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NCRQNKVKEâEGGCEGNGRTKXâFGQEQPFK/KGXKVCNâCGZKUVGP/GKNQT&GETGVWN<br />

CWNKEFKPFGEGODTKGKPVGT\KEGCEQORNGVQVQCVGUETKGTKNGECTGETKVKEâ<br />

)KOWUVTâNGIK)KFKURQ\K/KKQHKEKCNGRTKPEKCTGFGQCTGEGRTKPTâUR¸PFKTGC<br />

WPQT CUVHGN FG UETKGTK UG CFWE RTGLWFKEKK CUEWNVâTKK UWRW)KNQT )K<br />

ÉPFGRNKPKTKK RQTWPEKNQT RTKPEKCTGR ¡P HKGECTG NWPâ UG RWDNKECW VKVNWTKNG<br />

EâT/KNQT KPVGT\KUG KCT \KCTGNG HWTâ ÉPFGRâTVCVG FKP ECHGPGNG 5KPIWTWN<br />

NWETWECTGNGOCKTâO¸PGCFGHâEWV\KCTGNQTGTCUâRTGKCEQRKQUEGGCEG<br />

VKRâTKUG FGLC QHKEKQUWN Q9KGPGT

HTCIOGPVGÉPECTG/GVVGTPKEJTGEWPQC)VGKORCEVWNFGEKUKX)KGFWECVKXCN<br />

RTGUGK <br />

¡PRTKOGNGFGEGPKKCNGUGEQNWNWKCN:+:NGCUGEQPUGOPGC\âWP<br />

TGEWNÉPGXQNW/KCRTGUGKRGTKQFKEG%WRTGEâFGTGUGFG\XQNVCWTGXKUVGNG<br />

DGNGVTKUVKEG FCVQTKVâ KPVGTFKE/KGK FG C CDQTFC UWDKGEVGNG RQNKVKEG &WRâ<br />

/CTKC6JGTGUC)KEWGZEGR/KCNWK+QUKH++VQ/KÉORâTC/KKCWHQUVEQPXKP)K<br />

FG PGEGUKVCVGC WPWK UVTKEV EQPVTQN GZGTEKVCV RTKP KPVGTOGFKWN EGP\WTKK<br />

#EGCUVâUVCTGFGNWETWTKUGOGP/KPWR¸PâNCCDQNKTGCEGP\WTKKNCÉP<br />

#WUVTKCTGURGEVKXNCÉP7PICTKC<br />

1RQXCTâCRâUâVQCTGQEQPUVKVWKCWVCZGNGFGVKODTWRNâVKVGFG<br />

EâVTG \KCTG EG HWTâ KPVTQFWUG ÉPEâ ÉP UGEQNWN CN :8+++NGC 1TFQPCP/C<br />

GOKUâ NC UGRVGODTKG EW RTKXKTG NC EGP\WTâ HW KPVTQFWUâ )K ÉP<br />

7PICTKCE¸PF2CTNCOGPVWNFKPCFQRVâJQVâT¸TGCECEGP\WTC<br />

Uâ WTOG\G CEGNGC)K RTKPEKRKK )K ÉP #WUVTKC )K ÉP 7PICTKC %GP\QTKK<br />

FG/KPGCWQCPWOKVâRWVGTGFGECTGVTGDWKCWUâHCEâW\2WVGTGCEGCOCK<br />

OCTGQCXGCRQNK/KCUGETGVâFKP8KGPC <br />

.CKWPKGCRâTWQPQWâQTFQPCP/âTGNCVKXâNCEGP\WTâ<br />

ECTG ÉP GUGP/â PW CFWEGC PKEK Q ÉPPQKTG UG KPVGT\KUG ÉPUâ KORQTVWN<br />

IC\GVGNQT UVTâKPG FG DGNGVTKUVKEâ 2TKP RTGXGFGTKNG GK K\QNC/KQPKUVG<br />

QTFQPCP/C PW TâOCUG HâTâ WTOâTK RGPVTW Eâ VâKG QTKEG EQPVCEV ÉPVTG<br />

/âTKNGOQPCTJKGK)KTGUVWNEQPVKPGPVWNWK¡P7PICTKCUGTKFKECTâCPWOKVG<br />

XQEK ÉP HCXQCTGC EGP\WTKK 2TQVGUVCP/KK W\CW FG FTGRVWN NQT FG EGP\WTâ<br />

%JKCTWPKKNKDGTCNKRTGEWO2CWN0CI[XQP(GNUÑD×M)KRTKGVGPKKUâKUG<br />

TKFKECTâÉP2CTNCOGPVWNFKPÉORQVTKXCWPGKRTGUGOCKNKDGTG<br />

VGO¸PFWUG Eâ CEGCUVC NGCT RWVGC CHGEVC RTKXKNGIKKNG FG 5VCTG

CWUVTKGEK )K IGTOCPK É)K VKRâTKTâ CEQNQ QRGTGNG %JKCT FCEâ GZKUVCW<br />

ITGWVâ/KÉPECNGCFKHW\âTKKTGXKUVGNQTWPICTGÉPCHCTC7PICTKGKEQP/KPWVWN<br />

NQT PW GTC PKEK RG FG RCTVG CV¸VFGUVTKEVUWRTCXGIJGCV#)C FG RKNFâ<br />

RQG\KC NWK )TKNNRCT\GT Q4WKPGNG FG NC %CORQ $CEEKPQ FKP 4QOCR PW<br />

RWVWUâCRCTâNC8KGPCFCTHWVKRâTKVâNC2GUVCÉPPWOâTWNFKPCWIWUV<br />

CNTGXKUVGKQ2CPPQPKCR <br />

.COCTVKGHWGOKUâQRTGUETKR/KGRTQXK\QTKGEGRQCVGHK<br />

EQPUKFGTCVâ FTGRV RTKOC NGIG CWUVTKCEâ C RTGUGK #V¸VC FQCT Eâ GC PC<br />

KPVTCVPKEKQFCVâÉPXKIQCTGHKKPFCTUâFGUVWFGP/KÉP#WNâ)KTGVTCUâFG<br />

IWXGTPFGLCCFQWC\K.CUEWTVVKOR FWRâ CEGGC NC OCK CRâTWTâ<br />

FQWâ QTFQPCP/G NKDGTCNG EQP/KP¸PF TGINGOGPVâTK RTKXKVQCTG NC RTGUâ<br />

&G)K PW FQD¸PFKTâ UCPE/KWPGC KORGTKCNâ QTFQPCP/GNG KPCWIWTCTâ GTC<br />

NKDGTVâ/KKCDUQNWVGCRTGUGK <br />

Q¡P HWTVWPQUWN CP ÉP CPWN NKDGTVâ/KK RTGUGK PQKNG \KCTG<br />

IGTOCPGUGKXKTâECEKWRGTEKNGFCTVQVCV¸VFGTGRGFGFKURâTWTâ2G<br />

CVWPEKQCOGPKKPW)VKCWEGUâHCEâEWNKDGTVCVGCDTWUEFQD¸PFKVâ<br />

4âUâTKQOWN/KOGFGHQKPGÉPUGOPCVGRWUGRGE¸TVGCNâECTGCFGUGCPW<br />

VTGEWTâ FKPEQNQ FG RTKOWN PWOâTR 0WOâTWN\KCTGNQTIGTOCPGFKP<br />

7PICTKC ETGUEW FG NC NC RGPVTW C UEâFGC ÉP FKP PQW NC <br />

FGURTGRTQEGFWTCLWTKFKEâÉPRTQDNGOGFGRTGUâ2TGXGFGTKNGTGHGTKVQCTG<br />

NCQDNKIC/KCECW/KWPKKGZGORNCTGNGNGICNGNCKPVGTFKE/KCEQNRQTVCLWNWKNC<br />

UVTKEVC TâURWPFGTG NC RQUKDKNKVCVGC UWURGPFâTKK EQPVTCXGPGCW PQ/KWPKK<br />

CHNCVGÉPEâÉPW\FGQRTGUâNKDGTâR2GFWTCVCUVâTKKFGTâ\DQKRCVGPVGNG<br />

TâOCUGTâHâTâÉPUGOPâVCVG<br />

(K FWRâ CRâTWTâ WPGNG EQVKFKGPG FCT ÉP IGPGTCN RTGUC<br />

ÉPTGIKUVTâQKPXQNW/KG6CZCRGKPUGTCVGHWKPVTQFWUâNCPQKGODTKG<br />

%QPHQTO QTFQPCP/GNQT TGHGTKVQCTG NC RTGUâ FKP KWNKG FGURTG<br />

KPVTQFWEGTGCUKUVGOWNWKFGCXGTVKUOGPV)KOCKEQFWNRGPCN)K<br />

KPVTQFWEGTGC UKUVGOWNWK RTGXGPVKX )K EGP\WTC KPVTâ ÉP CVTKDW/KKNG<br />

CWVQTKVâ/KKOKNKVCTG&TGRVWTOCTGR¸PâÉPFQCTE¸VGXC\KCTG<br />

FKPCHCTC8KGPGKRWVWTâUWRTCXKG/WK <br />

%GNGOCKKORQTVCPVG\KCTGXKGPG\GECTGHWTâGFKVCVGCV¸VÉPCKPVG<br />

FG TGXQNW/KG E¸V )KFWRâGTCWQ9KGPGT

ECVQNKE CN OQPCTJKGK R¸Pâ NC ÉPHKKP/CTGC \KCTWNWK Q8CVGTNCPFR2CVTKC<br />

Q9KGPGT-KTEJGP\GKVWPIR

KCTDCPKKRTKPNKRUCFGOQTCNKVCVG5âHKKÉPHT¸PVEWCLWVQTWNDCPKNQTGUVGQ<br />

TW)KPG EGNWK EG VG ÉPXKPIG RTKP HQT/âVTGDWKGUâKVGUWRWKFCTUâHKK<br />

ÉPHT¸PVRTKPRWVGTGCEQPXKPIGTKKGUVGQINQTKGR <br />

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5VGRJCP.WFYKI4QVJ)GUCOOGNVG 5EJTKHVGP WPF $TKGHGGF1VVQ(QNDGTVJXQN8<br />

5KDKWR

,WTPCNWNRTGUGKUâUG)VKFKP6TCPUKNXCPKC<br />

+PVGNNKIGP\DNCVV ! 6QV NC 5KDKW CRâTGCW 5KGDGPD×TIKUEJGT<br />

8QNMUHTGWPF )K CN UâW #P\GKIGDNCVV \WO<br />

5KGDGPD×TIKUEJGP 8QNMUHTGWPF RTGEWO )K<br />

7PVGTJCNVWPIGPCWUFGT)GIGPYCTVOCKQEVQODTKG #KEK<br />

UG GFKVC )K ECNGPFCTWN CNOCPCJ 5KGDGPD×TIKUEJGT 8QNMUMCNGPFGT<br />

<br />

.C $TC)QX GFKVQTWN NWK 5KGDGPD×TIGT 9QEJGPDNCVV ,QJCPP<br />

)ÑVV UEQVGC )K UWRNKOGPVGNG CEGUVWKC $N¼VVGT H×T )GKUV )GO×VJ WPF<br />

8CVGTNCPFUMWPFG )K 5CVGNNKV FGU 5KGDGPD×TIGT<br />

9QEJGPDNCVVU <br />

&G PWOGNG NWK )ÑVV UG NGCIâ CRCTK/KC RTKOGNQT RGTKQFKEG<br />

TQO¸PG)VKFKP#TFGCN.C)JGQTIJG$CTK/KWÉ)KVKRâTGC)C\GVCFG<br />

6TCPUKNXCPKC )K (QCKC RGPVTW /KPVG +PKOâ )K<br />

.KVGTCVWTâ NC GFKVWTC NWK )ÑVV 6QV CKEK Xâ\W<br />

5KIGTWU R Q#OVU WPF +PVGNNKIGP\DNCVV \WO 5KGDGPD×TIGT $QVGPR<br />

5KDKW GF )K VKRCT 6JGQFQT 5VGKPJCW²GP $KDNKQVGEC $TWMGPVJCN RâUVTGC\â CPKK <br />

EQVâ280COIâUKVÉPPKEKQCTJKXâGZGORNCTGFKPCPKK<br />

5KIGTWURKWPKGQ&GT5KGDGPD×TIGT8QNMUHTGWPF'KP9QEJGPDNCVV<br />

H×TFGP)GYGTDUWPF.CPFOCPPR5KDKWGF)KVKRCT5COWGN(KNVUEJ%QTGEVQ&GT<br />

5KGDGPD×TIKUEJG 8QNMUHTGWPF 'KP 9QEJGPDNCVV H×T FGP )GYGTDU WPF .CPFOCPP<br />

\WT $GNGJTWPI WPF 7PVGTJCNVWPIR ÉP CPWN Q&GT 5KGDGPD×TIKUEJG<br />

8QNMUHTGWPF'KP9QEJGPDNCVVH×T5VCFVWPF.CPFRÉPCPWNXG\K$%7%NWL<br />

EQVâ*<br />

5KIGTWURQ#P\GKIGDNCVV\WO5KGDGPD×TIGT8QNMUHTGWPFR5KDKWGF<br />

)KVKRCT5COWGN(KNVUEJ0KEKFKPCEGUVUWRNKOGPVPWCOIâUKVPKEKWPPWOâTRGPVTW<br />

CPKKTGXQNW/KGK<br />

5KIGTWUROCKQEVQODTKGQ7PVGTJCNVWPIUDNCVVCWUFGT)GIGPYCTV<br />

2GTKQFKUEJG 5EJTKHV KP \YCPINQUGP *GHVGPR5KDKWGF4QDGTV-TCDUTGF*GTOCPP<br />

5EJOKFV ECKGVG 6KVNW EQTGEV Q7PVGTJCNVWPIGP CWU FGT )GIGPYCTV 2GTKQFKUEJG<br />

5EJTKHVRECKGVG$KDN$TWMGPVJCNEQVâ2++<br />

Q5KGDGPD×TIKUEJGT8QNMUMCNGPFGTH×TR5KDKWGFNKDTâTKGK/CTVKP*QEJOGKUVGT<br />

R$KDNKQVGEC#ECFGOKGK4QO¸PG$WEWTG)VKEQVC2+<br />

5KIGTWU R Q7PVGTJCNVWPIUDNCVV H×T )GKUV )GO×V WPF 2WDNK\KV¼V<br />

$GKNCIG\WO5KGDGPD×TIGT9QEJGPDNCVVR$TC)QXGF)KVKRCT,QJCPP)ÑVV)K9KNJGNO<br />

0GOGVJ#RQKCRCTGEWVKVNWOQFKHKECV<br />

)K)KQ$N¼VVGTH×T)GKUV)GO×VWPF8CVGTNCPFUMWPFG<br />

$GKDNCVV FGU 5KGDGPD×TIKUEJGP 9QEJGPDNCVVUR $TC)QX GF )K VKRCT ,QJCPP )ÑVV .C<br />

$KDN$TWMGPVJCNEQVâ2++UGCHNâUGTKCKPEQORNGVâCCPKNQTECQ$GKNCIG<br />

\WT-TQPUV¼FVGT

NWOKPC VKRCTWNWK 'URCVTKCVWN OCTVKG KWPKG IC\GVC<br />

TGXQNW/KQPCTWNWKK\IQPKVFKP/WPVGPKC%GUCT$QNNKCE <br />

.C$NCL6KOQVGK%KRCTKWRWDNKEC1TICPWNNWOKPâTKKKCPWCTKG<br />

OCKTGDQVG\CV1TICPWNPC/KQPCNOCKUGRVGODTKG<br />

)K¡PXâ/âVQTWNRQRQTWNWKOCKQEVQODTKG <br />

/CK OWNVG \KCTG OCIJKCTG CRâTGCW NC %NWL ÉPCKPVG FG<br />

TGXQNW/KG'TFÃN[K*KTCFÎ /ÕNVÃULGNGP )K<br />

ÉPVKORWNTGXQNW/KGK'NNGPÑTOCKPQKGODTKG <br />

1 UWOCTâ RTKXKTG EQORCTCVKXâ CTCVâ NKORGFG Eâ NC<br />

RTGUC UâUGCUEâ FG/KPGC ECPVKVCVKX CRTQZKOCVKX LWOâVCVG FKP PWOâTWN<br />

VQVCN CN CRCTK/KKNQT GFKVQTKCNG FKP 6TCPUKNXCPKC ¡P OQF RCTCFQZCN<br />

XQNWOWNOCTGCNRTQFWE/KGKFGRTGUâRTQXGPGCFKPT¸PFWN)KUGCFTGUC<br />

TGF ) $CTK/KW GF ,QJCPP )ÑVV 8G\K *GTOCPP 6QPVUEJ &KG *QPVGTWURTGUUG KP <br />

,CJTGP(GUVUEJTKHVFGT$WEJFTWEMGTGK,QJCPP)ÑVV5QJP-TQPUVCFVR<br />

OCTVKGQ)C\GVCFG6TCPUKNXCPKCRTGF)$CTK/KWCRQK+CEQD<br />

/WTG)CPW #WTGN /WTG)CPW )C GF R¸Pâ ÉP NC , )ÑVV &KP Q)C\GVC<br />

6TCPUKNXCPKGKR&GNCPTCPWNR¸PâÉPCPWNCCRâTWVÉORTGWPâ<br />

EWQ(QCKCRGPVTW/KPVG+PKOâ)K.KVGTCVWTâRX*6QPVUEJR$%7%NWLEQVâ<br />

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KCPWCTKGKWNKGQ(QCKCNKVGTCTâR&KPKWNKGECUWRNKOGPVCN<br />

Q)C\GVGK FG 6TCPUKNXCPKCR C CRâTWV UWD VKVNWN Q(QCKG RGPVTW /KPVG +PKOâ )K<br />

.KVGTCVWTâR$TC)QXTGF)$CTK/KWVKRCT,)ÑVVX*6QPVUEJR#RCTGR¸PâÉP<br />

WNVKOKKVTGKCPKCRCTGÉORTGWPâEWQ)C\GVCFG6TCPUKNXCPKCR$%7%NWLEQVâ<br />

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* 6QPVUEJ R PT CRTKNKG KWPKG Q'URCVTKCVWNR $TC)QX TGF %<br />

$QNNKCEVKRCT,)ÑVV<br />

8CUKNG0GVGC2TGUCTQO¸PâÉPVKORWNTGXQNW/KGKFGNCÉPXQN4GXQNW/KC<br />

FGNCÉP/âTKNGTQO¸PG%WNGIGTGFGUVWFKKTGF0#FâPKNQCKG&$GTKPFGK'F<br />

#ECFGOKGK 454 $WEWTG)VK R KPFKEâ CRCTK/KC PT NC OCTVKG <br />

FWRâEWEGTKTGC$TC)QXWNWKFGEâVTG$GO.KRUKVFGUWEEGU)KGEQW\KCTWN)KCÉPEGVCV<br />

CRCTK/KC FWRâ PWOGTG $QNNKCE RNGEâ NC 2GUVC NC KWPKG WPFG EQPVKPWâ<br />

GFKVCTGC \KCTWNWK UWD PWOGNG FG Q#OKEWN RQRQTWNWKR ¡PVTG OCTVKG <br />

FGEGODTKGQ)C\GVCR)KQ(QCKCR)KCWÉPEGVCVCRCTK/KC<br />

80GVGCRKCPWCTKGOCKQ1TICPWNNWOKPâTKKR$NCL<br />

TGF6%KRCTKW<br />

OCKUGRVGODTKGQ1TICPWNPC/KQPCNR$NCLTGF6%KRCTKW)K<br />

#TQP2WOPWN <br />

OCKQEVQODTKGQ¡PXâ/âVQTWNRQRQTWNWKR$NCLTGF6%KRCTKW<br />

Q'TFÃN[K*KTCFÎR%NWLGF2GVJG(GTGPE\CRQK/ÃJGU5COWGN)K1EUXCK<br />

(GTGPE\$%7%NWLEQVâ*<br />

CRTKNKGQ/ÕNVÃULGNGP*KUVQTKCKÃURQNKVKMCKGTFÃN[KJKTNCRR%NWLTGF<br />

5\KNI[K(GTGPE\$%7%NWLEQVâ2++<br />

OCKPQKGODTKGQ'NNGPÑT2QNKVKMCKNCRR%NWLTGF-ÑXTK.U\NÎ&Q\UC<br />

&PKGN$%7%NWLEQVâ*

ÉPFGQUGDKEGNGKOCKOKEKFKPVTGPC/KWPKNG CTFGNGPG PC/KWPKK UâUG)VK FG<br />

FGQCOGPK .WETWNCEGUVCPWVTGDWKGUâWKOGCUEâCHN¸PFWUG<br />

ÉP EQTGNC/KG FKTGEVâ EW ÉPEGRWVWTKNG RTGUGK ÉP 6TCPUKNXCPKC )K EW<br />

ÉPFGNWPICVCGZRGTKGP/âUâUGCUEâÉPFQOGPKW<br />

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2TKOWN\KCTRQNKVKECNOCTGNWKRTKPEKRCV5KGDGPD×TIGT

$TWMGPVJCN ,QJCPP (KNVUEJ /KEJCGN .GDTGEJV ,CMQD #WTGNKWU /×NNGT<br />

,QUGRJ-CTN'FGT&CPKGN)T¼UGT,QJCPP5GKXGTV

2G RNCP RQNKVKE TGURKPIGCW QTKEG OQFKHKEâTK CNG TCRQTVWTKNQT FG HQT/G<br />

+UVQTKQITCHKC (TKGFTKEJ 6GWVUEJ %CTN )ÑNNPGT KC GVKEJGVCV FTGRV<br />

EQPUGTXCVQTK ¡P HCRV C)CPWOKVWN NQT EQPUGTXCVQTKUO PW ÉPUGOPC<br />

CNVEGXC FGE¸V UVCV CWUVTKCE WPKVCT )K CPVKWPKQPKUO HC/â FG 7PICTKC<br />

RTQOQXCTGC PC/KWPKNQT ETGFKPEKQCUG ÉORâTCVWNWK CFKEâ OGP/KPGTGC<br />

FTGRVWTKNQTUC)KNQT)KGICNCÉPFTGRVâ/KTGCTQO¸PKNQT<br />

6QVNC*QEJOGKUVGTUGVKRâTGC6TCPUUKNXCPKCNCECTGEQNCDQTCW<br />

EGK OCK OWN/K FKPVTG TGFCEVQTKK NWK $QVG &CPKGN 4QVJ FKP <br />

TGFCEVQT)GHCNIC\GVGKFGENCTCNCRTGNWCTGCHWPE/KGKUCNGEâGTCRGPVTW<br />

TGHQTOGFCTÉPECFTWNEQPUVKVW/KGKPQCUVTGÉPFGNWPIRTQDCVG)KRGVGTGP<br />

KUVQTKE.CÉ)KNâTIKRWPEVWNFGXGFGTG2GPVTWCÉORKGFKECWPKWPGC<br />

6TCPUKNXCPKGK EW 7PICTKC )K COGPKP/âVQCTGC OCIJKCTK\CTG C UC)KNQT GN<br />

RTQRWUG ÉPHKKP/CTGC WPGK OQPCTJKK FCEQTQOCPKEG UWD UVâR¸PKTG<br />

CWUVTKCEâ EG WTOC Uâ KPENWFâ #TFGCNWN )K EGNG FQWâ RTKPEKRCVG<br />

FWPâTGPG<br />

.WK5COWGN(KNVUEJHKWNRTGQVWNWKQTC)WNWK5KDKWÉKCRCT/KPGCQ<br />

CNVâGFKVWTâETGCVâÉP(QTOCVNC)GTQNFÉP8KGPC)K$TQEMJCWUFKP<br />

.GKR\KIGNÉ)KHQNQUKRTKEGRGTGCNCVKRâTKTGCFGOCPWCNG)EQNCTG)KTGXKUVG<br />

#KEK CRâTGC 5KGDGPD×TIKUEJGT 8QNMUHTGWPF C EâTWK CRCTK/KG HWUGUG<br />

UVKOWNCVâFG5V.4QVJ4GFCEVQT)GHGTC,QJCPP/KEJCGNKUKCTRTKPVTG<br />

EQNCDQTCVQTKUGPWOâTCV¸PâTWN)GQTI&CPKGN6GWVUEJXKKVQTWNOCTG<br />

KUVQTKQITCH UCU 5KGDGPD×TIKUEJGT 8QNMUHTGWPF PW TG\KUVâ ÉPUâ<br />

VWOWNVQCUGKRTKOâXGTKCNWKECTGÉKCFWUGUH¸T)KVWN <br />

<br />

¡P EQPEWTGP/â EW \KCTGNG UKDKGPG UG CHNC RTGUC<br />

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,QJCPP )ÑVV UG PâUEW NC FGEGODTKG NC 9GJTJGKO KO<br />

6CWPWU RTKPEKRCVWN 0CUUCW .C (TCPMHWTV ÉPXâ/â CTVC VKRQITCHKGK ¡P<br />

RQTPK ÉP QDNKICVQTKC FTWOG/KG C WEGPKEKNQT UVTâDâV¸PF QTC)GNG<br />

$GTNKP$TGUNCW$T×PP8KGPC)TC\.CKDCEJ6TKGUVG2GUVC)K$WEWTG)VK<br />

¡PUGUVCDKNKNC$TC)QX#KEKIâUKFGNWETWNCVKRCTPK/CÉPHKKP/CVâÉP<br />

5COWGN(KNVUEJGTCHKWNNWK,QJCPP(KNVUEJRTGQVCNQTC)WNWK5KDKWÉPVTGO<br />

.CRTGQVQTâ)GPGUEGTC,QJCPP,QUGRJ4QVJ%H'OKN<br />

5KIGTWU %JTQPKM FGT 5VCFV *GTOCPPUVCFV /KV #DD WPF 5VCFVRN¼PGP CWU<br />

XGTUEJKGFGPGP ,CJTJWPFGTVGP *QPVGTWU $WEJFTWEMGTGK WPF 8GTNCIUCPUVCNV FGT<br />

GXCPIGNKUEJGP.CPFGUMKTEJG#$KP4WO¼PKGP5KDKW<br />

6KRCTPK/C NWK 5COWGN (KNVUEJ TGXGPK WNVGTKQT FWRâ IKPGTGNWK UâW<br />

,QJCPP9KNJGNO-TCHHVECTGÉPXâ/CUGOGUGTKCNC)ÑVVÉP$TC)QXVQEOCKÉP<br />

CPKK TGXQNW/KGK&WRâRTKOWNTâ\DQKOQPFKCN-TCHHVUGCUQEKGEW,QUGH&TQVNGHHEG<br />

ÉPHKKP/CUGNCQGFKVWTâ-TCHHV&TQVNGHHFGXGPKEGCOCKOCTGGFKVWTâIGTOCPâ)K<br />

ÉPVTGRTKPFGTGITCHKEâC5WFGUVWNWK*/GUEJGPFÑTHGTQREKVR

UGEQNWNCNNGCFG,QJCPPGU*QPVGTWUECTGÉKCRCT/KPWUGNWK(TCP\XQP<br />

5EJQDGNP OQTV ÉP .C ÉPEGRWVWN CPWNWK )ÑVV K\DWVK Uâ<br />

EWORGTGVKRCTPK/CEQPVTCUWOGKFGVCNGTK¡PQD/KPWEGVâ/GPKC<br />

¡PVGOGKG \KCTWN 5KGDGPD×TIGT 9QEJGPDNCVV ECTG FWRâ <br />

FGXGPK-TQPUV¼FVGT

KCPWCTKGFGFQWâQTKUâRVâO¸PCNNWPGC)KLQKC¡PCVKPUGEKHTC<br />

TGEQTFÉP6TCPUKNXCPKCFGFGCDQPC/K<br />

7PVGTJCNVWPIUDNCVV H×T )GKUV )GO×VJ WPF<br />

2WDNK\KV¼V5WRNKOGPVNC5KGDGPD×TIGT9QEJGPDNCVV6KRCT)KGFKVWTâ,<br />

)ÑVV90GOGVJ<br />

CPWN CPWN $N¼VVGT H×T )GKUV<br />

)GO×VJ WPF 8CVGTNCPFUMWPFG 5WRNKOGPV NC 5KGDGPD×TIGT<br />

9QEJGPDNCVV EQPVKPWCTG NC 7PVGTJCNVWPIUDNCVV 6KRCT )K GFKVWTâ ,<br />

)ÑVV<br />

PQKGODTKG /KOQUGP CWU FGO )GDKGV FGT<br />

&TCOCVWTIKG /KOQ\G FG RG VâT¸OWN FTCOCVWTIKGK 5WRNKOGPV<br />

GZVTCQTFKPCTNC5D9QEJGPDNCVV&KPKPVTâÉPEWRTKPUWN\KCTWNWK<br />

+PVGNNKIGP\DNCVV 5WRNKOGPV NC 5D 9QEJGPDNCVV<br />

EQP/KP¸PFÉP)VKKP/âTKKPHQTOC/KKTGENCOG¡PCRâTWFGFGQTKÉP<br />

FGFGQTK(WEQPVKPWCVFG$GKYCIGP<br />

KCPWCTKG5CVGNNKV5WRNKOGPVNC5D<br />

9QEJGPDNCVV 6KRCT )K GFKVWTâ , )ÑVV &KP #PVQP -WT\ FGXGPK<br />

EQNCDQTCVQT RGTOCPGPV CN HQKNQT NWK )ÑVV &TGRV WTOCTG 5CVGNNKV UG<br />

CFâWIâ NC RWDNKEC/KKNG FGLC GZKUVGPVG &CVQTKVâ ETG)VGTKK KORQ\KVGNQT RG<br />

RTQFWE/KKNGFGRTGUâÉPCPWN)ÑVVHWPGXQKVUâUKUVG\GNCKCPWCTKG<br />

CNGCEGUVWKCPCRCTK/KCNWK5CVGNNKV)KC$N¼VVGTH×T)GKUV)GO×VJWPF<br />

8CVGTNCPFUMWPFG EC UWRNKOGPVG FG UKPGUVâVâVQCTG CNG \KCTWNWK UâW<br />

RTKPEKRCN-TQPUV¼FVGT

EQPVGNG-GOÃP[,Q\UGHOGODTWCN#ECFGOKGKWPICTGGTCQTGXKUVâ<br />

)VKKP/KHKEâ FGUVKPCVâ KUVQTKGK )K VWVWTQT NWETWTKNQT OGOQTCDKNG )K KG)KVG<br />

FKPEQOWPFKP6TCPUKNXCPKC<br />

'ZVTCDGKNCIG\WO5KGDGPD×TIGT9QEJGPDNCVV<br />

OCTVKG -TQPUV¼FVGT

.CCEGGC)KGFKVWTâHWTâRWDNKECVG)KWTOâVQCTGNG\KCTG)KTGXKUVG<br />

TQO¸PG)VK<br />

(QKNG &WOKPGEKK URTG ÉPOWN/KTGC EGK FG QD)VG HQNQUKVÎTG<br />

EWPQ)VKP/G#NEâVWKVGFGQUQ/KGVCVGFGÉPXâ/C/K+PVÎVâ5¸ODâVCKXKVG1<br />

LWOâVCVGFGCPCUETKRVWTKPWOGTKFGNC+CPWCTKGR¸PâNCUH¸T)KVWNNWK<br />

+WPKG %W EJGNVWKCNC F 4WFQNH 1TIJKFCP $TC)QX 5 CW VKRâTKV ÉP<br />

VKRQITCHKCCNWK,QCPP)âVV.KVGTGEJKTKNKEG#NFQKNGCXQNWOCXGC<br />

RCIKPK ¡PVTW Q LWOâVCVG FG CP FGNC +C KWPKG RâPâ NC UH¸T)KVWN NWPKK<br />

FGEGOXTKG6âNOâEKVGUCWVTCFWUGFWRâNKODCPGO/GCUEâFG+QCPP<br />

$CTCE O 6TCPUNCVQT CN $TC)QXWNWK %W EJGNVWKCNC C F 4WFQNH<br />

1TIJKFCP5 CWVKRâTKVÉPVKRQITCHKCCNWK+QCPP)GVV<br />

+WNKG (ÎKCUGRVâO¸PGK4GF)GQTIG$CTK/KW 6KR +ÎP<br />

)ÑVV #RâTGC Q FCVâ RG UâRVâO¸Pâ FCT FWRâ RTKOGNG FQWâ PWOGTG<br />

VTGDWKUâ)KÉPEGVG\GCRCTK/KCFCVQTKVâKPVGTFKE/KGKEGP\WTKK<br />

)C\GVC FG 6TCPUKNXCPKC 4GF<br />

)GQTIG $CTK/KW 'FKV +ÎP )ÑVV 2¸Pâ NC C HQUV ÉP RTQRTKGVCVGC<br />

HCOKNKGK/WTG)KCPW&KPOCTVKGR¸PâÉPCRâTWQFCVâRG<br />

UâRVâO¸PâFKPR¸PâÉPFGFQWâQTKFKPR¸PâÉPFG<br />

VTGKQTKCRQK\KNPKE&KPUGPWOK)C\GVC6TCPUKNXCPKGK.CÉPEGRWV<br />

HW UGOKEJKTKNKEâ FKP CRâTW EW NKVGTG NCVKPG TGFCEVQT<br />

+CEQD /WTâ)KCPWCRQK&T#WTGNKW/WTâ)KCPW 2¸PâÉPCRâTWNC<br />

,QJCPP)ÑVV<br />

KCPWCTKG(ÎKC.KVGTCTâ&KPKWNKGCRâTWEC<br />

UWRNKOGPV CN )C\GVGK FG 6TCPUKNXCPKC UWD PQWN VKVNW (ÎKC RGPVTW<br />

/KPVG+PKOâ)K.KVGTCVWTâTGF)$CTK/KWVKR,)ÑVV+G)GCQFCVâRG<br />

UâRVâO¸Pâ+CEQD/WTG)KCPWCHQUVTGFCEVQT)GHÉPVTGNWPCOCTVKG)K<br />

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#RTKNKGKWPKG'URCVTKCVWNTGF%GUCT$QNNKCEVKR,)ÑVV<br />

PWOGTG <br />

.CGFKVWTCNWK,QJCPP)ÑVVCRâTWÉPVTG)K)K\KCTWNÉP<br />

NKODC OCIJKCTâ 'TFÃN[K *KTNCR FCT EQNCDQTCTGC GFKVQTWNWK EW<br />

RWDNKEK)VKKTQO¸PKHWOWNVOCKHTWEVWQCUâ <br />

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5KGDGPD×TIGPRRGECTGCOâPWP/KVC DKDNKQITCHKG GZRNKECVKXâ C NWK * 6QPVUEJ NG<br />

QOKUGUG<br />

*6QPVUEJQREKVR&CVGNGNWK6QPVUEJFGXKC\âHC/âFGEGNGCNGNWK8CUKNG<br />

0GVGCXG\KPQVC<br />

9&CWIUEJQREKVR

5KGDGPD×TIGT 9QEJGPDNCVV FKP $TC)QX FGUEJKUG ÉP RTGUC<br />

RQNKVKEâ UâUGCUEâ WP EWTGPV PQW 6Q/K CWVQTKK CW TGNGXCV ECTCEVGTWN<br />

OQFGTP FKPCOKE CN OCVGTKCNGNQT RWDNKECVG CKEK ECTG FG)VGRVCTâ<br />

KPVGTGUWNEKVKVQTKNQTCUVHGNGZRNKE¸PFWUG)KPWOâTWNTKFKECVCNCDQPC/KNQT<br />

EQPFWEGCRTKOCECUâFGGEQPQOKKFKP6TCPUKNXCPKCÉPVGOGKCVâFGGNNC<br />

ECTG É)K RTQRWPGC PW ÉPOWN/KTGC CXGTKNQT EK RTQOQXCTGC<br />

TQUVWTKNQTWOCPG)KCDWPâUVâTKKRWDNKEG(T6GWVUEJ #XQECVWN'NKCU<br />

4QVJ GTC EQPUKNKGT CN /CIKUVTCVWNWK DTC)QXGCPHKKPFWPWNFKPEGKFQK<br />

FGRWVC/KUC)KFKPNQECNKVCVGÉP&KGVCFKP%NWLECTGXQVâWPKWPGCNCOCK<br />

'WIGPXQP(TKGFGPHGNUÉKCVTKDWKCNGIâVWTKEW-QUUWVJRTG\GPV)KÉP<br />

2CTNCOGPVWN FG NC 2GUVC 'NKCU 4QVJ CT HK LWECV TQNWN FG QKPHQTOCVQT )K<br />

CIGPVRCNNWK-QUUWVJWTO¸PFWNRGCEGUVCNC&GDTGEGPWPFGOWTKFG<br />

JQNGTâ 0GIWUVQTWN -CTN /CCIGT GTC CFOKPKUVTCVQT CN EQOWPKVâ/KK<br />

QTC)WNWK$TC)QXÉPHWWPWNFKPEGKFGNGIC/KDTC)QXGPKVTKOK)KNC<br />

CFWPCTGC PC/KQPCNâ GZVTCQTFKPCTâ C 7PKXGTUKVâ/KK UâUG)VK FKP KWPKG <br />

6GQNQI K RTQHGUQTK FG I KOPC\KW EJKCT EQOGTEKCP/K )K E¸/KXC<br />

OG)VG)WICTK %CTN )ÑNNPGT GK UG XGFGCW GZENW)K FG NC Q ECTKGTâ<br />

HWPE/KQPâTGCUEâ)KXâFGCWWPKPVGTGUFGQUGDKVHC/âFGTGHQTOGNKDGTCNG<br />

.QT NK UG CUQEKCTâ ÉP EWT¸PF FQK QCOGPK FG NKVGTG .GQRQNF<br />

/CZKOKNKCP/QNVMG)K#PVQP-WT\ECTGPWRTQXGPGCWFKP#TFGCN/CK<br />

RW/KP VTKDWVCTK OGPVCNKVâ/KK NQECNG URKTKVWN NQT OQFGTPKUV E¸)VKIâ<br />

KPHNWGP/â)KEQPVTKDWKNCFKTGE/KCCFQRVCVâFGRTGUCDTC)QXGCPâ/QNVMG<br />

NWETCNC)ÑVVFKP)KFGXGPKWPWNFKPEQNCDQTCVQTKKNWKFGDC\â¡PVTG<br />

OCTVKG)KKWPKGRTGNWâTGFCE/KCNWK-TQPUV¼FVGT

KUVQTKG NKVGTCVWTâ )K CNVGHCRVGOGOQTCDKNGFKP6TCPUKNXCPKCPWCRâTW<br />

EâEK EGP\WTC KPVGT\KUG CRCTK/KC TGXKUVGK -WT\ UEJKODâ VKVNWN )K FGENCTâ<br />

QHKEKCNEâXCGFKVCQECTVGÉPOCKOWNVGCRCTK/KKCPWOG/CIC\KPH×T<br />

)GUEJKEJVG .KVGTCVWT WPF CNNG &GPM WPF /GTMY×TFKI MGKVGP<br />

5KGDGPD×TIGPU -WT\ CPWP/C EQP/KPWVWN TGXKUVGK ÉP 9QEJGPDNCVV WP<br />

CFGXâTCV RTQITCO NKDGTCN ÉP EJGUVKWPGC PC/KQPCNâ #FGXâTCVWN<br />

EGVâ/GCPECTGPWFQTGCUâXGIGVG\G)KUâTâO¸PâHTCIOGPVWNOQTVCN<br />

WPWKÉPVTGIXKWRWVGCUâUGKPHQTOG\GCKEKFGURTGTGNC/KKNG UVCVWNWK<br />

2TKPRWDNKECTGCEGTEGVâTKNQTKUVQTKEGTGXKUVCXQKCUâETGG\GQRWPVGÉPVTG<br />

EKVKVQTK )K VTGEWVWN RQRQTWNWK KCT KUVQTKC GTC ÉP/GNGCUâ EC )EQCNâ C<br />

OQTCNKVâ/KKFTGRVâ/KKNKDGTVâ/KK2TKPRTQOQXCTGCEQP)VKKP/GKPC/KQPCNGC<br />

FKHGTKVGNQTRQRQCTGVTCPUKNXCPG/CIC\KPUGFQTGCCHKWPGNGOGPVFG<br />

NGIâVWTâÉPVTGPC/KQPCNKVâ/K5âUHâT¸OâOWT¸VCDCTKGTâFKPVTGPC/KWPK)K<br />

FKHGTGP/GNG FG NKODâ )K CEQNQ WPFG ÉORâEKWKVQCTGC )VKKP/â )KC FGUEJKU<br />

ECNGC URTG RTQOQXCTGC UEQRWTKNQT PC/KQPCNG EQOWPG Uâ HKG DKPGXGPK/K<br />

EGKECTGUGKPVGTGUGC\âFGKUVQTKGNQEWKVQTKK/QNFQXGK8CNCJKGK7PICTKGK<br />

)K)GTOCPKGK.CTGCNK\CTGCCEGUVWKUEQRCNâVWTKFG-WT\NWETCTâ)KCN/K<br />

VTCPUKNXâPGPK )K ÉP URGEKCN EQPVGNG -GOÃP[ EW OWNVG CTVKEQNG KPENWUKX<br />

FGURTG KUVQTKC TQO¸PKNQT %QPEGRVWN EQNCDQTâTKK UWRTCPC/KQPCNG UG K\DK<br />

ÉPUâ FG TG\KUVGP/â ÉP VCDâTC PC/KQPCNK)VKNQT OCIJKCTK UG CFâWICTâ<br />

HTKE/KWPKNGEWEGP\WTC)KÉPURGEKCNRTQDNGOGHKPCPEKCTG#)CUGHCEGEâ<br />

/CIC\KPCRâTWFQCTÉPVTG -WT\TâOCUGWPRTKGVGPUKPEGT<br />

CN TGXQNW/KGK OCIJKCTG ¡PHQECVWN UâW RCTVK\CPCV RGPVTW ECW\C WPKWPKK<br />

6TCPUKNXCPKGK EW 7PICTKC ÉK CVTCUG FKP RCTVGC UC)KNQT OCK UEGRVKEK<br />

DâPWKCNC Eâ CT HK WP GOKUCT RNâVKV CN NWK -QUUWVJ %QPUGEXGPV EW UKPG<br />

ÉPUW)K OWTK ÉP NWRVC FG NC #NDG)VK 5KIJK)QCTC KWNKG EC<br />

CFLWVCPVCNNWK$GO<br />

&CEâ 9QEJGPDNCVV GTC Q VTKDWPâ FG NC ECTG UG EQOGPVCW<br />

UVTKPIGPVGNGCEVWCNKVâ/KCNGXKG/KKRQNKVKEGUWRNKOGPVGNGUCNGVTCPUITGUCW<br />

GXGPKOGPVWNEQVKFKCPRTKPPWOGTQCUGTGHGTKTKEWNVWTCNGKUVQTKEGUQEKCNG<br />

)K KPHQTOCVKXOQPFGPG +UVQTKEWN #FQNRJ /CTKGPDWTI VTCVC EW<br />

RTGFKNGE/KG VGOG FKP RGTKQCFC XQKGXQFCVWNWK VTCPUKNXCP %QNCDQTCVQTKK<br />

OCIJKCTKCKHQKNQTNWK)ÑVVRTGEWOEQPVGNG-GOÃP[UCWDCTQPWN,QUKMC<br />

/KMNQURTG\GPVCWUGEXGP/GFKPXKC/CPQDKNKOKK#NFQKNGCRTQDCDKNEGN<br />

OCKDWPUETKKVQTOCIJKCTFKP6TCPUKNXCPKCVKORWNWKRWDNKEâÉPIC\GVGNG<br />

UâUG)VKRâT/KFKPTQOCPGNGUCNGHTGUEGFKPKUVQTKCCTKUVQETC/KGKWPICTG <br />

&GURTG#PVQP-WT\X9&CWIUEJQREKVR)KOCKCNGU%CTN)ÑNNPGT#<br />

-WT\.GDGPWPF9GTMÉP(QTUEJWPIGP5KDKW:PTR<br />

9&CWIUEJQREKVR

&CEâ UVCFKWN KPEKRKGPV CN RTGUGK HWUGUG FGRâ)KV NC KCT<br />

ÉPUGOPâVCVGCGKECCOXQPCNVKORWNWK5V.4QVJHWUGUGTGEWPQUEWVâ<br />

NC )K ÉP URGEKCN FWRâ FGUHKKP/CTGC FG KWTG C EGP\WTKK FG\DCVGTGC<br />

FGUEJKUâ C RTQDNGOGNQT RWDNKEG NWâ CORNQCTG )ÑNNPGT IâUG)VG OGTKVWN<br />

RTKPEKRCN CN RGTKQFKEGNQT FKP $TC)QX ÉP OQFWN NQT FGICLCV FG C VTCVC<br />

EJGUVKWPKNGUQEKCNGGEQPQOKEG)KRQNKVKEGCNGEQPVGORQTCPGKVâ/KKEGGCEG<br />

CTHKEQPVTKDWKVGUGP/KCNOGPVGNCFGRâ)KTGCVKOKFKVâ/KKÉPCDQTFCTGCNQT <br />

2QRQTWNWK UâUGUE KCT HK TGXGPKV WP XKKVQT OâTG/FCEâCTHKHQNQUKV<br />

OKLNQCEGNGGRQEKKKCTRTGUCGTCWPWNFKPVTGOKLNQCEGNGGRQEKKRGPVTWC<br />

RTQITGUC CNGTV ÉP CITKEWNVWTâ OG)VG)WIWTK ÉPXâ/âO¸PV ÉP NKDGTC<br />

FG\XQNVCTGPC/KQPCNâRTKPVTCPUHQTOCTGCCFOKPKUVTC/KGK)KRâVTWPFGTGC<br />

WPWK URKTKV OCK NKDGT ÉP EQVNQCPGNG RTâHWKVG CNG XGEJKK DKTQETC/KK (T<br />

6GWVUEJ<br />

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+CVâ E¸VGXC FCVG FGURTG HTGEXGP/C TGIWNCTKVCVGC )K XQNWOWN<br />

LWTPCNGNQTUâUG)VK<br />

.C 5KDKW 5KGDGPD×TIGT $QVG CRâTGC ÉP RCVTW HQK FG HQTOCV<br />

OCTG UVTWEVWTCVG RG RTQDNGOG EG CEQRGTGCW UWDVKVNWN UâW

¡PNWPCOCTVKG\KCTWNCRâTGCFGVTGKQTKRGUâRVâO¸PâCRQK<br />

FGRCVTWQTK&WRâEGCFGCFQWCDâVâNKGFGNC5KDKWFKPOCTVKG<br />

E¸PFQTC)WNHWQEWRCVFGCTOCVCNWK$GOK\DWVKUâCRCTâFQCTFGFQWâ<br />

QTK UâRVâO¸PCN FCVQTKVâ EWTUWNWK PGTGIWNCV CN RQ)VGK 5G OGP/KPW<br />

HQTOCVWNKPQEVCXQ<br />

6TCPUUKNXCPKCEWPWOGTGRG)KÉPEâPWOGTGR¸Pâ<br />

NCOCTVKGCDQTFC)KGCGXGPKOGPVGNGRQNKVKEGÉPPQVGKPHQTOCVKXG<br />

)KGUGWTK<br />

5KGDGPD×TIKUEJGT 8QNMUHTGWPF CWVQECTCEVGTK\CV FTGRV WP<br />

5âRVâO¸PCNRGPVTWQTâ)GPK)KUâVGPKKG)GCXKPGTGCKCTFWRâPTFKP<br />

OCTVKG OCT/GC )K XKPGTGC 2TG/WNUGOKCPWCNRGPVTWRTKOC<br />

LWOâVCVGCNWKGTCFGHNQTKPOEKCTEWGZRGFKGTGRQ)VCNâRGPVTW<br />

CDQPC/KFGHNQTKP)KETâK/CTK%QP/KPGCRGUGE/KWPKKPHQTOC/KK+WVKNG<br />

++ CITKEQNG +++ FKUVTCEVKXG +8 FKXGTUG PQWVâ/K KPVGTPG )K GZVGTPG 5WD<br />

WNVKOC TWDTKEâ UG RWDNKECW )K TGENCOG FG IGPWN #PWP/ EâVTG<br />

IQURQFCTKK ECTG XQT Uâ RTQFWEâ CPWN CEGUVC UHGENâ RGPVTW HCDTKEC FG<br />

\CJâTFKPNQECNKVCVG <br />

7PVGTJCNVWPIGP CWU FGT )GIGPYCTV CXGC WP RTQHKN EWNVWTCN<br />

RQNKVKERTG\GPVCVÉPECKGVGCRâTWVGÉPVTGNWPKNGOCKQEVQODTKG<br />

EWCRTQZKOCVKXRCIKPKHQTOCVOKEHKGECTG<br />

¡PNC$TC)QX9QEJGPDNCVVCRâTWÉPPWOGTGEWWP<br />

VQVCNFGRCIKPKHQTOCVOCTG#V¸V5KGDGPD×TIGT9QEJGPDNCVVE¸V)K<br />

5CVGNNKVXGPGCWEWFQWâCRCTK/KKUâRVâO¸PCNGHTGEXGP/âRâUVTCVâ)KÉP<br />

NCWPEQP/KPWVECPVKVCVKXCRTQCRGFWDNCV¡PCEGUVCP9QEJGPDNCVV<br />

KG)GC NWPGC )K OCT/GC KCT 5CVGNNKV OKGTEWTGC )K U¸ODâVC $N¼VVGT H×T<br />

)GKUV)GO×VJWPF8CVGTNCPFUMWPFGUGGFKVCTâÉPPWOGTGÉPCPWN<br />

EWWPVQVCNFGRCIKPK <br />

<br />

<br />

<br />

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5KGDGPD×TIKUEJGT8QNMUHTGWPFPTHGDTWCTKG<br />

.C$KDNKQVGEC$TWMGPVJCNEQVC2+++UGCHNâEQNGE/KCEQORNGVâCNWK5CVGNNKVPT<br />

KCPWCTKG FGEGODTKG 5KGDGPD×TIGT 9QEJGPDNCVV UG IâUG)VG NC<br />

CEGGC)KDKDNKQVGEâCEGGC)KEQVâ)KNC$KDNKQVGEC%GPVTCNâ7PKXGTUKVCTâFKP%NWLEQVC*<br />

++#0++4'81.7-+'+

%TQPKECRTGUGKUKDKGPG<br />

Q5KGDGPD×TIGT$QVGRQ6TCPUUKNXCPKCR<br />

Q5KGDGPD×TIKUEJGT8QNMUHTGWPFR<br />

Q7PVGTJCNVWPIGPCWUFGT)GIGPYCTVR)C<br />

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<br />

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&GDWVWNCPWNWKPWUGFGQUGDGCEWPKOKEFGEGNGFKPCPKK<br />

CPVGTKQTK 4GFCE/KC \KCTWNWK Q5KGDGPD×TIGT $QVGR NG CFTGUC EKVKVQTKNQT<br />

VTCFK/KQPCNWN UCNWV %W RTKXKTG NC ÉPFGNWPICVC UC CEVKXKVCVG $QVG<br />

TGOCTECKTQPKE<br />

2GPVTWCCQCTâ5KGDGPD×TIGT$QVGÉPEGRGCPWN)KÉPEâPW<br />

UKOVGUNCXâ&QOPWNWKPKEKWPUGOPFGTCOQNGCNâ)KOCTCUOWUUGPKNKU<br />

QDUGTXCVGNCGNFGCPWOKVGUWHNGVGECTKVCDKNG)KEQNCDQTCVQTKCKQIQTWNWK<br />

LWTPCNKUVKE)KFKPECTGCEG)VKCCTXQKUâKRTQHG/GCUEâCRTQRKCVCTâRQUCTG<br />

UWHNGVGCUEâ%QPEQOKVGPV\KCTWNÉ)KCHKTOCETGFQWN#)CURGTâGNÉPVTQ<br />

NCTIâCWFKGP/â)KÉ)KEQPVKPWâECNGCHKFGNXGEJKKUCNGNQ\KPEK6QVWNRGPVTW<br />

RTKPEKRGRCVTKGCFGXâT)KKORCT/KCNKVCVG <br />

.C LWOâVCVGC NWK KCPWCTKG $QVG )K Q8QNMUHTGWPFRVTCVCW<br />

PQWCNGIGFGTGETWVCTGGZGEWVCVâÉPOCPKGTâOGFKGXCNâNC6¸TIW/WTG)<br />

)K(âIâTC) <br />

¡P HGDTWCTKG 5KGDGPD×TIKUEJGT 8QNMUHTGWPF TâURWPFGC NC<br />

ÉPVTGDCTGC%GRQV)KVTGDWKGUâHCEâÉPXâ/âVQTKKRQRQTWNWKUâUGUERGPVTW<br />

CFG)VGRVCÉPKPKOKNGVKPGTKNQTFTCIQUVGCFGRCVTKG! 6TCPUUKNXCPKCÉP<br />

EQPVTCFKE/KG EW QTKGPVCTGC UC WNVGTKQCTâ FGFKEC WP URC/KWNCTIWPWK<br />

CTVKEQNRTGNWCVFKPQ/WNVÃULGNGPRFGURTGTGWPKHKECTGC2CTVGUWNWK)K<br />

FQTKP/C WPKWPKK 6TCPUKNXCPKGK EW 7PICTKC #WVQTWN WP QO FG UVCV EW<br />

RQ\K/KG ÉPCNVâ WVKNK\CUG ÉPEâ ÉP &KGVGNG FKP CEGCUVâ<br />

RTG\GPVCTG EG EWRTKPFGC ÉP FQWâ RâT/K RN¸PIGTKNG 5VâTKNQT TGICVWNWK<br />

Q5KGDGPD×TIGT$QVGRPTKCPWCTKGR(KRCIKPCFGVKVNWEQPHKTOâEâ<br />

GTCCNNGCCPFGCRCTK/KG2TKPWTOCTGCPWN+CTHKHQUV¡PQ$QVGRKPFKEC<br />

CPWNFGCRCTK/KGFGEKCPWN+CTHKHQUV5KIGTWUQREKVRUETKGQ5D$QVGC<br />

CRâTWVFKPR2¸PâCEWOPWCOIâUKVRTKOWNCPFGCRCTK/KGC\KCTWNWK'NPWUG<br />

RâUVTGC\âNC$KDNKQVGEC$TWMGPVJCNQTKNC#TJKXGNGFKP5KDKWPKEKNC$%7%NWLPKEKNC<br />

$KDNKQVGEC#ECFGOKGK$WEWTG)VK<br />

Q5D $QVGR PT KCPWCTKG R PT HGDTWCTKG R Q5D<br />

8QNMUHTGWPFRPTKCPWCTKGR<br />

5D8QNMUHTGWPFPTHGDTWCTKGR

WPICTOQVKXGNGFKPECTGUGEGTGCÉPCRQKGTGCKOGFKCVCCC)CPWOKVGNQT<br />

2CTVGU TGCRRNKECVCG RTGEWO )K FQTKP/C FG WPKTG C 6TCPUKNXCPKGK EW<br />

7PICTKC)KCPWOGÉPTCRQTVWNGZKUVGPVÉPCKPVGFG <br />

6TCPUUKNXCPKC RWDNKEC Q UWEEGUKWPG FG TGRNKEK CFTGUCVG NWK<br />

5CVGNNKV

¡P XTGOG EG 5KGDGPD×TIGT 9QEJGPDNCVV FKP $TC)QX FG)VGRVC<br />

KORTGUKC Eâ ÉPVTGCIC EQOWPKVCVG QTâ)GPGCUEâ CITGC KFGGC WPKWPKK<br />

TGXGPFKECVG ÉP FGENCTC/KC OCIJKCTâ $QVG HâEGC ÉPVTQ FG\DCVGTG FG<br />

RTKPEKRKW C WPKWPKK WTOâVQCTGC CHKTOC/KG 5C)KK CW HQUV PGÉPFQKGNPKE<br />

ÉPVQVFGCWPCÉORQVTKXâ(WCVCECV\KCTWNDTC)QXGCP5CVGNNKVPTECTG<br />

EJGOCUGNCWPKWPG <br />

$QVG FG\XâNWKC RTGVGP/KC ÉORQVTKXC NGIKK )K C TC/KWPKK EâEK<br />

RTKPWPKWPGPWUCTWTOâTKCNVEGXC FGE¸V VQVCNC ÉPGECTG C RCVTKGK )K C<br />

PC/KWPKKPQCUVTGÉPWNVTCOCIJKCTKUOÉPEGNOCKETCUUGRCTCVKUOWPICT<br />

&KURQ\K/KKNG OKPKUVGTWNWK WPICT CT HK Q CFGXâTCVâ UWDLWICTG EâEK QCTG<br />

EWO CNVHGN UCT RWVGC KPVGTRTGVC E¸PF XGFGO ÉPEJGKCVG VQCVG<br />

RTGRCTCVKXGNG RGPVTW C HQT/C WPKWPGC EC JQVâT¸TG C &KGVGK RTKP<br />

VGTQTKUOWNICNGTKKNQT)KCNWPGKOCUGRQRWNCTGHCPCVK\CVGRTKPCVTCIGTGC<br />

WPWKE¸TFFGLWTC/KDWFCRGUVCPK <br />

1XQEGFKP8KGPCCVTâIGCCVGP/KCÉORQVTKXCWPKWPKK5GCPCNK\â<br />

RQ\K/KC )WXGTPWNWK )K C 7PKXGTUKVâ/KK PC/KQPCNG UâUG)VK ÉP RTKXKP/C<br />

WPKWPKK $QVG UG UQNKFCTK\C EW CE/KWPKNG XCNCJKNQT FKP LWTWN NWK<br />

$âTPW/KW )K C GRKUEQRWNWK (CIWPC &CVQTKVâ PWOâTWNWK NQT TQO¸PKK<br />

FGXGPKTâCNKC/KFQTK/KCKUC)KNQTUKDKGPKÉPEJGUVKWPGCTGURKPIGTKKWPKWPKK<br />

¡PCRTQRKGTGFG1Tâ)VKG Q EQORCPKG ITâPKEGTGCUEâ UGEWKCUEâ XTW Uâ<br />

KPUVCNG\G WPKWPGC EW HQT/C TG\WNVCVWN HWTâ TQO¸PK OQT/K )K ITGW<br />

TâPK/K %QOGPVCTKWN XGJGOGPV CN NWK 5KGDGPD×TIGT $QVG FGURTG<br />

%Q)NCTKW)K/KJCN/ÉPEKPUGURKTKVGNG4GFCEVQTWN)GHCN\KCTWNWKÉORTGWPâ<br />

EWEGKNCN/KTGFCEVQTKECTGUETKUGUGTâFGURTG/KJCN/HWCOGPKP/CVFG<br />

FGVKPGTKNGIC/K RTKP LWTâO¸PV FKP T¸PFWN TGXQNW/KQPCTKNQT OCIJKCTK<br />

UâKC)G\GECRWNÉPCKPVGCRKEKQCTGNQTEGGCEGUGCFGXGTKPQWâNWPKOCK<br />

V¸T\KW.CCOGPKP/âTKUGTâURWPUGRTKPVTWPPQWCTVKEQNFGURTG/KJCN/ <br />

.CHGNQ5KGDGPD×TIKUEJGT 8QNMUHTGWPFROCPKHGUVâQCVKVWFKPG<br />

PGVCPVKWPKQPKUVâEGTâ\DâVGCCV¸VFKPKPVGTRTGVCTGCFCVâGXGPKOGPVGNQT<br />

TGNCVCVGE¸V)KFKPFG\DCVGTKNGVGQTGVKEGRWDNKECVGÉPRCIKPKNGUCNG8K\KVC<br />

&G GZGORNW Q5D 9QEJGPDNCVVR PT CRTKNKG R FGURTG CVOQUHGTC<br />

RTQWPKQPKUVâFKP$TC)QXPTOCKRCTVKEQNWNNWK2GUVCNQ\\KFGURTG<br />

WPKWPGC 6TCPUKNXCPKGK EW 6CTC WPIWTGCUEâ PT OCK R CRTGEKGTK<br />

PGICVKXGFGURTG%GCTGFGURGTCV#TFGCNWNFGNCQWPKWPGEW#WUVTKC<br />

Q5D$QVGRPTCRTKNKGR<br />

+FGOPTOCKR<br />

+FGOPTOCKRCPQPKOWNFKP8KGPCPTOCKR<br />

RQ\K/KC)WXGTPWNWKPTKWPKGRRQ\K/KC7PKXGTUKVâ/KKUâUG)VKPT<br />

OCKRCNKCP/CEWTQO¸PKKPTKWPKGR/KJCN/PQ<br />

KWPKGRPTKWPKGRCOGPKP/CTGCNWK$GPKIPKPT<br />

KWPKGRPQWCTVKEQNFGURTG/KJCN/

IWXGTPCVQTWNWK 6GNGMK NC 5KDKW OCK RTKNGLWK Q CFWPCTG CFJQE C<br />

UC)KNQTRCTVK\CPKCK%CUGKFG#WUVTKCECTGUVT¸P)KNCVGCVTWNQTâ)GPGUE<br />

QXC/KQPCTâUVGCIWNPGITWICNDGP,CMQD4CPPKEJGTTGFCEVQTCN\KCTWNWK<br />

Q$QVGR /KPW Q EWX¸PVCTG KPEGPFKCTâ ÉP HC/C OWN/KOKK 6QV<br />

Q8QNMUHTGWPFR Iâ\FWKC WP CORNW GUGW ÉP ECTG RTG\GPVC OCK ÉPV¸K<br />

CTIWOGPVGNG RTKGVGPKNQT WPKWPKK RGPVTW C ÉP)KTC CRQK OQVKXGNG HGTOGK<br />

TGURKPIGTKCCEGUVGKC<br />

.WPCOCKCFWUG)KQEQVKVWTâHWPFCOGPVCNâÉPGXQNW/KC\KCTWNWK<br />

UKDKCP6TCPUUKNXCPKC#EGUVCFâFWUGÉPCRTKNKGQCFG\KWPGNCRCTVKFWN<br />

NKDGTCNOCIJKCT)KEQPEQOKVGPVRWDNKECUGWPCRGNRGPVTWVTCPUHQTOCTGC<br />

PWOGNWK7PKXGTUKVâ/KKPC/KQPCNGUâUG)VKÉPEGNFG7PKXGTUKVCVGPC/KQPCNâ<br />

IGTOCPâVTCPUKNXCPâ#RQKHâEWUGRTQRCICPFâNCWPKWPGCEW7PICTKC<br />

RTQUNâXKPFQ RTKP RQG\KG RTQPQUVKE¸PF CUWRTC CEEGRVâTKK WPKWPKK ÉP<br />

XKKVQCTGC &KGVâ &WRâ OCK E¸PF TGFCEVQTWN (TKGFTKEJ *CPP RâTâUK<br />

IC\GVCKPVT¸PFRTKPRQ\K/KCUCRTQOCIJKCTâÉPEQPHNKEVEWOCLQTKVCVGC<br />

PC/KWPKK19KVVUVQEMQTKGPVCTGCUGKPXGTUâ 6TCPUUKNXCPKCUGTCNKGNC<br />

CVKVWFKPGC CPVKWPKQPKUVâ RTQOQXCVâ FG $QVG )K 8QNMUHTGWPF<br />

0WOâTWN FGETGVC /QPCTJKG EQPUVKVW/KQPCNâ FG PGFGURâT/KV )K<br />

TGHW\C WPKWPGC RTKPVTQ OCK UVT¸PUâ CVC)CTG FG #WUVTKC

6QV ÉP OCK É)K ÉPEGRGCW CRCTK/KC7PVGTJCNVWPIGPCWUFGT<br />

)GIGPYCTV &KUEW/KK FKP RTG\GPV ¡P RTKOWN ECKGV RWDNKEC/KC É)K<br />

EKTEWOUETKCUHGTCFGKPVGTGU¡PRTG\GPVNWOGCOCKGZKUVâ¡PRTG\GPV)K<br />

'WTQRCOCKGZKUVâFG)KWPGNGRWVGTKCUKCVKEGGOKVRTGVGP/KCWPQTVGTKDKNG<br />

RQHVG FG ÉPEQTRQTCTG C WPQT /âTK )K RQT/KWPK FKP CEGUV EQPVKPGPV ¡P<br />

RTG\GPVOCKGZKUVâ)KOQPCTJKCCWUVTKCEâEâEK)K2TCIOCVKEC5CPE/KWPG<br />

OCKGZKUVâKCTWPIWTKKUWPVWPRQRQTETGFKPEKQU)KNQKCN¡PRTG\GPV<br />

UGXQTDG)VG)KUGCE/KQPGC\âHQCTVGOWNVRGPVTWWPKWPGCEW7PICTKC¡P<br />

RTG\GPVUWPVWPKKECTGXQTDGUE)KCE/KQPGC\â)KÉORQVTKXCWPKWPKK6QVW)K<br />

RTQCURâVWN RGTKQFKE É)K RTQRWPGC Uâ \KFGCUEâ EâTâOK\K NC VGORNWN<br />

WPKWPKK #N FQKNGC ECKGV VQV FKP OCK CFWEGC Q %TQPKEâ UKDKCPâ EG<br />

FGUETKCGXGPKOGPVGNGFKPOCKXK\KVCIWXGTPCVQTWNWK7PGKETQPKEKÉK<br />

CRCT/KP)KFKURQ\K/KKNGUWHNGVG)VK!&WRâCPQCUVTâRâTGTGEWEGTVKVWFKPG<br />

'NGPGHCEUâRTKEGRGOEQPVGZVWNECW\CNCNGXGPKOGPVGNQTTGNCVCTGCNQT<br />

RTGEGFG OWPEKK KUVQTKEWNWK RTCIOCVKE 1 FCVâ EW ECKGVWN PT FKP <br />

OCK )K 7PVGTJCNVWPIGP UG ÉPFTGRVâ JQVâT¸V URTG CPVKWPKQPKUO 7P<br />

CTVKEQNFKP2GUVKJKTNCREWCRTGEKGTKFGIGPWN%QPEGVâ/GPKKPQ)VTKFG<br />

NKODâUVTâKPâVTGDWKGECCEQNQWPFGKPVTâÉPCVKPIGTGEWUVCVWNUâFGXKPâ<br />

WPIWTK KUEâ TGCE/KC EQPVTCTâ C \KCTWNWK UâUGUE &KP CEGUVGC PQK UC)KK<br />

RWVGOXGFGCEâFCEâPQKPGWPKOFGDWPâXQKG2GUVKJKTNCRPGXC<br />

NâWFCNCHGNFGEQPFGUEGPFGPVEWOCHâEWVQEW

4âURWPUWN RTKGVGPWNWK HTCVGNWK &QOPK/C OGC URGT EC TGXQNVC<br />

FWOKVCNGUâUGOCKRQVQNGCUEâE¸PFXQTHKUGTXKVGVQCVGHTWEVGNG<br />

KPFGRGPFGP/GK )K NKDGTVâ/KK WPIWTG)VK URGT Uâ TâO¸K UQTC HTCVGNWK<br />

FWOKVCNGEâEKFQCTâNKDGTVCVGCOCIJKCTâPQUâUGVTCPUHQTOGÉPWTâFG<br />

HCOKNKG<br />

¡PVTQ VTGEGTG ÉP TGXKUVâ C RTGUGK 7PVGTJCNVWPIGP FKP 5KDKW<br />

CRTGEKC,WTPCNGNGUGÉORCTVÉPCEGNGCECTGCWQCPWOKVâEWNQCTG)KPW<br />

RTGKCWPKOKEFKPEGGCEGPWUGRQVTKXG)VGEWCEGCUVC)KÉPCNVGNGECTGUG<br />

XQT C HK Q VTKDWPâ C VWVWTQT QRKPKKNQT Iâ\FWKPF FWRâ ECRCEKVCVG VQVWN<br />

HâTâFGQUGDKTG,WTPCNGFGRTKOWNHGNUWPVECOVQCVGHQKNGOCIJKCTGPQK<br />

UC)KK CO CXWV TGEGPV RGPVTW UEWTV VKOR Q UKPIWTâ CUVHGN FG HQCKG %C<br />

VTKDWPâ C VWVWTQT RâTGTKNQT UWPV DKPGEWPQUEWVG HQKNG IGTOCPG FKP<br />

$TC)QX5WPVEQPXKPUUKIWTEâTGFCE/KCCFKEâGFKVQTWNPWUGUECNFâ<br />

ÉPCWTWPIWTGUEGUVGNCHGNFGUKIWTÉPUâEâHQKNGDTC)QXGPG CFWE<br />

PGPWOâTCVGUGTXKEKKOCIJKCTKOKKRGUQEQVGCNCUC)KNQT <br />

CFOKPKUVTCVKXG NC QEWRCTGC RQUVWTKNQT FG RTQHGUQT Uâ NK UG CEQTFG<br />

FQEGP/KNQTRTKXC/KWPTGIKORTGHGTGP/KCNCECFGOKEKKUVWFGP/KKUâUG<br />

DWEWTGFGRWDNKEKVCVG)KUâRQCVâGHGEVWCUGTXKEKKFGUGETGVCTKCVÉP<br />

QTKEG KPUVKVWV QHKEKCN PC/KQPCN Q FQVCTG OCK DQICVâ C DKDNKQVGEKK<br />

CECFGOKEGOCK)VTKKFGNWRVâCKCECFGOKEKNQTUVWFGP/KNQTUâHCEâ)K<br />

KPUVTWE/KGOKNKVCTâVKPGTGVWNCECFGOKEUâHQTOG\GNC5KDKWWPEQTR<br />

RGTOCPGPV FG UKIWTCP/â NC CFOKPKUVTCTGC DKDNKQVGEKK Uâ RCTVKEKRG<br />

E¸VGFQKUVWFGP/K NC QTKEG RN¸PIGTG )K CPEJGVCTG C WPWK EGVâ/GCP<br />

CECFGOKEUâUGCEEGRVGRTKOKTGCÉPUGPCV)KXQVWNCFQKCECFGOKEKCNG)K<br />

FKPVTG UVWFGP/K Uâ UG CFQRVG Q HQTOWNCTG PQWâ C RTGUETKR/KKNQT<br />

FKUEKRNKPCTG CFCRVCVâ NC URKTKVWN VTCPUHQTOâTKNQT FKP U¸PWN #ECFGOKGK<br />

OCK 7NVKOGNG FQWâ RWPEVG UWIGTCW Eâ CEW\âTKNG UVWFGP/KNQT<br />

RTQDCDKN ÉPVG/KVG FWRâ FGENCP)CTGC OK)EâTKNQT TGXQNW/KQPCTG GTCW<br />

HTGEXGPVG )K PGEGUKVCW OâUWTK FG RTQVGLCTG &GCNVHGN RTGUC CVGP/KQPC )K<br />

CUWRTC KPHKNVTâTKK ÉP T¸PFWN UVWFGP/KNQT FG NC CEGGC)K #ECFGOKG C WPQT<br />

URKQPKCKRQNK/KGKPWOK/K2QNK\GKURKV\GNUCW0CFGTGT,/5EJNGKEJGTV<br />

TGNCVCFGURTGECRVWTCTGCNCOCKCVTGKCUVHGNFGCIGP/K <br />

Q5KGDGPD×TIKUEJGT8QNMUHTGWPFRURGEWNCCUWRTCPQKKQTFKPKC<br />

OG)VG)WIWTKNQTFGURTGNKDGTVCVGCEGWTOCUâFGUHKKP/G\GTGUVTKE/KKNGFG<br />

DTGCUNâ <br />

&CEâ 5CVGNNKV FKP $TC)QX RWDNKECUG ÉPEâ ÉP OCK )VKTK<br />

FGURTGÉPVTWPKTGCPC/KQPCNâCTQO¸PKNQTCDKCNCKWPKG6TCPUUKNXCPKC<br />

VTCPUOKVGCCTVKEQNWNUGOPCVFG2GUVCNQ\\KFGURTG#FWPCTGCRQRWNCTâC<br />

TQO¸PKNQTNC$NCLÉPOCK <br />

¡PEGTEWTKNGUâUG)VK UG UV¸TPKTâ ÉP CRTKNKG RTKOGNG \XQPWTK<br />

ÉPITKLQTâVQCTGEWRTKXKTGNCXGPKTGCTW)KNQT)KÉPCEGUVEC\NCQEQNCDQTCTG<br />

EWTW)KKCTQO¸PKNQTECWPKKEGGTCWÉPTWFK/KÉPVTWTGNKIKG5KGDGPD×TIGT<br />

8QNMUHTGWPF HâEGC RNGFQCTKG RTQ FQOQ CTâV¸PF Eâ XCNCJKK GICNK ÉP<br />

FTGRVWTK RG 2âO¸PVWN 5âUGUE PW CT TGPWP/C DGPGXQN NC NKDGTVCVGC NQT<br />

RGPVTWCQÉPNQEWKEWUENCXKCTWUGCUEâ <br />

.C Q RTKXKTG CTWPECVâ FKPEQNQ FG I TCPK/GNG CRWUGPG<br />

7PVGTJCNVWPIGPCWUFGT)GIGPYCTVFGHKPGCVGPFKP/GNGWPQTRQRQCTG<br />

FKPCOKEG)GTOCPKKXQTUâÉPVGOGKG\GQ)GTOCPKGRWVGTPKEâ7PIWTKK<br />

WPK/K EW 6TCPUKNXCPKC XQT Uâ HQPFG\G Q 7PICTKG RWVGTPKEâ 5NCXKK FKP<br />

+FGOPTOCKR6TCPUUKNXCPKCPTOCKR<br />

$N¼VVGTH×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFG$TC)QXPTOCKR<br />

<br />

5D8QNMUHTGWPFPTCRTKNKGR<br />

Q6TCPUUKNXCPKCRPTKWPKGR<br />

5D8QNMUHTGWPFPTCRTKNKGR

#WUVTKC )K FG CKWTGC XQT Uâ ÉPVGOGKG\G WP RWVGTPKE KORGTKW UNCX (K<br />

UVCVWN KORGTKCN CWUVTKCE! 7PIWTKK TGURKPI CEW\C/KCEâCTFQTKUâUG<br />

FGURTKPFâFG#WUVTKCÉPUâÉKUHâVWKGUERGDWPKKCWUVTKGEKUâUGNKRGCUEâ<br />

QTDG)VGFG)GTOCPKC)KCVWPEKPGO/KKÉPWPKTGEWWPIWTKKÉKXQTÉPHT¸PIG<br />

RGUNCXK <br />

2G OQOGPV ÉPUâ FG\DCVGTKNG FG RGTURGEVKXâ UG UKUVCTâ<br />

'XGPKOGPVWNOCLQTEGFQOKPâUEGPCRQNKVKEâHWÉPVTWPKTGC&KGVGKNC%NWL<br />

NC OCK ¡PVTQ CVOQUHGTâ C VGTQTKK FGRWVC/KK FKGVCNK UC)K É)K<br />

FGRWUGTâ XQVWTKNG ÉP RTQDNGOC WPKWPKK ¡P NQE FGFGVTKOK)KUC)KNC<br />

%NWLGTCWRTG\GP/KFQCTFKPVTGECTGPWOCKCXWTâEWTCLWNUâ)KTKFKEG<br />

XQEGC ÉORQVTKXC WPKWPKK ¡PVTG CEG)VKC FKP WTOâ UG CHNCW FQK FGRWVC/K<br />

UKDKGPK -QPTCF 5EJOKFV )K ,QUGH 5EJPGKFGT ¡PVTWE¸V ÉP EC\WN<br />

FGRWVC/KNQT PC/KQPCNK UC)K NC Q FKXGTIGP/â FG QRKPKK OKPQTKVCVGC<br />

FGRWVC/KNQTVTGDWKCUâUGUWRWPâOCLQTKVâ/KKUC)KKEQPVCTâECWPUKPIWT<br />

XQVECTGCEEGRVCUGWPKWPGC<br />

¡PCKPVG FG ÉPEJGKGTGC FG\DCVGTKNQT FKGVCNG -QPTCF 5EJOKFV<br />

TGXGPKCECUâRGPVTWCFCUGCOâRGTUQPCNFGÉPEâNECTGCKPUVTWE/KWPKNQT<br />

¡PETGFGTGC CNGIâVQTKNQT UâK ÉPUâ Q RKGTFWUG HW CEW\CV FG VTâFCTG )K<br />

UâRVâO¸PKÉP)KTVTGDWKUâGXKVG5KDKWNÉPHC/CO¸PKGKEQPEGVâ/GPKNQTUâK <br />

%JKCTFCEâ&KGVCVTCPUKNXCPâGPWP/CUGHQTOCNWPKWPGC\KCTGNG<br />

UKDKGPG 5KGDGPD×TIGT $QVG Q6TCPUUKNXCPKCR )K Q5KGDGPD×TIKUEJGT<br />

8QNMUHTGWPFR É)K GZRTKOCTâ PGOWN/WOKTGC RTQXQECVâ FG ÉPEâNECTGC<br />

KPUVTWE/KWPKNQT FGRWVC/KNQT FKGVCNK UC)K LWFGE¸PF EQORQTVCOGPVWN<br />

CEGUVQTC)KFG\CXW¸PFWPKWPGC .CRGVK/KCVTKOK)KNQTPC/KWPKKTQOCPG<br />

)K C WPQT RGVK/KQPCTK UC)K ÉORâTCVWN TâURWPUG RTKPVTQ QTFQPCP/â<br />

4G\QNW/KCTGICNâNCEGCFGCFQWCRGVK/KGCFGRWVC/KGKTQO¸PG)VKHWFG<br />

CUGOGPGCRWDNKECVâ(TCP\5CNOGPEQOGUWNUC)KNQTUGOPâNCKWPKG<br />

WPRTQVGUVÉORQVTKXCWPKWPKKRGECTGÉNCFTGUâOKPKUVGTWNWKOCIJKCTFG<br />

+PVGTPG <br />

7PVGTJCNVWPIGPECKGVOCKR<br />

5D$QVGPTKWPKGRPTKWPKGR<br />

+PUVTWE/KWPKNGHWTâRWDNKECVGFGGZGORNWÉP5D9QEJGPDNCVV$TC)QXPT<br />

OCKR&GURTG-QPTCF5EJOKFVUETKG(TKGFTKEJ6GWVUEJ&KG5CEJUGPKO,CJTG<br />

ÉPQREKVR<br />

&GGZGORNW6TCPUUKNXCPKCPTKWPKGRPTKWPKGR<br />

PTKWPKGR<br />

Q5D$QVGRPTKWPKGRQTFQPCP/CKORGTKCNâPTKWPKGR<br />

TG\QNW/KCTGICNâNCCFQWCRGVK/KG TQO¸PGCUEâ PT KWNKG R <br />

RTQVGUVWNNWK(TCP\5CNOGP

6TCPUUKNXCPKC OKNKVC RGPVTW TGUVCDKNKTGC ÉP/GNGIGTKK ÉPVTG<br />

\KCTGNGUKDKGPG)KEGNGDTC)QXGPG ,QJCPP)ÑVVÉPUEJKODCFTGUC%¸VGXC<br />

EWXKPVG QRQPGP/KNQT OGK CPWOK/K FQOPK FKP 5KDKW ECTG ÉN KPUWNVCW<br />

TGRTQ)¸PFWKRTKGVGPKCEWOCIJKCTKK $N¼VVGTH×T)GKUV)GO×VJWPF<br />

8CVGTNCPFUMWPFGUGCRâTCFGTGRTQ)WTKNGNWK$QVGEWOEâ$TC)QXWN<br />

CT WOC EC FG QDKEGK Q RQNKVKEâ RTQRTKG UGRCTCVKUVâ )K CPVKPC/KQPCNâ<br />

UWDNKPKKPFTG\KUVGP/CQRWUâNCVGPFKP/GJGIGOQPKUVG <br />

¡ORâTCVWN UCPE/KQPâ WPKWPGC NC KWPKG Q$QVGRNWâÉP<br />

FG\DCVGTGEQPFK/KKNGWPKWPKK<br />

(KRGPVTWPQKUC)KKUVCDKNKTGCEQPK/KKNQTWPKWPKKGUVGFGEGCOCK<br />

OCTGÉPUGOPâVCVG'UVGUCTEKPC&KGVGKWPICTGECRTKPGICNCUVKOCTG<br />

)K ÉPFTGRVâ/KTGCCVWVWTQTPGCOWTKNQTRTKPFG\CXWCTGCFGUEJKUâC<br />

VWVWTQT OâUWTKNQT XKQNGPVG Uâ OGP/KPâ NKPK)VGC QTFKPGC )K<br />

NGICNKVCVGC <br />

&WRâ ÉPEGTEâTKNG G)WCVG FG C ÉORKGFGEC WPKWPGC HKG RTKP<br />

CTVKEQNG ÉP RTGUâ ECTG VTGDWKCW Uâ NWOKPG\G QRKPKC RWDNKEâ HKG RTKP<br />

RTQVGUVGTGURGEVKXOGOQTKKCPVKWPKQPKUOWNUâUGUEUGTGVTCUGQXTGOGÉP<br />

RNCP ÉPFGRâTVCV &CT $QVG TGNCVâ FGURTG PGNKPK)VKNG FKP 5KDKW <br />

CWIWUV NC CTGUVCTGC WPQT EâRGVGPKK XCNCJG FG EâVTG EQOKUCTWN<br />

IWDGTPKCN $ÃNFK (GTGPE\ %CO FG TQO¸PK COGPKP/CTâ QTC)WN<br />

FKPURTG#RQNFWN/CTGFKPECTGECW\âHWEQPXQECVâECXCNGTKCCHNCVâÉP<br />

CRTQRKGTGC QTC)WNWK .C CWIWUV CTGUVC/KK .CWTKCP )K $âNâ)GUEW HWTâ<br />

GNKDGTC/K <br />

¡P VKOR EG DCTQPWN 9GUUÃNGP[ /KMNQU /KPGC ÉPVTQ )GFKP/â C<br />

2CTNCOGPVWNWK OCIJKCT CWIWUV Q EWX¸PVCTG FGURTG PQKNG FTGRVWTK<br />

CNG UC)KNQT )K TQO¸PKNQT NC 5KDKW TGETW/KK VTGDWKCW Uâ FGRWPâ PQWC<br />

HQTOWNâFGLWTâO¸PVRGKPFGRGPFGP/C7PICTKGK <br />

0QKNGNGIKWPICTGNGRTQXQECTâUC)KNQTÉPITKLQTCTG.GIGCCUWRTC<br />

)EQNKNQTGNGOGPVCTGRTGXGFGCQDNKICVKXKVCVGC)KITCVWKVCVGCCEGUVQTCFCT<br />

)KKPVTQFWEGTGCNKODKKOCIJKCTGECQDKGEVTGIWNCVFGÉPXâ/âO¸PV.CHGN<br />

EQPUETKR/KCOKNKVCTâUV¸TPKPGNKPK)VGÉPT¸PFWNXCNCJKNQTHâIâTâ)GPK <br />

6TCPUUKNXCPKCPTKWPKGR<br />

5CVGNNKVPTKWPKGR<br />

$N¼VVGTPTKWPKGR<br />

5D$QVGPTKWNKGR<br />

+FGO PT CWIWUV R CTGUVCTGC EQPFWEâVQTKNQT TQO¸PK PT <br />

CWIWUVREQPXQECTGCECXCNGTKGKPTCWIWUVRGNKDGTCTGC<br />

NWK#6.CWTKCP)K$âNâ)GUEW<br />

+FGO PT UGRVGODTKG R EWX¸PVCTGC NWK 9GUUGNÃP[ PT <br />

UGRVGODTKGRPQWCHQTOWNâFGLWTâO¸PV<br />

+FGOPTUGRVGODTKGR

5RTG FGQUGDKTG FG OKPQTC COKPVKTG ÉP $QVG FGURTG RTKOC<br />

CFWPCTGCXCNCJKNQTFGNC$NCLEGCFGCFQWCCFWPCTGFGNC$NCL<br />

UGRVGODTKG )K RGVK/KC EGNQT CRTQZKOCVKX FG TQO¸PK ÉPCTOC/K HW<br />

TGNCVCVâRGNCTI2GVK/KCTGENCOCTKFKECTGCTGETWVâTKKKNGICNGHâTâ)VKKP/C)K<br />

QTFKPWN /CKGUVâ/KK5CNGQCFWPCTGPC/KQPCNâ NC $NCL )K GNKDGTCTGC<br />

RTK\QPKGTKNQTFGUVCVCTGUVC/KHâTâXKPâCKPVGNKIJGP/KGKPC/KWPKKTQOCPG<br />

2TKP RTQVQEQNWN FG NC UGRVGODTKG ITâPKEGTKK TQO¸PK FG NC 0âUâWF<br />

TGHW\CTâ Uâ OCK TGEWPQCUEâ )WXGTPWN WPICT )K RTQVGUVCW ÉORQVTKXC<br />

WPKWPKK <br />

6QCVG \KCTGNG UKDKGPG FGUETKUGTâ TGVTCIGTGC FKP 2CTNCOGOVWN<br />

WPICTCEGNQT)CUGFGRWVC/KUC)KNCUGRVGODTKG #FWPCTGCEGTEWCNâFG<br />

NC5KDKWFGEKUGUâCEQTFGNCWFâRWDNKEâEGNQTFQKFGRWVC/KUKDKGPKTGVTC)K<br />

*GTOCPP 5EJOKFV )K ,QUGRJ 4QUGPHGNF FG CUGOGPGC UG JQVâTC Eâ<br />

CFWPCTGCEGTEWCNâPWXQKCUâ)VKGCDUQNWVPKOKEFGURTGXTGQWPKWPG<br />

EW7PICTKC)KEâPWTGEWPQ)VGC)WXGTPWNWPICT <br />

Q5KGDGPD×TIKUEJGT 8QNMUHTGWPFR TGNCVC FGUHâ)WTCVGC CFWPâTKK<br />

EGVâ/GPG)VK ÉPVTWPKVG NC 5KDKW NC QEVQODTKG 2TQITCOWN ÉP <br />

RWPEVGRTQRWUFGCFWPCTGKPVKVWNCVQ%GFQTKO)KEGTGOPQKRUWU/KPGCQ<br />

HGFGTCNK\CTGC#TFGCNWNWKRTKPTGEWPQC)VGTGCWPGKNKDGTVâ/KGICNGRGPVTW<br />

VQCVGRQRQCTGNG/âTKKHâTâ)VKTDKTGCRWVGTKKOQPCTJKGKÉPCPUCODNWNGK <br />

+PEKFGPVG U¸PIGTQCUG ÉP 7PICTKC EQPFWUGTâ NC RTQOWNICTGC<br />

WPWK TGUETKRV KORGTKCN ÉP ECTG UG FGENCTC FGUEJKU Tâ\DQKWN ÉORQVTKXC<br />

TGDGNKNQT OCIJKCTK 6TCPUKNXCPKC KPVTâ UWD KPEKFGP/C NGIKK FG Tâ\DQK<br />

4QO¸PKKFKP5KDKW1Tâ)VKG*C/GI)KFKP/WP/KK#RWUGPKUGÉPCTOCTâ<br />

$QVGRWDNKEâTGNCVâTKQTKRKNCPVGFGURTGETW\KOGCJQCTFGNQTV¸NJâTG)VK<br />

)KETKOKPCNGFGUGEWK <br />

.C QEVQODTKG IGPGTCNWN 2WEJPGT FâFW Q RTQENCOC/KG EâVTG<br />

CWVQTKVâ/K)KEâVTGRQRWNC/KGÉPECTGNKUGEGTGCUâUGRWPâUWDCUEWNVCTG<br />

ÉORâTâVGCUEâ .C #KWF CXW NQE RTKOC EQPHTWPVCTG U¸PIGTQCUâ ÉPVTG<br />

CTOCVCCWUVTKCEâ)KEGCOCIJKCTâ.CQEVQODTKGTQO¸PKKHQT/CTâRTKP<br />

&GURTG RTKOC CFWPCTG FG NC $NCL ÉP Q5D $QVGR PT OCK R <br />

FGURTGEGCFGCFQWCCFWPCTGFGNC$NCLÉPPTUGRVGODTKGR<br />

+FGOPTUGRVGODTKGRPTUGRVGODTKGR<br />

3<br />

5D 8QNMUHTGWPF PT QEVQODTKG R RTQITCOWN 9CU<br />

Y×PUEJGPWPFXGTNCPIGPYKTRTGNWCV)KFG5CVGNNKVPTQEVQODTKGR<br />

<br />

&WRâ CDFKECTGC RCNCVKPWNWK )K PWOKTGC NWK .GODGTI ÉP HWPE/KC FG EQOKUCT EE EW<br />

RWVGTKPGNKOKVCVG)KÉPEGCFGEQOCPFCPVIGPGTCNCNVWVWTQTVTWRGNQTCWUVTKGEGNC<br />

UGRVGODTKGQ\KOCKV¸T\KW.GODGTIHWCUCUKPCVÉP7PICTKCQ5D$QVGRPT<br />

QEVQODTKGRPTQEVQODTKGRPTQEVQODTKG<br />

R

U¸PIGRTGFCTGC

RKGTFWV XKC/CEQPHQTOCEGNWKC)K \KCT 6TCPUUKNXCPKC XQTDGC FGURTG<br />

JQCTFC FG ECPKDCNK UGEWK ECTG C VTCPUHQTOCV 4GIJKPWN NC PQKGODTKG<br />

ÉPVTWPOQTOCPFGFâT¸OâVWTK <br />

(K FGUETKGTGC \IWFWKVQTWNWK GXGPKOGPV FGXGPKV RKNFWKVQT )K<br />

UKODQNKE RGPVTW UC)K VQV ÉP 8QNMUHTGWPF (TWOQUWN )K DQICVWN QTC)<br />

4GIJKPWN 5âUGUE GUVG Q ITâOCFâ FG EGPW)â .C PQKGODTKG <br />

FGUGEWKUCWÉPFTGRVCVURTGQTC)WNÉPECTGUGCHNCWNQEQVGPGPVWN<br />

EQNQPGN 7TDCP )K CXCPICTFC UC %¸PF Xâ\W Eâ PW GTC UWHKEKGPV FG<br />

RWVGTPKEÉPHC/CTGDGNKNQTEQNQPGNWNÉKUHâVWKRGTGIJKPGPKUâUGRTGFGC<br />

4WUKCXTGCUâUOWNIâ2QT/KKCEGUVGRTKPEKRCVG)KUâNGRâUVTG\GRGPVTW<br />

UKPG <br />

.C HKPGNG CPWNWK UKVWC/KC RQNKVKEâ GTC KPFGEKUâ<br />

8QNMUHTGWPFQHGTGCQUWOCTâUVCVKUVKEâC#TFGCNWNWKFCTPWUGNCPUC<br />

ÉPPKEKQRTGXK\KWPGRGPVTWXKKVQT6TCPUKNXCPKCUGÉPVKPFGCRGOKNG<br />

RâVTCVGCX¸PFEWOKNGRâVTCVGOCKOWNVFGE¸V$QGOKCEGCOCKOCTG<br />

RTQXKPEKGIGTOCPâC#WUVTKGK)KFG/KPGCOKNKQCPGNQEWKVQTKFKPECTG<br />

EKTEC OCIJKCTK )K UGEWK RGUVG OKNKQP FG XCNCJK )K FG<br />

UC)K 2QRWNC/KC XCNCJâ GUVG RCT/KCN TâUR¸PFKVâ CUWRTC ÉPVTGIWNWK<br />

VGTKVQTKW)KR¸PâCEWOFG)KEGCOCKPWOGTQCUâPWCHQTOCVQPC/KWPG<br />

GICNÉPFTGRVâ/KVâ<br />

&GQECOFCVâ EW I¸PFWN NC CDQPCOGPVGNG CPWNWK WTOâVQT<br />

CEGNC)K\KCTÉ)KHâEGCRWDNKEKVCVG%GEWRTKPFG8QNMUHTGWPF!%QP/KPG<br />

6QVEGUGÉPV¸ORNâKORQTVCPVÉPNWOGÉPURGEKCNEGUGRGVTGEGÉPRCVTKG<br />

2TQRWPGTK )K QDUGTXC/KK WVKNG )K VQV HGNWN FG ÉPXâ/âVWTK #TVKEQNG<br />

FGURTGEQOGT/OG)VG)WIWTK)KCITKEWNVWTâ&KXGTVKUOGPVG¡PRNWUUG<br />

RTGKCWCPWP/WTKFGQTKEGHGNEQPVTCWPGKUWOGOQFGUVG <br />

&GENCTC/KCFG#PWN0QWCTGFCE/KGK CPWP/C QDKGEVKXGNG NWK<br />

5KGDGPD×TIGT$QVGRGCNGIGTGCRTKGVGPKNQT)KFW)OCPKNQTUâK<br />

¡P VQKWN HQEWNWK CN ETKOGK )K RTâFâTKK ÉPEQPLWTC/K FG KPCOKEK<br />

KPVGTPK)KGZVGTPKCWUVCV)KUVCWÉPEâDTCXKKPQ)VTKTâ\DQKPKEKÉORTGWPâ<br />

EWUC)KK)KTQO¸PKKFGRCTVGCFTGRVâ/KKCRTGCKWDKVWNWKNQTRTKPEKRG)KC<br />

ÉPVTGIWNWKUVCVKORGTKCN&WTâGUVGNWRVCFCTPWNKRUKVâFGURGTCP/â0QK<br />

NWRVâORGPVTWFTGRVWNÉPEWXKKP/CVFG&WOPG\GWFW)OCPKKPQ)VTKFWE<br />

NWRVC FKURGTâTKK RGPVTW Q ECW\â TGC &G CEGGC TG\KUVC/K EW XKVGLKG EâEK<br />

FTGRVWNVTGDWKGUâÉPXKPIâÉP7PICTKC)K6TCPUKNXCPKCEWOCÉPXKPUÉP<br />

+VCNKC)CNK/KC)K8KGPC)TGNGUCETKHKEKKXQTHKHâEWVGÉPUâGNGXQTHKCFWUG<br />

RGPVTWEGGCEGCTGQOWNOCKUH¸PV)KWPXKKVQTRC)PKEXCXKPFGECTâPKNG<br />

FGUEJKUG<br />

5KGDGPD×TIGT $QVG É)K XC EQPVKPWC EW ÉPVKPGTKVâ XKIQCTG<br />

QDK)PWKVWNUâWEWTUHKFGNXGEJKKUCNGNQ\KPEK<br />

6QVWNRGPVTWRTKPEKRGRCVTKGCFGXâT)KKORCT/KCNKVCVG <br />

%¸PFXC NC ÉPEGRWVWN CPWNWK C CRâTWV Q5KGDGPD×TIKUEJGT<br />

8QNMUMCNGPFGT H×T R %CNGPFCTWN RQRWNCT CTFGNGCP RG <br />

5D8QNMUHTGWPFPTFGEGODTKGR<br />

+FGOPTFGEGODTKGRCTVKEQNWN5KGDGPD×TIGPWPF7PICTP<br />

PT FGEGODTKG R PT FGEGODTKG R <br />

RWDNKEKVCVGÉPPTFGEGODTKGR<br />

5D$QVGPTKCPWCTKGR<br />

5KGDGPD×TIGT8QNMUMCNGPFGT5KDKWR

2WDNKECV NC GFKVWTC NKDTâTKGK /CTVKP *QEJOGKUVGT FKP 5KDKW<br />

Q8QNMUMCNGPFGTREWRTKPFGCÉPQUWVâFGRCIKPKQCIGPFâCEGNQTOCK<br />

WVKNGKPHQTOC/KKFGGRQEâ$TQ)WTCGTCUVTWEVWTCVâCUVHGN<br />

$KPGÉP/GNGU EWRTKPFGC ECNGPFCTWN RTQRTKW\KU CN CPWNWK <br />

(KGECTG TWDTKEâ NWPCTâ KPFKEC UHKP/KK ECVQNKEK RTQVGUVCP/K )K ITGEG)VK<br />

URGEKHKEK HKGEâTGK \KNG C CPWNWK RTGEWO )K QDUGTXC/KK IGPGTCNG RTKXKPF<br />

XTGOGC ÉP NWPC TGURGEVKXâ +PVGTGUCPV FG TGCOKPVKV GUVG EQGZKUVGP/C<br />

ECNEWNâTKK\KNGNQTCV¸VÉPECNGPFCTWNRGUVKNXGEJKE¸V)KÉPEGNRGUVKNPQW<br />

0QCRVGCFGTGXGNKQPGTCEGNGDTCVâFGEâVTGECVQNKEK)KRTQVGUVCP/K<br />

ÉPVTQ FWOKPKEâ URTG NWPK KCT \KWC FG KCPWCTKG EâFGC NWPGC ÉP<br />

CEGGC)K \K QTVQFQE)KK )K ITGEQECVQNKEKK TQO¸PK EQPHQTO ECNGPFCTWNWK<br />

ITGEGUEUâTDâVQTGCW+IPCVWNVâKGTGCRQTEWNWKEWFCVCFGFGEGODTKG<br />

#PWN0QWEâ\¸PFRGPVTWCEG)VKCFQWâUâRVâO¸PKOCKV¸T\KW<br />

%C )K EWTKQ\KVCVG TGFâO UâTDâVQTKNG OQDKNG FWOKPKEC<br />

UGRVWCIGUKOGK FG \KNG ÉPCKPVGC 2C)VKNQT GTC NC HGDTWCTKG<br />

#UEJGTOKVVYQEJ/KGTEWTGCEGPW)KKÉPEJGKGTGCECTPCXCNWNWKECTG<br />

EQKPEKFGC EW KPVTCTGC ÉP RQUVWN 2C)VGNWK NC HGDTWCTKG FWOKPKEC<br />

2C)VKNQTNCTGHQTOC/K)KECVQNKEKNCCRTKNKG2C)VGNGITGEGUEQTVQFQZ)K<br />

WPKVEâFGCFWOKPKEâCRTKNKGUVKNPQWCRTKNKGUVKNXGEJK¡PâN/CTGCNC<br />

EGT NC OCK 4WUCNKKNG NC OCK FWOKPKEC 5HKPVGK 6TGKOK NC KWPKG<br />

(TQJPNGKEJPCO,QKC8GTFGUâTDâVQCTGCECVQNKEâCVTWRWNWKFQOPWNWK<br />

NCKWPKGRTKOCFWOKPKEâCCFXGPVWNWKFKPEGNGRCVTWNCFGEGODTKG<br />

&WTCVC(CUEJKPIWNWKECTPCXCNWNFGRTKOâXCTâGTCFGUâRVâO¸PK)K<br />

\KNG <br />

(KKPFWPEKENWFGUâTDâVQTKURGEKHKEUC)KNQTE¸VGXCCOâPWPVGEGEQPVWTGC\âOQFWN<br />

FGEGNGDTCTGCCEGUVWK(CUEJKPIRQVRTG\GPVCKPVGTGU%QPHQTONWK%CTN)ÑNNPGT+O<br />

-TGKUNCWH FGU ,CJTGU 'F -TKVGTKQP $WEWTG)VK R ECTPCXCNWN ÉPEGRGC ÉP<br />

KCPWCTKG ÉP NWPGC FG FWRâ \KWC EGNQT 6TGK /CIK C)CPWOKVC .WPGC EQPLWTCVâ<br />

)GUEJYQTGPGT /QPVCI FG MNKP(WGUPKEJVÉPUâUG)VGFKGMNGKPG(CUVPCEJV<br />

OKEC PQCRVG C RQUVWNWK E¸PF HWPE/KQPCTKK UC)K RTQCURâV CNG)K NC ÉPEGRWV FG CP<br />

FGRWPGCW LWTâO¸PVWN %CTPCXCNWN FWTC R¸Pâ NC #UEJGTOKVVYQEJ VTCF NKV<br />

/KGTEWTGC EGPW)KKWNVKOC\KFGECTPCXCNRTGEGFCVâFGQPQCRVGFGRQOKPâEG<br />

OCTEC CRQIGWN )K HKPCNWN ECTPCXCNWNWK FKG ITQ²G (CUVPCEJV OCTGC PQCRVG C<br />

RQUVWNWK¡PCEGUVKPVGTXCNRGUVTâ\KNGQTC)GNQTUâUG)VKVTCPUKNXCPGTâUWPCWOW\KEK)K<br />

FCPUWTK )K VTGEGCW RTQEGUKWPK FG Oâ)VK DTGUNGNG É)K UâTDâVQTGCW QDKEGKWTKNG<br />

XGEKPâVâ/KNG 0CEJDCTUEJCHVGP FGUHâ)WTCW\KNGNGNQTFGLWFGECVâ4KEJVVCIG¡P<br />

/CIKUVTCVWN UKDKCP )KC ÉPEGVCV CEVKXKVCVGC ÉP VKORWN (CUEJKPIWNWK EJKCT )K<br />

PC)VGTKNG )K FGEGUGNG CW HQUV EQPUGOPCVG FWRâ /KGTEWTGC EGPW)KK &KP RTKEKPC<br />

PGPWOâTCVGNQTDCNWTKNCECTGNâUCWIQCNGUâNKNGFGURGEVCEQNFKTGEVQTWNVGCVTWNWK<br />

UKDKCP PQVC ÉPITKLQTCV 6QCVG QTC)GNG OQPCTJKGK EE KPENWUKX ECRKVCNC 8KGPC UG<br />

FKUVTGC\âÉPFQWâ\KNGQHKEKCNGNC TGFWVG 4GFQWVGPUCCN UCNC ¡ORâTCVWNWKTQOCP <br />

P%)ÑNNPGTPWOCK5KDKWNUKPIWTPWGOWN/WOKVEWCV¸VC&QCTCEGUVQTC)FWDNGC\â

Q8QNMUMCNGPFGTR KPFKEC FG CUGOGPGC \KNGNG FG RQUV EGNG <br />

\QFKKCNGJQTQUEQRWNWKCPWNWKHC\GNGUQNCTGNWPCTG)KRNCPGVCTGRTGEWO<br />

)KE¸VGXCFCVGFGURTGEGNGRCVTWCPQVKORWTK#PWP/CRGPVTWFQWâ<br />

GENKRUG FG UQCTG KPXK\KDKNG NC PQK )K FQWâ GENKRUG FG NWPâ FKPVTG ECTG<br />

RTKOCGTCXK\KDKNâNCOCTVKGFGNCQTGNG R¸PâNC <br />

%CNGPFCTWN EQPVKPWC EQORGPFKWN ETQPQNQIKE FG KUVQTKC<br />

6TCPUKNXCPKGK C EâTWK RWDNKECTG ÉPEGRWUG ÉP CPKK CPVGTKQTK VTCV¸PF<br />

RGTKQCFC2WDNKECWP4GIKUVTWIGPGCNQIKECN%CUGKKORGTKCNG<br />

FQOPKVQCTG FG #WUVTKC #RQK TGFC OCK OWNVG NGIGPFG VTCPUKNXCPG<br />

2GCVTC &TCMWNWK /KTGCUC FG FG CPK )DTKGN $VJQTK NC 5KDKW<br />

UCWFKPCNVG\QPG5âTDâVQCTGCEâNW/KNQTFGNGOPFKP%TCEQXKC<br />

2GPVTW RGTUQCPGNG KPVGTGUCVG FG OGTUWN GEQPQOKGK WTOCW<br />

E¸VGXCCTVKEQNGFGURTGFCVQTKKNGFGUVCVFGURTGCE/KWPKNGEQORCPKKNQTFG<br />

XCUGEWCDWTK)KEGNGCNGEâKNQTHGTCVGQUECNâQHKEKCNâCEWTUWNWKDKNGVGNQT<br />

DCPECTGRGPVTWCPKK5GGZRNKECTQUVWNDCPEPQVGNQTFGJ¸TVKG<br />

EWWPOKEFKE/KQPCTFGGZRTGUKKVGJPKEGXGJKEWNCVGÉPEQOGT/WNEWJ¸TVKG<br />

UGKPFKECWKPUVKVW/KKNGEGW)WTCWO¸PWKTGCDCPKNQT5WD TWDTKEC 5VGNG<br />

Eâ\âVQCTG RQNKVKEG UG ITWRCW INWOG )K RQCPVG .C 8KGPC UC FGUEJKU<br />

UG\QPWNOW\KECNFCTPWUGCWF\XQPWTKFGURTGUQUKTGCOWNVQT<br />

EGNGDTKVâ/KUWPVC)VGRVCVGFQCT XKGWZVGORU %GGUVG JQNGTC !#PCTJKG<br />

FGUWU)KFGLQU<br />

7P KPFKEG EQPUKUVGPV FG FQWâ\GEK FG RCIKPK UG TGHGTGC NC<br />

2GTUQPCNWNÉPCNVGNQTHQTWTK)KCWVQTKVâ/KVTCPUKNXCPGCNGQPQTCVGKPC/KWPK<br />

UâUG)VKECTGKPENWFGC%QOCPFCOGPVWNOKNKVCTIGPGTCNEEIGPGTCNWN<br />

EQOCPFCPV )GHK FG FKXK\KK )K FG DTKIâ\K FGRCTVCOGPVWN OKNKVCT EGN<br />

VKORWNECTPCXCNWNWK)KRGVTGEGNC TGFWVG FGRCVTWQTKRGUâRVâO¸Pâ&GCDKCRTKEGRK<br />

EWO Q CUGOGPGC HWTKG C FCPUWNWK C RWVWV EWRTKPFG Q PC/KWPG CV¸V FG C)G\CVâ<br />

NWOKPCVâ )K GEQPQCOâ &CPUWN &GWVUEJGT *QRUGT EQVKNNQPWN )K OGPWGVWN GTCW<br />

FCPUCVG EW GPVW\KCUO FG QHKEKCNKVâ/KNG QTC)WNWK FCT TC\CPVWN .CPICWU ÉK KPFKIPC RG<br />

EQPUKNKGTKK/CIKUVTCVWNWK5KDKWNWK&WRâEGCONWCVNCEWPQ)VKP/âEâOCKOWNVG<br />

RGTUQCPG UCW ÉODQNPâXKV DTWUE FG DQNK RGTKEWNQCUG C EâTQT ECW\â VTGDWKG EâWVCVâ<br />

PWOCK ÉP C)CPWOKVWN .CPICWU )K ÉPVTWE¸V /CIKUVTCVWNWK PWK RQCVG HK KPFKHGTGPVâ<br />

UVCTGC UâPâVâ/KK NQEWKVQTKNQT FG CKEK UC FGEKU KPVGT\KEGTGC CEGUVWK FCPU GZVTGO FG<br />

FâWPâVQTUâPâVâ/KK0KEKEWXKPVGNGTGRTQDCVKXGCNGFQEVQTWNWK#PFTGCU9QNHH&GURTG<br />

DQCNC (CUEJKPIWNWK PW RWVGCW UVâXKNK RTCEVKECTGC VGORGTCOGPVCNWNWK .CPICWU ÉP<br />

5KDKW.CÉPEGRWVWNUGEQNWNWKCN:+:NGCEJGHWNFGFKUVTCE/KGCURQTKV)KOCKOWNV¡P<br />

5KDKW UG CPWP/CW CRTQCRG UGCTâ FG UGCTâ DCNWTK NC ¡ORâTCVWN TQOCP (K NC $TC)QX<br />

PWOGTQ)KFCPUCVQTKHTGEXGPVCWPQDKNGNGDCNWTKOCUECVGÉP5CNCTGFWVGNQT.C<br />

ÉPFGEWTUWNWPGKNWPKFKPKCPWCTKGR¸PâÉPHGDTWCTKGUCWCPWP/CVPWOCK<br />

RW/KPFGFGDCNWTKFKPVTGECTGOWNVGFGOâ)VK'OKN5KIGTWUPQVC-KP¸PFEQPVFG<br />

PWOGTQ)KK TQO¸PK ECTG UVWFKCW NC IKOPC\KWN GXCPIJGNKE UWRGTKQT NC DCNWTKNG<br />

UVWFGP/G)VKUGLWECNCÉPEGRWV)KNCUH¸T)KVE¸VGQ 4QOCPC

RQNKVKE EGN GEQPQOKE EGN FG ÉPVTG/KPGTG EGN FG LWUVK/KG %CPEGNCTKC FG<br />

Tâ\DQK,WFKEKWOFGNGICVWOOKNKVCTG%QOKUCTKCVWNFGTâ\DQKECUCFG<br />

Tâ\DQK EQOCPFCOGPVWN NQECN FKTGE/KWPGC HQTVKHKEC/KKNQT FKUVTKEVWCNG <br />

6G\CWTCTKCVWNTGICNVTCPUKNXCPEWUGFKWNNC5KDKW%QPVCDKNKVCVGCTGICNâ<br />

ECOGTCNâ%QPVCDKNKVCVGCOQPVCPâTGICNâ%CUKGTKCECOGTCNâTGICNâ<br />

%CUCDCPEPQVGNQTDCPECTG)KFGTâUEWORâTCTG&KTGE/KWPGCUCNKPGNQT<br />

TGICNG1HKEKWNEGPVTCNUKNXKETGICN.QVGTKCTGICNâ#FOKPKUVTC/KC<br />

IGPGTCNâ TGICNâ C RQ)VGK 'ZRGFK/KC FKNKIGP/GNQT RQ)VCNG <br />

+PURGEVQTCVWN TGICN CN VTKEGUKOGK 1HKEKWN EGPVTCN TGICN CN VTKEGUKOGK<br />

1HKEKWNTGICNCNFKLOGKFKPUECWPGNG5KDKW)K0QETKEJRGTUQPCNWN<br />

7PKXGTUKVâ/KKPC/KQPCNGUâUG)VKHWPE/KQPCTKKUWRGTKQTKCKUECWPGNQT)K<br />

FKUVTKEVGNQT UâUG)VK /CIKUVTCVWN QTC)WNWK NKDGT TGICN )K CN UECWPWNWK<br />

5KDKWEQOWPKVCVGCQTC)WNWK5KDKW#PGZâFQEPT<br />

¡P HKPG UG RWDNKEC )K EQORQPGP/C%QOKVGVWNWKTQO¸PFG<br />

RCEKHKECTGEGÉKCXGCECOGODTKRG0KEQNCG$âNâ)GUEW5KOGQP$âTPW/KW<br />

#6TGD.CWTKCP6KOQVGK%KRCTKW(NQTKCP/KEC)+QCP$TCPW<br />

¡P CPGZâ UG GPWOGTCW RTKPEKRCNGNG V¸TIWTK CPWCNG FKP TGICVWN<br />

7PICTKGK &GCUGOGPGCUGPQVCUQUKTGC)KRNGECTGCFKNKIGP/GNQTRQ)VCNG<br />

FGNCQHKEKWNRQ)VCNEGPVTCNTGICNFKP5KDKW<br />

4GXGPKPF NC CEVWCNKVCVGC RQNKVKEâ KOGFKCV FWRâ UâTDâVQTK<br />

\KCTGNG UâUG)VK EQPUGOPCTâ WP PQW XCN FG RTQVGUVG ¡ORQVTKXC<br />

)WXGTPWNWK WPICT )K C RTG\KFKWNWK CEGUVWKC EQPFWU FG EQPVGNG /KMÎ<br />

+OTG UG RTQPWP/CTâ /CIKUVTCVWN FKP 5KDKW RTKPVTQ CFTGUâ EâVTG<br />

7PKXGTUKVCVGCPC/KQPCNâFCT)K7PKXGTUKVCVGCUâUGCUEâÉPUâ)K)K%QOKVGVWN<br />

TQO¸PÉPPWOGNGPC/KWPKKUCNGRTKPRN¸PIGTKCFTGUCVGÉORâTCVWNWK <br />

6TCPUUKNXCPKC GFKVC WP 2TQKGEV FG RTKPEKRKK RGPVTW<br />

CEVWCNK\CTGC EQPUVKVW/KGK UâUG)VK TGFCEVCV FG FGRWVC/KK 2GVGT .CPIG<br />

UGPCVQT)K*CPPRTQHGUQT%CRKVQNGNGRTQKGEVWNWKFG\DâVGCW+RTGXGFGTK<br />

IGPGTCNG ++ EQPFWEGTGC +++ FTGRVWTKNG IGPGTCNG CNG EGVâ/GPKNQT<br />

OWPKEKRCNK +8 HWPE/KQPCTKK OWPKEKRCNK 8 EQOKVGVGNG EGVâ/GPG)VK 8+<br />

EQOWPKVâ/KNGEGTEWCNG <br />

¡PCEGUVVKOR)VKTKNGFGRGE¸ORWNFGNWRVâEWTIGCWPGÉPVTGTWRV<br />

)GPGTCNWN $GO ECTG NC FGEGODTKG RTGNWCUG EQOCPFC UWRTGOâ C<br />

CTOCVGK TGXQNW/KQPCTG OCIJKCTG KPVTC NC KCPWCTKG ÉP 6¸TIW /WTG)<br />

%QOCPFCPVWN UWRTGO KORGTKCN 2WEJPGT HWIK NC 5KDKW .C KCPWCTKG<br />

TâUR¸PFKPFQRCPKEâIGPGTCNâ2WEJPGTQTFQPâGXCEWCTGCCTJKXGK<br />

6TCPUUKNXCPKCPTKCPWCTKGRPTKCPWCTKGRPT<br />

KCPWCTKGR<br />

+FGOPTKCPWCTKGR

)KCECUGNQTCGTCTGÉP/WPVGPKC/WN/KTGHWIKC/KÉNWTOCTâURTGOKC\â\K<br />

RGPVTWCUEâRCFGUQCTVCTGIJKPGPKNQT<br />

.C KCPWCTKG UG FGUHâ)WTâ RTKOC DâVâNKG FG NC 5KDKW<br />

2WEJPGTÉPVâTKXCNWTKNGLQCUGFGRâO¸PVFGNCOCTIKPGCQTC)WNWK&GCKEK<br />

KORGTKCNKKFGENCP)CTâWPRWVGTPKEHQEFGCTVKNGTKGECTGÉNQDNKIâRG$GO<br />

FWRâ WP EQPVTCCVCE NKRUKV FG UWEEGU Uâ UG TGVTCIâ NC 5NKOPKE #EQNQ<br />

RTGIâVKWPPQWCUCNVCUWRTCQTC)WNWK <br />

7P QTFKP FG \K CN EQOCPFCPVWNWK IGPGTCN CN IâT\KK EKXKNG FKP<br />

5KDKW5$TWMGPVJCNNKPK)VGCRQRWNC/KCPWVTGDWKGUâUGVGCOâFGQCTGEG<br />

GZKUVâ VWPWTK .C UH¸T)KVWN NWK KCPWCTKG $TWMGPVJCN RWDNKEâ Q PQWâ<br />

RTQENCOC/KGCPWP/¸PFEâQTC)WNGTCFKPPQWÉPRGTKEQN <br />

.C HGDTWCTKG IGPGTCNKK /CTK)VK 5MCTKCVKP )K 'PIGNJCTF<br />

RâVTWPUGTâ ÉP #TFGCN EW CRTQCRG FG QCOGPK %W TW)KK ÉP URCVG<br />

2WEJPGT RWVW Uâ VTGCEâ NC CVCE NC HGDTWCTKG ¡N DâVW RG $GO NC 1EPC<br />

5KDKWNWK +PVTCTGC TW)KNQT ÉP 5KDKW ÉK RTKNGLWK NWK 5KGDGPD×TIGT $QVG Q<br />

TGVTQURGEVKXâCVTCIKEGKUVâTKFGTâ\DQK<br />

4WKPGNG HWOGI¸PFG FG NC 4GIJKP (GNFKQCTC *âTOCP<br />

5¸PRGVTW#TEJKVC*QIJKNCIRCT/KCN5NKOPKE(WTC/CTG)K5GDG)EC)K<br />

CNG EGNQT RGUVG FG UCVG TQO¸PG)VK FGXCUVCVG )K CTUG FG WPIWTK )K<br />

UGEWKFCTPWOCKRW/KP )K KPEGPFKGTGC

TGFCE/KGK ÉP ECTG EKVKVQTKK GTCW CUKIWTC/K Eâ PW GTC XQTDC FG PKEK Q<br />

NKPIW)GCNâ VQEOCK CEWO E¸PF ÉK CXGO RG TW)K EC RTKGVGPK )K<br />

CRâTâVQTK ÉP OKLNQEWN PQUVTW #WVQTWN EQPUKFGTC/KKNQT RUKJQNQIK\CPVG<br />

FGETGVC(KGECTGPC/KWPGEC)KHKGECTGQOCHQUVÉP\GUVTCVâFGNCPCVWTâ<br />

EWWPVGORGTCOGPVFQOKPCPVEWQOCTGKPHNWGP/âCUWRTCECTCEVGTWNWK<br />

UâWOQTCNECTGPWUGNCUâPKEKE¸PFCPWNCVRTKPGFWEC/KG&CEâNQEWKVQTKK<br />

-âTKNQTFG,QUUWPVHNGIOCVKEKGPING\KK)KIGTOCPKKEQNGTKEKURCPKQNKK<br />

OGNCPEQNKEKÉPUEJKODHTCPEG\KK)KTW)KKCWWPVGORGTCOGPVUCPIXKP<br />

#EGUVWKCEGNWKOCKHGTKEKVFKPVTGVGORGTCOGPVGTWUWNÉKFCVQTGC\âOCK<br />

OWNVG ECNKVâ/K ECTG PW RQV HK UQEQVKVG FG HCRV ÉP T¸PFWN VTâUâVWTKNQT<br />

OQTCNG RTQRTKW\KUG ÉPFGO¸PCTGC UC XQKQ)KC UC RGTOCPGPVâ<br />

UQEKCDKNKVCVGC)KNQEXCEKVCVGCIWUVWNUâWRGPVTWFKUEW/KKW)QCTG)KLQEWTK<br />

PGXKPQXCVGPGÉPHTKECTGCNWKUCWOCKFGITCDâNKRUCNWKFGITKLK%GNOCK<br />

PGÉPUGOPCVFKPVTGTW)KCTGFGNCPCVWTâWPOGTUJQVâT¸V)KVQVW)KRCUWN<br />

NKPCTGOK)EâTKGZRTGUKXGXQTDG)VGEWUWXGTCPWNUâWHâTâCUKO/KEGCOCK<br />

OKEâUV¸PLGPGCNâ)KVTCXGTUGC\âRTâRCUVKKNGHâTâUâCOG/GCUEâ0KEK<br />

GXNCXKC TW)KNQT PW GUVG UWODTâ QTK RNKEVKUKVQCTG DKUGTKEKNG NQT CW Q<br />

ÉPHâ/K)CTGXGUGNâ)KEGNGOCKRNâEWVGCTQOGÉNÉPV¸ORKPâRGETGFKPEKQU<br />

#TVKEQNWN EQPVKPWâ GPWOGT¸PF KPVGNKIGP/C PCVKXâ C TWUWNWK EWTCLWN<br />

KPKOC NCTIâ KWDKTGC NWK RGPVTW EQRKK ÉPENKPC/KC URTG OW\KEC RQRWNCTâ<br />

RTGEWO )K W)WTKP/C EW ECTG ÉPXC/âNKODKUVTâKPGW)WTKP/â GZRNKECVâ<br />

VQEOCKRTKPECTCEVGTWNFKHKEKNCNRTQRTKGKUCNGNKODK&QOPWN5EJWDGTVUG<br />

OKPWPCRGDWPâFTGRVCVGRTQDCDKNFGHCEKNKVCVGCEWECTGTWUWNÉPXC/â<br />

QTKEG OWPEâ )K UG RTKEGRG NC QTKEG 4GETWVWN ÉPEâ ETWF NC E¸VGXC<br />

UâRVâO¸PK FWRâ KPVTCTGC NWK ÉP TGIKOGPV FWRâ EG UG HCEG RNâEWV<br />

UWRGTKQTWNWK UâW FGXKPG WP DWP UQNFCV ETQKVQT UCW QDQKUV 5VTâKPWN<br />

TâO¸PGWKOKVÉPHC/COKLNQCEGNQTUKORNGEWECTGTGRCTâQTQCVâUVTKECVâ<br />

UCWRTKPECTGTKFKEâITGWVâ/KKOGPUGHâTâOC)KPKCTVKHKEKCNG <br />

6TCPUUKNXCPKC GZRWPGC ÉPVTWP CTVKEQN FG HQPF RTKPEKRKWN<br />

GICNGKÉPFTGRVâ/KTKCPC/KQPCNKVâ/KNQTÉPCEGNC)KPWOâTRWDNKE¸PFWPCEV<br />

GOKUFG)WXGTPWNWPICTFGURTGWPKWPGCFKPVTG7PICTKC)KEGNGNCNVG/âTK<br />

CNG #WUVTKGK %W CEGUV PWOâT FKP OCTVKG RWDNKECV EW FQWâ \KNG<br />

ÉPCKPVG FG EWEGTKTGC OCIJKCTâ C 5KDKWNWK 6TCPUUKNXCPKC É)K ÉPEGVC<br />

CRCTK/KC <br />

.COCTVKGCXWNQECFQWCDâVâNKGFGNC5KDKWÉPWTOC<br />

EâTGKC TW)KK ÉPHT¸P/K VTGDWKTâ Uâ RâTâUGCUEâ QTC)WN $QVG HâEW RWDNKEG<br />

5D8QNMUHTGWPFPTOCTVKGR<br />

6TCPUUKNXCPKCPTOCTVKGR

OCK OWNVG RTQENCOC/KK CNG NWK $GO EâVTG NQEWKVQTKK QTC)WNWK <br />

OCTVKG <br />

$GO RTQOKUG COPKUVKG IGPGTCNâ 7P CTVKEQN FKP $QVG <br />

OCTVKGQRKPCEâQEWRCTGCOCIJKCTâC5KDKWNWKÉPHâRVWKVâNCOCTVKG<br />

PWGTCCV¸VFGTGCRTGEWOUGVGOWUG#DKCNCOCTVKG5KGDGPD×TIGT<br />

$QVGTGFâFGUHâ)WTCTGCDâVâNKGK <br />

$GORNGEâFKP5KDKWNCOCTVKG1TFKPWNWKNWK-QUUWVJFGC<br />

HCEG5KDKWNWPCEWRâO¸PVWNPWKCEQTFâPKEKEGCOCKOKEâCVGP/KG¡K<br />

GZRNKEâEQNQPGNWNWK-KUU'WCOEWEGTKVWPQTC))KXTGCWUâEQPFWEWP<br />

QTC) PW WP OQTOCP FG EGPW)â )K FâT¸OâVWTK %QOKUCTWN<br />

IWXGTPCOGPVCN %UP[K ECTG RTKOKUG FG NC -QUUWVJ FKURQ\K/KK<br />

CUGOâPâVQCTG FGUEKPUG NC 5KDKW #KEK QTFQPâ TKFKECTGC C FQWâ\GEK FG<br />

OGODTK UC)K CK /CIKUVTCVWNWK QTâ)GPGUE )K ÉPEJKFGTGC NQT ÉP EC\CTOC<br />

OKNKVCTâ %UP[K FGENCTâ UVCTGC FG CUGFKW )K KPK/KG VTKDWPCNG OKNKVCTG NC<br />

5KDKW 5KIJK)QCTC $TC)QX $KUVTK/C (âTâ EC COPKUVKC NWK $GO Uâ HKG<br />

CPWNCVâGZRNKEKVVTKDWPCNGNGFGU¸PIGÉ)KÉPEGRWTâCEVKXKVCVGC.COCK<br />

RG FGCNWN %GVâ/WKK FKP %NWL HW ÉORW)ECV 5V. 4QVJ FG UC)K<br />

FG TQO¸PK )K FG WPIWTK É)K RKGTFWTâ XKC/C R¸Pâ NC UH¸T)KVWN<br />

Tâ\DQKWNWK9KGPGT

FTGRVCEQRGTKTGECTGGUETKUâC)C)KPWCNVHGNPWOCK)KPWOCKFKPECW\C<br />

WPQTUEQRWTKFGRCTVKF0W$QVGCTGHKTG)VGKPVGP/KKNGUCNGRQNKVKEGNGCNG<br />

)K FGUEJKUG FCT UG UVTâFWKG)VG RTKPVTQ LWFGECVâ ECNOâ RTKP<br />

EQNGE/KQPCTGCPGRCTVKPKEâFGOCVGTKCNGUâCLWPIâNCQÉP/GNGIGTGEQTGEVâ<br />

CNWETWTKNQT <br />

TGFCC)G\âOKPVGNG)KRTQRTKGVCVGCPC/KQPCNâUEQRWNWKFGUVKPC/KKNQTNQT)K<br />

FG C HCEG KORQUKDKNâ WVKNK\CTGC DWPWTKNQT EQOWPG NC ÉPHâRVWKTGC WPQT<br />

RNCPWTKVTâFâVQCTGFG/CTâ <br />

(K ÉP NWPKNG CRTKNKGCWIWUV QTFQPCP/GNG NWK %UP[K UG<br />

UWEEGFCTâ EW TCRKFKVCVG 6CZGNG FG Tâ\DQK VTGDWKCW RNâVKVG 2CVTKC CXGC<br />

PGXQKG FG UQNFC/K FG CEGGC CXW NQE Q TGETWVCTG IGPGTCNâ C VWVWTQT<br />

DâTDC/KNQTÉPVTG)KFGCPK%UP[KÉKÉPFGOPCRG/âTCPK)KCTGPFC)K<br />

Uâ)K ÉPFGRNKPGCUEâ ÉPFCVQTKTKNG HC/â FG RTQRTKGVCTKK FG RâO¸PV%UP[K<br />

ETGâNC%NWLWPQHKEKWRQNK/KGPGUEEQPFWUFG&QDQMCK,Q\UGHEWUCTEKPC<br />

FGCCTGUVC)KCFWEGÉPHC/CVTKDWPCNWNWKRGVQ/KURGTLWTKK<br />

/QUGU $GTFG EQOKUCT IWXGTPCOGPVCN NC 5KDKW QTFQPâ<br />

RTGFCTGC VWVWTQT CTOGNQT CHNCVG ÉP RQUGUKC EKXKNKNQT &GENCTC/KC FG<br />

KPFGRGPFGP/âCPC/KWPKKWPICTGCRTKNKGHWRWDNKECVâFGEâVTG<br />

$QVG(VKTKNGFGTâ\DQKUWPCWCEWO

6TCPUKNXCPKC TGFGXGPKVâ OCTG RTKPEKRCV TâO¸PGC UWD NGIGC FG Tâ\DQK<br />

R¸PâNCRCEKHKECTGCEQORNGVâ <br />

%QOKUCTWN EE EQNQPGNWN (TCP\ XQP &QTUPGT QTFQPC <br />

PGXCNCDKNKVCVGC RTQENCOC/KKNQT EQPFWEGTKK TGDGNG FGOQDKNK\CTG<br />

IGPGTCNâ DCPEPQVGNG WPICTG GTCW CPWNCVG VQCVG NGIKNG ECTG UG<br />

ÉPVGOGKCWRGUWRTGOC/KCNKODKKOCIJKCTGGTCWFGUHKKP/CVGÉPFKUVTKEVGNG<br />

EW RQRWNC/KG OKZVâ IWXGTPWN EE OGP/KPGC TKFKECTGC UCTEKPKNQT<br />

WTDCTKCNG<br />

%¸VGXC OKK FG TGHWIKC/K FKP /WPVGPKC TGXGPKTâ CECUâ 'K<br />

CFTGUCTâOWN/WOKTKCWVQTKVâ/KNQTOWPVGPG <br />

1FCVâ EW TGKPUVCWTCTGC RWVGTKK CWUVTKGEG NC 5KDKW CXW NQE )K<br />

UEJKODCTGC TGFCE/KGK NC 5KGDGPD×TIGT $QVG *GKPTKEJ 5EJOKFV<br />

RTQCURâVWNTGFCEVQT)GHCNNWK$QVGUETKC<br />

#V¸VCVKORE¸VÉNXQKEQPFWEGGW5KGDGPD×TIGT$QVGXCNWRVC<br />

UâHKGWPQTICPCNKPVGTGUGNQTPC/KQPCNGUâUG)VK/CKÉPV¸KFGVQCVGFCVQTKC<br />

NWK 5KGDGPD×TIGT $QVG GUVG FGCTâUR¸PFKQTGCNâEQP)VKKP/â EKXKEâ FG UVCV<br />

CWUVTKCEâEâEK#WUVTKCGUVGUKPIWTWNNQEÉPECTGXKC/CPC/KQPCNâUâUGCUEâ<br />

RQCVG ÉPHNQTK ÉP VQCVâ ÉPUGOPâVCVGC GK RGPVTW EKXKNK\C/KG )K URKTKVWN<br />

EQOWPKVCTNKDGT <br />

¡PVTG VKOR $GO RKGTFW DâVâNKKNG FG NC 5KIJK)QCTC )K #NDG)VK<br />

&WRâWPTCKFHWNIGTâVQTRTKP6¸TIW/WTG))K/GFKC)JQPXG\KKEWEGTKTâ<br />

TGÉPPQKV2KC/C/CTGCIQTC5KDKWNWK<br />

.CCWIWUVUGFGUHâ)WTâCVTGKC)KWNVKOCDâVâNKGFGNC<br />

5KDKW 7PKVâ/KNG Eâ\âEG)VK TWUG)VKÉKCLWPUGTâFKPWTOâRGOCIJKCTKÉK<br />

CNWPICTâ)KNC(WTC/CTG$GOHWCVCECVEQPEQOKVGPVFGFQWâEQTRWTKFG<br />

CTOCVâTWUG)VK5WHGTKQÉPHT¸PIGTG\FTQDKVQCTG)KHWIKNC6KOK)QCTC<br />

$QVG CDKC COKPVK NWRVC ¡)K CRâTâ FQCT EQPEGVâ/GPKK UC)KK<br />

UKDKGPKPWNGFâFWUGTâOCIJKCTKNQTPKEKWPCLWVQT)KPWÉORW)ECUGTâPKEK<br />

WPTWU<br />

Q5D$QVGRPTOCKRCTVKEQNWNNWK6QVJPTOCKR<br />

CTVKEQNWNNWK$CTEUC[UC)KKÉKC)VGCRVâRGCWUVTKGEKPTKWNKGR<br />

CPWNCTGCQTFKPGNQTEQPFWEGTKKTGDGNGÉPPTKWNKGR<br />

Q5D$QVGRPTKWNKGR.CKWPKG9GUUGNGP[CRTQRWU&KGVGK<br />

VTCPUKNXCPG NGIGC WTDCTKCNâ ¡P CEGGC)K \K C HQUV CEEGRVCVâ NGIGC EG EQPUHKP/GC<br />

FGUHKKP/CTGC UCTEKPKNQT WTDCTKCNG )K C KQDâIKGK ¡P FCVC FG KWPKG NGIGC C HQUV<br />

RWUâÉPCRNKECTG1TFQPCP/CKORGTKCNâFKPKWNKGEQPHKTOCNGIGCFKPKWPKG<br />

&GURTG TGXGPKTGC TGHWIKC/KNQT ÉP PT KWNKG R PT CWIWUV<br />

R8)KUVWFKWN'NC%QUOC4GHWIKC/KKVTCPUKNXâPGPKÉP/WPVGPKCNCÉP<br />

XQN+UVQTKCECGZRGTKGP/âKPVGNGEVWCNâ1TCFGCR<br />

Q5D$QVGRPTCWIWUVR

#XGO ÉPCNVC ÉORWVGTPKEKTG FG CK CUKIWTC RG RTG/KQ)KK PQ)VTK<br />

EQPEGVâ/GPKEâQHK/GTKKKORGTKCNKTW)KUWPVEQPXKP)KR¸PâNCEGNOCKÉPCNV<br />

PKXGNEâÉPVKORWNETKOKPCNGKNWRVGFGUVTCFâFKPCWIWUVPKEKWPUCU<br />

UKDKCPPCVTCUCUWRTCVTWRGNQTETWUG)VK <br />

.C CWIWUV %QOCPFCOGPVWN UWRTGO KORGTKCN QTFQPâ<br />

TKFKECTGC C FG TGETW/K 5ECWPWN 5KDKWNWK VTGDWKC Uâ RWPâ NC<br />

FKURQ\K/KG FG QCOGPK EW X¸TUVC ÉPVTG )K FG CPK 2¸Pâ NC <br />

UGRVGODTKGTGETWVCTGCVTGDWKCÉPEJGKCVâ<br />

#FOKPKUVTC/KCRTQXK\QTKGÉORâT/K/CTCÉP)CUGFKUVTKEVGOKNKVCTG<br />

5KDKW #NDC +WNKC %NWL 4GVGCI 1FQTJGK )K (âIâTC) %QOGUWN PC/KWPKK<br />

UâUG)VK GTC EQPEQOKVGPV RTG)GFKPVGNG LWTKFKE )K EQOKUCT IGPGTCN<br />

FKUVTKEVWCNCNFKUVTKEVWNWK5KDKWNWKFGECTGCRCT/KPGCW)KFKUVTKEVGNGHKNKCNG<br />

$KUVTK/C)K$TC)QX&KUVTKEVGNGUGUWDFKXK\CWÉPEKTEWOUETKR/KKKCTCEGUVGC<br />

ÉPUWDEKTEWOUETKR/KKKPURGEVQTCVGÉPECTGCFOKPKUVTC/KCEKXKNâTGXGPGC<br />

EQOKUCTKNQTFGEKTEWOUETKR/KG)KKPURGEVQTCV<br />

.CÉPEGRWVWNNWKPQKGODTKGTW)KKRâTâUKTâ5KDKWN<br />

$QVGRWDNKEâCDKCCEWOEQPUVKVW/KCKORGTKCNâC#WUVTKGKFKP<br />

OCTVKG <br />

2CEGC/âTKKHWUGUGTGUVCDKNKVâ<br />

<br />

¡PEWTUWNCPKNQT5KGDGPD×TIGT$QVGRâUVTâEQPUVCPV<br />

WPCOGUVGEFGRCVTKQVKUONQECNGVPKE)KNQKCNKVCVGHC/âFG%CUCKORGTKCNâ<br />

JCDUDWTIKEâ5WDQEWRC/KCWPICTâC5KDKWNWKOCTVKGKWNKG<br />

EWVQCVGRKGTFGTKNGRTQXQECVGFGCEGCUVCFGRQUGFCTGCTGHWIKC/KNQT)KC<br />

CXGTKK 7PKXGTUKVâ/KK PC/KQPCNG FK\QNXCTGC KPUVKVW/KKNQT )K HWPE/KKNQT<br />

VTCFK/KQPCNG UâUG)VK CTGUVâTKNG )K EQPFCOPâTKNG NC OQCTVG UC)KK<br />

CEEGRVCTâCEGNHCKVCEEQORNKG)KÉPEGTECTâHâTâGNCPFGQUGDKVFCT)KHâTâ<br />

QOCTGTG\KUVGP/âUâUGCFCRVG\GNCUVCTGCFGNWETWTK<br />

&KPRGTURGEVKXCOCPKGTGKÉPECTGUGUETKWLWTPCNGNGCUVâ\K\KCTWN<br />

UKDKCPKORTGUKQPGC\âRTKPTGURKPIGTGCRCVKOKK)KCXKQNGP/GKÉPEWX¸PV)K<br />

HCRVâ ¡P URKTKVWN OQFGTC/KGK )K CN ÉORâEâTKK EWO ÉPUW)K $QVG É)K<br />

RTQRWUGUGEGNOCKCFGUGCK\DWVKUâ)K/KPâRCPCÉPHT¸W#TIWOGPVCTGC<br />

UCEWTIGCHâTâITCDâGTCÉPVQVFGCWPCUWHKEKGPVVKOR)KURC/KWRGPVTWC<br />

TGNWC KUVQTKC CD QTKIKPG 7PFG PW OCK HQNQUGCW CTIWOGPVGNG E¸PF<br />

%)ÑNNPGTQREKVRQ5D$QVGRPTCWIWUVR<br />

Q5D$QVGRPTCWIWUVRFGURTGUQNFC/KKRGECTGVTGDWKCUâKTKFKEG<br />

UECWPWN 5KDKW PT UGRVGODTKG R CTVKEQNWN CPQPKO PT <br />

UGRVGODTKGRPQWCÉORâT/KTGCFOKPKUVTCVKXâPTPQKGODTKGR<br />

TW)KK RâTâUGUE 5KDKWNPT PQKGODTKG R EQPUVKVW/KC<br />

QEVTQKCVâ

UQT/KKGTCWPGHCXQTCDKNKPWOCKCTCTGQTK5KGDGPD×TIGT$QVGUCEQDQT¸V<br />

FKPGZEGUFG\GNNCNKPIW)KTGCQEC\KQPCNWNWKÉPXKPIâVQT<br />

Q6TCPUUKNXCPKCR UWRNKOGPV CN NWK Q5KGDGPD×TIGT $QVGR NC<br />

UGEQPFCVRGCEGUVCÉPCVKVWFKPGC)KQRKPKKNGUCNGPW)KÉPNQPIGXKVCVGCUC<br />

%WQCRCTK/KG TGIWNCVâ ÉP EWTUWN CPWNWK FKP OQVKXG PGRTGEK\CVG<br />

Q6TCPUUKNXCPKCR)KC UKUVCV CDTWRV GFKVCTGC NC OCTVKG ÉPCKPVGFG<br />

EWEGTKTGCOCIJKCTâC5KDKWNWK<br />

Q5KGDGPD×TIKUEJGT 8QNMUHTGWPFR EW CRCTK/KG UâRVâO¸PCNâ ÉP<br />

RTKOCRCTVGCNWKCRQKDKUâRVâO¸PCNâURTGHKPCNWNCEGNWKC)KCPC<br />

UWU/KPWV Q FGUVWN FG EQPUGEXGPVâ CVKVWFKPG CPVKWPKQPKUVâ DKPG<br />

CTIWOGPVCVâVGQTGVKE)KRTCEVKE&KPVTG\KCTGNGUKDKGPGQ8QNMUHTGWPFRC<br />

HQUVEGNOCKFKURWUUâIâ\FWKCUEâ)KFG\DCVâRTQDNGOG)KTGHQTOGUQEKCNG<br />

ÉPRCIKPKNGUCNG<br />

Q7PVGTJCNVWPIGP CWU FGT )GIGPYCTVR EW WP RTQPWP/CV<br />

ECTCEVGT NKVGTCT )K GUGKUVKE TGRTG\KPVâ Q EWNOG C VCNGPVWNWK KPXGUVKV ÉP<br />

RTGUCUKDKCPâUâUGCUEâ¡PEKWFCCRCTK/KGKNQTGRKUQFKEGFKPOCKR¸PâÉP<br />

QEVQODTKG HT¸PCVG ÉP RTCIWN K\DWEPKTKK Tâ\DQKWNWK EKXKN EGNG <br />

ECKGVGCNGCEGUVGKHQKEQP/KPEWEGTVKVWFKPGWPGNGRKGUGCPVQNQIKEG

%TQPKECRTGUGKDTC)QXGPG<br />

,QJCPP)ÑVV)KQ5KGDGPD×TIGT9QEJGPDNCVVRQ5CVGNNKVR<br />

Q$N¼VVGTH×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFGR)C<br />

¡PEGRWVWNCPWNWKPWRTGXGUVGCGXGPKOGPVGNGEGCXGCWUâ<br />

\IWFWKG NWOGC .C LWOâVCVGC NWK KCPWCTKG \KCTGNG DTC)QXGPG VTCVCW<br />

PQWC NGIG FG TGETWVCTG 5CVGNNKV RTGNWC Q EQTGURQPFGP/â FKP 'TFÃN[K<br />

*KTCFÎEGCPWP/CEâQEQOKUKGXCTGETWVCOKKFGDâTDC/KÉPVTG)K<br />

FGCPKEWGZENWFGTGCPQDKNKNQT,WTPCNWNOCIJKCTCRTGEKCEâTGETWVCTGC<br />

UGXCHCEGÉPVTQOCPKGTâOCKWOCPâ)KQCOGPKKPWXQTOCKHKRTKP)K<br />

EWNCP/WTK)KE¸TNKIGEC)KCPKOCNGNG7PPWOâTWNVGTKQTCNNWK5CVGNNKV<br />

FGUETKCFGUHâ)WTCTGCTGETWVâTKKÉPUECWPWN5KDKW <br />

¡P$N¼VVGTH×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFGCRâTGCWP<br />

EKENW FG CTVKEQNG FGURTG /CIJKCTKK EKCPIâK FKP /QNFQXC VQV CKEK UG<br />

TGFC FKP CEGNC)K 'TFÃN[K *KTCFÎ Q TGEGP\KG NC NWETCTGC NWK -ÑXT[<br />

5VCVKUVKEC 6TCPUKNXCPKGK %QPUKFGTC/KK FGURTG ÉORTGLWTâTKNG<br />

GZVGTPG NC ÉPEGRWVWN CPWNWK GTCW RTGNWCVG FG 5CVGNNKV FKP<br />

1DGTRQUVCOVU

EQNKDGNQT FG NC /CTâ CEQNQ WPFG CRTQCRG ÉPVQVFGCWPC UWPV PGUQEQVKVG<br />

FKURQ\K/KKNG )EQNCTG CNG EQPFWEGTKK ECTG EW UKIWTCP/â PWVTG)VG Q<br />

CVKVWFKPGRâTKPVGCUEâHC/âFGTQO¸PKFGXTGOGEGE¸PFXCNKUGTGRTQ)CUG<br />

DNâLGPKNQTEâNCFGRCTQJKK)KFGHKNKCNGEWVQVEW)EQNKCEQNQWPFG<br />

GZKUVâGKCTCXGCWPÉPXâ/âO¸PVEWRGUVGFGGNGXKHNâO¸P\K5âPG<br />

I¸PFKOPGRâTVKPKVQT)KEGXCOCKEQP)VKGP/KNCVQCVGCEGUVGC)KCRQKUâK<br />

OCKDNCOâORGXCNCJKRGPVTWECTCEVGTWNNQTDTWVFCEâOCKRWVGO&G<br />

FCVCCEGCUVCPKEKPWPGÉPFTGRVâORTKXKTGCURTGUVCTGCEWVQVWNLCNPKEâC<br />

ENGTWNWKPGWPKV2GPVTWCRâTCTGCCFGXâTWNWK)KQOCKDWPâÉP/GNGIGTGÉP<br />

XKKVQT ÉPVTG UC)K )K XCNCJK Xâ TQCIâ Uâ NG RTKOK/K CEGUVGC ÉP RTG/WKVGNG<br />

FXQCUVTâ RCIKPK WP XCNCJ WPKV 4GFCE/KC TGEWPQ)VGC Eâ R¸Pâ CEWO<br />

CEGUV\KCTCUETKUOCKCFGUÉORQVTKXC)KOCKTCTÉPHCXQCTGCXCNCJKNQT<br />

6QEOCKFGCEGGCÉPHQKNGPQCUVTGGDKPGXGPKVâQTKE¸PFQCUVHGNFGFCTG<br />

FG UGCOâ CV¸V FG ECNOâ )K URTKLKPKVâ FG CTIWOGPVG GZRNKECVKXG Q<br />

NWOKPCTGCUVâTKKFGNWETWTKTQO¸PG)VK/âTVWTKUKTGCRWDNKEâCRâECVGNQT<br />

CTG FTGRVWN NC RQEâKP/â RWDNKEâ %GNG FQWâ PC/KWPK UG RQV CRTQRKC<br />

RTKGVGPG)VGWPCFGEGCNCNVâPWOCKFCEâÉ)KFG\XâNWKGTGEKRTQEEGCWRG<br />

KPKOâ)KECWVâUâNKORG\GCUEâRC)PKEHâTâCNVâKPVGTXGP/KGRTKNGLWTKNGFG<br />

\¸\CPKG <br />

6TCPUUKNXCPKC FKP 5KDKW RWDNKEC Q UWEEGUKWPG FG TGRNKEK<br />

CFTGUCVGNWK5CVGNNKV

EQPUVKVW/KG RGPVTW OQPCTJKG $N¼VVGT H×T )GKUV )GO×VJ WPF<br />

8CVGTNCPFUMWPFGRTGNWCWFKP9KGPGT5QPPVCIUDN¼VVGTWPCTVKEQNCN<br />

FT.(TCPMNFGURTG%GNGVTGK\KNGCNGTGXQNW/KGKFKP8KGPCFGUETKUGFG<br />

OCTVQTK QEWNCTK )K RCTVKEKRCP/K #TVKEQNWN EQP/KPGCOCKOWNVGECRKVQNG<br />

2TKOCUE¸PVGKGCHQEWNWKFKPOCTVKG&WOKPKECÉPCWNâ.CCFWPCTGC<br />

5VâTKNQT NWPK FG NC QTC R¸Pâ NC 5GFKP/C 5VâTKNQT &GNGIC/KC<br />

WPKXGTUKVâ/KK5QNFC/KK)KCWNC5RTGCTUGPCN5WDWTDKG)KQTC) 0W<br />

GTCW WKVCVG PKEK OCPKHGUVâTKNG RTQWPKQPKUVG FKP %NWL FG NC OCTVKG <br />

#VOQUHGTC FKP $TC)QX CNâVWTCTGC GPVW\KCUVâ NC TGHQTOGNG RTGEQPK\CVG<br />

FGTGXQNW/KQPCTKKOCIJKCTKÉ)KCHNCWGEQWÉPCRGNWNRTGQVWNWKGXCPIJGNKE<br />

FKPNQECNKVCVG)GQTI*KPV\ECTGRWDNKECÉP5CVGNNKVQ%JGOCTGEâVTG<br />

UEWORWN OGW RQRQT UâUGUE )K EâVTG EQOWPKVâ/KNG TGRTG\GPVCVKXG CNG<br />

CEGUVWKCFGCRTQOQXC)K ÉPHâRVWK )K FG RCTVGC UâUGCUEâ WPKWPGC<br />

6TCPUKNXCPKGKEW7PICTKC <br />

IGTOCPK TKFKEC/KXâ NWC/K CTOGNG FG RG RGTGVG ' VKORWN Uâ PG<br />

ÉPCTOâORGPVTWCTG\KUVCGTQKE <br />

7P EQTGURQPFGPV WPKQPKUV FKP 5KDKW DCUVKQPWN<br />

CPVKWPKQPKUOWNWKUâUGUEUETKC(TC/KUC)K6TKOKVEâVTGXQKEJGOCTGCUâ<br />

HK/K RGPVTW WPKWPGC 6TCPUKNXCPKGK EW 7PICTKC ¡PUâ)K TGPC)VGTGC<br />

7PICTKGK RQRWNCTG ÉPFGOPC NC WPKTG 2G FG Q RCTVG ÉP EWORâPâ<br />

CV¸TPCW VQCVG CXCPVCLGNG RQUKDKNG CNG NKDGTVâ/KK RG FG CNVâ RCTVG ÉPUâ<br />

RTGECW/KCÉPFGOPCNCWTOâVQCTGCLWFGECVâ0WPQKPWXTGOUâPG<br />

FKUVTWIGOUKPIWTKQPGWPKTGEW7PICTKCÉPUGOP¸PFCPWNCTGCUC)KNQT<br />

WP RQRQT OKE DN¸PF )K ÉORTâ)VKCV ÉP VGTKVQTKW FG QCOGPK<br />

7PKWPGCCTHKCUKIWTCVVQVW)KKPFKXKFWCNKVCVGCPC/KQPCNâ0WGUVGWPXKU<br />

CEGNCEâWPUVCVOWNVKNKPIXKUVKERQCVGGZKUVCHâTâECQPC/KQPCNKVCVGUQ<br />

ÉPIJKVâ RG CNVC FCEâ CEGGC PW OQCTG FG DâVT¸PG/G%CGZGORNWUG<br />

QHGTGCUKVWC/KCFKP#OGTKECFG0QTF <br />

.COCK5KDKWNRTQENCOCUGETGFQWNPGFG\NKRKTKKFGOQPCTJKC<br />

EQPUVKVW/KQPCNâ $N¼VVGT CRTGEKC Eâ OCPKHGUVâTKNG FG NQKCNKVCVG PW<br />

TG\QNXCW RTQDNGOC WPKWPKK KCT ÉP CEVWCNGNG ÉORTGLWTâTK 2TQXKPEKC<br />

%KDKPGPUKUGUVGQJKOGTâ #EGNC)KPWOâTHâEGCTGENCOâNCWPQRWUEWN<br />

FG RTGUETKR/KK RGPVTW GZGTEK/KKNG IâT\KK PC/KQPCNG FKP $TC)QX

5CVGNNKV KPUKUVC CUWRTC PGEGUKVâ/KK ÉPCTOâTKK RG 2âO¸PVWN<br />

5âUGUEECTGVTGDWKCÉP/GNGCUâECQTICPK\CTGCWPGKOKNKVCTK\âTKHQTOCNGC<br />

ÉPVTGIKKPC/KWPK 5GTâURWPFGCNCÉPVTGDCTGC%WOUGGZGTUGC\âQICTFâ<br />

PC/KQPCNâ! <br />

¡P EGTEWTKNG UâUG)VK UG UV¸TPKTâ ÉP CRTKNKG RTKOGNG \XQPWTK<br />

ÉPITKLQTâVQCTGFGURTGXGPKTGCTW)KNQT)KÉPCEGCUVâGXGPVWCNKVCVGFGURTG<br />

EQNCDQTCTGC EW TW)KK C TQO¸PKNQT EC WPKK EG GTCW ÉPTWFK/K RTKP TGNKIKG<br />

5CVGNNKV FG\OKP/GC KPHQTOC/KC RWDNKECVâ ÉPVTWP PWOâT CPVGTKQT<br />

EQPHQTOEâTGKCTQO¸PKKFKP(CRVG5CVGCTHKPWVTKVI¸PFWNÉPCKPVâTKKWPGK<br />

RGVK/KK EâVTG /CT RGPVTW C QEWRC TGIKWPGC ¡P PWOGNG UâVGPKNQT<br />

RTQVQRQRWNXCNCJ)KRTGQVWNFKP*QV\HCNW#NGTKWU$GT\CCTâVCHCNUKVCVGC<br />

\XQPWNWK 4QO¸PKK FKP (CRVG 5CVG GTCW ETGUEâVQTK FG XKVG )K QKGTK %W<br />

VWTOGNGNQTUVTâDâVGCW/QNFQXC8CNCJKC$CUCTCDKC$WNICTKC#UVHGNÉK<br />

EWPQUEWUGTâÉPFGCRTQCRG)KRGTW)KRTGEWO)KCNNQTUKUVGOCNDKEKWNWK<br />

FGURQVKUO &CEâ XCNCJKK PQ)VTK UG CFTGUGC\â ÉP NKODC NQT OCVGTPâ<br />

NQEWKVQTKNQT $CUCTCDKGK ECTG ÉP OCLQTKVCVG UWPV FG QTKIKPG XCNCJâ<br />

RTKOKPFÉPUEJKODTâURWPUWNÉPTWUG)VGCVWPEKOâÉPVTGDRGPVTWCEGNC<br />

ECTG EQPUKFGTâ NKODC )KPC/KQPCNKVCVGC EC HKKPF EGNG OCK ÉPCNVG )K OCK<br />

RTG/KQCUG IKWXCGTWTK CNG QOWNWK RQCVG QCTG GZKUVC Q FWTGTG OCK<br />

UH¸)KGVQCTGCKPKOKK)KCUWHNGVWNWK!<br />

7PEQTGURQPFGPVFGNC&WPâTGCFG,QUÉKÉPEWTCLCRGUC)KUâÉ)K<br />

FGCCEQTFWNÉPRTKXKP/CWPKWPKKUHâVWKPFWKÉPUâUâTGURGEVGRTKPEKRKWN<br />

IGTOCPKVâ/KK (TCP\ 5EJWUGNMC \KCTKUV NC 9KGPGT

5CVGNNKV RWDNKEC OCK OWNVG XQEK ÉP EJGUVKWPGC WPKWPKK UCW TGRNKEK NC<br />

CFTGUCCPVKWPKQPK)VKNQT <br />

6QEOCK 5CVGNNKV GUVG \KCTWN ECTG RWDNKEâ FQWâ OCPKHGUVG<br />

ITâKVQCTG CNG UVâTKK FG URKTKV C RQRQTWNWK UâUGUE 7PWN FKPVTG CEGUVGC<br />

2TQITCOWN RQNKVKE RGPVTW UC)KK CTFGNGPK FG /CTNKP GTC Q CFGTCTG<br />

ÉPHQECVâ NC ECW\C WPKWPKK EGNâNCNV CN NWK 6JGQFQT (CDKPK KPVKVWNCV 0W<br />

WPKWPKK -GKPG 7PKQP TGRTG\GPVC VQEOCK CVKVWFKPGC QRWUâ &G)K<br />

IC\GVCOCPKHGUVCPGQEQNKVUGPVKOGPVGRTQWPKQPKUVGEQNQCPGNGUCNGGTCW<br />

FGUEJKUGVWVWTQT#PGZGFQEPT)K<br />

5RGTCP/GNG TGHQTOKUVG CNG RTKOâXGTKK NWK XK\CW<br />

CFOKPKUVTC/KCOG)VG)WIWTKNGUKUVGOWNFGÉPXâ/âO¸PV5CVGNNKVRWDNKEC<br />

RTQRWPGTGCHâEWVâFGEâVTGQEQOKUKGC7PKXGTUKVâ/KKPC/KQPCNGUâUG)VKFG<br />

4GXK\WKTG HWPFCOGPVCNâ C EQPUVKVW/KGK OWPKEKRCNG &G CUGOGPGC UG<br />

RWDNKEC RGVK/KC UVWFGP/KNQT #ECFGOKGK FG FTGRV FKP 5KDKW CFTGUCVâ<br />

UGPCVWNWKCECFGOKERTKPECTGUGUQNKEKVCOQFGTPK\CTGCKPUVKVW/KGK <br />

5CVGNNKVVTCPUOKVGC)VKTKFGURTGCFWPCTGCPC/KQPCNâXCNCJâFG<br />

NC $NCL FKP )K OCK EâTGKC WPKK ÉK CEQTFâ Q KORQTVCP/â<br />

OCLQTâKCTCN/KKPWOCKECTCEVGTWNWPWKOGGVKPI(CRVGUVGEâIWXGTPWN<br />

RTKPRTG\GP/CNWK)KRTKPVTKOKVGTGCCFQKEQOKUCTKÉPRGTUQCPCFQOPKNQT<br />

5\CDÎ .CLQU EQPUKNKGT IWDGTPKCN )K $PPHK /KMNQU LWFG UWRTGO KC<br />

EQPHGTKVECTCEVGTWNWPGKCFWPâTKPC/KQPCNG)KCTGEWPQUEWVQECCVCTG&G<br />

CEGGC PW VTGDWKG Uâ PG WKOGCUEâ HCRVWN Eâ XCNCJKK ÉP CFWPCTGC NQT<br />

EQPUV¸PFFKPFGUWHNGVGUCWFGENCTCV)KUCWRTQENCOCVEJKCTÉP<br />

RTKOC)GFKP/âFKPOCKPC/KWPGFGUKPGUVâVâVQCTG)KRCTVGKPVGITCPVâC<br />

6TCPUKNXCPKGK#TVKEQNWNUGOPCVFGWPOCTVQTQEWNCTRTQDCDKN5V.<br />

4QVJWTOâTGCFGUHâ)WTCTGC RG \KNG C OCPKHGUVâTKNQT UWDNKPKKPF ÉP<br />

ÉPEJGKGTG¡POCKNCQTGNGXGPKTâEQOKUCTKK)KÉPEJKUGTâ)GFKP/CÉP<br />

WTCNGNGECTGPWOCKXQKCWUâEQPVGPGCUEâ1QTâ)KLWOâVCVGOCKV¸T\KW<br />

VQVRQRQTWNFKP$NCLFKURâTWUGHâTâUâHKUâX¸T)KVPKEKEGNOCKOKEGZEGU <br />

.COCKUGTGNCVCFKP%NWLFGURTGTGHW\WNTQDQVGNQTFGEâVTG<br />

XCNCJKK NQECNPKEK )K FGURTG ECW\C CEGUVWKC 5G CTâVC Eâ FG OCK OWNVâ<br />

XTGOG GZKUVC VGOGTGC WPGK TâUEQCNG C /âTCPKNQT XCNCJK CVTKDWKPFWNKUG<br />

EJKCT EGNG OCK TâWXQKVQCTG VGPFKP/G EQOWPKUVG +\DWEPKTGC GTC<br />

C)VGRVCVâ FG 2C)VK EC Q C FQWC PQCRVG C 5H $CTVQNQOGW #EGUVG<br />

OKPEKWPK OQPUVTWQCUG ÉPUâ UG PâUEWUGTâ FQCT ÉP OKPVGC WPQTC<br />

CRâUC/K FG EQP)VKK/â FKP RTKEKPC UWRW)KNQT NQT 5CVWN &TCI HW RTKOWN<br />

+DKFGOPTCRTKNKGRRPTOCKR<br />

PTCRTKNKGRPTOCKR<br />

+DKFGOPTOCKRPTOCKR<br />

+DKFGOPTOCKR

ECTG TGHW\â ÉP HGDTWCTKG ÉPFGRNKPKTGC UCTEKPKNQT WTDCTKCNG )WDGTPKWN<br />

VTKOKUGQEQOKUKGFGCPEJGVâVQVW)KHâTâCKCEQTFCKPUVTWE/KWPKGZCEVG<br />

FCEâUâVTGCEâUCWPWNCQDNKICTGC/âTCPKNQTFGC)KTGNWCUCTEKPKNG#RQK<br />

VTKOKUG WP RNWVQP FG ECXCNGTKG Tâ\DQKPKEK 5CVWNWK &TCI ECTG<br />

PWOâTC FG /âTCPK K UG CNâVWTCTâ )K CNVG UCVG TQO¸PG)VK &GQCTGEG<br />

/âTCPKK PW UG ÉPURâKO¸PVCTâ ÉPEâ FQWâ RNWVQCPG HWTâ VTKOKUG (W<br />

TâUR¸PFKVâ )K EKVKVâ ÉP DKUGTKEK Q RTQENCOC/KG VKRâTKVâ ÉP NKODC TQO¸Pâ<br />

XGPKVâEJKRWTKNGFKPRCTVGCÉORâTCVWNWK/Q)KGTWNFKP&TCIUGITâDKUâ<br />

NGRTQOKVâ/âTCPKNQTGNKDGTCTGCFKPKQDâIKGFG5¸PIGQTIKWNCHKPGNGNWK<br />

CRTKNKG #T HK HâEWVQ EJKCT CVWPEK ÉP HGDTWCTKG FCEâ KCT HK RGTOKUQ<br />

XGEKPKK UâK OQ)KGTK .C ÉPEGRWVWN NWK OCK FGUKIWT UKVWC/KC GTC<br />

PGUEJKODCVâ FQCT UVCTGC FG URKTKV C /âTCPKNQT OWNV OCK ÉPHKGTD¸PVCVâ<br />

FGXTGOG EG CWVQTWN CTVKEQNWNWK EQOGPVC 2TKP WTOCTG PW G PKEK Q<br />

OKPWPGEâ/âTCPWNXCNCJCEâTWKKPVGNKIGP/âUGCHNâRGQVTGCRVâHQCTVG<br />

LQCUâUGUKO/GCÉP)GNCV)KPWOCKCXGCÉPETGFGTG+IPQTCP/C/âTCPKNQT<br />

XCNCJK OGTIG CV¸V FG FGRCTVG ÉPE¸V PW RTKEGR ÉPEQTRQTCTGC EGNQT <br />

EQOKVCVGVTCPUKNXCPG%TCUPC5QNPQE)K

TGIKWPKOCKOCTK)K OCK KG)KVG FKP EQOWP C)C EWO DQVG\CUGTâ )K<br />

%KDKPWN

FGUHKKP/CTGCEGP\WTKK)KNKDGTVCVGCRTGUGKUâÉPCKPVG\GWPTCRQTVFGVCNKCV<br />

FGURTG&KGVâFWRâÉPEJGKGTGCNWETâTKNQTGK <br />

5CVGNNKVUWU/KPGCEâRGPVTW7PKXGTUKVCVGCPC/KQPCNâÉPEâPWGTC<br />

RTGCV¸T\KWUâUVCDKNGCUEâÉPVTWPOGOQTKWEQPFK/KKNGGZENWUKXRGDC\C<br />

EâTQTC PC/KWPGC UâUGCUEâ WTOC Uâ TGEWPQCUEâ WPKWPGC /GOQTKWN<br />

FGRWVC/KNQT UC)K ÉPCKPVCV &KGVGK NC KWPKG HW TGFCEVCV FG )GQTI<br />

&CPKGN6GWVUEJ/GOQTKWNUQNKEKVCURTKLKPWNEGNQTFQWâPC/KWPKFG5VCTG<br />

OCIJKCTKK)KUGEWKKÉPXGFGTGCICTCPVâTKK)KCRNKEâTKKOCKOWNVQTEGTGTK<br />

CNGPC/KWPKKUâUG)VK &GCUGOGPGCR5CVGNNKVRTGNCVCFGUHâ)WTCTGCCFWPâTKK<br />

GZVTCQTFKPCTG C 7PKXGTUKVâ/KK PC/KQPCNG UâUG)VK FKP KWPKG KWNKG<br />

#PGZGFQEPT<br />

%WWPTCRQTVFGUVWNFGV¸T\KWXGPGC9QEJGPDNCVVFGUETKKPF<br />

WNVKOC&KGVâVTCPUKNXCPâ <br />

)C\GVC RTQWPKQPKUVâ $N¼VVGT H×T )GKUV )GO×VJ WPF<br />

8CVGTNCPFUMWPFG CFWEGC WP CRGN EâVTG UC)K ÉP ECTG UG KPUKUVC CUWRTC<br />

KFGKKEâUC)KKPWVTGDWKCWUâUGVGCOâRGPVTWHKKP/CNQTPC/KQPCNâÉPVTWE¸V<br />

CT HK HQUV Q OKPEKWPâ Eâ OCIJKCTKK XQT Uâ NG TâRGCUEâ FTGRVWN HQNQUKTKK<br />

NKODKK NQT OCVGTPG &KP #NNIGOGKPG 1GUVGTTGKEJKUEJG

QEWRC/KGTWUâCRTKPEKRCVGNQT%QPEGVâ/GPK0KEKRKEKQTFGTWUUâPWCKDâ<br />

XQKG Uâ Râ)GCUEâ ÉP RTKPEKRCVGNG ECTG UWPV UVTâDâVWVG FG WP HNWXKW<br />

IGTOCP <br />

6TCFK/KQPCNCPGÉP/GNGIGTGFKPVTGHQKNGUKDKGPG)KEGNGDTC)QXGPG<br />

É)KEQPVKPWCEWTUWN,QJCPP)ÑVVCFTGUCNCKWPKG%¸VGXCEWXKPVG<br />

QRQPGP/KNQT OGK CPWOKVQT FQOPK FKP 5KDKW ECTG ÉN KPUWNVCW<br />

TGRTQ)¸PFWK RTKGVGPKC EW OCIJKCTKK )ÑVV OâTVWTKUGC ÉP TGRNKEâ ¡P<br />

KPVGTGUWN EQPC/KQPCNKNQT OGK ÉP ECNKVCVG FG DâTDCV IGTOCP CO TGHW\CV<br />

GPGTIKE)KEWTCLQUQHGTVCFGCFGXGPKCIGPVUGETGVHâEWVâOKGNC8KGPC<br />

ÉP CPWN GZRWP¸PFWOâ CUVHGN EGNQT OCK OCTK RGTUGEW/KK .C<br />

CHKTOC/KKNGNWK5KGDGPD×TIGT$QVGFKP5KDKWEWOEâ$TC)QXWNCTWTOC<br />

ECFGQDKEGKQRQNKVKEâRTQRTKGUGRCTCVKUVâ)KCPVKPC/KQPCNâ$N¼VVGTNWC<br />

CVKVWFKPGÉPVTGD¸PFWUGTGVQTKEFCEâPWEWOXCUGRCTCVKUOWNDTC)QXGCP<br />

ÉPUGOPCTG\KUVGP/CNCVGPFKP/GNGJGIGOQPKUVGRTQOQXCVGFGUKDKGPK! <br />

)WXGTPCVQTWN 6GNGM[ CFWEGC NC EWPQ)VKP/C RWDNKEWNWK FGEK\KC<br />

&KGVGKKWPKGEGCPWP/CÉPEGVCTGCVWVWTQTUCTEKPKNQTWTDCTKCNGC<br />

VCZGNQT )K C FKLOGK EW ÉPEGRGTG FKP FCVC FG KWPKG 5CVGNNKV UG<br />

CWVQOâIWNGCEWCRTGEKGTGCEâ&KPVTGVQCVGEQOWPKVâ/KNGUâUG)VKEGCC<br />

$TC)QXWNWKCHQUVRTKOCECTGCUWU/KPWV GOCPEKRCTGC XCNCJKNQT ÉPEâ<br />

ÉPCKPVG FG GXGPKOGPVGNG FKP HGDTWCTKG )K ECTG C HâEWV ÉP CEGUV UGPU<br />

RTQRWPGTK 7PKXGTUKVâ/KK PC/KQPCNG7PEQPEGVâ/GCP XCNCJ UGOPC ÉP<br />

CEGNC)K\KCT1DUGTXC/KKNCRGVK/KCXCNCJâEGHWUGUGÉPCKPVCVâ5VâTKNQTNC<br />

OCK #WVQTWN CRâTC )K UWU/KPGC ECW\C TQO¸PKNQT EâEK URWPGC GN<br />

CVKVWFKPGCNWK5KGDGPD×TIGT9QEJGPDNCVVHWUGUGHQCTVGKPFKIPCVâHC/â<br />

FGCEGUVOGOQTKW<br />

8âFKPFRTGQEWRCTGHC/âFGXGEKPâVCVGCTWUGCUEâCTVKEQNWNUETKU<br />

NC KWNKG FGURTG /WPVGPKC EGC NKDGTâ )K NKRUC FG HTKEâ ÉP HC/C TW)KNQT<br />

XGUVGCEWDWEWTKG)KW)WTCTG/WPVGPKCGUVGNKDGTâ)KUâURGTâOEâXC<br />

TâO¸PG C)C +PHNWGP/C TWUGCUEâ ÉP /WPVGPKC C FGXGPKV KORQUKDKNâ<br />

%TGFGOEâTW)KKPWXQTOCKÉPFTâ\PKUâKPVTGEWKPVGP/KKFW)OâPQCUGÉP<br />

RTKPEKRCVFGQCTGEGRTKPVGPFKP/GNGNKDGTCNGOCPKHGUVCVGÉPRTQITCOWNNQT<br />

EQPUVKVW/KG TQO¸PKK )KCW E¸)VKICV UKORCVKC NKDGTVâ/KK FKP 'WTQRC )K FG<br />

FKPEQNQ FG 1EGCP ECTGK XC KORTGUKQPC RG TW)K RQCVG OCK OWNV FGE¸V<br />

CTOCVC/âTâPGCUEâFGFGQCOGPKFKP/WPVGPKC4GFCE/KCRTKOGC<br />

FKP$WEWTG)VKFQWâUETKUQTKVTKOKUGNCKWPKGEGEQP/KPGCWQ<br />

FGUETKGTGCGXGPKOGPVGNQTFKPKWPKGRTG\GPV¸PFKPENWUKXRTQENCOC/KC<br />

$N¼VVGTPTKWPKGR<br />

5CVGNNKVPTKWPKGR<br />

$N¼VVGTPTKWPKGR<br />

5CVGNNKVPTKWPKGR

ÉP EGNG FG RWPEVG CNG UCNG RTGEWO )K KPUVKVWKTGC PQWNWK IWXGTP<br />

2TKPEKRCVWNOWPVGCPUGC)G\CUWDCWVQTKVCVGCPQKKEQPUVKVW/KK<br />

5CVGNNKV HâEGC CRGN NC WP EQOGT/ GNKDGTCV FG UGRCTCVKUOGNG<br />

XCOCNGEGCVKPIGCWÉPFGQUGDKTGNC/KKNGEQOGTEKCNGEWRTKPEKRCVGNGFGNC<br />

&WPâTG XKVCNG RGPVTW PGIWUVQTKK DTC)QXGPK &G CUGOPGC EJGOC<br />

VKPGTGVWNUâUGUENCQCFWPCTGNC/GFKC)ÉP\KNGNGFG)KCWIWUV<br />

%QOKVGVWNRTGIâVKVQTCPWP/CCFWPCTGC)KCFTGUCVKPGTGVWNWKWPPQWCRGN<br />

NCCWIWUV#FWPCTGCHWFGUETKUâEWOWNVGPVW\KCUOFGRGTKQFKEGNG<br />

UâUG)VK 4GFCE/KC NWK 5CVGNNKV RWDNKEâ 5ETKUQTK FKP /GFKC) )K FGURTG<br />

/GFKC) 5G EQPUVKVWK 7PKWPGC VKPGTGVWNWK UâUGUE FKP 6TCPUKNXCPKC<br />

5KGDGPD×TIKUEJFGWVUEJGT ,WIGPFXGTDCPF CX¸PF EC RTG)GFKPVG RG<br />

5VGRJCP.WFYKI4QVJ)KECUGETGVCTRG6JGQFQT(CDKPK<br />

¡PVTQ )GFKP/â C 2CTNCOGPVWNWK OCIJKCT DCTQPWN 9GUUGNÃP[<br />

/KMNQU/KPWQEWX¸PVCTGFGURTGPQKNGFTGRVWTKCNGUC)KNQT)KTQO¸PKNQT<br />

2TGFKECVQTWN%JTKUVQRJ$ÑOEJGUHâEGCQHKEKKNGFGKPCWIWTCTGCUVGCIWNWK<br />

VTWRGK FG XQNWPVCTK DTC)QXGPK KWNKG 8K\CXK FG GOKUKWPGC FG<br />

DCPEPQVG RTQOWNICVâ NC KPK/KCVKXC NWK -QUUWVJ $N¼VVGT RTGNWC FKP<br />

(KI[GNOG\Ñ WTOâVQCTGC )CTCFâ %WO UG GZRNKEâ HCRVWN Eâ ÉP VQCVG<br />

CTVKEQNGNG)KEWX¸PVâTKNGUCNG-QUUWVJCOKPVG)VGCV¸VFGHTGEXGPVKCFWNFG<br />

RCTEâ CT CXGC Q ÉPENKPC/KG FGQUGDKVâ RGPVTW CEGUVC! *O GN GUVG FQCT<br />

OKPKUVTWN NWOKK FG LQU 2NWVQ \GWN KCFWNWK HWUGUG )K GN OKPKUVTW FG<br />

HKPCP/G¡PVTG2NWVQ)K-QUUWVJGZKUVâÉPUâFKHGTGP/CEâFG)KCO¸PFQKHCE<br />

TQUVFGDCPKFKPKCF2NWVQHâEGCFKPGKCWTRGE¸PF-QUUWVJPWXCTGW)K<br />

UâHCEâCNVEGXCFGE¸VJ¸TVKG <br />

5G RWDNKEC PQWC NGIG WPICTâ CUWRTC )EQNKNQT GNGOGPVCTG<br />

QDNKICVQTKK )K ITCVWKVG #TVKEQNWN RTGXGFGC EC NKODC OCIJKCTâ Uâ<br />

FGXKPâRTGVWVKPFGPKQDKGEVTGIWNCVFGÉPXâ/âO¸PVCTVKEQNWNURGEKHKEC<br />

'NGXKNQTECTGPWÉP/GNGINKODCOCIJKCTâNKUGXCQHGTKWPÉPXâ/âO¸PV<br />

GNGOGPVCT ÉP NKODC OCVGTPâ %W VQCVG CEGUVGC PQWC NGIG C<br />

ÉPXâ/âO¸PVWNWKNGRTQXQEâUC)KNQTÉPITKLQTCTG2GFGCNVâRCTVGWPCTVKEQN<br />

PGUGOPCV FKP 5CVGNNKV KPVKVWNCV %GNG NKODK QHKEKCNG%GXCFGIGPWN<br />

XCT\âCETâÉPEâN\KVâEW)PK/GNUGGZRTKOCKTQPKE)KFKURTG/WKVQTNCCFTGUC<br />

GHQTVWTKNQTFGCTGEWPQC)VG)KTQO¸PCECNKODâC/âTKK <br />

+DKFGOPTKWPKGRCTVKEQNWN6TCPUUKNXCPKGKFKP5KDKW)KEGNQTECTG<br />

I¸PFGUENCHGNEC)KCEGCUVCPTKWPKGRPTKWNKGR<br />

PTKWPKGRPTKWNKGRPT<br />

KWNKGRPTCWIWUVRPTCWIWUVR<br />

<br />

$N¼VVGTPTCWIWUVRKDKFGORPTCWIWUV<br />

RPTCWIWUVR<br />

5CVGNNKVPTCWIWUVR

RGPVTW RNCVC ENGTKEKNQT ÉK RGTOKUGUG FG RKNFâ QTKEâTWK V¸PâT FQTPKE Uâ<br />

FGXKPâRTGQVUâRQCVâUVWFKCCV¸VNC5KDKWE¸V)KNCWPKXGTUKVâ/KUVTâKPG<br />

VKOR FG EGN RW/KP FQK CPK 5VCVWN PW UWRQTVCUG PKEKQFCVâ EJGNVWKGNKNG<br />

RGPVTWUVWFKWNCEGUVQTVKPGTK6Q/KNQEWKVQTKK2âO¸PVWNWK%TâKGUEKPENWUKX<br />

TQO¸PKKHWUGUGTâQDNKIC/KUâRNâVGCUEâ\GEKWKCNC#EGCUVCGTCEQPUKFGTCVâ<br />

RTQRTKGVCVGCRTKXCVâCHKGEâTWKRTGQVGXCPIJGNKE.CKWPKG&KGVC<br />

FGUHKKP/CUG FKLOC NâU¸PF CUVHGN RG RTGQ/KK UC)K )K HCOKNKKNG NQT HâTâ<br />

OKLNQCEG FG UWD\KUVGP/â )K KPUVTWKTG &G CEGGC 5KPQFWN UG CFTGUC<br />

)WXGTPWNWKWPICT)K2CTNCOGPVWNWKEGT¸PFQFGURâIWDKTGFKPECUCFG<br />

UVCVUWDHQTOCWPGKTGPVGCPWCNG <br />

5CVGNNKV TGNCVâ FGURTG CFWPCTGC UGEWKNQT FKP 1FQTJGK <br />

UGRVGODTKG<br />

.CUGRVGODTKGUGFGUHâ)WTâNC1TNCVCFWPCTGCTGIKOGPVWNWK<br />

TQO¸PGUEFGITCPK/âPT2TGUCEQPUGOPâCRTQCRGECRGQEKWFâ/GPKG<br />

PWOGTQCUGNG EGTGTK UETKUG FGRWUG FG NQECNKVâ/KNG ITâPKEGTG)VK $TGC\C<br />

.WFK)QT .W/C 8QKNC &TKFKH 8QKXQFGPKK /CTK )K /KEK *QTG\ $GTKXQKK<br />

/CTK)K/KEK2QTWODCEWNFG5WU)KFG,QU7EGCFG5WU8K)VGC&TâIW)<br />

5¸ODâVC FG 5WU )K FG ,QU (GNFKQCTC )C CRQK EGTGTKNG XGTDCNG<br />

GZRTKOCVGFGCNVGFGNQECNKVâ/KFGCNKUGCEQTFCUGTXKEKWITâPKEGTGUE<br />

5CVGNNKV UWDNKPKC Eâ ÉPCKPVG XTGOG HWUGUG PGXQKG FG OâUWTK FG HQT/â<br />

RGPVTWKPUVKVWKTGCTGIKOGPVGNQTITâPKEGTG)VK&CEâ/âTCPWNUWRWUHWUGUG<br />

UENCXCEWOGTCNKDGT)KVQVW)KCEG)VKQCOGPKNKDGTKRTGHGTCWUâFGXKPâ<br />

ITâPKEGTK #UEWNVC/K )K OKPWPC/KXâ #EGUV QO NKDGT XTGC Uâ UEJKODG<br />

UVCTGC NWK FG NKDGTVCVG EW EGC OCK RW/KP NKDGTâ )K OCK CPGXQKQCUâ C<br />

ITâPKEGTWNWK (K FG EG! 5VâR¸PKTGC OCIJKCTâ RTGEQPK\CVâ ÉP /CTâ RQCVG<br />

TâURWPFGNCÉPVTGDCTGEGNOCKNGUPG2GPVTWEâHKTG)VGITâPKEGTKKTQO¸PK<br />

PWUGUWRWPCEGUVGKUVâR¸PKTK <br />

0GQHKVOKVTQRQNKVWN7PITQXNCJKGKCFTGUâRQRQTWNWKTQO¸PKNQT<br />

WP OCPKHGUV RWDNKECV FG $N¼VVGT H×T )GKUV )GO×VJ WPF<br />

8CVGTNCPFUMWPFG 4GIWNCOGPVWN QTICPKE )K CTJQPFQNQIKC ECTVGC FG<br />

CWT C /WPVGPKGK PW OCK UWPV 2QRQTWN UWXGTCP NGC PKOKEKV CUVâ\K ÉP<br />

EWTVGC OKVTQRQNKGK RTKPVTWP CWVQFCHÃ UQNGOP $WEWTG)VK <br />

UGRVGODTKG ¡PUâ NC HKPGNG CEGNGKC)K NWPK UGRVGODTKG <br />

FWRâ EWO )K \KCTGNG VTCPUOKVGCW VWTEKK KPVTCTâ ÉP ECRKVCNC OWPVGCPâ <br />

<br />

$N¼VVGTPTUGRVGODTKGR<br />

5CVGNNKVPTUGRVGODTKGRPTUGRVGODTKGR<br />

$N¼VVGTPTUGRVGODTKGR<br />

5CVGNNKVPTQEVQODTKGR

.C QEVQODTKG UG ÉPVTWPK NC 5KDKW Q CFWPCTG EGVâ/GPGCUEâ EG<br />

GZRTKOâÉPRWPEVGFQTKP/GNG)KEGTGTKNGUC)KNQTÉPRGTKQCFCWTOâVQCTG<br />

2TQITCOWN RTQRWU KPVKVWNCV %G FQTKO )K RTGVKPFGO! XK\C PKEK OCK<br />

OWNVPKEKOCKRW/KPFGE¸VQHGFGTCNK\CTGC#TFGCNWNWK <br />

1FCVâEWNWPCQEVQODTKGUGTGOCTEâQXK\KDKNâUEJKODCTG<br />

FG CVKVWFKPG C \KCTWNWK $N¼VVGT H×T )GKUV )GO×VJ WPF<br />

8CVGTNCPFUMWPFG#HQUVRTKOCFKPVTGHQKNGDTC)QXGPG ECTG UEJKODâ<br />

FGUEJKU )K TCFKECN VCDâTC RQNKVKEâ #TVKEQNWN FKP QEVQODTKG KPVKVWNCV<br />

7PKWPGC)KURKTKVWNRQRWNCTUâUGUECTâVC2GUEWTVWPKWPGC)KVQVEGUG<br />

NGCIâFGGC)KUGCHNâÉPURCVGNGGKCWRTQXQECVJCQUÉP/CTâ)KOCKCNGU<br />

RGTKEQNGRGPVTWRQRQTWNPQUVTW5C)KKPCTHKCITGCVPKEKQFCVâQWPKWPG<br />

PGEQPFK/KQPCVâ #EEGRVCTGC WPKWPKK UG LWUVKHKEC RTKP URGTCP/GNG FG<br />

FG\CPEJKNQ\CTG C DKTQETC/KGK FG FGUHKKP/CTG C UCTEKPKNQT WTDCTKCNG FG<br />

GICNKVCVG EGVâ/GPGCUEâ ÉP FTGRVWTK #EGUVG OQVKXG EW ITGW CT RWVGC HK<br />

EQPUKFGTCVG FG\QPQTCPVG RGPVTW UVCTGC FG URKTKV C CEGNQTC ECTG UG<br />

UKO/GCWTGRTG\GPVC/KRTKPGNG<br />

#EGNC)K \KCT ÉK OCK ÉPFGOPC RG NQEWKVQTKK FKP -CTC $¸TUGK NC<br />

UWU/KPGTGC KPVGP/KGK NWK 5V. 4QVJ FG GFKVCTG C WPWK \KCT CN )EQNKNQT )K<br />

DKUGTKEKKUKPIWTGNGEQNQCPGCNGURKTKVWNWKRQRWNCT+PVGTGUCPVâGTC)K<br />

FG\DCVGTGC FKJQVQOKGK FKPVTG KUVQTKG )K EQPUGTXCVQTK +UVQTKC GFWEâ RG<br />

E¸PF EQPUGTXCVQTKK HT¸PGC\â OGTUWN NWETWTKNQT .KDGTVCVGC GUVG CGTWN<br />

PGEGUCT XKG/KK RQRQCTGNQT )K FG CEGGC RQRQCTGNG PW UG RQV NKRUK FG<br />

NKDGTVCVG WP VKOR ÉPFGNWPICV HâTâ C UWEQODC #EGUV NWETW PWN RTKEGR<br />

EQPUGTXCVQTKK )K TGCE/KQPCTKK ÉP KWDKTGC NQT FG OWOKK (âTâ C HCEG<br />

VTKOKVGTK FKTGEVG FCT EW CNW\KG NC UKDKGPK CTVKEQNWN ÉPHKGTC<br />

EQPUGTXCVQTKUOWN)KTGCE/KWPGCEGOGTIO¸PâÉPO¸Pâ <br />

¡P OQOGPVWN TGÉPVQCTEGTKK ÉP RCVTKG ÉP PWOGNG GOKITCP/KNQT<br />

OWPVGPKRTKP/WN%CTQN)T)JKMCUGEQPFCVFG'OCPWGN$âNâPGCPW&T<br />

/G[GT+)QNGUEW0)QWV\Q)W/W + 5NâVKPGCPW )K + 1DGFGCPW<br />

VTKOKVGC CWVQTKVâ/KNQT DTC)QXGPG /CIKUVTCVWNWK IâT\KK PC/KQPCNG )K<br />

EGVâ/GPKNQT Q CFTGUâ FG OWN/WOKTG RGPVTW QURKVCNKVCVGC QHGTKVâ ÉP<br />

VKORWN TGHWIKWNWK QEVQODTKG &QOPKVQTWN CHNCV ÉP GZKN FKP<br />

RTKEKPCKPUVKVWKTKKIWXGTPWNWKTGXQNW/KQPCTÉP/WPVGPKCCXGCEWPQ)VKP/â<br />

FG QEWRCTGC /âTKK FG EâVTG VTWRGNG TWUG)VK )K QVQOCPG 8QNMUHTGWPF<br />

CPWP/C)KGNEâNCQEVQODTKGFGUQNFC/KTW)KEQPFW)KFG<br />

IGPGTCNWN .×FGTU ECORCUGTâ NC $WEWTG)VKWPCNVEQTRFGCTOCVâFG<br />

! TW)K ÉPFTGRV¸PFWUG URTG 6¸TIQXK)VG ¡P ECRKVCNC OWPVGCPâ<br />

+DKFGOPTQEVQODTKGR<br />

$N¼VVGTPTQEVQODTKGRPTQEVQODTKGR<br />

5CVGNNKVPTQEVQODTKGR

OCKUVC/KQPCW)KFGVWTEKECTGNCÉPEGRWVRTQFWUGUGTâFG\QTFKPG<br />

FCTCEWOGTCWXCLPKE/KPW/KÉPHT¸W/CIJKGTWCTHKFK\QNXCVÉPUGOPCVC<br />

OCUâFGTQO¸PK)KCTHKRQTPKVURTG6TCPUKNXCPKC <br />

.CQEVQODTKG2WEJPGTFâFWQRTQENCOC/KGEâVTGCWVQTKVâ/K)K<br />

RQRWNC/KGÉPECTGNGEGTGCUâUGRWPâUWDCUEWNVCTGÉORâTâVGCUEâ &QWâ<br />

\KNG OCK V¸T\KW CXW NQE NC #KWF RTKOC EQPHTWPVCTG U¸PIGTQCUâ ÉPVTG<br />

CTOCVC CWUVTKCEâ )K EGC OCIJKCTâ .C QEVQODTKG TQO¸PKK HQT/CTâ<br />

RTGFCTGC

UETKUQCTGFGUEJKUâ)C\GVGKFG6TCPUKNXCPKCCNWK$CTK/KWTGRTQ)¸PFWK<br />

Eâ RWDNKECUG Q 2CTCNGNâ ÉPVTG RQRWNC/KC TQO¸Pâ )K EGC UâUGCUEâ EG<br />

RTQFWUGUGQTWRVWTâÉPVTGEGNGFQWâPC/KWPK <br />

.C QEVQODTKG (TCP\ 5OQNMC RTG)GFKPVGNG #FWPâTKK<br />

EQPUVKVWCPVG FKP 8KGPC CFTGUC WP OCPKHGUV RQRQCTGNQT #WUVTKGK ECTG<br />

GTCWEJGOCVGUâUVT¸PIâT¸PFWTKNGÉPLWTWN%CUGKFQOPKVQCTG<br />

(GTFKPCPF GOKVGC FKP 1NO×V\ NC PQKGODTKG WP OCPKHGUV<br />

%âVTG RQRQCTGNG 7PICTKGK %TQC/KGK 5NCXQPKGK 6TCPUKNXCPKGK )K CNG<br />

ITCPK/GK OKNKVCTG 9KPFKUEJIT¼V\ EQOCPFCPVWN UWRTGO CN VTWRGNQT<br />

KORGTKCNG EJGOC NC UWRWPGTG NQEWKVQTKK 7PICTKGK )K 6TCPUKNXCPKGK <br />

9QEJGPDNCVV TGNCVC FGURTG FGUHâ)WTCTGC NWRVGNQT ÉP -CTC $¸TUGK NC<br />

ITCPK/CUGEWKCUEâ <br />

7NVKOWN PWOâT FKP $N¼VVGT H×T )GKUV )GO×VJ WPF<br />

8CVGTNCPFUMWPFGKG)GCFGUWDVKRCTNCPQKGODTKG<br />

.C FGEGODTKG ÉORâTCVWN (GTFKPCPF + CDFKEâ RG VTQP<br />

WTEâWTOC)WNUâW(TCP\,QUGRJ+.CFGEGODTKGPQWNÉORâTCVVTKOKUG<br />

WP UCNWV %TGFKPEKQUWNWK RQRQT UâUGUE .C PWOCTWN FKP <br />

FGEGODTKG EG EWRTKPFGC FGENCTC/KC FG CDFKECTG C ÉORâTCVWNWK<br />

(GTFKPCPF9QEJGPDNCVVÉ)KÉPEJGKCCRCTK/KCRGCPWN <br />

<br />

.C ÉPEGRWVWN CPWNWK UKVWC/KC RQNKVKEâ GTC KPFGEKUâ ¡P<br />

FGENCTC/KCTGFCE/KGKFG#PWNPQW5KGDGPD×TIGT9QEJGPDNCVVUGCFTGUC<br />

QPQTC/KNQTUâKEKVKVQTK<br />

#PWNECTGUGCHNâÉPWTOCPQCUVTâXCHCEGGRQEâÉPKUVQTKC<br />

NWOKKFCTÉPEâPW)VKOÉPEQVTQUGXCÉPFTGRVCOGTUWNKUVQTKGKRQRQCTGNQT<br />

GWTQRGPG %W UKIWTCP/â CPWN NC ÉPEGRWVWN EâTWKC UWPVGO CEWO XC<br />

CFWEG EW UKPG FGEK\KK DQICVG ÉP EQPUGEKP/G 6KORWN \âOKUNG)VG ÉP<br />

EWVTGOWTâVQCTG FWTGTK CNG HCEGTKK )K RCTG C CFWEG RG NWOG NWETWTK<br />

OâTG/G%G)KEWOXCHKQ)VKGFQCTCEGNCEGEQPFWEGOGTUWNNWOKK#)C<br />

EWOCHQUVÉP'WTQRCÉPWTOâEWPWOCKFQWâURTG\GEGNWPKPWXCOCKHK<br />

)KPWRQCVGUâOCKHKG&GCEGGC)K\KCTGNGEGEQOWPKEâTGNCVâTKEQVKFKGPG<br />

FGURTGOK)EâTKNGRTQITGUKUVGFQD¸PFGUEQXCNQCTGEJKCTOCKÉPCNVâFGE¸V<br />

OCKFGOWNV0WOCKQOWNNKRUKVFGITKLK)KUCTRWVGCURWPGPâV¸PIWN<br />

RQNKVKE PW É)K ÉPFTGCRVâ CVGP/KC CUWRTC NQT 'UGP/KCN GUVG EC TGNCVâTKNG<br />

EQVKFKGPGUâCRCTâE¸VOCKTGRGFG)KUâHKGE¸VOCKXGTKFKEGRQUKDKN<br />

5CVGNNKVPTQEVQODTKGRPTPQKGODTKGRPT<br />

PQKGODTKGRPTFGEGODTKGR<br />

5D9QEJGPDNCVVPTFGEGODTKGRPTFGEGODTKGR<br />

<br />

$N¼VVGTPTPQKGODTKGRUSPTFGEGODTKGRUS

FKP1Tâ)VKGUWOCFGHNQTKPKÉPUEJKODWNXKG/KKNQTÉPECU¸PF<br />

HNQTKPK <br />

¡P CEGUV VKOR )VKTKNG FG RG E¸ORWN FG NWRVâ EWTI GCW<br />

PGÉPVTGTWRV

PGITK 5RT¸PEGPG PGITG 0CU NCV )WTC RTQRQT/KQPCVâ &KP/K DWPK<br />

$âTDKC W)QT CUEW/KVâ $CTDâ OWUVC/â5GOPGURGEKCNGQDK)PWKG)VG Uâ<br />

WODNG EW I¸VWN IQN ¡ODTâEâOKPVG FWRâ OQFC IGTOCPâ &GUETKGTGC<br />

RGTUQPCNâ C NWK /KJCKN 6PEUKEU 8¸TUVâ RGUVG CPK .QEWN PC)VGTKK<br />

PGEWPQUEWV 5VCTG EKXKNâ EâUâVQTKV 4GNKIKG ECVQNKEâ .KODK OCIJKCTâ<br />

NCVKPâ1EWRC/KG)KECTCEVGTFGRWVCVFG5KMNQUÉPWNVKOC&KGVâ)KTGFCEVQT<br />

CNWPGKHQKWPICTGFGNWOKPCTGCEQORCVTKQ/KNQT5VCVWTâUEWPFâ(C/â<br />

NWPIWKC/â UNCDâ 6GP OCTQPKW (TWPVG NCVâ 2âT UWT 1EJK OCTK<br />

5RT¸PEGPG NCVG 0CU CUEW/KV )WTâ RTQRQT/KQPCVâ &KP/KK ÉPEâ DWPK<br />

$âTDKG NWPIWKC/â $CTDâ )K OWUVC/â NWPIâ )K NCVâ 5GOPG URGEKCNG<br />

XQTDG)VGGZCNVCVOGTIGEWRC)K TGRG\K É)K /KPG ECRWN QCTGEWO TKFKECV<br />

E¸PF XQTDG)VG IGUVKEWNGC\â OGTGW EW O¸PC )K RQCTVâ RâTWN NWPI<br />

¡ODTâEâOKPVG PW RQCVG HK KPFKECVâ GZCEV FG QDKEGK RWTVC WP RCNVQP<br />

OCTQFGKCTPâ <br />

5KGDGPD×TIGT 9QEJGPDNCVV FGFKECUG RCIKPK ÉPVTGIK FG<br />

EQOGPVCTKKNCCFTGUCPQKNQTCNKC/KFKPHGDTWCTKGTW)KK+PVTCTGCVTWRGNQT<br />

TWUG)VK ÉP 6TCPUKNXCPKC NC ÉPEGRWVWN NWK HGDTWCTKG HWUGUG TGEGRVCVâ ÉP<br />

VGTOGPK OQFGTC/K ÉP VQCVG \KCTGNG KPVGTPG )K GZVGTPG 9QEJGPDNCVV UG<br />

ÉPITKLQTCFGQRKPKCIGTOCPKNQTXK\CXKFGCEGUVHCRVFCTPQVC5GRCTGEâ<br />

ÉP)GTOCPKCUCÉP/GNGU VQVW)K Eâ ÉP CEGUV EJKR UC RWVWV UCNXC FG NC<br />

FKUVTWIGTGEQORNGVâQRCTVGC2âO¸PVWNWK5âUGUEETGFKPEKQUÉORâTCVWNWK<br />

)KQRCTVGCNQEWKVQTKNQTUâK

2WEJPGTFâFWCUEWNVCTGINCUWNWKWOCPKVâ/KK)KTWIâOKP/KNQTTGWPKVGCNG<br />

PC/KWPKKTQOCPG)KUâUG)VKFGEJGOCTGCCLWVQTWNWKTWUEWVQCVGEâGNPW<br />

GTCÉORWVGTPKEKVNCCEGCUVCFGEâVTGIWXGTPWNEG\CTQETâKGUE&GCEGGC<br />

NCHGDTWCTKG2WEJPGTEQPXQEâWPEQPUKNKWFGTâ\DQK5RTGUH¸T)KVWN<br />

CFWPâTKKWPEWTKGTFKP$TC)QXCFWUG)VKTGCEâFGUGEWKCTHKVTGEWV<br />

ITCPK/C /âTKK NQT )K COGPKP/CW QTC)WN #EGCUVâ ÉORTGLWTCTG FGVGTOKPâ<br />

FGEK\KC EQPUKNKWNWK FG Tâ\DQK FG CK EJGOC RG TW)K Uâ CRGTG 5KDKWN )K<br />

$TC)QXWN%CWTOCTGCEGTGTKKNWK2WEJPGTÉP$TC)QXKPVTCTâFGTW)K<br />

NCHGDTWCTKGKCTNC5KDKWÉPHGDTWCTKGFGQCOGPK2WEJPGT)KCTHK<br />

OQVKXCV KPK/KCVKXC ÉPHâRVWKVâ HâTâ ÉORWVGTPKEKTGC IWXGTPWNWK CWUVTKCE<br />

RTKP CEGGC Eâ CLWVQTWN QHGTKV FG VTWRGNG TWUG)VKUGTGHGTâPWOCKNC<br />

CRâTCTGCOQOGPVCPâCQTC)GNQTUâUG)VK)KEâPKEKPWRQCVGHKXQTDCFGQ<br />

RCTVKEKRCTGCEVKXâCCEGUVQTCNCNWRVCWNVGTKQCTCÉORQVTKXCTGDGNKWPKK<br />

9QEJGPDNCVVÉPUW)KÉ)KGZRTKOCGPVW\KCUOWNFGRGQRQ\K/KG<br />

UKOKNCTâEWEGCC\KCTWNWKQHKEKCNFKP8KGPC&WRâRCVTWEKPEKUâRVâO¸PK<br />

FGC)VGRVCTGÉPHTKIWTCVâTW)KKXGPKTâÉPUH¸T)KV5NCXâ&QOPWNWK'TC)K<br />

VKORWN OCK CNGU NC FX ÉP $TC)QX %GK OCK ÉPXGT)WPC/K RQVTKXPKEK CK<br />

EJGOâTKKTW)KNQTTGEWPQUEEâ$TC)QXWNPWCTHKRWVWV/KPGRKGRVEGNQT<br />

UGEWK)KPKEK5KDKWNFCEâWPEQTRUGEWKGUEKUCTHKCNâVWTCVNWK<br />

$GO)KEâCHQUVEQTGEVTC/KQPCOGPVWNOCLQTKVâ/KKEQPEGVâ/GPKNQTPQ)VTK<br />

ECTG CW ÉP/GNGU FG NC ÉPEGRWV Eâ CLWVQTWN VTWRGNQT CRCT/KPâVQCTG WPGK<br />

RWVGTKUVTâKPGCHNCVGÉPXGEKPâVCVGQHGTKVÉORQVTKXCFW)OCPWNWKPQUVTW<br />

EQOWPEGPGCOGPKP/âEWOQCTVGCRTCFC)KPKOKEKTGCCLWVQTCEQTFCV<br />

NC EGTGTGC PQCUVTâ )K RG EJGNVWKCNC PQCUVTâ PW RQCVG HK RTKXKV EC Q<br />

RTQDNGOâ FG KPVGTXGP/KG &CT TWUQHQDKC TGRWDNKECPKNQT OQFGTPK ÉK<br />

ÉORKPIGUâXCFâÉPQTKEGCRCTK/KGCTW)KNQTQCOGPKP/CTG5C)KKPWCTHK<br />

WTOâTKVPKEKQKPVGP/KGRQNKVKEâCVWPEKE¸PFKCWEJGOCVRGTW)K%âEK<br />

CHNC/K FCTâ PQK PW CO CXWVPGXQKGFGTW)K)KPWKCOEJGOCVECGKUâ<br />

KORWPâKPVGP/KKNGRQNKVKEGCNGPQCUVTGUCWCNGRCTVKFGKPQCUVTG)KPKEKEC<br />

UâEQPVTKDWKGNCÉPEJGKGTGCXKEVQTKQCUâRGPVTWCEGCUVâRCTVKFâ)KRGPVTW<br />

VTQP C VTKUVWNWK Tâ\DQK EKXKN 0W EâEK RGPVTW CODGNG UEQRWTK CLWVQTWN<br />

UVTâKPPCHQUV)K PW GUVG PGEGUCT +PVGP/KKNG PQCUVTG RQNKVKEG UWPV EGNG<br />

TGEWPQUEWVG FG RTKPEKRG )K EGNG PWVTKVG FG OCLQTKVCVGC EGVâ/GPKNQT<br />

UVCVWNWK ¡P 6TCPUKNXCPKC URTG TW)KPGCCTFGNGPKNQTPWUGRWTVCWP<br />

Tâ\DQKRGRTKPEKRKWNUWRTGOC/KGKOKNKVCTG%KPC/KWPKNGECTGÉ)KUVCWHC/â<br />

ÉP HC/â CW WTOâTKV RTKP Tâ\DQK GZRNKEKV UV¸TRKTGCTGEKRTQEâ&KPVTQ<br />

FGRNQTCDKNâTâVâEKTGCT¸XPGKHC/âFGRTQRTKWNRQRQTCWOWTKVDâVT¸PK<br />

HGOGK)KEQRKKPGXKPQXC/K.CKPVGTXGP/KKNGÉORâEKWKVQCTGCNGOKPKUVGTWNWK<br />

EEPKEKTQO¸PKKPKEKOCIJKCTKKPW)KCWRNGECVWTGEJGC5C)KKCHNC/KNC<br />

OKLNQE ÉPEQPLWTC/K FG HCPCVKUO )K RTâFâEKWPK CPKOCNKEG É)K C)VGRVCW

EGCUWNFKPWTOâ+OCIKPGCEGVâ/KKUWTQTK4GIJKPNGRNWVGCÉPHC/CQEJKNQT<br />

5âPGURWPâEKPGXCEGCXCPVCL)KEGQPQCTGCOHKFQD¸PFKVFCEâCOHK<br />

ÉPV¸ORKPCV QTDK CEGNC)K FGUVKP 4W)KK PW UG COGUVGECW ÉP NWRVGNG FKP<br />

CHCTCEGNQTFQWâQTC)G)KWTOCWUâRâTâUGCUEâ\QPCÉPFCVâEGCPKOCNWN<br />

UâNDCVKEGTCTâRWUKCTV¸NJCTWNCFWUÉPHC/CLWFGEâVQTWNWKUâW<br />

#VKVWFKPGC TWUQHKNâ )K RTQCWUVTKCEâ C NWK 9QEJGPDNCVV UG<br />

ENâFGC RG Q RQ\K/KG PGV CPVKOCIJKCTâ 9QEJGPDNCVV UG CHNC CEWO NC<br />

CPVKRQFWNRTQRTKKNQTUCNGCHKTOC/KKFKPRTKOâXCTCNWK.COCTVKG<br />

5KDKWNHWEWEGTKVFG$GONCOCTVKGNC$TC)QXUGOCKUETKCCUVHGN%W<br />

CFGXâTCVUGEWKKUWPVWPRQRQTWT¸V0QKKCOEWPQUEWV9QEJGPDNCVV<br />

FGUETKC DCVCNKQCPGNG NWK $GO /CK ÉPV¸K FG VQCVG GNG CXGCW WP ECTCEVGT<br />

OWNVKPC/KQPCNHKKPFEQORWUGÉPOCTGRCTVGFKPWPIWTKCRQKFKPXCNCJK<br />

FKP\QPC1TCFGKFKPKPHCPVGTK)VKKVCNKGPKUNQXCEK1HK/GTKKGTCWOCKCNGU<br />

OCIPC/K KCT URWOC NQT UWPV OKNKVCTK IGTOCPK CVTC)KFGQCXCPUCTG<br />

TCRKFâ &KPVTG CEG)VKC EGK OCK JQVâT¸/K GTCW JWUCTKK MQUUWVJKGPK<br />

ÉPVQVFGCWPCRTKOKKNCCVCE

VTKUVGNGWTOâTKCNGUGPVKOGPVWNWKPC/KQPCNTâUEQNKVRTKPETW\KOKTGEKRTQEG<br />

)KRTKPFG\NâP/WKTGCDTWVCNKVâ/KKRQRQTWNWKFGT¸PF <br />

.CQUâRVâO¸PâFWRâCTVKEQNGNGFGOCKUWUUKVWC/KCUGUEJKODâ<br />

TCFKECN)KNC$TC)QX.COCTVKGQTC)WNUGRTGFâFGDWPâXQKGÉP<br />

O¸KPKNG NWK $GO ¡P WNVKOWN UâW PWOâT ÉPCKPVGC ÉPEGVâTKK CRCTK/KGK <br />

OCTVKG 9QEJGPDNCVV RWDNKEC RTQENCOC/KC NWK $GO &WRâ CV¸VGC<br />

PGEC\WTK C UQUKV ÉP UH¸T)KV OCTGC )K PQTQEQCUC \K ÉP ECTG EW DWEWTKG<br />

CFGXâTCVâXâXGUVGUEEâFW)OCPWNEQOWPCTOCVCTWUâ)KCWUVTKCEâC<br />

HQUVÉPHT¸PV)KCHWIKVÉP8CNCJKCEâRCEGCCHQUVEWEGTKVâÉPVQCVâ/CTC<br />

9QEJGPDNCVV TGNCVC HWIC CTOCVGK TWUQCWUVTKGEG RGUVG RCUWN<br />

6KOK) ÉP /WPVGPKC /KNKVCTKNQT NK UG CNâVWTCTâ NQEWKVQTK CK $TC)QXWNWK<br />

FQWâ EQORCPKK CNG ICTFGK PC/KQPCNG FKP 5KDKW )K Q WPKVCVG C ICTFGK<br />

PC/KQPCNG FKP 5KIJK)QCTC #TOCVC GNKDGTCVQCTG C XKVGC\WNWK IGPGTCN<br />

UWRTGO$GOCKPVTCVECRTKGVGPâÉPQTC)OCT/KNCCOKC\âFWRâEGEWQ<br />

\KÉPCKPVGÉPHTWPVCUGEWUWEEGUNC%QFNGCQCTOCVâCWUVTKCEâ1FGNGIC/KG<br />

FKP RCTVGC /CIKUVTCVWNWK )K C EQOWPKVâ/KK QTâ)GPG)VKKCKG)KV ÉP<br />

ÉPV¸ORKPCTG FQOPWNWK IGPGTCN UWRGTKQT EW WP UVGCI CND )K KC RTGFCV<br />

QTC)WN#EWOKGUGENCTNCUWRTCHC/âE¸VFGVCTGCHQUV/KPWVÉPÉPVWPGTKE<br />

RQRQTWNFGURTGDTCXGNGVTWRGOCIJKCTG)KEâC/¸/CTGCFKPVTGRQRQCTGC<br />

HQUVRNâPWKVâRTGOGFKVCVRGPVTWCURTKLKPKFGURQVKUOWN+GTKCCXWVNQENC<br />

6KOK)QNWRVâÉPECTGQVTWRâ$KCPEJK)KE¸/KXCTW)KCWEâ\WVÉPO¸KPKNG<br />

VTWRGNQTPQCUVTGOCIJKCTG <br />

%G UG ÉPV¸ORNC EW ,QJCPP )ÑVV ÉP CEGUV TâUVKOR! *GTOCPP<br />

6QPVUEJCFGUETKUCUVHGNTGRGTEWUKWPKNGRGTKQCFGKQEWRC/KGKOCIJKCTGC<br />

$TC)QXWNWK OCTVKG KWNKG CUWRTC XKG/KK RGTUQPCNG C<br />

GFKVQTWNWK &CEâ )ÑVV GTC FKP ECRWN NQEWNWK WP CTJCPIJGN URKTKVWCN CN<br />

PQKNQTVKORWTKÉPECFTGNGNGICNKVâ/KKOQFWNWKUâUGUEFGCHKHWQNQXKVWTâ<br />

ITGC RGPVTW HQKNG )K RGTUQCPC UC E¸PF ÉP HWTVWPQ)KK CPK <br />

$TC)QXWNEâ\WXTGOGNPKEÉPUVâR¸PKTGCOCIJKCTKNQT'NHWUCNXCVFGHWTKC<br />

TGXQNW/KQPCTKNQT PWOCK RTKP KPVGTXGP/KCEQOCPFCPVWNWKUWRTGO<br />

PQDKNWN$GOECTGÉNÉPUâTEKPâRGEQNQPGNWN-KUUUâXGIJG\GCUWRTCXKG/KK<br />

NWK )ÑVV ¡P EKWFC CEGUVWK HCRV )ÑVV UWHGTK FG VTGKQTKCVCEWTKÉPEWTUWN<br />

PQR/KKRGPVTWCHKTKFKECV)KFWUUâHKGGZGEWVCVNC5H¸PVWN)JGQTIJG<br />

&GFQWâQTKÉNUEâRâRTQRTKCUCRTG\GP/â FG URKTKV FKP O¸KPKNG<br />

WTOâTKVQTKNQTUâKCVTGKCQCTâÉKUCNXâXKC/CEQOCPFCPVWN56QVJ <br />

+DKFGOPTOCTVKGRPTOCTVKGRRR<br />

+DKFGOPTOCTVKGR<br />

*GTOCPP6QPVUEJ&KG*QPVGTWURTGUUGKP,CJTGP(GUVUEJTKHVFGT$WEJFTWEGTGK,QJCPP<br />

)ÑVVU5QJP$TC)QXR

2TG\GP/CFGURKTKVCGFKVQTWNWK,QJCPP)ÑVVGTCÉPUâFGQUGDKVFG<br />

CEWVâ EWO TG\WNVâ )K FKP EGNG FG OCK LQU ¡P OKLNQEWN PQWNWK FGEQT<br />

OKNKVCT,QJCPP)ÑVVUEJKODCVKVNWN\KCTWNWK5KGDGPD×TIGT9QEJGPDNCVV<br />

ÉP -TQPUV¼FVGT

CRCTK/KCRGE¸PF5KGDGPD×TIGT$QVGÉODTâ/K)CUG PQWC TGCNKVCVG<br />

ÉPEGTE¸PFVQVW)KUâUGRâUVTG\GÉPNKOKVGNGWPGKRQUKDKNGQDKGEVKXKVâ/KK<br />

CORWVGCCVTKDWKNWK)ÑVVÉPUW)K Q OCTLâ FG QRQTVWPKUO 1TKECTG CT HK<br />

GZRNKEC/KC CVKVWFKPKK UCNG GUVG FG QDUGTXCV RTGIPCPVC UC CTIWOGPVCTG<br />

VGQTGVKEâ KNWUVTCVâ )K ÉP PWOGTGNG WNVGTKQCTG CNG NWK -TQPUV¼FVGT<br />

WPIWTG)VKNKRUKVGFGCRâTCTGPâXâNK/KPQCRVGCCUWRTCNQEWKVQTKNQTNKRUK/K<br />

FGITKLK)KÉKWEKFG/K8QKC/KCXWV\CFCTPKECKPVGP/KGFGCFKUVTWIGPGCOWN<br />

ECTGCÉORâT/KVFGUGEQNGEWXQKHTâ/G)VG)KDWEWTKC)KUWHGTKP/C <br />

¡P PWOGTGNG )K FKP -TQPUV¼FVGT

&WRâ WP EQOGPVCTKW KTQPKE NC CFTGUC EKTEWNCTGK /CTKUVG \KCTWN<br />

ÉPFGOPC NC TWIâEKWPGC RTGUETKUâ FG IWXGTPWN OCIJKCT EG ÉPEGRGC<br />

CUVHGN &WOPG\GWNG RWVGTPKEG &WOPG\GW CN RQRQCTGNQT .C KWPKG<br />

-TQPUV¼FVGT

VQCVâRTQVGE/KCUCÉPUEJKODKPVTKICP/KK)KFKUVTWIâVQTKKNKPK)VKKCXGCWCUG<br />

VGOGFGVTKDWPCNG ¡PCEGGC)K\KTW)KKQEWRCW4WRGC<br />

.CKWNKG$GOÉNCVCEâRGPGC)VGRVCVGRG.×FGTUNC5KIJK)QCTC<br />

.WRVCUGFGUHâ)WTâÉPVTG5KIJK)QCTC)K#NDG)VK$GOHWÉPHT¸PV<br />

.C ÉPEGRWVWN NWK PQKGODTKG VTWRGNG /CTKUVG RâTâUGCW<br />

6TCPUKNXCPKC1)VKTGFKPPQKGODTKGCTâVCEâOCLQTKVCVGCIGPGTCNKNQT<br />

TW)K ECTG RCTVKEKRCUGTâ NC ECORCPKC FKP 7PICTKC UG ÉPFTGRVCW URTG<br />

8CT)QXKCRGPVTWCUGÉPHâ/K)CRTKPEKRGNWKTGIGPV <br />

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¡PVTQTGXKUVâCRTGUGK,QWTPCNTGXWGIC\GVCUKDKCPâCNWK4<br />

-TCDU7PVGTJCNVWPIGPCWUFGT)GIGPYCTVHâEGCNCHKPGNGNWKOCK<br />

WTOâVQCTGNGCRTGEKGTK,WTPCNGNGRQVHKÉORâT/KVGÉPCEGNGCECTGUWPVFGQ<br />

CPWOKVâ EWNQCTG )K PW RTGKCW PKOKE FKP EGGC EG PW UG RQVTKXG)VG EW<br />

CEGCUVC)KLWTPCNGECTGUGRTQENCOâRGUKPGECHQTWO5RTGEJUCCNCN<br />

VWVWTQT QRKPKKNQT )K FWRâ ECRCEKVCVGC NQT FG EWRTKPFGTG KPENWF VQVWN<br />

HâTâFKUETKOKPCTG)C\GVGFGRTKOWNHGNUWPVECOVQCVGHQKNGWPICTGPQK<br />

UC)KKCOCXWVTGEGPV)KFQCTRGPVTWWPHQCTVGUEWTVVKORWPCUGOGPGC<br />

\KCT%CHQTWOCNVWVWTQTQRKPKKNQTNCPQKUWPVEWPQUEWVGFGOCKFGOWNV<br />

HQKNGIGTOCPGDTC)QXGPG5WPVEQPXKPUEâTGFCE/KCNQT)KOâTGHGTNC<br />

GFKVQT PW UG UECNFâ ÉP CWT WPIWTGUE 'UVG ÉPUâ NC HGN FG UKIWT Eâ RG<br />

URG\GNGUC)KNQTHQKNGDTC)QXGPGCFWEOCIJKCTKOKKUGTXKEKKPGRTG/WKVG <br />

#O TGFCV EKVCVWN RGPVTW Eâ UKPVGVK\GC\â ECTCEVGTKUVKEKNG HWPFCOGPVCNG<br />

CNG RTGUGK UâUG)VK GFKVCVG FG ,QJCPP )ÑVV URKTKVWN NKDGTCN )K FGUEJKU<br />

RWDNKEKVâ/KKECHQTWOCNVWVWTQTQRKPKKNQT)KVGPFKP/GNGUCNGHKNQOCIJKCTG<br />

)ÑVV RTQXGPKPF FKPVTQ )GTOCPKG EG UKORCVK\C EW ECW\C<br />

WPICTâ )K GTC QUVKNâ EQPUGTXCVQTKUOWNWK DKTQETCVKE ÉPECTPCV FG #WUVTKC<br />

CLWPUÉP#TFGCNCRNKEâCKEKWPOQFFGXKC/âOGPVCNKVCVGCOQFGTPâ)K<br />

URKTKVWN FG ÉPVTGRTKPFGTG FGRTKPUG CECUâ 7TKC)GNG UCNG TGCNK\âTK<br />

GFKVQTKCNGCWHQUVGZRWUGOCKUWU)KÉPCEGUVFQOGPKWOGTKVGNGUCNGUWPV<br />

KPEQPVGUVCDKNG &KP PGHGTKEKTG PW CV¸V UKORCVKKNG UCNG RQNKVKEG FCW FG<br />

I¸PFKVQDUGTXCVQTWNWKCVGPVCNUETKUWNWKUâWE¸VECTCEVGTWNFWRNKEKVCTFG<br />

ECTG C FCV FQXCFâ ÉP CPKK TGXQNW/KGK 7)WTKP/C EW ECTG C UEJKODCV<br />

VCDGTGNG RQCVG HK GZRNKECVâ RTKP FQTKP/C FG C PCXKIC ÉP UKIWTCP/â RTKP<br />

CRGNG VWNDWTK CNG EGP\WTKK )K CRQK CNG Tâ\DQKWNWK EKXKN (W EQPVGUVCV ÉP<br />

GICNâ OâUWTâ FG UC)KK UKDKGPK ECTG ÉN CEW\CW FG TGNC/KK UVT¸PUG EW<br />

OCIJKCTKK)KUGEWKK)KFGUQNFC/KKMQUUWVJKGPKECTGÉKCOGPKP/CTâXKC/C<br />

&CEâ C)C EWO ÉPUW)K OâTVWTKUGC ÉP CWUVTKGEKK ÉK RTQRWUGUGTâ Uâ<br />

Q5D$QVGRPTKWNKGR<br />

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FGXKPâURKQPKCTGNTGHW\CUG!UGRCTGEâNCT¸PFWNUâWPWCHQUVHGTKV<br />

FG FGPWP/WTK ,QUGRJ $GFGWU XQP 5EJCTDGTI EQNCDQTCVQT CN HQKNQT<br />

UKDKGPG)KÉPCNVHWPE/KQPCTFGUVCVÉKVTKOKVGCNWK5GFNPKV\M[)GHWNRQNK/KGK<br />

UGETGVG C NWK /GVVGTPKEJ TCRQCTVG EG ÉK FGPWP/CWRG)ÑVV-WT\)K CN/K<br />

TGFCEVQTK DTC)QXGPK ¡PRQHKFCTGCE/KKNQT GEJKXQEG )K C RTQRTKKNQT UCNG<br />

LWUVKHKEâTK )K RTQOKUKWPK HC/â FG EKVKVQTK )ÑVV PW ÉPEGVâ PKEK Q ENKRâ Uâ<br />

GFKVG\G

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2GPVTWPC/KQPCNKVâ/KNGVTCPUKNXCPGRKCVTCWPIJKWNCTâCTGXQNW/KGK<br />

FGNCCHQUVRTQDNGOCWPKWPKK6TCPUKNXCPKGKEW7PICTKC/CKOWNV<br />

FGE¸V QQ EJGUVKWPG FG ETGFKP/âR GKPG5CEJGFGU)NCWDGPUEWOQ<br />

FGHKPGC (T 6GWVUEJ GC C FGXGPKV Q QR/KWPG QDNKICVQTKG 2GPVTW UCW<br />

ÉORQVTKXCWPKWPKK!¡PVâXâNWIWNGXGPKOGPVGNQTFKPQDKGEVCNFKURWVGNQT<br />

RQNKVKEKGPKNQT GC C EQDQT¸V FKTGEV ÉP CTGPC XKG/KK EQVKFKGPG %CRGVG<br />

ÉPHKGTD¸PVCVG UCW OKP/K ECNEWN¸PF NC TGEG RGTUQCPG FKPCOKEG<br />

PGOWN/WOK/K UCW NGPG)K RCUKXK CWVQUWHKEKGP/K %W VQ/KK CW VTGDWKV Uâ<br />

QRVG\GCEVKX)KTCFKECNFCUCWPW7PIWTKKUGEWKKTQO¸PKKUC)KKCWQRVCV<br />

EC)KEQTRWTKPC/KQPCNGÉPHWPE/KGFGKPVGTGUGNGRTQRTKK¡PU¸PWNHKGEâTGK<br />

PC/KQPCNKVâ/KÉPUâQR/KWPKNGPWCWHQUVOCKRW/KPFTCOCVKEGUH¸)KGVQCTG<br />

2UKJQNQIKCOWN/KOKNQT)KCEQPHKTOCVNGIKNGÉPOCTKNGCFWPâTKPC/KQPCNG<br />

&GUVKPGNG KPFKXKFWCNG CNG RGTUQPCNKVâ/KNQT CEGUVQT OQOGPVG FG OCTG<br />

ETK\â CW EWPQUEWV GTQKUO NQKCNKVCVG R¸Pâ NC OCTVKTKW PQPXKQNGP/â<br />

ETG)VKPâ R¸Pâ NC CWVQUCETKHKEKW CW IGPGTCV CE/KWPK K\XQT¸VG FKP<br />

EQPXKPIGTG)KCE/KWPKKUECVGFKPQRQTVWPKUONGRâFâTK)KNC)KVCVGXKQNGP/â<br />

)K ETW\KOK &KP CEGCUVâ RGTURGEVKXâ FWDNâ PC/KQPCNâ )K KPFKXKFWCNâ<br />

FGXKPGFGOPâFGKPVGTGUCVKVWFKPGCOCPKHGUVCVâFGUC)KHC/âFGWPKWPG<br />

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&WRâEGTGIGNG(VGHCPEGN5H¸PVNCÉPHT¸PVRG)[WNCXQKGXQFWN<br />

EGFQOPGCÉPRâT/KCNG6TCPUKNXCPKGKCEGCUVâ/CTâCHQUVUWRWUâEQTQCPGK<br />

WPICTG)KCTâOCUUWDUWRWPGTGCTGIKNQT7PICTKGKR¸PâNCÉPHT¸PIGTGC<br />

FGNC/QJEU¡PFGEWTUWNEGNQTEKPEKUGEQNG6TCPUKNXCPKCCUWHGTKV<br />

OCK FGITCDâ Q WPKWPG EW 7PICTKC FGE¸V Q ÉPEQTRQTCTG ÉP TGICVWN<br />

CEGUVGKCCEQTF¸PFWKUGNKDGTVâ/KURGEKCNG)KRTKXKNGIKKCRCTVG<br />

&WRâ ÉORâT/KTGC 7PICTKGK VKOR FG ÉPEâ WP UGEQN )K<br />

LWOâVCVG 6TCPUKNXCPKC C UVCV UWD UEGRVTWN WPQT RTKPEKRK RTQXGPK/K FKP<br />

T¸PFWN CTKUVQETC/KGK OCIJKCTG EQORNGV KPFGRGPFGP/K HC/â FG TGIKK<br />

7PICTKGK .C HKPGNG UGEQNWNWK CN NGC ÉP WTOC WPQT PGIQEKGTK<br />

FGUHâ)WTCVGRGRCTEWTUWNCEKPEKCPKEW%CUCFQOPKVQCTGCWUVTKCEâUC<br />

CLWPU NC UWRWPGTGC DGPGXQNâ EQPVTCEVWCNâ C /âTKK HC/â FG RWVGTGC<br />

KORGTKCNâ&KRNQOCNWK.GQRQNF+FKPFGEGODTKGEQPUHKP/GCPQWN<br />

UVCVWVCNRTKPEKRCVWNWKCWVQPQO6TCPUKNXCPKC

¡PEâFKP%CUCFQOPKVQCTGJCDUDWTIKEâFG/KPGC)KTCPIWN<br />

GTGFKVCTFGTGIGCN7PICTKGK0KEKCEGCUVâÉORTGLWTCTGPWCCVTCUFWRâ<br />

UKPGQÉPEQTRQTCTGC6TCPUKNXCPKGKNCTGICVWN7PICTKGKPKEKQCDFKECTGNC<br />

CWVQPQOKCUVCVCNâCRTKPEKRCVWNWK<br />

2TCI OCVKEC5CPE/KWPGCFGHKPKVNGIKUNCVKX)KCFOKPKUVTCVKX<br />

EQPFK/KKNGFGÉPHâRVWKTGCWPKWPKK/âTKNQT)KRTQXKPEKKNQTCHNCVGUWD%CUC<br />

FG *CDUDWTI RG Q DC\â EG RTGUWRWPGC QDNKIC/KC CRâTâTKK TGEKRTQEG )K<br />

OGP/KPGTGC EQPEQOKVGPVâ C KPFGRGPFGP/GK )K KPVGITKVâ/KK C CEGUVQT<br />

VGTKVQTKK<br />

#DKCFWRâOQCTVGCNWK+QUKHCN++NGCÉP2CTNCOGPVWNWPICTFKP<br />

QUCWTKFKECVRTKOGNGXCNWTKCNGEQP)VKKP/GKFGUKPGPC/KQPCNG<br />

OCIJKCTG C EâTGK GZRTGUKG C HQUV KPVGP/KC FGRNKPGK ÉPEQTRQTâTK C<br />

6TCPUKNXCPKGKR <br />

5VâTKNGVTCPUKNXCPGÉPVTWPKVGÉP&KGVC/âTKKECHQTCNCWVQPQOKGK<br />

NQTUCWQRWUCEGUVGKKPVGP/KK .C OCTVKG GNG CW ÉPCKPVCV CV¸V<br />

ÉORâTCVWNWK E¸V )K2CTNCOGPVWNWKWPICTQGZRWPGTGÉPECTGÉ)K<br />

TGCHKTOCWFGRNKPCCWVQPQOKGUVCVCNâ&WRâEGRTKPÉPEQTRQTCTGCCEGNQT<br />

Q2CTVGUTGCRRNKECVCGRTGICVWN7PICTKGKCTGKVGTCVVGPFKP/GNGCPGZKQPKUVG<br />

5VâTKNG VTCPUKNXCPG )KCW OGP/KPWV TGHW\WN RTKP TGRTG\GPVCP/C FKP <br />

OCTVKG #TIWOGPVC/KC OGOQTKKNQT FKP )K UG DC\C RG<br />

XGEJKNG NGIK )K CEQTFWTKNG FG UVCV FG NC 1TCFGC 5RGKLGT )K 2TCIC <br />

RG NGIGC VTCPUKNXCPâ FKP RG CEQTFWN EW IGPGTCNWN<br />

%CTCHHC )K RG 2TCIOCVKEC 5CPE/KWPG CTâV¸PFWUG Eâ<br />

QUKPIWTC WPKWPG RQUKDKNâ FKPVTG RTKPEKRCVWN 6TCPUKNXCPKGK )K TGICVWN<br />

7PICTKGK UVCDKNKVâ ÉP EQPFK/KKNG OGP/KPGTKK NGIKNQT OWPKEKRCNG C<br />

FTGRVWTKNQT)KRTKXKNGIKKNQTVTCPUKNXCPGCHQUVFGLCFGOWNVÉPHâRVWKVâFG<br />

CEGGC5VâTKNGPWPWVTGUEPKEKEGCOCKOKEâFQTKP/âFGCCEEGRVCQPQWâ<br />

WPKWPG ECTG PW CT ÉPUGOPC CNVEGXC FGE¸V Q TGÉPEQTRQTCTG ECTG CT<br />

RGTKENKVC NGIKNG FTGRVWTKNG )K RTKXKNGIKKNG 5VâTKNQTR 5G URGEKHKEC NKORGFG<br />

RWPEVWNFGXGFGTGCNGZKUVGP/GKKPFGRGPFGPVGCEGNQTFQWâTGICVGFWQ<br />

4GIPC <br />

¡P CPKK UC OCPKHGUVCV RTKOC QCTâ Q HTCE/KWPG C<br />

PQDKNKOKK OCIJKCTG NKDGTCNG ECTG C TâOCU OKPQTKVCTâ ÉP &KGVâ EG<br />

UWU/KPGC KFGGC WPKWPKK 6TCPUKNXCPKGK EW 7PICTKC 6QVW)K KFGGC CXGC<br />

CEEGPVG OCK RW/KP TCFKECNG FGE¸V ÉP 7PICTKC FGQCTGEG EQPHTWPVC/K EW<br />

UWRGTKQTKVCVGC PWOGTKEâ C TQO¸PKNQT NKDGTCNKK OCIJKCTK CTFGNGPK GTCW<br />

ÉPENKPC/KURTGWPEQORTQOKUECTGUâCUKIWTGRTKXKNGIKKNGECUVGKPQDKNKCTG<br />

'WIGPXQP(TKGFGPHGNU,QUGRJ $GFGWU XQP 5EJCTDGTI $GKVT¼IG \WT

¡P &KGVC FKP UCW RWU RG VCRGV FKP PQW VGPFKP/GNG<br />

OCIJKCTG4GCE/KC5VâTKNQTVTCPUKNXCPGCHQUVTGRTG\GPVCP/CFKPOCTVKG<br />

EG UWU/KPGC RG CEGGC)K DC\â KFGGC 6TCPUKNXCPKGK EC RTKPEKRCV<br />

KPFGRGPFGPV HC/â FG 7PICTKC EGNG FQWâ TGEWPQUE¸PF CEGNC)K RTKPEKRG<br />

FQOPKVQTFCTCX¸PFNGIKRTQRTKK<br />

1 WNVKOâ TGRTG\GPVCP/â GOKUâ FG 5VâTKNG /âTKK PQKGODTKG<br />

NC UEWTV VKOR ÉPCKPVG FG ÉPEJGKGTGC NWETâTKNQT WNVKOGK &KGVG<br />

FGUHâ)WTCVGÉPEQPFK/KKRC)PKEGCRâTCQRQ\K/KGKFGPVKEâ<br />

%CNGC VTCFK/KQPCNâ C HQUV DTWUE CDCPFQPCVâ FGRâ)KVâ FG<br />

X¸NVQCTGCGXGPKOGPVGNQTTGXQNW/KQPCTG<br />

<br />

+\DWEPKTGC TGXQNW/KGK NC 2GUVC )K CPWP/CTGC RTQITCOWNWK ÉP <br />

RWPEVG CN PC/KWPKK OCIJKCTG CW FWU NC RTGEK\CTGC RQ\K/KGK UC)KNQT<br />

CTFGNGPK /CPKHGUVWN RGUVCP GZRTKOC GZRNKEKV FQTKP/C TGXQNW/KQPCTKNQT<br />

OCIJKCTKFGTGCNK\CTGCWPKWPKKFKPVTG6TCPUKNXCPKC)K7PICTKC%GKOCK<br />

RW/KPFGFGUC)KVTâKVQTKÉPOCLQTKVCVGRG2âO¸PVWN%TâKGUECW<br />

HQUVFGNCÉPEGRWVEQP)VKGP/KFGKPHGTKQTKVCVGCPWOGTKEâÉPECTGUGCHNCW<br />

RTGEWO)KFGHCRVWNEâFGCVKVWFKPGCNQTFGRKPFGCCV¸VUWRTCXKG/WKTGC<br />

E¸V)KICTCPVCTGCFTGRVWTKNQTNQTKUVQTKEG<br />

/CKÉPV¸KECTGGTCWFTGRVWTKNGNQTKUVQTKEG!2âO¸PVWN5âUGUE<br />

EWRTKPFGC XGEJGC RTQXKPEKG C 5KDKWNWK CFKEâ EGNG )CRVG UECWPG<br />

CRCT/KPâVQCTG UECWPWNWK 5KDKW 1Tâ)VKG 5GDG) /KGTEWTGC 5KDKWNWK<br />

0QETKEJ%KPEW4WRGC5KIJK)QCTC)KFKUVTKEVGNG$TC)QX)K$KUVTK/C6QCVG<br />

ÉORTGWPâ HQTOCW OWPKEKRKWN UâUGUE C EâTWK QTICPK\CTG KPVGTPâ UG<br />

ÉPVGOGKC RG 2WPEVGNG TGIWNCVKXG FKP (QTWN TGRTG\GPVCVKX CN<br />

2âO¸PVWNWK %TâKGUE )K EQPEQOKVGPV EGC OCK ÉPCNVâ KPUVCP/â<br />

CFOKPKUVTCVKXâ)KLWTKFKEâGTC7PKXGTUKVCVGCPC/KQPCNâUâUGCUEâEQPFWUâ<br />

FG EQOKVGNG UC)KNQT #WVQPQOKC UâUGCUEâ GTC ICTCPVCVâ VQEOCK RTKP<br />

GZKUVGP/COWPKEKRKWNWKKCT7PKXGTUKVCVGCGTCCRâTâVQCTGCOWPKEKRCNKVâ/KK<br />

UâUG)VK &G CEGGC QTKEG CVGPVCV NC HWPE/KQPCTGC 7PKXGTUKVâ/KK GTC WP<br />

RGTKEQN NC CFTGUC CPUCODNWNWK XKG/KK UâUG)VK CWVQPQOG (K KPXGTU QTKEG<br />

RTQDNGOâ FG ÉPUGOPâVCVG PC/KQPCNâ GTC FG\DâVWVâ ÉP CFWPâTKNG<br />

7PKXGTUKVâ/KK C)CPWOKVGNG EQPHNWZG PC/KQPCNG 7PKXGTUKVCVGC HKKPF WP<br />

HCEVQT FG GEJKNKDTW )K WPKVCVG C QRKPKKNQT UâUG)VK 5WD TCRQTV RQNKVKE<br />

FGRWVC/KKUECWPGNQT)KFKUVTKEVGNQTUâUG)VKTGRTG\GPVCWPC/KWPGCUâUGCUEâ<br />

ÉP&KGVCVTCPUKNXCPâECTGÉ)KFGHâ)WTCNWETâTKNGRGUGE/KWPKFGRWVC/KKUC)K<br />

CX¸PFRTQRTKKNGNQTCFWPâTKPC/KQPCNG)KÉPRNGPEWRCTVKEKRCTGCEGNQT<br />

VTGK5VâTK<br />

#EGUVG W\CP/G HWUGUGTâ R¸Pâ CEWO PGEGUCTG )K UWHKEKGPVG<br />

RGPVTW CUKIWTCTGC RG ECNG NGICNâ C RTKXKNGIKKNQT UâUG)VK ¡P OCTVKG

ÉPUâQTFKPGCFGFTGRVUGENâVKPCKCTQTFKPGCFGHCRVCRWECUGRGWPHâIC)<br />

KORTGXK\KDKN %QOKVGNG UC)KNQT 7PKXGTUKVCVGC HWPE/KQPCTKK )K FGRWVC/KK<br />

FKGVCNKUC)KEQPUVKVWKCWGKUKPIWTKQRKPKCPC/KWPKK!2GPVTWRTKOCQCTâ<br />

XQEGC QRKPKGK RWDNKEG UâUG)VKUCGZRTKOCVÉPRTGUâ

TKFKEâUVGCIWNCWUVTKCEUGE¸PVâKOPWNEWOCTGGPVW\KCUOKCTEGVâ/GCPWN<br />

4CPPKEJGTGNÉPUW)KLWTPCNKUVXQTDKÉPHC/COWN/KOKK<br />

0KEKQCNVâWPKWPGFGE¸VEGCCEGNQTRCVTWPC/KWPKVTCPUKNXCPG<br />

0KEKQCNVâWPKWPGÉPCHCTâFGCEGGCCVWVWTQTRQRQCTGNQTCRCT/KPâVQCTG<br />

UVCVWNWKCWUVTKCE0KEKQCNVâWPKWPGFGE¸VEGCCHNCVâUWDRCLWTCDKEGHCNâC<br />

#WUVTKGK # ÉPEJGKC Q WPKWPG CRCTVG ÉPVTG FQWâ /âTK EG /KP FG UVCVWN<br />

CWUVTKCEÉPUGCOPâÉPCNVâVTâFCTG <br />

#VKVWFKPGC CPVKWPKQPKUVâ HW GZRTKOCVâ ÉPVTWP GUGW FG OCTG<br />

CPXGTIWTâ RWDNKECV ÉP 8QNMUHTGWPF /CK ÉPV¸K UG RTG\GPVCW<br />

CTIWOGPVGNG RTKGVGPKNQT WPKWPKK + EQPUVKVW/KC NKDGTCNâ C 7PICTKGK<br />

FGUHKKP/CTGCTQDQVGNQT)KCFKLOGKUCTEKPKGICNGRGPVTWVQ/KEGVâ/GPKK/âTKK<br />

NKDGTVCVGC RTGUGK ++ 7PICTKC CT HK CUKIWTCV OGP/KPGTGC EQPUVKVW/KGK<br />

OWPKEKRCNG)KCCWVQFGVGTOKPâTKKUâUG)VK+++6TCPUKNXCPKCCTHKCRCT/KPWV<br />

ÉPHCRV7PICTKGK)KQFGURTKPFGTGPWCTHKHQUVRGTOKUâ+8QRTKPEKRGNG<br />

ÉPUW)K C UCPE/KQPCV WPKWPGCR PP HCNU 8 EJKCT FCEâ UC)KK UCT HK<br />

TKFKECVÉORQVTKXCWPKWPKKCTHKHQUVUVTKXK/K)KFGUHKKP/C/K&CTWPKQPK)VKK<br />

PW XGFGCW FGE¸V CXCPVCLGNG PW )K RGTKEQNWN COGPKP/âVQT CUEWPU UWD<br />

HNQTK#RQKUGÉP)KTCWOQVKXGNGTGURKPIGTKKHGTOGCWPKWPKK+#TFGCNWN<br />

UKPIWTHâTâCTGPWP/CNCKPFGRGPFGP/CUCRWVGCCFQRVCQEQPUVKVW/KG<br />

NKDGTâEâEKUGEQNGNCT¸PF6TCPUKNXCPKCCUVCVRGRTQRTKKNGGKRKEKQCTG<br />

%WQUWRTCHC/âFGFGOKNGRâVTCVGDQICVâÉPOGVCNG)KUCTGEWWP<br />

RâO¸PVOâPQU)KOKNKQCPGFGNQEWKVQTK6TCPUKNXCPKCPCTCXGCCUVHGN<br />

FGÉPFWTCVUKUVGOWNEGPVTCNKUVFGNC$WFCRGUVC++)CTCP/KKNGURGTCVGFKP<br />

RCTVGC7PICTKGKUGFGUVTâOCW#THKEWCFGXâTCVPGFGOPFGPQKUâPG<br />

DC\âO RG OâTKPKOKC CNVQTC %W CV¸V OCK RW/KPâ OâTKPKOKG VTGDWKC<br />

C)VGRVCVâFKPRCTVGC7PICTKGK+++#HKTOC/KCEâ6TCPUKNXCPKCCTCRCT/KPG<br />

7PICTKGK GUVG CFGXâTCVâ PWOCK ÉP OâUWTC ÉP ECTG CEGCUVC UG CHNâ UWD<br />

TGIKK 7PICTKGK ¡P TGUV 6TCPUKNXCPKC GUVG Q /CTâ EQORNGV KPFGRGPFGPVâ<br />

WPKVâEW#WUVTKCRTKPEQPVTCEVGRTQRTKK+8/CKGUVCVGCUCXCEQPHKTOC<br />

NGIGC RTKXKPF WPKWPGC 7PICTKGK EW 6TCPUKNXCPKC PWOCK FCEâ 5VâTKNG<br />

6TCPUKNXCPKGKÉ)KXQTFCCEQTFWN85âNCUEWNVâORG/CTNKPECTGFG<br />

CNVHGNGUVGWPRTKGVGPGZEGUKXCNWPKWPKKFGUETKKPFUVCTGCFGNWETWTKFKP<br />

7PICTKC<br />

¡P $TCVKUNCXC GXTGKK UWPV QOQT¸/K ÉP DâVCKG NC 2ÃEU UWPV<br />

CNWPIC/K NC 2GUVC UWPV ÉPFGRâTVC/K FKP ICTFC PC/KQPCNâ )KNWOGC<br />

VWTDGC\â ÉORQVTKXC GOCPEKRâTKK NQT .WOKPâ NWOKPâ ¡P PQTFWN<br />

7PICTKGK UNQXCEKK XQT Uâ)K RTQENCOG NKODC EC NKODâ FKRNQOCVKEâ ÉP<br />

%TQC/KCÉKRC)VGNGIGCOCT/KCNâRGVQ/KEGKECTGUKOVWPIWTG)VGÉP#TCF<br />

5D8QNMUHTGWPFCTVKEQNWN5EJYCT\WPF)GND0GITW)KICNDGPPTOCK<br />

R

NKDGTCNKKUWPVÉPâDW)K/KÉPU¸PIGEGKFKP0QXKUCFXQTUâUGWPGCUEâEW<br />

5KTOKC NC 6KOK)QCTC U¸TDKK UVTKIâ

5VGTPJGKO RWP¸PFWUG ÉP NQEWN NWK )K RTQENCO¸PF TGRWDNKEC NC<br />

5KIJK)QCTC <br />

5CVGNNKV HâEGC RWDNKEâ Q EJGOCTG C RTGQVWNWK GXCPIJGNKE<br />

DTC)QXGCP)GQTI*KPV\FGRTQOQXCTGCWPKWPKKFGEâVTGEQOWPKVâ/KNG<br />

UEâWPCNGUâUG)VK 5KGDGPD×TIGT9QEJGPDNCVVFG)VGRVCKORTGUKCEâVQ/K<br />

EGVâ/GPKK $TC)QXWNWK CITGCW KFGGC WPKWPKK TGXGPFKECVG ÉP FGENCTC/KC<br />

OCIJKCTâ 2GUVCNQ\\K )K 9GUUGNÃP[ /KMNÎU UGOPCW CTVKEQNG FGURTG<br />

DKPGHCEGTKNGWPKWPKKEW-CTC7PIWTGCUEâ5GGOKVGCWCRTGEKGTKPGICVKXG<br />

EWRTKXKTGNCEGGC%GCTGFGURGTCV#TFGCNWNFGNCQWPKWPGEW<br />

#WUVTKC <br />

$N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG RWDNKEC WP<br />

CORNWN CTVKEQN RTQITCOCVKE COKPVKV OCK UWU %G CTG FG HâEWV<br />

6TCPUKNXCPKC ÉP RTG\GPV! .C 2CTKU UG FGENCP)CUG TGXQNW/KC RGPVTW<br />

FTGRVWTK DWTIJG\G 8CNWTKNG GK CVKPUGUGTâ #TFGCNWN 5G EJGOC NC<br />

ÉPCTOCTGRQRWNCTâ%CUCTEKPKXKKVQCTGUGUVCDKNGCW#NGIGTGCWPGKPQK<br />

TGRTG\GPVCP/G C /âTKK DC\CVâ RG WPKWPGC EW 7PICTKC )K RG CPUCODNWN<br />

RQRWNC/KGK5âPWOCKGZKUVGTGICNK)VK EK FQCT FGRWVC/K NKDGT CNG)K <br />

4GEWPQC)VGTGEQORNGVâCGICNKVâ/KKVWVWTQTENCUGNQTRQRWNCTGUâPWOCK<br />

HKG KOWPKVâ/K )K RTKXKNGIKK PQDKNKCTG 5â UG FGUHKKP/G\G WTDCTKWN KCT<br />

UCTEKPKNG RWDNKEG Uâ HKG RWTVCVG GICN FG VQ/K8QVCTGCWPGKPQKNGIKC<br />

KORQ\KVGNQT RG DC\C XGPKVWNWK /KE)QTCTGC GHGEVKXGNQT CTOCVGK )K<br />

ÉPHKKP/CTGCIâT\KNQTPC/KQPCNG1CFOKPKUVTCTGTGURQPUCDKNâCCXW/KGK<br />

PC/KQPCNGEWFGURâT/KTGCECUGNQTFQOGUVKECNGFGECUC/âTKK.KDGTVCVGC<br />

RTGUGK &GURâT/KTGC LWUVK/KGK FG CFOKPKUVTC/KG TGEWPQC)VGTGC<br />

EQPUVKVW/KGKOWPKEKRCNGPC/KQPCNGUâUG)VK'NCDQTCTGCWPWKEQFRGPCN<br />

KPVTQFWEGTGCVTKDWPCNGNQTFGLWTC/KTGIWNCTK\CTGCRQNK/KGK#TVKEQNWNGTC<br />

UGOPCV EW KPK/KCNGNG Q6)R )GQTI6GWVUEJ 7PKWPGC QHGTGC FGEK<br />

RTG\WOVKXECFTWNNGICNFGCRNKECTGCEGNQTOCKXCTKKTGHQTOGQD)VG)VK<br />

%WO ÉP/GNGIGCW ÉPUâ EQPETGV UC)KK CEGC WPKWPG! 0C/KWPGC<br />

UâUGCUEâ VTGDWKC Uâ KC RQ\K/KG HGTOâ Uâ CEEGRVG WPKWPGC PWOCK FCEâ<br />

#PFTGCPWO É)K RâUVTC XCNCDKNKVCVGC 0GOQ GQU LWFKEGV PKUK 0QU GV<br />

%QOGU%KDKPGPUKU0KOGPKUâPWKLWFGEGRGUC)KÉPCHCTâFG0QK<br />

TGIG)KFG%QOGUWNFKP5KDKW&GEKWPKTGCUâCKDâNQERTKPPGENKPVKTGC<br />

(TKGFTKEJ6GWVUEJ)GQTI&CPKGN6GWVUEJ)GUEJKEJVGUGKPGU.GDGPU&TWEMWPF8GTNCI<br />

XQP9-TCHHV5KDKWR<br />

5CVGNNKVPTOCTVKGR<br />

5D9QEJGPDNCVVPTCRTKNKGR<br />

+DKFGOPTOCKR<br />

$N¼VVGTH×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFGPTCRTKNKGR<br />

5D9QEJGPDNCVVPTOCKR<br />

$N¼VVGTPTCRTKNKGR

UVCVWUSWQWNWK EW OGP/KPGTGC )K TGEWPQC)VGTGC )K ÉP EQPVKPWCTG C<br />

CWVQPQOKGK OWPKEKRCNG C 7PKXGTUKVâ/KK PC/KQPCNG C FTGIâVQTKKNQT<br />

UEâWPCNG )K NQECNG C HWPE/KGK EQOGUWNWK C UECWPGNQT FG LWFGECVâ<br />

UâUG)VKFKUEWVCTGCRTQDNGOGNQTIGPGTCNGCNG/âTKKÉP&KGVCWPICTâ<br />

WPKWPGCUC)KNQTEWEGNGNCNVGPC/KWPKFG5VCTGFKP6TCPUKNXCPKCCTVTGDWK<br />

Uâ UG OGP/KPâ )K RG XKKVQT RG DC\C CRâTâTKK LWTKFKEG TGEKRTQEG )K C<br />

RâUVTâTKKFTGRVWTKNQT)KNKDGTVâ/KNQTNQT <br />

%JGUVKWPGCRTKPEKRCNâTâO¸PGCWPKWPGC%¸VCTHKFGÉORâT/KVG<br />

RâTGTKNGÉPCEGCUVâRTKXKP/âEGKOCKOWN/KUWPVFGCEQTFEâGCRQCVGHK<br />

ÉORNKPKVâ FCEâ PC/KWPGC WPICTâ É)K Fâ UKNKP/C Uâ CUKIWTG HâTâ PKEK Q<br />

NG\CTG EQPUVKVW/KC EGVâ/GPKNQT FG RG 2âO¸PVWN 5âUGUE NC HGN EWO C<br />

CUKIWTCVQUNCXKNQTFKPTGICVWNWPICT! <br />

4GPC)VGTGC7PICTKGKRQRWNCTGEJGOCNCWPKWPG2GFGQRCTVG<br />

ÉP EWORâPâ CV¸TPCW VQCVG CXCPVCLGNG RQUKDKNG CNG NKDGTVâ/KK FG CNVâ<br />

RCTVGÉPUâRTGECW/KCÉPFGOPCNCWTOâVQCTGCLWFGECVâ0WPQKPWXTGO<br />

Uâ PG FKUVTWIGO UKPIWTK Q PGWPKTG EW 7PICTKC ÉPUGOP¸PF CPWNCTGC<br />

UC)KNQTWPRQRQTOKEDN¸PF)K ÉORTâ)VKCV ÉP VGTKVQTKW FG <br />

QCOGPK7PKWPGCCTHKCUKIWTCVVQVW)K KPFKXKFWCNKVCVGC PC/KQPCNâ 0W<br />

GUVG WP XKU CEGNC Eâ WP UVCV OWNVKNKPIXKUVKE RQCVG GZKUVC HâTâ EC Q<br />

PC/KQPCNKVCVGUQÉPIJKVâRGCNVCFCEâCEGGCPWOQCTGFGDâVT¸PG/G%C<br />

GZGORNWUGQHGTGCUKVWC/KCFKP#OGTKECFG0QTF <br />

2TGUCUâUGCUEâRWDNKEâOCPKHGUVGNGEGNQTFQWâVGPFKP/G<br />

7PWNFKPCEGUVGCQ2TQITCOWNRQNKVKERGPVTWUC)KKCTFGNGPKRFG<br />

/CTNKPGTCQCFGTCTGÉPHQECVâNCECW\CWPKWPKK 2QGVWN )K ICTFKUVWN<br />

/CTNKPRWDNKEKUVNC)ÑVVCFCVÉPVTGCICGZRTGUKGCVGORGTCOGPVWNWKUâW<br />

GZCNVCV RTKP CEGUV RTQITCO 'N RTGEQPK\C ÉP RWPEVG Q UVTCVGIKG<br />

TCFKECNâFGXKKVQTRGPVTWRQRQTWNUâUGUEGZENWUKXÉPECFTWNWPKWPKKEW<br />

7PICTKC4GFCE/KC\KCTWNWK5CVGNNKV)KGCRTQWPKQPKUVâEQOGPVCÉPVTQ<br />

PQVâ (VKO Uâ EKPUVKO )K Uâ RTGNWâO EW TGEWPQ)VKP/â HQEWN UH¸PV CN<br />

CEGUVWK HKW CN RCVTKGK ECTG ÉK ÉPUWHNG/G)VG EJGOCTGC &KP UVTâHWPFWN<br />

UWHNGVGNQTPQCUVTG)KPQKUWPVGORGPVTWQ#WUVTKGRWVGTPKEâWPKVâFCT<br />

OCK ÉPV¸K FG VQCVG CRCT/KPGO FG 7PICTKC )K CO CRCT/KPWV FG GC ÉPEâ<br />

ÉPCKPVGFGCKPVTCÉPWPKWPGCOQPCTJKGKCWUVTKGEG1#WUVTKGRWVGTPKEâ<br />

RTKPEGCOCKKPVKOâCNKRKTGNCTGICVWN7PICTKGKWPKVG<br />

2NGE¸PF FG NC EGNG RWPEVG RGUVCPG /CTNKP NG RTQRWPGC<br />

UC)KNQT<br />

7PKWPGEW7PICTKCNKDGTVCVGHTCVGTPKVCVGNKDGTVCVG<br />

+DKFGOPTCRTKNKGR<br />

+DKFGOPTCRTKNKGR<br />

+DKFGOPTOCKR

#NKPKGTGCUECWPGNQT)KFKUVTKEVGNQTUâUG)VKUWDCUEWNVCTGCWPQTKPUVKVW/KK<br />

RQRWNCTGFCTUNWLKVQCTGCNGTGHQTOGK<br />

)CTCP/KKLWTKFKEGRGPVTWCUQEKC/KCPC/KQPCNâ)KRQNKVKEâCUC)KNQTEC)K<br />

RGPVTWKPXKQNCDKNKVCVGCVGTKVQTKWNWKNQT<br />

)CTCP/KG LWTKFKEâ RGPVTW W\WN NKODKK IGTOCPG ÉP CHCEGTKNG KPVGTPG<br />

EQPEQOKVGPVEWHQNQUKTGCNKODKKOCIJKCTGEC)KNKODâFKRNQOCVKEâ<br />

6TKOKVGTGCFGFGRWVC/KUC)KNC2CTNCOGPVWNFKP$WFCRGUVC<br />

%QPHNWZGNGCPWCNGUâUG)VKUâFG\DCVâTCRQTVWTKNGKPVGTPG)KGZVGTPGCNG<br />

UC)KNQTFCTUâHKGUWRWUGIWXGTPWNWKWPICT<br />

%QOGUWNPC/KWPKK Uâ HKG RTG)GFKPVG CN EQPHNWZWNWK )K EQOCPFCPV CN<br />

IâT\KNQTRQRWNCTGUâUG)VK<br />

4GHQTOCTGCKPUVKVW/KKNQTUâUG)VKUâRQTPGCUEâPWOCKFKPURTGCFWPCTGC<br />

PC/KQPCNâ<br />

.QEWKVQTKKFGRG2âO¸PVWN5âUGUEXQTDKVQTKFGNKODâXCNCJâVTGDWKGUâ<br />

HKGGOCPEKRC/KRQNKVKE)KEQPHGUKQPCN)KUâNKUGRGTOKVâCEEGUWNNCVQCVG<br />

HWPE/KKNGTCPIWTKNG)KOG)VG)WIWTKNG<br />

(KGECTGNQECNKVCVGXCNCJâFGRG2âO¸PVWN5âUGUEUâQD/KPâQ)EQCNâ<br />

IGTOCPâ<br />

&GUHKKP/CTGC FKLOGK FGUHKKP/CTGC RTGQ/KNQT RTQVGUVCP/K ÉP UCVGNG<br />

XCNCJGUCNCTK\CTGCENGTWNWKFWRâXGEJKOGFGEâVTGPC/KWPGKORQ\KVCTGC<br />

VWVWTQTDWPWTKNQTDKUGTKEG)VK<br />

¡PCRQKGTGCEâVTGPC/KWPGCUHGTVWTKNQTFGFKLOâ<br />

(KGQTGHQTOCTGVGOGKPKEâHKGFK\QNXCTGCDTGUNGNQT<br />

%CTCEVGT RWDNKE )K QTCN FâTK FG UGCOâ CNG HWPE/KQPCTKNQT UC)K<br />

RWTKHKECTGC/CIKUVTCVGNQT5âECFâNWOKPâCUWRTCRâECVGNQTDKTQETC/KGK<br />

PQCUVTGEâTGKCÉPRTKOWNT¸PF)KCRQKÉPXâ/âVQTKNQTPQ)VTKVTGDWKGUâNG<br />

OWN/WOKORGPVTWOK\GTKCÉPECTGUGCHNâPC/KWPGC<br />

+PVTCTGC VWVWTQT EQOWPGNQT UWRWUG PC/KWPKK ÉP T¸PFWN EQOWPGNQT<br />

NKDGTGEWCWVQCFOKPKUVTC/KG<br />

4GHQTOC)KNKDGTVCVGCÉPXâ/âO¸VWNWKNCHCEWNVCVGCFGFTGRVFKP5KDKW<br />

4GHQTOC VGOGKPKEâ C IKOPC\KKNQT C UKORNKHKECTGC UVWFKKNQT D<br />

FGUHKKP/CTGC NKODKK NCVKPG ÉP )EQNKNG KPHGTKQCTG E ECVGFTâ FG NKODC<br />

OCIJKCTâ F ECVGFTG FG )VKKP/G PCVWTCNG G FGUHKKP/CTGC UVWFKKNQT<br />

WOCPKUVG EG ÉPUQ/GUE EWTUWTKNG FG VGQNQIKG H UGOKPCTKK RGFCIQIKEGI<br />

FGUHKKP/CTGCRTQHGUQTKNQT)KCQTGNQTRTKXCVGJECVGFTGRTQHGUQTCNGHKZGK<br />

EJGOCTGC FG DâTDC/KECTGUâÉPXG/G VKPGTGVWN PW FQCT FG NC #NGRJ NC<br />

)KOGNEK)KUâ)VKGUâKXQTDGCUEâFGURTGGRQECEQPVGORQTCPâ)KFGURTG<br />

RCVTKG &WOPG\GWN NKDGTVâ/KK )KCNFTCIQUVGKUâPGCLWVGUâFWEGONC<br />

ÉORNKPKTGVQCVGCEGUVGC

6¸PâTWN/CTNKPUETKCCEGUVRTQITCOÉP2GUVC4GFCE/KCEGXCOCK<br />

VGORGTCVâRWDNKECÉPEJKRFGTGRNKEâ7PTâURWPUNCRTQITCOWNRQNKVKE<br />

EâVTG UC)KK CTFGNGPK UGOPCV NC 5GDG)FG/CTNKPUGPKQTEâRKVCPÉP<br />

ICTFCPC/KQPCNâ(KWNOGW0WCOFGHGNFGI¸PFUâVGFQLGPGUERGPVTW<br />

GPVW\KCUOWN VâW ÉPVTQ ECW\â EG C HâEWV ÉPNWOGUGP\C/KGRTKPOâTG/KC<br />

GK 'N VCVâN CRâTC FQCT XKTVW/KNG UC)KNQT EG CW HQUV OKPKOCNK\CVG FG<br />

PGICVKXKUOWNHKWNWKÉPGNCPWNNWKFGÉPPQKTG)KTWRVWTâHC/âFGVQVEGGUVG<br />

XGEJK (K KCTâ)K RTQDNGOC WPKWPKK FKP ÉP/GNGREKWPGC IGPGTC/KGK OCK<br />

X¸TUVPKEG (TC/K WPIWTK PQK Xâ ÉPVKPFGO ÉPETG\âVQTK Q O¸Pâ<br />

ETGFKPEKQCUâFGHTCVGFCTXâEGTGOUâXC/KPG/KLWTâO¸PVWNWPKWPKKHâEWV<br />

PQWâ%JGUVKWPGCUâUGÉPEJGKGÉP&KGVâC)CEWO)KÉORâTCVWNQFQTG)VG<br />

ÉPNKPK)VG)KHâTâNKOKVCTGCFTGRVWNWKFGXQV #PGZGFQEPT<br />

%GNFGCNFQKNGCCTVKEQNGUVGECRWNFGUGTKGCNCPVKWPKQPKUOWNWK<br />

6JGQFQT(CDKPKUETKC(VK/KEGÉPUGCOPâCEGUVGNKVGTG7PKQPWPKWPG!<br />

¡PUGCOPâPKEKOCKOWNVPKEKOCKRW/KPEâDC\¸PFWXâRGGNGRQRQTWN<br />

UâUGUE UG NCUâ ÉP XQKC OKNGK UCW C PGÉPFWTâTKK WPIWTKNQT FCU<br />

5CEJUGPXQNMGTIKDVUKEJXGTOÑIGFGTUGNDGPCWH)PCFGWPF7PIPCFGCP<br />

FKG7PICTP)KCPWOGHâTâQUKPIWTâNQXKVWTâFGUCDKGEâC)VGCRVâEC<br />

OâTKPKOKCWPIWTGCUEâUâKFGCVQVEGCFG/KPWVFGCNWPIWNUGEQNGNQTVQV<br />

EGGC EG FG/KPG C\K FG HCRV )KFGFTGRVVQVEGGCEGXCFG/KPG RG DWPâ<br />

FTGRVCVG RG XGEKG EG PWK RQCVG NWC EW HQT/C PKEK WP WPIWT )K PKEK WP<br />

XCNCJFCEâPQKÉP)KPGPWTKFKEâOO¸PCRGPVTWCPGUKPWEKFG%KPGC<br />

WTOâTKVEWTUWNGXGPKOGPVGNQTFKP7PICTKCCIJKEKVÉPEQVTQUGÉPFTGCRVâ<br />

UVTâFCPKKNG)KEWEGTKTKNGHWTVWPQ)KNQTIWXGTPRTQRTKWFQTKP/CFGQUGDKVâ<br />

FGCCXGCWPOKPKUVGTRTQRTKWFGHKPCP/G )K FG Tâ\DQK GNKOKPCTGC<br />

OKNKVCTKNQTPGOCIJKCTK)COF 6JGQFQT(CDKPKUCKORNKECVWNVGTKQTÉP<br />

QTICPK\CTGC DCVCNKQPWNWK FG VKPGTK UC)KNWRVâVQTKÉORQVTKXCCTOCVGK<br />

OCIJKCTG)KCOWTKVÉPCVCEWNFGNC1Tâ)VKGNCHGDTWCTKG #PGZG<br />

FQEPT<br />

2TGEWO UG )VKG &CPKGN 4QVJ HâEGC WPGNG RTGXK\KWPK CUWRTC<br />

XKKVQTWNWKCRTQRKCVÉPDTQ)WTCUC&GURTGWPKWPG)KCNâVWTCVWPEWX¸PV<br />

FGURTG Q RQUKDKNâ OQPCTJKG FCEQTQOCPKEâ UWD EQTQCPC #WUVTKGK<br />

%QODâV¸PF KFGKNG NWK &CPKGN 4QVJ $N¼VVGT H×T )GKUV )GO×VJ WPF<br />

8CVGTNCPFUMWPFG RTG\GPVCW EKVKVQTKNQT FQWâ CFTGUG FKP )GTOCPKC<br />

2TKOCUGÉPFTGRVCEâVTGOCIJKCTKÉPFGOP¸PFWKUâÉKVTCVG\GECHTC/KRG<br />

/CTNKP2QNKVKUEJGU2TQITCOOCPFKGUKGDGPD×TIGT5CEJUGPÉP5CVGNNKVPTCRTKNKG<br />

R<br />

6JGQFQT(CDKPK-GKPG7PKQPÉP5CVGNNKVPTOCKR<br />

(TKGFTKEJ6GWVUEJ&KG5CEJUGPKO,CJTGÉPQ*WPFGTV,CJTGU¼EJUKUEJGT<br />

-¼ORHGR5KDKWR

IGTOCPKK FKP #TFGCN HKKPFEâ CEG)VKC XQT Uâ TâO¸Pâ IGTOCPK # FQWC<br />

CFTGUâÉKUHâVWKCRGUC)KUâÉ)KCRGTGVTGEWVWN)KOCKCNGUIGTOCPKVCVGC <br />

¡PVTWE¸VKPVGTGUGNG)KCNKCP/GNG)GTOCPKGK)KCNG#WUVTKGKPWEQKPEKFGCW<br />

ÉPVQVFGCWPC UWDNKPKGTGC IGTOCPKVâ/KK UC)KNQT CTFGNGPK C HQUV HQNQUKVâ<br />

RGPVTWRTKOCQCTâEWWPUEQRRQNKVKENC2GFGQRCTVGUC)KKGTCW<br />

EGVâ/GPK NQKCNK CK UVCVWNWK CWUVTKCE RG FG CNVâ RCTVG RTKP RTQENCOCTGC<br />

IGTOCPKVâ/KK NQT UG CVC)CW NC EQNCDQTCTGC IGTOCPQOCIJKCTâ EG<br />

FGXGPGCRG\KEGVTGEGCVQVOCKHâ/K)CPVKCWUVTKCEâ<br />

&KGVCFKP%NWLEQPXQECVâNCOCKÉKEQPHTWPVâRGUC)KEW<br />

Q UKVWC/KG PQWâ 5RTG FGQUGDKTG FG WNVKOGNG &KGVG ÉP ECTG WPKVCVGC<br />

XGFGTKNQT UâUG)VKHWUGUGWPHCRVFGNCUKPGÉP/GNGU CEWO VQEOCK<br />

EJGUVKWPGC RTKPEKRCNâ CHNCVâ RG VCRGV RTQXQEâ FG\DKPCTGC NQT 5KDKWN )K<br />

OCLQTKVCVGCLWTKUFKE/KKNQTUâUG)VKUGFGENCTCWÉORQVTKXCWPKWPKK$TC)QXWN<br />

5KIJK)QCTC )K 4WRGC FâFWUGTâ KPUVTWE/KWPK FGRWVC/KNQT NQT FG C XQVC<br />

WPKWPGCEW7PICTKCFCTEWOGP/KWPGCGZRTGUâCTGURGEVâTKKEQPFK/KKNQT<br />

UâUG)VK<br />

¡PITKLQTâTKNGEGNQTECTGUGVGOWUGTâEâFG\DCVGTGCWPKWPKKPWUG<br />

XCHCEGRTKPEQPUHâVWKTGNKDGTâ)KRTKPTGURGEVCTGCRTGUETKR/KKNQTNGICNGUG<br />

CFGXGTKTâ ¡PEâ FKP FKOKPGC/C RTKOGK )GFKP/G ÉP RNGP UâTKPF RGUVG<br />

RTKOGNGFQWâRWPEVGCNGQTFKPKKFG\K5VâTKNGNWCTâÉPFG\DCVGTGEGNFGCN<br />

VTGKNGCRWPEVTGHGTKVQTNCWPKWPG%QPHQTOFGENCTC/KGKFGRWVC/KNQTUKDKGPK<br />

ÉPECFTWNCFWPâTKKPC/KQPCNGFGUHâ)WTCVGÉPCEGGC)KUGCTâQRTGCOCTGNG<br />

KORCEV GZGTEKVCV ÉP WNVKOGNG \KNG )K QTG FG FGOQPUVTC/KWPKNG EGNQTNCNVG<br />

5VâTK CUWRTC EWIGVGNQT EGNQT RTG\GP/KR QRTGUKWPGC VGTQTKUOWNWK<br />

FQOKPCPVRKCWEQPFWURGFGRWVC/KKUC)KNCEQPENW\KCEâPWUGRWVGCW<br />

UWUVTCIGCEEGRVâTKKWPKWPKKURGT¸PFEâCUVHGNXQTRWVGCOâECTKORWPG<br />

TGEWPQC)VGTGC EQPFK/KKNQT UâUG)VK 'XKFGPV FWRâ XQVWN NQT CEQTFCV ÉP<br />

HCXQCTGCWPKWPKK)KFWRâRTQENCOCTGCWPKWPKKÉPRNGPWN&KGVGKÉPFCVC<br />

FGOCKPKEKPWUGOCKRWUGRTQDNGOCFKUEWVâTKKEQPFK/KKNQTÉPECW\â<br />

%QPVTCT W\CP/GK CTVKEQNWN TGURGEVKX HW TGFCEVCV ÉP FWDNW GZGORNCT )K<br />

ÉPCKPVCVURTGEQPHKTOCTG<br />

'XGPKOGPVWN RGVTGEWV NC %NWL UV¸TPK TGCE/KC XGJGOGPVâ C<br />

EGTEWTKNQT UâUG)VK /CK OWNVG LWTKUFKE/KK NG CEQTFCTâ WP XQV FG<br />

PGÉPETGFGTGFGRWVC/KNQTNQTFKGVCNKECTGÉ)KÉPEâNECUGTâKPUVTWE/KWPKNGCNVG<br />

EGTEWTK 5KDKWN 0QETKEJ É)K TGEJGOCTâ FGRWVC/KKEWVQCVGEâCEG)VKC<br />

EQPUGOPCUGTâQRKPKCNQTUGRCTCVâÉPRTQVQEQNWNCFWPâTKKPC/KQPCNGFKP<br />

OCK)KNGTGVTCUGTâOCPFCVGNGVTâI¸PFWKNCTâURWPFGTG<br />

$N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFG RTG\GPVC<br />

EKVKVQTKNQT FQWâ CEVG 7PWN RTQXGPGC FG NC CFWPCTGC EGVâ/GPGCUEâ FKP<br />

Q$N¼VVGTRPTOCKR

5KDKW KWPKG 5G CTâVC CKEK Eâ CFWPCTGC EGVâ/GPGCUEâ UKDKCPâ<br />

CE/KQP¸PFÉPEQPUGPUEWHTC/KKUKIJK)QTGPKÉKKORNQTCRGDTC)QXGPKUâNK<br />

UGCNâVWTGNCUGOPCTGCWPGKRGVK/KK CFTGUCVG 7PKXGTUKVâ/KK PC/KQPCNG #N<br />

FQKNGC CEV TGFC EQP/KPWVWN CEGUVGK RGVK/KK RTKP ECTG 7PKXGTUKVCVGC GTC<br />

TWI CVâ Uâ FGVGTOKPG VQCVG EGTEWTKNG UâUG)VK Uâ EQPFCOPG<br />

EQORQTVCOGPVWNFGRWVC/KNQTRGPVTWCQD/KPGKCTâ)KWPKVCVGCFGCE/KWPG<br />

ÉPU¸PWNRQRQTWNWKUâUGUE2GVK/KCGTCUWU/KPWVâFGUGOPâVWTK'WIGP<br />

XQP(TKGFGPHGNUUWU/KPGEâCFWPCTGCEGVâ/GPKNQTFKP5KDKW)KÉORTGLWTKOK<br />

FGEKUGUGCUGCFTGUCÉORâTCVWNWKFGCPWEQPHKTOCNGIGCWPKWPKK<br />

GPWP/CVâ ÉP &KGVâ ÉP WTOC XQVWTKNQT UOWNUG FGRWVC/KNQT UC)K #EGNC)K<br />

CWVQTCHKTOâEâFQCTÉPE¸VGXC\KNGEâEKRTQDNGOCGTCRTGUCPVâHWUGUGTâ<br />

UVT¸PUG CRTQCRG FG UGOPâVWTK QUGOPâVWTK CFGXâTCVG PW<br />

UGOPG FG ETWEG UKOWNCVG UCW KPUGTCVGR KCT FQEWOGPVWN HW VTKOKU NC<br />

+PPUDTWEMFGNGIC/KGKPC/KQPCNGUâUG)VKURTGCHKÉPO¸PCVOQPCTJWNWK <br />

%W VQCVG Eâ &KGVC VTCPUKNXCPâ GPWP/CUG HQTOCN WPKWPGC<br />

5KGDGPD×TIGT $QVG É)K EQPVKPWâ CVKVWFKPGC CPVKWPKQPKUVâ NC HGN<br />

6TCPUUKNXCPKC 8QNMUHTGWPF

5GFKUEWVCTâEQPFK/KKNGWPKWPKK(TCP\5CNOGPEQOGUWNUC)KNQT<br />

CFTGUâWPRTQVGUVÉORQVTKXCWPKWPKKOKPKUVGTWNWKOCIJKCTFG+PVGTPG <br />

5GFG\XâNWKCW2âECVGNG)WXGTPWNWKOCIJKCT 5KDKWNFGXGPKUG/KPVCFG<br />

CVCE C RTGUGK WPICTG ECTG UG UVTâFWKC Uâ CHNG RTKEKPKNG FKP ECTG CKEK UG<br />

TGURKPIGCWPKWPGC <br />

¡PVTGKWPKG)KKWNKGUGFGUHâ)WTâCFWPCTGCGZVTCQTFKPCTâC<br />

7PKXGTUKVâ/KK PC/KQPCNG ¡P )GFKP/C FKP KWPKG CFWPCTGC JQVâTÉ<br />

WTOâVQCTGNGEQPFK/KKFGCEEGRVCTGCWPKWPKKFGEâVTGPC/KWPGCUâUGCUEâ<br />

OGP/KPGTGC PGUEJKODCVâ C VGTKVQTKWNWK UâUGUE DC\C CUQEKGTKK<br />

PC/KQPCNGUâUG)VKQXCEQPUVKVWK)KOCKFGRCTVG7PKXGTUKVCVGCPC/KQPCNâ<br />

UWD EQPFWEGTGC EQOGUWNWK PC/KWPKK )K EW XKIQCTG ÉP FQOGPKKNG C<br />

LWUVK/KGK7PKXGTUKVCVGCPC/KQPCNâECKPUVCP/âFGCRGNDCFOKPKUVTC/KGK<br />

CXGTKKPC/KQPCNGECFQRVâTKKFGUVCVWVGICTCPVCTGCWPGKCFOKPKUVTâTK<br />

EQOWPCNG NKDGTG NKODC IGTOCPâ EC NKODâ FG CHCEGTK<br />

)GUEJ¼HVUURTCEJG NKDGTVCVGC )K KPFGRGPFGP/C DKUGTKEKNQT )K C<br />

)EQNKNQTRâUVTCTGCCWVQPQOKGK)KCNGIKNQTOWPKEKRCNGUâUG)VK #PGZG<br />

FQEPT<br />

2G FCVC FG KWNKGHWEQPXQECVNC2GUVC2CTNCOGPVWNWPICTÉP<br />

ECTG)KLWTKUFKE/KKNGVTCPUKNXCPGGTCWEJGOCVGUâ)KVTKOKVâTGRTG\GPVCP/K<br />

7PKXGTUKVCVGC PC/KQPCNâ UâUGCUEâ CO¸Pâ R¸Pâ ÉP WNVKOC ENKRâ CNGIGTGC<br />

FGRWVC/KNQT RGPVTW 2CTNCOGPVWN WPICT ÉPVTWE¸V ÉPV¸T\KC Uâ UQUGCUEâ<br />

UCPE/KQPCTGCCEGUVWKCTVKEQNFGEâVTGÉPCNVGNGHQTWTK4GUETKRVWNKORGTKCN<br />

FKP FCVCFGKWNKGEQPHKTOCUCPE/KQPCTGCWPKWPKKKCTTGUETKRVWN<br />

WNVGTKQT UWURGPFâ NWETâTKNG &KGVGK VTCPUKNXCPG EW ÉPEGRGTG FKP KWNKG<br />

¡PCEGGC)K\KCTJKFWEGNGRCNCVKP(VGHCPEQPHKTOâ)KGNNGIGCWPKWPKK<br />

ÉP CN EâTGK h UG GPWOGTCW OGODTKK %QOKUKGK WPKWPKK CNG)K FG EâVTG<br />

&KGVâ 7TOâVQTKK OGODTKK WTOCW Uâ EQPUVKVWKG FGNGIC/KC EG CXGC Uâ UG<br />

FGRNCUG\GNC2GUVCRGPVTWCPGIQEKCWPKWPGCECRTG)GFKPVGCN%QOKUKGK<br />

GTCPQOKPCNK\CVIWXGTPCVQTWNEQPVGNG6GNGMK,Q\UGHCNEâTWKNQE/KKVQTGTC<br />

RTG)GFKPVGNG &KGVGK DCTQPWN -GOÃP[ (GTGPE CRQK EQOKVGNG UWRTGO<br />

EQPVGNG6JQTQE\MCK/KMNQULWFGNGUWRTGOTGICN$CNUK,Q\UGHGRKUEQRWN<br />

ITGEQECVQNKE +QCP .GOGPK TGICNK)VKKEQPVGNG$GVJNGP,PQUEGN$âVT¸P<br />

DCTQPWN,ÎUKMC/KMNQUDCTQPWN-GOÃP[&QOQMQUEQPVGNG6GNGMK<br />

&QOQMQU *QTXVJ +UVXP FGRWVC/KKDCTQPWN-GOÃP[&G\UÑ,QUGRJ<br />

9KNJGNO .QGY )[GTI[CK (GTGPE DCTQPWN 9GUUGNÃP[K /KMNQU 5\U\<br />

-TQN[EQPVGNG6GNGMK.CLQU&GOGVGT,Q\UGH&CPKGN*CPMÎ#NGZCPFTW<br />

$QJâ/GNEQPUKNKGTWNVG\CWTCTKCN&GDTGE\GPK/TVKP)KGRKUEQRWNQTVQFQZ<br />

#PFTGK(CIWPC<br />

2TKP WTOCTG EGTEWTKNG UâUG)VK É)K VTKOKUGTâ FGRWVC/KK NC 2GUVC<br />

2CTNCOGPVWN FG NC 2GUVC GTC NC OQOGPVWN CEGNC UKPIWTC EQPUGEKP/â C<br />

RTQENCOCVGKWPKWPKC6TCPUKNXCPKGKEW7PICTKC%âEKÉP#TFGCNUKVWC/KCC<br />

TâOCU PGUEJKODCVâ )WDGTPKWN OWPKEKRKKNG )C EW GZEGR/KC<br />

UWURGPFâTKK&KGVGK)KC%CPEGNCTKGKCWNKEGQ0WGUVGPKEKQÉPFQKCNâEâNC<br />

XTGOGC CEGGC PW C CXWV NQE PKEK Q RWPGTG ÉP CRNKECTG RTQRTKW\KUâ<br />

HCRVKEâCWPKWPKKR'WIGPXQP(TKGFGPHGNU <br />

#DKC NC UGRVGODTKG FGRWVC/KC TGIPKEQNCTâ VTCPUKNXCPâ<br />

EQPFWUâFGIWXGTPCVQTWN6GNGMKÉPCKPVâ%COGTGKWPICTGCFGRWVC/KNQT<br />

RTQKGEVGNG FG NGIG XK\¸PF VTCPURWPGTGC ÉP RTCEVKEâ C WPKWPKK %JKCT<br />

VKVNWTKNG EGNQT FG RTQKGEVG FG NGIG KPFKEâ HCRVWN Eâ R¸Pâ CVWPEK PW<br />

HWUGUGXQTDCFGCRNKECTGCWPKWPKK<br />

#TV&GURTGWPKWPGC7PICTKGKEW6TCPUKNXCPKCCTV&GURTG<br />

TGEWPQC)VGTGC FGRWVC/KNQT VTCPUKNXCPK CTV &GURTG KPCTVKEWNCTGC NGIKK<br />

VTCPUKNXCPG FGLC EQPHKTOCVG TGHGTKVQCTG NC FGUHKKP/CTGC UCTEKPKNQT<br />

WTDCTKCNGCTV&GURTGVTCPUHQTOCTGCUCTEKPKNQTWTDCTKCNGFGUHKKP/CVGÉP<br />

6TCPUKNXCPKC ÉP FCVQTKG FG UVCV CTV &GURTG FGUHKKP/CTGC \GEKWKGNKK<br />

EQTRQTC/KKNQT CTV &GURTG QDNKIC/KC EQOWPâ FG KORQ\KVCTG ÉP<br />

6TCPUKNXCPKCCTV&GURTGUGRCTCTGCECUGNQTRTQXKPEKCNG)KFQOGUVKECNG<br />

VTCPUKNXCPGCTV&GURTGGZVKPFGTGCNGIKKRTGUGK)KÉP6TCPUKNXCPKCCTV<br />

&GURTGGICNCÉPFTGRVâ/KTGCTGNKIKKNQTTGEGRVGFKP6TCPUKNXCPKCÉPVTG<br />

ECTG GTC EWRTKPUâ )K EGC ITGEQECVQNKEâ CTV &GURTG QTICPK\CTGC<br />

CFOKPKUVTC/KGKRWDNKEGCTV&GURTGLWUVK/KCFKP6TCPUKNXCPKCCTV<br />

&GURTG XKKVQCTGC QEWRCTG C RQUVWTKNQT FG HWPE/KQPCTK UWRGTKQTK ÉP<br />

UECWPGNG UGEWKG)VK )K UâUG)VK CTV &GURTG WVKNK\CTGC HWPE/KQPCTKNQT<br />

VTCPUKNXCPK FG R¸Pâ CEWO CTV &GURTG CRTQDCTGC HWPE/KQPâTKK<br />

VGORQTCTG C CFWPâTKNQT EGTEWCNG ÉP 6TCPUKNXCPKC CTV &GURTG<br />

CNGIGTGC HWPE/KQPCTKNQT FKP EGTEWTKNG 6TCPUKNXCPKGK CTV &GURTG<br />

QTC)GNG VTCPUKNXCPG )K EQOWPGNG EW /CIKUVTCV CTV &GURTG<br />

EQPUVKVWKTGCIâT\KKPC/KQPCNGÉP6TCPUKNXCPKCCTV&GURTGGZVKPFGTGC<br />

)KÉP6TCPUKNXCPKCCNGIKNQTWPICTG+:)K:FKPTGHGTKVQCTGNCRQNK/KC<br />

FGECORCPKGRTGEWO)KNCFTGRVWTKNGCUWRTCCRGNQT)KECPCNGNQTCTV<br />

&GURTG RTG/WN UâTKK ÉP 6TCPUKNXCPKC CTV &GURTG ITCPK/C OKNKVCTâ<br />

VTCPUKNXCPâ<br />

'WIGPXQP(TKGFGPHGNUQREKVR

#DKC CEGUVG RTQKGEVG FG NGIK VKPFGCW Uâ EQPETGVK\G\G WPKWPGC<br />

/QFKHKEâTKNG RTGEQPK\CVG XK\CW FG RKNFâ ÉP CTVKEQNWN FGUHKKP/CTGC<br />

)WDGTPKWNWK VTCPUKNXCP )K UWDQTFQPCTGC LWTKUFKE/KKNQT PGOKLNQEKV<br />

)WXGTPWNWK WPICT FGUHKKP/CTGC 6G\CWTCTKCVWNWK VTCPUKNXCP )K<br />

VTCPUHGTCTGCCHCEGTKNQTUCNGÉPUGCOC/KPKUVGTWNWKWPICTCN(KPCP/GNQT)K<br />

%QOGT/WNWK UWDQTFQPCTGC EQPHGUKWPKNQT DKUGTKEKNQT )K ÉPXâ/âO¸PVWNWK<br />

FKP6TCPUKNXCPKC/KPKUVGTWNWKWPICTCN%WNVGNQT)K¡PXâ/âO¸PVWNWK<br />

¡P)GFKP/C FKP UGRVGODTKG PQCRVGC CEGUVG RTQKGEVG FG NGIG<br />

HWTâ EKVKVG ÉP %COGTC TGRTG\GPVCP/KNQT )K CFQRVCVG ÉP DNQE ÉP RTG\GP/C<br />

FGNGIC/KNQT UC)K KPECRCDKNK FG C TGCE/KQPC 0WOâTWN NQT PW OCK GTC<br />

EQORNGVEâEKNCUGRVGODTKG)CUGFGRWVC/KUC)KUGTGVTCUGTâFKP&KGVC<br />

WPICTâ EC TGCE/KG NC RTGXGFGTGC 2CTNCOGPVWNWK EC FG CEWO ÉPCKPVG<br />

TGRTG\GPVCP/KKUC)KUâHKGPWOK/KFGEâVTG)WXGTPWNOCIJKCT<br />

#OKPVKVGNG RTQKGEVG FG NGIG PW CLWPUGTâ Uâ HKG FG\DâVWVG )K ÉP<br />

%COGTC OCIPC/KNQT %W CV¸V OCK RW/KP GNG PW CW HQUV PKEKQFCVâ<br />

UCPE/KQPCVG FG ÉORâTCV PKEK RWDNKECVG PKEK PW CW KPVTCV XTGQFCVâ ÉP<br />

XKIQCTG)KCEGCUVCFKPRTKEKPCFG\NâP/WKTKKGXGPKOGPVGNQTU¸PIGTQCUG<br />

ECTGCWFWUNCTWRVWTCFKPVTG#WUVTKC)K7PICTKC <br />

#FWPCTGC EGTEWCNâ FG NC 5KDKW FKP UGRVGODTKG FGEKUG Uâ<br />

CEQTFG NCWFâ RWDNKEâ EGNQT FQK FGRWVC/K UKDKGPK TGVTC)K *GTOCPP<br />

5EJOKFV )K ,QUGRJ 4QUGPHGNF &G CUGOGPGC UG JQVâTC Eâ CFWPCTGC<br />

EGTEWCNâPWXQKCUâ)VKGCDUQNWVPKOKEFGURTGXTGQWPKWPGEW7PICTKC<br />

)K Eâ PW TGEWPQ)VGC )WXGTPWN WPICT 4GCE/KCFGUEJKUâFGHTQPFâHW<br />

OWNVEQOGPVCVâÉPRTGUâÉPWTOâVQCTGNGUâRVâO¸PK.CVTGKNWPKFWRâ<br />

WPKWPG EJKCT WPKQPK)VKK DTC)QXGPK VTGDWKCW Uâ TGEWPQCUEâ VGOGTKNG<br />

RCTVKFGKCPVKWPKQPKUVGRCTVQVW)KUâFGXKPâTGCNKVCVG <br />

.C QEVQODTKG UG ÉPVTWPK NC 5KDKW Q CFWPCTG EGVâ/GPGCUEâ EG<br />

GZRTKOâÉPRWPEVGFQTKP/GNG)KEGTGTKNGUC)KNQTÉPRGTKQCFCWTOâVQCTG<br />

2TQITCOWN RTQRWU XK\C PKEK OCK OWNV PKEK OCK RW/KPFGE¸VQ<br />

HGFGTCNK\CTG C #TFGCNWNWK 5G EGTGCW + OGP/KPGTGC CFGXâTCVGK NKDGTVâ/K<br />

EGVâ/GPG)VKGICNKVCVGÉPFTGRVWTKFGUHKKP/CTGCVWVWTQTUCTEKPKNQTHGWFCNG<br />

)KC\GEKWKGNKK++6TCPUKNXCPKCUâHKGFGENCTCVâTGICVFGUKPGUVâVâVQT+++<br />

TGICVWN6TCPUKNXCPKGKUâHKGRCTVGKPVGITCPVâCOQPCTJKGKCWUVTKGEG+8EC<br />

DC\â C WPGK EQPUVKVW/KK URGEKCNG Uâ UNWLGCUEâ WP UKUVGO HGFGTCVKX<br />

TGURGEVKXQTGCNâWPKWPGRQNKVKEâIGPGTCNâPWÉPUGPUWNITG)KVHQNQUKVCN<br />

+DKFGOR<br />

5D$QVGPTUGRVGODTKGRPTUGRVGODTKGR<br />

7PVGTJCNVWPIGP ECKGV QEVQODTKG R 6TCPUUKNXCPKC PT <br />

QEVQODTKGR<br />

5CVGNNKVPTUGRVGODTKGR

EWX¸PVWNWKQEQPVQRKTGCVWVWTQTRQRQCTGNQTFKP/CTâR 8 FGQCTGEG<br />

PWOCK WPIWTKK UGEWKK )K UC)KK CXGCW WP VGTKVQTKW FGNKOKVCV Uâ NK UG<br />

CFLWFGEG)KTQO¸PKNQTWPVGTKVQTKWRQNKVKECRCTVG8+CEGCUVâÉORâT/KTG<br />

VGTKVQTKCNâUâUGFGEKFâNW¸PFÉPEQPUKFGTCTGUKVWC/KCIGQITCHKEâEQPHQTO<br />

RTKPEKRKKNQT LWTKFKEG 8++ Uâ ÉPEGVG\G QTKEG RTKXKNGIKGTG C XTGWPGK<br />

EQPHGUKWPK ETG)VKPG 8+++ Uâ UG EQPXQCEG Q PQWâ &KGVâ C EGNQT RCVTW<br />

RQRQCTGÉPECTGUâHKGCFOKUGEGNGRCVTWNKODK+:EQPFWEGTGC/âTKKUâ<br />

HKG HQTOCVâ FKPVTWP PWOâT GICN FG OGODTK FKP T¸PFWN RQRQCTGNQT<br />

HGFGTCVKXG )K Uâ VTCVG\G EW HKGECTG RQRQT ÉP NKODC UC : CWVQTKVCVGC<br />

UWRTGOâÉP6TCPUKNXCPKCUâHKGVTCUâNCTâURWPFGTGFGEQTRWNNGIKUNCVKX<br />

:+ÉORâTCVWN)KTGIGNGGTCTWICVUâEQPXQCEGQCFWPCTGEQPUVKVWCPVâC<br />

EGNQTRCVTWRQRQCTGECTGUâNWETG\GNCQEQPUVKVW/KGURGEKCNâC/âTKK:++<br />

UâKUGRGTOKVâHKGEâTWKRQRQTUâTGCNK\G\GTGHQTOGÉPU¸PWNUâW2GDC\C<br />

EGNQTRWPEVGUGFQTGCTGEWPQC)VGTGCWPGKNKDGTVâ/KGICNGRGPVTWVQCVG<br />

RQRQCTGNG/âTKKHâTâ)VKTDKTGCRWVGTKKOQPCTJKGKÉPCPUCODNWNGK #PGZG<br />

FQEPT<br />

.GICVFGCEGUVRTQITCO5VGRJCP.WFYKI4QVJUETKCEâVTGDWKG<br />

Uâ CRCTâ ÉP VQCVG NKODKNG /âTKK )C\GVC FG 6TCPUKNXCPKC )K 1TICPWN<br />

PC/KQPCNCTRTGNWCEGKFTGRVCTVKEQNWNNWETWRGECTGPWNCTHCEG<br />

PKEKQHQCKGOCIJKCTâUCWFCEâNCTHCEGCTCFâWICEGNGOCKTW)KPQCUG<br />

QDUGTXC/KK ECTG CT UNâDK RTKOC KORTGUKG $C OCK OWNV TQO¸PKK<br />

4QOCKPGPCTVTGDWKÉPFGOPC/KUâVTKOKVâGZGORNCTGÉPVQCVGRCTQJKKNG<br />

NQTC)CEWOUCÉPV¸ORNCV)KR¸PâCEWOÉPVKORWNFKPWTOâ%GXKPGFKP<br />

RCTVGCNQTGUVGRTKOKV <br />

2GTKQFKEGNGVKRâTKUGTâ%QRKCFGURTGNGIâVWTCFGWPKTGGZKUVGPVâ<br />

ÉPVTG7PICTKC)KEGNGNCNVG/âTKCNG#WUVTKGK .CUGRVGODTKGÉORâTCVWN<br />

CFTGUC OCPKHGUVG RQRQCTGNQT )K VTWRGNQT UCNG FKP 7PICTKC +PEKFGPVG<br />

U¸PIGTQCUGÉP7PICTKCUGRVGODTKGEQPFWUGTâNCRTQOWNICTGCWPWK<br />

TGUETKRV KORGTKCN QEVQODTKG RTKP ECTG 6TCPUKNXCPKC KPVTC UWD<br />

KPEKFGP/C NGIKK FG Tâ\DQK #FCO 4GEUGK FG4GEUGHWPWOKVFGÉORâTCV<br />

5D8QNMUHTGWPFPTQEVQODTKGRRTQITCOWN9CUY×PUEJGP<br />

WPFXGTNCPIGPYKTRTGNWCV)KFG5CVGNNKVPTQEVQODTKGR<br />

5VGRJCP .WFYKI 4QVJ )GUCOOGNVG 5EJTKHVGP WPF $TKGHG CWU FGO 0CEJNC²<br />

JGTCWUIGIGDGPXQP1VVQ(QNDGTVJXQN&CU 5EJKEMUCN &QMWOGPVG CWU FGP ,CJTGP<br />

0CEJVT¼IG CWU FGP ,CJTGP /×PFNKEJG ¯DGTNKGHGTWPIGP #PGMFQVGP<br />

.GIGPFG$KQITCRJKUEJG

RTKOOKPKUVTW WPICT ¡ORâTCVWN OCK FGETGVC FGUHKKP/CTGC<br />

2CTNCOGPVWNWK WPICT UWDQTFQPCTGC VTWRGNQT FKP 7PICTKC )K<br />

6TCPUKNXCPKC DCPWNWK %TQC/KGK ,GNCEJKEJ EâTWKC K UG ÉPETGFKP/CW RWVGTK<br />

PGNKOKVCVG8QNMUHTGWPFECTGRWDNKECTGUETKRVWNFGUETKC)KTGCE/KCNWK<br />

-QUUWVJ ECTG ÉP WTCNGNG 2CTNCOGPVWNWK FGENCTC TGUETKRVWN Q EQOGFKG<br />

TW)KPQCUâUCWQV¸NJâTGCUEâNQXKVWTâFGHQT/âCECOCTKNGK)KCFKPCUVKGK<br />

ECTG PWOCK RTKP OKNC NWK &WOPG\GW PC HQUVÉPEâUKNKVâUâCDFKEG.C<br />

CRTQRKGTGC NWK ,GNCEJKEJ -QUUWVJ CHKTOC TâURKECV Eâ ÉK XC QRWPG EW<br />

W)WTKP/âQCTOCVâFGFGQCOGPK <br />

&WRâ K\DWEPKTGC Tâ\DQKWNWK EKXKN ÉP VQCOPC CPWNWK CV¸V<br />

7PKXGTUKVCVGC PC/KQPCNâ E¸V )K OCTGC OCLQTKVCVG C RQRWNC/KGKUâUG)VKUG<br />

CNâVWTCTâ PGEQPFK/KQPCV VCDGTGK KORGTKCNKNQT )K KORNKEKV VCDGTGK<br />

TQO¸PKNQT 5VCTGC FG URKTKV )K TC/KQPCOGPVWN OQOGPVWNWK CW HQUV DKPG<br />

UWTRTKPUGÉPEGNGDTGNGEWXKPVGCNGCEGNWKC)K5VGRJCP.WFYKI4QVJ¡PVTQ<br />

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UWRGTHNWâ EâEK RQNKVKEC C RâVTWPU ÉP XKC/â &GLC UG RQNKVK\GC\â EW<br />

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CHNCWÉPHC/CWPGKFGEK\KKOCLQTG¡P6TCPUKNXCPKCGNGOGPVWNOCIJKCTUC<br />

FGEKU FG NC ÉPEGRWV RGPVTW VTKEQNQT(QCTVGPCVWTCN+CTTQO¸PKKRGPVTW<br />

PQWNPGITWICNDGP(KPQKUC)KKVTGDWKGUâPGFGEKFGO0GWVTCNKVCVGCPW<br />

GUVGXCNCDKNâ0QKUWPVGOEGKOCKUNCDKFCTFGRCTVGCEGNQTFGECTGPG<br />

CRTQRKGOÉPENKPâODCNCP/C0WVTGDWKGUâWKVâOPKEKE¸PFEâUWPVGOEGK<br />

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DWPFGE¸VVTKEQNQTWN<br />

%GNG FQWâ CNVGTPCVKXG UWPV &CEâ PG RWPGO FG RCTVGC<br />

OCIJKCTKNQTCVWPEKGQKRUQUWPVGOÉORQVTKXCXCNCJKNQT)KCOQPCTJKGK<br />

ÉPVTGIK&CEâPGRWPGOFGRCTVGCXCNCJKNQTCVWPEKUWPVGOÉORQVTKXC<br />

OCIJKCTKNQT)KRGPVTWOQPCTJKG<br />

/CIJKCTKK )K TQO¸PKK UWPV EC\WTK CEEKFGPVCNG 'UGP/KCN GUVG<br />

RTKPEKRKWN KPVGITKVâ/KK OQPCTJKGK HKKPFEâ CEGCUVâ KFGG TGRTG\KPVâ<br />

ICTCP/KCRTQENCOCVGKEQPUVKVW/KKC#WUVTKGK6QCVGPC/KWPKNGNWRVâRGPVTW<br />

RTKPEKRKWN GICNGK ÉPFTGRVâ/KTK EGJKK ÉP $QGOKC UNQXCEKK ÉP 7PICTKC<br />

XCNCJKK ÉP 7PICTKC )K 6TCPUKNXCPKC UGTDKK ÉP 7PICTKC KVCNKGPKK )COF<br />

%CIGTOCPKKPKOCPGVTCIGOGTGWURTGIGTOCPK&CTFCEâ#WUVTKCPG<br />

GUVGFW)OCPâ)GTOCPKCG)KOCKÉPFGRâTVCVâ'WEC)KENGTKECOLWTCV<br />

UâHKWRTKGVGPCNRTKGVGPKNQTÉORâTCVWNWK)KFW)OCPCNFW)OCPKNQTNWK<br />

4GXQNW/KCOCIJKCTâPWOâFG\NGCIâFGLWTâO¸PVPKEKEJKCTÉPUKVWC/KC<br />

5D$QVGPTQEVQODTKGRPTQEVQODTKGR5D<br />

8QNMUHTGWPFPTQEVQODTKGR

ÉPECTGVQCVGEQPFK/KKNGPQCUVTGCTHKCEEGRVCVG¡PUâRGPVTWEâPWGFGNQE<br />

EC\WN FGEK\KC FGXKPG EW CV¸V OCK W)QCTâ )K FGQCTGEG EQPUVKVW/KC<br />

CWUVTKCEâGUVGOCKNKDGTCNâGCGUVGEWCV¸VOCKQPQTCDKNâ<br />

8GEJGCPQCUVTâEQPUVKVW/KGUâUGCUEâCHQUVRQUKDKNâE¸VVKORCO<br />

NQEWKVRGRâO¸PVWNPQUVTWEWTC/K)KPGCOGUVGEC/K&CTCEWOVTGDWKGUâ<br />

PGÉPFTGRVâ/KOEQPNQEWKVQTKK&CEâÉPEGPGRTKXG)VGPGRNCEGEWX¸PVWN<br />

GICNKVCVGVTGDWKGUâPGI¸PFKOEâ)KTQO¸PKNQTNGRNCEGNCHGNFGOWNV<br />

&CEâUWPVGOCNâVWTKVTGDWKGUâVTâKOÉORTGWPâFGXQKGUCWFGPGXQKG<br />

#EGCUVCGUVGPGEGUKVCVGCEGPWRQCVGHKPGICVâPKEKCPWNCVâ1OGPKC)K<br />

ETG)VKPKUOWNEGTCEGNC)KNWETW <br />

1FCVâEWNWPCQEVQODTKGUGTGOCTEâQXK\KDKNâUEJKODCTG<br />

FG CVKVWFKPG C \KCTWNWK $N¼VVGT H×T )GKUV )GO×VJ WPF<br />

8CVGTNCPFUMWPFG#HQUVRTKOCFKPVTGHQKNGDTC)QXGPGECTGCUEJKODCV<br />

FGUEJKU )K TCFKECN VCDâTC RQNKVKEâ #TVKEQNWN FKP QEVQODTKG KPVKVWNCV<br />

7PKWPGC)KURKTKVWNRQRWNCTUâUGUECTâVC2GUEWTVWPKWPGC)KVQVEGUG<br />

NGCIâFGGC)KUGCHNâÉPURCVGNGGKCWRTQXQECVJCQUÉP/CTâ)KOCKCNGU<br />

RGTKEQNGRGPVTWRQRQTWNPQUVTW5C)KKPCTHKCITGCVPKEKQFCVâQWPKWPG<br />

PGEQPFK/KQPCVâ #EEGRVCTGC WPKWPKK UG LWUVKHKEC RTKP URGTCP/GNG FG<br />

FG\CPEJKNQ\CTG C DKTQETC/KGK FG FGUHKKP/CTG C UCTEKPKNQT WTDCTKCNG FG<br />

GICNKVCVG EGVâ/GPGCUEâ ÉP FTGRVWTK #EGUVG OQVKXG EW ITGW CT RWVGC HK<br />

EQPUKFGTCVG FG\QPQTCPVG RGPVTW UVCTGC FG URKTKV C CEGNQTC ECTG UG<br />

UKO/GCWTGRTG\GPVC/KRTKPGNG <br />

7PKXGTUKVCVGCPC/KQPCNâEWCEQTFWN%QOCPFCOGPVWNWKIGPGTCN<br />

CWUVTKCE FKP 5KDKW JQVâT¸UG NC QEVQODTKG ETGCTGC WPWK DCVCNKQP FG<br />

X¸PâVQTK FG E¸OR )K FQVCTGC NWK RTKP OKLNQCEG PC/KQPCNG #EGUVC UG<br />

CTWPEâÉPNWRVâÉORQVTKXCVTWRGNQTTGXQNW/KQPCTGCNGIGPGTCNWNWK$GO<br />

CX¸PFÉPT¸PFWTKNGUCNGPWOGEGNGDTGRTGEWO)&6GWVUEJ)K6JGQFQT<br />

(CDKPK<br />

.CFGEGODTKGÉORâTCVWN(GTFKPCPF+CN#WUVTKGKCDFKEâ<br />

2GVTQPWTEâWTOC)WNUCW(TCP\,QUGRJ+ECTGCXGCUâEQPFWEâFGUVKPGNG<br />

OQPCTJKGKR¸PâÉP.CFGEGODTKGPQWNÉORâTCVÉPX¸TUVâ<br />

FGCPKVTKOKUGWPUCNWVQ%TGFKPEKQUWNWKOGWRQRQTUâUGUER<br />

#TOCVCTGXQNW/KQPCTâOCIJKCTâCEâTGKEQPFWEGTGQRTGNWCUG<br />

FKP FGEGODTKG IGPGTCNWN $GO FGUHâ)WTâ NWRVG XKEVQTKQCUG ÉP<br />

6TCPUKNXCPKC .C HGDTWCTKG WP EQPUKNKW FG Tâ\DQK EQPXQECV FG<br />

5V. 4QVJ )GUCOOGNVG 5EJTKHVGP XQN R 5ETKUQCTGC NWK5V.4QVJEâVTG<br />

,QJCPP)ÑVVFCVCVâNC/Q)PCQEVQODTKG7PHTCIOGPVFKPCEGCUVâUETKUQCTG<br />

GUVGTGRTQFWU)KÉP-WT\G)GUEJKEJVG5KGDGPD×TIGPU#MCFÃOKCK-KCFÎ$WFCRGUVC<br />

R<br />

$N¼VVGTPTQEVQODTKGR

%QOCPFCOGPVWNOKNKVCTKORGTKCNJQVâTÉUâUQNKEKVGCLWVQTCTOCVTWUGUE<br />

RGPVTWCRâTCTGCQTC)GNQT5KDKW)K$TC)QX.CÉPEGRWVWNNWKHGDTWCTKGCXW<br />

NQE RTKOC KPVTCTG C VTWRGNQT /CTKUVG RTKP VTGEâVQTKNG FKP UWFWN /âTKK ¡P<br />

OCTVKGÉPUâCTOCVCTGXQNW/KQPCTâK\DWVKUâKUKNGCUEâRGTW)K)KCWUVTKGEK<br />

UâDCVâÉPTGVTCIGTGEWEGTKPFEGCOCKOCTGRCTVGC#TFGCNWNWK<br />

6TCPUUKNXCPKC GZRWPGC ÉPVTWP CTVKEQN FG HQPF RTKPEKRKWN<br />

GICNGK ÉPFTGRVâ/KTK C PC/KQPCNKVâ/KNQT )K ÉP CEGNC)K PWOâT RWDNKEC WP<br />

FQEWOGPVQHKEKCNFGURTGNGIâVWTCFGWPKWPGGZKUVGPVâÉPVTG7PICTKC)K<br />

EGNGNCNVG/âTKCNG#WUVTKGK%WCEGUVPWOâTFKPOCTVKGRWDNKECVEW<br />

FQWâ \KNG ÉPCKPVG FG EWEGTKTGC OCIJKCTâ C 5KDKWNWK 6TCPUUKNXCPKC É)K<br />

ÉPEGVCCRCTK/KC <br />

2TQENCOC/KC NWK $GO EâVTG UKDKGPK FKP OCTVKG UWPC CUVHGN<br />

.QEWKVQTKCK5KDKWNWK#TOCVCOCIJKCTâCXGPKVUâXâCTCVGEâUWPVG/KQ<br />

OKPIG ÉP O¸KPKNG OKPEKWPKK )K ÉP)GNâEKWPKK 2WTVâVQTGNG FG EWX¸PV CNG<br />

OK)EâTKK XQCUVTG TW)KPQCUGNG XQCUVTG \KCTG PWOGUE CTOCVC WPICTâ Q<br />

CFWPâVWTâTGDGNâFGXCICDQP\KECTGPW)VKGCNVEGXCFGE¸VUâRTCFGUâ<br />

FGCHQE)KUâQOQCTG/GTGWQHGTâFTGRVGZGORNW4GIJKPWN5âUGUEFCT<br />

4GIJKPWNPWCHQUVKPEGPFKCV)KRTâFCVFGCTOCVCOCIJKCTâ#EGNGQTC)G<br />

UâUG)VKECTGPCWQRWUTG\KUVGP/âÉPHC/CCTOCVGKWPICTGCWHQUVETW/CVG<br />

C)C$KUVTK/C/GFKC)5KIJK)QCTC)K1Tâ)VKG#RQK$GORTG\GPVCEGGCEG<br />

ÉPUGOPC CTOCVC OCIJKCTâ RGPVTW EG NWRVC )K ÉORQVTKXC EWK $GO NG<br />

COKPVGCUKDKGPKNQT8QKC/KEGTWVCLWVQTWNTWUGUE#UVCXâÉPHKGTGC\âÉP<br />

QEJKKÉPVTGIKK'WTQRG)KRWPGCUWRTCECW\GKPQCUVTGRGEGVGCNGICNKVâ/KK'<br />

KORQUKDKNECCEGCUVCUâHKHQUVFQTKP/CVWVWTQTUC)KNQTCTFGNGPKECTGOCK<br />

GTCWFGWPâ\KCV¸VFGTWUQHQDK8âRWVG/K RWTKHKEC PWOCK RTKPVTQ<br />

TGPGICTG RWDNKEâ 5KPIWTC XQCUVTâ UEâRCTG GUVG TGEWPQC)VGTGC )K<br />

ÉPHâRVWKTGC WPKWPKK EW 7PICTKC #NGIGTGC XQCUVTâ PW RQCVG HK ITGW FG<br />

HâEWV ÉPVTG NKDGTVCVG EGVâ/GPGCUEâ )K DKEK EâEK EGGC EG XQKG)VG RTQVGE/KC<br />

TWUâ C/K CHNCV FGLC (K RGUGOPG Eâ )VK/KFGLCEGDKPGC/K CLWPIG FCEâ<br />

PC/KQPCNKVCVGC)KGZKUVGP/CXQCUVTâRQNKVKEâUCTEQPVQRKEWEGCXCNCJâÉP<br />

NQE FG EGC WPICTâ EW ECTG XCW URGTKCV 0WOCK Eâ GW C)C EWO CO<br />

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)K XQWâ FCEâ Xâ XGPK/K ÉP UH¸T)KV ÉP OKP/K )K Xâ FG\KEG/K FG KPHNWGP/C<br />

OKNKVCTâ ECTG Xâ UGCEâ )K FG KPVGTXGP/KCTWUâECTGECIGTOCPKXâ<br />

FG\QPQTGC\â (K XQK TQO¸PK XGPK/KXâ ÉP HKTG #NWPIC/KRGEGKEGXâ<br />

CFGOGPGUE CNâVWTC/KXâ UVT¸PU )WXGTPWNWK WPICT EW RTKPEKRKKNG NWK<br />

NKDGTCNGIWXGTPECTGXCFâTWKVFGLCNKDGTVCVG)KRTQRTKGVCVGOCKOWNV<br />

6TCPUUKNXCPKCPTOCTVKGR

FGE¸VCV¸VPWRWVG/KEGTGPKOâPWKÉPUEJKODRWVG/KRKGTFGVQVWNEJKCT<br />

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Q5KGDGPD×TIGT 9QEJGPDNCVVR UEQ/¸PF ÉP NQEWN CEGUVWKC RTKOWN PWOâT<br />

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ÉPEJGKGTGC Tâ\DQKWNWK 6TCPUKNXCPKC TGFGXGPK RTKPEKRCV CWVQPQO .C<br />

UH¸T)KVWN CPWNWK CFOKPKUVTC/KC RTQXK\QTKG KPUVKVWKVâ ÉP #TFGCN<br />

ÉORâT/K /CTC ÉP FKUVTKEVG EQPFWUG FG EQOKUCTK OKNKVCTK CUKUVC/K FG<br />

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RTKPEKRCVWNWK &G)K HWUGUG UWURGPFCVâ ÉP CWIWUV NC UGRVGODTKG <br />

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#TVKEQNWN CN EQPUVKVW/KGK CWUVTKGEG RTGXGFGC GZRTGU<br />

OGP/KPGTGCFTGRVWTKNQTPC/KWPKKUâUG)VK7PKXGTUKVCVGCPC/KQPCNâÉ)KTGNWâ<br />

FGEKHWPE/KQPCTGCÉPVTWPKPFWUGNCPQKGODTKGRGPVTWCFG\DCVG<br />

UKVWC/KCETGCVâRTKPTGUVCDKNKTGCRâEKK<br />

&CVHKKPFHCRVWNEâRTKPRTGNWCTGCUCNCTK\âTKKHWPE/KQPCTKNQTFG<br />

EâVTG UVCV 7PKXGTUKVCVGC UG FGITGXCUG FG Q EQPUKFGTCDKNâ QDNKIC/KG<br />

HKPCPEKCTâ NC CWIWUV 7PKXGTUKVCVGC FGEKUG C)CPWOKVC QOCTG<br />

FQVC/KWPG PC/KQPCNâR ECTG RTGXGFGC CNQECTGC XGPKVWNWK 7PKXGTUKVâ/KK<br />

HNQTKPK OE KPVGITCN WPQT UEQRWTK )EQNCTG #EGCUVâ FQVC/KWPG<br />

RGTOKUG QTICPK\CTGC IKOPC\KKNQT GXCPIJGNKEG )K OGP/KPGTGC<br />

ÉPXâ/âO¸PVWNWK UâUGUE $KUGTKEC GXCPIJGNKEâ EC )K )EQCNC ÉP NKODC<br />

IGTOCPâ GTCW RTKXKVG EC KPUVKVW/KK FG DC\â CNG FG\XQNVâTKK GVPKEG )K CNG<br />

OGP/KPGTKKURKTKVWNWKUâUGUE)KFGCKEKGHQTVWTKNGRGPVTWUWU/KPGTGCNQTFKP<br />

OKLNQCEGPC/KQPCNG<br />

¡PUâ UKVWC/KC RQNKVKEâ RQUVTGXQNW/KQPCTâ NC ÉPEGRWV<br />

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KPCWIWTCV ÉP #WUVTKC FWRâ TGXQNW/KG /KPVGC URTG IGTOCPK\CTGC<br />

KORGTKWNWKEGGCEGRGPVTWUC)K PW ÉPUGOPC WP FG\CXCPVCL EK<br />

FKORQVTKXâ FCT ÉP CEGNC)K VKOR UG KORWUG RTKPVTQ EGPVTCNK\CTG<br />

GZEGUKXâ )K EQPVTQNWN RQNK/KGPGUE GZGTEKVCV FG CRCTCVWN OKPKUVTWNWK FG<br />

KPVGTPG $CEJ EGGC EG ÉPEâNEC NKDGTVâ/KNG KPFKXKFWCNG CNG EGVâ/GPKNQT<br />

KPFKHGTGPV FG PC/KQPCNKVCVGC NQT .C OCTVKG FGPWOKTGC FG<br />

Q2âO¸PV5âUGUERHWKPVGT\KUâHQTOCN&WRâOQCTVGCDCTQPWNWK.WFYKI<br />

XQP 9QJNIGOWVJ IWXGTPCVQT CN 6TCPUKNQXCPKGK ÉPVTG )K <br />

HWPE/KC HW RTGNWCVâ FG EâVTG RTKP/WN -CTN XQP 5EJYCT\GPDGTI <br />

.C OCK CXW NQE Q PQWâ ÉORâT/KTG CFOKPKUVTCVKXâ C<br />

#TFGCNWNWK ÉP FKUVTKEVG .C FGEGODTKG EQPUVKVW/KC FKP OCTVKG<br />

HW UWURGPFCVâ 6TCPUKNXCPKC KPVT¸PF CUVHGN FGRNKP UWD \QFKC<br />

CDUQNWVKUOWNWK ¡P 6TCPUKNXCPKC UWHGTK ÉPEâ Q ÉORâT/KTG

CFOKPKUVTCVKXâ FG FCVC CEGCUVC ÉP FKUVTKEVG .C HKPGNG CEGNWKC)K CP<br />

UVCTGCFGCUGFKWKPUVKVWKVâÉP6TCPUKNXCPKCHWUWURGPFCVâ<br />

7PKXGTUKVCVGCPC/KQPCNâUâUGCUEâUGÉPVTWPKRGPVTWWNVKOCQCTâ<br />

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CWUVTKGEKKUâRQCVâQRGTCÉPXQKG %¸PF2WEJPGTCHQUVUKIWTFGXGPKTGC<br />

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RQTPKÉPWTOâTKTGCNWK$GOQEWR¸PF5GDG)WN<br />

&WRâ EQPUWOCTGC HCRVWNWK Q5KGDGPD×TIGT $QVGR RWDNKEC WP<br />

NWPI CTVKEQN FG HQPF Q&GURTG KPVTCTGC TW)KNQT ÉP 5KDKW )K $TC)QXR<br />

/QVKXWN XGPKTKK NQT GTC QCRâTCTGC CEGUVQT FQWâ QTC)G ÉORQVTKXC<br />

TCKFWTKNQT V¸NJâTG)VK )K FKUVTWIâVQCTG CNG WPIWTKNQT )K UGEWKNQT TGDGNKR<br />

5QUKTGC NQT C RTQXQECV CPKOC/KG &CT RQRWNC/KC PW VTGDWKC Uâ UG<br />

ÉPITKLQTG\G FGQCTGEG QNC DC\C KPVGTXGPKTKK VTWRGNQT TWUG)VK PW UVâVGCW<br />

PKEKRQTPKTKFKRNQOCVKEGPKEKEQPLWPEVWTKRQNKVKEGEKCHQUVFQCTWPCEVFG<br />

WOCPKVCVGR 5C)KK )K TQO¸PKK UG TKFKECUGTâ JQVâT¸/K ÉORQVTKXC<br />

GNGOGPVWNWK VGTQTKUV OCIJKCT ¡P CEGUVG ÉORTGLWTâTK GTC KORQTVCPVâ<br />

UVCDKNKTGCQCFGXâTWNWKR#TVKEQNWNHâEGCQTGVTQURGEVKXâCTâ\DQKWNWKEKXKN<br />

FKP 6TCPUKNXCPKC ÉP WTOC EâTWKC CRTGEKC \KCTWN CT HK RKGTKV ÉP<br />

6TCPUKNXCPKC R¸Pâ NC FCVC CEGGC QCOGPK #LWVQTWN TWUGUE C HQUV<br />

QWPCEVFGWOCPKVCVGCXGEKPWNWKRPKEKFGEWOQKPVGTXGP/KGFKPOQVKXG<br />

RQNKVKEGCWPWKUVCVUVTâKP <br />

+DKFGOR)$CTK/KWQREKVR<br />

)$CTK/KWQREKVR2TGUCUâUGCUEâCFG\DâVWVNGIKNGFGTGETWVCTG)KOQFWNÉP<br />

ECTGCWFGEWTUCEGUVGC0WOCKÉPCXWUGUGTâNQEÉP#TFGCNFQWâTGETWVâTKWPC<br />

GHGEVWCVâ FG CWUVTKGEK ÉP KCPWCTKG KCT CNVC ÉP UGRVGODTKG GHGEVWCVâ FG WPIWTK .C <br />

CWIWUVCWUVTKGEKKCWGOKUQPQWâNGIGFGTGETWVCTG<br />

)$CTK/KWQREKVR&CT(T6GWVUEJÉP*WPFGTV,CJTGRFâCNVGFCVG<br />

HGDTWCTKGRGPVTWKPVTCTGCNWK'PIGNJCTFVÉP$TC)QX)KHGDTWCTKGRGPVTWUQUKTGC<br />

NWK5MCTKCVKPNC5KDKW6GWVUEJKPFKEâWNCPKÉPVTWRGNGNWK'PIGNJCTFV$CTK/KW<br />

KPHCPVGTK)VK )K EC\CEK UWD EQOCPFC NWK 5MCTKCVKP $CTK/KW TGURGEVKX<br />

5GRQVCEEGRVCECOCKGZCEVGFCVGNGNWK$CTK/KWÉPECNKVCVGCNWKFGOCTVQTFKTGEV<br />

Q5D$QVGRPTHGDTWCTKGR

¡PVTWP PWOâT WTOâVQT VQV Q5D $QVGR ETKVKECQOKPEKWPKNGR<br />

EWRTKPUG ÉP FQWâ UETKUQTK FKP )K KCPWCTKG CNG WPWK TQO¸P<br />

CRâTWVGÉPQ1UV&GWVUEJG2QUVR¡PCEGNGUETKUQTKUGCHKTOCEâÉORQVTKXC<br />

KPVTâTKKTW)KNQT%QOKVGVWNTQO¸PUGTKFKECUGFGNCÉPEGRWV)KEâTQO¸PKK<br />

CTHKUGOPCVRTQVQEQNWNEGTGTKKFGCLWVQTQÉORQVTKXCXQKP/GKNQTR

QHKEKCNâ CWUVTKCEâ GTC WTOâVQCTGC #TIWOGPVWN PGEGUKVâ/KK EJGOâTKK<br />

TW)KNQT GTC CRâTCTGC QTC)GNQT IGTOCPG ÉP EQPFK/KKNG TWRGTKK NGIâVWTKNQT<br />

FKPVTG CTOCVC CWUVTKCEâ EG QRGTC ÉP 7PICTKC )K EGC FKP 6TCPUKNXCPKC<br />

2WEJPGT CUCNVCV FG TWIâOKP/K HKGTDKP/K XGPKVG FKP OKLNQEWN PC/KWPKNQT<br />

TQO¸Pâ)KIGTOCPâQCFCVCUEWNVCTGINCUWNWKWOCPKVâ/KKFGEJGOCTGC<br />

URTKLKPWNWK TWU FG)K PW GTC ÉORWVGTPKEKV RGPVTW CEGCUVC FG EâVTG<br />

IWXGTPWNEER5GCTâVCEWOÉPVQKWNFKUEW/KKNQTEQPUKNKWNWKFGTâ\DQK<br />

FKP HGDTWCTKG WP EWTKGT CFWUGUG FG NC $TC)QX XGUVGC Eâ QJQCTFG<br />

ÉPCTOCVG FG UGEWK NC PWOâTR GTCW ICVC Uâ PâXâNGCUEâ CUWRTC<br />

QCEGUVWKDQICVGORQTKWEQOGTEKCNR%CWTOCTGCCRGNWNWKNWK2WEJPGT<br />

NC HGDTWCTKG FG UQNFC/K TW)K CT HK KPVTCV ÉP $TC)QX KCT NC <br />

HGDTWCTKGFGQCOGPKÉP5KDKW2WEJPGT)KCTHKOQVKXCVRCUWNRTKP<br />

CEGGCEâQCOK\CVFQCTRGCLWVQTCTGCOQOGPVCPâCQTC)GNQTUâUG)VK)KEâ<br />

PKEK PW RWVGC HK XQTDC FGURTG Q RCTVKEKRCTG C CEGUVQT VTWRG NC NWRVC<br />

WNVGTKQCTâÉORQVTKXCTGDGNKWPKKR <br />

%WCNVRTKNGL\KCTWNDTC)QXGCPGXKFGP/KCTQNWNKORQTVCPVTGXGPKV<br />

TW)KNQT ÉP CRâTCTGC EGNQT FQWâ EGVâ/K $TC)QXWN PCT HK RWVWV HCEG HC/â<br />

UKPIWTEGNQTFGUGEWKPW4W)KKXGPK/KQNCEGTGTGCPQCUVTâ<br />

)K RG EJGNVWKCNC PQCUVTâR PCWRTKXKVRTQDNGOCECRGQKPVGTXGP/KG<br />

RQNKVKEâ Q+PVGP/KKNG PQCUVTG RQNKVKEG UWPV EGNG TGEWPQUEWVG FG RTKPEKRG EGNG<br />

RTQOQXCVGFGOCLQTKVCVGCEGVâ/GPKNQTUVCVWNWKR¡P6TCPUKNXCPKCURTGTW)KPGC<br />

CTFGNGPKNQTPWUGRWTVCWPTâ\DQKRGRTKPEKRKWNUWRTGOC/KGKOKNKVCTG%K<br />

QPC/KWPKNG ECTG É)K UVCW HC/â ÉP HC/â CW WTOâTKV RTKP Tâ\DQK GZRNKEKV<br />

UV¸TRKTGC TGEKRTQEâR &KPVTQQFGRNQTCDKNâ TâVâEKTG C T¸XPGK HC/â FG<br />

RTQRTKWN RQRQTR CW OWTKV DâVT¸PK HGOGK )K EQRKK PGXKPQXC/K .C<br />

KPVGTXGP/KKNG ÉORâEKWKVQCTG CNG IWXGTPWNWK EE PKEK TQO¸PKK PKEK<br />

OCIJKCTKKPW)KCWRNGECVWTGEJGC5C)KKCHNC/KNCOKLNQEÉPEQPLWTC/KFG<br />

HCPCVKUO )K RTâFâEKWPK CPKOCNKEG É)K C)VGRVCW EGCUWN FKP WTOâ<br />

+OCIKPGC EGVâ/KKUWTQTK 4GIJKP NG RNWVGC ÉP HC/C QEJKNQT Q5â PG URWPâ<br />

EKPGXC EG CXCPVCL )K EG QPQCTG COHKFQD¸PFKVFCEâCOHKÉPV¸ORKPCV<br />

QTDK CEGNC)K FGUVKPR4W)KK PW UG COGUVGECW ÉP NWRVGNG FKP CHCTC EGNQT<br />

FQWâQTC)G)KWTOCWUâRâTâUGCUEâ\QPCFGÉPFCVâEGQCPKOCNWNUâNDCVKE<br />

GTCTâRWUKCTV¸NJCTWNCFWUÉPHC/CLWFGEâVQTWNWKUâWR <br />

'ZRWPGTKNG FG OCK UWU OKPKOCNK\CW ÉPUGOPâVCVGC<br />

GXGPKOGPVWNWK8GPKTGCTW)KNQTEâRâVCCURGEVWNWPGKOâUWTKEWECTCEVGT<br />

UVTKEV NQECN NKRUKVâ FG QTKEG KORNKEC/KK RQNKVKEG ,WUVKHKECTGC ÉPUâ)K TGNGXâ<br />

UGPVKOGPVWN XKPQXâ/KGK )K ÉPITKLQTCTGC HC/â FG TGCE/KKNG QRKPKGK RWDNKEG<br />

Q5D9QEJGPDNCVVRPTOCTVKGR<br />

+FGOPTOCTVKGR

#EGUVGCPWUCWNâUCVC)VGRVCVG)WUVCX(TG[VCIUETKCÉPQ)TGP\DQVGRFKP<br />

.GKR\KICXCPRQUVWNNKDGTCNKUOWNWKIGTOCP<br />

Q4â\DQKWN FKP KPVGTKQT QTKE¸V FG ITQC\PKE UCT FG\NâP/WK GUVG<br />

ÉPVQVFGCWPC EQORCTCDKN EW Q EGCTVâ ÉP HCOKNKG 6Q/K UG WTâUE COCTPKE<br />

FCTUG)KKWDGUEHTâ/G)VG7PUVTâKPECTGUGX¸TâNCOKLNQERGPVTWCHCEG<br />

QTFKPG FKUVTWIG DTWOC FG RKGVCVG HCOKNKCNâ ECTG OCK RGTUKUVâ ÉPVTWP<br />

EQN/ FG UWHNGV EJKCT ÉP RTCFC EGNGK OCK CRTKIG O¸PKK(âTâUâXTG/KKC/K<br />

ÉPHT¸PVRGWPIWTKEWCLWVQTWNTW)KNQTEGGCEGPWQUâXâWKVGPKEKQFCVâ<br />

UGEWKWN )K OCIJKCTWNR (K OCK FGRCTVG Q&KP RâECVG GUVG VQVWPC FCEâ<br />

KPVTCTGC TW)KNQTUCHâEWVEWXQKCUCWHâTâXQKCXQCUVTâ6QVW)K XQK<br />

UWPVG/KXKPQXC/KFGEGGCEGGVTCIKEÉPCEGUVUGTXKEKWRTKGVGPGUE0WÉKEGTV<br />

RGUC)KKECTGKCWEJGOCVFCTIJKPKQPWNGUVGEâGKCWHâEWVQR <br />

.COCTVKGCCXWVNQECFQWCDâVâNKGFGNC5KDKW.WRVCC<br />

HQUVUEWTVâ5MCTKCVKPCRâTâUKVQTC)WN)KUCTGVTCUÉP/WPVGPKC#ÉPEGRWV<br />

QEWRC/KCOCIJKCTâC5KDKWNWKQ5KGDGPD×TIGT$QVGRKCCEW\CVRGTW)KFG<br />

NKRUâFGKPVGTGUÉPCRâTCTGCQTC)WNWKQ'TCWQCTGIGPGTCNKKTW)KICVCUâ<br />

HCEâVQVEGUGRWVGCHCEGICVCUâUCNXG\GNCPGXQKGVQVEGUGRWVGCUCNXC!<br />

0W)GPGTCNWN$GOCXâ\WVEâVTGDWKGUâHQT/G\GÉPENG)VCTGCÉPEWTUWN<br />

PQR/KK8KEVQTKCUCGTCFGEKUâR <br />

Q$QVGR RWDNKEC OCK OWNVG RTQENCOC/KK CNG NWK $GO EâVTG<br />

NQEWKVQTKK5KDKWNWKÉP)KOCTVKGQ5KPIWTCXQCUVTâUEâRCTGGUVG<br />

TGEWPQC)VGTGC )K ÉPHâRVWKTGC WPKWPKK EW 7PICTKC #NGIGTGC XQCUVTâ PW<br />

RQCVG HK ITGW FG HâEWV ÉPVTG NKDGTVCVG EGVâ/GPGCUEâ )K DKEK EâEK EGGC EG<br />

XQKG)VGRTQVGE/KCTWUâC/KCHNCVFGLCR $GONGCOKPVGCUKDKGPKNQTQ8QKC/K<br />

EGTWVCLWVQTWNTWUGUE#UVCXâÉPHKGTGC\âÉPQEJKKÉPVTGIKK'WTQRG)KRWPG<br />

CUWRTC ECW\GK PQCUVTG RGEGVGC NGICNKVâ/KK ' KORQUKDKN EC CEGCUVC Uâ HKG<br />

FQTKP/CVWVWTQTUC)KNQTCTFGNGPKECTGOCKGTCWFGWPâ\KCV¸VFGTWUQHQDK<br />

8âRWVG/KRWTKHKECPWOCKRTKPVTQTGPGICTGRWDNKEâR <br />

$GO CEQTFC COPKUVKG IGPGTCNâ ¡P HNCITCPVâ EQPVTCFKE/KG EW<br />

RTGXGFGTGC NWK $GO EQOKUCTWN IWXGTPCOGPVCN %UP[K KPUVKVWKC FKP<br />

QTFKPWNNWK-QUUWVJVTKDWPCNGNGFGU¸PIG<br />

2TGUCCEQPUGOPCVFGENCTC/KCHQTOCNâ)KUQNGOPâFGRTQVGUVC<br />

EGVâ/GPKNQT5KDKWNWKÉORQVTKXCQTKEâTGKKPVGTXGP/KKTWUG)VK <br />

%KVCVFG(T6GWVUEJÉP)GUEJKEJVGR<br />

Q5D$QVGRPTOCTVKGR<br />

+FGOPTOCTVKGR<br />

Q-TQPUV¼FVGT

.COCTVKG-QUUWVJÉKUETKCNWK$GOQ2GTOKVG/KOKCOK<br />

GZRTKOCTWIâOKPVGCÉPPWOGNGUHKPVGKECW\GRGPVTWECTGNWRVC/KCV¸VFG<br />

INQTKQUFGCPWKVTCVCRTGCOâTKPKOQURGUC)KKEGKVTâFâVQTK5âPWXâ<br />

ÉPETGFG/KÉPUC)K'WPWUWPVVGTQTKUV)KPWOâI¸PFGUENCTGRTGUCNKKFCT<br />

XTGCW UGEWTKVCVG ÉORQVTKXC WPGK PQK VTâFâTK C UC)KNQT KPHTCEVQTK<br />

PGTGEWPQUEâVQTK &G CEGGC Xâ TQI Uâ PW NG RTQOKVG/K UC)KNQT PKOKE EK<br />

FQCTUâNGURWPG/KEâUQCTVCNQTXKKVQCTGFGRKPFGFGEQORQTVCOGPVWNNQT<br />

(K HKKPFEâ UCW QDTâ\PKEKV )K KCW EJGOCV RG TW)K ÉORQVTKXC FTGRVWNWK<br />

RQRQCTGNQTHâE¸PFWUGCUVHGNFGOKKFGQTKXKPQXC/KFGEGCOCKNKRUKVâ<br />

FG &WOPG\GW VTâFCTG FG /CTâ GW Xâ FGENCT Eâ FCEâ UC)KK PWK XQT<br />

ÉPFGRâTVCRGTW)KR¸PâNCWNVKOWNQOFGCKEKPWXQKTâDFCPKEKWPUCURG<br />

VGTKVQTKWNEQTQCPGKWPICTGEKÉKXQKCNWPICFKP/CTâ QTK NG XQK TGVTCIG<br />

VQCVâRTQVGE/KC)KVQCVGNKDGTVâ/KNGNGIKK)KNGXQKUGEJGUVTCÉPVTGCICCXGTG<br />

6TCPUOKV FQOPWNWK IGPGTCN KPFKEC/KC RQ\KVKXâ FG CK CTGUVC RG<br />

RTKPEKRCNKKEQPFWEâVQTKCKTâ\XTâVKTKKUâUG)VK)KFGCKRTGFCEQOKUCTWNWK<br />

IWXGTPCOGPVCN%UP[KEWQTFKPWNECCEG)VKCUâUGTXGCUEâFTGRVQUVCVGEK<br />

RGPVTWÉPFGRâTVCTGCKOGFKCVâCTW)KNQT)KRGPVTWICTCPVCTGCRWTVâTKK<br />

RC)PKEGCEQPEGVâ/GPKNQTNQT¡PEC\WNÉPECTGTW)KKPWRNGCEâKOGFKCVFKP<br />

/CTâUCWUGXâFG)VGQE¸VFGOKEâTG\KUVGP/âÉPT¸PFWNUC)KNQTCEG)VKCXQT<br />

HK CFW)K ÉP HC/C WPWK VTKDWPCN OKNKVCT )K XKPQXC/KFGEGCOCKITCXâ<br />

VTâFCTGFG/CTâXQTHKPGÉPV¸T\KCVEQPFCOPC/KNCOQCTVGGVER $GOPW<br />

CFCVEWTUCEGUVGKKPFKEC/KK)KPKEKQTFKPWNWKFGCTCFG5KDKWNFGRGHC/C<br />

RâO¸PVWNWK$GOKCTHKFGENCTCVEQNQPGNWNWK-KUUQ#OEWEGTKVWPQTC)<br />

)K XTGCW Uâ UVâR¸PGUE WP QTC) PW WP OQTOCP FG EGPW)â )K<br />

FâT¸OâVWTKR <br />

.COCTVKG$TC)QXWNUCRTGFCVFGDWPâXQKGÉPO¸KPKNG<br />

NWK $GO ¡P WNVKOWN UâW PWOâT ÉPCKPVGC ÉPEGVâTKK CRCTK/KGK OCTVKG<br />

Q9QEJGPDNCVVRCFWEGCRTQENCOC/KCNWK$GOQ&WRâ CV¸VGC PGEC\WTK C<br />

UQUKVOCTGC)KPQTQEQCUC\KÉPECTGEWDWEWTKGCFGXâTCVâXâXGUVGUEEâ<br />

FW)OCPWN EQOWP CTOCVC TWUâ )K CWUVTKCEâ C HQUV ÉPHT¸PV )K C HWIKVÉP<br />

8CNCJKC Eâ RCEGC C HQUV EWEGTKVâ ÉP VQCVâ /CTCR$GOQTFQPCRGPVTW<br />

WTOâVQCTGC FWOKPKEâ TWIâEKWPK FG OWN/WOKTG FG NC CNVCTGNG VWVWTQT<br />

EWNVGNQT 2QRQTWN VTGDWKC Uâ TGXKPâNCQEWRC/KKNGUCNGQDK)PWKVG)KUâUG<br />

TGHCEâUWDDKPGEWX¸PVCTGCRâEKK)KCNKDGTVâ/KNQTEGVâ/GPG)VKQ.QEWKVQTKCK<br />

6TCPUKNXCPKGK&G)VGRVC/KXâFKPCOQT/GCNCEWECTGXKENGPKCKPEQP)VKGPVâ<br />

XC ÉPNâP/WKV UKO/WTKNG ÉPITQ\K/KXâ FG VQXâTâ)KC TW)KNQT C)C EWO UC<br />

ÉPITQ\KVÉPVTGCIC'WTQRâ)KDWEWTC/KXâFGDKPGHCEGTKNGEQPUVKVW/KQPCNG<br />

RGECTGXKNGQHGTâEGNOCKNKDGTCNFKPVTGVQCVGIWXGTPGNGEGNWPIWTGUE<br />

(T6GWVUEJ)GUEJKEJVGR<br />

%)ÑNNPGTQREKVR

CIJKCTKUC)K)KTQO¸PKÉPVKPFG/KXâHTâ/G)VGO¸KPKNGCNWPIC/KQTKEGWTâ<br />

PC/KQPCNâ)KHK/KHGTKEK/K$TC)QXOCTVKGR <br />

,QJCPP )ÑVV UEJKODC VKVNWN \KCTWNWK ÉP Q-TQPUV¼FVGT

RTGFKEK VTGDWKCW Uâ /KPâ FGQRCTVG RGTKEQNWN EG CVGPVC NC NKDGTVCVGC<br />

RQRQCTGNQTGWTQRGPG)KÉPURGEKCNNCNKDGTVCVGCRQRQTWNWKOCIJKCT&KP<br />

ECNGCTW)KNQTVTGDWKCWTGVTCUGVQCVGHCEKNKVâ/KNG)KCNKOGPVGNG #PGZGFQE<br />

PT<br />

%GVâ/GPKK DTC)QXGPK RTQVGUVCW UQNGOP ÉORQVTKXC QTKEâTGK<br />

KPVGTXGP/KK UVTâKPG FGEK )K ÉORQVTKXC KPVGTXGP/KGK TWUG)VK /CIKUVTCVWN<br />

$TC)QXWNWK)KEQOWPKVCVGCQTC)WNWKÉ)KTGCHKTOCWQETGFKP/C)KNQKCNKVCVGC<br />

HC/âFGQPQTCVCEQPFWEGTGOCIJKCTâK\XQT¸VGFKPVTQEWTCVâ)KKPVKOâ<br />

EQPXKPIGTGR <br />

.C KWPKG Q-TQPUV¼FVGT

$TCPRâVTWPFGCIGPGTCNWN.×FGTUEWWPUVCVGHGEVKXFGFGUQNFC/K<br />

DCVCNKQCPG RGFGUVTKOG GUECFTQCPG ECXCNGTKG TGIWNCVâ <br />

EQORCPKKPGTGIWNCVGFGEC\CEKFGNC&QPVWPWTK <br />

&KP $WEQXKPC KPVTCW RG NC $KUVTK/C IGPGTCNKK )TQVGPJKGNO )K<br />

2CXNQXEWWPVQVCNFGKPHCPVGTK)VK)KECXCNGTK)VKGUECFTQCPG<br />

ECXCNGTKGGUECFTQPEC\CEKVWPWTK.KUCWCNâVWTCVEGKCRTQZKOCVKX<br />

FGQCOGPKEWVWPWTKCKEQNQPGNWNWK7TDCP<br />

8GEJGC CTOCVâ C NWK 2WEJPGT UG ÉPVTGIKUG NC QUVC)K <br />

DCVCNKQCPG RGFGUVTKOG GUECFTQCPG ECXCNGTKG VWPWTK <br />

DCVGTKGTCEJGVG0WOâTWNVQVCNFGVTWRGFGUVKPCVGCQEWRC6TCPUKNXCPKC<br />

CHQUVFGUQNFC/K)KVWPWTK<br />

+PUWTI GP/KKFG/KPGCWNCÉPEGRWVWNNWKKWPKGRGFG)VTK<br />

ECXCNGTK)VK VWPWTK ÉP RNWU NâPEKGTKK TKFKEC/K ÉP NWPKNG FKP WTOâ<br />

$CTK/KW ECTG GUVKOC VQCVG CEGUVG EKHTG ÉN EKVC )K RG -ÑXTK ECTG KPFKEC<br />

PWOCK UQNFC/K )K VWPWTK FG RCTVGC OCIJKCTâ EâEK FG<br />

QCOGPKCTHKNWRVCVÉP$CPCV <br />

.CKWPKGNC5KDKWQ5KGDGPD×TIGT$QVGRÉ)KOCKRGTOKVGCÉPEâ<br />

Uâ HCEâ CRTGEKGTK CPVKTWUG)VK Q5HKPVGK #NKCP/G CFKEâ EWT/KNQT FKP<br />

2GVGTUDWTI 8KGPC )K $GTNKP K UG QRWPG TGUVWN 'WTQRGK &GLC #PINKC )K<br />

(TCP/C )KCW GZRTKOCV RTQVGUVWN ÉORQVTKXC WPGK KPVGTXGP/KK TWUG)VK<br />

5WNVCPWNVWTEEJKCTFCEâPWRQCVGHKRTKGVGPWNRTKPEKRKKNQTNKDGTCNGGUVG<br />

VQVW)K RQVTKXPKEWN PCVWTCN CN CECRCTCVQCTGKKPHNWGP/G TWUG)VK FG NC<br />

&WPâTG7PNWETWGUVGEGTVCPWOGEâKPVGTXGP/KCTWUâÉP7PICTKCOCK<br />

OWNV FGE¸V Q RTQDNGOâ OCIJKCTâ UCW CWUVTKCEâ GUVG Q RTQDNGOâ<br />

GWTQRGCPâR 5GTGOCTEâVQPCNKVCVGCEQORNGVFKHGTKVâHC/âFGCVKVWFKPGC<br />

FKPHGDTWCTKGCCEGNWKC)K\KCTRTGEWO)KXK\KWPGCNKDGTCNâCUWRTC<br />

RQNKVKEKKGZVGTPG<br />

.C KWPKG .×FGTU QEWRC $TC)QXWN )K -CTC $¸TUGK<br />

ÉPCKPV¸PFCRQKÉPUGEWKOGHâTâCQEWEGTKVQVCN1RCTVGFKPTW)K UG<br />

ÉPFTGRVCWURTG5KDKWCNVâRCTVGRTKP4WRGCURTG5KIJK)QCTC <br />

.CKPVTCTGCÉP$TC)QX.×FGTURTQENCOCPWNG)KPGCXGPKVGVQCVG<br />

OâUWTKNG NWCVG FG IWXGTPWN WPICT Q-TQPUV¼FVGT

GOKUKWPG PQWâ XCNQTGC\â RKC)VTK C RCTCNG UCW <br />

FQWâ\GEKOKFGCTIKPV)KEQTQCPGOERGVE <br />

¡P PQTFWN 6TCPUKNXCPKGK IGPGTCNWN TWU )TQVGPJKGNO KPVTC ÉP<br />

$KUVTK/CNCKWPKG$GOCHNCVCVWPEKNC%NWLUGCFTGUCÉPEâQFCVâ<br />

KWPKGNQEWKVQTKNQT6TCPUKNXCPKGKCOGPKP/¸PFWKEWOQCTVGCRGCEGKUC)K<br />

)KQXCNCJKRECTGUCTHKFCVFGRCTVGCFW)OCPWNWK 7PQTFKPFG\KCNNWK<br />

$GO FGENCTC Eâ FG\GTVQTKK XQT HK ÉORW)EC/K #NVQTFKPFG\KFGUETKC<br />

ÉORTGLWTâTKNGÉPECTGE¸VGXCUWVGFGUGEWKHWIKUGTâFKPHC/CKPCOKEWNWK<br />

KWPKG$GOÉKKGTVCRGFG\GTVQTK <br />

.C KWNKG WPIWTKK RâTâUGCW 5KDKWN .C KWNKG .×FGTU<br />

QEWRC QTC)WN Q5KGDGPD×TIGT $QVGR RWDNKEC FGENCTCTGC PWNKVâ/KK<br />

RTGUETKR/KKNQT IWXGTPWNWK TGXQNW/KQPCT 6TCPUKNXCPKC FGXGPKVâ FKP PQW<br />

OCTG RTKPEKRCV EQPVKPWC Uâ TâO¸Pâ UWD NGIGC FG Tâ\DQK R¸Pâ NC<br />

RCEKHKECTGCEQORNGVâC/âTKK 5GQTGUVCDKNGCRCFGXâTWNFGURTGGTQKUOWN<br />

TW)KNQTÉPNWRVCFKPOCTVKGE¸PFVQEOCKQ$QVGRÉKCEW\CUGRGTW)KEâ<br />

NâUCUGTâ 5KDKWN RTCFâ NWK $GO 2G WNVKOC RCIKPâ C \KCTWNWK)KCW HâEWV<br />

CRCTK/KCTGENCOGNCIJKFWTKFGÉPXâ/CTGCNKODKKTWUG<br />

Q4WUWNTCRKF%GNOCKKGHVKP)K OCK RTCEVKE VâNOCEK RGPVTW<br />

IGTOCPKRGPVTWCKHCOKNKCTK\CÉPPWOCKFGOKPWVGEWTWUCHâTâUâQHK<br />

EWPQUEWVCPVGTKQT&G9TCVKUN5VQLCPQYKVUEJ2TG/EQTQCPGOER <br />

2TKPVTWP FGETGV KORGTKCN EQOKUCTWN EE EQNQPGNWN (TCP\ XQP<br />

&QTUPGTCPWP/CNCKWNKGFG\CTOCTGCIGPGTCNâCPWNCTGCRTGUETKR/KKNQT<br />

QEQPFWEGTKKTGDGNGRCDCPEPQVGNQTOCIJKCTGRTGEWO)KCVWVWTQTNGIKNQT<br />

DC\CVG RG UWRTGOC/KC NKODKK OCIJKCTG ÉP FKUVTKEVGNG EW RQRWNC/KG<br />

COGUVGECVâ 5G OCK FGETGVC Eâ IWXGTPWN CWUVTKCE OGP/KPG FGUHKKP/CTGC<br />

UCTEKPKNQTWTDCTKCNG #PGZGFQEPT<br />

.C KWNKG IGPGTCNWNNQEQVGPGPV XQP *CUHQTF EQOCPFCPVWN<br />

VTWRGNQTTWUGFKP$TC)QXNGRTQOKVGCNQEWKVQTKNQTRC)PKEKCK#TFGCNWNWK<br />

VQCVâRTQVGE/KCUCKPVTKICP/KK)KFKUVTWIâVQTKKNKPK)VKKÉPUEJKODCXGCWCUG<br />

VGOGFGVTKDWPCNG <br />

¡PCEEGC)K\KTW)KKCWQEWRCV4WRGC<br />

Q-T

.C KWNKG $GO NC CVCECV RG PGC)VGRVCVG RG .×FGTU NC<br />

5KIJK)QCTC .WRVC UC FGUHâ)WTCV ÉPVTG 5KIJK)QCTC )K #NDG)VK )GPGTCNWN<br />

5MCTKCVKPCEâ\WVWEKUFGQIJKWNGC$GOCFGENCP)CVWPCVCEEWDCKQPGVC<br />

.×FGTU C TâURWPU RTKPVTWP EQPVTCCVCE CN WNCPKNQT UâK .C #NDG)VK CW<br />

OWTKV RWDNKEKUVWN #PVQP -WT\ )K RQGVWN 2GVÑHK 5PFQT CFLWVCP/KK NWK<br />

$GO#EGUVCCHQUVÉPHT¸PV<br />

2TKPVTWP TCKF HWNIGTâVQT $GO C CLWPU NC 5KDKW RG ECTG NC<br />

QEWRCV FKP PQW NC CWIWUV .C CWIWUV .×FGTU UG CHNC RG EQNKPGNG<br />

ÉPXGEKPCVG FG NC (WTC /CTG .C CRTQRKGTGC TW)KNQT FG 5KDKW UG RCTG Eâ<br />

$GOCTHKURWUQ+CVâNRGXGEJKWNOGWRTKGVGP.×FGTU.C)EQCNâCHQUV<br />

OGTGWÉPCKPVGCOGCQUâOâÉPVTGCEâ)KCUVâ\KR6GWVUEJEQOGPVGC\âEâ<br />

CEGCUVC C HQUV WNVKOC ÉPV¸NPKTG C HQ)VKNQT EQNGIK FG )EQCNâ TWUâ $GO C<br />

UEâRCVEWXKC/âTGHWIKKPFWUGNC6KOK)QCTC <br />

Q5KGDGPD×TIGT$QVGRPCTGNCVCVCVTGKCDâVâNKGFGNC5KDKW5C<br />

OâTIKPKV FQCT Uâ TGURKPIâ WPGNG ECNQOPKK CHKTO¸PF Eâ QÉP EWTUWN<br />

ETKOKPCNGKNWRVGFGUVTCFâFKPCWIWUVPKEKWPUCUUKDKCPPCVTCUCUWRTC<br />

VTWRGNQTKORGTKCNGTWUG)VKR +PEKFGPVGPGRNâEWVGCWRTQXQECVHTGEW)WTK<br />

ÉPVTG TQO¸PK )K UC)K 7P TQO¸P NGCT HK GZRNKECV WPQT UQNFC/K TW)K Eâ<br />

UKDKGPKKCTHKCTWPECVCUWRTCTW)KNQTCRâ)KWNGKENQEQVKVÉPVKORWNNWRVGK<br />

¡P UCVGNG TQO¸PG)VK FKP LWTWN 5KDKWNWK WPKK RQRK KCT HK C/¸/CV RG TW)K<br />

ÉORQVTKXCUKDKGPKNQT7PCUVHGNFGQCRQUVQNCNWTKKFKPVTGRQRQCTGRHWUGUG<br />

CTGUVCV

)GPGTCNWN 2CUMKGXKEU KC TCRQTVCV /CTWNWK Q7PICTKC UG CHNâ NC<br />

RKEKQCTGNGOCKGUVâ/KKXQCUVTGKORGTKCNGR <br />

Q-TQPUV¼FVGT

)KPGXGTKFKECXGCUEQRWNFGCCTâVCUKORCVKCRQRWNC/KGKQGNKDGTCVGRHC/â<br />

FGUQNFC/KKTW)KRTGEWO)KDWPâVCVGCUWHNGVGCUEâCCEGUVQTC<br />

#EGNC)K NWETW FQTGC UâN GXKFGP/KG\G )K CPGEFQVC TGNCVCVâ FG<br />

IGPGTCNWN 2CXNQX NWK $CTK/KW ¡P UGRVGODTKG CLWPI¸PF NC %NWL Q<br />

DâVT¸PâEQPVGUâXâFWXâKCRTQOKUNWK2CXNQXVQCVâCXGTGCGKFCEâQ<br />

NCUâÉPXKC/â2CXNQXUCCWVQKPXKVCVÉPCEGGC)KUGCTâNCEGCKNCEQPVGUâ<br />

RGPVTWCUGÉP/GNGIG%QPVGUCKCHâEWVIGPGTCNWNWKQRTKOKTGFGOPâFG<br />

TCPIWN UâW EJGO¸PF TGRGFG )K CNVG QFCOG OCIJKCTGR 2CXNQX )K CN/K<br />

QHK/GTKTW)KCWNWCVRCTVGNCOWNVGCUVHGNFGEGCKWTKENWLGPG <br />

.CQEVQODTKGEQOCPFCPVWNTWUCN$TC)QXWNWKXQP*CUHQTF<br />

TKFKECÉPX¸THWNWPGKEQNKPG-CRGNNGPDGTIWPOQPWOGPVÉPHQTOCWPGK<br />

RKTCOKFGECCOKPVKTGCINQTKQCUGKWPKWPKFKPVTG4WUKC)K#WUVTKC <br />

.C ÉPEGRWVWN NWK PQKGODTKG VTWRGNG /CTKUVG RâTâUGCW<br />

6TCPUKNXCPKCQ-TQPUV¼FVGT

QOGPVWN HGDTWCTKG RQCVG HK EQPUKFGTCV WP RTGCODWN CN<br />

GXGPKOGPVGNQT FKP KWPKG %CDKPGVWN CWUVTKCE TGURKPIGC ÉPEâ Q EGTGTG<br />

Hâ/K)â FG CLWVQT CTOCV EâVTG 4WUKC ¡P CEGUVG EQPFK/KK %QOCPFCOGPVWN<br />

OKNKVCTCWUVTKCECN6TCPUKNXCPKGKCCRGNCVNC.×FGTU%QPUKNKWNFGTâ\DQK<br />

FKP HGDTWCTKG %GK CRTQZKOCVKX UQNFC/K TW)K CX¸PF<br />

OKUKWPGCFGCCRâTCQTC)GNG5KDKW)K$TC)QXCWHWIKVNCUWFFG%CTRC/KQ<br />

NWPâ OCK V¸T\KW OCTVKG &G)K KPGHKEKGPVG 2WEJPGT C RTQHKVCV FG<br />

FGOGTUWTKNGEKXKNGRGECTGÉPVTQCPWOKVâOâUWTâEJKCTNGCFGVGTOKPCV<br />

RGPVTWCETGCKNW\KCEâPC/KWPKNGTQO¸Pâ)KIGTOCPâFQTGCWWPNGIKVKO<br />

CLWVQT FG CRâTCTG 5C ÉPEGVâ/GPKVKOCIKPGCHCNUâEâUC)KK CT HK HQUV<br />

TâURWP\âVQTK FG XGPKTGC TW)KNQT+OCIKPGCCHQUVEQPHKTOCVâRTKP<br />

TGRGVCVGNGLWUVKHKEâTKCNGRTGUGKUâUG)VK<br />

#DKC FWRâ RGTHGEVCTGC WPWK CEQTF NC EGN OCK ÉPCNV PKXGN <br />

CRTKNKGRTKOCEGTGTGQHKEKCNâFGCLWVQTFKPRCTVGC#WUVTKGK<br />

OCK ÉPV¸NPKTGC ÉORâTC/KNQT NC 8CT)QXKC UC FGENCP)CV ÉP KWPKG<br />

ECORCPKC TWUâ FKP 6TCPUKNXCPKC 6TWRGNG /CTKUVG CW RâVTWPU RG FQWâ<br />

FKTGE/KK FKPURTG /WPVGPKC )K FKPURTG $WEQXKPC )KCWCTWPECVÉPNWRVâ<br />

FGQCOGPK+PVGTXGP/KCTW)KNQTCEQPVTKDWKVFGEKUKXNCÉPHT¸PIGTGC<br />

TGXQNW/KGKOCIJKCTGPWOCKFWRâFQWâNWPKCWIWUV<br />

(QT/GNGTWUG)VKUCWTGVTCUFKP6TCPUKNXCPKCÉPPQKGODTKG<br />

+P VQV CEGUV TâUVKOR EJGNVWKGNKNG FG CRTQXK\KQPCTG )K ÉPECTVKTWKTG C<br />

CTOCVGKUVTâKPGCWHQUVUWRQTVCVGFGQTC)GNGIC\Fâ<br />

+PEGGCEGRTKXG)VGKORNKEC/KKNGKPVGTXGP/KGKTWUGNCXTGOGCTGURGEVKXâU<br />

CWKPVGTHGTCVFQWâRNCPWTKEGNOKNKVCTRQNKVKE)KEGNOQTCN<br />

#E/KWPKNG /CTWNWK CW TGNGXCV CFGXâTCVGNG UCNG OQVKXC/KK<br />

GZRCPUKQPKUVG ÉP QRQ\K/KG EW CHKTOC/KKNG UCNG WOCPKVCTG ¡ORâTCVWN<br />

#WUVTKGKUCOCPKHGUVCVOCKRW/KP QVTCPURCTGPVR HKKPF OGTGW XKQCTC C<br />

FQWCCKPK/KCVKXGNQTTWUG)VK<br />

7PFGXCLQUNCDC\âUC)KKCWRNâVKVFQTKP/CFGEJGOCTGCTW)KNQT<br />

RTKPEQPHTWPVCTGCEWQXKPâECTGFGHCRVPWNGCRCT/KPGC#WCEEGPVWCV<br />

ÉP GZEGU FKOGPUKWPGC OQTCNâ C KPVGTXGP/KGK TWUG %QOKVGVWN TQO¸P<br />

UGOPCVCTCNRTQVQEQNWNWKFKPFGEGODTKGPCXâFKVOWUVTâTKFG<br />

EQP)VKKP/âTGCNK\¸PFQEQOGFKCKPQEGP/GKRLWECVâFGIGPGTCNWN2WEJPGT<br />

7NVGTKQT EQPFWEâVQTKK TQO¸PK CW EQPFCOPCV COGUVGEWN TWU +CT RTGUC<br />

UâUGCUEâCHQUVCPVKTWUâRGRCTEWTUWNQEWRC/KGKOCIJKCTGOCTVKGKWNKG<br />

)K RTQTWUâ FWRâ TGKPUVCWTCTGC IWXGTPâTKK CWUVTKGEG KWNKG <br />

QEVQODTKG

.KDGTCNKUOXGTUWUEQPUGTXCVQTKUONCUC)K<br />

%WQRTKXKTGKPVTQFWEVKXâCUWRTCNKDGTCNKUOWNWKIGTOCP)KCWUVTKCE<br />

<br />

<br />

<br />

<br />

.KDGTCNKUOWN EC VGQTKG )K CE/KWPG RQNKVKEâ UC KXKV ÉP 'WTQRC<br />

%GPVTCNâ ÉP RTKOC LWOâVCVG C UGEQNWNWK CN :+:NGC %C WP XCN KFGKNG<br />

NKDGTCNGUCWRTQRCICVURTGTâUâTKVWPFGFQD¸PFKPFCEEGPVGURGEKHKEG<br />

'PE[ENQRCGFKC$TKVCPPKEC9KNNKCO$GPVQP2WDNKUJGT%JKMCIQ.QPFQP6QTQPVQ<br />

XQNRFGHKPG)VGNKDGTCNKUOWNECHKKPFETG\WNHKNQUQHKC)KOK)ECTGCEGUGTGHGTâNC<br />

NKDGTVCVGECOGVQFâ)KRQNKVKEâFGIWXGTPâO¸PVECRTKPEKRKWQTICPK\CVQTCNUQEKGVâ/KK<br />

)KECWPOQFFGXKC/âRGPVTWKPFKXKF)KEQOWPKVCVG.KDGTVCVGCGUVGEQPUKFGTCVâWPC<br />

FKPOCTKNGKFGKIGTOKPCVQCTG)KTGXQNW/KQPCTGFKPKUVQTKCNWOKK#EGGC)KGPEKENQRGFKG<br />

QOKVG FGHKPKTGC EQPUGTXCVQTKUOWNWK EC FQEVTKPâ RQNKVKEâ FG UKPGUVâVâVQCTG<br />

OâTIKPKPFWUGUâFG\DCVâFQCTEC\WNRCTVKFWNWKEQPUGTXCVQTFKP#PINKC<br />

&KPVTGOCTGCOCUâCNWETâTKNQTEGFGHKPGUEFQEVTKPGNGRQNKVKEGCOCNGUÉPEâ<br />

QFGHKPKTG¡P)JKFWNFGKFGKRQNKVKEGÉPITKLXQNFG/KJCGNC)K#FTKCP/KTQP'F2CP<br />

6GTTC $WEWTG)VK R UG CTCVâ .KDGTCNKUOWN OQFGTP CTG FKHGTKVG ÉPHâ/K)âTK<br />

4GXQNW/KC FKP #OGTKEC KORWPG WP NKDGTCNKUO TGRWDNKECP 4GXQNW/KC HTCPEG\â<br />

XGJKEWNGC\â KFGK NKDGTCNG FCT )K FGOQETCVKEG PC/KQPCNKUVG UQEKCNKUVG ¡P +VCNKC<br />

)GTOCPKCÉPRTQEGUWNFGHQTOCTGCUVCVGNQTWPKVCTGTGRTG\GPVCP/KKNKDGTCNKUOWNWKUG<br />

QRWPOCKRW/KPEGPVTCNK\âTKK)KÉPVâTKTKKRWVGTKKUVCVWNWKFGE¸VOWN/KEQPVGORQTCPKFKP<br />

#OGTKEC#PINKCECTGÉPUGEQNWNCN:+:NGCUWPVOCKOWNVCVTC)KFGRQNKVKECCPVKGVCVKUVâ<br />

CNCKUUG\HCKTGWNWK.KDGTCNKUOWNUWU/KPGKFGKIGPGTCNGRTGEWOCEGNGCEâRQNKVKECGUVG<br />

CTVKHKEKCNâKCTCWVQTKVCVGCRQNKVKEâEQPXGP/KQPCNâIWXGTPCTGCGPGEGUCTâFCTPWGUVG<br />

PCVWTCNâNKDGTVCVGCGUVGEQPFK/KCWOCPâPCVWTCNâ&KHKEWNVCVGCFGHKPKTKKNKDGTCNKUOWNWK<br />

TG\KFâÉPCEGGCEâTKXCNKKEQPUGTXCVQTK)KTCFKECNKCKNKDGTCNKUOWNWKCWCLWPUNCRQ\K/KC<br />

NQT PQPNKDGTCNâ RQTPKPF FG NC RTGOKUGNG NKDGTCNKUOWNWK EQPUGTXCVQTKK EQPUGTXâ<br />

NKDGTCNKUOWNKCTTCFKECNKKÉNTCFKECNK\GC\â<br />

%QPUGTXCVQTKUOWN GZRTKOâ EQPEGR/KC RQNKVKEâ EG K\XQTâ)VGFKPFQTKP/C<br />

EQPUGTXâTKKUVâTKNQTFGNWETWTKGZKUVGPVGEQPUKFGTCVGHKGECDWPGÉPUKPGHKGECOCK<br />

DWPGFGE¸VEGNGCNVGTPCVKXGHKGEGNRW/KPECUKIWTGHCOKNKCTGRTGEWO)KFKPFQTKP/C<br />

FGCFGXâTCHGE/KWPG%CCVKVWFKPGUQEKCNâEQPUGTXCVQTKUOWNEQPUKFGTâUQEKGVCVGCEC<br />

HKKPF CPVGTKQCTâ KPFKXK\KNQT ECTG Q EQORWP KPFKXKFWN HKKPF WP RTQFWU CTVKHKEKCN CN<br />

EQPFK/KKNQT ÉP ECTG VTâKG)VG CN WPQT QDK)PWKP/G )K C)VGRVâTK %QPUGTXCVQTKUOWN<br />

NGIKVKOGC\âXCNQTKNGVTCFK/KQPCNG)KGUVGFGTGIWNâRWTVâVQTCNWPGKFQEVTKPGTGNKIKQCUG<br />

%GCOCKÉPCNVâKPUVKVW/KGUVCVWNVTGDWKGUâUGDC\G\GRGKPUVKVW/KKCWVQPQOGQDKGEVKXG<br />

2TKP VGQTKC KPUVKVW/KKNQT QDKGEVKXG EQPUGTXCVQTKUOWN KPVTâ ÉP QRQ\K/KG EW QTKEG<br />

FQEVTKPGVQVCNKVCTG'UVGRTCIOCVKEFCTUGQRWPGUQNW/KKNQT TCFKECNG PW CEEGRVâ<br />

TG\QNXCTGC EQPHNKEVGNQT ÉP CHCTC ECFTWNWK NGICN )K EQPUVKVW/KQPCN #RâTâ RTQRTKGVCVGC<br />

RTKXCVâ1REKVR

CW CVKPU 6TCPUKNXCPKC EâVTG LWOâVCVGC UGEQNWNWK 2TKP QRQ\K/KG EW<br />

NKDGTCNKUOWN UCW EQPVWTCV CV¸V EQPUGTXCVQTKUOWN E¸V )K EQOWPKUOWN<br />

5RTGFGQUGDKTGFG.WOGC0QWâFG#PINKC)K(TCP/CÉPEGPVTWN)KGUVWN<br />

EQPVKPGPVWNWKNKDGTCNKUOWNÉPCEGCUVâRGTKQCFâPWRQCVGHKEQPEGRWVÉP<br />

CDUGP/C PC/KQPCNKUOWNWK )K C VGPFKP/GNQT FG EQPUVKVWKTG )K EGPVTCNK\CTG<br />

UVCVCNâ<br />

¡P NWOGC FG NKODâ IGTOCPâ CXCPRQUVWN NKDGTCNKUOWNWK NC<br />

EQPUVKVWKVEQPHGFGTC/KCUVCVGNQTIGTOCPGKPENW\¸PFCKEK)K2TWUKCTGIGNWK<br />

(TKGFTKEJ 9KNJGNO CN +8NGC ¡P WTOC TGXQNW/KGK RC)QRVKUVG NKDGTCNKK<br />

IGTOCPK UCW VTCPUHQTOCV FKP RCTVKF FG QRQ\K/KG ÉP RCTVKF FG<br />

IWXGTPâO¸PV #WUVTKC C TGRTG\GPVCV RQNWN EQPVTCT CN<br />

EQPUGTXCVQTKUOWNWK 5C)KK CW CDUQTDKV KPHNWGP/GNG NKDGTCNG CX¸PF<br />

OKNKVCP/KCEVKXKRGVâT¸OWNNKDGTCNKUOWNWKXâFKPFEJKCTE¸VGXCÉPEGTEâTK<br />

FG VGQTGVK\CTG C CEGUVWKC #VKVWFKPGC EQPUGTXCVQCTG C HQUV ÉPUâ<br />

RTGRQPFGTGPVâ FG)K PGVGQTGVK\CVâ &G OGP/KQPCV GUVG HCRVWN Eâ ÉP<br />

T¸PFWN UC)KNQT PKEK NKDGTCNKUOWN PKEK EQPUGTXCVQTKUOWN PCW ÉODTâECV<br />

HQTOGGZVTGOGFGOWNVGQTKITCPK/GNGFKPVTGEGNGFQWâFQEVTKPGRQNKVKEG<br />

HKKPF FKHKEKN FG UGUK\CV /GP/KPGTGC CWVQPQOKGK UâUG)VK )K C FTGRVWTKNQT<br />

GVPKEGCHQUVGNGOGPVWNFGEKUKX)KEQOWPÉPFGOGTUWTKNGTGRTG\GPVCP/KNQT<br />

EGNQTFQWâEWTGPVGXCTKKPFFQCTOQFCNKVâ/KNGRTCEVKEGFGCE/KWPG<br />

2GPVTWCÉP/GNGIGQR/KWPKNGKFGQNQIKEGCNGUC)KNQTVTCPUKNXâPGPK<br />

ÉP EWTUWN CPKNQT )K RTGEWO )K GXQNW/KC FKUVKPEVâ C CEGUVQTC<br />

CXGOCCTWPECOCKÉPV¸KQRTKXKTGOCKÉPFGRâTVCVâCUWRTC\QPGNQTFG<br />

RTQRCICTGCKFGKNQTFQOKPCPVGÉPGRQEâCPWOG)GTOCPKC)K#WUVTKC<br />

'ZGORNKHKE¸PFRTKPUVWFKWNFGEC\CNNWOKKUâUG)VKEWRTKPUâÉP<br />

X¸NVQCTGC TGXQNW/KGK RCIKPKNG FG HC/â É)KRTQRWPCENâVKPCKOCIKPGC<br />

OGPVCNâ EWTGPVâ )K ÉP \KNGNG PQCUVTG ECTG CUKOKNGC\â NKDGTCNKUOWN EW<br />

RTQITGUWNEWDKPGNGKCTEQPUGTXCVQTKUOWNEWTGCE/KWPGC&KPRWPEVFG<br />

XGFGTG CN TGCNKVâ/KK KUVQTKEG Q CUVHGN FG KOCIKPG GUVG KPEQORNGVâ )K FG<br />

OWNVGQTKHCNUâ<br />

<br />

¡PEGRWVWTKNG OK)EâTKK NKDGTCNG ÉP )GTOCPKC C)CPWOKVWN<br />

NKDGTCNKUO VKORWTKW (T×JNKDGTCNKUOWU UCW RNCUCV ÉP LWTWN CPWNWK<br />

#PVGTKQTNKDGTCNKUOWNWKRQNKVKECHQUVTQOCPVKUOWNÉPNKVGTCVWTâ¡P<br />

RQG\KG UG FG\XQNVâ EWTGPVWN 6KPGTGK )GTOCPKK &CU ,WPIG<br />

&GWVUEJNCPF ECTG FGUEJKUG NWRVC ÉORQVTKXC UVâTKNQT FG NWETWTK<br />

OGFKGXCNG CPCETQPKEG ECTG RTGFKEC TGPWP/CTGC NC WTC HTCPEQHQDâ<br />

CRâTWVâ ÉP WTOC TGXQNW/KGK HTCPEG\G )K OCK CNGU C ECORCPKKNQT NWK<br />

0CRQNGQPFCTECTGRTQOQXCÉPCEGNC)KVKOR)KPC/KQPCNKUOWNIGTOCP<br />

$TKVCPPKECXQN)GTOCP[R

+UVQTKEKK )K LWTK)VKK IGTOCPK ÉPEGRWTâ C XGJKEWNC KFGGC GICNKVâ/KK<br />

RQNKVKEG FG KPURKTC/KG HTCPEG\â 7PWN FKP VGQTGVKEKGPKK NKDGTCNKUOWNWK<br />

VKORWTKW -CTN 4QVVGEM RTQHGUQT FG KUVQTKG )K )VKKP/GNG UVCVWNWK NC<br />

WPKXGTUKVCVGC FKP (TGKDWTI )K OGODTW FG XC\â CN %COGTGK FKP $CFGP<br />

GFKVâQKUVQTKGOQPFKCNâX¸PFWVâÉPOKKFGGZGORNCTGEGÉ)KRTQRWUG)K<br />

K\DWVKUâEQPVTKDWKGNCHQTOCTGCEQP)VKKP/GKRQNKVKEGCWPQTEGTEWTKNCTIK <br />

&¸PFEWTUKPK/KCVKXGKNWK(TKGFTKEJ.KUV4QVVGEMUGCUQEKGEWCNV<br />

NKFGT CN QRQ\K/KGK NKDGTCNG FKP $CFGP RGPVTW GFWECTGC EWNVWTCNâ C<br />

IGTOCPKNQTRTKPVTQGPEKENQRGFKGQTFQPCVâCNHCDGVKE4QVVGEM)K9GNEMGT<br />

HWTâCWVQTKKEGNGDTWNWK5VCCVUNGZKMQPFGURTGECTGUCURWUEâCQEWRCVÉP<br />

ECFTWN OK)EâTKK NKDGTCNG VKORWTKK FKP )GTOCPKC WP NQE EQORCTCDKN EW<br />

GHGEVWN 'PEKENQRGFKGK NWK &KFGTQV )K F #NGODGTV RGPVTW KNWOKPKUOWN<br />

HTCPEG\ 5VCCVUNGZKMQP É)K GZRTKOC KPVGP/KC FG C KNWUVTC ÉPXâ/âVWTC<br />

NKDGTCNâ)KFGCFGUETKGGXQNW/KCKUVQTKGKFGNCFGURQ/KGNCKFGCNWNUVCVCNCN<br />

NKDGTVâ/KK)KGICNKVâ/KK#RâTWÉPVTQRTKOâGFK/KGFGXQNWOGÉPVTGCPKK<br />

)K1CFQWCGFK/KGCWIOGPVCVâ)KÉODWPâVâ/KVâXâ\WNWOKPC<br />

VKRCTWNWKÉPXQNWOG¡PHKPGCVTGKCGFK/KGFGXQNWOG<br />

HWVKRâTKVâÉPVTG)K<br />

8QO \âDQXK RW/KP CUWRTC EQPEGRVGNQT FGHKPKVG CKEK FGQCTGEG<br />

CEGCUVâ QRGTâ C HQUV EGN OCK GZJCWUVKX EQORGPFKW )VKKP/KHKE CN<br />

RTKPEKRKKNQTVGQTGVKEGCNGNKDGTCNKUOWNWKFKPURC/KWNIGTOCP¡PQRKPKCNWK<br />

4QVVGEM HQTOC KFGCNâ FG IWXGTPâO¸PV Q TGRTG\GPVC OQPCTJKC<br />

EQPUVKVW/KQPCNâ5GRTQENCOCFTGRVWNPCVWTCN)KEQPVTCEVWNUQEKCNRGPVTW<br />

CUKIWTCTGCCEGUVWKFTGRVWOCP$KPGNGKPFKXKFWCNGTCUWDUWOCVDKPGNWK<br />

IGPGTCN 5VCVWN CXGC FCVQTKC FG C ICTCPVC FTGRVWTKNG )K UGEWTKVCVGC<br />

KPFKXKFWCNâ $KUGTKEC )K )EQCNC WTOCW Uâ HKG RWUG UWD CWVQTKVCVGC<br />

UVCVWNWK&TGRVWNNCGFWEC/KG)KÉPXâ/âVWTâGTCEQPUKFGTCVQEQORQPGPVâ<br />

C NKDGTVâ/KK RGTUQPCNG 8CNQCTGC UWRTGOâ EâTGKC K UG UWDQTFQPCW VQCVG<br />

EGNGNCNVGQEQPUVKVWKCUWXGTCPKVCVGCRQRQTWNWK<br />

¡PXK\KWPGCNWK9GNEMGTUVCVWNGTCWPVQVQTICPKEXKW6TGRVGNG<br />

FG\XQNVâTKK UVCVWNWK EQTGURWPFGCW EGNQT CNG XKG/KK QOGPG)VK 9GNEMGT<br />

FKUVKPIGCRCVTWRGTKQCFGCNGCEGUVGKGXQNW/KKRCTCNGNG2TKOCFKPVTGGNG<br />

ÉPEQN/KTGC )K ETG)VGTGC UVCVWNWK EQTGURWPFGC EQRKNâTKGK # FQWC C<br />

ÉPHNQTKTKKUVCVWNWKVTKOKVGCNCVKPGTG/GCWOCPâ/CVWTK\CTGCUVCVWNWKGTC<br />

9KNJGNO /×NNGT 2QNKVKUEJG )GUEJKEJVG FGT PGWGUVGP

CKFQOC X¸TUVGK CFWNVG KCT TGVCTFCTGC )K QHKNKTGC UVCVWNWK UWIGTCW<br />

DâVT¸PG/GC <br />

.GZKEQPWN UVCVWNWK PW CVKPUG WPKVCVGC FG EQPEGR/KG # HQUV Q<br />

TGHNGEVCTG HKFGNâ C NKDGTCNKUOWNWK IGTOCP RTGRC)QRVKUV )K RC)QRVKUV<br />

6GQTKKNGUCNGFGURTGUVCVGTCWNCHGNFGFKXGTUGEC)KCE/KWPKNG)KEGTKP/GNG<br />

RQNKVKEG &CEâ VGQTGVK\CTGC EQPEGR/KKNQT TGXGPGC WPQT RTQHGUQTK<br />

WPKXGTUKVCTKEWOGTCW4QVVGEM)K9GNEMGTEQPFWEâVQTKKOK)EâTKKNKDGTCNG<br />

CRCT/KPGCWPQKKENCUGFGOKLNQEKPFWUVTKCNG)KEQOGTEKCNGFKP4JGKPNCPF<br />

.WFQNH%CORJCWUGP&CXKF*CPUGOCPP)WUVCXXQP/GXKUUGP FCT<br />

)K FKP CNVG RâT/K CNG )GTOCPKGK /K)ECTGC NKDGTCNâ IGTOCPâ PW C HQUV<br />

WPKVCTâPKEKNCPKXGNWNEQPHGFGTC/KGKGZKUV¸PFOCTKFKHGTGP/GÉPVTG0QTF<br />

)K 5WF PKEK EJKCT ÉP KPVGTKQTWN FKXGTUGNQT UVâVWNG/G2WPEVWNEQOWPÉN<br />

EQPUVKVWKC NWRVC RGPVTW ÉPNâVWTCTGC CDUQNWVKUOWNWK )K C TGIKOWNWK<br />

5VâTKNQT KCT PW WP RTQITCO RQNKVKE RQ\KVKX .KDGTVCVG GICNKVCVG ÉP<br />

FTGRVWTK UWXGTCPKVCVG RQRWNCTâ ÉPUGOPCW NWETWTK FKHGTKVG RGPVTW<br />

TGRTG\GPVCP/KKNKDGTCNKÉPRCTVG<br />

2G OâUWTâ EG NKDGTCNKUOWN E¸)VKIâ VGTGP FWRâ FKPVTWP<br />

RCTVKFFGQRQ\K/KGFGXGPKWPRCTVKFFGIWXGTPâO¸PV¡PCPKK<br />

NKDGTCNKKIGTOCPKCLWPUGTâNCEQPFWEGTG¡ORTGWPâEWGK5VCCVUNGZKMQPUG<br />

VTCPUHQTOâ FKPVTWP ECVGJKUO CN QRQ\K/KGK ÉP EQPHGUKWPGC RCTVKFWNWK<br />

FQOKPCPV %W VQCVG UEâFGTKNG UCNG UG RCTG Eâ .GZKEQPWN UVCVWNWK C<br />

GZGTEKVCV Q KPHNWGP/â ENCTKHKECVQCTG ÉP EWTUWN TGXQNW/KGK #XGC CRTQCRG<br />

XCNQCTGC WPWK QTCEQN RQNKVKE %QPHQTO WPQT TGNCVâTK ÉP #FWPCTGC<br />

PC/KQPCNâIGTOCPâ2CTNCOGPVWNFGNC(TCPMHWTVNGZKEQPWNUGCHNCÉP<br />

O¸PC CRTQCRG HKGEâTWK FGRWVCV ÉP XTGOG EG EQP/KPWVWNUâWGTCTGFCV<br />

CFGUGCVGZVWCNÉPFG\DCVGTKNGCUWRTCFTGRVWTKNQTFGDC\â <br />

¡P CEGUV VKOREQPVTCFKE/KKNGKPVGTPGCNGNKDGTCNKUOWNWKURQTGCW<br />

6QEOCKCPWNVTGDWKCUâCFWEâFG\CITGICTGCUC¡PCEGUVCPCRâTW<br />

/CPKHGUVWNEQOWPKUV&GXK\CRTQNGVCTKCVWNWKUWPC2â\K/KXâFGRCTVKFWN<br />

NKDGTCN EâEK ÉP NQE FG FTGRVWTK WOCPG NKDGTCNKK PW EWPQUE FGE¸V<br />

FTGRVWTK RQNKVKEG &GEK UG RTQFWUG Q RTKOâ FKXK\KWPG ÉPVTG NKDGTCNK )K<br />

EQOWPK)VK #RQK ÉP U¸PWN RCTVKFWNWK NKDGTCN CTKRC FG UV¸PIC C<br />

NKDGTCNKNQTFKP$CFGP*GEMGT5VTWXGUGFGURTKPUGFGDâVT¸PKKNKDGTCNK<br />

EW RTKNGLWN CFWPâTKK FG NC 1HHGPDWTI FKP ¡P 2TGRCTNCOGPVWN<br />

8QTRCTNCOGPV FKP RTKOâXCTC NWK CXW NQE FKXQT/WNQHKEKCNFKPVTG<br />

DâVT¸PKK NKDGTCNK #NVNKDGTCNG )K TCFKECNK UCW FGOQETC/K .C T¸PFWN<br />

+DKFGOR<br />

$TKVCPPKECXQNR<br />

*

NQT DâVT¸PKK NKDGTCNK UG UGRCTCTâ ÉP NKDGTCNKK FG FTGCRVC )K NKDGTCNK KCT<br />

TCFKECNKK ÉP FGOQETC/K )K FGOQETC/K FG UV¸PI C 2G VKORWN CEGNC<br />

FGPWOKTKNG PW GTCW UVCDKNG FG HCRV CDKC UG RQCVG XQTDK FG RCTVKFG<br />

RTQRTKW\KUG1RKPKKNGPWEQKPEKFGCWTCFKECNKKGTCWTGRWDNKECPKRGE¸PF<br />

TGUVWN NKDGTCNKNQT TâO¸PGCW OQPCTJK)VK ÉP XTGOG EG FWRâ QD/KPGTGC<br />

RWVGTKKFKPQRQTVWPKUONKDGTCNKKFGFTGCRVCFGXGPKTâCRâTâVQTKCKPQKK<br />

QT¸PFWKTKEGHCXQTK\COCTGCDWTIJG\KG <br />

7P HQTWO 5RTGEJUCCN CN KFGKNQT OQFGTPG EGN OCK NKDGTCN<br />

FKPVTG\KCTGNGIGTOCPGR¸PâNCGTC#NNIGOGKPG

DâTDC/K EG WTOCW Uâ HCEâ RTQRWPGTK FG EQPUVKVWKTG C WPWK RCTNCOGPV<br />

IGTOCP)KECTGVTGDWKCWUâEQPXQCEGNC(TCPMHWTVWPRTGRCTNCOGPV<br />

.C OCTVKG ÉP 2CWNUMKTEJG DKUGTKEC 5H 2CWN FKP<br />

(TCPMHWTVCXWNQECFWPCTGCKPCWIWTCNâC2TGRCTNCOGPVWNWKOCTVKG<br />

CRTKNKG UWD RTG)GFGP/KC RTQHGUQTWNWK /KVVGTOCKGT FKP<br />

*GKFGNDGTI /CLQTKVCVGC TGRTG\GPVCP/KNQT ECTG PWVTGCW EQPXKPIGTK<br />

OQPCTJKUVEQPUVKVW/KQPCNG FGEKUG QTICPK\CTGC ÉP NWPC OCK C WPGK<br />

#FWPâTK PC/KQPCNG #EGCUVC WTOC Uâ FG\DCVâ XKKVQCTGC EQPUVKVW/KG C<br />

)GTOCPKGK4GKEJUXGTHCUUWPI)KUâHKGEQORWUâFKPFGNGIC/KCNG)KRTKP<br />

CNGIGTK FKTGEVG ECTG Uâ PW /KPâ UGCOC FG CXGTG UVCTG UCW EQPHGUKWPG<br />

%QPEQOKVGPVWPEQOKVGVFGFGRGTUQCPGVTGDWKCUâXGIJG\GCUWRTC<br />

ÉPFGRNKPKTKKGZCEVGCCEGUVQTJQVâT¸TKFGEâVTGIWXGTPGNGFKHGTKVGNQTUVCVG<br />

IGTOCPG<br />

2CTVKFC TCFKECNâ TGRWDNKECPâ EQPFWUâ FG *GEMGT )K 5VTWXG<br />

RâTâUKPGOWN/WOKVâQTC)WN8QNWPVCTKKTGRWDNKECPKHWTâÉPHT¸P/KÉPNWRVC<br />

FG NC -CPFGTP FG EâVTG WP EQTR FKP *GUUGP&CTOUVCFV UWD EQOCPFC<br />

NKDGTCNWNWKOQFGTCV(TKGFTKEJXQP)CIGTP<br />

.C OCK UG FGUEJKUG #FWPCTGC PC/KQPCNâ IGTOCPâ FKP<br />

(TCPMHWTVÉPRTG\GP/CCFGTGRTG\GPVCP/KCKRQRQTWNWKIGTOCP#V¸V<br />

TGRWDNKECPKKE¸V)KTGCE/KQPCTKKUGCHNCWÉPOKPQTKVCVGOCLQTKVCVGCGTC<br />

EQORWUâFKPNKDGTCNKKOQFGTC/K.CKWPKG2CTNCOGPVWNCNGUGWPTGIGPV<br />

4GKEJUXGTYGUGT ÉP RGTUQCPC CTJKFWEGNWK ,QJCPP CN #WUVTKGK .C <br />

KWNKG$WPFGUVCIWNRTGFâRWVGTGCÉPO¸KPKNGTGIGPVWNWK<br />

#FWPCTGC PC/KQPCNâ FKP (TCPMHWTV FG\DâVW RTQDNGOG FG<br />

RTKPEKRKWNGICVGFGXKKVQCTGCEQPUVKVW/KGIGTOCPâ¡PVTGCRTKNKG)KCWIWUV<br />

2CTNCOGPVWN RTGNWâ EQPFWEGTGC Tâ\DQKWNWK EW &CPGOCTEC ÉP<br />

NGIâVWTâEWTGICVGNG5EJNGUYKI)K*QNUVGKP)KRKGTFWTâ\DQKWN<br />

.CUGRVGODTKGTCFKECNKKPGOWN/WOK/KFGFG\DCVGTKNGVGQTGVKEG<br />

CNG 2CTNCOGPVWNWK )K FQTPKEK Uâ KORWPâ RTKP HQT/â TGRWDNKEC CUCNVCTâ<br />

UGFKWN #FWPâTKK PC/KQPCNG FKP 2CWNUMKTEJG 1TC)WN ÉPVTGI HW RWU UWD<br />

UVCTGFGCUGFKW.CUGRVGODTKG5VTWXGRTQENCOâTGRWDNKECÉP$CFGP<br />

FCTVTGK\KNGOCKV¸T\KWHWRTKPU)KCTWPECVÉPÉPEJKUQCTG<br />

.C OCTVKG #FWPCTGC PC/KQPCNâ FKP (TCPMHWTV XQVâ<br />

CEQTFCTGC TCPIWNWK GTGFKVCT FG ÉORâTCV CN IGTOCPKNQT -CKUGT FGT<br />

&GWVUEJGPTGIGNWK2TWUKGK(TKGFTKEJ9KNJGNOÉPUâTGHW\âRTQRWPGTGC<br />

&KPCEGCUVCENKRâHWNKORGFGEâ2CTNCOGPVWNPWFG/KPGCFGE¸VQRWVGTG<br />

HKEVKXâTWRVâFGTGCNKVCVG/KEKNGOQPCTJKKIGTOCPGPWGTCWFKURWUGUâ<br />

CRNKEG FGEK\KKNG 2CTNCOGPVWNWK KCT 2TWUKC UG FGNKOKVC CUVHGN FG Q<br />

KPK/KCVKXâECTGCTHKFGENCP)CVEWUKIWTCP/âQTKRQUVâFKPRCTVGC#WUVTKGK

%JKCT)KC)C#WUVTKCÉ)KTGVTCUGFGRWVC/KKFKP2CTNCOGPVWNFGNC<br />

(TCPMHWTV 4GIGPVWN ,QJCPP QUVGPKV FG CV¸VC TGXQNW/KG FGOKUKQPâ FKP<br />

HWPE/KC UC ¡PVTG OCK RGUVG FG OGODTK CK #FWPâTKK<br />

PC/KQPCNGÉPVTGECTG)CIGTP&CJNOCPP#TPFV9GNEMGT)CTGPWP/CTâ<br />

)KGKNCOCPFCV/WNVGUVCVGIGTOCPGÉ)KTGEJGOCTâTGRTG\GPVCP/KK<br />

4GUVWNVTWPEJKCVCN2CTNCOGPVWNWK4WORHRCTNCOGPVECTGOCK<br />

EWRTKPFGCFQCTQUWVâFGRGTUQCPGUGOWVâNC5VWVVICTVKWPKG&CTNC<br />

KWPKGCWVQTKVâ/KNGQTC)WNWKQRTKTâEWVTWRGRGFGUVTG)KECXCNGTK)VK<br />

KPVTCTGC RCTNCOGPVCTKNQT ÉP UCNC FG )GFKP/G#UVHGNUGUGOPâCEVWNFG<br />

FGEGUCN#FWPâTKKPC/KQPCNGIGTOCPG <br />

<br />

5RTG FGQUGDKTG FG RW\FGTKC UVâVWNG/GNQT IGTOCPG ÉP CHCTâ FG<br />

2TWUKC#WUVTKCFG/KPGCUVCVWVWNFGOCTGRWVGTGEQPFWUâFGQFKPCUVKG<br />

KORGTKCNâEWXGEJKTâFâEKPK)GTOCPKKVKPFGCWURTGEGPVTCNK\CTGRQNKVKEâ<br />

RG E¸PF #WUVTKC GTC WP UVCV EGPVTCNK\CV ÉPUâ FCVQTKVâ OWNVKGVPKEKVâ/KK<br />

UCNG GXQNW/KC RTGEWO )K RGTURGEVKXGNG UCNG GTCW CNVGNG5VCVWNWKWPKVCT<br />

CDUQNWVKUV EC RWTVâVQT CN KFGKK FKPCUVKEG FG UVCV CWUVTKCE K UG QRWPGC<br />

CEWO NC PP I¸PFWN NKDGTGK WPKHKEâTK C ITWRGNQT GVPKEG )K C<br />

WPKVâ/KNQT VGTKVQTKCNG HQTOCVG ÉP DC\C FTGRVWNWK KUVQTKE UCW C WPKVâ/KK<br />

PC/KQPCNG K UG QRWPGC KFGGC HGFGTCNKUOWNWK 2TQDNGOC<br />

PC/KQPCNKVâ/KNQTCHQUVGNGOGPVWNOCLQTECTGFKHGTGP/KC\âKUVQTKC#WUVTKGK<br />

FGEGCCEGNQTNCNVGVGTKVQTKKIGTOCPG(CEVQTWNPC/KQPCNCKTWRVOCKCNGUÉP<br />

VKORWN TGXQNW/KKNQT FG NC ¡P EGNG FG OCK LQU XQO WTOâTK ÉPUâ EW<br />

RTGEâFGTG PC/KQPCNKUOWN IGTOCP FKP #WUVTKC NâU¸PF RG WP RNCP UGEWPF<br />

OCPKHGUVâTKNG PC/KQPCNG CNG WPIWTKNQT UNCXKNQT )K CNG EGNQTNCNVG RQRQCTG<br />

FKP ÉORCTâ/KC JCDUDWTIKEâ %¸V ÉK RTKXG)VG RG NKDGTCNK HKG GK IGTOCPK<br />

CWUVTKGEKEGJKUCWWPIWTKVTâUâVWTCNQTFQOKPCPVâCHQUVPC/KQPCNKUOWN<br />

$C\GNGIWXGTPâTKKJCDUDWTIKEGFKPÉPVTGIWNUGEQNCN:+:NGCUG<br />

URTKLKPGCW RG Q RQNKVKEâ EQPUGTXCVQCTG ¡ORâTCVWN (TCP\ + <br />

ÉPURâKO¸PVCVFGG)GEWNTGHQTOKUOWNWKRTCEVKECVFG+QUKHCN++NGC)KFGEKU<br />

UâPWUEJKODGPKOKEÉ)KÉPVGOGKGKORGTKWNRGEGKFQKUV¸NRKCKDKTQETC/KGK<br />

)KRQNK/KGK7TOC)WNUCW(GTFKPCPF+GTCQHCPVQ)âÉPURCVGNG<br />

EâTGKC VTGK QCOGPK IWXGTPCW UVCVWN /GVVGTPKEJ CTJKFWEGNG .WFYKI <br />

WPEJKWN ÉORâTCVWNWK )K OKPKUVTWN FG HKPCP/G -QNQYTCV &CEâ ÉP RNCP<br />

&GURTG )GTOCPKC NC Q HQCTVG EQORNGVâ ETQPQNQIKG GXGPKOGP/KCNâ GUVG<br />

QHGTKVâ FG &GWVUEJG )GUEJKEJVG KP &CVGP *TUI XQO +PUVKVWV H×T )GUEJKEJVG FGT<br />

#MCFGOKG FGT 9KUUGPUEJCHVGP \W 1UV$GTNKP 8'$ &GWVUEJGT 8GTNCI FGT<br />

9KUUGPUEJCHVGP$GTNKPR<br />

,4GFNKEJ&CUÑUVGTTGKEJKUEJG5VCCVUWPF4GKEJURTQDNGO.GKR\KIXQN+R

GZVGTP #WUVTKC GTC KPVGTGUCVâ FQCT FG OGP/KPGTGC UVCVWUSWQWNWK )K C<br />

RâEKKEQPUKFGT¸PFUWHKEKGPVâGZVGPUKWPGCVGTKVQTKCNâNCECTGCLWPUGUG)K<br />

/GVVGTPKEJ GZEGNC ÉP HQTOCTGC WPWK UKUVGO FG CNKCP/G ÉP KPVGTKQTWN<br />

KORGTKWNWK ÉP RTGCLOC TGXQNW/KGK PGOWN/WOKTGC FGXGPKUG WPKXGTUCNâ<br />

EWRTKP\¸PFVQCVGUVTCVWTKNGUQEKCNG<br />

#TKUVQETC/KC TGURKPIGC EQPVTQNWN DKTQETCVKE EGPVTCN )K FQTGC<br />

CWVQPQOKGRTQXKPEKCNâUWDEQPVTQNRTQRTKW%NCUGNGFGOKLNQEDWTIJG\G<br />

XQKCW WP UVCV NKDGTCN RCTNCOGPVCT EGPVTCNK\CV )K EW ECTCEVGT IGTOCP<br />

-âTCPKKFQTGCWGNKDGTCTGCFKPKQDâIKGKCTRTQNGVCTKCVWNXKGPG\QEQPFK/KG<br />

OCKDWPâ5VWFGP/KKXKUCWNCWPXKKVQTTCFKECN<br />

2WTVâVQTKKFGEWX¸PVCKFG\COâIKTKNQTRTGRC)QRVKUVGGTCWEGKRG<br />

ECTGIWXGTPWNÉKPWOGCFKG/CNMQPVGPVGP'KETGCTâNC8KGPCQOK)ECTG<br />

CTVKUVKEâNKVGTCTâ)KRQNKVKEâFGPWOKVâ6¸PâTC#WUVTKG¡PVTG\âTKOCKEK<br />

WP RCTCNGNKUO EW OK)ECTGC RQGVKEâ C 6KPGTGK )GTOCPKK #EG)VK<br />

KPVGNGEVWCNK TGRTG\GPVCW FKHGTKVG VGQTKK RQNKVKEG CX¸PF ÉP EQOWP XKUWN<br />

WPGK #WUVTKK RTQITGUKUVG ¡P T¸PFWTKNG NQT UG CHNCW UETKKVQTK LWTPCNK)VK<br />

OGFKEK EC HWPE/KQPCTWN FG UVCV $CTQP #PFTKCP RWDNKEKUVWN +IPC\<br />

-WTCPFC9KGUPGT/ÑTKPI5EJWUGNMCEQPVGNG#PVQP#WGTURGTIECTG<br />

RWDNKECUWDRUGWFQPKOWNFG#PCUVCUKWU)T×PUETKKVQTKK$CWGTPHGNF)K<br />

/QTKV\*CTVOCPP-CTN$GEM*GTOCPP4QNNGV#NHTGF/GKUUPGT#NDGTV<br />

-PQNNRQGVWNDâPâ/GCP0KMQNCWU.GPCW<br />

%GNOCKKORQTVCPV)KOCKKPHNWGPVQTICPCN6KPGTGK#WUVTKKGTC<br />

TGXKUVC Q)TGP\DQVGR GFKVCVâ FG +IPC\ -WTCPFC OCK ÉPV¸K NC $T×UUGN<br />

CRQK NC .GKR\KI #EGCUVC KPHQTOC ENCTKHKEC FG\XâNWKC TGNCVC FGURTG<br />

OK)EâTKNGRQNKVKEG)KURKTKVWCNGFKPNâWPVTWN)KFKPCHCTC#WUVTKGK4GXKUVC<br />

FGVGTOKPâWPCUGOGPGCEWTGPVFGQRKPKGÉPE¸VGTCFGCFTGRVWNOQFGTP<br />

)KFGDQPVQPCEKVK)TGP\DQVG ÉP EC\ EQPVTCT RNCPC RGTKEQNWN FG C HK<br />

EQPUKFGTCVPGGFWECV&CTFWRâE¸VGXCPWOGTGTGXKUVCHWKPVGT\KUâNCHGN<br />

EC)KUETKGTKNGNWK#PFTKCP)T×P)C <br />

%CTGGTCKOCIKPGCEQPFWEâVQTKNQVNKDGTCNKÉP#WUVTKCTGIKOWNWK<br />

/GVVGTPKEJEC)KFWRâCEGGCPGRQCVGUWIGTCFGUVKPWNEQPVGNWK#PVQP<br />

#NGZCPFGTXQP#WGTURGTIPNC.GKDCEJONC)TC\5VGKGTOCTM<br />

ÉPEWPQUEWVUWDRUGWFQPKOWNNKVGTCT#PCUVCUKWU)T×P¡PCPKKN<br />

CKUGEQNWNWKCNPQWâURTG\GEGNGCGNKPVTâÉPEQPVCEVEWHQT/GNGQRQ\K/KQPCNG<br />

)KNKDGTCNGCWUVTKGEG¡PEâNâVQTKKNGGHGEVWCVGÉP+VCNKC#PINKC(TCP/CFCT<br />

)K ÉP 5WCDKC 5CEJUGP 6J×TKPIGP UCW NC .GKR\KI GN É)K NâTIK QTK\QPVWN<br />

RQNKVKE7PEWRNWXGUVKVCN8KGPGKÉPCKPVGFGGTCW)T×P)K0KMQNCWU<br />

.GPCWRTKGVGPWNUâWQTKIKPCTFKP$CPCV/CKV¸T\KWQUVT¸PUâRTKGVGPKGN<br />

'XC 2TKGUVGT -WT\G )GUEJKEJVG ©UVGTTGKEJU #WHUVKGI WPF 7PVGTICPI FGU<br />

*CDUDWTIGTTGKEJGU)NQDWU8GTNCI9KGPR

C NGICV RG #PCUVCUKWU )T×P )K FG *GKPTKEJ *GKPG &WRâ RWDNKECTGC<br />

QRGTGKUCNGFGFGDWVÉPXQNWOWNFGRQG\KKKPVKVWNCVQ5RC\KGTI¼PIG<br />

GKPGU9KGPGT2QGVGPR2NKODâTKNGWPWKRQGVXKGPG\EGTGRTG\KPVâÉP<br />

CEGNC)K VKOR )K QRGTC UC EGC OCK EWPQUEWVâ ECPEGNCTWN /GVVGTPKEJ ÉN<br />

EQPXQEâ ÉP CWFKGP/â RWP¸PWN ÉP HC/C WPWK WNVKOCVWO QTK VCEG QTK<br />

RâTâUG)VG OQPCTJKC 'ZKNCV FKP /CTâ )K WTOâTKV VKOR FG FGEGPKK )T×P<br />

RCTVKEKRâ NC TGXQNW/KC FG NC EC FGRWVCV FG %TCKPC NQEWN UâW FG<br />

DC)VKPâÉP2CTNCOGPV2TKGVGPFGCUGOGPGCEW'FWCTFXQP$CWGTPHGNF<br />

GZGTEKVâ Q QCTGECTG KPHNWGP/â CUWRTC ÉORâTCVWNWK URTG CN HCEG Uâ<br />

EQPUKOVâ NC CRTQDCTGC EQPUVKVW/KGK QEVTQKCVG 2CTVKEKRâ )K NC NWETâTKNG<br />

FGUHâ)WTCVG NC 2CWNUMKTEJG &WRâ )T×P UG KORNKEâ FKP PQW ÉP<br />

RQNKVKEC #WUVTKGK ÉP 5GPCV *GTTGPJCWU TGRTG\GPV¸PF %TCKPC )K<br />

5VGKGTOCTM <br />

¡PCXWNQERTKOCTGXQNVâFGUEJKUâEWECTCEVGTRQNQPG\ÉP<br />

)CNK/KC 2GPVTW CK ÉPHT¸PIG RG PQDKNKK TâUEWNC/K CWVQTKVâ/KNG KORGTKCNG<br />

RTQOKUGTâ /âTCPKNQT )VGTIGTGC TQDQVGNQT ÉP UEJKODWN CLWVQTWNWK NQT<br />

#UVHGNRTKOWNCEVTGXQNW/KQPCTCXGPKVFKPRCTVGCIWXGTPWNWKÉPUW)K <br />

.C OCTVKG &KGVC #WUVTKGK +PHGTKQCTG FâFW UGOPCNWN<br />

TGXQNW/KGK NC 8KGPC /GVVGTPKEJ HW UKNKV Uâ FGOKUKQPG\G UG RTQENCOâ<br />

NKDGTVCVGCRTGUGKUGFKUEWVâEJGUVKWPGCWPGKPQKEQPUVKVW/KK&KPT¸PFWN<br />

TâUEWNC/KNQT NWâ HKKP/â )CTFC PC/KQPCNâ KCT FKP T¸PFWN UVWFGP/KNQT<br />

WPKXGTUKVâ/KK.GIKWPGCCECFGOKEâ4GRTG\GPVCP/KKEGNQTFQWâEQTRQTC/KK<br />

EQORWUGTâ WP %QOKVGV EGPVTCN ECTG ÉP CEGUV OQOGPV RTGNWâ RWVGTGC<br />

GHGEVKXâ<br />

5G HQTOâ WP IWXGTP EQPFWU FG RTKOOKPKUVTWN -QNQYTCV WP<br />

RGTUQPCLGFTGRVEGXCOCKNKDGTCNFGE¸V/GVVGTPKEJFGRCTVGVQVW)KFGC<br />

RWVGC HK EQPUKFGTCV NKDGTCN &G PWOGNG NWK -QNQYTCV UG NGCIâ )K<br />

EQPUVKVW/KCQEVTQKCVâNCCRTKNKGFWRâOQFGNDGNIKCP#EGCUVCUVCDKNGC<br />

CNEâVWKTGC WPGK &KGVG OQPQECOGTCNG )K C WPWK IWXGTP TâURWP\âVQT ÉP<br />

9QNHI CPI $GWVKP 'KP ÑUVGTTGKEJKUEJGT .KDGTCNGT FGU 8QTO¼T\ &KEJVGT WPF<br />

.KVGTCVWTXGTOKVVNGT KO ,J #PCUVCUKWU )T×P TGHGTCV UWU/KPWV NC<br />

UKORQ\KQPWNQ+OCIKPKCNG4QO¸PKGK)KCNG)GTOCPKGKÉPEQPVGZVWNURC/KWNWKFWPâTGCP<br />

ÉPUGEQNGNG)KRQTICPK\CVFG7PKXGTUKVCVGCQ#XTCO+CPEWR%NWL)K7PKXGTUKVCVGC<br />

.×PGDWTI QEVQODTKG 1RGTC NWK # )T×P GUVG NKTKEâ ÉP EGC OCK OCTG RCTVG<br />

WTO¸PFVTCFK/KCNWK*GTFGT'NGFKVâRQUVWOQRGTGNGEQORNGVG)KQDKQITCHKGCNWK0<br />

.GPCWOQTVPGDWPÉPVTCFWUGRQG\KKRQRWNCTGU¸TDGGVERTGEWO)KQEQNGE/KG<br />

FGVGZVGGPING\GTGWPKVGUWDVKVNWNQ4QDKP*QQFR+NURTKLKPKRG*GKPGÉPDQCNC<br />

WNVKOKNQTNWKCPKFGXKC/â2TQVCIQPKUVWNPWXGNGKQ'KP5R¼VIGDQTPGTR%GNEGUCPâUEWV<br />

RTGC V¸T\KW CRCT/KP¸PF EGNGK OCK EWPQUEWVG RQGVG CWUVTKGEG /CTKG XQP 'DPGT<br />

'UEJGPDCEJPWGUVGCNVWNFGE¸VÉPUW)K)T×P<br />

$TKVCPPKECXQN#WUVTKCR

HC/C &KGVGK %QPUVKVW/KC PW EWRTKPFGC 7PICTKC ECTG KORWUGUG FGLC WP<br />

IWXGTP RTQRTKW 2TKP CEGCUVâ EQPUVKVW/KG #WUVTKC FGXGPGC Q OQPCTJKG<br />

EQPUVKVW/KQPCNâ EW TGRTG\GPVCP/â RQRWNCTâ ÉP 2CTNCOGPV )K IWXGTP<br />

UWRWU 2CTNCOGPVWNWK #EGGC)K EQPUVKVW/KG FGEKFGC FGRNKPC GICNKVCVG C<br />

VWVWTQT PC/KQPCNKVâ/KNQT VTâKVQCTG ÉP #WUVTKC HâTâ C TG\QNXC URKPQCUC<br />

RTQDNGOâCIGTOCPKNQTFKPOQPCTJKG<br />

/K)ECTGC CEGUVQTC PW GTC WPKVCTâ 8KGPC TGXQNW/KQPCTâ CTDQTC<br />

UVGCIWN PGITWTQ)WCWTKW UKODQN CN WPKHKEâTKK IGTOCPG %WTVGC<br />

IWXGTPWNCTOCVCFCT)KPC/KQPCNKVâ/KNGKORGTKWNWKOCKRW/KPKVCNKGPKK)K<br />

WPIWTKK UG CHNCW UWD HNCOWTC EWNQTKNQT KORGTKCNG JCDUDWTIKEG PGITW<br />

ICNDGP<br />

4GXQNW/KQPCTKK IGTOCPK FKP #WUVTKC UG ITWRCW ÉP FQWâ OCTK<br />

EWTGPVG %GK FG UV¸PIC EGTGCW UQNW/KQPCTGC RTQDNGOGNQT UQEKCNG )K Q<br />

)GTOCPKGWPKVâÉPECTG#WUVTKCWTOCUâUGFK\QNXG0WEQPVCRGPVTWGK<br />

FCEâCEGCUVCCXGCUâUGÉPV¸ORNGEWUCWHâTâJCDUDWTIK<br />

4GHQTOC/KK OQFGTCVDWTIJG\K FQTGCW )K GK WPKVCVGC IGTOCPâ<br />

FCT EW OGP/KPGTGCTQNWNWKEQPFWEâVQTCN#WUVTKGK)K C FQOKPC/KGK<br />

JCDUDWTIKEGUWDHQTOCWPWKKORGTKWIGTOCPC)CEWOHWUGUGGNR¸PâNC<br />

<br />

%WTVGCFKP8KGPCXQKCEWQTKEGRTG/RâUVTCTGCOQPCTJKGKHâTâ<br />

UCWEWQ)GTOCPKGWPKVâECTGFGUKIWTCTHKHQUVUWDQTFQPCVâ#WUVTKGK<br />

)WXGTPWNUGCHNCNCOKLNQEÉPVTG%WTVG)KTGXQNW/KG<br />

.C OCK K\DWEPKTâ NC 8KGPC PQK EQPHTWPVâTK CTOCVG NC<br />

ÉPEGTEâTKNG)WXGTPWNWKFGCHT¸PCCE/KWPGCQTICPGNQTTGXQNW/KQPCTGCNG<br />

)âT\KK PC/KQPCNG )K .GIKWPKK CECFGOKEG TGURGEVKX C %QOKVGVWNWK<br />

TGXQNW/KQPCT #EGUVC CXW E¸)VKI FG ECW\â )K RTGNWâ RWVGTGC NCOCK<br />

%WTVGCUGTGHWIKGNC+PPUDTWEM<br />

#WUVTKCÉ)KVTKOKUGTGRTG\GPVCP/KÉP2CTNCOGPVWNFKP(TCPMHWTV<br />

6QVÉPNWPCOCKUGFGUHâ)WTCTâCNGIGTKNGRGPVTW#FWPCTGCEQPUVKVWCPVâ<br />

4GKEJUVCI 2CTVKEKRCTGC IGTOCPKNQT CWUVTKGEK HW UNCDâ .C KWNKG<br />

CTJKFWEGNG,QJCPPFGUEJKUGRTKOCUGUKWPGC#FWPâTKKEQPUVKVWCPVGFCT<br />

FGRWVC/KK CWUVTKGEK GTCW ÉP OKPQTKVCVG HC/â FG TGRTG\GPVCP/KK EGNQTNCNVG<br />

PC/KQPCNKVâ/K 2TG)GFKPVGNG %QPUVKVWCPVGK GTC EGJ XKEGRTG)GFKPVGNG<br />

RQNQPG\ ¡PVTG FGNGIC/KK PC/KQPCNKVâ/KNQTUGCHNCWOWN/K /âTCPK ECTG PW<br />

)VKCW PKEK Uâ UETKG PKEK Uâ EKVGCUEâ EW CV¸V OCK RW/KP Uâ XQTDGCUEâ<br />

PGO/G)VG %QPUKNKWN 4GKEJUTCV CDKC TGW)K Uâ EQPXKPâ CUWRTC NKODKK FG<br />

EQOWPKECTG #EGCUVâ CFWPCTG OWNVKPC/KQPCNâ UG FGNKOKVâ PGV FG<br />

EJGUVKWPGCWPKVâ/KKIGTOCPGFG\DâVWVâNC(TCPMHWTV<br />

.CRTQRWPGTGCUVWFGPVWNWKTCFKECN-WPFNKEJEGTGRTG\GPVCWP<br />

FKUVTKEV/âTâPGUE#FWPCTGCEQPUVKVWCPVâXQVâ)KNC8KGPCNCUGRVGODTKG

NGIGC CITCTâ FG FGUHKKP/CTG C KQDâIKGK #EGCUVC HWUGUG CFQRVCVâ<br />

FGLCÉPCRTKNKGFG2CTNCOGPVWNWPICT)KNCKWPKGFG&KGVCVTCPUKNXCPâ<br />

.C UGRVGODTKG ÉORâTCVWN (GTFKPCPF EQPHKTOâ NGIGC RTKPVTQ<br />

RTQENCOC/KG .C UGRVGODTKG %QPUVKVWCPVC É)K FGENCTâ RGTOCPGP/C<br />

EWOQHâEWUGTâNCVKORWNNQTQTICPGNGTGXQNW/KGKHTCPEG\G<br />

.C CWIWUV EQOCPFCPVWN UWRTGO CN VWVWTQT VTWRGNQT<br />

KORGTKCNG9KPFKUEJITCGV\RTKOKÉORWVGTPKEKTKFGRNKPG)KPGNKOKVCVGÉP<br />

DC\C EâTQTC RWVGC FKURWPG PW PWOCK FG HQT/GNG OKNKVCTG EK )K FG<br />

RQRWNC/KCEKXKNâ<br />

.C UGRVGODTKG CXWTâ NQE NC 8KGPC PQK NWRVG ÉPVTG CTOCVâ )K<br />

)CTFCPC/KQPCNâEâTGKCKUGCNâVWTCUGQRCTVGFKPUQNFC/KECTGTGHW\CWUâ<br />

TGURGEVGQTFKPWNFGÉPCKPVCTGURTG7PICTKCRGPVTWTGUVCDKNKTGCUVâR¸PKTKK<br />

CWUVTKGEG/KPKUVTWNFGTâ\DQKEQPVGNG.CVQWTHWWEKU%WTVGCUGTGHWIKG<br />

NC1NO×V\&GRWVC/KKOQFGTC/KCK#FWPâTKKEQPUVKVWCPVGRâTâUKTâ8KGPC<br />

KCTRCTVKFCTCFKECNâRTGNWâRWVGTGC<br />

8KGPCTGXQNW/KQPCTâPWCXGCCN/KCNKC/KFGE¸VTGXQNW/KCWPICTâ)K<br />

2CTNCOGPVWNFGNC(TCPMHWTV6CDâTCTCFKECNâFGXGPKRTCEVKEWPHGPQOGP<br />

K\QNCV 2G E¸PF VCDâTC OQFGTC/KNQT OCK OWNV UCW OCK RW/KP<br />

ÉPURâKO¸PVC/KFGGZEGUGNGTGXQNW/KGKETG)VGCNâU¸PFO¸PâNKDGTâ%WT/KK<br />

¡PVâTKTGCCEGUVGKCUGÉPVGOGKCRGCTOCVâ)KRGPC/KQPCNKVâ/KNGKORGTKWNWK<br />

/CK CNGU RQRQCTGNG FKP ECFTWN 7PICTKGK NWRVCW FGUEJKU ÉORQVTKXC<br />

TGXQNW/KGK WPICTG UWU/KP¸PF ECW\C OQPCTJKGK WPKVG .KDGTCNKK TCFKECNK<br />

OCIJKCTK GTCW JQVâT¸/K ÉPVTCFGXâT Uâ KORWPâ TGHQTOG UQEKCNG )K<br />

FTGRVWTKEGVâ/GPG)VKKPFKXKFWCNGÉPUEJKODRQNKVKECNQTPC/KQPCNâHWWP<br />

FG\CUVTW FKP RTKEKPC ÉPEâNEâTKK FTGRVWTKNQT PC/KQPCNG %QPHTWPVC/K EW<br />

VGPFKP/GNG FG OCIJKCTK\CTG EQPFWEâVQTKK RQNKVKEK CK RQRQCTGNQT FKP<br />

TGICVWN 7PICTKGK QRVCTâ HGTO RGPVTW #WUVTKC ¡P OQF EWTGPV UG<br />

CRTGEKC\â Eâ QDKGEVKX GK URTKLKPGCW EQPVTCTGXQNW/KC FG)K UWDKGEVKX PW<br />

FQTGCWUâUNWLGCUEâTGCE/KWPKK)QPFC0KGFGTJCWUGP UGCTCVâÉPVTQ<br />

KUVQTKGC+ORGTKWNWKJCDUDWTIKE+PVGRTGVCTGCFGOCKUWUQOKVGKGTCTJKC<br />

RTKQTKVâ/KNQT(âTâXKC/âPC/KQPCNâRTQRTKGRTQITGUWNUQEKCNGUVGNKRUKVFG<br />

XCNQCTG)KFGQDKGEV#WUVTKCQEQPVTCTGXQNW/KQPCTâRICTCPVCFTGRVWTKNG<br />

PC/KQPCNG EGN RW/KP FG KWTG RG E¸PF 7PICTKC TGXQNW/KQPCTâ NG EâNEC ÉP<br />

RKEKQCTGFGHCEVQ<br />

.CPQKGODTKGHWPWOKVWPPQWIWXGTPCWUVTKCE2TKP/WN<br />

(GNKZ XQP 5EJYCT\GPDGTI PQWN RTKOOKPKUVTW ÉP FKUEWTUWN UâW<br />

KPCWIWTCN ÉP HC/C #FWPâTKK EQPUVKVWCPVG OWVCVâ ÉP QEVQODTKG NC<br />

-TGOUKGT ÉP /QTCXKC GZRWUG RTKPEKRKKNG WPGK IWXGTPâTK NKDGTCNG<br />

+OTG )QPFC 'OKN 0KGFGTJCWUGT &KG *CDUDWTIGT 'KP GWTQR¼KUEJGU 2J¼PQOGP<br />

%QTXKPC-KCFÎGFCC$WFCRGUVCR

EQPUVKVW/KQPCNKVCVG )K NKDGTVCVG TGCNâ ÉORQVTKXC GZCIGTâTKNQT TGXQNW/KGK<br />

FTGRVWTKNKDGTCNGGICNKVCVGCÉPFTGRVWTKCVWVWTQTPCVKQPCNKVâ/KNQTNKDGTC<br />

FGXQNVCTGCECRKVCNKUOWNWKOGP/KPGTGCFGUHKKP/âTKKKQDâIKGK#WUVTKCPW<br />

CXGC Uâ UG CUQEKG\G FGHGN EW )GTOCPKC WPKHKECVâ ¡P KPVGTGU IGTOCP )K<br />

GWTQRGCP NKDGTC FG\XQNVCTG C IGTOCPKNQT WTOC Uâ UG ÉPHâRVWKCUEâ EGN<br />

OCK DKPG ÉPVTQ #WUVTKG UWXGTCPâ )K RWVGTPKEâ &KUEWTUWN UWPC EC Q<br />

FGENCTC/KGFGTâ\DQKCFTGUCVâ2CTNCOGPVWNWKFGNC(TCPMHWTV<br />

'TC PGXQKG FG WP PQW ÉORâTCV ECTG Uâ TGCNK\G\G TGWPKHKECTGC<br />

KORGTKWNWK .C FGEGODTKG (GTFKPCPF CDFKEâ ÉP HCXQCTGC<br />

PGRQVWNWK UâW (TCP\ ,QUGRJ )WXGTPWN FG O¸Pâ HQTVG EQPFWU FG<br />

5EJYCT\GPDGTI FK\QNXâ NC OCTVKG #FWPCTGC EQPUVKVWCPVâ OCK<br />

ÉPCKPVGECCEGCUVCUâHKHKPCNK\CVEQPUVKVW/KCNCECTGNWETC<br />

¡P OCTVKG HW RWDNKECVâ EQPUVKVW/KCQEVTQKCVâC#WUVTKGK4QNWN<br />

GUGP/KCN ÉP GNCDQTCTGC GK ÉK TGXGPGC EQPVGNWK 5VCFKQP OKPKUVTWN FG<br />

KPVGTPG %QPUVKVW/KC EQPUHKP/GC FTGRVWTKNG OCTKK DWTIJG\KK RTGEQPK\C<br />

EGPVTCNK\CTGC HKPCPEKCTâ GEQPQOKEâ C KORGTKWNWK )K Q CWVQPQOKG C<br />

RTQXKPEKKNQTECTGUCFQXGFKVKNW\QTKG<br />

%W CLWVQTWN UWDUVCP/KCN CN VTWRGNQT /CTKUVG ECTG KPVTCTâ ÉP<br />

7PICTKCÉPOCKVTGKNWPKOCKV¸T\KWCWIWUVTGXQNW/KCOCIJKCTâ<br />

HWFGHKPKVKXÉPHT¸PVâ <br />

<br />

.CUC)KFKP6TCPUKNXCPKCC)CPWOKVCRGTKQCFâCCPKNQTNKPK)VK/K<br />

HW WTOCVâ FG WP UWHNW FG XKC/â PQWâ &KP<br />

CRWU RâVTWPFGCW KFGK OQFGTPG URKTKVGNG UG FG)VGRVCWFKPCOQT/KTG<br />

XKC/C EQPUVKVW/KQPCNâ TGÉPEGRW 2âVTWP)K FG KPHNWGP/GNG FKP CHCTâ<br />

QCOGPKKFGEWNVWTâUC)KCRCT/KPâVQTKOGFKKNQTKPUVTWKVGFCT)KÉPUVâTKVG<br />

ÉPEGRWTâOWPECFGTKFKECTGCRQRQTWNWKUâUGUE'CTGHNGEVC)KGHQTVWTKNG<br />

UKOKNCTGFKP7PICTKCÉPURGEKCNRGVâT¸OGEQPQOKEWPFGUGKORWUGUG<br />

XK\KWPGC NKDGTCNâ C NWK 5\GEJÃP[K CUWRTC ÉPVâTKTKK RWVGTKK RQNKVKEG C<br />

RQRQTWNWKRTKPURQTKTGCDWPâUVâTKKUCNG'NCPWNÉPPQKTKNQTEWRTKPUGVQCVG<br />

FQOGPKKNG XKG/KK PC/KQPCNG UâUG)VK 2TKP ÉPUGOPâVCVGC NQT UWPV FG<br />

TGOCTECVOCKEWUGCOâFQWâHGPQOGPG<br />

&GURTG#WUVTKCÉPCPKK)QPFC0KGFGTJCWUGTR9/×NNGTR<br />

'2TKGUVGTR$TKVCPPKECXQNR<br />

&GPWOKTGC RGTKQCFGK EC HKKPF EGC C CPKNQT NKPK)VK/K ÉK CRCT/KPG NWK<br />

(TKGFTKEJ 6GWVUEJ 8G\K UVWFKWN UâW 5VKNNG ,CJTG ÉP XQN *WPFGTV ,CJTG<br />

U¼EJUKUEJGT-¼ORHG

2TKOWN FKPVTG GNG XK\C ETGCTGC FG CUQEKC/KK )K KPUVKVW/KK ECTG Uâ<br />

QHGTGECFTWNRTQRKEGFGOCPKHGUVCTGCVGPFKP/GNQTTGHQTOKUVG#UVHGNFG<br />

RKNFâ ÉP 6TCPUKNXCPKC UC)KK HWTâ CEGKC ECTG RWUGTâ DC\GNG UKUVGOWNWK<br />

ECUGNQT FG GEQPQOKK .C 26 .CPIG ÉPVGOGKG NC $TC)QX RTKOC<br />

KPUVKVW/KG FG CEGUV HGN FKP ÉPVTGIWN EWRTKPU CN /âTKNQT EQTQCPGK WPICTG<br />

ECTG É)K UVCDKNGC FTGRV UEQR PW ÉPOWN/KTGC CXGTKNQT EK RTQOQXCTGC<br />

TQUVWTKNQTWOCPG)KCDWPâUVâTKKRWDNKEG ¡P/*GTDGTVHQPFâNC<br />

5KDKWQCNVâECUâFGGEQPQOKK#ODGNGKPUVKVW/KKTGPWP/CWFGDWPâXQKG<br />

NCE¸)VKIWTKNGÉPVGOGKGVQTKNQT)KOGODTKNQTNQTFQP¸PFRTQHKVWNPGVWPQT<br />

UEQRWTKIGPGTCNG<br />

2GPVTWTKFKECTGCÉPXâ/âO¸PVWNWKOKNKVCQCUQEKC/KGRGFCIQIKEâ<br />

EGNWâHKKP/â NC5KDKW.C$TC)QXÉ)KÉPEGRWCEVKXKVCVGCQECUâFG<br />

RGPUKK #UQEKC/KKNG OG)VG)WIâTG)VK KXKVG ÉP CEGUV TâUVKOR 5KDKW<br />

$TC)QX $KUVTK/C /GFKC) NC 5KIJK)QCTC CUQEKC/KC HW<br />

ÉPHKKP/CVâ NC )K CRTQDCVâ ÉP /KPVGCW URTG TKFKECTGC<br />

OG)VG)WIWTKNQT )K C EQOGT/WNWK URTG CPKOCTGC URKTKVWNWK FG OWPEâ )K<br />

GEQPQOKG URTG ÉPOWN/KTGC ETGFKVWNWK )K HQTOCTGC WPGK GEQPQOKK<br />

OQFGTPG ¡P NWâ PC)VGTG CUQEKC/KC VTCPUKNXâPGCPâ UâUGCUEâ FG<br />

CITKEWNVWTâ<br />

7P NQE CRCTVG NC QEWRCV #UQEKC/KC RGPVTW EWNVWTC VTCPUKNXCPâ<br />

8GTGKP H×T UKGDGPD×TIKUEJG .CPFGUMWPFG ¡P CPWN $GPKIPK )K<br />

0GWIGDQTGPRTQRWUGTâÉPVGOGKGTGCWPGKUQEKGVâ/KECTGUâGFKVG\GNWETâTK<br />

FGURTGKUVQTKCRCVTKGK2TQRWPGTGCTâOCUGHâTâGEQWR¸PâÉPE¸PF<br />

)$KPFGTTGNWâKPK/KCVKXCETGâTKKWPGKCUQEKC/KKFG)VKKP/âC6TCPUKNXCPKGK<br />

ECTGUâEGTEGVG\GKUVQTKCUVCVKUVKEC)K)VKKP/GNGPCVWTKK,%5EJWNNGTUCNWVâ<br />

KPK/KCVKXC NWK $KPFGT UWIGT¸PF EC XKKVQCTGC CUQEKC/KG Uâ FGRâ)GCUEâ<br />

NKOKVGNG WPWK HQT IGTOCP )K RWT )VKKP/KHKE #RGNWN TGFCEVCV NC <br />

UGRVGODTKG FG EâVTG UGPCVQTKK OGFKG)GPK & )K ) )T¼UGT )K FG<br />

RTGQVWN FKP 8CNEJKF , (CDKPK EQPXQEâ CFWPCTGC FG EQPUVKVWKTG C<br />

#UQEKC/KGKRGPVTWEWNVWTCVTCPUKNXCPâNCQEVQODTKGNC/GFKC)WPFGUG<br />

GNCDQTCTâ)KUVCVWVGNGCEGUVGKC)WDGTPKWNCRTQDâHWPE/KQPCTGCCUQEKC/KGK<br />

RTKPVTWP FGETGV GOKU NC OCK ÉP ECTG KPUKUVC CUWRTC UWRWPGTKK<br />

RWDNKEC/KKNQT RTGUETKUGK EGP\WTK )K ÉK CVGP/KQPC RG OGODTKK CUQEKC/KGK Uâ<br />

PW RWDNKEG NWETâTK PGRQVTKXKVG EW TGIWNKNG GFKVQTKCNG ÉP XKIQCTG ¡P<br />

CFGXâT CUQEKC/KC KORWNUKQPâ EGTEGVâTKNG CUWRTC VTGEWVWNWK Xâ\¸PF ÉP<br />

KUVQTKG K\XQTWN VâTKGK RTG\GPVWNWK %QPVTKDWK NC FG\XQNVCTGC EQP)VKKP/GK<br />

WPKVâ/KKEWNVWTCNGUâUG)VKUWU/KP¸PFTGPWP/CTGCNCRTGLWFGEâ/KNGNQECNG)K<br />

RTQOQX¸PFKFGGCCRCTVGPGP/GKKPFKXK\KDKNGCUC)KNQTNCWPUKPIWTRQRQT<br />

+ORQTVCP/CCUQEKC/KGKTG\KFâÉPUâPWÉPUETKGTKNGUCNGE¸VÉPCFWPâTKNGGK<br />

(TKGFTKEJ6GWVUEJ)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGP+++R

IGPGTCNG#EGUVGCGTCWCFWPâTKKVKPGTCPVGECTGÉ)KUEJKODCWCPWCNNQEWN<br />

FG FGUHâ)WTCTG EWRTKP\¸PF ÉP VKOR ÉPVTGIWN 2âO¸PV %TâKGUE #UVHGN<br />

CFWPâTKNGCXWTâNQEÉPNC5KIJK)QCTCÉPNC$TC)QXÉPNC<br />

5KDKW ÉP NC $KUVTK/C ÉP NC 5GDG) ÉP NC %KPEW /CTG<br />

2TG)GFKPVGNG CUQEKC/KGK GTC EQPUKNKGTWN FG EWTVG ,QUGRJ $GFGWU XQP<br />

5EJCTDGTI +FGCNWN TQOCPVKE EG ÉPUWHNG/GC CEVKXKVâ/KNG CUQEKC/KGK TGKGUG<br />

NKORGFG FKP EWX¸PVCTGC XKEGRTG)GFKPVGNWK GK LWFGNG TGICN 5EJOKFV NC<br />

FGUEJKFGTGC CFWPâTKK IGPGTCNG FKP 1Tâ)GCPWN ÉK ÉPVKPFG O¸PC<br />

UâVGCPWNWKQOWNFGÉPCNVâGFWEC/KG/âTCPWNWKUKORNW¡POQFGUVCEQNKDâ<br />

CQOWNWKFGNC/CTâUGETGGC\âEGNGOCKKPVKOGNGIâVWTKUGFG\DCVEGNG<br />

OCK ÉPUGOPCVG EJGUVKWPK KCT EQRKKK PQ)VTK QDUGTXâ EW KPKOKNG NCHGNFG<br />

OK)ECVGECCNGVC/KNQTNQTEâHGTKEKTGC)KEWNVKXCTGCRQRQTWNWKUWPV/GNWN<br />

EQOWPCNVWVWTQTGHQTVWTKNQT <br />

%GNâNCNVHGPQOGPEWTQNEQX¸T)KVQTÉPOQFGNCTGCEWIGVGNQTCHQUV<br />

RTGUC 2GTKQCFC RTGRC)QRVKUVâ CFWUG NC UC)K ETG)VGTGC ÉPUGOPCVâ C<br />

PWOâTWNWK \KCTGNQT .WK 5KGDGPD×TIGT $QVG )K<br />

UWRNKOGPVGNQT UCNG 6TCPUUKNXCPKC )K #OVU WPF<br />

+PVGNNKIGP\DNCVV ! K UG CFâWIâ NC 5KDKW 5KGDGPD×TIKUEJGT<br />

8QNMUHTGWPF HQPFCV ÉP )K EQPFWU R¸Pâ ÉP FG , /KEJCGNKU<br />

,QUGH$GPKIPKXQP/KNFGPDGTIGFKVâÉPVTG)K7PVGTJCNVWPIGP<br />

CWUFGT)GIGPYCTVQTGXKUVâEGÉ)KRTQRWPGCEJKCTFKPVKVNWUâUGFGFKEG<br />

FG\DCVGTKNQTRTQDNGOGNQTCT\âVQCTGCNGRTG\GPVWNWK.C$TC)QXVKRCTPK/C<br />

ÉPVGOGKCVâÉPUGEQNWNCN:8+NGCFG*QPVGTWUHWEWORâTCVâÉPFG<br />

,QJCPP)ÑVVWPVKRQITCHXGPKVFKP(TCPMHWTV)ÑVVRWDNKEâ$N¼VVGTH×T<br />

)GKUV)GO×VJWPF8CVGTNCPFUMWPFGKCTEWÉPEGRGTGFKP<br />

UEQCUG 5KGDGPD×TIGT 9QEJGPDNCVV \KCTWN ECTG ÉK CFWUG<br />

EQPUCETCTGC )K WP UWEEGU HWNOKPCPV CVKPI¸PF ÉP WP PWOâT FG Q<br />

OKG FG CDQPC/K PGOCKÉPV¸NPKV R¸Pâ CVWPEK ÉP RTGUC CTFGNGCPâ %C<br />

UWRNKOGPV CN NWK 9QEJGPDNCVV CRâTW 5CVGNNKV FGU 5KGDGPD×TIGT<br />

9QEJGPDNCVVU 6QV NC $TC)QX #PVQP -WT\<br />

RWDNKEC WP Q/CIC\KP FG KUVQTKG NKVGTCVWTâ )K OQPWOGPVGCNG<br />

6TCPUKNXCPKGK/CIC\KPH×T)GUEJKEJVG.KVVGTCVWTWPFCNNG&GPMWPF<br />

/GTMY×TFKIMGKVGP5KGDGPD×TIGPU <br />

2TGUC UâUGCUEâ UWU/KPGC KFGGC IGPGTCNâ C RTQITGUWNWK RTKP<br />

RTQOQXCTGC GICNGK ÉPFTGRVâ/KTK PC/KQPCNG C TGQTICPK\âTKK XKG/KK<br />

EQOWPCNG C TGHQTOâTKK CITKEWNVWTKK EQOGT/WNWK OG)VG)WIWTKNQT<br />

2TQDNGOC RWDNKEKVâ/KK CFKEâ C CFWEGTKK NC EWPQ)VKP/C ÉPVTGIKK QD)VK C<br />

+DKFGOR&GURTGHGPQOGPWNCUQEKC/KQPKUVNCUC)KVQVCKEKR<br />

&GURTG)ÑVV)KTGFCEVQTKKHQKNQTDTC)QXGPGGZKUVâKPHQTOC/KKDQICVGFCTFKURCTCVG8<br />

UKPVGVKEECRKVQNWNQ%TQPKECRTGUGKDTC)QXGPGR

EJGUVKWPKNQT FG\DâVWVG NC OGUGNG XGT\K CNG HQTWTKNQT QHKEKCNG RTQXQEâ<br />

FKURWVG CRTKPUG 'C ÉPUGOPC WP EQPVCEV KPGFKV CN QOWNWK FG T¸PF EW<br />

PK)VG FQOGPKK R¸Pâ CVWPEK VCDW UV¸TPKPF RTQVGUVGNG HWPE/KQPCTKNQT<br />

RTGUC/KFGEQPVTQNWNKPFKTGEVGZGTEKVCVCUVHGNFGQRKPKCRWDNKEâ¡P<br />

CRâTW ÉP 5KGDGPD×TIGT 9QEJGPDNCVV WP CTVKEQN FGURTG RâECVGNG<br />

DKTQETC/KGK 1TCVQTWN EQOWPKVâ/KK QTC)WNWK 5KDKW ÉPEGTEâ Uâ FGVGTOKPG<br />

KPVGPVCTGCWPWKRTQEGUÉORQVTKXCNWK)ÑVV+PVGTXGP/KCNWK

JâKVWKTGCUC)KNQT(T6GWVUEJ &G)VGRVCTGCEQP)VKKP/GKFGUKPGUâUG)VKC<br />

HQUVQTGCNKVCVGCCEGNQTCPKGRTKOCVâÉPRQG\KCTQOCPVKEâCWPQTRQG/K<br />

RTGEWO,QUGH/CTNKPCWVQTWN%TWEKCFGNQTRQNKVKEGRG2âO¸PVWN5âUGUE<br />

#UQEKC/KKNG)KRTGUCUGTXGCWCEGNGKC)KECW\G<br />

#PKK CFWUGTâ ÉPUâ )K TCEQTFCTGC UC)KNQT NC KFGCNWTKNG<br />

IGTOCPKVâ/KK+\QNCTGCFâWPCXKG/KKPC/KQPCNGUâUG)VKECTGCTRWVGCÉPHNQTK<br />

PWOCK ÉP EQPEQTFCP/â EW XKC/C URKTKVWCNâ IGTOCPâ 0C/KWPGC UâUGCUEâ<br />

GTC RWTVâVQCTGC PCVWTCNâ C GNGOGPVWNWK IGTOCP FKP 6TCPUKNXCPKC<br />

%TGFKP/C IGTOCPâ )K EQPUGTXCTGC HKKP/GK GVPKEG GTCW GZRTGUKC<br />

UGPVKOGPVWNWKCRCTVGPGP/GKNCEWNVWTCIGTOCPâ)KCCX¸PVWNWKRCVTKQVKE<br />

¡PUâ ÉP RNCP RQNKVKE PKEK PW UC RWU RTQDNGOC EQPETGVK\âTKK CEGUVWK<br />

UGPVKOGPVPKEKWPRQNKVKEKCPUCUPWUCI¸PFKVXTGQFCVâEC#TFGCNWNUâ<br />

FGXKPâ Q RCTVG C )GTOCPKGK (TKGFTKEJ 6GWVUEJ UWIGTGC\â HCRVWN Eâ<br />

CEGCUVâ UQNKFCTK\CTG CT HK HQUV Q TKRQUVâ )K WP OKLNQE FG CRâTCTG &WRâ<br />

7PICTKCRQTPKQCE/KWPGFGE¸)VKICTGC)GTOCPKGKRGPVTW/GNWTKNGGK<br />

NKDGTCNG .GKR\KI GTC EGPVTWN FKP ECTG UG TâUR¸PFGC OCVGTKCN<br />

RTQRCICPFKUVKEEâVTGVQCVGEQN/WTKNG)GTOCPKGK5C)KKPWRWVGCWTâO¸PG<br />

OCK RTGLQU &CT RG CPUCODNW QRKPKC RWDNKEâ IGTOCPâ GTC NKRUKVâ FG<br />

EWPQ)VKP/GCUWRTCXKG/KKPC/KQPCNGUâUG)VKKCTEGGCEGCHNCRTQXGPGCÉP<br />

RCTVG FKP UWTUG ECTG PW PG XQKCW DKPGNG (T 6GWVUEJ #UVHGN UC)KK<br />

CRâTGCWECTGRTG\GPVCP/KCKWPQTRTKXKNGIKKÉPXGEJKVGEGPWXQKCWUâ)VKG<br />

PKOKEFGVKORWTKNGPQK <br />

¡P RTGCLOC CPWNWK URKTKVWN EQPEWTGP/KCN )K CPKOQ\KVCVGC<br />

GZKUVGPVâ ÉPVTG EGNG FQWâ EGVâ/KECRKVCNG CNG UC)KNQT CTFGNGPK 5KDKWN )K<br />

$TC)QXWN CVKPUGTâ EQVG OCZKOG .C 5KDKW É)K CXGC UGFKWN EQOGUWN<br />

PC/KWPKK UâUG)VK CKEK UG FGUHâ)WTCW CFWPâTKNG 7PKXGTUKVâ/KK PC/KQPCNG<br />

#XGTGC7PKXGTUKVâ/KKRTGEWO)KECUCGTCTKCNâUGCHNCWNC5KDKW6QVCKEK<br />

GTC %QOCPFCOGPVWN OKNKVCT CWUVTKCE UWD EQPFWEGTGC IGPGTCNWNWK<br />

2WEJPGT2TKPWTOCTGQTC)WNIâ\FWKCQUWOGFGPKGFGÉPCN/KHWPE/KQPCTK<br />

FGUVCVWPKKFKPVTGGKCWUVTKGEK,QUGH$GPKIPKXQP/KNFGPDGTICN/KK<br />

RTQXGPK/K FKP T¸PFWN NQECNPKEKNQT UC)K .C 5KDKW VTâKCW XGEJK URK/G FG<br />

RCVTKEKGPK<br />

6TGDWKG UWDNKPKCV HCRVWN Eâ LWTK)VKK EQPUVKVWKCW RâVWTC<br />

EQPFWEâVQCTGCUC)KNQTÉPCNVCUQEKGVCVG2TG\GP/KRGUVGVQVÉPQTC)G)K<br />

V¸TIWTK EJKCT ÉP UWDWTDKKNG UECWPGNQT OCK OKEK LWTK)VKK RWVGCW<br />

CUEGPUKQPCR¸PâNCHWPE/KKÉPCNVGEWOGTCWEGNGFGEQPUKNKGTIWDGTPKCN<br />

UCWEQPUKNKGTFGEWTVG5KDKWNÉPUGOP¸PFÉPCEGUVUGPUVTGCRVCEGCOCKFG<br />

UWU C ECTKGTGK NQT ÉP #TFGCN 2¸Pâ CVWPEK LWTK)VKK GTCW CRâTâVQTK CK<br />

+DKFGOR<br />

+DKFGOR

EQPUVKVW/KGK RWTVâVQTK FG EWX¸PV ÉP )GFKPVGNG &KGVGK )K ÉP FGRWVC/KKNG NC<br />

%WTVG)KVQVGKGTCWEGNOCKCFGUGCCWVQTKKWPQTQRGTGFGEGTEGVCTGÉP<br />

)VKKP/GNG LWTKFKEG KUVQTKG )C8TGOWTKNGPQKNGHWTâRQVTKXPKEGEâEK<br />

URKTKVWN DKTQETCVKE ÉPVTWEJKRC GUGP/C TG\KUVGP/GK NC RTQITGU 6KPGTGVWN<br />

VCIOGKÉPUâÉODTâ/K)âOK)ECTGCTGHQTOCVQCTG.CPQKGODTKGCXW<br />

NQEFGUEJKFGTGCHGUVKXâC#ECFGOKGKFGFTGRVUKDKGPGCNEâTGKTGEVQTGTC<br />

)QVVHTKGF /×NNGT KCT RTKPVTG RTKOKK RTQHGUQTK UG PWOâTCW ,#<br />

FKPOGUGTKGWPOKLNQEFGUWD\KUVGP/â5GCUQEKCTâEWT¸PFFQKQCOGPKFG<br />

NKVGTG.GQRQNF/CZKOKNKCP/QNVMG)K#PVQP-WT\EWURKTKVOQFGTPKUVEG<br />

EQPVTKDWK NC FKTGE/KC NKDGTCNâ C RTGUGK NWK )ÑVV $TC)QXWN HW RTKP<br />

GZEGNGP/âNQEWNWPFGRTKPUGVGTGPNKDGTCNKUOWNUâUGUE<br />

¡PNWPCOCTVKGK\DWEPKTGXQNW/KCNC8KGPC)KNC2GUVC&KP<br />

CRTKNKG R¸Pâ ÉP KWPKG ÉP RTKORNCPWN FG\DCVGTKNQT UâUG)VK VTGEW<br />

EJGUVKWPGCWPKWPKK6TCPUKNXCPKGKEW7PICTKCEWRTKPUâÉPRTQENCOC/KCFG<br />

NC2GUVC0QFWNIQTFKCPCNFKXGTIGP/GNQTFKPVTGEGNGFQWâVCDGTGUâUG)VK<br />

ÉN EQPUVKVWK CFGTCTGC UCW TGURKPIGTGC WPKWPKK ¡PITQ)¸PF EQPVWTWTKNG )K<br />

UKORNKHKE¸PFNWETWTKNGUGRQCVGCHKTOCEâRCTVKFCEQPUGTXCVQCTGOKNKVâ<br />

FGNCÉPEGRWVFGRGRQ\K/KKCPVKWPKQPKUVGHGTOGE¸VâXTGOGNKDGTCNKKUG<br />

GPVW\KCUOCTâRGPVTWWPKWPG<br />

5VTKIâVWN7PKWPGUCWOQCTVGÉ)KIâUKGEQWNÉP'TFÃN[*KTCFÎ<br />

PT FKP OCTVKG #EGNC)K \KCT FKP %NWL RWDNKEâ OCPKHGUVG<br />

XKQNGPVG RTGEWO GTC EGN ECTG ÉPHKGTC ¡PITQ\KVQCTGC EQPLWTC/KG C<br />

7PKXGTUKVâ/KK PC/KQPCNG #UVHGN FG OCPKHGUVG HWTâ VTKOKUG OCUKX ÉP<br />

)GTOCPKC'HGEVWNNQTHWCEGNCEâ0GWG4JGKPKUEJG

FG #WUVTKC 1 EQOKUKG PWOKVâ FG 7PKXGTUKVCVGC UâUGCUEâ RTQRWUG<br />

4GXK\WKTGC HWPFCOGPVCNâ C EQPUVKVW/KGK OWPKEKRCNG C IGTOCPKNQT FKP<br />

#TFGCN 5G RTGEQPK\CW TGHQTOG ÉP CFOKPKUVTC/KG OG)VG)WIWTK<br />

ÉPXâ/âO¸PV5VWFGP/KK#ECFGOKGKUKDKGPGRTG\GPVCTâUGPCVWNWKHCEWNVâ/KK<br />

QRGVK/KGEWEGTGTKFGOQFGTPK\CTGCKPUVKVW/KGK <br />

.C OCK &KGVC FG NC %NWL XQVâ WPKWPGC 6TCPUKNXCPKGK EW<br />

7PICTKCKCTNCKWPKGÉORâTCVWNUCPE/KQPâWPKWPGC<br />

&GNGIC/KCUâUGCUEâEGÉPO¸PâÉORâTCVWNWKWPOGOQTKWFKP<br />

KWPKG ÉP ECTG UG CTâVC Eâ HâTâ ICTCPVCTGC FTGRVWTKNQT PC/KQPCNG<br />

7PKXGTUKVCVGC UâUGCUEâ PW RQCVG HK FG CEQTF EW NGIâVWTC FKPVTG<br />

6TCPUKNXCPKC)KTGICVWN7PICTKGKHWEQPEGFKCVâHâTâECÉORâTCVWNUâHK<br />

EKVKVOâECTOGOQTKWN <br />

¡PCEGUVGEQPFK/KK PW GUVG UWTRTKP\âVQCTG ÉPFTGRVCTGC CVGP/KGK<br />

UC)KNQTURTG)GTOCPKC.CKWPKG7PKXGTUKVCVGCPC/KQPCNâUâUGCUEâ<br />

VTKOKUG Q CFTGUâ #FWPâTKK PC/KQPCNG FKP (TCPMHWTV ÉP ECTG TGEWPQ)VGC<br />

CRCTVGPGP/C UC)KNQT NC RQRQTWN IGTOCP )K UQNKEKVC URTKLKP )K UWU/KPGTG<br />

5CEJUGPJGKOCIGPVWNVTCPUKNXCPNC8KGPCEâWVâUâE¸)VKIGE¸VOCKOWN/K<br />

FGRWVC/KCK2CTNCOGPVWNWKIGTOCPFGRCTVGCECW\GKUâUG)VK4GEVQTWNFKP<br />

1Tâ)VKG (TKGFTKEJ )GNVUEJ EâNâVQTK NC (TCPMHWTV RGPVTW C FQWC QCTâ<br />

RGPVTWCVTCPUOKVGWPOGOQTKWN7PKXGTUKVâ/KKUâUG)VKFKPKWNKGÉPECTG<br />

UGUVCDKNGCWEQPFK/KKNG CEEGRVâTKK WPKWPKK )GNVUEJ /KPW )K Q UEWTVâ<br />

EWX¸PVCTG ÉP HC/C FGRWVC/KNQT IGTOCPK CWIWUV 5WDNKPKG<br />

FKURQPKDKNKVCVGCUC)KNQTFGCEQPXKG/WKRC)PKEEWOCIJKCTKKFCTRGPVTW<br />

CUKIWTCTGC RâEKK EQPFK/KC FG DC\â GTC ICTCPVCTGC XGEJKK CWVQPQOKK<br />

OWPKEKRCNGUâUG)VK4GHGTKPFWUGNCGHQTVWTKNGTGXQNW/KQPCTKNQTOCIJKCTK<br />

FGCTGCNK\CNC(TCPMHWTVQCNKCP/â EW )GTOCPKC )GNVUEJ KPUKUVC ÉP<br />

TWIâOKPVGC CFTGUCVâ 2CTNCOGPVWNWK IGTOCP FG C PW QOKVG CEGCUVâ<br />

RTGXGFGTGCICTCP/KKNQTUâUG)VKÉPPKEKQCNKCP/âÉPEJGKCVâFG)GTOCPKC<br />

+PVGTXGP/KCNWK)GNVUEJPWCXWWPGHGEVRTCEVKE&CTGCFâFWINCU<br />

6TCPUUKNXCPKC5KDKWPTCRTKNKGR)KPTOCKR<br />

5D8QNMUHTGWPF5KDKWPTCRTKNKGR5CVGNNKV$TC)QXPT<br />

OCKR<br />

&GURTG OGOQTKWN 7PKXGTUKVâ/KK PC/KQPCNG UâUG)VK FKP KWPKG X (T6GWVUEJ<br />

)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGP+++RUS/GOQTKWNGUVGTGFCV)KÉP3WGNNGP<br />

\WT )GUEJKEJVG FGT 5KGDGPD×TIGT 5CEJUGP GF'TPUV9CIPGTCFQWCGFK/KG $ÑJNCW<br />

8GTNCI-ÑNP9KGPR&QEWOGPVGRTKXKPFTGXQNW/KCFGNCÉP/âTKNGTQO¸PG<br />

%6TCPUKNXCPKCXQN8++UWDVKRCT

UGPVKOGPVWNWKUQNKFCTKVâ/KKUC)KNQTEWEQPHTC/KKNQTEGRNâPWKCWWPKHKECTGC<br />

VWVWTQTIGTOCPKNQT <br />

(K 7PKWPGC VKPGTGVWNWK IGTOCPQUâUGUE 5KGDGPD×TIKUEJ<br />

FGWVUEJGT,WIGPFDWPFETGCVâNC/GFKC)VTKOKUGÉPCWIWUVFQWâ<br />

CFTGUG EâVTG #FWPCTGC PC/KQPCNâ FKP (TCPMHWTV )K EâVTG 6KPGTGVWN<br />

CECFGOKEIGTOCP5GCTâVC.WOGCÉPVTGCIâGRNKPâFGEQRKKIGTOCPK<br />

(K PQK UWPVGO ONâFK/GNG CEGUVQT TâFâEKPK &GURâT/K/K IGQITCHKE )K HâTâ<br />

NGIâVWTâXK\KDKNâNCUWRTCHC/CRâO¸PVWNWKEW/CTCOCOâPQKVQVW)KVTâKO<br />

RTKP RTGUâ RTKP 7PKXGTUKVCVG RTKP FTWOG/KKNG OG)VG)WICTKNQT PQ)VTK<br />

RTKPCOKPVKTKNGVTGEWVWNWK)KURGTCP/GNGXKKVQTWNWKEW)KRTKP)GTOCPKC<br />

/¸PFTKCPQCUVTâRKGTGFCEâ)GTOCPKCUGHâT¸OK/GC\âPQKPGÉPVâTKO<br />

FCEâ)GTOCPKCGRWVGTPKEâ8TGOUâHKO)KUâTâO¸PGOEGGCEGCOHQUV<br />

ÉPVQVFGCWPC WP QPGUV RQRQT IGTOCP )K FG CUGOGPGC QPG)VK )K NQKCNK<br />

EGVâ/GPKCKUVCVWNWKEâTWKCÉKCRCT/KPGO <br />

&KP VQCVG CEGUVG CE/KWPK )K CVKVWFKPK TG\WNVâ Q ÉPFTGRVCTG C<br />

VWVWTQT GHQTVWTKNQT PC/KWPKK UâUG)VK URTG CRâTCTGC HKKP/GK GVPKEG<br />

7PKXGTUKVCVGC UâUGCUEâ É)K OCPKHGUVâ RNGPCT TQNWN FG HQT RQNKVKE<br />

EQPFWEâVQTCNUC)KNQTÉPVTWPKPFÉPFGOGTUWTKNGUCNGCEQTFWNOCLQTKVâ/KK<br />

RQRWNC/KGK UâUG)VK %QPHTWPVCVâ EW RTQDNGOC PC/KQPCNâ FG\DCVGTGC<br />

NKDGTCNKUOXGTUWUEQPUGTXCVQTKUOFGXGPGCUWRGTHNWâ<br />

6QCOPC V¸T\KG C CPWNWK CFWUG EW UKPG FGENCP)CTGC<br />

Tâ\DQKWNWKEKXKNÉP6TCPUKNXCPKC/WN/KFKPVTGHTWPVC)KKNKDGTCNKUC)KECTG<br />

UG CPICLCUGTâ ÉP UNWLDC TGXQNW/KGK OCIJKCTG EWPQUEWTâ FG\COâIKTGC<br />

%CTN )QQ² ECTG EC FGRWVCV ÉP &KGVC VTCPUKNXCPâ FKP OCK XQVCUG<br />

WPKWPGC FKP EQPXKPIGTG ÉPITQ\KV FG U¸PIGTQCUC VWTPWTâ RQNKVKEâ )K<br />

FG\KNW\KQPCV ÉP C)VGRVâTKNG UCNG É)K RWUG UKPIWT ECRâV \KNGNQT NC <br />

FGEGODTKG ,QUGH /CTNKP VTGDWK Uâ TGEWPQCUEâ EW FWTGTG 'UVG<br />

PGPQTQEKTGC PC/KQPCNKVâ/KK OCIJKCTG Eâ PW EWPQC)VG PKEK Q OâUWTâ HC/â<br />

FG XKVTGIKVGNG PC/KQPCNKVâ/K /CTNKP RâTâUK #TFGCNWN FWRâ ÉPHT¸PIGTGC<br />

TGXQNW/KGK HKKPF TâRWU FG JQNGTâ #PVQP -WT\ ÉP UEJKOD HW WP<br />

EQODCVCPVCEVKXFGRCTVGCTGXQNW/KGKMQUUWVJKGPGFGXGPKPFCFLWVCPV)K<br />

&GURTGFGOGTUWTKNG7PKXGTUKVâ/KKPC/KQPCNGRGN¸PIâ2CTNCOGPVWNFKP(TCPMHWTVX<br />

+DKFGO )K +TOICTF /CTVKWU )TQ²ÑUVGTTGKEJ WPF FKG 5KGDGPD×TIGT 5CEJUGP <br />

8GTNCIFGU5×FQUVFGWVUEJGP-WNVWTYGTMU/×PEJGPR<br />

'UVGWPHTCIOGPVFKP)TW²YQTV FGU FGWVUEJGP ,WIGPFDWPFGU KP 5KGDGPD×TIGP CP FKG<br />

FGWVUEJG0CVKQPCNXGTUCOONWPIKPFGT(TCPMHWTVGT2CWNUMKTEJGKO,CJTGRWDNKECVÉP<br />

-NKPIUQT,I*GHVR)KGUVGEKVCVFG)WUVCX)×PFKUEJ&GWVUEJGU<br />

8QNMUYGTFGPKP5KGDGPD×TIGP'PVYKEMNWPIUIGUEJKEJVNKEJG&WTEJDNKEMG8GTNCI<br />

-TCHHV&TQVNGHH5KDKWR<br />

/KEJCGN-TQPGT'KP 5RTGEJUCCN FGU 8QNMUYKNNGPU ÉP &KG

UGETGVCTRGTUQPCNCNIGPGTCNWNWK$GONCKCPWCTKGHKKPFÉPâN/CVNC<br />

ITCFWNFGEâRKVCP%QPUGEXGPVEWGNÉPUW)KR¸PâNCECRâVOWTKÉPDâVâNKC<br />

FGNC#NDG)VKKWNKG/CZ/QNVMGTâOCUGNC$TC)QX)KQFCVâEW<br />

QEWRCTGCOCIJKCTâCQTC)WNWKFGXGPKTGFCEVQT)GHCN\KCTWNWKNWK)ÑVV<br />

-TQPUV¼FVGT

CWHQUVKPVGT\KUG$QVGÉ)KEQPVKPWâCEVKXKVCVGCEWWPPQWTGFCEVQT)GH<br />

,QJCPP*KPV\CEâTWKQR/KWPGFGENCTCVâGTCCEGGCFGCTGHW\CUâRTCEVKEG<br />

CIKVC/KQPKUORQNKVKERTKPKPVGTOGFKWNRTGUGKHâTâCPGICKPVGP/KKNGUCNG<br />

RQNKVKEGNGCNG)KFGUEJKUG ¡PRQHKFCVCNGPVWNWKUâWFGLWTPCNKUVUVTâNWEKV<br />

UKORCVKKNG UCNG HKNQMQUUWVJKGPG CW HQUV CURTW LWFGECVG FG KUVQTKQITCHKC<br />

UâUGCUEâWNVGTKQCTâGXGPKOGPVGNQT1UMCT9KVVUVQEM(TKGFTKEJ6GWVUEJ <br />

&GUKIWT ÉPUâ Eâ $QVG C Iâ\FWKV ÉP RCIKPKNG UCNG RTQENCOC/KK )K<br />

QTFQPCP/G CNG IWXGTPWNWK OCIJKCT RTGEWO )K FGENCTC/KK FG UWRWPGTG<br />

FKP RCTVGC EQOWPKVâ/KK QTC)WNWK 0W RWVGO ÉPUâ UWDNKPKC ÉPFGCLWPU<br />

VQPWN EW VQVWN OQFGTCV )K TG/KPWV CN \KCTGNQT UKDKGPG EG GZENWFGC<br />

NKPIW)GNKNG )K RNGEâEKWPKNG ÉP HC/C XTGOGNPKEKNQT UVCR¸PK 4GKPUVCWTCTGC<br />

RWVGTKK CWUVTKGEG FGVGTOKPC PQK UEJKODâTK TGFCE/KQPCNG *GKPTKEJ<br />

5EJOKFV RTQCURâVWN TGFCEVQT)GH CN NWK $QVG ÉK EKTEWOUETKC \KCTWNWK<br />

TQNWNFGCFGXGPKQWPQTICPCNKPVGTGUGNQTPC/KQPCNGUâUG)VKR)KFCVQTKC<br />

FGCTâUR¸PFKQEQP)VKKP/âFGUVCVCWUVTKCEâ <br />

'XQNW/KC RTGUGK NKDGTCNG DTC)QXGPG HW OWNV OCK UKPWQCUâ ¡P<br />

FGENCTC/KC FG #PWN PQW EâVTG EKVKVQTKK UâK TGFCE/KC NWK 5KGDGPD×TIGT<br />

9QEJGPDNCVVCUGTVC#)CEWOCHQUVÉP'WTQRCÉPWTOâEWPWOCK<br />

NWPK PW XC OCK HK )K PW RQCVG Uâ OCK HKG &G CEGGC )K \KCTGNG EG<br />

EQOWPKEâ TGNCVâTK FGURTG OK)EâTKNG RTQITGUKUVG FQD¸PFGUE Q XCNQCTG<br />

EJKCTOCKÉPCNVâFGE¸VOCKFGOWNV0WOCKQOWNNKRUKVFGITKLK)KUCT<br />

RWVGC URWPG PâV¸PIWN RQNKVKE PW É)K ÉPFTGCRVâ CVGP/KC CUWRTC NQT <br />

1TKGPVCTGCURTGRTQITGUGTCENCTâ/CKRW/KPENCTGGTCWQR/KWPKNGRQNKVKEG<br />

CNGEVKVQTWNWKRTGUGKDTC)QXGPG,QJCPP)ÑVVECTGHNWEVWCWQFCVâEWEGK<br />

ECTGIWXGTPCWEGVCVGC¡PVTQUETKUQCTGFGUEJKUâFKPKCPWCTKG)ÑVV<br />

CTâVC Eâ PK)VG ÑPMÃPVGU XQNWPVCTK FKP FKUVTKEVWN $TC)QXWNWK ÉN<br />

COGPKP/CUGTâ EW OQCTVGC 2G FG CNVâ RCTVG NC 5KDKW UCT HK TâUR¸PFKV<br />

XGUVGC CTGUVâTKK UCNG FG EâVTG CWUVTKGEK ECTG NCT HK EQPFCOPCV RGPVTW<br />

ÉP/GNGIGTGCUCEWUGEWKKÉPFGVTKOGPVWNUC)KNQT)ÑVVÉ)KCUKIWTCRTKGVGPKK<br />

FCT)KFW)OCPKKEâPKEKÉPUEJKODWNEQTQCPGKÉORâTâVG)VKIGTOCPGPC)<br />

FQTK Uâ HKW WP VTâFâVQT CN RQRQTWNWK OGW )K CN QTC)WNWK $TC)QX WPFG<br />

VTâKGUEUQ/KC)KEGK)CUGEQRKKCKOGK ¡PKCPWCTKG9QEJGPDNCVVÉ)K<br />

VTCPUHQTOCUGVQVCNCVKVWFKPGCVTGE¸PFFGNCRQ\K/KCKPK/KCNâRTQWPKQPKUVâ<br />

FKPRTKOâXCTCNWKNCWPCPGVCPVKOCIJKCTâ)KRTQCWUVTKCEâ.C<br />

5D$QVGPTOCTVKGR<br />

1UMCT 9KVVUVQEM &CU NKVVGTCTKUEJG .GDGP FGT GT ,CJTG ÉP *WPFGTV ,CJTG U¼EJUKUEJGT<br />

-¼ORHGR(T6GWVUEJ)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGP+++R<br />

5D$QVGPTCWIWUVR<br />

5KGDGPD×TIGT9QEJGPDNCVV$TC)QXPTKCPWCTKGR<br />

+DKFGOPTKCPWCTKGR

OCTVKG $TC)QXWN UG RTGFâ FG DWPâXQKG ÉP O¸KPKNG NWK $GO ¡P<br />

OKLNQEWNPQWNWKFGEQTOKNKVCT)ÑVVUEJKODâFKPPQWE¸TOCRTGEWO)K<br />

VKVNWN \KCTWNWK UâW RTKPEKRCN FKP 5KGDGPD×TIGT 9QEJGPDNCVV ÉP<br />

-TQPUV¼FVGT

OCTGCUCRCTVG'WTQRCCPWNWKGTCCTGPCKPECTGUGEQPHTWPVCWFQWâ<br />

RCTVKFGOCLQTG7PWNFKPVTGGNGGZRTKOCVTKWOHWNXQKP/GKKPFKXKFWCNGFG<br />

RWVGTGCNFQKNGCVTKWOHWNXQKP/GKRQRWNCTGEQNGEVKXG2TKOWNXGFGÉP<br />

RQRQTOKLNQEWNCNFQKNGCUEQRWNRTKOWNGUVGRCTVKFWNFQOPKGKRTKPEKCTG<br />

C DWPWNWK RNCE CN FQKNGC GUVG RCTVKFWN CWVQFGVGTOKPâTKK RQRQCTGNQT<br />

4GFCE/KC CRQNQIKC CN FQKNGC VKR FG RCTVKF EG EQPUQPC EW URKTKVWN<br />

VKORWNWK&CTCODGNGRCTVKFGXGJKEWNCWQOCUâQCTDâKPEWNVâ&CVQTKC<br />

QTKEâTWKRTKGVGPCNQCOGPKNQTGTCWPCFGGUGP/âKNWOKPKUVâFGEWNVKXCTG<br />

)K FG)VGRVCTG C RQRQTWNWK 5EQRWN UVCVWNWK VTGDWKC Uâ HKG KORWPGTGC<br />

XQKP/GKRQRWNCTG#EGUVNWETWPWRWVGCUâUGÉPV¸ORNGFGE¸VÉPVTWPUVCV<br />

FGQTFKPGCNVOKPVGTKGTCXQTDCFGWPUKUVGOTCHKPCVFGGZRNQCVCTG)K<br />

CUGTXKTG 0WOCK RQRQCTGNG PGFG\XQNVCVG NC)G UCW UNCDG CEQTFCW<br />

WPQT FGURQ/K CUEWNVCTG PGEQPFK/KQPCVâ 0KEK WP RQRQT GFWECV HKG GN<br />

RWVGTPKEPWCLWVâNCCUGTXKTGCCNVWKRQRQTEJKCTFCEâCEGUVCGUVGUNCD<br />

7PRQRQTFQTPKEUâ)K KORWPâ XQKP/CGUVGWPRQRQTOCVWTCRVUâ<br />

HQTOG\GWPUVCV5GCHKTOCEâITCPK/GNGUVCVWNWKRQVHKFCVGFGHCEVQTKK<br />

PCVWTCNKCRGOWP/KUCWFGHCEVQTWNNKPIXKUVKE1PC/KWPGEGNQEWKG)VG<br />

PGCOGUVGECV WP VGTKVQTKW ÉPVKPU XC CNEâVWK RG DC\C NKODKK XQTDKVG ÉP<br />

U¸PWN GK WP UVCV PC/KQPCN 0C/KWPGC KCT EWRTKPFG FGEK RG XQTDKVQTKK<br />

CEGNGKC)K NKODK &CEâ UVCVWN EWRTKPFG NQEWKVQTK XQTDKVQTK CK OCK OWNVQT<br />

NKODKUGPWOG)VGUVCVIGQITCHKE)KUGFGNKOKVGC\âRTKPITCPK/GPCVWTCNG<br />

5GGZGORNKHKEC(TCP/CGUVGWPUVCVPC/KQPCN+VCNKC)K)GTOCPKCVTGDWKG<br />

UâFGXKPâ'NXG/KCGUVGWPUVCVIGQITCHKE7PICTKC)K6TCPUKNXCPKCVTGDWKG<br />

UâFGXKPâCUVHGN%GFKHGTGP/âGZKUVCÉPVTGPC/KWPG)KRQRQT!&CEâ<br />

UGRQCVGXQTDKFGWPRQRQTPQTFCOGTKECPUCWGNXG/KCPPWUGRQCVG<br />

XQTDKFGQPC/KWPG PQTFCOGTKECPâ UCW GNXG/KCPâ 6GPVC HGFGTCNKUVâ C<br />

QDUGTXC/KGKGUVGGXKFGPVâ¡PUVCVWNPC/KQPCN EQPEGRVGNG FG RQRQT )K<br />

PC/KWPG UG EQPHWPFâ RG E¸PF ÉP UVCVGNG RQRWNCVG COGUVGECV VQCVG<br />

PC/KWPKNGHQTOGC\âRQRQTWNHâTâUâHKGPGEGUCTâQEQPVQRKTGCFKXGTUGNQT<br />

PC/KQPCNKVâ/K 6QVW)K FKURCTK/KC WPGK PC/KWPK RWVGC HK ECW\CVâ HKG FG<br />

RTQRTKC TGPWP/CTG NC UKPG HKG FG FGURQVKUOWN UVCVWNWK %C RâT/K CNG<br />

RQRQTWNWK VQCVG PC/KWPKNG CW CEGNGC)K FTGRVWTK 0KOGPK PW RWVGC HK<br />

HCXQTK\CV RG DC\C ÉPV¸KGVâ/KK KUVQTKEG UCW PWOGTKEG C PC/KWPKK UCNG<br />

HKKPFEâ FGXK\C WPWK UVCV ÉP/GNGRV GUVG NKDGTVCVG )K GICNKVCVG CPWOG<br />

GICNKVCVGCVWVWTQTÉPHC/CNGIKKEGCRâTâNKDGTVCVGCVWVWTQT.GIGCGUVG<br />

EGGC EG FQTG)VGOCLQTKVCVGCRQRQTWNWK7PUVCVFGURQVKEGOKVGFQCT<br />

RQTWPEK)KKPVGTFKE/KK7PUVCVFGQTFKPGCTGQEQPUVKVW/KGECTGRTGUETKG<br />

HGNWN ÉP ECTG UG CRâTâ XQKP/C RQRQTWNWK )K ECTG GUVG GNCDQTCVâ FG<br />

TGRTG\GPVCP/KK RQRQTWNWK &G QDUGTXCTGC NGIKNQT UG ÉPITKLGUE<br />

HWPE/KQPCTKK RQRQTWNWK 5VCVWN ÉPVTGI VTGDWKC UWDUWOCV RQRQTWNWK ¡P

CHCTC RQRQTWNWK )K FGCUWRTC RQRQTWNWK PW UVâ PKOGPK KCT PQK ETGFGO ÉP<br />

KORWPGTGC XQKP/GK RQRQTWNWK EC UEQR CN UVCVWNWK ÉP ÉPHâRVWKTGC<br />

FTGRVWTKNQTWOCPGKPCNKGPCDKNGCNGVWVWTQTEGVâ/GPKNQTUVCVWNWKECRTKOâ<br />

)KWNVKOâXQKP/âCRQRQTWNWK #PGZGFQEPT<br />

4GEWPQC)VGO ÉP GZRWPGTGC FG RTKPEKRKK FG OCK UWU KFGK<br />

RTGFKNGEVGCNGNKDGTCNKUOWNWKIGTOCPXQKP/CRQRQTWNWKEGVTGDWKCUâUG<br />

KPUVCWTG\GÉPUVCVWNFGQTFKPGUWDFGXK\CNKDGTVCVG)KGICNKVCVGNGIGC<br />

EC GZRTGUKG C XQKP/GK OCLQTKVâ/KK PW C XQKP/GK FQOPKGK DWPWNWK RNCE<br />

)ÑVV)KTGFCEVQTKKUâKFGHKPGCWEQPEGRVGOQFGTPGNCXTGOGCCEGGCECTG<br />

CW TâOCU VGOG RTGHGTCVG CNG FG\DCVGTKNQT RQNKVQNQIKEG R¸Pâ ÉP \KNGNG<br />

PQCUVTGUVCVRQRQTPC/KWPG 'K QRGTCW Q FKUVKPE/KG ÉPVTG UVCVGNG<br />

PC/KQPCNG)KUVCVGNGPWOKVGFGGNIGQITCHKEGRNWTKPC/KQPCNG2QRQTWN<br />

ÉP XK\KWPGC NWK )ÑVV )K C VQXCTâ)KNQT UâK FG KFGK EWRTKPFGC VQVCNKVCVGC<br />

NQEWKVQTKNQT WPWK UVCV WPGQTK OCK OWNVG PC/KWPK %TKVGTKWN FG<br />

TGEWPQC)VGTGCPC/KWPKK ÉP VGTOGPKK PQ)VTK FG CUVâ\K C PC/KQPCNKVâ/KK<br />

GTC EGN NKPIXKUVKE ¡P #TFGCNWN RC)QRVKUV EKTEWNC )K EQPEGRVWN FG<br />

PC/KQPCNKVCVG ECTG CEQRGTGC UGPUWN EGNWK FG PC/KWPG FWRâ EWO<br />

TG\WNVâ FKP VGZVWN NWK /CTNKP TGFCV OCK UWU &GHKPK/KKNG GFKVQTWNWK<br />

DTC)QXGCP TâO¸P XCNCDKNG ÉP NKPKK IGPGTCNG (âTâ C EGTG CPWOG<br />

QTICPK\CTGC6TCPUKNXCPKGKÉPVTWPUKUVGOHGFGTCVKXFWRâOQFGNGNXG/KCP<br />

)K PQTFCOGTKECP )ÑVV UWIGTC Eâ CV¸V 7PICTKC E¸V )K 6TCPUKNXCPKC<br />

VTGDWKCW Uâ FGXKPâ UVCVG IGQITCHKEG ÉP ECTG UG UWDÉP/GNGIG VQCVG<br />

PC/KWPKNGUâHKGGICNÉPFTGRVâ/KVG<br />

<br />

¡P EJKR FG EQPENW\KG NC RCIKPKNG FG OCK UWU XQO FGURTKPFG<br />

E¸VGXC EQPUVCVâTK .KDGTCNKUOWN RC)QRVKUV C HQUV RWTVâVQTWN EGNQT OCK<br />

TCFKECNGTGHQTOG4CFKECNKUOWNEGTGTKNQTHQTOWNCVGÉPEWTUWNTGXQNW/KGKC<br />

HQUV OCK KPVGPU ÉP )GTOCPKC FGUETGUE¸PF URTG TâUâTKV 5KVWC/KC<br />

GEQPQOKEâ)KUVTWEVWTCUQEKCNâCRQRWNC/KGKCWLWECVÉPCEGUVUGPUWPTQN<br />

KORQTVCPV )GTOCPKC CXGC Q DWTIJG\KG RWVGTPKEâ ÉP XTGOG EG ÉP<br />

#WUVTKC)K6TCPUKNXCPKCUGEGTGCWOCKÉPV¸KÉPNâVWTCVGTGNC/KKNGOGFKGXCNG<br />

FKP CITKEWNVWTâ $WTIJG\KC IGTOCPâ EW Q FQEVTKPâ NKDGTCNâ DKPG<br />

RTGEK\CVâ C CLWPU NC RWVGTG NC RTKP RCTVKFWN NKDGTCN EGGC EG C<br />

ÉPUGOPCVVQVQFCVâFG\CITGICTGCNKDGTCNKUOWNWK)KETGCTGCWPQTEWTGPVG<br />

)K OCK TCFKECNG EWO GTC EGN RTQOQXCV FG TGRWDNKECPK ¡P #WUVTKC<br />

TGXQNW/KQPCTKKTCFKECNKRQVHKEQPUKFGTC/KNKDGTCNKOCKOWNVRTKPCVC)CTGC<br />

NQT NC OK)ECTGC PC/KQPCNâ FKP )GTOCPKC )K RTKP CVKVWFKPGC NQT CEVKXâ<br />

FGE¸V RTKPVTQ EQPEGRVWCNK\CTG RTQITCOCVKEâ &CVQTKVâ K\QNâTKK NQT<br />

-TQPUV¼FVGT

VGTKVQTKCNGFGNWOGCIGTOCPâUC)KKCTFGNGPKVTCFK/KQPCNK)VKÉPGUGP/âCW<br />

QRVCVRGPVTWTGHQTOGFCTPWÉPECFTWNWPQTRCTVKFGRQNKVKEG#WGZKUVCV<br />

NC UC)K TGHQTOK)VK FG QTKGPVCTG EQPUGTXCVQCTG )K TGHQTOK)VK NKDGTCNK<br />

#ODGNG ITWRâTK CW GXKVCVG VGPFKP/GNG GZVTGOKUVG &WRâ EWO<br />

EQPUGTXCVQTKUOWNUâUGUEPWCCVKPUEQVGTGCE/KQPCTGEWOKUCKORWVCV<br />

WPGQTKPKEKNKDGTCNKUOWNUâUGUEPCEâRâVCVCEEGPVGTCFKECNG4GRWDNKEC<br />

PWCE¸)VKICVCFGR/KRG2âO¸PVWN%TâKGUEPKEKNCPKEKOCKV¸T\KW<br />

)GPGTC/KCV¸PâTâ)KOCKCNGUUVWFGP/KOGCUCKORNKECVCEVKXÉP<br />

TGXQNW/KG EQPUVKVWKPFWUG ÉP CFGXâTCVG QTICPK\C/KK FG NWRVâ 6KPGTGVWN<br />

CECFGOKE IGTOCP .GIKWPGC CECFGOKEâ NC 8KGPC 7PKWPGC VKPGTGVWNWK<br />

IGTOCP FKP 6TCPUKNXCPKC .C 5KDKW UVWFGP/KK #ECFGOKGK UâUG)VK FG<br />

FTGRV NKVQITCHKCTâ ÉP UGETGV Q TGXKUVâ Q&GT LWPIG 5CEJUGR ECTG CRâTW<br />

E¸VGXC NWPK ÉPCKPVG FG K\DWEPKTGC TGXQNW/KGK FGEGODTKG <br />

OCTVKG <br />

+FGQNQIKCPC/KQPCNâÉPUQ/KVQCTGCPGOKLNQEKVâCNKDGTCNKUOWNWKC<br />

ÉODTâECVHQTOGFKHGTKVGFGNC/CTâNC/CTâ0C/KQPCNKUOWNFKPVGTKVQTKKNG<br />

)GTOCPKGKGTCQCTGEWOCWVCTJKEEQPHTWPV¸PFWUGEWRTQDNGOCKPVGTPâ<br />

CWPKHKEâTKKUVCVCNGEGPVTCNK\CVG¡P#WUVTKCVTGDWKCIâUKVGEJKNKDTWNEGNOCK<br />

UVCDKN ÉPVTG GNGOGPVWN IGTOCP FQOKPCPV FKP RWPEV FG XGFGTG RQNKVKE<br />

FCTPWOGTKEOKPQTKVCT)KOCLQTKVCVGCHQTOCVâFKPTGUVWNPC/KQPCNKVâ/KNQT<br />

¡P #TFGCN PC/KQPCNKUOWN UâUGUE C HQUV Q TCRQTVCTG NC PC/KQPCNKUOWN<br />

OCIJKCT CITGUKX )K Q EQNCDQTCTG FG HTQPV EQOWP EW PC/KQPCNKUOWN<br />

TQO¸PGUE ECTG UG \âOKUNGC %QP)VKKP/C FG UKPG UâUGCUEâ C URGEKHKEWNWK<br />

GVPKECFQD¸PFKVQPQWâEQORQPGPVâOCKFGITCDâCHGEVKXâRTKPKFGGC<br />

IGTOCPKVâ/KK UC)KNQT 5QNKFCTK EWNVWTCN EW HTC/KK NQT IGTOCPK EC EGVâ/GPK<br />

NQKCNK CK UVCVWNWK ÉP ECTG XKG/WKCW ÉP XTGOGC TGXQNW/KGK UC)KK PW CW<br />

DGPGHKEKCVFGWPURTKLKPEQPETGVFKPRCTVGC)GTOCPKGK<br />

<br />

<br />

<br />

/KEJCGN-TQPGT'KP5RTGEJUCCNFGU8QNMUYKNNGPUÉPXQNEKVR

+&'48 14/•4

&GWVUEJG2TGUUGWPF

YKUUGPUEJCHVNKEJGP )GDKGV D\Y \WO CNNGKPUVGJGPFGP IGKUVKIGP<br />

8GTOKVVNGT FGU 9GUVGPU 5Q DGMCOGP CWEJ FKG

#PH¼PIGPDGKFGTQ2CPPQPKCRYCTGPFKGCWUN¼PFKUEJGP/KVCTDGKVGTDGK<br />

FGT Q+TKUR ,WNK DKU &G\GODGT FGU -CTN 5VKGNN[ UEJQP<br />

\CJNTGKEJGT * #FCOK 4 $CNFCOWU ' $CWGTPHGNF # )T×P .1<br />

*GPPGV(%CUVGNNKWC&GTQ5RKGIGNRDKU&G\GODGTCNU<br />

4KXCNG FGT Q+TKUR GTNGDVG ,CJTI¼PIG WPF YCT FKG GKP\KIG<br />

DGNNGVTKUVKUEJG

7PICTPR 0CEJ FGO 'KPIGJGP FGT

GKPG /QPCVUUEJTKHV FKG Q%TQCVKCR JGTCWU YQTKP UKG OKV<br />

$GIGKUVGTWPIXQPFGTPCVKQPCNGP5CEJGFGT-TQCVGPURTCEJGPR <br />

-CTNUVCFV 5VCTM XGTDTGKVGV WPF DGNKGDV YCT CWEJ FKG<br />

DGNNGVTKUVKUEJG

2WDNK\KV¼VR FCU WPVGT FGO 0COGP Q$N¼VVGT H×T )GKUV<br />

)GO×VJWPF8CVGTNCPFUMWPFGR HQTVIGUGV\V<br />

YWTFG FKG Q/KOQUGP CWU FGO )GDKGV FGT &TCOCVWTIKGR <br />

FCUQ+PVGNNKIGP\DNCVVRFGTQ5CVGNNKVR<br />

FKG Q5VWPFGPDNWOGP FGT )GIGPYCTVR UQYKG FCU<br />

Q/CIC\KP H×T )GUEJKEJVG .KVGTCVWT WPF CNNG &GPM WPF<br />

/GTMY×TFKIMGKVGP5KGDGPD×TIGPUR <br />

<br />

&KGITQ²G9KTMWPIWPF/CEJVFGTRGTKQFKUEJGP2TGUUGYWTFG<br />

XQP#PHCPICPGTMCPPV&GT9KGPGT*QHYCTUKEJFKGUGT/CEJVDGYW²V<br />

CNUGTOKVCNNGTJÑEJUVGO*CPFUEJTGKDGPFGPHQNIGPFGP$GHGJNCP<br />

CNNG .CPFGUXQTUV¼PFG GTIGJGP NKG² 9QJN CDGT Y×TFG IWV IGUEJGJGP<br />

YGPP WPVGT FGT *CPF UQYQJN

+PUDGUQPFGTG H×T FCU

0CRQNGQP UEJGWVG UKEJ PKEJV FGP $N¼VVGTP

FCU 'TNCWDVG IGUEJTKGDGP YGTFGP OW²VG 7PVGT FGTCTV FT×EMGPFGP<br />

8GTJ¼NVPKUUGPKUVGUUGNDUVXGTUV¼PFNKEJFC²GKP#WHUEJYWPIFGT<br />

&TWEMUEJTKHVGP FCTWPVGT 6CIGU\GKVWPIGP MCOGP FCOCNU CNNGKP KP<br />

9KGPJGTCWUFQEJPWTYGPKIG×DGTNGDVGPFGP*GTDUVFGU,CJTGU <br />

+O5R¼VJGTDUVUWURGPFKGTVG9KPFKUEJIT¼V\H×TFKG&CWGT<br />

FGU $GNCIGTWPIU\WUVCPFGU XQP 9KGP CNNG

XQO1MVQDGTWPFCD0QXGODGTYKGFGT*GTCWUIGDGT<br />

FGT Q1UVFGWVUEJGP 2QUVR YCT +IPC\ -WTCPFC FGT KO 8QTO¼T\<br />

IGOGKPUCOOKV,CMQD-CWHOCPPFKGKP©UVGTTGKEJXGTDQVGPGCDGTXKGN<br />

IGNGUGPG

2TGUUGYCTPKEJVPWTGKPG9KFGTURKGIGNWPIFGTÑHHGPVNKEJGP/GKPWPI<br />

UQPFGTPUKGYWTFGFWTEJKJTG8GTDTGKVWPICNNO¼JNKEJ\WT.GKVGTKPFGT<br />

ÑHHGPVNKEJGP /GKPWPI 7PF Q&GT ,QWTPCNKUOWU UVGNNV UKEJ CNU<br />

5GNDUVIGURT¼EJFCTFCUFKG

,QWTPCNTGXWGFGTU¼EJUKUEJGP2TGUUG5KGDGPD×TIGPU<br />

FCU Q#OVU WPF +PVGNNKIGP\DNCVVR ! 'DGPHCNNU KP<br />

*GTOCPPUVCFV GTUEJKGPGP FGT Q5KGDGPD×TIKUEJG 8QNMUHTGWPFR <br />

OKVUGKPGOQ#P\GKIGDNCVV \WO 5KGDGPD×TIKUEJGP 8QNMUHTGWPFR<br />

WPFFKGQ7PVGTJCNVWPIGPCWUFGT)GIGPYCTVR/CKDKU<br />

1MVQDGT *KGT YWTFG CWEJ FGT Q5KGDGPD×TIKUEJG<br />

8QNMUMCNGPFGTRJGTCWUIGDTCEJV <br />

+P -TQPUVCFV XGTÑHHGPVNKEJVG FGT 8GTNGIGT FGU Q5KGDGPD×TIGT<br />

9QEJGPDNCVVUR ,QJCPP )ÑVV CWEJ FGUUGP $GKNCIGP FKG Q$N¼VVGT H×T<br />

)GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGR WPFFGPQ5CVGNNKVR<br />

<br />

/KVFGO0COGP)ÑVVUKUVCWEJFCU'TUEJGKPGPFGTGTUVGP<br />

TWO¼PKUEJGP 2GTKQFKMC KP 5KGDGPD×TIGP XGTDWPFGP )GQTIG $CTK/KW<br />

FTWEMVG KP -TQPUVCFV FKG Q)C\GVC FG 6TCPUKNXCPKCR <br />

Q6TCPUUKNXCPKC$GKDNCVVR&KG$TWMGPVJCN$KDNKQVJGM+8DGYCJTV0T<br />

,I0TWPFFKGWPXQNNUV¼PFKIG4GKJGXQPDKU<br />

5KIGTWU 5 Q#OVU WPF +PVGNNKIGP\DNCVV \WO 5KGDGPD×TIGT $QVGPR<br />

*GTOCPPUVCFV&TWEMWPF8GTNCI6JGQFQT5VGKPJCW²GP&KG$TWMGPVJCN$KDNKQVJGM<br />

DGYCJTVFKG,I289KTJCDGPKPMGKPGO#TEJKXFKG,CJTGWPF<br />

GPVFGEMV<br />

5KIGTWU 5 XQO ,WPK DKU Q&GT 5KGDGPD×TIGT 8QNMUHTGWPF 'KP<br />

9QEJGPDNCVVH×TFGP)GYGTDUWPF.CPFOCPPR*GTOCPPUVCFV&TWEMWPF8GTNCI<br />

5COWGN(KNVUEJ4KEJVKIQ&GT5KGDGPD×TIKUEJG8QNMUHTGWPF'KP9QEJGPDNCVVH×TFGP<br />

)GYGTDU WPF .CPFOCPP \WT $GNGJTWPI WPF 7PVGTJCNVWPIR KO ,I Q&GT<br />

5KGDGPD×TIKUEJG8QNMUHTGWPF'KP9QEJGPDNCVVH×T5VCFVWPF.CPFRKO,I<br />

XIN7PKXGTUKV¼VUDKDNKQVJGM-NCWUGPDWTI*<br />

5KIGTWU 5 Q#P\GKIGDNCVV \WO 5KGDGPD×TIGT 8QNMUHTGWPFR<br />

*GTOCPPUVCFV &TWEM WPF 8GTNCI 5COWGN (KNVUEJ #WEJ FKG 0WOOGTP FKGUGU<br />

$GKDNCVVUCWUFGP4GXQNWVKQPULCJTGPMQPPVGPYKTPKTIGPFUHKPFGP<br />

5KIGTWU 5 /CK 1MVQDGT Q7PVGTJCNVWPIUDNCVV CWU FGT )GIGPYCTV<br />

2GTKQFKUEJG 5EJTKHV KP \YCPINQUGP *GHVGPR *GTOCPPUVCFV 8GTNCI 4QDGTV -TCDU<br />

4GF *GTOCPP 5EJOKFV *GHVG 4KEJVKI Q7PVGTJCNVWPIGP CWU FGT )GIGPYCTV<br />

2GTKQFKUEJG5EJTKHVR*GHVG$TWMGPVJCN$KDN2++<br />

Q5KGDGPD×TIKUEJGT 8QNMUMCNGPFGT H×T R *GTOCPPUVCFV 8GTNCI /CTVKP<br />

*QEJOGKUVGTU'TDGP5$KDNKQVJGMFGT4WO¼PKUEJGP#MCFGOKG$WMCTGUV<br />

2+<br />

5KIGTWU 5 Q7PVGTJCNVWPIUDNCVV H×T )GKUV )GO×VJ WPF 2WDNK\KV¼V<br />

$GKNCIG\WO5KGDGPD×TIGT9QEJGPDNCVVR-TQPUVCFV&TWEMWPF8GTNCI,QJCPP)ÑVV<br />

WPF9KNJGNO0GOGVJ5R¼VGTGTUEJKGPGUOKVXGT¼PFGTVGO6KVGN<br />

WPF WPF Q$N¼VVGT H×T )GKUV )GO×VJ WPF<br />

8CVGTNCPFUMWPFG $GKDNCVV FGU 5KGDGPD×TIKUEJGP 9QEJGPDNCVVUR -TQPUVCFV &TWEM<br />

WPF 8GTNCI ,QJCPP )ÑVV &KG $TWMGPVJCN $KDN DGYCJTV WPVGT 2 ++ FKG<br />

WPXQNNUV¼PFKIG4GKJGFGT,CJTGDKUCNUQ$GKNCIG\WT-TQPUV¼FVGT

WPF FKG Q(QCKC RGPVTW /KPVG +PKOâ )K .KVGTCVWTâR <br />

KO 8GTNCI XQP )ÑVV &QTV GTUEJKGP CWEJ FGT<br />

Q'URCVTKCVWNR /¼T\ DKU ,WPK GKPG XQP FGO CWU FGT 9CNCEJGK<br />

XGTVTKGDGPGP4GXQNWVKQP¼T%GUCT$QNNKCEJGTCWUIGIGDGPG

LGNGPR WPFY¼JTGPFFGT4GXQNWVKQPQ'NNGPÑTR/CKDKU<br />

0QXGODGT <br />

'KP UEJNKEJVGT 8GTINGKEJ \GKIV FC² FKG U¼EJUKUEJG 2TGUUG<br />

\YGKHGNNQU WPIGH¼JT FKG *¼NHVG FGT )GUCOV\CJN FGT KP<br />

5KGDGPD×TIGP XGTÑHHGPVNKEJVGP 2GTKQFKMC CWUOCEJVG 2CTCFQZGTYGKUG<br />

UVCOOVGP FKGUG KPJCNVUTGKEJGP 2TGUUGRTQFWMVG CWU FGP 4GKJGP FGT<br />

MNGKPUVGP FGT 5KGDGPD×TIGT 0CVKQPGP YGNEJG UKG JCWRVU¼EJNKEJ CWEJ<br />

DGFKGPVGP FKG U¼EJUKUEJG 0CVKQP OKV KJTGP 5GGNGP &KGUG<br />

GTUVCWPNKEJG6CVUCEJGUVGJVKPWPOKVVGNDCTGO

UKG KO ,CJTG XQO 8GTNGIGT 6JGQFQT 5VGKPJCW²GP ×DGTPQOOGP<br />

YWTFG<br />

/CTVKP *QEJOGKUVGT 5QJP JCVVG WPVGT CPFGTGO FKG GTUVG<br />

WPICTKUEJG

UQYKG 2TQHGUUQT CP FGT FGWVUEJGP 4GEJVUCMCFGOKG 5GKP (TGWPF<br />

,QJCPP -CTN 5EJWNNGT )[OPCUKCNNGJTGT WPF 4GFCMVGWT FGTUGNDGP<br />

5COWGN (KNVUEJ FGO 5QJP FGU 5VCFVRHCTTGTU XQP<br />

*GTOCPPUVCFV IGJÑTVG GKPG CPFGTG IGIT×PFGVG &TWEMGTGK $GK<br />

)GTQNFKP9KGPWPF$TQEMJCWUKP.GKR\KICWUIGDKNFGVIGNCPIGUKJO<br />

UGKP 7PVGTPGJOGP \W GKPGO DGFGWVGPFGP 5EJWNDWEJXGTNCI<br />

CWU\WDCWGP'TICDCWEJOGJTGTG

7PVGTPGJOGPUXQP(TKV\)ÑVVFGO,×PIGTGP×DGTPQOOGPDKUFKG<br />

&TWEMGTGK DGUEJNCIPCJOV WPF GPVUEJ¼FKIWPIUNQU GPVGKIPGV<br />

YWTFG +PHQNIGFGUUGP OW²VG CWEJ FKG Q-TQPUV¼FVGT

DKU,CJTICPIDKU,CJTICPI$N¼VVGT<br />

H×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFG$GKNCIG\WO5KGDGPD×TIGT<br />

9QEJGPDNCVV (QTVUGV\WPI FGU 7PVGTJCNVWPIUDNCVVGU &TWEM WPF<br />

8GTNCIXQP,)ÑVV<br />

0QXGODGT DKU /KOQUGP CWU FGO )GDKGV FGT<br />

&TCOCVWTIKG #W²GTQTFGPVNKEJG $GKNCIG \WO 5D 9QEJGPDNCVV #D<br />

YWTFGPUKGKO6GZVFGT

&GPM WPF /GTMY×TFKIG 5CEJGP 5KGDGPD×TIGPUR I GYKFOGVG<br />

YKUUGPUEJCHVNKEJG

+P )ÑVVU 8GTNCI GTUEJKGPGP CWEJ HQNIGPFG TWO¼PKUEJG<br />

&CU -TQPUV¼FVGT Q5KGDGPD×TIGT 9QEJGPDNCVVR UEJNWI KP FGT<br />

U¼EJUKUEJGPRQNKVKUEJGP2TGUUGGKPGPGWG$CJPGKP#NNG8GTHCUUGTJCDGP<br />

FGP OQFGTPGP F[PCOKUEJGP

8QNMUNKGFU Q5KGDGPD×TIGP .CPF FGU 5GIGPUR FCU CNU Q8QNMUJ[OPGR<br />

FGT5KGDGPD×TIGT5CEJUGPIGNVGPMCPP <br />

#PVQP -WT\ MCO CNU 5GMTGV¼T FGU )TCHGP -GOÃP[ PCEJ<br />

5KGDGPD×TIGP &WTEJFGUUGP8GTOKVVNWPIYWTFGGTOKV)ÑVVDGMCPPV<br />

5GKVXGTÑHHGPVNKEJVGGT$GKVT¼IGKPFGPQ$N¼VVGTPH×T)GKUV)GO×VJ<br />

WPF 8CVGTNCPFUMWPFGR WPF KO Q5CVGNNKVR &C UGKPG JKUVQTKUEJGP<br />

#WHU¼V\G \W \CJNTGKEJ H×T FGP 7OHCPI FGT $GKDN¼VVGT FGU<br />

Q9QEJGPDNCVVUR YWTFGP GPVUEJKGF UKEJ -WT\ OKV *KNHG )ÑVVU GKPG<br />

JKUVQTKUEJG

#PJ¼PIGTUEJCHV\WT7PKQPUUCEJGNKG²FKG5MGRVKMGTWPVGTFGP5CEJUGP<br />

XGTOWVGP GT UGK GKP 5ÑNFPGTIGUCPFVGT -QUUWVJU 5KEJ WPF UGKPGO<br />

)NCWDGPIGVTGWUVCTDGTCNU$GOU#FLWVCPVKPFGT5EJNCEJVXQP<br />

9GK²MKTEJDGK5EJ¼²DWTI,WNK<br />

&CUQ9QEJGPDNCVVRYCTGKP5RTGEJUCCNYQFT¼PIGPFGCMVWGNNG<br />

(TCIGP FGU RQNKVKUEJGP .GDGPU DGURTQEJGP YWTFGP FCT×DGTJKPCWU<br />

UVCPFGP FGUUGP $GKDN¼VVGT XQT\×INKEJ FGP IGUGNNUEJCHVNKEJGP -WNVWT<br />

JKUVQTKUEJGP 6JGOGP QHHGP &GP *KUVQTKMGT #FQNRJ /CTKGPDWTI<br />

DGUEJ¼HVKIVG KPUDGUQPFGTG FKG (×TUVGP\GKV KP 5KGDGPD×TIGP &KG<br />

WPICTKUEJGP /KVCTDGKVGT )ÑVVU YKG )TCH -GOÃP[ QFGT (TGKJGTT ,QUKMC<br />

/KMNÎU UVGNNVGP 5\GPGP FGU #FGNUNGDGPU XQT &GT NGV\VGTG<br />

YCJTUEJGKPNKEJFGTDGUVGUKGDGPD×TIKUEJWPICTKUEJG5EJTKHVUVGNNGTUGKPGT<br />

2TQMNCOCVKQPGP FGT ÑUVGTTGKEJKUEJGP DG\KGJWPIUYGKUG WPICTKUEJGP<br />

5GKVG #WH FGP /KVVGNUGKVGP HQNIVGP GKP COVNKEJGT 6GKN OKV 0CEJTKEJVGP<br />

XQO .CPF WPF 4GKEJUVCI GKP ¯DGTDNKEM FGT YKEJVKIUVGP RQNKVKUEJGP<br />

'TGKIPKUUG KP 5KGDGPD×TIGP CWU FGO -CKUGTTGKEJ WPF CWU 7PICTP<br />

YGKVGT FKG YGNVRQNKVKUEJGP 0CEJTKEJVGP CWU FGP &QPCWH×TUVGPV×OGTP<br />

CWU &GWVUEJNCPF 2TGW²GP )TQ²DTKVCPPKGP (TCPMTGKEJ QFGT<br />

0QTFCOGTKMC #WH FGT NGV\VGP 5GKVG HCPFGP DTCPFPGWG +PHQTOCVKQPGP<br />

WPFUQICT9GTDWPIGPWPF#P\GKIGP2NCV\<br />

&KG RQNKVKUEJG 2GTURGMVKXG DQV FGT .GUGTUEJCHV GKPG CPFGTG<br />

9CJTPGJOWPIFGT#MVWCNNKV¼V#PHCPI\WO$GKURKGNGPVYKEMGNVG<br />

UKEJ $GTKEJVGTUVCVVWPI ×DGT FKG HTCP\ÑUKUEJG 4GXQNWVKQP CNNO¼JNKEJ \W<br />

#WUOC²GP GKPGU (GWKNNGVQPTQOCPU #NU FKG 4GXQNWVKQP MWT\ FCPCEJ<br />

FGP 1UVGP GTQDGTVG NGTPVGP UQYQJN 2TGUUG CNU CWEJ FKG .GUGT FC²<br />

9GNVRQNKVKM XKGN OGJT CNU 7PVGTJCNVWPIUNKVGTCVWT DGFGWVGVG UKG YCT<br />

FTKPIGPFWPFUEJOGT\JCHVKPFGP#NNVCIGKPIGFTWPIGP<br />

+O/¼T\GTUEJKGPFKG

FCU Q5KGDGPD×TIGT 9QEJGPDNCVVR CNUCWEJFGTQ5CVGNNKVR GTUEJKGPGP<br />

\YGKOCN YÑEJGPVNKEJ &KGUG 'TUEJGKPWPIUTGIGNO¼²KIMGKV YWTFG CWEJ<br />

DGYCJTV DGK GKPGO HCUV XGTFQRRGNVGP +PJCNV +P FKGUGO ,CJT<br />

GTUEJKGP FCU Q9QEJGPDNCVVRLGFGP/QPVCIWPF(TGKVCIFGTQ5CVGNNKVR<br />

CDGT /KVVYQEJ WPF 5COUVCI &KG Q$N¼VVGT H×T )GKUV )GO×VJ WPF<br />

8CVGTNCPFUMWPFGR GPVJKGNVGP 0WOOGTP OKV KPUIGUCOV <br />

5GKVGP <br />

<br />

&KG$TWMGPVJCN$KDNKQVJGM2+++DGUKV\VFKGXQNNUV¼PFKIG4GKJGFGU5CVGNNKV0T<br />

XQO,CPWCTDKU&G\GODGT&CU5KGDGPD×TIGT9QEJGPDNCVVKUVKP<br />

FGTUGNDGP$KDNKQVJGM2+++WPFKPFGT-NCWUGPDWTIGT7PKXGTUKV¼VUDKDNKQVJGM*<br />

\W HKPFGP &CU 'TUEJGKPGP FGT

++4'81.76+10<br />

+/¯ $'4$.+%-

%JTQPKMFGT*GTOCPPUV¼FVGT2TGUUG<br />

Q5KGDGPD×TIGT$QVGRQ6TCPUUKNXCPKCR<br />

Q5KGDGPD×TIKUEJGT8QNMUHTGWPFR<br />

Q7PVGTJCNVWPIGPCWUFGT)GIGPYCTVRWC<br />

<br />

<br />

<br />

<br />

&CU ,CJT PCJO UGKPGP #PHCPI KP ×DNKEJGT 9GKUG &KG<br />

4GFCMVKQP FGU Q5KGDGPD×TIGT $QVGPR DGITײVG YKG IGYÑJPNKEJ KJTG<br />

.GUGTUEJCHV *KPUKEJVNKEJ UGKPGT NCPIL¼JTKIGP 6¼VKIMGKV DGOGTMVG FGT<br />

Q$QVGROKV+TQPKG<br />

Q

×DGTPQOOGPGP #WHUCV\ ×DGT FKG Q9KGFGTXGTGKPKIWPI FGT 2CTVGUR KP<br />

YGNEJGO FGT 9WPUEJ FGT 8GTGKPKIWPI 5KGDGPD×TIGPU OKV 7PICTP<br />

CWUIGRTQEJGPYWTFG&GT8GTHCUUGTQGKPJQEJIGUVGNNVGT5VCCVUOCPPR<br />

JCVVG UEJQP Y¼JTGPF FGT KP FGP ,CJTGP CDIGJCNVGPGP<br />

.CPFVCIG FKGUG #DJCPFNWPI DGP×V\V YGNEJG KP \YGK 6GKNGP FKG<br />

$GUEJYGTFGP FGT 5V¼PFG FGU -ÑPKIUTGKEJU 7PICTP WOHC²VG + FKG<br />

)T×PFG CWU YGNEJGP FKG CNUQINGKEJG 4×EMUVGNNWPI FGT UQIGPCPPVGP<br />

2CTVGU TGCRRNKECVG XGTNCPIV YWTFG ++ FGT 9WPUEJ FGT 8GTGKPKIWPI<br />

5KGDGPD×TIGPU OKV 7PICTP P¼ONKEJ KP FGO XQT DGUVGJGPFGP<br />

8GTJ¼NVPKU <br />

&KG Q6TCPUUKNXCPKCR XGTÑHHGPVNKEJVG OGJTGTG CWHGKPCPFGT<br />

HQNI GPFG #PVYQTVGP CWH FKG XQO Q5CVGNNKVR XQTIGDTCEJVGP<br />

8GTNGWOFWPIGP &KG -TQPUV¼FVGT

0CVKQPRCPH×JTVG 5QYKGFCUQ5KGDGPD×TIGT9QEJGPDNCVVRKPHQTOKGTVG<br />

FGT Q$QVGR CWEJ ×DGT FGP 9KFGTJCNN FGT 2GUVGT 'TGKI PKUUG KP<br />

-NCWUGPDWTI/¼T\&KG4GCMVKQPFGT*GTOCPPUV¼FVGTFCTCWH<br />

Q &CU GTUVG )GH×JN YGNEJGU UKEJ DGK LGFGO U¼EJUKUEJGP<br />

8CVGTNCPFUHTGWPFG YCJTJCHV WPF KPPKI CWUURTCEJ YCT LGPGU FGT<br />

CNVJGTIGDTCEJVGP 6TGWG IGIGP WPUGT GTJCDGPGU -CKUGTJCWUR #O <br />

/¼T\YWTFGFGO0CVKQPUITCHGPGKPG 2GVKVKQP ×DGTTGKEJV WO GKPG<br />

6TGWGTMN¼TWPICPFGP-CKUGTCD\WUGPFGP <br />

/ײVGP YKT FKG *CNVWPI FGU Q5KGDGPD×TIGT $QVGPR KP FGP<br />

/QPCVGP /¼T\ DKU ,WNK OKV GKPGO $GITKHH \WUCOOGPHCUUGP UQ<br />

MÑPPVGGTNCWVGP-GKPG7PKQP<br />

9¼JTGPF FCU -TQPUV¼FVGT Q5KGDGPD×TIGT 9QEJGPDNCVVR FGP<br />

'KPFTWEM GTYGEMVG FC² FKG ICP\G 5VCFVIGOGKPUEJCHV FGT KP FGT<br />

WPICTKUEJGP &GMNCTCVKQP IGHQTFGTVGP 7PKQP \WUVKOOVG DGJCWRVGVG<br />

FGTQ$QVGRKPGKPGTRTKP\KRKGNNGP-TKVKMFGT7PKQPQ&KG5CEJUGPYCTGP<br />

DGITGKHNKEJGT 9GKUG KOOGT FCIGIGPR &GT$GKVTCIKO-TQPUV¼FVGT<br />

Q5CVGNNKVGPRFGT\WT7PKQPCWHIGTWHGPJCVVGYWTFGJGHVKICPIGITKHHGP <br />

&GT Q$QVGR GPVNCTXVGFGPQIGUGV\YKFTKIGPR CPUVCPFUNQUGPR<br />

#PURTWEJFGPPGUUGKQOKVFGT7PKQPPKEJVU#PFGTGUIGOGKPVCNUGKP<br />

I¼P\NKEJGU 7PVGTIGJGP WPUGTGU 8CVGTNCPFGU WPF WPUGTGT 0CVKQP KO<br />

7NVTC/CI[CTKUOWU KO MTCUUGUVGP WPICTKUEJGP 5GRCTCVKUOWUR &KG<br />

8GTH×IWPIGP FGU WPICTKUEJGP /KPKUVGTKWOU UGKGP GKPG QYCJTG<br />

7PVGTLQEJWPI FGPP YKG CPFGTU MÑPPVG OCP YQJN XGTOWVGP YGPP<br />

OCP UKGJV YKG CNNGU XQTDGTGKVGV KUV WO FWTEJ FGP 6GTTQTKUOWU FGT<br />

)CNNGTKGP WPF GKPGU HCPCVKUKGTVGP 8QNMUJCWHGPU FWTEJ FKG<br />

*GTDGK\KGJWPI GKPGT 5EJCT $WFC2GUVJGT ,WTCVGP FKG 7PKQP CNU<br />

.CPFVCIUDGUEJNW²\WGT\YKPIGPR <br />

'KPG5VKOOGCWU9KGPYCTPVGXQTFGT7PKQP/CPCPCN[UKGTVG<br />

FKG5VGNNWPIFGT4GIKGTWPIWPFFKG5VGNNWPIFGT0CVKQPUWPKXGTUKV¼V\WT<br />

'DGPFC 0T /¼T\ 5 &GTUGNDG #WHUCV\ CWU FGO Q2GUVK JKTNCRR<br />

YWTFG CWEJ XQO Q5KGDGPD×TIGT 9QEJGPDNCVVR 0T /¼T\ 5 <br />

YKGFGTIGIGDGP<br />

Q5D$QVGR0T/¼T\5¯DGT-NCWUGPDWTICO/¼T\CWEJKO<br />

Q5D9QEJGPDNCVVR0T/¼T\5<br />

7PKQPUHTCIG &GT Q$QVGR UQNKFCTKUKGTVG UKEJ OKV FGP #MVKQPGP FGT<br />

Q9CNCEJGPRWO$âTPW/KWWPF$KUEJQH(CIWPC&KG4WO¼PGPYWTFGP<br />

CWHITWPFKJTGT#P\CJNDGIGJTVG#NNKKGTVGFGT*GTOCPPUV¼FVGT5CEJUGP<br />

KP FGT 5CEJG FGT

#PPCJOG FGT 7PKQP KO M×PHVKIGP .CPFVCIG GKPIGUGV\V &GT<br />

4GFCMVGWT (TKGFTKEJ *CPP FGT FKG Q6TCPUUKNXCPKCR WPKQPUHTGWPFNKEJ<br />

TGFKIKGTVGNGIVGCO/CKFKG4GFCMVKQPPKGFGTWPFXGTNKG²FKG<br />

FC² OCP UKEJ CO OGKUVGP FC WPVGTJ¼NV YQ OCP UKEJ CO OGKUVGP<br />

CWHJ¼NVR7PFYGKVGTQ9CUYKTGKIGPVNKEJYQNNGP!0WPYKTJCDGP\W<br />

FGT5EJNCWJGKVWPUGTGTXGTGJTVGP.GUGTXQPFGTGT#P\CJNYKTWPUKO<br />

)GJGKOUVGP WPUGTGU *GT\GPU GKPG UEJOGKEJGNJCHVG $GTGEJPWPI<br />

IGOCEJVJCDGPYKTJCDGP\WFGT5EJNCWJGKVFGTUGNDGPFCUIWVG<br />

8GTVTCWGP FC² UKG FCU CO DGUVGP UGNDGT DGOGTMGP YGTFGP YGPP UKG<br />

WPU NGUGPR &GT$GITKHHQ)GIGPYCTVR YWTFGFGHKPKGTVQ$GK<br />

7PVGTJCNVWPIGPCWUFGT)GIGPYCTVKUVGUWP\YGKHGNJCHVYKEJVKI\W<br />

YKUUGP YCU IGIGPY¼TVKI DGUVGJV WPF IGUEJKGJV )GIGPY¼TVKI<br />

DGUVGJVFKG9GNVPQEJ)GIGPY¼TVKIDGUVGJVCWEJ'WTQRCPQEJQDINGKEJ<br />

GKPKIG CUKCVKUEJG /¼EJVG IGYCNVKIG +PEQTRQTCVKQPUIGN×UVG DG\×INKEJ<br />

GKPKIGT .¼PFGT WPF 5VTGEMGP FKGUGU 'TFVJGKNU CP FGP 6CI NGIGP<br />

)GIGPY¼TVKI DGUVGJV CWEJ FKG ÑUVGTTGKEJKUEJG /QPCTEJKG PQEJ FGPP<br />

CWEJFKGRTCIOCVKUEJG5CPEVKQPDGUVGJVPQEJWPFFKG7PICTPUKPFGKP<br />

NQ[CNGUWPFVTGWGU8QNM)GIGPY¼TVKIYKTFUGJTXKGNH×TFKG7PKQP<br />

OKV 7PICTP IGURTQEJGP WPF IGJCPFGNV )GIGPY¼TVKI URTGEJGP WPF<br />

JCPFGNP'KPKIGCWEJIGIGPFKG7PKQPR&CUPGWGTUEJKGPGPG2GTKQFKMWO<br />

UGV\VG UKEJ XQTN¼WHKI XQT Q$CWUVGKPG \WO 6GORGN FGT 7PKQPR \W<br />

GTTKEJVGP<br />

&CUGDGPHCNNUKO/CKJGTCWUIGDTCEJVG\YGKVG*GHVGPVJKGNVGKPG<br />

Q*GTOCPPUV¼FVGT%JTQPKMRFGT'TGKIPKUUGXQO/CKFGT$GUWEJFGU<br />

)QWXGTPGWTU 7PF FGT -QOOGPVCT FGU 4GFCMVGWTU FCT×DGT Q&KG<br />

5VKOOWPI*GTOCPPUVCFVU)GJÑTGP5VKOOWPIGPCWEJKPGKPG%JTQPKM!<br />

7PUGTGT /GKPWPI PCEJ IGYK² #WU KJPGP N¼²V UKEJ FGT WTU¼EJNKEJG<br />

UQPFGTP HTGK CNU 9CNCEJGP 5KG UQNNGP UKEJ FGP FTGK HTGKGP<br />

UGNDUVUV¼PFKIGP 0CVKQPGP 5KGDGPD×TIGPU CNU XKGTVG CPUEJNKG²GP<br />

MÑPPGPR <br />

'KPG JGKVGTG 6ÑPWPI DTCEJVG FKG 8GTÑHHGPVNKEJWPI GKPGU<br />

\YKUEJGP GKPGO 2GUVGT (T¼WNGKP WPF UGKPGO *GTOCPPUV¼FVGT $TWFGT<br />

CPIGDNKEJ UVCVVIGHHWPFGPGP $TKGHYGEJUGNU &CU (T¼WNGKP Q-CKUGTNKEJ<br />

UEJYCT\IGNDGT$TWFGT/KV/WVJWPF'ORÑTWPIKO*GT\GPGTITGKHG<br />

KEJFKG(GFGT8GTCEJVWPIWPF5EJCPFG'WEJ#NNGP*GTOCPPUV¼FVGTP<br />

&KGU\WO)TW²9KG\WO-WMWMMQPPVG'WEJFKGIGUEJOCEMNQUG+FGG<br />

GKPHCNNGP FKG UEJYCT\IGNDG (CJPG WPF %QECTFG CWH\WRHNCP\GP! +JT<br />

OW²VGVFCUTGKPKO5EJNCHGIGVJCPJCDGP&QEJMCKUGTNKEJ\WUGKP<br />

KUV LGV\V XGTRÑPV WPF UEJO¼EJNKEJ 'U XGTWTUCEJV 'WEJ FKG HTGKG .WHV<br />

*GT\MNQRHGPWPF+JTDNGKDVKOCNVGPNKGDGP5EJOWV\MNGDGP*KPYGI<br />

OKVCNNGP0GWGTWPIGP#WHN¼²VFGP/GVVGTPKEJYKGFGTGKPUGV\GP#NNGU<br />

YKGFGT CWH FGP CNVGP (W² DTKPIGP &KGU 'WGT .QUWPIUYQTV +EJ DKP<br />

4GRWDNKMCPGTKPKOGPIUVGP5KPPGFGU9QTVGUWPFJ¼VVGOKTXKGNNGKEJV<br />

YGPP KEJ PKEJV UQ YGKV XQP 'WEJ Y¼TG GKPG UEJÑPG -CV\GPOWUKM<br />

FCFWTEJXGTFKGPV&WVT¼IUVFQEJPKEJVCWEJGKPGUQNEJG%QECTFG!<br />

+P FKGUGO (CNNG YKNN KEJ PKEJV OGJT &GKPG 5EJYGUVGT JGK²GPR &KG<br />

#PYQTVGKPGU(TGWPFGUFGTDGKFGP)GUEJYKUVGTQ/GKP(T¼WNGKP<br />

KEJ JQHHG +JTG 'ORÑTWPI ×DGT FKG *GTOCPPUV¼FVGT YKTF UKEJ NGIGP<br />

YGPP FKG (T×EJVG FGT WPITKUEJGP 5GNDUVUV¼PFKIMGKV WPF (TGKJGKV GTUV<br />

CNNG UGTXKTV UGKP YGTFGP /GKP (T¼WNGKP KEJ JQHHG 5KG YGTFGP FKG<br />

5EJYGUVGT+JTGU$TWFGTUDNGKDGPFGPPFKGWPITKUEJG(TGKJGKVYKTFFQEJ<br />

YQJNPKEJV(COKNKGPJC²YGTFGPR<br />

+PGKPGTQ,QWTPCNTGXWGRUEJ¼V\VGPFKGQ7PVGTJCNVWPIGPRQ&KG<br />

,QWTPCNGMÑPPGPGKPIGVJGKNVYGTFGPKPUQNEJGFKGGKPGDGUVKOOVG(CTDG<br />

JCDGP WPF 0KEJVU CWHPGJOGP YCU \W FGTUGNDGP PKEJV RC²V WPF KP<br />

UQNEJG YGNEJG UKEJ UGNDUV CNU 5RTGEJUCCN H×T CNNG /GKPWPIGP<br />

CPM×PFKIGP WPF PCEJ /C²ICDG KJTGT #WUFGJPWPI QJPG 7PVGTUEJKGF<br />

#NNGUCWHPGJOGP,QWTPCNGFGTGTUVGTGP#TVUKPFFWTEJYGIUQ\KGONKEJ<br />

CNNG WPITKUEJGP $N¼VVGT YKT 5CEJUGP JCDGP PWT KP L×PIUVGT WPF UGJT<br />

MWT\GT

-TQPUV¼FVGT$N¼VVGTFGO7PICTVJWOGCWH-QUVGPFGU5CEJUGPVJWOGU<br />

WPDG\CJNDCTG&KGPUVGNGKUVGPR <br />

&KG

QRGTOCPGPVGU 5KEJGTJGKVUEQTRU KP *GTOCPPUVCFVR DKNFGP LG \YGK<br />

#MCFGOKMGT UQNNGP CP FGT 8GTYCNVWPI FGT $KDNKQVJGM VGKNPGJOGP <br />

DGKLGFGT#PMNCIGWPF7PVGTUWEJWPI×DGTGKPGPCMCFGOKUEJGP$×TIGT<br />

OÑIGP \YGK HTGKIGY¼JNVG #MCFGOKMGT 5KV\ WPF 5VKOOG KO 5GPCV<br />

GTJCNVGP QPGWG FGO )GKUVG FGT WOIGUVCNVGVGP #MCFGOKG<br />

CPIGOGUUGPG (CUUWPI FGT &KUEKRNKPCTXQTUEJTKHVGPR/CK &KG<br />

NGV\VGP\YGK2WPMVGYKGUGPFCTCWHJKPFC²FKGPCEJFGO#WUDTWEJ<br />

FGT4GXQNWVKQPUDGYGIWPIGPXGTOWVNKEJJ¼WHKIGTGP#PMNCIGPIGIGP<br />

FKG5VWFGPVGPDGUQPFGTG2TQVGMVKQPUOC²PCJOGPDGFWTHVGP&KG2TGUUG<br />

JCVVGLCFCTCWHCWHOGTMUCOIGOCEJVFC²KPFGP4GKJGPFGT5VWFGPVGP<br />

FGTUGNDGP4GEJVUCMCFGOKGUQIGPCPPVGQ2QNK\GKURKV\GNRQFGTQ0CFGTGTR<br />

GKPIGUEJNGWUV YQTFGP YCTGP ,/ 5EJNGKEJGTV DGTKEJVGVG ×DGT FKG<br />

'PVFGEMWPIFTGKUQNEJGT#IGPVGPQ2QNK\GKURKQPGPRCO/CK <br />

&GTQ5KGDGPD×TIKUEJG8QNMUHTGWPFRURGMWNKGTVG×DGTFKGQPGWG<br />

)GYGTDGQTFPWPIR×DGTFKG(TGKJGKVYGNEJGFKG#WHJGDWPIFGT<br />

HQNIGPFGTOC²GP Q&KG &GWVUEJGP YQNNGP GKP GKPKIGU O¼EJVKIGU<br />

&GWVUEJNCPF IT×PFGP &KG 7PICTP OKV 5KGDGPD×TIGP XGTGKPV YQNNGP<br />

GKP O¼EJVKIGU 7PICTP IT×PFGP &KG 5NCXGP KP 1GUVGTTGKEJ WPF<br />

CNNGPVJCNDGP YQNNGP GKP O¼EJVKIGU 5NCXGPTGKEJ IT×PFGP 7P FGT<br />

QGUVGTTGKEJKUEJG -CKUGTUVCCV! &KG 7PICTP XGTYCJTGP UKEJ IGIGP FKG<br />

#PMNCIGPCNUQDUKGUKEJXQP1GUVGTTGKEJNQUTGK²GPYQNNVGPUKGIGDGP<br />

CDGT FGP IWVGP 1GUVGTTGKEJGTP FGP 4CVJ UKEJ DNKPF CP &GWVUEJNCPF<br />

CP\WUEJNKG²GPFCPPUQNNVGP&GWVUEJGWPF7PICTPKO$WPFGFKG5NCXGP<br />

\YKPIGPR <br />

(×T FGP #WIGPDNKEM YWTFGP CDGT FKG &GDCVVGP WO FKG<br />

'KPTKEJVWPI FGT

FGT QTQOCPKUEJGP 0CVKQPR CPVYQTVGVG -CKUGT (GTFKPCPF FWTEJ GKPGP<br />

$GUEJNW² &KG MÑPKINKEJG 4GUQNWVKQP CWH FKG $KVVUEJTKHV FGT \YGKVGP<br />

TWO¼PKUEJGP&GRWVCVKQPYWTFGGDGPHCNNUXGTÑHHGPVNKEJV(TCP\5CNOGP<br />

-QOGU FGT 5CEJUGP WPVGT\GKEJPGVG CO ,WPK GKPGP 2TQVGUV<br />

IGIGPFKG7PKQPCPFGPWPICTKUEJGP/KPKUVGTFGU+PPGTP <br />

&KGQ6TCPUUKNXCPKCR UGV\VG UKEJ H×T FKG 9KGFGTJGTUVGNNWPI FGT<br />

8GTUV¼PFKIWPI \YKUEJGP FGP *GTOCPPUV¼FVGT WPF FGP -TQPUV¼FVGT<br />

9¼JTGPF $CTQP 0KMQNCWU 9GUUÃNGP[K KP GKPGT WPICTKUEJGP<br />

2CTNCOGPVUUKV\WPI#WIWUVGKPG4GFG×DGTFKGPGWGP4GEJVG<br />

FGT5CEJUGPWPF4WO¼PGPJKGNVUQNNVGPFKG4GMTWVGPKP*GTOCPPUVCFV<br />

GKPGPGWG'KFGUHQTOGNQCWHFKG7PCDJ¼PIKIMGKV7PICTPURCDNGIGP <br />

&KGPGWGPWPICTKUEJGP)GUGV\GDGTGKVGVGPFGP5CEJUGP5QTIGP<br />

&CU FKG XGTRHNKEJVGPFGP WPF MQUVGPNQUGP )TWPFUEJWNGP DGVTGHHGPFG<br />

)GUGV\ UCJ CWEJ FKG 'KPH×JTWPI FGT WPICTKUEJGP 5RTCEJG CNU<br />

QTFGPVNKEJGP 7PVGTTKEJVUIGIGUVCPF XQT 7PVGT FGP (QICTCUEJGT<br />

9CNCEJGPUQTIVGFKGPGWG/KNKV¼TMQPUMTKRVKQPH×T7PTWJGP <br />

+O 7PVGTUEJKGF \W FGT WPDGFGWVGPFGP 'TY¼JPWPI FGU<br />

Q$QVGPR ×DGT FKG GTUVG $NCUGPFQTHGT 8GTUCOONWPI FGT Q9CNCEJGPR<br />

YWTFG ×DGT FKG \YGKVG $NCUGPFQTHGT 8GTUCOONWPI 5GRVGODGT<br />

WPF FKG 2GVKVKQP FGT GVYC DGYCHHPGVGP 4WO¼PGP<br />

CWUH×JTNKEJ DGTKEJVGV &KG 2GVKVKQP DGCPURTWEJVG FKG #WHJGDWPI QFGT<br />

WPIGUGV\NKEJGP 4GMTWVKGTWPI QJPG 9KUUGP WPF $GHGJN 5T /CLGUV¼VR<br />

GKPG0CVKQPCNXGTUCOONWPIKP$NCUGPFQTHWPFFKG$GHTGKWPIFGT<br />

QUEJWNFNQUGP XGTJCHVGVGP 5VCCVUIGHCPIGPGP +PVGNNKIGPVKQTGP FGT<br />

TQOCPKUEJGP 0CVKQPR &WTEJ GKP 2TQVQMQNN XQO 5GRVGODGT <br />

UCIVGP UKEJ FKG TWO¼PKUEJGP 0CUUQFGT )TGP\GT XQO WPICTKUEJGP<br />

/KPKUVGTKWONQUWPFRTQVGUVKGTVGPIGIGPFKG7PKQP <br />

#NNG U¼EJUKUEJGP $N¼VVGT DGTKEJVGVGP ×DGT FGP 4×EMVTKVV FGT<br />

UGEJUU¼EJUKUEJGP&GRWVKGTVGPCWUFGOWPICTKUEJGP4GKEJUVCICO<br />

5GRVGODGT&KG*GTOCPPUV¼FVGT-TGKUXGTUCOONWPIGPVUEJKGFFC²FKG<br />

DGKFGP \WT×EMIGVTGVGPGP *GTOCPPUV¼FVGT &GRWVKGTVGP *GTOCPP<br />

5EJOKFVWPF,QUGH4QUGPHGNFFGUÑHHGPVNKEJGP.QDUY×TFKIUGKGPFC²<br />

FKG-TGKUXGTUCOONWPIXQPGKPGT7PKQPOKV7PICTPQ×DGTJCWRVPKEJV<br />

YKUUGPRYQNNGWPFUKGFCUWPICTKUEJG/KPKUVGTKWOPKEJVCPGTMGPPG <br />

&GT Q5KGDGPD×TIKUEJG 8QNMUHTGWPFR DGTKEJVGVG ×DGT FKG KP<br />

*GTOCPPUVCFV CO 1MVQDGT \WUCOOGPIGVTQHHGPG<br />

$×TIGTXGTUCOONWPI &CU XQP FGT -TGKUXGTUCOONWPI CWHIGUVGNNVG<br />

2TQITCOOGTMN¼TVGKP2WPMVGPQ9CUY×PUEJGPWPFXGTNCPIGPYKT!R<br />

'U JCPFGNV UKEJ WO FGP 2NCP GKPGT (ÑFGTCNKUKGTWPI 5KGDGPD×TIGPU KO<br />

-CXCNNGTKG 0T #WIWUV 5 FKG $GHTGKWPI XQP #6 .CWTKCP WPF<br />

$âNâ)GUEW<br />

'DGPFC0T5GRVGODGT59GUUGNÃP[U4GFG0T5GRVGODGT<br />

5FKGPGWG'KFGUHQTOGN<br />

'DGPFC0T5GRVGODGT5<br />

¯DGTFKGGTUVG$NCUGPFQTHGT8GTUCOONWPIKOQ5D$QVGR0T/CK5<br />

×DGTFKG\YGKVG$NCUGPFQTHGT8GTUCOONWPIKP0T5GRVGODGT<br />

5<br />

'DGPFC0T5GRVGODGT50T5GRVGODGT5

4CJOGPFGT)GUCOVOQPCTEJKGFWTEJ#PGTMGPPWPIINGKEJGT(TGKJGKVGP<br />

H×TCNNG0CVKQPGPFGU.CPFGU <br />

$NWVKIG 8QTH¼NNG KP 7PICTP H×JTVGP \W GKPGO MCKUGTNKEJGP<br />

4GUMTKRVKPFGOFGT-TKGIIGIGPFKGWPICTKUEJGPQ4GDGNNGPR QHHGP<br />

GTMN¼TVYWTFG5KGDGPD×TIGPYWTFGWPVGTFCU-TKGIUIGUGV\IGUVGNNV&GT<br />

Q$QVGR DTCEJVG QJCCTUVT¼WDGPFG $GTKEJVG ×DGT FKG )TCWUCOMGKV FGT<br />

TCWDGPFGPWPFOQTFGPFGP5\GMNGT*QTFGPR <br />

#P1MVQDGTGTNKG²FGT)GPGTCN2WEJPGTGKPG2TQMNCOCVKQP<br />

CP FKG $GJÑTFGP WPF CP FKG $GYQJPGT XQP 5KGDGPD×TIGP UKEJ WPVGT<br />

FKG MCKUGTNKEJG 1DTKIMGKV \W UVGNNGP $GK )TQ²GP[GF #KWF HCPF FKG<br />

GTUVG DNWVKIG #WUGKPCPFGTUGV\WPI \YKUEJGP FGT ÑUVGTTGKEJKUEJGP WPF<br />

FGTWPICTKUEJGP#TOGGUVCVV#O1MVQDGTGT\YCPIGPFKG4WO¼PGP<br />

FWTEJ GKPGP DNWVKIGP 5KGI FKG ¯DGTICDG

2TQDGLCJTGPCWHIGJQDGPYGTFGPFCUKGQPKEJV2T×HWPIJKPUKEJVNKEJFGT<br />

$GH¼JKIWPI UKPF UQPFGTP CNU #DUEJTGEMWPI WPF *GOPK² IGDTCWEJV<br />

YGTFGPR&CUINGKEJGUQNNVGOKVFGO)GUGV\IGUEJGJGPFGO\WHQNIG<br />

MGKPGTKPFKG

RN×PFGTPCPUVGEMVGPFKG5VCFVCWHCNNGP5GKVGPKP$TCPFWPFUEJQ²GP<br />

FKG .ÑUEJGPFGP PKGFGT 5GNDUV FKG -TCPMGP KO /KNKV¼TURKVCNG YWTFGP<br />

MCPKDCNKUEJ IGDNGPFGV WPF L¼OOGTNKEJ GTOQTFGV 9CU PKEJV HN×EJVGP<br />

MQPPVG GTNCI HCUV #NNGU FGP *GPMGTP QFGT FGO (NCOOGPVQFG &GT<br />

5EJCFGYKTFCWH/KNNKQPGP)WNFGPIGUEJ¼V\V&KG

\¼JNVG/KNNKQPGP'KPYQJPGTFCTWPVGTGVYC/CI[CTGP×DGT<br />

/KNNKQP 4WO¼PGP WPF &GWVUEJG Q&KG YCNCEJKUEJG<br />

$GXÑNMGTWPI KUV \WO 6JGKN ×DGT FGPICP\GP$QFGPJKP\GTUVTGWVWPF<br />

DKNFGVGDKUJGTQDINGKEJFKG\CJNTGKEJUVGMGKPGDGTGEJVKIVG0CVKQPR<br />

&KGUGNDG

FCU 9GVVGT FGT DGVTGHHGPFGP ,CJTGU\GKV CWH 'U KUV KPVGTGUUCPV \W<br />

GTY¼JPGPFC²FKG$GTGEJPWPIFGT6CIGUQYQJNKOCNVGP5VKNCNUCWEJ<br />

KOPGWGP5VKNGTHQNIVG<br />

5Q YWTFG FGT 5KNXGUVGTCDGPF XQP FGP -CVJQNKMGP WPF<br />

2TQVGUVCPVGP KP GKPGT 5QPPVCIPCEJV IGHGKGTV WPF FGT ,CPWCT HKGN CWH<br />

FGP/QPVCICOUGNDGP6CIYCTDGKFGPTWO¼PKUEJGP1TVJQFQZGPWPF<br />

)TKGEJKUEJ-CVJQNKMGP FGT Q+IPCVR 6CI FGU XQNMUV×ONKEJGP<br />

5EJYGKPGUEJNCEJVGPUCNUQFGT&G\GODGT<br />

&GT -CNGPFGT H×JTVG FKG KP FGP XQTCPIGJGPFGP ,CJTGP<br />

DGIQPPGPG¯DGTUKEJVFGUEJTQPQNQIKUEJGP9GTFGICPIUFGT)GUEJKEJVG<br />

5KGDGPD×TIGPUHQTVWPFDGJCPFGNVGFKG

×DTKIGP MÑPKINKEJGP HTGKGP 5V¼FVG WPF 5V×JNG FGT /CIKUVTCV FGT<br />

MÑPKINKEJGPHTGKGP5VCFVWPFFGU5VWJNU*GTOCPPUVCFV#PJCPI&QM<br />

0T<br />

5EJNKG²NKEJ YWTFG FKG

\WT×EM\W\KGJGP 8QP FQTV DGTGKVGVG $GO GKPGP PGWGP #PITKHH CWH FKG<br />

5VCFVXQT <br />

'KP6CIGUDGHGJNFGU*GTOCPPUV¼FVGT1DGTMQOOCPFCPVGPFGT<br />

$×TIGTYGJT $TWMGPVJCN OCJPVG FKG $GXÑNMGTWPI MGKPG #PIUV \W<br />

JCDGP FC GU -CPQPGP \WT 8GTVGKFKI WPI I GDG 'PFG ,CPWCT<br />

XGTÑHHGPVNKEJVG$TWMGPVJCNLGFQEJGKPGPGWG2TQMNCOCVKQP&KG5VCFVUGK<br />

YKGFGTKP)GHCJT <br />

#O(GDTWCTT×EMVGPFKG\CTKUVKUEJGP)GPGT¼NG5MCTKCVKP<br />

WPF 'PIGJCTF OKV HCUV /CPP KP 5KGDGPD×TIGP GKP /KV FGP<br />

4WUUGP KO 4×EMGP MQPPVG 2WEJPGT CO (GDTWCT \WO #PITKHH<br />

×DGTIGJGP 'T DGUKGIVG $GO DGK 5CN\DWTI 1EPC 5KDKWNWK &GT<br />

'KPOCTUEJ FGT 4WUUGP KP *GTOCPPUVCFV XGTCPNC²VG FGP Q$QVGPR\W<br />

GKPGO4×EMDNKEMCWHFKGVTCIKUEJG-TKGIUNCIG<br />

Q&KG $TCPFTWKPGP XQP 5\C²TGIGP /CTKGPDWTI *QPKIDGTI<br />

2GVGTUDGTI'TMGF*CNXGNCIGP\WO6JGKNG5VQN\GPDWTI)TQ²UEJGWGTP<br />

WPF/×JNDCEJUQYKGXQPOGJTCNUTWO¼PKUEJGP&ÑTHGTPYGNEJG<br />

XQPFGP7PICTPWPF5\GMNGTPXGTJGGTVWPFIGRN×PFGTVYWTFGPPKEJV<br />

OKPFGT CDGT CWEJ XQP FGP 4WO¼PGP XGT×DVG 0KGFGTDTGPPWPI XQP<br />

TWUUKUEJGP 0CVKQPCN%JCTCMVGTR OCEJVG &KG 4GFCMVKQP XGTUKEJGTVG GU<br />

JCPFGNVGUKEJWOQMGKPG.QDJWFGNGKIGTCFGLGV\VYQYKTFKG4WUUGPCNU<br />

(TGWPFGWPF$GUEJ×V\GTKPWPUGTGT/KVVGJCDGPR5EJWDGTVUEJTKGD<br />

Q,GFG0CVKQPJCVYKGFGTGKP\GNPG/GPUEJXQPFGT0CVWTGKP<br />

JGTTUEJGPFGU 6GORGTCOGPV GTJCNVGP YGNEJGU CWEJ CWH FGP<br />

OQTCNKUEJGP %JCTCMVGT GKPGP ITQ²GP 'KPHNW² JCV FGT UKEJ FWTEJ FKG<br />

'T\KGJWPI PKG ICP\ XGTVKNIGP N¼²VR 9GPP FGT 0KGFGTN¼PFGT KO<br />

CNNIGOGKPGPRJNGIOCVKUEJFGT'PIN¼PFGTWPFFGT&GWVUEJGEJQNGTKUEJ<br />

FGT 5RCPKGT CDGT OGNCPEJQNKUEJ UQ UGK FGT (TCP\QUG YKG FGT 4WUUG<br />

UCPIWKPKUEJ Q&KGUGO IN×EMNKEJUVGP FGT 6GORGTCOGPVG XGTFCPMV FGT<br />

4WUUG XKGNG 8QT\×IG FKG OCP PKEJV \W FGP GKIGPVNKEJGP OQTCNKUEJGP<br />

'KIGPUEJCHVGP TGEJPGP MCPP UGKPG )GYCPFVJGKV UGKPG WP\GTUVÑTDCTG<br />

(TÑJNKEJMGKVUGKPG)GUGNNKIMGKVWPF)GURT¼EJKIMGKVUGKPGP)GUEJOCEM<br />

CP NGKEJVGT 7PVGTJCNVWPI WPF WPUEJWNFKIGP 5RKGNGP UGKPG<br />

(WTEJVNQUKIMGKV QFGT XKGNOGJT 5QTINQUKIMGKV &GT IGTKPIUVG 4WUUG JCV<br />

XQP 0CVWT GKPGP HGUVGP WPF FQEJ NGKEJVGP )CPI JCV #WUFTWEM WPF<br />

UQICT#POWVJKPUGKPGP$GYGIWPIGPTGFGVOKVUGKPGO5QWXGT¼PQJPG<br />

8GTNGIGPJGKV\WH×JNGPWPFMNGVVGTV×DGT#DIT×PFGQJPGUEJYKPFNKEJ<br />

\W YGTFGP 5GNDUV FKG #PFCEJV FGU 4WUUGP KUV PKEJV HKPUVGT WPF<br />

NCPIYGKNKI UGKPG 6GORGN JCDGP GKP JGKVGTGU #PUGJGP WPF FKG<br />

UEJÑPUVGP 9QJNIGT×EJG WPF JKOONKUEJGT )GUCPI GORHCPIGP FGP<br />

)N¼WDKIGPR &GT 8GTHCUUGT UGV\VG UGKPG +FGGP HQTV WPF DGURTCEJ FKG<br />

GKPIGDQTGPG+PVGNNKIGP\FGU4WUUGPUGKPGPQPCV×TNKEJGP8GTUVCPFRFKG<br />

.GKEJVKIMGKV YQOKV GT CNNGU XGTUVGJV WPF CNNG #TDGKVGP NGTPV UGKPG<br />

-KPFGTNKGDGFGUUGP

WPICTKUEJGP 'TQDGTWPI *GTOCPPUVCFVU JGTCWUIGDTCEJV YWTFG UVGNNVG<br />

FKGQ6TCPUUKNXCPKCRKJT'TUEJGKPGPGKP <br />

#O/¼T\HCPFFKG\YGKVG5EJNCEJVDGK*GTOCPPUVCFV<br />

UVCVV &KG DGUKGIVGP 4WUUGP OW²VGP UKEJ \WT×EM\KGJGP &GT Q$QVGR<br />

OCEJVGOGJTGTG2TQMNCOCVKQPGP$GOUXQOWPF/¼T\CP<br />

FKG5VCFVDGYQJPGTDGMCPPV <br />

)GPGTCN$GOXGTURTCEJGKPGCNNIGOGKPG#OPGUVKG'KP#WHUCV\<br />

FGU Q$QVGPR XQO /¼T\ XGTVTCV FKG /GKPWPI FC² FKG WPICTKUEJG<br />

$GUGV\WPI*GTOCPPUVCFVUFKGCO/¼T\GTHQNIVGPKEJVUQUEJNKOO<br />

YKGIGH×TEJVGVYCT'TUVCO/¼T\ICDFGTQ5KGDGPD×TIGT$QVGRFKG<br />

$GUEJTGKDWPIFGT5EJNCEJVYKGFGT <br />

$GO XGTNKG² *GTOCPPUVCFV CO /¼T\ &GO $GHGJN<br />

-QUUWVJUQ*GTOCPPUVCFVFGO'TFDQFGPINGKEJ\WOCEJGPRUEJGPMVG<br />

GTMGKPG#WHOGTMUCOMGKV1DGTUV-KUUGTMN¼TVGGTQ+EJJCDGGKPG5VCFV<br />

GTQDGTV WPF YKNN CWEJ GKPG 5VCFV DGJCWRVGP MGKPGP 5EJWVV WPF<br />

6T×OOGTJCWHGPR &GT 4GIKGTWPIMQOOKUU¼T %UP[K FGT INGKEJG<br />

9GKUWPIGPXQP-QUUWVJGTJCNVGPJCVVGDGICDUKEJPCEJ*GTOCPPUVCFV<br />

*KGT NKG² GT \YCP\KI U¼EJUKUEJG /CIKUVTCVUOKVINKGFGT KP FGT<br />

/KNKV¼TMCUGTPG WPVGT #TTGUV UVGNNGP %UP[K GTMN¼TVG FGP<br />

$GNCIGTWPIU\WUVCPF WPF UVGNNVG /KNKV¼TIGTKEJVG KP *GTOCPPUVCFV<br />

5EJ¼²DWTI -TQPUVCFV WPF $KUVTKV\ CWH 1JPG FC² $GOU #OPGUVKG<br />

CWUFT×EMNKEJ CWHIGJQDGP YWTFG DGICPPGP FKG $NWVIGTKEJVG OKV KJTGT<br />

6¼VKIMGKV #O /CK YWTFG 5VGRJCP .WFYKI 4QVJ CWH FGT<br />

Q9KT FCIGIGP JCNVGP GU H×T WPUGTG 2HNKEJV FKG 'TGKIPKUUG PKG<br />

PCEJ GKPGT GKPUGKVKIGP #WHHCUUWPI CWH\WH×JTGP 'KP $NCVV KP FGT<br />

2TQXKP\JCVWPUGTGT#PUKEJVPCEJFGTVTGWG#WUFTWEMFGURQNKVKUEJGP<br />

.GDGPU\WUGKPYKGGUFGT2TQXKP\\WUVGJV0KEJVLGFGU5V¼FVEJGPMCPP<br />

2CTKUUGKP&KG$GUVKOOWPIFGU$QVGPKUVPKEJVGKPGU/KPKUVGTKCNDNCVVGU<br />

KP .QPFQP 2CTKU 9KGP QFGT &GDTG\KP 9KT YQNNGP FCOKV UCIGP FC²<br />

FGT $QVG MGKPGU LGPGT 2CTVGKDN¼VVGT UGKP F×THG OKV FGPGP RQNKVKUEJG<br />

#IKVCVKQPDGVTKGDGPYKTFFGPGPFGT0COGGKPGTRQNKVKUEJGP0QVCDKNKV¼V<br />

\WT(QNKGFKGPVFKGCNNGKPFGT2CTVGK\YGEMGYGIGPUQWPFPKEJVCPFGTU<br />

IGUEJTKGDGP YGTFGP 0GKP FGT $QVG JCV \YCT UGKPG TGFNKEJGP WPF<br />

QHHGPGP RQNKVKUEJGP #DUKEJVGP CDGT GT UWEJV UKG FWTEJ GKP TWJKIGU<br />

7TVJGKN FWTEJ GKP WPRCTVJGKKUEJGU 5COOGNP FGT /CVGTKCNKGP \W GKPGT<br />

TKEJVKIGP#PUEJCWWPIFGT&KPIG\WGTTGKEJGPR<br />

%UP[KU 2TQMNCOCVKQP CP FGP KP $GNCIGTWPIU\WUVCPF<br />

DGHKPFNKEJGP 5CEJUGPDQFGP ICD KO #RTKN FKG 'TTKEJVWPI XQP<br />

5VCPF WPF 5VTCHIGTKEJVGP DGMCPPV &KG 8GTOÑIGP FGT CDYGUGPFGP<br />

*GTOCPPUV¼FVGT FGT 'PVHNQJGPGP YWTFGP DGUEJNCIPCJOV &GT<br />

/CIKUVTCVFGT5VCFV*GTOCPPUVCFVYCPFVGUKEJCP%UP[KWPF<br />

PCEJFGO QFGT DGIGKUVGTPFG 'FGNOWVJ FGU JGNFGPO×VJKIGP 5KGIGTUR<br />

IGRTKGUGP YWTFG RTQVGUVKGTVG FKGUGT IGIGP FKG $GUEJNCIPCJOWPI FGT<br />

)×VGTFGT#DYGUGPFGP<br />

'KPG 8GTQTFPWPI %UP[KU KP (QNIG GKPGT 9GKUWPI -QUUWVJU<br />

DGUVKOOVG FKG 'VCVKUKGTWPI FGU 8GTOÑIGPU FGT 5¼EJUKUEJGP<br />

0CVKQPUWPKXGTUKV¼V &KGUG /C²PCJOG YWTFG IGVTQHHGP QFCOKV FCU<br />

U¼EJUKUEJG0CVKQPCNXGTOÑIGPPKEJVOGJTIGIGPUGKPG$GUVKOOWPIWPF<br />

DGUQPFGTU \WO 0CEJVJGKN FGT U¼EJUKUEJGP 0CVKQP FWTEJ HGKPFUGNKI<br />

IGUKPPVG +PFKXKFWGP \W #WHTGK\WPIGP WPF 7PVTKGDGP DGP×V\V WPF<br />

FCFWTEJ UGKPGT GKIGPVNKEJGP $GUVKOOWPI GPV\QIGP YGTFG

6CI YCT JÑEJUV TWJOTGKEJ H×T WPUGTG 6TWRRGPRFCOKVYCTGPFKG<br />

$GOUEJGP6TWRRGPIGOGKPV <br />

&GT Q5KGDGPD×TIGT $QVGR JCVVG DKU FCJKP CWUUEJNKG²NKEJ<br />

U¼EJUKUEJG /GKPWPIGP XGTVTGVGP +O /CK YWTFGP CWEJ<br />

-QOOGPVCTGWPICTKUEJGT/KVCTDGKVGTXGTÑHHGPVNKEJV'KPIGYKUUGT6ÎVJ<br />

UEJTKGD ×DGT GKPG OÑINKEJG 4GRWDNKM YGNEJG )GUGV\ )GTGEJVKIMGKV<br />

HTGOFGU 'KIGPVWO WPF 5KVVGP DGYCJTGP WPF CEJVGP UQNNVG .U\NÎ<br />

$CTEUC[UGV\VGUKEJH×TGKPGU¼EJUKUEJWPICTKUEJG-QNNCDQTCVKQPGKPWPF<br />

OGKPVG FC² FKG XQO WPICTKUEJGP 5VCCV KP

KV FGT 'KPUGV\WPI FGT ÑUVGTTGKEJKUEJGP /CEJV KP<br />

*GTOCPPUVCFV HCPF CWEJ DGKO Q5KGDGPD×TIGT $QVGPR GKP<br />

4GFCMVKQPUYGEJUGN UVCVV *GKPTKEJ 5EJOKFV PGWGT 5EJTKHVNGKVGT FGU<br />

Q$QVGPRUEJTKGD<br />

Q&GT 5KGDGPD×TIGT $QVG YKTF UKEJ UQ NCPIG KEJ KJP TGFKIKGTG<br />

DGUVTGDGP GKP 1TICP H×T FKG U¼EJUKUEJGP 0CVKQPCNKPVGTGUUGP \W UGKP <br />

8QT\×INKEJ CDGT UQNN GU FKG #WHICDG FGU 5KGDGPD×TIGT $QVGP UGKP GKP<br />

YCJTJCHV ÑUVGTTGKEJKUEJGU 5VCCVUD×TIGTDGYW²VUGKP \W XGTDTGKVGP FGPP<br />

©UVGTTGKEJ KUV FGT CNNGKPKIG *QTV WPVGT YGNEJGO FCU U¼EJUKUEJG<br />

0CVKQPCNNGDGP KP UGKPGT $GFGWVWPI H×T %KXKNKUCVKQP WPF HTGKGU<br />

)GOGKPFGYGUGPHTÑJNKEJIGFGKJGPMCPPR <br />

/KVVNGTYGKNG XGTNQT $GO FKG 5EJNCEJVGP DGK 5EJ¼²DWTI WPF<br />

9GK²MKTEJ0CEJGKPGODNKV\UEJPGNNGP-TKGIU\WIFWTEJ0GWOCTMVWPF<br />

/GFKCUEJGTTGKEJVGPFKG*QPXÃFUGTPGWVFGP)TQ²GP4KPIFKG#IQTC<br />

*GTOCPPUVCFVU<br />

8QO DKU #WIWUV HCPF FKG FTKVVG 5EJNCEJV DGK<br />

*GTOCPPUVCFV UVCVV &QEJ FKG TWUUKUEJGP-QUCMGPGKPJGKVGPJQNVGPFKG<br />

7PICTPGKPXGTVTKGDGPUKGWPFDGK)TQ²UEJGWGTPYWTFG$GOXQP\YGK<br />

TWUUKUEJGP *GGTGUGKPJGKVGP INGKEJ\GKVKI CPIGITKHHGP 'T GTNKVV GKPG<br />

XGTPKEJVGPFG0KGFGTNCIGWPFHNQJPCEJ6GOGUYCT<br />

&GTQ$QVGR DGTKEJVGVG MCWO ×DGT FKG 5EJNCEJV 'T XGTVGKFKIVG<br />

UGKPG $×TIGT FKG *GTOCPPUV¼FVGT 5CEJUGP J¼VVGP FGP 7PICTP MGKPG<br />

*KNHGIGNGKUVGVWPFJ¼VVGPCWEJMGKPG4WUUGPGTUEJQUUGP<br />

Q9KT UKPF XQP JQJGT *CPF GTO¼EJVKIV WPUGTG VJGWGTP<br />

/KVD×TIGT \W XGTUKEJGTP FC² FKG M TWUUKUEJGP 1HHK\KGTG DKU KP FKG<br />

JÑEJUVGP 5EJKEJVGP ×DGT\GWIV UKPF FC² Y¼JTGPF FGU OÑTFGTKUEJGP<br />

5VTC²GPMCORHGUCO#WIWUVMGKP*GTOCPPUV¼FVGT5CEJUGCWHFKGM<br />

TWUUKUEJGP6TWRRGPIGUEJQUUGPJCDGR <br />

#O #WIWUV QTFPGVG FCU MM )GPGTCNMQOOCPFQ FKG<br />

#WUJGDWPIXQP4GMTWVGPCP&CDGKOW²VGFGT*GTOCPPUV¼FVGT<br />

5VWJN /CPP KO #NVGT XQP DKU ,CJTG UVGNNGP $KU \WO <br />

5GRVGODGTUQNNVGFKG4GMTWVKGTWPIXQNN\QIGPUGKP<br />

YGNEJGUFKG#WHJGDWPIFGT(TQJPFKGPUVGWPFFKG#DUEJCHHWPIFGT.GKDGKIGPUEJCHV<br />

CPGTMCPPVGGTNCUUGP#O,WPKYWTFGFCU)GUGV\CPIGYCPFV&KGMCKUGTNKEJG<br />

8GTQTFPWPI XQO ,WNK DGUV¼VKIVG FCU )GUGV\ XQO ,WPK ¯DGT FKG<br />

UKGDGPD×TIKUEJGP(N×EJVNKPIGKPFGT9CNCEJGKKP0T,WNK50T<br />

#WIWUV58IN'NC%QUOC4GHWIKC/KKVTCPUKNXâPGPKÉP/WPVGPKCNCKO<br />

$F+UVQTKCECGZRGTKGP/âKPVGNGEVWCNâ1TCFGC5<br />

Q5D$QVGR0T#WIWUV5<br />

%)ÑNNPGTCC15Q5D$QVGR0T#WIWUV5

&KG RTQXKUQTKUEJG 4GIKGTWPI VGKNVG FCU .CPF KP UGEJU<br />

/KNKV¼TFKUVTKMVG GKP *GTOCPPUVCFV -CTNUDWTI -NCWUGPDWTI 4GVVGI<br />

1FGTJGNNGP WPF (QICTCUEJ &GT -QOGU FGT 5¼EJUKUEJGP 0CVKQP YCT<br />

\WINGKEJ FGT IGUGV\NKEJG 8QTUVCPF WPF UQOKV FGT<br />

&KUVTKMVUQDGTMQOOKUU¼TH×TFGP*GTOCPPUV¼FVGT&KUVTKMV\WYGNEJGO<br />

CWEJ FKG (KNKCNFKUVTKMVG $KUVTKV\ WPF -TQPUVCFV IGJÑTVGP &KG &KUVTKMVG<br />

\GTHKGNGP KP $G\KTMG WPF FKGUG KP 7PVGTDG\KTMG +PURGMVQTCVG KP<br />

YGNEJGP FKG

&KG Q6TCPUUKNXCPKCR CNU $GKDNCVV FGU Q5KGDGPD×TIGT $QVGPR<br />

DGINGKVGVG FKGUGP UQYQJN KP UGKPGT *CNVWPI CNU CWEJ KP UGKPGP<br />

/GKPWPIGP MCWO CDGT KP FGUUGP .CPIL¼JTKIMGKV 6TQV\ UGKPGT<br />

TGIGNO¼²KIGP*GTCWUICDGY¼JTGPFFGU,CJTGUUVGNNVGFCU$NCVVCWU<br />

WPDGMCPPVGP)T×PFGPUGKP'TUEJGKPGPCO/¼T\MWT\XQTFGT<br />

WPICTKUEJGP1MMWRCVKQPXQP*GTOCPPUVCFVGKP<br />

&GT Q5KGDGPD×TIKUEJG 8QNMUHTGWPFR GTUEJKGP KP FGT GTUVGP<br />

*¼NHVG FGU ,CJTGU YÑEJGPVNKEJ WPF IGIGP 'PFG FGUUGNDGP ,CJTGU<br />

\YGKOCNRTQ9QEJG5GKPG\KGONKEJUVCPFJCHVG*CNVWPIYCTIGIGPFKG<br />

7PKQP IGTKEJVGV WPF HW²VG CWH GKPGT IT×PFNKEJGP VJGQTGVKUEJGP WPF<br />

RTCMVKUEJGP $GIT×PFWPI +O

%JTQPKMFGT-TQPUV¼FVGT2TGUUG<br />

,QJCPP)ÑVVWPFFCU5KGDGPD×TIGT9QEJGPDNCVV<br />

5CVGNNKV$N¼VVGTH×T)GKUV)GO×VJWPF<br />

8CVGTNCPFUMWPFGWC<br />

<br />

<br />

<br />

<br />

&GT #PHCPI FGU ,CJTGU NKG² PQEJ PKEJVU XQP FGP<br />

YGNVGTUEJ×VVGTPFGP'TGKIPKUUGPGTCJPGPFKGGUOKVUKEJDTKPIGPUQNNVG<br />

/KVVG ,CPWCT DGURTCEJGP FKG -TQPUV¼FVGT

*GTOCPP6JGQFQT)NCV\OYGNEJGFGTQ5CVGNNKVRYKGFGTICD UQHÑTFGTVG<br />

FCUUGNDG$NCVVGKPTWO¼PGPHTGWPFNKEJGU$KNFKPFGOGUFGP$TKGHGKPGU<br />

QWPKTVGP9CNCEJGPR\WT©HHGPVNKEJMGKVDTCEJVG7PVGTFGO/QVVQ3WK<br />

VCEGVEQPUGPVKTGXKFGVWT#WFKCVWTGVCNVGTCRCTUUEJTKGDFGTCPQP[OG<br />

8GTHCUUGT Q&GPMGP YKT WPU JKG\W PQEJ LGPG

DGUEJTKGDGP -CKUGT (GTFKPCPF + XQP ©UVGTTGKEJ ICD GKPG 'TMN¼TWPI<br />

×DGT FKG 'TGKIPKUUG KP (TCPMTGKEJ CD &CUQ9QEJGPDNCVVR DGTKEJVGVG<br />

×DGT FGP $GIKPP FGT 4GXQNWVKQP KP 7PICTP WPF FKG 2WPMVG FGU<br />

2GUVGT /CPKHGUVU /¼T\ KP YGNEJGP FGT 9WPUEJ FGT<br />

8GTGKPKIWPI 5KGDGPD×TIGPU OKV 7PICTP CWUH×JTNKEJ GTN¼WVGTV YWTFG <br />

&KG -TQPUV¼FVGT 2TGUUG LWDGNVG CNU DGMCPPV IGOCEJV YWTFG FC²<br />

/GVVGTPKEJ DGUGKVKIV YQTFGP YCT &KG 2TGUUGHTGKJGKV YWTFG<br />

CWUIGURTQEJGP WPF OCP HQTFGTVG GKPG PGWG 8GTHCUUWPI FGT<br />

)GUCOVOQPCTEJKG &KG Q$N¼VVGT H×T )GKUV )GO×VJ WPF<br />

8CVGTNCPFUMWPFGRGPVPCJOGPCWUFGPQ9KGPGT5QPPVCIUDN¼VVGTPRFGP<br />

#WHUCV\XQP&T.(TCPMN×DGTQ&KGFTGK6CIGFGT4GXQNWVKQPKP9KGP<br />

XQP #WIGP\GWIGP WPF 6JGKNPGJOGTP IGUEJKNFGTVR &GT #WHUCV\<br />

GPVJKGNV OGJTGTG -CRKVGN Q'TUVGT (WPMG \W FGO /¼T\DTCPFGR<br />

Q5QPPVCI KP FGT #WNCR Q+O*QHGFGU5V¼PFGJCWUGU/QPPVCIDKU<br />

7JTRQ+O5V¼PFGUCCNRQ&GRWVCVKQPFGT7PKXGTUKV¼VRQ&CU/KNKV¼TWPF<br />

FKG #WNCR Q

&GT )[OPCUKCNNGJTGT -CTN -TCHV JKGNV KO -TQPUV¼FVGT<br />

)GYGTDGXGTGKP GKPG 4GFG CWH FGO )GDWTVUVCIUHGUV FGU -CKUGTU<br />

(GTFKPCPF 'T GTKPPGTVG FCTCP FC² FKG 0CVKQPUWPKXGTUKV¼V QFGO<br />

9WPUEJGWPUGTGT$×TIGTUEJCHVGPVURTGEJGPFKPKJTGO$GUEJNW²GXQO<br />

#RTKN FKG #WHPCJOG FGT ITKGEJKUEJGP )NCWDGPUIGPQUUGP KP FGP<br />

INGKEJDGTGEJVKIVGP $×TIGTXGTDCPF FGU 5CEJUGPXQNMGU HGKGTNKEJ GTMN¼TVR<br />

JCVVG&KGITѲVG#WHICDGYCTPWPFKG8GTGKPKIWPIOKV7PICTP-TCHV<br />

\GKIVG Q5QIGVJGKNVFKG/GKPWPIGPKPFKGUGT$G\KGJWPIUKPFUQ<br />

UVKOOGP FQEJ FKG /GKUVGP FCTKP ×DGTGKP FC² FKGUGNDG WPDGFGPMNKEJ<br />

GKPIGICPIGPYGTFGPMÑPPGYGPPFKGWPICTKUEJG0CVKQPFGP$×TIGTP<br />

CWH 5CEJUGPDQFGP KJTG 8GTHCUUWPI WPIGMT¼PMV \W GTJCNVGP UKEJ<br />

CPJGKUEJKI OCEJG KP INGKEJGT 9GKUG YKG UKG GU FGP 5NCXGP KO<br />

-ÑPKITGKEJG 7PICTP XGTD×TIVR &KGQ$N¼VVGTRYGNEJGFKG4GFG<br />

×DGTPCJOGPXGTÑHHGPVNKEJVGPCWEJ/CZ/QNVMGUQ(TGKUEJCCTNKGFRFCU<br />

UQDGICPPQ9QJNCWHFGWVUEJG$T×FGTFKG9CHHGPXQPFGT9CPF<br />

,GV\VIKNVGUUKEJT×UVGP\WVCRHGTO9KFGTUVCPFR <br />

'KP WPKQPUHTGWPFNKEJGT $GTKEJVGTUVCVVGT CWU *GTOCPPUVCFV<br />

UEJTKGD Q5CEJUGPDT×FGT&GT4WHGTIGJVCP'WEJFC²+JTH×TFKG<br />

8GTGKPKIWPI 5KGDGPD×TIGPU OKV 7PICTP UGKP OÑEJVGV &CU PGWG<br />

XQNMUVJ×ONKEJG 7PICTP HQTFGTV WPU LGV\V \WT 8GTGKPKIWPI CWHR<br />

'KPGTUGKVU XGTURTCEJ OCP UKEJ FCXQP QCNNG OÑINKEJGP 8QTVJGKNGR<br />

CPFGTGTUGKVU CDGT UQNNVG FCFWTEJ FKG 0CVKQPCNKV¼V FGT 5CEJUGP<br />

QGKP \CJOGU MNGKPGU T¼WONKEJ \GTUV×EMGNVGU 8ÑNMEJGPR IGUKEJGTV<br />

YGTFGPQ'UKUVMGKP6TCWOFC²GKPXKGN\×PIKIGT5VCCVDGUVGJGPMÑPPG<br />

QJPGFC²GKPG0CVKQPCNKV¼VFKGCPFGTGCWH\GJTGPOײGYGPPUKGPKEJV<br />

CNVGTUUEJYCEJUVKTDVR&CU$GKURKGN0QTFCOGTKMCYWTFGCWHIGH×JTV <br />

#O /CK JCVVG *GTOCPPUVCFV UGKP Q*GKN WPF 5GIGP FGT<br />

WP\GTVTGPPDCTGP EQPUVKVWVKQPGNNGP /QPCTEJKGR CWUIGURTQEJGP &KG<br />

Q$N¼VVGTR UEJ¼V\VGP FC² FKG NQ[CNGP /CPKHGUVCVKQPGP FKG 7PKQPUHTCIG<br />

PKEJV NÑUGP Y×TFGP Q&KG 2TQXKPEKC %KDKPKGPUKU KUV CDGT WPVGT FGP<br />

IGIGPY¼TVKIGP 7OUV¼PFGP GKPG %JKO¼TGR +P FGTUGNDGP 0WOOGT<br />

YWTFGFGP$×TIGTICTFGPGKPGWPVGT&TWEMDGHKPFNKEJGQ#DTKEJVWPIU<br />

WPF 'ZGTEKGTXQTUEJTKHVR GORHQJNGP &KG

&KGKOQ5CVGNNKVRGTUEJKGPGPGP#TVKMGNXGTVTCVGPFKG/GKPWPI<br />

FC²FKGUQ\KCNGP4GHQTOGPKPWPOKVVGNDCTGO

FCTCWHFKG#PVYQTVTWUUKUEJGTJCNVGPUQHTCIGKEJQDGUH×TFGPFGT<br />

5RTCEJG WPF 0CVKQPCNKV¼V \W FGP JÑEJUVGP WPF MQUVDCTUVGP -NGKPQFKGP<br />

GKPGU /GPUEJGP \¼JNV GKPGP DGVT×DGPFGTP *GT\ WPF 5GGNG<br />

\GTPCIGPFGP5EJOGT\IGDGPMÑPPG!R<br />

'KP $GTKEJVGTUVCVVGT XQP FGT 7PVGTGP &QPCW OWPVGTVG FKG<br />

5CEJUGP \WT 7PKQP CWH OKV 'KPJCNVWPI FGT $GYCJTWPI KJTGU<br />

&GWVUEJVWOU(TCP\5EJWUGNMCXQPFGTQ9KGPGT

RWDNK\KGTVG FGP XQP GKPGT XQP FGT 0CVKQPUWPKXGTUKV¼V GTPCPPVGP<br />

-QOOKUUKQPIGOCEJVGP8QTUEJNCI×DGTFKGQ)TWPFU¼V\NKEJG4GXKUKQP<br />

FGT /WPKEKRCNXGTHCUUWPI FGT &GWVUEJGP KP 5KGDGPD×TIGPR #WEJ FCU<br />

Q$KVVIGUWEJ FGT 5VWFKTGPFGP CP FGP NÑDN 5GPCV FGT UKGDGPD×TIKUEJ<br />

FGWVUEJGP4GEJVUCMCFGOKG\W*GTOCPPUVCFVRFCUFKG/QFGTPKUKGTWPI<br />

FGT#PUVCNVDGCPVTCIVGYWTFGXGTÑHHGPVNKEJV <br />

&GTQ5CVGNNKVRDGTKEJVGVG×DGTFKGTWO¼PKUEJG8GTUCOONWPIKP<br />

$NCUGPFQTH CO WPF /CK YGNEJG QXQP 'KPKIGP H×T<br />

JÑEJUV YKEJVKI IGJCNVGP XQP #PFGTP YKGFGTWO YKTF KJT PWT FGT<br />

%JCTCMVGT GKPGU /GGVKPI DGKIGNGIV 6JCVUCEJG KUV FC² FKG 4GIKGTWPI<br />

FWTEJ KJTG &C\YKUEJGPMWPHV WPF FWTEJ FKG #DUGPFWPI \YGKGT<br />

%QOOKUU¼TG KP FGP 2GTUQPGP FGT *GTTGP .WFYKI 5\CDÎ<br />

)WDGTPKCNTCVJGU WPF 0KEQNCWU $CPPHK 1DGTIGURCPPU KJT FGP<br />

%JCTCMVGT GKPGT 0CVKQPCNXGTUCOONWPI IGIGDGP WPF UKG CNU UQNEJG<br />

CPGTMCPPV JCV &CJGT YKTF OCP UKEJ PKEJV YWPFGTP YGPP FKG<br />

9CNCEJGP KP KJTGT CWU 5GGNGP DGUVGJGPFGP 8GTUCOONWPI UKEJ<br />

INGKEJKPFGTGTUVGP5KV\WPIXQO/CK\WTUGNDUVUV¼PFKIGP0CVKQP<br />

WPF \WO KPVGITKTGPFGP 6JGKN 5KGDGPD×TIGPU GTMN¼TV WPF CWUIGTWHGP<br />

JCDGPR&GT#WHUCV\YWTFGXQPQGKPGO#WIGP\GWIGRYCJTUEJGKPNKEJ<br />

5V.4QVJWPVGT\GKEJPGVWPFXGTHQNIVGFGP#DNCWHFGT8GTUCOONWPI<br />

/QPVCI &KGPUVCI WPF /KVVYQEJ /CK KPFGO CO 5EJNW²<br />

DGOGTMVYWTFG#O/CKWO7JTQMCOGPFKG%QOOKUU¼TGWPF<br />

UEJNQUUGPFKG5KV\WPIWPVGT8KXCVUFKGMGKP'PFGPGJOGPYQNNVGP<br />

5VWPFGPUR¼VGTYCTFCUICP\G8QNMCWU$NCUGPFQTHXGTUEJYWPFGP<br />

QJPGPWTFGPIGTKPIUVGP'ZEG²DGICPIGP\WJCDGPR <br />

#O /CK YWTFG CWU -NCWUGPDWTI ×DGT FKG<br />

4QDQVGPXGTYGKIGTWPI FGT 4WO¼PGP WPF KJTG 7TUCEJGP DGTKEJVGV<br />

Q5EJQP UGKV N¼PIGTGT

-TKGIGT&TCIOKVUGKPGP$CWGTPUCOVFGPCPFGTGPTWO¼PKUEJGP<br />

&ÑTHGTP FKG UGKPGO $GKURKGN IGHQNIV YCTGP GTUEJTCM XQT FGO /KNKV¼T<br />

PKEJV &CDGK NKG² OCP PQEJ \YGK

5CEJUGP JKGT UVCPFJCHV YWTFGP &GT 5CEJUGPITCH Q*GGTOCPPRFGU<br />

ICP\GP 5CEJUGPXQNMGU J¼VVG FGP 0COGP FGT 5VCFV *GTOCPPUVCFV<br />

IGIGDGP<br />

+PFGTUGNDGP0WOOGTFGTQ$N¼VVGTRHQNIVGPFKG9×PUEJGWPF<br />

)GFCPMGP GKPGU /KVCTDGKVGTU FKG CP FKG DGXQTUVGJGPFG<br />

0CVKQPCNXGTUCOONWPI FGT &GWVUEJGP 5CEJUGP KP 5KGDGPD×TIGP<br />

IGTKEJVGV YCTGP &GT CPQP[OG 8GTHCUUGT DGOGTMVG FC² FGT 0COG<br />

Q5CEJUGR QYGPP GT CWEJ CWU )GYQJPJGKV JKUVQTKUEJGP 4×EMUKEJVGP<br />

WCPQEJIGDTCWEJVYKTFRINGKEJDGFGWVGPFOKVQ&GWVUEJGTRYCTQ&CU<br />

OÑIG DGUQPFGTU WPUGTGO U¼EJUKUEJGP .CPFXQNM GKPIGRT¼IV YGTFGP<br />

FCUFGPFGWVUEJTGFGPFGP&GWVUEJGPPQEJKOOGTOKVGKPGOIGYK²GP<br />

/K²VTCWGPN/WGUGTOPGPPVYCUUKEJLGFQEJNGKEJVYKTFDGUUGTPNCUUGPR<br />

&KG4WO¼PGPJCVVGPQFKG MKTEJNKEJGP 5EJGKFGY¼PFG YGNEJG FCU<br />

\WO 5GNDUVDGYW²VUGKP GTYCEJVG 8QNM UEJY¼EJVGP PKGFGTIGTKUUGPRKP<br />

&GWVUEJNCPF WPF 9KGP CTDGKVGVG OCP CP GKPGO 2NCP \WT 'KPKIWPI KP<br />

GKPGGKP\KIGEJTKUVNKEJG-KTEJGFGT&GWVUEJGP&KG5CEJUGPUQNNVGPUKEJ<br />

FGUJCNDCWEJMKTEJNKEJGKPKIGP0CEJFGT#DUEJCHHWPIFGU

'DGPHCNNU UQNNVGP UKG UKEJ H×T FKG #WHJGDWPI FGT 7TDCTKCNXGTJ¼NVPKUUG<br />

OKV 'PVUEJ¼FKIWPI FGT )TWPFDGUKV\GT H×T IGOGKPUCOG ÑHHGPVNKEJG<br />

.CUVGPGKPUGV\GPUQYKGH×TFKG)NGKEJDGTGEJVKIWPIFGT4WO¼PGP<br />

UGKVGPUFGT7PICTPWPF5\GMNGTINGKEJFGP5CEJUGPYGNEJGFGPCWH<br />

FGO-ÑPKIUDQFGPNGDGPFGP4WO¼PGPINGKEJG4GEJVGIGY¼JTVJCVVGP<br />

&KG.CPFVCIUCDIGQTFPGVGPUQNNVGPFKG#WHJGDWPIFGT

ÑUVGTTGKEJKUEJGP 5VCCVUUEJWNFGP GKPGP 6GKN \W ×DGTPGJOGP 'KP XQP<br />

FGO TWO¼PKUEJGP &GRWVKGTVGP /QNFQXCP WPVGTUEJTKGDGPGT #TVKMGN<br />

×DGT Q&KG IGYCNVUCO CWUIGURTQEJGPG 7PKQP 5KGDGPD×TIGPU OKV<br />

7PICTPRYWTFGCWUFGTQ9KGPGT

5V¼PFGP GKPIGTGKEJV YQTFGP YCT &GT 8GTHCUUGT XGTVGKFKIVG FKG<br />

TWO¼PKUEJG 5CEJG FC FCU Q5KGDGPD×TIGT 9QEJGPDNCVVR QUGJT<br />

WPIGJCNVGPR×DGTFKGUGU)GUWEJIGYGUGPYCT<br />

'KPG 0CEJDCTUEJCHV OKV FGP 4WUUGP Y¼TG FGP -TQPUV¼FVGTP<br />

PKEJV NKGD IGYGUGP &GUJCND MQPPVG OCP CO ,WNK OKV (TGWFG WPF<br />

'TNGKEJVGTWPI ×DGT Q&KG HTGKG 9CNCEJGK WPF MGKPG 4WUUGPHWTEJVR<br />

UEJTGKDGP Q&KG 9CNCEJGK KUV HTGK WPF UKG YKTF GU JQHHGPVNKEJ CWEJ<br />

DNGKDGP &GT TWUUKUEJG 'KPHNW² KP FGT 9CNCEJGK KUV WPOÑINKEJ<br />

IGYQTFGP 9KT INCWDGP FC² GU FKG 4WUUGP PKEJV GKPOCN YCIGP<br />

YGTFGPKPFKG(×TUVGPVJ×OGTHGKPFNKEJGKP\WHCNNGPYGKNFKG4QOCPGP<br />

DGK FGP HTGKUKPPKIGP 6GPFGP\GP YGNEJG UKG KP KJTGO %QPUVKVWVKQP<br />

2TQITCOOMWPFIGDGPFKG5[ORCVJKGPFGTICP\GPGWTQR¼KUEJGPWPF<br />

×DGTUGGKUEJGP (TGKJGKV H×T UKEJ JCDGP YGTFGP YGNEJG XKGNNGKEJV FGP<br />

4WUUGP OGJT \W KORQPKTGP XGTOCI CNU FKG /CPP UVCTMG<br />

$CWGTPCTOGG FGT 9CNCEJGKR&KG4GFCMVKQPJCVVGCWU$WMCTGUV\YGK<br />

$TKGHGXQO,WPKGTJCNVGPYQTKPFKG'TGKIPKUUGXQO<br />

,WPKWPFFKGFCOCNUCPIGPQOOGPG2TQMNCOCVKQPKP2WPMVGPUQYKG<br />

FKG 'KPUGV\WPI FGT PGWGP 4GIKGTWPI WPF FKG 7PVGT\GKEJPWPI FGT<br />

PGWGP%QPUVKVWVKQPXQO(×TUVGPDGUEJTKGDGPYWTFGP<br />

&GT R5CVGNNKVR HÑTFGTVG GKPGP XQP )TGP\TGIGNWPIGP WPF<br />

5GRCTCVKUOWUHTGKGP*CPFGNOKVFGP&QPCWH×TUVGPV×OGTP&KG<br />

FGWVUEJGP ,×PINKPIG KP 5KGDGPD×TIP YWTFGP \W GKPGT<br />

,WIGPFXGTUCOONWPI GKPIGNCFGP FKG CO WPF #WIWUV KP<br />

/GFKCUEJ UVCVVHCPF &CU 8QTDGTGKVWPIUMQOKVÃG XGTÑHHGPVNKEJVG CO <br />

#WIWUV GKPGP PGWGP #WHTWH FC\W &KG U¼EJUKUEJGP 2GTKQFKMC<br />

DGTKEJVGVGP OKV 6GKNPCJOG WPF $GIGKUVGTWPI ×DGT FGP #DNCWH FGT<br />

,WIGPFXGTUCOONWPI &KG 4GFCMVKQP FGU Q5CVGNNKVR ICDQ$TKGHG CWU<br />

/GFKCUEJWPF×DGT/GFKCUEJRYKGFGT &GT5KGDGPD×TIKUEJ&GWVUEJG<br />

,WIGPFXGTDCPF OKV 5VGRJCP .WFYKI 4QVJ CNU 8QTUKV\GPFGP WPF<br />

6JGQFQT(CDKPKCNU5GMTGV¼TYWTFGKPU.GDGPIGTWHGP<br />

+P GKPGT 5KV\WPI FGU WPICTKUEJGP 4GKEJUVCIU JKGNV (TGKJGTT<br />

9GUUGNÃP[K/KMNQUGKPG4GFG×DGTFKGPGWGP4GEJVGFGT4WO¼PGPWPF<br />

5CEJUGP &GT 2TGFKIGT %JTKUVQRJ $ÑOEJGU JKGNV GKPG 9GKJTGFG \WT<br />

(CJPGPYGKJG FGT -TQPUV¼FVGT (TGKUEJCCT ,WNK +O<br />

IGUGV\VGP 2CRKGTIGNF ×DGTPCJOGP FKG Q$N¼VVGTR CWU FGO<br />

Q(KI[GNOG\ÑRFKGKTQPKUEJGP$GOGTMWPIGPQ9CUKUVFKG7TUCEJGFC²<br />

-QUUWVJKPLGFGOUGKPGT#TVKMGNYKGKPLGFGT4GFGUQJ¼WHKIFKG*ÑNNG<br />

GTY¼JPVCNUQDGTGKPGDGUQPFGTG

YGNEJGU QFGT OGPUEJNKEJGP 9×TFG FGT OGPUEJNKEJGP 0CVWT FGT<br />

)GTGEJVKIMGKVWPFFGT5VCCVUMNWIJGKVRYKFGTURTCEJ <br />

0CEJFGOCO5GRVGODGTGTHQNIVGP4×EM\WIFGTUGEJU<br />

U¼EJUKUEJGP#DIGQTFPGVGPCWUFGOWPICTKUEJGP4GKEJUVCIDGJCWRVGVG<br />

FKG *GTOCPPUV¼FVGT -TGKUXGTUCOONWPI XQO 5GRVGODGT FC² UKG<br />

XQP FGT 7PKQP OKV 7PICTP Q×DGTJCWRV PKEJVU YKUUGP YQNNGR &KG<br />

*CNVWPI FGU QHHGPGP 9KFGTUVCPFGU YWTFG KP FGT 2TGUUG KP FGP<br />

HQNIGPFGP9QEJGPJGHVKIMQOOGPVKGTVQ&TGK/QPCVGPCEJFGT7PKQPR<br />

UQNNVGP CWEJ FKG -TQPUV¼FVGT 7PKQPUHTGWPFG \WIGDGP Q7PF FQEJ<br />

UEJGKPGPFKG$GH×TEJVWPIGPFGT#PVKWPKQPURCTVGK9CJTJGKVYGTFGP\W<br />

YQNNGPR <br />

&KG 5[PQFG FGT GXCPIGNKUEJU¼EJUKUEJGP )GKUVNKEJMGKV UVGNNVG<br />

GKPG&GPMUEJTKHVKP$GVTGHHQKJTGUTGEJVNKEJDGIT×PFGVGP#PURTWEJUCWH<br />

'PVUEJ¼FKIWPI H×T KJTGP

&GT Q5CVGNNKVR DGTKEJVGVG ×DGT FKG 8QNMUXGTUCOONWPI FGT<br />

5\GMNGTKP5\ÃMGN[7FXTJGN[5GRVGODGT<br />

#O5GRVGODGTYWTFGFKG8GTUCOONWPIFGUTWO¼PKUEJGP<br />

)TGP\TGIKOGPVGU0TKP1TNCVCDIGJCNVGP&KG2TGUUGTGIKUVTKGTVGFKG<br />

/GTMY×TFKIMGKVFGT.CIGCNU\CJNTGKEJG)TGP\QTVUEJCHVGPYKG$TGC\C<br />

.WFK)QT.W/C8QKNC&TKFKH)TQ²WPF-NGKP8QKXQFGPK*WTG\)TQ²<br />

WPF -NGKP$GTKXQK *GTUGPK 1DGT WPF 7PVGT2QTWODCE 1DGT WPF<br />

7PVGT7VUEJC &TâIW) 1DGT WPF 7PVGT5\QODCV 5âTCVC /âIWTK<br />

(GNFKQCTC UEJTKHVNKEJG )GUWEJG \WT #WHPCJOG KP FGP<br />

/KNKV¼TITGP\XGTDCPF GKPTGKEJVGP #PFGTG 1TVUEJCHVGP JCVVGP FCU<br />

INGKEJGO×PFNKEJIGHQTFGTV&GTQ5CVGNNKVR\GKIVGFC²OCPUKEJDGKFGT<br />

'TTKEJVWPI FGT DGUVGJGPFGP )TGP\TGIKOGPVGT FGT

TCFKMCN WPF QHHGP \WO GPVIGIGPIGUGV\VGP RQNKVKUEJGP .CIGT ×DGTVTCV<br />

&GT FGT Q7PKQP WPF FGO U¼EJUKUEJGP 8QNMUVJWOR I GYKFOGVG<br />

.GKVCTVKMGNXQO1MVQDGTIGUVCPFGUQHHGPQ-WT\ WPF GKPHCEJ FKG<br />

7PKQPWPFYCUFCOKV\WUCOOGPJ¼PIVWPFFCJKPVGTUVGEMVJCVFCU<br />

ICP\G 8CVGTNCPF KP 8GTYKTTWPI IGDTCEJV WPF DGUQPFGTU WPUGT<br />

8QNMUVJWOKP)GHCJTIGDTCEJV&CUMCPPWPFYKNNYQJNCWEJ0KGOCPF<br />

N¼WIPGPR&KG5CEJUGPJ¼VVGPPKGGKPGDGFKPIWPIUNQUG7PKQPGKPIGJGP<br />

YQNNGP&KG7PKQPUHTGWPFGJCVVGPUKEJXQPFGT7PKQPFKG'PVHGUUGNWPI<br />

FGT $×TQMTCVKG FKG #WHJGDWPI FGT 7TDCTKCNNGKUVWPIGP GTY×PUEJV<br />

Q&KGU UKPF FKG )T×PFG YGNEJG WPU GKPG WPDGUEJCFGV WPUGTU<br />

8QNMUVJWOUGKPIGJGPFG7PKQP5KGDGPD×TIGPUOKV7PICTPCPPGJODCT<br />

GTUEJGKPGPNKG²'UYKTFFKGUGNDGPUEJYGTNKEJLGOCPFGPVGJTGPFH×TFKG<br />

)GUKPPWPI FGTLGPKIGP FKG UKEJ FWTEJ UKG DGUVKOOV H×JNVGP PGPPGP<br />

MÑPPGPR<br />

&KG4GFCMVKQPFGUUGNDGP$NCVVGUHQTFGTVGFKG$WT\GPN¼PFGTCWH<br />

FKG XQP 5V. 4QVJ DGCDUKEJVKIVG *GTCWUICDG GKPGT 5EJWN WPF<br />

-KTEJGP\GKVWPI FWTEJ 9QTV WPF 6CV \W WPVGTUV×V\GP FC 5EJWNG WPF<br />

-KTEJG QFKG GKP\KIGP 5¼WNGP FGU 8QNMUVJWOUR YCTGP +PVGTGUUCPV KUV<br />

CWEJ FKG &GDCVVG ×DGT FGP )GIGPUCV\ \YKUEJGP )GUEJKEJVG WPF<br />

-QPUGTXCVKUOWU &KG )GUEJKEJVG KUV HQTVDKNFGPF Y¼JTGPF FGT<br />

-QPUGTXCVKUOWU CWHJCNVGPF YKTMV Q&KG (TGKJGKV KUV FKG .GDGPUNWHV FGT<br />

8ÑNMGTWPFFCJGTMÑPPGPFKG8ÑNMGTCWHFKG&CWGTFKG(TGKJGKVPKEJV<br />

GPVDGJTGP YGPP UKG PKEJV WPVGTIGJGP YQNNGP #DGT FCU DGITGKHGP FKG<br />

-QPUGTXCVKXGP WPF 4GCMVKQP¼TG DGK KJTGT /WOKGPNKGDJCDGTGK PKEJVR<br />

1JPG IGPCWG #PURKGNWPIGP \W OCEJGP YCTGP LGFQEJ FKG<br />

*GTOCPPUV¼FVGTFCOKVIGOGKPVYWTFGP-QPUGTXCVKUOWUWPF4GCMVKQP<br />

IGDTCPFOCTMV <br />

+O/QOGPVFGT4×EMMGJTKPFKG*GKOCVURTCEJ2TKP\%CTQN)T<br />

)JKMCKO0COGPFGTYCNCEJKUEJGP'OKITCPVGP'OCPWGN$âNâPGCPW<br />

&T/G[GT+)QNGUEW0)QWV\Q)W/W+5NâVKPGCPWWPF+1DGFGCPW<br />

UGKPGP &CPM H×T FKG KP -TQPUVCFV Y¼JTGPF KJTGT (NWEJV GTJCNVGPG<br />

)CUVHTGWPFUEJCHV CWU 1MVQDGT &GT YGIGP FGT 'KPUGV\WPI<br />

FGT 4GXQNWVKQPUTGIKGTWPI CWU FGT 9CNCEJGK IGHN×EJVGVG (×TUV YW²VG<br />

×DGTFKG$GUGV\WPIUGKPGU.CPFGUFWTEJFKGTWUUKUEJGPWPFV×TMKUEJGP<br />

6TWRRGP$GUEJGKFTWUUKUEJG5QNFCVGPUQNNVGPDGK$WMCTGUV<br />

GKP .CIGT CWHIGUVGNNV JCDGP KP FGT *CWRVUVCFV YCTGP YGKVGTG <br />

6×TMGPUVCVKVQPKGTV <br />

$N¼VVGT0T1MVQDGT50T1MVQDGT5<br />

5CVGNNKV0T1MVQDGT5<br />

5D8QNMUHTGWPF*GTOCPPUVCFV0T1MVQDGT5

)GPGTCN 2WEJPGT GTNKG² CO 1MVQDGT GKPG 2TQMNCOCVKQP CP<br />

FKG $GJÑTFGP WPF CP FKG $GXÑNMGTWPI UKEJ WPVGT ÑUVGTTGKEJKUEJ<br />

MCKUGTNKEJG 1DTKIMGKV \W UVGNNGP

CWEJ KP WPUGTGO 5KGDGPD×TIGP CO 8QTCDGPFG PGWGT ITQ²CTVKIGT<br />

RQNKVKUEJGP 'PVYKEMNWPIGP &CTWO GTJCNVGP DGUQPFGTU CWEJ FKG<br />

NKG²GP WPF OKEJ CNU &GWVUEJGP FGT H×T FCU 5CEJUGPNCPF KP<br />

5KGDGPD×TIGP CNNGU VJWP OÑEJVG WO GU CWH FGP JÑEJUVGP 2WPMV FGU<br />

4WJOGU WPF FGU )N×EMGU \W DTKPIGP GKPGT XGTT¼VJGTKUEJGP<br />

0KGFGTVT¼EJVKIMGKV H¼JKI \W JCNVGP &CU UEJ¼PFNKEJG )GT×EJV JCDGP<br />

)GIPGT FKG KEJ OKT FGPMGP MCPP CWUIURTGPIV WO KJTG IGOGKPGP<br />

GIQKUVKUEJGP

4GNKIKQP MCVJQNKUEJ 5RTCEJG RQNPKUEJ HTCP\ÑUKUEJ FGWVUEJ KO<br />

JÑJGTGP &KCNGMVG LGFQEJ GVYCU IGDTQEJGP $GUEJ¼HVKIWPI WPF<br />

%JCTCMVGT HT×JGT MM 1HHK\KGT LGV\V %QOOCPFCPV FGU WPICTKUEJGP<br />

4GDGNNGPEQTRU IGIGP 5KGDGPD×TIGP -ÑTRGTDCW \KGONKEJ ITQ² OCIGT<br />

)GUKEJV N¼PINKEJ OKV UVCTM JGTXQTTCIGPFGP $CEMGP )GUKEJVUHCTDG<br />

IGNDNKEJ WPF CDIGNGDV 5VKTP UEJOCN *CCTG ITCW #WIGP ITCW<br />

#WIGPDTCWGP OKVVGNUVCTM 0CUG RNCVV /WPF DTGKV OKV GKPGT<br />

UQIGPCPPVGP /QJTGP CWHIGYQTHGPGP .KRRG

#PHCPI(GDTWCT&CUQ9QEJGPDNCVVRDGUQTIVGUKEJWOFKG/GKPWPIFGT<br />

&GWVUEJGP \W FKGUGO 'TGKIPKU CDGT GU DGOGTMVG QOCP UEJGKPV KP<br />

&GWVUEJNCPF\WDGITGKHGPFC²PWTCWHFKGUG9GKUGGKP6JGKNFGUFGO<br />

-CKUGT VTGWGTIGDGPGP 5CEJUGPNCPFGU WPF UGKPGT $GYQJPGT XQT FGO<br />

I¼P\NKEJGP 7PVGTICPIG IGTGVVGV YGTFGP MQPPVGR &KG U¼EJUKUEJG<br />

IGUEJCJ RFC² FKG *×NHGNGKUVWPI FGT TWUUKUEJGP 6TWRRGP PWT CWH FGP<br />

OQOGPVCPGP5EJWV\FGTU¼EJUKUEJGP5V¼FVGDGTGEJPGVKUVWPFFC²XQP<br />

GKPGTCMVKXGP6JGKNPCJOGFKGUGT6TWRRGPCPFGTYGKVGTGP$GM¼ORHWPI<br />

FGT4GDGNNKQPMGKPG4GFGUGKPMCPPR<br />

&CU Q9QEJGPDNCVVR UGNDUV VGKNVG DGIGKUVGTV FKG #PUKEJV FGU<br />

9KGPGT #OVUDNCVVGU 0CEJ GKPGTXKGTH×PH9QEJGPNCPIGPIGURCPPVGP<br />

'TYCTVWPI YCTGP FKG 4WUUGP GPFNKEJ FQEJ IGMQOOGP Q)GNQDV UGK<br />

)QVV'UYCTFKGJÑEJUVG

FGT\YGKU¼EJUKUEJGP5V¼FVGIGH×JTVGP-¼ORHGPKEJVGKPIGOKUEJVWPF<br />

UQNNVGPUKEJGJGDCNFKIUV\WT×EM\KGJGPQYGPPFCUYKNFG6KGTGTNGIVKUV<br />

WPFFGT4¼WDGTXQTUGKPGO4KEJVGTUVGJVR<br />

&KG TWUUGPHTGWPFNKEJG WPF RTQÑUVGTTGKEJKUEJG *CNVWPI FGU<br />

Q9QEJGPDNCVVURHW²VGPWPCWHGKPGTWPICTPHGKPFNKEJGP5VGNNWPIPCJOG<br />

&KG

8GTN¼WOFWPI ÑHHGPVNKEJ OK²DKNNKIGP YGTFG Q9QJN JCDGP FKG<br />

/CI[CTGP DGUQPFGTU IGIGP FKG +PFKXKFWGP FGT TQO¼PKUEJGP 0CVKQP<br />

FGP 9GI FGT $GUVGEJWPI XGTUWEJV WO UKG XQP FGT 5VTC²G FGU 4GEJVU<br />

WPF FGT 6TGWG CD\WNGPMGP CDGT CWEJ FKGU OKV YGPKIGP #WUPCJOGP<br />

XGTIGDGPU $GKFG 0CVKQPGP FKG U¼EJUKUEJG WPF TQO¼PKUEJG UEJTGKVGP<br />

HGUVWPFWPCWHJCNVUCOCWHFGO9GIFGT6TGWGWPFFGU4GEJVGUHQTV<br />

WPF FKGUGU KUV CNNGKP FKG 6TKGDHGFGT YGNEJG UKG \W IGOGKPUCOGO<br />

5VTGDGP XGTDKPFGV &KG (GJNGT WPF 7GDGTITKHHG 'KP\GNPGT MÑPPGP<br />

×DTKIGPU PKEJV FGO ICP\GP 8QNMG \WIGTGEJPGV YGTFGP UKG UKPF FKG<br />

VTCWTKIGP (QNIGP FGU FWTEJ YGEJUGNUGKVKIG )TCWUCOMGKV GORÑTVGP<br />

0CVKQPCNIGH×JNGUWPFFGTGPVHGUUGNVGP4QJJGKVFGUIGOGKPGP8QNMGUR <br />

'KPG9QEJGUR¼VGTVTCVGKPGTCFKMCNG•PFGTWPIFGT5CEJNCIGKP<br />

-TQPUVCFVGKP#O/¼T\DGICDUKEJFKG5VCFVHTGKYKNNKIKPFKG<br />

*¼PFG$GOU+PUGKPGTNGV\VGP0WOOGTXQTFGT'KPUVGNNWPI/¼T\<br />

PCJO FCU Q9QEJGPDNCVVR FKG 2TQMNCOCVKQP $GOU CP FKG $GYQJPGT<br />

5KGDGPD×TIGPU CWH Q'PFNKEJ KUV PCEJ UQ XKGNGP &TCPIUCNGP FGT<br />

IN×EMNKEJGWPFITQ²G6CIGTUEJKGPGPCPYGNEJGOKEJGWEJOKVYCJTGT<br />

(TGWFG XGTM×PFGP MCPP FC² FGT IGOGKPUEJCHVNKEJG (GKPF FCU<br />

TWUUKUEJG WPF ÑUVTGKEJKUEJG /KNKV¼T DGUKGIV WPF KP FKG 9CNCEJGK<br />

GPVHNQJGPFC²FGT(TKGFGKOICP\GP.CPFGGTM¼ORHVUGKR<br />

&CU Q9QEJGPDNCVVR DGTKEJVGVG ×DGT FKG (NWEJV FGT<br />

ÑUVGTTGKEJKUEJTWUUKUEJGP #TOGG ×DGT FGP 6ÑOÑUEJGT 2C² KP FKG<br />

9CNCEJGK&GP6TWRRGPJCVVGPUKEJXKGNG'KPYQJPGT-TQPUVCFVUUQYKG<br />

\YGK %QORCIPKGP FGT *GTOCPPUV¼FVGT WPF GKPG #DVGKNWPI FGT<br />

5EJ¼²DWTIGT 0CVKQPCNICTFG CPIGUEJNQUUGP Q&KG (TGKJGKVUCTOGG FGU<br />

VCRHGTP1DGT)GPGTCNGP$GOKUVCO&KGPUVCI/KVVCIPCEJFGOUKGFGP<br />

6CIXQTJGTDGK

9KGGTIKPIGUKP\YKUEJGP,QJCPP)ÑVV!*GTOCPP6QPVUEJJCV<br />

FGP'KPHNW²FGTWPICTKUEJGP$GUCV\WPIU\GKV-TQPUVCFVU/¼T\<br />

,WNK CWH FCU RGTUÑPNKEJG .GDGP FGU 8GTNGIGTU YKG HQNIGPF<br />

DGUEJTKGDGPQ9CT)ÑVVUQXQPXQTPJGTGKPGKP)GKUVGUJGTQNFFGTPGWGP<br />

#WIGPDNKEM QFC \GTJKGD FCU 5EJYGTV FGP -PQVGP FGT 8GTYKEMNWPIR<br />

&CUQ9QEJGPDNCVVRCNU\GKVUEJTKHVNKEJGU1TICPJCVVGN¼PIUVCNNGP-TGFKV<br />

XGTNQTGP WPF UKEJ UGNDUV ×DGTNGDV FGUJCND DGUEJNQ² FGT 8GTNGIGT GU<br />

I¼P\NKEJ CWH\WIGDGP WPF CP FGUUGP 5VGNNG FKG Q-TQPUV¼FVGT

'KPKIG 5VWPFGP UR¼VGT MCO FKG *WPFGTVOCPPUEJCHV \WUCOOGP WPF<br />

XQNN\QI FKG 9CJN CWUUEJNKG²NKEJ CWU FGP GKIGPGP 4GKJGP &KGUGU VTQV\<br />

FGT #DYGUGPJGKV XQP KJTGT /KVINKGFGT WPF VTQV\ FGT 'KPURTCEJG<br />

XKGNGT PKEJV \WT -QOOWPKV¼V IGJÑTGPFGT $×TIGT YGNEJG CP FGT<br />

$GCOVGPYCJN CNNG $GYQJPGT -TQPUVCFVU DGVGKNKIV YKUUGP YQNNVGP &KG<br />

9CJN FKG CNU QRTQXKUQTKUEJR ICNV HKGN CWH 5GPCVQTGP FCTWPVGT <br />

1DGTDGCOVG XQP #NDTKEJUHGNF )T¼H .CUUGN 6TCWUEJ .CPIG XQP<br />

5EJQDGNP/[²XQP%NQUKWUXQP&KNNOQPV5EJOKFV2CPE\GN(CDTKVKWU<br />

1DGTUV -KUU FGT WPICTKUEJG )GPGTCN KP -TQPUVCFV OCEJVG<br />

MWPFFC²CNNG5EJKG²IGYGJTG)CVVWPIGP9CHHGP/WPKVKQPWUYDGK<br />

FGO 2NCV\MQOOCPFQ CDIGNKGHGTV YGTFGP UQNNVGP 9KFTKIGPHCNNU UQNNG<br />

GKPG5VTCHGXQPHN%/DG\CJNVQFGTYGTFCU)GNFPKEJVDGUC²<br />

GKPGGKPL¼JTKIG

#D FGT 0WOOGT XGTÑHHGPVNKEJVG FKG Q-TQPUV¼FVGT

XQTIGUEJTKGDGPGP -KTEJGPIGDGV YGNEJGU UQ CPHKPI Q)QVV O¼EJVKIGT<br />

)QVVFGT8ÑNMGTR#O,WPK×DGTPCJOFKGQ-TQPUV¼FVGT

5KGDGPD×TIGPU UGKPGP 5EJWV\ FKG 4WJGUVÑTGT WPF #WHYKGINGT UQNNVGP<br />

CDGT IPCFGPNQU FGO 5VCPFIGTKEJVG ×DGTIGDGP YGTFGP ,WNK #O<br />

UGNDGP6CIGYWTFG4GRUXQPFGP4WUUGPDGUGV\V<br />

$GOITKHH.×FGTURNÑV\NKEJDGK5EJ¼²DWTICP&GT-CORHHCPF<br />

\YKUEJGP5EJ¼²DWTIWPF9GK²MKTEJUVCVV$GOYWTFGDGUKGIV<br />

&KG \CTKUVKUEJGP 6TWRRGP XGTNKG²GP 5KGDGPD×TIGP #PHCPI<br />

0QXGODGT'KPG0CEJTKEJVXQO0QXGODGTYW²VGFC²FKGOGKUVGP<br />

TWUUKUEJGP)GPGTCNGFKGFGP(GNF\WIKP7PICTPOKVIGOCEJVJCVVGKP<br />

9CTUEJCW CPIGMQOOGP YCTGP WPF UKEJ FQTV FGO (×TUVGP5VCVVJCNVGT<br />

XQTUVGNNVGP <br />

<br />

&KG XQP 4 -TCDU IGNGKVGVG *GTOCPPUV¼FVGT

KVVVGN FC\W 5GKPG RQNKVKUEJGP 5[ORCVJKGP UEJYCPMVGP LG PCEJ<br />

7OUV¼PFGP &KG .GKEJVKIMGKV OKV YGNEJGT GT \WO GPVIGIGPIGUGV\VGP<br />

.CIGT×DGTVTCVMCPPFWTEJUGKPGP9WPUEJGTMN¼TVYGTFGPKP5KEJGTJGKV<br />

\WP¼EJUVFWTEJFKGVT×DGP)GY¼UUGTFGT

FGO .GUGT GKPG CPTGIGPFG .GMV×TG 'U KUV ×DGT FKG

+++21.+6+-<br />

70&+ &'1.1)+'+0&'4<br />

5•%*5+%*'02 4'55'

(×TFKG7PKQPQFGTIGIGPFKG7PKQP!<br />

<br />

<br />

<br />

<br />

(×T FKG 0CVKQPCNKV¼VGP 5KGDGPD×TIGPU DGFGWVGVG FKG 7PKQP<br />

5KGDGPD×TIGPU OKV 7PICTP FKG *CWRVHTCIG FGT 4GXQNWVKQP XQP<br />

/GJT CNU QGKPG5CEJGFGU)NCWDGPUR YKG UKG (T 6GWVUEJ<br />

FGHKPKGTVG YWTFG UKG \W GKPGT WPWOI¼PINKEJGP 9CJN (×T FKG 7PKQP<br />

QFGTIGIGPFKG7PKQP!+O5VWTOFGT'TGKIPKUUGXGTNKG²FKGUG(TCIGFGP<br />

5KV\WPIUUCCN FGT 2QNKVKMGT WPF YWTFG WPOKVVGNDCT 6GKN FGU<br />

#NNVCIUNGDGPU $GIGKUVGTVG #PUEJN×UUG QFGT MCNVDNWVKIG 4GEJPWPIGP<br />

F[PCOKUEJGWP\WHTKGFGPGQFGTDNQ²RCUUKXG+PFKXKFWGPCNNGOW²VGP<br />

CMVKX WPF TCFKMCN Y¼JNGP FCH×T QFGT FCIGIGP &KG 7PICTP 5\GMNGT<br />

4WO¼PGP5CEJUGPGPVUEJKGFGPCNU0CVKQPCNMÑTRGTCDJ¼PIKIXQPFGP<br />

GKIGPGP +PVGTGUUGP +PPGTJCND LGFGT GKP\GNPGP 0CVKQPCNKV¼V YCTGP CDGT<br />

FKG1RVKQPGPPKEJVOKPFGTFTCOCVKUEJ&KG/CUUGPRU[EJQNQIKGMCOKP<br />

FGP ITQ²GP 8QNMUXGTUCOONWPIGP \WT )GNVWPI &KG KPFKXKFWGNNGP<br />

5EJKEMUCNG FGT 2GTUÑPNKEJMGKVGP FKGUGT -TKUGP\GKV MGPP\GKEJPGVGP<br />

*GNFGPOWV WPF .Q[CNKV¼V DKU JKP \W /¼TV[TGTVWO EJTKUVNKEJG<br />

)GYCNVXGT\KEJV WPF 5GNDUVCWHQRHGTWPI FQEJ CWEJ 1RRQTVWPKUOWU<br />

2TGKUICDG (GKIJGKV )GYCNV WPF )TCWUCOMGKV #WU FKGUGT PCVKQPCNGP<br />

WPFRGTUÑPNKEJGP&QRRGNRGTURGMVKXGKUVFKG*CNVWPIFGT5KGDGPD×TIGT<br />

5CEJUGP\WT7PKQPWPVGTUWEJGPUYGTV<br />

<br />

0CEJFGO -ÑPKI 5VGRJCP FGT *GKNKIG FGP KP 6GKNGP<br />

5KGDGPD×TIGPUJGTTUEJGPFGP9QKYQFGP)[WNCDGUKGIVGYWTFGFKGUGU<br />

.CPFFGTWPICTKUEJGP-TQPGWPVGTYQTHGPWPFDNKGDDKU\WT0KGFGTNCIG<br />

XQP/QJEUWPVGTFGT*GTTUEJCHVUGKPGT-ÑPKIG9¼JTGPFFKGUGT<br />

H×PH,CJTJWPFGTVGGTNGDVG5KGDGPD×TIGPYGFGTGKPGP#PUEJNW²CPPQEJ<br />

GKPG 'KPXGTNGKDWPI KP FCU -ÑPKITGKEJ 7PICTP FGPP GU XGTH×IVG ×DGT<br />

DGUQPFGTG(TGKJGKVGPWPF5QPFGTTGEJVG<br />

0CEJ FGT 6GKNWPI 7PICTPU UVCPF 5KGDGPD×TIGP PQEJ<br />

CPFGTVJCND ,CJTJWPFGTVG WPVGT FGO 5\GRVGT XQP XQP 7PICTP<br />

XQNNUV¼PFKIWPCDJ¼PIKIGT(×TUVGPFKGCWUFGP4GKJGPFGUWPICTKUEJGP<br />

#FGNU UVCOOVGP 'PFG FGU ,J KPHQNIG FGT H×PHL¼JTKIGP<br />

8GTJCPFNWPIGP OKV FGO ÑUVGTTGKEJKUEJGP *GTTUEJGTJCWU HCPF FKG<br />

XGTVTCIUO¼²KIG HTGKYKNNKIG 7PVGTYGTHWPI FGU .CPFGU WPVGT FKG

MCKUGTNKEJG4GIKGTWPIUVCVV&CU&KRNQOFGU-CKUGTU.GQRQNF+XQO<br />

&G\GODGTDGUV¼VKIVGFCUPGWG5VCVWVFGUCWVQPQOGP(×TUVGPVWOU<br />

5KGDGPD×TIGP<br />

5GKVDGMNGKFGVGFCUÑUVGTTGKEJKUEJG-CKUGTJCWUFKGGTDNKEJG<br />

-ÑPKIUY×TFG KP 7PICTP &KGUGT 7OUVCPF JCVVG MGKPGUYGIU GKPG<br />

'KXGTNGKDWPI 5KGDGPD×TIGPU KP FCU -ÑPKITGKEJ 7PICTP QFGT FCU<br />

#WHIGDGPUGKPGTUVCCVNKEJGP5GNDUVUV¼PFKIMGKVCNU(QNIG<br />

&KG 2TCIOCVKUEJG 5CPMVKQP DGUVKOOVG FKG IGUGV\NKEJGP<br />

WPF CFOKPKUVTCVKXGP $GFKPIWPIGP FGT UVCCVNKEJGP 'KPKIWPI CNNGT<br />

2TQXKP\GP FGT *CDUDWTIGT XGTDWPFGP OKV FGT IGIGPUGKVKIGP<br />

8GTVGKFKIWPIURHNKEJV WPF FGT INGKEJ\GKVKIGP $GKDGJCNVWPI FGT<br />

7PCDJ¼PIKIMGKVWPF7PXGTNGV\NKEJMGKVFKGUGT)GDKGVG<br />

#NUPCEJFGO6QFG,QUGRJU++KOWPICTKUEJGP4GKEJUVCIXQP<br />

FKG GTUVGP Q9QIGP FGU WPICTKUEJGP $GYW²VUGKPU<br />

JQEJIKPIGP GTYCEJVG CWEJ FKG 0GKIWPI PCEJ GKPGT XÑNNKIGP<br />

+PEQTRQTKGTWPI5KGDGPD×TIGPUR <br />

&KG UKGDGPD×TIKUEJGP .CPFUV¼PFG FKG KO .CPFVCI CNU FGO<br />

(QTWO KJTGT 5GNDUVUV¼PFKIMGKV \WUCOOGPMCOGP YKFGTUGV\VGP UKEJ<br />

FKGUGT6GPFGP\5KG×DGTTGKEJVGPCO/¼T\UQYQJNFGO-CKUGT<br />

CNU CWEJ FGO WPICTKUEJGP 4GKEJUVCI GKP 5EJTGKDGP KP FGO UKG KJTG<br />

XQNNUV¼PFKIG 5VCCVUCWVQPQOKG DGJCWRVGVGP 0CEJ 'KPXGTNGKDWPI FGT<br />

Q2CTVGU TGCRRNKECVCGR PCJO 7PICTP UGKPG #PPGZKQPUDGUVTGDWPIGP<br />

YKGFGT CWH &KG UKGDGPD×TIKUEJGP .CPFUV¼PFG DGYCJTVGP KJTGP<br />

HT×JGTGP5VCPFRWPMVFWTEJFKG4GRT¼UGPVCVKQPXQO/¼T\&KG<br />

&GPMUEJTKHVGP XQP WPF IT×PFGVGP CWH FGP CNVGP )GUGV\GP<br />

WPF8GTVT¼IGPXQP)TQ²YCTFGKP5RGKLGTWPF2TCI<br />

CWH FGO UKGDGPD×TIKUEJGP .CPFGUIGUGV\ XQP FGO 8GTVTCI OKV<br />

)GPGTCN %CTCHHC WPF FGT 2TCIOCVKUEJGP 5CPMVKQP /CP<br />

\GKIVG FGWVNKEJ FC² QLGPG 7PKQP \YKUEJGP FKGUGO (×TUVGPVJWO WPF<br />

FGO -ÑPKITGKEJ 7PICTP YGNEJG WPVGT #WHTGEJVGTJCNVWPI WPUGTGT<br />

/WPKEKRCNIGUGV\G 4GEJVG WPF 2TKXKNGIKGP GKPIGICPIGP YGTFGP MQPPVG<br />

DGTGKVU \W 5VCPFG IGMQOOGP N¼PIUV DGUVGJG FC² FCJGT FKG<br />

#PUEJCWWPIWPF#DUKEJVFGT5V¼PFGPKEJVFCJKPIGJGKTIGPFGKPGPGWG<br />

7PKQPYGNEJGGKPG4GKPEQTRQTCVKQPDGFGWVGWPFWPUGTG)GUGV\G4GEJVG<br />

WPF 2TKXKNGIKGP KP )GHCJT DTKPIGP MÑPPVG GKP\WIGJGPR &KG<br />

7PCDJ¼PIKIMGKVDGKFGT4GKEJGFWQ4GIPCYWTFGMNCTIGOCEJV <br />

'WIGPXQP(TKGFGPHGNU,QUGRJ $GFGWU XQP 5EJCTDGTI $GKVT¼IG \WT

+O UKGDGPD×TIKUEJGP .CPFVCI XQP GTJQD UKEJ \WO<br />

GTUVGP/CNGKPGKPFGT/KPFGTJGKVDGHKPFNKEJG(TCMVKQPFGUWPICTKUEJGP<br />

NKDGTCNGP#FGNU\W9QTVFKGUKEJFGO)GFCPMGPFGT7PKQPOKV7PICTP<br />

CPUEJNQ² &GT )GFCPMG JCVVG LGFQEJ YGPKIGT TCFKMCNG #M\GPVG CNU KP<br />

7PICTP FC FKG UKGDGPD×TIKUEJWPICTKUEJGP .KDGTCNGP \W GKPGO<br />

-QORTQOK²DGTGKVYCTGPFGTKJTG5VCPFGURTKXKNGIKGPKPDG\WICWHFKG<br />

PWOGTKUEJG/GJTJGKVFGT4WO¼PGPUKEJGTPUQNNVG<br />

#WHFGOUKGDGPD×TIKUEJGP.CPFVCIXQPMCOGPFKG<br />

WPICTKUEJGP6GPFGP\GPGTPGWV\WO#WUFTWEM&KG#PVYQTVFGT5V¼PFG<br />

FCTCWH YCT FKG 4GRT¼UGPVCVKQP XQO /¼T\ FKG CWH FGTUGNDGP<br />

)TWPFNCIGFGP)GFCPMGPFGT7PCDJ¼PIKIMGKV5KGDGPD×TIGPUKPDG\WI<br />

\WO -ÑPKITGKEJ 7PICTP CWUURTCEJ KPFGO 5KGDGPD×TIGP FGPUGNDGP<br />

IGOGKPUCOGP .CPFGUH×TUVGP OKV 7PICTP XGTGJTVG FGP WPICTKUEJGP<br />

)GUGV\GPCDGTPKEJVWPVGTYQTHGPYGTFGPMQPPVG<br />

-WT\XQT5EJNW²FGUNGV\VGPKPHTKGFNKEJGP

GKPG )GHCJT H×T FGP (QTVDGUVCPF FGT U¼EJUKUEJGP #WVQPQOKG 7PF<br />

WOIGMGJTV LGFG (TCIG XQP PCVKQPCNGT $GFGWVWPI YWTFG KP FGP<br />

7PKXGTUKV¼VUXGTUCOONWPIGP FGP UQIGPCPPVGP 0CVKQPCNMQPHNWZGP<br />

DGURTQEJGP WPF DGTCVGP &CDGK UVGNNVG FKG 0CVKQPUWPKXGTUKV¼V FGP<br />

'KPKIWPIU WPF )NGKEJIGYKEJVUHCMVQT FGT XGTUEJKGFGPGP U¼EJUKUEJGP<br />

/GKPWPIGP FCT +P RQNKVKUEJGT *KPUKEJV YWTFG FKG U¼EJUKUEJG 0CVKQP<br />

FWTEJ KJTG 5VWJN WPF &KUVTKMVUCDIGQTFPGVGP KO UKGDGPD×TIKUEJGP<br />

.CPFVCI XGTVTGVGP FGUUGP $GTCVWPIGP KP CDIGUQPFGTVGP \$ FKG<br />

U¼EJUKUEJGP 0CVKQPCNXGTUCOONWPIGP WPF IGOGKPUCOGP 5KV\WPIGP<br />

OKV6GKNPCJOGCNNGTFTGK5V¼PFGUVCVVHCPFGP<br />

&KGUG )GRHNQIGPJGKVGP YCTGP DKUJGT PÑVKI WPF CWUTGKEJGPF<br />

IGYGUGPWOFKGU¼EJUKUEJGP5QPFGTTGEJVGIGUGV\O¼²KI\WUKEJGTP&KG<br />

4GEJVUQTFPWPI YCPMVG CDGT KO /¼T\ CNU FKG 'TGKIPKUUG GKPG<br />

WPXQTJGTUGJDCTG $CJP GKPIGUEJNCIGP JCVVGP &GT 5CEJUGPITCH FKG<br />

0CVKQPUWPKXGTUKV¼V FKG U¼EJUKUEJGP $GCOVGP WPF<br />

.CPFVCIUCDIGQTFPGVGPUVGNNVGPUKGCNNGKPFGP0CVKQPCNYKNNGPFCT!&KG<br />

ÑHHGPVNKEJG /GKPWPI FGT U¼EJUKUEJGP 0CVKQP FT×EMVG UKEJ \WO GTUVGP<br />

/CN KP FGT 2TGUUG CWU &KG U¼EJUKUEJGP

*CNVWPI JKPUKEJVNKEJ FGT 9CJTWPI FGT 5VCCVUGKPJGKV )TQ²ÑUVGTTGKEJU <br />

OKV 'TJCNV FGT UKGDGPD×TIKUEJGP )TWPFIGUGV\G FGT 2TCIOCVKUEJGP<br />

5CPMVKQPWPFFGTU¼EJUKUEJGP5GNDUVXGTHCUUWPI<br />

&KG.QUWPI Q7PKÎ XCI[ JCNNR 7PKQP QFGT 6QF JCNNVG KO<br />

Q'TFÃN[K *KTCFÎR 0T XQO /¼T\ YKFGT &KGUGNDG<br />

-NCWUGPDWTIGT

.QUVTGPPWPI PKEJV IGUVCVVGV +8 QFGT (×TUV UGNDUV JCV FKG 7PKQP<br />

UCPMVKQPKGTVR (CNUEJ 8 Y¼TGP FKG 5CEJUGP FCIGIGP IGYGUGP J¼VVG<br />

OCP UKG FGPPQEJ \WT 7PKQP IG\YWPIGP Q&KG U¼EJUKUEJGP<br />

7PKQPUHTGWPFG IGYCJTGP PWT FKG 8QTVJGKNG FGT 7PKQP FKG WPVGT FGP<br />

$NWOGPNCWGTPFG)GHCJT×DGTUGJGPUKGR&CPPYWTFGPFKG#TIWOGPVG<br />

FGT 7PKQPUIGIPGT CWHIG\¼JNV + 5KGDGPD×TIGP CNNGKPG QJPG UGKPG<br />

5GNDUV¼PFKIMGKV CWH\WIGDGP MÑPPVG GKPG HTGKG 8GTHCUUWPICWHPGJOGP<br />

FGPP Q5KGDGPD×TIGP KUV ,CJTJWPFGTVG NCPI CWH GKIGPGP (ײGP<br />

IGUVCPFGPR 5KGDGPD×TIGP YCT 3WCFTCV/GKNGP ITQ² WPF JCVVG<br />

GKPGP TGKEJGP 5EJCV\ CP /GVCNNGP WPF 5CN\ HTWEJVDCTGP $QFGP WPF <br />

/KNNKQPGP 'KPYQJPGT 5KGDGPD×TIGP OײVG MCWO FGO XQP $WFCRGUV<br />

IGHÑTFGTVGP

7PF KP FKGU )GOGPIG KP FKGUGP 5EJOGN\QHGP CWU FGO<br />

XKGNNGKEJV PCEJ ,CJTGP GFNGU /GVCNN JGTXQTIGJGP YKTF UQNNGP YKT ×DGT<br />

*CNUWPF-QRHJKPGKPUV×TV\GP!9GTWPUFKGU\WOWVJGVKUVGKP6JQT<br />

YCJPUKPPKICDGTOײVGOCPWPUUEJGNVGPYGPPYKTFGT

(ÑTFGTWPIFGT7PKQPCPURQTPVG &CUQ5KGDGPD×TIGT 9QEJGPDNCVVR<br />

GTYGEMVGFGP'KPFTWEMFC²CNNG5VCFVD×TIGT-TQPUVCFVUFKGKPFGT<br />

WPICTKUEJGP 'TMN¼TWPI CWUIGURTQEJGPGP 7PKQPUKFGG DGITײVGP <br />

2GUVCNQ\\K WPF9GUUGNÃP[K/KMNÎU UEJTKGDGP #WHU¼V\G ×DGT FKG<br />

9QJNVCVGPFGT7PKQPOKVFGO7PICTNCPFG+P$GVTGHHFGT(TCIGQ9CU<br />

JCV 5KGDGPD×TIGP XQP GKPGT 7PKQP OKV ©UVGTTGKEJ \W GTYCTVGP!R<br />

YWTFGPPGICVKXG7TVGKNGIGH¼NNV <br />

&GT KP FGP Q$N¼VVGTPR GTUEJKGPGPG QDGPYGTY¼JPVG<br />

2TQITCOOCTVKMGN Q9CU JCV 5KGDGPD×TIGP IGIGPY¼TVKI \W VJWP!R<br />

DGOGTMVG FC² KP 2CTKU QFGT -CORH H×T D×TIGTNKEJG 4GEJVGR<br />

CWUIGDTQEJGP YCT &KG 9QIGP FGT 4GXQNWVKQP JCVVGP CWEJ<br />

5KGDGPD×TIGP GTTGKEJV Q&CTWO FGT CNNIGOGKPG 4WH PCEJ<br />

8QNMUDGYCHHPWPIR#NU\WM×PHVKIG#WHICDGPICNVGPQ'TM¼ORHWPI<br />

GKPGT CPFGTGP .CPFGU4GRT¼UGPVCVKQP CWH FGT )TWPFNCIG FGT<br />

UKGDGPD×TIKUEJGP7PKQPWPFFGT5WOOGFGT$GXÑNMGTWPICNUQMGKPG<br />

4GICNKUVGPOGJTUQPFGTPDNQ²HTGKIGY¼JNVG8GTVTGVGTRQ8QNNUV¼PFKIG<br />

#PGTMGPPWPI FGT )NGKEJJGKV CNNGT 8QNMUMNCUUGP CNUQ MGKPG CFGNKEJGP<br />

+OOWPKV¼VGPMGKPGCFGNKEJGP8QTTGEJVGOGJTRMGKP7TDCTKWOWPFFKG<br />

INGKEJG 6GKNPCJOG CP ÑHHGPVNKEJGP .CUVGP LGFGT #TV 0GWGU<br />

5VGWGTIGUGV\ CWH FGT )TWPFNCIG FGU 'KPMQOOGPU 8GTOKPFGTWPI<br />

FGU UVGJGPFGP *GGTGU WPF 'TTKEJVWPI XQP 0CVKQPCNICTFGP <br />

8GTCPVYQTVNKEJG8GTYCNVWPIFGT.CPFGUGKPM×PHVGOKV#WHJGDWPIFGT<br />

-COOGTWPF6TGPPWPIFGT&QOGUVKMCNMCUUGPXQPFGT.CPFGUMCUUG<br />

(TGKJGKV FGT 2TGUUG 6TGPPWPI FGT ,WUVK\ XQP FGT #FOKPKUVTCVKQP<br />

#PGTMGPPWPI FGT PCVKQPCNGP WPF NQMCNGP /WPKEKRCNXGTHCUUWPI <br />

#DHCUUWPI GKPGU 5VTCHIGUGV\DWEJGU 'KPH×JTWPI XQP )GUEJYQTGPGP<br />

)GTKEJVGP WPF 4GIGNWPI FGT 2QNK\GK &GT #TVKMGN YCT Q6)R)GQTI<br />

6GWVUEJ IG\GKEJPGV &KG 7PKQP DQV CNUQ FGP RCUUGPFGP IGUGV\NKEJGP<br />

4CJOGPH×TXGTUEJKGFGPG4GHQTOGP<br />

9KG XGTUVCPFGP FKG 5CEJUGP MQPMTGV FKGUG 7PKQP! &KG<br />

U¼EJUKUEJG 0CVKQP OW²VG 5VGNNWPI DG\KGJGP WPF CWH FKG 7PKQP PWT<br />

FCPP GKPIGJGP YGPP FGT #PFTGCPKUEJG (TGKDTKGH UGKPG )×NVKIMGKV<br />

DGJKGNV0GOQGQULWFKEGVPKUK0QUGV%QOGU%KDKPGPUKU0KGOCPF<br />

UQNNUKGTKEJVGPCNU9KTFGT-ÑPKIWPFFGT)TCHXQP*GTOCPPUVCFV<br />

5CVGNNKV0T/¼T\5<br />

5D9QEJGPDNCVV0T#RTKN5<br />

'DGPFC0T/CK5<br />

$N¼VVGTH×T)GKUV)GO×VJWPF8CVGTNCPFUMWPFG0T#RTKN5<br />

5D9QEJGPDNCVV0T/CK5<br />

$N¼VVGT0T#RTKN5

&KG 8GTGKPKIWPI UQNNVG CWHITWPF FGU 5VCVWU SWQ UVCVVHKPFGP OKV FGT<br />

YGKVGTGP #PGTMGPPWPI WPF 'TJCNVWPI FGT U¼EJUKUEJGP<br />

/WPKEKRCNCWVQPQOKG FGT 5¼EJUKUEJGP 7PKXGTUKV¼V FGT 1TVU WPF<br />

-TGKU¼OVGT WPF FGU #OVGU FGU 5CEJUGPITCHGP FGT U¼EJUKUEJGP<br />

)GTKEJVUUV×JNG &CIGIGP UQNNVGP FKG CNNIGOGKPGP<br />

.CPFGUCPIGNGIGPJGKVGP CWH FGO WPICTKUEJGP .CPFVCI DGURTQEJGP<br />

YGTFGP Q&KG 7PKQP FGT 5CEJUGP OKV FGP CPFGTGP UV¼PFKUEJGP<br />

0CVKQPGP 5KGDGPD×TIGPU OײVG DG\×INKEJ FGU IGIGPUGKVKIGP<br />

4GEJVUUEJWV\GU WPF #WHTGEJVGTJCNVWPI KJTGT 4GEJVG WPF (TGKJGKVGP<br />

CWEJH×TFKG

FCPMDCT CWH\WPGJOGP FGPP GKPG MNGKPG &QUKU $GIGKUVGTWPI H×T<br />

RQNKVKUEJG (TGKJGKV WPF 5GNDUVUV¼PFKIMGKV VJWV WPUGTGO 8QNMG UGNDUV KP<br />

UGKPGP IGDKNFGVGTGP 5EJKEJVGP PQVJ 9KT UKPF CWEJ CWU FGO<br />

)TWPFG WPUGTGT 5GGNG H×T 'KP WPF GKPKI O¼EJVKI 1GUVTGKEJ CDGT<br />

\WP¼EJUV IGJÑTGP YKT \W 7PICTP WPF IGJÑTVGP FC\W DGXQT PQEJ<br />

7PICTP \WO 8GTDCPF FGT ÑUVTGKEJKUEJGP /QPCTEJKG IGJÑTVG 'KP<br />

O¼EJVKI 1GUVTGKEJ FWTEJ FGP KPPKIUVGP #PUEJNW² GKPGU IGGKPKIVGP<br />

7PICTTGKEJUR<br />

#WH )TWPFNCIG FGT 2GUVGT 2WPMVG IGUVCNVGVG /CTNKP UGKP<br />

2TQITCOOHQNIGPFGTOC²GP<br />

7PKQPOKVFGP7PICTP(TGKJGKV)NGKEJJGKV$T×FGTNKEJMGKV<br />

'KPTGKJWPI FGT 5CEJUGPUV×JNG WPF &KUVTKMVG WPVGT $GYCJTWPI<br />

XQNMUV×ONKEJGTCDGTFGT4GHQTOWPVGTYQTHGPGT+PUVKVWVKQPGP<br />

)GUGV\NKEJG)CTCPVKGH×TFGPPCVKQPCNGPWPFRQNKVKUEJGP8GTDCPFFGT<br />

5CEJUGPUQYKGH×TFKG7PXGTNGV\NKEJMGKVKJTGU)GDKGVGU<br />

)GUGV\NKEJG)CTCPVKGH×TFGP)GDTCWEJFGTFGWVUEJGP5RTCEJGKPFGP<br />

KPPGTP #PIGNGIGPJGKVGP FGT 5CEJUGP $GJCNVWPI FGT WPICTKUEJGP<br />

5RTCEJG KP FGP FKRNQOCVKUEJGP #PIGNGIGPJGKVGP WPF KP FGP<br />

$G\KGJWPIGP \W FGP -QOKVCVGP \WO WPICTKUEJGP /KPKUVGTKWO \WO<br />

-ÑPKI<br />

&KG'PVUGPFWPIU¼EJUKUEJGT&GRWVKGTVGT\WO4GKEJUVCIPCEJ2GUV<br />

&KG U¼EJUKUEJGP 0CVKQPCNMQPHNWZG UQNNGP YGKVGTJKP FKG 8GTJ¼NVPKUUG<br />

FGT5CEJUGPDGTCVGPLGFQEJWPVGTFGO/KPKUVGTKWOUVGJGP<br />

&GT)TCHFGT0CVKQPKUV2T¼UKFGPVFGU-QPHNWZGUWPF$GHGJNUJCDGT<br />

FGTU¼EJUKUEJGP8QNMUDGYCHHPWPI<br />

&KG 4GHQTO U¼EJUKUEJGT +PUVKVWVKQPGP MCPP GKP\KI WPFCNNGKP XQO<br />

0CVKQPCNMQPHNWZCWUIGJGP<br />

&KG RQNKVKUEJG WPF MQPHGUUKQPGNNG 'OCP\KRCVKQP FGT TWO¼PKUEJ<br />

URTGEJGPFGP $GYQJPGT FGU 5CEJUGPNCPFGU KJTG

WPUGTGT$WTGCWMTCVKGYGNEJGTYKTP¼EJUVWPUGTP.GJTGTPCNNGU'NGPF<br />

FGT0CVKQP\WXGTFCPMGPJCDGPR<br />

#WHPCJOG CNNGT U¼EJUKUEJGP 1TVUEJCHVGP KP FKG 4GKJGP FGT HTGKGP<br />

UKEJUGNDUVTGIKGTGPFGP)GOGKPFGP<br />

4GHQTO HTGKG )GUVCNVWPI .GJT WPF .GTPHTGKJGKV FGT<br />

*GTOCPPUVCFVGT4GEJVUCMCFGOKG<br />

)T×PFNKEJG4GHQTOFGT)[OPCUKGPC8GTGKPHCEJWPIFGT5VWFKGP<br />

D #DUEJCHHWPI FGT NCVGKPKUEJGP 5RTCEJG H×T FKG WPVGTP 5EJWNGP E<br />

.GJTUVWJN H×T WPICTKUEJG 5RTCEJG F .GJTUVWJN H×T<br />

0CVWTYKUUGPUEJCHVGP G #DUEJCHHWPI FGU FKG *WOCPKV¼VUUVWFKGP<br />

DGINGKVGPFGP VJGQNQIKUEJGP -WTUGU H 5EJWNNGJTGT5GOKPCT I<br />

#DUEJCHHWPI FGT 2TKXCVUVWPFGP FGT 2TQHGUUQTGP J HKZG<br />

2TQHGUUQTUV×JNG K Q'KPDGTWHWPI XQP /¼PPGTP YGNEJG FGT ,WIGPF<br />

PKEJVPWTFCU#NGRJWPF)KOGNUQPFGTPCWEJXQPFGT

MCPP YGPP YKT PKEJV UGNDUV WPUGTG *CPF \WO 5GNDUVOQTFG GTJGDGP<br />

9GT FGO )CPIG FGT 'TGKIPKUUG KP 7PICTP IGHQNIV KUV YKTF<br />

GTTCVJGP YQJKP FKG $GUVTGDWPIGP WPF 'TTWPIGPUEJCHVGP FGT<br />

(QTVUV×TOGPFGP \KGNGP 'KIGPGU /KPKUVGTKWO DGUQPFGTU 8GTNCPIGP<br />

PCEJGKIGPGO(KPCP\WPF-TKGIUOKPKUVGTKWO#WUYGKUWPICNNGUPKEJV<br />

WPITKUEJGP /KNKV¼TU WPF

-TQPUVCFV5EJ¼²DWTIWPF4GRUCPKJTG.CPFVCIUFGRWVKGTVGPXGTUCJGP<br />

FKG #PPCJOG FGT 7PKQP LGFQEJ OKV UVTGPIGT )GY¼JTNGKUVWPI FGT<br />

U¼EJUKUEJGP$GFKPIWPIGP<br />

&KG $GFGPMGP FGTLGPKIGP FKG GKPG HTGKG $GTCVWPI WPF GKPG<br />

NQ[CNG #PPCJOG FGT IGUGV\NKEJGP 8QTUEJTKHVGP DGK GKPGT 8GTJCPFNWPI<br />

FGT 7PKQP DGH×TEJVGVGP YCTGP IGTGEJVHGTVKIV 5EJQP KP FGT GTUVGP<br />

IGOGKPUCOGP 5KV\WPI DGJCPFGNVGP FKG 5V¼PFG OKV $GUGKVKIWPI FGT<br />

GTUVGP\YGK2WPMVGFGT)GUEJ¼HVUQTFPWPIFGPFKG7PKQPDGVTGHHGPFGP<br />

FTKVVGP 2WPMV &KG *GTOCPPUV¼FVGT #DIGQTFPGVGP GTMN¼TVGP KP FGT<br />

0CVKQPCNXGTUCOONWPI CO /CK CDGPFU FC² FKG QCNN\WITQ²G<br />

'KPYKTMWPIFGTKPFGPNGV\VGP6CIGPWPF5VWPFGPFWTEJFKG/KVUV¼PFG<br />

XQNNH×JTVGP&GOQPUVTCVKQPGPCWHFKG)GO×VJGTFGT#PYGUGPFGPRFGT<br />

Q&TWEMFGUJGTTUEJGPFGP6GTTQTKUOWURFKG&GRWVKGTVGP\WT#PPCJOG<br />

FGT 7PKQP H×JTVGP KP FGT *QHHPWPI FCFWTEJ OKPFGUVGPU FKG<br />

&WTEJUGV\WPIFGTU¼EJUKUEJGP$GFKPIWPIGPKO.CPFVCIJGTDGKH×JTGP<br />

\W MÑPPGP (TGKNKEJ MCO GU PCEJ FGT #WUTWHWPI FGT 7PKQP KP FGT<br />

IGOGKPUCOGP5KV\WPICO/CK\WMGKPGTYGKVGTGP$GJCPFNWPIFGT<br />

DGVTGHHGPFGP $GFKPIWPIGP &GT )GRHNQIGPJGKV IGO¼² YWTFG FGT<br />

7PKQPUCTVKMGN CNU &QRRGNGZGORNCT CP FKG JÑEJUVGP 5VGNNGP \WT<br />

$GUV¼VKIWPIGPVUCPFV<br />

&CU KP -NCWUGPDWTI UKEJ CDURKGNGPFG 'TGKIPKU GTTGIVG JGHVKIG<br />

4GCMVKQPGP KP FGP U¼EJUKUEJGP -TGKUGP /GJTGTG 5V×JNG ICDGP KJTGP<br />

#DIGQTFPGVGP GKP /K²VTCWGPUXQVWO H×T FKG 8GTNGV\WPI KJTGT<br />

+PUVTWMVKQPGP#PFGTG-TGKUG*GTOCPPUVCFV.GUEJMKTEJDGTKGHGPKJTG<br />

&GRWVKGTVGP \WT×EM QDYQJN FKGUG KJTG FKG 7PKQP \WT×EMYGKUGPFG<br />

5QPFGTOGKPWPI KO 2TQVQMQNN FGT 0CVKQPCNXGTUCOONWPI CO /CK<br />

XGTOGTMGPNKG²GP<br />

&KG Q$N¼VVGT H×T )GKUV )GO×VJ WPF 8CVGTNCPFUMWPFGR<br />

XGTÑHHGPVNKEJVGP \YGK #MVGPUV×EMG &KG GTUVG 5EJTKHV MCO XQP FGT<br />

*GTOCPPUV¼FVGT $×TIGTXGTUCOONWPI XQO ,WPK YGNEJG FKG<br />

Q5EJ¼²DWTIGT $T×FGTR DGUEJYQT UKEJ KJT CP\WUEJNKG²GP WO FGT<br />

0CVKQPUWPKXGTUKV¼V GKPG 2GVKVKQP GKP\WTGKEJGP &KG \YGKVG 5EJTKHV ICD<br />

FGP +PJCNV FGT &GPMUEJTKHV YKGFGT KP FGT FKG 0CVKQPUWPKXGTUKV¼V<br />

CPIGICPIGP YWTFG CNNG U¼EJUKUEJGP -TGKUG CWH\WHQTFGTP FCU<br />

8GTJCNVGPFGT&GRWVKGTVGP\WDGWTVGKNGPWOFKG'KPJGKVFGUU¼EJKUEJGP<br />

8QNMGUYKGFGTJGT\WUVGNNGP&GT&GPMUEJTKHVHQNIVGP7PVGTUEJTKHVGP<br />

IGHQNIV 'WIGP XQP (TKGFGPHGNU OGKPV FC² FKG *GTOCPPUV¼FVGT<br />

$×TIGTXGTUCOONWPICWEJGKPG#FTGUUGCPFGP-CKUGTTKEJVGVG+PFKGUGT<br />

YWTFGFGT-CKUGTIGDGVGPFGOIGYCNVUCOGT\YWPIGPGP7PKQPUCTVKMGN<br />

FKG $GUV¼VKIWPI \W XGTUCIGP &GTUGNDG 8GTHCUUGT DGJCWRVGV FC² KP

YGPKIGP 6CIGP HCUV 7PVGTUEJTKHVGP Q7PVGTUEJTKHVGP<br />

YQJNXGTUVCPFGP PKEJV UKOWNKTVG QFGT WPVGTUEJQDGPG -TGW\GU\GKEJGP<br />

DGKUCOOGPYCTGPWPFFCU&QMWOGPVYWTFGFGT0CVKQPCNFGRWVCVKQP<br />

KP+PPUDTWEM\WT¯DGTTGKEJWPICPFGP/QPCTEJGP×DGTUGPFGVR <br />

1DYQJN FGT UKGDGPD×TIKUEJG .CPFVCI FKG 7PKQP HQTOGNN<br />

CWUIGURTQEJGP JCVVG DGJKGNVGP UQYQJN FGT Q5KGDGPD×TIGT $QVGR CNU<br />

CWEJFKGQ6TCPUUKNXCPKCRWPFFGTQ8QNMUHTGWPFRKJTGCPVKWPKQPKUVKUEJG<br />

*CNVWPI&KG

&KG CW²GTQTFGPVNKEJG 0CVKQPUWPKXGTUKV¼VUXGTUCOONWPI HCPF<br />

XQO,WPKDKU,WNKUVCVV&KG8GTUCOONWPIDGUEJNQ²KPFGT5KV\WPI<br />

XQO,WPKFC²FKG7PKQPUDGFKPIWPIGPFGT5CEJUGPHQNIGPFGUGKP<br />

UQNNVGP FKG WPXGT¼PFGTVG #WHTGEJVGTJCNVWPI FGU U¼EJUKUEJGP<br />

6GTTKVQTKCNIGDKGVGU FKG U¼EJUKUEJG 0CVKQPUWPKXGTUKV¼V WPVGT KJTGO<br />

0CVKQPUITCHGP UQNNVG CWEJ YGKVGTJKP FKG )TWPFNCIG FGU U¼EJUKUEJGP<br />

0CVKQPCNXGTDCPFGU DKNFGP OKV FGP 9KTMWPIUMTGKUGP C ,WUVK\ FKG<br />

0CVKQPUWPKXGTUKV¼V CNU #RRGNCVKQPUIGTKEJV D 8GTYCNVWPI FGU<br />

0CVKQPCNXGTOÑIGPU E 'PVYWTH XQP 5VCVWVGP )CTCPVKG FGT HTGKGP<br />

-QOOWPCNXGTYCNVWPIFKG$GKDGJCNVWPIFGTFGWVUEJGP5RTCEJGCNU<br />

)GUEJ¼HVUURTCEJG FKG WPCDJ¼PIKIG HTGKG 5VGNNWPI FGT -KTEJGP WPF<br />

5EJWNGP $GKDGJCNVWPI FGT U¼EJUKUEJGP /WPKEKRCNIGUGV\G WPF FGT<br />

#WVQPQOKG #PJCPI&QM0T<br />

(×T FGP ,WNK YWTFG FGT WPICTKUEJG 4GKEJUVCI PCEJ 2GUV<br />

GKPDGTWHGP &KG UKGDGPD×TIKUEJGP )GTKEJVUDCTMGKVGP YWTFGP<br />

GKPIGNCFGP KJTG #DIGQTFPGVGP \W GPVUGPFGP &KG U¼EJUKUEJG<br />

0CVKQPUWPKXGTUKV¼VXGTUEJQDFKG&WTEJH×JTWPIFGT#DIGQTFPGVGPYCJN<br />

DKUKPFGPNGV\VGP#WIGPDNKEMFCFKG5CPMVKQPKGTWPIFGU7PKQPUCTVKMGNU<br />

PQEJ PKEJV GKPIGVTQHHGP YCT 'PFNKEJ YWTFG FKGUGT OKV MCKUGTNKEJGO<br />

4GUMTKRV XQO ,WNK DGUV¼VKIV WPF FKG 6¼VKIMGKV FGU<br />

UKGDGPD×TIKUEJGP .CPFVCIU KPHQNIG GKPGU YGKVGTGP 4GUMTKRVGU CO <br />

,WNKCWHIGJQDGP#ONGV\VGTY¼JPVGP6CIDGUV¼VKIVGCWEJFGT'T\JGT\QI<br />

2CNCVKP5VGRJCPFCU7PKQPUIGUGV\KPFGUUGPhFKG/KVINKGFGTFGTCO<br />

.CPFVCI IGY¼JNVGP 7PKQPUMQOOKUUKQP IGPCPPV YCTGP (QNIGPFG<br />

/KVINKGFGTUQNNVGPFKG\WT8GTJCPFNWPIFGT7PKQPPCEJ2GUVCDTGKUGPFG<br />

&GRWVCVKQPDKNFGPFGT)QWXGTPGWT)TCH,QUGRJ6GNGMKCNU8QTUKV\GPFGT<br />

FGT -QOOKUUKQP QFGT KP FGUUGP 8GTJKPFGTWPI FGT 5V¼PFGRT¼UKFGPV<br />

(TGKJGTT-GOÃP[(GTGPEFGT1DGTIGURCP)TCH6JQTQE\MCK/KMNQUFGT<br />

1DGTMÑPKIUTKEJVGT ,QUGRJ $CNUK FGT ITKGEJKUEJMCVJQNKUEJG $KUEJQH<br />

+QCP .GOGPK FKG 4GICNKUVGP )TCH $GVJNGP ,PQU FGT •NVGTG (TGKJGTT<br />

,ÎUKMC /KMNQU (TGKJGTT -GOÃP[ &QOQMQU )TCH 6GNGMK &QOQMQU<br />

*QTXVJ +UVXP FKG #DIGQTFPGVGP (TGKJGTT -GOÃP[ &G\UÑ ,QUGRJ<br />

&KG U¼EJUKUEJGP -TGKUG UCPFVGP CNUQ KJTG #DIGQTFPGVGP PCEJ<br />

2GUV &GT WPICTKUEJG 4GKEJUVCI YCT \W LGPGO

'TUV FKGUG )GUGV\CTVKMGN VTCEJVGVGPFCPCEJFKG7PKQPMQPMTGV<br />

CP\WYGPFGP&KGXQTIGUEJNCIGPGP7OIGUVCNVWPIGPUCJGP\$KO#TV<br />

FKG #WHJGDWPI FGU UKGDGPD×TIKUEJGP )WDGTPKWOU WPF FKG<br />

WPOKVVGNDCTG 7PVGTQTFPWPI FGT UKGDGPD×TIKUEJGP )GTKEJVUDCTMGKVGP<br />

WPVGTFCUWPICTKUEJG/KPKUVGTKWOFKG#WHNÑUWPIFGUUKGDGPD×TIKUEJGP<br />

6JGUCWTCTKCVU WPF FKG M×PHVKIG $GJCPFNWPI UGKPGT )GUEJ¼HVG XQO<br />

WPICTKUEJGP (KPCP\ WPF *CPFGNUOKPKUVGTKWO FKG 7PVGTQTFPWPI FGT<br />

UKGDGPD×TIKUEJGP-QPHGUUKQPGP-KTEJGPWPFFGU7PVGTTKEJVUWPVGTFCU<br />

WPICTKUEJG-WNVWUWPF7PVGTTKEJVUOKPKUVGTKWOXQT<br />

+P FGT #DGPFUKV\WPI FGU 5GRVGODGT YWTFGP FKG<br />

)GUGV\GPVY×THG KO 4GRT¼UGPVCPVGPJCWU XGTNGUGP WPF GP DNQE<br />

CPIGPQOOGP&KGU¼EJUKUEJGP#DIGQTFPGVGPUC²GPJKNHNQUFCWPH¼JKI<br />

GKP\WUEJTGKVGP FC KJTG #P\CJN FWTEJ FGP #DICPI FGT UGEJU<br />

U¼EJUKUEJGP &GRWVKGTVGP CWU FGO WPICTKUEJGP 4GKEJUVCI CO 6CIG<br />

\WXQTWPXQNNUV¼PFKIYCT<br />

&KG GTY¼JPVGP )GUGV\CTVKMGN YWTFGP CP FGT /CIPCVGPVCHGN<br />

PKEJVDGJCPFGNVUKGGTJKGNVGPCWEJMGKPGMÑPKINKEJG5CPMVKQPYWTFGP<br />

PKG XGTÑHHGPVNKEJV QFGT FWTEJIGH×JTV FC UKEJ FKG 'TGKIPKUUG \W<br />

×DGTUV×T\GPDGICPPGP <br />

&KG *GTOCPPUV¼FVGT -TGKUXGTUCOONWPI XQO 5GRVGODGT<br />

GPVUEJKGF FC² FKG DGKFGP \WT×EMIGVTGVGPGP *GTOCPPUV¼FVGT<br />

#DIGQTFPGVGP*GTOCPP5EJOKFVWPF,QUGH4QUGPHGNFFGUÑHHGPVNKEJGP<br />

.QDU Y×TFKI UGKGP FC² FKG -TGKUXGTUCOONWPI XQP GKPGT 7PKQP OKV<br />

7PICTP Q×DGTJCWRV PKEJVU YKUUGPRYQNNGWPFFC²UKGFCUWPICTKUEJG<br />

/KPKUVGTKWOPKEJVCPGTMGPPG &KGQHHGPG(TQPFGJCNVWPIYWTFGKPFGP<br />

HQNIGPFGP9QEJGPXQPFGT2TGUUGMQOOGPVKGTVQ&TGK/QPCVGPCEJFGT<br />

7PKQPR OW²VGP CWEJ FKG -TQPUV¼FVGT 7PKQPUHTGWPFG \WIGDGP FC²<br />

QFKG$GH×TEJVWPIGPFGT#PVKWPKQPURCTVGK9CJTJGKVYGTFGPRUQNNVGP <br />

#O 1MVQDGT MCO KP *GTOCPPUVCFV GKPG<br />

$×TIGTXGTUCOONWPI \WUCOOGP YGNEJG KP 2WPMVGP FKG 9×PUEJG<br />

WPF (QTFGTWPIGP FGT 5CEJUGP GPVJKGNV &CU 2TQITCOO DGCPVTCIVG<br />

GKIGPVNKEJ GKPG (ÑFGTCNKUKGTWPI 5KGDGPD×TIGPU /CP XGTNCPIVG + FKG<br />

YCJTG D×TIGTNKEJG (TGKJGKV WPF 4GEJVUINGKEJJGKV FKG #WHJGDWPI FGT<br />

7TDCTKCNNCUVGP WPF FGU

+++ FCU -ÑPKITGKEJ 5KGDGPD×TIGP UQNN GKP $GUVCPFVGKN FGT<br />

ÑUVGTTGKEJKUEJGP /QPCTEJKG DNGKDGP +8 FKG )TWPFNCIG FGT<br />

5QPFGTXGTHCUUWPI5KGDGPD×TIGPUUGKGKP(ÑFGTCVKXU[UVGOQGKPGYCJTG<br />

RQNKVKUEJG 7PKQP PKEJV 8GTUEJOGN\WPI YKG OCP FKGUGU 9QTV<br />

OK²DTCWEJVJCVCNNGTKO.CPFGNGDGPFGP8ÑNMGTR8&CCDGTPWTFTGK<br />

0CVKQPGP FKG 7PICTP 5\GMNGT WPF 5CEJUGP GKP DGUVKOOVGU )GDKGV<br />

JCDGP UQ UQNN CWEJ FGP 4WO¼PGP GKP UQNEJGU DGUQPFGTGU RQNKVKUEJGU<br />

)GDKGV CWUIGUEJKGFGP YGTFGP 8+ &KGUG 6GTTKVQTKCNCWUUEJGKFWPI UQNN<br />

OKV 4×EMUKUEJV CWH FKG IGQITCRJKUEJG .CIG PCEJ )TWPFU¼V\GP FGU<br />

4GEJVUWPFFGT$KNNKIMGKVXGTJCPFGNVWPFGPVUEJKGFGPYGTFGP8++,GFG<br />

$GXQT\WIWPI KTIGPF GKPGU EJTKUVNKEJGP )NCWDGPUDGMGPPVPKUUGU UQNN<br />

CWEJ KP 5KGDGPD×TIGP CWHJÑTGP 8+++ &KG 5RG\KCNIGUGV\IGDWPI<br />

5KGDGPD×TIGPU UQNN OKV $GVGKNKIWPI CNNGT XKGT .CPFGUPCVKQPGP XQP<br />

GKPGO PGW \W MQPUVKVWKGTGPFGP .CPFVCI CWH FGO FKG XKGT 5RTCEJGP<br />

IGNVGP Y×TFGP IGOGKPUEJCHVNKEJ XGTHC²V YGTFGP +: &KG<br />

.CPFGUTGIKGTWPI UQNN CWU INGKEJXKGNGP /KVINKGFGTP FGT QHÑFGTKTVGP<br />

8ÑNMGTR DGUVGJGP WPF OKV LGFGO 8QNMG KP UGKPGT GKIGPGP 5RTCEJG<br />

XGTMGJTGP:&KGQDGTUVG4GIKGTWPIUDGJÑTFG5KGDGPD×TIGPUUQNNFGO<br />

IGUGV\IGDGPFGP-ÑTRGTFKGUGU.CPFGUXGTCPVYQTVNKEJIGOCEJVYGTFGP<br />

:+&GT-CKUGTWPF-ÑPKIYKTFIGDGVGPKPFGTM×T\GUVOÑINKEJGP

2CTQEJKGP'ZGORNCTG\WXGTUGPFGPYKGFKGUGUCWEJDKUJGTKPPGWGUVGT<br />

OCI[CTKUEJG'NGOGPVXQP#PHCPICPGPVUEJKGFGP)CP\PCV×TNKEJ(×T<br />

FCUPGWG5EJYCT\IGNDFKG4QO¼PGP9KT5CEJUGPJCDGPWPUCWEJ\W<br />

GPVUEJGKFGP 0GWVTCNKV¼V IKNV PKEJV 9KT UKPF FKG 5EJY¼EJGTGP IGDGP<br />

CDGT FQTV FGP #WUUEJNCI YQJKP YKT WPU PGKIGP &C² YKT FKG<br />

5EJY¼EJGTGP UKPF F×THGP YKT PKG XGTIGUUGP KOOGT CDGT DGJGT\KIGP<br />

FC²FCUPGWG5EJYCT\IGNDDGUUGTKUVCNUFKG6TKEQNQTUGNDUVFGU#PHCPIU<br />

&KG\YGK#NVGTPCVKXGPUKPF9KTUVGNNGPWPUCWHFKG5GKVGFGT<br />

/CI[CTGP UQ UKPF YKT GQ KRUQ IGIGP FKG 9CNCEJGP WPF IGIGP FKG<br />

)GUCOVOQPCTEJKG 9KT UVGNNGP WPU CWH FKG 5GKVG FGT 9CNCEJGP UQ<br />

UKPFYKTIGIGPFKG/CI[CTGPWPFH×TFKG)GUCOVOQPCTEJKG<br />

/CI[CTGP WPF 4QO¼PGP UKPF

FCOKV\WUCOOGPJ¼PIVWPFFCJKPVGTUVGEMVJCVFCUICP\G8CVGTNCPF<br />

KP8GTYKTTWPIIGDTCEJVWPFDGUQPFGTUWPUGT8QNMUVJWOKP)GHCJT<br />

IGUGV\V&CUMCPPWPFYKNNYQJNCWEJ0KGOCPFN¼WIPGPR&KG5CEJUGP<br />

J¼VVGPPKGXQPGKPGTWPDGFKPIVGP7PKQPIGURTQEJGP&KG#PPCJOGFGT<br />

7PKQPYCTFWTEJFKG*QHHPWPIGPFGT7PKQPUHTGWPFG\WT'PVHGUUGNWPI<br />

FGT $×TQMTCVKG #WHJGDWPI FGT 7TDCTKCNNCUVGP #WUTWHWPI FGT<br />

D×TIGTNKEJGP 4GEJVUINGKEJJGKV WUY IGTGEJVHGTVKIV Q&KGU UKPF FKG<br />

)T×PFGYGNEJGWPUGKPGWPDGUEJCFGVWPUGTU8QNMUVJWOUGKPIGJGPFG<br />

7PKQP5KGDGPD×TIGPUOKV7PICTPCPPGJODCTGTUEJGKPGPNKG²'UYKTF<br />

FKGUGNDGPUEJYGTNKEJ,GOCPFGPVGJTGPFH×TFKG)GUKPPWPIFGTLGPKIGP<br />

FKGUKEJFWTEJUKGDGUVKOOVH×JNVGPPGPPGPMÑPPGPR <br />

&KG 0CVKQPUWPKXGTUKV¼V DGUEJNQ² OKV 'KPXGTUV¼PFPKU FGU<br />

ÑUVGTTGKEJKUEJGP)GPGTCNMQOOCPFQUKP*GTOCPPUVCFVCO1MVQDGT<br />

FKG 'TTKEJVWPI GKPGU (GNFL¼IGTDCVCKNNQPU WPF FGUUGP #WUT×UVWPI CWU<br />

0CVKQPCNOKVVGNP &CU ,¼IGTDCVCKNNQP FCU CP )GHGEJVGP IGIGP FKG<br />

$GOUEJGP 4GXQNWVKQPUVTWRRGP VGKNPCJO \¼JNVG KP UGKPGP 4GKJGP<br />

DGT×JOVG0COGPYKG)&6GWVUEJWPF6JGQFQT(CDKPK<br />

#O&G\GODGTXGT\KEJVGVG-CKUGT(GTFKPCPF+CWHFGP<br />

6JTQP©UVGTTGKEJU5GKP0CEJHQNIGT(TCP\,QUGRJ+NGKVGVGFCU5EJKEMUCN<br />

FGT/QPCTEJKGDKU&GTL¼JTKIG-CKUGTUCPFVGCO&G\GODGT<br />

GKPGP)TW²CPUGKPQVTGWGU5CEJUGPXQNMR<br />

&KGWPICTKUEJG4GXQNWVKQPUCTOGGCPFGUUGP5RKV\GCDFGO<br />

&G\GODGT )GPGTCN $GO UVCPF H×JTVG UKGITGKEJG -¼ORHG KP<br />

5KGDGPD×TIGP &GT -TKGIUTCV XQO (GDTWCT DGUEJNQ² FKG<br />

'KPDGTWHWPI TWUUKUEJGT /KNKV¼TJKNHG H×T FKG 8GTVGKFKIWPI FGT 5V¼FVG<br />

*GTOCPPUVCFVWPF-TQPUVCFV'PFG(GDTWCTHCPFFGTGTUVG'KPOCTUEJ<br />

FGT\CTKUVKUEJGP6TWRRGPFWTEJFKGU×FNKEJGP2¼²GPCEJ5KGDGPD×TIGP<br />

UVCVV+O/¼T\IGNCPIGULGFQEJFGT4GXQNWVKQPUCTOGGFKG4WUUGPWPF<br />

©UVGTTGKEJGT \WO 4×EM\WI \W \YKPIGP KPFGO UKG FGP ITѲVGP 6GKNU<br />

5KGDGPD×TIGPUOKV#WUPCJOGFGT9GUVMCTRCVGPYQFKGXQP#XTCO<br />

+CPEWIGH×JTVGPTWO¼PKUEJGP6TWRRGPFKG/CEJVKPPGJCVVGPGTQDGTVG<br />

&KGQ6TCPUUKNXCPKCRXGTVGKFKIVGKPGKPGO.GKVCTVKMGNFCU2TKP\KR<br />

FGT)NGKEJDGTGEJVKIWPIFGT0CVKQPCNKV¼VGP+PFGTUGNDGP

$GOU 2TQMNCOCVKQP CP FKG $GYQJPGT *GTOCPPUVCFVU <br />

/¼T\ YCT DGUQPFGTU JCTUEJ Q'KPYQJPGT XQP *GTOCPPUVCFV &KG<br />

WPICTKUEJG #TOGG KUV IGMQOOGP WO GWEJ \W \GKIGP FC² KJT GKP<br />

5RKGNDCNNFGU.WIUWPF6TWIUUGKF&KG5VKOOH×JTGTGWGTGT$GYGIWPI<br />

GWGTG UEJ¼PFNKEJG

QNVMGOKVFGT8GTRHNKEJVWPI×DGTVTCIGPUKEJQFGTUVCCVNKEJGP'KPKIWPI<br />

7PICTPUWPF5KGDGPD×TIGPUFGTFGOQMTCVKUEJGP4GIKGTWPIUHQTOWPFUQOKV<br />

FGT(TGKJGKVWPF4GEJVUINGKEJJGKVCNNGTFKGUG.¼PFGTDGYQJPGPFGP8ÑNMGTYKG<br />

KOOGTFKG&KPIGUKEJIGUVCNVGPOÑIGPDGJCTTNKEJWPFCWUUEJNKG²NKEJYKFOGP<br />

\WYQNNGPR<br />

&KG

5KGDGPD×TIGPGKPIGUGV\VGRTQXKUQTKUEJG8GTYCNVWPIFCU.CPFKPUGEJU<br />

&KUVTKMVG GKP FKG IGOGKPUCO XQP /KNKV¼T WPF

'KPVGKNWPIFKGUGU/CNKP\GJP&KUVTKMVG)GIGP'PFGFGUUGNDGP,CJTGU<br />

YWTFGFGT-TKGIU\WUVCPFUEJNKG²NKEJCWHIGJQDGP<br />

&KG 5¼EJUKUEJG 0CVKQPUWPKXGTUKV¼V MCO CO (GDTWCT <br />

\WO NGV\VGP /CN \WUCOOGP PWT WO QKJT 6GUVCOGPV \W OCEJGPR<br />

(TKGFTKEJ 6GWVUEJ WPF UKEJ UGNDUV CWH\WNÑUGP &KG.CIGYWTFGCNU<br />

FTCOCVKUEJ GORHWPFGP &GT -ÑTRGT FGT U¼EJUKUEJGP 0CVKQP YCT<br />

GTUEJ×VVGTV<br />

'KPMWT\HTKUVKIGUMQPUVKVWVKQPGNNGUWPFNKDGTCNGU

&GT&TCPIXQP1UVGPWPFFCU4WUUGPDKNF<br />

<br />

<br />

<br />

<br />

&GT TWUUKUEJG 'KPITKHH KP 5KGDGPD×TIGP KO (GDTWCT WPF<br />

FGT TWUUKUEJG (GNF\WI KO /QPCV ,WPK FGUUGNDGP ,CJTGU YKFGTURKGIGNP<br />

UKEJ KP FGT U¼EJUKEJGP 2TGUUG PKEJV WPDGFKPIV CNU $KNF FGU CPFGTP<br />

UQPFGTP XKGNOGJT CNU GKPG 4GEJVHGTVKIWPI FGU 5GNDUVDKNFGU CNU GKP<br />

2TQ\G² FGU U¼EJUKUEJGP -QNNGMVKXDGYW²VUGKPU &KG 5CEJUGP YCTGP<br />

FKGLGPKIGP FKG UKEJ FGT 'KPDGTWHWPI FGT 4WUUGP PCEJ 5KGDGPD×TIGP<br />

DGUEJWNFKIVGP5KGYCTGPGUFKGFKGQ5EJWNFRFWTEJ5GNDUVGTMN¼TWPIGP<br />

WPF TGEJVHGTVKIWPIGP XQP UKEJ \W YGKUGP XGTUWEJVGP #PFGTGTUGKVU<br />

JCDGP -QUUWVJ %UP[ CDGT CWEJ $GO FGP 5CEJUGP FKG WPOKVVGNDCTG<br />

5EJWNF\WIGUEJTKGDGPFKGTWUUKUEJG*KNHGJGTDGKIGTWHGP\WJCDGPWPF<br />

KJPGP FGUJCND Q.CPFGUXGTTCVR XQTIGYQTHGP&KGY¼JTGPFFGTXKGT<br />

/QPCVGFGTWPICTKUEJGP*GTTUEJCHVKP5KGDGPD×TIGP/¼T\,WNK<br />

GKPIGNGKVGVGP CPVKU¼EJUKUEJGP /C²PCJOGP FKG 'PVGKIPWPI FGU<br />

8GTOÑIGPU FGT U¼EJUKUEJGP (N×EJVNKPIG WPF FGT 5¼EJUKUEJGP<br />

0CVKQPUWPKXGTUKV¼V FKG #WHNÑUWPI FGT U¼EJUKUEJGP +PUVKVWVKQPGP WPF<br />

$GJÑTFGP FKG 8GTJCHVWPIGP WPF 6QFGUWTVGKNG YWTFGP GDGP CNU<br />

8GTDײWPIFKGUGT5EJWNFDGIT×PFGV<br />

'KIGPVNKEJUKPFPKEJVFKG5CEJUGPFKGYCJTGP8GTCPVYQTVNKEJGP<br />

&KG 9×PUEJG WPF #PVTKGDG GKPGU 6GKNU FGT

8KGT,CJTGUR¼VGTDGKFGPITQ²GP/CPÑXGTP\W9QUPQUGPUMUQNNGTUGKP<br />

8GTURTGEJGPGTPGWGTVJCDGP <br />

'KPKIG9QEJGPPCEJFGO

&KG (GNFOCPÑXGT XGTDCTIGP UKEJ JKPVGT FGP COVNKEJGP<br />

'TMN¼TWPIGP +P UGKPGO CP FKG GWTQR¼KUEJGP /¼EJVG IGTKEJVGVGP<br />

4WPFUEJTGKDGP ,WNK \GKIVG FGT

FCTCWUGPVYGFGTGKPGXÑNNKIG

C²GXQPFGTDGKOÑUVGTTGKEJKUEJGP)GPGTCNMQOOCPFQJGTTUEJGPFGP<br />

8GTYKTTWPIDGGKPHNW²VYCTGP<br />

#O &G\GODGT YWTFG KP *GTOCPPUVCFV GKPG<br />

IGOKUEJVG-QPHGTGP\GKPDGTWHGP#PTGIGTKPYCTFKGU¼EJUKUEJG2CTVGK<br />

YGNEJGOKV2GTUQPGPVGKNPCJO)GPGTCN2HGTUOCPPFGT5CEJUGPITCH<br />

5CNOGP FGT 5GMTGV¼T )NCP\ (TGKJGTT 4GKEJGPDGTI FGT 4GFCMVGWT FGU<br />

Q5KGDGPD×TIGT $QVGPR $GPKIPK XQP /KNFGPDGTI (TKGFTKEJ /×NNGT WC<br />

'KPIGNCFGP YCTGP UKGDGP /KVINKGFGT FGU 2C\KHKMCVKQPUCWUUEJWUUGU CWU<br />

*GTOCPPUVCFVFCTWPVGTFGTQTVJQFQZG$KUEJQH(CIWPC)GQTIG$CTK/KW<br />

#WIWUV6TGDQPKW.CWTKCP4CFW1TIJKFCPGKPTGKEJGT-CWHOCPPCWU<br />

-TQPUVCFV WC $CTK/KW IGJV KP 'KP\GNJGKVGP ×DGT FKG JGHVKIGP<br />

&KUMWUUKQPGP FKGUGU

$CTK/KWCNU#WIGP\GWIGWPF6GKNPGJOGTUEJNW²HQNIGTVQ#NUQ<br />

YCT FKG 'KPDGTWHWPI FGT -QPHGTGP\ XQO &G\GODGT GKPG TGKPG<br />

-QOÑFKGFKGCDGTUEJNGEJVIGURKGNVYWTFGR 0KEJVGKPOCN$CTK/KWJCV<br />

IGOGTMV FC² KO 4CJOGP FKGUGT $×TIGTXGTUCOONWPI FKG UKEJ<br />

RTWPMXQNN Q2C\KHKMCVKQPUCWUUEJW²R IGPCPPV JCVVG FCU /KNKV¼T FGP<br />

8QTUEJNCI IGOCEJV JCVVG WPF FC² 2HGTUOCPP GKIGPVNKEJ 2WEJPGTU<br />

(QTFGTWPI ×DGTVTWI +O UVKNNGP 'KPXGTPGJOGP OKV GKPGO 6GKN FGT<br />

ÑUVGTTGKEJKUEJGP 4GIKGTWPI QJPG CDGT FGP ÑHHGPVNKEJGP $GHGJN \W<br />

DGUKV\GP FKG 8GTJCPFNWPIGP OKV FGP 4WUUGP \W XGTOKVVGNP UEJTKVV<br />

2WEJPGT\WGKPGT+PU\GPKGTWPI'TDGTKGHFKG8GTVTGVGTDGKFGT0CVKQPGP<br />

GKP FCOKV FKGUG KJTGTUGKVU FGP $GUEJNW² KO 0COGP FGU TWO¼PKUEJGP<br />

WPF U¼EJUKUEJGP 8QNMGU VT¼HGP &GT OKNKV¼TKUEJG 'KPITKHH FGT 4WUUGP<br />

J¼VVG FCFWTEJ FGP %JCTCMVGT GKPGU IGUGV\O¼²KIGP<br />

.CPFGUXGTVGKFKIWPIUMCORHGU IGYQPPGP &GT 2NCP UEJGKVGTVG &CU<br />

2TQVQMQNNDGUEJT¼PMVGFKG*KNHUHQTFGTWPICWHFKG\YGK5V¼FVG6TQV\FGO<br />

YCTFCU#PUWEJGPFGT$×TIGTGTHQNINQU,GFGPHCNNUUVGNNVGFKGCOVNKEJG<br />

ÑUVGTTGKEJKUEJG8GTUKQPFGPTWUUKUEJGP'KPITKHHKP5KGDGPD×TIGPCNUGKPG<br />

8GTYKTMNKEJWPI FGU 9WPUEJGU FGT \YGK 0CVKQPGP CNU GKPGP #MV FGT<br />

RWTGP*WOCPKV¼VFCT<br />

&GT

PGJOGP MÑPPG +P 9KTMNKEJMGKV YCT GU GKPG GNGICPVG .ÑUWPI QFKGUGT<br />

HCVCNGP.CIGRCWU\WYGKEJGP(T6GWVUEJ <br />

&CPPDGTKGH2WEJPGTCO(GDTWCTGKPGP-TKGIUTCVPCEJ<br />

*GTOCPPUVCFV FGT QOQOGPVCPG *KNHGRH×TFKG5V¼FVG*GTOCPPUVCFV<br />

WPF -TQPUVCFV \W GTUWEJGP DGUEJNQ² 2HGTUOCPP UEJTKGD CP .×FGTU<br />

UQDCNFCNUOÑINKEJTWUUKUEJG$GUCV\WPIGKPT×EMGP\WNCUUGPWPF\YCT<br />

/CPPWPF-CPQPGPKPLGFGFKGUGT5V¼FVG-CXCNNGTKGCDGTPKEJV<br />

OGJT CNU /CPP FC GU CP (QWTCIG HGJNVG )GPGTCN 5EJWTVGT JCVVG<br />

.×FGTUCWU-TQPUVCFVGKPG¼JPNKEJG$KVVGIGUEJKEMV <br />

+P\YKUEJGP YCT GU \W GKPGT #DM×JNWPI FGT $G\KGJWPIGP<br />

\YKUEJGP FGO 4WO¼PKUEJGP -QOKVGG WPF FGP 5CEJUGP IGMQOOGP<br />

GDGPYGIGPFGUDCNFKIGP'KPVTGHHGPUFGT4WUUGP$CTK/KWGTMN¼TVGFC²<br />

PCEJFGO UKG FGO MCKUGTNKEJGP *GTTUEJGTJCWU UQ XKGNG 4GMTWVGP<br />

IGIGDGPJCVVGPUKEJFKG4WO¼PGPPWPDGUGKVGIGIT¼PIVH×JNVGP <br />

&GTTWUUKUEJG)GPGTCN'PIGNJCTF\QICO(GDTWCTCWUFGT<br />

9CNCEJGKKP4KEJVWPI-TQPUVCFVOKV/CPP+PHCPVGTKG7NCPGP<br />

-QUCMGP\W2HGTFWPF)GUEJ×V\GPGKP&WTEJFGP4QVGP6WTO<br />

2C² T×EMVG )GPGTCN 5MCTKCVKP KP *GTOCPPUVCFV OKV /CPP<br />

+PHCPVGTKG-QUCMGPWPF)GUEJ×V\GPGKP&GTKO#WIGPDNKEMFGT<br />

#PMWPHV 5MCTKCVKPU KP *GTOCPPUVCFV DGHKPFNKEJG $CTK/KW UEJ¼V\VG FC²<br />

FKGTWUUKUEJGP-QTRUDNQ²FKG8GTVGKFKIWPIFGT5VCFVICTPKUQPUKEJGTP<br />

MQPPVGPFCOKVFKG©UVGTTGKEJGTWPDGM×OOGTVOCPÑXTKGTGPMQPPVGP <br />

#NU 2WEJPGT FGU TWUUKUEJGP 'KPOCTUEJGU UKEJGT YCT IKPI GT \WO<br />

)GIGPCPITKHH ×DGT WPF UEJNWI $GO DGK 5CN\DWTI 2WEJPGT XGTHQNIVG<br />

$GOYGKVGTKPFGP7PVGTYCNFWPFDGUGV\VG/×JNDCEJ<br />

&GT Q5KGDGPD×TIGT $QVGR XGTÑHHGPVNKEJVG GKPGP NCPIGP<br />

.GKVCTVKMGN Q¯DGT FGP 'KPOCTUEJ FGT 4WUUGP KP *GTOCPPUVCFV WPF<br />

-TQPUVCFVR &KG TWUUKUEJGP 6TWRRGP YCTGP CWU FGT 9CNCEJGK<br />

(T6GWVUEJ)GUEJKEJVG5<br />

'DGPFC5)$CTK/KWCC15<br />

)$CTK/KWCC15&KGU¼EJUKUEJG2TGUUGDGURTCEJFKG4GMTWVKGTWPIUIGUGV\G<br />

WPF KJTG &WTEJH×JTWPI JCVVGP KP 5KGDGPD×TIGP \YGK 4GMTWVKGTWPIGP<br />

UVCVVIGHWPFGP GKPG FGT ©UVGTTGKEJGT KO ,CPWCT FKG CPFGTG FGT 7PICTP KO<br />

5GRVGODGT #O #WIWUV GTNKG²GP FKG ©UVGTTGKEJGT GKP PGWGU<br />

4GMTWVKGTWPIUIGUGV\<br />

)$CTK/KW CC1 5 #DGT (T 6GWVUEJ KP *WPFGTV ,CJTG 5 IKDV CPFGTG<br />

#PICDGP CP CO (GDTWCT \QI 'PIGNJCTFV KP -TQPUVCFV WPF CO (GDTWCT<br />

5MCTKCVKP KP *GTOCPPUVCFV GKP 6GWVUEJ IKDV 7NCPGP KP 'PIGNJCTFVU 6TWRRGP<br />

$CTK/KWWPF/CPP+PHCPVGTKGWPF-QUCMGPWPVGT5MCTKCVKPU.GKVWPI<br />

$CTK/KW TGURGEVKX CP $CTK/KWU #PICDGP MÑPPGP CNU IGPCWGT CPIGUGJGP<br />

YGTFGPKPFGUUGP'KIGPUEJCHVCNU#WIGP\GWIG

GKPIGT×EMVQWOFKG$GUEJ×V\WPIFKGUGTDGKFGP5V¼FVGIGIGP4CWDWPF<br />

8GTPKEJVWPIU\×IG FGT FCTCWH CWUIGJGPFGP TGDGNNKUEJGP 7PICTP WPF<br />

5\GMNGT CWH LGPG

CWH9CUFKG*CWRVWTUCEJGDGVTCHP¼ONKEJFKG'KPDGTWHWPIFGT<br />

TWUUKUEJGP 6TWRRGP QUQ JCV FCU TWO¼PKUEJG -QOKVGG \YCT CO <br />

&G\GODGT X, YGPP INGKEJ WPIGTP UQ FQEJ FWTEJ FKG JKNHNQUG .CIG<br />

WPF0QVJWPUGTGU8CVGTNCPFGUIGFTWPIGPUGKPG7PVGTUEJTKHVGPCWHFKG<br />

FKGUH¼NNKIG 8QNNOCEJV YGIGP FGTCTVKIGT 4GVVWPI FGT TQO¼PKUEJGP UQ<br />

YKGFGTU¼EJUKUEJGP0CVKQPHTGKYKNNKIJGTIGIGDGPQJPGLGFQEJDGKFGP<br />

YGKVGTP 8GTJCPFNWPIGP ×DGT FKGUGP )GIGPUVCPF WPF FGP UR¼VGTJKP<br />

×DGT $GUEJNW² FGU *GTOCPPUV¼FVGT /KNKV¼T-TKGIUTCVJGU YKTMNKEJ<br />

GTHQNIVGP'KPOCTUEJFKGUGTMTWUUKUEJGP5EJWV\VTWRRGPOGJTDGVJGKNKIV<br />

YQTFGP \W UGKPR 'U WPVGT\GKEJPGVG 5KOKQP $âTPW/KW 2T¼UKFGPV FGU<br />

2C\KHKMCVKQPUCWUUEJWUUGU &KGUG 'TMN¼TWPI ×DGT FGP #PVGKN FGT<br />

TWO¼PKUEJGP5GKVGCPFGT*GTDGKH×JTWPIFGTTWUUKUEJGP+PVGTXGPVKQPKUV<br />

YCJTJGKVUIGO¼²#WEJ$CTK/KWUEJTGKDVFC²PCEJ7PVGT\GKEJPWPIFGU<br />

2TQVQMQNNUFCUTWO¼PKUEJG-QOKVGGPKEJVOGJTYGKVGTKPFKGUGO5KPPG<br />

IGYKTMVJCV<br />

&CU-TQPUV¼FVGTQ5KGDGPD×TIGT9QEJGPDNCVVRKPGKPGTUGKPGT<br />

NGV\VGP 0WOOGTP DGUEJTKGD GDGPHCNNU FCU 'TGKIPKU &GT Q7GDGT FGP<br />

'KPOCTUEJFGTMCKUGTNKEJTWUUKUEJGP6TWRRGPKP5KGDGPD×TIGPRDGVKVGNVG<br />

#WHUCV\ ICD GKPGP #TVKMGN FGT QHHK\KGNNGP 9KGPGT 4GIKGTWPIU\GKVWPI<br />

XQO (GDTWCT YKGFGT &KG COVNKEJG ÑUVGTTGKEJKUEJG 8GTUKQP<br />

NCWVGVG HQNIGPFGTOC²GP &CU #TIWOGPV FGT 0QVYGPFKIMGKV FGU<br />

TWUUKUEJGP'KPITKHHUYCTFKG8GTVGKFKIWPIFGTQDN×JGPFGP*CWRVUV¼FVG<br />

FGU VTGWGP 5CEJUGPNCPFGUR #NU FKG 8GTDKPFWPI OKV FGT KP 7PICTP<br />

QRGTKGTGPFGPMM#TOGGXGTUEJYCPFYWTFG2WEJPGTXQPCNNGP5GKVGP<br />

OKV $KVVGP DGUV×TOV Q8QP FGT 0QVJYGPFKIMGKV FWTEJFTWPIGP FCU<br />

5CEJUGPNCPFGXQTFGP8GTJGGTWPIGPFGT5\GMNGT\WUEJ×V\GPINCWDVG<br />

(/. XQP 2WEJPGT FGT 5VKOOG FGT /GPUEJNKEJMGKV )GJÑT IGDGP WPF<br />

FKG XGTGKPVGP $KVVGP FGT TQOCPKUEJGP WPF U¼EJUKUEJGP 0CVKQP WO<br />

*GTDGKTWHWPI TWUUKUEJGT *KNHG QDINGKEJ GT JKGT\W XQP FGT MM<br />

4GIKGTWPI PKEJV GTO¼EJVKIV YCT KP $GTCVJWPI \KGJGP \W O×UUGPR<br />

+POKVVGP FGU CO (GDTWCT XGTUCOOGNVGP -TKGIUTCVGU DTCEJVG GKP<br />

-WTKGT XQP -TQPUVCFV FKG 0CEJTKEJV FC² QFKG DGYCHHPGVGP<br />

5\GMNGTJQTFGP CP FGT

OQOGPVCPGP5EJWV\FGTU¼EJUKUEJGP5V¼FVGDGTGEJPGVKUVWPFFC²XQP<br />

GKPGTCMVKXGP6JGKNPCJOGFKGUGT6TWRRGPCPFGTYGKVGTP$GM¼ORHWPI<br />

FGT4GDGNNKQPMGKPG4GFGUGKPMCPPR <br />

/KV GKPGT CPFGTGP )GNGIGPJGKV JQD FKGUGNDG

FCWGTVR 7PF KP DG\WI CWH FKG 5CEJUGP YGKVGT Q.GKFGTKUVGU<br />

INGKEJI×NVKI QD FGT 'KP\WI FGT 4WUUGP OKV QFGT QJPG GWTGP 9KNNGP<br />

IGUEJCJCPFGOYCUDGKFKGUGO(TGWPFUEJCHVUFKGPUVVTCIKUEJKUVUGKF<br />

KJTFQEJUEJWNF+EJVCFNGFKG5CEJUGPPKEJVYGNEJGTKGHGPCDGTGUYCT<br />

GKP7PIN×EMFC²UKGGUVCVGPWPFFC²FKG4WUUGPUQIGPGKIVUGKP<br />

FWTHVGP\WMQOOGPKUVFCUITѲVG7PIN×EMKUVGWTG5EJWNF7PFFQEJ<br />

YCTFKJTGJTNKEJWPFGWGT9KNNGIWVR <br />

#O /¼T\ HCPF FGT \YGKVG

#O/¼T\UEJTKGD-QUUWVJCP$GOQ'TNCWDGP5KGOKT<br />

FKG $KVVG KO +PVGTGUUG FGT JGKNKIGP 5CEJG H×T FKG 5KG UQ INQTTGKEJ<br />

M¼ORHGP OKV FGP XGTT¼VGTKUEJGP 5CEJUGP PKEJV \W ITQ²O×VKI \W<br />

XGTHCJTGP 6TCWGP 5KG FGP 5CEJUGP PKEJV +EJ DKP PKEJV 6GTTQTKUV<br />

FGPMGPKEJVCP4GRTGUUCNKGPCDGTKEJYKNN5KEJGTJGKVJCDGPIGIGPPGWGP<br />

8GTTCV FKGUGT XGTDTGEJGTKUEJGP WPFCPMDCTGP 5CEJUGP +EJ DKVVG 5KG<br />

FGOPCEJ FGP 5CEJUGP PKEJVU \W XGTURTGEJGP UQPFGTP DNQ² \W UCIGP<br />

FC²KJTM×PHVKIGU5EJKEMUCNXQPKJTGO$GPGJOGPCDJ¼PIGPYKTFWPF<br />

FCUKGUKEJGTHTGEJVJCDGPFKG4WUUGPXÑNMGTTGEJVUYKFTKIKPFCU.CPF<br />

\WTWHGPWPFFCFWTEJUKEJFGUIQVVNQUGUVGP.CPFGUXGTTCVGUVCWUGPFHCEJ<br />

UEJWNFKIIGOCEJVUQGTMN¼TGKEJFC²YGPPFKG5CEJUGPPKEJVDKUCWH<br />

FGP NGV\VGP /CPP FKG 4WUUGP CWU FGO .CPFG GPVHGTPGP YGTFG KEJ<br />

MGKPGP 5CEJUGP CWH FGO )GDKGV FGT WPICTKUEJGP -TQPG FWNFGP<br />

UQPFGTPUKGCWUFGO.CPFGLCIGPQFGTCNNGP5EJWV\GUCNNGT(TGKJGKVGP<br />

FGU)GUGV\GUXGTNWUVKIGTMN¼TGPWPFCNNKJT*CDWPF)WV\WO'THC²FGU<br />

WPGPFNKEJGP 4CWDGPU 2N×PFGTPU WPF FGT -TKGIUMQUVGP UGSWGUVTKGTGP<br />

+EJGTVGKNGFGO*GTTP)GPGTCNFKGRQUKVKXG9GKUWPIFKGXQT\×INKEJGP<br />

.GKVGT FGU U¼EJUKUEJGP #WHTWJTU CTTGVKGTGP \W NCUUGP WPF UGNDG FGO<br />

4GIKGTWPIU%QOOKUU¼T %UP[K \W ×DGTNKGHGTP OKV FGT 9GKUWPI FC²<br />

UGNDG CNU )GKUGNP H×T FKG CNUDCNFKIG 'PVHGTPWPI FGT 4WUUGP WPF<br />

HTKGFNKEJGU8GTJCNVGPKJTGT/KVD×TIGTFKGPGPUQNNGPWPFHCNNUFKG4WUUGP<br />

UKEJ PKEJV CNUQINGKEJ CWU FGO .CPFG GPVHGTPGP QFGT FKG OKPFGUVG<br />

9KFGTUGV\NKEJMGKV WPVGT FGP 5CEJUGP UKEJ QHHGPDCTV YGTFGP UGNDG CNU<br />

FGU ¼TIUVGP .CPFGUXGTTCVU UEJWNFKI XQT GKP -TKGIUIGTKEJV IGUVGNNV WPF<br />

WPCDYGKUNKEJ OKV FGO 6QFG DGUVTCHVR &KGUGT 9GKUWPI -QUUWVJU<br />

UEJGPMVG$GOMGKPG#WHOGTMUCOMGKVPQEJFGO$GHGJNQ*GTOCPPUVCFV<br />

FGO 'TFDQFGP INGKEJ \W OCEJGPR 1DGTUV -KUU GTMN¼TVG GT Q+EJ JCDG<br />

GKPG 5VCFV GTQDGTV WPF YKNN CWEJ GKPG 5VCFV DGJCWRVGP MGKPGP 5EJWVV<br />

WPF6T×OOGTJCWHGPR <br />

#O/¼T\DGICDUKEJ-TQPUVCFVHTGKYKNNKIKPFKG*¼PFG<br />

$GOU+PUGKPGTNGV\VGP0WOOGTXQTFGO'KPUVGNNGPUGKPGU'TUEJGKPGPU<br />

/¼T\×DGTPCJOFCUQ9QEJGPDNCVVR$GOU2TQMNCOCVKQPQ'PFNKEJ<br />

KUVPCEJUQXKGNGP&TCPIUCNGPFGTIN×EMNKEJGWPFITQ²G6CIGTUEJKGPGP<br />

CP YGNEJGO KEJ GWEJ OKV YCJTGT (TGWFG XGTM×PFGP MCPP FC² FGT<br />

IGOGKPUEJCHVNKEJG (GKPF FCU TWUUKUEJG WPF ÑUVGTTGKEJKUEJG /KNKV¼T<br />

DGUKGIVWPFKPFKG9CNCEJGKGPVHNQJGPFC²FGT(TKGFGKOICP\GP.CPFG<br />

GTM¼ORHV UGKR $GO DGHCJN H×T FGP HQNIGPFGP 5QPPVCI HGKGTNKEJG<br />

&CPMIGDGVG XQO #NVCT CNNGT 4GNKIKQPUMWNVG &CU8QNMUQNNVG\WUGKPGP<br />

(T6GWVUEJ)GUEJKEJVG5<br />

%)ÑNNPGTCC15

IGYÑJPNKEJGP $GUEJ¼HVKIWPIGP \WT×EMMGJTGP WPF UKEJ QWPVGT FGP<br />

5GIPWPIGP FGU (TKGFGPU WPF FGT D×TIGTNKEJGP (TGKJGKVGPR GTJQNGP<br />

Q$GYQJPGT 5KGDGPD×TIGPU 'TYCEJV GKPOCN CWU FGO GWTG 5KPPG<br />

XGTT×EMGPFGP6CWOGNOKVYGNEJGOGWEJGKPGIGYKUUGPNQUG5EJNCWJGKV<br />

WOUVTKEMVJKGNVGTUEJTGEMVXQTFGT)GPQUUGPUEJCHVFGT4WUUGPUQYKG<br />

ICP\'WTQRCFCT×DGTGTUEJTQEMGPKUVWPFOCEJVGKPOCN)GDTCWEJXQP<br />

FGP EQPUVKVWVKQPGNNGP 9QJNVCVGP YGNEJG GWEJ FKG HTGKUKPPKIUVG CNNGT<br />

4GIKGTWPIGP FKG WPICTKUEJG DKGVGV /CI[CTGP 5CEJUGP WPF<br />

4QO¼PGP TGKEJV GWEJ DT×FGTNKEJ FKG *¼PFG XGTDCPPV LGFGP<br />

0CVKQPCNJC²WPFYGTFGVIN×EMNKEJ-TQPUVCFVCO/¼T\R <br />

,QJCPP )ÑVV ¼PFGTVG FGP 6KVGN UGKPGU *CWRVDNCVVGU KP<br />

Q-TQPUV¼FVGT

1GUVTGKEJGTR 'PFGFGU/QPCVUCDGTOCEJVGFKGQ-TQPUV¼FVGT

4GXQNWVKQPKPFGPRQNPKUEJGP)GDKGVGP\WXGTJKPFGTP$GO&GODKPUMK<br />

WPF CPFGTG KP 5KGDGPD×TIGP VGKNPGJOGPFGP QRQNPKUEJGP 'OKITKTVGPR<br />

¼W²GTVGP GKPGP WPIN×EMUGNKIGP 'KPHNW² &CU UKGDGPD×TIKUEJG $GKURKGN<br />

YKTMVGUKEJPGICVKXCWHFKG4WJGKPFGP&QPCWH×TUVGPV×OGTPCWUFKG<br />

4W²NCPFKO'KPXGTPGJOGPOKVFGT6×TMGK\WYCJTGPDGUVTGDVUGK&GT<br />

6ÑT\DWTI OKV /CPP $CVCKNNQPU +PHCPVGTKG 'UMCFTQPGP<br />

TGIGNO¼²KIG 4GKVGTGK WPTGIGNO¼²KIG -QUCMGPMQORCIPKGP <br />

-CPQPGPGKP<br />

#WU FGT $WMQYKPC FTCPIGP FWTEJ $KUVTKV\ FKG )GPGT¼NG<br />

)TQVGPJKGNO WPF 2CXNQX OKV GKPGO 5VCPF XQP /CPP +PHCPVGTKG<br />

WPF /CPP -CXCNNGTKG 'UMCFTQPGP 4GKVGTGK 'UMCFTQP<br />

-QUCMGP)GUEJ×V\GPGKP+JPGPUVGNNVGPUKEJFKGXQP1DGTUV7TDCP<br />

CPIGH×JTVGP/CPPOKV-CPQPGP\WT5GKVG<br />

2WEJPGTU #TOGG JCVVG UKEJ \W /CPP GTI¼P\V <br />

$CVCKNNQPG +PHCPVGTKG 'UMCFTQPGP -CXCNNGTKG -CPQPGP <br />

$CVVGTKG 4CMGVGP &KG )GUCOVCP\CJN FGT H×T FKG 4×EMGTQDGTWPI<br />

5KGDGPD×TIGPU DGUVKOOVGP 6TWRRGP DGVTWI /CPP WPF <br />

)GUEJ×V\G<br />

&KG4GXQNWVKQPUCTOGGUGV\VGUKEJ#PHCPI,WPKCWU<br />

/CPP+PHCPVGTKG/CPP-CXCNNGTKG)GUEJ×V\GP\WUCOOGP\W<br />

FGPGP FKG KP FGP NGV\VGP /QPCVGP TGMTWVKGTVGP .CP\GPYGTHGT<br />

JKP\WMCOGP$CTK/KWFGTFKG

&KG Q-TQPUV¼FVGT

+PGKPGT8GTQTFPWPIXQO,WNKOCEJVGFGT1DGTUVWPFMM<br />

-QOOKUU¼T (TCP\ XQP &QTUPGT FKG CNNIGOGKPG 'PVYCHHPWPI FKG<br />

'PVHGTPWPI CNNGT XQP FGT TGXQNWVKQP¼TGP 4GIKGTWPI IGVTQHHGPGP<br />

8GTH×IWPIGP FKG $GUEJNCIPCJOG FGT WPICTKUEJGP $CPMPQVGP UQYKG<br />

FKG #WHJGDWPI FGT FKG 5WRTGOCVKG FGT WPICTKUEJGP 5RTCEJG<br />

DGIT×PFGPFGP )GUGV\G KP $G\KTMGP OKV IGOKUEJVGT $GXÑNMGTWPI<br />

DGMCPPV &KG ÑUVGTTGKEJKUEJG 4GIKGTWPI GTMCPPVG FKG #WHJGDWPI FGT<br />

7TDCTKCNNGKUVWPIGPWPF(TQPFKGPUVGCP #PJCPI&QM0T<br />

)GPGTCN.GWVPCPV XQP *CUHQTF -QOOCPFCPV FGT TWUUKUEJGP<br />

6TWRRGPKP-TQPUVCFVXGTUKEJGTVGCO,WNKFKGHTKGFNKEJGP$GYQJPGT<br />

5KGDGPD×TIGPU UGKPGU 5EJWV\GU CPFGTGTUGKVU MQPPVGP FKG 4WJGUVÑTGT<br />

WPF#WHYKGINGTUQYKGQFKGIGJGKOGP#IGPVGPFGT4GDGNNGPR×DGT\GWIV<br />

UGKP FC² UKG FGO 5VCPFIGTKEJVG WPF FGT XGTFKGPVGP 5VTCHG<br />

×DGTCPVYQTVGVUGKPYGTFGP <br />

#OUGNDGP6CIGYWTFG4GRUXQPFGP4WUUGPDGUGV\V<br />

#O,WNKITKHH$GO.×FGTUWPXGTOWVGVCP&GT-CORHHCPF<br />

\YKUEJGP 5EJ¼²DWTI WPF 9GK²MKTEJ UVCVV 'KPG -CPQPGPMWIGN VÑVGVG<br />

)GPGTCN 5MCTKCVKP $GO UEJTKVV \W GKPGO $CLQPGVVCPITKHH CWH FKG<br />

TWUUKUEJG +PHCPVGTKG .×FGTU DGQTFPGVG GKPGP )GIGPCPITKHH UGKPGT<br />

7NCPGP $GK 9GK²MKTEJ UVCTDGP FGT 2WDNK\KUV #PVQP -WT\ WPF FGT<br />

&KEJVGT 5PFQT 2GVÑHK DGKFG CNU $GOU #FLWVCPVGP .GV\VGTGT YWTFG<br />

DGUKGIV<br />

$GO GKNVG PCEJ *GTOCPPUVCFV FCU GT GTPGWV CO #WIWUV<br />

DGUGV\VG#O#WIWUVUVCPFCWEJ.×FGTUOKVUGKPGP4WUUGPCWHFGT<br />

*ÑJGXQP)TQ²UEJGWGTPKPFGT0¼JGFGT5VCFV$GKO8QTT×EMGPFGT<br />

4WUUGPUQNN$GOIGUCIVJCDGPQ&CMQOOVOGKPCNVGT(TGWPF.×FGTU<br />

'T YCT KP FGT 5EJWNG KOOGT XQT OKT GT YKTF OKEJ CWEJ JGWVG<br />

×DGTYKPFGPR 6GWVUEJ MQOOGPVKGTV &KG GJGOCNKIGP TWUUKUEJGP<br />

5EJWNMCOGTCFGPVTCHGPUKEJ\WONGV\VGPOCNKP5KGDGPD×TIGP$GOMCO<br />

OKVFGO.GDGPFCXQPWPFHNQJPCEJ6GOGUYCT <br />

&GT Q5KGDGPD×TIGT $QVGR DGTKEJVGVG MCWO ×DGT FKG FTKVVG<br />

5EJNCEJV DGK *GTOCPPUVCFV 'T XGTVGKFKIVG DNQ² UGKPG $×TIGT &KG<br />

*GTOCPPUV¼FVGT 5CEJUGP J¼VVGP Y¼JTGPF FGU QOÑTFGTKUEJGP<br />

5VTC²GPMCORHGURXQO#WIWUVFGP7PICTPMGKPG*KNHGIGNGKUVGVWPF<br />

J¼VVGP CWEJ MGKPG 4WUUGP GTUEJQUUGP 7PCPIGPGJOG8QTH¼NNGICDGP<br />

#PNC² \W

4WO¼PGJ¼VVGTWUUKUEJGP5QNFCVGPGTMN¼TVFC²FKG*GTOCPPUV¼FVGTCWH<br />

FKG M¼ORHGPFGP 4WUUGP CWU FGP (GPUVGTP IGUEJQUUGP WPF UKGFGPFGU<br />

9CUUGTWPF©N×DGTUKGIGIQUUGPJ¼VVGP+PFGPTWO¼PKUEJGP&ÑTHGTP<br />

\W *GTOCPPUVCFV J¼VVGP GKPKIG 2QRGP FKG 4WUUGP IGIGP FKG<br />

*GTOCPPUV¼FVGT CWHIGJGV\V 'KP UQNEJGT Q#RQUVGN FGU 8ÑNMGTJCUUGUR<br />

YWTFG HGUVIGPQOOGP &KG 4GFCMVKQP FGT

#TVJWT)ÑTIGKYWTFGUQHQTVDGIPCFKIV(×TKJPJCVVGFGT

XGTJCPFGNP &KG )T¼HKP GORHKPI KJP KP )GO¼²JGKV KJTGT 9×TFG 5KG<br />

DGTKGH CWEJ CPFGTG QOCI[CTKUEJG &COGPR 2CXNQX WPF CPFGTG<br />

TWUUKUEJG 1HHK\KGTG PCJOGP CP \CJNTGKEJGP UQNEJGP -NCWUGPDWTIGT<br />

6GGCDGPFGPVGKN <br />

&GTTWUUKUEJG-QOOCPFCPVXQP-TQPUVCFV(/.XQP*CUHQTF<br />

NKG² CO 1MVQDGT CWH FGT 5RKV\G FGT

5VCCVGP#WUUGKPGO#PVTKGDGPVUVCPFCWEJFKGTWUUKUEJÑUVGTTGKEJKUEJG<br />

/KNKV¼TMQNNCDQTCVKQP<br />

&KG 'TGKIPKUUG KO (GDTWCT UVGNNVGP FCU 8QTURKGN FGT<br />

,WPKKPVGTXGPVKQP FCT &CU ÑUVGTTGKEJKUEJG -CDKPGVV YKGU PQEJ #PHCPI<br />

GKPG ÑHHGPVNKEJG DGYCHHPGVG *KNHG UGKVGPU 4W²NCPF CD ,GFQEJ<br />

YCPFVG UKEJ FGT MQOOCPFKGTGPFG )GPGTCN FGT MCKUGTNKEJGP 6TWRRGP<br />

CWU 5KGDGPD×TIGP 2WEJPGT CP .×FGTU -QOOCPFCPV FGT TWUUKUEJGP<br />

6TWRRGPKPFGT9CNCEJGK(GDTWCT&CUWPIGH¼JT/CPP<br />

UVCTMG TWUUKUEJG /KNKV¼T YGNEJGU FKG 8GTVGKFKIWPI XQP *GTOCPPUVCFV<br />

WPF-TQPUVCFVDGUQTIGPUQNNVG\QIUKEJPWTGKPGP/QPCVUR¼VGTU×FNKEJ<br />

FGT -CTRCVGP \WT×EM /¼T\ 1DYQJN GTHQNINQU DGFKGPVG UKEJ<br />

2WEJPGT FGT

*GTTUEJCHV /¼T\ ,WNK CPVKTWUUKUEJ WPF PCEJ FGT<br />

9KGFGTGKPUGV\WPI FGT ÑUVGTTGKEJKUEJGP 4GIKGTWPI ,WNK 0QXGODGT<br />

RTQTWUUKUEJ

.KDGTCNKUOWUWPF-QPUGTXCVKUOWU'KP9GVVUVTGKV<br />

/KVGKPGO¯DGTDNKEMCWHFGPFGWVUEJGP<br />

WPFÑUVGTTGKEJKUEJGP.KDGTCNKUOWU<br />

<br />

<br />

<br />

<br />

&GT .KDGTCNKUOWU CNU RQNKVKUEJG 6JGQTKG WPF *CPFNWPI<br />

GPVUVCPFKP/KVVGNGWTQRCKPFGTGTUVGP*¼NHVGFGU,J&KGNKDGTCNGP<br />

'PE[ENQRGFKC$TKVCPPKEC9KNNKCO$GPVQP2WDNKUJGT%JKMCIQ.QPFQP6QTQPVQ<br />

$F5FGHKPKGTVFGP.KDGTCNKUOWUCNUQ)NCWDGP2JKNQUQRJKGWPF$GYGIWPI<br />

YGNEJG FKG (TGKGJGKV CNU 4GIKGTWPIUOKVVGN WPF HQTO CNU QTICPKUCVQTKUEJGU 2TKP\KR<br />

FGT )GUGNNUEJCHV WPF CNU .GDGPUYGKUG H×T FCU +PFKXKFWWO WPF FKG )GOGKPUEJCHV<br />

HÑTFGTPR /CP DGVTCEJVGV FKG (TGKJGKV CNU QGKPGP FGT ITQ²GP HTWEJVXQNNGP WPF<br />

TGXQNWVKQP¼TGP )GFCPMGP FGT 9GNVIGUEJKEJVGR &KGUGNDG 'P\[MNQR¼FKG N¼²V GKPG<br />

&GHKPKVKQPFGU-QPUGTXCVKUOWUCNUGKIGPUV¼PFKIGRQNKVKUEJG&QMVTKPXGTOKUUGPWPF<br />

DGUEJT¼PMVUKEJDNQ²CWHFKG$GURTGEJWPIFGT-QPUGTXCVKXGP2CTVGK6QTTKGUKP<br />

'PINCPF<br />

#WUFGT/CUUGFGTFKGRQNKVKUEJGP&QMVTKPGPDGJCPFGNPFGP9GTMGJCDGP<br />

YKT PQEJ GKPG &GHKPKVKQP CWUIGY¼JNV 'KP )JKF FG KFGK RQNKVKEG 9GIYGKUGT FGT<br />

RQNKVKUEJGP+FGGP*I/KJCGNCWPF#FTKCP/KTQP8GTNCI2CP6GTTC$WMCTGUV<br />

5UEJTGKDV&GTOQFGTPG.KDGTCNKUOWUHCPFWPVGTUEJKGFNKEJG'TUEJGKPWPIGP<br />

&KG 4GXQNWVKQP KP #OGTKMC UGV\VG GKPGP TGRWDNKMCPKUEJGP .KDGTCNKUOWU FWTEJ &KG<br />

HTCP\ÑUKUEJG 4GXQNWVKQP DTCEJVG NKDGTCNG CDGT CWEJ FGOQMTCVKUEJG PCVKQPCNKUVKUEJG<br />

WPFUQ\KCNKUVKUEJG)GFCPMGPOKVUKEJ+O$KNFWPIURTQ\G²FGTGKPJGKVNKEJGP5VCCVGP<br />

KP +VCNKGP WPF &GWVUEJNCPF YKFGTUGV\VGP UKEJ FKG 8GTVTGVGT FGU .KDGTCNKUOWU FGT<br />

+FGGPXGTDTGKVGVGPUKEJCNNO¼JNKEJPCEJ1UVGPYQUKGOKVURG\KHKUEJGP<br />

#M\GPVGP IGIGP /KVVG FGU ,CJTJWPFGTVU 5KGDGPD×TIGP GTTGKEJVGP<br />

5QYQJN FGT -QPUGTXCVKUOWU CNU CWEJ FGT -QOOWPKUOWU FGHKPKGTVGP<br />

UKEJCWUFGO)GIGPUCV\\WO.KDGTCNKUOWU+O7PVGTUEJKGF\WT0GWGP<br />

9GNV\W'PINCPFWPF(TCPMTGKEJMCPPFGT.KDGTCNKUOWUKP/KVVGNWPF<br />

1UVGWTQRC KP FKGUGT

-QPUGTXCVKUOWUFGT4GCMVKQPCPINGKEJVKPU5EJYCPMGPDTKPIGP8QO<br />

5VCPFRWPMVFGT)GUEJKEJVGQUQYKGUKGGKIGPVNKEJIGYGUGPKUVR4CPMG<br />

DNGKDV GKPG UQNEJG 5KEJVYGKUG WPXQNNUV¼PFKI WPF OCPEJOCN CWEJ<br />

WPTKEJVKI<br />

<br />

&KG #PH¼PIG FGT NKDGTCNGP $GYGIWPI KP &GWVUEJNCPF FGT<br />

UQIGPCPPVG (T×JNKDGTCNKUOWU YWTFGP WO IGNGIV &GO<br />

RQNKVKUEJGP.KDGTCNKUOWUIKPIFKG4QOCPVKMKPFGT.KVGTCVWTXQTCP+P<br />

FGT &KEJVMWPUV 2QGUKG GPVYKEMGNVG UKEJ FKG 5VTÑOWPI FGU Q,WPIGP<br />

&GWVUEJNCPFR FKG FGP -CORH IGIGP FKG CPCEJTQPKUEJGP<br />

#PUEJCWWPIGP WPF FKG OKVVGNCNVGTNKEJGP

#WHNCIG YWTFG KP $¼PFGP \YKUEJGP WPF IGFTWEMV &KG<br />

FTKVVGD¼PFKIG#WHNCIGMCO\WUVCPFG<br />

&KG JKGT GTMN¼TVGP $GITKHHG UKPF XQP JQJGT $GFGWVWPI FC GU<br />

UKEJ WO FCU FGP VJGQTGVKUEJGP )TWPFU¼V\GP FGU .KDGTCNKUOWU<br />

IGYKFOGVG JÑEJUVG YKUUGPUEJCHVNKEJG 9GTM FGU FGWVUEJURTCEJKIGP<br />

4CWOGU JCPFGNV +P 4QVVGEMU /GKPWPI DKNFGVG FKG MQPUVKVWVKQPGNNG<br />

/QPCTEJKG FKG KFGCNG 5VCCVUHQTO &CU 0CVWTTGEJV WPF FGT<br />

)GUGNNUEJCHVUXGTVTCI H×T FKG 5KEJGTWPI FGU /GPUEJGPTGEJVU YWTFGP<br />

CWUIGTWHGP &GT )GUCOVYKNNGP YWTFG JÑJGT IGUVGNNV CNU FGT<br />

'KIGPYKNNGP &KG #WHICDG FGU 5VCCVGU YCT FKG )GY¼JTWPI FGU<br />

4GEJVU\WUVCPFGU WPF FGT 5KEJGTJGKV -KTEJG WPF 5EJWNG JCVVGP FGT<br />

5VCCVUCWHUKEJV \W WPVGTUVGJGP &CU 4GEJV CWH $KNFWPI YCT GKP<br />

UGNDUVXGTUV¼PFNKEJGT 6GKN FGT RGTUÑPNKEJGP (TGKJGKV &GT *CWRVYGTV<br />

FGOUKEJCNNGCPFGTGPWPVGTQTFPGVGPDKNFGVGFKGQ8QNMUUQWXGTCPKV¼VR<br />

+P9GNEMGTU#WHHCUUWPIUVGNNVGFGT5VCCVGKPNGDGPFKIGU)CP\GU<br />

FCT &KG 5VWHGP FGT 5VCCVUGPVYKEMNWPI GPVURTCEJGP LGPGP FGU<br />

/GPUEJGPNGDGPU 9GNEMGT WPVGTUEJKGF XKGT 2GTKQFGP FKGUGT RCTCNNGNGP<br />

'PVYKEMNWPI &KG GTUVG FCU -GKOGP WPF 9CEJUGP FGU 5VCCVGU<br />

GPVURTCEJFGT-KPFJGKV&KG\YGKVGFCU'TDN×JGPFGU5VCCVGUGTKPPGTVG<br />

CPFCU,×PINKPIUCNVGT&CU4GKHGPFGU5VCCVGUYCTFGO/CPPGUCNVGTFCU<br />

Q

,G OGJT KP FGP XKGT\KIGT ,CJTGP FGT .KDGTCNKUOWU CP $QFGP<br />

IGYCPP YWTFG GT CWU GKPGT 1RRQUKVKQPURCTVGK \W GKPGT<br />

4GIKGTWPIURCTVGKHKGNFKG*GTTUEJCHVFGT.KDGTCNGP2CTVGK\W<br />

&CDGK YCPFGNVG UKEJ FCU 5VCCVUNGZKMQP CWU GKPGO Q-CVGEJKUOWU GKPGT<br />

QRRQUKVKQPGNNGPKPFCU$GMGPPVPKUGKPGTTGIKGTGPFGP2CTVGKR'U¼W²GTVG<br />

GKPGPMN¼TGPFGP'KPHNW²WPFGKPGITQ²G9KTMWPICWHFKG4GXQNWVKQP<br />

'UICNVQKPYGKVGO-TGKUGHCUVCNUGKPRQNKVKUEJGU1TCMGNR/CPDGTKEJVGV<br />

FC² KP FGT MQPUVKVWKGTGPFGP FGWVUEJGP 0CVKQPCNXGTUCOONWPI FCU<br />

.GZKMQP QDGKPCJG KP LGFGU #DIGQTFPGVGP *CPF YCTR WPF UGKP +PJCNV<br />

DGK FGP &GDCVVGP ×DGT FKG Q)TWPFTGEJVGR QHV YÑTVNKEJ XQP FGT<br />

4GFPGTD×JPGNCWVYWTFG <br />

+P FKGUGT

5KGDGPD×TIGP -QTTGURQPFGP\GP XQP FGP U¼EJUKUEJGP 2WDNK\KUVGP<br />

#PVQP-WT\(TKGFTKEJ5EJTGKDGT&CPKGN4QVJ <br />

&GWVUEJNCPF YCT GKP $WPF XQP UGNDUVUV¼PFKIGP<br />

.¼PFGTP FCTWPVGT /QPCTEJKGP FCXQP \YGK )TQ²O¼EJVG &KG<br />

4GHQTOKUVGP YQNNVGP CWU GKPGO 5VCCVGPDWPF GKPGP GKP\KIGP<br />

$WPFGUUVCCVOCEJGP&CFGT$WPFGUVCICNUCDIGNGDVICNVYQNNVGPUKG<br />

GKP XQO 8QNM IGY¼JNVGU WPF CNU 8GTVTGVWPI FGU 8QNMGU IGNVGPFGU<br />

2CTNCOGPVJCDGP <br />

#O/¼T\DTCEJFKG4GXQNVGKP$GTNKPCWU7PVGTFGO<br />

&TWEM FGT 8QNMUOCUUGP WPF FGT $×TIGTFGRWVCVKQPGP DGYKNNKIVG<br />

(TKGFTKEJ 9KNJGNO +8 FGT FGP 6JTQP XQP 2TGW²GP DGUVKGIGP<br />

JCVVG FKG 'KPDGTWHWPI FGU 8GTGKPKIVGP .CPFVCIU WPF GKPGU CWU<br />

4JGKPNKDGTCNGP %CORJCWUGP *CPUGOCPP \WUCOOGPIGUGV\VGP<br />

/KPKUVGTKWOU&TGK6CIGUR¼VGT\QIFGT-ÑPKIUGKP/KNKV¼T\WT×EMWPF<br />

TKEJVGVG FKG DGT×JOVGP )TW²YQTVG CP UGKPG Q.KGDGP $GTNKPGTR GT<br />

GTMN¼TVGUKEJDGTGKVCPFGT8GTGKPKIWPI&GWVUEJNCPFUOKV\WYKTMGPWPF<br />

2TGW²GPKP&GWVUEJNCPFCWHNÑUGP\WNCUUGP#WEJKPCPFGTGPFGWVUEJGP<br />

.¼PFGTP YWTFGP FKG (×JTGT FGT NKDGTCNGP 1RRQUKVKQP KP /KPKUVGTKGP<br />

DGTWHGP4ÑOGTKP9×TVVGODGTI9KRRGTOCPPKP-WTJGUUGP5V×XGKP<br />

*CPQXGT*GKPTKEJXQP)CIGTPKP*GUUGP&CTOUVCFV+P$C[GTPHCPF<br />

GKP 6JTQPYGEJUGN UVCVV &GT XQP .QNC /QPVG\ MQORTQOKVVKGTVG -ÑPKI<br />

.WFYKIFCPMVG\WIWPUVGPUGKPGU5QJPU/CZKOKNKCP++CD<br />

+O 5×FYGUVGP &GWVUEJNCPFU DGHCPF UKEJ FKG NKDGTCNG 2CTVGK CP FGT<br />

(×JTWPIFGT4GXQNWVKQPUDGYGIWPI<br />

#O /¼T\ HCPF KP *GKFGNDGTI FKG DGT×JOVG<br />

RTQITCOOCVKUEJG 8GTUCOONWPI FGT .KDGTCNGP WPF #MCFGOKMGT UVCVV<br />

YGNEJG FKG 'KPDGTWHWPI GKPGU 8QTRCTNCOGPVU KP (TCPMHWTV C/ \WT<br />

8QTDGTGKVWPI GKPGT XGTHCUUWPIUIGDGPFGP FGWVUEJGP<br />

0CVKQPCNXGTUCOONWPIDGUEJNQ²<br />

&CU8QTRCTNCOGPVVCIVGKPFGT2CWNUMKTEJG\W(TCPMHWTVC/<br />

\YKUEJGP FGO /¼T\ WPF FGO #RTKN &GP 8QTUKV\ H×JTVG<br />

2TQHGUUQT/KVVGNOGKGTCWU*GKFGNDGTI&KG/GJTJGKVFGT8GTVTGVGTFKG<br />

MQPUVKVWVKQPGNNOQPCTEJKUVKUEJG5[ORCVJKGPJGIVGPDGUEJNQ²KO/QPCV<br />

/CK \W 9CJNGP \WT XGTHCUUWPIUIGDGPFGP 0CVKQPCNXGTUCOONWPI \W<br />

UEJTGKVGP &KG 0CVKQPCNXGTUCOONWPIJCVVGFKGPGWG4GKEJUXGTHCUUWPI<br />

\WDGTCVGPWPFUQNNVGUKEJCWU#DIGQTFPGVGP\WUCOOGPUGV\GPYGNEJG<br />

)TKIQTG 2NQG)VGCPW +OCIKPGC /âTKNQT TQO¸PG ÉP #NNIGOGKPG

FWTEJFKTGMVGINGKEJGWPFCNNIGOGKPG9CJNGPIGY¼JNVYGTFGPUQNNVGP<br />

'KP GT #WUUEJW² UQNNVG FKG ¯DGTYCEJWPI FGT IGHC²VGP $GUEJN×UUG<br />

WPF KJTGT IGPCWGP &WTEJH×JTWPI UGKVGPU FGT 4GIKGTWPIGP GKP\GNPGT<br />

FGWVUEJGP.¼PFGTPUKEJGTP<br />

&KGXQP*GEMGTWPF5VTWXGIGH×JTVGTCFKMCNGTGRWDNKMCPKUEJG<br />

2CTVGK XGTNKG² JÑEJUV WP\WHTKGFGP FKG 5VCFV &KG TGRWDNKMCPKUEJGP<br />

(TGKYKNNKIGP YWTFGP KO )GHGEJV DGK -CPFGTP XQP GKPGO WPVGT FGO<br />

-QOOCPFQFGUIGO¼²KIVGP.KDGTCNGP(TKGFTKEJXQP)CIGTPUVGJGPFGP<br />

-QTRUCWU*GUUGP&CTOCUVCFVDGUKGIV<br />

#O/CKYWTFGFKGFGWVUEJG0CVKQPCNXGTUCOONWPIKPFGT<br />

(TCPMHWTVGT2CWNUMKTEJGGTÑHHPGV&CDGKYCTGP8GTVTGVGTCPYGUGPF<br />

5QYQJNFKG4GRWDNKMCPGTCNUCWEJFKGQ4GCMVKQP¼TGRDGHCPFGPUKEJKP<br />

FGT /KPFGTJGKV FKG /GJTJGKV DKNFGVGP FKG .KDGTCNGP &CU 2CTNCOGPV<br />

Y¼JNVG FGP 'T\JGT\QI ,QJCPP XQP ©UVGTTGKEJ CNU 4GKEJUXGTYGUGT <br />

,WPK&GTUKEJCWHNÑUGPFG$WPFGUVCI×DGTVTWIFGO4GKEJUXGTYGUGTFKG<br />

/CEJVCO,WNK<br />

&KG (TCPMHWTVGT 0CVKQPCNXGTUCOONWPI DGJCPFGNVG<br />

ITWPFU¼V\NKEJG(TCIGPKO

&CU NGFKINKEJ /CPP \¼JNGPFG 4WORHRCTNCOGPV \QI PCEJ<br />

5VWVVICTVWO,WPK&KG5VCFVDGJÑTFGPLCIVGPFCU4WORHRCTNCOGPV<br />

CDGTFWTEJY×TVVGODGTIKUEJG(W²WPF4GKVGTVTWRRGPCO,WPK<br />

CWUGKPCPFGT 'U DGFGWVGVG FCU 'PFG FGT FGWVUEJGP 0CVKQPCN<br />

XGTUCOONWPI <br />

<br />

+O 7PVGTUEJKGF \WT 8KGNHCNV FGT FGWVUEJGP -NGKPUVCCVGP OKV<br />

#WUPCJOG2TGW²GPUDGMNGKFGVG©UVGTTGKEJFGP4CPIGKPGTXQPGKPGO<br />

DGT×JOVGP -CKUGTJCWU IGH×JTVGP )TQ²OCEJV &KG &GWVUEJGP UGV\VGP<br />

UKEJ H×T RQNKVKUEJG

9¼JTGPF©UVGTTGKEJKPUGKPGT#W²GPRQNKVKMDNQ²FKG#WHTGEJVGTJCNVWPI<br />

FGU(TKGFGPUWPFFGU5VCVWUSWQXGTHQNIVGFCGU\WGKPGT\WN¼PINKEJGP<br />

6GTTKVQTKCNGZRCPUKQP IGNCPIV YCT WPF /GVVGTPKEJ YCT ¼W²GTUV<br />

IGUEJKEMV KP FGT *GTCWUDKNFWPI GKPGU $×PFPKUPGV\GU UQ PCJO FKG<br />

7P\WHTKGFGPJGKV KPPGTJCND FGU 4GKEJGU HQTVY¼JTGPF \W WO CO<br />

8QTCDGPFFGT4GXQNWVKQPCNNGUQ\KCNGP5EJKEJVGP\WGTHCUUGP<br />

&GT#FGNXGTYGKIGTVGFKG\GPVTCNKUKGTVGD×TQMTCVKUEJG-QPVTQNNG<br />

WPF Y×PUEJVG UKEJ GKPG 2TQXKP\KCNCWVQPQOKG &KG D×TIGTNKEJGP<br />

/KVVGNMNCUUGP YQNNVGP GKPGP \GPVTCNKUKGTVGP WPF NKDGTCNGP<br />

2CTNCOGPVUUVCCVFGWVUEJGT2T¼IWPIJCDGP&KG.CIGFGT$CWGTPUEJCHV<br />

YCTFWTEJFKGCPFCWGTPFG(TQPJGTTUEJCHVWPGTVT¼INKEJIGYQTFGPFKG<br />

9KGPGT 2TQNGVCTKGT CDGT JQHHVGP CWH DGUUGTG .GDGPUDGFKPIWPIGP &KG<br />

5VWFGPVGPVT¼WOVGPXQPGKPGTTCFKMCNGP

)TC\ FGT WPVGT FGO NKVGTCTKUEJGP 2UGWFQP[O #PCUVCUKWU )T×P<br />

DGMCPPVKUV+PFGP\YCP\KIGT,CJTGPFGU,JMCOGTKP-QPVCMVOKV<br />

FGT ÑUVGTTGKEJKUEJGP NKDGTCNGP 1RRQUKVKQP 9¼JTGPF UGKPGT 4GKUGP<br />

FWTEJ+VCNKGP'PINCPF(TCPMTGKEJCDGTCWEJPCEJ5EJYCDGP5CEJUGP<br />

6J×TKPIGPQFGTPCEJ.GKR\KIGTYGKVGTVGGTUGKPGPRQNKVKUEJGP*QTK\QPV<br />

'KP DGT×JOVGU &KEJVGTRCCT DKNFGVGP KP 9KGP XQT )T×P WPF<br />

0KMQNCWU .GPCW UGKP IWVGT (TGWPF CWU FGO $CPCV 'KPG GPIG<br />

(TGWPFUEJCHV GPVYKEMGNVG UKEJ UR¼VGT \YKUEJGP #PCUVCUKWU )T×P WPF<br />

*GKPTKEJ *GKPG 0CEJ UGKPGT 'TUVXGTÑHHGPVNKEJWPI FGO )GFKEJVGDCPF<br />

Q5RCT\KGTI¼PIG GKPGU 9KGPGT 2QGVGPR FGTINGKEJ\GKVKICWEJFCU<br />

DGMCPPVGUVG UGKPGT 9GTMG KUV YWTFG FGT &KEJVGT XQT /GVVGTPKEJ<br />

IGTWHGPFGTKJPXQTGKP7NVKOCVWOUVGNNVGGPVYGFGT\WUEJYGKIGPQFGT<br />

FKG /QPCTEJKG \W XGTNCUUGP 'T HN×EJVGVG CWU FGO .CPFG WPF YWTFG<br />

LCJT\GJPVGNCPIXGTHQNIV/KVVNGTYGKNGPCJOGTCPFGTGT4GXQNWVKQP<br />

CNU#DIGQTFPGVGTXQP-TCKPUGKPGT*GKOCVIGIGPFKO2CTNCOGPVUQYKG<br />

CP FGP 5KV\WPIGP FGT FGWVUEJGP 0CVKQPCNXGTUCOONWPI KP FGT<br />

2CWNUMKTEJGVGKN'THTGWPFGVGUKEJGDGPHCNNUOKV'FWCTFXQP$CWGTPHGNF<br />

CPOKVFGUUGP*KNHGGTGKPGPIGYKUUGP'KPHNW²CWHFGP-CKUGTCWU×DGP<br />

MQPPVG WO FKGUGP \WT #PGTMGPPWPI FGT QMVTQ[KGTVGP 8GTHCUUWPI \W<br />

DGYGIGP 0CEJ YCT )T×P YKGFGT KP FGT ÑUVGTTGKEJKUEJGP 2QNKVKM<br />

V¼VKIWPFXGTVTCV-TCKPWPF5VGKGTOCTMKO*GTTGPJCWU <br />

HCPFKP)CNK\KGPFGTGTUVGQHHGPG#WHUVCPFOKVRQNPKUEJGO<br />

%JCTCMVGT UVCVV 7O FKG CWHUV¼PFKUEJGP #FNKIGP PKGFGT\WUEJNCIGP<br />

XGTURTCEJGPFKGMCKUGTNKEJGP$GJÑTFGPFGP$CWGTPFKG#WHJGDWPIFGT<br />

(TQPFKGPUVG CNU )GIGPNGKUVWPI H×T KJTG *KNHG Q5QMCOFGTGTUVG<br />

TGXQNWVKQP¼TG#MVIGTCFGXQPFGT4GIKGTWPIUGNDUVR <br />

#O /¼T\ ICD FKG PKGFGTÑUVGTTGKEJKUEJG<br />

5V¼PFGXGTUCOONWPI FCU 5KIPCN \WT 4GXQNWVKQP KP 9KGP /GVVGTPKEJU<br />

&GOKUUKQPYWTFGGTYKTMVFKG2TGUUGHTGKJGKVXGTM×PFGVFKG(TCIGGKPGT<br />

9QNHI CPI $GWVKP 'KP ÑUVGTTGKEJKUEJGT .KDGTCNGT FGU 8QTO¼T\ &KEJVGT WPF<br />

.KVGTCVWTXGTOKVVNGT KO ,J #PCUVCUKWU )T×P 8QTVTCI CO 5[ORQUKWO<br />

Q&CU$KNF4WO¼PKGPUWPF&GWVUEJNCPFUKO&QPCWTCWOKOWPF,JRQ#XTCO<br />

+CPEWR 7PKXGTUKV¼V -NCWUGPDWTI WPF 7PKXGTUKV¼V .×PGDWTI 1MVQDGT #<br />

)T×PU 9GTM KUV XQTYKGIGPF N[TKUEJ KP *GTFGTU6TCFKVKQP&GT&KEJVGTICDFCU<br />

)GUCOVYGTM WPF GKPG $KQITCRJKG XQP 0KMQNCWU .GPCW KO 0CEJNC² JGTCWU<br />

IGUVQTDGP GT ×DGTUGV\VG UGTDKUEJG WC 8QNMUIGFKEJVG UQYKG GKPG GPINKUEJG<br />

5COONWPIWPVGTFGO6KVGNQ4QDKP*QQFR'TWPVGTUV×V\VGFGPMTCPMGP*GKPG<br />

KP UGKPGP NGV\VGP .GDGPULCJTGP )GTCFG )T×P KUV FGT *GNF FGT 0QXGNNG Q'KP<br />

5R¼VIGDQTPGTR FKG FGT DGT×JOVGUVGP ÑUVGTTGKEJKUEJGP &KEJVGTKP /CTKG XQP 'DPGT<br />

'UEJGPDCEJIGJÑTV<br />

$TKVCPPKEC$F#WUVTKC5

PGWGP 8GTHCUUWPI DGURTQEJGP #WU FGP 4GKJGP FGT #WHUV¼PFKUEJGP<br />

YWTFGGKPG0CVKQPCNICTFGWPFCWULGPGPFGT5VWFGPVGPFGT7PKXGTUKV¼V<br />

FKG #MCFGOKUEJG .GIKQP IGDKNFGV #WU FGP 8GTVTGVGTP FGT DGKFGP<br />

-QTRQTCVKQPGPGPVUVCPFGKP

FCXQP WPF ×DGTPCJO FKG /CEJV CO /CK &GT *QH HN×EJVGVG PCEJ<br />

+PPUDTWEM<br />

©UVGTTGKEJ UEJKEMVG UGKPG #DIGQTFPGVGP \WO (TCPMHWTVGT<br />

2CTNCOGPV 'DGPHCNNU KO /QPCV /CK HCPFGP FKG 9CJNGP H×T FGP<br />

4GKEJUVCI UVCVV 'U ICD GKPG UEJYCEJG $GVGKNKIWPI FGT<br />

/QPCTEJKGFGWVUEJGP CP FGP 9CJNGP 'T\JGT\QI ,QJCPP GTÑHHPGVG FKG<br />

GTUVG 5KV\WPI FGU MQPUVKVWKGTGPFGP 4GKEJUVCIU CO ,WNK &KG<br />

FGWVUEJGP#DIGQTFPGVGPYCTGPKPFGT/KPFGTJGKVKO8GTINGKEJ\WFGP<br />

8GTVTGVGTP FGT ×DTKIGP 0CVKQPCNKV¼VGP FGU *CDUDWTIGTTGKEJGU &GT<br />

2T¼UGU YCT GKP 6UEJGEJG FGT 8KEGRT¼UKFGPV GKP 2QNG 7PVGT FGP<br />

#DIGQTFPGVGPFGT0CVKQPCNKV¼VGPDGHCPFGPUKEJ\CJNTGKEJG$CWGTPFKG<br />

YGFGT UEJTGKDGP WPF NGUGP PQEJ &GWVUEJ URTGEJGP MQPPVGP &GO<br />

4GKEJUVCI IGNCPI GU MCWO UKEJ CWH GKPG 8GTJCPFNWPIUURTCEJG \W<br />

GKPKIGP &KGUG 8KGNXÑNMGTXGTUCOONWPI YKGU FKG KP (TCPMHWTV<br />

DGCPVTCIVG(TCIGFGTFGWVUEJGP'KPJGKVGPVUEJKGFGPCD<br />

#WHFGP8QTUEJNCIFGUTCFKMCNGP5VWFGPVGP-WPFNKEJFGT<br />

GKPGP$CWGTPFKUVTKMVXGTVTCVPCJOFGTMQPUVKVWKGTGPFG4GKEJUVCICO<br />

5GRVGODGTCWEJKP9KGPFCU#ITCTIGUGV\FGT$CWGTPDGHTGKWPICP<br />

&KG #WHJGDWPI FGT (TQPXGTJ¼NVPKUUG YCT XQP FGO WPICTKUEJGP<br />

4GKEJUVCIUEJQPKO#RTKNWPFXQO5KGDGPD×TIGT.CPFVCICO,WPK<br />

CWUIGURTQEJGPYQTFGP-CKUGT(GTFKPCPFDGUV¼VKIVGFCU)GUGV\FWTEJ<br />

FKG 2TQMNCOCVKQP XQO 5GRVGODGT #O 5GRVGODGT GTMN¼TVG FGT<br />

MQPUVKVWKGTGPFG 4GKEJUVCI FKG 2GTOCPGP\ UQ YKG HT×GT FKG \GPVTCNGP<br />

1TICPGFGTHTCP\ÑUKUEJGP4GXQNWVKQP<br />

#O #WIWUV GTJKGNV FGT 1DGTDGHGJNUJCDGT U¼OVNKEJGT<br />

MCKUGTNKEJGP 6TWRRGP 9KPFKUEJITCGV\ GKPG $GXQNNO¼EJVKIWPI MTCHV<br />

FGTGT GT WPDGUEJT¼PMV ×DGT FKG #TOGG LC CWEJ ×DGT FKG<br />

XGT\KEJVGVGP5QOKVUV¼TMVGFGT*QHDCNFUGKPG5VGNNWPIFKGFWTEJFKG<br />

#PJ¼PINKEJMGKV FGT #TOGG UQYKG FGT 8ÑNMGT FGU 4GKEJGU PQEJ HGUVGT<br />

YWTFG +PUDGUQPFGTU FKG 0CVKQPCNKV¼VGP 7PICTPU JCVVGP FGP 9GI FGU<br />

QHHGPGP-CORHGUIGIGPFKGWPICTKUEJG4GXQNWVKQPGKPIGUEJNCIGPWPF<br />

XGTVGKFKIVGP FKG 5CEJG FGT )GUCOVOQPCTEJKG &KG WPICTKUEJGP<br />

TCFKMCNGP .KDGTCNGP YCTGP VCVU¼EJNKEJ GPVUEJNQUUGP UQ\KCNG 4GHQTOGP<br />

WPFKPFKXKFWGNNG$×TIGTTGEJVG\WIGY¼JTGPCPFGTGTUGKVUYCTFKGXQP<br />

KJPGP IGHÑTFGTVG 0CVKQPCNRQNKVKM WPJGKNDTKPIGPF WPF FKGU YGIGP<br />

8GTNGV\WPI FGT 0CVKQPCNTGEJVG FGT ×DTKIGP 8ÑNMGTUEJCHVGP &KG 9CJN<br />

\YKUEJGP FGP /CI[CTKUKGTWPIUVGPFGP\GP WPF FGT 6TGWG \WO<br />

JCDUDWTIKUEJGP *GTTUEJGTJCWU YCT PKEJV UEJYGT FKG RQNKVKUEJGP<br />

(×JTGT FGT KP 7PICTP NGDGPFGP 0CVKQPCNKV¼VGP VTCVGP IGIGP FKG<br />

WPICTKUEJG 4GXQNWVKQP GKP WO KJTG GKIGPGP

IGH×JTVG 4GIKGTWPI NÑUVG CO /¼T\ FGP 4GKEJUVCI CWH DGXQT<br />

FKGUGTFKG#WUCTDGKVWPIFGT8GTHCUUWPIDGGPFGVJCVVG<br />

&KGÑUVGTTGKEJKUEJGQMVTQ[KGTVG8GTHCUUWPIYWTFGCO/¼T\<br />

XGTÑHHGPVNKEJV &KG *CWRVTQNNG KP KJTGT $GCTDGKVWPI MCO FGO<br />

+PPGPOKPKUVGT)TCH5VCFKQP\W&KG8GTHCUUWPIUV¼TMVGFKG4GEJVGFGU<br />

)TQ²D×TIGTVWOU UCJ FKG

PKEJV FKG $GTGKEJGTWPI FGT )T×PFG UQPFGTP (ÑTFGTWPI JWOCPGT<br />

)GPGTCNXGTUCOONWPIGPHCPFGPKP5EJ¼²DWTIKP-TQPUVCFV<br />

KP *GTOCPPUVCFV KP $KUVTKV\ KP /×JNDCEJ KP<br />

)TQ²UEJGPM UVCVV &GP 8QTUVCPF H×JTVG FGT *QHTCV $GFGWU XQP<br />

5EJCTDGTI &CU TQOCPVKUEJG +FGCN FCU FKG $GUVTGDWPIGP FGU 8GTGKPU<br />

DGNGDVG IGJV CO DGUVGP CWU FGO )TW²YQTV FGU UVGNNXGTVTGVGPFGP<br />

8QTUKV\GTU -ÑPKIUTKEJVGT 5EJOKFV IGNGIGPVNKEJ FGT 'TÑHHPWPI FGT<br />

8GTUCOONWPIJGTXQTQ&GT5V¼FVGTTGKEJVFGO&QTHDGYQJPGTFGT<br />

*QEJIGDKNFGVG FGO UEJNKEJVGP (GNFDCWGT FKG *CPF +P FGT<br />

DGUEJGKFGPGP *×VVG FGU .CPFOCPPU YGTFGP FKG KPPKIUVGP<br />

8GTDKPFWPIGP IGUEJNQUUGP FKG YKEJVKIUVGP #PIGNGIGPJGKVGP<br />

DGURTQEJGP WPF WPUTG -KPFGT OGTMGP OKV GDGPUQ DGYGIVGP *GT\GP<br />

YKG KJTG 8¼VGT FC² FKG $GIN×EMWPI WPF #WUDKNFWPI FGU 8QNMGU FCU<br />

IGOGKPUCOG

)GO×VGTWPFGTTGIVGP#WHUGJGPWPF5VGNNWPIPCJOGPFGT$GCOVGPFKG<br />

FCFWTEJ GKPGP &TWEM WPF GKPG )GHCJT GORHCPFGP +O Q5KGDGPD×TIGT<br />

9QEJGPDNCVVRGTUEJKGPGKP#TVKMGN×DGTFKG5×PFGPFGT$×TQMTCVKG<br />

&GT 1TCVQT KP *GTOCPPUVCFV XGTUWEJVG FKG -QOOWPKV¼V \W DGYGIGP<br />

GKPGP2TQ\G²IGIGP)ÑVVCP\WUVTGPIGP

YCTFCUQ'TFÃN[*KTCFÎRQKPFGOFGTWPUKPPKIG*C²FGUWPIGDKNFGVGP<br />

-NGKPCFGNUIGIGPFCU&GWVUEJVWOKPFGT8GTHQNIWPIFGT5CEJUGPUKEJ<br />

XGTMÑTRGTVGR (T 6GWVUEJ &CU #WHVTGVGP FGU U¼EJUKUEJGP<br />

5GNDUVDGYW²VUGKPU YCTGKPG)GIGDGPJGKVLGPGT,CJTGWPFFT×EMVGUKEJ<br />

KPFGTTQOCPVKUEJGP2QGUKGOCPEJGT&KEJVGTYKG,QUGH/CTNKP8GTHCUUGT<br />

FGTQ2QNKVKUEJGP-TGW\\×IGKO5CEJUGPNCPFGRCWU&KG8GTGKPG<br />

WPFFKG2TGUUGFKGPVGPGKPWPFFGTUGNDGP5CEJG<br />

+P FGP GT ,CJTGP HCPF CWEJ FKG #PTGKJWPI FGT 5CEJUGP CP<br />

FGP +FGCNGP FGU &GWVUEJVWOU UVCVV &KG +UQNKGTWPI UEJCFGVG FGO<br />

U¼EJUKUEJGP0CVKQPCNNGDGPYGNEJGUPWTKP¯DGTGKPUVKOOWPIOKVFGO<br />

FGWVUEJGP)GKUVGUNGDGPHQTVIGFGKJGPMQPPVG&KGU¼EJUKUEJG0CVKQPYCT<br />

FKG PCV×TNKEJG 6T¼IGTKP FGU FGWVUEJGP 'NGOGPVU KP5KGDGPD×TIGP&GT<br />

FGWVUEJG )NCWDGP FKG FGWVUEJG 6TGWG WPF FKG 'TJCNVWPI FGU<br />

8QNMUVWOU DKNFGVGP FGP #WUFTWEM FGT

&KG H×JTGPFG 5EJKEJV FGT 5CEJUGP FKG QXQTPGJOG<br />

)GUGNNUEJCHVR DKNFGVGP FKG ,WTKUVGP 5KG YCTGP ×DGTCNN CPYGUGPF KP<br />

5V¼FVGP/¼TMVGP8QTQTVGPFGTMNGKPGTGP5V×JNGUKGMQPPVGPDKUKPFKG<br />

JÑJGTGP -TGKUG JKPCWHTCIGP UQICT )WDGTPKCN WPF *QHT¼VG YGTFGP<br />

*GTOCPPUVCFV DGFGWVGVG FGP )KRHGN KJTGT DGTWHNKEJGP .CWHDCJP KP<br />

5KGDGPD×TIGP$KUFCJKPJCVVGPUKGCNU8GTVGKFKIGTFGT8GTHCUUWPIFCU<br />

9QTVCWHFGP.CPFVCIGPWPFDGK&GRWVCVKQPGPCPFGP*QHIGH×JTVUKG<br />

YCTGP ÑHVGTU 8GTHCUUGT YKUUGPUEJCHVNKEJGT (QTUEJWPIGP &KG PGWG

-TQPUVCFVYCTJKPIGIGPGKPDN×JGPFGU*CPFGNUGORQTKWOYQ<br />

TGKEJG U¼EJUKUEJG $×TIGT WPF -CWHNGWVG NGDVGP 2CVTK\KGTHCOKNKGP YKG<br />

&TCWFV WPF 2NGEMGT DGUGV\VGP \YCT 5EJN×UUGNUVGNNWPIGP KP FGT<br />

5VCFVXGTYCNVWPI CDGT UKG JCVVGP MGKPGP

&KGÑUVGTTGKEJKUEJG8GTHCUUWPIXQO#RTKNDTCEJVGFKG<br />

5VGNNWPI FGT U¼EJUKUEJGP .KDGTCNGP NGKEJV KPU 5EJYCPMGP FC UKG FKG<br />

INGKEJGP 4GEJVG H×T CNNG 0CVKQPCNKV¼VGP FGT )GUCOVOQPCTEJKG XQTUCJ<br />

'KPGUQNEJGCP\KGJGPFG2GTURGMVKXGGTYGEMVGKP5VGRJCP.WFYKI4QVJ<br />

GKP ITѲGTGU 8GTVTCWGP KP GKP UKEJ GTPGWGTPFGU ©UVGTTGKEJ CNU KP FCU<br />

XQO5VWTOFGT4GXQNWVKQPGTITKHHGPG7PICTP4QVJUEJTKGDCO/CK<br />

Q'UKUVYCJTFKG9KGPGT4GIKGTWPIJCVDKUJGTPKEJVHTGKUKPPKITGIKGTGV<br />

YCT GVYC FGT WPICTKUEJG #FGN HTGKUKPPKIGT IGIGP UGKPG 7PVGTVCPGP<br />

QFGTHTGKUKPPKIGTIGIGPFKGLGPKIGPYGNEJGPKEJV/CI[CTGPYCTGP!R <br />

&KG 4GXQNWVKQP DGNGDVG FKG *QHHPWPIGP CWH 'TPGWGTWPIGP<br />

UQYQJNKPFGT/KVVGFGT.KDGTCNGPCNUCWEJDGKFGP-QPUGTXCVKXGP&KG<br />

0CVKQPUWPKXGTKUV¼VJCVVGCO/¼T\FGP$GUEJNW²\WT'TTKEJVWPI<br />

FGT0CVKQPCNICTFG$×TIGTYGJTIGHC²V&KG'KFGUHQTOGNDGKO'KPVTKVV<br />

KPFKG$×TIGTYGJTGPVJKGNVGKPG6TGWGGTMN¼TWPI\WO*CDUDWTIGTJCWU<br />

'KPG XQP FGT 5¼EJUKUEJGP 0CVKQPUWPKXGTUKV¼V GTPCPPVG -QOOKUUKQP<br />

OCEJVG GKPGP 8QTUEJNCI ×DGT FKG Q)TWPFU¼V\NKEJG 4GXKUKQP FGT<br />

/WPKEKRCN8GTHCUUWPIFGT&GWVUEJGPKP5KGDGPD×TIGPR4GHQTOGPFGT<br />

8GTYCNVWPI FGT )GYGTDG FGU 7PVGTTKEJVU YWTFGP DGCPVTCIV &KG<br />

5VWFGPVGPFGT*GTOCPPUV¼FVGT4GEJVUCMCFGOKGHQTFGTVGPKPGKPGTFGO<br />

7PKXGTUKV¼VUUGPCV GKPIGTGKEJVGP &GPMUEJTKHV FKG /QFGTPKUKGTWPI FGT<br />

#PUVCNV <br />

&GTUKGDGPD×TIKUEJG.CPFVCIKP-NCWUGPDWTIUVKOOVGCO<br />

/CKFGT7PKQP5KGDGPD×TIGPUOKV7PICTP\W#O,WPKYWTFGFKG<br />

7PKQPXQO-CKUGTUCPMVKQPKGTV<br />

'KPG U¼EJUKUEJG &GNGICVKQP HWJT PCEJ +PPUDTWEM WO FGO<br />

-CKUGT FKG FKG 7PKQP \WT×EMYGKUGPFG &GPMUEJTKHV XQO ,WPK<br />

GKP\WTGKEJGP FKG &GNGICVKQP YWTFG GPVNCUUGP DGXQT FGT -CKUGT FKG<br />

&GPMUEJTKHV\WT-GPPVPKUIGPQOOGPJCVVG <br />

7PVGT FKGUGP 7OUV¼PFGP KUV FCU +PVGTGUUG FGT 5CEJUGP H×T<br />

&GWVUEJNCPFNGKEJV\WXGTUVGJGP&KG0CVKQPUWPKXGTUKV¼VUCPFVGCO<br />

5VGRJCP.WFYKI4QVJ)GUCOOGNVG5EJTKHVGPWPF$TKGHG*I1VVQ(QNDGTVJ$F&CU<br />

5EJKEMUCN&QMWOGPVGCWUFGP,CJTGP8GTNCI9CNVGTFG)TW[VGT%Q$GTNKP<br />

5<br />

6TCPUUKNXCPKC*GTOCPPUVCFV0T#RTKN5WPF0T/CK<br />

55D8QNMUHTGWPF*GTOCPPUVCFV0T#RTKN5<br />

5CVGNNKV-TQPUVCFV0T/CK5<br />

¯DGT FKG &GPMUEJTKHV FGT 0CVKQPUWPKXGTUKV¼V XQO ,WPK XIN (T 6GWVUEJ<br />

)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGP+++5&KGUGNDG&GPMUEJTKHVKUVCPIGIGDGPKP<br />

3WGNNGP\WT)GUEJKEJVGFGT5KGDGPD×TIGT5CEJUGPIGUCOOGNVWPFDGCTDGKVGVXQP'TPUV<br />

9CIPGT #WHNCIG $ÑJNCW 8GTNCI -ÑNP 9KGP 5 &QEWOGPVG RTKXKPF<br />

TGXQNW/KCFGNCÉP/âTKNGTQO¸PG%6TCPUKNXCPKC$F8++WPVGT&TWEM

,WPKGKPG#FTGUUGCPFKG(TCPMHWTVGT0CVKQPCNXGTUCOONWPI&CTKP<br />

YWTFGFGO)GH×JN#WUFTWEMIGIGDGPFKG5CEJUGPUGKGPOKV5VQN\GKP<br />

)NKGFFGUFGWVUEJGP8QNMGUXQPYGNEJGOUKG*KNHGWPF7PVGTUV×V\WPI<br />

GTYCTVGVGP &GT UKGDGPD×TIKUEJG *QHCIGPV KP 9KGP 5CEJUGPJGKO<br />

UWEJVGGKP\GNPG8GTVTGVGTFGTFGWVUEJGP0CVKQPCNXGTUCOONWPIH×TFKG<br />

5CEJG FGT 5KGDGPD×TIGT 5CEJUGP \W IGYKPPGP &GT $TQQUGT 4GMVQT<br />

(TKGFTKEJ )GNVEJ TGKUVG PCEJ (TCPMHWTV WO GKPG PGWG &GPMUEJTKHV FGT<br />

5¼EJUKUEJGP0CVKQPUWPKXGTUKV¼VKPYGNEJGTFKG$GFKPIWPIGPFGT7PKQP<br />

OKV 7PICTP GPVJCNVGP YCTGP FGO 2CTNCOGPV GKP\WTGKEJGP ,WNK<br />

)GNVEJ FGT KO ,WNK \WO \YGKVGP /CN PCEJ (TCPMHWTV HWJT JKGNV CWEJ<br />

GKPG MWT\G 4GFG XQT FGP FGWVUEJGP #IGQTFPGVGP #WIWUV &CTKP<br />

DGVQPVG GT PQEJ GKPOCN FKG $GTGKVYKNNKIMGKV FGT 5CEJUGP OKV FGP<br />

7PICTPHTKGFNKEJ\WUCOOGP\WNGDGPFQEJFKG)TWPFDGFKPIWPIFCH×T<br />

UGKFKG)GY¼JTNGKUVWPIFGTCNVGPU¼EJUKUEJGP#WVQPQOKG+PFGOGTUKEJ<br />

CWH FKG $GO×JWPIGP FGT 7PICTP KP (TCPMHWTV GKP $×PFPKU OKV<br />

&GWVUEJNCPF \W UEJNKG²GP DG\QI DCV )GNVEJ FKG #DIGQTFPGVGP FKG<br />

5CEJGFGT5CEJUGPKPMGKPGO5VCCVUXGTVTCIQFGTD×PFPKUFCUCWEJCWH<br />

FKG5CEJUGP$G\WIJCDGPMÑPPVG\WXGTIGUUGP&KGUG'PVUGPFWPIJCVVG<br />

MGKPG RTCMVKUEJG $GFGWVWPI #DGT FCFWTEJ MCO FCU )GH×JN FGT<br />

KPPGTGP8GTDWPFGPJGKVFGT5CEJUGPOKVFGOITQ²GP&GWVUEJNCPF\WO<br />

#WUFTWEM <br />

&GT KP /GFKCUEJ IGIT×PFGVG UKGDGPD×TIKUEJFGWVUEJG<br />

,WIGPFDWPFUCPFVGKO#WIWUV\YGK#FTGUUGPCPFKG(TCPMHWTVGT<br />

0CVKQPCNXGTUCOONWPIWPFCPFKGCMCFGOKUEJG,WIGPFKP&GWVUEJNCPF<br />

+O)TW²YQTVUVCPFQ#NNG9GNVKUVFGWVUEJGT-KPFGTXQNN#WEJYKTUKPF<br />

5RTѲNKPIG FKGUGT 9WT\GNP )GQITCRJKUEJ IGVTGPPV WPF CWH FKG<br />

1DGTHN¼EJG FGU $QFGPU QJPG UKEJVDCTG 8GTDKPFWPI OKV FGO<br />

/WVVGTNCPFG NGDGP YKT FQEJ FWTEJ FKG 2TGUUG FWTEJ FKG 7PKXGTUKV¼V<br />

FWTEJ 9CPFGTWPIGP WPUGTGT )GYGTDUNGWVG FWTEJ 'TKPPGTWPIGP FGT<br />

8GTI CPI GPJGKV WPF *QHHPWPI GP FGT

WPF CWEJ GJTNKEJG VTGWG $×TIGT FGULGPKIGP 5VCCVGU FGO YKT<br />

CPIGJÑTGPR <br />

#WUCNNFGP*CPFNWPIGPWPF*CNVWPIGPIGJVFKGIGOGKPUCOG<br />

$GUVTGDWPI\WT$GYCJTWPIFGUU¼EJUKUEJGP)GOGKPYGUGPUJGTXQT&KG<br />

5¼EJUKUEJG0CVKQPUWPKXGTUKV¼V×DGTPCJOKPXQNNGO/C²GKJTGNGKVGPFG<br />

4QNNGCNURQNKVKUEJG/CEJVYGNEJGFCU'KPXGTUV¼PFPKUFGT/GJTJGKVFGT<br />

5CEJUGPH×TUKEJIGYCPP)GIGP×DGTFGT0CVKQPCNHTCIGYCTFKG&GDCVVG<br />

\YKUEJGP.KDGTCNKUOWUWPF-QPUGTXCVKUOWU×DGTHN×UUKI<br />

+O5R¼VJGTDUVDTCEJFGT$×TIGTMTKGIKP5KGDGPD×TIGPCWU<br />

8KGNG NKDGTCNG 8GTVTGVGT FGT 5CEJUGP YGNEJG \WP¼EJUV FKG WPICTKUEJG<br />

4GXQNWVKQPWOCTOVJCVVGPGTNGDVGPGKPG'PVV¼WUEJWPI%CTN)QQ²FGT<br />

CNU U¼EJUKUEJGT #DIGQTFPGVGT CWU XQNNGT ¯DGT\GWIWPI FKG 7PKQP KO<br />

UKGDGPD×TIKUEJGP.CPFVCICO/CKCPIGPQOOGPJCVVGOW²VGQFKG<br />

ITQ²G .×IG FGU ,CJTGU R DGMGPPGP &GT #WUDTWEJ FGU<br />

$×TIGTMTKGIGUWPFFKGDNWVKIGP-¼ORHG\YKUEJGPFGP8ÑNMGTUEJCHVGP<br />

5KGDGPD×TIGPU H×JTVGP KJP \WT 8GT\YGKHNWPI WPF CO &G\GODGT<br />

FGUUGNDGP ,CJTGU UGV\VG GT UGKPGO .GDGP GKIGPJ¼PFKI GKP 'PFG #WEJ<br />

,QUGH/CTNKPGTMCPPVGOKV$KVVGTMGKVGUUGKFCU7PIN×EMFGTWPICTKUEJGP<br />

0CVKQPCNKV¼V FC² UKG UKEJ FGP 0CVKQPCNKV¼VGP IGIGP×DGT OC²NQU<br />

DGPCJO /CTNKP XGTNKG² 5KGDGPD×TIGP PCEJ FGT 0KGFGTUEJNCIWPI FGT<br />

4GXQNWVKQPGTGTNCIFGT%JQNGTC *KPIGIGPYCT#PVQP-WT\GKP<br />

CMVKXGT /KVM¼ORHGT H×T FKG -QUUWVJTGXQNWVKQP GT YWTFG \WO<br />

#FLWVCPVGPWPF\WORGTUÑPNKEJGP5GMTGV¼T$GOUGTPCPPVWPFCO<br />

,CPWCT\WO*CWRVOCPPGTJQDGP-QPUGSWGPVDKU\WO'PFGUVCTD<br />

GT KP FGT 5EJNCEJV DGK 9GK²MKTEJ ,WNK /CZ /QNVMG DNKGD KP<br />

-TQPUVCFVWPFY¼JTGPFFGTWPICTKUEJGP*GTTUEJCHV×DGTPCJOGTFKG<br />

.GKVWPI FGT Q-TQPUV¼FVGT

NGV\VGTGYWTFGKO-CORHXQP5KOGTKC2KUMKDGK$TQQUCO(GDTWCT<br />

XGTYWPFGV WPF UVCTD GKPGP 6CI UR¼VGT KO #NVGT XQP ,CJTGP<br />

1DYQJN GT GKPGP XQP )GPGTCN $GO WPVGTUEJTKGDGPGP (TGKRC² DGUC²<br />

YWTFG 5VGRJCP .WFYKI 4QVJ CO #RTKN XGTJCHVGV YGIGP<br />

.CPFGUXGTTCVU \WO 6QFG XGTWTVGKNV WPF CO /CK KP<br />

-NCWUGPDWTIGTUEJQUUGP <br />

&KG U¼EJUKUEJG 2TGUUG UCJ UKEJ FWTEJ FKG QDYCNVGPFGP<br />

7OUV¼PFG IGPÑVKIV GKP -CORHQTICP \W YGTFGP &KG MQPUGTXCVKXG<br />

2CTVGKFGT*GTOCPPUV¼FVGT2TGUUGDGYKGUY¼JTGPFFGT4GXQNWVKQPGKPG<br />

OWVKIG /GKPWPIUHTGKJGKV WPF GKPG DGYWPFGTUYGTVG 2TKP\KRKGPVTGWG<br />

&KG XGTÑHHGPVNKEJVGP $GTKEJVG FKG MTKVKUEJGP -QOOGPVCTG WPF FKG<br />

GTPUVG8GTWTVGKNWPIFGT8QTH¼NNGKP/KJCNV\,WPK5¼EJUKUEJ4GGP<br />

0QXGODGT WPF FGU $×TIGTMTKGIGU XGTWTUCEJVGP FGO<br />

Q5KGDGPD×TIGT$QVGPR\CJNTGKEJG4GKDWPIGPOKVFGT

5[ORCVJKGP XQP *KPV\ XQP FGT UR¼VGTGP U¼EJUKUEJGP<br />

)GUEJKEJVUUEJTGKDWPI UVTGPI XGTWTVGKNV 1UMCT 9KVVUVQEM (TKGFTKEJ<br />

6GWVUEJ (TGKNKEJ JCV FGT Q$QVGR KP UGKPGP 5RCNVGP CWEJ<br />

2TQMNCOCVKQPGPWPF8GTQTFPWPIGPFGTWPICTKUEJGP4GIKGTWPIUQYKG<br />

6TGWGTMN¼TWPIGP FGT 5VCFVMQOOWPKV¼V CWHIGPQOOGP &GTIGO¼²KIVG<br />

6QPFGT*GTOCPPUV¼FVGT

WPKQPUHTGWPFNKEJGP *CNVWPI KO (T×JLCJT #O /¼T\ <br />

DGICD UKEJ -TQPUVCFV HTGKYKNNKI KP FKG *¼PFG $GOU +O PGWGP<br />

7ONCWH IGUGV\VGP $GITKHHG FGT Q-QPUGTXCVKUOWUR FGT/GVVGTPKEJ<br />

4GIKGTWPI FGT QPCKXG .KDGTCNKUOWUR DGUVKOOVGT

PQTFCOGTKMCPKUEJGU QFGT UEJYGK\GTKUEJGU Q8QNMR URTGEJGP MCPP UQ<br />

IKDV GU MGKPG PQTFCOGTKMCPKUEJG QFGT UEJYGK\GTKUEJG Q0CVKQPR &KG<br />

HÑFGTCNKUVKUEJG $GVQPWPI FGT $GOGTMWPI KUV QHHGPDCT Q+P PCVKQPGNNGP<br />

5VCCVGPHCNNGPFKG$GITKHHG8QNMWPF0CVKQP\WUCOOGPY¼JTGPFKP<br />

IGOKUEJV DGXÑNMGTVGP 5VCCVGP CNNG 0CVKQPGP \WUCOOGP FCU 8QNM<br />

DKNFGPQJPGFC²GKPG8GTUEJOGN\WPIFGTXGTUEJKGFGPGP0CVKQPCNKV¼VGP<br />

\WGTHQNIGPDTCWEJVR(KPFGVGKPGUQNEJG8GTUEJOGN\WPIFGPPQEJUVCVV<br />

UQ UKPF FCTCP GPVYGFGT FKG GTNQUEJGPG 0CVKQP FKG UKEJ UGNDUV<br />

CWHIGIGDGPJCVQFGTFGTFGURQVKUEJG5VCCVUEJWNFQ#NU$TWEJVGKNGFGU<br />

8QNMGU KO 5VCCVG JCDGP CNNG 0CVKQPGP INGKEJG 4GEJVGR0KGOCPFFCTH<br />

CWHITWPF QFGU IGUEJKEJVNKEJGP PQEJ FGU PWOOGTKUEJGP 8QTTCPIGU<br />

UGKPGT 0CVKQP RGTUÑPNKEJG8QTTGEJVGDGCPURTWEJGPFGPPFKG&GXKUG<br />

GKPGU XGTP×PHVKIGP 5VCCVGU KUV N(TGKJGKV WPF )NGKEJJGKVO P¼ONKEJ<br />

)NGKEJJGKV #NNGT XQT FGO )GUGV\ FCU FKG (TGKJGKV #NNGT UEJ×V\VR <br />

Q)GUGV\KUVYCUFKG/GJTJGKVFGU8QNMGUYKNNR+PGKPGOFGURQVKUEJGP<br />

5VCCVIKDVGUPWT)GDQVGWPF8GTDQVG'KP1TFPWPIUUVCCVDGUKV\VGKPG<br />

8GTHCUUWPI YGNEJG QFKG #TV WPF 9GKUG FGT 'TOKVVNWPI FGU<br />

8QNMUYKNNGPUR XQTUEJTGKDV WPF XQP FGP 8GTVTGVGTP FGU 8QNMGU<br />

GPVYQTHGPYKTFQ(×TFKG$GQDCEJVWPIFGT)GUGV\GUQTIGPFKG$GCOVGP<br />

FGU 8QNMGUR&GTICP\G5VCCVOW²FGO8QNMWPVGTIGQTFPGVYGTFGP<br />

Q#W²GT FGO 8QNMG WPF ×DGT FGO 8QNM UVGJV 0KGOCPF WPF CP FKG<br />

)GNVGPFOCEJWPIFGU8QNMUYKNNGPUCNUFGP

&GHKPKVKQPGPFGU-TQPUV¼FVGT8GTNGIGTUDGJCNVGPKPITQ²GP

&KGPCVKQPCNG+FGQNQIKGYGNEJGFGP.KDGTCNKUOWUWPOKVVGNDCT<br />

DGINGKVGVGHCPFXQP.CPF\W.CPFXGTUEJKGFGPG#WUFTWEMUHQTOGP&GT<br />

0CVKQPCNKUOWUFGTFGWVUEJGP)GDKGVGYKTMVGKTIGPFYKGCWVCTEJKUEJFC<br />

GT UKEJ OKV FGT (TCIG FGT UVCCVNKEJ \GPVTCNKUKGTVGP 'KPKIWPI<br />

CWUGKPCPFGTUGV\VG +P ©UVGTTGKEJ OW²VG FCU DGUVG )NGKEJIGYKEJV<br />

\YKUEJGPFGORQNKVKUEJJGTTUEJGPFGPCDGTKPPWOGTKUEJGT/KPFGTJGKV<br />

DGHKPFNKEJGP FGWVUEJGP 'NGOGPV WPF GKPGT CWU FGP ×DTKIGP<br />

0CVKQPCNKV¼VGPIGDKNFGVG/GJTJGKVJGTIGUVGNNVYGTFGP+P5KGDGPD×TIGP<br />

UVCPF FGT U¼EJUKUEJG 0CVKQPCNKUOWU FGO CIITGUUKXGP WPICTKUEJGP<br />

0CVKQPCNKUOWU IGIGP×DGT CWH FGT CPFGTGP 5GKVG OW²VG GU OKV FGO<br />

HTKUEJ CWHIGVTGVGPGP TWO¼PKUEJGP 0CVKQPCNKUOWU GKPG IGOGKPUCOG<br />

(TQPV DKNFGP &CU U¼EJUKUEJG 0CVKQPCNDGYW²VUGKP GTJKGNV GKPGP PGWGP<br />

$GUVCPFVGKN XQP JQJGO GOQVKQPGNNGO 9GTV FGP )GFCPMGP FGT<br />

#PIGJÑTKIMGKVFGT5CEJUGP\WO&GWVUEJVWO&KG5QNKFCTKV¼VOKVKJTGP<br />

FGWVUEJGP $T×FGTP JCVVG OGJT GKPG MWNVWTGNNG WPF VJGQTGVKUEJG<br />

2T¼IWPICNUGKPGPRTCMVKUEJGP9GTV#NUVTGWG$×TIGTFGU5VCCVGUFGO<br />

UKG CPIGJÑTVGP GTHTGWVGP UKEJ FKG 5KGDGPD×TIGT 5CEJUGP Y¼JTGPF FGT<br />

4GXQNWVKQPMGKPGTMQPMTGVGP7PVGTUV×V\WPIUGKVGPU&GWVUEJNCPF

24'5#%#+

2TQITCOWNWPKQPK)VKNQTUC)K<br />

&CU2TQITCOOFGTU¼EJUKUEJGP7PKQPKUVGP<br />

#TVKEQNWN2QNKVKUEJGU2TQITCOOCPFKGUKGDGPD×TIGT5CEJUGP<br />

UGOPCV/CTNKP0CVKQPCNICTFKUVWTOCVFGTKRQUVC'KPG#PVYQTVCWH<br />

FCURQNKVKUEJG2TQITCOOCPFKG5KGDGPD×TIGT5CEJUGPKP0TQFGT<br />

2GUVJGT

&KG

&KG 4GHQTO U¼EJUKUEJGT +PUVKVWVKQPGP MCPP WPVGT<br />

OKPKUVGTKGNNGT $GKJKNHG WPF $GUV¼VKIWPI GKP\KI WPFCNNGKP XQO<br />

0CVKQPCNEQPHNWZCWUIGJGP<br />

&KG YCNCEJKUEJ URTGEJGPFGP $GYQJPGT FGU 5CEJUGPNCPFGU<br />

O×UUGP KP RQNKVKUEJGT YKG KP MQPHGUUKQPGNNGT *KPUKEJV GOCPEKRKTV<br />

YGTFGP WPF YGTFGP \W CNNGP #GOVGTP 9×TFGP WPF *CPFYGTMGP<br />

\WIGNCUUGP<br />

&KGU OÑINKEJ \W OCEJGP QJPG FGT FGWVUEJGP<br />

)GUEJ¼HVUURTCEJGKO5CEJUGPNCPFG\WUEJCFGPUQTIGFKG0CVKQPFCH×T<br />

FC²LGFGYCNCEJKUEJG1TVUEJCHVGKPGFGWVUEJG5EJWNGGTJCNVG<br />

#DUEJCHHWPI FGU

u#POGTMWPIFGT4GFCMVKQP&CUJGKNKIG(GWGTFGU8CVGTNCPFUUQJPGU<br />

YGNEJGU KJP \W FKGUGO #WHTWHG DGIGKUVGTV YKUUGP YKT \W GJTGP WPF<br />

FCPMDCT CWH\WPGJOGP FGPP GKPG MNGKPG &QUKU $GIGKUVGTWPI H×T<br />

RQNKVKUEJG (TGKJGKV WPF 5GNDUVUV¼PFKIMGKV VJWV WPUGTGO 8QNMG UGNDUV KP<br />

UGKPGP IGDKNFGVGTGP 5EJKEJVGP PQVJ YKG YKT NGKFGT WPU FCXQP \W<br />

×DGT\GWIGPICTQHVFKGVTCWTKIG)GNGIGPJGKV JCDGP &KGUGT #WHTWH<br />

GPVJ¼NV CDGT XKGNNGKEJV GDGP CWU \W IN×JGPFGT (TGKJGKVUNKGDG FGT<br />

7PIGTGEJVKIMGKVGP OCPEJG FKG YKT T×IGP WPF \WT )GYKPPWPI XQP<br />

GKPGT DGUUGTP ÑHHGPVNKEJGP /GKPWPI H×T WPU XQT 7PICTP WPF<br />

&GWVUEJNCPF DGTKEJVKIGP O×UUGP 7PUGTG $GCOVGP XGTFKGPGP FGP<br />

8QTYWTH PKEJV OGJT FGP KJPGP FGT IGGJTVG *GTT 8GTHCUUGT IGOCEJV<br />

JCVUKGUVGJGPKPFGP4GKJGPWPUGTGTUKEJGDGPDKNFGPFGP$×TIGTYGJT<br />

YGPPCWEJKJT(×JTGTGKP$×TIGTNKEJGTKUVUKGJWNFKIGPFGO)GKUVGFGT<br />

Q'KPG #PVYQTV CWH FCU RQNKVKUEJG 2TQI TCOO CP FKG<br />

5KGDGPD×TIGT5CEJUGPKP0TQFGT2GUVJGT

QJCVUEJ WPUGTG XGTVTCIUO¼²KIGP 2HNKEJVGP VTGW GTH×NNV! +UV FKG<br />

WPICTKUEJG'TFGOKPFGTOKVWPUGTGOCNUOKVFGO$NWVGCPFGTGT<br />

IGF×PV! 9GT MCPP GKPGT 7PVTGWG WPU \GKJP! $GFGPMG FCPP FKG<br />

*GKNKIMGKVFGU8GTVTCIGUWPFUCIGQDYKTPKEJV4GEJVJCDGPYGPPYKT<br />

KP FGT \WT×EMIGTWHGPGP CNVGP UVCCVNKEJGP 'KPTKEJVWPI WPUGTG 5VGNNWPI<br />

CWEJ DGJCWRVGP YQNNGP FKG YKT KP FGTUGNDGP XQT FGT 5EJNCEJV DGK<br />

/QJCEU JCVVGP! YGPP YKT GKP INGKEJDGTGEJVKIVGT .CPFGUUVCPF WPF<br />

\WO 5EJWV\ FGU 4GKEJGU DGTWHGP WPUGTGT 4GEJVG PKEJV WPIGJÑTV<br />

DGTCWDVUQPFGTPCWHFGO(GNFGFGT)GUGV\IGDWPIKO.CPFVCIDGHTCIV<br />

YGTFGPYQNNGPYCUYKTCWHFGP#NVCTFGUCWEJXQPWPUPKEJV<br />

×DGTJÑTVGP

FGWVUEJGP 0CVKQPCNHCTDGP CWH UKPIV .KGFGT OKV FGO 4GHTCKP MGKPG<br />

7PKQPWPFXGTNCEJVFGPDGUQPPGPGP$GCOVGPFGTCPFGP7PKQPUGKF<br />

WPFFCTCPOCJPVFKGDGCPVTCIVG4GHQTOPKEJVWPIGRT×HV\WXGTYGTHGP<br />

9GPP FW CDGT FWTEJ 0CEJFGPMGP \W FGT $GUKPPWPI<br />

IGMQOOGPDKUVFKGKEJKPOGKPGO5QJPGJÑEJUVWPIGTPXGTOKUUGUQ<br />

YKTUVFWIGYK²KP

&KPURTG PQTF UCW CRTQRKCV FG ITCPK/GNG OQPCTJKGK OWN/KOK<br />

PGUH¸T)KVG+ORGTKWNWPICTGCOGPKP/CV)KÉORTGWPâEWGN)KXQKUWPVG/K<br />

COGPKP/C/KÉPVQCVGKPVGTGUGNG)KFTGRVWTKNGXQCUVTG#)CEâXGIJGC/KEC<br />

ÉP CEGUV OQOGPV Uâ PW RKGTFG/K FTCIQUVGC )K RTG/WKTGC VWVWTQT<br />

RQRQCTGNQT7PICTKGKEâEKCXG/KPGXQKGFGCLWVQTRTKGVGPGUECXG/KPGXQKG<br />

FG GPVW\KCUO #)C Eâ PW OCK E¸TEQVK/K CV¸VC EW RTKXKTG NC EQPFK/KKNG<br />

WPKWPKK EK ÉPVKPFG/KK O¸PC FGUEJKU )K EKPUVKV WPIWTWNWK HKKPFEâ RTKP<br />

WPKTGFGXGPKORWVGTPKEK)KRTKPNKDGTVCVGFGXGPKOXKVGLK<br />

0W GUVG VKORWN RQVTKXKV RGPVTW C LWFGEC)K C E¸PVâTK NWETWTKNG<br />

PKEK RGPVTW C CNGIG ÉP OQF GIQKUV

#FWPâTKNG PC/KQPCNG UâUG)VK CPWCNG XQT FG\DCVG TGNC/KKNG<br />

KPVGTPG)KGZVGTPGCNGUC)KNQTFCTUGXQTCHNCUWDRWVGTGC)WXGTPWNWK<br />

WPICT<br />

%QOKVGNGPC/KWPKKGUVGRTG)GFKPVGNGCFWPâTKK)KEQOCPFCPVWN<br />

OKNKVCTCNÉPCTOCTKKRQRWNCTGUâUG)VK<br />

4GHQTOC KPUVKVW/KKNQT UâUG)VK RQCVG RQTPK EW CLWVQT )K<br />

EQPHKTOCTGOKPKUVGTKCNâPWOCK)KPWOCKFGNCCFWPCTGCPC/KQPCNâ<br />

.QEWKVQTKK 2âO¸PVWNWK 5âUGUE XQTDKVQTK FG NKODâ XCNCJâ<br />

VTGDWKGGOCPEKRC/KCV¸VUWDCURGEVRQNKVKEE¸V)KEQPHGUKQPCN)KVTGDWKGUâ<br />

NKUGRGTOKVâCEEGUWNNCVQCVGHWPE/KKNGTCPIWTKNG)KOGUGTKKNG<br />

2GPVTW C HCEG RQUKDKN CEGUVGC HâTâ C FâWPC NKODKK FG<br />

EKTEWNC/KGIGTOCPGRG2âO¸PVWN5âUGUEPC/KWPGCUâUGÉPITKLGCUEâCUVHGN<br />

ÉPE¸VHKGECTGNQECNKVCVGXCNCJâUâQD/KPâQ)EQCNâIGTOCPâ<br />

&GUHKKP/CTGC FKLOGK FGUHKKP/CTGC RTGQ/KNQT RTQVGUVCP/K FKP<br />

UCVGNG XCNCJG UCNCTK\CTGC ENGTWNWK FG EâVTG PC/KWPG FWRâ VTGRVG FG<br />

X¸TUVâKORQ\KVCTGCVWVWTQTDWPWTKNQTDKUGTKEG)VK<br />

5â UG ÉPCRQKG\G PC/KWPKK UHGTVWTKNG FG FKLOâ EG KCW HQUV<br />

TâRKVGQFKPKQCTâ)KRGECTGHKUEWNKNGCTG/KPWVR¸PâCUVâ\K<br />

4GHQTOCTGC VGOGKPKEâ UCW FWRâ ÉORTGLWTâTK FGUHKKP/CTGC<br />

VWVWTQTDTGUNGNQTuu<br />

2WDNKEKVCVG )K QTCNKVCVG FâTK FG UGCOC FKP RCTVGC VWVWTQT<br />

HWPE/KQPCTKNQT RWTKHKECTGC /CIKUVTCVGNQT Uâ ECFâ NWOKPC CUWRTC<br />

RâECVGNQTDKTQETC/KGKPQCUVTGEâTGKCRTGEWO)KÉPXâ/âVQTKNQTPQ)VTKCXGO<br />

CNGOWN/WOKRGPVTWOK\GTKCPC/KWPKK<br />

+PENWFGTGC VWVWTQT NQECNKVâ/KNQT UWRWUG PC/KWPKK ÉP T¸PFWN<br />

EQOWPGNQTNKDGTGCWVQIWXGTPCVG<br />

4GHQTOC NKDGTC QTICPK\CTG NKDGTVCVGC FG C RTGFC )K FG C<br />

ÉPXâ/CRGPVTWHCEWNVCVGCFGFTGRVFKP5KDKW<br />

4GHQTOCVGOGKPKEâCIKOPC\KKNQTCUKORNKHKECTGCUVWFKKNQT<br />

D FGUHKKP/CTGC NKODKK NCVKPG ÉP )EQNKNG RTKOCTG E ECVGFTâ FG NKODC<br />

OCIJKCTâFECVGFTGRGPVTW)VKKP/GNGPCVWTKKGFGUHKKP/CTGCEWTUWNWKFG<br />

VGQNQIKGEGÉPUQ/G)VGUVWFKKNGWOCPKUVG¡PUEJKODHUGOKPCTRGFCIQIKE<br />

I FGUHKKP/CTGC QTGNQT RTKXCVG CNG RTQHGUQTKNQT J ECVGFTG RTQHGUQTCNG<br />

HKZGKCPICLCTGCFGQCOGPKECTGUâRTGFGCVKPGTGVWNWKPWPWOCKCNGH)K<br />

IJKOGNEKECTGUâ)VKG)KCNGURWPGFGURTGVKOR)KFGURTGRCVTKG<br />

&WOPG\GWNNKDGTVâ/KK)KCNFTCIQUVGKUâPGCLWVGUâFWEGOVQCVG<br />

CEGUVGCNCÉPFGRNKPKTG<br />

<br />

/CTNKPOGODTWCNIâT\KKPC/KQPCNG

u0QVCTGFCE/KGK(VKOUâEKPUVKO)KUâRTKOKOEWTGEWPQ)VKP/â<br />

HQEWN UCETW CN HKWNWK RCVTKGK PQCUVTG ECTG ÉN ÉPUWHNG/G)VG ÉP CEGCUVâ<br />

EJGOCTGEâEKRQRQTWNPQUVTWEJKCTÉPUVTCVWTKNGUCNGEGNGOCKGFWECVG<br />

CTGPGXQKGFGQOKEâFQ\âFGGPVW\KCUO RGPVTW NKDGTVCVG RQNKVKEâ )K<br />

KPFGRGPFGP/â C)C EWO FKP RâECVG CO CXWV VTKUVWN RTKNGL FG C PG<br />

EQPXKPIG &CT CEGCUVâ EJGOCTG EWRTKPFG RQCVG VQEOCK FKPVTQ RTGC<br />

CT\âVQCTG FTCIQUVG FG NKDGTVCVG WPGNG LWFGEâ/K PGFTGRVG RG ECTG NG<br />

FQLGPKO)KRGECTGVTGDWKGUâNGEQTGEVâORGPVTWCE¸)VKICQOCKDWPâ<br />

KOCIKPGRWDNKEâCPQCUVTâÉPHC/C7PICTKGK)KC)GTOCPKGK(WPE/KQPCTKK<br />

PQ)VTKPWOCKOGTKVâTGRTQ)WNRGECTGNKNCFWEGQPQTCVWNFQOPCWVQT<br />

EâEK)KGKUGPWOâTâÉPT¸PFWTKNGIâT\KKEGVâ/GPG)VKCHNCVâÉPHQTOCTG&G)K<br />

EQPFWEâVQTWN NQT GUVG WP DWTIJG\ GK RTQUNâXGUE URKTKVWN VKORWNWK<br />

RWDNKEKVCVGC )K GICNKVCVGC ÉP FTGRVWTK C)C EWO Q FQXGFG)VG FGEK\KC<br />

7PKXGTUKVâ/KKPC/KQPCNGUâUG)VKCUWRTCGOCPEKRâTKKFGRNKPGCXCNCJKNQT<br />

&CEâPWUWPVVQCVGC)C EWO NG EGTG GTC OQFGTPâ VTGDWKG Uâ HKO<br />

KPFWNIGP/K)KUâOCKNâUâOE¸VGEGXCRGUGCOCXGEJKNQTQDKEGKWTK)KPW<br />

PGCRâTCVRGUGCOCWPGKTGCXQKP/G$KUGTKEC)K)EQCNCEWPQUEÉODWPâVâ/KTK<br />

XKPFGEâVQCTG )K OCK EW UGCOâ VCIOC ÉPXâ/âVQTKNQT UG ÉPHNâEâTGC\â<br />

RGPVTW NKDGTVCVG DWTIJG\â &QOPWN /CTNKP ÉPXKPQXâ/G)VG RG PGFTGRV<br />

DWTIJG\KC FG NGPG RQNKVKEâ RG E¸PF RGVK/KKNG GK RGPVTW CFQRVCTGC<br />

TGHQTOGK CW FQXGFKV EQPVTCTKWN 0KEK FG WPKWPGC EW 7PICTKC PW UVCW<br />

FGQRCTVG EGK OCK OWN/KECTGUWPVVQEOCK)K EGK OCK NKDGTCNK 'K É)K<br />

OCPKHGUVâCEGCUVâUVCTGFGURKTKVRTKPUGOPGGZVGTKQCTG5KIWTEâUWPVFG<br />

CUGOGPGC OWN/K ECTG ÉP CEGUV RWPEV UWPV FG RâTGTG QRWUâ KCT PQK PW<br />

RWVGOUâKEQPUKFGTâOCNVEGXCFGE¸VWPGNVGCNGWPGKOK)EâTKTGCE/KQPCTG<br />

ECTGXQKG)VGTGKPVTQFWEGTGCEQPUVT¸PIGTKKHWPE/KQPâTG)VK)KCUKUVGOWNWK<br />

FG VWVGNCL &KP UVTâHWPFWN UWHNGVWNWK PQUVTW UWPVGO FG RCTVGC WPGK<br />

#WUVTKKWPKEG)KRWVGTPKEGFCTOCKÉPV¸KCRCT/KPGOFG7PICTKC)KKCO<br />

CRCT/KPWVÉPCKPVGEC7PICTKCUâKPVTGÉPWPKWPGCOQPCTJKGKCWUVTKGEG1<br />

#WUVTKGRWVGTPKEâRTKPEGCOCKKPVKOâCNKRKTGNCTGICVWNWPICTWPKV<br />

uu0QVCTGFCE/KGK6TGDWKGUâPâ\WKONCQTGHQTOâTCFKECNâFCT<br />

PW)KNCFGUHKKP/CTGCDTGUNGNQTCNVOKPVGTKPC/KWPGCXCHKEQPFWUâEWRC)K<br />

ITCDPKEKURTGOQTO¸PV<br />

4GFCE/KC

7PTâURWPUNC2TQITCOWNRQNKVKEEâVTGUC)KKCTFGNGPK<br />

FKPPTCNQ2GUVJGT

KORGTKWNWKPWXTGOUâHKOHWTC/KRGPGC)VGRVCVGFGFTGRVWTKNGPQCUVTG<br />

EKFQTKOUâHKOÉPVTGDC/KRGECNGCNGIKUNC/KGKÉP&KGVâEGXTGOUâLGTVHKO<br />

RGCNVCTWNURKTKVWNWKVKORWNWKPGKIPQTCVFGPQK<br />

1TKRQCVGVGÉPFQKG)VK FG FQTKP/C PQCUVTâ FG C PG LGTVHK! #T HK<br />

PGFTGRVEâEKKUVQTKCPGÉPXC/âEQPVTCTKWN)KRGE¸PFPQKTGPWP/COFG<br />

DWPâ XQKG NC PGPWOâTCVG FTGRVWTK CEWO PC/KWPGC WPICTâ CFWEG<br />

UCETKHKEKKRGPVTWRTKOCQCTâ)KRQCVGÉPEGCOCKOCTGRCTVGPWFGDWPâ<br />

XQKG<br />

&CTFGRCTVGFGOKPGQTKEGEWX¸PVECTGUâUWPGCTGRTQ)(TC/K<br />

WPIWTK Xâ ÉPVKPFGO O¸PC HTâ/GCUEâ ÉPETG\âVQTK FCT Xâ EGTGO Uâ Xâ<br />

TGURGEVC/KLWTâO¸PVWNFGWPKWPGÉPEJGKCVEWPQK¡P&KGVâUâUGTG\QNXG<br />

EJGUVKWPGC C)C EWO Q FQTG)VG )K ÉORâTCVWN ÉP NKPK)VG )K HâTâ NKOKVCTGC<br />

FTGRVWNWKFGXQV#RQKVWÉKÉPHKGTG\KRGHWPE/KQPCTKKUC)K\KE¸PFEâKCK<br />

WT¸V)KKCKDCVLQEQTKV&GWPFGCV¸VCWTâ!&QCTPCKCXWVPKEKWPRTKNGLFG<br />

CK EWPQC)VG ÉP CEVKXKVCVGC NQT RWDNKEâ RG HWPE/KQPCTKK UC)K ÉP CHCTâ FG<br />

OKPGKCTRGOKPGOCKNâWFCVÉPVTQHQCKGC\KCTWNWKRGUVCP7KVGFCEâ<br />

C)RWVGCUQHCEHâTâUâOâÉPTQ)GUEC)XTGCUâVGRQTVEWOKPGRGECNGC<br />

EGNQT FG CPK FG ECTKGTâ HWPE/KQPâTGCUEâ )K CK XGFGC Eâ HWPE/KQPCTWN<br />

UCUGUVGWPRKNQPFGDC\âCNURKTKVWNWKPQUVTWRQRWNCT&CTNCUÉPUGCOC<br />

XKKVQTWNWK TGCDKNKVCTGC PQCUVTâ )K Oâ OWN/WOGUE Uâ/K CVTCI CVGP/KC<br />

CUWRTC WPWK UKPIWT RTKNGL FG OGFKVC/KG +CVâ 2GUVG VQV ÉP 'WTQRC<br />

RQRQCTGNGUGCHNâÉPOKG\WNVWNDWTâTKKFCTRG2âO¸PVWNPQUVTW5âUGUE<br />

WPFGUGURWPGEâPWOGTQ)KKXCNCJKEGVTâKGUEÉPOKLNQEWNPQUVTWCTHKCV¸V<br />

FG VKTCPK\C/K FQOPG)VGQRCEGRTQHWPFâ)KRQRQTWNPWCTGFGE¸VQ<br />

UKPIWTâFQTKP/âEC&WOPG\GWUâCRGTGUVCTGCPQCUVTâFGHCRV<br />

1CTGDKTQETC/KCHWPE/KQPCTKNQTUâHKGECW\CCEGUVGKOWN/WOKTK!<br />

¡PHKPGOCKVTGDWKGUâQDUGTXEâPCKCXWVPQTQEÉPCNGIGTGCEGNQTECTGUâ<br />

VGURTKLKPGÉPRTQOQXCTGCWPKWPKKEâEKRTKXG)VGVKPGTGVWNÉPCN/âEWNQTKNG<br />

PC/KQPCNGIGTOCPGE¸PVâE¸PVGEGEWTGHTGPWN0WWPKWPKK)KÉ)KT¸FGFG<br />

HWPE/KQPCTWNEKTEWOURGEVECTGCXGTVK\GC\âCUWRTCLWTâO¸PVWNWKWPKWPKK<br />

)KÉORQVTKXCTGURKPIGTKKTGHQTOGKHâTâCHKXGTKHKECVâ<br />

&CT FCEâ VW EWIGV¸PF CK CLWPU NC Q EQP)VKKP/âRGECTGEW<br />

PGRNâEGTG Q FGRN¸PI NC HKWN OGW CVWPEK EW UKIWTCP/â XGK FGUEQRGTK ÉP<br />

XKKVQTGNGOGPVGNGÉPRCTVG)KQXGKHCEGHKKPFEâOGECPKUOWNVTGDWKGUâHKG<br />

FGUâX¸T)KV FCT PW XGK OCK EWRTKPFG ÉPVTGIWN EK XGK ÉPXâ/C DC OCK<br />

OWNVXGKCLWPIGNCEQPXKPIGTGCEâ)KÉPPQWCQTICPK\CTGPWVQ/KKPFKXK\KK<br />

XQTHKGICNK(KG)VKNCHGNFGPGFTGRVHC/âFGÉPXâ/âVQTKK)KENGTKEKKPQ)VTKEW<br />

CV¸V OCK PGFTGRV EW E¸V NQT VTGDWKG Uâ NG HKK TGEWPQUEâVQT RGPVTW<br />

HQTOCTGCVC

#VCEâOGTGWGNGOGPVWNITG)KVFKPU¸PWNGKFCTNCUâPGCVKPUâ<br />

VCIOCEGCFGOPâFGQPQCTGEâEKGCOGTKVâCHKRTG/WKVâ HKKPFEâ )KC<br />

ÉPFGRNKPKVOGUGTKC)KEJKCTÉPVKORWTKNGPQCUVTGPGÉPVKPFGQO¸PâFG<br />

CLWVQTRGVâT¸OWNQTICPK\âTKKRQNKVKEGCRTQOQXâTKKRQRQTWNWK<br />

&WOPG\GWNNKDGTVâ/KKRGECTGÉNKORNQT)KGW)KRQRQTWNOGW)K<br />

ECTG PW PG XC NâUC EWTCLWN Uâ RKCTâ Uâ PG QETQVGCUEâ QTFKPGC )K Uâ PG<br />

CFWECDKPGNGPWOCKRGECNGCNGIKK<br />

<br />

/CTNKP<br />

%âRKVCPCNIâT\KKPC/KQPCNG

2TQITCOWNCPVKWPKQPK)VKNQTUC)K<br />

&CU2TQITCOOFGTU¼EJUKUEJGP7PKQPUIGIPGT<br />

6JGQFQT(CDKPK0WWPKWPKKÉP5CVGNNKVPTOCK<br />

R<br />

6JGQFQT(CDKPKQ-GKPG7PKQPRKPQ5CVGNNKVR0T/CK<br />

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-GKPG7PKQP<br />

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8KFGCPV %QPUWNGU PGSWKF TGURWDNKEC FGVTKOGPVK ECRKCV UQ<br />

NCWVGVG FGT 5GPCVUDGUEJNW² YGPP FGO TÑOKUEJGP 5VCCVG GKPG )GHCJT<br />

FTQJVG FCU JGK²V \W FGWVUEJ )GJGV \W KJT .GKVGT FGU )GOGKPYGUGPU<br />

FC²GUMGKPGP5EJCFGPPGJOGWPFFKGUG9QTVGTWHGKEJWPFTWHGPOKV<br />

OKTIGYK²XKGNG)NGKEJIGUKPPVGIGIGPY¼TVKIWPUGTP8QNMUXGTVTGVGTP\W<br />

)GJGV\WKJTFKGKJTDGTWHGPUGKFXQPGWTGO8QNMGDGTWHGPUGKFH×T<br />

UGKPG9QJNHCJTV\WOCEJGP\WTKPIGP\WUVGTDGPFC²KJTCPFKGUGO<br />

GWTGO 8QNMG UQ JCPFGNV YKG GU UGKP YCJTGU 9QJN GTJGKUEJV FC² KJT<br />

PCEJ 2HNKEJV WPF )GYKUUGP JCPFGNV FCOKV KJT \W LGFGT

FGWVUEJG 5KVVG -WPUV 9KUUGPUEJCHV XGTM×OOGTP WPF XGTUEJYKPFGP<br />

FC² FGT 5KGDGPD×TIGT &GWVUEJG \WO 7PICTP QFGT 9CNCEJGP YGTFGP<br />

WPFFKG(T×EJVGUGKPGU(NGK²GUCWH(TGOFGXGTGTDGPUQNNWPFFCU#NNGU<br />

XGTOÑIGFGT7PKQP&CUUKPF-NGKPKIMGKVGPPKEJVYCJT!+EJHTCIG'WEJ<br />

CNNG FKG KJT XQP 7PKQP URTGEJV JCDV KJT ×DGTNGIV OKV YGO KJT FKG<br />

7PKQPGKPIGJGPYQNNV!OKVFGO7PICTP!)GJVJKPCWHFKG)GUEJKEJVG<br />

XGTICPIGPGT ,CJTJWPFGTVG YKG CWEJ PWT CWH FKG FGT \YGK NGV\VGP<br />

.CPFVCIG *CDGP UKG GWEJ PKEJV VKGH FKG 9CTPWPI GKPIG¼V\V 6TCW<br />

UEJCW YGO! 9GPP JCV YQJN FGT 7PICT FGO 5CEJUGP XQP *GT\GP<br />

YQJNIGYQNNV YGPP YCT UGKPG (TGWPFUEJCHV IGIGP FGP 5CEJUGP GKPG<br />

CWHTKEJVKIGUGNDUVFCPPYGPPGTKP)GHCJTYCTYGPPGTUKEJJKPVGTFKG<br />

HGUVGP /CWGTP U¼EJUKUEJGT 5V¼FVG WPF $WTIGP HN×EJVGVG! 9GO JCDGP<br />

YKT GU \W XGTFCPMGP FC² FGT 5EJCV\ WPUGTGT (TGKJGKVGP WPF<br />

)GTGEJVUCOGUKEJWOXKGNGUNGKEJVGTCWHWPUXGTGTDVJCV!9GOCPFGTU<br />

CNU FGT 7PKQP WPF FGP HTGWPFUEJCHVNKEJGP )GUKPPWPIGP WPUGTGT<br />

/KVPCVKQPGPWPFFQEJJCVVGPYKTFCOCNUGKPIGYKEJVKIGU9QTVOKV\W<br />

URTGEJGP9CJTNKEJYKTF×THGPPKEJVJQHHGPFC²UKEJFKGUGL¼JTKIG<br />

(TGWPFUEJCHV FGT 7PICTP IGIGP FKG 5CEJUGP ×DGT 0CEJV IG¼PFGTV<br />

JCDGP UQNNVG 9GPP CWEJ FKG $GUEJN×UUG FGU NGV\VGP WPICTKUEJGP<br />

4GKEJUVCIGUUGJTJQEJJGT\KIMNKPIGPYGPPUKGFKG#WHTGEJVJCNVWPIFGT<br />

0CVKQPCNKV¼VGPWPF5RTCEJGPXGTURTGEJGPKPYKGYGKVUKGP¼ONKEJGKPGT<br />

GPIGTP8GTGKPKIWPI5KGDGPD×TIGPUOKV7PICTPPKEJVJKPFGTNKEJUGKGP<br />

UQF×THGPYKTWPUFCFWTEJFQEJPKEJV\WT7PKQPMÑFGTPNCUUGPFGPP<br />

YQ DNGKDV FKG )CTCPVKG H×T UQNEJG 8GTURTGEJWPIGP! KUV 7PICTP PKEJV<br />

IGTCFG IGIGPY¼TVKI PQEJ KP FGT ITѲVGP 8GTYKTTWPI! 9GT MCPP<br />

XQTCWUUCIGP YGNEJGU FKG P¼EJUVG

UKEJGT FC² PKEJV DGK GKPGT ¼JPNKEJGP 7OY¼N\WPI FGT 8GTHCUUWPI<br />

YKG FKG LGV\KIG KP 7PICTP KUV GDGP LGPGU )GUGV\ PKEJV CWHIGJQDGP<br />

Y×TFG 8QP GKPGO WPF FGOUGNDGP WPICTKUEJGP -ÑPKIG JCDGP FKG<br />

7PICTP KJTG DWNNC CWTGC WPF FKG 5CEJUGP KJTGP IQNFGPGP<br />

(TGKJGKVUDTKGH GTJCNVGP GKP WPF FGTUGNDG 4GKEJUVCI FGT FKG DWNNC<br />

CWTGC CWHIGJQDGP JCV MCPP ×DGT MWT\ QFGT NCPI CWEJ WPUGT<br />

#PFTGCPWO PKEJV OGJT H×T \GKVIGO¼² GTMN¼TGP WPF FGOUGNDGP<br />

WPUGTGICP\G8GYTHCUUWPICWHJGDGP&GUJCNDF×THGPYKTWPUPKEJV<br />

KPFKG)GHCJTDGIGDGPFC²(TGOFG7PDGTWHGPG×DGTFCU9QJNWPF<br />

9GJG WPUGTGT 0CVKQP DGTCVJGP WPF XGTH×IGP MÑPPGP FTWO MGKPG<br />

7PKQP &KG 7PICTP WPF 5\GMNGT OÑIGP UKEJ KOOGTJKP WPKTGP<br />

JKGFWTEJ YKTF FGT VTKPCVKQPCNG 8GTDCPF CWHIGNÑUV YKT GTMN¼TGP<br />

WPUGTG 0CVKQP H×T UGNDUVUV¼PFKI WPF UVGNNGP WPU WPOKVVGNDCT WPVGT<br />

FGOWPICTKUEJGP-ÑPKIYGNEJGTMGKPCPFTGTUGKPFCTHCNUFGTÑUVT<br />

-CKUGT0GJOVGWEJGKP$GKURKGNCPWPUGTP5EJKEMUCNUIGPQUUGPFGP<br />

%TQCVGP YKG UGNDUVUV¼PFKI GKPGU HTGKGP 8QNMGU Y×TFKI KUV KJTG<br />

*CNVWPI FGP 7PICTP IGIGP×DGT 5KG JCDGP GTMCPPV FC² KJPGP CWU<br />

KJTGT 8GTGKPKIWPI OKV 7PICTP MGKP *GKN DN×JG UKG YQNNGP KP FGP<br />

CNVGP5VCPF\WT×EMMGJTGPXQPYGNEJGOUKGFWTEJFKGDGJCTTNKEJGP<br />

#IKVCVKQPGP FGT 7PICTP XGTFT¼PIV WPF PCJG \WT 8GT\YGKHNWPI<br />

IGDTCEJV YQTFGP YCTGP 'KPG 7PKQP WPVGT FGP $GFKPIWPIGP FGT<br />

#WHTGEJVJCNVWPI WPUGTGT 0CVKQPCNKV¼V /WPKEKRCNXGTHCUUWPI WPF<br />

5RTCEJGKUVGKP7PUKPPFGPPFCUKUVMGKPG7PKQP&GO7PICTPKUVGU<br />

NGFKINKEJ FCTWO \W VJWP FC² YKT KP FKG 7PKQP GKPYKNNKIGP GKPG<br />

9×TFKIWPI LGPGT $GFKPIWPIGP NKGIV ICT PKEJV KP UGKPGP #DUKEJVGP<br />

WPFKUVDGKUGKPGOT×EMUKEJVUNQUGP8GTHCJTGPICTPKEJV\WGTYCTVGP<br />

FGPP GT XGTNCPIVG GKPG GPIG 7PKQP &TWO GDGP XQP WPUGTGT 5GKVG<br />

MGKPG 7PKQP 9GJG ×DGT FKG HGKIGP /GOOGP FKG FC UCIGP WPUGT<br />

9KFGTUVTGDGPHTWEJVGVPKEJVUYKTO×UUGPKPFKG7PKQPGKPYKNNKIGP<br />

9GTOW²!&GT5ENCXGFGTMGKPGPHTGKGP9KNNGPJCVGKPHTGKGT/CPP<br />

JCV FCU UEJOCEJXQNNG 9QTV OW² IGYK² PKEJV GTHWPFGP 9CTWO<br />

O×UUGP YKT! 5KPF YKT PKEJV HTGKG .GWVG! 9GT YKNN YGT MCPP GKP<br />

HTGKGU8QNM\YKPIGP!<br />

+EJ HTCIG YGKVGT $GF×THGP YKT FGPP ×DGTJCWRV FGT 7PKQP!<br />

+UVFGPPFKGRJ[UKUEJGWPFOQTCNKUEJG-TCHVWPUGTGU8QNMGUUEJQPUQ<br />

VKGHIGUWPMGPFC²YKT\WT#WHTGEJVJCNVWPIWPUGTGT8GTHCUUWPI<br />

WPUGTGT 0CVKQPCNKV¼V HTGOFGP 5EJWV\GU WPICTKUEJGT *×NHG<br />

DGF×THVGP! 5QNNVGP YKT PKEJV OGJT KO 5VCPFG UGKP WPUGT<br />

)GOGKPYGUGP FC² UKEJ ,CJTJWPFGTVG JKPFWTEJ DGKO #PFTCPIG<br />

WP\¼JNKIGTKPPGTGTWPF¼W²GTGT#PHGEJVWPIGPWPVGT)QVVGU$GKUVCPF

WPF FGO MT¼HVKIGP 5VGWGT WPUGTGT 8QTHCJTGP GTJCNVGP JCV OKV<br />

GKIGPGT-TCHVCWEJHGTPGTJKP\WNGKVGP!,CYGPPFKGUNGV\VGTGFGT(CNN<br />

KUV YGPP YKT CWU GKIGPGT KPPGTGT 5EJY¼EJG FKG 8GTGKPKIWPI OKV<br />

7PICTPUWEJGPFCPPKUVGUHTGKNKEJWOWPUGT8QNMIGUEJGJGPFGPP<br />

FCPP UKPF YKT FGT (TGKJGKVGP WPF 'TTWPIGPUEJCHVGP H×T YGNEJG<br />

WPUGTG8¼VGT)WVWPF.GDGPGKPIGUGV\VJCDGPWOUKGWPUWPXGT\GJTV<br />

\W×DGTIGDGPPKEJVOGJTYGTVJFCPPIGUEJKGJVWPUGKPG9QJNVJCV<br />

YGPP YKT XGTPKEJVGV YGTFGP &QEJ FGO KUV )QVV UGK &CPM PKEJV<br />

CNUQFGT-GTPWPUGTU8QNMGUKUVPQEJKOOGTHTKUEJWPFGFGNGTJCV<br />

UGKPG UEJCHHGPFG -TCHV PKEJV XGTNQTGP 7PUGTG ¼W²GTG 8GTHCUUWPI<br />

UVGJV UGKV ,CJTJWPFGTVGP KP GKPGO UQNEJGP 5VCPFG FC² YKT FWTEJ<br />

WPUGTP #PUEJNW² CP 7PICTP PKEJVU IGYKPPGP KEJ OGKPG FCU<br />

)GD¼WFGCPUKEJFKG/¼PIGNFKGUKEJKPU+PPGTGFKGUGU)GD¼WFGU<br />

GKPIGUEJNKEJGP JCDGP MÑPPGP WPF YGTFGP YKT CWU GKIGPGT<br />

/CEJVXQNNMQOOGPJGKV DGJGDGP FGPP WPUGT 8QNM JCV FKG<br />

(QTFGTWPIGPFGT

-ÑPPVGKEJFQEJOGKPGP9QTVGP-TCHVXGTNGKJGPFC²UKGXQP<br />

CNNGP5ÑJPGPOGKPGUIGNKGDVGP8QNMGUXGTPQOOGPY×TFGPFCOKVGU<br />

XQP LGFGO $GTIT×EMGP CWU LGFGT 6JCNUEJNWEJV WPUGTGT )CWGP YQ<br />

PQEJ FGWVUEJG .CWVG VÑPGP YKFGTMNKPIG -GKPG 7PKQP -GKPG 7PKQP<br />

UGK FKG 2CTQNG FGT $×TIGTYGJT -GKPG 7PKQP FGT)TW²WPVGTFGP<br />

6WTPGTPWPUGTUU¼EJUKUEJGP8CVGTNCPFGU<br />

<br />

6JGQFQT(CDKPK<br />

<br />

<br />

0WWPKWPKK<br />

<br />

8KFGCPV%QPUWNGUPGSWKFTGURWDNKECFGVTKOGPVKECRKCVC)C<br />

UWPCFGEK\KCUGPCVWNWKCVWPEKE¸PFUVCVWNTQOCPGTCCOGPKP/CVFGXTGQ<br />

RTKOGLFKGEGGCEGÉPUGCOPâÉPIGTOCPâ8GIJGC/KEQPUWNKECCHCEGTKNG<br />

RWDNKEG QD)VG)VK Uâ PW UWHGTG XTGQ FCWPâ #EGNC)K NWETW ÉN UVTKI )K GW<br />

CEWO TGRTG\GPVCP/KNQT RQRQTWNWK )K ÉORTGWPâ EW OKPG Q HCE EW<br />

UKIWTCP/â OWN/K CN/KK ÉPVTW CEGNC)K EWIGV 8QK EGK EJGOC/KRGECTGXC<br />

PWOKVRQRQTWNXQUVTWXGIJGC/KNCDWPâUVCTGCNWKHK/KICVCUâNWRVC/KUâ<br />

OWTK/KUâCE/KQPC/KC)CEWOQEGTGDKPGNGCFGXâTCVCNRQRQTWNWKXQUVTW<br />

5âCE/KQPC/KFKPFCVQTKG)KFKPEQP)VKKP/âECÉPQTKEGENKRâUâRWVG/KFC<br />

UQEQVGCNâ ÉP HC/C UECWPWNWK FG LWFGECVâ CN KUVQTKGK FG HGNWN ÉP ECTG C/K<br />

EJKXGTPKUKVFTGRVWTKNGRQRQTWNWKXQUVTWRGPVTWECPWEWOXCHKWNXQUVTW<br />

UâXâÉORQXâTG\GUWHNGVWNEWPGHGTKEKTGCUCRGPVTWECPWEWOXCPGRQVWN<br />

XQUVTWUâCTWPEGÉPOQTO¸PVFWRâXQKEWQEâTKÉPVTQNKODâUVTâKPâ<br />

7PKWPG7PKWPG7PKWPGUGCWFUVTKIâVGFKPOCKOWNVGRâT/K<br />

¡PUâGWÉPOKLNQEWNNQTUVTKIEWINCUFGVWPGV0WWPKWPKK0WWPKWPKK0W<br />

WPKWPKK)KQTKEKPGCOQ)VGPKVWPUVTQRFKPU¸PIGNGEWTCVCNVC/KNQTPQ)VTK<br />

QTKEKPGEâTWKCPWOGNGFGIGTOCPÉKHCEGU¸PIGNGUâEWTIâOCKTGRGFG<br />

RTKPXKPGQTKEKPGPWXTGCUâKCCUWRTâ)KDNGUVGOWNFGCHKVTâFâVQTCN<br />

RQRQTWNWK XC URWPG QFCVâ EW OKPG 0W WPKWPKK (VK/K XQK QCTG EG<br />

ÉPUGCOPâCEGUVGNKVGTG7PKQPWPKWPG!'NGÉPUGCOPâPKEKOCKOWNV<br />

PKEKOCKRW/KPFGE¸VEâRQRQTWNUâUGUEUGNCUâRGDC\CNQTÉPXQKCOKNGK<br />

)KCPGÉPFWTâTKKWPIWTKNQTHâTâQUKPIWTâNQXKVWTâFGUCDKGEâC)VGCRVâ<br />

FGNCOâTKPKOKCWPIWTKNQTVQVEGGCEGCFG/KPWVFGCNWPIWNUGEQNGNQTVQV<br />

EGGCEGCUVâ\KRQUGFâFGHCRV)KFGFTGRVVQVEGGCEGXCRQUGFCRGDWPâ<br />

FTGRVCVG RG XGEKG )KECTGPWRQCVGUâKHKGTâRKVEWHQT/C FG PKEK WP<br />

WPIWTFGPKEKWPXCNCJFCEâPWEWOXCPQKUKPIWTKPGXQOTKFKECO¸PC<br />

RGPVTWCPGUKPWEKFG#EGNGNKVGTGÉPUGCOPâPWCNVEGXCFGE¸VEâRWPGO<br />

WOâTWNECÉPFGCPKUâPWOCKTâUWPGÉP/KPWVWTKNGCEGUVGCPKEKWP

UWPGVIGTOCPECÉPUEWTVâXTGOGPKEKWPE¸PVGEIGTOCPUâPW)KOCK<br />

VTKOKVâURTG\âTKNGCNDCUVTGFWNEKNGUCNGCEQTFWTKECQDKEGKWNCTVC)VKKP/C<br />

IGTOCPâUâUGQHKNGCUEâ)KUâFKURCTâECIGTOCPWNFKP6TCPUKNXCPKCUâ<br />

FGXKPâWPIWTUCWXCNCJ)KUâNCUGOQ)VGPKTGUVTâKPKNQTTQFWNVTWFGKUCNG<br />

)KVQCVGCEGUVGCRTKPWPKWPG#EGUVGCUWPVHNGCEWTKPWKC)C!8âÉPVTGDRG<br />

VQ/K EGK ECTG XQTDK/K FGURTG WPKWPG C/K EWIGVCV EW EKPG XTG/K Uâ HCEG/K<br />

WPKWPGC! %W WPIWTWN! 2TKXK/K KUVQTKC UGEQNGNQT VTGEWVG UCW PWOCK C<br />

WNVKOGNQTFQWâ&KGVG0WXCUETKLGNKVCF¸PECOGPKP/CTGC5âVGÉPETG\K<br />

FCT ÉP EKPG! %¸PF C XTWV XTGQFCVâ FKP KPKOâ WPIWTWN DKPGNG UCUWNWK<br />

E¸PFCHQUVRTKGVGPKCNWKHC/âFGUCUUKPEGTâ!0KEKEJKCTCVWPEKE¸PFGTCÉP<br />

RGTKEQN)KUGCUEWPFGCÉPURCVGNG\KFWTKNQTUQNKFGCNGQTC)GNQT)KEGVâ/KNQT<br />

UCUG)VK%WKVTGDWKGUâKOWN/WOKORGPVTWHCRVWNEâVG\CWTWNNKDGTVâ/KNQT<br />

)K CN RTKXKNGIKKNQT PQCUVTG C HQUV NâUCV OQ)VGPKTGOCKÉORW/KPCV! %WK<br />

CNVEWKXCFGE¸VWPKWPKK)KKPVGP/KKNQTRTKGVGPG)VKCNGEQPC/KWPKNQTPQCUVTG<br />

)KVQVW)KRGCVWPEKOCKCXGCOWPEWX¸PVITGWFGURWU%WCFGXâTCVPW<br />

VTGDWKGUâURGTâOEâRTKGVGPKCFGFGCPKCWPIWTWNWKHC/âFGUCUUCT<br />

HK UEJKODCV %JKCT FCEâ JQVâT¸TKNG WNVKOWNWK RCTNCOGPV WPICT UWPâ<br />

HQCTVG OâTKPKOQU CVWPEK E¸PF RTQOKV OGP/KPGTGC PC/KQPCNKVâ/KNQT )K C<br />

NKODKNQT )K EJKCT FCEâ GNG PW CT FGXGPK QDUVCEQNG ÉP ECNGC WPGK OCK<br />

UVT¸PUGWPKTKC6TCPUKNXCPKGKEW7PICTKCVQVPCTVTGDWKUâPGVQEOKONC<br />

WPKWPGEâEKWPFGTâO¸PGICTCP/KCCEGUVQTRTQOKUKWPK!1CTGPWUGCHNâ<br />

VQEOCK CEWO 7PICTKC ÉPVTQ OCTG ÉPEWTEâVWTâ! %KPG RQCVG RTGXGFGC<br />

ECTGXCHKXKKVQTWNCRTQRKCVCN7PICTKGKEKPGRQCVGURWPGFCEâPWEWOXC<br />

WPIWTKKWT\GUETGCE/KWPKCEWOUCWRTKPKFGK)KKPVGP/KKÉP)GNâVQCTGFG<br />

TWRGTGFG#WUVTKCÉ)KUCRâUKPIWTKRTQRTKWNOQTO¸PV!+CTRTâDW)KTGCNQT<br />

PWPGCTV¸TÉQCTG)KRGPQKÉPCDKU!%KPGCWTOâTKVEWTUWNGXGPKOGPVGNQT<br />

FKP 7PICTKC XC IJKEK ÉPEQVTQ /KPVGUE UVTâFCPKKNG )K TGCNK\âTKNG<br />

PâXCNPKEKNQT IWXGTP RTQRTKW CRQK ÉP URGEKCN OKPKUVGT FG HKPCP/G )K<br />

OKPKUVGT FG Tâ\DQK RTQRTKK GNKOKPCTGC VWVWTQT OKNKVCTKNQT PGWPIWTK )K<br />

TGCFWEGTGCÉPVTGIKKCTOCVGWPICTGÉP7PICTKCUWDQTFQPCTGCUQNFC/KNQT<br />

ITâPKEGTKQTFKPGNQTRCNCVKPWNWKQDUGTXC/K WPFG FQTGUE Uâ CLWPIâ!<br />

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C)CEWOGUVGEGCCEVWCNâÉP7PICTKCPWUCTCPWNCVQEOCKCEGCNGIG&G<br />

NC WPWN )K CEGNC)K TGIG CW QD/KPWV WPIWTKK DWNNC CWTGC C NQT KCT UC)KK<br />

#PFTGCPWORCNNQTWPWN)KCEGNC)KRCTNCOGPVECTGCCPWNCVDWNNCCWTGC<br />

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#PFTGCPWO CN PQUVTW )K PGCT RWVGC CDTQIC EQPUVKVW/KC&GCEGGCPW

VTGDWKG Uâ PG GZRWPGO RTKOGLFKGK EC UVTâKPKK PGEJGOC/KK Uâ RQCVâ<br />

FG\DCVG)KFKURWPGCUWRTCDKPGNWK)KTâWNWKPC/KWPKKPQCUVTGFGCEGGC<br />

0W WPKWPKK 7PIWTKK )K UGEWKK RQV Uâ UG VQV WPGCUEâ RTKP CEGCUVC UG<br />

FK\QNXâWPKWPGCVTKPC/KQPCNâPGFGENCTâOPC/KWPGCFGUKPGUVâVâVQCTG)K<br />

PGUWRWPGOPGOKLNQEKVTGIGNWKWPICTECTGPWCTGXQKGUâHKGCNVEKPGXC<br />

FGE¸V ÉORâTCVWN CWUVTKCE .WC/K COKPVG NC RKNFC VQXCTâ)KNQT PQ)VTK FG<br />

UQCTVâETQC/KK%¸VFGCWVQPQOâE¸VFGFGOPâGUVGCVKVWFKPGCNQTHC/â<br />

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O¸PVWKTGC)KXQTUâUGÉPVQCTEâNCXGEJGCUVCTGFKPECTGCWHQUVCNWPIC/K<br />

FG PGEQPVGPKVGNG CIKVC/KK CNG WPIWTKNQT HKKPF CFW)K R¸Pâ NC NKOKVC<br />

FKURGTâTKK 1 WPKWPG ÉP EQPFK/KKNG OGP/KPGTKK PC/KQPCNKVâ/KK C<br />

EQPUVKVW/KGKOWPKEKRCNG)KCNKODKKPQCUVTGGUVGWPPQPUGPUEâEKPWOCK<br />

GUVG WPKWPG 2G WPIWT PWN KPVGTGUGC\â FGE¸V EC PQK Uâ CEEGRVâO<br />

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PKOKEEâEKGNPGEGTGQWPKWPGKPVKOâ6QEOCKFGCEGGCFKPURTGRCTVGC<br />

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PW PG HQNQUG)VGNCPKOKEVTGDWKGUâCEEGRVâOWPKWPGC%KPGVTGDWKG!<br />

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ECRCDKNK FG C EQPFWEG RTKP HQT/â RTQRTKG )KRGOCKFGRCTVGCHCEGTKNG<br />

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NC 7PICTKC PW CO E¸)VKIC PKOKE /â TGHGT NC VGTKVQTKWN ÉP UKPG KCT<br />

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RGPVTW RC\C )K CRâTCTGC RTQRTKGK XGVTG PW CW PKEK Q XCNQCTG EâEK<br />

ÉPETGFGTGC RQRQTWNWK ÉP TGRTG\GPVCP/KK UâK C RKGTKV #O HQUV CFGUGC<br />

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OCTGFGECTGUWPVG/KÉPUVCTGRâECVWNIGPQEKFWNWKPC/KQPCN<br />

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FG VQ/K HKKK KWDKVWNWK OGW RQRQT FG C TâUWPC FG RG VQCVG ETGUVGNG<br />

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#EGCUVC Uâ HKG RCTQNC IâT\KK PC/KQPCNG 0W WPKWPKK UâHKGUCNWVWN<br />

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#NNG FKGUG #PICDGP UKPF KP FGP FKGUH¼NNKIGP $GUEJYGTFGP CP<br />

FKG NÑDNKEJ U¼EJUKUEJG 0CVKQPU7PKXGTUKV¼V WPF FKG JQJGP<br />

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CWHIGPQOOGPG $G\GKEJPWPI UGKPGT 'KIGPUEJCHVGP CNU %GPUQT PKEJV<br />

XGTFKGPGP ×DGTNCUUG KEJ JÑJGTGO 'TOGUUGP 5GKP %JCTCMVGT CNU<br />

+PFKXKFWWO WPF CNU 6JGUCWTCTKCVU $GCOVGT YGTFGP FCFWTEJ<br />

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/CPP GKP DTCWEJDCTGT $GCOVGT WPF \WINGKEJ GKP WPH¼JKIGT<br />

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ECNKVâ/KNQT UCNG EC EGP\QT %CTCEVGTWN UâW EC KPFKXKF )K EC HWPE/KQPCT<br />

VG\CWTCTKCNPWGUVGCVCECVRTKPCEGUVGCEâEKEKPGXCRQCVGHKWPQOFTGRV<br />

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IGTKPIGT IGYGUGP UGKP CNU FKG U[UVGOCVKUEJG 2TQ\GPVWCVKQP DGK LGFGO<br />

5VCCVUNGJGPWPFLGFGGPFNQUG4GKJGXQP7PVGTUEJNCIWPIGPÑHHGPVNKEJGT<br />

)GNFGTFKGPGDUVFGTJGKNNQUGPKPCNNGP9GNVIGIGPFGPGPFNKEJLGPG<br />

(KPCP\PQVJJGTDGKH×JTVGFKG1GUVGTTGKEJ\WGTFT×EMGPFTQJVPCEJFGO<br />

FGUUGPRQNKVKUEJGT'KPHNW²KO1TKGPVXQNNMQOOGPXGTPKEJVGVKUVFWTEJ<br />

GKPGP*QEJXGTT¼VJGTFGTITѲGTGU7GDGN×DGTFKG/QPCTEJKGIGDTCEJV<br />

CNUFKG6×TMGP)WUVCX#FQNHWPF0CRQNGQP\WUCOOGPIGPQOOGP<br />

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ÉPVQCTEGTG FG NC EQPITGU ÉK RTQRWUG ECPEGNCTWNWK FG UVCV CWUVTKCE EC<br />

CNâVWTK FG UEJKODWN FG EWTKGTK ÉPVTG ECDKPGVG Uâ KPK/KG\G )K Q<br />

EQTGURQPFGP/â RTKXCVâ RTKGVGPGCUEâ )K PKEKFGEWO RQNKVKEâ ÉPVTG GK FQK<br />

KCTRGPVTWCEQRGTKTGCEQUVWTKNQTCEGUVGKCRTKP/WNUâDKPGXQKCUEâCRTKOK<br />

CPWCN FG FWEC/K /GVVGTPKEJ OWN/WOK RGPVTW DWPâXQKP/â )K<br />

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HâTâ RTG)VKKP/C OQPCTJWNWK UâW ¡ORâTCVWN (GTFKPCPF RâTW )QECV NC<br />

ÉPEGRWV FG ÉP)VKKP/CTGC NWK )K ÉK TâURWPUG UGE Eâ PW XTGC Uâ )VKG PKOKE<br />

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FGITCDâ UGTXK FGE¸V FâWPC TGNC/KGK FG RTKGVGPKG FKPVTG ECDKPGVGNG<br />

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CEQRGTKTGCEâTGKC/GVVGTPKEJUâDKPGXQKCUEâCRTKOKFGFWEC/K<br />

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FGVWTPâTK CNG DCPKNQT RWDNKEK ECTG ÉORTGWPâ EW FGRNQTCDKNGNG ÉP<br />

VQCVG EQN/WTKNG NWOKK CW RTQXQECV ÉP EGNG FKP WTOâ CEGC PGXQKG<br />

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XGTUCOONWPI DGTGKVU GKPKIG CDIGTKUUGPG 4GHGTCVG WPF $GOGTMWPIGP<br />

CDGT PQEJ MGKP \WUCOOGPJ¼PIGPFGT WPF YGPP CWEJ PWT<br />

GKPKIGTOC²GP WOUV¼PFNKEJGT $GTKEJV OKVIGVJGKNV YQTFGP 9KT YQNNGP<br />

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FKGUG CW²GTQTFGPVNKEJG 0CVKQPUWPKXGTUKV¼V WPF GU YCTGP XQP FGP<br />

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.CPFOCPP6GZVQTKU%QOOWPKV¼VUQTCVQT6JGKN2HCTTGTKP6TGRRGP<br />

XQP /×JNDCEJ *CJP +PIGPKGWT /GKUVGT -ÑPKIUTKEJVGT<br />

5GKXGTVJ0QV¼T<br />

XQP )TQ²UEJGPM $TWEMPGT #UUGUUQT %CRGUKWU<br />

)GTKEJVUUGETGV¼T /GN\GT #UUGUUQT 5EJOKFV -ÑPKIUTKEJVGT 5EJOKFV<br />

1HHKEKQNCVUUGETGV¼T<br />

XQP 4GRU %QPTCF 2GTEGRVQT -TCW² 2TGFKIGT /QFLGT<br />

2HCTTGT KP 5QOOGTDWTI 2KNFPGT 2HCTTGT KP *QOTQF 5EJWUVGT<br />

+PIGPKGWT5VGKPDWTI1HHKEKQNCVUUGETGV¼T<br />

XQP4GW²OCTMV(KNVUEJ-ÑPKIUTKEJVGT.ÑY5VWJNUTKEJVGT<br />

XQP .GUEJMKTEJ %QPTCF -ÑPKIUTKEJVGT (TKGFGPHGNU<br />

*QHEQPEKRKUV*GTDGTVJ5VWJNUTKEJVGT5KOQPKU5VWJNUHKUMCNu<br />

0CEJFGO FGT *GTT 0CVKQPUITCH OKV GKPGT CWH FKG LGV\KIGP<br />

#DIGQTFPGVGP \W GPVUGPFGP XQTNKGIG PCEJ N¼PIGTGP &GDCVVG FGT<br />

$GUEJNW²IGHC²VFKGJM.CPFGUTGIKGTWPIIG\KGOGPF\WGTUWEJGPGU<br />

YQNNG*QEJFKGUGNDGKP'TY¼IWPIFGUUGPFC²FGT\WT'TÑHHPWPIFGU<br />

4GKEJUVCIUKP2GUVJCPDGTCWOVG6GTOKPDGTGKVUUQPCJGJGTCPIGT×EMV<br />

WPFFKGCNNGTJ5CPMVKQPWPF8GTNCWVDCTWPIFGU+WPF++FKGUL¼JTKIGP<br />

.CPFVCIUCTVKMGNUPQEJPKEJVGTHQNIVKUVOKVJKPUEJQP\WOIGFCEJVGP<br />

6GTOKPFKG4GKEJUVCIUCDIGQTFPGVGP\WY¼JNGPWPFKOGPVHGTPVGP1TVG<br />

FGU 4GKEJUVCIU GKPVTGHHGP \W OCEJGP H×T GKPGP CPIGOGUUGPGP<br />

#WHUEJWD FGT 4GKEJUVCIUGTÑHHPWPI KO IGGKIPGVGP 9GIG UKEJ<br />

XGTYGPFGPQFGTFQEJFCUQJPGGKIPG5EJWNFFWTEJFKG-×T\GFGT

&KG HTGKG %QOOWPCNXGTYCNVWPI WPF FCU 4GEJV FGT HTGKGP<br />

-TGKUWPF%QOOWPCNDGCOVGPYKTFICTCPVKTV<br />

+P CNNGP ¼OVNKEJGP 8GTJCPFNWPIGP KP %QTTGURQPFGP\GP KO<br />

+PPGTP UQYQJN CNU PCEJ #W²GP UQNN FKG FGWVUEJG 5RTCEJG FKG<br />

)GUEJ¼HVUURTCEJG UGKP &KG .CPFGUIGUGV\G UQNNGP FGP U¼EJUKUEJGP<br />

-TGKUGPKPFGWVUEJGT5RTCEJGCWVJGPVKUEJOKVIGVJGKNVYGTFGP<br />

7PCDJ¼PIKIG HTGKG 5VGNNWPI FGT -KTEJGP WPF FGT 5EJWNGP<br />

CNNGT )NCWDGPUIGPQUUGP HTGKG 8GTYCNVWPI KJTGU 8GTOÑIGPU FKG<br />

5[PQFCNXGTHCUUWPI WPF IGKUVNKEJG )GTKEJVUDCTMGKV FGT #WIUD %QPH<br />

8GTYCPFVGP HTGKG 9CJN FGT )GKUVNKEJGP FCU 4GEJV FGT HTGKGP<br />

'KPTKEJVWPI WPF $GCWHUKEJVKIWPI FGU ÑHHGPVNKEJGP 7PVGTTKEJVU .GJT<br />

WPF .GTPHTGKJGKV FGT WPIGUEJO¼NGTVG )GDTCWEJ FGT /WVVGTURTCEJG KP<br />

-KTEJGP WPF 5EJWNGP WPF FKG 7PVGTUVGNNWPI CNNGT \W GKPGO WPF<br />

FGOUGNDGP )NCWDGPUDGMGPPVPKUUG )GJÑTKIGP WPVGT FKG .GKVWPI WPF<br />

#WHUKEJV FGT GKIGPGP JÑJGTP UQYQJN CNU PKGFGTP -KTEJGP WPF<br />

5EJWNDGJÑTFGPYQDGKFCUJÑEJUVG#WHUKEJVUTGEJV×DGTFKG-KTEJGPWPF<br />

5EJWNGP FGT #%8 KP 5KGDGPD×TIGP WPOKVVGNDCT FGO uuu -ÑPKIG<br />

\WMQOOV<br />

$GKDGJCNVWPI FGT U¼EJU /WPKEKRCNIGUGV\G 5VCVWVGP OKV<br />

8QTDGJCNV FGT #WVQPQOKG WPF FGT XGTOÑIG FGTUGNDGP<br />

XQT\WPGJOGPFGP \GKVIGO¼²GP 4GHQTOGP KP FGP XGTUEJKGFGPGP<br />

$G\KGJWPIGP FGU 0CVKQPCNNGDGPU KO #NNIGOGKPGP UQYQJN CNU CWEJ<br />

KPUDGUQPFGTG KP $G\WI FGT 4GIGNWPI FGT )GYGTDU WPF<br />

)GRHNQIGPJGKV PKEJV PWT RQNKVKUEJG 8GTYCNVWPIUDGCOVG QFGT ,WTKUVGP<br />

UQPFGTPCWEJCPFGTG/¼PPGTFGU8GTVTCWGPUIGY¼JNV0CEJYGNEJGO<br />

8GTJ¼NVPK²FKG

'UUQNNGKPGXQPFGTXGTUCOOGNVGP0CVKQPUWPKXGTUKV¼VFWTEJ<br />

HTGKG9CJNOKV4×EMUKEJVDNQUCWHRGTUÑPNKEJG 6×EJVKIMGKV IGY¼JNVG<br />

&GRWVCVKQP CWU 5KGDGP /KVINKGFGTP OKV FGT 9GKUWPI PCEJ 2GUVJ<br />

GPVUGPFGVYGTFGPFKGHGUVIGUGV\VGP7PKQPUDGFKPIWPIGPUQYQJNDGKOO<br />

'T\JGT\QI2CNCVKPWPFMÑPKIN5VCVVJCNVGT5VGRJCPCNUCWEJDGKOO<br />

WPICTKUEJGP /KPKUVGTKWO WPF FGT 4GIPKEQNCTFGRWVCVKQP WPF CNNGP<br />

1TVGP YQ GU H×T \YGEMO¼²KI GTCEJVGV YGTFGP YKTF CNU FGP<br />

8QNMUYKNNGP FGT 5CEJUGP UQYQJN UEJTKHVNKEJ KP (QTO GKPGT PCEJ FGO<br />

FKGUH¼NNKIGP 'PVYWTH FGT 0CVKQPUWPKXGTUKV¼V CDIGHC²VGP &GPMUEJTKHV<br />

GKP\WTGKEJGPCNUCWEJO×PFNKEJCWU\WURTGEJGPWPFPCEJCNNGP-T¼HVGP<br />

H×T FKG #PPCJOG WPF IGUGV\NKEJG 5KEJGTUVGNNWPI FKGUGT $GFKPIWPIGP<br />

JKP\WYKTMGPHGTPGTOKVFGT9GKUWPIFGP

+P$G\WICWHFKGH×PHVG(TCIGQDFKGU¼EJUKUEJG0CVKQPFWTEJ<br />

KJTG #DIGQTFPGVGP CP FGP 4GKEJUVCIXGTJCPFNWPIGP 6JGKN PGJOGP<br />

MÑPPGDGXQTFKG7PKQPUDGFKPIWPIGPFGTUGNDGPIGJÑTKIICTCPVKTVUKPF<br />

YKTF PCEJ NCPIGP &GDCVVGP FWTEJ #DUVKOOWPI DGUEJNQUUGP &KG<br />

U¼EJUKUEJGP #DIGQTFPGVGP UQNNGP \YCT FC FKG XQP FGT U¼EJUKUEJGP<br />

0CVKQPIGUVGNNVGP7PKQPUDGFKPIWPIGPGDGPKO9GIGFGTTGKEJUV¼IKIGP<br />

8GTJCPFNWPIGP KP 8GTVTCIU WPF )GUGV\GUHQTO \WT )GNVWPI IGDTCEJV<br />

WPFICTCPVKTVYGTFGPO×UUGPWPFJKGDGKFGTGP8GTVTGVWPIITCFGFKG<br />

5CEJG FGT FKG U¼EJUKUEJG 0CVKQP XGTVTGVGPFGP U¼EJUKUEJGP<br />

-TGKUFGRWVKTVGPKUVCPFGP4GKEJUVCIUXGTJCPFNWPIGPXQP#PHCPIFGU<br />

4GKEJUVCIGUVJGKNPGJOGPUKGJCDGPLGFQEJINGKEJDGKKJTGO'KPVTKVVWPF<br />

DGK 'TÑHHPWPI FGT 8GTJCPFNWPIGP O×PFNKEJ CWU\WURTGEJGP WPF<br />

UEJTKHVNKEJ\W2TQVQMQNN\WIGDGPFC²KPFGO(CNNGYGPPGVYCIGIGP<br />

LGFGIGTGEJVGWPFDKNNKIG'TYCTVWPIFKGGTY¼JPVGP$GFKPIWPIGPPKEJV<br />

IGY¼JTV WPF ICTCPVKTV YGTFGP UQNNVGP CWU KJTGO 'TUEJGKPGP KO<br />

4GKEJUVCIG WPF KJTGT 6JGKNPCJOG CP FGP 8GTJCPFNWPIGP KTIGPF GKPG<br />

(QNIG H×T HCMVKUEJGU 'KPIGJGP FGT U¼EJUKUEJGP 0CVKQP CWH GKPG<br />

WPDGFKPIVG7PKQPPKEJVUQNNGIG\QIGPYGTFGPMÑPPGP<br />

5GPCVQT #WIWUV 4QVJ 5VKOOGP 2HCTTGT ,QUGRJ (CDKPK 5VKOOGP<br />

5GPCVQT,QJCPP5EJYCT\5VKOOGP*QHMQP\KRKUV'WIGP(TKGFGPHGNU<br />

5VKOOGP &GT PKEJV IGIGPY¼TVKIG *GTOCPPUV¼FVGT 5VWJNUTKEJVGT<br />

5KOQP 5EJTGKDGT GTMN¼TVG FGT CP KJP CDIGUEJKEMVGP &GRWVCVKQP UGKPGT<br />

-T¼PMNKEJMGKV YGIGP FKG 9CJN PKEJV CPPGJOGP \W MÑPPGP 8QP FGP<br />

FTGK NGV\VGP WPVGT FGP )GY¼JNVGP YGNEJG GKPG INGKEJG 5VKOOGP\CJN<br />

JCVVGP GTMN¼TVG (TKGFGPHGNU UGKPGP 4×EMVTKVV WPF GU YCTF GKPG PGWG<br />

9CJN KP FKG 5VGNNG FGU FKG &GRWVKTVGPUEJCHV CDNGJPGPFGP 5KOQP<br />

5EJTGKDGT WPF WPVGT FGP OKV INGKEJGT 5VKOOGP\CJN $GICDVGP H×T<br />

×DGTHN×UUKI GTCEJVGV

4×EMUKEJVNKEJ FGT $GVJGKNWPI CP FGP 5VGWGTP .CPFGUNCUVGP<br />

WPFFGPGPVURTGEJGPFGP8QTVJGKNGP<br />

#NNIGOGKPG PCEJ FGT CWU FGO )TWPFUCV\ FGT<br />

)NGKEJDGTGEJVKIWPI HNKG²GPFGP INGKEJO¼²KIGP 8GTRHNKEJVWPI<br />

JGTXQTIGJGPFG 5VGWGTP WPF ÑHHGPVNKEJG .CUVGP YKTF FKG U¼EJUKUEJG<br />

0CVKQPKPFGOUKGDGVTGHHGPFGP8GTJ¼NVPKUVTCIGPPWTDGJ¼NVUKGUKEJFKG<br />

'KPVTGKDWPIWPF#FOKPKUVTKTWPIFGT5VGWGTUQYKGFKG8GTVJGKNWPIFGT<br />

.CUVGPFWTEJKJTGGKIPGP$GCOVGPXQTKPINGKEJGO8GTJ¼NVPKUUGJCVUKG<br />

CWEJ FKG CWU FKGUGP 5VGWGTP GPVURTKPIGPFGP 8QTVJGKNG UQYKG FGP<br />

INGKEJO¼²KIGP#PVJGKNCPFGP.CPFGUGKPM×PHVGPCP\WURTGEJGP<br />

&KG4GIWNKTWPI'KPJGDWPIWPF8GTYGPFWPIFGT&QOGUVKMCN<br />

WPF .QMCN#DICDGP WPF .CUVGP YKTF FKG 0CVKQP UGNDUVUV¼PFKI<br />

DGUVKOOGP<br />

4×EMUKEJVNKEJ FGT 9GJTRHNKEJV 0CEJ FGO )TWPFUCV\ FGT<br />

)NGKEJDGTGEJVKIWPI YKTF CWEJ FKG 0CVKQP UKEJ FGT FGT<br />

XGTJ¼NVPKUO¼²KIGP#PVJGKNPCJOGCPFGTCNNIGOGKPGP9GJTRHNKEJVPKEJV<br />

GPV\KGJGP<br />

$ 4×EMUKEJVNKEJ FGU JÑEJUVGP %GPVTWOU KP FGT RQNKVKUEJGP<br />

8GTYCNVWPI<br />

&CUJÑEJUVG%GPVTWOKUVFGTMQPUVKVWVKQPGNNG-ÑPKIOKVUGKPGO<br />

XGTCPVYQTVNKEJGP /KPKUVGTKWO YGNEJGP LGFQEJ H×T FKG U¼EJUKUEJGP<br />

#PIGNGIGPJGKVGP GKPG GKIPG CWU GKPGT JKPN¼PINKEJGP #P\CJN XQP<br />

5CEJUGP DGUVGJGPFG 5GMVKQP DGK\WIGDGP KUV OKV FGO $GKUCV\ FC²<br />

\YKUEJGP FGT 0CVKQP WPF FKGUGO %GPVTWO MGKPG /KVVGNUVGNNG \W<br />

DGUVGJGPJCDG<br />

% 4×EMUKEJVNKEJ GKPGU JÑEJUVGP ,WUVK\HQTWOU CO *QHG FGU<br />

-ÑPKIUIGNVGPFKG$GUVKOOWPIGPFGUXQTKIGP2WPMVGU<br />

(QTVUGV\WPIHQNIV<br />

<br />

Q5CVGNNKVR0Q<br />

<br />

(×PHVG5KV\WPICO,WPK<br />

&KGH×PHVG5KV\WPI×DGTTGKEJVGKJT1RGTCV×DGTFKGFWTEJGKPGP<br />

)GUGV\XQTUEJNCI XQO LGV\KIGP 5KGDGPD×TIGT .CPFVCI CWUIGURTQEJGPG<br />

#WHJGDWPI FGT

%QOOWPGP\WIGOGKPP×V\KIGP

JCWRVU¼EJNKEJFKG$G\CJNWPIFGTIGKUVNKEJGP4GPVGPKPOKVVGPFGTU¼EJU<br />

0CVKQPQJPG

-TGKUGP CP T×EMUV¼PFKIGP +PVGTGUUGP GKPG UGJT DGFGWVGPFG 5WOOG<br />

CWUJCHVGVFWTEJFGTGP'KPIGJGPOCEJWPIUQYQJNFKGUGOCNUCWEJFGO<br />

XQP CNNGP -TGKUGP DGK FKGUGT )GNGIGPJGKV CWUIGURTQEJGPGP 9WPUEJG<br />

IGP×IV YGTFGP MÑPPVG UQ YKTF DGUEJNQUUGP U¼OOVNKEJG -TGKUG KP<br />

FGPGP +PVGTGUUGPT×EMUV¼PFG CWUJCHVGP PCEJOCNU FTKPIGPF<br />

CWH\WHQTFGTPFWTEJFKG(KUMCNGFKGUG+PVGTGUUGPOKV'PGTIKGCWUVTGKDGP<br />

\W NCUUGP WPF UQFCPP \WT 7PVGTUV×V\WPI FGT WPDGOKVVGNVGP<br />

$×TIGTICTFGPKPFGPGKP\GNPGP-TGKUGPPCEJ8GTJ¼NVPKUFGU5VCPFGU<br />

FGTUGNDGPFKGGKPIGJGPFGP$GKVT¼IG\WXGTVJGKNGP<br />

+P 8GTDKPFWPI FGU XGTJCPFGNVGP 1RGTCVGU FGT 5GMVKQP<br />

YWTFG HGTPGT DGUEJNQUUGPU¼OOVNKEJG-TGKUQDGTDGCOVGCWH\WHQTFGTP<br />

FKG GKP\GNPGP -TGKUKPURGMVQTGP WPXGT\×INKEJ \W DGCWHVTCIGP FKG<br />

U¼EJUKUEJGP(GNFDCWGTKP5VCFVWPF.CPFFCT×DGT\WWPVGTTKEJVGPFC²<br />

YGPP CWEJ FKG #WHJGDWPI FGT

CWEJ FGP \WO 4GKEJUVCI PCEJ 2GUVJ CD\WUGPFGPFGP<br />

-TGKUCDIGQTFPGVGP FKG 9GKUWPI \W IGDGP FCU DGKO WPICTKUEJGP<br />

4GKEJUVCI XQTMQOOGPFG )GUWEJ XQP 5 4GGP WPF CPFGTP KP FGP<br />

%QOKVCVGPNKGIGPFGPU¼EJU1TVUEJCHVGPMT¼HVKI\WWPVGTUV×V\GP<br />

*KGTCWH YCTF FKG +PUVTWMVKQP H×T FKG PCEJ 2GUVJ<br />

CD\WUGPFGPFGP &GRWVKTVGP CWHIGNGUGP WPF HGUVIGUGV\V UGNDG<br />

U¼OOVNKEJGP -TGKUGP FGT 4GIPKEQNCT WPF FGT 0CVKQPCNFGRWVCVKQP<br />

NGV\VGTGT OKV FGO $GKH×IGP OKV\WVJGKNGP FC² UKG KJTG (WPMVKQPGP CO<br />

1TVGKJTGT5GPFWPIPKEJVHT×JGTDGIKPPGPF×THGDKUFGT7PKQPUCTVKMGN<br />

PKEJVUCPEVKQPKTVUGK<br />

(GTPGTNGIVGCWHFKG#WHHQTFGTWPIFGU2T¼UGUFGT$TQQUGT<br />

4GMVQT)GNVEJGKPGPKPVGTGUUCPVGP$GTKEJVCD×DGTUGKPGKO#WHVTCIGFGT<br />

$×TIGTFGTU¼EJU4GEJVUCMCFGOKGCPFKGFGWVUEJGP*QEJUEJWNGPWPF<br />

PCEJ (TCPMHWTV IGOCEJVGP 4GKUG WO KP &GWVUEJNCPF 5[ORCVJKGP H×T<br />

FKG 5KGDGPD×TIGT 5CEJUGP \W GTTGIGP &GT OKV $GIGKUVGTWPI GTUVCVVGVG<br />

$GTKEJV YCTF OKV $GIGKUVGTWPI CWHIGPQOOGP WPF FGO $GTKEJGTVCVVGT<br />

FKG8GTI×VWPIUGKPGT4GKUGMQUVGPCWUFGT0CVKQPCNMCUUGDGUEJNQUUGP<br />

#O5EJNW²GFGT5KV\WPIYCTFCWHFGP8QTVTCIFGU2T¼UGUFC²<br />

FGTXQOXQTKIGP0CVKQPUEQPHNWZG\WO&GRWVKTVGPPCEJ(TCPMHWTVWO<br />

FCUGNDUV DGK FGT FGWVUEJGP 0CVKQPCNXGTUCOONWPI GKPG #FTGUUG KO<br />

0COGPFGT5KGDGPD×TIGT5CEJUGPPKGFGT\WNGIGPGTPCPPVG*QHUGETGV¼T<br />

/KNNGTFGP9WPUEJIG¼W²GTVGUYQNNGKJOKPFGT2GTUQPFGU2TQHGUUQT<br />

'KPHNW² JCDG WPF FC\W DGUVKOOGP MCPP FC² KEJ PKEJV PWT UGNDUV<br />

OGKPGRGTUÑPNKEJGP8QTVJGKNGFGOCNNIGOGKPGPU¼EJUKUEJGP+PVGTGUUG<br />

WPVGT\WQTFPGPUQPFGTPCWEJFCJKP\WYKTMGPDGO×JVUGKPYGTFG<br />

FKGDGUQPFGTP%CPVÑPNK+PVGTGUUGPFGTIGOGKPUEJCHVNKEJGP9QJNHCJTV<br />

FGT ICP\GP 0CVKQP WPF FGU 8CVGTNCPFGU LGFGT\GKV PCEJIGUGV\V WPF<br />

CWHIGQRHGTV YGTFGP OÑIG CNUQ \YCT FC² MGKP 6JGKN CDUQPFGTNKEJ<br />

JCPFGNP UQPFGTP YKG GKP /CPP 'KPGT H×T #NNG WPF #NNG H×T 'KPGP<br />

GKPUVGJGP YQNNGP *KGTCWH IGDG KEJ OGKP /CPPGUYQTV WPF FKGUGP<br />

*CPFUEJNCIR<br />

(GTPGTYCTFCWHFGP8QTVTCIGKPGT&GRWVCVKQPXQP$TQQUGT<br />

5CEJUGP FC² FGT PCEJ 2GUVJ \W GPVUGPFGPFGP 0CVKQPCNFGRWVCVKQP<br />

CWEJCWUKJTGTFGT$TQQUGT5CEJUGP/KVVGGKP/KVINKGFDGKIGIGDGP<br />

YGTFGP YQNNG FWTEJ #EENCOCVKQP FGT $TQQUGT )GTKEJVUUGETGV¼T<br />

(TKGFTKEJ9CIPGTJKGT\WGTPCPPV<br />

+PFGTNGV\VGPQFGT5KV\WPICO,WNKYCTFFKGXQPGKPGT<br />

%QOOKUUKQP XGTHC²VG &GPMUEJTKHV YGNEJG CNNGTJ 5G /CLGUV¼V FGO<br />

'T\JGT\QIG 2CNCVKP FGO WPICTKUEJGP /KPKUVGTKWO WPF FGP<br />

4GKEJUUV¼PFGP FWTEJ FKG 0CVKQPCNFGRWVCVKQP GKPIGTGKEJV YGTFGP<br />

UQNN CDIGNGUGP IWV IGJGK²GP WPF DGUEJNQUUGP GU UQNNG FKGUGNDG<br />

FWTEJ FKG

("Satellit", nr. 56)<br />

#FWPCTGC7PKXGTUKVâ/KKPC/KQPCNGUâUG)VK<br />

FKPKWPKGKWNKG<br />

<br />

&GURTGCEGCUVâCFWPCTGC7PKXGTUKVâ/KKPC/KQPCNGCWCRâTWVFGLC<br />

ÉP 5KGDGPD×TIGT 9QEJGPDNCVV E¸VGXC TGHGTCVG )K QDUGTXC/KK TWRVG FKP<br />

EQPVGZV FCT R¸Pâ CEWO PKEK Q TGNCVCTG EQORNGVâ UCW OâECT RCT/KCN<br />

COâPWP/KVâ &QTKO CEWO Uâ PG TGHGTKO NC E¸VGXC GZVTCUG FG RTQVQEQN<br />

ECTGPGUVCWÉPHC/â<br />

.CKWPKG7PKXGTUKVCVGCPC/KQPCNâGZVTCQTFKPCTâUCÉPVTWPKVÉP<br />

ENâFKTGCPC/KQPCNâUâUGCUEâFKP5KDKWUWDRTG)GFGP/KCEQOKVGNWKPC/KWPKK<br />

(TCP\5CNOGPKCTFKPEGTEWTKNGUâUG)VKCWHQUVRTG\GP/K<br />

FKP 5KDKW $GPKIPK UGETGVCT FG Tâ\DQK $KPFGT RQUVâXCT<br />

)TQ²LWTCVÉP%KUPâFKG4GWGTPQVCTÉP*CODC4QVJRTGQVÉP%C)QN/<br />

5EJOKFVRTQHGUQT5EJWNNGTRTQHGUQT

Domnul comite al na•iunii a declarat adunarea<br />

na•ional• deschis• •i constituit•, prezentând o<br />

cuvântare referitoare la împrejur•rile timpului •i<br />

la diversele st•ri de spirit ce domnesc în momentul<br />

de fa•• în cercurile /s•se•ti/, ar•tând c• acum<br />

este mai necesar ca oricând s• existe în•elegere<br />

reciproc• •i unitate trainic•. S-a prezentat<br />

programul redactat sub coordonarea comitelui despre<br />

problemele ce vor fi dezb•tute în aceast• adunare a<br />

Universit••ii, pentru ca, pe baza programului, s•<br />

se ordoneze lucr•rile •i s• se u•ureze dezbaterile.<br />

2TQITCOWNCHQUVCFQRVCVKCTRWPEVGNGUCNGCWHQUVRTGNWCVGEW<br />

CEQTFWNCFWPâTKKFGOGODTKK7PKXGTUKVâ/KKÉORâT/K/KÉPUGE/KWPKRGPVTW<br />

C NG RTGNWETC )K C RTGIâVK TCRQTVWN UETKU &G CUGOGPGC UC UVCDKNKV EC<br />

)GFKP/GNGEQOWPGUâUGFGUHâ)QCTGFKOKPGC/CKCTEGNGRGUGE/KWPKFWRâ<br />

OCUCWTO¸PFECÉPCEGGC)KFWRâOCUâUâÉPEGCRâNWETâTKNGRGUGE/KWPK<br />

RGPVTWECÉP\KWCWTOâVQCTGUâUGRQCVâCLWPIGNCFG\DCVGTG<br />

2TG)GFKPVGNGCRTG\GPVCVWPWNFKPEGNGOCKUVTKPIGPVGQDKGEVGFG<br />

FKUEW/KG TGURGEVKX VTKOKVGTGC FGRWVC/KNQT EGTEWTKNQT UâUG)VK ÉP<br />

2CTNCOGPVWNOCIJKCTTGWPKVFGNC2GUVCFKPKWNKG&WRâÉPFGNWPICVG<br />

FG\DCVGTK C HQUV CFQRVCVâ WTOâVQCTGC FGEK\KG .W¸PF ÉP EQPUKFGTCTG<br />

HCRVWNEâVGTOGPWNUVCDKNKVRGPVTWFGUEJKFGTGC2CTNCOGPVWNWKFKP2GUVC<br />

GUVGCV¸VFGCRTQRKCVÉPXTGOGEGÉPEâPWCUWTXGPKVRTGÉPCNVCUCPE/KWPG<br />

)KCPWP/CTGQHKEKCNâCCTVKEQNGNQT+)K++CNG&KGVGK)KCX¸PFÉPXGFGTGEâ<br />

NKRUCVKORWNWKHK\KEHCEGKORQUKDKNâCNGIGTGCRTGEWO)KFGRNCUCTGCURTG<br />

ÉPFGRâTVCVWN NQE C FGNGIC/KNQT RGPVTW RCTNCOGPV R¸Pâ NC VGTOGPWN<br />

RTGEK\CV ÉPCNVC EQPFWEGTG KORGTKCNâ GUVG TWICVâ UC IâUGCUEâ Q ECNG<br />

RQVTKXKVâRGPVTWCCO¸PCFGUEJKFGTGC2CTNCOGPVWNWKUCWRGPVTWCUEW\C<br />

UQUKTGCÉPV¸T\KCVâFCTPWFKPXKPâRTQRTKGCFGRWVC/KNQTFKPEGEWTKNGOCK<br />

ÉPFGRâTVCVG CNG 6TCPUKNXCPKGK 5C OCK JQVâT¸V EC CEGCUVâ FGEK\KG Uâ UG<br />

CFWEâ NC EWPQ)VKP/C CWVQTKVâ/KNQT EGTEWCNG UâUG)VK #RQK UC ÉPEJGKCV<br />

RTKOC)GFKP/âCCFWPâTKK7PKXGTUKVâ/KK<br />

/CT/K KWNKG UC FGUHâ)WTCVEGCFGC FQWC )GFKP/â 2TKOC<br />

UGE/KWPG )KC RTG\GPVCV QRGTCVWN ECTG EQP/KPG RTQKGEVWN FG UVCDKNKTG C<br />

EQPFK/KKNQT HQTOCNG RTKP C EâTQT ÉPFGRNKPKTG EQPVTCEVWCNâ )K NGICNâ<br />

PC/KWPGC UâUGCUEâ RQCVG TGEWPQC)VG KPVTCTGC ÉP XKIQCTG )K TGCNKVCVGC<br />

WPKWPKKEWTGICVWN7PICTKGK%CUWRQTVCNQRGTCVWNWKGKCEGCUVâRTKOâ<br />

UGE/KWPG C HQNQUKV EGNG FQWâ OGOQTKK CNG 7PKXGTUKVâ/KK PC/KQPCNG )K ÉP<br />

URGEKCN OGOQTKWN CFWPâTKK PC/KQPCNG FKP %NWL CRQK RTQKGEVWN FG<br />

KPUVTWE/KWPGRGPVTWOGODTKKFGRWVC/KFKPRCTVGC$TC)QXWNWK

&WRâOWNVKRNGFKUEW/KKCUWRTCRTQKGEVWNWKCEGUVCCHQUVCFQRVCV<br />

ÉP EGNG FKP WTOâ EC FGEK\KG %QPFK/KKNG CEEGRVâTKK WPKWPKK FG EâVTG<br />

7PKXGTUKVCVGCUâUGCUEâUWPVWTOâVQCTGNG<br />

/GP/KPGTGCPGUEJKODCVâCVGTKVQTKWNWKUâUGUE)KCEQPVGZVWNWK<br />

UâWRQNKVKEÉPCEVWCNCÉPHâ/K)CTGVGTKVQTKWNHKKPFHQTOCVFKPUECWPG)K<br />

FKUVTKEVG ÉORTGWPâ EW RâT/KNGNQTCRCT/KPâVQCTGFKPRWPEVFGXGFGTG<br />

LWTKFKEUCWCFOKPKUVTCVKX<br />

%C DC\â C CUQEKGTKK PC/KWPKK UâUG)VK 7PKXGTUKVCVGC PC/KQPCNâ<br />

UâUGCUEâUGXCCHNC)KRGXKKVQTÉPUWDQTFKPGCEQOKVGNWKPC/KWPKKUâUG)VK<br />

CNGUFGGCÉPUâ)Kuu4C\CFGCE/KWPGC7PKXGTUKVâ/KKPC/KQPCNGGUVG<br />

CLWUVK/KCECKPUVCP/âFGCRGN<br />

DCFOKPKUVTCTGCCXGTKKPC/KQPCNG<br />

ETGCNK\CTGCFGUVCVWVGTGHGTKVQCTGNCTGNC/KKNGKPVGTPG<br />

5G ICTCPVGC\â CFOKPKUVTCTGC EQOWPCNâ NKDGTâ )K FTGRVWN<br />

HWPE/KQPCTKNQTEGTEWCNK)KEQOWPCNKNKDGTK<br />

.KODCIGTOCPâUâHKGNKODCFGEKTEWNC/KGÉPVQCVGFG\DCVGTKNG<br />

QHKEKCNGCV¸VÉPEQTGURQPFGP/CKPVGTPâE¸V)KÉPEGCGZVGTPâ.GIKNG/âTKK<br />

UâHKGEQOWPKECVGEGTEWTKNQTUâUG)VKÉPNKODCIGTOCPâ<br />

.KDGTVCVG )K KPFGRGPFGP/C FG CVKVWFKPG C )EQNKNQT )K C<br />

DKUGTKEKNQT VWVWTQT EGNQT FG CEGGC)K EQPHGUKWPG NKDGTC CFOKPKUVTCTG C<br />

CXWVWNWK CEGUVQTC EQPUVKVW/KG UKPQFCNâ )K LWTKUFKE/KG TGNKIKQCUâ RGPVTW<br />

CFGR/KKEQPHGUKWPKKCWIUDWTIKEGFTGRVWNFGQTICPK\CTG)KUWRTCXGIJGTG<br />

NKDGTâ C ÉPXâ/âO¸PVWNWK RWDNKE NKDGTVCVGC FG C RTGFC )KFGCÉPXâ/C<br />

HQNQUKTGCPGÉPITâFKVâCNKODKKOCVGTPGÉPDKUGTKEKUK)EQNKUWDQTFQPCTGC<br />

VWVWTQT ETGFKPEKQ)KNQT FG CEGGC)K ETGFKP/â UWD EQPFWEGTGC )K EQPVTQNWN<br />

RTQRTKKNQT CWVQTKVâ/K DKUGTKEG)VK )K )EQNCTG HKG GNG FG TCPI KPHGTKQT UCW<br />

UWRGTKQT %GN OCK ÉPCNV FTGRV FG EQPVTQN CUWRTC DKUGTKEKNQT )K )EQNKNQT<br />

CFGR/KNQTEQPHGUKWPKKCWIUDWTIKEGTGXKPGPGOKLNQEKVTGIGNWKuuu<br />

2âUVTCTGCNGIKNQTOWPKEKRCNGUâUG)VKCUVCVWVGNQTUWDTG\GTXC<br />

CWVQPQOKGK)KCTGHQTOGNQTEQTGURWP\âVQCTGVKORWNWKEGXQTHKCFQRVCVG<br />

CV¸V ÉP RTKXKP/C XKG/KK PC/KQPCNG ÉP IGPGTCN E¸V OCK CNGU ÉP RTKXKP/C<br />

TGINGOGPVâTKK TGNC/KKNQT FKP ECFTWN OGUVG)WIWTKNQT )K DTGUNGNQT )K C<br />

QTICPK\âTKK)KCFOKPKUVTâTKKIâT\KNQTEGVâ/GPG)VKPC/KQPCNG<br />

&WRâ FG\DCVGTGC CEGUVGK EJGUVKWPK ÉP PWOGNG GOKVGP/KNQT NQT<br />

FGRWVC/KK FKP $TC)QXCWRTQRWUCRTQRKCVCVTKOKVGTGNC2GUVCCWPGK<br />

PWOGTQCUG FGNGIC/KK PC/KQPCNG CNGUG HQTOCVG FKP VQCVG ENCUGNG<br />

RQRQTWNWK RGPVTW GZRTKOCTGC CFGXâTCVGK XQKP/G RQRWNCTG )K RGPVTW<br />

NKPK)VGCXKKVQCTGCRQRQTWNWKUâUGUE5CJQVâT¸VECCEGCUVâRTQRWPGTGUâ<br />

HKG UQNW/KQPCVâ ÉP NGIâVWTâ EW CNVG FQWâ RTQRWPGTK FG\DâVWVG FG

UGE/KWPGCCFQWCÉPWTOâVQCTGC)GFKP/â#UVHGNUCEQPUGOPCVÉPEJGKGTGC<br />

EGNGKFGCFQWC)GFKP/G<br />

8CEQPVKPWC<br />

u&GLCFKPNKUVCFGPWOGTGKGUG Eâ CEGCUVC HQUV Q CFWPCTG<br />

GZVTCQTFKPCTâC7PKXGTUKVâ/KKPC/KQPCNG)KEâÉPTGNC/KKNGPQCUVTGKPVGTPGC<br />

ÉPEGRWV OWNV FQTKVWN )K OWNV XKUCVWN RTQEGU FG FG\XQNVCTG )âUKO CKEK<br />

RTKPVTGCNG)KPWPWOCKHWPE/KQPCTKFKPCFOKPKUVTC/KCRQNKVKEâUCWLWTK)VK<br />

EK )K CN/K DâTDC/K FG ÉPETGFGTG ÉP RQHKFC QDK)PWKP/GK FG R¸Pâ CEWO<br />

CRTQCRGEQPUCETCVGRTKPÉPFGNWPICVCTWVKPâ0WPGGUVGNKORGFGFWRâ<br />

EGETKVGTKWUCUVCDKNKVPWOâTWNFGRWVC/KNQT<br />

4GFCE/KC<br />

uu 0W )VKW FCEâ ÉP QTKIKPCNWN RTQVQEQNWNWK CFWPâTKK<br />

7PKXGTUKVâ/KKUGCHNâUCWPWGZRTGUKCRGXKC/â'UVGRQUKDKNUâHKGFWRâ<br />

RâTGTGCUWDKGEVKXâCOGC)KCOWNVQTCNVQTCCTHKVQVW)KOWNVOCKÉP/GNGRV<br />

UâPWHKGEWRTKPUâ<br />

'OKVGPVWN<br />

uuu&CEâPWOâÉP)GNCKEKNKRUG)VGEWX¸PVWNEQPUVKVW/KQPCN<br />

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Q5CVGNNKVRPT<br />

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¡P EGC FGC VTGKC )GFKP/â FKP KWPKG UGE/KWPGC C FQWC )KC<br />

ÉPCKPVCVQRGTCVWNURTGFG\DCVGTG#EGUVCEQP/KPGWPCXK\CNWTOâVQCTGNQT<br />

RWPEVGRTQDNGOCVKEGCNGRTQITCOWNWKEWOUâUGQD/KPâ CEEGRVWN<br />

EQPFK/KKNQT WPKWPKK RG N¸PIâ FGNGIC/KC RCTNCOGPVCTâ! EWO Uâ HKG CNG)K<br />

FGRWVC/KKEGTEWTKNQTUâUG)VKEGXQTHKVTKOK)KÉP2CTNCOGPVWNWPICT!RQVHK<br />

CNG)K )K OGODTK CK FGNGIC/KGK RTGIâVKVQCTG TGIPKEQNCTG EJKCT FCEâ<br />

NWETâTKNG CEGUVGKC XQT EQPVKPWC )K FWRâ FGUEJKFGTGC 2CTNCOGPVWNWK!<br />

PC/KWPGC UâUGCUEâ XC RWVGC RCTVKEKRC RTKP TGRTG\GPVCP/KK GK NC<br />

FG\DCVGTKNG2CTNCOGPVWNWKOCKÉPCKPVGFGCQD/KPGICTCPVCTGCEQPFK/KKNQT<br />

WPKWPKK!¡PNGIâVWTâEWCEGCUVâWNVKOâEJGUVKWPGKOGFKCVCWHQUVNWCVGÉP<br />

EQPUKFGTCTG)KFG\DâVWVGVTGKRTQRWPGTKCNGCFWPâTKKPC/KQPCNGFKP%NWL<br />

FKP/GFKC))K$TC)QXTGHGTKVQCTGNCVTKOKVGTGCFGRWVC/KNQTNC2GUVC<br />

2GDC\CQRGTCVWNWKFGUGE/KWPGUCJQVâT¸V<br />

%GKRCVTWOGODTKUC)KCKFGNGIC/KGKTGIPKEQNCTGCWFCVQTKCFG<br />

CKORWPGÉPVTGIKKFGNGIC/KKTGIPKEQNCTGCEGNGEQPFK/KKRGECTGPC/KWPGC<br />

GUVGÉPFTGRVâ/KVâUâNGEGCTâRGPVTWCUKIWTCTGCCWVQPQOKGKGKPC/KQPCNG<br />

ÉPECFTWNWPKTKK6TCPUKNXCPKGKEW7PICTKCUâTGRTG\KPVGCEGUVGEQPFK/KK)K<br />

UâKPUKUVGECGNGUâHKGFG\DâVWVG)KCEEGRVCVGHCXQTCDKNÉP2CTNCOGPV

5âHKGVTKOKUâNC2GUVCQFGNGIC/KGHQTOCVâFKP)CRVGOGODTK<br />

CNG)KRTKPCNGIGTKNKDGTG)KNW¸PFWUGÉPEQPUKFGTCTGPWOCKXTGFPKEKCNQT<br />

RGTUQPCNâEWOKUKWPGCFGCÉPCKPVCCTJKFWEGNWKRCNCVKP)KNQE/KKVQTWNWK<br />

TGICN (VGHCP )WXGTPWNWK WPICT )K FGNGIC/KGK TGIPKEQNCTG RTGEWO )K<br />

VWVWTQT HQTWTKNQT WPFG UG EQPUKFGTâ FG EWXKKP/â EQPFK/KKNG WPKWPKK<br />

GZRTKO¸PFXQKP/CRQRWNCTâUâUGCUEâC)CEWOCWHQUVGNGUVCDKNKVGCV¸V<br />

ÉP HQTOC UETKUâ C WPWK OGOQTKW TGFCEVCV FWRâ CEGUV RTQKGEV CN<br />

7PKXGTUKVâ/KKPC/KQPCNGE¸V)KQTCN&GNGIC/KCUâFGRWPâVQCVGGHQTVWTKNG<br />

RGPVTWCQD/KPGCEEGRVCTGC)KICTCPVCTGCNGICNâCCEGUVQTEQPFK/KK'COCK<br />

CTG OKUKWPGC FG C CFWEG NC EWPQ)VKP/C ÉP URGEKCN C OGODTKNQT UC)K CK<br />

FGNGIC/KGK TGIPKEQNCTG UEQRWN ÉP ECTG C HQUV VTKOKU OGOQTKWN<br />

EQOWPKE¸PFWNG CEGUVQTC EQP/KPWVWN COKPVKVGNQT EQPFK/KK EC<br />

TGRTG\GPV¸PFXQKP/C)KEGTGTKNGÉPFTGRVâ/KVGCNGRQRQTWNWKUâUGUERGPVTW<br />

CCE/KQPCÉPEQPUGPUEWCEG)VKC¡PHKPGFGNGIC/KCOCKCTGUCTEKPCECFG<br />

ÉPFCVâFWRâUQUKTGCNC2GUVCUâEQOWPKEGKOGFKCVFGNGIC/KGKPC/KQPCNG<br />

CHNCVG NC 8KGPC VQCVG FGEK\KKNG CFQRVCVG FG CEGCUVâ CFWPCTG C<br />

7PKXGTUKVâ/KK RTKP EQPXQTDKTK RGTUQPCNG NC 8KGPC UCW 2GUVC RGPVTW EC<br />

FGNGIC/KC PC/KQPCNâ Uâ RQCVG ÉPVTGRTKPFG OCZKOWO RQUKDKN RGPVTW<br />

ÉPFGRNKPKTGC )K ICTCPVCTGC EQPFK/KKNQT WPKWPKK RG N¸PIâ EGNG OCK ÉPCNVG<br />

HQTWTKÉPUGPUWNCEVWCNGNQTFGEK\KK2GPVTWCEQRGTKTGCEQUVWTKNQTNGICVGFG<br />

VTKOKVGTGCFGNGIC/KGKFGNC2GUVCEGWTOGC\âCHKCNGCUâOGODTKNQTGKNK<br />

UGXCCUKIWTCCUGOGPGCFGRWVC/KNQTRCTNCOGPVCTKQFKWTPâFGHNOE<br />

)KQDQPKHKEC/KGCPWCNâFGEC\CTGFGHNOERGPVTWÉPVTGCICRGTKQCFâ<br />

FG )GFGTG ÉP NQEWN OKUKWPKK NQT RTGEWO )K FGEQPVCTGC EJGNVWKGNKNQT FG<br />

FTWOFKPECUKGTKCPC/KQPCNâRTKPEKRCNâ<br />

4GHGTKVQT NC ÉPVTGDCTGC EWO Uâ HKG CNG)K FGRWVC/KK EGTEWTKNQT<br />

UâUG)VKECTGXQTHKVTKOK)KÉP2CTNCOGPVWNWPICT!GUVGUWRGTHNWâQTKEG<br />

CNVâRTGEK\CTGFGQCTGEGCHQUVFGLCCFQRVCVâQNGIGC&KGVGKÉPCEGUVUGPU<br />

%WRTKXKTGNCÉPVTGDCTGCFCEâÉPVTGCEG)VKFGRWVC/KRQVHKCNG)K<br />

)KOGODTKCKFGNGIC/KGKTGIPKEQNCTG!7PKXGTUKVCVGCPC/KQPCNâEQPUKFGTâ<br />

KPQRQTVWPâ QTKEG NKOKVCTG )K QTKEG KPFKEC/KG EW CV¸V OCK OWNV EW E¸V<br />

HKGECTGEGTEVTGDWKGUâFGEKFâUKPIWTEâTQTDâTDC/KNGRQCVGÉPETGFKP/CEW<br />

ÉPETGFGTG TGRTG\GPVCTGC EGNQT OCK UHKPVG KPVGTGUG CNG EGTEWNWK )K CNG<br />

PC/KWPKK<br />

4GHGTKVQT NC C EKPEGC ÉPVTGDCTG FCEâ PC/KWPGC UâUGCUEâ RTKP<br />

TGRTG\GPVCP/KK GK RQCVG NWC RCTVG NC FG\DCVGTKNG 2CTNCOGPVWNWK OCK<br />

ÉPCKPVGFGICTCPVCTGCEQPFK/KKNQTWPKWPKKFWRâÉPFGNWPIKFG\DCVGTKUC<br />

JQVâT¸V RTKP XQVCTG &GRWVC/KK UC)K Uâ RCTVKEKRG NC FG\DCVGTKNG<br />

2CTNCOGPVWNWK ÉPEâ FG NC FGUEJKFGTGC CEGUVWKC ÉPVTWE¸V EQPFK/KKNG<br />

WPKWPKKUVCDKNKVGFGPC/KWPGCUâUGCUEâVTGDWKGUâHKGCFQRVCVGÉPHQTOâFG

EQPVTCEVG )K NGIK )K VTGDWKG Uâ HKG ICTCPVCVG VQEOCK RG ECNGC NGICNâ C<br />

FG\DCVGTKNQT RCTNCOGPVCTG KCT UCTEKPC FGRWVC/KNQT EGTEWCNK UC)K GUVG<br />

VQEOCK CEGGC FG C TGRTG\GPVC PC/KWPGC UâUGCUEâ 'K ÉPUâ VTGDWKG Uâ<br />

FGENCTG KOGFKCV FWRâ UQUKTGC NQT )K NC FGUEJKFGTGC FG\DCVGTKNQT CV¸V<br />

XGTDCNE¸V)KÉPUETKUEWOGP/KQPCTGCÉPRTQVQEQNEâÉPEC\WNÉPECTGÉP<br />

RQHKFC C)GRVâTKNQT ÉPFTGRVâ/KVG )K EQTGEVG COKPVKVGNG EQPFK/KK PW UWPV<br />

CEQTFCVG )K ICTCPVCVG RCTVKEKRCTGC NQT ÉP 2CTNCOGPV )K NC FG\DCVGTK PW<br />

CVTCIGFWRâUKPGPKEKFGEWOEQPUGEKP/CHCRVKEâCCEEGRVâTKKWPGKWPKWPK<br />

PGEQPFK/KQPCVGFGEâVTGPC/KWPGCUâUGCUEâ<br />

2TG\KFKWN CFWPâTKK 7PKXGTUKVâ/KK C PWOKV Q EQOKUKG<br />

ÉPUâTEKPCVâEWEQPFWEGTGCFGUHâ)WTâTKKCNGIGTKKFGNGIC/KGKEGWTOGC\âC<br />

HK VTKOKUâ NC 2GUVC 'C CTG QDNKIC/KC FG C EKVK DKNGVGNG FG XQV ÉPCKPVG FG<br />

FGUEJKFGTGCWTOâVQCTGK)GFKP/G)KFGCTCRQTVC7PKXGTUKVâ/KKTG\WNVCVWN<br />

CNGIGTKK<br />

.C KWPKG CCXWVNQEC RCVTC )GFKP/â ¡PEâ FG NC ÉPEGRWVWN<br />

CEGUVGKCWPFGNGICVCTCRQTVCV/CKÉPCKPVGFGCUGEQOWPKECTG\WNVCVWN<br />

CNGIGTKK OGP/KQPCVGK FGNGIC/KK TG\WNVCV ECTG NWK ÉK GUVG EQORNGV<br />

PGEWPQUEWV EQPUKFGTâ FG FCVQTKC UC FG C HCEG RTQRWPGTGC EC<br />

TGURGEVKXKKFGRWVC/KUâÉ)KCUWOGRTKPVTWPLWTâO¸PVUQNGOPTGURGEVCTGC<br />

UVTKEVâ)KKPXKQNCDKNâCKPUVTWE/KWPKKEGNKUGXCEQOWPKEC<br />

¡P NGIâVWTâ EW CEGCUVC CFWPCTGC C FGEKU 7PKXGTUKVCVGC<br />

PC/KQPCNâ UG DC\GC\â RG EQTGEVKVWFKPGC OGODTKNQT COKPKVKVGK FGNGIC/KK<br />

CNG)K FG GC FKP T¸PFWN WPQT DâTDC/K FG ÉPETGFGTG KPXGUVK/K EW FGRNKPC<br />

ÉPETGFGTG FG CEGGC EQPUKFGTâ UWRGTHNWâ QDNKICTGC UWRNKOGPVCTâ C<br />

CEGUVQTCRTKPVTWPLWTâO¸PVFGÉPFGRNKPKTGEQP)VKKPEKQCUâCOKUKWPKKNQT<br />

NWETWFGECTGCFWPCTGCPWUGÉPFQKG)VG<br />

4G\WNVCVWN CNGIGTKK C HQUV WTOâVQTWN FKTGEVQTWN RQNK/KGK ,QUGRJ<br />

6TCWUEJEWXQVWTKRTQHGUQTWN%CTN5EJWNNGTEWXQVWTKRTQHGUQTWN<br />

*GKPTKEJ5EJOKFVEWXQVWTKFKTGEVQTWNRQNK/KGK(TKGFTKEJ$KGFGTUHGNF<br />

EW XQVWTK LWFGNG UEâWPCN 5KOQP 5EJTGKDGT EW XQVWTK UGPCVQTWN<br />

#WIWUV4QVJEWXQVWTKRTGQVWN,QUGRJ(CDKPKEWXQVWTKUGPCVQTWN<br />

,QJCPP5EJYCT\EWXQVWTKEQPEKRKUVWNCWNKE'WIGP(TKGFGPHGNUEW<br />

XQVWTK,WFGNGUEâWPCN5KOQP5EJTGKDGTECTGPWCHQUVRTG\GPVC<br />

FGENCTCVFGNGIC/KGKVTKOKUGNCGNEâPWRQCVGCEEGRVCCNGIGTGCFKPOQVKXG<br />

FGDQCNâ&KPVTGWNVKOKKVTGKCNG)KECTGCWCXWVCEGNC)KPWOâTFGXQVWTK<br />

(TKGFGPHGNUCFGENCTCVEâUGTGVTCIG5CEQPUKFGTCVKPWVKNâCNGIGTGCCNVQT<br />

RGTUQCPGÉPNQEWNNWK5KOQP5EJTGKDGT)KCNEGNWKECTGCXWUGUGCEGNC)K<br />

PWOâTFGXQVWTK(TKGFGPHGNU6QVQFCVâUCFGEKUUâNKUGCEQTFGEGNQT<br />

)CRVG CNG)K VQCVG CEVGNG ÉORWVGTPKEKTKNG )K KPUVTWE/KWPKNG PGEGUCTG EW<br />

ÉPUâTEKPCTGCFGCRWTEGFGNC2GUVCE¸VOCKEWT¸PFRQUKDKN

#RQK C VTGKC UGE/KWPG C 7PKXGTUKVâ/KK PC/KQPCNG )KC RTG\GPVCV<br />

CXK\WNCUWRTCQDKGEVWNWKRGECTGÉNRTGNWETCUGTGHGTKVQTNCTCRQTVWTKNG)K<br />

TGNC/KKNG ÉP ECTG VTGDWKGUâUGCHNGPC/KWPGCUâUGCUEâCX¸PFEQPFK/KC<br />

ICTCPVâTKKEQPUVKVW/KGKGKOWPKEKRCNGCPC/KQPCNKVâ/KK)KCWVQPQOKGKGKÉP<br />

GZVGTKQTEWTGICVWN7PICTKGKTGURGEVKXEWCFOKPKUVTC/KC IGPGTCNâ C<br />

CEGUVWKCRTGEWO)KEWPC/KWPKNGEQPNQEWKVQCTG<br />

#XK\WNCHQUVUWRWUXGTKHKEâTKK)KEQPUHâVWKTKK¡PEQPHQTOKVCVGEW<br />

CEGUVCUCJQVâT¸V<br />

4CRQTVWTKNGUGEQPUVKVWKGÉPHGNWNWTOâVQT<br />

#8K\CXKFGLWTKUFKE/KCIGPGTCNâC/âTKK<br />

.GIKNG IGPGTCNG QDNKICVQTKK RGPVTW HKGECTG EGVâ/GCP CN UVCVWNWK<br />

UWPV QDNKICVQTKK )K RGPVTW PC/KWPGC UâUGCUEâ ÉP VKOR EG OWPKEKRKWO É)K<br />

TG\GTXâFTGRVWNFGGNCDQTCTGCNGIKNQTPC/KWPKKUâUG)VKTGHGTKVQCTGUVTKEVNC<br />

TCRQTVWTKNGGKKPVGTPG<br />

%WRTKXKTGNCTGRTG\GPVCTGCGKÉP2CTNCOGPV<br />

¡PCPUCODNWPC/KWPGCUGXCEQPHQTOCNGIKNQTIGPGTCNGCNG/âTKK<br />

CX¸PFPWOCKWTOâVQCTGNGEGTGTK<br />

CEQOKVGNGPC/KWPKK Uâ CKDâ FTGRV FG NQE )KFGXQVÉP6CDNC<br />

OCIPC/KNQT<br />

D EGTEWTKNG UâUG)VK Uâ PW HKG PKEKQFCVâ COGUVGECVG EW CNVG<br />

EKTEWOUETKR/KKGNGEVQTCNG<br />

E ÉP EC\WN ÉP ECTG UG XC KPVTQFWEG TGRTG\GPVCTGC ÉP &KGVâ RG<br />

DC\CPWOâTWNWKRQRWNC/KGKPKEKWPWNFKPEGTEWTKNGUâUG)VKUâPWVTKOKVâ<br />

OCKRW/KPFGE¸VWPFGRWVCVÉP2CTNCOGPV<br />

F EQPHQTO CEVWCNGK ÉORâT/KTK CFOKPKUVTCVKXG C EGTEWTKNQT<br />

EGPVTGNG QTC)GV¸TIWTKUâPWHKGFGURâT/KVG FG TGUVWN NQECNKVâ/KNQT<br />

CRCT/KPâVQCTGEGTEWNWK<br />

%W RTKXKTG NC RCTVKEKRCTGC NC KORQ\KVGNG )K UCTEKPKNG /âTKK<br />

RTGEWO)KNCDGPGHKEKKNGEQTGURWP\¸PFCEGUVQTC<br />

+ORQ\KVGNGIGPGTCNG)KUCTEKPKNGRWDNKEGK\XQT¸PFFKPRTKPEKRKWN<br />

GICNGKÉPFTGRVâ/KTK)KCNGICNGKQDNKICVKXKVâ/KXQTHKRTGNWCVGFGPC/KWPGC<br />

UâUGCUEâ ÉP TCRQTVWN ECTG ÉK TGXKPG ÉPUâ GC É)K OGP/KPG FTGRVWN FG<br />

ÉPECUCTG )K CFOKPKUVTCTG C KORQ\KVGNQT EC )K RG EGN FG TGRCTVK\CTG C<br />

UCTEKPKNQTFGEâVTGRTQRTKKKGKHWPE/KQPCTK¡PCEGGC)KOâUWTâGCUQNKEKVâUâ<br />

RCTVKEKRGNCDGPGHKEKKNGTG\WNVCVGFKPCEGUVGKORQ\KVG)KNCXGPKVWTKNG/âTKK<br />

ÉPTCRQTVWNEQTGURWP\âVQT<br />

0C/KWPGC UKPIWTâ XC FKURWPG CUWRTC TGIWNâTKK RGTEGRGTKK )K<br />

WVKNK\âTKKFâTKNQTFQOGUVKECNGNQECNG)KCUCTEKPKNQT<br />

¡P EGGC EG RTKXG)VG QDNKIC/KC UGTXKEKWNWK OKNKVCT EQPHQTO<br />

RTKPEKRKWNWK GICNGK ÉPFTGRVâ/KTK PKEK PC/KWPGC UâUGCUEâ PW UG XC

UWUVTCIG QDNKIC/KGK IGPGTCNG FG UCVKUHCEGTG C UGTXKEKWNWK OKNKVCT ÉP<br />

TCRQTVWNECTGÉKEQTGURWPFG<br />

$2TKXKVQTNCEGNOCKÉPCNVEGPVTWCNCFOKPKUVTC/KGKRQNKVKEG<br />

%GNOCKÉPCNVEGPVTWGUVGTGIGNGEQPUVKVW/KQPCNEWIWXGTPWNUâW<br />

TGURQPUCDKN¡PCHCEGTKNGUâUG)VKÉPUâTGIGNGVTGDWKGUâHKGUGEQPFCVFGQ<br />

UGE/KWPG EQORWUâ FKPVTWP PWOâT UWHKEKGPV FG UC)K EW OGP/KWPGC EC<br />

ÉPVTGPC/KWPG)KCEGUVEGPVTWUâPWHKKP/G\GPKEKQKPUVKVW/KGKPVGTOGFKCTâ<br />

%2TKXKVQTNCEGNOCKÉPCNVHQTFGLWUVK/KGNC%WTVGCTGICNâUWPV<br />

XCNCDKNGRTGEK\âTKNGFGNCRWPEVWNCPVGTKQT<br />

8CEQPVKPWC<br />

<br />

Q5CVGNNKVRPT<br />

<br />

#EKPEGC)GFKP/âFKPKWPKG<br />

#EKPEGCUGFKP/â)KCRTG\GPVCVQRGTCVWNTGHGTKVQTNCFGUHKKP/CTGC<br />

FKLOGKRG2âO¸PVWN5âUGUEEQPHQTORTQKGEVWNWKFGNGIGGOKUFGCEVWCNC<br />

&KGVâ VTCPUKNXCPâ ÉP EQPFK/KKNG ÉP ECTG VTGDWKG NWCVG ÉP EQPUKFGTCTG<br />

CUKIWTCTGC UWD\KUVGP/GK ENGTWNWK UâUGUE RTKP ÉPECUCTGC FKLOGK ÉP DC\C<br />

XGEJKNQT EQPVTCEVG TGI CNG FCT )K PGEGUKVCVGC CUKIWTâTKK WPGK<br />

UWD\KUVGP/G OCK DWPG 5VâTKK ENGTKEKNQT EC HWPFCOGPV CN CEVKXKVâ/KK<br />

CEGUVQTC ÉP UNWLDC GFWEâTKK RQRQTWNWK FG CUGOGPGC ÉP EQPFK/KKNG<br />

ETG)VGTKKRKGTFGTKNQTECW\CVGFGFGHKKP/CTGCFKLOGKCV¸VEQOWPGNQTUâUG)VK<br />

FKPRTKEKPCFKLOGKECTGHQNQUGCWPQTUEQRWTKEQOWPKVCTGE¸V)KUVCVWNWK<br />

RTKPFGURâIWDKTKNGEQTGURWP\âVQCTGFKLOGNQTFGUHKKP/CVG<br />

#EGGC)KUGE/KWPGCRTG\GPVCVCXK\WNTGFCEVCVFGQPQTCVWNUKPQF<br />

ECTGCQD/KPWVCEQTFWNWPCPKOFKPRCTVGCUGE/KWPKK<br />

2GDC\CCEGUVWKQRGTCVUCWFGEKUWTOâVQCTGNG<br />

&GQCTGEGÉPWTOCRTQEGFWTKKW\CVGÉP2CTNCOGPVWNWPICT)K<br />

5VâTKNGVTCPUKNXCPGRTKPCTVKEQNGNG)KFKPCWFGENCTCVFGUHKKP/CTGC<br />

\GEKWKGNKK ENGTWNWK UâUGUE FG CUGOGPGC RTKP CPCNQIKG EW RTQRWPGTGC<br />

CEEGRVCVâFGFGUHKKP/CTGCRTKXKNGIKKNQTPQDKNKCTGENGTWNUâUGUEÉORTGWPâ<br />

EW ÉPVTGCIC PC/KWPG UQNKEKVâ Q FGURâIWDKTG EQTGURWP\âVQCTG RGPVTW<br />

FKLOCECTGKUGXCNWC(KCEGCUVCHKKPFEâVQCVGRTKPEKRKKNGLWTKFKEGCTCVâEâ<br />

PKEK Q ENCUâ RQRWNCTâ QDNKICVâ RTKP EQPVTCEV EWO GUVG EC\WN \GEKWKGNKK<br />

CVGUVCVG FQEWOGPVCT PW RQCVG HK HCXQTK\CVâ RG URG\GNG RCTVKFGK CHNCVG<br />

RGRQ\K/KKLWTKFKEGEQPVTCTGGK<br />

0C/KWPGC UâUGCUEâ EGTG VQV RTKP EQORCTC/KG EW RTQEGFGWN<br />

WTOCV ÉP EJGUVKWPGC FGUHKKP/âTKK RTGTQICVKXGNQT PQDKNKCTG EC<br />

FGURâIWDKTGC FKLOGK ENGTKECNG UâUG)VK Uâ HKG RTGNWCVâ FG VTG\QTGTKC<br />

UVCVWNWKÉPVTQCUGOGPGCOCPKGTâÉPE¸VFWRâEGUGXCUQEQVKOGFKCRG

CPK C VWVWTQT XGPKVWTKNQT EWTCV UâUG)VK TG\WNVCVG FKP FKLOâ Uâ UG<br />

EQPUKFGTG EQPVTKDW/KC CPWCNâ C FKLOGK EC Q TGPVâ CPWCNâ ECTG Uâ<br />

EQPUVKVWKGQUWOâFGECRKVCNEGXCHKTGEWPQUEWVâ)KXCGZKUVCECQ<br />

RGTRGVWâFCVQTKGPQOKPCNâFGUVCV<br />

0C/KWPGCUâUGCUEâUGETGFGÉPFTGRVâ/KVâUâOCKEGCTâECCEGC<br />

EQPVTKDW/KG RGTEGRWVâ FG NC UC)K )K XâTUCVâ ÉP ECUKGTKKNG RGTEGRVQTCNG<br />

RWDNKEG UâUG)VK KCT FG CKEK RTGFCVâ 5WRGTKPVGPFGP/GKUâHKGFGUVKPCVâ<br />

EQPUVKVWKTKKWPWKHQPFFKPECTGUâUGGHGEVWG\GRNâ/KCNGHQUVGNQTXGPKVWTK<br />

ÉP PCVWTâ TG\WNVCVG R¸Pâ CEWO FKP FKLOC CEQTFCVâ ENGTKEKNQT UâUG)VK<br />

VTCPUHQTOCVGÉPUCNCTKK'UVGHQCTVGEKPUVKV)KEQTGEVECXGPKVWTKNGFGUVCV<br />

TGCNK\CVGFKPU¸PWNPC/KWPKKUâUG)VKUâHKGWVKNK\CVGÉPRTKOWNT¸PFRGPVTW<br />

ÉPFGRNKPKTGC QDNKIC/KKNQT CUWOCVG FG UVCV HC/â FG PC/KWPG ÉPVTG CEGUVGC<br />

PWOâT¸PFWUG PGÉPFQKGNPKE ÉPFGQUGDK RNCVC TGPVGNQT UCNCTKKNQT<br />

ENGTKECNGCKOGODTKNQTPC/KWPKKUâUG)VK<br />

¡PHKPGPC/KWPGC UâUGCUEâ EGTG EC C)C EWO XGPKVWTKNG<br />

ENGTKEKNQT UC)K TG\WNVCVG R¸Pâ CEWO FKP FKLOâ GTCW CUKIWTCVG RTKP EGNG<br />

OCK UKIWTG )K OCK KPXKQNCDKNG EQPVTCEVG FG QTKEG RTGLWFKEKGTG CTDKVTCTâ<br />

FKPRCTVGCEGNQTECTGNGRTGUVCWQDNKIC/KKNG FKLOGK )K RG XKKVQT Uâ UG<br />

EQPUVKVWKGEGNGOCKRWVGTPKEGICTCP/KK)KKRQVGEKCV¸VRGPVTWXGPKVWTKNGRG<br />

ECTGENGTKEKKNGXQTÉPECUCNGICNE¸V)KRGPVTWFGURâIWDKTKNGPQDKNKCTG<br />

UVKRWNCVG FGQCTGEG FGEâFGTGC XGPKVWTKNQT ENGTKECNG FG ECTG UWPV NGICVG<br />

OCKOWNVUCWOCKRW/KPVQCVGKPUVKVW/KKNG)EQNCTG)KDKUGTKEG)VKCNGPC/KWPKK<br />

UâUG)VKCTCVTCIGFWRâUKPGFGEâFGTGCÉPUâ)KPC/KWPKKUâUG)VK<br />

0C/KWPGCUâUGCUEâEQPUKFGTâFTGRVICTCP/KGDWPWTKNGECOGTCNG<br />

)K RTQXGPVGNG KRQVGECVG FG &KGVC VTCPUKNXCPâ EC DQPKHKEC/KG IGPGTCNâFG<br />

FKLOâ FCT OCK CNGU KORQ\KVWN INQDCN ÉPECUCV FG RG 2âO¸PVWN 5âUGUE<br />

CUVHGN ÉPE¸V ENGTWN Uâ CKDâ TGITGU PGOKLNQEKV ÉP ICTCP/KG FGURâIWDKTG<br />

FKPHQPFWNUâUGUETG\WNVCVFKPKORQ\KVG<br />

%GTGTKNGPC/KWPKKUâUG)VKTGHGTKVQCTGNCENGTWNGKVTGDWKGUâHKG<br />

%QPFK/KKFGDC\âCNGWPKWPKKEW7PICTKC<br />

5âUGOGP/KPâFKLOCÉPPCVWTâR¸PâNCTGCNK\CTGCÉPRTCEVKEâC<br />

UQNKEKVCVGKFGURâIWDKTKCENGTWNWKUâUGUE<br />

2GPVTW RTGXGPKTGC UâTâEKTKK RâUVQTKNQT FWJQXPKEG)VK CK<br />

EQOWPGNQT UâUG)VKOCKOKEKUâTâEKTGECTGCTUWTXGPKFCEâPWUCT<br />

FGVGTOKPC Q TGINGOGPVCTG C XGPKVWTKNQT FKP FKLOâ C RâUVQTKNQT<br />

FWJQXPKEG)VKKPFKXKFWCNKUKPQFWNUâUGQEWRGFGCEGCUVâTGINGOGPVCTG<br />

4GHGTKVQT NC FKLOGNG CEQTFCVG EQOWPGNQT UâUG)VK ÉP UEQRWTK<br />

QD)VG)VKUâUGTGURGEVGCEGNGC)KRTKPEKRKKEC)KÉPEC\WNFKLOGNQTENGTKECNG<br />

#RQK UC FG\DâVWV Q EGTGTG C IâT\KK EGVâ/GPG)VKFKP/GFKC)FG<br />

CEQTFCTG C WPWK URTKLKP FKP ECUKGTKC PC/KQPCNâ ÉP XCNQCTG FG HN

OEÉPUEQRWNRTQEWTâTKKGEJKRCOGPVWNWKPGEGUCTOGODTKNQTOCKUâTCEK<br />

CKIâT\KK5CFGEKU<br />

2GPVTWRTQEWTCTGCWPQTCTOGFGHQEEQOCPFCVGRGPVTWIâT\KNG<br />

EGVâ/GPG)VKUâUG)VKUCWCNQECVFGLCHNOEKCTECUKGTKCPC/KQPCNâUG<br />

CHNâÉPVTQCUGOGPGCUVCTGÉPE¸VPWTGW)G)VGUâCEQRGTGPGXQKNGEWTGPVG<br />

URQTKVG FG CEGGC PW UG RQCVG TâURWPFG HCXQTCDKN EGTGTKK IâT\KK<br />

EGVâ/GPG)VKFKP/GFKC) 6QVW)K ÉP FKHGTKVG EKTEWOUETKR/KK GZKUVâ Q UWOâ<br />

ÉPUGOPCVâ UWD HQTOâFGTGUVCP/GCEâTQTTGEWRGTCTGCTRWVGCFWEGNC<br />

ÉPFGRNKPKTGC FQTKP/GKGZRTKOCVGCEWOFCT)K CNVâFCVâ ÉP CEGUV UGPU<br />

#UVHGN Eâ UG JQVâTâ)VG Uâ UG UQNKEKVG ÉPEâ Q FCVâ KPUKUVGPV VWVWTQT<br />

EGTEWTKNQTECTGCWTGUVCP/GUâCEJKVGHKUEWNWKCEGUVGTGUVCP/GKCTUWOGNG<br />

ÉPECUCVG ÉP HKGECTG EGTE ÉP RCTVG Uâ HKG TGRCTVK\CVG KOGFKCV ÉP UEQRWN<br />

UWU/KPGTKKIâT\KNQTEGVâ/GPG)VKNKRUKVGFGOKLNQCEGOCVGTKCNGÉPHWPE/KGFG<br />

UVCTGCCEGUVQTC<br />

¡PNGIâVWTâEWQRGTCVWNFG\DâVWVFGUGE/KWPGCCEKPEGCUCOCK<br />

FGEKUUâUGVTCPUOKVâHWPE/KQPCTKNQTEGTEWCNKÉPFGOPWNFGCKÉPUâTEKPC<br />

PGÉPV¸T\KCVRGKPURGEVQTKKEGTEWCNKUâNGGZRNKEGEWNVKXCVQTKNQTE¸ORWNWK<br />

FGNC/CTâ)KFGNCQTC)EâFG)KUCRTQRWUFGUHKKP/CTGCFKLOGKENGTKECNG<br />

UâUG)VKÉPXKKVQTCEGCUVâRTQRWPGTGPWRQCVGHKRWUâÉPCRNKECTGFGE¸V<br />

FWRâ UQUKTGC RTGCÉPCNVGK CRTQDâTK C OCKGUVâ/KK UCNG ÉPVTG VKOR ÉPUâ<br />

EQOWPGNG CW QDNKIC/KC FG C)K ÉPVTG/KPG RâUVQTKK URKTKVWCNK KCT ÉP EC\WN<br />

TGHW\WNWKFGRTGUVCTGCFKLOGKFGCKRNâVKÉPDCPK2GPVTWCPWNÉPEWTU<br />

5VâTKNG /âTKK CW JQVâT¸V GZRTGU EC ENGTKEKK UC)K Uâ DGPGHKEKG\G EC )K R¸Pâ<br />

CEWOFGFKLOGNGNQT<br />

2TKP GZRNKECTGC RG ÉP/GNGUWN VWVWTQT C CEGUVQT ÉORTGLWTâTK )K<br />

QDNKIC/KKHKGECTGKPURGEVQTUGXCUVTâFWKUâOGP/KPâCEJKVCTGCFKLOGNQT<br />

EWXGPKVGENGTKEKNQTUC)K<br />

<br />

#)CUGC)GFKP/âFKPKWNKG<br />

/CIKUVTCVWN )K EQOWPKVCVGC V¸TIWNWK NKDGT 4GIJKPWN 5âUGUE CW<br />

RTG\GPVCV7PKXGTUKVâ/KKPC/KQPCNGFQTKP/CNQTEGCOCKHKGTDKPVGECCEGCUVC<br />

UâNGCEQTFGFGRWVC/KNQT NQT ÉP 2CTNCOGPVWN WPICT KPUVTWE/KWPGC EC NC<br />

GNCDQTCTGC VTCVCVGNQT FGURTG WPKTGC 6TCPUKNXCPKGK EW 7PICTKC )K NC<br />

CUKIWTCTGCGZKUVGP/GKPC/KWPKKUâUG)VKCNKODKK)KCWVQCFOKPKUVTC/KGKUCNG<br />

GK Uâ CE/KQPG\G RG N¸PIâ HQTWTKNG TGURGEVKXG ÉP UGPUWN ÉPEQTRQTâTKK<br />

4GIJKPWNWK5âUGUE)KRGE¸VRQUKDKN)KCNQECNKVâ/KNQTFKPÉORTGLWTKOKÉP<br />

EQTRWNPC/KQPCNUâUGUE<br />

7PKXGTUKVCVGCPC/KQPCNâCRTKOKVCEGCUVâTWIâOKPVGEWEGCOCK<br />

ECNFâ )K OCK HTCVGTPâ RCTVKEKRCTG JQVâT¸PF Uâ FGC KPFKEC/KG CV¸V<br />

FGNGIC/KGKPC/KQPCNGCNGUGRGPVTWCRCTVKEKRCNCFG\DCVGTKNGFGNC2GUVC

E¸V )K OGODTKNQT UC)K CK FGNGIC/KGK TGIPKEQNCTG VTCPUKNXCPG RTGEWO )K<br />

FGRWVC/KNQT EGTEWCNK EG XQT HK VTKOK)K NC 2CTNCOGPVWN FKP 2GUVC FG C<br />

URTKLKPKFKPTâURWVGTKÉP2CTNCOGPVWNWPICTEGTGTGC4GIJKPWNWK5âUGUE)K<br />

CNQECNKVâ/KNQTUâUG)VKCHNCVGRG2âO¸PVWNEQOKVCVGPU<br />

#RQKUCFCVEKVKTGKPUVTWE/KWPKKEâVTGFGRWVC/KKEGXQTRNGECNC<br />

2GUVC )K UC UVCDKNKV EC CEGCUVC Uâ HKG EQOWPKECVâ VWVWTQT EGTEWTKNQT<br />

UâUG)VK FGNGIC/KGK TGIPKEQNCTG )K EGNGK PC/KQPCNG CEGUVGKC FKP WTOâ EW<br />

RTGEK\CTGC EC GC Uâ PW É)K ÉPEGCRâ HWPE/KQPCTGC NC NQEWN UVCDKNKV OCK<br />

ÉPCKPVGFGUCPE/KQPCTGCCTVKEQNWNWKWPKWPKK<br />

.C ÉPFGOPWN RTG)GFKPVGNWK TGEVQTWN FKP 1Tâ)VKG )GNVEJ C<br />

RTG\GPVCV WP TCRQTV KPVGTGUCPV CUWRTC EâNâVQTKGK UCNG ÉPVTGRTKPUG FKP<br />

ÉPUâTEKPCTGC EGVâ/GPKNQT #ECFGOKGK LWTKFKEG UâUG)VK NC WPKXGTUKVâ/KNG<br />

IGTOCPG )K NC (TCPMHWTV ÉP UEQRWN E¸)VKIâTKK FG UKORCVKK ÉP )GTOCPKC<br />

RGPVTWECW\CUC)KNQTVTCPUKNXâPGPK4CRQTVWNRTG\GPVCVEWGPVW\KCUOC<br />

HQUV ÉPV¸ORKPCV EW GPVW\KCUO KCT TGHGTGPVWNWKKUCFGEKUFGEQPVCTGC<br />

EJGNVWKGNKNQTFGEâNâVQTKGFKPECUKGTKCPC/KQPCNâ<br />

.CUH¸T)KVWN)GFKP/GKRTG)GFKPVGNGCCPWP/CVEâUGETGVCTWNCWNKE<br />

/KNNGTEGNECTGNCEQPHNWZWNPC/KQPCNCPVGTKQTHWUGUGPWOKVFGRWVCVNC<br />

(TCPMHWTVRGPVTWCFGRWPGCEQNQÉPECFTWNCFWPâTKKPC/KQPCNGIGTOCPG<br />

QCFTGUâÉPPWOGNGUC)KNQTFKP6TCPUKNXCPKCÉ)KGZRTKOCUGFQTKP/CFGC<br />

UG CRTQDC PWOKTGC WPWK EQFGRWVCV ÉP RGTUQCPC RTQHGUQTWNWK<br />

EGTEWTKNQT DKPGNG ÉPVTGIKK PC/KWPK )K DKPGNG RCVTKGK CUVHGN EC PKEK WP<br />

OâFWNCTUâPWCE/KQPG\GFGUKPGUVâVâVQTEKVQ/KUâHKGECWPUKPIWTQO<br />

WPWNRGPVTWVQ/K)KVQ/KRGPVTWWPWN¡OKFCWEWX¸PVWNOGWFGDâTDCV)K<br />

CEGCUVâUVT¸PIGTGFGO¸PâR<br />

#RQKNCEGTGTGCWPGKFGNGIC/KKFGUC)KFKP1Tâ)VKGECFGNGIC/KGK<br />

PC/KQPCNG EG XC HK VTKOKUâ NC 2GUVC Uâ K UG CNâVWTG )K WP OGODTW FKP<br />

OKLNQEWNNQTCFKEâCNUC)KNQTFKP1Tâ)VKGRTKPCENCOC/KKCHQUVPWOKVÉP<br />

CEGCUVâECNKVCVGUGETGVCTWNFGVTKDWPCN(TKGFTKEJ9CIPGTFKP1Tâ)VKG<br />

¡PWNVKOCUCWCQRVC)GFKP/â FKP KWNKG UC FCV EKVKTG<br />

OGOQTKWNWKTGFCEVCVFGQEQOKUKGEGXCHKÉPCKPVCVFGEâVTGFGNGIC/KC<br />

PC/KQPCNâ RTGCÉPCNV OCKGUVâ/KK UCNG CTJKFWEGNWK RCNCVKP )WXGTPWNWK<br />

WPICT)K5VâTKNQT2CTNCOGPVWNWKEGPVTCN/GOQTKWNCHQUVCRTQDCV)KUC<br />

FGEKUUâHKGRWDNKECVCV¸VÉP\KCTGE¸V)KÉPOCKOWNVGGZGORNCTGNC2GUVC<br />

ÉPNKODKNGIGTOCPâ)KOCIJKCTâ<br />

%C TâURWPU NC TGHGTCVWN WPWK FGRWVCV DTC)QXGCP ÉP ECTG UG<br />

RTQRWPGCECFGNGIC/KCCHNCVâNC8KGPCUâHKGRWUâÉPUWDQTFKPGCEGNGKFG<br />

NC2GUVCUCJQVâT¸VECPKEKQFGNGIC/KGUâPWHKGUWDQTFQPCVâCNVGKCFCT<br />

RGPVTW TGCNK\CTGC WPKVâ/KK FG CE/KWPG )K FGNGIC/KC XKGPG\â Uâ HKG<br />

RTGXâ\WVâEWCEGGC)KKPUVTWE/KWPGEC)KFGNGIC/KCFGNC2GUVC<br />

5CW OCK FG\DâVWV E¸VGXC RTQRWPGTK CNG WPQT FGRWVC/K )K<br />

EGTEWTK FGENCT¸PFWUG UQNW/KQPCVG RTKP FGEK\KKNG )GFKP/GNQT CPVGTKQCTG<br />

%WCEGCUVCCHQUVÉPEJKUâ)GFKP/C<br />

¡P HKPCN FQOPWN EQOKVG CN PC/KWPKK C FGENCTCV Eâ CEGCUVâ<br />

CFWPCTG C 7PKXGTUKVâ/KK PW É)K UWURGPFâ EK É)K CO¸Pâ NWETâTKNG F¸PF<br />

FGRWVC/KNQTKPFKEC/KCFGCEâNâVQTKFGQECOFCVâURTGECUGNGNQTHKKPFÉPUâ<br />

RTGIâVK/K ÉP QTKEG ENKRâ EC NC RTKOWN CRGN Uâ UG ÉPVTWPGCUEâ FKP PQW NC<br />

5KDKW

4GHQTOGCNGPC/KWPKKUâUG)VKQ%GFQTKO)KRTGVKPFGO!R<br />

4GHQTOGP FGT U¼EJUKUEJGP 0CVKQP Q9CU Y×PUEJGP WPF<br />

XGTNCPIGPYKT!R<br />

5CVGNNKVFGU5KGDGPD×TIGT9QEJGPDNCVVUPTEQTGEV<br />

QEVQODTKGR<br />

Q5KGDGPD×TIGT 9QEJGPDNCVVR 0T TKEJVKI 1MVQDGT<br />

5<br />

<br />

9CUY×PUEJGPWPFXGTNCPIGPYKT!u<br />

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7PVGT FKGUGO 6KVVGN JCV FKG *GTOCPPUV¼FVGT $×TIGTXGT<br />

UCOONWPI CO 1MVQDGT FKG WPVGP HQNIGPFGP 2WPMVG KP FGT<br />

6TCPUUKNXCPKCWPFFGO8QNMUHTGWPF\WT1GHHGPVNKEJMGKVIGDTCEJV<br />

#O 5GRV N, CO DGFGWVWPIUXQNNGP 6CIG /KEJCGNU FGU<br />

WTCNVGP5EJWV\JGKNKIGPFGTMCVJQNKUEJUKGDGPD×TIKUEJGP&KÑEGUGJCVFKG<br />

IGUCOOVG *GTOCPPUV¼FVGT -TGKUXGTUCOONWPI GKPUVKOOKI WPF OKV<br />

$GIGKUVGTWPI CWUIGURTQEJGP YCU UEJQP N¼PIUV CWU FGO *GT\GP FGT<br />

8GTGKP\GNVGP JGTCWU CWH FKG .KRRGP YQNNVG FC² UKG XQP FGO IGIGP<br />

WPUGTP9KNNGPOKV7PICTPIGMP×RHVGP$CPFGGKPGTWPPCV×TNKEJGPFCU<br />

UEJY¼EJGTG 8QNM PWT MPGEJVGPFGP 7PKQP UGKVGPU FGT U¼EJUKUEJGP<br />

0CVKQP FWTEJCWU PKEJVU YKUUGP YQNNG WPF FCU UKG KJTG $NKEMG<br />

WPCDYGPFDCTGTCNULGFCJKPIGTKEJVGVYQFGT&QRRGNCCTKPGKPGTPGWGP<br />

$CJPUGKPGP5QPPGPHNWIDGIQPPGPJCV&KGUGT#WUURTWEJKUVWPUGTCNNGT<br />

#WUURTWEJ 9CU UKG PKEJV YKNN YQNNGP CWEJ YKT PKEJV YQJKP UKG<br />

IGTKEJVGVKUVUKPFCWEJYKTIGTKEJVGV<br />

9CUYQNNGPYKTFGPPCNUQ!YKTFOCPOKV4GEJVHTCIGPYCUKUV<br />

GUYCUYKTY×PUEJGPWPFXGTNCPIGP!<br />

9CU YKT Y×PUEJGP WPF XGTNCPIGP OÑIG FKG 9GNV JKGT<br />

XGTPGJOGPWPFWPUPKEJVOK²XGTUVGJGP<br />

+9KTY×PUEJGPWPFXGTNCPIGPXQT#NNGOFC²FKGXQPFGO<br />

GYKIGP 4GEJVUIGUGV\G IGHQTFGTVGP WPF XQP WPUGTO EQPUVKVWVKQPGNNGP<br />

-CKUGT WPF -ÑPKIG \WIGUVCPFGPGP 'TTWPIGPUEJCHVGP CNU YCJTG<br />

D×TIGTNKEJG(TGKJGKVWPF4GEJVUINGKEJJGKVUQYQJNCNNGT8ÑNMGTCNUCWEJ<br />

FGT GKP\GNPGP $GYQJPGT FGT ÑUVGTTGKEJKUEJGP )GUCOOVOQPCTEJKG<br />

#DUEJCHHWPI CNNGT (GWFCNNCUVGP WPF FGU

FGT5QWXGTCPKV¼VFGUPWPOGJTEQPUVKVWVKQPGNNGP-CKUGTUXQP1GUVTGKEJ<br />

\W GKPGO WPVJGKNDCTGP RQNKVKUEJGP )CP\GP XGTDWPFGPGP .¼PFGT OKV<br />

FGO-ÑPKITGKEJG7PICTPWPFFGPFWTEJGKPGPIGTGU$CPFWPVGTUKEJ<br />

XGTGKPKIVGP FTGK -ÑPKITGKEJGP &CNOCVKGP -TQCVKGP WPF 5NCXQPKGP<br />

CW²GT FGT GTY¼JPVGP RTCIOCVKUEJGP 5CPEVKQP DNQU FWTEJ FKG<br />

IGOGKPUEJCHVNKEJGWPICTKUEJG-TQPGXGTDWPFGPCNUGKPWPOKVVGNDCTGU<br />

H×TFKGKPPGTP8GTJ¼NVPKUUGUGNDUVUV¼PFKIGU-ÑPKITGKEJGTMN¼TVYGTFGuu<br />

+++ 9KT Y×PUEJGP WPF XGTNCPIGP FC² FKGUGU -ÑPKITGKEJ<br />

5KGDGPD×TIGP CNU KPVGITKTGPFGT 6JGKN FGT ÑUVGTTGKEJKUEJGP<br />

)GUCOOVOQPCTEJKGKP#NNGOYCUFKGIGOGKPUCOGP+PVGTGUUGPFKGUGT<br />

)GUCOOVOQPCEJKGDGVTKHHVCPFGT8GTHCUUWPIFGU-CKUGTTGKEJGU6JGKN<br />

PGJOG WPF \W FKGUGO

8QNMGU YGKN XQP LGFGO )GDKNFGVGP XGTNCPIV YGTFGP MCPPFC²GTFKG<br />

5RTCEJGPUGKPGU8CVGTNCPFGUXGTUVGJG<br />

+:9KTY×PUEJGPWPFXGTNCPIGPFC²FKG.CPFGUTGIKGTWPIUQ<br />

YKGFKG×DTKIGP.CPFGU8GTYCNVWPIUMÑTRGTCWUINGKEJXKGN/KVINKGFGTP<br />

FGTHÑFGTKTVGP8ÑNMGTDGUVGJGWPFUGNDUVPQEJXQTFGT$GGPFKIWPIFGU<br />

PGWGP 8GTHCUUWPIUYGTMGU OÑINKEJUV DCNF KJTGP #PVJGKN CWEJ CP<br />

TQOCPKUEJGP /KVINKGFGTP GTJCNVG &KGUG .CPFGUTGIKGTWPI XGTMGJTG UQ<br />

YKGFKG×DTKIGP.CPFGUXGTYCNVWPIUMÑTRGTOKVLGFGO8QNMGKPFGUUGP<br />

GKIPGT5RTCEJG<br />

: 9KT Y×PUEJGP WPF XGTNCPIGP FC² FKG QDGTUVG<br />

4GIKGTWPIUDGJÑTFG5KGDGPD×TIGPUFGOIGUGV\IGDGPFGP-ÑTRGTFKGUGU<br />

.CPFGUXGTCPVYQTVNKEJIGOCEJVYGTFG<br />

:+9KTVTCIGPFCTCWHCP5G/CLGUV¼VFGP-CKUGTWPF-ÑPKI\W<br />

DKVVGPKPFGTOÑINKEJUVM×T\GUVGP

WPF YCU PQEJ OGJT KUV WPUGTG 'JTG GKP\WUGV\GP DGTGKV UKPF *ÑTV GU<br />

#NNG /KV FGT 'KPGP *CPF DKGVGP YKT 'WEJ FKGUG \YÑNH 2WPMVG FKG<br />

#PFGTGTGKEJGPYKT'WEJD×FGTNKEJ\WOGTUGJPVGP(TKGFGP5EJNCIVGKP<br />

FCU8GTVTCWGPMGJTV\WT×EMWPF#NNGUKPFYKTIN×EMNKEJ<br />

u/KVD×TIGT+PFGOYKTFKGUG'TMN¼TWPICP'WEJCWUUGPFGP<br />

JCDGP YKT FWTEJCWU PKEJV FKG #DUKEJV 'WEJ 9×PUEJG IGIGP 'WTG<br />

7GDGT\GWIWPICWH\WDTKPIGPYKTUGJGPUKGDNQUH×TFCUCPYCUUKG<br />

YKTMNKEJKUVH×TFCUGKPUVKOOKIG8QVWOGKPGUDGFGWVGPFGP6JGKNUFGU<br />

*GTOCPPUV¼FVGT -TGKUGU KP FGT JQEJYKEJVKIGP #PIGNGIGPJGKV FGT<br />

M×PHVKIGPUVCCVNKEJGP1TFPWPIWPUGTU8CVGTNCPFGUWPF\WO6JGKNCWEJ<br />

FGU -CKUGTTGKEJGU FGUUGP )NKGF YKT \W UGKP FCU PKEJV IGPWI \W<br />

Y×TFKIGPFG )N×EM JCDGP GKP 8QVWO OKV FGO YKT YKTMNKEJ FGP<br />

)NCWDGPXGTDKPFGPFC²FWTEJUGKPGCNNIGOGKPG#PPCJOGWPUGTCNNGT<br />

)N×EM KP UQ HGTPG FKGU XQP RQNKVKUEJGP 'KPTKEJVWPIGP CDJ¼PIV<br />

IGIT×PFGV YGTFGP MÑPPVG YQDGK YKT LGFQEJ MGKPGUYGIU FKG XQP<br />

#PFGTPMQOOGPFG$GNGJTWPI\WT×EMYGKUGP9KTHQTFGTPFCJGTDGK<br />

FGO JGKNKIGP

YGTFGP MCPP

#)CFCTEGFQTKO!UGXCÉPVTGDCEKPGXCRGDWPâFTGRVCVGEGGUVG<br />

EGGCEGFQTKO)KEGTGO!<br />

%GGCEGFQTKO)KEGTGOHCEGOCKEKEWPQUEWVNWOKK)KXTGOUâ<br />

PWHKOÉP/GNG)KITG)KV<br />

+&QTKO)KEGTGOOCKÉPV¸KFGVQCVGUâ)KRâUVTG\GXCNCDKNKVCVGC<br />

RGPVTW VQVFGCWPC TGCNK\âTKNG EGTWVG FG GVGTPGNG NGIK CNG FTGRVâ/KK )K<br />

TGEWPQUEWVG FG ÉORâTCVWN )K TGIGNG PQUVTW EQPUVKVW/KQPCN CFGXâTCVC<br />

NKDGTVCVG EGVâ/GPGCUEâ )K GICNKVCVG ÉP FTGRVWTK C RQRQCTGNQT FCT )K C<br />

HKGEâTWK NQEWKVQT CN OQPCTJKGK CWUVTKGEG ÉP RCTVG FGUHKKP/CTGC VWVWTQT<br />

UCTEKPKNQT HGWFCNG )K C EJKPWKVQCTGK \GEKWKGNK NKDGTVCVGC RTGUGK<br />

TGINGOGPVCVâRTKPÉP/GNGRVGNGIKCNGRTGUGKCTOCVâRQRWNCTâ)KIWXGTP<br />

EQPUVKVW/KQPCN<br />

++&QTKO)KEGTGOECRCVTKCPQCUVTâ6TCPUKNXCPKCCHNCVâÉP<br />

T¸PFWN /âTKNQT WPKVG RTKP RTCIOCVKEC UCPE/KWPG ÉPVTWP ÉPVTGI RQNKVKE<br />

KPFKXK\KDKN UWD UWXGTCPKVCVGC FGCEWO ÉPCKPVG EQPUVKVW/KQPCNâ C<br />

ÉORâTCVWNWK #WUVTKGK Uâ HKG NGICVâ PWOCK RTKP KPVGTOGFKWN EQTQCPGK<br />

WPICTG EQOWPG FG TGICVWN 7PICTKGK )K FG EGNG VTGK TGICVG &CNOC/KC<br />

%TQC/KC)K5NCXQPKCCEGUVGCFKPWTOâHKKPFWPKVGOCKUVT¸PUÉPVTGGNG<br />

ÉP CHCTC OGP/KQPCVGK RTCIOCVKEG UCPE/KWPK 6TCPUKNXCPKC Uâ HKG<br />

FGENCTCVâPGOKLNQEKVTGICVFGUKPGUVâVâVQTÉPTGNC/KKNGUCNGKPVGTPGuu<br />

+++ &QTKO )K EGTGO EC CEGUV TGICV CN 6TCPUKNXCPKGK EC RCTVG<br />

KPVGITCPVâ C OQPCTJKGK CWUVTKGEGUâRCTVKEKRGNCVQVEGGCEGRTKXG)VG<br />

KPVGTGUGNG EQOWPG CNG OQPCTJKGK )K EQPUVKVW/KC KORGTKWNWK KCT ÉP CEGUV<br />

UEQR Uâ QD/KPâ E¸V OCK EWT¸PF FTGRVWN FG C VTKOKVG TGRTG\GPVCP/K ÉP<br />

2CTNCOGPVWNEGPVTCNRGPVTWCUVHGNFGEJGUVKWPKEQOWPGE¸VRTKXG)VGÉPUâ<br />

CHCEGTKNG UCNG KPVGTPG Uâ DGPGHKEKG\G FG Q EQPUVKVW/KG URGEKCNâ )K FG Q<br />

&KGVâRTQRTKG<br />

+8&QTKO)KEGTGOECHWPFCOGPVWNCEGUVGKEQPUVKVW/KKURGEKCNG<br />

Uâ ÉN TGRTG\KPVG WP UKUVGO HGFGTCVKX Q WPKWPG RQNKVKEâ TGCNâ PW Q<br />

EQPVQRKTGEWOUCÉP/GNGUITG)KVCEGUVEWX¸PVCVWVWTQTRQRQCTGNQTEG<br />

VTâKGUEÉP/CTâUKCPWOGCWPIWTKNQTUGEWKNQTUC)KNQT)KTQO¸PKNQTUCWÉP<br />

EC\WNÉPECTGRTKOGNGFQWâRQRQCTGXQTUâUGEQPUKFGTGFQCTQUKPIWTâ<br />

PC/KWPGCWPIWTKNQTUC)KNQT)KTQO¸PKNQT<br />

8 &CT HKKPFEâ PWOCK RTKOGNG VTGK FKP EGNG RCVTW RQRQCTG<br />

OGP/KQPCVG FG/KPWPCPWOKVVGTKVQTKWFQTKOEC)KEGNWKFGCNRCVTWNGC<br />

RQRQTUâKUGCFLWFGEGWPVGTKVQTKWRQNKVKECRCTVG<br />

8+ &GQCTGEG CFLWFGECTGC VGTKVQTKCNâ VTGDWKG Uâ EQPFWEâ NC<br />

WPGNGOQFKHKEâTKCNGCEVWCNGKRQUGUKWPKVGTKVQTKCNGCPC/KWPKNQTCTFGNGPG<br />

FQTKOECCEGCUVCUâ/KPâEQPVFGUKVWC/KCIGQITCHKEâCRâT/KNQTFG/CTâUâ<br />

UGPGIQEKG\GFGEâVTGTGURGEVKXGNGRCTVKFGEQPHQTORTKPEKRKKNQTFTGRVâ/KK

)K GEJKVâ/KK KCT EC\WTKNG FKHKEKNG FG EQORGPUCV Uâ HKG LWFGECVG FG<br />

2CTNCOGPVWNEGPVTCNCWUVTKCE<br />

8++ #RQK FQTKO )K EGTGO Uâ ÉPEGVG\G )K ÉP CEGCUVâ /CTâ<br />

RTKXKNGIKGTGCQTKEâTGKEQPHGUKWPKETG)VKPG<br />

8+++ &QTKO )KEGTGOECRWVGTGCNGIKUNCVKXâURGEKCNâUâUG<br />

GZGTEKVGÉPEQOWPFGEâVTGTGIG)K&KGVCRGECNGCUGEQPUVKVWKEQPHQTO<br />

EGTKP/GNQT CEVWCNKVâ/KK )K RTKP EQORNGV GICNC RCTVKEKRCTG C VWURCVTW<br />

PC/KWPKNQT /âTKK ¡P CEGCUVâ &KGVâ Uâ EQPVG\G NKODC HKGEâTWK RQRQT ÉP<br />

RCTVG FGQCTGEG UG RQCVG EGTG HKGEâTWK QO EWNVKXCV Uâ ÉP/GNGCIâ NKODKNG<br />

RCVTKGKUCNG<br />

+:&QTKO)KEGTGOECIWXGTPWN/âTKKRTGEWO)KEGNGNCNVGEQTRWTK<br />

CFOKPKUVTCVKXGCNG/âTKKUâHKGHQTOCVGFKPVTWPPWOâTGICNFGOGODTKCK<br />

RQRQCTGNQT HGFGTCVG )K Uâ QD/KPâ E¸V OCK EWT¸PF EJKCT ÉPCKPVG FG<br />

ÉPEJGKGTGC PQKK QRGTG EQPUVKVW/KQPCNGRCTVGCNQTFGOGODTKTQO¸PK<br />

)WXGTPWN/âTKK)KTGUVWNEQTRWTKNQTCFOKPKUVTCVKXGCNG/âTKKUâVTCVG\GEW<br />

HKGECTGRQRQTÉPNKODCCEGUVWKC<br />

:&QTKO)KEGTGOECEGCOCKÉPCNVâCWVQTKVCVGIWXGTPCOGPVCNâ<br />

C6TCPUKNXCPKGKUâTâURWPFâÉPHC/CEQTRWNWKNGIKWKVQTCN/âTKK<br />

:+2TQRWPGOCTWICRGOCKGUVCVGCUCÉORâTCVWN)KTGIGNGECÉP<br />

EGNOCKUEWTVVKORRQUKDKNUâEQPXQCEGCFWPCTGCEQPUVKVWCPVâCNGCUâFKP<br />

TGRTG\GPVCP/KK RQRQCTGNQT WPKVG RGPVTW GNCDQTCTGC EQPUVKVW/KGK /âTKK<br />

FWRâRTKPEKRKWNGZRWUNCRWPEVWN8+++&CEâÉPCEGCUVâNWETCTGQRKPKKNG)K<br />

FQTKP/GNG WPWK RQRQT UG XQT CHNC ÉP FKXGTIGP/â EW CEGNGC CNG EGNQTNCNVG<br />

RQRQCTG Uâ FGEKFâ ÉORâTCVWN )K TGIGNG ÉORTGWPâ EW 2CTNCOGPVWN<br />

EGPVTCN<br />

:++¡PHKPGFQTKO)KRTGVKPFGOECHKGEâTWKRQRQTUâKUGRGTOKVâ<br />

UâUGTGHQTOG\GÉPKPVGTKQTWNUâW)KECTGHQTOGNGCUVHGN\âOKUNKVGUâHKG<br />

CRTQDCVGFGTGIGÉPOâUWTCTGURGEVâTKKNKDGTVâ/KKEGNQTNCNVGRQRQCTGFKP<br />

/CTâ<br />

2G DC\C CEGUVQT FQWâURTG\GEG RWPEVG ECTG C)CEWOUGXGFG<br />

NKORGFG TGEWPQUE VWVWTQT RQRQCTGNQT /âTKK Q NKDGTVCVG GICNâ HâTâ C<br />

FKUVTWIGUCWFKOKPWCVâTKCÉPVTGIKKOQPCTJKKUWPVGOÉPETG\âVQTKEâXQO<br />

RWVGCXGFGCEQPUVTWKPFWUGÉPEWT¸PFECRGFQWâURTG\GEGEQNQCPGFG<br />

DTQP\ WP VGORNW CN RâEKK CN QTFKPKK VTCKPKEG )K CN ÉPHNQTKTKK EQPVKPWG C<br />

RQRQCTGNQT)KCÉPVTGIKK/âTKEJKCTFCEâPWRGPVTWXGEKGCUWRTCEâTGKC<br />

PKEKQQRGTâQOGPGCUEâPWRQCVGTKFKECRTGVGP/KKFCTEGNRW/KPRGPVTW<br />

VKORWN ÉPFGNWPICV ÉP ECTG XQT GZKUVC CEVWCNGNG TGNC/KK KUVQTKEG<br />

HWPFCOGPVCNG CNG RQRQCTGNQT FKP RCVTKC PQCUVTâ )K FKP ÉPVTGCIC<br />

OQPCTJKG&GCEGGCFQTKO)K RTGVKPFGO ICTCPVCTGC NQT #UEWNVC/K<br />

RQRQCTGÉPHTâ/KVGCNGRCVTKGKPQCUVTGEQOWPG)KÉPFTâIKVGFGVQ/KPQKPW

UWPVGOCXK\KFGOâTKTGCUEWNVC/KRQRQCTGHGFGTCVGCNGOCTGNWKKORGTKW<br />

PQK PW UWPVGO TGCE/KQPCTK HC/â FG TGCNK\âTKNG NGICNG 5WPVGO QCOGPK<br />

NKDGTK ECTG RTGVKPFGO NKDGTVCVGC CFGXâTCVâ )K GICNKVCVGC ÉP FTGRVWTK<br />

RGPVTW EGKNCN/K NC HGN FG OWNV E¸V Q RTGVKPFGO RGPVTW PQK )K RGPVTW<br />

CEGUVGC UWPVGO RTGIâVK/K Uâ PG RWPGO ÉP LQE CXGTGC )K U¸PIGNG )K OCK<br />

OWNVFGE¸VCV¸VEKPUVGC#UEWNVC/KEWVQ/KK%WQO¸PâXâQHGTKOCEGUVG<br />

FQWâURTG\GEG RWPEVG KCT RG EGCNCNVâ XQ ÉPVKPFGOHTâ/G)VG ÉPVTW OWNV<br />

XKUCVCRCEG&C/K O¸PC EW PQK ¡PETGFGTGC TGXKPG )K UWPVGO EW VQ/KK<br />

HGTKEK/K<br />

<br />

u%QPEGVâ/GPK6TKOK/¸PFWXâCEGCUVâFGENCTC/KGPWKPVGP/KQPâO<br />

FGHGN Uâ Xâ KORWPGO FQTKP/G ÉORQVTKXC EQPXKPIGTKK XQCUVTG PQK NG<br />

EQPUKFGTâOFQCTECEGGCEGUWPVWPXQVWPCPKOCNWPGKÉPUGOPCVGRâT/K<br />

CEGTEWNWK5KDKWÉPEJGUVKWPGCFGOCZKOâÉPUGOPâVCVGCXKKVQCTGKQTFKPK<br />

UVCVCNG C RCVTKGK PQCUVTG )K RCT/KCN )K C KORGTKWNWK FG ECTG CRCT/KPGO<br />

RTKPVTWP PQTQE PKEKQFCVâ ÉPFGCLWPU OGTKVCV'UVGWPXQVEâTWKCÉK<br />

CNâVWTâO ETGFKP/C TGCNâ Eâ RTKP CFQRVCTGC UC RQCVG HK ÉPVGOGKCVâ<br />

HGTKEKTGCPQCUVTâCVWVWTQTÉPOâUWTCÉPECTGGCFGRKPFGFGKPUVKVW/KKNG<br />

RQNKVKEGHâTâÉPUâCTGURKPIGÉPXâ/âOKPVGNGQHGTKVGFGCN/KK2GPVTWUEQRWN<br />

UCETWCNDKPGNWKQD)VGUEÉPFGOPâOFGCEGGCPWPWOCKEGTEWTKNGUâUG)VK<br />

EK )K WPKWPKNG RQRQCTGNQT WPICT UGEWKGUE )K TQO¸P ÉPHTâ/KVG FCVQTKVâ<br />

RCVTKGK EQOWPG ÉK ÉPFGOPâO )K RG VQ/K RTKGVGPKK RCVTKGK EC RTKP<br />

KPVGTOGFKWNRTGUGKUâFGENCTGÉPEJKRCUGOâPâVQTFCEâUWPVFGCEQTFEW<br />

CEGUVGRWPEVG!UCWFCEâÉ)KC)VGCRVâO¸PVWKTGCFGNCCNVGEQPFK/KK!FGNC<br />

ECTG!)KFKPEGOQVKX!&GCEGGCTWIâOTGFCE/KKNGVWVWTQTHQKNQTQHKEKCNG<br />

CRâTWVG ÉP FKHGTKVGNG NKODK CNG /âTKK Uâ RTGKC ÉP EQNQCPGNG NQT CV¸V<br />

FGENCTC/KCPQCUVTâE¸V)KTGRNKEKNGNCCEGCUVC<br />

uu ¡P VKORWTK ÉP ECTG VQCVâ NWOGC Pâ\WKG)VG CK TGFC NKODKK<br />

CFGXâTWN)KUKORNKVCVGCTGURKPI¸PFCPCETQPKECHQTOâFGXCPKVCVGECTG<br />

GUVGX¸PâVQCTGCFGVKVNWTKIQCNGCTHKFGCFTGRVWNTKFKEQNUâRTGVKPFGO<br />

EC 6TCPUKNXCPKC Uâ HKG PWOKVâ TGICV HKKPFEâ FWRâ RâTGTGC RQRQTWNWK<br />

CEGUVPWOGUWPâOCKHCNPKEFGE¸VCEGNCFGOCTGXQKGXQFCVFGQCTGEG<br />

HCEG VTKOKVGTG NC OQPCTJKG KPFKHGTGPV FCEâ OQPCTJWN GUVG PWOKV TGIG<br />

UCWOCTGXQKGXQF&CTFQTKP/CPQCUVTâUGÉPVGOGKC\âRGCNVGOQVKXG)K<br />

CPWOGOCKCNGURGCEGNCEâFKPÉORTGLWTCTGCEQPHQTOEâTGKCÉPUVKNWN<br />

FG ECPEGNCTKG CWVQTKVâ/KNG XQKGXQFCNG VTCPUKNXCPG UWPV PWOKVG TGICNG<br />

HâE¸PFVTKOKVGTGNCEQTQCPCTGICNâWPICTâHâTâEC6TCPUKNXCPKCÉPUâ)KUâ<br />

UGEJGOGTGICVÉPFG\CXCPVCLWNRQ\K/KGKCEGUVGK/âTKTG\WNVâEWW)WTKP/â<br />

C)CEWOUCÉPV¸ORNCVFGLCTGNC/KCFGUWDQTFQPCTGCCEGUVGKCÉPTCRQTV<br />

EW7PICTKC%JKCTFCEâ)VKORGDC\CCTVKEQNWNWK8+FKPEâTGIGP/KK

PQ)VTK FKP QPQTCVC %CUâ CWUVTKCEâ CLWPI NC IWXGTPCTGC 6TCPUKNXCPKGK<br />

PWOCK EC TGIK NGICNK CK 7PICTKGK ÉPUâ FGQCTGEG CEGNC)K CTVKEQN UG<br />

ÉPITKLG)VG Uâ GZENWFâ QTKEG KPVGTRTGVCTG FG\CXCPVCLQCUâ RGPVTW<br />

6TCPUKNXCPKCCCEGUVGKTGUVTKE/KKRTKPEWXKPVGNGTGIGP/KKQXQTIWXGTPC<br />

ECRGQ/CTâRTGXâ\WVâEWEQPUVKVW/KGRTQRTKG)KPGUWRWUâCNVWKKORGTKW<br />

ÉP EQPHQTOKVCVG EW RTQRTKKNGK NGIK )K EW QTFQPCP/G CFQRVCVG NGICN Eâ<br />

CUVHGN 6TCPUKNXCPKC CTG ÉP EQOWP EW 7PICTKC FQCT CEGGC)K RWVGTG<br />

UWXGTCPâ CEGGC)K QTFKPG GTGFKVCTâ )K CEGGC)KEQTQCPâFKPVQCVG<br />

CEGUVGC TG\WNVâ Eâ UVKNWN FG ECPEGNCTKG EKVCV PW RQCVG HK LWUVKHKECV #T HK<br />

RQVTKXKV)KRGPVTWNKDGTVCVGCRQNKVKEâC6TCPUKNXCPKGKECTGTGKGUGNKORGFG<br />

FKP PWOKVWN CTVKEQN 8+ FKP EC COKPVKVC GZRTGUKG C UVKNWNWK FG<br />

ECPEGNCTKGUâRQCVâVTKOKVGNCQFGOPKVCVGTGICNâVTCPUKNXCPâ¡PRNWU)K<br />

GICNKVCVGC RQRQCTGNQT RCTG C EGTG CEGCUVâ FGPWOKTG RGPVTW TCRQTVWN<br />

RWVGTKKUWXGTCPGCCEGUVGK/âTKHKKPFEâFGCNVHGNVQCVG/âTKNGCRCT/KPâVQCTG<br />

FGEQTQCPC7PICTKGKUGPWOGUETGICVGPWOCK6TCPUKNXCPKCPWEWVQCVG<br />

EâÉPVTGEGNGNCNVG/âTKCEGCUVâ/CTâPWGUVGPKEKEGCOCKOKEâPKEKEGCOCK<br />

PGÉPUGOPCVâEKÉPIGPGTCNCV¸VECOâTKOGE¸V)KECKORQTVCP/âQEWRâ<br />

NQEWN CN FQKNGC KCT ÉPVTG EGNGNCNVG /âTK CNG KORGTKWNWK FKPVTG ECTG PQWâ<br />

RQCTVâPWOGNGFGTGICVG6TCPUKNXCPKCGUVGECOâTKOGIGQITCHKEâCVTGKC

1OâTVWTKGFGETGFKP/âCGFKVQTWNWK,QJCPP)ÑVVOCTVKG<br />

<br />

'KP )NCWDGPUDGMGPPVPKU FGU 8GTNGIGTU ,QJCPP )ÑVV <br />

/¼T\<br />

,QJCPP)ÑVVÉP-TQPUV¼FVGT

'KP\GNYKNNGPUIGIGP×DGTFGO8QNMUYKNNGPFKGCPFGTGH×TFKG)GNVWPI<br />

FGU8QNMUYKNNGPUIGIGP×DGTFGO'KP\GNYKNNGPLGPGDGVTCEJVGVFCU8QNM<br />

CNU /KVVGN FKGUG CNU

PCEJ /C²ICDG FGT 9CUUGTUEJGKFGP WPF )GDKTIU\×IG (TCPMTGKEJ \$<br />

KUVGKPPCVKQPGNNGT5VCCV+VCNKGPWPF&GWVUEJNCPFO×UUGPGUYGTFGPFKG<br />

5EJYGK\ KUV GKP IGQITCRJKUEJGT 5VCCV 7PICTP WPF 5KGDGPD×TIGP<br />

O×UUGPGUYGTFGP7PVGT8QNMKUVFKG)GUCOOVJGKVFGT#PIGJÑTKIGP<br />

GKPGU 5VCCVGU \W XGTUVGJGP GU IKDV GKP PQTFCOGTKMCPKUEJGU GKP<br />

UEJYGK\GTKUEJGU 8QNM CDGT MGKPG WPXGTOKUEJV IGFCEJVG<br />

PQTFCOGTKMCPKUEJGQFGTUEJYGK\GTKUEJG0CVKQP+PPCVKQPGNNGP5VCCVGP<br />

HCNNGPFKG$GITKHHG8QNMWPF0CVKQP\WUCOOGPY¼JTGPFKPIGOKUEJV<br />

DGXÑNMGTVGP 5VCCVGP CNNG 0CVKQPGP \WUCOOGP FCU 8QNM DKNFGP QJPG<br />

FC²GKPG8GTUEJOGN\WPIFGTXGTUEJKGFGPGP0CVKQPCNKV¼VGP\WGTHQNIGP<br />

DTCWEJV(KPFGVUQNEJG8GTUEJOGN\WPIFGPPQEJUVCVVUQJCVVGGPVYGFGT<br />

FKG GTNQUEJGPG 0CVKQP UKEJ UGNDUV CWHIGIGDGP QFGT FGT 5VCCV FGO UKG<br />

CPIGJÑTVG YCT GKP FGURQVKUEJGT WPF CWEJ KP GKPGO UQNEJGP<br />

FGURQVKUEJGP 5VCCVG KUV PKEJV UQYQJN 'PVMNGKFWPI GKPGU 8QNMUVCOOGU<br />

XQP GKPGT 0CVKQPCNKV¼V CNU 8GTVKNIWPI FGTUGNDGP FWTEJ NGKDNKEJG<br />

#WUTQVVWPIFGTICP\GP4CUUGFGPMDCT#NU$TWEJVJGKNGFGU8QNMGUKO<br />

5VCCVG JCDGP CNNG 0CVKQPGP INGKEJG 4GEJVG FGT GKP\GNPG 5VCCVUD×TIGT<br />

FCTH YGFGT CWH )TWPF FGU IGUEJKEJVNKEJGP PQEJ FGU PWOOGTKUEJGP<br />

8QTTCPIGUUGKPGT0CVKQPRGTUÑPNKEJG8QTTGEJVGDGCPURTWEJGPQFGTUKEJ<br />

JGTCWUPGJOGPFGPPFKG&GXKUGGKPGUXGTP×PHVKIGP5VCCVGUKUV(TGKJGKV<br />

WPF )NGKEJJGKV P¼ONKEJ )NGKEJJGKV #NNGT XQT FGO )GUGV\ FCU FKG<br />

(TGKJGKV CNNGT UEJ×V\V )GUGV\ KUV YCU FKG /GJTJGKV FGU 8QNMGU YKNN KP<br />

GKPGO FGURQVKUEJGP 5VCCVG IKDV GU MGKPG )GUGV\G UQPFGTP PWT )GDQVG<br />

WPF 8GTDQVG FKGPCEJ9KNNM×TGKPGU'KP\GNPGPQFGTUGKPGT-TGCVWTGP<br />

WPVGT FGO OKNFGTGP 0COGP *QHXGTQTFPWPIGP QFGT -CDKPGVU1TFTGU<br />

QJPG'KPXGTUV¼PFPK²WPF&C\WVJWPFGU8QNMGUWPFJÑEJUVUGNVGP\W<br />

FGUUGOYCJTGP$GUVGPGTHNKG²GP&KG5VCCVUXGTHCUUWPIUEJTGKDVFKG#TV<br />

WPF 9GKUG FGT 'TOKVVGNWPI FGU 8QNMYKNNGPU XQT WPF YKTF XQP FGP<br />

8GTVTGVGTPFGU8QNMGUGPVYQTHGPFKGGUWPVGTFGPGKPUKEJVXQNNUVGPWPF<br />

CWHTKEJVKIUVGPUGKPGT(TGWPFGY¼JNV5KGFCTHPKEJVUQ\WUCIGPH×T

UGKPG 8GTHCUUWPI WPF IGUGV\IGDGPFGP 8GTVTGVGT GDGPHCNNU CWU UGKPGT<br />

/KVVGY¼JNVWPVGT$GCOVGPFGU8QNMGUUKPFCNUQCNNG8QNNUVTGEMGTFGU<br />

8QNMUYKNNGPUXQONGV\VGP5EJ¼HHGTDKUJKPCWH\WO5VCCVUQDGTJCWRV\W<br />

XGTUVGJGP#W²GTFGO8QNMGWPF×DGTFGO8QNMGUVGJV0KGOCPFWPFCP<br />

FKG )GNVGPFOCEJWPI FGU 8QNMUYKNNGPU CNU FGP

KOGPUâ ÉP RCTVG QCTDâ ÉP RCTVG DTWVâ C EâTGK QTDKTG )K ITQUQNâPKG UG<br />

URTKLKPâVQEOCKRGEQP)VKKP/CFQOPKVQTKNQTDWPWNWKRNCE(KGECTGRTKGVGP<br />

CN QCOGPKNQT VTGDWKG Uâ UG CPICLG\G ÉP CEGCUVâ NWRVâ HCVCNâ ÉPCTOCV EW<br />

EWX¸PVWNXKWEGOKLNQEG)VGXQKP/CRQRWNCTâRGPVTWCKNWOKPCRGQTDK<br />

RGPVTWCEWNVKXCOCUCDTWVâ<br />

%QPVKPWCTG ÉP PT 5EQRWN UVCVWNWK GUVG FG C KORWPG XQKP/C<br />

RQRQTWNWK#EQNQWPFG/CTC)KQCOGPKKUWPVRTQRTKGVCVGCWPWKCUKPIWT<br />

)KÉKUVCWNCFKURQ\K/KGNWK)KHCOKNKGKUCNGCEQNQPWRQCVGHKXQTDCFGURTG<br />

WPUVCVFGQTFKPGEKPWOCKFGURTGWPUKUVGOTCHKPCVFGGZRNQCVCTG)K<br />

CUGTXKTG #)C EWO QTKEG QO CUEWNVâ FQCT NC X¸TUVC EQRKNâTKGK )K<br />

CFQNGUEGP/GKFGÉPFCVâÉPUâEGCCLWPUNCFGRNKPCEQP)VKKP/âFGUKPGÉ)K<br />

CTGCPLGC\âVTGDWTKNGÉPCEQTFEWEQP)VKKP/CUCVQVCUVHGNPWOCKWPRQRQT<br />

PGFG\XQNVCV NC) UCWUNCDFâCUEWNVCTGQTDG)VG )K PGEQPFK/KQPCV 7P<br />

RQRQTGUVGPGFG\XQNVCVCVWPEKE¸PFEGKOCKOWN/KFKPVTGCKUâKPWUWPV<br />

RâVTWP)K FG EQP)VKKP/C FGOPKVâ/KK NQT WOCPG GUVG NC) FCEâ PW<br />

ÉPFTâ\PG)VGHKGFKPEQOQFKVCVGHK\KEâHKGFKPNGPGURKTKVWCNâUâQRWPâ<br />

FQOPKGK DWPWNWK RNCE )K RTQRVGNGNQT GK TG\KUVGP/C RWVGTPKEâ C XQKP/GK<br />

IGPGTCNGGUVGUNCDFCEâÉPFWTâFQOKPC/KCUVTâKPâCRQVGPVC/KNQTWPWKCNV<br />

RQRQT)KGNÉPEâPGFG\XQNVCV%âEKWPRQRQTGFWECVHKGGNRWVGTPKEPWCLWVâ<br />

NCCUGTXKTGCCNVWKCEJKCTFCEâCEGUVCGUVGUNCD%¸PFCRCTGWPRQRQTFQTPKE<br />

Uâ)K KORWPâ XQKP/C GN GUVG EWO UG URWPG EQRV FKP RWPEV FG XGFGTG<br />

RQNKVKE)KHQTOGC\âWPUVCV<br />

)TCPK/GNG UVCVWNWK VTGDWKG Uâ HKG PCVWTCNG CFKEâ ITCPK/G FG<br />

NKODâFGCRGUCWFGOWP/K&CEâQPC/KWPGEWRTKPFGWPPWOâTCV¸VFG<br />

OCTG FG UWHNGVG ÉPE¸V NQEWKG)VG PGCOGUVGECV Q UWRTCHC/â KORQTVCPVâ<br />

CVWPEKKPFKHGTGPVFGITCPK/GNGCRGNQTUCWOWP/KNQTGCHQTOGC\âWPUVCV<br />

PC/KQPCNGZENWUKXRGDC\CETKVGTKWNWKFGNKODâ&CEâKUVQTKCCCOGUVGECV<br />

)KCÉPVTGRâVTWPUOCKOWNVGPC/KWPK)KNGCHâEWVUâQEWRGQUWRTCHC/â<br />

OCKOCTGGNGHQTOGC\âÉORTGWPâWPUVCVIGQITCHKEFGNKOKVCVFGCRG)K<br />

NCP/WTK OWPVQCUG &G RKNFâ (TCP/C GUVG WP UVCV PC/KQPCN +VCNKC )K<br />

)GTOCPKC VTGDWKG Uâ FGXKPâ 'NXG/KC GUVGWPUVCVIGQITCHKE7PICTKC)K<br />

6TCPUKNXCPKCVTGDWKGUâFGXKPâCUVHGN<br />

2TKPRQRQTUGÉP/GNGIGVQVCNKVCVGCUWRW)KNQTWPWKUVCVGZKUVâWP<br />

RQRQT PQTFCOGTKECP WP RQRQT GNXG/KCPFCTPWUGRQCVGEQPEGRGQ<br />

PC/KWPGPQTFCOGTKECPâUCWGNXG/KCPâ¡PUVCVWNPC/KQPCNEQPEGRVGNGFG<br />

PC/KWPG)KRQRQTUGEQPHWPFâRGE¸PFÉPUVCVGRQRWNCVGCOGUVGECVVQCVG<br />

PC/KWPKNGÉORTGWPCVGHQTOGC\âRQRQTWNHâTâUâHKGPGEGUCTâQEQPVQRKTG<br />

C FKXGTUGNQT PC/KQPCNKVâ/K &CEâ VQVW)K CTG NQE Q CUVHGN FG EQPVQRKTG<br />

CVWPEKPC/KWPGCUVKPUâHKGCTGPWP/CVUKPIWTâNCUKPGHKGUVCVWNEâTGKCÉK<br />

CRCT/KPGCHQUVFGURQVKE(KPKEKOâECTÉPVTWPCUGOGPGCUVCVFGURQVKEPW

UG RQCVG KOCIKPC FGURWKGTGC WPWK PGCO FG ECVTG Q CNVâ PC/KQPCNKVCVG<br />

FGE¸VRTKPUV¸TRKTGCCEGUVWKCRTKPPKOKEKTGCEQTRQTCNâCTCUGKÉPVTGIK%C<br />

RâT/KCNGRQRQTWNWKÉPUVCVVQCVGPC/KQPCNKVâ/KNGCWCEGNGC)KFTGRVWTK0W<br />

UGRGTOKVGPKEKWPWKEGVâ/GCP CN UVCVWNWK EC RG DC\C ÉPV¸KGVâ/KK KUVQTKEG<br />

UCWRQNKVKEGCPC/KWPKKUCNGUâCKDâRTGVGP/KCWPQTRTKXKNGIKKRGTUQPCNG<br />

HKKPFEâ FGXK\C WPWK UVCV ÉP/GNGRV GUVG NKDGTVCVG )K GICNKVCVG CPWOG<br />

GICNKVCVGC VWVWTQT ÉP HC/C NGIKK EG CRâTâ NKDGTVCVGC VWVWTQT .GIGC GUVG<br />

EGGCEGFQTG)VGOCLQTKVCVGCRQRQTWNWK7PUVCVFGURQVKEPWCTGNGIKEK<br />

FQCTRQTWPEK)KKPVGTFKE/KKGOKUGFWRâDWPWNRNCECNWPWKC)KCNCEQNK/KNQT<br />

UâKÉPPWOGNGDN¸PFCNFKURQ\K/KKNQTFGEWTVGUCWCNQTFKPGNQTFGECDKPGV<br />

HâTâ CEQTFWN )K RCTVKEKRCTGC RQRQTWNWK )K CTCTGQTK URTG DKPGNG TGCN CN<br />

CEGUVWKC %QPUVKVW/KC UVCVWNWK RTGUETKG HGNWN ÉP ECTG UG CRNKEâ XQKP/C<br />

RQRQTWNWK)KGUVGGNCDQTCVâFGTGRTG\GPVCP/KKRQRQTWNWKCNG)KFKPVTGEGK<br />

OCK KPVGNKIGP/K )K OCK EQTGE/K RTKGVGPK CK UâK 'C PW VTGDWKG Uâ NGIG RG<br />

XGEKGECUâPGGZRTKOâOCUVHGNEGKXKKPWCWFTGRVWNUâKORWPâ<br />

IGPGTC/KKNQT WTOâVQCTG RTKPEKRKKNG NQT FG XKC/â )K EW CV¸V OCK RW/KP<br />

RQRQCTGNGRTG\GPVWNWKPWCWCUGOK)ECÉPECFTWNHQTOGNQTFGUVCVQRWUG<br />

URKTKVWNWKVKORWNWKCNGUVTâOQ)KNQTNQT#EQTFWTKFKRNQOCVKEGÉPEJGKCVG<br />

HâTâ )VKTGC )K HâTâ XQKC RQRQTWNWK FCT ÉP PWOGNG UâW RQV CXGC<br />

XCNCDKNKVCVGQDNKICVQTKGFQCTRGPVTWHâWTKVQTKKNQTCV¸VCVKORE¸VCEG)VKC<br />

UWPVNCE¸TOâPW)KRGPVTWRQRQCTGNGX¸PFWVG)KVTâFCVGCNEâTQTPWOG<br />

QPGUVCHQUVTâWHQNQUKV&GQDUGTXCTGCNGIKNQTUGÉPITKLGUEHWPE/KQPCTKK<br />

RQRQTWNWK ECTG EC TGRTG\GPVCP/K FâVâVQTK FG NGIG )K EQPUVKVW/KG UWPV<br />

CNG)KFGCUGOGPGCFKPOKLNQEWNRQRQTWNWK2TKPHWPE/KQPCTKCKRQRQTWNWK<br />

UGÉP/GNGIEQORNKPKVQTKKXQKP/GKRQRWNCTGFGNCWNVKOWNQKGTR¸PâUWUNC<br />

)GHWNUVCVWNWK¡PCHCTCRQRQTWNWK)KFGCUWRTCRQRQTWNWKPWUVâPKOGPKKCTPQK<br />

ETGFGO ÉP KORWPGTGC XQKP/GK RQRQTWNWK EC UEQR CN UVCVWNWK ÉP<br />

ÉPHâRVWKTGC FTGRVWTKNQT WOCPG KPCNKGPCDKNG CNG VWVWTQT EGVâ/GPKNQT<br />

UVCVWNWKECRTKOâ)KWNVKOâXQKP/âCRQRQTWNWK

2TKOCGVCVK\CTGCCXGTKK7PKXGTUKVâ/KKPC/KQPCNGUâUG)VK<br />

&KG GTUVG 8GTUVCCVNKEJWPI FGU 8GTOÑIGPU FGT 5¼EJUKUEJGP<br />

0CVKQPUWPKXGTUKV¼V<br />

5KGDGPD×TIGT$QVGPTCRTKNKGR&GETGVWNNWK<br />

%UP[KFGGVCVK\CTGCCXGTKK7PKXGTUKVâ/KKPC/KQPCNGUâUG)VK<br />

Q5KGDGPD×TIGT$QVGR0T#RTKN%UP[U8GTQTFPWPI<br />

JKPUKEJVNKEJ FGT 8GTUVCCNKEJWPI FGU 8GTOÑIGPU FGT 5¼EJUKUEJGP<br />

0CVKQPUWPKXGTUKV¼V<br />

<br />

8GTQTFPWPI <br />

<br />

+P (QNIG JGWVG GTJCNVGPGT JÑJGTGT 9GKUWPI DGVTGHH FGU<br />

U¼EJUKUEJGP0CVKQPCNXGOÑIGPUYGNEJGUFKGU¼EJU0CVKQPU7PKXGTUKV¼V<br />

IGIGP FCU GKIGPG +PVGTGUUG FGU U¼EJUKUEJGP 8QNMGU \WT 5VÑTWPI FGT<br />

'KPJGKVWPF(TGKJGKVKO.CPFGWPFFGU(TKGFGPUKP5KGDGPD×TIGP<br />

XGTYGPFGV JCV FCOKV FCU U¼EJUKUEJG 0CVKQPCNXGTOÑIGP PKEJV OGJT<br />

IGIGP UGKPG $GUVKOOWPI WPF DGUQPFGTU \WO 0CEJVJGKN FGT<br />

U¼EJUKUEJGP 0CVKQP UGNDUV FWTEJ HGKPFUGNKI IGUKPPVG +PFKXKFWGP \W<br />

#WHTGK\WPIGPWPF7OVTKGDGPDGP×V\VWPFFCFWTEJUGKPGTGKIGPVNKEJGP<br />

$GUVKOOWPI GPV\QIGP YGTFG XGTQTFPG KEJ JKGOKV FC² CNNGU<br />

'KIGPVJWO FGT U¼EJUKUEJGP 0CVKQP WPF CNNG UGKPG 5VKHVWPIGP YGNEJG<br />

WPVGT FGT 8GTYCNVWPI FGT U¼EJUKUEJGP 7PKXGTUKV¼V WPF FGTGP

&GETGV<br />

<br />

%QPHQTO ÉPCNVGK FKURQ\K/KK RTKOKVG CUVâ\K EW RTKXKTG NC CXGTGC<br />

PC/KQPCNâUâUGCUEâRGECTG7PKXGTUKVCVGCPC/KQPCNâUâUGCUEâCHQNQUKVQ<br />

ÉORQVTKXC RTQRTKWNWK KPVGTGU CN RQRQTWNWK UâUGUE ÉP UEQRWN FKUVTWIGTKK<br />

WPKVâ/KK )K NKDGTVâ/KK /âTKK )K C RâEKK ÉP 6TCPUKNXCPKC RGPVTW EC CXGTGC<br />

PC/KQPCNâ UâUGCUEâ Uâ PW OCK HKG WVKNK\CVâ EQPVTCT FGUVKPC/KGK UCNG )K ÉP<br />

FGVTKOGPVWN ÉPUG)K PC/KWPKK UâUG)VKRTKPKPVGTOGFKWNWPQTKPFKXK\KEW<br />

KPVGP/KKFW)OâPQCUGÉPENKPC/KURTGKPUVKIâTK)KWPGNVKTKRTKPRTG\GPVC<br />

QTFQP EC ÉPVTGCIC RTQRTKGVCVG C PC/KWPKK UâUG)VK )K VQCVG C)G\âOKPVGNG<br />

UCNG ECTG PW UWPV FG PCVWTâ DKUGTKEGCUEâ )K UG CHNâ UWD CFOKPKUVTC/KC<br />

EKXKNâ C 7PKXGTUKVâ/KK UâUG)VK )K RG ECTG NG FGENCT FTGRV RTQRTKGVCVG C<br />

UVCVWNWK Uâ HKG RTGNWCVG PGÉPV¸T\KCV FG EâVTG EQOKUKK PWOKVG FG UVCV ÉP<br />

CEGUVUEQR<br />

5RTGNKPK)VKTGCPC/KWPKKUâUG)VKOCKFGENCTEâCEGCUVâRQTWPEâC<br />

OGCPWCTGCNVâKPVGP/KG FGE¸V CEGGC FG C TGUVKVWK HWPFC/KKNG )K<br />

RTQRTKGVCVGC PC/KQPCNâ FGUVKPC/KGK NQT RTQRTKW\KUG )KFGCÉORKGFKEC<br />

HQNQUKTGCDWPWTKNQTQD)VG)VKRGPVTWÉPFGRNKPKTGCWPQTRNCPWTKVTâFâVQCTG<br />

FG/CTâ<br />

5VCVWNRTGKCQFCVâEWCXGTGCPC/KQPCNâVQCVGUCTEKPKNGNGICVGFG<br />

CEGCUVC )K XC HQNQUK XGPKVWTKNG C)G\âOKPVGNQT GZENWUKX EQPHQTO<br />

FGUVKPC/KGKNQTÉPCEGNC)KVKORXCFCUQEQVGCNâ&KGVGKFGGNG)KFGVQCVG<br />

ÉPECUâTKNGUVCVWNWK<br />

<br />

<br />

.CFKUNCW%UP[<br />

EQOKUCTUWRTGO<br />

RNGPKRQVGP/KCTCN/âTKK

1ETWEKCFâÉORQVTKXCTW)KNQTQRâI¸PKR<br />

'KP-TGW\\WIIGIGPFKGQJCKFPKUEJGPR4WUUGP<br />

-TQPUV¼FVGT

YQNNGP YKT FGP -CORH HQTVUGV\GP WPUGTG *GGTG UKPF FGU 5KGIGU<br />

IGYQJPV'WTQRCU8ÑNMGTGTYCEJGPFKG9CHHGPKPFGT*CPF)QVVCDGT<br />

OCIGTCWEJFKGIGTGEJVG5CEJGKP8GTUWEJWPIH×JTGPJCVKJTFQEJPKG<br />

FGP5GIGPXGTUCIV<br />

'UKUV\YCTDGTWJKIGPF\WYKUUGPFC²×DGTFCU5EJKEMUCNFGT<br />

0C\KQP GKP O¼EJVKIGU -TKGIUJGGT YCEJV WPF YKT MÑPPGP YGPP YKT<br />

UGKPG #P\CJN UGKPG $GIGKUVGTWPI WPF 6CRHGTMGKV GTY¼IGP CP FGT<br />

'TM¼ORHWPI FGU IGTGEJVGP 5KGIGU MGKPGP #WIGPDNKEM \YGKHGNP<br />

DGUQPFGTU FC FCUUGNDG DKPPGP YGPKIGP 9QEJGP CP

KNNKQPGP WPUGTO -TKGIUJGGTG CPUEJNKG²GP 'KP\GNPG YGTFGP<br />

WPVGTIGJGPCDGTFCU8QNMYKTFNGDGPWPFHQTVDGUVGJGPWPFFWTEJ<br />

UGKPG-TCHVWPFUGKP$GKURKGN'WTQRCUGNDUVTGVVGP&KGUGT-TGW\\WIFGT<br />

(TGKJGKV KUV PCEJ WPUGTGT /GKPWPI H×T 1DGTWPICTP CNNUQINGKEJ<br />

CWU\WURTGEJGP FCOKV YGPP FKG 5VWPFG FGT 'TJGDWPI UEJN¼IV FCU<br />

8QNM\WO.CPFGUMTKGIDGTGKVUGK<br />

<br />

+PUDGUQPFGTGJCNVGPYKTGUH×TPQVJYGPFKI<br />

&C² IGIGP FKG TWUUKUEJG +PVGTXGP\KQP KO #PIGUKEJVG<br />

'WTQRCUKO0COGPFGU8QNMGUHGKGTNKEJ2TQVGUVGTJQDGPYGTFG<br />

&C² FCU 8QNM FWTEJ #WHTWHG \WT CNNIGOGKPGP 'TJGDWPI<br />

CPIGHGWGTVYGTFG<br />

&C² XQO F/ CPIGHCPIGP FTGK 9QEJGP JKPFWTEJ CP<br />

LGFGO (GKGTVCIG WPF &QPPGTUVCIG /GUUGP )GDGVG WPF 2TGFKIVGP<br />

IGJCNVGPYGTFGP\WT#DYGPFWPIFGTHWTEJVDCTGP)GHCJTYGNEJGFKG<br />

(TGKJGKVFGTGWTQR¼KUEJGP8ÑNMGTWPFDGUQPFGTUFKGVJGWGTUVGP5EJ¼V\G<br />

FGUWPICTKUEJGP8QNMGUDGFTQJV<br />

&C²CNNG$×TIGTXGTRHNKEJVGVYGTFGPCO,WPKN,\WHCUVGP<br />

&C²CPFGOKO\YGKVGP2WPMVDGUVKOOVGP6CIGP\YGKOCN<br />

FGU6CIGUKPCNNGP-KTEJGPCNNG)NQEMGPIGN¼WVGVYGTFGP<br />

&C² \W UGKPGT

&GDTG\KPCO/CK <br />

7PVGTUEJTKHVU¼OOVNKEJGT/KPKUVGT<br />

<br />

&GPQDKIGP8QTVTCIFGU/KPKUVGTTCVJGUDKNNKIGIGPGJOKIGWPF<br />

DGUV¼VVKIGKEJKO8GTVTCWGPCWHFKG*KNHG)QVVGUWPFXQNN

0QKPWXQOETGFGPKEKQFCVâEâRQRQCTGNGXQTRâTâUKWPRQRQT<br />

)KEâ&WOPG\GWXCNâUCUâRKCTâINQTKQUWNVTKWOHCNGVGTPGNQTRTKPEKRKK<br />

CNGNKDGTVâ/KK)KQOGPKGK<br />

¡P PWOGNG KPXKQNCDKNKVâ/KK FTGRVWTKNQT RQRQCTGNQT UVCDKNKVG )K<br />

TGEWPQUEWVG FG 'WTQRC DC OCK OWNV FG ÉPVTGCIC NWOG EWNVKXCVâ<br />

C)VGRVâOECVQCVGRQRQCTGNG'WTQRGKUâ)KHCEâFCVQTKC<br />

¡PVTGVKOR)KRQRQTWNWPICTÉ)KXCHCEGFCVQTKC)KRTKPCRâTCTGC<br />

RTQRTKGK UCNG KPFGRGPFGP/G XC CXGC RWVGTGC Uâ CEVKXG\G RGPVTW<br />

CUKIWTCTGCNKDGTVâ/KKRGTKENKVCVGCRQRQCTGNQT'WTQRGK<br />

&WOPG\GW EGN FTGRV )K CVQVRWVGTPKE PGC DKPGEWX¸PVCV R¸Pâ<br />

CEWO CTOGNG CTOGNG UHKPVGK NKDGTVâ/K EW ECTG CO ÉPHT¸PV CTOCVGNG<br />

CWUVTKGEG#TOCVCFGCLWVQTTWUâCHWIKVFKP/CTâUNGKVâFGUâDKKNGFGRCTâ<br />

CNG Tâ\DQKPKEKNQT PQ)VTK 2NKPK FG EWTCL XQO EQPVKPWC NWRVC CTOCVGNG<br />

PQCUVTG UWPV QDK)PWKVGEWXKEVQTKCRQRQCTGNG'WTQRGKUGFG)VGCRVâ<br />

NW¸PFCTOGNGÉPO¸KPKÉPUâ&WOPG\GWEJKCTFCEâFWEGÉPKURKVâECW\C<br />

EGCFTGCRVâPCÉPEGVCVUQDKPGEWX¸PVG\G<br />

'UVG NKPK)VKVQT Uâ )VKO Eâ CUWRTC PC/KWPKK XGIJGC\â Q CTOCVâ<br />

RWVGTPKEâ FG NWRVâVQTK )K PW PG RWVGO ÉPFQK PKEK Q ENKRâ FG QD/KPGTGC<br />

XKEVQTKGKFTGRVGCVWPEKE¸PFNWâOÉPEQPUKFGTCTGOâTKOGCGPVW\KCUOWN<br />

)KXKVGLKCCEGUVGKCTOCVGOCKCNGUEâÉPRW/KPGUCRVâO¸PKPWOâTWNGKUG<br />

XCFWDNC<br />

0WOCKEâGUVGPGXQKGECÉPCHCTâFGCTOCVGNGPQCUVTGÉPVTGIWN<br />

RQRQT Uâ RCTVKEKRG NC NWRVâ 2CVTKC PC/KQPCNKVCVGC TGNKIKC NKDGTVCVGC XKC/C<br />

UWPVÉPRGTKEQNRGPVTWCNGUCNXCUâUGXGUVGCUEâÉPVQCVâ/CTCQETWEKCFâ<br />

+PVGTXGP/KCTW)KNQTEGECNEâÉPRKEKQCTGFTGRVCVGCCOGPKP/âVQV<br />

EGGCEGFG/KPGHKGECTG<br />

4W)KKPGXQTTâRKNKDGTVCVGCEâEKTW)KKEWPQUEFQCTUENCXK)KTQDK<br />

4W)KKPGXQTWOKNKRCVTKCVTCPUHQTO¸PFQÉPEQNQPKGEâEKTW)KK<br />

PW UWRQTVâ ÉP CRTQRKGTGC NQT PKEK WP KORGTKW FG UKPG UVâVâVQT<br />

KPFGRGPFGPVFGGK<br />

4W)KKPGXQTWEKFGPC/KQPCNKVCVGCRGCEGGCCWPIWTWNWKC<br />

IGTOCPWNWKCXCNCJWNWKCU¸TDWNWKCUNQXCEWNWKHâTâFGQUGDKTGHKKPFEâ<br />

GKWTâUEVQVEGGCEGPWGUVGTWUGUE¡PCEGGC)KITQCRâRGECTGCWUâRCVQ<br />

HTC/KNQT NQT RQNQPG\KK XQT C\X¸TNK RG VQCVG EGNGNCNVG PC/KQPCNK/â/K EW<br />

KPKOâ)KOCKETWFâ<br />

4W)KK PG XQT KPVGT\KEG TGNKIKC C)C EWO CW RGTUGEWVCV<br />

ECVQNKEKUOWN ÉP 2QNQPKC EWO ÉK EJKPWKG RG RTQVGUVCP/K ÉP .GVQPKC )K<br />

'UVQPKCEWONGKORWPRTQRTKKNGNQTHQTOG)KRTQRTKWNNQTRCVTKCTJEGNQT<br />

FGETGFKP/âQTVQFQZâRGUVKNXGEJKKCTRGKUTCGNK/KÉKOCTVKTK\GC\âRTKP<br />

UWHGTKP/GÉPURâKO¸PVâVQCTG

(KÉORTGWPâEWGKUGCRTQRKGECWPPQTPGITWNWPICFQOPKGC<br />

UâNDâVKEKGK)KDTWVCNKVâ/KK<br />

2TKP WTOCTG PW GZKUVâ PKEK WP FTGRV PKEK WP KPVGTGU PKEK Q<br />

TGNKIKGPKEKQPC/KQPCNKVCVGÉPCEGCUVâRCVTKGRGECTGUâPWNGC)VGRVGFKP<br />

RCTVGCKPVGTXGP/KGKTWUGÉPNQEFGCRâTCTGFKUVTWIGTGC)KRKGKTGC<br />

&G CEGGC VQCVG TGNKIKKNG VQCVG PC/KQPCNKVâ/KNG VTGDWKG Uâ)K<br />

WPGCUEâ NKDGTVCVGC )K KPFGRGPFGP/C RGPVTW C NWC RCTVG NC ETWEKCFC<br />

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HKKP/âTKK PQCUVTG UVCVCNG CN NKDGTVâ/KK PQCUVTG EGVâ/GPG)VK )K TGNKIKQCUG <br />

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YKTF IGIGP ,GFGP YGNEJGT UQNEJG -WPFOCEJWPIGP PQEJ HGTPGT<br />

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$GUEJYGTFGP DGK FKGUGP $GJÑTFGP KP UGKPGT .CPFGUURTCEJG<br />

CP\WDTKPIGP WPF FKGUGP $GJÑTFGP QDNKGIV GU CWEJ FKG $GUEJGKFG CP<br />

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RTKP RTG\GPVC UG VTGEG ÉP TâURWPFGTGC EQOWPGNQT )K LWTKUFKE/KKNQT<br />

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PWOCK COGP\K DâPG)VK RG OâUWTâ EK EJKCT RGFGCRUC VTKDWPCNWNWK FG<br />

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CFLWPEVCNTGIKOGPVWNWKKPHCPVGTKUV<br />

FGNKPKG#TJKFWEGNG-CTNPT

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*GTT#NQKU2HGTUOCPPXQP<br />

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5V9NCFKOKT1TFGPUXKGTVGTWPF<br />

5V5VCPKUNCWU1TFGPUGTUVGT<br />

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FGU.KPKGP+PH4GIKOGPVU<br />

)TQ²H×TUV/KEJCGN0TQ<br />

*GTT,QUGRJXQP)GFGQPMM<br />

(GNFOCTUEJCNN.KGWVGPCPV<br />

<br />

<br />

<br />

$TKICFKGTG<br />

*GTT,QUGRJ-CNNKCP[FG-CNNKCP<br />

<br />

*GTT,QUGRJ5EJWTVVGT<br />

)GPGTCNOCLQT<br />

*GTT/KEJCGN)T¼UGT<br />

<br />

<br />

<br />

%QOCPFCP/KCKFKXK\KKNQTFG<br />

KPHCPVGTKG<br />

&QOPWN#NQKU2HGTUOCPPXQP<br />

'KEJVJCN<br />

<br />

ECXCNGTCNQTFKPGNQT<br />

TWUG)VK/CTKUVG5H8NCFKOKTENCUCC<br />

RCVTC)K5H5VCPKUNCXENCUCÉPV¸K<br />

NQEQVGPGPVHGNFOCTG)CNEE)K<br />

EQOCPFCPVCFLWPEVCN<br />

TGIKOGPVWNWKKPHCPVGTKUVFGNKPKG<br />

/CTGNGRTKP//KEJCGNPT<br />

&QOPWN,QUGRJXQP)GFGQP<br />

NQEQVGPGPVHGNFOCTG)CNEE<br />

<br />

%QOCPFCP/KCKDTKIâ\KNQTFG<br />

ECXCNGTKG<br />

&QOPWN,QUGRJ-CNNKCP[FG<br />

-CNNKCP<br />

&QOPWN,QUGRJ5EJWTVVGT<br />

IGPGTCNOCKQT<br />

&QOPWN/KEJCGN)T¼UGT<br />

<br />

/KNKV¼T&GRCTVGOGPV<br />

*GTT4WFQNRJ4GKEJGV\GT/CLQT<br />

FGU4QO¼PGP)TGP\+PHCPVGTKG<br />

4GIKOGPVU<br />

0TQ4GHGTGPV<br />

*GTT%CTN(TGK²NGT<br />

%CRKVCKPNKGWVGPCPVFGU2TKP\XQP<br />

2TGW²GP+PHCPVGTKG<br />

<br />

4GIKOGPVU#FNCVWU<br />

<br />

2QNKVKUEJGU&GRCTVGOGPV<br />

*GTT,QUGRJ(NQTKCP)NCP\<br />

(GNFMTKGIUUGMTGV¼T<br />

-CP\NGKFKTGMVQT4GHGTGPV<br />

<br />

*GTT,QUGRJ5EJYCKIGT<br />

(GNFMTKGIU-QPEKRKUV<br />

&GRCTVCOGPVWNOKNKVCT<br />

&QOPWN4WFQNRJ4GKEJGV\GT<br />

OCKQTCNTGIKOGPVWNWKTQO¸PGUE<br />

KPHCPVGTKUVFGITCPK/â<br />

PT<br />

TGHGTGPV<br />

&QOPWN%CTN(TGK²NGTNQEQVGPGPV<br />

EâRKVCPCNTGIKOGPVWNWKFG<br />

KPHCPVGTKG2TKP/WN2TWUKGK#FNCVWU<br />

<br />

&GRCTVCOGPVWNRQNKVKE<br />

&QOPWN,QUGRJ(NQTKCP)NCP\<br />

UGETGVCTOKNKVCTFKTGEVQTFG<br />

ECPEGNCTKGTGHGTGPV<br />

<br />

&QOPWN,QUGRJ5EJYCKIGT<br />

EQPEKRKUVOKNKVCT

*GTT/KEJCGN)GTUVPGT(GNFMTKGIU<br />

-QPEKRKUV<br />

<br />

1GMQPQOKUEJGU&GRCTVGOGPV<br />

*GTT*GKPTKEJ(TQQPX(TQPKWU<br />

1DGT(GNFMTKGIU-QOOKUU¼TWPF<br />

4GHGTGPV<br />

*GTT#PVQP4GKEJUGN(GNFMTKGIU<br />

-QOOKUU¼T#FNCVWU<br />

<br />

8GTRHNGIU&GRCTVGOGPV<br />

*GTT(TCP\'FNGTX5VQEM1DGT<br />

8GTRHNGIU8GTYCNVGTWPF4GHGTGPV<br />

<br />

<br />

,WUVK\&GRCTVGOGPV<br />

*GTT%CTN%NKOC)GPGTCN#WFKVQT<br />

.KGWVGPCPV4GHGTGPV<br />

<br />

-TKGIU-CP\NGK5VCVWU<br />

*GTT(GTFKPCPF2×EJGNDGTIGT<br />

2TQVQMQNNKUV<br />

)WUVCX5EJKHHPGVGT<br />

2TQVQMQNNKUV<br />

4WFQNRJ8QIN4GIKUVTCPV<br />

#NQKUX'PIGN4GIKUVTCPV<br />

,QJCPP)TQ²-CP\NKUV<br />

.WFYKIX$CW²PGTP-CP\NKUV<br />

#PVQP-TCW²-CP\NKUV<br />

(TCP\*QEJOC[GT-CP\NKUV<br />

*GTT,QUGRJ2TQJCUMC <br />

,QJCPP4CMKGT <br />

,QUGRJ)N <br />

-CP\NGK#FLWPMVGP<br />

<br />

,WFKEKWOFGNGICVWOOKNKVCTG<br />

2T¼UKFGPVFGTEQOOCPFKTGPFG<br />

)GPGTCN<br />

*GTT%CTN%NKOC)GPGTCN#WFKVQT<br />

.KGWVGPCPV4GHGTGPV<br />

&QOPWN/KEJCGN)GTUVPGT<br />

EQPEKRKUVOKNKVCT<br />

<br />

&GRCTVCOGPVWNGEQPQOKE<br />

&QOPWN*GKPTKEJ(TQQPX<br />

(TQPKWUEQOKUCTOKNKVCTUWRTGO)K<br />

TGHGTGPV<br />

&QOPWN#PVQP4GKEJUGNEQOKUCT<br />

OKNKVCT#FNCVWU<br />

<br />

&GRCTVCOGPVWNFGKPVGPFGP/â<br />

&QOPWN(TCP\'FNGTX5VQEM<br />

CFOKPKUVTCVQTUWRTGOFG<br />

KPVGPFGP/â)KTGHGTGPV<br />

<br />

&GRCTVCOGPVWNFGLWUVK/KG<br />

&QOPWN%CTN%NKOCNQEQVGPGPV<br />

IGPGTCNCWFKVQTTGHGTGPV<br />

<br />

%CPEGNCTKCFGTâ\DQK<br />

&QOPWN(GTFKPCPF2×EJGNDGTIGT<br />

RTQVQEQNKUV<br />

)WUVCX5EJKHHPGVGT<br />

RTQVQEQNKUV<br />

4WFQNRJ8QINTGIKUVTCPV<br />

#NQKUX'PIGNTGIKUVTCPV<br />

,QJCPP)TQ²ECPEGNKUV<br />

.WFYKIX$CW²PGTPECPEGNKUV<br />

#PVQP-TCW²ECPEGNKUV<br />

(TCP\*QEJOC[GTECPEGNKUV<br />

*GTT,QUGRJ2TQJCUMC <br />

,QJCPP4CMKGT <br />

,QUGRJ)N <br />

CFLWPE/KFGECPEGNCTKG<br />

<br />

,WFKEKWOFGNGICVWOOKNKVCTG<br />

2TG)GFKPVGIGPGTCNWNEQOCPFCPV<br />

<br />

&QOPWN%CTN%NKOCNQEQVGPGPV<br />

IGPGTCNCWFKVQTTGHGTGPV

9GP\GN/GFGT5VCDU<br />

#WFKVQT.KGWVGPCPV4GHGTGPV<br />

.WFYKIX*CTFV#MVWCT<br />

)QVVHTKGF/GNCU-CP\NKUV<br />

<br />

-TKGIU-QOOKUUCTKCV<br />

*GTT#NGZCPFGTX6QNPC[<br />

#PVQP4GKUEJGN<br />

#NQKUX5EJQRH<br />

(GNFMTKGIU%QOOKUU¼TG<br />

-CURCT*QTUV<br />

(GTFKPCPF6UEJGDWNX<br />

)WVGPCW<br />

4QDGTV5EJNGUKPIGT<br />

#PVQPX(KNNGPDCWO<br />

.GQRQNF-ÑPKI<br />

,QUGRJ.WMUKEJ<br />

.WFYKIXQP-JNQ[DGT<br />

(GNFMTKGIU%QOO#FLWPMVGP<br />

<br />

8GTRHNGIU$TCPEJG<br />

*GTT%CTN2ÑEMJ8GTYCNVGT<br />

(TCP\-CTTC²#FLWPMV<br />

(TKGFTKEJ9CPMJGN[XQP<br />

5GGDGTI#FLWPMV<br />

%CTN9QPPGT#FLWPMV<br />

(GTF5EJOCV\GT#FLWPMV<br />

(TCP\5EJKGFGT#FLWPMV<br />

$GTPJCTF(KEJVPGT<br />

#PVQP5CKHGTV<br />

,QUGRJ5EJWN\<br />

(GTFKPCPF1DGTMCOR<br />

2QMQTPK<br />

#UUKUVGPVGP<br />

-TKGIU-CUUG<br />

*GTT,QUGRJ4CWUEJ-CUUKGT<br />

2CUEJCNKUXQP2TCVK<br />

MQPVTQNNKTGPFGT-CUUC1HHKEKGT<br />

(TCP\-T\K\GM-CP\NKUV<br />

9GP\GN/GFGTNQEQVGPGPV<br />

CWFKVQTFGUVCVOCLQTTGHGTGPV<br />

.WFYKIX*CTFVCEVWCT<br />

)QVVHTKGF/GNCUECPEGNKUV<br />

<br />

%QOKUCTKCVWNOKNKVCT<br />

&QOPWN#NGZCPFGTX6QNPC[<br />

#PVQP4GKUEJGN<br />

#NQKUX5EJQRH<br />

EQOKUCTKOKNKVCTK<br />

-CURCT*QTUV<br />

(GTFKPCPF6UEJGDWNX<br />

)WVGPCW<br />

4QDGTV5EJNGUKPIGT<br />

#PVQPX(KNNGPDCWO<br />

.GQRQNF-ÑPKI<br />

,QUGRJ.WMUKEJ<br />

.WFYKIXQP-JNQ[DGT<br />

EQOKUCTKOKNKVCTKCFLWPE/K<br />

<br />

$TCP)CFGKPVGPFGP/â<br />

&QOPWN%CTN2ÑEMJCFOKPKUVTCVQT<br />

(TCP\-CTTC²CFLWPEV<br />

(TKGFTKEJ9CPMJGN[XQP<br />

5GGDGTICFLWPEV<br />

%CTN9QPPGTCFLWPEV<br />

(GTF5EJOCV\GTCFLWPEV<br />

(TCP\5EJKGFGTCFLWPEV<br />

$GTPJCTF(KEJVPGT<br />

#PVQP5CKHGTV<br />

,QUGRJ5EJWN\<br />

(GTFKPCPF1DGTMCOR<br />

2QMQTPK<br />

CUKUVGP/K<br />

<br />

%CUKGTKCOKNKVCTâ<br />

&QOPWN,QUGRJ4CWUEJECUKGT<br />

2CUEJCNKUXQP2TCVKQHK/GT<br />

EQPVTQNQTFGECUâ<br />

(TCP\-T\K\GMECPEGNKUV

2NCV\%QOOCPFQ<br />

*GTT)GQTI'FNGTXQP<br />

9GTPGMKPIJ/CLQT%QOOCPFCPV<br />

,QUGRJXQP&KPIGU<br />

1DGTNKGWVGPCPV<br />

<br />

(QTVKHKMCVKQPU&KUVTKMVU<br />

&KTGMVKQP<br />

*GTT,QUGRJ)N¼UGT+PIGPKGWT<br />

1DGTNKGWVGPCPV&KUVTKMVU&KTGMVQT<br />

,QUGRJ%\GUEJMC+PIGPKGWT<br />

-CRKVCKP.KGWVGPCPV<br />

,QUGRJ4×PPFQTHHGT<br />

4GEJPWPIUH×JTGT<br />

.WFYKI&QNP[4GEJPWPIU<br />

#FLWPMV<br />

/CVJKCU4KEJVGT5EJCP\<br />

%QTRQTCN<br />

<br />

*GTT,QJCPP/CTVKPK&TMM4CVJ<br />

FKTKIKTGPFGT5VCDUCT\V<br />

<br />

+IPC\*KNCTKWU9C[FC(GNF<br />

5WRGTKQT'JTGP&QOJGTT<br />

<br />

<br />

-ÑPKINKEJUKGDGPD×TIKUEJGU<br />

6JGUCWTCTKCV<br />

+P*GTOCPPUVCFV<br />

<br />

6JGUCWTCTKWU<br />

5T'ZEGNN*GTT)TCH'OGTKEJ/KMQ<br />

XQP*KFXÃIIGJGKOGT4CVJWPF<br />

)WDGTPKCN4CVJ<br />

<br />

2T¼UKFGPV<br />

*GTT)GQTI)TCH$ÃNFKXQP7\QP<br />

MM-¼OOGTGT<br />

<br />

<br />

2NCV\%QOOCPFQ!<br />

&QOPWN)GQTI'FNGTXQP<br />

9GTPGMKPIJOCKQTEQOCPFCPV<br />

,QUGRJXQP&KPIGUNQEQVGPGPV<br />

OCLQT<br />

<br />

&KTGE/KCFKUVTKEVWCNâC<br />

HQTVKHKEC/KKNQT<br />

&QOPWN,QUGRJ)N¼UGTKPIKPGT<br />

NQEQVGPGPVOCLQTFKTGEVQT<br />

FKUVTKEVWCN<br />

,QUGRJ%\GUEJMCKPIKPGT<br />

NQEQVGPGPVEâRKVCP<br />

,QUGRJ4×PPFQTHHGTEQPVCDKN<br />

.WFYKI&QNP[EQPVCDKN<br />

CFLWPEV<br />

/CVJKCU4KEJVGT%CRQTCN<br />

<br />

<br />

&QOPWN,QJCPP/CTVKPK&T<br />

EQPUKNKGTEEOGFKE)GHFGUVCV<br />

OCLQT<br />

+IPC\*KNCTKWU9C[FC(GNF<br />

5WRGTKQTECPQPKEQPQTKHKE<br />

<br />

<br />

6G\CWTCTKCVWNEG\CTQETâKGUE<br />

.C5KDKW<br />

<br />

<br />

6G\CWTCT<br />

'ZEGNGP/CUCFQOPWNEQPVG/KMÎ<br />

+OTGXQP*KFXÃIEQPUKNKGTUGETGV)K<br />

EQPUKNKGTIWDGTPKCN<br />

<br />

2TG)GFKPVG<br />

&QOPWNEQPVG)GQTI$ÃNFKXQP<br />

7\QP1\WPEQPVCDKNEE

9KTMNKEJG6JGUCWTCTKCVU4¼VJG<br />

*GTT(TCP\XQP(KNNGPDCWO<br />

/CTVKP&GDTG\GPK<br />

%CTN'FGT<br />

#NGZCPFGT&QPCVJXQP2NQU<br />

M(KUMCN&KTGEVQT<br />

1VVQXQP*QPPCOQP<br />

(TKGFTKEJ/×NNGT<br />

'KPG5VGNNGWPDGUGV\V<br />

<br />

5GMTGV¼TG<br />

*GTT#NGZ5QHCNXKFGGCFGO<br />

5COWGN)[GTI[CKXQP-<br />

5QN[OQU<br />

,QUGRJ/GN\GT<br />

)GQTI%QPTCF<br />

,QJ/G\GKX0'P[GF<br />

#NDGTV$KTÎXQP2QN[P<br />

2T¼UKFKCN5GMTGV¼T<br />

,QJCPP$GPGFGMXQP-$C\QP<br />

×DGT\¼JNKI<br />

<br />

%QP\KRKUVGP<br />

*GTT,QJCPP'FWCTF4GJNCPFXQP<br />

4KPIKOHGNF<br />

(TKGFTKEJ$GNN<br />

(GTFKPCPF-KVVNGT<br />

2GVGT/CPP<br />

2CWN&WPMCXQP5CLQ<br />

'KPG5VGNNGWPDGUGV\V<br />

<br />

%QP\GRVU2TCMVKMCPVGP<br />

*GTT#PV$W\IQX-ÑTVXNÃP[GU<br />

,QUGRJ(KPM<br />

,QUGRJ5EJWUVGT<br />

%CTN%UKRMÃU<br />

),CPVUÎX00[WLVÎF<br />

(TCP\/CTMX'IGTRCVCM<br />

,QU5PFQTX5\.ÃNGM<br />

,QUGRJXQP-QNNGTUK<br />

#FGXâTC/KEQPUKNKGTKVG\CWTCTKCNK<br />

&QOPWN(TCP\XQP(KNNGPDCWO<br />

/CTVKP&GDTG\GPK<br />

%CTN'FGT<br />

#NGZCPFGT&QPCVJXQP2NQU<br />

FKTGEVQTHKUECNEE<br />

1VVQXQP*QPPCOQP<br />

(TKGFTKEJ/×NNGT<br />

7PNQEPGQEWRCV<br />

<br />

5GETGVCTK<br />

&QOPWN#NGZ5QHCNXKFGGCFGO<br />

5COWGN)[GTI[CKXQP-<br />

5QN[OQU<br />

,QUGRJ/GN\GT<br />

)GQTI%QPTCF<br />

,QJ/G\GKX0'P[GF<br />

#NDGTV$KTÎXQP2QN[P<br />

UGETGVCTRTG\KFKCN<br />

,QJCPP$GPGFGMXQP-$C\QP<br />

UWRTCPWOGTCT<br />

<br />

%QPEKRK)VK<br />

&QOPWN,QJCPP'FWCTF4GJNCPF<br />

XQP4KPIKOHGNF<br />

(TKGFTKEJ$GNN<br />

(GTFKPCPF-KVVNGT<br />

2GVGT/CPP<br />

2CWN&WPMCXQP5CLQ<br />

7PNQEPGQEWRCV<br />

<br />

%QPEKRK)VKRTCEVKECP/K<br />

&QOPWN#PV$W\IQX-ÑTVXNÃP[GU<br />

,QUGRJ(KPM<br />

,QUGRJ5EJWUVGT<br />

%CTN%UKRMÃU<br />

),CPVUÎX00[WLVÎF<br />

(TCP\/CTMX'IGTRCVCM<br />

,QU5PFQTX5\.ÃNGM<br />

,QUGRJXQP-QNNGTUK

2TQVQMQNN<br />

*GTT,QUGRJ2QPQTKFGGCFGO<br />

2TQVQMQNNKUV<br />

(TCP\$GPTCFXQP#NRGPHGNF<br />

#FLWPMV<br />

<br />

4GIKUVTCVWT<br />

*GTT,QJCPP(CTMCUXQP+NN[GP<br />

4GIKUVTCVQT<br />

+IPC\-CTC²GMXQP6JWTPC<br />

#FLWPMV<br />

(TCP\$NKPVJXQP.GOJÃP[<br />

4GIKUVTCPV<br />

(TCP\2GNKMCP4GIKUVTCPV<br />

<br />

(KUMCN#TEJKX<br />

*GTT2CWN5\GDGPKXQP<br />

%UKMRNHCNXC4GIKUVTCVQT<br />

,QJCPP6KDFXQP<br />

-CFKEUHCNXC4GIKUVTCPV<br />

,QUGRJXQP5QN[OÎUK<br />

-CP\NKUV<br />

,QUGRJ-CNOCP<br />

-CP\NGKFKGPGT<br />

<br />

<br />

'ZRGFKV<br />

*GTT'NKCU&WPMCXQP5CLQ<br />

'ZRGFKVQT<br />

<br />

-CP\NKUVGP<br />

*GTT(TCP\8CUUXQP&TQ²JGI[<br />

(TCP\/CTMX'IGTRCVCMC<br />

,QUGRJ&GPM<br />

2GVGT2KPV[G<br />

%CTNXQP4GK²GPHGNU<br />

)TGIQT4KUUXQP55\V<br />

)[ÑTI[<br />

#PV$QVTX%UKM6CRNQV\C<br />

<br />

2TQVQEQCNGRTQEGUGXGTDCNG<br />

&QOPWN,QUGRJ2QPQTKFGGCFGO<br />

RTQVQEQNKUV<br />

(TCP\$GPTCFXQP#NRGPHGNF<br />

CFLWPEV<br />

<br />

4GIKUVTCVWTâ<br />

&QOPWN,QJCPP(CTMCUXQP+NN[GP<br />

TGIKUVTCVQT<br />

+IPC\-CTC²GMXQP6JWTPC<br />

CFLWPEV<br />

(TCP\$NKPVJXQP.GOJÃP[<br />

TGIKUVTCPV<br />

(TCP\2GNKMCPTGIKUVTCPV<br />

<br />

#TJKXCHKUECNâ<br />

&QOPWN2CWN5\GDGPKXQP<br />

%UKMRNHCNXCTGIKUVTCVQT<br />

,QJCPP6KDFXQP<br />

-CFKEUHCNXCTGIKUVTCPV<br />

,QUGRJXQP5QN[OÎUK<br />

ECPEGNKUV<br />

,QUGRJ-CNOCPUGTXKVQTFG<br />

ECPEGNCTKG<br />

<br />

<br />

'ZRGFKGTK<br />

&QOPWN'NKCU&WPMCXQP5CLQ<br />

GZRGFKVQT<br />

<br />

%CPEGNK)VK<br />

&QOPWN(TCP\8CUUXQP&TQ²JGI[<br />

(TCP\/CTMX'IGTRCVCMC<br />

,QUGRJ&GPM<br />

2GVGT2KPV[G<br />

%CTNXQP4GK²GPHGNU<br />

)TGIQT4KUUXQP55\V<br />

)[ÑTI[<br />

#PV$QVTX%UKM6CRNQV\C

#NGZ2CVCMKX&ÃGUHCNXC<br />

5COWGN5\²XQP5\V<br />

-GTG²VWT<br />

,QJCPP2QRQXKEU<br />

&GOGVGT(QNN[QXKEU<br />

)CDTKGN5\CNPV\KX5\V<br />

6COU<br />

<br />

#EEGUUKUVGP<br />

*GTT5KIOWPF-GPFGTGUKXQP<br />

-KUMGPF<br />

-9CNFJ×VVGTX<br />

#FNGTUJCWUGP<br />

#NDGTV5PFQT<br />

,QUGRJ&GPM<br />

,QJCPP&ÃEUGK<br />

%CTN5QN[OQUKXQP5\V<br />

7FXCTJGN[<br />

<br />

-ÑPKIN%COGTCN$WEJJCNVWPI<br />

+P*GTOCPPUVCFV<br />

<br />

*GTT(TKGFTKEJ.WVUEJ$WEJJCNVGT<br />

<br />

4GEJPWPIU4¼VJG<br />

*GTT#FQNRJ'FNGTXQP%JKPGVVK<br />

<br />

#PVQP5VTQJOCKGTXQP<br />

-NGGDGTI<br />

%CTN*CTVOG[GT<br />

(TKGFTKEJ4Q[MQ<br />

<br />

4GEJPWPIU1HHK\KCNG<br />

*GTT%CTN9CIPGT<br />

5CNQOQP5\CNNQX-Ã\FK<br />

2QN[P<br />

,QJCPP2WTRTKIGT<br />

,QUGRJ9CEJUOCPP<br />

+IPC\&CPKGNXQP$GT\ÃVG<br />

&CPKGN%\GMGNKWU<br />

#NGZ2CVCMKX&ÃGUHCNXC<br />

5COWGN5\²XQP5\V<br />

-GTG²VWT<br />

,QJCPP2QRQXKEU<br />

&GOGVGT(QNN[QXKEU<br />

)CDTKGN5\CNPV\KX5\V<br />

6COU<br />

<br />

#EEGUK)VK<br />

&QOPWN5KIOWPF-GPFGTGUKXQP<br />

-KUMGPF<br />

-9CNFJ×VVGTX<br />

#FNGTUJCWUGP<br />

#NDGTV5PFQT<br />

,QUGRJ&GPM<br />

,QJCPP&ÃEUGK<br />

%CTN5QN[OQUKXQP5\V<br />

7FXCTJGN[<br />

<br />

%QPVCDKNKVCVGCECOGTCNâTGICNâ<br />

.C5KDKW<br />

<br />

&QOPWN(TKGFTKEJ.WVUEJEQPVCDKN<br />

<br />

%QPUKNKGTKEQPVCDKNK<br />

&QOPWN#FQNRJ'FNGTXQP<br />

%JKPGVVK<br />

#PVQP5VTQJOCKGTXQP<br />

-NGGDGTI<br />

%CTN*CTVOG[GT<br />

(TKGFTKEJ4Q[MQ<br />

<br />

1HKEKCNKEQPVCDKNK<br />

&QOPWN%CTN9CIPGT<br />

5CNQOQP5\CNNQX-Ã\FK<br />

2QN[P<br />

,QJCPP2WTRTKIGT<br />

,QUGRJ9CEJUOCPP<br />

+IPC\&CPKGNXQP$GT\ÃVG<br />

&CPKGN%\GMGNKWU

%CTN*G[UGT<br />

(GTFKPCPF-GKP<br />

%CTN%UCVJX-Q\OCVGNMG<br />

#PFTGCU%\KNNOCPP<br />

<br />

+PITQUUKUVGP<br />

*GTT(TKGFTKEJ)T¼H<br />

#PVQP/QPGXQP#NUQ<br />

8GPKE\G<br />

5COWGN-QNNGT<br />

(GTF2QPEGVFGNC4KX<br />

%CTN4ÑOGTX4CXGPUVGKP<br />

)GQTI(KNGRXQP4GOGVG<br />

(TKGFTKEJ/GJTDTQF<br />

<br />

#EEGUUKUVGP<br />

*GTT,QUGRJ*KPV\<br />

6JGQFQT.²NQ<br />

#PVQP%\KNNKEJ<br />

5CO9CNN[CX5\C²CMPC<br />

/CTVKP$QIFCPHK<br />

,QJCPP*GTVGN<br />

0KMNCU%\KPVJG&KWTPKUV<br />

<br />

-ÑPKIN$GTI$WEJJCNVWPI<br />

+P*GTOCPPUVCFV<br />

<br />

*GTT(TKGFTKEJ4×PCIGN<br />

$WEJJCNVGT<br />

,QJCPPXQP$GUV4GEJPWPIU<br />

1HHKEKCN<br />

+IPC\'TVN4GEJPWPIU1HHKEKCN<br />

%CTN-NGKP4GEJPWPIU<br />

1HHKEKCN<br />

/KEJCGN(NGKUEJGT+PITQUUKUV<br />

(GTFKPCPF-×EJNGT+PITQUUKUV<br />

#PVQP5COGTPXQP<br />

(TCPMGPGII#EEGUUKUV<br />

#PVQP6TKDWU5VKRGPF<br />

2TCMVKMCPV<br />

%CTN*G[UGT<br />

(GTFKPCPF-GKP<br />

%CTN%UCVJX-Q\OCVGNMG<br />

#PFTGCU%\KNNOCPP<br />

<br />

#PITQUK)VK<br />

&QOPWN(TKGFTKEJ)T¼H<br />

#PVQP/QPGXQP#NUQ<br />

8GPKE\G<br />

5COWGN-QNNGT<br />

(GTF2QPEGVFGNC4KX<br />

%CTN4ÑOGTX4CXGPUVGKP<br />

)GQTI(KNGRXQP4GOGVG<br />

(TKGFTKEJ/GJTDTQF<br />

<br />

#EEGUK)VK<br />

&QOPWN,QUGRJ*KPV\<br />

6JGQFQT.²NQ<br />

#PVQP%\KNNKEJ<br />

5CO9CNN[CX5\C²CMPC<br />

/CTVKP$QIFCPHK<br />

,QJCPP*GTVGN<br />

0KMNCU%\KPVJGFKWTPKUV<br />

<br />

%QPVCDKNKVCVGCOQPVCPâTGICNâ<br />

.C5KDKW<br />

<br />

&QOPWN(TKGFTKEJ4×PCIGN<br />

EQPVCDKN<br />

,QJCPPXQP$GUVHWPE/KQPCT<br />

EQPVCDKN<br />

+IPC\'TVNHWPE/KQPCTEQPVCDKN<br />

%CTN-NGKPHWPE/KQPCT<br />

EQPVCDKN<br />

/KEJCGN(NGKUEJGTCPITQUKUV<br />

(GTFKPCPF-×EJNGTGPITQUKUV<br />

#PVQP5COGTPXQP<br />

(TCPMGPGIICEEGUKUV<br />

#PVQP6TKDWURTCEVKECPV<br />

)VKRGPFKCV

,QUGRJ/×NNGT#PUEJNCI<br />

4GXKUQTKP

#FQNRJ%\KGEM-CP\NKUV<br />

9KNJGNO9GK²#EEGUUKUV<br />

#PVQP#NDGTVUVKRGPFKTVGT<br />

2TCMVKMCPV<br />

.GQRQNF$GTÃPP[K<br />

UVKRGPFKTVGT2TCMVKMCPV<br />

<br />

<br />

-ÑPKIN1DGT9CNFCOV<br />

+P*GTOCPPUVCFV<br />

<br />

*GTT)CDTKGNXQP$NCIQGXKEJ<br />

1DGT9CNFOGKUVGT<br />

,QJCPP5EJWN\G#MVWCT<br />

,QUGRJ-Q\OC<br />

#PVQP5EJGOOGN<br />

#PVQP4KGFN<br />

)WUVCX'KDN<br />

UVKRGPFKTVG%COGTCN2TCMVKMCPVGP<br />

,QCJCPP2CMGLUVKRGPFKTVGT<br />

2TQXKP\KCN2TCMVKMCPV<br />

<br />

-ÑPKIN.QVVQCOV<br />

+P*GTOCPPUVCFV<br />

<br />

8QTUVGJGTWPDGUGV\V<br />

*GTT,QJ$CRVKUV-Q\CMX-C[NKEJ<br />

MQPVTQNN4GEJPWPIUH×JTGT<br />

,QUGRJ,CPM<br />

,QJCPP/CNNG<br />

1HHKEKQNCPVGP<br />

9GP\GN7TDCP#UUKUVGPV<br />

<br />

-ÑPKIN1DGTRQUV8GTYCNVWPI<br />

+P*GTOCPPUVCFV<br />

<br />

*GTT(TKGFTKEJXQP5EJQDGNP<br />

1DGTRQUV8GTYCNVGT<br />

+IPC\$GJPGN-QPVTQNNQT<br />

<br />

#FQNRJ%\KGEMECPEGNKUV<br />

9KNJGNO9GK²CEEGUKUV<br />

#PVQP#NDGTVRTCEVKECPV<br />

)VKRGPFKCV<br />

.GQRQNF$GTÃPP[KRTCEVKECPV<br />

)VKRGPFKCV<br />

<br />

#FOKPKUVTC/KCTGICNâCRâFWTKNQT<br />

.C5KDKW<br />

<br />

&QOPWN)CDTKGNXQP$NCIQGXKEJ<br />

KPURGEVQTUKNXKEUWRTGO<br />

,QJCPP5EJWN\GCEVWCT<br />

,QUGRJ-Q\OC<br />

#PVQP5EJGOOGN<br />

#PVQP4KGFN<br />

)WUVCX'KDN<br />

RTCEVKECP/KECOGTCNK)VKRGPFKC/K<br />

,QCJCPP2CMGLRTCEVKECPV<br />

RTQXKPEKCN)VKRGPFKCV<br />

<br />

.QVGTKCTGICNâ<br />

.C5KDKW<br />

<br />

2TG)GFKPVGPGQEWRCV<br />

&QOPWN,QJ$CRVKUV-Q\CMX<br />

-C[NKEJEQPVCDKNEQPVTQNQT<br />

,QUGRJ,CPM<br />

,QJCPP/CNNG<br />

HWPE/KQPCTK<br />

9GP\GN7TDCPCUKUVGPV<br />

<br />

#FOKPKUVTC/KCTGICNâCRQ)VGNQT<br />

.C5KDKW<br />

<br />

&QOPWN(TKGFTKEJXQP5EJQDGNP<br />

CFOKPKUVTCVQTUWRTGOCNRQ)VGNQT<br />

+IPC\$GJPGNEQPVTQNQT

2QUV1HHK\KGTG<br />

*GTT/GNEJKQT-QYCT\KM<br />

,QJCPP9CNFJ×VVGT<br />

(TKGFTKEJ)WPGUEJ2TCMVKMCPV<br />

/KEJCGN&GPIGN<br />

$TKGHVT¼IGTWPF#OVUFKGPGT<br />

<br />

2QUVYCIGPU'ZRGFKVKQP<br />

+P*GTOCPPUVCFV<br />

<br />

*GTT,QJCPP-QXCEU'ZRGFKVQT<br />

+IPC\$GJPGN-QPVTQNNQT<br />

,QJCPP2QTT<br />

$TKGHVT¼IGT<br />

<br />

-ÑPKIN&TGK²KIUV+PURGMVQTCV<br />

+P*GTOCPPUVCFV<br />

<br />

*GTT5COWGN.KP\+PURGMVQT<br />

('P[GVVGTGTUVGT#FLWPMV<br />

9QNHICPI5CNC\YGKVGT<br />

#FLWPMV<br />

.WFYKI)CUV1HHKEKCN<br />

%CTN)T¼HRTQX1HHKEKCN<br />

(GTFKPCPF4CW²-CP\NKUV<br />

#PVQP-WEJGT#EEGUUKUV<br />

%CTN4KG²#EEGUUKUV<br />

<br />

-ÑPKIN1DGT&TGK²KIUV#OV<br />

+P*GTOCPPUVCFV<br />

<br />

*GTT/CTVKP*QHHKPIGT1DGT<br />

&TGK²KIGT<br />

/KEJCGN5KNN-QPVTQNNQT<br />

+IPC\9QVUEJ9CCTGP<br />

4GXKUQT<br />

/CTVKP(TKGFUCO<br />

#OVUUEJTGKDGT<br />

<br />

<br />

1HK/GTKRQ)VCNK<br />

&QOPWN/GNEJKQT-QYCT\KM<br />

,QJCPP9CNFJ×VVGT<br />

(TKGFTKEJ)WPGUEJRTCEVKECPV<br />

/KEJCGN&GPIGN<br />

RQ)VC))KUGTXKVQTFGQHKEKWRQ)VCN<br />

<br />

'ZRGFKGTKEWRQ)VCNKQPWN<br />

.C5KDKW<br />

<br />

&QOPWN,QJCPP-QXCEUGZRGFKVQT<br />

+IPC\$GJPGNEQPVTQNQT<br />

,QJCPP2QTT<br />

RQ)VC)<br />

<br />

+PURGEVQTCVWNTGICNCNVTKEGUKOGK<br />

.C5KDKW<br />

<br />

&QOPWN5COWGN.KP\KPURGEVQT<br />

('P[GVVGTRTKOWNCFLWPEV<br />

9QNHICPI5CNCCNFQKNGC<br />

CFLWPEV<br />

.WFYKI)CUVQHKEKCN<br />

%CTN)T¼HQHKEKCNRTQXKPEKCN<br />

(GTFKPCPF4CW²ECPEGNKUV<br />

#PVQP-WEJGTCEEGUKUV<br />

%CTN4KG²CEEGUKUV<br />

#FOKPKUVTC/KCTGICNâC<br />

VTKEGUKOGK.C5KDKW<br />

<br />

&QOPWN/CTVKP*QHHKPIGT<br />

CFOKPKUVTCVQT)GH<br />

/KEJCGN5KNNEQPVTQNQT<br />

+IPC\9QVUEJTGXK\QTFG<br />

OâTHWTK<br />

/CTVKP(TKGFUCOEQRKUV

-ÑPKIN

-CP\NKUV<br />

<br />

<br />

%QOKVKCN4GXKUQTCV<br />

*GTT#PFTGCU5EJKYGTV4GXKUQT<br />

(TKGFTKEJX*WVVGTP<br />

%CNEWNCVQT<br />

#F&KGVTKEJ%CNEWNCVQT<br />

,QJCPP*KPV\+PITQUUKUV<br />

%CTN4GUEJPGT#EEGUUKUV<br />

<br />

0CVKQPCN%CUUG<br />

*GTT%CTN-K²NKPIXQP-K²NKPIUVGKP<br />

2GT\GRVQT<br />

(TKGFTKEJ.GQPCTF-QPVTQNNQT<br />

<br />

0CVKQPCN.GKJJCWU<br />

8GTYCNVGT*GTT#FQNRJ<br />

5EJQEJVGTWU<br />

2H¼PFGTDGUQTIGT*GTT/CVJKCU<br />

2KNFGT<br />

%CUUKGT*GTT%CTN6JGKN<br />

5EJ¼V\OGKUVGT*GTT,QJCPP)GQTI<br />

*GPTKEJ<br />

FVQ ,QJCPP)GQTI<br />

9GNNOCPP<br />

<br />

1DGTDGCOVGFGT×DTKIGP<br />

MÑPKINHTGKGP5V¼FVGWPF5V×JNG<br />

<br />

<br />

5EJ¼²DWTIGT5VWJN<br />

*GTT%CTNXQP5VGTPJGKO<br />

$×TIGTOGKUVGT<br />

/KEJCGN/¼V\5VWJNUTKEJVGT<br />

/CTVKP9GPTKEJ5VCFVJCPP<br />

<br />

<br />

-TQPUV¼FVGT&KUVTKMV<br />

*GTT,QJCPPXQP#NDTKEJUHGNF<br />

QPQTKHKECN7PKXGTUKVâ/KK<br />

<br />

4GXK\QTCVWNEQOK/KCN<br />

EQPVCDKNKVCVGCPC/KWPKKUâUG)VK<br />

&QOPWN#PFTGCU5EJKYGTV<br />

TGXK\QT<br />

(TKGFTKEJX*WVVGTPUQEQVKVQT<br />

#F&KGVTKEJUQEQVKVQT<br />

,QJCPP*KPV\GPITQUKUV<br />

%CTN4GUEJPGTCEEGUKUV<br />

<br />

%CUKGTKCPC/KQPCNâ<br />

&QOPWN%CTN-K²NKPIXQP<br />

-K²NKPIUVGKPRGTEGRVQT<br />

(TKGFTKEJ.GQPCTFEQPVTQNQT<br />

<br />

%CUCPC/KQPCNâFGCOCPGV<br />

#FOKPKUVTCVQTFQOPWN#FQNRJ<br />

5EJQEJVGTWU<br />

#FOKPKUVTCVQTFGCOCPGVWTK<br />

FQOPWN/CVJKCU2KNFGT<br />

%CUKGTFQOPWN%CTN6JGKN<br />

6TG\QTKGTFQOPWN,QJCPP)GQTI<br />

*GPTKEJ<br />

6TG\QTKGT ,QJCPP)GQTI<br />

9GNNOCPP<br />

<br />

(WPE/KQPCTKUWRGTKQTKCK<br />

EGNQTNCNVGQTC)GNKDGTGTGICNG)K<br />

UECWPG<br />

<br />

5ECWPWN5KIJK)QCTGK<br />

&QOPWN%CTNXQP5VGTPJGKO<br />

RTKOCT$×TIGTOGKUVGT<br />

/KEJCGN/¼V\LWFGUEâWPCN<br />

/CTVKP9GPTKEJRTKOCT<br />

5VCFVJCPP<br />

<br />

&KUVTKEVWN$TC)QXWNWK<br />

&QOPWN,QJCPPXQP#NDTKEJUHGNF

1DGTTKEJVGT<br />

,QUGRJ)T¼H&KUVTKMVUTKEJVGT<br />

/CVJKCU.CUUGN5VCFVJCPP<br />

<br />

,QUGRJ(TCP\6TCWUEJ<br />

2QNK\GKFKTGMVQT<br />

<br />

/GFKCUEJGT5VWJN<br />

*GTT/KEJCGN%QPTCFXQP<br />

*GKFGPFQTH$×TIGTOGKUVGT<br />

<br />

&CPKGN)T¼UGT5VWJNUTKEJVGT<br />

(TKGFTKEJXQP$KGFGTUHGNF<br />

5VCFVJCPP<br />

<br />

$KUVTKV\GT&KUVTKMV<br />

*GTT)GQTI(KNMGPK1DGTTKEJVGT<br />

<br />

&CPKGN5VGDTKIGT<br />

&KUVTKMVUTKEJVGT<br />

/KEJCGN%CTN&GECPK<br />

5VCFVJCPP<br />

<br />

/×JND¼EJGT5VWJN<br />

*GTT5COWGN/GKUVGT<br />

-ÑPKIUTKEJVGT<br />

,QJCPP9CEJUOCPP<br />

5VWJNUTKEJVGT<br />

#PFTGCU6JCNOCPP<br />

5VCFVJCPP<br />

<br />

)TQ²UEJGPMGT5VWJN<br />

*GTT/KEJCGN5EJOKFV<br />

-ÑPKIUTKEJVGT<br />

(TKGFTKEJ$CNVJGU<br />

$×TIGTOGKUVGT<br />

/CTVKP/GN\GT5VWJNUTKEJVGT<br />

<br />

4GW²O¼TMVGT5VWJN<br />

*GTT/KEJCGN(KNVUEJ<br />

LWFGUWRTGO<br />

,QUGRJ)T¼HLWFGFKUVTKEVWCN<br />

/CVJKCU.CUUGNRTKOCT<br />

5VCFVJCPP<br />

,QUGRJ(TCP\6TCWUEJ<br />

FKTGEVQTWNRQNK/KGK<br />

<br />

5ECWPWN/GFKC)WNWK<br />

&QOPWN/KEJCGN%QPTCFXQP<br />

*GKFGPFQTHRTKOCT<br />

$×TIGTOGKUVGT<br />

&CPKGN)T¼UGTLWFGUEâWPCN<br />

(TKGFTKEJXQP$KGFGTUHGNF<br />

RTKOCT5VCFVJCPP<br />

<br />

&KUVTKEVWN$KUVTK/GK<br />

&QOPWN)GQTI(KNMGPKLWFG<br />

UWRTGO<br />

&CPKGN5VGDTKIGTLWFG<br />

FKUVTKEVWCN<br />

/KEJCGN%CTN&GECPKRTKOCT<br />

5VCFVJCPP<br />

<br />

5ECWPWN5GDG)WNWK<br />

&QOPWN5COWGN/GKUVGTLWFG<br />

TGIGUE<br />

,QJCPP9CEJUOCPPLWFG<br />

UEâWPCN<br />

#PFTGCU6JCNOCPPRTKOCT<br />

5VCFVJCPP<br />

<br />

5ECWPWN(GKEC/CTG<br />

&QOPWN/KEJCGN5EJOKFVLWFG<br />

TGIGUE<br />

(TKGFTKEJ$CNVJGURTKOCT<br />

$×TIGTOGKUVGT<br />

/CTVKP/GN\GTLWFGUEâWPCN<br />

<br />

5ECWPWN/KGTEWTGC5KDKWNWK<br />

&QOPWN/KEJCGN(KNVUEJLWFG

-ÑPKIUTKEJVGT<br />

,QJCPP.ÑY5VWJNUTKEJVGT<br />

<br />

4GRUGT5VWJN<br />

*GTT&CPKGN5KHV-ÑPKIUTKEJVGT<br />

(TKGFTKEJ-TCW²XQP<br />

'JTGPHGNF$×TIGTOGKUVGT<br />

,QJCPP,CMQDK5VWJNUTKEJVGT<br />

<br />

.GUEJMKTEJGT5VWJN<br />

*GTT(TKGFTKEJ%QPTCF<br />

-ÑPKIUTKEJVGT<br />

5COWGN*GTDGTV5VWJNUTKEJVGT<br />

<br />

$TQUGT5VWJN<br />

-ÑPKIUTKEJVGTWPDGUGV\V<br />

*GTT(TKGFTKEJ-KTEJPGT<br />

5VWJNUTKEJVGT<br />

(TKGFTKEJ9GNNOCPP<br />

2QNK\GKFKTGMVQT<br />

<br />

/CIKUVTCVFGTMÑPKINHTGKGP<br />

5VCFVWPF5VWJNU*GTOCPPUVCFV<br />

<br />

1DGTDGCOVG<br />

*GTT,QJCPP&CPKGN

5VCFVJCPPWPF2QNK\GKFKTGMVQTOKV<br />

FGTOKVVNGTPIQNFGPGP/GFCKNNG<br />

IG\KGTV<br />

%CTN0GWIGDQTGP-TGKU<br />

+PURGMVQTWPF2T¼UGUFGU<br />

1DGTUVCFV6JGKNCOVGU<br />

,QUGRJ/CVJKCU*GTTUEJCHVU<br />

WPF

(TKGFTKEJ9QNH2T¼UKFKCN<br />

5GMTGV¼T<br />

/KEJCGN/ÑU#TEJKXCT<br />

/KEJCGN*GKPTKEJ5\GNKUVLGT<br />

*GTTUEJCHVU)GTKEJVU5GMTGV¼T<br />

)QVVHTKGF4QUGPVJCN<br />

2TQVQMQNNKUV<br />

<br />

/CIKUVTCVU-CP\NKUVGP<br />

*GTT(TKGFTKEJ5EJWUVGT<br />

#NDGTV*CCU<br />

9KNJGNO9QNH<br />

<br />

5VCFVWPF5VWJNUIGTKEJV<br />

*GTT5KOQP5EJTGKDGT<br />

5VWJNUTKEJVGTUKGJGWPVGTFGP<br />

1DGTDGCOVGP<br />

(TKGFTKEJ)ÑDDGN)GTKEJVU<br />

5GMTGV¼T<br />

,CMQD*GPPKPI)GTKEJVU<br />

5GMTGV¼T<br />

.WFYKI$GPKIPKXQP<br />

/KNFGPDGTI)GTKEJVU5GMTGV¼T<br />

,QJCPP)GQTI-NGKP5VCFV<br />

*QRPGT<br />

<br />

<br />

5VCFVJCPPGP#OVWPF2QNK\GK<br />

&KTGMVKQP<br />

*GTT,QJCPP)GQTI$CEJPGT<br />

5VCFVJCPPWPF2QNK\GK&KTGMVQT<br />

UKGJGWPVGTFGP/CIKUVTCVUT¼VJGP<br />

<br />

&KGVTKEJ-TGKU+PIGPKGWT<br />

,QUGRJ-KTEJPGT2QNK\GK<br />

%QOOKUU¼T<br />

,QJCPP5EJTGKDGT<br />

5VCFVJCWRVOCPP<br />

,QJCPP*CWRVGTUVGT<br />

/CTMVTKEJVGT<br />

(TKGFTKEJ9QNHUGETGVCT<br />

RTG\KFKCN<br />

/KEJCGN/ÑUCTJKXCT<br />

/KEJCGN*GKPTKEJUGETGVCT<br />

LWFGEâVQTGUECNFQOGPKW5âNK)VG<br />

)QVVHTKGF4QUGPVJCN<br />

RTQVQEQNKUV<br />

<br />

%CPEGNK)VKCK/CIKUVTCVWNWK<br />

&QOPWN(TKGFTKEJ5EJWUVGT<br />

#NDGTV*CCU<br />

9KNJGNO9QNH<br />

<br />

6TKDWPCNWNQTâ)GPGUE)KUEâWPCN<br />

&QOPWN5KOQP5EJTGKDGTLWFG<br />

UEâWPCNXNCHWPE/KQPCTKK<br />

UWRGTKQTK<br />

(TKGFTKEJ)ÑDDGNUGETGVCT<br />

LWFGEâVQTGUE<br />

,CMQD*GPPKPIUGETGVCT<br />

LWFGEâVQTGUE<br />

.WFYKI$GPKIPKXQP<br />

/KNFGPDGTIUGETGVCTLWFGEâVQTGUE<br />

,QJCPP)GQTI-NGKP*QRPGT<br />

CNQTC)WNWKTGURQPUCDKNEWECKKFG<br />

ÉPJâOCV<br />

<br />

&TGIâVQTKCRTKOâTKGK5VCFVJCP<br />

PGPCOV)KFKTGE/KCRQNK/KGK<br />

&QOPWN,QJCPP)GQTI$CEJPGT<br />

RTKOCT5VCFVJCPP)KFKTGEVQTCN<br />

RQNK/KGKXÉPVTGEQPUKNKGTKK<br />

/CIKUVTCVWNWK<br />

&KGVTKEJKPIKPGTEGTEWCN<br />

,QUGRJ-KTEJPGTEQOKUCTCN<br />

RQNK/KGK<br />

,QJCPP5EJTGKDGTEâRKVCP<br />

QTâ)GPGUE<br />

,QJCPP*CWRVRTKOLWFGCN<br />

V¸TIWNWK

#PFTGCU)ÑDDGN\YGKVGT<br />

/CTMVTKEJVGT<br />

(TCP\5VGKPGT<br />

0CEJVUYCEJVOGKUVGT<br />

<br />

2GVGT2NCV\5VCFV$CW<br />

$GUQTIGT<br />

<br />

5CPKV¼VU#PUVCNV<br />

*GTT,QJCPP5EJWUVGT&QMVQTFGT<br />

/GFKEKPGTUVGT2J[UKMWU<br />

(TCP\4QVJ&QMVQTFGT<br />

/GFKEKP\YGKVGT2J[UKMWU<br />

2CWN6JGK²5VCFVWPF5VWJNU<br />

9WPFCT\V<br />

&TGK5VCFV*GDCOOGP<br />

<br />

5VGWGT'KPPGJOGT#GOVGT<br />

<br />

*GTT(TKGFTKEJ)GTIGTMÑPKIN<br />

5VGWGT'KPPGJOGT<br />

,QUGRJ%CRRMÑPKIN5VGWGT<br />

'KPPGJOGT<br />

5COWGN5EJWUVGT#NNQFKCN<br />

)GH¼NN'KPPGJOGT<br />

%CTN)WPFJCTFV<br />

)GIGPJ¼PFNGT<br />

,QJCPP6JGKN<br />

9GKPVJQTNÑUWPIU'KPPGJOGT<br />

,QJCPP/Ѳ<br />

,QJCPP5EJPGNN<br />

#PFTGCU$ÑDGN<br />

*6TCWIQVV$KPFGT<br />

5COWGN(KNVUEJ<br />

5VGWGT'KPUCOONGT<br />

<br />

5VGWGT4GMVKHKMCVKQPU<br />

%QOOKUU¼TG<br />

*GTT)QVVNKGD-CKUGT<br />

%CTN5KOQPKU<br />

#PFTGCU)ÑDDGNCNFQKNGC<br />

LWFGCNV¸TIWNWK<br />

(TCP\5VGKPGTUGTIGPVOCLQT<br />

XCIOKUVTWCNUGTXKEKWNWKFG<br />

PQCRVG<br />

2GVGT2NCV\TGURQPUCDKNCN<br />

EQPUVTWE/KKNQTQTâ)GPG)VK<br />

<br />

+PUVKVW/KCUCPKVCTâ<br />

&QOPWN,QJCPP5EJWUVGTFQEVQTÉP<br />

OGFKEKPâRTKORJ[UKEWU<br />

(TCP\4QVJFQEVQTÉP<br />

OGFKEKPâCNFQKNGCRJ[UKEWU<br />

2CWN6JGK²OGFKEWNQTâ)GPGUE<br />

)KUEâWPCNCNTâPK/KNQT<br />

6TGKOQC)GQTâ)GPG)VK<br />

<br />

#FOKPKUVTC/KCRGTEGR/KGK<br />

KORQ\KVGNQT<br />

&QOPWN(TKGFTKEJ)GTIGT<br />

RGTEGRVQTTGIGUE<br />

,QUGRJ%CRRRGTEGRVQTTGIGUE<br />

<br />

5COWGN5EJWUVGTRGTEGRVQTWN<br />

FâTKNQTCNQFKCNG<br />

%CTN)WPFJCTFV<br />

EQPVTCPGIWUVQT)GIGPJ¼PFNGT<br />

,QJCPP6JGKNRGTEGRVQTCN<br />

9GKPVJQTNÑUWPI!<br />

,QJCPP/Ѳ<br />

,QJCPP5EJPGNN<br />

#PFTGCU$ÑDGN<br />

*6TCWIQVV$KPFGT<br />

5COWGN(KNVUEJ<br />

EQNGEVQTKFGKORQ\KVG<br />

<br />

%QOKUCTKCKTGEVKHKEâTKK<br />

KORQ\KVGNQT<br />

&QOPWN)QVVNKGD-CKUGT<br />

%CTN5KOQPKU

)WUVCX5GKXGTV<br />

%CTN.GWVUEJCHV<br />

.WFYKI#NDTGEJV<br />

*GKPTKEJ-¼UVPGT<br />

<br />

/KNKV¼T0CVWTCNKGP8GTRHNGIU<br />

#OV<br />

<br />

*GTT%CTN9QNHH/KNKV¼T*QN\<br />

/CIC\KPU%QOOKUU¼T<br />

/KEJCGN1TGPF/KNKV¼T<br />

0CVWTCNKGP/CIC\KPU%QOOKUU¼T<br />

<br />

<br />

3WCTVKGTU#OV<br />

*GTT#FQNRJ)KDGN+PURGMVQTU<br />

WPVGTFGP/CIKUVTCVUT¼VJGP<br />

,QJCPP5EJTGKDGT%CUGTP<br />

$GUQTIGT<br />

,QJCPP/KEJCGN5EJKXGTV<br />

3WCTVKGT/GKUVGT<br />

,QJCPP-GNNGT3WCTVKGT<br />

/GKUVGT<br />

5COWGN0GWIGDQTGP%CUGTP<br />

1GMQPQO<br />

<br />

2WRKNNCT#OVWPF)TWPFDWEJU<br />

8GTYCNVWPI<br />

*GTT(TKGFTKEJ*GTVGN+PURGMVQT<br />

9KNJGNO-NGKP5GMTGV¼T<br />

<br />

6JGKN#GOVGT<br />

+PFGTQDGTP5VCFV<br />

*GTT%CTN0GWIGDQTGP2T¼UGU<br />

UKGJGWPVGTFGP<br />

/CIKUVTCVJUT¼VJGP<br />

*GKPTKEJ5V¼JNGT$GKUKV\GT<br />

&CPKGN*GPTKEJ#MVWCT<br />

<br />

+PFGTWPVGTP5VCFV<br />

)WUVCX5GKXGTV<br />

%CTN.GWVUEJCHV<br />

.WFYKI#NDTGEJV<br />

*GKPTKEJ-¼UVPGT<br />

<br />

#FOPKUKVTC/KCOKNKVCTâC<br />

CRTQXK\KQPâTKKEWRTQFWUG<br />

PCVWTCNG<br />

&QOPWN%CTN9QNHHEQOKUCT<br />

OKNKVCTCNFGRQ\KVGNQTFGNGOPG<br />

/KEJCGN1TGPFEQOKUCT<br />

OKNKVCTCNFGRQ\KVGNQTFGRTQFWUG<br />

PCVWTCNG<br />

<br />

#FOKPKUVTC/KCÉPECTVKTWKTKNQT<br />

&QOPWN#FQNRJ)KDGNKPURGEVQT<br />

XNCEQPUKNKGTKK/CIKUVTCVWNWK<br />

,QJCPP5EJTGKDGTÉPITKLKVQTWN<br />

EC\CTOGNQT<br />

,QJCPP/KEJCGN5EJKXGTV<br />

OCIKUVTWFGÉPECTVKTWKTK<br />

,QJCPP-GNNGTOCIKUVTWFG<br />

ÉPECTVKTWKTK<br />

5COWGN0GWIGDQTGP<br />

GEQPQOKUVCNEC\CTOGNQT<br />

<br />

5GFTKCQTHCPCNâ)KCFOKPKUVTC/KC<br />

EâT/KKHWPEKCTG<br />

&QOPWN(TKGFTKEJ*GTVGNKPURGEVQT<br />

9KNJGNO-NGKPUGETGVCT<br />

<br />

5WDCFOKPKUVTC/KK<br />

¡P1TC)WNFGUWU<br />

&QOPWN%CTN0GWIGDQTGP<br />

RTG)GFKPVGXG\KNCEQPUKNKGTKK<br />

/CIKUVTCVWNWK<br />

*GKPTKEJ5V¼JNGTCUGUQT<br />

&CPKGN*GPTKEJCEVWCT<br />

<br />

¡P1TC)WNFGLQU

*GTT/KEJCGNXQP*WVVGTP2T¼UGU<br />

UKGJGWPVGTFGP/CIKUVTCVU<br />

4¼VJGP<br />

,QJCPP)GQTI/GN\GT<br />

$GKUKV\GT<br />

,QJCPP5ײOCPP#MVWCT<br />

<br />

&KG*GTOCPPUV¼FVGT5VCFV<br />

%QOOWPKV¼V<br />

#GW²GTGT4CVJ<br />

<br />

*GTT,QJCPP)GQTI$C[GT1TCVQT<br />

<br />

)QVVNKGD/×NNGTM-COGTCN<br />

%CUUC%CUUKGT<br />

,QJCPP%\C[#NOQUGPHQPFU<br />

%WTCVQT<br />

/KEJCGN*GTDGTV<br />

-WRHGTUEJOKGF<br />

&CPKGN%\GMGNKWU5RKVCNUWPF<br />

#TOGPHQPFU%WTCVQT<br />

/KEJCGN9GIOGVJ<br />

-WRHGTUEJOKGF<br />

(TGKJGTT%CTNX$TWEMGPVJCN<br />

(QICTCUEJGT1DGT%CRKV¼P<br />

%CTNXQP-K²NKPIUVGKP<br />

0CVKQPCN%CUUC2GT\GRVQT<br />

<br />

,QUGRJ(T×JDGEM%JKTWTIKG<br />

/CIKUVGT<br />

#PFTGCU5EJKYGTV%QOKVKCN<br />

4GXKUQT<br />

%CTN9QNHH*QN\/CIC\KPU<br />

%QOOKUU¼T<br />

/KEJCGN-TGORGNU<br />

5VCFVVJWTOGT<br />

9GP\GN,CJP1GMQPQO<br />

/KEJCGN5EJKYGTVJ3WCTVKGT<br />

/GKUVGT<br />

,QJCPP)GQTI/GN\GT<br />

&QOPWN/KEJCGNXQP*WVVGTP<br />

RTG)GFKPVGXG\KNCEQPUKNKGTKK<br />

/CIKUVTCVWNWK<br />

,QJCPP)GQTI/GN\GTCUGUQT<br />

<br />

,QJCPP5ײOCPPCEVWCT<br />

<br />

%QOWPKVCVGCQTC)WNWK5KDKW<br />

%QPUKNKWNGZVGTP<br />

<br />

<br />

&QOPWN,QJCPP)GQTI$C[GT<br />

QTCVQT<br />

)QVVNKGD/×NNGTECUKGTCN<br />

%CUKGTKGKECOGTCNGEE<br />

,QJCPP%\C[EWTCVQTCN<br />

HQPFWNWKOKNGK<br />

/KEJCGN*GTDGTVEâNFâTCT<br />

NWETâVQTÉPCTCOâ<br />

&CPKGN%\GMGNKWUEWTCVQTCN<br />

HQPFWNWKURKVCNGNQT)KUâTCEKNQT<br />

/KEJCGN9GIOGVJNWETâVQTÉP<br />

CTCOâ<br />

(TGKJGTT%CTNX$TWEMGPVJCN<br />

EâRKVCPOCLQTFKP(âIâTC)<br />

%CTNXQP-K²NKPIUVGKP<br />

RGTEGRVQTCN%CUKGTKGKPC/KQPCNG<br />

UâUG)VK<br />

,QUGRJ(T×JDGEMOCIKUVGT<br />

EJKTWTI<br />

#PFTGCU5EJKYGTVTGXK\QT<br />

EQOK/KCN<br />

%CTN9QNHHEQOKUCTCN<br />

FGRQ\KVGNQTFGNGOPG<br />

/KEJCGN-TGORGNURâ\KVQTWN<br />

VWTPWTKNQTQTâ)GPG)VK<br />

9GP\GN,CJPGEQPQOKUV<br />

/KEJCGN5EJKYGTVJOCIKUVTW<br />

FGÉPECTVKTWKTG<br />

,QJCPP)GQTI/GN\GTCUGUQT

6JGKNCOVU#UUGUUQT<br />

,QUGRJ$GPKIPKXQP<br />

/KNFGPDGTIMM(GNFMTKGIU<br />

5GMTGV¼T<br />

(TKGFTKEJ#T\V1RGTCVGWT<br />

,QJCPP5EJWUVGT2J[UKMWU<br />

,QJCPP2TKOG²-CWHOCPP<br />

,QJCPP%QPTCF(NGKUEJJCWGT<br />

#PFTGCU*QEJOGKUVGT4KGOGT<br />

/KEJCGN1TGPFV0CV/CI<br />

%QOOKUU¼T<br />

,QJCPP*CWRV/CTMVTKEJVGT<br />

)QVVNKGD-C[UGT<br />

4GMVKHKMCVKQPU%QOOKUU¼T<br />

,QJCPP5EJTGKDGT<br />

5VCFVJCWRVOCPP<br />

,)GQTI*GTVGN6WEJOCEJGT<br />

,)GQTI-NGKP5VCFV*QRPGT<br />

<br />

<br />

5COWGN)QGEMGN<br />

9CKUGPJCWUHQPFU%WTCVQT<br />

*GKPTKEJ5V¼JNGT6JGKNCOVU<br />

$GKUKV\GT<br />

(TKGFTKEJ4Q[MQ-COGTCN<br />

$WEJJCNVWPIU4GEJPWPIUTCVJ<br />

,QJCPP6JCNOC[GT8QTUVGJGT<br />

FGTRTKXKNGIKTVGP*CPFNWPIU<br />

5QEKGV¼V<br />

$GPLCOKP2KNFGT5KNDGTCTDGKVGT<br />

5COWGN(KNVUEJRTKX<br />

$WEJFTWEMGT%QPVTKD'ZCMV<br />

<br />

%CTN5KOQPKU4GMVKHKMCVKQPU<br />

%QOOKUU¼T<br />

,QUGRJ$GTINGKVGT5VCFVWPF<br />

5VWJNUHKUMCN<br />

<br />

/KEJCGN4GKPGTVJ.GFGTGT<br />

5COWGN5EJ×NGT$WEJFTWEMGT<br />

CNFTGIâVQTKGKRCTVCLGNQT<br />

,QUGRJ$GPKIPKXQP<br />

/KNFGPDGTIUGETGVCTOKNKVCTEE<br />

<br />

(TKGFTKEJ#T\VQRGTCVQT<br />

,QJCPP5EJWUVGTRJ[UKEWU<br />

,QJCPP2TKOG²PGIWUVQT<br />

,QJCPP%QPTCFOâEGNCT<br />

#PFTGCU*QEJOGKUVGTEWTGNCT<br />

/KEJCGN1TGPFVEQOKUCTCN<br />

FGRQ\KVGNQTPC/KQPCNGUâUG)VK<br />

,QJCPP*CWRVLWFGCNV¸TIWNWK<br />

)QVVNKGD-C[UGTEQOKUCTCN<br />

TGEVKHKEâTKNQTKORQ\KVGNQT<br />

,QJCPP5EJTGKDGTEâRKVCP<br />

QTâ)GPGUE<br />

,)GQTI*GTVGNRQUVâXCT<br />

,)GQTI-NGKP*QRPGT<br />

QTâ)GPGUTGURQPUCDKNEWÉPITKLKTGC<br />

ECKNQTFGÉPJâOCV<br />

5COWGN)QGEMGNEWTCVQTCN<br />

HQPFWNWKQTHCPKNQT<br />

*GKPTKEJ5V¼JNGTCUGUQTCN<br />

FTGIâVQTKGKRCTVCLGNQT<br />

(TKGFTKEJ4Q[MQEQPUKNKGT<br />

EQPVCDKNCN%QPVCDKNKVâ/KKECOGTCNG<br />

,QJCPP6JCNOC[GTRTG)GFKPVG<br />

CN5QEKGVâ/KKEQOGTEKCNGRTKXKNGIKCVG<br />

<br />

$GPLCOKP2KNFGTCTIKPVCT<br />

5COWGN(KNVUEJVKRQITCH<br />

RTKXCVEQPVTKDWCDKNCN<br />

'ZCEVQTCVWNWK<br />

%CTN5KOQPKUEQOKUCTFG<br />

TGEVKHKECTGCKORQ\KVGNQT<br />

,QUGRJ$GTINGKVGT<br />

HWPE/KQPCTHKUECNQTâ)GPGUE)K<br />

UEâWPCN<br />

/KEJCGN4GKPGTVJRKGNCT<br />

5COWGN5EJ×NGTVKRQITCH

#PFTGCU5QPPVCI4KGOGT<br />

,QJCPP)GQTI9QNHH<br />

(NGKUEJJCWGT<br />

#PFTGCU)ÑDGN2TQXKUQT<br />

,QJCPP)ÑNNPGT6WEJUEJGGTGT<br />

<br />

5COWGN5EJWUVGT#NNQFKCN<br />

2GT\GRVQT<br />

,QJCPP5EJPGNNM5VGWGT<br />

'KPUCOONGT<br />

2GVGT2NCV\5VCFVDCW$GUQTIGT<br />

<br />

,QJCPP/ѲM5VGWGT<br />

'KPUCOONGT<br />

/KEJCGN5GDCUVKCP<br />

-WRHGTUEJOKGF<br />

2GVGT)ÑTKIM2CRKGTOCEJGT<br />

<br />

%CURCT*WOOGN1GMQPQO<br />

5COWGN%\KNN9GK²D¼EMGT<br />

<br />

(TCP\6QOGEM-NGKFGTOCEJGT<br />

<br />

,QJCPPX8GUV/QPV<br />

$WEJJCNVWPIU4GEJPWPIU1HHKEKCN<br />

,QJCPP)GQTI*GPTKEJ<br />

)QNFCTDGKVGT<br />

/KEJCGN5QPPVCI9GK²D¼EMGT<br />

<br />

,QJCPP$QTFCP.GFGTGT<br />

,QUGRJ'F[1GMQPQO<br />

5COWGN

&CPKGN5EJOKFVFVQ<br />

.WFYKI6JKGTKPI-CWHOCPP<br />

(TKGFTKEJ)GDDGN)GTKEJVU<br />

5GMTGV¼T<br />

(TKGFTKEJ.GQPJCTFV<br />

0CVKQPCN%CUUC-QPVTQNNQT<br />

%QPTCF5EJOKFV.CPFGU<br />

#FXQMCV<br />

,QUGRJ/GKUVGT5GKHGPUKGFGT<br />

,QJCPP)GQTI*KTNKPI4KGOGT<br />

,)GQTI4G²NGT*WVOCEJGT<br />

#PFTGCU0KGFNKEJFVQ<br />

+IPC\5EJKMQYUM[<br />

-NGKFGTOCEJGT<br />

/KEJCGN6JGKN<br />

9GKPVJQTNÑUWPIU%CUUKGT<br />

(TCP\*ѲNGTM2QUVOGKUVGT<br />

<br />

5COWGN%\C[9GDGT<br />

/KEJCGN%\GMU¼EJUKUEJGT<br />

5EJWUVGT<br />

5COWGN(TKGFTKEJ5GV\<br />

$CWOGKUVGT<br />

#PFTGCU5KPIGT6WEJOCEJGT<br />

)GQTI5RGM9QNNGPYGDGT<br />

2GVTWU$GNN6UEJKUOGPOCEJGT<br />

2GVTWU5EJPGNN(C²DKPFGT<br />

(TKGFTKEJ$GNNM<br />

6JGUCWTCTKCVU%QP\KRKUV<br />

%CTN)WPJCTF#NNQFKCN%CUUC<br />

-QPVTQNNQT<br />

)WUVCX&KGVTKEJ<br />

%QOOWPKV¼VU#MVWCT<br />

,QUGRJ

5KOQP4QEMGN-NGKFGTOCEJGT<br />

<br />

5COWGN$CNFDKGTGT<br />

*WVOCEJGT<br />

5KOQP5EJTCOO-WPUVYGDGT<br />

,QJCPP-TCW²9GK²D¼EMGT<br />

<br />

/KEJCGN)QVVUEJNKPI<br />

-×TUEJPGT<br />

,QJCPP,KEMGNK6KUEJNGT<br />

(TKGFTKEJ4GK²GPDGTIGT<br />

/QWUUGNKP9GDGT<br />

,QUGRJ6JQV5EJNQUUGT<br />

<br />

<br />

<br />

<br />

5KOQP4QEMGNHCDTKECPVFG<br />

JCKPG<br />

5COWGN$CNFDKGTGTRâNâTKGT<br />

<br />

5KOQP5EJTCOO/GUâVQTCTVKUVKE<br />

,QJCPP-TCW²DTWVCTFGR¸KPG<br />

CNDâ<br />

/KEJCGN)QVVUEJNKPIEQLQECT<br />

<br />

,QJCPP,KEMGNKV¸ORNCT<br />

(TKGFTKEJ4GK²GPDGTIGT<br />

/GUâVQTFGOWUGNKPâ<br />

,QUGRJ6JQVNâEâVW)

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