PDF - 396 KB - Comisión Económica para América Latina y el Caribe
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RTQFWEVKXCU FGDGP KPENWKT KPHQTOCEKÉP UQDTG GN XQNWOGP FG CIWC WVKNK\CFC HWGPVGU FG UWOKPKUVTQ EQGHKEKGPVGU FG TGWVKNK\CEKÉP [ FCVQU UQDTG NC ECNKFCF E +FGPVKHKSWGP NCU OGVCU SWG JCP FG CNECP\CTUG GP FKHGTGPVGU RGTÃQFQU FG VKGORQ VQOCPFQ GP EQPUKFGTCEKÉP GN ETGEKOKGPVQ FGOQIT±HKEQ RTGXKUVQ [ NCU RTKQTKFCFGU SWG JCP FG CUKIPCTUG GP EWGUVKQPGU VCNGU EQOQ GN PÐOGTQ FG RGTUQPCU C NCU SWG UG JC FG RTQRQTEKQPCT WP CEEGUQ TC\QPCDNG C WP UWOKPKUVTQ FG CIWC UCNWDTG NCU UWRGTHKEKGU FG FKHGTGPVGU EWNVKXQU SWG UG JCP FG TGICT [ NC RTQFWEEKÉP GURGEÃHKEC RQT XQNWOGP WPKVCTKQ FG CIWC [ NCU WPKFCFGU FG GPGTIÃC JKFTQGN¾EVTKEC SWG UG JCP FG KPUVCNCT RCTC UCVKUHCEGT NC FGOCPFC RTGXKUVC F 6TCVGP GP NC OGFKFC FG NQ HCEVKDNG FG CFQRVCT NCU PQTOCU [ OGVQFQNQIÃCU TGEQOGPFCFCU RQT NCU 0CEKQPGU 7PKFCU CN JCEGT GUCU RTQ[GEEKQPGU FG NC FGOCPFC G $CUGP UW RTQEGFKOKGPVQ RCTC GUVKOCT NC FGOCPFC C NCTIQ RNC\Q GP GN WUQ FG OGVQFQNQIÃCU SWG GORNGGP OQFGNQU GP NQU SWG UG KPENW[CP NCU XCTKCDNGU FG RQDNCEKÉP [ WDKECEKÉP FG NC RQDNCEKÉP 'P GUVG EQPVGZVQ NQU RCÃUGU VCODK¾P FGDGP VGPGT GP EWGPVC WPC GXCNWCEKÉP FG NC FGOCPFC IGPGTCN FG NC RQDNCEKÉP FG DKGPGU [ UGTXKEKQU D±UKEQU SWG GPVTCÇCP EQPUWOQ FG CIWC H %QPUKFGTGP C NC EQPUGTXCEKÉP EQOQ WPC RQNÃVKEC GZRNÃEKVC VGPKGPFQ RTGUGPVG NQU ECODKQU GP NC FGOCPFC NCU RT±EVKECU GP NC WVKNK\CEKÉP FGN CIWC NQU GUVKNQU FG XKFC [ NCU OQFCNKFCFGU FG NQU CUGPVCOKGPVQU I 'NCDQTGP WPC OGVQFQNQIÃC CFGEWCFC RCTC NC IGUVKÉP FG NC FGOCPFC WVKNK\CPFQ EQPEGRVQU CRTQRKCFQU EQOQ NQU ÃPFKEGU FG TKGUIQU 5KUVGOCU RÐDNKEQU FG UWOKPKUVTQ FG CIWC [ GNKOKPCEKÉP FG FGUGEJQU %QP QDLGVQ FG NNGXCT C NC RTCEVKEC NC TGEQOGPFCEKÉP FG *±DKVCV %QPHGTGPEKC FG NCU 0CEKQPGU 7PKFCU UQDTG NQU #UGPVCOKGPVQU *WOCPQU GN FGEGPKQ FGDGTÃC UGT NNCOCFQ &GEGPKQ +PVGTPCEKQPCN FGN #IWC 2QVCDNG [ FGN 5CPGCOKGPVQ #ODKGPVCN 'UVC CRNKECEKÉP GZKIKT± WP GUHWGT\Q EQPEGTVCFQ FG NQU RCÃUGU [ FG NC EQOWPKFCF KPVGTPCEKQPCN C HKP FG RTQRQTEKQPCT WP UWOKPKUVTQ HKCDNG FG CIWC RQVCDNG [ TGURQPFGT C NCU GZKIGPEKCU D±UKECU GP OCVGTKC FG UCPGCOKGPVQ FG VQFCU NCU EQNGEVKXKFCFGU WTDCPCU [ TWTCNGU GP HWPEKÉP FG QDLGVKXQU EQPETGVQU SWG GUVCDNGEGT± ECFC RCÃU VGPKGPFQ GP EWGPVC UW UKVWCEKÉP UCPKVCTKC UQEKCN [ GEQPÉOKEC # GUVG HKP UG TGEQOKGPFC SWG NQU RCÃUGU C (KLGP QDLGVKXQU GP OCVGTKC FG UWOKPKUVTQ FG CIWC C NC EQOWPKFCF [ FG GNKOKPCEKÉP FG FGUGEJQU [ HQTOWNGP RTQITCOCU EQPETGVQU FG CEEKÉP RCTC EWORNKTNQU GXCNWCPFQ C KPVGTXCNQU TGIWNCTGU NQU RTQITGUQU TGCNK\CFQU D (KLGP PQTOCU FG ECNKFCF [ ECPVKFCF EQORCVKDNGU EQP NC UCNWF RÐDNKEC [ EQP NCU OGFKFCU RQNÃVKECU GEQPÉOKECU [ UQEKCNGU FG NQU IQDKGTPQU [ CUGIWTGP OGFKCPVG OGFKFCU CRTQRKCFCU FGDKFCOGPVG CRNKECFCU SWG GUCU PQTOCU UGCP TGURGVCFCU E #UGIWTGP NC EQQTFKPCEKÉP FG NC RNCPKHKECEKÉP FGN UWOKPKUVTQ FG CIWC C NC EQOWPKFCF [ FG NC GNKOKPCEKÉP FG FGUGEJQU EQP NC RNCPKHKECEKÉP [ RQNÃVKECU IGPGTCNGU TGNCEKQPCFCU EQP GN CIWC CUÃ EQOQ EQP GN FGUCTTQNNQ GEQPÉOKEQ INQDCN F #FQRVGP OGFKFCU RCTC NC OQXKNK\CEKÉP FG NQU WUWCTKQU [ NC OCPQ FG QDTC NQECN RCTC NC RNCPKHKECEKÉP HKPCPEKCEKÉP EQPUVTWEEKÉP HWPEKQPCOKGPVQ [ EQPUGTXCEKÉP FG NCU TGFGU FG FKUVTKDWEKÉP FG CIWC RQVCDNG [ NC GNKOKPCEKÉP FG CIWCU PGITCU G 'ZCOKPGP OKPWEKQUCOGPVG NCU FKURCTKFCFGU FG NC ECNKFCF FGN CIWC RQVCDNG [ FG NQU UGTXKEKQU FG CNECPVCTKNNCFQ GPVTG NQU FKXGTUQU UGEVQTGU FG NC RQDNCEKÉP 'P NC OGFKFC FG NQ RQUKDNG GUVCDNG\ECP RTQITCOCU RCTC UCVKUHCEGT EWCPVQ CPVGU NCU PGEGUKFCFGU D±UKECU FG VQFCU NCU EQOWPKFCFGU [ CRNCEGP GP IGPGTCN NC RTGUVCEKÉP FG OGLQTGU UGTXKEKQU RCTC WPC GVCRC RQUVGTKQT &GDGTÃC FCTUG RTKQTKFCF CN UWOKPKUVTQ FG CIWC RQVCDNG [ C NQU UGTXKEKQU FG CNECPVCTKNNCFQ GP CSWGNNCU \QPCU FQPFG NC ECNKFCF [ ECPVKFCF FG CIWC UWOKPKUVTCFC GU KPUWHKEKGPVG RQT GLGORNQ GP NCU \QPCU TWTCNGU [ GP NCU \QPCU UWDWTDCPCU JCDKVCFCU RQT RGTUQPCU FG DCLQU KPITGUQU H .QITGP SWG NC CUKIPCEKÉP FG HQPFQU FG QVTQU TGEWTUQU [ FG VQFCU NCU HQTOCP FG GUVÃOWNQ GEQPÉOKEQ EQOQ RCTVG FG NQU RTQITCOCU EQNGEVKXQU FG FKUVTKDWEKÉP FG CIWC C NC EQOWPKFCF [ UCPGCOKGPVQ TGHNGLGP NC WTIGPEKC FG NCU PGEGUKFCFGU [ NC RTQRQTEKÉP FG NC RQDNCEKÉP CHGEVCFC I (CEKNKVGP NC EQPUVTWEEKÉP FG KPUVCNCEKQPGU QVQTICPFQ RT¾UVCOQU C DCLQ KPVGT¾U Q UWDXGPEKQPGU C NCU EQNGEVKXKFCFGU [ C QVTCU KPUVKVWEKQPGU SWG UG QEWRCP FGN UWOKPKUVTQ FG CIWC [ FGN UCPGCOKGPVQ J 2TQRQTEKQPGP EWCPFQ UGCP PGEGUCTKQU OGFKQU CFKEKQPCNGU RCTC NC RGTHQTCEKÉP FG RQ\QU W QVTQU GSWKRQU RCTC GN UWOKPKUVTQ NQECN FG CIWC RQVCDNG K 'ZCOKPGP NC KPHTCGUVTWEVWTC QTI±PKEC FG NQU UGTXKEKQU FG UWOKPKUVTQ FG CIWC C NC EQOWPKFCF [ FG UCPGCOKGPVQ [ EWCPFQ UG EQPUKFGTG CFGEWCFQ GUVCDNG\EC WP FGRCTVCOGPVQ UGRCTCFQ EQP GUVG HKP L 'NCDQTGP RNCPGU C NCTIQ RNC\Q [ RTQ[GEVQU EQPETGVQU EQP GZRQUKEKQPGU FGVCNNCFCU FG EQPUGEWGPEKCU HKPCPEKGTCU M &GUCTTQNNGP WP UKUVGOC FG HKPCPEKCEKÉP SWG RGTOKVC WVKNK\CT NQU TGEWTUQU PGEGUCTKQU RCTC NC CRNKECEKÉP FGN RTQITCOC PCEKQPCN FG UWOKPKUVTQ FG CIWC [ FG UCPGCOKGPVQ CUÃ EQOQ GN HWPEKQPCOKGPVQ [ OCPVGPKOKGPVQ FG FKEJQU UGTXKEKQU EQOQ RQT GLGORNQ WP UKUVGOC FG HQPFQ FG QRGTCEKQPGU RCTC ICTCPVK\CT NC HKPCPEKCEKÉP EQPVKPWC FG NC GLGEWEKÉP FG NQU RTQITCOCU C NCTIQ RNC\Q 'UG UKUVGOC FGDGT± EQORGPUCT NCU FKHGTGPEKCU FG EQUVQ FG RTQFWEEKÉP [ GP ECRCEKFCF FG RCIQ N 2TGUVGP CUKUVGPEKC OWVWC GP NC VTCPUHGTGPEKC [ CRNKECEKÉP FG VGEPQNQIÃCU TGNCEKQPCFCU EQP FKEJQU RTQITCOCU O 'LGEWVGP RTQITCOCU RÐDNKEQU GURGEKCNGU FG UWOKPKUVTQ FG CIWC [ FG GNKOKPCEKÉP FG FGUGEJQU C PKXGN PCEKQPCN Q TGIKQPCN Q EQOQ GORTGUCU UKP HKPGU FG NWETQ EQOQ RQT GLGORNQ CUQEKCEKQPGU FG WUWCTKQU EWCPFQ NQU TGEWTUQU NQECNGU PQ RGTOKVCP CNECP\CT NQU QDLGVKXQU FGUGCFQU P 7VKNKEGP KPEGPVKXQU GP OCVGTKC FG RTGEKQU [ FG QVTC ÃPFQNG SWG GUVKOWNGP NC GHKEKGPVG WVKNK\CEKÉP FG CIWC [ NC TGFWEEKÉP FG NCU CIWCU FG FGUGEJQ VGPKGPFQ CN OKUOQ VKGORQ FGDKFCOGPVG GP EWGPVC NQU QDLGVKXQU UQEKCNGU Q 2TQEWTGP RTQOQXGT GP NCU \QPCU TWTCNGU FG GUECUC FGPUKFCF FG RQDNCEKÉP FQPFG TGUWNVCTC ÐVKN UKUVGOCU KPFKXKFWCNGU FG UWOKPKUVTQ FG CIWC [ FG GXCEWCEKÉP FG NCU CIWCU FG FGUGEJQ VGPKGPFQ GP EWGPVC NCU GZKIGPEKCU FG ECT±EVGT UCPKVCTKQ R .NGXGP C ECDQ RTQITCOCU FG GFWECEKÉP UCPKVCTKC RCTCNGNCOGPVG EQP GN FGUCTTQNNQ [ GN UWOKPKUVTQ FG CIWC [ FGN UCPGCOKGPVQ C HKP FG CUGIWTCT SWG NCU RQDNCEKQPGU EQORTGPFCP FGDKFCOGPVG UW KORQTVCPEKC RCTC NC UCNWF S 'UVCDNG\ECP C PKXGN PCEKQPCN RTQITCOCU FG HQTOCEKÉP RCTC TGURQPFGT C NCU PGEGUKFCFGU KPOGFKCVCU [ HWVWTCU FG RGTUQPCN FG UWRGTXKUKÉP T 2TQRQTEKQPGP KPXGPVCTKQU FG NCU HWGPVGU FG CDCUVGEKOKGPVQ FG CIWC [ CFQRVGP OGFKFCU RCTC UW RTQVGEEKÉP U 2TQRQTEKQPGP UGTXKEKQU CFKEKQPCNGU [ OGFKQU RCTC RQFGT EQPUGIWKT CIWC RQVCDNG GP NQU ECUQU FG RGNKITQU PCVWTCNGU V 2TQEWTGP WUCT EQP GHKECEKC GN CIWC TGFWEKT NCU R¾TFKFCU WPKHQTOCT NQU RTGEKQU FGN CIWC UGIÐP NC HKPCNKFCF RCTC NC EWCN GU WVKNK\CFC GP CORNKCU \QPCU [ TGFWEKT GN EQUVQ FGN CIWC EQOQ EQPUGEWGPEKC FGN GORNGQ FG OQFGNQU FG TGQTICPK\CEKÉP GP CNIWPQU RCÃUGU [ NC QTICPK\CEKÉP FGN CDCUVGEKOKGPVQ FG CIWC RCTC HQTVCNGEGT NCU DCUGU FG NC CFOKPKUVTCEKÉP HKPCPEKGTC FG NQU CDCUVGEKOKGPVQU GP \QPCU OGVTQRQNKVCPCU WTDCPCU [ TWTCNGU &GUCTTQNNGP PWGXQU EQPEGRVQU VCNGU EQOQ GN WUQ FG V¾EPKECU CXCP\CFCU FG VTCVCOKGPVQ FGN CIWC NC WVKNK\CEKÉP FG HWGPVGU FG CIWC FG DCLC ECNKFCF [ NC TGWVKNK\CEKÉP FG CIWCU FG FGUGEJQ 'U PGEGUCTKQ GUVKOWNCT GUVCU VGPFGPEKCU TGQTICPK\CEKÉP [ WUQ FG PWGXQU EQPEGRVQU EWCPFQ UG EQPUKFGTGP PGEGUCTKCU [ EQPXGPKGPVGU 'P CNIWPQU RCÃUGU UG GUV±P KPKEKCPFQ RTQ[GEVQU FG CDCUVGEKOKGPVQ FG CIWC C NCU \QPCU TWTCNGU [ RTQITCOCU RCTC NNGXCTNQU C NC RT±EVKEC EQP ECT±EVGT RTKQTKVCTKQ UG FGDG CNGPVCT C QVTQU RCÃUGU C CFQRVCT OGFKFCU CP±NQICU C HKP FG SWG UG CNECPEGP NCU OGVCU GUVCDNGEKFCU RQT *±DKVCV %QPHGTGPEKC FG NCU 0CEKQPGU 7PKFCU UQDTG NQU #UGPVCOKGPVQU *WOCPQU GP NC GUHGTC FGN CDCUVGEKOKGPVQ FG CIWC C NC EQOWPKFCF 7VKNK\CEKÉP FGN CIWC GP NC CITKEWNVWTC 'N CWOGPVQ FG NC RTQFWEEKÉP [ FG NC RTQFWEVKXKFCF CITÃEQNCU FGDG GUVCT GPECOKPCFQ C NQITCT WP TGPFKOKGPVQ ÉRVKOQ GP NC RTQFWEEKÉP CNKOGPVCTKC GP WPC HGEJC FGVGTOKPCFC [ C CWOGPVCT EQPUKFGTCDNGOGPVG NC RTQFWEEKÉP CITÃEQNC VQVCN NQ CPVGU RQUKDNG .CU OGFKFCU RCTC NQITCT GUQU QDLGVKXQU FGDGT±P VGPGT NC GNGXCFC RTKQTKFCF SWG EQTTGURQPFC &GDG RTGUVCTUG RCTVKEWNCT CVGPEKÉP C NC QTFGPCEKÉP FG NCU VKGTTCU [ NCU CIWCU RCTC NQU EWNVKXQU FG TGICFÃQ [ FG UGECPQ VGPKGPFQ FGDKFCOGPVG GP EWGPVC NC RTQFWEVKXKFCF C NCTIQ [ C EQTVQ RNC\Q .C NGIKUNCEKÉP [ NC RQNÃVKEC PCEKQPCNGU FGDGP RTGXGT NC EQTTGEVC KPVGITCEKÉP FG NC QTFGPCEKÉP FG NCU VKGTTCU [ FG NQU TGEWTUQU JÃFTKEQU #N GZCOKPCT NCU RQNÃVKECU KPUVKVWEKQPGU [ NGIKUNCEKQPGU PCEKQPCNGU NQU RCÃUGU FGDGT±P CUGIWTCT NC EQQTFKPCEKÉP FG NCU CEVKXKFCFGU [ FG NQU UGTXKEKQU TGNCEKQPCFQU EQP GN FGUCTTQNNQ [ IGUVKÉP FGN TKGIQ [ FGN CXGPCOKGPVQ 'U PGEGUCTKQ KPVGPUKHKECT NC WVKNK\CEKÉP FGN CIWC [ OGLQTCT NC GHKEKGPEKC FG GUC WVKNK\CEKÉP NQ SWG JC FG NQITCTUG OGTEGF C NC CUKIPCEKÉP FG HQPFQU GN UWOKPKUVTQ FG NC KPHTCGUVTWEVWTC PGEGUCTKC [ NC TGFWEEKÉP FG R¾TFKFCU GP GN VTCPUKVQ GP NC FKUVTKDWEKÉP [ GP NQU RTGFKQU [ GXKVCT GP NC OGFKFC FG NQ RQUKDNG NCU RTCEVKECU FG TKGIQ SWG GPVTCÇGP FGTTQEJG %CFC RCÃU FGDG CRNKECT NCU V¾EPKECU EQPQEKFCU RCTC NC RTGXGPEKÉP [ GN EQPVTQN FG NC FGITCFCEKÉP FG NCU VKGTTCU [ NCU CIWCU TGUWNVCPVGU FG WPC QTFGPCEKÉP KPCFGEWCFC .QU RCÃUGU FGDGP RTGUVCT CVGPEKÉP KPOGFKCVC CN OGLQTCOKGPVQ FG NQU CEVWCNGU RTQ[GEVQU FG TKGIQ [ CXGPCOKGPVQ 'P GUVG EQPVGZVQ NQU RCÃUGU FGDGP C 6GPGT GP EWGPVC NQU RTKPEKRKQU FG NC CFOKPKUVTCEKÉP KPVGITCFC FG VKGTTCU [ CIWCU EWCPFQ GUVWFKGP UWU RQNÃVKECU CTTGINQU CFOKPKUVTCVKXQU [ NGIKUNCEKÉP PCEKQPCNGU [ CVGPFGT NC PGEGUKFCF FG CWOGPVCT NQU PKXGNGU CEVWCNGU FG NC RTQFWEEKÉP CITÃEQNC D +PKEKCT Q EQPVKPWCT GUVWFKQU FG NC TGNCEKÉP SWG GZKUVG GPVTG NC WVKNK\CEKÉP FG NC VKGTTC [ NQU GNGOGPVQU FGN EKENQ JKFTQNÉIKEQ GP NQU RNCPQU PCEKQPCN G KPVGTPCEKQPCN E %QPUKFGTCT KPEGPVKXQU EQPXGPKGPVGU VCNGU EQOQ NC UCNXCIWCTFKC FG NQU FGTGEJQU CN CIWC RCTC NQU CITKEWNVQTGU [ CNGPVCT C NQU RTQRKGVCTKQU FG VKGTTCU DCLQ TKGIQ C SWG CFQRVGP RT±EVKECU FG CFOKPKUVTCEKÉP EQORCVKDNGU EQP NCU PGEGUKFCFGU FG NC QTFGPCEKÉP FG TGEWTUQU C NCTIQ RNC\Q F 2TQ[GEVCT [ TGCNK\CT RTQITCOCU FG TKGIQ GP HQTOC VCN SWG GN FTGPCLG FG UWRGTHKEKG Q UWDVGTT±PGQ UGC VTCVCFQ EQOQ EQORQPGPVG KPVGITCN [ SWG UG EQQTFKPG NC CVGPEKÉP FG VQFCU NCU PGEGUKFCFGU EQP OKTCU C WVKNK\CT GP HQTOC ÉRVKOC GN CIWC [ NQU TGEWTUQU FG VKGTTC EQPGZQU G 2TQRQTEKQPCT TGEWTUQU HKPCPEKGTQU [ UGTXKEKQU FG OCPQ FG QDTC ECNKHKECFC RCTC OGLQTCT NCU RT±EVKECU FG WVKNK\CEKÉP [ QTFGPCEKÉP FG NCU CIWCU EQPUGTXCEKÉP EQPVTQN [ HWPEKQPCOKGPVQ EQPXGPKGPVGU FG NQU UKUVGOCU FG FKUVTKDWEKÉP [ WVKNK\CEKÉP EQPLWPVC FG CIWCU UWRGTHKEKCNGU [ CIWCU UWDVGTT±PGCU [ RQUVGTKQTOGPVG CIWCU TGUKFWCNGU CVGPFKGPFQ FGDKFCOGPVG C NCU PGEGUKFCFGU FG NC CITKEWNVWTC GP RGSWGÇC GUECNC H +PVGPUKHKECT NQU VTCDCLQU UQDTG FGVGTOKPCEKÉP FG NCU PGEGUKFCFGU FG CIWC RCTC NQU EWNVKXQU KPVGITCT NQU RTQ[GEVQU FG DQPKHKECEKÉP [ CXGPCOKGPVQ FG RCPVCPQU GP RTQ[GEVQU RCTC NC QTFGPCEKÉP CORNKC FG NQU TÃQU VGPKGPFQ GP EWGPVC UWU GHGEVQU UQDTG GN T¾IKOGP JKFTQNÉIKEQ I J K L M [ GN OGFKQ CODKGPVG RTGUVCT NC FGDKFC CVGPEKÉP C RTQDNGOCU FG KPVTWUKÉP FG NC UCNKPKFCF RCTVKEWNCTOGPVG GP TGIKQPGU EQUVGTCU G KPVGITCT OGFKFCU FG TGIWNCEKÉP FG NC UCNKPKFCF 2TGUVCT CVGPEKÉP C NQU RTQDNGOCU FG EQPUGTXCEKÉP FG VKGTTCU [ CIWCU OGFKCPVG NC CEGTVCFC QTFGPCEKÉP FG NCU \QPCU FG XGTVKGPVG SWG KPENW[C WPC FKUVTKDWEKÉP TCEKQPCN FG NQU EWNVKXQU GN OGLQTCOKGPVQ FG NCU RCUVWTCU NC TGHQTGUVCEKÉP GN EQPVTQN FG CXCNCPEJCU [ VQTTGPVGU [ NC KPVTQFWEEKÉP FG RT±EVKECU CRTQRKCFCU FG EQPUGTXCEKÉP FG NQU UWGNQU CITÃEQNCU VGPKGPFQ GP EWGPVC NCU EQPFKEKQPGU GEQPÉOKECU [ UQEKCNGU GZKUVGPVGU GP NCU \QPCU FG NC TGURGEVKXC XGTVKGPVG #FQRVCT RQNÃVKECU CFGEWCFCU FG HKLCEKÉP FG RTGEKQU EQP OKTCU C HQOGPVCT NC WVKNK\CEKÉP GHKEKGPVG FGN CIWC [ HKPCPEKCT NQU EQUVQU FG GZRNQVCEKÉP [ OCPVGPKOKGPVQ EQP NC FGDKFC EQPUKFGTCEKÉP RQT NQU QDLGVKXQU UQEKCNGU #FQRVCT OGFKFCU EQPXGPKGPVGU RCTC KPUVTWKT [ CNGPVCT C NQU WUWCTKQU FGN CIWC GP NC ICPCFGTÃC [ CITKEWNVWTC GHKEKGPVGU [ NC DWGPC CFOKPKUVTCEKÉP CITQRGEWCTKC 5G FGDG RTGUVCT GURGEKCN CVGPEKÉP C NQU ITWRQU SWG PQ JC[CP TGEKDKFQ GFWECEKÉP UKUVGO±VKEC #FQRVCT OGFKFCU RCTC VGTOKPCT NQ O±U T±RKFCOGPVG RQUKDNG NQU RTQ[GEVQU FG TKGIQ [ CXGPCOKGPVQ SWG GP NC CEVWCNKFCF GUV¾P GP EQPUVTWEEKÉP FG OCPGTC SWG UG OCVGTKCNKEGP UKP FGOQTC NQU DGPGHKEKQU FGTKXCFQU FG NCU KPXGTUKQPGU CPVGTKQTGU 6GPGT GP EWGPVC CURGEVQU UCPKVCTKQU EQPGZQU GP NC RNCPKHKECEKÉP [ NC QTFGPCEKÉP FGN WPQ FGN CIWC GP NC CITKEWNVWTC %QP GUVG HKP UG TGEQOKGPFC SWG C 'N OGECPKUOQ KPUVKVWEKQPCN C EW[Q ECTIQ GUV¾ NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU VGPIC OGFKQU [ HCEWNVCFGU UWHKEKGPVGU RCTC QEWRCTUG FG NC CFOKPKUVTCEKÉP FG NCU CIWCU RCTC HKPGU CITÃEQNCU VGPKGPFQ RTGUGPVG NC KPVGTFGRGPFGPEKC HÃUKEC FG NCU CIWCU UWRGTHKEKCNGU [ UWDVGTT±PGCU [ FG EQPHQTOKFCF EQP VQFQU UWU WUQU D 5G CFQRVGP OGFKFCU RCTC NC UWRGTXKUKÉP [ GN EQPVTQN FG NC FKUVTKDWEKÉP [ NC WVKNK\CEKÉP FGN CIWC VGPKGPFQ GP EWGPVC NCU PGEGUKFCFGU FG NC ICPCFGTÃC [ FG NC CITKEWNVWTC FG TGICFÃQ EQPHQTOG CN VKRQ FG EWNVKXQ UWGNQ [ \QPC GN PKXGN FG NC VGEPQNQIÃC CITÃEQNC SWG GU RWGFG CNECP\CT [ GN RGNKITQ FG NC GTQUKÉP FGN UWGNQ [ FGN CWOGPVQ FG NC UCNKPKFCF FG NC VKGTTC [ GN CIWC OGFKCPVG NC CFQREKÉP GP NQ RQUKDNG FG CTTGINQU RCTC OGFKT NC ECPVKFCF FG CIWC UWOKPKUVTCFC E 5G KFGPVKHKSWGP [ EQTTKLCP NCU RTKPEKRCNGU ECWUCP FG FGURGTFKEKQ GP NC WVKNK\CEKÉP FGN CIWC RGTQ SWG UG VGPICP VCODK¾P GP EWGPVC NCU NKOKVCEKQPGU KORWGUVCU RQT NC CFQREKÉP FG O¾VQFQU FG TKGIQ O±U EQORNKECFQU CWPSWG UGCP O±U GHKEKGPVGU F 5G CFQRVGP OGFKFCU RCTC CWOGPVCT NC GHKECEKC FG NC WVKNK\CEKÉP FGN CIWC GP NQU UKUVGOCU FG TKGIQ GZKUVGPVGU OGLQTCPFQ NQU EWTUQU FG CIWC PKXGNCPFQ NQU VGTTGPQU [ OGLQTCPFQ NC CFOKPKUVTCEKÉP FG NCU CIWCU GP NQU GUVCDNGEKOKGPVQU CITÃEQNCU [ FG FKUVTKDWEKÉP G 5G HQTOWNGP RNCPGU FG TKGIQ RTGHGTKDNGOGPVG RQT GVCRCU GP NQU SWG UG EQQTFKPG NC TGCNK\CEKÉP FG QDTCU FG KPHTCGUVTWEVWTC EQP GN FGUCTTQNNQ TWTCN [ NC RTQOQEKÉP FG VGEPQNQIÃCU EQPXGPKGPVGU GPVTG QVTCU EQUCU RCTC NC NWEJC EQPVTC NCU GPHGTOGFCFGU RTQRCICFCU RQT NCU CIWCU C HKP FG OGLQTCT NC QTFGPCEKÉP FG NCU VKGTTCU KPVTQFWEKT 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OGLQTCT NC RTQFWEEKÉP CITÃEQNC [ NC PWVTKEKÉP [ CNKXKCT NCU FKHÃEKNGU EQPFKEKQPGU FG NC OCPQ FG QDTC CITÃEQNC NQ SWG TGXKUVG GURGEKCN KORQTVCPEKC RCTC NCU OWLGTGU ECORGUKPCU UQDTG SWKGPGU TGECGP VCPVCU VCTGCU RGUCFCU 'P NC GUVTCVGIKC RCTC GN FGUCTTQNNQ FG PWGXCU KPUVCNCEKQPGU FG TKGIQ UG TGEWTTC C WPC EQODKPCEKÉP CVKPCFC FG RNCPGU ITCPFGU OGFKCPQU [ RGSWGÇQU 5G NQITG WP WUQ O±U GHKEKGPVG FGN CIWC RQT WPKFCF FG RTQFWEVQ CITÃEQNC #N GLGEWVCT NQU RNCPGU RCTC EQODCVKT NC UCNKPKFCF [ NC UCVWTCEKÉP JÃFTKEC UG VGPICP GP EWGPVC EWGUVKQPGU GEQPÉOKECU [ FG RQNÃVKEC GP NQU RTQEGFKOKGPVQU FG RNCPKHKECEKÉP [ SWG NQU CITKEWNVQTGU CHGEVCFQU RCTVKEKRGP GP NC RNCPKHKECEKÉP [ GLGEWEKÉP FG RNCPGU 5G F¾ CNVC RTKQTKFCF C NC CFQREKÉP FG WTIGPVGU OGFKFCU FG EQPUGTXCEKÉP FGN UWGNQ [ GN CIWC GP GN OCTEQ FG NC QTFGPCEKÉP KPVGITCFC FG NCU VKGTTCU [ NCU CIWCU C HKP FG CWOGPVCT NC RTQFWEEKÉP CITÃEQNC UKP FGUVTWKT FKEJQU TGEWTUQU 2GUSWGTÃCU 'P NQU RNCPGU RCTC NC WVKNK\CEKÉP FG NQU TGEWTUQU JÃFTKEQU [ FG FGUCTTQNNQ VGTTKVQTKCN FGDGT± VGPGTUG GP EWGPVC NC WVKNK\CEKÉP FGN CIWC RCTC NCU RGUSWGTÃCU EQP QDLGVQ FG CWOGPVCT GN UWOKPKUVTQ FG RTQVGÃPCU C NC RQDNCEKÉP OWPFKCN %QP GUVG HKP UG TGEQOKGPFC SWG NQU RCÃUGU C 2TQVGLCP EQPUGTXGP [ GZRNQVGP TCEKQPCNOGPVG UWU TGEWTUQU RGUSWGTQU GXKVCPFQ NQU GHGEVQU FG NC EQPVCOKPCEKÉP PCVWTCN Q JWOCPC [ EQQTFKPCPFQ NCU TGINCOGPVCEKQPGU RGTVKPGPVGU EQP CSWGNNQU RCÃUGU KPVGTGUCFQU EQP NQU SWG EQORCTVGP UWU TGEWTUQU JÃFTKEQU D 'NCDQTGP RTQITCOCU FG KPXGUVKICEKÉP [ FG FKXWNICEKÉP FG KPHQTOCEKÉP TGNCVKXQU C NCU RGUSWGTÃCU E 2TQOWGXCP KPVGPUCU CEVKXKFCFGU FG RGUSWGTÃCU GPVTG GNNCU NQU EWNVKXQU GP CIWC GUVCDNGEKGPFQ NCU PGEGUCTKCU KPHTCGUVTWEVWTCU [ UKUVGOCU CFKEKQPCNGU [ GXKVCPFQ CN OKUOQ VKGORQ NC KPVTQFWEEKÉP FG GURGEKGU PQ CRTQRKCFCU GP GN GEQUKUVGOC NQECN F 2TGXGCP NQU OGFKQU CFGEWCFQU FG RCUCLGU RGUSWGTQU [ FGO±U OGFKFCU PGEGUCTKCU RCTC GXKVCT FCÇQU C NQU UKUVGOCU CEW±VKEQU EQOQ GNGOGPVQU KPKEKCNGU FGN FKUGÇQ [ HKPCPEKCEKÉP FG RTQ[GEVQU GP ECUQ FG SWG UG RTGXGC WPC 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CEVKXKFCFGU KPFWUVTKCNGU CUÃ EQOQ C NCU PGEGUKFCFGU FG NCU KPFWUVTKCU GP RGSWGÇC GUECNC [ FG NCU KPFWUVTKCU TWTCNGU G +PENW[CP GN VTCVCOKGPVQ FG FGUGEJQU W QVTCU OGFKFCU CRTQRKCFCU RCTC GNKOKPCT Q TGFWEKT NC EQPVCOKPCEKÉP EQOQ RCTVG KPVGITCPVG FG NQU UKUVGOCU FG UWOKPKUVTQ OWPKEKRCN G KPFWUVTKCN FG CIWC H 2TQRQTEKQPGP KPXGTUKQPGU FG GUVÃOWNQ [ QVTQU KPEGPVKXQU GEQPÉOKEQU [ CFQRVGP TGINCOGPVQU C HKP FG WVKNK\CT GN CIWC EQP GHKECEKC VTCVCT NQU FGUGEJQU GP UW QTKIGP [ EWCPFQ UGC EQPXGPKGPVG EQPLWPVCOGPVG EQP NQU FGUGEJQU FQO¾UVKEQU I #FQRVGP NCU OGFKFCU PGEGUCTKCU RCTC CUGIWTCT SWG GN WUQ [ NC GNKOKPCEKÉP FG NQU GHNWGPVGU EQTTGURQPFCP C NCU GZKIGPEKCU FG NC UCNWF [ C NC ECNKFCF FGN OGFKQ CODKGPVG J #RNKSWGP WPC RQNÃVKEC VGPFKGPVG C RTQOQXGT NCU KPXGUVKICEKQPGU [ NC KORNCPVCEKÉP FG VGEPQNQIÃCU KPFWUVTKCNGU SWG WVKNKEGP RQEC CIWC [ PQ RTQFW\ECP FGUGEJQU Q NQU RTQFW\ECP GP ECPVKFCF GUECUC CUÃ EQOQ FG RTQEGUQU V¾EPKEQU RCTC NC TGEWRGTCEKÉP FG UWUVCPEKCU WVKNK\CDNGU FG NCU CIWCU FG FGUGEJQ K 6QOGP PQVC FG NCU OGVCU [ TGEQOGPFCEKQPGU FG NC &GENCTCEKÉP [ 2NCP FG #EEKÉP FG .KOC UQDTG &GUCTTQNNQ +PFWUVTKCN [ %QQRGTCEKÉP GNCDQTCFCU GP NC 5GIWPFC %QPHGTGPEKC )GPGTCN FG NC 107&+ EGNGDTCFC GP NCU EWCNGU CORNKCTÃCP GP ITCP OGFKFC NC WVKNK\CEKÉP FGN CIWC RQT NC KPFWUVTKC GP CNIWPQU RCÃUGU )GPGTCEKÉP FG GPGTIÃC JKFTQGN¾EVTKEC 'P NC HQTOWNCEKÉP FG RNCPGU RCTC GN FGUCTTQNNQ FGN UGEVQT FG NC GPGTIÃC GN¾EVTKEC GU PGEGUCTKQ GP VQFQU NQU ECUQU EQPEGFGT CVGPEKÉP C NCU XGPVCLCU SWG QHTGEGP NQU RTQ[GEVQU JKFTQGN¾EVTKEQU EQP HKPGU OÐNVKRNGU SWG ICTCPVK\CP GN FKUHTWVG EQPVKPWQ FG GUVG TGEWTUQ TGPQXCDNG UKP RQPGT UGTKCOGPVG GP RGNKITQ NC UCNWF PK GN OGFKQ CODKGPVG %QP GUVG HKP UG TGEQOKGPFC SWG NQU RCÃUGU C *CICP KPXGPVCTKQU PCEKQPCNGU FG RQUKDNGU RTQ[GEVQU JKFTQGN¾EVTKEQU SWG RWGFCP RTQOQXGTUG [ EQORNGOGPVCTUG EQP OKTCU C FGEKFKT EW±NGU FG GUQU RTQ[GEVQU FGDKFQ C UWU ECTCEVGTÃUVKECU RWGFGP UCVKUHCEGT NC FGOCPFC FG GNGEVTKEKFCF [ ECWFCNGU FG CIWC C NCTIQ RNC\Q D 'HGEVÐGP GUVWFKQU UQDTG GN 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RWGTVQU KPUVCNCEKQPGU RCTC TGEKDKT [ VTCVCT NQU FGUGEJQU FG NQU VCPSWGU [ UGPVKPCU #FGO±U FGDG RTQJKDKTUG GN XGTVKOKGPVQ FG FGUGEJQU TCFKCEVKXQU G 5G CUGIWTGP FG SWG VQFQU NQU DWSWGU SWG VTCPURQTVGP RGVTÉNGQ Q UWUVCPEKCU RGNKITQUCU CECVGP NCU PQTOCU O±U GUVTKEVCU FG UGIWTKFCF C HKP FG SWG GP NC OGFKFC FG NQ RQUKDNG UG GXKVGP FGTTCOGU RQT CEEKFGPVG 'U PGEGUCTKQ CRNKECT UCPEKQPGU UGXGTCU GP ECUQ FG KPEWORNKOKGPVQ FG FKEJCU PQTOCU %/GFKQCODKGPVGUCNWF[NWEJCEQPVTCNCEQPVCOKPCEKÉP .QU RTQ[GEVQU FG CRTQXGEJCOKGPVQ FG NCU CIWCU GP ITCP GUECNC VKGPGP KORQTVCPVGU TGRGTEWUKQPGU CODKGPVCNGU FG ECT±EVGT HÃUKEQ SWÃOKEQ DKQNÉIKEQ UQEKCN [ GEQPÉOKEQ SWG FGDGTÃCP GXCNWCTUG [ VGPGTUG GP EWGPVC CN HQTOWNCT [ GLGEWVCT NQU RTQ[GEVQU UQDTG CIWCU #FGO±U NQU RTQ[GEVQU FG CRTQXGEJCOKGPVQ FG NCU CIWCU RWGFGP VGPGT EQPUGEWGPEKCU CFXGTUCU G KORTGXKUVCU SWG CHGEVGP C NC UCNWF JWOCPC CRCTVG FG NCU TGNCEKQPCFCU EQP NC WVKNK\CEKÉP FGN CIWC RCTC HKPGU FQO¾UVKEQU .C EQPVCOKPCEKÉP FGN CIWC C ECWUC FG NCU CIWCU TGUKFWCNGU [ NQU GHNWGPVGU KPFWUVTKCNGU [ NC WVKNK\CEKÉP FG CDQPQU SWÃOKEQU [ FG RNCIWKEKFCU GP NC CITKEWNVWTC XCP GP CWOGPVQ GP OWEJQU RCÃUGU 6CODK¾P UG TGEQPQEG SWG NCU OGFKFCU FG EQPVTQN EQP TGURGEVQ C NC GNKOKPCEKÉP FG GHNWGPVGU WTDCPQU KPFWUVTKCNGU [ OKPGTQU UQP KPUWHKEKGPVGU *C[ SWG RTGUVCT O±U CVGPEKÉP C NC EWGUVKÉP FG NC EQPVCOKPCEKÉP FGN CIWC FGPVTQ FGN EQPVGZVQ IGPGTCN FG NC QTFGPCEKÉP FG NQU TGUKFWQU /GFKQ CODKGPVG [ UCNWF 'U RTGEKUQ GXCNWCT NCU EQPUGEWGPEKCU SWG NCU FKUVKPVCU WVKNK\CEKQPGU FGN CIWC VKGPGP GP GN OGFKQ CODKGPVG CRQ[CT NCU OGFKFCU GPECOKPCFCU C EQPVTQNCT NCU GPHGTOGFCFGU TGNCEKQPCFCU EQP GN CIWC [ RTQVGIGT NQU GEQUKUVGOCU %QP GUVG HKP UG TGEQOKGPFC SWG NQU RCÃUGU C 'ZCOKPGP NC CRNKECEKÉP FG NCU TGEQOGPFCEKQPGU FG NC %QPHGTGPEKC FG NCU 0CEKQPGU 7PKFCU UQDTG GN OGFKQ JWOCPQ EGNGDTCFC GP EQP TGURGEVQ CN UGEVQT FG NQU TGEWTUQU JÃFTKEQU [ CFQRVGP NCU OGFKFCU PGEGUCTKCU RCTC CEGNGTCT GN TKVOQ FG UW CRNKECEKÉP D 2TGRCTGP GUVWFKQU EKGPVÃHKEQU UKUVGO±VKEQU [ CORNKQU UQDTG NC TGRGTEWUKÉP CODKGPVCN FG NQU RTQ[GEVQU TGNCVKXQU C NQU TGEWTUQU JÃFTKEQU EQOQ RCTVG KPVGITCPVG FGN RTQEGUQ FG RTGRCTCEKÉP FG NQU KPHQTOGU UQDTG NQU RTQ[GEVQU FG CRTQXGEJCOKGPVQ FG NCU CIWCU E 5G CUGIWTGP FG SWG GU WVKNKEG WP ETKVGTKQ KPVGTFKUEKRNKPCTKQ CN GPHQECT GUQU GUVWFKQU FG OCPGTC SWG UG RWGFC GXCNWCT VQFC NC TGRGTEWUKÉP FG NQU RTQ[GEVQU TGNCVKXQU CN CIWC FG WPC OCPGTC O±U CORNKC GHKEC\ [ EQQTFKPCFC FG NQ SWG UGTÃC RQUKDNG FG QVTQ OQFQ F 2TQOWGXCP NQU VTCDCLQU FG KPXGUVKICEKÉP [ FG GXCNWCEKÉP UKUVGO±VKEC FG NQU GHGEVQU SWG NQU RTQ[GEVQU FG FGUCTTQNNQ JCP VGPKFQ GP GN OGFKQ [ GP QVTQU TGEWTUQU PCVWTCNGU G %QPEKDCP RTQEGFKOKGPVQU CFGEWCFQU RCTC GXCNWCT NC TGRGTEWUKÉP CODKGPVCN EWCNKVCVKXC [ EWCPVKVCVKXC FG NQU RTQ[GEVQU UQDTG CIWCU H 'UVWFKGP CN HQTOWNCT RTQ[GEVQU GP ITCP GUECNC TGNCVKXQU CN CIWC GN RGNKITQ FG NC RTQRCICEKÉP FG NCU GPHGTOGFCFGU TGNCEKQPCFCU EQP GN CIWC [ CFQRVGP OGFKFCU CRTQRKCFCU LWPVQ EQP NC CRNKECEKÉP FG GUQU RTQ[GEVQU C HKP FG GXKVCT RGNKITQU RCTC NC UCNWF EQOQ 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CTTGINQU KPUVKVWEKQPCNGU RCTC NC QDUGTXCEKÉP [ GN EQPVTQN FG NC TGRGTEWUKÉP SWG NCU QDTCU RÐDNKECU [ FG QVTC ÃPFQNG RWGFGP VGPGT GP NQU TGEWTUQU FG CIWC [ GP GN OGFKQ CODKGPVG [ RTQOWGXCP NC RCTVKEKRCEKÉP FG VQFQU NQU QTICPKUOQU IWDGTPCOGPVCNGU GPECTICFQU FG NC UCNWF [ GN OGFKQ CODKGPVG FGUFG NCU GVCRCU KPKEKCNGU FG NC RNCPKHKECEKÉP VCPVQ FWTCPVG NC CRNKECEKÉP [ WNVGTKQT XKIKNCPEKC FG EWCNSWKGT RNCP FG FGUCTTQNNQ UQEKQGEQPÉOKEQ EQOQ CN HQTOWNCT [ CRNKECT NG[GU [ TGINCOGPVQU RGTVKPGPVGU N +FGPVKHKSWGP RTQVGLCP [ RTGUGTXGP FGVGTOKPCFQU UGEVQTGU SWG RTGUGPVGP ECTCEVGTÃUVKECU GZVTCQTFKPCTKCU RQT UW UKPIWNCTKFCF [ DGNNG\C EQOQ NCIQU TÃQU CTTQ[QU ECÃFCU FG CIWC \QPCU FG CPKOCNGU UCNXCLGU [ QVTCU \QPCU PCVWTCNGU SWG GPEKGTTGP XCNQTGU PCEKQPCNGU CPEGUVTCNGU [ DTKPFGP QRQTVWPKFCFGU RCTC GN VWTKUOQ KPVGTPCEKQPCN O 4GEQPQ\ECP SWG NCU CIWCU FWNEGU [ NCU VKGTTCU JÐOGFCU TKDGTGÇCU HQTOCP RCTVG FG NQU UKUVGOCU GEQNÉIKEQU O±U XKVCNGU [ RTQFWEVKXQU RQT UW XCNQT EQOQ FGRÉUKVQU FG CIWCU FG KPWPFCEKQPGU EQOQ VGTTGPQ FG EWNVKXQ RCTC RGEGU [ CPKOCNGU UCNXCLGU [ RQT UW WVKNK\CEKÉP EQOQ NWICTGU FG TGETGQ [ EQP HKPGU EKGPVÃHKEQU 5G CNKGPVC C NQU RCÃUGU C GNCDQTCT RNCPGU RCTC EWKFCT FG SWG PQ UG FGUVTW[CP GP HQTOC KPFKUETKOKPCFC KORQTVCPVGU \QPCU FG VKGTTCU JÐOGFCU P 4GEQPQ\ECP SWG UK DKGP GU C OGPWFQ FKHÃEKN CUKIPCT XCNQT OQPGVCTKQ C NQU DGPGHKEKQU FGN CIWC EQOQ GNGOGPVQ FG GURCTEKOKGPVQ [ EQOQ TGEWTUQ EWNVWTCN GUV¾VKEQ [ EKGPVÃHKEQ GUQU DGPGHKEKQU UQP UKP GODCTIQ TGCNGU [ EQPUKFGTCDNGU [ FGDGP VGPGTUG GP EQPUKFGTCEKÉP GP NC GXCNWCEKÉP CODKGPVCN FG NQU RTQ[GEVQU FG FGUCTTQNNQ Q 4GEQPQ\ECP SWG NC RNCPKHKECEKÉP [ QTFGPCEKÉP FG NCU CIWCU FGDG DCUCTUG GP NQU EQPQEKOKGPVQU GEQNÉIKEQU 6QFQ RTQ[GEVQ TGNCEKQPCFQ EQP GN CIWC FGDG VGPGT GPVTG UWU QDLGVKXQU NC GNKOKPCEKÉP FG NQU GHGEVQU RGTLWFKEKCNGU RCTC NC UCNWF RÐDNKEC [ NC OKPKOK\CEKÉP FG NQU GHGEVQU CODKGPVCNGU PGICVKXQU NQU PWGXQU RTQ[GEVQU FG CDCUVGEKOKGPVQ FG CIWC FGDGP GUVCT TGNCEKQPCFQU EQP RT±EVKECU JKIK¾PKECU FG GNKOKPCEKÉP FG GZETGOGPVQU C HKP FG RTQRQTEKQPCT C NC EQOWPKFCF CIWC CRVC RCTC GN EQPUWOQ R 'UVWFKGP G KPXGUVKIWGP NCU GPHGTOGFCFGU TGNCEKQPCFCU EQP GN CIWC GP IGPGTCN [ NC KPHNWGPEKC FGN CIWC EQOQ OGFKQ CODKGPVG FG VTCDCLQ UQDTG NCU RGTUQPCU SWG VTCDCLCP GP GUG OGFKQ S 4GEQPQ\ECP SWG UG PGEGUKVC CORNKCT GN CNECPEG FG NCU EQPUKFGTCEKQPGU CODKGPVCNGU C NCU SWG CEVWCNOGPVG UG RTGUVC CVGPEKÉP GP TGNCEKÉP EQP NQU RTQ[GEVQU FG TGEWTUQU JÃFTKEQU RCTC SWG CDCTSWGP O±U CURGEVQU [ EQORTGPFCP PQ UÉNQ ECODKQU HÃUKEQU SWÃOKEQU Q DKQNÉIKEQU UKPQ VCODK¾P NQU ECODKQU UQEKCNGU [ GEQPÉOKEQU TGUWNVCPVGU T 4GEQPQ\ECP SWG RCTC OKVKICT NCU TGRGTEWUKQPGU CODKGPVCNGU CFXGTUCU FGN XGTVKOKGPVQ FG CIWC FG NCU EGPVTCNGU VGTOQGN¾EVTKECU [ PWENGQGN¾EVTKECU UG PGEGUKVC OGLQTCT NQU UKUVGOCU FG GPHTKCOKGPVQ [ NCU RT±EVKECU FG FKUGÇQ JKFTQV¾EPKEQ RCTC TGFWEKT NQU RQUKDNGU TKGUIQU U 4GEQPQ\ECP NC KORQTVCPEKC FG NC RNCPKHKECEKÉP CODKGPVCN PQ UÉNQ RQT RCÃUGU Q EWGPECU HNWXKCNGU UKPQ VCODK¾P RQT TGIKQPGU IGQIT±HKECU EQPETGVCU VCNGU EQOQ GUVWCTKQU \QPCU EQUVGTCU GVE UKGORTG SWG GUVG GPHQSWG UG LWUVKHKSWG RQT NC PCVWTCNG\C FG NQU RTQDNGOCU KPJGTGPVGU C GUG FGUCTTQNNQ TGIKQPCN 'UVQ FGDG JCEGTUG PQ UÉNQ GP TGNCEKÉP EQP RTQ[GEVQU CKUNCFQU UQDTG TGEWTUQU JÃFTKEQU UKPQ GP GUVTGEJC XKPEWNCEKÉP EQP QVTCU CEVKXKFCFGU EQPGZCU EQOQ NC RNCPKHKECEKÉP WTDCPC [ TWTCN Q GN FGUCTTQNNQ TGIKQPCN V 4GEQPQ\ECP SWG CN VTCVCT FG RTQDNGOCU FG UCNWF RÐDNKEC UG PGEGUKVC WPC GXCNWCEKÉP EWKFCFQUC FG NCU RQUKDNGU UKVWCEKQPGU FG EQPHNKEVQ VCNGU EQOQ NC ENQTCEKÉP FG NQU GHNWGPVGU ENQCECNGU [ NC ENQTCEKÉP FGN CIWC RQVCDNG RCTC GXKVCT EQPUGEWGPEKCU GRKFGOKQNÉIKECU .WEJC EQPVTC NC EQPVCOKPCEKÉP 'U RTGEKUQ CFQRVCT OGFKFCU EQPEGTVCFCU [ RNCPKHKECFCU RCTC GXKVCT [ EQODCVKT NQU GHGEVQU FG NC EQPVCOKPCEKÉP C HKP FG RTQVGIGT [ GP ECUQ PGEGUCTKQ OGLQTCT NC ECNKFCF FG NQU TGEWTUQU FG CIWC %QP GUVG HKP UG TGEQOKGPFC SWG NQU RCÃUGU C 'HGEVÐGP GUVWFKQU FG NQU CEVWCNGU PKXGNGU FG EQPVCOKPCEKÉP FG NCU CIWCU UWRGTHKEKCNGU [ UWDVGTT±PGCU [ ETGGP TGFGU FG EQPVTQN RCTC FGVGEVCT NC EQPVCOKPCEKÉP D %TGGP EWCPFQ UGC PGEGUCTKQ NCDQTCVQTKQU RCTC CPCNK\CT FG OCPGTC UKUVGO±VKEC [ EQOQ RT±EVKEC JCDKVWCN OWGUVTCU FG CIWC KPENWKFQU CP±NKUKU HÃUKEQU SWÃOKEQU DCEVGTKQNÉIKEQ [ DKQNÉIKEQU E 4GIWNGP NC FGUECTIC FG TGUKFWQU KPFWUVTKCNGU WTDCPQU [ OKPGTQU GP NCU OCUCU FG CIWC OGFKCPVG NC CFQREKÉP FG NCU OGFKFCU FG EQPVTQN PGEGUCTKCU FGPVTQ FGN OCTEQ FG WPC RQNÃVKEC IGPGTCN FG IGUVKÉP FG NCU CIWCU VGPKGPFQ GP EWGPVC NQU CURGEVQU EWCNKVCVKXQ [ EWCPVKVCVKXQ F #RNKSWGP NG[GU OGFKFCU TGINCOGPVCTKCU [ UKUVGOCU FG KPEGPVKXQU EQPUKUVGPVGU GP ECTIQU CN XGTVKOKGPVQ FG EQPVCOKPCPVGU SWG RGTOKVCP NQITCT EKGTVQU QDLGVKXQU FG ECNKFCF GP RNC\QU FGVGTOKPCFQU &GDG GNKOKPCTUG ITCFWCNOGPVG GN XGTVKOKGPVQ GP GN OGFKQ CEW±VKEQ FG UWUVCPEKCU RGNKITQUCU SWG UGCP VÉZKECU RGTUKUVGPVGU [ DKQCEWOWNCVKXCU G 2TGUVGP GURGEKCN CVGPEKÉP C NC FKURQPKDKNKFCF FG CIWC [ C NQU GHGEVQU FG NC EQPVCOKPCEKÉP CODKGPVCN CN FGEKFKT GN GORNC\COKGPVQ [ UGNGEEKÉP FG KPUVCNCEKQPGU H 'HGEVÐGP KPXGUVKICEKQPGU [ GXCNWCEKQPGU FG NC EQPVCOKPCEKÉP FG NCU CIWCU UWRGTHKEKCNGU [ UWDVGTT±PGCU ECWUCFC RQT NQU CDQPQU [ DKQEKFCU CITÃEQNCU EQP OKTCU C TGFWEKT NQU GHGEVQU CODKGPVCNGU CFXGTUQU I #FQRVGP GN RTKPEKRKQ IGPGTCN FG SWG GP NC OGFKFC FG NQ RQUKDNG NQU EQUVQU FKTGEVQU Q KPFKTGEVQU SWG UGCP CVTKDWKDNGU C NC EQPVCOKPCEKÉP FGDG UWHTCICTNQU GN EQPVCOKPCFQT J #WOGPVGP GN PÐOGTQ OGLQTGP NC GZRNQVCEKÉP [ GUVCDNG\ECP WPC CORNKC HKUECNK\CEKÉP FG NQU UGTXKEKQU [ VGEPQNQIÃCU RCTC GN VTCVCOKGPVQ FG NCU CIWCU TGUKFWCNGU [ RTGUVCPFQ OC[QT CVGPEKÉP C FKHGTGPVGU O¾VQFQU GP GURGEKCN FG DCLQ EQPUWOQ FG GPGTIÃC FG VTCVCOKGPVQ FG NQU TGUKFWQU [ C NC WVKNK\CEKÉP RCTC NCU VKGTTCU W QVTCU WVKNK\CEKQPGU GEQPÉOKECU FG NQU TGUKFWQU K #NKGPVGP GN FGUCTTQNNQ [ GORNGQ FG UWUVCPEKCU SWG OKPKOKEGP NQU TKGUIQU RCTC NC UCNWF JWOCPC [ GN OGFKQ CODKGPVG VGPKGPFQ GP EWGPVC GP RCTVKEWNCT GN ITCFQ FG VQZKEKFCF DKQFGITCFCDKNKFCF DKQCEWOWNCEKÉP [ GWVTQHKECEKÉP L #WOGPVGP NCU CEVKXKFCFGU RCTC EQPVTQNCT [ GXCNWCT NQU GHGEVQU FG NC FGRQUKEKÉP FG EQPVCOKPCPVGU CVOQUH¾TKEQU GP GN CIWC FGUFG HWGPVGU FKUVCPVGU [ TGFW\ECP NC GOKUKÉP VQVCN FG GUQU EQPVCOKPCPVGU RQT GLGORNQ OGFKCPVG NC CRNKECEKÉP FG NC OGLQT VGEPQNQIÃC FKURQPKDNG SWG UGC GEQPÉOKECOGPVG XKCDNG M #TOQPKEGP [ WUGP EWCPFQ UGC RQUKDNG O¾VQFQU [ PQTOCU WPKHQTOGU RCTC GXCNWCT [ EQPVTQNCT NC ECNKFCF FGN CIWC [ EQORKNCT CPVGEGFGPVGU UQDTG NCU CIWCU [ ENCUKHKECTNCU GP TGNCEKÉP EQP UW WVKNK\CEKÉP N 2TGRCTGP [ CEVWCNKEGP EQPVKPWCOGPVG GP EQNCDQTCEKÉP EQP NCU QTICPK\CEKQPGU KPVGTPCEKQPCNGU SWG UG QEWRGP FG VTCDCLQU CP±NQIQU WPC NKUVC FG NQU EQPVCOKPCPVGU FGN CIWC [ CTOQPKEGP NC VGTOKPQNQIÃC GP NC GUHGTC FGN EQPVTQN FG NC EQPVCOKPCEKÉP FGN CIWC O 2TQOWGXCP NC WVKNK\CEKÉP FG NCU V¾EPKECU FG KPHKNVTCEKÉP EWCPFQ NC PCVWTCNG\C FG NQU GHNWGPVGU [ FG NQU VGTTGPQU RGTOKVC JCEGTNQ UKP TKGUIQ RCTC NQU TGEWTUQU UWRGTHKEKCNGU [ UWDVGTT±PGQU P %TGGP KPUVKVWEKQPGU CFGEWCFCU FQPFG UGC PGEGUCTKQ EQP GN OGECPKUOQ EQQTFKPCFQT CRTQRKCFQ [ TGHWGTEGP NCU [C GZKUVGPVGU RCTC SWG TGUWNVGP O±U GHKECEGU GP NC NWEJC EQPVTC NC EQPVCOKPCEKÉP Q 2TQEGFCP C WPC CFGEWCFC RNCPKHKECEKÉP FGN WUQ FG NC VKGTTC EQOQ OGFKQ FG RTGXGPKT NC EQPVCOKPCEKÉP GURGEKCNOGPVG GP GN ECUQ FG NCU CIWCU UWDVGTT±PGCU R 'UVCDNG\ECP PQTOCU FG ECNKFCF RCTC NCU FKUVKPVCU CRNKECEKQPGU ÐVKNGU FGN CIWC UKGORTG SWG UGC RQUKDNG VGPKGPFQ GP EWGPVC GN ITCFQ FG FGUCTTQNNQ [ NCU EQPFKEKQPGU UQEKCNGU [ GEQPÉOKECU FG ECFC TGIKÉP S .QITGP WPC T±RKFC FGUEQPVCOKPCEKÉP FGN CIWC EQPVCOKPCFC PCVWTCNOGPVG Q RQT CEVKXKFCFGU FGN JQODTG T %QPVTCTTGUVGP EQP VQFCU NCU OGFKFCU CRTQRKCFCU NC KPVTQFWEEKÉP GP GN CIWC FG UWUVCPEKCU VÉZKECU EQOQ GN &&6 NQU DKHGPKNQU RQNKENQTCFQU GN OGTEWTKQ [ GN ECFOKQ SWG RWGFCP FCT EQOQ TGUWNVCFQ RGNKITQU CODKGPVCNGU VGPKGPFQ GP EWCPVC NCU PGEGUKFCFGU GURGEKCNGU FG NQU RCÃUGU GP FGUCTTQNNQ U %WCPFQ TGUWNVG RT±EVKEQ CNKGPVGP [ TGCNKEGP FGEKFKFCOGPVG KPXGUVKICEKQPGU FG EQPVTQN DKQNÉIKEQ GP NQU ECUQU GP SWG UG WVKNKEGP RTQFWEVQU SWÃOKEQU RCTC GN EQPVTQN FG QTICPKUOQU TGNCEKQPCFQU EQP GN CIWC V #N EQODCVKT NC 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OGLQTCT [ UKORNKHKECT UW CNECPEG RCTC SWG CDCTSWG VQFQU NQU CURGEVQU RGTVGPGEKGPVGU CN CRTQXGEJCOKGPVQ FGN CIWC NC RTQVGEEKÉP FG NC ECNKFCF NC RTGXGPEKÉP FG NC EQPVCOKPCEKÉP NCU UCPEKQPGU RQT FGUECTICU FG CHNWGPVGU KPFGUGCDNGU NC EQPEGUKÉP FG NKEGPEKCU NC GZVTCFKEKÉP NC RTQRKGFCF GVE E #WPSWG NC NGIKUNCEKÉP FGDC IGPGTCNOGPVG UGT FGVCNNCFC JCDTÃC SWG QTICPK\CTNC GP NC HQTOC O±U UGPEKNNC RQUKDNG [ EQORCVKDNG EQP NC PGEGUKFCF FG GZRQPGT NCU TGURQPUCDKNKFCFGU [ CVTKDWEKQPGU TGURGEVKXCU FG NQU QTICPKUOQU IWDGTPCOGPVCNGU [ NQU OGFKQU RCTC EQPEGFGT C NQU RCTVKEWNCTGU GN FGTGEJQ CN WUQ FGN CIWC F .C NGIKUNCEKÉP RGTOKVC NC H±EKN CRNKECEKÉP FG NCU FGEKUKQPGU FG RQNÃVKEC SWG FGDGT±P UGT GP DGPGHKEKQ FGN RÐDNKEQ RTQVGIKGPFQ C NC XG\ NQU KPVGTGUGU TC\QPCDNGU FG NQU RCTVKEWNCTGU G .C NGIKUNCEKÉP FGHKPC NCU PQTOCU FG NC RTQRKGFCF RÐDNKEC FG NQU RTQ[GEVQU TGNCVKXQU CN CIWC CUÃ EQOQ NQU FGTGEJQU NCU QDNKICEKQPGU [ NCU TGURQPUCDKNKFCFGU [ FGUVCSWG GN RCRGN FG NQU QTICPKUOQU RÐDNKEQU CN PKXGN 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SWG EWCPFQ UG CFQRVCP FGEKUKQPGU FGDGP VGPGTUG GP EWGPVC NCU QRKPKQPGU FG SWKGPGU UG XGT±P RTQDCDNGOGPVG CHGEVCFQU RQT GNNCU .QU RCÃUGU FGDGP JCEGT NQU GUHWGT\QU PGEGUCTKQU RCTC CFQRVCT OGFKFCU SWG RGTOKVCP QDVGPGT NC RCTVKEKRCEKÉP GHGEVKXC FGN RÐDNKEQ GP GN RTQEGUQ FG RNCPKHKECEKÉP [ CFQREKÉP FG FGEKUKQPGU SWG EQORTGPFCP C NQU WUWCTKQU [ C NCU CWVQTKFCFGU RÐDNKECU 'UC RCTVKEKRCEKÉP RWGFG KPHNWKT EQPUVTWEVKXCOGPVG GP NC GNGEEKÉP FG RNCPGU [ RQNÃVKECU 5K GU PGEGUCTKQ NC NGIKUNCEKÉP FGDGT± FKURQPGT GUC RCTVKEKRCEKÉP EQOQ RCTVG KPVGITCPVG FGN RTQEGUQ FG RNCPKHKECEKÉP RTQITCOCEKÉP GLGEWEKÉP [ GXCNWCEKÉP %QP GUVG HKP UG TGEQOKGPFC SWG C .QU RCÃUGU GNCDQTGP FKURQUKEKQPGU NGIKUNCVKXCU RTQITCOCU GFWECVKXQU [ CEVKXKFCFGU FG RCTVKEKRCEKÉP CRTQRKCFQU SWG CWOGPVGP GN EQPQEKOKGPVQ FGN RÐDNKEQ [ CNKGPVGP UW RCTVKEKRCEKÉP [ SWG FGUVCSWGP GN XCNQT FGN CIWC [ GN RGNKITQ SWG GPVTCÇC UW GUECUG\ TGNCVKXC C UW GORNGQ CDWUKXQ D .QU RCÃUGU SWG CRNKSWGP VCNGU OGFKFCU [ V¾EPKECU FQEWOGPVGP [ EQORCTVCP UW GZRGTKGPEKC E 0Q UG GUECVKOG GUHWGT\Q RCTC RGTUWCFKT CN RÐDNKEQ FG SWG NC RCTVKEKRCEKÉP GU RCTVG KPVGITCPVG FGN RTQEGUQ FG CFQREKÉP FG FGEKUKQPGU [ SWG GZKUVC WPC EQTTKGPVG KPKPVGTTWORKFC FG KPHQTOCEKÉP TGEÃRTQEC F 'P NC GUHGTC FGN CDCUVGEKOKGPVQ FG CIWC [ FGN UCPGCOKGPVQ EQOWPKVCTKQU UG FGUVCSWG GURGEKCNOGPVG NC UKVWCEKÉP [ GN RCRGN FG NC OWLGT &GUCTTQNNQ FG NC VGEPQNQIÃC CRTQRKCFC 'P OWEJQU RCÃUGU GP FGUCTTQNNQ UG GUV±P JCEKGPFQ GUHWGT\QU RCTC FGUCTTQNNCT [ CEGNGTCT VGEPQNQIÃCU NQECNGU CRTQRKCFCU SWG GORNGGP NC GZRGTKGPEKC [ NCU OCVGTKCU RTKOCU NQECNGU C HKP FG CEGNGTCT GN FGUCTTQNNQ GEQPÉOKEQ GUVQU GUHWGT\QU GZKIGP CNKGPVQ GZRCPUKÉP [ CRQ[Q HKPCPEKGTQ G KPUVKVWEKQPCN 'N EQPEGRVQ [ GN EQPVGPKFQ FG NC VGEPQNQIÃC CRTQRKCFC TGNCEKQPCFC EQP GN FGUCTTQNNQ [ NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU FGDGP EQPUKFGTCTUG GP GN EQPVGZVQ FG ECFC UKVWCEKÉP UQEKQGEQPÉOKEC GP RCTVKEWNCT [ FG NQU TGEWTUQU FG SWG FKURQPGP .QU RCÃUGU GP FGUCTTQNNQ PGEGUKVCP ETGCT NC ECRCEKFCF VGEPQNÉIKEC GP NQU RNCPQU PCEKQPCN [ TGIKQPCN &GDG FCTUG RTKQTKFCF C NCU VGEPQNQIÃCU SWG KORNKSWGP WP TGFWEKFQ EQUVQ FG ECRKVCN [ CN WUQ FG OCVGTKCU RTKOCU [ TGEWTUQU NQECNGU VGPKGPFQ GP EWGPVC NQU HCEVQTGU CODKGPVCNGU .QU RCÃUGU FGUCTTQNNCFQU FGDGP CEGNGTCT GN RTQEGUQ FG VTCPUHGTGPEKC FG GZRGTKGPEKC CUKUVGPEKC V¾EPKEC [ ECRCEKVCEKÉP C NQU RCÃUGU GP FGUCTTQNNQ .QU RCÃUGU FGUCTTQNNCFQU FGDGP CNGPVCT [ OGLQTCT NCU EQPFKEKQPGU RCTC NC VTCPUOKUKÉP FG KPHQTOCEKÉP [ EQPQEKOKGPVQU V¾EPKEQU 'U PGEGUCTKQ CUKOKUOQ SWG JC[C VTCPUHGTGPEKC FG VGEPQNQIÃC GPVTG NQU RTQRKQU RCÃUGU GP FGUCTTQNNQ 'P GUVG EQPVGZVQ UQP RGTVKPGPVGU NCU EQPUKFGTCEKQPGU UKIWKGPVGU C 'U RQUKDNG SWG NQU TGUWNVCFQU FG NQU RTQITCOCU FG KPXGUVKICEKÉP PQ UG VTCPUHQTOGP H±EKN G KPOGFKCVCOGPVG GP VGEPQNQIÃCU CRNKECDNGU EQP HTGEWGPEKC UG PGEGUKVC WPC HCUG VTCPUKVQTKC FG GZRGTKOGPVCEKÉP [ CFCRVCEKÉP C HKP FG FGUCTTQNNCT NCU VGEPQNQIÃCU TGSWGTKFCU D .CU VGEPQNQIÃCU KORQTVCFCU RCTC NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU RWGFGP GZKIKT EQOQ HCUG KPVGTOGFKC GP NC VTCPUHGTGPEKC FG VGEPQNQIÃC O±U GUVWFKQU [ GZRGTKOGPVQU EQP TGURGEVQ C UW ITCFQ FG CFCRVCDKNKFCF C NQU TGEWTUQU FKURQPKDNGU [ C NCU EQPFKEKQPGU UQEKQEWNVWTCNGU GEQPÉOKECU [ CODKGPVCNGU GZKUVGPVGU E .C GUECUG\ FG CIWC C OGPWFQ VGPFT± WPC KPHNWGPEKC FGEKUKXC UQDTG GN FGUCTTQNNQ FG NC VGEPQNQIÃC CRTQRKCFC 'P CNIWPQU ECUQU RWGFG TGSWGTKT WP ECODKQ FG NCU VGEPQNQIÃCU VTCFKEKQPCNGU C QVTCU TGNCVKXCOGPVG EQORNGLCU F 'P OWEJQU RCÃUGU GP FGUCTTQNNQ NC EQPHKCP\C GP GN RTQRKQ GUHWGT\Q UG JC EQPXGTVKFQ GP QDLGVKXQ 5G FGDGTÃC VTCVCT FG RTQOQXGT NC ECRCEKFCF CWVÉEVQPC [ FG FGUCTTQNNCT NCU VGEPQNQIÃCU CRTQRKCFCU SWG CRTQXGEJCP RNGPCOGPVG NCU GZRGTKGPEKCU [ NQU TGEWTUQU NQECNGU 'UVQU GUHWGT\QU GZKIGP CRQ[Q KPUVKVWEKQPCN [ HKPCPEKGTQ %QP GUVG HKP UG TGEQOKGPFC SWG NQU RCÃUGU C 5G EGTEKQTGP FG SWG NQU CTTGINQU KPUVKVWEKQPCNGU GZKUVGPVGU UGCP CFGEWCFQU RQT NQ SWG TGURGEVC CN FGUCTTQNNQ FG VGEPQNQIÃCU CRTQRKCFCU RCTC NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU [ RTQRQTEKQPGP CRQ[Q RCTC UW FGUCTTQNNQ D 2TQRQTEKQPGP VQFQ GN CNKGPVQ [ GN CRQ[Q RQUKDNGU C NCU KPUVKVWEKQPGU PCEKQPCNGU GPECTICFCU FG FGUCTTQNNCT VGEPQNQIÃCU CRTQRKCFCU RCTC GN CRTQXGEJCOKGPVQ FG NQU TGEWTUQU JÃFTKEQU E 2TQRQTEKQPGP TGEWTUQU RCTC SWG NQU RTQHGUKQPCNGU RWGFCP QDUGTXCT NQ SWG UG JC NQITCFQ GP UW TGURGEVKXC GUHGTC FG EQPQEKOKGPVQU GP QVTQU RCÃUGU [ RCTC SWG UG HCOKNKCTKEGP EQP NCU RQUKDNGU OGLQTCU FG NCU VGEPQNQIÃCU SWG GUV±P WUCPFQ CEVWCNOGPVG F #NKGPVGP NC FKHWUKÉP O±U CORNKC RQUKDNG FG NQU EQPQEKOKGPVQU CFSWKTKFQU UQDTG GN FGUCTTQNNQ FG VGEPQNQIÃCU CRTQRKCFCU GUVCDNG\ECP [ GZRCPFCP GORTGUCU GURGEKCNK\CFCU [ CRNKSWGP RTQXGEJQUCOGPVG NCU VGEPQNQIÃCU CRTQRKCFCU SWG UG JC[CP FGUCTTQNNCFQ G 'ZCOKPGP GN CNECPEG FG NC RCTVKEKRCEKÉP RQRWNCT GP NC RNCPKHKECEKÉP NC EQPUVTWEEKÉP [ GN OCPVGPKOKGPVQ FG RTQ[GEVQU TGNCEKQPCFQU EQP GN CIWC [ CFQRVGP OGFKFCU RCTC CUGIWTCT WP PKXGN OC[QT FG RCTVKEKRCEKÉP OGFKCPVG EQPUWNVCU [ NC VTCPUOKUKÉP FG EQPQEKOKGPVQU EQOGP\CPFQ C PKXGN FG NCU CNFGCU H *CICP GN OC[QT WUQ RQUKDNG FG OCPQ FG QDTC GP NQU RTQ[GEVQU TGNCEKQPCFQU EQP GN CIWC VGPKGPFQ RTGUGPVG NC PGEGUKFCF FG NQITCT WP GSWKNKDTKQ CRTQRKCFQ GPVTG NCU VGEPQNQIÃCU SWG GZKIGP ITCP FGPUKFCF FG OCPQ FG QDTC [ NCU SWG GZKIGP ITCP FGPUKFCF FG ECRKVCN I J K L M N O P Q FGUVCECPFQ NC PGEGUKFCF FG TGFWEKT GN FGUGORNGQ [ GN GORNGQ KPUWHKEKGPVG GP RCTVKEWNCT FG VTCDCLCFQTGU PQ ECNKHKECFQU 2TQOWGXCP NQU KPVGPVQU FG HCDTKECT GNGOGPVQU VCNGU EQOQ DQODCU OQVQTGU CEGTQ VWDGTÃCU FG ENQTWTQ FG RQNKXKPKNQ CUDGUVQEGOGPVQ [ JQTOKIÉP RTGVGPUCFQ [ TGCEVKXQU RCTC GN VTCVCOKGPVQ FGN CIWC C DCUG FG TGEWTUQU NQECNGU #N RTQOQXGT GUVC KFGC FGDGT± HQOGPVCTUG GN GORNGQ FG OCVGTKCNGU FG RTQEGFGPEKC NQECN EQP VGEPQNQIÃC CXCP\CFC 'P NC HCDTKECEKÉP [ WVKNK\CEKÉP FG OCVGTKCNGU RQVGPEKCNOGPVG RGNKITQUQU EQOQ GN ENQTWTQ FG RQNKXKPKNQ [ GN COKCPVQ FGDGT±P CFQRVCTUG RTGECWEKQPGU CRTQRKCFCU &GUCTTQNNGP KPUVCNCEKQPGU RCTC NC EQPUGTXCEKÉP [ TGRCTCEKÉP FG GSWKRQ JKFT±WNKEQ KORQTVCFQ KPENWKFC NC HCDTKECEKÉP FG RKG\CU FG TGRWGUVQ 2TQOWGXCP NC PQTOCNK\CEKÉP FGN GSWKRQ RCTC C[WFCT C TGUQNXGT NQU RTQDNGOCU QRGTCEKQPCNGU SWG UG FGTKXCP FG NC GUECUG\ FG RKG\CU FG TGRWGUVQ 2TQOWGXCP NC PQTOCNK\CEKÉP FG GURGEKHKECEKQPGU FKUGÇQU [ RNCPQU FG GSWKRQU [ QDTCU JKFT±WNKECU 2TQOWGXCP CTTGINQU UWDTGIKQPCNGU [ TGIKQPCNGU RCTC NC RNCPKHKECEKÉP FKUGÇQ [ EQPUVTWEEKÉP FG RTQ[GEVQU TGNCEKQPCFQU EQP GN CIWC [ GN KPVGTECODKQ FG KPHQTOCEKÉP EQP QVTCU TGIKQPGU GP SWG UG FGP EQPFKEKQPGU UKOKNCTGU 2TQOWGXCP NC EQQRGTCEKÉP V¾EPKEC KPVTCTTGIKQPCN RCTC GNKOKPCT NC CEVWCN FKURCTKFCF GPVTG RCÃUGU GP OCVGTKC FG FGUCTTQNNQ VGEPQNÉIKEQ CN OKUOQ VKGORQ SWG HQOGPVCP NCU KPPQXCEKQPGU VGEPQNÉIKECU GP NC RNCPKHKECEKÉP NC KPUVTWOGPVCEKÉP [ GN GSWKRQ [ GN KPVGTECODKQ FG KPHQTOCEKÉP EQP QVTCU TGIKQPGU 5G CUGIWTGP FG SWG NQU OCVGTKCNGU RCTC UGTXKEKQU FG CIWC HCDTKECFQU EQP TGEWTUQU NQECNGU PQ ETGGP TKGUIQU RCTC NC UCNWF 'UVCDNG\ECP RTQITCOCU FG GOGTIGPEKC RCTC CDCUVGEGT FG CIWC RQVCDNG C NCU \QPCU GP SWG ¾UVC GUECUGC *CICP VQFQ NQ RQUKDNG RQT OGLQTCT NC TGNCEKÉP EQUVQDGPGHKEKQ VGPKGPFQ GP EWGPVC CN OKUOQ VKGORQ NC PGEGUKFCF FG RTQVGIGT GN OGFKQ CODKGPVG [ NC UCNWF CUÃ EQOQ NQU CURGEVQU UQEKQGEQPÉOKEQU RGTVKPGPVGU '4KGUIQUPCVWTCNGU *C[ ITCPFGU \QPCU FGN OWPFQ FQPFG EQP HTGEWGPEKC UG RTQFWEGP HGPÉOGPQU JKFTQOGVGQTQNÉIKEQU ITCXGU SWG ECWUCP ITCPFGU FCÇQU RTQXQECP R¾TFKFCU FG XKFCU [ HTGPCP GN FGUCTTQNNQ .C GZRGTKGPEKC FGOWGUVTC SWG UK UG EQODKPCP FG OCPGTC CFGEWCFC NCU QDTCU FG KPIGPKGTÃC [ NCU OGFKFCU PQ GUVTWEVWTCNGU UG RWGFGP TGFWEKT EQPUKFGTCDNGOGPVG NQU FCÇQU 'U RTGEKUQ RNCPKHKECT RQT CPVKEKRCFQ [ EQQTFKPCT NCU OGFKFCU SWG UG FGDGP VQOCT RCTC GXKVCT [ TGFWEKT NQU FCÇQU RTQFWEKFQU RQT HGPÉOGPQU JKFTQOGVGQTQNÉIKEQU ITCXGU 'UVQU FGDGTÃCP GUVWFKCTUG [ FGDGTÃCP GXCNWCTUG NCU R¾TFKFCU UWHTKFCU GP NCU \QPCU O±U CHGEVCFCU VGPKGPFQ GP EWGPVC UWU ECTCEVGTÃUVKECU HÃUKECU GEQPÉOKECU [ UQEKCNGU RCTC RTQPQUVKECT GN ECT±EVGT [ NC HTGEWGPEKC RTQDCDNGU FG NQU FCÇQU %QPVTQN FG NCU R¾TFKFCU RTQFWEKFCU RQT NCU KPWPFCEKQPGU 'P OWEJQU RCÃUGU NCU KPWPFCEKQPGU EQPUVKVW[GP WP RGNKITQ OW[ ITCXG RQTSWG NCU NNCPWTCU KPWPFCDNGU FG NQU ITCPFGU TÃQU GUV±P UKGORTG FGPUCOGPVG RQDNCFCU [ RQTSWG GP GNNCU UG GPEWGPVTCP RTQRKGFCFGU FG WP XCNQT EQPUKFGTCDNG 'U RQUKDNG TGFWEKT NCU R¾TFKFCU ECWUCFCU RQT NCU KPWPFCEKQPGU OGFKCPVG RTGECWEKQPGU CORNKCU FG ECT±EVGT GUVTWEVWTCN [ PQ GUVTWEVWTCN [ OGFKCPVG NC QTICPK\CEKÉP FG UGTXKEKQU FG GOGTIGPEKC SWG KPENW[CP NC CORNKCEKÉP FG NQU UGTXKEKQU JKFTQNÉIKEQU RCTC C[WFCT C RTGFGEKT NCU KPWPFCEKQPGU [ NQU HGPÉOGPQU EQPGZQU 'P OWEJQU RCÃUGU GU PGEGUCTKQ TGHQT\CT NQU RTQITCOCU GPECOKPCFQU C TGFWEKT NCU R¾TFKFCU RTQXQECFCU RQT NCU KPWPFCEKQPGU GP GN OCTEQ FG NQU RTQITCOCU FG QTFGPCEKÉP FG VKGTTCU [ CIWCU [ FG RTGXGPEKÉP [ RTGRCTCEKÉP GP IGPGTCN RCTC ECUQU FG FGUCUVTG # GUVG HKP UG TGEQOKGPFC C NQU RCÃUGU SWG C %QOQ RCTVG FG NQU RTQITCOCU IGPGTCNGU FG QTFGPCEKÉP FG VKGTTCU [ CIWCU K 2TGXGCP GN OC[QT OCTIGP FG UGIWTKFCF RQUKDNG RCTC TGFWEEKÉP FG KPWPFCEKQPGU GP GN FKUGÇQ [ HWPEKQPCOKGPVQ FG NQU GODCNUGU JCDKFC EWGPVC PQ QDUVCPVG FG NC HWPEKÉP RTKPEKRCN SWG KPEWODG C ECFC WPQ FG GNNQU KK 6GPICP GP EWGPVC GN GHGEVQ FG NC WVKNK\CEKÉP FG CIWCU ECRVCFCU GP GN XQNWOGP [ NC HTGEWGPEKC FGN GUEWTTKOKGPVQ KKK #FQRVGP FKURQUKEKQPGU RCTC NC \QPKHKECEKÉP [ NC QTFGPCEKÉP FG NCU VKGTTCU RCTVKEWNCTOGPVG GZRWGUVCU C NCU KPWPFCEKQPGU VGPKGPFQ FGDKFCOGPVG GP EWGPVC NCU EQPUGEWGPEKCU GEQPÉOKECU [ UQEKCNGU FG NQU FKUVKPVQU WUQU KX 2NCPKHKSWGP EQP NC FGDKFC CPVKEKRCEKÉP [ RTQRQTEKQPGP WPC RTQVGEEKÉP GHGEVKXC EQPVTC NCU KPWPFCEKQPGU OGFKCPVG OGFKFCU GUVTWEVWTCNGU [ PQ GUVTWEVWTCNGU RTQRQTEKQPCFCU C NC OCIPKVWF FGN TKGUIQ X 2TQRQTEKQPGP TGEWTUQU HKPCPEKGTQU CFGEWCFQU RCTC OGLQTCT NCU \QPCU FG ECRVCEKÉP RCTC TGVGPGT NCU CIWCU FG NCU KPWPFCEKQPGU [ EQPVTQNCT NC GTQUKÉP FG NQU UWGNQU [ HQOGPVGP NC RCTVKEKRCEKÉP NQECN GP NC CRNKECEKÉP FG GUCU OGFKFCU XK 2TQRQTEKQPGP HQPFQU CFGEWCFQU RCTC GN FGDKFQ OCPVGPKOKGPVQ FG NCU QDTCU FG RTQVGEEKÉP EQPVTC NCU KPWPFCEKQPGU D #FQRVGP UKUVGOCU FG RTQPÉUVKEQ [ CNCTOC RCTC ECUQU FG KPWPFCEKÉP EQOQ VCODK¾P OGFKFCU FG NWEJC [ GXCEWCEKÉP C HKP FG TGFWEKT CN OÃPKOQ NCU R¾TFKFCU FG XKFCU [ FG DKGPGU .QU RTQEGUQU FG FGUCTTQNNQ FGDGP KPENWKT OGFKFCU FG CUKUVGPEKC RCTC ECUQU FG FGUCUVTG SWG KPENW[CP UGTXKEKQU FG OGFKEKPC RTGXGPVKXC E /GLQTGP NC TGWPKÉP FG FCVQU UQDTG NQU FCÇQU RTQFWEKFQU RQT NCU KPWPFCEKQPGU C HKP FG RTQRQTEKQPCT OGLQTGU DCUGU RCTC NC RNCPKHKECEKÉP GNCDQTCEKÉP [ CRNKECEKÉP FG NCU OGFKFCU RCTC NC TGFWEEKÉP FG NCU R¾TFKFCU ECWUCFCU RQT NCU KPWPFCEKQPGU [ FG GXCNWCT NQU TGUWNVCFQU FG NCU OGFKFCU CFQRVCFCU F 'NCDQTGP OCRCU FG TKGUIQU FG KPWPFCEKQPGU EQOQ DCUG RCTC RTQITCOCU FG KPHQTOCEKÉP RÐDNKEC [ FG CEEKÉP FG NQU IQDKGTPQU RCTC TGIWNCT GN FGUCTTQNNQ GP NCU \QPCU RTQRGPUCU C KPWPFCEKQPGU G &GP NC FGDKFC EQPUKFGTCEKÉP C OGFKFCU GUVTWEVWTCNGU EQOQ FKSWGU [ OWTQU FG EQPVGPEKÉP [ VCODK¾P C OGFKFCU PQ GUVTWEVWTCNGU EQOQ TGINCOGPVCEKQPGU UQDTG NNCPWTCU KPWPFCDNGU \QPKHKECEKÉP FG KPWPFCEKQPGU RTGRCTCEKÉP FG OCRCU FG TKGUIQU FG KPWPFCEKQPGU UGIWTQU FG KPWPFCEKQPGU GVE G KPVGITGP NCU OGFKFCU FG QTFGPCEKÉP FG NCU EWGPECU JKFTQIT±HKECU UWRGTKQTGU GP NQU RNCPGU IGPGTCNGU FG NWEJC EQPVTC NCU KPWPFCEKQPGU %QPVTQN FG NCU R¾TFKFCU RTQFWEKFCU RQT NCU UGSWÃCU 'P NQU ÐNVKOQU CÇQU UGSWÃCU FG GZEGREKQPCN UGXGTKFCF JCP ECWUCFQ ITCXGU FCÇQU GP OWEJCU \QPCU FGN OWPFQ 'UQU FGUCUVTGU RWGFGP QEWTTKT GP EWCNSWKGT OQOGPVQ 2QT EQPUKIWKGPVG GP GUCU \QPCU VKGPGP ITCP RTKQTKFCF NCU OGFKFCU VGPFKGPVGU C OKVKICT NCU EQPUGEWGPEKCU FG NC UGSWÃC 2CTC TGOGFKCT GUC UKVWCEKÉP FGDGP CFQRVCTUG OGFKFCU GUVTWEVWTCNGU [ PQ GUVTWEVWTCNGU [ OGFKFCU FG GOGTIGPEKC [ C GUVG HKP FGDGP EQPUKFGTCTUG GNGOGPVQU ENCXG GN FGUCTTQNNQ [ NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU CUÃ EQOQ GN RTQPÉUVKEQ C NCTIQ RNC\Q FG NCU UGSWÃCU 'U PGEGUCTKQ OGLQTCT NCU DCUGU RCTC NC RNCPKHKECEKÉP FG NC QTFGPCEKÉP FG VKGTTCU [ CIWCU C HKP FG WVKNK\CT GP HQTOC ÉRVKOC NQU TGEWTUQU FG VKGTTCU [ CIWCU GP NCU \QPCU UWLGVCU C UGSWÃCU ITCXGU &GDGP GNCDQTCTUG RTQITCOCU CORNKQU RCTC RTQEGFGT RTQITGUKXCOGPVG CN FGUCTTQNNQ FG NQU 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RTQVGEEKÉP [ EQPUGTXCEKÉP CFGEWCFCU FGN CIWC TGXKUVG XKVCN KORQTVCPEKC SWG VQFQU NQU EKWFCFCPQU VGPICP EQPQEKOKGPVQ FG NCU EWGUVKQPGU HWPFCOGPVCNGU CN TGURGEVQ 2QT GUC TC\ÉP NC GFWECEKÉP G KPXGUVKICEKÉP FGDGP GUVCT GHKEKGPVGOGPVG EQORNGOGPVCFCU OGFKCPVG GN UWOKPKUVTQ FG CORNKC KPHQTOCEKÉP CN RÐDNKEQ 'UC KPHQTOCEKÉP RÐDNKEC VKGPG NC HKPCNKFCF FG ETGCT WPC TGURQPUCDKNKFCF VCPVQ IGPGTCN EQOQ RGTUQPCN TGURGEVQ FG NQU RTQDNGOCU HWPFCOGPVCNGU TGNCEKQPCFQU EQP GN CIWC 5G EQPUKFGTC VCTGC KPFKURGPUCDNG FG NQU IQDKGTPQU OQVKXCT C NQU EKWFCFCPQU RCTC SWG CFQRVGP WP ETKVGTKQ EQTTGEVQ UQDTG EWGUVKQPGU TGNCVKXCU C UW WUQ FKCTKQ FGN CIWC #N F±TUGNG WP UGPVKOKGPVQ IGPGTCN FG TGURQPUCDKNKFCF RQT NQU TGEWTUQU NQECNGU NC IGPVG VGPFT± EQPEKGPEKC FG NC KORQTVCPEKC FG NC RTQVGEEKÉP [ EQPUGTXCEKÉP FGN CIWC .QU RCÃUGU FGDGP CUKIPCT RTKQTKFCF C NC TGCNK\CEKÉP FG RTQITCOCU FG ECORCÇCU PCEKQPCNGU FG KPHQTOCEKÉP FKTKIKFCU C VQFC NC RQDNCEKÉP CEGTEC FG NC WVKNK\CEKÉP RTQVGEEKÉP [ EQPUGTXCEKÉP CFGEWCFCU FGN CIWC 'P GUVG EQPVGZVQ UG TGEQOKGPFC SWG NQU RCÃUGU C &KTKLCP NC KPHQTOCEKÉP C VQFQU NQU EKWFCFCPQU RTKOGTCOGPVG RQT EQPFWEVQ FG VQFCU NCU XÃCU PQTOCNGU FG NC GPUGÇCP\C RTKOCTKC [ NC GPUGÇCP\C RCTC CFWNVQU GP TGNCEKÉP EQP NQU RTQITCOCU EQTTKGPVGU FG UCNWF [ NQU RNCPGU FG KPHQTOCEKÉP RCTC NQU RCFTGU D +PKEKGP ECORCÇCU GURGEKCNGU FG KPHQTOCEKÉP OGFKCPVG GN GORNGQ FG HQNNGVQU RGTKÉFKEQU NC TCFKQ [ NC VGNGXKUKÉP [ QVTCU HQTOCU FG FKXWNICEKÉP E 2TGRCTGP C NC RQDNCEKÉP RCTC CHTQPVCT NCU EQPUGEWGPEKCU FG NCU OQFCNKFCFGU FG XKFC FKUVKPVCU SWG RQFTÃC GPVTCÇCT NC OC[QT FKURQPKDKNKFCF FG CIWC GP \QPCU FQPFG NC GUECUG\ JWDKGTC TGUVTKPIKFQ FKXGTUCU CEVKXKFCFGU F 2TQRQTEKQPGP KPHQTOCEKÉP GP HQTOC UKORNG [ CFCRVCFC C NCU EQPFKEKQPGU NQECNGU UQDTG GN WUQ FG NC VKGTTC NCU VTCFKEKQPGU UQEKCNGU GN ENKOC NC IGQNQIÃC [ NC KPHTCGUVTWEVWTC G +PHQTOGP C NC RQDNCEKÉP UQDTG NCU EQPUGEWGPEKCU GEQNÉIKECU JKFTQNÉIKECU [ UCPKVCTKCU PGICVKXCU FGN OCN GORNGQ FGN CIWC H &GUVCSWGP GN TKGUIQ FG FKHWUKÉP FG NCU GPHGTOGFCFGU SWG 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GUHWGT\Q PQ JC UKFQ UWHKEKGPVG RCTC GNKOKPCT NC GUECUG\ FG RGTUQPCN ECRCEKVCFQ EQOQ QDUV±EWNQ ETÃVKEQ .QU RCÃUGU FGDGP CUKIPCT RTKQTKFCF C NC TGCNK\CEKÉP FG GUVWFKQU RCTC FGVGTOKPCT NCU PGEGUKFCFGU PCEKQPCNGU FG RGTUQPCN CFOKPKUVTCVKXQ EKGPVÃHKEQ [ V¾EPKEQ GP OCVGTKC FG TGEWTUQU JÃFTKEQU &GDG KPHQTOCTUG [ JCEGT UGPUKDNGU C NQU NGIKUNCFQTGU [ CN RWDNKEQ GP IGPGTCN GP TGNCEKÉP EQP GUVG RTQDNGOC *C[ SWG GORTGPFGT RTQITCOCU FG ECRCEKVCEKÉP RCTC SWG NQU RNCPKHKECFQTGU FG NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU GPVKGPFCP [ XCNQTGP NCU FKUVKPVCU FKUEKRNKPCU TGNCEKQPCFCU EQP GN FGUCTTQNNQ [ NC WVKNK\CEKÉP FG GUQU TGEWTUQU [ RCTC RTQRQTEKQPCT RGTUQPCN RTQHGUKQPCN V¾EPKEQ [ GURGEKCNK\CFQ GP JKFTQNQIÃC JKFTQIGQNQIÃC JKFT±WNKEC EKGPEKCU UQEKCNGU DKQNÉIKECU [ UCPKVCTKCU [ FGUCNCEKÉP FGN CIWC CUÃ EQOQ CFOKPKUVTCFQTGU FG UKUVGOCU FG TGEWTUQU JÃFTKEQU GPECTICFQU FG RNCPVCU FG FKUVTKDWEKÉP [ VTCVCOKGPVQ FGN CIWC G KPURGEVQTGU FG KPUVCNCEKQPGU FG EQPVTQN FG NC ECNKFCF FGN CIWC &GDGP QTICPK\CTUG CUKOKUOQ UGTXKEKQU FG FKXWNICEKÉP RCTC CITKEWNVQTGU 'P GUVG EQPVGZVQ UQP RGTVKPGPVGU NCU UKIWKGPVGU EQPUKFGTCEKQPGU C .C GFWECEKÉP [ NC ECRCEKVCEKÉP UQP PGEGUCTKCU RCTC GN RGTUQPCN FG VQFQU NQU PKXGNGU SWG UG QEWRG FGN FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU VCNGU EQOQ RTQHGUKQPCNGU UWDRTQHGUKQPCNGU WUWCTKQU FGN CIWC VTCDCLCFQTGU UQEKCNGU C PKXGN FG CNFGC GVE D .QU RTQITCOCU FGDGP KPENWKT EWTUQU FG TGRCUQ [ HQTOCEKÉP GP GN GORNGQ RCTC GN RGTUQPCN GZKUVGPVG C HKP FG FKHWPFKT NQU PWGXQU CFGNCPVQU GP O¾VQFQU [ V¾EPKECU E *C[ SWG ETGCT KPEGPVKXQU RCTC KPFWEKT CN RGTUQPCN C RGTOCPGEGT GP NCU GUHGTCU FG VTCDCLQ GP NCU SWG GU RGTVKPGPVG NC ECRCEKVCEKÉP SWG JCP TGEKDKFQ F *C[ SWG RTQRQTEKQPCT ECRCEKVCEKÉP GP CFOKPKUVTCEKÉP RCTC CNVQU HWPEKQPCTKQU GP TGNCEKÉP EQP WPC FKXGTUKFCF FG CUWPVQU KPENWKFCU V¾EPKECU FG RTGRCTCEKÉP [ CFOKPKUVTCEKÉP FG RTQ[GEVQU G .C ECRCEKVCEKÉP FKURQPKDNG C PKXGN RTQHGUKQPCN [ UWDRTQHGUKQPCN C OGPWFQ TGSWKGTG EQOQ RTKOGTC RTKQTKFCF WP EQPUKFGTCDNG OGLQTCOKGPVQ EWCNKVCVKXQ O±U SWG 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CIWCU UWDVGTT±PGCU GU RQT EQPUKIWKGPVG WP GNGOGPVQ KORTGUEKPFKDNG FG NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU *CDT± SWG VTCVCT FG CNECP\CT UKOWNV±PGCOGPVG VTGU QDLGVKXQU RCTC KPENWKT NQU GNGOGPVQU FG NC ECNKFCF FGN CIWC GP NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU C /CPVGPKOKGPVQ FG NC KPVGITKFCF FG NQU GEQUKUVGOCU FG CEWGTFQ EQP GN RTKPEKRKQ FG QTFGPCEKÉP FG RTGUGTXCT NQU GEQUKUVGOCU CEW±VKEQU KPENWKFQU NQU TGEWTUQU XKXQU [ FG RTQVGIGTNQU GHKEC\OGPVG FG VQFC HQTOC FG FGITCFCEKÉP D 2TQVGEEKÉP FG NC UCNWF RÐDNKEC VCTGC SWG PQ UÉNQ TGSWGTKT± UWOKPKUVTCT CIWC RQVCDNG NKDTG FG I¾TOGPGU RCVÉIGPQU UKPQ VCODK¾P NWEJCT EQPVTC NQU XGEVQTGU FG GPHGTOGFCFGU GP GN OGFKQ CEW±VKEQ E &GUCTTQNNQ FG NQU TGEWTUQU JWOCPQU ENCXG RCTC HQOGPVCT NC ECRCEKFCF [ TGSWKUKVQ RCTC GN EQPVTQN FG NC ECNKFCF FGN CIWC 6QFQU NQU 'UVCFQU UGIÐP NC ECRCEKFCF [ NQU TGEWTUQU FG SWG FKURQPICP [ OGFKCPVG NC EQQRGTCEKÉP DKNCVGTCN Q OWNVKNCVGTCN KPENWKFCU UGIÐP RTQEGFC NCU 0CEKQPGU 7PKFCU [ QVTCU QTICPK\CEKQPGU EQORGVGPVGU RQFTÃCP HKLCT NQU QDLGVKXQU UKIWKGPVGU C &GVGTOKPCT NQU TGEWTUQU FG CIWC UWRGTHKEKCNGU [ UWDVGTT±PGCU SWG RQFTÃCP FGUCTTQNNCTUG RCTC UW CRTQXGEJCOKGPVQ FG OCPGTC UQUVGPKDNG [ QVTQU KORQTVCPVGU TGEWTUQU FGRGPFKGPVGU FGN D E F G H I J CIWC SWG UG RWGFCP CRTQXGEJCT [ CN OKUOQ VKGORQ KPKEKCT RTQITCOCU RCTC NC RTQVGEEKÉP EQPUGTXCEKÉP [ CRTQXGEJCOKGPVQ TCEKQPCN [ UQUVGPKDNG FG GUQU TGEWTUQU &GVGTOKPCT VQFCU NCU HWGPVGU RQUKDNGU FG CDCUVGEKOKGPVQ FG CIWC [ RTGRCTCT RNCPGU RCTC UW RTQVGEEKÉP EQPUGTXCEKÉP [ WUQ TCEKQPCN +PKEKCT RTQITCOCU GHKECEGU FG RTGXGPEKÉP [ EQPVTQN FG NC EQPVCOKPCEKÉP FGN CIWC DCUCFQU GP WPC EQODKPCEKÉP CFGEWCFC FG GUVTCVGIKCU RCTC TGFWEKT NC EQPVCOKPCEKÉP GP UW QTKIGP OKUOQ GXCNWCEKQPGU FGN KORCEVQ CODKGPVCN [ PQTOCU QDNKICVQTKCU CRNKECDNGU C FGUECTICU FG HWGPVGU RWPVWCNGU KORQTVCPVGU [ HWGPVGU PQ RWPVWCNGU FG CNVQ TKGUIQ SWG UGCP RTQRQTEKQPCNGU C UW FGUCTTQNNQ UQEKQGEQPÉOKEQ 2CTVKEKRCT VCPVQ EQOQ RTQEGFC GP RTQITCOCU KPVGTPCEKQPCNGU FG XKIKNCPEKC [ QTFGPCEKÉP FG NC ECNKFCF FGN CIWC EQOQ GN 2TQITCOC OWPFKCN FG XKIKNCPEKC FG NC ECNKFCF FGN CIWC GN 2TQITCOC FGN 207/# FG QTFGPCEKÉP GEQNÉIKECOGPVG TCEKQPCN FG NCU CIWCU KPVGTKQTGU NQU QTICPKUOQU TGIKQPCNGU FG NC (#1 UQDTG NC RGUEC GP CIWCU EQPVKPGPVCNGU Q GN %QPXGPKQ UQDTG NCU OCTKUOCU FG KORQTVCPEKC KPVGTPCEKQPCN GURGEKCNOGPVG EQOQ J±DKVCV FG CXGU CEW±VKECU 4GFWEKT NC KPEKFGPEKC FG GPHGTOGFCFGU TGNCEKQPCFCU EQP GN CIWC GORG\CPFQ EQP NC GTTCFKECEKÉP FG NC FTCEWPEWNQUKU GPHGTOGFCF FGN IWUCPQ FG )WKPGC [ FG NC QPEQEGTEQUKU EGIWGTC FG NQU TÃQU RCTC GN CÇQ 'UVCDNGEGT UGIÐP UW ECRCEKFCF [ UWU PGEGUKFCFGU ETKVGTKQU FG ECNKFCF DKQNÉIKEC O¾FKEC HÃUKEC [ SWÃOKEC RCTC VQFCU NCU OCUCU FG CIWC CIWCU UWRGTHKEKCNGU [ UWDVGTT±PGCU EQP OKTCU C OGLQTCT EQPUVCPVGOGPVG UW ECNKFCF #FQRVCT WP GPHQSWG KPVGITCFQ FG NC QTFGPCEKÉP GEQNÉIKECOGPVG UQUVGPKDNG FG NQU TGEWTUQU JÃFTKEQU SWG KPENW[C NC RTQVGEEKÉP FG NQU GEQUKUVGOCU CEW±VKEQU [ NQU TGEWTUQU XKXQU FG CIWC FWNEG #RNKECT GUVTCVGIKCU RCTC NC QTFGPCEKÉP GEQNÉIKECOGPVG TCEKQPCN FG NQU TGEWTUQU FG CIWC FWNEG [ GEQUKUVGOCU EQUVGTQU EQPGZQU OGFKCPVG GPVTG QVTCU EQUCU GN GZCOGP FG NCU RGUSWGTÃCU NC CEWKEWNVWTC NQU RCUVQU NCU CEVKXKFCFGU CITÃEQNCU [ NC DKQFKXGTUKFCF #EVKXKFCFGU 6QFQU NQU 'UVCFQU UGIÐP NC ECRCEKFCF [ NQU TGEWTUQU FG SWG FKURQPICP [ OGFKCPVG NC EQQRGTCEKÉP DKNCVGTCN Q OWNVKNCVGTCN KPENWKFCU UGIÐP RTQEGFC NCU 0CEKQPGU 7PKFCU [ QVTCU QTICPK\CEKQPGU EQORGVGPVGU RQFTÃCP GLGEWVCT NCU CEVKXKFCFGU UKIWKGPVGU C 2TQVGEEKÉP [ EQPUGTXCEKÉP FG NQU TGEWTUQU JÃFTKEQU K 'UVCDNGEGT [ TGHQT\CT NC ECRCEKFCF V¾EPKEC G KPUVKVWEKQPCN RCTC FGVGTOKPCT [ RTQVGIGT NCU RQUKDNGU HWGPVGU FG CDCUVGEKOKGPVQ FG CIWC GP VQFQU NQU UGEVQTGU FG NC UQEKGFCF KK &GVGTOKPCT RQUKDNGU HWGPVGU FG CDCUVGEKOKGPVQ FG CIWC [ RTGRCTCT RGTHKNGU PCEKQPCNGU KKK 'NCDQTCT RNCPGU PCEKQPCNGU RCTC RTQVGIGT [ EQPUGTXCT NQU TGEWTUQU JÃFTKEQU KX 4GJCDKNKVCT \QPCU FG ECRVCEKÉP KORQTVCPVGU [ FGITCFCFCU UQDTG VQFQ GP NCU KUNCU RGSWGÇCU X (QTVCNGEGT NCU FKURQUKEKQPGU CFOKPKUVTCVKXCU [ NGIKUNCVKXCU RCTC KORGFKT KPVTQOKUKQPGU GP NCU \QPCU FG ECRVCEKÉP GZKUVGPVGU [ WVKNK\CDNGU GP RQVGPEKC D %QPVTQN [ RTGXGPEKÉP FG NC EQPVCOKPCEKÉP FGN CIWC K #RNKECT EWCPFQ RTQEGFC C VQFQU NQU VKRQU FG HWGPVGU GN RTKPEKRKQ FG SWG SWKGP EQPVCOKPC RCIC CUÃ EQOQ GN UCPGCOKGPVQ KP UKVW [ GZ UKVW KK 2TQOQXGT NC EQPUVTWEEKÉP FG KPUVCNCEKQPGU FG VTCVCOKGPVQ RCTC NCU CIWCU UGTXKFCU FQO¾UVKECU [ GHNWGPVGU KPFWUVTKCNGU [ FGUCTTQNNCT VGEPQNQIÃCU CRTQRKCFCU VGPKGPFQ GP EWGPVC NQU O¾VQFQU CWVÉEVQPQU [ VTCFKEKQPCNGU X±NKFQU KKK 'UVCDNGEGT PQTOCU RCTC GN XGTVKFQ FG GHNWGPVGU [ RCTC NCU CIWCU SWG NQU TGEKDGP KX +PVTQFWEKT EWCPFQ RTQEGFC GN ETKVGTKQ FG RTGECWEKÉP GP NC QTFGPCEKÉP FG NC ECNKFCF FGN CIWC RTGUVCPFQ GURGEKCN CVGPEKÉP C NC O±ZKOC TGFWEEKÉP RQUKDNG [ RTGXGPEKÉP FG NC EQPVCOKPCEKÉP OGFKCPVG GN GORNGQ FG PWGXCU VGEPQNQIÃCU GN ECODKQ FG RTQFWEVQU [ RTQEGUQU NC TGFWEEKÉP FG NC EQPVCOKPCEKÉP GP UW QTKIGP GN TGCRTQXGEJCOKGPVQ TGEKENCLG TGEWRGTCEKÉP VTCVCOKGPVQ [ GNKOKPCEKÉP UKP TKGUIQ GEQNÉIKEQ FG NQU GHNWGPVGU X 'XCNWCT QDNKICVQTKCOGPVG GN KORCEVQ CODKGPVCN FG VQFQU NQU RTKPEKRCNGU RTQ[GEVQU FG CRTQXGEJCOKGPVQ FG TGEWTUQU JÃFTKEQU SWG RWGFCP RGTLWFKECT NC ECNKFCF FG NC OKUOC [ NQU GEQUKUVGOCU CEW±VKEQU LWPVCOGPVG EQP NC HQTOWNCEKÉP FG OGFKFCU EQTTGEVKXCU CRTQRKCFCU [ WP EQPVTQN TGHQT\CFQ FG NCU KPUVCNCEKQPGU KPFWUVTKCNGU PWGXCU NQU XGTVGFGTQU FG TGUKFWQU UÉNKFQU [ NQU RTQ[GEVQU FG FGUCTTQNNQ FG NC KPHTCGUVTWEVWTC XK #RNKECT NC GXCNWCEKÉP [ IGUVKÉP FG TKGUIQU RCTC CFQRVCT FGEKUKQPGU GP GUVG ECORQ [ EQPUGIWKT SWG ¾UVCU UG CECVGP XKK &GVGTOKPCT [ CRNKECT NQU OGLQTGU O¾VQFQU CODKGPVCNGU RCTC GXKVCT NC EQPVCOKPCEKÉP FKHWUC C UCDGT OGFKCPVG WP WUQ NKOKVCFQ TCEKQPCN [ RNCPKHKECFQ FG NQU HGTVKNK\CPVGU PKVTQIGPCFQU [ QVTQU RTQFWEVQU CITQSWÃOKEQU RNCIWKEKFCU JGTDKEKFCU GP NQU EWNVKXQU XKKK (QOGPVCT [ RTQOQXGT NC WVKNK\CEKÉP FG CIWCU TGUKFWCNGU FGDKFCOGPVG VTCVCFCU [ RWTKHKECFCU GP NC CITKEWNVWTC CEWKEWNVWTC KPFWUVTKC [ QVTQU UGEVQTGU E &GUCTTQNNQ [ CRNKECEKÉP FG VGEPQNQIÃCU PQ EQPVCOKPCPVGU K %QPVTQNCT NQU XGTVKFQU FG FGUGEJQU KPFWUVTKCNGU WVKNK\CPFQ GPVTG QVTCU V¾EPKECU FG RTQFWEEKÉP SWG IGPGTGP RQEQU FGUGEJQU [ V¾EPKECU FG TGEKTEWNCEKÉP FGN CIWC FG OCPGTC KPVGITCFC [ OGFKCPVG NC CRNKECEKÉP FG OGFKFCU ECWVGNCTGU FGTKXCFCU FG WP CP±NKUKU CORNKQ FGN EKENQ XKVCN KK 6TCVCT CIWCU TGUKFWCNGU OWPKEKRCNGU RCTC UW WVKNK\CEKÉP UKP TKGUIQU GP NC CITKEWNVWTC [ NC CEWKEWNVWTC KKK 2GTHGEEKQPCT DKQVGEPQNQIÃCU GPVTG QVTCU EQUCU RCTC GN VTCVCOKGPVQ FG FGUGEJQU NC RTQFWEEKÉP FG DKQHGTVKNK\CPVGU [ QVTCU CEVKXKFCFGU KX &GUCTTQNNCT O¾VQFQU CRTQRKCFQU RCTC EQODCVKT NC EQPVCOKPCEKÉP FGN CIWC VGPKGPFQ GP EWGPVC NCU RT±EVKECU VTCFKEKQPCNGU [ CWVÉEVQPCU X±NKFCU F 2TQVGEEKÉP FG NCU CIWCU UWDVGTT±PGCU K &GUCTTQNNCT O¾VQFQU FG EWNVKXQ SWG PQ FGITCFGP NCU CIWCU UWDVGTT±PGCU KK #RNKECT NCU OGFKFCU PGEGUCTKCU RCTC OKVKICT NC KPVTWUKÉP UCNKPC GP CEWÃHGTQU FG KUNCU RGSWGÇCU [ NNCPWTCU EQUVGTCU C EQPUGEWGPEKC FG NC GNGXCEKÉP FGN PKXGN FGN OCT Q FG WPC GZRNQVCEKÉP GZEGUKXC FG NQU CEWÃHGTQU EQUVGTQU KKK 2TGXGPKT NC EQPVCOKPCEKÉP FG NQU CEWÃHGTQU OGFKCPVG GN EQPVTQN FG NCU UWUVCPEKCU VÉZKECU SWG KORTGIPCP GN VGTTGPQ [ GN GUVCDNGEKOKGPVQ FG \QPCU FG RTQVGEEKÉP GP ±TGCU FG HKNVTCEKÉP [ CDUQTEKÉP FG CIWCU UWDVGTT±PGCU KX &KUGÇCT XGTVGFGTQU [ RTQEGFGT C UW QTFGPCEKÉP DCU±PFQUG GP KPHQTOCEKÉP JKFTQIGQNÉIKEC XKCDNG [ GP NC GXCNWCEKÉP FG NCU EQPUGEWGPEKCU WVKNK\CPFQ NC OGLQT VGEPQNQIÃC CRNKECDNG FG SWG UG FKURQPIC X 2TQOQXGT OGFKFCU GPECOKPCFCU C OGLQTCT NC UGIWTKFCF G KPVGITKFCF FG NCU \QPCU FG RQ\QU [ OCPCPVKCNGU RCTC TGFWEKT NC KPVTWUKÉP FG CIGPVGU RCVÉIGPQU DKQNÉIKEQU [ RTQFWEVQU SWÃOKEQU RGNKITQUQU GP NQU CEWÃHGTQU XK 8KIKNCT NC ECNKFCF FGN CIWC UGIÐP UGC PGEGUCTKQ GP NQ SWG TGURGEVC C NCU CIWCU UWRGTHKEKCNGU [ UWDVGTT±PGCU SWG RWFKGTCP XGTUG CHGEVCFCU RQT XGTVGFGTQU SWG EQPVGPICP OCVGTKCNGU VÉZKEQU [ RGNKITQUQU G 2TQVGEEKÉP FG GEQUKUVGOCU CEW±VKEQU K 4GJCDKNKVCT OCUCU FG CIWC EQPVCOKPCFCU Q FGITCFCFCU C HKP FG TGUVCDNGEGT J±DKVCV [ GEQUKUVGOCU CEW±VKEQU KK 'LGEWVCT RTQITCOCU FG TGJCDKNKVCEKÉP FG VKGTTCU CITÃEQNCU [ FGFKECFCU C QVTQU WUQU VQOCPFQ OGFKFCU GSWKXCNGPVGU RCTC RTQVGIGT [ WVKNK\CT NQU TGEWTUQU FG CIWCU UWDVGTT±PGCU KORQTVCPVGU RCTC NC RTQFWEVKXKFCF CITÃEQNC [ RCTC NC DKQFKXGTUKFCF FG NQU VTÉRKEQU KKK %QPUGTXCT [ RTQVGIGT NCU \QPCU RCPVCPQUCU RQT UW KORQTVCPEKC GEQNÉIKEC [ EQOQ J±DKVCV FG OWEJCU GURGEKGU VGPKGPFQ GP EWGPVC NQU HCEVQTGU UQEKCNGU [ GEQPÉOKEQU KX %QPVTQNCT NCU GURGEKGU CEW±VKECU PQEKXCU SWG RWGFGP FGUVTWKT QVTCU GURGEKGU CEW±VKECU H 2TQVGEEKÉP FG NQU TGEWTUQU XKXQU FG CIWC FWNEG K %QPVTQNCT [ XKIKNCT NC ECNKFCF FGN CIWC RCTC RGTOKVKT GN FGUCTTQNNQ UQUVGPKDNG FG NC RGUEC GP CIWCU KPVGTKQTGU KK 2TQVGIGT NQU GEQUKUVGOCU EQPVTC NC EQPVCOKPCEKÉP [ NC FGITCFCEKÉP RCTC RQFGT FGUCTTQNNCT RTQ[GEVQU FG CEWKEWNVWTC GP CIWC FWNEG I 8KIKNCPEKC [ UWRGTXKUKÉP FG NQU TGEWTUQU JÃFTKEQU [ FG NCU CIWCU C NCU SWG UG XKGTVGP FGUGEJQU K 'UVCDNGEGT TGFGU RCTC XKIKNCT [ UWRGTXKUCT EQPUVCPVGOGPVG NCU CIWCU C NCU SWG UG XKGTVGP FGUGEJQU [ NCU HWGPVGU NQECNK\CFCU [ FKHWUCU FG EQPVCOKPCEKÉP KK 2TQOQXGT [ CORNKCT NC CRNKECEKÉP FG NCU GXCNWCEKQPGU FGN KORCEVQ CODKGPVCN SWG HQTOGP RCTVG FG UKUVGOCU FG KPHQTOCEKÉP IGQIT±HKEC KKK 8KIKNCT NCU HWGPVGU FG EQPVCOKPCEKÉP RCTC OGLQTCT NC QDUGTXCPEKC FG PQTOCU [ FKURQUKEKQPGU [ RCTC TGIWNCT NC EQPEGUKÉP FG RGTOKUQU FG XGTVKFQU KX 8KIKNCT NC WVKNK\CEKÉP FG RTQFWEVQU SWÃOKEQU GP NC CITKEWNVWTC SWG RWGFCP UGT RGTLWFKEKCNGU RCTC GN OGFKQ CODKGPVG X 7VKNK\CT NC VKGTTC FG OCPGTC TCEKQPCN RCTC KORGFKT UW FGITCFCEKÉP [ GTQUKÉP [ GN CVCTSWKPCOKGPVQ FG NQU NCIQU [ QVTCU OCUCU CEW±VKECU J 'NCDQTCEKÉP FG NQU KPUVTWOGPVQU LWTÃFKEQU PCEKQPCNGU G KPVGTPCEKQPCNGU SWG UG TGSWKGTCP RCTC RTQVGIGT NC ECNKFCF FG NQU TGEWTUQU JÃFTKEQU UGIÐP EQPXGPIC GP RCTVKEWNCT RCTC K 8KIKNCT [ EQPVTQNCT NC EQPVCOKPCEKÉP [ UWU GHGEVQU GP NCU CIWCU PCEKQPCNGU [ VTCPUHTQPVGTK\CU KK .WEJCT EQPVTC GN VTCPURQTVG CVOQUH¾TKEQ FG EQPVCOKPCPVGU C NCTIC FKUVCPEKC KKK %QODCVKT NQU XGTVKFQU CEEKFGPVCNGU Q FGNKDGTCFQU GP NCU OCUCU FG CIWC PCEKQPCNGU Q VTCPUHTQPVGTK\CU KX 4GCNK\CT GXCNWCEKQPGU FGN KORCEVQ CODKGPVCN & #DCUVGEKOKGPVQ FG CIWC RQVCDNG [ UCPGCOKGPVQ $CUGU RCTC NC CEEKÉP 'N UWOKPKUVTQ FG CIWC RQVCDNG [ GN UCPGCOKGPVQ CODKGPVCN UQP XKVCNGU RCTC NC RTQVGEEKÉP FGN OGFKQ CODKGPVG GN OGLQTCOKGPVQ FG NC UCNWF [ NC OKVKICEKÉP FG NC RQDTG\C 'N CIWC RQVCDNG VCODK¾P GU HWPFCOGPVCN RCTC OWEJCU CEVKXKFCFGU VTCFKEKQPCNGU [ EWNVWTCNGU 5G GUVKOC SWG GN FG VQFCU NCU GPHGTOGFCFGU [ O±U FG WP VGTEKQ FG NQU HCNNGEKOKGPVQU GP NQU RCÃUGU GP FGUCTTQNNQ UG FGDGP CN EQPUWOQ FG CIWC EQPVCOKPCFC [ SWG GP RTQOGFKQ JCUVC NC F¾EKOC RCTVG FGN VKGORQ RTQFWEVKXQ FG ECFC RGTUQPC UG RKGTFG C ECWUC FG GPHGTOGFCFGU TGNCEKQPCFCU EQP GN CIWC .QU GUHWGT\QU EQODKPCFQU SWG UG FGURNGICTQP FWTCPVG GN FGEGPKQ FG HCEKNKVCTQP CIWC [ UGTXKEKQU FG UCPGCOKGPVQ C EKGPVQU FG OKNNQPGU FG NCU RGTUQPCU O±U RQDTGU FGN OWPFQ 'N O±U FGUVCECFQ FG GUQU GUHWGT\QU HWG NC KPKEKCEKÉP GP FGN &GEGPKQ +PVGTPCEKQPCN FGN #IWC 2QVCDNG [ FGN 5CPGCOKGPVQ #ODKGPVCN SWG HWG EQPUGEWGPEKC FGN 2NCP FG #EEKÉP FG /CT FGN 2NCVC CRTQDCFQ GP NC %QPHGTGPEKC FG NCU 0CEKQPGU 7PKFCU UQDTG GN #IWC FG 5G EQPXKPQ GP NC RTGOKUC FG SWG VQFQU NQU RWGDNQU EWCNSWKGTC SWG UGC UW GVCRC FG FGUCTTQNNQ [ UWU EQPFKEKQPGU GEQPÉOKECU [ UQEKCNGU VKGPGP FGTGEJQ CN CIWC RQVCDNG GP ECPVKFCF [ ECNKFCF CEQTFGU EQP UWU PGEGUKFCFGU D±UKECU 'N QDLGVKXQ FGN &GEGPKQ HWG HCEKNKVCT RCTC CIWC RQVCDNG EQPVTQNCFC [ UGTXKEKQU FG UCPGCOKGPVQ GP NCU \QPCU WTDCPCU [ TWTCNGU SWG ECTGEÃCP FG GNNQU RGTQ KPENWUQ GN RTQITGUQ UKP RTGEGFGPVGU NQITCFQ FWTCPVG GN &GEGPKQ PQ JC UKFQ UWHKEKGPVG 'P GN OWPFQ GP FGUCTTQNNQ WPC RGTUQPC FG ECFC VTGU VQFCXÃC ECTGEG FG GUQU FQU GNGOGPVQU KORTGUEKPFKDNGU RCTC NC UCNWF [ NC FKIPKFCF 6CODK¾P UG TGEQPQEG SWG NQU GZETGOGPVQU JWOCPQU [ NCU CIWCU TGUKFWCNGU EQPUVKVW[GP ECWUCU KORQTVCPVGU FGN FGVGTKQTQ FG NC ECNKFCF FGN CIWC GP NQU RCÃUGU GP FGUCTTQNNQ [ SWG NC KPVTQFWEEKÉP FG VGEPQNQIÃCU FKURQPKDNGU SWG UGCP CRTQRKCFCU [ NC EQPUVTWEEKÉP FG GUVCEKQPGU FG FGRWTCEKÉP FG CIWCU TGUKFWCNGU RQFTÃCP CRQTVCT OGLQTCU CRTGEKCDNGU 1DLGVKXQU 'P NC &GENCTCEKÉP FG 0WGXC &GNJK CRTQDCFC GP NC 4GWPKÉP %QPUWNVKXC /WPFKCN UQDTG #IWC 2QVCDNG [ GN 5CPGCOKGPVQ #ODKGPVCN GP GN &GEGPKQ FG EGNGDTCFC GP 0WGXC &GNJK FGN CN FG UGRVKGODTG FG UG RTQENCOÉ HQTOCNOGPVG NC PGEGUKFCF FG HCEKNKVCT UQDTG WPC DCUG UQUVGPKDNG GN CEEGUQ CN CIWC RQVCDNG GP ECPVKFCFGU UWHKEKGPVGU [ GN GUVCDNGEKOKGPVQ FG UGTXKEKQU FG UCPGCOKGPVQ CFGEWCFQU RCTC VQFQU JCEKGPFQ JKPECRK¾ GP GN RTKPEKRKQ FG CNIQ RCTC VQFQU [ PQ OWEJQ RCTC WPQU RQEQU .QU QDLGVKXQU FGN 2TQITCOC UG EQPFGPUCP GP EWCVTQ RTKPEKRKQU TGEVQTGU C 2TQVGEEKÉP FGN OGFKQ CODKGPVG [ FG NC UCNWF OGFKCPVG NC QTFGPCEKÉP KPVGITCFC FG NQU TGEWTUQU FG CIWC [ NQU FGUGEJQU NÃSWKFQU [ UÉNKFQU D 4GHQTOCU KPUVKVWEKQPCNGU RCTC RTQOQXGT WP ETKVGTKQ KPVGITCFQ KPENWKFQU ECODKQU GP NQU RTQEGFKOKGPVQU NCU CEVKVWFGU [ NC EQPFWEVC CUÃ EQOQ NC RNGPC RCTVKEKRCEKÉP FG NC OWLGT GP VQFQU NQU PKXGNGU FG NCU KPUVKVWEKQPGU FGN UGEVQT E #FOKPKUVTCEKÉP EQOWPKVCTKC FG NQU UGTXKEKQU EQP GN CRQ[Q FG OGFKFCU RCTC HQTVCNGEGT NCU KPUVKVWEKQPGU NQECNGU GP UW VCTGC FG GLGEWVCT [ UQUVGPGT NQU RTQITCOCU FG CDCUVGEKOKGPVQ FG CIWC [ UCPGCOKGPVQ F 2T±EVKECU HKPCPEKGTCU TCEKQPCNGU NQITCFCU OGFKCPVG WPC OGLQT CFOKPKUVTCEKÉP FG NQU CEVKXQU GZKUVGPVGU [ WVKNK\CEKÉP CORNKC FG NCU VGEPQNQIÃCU CFGEWCFCU .C GZRGTKGPEKC CFSWKTKFC JC FGOQUVTCFQ SWG ECFC RCÃU FGDG HKLCTUG OGVCU GURGEÃHKECU 'P NC %WODTG /WPFKCN GP HCXQT FG NC +PHCPEKC EGNGDTCFC GP UGRVKGODTG FG NQU ,GHGU FG 'UVCFQ Q FG )QDKGTPQ RKFKGTQP VCPVQ WP CEEGUQ WPKXGTUCN CN UWOKPKUVTQ FG CIWC [ NQU UGTXKEKQU FG UCPGCOKGPVQ EQOQ NC GTTCFKECEKÉP FG NC FTCEWPEWNQUKU GPHGTOGFCF FGN IWUCPQ FG )WKPGC RCTC +PENWUQ GP GN ECUQ FG NC OGVC O±U TGCNKUVC FG NQITCT WP UWOKPKUVTQ RNGPQ FG CIWC RQVCDNG RCTC GN CÇQ UG GUVKOC SWG NC KPXGTUKÉP CPWCN JC FG UGT GN FQDNG FG NC TGCNK\CFC CEVWCNOGPVG #UÃ RWGU WPC GUVTCVGIKC TGCNKUVC RCTC JCEGT HTGPVG C NCU PGEGUKFCFGU CEVWCNGU [ HWVWTCU EQPUKUVG GP GUVCDNGEGT UGTXKEKQU OGPQU EQUVQUQU SWG RWGFCP HCEKNKVCT [ OCPVGPGTUG GP GN RNCPQ EQOWPKVCTKQ #EVKXKFCFGU 6QFQU NQU 'UVCFQU UGIÐP NC ECRCEKFCF [ NQU TGEWTUQU FG SWG FKURQPICP [ OGFKCPVG NC EQQRGTCEKÉP DKNCVGTCN Q OWNVKNCVGTCN KPENWKFCU UGIÐP RTQEGFC NCU 0CEKQPGU 7PKFCU [ QVTCU QTICPK\CEKQPGU EQORGVGPVGU RQFTÃCP GLGEWVCT NCU UKIWKGPVGU CEVKXKFCFGU C 'N OGFKQ CODKGPVG [ NC UCNWF K 'UVCDNGEGT \QPCU RTQVGIKFCU RCTC NCU HWGPVGU FG CDCUVGEKOKGPVQ FG CIWC RQVCDNG KK 2TQEGFGT C NC GNKOKPCEKÉP UCPKVCTKC FG NQU GZETGOGPVQU [ NCU CIWCU TGUKFWCNGU WUCPFQ UKUVGOCU CRTQRKCFQU RCTC VTCVCT NQU FGUGEJQU NÃSWKFQU GP \QPCU WTDCPCU [ TWTCNGU KKK 'ZRCPFKT GN CDCUVGEKOKGPVQ FG CIWC WTDCPC [ TWTCN [ GUVCDNGEGT [ CORNKCT UKUVGOCU FG ECRVCEKÉP FG CIWC FG NNWXKC RCTVKEWNCTOGPVG GP NCU KUNCU RGSWGÇCU CFGO±U FG NC TGF FG CDCUVGEKOKGPVQ FG CIWC KX %QPUVTWKT [ EWCPFQ RTQEGFC CORNKCT NCU KPUVCNCEKQPGU FG VTCVCOKGPVQ FG CIWCU TGUKFWCNGU [ NQU UKUVGOCU FG CXGPCOKGPVQ X 6TCVCT [ TGEWRGTCT GP EQPFKEKQPGU FG UGIWTKFCF NQU FGUGEJQU NÃSWKFQU FG NQU JQICTGU [ FG NC KPFWUVTKC GP NCU \QPCU WTDCPCU [ TWTCNGU XK %QODCVKT NCU GPHGTOGFCFGU TGNCEKQPCFCU EQP GN CIWC D .CU RGTUQPCU [ NCU KPUVKVWEKQPGU K /GLQTCT GN HWPEKQPCOKGPVQ FG NCU CFOKPKUVTCEKQPGU RÐDNKECU GP NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU [ CN OKUOQ VKGORQ TGEQPQEGT RNGPCOGPVG GN RCRGN FG NCU CWVQTKFCFGU NQECNGU KK (QOGPVCT GN CRTQXGEJCOKGPVQ [ NC QTFGPCEKÉP FGN CIWC DCUCFQU GP NC RCTVKEKRCEKÉP FG OCPGTC SWG KPVGTXGPICP NQU WUWCTKQU NQU RNCPKHKECFQTGU [ NQU GPECTICFQU FG NC HQTOWNCEKÉP FG RQNÃVKECU C VQFQU NQU PKXGNGU KKK #RNKECT GN RTKPEKRKQ FG SWG NCU FGEKUKQPGU FGDGP CFQRVCTUG CN PKXGN O±U DCLQ SWG TGUWNVG CRTQRKCFQ EQPUWNVCPFQ CN RÐDNKEQ [ EQP NC RCTVKEKRCEKÉP FG NQU WUWCTKQU GP NC RNCPKHKECEKÉP [ NC GLGEWEKÉP FG RTQ[GEVQU TGNCEKQPCFQU EQP GN CIWC KX &GUCTTQNNCT NQU TGEWTUQU JWOCPQU GP VQFQU NQU RNCPQU EQP RTQITCOCU GURGEKCNGU RCTC NC OWLGT X 'UVCDNGEGT RTQITCOCU FG GFWECEKÉP CORNKQU JCEKGPFQ JKPECRK¾ GP NC JKIKGPG NC QTFGPCEKÉP NQECN [ NC TGFWEEKÉP FG TKGUIQU XK +PVTQFWEKT OGECPKUOQU FG CRQ[Q KPVGTPCEKQPCN RCTC NC HKPCPEKCEKÉP NC GLGEWEKÉP [ GN UGIWKOKGPVQ FG NQU RTQITCOCU E )GUVKÉP PCEKQPCN [ EQOWPKVCTKC K #RQ[CT [ RTGUVCT CUKUVGPEKC C NCU EQOWPKFCFGU RCTC SWG CFOKPKUVTGP UWU RTQRKQU UKUVGOCU UQDTG WPC DCUG UQUVGPKDNG KK 'UVKOWNCT C NC RQDNCEKÉP NQECN GURGEKCNOGPVG C NCU OWLGTGU C NQU LÉXGPGU C NCU RQDNCEKQPGU KPFÃIGPCU [ C NCU EQOWPKFCFGU NQECNGU RCTC SWG RCTVKEKRGP GP NC QTFGPCEKÉP FGN CIWC KKK 8KPEWNCT NQU RNCPGU JKFT±WNKEQU PCEKQPCNGU C NC QTFGPCEKÉP EQOWPKVCTKC FG NCU CIWCU NQECNGU KX +PVGITCT NC QTFGPCEKÉP FGN CIWC RQT NC EQOWPKFCF GP GN EQPVGZVQ FG NC RNCPKHKECEKÉP IGPGTCN X 2TQOQXGT NC CVGPEKÉP RTKOCTKC FG NC UCNWF [ FGN OGFKQ CODKGPVG GP GN RNCPQ NQECN OGFKCPVG GPVTG QVTCU EQUCU NC ECRCEKVCEKÉP FKTKIKFC C NCU EQOWPKFCFGU NQECNGU GP V¾EPKECU CRTQRKCFCU FG QTFGPCEKÉP FGN CIWC [ CVGPEKÉP RTKOCTKC FG NC UCNWF XK #[WFCT C NQU QTICPKUOQU SWG RTGUVCP UGTXKEKQU RCTC SWG UGCP O±U GHKECEGU FGUFG GN RWPVQ FG XKUVC FGN EQUVQ [ TGURQPFCP OGLQT C NCU PGEGUKFCFGU FG NQU EQPUWOKFQTGU XKK 1VQTICT OC[QT CVGPEKÉP C NCU \QPCU TWTCNGU FGHKEKGPVGOGPVG CVGPFKFCU [ C NCU RGTKWTDCPCU FG KPITGUQ DCLQ XKKK 4GJCDKNKVCT NQU UKUVGOCU FGHGEVWQUQU TGFWEKT GN FGURGTFKEKQ [ TGEWRGTCT GP EQPFKEKQPGU FG UGIWTKFCF GN CIWC [ NQU FGUGEJQU NÃSWKFQU KZ 'UVCDNGEGT RTQITCOCU FG WVKNK\CEKÉP TCEKQPCN FGN CIWC [ CUGIWTCT UW GZRNQVCEKÉP [ OCPVGPKOKGPVQ Z +PXGUVKICT [ CRNKECT UQNWEKQPGU V¾EPKECU CRTQRKCFCU ZK #WOGPVCT UKIPKHKECVKXCOGPVG NC ECRCEKFCF FG VTCVCOKGPVQ FG FGUGEJQU NÃSWKFQU WTDCPQU GP EQPUQPCPEKC EQP GN CWOGPVQ GP GN XQNWOGP FG FGUGEJQU F %TGCEKÉP FG EQPEKGPEKC G KPHQTOCEKÉPRCTVKEKRCEKÉP RÐDNKECU K (QTVCNGEGT NC NCDQT FG XKIKNCPEKC G KPHQTOCEKÉP UGEVQTKCN GP NQU RNCPQU UWDPCEKQPCN [ PCEKQPCN KK 'NCDQTCT CPCNK\CT [ RWDNKECT VQFQU NQU CÇQU NQU TGUWNVCFQU FG NC XKIKNCPEKC GP NQU RNCPQU PCEKQPCN [ NQECN EQOQ WP KPUVTWOGPVQ RCTC NC QTFGPCEKÉP FGN UGEVQT [ NC ETGCEKÉP FG WP KPVGT¾U [ WPC EQPEKGPEKC IGPGTCNGU KKK 'ORNGCT KPFKECFQTGU UGEVQTKCNGU NKOKVCFQU GP NQU RNCPQU TGIKQPCN [ INQDCN RCTC RTQOQXGT GN UGEVQT [ TGWPKT HQPFQU KX /GLQTCT NC EQQTFKPCEKÉP RNCPKHKECEKÉP [ GLGEWEKÉP FGN UGEVQT EQP C[WFC FG WPC IGUVKÉP O±U GHKEC\ FG NC XKIKNCPEKC [ NC KPHQTOCEKÉP RCTC KPETGOGPVCT NC ECRCEKFCF FG CDUQTEKÉP FGN UGEVQT RCTVKEWNCTOGPVG GP NQU RTQ[GEVQU EQOWPKVCTKQU FG CWVQC[WFC ' 'N CIWC [ GN FGUCTTQNNQ WTDCPQ UQUVGPKDNG $CUGU RCTC NC CEEKÉP 'P NQU EQOKGP\QU FGN RTÉZKOQ UKINQ O±U FG NC OKVCF FG NC RQDNCEKÉP OWPFKCN XKXKT± GP \QPCU WTDCPCU 2CTC GN CÇQ GUC RTQRQTEKÉP UG JCDT± GNGXCFQ C WP GU FGEKT C CNTGFGFQT FG OKNNQPGU FG RGTUQPCU .C TCRKFG\ FGN ETGEKOKGPVQ FG NC RQDNCEKÉP WTDCPC [ FG NC KPFWUVTKCNK\CEKÉP GUV±P UQOGVKGPFQ C WPC ITCP RTGUKÉP C NQU TGEWTUQU JÃFTKEQU [ C NC RTQVGEEKÉP FGN OGFKQ CODKGPVG GP OWEJCU EKWFCFGU 'U PGEGUCTKQ RTGUVCT WPC CVGPEKÉP GURGEKCN C NQU GHGEVQU ECFC XG\ O±U KORQTVCPVGU FG NC WTDCPK\CEKÉP GP NC FGOCPFC [ GN EQPUWOQ FG CIWC CUÃ EQOQ CN RCRGN FGEKUKXQ SWG FGUGORGÇCP NCU CWVQTKFCFGU NQECNGU [ OWPKEKRCNGU GP NC IGUVKÉP FGN CDCUVGEKOKGPVQ NC WVKNK\CEKÉP [ GN VTCVCOKGPVQ IGPGTCN FG NCU CIWCU RCTVKEWNCTOGPVG GP NQU RCÃUGU GP FGUCTTQNNQ RCTC NQU EWCNGU UG PGEGUKVC WP CRQ[Q GURGEKCN .C GUECUG\ FG PWGXQU TGEWTUQU FG CIWC FWNEG [ NQU EQUVQU ECFC XG\ O±U GNGXCFQU FG UW CRTQXGEJCOKGPVQ VKGPGP KORQTVCPVGU EQPUGEWGPEKCU RCTC GN FGUCTTQNNQ FG NC KPFWUVTKC NC CITKEWNVWTC NQU CUGPVCOKGPVQU JWOCPQU [ GN ETGEKOKGPVQ GEQPÉOKEQ 7PC OGLQT QTFGPCEKÉP FG NQU TGEWTUQU FG CIWC RCTC WUQ WTDCPQ KPENWKFC NC GNKOKPCEKÉP FG RCWVCU KPUQUVGPKDNGU FG EQPUWOQ FG CIWC RWGFG TGRTGUGPVCT WPC EQPVTKDWEKÉP UWUVCPEKCN C NC OKVKICEKÉP FG NC RQDTG\C [ C NC OGLQTC FG NC UCNWF [ NC ECNKFCF FG XKFC FG NQU RQDTGU FG NCU \QPCU WTDCPCU [ TWTCNGU 7PC RTQRQTEKÉP GNGXCFC FG NCU ITCPFGU CINQOGTCEKQPGU WTDCPCU UG GPEWGPVTC GP NQU GUVWCTKQU [ GP NCU \QPCU EQUVGTCU 'UC UKVWCEKÉP FC NWICT C NC EQPVCOKPCEKÉP RQT GN XGTVKFQ FG TGUKFWQU OWPKEKRCNGU G KPFWUVTKCNGU EQODKPCFC EQP NC GZRNQVCEKÉP GZEGUKXC FG NQU TGEWTUQU FG CIWC FKURQPKDNGU [ UWRQPG WPC COGPC\C RCTC GN OGFKQ OCTÃVKOQ [ GN CDCUVGEKOKGPVQ FG CIWC FWNEG 1DLGVKXQU 'P NQ SWG TGURGEVC CN FGUCTTQNNQ NQU QDLGVKXQU FG GUVG RTQITCOC UQP CRQ[CT NCU RQUKDKNKFCFGU [ GUHWGT\QU FG NQU IQDKGTPQU EGPVTCNGU [ NQECNGU EQP GN HKP FG UQUVGPGT NC RTQFWEVKXKFCF [ GN FGUCTTQNNQ PCEKQPCN OGFKCPVG WPC QTFGPCEKÉP GEQNÉIKECOGPVG TCEKQPCN FG NQU TGEWTUQU FG CIWC RCTC EQPUWOQ WTDCPQ 2CTC TGURCNFCT GUG QDLGVKXQ GU RTGEKUQ HQTOWNCT [ CRNKECT GUVTCVGIKCU [ OGFKFCU SWG RGTOKVCP WP UWOKPKUVTQ EQPVKPWCFQ FG CIWC C WP RTGEKQ CUGSWKDNG RCTC NCU PGEGUKFCFGU RTGUGPVGU [ HWVWTCU CUÃ EQOQ KPXGTVKT NCU VGPFGPEKCU CEVWCNGU C NC FGITCFCEKÉP [ GN CIQVCOKGPVQ FG NQU TGEWTUQU 6QFQU NQU 'UVCFQU UGIÐP NC ECRCEKFCF [ NQU TGEWTUQU FG SWG FKURQPICP [ OGFKCPVG NC EQQRGTCEKÉP DKNCVGTCN Q OWNVKNCVGTCN KPENWKFCU UGIÐP RTQEGFC NCU 0CEKQPGU 7PKFCU [ QVTCU QTICPK\CEKQPGU EQORGVGPVGU RQFTÃCP HKLCT NQU QDLGVKXQU UKIWKGPVGU C 2TQEWTCT SWG RCTC GN CÇQ UG JC[C NQITCFQ SWG VQFQU NQU TGUKFGPVGU GP \QPCU WTDCPCU VGPICP CEEGUQ RQT NQ OGPQU C NKVTQU RQT JCDKVCPVG [ FÃC FG CIWC RQVCDNG [ SWG WP FG NC RQDNCEKÉP WTDCPC FKURQPIC FG UGTXKEKQU FG UCPGCOKGPVQ RTQRKQU Q EQOWPKVCTKQU D 2TQEWTCT SWG RCTC GN CÇQ UG JC[CP GUVCDNGEKFQ [ CRNKECFQ PQTOCU EWCPVKVCVKXCU [ EWCNKVCVKXCU RCTC NC GXCEWCEKÉP FG NQU GHNWGPVGU OWPKEKRCNGU G KPFWUVTKCNGU E 2TQEWTCT SWG RCTC GN CÇQ WP FG NQU TGUKFWQU UÉNKFQU IGPGTCFQU GP NCU \QPCU WTDCPCU UG TGEQLC [ UG TGEKENG Q UG GNKOKPG UKP TKGUIQU RCTC GN OGFKQ CODKGPVG #EVKXKFCFGU 6QFQU NQU 'UVCFQU UGIÐP NC ECRCEKFCF [ NQU TGEWTUQU FG SWG FKURQPICP [ OGFKCPVG NC EQQRGTCEKÉP DKNCVGTCN Q OWNVKNCVGTCN KPENWKFCU UGIÐP RTQEGFC NCU 0CEKQPGU 7PKFCU [ QVTCU QTICPK\CEKQPGU EQORGVGPVGU RQFTÃCP GLGEWVCT NCU UKIWKGPVGU CEVKXKFCFGU C 2TQVGEEKÉP FG NQU TGEWTUQU JÃFTKEQU EQPVTC GN CIQVCOKGPVQ NC EQPVCOKPCEKÉP [ NC FGITCFCEKÉP K 'UVCDNGEGT KPUVCNCEKQPGU UCPKVCTKCU FG GNKOKPCEKÉP FG FGUGEJQU DCUCFCU GP VGEPQNQIÃCU RGTHGEEKQPCDNGU [ GEQNÉIKECOGPVG CRTQRKCFQU FG DCLQ EQUVQ KK 'LGEWVCT RTQITCOCU WTDCPQU FG FTGPCLG [ GXCEWCEKÉP FG NCU CIWCU RNWXKCNGU KKK 2TQOQXGT GN TGEKENCFQ [ NC TGEWRGTCEKÉP FG NCU CIWCU TGUKFWCNGU [ NQU FGUGEJQU UÉNKFQU KX %QPVTQNCT NCU HWGPVGU FG EQPVCOKPCEKÉP KPFWUVTKCN RCTC RTQVGIGT NQU TGEWTUQU FG CIWC X 2TQVGIGT NCU EWGPECU HNWXKCNGU FGN CIQVCOKGPVQ [ FGITCFCEKÉP FG UW EWDKGTVC HQTGUVCN [ FG CEVKXKFCFGU RGTLWFKEKCNGU CIWCU CTTKDC XK 2TQOQXGT NC KPXGUVKICEKÉP UQDTG NC EQPVTKDWEKÉP FG NQU DQUSWGU CN FGUCTTQNNQ UQUVGPKDNG FG NQU TGEWTUQU JÃFTKEQU XKK (QOGPVCT NCU OGLQTGU RT±EVKECU RQUKDNGU RCTC GN WUQ FG RTQFWEVQU CITQSWÃOKEQU EQP OKTCU C TGFWEKT CN OÃPKOQ UWU GHGEVQU GP NQU TGEWTUQU JÃFTKEQU D &KUVTKDWEKÉP GHKEKGPVG [ GSWKVCVKXC FG NQU TGEWTUQU JÃFTKEQU K %QPEKNKCT NC RNCPKHKECEKÉP FGN FGUCTTQNNQ WTDCPQ EQP NC FKURQPKDKNKFCF [ UQUVGPKDKNKFCF FG NQU TGEWTUQU JÃFTKEQU KK 5CVKUHCEGT NCU PGEGUKFCFGU D±UKECU FG CIWC FG NC RQDNCEKÉP WTDCPC KKK +PVTQFWEKT VGPKGPFQ GP EWGPVC NCU EKTEWPUVCPEKCU FG ECFC RCÃU [ UKGORTG SWG NC GEQPQOÃC NQ RGTOKVC E±PQPGU FG EQPUWOQ FG CIWC SWG TGHNGLGP NQU EQUVQU OCTIKPCNGU [ FG QRQTVWPKFCF FGN CIWC GURGEKCNOGPVG RCTC CEVKXKFCFGU RTQFWEVKXCU E 4GHQTOCU KPUVKVWEKQPCNGU NGICNGU [ CFOKPKUVTCVKXCU K #FQRVCT WP GPHQSWG FG ±ODKVQ WTDCPQ RCTC NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU KK 2TQOQXGT GP GN RNCPQ PCEKQPCN [ NQECN NC GNCDQTCEKÉP FG RNCPGU FG WUQ FG NC VKGTTC SWG RTGUVGP NC FGDKFC CVGPEKÉP CN FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU KKK 7VKNK\CT NC ECRCEKFCF [ CRTQXGEJCT NCU RQUKDKNKFCFGU FG NCU QTICPK\CEKQPGU PQ IWDGTPCOGPVCNGU GN UGEVQT RTKXCFQ [ NC RQDNCEKÉP NQECN VGPKGPFQ RTGUGPVGU NQU KPVGTGUGU RÐDNKEQU [ GUVTCV¾IKEQU GP NQU TGEWTUQU JÃFTKEQU F 2TQOQEKÉP FG NC RCTVKEKRCEKÉP RÐDNKEC K +PKEKCT ECORCÇCU FG VQOC FG EQPEKGPEKC RCTC CVGPVCT C NC RQDNCEKÉP C SWG WUG GN CIWC FG WP OQFQ TCEKQPCN KK %TGCT EQPEKGPEKC RÐDNKEC FGN RTQDNGOC FG NC RTQVGEEKÉP FG NC ECNKFCF FGN CIWC GP GN OGFKQ WTDCPQ KKK 2TQOQXGT NC RCTVKEKRCEKÉP FG NC RQDNCEKÉP GP NC TGEQIKFC GN TGEKENCFQ [ NC GNKOKPCEKÉP FG FGUGEJQU G #RQ[Q CN FGUCTTQNNQ FG NC ECRCEKFCF NQECN K +ORWNUCT WPC NGIKUNCEKÉP [ WPC RQNÃVKEC GPECOKPCFCU C RTQOQXGT NCU KPXGTUKQPGU GP GN UWOKPKUVTQ FG CIWC WTDCPC [ GP GN VTCVCOKGPVQ FG NQU FGUGEJQU EQOQ TGHNGLQ FG NC KORQTVCPVG EQPVTKDWEKÉP FG NCU EKWFCFGU CN FGUCTTQNNQ GEQPÉOKEQ PCEKQPCN KK (CEKNKVCT ECRKVCN KPKEKCN [ CRQ[Q V¾EPKEQ RCTC NC IGUVKÉP NQECN FGN UWOKPKUVTQ FG OCVGTKCNGU [ UGTXKEKQU KKK (QOGPVCT GP VQFQ NQ RQUKDNG NC CWVQPQOÃC [ XKCDKNKFCF HKPCPEKGTC FG NCU GORTGUCU RÐDNKECU SWG UG QEWRCP FGN UCPGCOKGPVQ CDCUVGEKOKGPVQ FG CIWC [ TGEQIKFC FG FGUGEJQU UÉNKFQU GP NCU EKWFCFGU KX %TGCT [ OCPVGPGT WP EWCFTQ FG RTQHGUKQPCNGU [ UGOKRTQHGUKQPCNGU RCTC NC QTFGPCEKÉP FGN CIWC NCU CIWCU TGUKFWCNGU [ NQU FGUGEJQU UÉNKFQU H #EEGUQ OGLQT C UGTXKEKQU FG UCPGCOKGPVQ K 'LGEWVCT RTQITCOCU FG QTFGPCEKÉP FGN CIWC GN UCPGCOKGPVQ [ NQU FGUGEJQU EGPVTCFQU GP NQU RQDTGU FG \QPCU WTDCPCU KK (CEKNKVCT QREKQPGU VGEPQNÉIKECU FG CDCUVGEKOKGPVQ FG CIWC [ UCPGCOKGPVQ FG DCLQ EQUVQ KKK $CUCT NC GNGEEKÉP FG VGEPQNQIÃC [ GN PKXGN FG NQU UGTXKEKQU GP NCU RTGHGTGPEKCU FG NQU WUWCTKQU [ UW FKURQUKEKÉP C RCICT KX /QXKNK\CT [ 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GP WPC EQPVCOKPCEKÉP FGN CIWC SWG UG UWOKPKUVTC VCPVQ C UGTGU JWOCPQU EQOQ C CPKOCNGU .CU PGEGUKFCFGU FG CIWC RQVCDNG FGN ICPCFQ XCTÃCP UGIÐP NCU GURGEKGU [ GN OGFKQ GP SWG UG FGUGPXWGNXGP .CU CEVWCNGU PGEGUKFCFGU OWPFKCNGU FG CIWC RQVCDNG RCTC ICPCFQ UG EKHTCP GP VQTPQ C OKNNQPGU FG NKVTQU FKCTKQU [ UGIÐP GUVKOCEKQPGU FGN ETGEKOKGPVQ FG NC ECDCÇC UG XCVKEKPC SWG GUC EKHTC CWOGPVCT± GP OKNNQPGU FG NKVTQU ECFC CÇQ GP GN HWVWTQ RTGXKUKDNG .C RGUEC GP CIWCU KPVGTKQTGU C UCDGT GP TÃQU [ NCIQU EQPUVKVW[G WPC HWGPVG KORQTVCPVG FG CNKOGPVQU [ RTQVGÃPCU 'UC RGUEC FGDGTÃC QTICPK\CTUG RCTC CWOGPVCT CN O±ZKOQ GN TGPFKOKGPVQ FG QTICPKUOQU CNKOGPVCTKQU CEW±VKEQU FG WP OQFQ CODKGPVCNOGPVG CFGEWCFQ 'NNQ TGSWKGTG SWG UG EQPUGTXGP NC ECNKFCF [ NC ECPVKFCF FGN CIWC CUÃ EQOQ NC OQTHQNQIÃC HWPEKQPCN FGN OGFKQ CEW±VKEQ 2QT QVTC RCTVG NC RGUEC [ NC CEWKEWNVWTC OKUOCU RWGFGP FCÇCT CN GEQUKUVGOC CEW±VKEQ RQT GNNQ UW FGUCTTQNNQ FGDG CLWUVCTUG C RCWVCU SWG NKOKVGP UWU TGRGTEWUKQPGU .QU PKXGNGU CEVWCNGU FG RTQFWEEKÉP FG NCU RGUSWGTÃCU GP CIWCU KPVGTKQTGU VCPVQ FG CIWC FWNEG EQOQ FG CIWC UCNQDTG UG EKHTCP GP WPQU OKNNQPGU FG VQPGNCFCU CPWCNGU [ RQFTÃCP CWOGPVCT C OKNNQPGU FG VQPGNCFCU JCEKC GN CÇQ UKP GODCTIQ VQFQ KPETGOGPVQ FG NCU VGPUKQPGU CODKGPVCNGU RQFTÃC QDUVCT GUG ETGEKOKGPVQ 1DLGVKXQU .QU RTKPEKRKQU GUVTCV¾IKEQU HWPFCOGPVCNGU RCTC WPC QTFGPCEKÉP INQDCN KPVGITCFC [ GEQNÉIKECOGPVG TCEKQPCN FG NQU TGEWTUQU JÃFTKEQU GP GN OCTEQ TWTCN UG RWGFGP GPWPEKCT EQOQ UKIWG C 'N CIWC FGDGTÃC EQPUKFGTCTUG WP TGEWTUQ HKPKVQ SWG VKGPG WP XCNQT GEQPÉOKEQ FGN SWG UG FGTKXCP EQPUGEWGPEKCU UQEKCNGU [ GEQPÉOKECU EQPUKFGTCDNGU EQOQ TGHNGLQ FG NC KORQTVCPEKC SWG VKGPG UCVKUHCEGT NCU PGEGUKFCFGU D±UKECU D .CU EQOWPKFCFGU NQECNGU FGDGP RCTVKEKRCT GP VQFCU NCU HCUGU FG NC QTFGPCEKÉP FGN CIWC XGNCPFQ RQT NC RNGPC RCTVKEKRCEKÉP FG NC OWLGT JCDKFC EWGPVC FG NC HWPEKÉP HWPFCOGPVCN SWG GNNC FGUGORGÇC GP GN CDCUVGEKOKGPVQ QTFGPCEKÉP [ CRTQXGEJCOKGPVQ FGN CIWC GP UWU CEVKXKFCFGU EQVKFKCPCU E .C QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU JC FG FGUCTTQNNCTUG FGPVTQ FG WP EQPLWPVQ GZJCWUVKXQ FG RQNÃVKECU FG K UCNWF JWOCPC KK RTQFWEEKÉP EQPUGTXCEKÉP [ FKUVTKDWEKÉP FG CNKOGPVQU KKK RNCPGU FG CVGPWCEKÉP FG NQU FGUCUVTGU KX RTQVGEEKÉP FGN OGFKQ CODKGPVG [ EQPUGTXCEKÉP FG NC DCUG FG TGEWTUQU PCVWTCNGU F 'U PGEGUCTKQ TGEQPQEGT [ CRQ[CT CEVKXCOGPVG NC HWPEKÉP FG NCU RQDNCEKQPGU TWTCNGU EQP GURGEKCN JKPECRK¾ GP NCU OWLGTGU #EVKXKFCFGU 6QFQU NQU 'UVCFQU UGIÐP NC ECRCEKFCF [ NQU TGEWTUQU FG SWG FKURQPICP [ OGFKCPVG NC EQQRGTCEKÉP DKNCVGTCN Q OWNVKNCVGTCN KPENWKFCU UGIÐP RTQEGFC NCU 0CEKQPGU 7PKFCU [ QVTCU QTICPK\CEKQPGU EQORGVGPVGU RQFTÃCP NNGXCT C ECDQ NCU CEVKXKFCFGU UKIWKGPVGU C #DCUVGEKOKGPVQ FG CIWC [ UCPGCOKGPVQ RCTC NQU RQDTGU FG NCU \QPCU TWTCNGU SWG ECTG\ECP FG GUVQU UGTXKEKQU K (KLCT RQNÃVKECU PCEKQPCNGU [ RTKQTKFCFGU RTGUWRWGUVCTKCU RCTC OGLQTCT GN CEEGUQ C NQU UGTXKEKQU KK 2TQOQXGT NCU VGEPQNQIÃCU CRTQRKCFCU KKK +PVTQFWEKT OGECPKUOQU CFGEWCFQU FG TGEWRGTCEKÉP FG EQUVQU VGPKGPFQ GP EWGPVC EQPUKFGTCEKQPGU FG GHKEKGPEKC [ GSWKFCF OGFKCPVG OGECPKUOQU FG IGUVKÉP FG NC FGOCPFC KX 2TQOQXGT GN CEEGUQ FG NC EQOWPKFCF C NC RTQRKGFCF FG NQU UGTXKEKQU FG CDCUVGEKOKGPVQ FG CIWC [ UCPGCOKGPVQ [ C NQU FGTGEJQU UQDTG GNNQU X 'UVCDNGEGT UKUVGOCU FG XKIKNCPEKC [ GXCNWCEKÉP XK (QTVCNGEGT GN UGEVQT FGN CDCUVGEKOKGPVQ FG CIWC [ GN UCPGCOKGPVQ GP NCU \QPCU TWTCNGU JCEKGPFQ JKPECRK¾ GP GN FGUCTTQNNQ FG KPUVKVWEKQPGU NC CFOKPKUVTCEKÉP GHKEC\ [ GN GUVCDNGEKOKGPVQ FG WP OGECPKUOQ CFGEWCFQ RCTC NC HKPCPEKCEKÉP FG NQU UGTXKEKQU XKK #WOGPVCT NC GPUGÇCP\C UQDTG NC JKIKGPG [ GNKOKPCT HQEQU FG VTCPUOKUKÉP FG GPHGTOGFCFGU XKKK #FQRVCT VGEPQNQIÃCU CRTQRKCFCU FG VTCVCOKGPVQ FGN CIWC KZ 6QOCT OGFKFCU FG ITCP GUECNC FG QTFGPCEKÉP FGN OGFKQ CODKGPVG RCTC NC NWEJC EQPVTC NQU XGEVQTGU FG GPHGTOGFCFGU D 7UQ GHKEKGPVG FG NQU TGEWTUQU JÃFTKEQU K +PETGOGPVCT NC GHKEKGPEKC [ NC RTQFWEVKXKFCF FGN CIWC GP NC CITKEWNVWTC RCTC OGLQTCT GN CRTQXGEJCOKGPVQ FG TGEWTUQU NKOKVCFQU KK 4GHQT\CT NCU KPXGUVKICEKQPGU GP OCVGTKC FG QTFGPCEKÉP FG NC VKGTTC [ GN CIWC GP EQPFKEKQPGU FG UGECPQ [ FG TGICFÃQ KKK 8KIKNCT [ GXCNWCT NQU TGUWNVCFQU FG NQU RTQ[GEVQU FG TKGIQ RCTC XGNCT GPVTG QVTCU EQUCU RQT UW WVKNK\CEKÉP ÉRVKOC [ OCPVGPKOKGPVQ CFGEWCFQ KX #RQ[CT C NQU ITWRQU FG WUWCTKQU FGN CIWC EQP GN QDLGVQ FG OGLQTCT NQU TGUWNVCFQU FG NC QTFGPCEKÉP C PKXGN NQECN X #RQ[CT WP WUQ CRTQRKCFQ FG CIWC TGNCVKXCOGPVG UCNQDTG RCTC GN TKGIQ E #PGICOKGPVQ NWEJC EQPVTC NC UCNKPKFCF [ CXGPCOKGPVQ K +PVTQFWEKT GN FTGPCLG FG UWRGTHKEKG GP NC CITKEWNVWTC FG UGECPQ RCTC KORGFKT GN CPGICOKGPVQ VGORQTCN [ NC KPWPFCEKÉP FG NCU VKGTTCU DCLCU KK +PVTQFWEKT GN CXGPCOKGPVQ CTVKHKEKCN GP NC CITKEWNVWTC FG UGECPQ [ GP NC FG TKGIQ KKK (QOGPVCT NC WVKNK\CEKÉP EQPLWPVC FG NCU CIWCU UWDVGTT±PGCU [ FG UWRGTHKEKG OGFKCPVG GPVTG QVTCU EQUCU NC XKIKNCPEKC [ NC TGCNK\CEKÉP FG GUVWFKQU FGN DCNCPEG JÃFTKEQ KX 2TCEVKECT GN CXGPCOKGPVQ GP NCU \QPCU TGICFCU FG NCU TGIKQPGU ±TKFCU [ UGOK±TKFCU F 1TFGPCEKÉP FG NC ECNKFCF FGN CIWC K 'UVCDNGEGT [ CRNKECT UKUVGOCU RQEQ EQUVQUQU FG XKIKNCPEKC FG NC ECNKFCF FGN CIWC RCTC HKPGU CITÃEQNCU KK 2TGXGPKT NQU GHGEVQU RGTLWFKEKCNGU FG NCU CEVKXKFCFGU CITÃEQNCU GP NC ECNKFCF FGN CIWC WVKNK\CFC RCTC QVTCU CEVKXKFCFGU UQEKCNGU [ GEQPÉOKECU [ GP NCU \QPCU RCPVCPQUCU OGFKCPVG GPVTG QVTCU EQUCU GN WUQ ÉRVKOQ FG NQU KPUWOQU RTQEGFGPVGU FG NC RTQRKC GZRNQVCEKÉP [ NC TGFWEEKÉP CN OÃPKOQ FG NQU KPUWOQU GZVGTPQU WVKNK\CFQU GP NCU NCDQTGU CITÃEQNCU KKK 'UVCDNGEGT ETKVGTKQU UQDTG NC ECNKFCF DKQNÉIKEC HÃUKEC [ SWÃOKEC FGN CIWC RCTC WUWCTKQU CITÃEQNCU [ RCTC NQU GEQUKUVGOCU OCTKPQU [ HNWXKCNGU KX 4GFWEKT CN OÃPKOQ NC GUEQTTGPVÃC FG NQU UWGNQU [ NC UGFKOGPVCEKÉP X 'NKOKPCT CFGEWCFCOGPVG NCU CIWCU TGUKFWCNGU FG NQU CUGPVCOKGPVQU JWOCPQU [ GN GUVK¾TEQN RTQFWEKFQ RQT NC ICPCFGTÃC KPVGPUKXC XK /KPKOK\CT NQU GHGEVQU PQEKXQU FG NQU RTQFWEVQU SWÃOKEQU CITÃEQNCU OGFKCPVG NC NWEJC KPVGITCFC EQPVTC NCU RNCICU XKK 'FWECT C NCU EQOWPKFCFGU UQDTG NCU EQPUGEWGPEKCU GP OCVGTKC FG EQPVCOKPCEKÉP FGN GORNGQ FG HGTVKNK\CPVGU [ RTQFWEVQU SWÃOKEQU GP NC ECNKFCF FGN CIWC NC UGIWTKFCF CNKOGPVCTKC [ NQU RGNKITQU RCTC NC UCNWF FGN UGT JWOCPQ G 2TQITCOCU FG CRTQXGEJCOKGPVQ FG NQU TGEWTUQU JÃFTKEQU K &GUCTTQNNCT GP RGSWGÇC GUECNC GN TKGIQ [ GN UWOKPKUVTQ FG CIWC RCTC GN EQPUWOQ JWOCPQ [ GN ICPCFQ [ RCTC NC EQPUGTXCEKÉP FGN UWGNQ [ FGN CIWC KK (QTOWNCT RTQITCOCU FG ITCP GUECNC [ C NCTIQ RNC\Q FG FGUCTTQNNQ FG VGTTGPQU TGICFÃQU VGPKGPFQ GP EWGPVC UWU GHGEVQU GP NC NQECNKFCF NC GEQPQOÃC [ GN OGFKQ CODKGPVG KKK 2TQOQXGT NCU KPKEKCVKXCU NQECNGU RCTC GN CRTQXGEJCOKGPVQ [ NC QTFGPCEKÉP KPVGITCFQU FG NQU TGEWTUQU JÃFTKEQU KX (CEKNKVCT GN CUGUQTCOKGPVQ [ GN CRQ[Q V¾EPKEQ CFGEWCFQU [ HQOGPVCT NC EQNCDQTCEKÉP KPUVKVWEKQPCN GP GN RNCPQ FG NCU EQOWPKFCFGU NQECNGU X (QOGPVCT WP ETKVGTKQ FG QTFGPCEKÉP FG NC VKGTTC [ GN CIWC RCTC NC CITKEWNVWTC SWG VGPIC GP EWGPVC GN PKXGN FG GFWECEKÉP NC ECRCEKFCF FG OQXKNK\CT C NCU EQOWPKFCFGU NQECNGU [ NQU TGSWKUKVQU FG NQU GEQUKUVGOCU FG NCU TGIKQPGU ±TKFCU [ UGOK±TKFCU XK 2NCPKHKECT [ FGUCTTQNNCT RTQITCOCU OÐNVKRNGU FG GPGTIÃC JKFTQGN¾EVTKEC SWG VGPICP FGDKFCOGPVG GP EWGPVC EQPUKFGTCEKQPGU GEQNÉIKECU H 1TFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU K &GUCTTQNNCT GUVTCVGIKCU C NCTIQ RNC\Q [ RTQITCOCU FG CRNKECEKÉP RT±EVKEC C HKP FG WVKNK\CT GN CIWC GP NC CITKEWNVWTC FG OQFQ EQORCVKDNG EQP NQU NKOKVCFQU TGEWTUQU [ EQP NCU FKUVKPVCU FGOCPFCU SWG EQORKVGP GPVTG UÃ KK 4GEQPQEGT SWG GN CIWC GU WP DKGP GEQPÉOKEQ [ GUVTCV¾IKEQ GP NQ SWG TGURGEVC C NC RNCPKHKECEKÉP [ QTFGPCEKÉP FGN TKGIQ KKK (QTOWNCT RTQITCOCU GURGEKCNK\CFQU EGPVTCFQU GP NC RTGRCTCEKÉP RCTC ECUQU FG UGSWÃC GP NQU SWG UG RTGUVG GURGEKCN CVGPEKÉP C NQU RTQDNGOCU FG NC GUECUG\ FG CNKOGPVQU [ NC RTQVGEEKÉP CODKGPVCN KX 2TQOQXGT [ OGLQTCT NC TGWVKNK\CEKÉP FG NCU CIWCU TGUKFWCNGU GP NC CITKEWNVWTC I #DCUVGEKOKGPVQ FG CIWC RCTC GN ICPCFQ K /GLQTCT NC ECNKFCF FGN CIWC FKURQPKDNG RCTC GN ICPCFQ VGPKGPFQ RTGUGPVGU UWU NÃOKVGU FG VQNGTCPEKC KK +PETGOGPVCT GN PÐOGTQ FG HWGPVGU FG CIWC RCTC GN ICPCFQ GP RCTVKEWNCT NCU FG NQU 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