Guía Teórica - Práctica para la Elaboración de Planes

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RCUQ C UGIWKT NCU QTICPK\CEKQPGU IWDGTPCOGPVCNGU FGHKPCP [ TGUWGNXCP EKGTVQ
PÕOGTQFGCUWPVQUEQOQUQP
R 'UVTCVGIKCURQNÈVKECU.CUGUVTCVGIKCUNG[GU[OCTEQUTGIWNCVQTKQURWGFGPUGT
KPCFGEWCFQU RCTC NNGXCT C ECDQ PWGXQU VKRQU FG TGNCEKQPGU KPVGTPCU [
GZVGTPCUSWGRGTOKVCPGNG)QDKGTPQ
R 2GTUQPCN 'N HCEVQT JWOCPQ GU GZVTGOCFCOGPVG KORQTVCPVG GP EWCNSWKGT
RTQEGUQFGVTCPUHQTOCEKÎP.CUGVCRCUHKPCNGUFGWPCKPKEKCVKXCG)QDKGTPQ
RWGFGP GPEQPVTCT WPC HWGTVG QRQUKEKÎP 5G KPEWTTKT¶ GP ICUVQU RCTC
FGURNC\CTTGENWVCTTGVGPGT[TGECRCEKVCTCNRGTUQPCN
R 2TQEGUQU .C OC[QTÈC FG NQU RTQEGUQU DWTQET¶VKEQU GUV¶P EQPUVTWKFQU
CNTGFGFQT FG WPC GUVTWEVWTC LGT¶TSWKEC .C KPVGTCEEKÎP GNGEVTÎPKEC RWGFG
EQPVTCTTGUVCT CNIWPQU FG GUVQU RTQDNGOCU RQT NQ SWG UG TGSWGTKT¶ FG WP
TGFKUGÌQFGNQURTQEGUQU
R 6GEPQNQIÈC 7PC ITCP XCTKGFCF FG VGEPQNQIÈCU FG KPHQTOCEKÎP [
EQOWPKECEKÎPFGUGORGÌCPWPRCRGNENCXGGPNCUFKHGTGPVGUGVCRCUFGWPC
KPKEKCVKXC FGG)QDKGTPQEQOQGN+PVGTPGVEQOWPKECEKÎPKPCN¶ODTKEC[NC
KPVGITCEKÎPFGCRNKECEKQPGU[UGIWTKFCF
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈC6GÎTKEQ 2T¶EVKECRCTCNC
'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP
'N TGVQ UÎNQ RQFT¶ UGT GPHTGPVCFQ UK UG EQPUKIWG WPC ETGCVKXC G KPPQXCFQTC
CNKCP\CGPVTGGNUGEVQTRTKXCFQ[GNUGEVQTRÕDNKEQSWGICTCPVKEGSWGPCFKG UGC
GZENWKFQFGNCUQRQTVWPKFCFGUFGNCVGEPQNQIÈCRQTTC\QPGUGEQPÎOKECUQFG
FGUXGPVCLCUQEKCN
2CTCGNNQGN+0'+EQPVTKDW[GCVTCXÃUFGNCGNCDQTCEKÎPFG2QNÈVKECU2NCPGU[NC
RTQOQEKÎP FG OGVQFQNQIÈCU SWG HCEKNKVGP GN FKUGÌQ G KORNGOGPVCEKÎP FGN G
)QDKGTPQ GP RCTVKEWNCT 2CTC GN ECUQ GN 2NCP 'UVTCVÃIKEQ FG 6GEPQNQIÈC FG
+PHQTOCEKÎP
2'6+GUWPKPUVTWOGPVQSWGCRQ[CGNRTQEGUQFGRNCPKHKECEKÎP[
FGUCTTQNNQFGNCU6+GPNCU+PUVKVWEKQPGUFGN'UVCFQ
'N OQFGNQ NC #FOKPKUVTCEKÎP 2ÕDNKEC GP NÈPGC G)QDKGTPQ Q IQDKGTPQ
GNGEVTÎPKEQ GU NC CRNKECEKÎP FG PWGXCU VGEPQNQIÈCU FG KPHQTOCEKÎP [
EQOWPKECEKÎP LWPVQ EQP NC VTCPUHQTOCEKÎP FG NQU RTQEGFKOKGPVQU NC
KORNCPVCEKÎP FG PWGXQU OÃVQFQU [ GUVKNQU FG VTCDCLQ NC ECRCEKVCEKÎP FG NQU
GORNGCFQU GP NCU 6+% GN VTCDCLQ GP ITWRQ [ NC RTGUVCEKÎP FG UGTXKEKQU FG
ECNKFCFCNENKGPVG
GNEKWFCFCPQ
5GEQPUKFGTCPGEGUCTKQNCKORNGOGPVCEKÎPFGWP2NCP'UVTCVÃIKEQ[NCUCEEKQPGU
SWGUGFGTKXGPEQPGNQDLGVQFG
x CEVWCT T¶RKFCOGPVG RCTC CRTQXGEJCT GN GPQTOG RQVGPEKCN RTQFWEVKXQ SWG
QHTGEG+PVGTPGV
OW[RTQPVQNCUQRQTVWPKFCFGU[RQUKDKNKFCFGURWGFGPXGTUG
EGTTCFCU RQT NC RQUKEKÎP FQOKPCPVG SWG CNECPEGP NCU GORTGUCU G
KPUVKVWEKQPGUSWGNCUWVKNKEGPRTKOGTQ
x KPETGOGPVCT UWUVCPEKCNOGPVG NQU CEVWCNGU ÈPFKEGU FG RGPGVTCEKÎP FG NQU
OGFKQU [ UGTXKEKQU FG KPHQTO¶VKEC [ VGNGEQOWPKECEKQPGU KPENW[GPFQ NCU
\QPCU TWTCNGU [ CKUNCFCU FGN RCÈU UK UG FGUGC CRTQXGEJCT CN O¶ZKOQ NCU
XGPVCLCUFGNCUPWGXCUVGEPQNQIÈCU5KPEQDGTVWTCFGVGNGEQOWPKECEKQPGUPQ
JC[FGOQETCVK\CEKÎP[FGUEGPVTCNK\CEKÎPFGNCEEGUQ
x OCUKHKECT NC GFWECEKÎP [ ECRCEKVCEKÎP GP +PVGTPGV PQ DCUVC VGPGT CEEGUQ
JC[ SWG RQVGPEKCT UW GORNGQ %WCPVQ OC[QT UGC NC RQDNCEKÎP [ NCU
GORTGUCU GP ECRCEKFCF FG WUCT [ VGPGT CEEGUQ C NQU UGTXKEKQU OC[QT
FGOCPFCGZKUVKT¶
x RTKQTK\CT NCU CEEKQPGU FG GUVG RNCP GP NC RTQITCOCEKÎP [ CUKIPCEKÎP FG
TGEWTUQU [ EQPVCT EQP GN O¶U CNVQ TGURCNFQ IWDGTPCOGPVCN RCTC SWG
CNECPEGP GN ÃZKVQ FGUGCFQ NQITCT NC CEGRVCEKÎP [Q RCTVKEKRCEKÎP FG NCU
GORTGUCU[UQEKGFCFEKXKNGPGNFGUCTTQNNQFGNCUCEEKQPGUGLGEWVCFCURQTGN
'UVCFQGPGNOCTEQFGGUVGRNCP
'ZKUVGP UGTXKEKQU SWG UQP FG EQORGVGPEKC GURGEÈHKEC FG NQU OKPKUVGTKQU Q
KPUVKVWEKQPGU RÕDNKECU EW[CU ECTCEVGTÈUVKECU RNCPGU OGVCU [ TGEWTUQU UQP
IGTGPEKCFQUFKTGEVCOGPVGRQTGNNQU[SWGPQUQPEQPUKFGTCFQUFKTGEVCOGPVGGP
GUVG FQEWOGPVQ RGTQ SWG GP UW GLGEWEKÎP FGDGT¶P VQOCT GP EWGPVC NQU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈC6GÎTKEQ 2T¶EVKECRCTCNC
'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP
QDLGVKXQU GUVTCVÃIKEQU CSWÈ HQTOWNCFQU RCTC IGPGTCT UKPGTIKCU [ CWOGPVCT NQU
DGPGHKEKQUFGNCUCEEKQPGURTGXKUVCU
&GUFGGNRWPVQFGXKUVCFGN'UVCFQUG TGSWKGTG
8+5+¦0
7P OQFGNQ FG IGUVKÎP FG TGEWTUQU ECRC\ FG CEGNGTCT NC FGUEGPVTCNK\CEKÎP
KPVGITCPFQ DTKPFCPFQ OGLQTGU UGTXKEKQU [ HCEKNKVCPFQ GN CEEGUQ FG NQU
EKWFCFCPQU [ NCU GORTGUCU C NC KPHQTOCEKÎP
'UVC XKUKÎP FG HWVWTQ RTGVGPFG GPHCVK\CT GN TQN FGN 'UVCFQ FG CEVWCT FG OCPGTC
GHKEKGPVG [ VTCPURCTGPVG RCTC JCEGT TGCNKFCF GN FGTGEJQ FG NQU EKWFCFCPQU [ NCU
GORTGUCU FG TGEKDKT UGTXKEKQU FG ECNKFCF CEEGFGT C NC KPHQTOCEKÎP RÕDNKEC [
TGNCEKQPCTUG CEVKXCOGPVG EQP NC #FOKPKUVTCEKÎP 2ÕDNKEC FGUFG EWCNSWKGT NWICT
[ EQP FKXGTUQU OGFKQU RTGHGTGPVGOGPVG NQU VGEPQNÎIKEQU
/+5+¦0
(CEKNKVCT NC KPEQTRQTCEKÎP [ WUQ GHKEKGPVG FG NCU VGEPQNQIÈCU FG KPHQTOCEKÎP [
EQOWPKECEKÎP RCTC EQPVCT EQP WP 'UVCFQ OQFGTPQ ECRC\ FG RTGUVCT UGTXKEKQU
FG ECNKFCF QRQTVWPQU UGIWTQU [ CEEGUKDNGU CN EKWFCFCPQ CEGTECT CN EKWFCFCPQ
C NC IGUVKÎP RÕDNKEC [ HCEKNKVCT GN CEEGUQ KTTGUVTKEVQ [ WPKXGTUCN C NC KPHQTOCEKÎP
C VQFC NC RQDNCEKÎP RCTC SWG RCTVKEKRGP GP NC EQPUVTWEEKÎP [ GP NQU DGPGHKEKQU
FG NC 5QEKGFCF FG NC +PHQTOCEKÎP
'N CRQTVG GUVTCVÃIKEQ FG NCU 6+ C NC OQFGTPK\CEKÎP FGN 'UVCFQ RGTOKVG NC
KORNCPVCEKÎP FG PWGXQU OQFGNQU FG IGUVKÎP SWG CEGNGTCP NQU RTQEGUQU CDTGP
PWGXQU ECPCNGU FG EQOWPKECEKÎP GP NQU FQU UGPVKFQU TGFWEGP EQUVQU [ VKGORQ
[ RQUKDKNKVCP QRGTCT GP OWEJQU ECUQU KPFGRGPFKGPVGOGPVG FGN VKGORQ [ NC
FKUVCPEKC
'NÃZKVQFGNCOKUKÎPRNCPVGCFC
FGOCPGTCKPVGITCNT¶RKFCFKTGEVC[GHGEVKXC
KORNKECSWGNCUKPUVKVWEKQPGUFGN'UVCFQTGFGHKPKT¶PUWQTICPK\CEKÎPRCTC
x &KUGÌCTUWUUGTXKEKQUEGPVTCFQUGPGNEKWFCFCPQEQPECNKFCFQRQTVWPKFCF
UGIWTKFCF[CEEGUKDKNKFCFEQPUKFGTCPFQUWUPGEGUKFCFGUGURGEÈHKECU
x #ORNKCTUWUEQORGVGPEKCU[JCDKNKFCFGURCTCOQPKVQTGCTGNKORCEVQFGNCU
PWGXCU VGEPQNQIÈCU CN KPVGTKQT FG NCU QTICPK\CEKQPGU [ GP NC UQEKGFCF GP
IGPGTCN
x &KUGÌCTOGECPKUOQUFGEQQTFKPCEKÎP[EQQRGTCEKÎPGPVTGQTICPKUOQUFGN
'UVCFQHNGZKDNGU[GPNÈPGCEQPNCUPWGXCUVGEPQNQIÈCURCTCSWGQRVKOKEGP
TGEWTUQU [ GUHWGT\QU GP NC RWGUVC GP OCTEJC FG UQNWEKQPGU VGEPQNÎIKECU
EQORNGLCU[HKCDNGU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈC6GÎTKEQ 2T¶EVKECRCTCNC
'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP
x 6TCDCLCT GP HWPEKÎP FG NQ SWG GN OGTECFQ NCU KPUVKVWEKQPGU [ EKWFCFCPQU
FGOCPFCP RTQOQXKGPFQ [ FGVGEVCPFQ QRQTVWPKFCFGU SWG DTKPFCP NCU
PWGXCUVGEPQNQIÈCU
x &GUCTTQNNCTRTQ[GEVQUEQPLWPVQU EQPNCUQEKGFCFEKXKN[NCUGORTGUCURCTC
UWRGTCTNCUDCTTGTCUSWGKORKFGPCITCPFGU UGEVQTGUFGNCRQDNCEKÎPCEEGFGT
CNCOQFGTPKFCF
x 6TCPUHQTOCTNCUOÕNVKRNGUQRQTVWPKFCFGUSWGQHTGEGPNCUPWGXCUVGEPQNQIÈCU
FG KPHQTOCEKÎP [ EQOWPKECEKÎP GP RTQ[GEVQU XKCDNGU RCTC RQVGPEKCT GN
FGUCTTQNNQFGNCUQEKGFCFFGNCKPHQTOCEKÎPGPGNRCÈU
.CTC\ÎPRTKPEKRCNRCTCNCHQTOWNCEKÎPFGGUVG2NCP'UVTCVÃIKEQFG6+GUVQOCT
NC KPKEKCVKXC RCTC CEVWCT T¶RKFC EQPEGTVCFC [ GHKEKGPVGOGPVG RCTC NQITCT SWG
NQU EKWFCFCPQU [ NCU GORTGUCU RWGFCP WUCT [ FKUHTWVCT NQU DGPGHKEKQU FG NC
OQFGTPK\CEKÎPFGN'UVCFQDCUCFCGPNCU6+%
1DLGVKXQUFGN2'6+
&GUFGGNRWPVQFGXKUVCFGN+0'+NC/GVQFQNQIÈC2'6+XGTUKÎPDWUEC
x
/GLQTCTNC)GUVKÎPFGNQU5GTXKEKQU+PHQTO¶VKEQUFGNCUGPVKFCFGURÕDNKECU
x
1TKGPVCTGNFGUCTTQNNQFGNQU2TQ[GEVQUFG6+GPNCUGPVKFCFGURÕDNKECURCTC
NCEQPUVKVWEKÎPFGNG)QDKGTPQ
x
x
'UVCDNGEGT WP GPNCEG [EQPEQTFCPEKCGPVTGNCU6GEPQNQIÈCU'UVTWEVWTCFCU[
6GEPQNQIÈCUFG1DLGVQURCTCGNFGUCTTQNNQFG2TQ[GEVQUFG6GEPQNQIÈCFG
+PHQTOCEKÎP
1TKGPVCT NCU CEVKXKFCFGU KPHQTO¶VKECU GP GN OCTEQ FGN 2NCP 'UVTCVÃIKEQ
0CEKQPCNK [UWUCEVWCNK\CEKQPGU
'XQNWEKÎPFGNC/GVQFQNQIÈC+PHQTO¶VKECFGN+0'+
.C /GVQFQNQIÈCU +PHQTO¶VKEC FGN +0'+ PQ JC UKFQ CLGPC CN FGUCTTQNNQ FG NCU
VGEPQNQIÈCUKPHQTO¶VKECUFGNQUÕNVKOQUCÌQUNQUGUHWGT\QU FGNQUEGPVTQUFG
KPXGUVKICEKÎPGPWPKXGTUKFCFGU[GORTGUCUJCPGUVCFQRWGUVQUGPGNFGUCTTQNNQ
FG RTQRWGUVCU SWG RWGFCP UGT PTGCNOGPVG KORNGOGPVCFCUQ [ PQ UQNCOGPVG
GUDQ\CFCU
.QUPUCNVQUQ CNCUVGEPQNQIÈCUFGQDLGVQUPQJCPUKFQVQVCNOGPVGUCVKUHCEVQTKQU
UWKORNGOGPVCEKÎPTGCNGPRTQ[GEVQUFGFGUCTTQNNQFGUKUVGOCUJCPHTCECUCFQ
Q JCP FGOQTCFQ GP UW KORNGOGPVCEKÎP IGPGTCPFQ RÃTFKFCU Q GNGXCPFQ NQU
EQUVQUFGNRTQ[GEVQFGDKFQHWPFCOGPVCNOGPVGCSWGGNPGUVCFQFGCTVGQ FGNCU
VGEPQNQIÈCUFGDCUGUFGFCVQUJGTTCOKGPVCUFGOQFGNCOKGPVQ[FGUCTTQNNQCUÈ
EQOQ FG GXCNWCEKÎP FG RTQFWEVQU PQ GUVCDCP C NC RCT FG NQU UWRWGUVQU
VGÎTKEQU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈC6GÎTKEQ 2T¶EVKECRCTCNC
'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP
#FGO¶U GN PQ EQPVCT EQP RGTUQPCN RTGRCTCFQ RCTC KORNGOGPVCT GUVQU
RTQ[GEVQU GP GN OGFKQ OCN GPFÃOKEQ GP UQEKGFCFGU GP XÈCU FG FGUCTTQNNQ [
SWG UÎNQ UG RWGFG UQNWEKQPCT HQTOCPFQ PWGXQU EWCFTQU VÃEPKEQU Q
KORQTV¶PFQNQURCTCUWUVGPVCTGNFGUCTTQNNQFGNQURTQ[GEVQU
/CTEQ%QPEGRVWCNRCTCGNFGUCTTQNNQFGN2'6+
'N OCTEQ EQPEGRVWCN GORNGCFQ RQT NCU XGTUKQPGU CPVGTKQTGU FG NCU
RWDNKECEKQPGU FG NC /GVQFQNQIÈC +PHQTO¶VKEC FGN +0'+ GUVCDC GUVTWEVWTCFQ
UQDTGNCDCUGFGNQURTKPEKRKQUFGNCVGEPQNQIÈCGUVTWEVWTCFCCUÈUGJK\QPQVCT
GPNCUXGTUKQPGU[FGN2'6+
CPVGU25+CUÈEQOQGPNCUXGTUKQPGUFGDCUGFG
FCVQUFGUCTTQNNCFQTGU[WVKNKVCTKQU
'LVHxRGHO
0RGHOR
GH6LVWHPDV
,QVWLWXFLRQDOHV
'HILQLFLyQ\
RUJDQL]DFLyQ
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EW[CUHCUGUUQP
x
x
x
x
x
x
&GHKPKEKÎP[1TICPK\CEKÎPFGN2'6+
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&KUGÌQFGN/QFGNQFG#TSWKVGEVWTC6GEPQNÎIKEC
2NCPGUFG#EEKÎP
2TQURGEVKXCFGNFGUCTTQNNQFGNCUVGEPQNQIÈCUFG+PHQTOCEKÎPGPNCUGPVKFCFGU
FGNGUVCFQRGTWCPQRCTCNCRTKOGTCFÃECFCFGNPWGXQ UKINQ
'N RNCPVGCOKGPVQ SWG UG RTGUGPVC GU EQJGTGPVG EQP GN P2NCP 0CEKQPCN FG
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FG &GUCTTQNNQ FG 5KUVGOCU [ 5GTXKEKQU RNCPVGCFQU GP GN FQEWOGPVQ
P.KPGCOKGPVQURCTCNC%TGCEKÎPFG NC5QEKGFCFFG+PHQTOCEKÎPGPGN2GTÕQ
( P SUHV D V \& LXG D GD QRV
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7 9 7 HOpIRQR . LRVNR
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3 UR YHH GRUH V
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8 QLYHUVLGDGHV\& ROHJLRV
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Q SWG FGRGPFGPEKC DTKPFC GN UGTXKEKQ Q EÎOQ GUV¶ QTICPK\CFC NC KPUVKVWEKÎP
RCTCCEEGFGT[WUCTWPUGTXKEKQFGVGTOKPCFQFGNC#FOKPKUVTCEKÎP2ÕDNKEC.C
OCPGTCEQOQGUVQUUGTXKEKQU
FKIKVCNK\CDNGUUQPQTICPK\CFQU[QHGTVCFQUFGDG
UGTVTCPURCTGPVGRCTCGNWUWCTKQ'UVGGUWPKFGCNCNSWGFGDGTÈCVGPFGTNCHQTOC
GPSWGGNEKWFCFCPQ[NCUGORTGUCUTGUWGNXGPUWUPGEGUKFCFGUFGFCT[TGEKDKT
KPHQTOCEKÎPFG[JCEKCNC#FOKPKUVTCEKÎP2ÕDNKEC
5GTÈC FGUGCDNG VCODKÃP SWG NC OC[QT RCTVG FG NQU UGTXKEKQU FG KPHQTOCEKÎP
RWGFCPUGTTGCNK\CFQUCVTCXÃUFGTGFGU[UGTCEEGUKDNGUGP+PVGTPGVRQTNQEWCN
FGDGT¶P VQOCTUG NCU RTGXKUKQPGU FGN ECUQ RCTC CVGPFGT NCU PWGXCU FGOCPFCU
SWGUGQTKIKPCT¶PRQTNQUECODKQUGPNCXCTKGFCF[RGPGVTCEKÎPFGNQUOGFKQU
SWG UG VGPFT¶ GP NQU RTÎZKOQU CÌQU RCTC CEEGFGT C +PVGTPGV #EVWCNOGPVG NC
OCPGTC O¶U FKHWPFKFC FG CEEGUQ C +PVGTPGV GU C VTCXÃU FG NCU 2%NU RGTQ NCU
RTGXKUKQPGUCRWPVCPCSWGRTQPVQQVTQUOGFKQU[HQTOCUFGCEEGUQGUVCT¶PCN
CNECPEGFGEWCNSWKGTWUWCTKQFGNCOCPQEQPNCUEQOWPKECEKQPGUKPCN¶ODTKECU
[NCVGNGHQPÈCOÎXKN'PGN2GTÕNCUECDKPCURÕDNKECU[NQUEGPVTQUEQOWPKVCTKQU
FG CEEGUQ C +PVGTPGV UQP WP OGFKQ CRTQRKCFQ RCTC HCEKNKVCT GN CEEGUQ C NQU
RQDNCFQTGUFGDCLQUKPITGUQU[FGNCU\QPCUTWTCNGUSWGFGUFGGN'UVCFQ[NCU
QTICPK\CEKQPGUEKXKNGUFGDKGTCUGIWKTKORWNU¶PFQUG
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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2CTC HCEKNKVCT NC FKUVTKDWEKÎP [ EKTEWNCEKÎP FG NC KPHQTOCEKÎP [ NC WDKECEKÎP [
RTGUVCEKÎPFGUGTXKEKQUGN+0'+[GNTGUVQFGNC#FOKPKUVTCEKÎP2ÕDNKECFGDGP
QTICPK\CTWPRQTVCN
QXCTKQURQTVCNGUUGEVQTKCNGU'UVGRQTVCNFGDGTÈCUGTXKUVQ
EQOQGNRWPVQQRWGTVCFGGPVTCFCO¶UH¶EKNT¶RKFCCOKICDNG [VTCPURCTGPVG
RCTC KPVGTCEVWCT EQP NC #FOKPKUVTCEKÎP 2ÕDNKEC C VTCXÃU FG +PVGTPGV FQPFG
EQPXGTIGP NCU KPUVKVWEKQPGU [ UGTXKEKQU RÕDNKEQU ECFC WPC EQP UW RTQRKC
UQNWEKÎP VGEPQNÎIKEC FKURWGUVCU C FCT [ TGEKDKT KPHQTOCEKÎP FG [ JCEKC NQU
EKWFCFCPQU[GORTGUCU'NRQTVCNFGDGRGTOKVKTNCRTKXCEKFCF[NCCWVGPVKECEKÎP
FGNQUFCVQUSWGUGOCPGLCP[QHTGEGTNCQREKÎPFGRGTUQPCNK\CEKÎP
EQOQNC
OC[QTÈCFGRQTVCNGURTKXCFQURCTCSWGECFCEKWFCFCPQQGORTGUCNQCFCRVGC
UWUPGEGUKFCFGU
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QRQTVCNGU[NCUKPVTCPGVUSWGUGFGUCTTQNNGPCNKPVGTKQTFGN'UVCFQ
FGDGT¶P HCEKNKVCT G KPVGITCT GN CEEGUQ C NQU UGTXKEKQU FKIKVCNK\CDNGU FGUFG
EWCNSWKGTNWICTCVTCXÃUFGNQUOGFKQU[FKURQUKVKXQUCEVWCNGU[RQTETGCTUGGP
NC Q NCU NGPIWCU O¶U WVKNK\CFCU RQT NC RQDNCEKÎP GP UGTXKEKQU EQOQ NQU
GFWECVKXQU ECUVGNNCPQ SWGEJWC C[OCTC NGIWCU COC\ÎPKECU Q GP NC
RTQOQEKÎPFGNEQOGTEKQGZVGTKQT
ECUVGNNCPQKPINÃU+IWCNOGPVGFGDGT¶VQOCT
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5KUVGOCFGKPHQTOCEKÎPFGEQPVTQNFGXKUKVCU
5KUVGOCFGKPHQTOCEKÎPFGRTQOQEKÎP
5KUVGOCFGKPHQTOCEKÎPFGDKDNKQVGEC
5KUVGOCFGKPHQTOCEKÎPFGCTEJKXQU
5KUVGOCFGKPHQTOCEKÎPFGPQTOCU[OGVQFQNQIÈCU
5KUVGOCFGKPHQTOCEKÎPFGPQTOCUNGICNGU
5KUVGOCFGKPHQTOCEKÎPIGQIT¶HKEC
&G NQU UKUVGOCU GURGEKHKECFQU C EQTVQ [ OGFKCPQ RNC\Q UG JCEG PQVCT
SWG GP NC CEVWCNKFCF GZKUVGP UKUVGOCU SWG RQFT¶P UGT CFCRVCFQU C NQU
UKUVGOCU RTQRWGUVQU OKPKOK\CPFQ UGIÕP GN ECUQ GN EQUVQ FGN
FGUCTTQNNQFGNQUOKUOQU
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+PHQTOCEKÎPDWUECGUVCDNGEGTRTQEGFKOKGPVQU[CEEKQPGUSWGRGTOKVCPRTGXGT
[ UWRNKT NCU CEVKXKFCFGU [ RTQ[GEVQU SWG JCDKGPFQ UKFQ RTQITCOCFQU GP GN
2'6+ RQT FKXGTUQU HCEVQTGU KPVGTPQU GZVGTPQU Q EQODKPCEKÎP FG GNNQU PQ
RWGFGPUGTKORNGOGPVCFQU
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2CTC CUGIWTCT SWG UG EQPUKFGTCP VQFCU NCU RQUKDNGU GXGPVWCNKFCFGU UG JC FG
GNCDQTCTWPCNKUVCFGVQFQUNQUTKGUIQUEQPQEKFQUSWGPQRGTOKVCPGNFGUCTTQNNQ
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈC6GÎTKEQ 2T¶EVKECRCTCNC
'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP
Q NC HCNNC FG WPC CRNKECEKÎP [C QRGTCVKXC SWG CHGEVG CNIÕP RWPVQ ETÈVKEQ FGN
RTQEGUQKPUVKVWEKQPCNRCTC NQEWCNUGFGDGT¶TGCNK\CTWPCP¶NKUKUFGTKGUIQU
#P¶NKUKUFG4KGUIQU
'NCP¶NKUKUFGTKGUIQUEQPUKUVGGPO¶USWGGNJGEJQFGECNEWNCTNCRQUKDKNKFCF
FGSWGQEWTTCPEQUCUPGICVKXCURQFGTQDVGPGTWPCGXCNWCEKÎPFGNKORCEVQFG
GUVQUUWEGUQUPGICVKXQU.CGXCNWCEKÎPFGTKGUIQU[RTGUGPVCEKÎPFGTGURWGUVCU
FGDGRTGRCTCTUGFGHQTOCRGTUQPCNK\CFCRCTCECFCQTICPK\CEKÎP
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EQPVKPWCEKÎP GUVKOCT GNEQUVG[NQU TGEWTUQU SWGUWRQPFTÈCTGGORNC\CTNQEQP
QVTC CEVKXKFCF Q RTQ[GEVQ 5G JC FG VGPGT GP EWGPVC NC RTQDCDKNKFCF FG SWG
UWEGFCP ECFC WPQ FG NQU RTQDNGOCU RQUKDNGU &G GUVC HQTOC UG RWGFGP
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CFGEWCFQ
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2TQ[GEVQFGFGUCTTQNNQ
2TGIWPVCRCTCFGVGTOKPCTGN4KGUIQ
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2CTCECFCTKGUIQUGFGDGFGVGTOKPCTNCRTQDCDKNKFCFFGNHCEVQTFGTKGUIQ
%QOQGLGORNQUGOGPEKQPCPCNIWPQUVKRQUFGHCEVQTGUFGTKGUIQ
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+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP
2NCPFGGOGTIGPEKCFGNRNCPG UVTCVÃIKEQFGVGEPQNQIÈCUFG+PHQTOCEKÎP 'UKORQTVCPVGFGHKPKTNQURTQEGFKOKGPVQU[RNCPGUFGCEEKÎPRCTCGNECUQSWG
PWP RQUKDNG TKGUIQ UG JCIC TGCNKFCFQ 'U FGEKT QEWTTC WPC EQPVKPIGPEKC GU
GUGPEKCN SWG UG EQPQ\EC CN FGVCNNG GN OQVKXQ SWG NC QTKIKPÎ [ GN KORCEVQ
RTQFWEKFQNQSWGRGTOKVKT¶TGEWRGTCTGPGNOGPQTVKGORQRQUKDNGGNRTQEGUQ
CEVKXKFCFQRTQ[GEVQRGTFKFQ
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WPECUQFGGOGTIGPEKCFGDGPUGTRNCPGCFQU[RTQDCFQUHGJCEKGPVGOGPVG.QU
RTQEGFKOKGPVQUFGDGT¶PUGTFGGLGEWEKÎPQDNKICVQTKC[DCLQNCTGURQPUCDKNKFCF
FGNQU GPECTICFQU FGNCTGCNK\CEKÎPFGNQUOKUOQUFGDKGPFQJCDGTRTQEGUQU
FG XGTKHKECEKÎP FG UW EWORNKOKGPVQ 'P GUVQU RTQEGFKOKGPVQU GUVCT¶
KPXQNWETCFQVQFQGNRGTUQPCNFGNC+PUVKVWEKÎP
.QURTQEGFKOKGPVQUFGRNCPGUFGTGEWRGTCEKÎPFGFGUCUVTGUFGDGPFGGOCPCT
FG NC O¶ZKOC CWVQTKFCF +PUVKVWEKQPCN RCTC ICTCPVK\CT UW FKHWUKÎP [ GUVTKEVQ
EWORNKOKGPVQ
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5QP VQFCU NCU CEVKXKFCFGU FG RNCPGCOKGPVQ RTGRCTCEKÎP GPVTGPCOKGPVQ [
GLGEWEKÎPFGNCUCEVKXKFCFGUFGTGUIWCTFQFGNCKPHQTOCEKÎPSWGPQUCUGIWTGP
WPRTQEGUQFGTGEWRGTCEKÎPEQPGNOGPQTEQUVQRQUKDNGCNCKPUVKVWEKÎP
2QFGOQUFGVCNNCTNCUUKIWKGPVGUCEVKXKFCFGUIGPGTCNGU
'UVCDNGEKOKGPVQFGNRNCPFGGOGTIGPEKC
HTGPVGCNCTGUVTKEEKÎPUWRWGUVCGP
GNCP¶NKUKUFGTKGUIQKPENW[GUKUVGOCUCNVGTPCVKXQUQGNGORNGQFGUQHVYCTG
WVKNKVCTKQU
(QTOCEKÎPFGGSWKRQUQRGTCVKXQU
(QTOCEKÎP FG GSWKRQU FG GXCNWCEKÎP CWFKVQTÈC FG EWORNKOKGPVQ FG NQU
RTQEGFKOKGPVQUUQDTGUGIWTKFCF
#EVKXKFCFGUFWTCPVG
7PC XG\ RTGUGPVCFC NC EQPVKPIGPEKC UG FGDGT¶ GLGEWVCT NCU UKIWKGPVGU
CEVKXKFCFGURNCPKHKECFCURTGXKCOGPVG
'UVWFKQ FG NCU TGUVTKEEKQPGU RTGUGPVCFCU 'XCNWCEKÎP FG KORCEVQ FG NCU
TGUVTKEEKQPGU EQPVKPIGPEKCU
2TKQTK\CEKÎPFGCEVKXKFCFGUFGNRNCPFGGOGTIGPEKC
#EVKXKFCFGURTGRCTCVQTKCUFGNRNCPFGGOGTIGPEKC
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
#EVKXKFCFGUFGURWÃU
)WÈC6GÎTKEQ 2T¶EVKECRCTCNC
'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP
&GURWÃUFGQEWTTKFQNCEQPVKPIGPEKCGUPGEGUCTKQTGCNK\CTNCUCEVKXKFCFGUSWG
UGFGVCNNCPNCUEWCNGUFGDGPGUVCTGURGEKHKECFCUGPGNRNCPFGGOGTIGPEKC
'LGEWEKÎPFGCEVKXKFCFGUFGNRNCPFGGOGTIGPEKC
'XCNWCEKÎPFGTGUWNVCFQU
4GVTQCNKOGPVCEKÎPFGNRNCPFGGOGTIGPEKC
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2NCPFG
EQPVKPIGPEKC #EVKXKFCFGURTGXKCU
2NCPFGGOGTIGPEKC #EVKXKFCFGUFWTCPVG
#EVKXKFCFGUFGURWÃU
.C KORNGOGPVCEKÎP FG RNCPGU FG EQPVKPIGPEKC C PKXGN FG UKUVGOCU FG
KPHQTOCEKÎPRNCPVGCGPQTOGUTGVQUCNCUQHKEKPCUFGKPHQTO¶VKEC[WPCETGCVKXC
KOCIKPCEKÎPRCTCGORNGCT
EQPXGTVKTQTGWVKNK\CTCRNKECEKQPGUGZKUVGPVGUSWG
RWGFCP EWDTKT QRGTCVKXCOGPVG HWPEKQPGU CUKIPCFCU C CRNKECEKQPGU FG WUQ
GURGEÈHKEQ
'UKORQTVCPVGVGPGTRTGUGPVGSWGGPNQUÕNVKOQUCÌQUNCUJGTTCOKGPVCU)07
RTGUVCP WP KPXCNQTCDNG CRQ[Q EQP WPC ECFC XG\ OCU ETGEKGPVG PÕOGTQ FG
UQNWEKQPGU (4'' SWG NCU GPVKFCFGU RÕDNKECU [ NCU QHKEKPCU FG KPHQTO¶VKEC
RWGFGP WVKNK\CT RCTC UWRNKT ECTGPEKCU RTGUWRWGUVCNGU RCTC CFSWKTKT PWGXCU
VGEPQNQIÈCU FG UQHVYCTG 2QT VCPVQ FKUGÌCT RNCPGU FG EQPVKPIGPEKC UQDTG NC
DCUGFGJGTTCOKGPVCU[WVKNKVCTKQUDCUCFQUGP.+07:GUWPCCNVGTPCVKXCXKCDNG
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈC6GÎTKEQ 2T¶EVKECRCTCNC
'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈC6GÎTKEQ 2T¶EVKECRCTCNC
'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP
&& 4
4YYccUU……__ TTUU\\ ]]__TTUU\\__ TTUU QQbbaaeeYYddUUSSddeebbQQ ddUUSS^^__\\††WWYYSSQQ
/QFGNCOKGPVQVGEPQNÎIKEQ K 2NCPFGVGEPQNQIÈC
'P GUVC CEVKXKFCF UG RTQRQPG WPC CTSWKVGEVWTC VGEPQNÎIKEC SWG FÃ UQRQTVG CN
OQFGNQ FG KPHQTOCEKÎP [ FG UKUVGOCU FG KPHQTOCEKÎP KPENW[GPFQ UK GU
PGEGUCTKQ CNVGTPCVKXCU 2CTC GUVCCEVKXKFCFUGVKGPGPGPEWGPVCGURGEKCNOGPVG
NQU TGSWKUKVQU FG ECT¶EVGT VGEPQNÎIKEQ CWPSWG GU PGEGUCTKQ EQPUKFGTCT GN
ECV¶NQIQEQORNGVQFGTGSWKUKVQURCTCGPVGPFGTNCUPGEGUKFCFGUFGNQURTQEGUQU
[RTQRQPGTNQUGPVQTPQUVGEPQNÎIKEQUSWGOGLQTUGCFCRVGPCNCUOKUOCU
6CTGC
2TQFWEVQU
6ÃEPKECU[2T¶EVKECU
+FGPVKHKECEKÎPFG x #NVGTPCVKXCUFG x &KCITCOCFG
CTSWKVGEVWTC
TGRTGUGPVCEKÎP
NCUPGEGUKFCFGU
VGEPQNÎIKEC
x 5GUKQPGU FGVTCDCLQ
FGKPHTCGUVTWEVWTC
VGEPQNÎIKEC
5GNGEEKÎPFGNC
CTSWKVGEVWTC
VGEPQNÎIKEC
x #TSWKVGEVWTC
VGEPQNÎIKEC
x #P¶NKUKUEQUVQDGPGHKEKQ
x &KCITCOCFG
TGRTGUGPVCEKÎP
x +ORCEVQGPNC
QTICPK\CEKÎP
2CTVKEKRCPVGU
x %QPUWNVQTGU
KPHQTO¶VKEQU
x 'SWKRQFGUQRQTVG
VÃEPKEQ
x %QPUWNVQTGU
x %QPUWNVQTGU
+PHQTO¶VKEQU
x 7UWCTKQUGZRGTVQU
x 'SWKRQ FG UQRQTVG
VÃEPKEQ
+FGPVKHKECEKÎPFGNCUPGEGUKFCFGUFGKPHTCGUVTWEVWTCVGEPQNÎIKEC
'UVC VCTGC VKGPG GN QDLGVKXQ FG CPCNK\CT NCU PGEGUKFCFGU FG KPHTCGUVTWEVWTC
VGEPQNÎIKEC [ RTQRQPGT NCU CNVGTPCVKXCU XKCDNGU FGUFG GN RWPVQ FG XKUVC
VGEPQNÎIKEQRCTCFCTTGURWGUVCCFKEJCUPGEGUKFCFGU
2CTCGNNQUGEQOKGP\CCPCNK\CPFQGNOQFGNQFGUKUVGOCUFGKPHQTOCEKÎP[GN
NKUVCFQ FG TGSWKUKVQU GP GURGEKCN NQU FG ECT¶EVGT VÃEPKEQ 5G KFGPVKHKECP NCU
PGEGUKFCFGU
GPVQTPQUPGEGUCTKQUEQPGEVKXKFCF[EQOWPKECEKQPGUGPVTGGNNQU
FKURQPKDKNKFCFUGTXKEKQUETÈVKEQUGVE
# EQPVKPWCEKÎP UG FGVGTOKPCP NCU RQUKDNGU CNVGTPCVKXCU FG KPHTCGUVTWEVWTC
VGEPQNÎIKEC FGHKPKGPFQ NQU EQORQPGPVGU C CNVQ PKXGN [ TGRTGUGPVCPFQ
IT¶HKECOGPVGECFCWPCFGGNNCU'UPGEGUCTKQGUVCDNGEGTNCHQTOCFGIGUVKQPCTNC
KPHTCGUVTWEVWTC VGEPQNÎIKEC RCTC TGURQPFGT C NCU PGEGUKFCFGU KFGPVKHKECFCU .C
XKUKÎP CRQTVCFC RQT NQU EQPUWNVQTGU FG VGEPQNQIÈCU FG NC KPHQTOCEKÎP [
EQOWPKECEKÎP
6+FGDGUGTFGHWVWTQEQPUKFGTCPFQNCRQUKDNGGXQNWEKÎPFGNCU
FKUVKPVCUVGEPQNQIÈCUECPFKFCVCUCUÈEQOQFGNCUCEVWCNOGPVGKPEQTRQTCFCUGP
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈC6GÎTKEQ 2T¶EVKECRCTCNC
'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP
NCQTICPK\CEKÎP'UKORTGUEKPFKDNGEQPVCTGPGUVGCP¶NKUKUEQPNCKPHQTOCEKÎP
TGNCVKXC C NQU GPVQTPQU VGEPQNÎIKEQU FG NC UKVWCEKÎP CEVWCN CUÈ EQOQ NQU
GUV¶PFCTGUGZKUVGPVGUGPNCQTICPK\CEKÎP
2TQFWEVQU
&GGPVTCFC
x
x
x
x
x
x
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GZVGTPQ
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&GUETKREKÎPIGPGTCNFGUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU
8CNQTCEKÎPFGNCUKVWCEKÎPCEVWCN
&GUCNKFC
x #NVGTPCVKXCUFGCTSWKVGEVWTCVGEPQNÎIKEC
2T¶EVKECU
x &KCITCOCFGTGRTGUGPVCEKÎP
x 5GUKQPGUFGVTCDCLQ
2CTVKEKRCPVGU
x %QPUWNVQTGUKPHQTO¶VKEQU
x 'SWKRQFGUQRQTVGVÃEPKEQ
x 'SWKRQFGCPCNKUVCU
5GNGEEKÎPFGNCCTSWKVGEVWTCVGEPQNÎIKEC
'UVC VCTGC GUV¶ GPECOKPCFC C NC UGNGEEKÎP FG WPC CNVGTPCVKXC FG RNCVCHQTOC
VGEPQNÎIKEC RCTC FGVGTOKPCT NQ SWGNNCOCTGOQU CTSWKVGEVWTC VGEPQNÎIKECSWG
TGEQIGNCKPHTCGUVTWEVWTCO¶UCFGEWCFCRCTCFCTUQRQTVGGPGNEQPVGZVQFGNC
QTICPK\CEKÎP CN OQFGNQ FG KPHQTOCEKÎP [ FG UKUVGOCU FG KPHQTOCEKÎP
RTQRWGUVQ
2CTCECFCCNVGTPCVKXCUGFGDGCPCNK\CTUWKORCEVQGPNCQTICPK\CEKÎPCUÈEQOQ
NQU OGFKQU [ GN VKGORQ PGEGUCTKQU RCTC UW KORNCPVCEKÎP 5G FGDGP VGPGT GP
EWGPVCNQUTGEWTUQUVGEPQNÎIKEQUCEVWCNGURCTCGXCNWCTNQUECODKQUPGEGUCTKQU
5GTGCNK\CWPGUVWFKQFGECFCRTQRWGUVCKPFKECPFQXGPVCLCUGKPEQPXGPKGPVGU
CUÈ EQOQ GN PKXGN FG TGURWGUVC C NCU PGEGUKFCFGU KFGPVKHKECFCU GP NC VCTGC
CPVGTKQT
2QT ÕNVKOQ WPC GUVKOCEKÎP GEQPÎOKEC INQDCN RWGFG C[WFCT C GNGIKT NC
CNVGTPCVKXCSWGXCCUGTRTQRWGUVCRCTCNCEWCNRWGFGPKPENWKTUGQREKQPGU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈC6GÎTKEQ 2T¶EVKECRCTCNC
'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP
2TQFWEVQU
&GGPVTCFC
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GZVGTPQ
#NVGTPCVKXCUFGCTSWKVGEVWTCVGEPQNÎIKEC
&GUCNKFC
#TSWKVGEVWTCVGEPQNÎIKEC
6ÃEPKECU
#P¶NKUKUEQUVQDGPGHKEKQ
2T¶EVKECU
&KCITCOCFGTGRTGUGPVCEKÎP
+ORCEVQGPNCQTICPK\CEKÎP
2CTVKEKRCPVGU
%QPUWNVQTGU
%QPUWNVQTGUKPHQTO¶VKEQU
7UWCTKQUGZRGTVQU
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512146'(+5+%1.1)+%1;%1/70+%#%+10'5
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EQORNGVCT GN RTQEGUQ FG UKUVGOCVK\CEKÎP FGN +/#42' FGDKFQ C SWG GUVQU
RTQRQTEKQPCPNQUKPUWOQUPGEGUCTKQURCTCGNNQITQFGNRTQ[GEVQRTQRWGUVQ
5QRQTVG(ÈUKEQ
%QP NC HKPCNKFCF FG FCT UQRQTVG CN FGUCTTQNNQ FG NQU UKUVGOCU FG KPHQTOCEKÎP
RTQRWGUVQ[CRQ[CTCNCUFKXGTUCUCEVKXKFCFGUSWGUGTGCNK\CPGPGN+/#42'UG
RTQRQPG NC CFSWKUKEKÎP FG GSWKRQU HÈUKEQU CEQTFG CN FGUCTTQNNQ G
KORNGOGPVCEKÎP FG NQU UKUVGOCU RTQRWGUVQU 'PVTG NQU GSWKRQU FG EÎORWVQ C
UGTCFSWKTKFQUUGEQPVGORNCPNQUUKIWKGPVGU
C /KETQEQORWVCFQTCU
5GTXKFQTRTKPEKRCN
6KRQ#
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5QRQTVG/WNVKRTQEGUCOKGPVQ
2'06+7/ +++ Q CHÈP
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/GOQTKC4#/
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2WGTVQU
RCTCNGNQ 75$ UGTKG
EQTTGEVQTGURCTCOQWUG[ VGENCFQ
6CTLGVCFG4GF
(CUV'VJGTPGV/DRU
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6GENCFQ
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%QPVTCUGÌC %/15 FG
GPEGPFKFQ EQPVTQN FG CTTCPSWG FG FKUEQ TÈIKFQ FG FKUSWGVGTC [ FG
%&5QRQTVGFGUGIWTKFCFFGEJCUKU
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(WGPVGFGRQFGT
9CVVU
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6KRQ6QYGT
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9KPFQYU 06 0QXGNN
5%15#24.KPWZ
5GT¶ WVKNK\CFQ GP GN OCPGLQ [RTQEGUCOKGPVQFGNQU FCVQU QEGCPQIT¶HKEQU
OGVGQTQNÎIKEQUJKFTQDKQNÎIKEQU[DKQNÎIKEQURGUSWGTQURTQXGPKGPVGUFGNCU
FKHGTGPVGU HWGPVGU FG KPHQTOCEKÎP EKGPVÈHKEC VGEPQNÎIKEC [ CFOKPKUVTCVKXC
6CODKÃPUGT¶WUCFQGPGNGPNCEGEQPNQUNCDQTCVQTKQUEQUVGTQUWDKECFQUCNQ
NCTIQFGNNKVQTCN
%QUVQCRTQZKOCFQ75
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6KRQ$
2TQEGUCFQT
/GOQTKC4#/
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6KRQFGDWU
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2WGTVQU
EQTTGEVQTGURCTCOQWUG[VGENCFQ
6CTLGVCFG4GF
.GEVQTC%&41/
5KUVGOC1RGTCVKXQ
2'06+7/ +++ Q CHÈP
XGNQEKFCF/*<
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RCTCNGNQ 75$ UGTKG
(CUV'VJGTPGV/DRU
ZXGNQEKFCF
70+:QUWRGTKQT
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP
%QORCVKDKNKFCF
5%15#24.KPWZ
9KPFQYU 06 0QXGNN
9QTMUVCVKQP'UVCEKQPGUFG6TCDCLQ
6KRQ%
5KUVGOC1RGTCVKXQ
70+:QUWRGTKQT
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