXCNWCT NC GHGEVKXKFCF FGN UKUVGOC GP GN ECUQ GURGEÃHKEQ FG EQPVTQN FG NC
EQPVCOKPCEKÉPFGNCIWC[CUGIWTCTUWFKUGÇQCFGEWCFQ
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