PDF - 396 KB - Comisión Económica para América Latina y el Caribe

Anuncio
&KUVT
4'564+0)+&#
.%4
FGQEVWDTGFG
14+)+0#.'52#Ÿ1.
%'2#.
%QOKUKÉP'EQPÉOKECRCTC#O¾TKEC.CVKPC[GN%CTKDG
4GEQOGPFCEKQPGUFGNCUTGWPKQPGU
KPVGTPCEKQPCNGUUQDTGGNCIWC
FG/CTFGN2NCVCC2CTÃU
'N RTGUGPVG FQEWOGPVQ JC UKFQ GNCDQTCFQ RQT NC &KXKUKÉP FG /GFKQ #ODKGPVG [ &GUCTTQNNQ [
PQ JC UKFQ UQOGVKFQ C TGXKUKÉP GFKVQTKCN
KKK
›0&+%'
2±IKPC
4GUWOGP +PVTQFWEEKÉP + %QPHGTGPEKC FG NCU 0CEKQPGU 7PKFCU UQDTG GN #IWC /CT FGN 2NCVC
#TIGPVKPC CN FG OCT\Q FG • 2NCP FG #EEKÉP FG /CT FGN 2NCVC −
−
−
−
−
−
−
−
'XCNWCEKÉP FG NQU TGEWTUQU JÃFTKEQU
'HKEKGPEKC GP NC WVKNK\CEKÉP FGN CIWC
/GFKQ CODKGPVG UCNWF [ NWEJC EQPVTC NC EQPVCOKPCEKÉP
2QNÃVKECU RNCPKHKECEKÉP [ QTFGPCEKÉP 4KGUIQU PCVWTCNGU +PHQTOCEKÉP RÐDNKEC GFWECEKÉP ECRCEKVCEKÉP G KPXGUVKICEKÉP %QQRGTCEKÉP TGIKQPCN
%QQRGTCEKÉP KPVGTPCEKQPCN ++ %QPHGTGPEKC +PVGTPCEKQPCN UQDTG GN #IWC [ GN /GFKQ #ODKGPVG 'N &GUCTTQNNQ GP
NC 2GTURGEVKXC FGN 5KINQ ::+ &WDNÃP +TNCPFC CN FG GPGTQ FG • &GENCTCEKÉP FG &WDNÃP UQDTG GN #IWC [ GN &GUCTTQNNQ 5QUVGPKDNG − 2TKPEKRKQU TGEVQTGU − 2TQITCOC FG #EEKÉP
+++ %QPHGTGPEKC FG NCU 0CEKQPGU 7PKFCU UQDTG GN /GFKQ #ODKGPVG [ GN &GUCTTQNNQ
4KQ FG ,CPGKTQ $TCUKN CN FG LWPKQ FG • %CRÃVWNQ K2TQVGEEKÉP FG NC ECNKFCF [ GN UWOKPKUVTQ FG NQU TGEWTUQU FG
CIWC FWNEG CRNKECEKÉP FG ETKVGTKQU KPVGITCFQU RCTC GN CRTQXGEJCOKGPVQ
QTFGPCEKÉP [ WUQ FG NQU TGEWTUQU FG CIWC FWNEGL − +PVTQFWEEKÉP − ŠTGCU FG RTQITCOCU − 1TFGPCEKÉP [ CRTQXGEJCOKGPVQ KPVGITCFQU FG NQU TGEWTUQU JÃFTKEQU − 'XCNWCEKÉP FG NQU TGEWTUQU JÃFTKEQU − 2TQVGEEKÉP FG NQU TGEWTUQU JÃFTKEQU NC ECNKFCF FGN CIWC [
NQU GEQUKUVGOCU CEW±VKEQU − #DCUVGEKOKGPVQ FG CIWC RQVCDNG [ UCPGCOKGPVQ − 'N CIWC [ GN FGUCTTQNNQ WTDCPQ UQUVGPKDNG − #IWC RCTC NC RTQFWEEKÉP UQUVGPKDNG FG CNKOGPVQU [ GN FGUCTTQNNQ TWTCN UQUVGPKDNG − 4GRGTEWUKQPGU FGN ECODKQ ENKO±VKEQ GP NQU TGEWTUQU JÃFTKEQU +8 %QPHGTGPEKC +PVGTPCEKQPCN UQDTG #IWC [ &GUCTTQNNQ 5QUVGPKDNG
2CTÃU (TCPEKC CN FG OCT\Q FG • &GENCTCEKÉP FG 2CTÃU • 2TQITCOC FG #EEKQPGU 2TKQTKVCTKCU − /GLQTCT GN EQPQEKOKGPVQ FG NQU TGEWTUQU JÃFTKEQU [ FG NQU WUQU
RCTC WPC IGUVKÉP UQUVGPKDNG − (CXQTGEGT GN FGUCTTQNNQ FG NCU ECRCEKFCFGU KPUVKVWEKQPCNGU [ JWOCPCU
− &GHKPKT NCU GUVTCVGIKCU RCTC WPC IGUVKÉP UQUVGPKDNG FGN CIWC G KFGPVKHKECT
NQU OGFKQU FG HKPCPEKCEKÉP CRTQRKCFQU − #PGZQ 2TQOQEKÉP FG NC CUQEKCEKÉP [ FG NC EQPEGPVTCEKÉP $KDNKQITCHÃC 4GUWOGP
'N RTGUGPVG FQEWOGPVQ JC UKFQ GNCDQTCFQ RQT NC &KXKUKÉP FG /GFKQ #ODKGPVG [ &GUCTTQNNQ FG NC
%'2#. EQOQ WPC EQPVTKDWEKÉP C NC 2TKOGTC 5GUKÉP 2CTNCOGPVCTKC .CVKPQCOGTKECPC FG 2QNÃVKECU
*ÃFTKECU $WGPQU #KTGU #TIGPVKPC CN FG PQXKGODTG FG [ GN 6GTEGT 6CNNGT FG )GTGPVGU FG
1TICPKUOQU FG %WGPECU GP #O¾TKEC .CVKPC [ GN %CTKDG $WGPQU #KTGU #TIGPVKPC CN FG
PQXKGODTG FG &KEJQU GXGPVQU UQP QTICPK\CFQU RQT NC %QOKUKÉP FG 4GEWTUQU *ÃFTKEQU
EQPLWPVCOGPVG EQP NC FG 'EQNQIÃC [ &GUCTTQNNQ FGN UGPCFQ FG NC 4GRÐDNKEC #TIGPVKPC 'N FQEWOGPVQ UG
GPOCTEC FGPVTQ FG NCU CEVKXKFCFGU FG NC FKXKUKÉP TGNCEKQPCFCU EQP GN UGIWKOKGPVQ FGN EWORNKOKGPVQ FGN
ECRKVWNQ 2TQVGEEKÉP FG NC ECNKFCF [ GN UWOKPKUVTQ FG NQU TGEWTUQU FG CIWC FWNEG CRNKECEKÉP FG
ETKVGTKQU KPVGITCFQU RCTC GN CRTQXGEJCOKGPVQ QTFGPCEKÉP [ WUQ FG NQU TGEWTUQU FG CIWC FWNEG FGN
2TQITCOC GP NQU RCÃUGU FG #O¾TKEC .CVKPC [ GN %CTKDG
'N RTGUGPVG VTCDCLQ UG FKXKFG GP FQU RCTVGU 'P NC RTKOGTC UG CPCNK\CP NCU VGPFGPEKCU CEVWCNGU
GP NC IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU GP NQU RCÃUGU FG #O¾TKEC .CVKPC [ GN %CTKDG CUÃ EQOQ NC
EQORNGLKFCF [ CNIWPCU FG NCU ECWUCU SWG FKHKEWNVCP GN CXCPEG JCEKC WPC IGUVKÉP KPVGITCN [ UQUVGPKDNG
FG NQU TGEWTUQU JÃFTKEQU FGPVTQ FG NC EQTTKGPVG CEVWCN FG TGHQTOCU FG NC KPUVKVWEKQPCNKFCF FGN UGEVQT
JÃFTKEQ 'P NC UGIWPFC UG TGEQRKNC NC KPHQTOCEKÉP UQDTG NCU RTKPEKRCNGU EQPHGTGPEKCU KPVGTPCEKQPCNGU
UQDTG GN CIWC C UCDGT K NC %QPHGTGPEKC FG NCU 0CEKQPGU 7PKFCU UQDTG GN #IWC /CT FGN 2NCVC
#TIGPVKPC CN FG OCT\Q FG KK NC %QPHGTGPEKC +PVGTPCEKQPCN UQDTG GN #IWC [ GN /GFKQ
#ODKGPVG 'N &GUCTTQNNQ GP NC 2GTURGEVKXC FGN 5KINQ ::+ &WDNÃP +TNCPFC CN FG GPGTQ FG KKK NC %QPHGTGPEKC FG NCU 0CEKQPGU 7PKFCU UQDTG GN /GFKQ #ODKGPVG [ GN &GUCTTQNNQ 4KQ FG ,CPGKTQ
$TCUKN CN FG LWPKQ FG [ KX NC %QPHGTGPEKC +PVGTPCEKQPCN UQDTG #IWC [ &GUCTTQNNQ
5QUVGPKDNG 2CTÃU (TCPEKC CN FG OCT\Q FG +PVTQFWEEKÉP
.C IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU EQP HKPGU FG WUQ OÐNVKRNG RWGFG FGHKPKTUG EQOQ GN RTQEGUQ FG
EQPVTQN SWG GN JQODTG GLGTEG UQDTG GN HNWLQ FGN CIWC GP UW ECPVKFCF ECNKFCF NWICT [ VKGORQ FG
QEWTTGPEKC FWTCPVG GN EKENQ JKFTQNÉIKEQ &KEJC IGUVKÉP FGDG QTKGPVCTUG C OCZKOK\CT GP HQTOC
GSWKNKDTCFC NQU DGPGHKEKQU UQEKCNGU GSWKFCF GEQPÉOKEQU ETGEKOKGPVQ GEQPÉOKEQ [ CODKGPVCNGU
UWUVGPVCDKNKFCF CODKGPVCN SWG UG RWGFCP QDVGPGT EQP GN CRTQXGEJCOKGPVQ FGN CIWC CUÃ EQOQ C
EQPVTQNCT NQU HGPÉOGPQU [ GHGEVQU CFXGTUQU CUQEKCFQU EQP NQU WUQU FGN CIWC EQP GN HKP FG RTQVGIGT CN
JQODTG [ GN CODKGPVG SWG NQ UWUVGPVC 2CTC SWG NQU UKUVGOCU FG IGUVKÉP CNECPEGP FKEJQU QDLGVKXQU
JCP FG FKUGÇCTUG VQOCPFQ GP EWGPVC NCU ECTCEVGTÃUVKECU FGN CIWC &CFC NC EQORNGLKFCF KPJGTGPVG C NC
IGUVKÉP FGN CIWC GUVG RTQEGUQ UG GSWKRCTC CN FG IGUVKÉP FG EQPHNKEVQU
.CUECTCEVGTÃUVKECUFGNCIWC
'N CIWC VKGPG RCTVKEWNCTKFCFGU SWG NG EQPHKGTGP WPC UGTKG FG XGPVCLCU [ FGUXGPVCLCU RCTC UW WUQ RQT GN
JQODTG 'PVTG NCU RCTVKEWNCTKFCFGU FGN CIWC UG VKGPG SWG
• 'U WP TGEWTUQ PCVWTCN ÐPKEQ [ GUECUQ GUGPEKCN RCTC NC XKFC GP NC VKGTTC 'N CIWC GU WP
RCVTKOQPKQ RTGEKCFQ FG NC JWOCPKFCF EQOQ GNGOGPVQ FG NC PCVWTCNG\C [ EQOQ TGEWTUQ
KPFKURGPUCDNG RCTC ITCP RCTVG FG NCU CEVKXKFCFGU GEQPÉOKEQRTQFWEVKXCU SWG TGCNK\C GN
JQODTG 'N XQNWOGP FG CIWC GZKUVGPVG GU WPC ECPVKFCF C PKXGN FG NC VKGTTC RT±EVKECOGPVG
EQPUVCPVG [ RQT NQ VCPVQ PQ CORNKCDNG RQT NC XQNWPVCF FGN JQODTG 'UVC OCUC UG JCNNC GP
EQPUVCPVG OQXKOKGPVQ HQTOCPFQ WP EKENQ EQPQEKFQ EQOQ GN EKENQ JKFTQNÉIKEQ SWG EQPHKGTG
NKOKVCFCU QRQTVWPKFCFGU RCTC UW EQPVTQN RQT RCTVG FGN JQODTG
• 5QNQ WP RGSWGÇQ RQTEGPVCLG FGN CIWC GZKUVGPVG GP NC VKGTTC GUV± FKURQPKDNG RCTC NCU
CEVKXKFCFGU FGN JQODTG #FGO±U FG GUVG OQPVQ NKOKVCFQ UÉNQ WPC RGSWGÇC RCTVG TGÐPG NCU
EQPFKEKQPGU FG ECNKFCF ECPVKFCF RQUKDKNKFCFGU FG ECRVCEKÉP [ VKGORQ FG RTGUGPEKC RCTC UGT
WVKNK\CFC EQP NQU EQPQEKOKGPVQU [ ECRCEKFCF FG KPXGTUKÉP CEVWCNGU &GDKFQ C NC GUECUG\ FGN
TGEWTUQ GP ECPVKFCF [ ECNKFCF WVKNK\CDNG CUÃ EQOQ C UW FGUKIWCN FKUVTKDWEKÉP UQDTG NC VKGTTC
GU GUGPEKCN SWG VQFQU NQU WUQU RQVGPEKCNGU FGN CIWC UGCP GHGEVWCFQU GP HQTOC OÐNVKRNG [
GHKEKGPVG
• 'N EQPLWPVQ FG VQFCU NCU CIWCU CVOQUH¾TKECU UWRGTHKEKCNGU [ UWDVGTT±PGCU EQPUVKVW[G WPC
WPKFCF 'UVC WPKFCF UG XKUWCNK\C O±U H±EKNOGPVG C PKXGN FG UKUVGOCU JÃFTKEQU EQOQ EWGPECU
JKFTQIT±HKECU # GUECNC EQPVKPGPVCN NC WPKFCF CDCTEC VQFQ GN EKENQ JKFTQNÉIKEQ 'UVQ KORNKEC
SWG VQFQ NQ SWG CHGEVC WPC RCTVG FGN EKENQ JKFTQNÉIKEQ TGRGTEWVG GP GN TGUVQ FGN EKENQ
• 'N HWPEKQPCOKGPVQ FG GUVC WPKFCF C VTCX¾U FGN EKENQ JKFTQNÉIKEQ NNGXC EQPUKIQ HCEVQTGU FG
KPEGTVKFWODTG 'N CIWC UG RTGUGPVC GP HQTOC KTTGIWNCT GP GN VKGORQ [ GP GN GURCEKQ NQ EWCN
EQORNKEC NQU RTQEGUQU FG IGUVKÉP FG NQU UKUVGOCU JÃFTKEQU 'N OCPGLQ FG NQU GZVTGOQU EQP
SWG UG RTGUGPVC GN CIWC UGSWÃCU Q KPWPFCEKQPGU UG EQPUVKVW[G GP WP HCEVQT GUGPEKCN
• 'N CIWC EQOQ TGEWTUQ PCVWTCN VKGPG WPC UGTKG FG ECTCEVGTÃUVKECU SWG NQ WDKECP EQOQ WP DKGP
OKZVQ GPVTG NQU DKGPGU RÐDNKEQU DCLQ ITCFQ FG GZENWUKÉP [ GZVTCEEKÉP [ NQU DKGPGU RTKXCFQU
CNVQ ITCFQ FG GZENWUKÉP [ GZVTCEEKÉP 'PVTG GUVCU ECTCEVGTÃUVKECU UG GPEWGPVTCP GN JGEJQ
FG PQ UGT H±EKNOGPVG FKXKUKDNG PK RTGUGPVCT NÃOKVGU FKUETGVQU EQOQ QVTQU DKGPGU OWGDNGU G
KPOWGDNGU SWG RGTOKVCP UW CRTQRKCEKÉP RTKXCFC GP HQTOC CDUQNWVC 'UVQ UG EQORNKEC CÐP
O±U RQT KPEGTVKFWODTGU FG CDCUVGEKOKGPVQ [ ECNKFCF [ RQT GN TQN OÐNVKRNG FGN TGEWTUQ GP
V¾TOKPQU CODKGPVCNGU GEQPÉOKEQU [ UQEKCNGU 'UVQ JC JGEJQ SWG VTCFKEKQPCNOGPVG NQU
UKUVGOCU FG IGUVKÉP [ CUKIPCEKÉP FG CIWCU FGUCTTQNNCTCP GUVTWEVWTCU EQORNGLCU EQP XKUVCU C
CUGIWTCT VCPVQ NQU FGTGEJQU RTKXCFQU HWPFCOGPVCNGU RCTC NC KPXGTUKÉP EQOQ NQU GNGOGPVQU
FG EQPVTQN RÐDNKEQ HWPFCOGPVCNGU RCTC GN EQPVTQN FG GZVGTPCNKFCFGU [ RTGXGPEKÉP FG
OQPQRQNKQU
.QSWGEQOÐPOGPVGUGKIPQTCGPNCIGUVKÉPFGNCIWC
#NIWPCU FG NCU RCTVKEWNCTKFCFGU FGN CIWC UQP EQOÐPOGPVG KIPQTCFQU GP NC IGUVKÉP RCTC UW WUQ
OÐNVKRNG C UCDGT
• 'N FGUEQPQEKOKGPVQ FGN NCTIQ RNC\Q SWG UG TGSWKGTG RCTC GLGEWVCT EWCNSWKGT VKRQ FG
KPVGTXGPEKÉP RCTC DCNCPEGCT [ OCPVGPGT GP GSWKNKDTKQ NC QHGTVC EQP NC FGOCPFC FG CIWC
• .CU FKHKEWNVCFGU RCTC KPVGTRTGVCT [ VQOCT OGFKFCU RCTC VTCVCT NQU TKGUIQU ECWUCFQU RQT NC
KPEGTVKFWODTG EQP SWG UG RTGUGPVC GN CIWC
• .C RQDTG RGTEGREKÉP FG NQ SWG UKIPKHKEC NC QEWRCEKÉP FGN VGTTKVQTKQ FG NCU EWGPECU FG
ECRVCEKÉP UQDTG GN T¾IKOGP JKFTQNÉIKEQ [ GN DCNCPEG GPVTG NC QHGTVC [ NC FGOCPFC FG CIWC
• .C KPECRCEKFCF FG FGVGEVCT NQU GHGEVQU KPFKTGEVQU [ UWVKNGU SWG RTQXQECP CNVGTCEKQPGU GP GN
T¾IKOGP JKFTQNÉIKEQ GP NQU GEQUKUVGOCU [ GP NQU WUWCTKQU FGN CIWC EQOQ RQT GLGORNQ NQ
ECWUCP NCU CNVGTCEKQPGU GP NC ECNKFCF FGN CIWC
• .C GUVTGEJC XKUKÉP FGN GURCEKQ SWG PQ NGU FGLC RGTEKDKT NCU GZVGTPCNKFCFGU KPJGTGPVGU CN WUQ
FGN CIWC EQOQ RQT GLGORNQ NC EQPVCOKPCEKÉP FGN OCT RQT GHNWGPVGU
%QORNGLKFCFFGNQURTQEGUQUFGIGUVKÉPFGNQUTGEWTUQUJÃFTKEQU
'PVTG NCU EQORNGLKFCFGU FGN RTQEGUQ FG IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU UG VKGPG SWG
• 'U WP RTQEGUQ SWG TGSWKGTG EQPVTQNCT GN EKENQ FG WP TGEWTUQ PCVWTCN SWG UG OCPKHKGUVC GP
HQTOC GTT±VKEC G KTTGIWNCT GP GN VKGORQ [ UQDTG NC UWRGTHKEKG 'U CFGO±U XWNPGTCDNG C NQU
WUQU SWG UG NG FC RWFK¾PFQUG EQPVCOKPCT H±EKNOGPVG [ CNVGTCT VQFQU NQU WUQU RQVGPEKCNGU
UWDUKIWKGPVGU SWG UG NG FC Q UG NG SWKUKGTC FCT
• 'U WP RTQEGUQ SWG DWUEC UQNWEKQPCT EQPHNKEVQU GPVTG OÐNVKRNGU WUWCTKQU SWKGPGU
SWGTK¾PFQNQ Q PQ FGRGPFGP FG WP TGEWTUQ EQORCTVKFQ 2QT GNNQ C RGUCT FG RQFGT EQPVCT
EQP FGTGEJQU FG WUQ PQ FGLCP FG CHGEVCTUG [ UGT OWVWCOGPVG FGRGPFKGPVGU .C QHGTVC GU
WUWCNOGPVG RTQXGPKGPVG FG WP UKUVGOC EQOÐP [ NQU GZEGFGPVGU FG WUQ [ GHNWGPVGU UG
XWGNXGP C KPVGITCT CN UKUVGOC .CU CIWCU UWRGTHKEKCNGU UWDVGTT±PGCU CVOQUH¾TKECU CUÃ
EQOQ NCU \QPCU FG GXCEWCEKÉP HQTOCP RQT GNNQ WPC UQNC WPKFCF
• .CU CEEKQPGU GP GN ECORQ FG NQU TGEWTUQU JÃFTKEQU VKGPGP TGRGTEWUKQPGU GPQTOGU GP NC
UCNWF JWOCPC GN OGFKQ CODKGPVG [ NC RTQFWEEKÉP RQT NQ SWG FGDGP UGT VTCVCFCU GP HQTOC
CNVCOGPVG V¾EPKEC 'N CNVQ EQUVQ RCTC NC KPHTCGUVTWEVWTC CUÃ EQOQ GN NCTIQ VKGORQ FG
OCFWTCEKÉP FG NQU RTQ[GEVQU JKFT±WNKEQU CWOGPVCP NC PGEGUKFCF FG SWG NC EQPFWEEKÉP FGN
UKUVGOC FG IGUVKÉP UG JCIC RQT GZRGTVQU SWG UG OCPVGPICP GUVCDNGU [ CN OCTIGP FG NQU
ECODKQU RQNÃVKEQU
• .QU RTQEGUQU FG IGUVKÉP FGN CIWC TGSWKGTGP NC EQQTFKPCEKÉP FG OWEJQU CEVQTGU CNIWPQU FG
NQU EWCNGU FGUEQPQEGP NC OCPGTC GP SWG UWU FGEKUKQPGU CHGEVCP CN EKENQ JKFTQNÉIKEQ 'U
PGEGUCTKQ EQQTFKPCT C VQFQU GNNQU KPFGRGPFKGPVGOGPVG FG UWU FKXGTUCU ÉRVKECU [ ETKVGTKQU
FG CEEKÉP 2QT GUQ GU KORQTVCPVG FKURQPGT FG OGECPKUOQU GUVCDNGU FG EQQTFKPCEKÉP CUÃ
EQOQ FG RQT NQ OGPQU WP EGPVTQ Q CWVQTKFCF RGTOCPGPVG FG EWGPECU Q UKUVGOC FG
EWGPECU
.QSWGCITCXCNCEQORNGLKFCFFGNRTQEGUQFGIGUVKÉPFGNCIWC
.CU CEVKXKFCFGU FGN JQODTG EQP TGNCEKÉP CN WUQ FGN CIWC GUV±P CUQEKCFCU C UW XG\ C CEVKVWFGU SWG PQ
VQOCP GP EWGPVC NCU ECTCEVGTÃUVKECU FG WP RTQEGUQ FG IGUVKÉP JGEJQ C NC OGFKFCU FG NCU
ECTCEVGTÃUVKECU FG NQU UKUVGOCU [ TGEWTUQU JÃFTKEQU 'UVQ VKGPFG C CITCXCT NC RTQRKC EQORNGLKFCF FGN
RTQEGUQ FG IGUVKÉP
• .C CEVKVWF FGN JQODTG HTGPVG CN CIWC PQ GU EQPUVCPVG #FSWKGTG WP XCNQT CNVÃUKOQ EWCPFQ GU
GUECUQ GP RTQRQTEKÉP C NCU FGOCPFCU FG NQU WUWCTKQU Q UK GUVCPFQ RTGUGPVG PQ UG RWGFG
CRTQXGEJCT RQT PQ TGWPKT NCU EQPFKEKQPGU FG ECNKFCF TGSWGTKFCU RCTC UW EQPUWOQ Q WUQ 'P
ECODKQ GP UKVWCEKQPGU FG TGNCVKXC H±EKN FKURQPKDKNKFCF GP ECPVKFCF [ ECNKFCF UW RTGUGPEKC
RCUC RT±EVKECOGPVG FGUCRGTEKDKFC RQT NC OC[QTÃC FG NQU WUWCTKQU DKGP CDCUVGEKFQU 'N XCNQT
FGN CIWC UG PQVC UQDTG VQFQ GP CSWGNNQU NWICTGU FQPFG QEWTTGP UKVWCEKQPGU GZVTGOCU 2QT
GLGORNQ GP UKVKQU FQPFG WP UWOKPKUVTQ JCDKVWCN FG CIWC UG XG UÐDKVCOGPVG TGFWEKFQ GP UW
ECPVKFCF Q UW ECNKFCF RQT WPC UGSWÃC
• /WEJCU RQDNCEKQPGU UG CUKGPVCP [ UG GZRCPFGP GP \QPCU EQP NKOKVCFC FKURQPKDKNKFCF PCVWTCN
FG CIWC EQOQ GP \QPCU FG CNVC OQPVCÇC Q GP KUNCU EQP EWGPECU TGFWEKFCU FG ECRVCEKÉP
GP \QPCU UGOKFGU¾TVKECU Q GP \QPCU UWLGVCU C ITCPFGU GZVTGOQU FG RTGEKRKVCEKÉP %QOQ
EQPUGEWGPEKC RCUCP C FGRGPFGT FG UQHKUVKECFQU [ XWNPGTCDNGU UKUVGOCU FG ECRVCEKÉP FG
CIWC Q C UWHTKT NC HCNVC FGN TGEWTUQ 'P NWICT FG VTCVCT FG OGLQTCT NC GHKEKGPEKC FGN WUQ FGN
CIWC Q FG TGFWEKT NC FGOCPFC RQT QVTQU OGFKQU PQTOCNOGPVG UÉNQ VTCVCP FG ECRVCT O±U
CIWC UKP KORQTVCTNGU NQU GHGEVQU SWG GNNQ EQPNNGXC
• .C OC[QTÃC FG NQU WUWCTKQU UG RTGQEWRC UQNQ FG ECRVCT [ WUCT GN CIWC SWG PGEGUKVC UKP
RGTECVCTUG FG NQU GHGEVQU SWG UWU CEEKQPGU ECWUCP GP QVTQU WUWCTKQU [ GP GN CODKGPVG
%QPUKFGTC CN CIWC EQOQ WP DKGP FG NKDTG FKURQUKEKÉP WPC XG\ SWG UG JC CRTQRKCFQ FG GNNC NG
JC UKFQ QVQTICFQ GN WUQ Q NQ JC EQORTCFQ UKP RTGQEWRCTUG FGN GHGEVQ SWG GNNQ ECWUC GP GN
EKENQ JKFTQNÉIKEQ 6CORQEQ UG RGTECVC FG NC PGEGUKFCF FG EQPUGTXCT Q RTQVGIGT NCU HWGPVGU
FG ECRVCEKÉP FG CIWC EQOQ NCU EWGPECU JKFTQIT±HKECU [ NCU \QPCU FG TGECTIC FG CIWCU
UWDVGTT±PGCU
• 'P IGPGTCN NQU CEVQTGU RTKXCFQU Q GUVCVCNGU PQ RQUGGP WPC QTICPK\CEKÉP SWG TGHNGLG NC
EQORNGLKFCF FGN EQPVTQN FGN EKENQ JKFTQNÉIKEQ #EVÐCP FGUEQQTFKPCFCOGPVG RCTC CFOKPKUVTCT
UKUVGOCU PCVWTCNGU KPVGTEQPGEVCFQU PK VQOCP GP EWGPVC NCU KPEGTVKFWODTGU EQP SWG UG
RTGUGPVC GN CIWC QEWRCP GN VGTTKVQTKQ KIPQTCPFQ NQU HNWLQU PCVWTCNGU FGN CIWC PQ VQOCP GP
EWGPVC NCU GZVGTPCNKFCFGU PK NQU GHGEVQU KPFKTGEVQU SWG VKGPG GN WUQ FGN CIWC UQDTG NQU
FKHGTGPVGU WUWCTKQU [ GN GPVQTPQ [ PQ VQOCP FGEKUKQPGU EQPUKFGTCPFQ GN NCTIQ RNC\Q [ NCU
HWVWTCU IGPGTCEKQPGU (GPÉOGPQU PGICVKXQU UWVKNGU VCNGU EQOQ NC GTQUKÉP NCOKPCT NC
FGITCFCEKÉP FG NC XGIGVCEKÉP NQU GHGEVQU FGN EQPUWOQ FG CIWCU EQPVCOKPCFCU [ GN
ETGEKOKGPVQ FG NQU CUGPVCOKGPVQU JWOCPQU OCTIKPCNGU GP \QPCU KPWPFCDNGU Q UWLGVCU C
FGUNK\COKGPVQU RCUCP FGUCRGTEKDKFQU JCUVC SWG NNGICP C OCPKHGUVCTUG OGFKCPVG
ECV±UVTQHGU
• 2QT NQ CPVGTKQT GP NC IGUVKÉP FGN CIWC KORQTVC EQPVTQNCT UQDTG VQFQ GN GHGEVQ FG NQU
HGPÉOGPQU [ UKVWCEKQPGU GZVTGOQU EQP SWG UG RTGUGPVC GN TGEWTUQ 'UVCU UKVWCEKQPGU
GZVTGOCU UG RTGUGPVCP UGC RQT GUECUG\ Q RQT UQDTG CDWPFCPEKC FG CIWC RGTQ VCODK¾P RQT
XKQNGPVCU CNVGTCEKQPGU GP NC ECNKFCF FGN TGEWTUQ FGDKFQ C EQPVCOKPCEKQPGU ECWUCFCU RQT
SWÃOKEQU Q GNGOGPVQU DCEVGTKQNÉIKEQU [ QVTQU 'UVG EQPVTQN FGDG CFGO±U UGT RGTOCPGPVG [
FG CORNKC EQDGTVWTC CUÃ EQOQ UGTXKT C WP UKUVGOC FG IGUVKÉP ECRC\ FG UQNWEKQPCT NCU
UKVWCEKQPGU EQPHNKEVKXCU .CU CEEKQPGU RTGXGPVKXCU FGDGP KT CRCTGLCFCU EQP NCU CEEKQPGU
RCTC UCNKT FG UKVWCEKQPGU FG GOGTIGPEKC
5KUVGOCUEQPVGORQT±PGQUFGIGUVKÉPFGNCIWC
.CU GUVTWEVWTCU KPUVKVWEKQPCNGU CFQRVCFCU GP NQU RCÃUGU FG #O¾TKEC .CVKPC [ GN %CTKDG RCTC NC IGUVKÉP
FGN CIWC OWGUVTCP WPC ITCP JGVGTQIGPGKFCF SWG UG FGDG RQT WPC RCTVG C SWG NC GUECNC [
EQORNGLKFCF FGN RTQDNGOC FG CFOKPKUVTCEKÉP UQP XCTKCDNGU GP WPC TGIKÉP SWG CNDGTIC RCÃUGU OW[
FKURCTGU [ C SWG ECDG GURGTCT FKHGTGPEKCU GPVTG NQU GUVCFQU HGFGTCNGU [ WPKVCTKQU [ RQT QVTC RCTVG
TGHNGLC NC CFQREKÉP GEN¾EVKEC FG KPHNWGPEKCU GZVGTPCU GP NC HQTOCEKÉP FG NQU UKUVGOCU FG
CFOKPKUVTCEKÉP 2GUG C NCU PQVCDNGU FKHGTGPEKCU GZKUVGPVGU GPVTG NQU RCÃUGU CPVGU FG NC EQTTKGPVG
CEVWCN FG ECODKQU GP NCU NGIKUNCEKQPGU [ QTICPK\CEKQPGU QTKGPVCFCU C NC IGUVKÉP FG NQU TGEWTUQU
JÃFTKEQU NQU UKUVGOCU CFOKPKUVTCVKXQU FG NQU RCÃUGU FG NC TGIKÉP UG RQFÃCP CITWRCT GP VTGU ITWRQU
OW[ CORNKQU C UCDGT
• .QU UKUVGOCU CFOKPKUVTCVKXQU KPVGITCFQU RQT PWOGTQUCU KPUVKVWEKQPGU SWG RCTVKEKRCDCP
CEVKXCOGPVG GP NC IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU EQP WPC NKOKVCFC EQQTFKPCEKÉP EGPVTCN
• .QU UKUVGOCU CFOKPKUVTCVKXQU SWG EQPVCDCP EQP WP OGECPKUOQ FG EQQTFKPCEKÉP EGPVTCN FG
NCU RQNÃVKECU RGTQ SWG UG ECTCEVGTK\CDCP RQT WP CNVQ ITCFQ FG FGUEGPVTCNK\CEKÉP KPUVKVWEKQPCN
FG NCU HWPEKQPGU TGNCVKXCU C NQU WUQU Q CRTQXGEJCOKGPVQU GURGEÃHKEQU FGN TGEWTUQ
• .QU UKUVGOCU CFOKPKUVTCVKXQU SWG UG ECTCEVGTK\CDCP RQT WPC CDUQNWVC EGPVTCNK\CEKÉP
EQORNGVC FG NC CWVQTKFCF [ WPC NKOKVCFC Q PWNC FGNGICEKÉP FG TGURQPUCDKNKFCFGU
&GDKFQ C GUVCU PQVQTKCU FKHGTGPEKCU GP NCU GUVTWEVWTCU KPUVKVWEKQPCNGU FG NQU RCÃUGU FG NC
TGIKÉP PQ UG RQFÃC CHKTOCT SWG JCDÃC WP O¾VQFQ FG CFOKPKUVTCEKÉP FG NQU TGEWTUQU JÃFTKEQU
RTGFQOKPCPVG GP #O¾TKEC .CVKPC [ GN %CTKDG 5KP GODCTIQ GP IGPGTCN GN 'UVCFQ VGPÃC WPC
EQPUKFGTCDNG RCTVKEKRCEKÉP GP VQFQU NQU RCÃUGU CWPSWG GTC OGPQU PQVQTKC GP NQU RCÃUGU FGN RTKOGT
ITWRQ WP RQEQ O±U OCTECFC GP NQU FGN UGIWPFQ [ CÐP O±U GP NQU FGN VGTEGT ITWRQ 2QT GN EQPVTCTKQ
GP NQU RCÃUGU FGN RTKOGT ITWRQ GN UGEVQT RTKXCFQ VGPÃC WPC OC[QT RCTVKEKRCEKÉP GP NC CFOKPKUVTCEKÉP FG
NQU TGEWTUQU JÃFTKEQU [ UG CVTKDWÃC WP RCRGN O±U KORQTVCPVG C NQU KPEGPVKXQU GEQPÉOKEQU EQOQ
JGTTCOKGPVC CFOKPKUVTCVKXC SWG GP NQU RCÃUGU EQORTGPFKFQU GP NQU QVTQU FQU ITWRQU
# GNNQ JC[ SWG CITGICT SWG NC QTICPK\CEKÉP VTCFKEKQPCN FGN 'UVCFQ GP #O¾TKEC .CVKPC [ GN
%CTKDG GU GUGPEKCNOGPVG UGEVQTKCN 'U CUÃ EQOQ ¾UVG UG JC GURGEKCNK\CFQ GP NCU CEVKXKFCFGU
TGNCEKQPCFCU EQP GN WUQ FG NQU TGEWTUQU JÃFTKEQU GPVTG NCU EWCNGU NCU O±U KORQTVCPVGU PQTOCNOGPVG
UQP NC RTQFWEEKÉP FG JKFTQGPGTIÃC NC RTQXKUKÉP FG CIWC RQVCDNG GN TKGIQ [ QVTCU HQTOCU FG WVKNK\CEKÉP
&GPVTQ FG GUVG GURGEVTQ NC CEVKXKFCF JKFTQGPGTI¾VKEC GU NC SWG GP IGPGTCN UG GPEWGPVTC
UKUVGO±VKECOGPVG O±U FGUCTTQNNCFC [ OQFGTPK\CFC GP NQU RCÃUGU FG NC TGIKÉP .G UKIWGP GP
KORQTVCPEKC GP EWCPVQ C PKXGN FG CXCPEG NQU UGTXKEKQU FG CIWC RQVCDNG [ UCPGCOKGPVQ EW[Q RGTHKN GU
OW[ JGVGTQI¾PGQ GP NC TGIKÉP 2QT ÐNVKOQ UG FGUVCECP NCU CEVKXKFCFGU FG TKGIQ SWG UQP NCU SWG
RTGUGPVCP RGQTGU EQPFKEKQPGU GP UWU FKXGTUQU CURGEVQU VGEPQNÉIKEQ FG QTICPK\CEKÉP [ HKPCPEKGTQ
GPVTG QVTQU
'N ITCP CWUGPVG GU GN GUSWGOC KPUVKVWEKQPCN SWG RGTOKVC WPC IGUVKÉP KPVGITCN FG NQU TGEWTUQU
JÃFTKEQU UK DKGP UG GUV±P TGCNK\CPFQ GUHWGT\QU CN TGURGEVQ .QU OKPKUVGTKQU W QTICPKUOQU CWVÉPQOQU
GP OCVGTKC CODKGPVCN UK DKGP EWORNGP NC HWPEKÉP FG EWDTKT WPC PGEGUKFCF UQEKCN KPUCVKUHGEJC PQ JCP
NQITCFQ VQFCXÃC GN QDLGVKXQ O±U CORNKQ .C RGQT EQPUGEWGPEKC FG NC OGPEKQPCFC HCNVC FG WPC IGUVKÉP
KPVGITCN GU UW GHGEVQ UQDTG GN EQORQPGPVG O±U FGURTQVGIKFQ SWG GU GN OGFKQ CODKGPVG XKPEWNCFQ C
NQU TGEWTUQU JÃFTKEQU &CFQ GN ECT±EVGT FG DKGP RÐDNKEQ SWG RQUGG GN ±ODKVQ JÃFTKEQ UW EQPUGTXCEKÉP
FGRGPFG FKTGEVCOGPVG FG NC CUKIPCEKÉP RTGUWRWGUVCTKC Q FG NC CEEKÉP EQNGEVKXC 0QTOCNOGPVG GUV±
DCLQ NC LWTKUFKEEKÉP FG WPC OWNVKVWF FG QTICPKUOQU CFOKPKUVTCVKXQU RCTC NQU EWCNGU GU FKHÃEKN SWG UGC
RTKQTKVCTKQ 5K DKGP GUVC UKVWCEKÉP KPFWEG NC CRCTKEKÉP FG QTICPKUOQU PQ IWDGTPCOGPVCNGU OKGPVTCU PQ
UG RTQFW\EC WP FGUCTTQNNQ KPUVKVWEKQPCN CRTQRKCFQ GN CODKGPVG UGIWKT± FGITCF±PFQUG GP WP RTQEGUQ
GXGPVWCNOGPVG KTTGXGTUKDNG RQT NQ OGPQU C WP PKXGN FG EQUVQU PQ RTQJKDKVKXQ
.CUKVWCEKÉPCEVWCN
/WEJQU RCÃUGU FG #O¾TKEC .CVKPC [ GN %CTKDG UG GPEWGPVTCP GP RTQEGUQ FG KORWNUCT ECODKQU GP NCU
NGIKUNCEKQPGU [ QTICPK\CEKQPGU QTKGPVCFCU C NC IGUVKÉP FG NQU TGEWTUQU PCVWTCNGU GP RCTVKEWNCT NQU
TGEWTUQU JÃFTKEQU [ GN OGFKQ CODKGPVG .C ÃPFQNG EQPETGVC FG GUCU TGHQTOCU XCTÃC OWEJQ FG WP RCÃU C
QVTQ GP EWCPVQ C UW GLGEWEKÉP GP UWU OGVCU GP UWU CXCPEGU [ CÐP O±U GP UW EQPVGPKFQ #NIWPQU
RCÃUGU [C JCP TGHQTOCFQ UW KPUVKVWEKQPCNKFCF FGN UGEVQT JÃFTKEQ VGPKGPFQ GP EWGPVC NC PCVWTCNG\C
GURGEKCN FGN TGEWTUQ EQP SWG VTCVCP UWU ECTCEVGTÃUVKECU CODKGPVCNGU FGOCPFCU UQEKCNGU [ TQN
GEQPÉOKEQ 1VTQU JCP TGHQTOCFQ NC NGIKUNCEKÉP VTCFKEKQPCN UQDTG NQU TGEWTUQU JÃFTKEQU CUKOKNCPFQ GN
CIWC VQVCNOGPVG C WP DKGP RTKXCFQ 1VTQU RCÃUGU NC ITCP OC[QTÃC GUV±P GP RTQEGUQ FG ECODKQU C UWU
KPUVKVWEKQPGU
.QU IQDKGTPQU SWG KORWNUCP GUVQU ECODKQU EQP NC GURGTCP\C FG RQFGT UCNKT FG NCU UKVWCEKQPGU
SWG NQU CHGEVCP GPHTGPVCP NC HCNVC IGPGTCNK\CFC FG TGEWTUQU GEQPÉOKEQU NC FKHKEWNVCF FG CFSWKTKT [
TGVGPGT WP RGTUQPCN CNVCOGPVG ECRCEKVCFQ GP GN UGEVQT RÐDNKEQ RCTC QTKGPVCT GN RTQEGUQ FG ECODKQ NC
XGNQEKFCF EQP SWG UG FGDGP JCEGT NCU VTCPUKEKQPGU NC QTICPK\CEKÉP KPEKRKGPVG FGN UGEVQT RTKXCFQ NC
ITCPFGU OCUCU FG RQDNCEKÉP CÐP PQ KPVGITCFCU C WPC GEQPQOÃC FG OGTECFQ [ GN EÐOWNQ FG
RTQDNGOCU UQEKCNGU GFWECEKQPCNGU FG UGTXKEKQU [ OWEJQU QVTQU CÐP PQ TGUWGNVQU 'N RTQEGUQ
PGIQEKCFQT FG NQU ECODKQU GU UWOCOGPVG EQORNGLQ VCPVQ RQT NQU RTQDNGOCU SWG UG RTGVGPFG TGUQNXGT
[ NQU QDLGVKXQU SWG UG RNCPVGC CNECP\CT C VTCX¾U FG NCU TGHQTOCU C NC NGIKUNCEKÉP JÃFTKEC EQOQ RQT
HWGTVGU FKUETGRCPEKCU HKNQUÉHKECU Q KFGQNÉIKECU [ RQT RTGUKQPGU GZVGTPCU SWG VTCVCP FG GUVCDNGEGT
RNC\QU OW[ EQTVQU RCTC FKUEWVKT NG[GU
.QUOQVKXQUFGNCUTGHQTOCUCEVWCNGU
6TGU UQP NQU OQVKXQU D±UKEQU SWG JCP QTKIKPCFQ NC EQTTKGPVG CEVWCN FG ECODKQU GP NCU NGIKUNCEKQPGU [
QTICPK\CEKQPGU QTKGPVCFCU C NC IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU GP NQU RCÃUGU FG #O¾TKEC .CVKPC [ GN
%CTKDG
• 'P RTKOGT NWICT NC TC\ÉP FQOKPCPVG SWG KORWNUC NC OQFKHKECEKÉP FG NCU NG[GU UQDTG NQU
TGEWTUQU JÃFTKEQU JC UKFQ NC DÐUSWGFC FG NC RCTVKEKRCEKÉP FGN UGEVQT RTKXCFQ GP NC
RTGUVCEKÉP FG NQU UGTXKEKQU RÐDNKEQU TGNCEKQPCFQU EQP GN CIWC RTKPEKRCNOGPVG DCLQ GN
UKUVGOC FG EQPEGUKQPGU +IWCNOGPVG GZKUVG WPC HWGTVG EQTTKGPVG RCTC ETGCT OGTECFQU FG
CIWC RGPUCPFQ SWG GUVG JGEJQ OGLQTCT± UW CUKIPCEKÉP
• 'N UGIWPFQ HCEVQT FQOKPCPVG GU NC PGEGUKFCF FG OGLQTCT NC IGUVKÉP FGN CIWC RCTC GPHTGPVCT
NC ETGEKGPVG EQORGVGPEKC RQT UW WUQ OÐNVKRNG GP RCTVKEWNCT FGDKFQ CN KPETGOGPVQ FG NC
FGOCPFC FG CIWC GP ITCPFGU EQPEGPVTCEKQPGU WTDCPCU CUÃ EQOQ GP NC CITKEWNVWTC FG TKGIQ
[ RCTC NC IGPGTCEKÉP JKFTQGN¾EVTKEC # GNNQ UG UWOCP NQU RTQDNGOCU ETGEKGPVGU FG
EQPVCOKPCEKÉP FGN CIWC [ GN GHGEVQ FG NQU HGPÉOGPQU PCVWTCNGU GZVTGOQU EQOQ
KPWPFCEKQPGU [ UGSWÃCU SWG UQP ECFC FÃC O±U RGTEKDKFQU RQT NC RQDNCEKÉP G KPHNW[GP GP NC
RQNÃVKEC FG NQU IQDKGTPQU
• 'P VGTEGT NWICT GZKUVG WPC EQPEKGPVK\CEKÉP ETGEKGPVG CUQEKCFC C WPC UGTKG FG GXGPVQU
KPVGTPCEKQPCNGU [ VTCVCFQU HKTOCFQU RQT NQU RCÃUGU CUÃ EQOQ C NC CEVKXC RCTVKEKRCEKÉP FG
QTICPKUOQU PQ IWDGTPCOGPVCNGU RCTC CNECP\CT OGVCU FG UQUVGPKDKNKFCF CODKGPVCN EQOQ
RCTVG FG NCU OGVCU FG FGUCTTQNNQ UQUVGPKDNG NQ SWG KORNKEC NQITCT EQPEKNKCT QDLGVKXQU
GEQPÉOKEQU UQEKCNGU [ CODKGPVCNGU /GLQTCT NC IGUVKÉP FGN CIWC GU RTKQTKVCTKQ FGPVTQ FG
GUVG EQPVGZVQ
.CUVGPFGPEKCUGPNCIGUVKÉPFGNCIWCGPNCTGIKÉP
.QU CÇQU VTCPUEWTTKFQU FGUFG NC %QPHGTGPEKC FG NCU 0CEKQPGU 7PKFCU UQDTG GN #IWC /CT FGN 2NCVC CN FG OCT\Q FG JCUVC NC CEVWCNKFCF RWGFGP FKXKFKTUG GP NQ SWG C NQU RCÃUGU FG #O¾TKEC
.CVKPC [ GN %CTKDG UG TGHKGTG GP VTGU RGTÃQFQU OCTECFCOGPVG FKUVKPVQU 'N RTKOGTQ FG C UG ECTCEVGTK\É RQT WP ETGEKOKGPVQ GEQPÉOKEQ UKP RTGEGFGPVG 5KP GODCTIQ C ¾UVG UKIWKÉ FG C
NC O±U ITCXG TGEGUKÉP GEQPÉOKEC TGIKUVTCFC FGUFG GN FGEGPKQ FG NC F¾ECFC RGTFKFC
# RCTVKT FG GP NC OC[QTÃC FG NQU RCÃUGU FG NC TGIKÉP EQOGP\É WP TGPQXCFQ RGTÃQFQ FG
ETGEKOKGPVQ [ ¾UVQU UG JCP TGEWRGTCFQ GP ITCP OGFKFC FG NQU GHGEVQU FG NC TGEGUKÉP FG NQU CÇQU
QEJGPVC 'P OWEJQU RCÃUGU GN RTQEGUQ FG TGEWRGTCEKÉP RT±EVKECOGPVG EQKPEKFKÉ EQP NC EGNGDTCEKÉP FG
NC %QPHGTGPEKC FG NCU 0CEKQPGU 7PKFCU UQDTG GN /GFKQ #ODKGPVG [ GN &GUCTTQNNQ 4KQ FG ,CPGKTQ CN
FG LWPKQ FG 6CPVQ GN CWIG FG NQU CÇQU UGVGPVC EQOQ NC TGEGUKÉP FG NQU CÇQU QEJGPVC FGUXKCTQP GN KPVGT¾U
GP NC UKVWCEKÉP FGN UGEVQT RÐDNKEQ NQ SWG UG TGHNGLÉ GP NC HCNVC FG KPPQXCEKQPGU GP OCVGTKC FG IGUVKÉP
FG NQU TGEWTUQU JÃFTKEQU 5KP GODCTIQ KPFKTGEVCOGPVG CODQU RGTÃQFQU JCP VGPKFQ TGRGTEWUKQPGU GP
NC CFOKPKUVTCEKÉP FG NQU TGEWTUQU JÃFTKEQU 'N CWIG CNECP\CFQ CN HKPCN FG NQU CÇQU UGVGPVC OCTEÉ GN
RWPVQ EWNOKPCPVG FG NC GZRCPUKÉP FG NCU CEVKXKFCFGU GEQPÉOKECU FGN UGEVQT RÐDNKEQ GP VCPVQ SWG NC
GZRCPUKÉP FG FKEJQ UGEVQT FKQ OCTEJC CVT±U FWTCPVG NC TGEGUKÉP [ NC WNVGTKQT TGEWRGTCEKÉP 'P NC
OC[QTÃC FG NQU RCÃUGU FG NC TGIKÉP GN RCRGN FGN 'UVCFQ GP NC GEQPQOÃC JC ECODKCFQ TCFKECNOGPVG
7PQ FG NQU TGUWNVCFQU FG GUVCU RQNÃVKECU JC UKFQ SWG NCU TGURQPUCDKNKFCFGU FG NCU CFOKPKUVTCEKQPGU
EGPVTCNGU UG JCP FGURNC\CFQ FGUFG GN HKPCPEKCOKGPVQ NC GLGEWEKÉP [ NC QRGTCEKÉP C NC EQQTFKPCEKÉP NC
UWRGTXKUKÉP [ NC TGIWNCEKÉP FG NCU CEVKXKFCFGU FG VGTEGTQU .QU ECODKQU FG NQU TQNGU VTCFKEKQPCNOGPVG
CUWOKFQU RQT GN 'UVCFQ JCP CHGEVCFQ VCODK¾P NC IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU
.C CRNKECEKÉP FG GUVCU RQNÃVKECU PQ GU WPKHQTOG GP VQFQU NQU RCÃUGU RGTQ GU IGPGTCNK\CFC [
EQPUVKVW[G WP ECODKQ VTCUEGPFGPVCN GP NCU VGPFGPEKCU FG NC CFOKPKUVTCEKÉP FG NQU TGEWTUQU JÃFTKEQU
FGUFG JCEG O±U FG OGFKQ UKINQ 2GUG C NCU PQVCDNGU FKHGTGPEKCU GZKUVGPVGU GPVTG NQU RCÃUGU UG
QDUGTXCP CNIWPCU VGPFGPEKCU EQOWPGU SWG UG RWGFGP TGUWOKT EQOQ UKIWG
.C FGUEGPVTCNK\CEKÉP FG TGURQPUCDKNKFCFGU GP OCVGTKC FG IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU [
GURGEKCNOGPVG GP NQ TGNCVKXQ C NC RTGUVCEKÉP FG UGTXKEKQU RÐDNKEQU TGNCEKQPCFQU EQP GN CIWC GUV±
VGPKGPFQ NWICT GP NC ITCP OC[QTÃC FG NQU RCÃUGU FG NC TGIKÉP %QP GNNQ UG JC ETGCFQ SWK\± NC
QRQTVWPKFCF FG CFQRVCT GUSWGOCU KPUVKVWEKQPCNGU DCUCFQU GP GN EQPEGRVQ FG NC IGUVKÉP KPVGITCN FG NQU
TGEWTUQU JÃFTKEQU C PKXGN FG EWGPEC #WPSWG NCU HQTOCU SWG CUWOG GN RTQEGUQ FG FGUEGPVTCNK\CEKÉP
UQP OÐNVKRNGU NCU O±U FGUVCECFCU UG RWGFGP TGUWOKT EQOQ UKIWG
• 6TCPUHGTGPEKC FG NC TGURQPUCDKNKFCF FG NC IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU Q FG NC RTGUVCEKÉP
FG UGTXKEKQU RÐDNKEQU C WPC CWVQTKFCF TGIKQPCN RTQXKPEKC GUVCFQ TGIKÉP FGRCTVCOGPVQ Q
OWPKEKRKQ
• 6TCPUHGTGPEKC FG NC TGURQPUCDKNKFCF FG NC RTGUVCEKÉP FG UGTXKEKQU RÐDNKEQU CN UGEVQT RTKXCFQ
RTKXCVK\CEKÉP 'UVG RTQEGUQ JC RNCPVGCFQ KPVGTGUCPVGU FGUCHÃQU TGUWNVCPVGU FG NC
PGEGUKFCF FG GSWKNKDTCT GN KPVGT¾U RÐDNKEQ [ GN RTKXCFQ [ FGN JGEJQ FG SWG GN RTQEGUQ FG
VTCPUHGTGPEKC GU WPQ FG CRTGPFGT FG NC GZRGTKGPEKC RWGUVQ SWG FGURW¾U FG ECUK EKPEWGPVC
CÇQU FG RTGUVCEKÉP GUVCVCN FG UGTXKEKQU UG JC RCUCFQ FGN UKUVGOC GUVCVCN CN RTKXCFQ
• 6TCPUHGTGPEKC FG NC TGURQPUCDKNKFCF FG NC CFOKPKUVTCEKÉP QRGTCEKÉP [ OCPVGPKOKGPVQ FG NC
KPHTCGUVTWEVWTC JÃFTKEC C CUQEKCEKQPGU FG WUWCTKQU RCTVKEWNCTOGPVG GP GN ECUQ FGN TKGIQ [
FTGPCLG
• 7P KPVGT¾U ETGEKGPVG GP NC ETGCEKÉP FG OGTECFQU FG CIWC KORNGOGPVCEKÉP FG UKUVGOCU FG
FGTGEJQU FG CIWC SWG RTQOWGXCP KPXGTUKÉP RTKXCFC [ NC KPVTQFWEEKÉP FG RCIQU RQT
EQPEGRVQ FG WUQ FGN CIWC EQOQ WPC PWGXC HWGPVG FG HKPCPEKCOKGPVQ FG NCU CEVKXKFCFGU FG
NC IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU
%QOQ RTQFWEVQ FG NQU RTQEGUQU FG FGUEGPVTCNK\CEKÉP [ RTKXCVK\CEKÉP CRCTGEGP PWGXQU CEVQTGU
RQT GLGORNQ NQU OWPKEKRKQU GN UGEVQT RTKXCFQ NCU RQDNCEKQPGU KPFÃIGPCU [ NCU QTICPK\CEKQPGU PQ
IWDGTPCOGPVCNGU GP GN UKUVGOC FG NC IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU
/KGPVTCU SWG GUVC VGPFGPEKC JCEKC NC FGUEGPVTCNK\CEKÉP FG TGURQPUCDKNKFCFGU GP OCVGTKC FG
IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU [ NC RTGUVCEKÉP FG UGTXKEKQU RÐDNKEQU TGNCEKQPCFQU EQP GN CIWC
TGHWGT\C NCU KPKEKCVKXCU NQECNGU HCEKNKVC WPC RCTVKEKRCEKÉP O±U CEVKXC FG NQU WUWCTKQU [ JCEG RQUKDNG
GZKIKT TGURQPUCDKNKFCF RQT GN FGUGORGÇQ NC OKUOC GUV± NKOKVCFC RQT FKUGEQPQOÃCU FG GUECNC EQUVQU
FG VTCPUCEEKÉP GZVGTPCNKFCFGU [ NC PCVWTCNG\C OKUOC FGN TGEWTUQ GN EWCN PQ UG CLWUVC C NÃOKVGU
RQNÃVKEQU #FGO±U GP OWEJQU RCÃUGU NQU IQDKGTPQU NQECNGU VQFCXÃC PQ EWGPVCP EQP WPC ECRCEKFCF
CFGEWCFC RCTC FGUGORCÇCT GUVCU HWPEKQPGU 'U RQT GNNQ SWG NCU QTICPK\CEKQPGU FG EWGPEC RCTGEGP
JCDGTUG EQPXGTVKFQ GP WPC CNVGTPCVKXC XKCDNG
5G QDUGTXC WPC ENCTC VGPFGPEKC C NC CWVQHKPCPEKCEKÉP FG UGTXKEKQU RÐDNKEQU TGNCEKQPCFQU EQP GN
CIWC 5G TGEQPQEG ECFC XG\ O±U SWG RCTC NQITCT NQU CNVQU PKXGNGU FG EQDGTVWTC SWG NC RQDNCEKÉP
FGUGG [ CUGIWTCT WPC CFGEWCFC ECNKFCF FGN UGTXKEKQ GU RTGEKUQ VGPGT UKUVGOCU SWG UGCP XKCDNGU
GEQPÉOKEC [ HKPCPEKGTCOGPVG UKP RGTLWKEKQ FG SWG RCTC NC RQDNCEKÉP O±U RQDTG GN UWDUKFKQ GZRNÃEKVQ
CN WUWCTKQ UGC LWUVKHKECDNG OGFKCPVG NC CRNKECEKÉP FG WP ETKVGTKQ FG HQECNK\CEKÉP #WPSWG GUVG ÐNVKOQ
GPHQSWG ICPC ECFC XG\ O±U CFGRVQU GP NC TGIKÉP UW KORNGOGPVCEKÉP PQ JC UKFQ PCFC FG H±EKN .C
KPVTQFWEEKÉP FG NC CWVQHKPCPEKCEKÉP C OGPWFQ XC CEQORCÇCFC FG NC GZKIGPEKC FG SWG UGTXKEKQU
RÐDNKEQU TGNCEKQPCFQU EQP GN CIWC DTKPFGP TGURCNFQ CN HKPCPEKCOKGPVQ FG NCU GZVGTPCNKFCFGU CUQEKCFCU
C UW RTQXKUKÉP
5G QDUGTXC WPC VQOC FG EQPEKGPEKC UQDTG NC RTQDNGO±VKEC CODKGPVCN SWG CFSWKGTG ECFC XG\
O±U OC[QT KORQTVCPEKC 'UVC PWGXC EQPEKGPEKC FG NC RTQDNGO±VKEC CODKGPVCN VKGPG KORQTVCPVGU
KORNKECEKQPGU RCTC NC IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU 'P V¾TOKPQU IGPGTCNGU UG RWGFG FGUVCECT
CNIWPCU VGPFGPEKCU C UCDGT
• *C[ WPC XKUKÉP FG NQU TGEWTUQU JÃFTKEQU EQOQ WPQ [ SWK\± PQ GN O±U KORQTVCPVG FG NQU
EQORQPGPVGU FG NQU UKUVGOCU CODKGPVCNGU NQ SWG VKGPFG C FKNWKT O±U SWG DGPGHKEKCT NC
ECRCEKFCF FG IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU [ C TGFWEKT UW KORQTVCPEKC TGNCVKXC GP GN
EQPVGZVQ FG NC RTGQEWRCEKÉP IGPGTCN RQT GN OGFKQ CODKGPVG
• .C IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU C PKXGN FG EWGPEC CRCTGEG EQOQ GN GUSWGOC O±U
CRTQRKCFQ RCTC KPVGTPCNK\CT NCU GZVGTPCNKFCFGU FGN UKUVGOC JÃFTKEQ VCPVQ GP NQ TGNCVKXQ C NQU
KORCEVQU GEQPÉOKEQU CODKGPVCNGU [ UQEKCNGU ECWUCFQU RQT GN WUQ FGN CIWC EQOQ NQU SWG
GZÉIGPCOGPVG CHGEVCP C NQU TGEWTUQU JÃFTKEQU
• *C[ WP KPVGT¾U ETGEKGPVG GP NC WVKNK\CEKÉP FG KPUVTWOGPVQU GEQPÉOKEQU RCTC RQPGT HKP CN
FGVGTKQTQ EQPUVCPVG FG NC ECNKFCF FGN CIWC NQ SWG UG EQPUKFGTC EQOQ GN OC[QT RTQDNGOC
SWG GPHTGPVC NC IGUVKÉP FG GUVG TGEWTUQ GP NQU RCÃUGU FG NC TGIKÉP 5KP GODCTIQ NQU
KPVGPVQU FG KPVTQFWEKT GUVQU KPUVTWOGPVQU GPHTGPVCP UGTKCU FKHKEWNVCFGU OWEJQU
KPUVTWOGPVQU GEQPÉOKEQU PQ VKGPG WP GHGEVQ UQDTG ITCP RCTVG FG NC RQDNCEKÉP KPHQTOCN G
KPENWUKXG FQPFG JC[ GORTGUCU NGICNOGPVG EQPUVKVWKFCU GU WUWCN SWG PQ JC[C UWHKEKGPVG
KPHQTOCEKÉP PK OGFKEKQPGU JÃFTKECU RCTC UCDGT SWK¾P EQPVCOKPC [ GP SW¾ ECPVKFCFGU 'P
IGPGTCN NC NWEJC EQPVTC NC EQPVCOKPCEKÉP GU GN ±TGC GP SWG UG EWGPVC EQP OGPQT
GZRGTKGPEKC GP NC TGIKÉP
'ZKUVG WP ITCP KPVGT¾U GP GUVCDNGEGT WP OCTEQ PQTOCVKXQ SWG RGTOKVC WPC IGUVKÉP KPVGITCN [
UQUVGPKDNG FG NQU TGEWTUQU JÃFTKEQU 5KP GODCTIQ PQ GU KIWCNOGPVG ENCTC NC VGPFGPEKC C KORNGOGPVCT
GUSWGOCU QRGTCVKXQU SWG RGTOKVCP HKLCT RQNÃVKECU NQITCT WPC EQQTFKPCEKÉP KPUVKVWEKQPCN ETGCT
OGECPKUOQU CFGEWCFQU FG RNCPKHKECEKÉP [ JCEGT GHGEVKXC NC GLGEWEKÉP FG NCU CEEKQPGU 'P IGPGTCN GN
CXCPEG JCEKC WPC IGUVKÉP KPVGITCN [ UQUVGPKDNG FG NQU TGEWTUQU JÃFTKEQU UG XG KPVGTHGTKFQ RQT WPC
OWNVKVWF FG HCEVQTGU 7PQ FG NQU RTQDNGOCU O±U KORQTVCPVGU GU NC GPQTOG FGHKEKGPEKC SWG CÐP GZKUVG
QEJQ CÇQU FGURW¾U FG JCDGT EQPENWKFQ GN &GEGPKQ +PVGTPCEKQPCN FGN #IWC 2QVCDNG [ FGN 5CPGCOKGPVQ
#ODKGPVCN GP EWCPVQ C UWOKPKUVTQ FG UGTXKEKQU GHKEKGPVGU FG CIWC RQVCDNG [ UCPGCOKGPVQ 'UVC
KORQTVCPVG PGEGUKFCF UQEKCN KPVGPUKHKECFC RQT NC TGCRCTKEKÉP GP FGN EÉNGTC GP NC TGIKÉP JC
KPFWEKFQ C NQU GPECTICFQU FG HQTOWNCT NCU RQNÃVKECU C EQPEGFGT O±ZKOC RTKQTKFCF CN UGEVQT 'NNQ JC
JGEJQ FKUVTCGT NC CVGPEKÉP UQDTG QVTQU CURGEVQU FG NC IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU [ UQDTG GN
GZCOGP O±U RTQHWPFQ FG NQU GHGEVQU GEQPÉOKEQU UQEKCNGU [ CODKGPVCNGU FG NCU FGEKUKQPGU
PQTOCVKXCU GP OCVGTKC FG NQU TGEWTUQU JÃFTKEQU
#NIWPCUFGNCUNKOKVCEKÉPFGNCUTGHQTOCUCEVWCNGU
5G RWGFG FGEKT SWG GP IGPGTCN NQU UKUVGOCU FG IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU FG NQU RCÃUGU FG
#O¾TKEC .CVKPC [ GN %CTKDG PQ JCP OGLQTCFQ NQ UWHKEKGPVG RCTC NQITCT UW RTQRÉUKVQ [ NQ SWG GU O±U
ITCXG GP OWEJQU RCÃUGU NQU UKUVGOCU FG IGUVKÉP UG JCP FGVGTKQTCFQ EQP TGNCEKÉP C UW CPVKIWC
ECRCEKFCF 'UVQ FG FGDG RQT NQ OGPQU GP RCTVG C EKGTVCU NKOKVCEKQPGU FG NC EQTTKGPVG CEVWCN FG
TGHQTOCU
• 5WDUKUVG EKGTVQ PKXGN FG EQPHWUKÉP EQPEGRVWCN GPVTG NC FKOGPUKÉP CODKGPVCN FG NC IGUVKÉP FG
NQU TGEWTUQU JÃFTKEQU [ NC RTQDNGO±VKEC FG NC IGUVKÉP CODKGPVCN 5G QDUGTXC
NCOGPVCDNGOGPVG WPC VGPFGPEKC C TGFWEKT NC KORQTVCPEKC TGNCVKXC FG NQU TGEWTUQU JÃFTKEQU
GP GN EQPVGZVQ FG NC RTGQEWRCEKÉP IGPGTCN RQT GN OGFKQ CODKGPVG 5G DWUEC CJQTC OCPGLCT
GN CODKGPVG GP HQTOC INQDCN UKP CÐP JCDGT FGOQUVTCFQ PK UKSWKGTC NC ECRCEKFCF FG OCPGLCT
DKGP WPQ UQNQ FG NQU TGEWTUQU PCVWTCNGU C NC GUECNC PGEGUCTKC .Q SWG C OGPWFQ UG QNXKFC GU
SWG NC IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU QEWRC WP NWICT RTGRQPFGTCPVG GP NC IGUVKÉP
CODKGPVCN 5K UG NQITC OCPGLCT KPVGITCNOGPVG FKEJQ TGEWTUQ CUÃ EQOQ NCU EWGPECU FG
ECRVCEKÉP [ VQFQ NQ SWG CHGEVC NC ECNKFCF ECPVKFCF [ FKUVTKDWEKÉP FGN CIWC NQ O±U RTQDCDNG
GU SWG RQT NQ OGPQU NC OKVCF FG NQU RTQDNGOCU CODKGPVCNGU GUVCTÃCP UQNWEKQPCFQU
• 'P NC OC[QTÃC FG NQU RCÃUGU FG NC TGIKÉP NQU CXCPEGU O±U KORQTVCPVGU UG JCP TGCNK\CFQ GP
GN ±ODKVQ PQTOCVKXQ Q FG FGENCTCEKÉP 'P XCTKQU FG GNNQU NCU TGEKGPVGU EQPHGTGPEKCU
KPVGTPCEKQPCNGU UQDTG GN CIWC JCP KPURKTCFQ ECODKQU GP GN EQPVGPKFQ FG ECTVCU OCIPCU
NG[GU [ FGETGVQU SWG JCP GUVCDNGEKFQ KORQTVCPVGU EQPFKEKQPGU RCTC CXCP\CT JCEKC WPC
IGUVKÉP KPVGITCN FG NQU TGEWTUQU JÃFTKEQU [ FG NQU UKUVGOCU CODKGPVCNGU 5KP GODCTIQ RQEQU
RTQITGUQU UG QDUGTXCP GP NC CRNKECEKÉP FG VCNGU RTKPEKRKQU 5QP OC[QTGU NCU
VTCPUHQTOCEKQPGU KPUVKVWEKQPCNGU [ QTICPK\CVKXCU FGTKXCFCU FG NC PGEGUKFCF FG TGHQTOCT NQU
GUVCFQU PCEKQPCNGU RQT TC\QPGU OCETQGEQPÉOKECU SWG NCU RTQFWEKFCU EQP GN QDLGVQ FG
CXCP\CT JCEKC WPC IGUVKÉP KPVGITCN FG NQU TGEWTUQU JÃFTKEQU 'U GXKFGPVG GN GPQTOG
FGUEQPQEKOKGPVQ FG NCU TGEQOGPFCEKQPGU JGEJCU GP KORQTVCPVGU EQPHGTGPEKCU
KPVGTPCEKQPCNGU UQDTG GN CIWC 'P TGEQPQEKOKGPVQ FG GUVG JGEJQ GP GN 5GIWPFQ 6CNNGT FG
)GTGPVGU FG 1TICPKUOQU FG %WGPEC GP #O¾TKEC .CVKPC [ GN %CTKDG 5CPVKCIQ FG %JKNG CN
FG FKEKGODTG FG UG CEQTFÉ SWG UGTÃC FG ITCP WVKNKFCF TGEQRKNCT NCU
TGEQOGPFCEKQPGU [ EQPENWUKQPGU FG NCU RTKPEKRCNGU TGWPKQPGU SWG UG JCP TGCNK\CFQ UQDTG GN
VGOC FG NC IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU FGUFG RQT NQU OGPQU GN FGEGPKQ FG • 'N GHGEVQ FG NCU TGEKGPVGU EQTTKGPVGU RCTC OQFKHKECT NQU UKUVGOCU FG IGUVKÉP FGN CIWC GUV±
GP GUVQU OQOGPVQU HWGTVGOGPVG FGUDCNCPEGCFQ GP HCXQT FG ICTCPVK\CT [ HQOGPVCT NC
RCTVKEKRCEKÉP FGN UGEVQT RTKXCFQ TGFWEKGPFQ NQU TQNGU SWG FGDG UGIWKT VGPKGPFQ GN 'UVCFQ [
NC UQEKGFCF EKXKN GP NC IGUVKÉP FGN FKEJQ TGEWTUQ 'NNQ RWGFG VTCGT EQPUGEWGPEKCU OW[
PGICVKXCU GP XCTKQU ECORQU KPENWUKXG RCTC GN OKUOQ UGEVQT RTKXCFQ C SWKGP UG RTGVGPFG
DGPGHKEKCT 5K DKGP GU HWPFCOGPVCN CNGPVCT NC RCTVKEKRCEKÉP RTKXCFC F±PFQNGU UGIWTKFCF CN
KPXGTUKQPKUVC GP RCTVKEWNCT RCTC HQOGPVCT GN CWOGPVQ FG CRQTVGU FG ECRKVCN JCEKC GN WUQ
DGPGHKEKQUQ FGN CIWC [ NC GHKEKGPEKC DCUCFC GP NC EQORGVGPEKC JQPGUVC GU GUGPEKCN TGEQTFCT
SWG RCTC CNECP\CT OGVCU FG FGUCTTQNNQ UQUVGPKDNG GN TQN FGN 'UVCFQ [ FG NC UQEKGFCF EKXKN GP
NC IGUVKÉP FGN TGEWTUQ PQ RWGFG UGT CDCPFQPCFQ 0K NC KPVGTXGPEKÉP RTKXCFC PK NC RTQRKGFCF
RQT UK UQNQU ICTCPVK\CP SWG UG XC C CNECP\CT WPC GHKEKGPEKC GP NC IGUVKÉP FGN WUQ OÐNVKRNG
FGN TGEWTUQ .C RTKXCVK\CEKÉP RWGFG UGT DGPGHKEKQUC GP OCPQU FG WPC GORTGUC WUWCTKC RGTQ
PQ PGEGUCTKCOGPVG UKTXG RCTC EQPEKNKCT KPVGTGUGU UQEKCNGU [ CODKGPVCNGU .QU RTQRKQU
WUWCTKQU RTKXCFQU VCNGU EQOQ GORTGUCU FG CIWC RQVCDNG JKFTQGPGTIÃC TKGIQ Q TGETGCEKÉP
PGEGUKVCP GUVCT TGURCNFCFQU RQT WPC KPUVKVWEKQPCNKFCF SWG NGU CUGIWTG SWG UWU FGTGEJQU
UGT±P TGURGVCFQU FG CEWGTFQ C NCU EQPFKEKQPGU EQP SWG NC NG[ UG NQU CUKIPC *Q[ GP FÃC GNNQ
PQ QEWTTG GP OWEJQU UKUVGOCU JÃFTKEQU GP NQU EWCNGU WP UGEVQT WUWCTKQ GU GN FQOKPCPVG
• &GDKFQ RTKPEKRCNOGPVG CN HWGTVG UGUIQ KFGQNÉIKEQ GP OWEJCU RTQRWGUVCU FG TGHQTOCU FG NC
KPUVKVWEKQPCNKFCF FGN UGEVQT JÃFTKEQ UG RGTEKDG NC HCNVC FG WPC XKUKÉP ¾VKEC EQP TGURGEVQ C NC
IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU 'UVQ UG VTCFWEG FG FKHGTGPVGU OCPGTCU KPENW[GPFQ WPC
VGPFGPEKC C PQ TGURGVCT NQU WUQU EQPUWGVWFKPCTKQU FG NCU RQDNCEKQPGU CWVÉEVQPCU NQ SWG UG
CHGEVC UW UWDUKUVGPEKC [ WPC VGPFGPEKC C PQ EQPUKFGTCT GN RCRGN UQEKCN [ CODKGPVCN FGN CIWC
[ WP FGURTGEKQ ECUK CDUQNWVQ C NQU CURGEVQU V¾EPKEQU [ GEQPÉOKEQU PGEGUCTKQU RCTC TGCNK\CT
WPC DWGPC IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU 'N TGURGVQ C NC QRKPKÉP FG GZRGTVQU GP TGEWTUQU
JÃFTKEQU GU ECUK PWNQ GP NQU RTQEGUQU FG TGHQTOC FG NG[GU FG CIWC
6GOCUFGFGDCVG[FGUCHÃQUFGNHWVWTQ
%QOQ CRQTVG HKPCN UG RWGFGP UGÇCNCT CNIWPCU VGOCU SWG FGDGTÃCP UGT CPCNK\CFQU EWKFCFQUCOGPVG RQT
NQU GPECTICFQU FG NC IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU GP NQU RCÃUGU FG #O¾TKEC .CVKPC [ GN %CTKDG
• .C VTCPUHGTGPEKC CN UGEVQT RTKXCFQ FG NCU CEVKXKFCFGU QRGTCEKQPCNGU FG FGUCTTQNNQ FG
RTQ[GEVQU OCPGLQ FGN TGEWTUQ [ RTQXKUKÉP FG UGTXKEKQU SWG JQ[ EWORNG GN UGEVQT RWDNKEQ
.C RCTVKEKRCEKÉP FGN UGEVQT RTKXCFQ GP NC RTGUVCEKÉP FG DKGPGU [ UGTXKEKQU TGNCEKQPCFQU EQP
GN CIWC DTKPFC WPCU OGLQTCU FG NC GHKEKGPEKC RQVGPEKCNOGPVG KORQTVCPVGU 0Q ICTCPVK\CT±
RQT UÃ UQNC WPC OGLQTC FWTCFGTC FGN DKGPGUVCT UQEKCN UK NCU ECTCEVGTÃUVKECU FGN OGTECFQ PQ
UG CRTQZKOCP C CSWGNNCU FGN RCTCFKIOC EQORGVKVKXQ 5K GUVCU EQPFKEKQPGU PQ GZKUVGP NQU
TGUWNVCFQU FGRGPFGT±P FGN T¾IKOGP FG TGIWNCEKÉP GP GN SWG CEVÐGP NCU KPFWUVTKCU T¾IKOGP
EW[C GHKECEKC XKGPG FGVGTOKPCFC RQT NC ECRCEKFCF FG NQU IQDKGTPQU FG DWUECT [ ETGCT WPCU
EQPFKEKQPGU KPUVKVWEKQPCNGU [ TGIWNCVQTKCU CRTQRKCFCU SWG QDNKIWGP C SWG NQU RTQXGGFQTGU FG
DKGPGU [ UGTXKEKQU TGNCEKQPCFQU EQP GN CIWC UGCP GHKEKGPVGU [ UG JCICP GEQ FG NCU
PGEGUKFCFGU FG UWU ENKGPVGU .C VTCPUHGTGPEKC FG UGTXKEKQU RÐDNKEQU JCUVC GN RTGUGPVG CN
UGEVQT RTKXCFQ JC UKFQ GP ITCP OGFKFC HWPFCFC GP EQPEGREKQPGU HKNQUÉHKECU EQ[WPVWTCU
GEQPÉOKECU [ RTGUKQPGU GZVGTPCU SWG PQ TGHNGLCP FGDKFCOGPVG GN DCNCPEG GPVTG NQ RWDNKEQ [
NQ RTKXCFQ 'P OWEJQU ECUQU UG JCP VTCPUHGTKFQ CEVKXKFCFGU OQPQRÉNKECU UKP CFGEWCFC
TGIWNCEKÉP [ GN TGUWNVCFQ GP CNIWPQU ECUQU JC UKFQ SWG NQU UGTXKEKQU IGPGTCP TGPVCU
OQPQRÉNKECU 'P GUVG UGPVKFQ GU RTGEKUQ TGXKUCT GP FGVCNNG NCU RTGOKUCU KFGQNÉIKECU FG NQU
OQFGNQU EQPHQTOG C UWU TGUWNVCFQU RT±EVKEQU
• .C GUVTWEVWTCEKÉP FG GPVKFCFGU GUVCVCNGU SWG EWORNCP NCU CEVKXKFCFGU SWG PQ NNGXCTC C ECDQ
GN UGEVQT RTKXCFQ UGC RQT UWU ECTCEVGTÃUVKECU FG DKGP RWDNKEQ NC RTGUGPEKC FG
GZVGTPCNKFCFGU RQUKVKXCU [ PGICVKXCU Q NC GZKUVGPEKC FG OQPQRQNKQU PCVWTCNGU
• .C GUVTWEVWTCEKÉP FG GPVKFCFGU FG CIWC QTKGPVCFCU CN TGEWTUQ [ PQ C WUQU RCTVKEWNCTGU [
RQT GPFG KPFGRGPFKGPVGU FG QTICPKUOQU UGEVQTKCNGU EQOQ TKGIQ SWG UQP ITCPFGU WUWCTKQU
KPUVKVWEKQPCNGU
• .C KORNGOGPVCEKÉP FG UKUVGOCU FG FGTGEJQU FG CIWC SWG RTQOWGXCP KPXGTUKÉP RTKXCFC [ CN
OKUOQ VKGORQ QRVKOKEGP GN WUQ FGN CIWC [ RTGXGPICP OQPQRQNKQU 'UVQ KPENWKT± CFGO±U
FGN T¾IKOGP FG FGTGEJQU FG CIWC NQU UKUVGOCU FG EQDTQ NQU FG OGTECFQU FG CIWC [ GN
FKUGÇQ FG OGECPKUOQU FG FGTGEJQU SWG GUVTWEVWTCNOGPVG RTGXGPICP NQU OQPQRQNKQU
• .C KORNGOGPVCEKÉP FG UKUVGOCU QDNKICVQTKQU FG GXCNWCEKÉP FG NQU GHGEVQU GEQPÉOKEQU
CODKGPVCNGU [ UQEKCNGU FG RTQ[GEVQU *Q[ GP FÃC EQOQ TGUWNVCFQ FG CEEKQPGU FG ITWRQU FG
KPVGT¾U EQP ECRCEKFCF FG NQDD[ UG HKPCPEKCP RTQ[GEVQU SWG PQ UGTÃCP EQPUVTWKFQU UK
HWGTCP FGDKFCOGPVG GXCNWCFQU GP V¾TOKPQU GEQPÉOKEQU UQEKCNGU [ CODKGPVCNGU 'P NQ SWG
JCEG C GHGEVQU UQEKCNGU VGPFT± WP KORCEVQ TGNGXCPVG GN CP±NKUKU FGN GHGEVQ FG RTQ[GEVQU
IKICPVGUEQU UQDTG NCU HWGPVGU EQPUWGVWFKPCTKCU FG UWDUKUVGPEKC FG RQDNCEKÉP TWTCN G
KPFÃIGPC 'UVQ KPETGOGPVC RCTVKEWNCTOGPVG GP \QPCU CPFKPCU [ UGNX±VKECU NC OKITCEKÉP FG
RQDNCEKÉP TWTCN C NQU EKPVWTQPGU FG OKUGTKC FG NCU ITCPFGU EKWFCFGU
• %KGTVQU GNGOGPVQU FG DKGP RWDNKEQ TGNCEKQPCFQU EQP GN TGEWTUQ SWG GP NC CEVWCNKFCF UG
GPEWGPVTCP FGUEWKFCFQU GP NC TGIKÉP KPHQTOCEKÉP TGIKUVTQU [ LWUVKEKC CFOKPKUVTCVKXC 'N
TGUWNVCFQ GU SWG UG VQOCP FGEKUKQPGU UKP FCVQU UG FCP FGTGEJQU UKP TGIKUVTQU [ CN PQ
JCDGT OGECPKUOQU UKORNGU FG CEEGUQ EQOÐP RCTC FGEKFKT EQPHNKEVQU NQU UGEVQTGU FG
OGPQTGU TGEWTUQU Q CEEGUQ RQNÃVKEQ UG GPEWGPVTCP GP GUVCFQ FG KPFGHGPUKÉP 'UVG WNVKOQ
RWPVQ GU ITCXG RWGU UKP WP UKUVGOC PGWVTQ FG TGUQNWEKÉP FG EQPHNKEVQU NQU UGEVQTGU EQP
O±U ECRCEKFCF GEQPÉOKEC [ RQFGT RQNÃVKEQ PQ VKGPGP KPEGPVKXQU RCTC VTCPUCT EQPHNKEVQU
1VTQ CURGEVQ KORQTVCPVG GU NC PGEGUKFCF FG OGLQTCT GN UKUVGOC LWFKEKCN .C RTKXCVK\CEKÉP
FGLC O±U FGEKUKQPGU GP OCPQU FG NC PGIQEKCEKÉP RTKXCFC [ RQT GPFG TGRTGUGPVC WPC OC[QT
ECTIC RCTC GN UKUVGOC LWFKEKCN SWG FGDG EQQTFKPCT NCU FKXGTUCU KPVGTCEEKQPGU GPVTG NQU
FKUVKPVQU WUQU [ WUWCTKQU [ GP FGHKPKVKXC TGUQNXGT NQU EQPHNKEVQU EWCPFQ NC PGIQEKCEKÉP
RTKXCFC PQ NNGIC C WPC UQNWEKÉP PGIQEKCFC .C OC[QT RCTVKEKRCEKÉP FGN UGEVQT RTKXCFQ [ FG
•
•
•
•
NQU WUWCTKQU PGEGUKVC WP UKUVGOC LWFKEKCN FKP±OKEQ [ PQ HQTOCNKUVC ECRC\ FG TGUQNXGT NQU
EQPHNKEVQU RTKXCFQU OGFKCPVG RTQEGFKOKGPVQU UGPEKNNQU T±RKFQU [ FG DCLQ EQUVQ EQP
TGUWNVCFQU RTGFGEKDNGU [ EQPUKUVGPVGU
2CTVKEKRCEKÉP FG WUWCTKQU GZKUVGP CNIWPQU NWICTGU FG NC TGIKÉP FQPFG NQU WUWCTKQU
RCTVKEKRCP GP HQTOC CORNKC RGTQ GP IGPGTCN NC RCTVKEKRCEKÉP UG NKOKVC C ITWRQU EQP CEEGUQ
RQNÃVKEQ RTKXKNGIKCFQ 'UVG VGOC CUÃ EQOQ GN VGOC FG CEEGUQ C NC KPHQTOCEKÉP RQT RCTVG FG
NC RQDNCEKÉP [ NQU WUWCTKQU GP EWCPVQ CN TGEWTUQ [ NQU EQUVQU FG QRQTVWPKFCF FG FKUVKPVQU
RTQ[GEVQU TGSWKGTG O±U CP±NKUKU
'N CP±NKUKU ETKVKEQ FG UKUVGOCU FG UWDUKFKQU HQECNGU 'P GN RCUCFQ NQU UGTXKEKQU RÐDNKEQU
TGIKQPCNGU WVKNK\CDCP GN EQPEGRVQ FG UWDUKFKQU ETW\CFQU NQU SWG GP VGQTÃC UQP
GEQPÉOKECOGPVG KPGHKEKGPVGU .C CNVGTPCVKXC UQP NQU UWDUKFKQU HQECNGU SWG GN GUVCFQ RTQXGG
C NQU UGEVQTGU PGEGUKVCFQU FG RQDNCEKÉP #N RTGUGPVG GUVC CNVGTPCVKXC UG TGEQOKGPFC UKP
CP±NKUKU FG UWU TGSWGTKOKGPVQU QRGTCVKXQU 2CTC KORNGOGPVCT WP UKUVGOC FG UWDUKFKQU
HQECNGU JC[ SWG VGPGT WP UKUVGOC KORQUKVKXQ INQDCN ECRC\ FG IGPGTCT TGEWTUQU ECRCEKFCF
FG GXCNWCEKÉP FG SWK¾P NQU TGSWKGTG CUÃ EQOQ WP UKUVGOC CFOKPKUVTCVKXQ SWG ICTCPVKEG SWG
NNGIWGP C FGUVKPQ 'UVQ NC ITCP OC[QTÃC FG NQU RCÃUGU FG NC TGIKÉP PQ NQ VKGPGP
5G TGSWKGTG WP CP±NKUKU ETKVKEQ EQPHQTOG C GZRGTKGPEKC FG CNIWPQU EQPEGRVQU KPVGNGEVWCNGU
RGTQ SWG PQ RCTGEGP JCDGT VGPKFQ WP UQRQTVG RT±EVKEQ EQOQ RQT GLGORNQ NQU EQPEGRVQU FG
NQU OGTECFQU EQPVGUVCDNGU NC TGIWNCEKÉP RQT EQPVTCVQ NC CWVQTTGIWNCEKÉP RQT RCTVG FG
RTQRKGVCTKQU FG KPUVCNCEKQPGU HWPFCOGPVCNGU GN WUQ FG NG[GU TGIWNCFQTCU OW[ EQPETGVCU
SWG TGUVTKPIGP GUVTKEVCOGPVG NC FKUETGEKÉP GP OCVGTKC FG TGIWNCEKÉP GVE
(KPCNOGPVG GZKUVG WPC NCTIC NKUVC FG QVTCU VGOCU KIWCNOGPVG KORQTVCPVGU EQOQ RQT
GLGORNQ NC GXCNWCEKÉP QDNKICVQTKC FG RTQ[GEVQU GN TGURGVQ FG FGTGEJQU KPFÃIGPCU
EQPUWGVWFKPCTKQU GN EQDTQ RQT FGTGEJQU FG CIWC UKP NQU EWCNGU PQ UG RWGFG ICTCPVK\CT NC
CFOKPKUVTCEKÉP FG NC OKUOC RQT HCNVC FG TGEWTUQU [ NC RTGXKUKÉP FG NC KPHQTOCEKÉP RQT RCTVG
FG NQU RTQXGGFQTGU FG UGTXKEKQU RÐDNKEQU C NQU WUWCTKQU CN TGIWNCFQT [ CN 'UVCFQ
4GEQOGPFCDNGURCTCNCGNCDQTCEKÉPFGNG[GUFGCIWC∗
• .CU NG[GU FG CIWC GP UW TGHQTOWNCEKÉP FGDGP EQPVGORNCT NQU CEKGTVQU FG NC CPVGTKQT
NGIKUNCEKÉP [ TGEQIGT UWU RTKPEKRKQU HWPFCOGPVCNGU [ CFGO±U NQU CXCPEGU VGEPQNÉIKEQU NQU
ETKVGTKQU [ GZRGTKGPEKCU O±U OQFGTPCU GP GUVC VGO±VKEC .CU PWGXCU NG[GU FG CIWCU FGDGP
EQPVCT EQP WPC GZRQUKEKÉP FG OQVKXQU SWG GZRTGUG ENCTCOGPVG NQU HWPFCOGPVQU GP SWG UG
DCUCP [ SWG UW VGZVQ EQPVGORNG UQNQ NQU CURGEVQU UWUVCPVKXQU FGLCPFQ NCU
GURGEKHKECEKQPGU V¾EPKECU RCTC NC TGINCOGPVCEKÉP
• 5G UWIKGTG GP NC GNCDQTCEKÉP FG NCU PWGXCU NG[GU WPC NCDQT LWTÃFKEC QTKGPVCFC C WPC V¾EPKEC
EQPEGRVWCN FGN VKRQ NG[ OCTEQ [ XKPEWNCPVG EQP QVTCU NG[GU EQP ETKVGTKQU CORNKQU [
HNGZKDNGU SWG HCEKNKVGP UW GHGEVKXC CRNKECEKÉP [ RGTOCPGPVG CFGEWCEKÉP C NCU UKVWCEKQPGU SWG
UG RTGUGPVCP GP FKHGTGPVGU TGIKQPGU FG WP RCÃU
• &QPFG NC NG[ EQPVGORNC NC PGEGUKFCF FG EQPVCT EQP RNCPGU OCGUVTQU KPVGITCNGU UG FGDG
GUVCDNGEGT UW NGICNKFCF RTQEGUQ FG CRTQDCEKÉP [ NQU TGSWKUKVQU OÃPKOQU SWG TGSWKGTG UW
KORNGOGPVCEKÉP UWU HKPGU [ QDLGVKXQU [ NQU TGURQPUCDNGU FG UW CRNKECEKÉP
• .C NG[ FGDG RTGXGT NC ETGCEKÉP FG WPC GPVKFCF C PKXGN FG UKUVGOCU JÃFTKEQU SWG GUV¾ FQVCFC
FG CWVQPQOÃC KPUVKVWEKQPCN [ HKPCPEKGTC UWHKEKGPVG RCTC RQFGT TGECWFCT NQU HQPFQU
PGEGUCTKQU RCTC WPC CFGEWCFC IGUVKÉP FGN TGEWTUQ
• .C GPVKFCF FG IGUVKÉP FGN CIWC GP IGPGTCN UG KPKEKC EQOQ WP GPVG RÐDNKEQ CWVÉPQOQ RGTQ
PQ QDUVC C DWUECT HÉTOWNCU FG ETGCEKÉP OKZVC Q UGOKRÐDNKEC
• 'P NC TGINCOGPVCEKÉP NCU PQTOCU TGHGTKFCU CN TGEWTUQ JÃFTKEQ FGDGP RQPGT WP OC[QT ¾PHCUKU
GP NCU OGFKFCU FG RTGXGPEKÉP O±U SWG GP GN ECUVKIQ [ GP NC DÐUSWGFC FG TGURQPUCDNGU
∗
#FCRVCFQ FG %'2#. +PHQTOG FGN ++ 6CNNGT FG )GTGPVGU FG 1TICPKUOQU FG %WGPEC GP #O¾TKEC .CVKPC [ GN %CTKDG
5CPVKCIQ FG %JKNG CN FG FKEKGODTG FG .%4 FG HGDTGTQ FG 5CPVKCIQ FG %JKNG
• 'N OCTEQ NGICN SWG ETGC WP QTICPKUOQ FG EWGPEC FGDKGTC EQPVCT EQP WP INQUCTKQ FG
V¾TOKPQU SWG GXKVG FKUEWUKQPGU KPVGTRTGVCVKXCU [ WP NKUVCFQ OGPÐ FG CVTKDWEKQPGU [
HWPEKQPGU GN SWG FGDKGTC UGT VGPVCVKXQ [ PQ VCZCVKXQ
• .QU RCÃUGU DCLQ GUVTWEVWTCU HGFGTCNGU GP NQU EWCNGU NQU GUVCFQU CUQEKCFQU UQP CWVÉPQOQU
FGDGP EQPVCT RQT RCTVG FGN IQDKGTPQ HGFGTCN EQP WPC NG[ SWG HKLG NQU QDLGVKXQU PCEKQPCNGU FG
NC RQNÃVKEC JÃFTKEC G KORWNUG NC ETGCEKÉP FG QTICPKUOQU FG EWGPEC EQOQ GZEGNGPVG
OQFCNKFCF FGN OCPGLQ TGIKQPCN [ FGUEGPVTCNK\CFQ FG NQU TGEWTUQU JÃFTKEQU
• 5G QDUGTXC NC PGEGUKFCF FG ETGCT OGECPKUOQU FG RTGXGPEKÉP [ UQNWEKÉP FG EQPHNKEVQU
EQPEKNKCEKÉP EQPEGTVCEKÉP [ QVTCU PGIQEKCEKQPGU UKOKNCTGU VGPFKGPVGU C GXKVCT NQU RGUCFQU
[ FGOQTQUQU RTQEGFKOKGPVQU LWFKEKCNGU
• %CFC RCÃU FGDG VGPFGT C EQPUVTWKT Q GNCDQTCT WP EQPLWPVQ FG PQTOCU V¾EPKECU [
CFOKPKUVTCVKXCU SWG QTKGPVGP NC IGUVKÉP FGN CIWC RQT EWGPECU
%QPHGTGPEKCFGNCU0CEKQPGU
7PKFCUUQDTGGN#IWC
/CTFGN2NCVC#TIGPVKPCCNFGOCT\QFG
2NCPFG#EEKÉPFG/CTFGN2NCVC∗
#'XCNWCEKÉPFGNQUTGEWTUQUJÃFTKEQU
'P NC OC[QTÃC FG NQU RCÃUGU GZKUVGP ITCXGU FGHKEKGPEKCU GP NC FKURQPKDKNKFCF FG FCVQU UQDTG NQU
TGEWTUQU JÃFTKEQU GURGEKCNOGPVG GP TGNCEKÉP EQP NCU CIWCU UWDVGTT±PGCU [ NC ECNKFCF FGN CIWC *CUVC
CJQTC UG JC CUKIPCFQ TGNCVKXCOGPVG RQEC KORQTVCPEKC C NC OGFKEKÉP UKUVGO±VKEC FG GUVQU TGEWTUQU
VCODK¾P UG JC FGUEWKFCFQ OWEJQ NQ TGNCEKQPCFQ EQP NC GNCDQTCEKÉP [ EQORKNCEKÉP FG FCVQU
2CTC OGLQTCT NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU UG PGEGUKVC OC[QT EQPQEKOKGPVQ FG NC
ECPVKFCF [ NC ECNKFCF FG ¾UVQU 'U PGEGUCTKQ RTQOQXGT NC TGWPKÉP TGIWNCT [ UKUVGO±VKEC FG FCVQU
JKFTQOGVGQTQNÉIKEQU JKFTQNÉIKEQU G JKFTQIGQNÉIKEQU [ CEQORCÇCTNC FG WP UKUVGOC RCTC NC GNCDQTCEKÉP
FG KPHQTOCEKÉP EWCPVKVCVKXC [ EWCNKVCVKXC TGURGEVQ FG FKXGTUQU VKRQU FG OCUCU FG CIWC .QU FCVQU
FGDGP WVKNK\CTUG RCTC GUVKOCT NC RTGEKRKVCEKÉP NQU TGEWTUQU FKURQPKDNGU FG CIWCU UWRGTHKEKCNGU [ FG
CIWCU UWDVGTT±PGCU [ NCU RQUKDKNKFCFGU FG CWOGPVCT GUVQU TGEWTUQU .QU RCÃUGU FGDGP TGXKUCT
HQTVCNGEGT [ EQQTFKPCT NQU CTTGINQU RCTC NC TGEQRKNCEKÉP FG FCVQU D±UKEQU FGDG OGLQTCTUG NC FGPUKFCF
FG NCU TGFGU FGDGP TGHQT\CTUG NQU OGECPKUOQU RCTC NC TGWPKÉP GNCDQTCEKÉP [ RWDNKECEKÉP FG FCVQU [
NQU CTTGINQU RCTC QDUGTXCT NC ECNKFCF FGN CIWC
%QP GUVG HKP UG TGEQOKGPFC SWG NQU RCÃUGU
C 'UVCDNG\ECP WP ÉTICPQ PCEKQPCN EQP CORNKCU TGURQPUCDKNKFCFGU TGURGEVQ FG NQU FCVQU UQDTG
TGEWTUQU JÃFTKEQU Q CUKIPGP NCU HWPEKQPGU GZKUVGPVGU GP WPC HQTOC O±U EQQTFKPCFC [
GUVCDNG\ECP DCPEQU FG FCVQU RCTC NC TGWPKÉP GNCDQTCEKÉP CNOCEGPCOKGPVQ [ FKHWUKÉP
UKUVGO±VKEQU FG FCVQU GP HQTOCVQU EQPXGPKFQU [ C KPVGTXCNQU GURGEKHKECFQU FG VKGORQ
D #ORNÃGP [ GZVKGPFCP NC TGF FG GUVCEKQPGU JKFTQNÉIKECU [ OGVGQTQNÉIKECU CFQRVCPFQ WPC
XKUKÉP C NCTIQ RNC\Q FG NCU PGEGUKFCFGU HWVWTCU UKIWKGPFQ GP NQ RQUKDNG NCU
TGEQOGPFCEKQPGU FG NQU QTICPKUOQU GURGEKCNK\CFQU FG NCU 0CEKQPGU 7PKFCU UQDTG
PQTOCNK\CEKÉP FG KPUVTWOGPVQU [ V¾EPKECU [ EQORCTCDKNKFCF FG FCVQU [ WVKNKEGP NCU UGTKGU
OGVGQTQNÉIKECU G JKFTQNÉIKECU GZKUVGPVGU RCTC GN GUVWFKQ FG NCU XCTKCEKQPGU GUVCEKQPCNGU [
CPWCNGU FGN ENKOC [ NQU TGEWTUQU JÃFTKEQU &KEJQU CP±NKUKU RQFTÃCP WVKNK\CTUG VCODK¾P GP NC
RNCPKHKECEKÉP [ FKUGÇQ FG TGFGU
E 'UVCDNG\ECP TGFGU FG QDUGTXCEKÉP [ EQPUQNKFGP NQU UKUVGOCU [ UGTXKEKQU GZKUVGPVGU RCTC NC
OGFKEKÉP [ GN TGIKUVTQ FG NCU XCTKCEKQPGU FG NC ECNKFCF [ GN PKXGN FG NCU CIWCU UWDVGTT±PGCU
QTICPKEGP NC TGWPKÉP FG VQFQU NQU FCVQU GZKUVGPVGU UQDTG NCU CIWCU UWDVGTT±PGCU RGTHKNGU FG
UQPFGQ GUVTWEVWTC IGQNÉIKEC ECTCEVGTÃUVKECU JKFTQIGQNÉIKECU GVE JCICP WP ÃPFKEG
UKUVGO±VKEQ FG VCNGU FCVQU [ VTCVGP FG TGCNK\CT WPC GXCNWCEKÉP EWCPVKVCVKXC RCTC FGVGTOKPCT
NC UKVWCEKÉP CEVWCN FG NQU EQPQEKOKGPVQU UQDTG GN VGOC [ UWU FGHKEKGPEKCU CWOGPVGP NC
DÐUSWGFC [ NC FGVGTOKPCEKÉP FG FKUVKPVQU VKRQU FG CEWÃHGTQU EQP WPC GXCNWCEKÉP FG UW
RQVGPEKCN [ FG NCU RQUKDKNKFCFGU FG TGECTIC
F 0QTOCNKEGP [ QTICPKEGP GP NC OGFKFC FG NQ RQUKDNG NC GNCDQTCEKÉP [ RWDNKECEKÉP FG FCVQU C
HKP FG OCPVGPGT CEVWCNK\CFCU NCU GUVCFÃUVKECU [ CRTQXGEJCT NCU QDUGTXCEKQPGU TGCNK\CFCU GP
GUVCEKQPGU GZRNQVCFCU RQT FKUVKPVCU KPUVKVWEKQPGU
∗
4GUWOGP FG TGEQOGPFCEKQPGU 'N VGZVQ EQORNGVQ FGN 2NCP FG #EEKÉP FG /CT FGN 2NCVC UG GPEWGPVTC FKURQPKDNG GP
0CEKQPGU 7PKFCU +PHQTOG FG NC %QPHGTGPEKC FG NCU 0CEKQPGU 7PKFCU UQDTG GN #IWC /CT FGN 2NCVC C FG OCT\Q FG '%10( 0WGXC ;QTM 07 RWDNKECEKÉP FG NCU 0CEKQPGU 7PKFCU PÐOGTQ FG XGPVC 5++#
G +PENW[CP NC EQPUKFGTCEKÉP FG NCU GPHGTOGFCFGU TGNCEKQPCFCU EQP GN CIWC EQOQ RCTVG
KPVGITCPVG FG NC GXCNWCEKÉP FG NQU TGEWTUQU JÃFTKEQU [ GZCOKPGP NCU KPVGTTGNCEKQPGU FG NC
ECNKFCF [ NC ECPVKFCF FGN CIWC [ FG NQU WUQU EQPGZQU FG NCU VKGTTCU
H 4GCNKEGP GXCNWCEKQPGU RGTKÉFKECU FG NQU TGEWTUQU FG CIWCU UWRGTHKEKCNGU [ UWDVGTT±PGCU
KPENWKFQU NC NNWXKC NC GXCRQTCEKÉP [ GN GUEWTTKOKGPVQ NQU NCIQU NCU NCIWPCU NQU INCEKCTGU [
ECORQU FG PKGXG VCPVQ RCTC NCU FKUVKPVCU EWGPECU EQOQ GP GN RNCPQ PCEKQPCN C HKP FG
FGVGTOKPCT WP RTQITCOC FG KPXGUVKICEKQPGU RCTC GN HWVWTQ GP TGNCEKÉP EQP NCU PGEGUKFCFGU
FG FGUCTTQNNQ KPVGPUKHKSWGP NQU RTQITCOCU SWG [C GUV±P GP OCTEJC [ HQTOWNGP PWGXQU
RTQITCOCU EWCPFQ UG PGEGUKVGP
I 5WOKPKUVTGP NQU OGFKQU PGEGUCTKQU RCTC SWG NQU OGECPKUOQU PCEKQPCNGU CUÃ GUVCDNGEKFQU
WUGP UGIÐP EQPXGPIC VGEPQNQIÃCU OQFGTPCU VGNGQDUGTXCEKÉP O¾VQFQU PWENGCTGU
V¾EPKECU IGQHÃUKECU OQFGNQU CPCNÉIKEQU [ OCVGO±VKEQU GP NC TGWPKÉP TGEWRGTCEKÉP [
GNCDQTCEKÉP FG FCVQU UQDTG NC ECPVKFCF Q NC ECNKFCF FG NQU TGEWTUQU JÃFTKEQU CWPSWG NQU
O¾VQFQU OCPWCNGU FG GNCDQTCEKÉP FG FCVQU RWGFGP UCVKUHCEGT CÐP NCU UKORNGU PGEGUKFCFGU
FG RGSWGÇCU EQORKNCEKQPGU RWGFG UGT PGEGUCTKQ KORNCPVCT FKXGTUQU ITCFQU FG
CWVQOCVK\CEKÉP SWG EQORTGPFCP FGUFG RGSWGÇCU O±SWKPCU FG VCTLGVCU RGTHQTCFCU JCUVC
ITCPFGU UKUVGOCU GNGEVTÉPKEQU FG EQORWVCEKÉP
J 0QTOCNKEGP NCU V¾EPKECU [ NQU KPUVTWOGPVQU FG OGFKEKÉP [ CWVQOCVKEGP NCU GUVCEKQPGU
UGIÐP UGC PGEGUCTKQ FGDGT±P WVKNK\CTUG NCU PQTOCU [ TGEQOGPFCEKQPGU KPVGTPCEKQPCNGU
CRTQDCFCU RQT NQU IQDKGTPQU GP NCU FKXGTUCU QTICPK\CEKQPGU KPVGTPCEKQPCNGU
K #RQ[GP [ HQOGPVGP NCU EQPVTKDWEKQPGU PCEKQPCNGU C NQU RTQITCOCU TGIKQPCNGU G
KPVGTPCEKQPCNGU FG GUVWFKQU JKFTQNÉIKEQU RQT GLGORNQ GN 2TQITCOC *KFTQNÉIKEQ +PVGTPCEKQPCN
[ GN 2TQITCOC *KFTQNÉIKEQ 1RGTCEKQPCN
L %QQRGTGP GP NC EQQTFKPCEKÉP TGWPKÉP G KPVGTECODKQ FG FCVQU RGTVKPGPVGU EWCPFQ UG VTCVG
FG TGEWTUQU EQORCTVKFQU
M #UKIPGP TGEWTUQU HKPCPEKGTQU EQPUKFGTCDNGOGPVG OC[QTGU RCTC CEVKXKFCFGU TGNCEKQPCFCU EQP
NC GXCNWCEKÉP FG NQU TGEWTUQU JÃFTKEQU [ RCTC GUVCDNGEGT Q HQTVCNGEGT NCU KPUVKVWEKQPGU [
UGTXKEKQU EQPGZQU UGIÐP UGC PGEGUCTKQ
N 'UVCDNG\ECP Q TGHWGTEGP RTQITCOCU [ OGFKQU FG ECRCEKVCEKÉP RCTC OGVGQTÉNQIQU
JKFTÉNQIQU G JKFTQIGÉNQIQU GP NQU PKXGNGU RTQHGUKQPCN [ UWDRTQHGUKQPCN
O 2TGRCTGP WP KPXGPVCTKQ FG NCU CIWCU OKPGTCNGU [ VGTOCNGU GP NQU FKHGTGPVGU RCÃUGU SWG
RQUGGP VCNGU TGEWTUQU RCTC GUVWFKCT [ FGUCTTQNNCT UW RQVGPEKCN KPFWUVTKCN CFGO±U FG NCU
RQUKDKNKFCFGU FG WUCTNCU EQOQ DCNPGCTKQU
P &GUCTTQNNGP O¾VQFQU RCTC GUVKOCT NQU TGEWTUQU JÃFTKEQU FKURQPKDNGU RQT OGFKQ FG
QDUGTXCEKQPGU CGTQNÉIKECU RCTC ECNEWNCT GN DCNCPEG JÃFTKEQ CVOQUH¾TKEQ GP NCU ITCPFGU
EWGPECU HNWXKCNGU NQU TÃQU [ NQU EQPVKPGPVGU
Q #FQRVGP OGFKFCU RCTC SWG NQU FCVQU JKFTQNÉIKEQU FKURQPKDNGU UQDTG NCU CIWCU UWRGTHKEKCNGU
[ UWDVGTT±PGCU UGCP GUVWFKCFQU [ CPCNK\CFQU RQT GSWKRQU OWNVKFKUEKRNKPCTKQU C HKP FG SWG
UWOKPKUVTGP KPHQTOCEKÉP CFGEWCFC RCTC NQU HKPGU FG NC RNCPKHKECEKÉP
R +PENW[CP GN FGUCTTQNNQ FG O¾VQFQU FG RTQPÉUVKEQ EQOQ RCTVG FG NC GXCNWCEKÉP EWCPVKVCVKXC [
EWCNKVCVKXC GP RCTVKEWNCT GP NQU RCÃUGU GP FGUCTTQNNQ
S +PENW[CP O¾VQFQU GHKECEGU FG CFQREKÉP FG FGEKUKQPGU UQDTG NC QTFGPCEKÉP FG NC ECNKFCF FGN
CIWC DCUCFQU GP V¾EPKECU FG TGIWNCEKÉP PCVWTCN FG NC ECNKFCF FGN CIWC SWG UG JWDKGUGP
RTQDCFQ GP NC RT±EVKEC
T 6GPICP GP EWGPVC NCU ECTCEVGTÃUVKECU [ EQPFKEKQPGU PCEKQPCNGU RCTVKEWNCTGU FG FKHGTGPVGU
RCÃUGU CN GXCNWCT NC ECNKFCF FGN CIWC [ GUVCDNGEGT ETKVGTKQU FG ECNKFCF FGN CIWC
$'HKEKGPEKCGPNCWVKNK\CEKÉPFGNCIWC
'P OWEJCU TGIKQPGU FGN OWPFQ GN CIWC UG FGURGTFKEKC Q UG WVKNK\C GP GZEGUQ FG NCU PGEGUKFCFGU
TGCNGU (TGEWGPVGOGPVG GN CIWC PQ UG WVKNK\C GP HQTOC GHKEKGPVG RCTC HKPQU CITÃEQNCU C ECWUC FG NCU
R¾TFKFCU UWHTKFCU GP VT±PUKVQ FG NQU UKUVGOCU FG TKGIQ KPEQPXGPKGPVGU Q FG NC HCNVC FG EQQTFKPCEKÉP
KPUVKVWEKQPCN 2WGUVQ SWG GN TKGIQ GU GN WUQ RTKPEKRCN FGN CIWC GP OWEJQU RCÃUGU [ FCFQ SWG GN CIWC [
NC VKGTTC CRVCU RCTC GN EWNVKXQ UG JCEGP ECFC XG\ O±U GUECUCU JC[ GURGEKCN PGEGUKFCF FG NQITCT OC[QT
GHKEKGPEKC GP NC WVKNK\CEKÉP FG CODQU TGEWTUQU #N OKUOQ VKGORQ GP CNIWPCU TGIKQPGU JC[ WPC
PGEGUKFCF KORGTKQUC FG CWOGPVCT GN VQVCN FG NC RTQFWEEKÉP [ NC RTQFWEVKXKFCF CITÃEQNCU RCTC
KPETGOGPVCT NC RTQFWEEKÉP FG CNKOGPVQU #FGO±U WPC CORNKC RTQRQTEKÉP FG NC RQDNCEKÉP OWPFKCN PQ
EWGPVC EQP CEEGUQ TC\QPCDNG CN CDCUVGEKOKGPVQ FG CIWC CRVC RCTC GN EQPUWOQ [ ECTGEG FG
KPUVCNCEKQPGU JKIK¾PKECU RCTC NC GNKOKPCEKÉP FG FGUGEJQU 'P NCU \QPCU WTDCPCU G KPFWUVTKCNGU GN
UWOKPKUVTQ FG KPUVCNCEKQPGU [ UGTXKEKQU CFGEWCFQU RCTC GN VTCVCOKGPVQ FG FGUGEJQU IGPGTCNOGPVG GUV±
C NC \CIC FGN UWOKPKUVTQ FG TGEWTUQU JÃFTKEQU EQP NQU RTQDNGOCU EQPUKIWKGPVGU GP NC HKUECNK\CEKÉP FG
NC ECNKFCF FGN CIWC 'P OWEJCU RCTVGU FGN OWPFQ UG JC FGUCTTQNNCFQ UQNCOGPVG WPC RGSWGÇC RCTVG FGN
RQVGPEKCN FG GPGTIÃC JKFTQGN¾EVTKEC CWPSWG NC WVKNK\CEKÉP FG GUVQU TGEWTUQU GP OWEJQU ECUQU RWGFG
RCTGEGT RTQOGVGFQTC EQOQ TGUWNVCFQ FG NC UKVWCEKÉP OWPFKCN FG NC GPGTIÃC 'N CWOGPVQ FG NC
RQDNCEKÉP GZKIG CFGO±U \QPCU FG TGETGQ [ RGUSWGTÃCU ECFC XG\ O±U CORNKCU 'P OWEJCU TGIKQPGU NQU
TÃQU VCODK¾P EQPUVKVW[GP WPQ FG NQU RTKPEKRCNGU OGFKQU FG EQOWPKECEKÉP [ UG FGDGP FGUCTTQNNCT NCU
RQUKDKNKFCFGU FGN VTCPURQTVG RQT CIWCU KPVGTKQTGU &GDG TGEQPQEGTUG NC KORQTVCPEKC SWG RCTC GN
UWOKPKUVTQ FG RTQVGÃPCU TGXKUVGP NQU TGEWTUQU FG CIWCU KPVGTKQTGU GP TGNCEKÉP EQP NC RTQFWEEKÉP FG
CNKOGPVQU
+PUVTWOGPVQU RCTC OGLQTCT NC GHKEKGPEKC GP NC WVKNK\CEKÉP FGN CIWC
%QOQ GN CIWC GU WP TGEWTUQ NKOKVCFQ [ XCNKQUQ EW[Q FGUCTTQNNQ GZKIG ITCPFGU KPXGTUKQPGU UW
WVKNK\CEKÉP FGDG UGT GHKEKGPVG [ CUGIWTCT GN PKXGN O±U GNGXCFQ RQUKDNG FG DKGPGUVCT PCEKQPCN
5G FGDG RTGRCTCT NGIKUNCEKÉP GHKEC\ RCTC RTQOQXGT NC WVKNK\CEKÉP GHKEKGPVG [ GSWKVCVKXC [ NC
RTQVGEEKÉP FGN CIWC [ FG NQU GEQUKUVGOCU TGNCEKQPCFQU EQP GNNC 5G FGDGP WVKNK\CT NC HKLCEKÉP FG
RTGEKQU [ QVTQU KPEGPVKXQU GEQPÉOKEQU RCTC RTQOQXGT NC WVKNK\CEKÉP GHKEKGPVG [ GSWKVCVKXC FGN CIWC
%QP GUG QDLGVQ UG TGEQOKGPFC SWG NCU KPUVKVWEKQPGU PCEKQPCNGU FG QTFGPCEKÉP FG NQU TGEWTUQU
JÃFTKEQU
C 4GCNKEGP GUVWFKQU FG KPXGUVKICEKÉP UQDTG NCU ECPVKFCFGU FG CIWC SWG WVKNK\CP CEVWCNOGPVG [
SWG RQFTÃCP WVKNK\CT NQU FKXGTUQU UGEVQTGU [ HQOGPVGP NC CRNKECEKÉP GHGEVKXC FG NQU
TGUWNVCFQU FG FKEJQU GUVWFKQU
D %TGGP KPEGPVKXQU RCTC CWOGPVCT NC GHKEKGPEKC GP NC WVKNK\CEKÉP FGN CIWC EQOQ RQT GLGORNQ
NC CUKUVGPEKC HKPCPEKGTC FG NQU IQDKGTPQU Q ET¾FKVQU RCTC NC CFQREKÉP FG PWGXCU VGEPQNQIÃCU
G KPVTQFW\ECP EWCPFQ EQTTGURQPFC GUECNCU FG VCTKHCU SWG TGHNGLGP GN EQUVQ GEQPÉOKEQ TGCN
FGN CIWC Q SWG CUGIWTGP GN ECT±EVGT TCEKQPCN FG NQU UWDUKFKQU FGPVTQ FGN OCTEQ FG WPC
CEGTVCFC RQNÃVKEC GP OCVGTKC FG TGEWTUQU JÃFTKEQU
E 'NCDQTGP RTQEGFKOKGPVQU EQPXGPKGPVGU TGNCVKXQU C O¾VQFQU GEQPÉOKEQU RCTC NC TGWVKNK\CEKÉP
[ GN TGEKENCLG FGN CIWC [ EWCPFQ EQTTGURQPFC KORNCPVGP UKUVGOCU JÃFTKEQU FQDNGU RCTC
EQPUWOQ JWOCPQ [ QVTQU WUQU
F #RNKSWGP OGFKFCU RWPKVKXCU ENCTCU RCTC HQOGPVCT NC TGFWEEKÉP Q GNKOKPCEKÉP FGN XGTVKOKGPVQ
FG EQPVCOKPCPVGU SWG PQ UG CLWUVGP C NCU PQTOCU [ RTGXGCP CVTKDWEKQPGU CFGEWCFCU RCTC
FCT CRNKECEKÉP C OGFKFCU FKUWCUKXCU [ RGPCNKFCFGU
G 2TQOWGXCP [ FGUCTTQNNGP RQT OGFKQ FG KPEGPVKXQU EQPXGPKGPVGU [ RQNÃVKECU CFGEWCFCU NC
GHKEKGPEKC FG NQU UKUVGOCU FG RWTKHKECEKÉP FG CIWCU FG FGUGEJQ [ NC CFQREKÉP FG
VGEPQNQIÃCU OGPQU EQPVCOKPCPVGU
H #FQRVGP OGFKFCU FGUVKPCFCU C HQOGPVCT GP CEVKXKFCFGU RTQFWEVKXCU NC WVKNK\CEKÉP FG
VGEPQNQIÃCU SWG EQPUWOCP RQEC CIWC Q SWG NC TGWVKNKEGP
I %QOQ GN CIWC GU WP TGEWTUQ XCNKQUQ [ GUECUQ GUVCDNG\ECP RQNÃVKECU CFOKPKUVTCVKXCU
FGNKDGTCFCU EQOQ NC OGFKEKÉP FG NQU UWOKPKUVTQU NC EQPEGUKÉP FG CWVQTK\CEKÉP RCTC NCU
FGTKXCEKQPGU NC KORQUKEKÉP FG VCTKHCU RCTC GN CIWC [ FG RGPCNKFCFGU RQT CEVQU FG
FGURGTFKEKQ [ FG EQPVCOKPCEKÉP
J (QOGPVGP GN GORNGQ FG CUQEKCEKQPGU FG WUWCTKQU FG CIWC Q FG QVTCU QTICPK\CEKQPGU NQECNGU
RCTC UWUEKVCT WP UGPVKFQ FG TGURQPUCDKNKFCF EQNGEVKXC GP GN RTQEGUQ FG CFQREKÉP FG
FGEKUKQPGU TGURGEVQ FG NC RTQITCOCEKÉP NC HKPCPEKCEKÉP [ GN EWKFCFQ GP GN WUQ FGN CIWC
K 7VKNKEGP RTQITCOCU GUEQNCTGU [ VQFQU NQU OGFKQU FG KPHQTOCEKÉP RÐDNKEC RCTC FKHWPFKT
KPHQTOCEKÉP TGNCVKXC C NCU DWGPCU RT±EVKECU FG WVKNK\CEKÉP FGN CIWC
'HKEKGPEKC [ GHKECEKC GP NC TGIWNCEKÉP [ NC FKUVTKDWEKÉP FGN TGEWTUQ
.QU OGECPKUOQU PCEKQPCNGU FG CFOKPKUVTCEKÉP FG NQU TGEWTUQU JÃFTKEQU FGDGP CFQRVCT NCU OGLQTGU
OGFKFCU RQUKDNGU RCTC OGLQTCT NQU UKUVGOCU GZKUVGPVGU [ CRNKECT GP NC HQTOC O±U GHKEKGPVG NCU
OGLQTGU V¾EPKECU FKURQPKDNGU RCTC NC RNCPKHKECEKÉP [ GN FKUGÇQ FG NQU UKUVGOCU FG EQPUGTXCEKÉP [
FKUVTKDWEKÉP [ FGDGP CVGPFGT C NC EQPUGTXCEKÉP GN EQPVTQN [ GN HWPEKQPCOKGPVQ EQPXGPKGPVGU FG NQU
UKUVGOCU FG FKUVTKDWEKÉP FGUVKPCFQU C CWOGPVCT NC GHKEKGPEKC C PKXGN PCEKQPCN TGIKQPCN [ TWTCN
%QP GUVG QDLGVQ UG TGEQOKGPFC SWG
C 5G CFQRVGP OGFKFCU RCTC WVKNK\CT NQU CEWÃHGTQU UWDVGTT±PGQU GP HQTOC FG UKUVGOCU
EQNGEVKXQU G KPVGITCFQU EWCPFQ UGC RQUKDNG [ ÐVKN VGPKGPFQ GP EWGPVC NC TGIWNCEKÉP [ NC
WVKNK\CEKÉP FG NQU TGEWTUQU JÃFTKEQU UWRGTHKEKCNGU %QP GNNQ UGT± RQUKDNG GZRNQVCT NQU CEWÃHGTQU
UWDVGTT±PGQU JCUVC UWU NÃOKVGU HÃUKEQU RTQVGIGT NCU HWGPVGU [ NCU CIWCU UWDVGTT±PGCU EQPVTC
NC GZVTCEEKÉP GZEGUKXC [ NC UCNKPKFCF CUÃ EQOQ CUGIWTCT NC FKUVTKDWEKÉP CRTQRKCFC FG NQU
TGEWTUQU
D 'P NQU GUVWFKQU UG KPXGUVKIWG GN RQVGPEKCN FG NCU EWGPECU FG CIWCU UWDVGTT±PGCU NC
WVKNK\CEKÉP FG CEWÃHGTQU EQOQ UKUVGOCU FG CNOCEGPCOKGPVQ [ FKUVTKDWEKÉP [ GN WUQ EQPLWPVQ
FG TGEWTUQU UWRGTHKEKCNGU [ UWDVGTT±PGQU RCTC OCZKOK\CT NC GHKECEKC [ NC GHKEKGPEKC
E 5G CRNKSWGP GN CP±NKUKU FG UKUVGOCU [ NCU V¾EPKECU FG OQFGNQU C HKP FG OGLQTCT NC GHKEKGPEKC
[ NC GHKECEKC FGN CNOCEGPCOKGPVQ [ FG NQU UKUVGOCU FG FKUVTKDWEKÉP
F 'P NQU GUVWFKQU UG KPXGUVKIWG CFGO±U NC RQUKDKNKFCF FG VTCURCUCT CIWC GPVTG FKUVKPVCU
EWGPECU [ SWG UG RTGUVG GURGEKCN CVGPEKÉP C NQU GUVWFKQU FG NQU GHGEVQU UQDTG GN OGFKQ
CODKGPVG
G 5G CFQRVGP OGFKFCU RCTC NQITCT NC RNCPKHKECEKÉP UKUVGO±VKEC FG NC FKUVTKDWEKÉP FGN CIWC
GPVTG NQU FKUVKPVQU WUWCTKQU EQOQ TGSWKUKVQ RTGXKQ C NC WVKNK\CEKÉP RNGPC [ TCEKQPCN FGN
XQNWOGP FG CIWC FKURQPKDNG RCTC NC GZRNQVCEKÉP
H 5G TGHWGTEGP NQU RTQITCOCU RCTC NC FKHWUKÉP FG NC KPHQTOCEKÉP [ NCU GZRGTKGPEKCU
FKURQPKDNGU
I 5G GHGEVÐGP GUVWFKQU RCTC FGVGTOKPCT JCUVC SW¾ RWPVQ NQU PWGXQU GHNWGPVGU IGPGTCFQU RQT
NCU PWGXCU FGOCPFCU TGFWEKT±P GHGEVKXCOGPVG NC GUECNC FGN FGUCTTQNNQ RTQ[GEVCFQ FG NQU
TGEWTUQU
/GFKEKÉP [ RTQ[GEEKQPGU FG NC FGOCPFC FG CIWC
'P OWEJQU RCÃUGU PQ UG GUV±P JCEKGPFQ OGFKEKQPGU UKUVGO±VKECU EQP HKPGU FG RNCPKHKECEKÉP TGURGEVQ
FGN WUQ [ GN EQPUWOQ FGN CIWC RQT UGEVQTGU .C HCNVC FG GUVC KPHQTOCEKÉP JC QDUVCEWNK\CFQ GN WUQ FG
O¾VQFQU O±U RGTHGEEKQPCFQU RCTC GUVKOCT NCU PGEGUKFCFGU HWVWTCU %WCPFQ UG JCP JGEJQ
RTQ[GEEKQPGU ¾UVCU PQ UG JCP DCUCFQ GP PQTOCU WPKHQTOGU PK GP OGVQFQNQIÃCU EQORCTCDNGU
# HKP FG RTQ[GEVCT NCU HWVWTCU PGEGUKFCFGU FG CIWC GU EQPXGPKGPVG FKURQPGT FG FCVQU UQDTG GN
WUQ GN EQPUWOQ [ NC ECNKFCF RQT VKRQ FG WUWCTKQ [ VCODK¾P FG NC KPHQTOCEKÉP PGEGUCTKC RCTC GUVKOCT
GN GHGEVQ FG NC CRNKECEKÉP FG FKHGTGPVGU KPUVTWOGPVQU FG RQNÃVKEC VCTKHCU KORWGUVQU GVE RCTC GLGTEGT
KPHNWGPEKC UQDTG NQU FKXGTUQU UGEVQTGU FG FGOCPFC .C FGOCPFC FG CIWC RCTC FKHGTGPVGU RTQRÉUKVQU
FGDG UGT GUVKOCFC GP FKHGTGPVGU RGTÃQFQU FG VKGORQ FG EQPHQTOKFCF EQP NQU QDLGVKXQU FG FGUCTTQNNQ
PCEKQPCN RCTC UWOKPKUVTCT NC DCUG [ NC RGTURGEVKXC RCTC GN FGUCTTQNNQ RNCPKHKECFQU FG NQU TGEWTUQU
FKURQPKDNGU FG CIWC
%QP GUVG HKP UG TGEQOKGPFC SWG NQU ÉTICPQU PCEKQPCNGU GPECTICFQU FG NC QTFGPCEKÉP FG NQU
TGEWTUQU JÃFTKEQU
C +PKEKGP OGFKFCU GPECOKPCFCU C GUVKOCT NC FGOCPFC FG CIWC RCTC FKHGTGPVGU RTQRÉUKVQU RQT
GLGORNQ CDCUVGEKOKGPVQ FG CIWC C NC EQOWPKFCF NC CITKEWNVWTC NC KPFWUVTKC
JKFTQGNGEVTKEKFCF GVE
D %WKFGP FG SWG NCU GUVCFÃUVKECU UQDTG GN WUQ [ GN EQPUWOQ FGN CIWC UG QTICPKEGP OGLQTGP [
CORNÃGP UQDTG NC DCUG FG NCU RTGRCTCFCU RQT NQU UGTXKEKQU GZKUVGPVGU EQORNGOGPVCFCU RQT
EGPUQU GPEWGUVCU GVE NQU EGPUQU UQDTG CEVKXKFCFGU RTQFWEVKXCU FGDGP KPENWKT
KPHQTOCEKÉP UQDTG GN XQNWOGP FG CIWC WVKNK\CFC HWGPVGU FG UWOKPKUVTQ EQGHKEKGPVGU FG
TGWVKNK\CEKÉP [ FCVQU UQDTG NC ECNKFCF
E +FGPVKHKSWGP NCU OGVCU SWG JCP FG CNECP\CTUG GP FKHGTGPVGU RGTÃQFQU FG VKGORQ VQOCPFQ GP
EQPUKFGTCEKÉP GN ETGEKOKGPVQ FGOQIT±HKEQ RTGXKUVQ [ NCU RTKQTKFCFGU SWG JCP FG CUKIPCTUG
GP EWGUVKQPGU VCNGU EQOQ GN PÐOGTQ FG RGTUQPCU C NCU SWG UG JC FG RTQRQTEKQPCT WP
CEEGUQ TC\QPCDNG C WP UWOKPKUVTQ FG CIWC UCNWDTG NCU UWRGTHKEKGU FG FKHGTGPVGU EWNVKXQU
SWG UG JCP FG TGICT [ NC RTQFWEEKÉP GURGEÃHKEC RQT XQNWOGP WPKVCTKQ FG CIWC [ NCU
WPKFCFGU FG GPGTIÃC JKFTQGN¾EVTKEC SWG UG JCP FG KPUVCNCT RCTC UCVKUHCEGT NC FGOCPFC
RTGXKUVC
F 6TCVGP GP NC OGFKFC FG NQ HCEVKDNG FG CFQRVCT NCU PQTOCU [ OGVQFQNQIÃCU TGEQOGPFCFCU
RQT NCU 0CEKQPGU 7PKFCU CN JCEGT GUCU RTQ[GEEKQPGU FG NC FGOCPFC
G $CUGP UW RTQEGFKOKGPVQ RCTC GUVKOCT NC FGOCPFC C NCTIQ RNC\Q GP GN WUQ FG OGVQFQNQIÃCU
SWG GORNGGP OQFGNQU GP NQU SWG UG KPENW[CP NCU XCTKCDNGU FG RQDNCEKÉP [ WDKECEKÉP FG NC
RQDNCEKÉP 'P GUVG EQPVGZVQ NQU RCÃUGU VCODK¾P FGDGP VGPGT GP EWGPVC WPC GXCNWCEKÉP FG
NC FGOCPFC IGPGTCN FG NC RQDNCEKÉP FG DKGPGU [ UGTXKEKQU D±UKEQU SWG GPVTCÇCP EQPUWOQ FG
CIWC
H %QPUKFGTGP C NC EQPUGTXCEKÉP EQOQ WPC RQNÃVKEC GZRNÃEKVC VGPKGPFQ RTGUGPVG NQU ECODKQU GP
NC FGOCPFC NCU RT±EVKECU GP NC WVKNK\CEKÉP FGN CIWC NQU GUVKNQU FG XKFC [ NCU OQFCNKFCFGU FG
NQU CUGPVCOKGPVQU
I 'NCDQTGP WPC OGVQFQNQIÃC CFGEWCFC RCTC NC IGUVKÉP FG NC FGOCPFC WVKNK\CPFQ EQPEGRVQU
CRTQRKCFQU EQOQ NQU ÃPFKEGU FG TKGUIQU
5KUVGOCU RÐDNKEQU FG UWOKPKUVTQ FG CIWC [ GNKOKPCEKÉP FG FGUGEJQU
%QP QDLGVQ FG NNGXCT C NC RTCEVKEC NC TGEQOGPFCEKÉP FG *±DKVCV %QPHGTGPEKC FG NCU 0CEKQPGU 7PKFCU
UQDTG NQU #UGPVCOKGPVQU *WOCPQU GN FGEGPKQ FGDGTÃC UGT NNCOCFQ &GEGPKQ
+PVGTPCEKQPCN FGN #IWC 2QVCDNG [ FGN 5CPGCOKGPVQ #ODKGPVCN 'UVC CRNKECEKÉP GZKIKT± WP GUHWGT\Q
EQPEGTVCFQ FG NQU RCÃUGU [ FG NC EQOWPKFCF KPVGTPCEKQPCN C HKP FG RTQRQTEKQPCT WP UWOKPKUVTQ HKCDNG
FG CIWC RQVCDNG [ TGURQPFGT C NCU GZKIGPEKCU D±UKECU GP OCVGTKC FG UCPGCOKGPVQ FG VQFCU NCU
EQNGEVKXKFCFGU WTDCPCU [ TWTCNGU GP HWPEKÉP FG QDLGVKXQU EQPETGVQU SWG GUVCDNGEGT± ECFC RCÃU
VGPKGPFQ GP EWGPVC UW UKVWCEKÉP UCPKVCTKC UQEKCN [ GEQPÉOKEC
# GUVG HKP UG TGEQOKGPFC SWG NQU RCÃUGU
C (KLGP QDLGVKXQU GP OCVGTKC FG UWOKPKUVTQ FG CIWC C NC EQOWPKFCF [ FG GNKOKPCEKÉP FG
FGUGEJQU [ HQTOWNGP RTQITCOCU EQPETGVQU FG CEEKÉP RCTC EWORNKTNQU GXCNWCPFQ C
KPVGTXCNQU TGIWNCTGU NQU RTQITGUQU TGCNK\CFQU
D (KLGP PQTOCU FG ECNKFCF [ ECPVKFCF EQORCVKDNGU EQP NC UCNWF RÐDNKEC [ EQP NCU OGFKFCU
RQNÃVKECU GEQPÉOKECU [ UQEKCNGU FG NQU IQDKGTPQU [ CUGIWTGP OGFKCPVG OGFKFCU
CRTQRKCFCU FGDKFCOGPVG CRNKECFCU SWG GUCU PQTOCU UGCP TGURGVCFCU
E #UGIWTGP NC EQQTFKPCEKÉP FG NC RNCPKHKECEKÉP FGN UWOKPKUVTQ FG CIWC C NC EQOWPKFCF [ FG NC
GNKOKPCEKÉP FG FGUGEJQU EQP NC RNCPKHKECEKÉP [ RQNÃVKECU IGPGTCNGU TGNCEKQPCFCU EQP GN CIWC
CUÃ EQOQ EQP GN FGUCTTQNNQ GEQPÉOKEQ INQDCN
F #FQRVGP OGFKFCU RCTC NC OQXKNK\CEKÉP FG NQU WUWCTKQU [ NC OCPQ FG QDTC NQECN RCTC NC
RNCPKHKECEKÉP HKPCPEKCEKÉP EQPUVTWEEKÉP HWPEKQPCOKGPVQ [ EQPUGTXCEKÉP FG NCU TGFGU FG
FKUVTKDWEKÉP FG CIWC RQVCDNG [ NC GNKOKPCEKÉP FG CIWCU PGITCU
G 'ZCOKPGP OKPWEKQUCOGPVG NCU FKURCTKFCFGU FG NC ECNKFCF FGN CIWC RQVCDNG [ FG NQU UGTXKEKQU
FG CNECPVCTKNNCFQ GPVTG NQU FKXGTUQU UGEVQTGU FG NC RQDNCEKÉP 'P NC OGFKFC FG NQ RQUKDNG
GUVCDNG\ECP RTQITCOCU RCTC UCVKUHCEGT EWCPVQ CPVGU NCU PGEGUKFCFGU D±UKECU FG VQFCU NCU
EQOWPKFCFGU [ CRNCEGP GP IGPGTCN NC RTGUVCEKÉP FG OGLQTGU UGTXKEKQU RCTC WPC GVCRC
RQUVGTKQT &GDGTÃC FCTUG RTKQTKFCF CN UWOKPKUVTQ FG CIWC RQVCDNG [ C NQU UGTXKEKQU FG
CNECPVCTKNNCFQ GP CSWGNNCU \QPCU FQPFG NC ECNKFCF [ ECPVKFCF FG CIWC UWOKPKUVTCFC GU
KPUWHKEKGPVG RQT GLGORNQ GP NCU \QPCU TWTCNGU [ GP NCU \QPCU UWDWTDCPCU JCDKVCFCU RQT
RGTUQPCU FG DCLQU KPITGUQU
H .QITGP SWG NC CUKIPCEKÉP FG HQPFQU FG QVTQU TGEWTUQU [ FG VQFCU NCU HQTOCP FG GUVÃOWNQ
GEQPÉOKEQ EQOQ RCTVG FG NQU RTQITCOCU EQNGEVKXQU FG FKUVTKDWEKÉP FG CIWC C NC EQOWPKFCF
[ UCPGCOKGPVQ TGHNGLGP NC WTIGPEKC FG NCU PGEGUKFCFGU [ NC RTQRQTEKÉP FG NC RQDNCEKÉP
CHGEVCFC
I (CEKNKVGP NC EQPUVTWEEKÉP FG KPUVCNCEKQPGU QVQTICPFQ RT¾UVCOQU C DCLQ KPVGT¾U Q
UWDXGPEKQPGU C NCU EQNGEVKXKFCFGU [ C QVTCU KPUVKVWEKQPGU SWG UG QEWRCP FGN UWOKPKUVTQ FG
CIWC [ FGN UCPGCOKGPVQ
J 2TQRQTEKQPGP EWCPFQ UGCP PGEGUCTKQU OGFKQU CFKEKQPCNGU RCTC NC RGTHQTCEKÉP FG RQ\QU W
QVTQU GSWKRQU RCTC GN UWOKPKUVTQ NQECN FG CIWC RQVCDNG
K 'ZCOKPGP NC KPHTCGUVTWEVWTC QTI±PKEC FG NQU UGTXKEKQU FG UWOKPKUVTQ FG CIWC C NC EQOWPKFCF
[ FG UCPGCOKGPVQ [ EWCPFQ UG EQPUKFGTG CFGEWCFQ GUVCDNG\EC WP FGRCTVCOGPVQ UGRCTCFQ
EQP GUVG HKP
L 'NCDQTGP RNCPGU C NCTIQ RNC\Q [ RTQ[GEVQU EQPETGVQU EQP GZRQUKEKQPGU FGVCNNCFCU FG
EQPUGEWGPEKCU HKPCPEKGTCU
M &GUCTTQNNGP WP UKUVGOC FG HKPCPEKCEKÉP SWG RGTOKVC WVKNK\CT NQU TGEWTUQU PGEGUCTKQU RCTC NC
CRNKECEKÉP FGN RTQITCOC PCEKQPCN FG UWOKPKUVTQ FG CIWC [ FG UCPGCOKGPVQ CUÃ EQOQ GN
HWPEKQPCOKGPVQ [ OCPVGPKOKGPVQ FG FKEJQU UGTXKEKQU EQOQ RQT GLGORNQ WP UKUVGOC FG
HQPFQ FG QRGTCEKQPGU RCTC ICTCPVK\CT NC HKPCPEKCEKÉP EQPVKPWC FG NC GLGEWEKÉP FG NQU
RTQITCOCU C NCTIQ RNC\Q 'UG UKUVGOC FGDGT± EQORGPUCT NCU FKHGTGPEKCU FG EQUVQ FG
RTQFWEEKÉP [ GP ECRCEKFCF FG RCIQ
N 2TGUVGP CUKUVGPEKC OWVWC GP NC VTCPUHGTGPEKC [ CRNKECEKÉP FG VGEPQNQIÃCU TGNCEKQPCFCU EQP
FKEJQU RTQITCOCU
O 'LGEWVGP RTQITCOCU RÐDNKEQU GURGEKCNGU FG UWOKPKUVTQ FG CIWC [ FG GNKOKPCEKÉP FG
FGUGEJQU C PKXGN PCEKQPCN Q TGIKQPCN Q EQOQ GORTGUCU UKP HKPGU FG NWETQ EQOQ RQT
GLGORNQ CUQEKCEKQPGU FG WUWCTKQU EWCPFQ NQU TGEWTUQU NQECNGU PQ RGTOKVCP CNECP\CT NQU
QDLGVKXQU FGUGCFQU
P 7VKNKEGP KPEGPVKXQU GP OCVGTKC FG RTGEKQU [ FG QVTC ÃPFQNG SWG GUVKOWNGP NC GHKEKGPVG
WVKNK\CEKÉP FG CIWC [ NC TGFWEEKÉP FG NCU CIWCU FG FGUGEJQ VGPKGPFQ CN OKUOQ VKGORQ
FGDKFCOGPVG GP EWGPVC NQU QDLGVKXQU UQEKCNGU
Q 2TQEWTGP RTQOQXGT GP NCU \QPCU TWTCNGU FG GUECUC FGPUKFCF FG RQDNCEKÉP FQPFG TGUWNVCTC
ÐVKN UKUVGOCU KPFKXKFWCNGU FG UWOKPKUVTQ FG CIWC [ FG GXCEWCEKÉP FG NCU CIWCU FG FGUGEJQ
VGPKGPFQ GP EWGPVC NCU GZKIGPEKCU FG ECT±EVGT UCPKVCTKQ
R .NGXGP C ECDQ RTQITCOCU FG GFWECEKÉP UCPKVCTKC RCTCNGNCOGPVG EQP GN FGUCTTQNNQ [ GN
UWOKPKUVTQ FG CIWC [ FGN UCPGCOKGPVQ C HKP FG CUGIWTCT SWG NCU RQDNCEKQPGU EQORTGPFCP
FGDKFCOGPVG UW KORQTVCPEKC RCTC NC UCNWF
S 'UVCDNG\ECP C PKXGN PCEKQPCN RTQITCOCU FG HQTOCEKÉP RCTC TGURQPFGT C NCU PGEGUKFCFGU
KPOGFKCVCU [ HWVWTCU FG RGTUQPCN FG UWRGTXKUKÉP
T 2TQRQTEKQPGP KPXGPVCTKQU FG NCU HWGPVGU FG CDCUVGEKOKGPVQ FG CIWC [ CFQRVGP OGFKFCU RCTC
UW RTQVGEEKÉP
U 2TQRQTEKQPGP UGTXKEKQU CFKEKQPCNGU [ OGFKQU RCTC RQFGT EQPUGIWKT CIWC RQVCDNG GP NQU
ECUQU FG RGNKITQU PCVWTCNGU
V 2TQEWTGP WUCT EQP GHKECEKC GN CIWC TGFWEKT NCU R¾TFKFCU WPKHQTOCT NQU RTGEKQU FGN CIWC
UGIÐP NC HKPCNKFCF RCTC NC EWCN GU WVKNK\CFC GP CORNKCU \QPCU [ TGFWEKT GN EQUVQ FGN CIWC
EQOQ EQPUGEWGPEKC FGN GORNGQ FG OQFGNQU FG TGQTICPK\CEKÉP GP CNIWPQU RCÃUGU [ NC
QTICPK\CEKÉP FGN CDCUVGEKOKGPVQ FG CIWC RCTC HQTVCNGEGT NCU DCUGU FG NC CFOKPKUVTCEKÉP
HKPCPEKGTC FG NQU CDCUVGEKOKGPVQU GP \QPCU OGVTQRQNKVCPCU WTDCPCU [ TWTCNGU &GUCTTQNNGP
PWGXQU EQPEGRVQU VCNGU EQOQ GN WUQ FG V¾EPKECU CXCP\CFCU FG VTCVCOKGPVQ FGN CIWC NC
WVKNK\CEKÉP FG HWGPVGU FG CIWC FG DCLC ECNKFCF [ NC TGWVKNK\CEKÉP FG CIWCU FG FGUGEJQ 'U
PGEGUCTKQ GUVKOWNCT GUVCU VGPFGPEKCU TGQTICPK\CEKÉP [ WUQ FG PWGXQU EQPEGRVQU EWCPFQ
UG EQPUKFGTGP PGEGUCTKCU [ EQPXGPKGPVGU 'P CNIWPQU RCÃUGU UG GUV±P KPKEKCPFQ RTQ[GEVQU
FG CDCUVGEKOKGPVQ FG CIWC C NCU \QPCU TWTCNGU [ RTQITCOCU RCTC NNGXCTNQU C NC RT±EVKEC EQP
ECT±EVGT RTKQTKVCTKQ UG FGDG CNGPVCT C QVTQU RCÃUGU C CFQRVCT OGFKFCU CP±NQICU C HKP FG SWG
UG CNECPEGP NCU OGVCU GUVCDNGEKFCU RQT *±DKVCV %QPHGTGPEKC FG NCU 0CEKQPGU 7PKFCU UQDTG
NQU #UGPVCOKGPVQU *WOCPQU GP NC GUHGTC FGN CDCUVGEKOKGPVQ FG CIWC C NC EQOWPKFCF
7VKNK\CEKÉP FGN CIWC GP NC CITKEWNVWTC
'N CWOGPVQ FG NC RTQFWEEKÉP [ FG NC RTQFWEVKXKFCF CITÃEQNCU FGDG GUVCT GPECOKPCFQ C NQITCT WP
TGPFKOKGPVQ ÉRVKOQ GP NC RTQFWEEKÉP CNKOGPVCTKC GP WPC HGEJC FGVGTOKPCFC [ C CWOGPVCT
EQPUKFGTCDNGOGPVG NC RTQFWEEKÉP CITÃEQNC VQVCN NQ CPVGU RQUKDNG .CU OGFKFCU RCTC NQITCT GUQU
QDLGVKXQU FGDGT±P VGPGT NC GNGXCFC RTKQTKFCF SWG EQTTGURQPFC &GDG RTGUVCTUG RCTVKEWNCT CVGPEKÉP C NC
QTFGPCEKÉP FG NCU VKGTTCU [ NCU CIWCU RCTC NQU EWNVKXQU FG TGICFÃQ [ FG UGECPQ VGPKGPFQ FGDKFCOGPVG
GP EWGPVC NC RTQFWEVKXKFCF C NCTIQ [ C EQTVQ RNC\Q .C NGIKUNCEKÉP [ NC RQNÃVKEC PCEKQPCNGU FGDGP RTGXGT
NC EQTTGEVC KPVGITCEKÉP FG NC QTFGPCEKÉP FG NCU VKGTTCU [ FG NQU TGEWTUQU JÃFTKEQU #N GZCOKPCT NCU
RQNÃVKECU KPUVKVWEKQPGU [ NGIKUNCEKQPGU PCEKQPCNGU NQU RCÃUGU FGDGT±P CUGIWTCT NC EQQTFKPCEKÉP FG NCU
CEVKXKFCFGU [ FG NQU UGTXKEKQU TGNCEKQPCFQU EQP GN FGUCTTQNNQ [ IGUVKÉP FGN TKGIQ [ FGN CXGPCOKGPVQ 'U
PGEGUCTKQ KPVGPUKHKECT NC WVKNK\CEKÉP FGN CIWC [ OGLQTCT NC GHKEKGPEKC FG GUC WVKNK\CEKÉP NQ SWG JC FG
NQITCTUG OGTEGF C NC CUKIPCEKÉP FG HQPFQU GN UWOKPKUVTQ FG NC KPHTCGUVTWEVWTC PGEGUCTKC [ NC TGFWEEKÉP
FG R¾TFKFCU GP GN VTCPUKVQ GP NC FKUVTKDWEKÉP [ GP NQU RTGFKQU [ GXKVCT GP NC OGFKFC FG NQ RQUKDNG NCU
RTCEVKECU FG TKGIQ SWG GPVTCÇGP FGTTQEJG %CFC RCÃU FGDG CRNKECT NCU V¾EPKECU EQPQEKFCU RCTC NC
RTGXGPEKÉP [ GN EQPVTQN FG NC FGITCFCEKÉP FG NCU VKGTTCU [ NCU CIWCU TGUWNVCPVGU FG WPC QTFGPCEKÉP
KPCFGEWCFC .QU RCÃUGU FGDGP RTGUVCT CVGPEKÉP KPOGFKCVC CN OGLQTCOKGPVQ FG NQU CEVWCNGU RTQ[GEVQU
FG TKGIQ [ CXGPCOKGPVQ
'P GUVG EQPVGZVQ NQU RCÃUGU FGDGP
C 6GPGT GP EWGPVC NQU RTKPEKRKQU FG NC CFOKPKUVTCEKÉP KPVGITCFC FG VKGTTCU [ CIWCU EWCPFQ
GUVWFKGP UWU RQNÃVKECU CTTGINQU CFOKPKUVTCVKXQU [ NGIKUNCEKÉP PCEKQPCNGU [ CVGPFGT NC
PGEGUKFCF FG CWOGPVCT NQU PKXGNGU CEVWCNGU FG NC RTQFWEEKÉP CITÃEQNC
D +PKEKCT Q EQPVKPWCT GUVWFKQU FG NC TGNCEKÉP SWG GZKUVG GPVTG NC WVKNK\CEKÉP FG NC VKGTTC [ NQU
GNGOGPVQU FGN EKENQ JKFTQNÉIKEQ GP NQU RNCPQU PCEKQPCN G KPVGTPCEKQPCN
E %QPUKFGTCT KPEGPVKXQU EQPXGPKGPVGU VCNGU EQOQ NC UCNXCIWCTFKC FG NQU FGTGEJQU CN CIWC RCTC
NQU CITKEWNVQTGU [ CNGPVCT C NQU RTQRKGVCTKQU FG VKGTTCU DCLQ TKGIQ C SWG CFQRVGP RT±EVKECU FG
CFOKPKUVTCEKÉP EQORCVKDNGU EQP NCU PGEGUKFCFGU FG NC QTFGPCEKÉP FG TGEWTUQU C NCTIQ RNC\Q
F 2TQ[GEVCT [ TGCNK\CT RTQITCOCU FG TKGIQ GP HQTOC VCN SWG GN FTGPCLG FG UWRGTHKEKG Q
UWDVGTT±PGQ UGC VTCVCFQ EQOQ EQORQPGPVG KPVGITCN [ SWG UG EQQTFKPG NC CVGPEKÉP FG VQFCU
NCU PGEGUKFCFGU EQP OKTCU C WVKNK\CT GP HQTOC ÉRVKOC GN CIWC [ NQU TGEWTUQU FG VKGTTC
EQPGZQU
G 2TQRQTEKQPCT TGEWTUQU HKPCPEKGTQU [ UGTXKEKQU FG OCPQ FG QDTC ECNKHKECFC RCTC OGLQTCT NCU
RT±EVKECU FG WVKNK\CEKÉP [ QTFGPCEKÉP FG NCU CIWCU EQPUGTXCEKÉP EQPVTQN [ HWPEKQPCOKGPVQ
EQPXGPKGPVGU FG NQU UKUVGOCU FG FKUVTKDWEKÉP [ WVKNK\CEKÉP EQPLWPVC FG CIWCU UWRGTHKEKCNGU [
CIWCU UWDVGTT±PGCU [ RQUVGTKQTOGPVG CIWCU TGUKFWCNGU CVGPFKGPFQ FGDKFCOGPVG C NCU
PGEGUKFCFGU FG NC CITKEWNVWTC GP RGSWGÇC GUECNC
H +PVGPUKHKECT NQU VTCDCLQU UQDTG FGVGTOKPCEKÉP FG NCU PGEGUKFCFGU FG CIWC RCTC NQU EWNVKXQU
KPVGITCT NQU RTQ[GEVQU FG DQPKHKECEKÉP [ CXGPCOKGPVQ FG RCPVCPQU GP RTQ[GEVQU RCTC NC
QTFGPCEKÉP CORNKC FG NQU TÃQU VGPKGPFQ GP EWGPVC UWU GHGEVQU UQDTG GN T¾IKOGP JKFTQNÉIKEQ
I
J
K
L
M
[ GN OGFKQ CODKGPVG RTGUVCT NC FGDKFC CVGPEKÉP C RTQDNGOCU FG KPVTWUKÉP FG NC UCNKPKFCF
RCTVKEWNCTOGPVG GP TGIKQPGU EQUVGTCU G KPVGITCT OGFKFCU FG TGIWNCEKÉP FG NC UCNKPKFCF
2TGUVCT CVGPEKÉP C NQU RTQDNGOCU FG EQPUGTXCEKÉP FG VKGTTCU [ CIWCU OGFKCPVG NC CEGTVCFC
QTFGPCEKÉP FG NCU \QPCU FG XGTVKGPVG SWG KPENW[C WPC FKUVTKDWEKÉP TCEKQPCN FG NQU EWNVKXQU
GN OGLQTCOKGPVQ FG NCU RCUVWTCU NC TGHQTGUVCEKÉP GN EQPVTQN FG CXCNCPEJCU [ VQTTGPVGU [ NC
KPVTQFWEEKÉP FG RT±EVKECU CRTQRKCFCU FG EQPUGTXCEKÉP FG NQU UWGNQU CITÃEQNCU VGPKGPFQ GP
EWGPVC NCU EQPFKEKQPGU GEQPÉOKECU [ UQEKCNGU GZKUVGPVGU GP NCU \QPCU FG NC TGURGEVKXC
XGTVKGPVG
#FQRVCT RQNÃVKECU CFGEWCFCU FG HKLCEKÉP FG RTGEKQU EQP OKTCU C HQOGPVCT NC WVKNK\CEKÉP
GHKEKGPVG FGN CIWC [ HKPCPEKCT NQU EQUVQU FG GZRNQVCEKÉP [ OCPVGPKOKGPVQ EQP NC FGDKFC
EQPUKFGTCEKÉP RQT NQU QDLGVKXQU UQEKCNGU
#FQRVCT OGFKFCU EQPXGPKGPVGU RCTC KPUVTWKT [ CNGPVCT C NQU WUWCTKQU FGN CIWC GP NC
ICPCFGTÃC [ CITKEWNVWTC GHKEKGPVGU [ NC DWGPC CFOKPKUVTCEKÉP CITQRGEWCTKC 5G FGDG RTGUVCT
GURGEKCN CVGPEKÉP C NQU ITWRQU SWG PQ JC[CP TGEKDKFQ GFWECEKÉP UKUVGO±VKEC
#FQRVCT OGFKFCU RCTC VGTOKPCT NQ O±U T±RKFCOGPVG RQUKDNG NQU RTQ[GEVQU FG TKGIQ [
CXGPCOKGPVQ SWG GP NC CEVWCNKFCF GUV¾P GP EQPUVTWEEKÉP FG OCPGTC SWG UG OCVGTKCNKEGP UKP
FGOQTC NQU DGPGHKEKQU FGTKXCFQU FG NCU KPXGTUKQPGU CPVGTKQTGU
6GPGT GP EWGPVC CURGEVQU UCPKVCTKQU EQPGZQU GP NC RNCPKHKECEKÉP [ NC QTFGPCEKÉP FGN WPQ FGN
CIWC GP NC CITKEWNVWTC
%QP GUVG HKP UG TGEQOKGPFC SWG
C 'N OGECPKUOQ KPUVKVWEKQPCN C EW[Q ECTIQ GUV¾ NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU VGPIC
OGFKQU [ HCEWNVCFGU UWHKEKGPVGU RCTC QEWRCTUG FG NC CFOKPKUVTCEKÉP FG NCU CIWCU RCTC HKPGU
CITÃEQNCU VGPKGPFQ RTGUGPVG NC KPVGTFGRGPFGPEKC HÃUKEC FG NCU CIWCU UWRGTHKEKCNGU [
UWDVGTT±PGCU [ FG EQPHQTOKFCF EQP VQFQU UWU WUQU
D 5G CFQRVGP OGFKFCU RCTC NC UWRGTXKUKÉP [ GN EQPVTQN FG NC FKUVTKDWEKÉP [ NC WVKNK\CEKÉP FGN
CIWC VGPKGPFQ GP EWGPVC NCU PGEGUKFCFGU FG NC ICPCFGTÃC [ FG NC CITKEWNVWTC FG TGICFÃQ
EQPHQTOG CN VKRQ FG EWNVKXQ UWGNQ [ \QPC GN PKXGN FG NC VGEPQNQIÃC CITÃEQNC SWG GU RWGFG
CNECP\CT [ GN RGNKITQ FG NC GTQUKÉP FGN UWGNQ [ FGN CWOGPVQ FG NC UCNKPKFCF FG NC VKGTTC [ GN
CIWC OGFKCPVG NC CFQREKÉP GP NQ RQUKDNG FG CTTGINQU RCTC OGFKT NC ECPVKFCF FG CIWC
UWOKPKUVTCFC
E 5G KFGPVKHKSWGP [ EQTTKLCP NCU RTKPEKRCNGU ECWUCP FG FGURGTFKEKQ GP NC WVKNK\CEKÉP FGN CIWC
RGTQ SWG UG VGPICP VCODK¾P GP EWGPVC NCU NKOKVCEKQPGU KORWGUVCU RQT NC CFQREKÉP FG
O¾VQFQU FG TKGIQ O±U EQORNKECFQU CWPSWG UGCP O±U GHKEKGPVGU
F 5G CFQRVGP OGFKFCU RCTC CWOGPVCT NC GHKECEKC FG NC WVKNK\CEKÉP FGN CIWC GP NQU UKUVGOCU FG
TKGIQ GZKUVGPVGU OGLQTCPFQ NQU EWTUQU FG CIWC PKXGNCPFQ NQU VGTTGPQU [ OGLQTCPFQ NC
CFOKPKUVTCEKÉP FG NCU CIWCU GP NQU GUVCDNGEKOKGPVQU CITÃEQNCU [ FG FKUVTKDWEKÉP
G 5G HQTOWNGP RNCPGU FG TKGIQ RTGHGTKDNGOGPVG RQT GVCRCU GP NQU SWG UG EQQTFKPG NC
TGCNK\CEKÉP FG QDTCU FG KPHTCGUVTWEVWTC EQP GN FGUCTTQNNQ TWTCN [ NC RTQOQEKÉP FG VGEPQNQIÃCU
EQPXGPKGPVGU GPVTG QVTCU EQUCU RCTC NC NWEJC EQPVTC NCU GPHGTOGFCFGU RTQRCICFCU RQT NCU
CIWCU C HKP FG OGLQTCT NC QTFGPCEKÉP FG NCU VKGTTCU KPVTQFWEKT PWGXCU GURGEKGU [
RTQRQTEKQPCT NC HQTOCEKÉP FG RGTUQPCN [ NC WVKNK\CEKÉP FG NC CUKUVGPEKC V¾EPKEC PGEGUCTKC
H 5G RTQOWGXCP RT±EVKECU CITÃEQNCU SWG RGTOKVCP TGIWNCT GN GUEWTTKOKGPVQ GP NCU \QPCU
JÐOGFCU RCTVKEWNCTOGPVG FQPFG UG CNVGTPCP RGTÃQFQU FG HWGTVGU NNWXKCU EQP RGTÃQFQU FG
UGSWÃC C HKP FG CWOGPVCT NC GHKECEKC FG NCU OGFKFCU EQPVTC NCU KPWPFCEKQPGU [ NQITCT WPC
OGLQT QTICPK\CEKÉP [ TGIWNCEKÉP FG NCU GZKUVGPEKCU FG CIWC
I .QU RTQ[GEVQU FG TKGIQ UG DCUGP GP KPXGUVKICEKQPGU FGVCNNCFCU FG NQU UWGNQU [ GP NC
EQPUKIWKGPVG ENCUKHKECEKÉP FG NQU VGTTGPQU
J 5G RTGUVG OC[QT CVGPEKÉP C NQU RTQEGFKOKGPVQU CRTQRKCFQU RCTC JCEGT O±U GHGEVKXC NC
WVKNK\CEKÉP FG NCU CIWCU GP GN RNCPQ FG NC CNFGC RQT GLGORNQ OGLQTCPFQ NCU RT±EVKECU FG
TKGIQ WVKNK\CPFQ GP HQTOC CRTQRKCFC NCU EWDKGTVCU SWG TGVKGPGP NC JWOGFCF GP NCU JWGTVCU
CUÃ EQOQ NQU EWNVKXQU EQOGTEKCNGU [ EWCPFQ UGC RQUKDNG TGEWTTKGPFQ C NQU EWNVKXQU
UKOWNV±PGQU %QP GUVCU [ QVTCU OGFKFCU GU RQUKDNG GZVGPFGT GN WUQ TCEKQPCN FG NCU CIWCU
K
L
M
N
OGLQTCT NC RTQFWEEKÉP CITÃEQNC [ NC PWVTKEKÉP [ CNKXKCT NCU FKHÃEKNGU EQPFKEKQPGU FG NC OCPQ FG
QDTC CITÃEQNC NQ SWG TGXKUVG GURGEKCN KORQTVCPEKC RCTC NCU OWLGTGU ECORGUKPCU UQDTG
SWKGPGU TGECGP VCPVCU VCTGCU RGUCFCU
'P NC GUVTCVGIKC RCTC GN FGUCTTQNNQ FG PWGXCU KPUVCNCEKQPGU FG TKGIQ UG TGEWTTC C WPC
EQODKPCEKÉP CVKPCFC FG RNCPGU ITCPFGU OGFKCPQU [ RGSWGÇQU
5G NQITG WP WUQ O±U GHKEKGPVG FGN CIWC RQT WPKFCF FG RTQFWEVQ CITÃEQNC
#N GLGEWVCT NQU RNCPGU RCTC EQODCVKT NC UCNKPKFCF [ NC UCVWTCEKÉP JÃFTKEC UG VGPICP GP EWGPVC
EWGUVKQPGU GEQPÉOKECU [ FG RQNÃVKEC GP NQU RTQEGFKOKGPVQU FG RNCPKHKECEKÉP [ SWG NQU
CITKEWNVQTGU CHGEVCFQU RCTVKEKRGP GP NC RNCPKHKECEKÉP [ GLGEWEKÉP FG RNCPGU
5G F¾ CNVC RTKQTKFCF C NC CFQREKÉP FG WTIGPVGU OGFKFCU FG EQPUGTXCEKÉP FGN UWGNQ [ GN CIWC
GP GN OCTEQ FG NC QTFGPCEKÉP KPVGITCFC FG NCU VKGTTCU [ NCU CIWCU C HKP FG CWOGPVCT NC
RTQFWEEKÉP CITÃEQNC UKP FGUVTWKT FKEJQU TGEWTUQU
2GUSWGTÃCU
'P NQU RNCPGU RCTC NC WVKNK\CEKÉP FG NQU TGEWTUQU JÃFTKEQU [ FG FGUCTTQNNQ VGTTKVQTKCN FGDGT± VGPGTUG GP
EWGPVC NC WVKNK\CEKÉP FGN CIWC RCTC NCU RGUSWGTÃCU EQP QDLGVQ FG CWOGPVCT GN UWOKPKUVTQ FG RTQVGÃPCU C
NC RQDNCEKÉP OWPFKCN
%QP GUVG HKP UG TGEQOKGPFC SWG NQU RCÃUGU
C 2TQVGLCP EQPUGTXGP [ GZRNQVGP TCEKQPCNOGPVG UWU TGEWTUQU RGUSWGTQU GXKVCPFQ NQU GHGEVQU
FG NC EQPVCOKPCEKÉP PCVWTCN Q JWOCPC [ EQQTFKPCPFQ NCU TGINCOGPVCEKQPGU RGTVKPGPVGU EQP
CSWGNNQU RCÃUGU KPVGTGUCFQU EQP NQU SWG EQORCTVGP UWU TGEWTUQU JÃFTKEQU
D 'NCDQTGP RTQITCOCU FG KPXGUVKICEKÉP [ FG FKXWNICEKÉP FG KPHQTOCEKÉP TGNCVKXQU C NCU
RGUSWGTÃCU
E 2TQOWGXCP KPVGPUCU CEVKXKFCFGU FG RGUSWGTÃCU GPVTG GNNCU NQU EWNVKXQU GP CIWC
GUVCDNGEKGPFQ NCU PGEGUCTKCU KPHTCGUVTWEVWTCU [ UKUVGOCU CFKEKQPCNGU [ GXKVCPFQ CN OKUOQ
VKGORQ NC KPVTQFWEEKÉP FG GURGEKGU PQ CRTQRKCFCU GP GN GEQUKUVGOC NQECN
F 2TGXGCP NQU OGFKQU CFGEWCFQU FG RCUCLGU RGUSWGTQU [ FGO±U OGFKFCU PGEGUCTKCU RCTC
GXKVCT FCÇQU C NQU UKUVGOCU CEW±VKEQU EQOQ GNGOGPVQU KPKEKCNGU FGN FKUGÇQ [ HKPCPEKCEKÉP
FG RTQ[GEVQU GP ECUQ FG SWG UG RTGXGC WPC TC\QPCDNG TGNCEKÉP EQUVQDGPGHKEKQ
G 4GINCOGPVGP TGUVTKPLCP Q RTQJKDCP NC WVKNK\CEKÉP FG EKGTVCU UWUVCPEKCU EQPVCOKPCPVGU GP
RCTVKEWNCT NCU UWUVCPEKCU VÉZKECU [ QTICPQN¾RVKECU C HKP FG KORGFKT UW KPEQTRQTCEKÉP GP NCU
CIWCU 'UCU OGFKFCU UQP PGEGUCTKCU RCTC RTQVGIGT NC UCNWF JWOCPC [ NQU GEQUKUVGOCU
CEW±VKEQU FG SWG FGRGPFG NC XKFC
7VKNK\CEKÉP FGN CIWC GP NC KPFWUVTKC
'P OWEJQU RCÃUGU NQU RTQDNGOCU TGNCEKQPCFQU EQP NC WVKNK\CEKÉP FGN CIWC GU NC KPFWUVTKC TGSWKGTGP UGT
GUVWFKCFQU O±U C HQPFQ [ GP HQTOC O±U UKUVGO±VKEC [ CORNKC SWG JCUVC CJQTC VCPVQ GP UWU CURGEVQU
EWCPVKVCVKXQU EQOQ EWCNKVCVKXQU KPENWKFCU NCU EWGUVKQPGU TGNCVKXCU C NC ECNKFCF FG NQU KPUWOQU [
RTQFWEVQU GN ITCFQ FG VTCVCOKGPVQ TGSWGTKFQ UK ECDG [ GN TGEKENCLG FGN CIWC 'UVCU EWGUVKQPGU
RWGFGP TGXGUVKT WPC KORQTVCPEKC FGEKUKXC RCTC GN NQITQ FG NCU OGVCU F¾ KPFWUVTKCNK\CEKÉP GP NQU RCÃUGU
GP FGUCTTQNNQ
# GUVG HKP UG TGEQOKGPFC SWG NQU RCÃUGU
C +PKEKGP GUVWFKQU UQDTG NC CEVWCN [ RQUKDNG WVKNK\CEKÉP FGN CIWC RQT FGVGTOKPCFCU KPFWUVTKCU
KPENWKFQU CURGEVQU EQOQ GN TGEKENCLG NC UWUVKVWEKÉP [ TGFWEEKÉP FG KPUWOQU FG CIWC [ NC
WVKNK\CEKÉP FG CIWC FG DCLC ECNKFCF RCTC TGHTKIGTCEKÉP [ VTCVCOKGPVQ FG FGUGEJQU
D 'XCNÐGP NQU HCEVQTGU TGNCEKQPCFQU EQP NC ECNKFCF [ ECPVKFCF FGN CIWC [ FG NQU FGUGEJQU
KPFWUVTKCNGU EQOQ ETKVGTKQU KORQTVCPVGU GP NC CFQREKÉP FG FGEKUKQPGU TGURGEVQ FG
GORNC\COKGPVQU KPFWUVTKCNGU FGPVTQ FGN OCTEQ FG NC RNCPKHKECEKÉP FGN WUQ FG NC VKGTTC
E &GUCTTQNNGP RTQEGFKOKGPVQU CFGEWCFQU RCTC GNCDQTCT O¾VQFQU GEQPÉOKEQU FG TGWVKNK\CEKÉP [
TGEKENCLG FGN CIWC RCTC NC KPFWUVTKC KPENWKFQ GN VTCVCOKGPVQ EQTTGEVKXQ [ GUVWFKGP NC
RQUKDKNKFCF FG WVKNK\CT CIWC FG WPC ECNKFCF CRTQRKCFC C NQU HKPGU RCTC NQU SWG UG NC PGEGUKVC
F 6GPICP GP EWGPVC NCU PGEGUKFCFGU FG CIWC FG NC KPFWUVTKC GP NC RNCPKHKECEKÉP [ HQTOWNCEKÉP
FG RTQ[GEVQU FG FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU RTGUVCPFQ NC CVGPEKÉP FGDKFC C NCU
PGEGUCTKCU UCNXCIWCTFKCU EQPVTC NQU GHGEVQU FGUHCXQTCDNGU GP NC UCNWF [ GN OGFKQ CODKGPVG
TGUWNVCPVGU FG NCU CEVKXKFCFGU KPFWUVTKCNGU CUÃ EQOQ C NCU PGEGUKFCFGU FG NCU KPFWUVTKCU GP
RGSWGÇC GUECNC [ FG NCU KPFWUVTKCU TWTCNGU
G +PENW[CP GN VTCVCOKGPVQ FG FGUGEJQU W QVTCU OGFKFCU CRTQRKCFCU RCTC GNKOKPCT Q TGFWEKT NC
EQPVCOKPCEKÉP EQOQ RCTVG KPVGITCPVG FG NQU UKUVGOCU FG UWOKPKUVTQ OWPKEKRCN G KPFWUVTKCN
FG CIWC
H 2TQRQTEKQPGP KPXGTUKQPGU FG GUVÃOWNQ [ QVTQU KPEGPVKXQU GEQPÉOKEQU [ CFQRVGP
TGINCOGPVQU C HKP FG WVKNK\CT GN CIWC EQP GHKECEKC VTCVCT NQU FGUGEJQU GP UW QTKIGP [
EWCPFQ UGC EQPXGPKGPVG EQPLWPVCOGPVG EQP NQU FGUGEJQU FQO¾UVKEQU
I #FQRVGP NCU OGFKFCU PGEGUCTKCU RCTC CUGIWTCT SWG GN WUQ [ NC GNKOKPCEKÉP FG NQU GHNWGPVGU
EQTTGURQPFCP C NCU GZKIGPEKCU FG NC UCNWF [ C NC ECNKFCF FGN OGFKQ CODKGPVG
J #RNKSWGP WPC RQNÃVKEC VGPFKGPVG C RTQOQXGT NCU KPXGUVKICEKQPGU [ NC KORNCPVCEKÉP FG
VGEPQNQIÃCU KPFWUVTKCNGU SWG WVKNKEGP RQEC CIWC [ PQ RTQFW\ECP FGUGEJQU Q NQU RTQFW\ECP
GP ECPVKFCF GUECUC CUÃ EQOQ FG RTQEGUQU V¾EPKEQU RCTC NC TGEWRGTCEKÉP FG UWUVCPEKCU
WVKNK\CDNGU FG NCU CIWCU FG FGUGEJQ
K 6QOGP PQVC FG NCU OGVCU [ TGEQOGPFCEKQPGU FG NC &GENCTCEKÉP [ 2NCP FG #EEKÉP FG .KOC
UQDTG &GUCTTQNNQ +PFWUVTKCN [ %QQRGTCEKÉP GNCDQTCFCU GP NC 5GIWPFC %QPHGTGPEKC )GPGTCN FG
NC 107&+ EGNGDTCFC GP NCU EWCNGU CORNKCTÃCP GP ITCP OGFKFC NC WVKNK\CEKÉP FGN CIWC
RQT NC KPFWUVTKC GP CNIWPQU RCÃUGU
)GPGTCEKÉP FG GPGTIÃC JKFTQGN¾EVTKEC
'P NC HQTOWNCEKÉP FG RNCPGU RCTC GN FGUCTTQNNQ FGN UGEVQT FG NC GPGTIÃC GN¾EVTKEC GU PGEGUCTKQ GP
VQFQU NQU ECUQU EQPEGFGT CVGPEKÉP C NCU XGPVCLCU SWG QHTGEGP NQU RTQ[GEVQU JKFTQGN¾EVTKEQU EQP HKPGU
OÐNVKRNGU SWG ICTCPVK\CP GN FKUHTWVG EQPVKPWQ FG GUVG TGEWTUQ TGPQXCDNG UKP RQPGT UGTKCOGPVG GP
RGNKITQ NC UCNWF PK GN OGFKQ CODKGPVG
%QP GUVG HKP UG TGEQOKGPFC SWG NQU RCÃUGU
C *CICP KPXGPVCTKQU PCEKQPCNGU FG RQUKDNGU RTQ[GEVQU JKFTQGN¾EVTKEQU SWG RWGFCP RTQOQXGTUG
[ EQORNGOGPVCTUG EQP OKTCU C FGEKFKT EW±NGU FG GUQU RTQ[GEVQU FGDKFQ C UWU
ECTCEVGTÃUVKECU RWGFGP UCVKUHCEGT NC FGOCPFC FG GNGEVTKEKFCF [ ECWFCNGU FG CIWC C NCTIQ
RNC\Q
D 'HGEVÐGP GUVWFKQU UQDTG GN FGUCTTQNNQ OÐNVKRNG G KPVGITCFQ FG NQU TGEWTUQU JÃFTKEQU FG NCU
EWGPECU EQP RQVGPEKCN JKFTQGN¾EVTKEQ
E +PVGITGP NQU RNCPGU RCTC GN FGUCTTQNNQ FG NC IGPGTCEKÉP FG GPGTIÃC JKFT±WNKEC EQP NQU RNCPGU
IGPGTCNGU FG FGUCTTQNNQ FG NQU UGEVQTGU FG NC GPGTIÃC [ GN CIWC VGPKGPFQ GP EWGPVC NCU
RQUKDNGU GEQPQOÃCU FG FKXKUCU SWG RWGFCP TGUWNVCT FG GNNQ
F 'XCNÐGP NCU EQPUGEWGPEKCU SWG GN WUQ PQ EQPUWPVKXQ FGN CIWC RCTC NC IGPGTCEKÉP FG GPGTIÃC
VKGPG RCTC QVTQU WUQU SWG UQP EQPUWPVKXQU EQP GN HKP FG CTOQPK\CT CODQU CURGEVQU FG NC
WVKNK\CEKÉP FGN CIWC
G 'NCDQTGP KPHQTOGU FGVCNNCFQU CEGTEC FG RTQ[GEVQU EQPETGVQU RCTC HCEKNKVCT UW HKPCPEKCEKÉP
H 4GÐPCP FCVQU UQDTG NC WVKNK\CEKÉP CEVWCN [ HWVWTC FGN CIWC RCTC IGPGTCT GPGTIÃC EQP QDLGVQ
FG SWG GUVG CURGEVQ FGN FGUCTTQNNQ FG NC GPGTIÃC RWGFC HQTOCT RCTVG FGN CRTQXGEJCOKGPVQ
FG NCU EWGPECU HNWXKCNGU EQP HKPGU OÐNVKRNGU
I +PVGITGP GP NQU GUVWFKQU FG GXCNWCEKÉP [ HCEVKDKNKFCF FG NQU RTQ[GEVQU JKFTQGN¾EVTKEQU NQU
DGPGHKEKQU RQVGPEKCNGU VWTÃUVKEQU FG TGETGCEKÉP GEQNÉIKEQU [ RKUEÃEQNCU EQP HKPGU
EQOGTEKCNGU [ UQEKCNGU CUÃ EQOQ UW GHGEVQ OWNVKRNKECFQT GP NC GEQPQOÃC PCEKQPCN
J #NKGPVGP C NCU GORTGUCU JKFTQGN¾EVTKECU GP RGSWGÇC GUECNC C SWG UCVKUHCICP NCU PGEGUKFCFGU
GPGTI¾VKECU NQECNGU UKGORTG SWG GNNQ UGC GEQPÉOKEC CODKGPVCN [ UQEKCNOGPVG CEGRVCDNG
K 'UVWFKGP NC RQUKDKNKFCF FG EQPUVTWKT EGPVTCNGU JKFTQGN¾EVTKECU EQP GODCNUG FG CIWC
DQODGCFC EQOQ HWGPVGU FG GPGTIÃC RCTC NCU JQTCU FG O±ZKOQ EQPUWPQ
L #FGO±U FG GORTGPFGT PWGXQU RTQ[GEVQU JKFTQGN¾EVTKEQU VTCVGP FG QDVGPGT GN O±ZKOQ FG
GPGTIÃC FG NCU EGPVTCNGU JKFTQGN¾EVTKECU GZKUVGPVGU TGIWNCPFQ OGLQT NQU GODCNUGU
0CXGICEKÉP KPVGTKQT
.QU RNCPGU RCTC NC WVKNK\CEKÉP FG NQU TGEWTUQU JÃFTKEQU [ GN FGUCTTQNNQ VGTTKVQTKCN FGDGP VGPGT GP EWGPVC
NC WVKNK\CEKÉP FGN CIWC GP NC PCXGICEKÉP KPVGTKQT GP HQTOC EQORCVKDNG EQP QVTQU QDLGVKXQU FGN
FGUCTTQNNQ EQP HKPGU OÐNVKRNGU [ RTGUVCPFQ GURGEKCN CVGPEKÉP C NCU PGEGUKFCFGU FG NQU RCÃUGU UKP NKVQTCN
%QP GUVG HKP UG TGEQOKGPFC SWG NQU RCÃUGU
C 'HGEVÐGP GUVWFKQU SWG KPENW[CP NC WVKNK\CEKÉP FG TÃQU [ NC OQFGTPK\CEKÉP FG NCU KPUVCNCEKQPGU
RQTVWCTKCU [ FGN GSWKRQ FG VTCPURQTVG RQT CIWC EQOQ RCTVG KPVGITCPVG FG NQU UKUVGOCU
TGIKQPCNGU FG VTCPURQTVG EQODKPCFQU RQT VKGTTC [ RQT CIWC VGPKGPFQ GP EWGPVC NCU
PGEGUKFCFGU FG NQU RCÃUGU UKP NKVQTCN
D 5G CUGIWTGP GP NQU RTQITCOCU FG CRTQXGEJCOKGPVQ CORNKQ G KPVGITCFQ FG NCU EWGPECU
HNWXKCNGU EQP HKPGU OÐNVKRNGU FGN FKUGÇQ OCPVGPKOKGPVQ Q OGLQTCOKGPVQ FG NQU UKUVGOCU FG
PCXGICEKÉP SWG UG DCUGP GP NC EQPUKFGTCEKÉP FG NCU GURGEKCNGU GZKIGPEKCU FG ECT±EVGT
JKFT±WNKEQ [ FGO±U GZKIGPEKCU V¾EPKECU PGEGUCTKCU RCTC WPC GHKEKGPVG PCXGICEKÉP RQT XÃCU
KPVGTKQTGU
E #RNKSWGP RTQITCOCU RCTC NC QDVGPEKÉP FG FCVQU JKFTQOGVGQTQNÉIKEQU GP EWGPECU HNWXKCNGU
WVKNK\CFCU RCTC NC PCXGICEKÉP C HKP FG UWOKPKUVTCT UKUVGOCU CFGEWCFQU FG RTGFKEEKÉP FG NQU
PKXGNGU FG CIWC
F #FQRVGP PQTOCU SWG QDNKIWGP C KPUVCNCT GP NQU DCTEQU GSWKRQ RCTC GXKVCT NC FGUECTIC GP GN
CIWC FG GHNWGPVGU QTI±PKEQU [ SWÃOKEQU PQ VTCVCFQU [ C EQPUVTWKT GP NQU RWGTVQU
KPUVCNCEKQPGU RCTC TGEKDKT [ VTCVCT NQU FGUGEJQU FG NQU VCPSWGU [ UGPVKPCU #FGO±U FGDG
RTQJKDKTUG GN XGTVKOKGPVQ FG FGUGEJQU TCFKCEVKXQU
G 5G CUGIWTGP FG SWG VQFQU NQU DWSWGU SWG VTCPURQTVGP RGVTÉNGQ Q UWUVCPEKCU RGNKITQUCU
CECVGP NCU PQTOCU O±U GUVTKEVCU FG UGIWTKFCF C HKP FG SWG GP NC OGFKFC FG NQ RQUKDNG UG
GXKVGP FGTTCOGU RQT CEEKFGPVG 'U PGEGUCTKQ CRNKECT UCPEKQPGU UGXGTCU GP ECUQ FG
KPEWORNKOKGPVQ FG FKEJCU PQTOCU
%/GFKQCODKGPVGUCNWF[NWEJCEQPVTCNCEQPVCOKPCEKÉP
.QU RTQ[GEVQU FG CRTQXGEJCOKGPVQ FG NCU CIWCU GP ITCP GUECNC VKGPGP KORQTVCPVGU TGRGTEWUKQPGU
CODKGPVCNGU FG ECT±EVGT HÃUKEQ SWÃOKEQ DKQNÉIKEQ UQEKCN [ GEQPÉOKEQ SWG FGDGTÃCP GXCNWCTUG [
VGPGTUG GP EWGPVC CN HQTOWNCT [ GLGEWVCT NQU RTQ[GEVQU UQDTG CIWCU #FGO±U NQU RTQ[GEVQU FG
CRTQXGEJCOKGPVQ FG NCU CIWCU RWGFGP VGPGT EQPUGEWGPEKCU CFXGTUCU G KORTGXKUVCU SWG CHGEVGP C NC
UCNWF JWOCPC CRCTVG FG NCU TGNCEKQPCFCU EQP NC WVKNK\CEKÉP FGN CIWC RCTC HKPGU FQO¾UVKEQU .C
EQPVCOKPCEKÉP FGN CIWC C ECWUC FG NCU CIWCU TGUKFWCNGU [ NQU GHNWGPVGU KPFWUVTKCNGU [ NC WVKNK\CEKÉP FG
CDQPQU SWÃOKEQU [ FG RNCIWKEKFCU GP NC CITKEWNVWTC XCP GP CWOGPVQ GP OWEJQU RCÃUGU 6CODK¾P UG
TGEQPQEG SWG NCU OGFKFCU FG EQPVTQN EQP TGURGEVQ C NC GNKOKPCEKÉP FG GHNWGPVGU WTDCPQU KPFWUVTKCNGU
[ OKPGTQU UQP KPUWHKEKGPVGU *C[ SWG RTGUVCT O±U CVGPEKÉP C NC EWGUVKÉP FG NC EQPVCOKPCEKÉP FGN
CIWC FGPVTQ FGN EQPVGZVQ IGPGTCN FG NC QTFGPCEKÉP FG NQU TGUKFWQU
/GFKQ CODKGPVG [ UCNWF
'U RTGEKUQ GXCNWCT NCU EQPUGEWGPEKCU SWG NCU FKUVKPVCU WVKNK\CEKQPGU FGN CIWC VKGPGP GP GN OGFKQ
CODKGPVG CRQ[CT NCU OGFKFCU GPECOKPCFCU C EQPVTQNCT NCU GPHGTOGFCFGU TGNCEKQPCFCU EQP GN CIWC [
RTQVGIGT NQU GEQUKUVGOCU
%QP GUVG HKP UG TGEQOKGPFC SWG NQU RCÃUGU
C 'ZCOKPGP NC CRNKECEKÉP FG NCU TGEQOGPFCEKQPGU FG NC %QPHGTGPEKC FG NCU 0CEKQPGU 7PKFCU
UQDTG GN OGFKQ JWOCPQ EGNGDTCFC GP EQP TGURGEVQ CN UGEVQT FG NQU TGEWTUQU
JÃFTKEQU [ CFQRVGP NCU OGFKFCU PGEGUCTKCU RCTC CEGNGTCT GN TKVOQ FG UW CRNKECEKÉP
D 2TGRCTGP GUVWFKQU EKGPVÃHKEQU UKUVGO±VKEQU [ CORNKQU UQDTG NC TGRGTEWUKÉP CODKGPVCN FG NQU
RTQ[GEVQU TGNCVKXQU C NQU TGEWTUQU JÃFTKEQU EQOQ RCTVG KPVGITCPVG FGN RTQEGUQ FG
RTGRCTCEKÉP FG NQU KPHQTOGU UQDTG NQU RTQ[GEVQU FG CRTQXGEJCOKGPVQ FG NCU CIWCU
E 5G CUGIWTGP FG SWG GU WVKNKEG WP ETKVGTKQ KPVGTFKUEKRNKPCTKQ CN GPHQECT GUQU GUVWFKQU FG
OCPGTC SWG UG RWGFC GXCNWCT VQFC NC TGRGTEWUKÉP FG NQU RTQ[GEVQU TGNCVKXQU CN CIWC FG WPC
OCPGTC O±U CORNKC GHKEC\ [ EQQTFKPCFC FG NQ SWG UGTÃC RQUKDNG FG QVTQ OQFQ
F 2TQOWGXCP NQU VTCDCLQU FG KPXGUVKICEKÉP [ FG GXCNWCEKÉP UKUVGO±VKEC FG NQU GHGEVQU SWG NQU
RTQ[GEVQU FG FGUCTTQNNQ JCP VGPKFQ GP GN OGFKQ [ GP QVTQU TGEWTUQU PCVWTCNGU
G %QPEKDCP RTQEGFKOKGPVQU CFGEWCFQU RCTC GXCNWCT NC TGRGTEWUKÉP CODKGPVCN EWCNKVCVKXC [
EWCPVKVCVKXC FG NQU RTQ[GEVQU UQDTG CIWCU
H 'UVWFKGP CN HQTOWNCT RTQ[GEVQU GP ITCP GUECNC TGNCVKXQU CN CIWC GN RGNKITQ FG NC
RTQRCICEKÉP FG NCU GPHGTOGFCFGU TGNCEKQPCFCU EQP GN CIWC [ CFQRVGP OGFKFCU CRTQRKCFCU
LWPVQ EQP NC CRNKECEKÉP FG GUQU RTQ[GEVQU C HKP FG GXKVCT RGNKITQU RCTC NC UCNWF EQOQ
TGUWNVCFQ FG NC GLGEWEKÉP FG GUQU RTQ[GEVQU
I 5G CUGIWTGP FG SWG UG RTGUVG NC FGDKFC CVGPEKÉP C NC RTQVGEEKÉP [ EQPUGTXCEKÉP FG NCU
RGUSWGTÃCU [ NC HCWPC [ CN EQPVTQN FG NCU JKGTDCU CEW±VKECU CN RNCPKHKECT [ GLGEWVCT RTQ[GEVQU
TGNCVKXQU CN CIWC
J &GUCTTQNNGP [ TGIWNGP GN GUVCDNGEKOKGPVQ FG KPUVCNCEKQPGU VWTÃUVKECU [ FG GURCTEKOKGPVQ LWPVQ
EQP VQFQU NQU FGRÉUKVQU PCVWTCNGU [ CTVKHKEKCNGU VQOCPFQ RTGECWEKQPGU GURGEKCNGU GP GN
ECUQ FG NQU FGRÉUKVQU RCTC GN CDCUVGEKOKGPVQ FG CIWC RQVCDNG
K 2TQOWGXCP O¾VQFQU TCEKQPCNGU FG VTCVCOKGPVQ [ QTFGPCEKÉP FG NCU XGTVKGPVGU FG CIWCU
UWRGTHKEKCNGU [ FG UW XGIGVCEKÉP RCTC GXKVCT NC GTQUKÉP [ NC EQPUKIWKGPVG UGFKOGPVCEKÉP FG
FGRÉUKVQU EWTUQU FG CIKVC [ TKDGTCU [ RCTC PQTOCNK\CT NCU OQFCNKFCFGU FG GUEWTTKOKGPVQ
L 6GPICP GP EWGPVC NC PGEGUKFCF FG OGLQTCT NCU \QPCU FG ECRVCEKÉP FG NCU EWGPECU
JKFTQNÉIKECU PCEKQPCNGU SWG IGPGTCP NQU TGEWTUQU FG CIWC SWG UG WVKNK\CT±P UGIÐP UW ITCFQ
FG FGVGTKQTQ [ UWHTCIWGP NQU ICUVQU SWG GPVTCÇGP VCNGU OGFKFCU
M /GLQTGP NQU CTTGINQU KPUVKVWEKQPCNGU RCTC NC QDUGTXCEKÉP [ GN EQPVTQN FG NC TGRGTEWUKÉP SWG
NCU QDTCU RÐDNKECU [ FG QVTC ÃPFQNG RWGFGP VGPGT GP NQU TGEWTUQU FG CIWC [ GP GN OGFKQ
CODKGPVG [ RTQOWGXCP NC RCTVKEKRCEKÉP FG VQFQU NQU QTICPKUOQU IWDGTPCOGPVCNGU
GPECTICFQU FG NC UCNWF [ GN OGFKQ CODKGPVG FGUFG NCU GVCRCU KPKEKCNGU FG NC RNCPKHKECEKÉP
VCPVQ FWTCPVG NC CRNKECEKÉP [ WNVGTKQT XKIKNCPEKC FG EWCNSWKGT RNCP FG FGUCTTQNNQ
UQEKQGEQPÉOKEQ EQOQ CN HQTOWNCT [ CRNKECT NG[GU [ TGINCOGPVQU RGTVKPGPVGU
N +FGPVKHKSWGP RTQVGLCP [ RTGUGTXGP FGVGTOKPCFQU UGEVQTGU SWG RTGUGPVGP ECTCEVGTÃUVKECU
GZVTCQTFKPCTKCU RQT UW UKPIWNCTKFCF [ DGNNG\C EQOQ NCIQU TÃQU CTTQ[QU ECÃFCU FG CIWC
\QPCU FG CPKOCNGU UCNXCLGU [ QVTCU \QPCU PCVWTCNGU SWG GPEKGTTGP XCNQTGU PCEKQPCNGU
CPEGUVTCNGU [ DTKPFGP QRQTVWPKFCFGU RCTC GN VWTKUOQ KPVGTPCEKQPCN
O 4GEQPQ\ECP SWG NCU CIWCU FWNEGU [ NCU VKGTTCU JÐOGFCU TKDGTGÇCU HQTOCP RCTVG FG NQU
UKUVGOCU GEQNÉIKEQU O±U XKVCNGU [ RTQFWEVKXQU RQT UW XCNQT EQOQ FGRÉUKVQU FG CIWCU FG
KPWPFCEKQPGU EQOQ VGTTGPQ FG EWNVKXQ RCTC RGEGU [ CPKOCNGU UCNXCLGU [ RQT UW WVKNK\CEKÉP
EQOQ NWICTGU FG TGETGQ [ EQP HKPGU EKGPVÃHKEQU 5G CNKGPVC C NQU RCÃUGU C GNCDQTCT RNCPGU
RCTC EWKFCT FG SWG PQ UG FGUVTW[CP GP HQTOC KPFKUETKOKPCFC KORQTVCPVGU \QPCU FG VKGTTCU
JÐOGFCU
P 4GEQPQ\ECP SWG UK DKGP GU C OGPWFQ FKHÃEKN CUKIPCT XCNQT OQPGVCTKQ C NQU DGPGHKEKQU FGN
CIWC EQOQ GNGOGPVQ FG GURCTEKOKGPVQ [ EQOQ TGEWTUQ EWNVWTCN GUV¾VKEQ [ EKGPVÃHKEQ GUQU
DGPGHKEKQU UQP UKP GODCTIQ TGCNGU [ EQPUKFGTCDNGU [ FGDGP VGPGTUG GP EQPUKFGTCEKÉP GP NC
GXCNWCEKÉP CODKGPVCN FG NQU RTQ[GEVQU FG FGUCTTQNNQ
Q 4GEQPQ\ECP SWG NC RNCPKHKECEKÉP [ QTFGPCEKÉP FG NCU CIWCU FGDG DCUCTUG GP NQU
EQPQEKOKGPVQU GEQNÉIKEQU 6QFQ RTQ[GEVQ TGNCEKQPCFQ EQP GN CIWC FGDG VGPGT GPVTG UWU
QDLGVKXQU NC GNKOKPCEKÉP FG NQU GHGEVQU RGTLWFKEKCNGU RCTC NC UCNWF RÐDNKEC [ NC OKPKOK\CEKÉP
FG NQU GHGEVQU CODKGPVCNGU PGICVKXQU NQU PWGXQU RTQ[GEVQU FG CDCUVGEKOKGPVQ FG CIWC
FGDGP GUVCT TGNCEKQPCFQU EQP RT±EVKECU JKIK¾PKECU FG GNKOKPCEKÉP FG GZETGOGPVQU C HKP FG
RTQRQTEKQPCT C NC EQOWPKFCF CIWC CRVC RCTC GN EQPUWOQ
R 'UVWFKGP G KPXGUVKIWGP NCU GPHGTOGFCFGU TGNCEKQPCFCU EQP GN CIWC GP IGPGTCN [ NC KPHNWGPEKC
FGN CIWC EQOQ OGFKQ CODKGPVG FG VTCDCLQ UQDTG NCU RGTUQPCU SWG VTCDCLCP GP GUG OGFKQ
S 4GEQPQ\ECP SWG UG PGEGUKVC CORNKCT GN CNECPEG FG NCU EQPUKFGTCEKQPGU CODKGPVCNGU C NCU
SWG CEVWCNOGPVG UG RTGUVC CVGPEKÉP GP TGNCEKÉP EQP NQU RTQ[GEVQU FG TGEWTUQU JÃFTKEQU RCTC
SWG CDCTSWGP O±U CURGEVQU [ EQORTGPFCP PQ UÉNQ ECODKQU HÃUKEQU SWÃOKEQU Q DKQNÉIKEQU
UKPQ VCODK¾P NQU ECODKQU UQEKCNGU [ GEQPÉOKEQU TGUWNVCPVGU
T 4GEQPQ\ECP SWG RCTC OKVKICT NCU TGRGTEWUKQPGU CODKGPVCNGU CFXGTUCU FGN XGTVKOKGPVQ FG
CIWC FG NCU EGPVTCNGU VGTOQGN¾EVTKECU [ PWENGQGN¾EVTKECU UG PGEGUKVC OGLQTCT NQU UKUVGOCU
FG GPHTKCOKGPVQ [ NCU RT±EVKECU FG FKUGÇQ JKFTQV¾EPKEQ RCTC TGFWEKT NQU RQUKDNGU TKGUIQU
U 4GEQPQ\ECP NC KORQTVCPEKC FG NC RNCPKHKECEKÉP CODKGPVCN PQ UÉNQ RQT RCÃUGU Q EWGPECU
HNWXKCNGU UKPQ VCODK¾P RQT TGIKQPGU IGQIT±HKECU EQPETGVCU VCNGU EQOQ GUVWCTKQU \QPCU
EQUVGTCU GVE UKGORTG SWG GUVG GPHQSWG UG LWUVKHKSWG RQT NC PCVWTCNG\C FG NQU RTQDNGOCU
KPJGTGPVGU C GUG FGUCTTQNNQ TGIKQPCN 'UVQ FGDG JCEGTUG PQ UÉNQ GP TGNCEKÉP EQP RTQ[GEVQU
CKUNCFQU UQDTG TGEWTUQU JÃFTKEQU UKPQ GP GUVTGEJC XKPEWNCEKÉP EQP QVTCU CEVKXKFCFGU
EQPGZCU EQOQ NC RNCPKHKECEKÉP WTDCPC [ TWTCN Q GN FGUCTTQNNQ TGIKQPCN
V 4GEQPQ\ECP SWG CN VTCVCT FG RTQDNGOCU FG UCNWF RÐDNKEC UG PGEGUKVC WPC GXCNWCEKÉP
EWKFCFQUC FG NCU RQUKDNGU UKVWCEKQPGU FG EQPHNKEVQ VCNGU EQOQ NC ENQTCEKÉP FG NQU GHNWGPVGU
ENQCECNGU [ NC ENQTCEKÉP FGN CIWC RQVCDNG RCTC GXKVCT EQPUGEWGPEKCU GRKFGOKQNÉIKECU
.WEJC EQPVTC NC EQPVCOKPCEKÉP
'U RTGEKUQ CFQRVCT OGFKFCU EQPEGTVCFCU [ RNCPKHKECFCU RCTC GXKVCT [ EQODCVKT NQU GHGEVQU FG NC
EQPVCOKPCEKÉP C HKP FG RTQVGIGT [ GP ECUQ PGEGUCTKQ OGLQTCT NC ECNKFCF FG NQU TGEWTUQU FG CIWC
%QP GUVG HKP UG TGEQOKGPFC SWG NQU RCÃUGU
C 'HGEVÐGP GUVWFKQU FG NQU CEVWCNGU PKXGNGU FG EQPVCOKPCEKÉP FG NCU CIWCU UWRGTHKEKCNGU [
UWDVGTT±PGCU [ ETGGP TGFGU FG EQPVTQN RCTC FGVGEVCT NC EQPVCOKPCEKÉP
D %TGGP EWCPFQ UGC PGEGUCTKQ NCDQTCVQTKQU RCTC CPCNK\CT FG OCPGTC UKUVGO±VKEC [ EQOQ
RT±EVKEC JCDKVWCN OWGUVTCU FG CIWC KPENWKFQU CP±NKUKU HÃUKEQU SWÃOKEQU DCEVGTKQNÉIKEQ [
DKQNÉIKEQU
E 4GIWNGP NC FGUECTIC FG TGUKFWQU KPFWUVTKCNGU WTDCPQU [ OKPGTQU GP NCU OCUCU FG CIWC
OGFKCPVG NC CFQREKÉP FG NCU OGFKFCU FG EQPVTQN PGEGUCTKCU FGPVTQ FGN OCTEQ FG WPC
RQNÃVKEC IGPGTCN FG IGUVKÉP FG NCU CIWCU VGPKGPFQ GP EWGPVC NQU CURGEVQU EWCNKVCVKXQ [
EWCPVKVCVKXQ
F #RNKSWGP NG[GU OGFKFCU TGINCOGPVCTKCU [ UKUVGOCU FG KPEGPVKXQU EQPUKUVGPVGU GP ECTIQU CN
XGTVKOKGPVQ FG EQPVCOKPCPVGU SWG RGTOKVCP NQITCT EKGTVQU QDLGVKXQU FG ECNKFCF GP RNC\QU
FGVGTOKPCFQU &GDG GNKOKPCTUG ITCFWCNOGPVG GN XGTVKOKGPVQ GP GN OGFKQ CEW±VKEQ FG
UWUVCPEKCU RGNKITQUCU SWG UGCP VÉZKECU RGTUKUVGPVGU [ DKQCEWOWNCVKXCU
G 2TGUVGP GURGEKCN CVGPEKÉP C NC FKURQPKDKNKFCF FG CIWC [ C NQU GHGEVQU FG NC EQPVCOKPCEKÉP
CODKGPVCN CN FGEKFKT GN GORNC\COKGPVQ [ UGNGEEKÉP FG KPUVCNCEKQPGU
H 'HGEVÐGP KPXGUVKICEKQPGU [ GXCNWCEKQPGU FG NC EQPVCOKPCEKÉP FG NCU CIWCU UWRGTHKEKCNGU [
UWDVGTT±PGCU ECWUCFC RQT NQU CDQPQU [ DKQEKFCU CITÃEQNCU EQP OKTCU C TGFWEKT NQU GHGEVQU
CODKGPVCNGU CFXGTUQU
I #FQRVGP GN RTKPEKRKQ IGPGTCN FG SWG GP NC OGFKFC FG NQ RQUKDNG NQU EQUVQU FKTGEVQU Q
KPFKTGEVQU SWG UGCP CVTKDWKDNGU C NC EQPVCOKPCEKÉP FGDG UWHTCICTNQU GN EQPVCOKPCFQT
J #WOGPVGP GN PÐOGTQ OGLQTGP NC GZRNQVCEKÉP [ GUVCDNG\ECP WPC CORNKC HKUECNK\CEKÉP FG NQU
UGTXKEKQU [ VGEPQNQIÃCU RCTC GN VTCVCOKGPVQ FG NCU CIWCU TGUKFWCNGU [ RTGUVCPFQ OC[QT
CVGPEKÉP C FKHGTGPVGU O¾VQFQU GP GURGEKCN FG DCLQ EQPUWOQ FG GPGTIÃC FG VTCVCOKGPVQ FG
NQU TGUKFWQU [ C NC WVKNK\CEKÉP RCTC NCU VKGTTCU W QVTCU WVKNK\CEKQPGU GEQPÉOKECU FG NQU
TGUKFWQU
K #NKGPVGP GN FGUCTTQNNQ [ GORNGQ FG UWUVCPEKCU SWG OKPKOKEGP NQU TKGUIQU RCTC NC UCNWF
JWOCPC [ GN OGFKQ CODKGPVG VGPKGPFQ GP EWGPVC GP RCTVKEWNCT GN ITCFQ FG VQZKEKFCF
DKQFGITCFCDKNKFCF DKQCEWOWNCEKÉP [ GWVTQHKECEKÉP
L #WOGPVGP NCU CEVKXKFCFGU RCTC EQPVTQNCT [ GXCNWCT NQU GHGEVQU FG NC FGRQUKEKÉP FG
EQPVCOKPCPVGU CVOQUH¾TKEQU GP GN CIWC FGUFG HWGPVGU FKUVCPVGU [ TGFW\ECP NC GOKUKÉP VQVCN
FG GUQU EQPVCOKPCPVGU RQT GLGORNQ OGFKCPVG NC CRNKECEKÉP FG NC OGLQT VGEPQNQIÃC
FKURQPKDNG SWG UGC GEQPÉOKECOGPVG XKCDNG
M #TOQPKEGP [ WUGP EWCPFQ UGC RQUKDNG O¾VQFQU [ PQTOCU WPKHQTOGU RCTC GXCNWCT [
EQPVTQNCT NC ECNKFCF FGN CIWC [ EQORKNCT CPVGEGFGPVGU UQDTG NCU CIWCU [ ENCUKHKECTNCU GP
TGNCEKÉP EQP UW WVKNK\CEKÉP
N 2TGRCTGP [ CEVWCNKEGP EQPVKPWCOGPVG GP EQNCDQTCEKÉP EQP NCU QTICPK\CEKQPGU
KPVGTPCEKQPCNGU SWG UG QEWRGP FG VTCDCLQU CP±NQIQU WPC NKUVC FG NQU EQPVCOKPCPVGU FGN
CIWC [ CTOQPKEGP NC VGTOKPQNQIÃC GP NC GUHGTC FGN EQPVTQN FG NC EQPVCOKPCEKÉP FGN CIWC
O 2TQOWGXCP NC WVKNK\CEKÉP FG NCU V¾EPKECU FG KPHKNVTCEKÉP EWCPFQ NC PCVWTCNG\C FG NQU
GHNWGPVGU [ FG NQU VGTTGPQU RGTOKVC JCEGTNQ UKP TKGUIQ RCTC NQU TGEWTUQU UWRGTHKEKCNGU [
UWDVGTT±PGQU
P %TGGP KPUVKVWEKQPGU CFGEWCFCU FQPFG UGC PGEGUCTKQ EQP GN OGECPKUOQ EQQTFKPCFQT
CRTQRKCFQ [ TGHWGTEGP NCU [C GZKUVGPVGU RCTC SWG TGUWNVGP O±U GHKECEGU GP NC NWEJC EQPVTC
NC EQPVCOKPCEKÉP
Q 2TQEGFCP C WPC CFGEWCFC RNCPKHKECEKÉP FGN WUQ FG NC VKGTTC EQOQ OGFKQ FG RTGXGPKT NC
EQPVCOKPCEKÉP GURGEKCNOGPVG GP GN ECUQ FG NCU CIWCU UWDVGTT±PGCU
R 'UVCDNG\ECP PQTOCU FG ECNKFCF RCTC NCU FKUVKPVCU CRNKECEKQPGU ÐVKNGU FGN CIWC UKGORTG SWG
UGC RQUKDNG VGPKGPFQ GP EWGPVC GN ITCFQ FG FGUCTTQNNQ [ NCU EQPFKEKQPGU UQEKCNGU [
GEQPÉOKECU FG ECFC TGIKÉP
S .QITGP WPC T±RKFC FGUEQPVCOKPCEKÉP FGN CIWC EQPVCOKPCFC PCVWTCNOGPVG Q RQT CEVKXKFCFGU
FGN JQODTG
T %QPVTCTTGUVGP EQP VQFCU NCU OGFKFCU CRTQRKCFCU NC KPVTQFWEEKÉP GP GN CIWC FG UWUVCPEKCU
VÉZKECU EQOQ GN &&6 NQU DKHGPKNQU RQNKENQTCFQU GN OGTEWTKQ [ GN ECFOKQ SWG RWGFCP FCT
EQOQ TGUWNVCFQ RGNKITQU CODKGPVCNGU VGPKGPFQ GP EWCPVC NCU PGEGUKFCFGU GURGEKCNGU FG NQU
RCÃUGU GP FGUCTTQNNQ
U %WCPFQ TGUWNVG RT±EVKEQ CNKGPVGP [ TGCNKEGP FGEKFKFCOGPVG KPXGUVKICEKQPGU FG EQPVTQN
DKQNÉIKEQ GP NQU ECUQU GP SWG UG WVKNKEGP RTQFWEVQU SWÃOKEQU RCTC GN EQPVTQN FG QTICPKUOQU
TGNCEKQPCFQU EQP GN CIWC
V #N EQODCVKT NC EQPVCOKPCEKÉP KPFWUVTKCN JCICP WP CP±NKUKU EWKFCFQUQ FG NC TGNCEKÉP EQUVQ
GHKECEKC FG NCU FKHGTGPVGU OGFKFCU RTQRWGUVCU RCTC NWEJCT EQPVTC NC EQPVCOKPCEKÉP [
CUKIPGP RTKQTKFCF CN O¾VQFQ SWG GPVTCÇG GN EQUVQ OÃPKOQ
W 4GEQPQ\ECP SWG GU PGEGUCTKQ KPKEKCT GUVWFKQU RCTC GXCNWCT NC OGLQT OCPGTC RQUKDNG FG
GPHQECT NC NWEJC EQPVTC NC EQPVCOKPCEKÉP EQPUKFGTCPFQ ECFC KPFWUVTKC Q ECFC
EQPVCOKPCPVG FG EQPHQTOKFCF EQP NCU PGEGUKFCFGU PCEKQPCNGU [ C NC NW\ FG NC PCVWTCNG\C [
GN PKXGN FGN FGUCTTQNNQ KPFWUVTKCN
X 4GEQPQ\ECP SWG GU PGEGUCTKQ FGUCTTQNNCT V¾EPKECU VCNGU EQOQ NC UKOWNCEKÉP GN WUQ FG
OQFGNQU RCTCO¾VTKEQU [ GN CP±NKUKU RQT EQORWVCFQTCU C HKP FG JCNNCT UQNWEKQPGU C NQU
RTQDNGOCU SWG RNCPVGC NC NWEJC EQPVTC NC EQPVCOKPCEKÉP
Y 'P TGNCEKÉP EQP GN VTCPURQTVG C NCTIC FKUVCPEKC FG NC EQPVCOKPCEKÉP UWURGPFKFC GP GN CKTG [
GURGEKCNOGPVG TGURGEVQ FG NC RTGEKRKVCEKÉP ±EKFC TGEQPQ\ECP SWG UG FGDGTÃCP EQPUKFGTCT
NQU FKHGTGPVGU O¾VQFQU FG EQPVTQNCT NC GOKUKÉP FG NQU EQPVCOKPCPVGU RGTVKPGPVGU VGPKGPFQ
RTGUGPVG NC XCTKGFCF FG UQNWEKQPGU V¾EPKECU FG SWG UG FKURQPG
&2QNÃVKECURNCPKHKECEKÉP[QTFGPCEKÉP
&GDG RTGUVCTUG OC[QT CVGPEKÉP C NC RNCPKHKECEKÉP KPVGITCFC FG NC QTFGPCEKÉP FG NCU CIWCU 5G
PGEGUKVCP RQNÃVKECU KPVGITCFCU [ FKTGEVTKEGU NGIKUNCVKXCU [ CFOKPKUVTCVKXCU C HKP FG CUGIWTCT WPC DWGPC
CFCRVCEKÉP FG NQU TGEWTUQU C NCU PGEGUKFCFGU [ UK GU PGEGUCTKQ TGFWEKT GN TKGUIQ FG GUECUG\ ITCXG FG
CIWC [ FG FCÇQU GEQNÉIKEQU [ RCTC ICTCPVK\CT NC CEGRVCEKÉP RÐDNKEC FG NQU UKUVGOCU RNCPKHKECFQU FG
CIWC [ CUGIWTCT UW HKPCPEKCEKÉP &GDG EQPUKFGTCTUG GURGEKCNOGPVG PQ UÉNQ NC TGNCEKÉP EQUVQGHKECEKC
FG NQU UKUVGOCU RNCPKHKECFQU FG CIWC UKPQ VCODK¾P NC OCPGTC FG NQITCT ÉRVKOQU DGPGHKEKQU UQEKCNGU
FGN WUQ FG NQU TGEWTUQU JÃFTKEQU [ NC RTQVGEEKÉP FG NC UCNWF JWOCPC [ FGN OGFKQ CODKGPVG GP UW
EQPLWPVQ 6CODK¾P FGDG RTGUVCTUG CVGPEKÉP CN RCUQ FGN CRTQXGEJCOKGPVQ EQP WP UQNQ HKP CN
CRTQXGEJCOKGPVQ EQP HKPGU OÐNVKRNGU FG NQU TGEWTUQU JÃFTKEQU EQPHQTOG CWOGPVG GN ITCFQ FG GUG
CRTQXGEJCOKGPVQ [ FGN WUQ FGN CIWC GP NCU EWGPECU HNWXKCNGU EQP OKTCU GPVTG QVTCU EQUCU C UCECT GN
O±ZKOQ RCTVKFQ FG NCU KPXGTUKQPGU RCTC NQU UKUVGOCU RNCPKHKECFQU FG WUQ FGN CIWC 'P RCTVKEWNCT NC
EQPUVTWEEKÉP FG PWGXCU QDTCU FGDG KT RTGEGFKFC FG WP GUVWFKQ FGVCNNCFQ FG NCU PGEGUKFCFGU
CITQRGEWCTKCU KPFWUVTKCNGU [ OWPKEKRCNGU FG NC \QPC TGURGEVKXC .QU RNCPGU FG QTFGPCEKÉP FG NCU
CIWCU RQFT±P RTGRCTCTUG WVKNK\CPFQ V¾EPKECU FG CP±NKUKU FG UKUVGOCU [ FGUCTTQNNCTUG UQDTG NC DCUG FG
KPFKECFQTGU [ ETKVGTKQU [C CFQRVCFQU 'UVG CP±NKUKU FGDGT± VGPGT GP EWGPVC NC GXQNWEKÉP GEQPÉOKEC [
UQEKCN FG NC EWGPEC [ UGT NQ O±U CORNKQ RQUKDNG FGDGT± KPENWKT GNGOGPVQU VCNGU EQOQ GN JQTK\QPVG
ETQPQNÉIKEQ NC GZVGPUKÉP VGTTKVQTKCN NCU KPVGTCEEKQPGU FG NC GEQPQOÃC PCEKQPCN [ GN FGUCTTQNNQ TGIKQPCN
[ NQU XÃPEWNQU GPVTG NQU FKXGTUQU PKXGNGU FG HQTOWNCEKÉP FG FGEKUKQPGU .CU RQNÃVKECU PCEKQPCNGU
FGDGT±P RTGXGT NC OQFGTPK\CEKÉP FG NQU UKUVGOCU GZKUVGPVGU RCTC UCVKUHCEGT NCU PGEGUKFCFGU FG NC
CEVWCNKFCF
2QNÃVKEC PCEKQPCN FGN CIWC
'P WPC UGTKG FG RCÃUGU UG FGDG HQTOWNCT WPC RQNÃVKEC PCEKQPCN FGN CIWC FGPVTQ FGN OCTEQ FG NCU
RQNÃVKECU GEQPÉOKECU [ UQEKCNGU IGPGTCNGU FGN RCÃU FG SWG UG VTCVC [ EQORCVKDNG EQP GNNCU EQP GN
RTQRÉUKVQ FG EQCF[WXCT GN CWOGPVQ FGN PKXGN FG XKFC FG VQFC NC RQDNCEKÉP
%CFC RCÃU FGDG HQTOWNCT [ OCPVGPGT GP GZCOGP WPC FGENCTCEKÉP IGPGTCN FG RQNÃVKEC GP
TGNCEKÉP EQP GN WUQ NC QTFGPCEKÉP [ NC EQPUGTXCEKÉP FGN CIWC EQOQ OCTEQ FG NC RNCPKHKECEKÉP [
GLGEWEKÉP FG RTQITCOCU [ OGFKFCU EQPETGVQU RCTC NC GHKEKGPVG CRNKECEKÉP FG NQU RNCPGU .QU RNCPGU [
RQNÃVKECU FG FGUCTTQNNQ PCEKQPCN FGDGP GURGEKHKECT NQU QDLGVKXQU RTKPEKRCNGU FG NC RQNÃVKEC UQDTG GN WUQ
FGN CIWC NC SWG FGDG C UW XG\ VTCFWEKTUG GP FKTGEVTKEGU [ GUVTCVGIKCU UWDFKXKFKFCU GP NQ RQUKDNG GP
RTQITCOCU RCTC NC QTFGPCEKÉP KPVGITCFC FGN TGEWTUQ
%QP GPVG HKP UG TGEQOKGPFC C NQU RCÃUGU SWG
C 5G CUGIWTGP FG SWG NC RQNÃVKEC PCEKQPCN FGN CIWC UG EQPEKDC [ UG TGCNKEG FGPVTQ FGN OCTEQ
FG WPC RQNÃVKEC PCEKQPCN KPVGTFKUEKRNKPCTKC FG FGUCTTQNNQ GEQPÉOKEQ UQEKCN [ CODKGPVCN
D 4GEQPQ\ECP SWG GN FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU GU WP OGFKQ KPHTCGUVTWEVWTCN
KPFKURGPUCDNG RCTC NQU RNCPGU FG FGUCTTQNNQ FGN RCÃU
E 5G CUGIWTGP FG SWG NCU VKGTTCU [ NCU CIWCU UGCP QDLGVQ FG WPC QTFGPCEKÉP KPVGITCFC
F /GLQTGP NC FKURQPKDKNKFCF [ ECNKFCF FG NC KPHQTOCEKÉP D±UKEC PGEGUCTKC RQT GLGORNQ
UGTXKEKQU ECTVQIT±HKEQU JKFTQOGVTÃC FCVQU UQDTG NQU TGEWTUQU PCVWTCNGU [ NQU GEQUKUVGOCU
XKPEWNCFQU EQP GN CIWC KPXGPVCTKQU FG NCU RQUKDNGU QDTCU RTQ[GEEKQPGU FG NC FGOCPFC FG
CIWC [ EQUVQ UQEKCN
G &GHKPCP O¾VQFQU [ QDLGVKXQU RCTC NQU FKXGTUQU UGEVQTGU FGN WUQ FGN CIWC EQP KPENWUKÉP FG
CDCUVGEKOKGPVQ FG CIWC CRVC RCTC GN EQPUWOQ [ UWOKPKUVTQ FG UGTXKEKQU FG GNKOKPCEKÉP FG
FGUGEJQU OGFKFCU RCTC UCVKUHCEGT NCU PGEGUKFCFGU CITQRGEWCTKCU G KPFWUVTKCNGU GN
VTCPURQTVG CEW±VKEQ [ GN FGUCTTQNNQ FG NC GPGTIÃC JKFTQGN¾EVTKEC GP HQTOC EQORCVKDNG EQP NQU
TGEWTUQU [ ECTCEVGTÃUVKECU FG NC \QPC FG SWG UG VTCVG #N ECNEWNCT NQU TGEWTUQU JÃFTKEQU
FKURQPKDNGU FGDGT±P VGPGTUG GP EWGPVC NC TGWVKNK\CEKÉP FGN CIWC [ GN VTCURCUQ FG CIWC GPVTG
EWGPECU
H &GUCTTQNNGP [ CRNKSWGP V¾EPKECU RCTC NC KFGPVKHKECEKÉP OGFKEKÉP [ RTGUGPVCEKÉP FG NQU
DGPGHKEKQU [ EQUVQU GEQPÉOKEQU CODKGPVCNGU [ UQEKCNGU FG NQU RTQ[GEVQU [ RTQRWGUVCU FG
FGUCTTQNNQ .CU FGEKUKQPGU RQFT±P DCUCTUG GPVQPEGU GP GUVQU HCEVQTGU UGT± RQUKDNG
FGVGTOKPCT NC FKUVTKDWEKÉP CRTQRKCFC FG NQU EQUVQU [ NQU RTQ[GEVQU RQFT±P EQPUVTWKTUG [
HWPEKQPCT FG OCPGTC SWG GUVCU EWGUVKQPGU TGEKDCP EQPVKPWC CVGPEKÉP GP VQFCU NCU GVCRCU
I 4GCNKEGP NC GXCNWCEKÉP UKUVGO±VKEC FG NQU RTQ[GEVQU [C GLGEWVCFQU EQP OKTGU C CFSWKTKT
GZRGTKGPEKCU RCTC GN HWVWTQ GURGEKCNOGPVG GP TGNCEKÉP EQP NQU DGPGHKEKQU UQEKCNGU [ NQU
ECODKQU GEQNÉIKEQU SWG GXQNWEKQPCP NGPVCOGPVG
J (QTOWNGP RNCPGU TGEVQTGU RCTC RCÃUGU [ RCTC NCU EWGPECU HNWXKCNGU C HKP FG RTQRQTEKQPCT WPC
RGTURGEVKXC C NCTIQ RNC\Q RCTC NC RNCPKHKECEKÉP KPENWKFC NC EQPUGTXCEKÉP FG TGEWTUQU
GORNGCPFQ EWCPFQ EQTTGURQPFC V¾EPKECU VCNGU EQOQ NQU CP±NKUKU FG UKUVGOCU [ NQU OQFGNQU
OCVGO±VKEQU EQOQ KPUVTWOGPVQU FG RNCPKHKECEKÉP &GDGT±P KPXGUVKICTUG C HQPFQ NQU
RTQ[GEVQU SWG UWTLCP FG NQU RNCPGU PCEKQPCNGU [ CUKIPCTNGU NCU RTKQTKFCFGU SWG
EQTTGURQPFCP
K /CPVGPICP GP NC RNCPKHKECEKÉP [ QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU PCEKQPCNGU EQOQ
QDLGVKXQ HWPFCOGPVCN [ FG CNVC RTKQTKFCF NC UCVKUHCEEKÉP FG NCU PGEGUKFCFGU HWPFCOGPVCNGU
FG VQFQU NQU ITWRQU FG NC UQEKGFCF RTGUVCPFQ GURGEKCN CVGPEKÉP C NQU FG OGPQTGU KPITGUQU
L 'ZCOKPGP [ CLWUVGP RGTKÉFKECOGPVG NQU QDLGVKXQU C HKP FG OCPVGPGTUG C NC RCT FG NCU
EQPFKEKQPGU ECODKCPVGU .CU FKTGEVTKEGU C NCTIQ RNC\Q RCTC NC QTFGPCEKÉP FG NCU CIWCU
RQFTÃCP RTGRCTCTUG RCTC RGTÃQFQU FG C CÇQU [ FGDGTÃCP UGT EQORCVKDNGU EQP NQU
RNCPGU TGEVQTGU .C RNCPKHKECEKÉP FGDG EQPUKFGTCTUG EQOQ WPC CEVKXKFCF EQPVKPWC [ NQU
RNCPGU FG NCTIQ RNC\Q FGDGP TGXKUCTUG [ EQORNGOGPVCTUG RGTKÉFKECOGPVG WP RGTÃQFQ FG
EKPEQ CÇQU RCTGEG EQPXGPKGPVG C GUVG TGURGEVQ
M %CRCEKVGP C RGTUQPCN GURGEKCNK\CFQ GP RTKPEKRKQU [ O¾VQFQU FG RNCPKHKECEKÉP CUÃ EQOQ C
CITKEWNVQTGU [ FGO±U WUWCTKQU FG CIWC RCTC SWG RCTVKEKRGP GP VQFCU NCU GVCRCU FGN RTQEGUQ
FG RNCPKHKECEKÉP &GDGT± KPENWKTUG NC ECRCEKVCEKÉP RCTC OGLQTCT NC RGTKEKC GP OCVGTKC FG
CP±NKUKU GEQPÉOKEQ C HKP FG ICTCPVK\CT SWG UG TGCNKEGP NQU GUVWFKQU CRTQRKCFQU FG
CUKIPCEKÉP FG EQUVQU
N 'XCNÐGP NCU RQNÃVKECU FG VCTKHCU FG CIWC FG EQPHQTOKFCF EQP NCU RQNÃVKECU IGPGTCNGU GP
OCVGTKC FG FGUCTTQNNQ [ FKURQPICP NQU TGCLWUVGU [ NC TGGUVTWEVWTCEKÉP SWG UGCP PGEGUCTKQU
C HKP FG SWG RWGFCP GORNGCTUG GHKEC\OGPVG EQOQ KPUVTWOGPVQU FG RQNÃVKEC RCTC RTQOQXGT
WPC OGLQT IGUVKÉP FG NC FGOCPFC C NC XG\ SWG UG CNKGPVC WP OGLQT WUQ FG NQU TGEWTUQU
FKURQPKDNGU UKP ECWUCT RTKXCEKQPGU KPFGDKFCU C NQU UGEVQTGU [ TGIKQPGU O±U RQDTGU FG NC
EQOWPKFCF 'P NC OGFKFC FG NQ RQUKDNG NCU VCTKHCU FGN CIWC FGDGP EWDTKT NQU ICUVQU GP SWG
UG KPEWTTKT± C OGPQU SWG NQU IQDKGTPQU EQOQ EWGUVKÉP FG RQNÃVKEC FGEKFCP
UWDXGPEKQPCTNQU
O &QEWOGPVGP [ EQORCTVCP EQP QVTQU UW GZRGTKGPEKC GP OCVGTKC FG RNCPKHKECEKÉP
#TTGINQU KPUVKVWEKQPCNGU
'P OWEJQU RCÃUGU NQU KPVGTGUGU GP NC GUHGTC FGN CIWC UG JCP FKXKFKFQ GPVTG PWOGTQUQU QTICPKUOQU
UKP WPC EQQTFKPCEKÉP CFGEWCFC [ UKP XÃPEWNQU CFGEWCFQU EQP QVTQU CURGEVQU FG NC RNCPKHKECEKÉP
PCEKQPCN
.QU CTTGINQU KPUVKVWEKQPCNGU CFQRVCFQU RQT ECFC RCÃU FGDGP RGTOKVKT SWG GN FGUCTTQNNQ [ NC
QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU UG TGCNKEGP GP GN EQPVGZVQ FG NC RNCPKHKECEKÉP PCEKQPCN [ SWG
GZKUVC WPC EQQTFKPCEKÉP TGCN GPVTG VQFQU NQU ÉTICPQU GPECTICFQU FG NC KPXGUVKICEKÉP GN FGUCTTQNNQ [ NC
QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU 'N RTQDNGOC FG ETGCT WPC KPHTCGUVTWEVWTC KPUVKVWEKQPCN CFGEWCFC
FGDG OCPVGPGTUG EQPUVCPVGOGPVG GP GUVWFKQ [ UG FGDG EQPUKFGTCT NC RQUKDKNKFCF FG GUVCDNGEGT
GHKEKGPVGU FGRGPFGPEKCU EGPVTCNGU GPECTICFCU FGN CIWC RCTC CUGIWTCT WPC EQQTFKPCEKÉP CRTQRKCFC
%QP GUVG HKP UG TGEQOKGPFC SWG NQU RCÃUGU
C #FCRVGP GN OCTEQ KPUVKVWEKQPCN C NCU PGEGUKFCFGU FG WPC RNCPKHKECEKÉP [ WVKNK\CEKÉP
GHKEKGPVGU FG NQU TGEWTUQU JÃFTKEQU [ CN WUQ FG VGEPQNQIÃCU CFGNCPVCFCU EWCPFQ GUC
PGEGUCTKQ .C QTICPK\CEKÉP KPUVKVWEKQPCN RCTC NC QTFGPCEKÉP FG NCU CIWCU FGDG UGT TGHQT\CFC
EWCPFQ RTQEGFC RCTC CUGIWTCT WPC CFGEWCFC EQQTFKPCEKÉP FG NCU CWVQTKFCFGU
CFOKPKUVTCVKXCU EGPVTCNGU [ NQECNGU .C EQQTFKPCEKÉP FGDG KPENWKT NC CUKIPCEKÉP FG TGEWTUQU C
RTQITCOCU EQORNGOGPVCTKQU
D 2TQOWGXCP GN KPVGT¾U GP NC QTFGPCEKÉP FG NCU CIWCU GPVTG UWU WUWCTKQU UG FGDG FCT C NQU
WUWCTKQU WPC TGRTGUGPVCEKÉP [ RCTVKEKRCEKÉP CFGEWCFCU GP NC QTFGPCEKÉP
E %QPUKFGTGP EWCPFQ UGC PGEGUCTKQ NC EQPXGPKGPEKC FG GUVCDNGEGT QTICPK\CEKQPGU CFGEWCFCU
SWG UG QEWRGP FGN CDCUVGEKOKGPVQ FG CIWC TWTCN GP EWCPVQ UG FKHGTGPEKC FGN CDCUVGEKOKGPVQ
FG CIWC WTDCPQ JCDKFC EWGPVC FG NCU FKHGTGPEKCU GPVTG NQU FQU GP VGEPQNQIÃCU RTKQTKFCFGU
GVE
F %QPUKFGTGP EQOQ EWGUVKÉP WTIGPVG G KORQTVCPVG GN GUVCDNGEKOKGPVQ [ HQTVCNGEKOKGPVQ FG
FKTGEEKQPGU FG EWGPECU HNWXKCNGU EQP OKTCU C NQITCT WPC RNCPKHKECEKÉP [ QTFGPCEKÉP FG GUCU
EWGPECU O±U GHKEKGPVGU G KPVGITCFCU TGURGEVQ FG VQFQU NQU WUQU FGN CIWC EWCPFQ CUÃ UG
LWUVKHKSWG RQT TC\QPGU FG EQPXGPKGPEKC CFOKPKUVTCVKXC [ HKPCPEKGTC
G 5G CUGIWTGP FG SWG GZKUVC NC XKPEWNCEKÉP CFGEWCFC GPVTG GN QTICPKUOQ FG EQQTFKPCEKÉP
CFOKPKUVTCVKXC [ NQU GPECTICFQU FG CFQRVCT NCU FGEKUKQPGU
.GIKUNCEKÉP
#WP EWCPFQ GP OWEJQU RCÃUGU NC NGIKUNCEKÉP C OGPWFQ GU EQORNGVC GUV± CVTCUCFC GP TGNCEKÉP EQP NCU
RT±EVKECU [ V¾EPKECU OQFGTPCU FG QTFGPCEKÉP FG NCU CIWCU [ RGTRGVÐC WPC HTCIOGPVCEKÉP KPFGUGCDNG
FG NCU TGURQPUCDKNKFCFGU CFOKPKUVTCVKXCU .CU FKURQUKEKQPGU SWG TGINCOGPVCP NC QTFGPCEKÉP FG NCU
CIWCU C OGPWFQ GUV±P EQPVGPKFCU GP FKHGTGPVGU NG[GU [ QTFGPCP\CU 'UVQ JCEG FKHÃEKN EQPQEGTNCU [
CRNKECTNCU 'P CNIWPQU ECUQU JC[ KPEQORCVKDKNKFCF GPVTG NCU FKURQUKEKQPGU LWTÃFKECU FG ECT±EVGT
PCEKQPCN [ NCU TGINCOGPVCEKQPGU SWG GOCPCP FG NCU CWVQTKFCFGU TGIKQPCNGU Q NQECNGU Q GPVTG NQU
FGTGEJQU VTCFKEKQPCNGU [ GN RCRGN FGN 'UVCFQ GP GN EQPVTQN FG NQU TGEWTUQU JÃFTKEQU
%CFC RCÃU FGDG GZCOKPCT [ OCPVGPGT GP GUVWFKQ NCU GUVTWEVWTCU NGIKUNCVKXCU [ CFOKPKUVTCVKXCU
GZKUVGPVGU TGNCVKXCU C NQU TGEWTUQU JÃFTKEQU [ C NC NW\ FG NC GZRGTKGPEKC EQORCTVKFC FGDG UCPEKQPCT
EWCPFQ UGC CFGEWCFQ WPC NGIKUNCEKÉP QTI±PKEC RCTC CFQRVCT WP GPHQSWG EQQTFKPCFQ TGURGEVQ FG NC
RNCPKHKECEKÉP FGN WUQ FGN CIWC 5K GN OCTEQ EQPUVKVWEKQPCN FGN RCÃU NQ RGTOKVG RWGFG UGT EQPXGPKGPVG
SWG NCU FKURQUKEKQPGU TGNCVKXCU C NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU UG EQODKPGP GP WP
KPUVTWOGPVQ LWTÃFKEQ ÐPKEQ .C NGIKUNCEKÉP FGDG FGHKPKT NCU PQTOCU FG NC RTQRKGFCF RÐDNKEC FGN CIWC [
FG NCU ITCPFGU QDTCU FG KPIGPKGTÃC JKFT±WNKEC CUÃ EQOQ NCU FKURQUKEKQPGU TGHGTGPVGU C NQU RTQDNGOCU
FG RTQRKGFCF FG NCU VKGTTCU [ VQFQ NKVKIKQ SWG FG GNNQ RWGFC UWTIKT &GDG UGT UWHKEKGPVGOGPVG HNGZKDNG
RCTC CFOKVKT HWVWTQU ECODKQU GP RTKQTKFCFGU [ RGTURGEVKXCU
%QP GUVG HKP UG TGEQOKGPFC SWG
C 5G TGCNKEG UKUVGO±VKECOGPVG WP KPXGPVCTKQ [ WP GZCOGP ETÃVKEQ FG NCU PQTOCU GUETKVCU Q
PQ TGINCOGPVCEKQPGU FGETGVQU QTFGPCP\CU [ OGFKFCU LWTÃFKECU [ NGIKUNCVKXCU GP NC GUHGTC
FG NQU TGEWTUQU JÃFTKEQU [ UW FGUCTTQNNQ
D 5G RTGRCTG WPC TGXKUKÉP FG NC NGIKUNCEKÉP GZKUVGPVG C HKP FG OGLQTCT [ UKORNKHKECT UW CNECPEG
RCTC SWG CDCTSWG VQFQU NQU CURGEVQU RGTVGPGEKGPVGU CN CRTQXGEJCOKGPVQ FGN CIWC NC
RTQVGEEKÉP FG NC ECNKFCF NC RTGXGPEKÉP FG NC EQPVCOKPCEKÉP NCU UCPEKQPGU RQT FGUECTICU FG
CHNWGPVGU KPFGUGCDNGU NC EQPEGUKÉP FG NKEGPEKCU NC GZVTCFKEKÉP NC RTQRKGFCF GVE
E #WPSWG NC NGIKUNCEKÉP FGDC IGPGTCNOGPVG UGT FGVCNNCFC JCDTÃC SWG QTICPK\CTNC GP NC HQTOC
O±U UGPEKNNC RQUKDNG [ EQORCVKDNG EQP NC PGEGUKFCF FG GZRQPGT NCU TGURQPUCDKNKFCFGU [
CVTKDWEKQPGU TGURGEVKXCU FG NQU QTICPKUOQU IWDGTPCOGPVCNGU [ NQU OGFKQU RCTC EQPEGFGT C
NQU RCTVKEWNCTGU GN FGTGEJQ CN WUQ FGN CIWC
F .C NGIKUNCEKÉP RGTOKVC NC H±EKN CRNKECEKÉP FG NCU FGEKUKQPGU FG RQNÃVKEC SWG FGDGT±P UGT GP
DGPGHKEKQ FGN RÐDNKEQ RTQVGIKGPFQ C NC XG\ NQU KPVGTGUGU TC\QPCDNGU FG NQU RCTVKEWNCTGU
G .C NGIKUNCEKÉP FGHKPC NCU PQTOCU FG NC RTQRKGFCF RÐDNKEC FG NQU RTQ[GEVQU TGNCVKXQU CN CIWC
CUÃ EQOQ NQU FGTGEJQU NCU QDNKICEKQPGU [ NCU TGURQPUCDKNKFCFGU [ FGUVCSWG GN RCRGN FG NQU
QTICPKUOQU RÐDNKEQU CN PKXGN CFOKPKUVTCVKXQ CFGEWCFQ GP GN EQPVTQN FG NC ECPVKFCF [ NC
ECNKFCF FGN CIWC 3WG UG PQODTGP QTICPKUOQU CFOKPKUVTCVKXQU CFGEWCFQU [ UG NGU
EQPEGFCP CVTKDWEKQPGU RCTC FGUGORGÇCT GUVC HWPEKÉP FG EQPVTQN [ RNCPKHKECT [ CRNKECT
RTQITCOCU FG FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU 3WG VCODK¾P UG GPWPEKGP GP NC NGIKUNCEKÉP
RTKOCTKC Q UWRNGVQTKQ NQU RTQEGFKOKGPVQU CFOKPKUVTCVKXQU PGEGUCTKQU RCTC GN EQPVTQN
EQQTFKPCFQ GSWKVCVKXQ [ GHKEKGPVG [ NC CFOKPKUVTCEKÉP FG VQFQU NQU CURGEVQU FG NQU TGEWTUQU
JÃFTKEQU
H .C NGIKUNCEKÉP VGPIC GP EWGPVC NC ECRCEKFCF CFOKPKUVTCVKXC RCTC CRNKECTNC
I .QU RCÃUGU FQEWOGPVGP [ EQORCTVCP UW GZRGTKGPEKC C HKP FG RQFGT EQPVCT EQP WPC DCUG
RCTC GHGEVWCT RQUKDNGU OGLQTCU GP UW NGIKUNCEKÉP
J 5G EQPEGFC RTKQTKFCF C NC RWGUVC GP XKIQT GHGEVKXC FG NCU FKURQUKEKQPGU FG NC NGIKUNCEKÉP
GZKUVGPVG [ EWCPFQ UGC PGEGUCTKQ UG HQTVCNG\ECP [ JCICP O±U GHKECEGU RCTC NQITCT GUVG
QDLGVKXQ NQU CEWGTFQU FG ECT±EVGT CFOKPKUVTCVKXQ [ FG QVTQ VKRQ
2CTVKEKRCEKÉP FGN RÐDNKEQ
5G TGEQPQEG EQOÐPOGPVG SWG EWCPFQ UG CFQRVCP FGEKUKQPGU FGDGP VGPGTUG GP EWGPVC NCU QRKPKQPGU
FG SWKGPGU UG XGT±P RTQDCDNGOGPVG CHGEVCFQU RQT GNNCU
.QU RCÃUGU FGDGP JCEGT NQU GUHWGT\QU PGEGUCTKQU RCTC CFQRVCT OGFKFCU SWG RGTOKVCP QDVGPGT
NC RCTVKEKRCEKÉP GHGEVKXC FGN RÐDNKEQ GP GN RTQEGUQ FG RNCPKHKECEKÉP [ CFQREKÉP FG FGEKUKQPGU SWG
EQORTGPFCP C NQU WUWCTKQU [ C NCU CWVQTKFCFGU RÐDNKECU 'UC RCTVKEKRCEKÉP RWGFG KPHNWKT
EQPUVTWEVKXCOGPVG GP NC GNGEEKÉP FG RNCPGU [ RQNÃVKECU 5K GU PGEGUCTKQ NC NGIKUNCEKÉP FGDGT± FKURQPGT
GUC RCTVKEKRCEKÉP EQOQ RCTVG KPVGITCPVG FGN RTQEGUQ FG RNCPKHKECEKÉP RTQITCOCEKÉP GLGEWEKÉP [
GXCNWCEKÉP
%QP GUVG HKP UG TGEQOKGPFC SWG
C .QU RCÃUGU GNCDQTGP FKURQUKEKQPGU NGIKUNCVKXCU RTQITCOCU GFWECVKXQU [ CEVKXKFCFGU FG
RCTVKEKRCEKÉP CRTQRKCFQU SWG CWOGPVGP GN EQPQEKOKGPVQ FGN RÐDNKEQ [ CNKGPVGP UW
RCTVKEKRCEKÉP [ SWG FGUVCSWGP GN XCNQT FGN CIWC [ GN RGNKITQ SWG GPVTCÇC UW GUECUG\ TGNCVKXC
C UW GORNGQ CDWUKXQ
D .QU RCÃUGU SWG CRNKSWGP VCNGU OGFKFCU [ V¾EPKECU FQEWOGPVGP [ EQORCTVCP UW GZRGTKGPEKC
E 0Q UG GUECVKOG GUHWGT\Q RCTC RGTUWCFKT CN RÐDNKEQ FG SWG NC RCTVKEKRCEKÉP GU RCTVG
KPVGITCPVG FGN RTQEGUQ FG CFQREKÉP FG FGEKUKQPGU [ SWG GZKUVC WPC EQTTKGPVG KPKPVGTTWORKFC
FG KPHQTOCEKÉP TGEÃRTQEC
F 'P NC GUHGTC FGN CDCUVGEKOKGPVQ FG CIWC [ FGN UCPGCOKGPVQ EQOWPKVCTKQU UG FGUVCSWG
GURGEKCNOGPVG NC UKVWCEKÉP [ GN RCRGN FG NC OWLGT
&GUCTTQNNQ FG NC VGEPQNQIÃC CRTQRKCFC
'P OWEJQU RCÃUGU GP FGUCTTQNNQ UG GUV±P JCEKGPFQ GUHWGT\QU RCTC FGUCTTQNNCT [ CEGNGTCT VGEPQNQIÃCU
NQECNGU CRTQRKCFCU SWG GORNGGP NC GZRGTKGPEKC [ NCU OCVGTKCU RTKOCU NQECNGU C HKP FG CEGNGTCT GN
FGUCTTQNNQ GEQPÉOKEQ GUVQU GUHWGT\QU GZKIGP CNKGPVQ GZRCPUKÉP [ CRQ[Q HKPCPEKGTQ G KPUVKVWEKQPCN
'N EQPEGRVQ [ GN EQPVGPKFQ FG NC VGEPQNQIÃC CRTQRKCFC TGNCEKQPCFC EQP GN FGUCTTQNNQ [ NC
QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU FGDGP EQPUKFGTCTUG GP GN EQPVGZVQ FG ECFC UKVWCEKÉP
UQEKQGEQPÉOKEC GP RCTVKEWNCT [ FG NQU TGEWTUQU FG SWG FKURQPGP .QU RCÃUGU GP FGUCTTQNNQ PGEGUKVCP
ETGCT NC ECRCEKFCF VGEPQNÉIKEC GP NQU RNCPQU PCEKQPCN [ TGIKQPCN &GDG FCTUG RTKQTKFCF C NCU
VGEPQNQIÃCU SWG KORNKSWGP WP TGFWEKFQ EQUVQ FG ECRKVCN [ CN WUQ FG OCVGTKCU RTKOCU [ TGEWTUQU NQECNGU
VGPKGPFQ GP EWGPVC NQU HCEVQTGU CODKGPVCNGU .QU RCÃUGU FGUCTTQNNCFQU FGDGP CEGNGTCT GN RTQEGUQ FG
VTCPUHGTGPEKC FG GZRGTKGPEKC CUKUVGPEKC V¾EPKEC [ ECRCEKVCEKÉP C NQU RCÃUGU GP FGUCTTQNNQ .QU RCÃUGU
FGUCTTQNNCFQU FGDGP CNGPVCT [ OGLQTCT NCU EQPFKEKQPGU RCTC NC VTCPUOKUKÉP FG KPHQTOCEKÉP [
EQPQEKOKGPVQU V¾EPKEQU 'U PGEGUCTKQ CUKOKUOQ SWG JC[C VTCPUHGTGPEKC FG VGEPQNQIÃC GPVTG NQU
RTQRKQU RCÃUGU GP FGUCTTQNNQ
'P GUVG EQPVGZVQ UQP RGTVKPGPVGU NCU EQPUKFGTCEKQPGU UKIWKGPVGU
C 'U RQUKDNG SWG NQU TGUWNVCFQU FG NQU RTQITCOCU FG KPXGUVKICEKÉP PQ UG VTCPUHQTOGP H±EKN G
KPOGFKCVCOGPVG GP VGEPQNQIÃCU CRNKECDNGU EQP HTGEWGPEKC UG PGEGUKVC WPC HCUG VTCPUKVQTKC
FG GZRGTKOGPVCEKÉP [ CFCRVCEKÉP C HKP FG FGUCTTQNNCT NCU VGEPQNQIÃCU TGSWGTKFCU
D .CU VGEPQNQIÃCU KORQTVCFCU RCTC NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU RWGFGP GZKIKT EQOQ
HCUG KPVGTOGFKC GP NC VTCPUHGTGPEKC FG VGEPQNQIÃC O±U GUVWFKQU [ GZRGTKOGPVQU EQP
TGURGEVQ C UW ITCFQ FG CFCRVCDKNKFCF C NQU TGEWTUQU FKURQPKDNGU [ C NCU EQPFKEKQPGU
UQEKQEWNVWTCNGU GEQPÉOKECU [ CODKGPVCNGU GZKUVGPVGU
E .C GUECUG\ FG CIWC C OGPWFQ VGPFT± WPC KPHNWGPEKC FGEKUKXC UQDTG GN FGUCTTQNNQ FG NC
VGEPQNQIÃC CRTQRKCFC 'P CNIWPQU ECUQU RWGFG TGSWGTKT WP ECODKQ FG NCU VGEPQNQIÃCU
VTCFKEKQPCNGU C QVTCU TGNCVKXCOGPVG EQORNGLCU
F 'P OWEJQU RCÃUGU GP FGUCTTQNNQ NC EQPHKCP\C GP GN RTQRKQ GUHWGT\Q UG JC EQPXGTVKFQ GP
QDLGVKXQ 5G FGDGTÃC VTCVCT FG RTQOQXGT NC ECRCEKFCF CWVÉEVQPC [ FG FGUCTTQNNCT NCU
VGEPQNQIÃCU CRTQRKCFCU SWG CRTQXGEJCP RNGPCOGPVG NCU GZRGTKGPEKCU [ NQU TGEWTUQU NQECNGU
'UVQU GUHWGT\QU GZKIGP CRQ[Q KPUVKVWEKQPCN [ HKPCPEKGTQ
%QP GUVG HKP UG TGEQOKGPFC SWG NQU RCÃUGU
C 5G EGTEKQTGP FG SWG NQU CTTGINQU KPUVKVWEKQPCNGU GZKUVGPVGU UGCP CFGEWCFQU RQT NQ SWG
TGURGEVC CN FGUCTTQNNQ FG VGEPQNQIÃCU CRTQRKCFCU RCTC NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU
[ RTQRQTEKQPGP CRQ[Q RCTC UW FGUCTTQNNQ
D 2TQRQTEKQPGP VQFQ GN CNKGPVQ [ GN CRQ[Q RQUKDNGU C NCU KPUVKVWEKQPGU PCEKQPCNGU GPECTICFCU
FG FGUCTTQNNCT VGEPQNQIÃCU CRTQRKCFCU RCTC GN CRTQXGEJCOKGPVQ FG NQU TGEWTUQU JÃFTKEQU
E 2TQRQTEKQPGP TGEWTUQU RCTC SWG NQU RTQHGUKQPCNGU RWGFCP QDUGTXCT NQ SWG UG JC NQITCFQ GP
UW TGURGEVKXC GUHGTC FG EQPQEKOKGPVQU GP QVTQU RCÃUGU [ RCTC SWG UG HCOKNKCTKEGP EQP NCU
RQUKDNGU OGLQTCU FG NCU VGEPQNQIÃCU SWG GUV±P WUCPFQ CEVWCNOGPVG
F #NKGPVGP NC FKHWUKÉP O±U CORNKC RQUKDNG FG NQU EQPQEKOKGPVQU CFSWKTKFQU UQDTG GN FGUCTTQNNQ
FG VGEPQNQIÃCU CRTQRKCFCU GUVCDNG\ECP [ GZRCPFCP GORTGUCU GURGEKCNK\CFCU [ CRNKSWGP
RTQXGEJQUCOGPVG NCU VGEPQNQIÃCU CRTQRKCFCU SWG UG JC[CP FGUCTTQNNCFQ
G 'ZCOKPGP GN CNECPEG FG NC RCTVKEKRCEKÉP RQRWNCT GP NC RNCPKHKECEKÉP NC EQPUVTWEEKÉP [ GN
OCPVGPKOKGPVQ FG RTQ[GEVQU TGNCEKQPCFQU EQP GN CIWC [ CFQRVGP OGFKFCU RCTC CUGIWTCT WP
PKXGN OC[QT FG RCTVKEKRCEKÉP OGFKCPVG EQPUWNVCU [ NC VTCPUOKUKÉP FG EQPQEKOKGPVQU
EQOGP\CPFQ C PKXGN FG NCU CNFGCU
H *CICP GN OC[QT WUQ RQUKDNG FG OCPQ FG QDTC GP NQU RTQ[GEVQU TGNCEKQPCFQU EQP GN CIWC
VGPKGPFQ RTGUGPVG NC PGEGUKFCF FG NQITCT WP GSWKNKDTKQ CRTQRKCFQ GPVTG NCU VGEPQNQIÃCU SWG
GZKIGP ITCP FGPUKFCF FG OCPQ FG QDTC [ NCU SWG GZKIGP ITCP FGPUKFCF FG ECRKVCN
I
J
K
L
M
N
O
P
Q
FGUVCECPFQ NC PGEGUKFCF FG TGFWEKT GN FGUGORNGQ [ GN GORNGQ KPUWHKEKGPVG GP RCTVKEWNCT FG
VTCDCLCFQTGU PQ ECNKHKECFQU
2TQOWGXCP NQU KPVGPVQU FG HCDTKECT GNGOGPVQU VCNGU EQOQ DQODCU OQVQTGU CEGTQ
VWDGTÃCU FG ENQTWTQ FG RQNKXKPKNQ CUDGUVQEGOGPVQ [ JQTOKIÉP RTGVGPUCFQ [ TGCEVKXQU RCTC
GN VTCVCOKGPVQ FGN CIWC C DCUG FG TGEWTUQU NQECNGU #N RTQOQXGT GUVC KFGC FGDGT±
HQOGPVCTUG GN GORNGQ FG OCVGTKCNGU FG RTQEGFGPEKC NQECN EQP VGEPQNQIÃC CXCP\CFC 'P NC
HCDTKECEKÉP [ WVKNK\CEKÉP FG OCVGTKCNGU RQVGPEKCNOGPVG RGNKITQUQU EQOQ GN ENQTWTQ FG
RQNKXKPKNQ [ GN COKCPVQ FGDGT±P CFQRVCTUG RTGECWEKQPGU CRTQRKCFCU
&GUCTTQNNGP KPUVCNCEKQPGU RCTC NC EQPUGTXCEKÉP [ TGRCTCEKÉP FG GSWKRQ JKFT±WNKEQ KORQTVCFQ
KPENWKFC NC HCDTKECEKÉP FG RKG\CU FG TGRWGUVQ
2TQOWGXCP NC PQTOCNK\CEKÉP FGN GSWKRQ RCTC C[WFCT C TGUQNXGT NQU RTQDNGOCU QRGTCEKQPCNGU
SWG UG FGTKXCP FG NC GUECUG\ FG RKG\CU FG TGRWGUVQ
2TQOWGXCP NC PQTOCNK\CEKÉP FG GURGEKHKECEKQPGU FKUGÇQU [ RNCPQU FG GSWKRQU [ QDTCU
JKFT±WNKECU
2TQOWGXCP CTTGINQU UWDTGIKQPCNGU [ TGIKQPCNGU RCTC NC RNCPKHKECEKÉP FKUGÇQ [ EQPUVTWEEKÉP
FG RTQ[GEVQU TGNCEKQPCFQU EQP GN CIWC [ GN KPVGTECODKQ FG KPHQTOCEKÉP EQP QVTCU TGIKQPGU
GP SWG UG FGP EQPFKEKQPGU UKOKNCTGU
2TQOWGXCP NC EQQRGTCEKÉP V¾EPKEC KPVTCTTGIKQPCN RCTC GNKOKPCT NC CEVWCN FKURCTKFCF GPVTG
RCÃUGU GP OCVGTKC FG FGUCTTQNNQ VGEPQNÉIKEQ CN OKUOQ VKGORQ SWG HQOGPVCP NCU
KPPQXCEKQPGU VGEPQNÉIKECU GP NC RNCPKHKECEKÉP NC KPUVTWOGPVCEKÉP [ GN GSWKRQ [ GN
KPVGTECODKQ FG KPHQTOCEKÉP EQP QVTCU TGIKQPGU
5G CUGIWTGP FG SWG NQU OCVGTKCNGU RCTC UGTXKEKQU FG CIWC HCDTKECFQU EQP TGEWTUQU NQECNGU
PQ ETGGP TKGUIQU RCTC NC UCNWF
'UVCDNG\ECP RTQITCOCU FG GOGTIGPEKC RCTC CDCUVGEGT FG CIWC RQVCDNG C NCU \QPCU GP SWG
¾UVC GUECUGC
*CICP VQFQ NQ RQUKDNG RQT OGLQTCT NC TGNCEKÉP EQUVQDGPGHKEKQ VGPKGPFQ GP EWGPVC CN OKUOQ
VKGORQ NC PGEGUKFCF FG RTQVGIGT GN OGFKQ CODKGPVG [ NC UCNWF CUÃ EQOQ NQU CURGEVQU
UQEKQGEQPÉOKEQU RGTVKPGPVGU
'4KGUIQUPCVWTCNGU
*C[ ITCPFGU \QPCU FGN OWPFQ FQPFG EQP HTGEWGPEKC UG RTQFWEGP HGPÉOGPQU JKFTQOGVGQTQNÉIKEQU
ITCXGU SWG ECWUCP ITCPFGU FCÇQU RTQXQECP R¾TFKFCU FG XKFCU [ HTGPCP GN FGUCTTQNNQ .C GZRGTKGPEKC
FGOWGUVTC SWG UK UG EQODKPCP FG OCPGTC CFGEWCFC NCU QDTCU FG KPIGPKGTÃC [ NCU OGFKFCU PQ
GUVTWEVWTCNGU UG RWGFGP TGFWEKT EQPUKFGTCDNGOGPVG NQU FCÇQU 'U RTGEKUQ RNCPKHKECT RQT CPVKEKRCFQ [
EQQTFKPCT NCU OGFKFCU SWG UG FGDGP VQOCT RCTC GXKVCT [ TGFWEKT NQU FCÇQU RTQFWEKFQU RQT HGPÉOGPQU
JKFTQOGVGQTQNÉIKEQU ITCXGU 'UVQU FGDGTÃCP GUVWFKCTUG [ FGDGTÃCP GXCNWCTUG NCU R¾TFKFCU UWHTKFCU GP
NCU \QPCU O±U CHGEVCFCU VGPKGPFQ GP EWGPVC UWU ECTCEVGTÃUVKECU HÃUKECU GEQPÉOKECU [ UQEKCNGU RCTC
RTQPQUVKECT GN ECT±EVGT [ NC HTGEWGPEKC RTQDCDNGU FG NQU FCÇQU
%QPVTQN FG NCU R¾TFKFCU RTQFWEKFCU RQT NCU KPWPFCEKQPGU
'P OWEJQU RCÃUGU NCU KPWPFCEKQPGU EQPUVKVW[GP WP RGNKITQ OW[ ITCXG RQTSWG NCU NNCPWTCU KPWPFCDNGU
FG NQU ITCPFGU TÃQU GUV±P UKGORTG FGPUCOGPVG RQDNCFCU [ RQTSWG GP GNNCU UG GPEWGPVTCP RTQRKGFCFGU
FG WP XCNQT EQPUKFGTCDNG 'U RQUKDNG TGFWEKT NCU R¾TFKFCU ECWUCFCU RQT NCU KPWPFCEKQPGU OGFKCPVG
RTGECWEKQPGU CORNKCU FG ECT±EVGT GUVTWEVWTCN [ PQ GUVTWEVWTCN [ OGFKCPVG NC QTICPK\CEKÉP FG UGTXKEKQU
FG GOGTIGPEKC SWG KPENW[CP NC CORNKCEKÉP FG NQU UGTXKEKQU JKFTQNÉIKEQU RCTC C[WFCT C RTGFGEKT NCU
KPWPFCEKQPGU [ NQU HGPÉOGPQU EQPGZQU
'P OWEJQU RCÃUGU GU PGEGUCTKQ TGHQT\CT NQU RTQITCOCU GPECOKPCFQU C TGFWEKT NCU R¾TFKFCU
RTQXQECFCU RQT NCU KPWPFCEKQPGU GP GN OCTEQ FG NQU RTQITCOCU FG QTFGPCEKÉP FG VKGTTCU [ CIWCU [ FG
RTGXGPEKÉP [ RTGRCTCEKÉP GP IGPGTCN RCTC ECUQU FG FGUCUVTG
# GUVG HKP UG TGEQOKGPFC C NQU RCÃUGU SWG
C %QOQ RCTVG FG NQU RTQITCOCU IGPGTCNGU FG QTFGPCEKÉP FG VKGTTCU [ CIWCU
K 2TGXGCP GN OC[QT OCTIGP FG UGIWTKFCF RQUKDNG RCTC TGFWEEKÉP FG KPWPFCEKQPGU GP GN
FKUGÇQ [ HWPEKQPCOKGPVQ FG NQU GODCNUGU JCDKFC EWGPVC PQ QDUVCPVG FG NC HWPEKÉP
RTKPEKRCN SWG KPEWODG C ECFC WPQ FG GNNQU
KK 6GPICP GP EWGPVC GN GHGEVQ FG NC WVKNK\CEKÉP FG CIWCU ECRVCFCU GP GN XQNWOGP [ NC
HTGEWGPEKC FGN GUEWTTKOKGPVQ
KKK #FQRVGP FKURQUKEKQPGU RCTC NC \QPKHKECEKÉP [ NC QTFGPCEKÉP FG NCU VKGTTCU
RCTVKEWNCTOGPVG GZRWGUVCU C NCU KPWPFCEKQPGU VGPKGPFQ FGDKFCOGPVG GP EWGPVC NCU
EQPUGEWGPEKCU GEQPÉOKECU [ UQEKCNGU FG NQU FKUVKPVQU WUQU
KX 2NCPKHKSWGP EQP NC FGDKFC CPVKEKRCEKÉP [ RTQRQTEKQPGP WPC RTQVGEEKÉP GHGEVKXC EQPVTC
NCU KPWPFCEKQPGU OGFKCPVG OGFKFCU GUVTWEVWTCNGU [ PQ GUVTWEVWTCNGU RTQRQTEKQPCFCU C
NC OCIPKVWF FGN TKGUIQ
X 2TQRQTEKQPGP TGEWTUQU HKPCPEKGTQU CFGEWCFQU RCTC OGLQTCT NCU \QPCU FG ECRVCEKÉP
RCTC TGVGPGT NCU CIWCU FG NCU KPWPFCEKQPGU [ EQPVTQNCT NC GTQUKÉP FG NQU UWGNQU [
HQOGPVGP NC RCTVKEKRCEKÉP NQECN GP NC CRNKECEKÉP FG GUCU OGFKFCU
XK 2TQRQTEKQPGP HQPFQU CFGEWCFQU RCTC GN FGDKFQ OCPVGPKOKGPVQ FG NCU QDTCU FG
RTQVGEEKÉP EQPVTC NCU KPWPFCEKQPGU
D #FQRVGP UKUVGOCU FG RTQPÉUVKEQ [ CNCTOC RCTC ECUQU FG KPWPFCEKÉP EQOQ VCODK¾P
OGFKFCU FG NWEJC [ GXCEWCEKÉP C HKP FG TGFWEKT CN OÃPKOQ NCU R¾TFKFCU FG XKFCU [ FG
DKGPGU .QU RTQEGUQU FG FGUCTTQNNQ FGDGP KPENWKT OGFKFCU FG CUKUVGPEKC RCTC ECUQU FG
FGUCUVTG SWG KPENW[CP UGTXKEKQU FG OGFKEKPC RTGXGPVKXC
E /GLQTGP NC TGWPKÉP FG FCVQU UQDTG NQU FCÇQU RTQFWEKFQU RQT NCU KPWPFCEKQPGU C HKP FG
RTQRQTEKQPCT OGLQTGU DCUGU RCTC NC RNCPKHKECEKÉP GNCDQTCEKÉP [ CRNKECEKÉP FG NCU OGFKFCU
RCTC NC TGFWEEKÉP FG NCU R¾TFKFCU ECWUCFCU RQT NCU KPWPFCEKQPGU [ FG GXCNWCT NQU
TGUWNVCFQU FG NCU OGFKFCU CFQRVCFCU
F 'NCDQTGP OCRCU FG TKGUIQU FG KPWPFCEKQPGU EQOQ DCUG RCTC RTQITCOCU FG KPHQTOCEKÉP
RÐDNKEC [ FG CEEKÉP FG NQU IQDKGTPQU RCTC TGIWNCT GN FGUCTTQNNQ GP NCU \QPCU RTQRGPUCU C
KPWPFCEKQPGU
G &GP NC FGDKFC EQPUKFGTCEKÉP C OGFKFCU GUVTWEVWTCNGU EQOQ FKSWGU [ OWTQU FG EQPVGPEKÉP [
VCODK¾P C OGFKFCU PQ GUVTWEVWTCNGU EQOQ TGINCOGPVCEKQPGU UQDTG NNCPWTCU KPWPFCDNGU
\QPKHKECEKÉP FG KPWPFCEKQPGU RTGRCTCEKÉP FG OCRCU FG TKGUIQU FG KPWPFCEKQPGU UGIWTQU
FG KPWPFCEKQPGU GVE G KPVGITGP NCU OGFKFCU FG QTFGPCEKÉP FG NCU EWGPECU JKFTQIT±HKECU
UWRGTKQTGU GP NQU RNCPGU IGPGTCNGU FG NWEJC EQPVTC NCU KPWPFCEKQPGU
%QPVTQN FG NCU R¾TFKFCU RTQFWEKFCU RQT NCU UGSWÃCU
'P NQU ÐNVKOQU CÇQU UGSWÃCU FG GZEGREKQPCN UGXGTKFCF JCP ECWUCFQ ITCXGU FCÇQU GP OWEJCU \QPCU
FGN OWPFQ 'UQU FGUCUVTGU RWGFGP QEWTTKT GP EWCNSWKGT OQOGPVQ 2QT EQPUKIWKGPVG GP GUCU \QPCU
VKGPGP ITCP RTKQTKFCF NCU OGFKFCU VGPFKGPVGU C OKVKICT NCU EQPUGEWGPEKCU FG NC UGSWÃC 2CTC TGOGFKCT
GUC UKVWCEKÉP FGDGP CFQRVCTUG OGFKFCU GUVTWEVWTCNGU [ PQ GUVTWEVWTCNGU [ OGFKFCU FG GOGTIGPEKC [
C GUVG HKP FGDGP EQPUKFGTCTUG GNGOGPVQU ENCXG GN FGUCTTQNNQ [ NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU
CUÃ EQOQ GN RTQPÉUVKEQ C NCTIQ RNC\Q FG NCU UGSWÃCU
'U PGEGUCTKQ OGLQTCT NCU DCUGU RCTC NC RNCPKHKECEKÉP FG NC QTFGPCEKÉP FG VKGTTCU [ CIWCU C HKP
FG WVKNK\CT GP HQTOC ÉRVKOC NQU TGEWTUQU FG VKGTTCU [ CIWCU GP NCU \QPCU UWLGVCU C UGSWÃCU ITCXGU
&GDGP GNCDQTCTUG RTQITCOCU CORNKQU RCTC RTQEGFGT RTQITGUKXCOGPVG CN FGUCTTQNNQ FG NQU TGEWTUQU
JÃFTKEQU GP NCU \QPCU CHGEVCFCU RQT NC UGSWÃC [ FGDGP RNCPVGCTUG QDLGVKXQU EQPETGVQU C EQTVQ [ NCTIQ
RNC\Q CUÃ EQOQ OGVCU 'U PGEGUCTKQ CUKOKUOQ CPCNK\CT NQU FCVQU OGVGQTQNÉIKEQU D±UKEQU FG SWG UG
FKURQPG EQP QDLGVQ FG HQTOWNCT RTQPÉUVKEQU C NCTIQ RNC\Q UQDTG NC GXQNWEKÉP OGVGQTQNÉIKEC GP ECFC
\QPC
%QP GUVG QDLGVQ UG TGEQOKGPFC C NQU RCÃUGU SWG
C 'ORTGPFCP GUVWFKQU UQDTG ENKOC JKFTQOGVGQTQNQIÃC [ CITQPQOÃC [ UQDTG V¾EPKECU NQECNGU
FG CFOKPKUVTCEKÉP C HKP FG FGHKPKT NQU OGLQTGU OGFKQU RCTC CORNKCT G KPVGPUKHKECT NQU EWNVKXQU
FG UGECPQ TGFWEKGPFQ CN OÃPKOQ NQU TKGUIQU RTQXQECFQU RQT NC GUECUG\ FG NNWXKCU
D 4GCNKEGP WP KPXGPVCTKQ FG VQFQU NQU TGEWTUQU JÃFTKEQU FKURQPKDNGU [ HQTOWNGP RNCPGU C NCTIQ
RNC\Q RCTC UW CRTQXGEJCOKGPVQ EQOQ RCTVG KPVGITCPVG FGN CRTQXGEJCOKGPVQ FG QVTQU
TGEWTUQU PCVWTCNGU [ SWG GP GUVG OCTEQ RTGRCTGP RNCPGU C OGFKCPQ [ NCTIQ RNC\Q RCTC GN
CRTQXGEJCOKGPVQ FG GUQU TGEWTUQU JÃFTKEQU 'UCU CEVKXKFCFGU TGSWKGTGP NC EQQTFKPCEKÉP EQP
CEVKXKFCFGU UKOKNCTGU SWG UG NNGXGP C ECDQ GP RCÃUGU XGEKPQU
E %QPUKFGTGP NC RQUKDKNKFCF FG NNGXCT CIWC FG NCU \QPCU GP SWG JC[ GZEGFGPVGU FG TGEWTUQU
JÃFTKEQU C \QPCU UWLGVCU C UGSWÃCU
F +PVGPUKHKSWGP NC GZRNQTCEKÉP FG NCU CIWCU UWDVGTT±PGCU OGFKCPVG KPXGUVKICEKQPGU IGQHÃUKECU
G JKFTQIGQNÉIKECU [ GORTGPFCP RTQITCOCU GP ITCP GUECNC GP GN RNCPQ TGIKQPCN RCTC JCDKNKVCT
RQ\QU [ RGTHQTCEKQPGU SWG JCDT±P FG GZRNQTCTUG GP ITWRQU GP ECUQU CRTQRKCFQU EQP GN
QDLGVQ FG QDVGPGT CIWC RCTC GN EQPUWOQ JWOCPQ [ FGN ICPCFQ VGPKGPFQ GP EWGPVC NCU
PGEGUKFCFGU FG NCU RCUVWTCU GXKVCPFQ CN OKUOQ VKGORQ GN UQDTGRCUVQTGQ [ NC
UQDTGGZRNQVCEKÉP FG NCU CEWÃHGTQU UWDVGTT±PGQU
G &GVGTOKPGP NQU GHGEVQU FG NC UGSWÃC GP NQU CEWÃHGTQU [ GXCNÐGP NC TGCEEKÉP FG NQU UKUVGOCU
FG CIWC UWDVGTT±PGC C NC UGSWÃC DCUCPFQ FKEJC GXCNWCEKÉP GP EQPEGRVQU EQOQ NC TGNCEKÉP
CNOCEGPCOKGPVQECWFCN C HKP FG FGVGTOKPCT NCU ECTCEVGTÃUVKECU FG NCU TGIKQPGU FG HNWLQU FG
CIWCU UWDVGTT±PGCU GP RGTÃQFQU FG UGSWÃC
H *CICP NQU CTTGINQU PGEGUCTKQU RCTC HKPCNK\CT VCP RTQPVQ EQOQ UGC RQUKDNG NQU KPHQTOGU FG
XKCDKNKFCF RCTC RTQ[GEVQU DKGP FGHKPKFQU FG CIWCU UWDVGTT±PGCU [ RCTC NC GLGEWEKÉP FG
RTQ[GEVQU SWG UG GUVKOGP XKCDNGU
I 6QOGP FKURQUKEKQPGU RCTC GN OCPVGPKOKGPVQ CFGEWCFQ FG NQU RQ\QU GZKUVGPVGU [ NC
RGTHQTCEKÉP FG QVTQU PWGXQU WVKNK\CPFQ NQU TGEWTUQU [ NC GPGTIÃC FG NC RQDNCEKÉP FG NCU
\QPCU TWTCNGU CHGEVCFCU UQDTG NC DCUG FG NC CWVQC[WFC EQORNGOGPVCFC RQT NC CUKUVGPEKC
GUVCVCN [ RQT TGEWTUQU GZVGTPQU
J 'ORTGPFCP GUVWFKQU UQDTG VGEPQNQIÃCU QTKGPVCFCU CN OGLQTCOKGPVQ FG NCU DQODCU FG CIWC
NC GHKECEKC GP UWU WUQU [ NC TGFWEEKÉP FG NCU R¾TFKFCU RQT GXCRQTCEKÉP KPHKNVTCEKÉP
VTCPURKTCEKÉP GVE
K &GUCTTQNNGP GURGEKGU XGIGVCNGU TGUKUVGPVGU C NC UGSWÃC
L 'UVCDNG\ECP UKUVGOCU RCTC NC QDUGTXCEKÉP [ GN EQPVTQN FG NQU RTQEGUQU FG FGUGTVKHKECEKÉP [
TGCNKEGP KPXGUVKICEKQPGU UQDTG NCU ECWUCU D±UKECU FG NC UGSWÃC
M 4GHWGTEGP NQU CTTGINQU KPUVKVWEKQPCNGU KPENWUQ NC EQQRGTCEKÉP GPVTG FKXGTUQU QTICPKUOQU
RCTC NC RTGRCTCEKÉP [ FKHWUKÉP FG RTQPÉUVKEQU JKFTQNÉIKEQU JKFTQOGVGQTQNÉIKEQU [ CITÃEQNCU
[ RCTC NC WVKNK\CEKÉP FG GUVC KPHQTOCEKÉP GP GN CRTQXGEJCOKGPVQ FG NQU TGEWTUQU JÃFTKEQU [ GN
UQEQTTQ GP ECUQU FG FGUCUVTG
N %WCPFQ UGC RQUKDNG RQPICP FGNKDGTCFCOGPVG GP RT±EVKEC WPC RQNÃVKEC FG VTCUNCFQ FG
RQDNCEKQPGU FG NCU \QPCU RTQRGPUCU C NC UGSWÃC C QVTCU TGIKQPGU CFGEWCFCU EQP QDLGVQ FG
TGFWEKT NQU GHGEVQU RGTLWFKEKCNGU RCTC GN GEQUKUVGOC [ RTQOWGXCP RTQITCOCU FG
TGJCDKNKVCEKÉP C NCTIQ RNC\Q
O 'NCDQTGP RNCPGU FG GOGTIGPEKC RCTC JCEGT HTGPVG C UKVWCEKQPGU FG WTIGPEKC GP \QPCU
CHGEVCFCU RQT NC UGSWÃC
P 'UVWFKGP GN RCRGN RQVGPEKCN FG NC KPVGITCEKÉP FG NCU CIWCU UWRGTHKEKCNGU [ UWDVGTT±PGCU FG
NCU EWGPECU JKFTQIT±HKECU WVKNK\CPFQ NCU TGUGTXCU FG CIWC CNOCEGPCFCU GP HQTOCEKQPGU
UWDVGTT±PGCU C HKP FG OCPVGPGT WP CDCUVGEKOKGPVQ OÃPKOQ GP UKVWCEKQPGU FG UGSWÃC
(+PHQTOCEKÉPRÐDNKECGFWECEKÉPECRCEKVCEKÉPGKPXGUVKICEKÉP
+PHQTOCEKÉP RÐDNKEC [ UGTXKEKQU FG FKXWNICEKÉP
# HKP FG ICTCPVK\CT SWG UG RTGUVG NC OC[QT CVGPEKÉP C NCU EWGUVKQPGU TGNCVKXCU C NC WVKNK\CEKÉP
RTQVGEEKÉP [ EQPUGTXCEKÉP CFGEWCFCU FGN CIWC TGXKUVG XKVCN KORQTVCPEKC SWG VQFQU NQU EKWFCFCPQU
VGPICP EQPQEKOKGPVQ FG NCU EWGUVKQPGU HWPFCOGPVCNGU CN TGURGEVQ 2QT GUC TC\ÉP NC GFWECEKÉP G
KPXGUVKICEKÉP FGDGP GUVCT GHKEKGPVGOGPVG EQORNGOGPVCFCU OGFKCPVG GN UWOKPKUVTQ FG CORNKC
KPHQTOCEKÉP CN RÐDNKEQ 'UC KPHQTOCEKÉP RÐDNKEC VKGPG NC HKPCNKFCF FG ETGCT WPC TGURQPUCDKNKFCF VCPVQ
IGPGTCN EQOQ RGTUQPCN TGURGEVQ FG NQU RTQDNGOCU HWPFCOGPVCNGU TGNCEKQPCFQU EQP GN CIWC 5G
EQPUKFGTC VCTGC KPFKURGPUCDNG FG NQU IQDKGTPQU OQVKXCT C NQU EKWFCFCPQU RCTC SWG CFQRVGP WP ETKVGTKQ
EQTTGEVQ UQDTG EWGUVKQPGU TGNCVKXCU C UW WUQ FKCTKQ FGN CIWC #N F±TUGNG WP UGPVKOKGPVQ IGPGTCN FG
TGURQPUCDKNKFCF RQT NQU TGEWTUQU NQECNGU NC IGPVG VGPFT± EQPEKGPEKC FG NC KORQTVCPEKC FG NC RTQVGEEKÉP
[ EQPUGTXCEKÉP FGN CIWC
.QU RCÃUGU FGDGP CUKIPCT RTKQTKFCF C NC TGCNK\CEKÉP FG RTQITCOCU FG ECORCÇCU PCEKQPCNGU FG
KPHQTOCEKÉP FKTKIKFCU C VQFC NC RQDNCEKÉP CEGTEC FG NC WVKNK\CEKÉP RTQVGEEKÉP [ EQPUGTXCEKÉP
CFGEWCFCU FGN CIWC
'P GUVG EQPVGZVQ UG TGEQOKGPFC SWG NQU RCÃUGU
C &KTKLCP NC KPHQTOCEKÉP C VQFQU NQU EKWFCFCPQU RTKOGTCOGPVG RQT EQPFWEVQ FG VQFCU NCU XÃCU
PQTOCNGU FG NC GPUGÇCP\C RTKOCTKC [ NC GPUGÇCP\C RCTC CFWNVQU GP TGNCEKÉP EQP NQU
RTQITCOCU EQTTKGPVGU FG UCNWF [ NQU RNCPGU FG KPHQTOCEKÉP RCTC NQU RCFTGU
D +PKEKGP ECORCÇCU GURGEKCNGU FG KPHQTOCEKÉP OGFKCPVG GN GORNGQ FG HQNNGVQU RGTKÉFKEQU NC
TCFKQ [ NC VGNGXKUKÉP [ QVTCU HQTOCU FG FKXWNICEKÉP
E 2TGRCTGP C NC RQDNCEKÉP RCTC CHTQPVCT NCU EQPUGEWGPEKCU FG NCU OQFCNKFCFGU FG XKFC
FKUVKPVCU SWG RQFTÃC GPVTCÇCT NC OC[QT FKURQPKDKNKFCF FG CIWC GP \QPCU FQPFG NC GUECUG\
JWDKGTC TGUVTKPIKFQ FKXGTUCU CEVKXKFCFGU
F 2TQRQTEKQPGP KPHQTOCEKÉP GP HQTOC UKORNG [ CFCRVCFC C NCU EQPFKEKQPGU NQECNGU UQDTG GN
WUQ FG NC VKGTTC NCU VTCFKEKQPGU UQEKCNGU GN ENKOC NC IGQNQIÃC [ NC KPHTCGUVTWEVWTC
G +PHQTOGP C NC RQDNCEKÉP UQDTG NCU EQPUGEWGPEKCU GEQNÉIKECU JKFTQNÉIKECU [ UCPKVCTKCU
PGICVKXCU FGN OCN GORNGQ FGN CIWC
H &GUVCSWGP GN TKGUIQ FG FKHWUKÉP FG NCU GPHGTOGFCFGU SWG UG VTCPUOKVGP RQT GN CIWC GP
TGNCEKÉP EQP NC EQPVCOKPCEKÉP FG ¾UVC
I 'LGEWVGP RTQITCOCU FG CORNKC KPHQTOCEKÉP RÐDNKEC GP HQTOC TGKVGTCFC [ GZCOKPGP
EQPUVCPVGOGPVG NQU TGUWNVCFQU
'FWECEKÉP [ ECRCEKVCEKÉP
/WEJQU RCÃUGU EQORCTVGP RTQDNGOCU GP NQ TGNCVKXQ C NC GFWECEKÉP NC ECRCEKVCEKÉP [ NC TGVGPEKÉP FG
RGTUQPCN CFGEWCFCOGPVG ECNKHKECFQ [ GZRGTKOGPVCFQ GP VQFQU NQU PKXGNGU RTQHGUKQPCNGU [
UWDRTQHGUKQPCNGU *C[ KPEGTVKFWODTG TGURGEVQ FG NC CORNKVWF RTGEKUC FG GUQU RTQDNGOCU [ WTIGPVG
PGEGUKFCF FG KFGPVKHKECTNQU [ TGOGFKCTNQU #NIWPQU GUVCDNGEKOKGPVQU PCEKQPCNGU [ UWDTGIKQPCNGU FG
ECRCEKVCEKÉP JCP GUVCFQ FGUCTTQNNCPFQ WPC NCDQT ÐVKN GP NC ECRCEKVCEKÉP FG RGTUQPCN FG PKXGN OGFKQ [
UWDRTQHGUKQPCN GURGEKCNOGPVG GP NCU FKUEKRNKPCU FG JKFTQNQIÃC JKFTQIGQNQIÃC FGUCNCEKÉP FGN CIWC G
JKFTQOGVGQTQNQIÃC #NIWPCU DGECU QHTGEKFCU RQT GN UKUVGOC FG NCU 0CEKQPGU 7PKFCU [ QVTQU
QTICPKUOQU DKNCVGTCNGU [ OWNVKNCVGTCNGU UG JCP WUCFQ RCTC NC ECRCEKVCEKÉP FG RTQHGUKQPCNGU 0Q
QDUVCPVG GN GHGEVQ VQVCN FG VQFQ GUVG GUHWGT\Q PQ JC UKFQ UWHKEKGPVG RCTC GNKOKPCT NC GUECUG\ FG
RGTUQPCN ECRCEKVCFQ EQOQ QDUV±EWNQ ETÃVKEQ
.QU RCÃUGU FGDGP CUKIPCT RTKQTKFCF C NC TGCNK\CEKÉP FG GUVWFKQU RCTC FGVGTOKPCT NCU
PGEGUKFCFGU PCEKQPCNGU FG RGTUQPCN CFOKPKUVTCVKXQ EKGPVÃHKEQ [ V¾EPKEQ GP OCVGTKC FG TGEWTUQU
JÃFTKEQU &GDG KPHQTOCTUG [ JCEGT UGPUKDNGU C NQU NGIKUNCFQTGU [ CN RWDNKEQ GP IGPGTCN GP TGNCEKÉP EQP
GUVG RTQDNGOC
*C[ SWG GORTGPFGT RTQITCOCU FG ECRCEKVCEKÉP RCTC SWG NQU RNCPKHKECFQTGU FG NC QTFGPCEKÉP
FG NQU TGEWTUQU JÃFTKEQU GPVKGPFCP [ XCNQTGP NCU FKUVKPVCU FKUEKRNKPCU TGNCEKQPCFCU EQP GN FGUCTTQNNQ [ NC
WVKNK\CEKÉP FG GUQU TGEWTUQU [ RCTC RTQRQTEKQPCT RGTUQPCN RTQHGUKQPCN V¾EPKEQ [ GURGEKCNK\CFQ GP
JKFTQNQIÃC JKFTQIGQNQIÃC JKFT±WNKEC EKGPEKCU UQEKCNGU DKQNÉIKECU [ UCPKVCTKCU [ FGUCNCEKÉP FGN CIWC
CUÃ EQOQ CFOKPKUVTCFQTGU FG UKUVGOCU FG TGEWTUQU JÃFTKEQU GPECTICFQU FG RNCPVCU FG FKUVTKDWEKÉP [
VTCVCOKGPVQ FGN CIWC G KPURGEVQTGU FG KPUVCNCEKQPGU FG EQPVTQN FG NC ECNKFCF FGN CIWC &GDGP
QTICPK\CTUG CUKOKUOQ UGTXKEKQU FG FKXWNICEKÉP RCTC CITKEWNVQTGU
'P GUVG EQPVGZVQ UQP RGTVKPGPVGU NCU UKIWKGPVGU EQPUKFGTCEKQPGU
C .C GFWECEKÉP [ NC ECRCEKVCEKÉP UQP PGEGUCTKCU RCTC GN RGTUQPCN FG VQFQU NQU PKXGNGU SWG UG
QEWRG FGN FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU VCNGU EQOQ RTQHGUKQPCNGU UWDRTQHGUKQPCNGU
WUWCTKQU FGN CIWC VTCDCLCFQTGU UQEKCNGU C PKXGN FG CNFGC GVE
D .QU RTQITCOCU FGDGP KPENWKT EWTUQU FG TGRCUQ [ HQTOCEKÉP GP GN GORNGQ RCTC GN RGTUQPCN
GZKUVGPVG C HKP FG FKHWPFKT NQU PWGXQU CFGNCPVQU GP O¾VQFQU [ V¾EPKECU
E *C[ SWG ETGCT KPEGPVKXQU RCTC KPFWEKT CN RGTUQPCN C RGTOCPGEGT GP NCU GUHGTCU FG VTCDCLQ GP
NCU SWG GU RGTVKPGPVG NC ECRCEKVCEKÉP SWG JCP TGEKDKFQ
F *C[ SWG RTQRQTEKQPCT ECRCEKVCEKÉP GP CFOKPKUVTCEKÉP RCTC CNVQU HWPEKQPCTKQU GP TGNCEKÉP
EQP WPC FKXGTUKFCF FG CUWPVQU KPENWKFCU V¾EPKECU FG RTGRCTCEKÉP [ CFOKPKUVTCEKÉP FG
RTQ[GEVQU
G .C ECRCEKVCEKÉP FKURQPKDNG C PKXGN RTQHGUKQPCN [ UWDRTQHGUKQPCN C OGPWFQ TGSWKGTG EQOQ
RTKOGTC RTKQTKFCF WP EQPUKFGTCDNG OGLQTCOKGPVQ EWCNKVCVKXQ O±U SWG EWCPVKVCVKXQ
H .QU RCÃUGU GP RCTVKEWNCT NQU SWG QHTGEGP DGECU Q ECRCEKVCEKÉP RCTC GUVWFKCPVGU GZVTCPLGTQU
Q UQP UGFG FG EGPVTQU TGIKQPCNGU FG ECRCEKVCEKÉP FGDGP UGT UGPUKDNGU CN ¾ZQFQ
KPVGNGEVWCN FG NQU RCÃUGU GP FGUCTTQNNQ [ FGDGP EQQRGTCT RCTC TGFWEKT UW HTGEWGPEKC
I *C[ SWG CNGPVCT GN HWPEKQPCOKGPVQ FG EGPVTQU TGIKQPCNGU FG GFWECEKÉP [ ECRCEKVCEKÉP RCTC
RGTUQPCN CFOKPKUVTCVKXQ [ UWDRTQHGUKQPCN RGTQ FGDG VGPGTUG RTGUGPVG SWG NCU RGTUQPCU
CRVCU RCTC RWGUVQU UWDRTQHGUKQPCNGU PQ FQOKPCP C OGPWFQ WP KFKQOC TGIKQPCN EQOÐP NQU
RCÃUGU O±U RGSWGÇQU PQ RWGFGP RGTOKVKTUG RTGRCTCT RTQITCOCU PCEKQPCNGU [ JC[ SWG KFGCT
CNIÐP OGFKQ GEQPÉOKEQ FG EQORCTVKT GUQU RTQITCOCU
J *C[ SWG NQITCT WP GSWKNKDTKQ GPVTG GN GORNGQ FG GZRGTVQU KPVGTPCEKQPCNGU [ GN FGUCTTQNNQ FG
GZRGTKGPEKC CWVÉEVQPC GP NC RNCPKHKECEKÉP [ GLGEWEKÉP FG RTQ[GEVQU [ GN FGUCTTQNNQ FG NQU
TGEWTUQU JÃFTKEQU
'P GUVG EQPVGZVQ UG TGEQOKGPFC SWG NQU RCÃUGU
C 5G CUGIWTGP FG SWG NQU GUVWFKQU UQDTG HWGT\C FG VTCDCLQ RTGXKUVQU EWDTCP VQFQU NQU
CURGEVQU FG NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU KPENWKFQU NC GXCNWCEKÉP FG GUQU
TGEWTUQU NQU FKXGTUQU WUQU FGN CIWC NCU GPHGTOGFCFGU SWG UG VTCPUOKVGP RQT GN CIWC [ NQU
O¾VQFQU EQPGZQU VCNGU EQOQ NC VGEPQNQIÃC FG EQORWVCFQTCU NC CRNKECEKÉP FG KPUVTWOGPVQU
[ OQFGNQU [ NCU V¾EPKECU FG QTFGPCEKÉP
D *CICP WPC GXCNWCEKÉP CORNKC FG NCU PGEGUKFCFGU FG RGTUQPCN GP NCU ECVGIQTÃCU RTQHGUKQPCN
[ UWDRTQHGUKQPCN UWRGTKQT [ UWDCNVGTPC [ FG PKXGN OGFKQ
E %QPEKDCP NQU GUVWFKQU UQDTG HWGT\C FG VTCDCLQ RCTC GN FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU
EQOQ RCTVG KPVGITCPVG FG GUVWFKQU IGPGTCNGU FG NCU PGEGUKFCFGU FG RGTUQPCN ECRCEKVCFQ GP
VQFQU NQU UGEVQTGU FGN FGUCTTQNNQ GEQPÉOKEQ FG NC PCEKÉP HKP FG RTQRQTEKQPCT KPUVTWOGPVQU
TGCNOGPVG GHKECEGU RCTC NC RNCPKHKECEKÉP FG RQNÃVKECU [ NC GLGEWEKÉP FG RTQ[GEVQU
F /GLQTGP NCU EQPFKEKQPGU FG VTCDCLQ [ FG XKFC FG NQU GZRGTVQU RTQHGUKQPCNGU PCEKQPCNGU RCTC
CNGPVCTNQU C SWG GPUGÇGP [ FGUCTTQNNGP NCU KPXGUVKICEKQPGU GP UWU RTQRKQU RCÃUGU [ HCEKNKVGP
GUG FGUCTTQNNQ
G *CICP WP KPXGPVCTKQ FG NQU RTQHGUKQPCNGU SWG GOKITCP CN GZVGTKQT [ ETGGP EQPFKEKQPGU SWG
GUVKOWNGP UW TGITGUQ C UWU RTQRKQU RCÃUGU
#FGO±U GP TGNCEKÉP EQP NQU RTQITCOCU FG ECRCEKVCEKÉP NQU RCÃUGU FGDGP
C #FQRVCT OGFKFCU RCTC HQTVCNGEGT [ CORNKCT NQU UGTXKEKQU [ NCU KPUVKVWEKQPGU WPKXGTUKFCFGU
GUEWGNCU KPUVKVWVQU RQNKV¾EPKEQU [ EGPVTQU FG ECRCEKVCEKÉP GZKUVGPVGU RTQRQTEKQPCPFQ O±U
RTQHGUQTGU OCVGTKCN FKF±EVKEQ GVE FG OCPGTC SWG UG RWGFC CWOGPVCT GN PÐOGTQ [ NC
ECNKFCF FG UWU ITCFWCFQU
D 4GXKUCT NQU RTQITCOCU FG GUVWFKQ FG NCU KPUVKVWEKQPGU [ EGPVTQU FG ECRCEKVCEKÉP GZKUVGPVGU
[ CORNKCTNQU RCTC KPENWKT VGOCU TGNCVKXQU CN FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU EQPUGTXCEKÉP
FG NC VKGTTC [ FG NQU TGEWTUQU JÃFTKEQU GPUGÇCP\C FG OGFKFCU D±UKECU EQPVTC NC
EQPVCOKPCEKÉP RCTC TGFWEKT GP NCU EQOWPKFCFGU TWTCNGU NC EQPVCOKPCEKÉP [ NCU
GPHGTOGFCFGU SWG UG RTQRCICP RQT GN CIWC ECRCEKVCEKÉP FG CITKEWNVQTGU GP NC RT±EVKEC FG
NC CITKEWNVWTC FG TGICFÃQ [ ECRCEKVCEKÉP FG V¾EPKEQU GP CDCUVGEKOKGPVQ FG CIWC RCTC NC
EQOWPKFCF [ RCTC NC KPFWUVTKC [ GN UCPGCOKGPVQ
E #FQRVCT OGFKFCU RCTC GORTGPFGT RTQITCOCU FG ECRCEKVCEKÉP [ EWTUQU FG HQTOCEKÉP GP GN
UGTXKEKQ [ RCTC GUVCDNGEGT EGPVTQU FG ECRCEKVCEKÉP FG GPECTICFQU FG RNCPVCU FG
VTCVCOKGPVQ FG NCU CIWCU [ FG NQU GHNWGPVGU ENQCECNGU [ FG GPECTICFQU FG FKUVTKDWEKÉP FGN
CIWC CUÃ EQOQ RTQITCOCU FG ECRCEKVCEKÉP GP QVTCU GUHGTCU GP SWG JC[CP PGEGUKFCFGU
GURGEKCNGU
F %QPUKFGTCT NC RQUKDKNKFCF FG GUVCDNGEGT GUEWGNCU GURGEKCNGU FG ECRCEKVCEKÉP CFUETKVCU EQP
ECT±EVGT RGTOCPGPVG C WPKXGTUKFCFGU GUEWGNCU W QTICPKUOQU TGIKQPCNGU FG
CRTQXGEJCOKGPVQ FG NQU TGEWTUQU JÃFTKEQU
G #NGPVCT NC EQQRGTCEKÉP KPVGTTGIKQPCN RCTC GUVCDNGEGT KPUVKVWEKQPGU FQEGPVGU EQOQ GORTGUCU
EQPLWPVCU FG RCÃUGU KPVGTGUCFQU GP NC ECRCEKVCEKÉP FG RGTUQPCN RTQHGUKQPCN [ UWDRTQHGUKQPCN
OGFKCPVG GPVTG QVTCU EQUCU GN UWOKPKUVTQ FGPVTQ FG NC TGIKÉP FG RTQHGUQTGU RTQEGFGPVGU
FG QTICPK\CEKQPGU GPECTICFCU FGN FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU
H 2TQRQTEKQPCT DGECU FG NCTIC FWTCEKÉP RCTC EWTUQU FG RQUITCFQ UQDTG VGOCU TGNCVKXQU CN
FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU C FKHGTGPEKC FG NCU DGECU FG EQTVC FWTCEKÉP KPENWKFCU GP
RTQ[GEVQU EQPETGVQU
I *CEGT WP KPXGPVCTKQ FG NCU KPUVKVWEKQPGU TGIKQPCNGU KPVGTGUCFCU GP NC KPIGPKGTÃC UCPKVCTKC [
HQTVCNGEGTNCU RTQRQTEKQPCPFQ RGTUQPCN HQPFQU [ GSWKRQ CFGEWCFQU
J %QPUKFGTCT NC RQUKDKNKFCF FG GUVCDNGEGT EGPVTQU UWDTGIKQPCNGU Q TGIKQPCNGU FG ECRCEKVCEKÉP
GP CRTQXGEJCOKGPVQ FG NQU TGEWTUQU JÃFTKEQU RCTC HQTOCT GURGEKCNKUVCU GP FKXGTUQU CURGEVQU
FG NC VGEPQNQIÃC FGN FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU C PKXGN FG ITCFWCFQU RCTC
KPIGPKGTQU RTQEGFGPVGU FG WPKXGTUKFCFGU Q KPUVKVWVQU RQNKV¾EPKEQU GZKUVGPVGU EQPVGORNCPFQ
FKURQUKEKQPGU RCTC NC ECRCEKVCEKÉP KP UKVW [ EWTUQU FG TGRCUQ RCTC KPIGPKGTQU KPENWKFQU
EWTUQU GURGEKCNGU UQDTG QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU 'P CSWGNNQU ECUQU GP SWG [C
GZKUVCP GUQU EGPVTQU FGDGT±P EQPUQNKFCTUG GP NWICT FG ETGCT QVTQU PWGXQU
K 4GEQPQEGT C NQU EKGPVÃHKEQU G KPIGPKGTQU SWG VTCDCLCP GP GN FGUCTTQNNQ FG NQU TGEWTUQU
JÃFTKEQU WPC EQPFKEKÉP CP±NQIC C NC FG NQU RTQHGUKQPCNGU FG QVTQU UGEVQTGU FG NCU GEQPQOÃCU
PCEKQPCNGU C HKP FG CUGIWTCT UW EQPEWTUQ
L 'UVCDNGEGT GP EQQRGTCEKÉP EQP QTICPK\CEKQPGU TGIKQPCNGU G KPVGTPCEKQPCNGU RTQITCOCU FG
KPVGTECODKQ FG RGTUQPCN RCTC SWG GZRGTVQU [ V¾EPKEQU FG RCÃUGU GP FGUCTTQNNQ VTCDCLGP GP
QVTQU RCÃUGU SWG UWHTGP FG GUECUG\ FG RGTUQPCN RTQRQTEKQPCT GZRGTKGPEKC RT±EVKEC C
CSWGNNCU RGTUQPCU FGFKECFCU C NC GLGEWEKÉP FG RNCPGU FG QTFGPCEKÉP FG NCU CIWCU GP
RTQ[GEVQU SWG UG GLGEWVGP EQP DWGPQU TGUWNVCFQU GP QVTQU RCÃUGU [ CNGPVCT C NQU
GUVWFKCPVGU SWG NNGXCP C ECDQ KPXGUVKICEKQPGU FG RQUITCFQ C SWG NCU NNGXGP C ECDQ GP UWU
RCÃUGU UQDTG VGOCU CRTQRKCFQU C NCU PGEGUKFCFGU FG UWU RCÃUGU TGURGEVKXQU
M 2WDNKECT OCPWCNGU V¾EPKEQU [ QVTQ OCVGTKCN FG QTKGPVCEKÉP UQDTG FKUGÇQ [ EQPUVTWEEKÉP FG
RTQ[GEVQU FG TGEWTUQU JÃFTKEQU SWG UG CFGEÐGP GURGEKCNOGPVG C NCU EQPFKEKQPGU NQECNGU
N 6QOCT NCU OGFKFCU PGEGUCTKCU RCTC SWG NQU RTQHGUQTGU WPKXGTUKVCTKQU [ NQU KPUVKVWVQU FG
GPUGÇCP\C V¾EPKEC VGPICP NC GZRGTKGPEKC RT±EVKEC PGEGUCTKC GP HQTOCEKÉP OWNVKFKUEKRNKPCTKC
RCTC SWG RGTHGEEKQPGP UW GPUGÇCP\C [ UWU KPXGUVKICEKQPGU
O #FQRVCT OGFKFCU RCTC CNGPVCT C NQU CFOKPKUVTCFQTGU [ UWRGTXKUQTGU FG CEVKXKFCFGU
QRGTCEKQPCNGU C SWG FGUGORGÇGP GN RCRGN SWG NGU KPEWODG VCPVQ KPFKXKFWCN EQOQ
EQNGEVKXCOGPVG EQOQ KPUVTWEVQTGU FG RTQHGUKQPCNGU C LQTPCFC RCTEKCN FG UW RTQRKQ
RGTUQPCN UWDQTFKPCFQ
0GEGUKFCFGU FG KPXGUVKICEKÉP
.CU KPXGUVKICEKQPGU RNCPKHKECFCU CFGEWCFCOGPVG [ UW CRNKECEKÉP CRTQRKCFC FGUGORGÇCP WP RCRGN
KORQTVCPVG GP NC UQNWEKÉP FG NQU RTQDNGOCU TGNCVKXQU C NQU TGEWTUQU JÃFTKEQU [ UK DKGP NC FKXGTUKFCF FG
EKTEWPUVCPEKCU FGPVTQ FG NCU TGIKQPGU GZKIG RTQITCOCU EQPETGVQU GP NC OC[QTÃC FG NQU RCÃUGU JC[
VCODK¾P ECORQ RCTC NC EQQTFKPCEKÉP FG GUHWGT\QU 5G GUV± JCEKGPFQ WP XQNWOGP EQPUKFGTCDNG FG
KPXGUVKICEKQPGU
GP
KPUVKVWVQU
FG
KPXGUVKICEKÉP
QTICPK\CEKQPGU
IWDGTPCOGPVCNGU
G
KPVGTIWDGTPCOGPVCNGU [ WPKXGTUKFCFGU UQDTG RTQDNGOCU TGNCVKXQU CN FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU
'U PGEGUCTKQ TGXKUCT [ GXCNWCT NC NCDQT TGCNK\CFC JCUVC CJQTC RCTC FGHKPKT NCU GUHGTCU GP NCU SWG JC[
SWG JCEGT PWGXCU KPXGUVKICEKQPGU
5G TGEQOKGPFC SWG NQU RCÃUGU FGUCTTQNNGP FGPVTQ FGN OCTEQ FG NCU RQNÃVKECU EKGPVÃHKECU
PCEKQPCNGU WPC RQNÃVKEC GURGEKCN RCTC NC NCDQT FG KPXGUVKICEKÉP GP OCVGTKC FG FGUCTTQNNQ QTFGPCEKÉP [
EQPUGTXCEKÉP FG NQU TGEWTUQU JÃFTKEQU 5G FGDG CUKIPCT CNVC RTKQTKFCF C RTQITCOCU FG KPXGUVKICEKÉP
SWG RTQRQTEKQPGP NQU EQPQEKOKGPVQU PGEGUCTKQU RCTC NC CEGTVCFC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU
5G FGDGP ETGCT GUVTWEVWTCU KPUVKVWEKQPCNGU CFGEWCFCU RCTC RTQOQXGT NC EQQRGTCEKÉP GPVTG NCU NCDQTGU
FG KPXGUVKICEKÉP [ FG CFOKPKUVTCEKÉP TGNCVKXCU C NQU TGEWTUQU JÃFTKEQU [ NQITCT SWG NCU VCTGCU FG
KPXGUVKICEKÉP TGURQPFCP GP RTKOGT NWICT C NQU RTQDNGOCU RTKQTKVCTKQU FGUKIPCFQU GP RNCPGU PCEKQPCNGU
RCTC GN FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU .CU KPXGUVKICEKQPGU FGDGP TGURQPFGT GP RTKOGT VGTOKPQ C
RTQDNGOCU FG KORQTVCPEKC NCU FWRNKECEKQPGU [ UWRGTRQUKEKQPGU TGFWEKTUG CN OÃPKOQ [ NQU TGUWNVCFQU
UGT FKXWNICFQU GP HQTOCU SWG RWGFCP UGT H±EKNOGPVG KPVGTRTGVCFCU [ CRNKECFCU RQT QVTQU RCÃUGU 5G
FGDG CNGPVCT NC EQQRGTCEKÉP TGIKQPCN GP OCVGTKC FG KPXGUVKICEKQPGU [ EQPVTQN JKFTQOGVGQTQNÉIKEQ [ NCU
KPXGUVKICEKQPGU SWG RTQOWGXGP WPC OC[QT GHKEKGPEKC GP GN WUQ FGN CIWC GP GURGEKCN GP NC CITKEWNVWTC
[ GP NC KPFWUVTKC [ CFQRVCT [ WVKNK\CT NQU TGUWNVCFQU FG NC KPXGUVKICEKÉP D±UKEC [ CRNKECFC C NCTIQ [ C
EQTVQ RNC\Q RCTC TGUQNXGT RTQDNGOCU FGVGTOKPCFQU [ ETGCT CUÃ WPC TGNCEKÉP O±U GUVTGEJC GPVTG NC
KPXGUVKICEKÉP [ GN FGUCTTQNNQ
%QP GUG HKP UG TGEQOKGPFC SWG NQU RCÃUGU
C 'UVCDNG\ECP EQOKV¾U TGEVQTGU PCEKQPCNGU KPVGITCFQU RQT VQFCU NCU RCTVGU KPVGTGUCFCU
RGTVKPGPVGU RCTC SWG JCICP WP KPXGPVCTKQ FG NQU RTQDNGOCU TGNCVKXQU CN FGUCTTQNNQ FG NQU
TGEWTUQU JÃFTKEQU UQDTG NQU EWCNGU UG JCP JGEJQ Q UG GUV±P JCEKGPFQ KPXGUVKICEKQPGU
KPENWKFCU NCU TGCNK\CFCU RQT QTICPK\CEKQPGU UWDTGIKQPCNGU [ TGIKQPCNGU SWG UG QEWRCP FG
VCNGU RTQDNGOCU
D %QQTFKPGP NQU RTQITCOCU FG KPXGUVKICEKÉP GP GN RNCPQ PCEKQPCN RQT OGFKQ FG WPC GXCNWCEKÉP
UKUVGO±VKEC [ EKGPVÃHKEC FG NC NCDQT TGCNK\CFC CEGTEC FG GUQU RTQDNGOCU EQP OKTCU C
KFGPVKHKECT NCIWPCU GP GN EQPQEKOKGPVQ GXKVCPFQ NC UWRGTRQUKEKÉP FG KPXGUVKICEKQPGU [ C
FGVGTOKPCT GUHGTCU GP NCU SWG GU PGEGUCTKQ JCEGT O±U KPXGUVKICEKQPGU RCTC NQITCT GN
FGUCTTQNNQ HWVWTQ FG NQU TGEWTUQU JÃFTKEQU
E 'P ECUQ FG JCDGT NCIWPCU HQTVCNG\ECP NCU KPUVKVWEKQPGU GZKUVGPVGU [ GUVCDNG\ECP QVTCU
PWGXCU EWCPFQ UGC PGEGUCTKQ EQP GN QDLGVKXQ EQPETGVQ FG JCEGT KPXGUVKICEKQPGU UQDTG NQU
TGEWTUQU JÃFTKEQU GP TGNCEKÉP EQP RTQDNGOCU GUVTGEJCOGPVG TGNCEKQPCFQU EQP NCU
PGEGUKFCFGU FGN FGUCTTQNNQ
F #FQRVGP [ WVKNKEGP NQU TGUWNVCFQU FG NCU KPXGUVKICEKQPGU RCTC TGUQNXGT RTQDNGOCU EQPETGVQU
[ GUVCDNGEGT CUÃ XÃPEWNQU O±U GUVTGEJQU GPVTG KPXGUVKICEKÉP [ FGUCTTQNNQ
G *CICP OC[QT WUQ FG NQU OGECPKUOQU KPUVKVWEKQPCNGU GZKUVGPVGU [ RTQOWGXCP QVTQU PWGXQU
EWCPFQ UGC PGEGUCTKQ RCTC NC EQPVKPWC EGNGDTCEKÉP FG EQPUWNVCU [ NC EQQTFKPCEKÉP
EQPUVCPVG GPVTG NQU KPXGUVKICFQTGU SWG VTCDCLCP GP NC OCVGTKC C HKP FG NQITCT UQNWEKQPGU
CFGEWCFCU RCTC NQU RTQDNGOCU TGNCVKXQU C NQU TGEWTUQU JÃFTKEQU FG NQU RCÃUGU FG NC TGIKÉP
H 2TQOWGXCP NCU KPXGUVKICEKQPGU UQDTG NQU RTQDNGOCU FG NCU OGVQFQNQIÃCU FG GXCNWCEKÉP FG
NCU GZKUVGPEKCU FG TGEWTUQU JÃFTKEQU UWRGTHKEKCNGU [ UWDVGTT±PGQU UW WUQ FGUCTTQNNQ [
QTFGPCEKÉP .CU QTICPK\CEKQPGU FG KPXGUVKICEKÉP FGDGP WVKNK\CT UWU TGEWTUQU GP RTKOGT
V¾TOKPQ C HKP FG TGCNK\CT KPXGUVKICEKQPGU CRNKECFCU [ FG GORNGCT NQU TGUWNVCFQU FG SWG [C
UG FKURQPIC RCTC TGUQNXGT CNIWPQU FG NQU RTQDNGOCU PCEKQPCNGU O±U CRTGOKCPVGU # OGFKFC
SWG UG FKURQPIC FG RGTUQPCN [ GSWKRQ EKGPVÃHKEQU RQFT±P GORTGPFGTUG KPXGUVKICEKQPGU FG
WP ECT±EVGT O±U HWPFCOGPVCN CUÃ EQOQ KPXGUVKICEKQPGU GP ECORQU FG CNVC VGEPQNQIÃC
I 2TQOWGXCP NCU KPXGUVKICEKQPGU GP NCU GUHGTCU TGNCEKQPCFCU EQP UWU TGURGEVKXCU
PGEGUKFCFGU GPVTG GNNCU EWCPFQ EQTTGURQPFC NCU UKIWKGPVGU OQFKHKECEKÉP FG NCU
EQPFKEKQPGU ENKO±VKECU ENKOCVQNQIÃC [ CITQENKOCVQNQIÃC RTQPÉUVKEQ FGN VKGORQ
VGNGQDUGTXCEKÉP RQUKDNGU GHGEVQU FG NQU ECODKQU GP NCU EQPFKEKQPGU ENKO±VKECU [ NC
FKURQPKDKNKFCF FG CIWC TGECTIC CTVKHKEKCN FG CEWÃHGTQU GTQUKÉP FGN UWGNQ [ EQPVTQN FG NC
UGFKOGPVCEKÉP O¾VQFQU RCTC CWOGPVCT NC GHKEKGPEKC FG NC CITKEWNVWTC FG TGICFÃQ [ FG
UGECPQ EQPUGTXCEKÉP FGN CIWC GP FGRÉUKVQU [ O¾VQFQU FG GZRNQVCEKÉP FG FGRÉUKVQU EQP
HKPGU OÐNVKRNGU RTGRCTCEKÉP FG OQFGNQU FGN OGFKQ HÃUKEQ CRNKECEKÉP FG V¾EPKECU FGN CP±NKUKU
FG UKUVGOCU RCTC NC RNCPKHKECEKÉP [ QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU FGUCNCEKÉP EQP
GURGEKCN TGHGTGPEKC GN VTCVCOKGPVQ FG CIWCU UCNQDTGU TGEKENCLG FGN CIWC VTCVCOKGPVQ FG NCU
CIWCU [ NQU FGUGEJQU RTGRCTCEKÉP FG OQFGNQU FG NC EQPVCOKPCEKÉP [ FG NC ECNKFCF FGN
CIWC GPHGTOGFCFGU TGNCEKQPCFCU EQP GN CIWC [ GHGEVQU UCPKVCTKQU FG NQU RTQ[GEVQU
TGNCVKXQU CN CIWC WUQ FGN CIWC UCNQDTG GP NC CITKEWNVWTC EQPVCOKPCEKÉP FG NCU CIWCU
UWDVGTT±PGCU PGEGUKFCFGU FG CIWC RCTC NQU EWNVKXQU EWNVKXQU SWG VQNGTCP NC UCN EWNVKXQU
JKFTQRÉPKEQU O¾VQFQU RCTC CWOGPVCT NC GHKECEKC FGN EQPVTQN FG NCU KPWPFCEKQPGU [ RCTC
OKVKICT NQU GHGEVQU FG NCU UGSWÃCU RTGXGPEKÉP [ OKVKICEKÉP FG NQU GHGEVQU FG HGPÉOGPQU
PCVWTCNGU VCNGU EQOQ NQU VGTTGOQVQU NQU JWTCECPGU [ NCU GTWREKQPGU XQNE±PKECU UQDTG NQU
TGEWTUQU JÃFTKEQU [ WUQ [ EQPVTQN FGN CIWC GP \QPCU JÐOGFCU Q GP \QPCU FG ITCP
RTGEKRKVCEKÉP RNWXKCN
J #NKGPVGP NCU KPXGUVKICEKQPGU OWNVKFKUEKRNKPCTKCU GP EQQTFKPCEKÉP EQP RTQITCOCU FG
ECRCEKVCEKÉP GP NCU GUHGTCU FG NC GXCNWCEKÉP WVKNK\CEKÉP RTQVGEEKÉP EQPUGTXCEKÉP [
QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU
K #NKGPVGP NC RCTVKEKRCEKÉP FG NQU KPUVKVWVQU PCEKQPCNGU FG KPXGUVKICEKÉP [ FG NC EQOWPKFCF
EKGPVÃHKEC GP RTQITCOCU G KPUVKVWEKQPGU KPVGTPCEKQPCNGU [ GN KPVGTECODKQ FG KPHQTOCEKÉP
RGTVKPGPVG EQP QVTQU RCÃUGU
)%QQRGTCEKÉPTGIKQPCN
&GUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU EQORCTVKFQU
'P GN ECUQ FG NQU TGEWTUQU JÃFTKEQU EQORCTVKFQU GU PGEGUCTKC WPC CEEKÉP EQQRGTCVKXC C HKP FG RTQFWEKT
FCVQU CFGEWCFQU GP NQU SWG UG RWGFC DCUCT NC HWVWTC QTFGPCEKÉP [ FG RTGRCTCT NCU KPUVKVWEKQPGU [
CEWGTFQU CFGEWCFQU RCTC WP FGUCTTQNNQ EQQTFKPCFQ
.QU RCÃUGU SWG EQORCTVGP TGEWTUQU JÃFTKEQU FGDGTÃCP GZCOKPCT EQP NC CUKUVGPEKC CFGEWCFC FG
QTICPKUOQU KPVGTPCEKQPCNGU [ FG QVTQU ÉTICPQU FG CRQ[Q C RGVKEKÉP FG NQU RCÃUGU KPVGTGUCFQU NCU
V¾EPKECU GZKUVGPVGU [ FKURQPKDNGU RCTC NC QTFGPCEKÉP FG NCU EWGPECU FG NQU TÃQU EQORCTVKFQU [
EQQRGTCT GP GN GUVCDNGEKOKGPVQ FG NQU RTQITCOCU OGECPKUOQU G KPUVKVWEKQPGU PGEGUCTKQU RCTC GN
FGUCTTQNNQ EQQTFKPCFQ FG VCNGU TGEWTUQU .CU GUHGTCU FG EQQRGTCEKÉP EQP GN CEWGTFQ FG NCU RCTVGU
KPVGTGUCFCU RWGFGP KPENWKT NC RNCPKHKECEKÉP GN FGUCTTQNNQ NC TGIWNCEKÉP NC QTFGPCEKÉP NC RTQVGEEKÉP
CODKGPVCN NC WVKNK\CEKÉP [ NC EQPUGTXCEKÉP NQU RTQPÉUVKEQU GVE 6CN EQQRGTCEKÉP FGDG EQPUVKVWKT WP
GNGOGPVQ HWPFCOGPVCN GP WP GUHWGT\Q FGUVKPCFQ C UWRGTCT NCU FKHKEWNVCFGU O±U ITCXGU EQOQ NC HCNVC
FG ECRKVCN [ OCPQ FG QDTC ECRCEKVCFC CUÃ EQOQ NCU GZKIGPEKCU FGN FGUCTTQNNQ FG NQU TGEWTUQU
PCVWTCNGU
%QP GUVG HKP UG TGEQOKGPFC SWG NQU RCÃUGU SWG EQORCTVGP TGEWTUQU JÃFTKEQU
C #NKGPVGP NC TGCNK\CEKÉP FG GUVWFKQU FG UGT RTGEKUQ EQP C[WFC FG QTICPKUOQU KPVGTPCEKQPCNGU
[ QVTQU ÉTICPQU EQORGVGPVGU FGUVKPCFQU C EQORCTCT [ CPCNK\CT NCU KPUVKVWEKQPGU GZKUVGPVGU
RCTC NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU EQORCTVKFQU G KPHQTOGP UQDTG UWU TGUWNVCFQU
D 'UVCDNG\ECP EQOKUKQPGU EQPLWPVCU GPVTG RCÃUGU UK EQTTGURQPFG EQP GN CEWGTFQ FG NCU
RCTVGU KPVGTGUCFCU RCTC EQQRGTCT GP CURGEVQU VCNGU EQOQ NC TGEQRKNCEKÉP PQTOCNK\CEKÉP G
KPVGTECODKQ FG FCVQU GP NC QTFGPCEKÉP FG NCU CIWCU EQORCTVKFCU NC RTGXGPEKÉP [ EQPVTQN
FG NC EQPVCOKPCEKÉP FGN CIWC NC RTGXGPEKÉP FG NCU GPHGTOGFCFGU TGNCEKQPCFCU EQP GN CIWC
NC TGFWEEKÉP FG NQU GHGEVQU FG NCU UGSWÃCU NCU CEVKXKFCFGU FG EQPVTQN FG NCU KPWPFCEKQPGU [
FG OGLQTCOKGPVQ FG NQU TÃQU [ NQU UKUVGOCU FG CNGTVC FG KPWPFCEKQPGU
E (QOGPVGP NQU RNCPGU EQPLWPVQU FG GFWECEKÉP [ ECRCEKVCEKÉP RCTC NQITCT GEQPQOÃCU FG
GUECNC GP NC HQTOCEKÉP VCPVQ FGN RGTUQPCN RTQHGUKQPCN EQOQ FGN UWDRTQHGUKQPCN SWG JC FG
VTCDCLCT GP NC EWGPEC
F 'UVKOWNGP GN KPVGTECODKQ GPVTG NQU RCÃUGU KPVGTGUCFQU [ NC EGNGDTCEKÉP FG TGWPKQPGU GPVTG
TGRTGUGPVCPVGU FG NCU EQOKUKQPGU HNWXKCNGU KPVGTPCEKQPCNGU Q KPVGTGUVCVCNGU GZKUVGPVGU RCTC
EQORCTVKT GZRGTKGPEKCU 6CNGU TGWPKQPGU RQFTÃCP KPENWKT C TGRTGUGPVCPVGU FG RCÃUGU SWG
EQORCTVGP TGEWTUQU RGTQ SWG CÐP PQ JCP GUVCDNGEKFQ KPUVKVWEKQPGU RCTC UW QTFGPCEKÉP
G (QTVCNG\ECP NCU KPUVKVWEKQPGU IWDGTPCOGPVCNGU G KPVGTIWDGTPCOGPVCNGU PGEGUCTKCU
GZKUVGPVGU UK HWGTG PGEGUCTKQ GP EQPUWNVC EQP NQU IQDKGTPQU KPVGTGUCFQU [ OGFKCPVG GN
UWOKPKUVTQ FG GSWKRQ HQPFQU [ RGTUQPCN
H #FQRVGP NCU FKURQUKEKQPGU PGEGUCTKCU RCTC GORTGPFGT GUVWFKQU UQDTG TGEWTUQU JÃFTKEQU
EQORCTVKFQU [ XKIKNCT NC ECNKFCF FGN CIWC
I %WCPFQ PQ JC[C CEWGTFQ UQDTG NC HQTOC FG WVKNK\CT NQU TGEWTUQU JÃFTKEQU EQORCTVKFQU NQU
RCÃUGU SWG EQORCTVGP GUQU TGEWTUQU FGDGT±P KPVGTECODKCT NC KPHQTOCEKÉP RGTVKPGPVG UQDTG
NC EWCN RWGFC DCUCTUG NC QTFGPCEKÉP HWVWTC FG FKEJQU TGEWTUQU C HKP FG GXKVCT FCÇQU
RTGXKUKDNGU
J #[WFGP C NC EQQRGTCEKÉP CEVKXC FG NQU RCÃUGU KPVGTGUCFQU RCTC EQPVTQNCT NC EQPVCOKPCEKÉP
FGN CIWC GP NQU TGEWTUQU JÃFTKEQU EQORCTVKFQU 'UVC EQQRGTCEKÉP RQFT± GUVCDNGEGTUG
OGFKCPVG EQPXGPEKQPGU DKNCVGTCNGU UWDTGIKQPCNGU Q TGIKQPCNGU Q RQT QVTQU OGFKQU GP SWG
RWGFCP EQPXGPKT NQU RCÃUGU KPVGTGUCFQU SWG EQORCTVCP NQU TGEWTUQU
*%QQRGTCEKÉPKPVGTPCEKQPCN
&GUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU EQORCTVKFQU
%WCPFQ GZKUVCP TGEWTUQU JÃFTKEQU EQORCTVKFQU GU PGEGUCTKQ SWG NQU 'UVCFQU EQQRGTGP GP
TGEQPQEKOKGPVQ FG NC ETGEKGPVG KPVGTFGRGPFGPEKC GP OCVGTKC GEQPÉOKEC CODKGPVCN [ IGQIT±HKEC C
VTCX¾U FG NCU HTQPVGTCU KPVGTPCEKQPCNGU &G EQPHQTOKFCF EQP NQU RTKPEKRKQU FG NC %CTVC FG NCU 0CEKQPGU
7PKFCU [ FGN FGTGEJQ KPVGTPCEKQPCN VCN EQQRGTCEKÉP FGDGT± TGCNK\CTUG UQDTG NC DCUG FG NC KIWCNFCF
UQDGTCPÃC G KPVGITKFCF VGTTKVQTKCN FG VQFQU NQU 'UVCFQU [ VGPKGPFQ FGDKFCOGPVG GP EWGPVC NQU
RTKPEKRKQU GZRTGUCFQU GPVTG QVTQU GN RTKPEKRKQ FG NC &GENCTCEKÉP FG NC %QPHGTGPEKC FG NCU 0CEKQPGU
7PKFCU UQDTG GN /GFKQ *WOCPQ
'P NQ SWG CVCÇG C NC WVKNK\CEKÉP NC QTFGPCEKÉP [ GN FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU
EQORCTVKFQU NC RQNÃVKECU PCEKQPCNGU FGDGT±P VQOCT GP EQPUKFGTCEKÉP GN FGTGEJQ FG ECFC GUVCFQ SWG
EQORCTVG NQU TGEWTUQU C WVKNK\CT GSWKVCVKXCOGPVG GUVQU TGEWTUQU EQOQ OGFKQ FG GUVCDNGEGT NC\QU FG
UQNKFCTKFCF [ EQQRGTCEKÉP
5G TGSWKGTG WP GUHWGT\Q EQPEGTVCFQ [ UQUVGPKFQ C HKP FG TGHQT\CT GN FGTGEJQ FG CIWCU
KPVGTPCEKQPCN EQOQ OGFKQ FG GUVCDNGEGT UQDTG WPC DCUG O±U HKTOG NC EQQRGTCEKÉP GPVTG NQU GUVCFQU
2TGQEWRC ECFC XG\ O±U C OWEJQU IQDKGTPQU NC PGEGUKFCF FG GHGEVWCT WP FGUCTTQNNQ RTQITGUKXQ [ WPC
EQFKHKECEKÉP FG NCU PQTOCU FGN FGTGEJQ KPVGTPCEKQPCN SWG TKIGP GN FGUCTTQNNQ [ NC WVKNK\CEKÉP FG NQU
TGEWTUQU JÃFTKEQU EQORCTVKFQU
#TTGINQU FG HKPCPEKCEKÉP RCTC GN FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU
'P OWEJQU RCÃUGU EQPUVKVW[G WP RTQDNGOC RGTUKUVGPVG [ TGRGVKFQ NC OQXKNK\CEKÉP [ QDVGPEKÉP FG
TGEWTUQU HKPCPEKGTQU CFGEWCFQU RCTC JCEGT NCU OGLQTCU PGEGUCTKCU GP NQU PWOGTQUQU CURGEVQU FG NC
RNCPKHKECEKÉP GN FGUCTTQNNQ [ NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU
7PC EQTTKGPVG OC[QT [ O±U KPVGPUC FG HQPFQU GP NCU OGLQTGU EQPFKEKQPGU RQUKDNGU RWGFG
C[WFCT C CNECP\CT NQU QDLGVKXQU TGNCEKQPCFQU EQP NC RNCPKHKECEKÉP GN FGUCTTQNNQ [ NC QTFGPCEKÉP FG NQU
TGEWTUQU JÃFTKEQU *C[ SWG JCEGT CTTGINQU RCTC RTQRQTEKQPCT HKPCPEKCEKÉP CFGEWCFC [ QRQTVWPC RCTC
RNCPKHKECT HQTOWNCT [ GLGEWVCT RTQ[GEVQU GP HQTOC EQPUVCPVG [ C NCTIQ RNC\Q GP EQPFKEKQPGU
HCXQTCDNGU [ NKDGTCNGU
.QU GUVCFQU SWG FKURQPGP FG WP GZEGFGPVG FG TGEWTUQU HKPCPEKGTQU RQFTÃCP CEQOGVGT EQP NQU
RCÃUGU GP FGUCTTQNNQ GORTGUCU OKZVCU Q KPVGTIWDGTPCOGPVCNGU UGIÐP NQ RGTOKVCP UWU TGURGEVKXQU
UKUVGOCU EQPUVKVWEKQPCNGU GP NC GUHGTC FG NC QTFGPCEKÉP [ GN FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU 'NNQ
RQFTÃC JCEGTUG RCÃU RQT RCÃU CWPSWG UGTÃC RTGHGTKDNG SWG UG QTICPK\CTC UQDTG WPC DCUG TGIKQPCN
EQPLWPVC
%QP GUVG HKP UG TGEQOKGPFC SWG NQU RCÃUGU
C 'ZCOKPGP NCU FKXGTUCU RQUKDKNKFCFGU FG OQXKNK\CT TGEWTUQU KPVGTPQU
D 2TGRCTGP RCTC WP KPXGPVCTKQ FG NCU PGEGUKFCFGU FG KPXGTUKÉP GP OCVGTKC FG TGEWTUQU
JÃFTKEQU [ FGVGTOKPGP NC RTKQTKFCF TGNCVKXC FG GUCU PGEGUKFCFGU
E +PXGUVKIWGP NCU RQUKDKNKFCFGU FG JCEGT SWG NQU RTQ[GEVQU TGNCEKQPCFQU EQP GN CIWC UG
HKPCPEKGP RQT UÃ OKUOQU GP EWCTVQ UGC HCEVKDNG
F 6TCVGP FG TGFWEKT NQU EQUVQU FG NQU RTQ[GEVQU OGFKCPVG WPC OC[QT RCTVKEKRCEKÉP FG NC
RQDNCEKÉP WP WUQ O±U CORNKQ FG NC OCPQ FG QDTC NQU OCVGTKCNGU [ NC VGEPQNQIÃC NQECNGU
FKUGÇQU O±U GEQPÉOKEQU [ NC RTGRCTCEKÉP [ CFQREKÉP FG FKUGÇQU WPKHQTOGU RCTC NCU
GUVTWEVWTCU GUVCDNGEKOKGPVQ FG GORTGUCU OKZVCU RCTC NC HCDTKECEKÉP FG DQODCU
EQORWGTVCU VWDQU X±NXWNCU GVE [ HQTOCEKÉP FG EQORCÇÃCU EQPUWNVQTCU PCEKQPCNGU GVE
G /GLQTGP NC XKUKDKNKFCF GEQPÉOKEC [ NC GHKECEKC UQEKCN FG NQU RTQ[GEVQU JCEK¾PFQNQU O±U
GHKECEGU
H #RQ[GP EWCPFQ EQTTGURQPFC NC NCDQT FG NCU QTICPK\CEKQPGU PQ IWDGTPCOGPVCNGU SWG UG
QEWRCP FG HQOGPVCT NQU RTQ[GEVQU FG QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU GP RCTVKEWNCT
CSWGNNQU FG DCLQ EQUVQ [ DCUCFQU GP GN GUHWGT\Q RTQRKQ
%QQRGTCEKÉP V¾EPKEC GPVTG RCÃUGU GP FGUCTTQNNQ
'N HQOGPVQ FG NC EQQRGTCEKÉP V¾EPKEC GPVTG RCÃUGU GP FGUCTTQNNQ EQORNGOGPVCT± RGTHGEEKQPCT± [ FCT±
WPC PWGXC FKOGPUKÉP C NCU HQTOCU VTCFKEKQPCNGU FG EQQRGTCEKÉP DKNCVGTCN [ OWNVKNCVGTCN RCTC GN
FGUCTTQNNQ EQP GN HKP FG C[WFCT C FKEJQU RCÃUGU C NQITCT OC[QT EQPHKCP\C KPVTÃPUGEC GP UÃ OKUOQU 'N
CRTQXGEJCOKGPVQ FG NQU TGEWTUQU JÃFTKEQU GP NQU RCÃUGU GP FGUCTTQNNQ QHTGEG WPC GUHGTC RTQOGVGFQTC
RCTC GN NQITQ FG NC EQQRGTCEKÉP V¾EPKEC GPVTG NQU RCÃUGU GP FGUCTTQNNQ /WEJQU FG GUVQU RCÃUGU
EWGPVCP EQP UGTXKEKQU FG GZRGTVQU [ EQP ECRCEKFCFGU SWG RWGFGP EQORCTVKT EQP QVTQU RCÃUGU GP
FGUCTTQNNQ 5G JCP KFQ HQTOCPFQ XCTKCPVGU FG VGEPQNQIÃC CFGEWCFCU [ OWEJQU RCÃUGU GP FGUCTTQNNQ
JCP NNGICFQ C WPC GVCRC FG EQPHKCP\C GP UÃ OKUOQU GP OCVGTKC FG CRTQXGEJCOKGPVQ FG NQU TGEWTUQU
JÃFTKEQU SWG NGU RGTOKVG CRNKECT NCU V¾EPKECU O±U CRTQRKCFCU WVKNK\CPFQ NQU EQPQEKOKGPVQU O±U
TGEKGPVGU [ RTQOQXGT WPC OGLQT EQORTGPUKÉP GPVTG NQU RCÃUGU KPVGTGUCFQU 'UCU VGEPQNQIÃCU RWGFGP
UGT CFCRVCFCU C NCU PGEGUKFCFGU FG QVTQU RCÃUGU GP FGUCTTQNNQ OGFKCPVG NC EQQRGTCEKÉP V¾EPKEC GPVTG
RCÃUGU GP FGUCTTQNNQ
.QU IQDKGTPQU FG NQU RCÃUGU GP FGUCTTQNNQ FGDGP RTQEWTCT KPXGUVKICT [ GUVCDNGEGT OGECPKUOQU
VGPFKGPVGU C RTQOQXGT GP GN OC[QT ITCFQ RQUKDNG NC EQQRGTCEKÉP V¾EPKEC GPVTG FKEJQU RCÃUGU C HKP FG
NQITCT WPC EQPHKCP\C GP UÃ OKUOQU EQNGEVKXC GP GN CRTQXGEJCOKGPVQ FG UWU TGEWTUQU JÃFTKEQU
.C EQQRGTCEKÉP V¾EPKEC GPVTG RCÃUGU GP FGUCTTQNNQ HCEKNKVCT± CUKOKUOQ NC UGNGEEKÉP FG
VGEPQNQIÃCU CRTQRKCFCU RCTC ECFC RCÃU [ TGIKÉP FG CEWGTFQ EQP NCU EQPFKEKQPGU UQEKQGEQPÉOKECU [
IGQIT±HKECU NQECNGU
# NC NW\ FG GUVCU EQPUKFGTCEKQPGU UG TGEQOKGPFC SWG NQU RCÃUGU EWCPFQ EQPXGPIC GP NQU
RNCPQU PCEKQPCN TGIKQPCN [ UWDTGIKQPCN
C &GUCTTQNNGP WPC DCUG FG KPHQTOCEKÉP CFGEWCFC FG OQFQ SWG NCU ECRCEKFCFGU [ TGSWKUKVQU
FG EQQRGTCEKÉP V¾EPKEC GP OCVGTKC FG CRTQXGEJCOKGPVQ FG TGEWTUQU JÃFTKEQU UG EQPQ\ECP [
UG CRNKSWGP GP HQTOC RGTOCPGPVG
D %QQRGTGP GP NC RTGRCTCEKÉP [ RGTHGEEKQPCOKGPVQ FG WP TGIKUVTQ UWDTGIKQPCN [ TGIKQPCN FG
GZRGTVQU [ FG EQPUWNVQTGU EQP GURGEKCN EQPQEKOKGPVQ FG NQU RTQDNGOCU SWG RNCPVGC GN
FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU GP GUC UWDTGIKÉP Q TGIKÉP SWG RWGFCP UGT NNCOCFQU RQT
NQU IQDKGTPQU OKGODTQU UGIÐP [ EWCPFQ NQU PGEGUKVGP
E &GVGTOKPGP GUHGTCU RTKQTKVCTKCU GP OCVGTKC FG FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU G
KFGPVKHKSWGP NQU KPUVKVWVQU SWG VGPICP KPUVCNCEKQPGU ECRCEKFCFGU [ UGTXKEKQU FG GZRGTVQU GP
GUCU GUHGTCU SWG RGTOKVCP FGUCTTQNNCT VGEPQNQIÃCU CRTQRKCFCU RCTC NQU RCÃUGU GP FGUCTTQNNQ
F &GUCTTQNNGP OGFKCPVG CEWGTFQ OWVWQ GPVTG NQU RCÃUGU KPVGTGUCFQU RTQ[GEVQU
GZRGTKOGPVCNGU RCTC NC TGIKÉP Q UWDTGIKÉP EQP RCTVKEKRCEKÉP FG WP ITWRQ FG KPIGPKGTQU [
GZRGTVQU GURGEKCNK\CFQU GP TGEWTUQU JÃFTKEQU FG NC TGIKÉP Q UWDTGIKÉP SWG XKCLCTÃCP RQT NQU
FKXGTUQU RCÃUGU RCTC TGWPKT KPHQTOCEKÉP FGVCNNCFC UQDTG NQU TGEWTUQU FKURQPKDNGU [ NC
PGEGUKFCF FG KPVGTECODKCT OWVWCOGPVG TGEWTUQU V¾EPKEQU GP NC TGIKÉP C HKP FG RTQOQXGT NC
EQQRGTCEKÉP V¾EPKEC GPVTG RCÃUGU GP FGUCTTQNNQ GP GN UGEVQT FG NQU TGEWTUQU JÃFTKEQU
G +FGPVKHKSWGP RTQITCOCU RCTC GN CRTQXGEJCOKGPVQ FG NQU TGEWTUQU JÃFTKEQU SWG RWGFCP UGT
NNGXCFQU C NC RT±EVKEC OGFKCPVG NC EQQRGTCEKÉP V¾EPKEC GPVTG NQU RCÃUGU GP FGUCTTQNNQ GP
UGEVQTGU FGVGTOKPCFQU VCNGU EQOQ CDCUVGEKOKGPVQ EQOWPCN FG CIWC TKGIQ CXGPCOKGPVQ
IGPGTCEKÉP FG GPGTIÃC JKFTQGN¾EVTKEC FGUCTTQNNQ [ QTFGPCEKÉP FG TGEWTUQU JÃFTKEQU
VTCPUHTQPVGTK\QU CRTQXGEJCOKGPVQ FG NCU CIWCU UWDVGTT±PGCU [ OGFKQU RCTC NC RTGXGPEKÉP [
TGFWEEKÉP FG NCU R¾TFKFCU ECWUCFCU RQT NCU KPWPFCEKQPGU [ NCU UGSWÃCU [ RCTC EQPVTQNCT NC
EQPVCOKPCEKÉP NGIKUNCEKÉP [ HQTOCEKÉP GP OCVGTKC FG JKFTQNQIÃC VTCPUHGTGPEKC FG
VGEPQNQIÃC CFGEWCFC C NQU TGSWKUKVQU FG NQU RCÃUGU GP FGUCTTQNNQ [ CFGNCPVQ IGPGTCN FG GUC
VGEPQNQIÃC
H 5G KPUVC GURGEKCNOGPVG C NQU RCÃUGU FG NCU TGIKQPGU FG #HTKEC #UKC [ #O¾TKEC .CVKPC C SWG
GUVWFKGP NC RQUKDKNKFCF FG GHGEVWCT KPXGUVKICEKQPGU UQDTG FGUCTTQNNQ [ RTQFWEEKÉP FG GSWKRQU
[ VGEPQNQIÃC FG DCLQ EQUVQ C HKP FG CNECP\CT NQU QDLGVKXQU FG QDVGPGT WPC GXCNWCEKÉP OGLQT
[ O±U ECDCN FG UWU TGEWTUQU JÃFTKEQU GP GN OGPQT VKGORQ RQUKDNG [ CN EQUVQ O±U DCLQ [ FG
RTQOQXGT GN KPVGTECODKQ FG KPHQTOCEKÉP GP GN RNCPQ TGIKQPCN
%QPHGTGPEKC+PVGTPCEKQPCNUQDTGGN#IWC
[GN/GFKQ#ODKGPVG'N&GUCTTQNNQ
GPNC2GTURGEVKXCFGN5KINQ::+
&WDNÃP+TNCPFCCNFGGPGTQFG
&GENCTCEKÉPFG&WDNÃPUQDTGGN#IWC
[GN&GUCTTQNNQ5QUVGPKDNG∗
2TKPEKRKQUTGEVQTGU
5G RTGEKUC WPC CEEKÉP EQPEGTVCFC RCTC KPXGTVKT NCU CEVWCNGU VGPFGPEKCU FG EQPUWOQ GZEGUKXQ NC
EQPVCOKPCEKÉP [ NCU COGPC\CU ETGEKGPVGU FGTKXCFCU FG NC UGSWÃC [ NCU ETGEKFCU 'N +PHQTOG FG NC
%QPHGTGPEKC +PVGTPCEKQPCN UQDTG GN #IWC [ GN /GFKQ #ODKGPVG %+#/# EGNGDTCFC GP &WDNÃP +TNCPFC
FGN CN FG GPGTQ FG HQTOWNC TGEQOGPFCEKQPGU RCTC SWG UG CFQRVGP OGFKFCU GP NCU
GUHGTCU NQECN PCEKQPCN G KPVGTPCEKQPCN VGPKGPFQ RTGUGPVG EWCVTQ RTKPEKRKQU TGEVQTGU
2TKPEKRKQ 0° 'N CIWC FWNEG GU WP TGEWTUQ HKPKVQ [ XWNPGTCDNG GUGPEKCN RCTC UQUVGPGT NC XKFC GN
FGUCTTQNNQ [ GN OGFKQ CODKGPVG
&CFQ SWG GN CIWC GU KPFKURGPUCDNG RCTC NC XKFC NC IGUVKÉP GHKEC\ FG NQU TGEWTUQU JÃFTKEQU TGSWKGTG WP
GPHQSWG KPVGITCFQ SWG EQPEKNKG GN FGUCTTQNNQ GEQPÉOKEQ [ UQEKCN [ NC RTQVGEEKÉP FG NQU GEQUKUVGOCU
PCVWTCNGU .C IGUVKÉP GHKEC\ GUVCDNGEG WPC TGNCEKÉP GPVTG GN WUQ FGN UWGNQ [ GN CRTQXGEJCOKGPVQ FGN
CIWC GP NC VQVCNKFCF FG WPC EWGPEC JKFTQNÉIKEC Q WP CEWÃHGTQ
2TKPEKRKQ 0° 'N CRTQXGEJCOKGPVQ [ NC IGUVKÉP FGN CIWC FGDG KPURKTCTUG GP WP RNCPVGCOKGPVQ
DCUCFQ GP NC RCTVKEKRCEKÉP FG NQU WUWCTKQU NQU RNCPKHKECFQTGU [ NQU TGURQPUCDNGU FG
NCU FGEKUKQPGU C VQFQU NQU PKXGNGU
'N RNCPVGCOKGPVQ DCUCFQ GP NC RCTVKEKRCEKÉP KORNKEC SWG NQU TGURQPUCDNGU FG NCU RQNÃVKECU [ GN RÐDNKEQ
GP IGPGTCN EQDTGP OC[QT EQPEKGPEKC FG NC KORQTVCPEKC FGN CIWC 'UVG RNCPVGCOKGPVQ GPVTCÇC SWG NCU
FGEKUKQPGU JCDTÃCP FG CFQRVCTUG CN PKXGN O±U GNGOGPVCN CRTQRKCFQ EQP NC TGCNK\CEKÉP FG EQPUWNVCU
RÐDNKECU [ NC RCTVKEKRCEKÉP FG NQU WUWCTKQU GP NC RNCPKHKECEKÉP [ GLGEWEKÉP FG NQU RTQ[GEVQU UQDTG GN
CIWC
2TKPEKRKQ 0° .C OWLGT FGUGORGÇC WP RCRGN HWPFCOGPVCN GP GN CDCUVGEKOKGPVQ NC IGUVKÉP [ NC
RTQVGEEKÉP FGN CIWC
'UVG RCRGN RTKOQTFKCN FG NC OWLGT EQOQ RTQXGGFQTC [ EQPUWOKFQTC FG CIWC [ EQPUGTXCFQTC FGN OGFKQ
CODKGPVG XKXKGPVG TCTC XG\ UG JC TGHNGLCFQ GP FKURQUKEKQPGU KPUVKVWEKQPCNGU RCTC GN CRTQXGEJCOKGPVQ [
NC IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU .C CEGRVCEKÉP [ GLGEWEKÉP FG GUVG RTKPEKRKQ GZKIG RQNÃVKECU
GHGEVKXCU SWG CDQTFGP NCU PGEGUKFCFGU FG NC OWLGT [ NC RTGRCTGP [ FQVGP FG NC ECRCEKFCF FG
RCTVKEKRCT GP VQFQU NQU PKXGNGU GP RTQITCOCU FG TGEWTUQU JÃFTKEQU KPENWKFC NC CFQREKÉP FG FGEKUKQPGU
[ NC GLGEWEKÉP RQT NQU OGFKQU SWG GNNCU FGVGTOKPGP
2TKPEKRKQ 0° 'N CIWC VKGPG WP XCNQT GEQPÉOKEQ GP VQFQU UWU FKXGTUQU WUQU GP EQORGVGPEKC C NQU
SWG UG FGUVKPC [ FGDGTÃC TGEQPQE¾TUGNG EQOQ WP DKGP GEQPÉOKEQ
'P XKTVWF FG GUVG RTKPEKRKQ GU GUGPEKCN TGEQPQEGT CPVG VQFQ GN FGTGEJQ HWPFCOGPVCN FG VQFQ UGT
JWOCPQ C VGPGT CEEGUQ C WP CIWC RWTC [ CN UCPGCOKGPVQ RQT WP RTGEKQ CUGSWKDNG .C KIPQTCPEKC GP GN
∗
4GUWOGP 'N VGZVQ EQORNGVQ FG NC &GENCTCEKÉP FG &WDNÃP UQDTG GN #IWC [ GN &GUCTTQNNQ 5QUVGPKDNG UG GPEWGPVTC
FKURQPKDNG GP JVVRYYYYOQEJYGDJQOUKEYGFGEUJVON
RCUCFQ FGN XCNQT GEQPÉOKEQ FGN CIWC JC EQPFWEKFQ CN FGTTQEJG [ C NC WVKNK\CEKÉP FG GUVG TGEWTUQ EQP
GHGEVQU RGTLWFKEKCNGU RCTC GN OGFKQ CODKGPVG .C IGUVKÉP FGN CIWC GP UW EQPFKEKÉP FG DKGP
GEQPÉOKEQ GU WP OGFKQ KORQTVCPVG FG EQPUGIWKT WP CRTQXGEJCOKGPVQ GHKEC\ [ GSWKVCVKXQ [ FG
HCXQTGEGT NC EQPUGTXCEKÉP [ RTQVGEEKÉP FG NQU TGEWTUQU JÃFTKEQU
2TQITCOCFG#EEKÉP
6GPKGPFQ RTGUGPVGU GUVQU EWCVTQ RTKPEKRKQU TGEVQTGU NQU RCTVKEKRCPVGU GP NC %+#/# GNCDQTCTQP
TGEQOGPFCEKQPGU SWG RGTOKVKT±P C NQU RCÃUGU CHTQPVCT UWU RTQDNGOCU GP OCVGTKC FG TGEWTUQU JÃFTKEQU
GP WPC CORNKC XCTKGFCF FG HTGPVGU .QU RTKPEKRCNGU DGPGHKEKQU SWG GOCPCT±P FG NC CRNKECEKÉP FG NCU
TGEQOGPFCEKQPGU FG &WDNÃP UGT±P NQU UKIWKGPVGU
/KVKICEKÉP FG NC RQDTG\C [ FG NCU GPHGTOGFCFGU
# EQOKGP\QU FGN FGEGPKQ FG O±U FG NC EWCTVC RCTVG FG NC RQDNCEKÉP OWPFKCN VQFCXÃC PQ RWGFG
UCVKUHCEGT NCU PGEGUKFCFGU JWOCPCU GUGPEKCNGU FG FKURQPGT FG CNKOGPVQU GP ECNKFCF UWHKEKGPVG FG WP
CDCUVGEKOKGPVQ FG CIWC RWTC [ FG OGFKQU JKIK¾PKEQU FG UCPGCOKGPVQ .C %QPHGTGPEKC TGEQOKGPFC SWG
UG KORWNUGP EQP ECT±EVGT RTKQTKVCTKQ NC GZRNQVCEKÉP [ IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU GN
CDCUVGEKOKGPVQ FG CNKOGPVQU [ FG CIWC [ FG UGTXKEKQU FG UCPGCOKGPVQ C NQU OKNNQPGU FG RGTUQPCU SWG
ECTGEGP FG NQU OKUOQU
2TQVGEEKÉP EQPVTC NQU FGUCUVTGU PCVWTCNGU
.C HCNVC FG OGFKFCU FG RTGXGPEKÉP CITCXCFC C OGPWFQ RQT NC ECTGPEKC FG KPHQTOCEKÉP QTKIKPC SWG
NCU UGSWÃCU [ ETGEKFCU UG EQDTGP WP GNGXCFQ VTKDWVQ GP XKFCU JWOCPCU ECNCOKFCFGU [ R¾TFKFCU
GEQPÉOKECU .CU R¾TFKFCU GEQPÉOKECU ECWUCFCU RQT FGUCUVTGU PCVWTCNGU KPENWKFCU NCU ETGEKFCU [ NCU
UGSWÃCU UG VTKRNKECTQP GPVTG GN FGEGPKQ FG [ GN FG 'N ETGEKOKGPVQ FG EKGTVQU RCÃUGU GP
FGUCTTQNNQ JC SWGFCFQ EQORTQOGVKFQ FWTCPVG CÇQU RQT PQ JCDGTUG GHGEVWCFQ KPXGTUKQPGU RCTC GN
CEQRKQ FG KPHQTOCEKÉP D±UKEC [ NC RTGXGPEKÉP FG FGUCUVTGU 'N ECODKQ ENKO±VKEQ [ NC GNGXCEKÉP FGN
PKXGN FGN OCT RTGXKUVQU CWOGPVCT±P NQU TKGUIQU GP CNIWPQU FG GUQU RCÃUGU C NC XG\ SWG UWRQPFT±P
WPC COGPC\C RCTC NC CRCTGPVG UGIWTKFCF FG NQU TGEWTUQU JÃFTKEQU GZKUVGPVGU .QU FCÇQU OCVGTKCNGU [
NCU R¾TFKFCU FG XKFCU JWOCPCU ECWUCFQU RQT NCU ETGEKFCU [ NCU UGSWÃCU RQFTÃCP TGFWEKTUG FG OCPGTC
GURGEVCEWNCT ITCEKCU C NCU OGFKFCU FG RTGXGPEKÉP RCTC ECUQU FG FGUCUVTG SWG UG TGEQOKGPFCP GP GN
+PHQTOG FG NC %QPHGTGPEKC FG &WDNÃP
%QPUGTXCEKÉP [ TGCRTQXGEJCOKGPVQ FGN CIWC
.CU RCWVCU CEVWCNGU FG CRTQXGEJCOKGPVQ FGN CIWC NNGXCP EQPUKIQ WP FGTTQEJG GZEGUKXQ 'ZKUVG WP
CORNKQ ECORQ RCTC RQFGT GEQPQOK\CT WP XQNWOGP EQPUKFGTCDNG FG CIWC GP NC CITKEWNVWTC GP NC
KPFWUVTKC [ GP GN CDCUVGEKOKGPVQ RCTC WUQ FQO¾UVKEQ .C CITKEWNVWTC FG TGICFÃQ EQPVCDKNK\C CNTGFGFQT
FGN FGN CIWC EQPUWOKFC GP GN OWPFQ 'P OWEJQU UKUVGOCU FG TKGIQ UG RKGTFG JCUVC GN FG
CIWC FGUFG UW NWICT FG RTQEGFGPEKC JCUVC UW FGUVKPQ )TCEKCU C RT±EVKECU O±U GHKEKGPVGU FG TKGIQ UG
RQFT± NQITCT WP CJQTTQ UWUVCPEKCN FGN CIWC 'N TGEKENCFQ RQFTÃC FKUOKPWKT GN EQPUWOQ FG OWEJQU
EQPUWOKFQTGU FGN UGEVQT KPFWUVTKCN GP WP EQOQ OÃPKOQ CFGO±U FG QHTGEGT NC XGPVCLC
EQORNGOGPVCTKC FG FKUOKPWKT NC EQPVCOKPCEKÉP .C CRNKECEKÉP FGN RTKPEKRKQ FG SWG SWKGP EQPVCOKPC
RCIC [ NC HKLCEKÉP FG RTGEKQU SWG TGHNGLGP GN XCNQT TGCN FGN CIWC HQOGPVCT±P NC EQPUGTXCEKÉP [ GN
TGCRTQXGEJCOKGPVQ FGN TGEWTUQ 'P V¾TOKPQU OGFKQU GN FGN CIWC UWOKPKUVTCFC RQT NQU UGTXKEKQU
WTDCPQU FG CDCUVGEKOKGPVQ FG NQU RCÃUGU GP FGUCTTQNNQ FGUCRCTGEG 7PC OGLQT IGUVKÉP RQFTÃC TGFWEKT
GUVCU EQUVQUCU R¾TFKFCU
)TCEKCU CN GHGEVQ EQODKPCFQ FG NCU GEQPQOÃCU TGCNK\CFCU GP NC CITKEWNVWTC NC KPFWUVTKC [ GN
CDCUVGEKOKGPVQ FG CIWC RCTC WUQ FQO¾UVKEQ UG RQFTÃC FKHGTKT FG OCPGTC UKIPKHKECVKXC NC KPXGTUKÉP GP
EQUVQUQU RTQ[GEVQU PWGXQU FG CRTQXGEJCOKGPVQ FG TGEWTUQU JÃFTKEQU [ GNNQ KPHNWKTÃC FG OCPGTC
EQPUKFGTCDNG GP NC RQUKDKNKFCF FG OCPVGPGT NC UQUVGPKDKNKFCF FG CDCUVGEKOKGPVQU HWVWTQU 2QFTÃCP
TGCNK\CTUG QVTCU GEQPQOÃCU ITCEKCU CN WUQ OÐNVKRNG FGN CIWC .C QDUGTXCPEKC FG PQTOCU GHKECEGU FG
FGUECTIC DCUCFCU GP PWGXQU QDLGVKXQU FG RTQVGEEKÉP FGN CIWC RGTOKVKT± C NQU UWEGUKXQU EQPUWOKFQTGU
TGCRTQXGEJCT GN CIWC SWG CN RTGUGPVG GUV± FGOCUKCFQ EQPVCOKPCFC FGURW¾U FGN RTKOGT WUQ
&GUCTTQNNQ WTDCPQ UQUVGPKDNG
.C UQUVGPKDKNKFCF FGN ETGEKOKGPVQ WTDCPQ UG XG COGPC\CFC EQOQ EQPUGEWGPEKC FG JCDGT FKUOKPWKFQ GN
CDCUVGEKOKGPVQ FG CIWC CDWPFCPVG [ DCTCVQ EQOQ TGUWNVCFQ FGN CIQVCOKGPVQ [ GN FGVGTKQTQ ECWUCFQU
RQT NC CPVGTKQT RTQFKICNKFCF 'N CRTQXGEJCOKGPVQ GZEGUKXQ FGN CIWC [ NC FGUECTIC UKP EQPVTQN FG
FGUGEJQU WTDCPQU G KPFWUVTKCNGU FWTCPVG O±U FG WPC IGPGTCEKÉP JCP UKFQ NC ECWUC FG SWG NC OC[QTÃC
FG NCU EKWFCFGU KORQTVCPVGU FGN OWPFQ UG GPEWGPVTGP GP WPC UKVWCEKÉP CVGTTCFQTC [ ECFC XG\ O±U
FTCO±VKEC %QOQ NC GUECUG\ FG CIWC [ NC EQPVCOKPCEKÉP HWGT\CP C GZRNQVCT HWGPVGU ECFC XG\ O±U
CNGLCFCU NQU EQUVQU OCTIKPCNGU RCTC CVGPFGT C NCU PWGXCU FGOCPFCU ETGEGP T±RKFCOGPVG # HKP FG
ICTCPVK\CT HWVWTQU CDCUVGEKOKGPVQU ¾UVQU JCP FG DCUCTUG GP WPC VCTKHKECEKÉP CFGEWCFC [ GP EQPVTQNGU
CRTQRKCFQU FG NCU FGUECTICU .C EQPVCOKPCEKÉP TGUKFWCN FGN UWGNQ [ FGN CIWC PQ RWGFGP EQPUKFGTCTUG
[C EQOQ GN RTGEKQ SWG JC[ SWG RCICT RQT NQU RWGUVQU FG VTCDCLQ [ RQT NC RTQURGTKFCF SWG CRQTVC GN
ETGEKOKGPVQ KPFWUVTKCN
.C RTQFWEEKÉP CITÃEQNC [ GN CDCUVGEKOKGPVQ FGN CIWC GP GN OGFKQ TWTCN
'P OWEJQU RCÃUGU NC UGIWTKFCF CNKOGPVCTKC EQPUVKVW[G WPC EWGUVKÉP FG CNVC RTKQTKFCF [ NC CITKEWNVWTC
FGDG PQ UÉNQ RTQRQTEKQPCT CNKOGPVQ RCTC CVGPFGT NCU PGEGUKFCFGU FG NC RQDNCEKÉP ETGEKGPVG UKPQ
VCODK¾P GEQPQOK\CT CIWC EQP FGUVKPQ C QVTQU WUQU .C FKHÃEKN VCTGC SWG UG JCDT± SWG CHTQPVCT EQPUKUVG
GP FGUCTTQNNCT [ CRNKECT V¾EPKECU [ O¾VQFQU FG IGUVKÉP RCTC GEQPQOK\CT CIWC [ ITCEKCU C NC ETGCEKÉP
FG ECRCEKFCFGU EQPUGIWKT SWG NCU EQOWPKFCFGU RWGFCP GUVCDNGEGT WP OCTEQ KPUVKVWEKQPCN G
KPEGPVKXQU EQP OKTCU C SWG NC RQDNCEKÉP TWTCN CFQRVG PWGXQU RNCPVGCOKGPVQU VCPVQ RCTC NC CITKEWNVWTC
FG VGORQTCN EQOQ FG TGICFÃQ .C RQDNCEKÉP TWTCN FGDG VGPGT VCODK¾P OGLQT CEEGUQ CN CDCUVGEKOKGPVQ
FG CIWC RQVCDNG [ C NQU UGTXKEKQU FG UCPGCOKGPVQ 'UVC VCTGC CWPSWG KPOGPUC PQ GU KORQUKDNG C
EQPFKEKÉP FG SWG UG CFQRVGP NCU RQNÃVKECU [ RTQITCOCU RGTVKPGPVGU GP VQFQU NQU PKXGNGU GU FGEKT GN
NQECN GN PCEKQPCN [ GN KPVGTPCEKQPCN
2TQVGEEKÉP FGN GEQUKUVGOC CEW±VKEQ
'N CIWC EQPUVKVW[G WP GNGOGPVQ XKVCN FGN OGFKQ CODKGPVG [ CDTKIC OÐNVKRNGU HQTOCU FG XKFC FG NCU
EWCNGU FGRGPFG GP ÐNVKOC KPUVCPEKC GN DKGPGUVCT FGN UGT JWOCPQ .C CNVGTCEKÉP FG NQU GUEWTTKOKGPVQU
JC TGFWEKFQ NC RTQFWEVKXKFCF FG OWEJQU FG GUVQU GEQUKUVGOCU FGXCUVCFQ NC RGUEC NC CITKEWNVWTC [ GN
RCUVQTGQ [ OCTIKPCNK\CFQ NCU EQOWPKFCFGU TWTCNGU SWG FGRGPFGP FG GUVCU CEVKXKFCFGU &KXGTUCU
ENCUGU FG EQPVCOKPCEKÉP KPENWKFC NC EQPVCOKPCEKÉP VTCPUHTQPVGTK\C CITCXCP GUVQU RTQDNGOCU
FGVGTKQTCP NQU CDCUVGEKOKGPVQU FG CIWC TGSWKGTGP WP VTCVCOKGPVQ O±U EQUVQUQ FGN CIWC FGUVTW[GP NC
HCWPC CEW±VKEC G KORKFGP NCU CEVKXKFCFGU FG TGETGQ [ GURCTEKOKGPVQ
7PC IGUVKÉP KPVGITCFC FG NCU EWGPECU HNWXKCNGU QHTGEG NC RQUKDKNKFCF FG UCNXCIWCTFCT NQU
GEQUKUVGOCU CEW±VKEQU [ FG CRQTVCT XGPVCLCU C NC UQEKGFCF UQDTG WPC DCUG UQUVGPKDNG
5QNWEKÉP FG EQPHNKEVQU FGTKXCFQU FGN CIWC
.C GPVKFCF IGQIT±HKEC O±U CRTQRKCFC RCTC NC RNCPKHKECEKÉP [ IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU GU NC
EWGPEC HNWXKCN KPENW[GPFQ CIWCU FG UWRGTHKEKG EQOQ UWDVGTT±PGCU 'P VGQTÃC WPC RNCPKHKECEKÉP [
GZRNQVCEKÉP KPVGITCFC [ GHKEC\ FG EWGPECU HNWXKCNGU Q NCEWUVTGU VTCPUHTQPVGTK\CU UWRQPGP PGEGUKFCFGU
KPUVKVWEKQPCNGU UKOKNCTGU C NCU FG WPC EWGPEC SWG UG GPEWGPVTC FGPVTQ FG WP UQNQ RCÃU .C HWPEKÉP
GUGPEKCN FG NCU QTICPK\CEKQPGU TGURQPUCDNGU FG NCU EWGPECU KPVGTPCEKQPCNGU EQPUKUVG GP EQPEKNKCT [
CTOQPK\CT NQU KPVGTGUGU FG NQU RCÃUGU TKDGTGÇQU OGFKT UKUVGO±VKECOGPVG NC ECPVKFCF FG CIWC [ UW
ECNKFCF GNCDQTCT RTQITCOCU FG CEEKÉP EQPEGTVCFQU KPVGTECODKCT KPHQTOCEKÉP [ FCT EWORNKOKGPVQ C
NQU CEWGTFQU
'P NQU FGEGPKQU XGPKFGTQU NC IGUVKÉP FG NCU EWGPECU KPVGTPCEKQPCNGU EQDTCT± ITCP
KORQTVCPEKC 2QT EQPUKIWKGPVG UG FGDGT± CVTKDWKT CNVC RTKQTKFCF C NC GNCDQTCEKÉP [ GLGEWEKÉP FG RNCPGU
KPVGITCFQU FG IGUVKÉP TGHTGPFCFQU RQT VQFQU NQU IQDKGTPQU CHGEVCFQU [ TGURCNFCFQU RQT CEWGTFQU
KPVGTPCEKQPCNGU
'N OGFKQ CODKGPVG HCXQTCDNG
.C GLGEWEKÉP FG NQU RTQITCOCU FG CEEKÉP UQDTG GN CIWC [ GN FGUCTTQNNQ UQUVGPKDNG GZKIKT±P KPXGTUKQPGU
EWCPVKQUCU PQ UÉNQ FG ECRKVCN RCTC RTQ[GEVQU UKPQ UQDTG VQFQ GP NC ETGCEKÉP FG ECRCEKFCFGU FG NCU
RGTUQPCU G KPUVKVWEKQPGU GPECTICFCU FG RTQ[GEVCT [ GLGEWVCT GUVQU ÐNVKOQU
.C DCUG FG EQPQEKOKGPVQU
.C OGFKEKÉP FG EQORQPGPVGU FGN EKENQ FGN CIWC GP ECPVKFCF [ ECNKFCF [ FG QVTCU ECTCEVGTÃUVKECU FGN
OGFKQ CODKGPVG SWG CHGEVCP CN CIWC EQPUVKVW[GP NC DCUG GUGPEKCN RCTC GORTGPFGT WPC IGUVKÉP GHKEC\
FGN CIWC .CU V¾EPKECU FG KPXGUVKICEKÉP [ CP±NKUKU CRNKECFCU EQP ETKVGTKQU KPVGTFKUEKRNKPCTKQU RGTOKVGP NC
EQORTGPUKÉP [ CRNKECEKÉP FG FKEJQU FCVQU RCTC HKPGU OÐNVKRNGU
5K UG VKGPG GP EWGPVC NC COGPC\C SWG RNCPVGC GN ECNGPVCOKGPVQ INQDCN ECWUCFQ RQT GN
KPETGOGPVQ FG NCU EQPEGPVTCEKQPGU FG ICUGU FG GHGEVQ KPXGTPCFGTQ GP NC CVOÉUHGTC UG JCEG GXKFGPVG
NC PGEGUKFCF FG TGCNK\CT OGFKEKQPGU G KPVGTECODKCT FCVQU UQDTG GN EKENQ JKFTQNÉIKEQ C WPC GUECNC
INQDCN .QU FCVQU UQP PGEGUCTKQU VCPVQ RCTC EQORTGPFGT GN UKUVGOC ENKO±VKEQ OWPFKCN EQOQ NQU
GHGEVQU RQVGPEKCNGU UQDTG NQU TGEWTUQU JÃFTKEQU FGN ECODKQ ENKO±VKEQ [ FG NC GNGXCEKÉP FGN PKXGN FGN
OCT 6QFQU NQU RCÃUGU FGDGP RCTVKEKRCT [ FG UGT PGEGUCTKQ TGEKDKT CUKUVGPEKC RCTC RCTVKEKRCT GP NC
XKIKNCPEKC OWPFKCN GN GUVWFKQ FG UWU GHGEVQU [ NC GNCDQTCEKÉP FG GUVTCVGIKCU FG TGURWGUVC CFGEWCFCU
%TGCEKÉP FG ECRCEKFCFGU
.C CRNKECEKÉP FG NCU OGFKFCU EQPVGPKFCU GP GN +PHQTOG FG NC %QPHGTGPEKC FG &WDNÃP GZKIG RGTUQPCN
DKGP ECRCEKVCFQ [ EWCNKHKECFQ .QU RCÃUGU FGDGP KFGPVKHKECT EQOQ RCTVG KPVGITCPVG FG NQU RNCPGU
PCEKQPCNGU FG FGUCTTQNNQ NCU PGEGUKFCFGU FG HQTOCEKÉP RTQHGUKQPCN GP OCVGTKC FG GXCNWCEKÉP [ IGUVKÉP
FG TGEWTUQU JÃFTKEQU [ CFQRVCT C PKXGN PCEKQPCN NCU OGFKFCU QRQTVWPCU FG UGT PGEGUCTKCU GP
EQNCDQTCEKÉP EQP QTICPKUOQU FG EQQRGTCEKÉP V¾EPKEC C HKP FG RTQRQTEKQPCT NC HQTOCEKÉP PGEGUCTKC [
NCU EQPFKEKQPGU FG VTCDCLQ QRQTVWPCU RCTC C[WFCT C EQPUGTXCT GN RGTUQPCN ECRCEKVCFQ
.QU IQDKGTPQU FGDGP VCODK¾P GXCNWCT UW ECRCEKFCF RCTC SWG UWU GURGEKCNKUVCU GP GN ECORQ
FGN CIWC [ GP QVTCU GUHGTCU EQPGZCU RWGFCP NNGXCT C ECDQ NCU OÐNVKRNGU CEVKXKFCFGU SWG TGSWKGTG NC
IGUVKÉP KPVGITCFC FG NQU TGEWTUQU JÃFTKEQU 2CTC GNNQ UGT± PGEGUCTKQ WP OGFKQ CODKGPVG HCXQTCDNG
ITCEKCU C FKURQUKEKQPGU KPUVKVWEKQPCNGU [ NGICNGU GPVTG GNNCU NCU TGNCVKXCU C NC IGUVKÉP GHKEC\ FG NC
FGOCPFC FG CIWC
7PC UGPUKDKNK\CEKÉP O±U KPVGPUC EQPUVKVW[G WPC RCTVG GUGPEKCN FGN RNCPVGCOKGPVQ DCUCFQ GP NC
RCTVKEKRCEKÉP GP NC IGUVKÉP FG TGEWTUQU JÃFTKEQU .QU RTQITCOCU FG CRQ[Q FG KPHQTOCEKÉP GPUGÇCP\C
[ EQOWPKECEKÉP FGDGP HQTOCT RCTVG KPVGITCPVG FGN RTQEGUQ FG FGUCTTQNNQ
%QPHGTGPEKCFGNCU0CEKQPGU7PKFCUUQDTG
GN/GFKQ#ODKGPVG[GN&GUCTTQNNQ
4KQFG,CPGKTQ$TCUKNCNFGLWPKQFG
%CRÃVWNQ∗
2TQVGEEKÉP FG NC ECNKFCF [ GN UWOKPKUVTQ FG NQU
TGEWTUQU FG CIWC FWNEG CRNKECEKÉP FG ETKVGTKQU
KPVGITCFQU RCTC GN CRTQXGEJCOKGPVQ QTFGPCEKÉP
[WUQ FG NQU TGEWTUQU FG CIWC FWNEG
+PVTQFWEEKÉP
.QU TGEWTUQU FG CIWC FWNEG UQP WP EQORQPGPVG GUGPEKCN FG NC JKFTQUHGTC FG NC 6KGTTC [ RCTVG
KPFKURGPUCDNG FG VQFQU NQU GEQUKUVGOCU VGTTGUVTGU 'N OGFKQ FG CIWC FWNEG UG ECTCEVGTK\C RQT GN EKENQ
JKFTQNÉIKEQ SWG KPENW[G NCU KPWPFCEKQPGU [ UGSWÃCU EW[CU EQPUGEWGPEKCU UG JCP XWGNVQ GP CNIWPCU
TGIKQPGU O±U GZVTGOCU [ FTCO±VKECU FWTCPVG NQU ÐNVKOQU CÇQU 'N ECODKQ ENKO±VKEQ OWPFKCN [ NC
EQPVCOKPCEKÉP CVOQUH¾TKEC RQFTÃCP VCODK¾P VGPGT EQPUGEWGPEKCU RCTC NQU TGEWTUQU FG CIWC FWNEG [
UW FKURQPKDKNKFCF [ EQP NC GNGXCEKÉP FGN PKXGN FGN OCT RQPGT GP RGNKITQ NCU \QPCU EQUVGTCU DCLCU [ NQU
GEQUKUVGOCU FG NCU KUNCU RGSWGÇCU
'N CIWC UG PGEGUKVC GP VQFQU NQU CURGEVQU FG NC XKFC 'N QDLGVKXQ IGPGTCN GU XGNCT RQT SWG UG
OCPVGPIC WP UWOKPKUVTQ UWHKEKGPVG FG CIWC FG DWGPC ECNKFCF RCTC VQFC NC RQDNCEKÉP FGN RNCPGVC [
RTGUGTXCT CN OKUOQ VKGORQ NCU HWPEKQPGU JKFTQNÉIKECU DKQNÉIKECU [ SWÃOKECU FG NQU GEQUKUVGOCU
CFCRVCPFQ NCU CEVKXKFCFGU JWOCPCU C NQU NÃOKVGU FG NC ECRCEKFCF FG NC PCVWTCNG\C [ EQODCVKGPFQ NQU
XGEVQTGU FG NCU GPHGTOGFCFGU TGNCEKQPCFCU EQP GN CIWC 'U RTGEKUQ EQPVCT EQP VGEPQNQIÃCU
KPPQXCFQTCU GPVTG GNNCU NCU VGEPQNQIÃCU NQECNGU OGLQTCFCU RCTC CRTQXGEJCT RNGPCOGPVG NQU TGEWTUQU
JÃFTKEQU NKOKVCFQU [ RTQVGIGTNQU EQPVTC NC EQPVCOKPCEKÉP
.C GUECUG\ IGPGTCNK\CFC FG TGEWTUQU FG CIWC FWNEG UW FGUVTWEEKÉP ITCFWCN [ UW ETGEKGPVG
EQPVCOKPCEKÉP CUÃ EQOQ NC KORNCPVCEKÉP RTQITGUKXC FG CEVKXKFCFGU KPEQORCVKDNGU GP OWEJCU TGIKQPGU
FGN OWPFQ GZKIGP WPC RNCPKHKECEKÉP [ WPC QTFGPCEKÉP KPVGITCFCU FG NQU TGEWTUQU JÃFTKEQU 'UC
KPVGITCEKÉP JC FG CDCTECT VQFQU NQU VKRQU FG OCUCU KPVGTTGNCEKQPCFCU FG CIWC FWNEG VCPVQ NCU CIWCU
UWRGTHKEKCNGU EQOQ NCU UWDVGTT±PGCU [ JC FG VGPGT FGDKFCOGPVG GP EWGPVC NQU CURGEVQU FG NC
ECPVKFCF [ ECNKFCF FGN CIWC &GDG TGEQPQEGTUG GN ECT±EVGT OWNVKUGEVQTKCN FGN CRTQXGEJCOKGPVQ FG NQU
TGEWTUQU JÃFTKEQU GP GN EQPVGZVQ FGN FGUCTTQNNQ UQEKQGEQPÉOKEQ CUÃ EQOQ NC WVKNK\CEKÉP FG GUQU
TGEWTUQU RCTC HKPGU OÐNVKRNGU EQOQ GN CDCUVGEKOKGPVQ FG CIWC [ GN UCPGCOKGPVQ NC CITKEWNVWTC NC
KPFWUVTKC GN FGUCTTQNNQ WTDCPQ NC IGPGTCEKÉP FG GPGTIÃC JKFTQGN¾EVTKEC NC RGUEC GP CIWCU KPVGTKQTGU GN
VTCPURQTVG NCU CEVKXKFCFGU TGETGCVKXCU NC QTFGPCEKÉP FG NCU VKGTTCU DCLCU [ NCU RNCPKEKGU [ QVTCU
CEVKXKFCFGU .QU UKUVGOCU TCEKQPCNGU FG WVKNK\CEKÉP FGN CIWC RCTC GN CRTQXGEJCOKGPVQ FG NCU HWGPVGU
FG UWOKPKUVTQ FG CIWC UGCP FG UWRGTHKEKG UWDVGTT±PGCU W QVTCU RQUKDNGU FGDGP GUVCT CRQ[CFQU RQT
OGFKFCU EQPEQOKVCPVGU GPECOKPCFCU C EQPUGTXCT GN CIWC [ TGFWEKT CN OÃPKOQ GN FGTTQEJG 5KP
GODCTIQ EWCPFQ UGC PGEGUCTKQ JCDT± FG FCTUG RTKQTKFCF C NCU OGFKFCU FG RTGXGPEKÉP [ EQPVTQN FG
NCU KPWPFCEKQPGU CUÃ EQOQ CN EQPVTQN FG NC UGFKOGPVCEKÉP
.QU TGEWTUQU FG CIWCU VTCPUHTQPVGTK\QU [ UW WVKNK\CEKÉP TGXKUVGP ITCP KORQTVCPEKC RCTC NQU
'UVCFQU TKDGTGÇQU # GUG TGURGEVQ RWGFG UGT EQPXGPKGPVG NC EQQRGTCEKÉP GPVTG GUQU 'UVCFQU FG
EQPHQTOKFCF EQP NQU CEWGTFQU GZKUVGPVGU W QVTQU OGECPKUOQU RGTVKPGPVGU VGPKGPFQ GP EWGPVC NQU
KPVGTGUGU FG VQFQU NQU 'UVCFQU TKDGTGÇQU KPVGTGUCFQU
∗
4GUWOGP
'N
VGZVQ
EQORNGVQ
FGN
%CRÃVWNQ
JVVRYYYKIEQTIJCDKVCVCIGPFCGURCPQNCGU\KR
FGN
2TQITCOC UG
GPEWGPVTC
FKURQPKDNG
GP
ŠTGCUFGRTQITCOCU
# 1TFGPCEKÉP [ CRTQXGEJCOKGPVQ KPVGITCFQU FG NQU TGEWTUQU JÃFTKEQU
$CUGU RCTC NC CEEKÉP
)GPGTCNOGPVG PQ UG CRTGEKC NC OGFKFC GP SWG GN CRTQXGEJCOKGPVQ FG NQU TGEWTUQU JÃFTKEQU EQPVTKDW[G
C NC RTQFWEVKXKFCF GEQPÉOKEC [ GN DKGPGUVCT UQEKCN CWPSWG VQFCU NCU CEVKXKFCFGU UQEKCNGU [
GEQPÉOKECU FGUECPUCP GP ITCFQ UWOQ UQDTG GN UWOKPKUVTQ [ NC ECNKFCF FGN CIWC RQVCDNG %QP GN
CWOGPVQ FG NC RQDNCEKÉP [ FG NCU CEVKXKFCFGU GEQPÉOKECU OWEJQU RCÃUGU GUV±P NNGICPFQ EQP TCRKFG\
C WPC UKVWCEKÉP GP SWG GN CIWC GUECUGC Q GP SWG UW FGUCTTQNNQ GEQPÉOKEQ UG XG QDUVCEWNK\CFQ 'N
T±RKFQ ETGEKOKGPVQ FG NC FGOCPFC FG CIWC UG FGDG GP WP C CN TKGIQ CITÃEQNC CNIQ OGPQU
FG WP C NC KPFWUVTKC [ UÉNQ WP CN EQPUWOQ FQO¾UVKEQ 7PC QTFGPCEKÉP INQDCN FGN CIWC FWNEG
GP EWCPVQ TGEWTUQ NKOKVCFQ [ XWNPGTCDNG [ NC KPVGITCEKÉP FG RNCPGU [ RTQITCOCU JÃFTKEQU UGEVQTKCNGU
FGPVTQ FGN OCTEQ FG NC RQNÃVKEC GEQPÉOKEC [ UQEKCN PCEKQPCN UQP OGFKFCU SWG TGXKUVGP NC O±ZKOC
KORQTVCPEKC GPVTG NCU SWG UG CFQRVGP GP GN FGEGPKQ FG [ EQP RQUVGTKQTKFCF 5KP GODCTIQ NC
HTCIOGPVCEKÉP FG NCU TGURQPUCDKNKFCFGU TGNCVKXCU CN FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU GPVTG FKXGTUQU
QTICPKUOQU UGEVQTKCNGU GUV± EQPUVKVW[GPFQ WP QDUV±EWNQ CÐP OC[QT FG NQ SWG UG RGPUCDC RCTC
RTQOQXGT WPC QTFGPCEKÉP KPVGITCFC FG FKEJQU TGEWTUQU 5G TGSWKGTGP OGECPKUOQU GHKECEGU FG
GLGEWEKÉP [ EQQTFKPCEKÉP
1DLGVKXQU
'N QDLGVKXQ INQDCN GU UCVKUHCEGT NCU PGEGUKFCFGU FG CIWC FWNEG FG VQFQU NQU RCÃUGU RCTC UW FGUCTTQNNQ
UQUVGPKDNG
.C QTFGPCEKÉP KPVGITCFC FG NQU TGEWTUQU JÃFTKEQU UG DCUC GP NC RGTEGREKÉP FG SWG GN CIWC GU
RCTVG KPVGITCPVG FGN GEQUKUVGOC WP TGEWTUQ PCVWTCN [ WP DKGP UQEKCN [ DKGP GEQPÉOKEQ EW[C ECPVKFCF
[ ECNKFCF FGVGTOKPCP NC PCVWTCNG\C FG UW WVKNK\CEKÉP %QP VCN HKP JC[ SWG RTQVGIGT GUQU TGEWTUQU
VGPKGPFQ GP EWGPVC GN HWPEKQPCOKGPVQ FG NQU GEQUKUVGOCU CEW±VKEQU [ GN ECT±EVGT RGTGPPG FGN TGEWTUQ
EQP OKTCU C UCVKUHCEGT [ EQPEKNKCT NCU PGEGUKFCFGU FG CIWC GP NCU CEVKXKFCFGU JWOCPCU 'P GN
CRTQXGEJCOKGPVQ [ GN WUQ FG NQU TGEWTUQU JÃFTKEQU JC FG FCTUG RTKQTKFCF C NC UCVKUHCEEKÉP FG NCU
PGEGUKFCFGU D±UKECU [ C NC RTQVGEEKÉP FG NQU GEQUKUVGOCU 5KP GODCTIQ WPC XG\ UCVKUHGEJCU GUCU
PGEGUKFCFGU NQU WUWCTKQU FGN CIWC VKGPGP SWG RCICT WPCU VCTKHCU CFGEWCFCU
.C QTFGPCEKÉP KPVGITCFC FG NQU TGEWTUQU JÃFTKEQU KPENWKFC NC KPVGITCEKÉP FG NQU CURGEVQU
TGNCVKXQU C NCU VKGTTCU [ C NCU CIWCU VGPFTÃC SWG JCEGTUG C PKXGN FG EWGPEC Q UWDEWGPEC FG ECRVCEKÉP
&GDGTÃCP RGTUGIWKTUG EWCVTQ QDLGVKXQU RTKPEKRCNGU C UCDGT
C 2TQOQXGT WP GPHQSWG FKP±OKEQ KPVGTCEVKXQ KVGTCEVKXQ [ OWNVKUGEVQTKCN FG NC QTFGPCEKÉP FG
NQU TGEWTUQU JÃFTKEQU KPENWKFCU NC RTQVGEEKÉP [ NC FGVGTOKPCEKÉP FG RQUKDNGU HWGPVGU FG
CDCUVGEKOKGPVQ FG CIWC FWNEG SWG CDCTSWG EQPUKFGTCEKQPGU VGEPQNÉIKECU GEQPÉOKECU
CODKGPVCNGU [ UCPKVCTKCU
D 2NCPKHKECT NC WVKNK\CEKÉP RTQVGEEKÉP EQPUGTXCEKÉP [ QTFGPCEKÉP UQUVGPKDNGU [ TCEKQPCNGU FG
NQU TGEWTUQU JÃFTKEQU EQP CTTGINQ C NCU PGEGUKFCFGU [ RTKQTKFCFGU FG NC EQNGEVKXKFCF FGPVTQ
FGN OCTEQ FG NC RQNÃVKEC FG FGUCTTQNNQ GEQPÉOKEQ PCEKQPCN
E 'NCDQTCT CRNKECT [ GXCNWCT RTQ[GEVQU [ RTQITCOCU SWG UGCP VCPVQ GEQPÉOKECOGPVG
GHKEKGPVGU EQOQ UQEKCNOGPVG CFGEWCFQU FGPVTQ FG WPCU GUVTCVGIKCU FGHKPKFCU EQP ENCTKFCF [
DCUCFCU GP WP GPHQSWG FG RNGPC RCTVKEKRCEKÉP RÐDNKEC KPENWKFC NC FG NC OWLGT NC LWXGPVWF
NCU RQDNCEKQPGU KPFÃIGPCU [ NCU EQOWPKFCFGU NQECNGU GP NCU OGFKFCU [ FGEKUKQPGU UQDTG NC
QTFGPCEKÉP FGN CIWC
F &GVGTOKPCT [ HQTVCNGEGT Q KORNCPVCT UGIÐP UGC PGEGUCTKQ GP RCTVKEWNCT GP NQU RCÃUGU GP
FGUCTTQNNQ NQU OGECPKUOQU KPUVKVWEKQPCNGU LWTÃFKEQU [ HKPCPEKGTQU CFGEWCFQU RCTC NQITCT
SWG NC RQNÃVKEC UQDTG NQU TGEWTUQU JÃFTKEQU [ UW GLGEWEKÉP UGCP WP ECVCNK\CFQT FGN RTQITGUQ
UQEKCN [ GN ETGEKOKGPVQ GEQPÉOKEQ UQUVGPKDNGU
%WCPFQ UG VTCVG FG TGEWTUQU JÃFTKEQU VTCPUHTQPVGTK\QU UGT± PGEGUCTKQ SWG NQU 'UVCFQU
TKDGTGÇQU HQTOWNGP GUVTCVGIKCU TGNCVKXCU C GUQU TGEWTUQU RTGRCTGP RTQITCOCU FG CEEKÉP RCTC UW
WVKNK\CEKÉP [ VGPICP GP EWGPVC EWCPFQ RTQEGFC NC CTOQPK\CEKÉP FG GUCU GUVTCVGIKCU [ RTQITCOCU FG
CEEKÉP
6QFQU NQU 'UVCFQU UGIÐP NC ECRCEKFCF [ NQU TGEWTUQU FG SWG FKURQPICP [ OGFKCPVG NC
EQQRGTCEKÉP DKNCVGTCN Q OWNVKNCVGTCN KPENWKFCU UGIÐP RTQEGFC NCU 0CEKQPGU 7PKFCU [ QVTCU
QTICPK\CEKQPGU EQORGVGPVGU RQFTÃCP HKLCT NQU QDLGVKXQU UKIWKGPVGU
C 2CTC GN CÇQ K *CDGT GNCDQTCFQ G KPKEKCFQ RTQITCOCU FG CEEKÉP PCEKQPCNGU EQP EQUVQU [ OGVCU
FGVGTOKPCFQU [ JCDGT GUVCDNGEKFQ NCU GUVTWEVWTCU KPUVKVWEKQPCNGU [ NQU KPUVTWOGPVQU
LWTÃFKEQU CRTQRKCFQU
KK *CDGT GUVCDNGEKFQ RTQITCOCU GHKECEGU FG CRTQXGEJCOKGPVQ FGN CIWC RCTC NQITCT
UKUVGOCU UQUVGPKDNGU FG CRTQXGEJCOKGPVQ FG NQU TGEWTUQU
D 2CTC GN CÇQ K *CDGT CNECP\CFQ NCU OGVCU UWDUGEVQTKCNGU FG VQFCU NCU ±TGCU FG RTQITCOCU UQDTG GN
CIWC FWNEG
#EVKXKFCFGU
6QFQU NQU 'UVCFQU UGIÐP NC ECRCEKFCF [ NQU TGEWTUQU FG SWG FKURQPICP [ OGFKCPVG NC EQQRGTCEKÉP
DKNCVGTCN Q OWNVKNCVGTCN KPENWKFCU UGIÐP RTQEGFC NCU 0CEKQPGU 7PKFCU [ QVTCU QTICPK\CEKQPGU
EQORGVGPVGU RQFTÃCP GLGEWVCT NCU UKIWKGPVGU CEVKXKFCFGU RCTC OGLQTCT NC QTFGPCEKÉP KPVGITCFC FG NQU
TGEWTUQU JÃFTKEQU
C (QTOWNCT RNCPGU FG CEEKÉP [ RTQITCOCU FG KPXGTUKÉP PCEKQPCNGU EQP EQUVQU ECNEWNCFQU [
OGVCU HKLCFCU
D +PVGITCT OGFKFCU FG RTQVGEEKÉP [ EQPUGTXCEKÉP FG RQUKDNGU HWGPVGU FG CDCUVGEKOKGPVQ FG
CIWC FWNEG GPVTG GNNCU NC ECVCNQICEKÉP FG NQU TGEWTUQU EQTTGURQPFKGPVGU EQP WPC
RNCPKHKECEKÉP FG NQU WUQU FG NC VKGTTC NC WVKNK\CEKÉP FG NQU DQUSWGU NC RTQVGEEKÉP FG NCU
NCFGTCU FG NC OQPVCÇCU [ NCU O±TIGPGU FG NQU TÃQU [ QVTCU CEVKXKFCFGU RGTVKPGPVGU FG
CRTQXGEJCOKGPVQ [ EQPUGTXCEKÉP
E &GUCTTQNNCT DCUGU FG FCVQU KPVGTCEVKXQU OQFGNQU RCTC RTGXKUKQPGU OQFGNQU FG RNCPKHKECEKÉP
GEQPÉOKEC [ O¾VQFQU FG QTFGPCEKÉP [ RNCPKHKECEKÉP FG NQU TGEWTUQU JÃFTKEQU GPVTG GNNQU
O¾VQFQU FG GXCNWCEKÉP FGN KORCEVQ CODKGPVCN
F 1RVKOK\CT NC CUKIPCEKÉP FG NQU TGEWTUQU JÃFTKEQU FGPVTQ FG NCU NKOKVCEKQPGU HÃUKECU [
UQEKQGEQPÉOKECU
G #RNKECT NCU FGEKUKQPGU TGNCVKXCU C NC CUKIPCEKÉP FG TGEWTUQU OGFKCPVG IGUVKÉP FG NC
FGOCPFC OGECPKUOQU FG HKLCEKÉP FG RTGEKQU [ OGFKFCU FG TGINCOGPVCEKÉP
H .WEJCT EQPVTC NCU KPWPFCEKQPGU [ NCU UGSWÃCU OGFKCPVG GPVTG QVTCU EQUCU GN CP±NKUKU FG
TKGUIQU [ NC GXCNWCEKÉP FG NCU EQPUGEWGPEKCU UQEKCNGU [ CODKGPVCNGU
I 2TQOQXGT RNCPGU FG WVKNK\CEKÉP TCEKQPCN FGN CIWC OGFKCPVG WPC OC[QT EQPEKGPEKC RÐDNKEC
RTQITCOCU FG GFWECEKÉP [ NC KORQUKEKÉP FG VCTKHCU FG EQPUWOQ [ QVTQU KPUVTWOGPVQU
GEQPÉOKEQU
J /QXKNK\CT NQU TGEWTUQU JÃFTKEQU UQDTG VQFQ GP NCU \QPCU ±TKFCU [ UGOK±TKFCU
K (QOGPVCT NC EQQRGTCEKÉP KPVGTPCEKQPCN GP NC KPXGUVKICEKÉP EKGPVÃHKEC UQDTG NQU TGEWTUQU FG
CIWC FWNEG
L &GUCTTQNNCT HWGPVGU PWGXCU [ CNVGTPCVKXCU FG UWOKPKUVTQ FG CIWC VCNGU EQOQ NC FGUCNCEKÉP
FGN CIWC FG OCT NC TGRQUKEKÉP CTVKHKEKCN FG CIWCU UWDVGTT±PGCU NC WVKNK\CEKÉP FG CIWC FG
GUECUC ECNKFCF GN CRTQXGEJCOKGPVQ FG CIWCU TGUKFWCNGU [ GN TGEKENCLG FGN CIWC
M +PVGITCT NC QTFGPCEKÉP FG NC ECPVKFCF [ ECNKFCF FG NQU TGEWTUQU JÃFTKEQU KPENWKFCU NCU CIWCU
UWRGTHKEKCNGU [ UWDVGTT±PGCU
N 2TQOQXGT NC EQPUGTXCEKÉP FGN CIWC OGFKCPVG OGLQTGU [ O±U GHKECEGU RNCPGU FG
CRTQXGEJCOKGPVQ [ FG TGFWEEKÉP CN OÃPKOQ FGN FGTTQEJG EQP RCTVKEKRCEKÉP FG VQFQU NQU
WUWCTKQU EQP GN FGUCTTQNNQ GPVTG QVTQU CURGEVQU FG OGECPKUOQU RCTC CJQTTCT CIWC
O #RQ[CT C NQU ITWRQU FG WUWCTKQU FG CIWC C HKP FG QRVKOK\CT NC QTFGPCEKÉP FG NQU TGEWTUQU
JÃFTKEQU NQECNGU
P #TDKVTCT V¾EPKECU FG RCTVKEKRCEKÉP FGN RÐDNKEQ [ CRNKECTNCU GP NC CFQREKÉP FG FGEKUKQPGU GP
RCTVKEWNCT HQTVCNGEKGPFQ GN RCRGN FG NC OWLGT GP NC RNCPKHKECEKÉP [ QTFGPCEKÉP FG NQU TGEWTUQU
JÃFTKEQU
Q &GUCTTQNNCT [ TGHQT\CT UGIÐP RTQEGFC NC EQQRGTCEKÉP KPENWKFQU NQU OGECPKUOQU EWCPFQ
RTQEGFC C VQFQU NQU PKXGNGU RGTVKPGPVGU C UCDGT
K 'P GN O±U DCLQ PKXGN RGTVKPGPVG FGNGICPFQ NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU GP
IGPGTCN GP GUG PKXGN FG CEWGTFQ EQP NC NGIKUNCEKÉP PCEKQPCN KPENWKFC NC
FGUEGPVTCNK\CEKÉP FG NQU UGTXKEKQU IWDGTPCOGPVCNGU SWG RCUCTÃCP C FGRGPFGT FG NCU
CWVQTKFCFGU NQECNGU NCU GORTGUCU RTKXCFCU [ NCU EQOWPKFCFGU
KK 'P GN RNCPQ PCEKQPCN OGFKCPVG WPC RNCPKHKECEKÉP [ QTFGPCEKÉP KPVGITCFC FG NQU
TGEWTUQU JÃFTKEQU FGPVTQ FGN OCTEQ FGN RTQEGUQ FG RNCPKHKECEKÉP PCEKQPCN [ EWCPFQ
RTQEGFC EQP GN GUVCDNGEKOKGPVQ FG WPC TGINCOGPVCEKÉP [ UWRGTXKUKÉP KPFGRGPFKGPVGU
FGN CIWC FWNEG DCUCFCU GP NC NGIKUNCEKÉP PCEKQPCN [ GP OGFKFCU GEQPÉOKECU
KKK 'P GN RNCPQ TGIKQPCN EQPUKFGTCPFQ NC RQUKDKNKFCF FG CTOQPK\CT EWCPFQ RTQEGFC NCU
GUVTCVGIKCU [ NQU RTQITCOCU FG CEEKÉP PCEKQPCNGU
KX 'P GN RNCPQ OWPFKCN OGFKCPVG WPC OGLQT FGNKOKVCEKÉP FG NCU TGURQPUCDKNKFCFGU NC
FKXKUKÉP FGN VTCDCLQ [ NC EQQTFKPCEKÉP FG QTICPK\CEKQPGU [ RTQITCOCU KPVGTPCEKQPCNGU
HCEKNKVCPFQ NQU KPVGTECODKQU FG RCTGEGTGU [ GZRGTKGPEKCU GP GUHGTCU TGNCEKQPCFCU EQP
NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU
R &KHWPFKT KPHQTOCEKÉP CUÃ EQOQ FKTGEVTKEGU QRGTCEKQPCNGU [ RTQOQXGT NC GFWECEKÉP FG NQU
WUWCTKQU FGN CIWC OGFKCPVG GPVTG QVTCU EQUCU NC EQPUKFGTCEKÉP RQT NCU 0CEKQPGU 7PKFCU FG
NC RQUKDKNKFCF FG RTQENCOCT WP &ÃC /WPFKCN FGN #IWC
$ 'XCNWCEKÉP FG NQU TGEWTUQU JÃFTKEQU
$CUGU RCTC NC CEEKÉP
.C GXCNWCEKÉP FG NQU TGEWTUQU JÃFTKEQU KPENWKFC NC FGVGTOKPCEKÉP FG RQUKDNGU HWGPVGU FG CIWC FWNEG
EQPUKUVG GP FGVGTOKPCT KPKPVGTTWORKFCOGPVG NCU HWGPVGU NC ECPVKFCF NC HKCDKNKFCF [ NC ECNKFCF FG NQU
TGEWTUQU FG CIWC [ FG NCU CEVKXKFCFGU JWOCPCU SWG CHGEVCP C GUQU TGEWTUQU 'UC GXCNWCEKÉP GU NC
DCUG RT±EVKEC RCTC UW QTFGPCEKÉP UQUVGPKDNG [ EQPFKEKÉP RTGXKC RCTC GXCNWCT NCU RQUKDKNKFCFGU FG
CRTQXGEJCTNQU 0Q QDUVCPVG RTGQEWRC ECFC XG\ O±U SWG GP GN OQOGPVQ GP SWG UG PGEGUKVC
KPHQTOCEKÉP O±U RTGEKUC [ HKFGFKIPC CEGTEC FG NQU TGEWTUQU FG CIWC C NQU UGTXKEKQU JKFTQNÉIKEQU [
QTICPKUOQU EQPGZQU NGU UGC O±U FKHÃEKN SWG CPVGU RTQRQTEKQPCT GUVC KPHQTOCEKÉP UQDTG VQFQ TGURGEVQ
FG NCU CIWCU UWDVGTT±PGCU [ FG NC ECNKFCF FGN CIWC .QU RTKPEKRCNGU QDUV±EWNQU UQP NC HCNVC FG TGEWTUQU
HKPCPEKGTQU RCTC GUC GXCNWCEKÉP GN ECT±EVGT HTCIOGPVCFQ FG NQU UGTXKEKQU JKFTQNÉIKEQU [ NC GUECUG\ FG
RGTUQPCN ECRCEKVCFQ #N OKUOQ VKGORQ C NQU RCÃUGU GP FGUCTTQNNQ ECFC XG\ NGU GU O±U FKHÃEKN CEEGFGT
C NCU VGEPQNQIÃCU CXCP\CFCU FG TGWPKÉP [ OCPGLQ FG FCVQU 5KP GODCTIQ NC ETGCEKÉP FG DCUGU
PCEKQPCNGU FG FCVQU TGXKUVG KORQTVCPEKC FGEKUKXC RCTC GXCNWCT NQU TGEWTUQU JÃFTKEQU [ RCTC OKVKICT NQU
GHGEVQU FG KPWPFCEKQPGU UGSWÃCU FGUGTVKHKECEKÉP [ EQPVCOKPCEKÉP
1DLGVKXQU
$CU±PFQUG GP GN 2NCP FG #EEKÉP FG /CT FGN 2NCVC GUVC ±TGC FG RTQITCOCU UG JC RTQNQPICFQ FWTCPVG
VQFQ GN FGEGPKQ FG [ FGURW¾U EQP GN QDLGVKXQ INQDCN FG XGNCT RQT NC GXCNWCEKÉP [ GN RTQPÉUVKEQ
FG NC ECPVKFCF [ ECNKFCF FG NQU TGEWTUQU JÃFTKEQU EQP GN HKP FG GUVKOCT GN XQNWOGP VQVCN FKURQPKDNG FG
VCNGU TGEWTUQU [ NCU RQUKDKNKFCFGU FG CDCUVGEKOKGPVQ HWVWTQ FGVGTOKPCT NCU EQPFKEKQPGU CEVWCNGU FG
ECNKFCF RTGXGT RQUKDNGU FGUGSWKNKDTKQU GPVTG NC QHGTVC [ NC FGOCPFC [ RTQRQTEKQPCT WPC DCUG FG FCVQU
EKGPVÃHKEC RCTC WP WUQ TCEKQPCN FG FKEJQU TGEWTUQU
'P EQPUGEWGPEKC UG JCP HKLCFQ NQU EKPEQ QDLGVKXQU EQPETGVQU UKIWKGPVGU
C 2TQRQTEKQPCT C VQFQU NQU RCÃUGU VGEPQNQIÃCU FG GXCNWCEKÉP FG NQU TGEWTUQU JÃFTKEQU
CRTQRKCFCU C UWU PGEGUKFCFGU KPFGRGPFKGPVGOGPVG FG UW PKXGN FG FGUCTTQNNQ KPENWKFQU
O¾VQFQU RCTC GXCNWCT NQU GHGEVQU FGN ECODKQ ENKO±VKEQ UQDTG NQU TGEWTUQU FG CIWC FWNEG
D %QPUGIWKT SWG EQP CTTGINQ C UWU RQUKDKNKFCFGU GEQPÉOKECU VQFQU NQU RCÃUGU CUKIPGP C NC
GXCNWCEKÉP FG TGEWTUQU JÃFTKEQU NQU OGFKQU HKPCPEKGTQU SWG GN XCNQT GEQPÉOKEQ [ UQEKCN FG
NC KPHQTOCEKÉP CEGTEC FG GUQU TGEWTUQU LWUVKHKEC
E 8GNCT RQT SWG NC KPHQTOCEKÉP TGUWNVCPVG FG NC GXCNWCEKÉP UG CRTQXGEJG CN O±ZKOQ C NC JQTC
FG RTGRCTCT NCU RQNÃVKECU FG QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU
F %QPUGIWKT SWG VQFQU NQU RCÃUGU VQOGP NCU FKURQUKEKQPGU KPUVKVWEKQPCNGU PGEGUCTKCU RCTC
XGNCT RQT NC TGWPKÉP GNCDQTCEKÉP CNOCEGPCOKGPVQ TGEWRGTCEKÉP [ FKXWNICEKÉP GHKEKGPVG C
NQU WUWCTKQU FG KPHQTOCEKÉP KPVGITCFC CEGTEC FG NC ECNKFCF [ NC ECPVKFCF FG NQU TGEWTUQU
JÃFTKEQU FKURQPKDNGU GP NCU EWGPECU JKFTQIT±HKECU [ NQU CEWÃHGTQU UWDVGTT±PGQU
G .QITCT SWG NQU QTICPKUOQU FG GXCNWCEKÉP FG NQU TGEWTUQU JÃFTKEQU EQPVTCVGP [ TGVGPICP GP
PÐOGTQ UWHKEKGPVG RGTUQPCN FGDKFCOGPVG RTGRCTCFQ [ ECNKHKECFQ RTQRQTEKQP±PFQNG NQU
UGTXKEKQU FG ECRCEKVCEKÉP [ RGTHGEEKQPCOKGPVQ SWG PGEGUKVCT±P RCTC FGUGORGÇCT UWU VCTGCU
EQP ¾ZKVQ
6QFQU NQU 'UVCFQU UGIÐP NC ECRCEKFCF [ NQU TGEWTUQU FG SWG FKURQPICP [ OGFKCPVG NC
EQQRGTCEKÉP DKNCVGTCN Q OWNVKNCVGTCN KPENWKFC NC EQQRGTCEKÉP EQP NCU 0CEKQPGU 7PKFCU [ QVTCU
QTICPK\CEKQPGU EQORGVGPVGU RQFTÃCP HKLCT NQU QDLGVKXQU UKIWKGPVGU
C 2CTC GN CÇQ JCDGT GUVWFKCFQ GP FGVCNNG NC XKCDKNKFCF FG GUVCDNGEGT UGTXKEKQU FG
GXCNWCEKÉP FG NQU TGEWTUQU JÃFTKEQU
D %QOQ QDLGVKXQ C NCTIQ RNC\Q FKURQPGT FG UGTXKEKQU RNGPCOGPVG QRGTCVKXQU SWG UG DCUGP GP
TGFGU JKFTQO¾VTKECU FG ITCP FGPUKFCF
#EVKXKFCFGU
6QFQU NQU 'UVCFQU UGIÐP NC ECRCEKFCF [ NQU TGEWTUQU FG SWG FKURQPICP [ OGFKCPVG NC EQQRGTCEKÉP
DKNCVGTCN Q OWNVKNCVGTCN KPENWKFCU UGIÐP RTQEGFC NCU 0CEKQPGU 7PKFCU [ QVTCU QTICPK\CEKQPGU
EQORGVGPVGU RQFTÃCP GORTGPFGT NCU CEVKXKFCFGU UKIWKGPVGU
C /CTEQ KPUVKVWEKQPCN
K 'UVCDNGEGT OCTEQU PQTOCVKXQU [ RTKQTKFCFGU PCEKQPCNGU CFGEWCFQU
KK 'UVCDNGEGT [ TGHQT\CT GP VQFQU NQU RCÃUGU NC ECRCEKFCF KPUVKVWEKQPCN KPENWKFCU
FKURQUKEKQPGU NGIKUNCVKXCU [ PQTOCVKXCU SWG UGC PGEGUCTKC RCTC XGNCT RQT WPC
GXCNWCEKÉP CFGEWCFC FG UWU TGEWTUQU JÃFTKEQU [ WPQU UGTXKEKQU FG RTGXKUKÉP FG
KPWPFCEKQPGU [ UGSWÃCU
KKK 'UVCDNGEGT [ OCPVGPGT WPC EQQRGTCEKÉP GHGEVKXC GP GN RNCPQ PCEKQPCN GPVTG NQU
FKXGTUQU QTICPKUOQU GPECTICFQU FG NC TGWPKÉP CNOCEGPCOKGPVQ [ CP±NKUKU FG NQU
FCVQU JKFTQNÉIKEQU
KX %QQRGTCT GP NC GXCNWCEKÉP FG NQU TGEWTUQU JÃFTKEQU VTCPUHTQPVGTK\QU EQP NC RTGXKC
EQPHQTOKFCF FG ECFC WPQ FG NQU 'UVCFQU TKDGTGÇQU KPVGTGUCFQU
D 5KUVGOCU FG FCVQU
K 4GXKUCT NCU TGFGU CEVWCNGU FG TGWPKÉP FG FCVQU [ GXCNWCT UW KFQPGKFCF KPENW[GPFQ
CSWGNNCU SWG RTQRQTEKQPCP FCVQU GP VKGORQ TGCN RCTC RTGFGEKT NCU KPWPFCEKQPGU [
UGSWÃCU
KK /GLQTCT NCU TGFGU RCTC SWG UG CLWUVGP C NCU RCWVCU CEGRVCFCU RCTC GN UWOKPKUVTQ FG
FCVQU UQDTG NC ECPVKFCF [ ECNKFCF FG NCU CIWCU FG UWRGTHKEKG [ UWDVGTT±PGCU [ FG FCVQU
RGTVKPGPVGU UQDTG GN WUQ FG NC VKGTTC
KKK #RNKECT PQTOCU WPKHQTOGU [ QVTQU OGFKQU RCTC XGNCT RQT NC EQORCVKDKNKFCF FG NQU
FCVQU
KX /GLQTCT NCU KPUVCNCEKQPGU [ NQU RTQEGFKOKGPVQU SWG UG WUCP RCTC CNOCEGPCT GNCDQTCT [
CPCNK\CT NQU FCVQU JKFTQNÉIKEQU [ HCEKNKVCT VCNGU FCVQU [ NCU RTGXKUKQPGU
EQTTGURQPFKGPVGU C NQU RQUKDNGU WUWCTKQU
X 'UVCDNGEGT DCUGU FG FCVQU UQDTG NC FKURQPKDKNKFCF FG VQFQ VKRQ FG FCVQU JKFTQNÉIKEQU
GP GN RNCPQ PCEKQPCN
XK 'LGEWVCT QRGTCEKQPGU FG UCNXCOGPVQ FG FCVQU RQT GLGORNQ GUVCDNGEKGPFQ TGIKUVTQU
PCEKQPCNGU FG TGEWTUQU JÃFTKEQU
XKK #RNKECT V¾EPKECU EQORTQDCFCU [ RGTVKPGPVGU RCTC NC GNCDQTCEKÉP FG NQU FCVQU
JKFTQNÉIKEQU
XKKK 1DVGPGT GUVKOCEKQPGU FG ±TGC C RCTVKT FG FCVQU JKFTQNÉIKEQU EQPETGVQU
KZ #UKOKNCT NQU FCVQU QDVGPKFQU RQT EQPVTQN TGOQVQ [ WUCT EWCPFQ RTQEGFC UKUVGOCU FG
KPHQTOCEKÉP IGQIT±HKEC
E &KHWUKÉP FG FCVQU
K &GVGTOKPCT NCU PGEGUKFCFGU FG FCVQU UQDTG NQU TGEWTUQU JÃFTKEQU RCTC NCU FKXGTUCU
VCTGCU FG RNCPKHKECEKÉP
KK #PCNK\CT [ RTGUGPVCT FCVQU G KPHQTOCEKÉP UQDTG NQU TGEWTUQU JÃFTKEQU GP NC HQTOC
TGSWGTKFC RCTC RNCPKHKECT [ QTFGPCT GN FGUCTTQNNQ UQEKQGEQPÉOKEQ FG NQU RCÃUGU [ RCTC
WUCT GP NCU GUVTCVGIKCU FG RTQVGEEKÉP CODKGPVCN [ RCTC FKUGÇCT [ GLGEWVCT RTQ[GEVQU
TGNCEKQPCFQU EQPETGVCOGPVG EQP GN CIWC
KKK 'UVCDNGEGT RTGXKUKQPGU [ CNGTVCU FG KPWPFCEKQPGU [ UGSWÃCU FKTKIKFCU CN RÐDNKEQ GP
IGPGTCN [ C NC FGHGPUC EKXKN
F +PXGUVKICEKÉP [ FGUCTTQNNQ
K 'UVCDNGEGT Q TGHQT\CT NQU RTQITCOCU FG KPXGUVKICEKÉP [ FGUCTTQNNQ GP NQU RNCPQU
PCEKQPCN UWDTGIKQPCN TGIKQPCN G KPVGTPCEKQPCN GP CRQ[Q FG NCU CEVKXKFCFGU FG
GXCNWCEKÉP FG NQU TGEWTUQU JÃFTKEQU
KK 8KIKNCT NCU CEVKXKFCFGU FG KPXGUVKICEKÉP [ FGUCTTQNNQ RCTC XGNCT RQT SWG CRTQXGEJGP CN
O±ZKOQ NQU EQPQEKOKGPVQU [ QVTQU TGEWTUQU NQECNGU [ SWG TGUWNVCP CRTQRKCFCU RCTC NCU
PGEGUKFCFGU FGN RCÃU Q NQU RCÃUGU FG SWG UG VTCVG
% 2TQVGEEKÉP FG NQU TGEWTUQU JÃFTKEQU NC ECNKFCF FGN CIWC [ NQU GEQUKUVGOCU CEW±VKEQU
$CUGU RCTC NC CEEKÉP
'N CIWC FWNEG GU WP TGEWTUQ KPFKXKUKDNG 'N CRTQXGEJCOKGPVQ C NCTIQ RNC\Q FG NQU TGEWTUQU OWPFKCNGU
FG CIWC FWNEG TGSWKGTG WPC QTFGPCEKÉP INQDCN [ WP TGEQPQEKOKGPVQ FG NC KPVGTTGNCEKÉP FG NQU
GNGOGPVQU TGNCEKQPCFQU EQP GN CIWC FWNEG [ UW ECNKFCF *C[ RQECU TGIKQPGU FGN OWPFQ GP SWG VQFCXÃC
PQ JC[C RTQDNGOCU RQT R¾TFKFC FG HWGPVGU RQVGPEKCNGU FG CIWC FWNEG FGITCFCEKÉP FG NC ECNKFCF FGN
CIWC [ EQPVCOKPCEKÉP FG NCU CIWCU UWRGTHKEKCNGU [ UWDVGTT±PGCU .QU CURGEVQU SWG O±U KPHNW[GP GP NC
ECNKFCF FGN CIWC FG TÃQU [ NCIQU UQP GP QTFGP FG KORQTVCPEKC XCTKCDNG UGIÐP NCU FKUVKPVCU UKVWCEKQPGU
GN XGTVKFQ FG CIWCU TGUKFWCNGU FQO¾UVKECU OCN VTCVCFCU NQU EQPVTQNGU KPCFGEWCFQU FG NQU FGUGEJQU
KPFWUVTKCNGU NCU R¾TFKFCU [ FGUVTWEEKÉP FG NCU \QPCU FG ECRVCEKÉP NC WDKECEKÉP KORTWFGPVG FG NCU
H±DTKECU NC FGHQTGUVCEKÉP NC CITKEWNVWTC OKITCVQTKC [ NQU OCNQU O¾VQFQU FG EWNVKXQ 'UVCU
EKTEWPUVCPEKCU RTQFWEGP NC NKZKXKCEKÉP FG PWVTKGPVGU [ RNCIWKEKFCU .QU GEQUKUVGOCU CEW±VKEQU UG XGP
RGTVWTDCFQU [ NQU TGEWTUQU XKXQU FG CIWC FWNEG COGPC\CFQU 'P FGVGTOKPCFCU EKTEWPUVCPEKCU
VCODK¾P KPHNW[GP GP NQU GEQUKUVGOCU CEW±VKEQU NQU RTQ[GEVQU FG GZRNQVCEKÉP FG NQU TGEWTUQU JÃFTKEQU
EQOQ NCU ITCPFGU RTGUCU NC FGUXKCEKÉP FGN EWTUQ FG NQU TÃQU [ NQU UKUVGOCU FG TKGIQ .C GTQUKÉP NC
UGFKOGPVCEKÉP NC FGHQTGUVCEKÉP [ NC FGUGTVKHKECEKÉP JCP VGPKFQ RQT EQPUGEWGPEKC WP CWOGPVQ FG NC
FGITCFCEKÉP FG NCU VKGTTCU [ NC ETGCEKÉP FG GODCNUGU JC UWTVKFQ GP CNIWPQU ECUQU GHGEVQU PGICVKXQU
UQDTG NQU GEQUKUVGOCU /WEJQU FG GUQU RTQDNGOCU JCP UWTIKFQ FGDKFQ C WP OQFGNQ FG FGUCTTQNNQ SWG
FGUVTW[G GN OGFKQ CODKGPVG RQT NC HCNVC FG EQPQEKOKGPVQU [ FG GFWECEKÉP FGN RÐDNKEQ GP EWCPVQ C NC
RTQVGEEKÉP FG NQU TGEWTUQU JÃFTKEQU UWRGTHKEKCNGU [ UWDVGTT±PGQU .QU GHGEVQU UQDTG NC GEQNQIÃC [ NC
UCNWF JWOCPC UQP NCU EQPUGEWGPEKCU OGPUWTCDNGU CWPSWG GP NC OC[QTÃC FG NQU RCÃUGU GP FGUCTTQNNQ
NQU OGFKQU FG SWG UG FKURQPG RCTC XKIKNCTNQU UQP OW[ KPUWHKEKGPVGU Q KPGZKUVGPVGU *C[ WP
FGUEQPQEKOKGPVQ IGPGTCN FG NQU XÃPEWNQU GZKUVGPVGU GPVTG GN CRTQXGEJCOKGPVQ NC QTFGPCEKÉP NC
WVKNK\CEKÉP [ GN VTCVCOKGPVQ FG NQU TGEWTUQU JÃFTKEQU [ NQU GEQUKUVGOCU CEW±VKEQU 'P NQU ECUQU
CRTQRKCFQU GU KORTGUEKPFKDNG CFQRVCT WP GPHQSWG RTGXGPVKXQ C HKP FG GXKVCT RQUVGTKQTGU OGFKFCU
EQUVQUCU FG TGJCDKNKVCEKÉP VTCVCOKGPVQ [ CRTQXGEJCOKGPVQ FG PWGXCU HWGPVGU FG CIWC
1DLGVKXQU
.C EQORNGLC KPVGTEQPGZKÉP FG NQU UKUVGOCU FG CIWC FWNEG GZKIG WPC QTFGPCEKÉP INQDCN FG FKEJQU
TGEWTUQU DCUCFQ GP NC QTFGPCEKÉP FG NCU EWGPECU JKFTQIT±HKECU [ JC FG HWPFCTUG GP WP GZCOGP
GSWKNKDTCFQ FG NCU PGEGUKFCFGU FG NC RQDNCEKÉP [ FGN OGFKQ CODKGPVG 'P GN 2NCP FG #EEKÉP FG /CT FGN
2NCVC [C UG TGEQPQEKÉ NC XKPEWNCEKÉP KPVTÃPUGEC GPVTG NQU RTQ[GEVQU FG GZRNQVCEKÉP FG NQU TGEWTUQU
JÃFTKEQU [ NCU KORQTVCPVGU TGRGTEWUKQPGU FG ECT±EVGT HÃUKEQ SWÃOKEQ DKQNÉIKEQ UCPKVCTKQ [
UQEKQGEQPÉOKEQ 'P CSWGN OQOGPVQ UG FGVGTOKPÉ SWG GN QDLGVKXQ FG UCNWF CODKGPVCN IGPGTCN UGTÃC GN
UKIWKGPVG GXCNWCT NCU EQPUGEWGPEKCU SWG NCU FKUVKPVCU WVKNK\CEKQPGU FGN CIWC VKGPGP GP GN OGFKQ
CODKGPVG CRQ[CT NCU OGFKFCU GPECOKPCFCU C EQPVTQNCT NCU GPHGTOGFCFGU TGNCEKQPCFCU EQP GN CIWC [
RTQVGIGT NQU GEQUKUVGOCU
5G JCP UWDGUVKOCFQ FWTCPVG OWEJQ VKGORQ GN CNECPEG [ NC ITCXGFCF FG NC EQPVCOKPCEKÉP FG
NCU \QPCU PQ UCVWTCFCU [ FG NQU CEWÃHGTQU C ECWUC FG NC TGNCVKXC KPCEEGUKDKNKFCF FG ¾UVQU [ FG NC HCNVC
FG KPHQTOCEKÉP HKCDNG UQDTG NQU UKUVGOCU FG CEWÃHGTQU .C RTQVGEEKÉP FG NCU CIWCU UWDVGTT±PGCU GU
RQT EQPUKIWKGPVG WP GNGOGPVQ KORTGUEKPFKDNG FG NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU
*CDT± SWG VTCVCT FG CNECP\CT UKOWNV±PGCOGPVG VTGU QDLGVKXQU RCTC KPENWKT NQU GNGOGPVQU FG NC
ECNKFCF FGN CIWC GP NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU
C /CPVGPKOKGPVQ FG NC KPVGITKFCF FG NQU GEQUKUVGOCU FG CEWGTFQ EQP GN RTKPEKRKQ FG
QTFGPCEKÉP FG RTGUGTXCT NQU GEQUKUVGOCU CEW±VKEQU KPENWKFQU NQU TGEWTUQU XKXQU [ FG
RTQVGIGTNQU GHKEC\OGPVG FG VQFC HQTOC FG FGITCFCEKÉP
D 2TQVGEEKÉP FG NC UCNWF RÐDNKEC VCTGC SWG PQ UÉNQ TGSWGTKT± UWOKPKUVTCT CIWC RQVCDNG NKDTG FG
I¾TOGPGU RCVÉIGPQU UKPQ VCODK¾P NWEJCT EQPVTC NQU XGEVQTGU FG GPHGTOGFCFGU GP GN OGFKQ
CEW±VKEQ
E &GUCTTQNNQ FG NQU TGEWTUQU JWOCPQU ENCXG RCTC HQOGPVCT NC ECRCEKFCF [ TGSWKUKVQ RCTC GN
EQPVTQN FG NC ECNKFCF FGN CIWC
6QFQU NQU 'UVCFQU UGIÐP NC ECRCEKFCF [ NQU TGEWTUQU FG SWG FKURQPICP [ OGFKCPVG NC
EQQRGTCEKÉP DKNCVGTCN Q OWNVKNCVGTCN KPENWKFCU UGIÐP RTQEGFC NCU 0CEKQPGU 7PKFCU [ QVTCU
QTICPK\CEKQPGU EQORGVGPVGU RQFTÃCP HKLCT NQU QDLGVKXQU UKIWKGPVGU
C &GVGTOKPCT NQU TGEWTUQU FG CIWC UWRGTHKEKCNGU [ UWDVGTT±PGCU SWG RQFTÃCP FGUCTTQNNCTUG RCTC
UW CRTQXGEJCOKGPVQ FG OCPGTC UQUVGPKDNG [ QVTQU KORQTVCPVGU TGEWTUQU FGRGPFKGPVGU FGN
D
E
F
G
H
I
J
CIWC SWG UG RWGFCP CRTQXGEJCT [ CN OKUOQ VKGORQ KPKEKCT RTQITCOCU RCTC NC RTQVGEEKÉP
EQPUGTXCEKÉP [ CRTQXGEJCOKGPVQ TCEKQPCN [ UQUVGPKDNG FG GUQU TGEWTUQU
&GVGTOKPCT VQFCU NCU HWGPVGU RQUKDNGU FG CDCUVGEKOKGPVQ FG CIWC [ RTGRCTCT RNCPGU RCTC UW
RTQVGEEKÉP EQPUGTXCEKÉP [ WUQ TCEKQPCN
+PKEKCT RTQITCOCU GHKECEGU FG RTGXGPEKÉP [ EQPVTQN FG NC EQPVCOKPCEKÉP FGN CIWC DCUCFQU
GP WPC EQODKPCEKÉP CFGEWCFC FG GUVTCVGIKCU RCTC TGFWEKT NC EQPVCOKPCEKÉP GP UW QTKIGP
OKUOQ GXCNWCEKQPGU FGN KORCEVQ CODKGPVCN [ PQTOCU QDNKICVQTKCU CRNKECDNGU C FGUECTICU
FG HWGPVGU RWPVWCNGU KORQTVCPVGU [ HWGPVGU PQ RWPVWCNGU FG CNVQ TKGUIQ SWG UGCP
RTQRQTEKQPCNGU C UW FGUCTTQNNQ UQEKQGEQPÉOKEQ
2CTVKEKRCT VCPVQ EQOQ RTQEGFC GP RTQITCOCU KPVGTPCEKQPCNGU FG XKIKNCPEKC [ QTFGPCEKÉP FG
NC ECNKFCF FGN CIWC EQOQ GN 2TQITCOC OWPFKCN FG XKIKNCPEKC FG NC ECNKFCF FGN CIWC GN
2TQITCOC FGN 207/# FG QTFGPCEKÉP GEQNÉIKECOGPVG TCEKQPCN FG NCU CIWCU KPVGTKQTGU NQU
QTICPKUOQU TGIKQPCNGU FG NC (#1 UQDTG NC RGUEC GP CIWCU EQPVKPGPVCNGU Q GN %QPXGPKQ
UQDTG NCU OCTKUOCU FG KORQTVCPEKC KPVGTPCEKQPCN GURGEKCNOGPVG EQOQ J±DKVCV FG CXGU
CEW±VKECU
4GFWEKT NC KPEKFGPEKC FG GPHGTOGFCFGU TGNCEKQPCFCU EQP GN CIWC GORG\CPFQ EQP NC
GTTCFKECEKÉP FG NC FTCEWPEWNQUKU GPHGTOGFCF FGN IWUCPQ FG )WKPGC [ FG NC QPEQEGTEQUKU
EGIWGTC FG NQU TÃQU RCTC GN CÇQ 'UVCDNGEGT UGIÐP UW ECRCEKFCF [ UWU PGEGUKFCFGU ETKVGTKQU FG ECNKFCF DKQNÉIKEC O¾FKEC
HÃUKEC [ SWÃOKEC RCTC VQFCU NCU OCUCU FG CIWC CIWCU UWRGTHKEKCNGU [ UWDVGTT±PGCU EQP
OKTCU C OGLQTCT EQPUVCPVGOGPVG UW ECNKFCF
#FQRVCT WP GPHQSWG KPVGITCFQ FG NC QTFGPCEKÉP GEQNÉIKECOGPVG UQUVGPKDNG FG NQU TGEWTUQU
JÃFTKEQU SWG KPENW[C NC RTQVGEEKÉP FG NQU GEQUKUVGOCU CEW±VKEQU [ NQU TGEWTUQU XKXQU FG
CIWC FWNEG
#RNKECT GUVTCVGIKCU RCTC NC QTFGPCEKÉP GEQNÉIKECOGPVG TCEKQPCN FG NQU TGEWTUQU FG CIWC
FWNEG [ GEQUKUVGOCU EQUVGTQU EQPGZQU OGFKCPVG GPVTG QVTCU EQUCU GN GZCOGP FG NCU
RGUSWGTÃCU NC CEWKEWNVWTC NQU RCUVQU NCU CEVKXKFCFGU CITÃEQNCU [ NC DKQFKXGTUKFCF
#EVKXKFCFGU
6QFQU NQU 'UVCFQU UGIÐP NC ECRCEKFCF [ NQU TGEWTUQU FG SWG FKURQPICP [ OGFKCPVG NC EQQRGTCEKÉP
DKNCVGTCN Q OWNVKNCVGTCN KPENWKFCU UGIÐP RTQEGFC NCU 0CEKQPGU 7PKFCU [ QVTCU QTICPK\CEKQPGU
EQORGVGPVGU RQFTÃCP GLGEWVCT NCU CEVKXKFCFGU UKIWKGPVGU
C 2TQVGEEKÉP [ EQPUGTXCEKÉP FG NQU TGEWTUQU JÃFTKEQU
K 'UVCDNGEGT [ TGHQT\CT NC ECRCEKFCF V¾EPKEC G KPUVKVWEKQPCN RCTC FGVGTOKPCT [ RTQVGIGT
NCU RQUKDNGU HWGPVGU FG CDCUVGEKOKGPVQ FG CIWC GP VQFQU NQU UGEVQTGU FG NC UQEKGFCF
KK &GVGTOKPCT RQUKDNGU HWGPVGU FG CDCUVGEKOKGPVQ FG CIWC [ RTGRCTCT RGTHKNGU PCEKQPCNGU
KKK 'NCDQTCT RNCPGU PCEKQPCNGU RCTC RTQVGIGT [ EQPUGTXCT NQU TGEWTUQU JÃFTKEQU
KX 4GJCDKNKVCT \QPCU FG ECRVCEKÉP KORQTVCPVGU [ FGITCFCFCU UQDTG VQFQ GP NCU KUNCU
RGSWGÇCU
X (QTVCNGEGT NCU FKURQUKEKQPGU CFOKPKUVTCVKXCU [ NGIKUNCVKXCU RCTC KORGFKT KPVTQOKUKQPGU
GP NCU \QPCU FG ECRVCEKÉP GZKUVGPVGU [ WVKNK\CDNGU GP RQVGPEKC
D %QPVTQN [ RTGXGPEKÉP FG NC EQPVCOKPCEKÉP FGN CIWC
K #RNKECT EWCPFQ RTQEGFC C VQFQU NQU VKRQU FG HWGPVGU GN RTKPEKRKQ FG SWG SWKGP
EQPVCOKPC RCIC CUÃ EQOQ GN UCPGCOKGPVQ KP UKVW [ GZ UKVW
KK 2TQOQXGT NC EQPUVTWEEKÉP FG KPUVCNCEKQPGU FG VTCVCOKGPVQ RCTC NCU CIWCU UGTXKFCU
FQO¾UVKECU [ GHNWGPVGU KPFWUVTKCNGU [ FGUCTTQNNCT VGEPQNQIÃCU CRTQRKCFCU VGPKGPFQ GP
EWGPVC NQU O¾VQFQU CWVÉEVQPQU [ VTCFKEKQPCNGU X±NKFQU
KKK 'UVCDNGEGT PQTOCU RCTC GN XGTVKFQ FG GHNWGPVGU [ RCTC NCU CIWCU SWG NQU TGEKDGP
KX +PVTQFWEKT EWCPFQ RTQEGFC GN ETKVGTKQ FG RTGECWEKÉP GP NC QTFGPCEKÉP FG NC ECNKFCF FGN
CIWC RTGUVCPFQ GURGEKCN CVGPEKÉP C NC O±ZKOC TGFWEEKÉP RQUKDNG [ RTGXGPEKÉP FG NC
EQPVCOKPCEKÉP OGFKCPVG GN GORNGQ FG PWGXCU VGEPQNQIÃCU GN ECODKQ FG RTQFWEVQU [
RTQEGUQU NC TGFWEEKÉP FG NC EQPVCOKPCEKÉP GP UW QTKIGP GN TGCRTQXGEJCOKGPVQ
TGEKENCLG TGEWRGTCEKÉP VTCVCOKGPVQ [ GNKOKPCEKÉP UKP TKGUIQ GEQNÉIKEQ FG NQU
GHNWGPVGU
X 'XCNWCT QDNKICVQTKCOGPVG GN KORCEVQ CODKGPVCN FG VQFQU NQU RTKPEKRCNGU RTQ[GEVQU FG
CRTQXGEJCOKGPVQ FG TGEWTUQU JÃFTKEQU SWG RWGFCP RGTLWFKECT NC ECNKFCF FG NC OKUOC [
NQU GEQUKUVGOCU CEW±VKEQU LWPVCOGPVG EQP NC HQTOWNCEKÉP FG OGFKFCU EQTTGEVKXCU
CRTQRKCFCU [ WP EQPVTQN TGHQT\CFQ FG NCU KPUVCNCEKQPGU KPFWUVTKCNGU PWGXCU NQU
XGTVGFGTQU FG TGUKFWQU UÉNKFQU [ NQU RTQ[GEVQU FG FGUCTTQNNQ FG NC KPHTCGUVTWEVWTC
XK #RNKECT NC GXCNWCEKÉP [ IGUVKÉP FG TKGUIQU RCTC CFQRVCT FGEKUKQPGU GP GUVG ECORQ [
EQPUGIWKT SWG ¾UVCU UG CECVGP
XKK &GVGTOKPCT [ CRNKECT NQU OGLQTGU O¾VQFQU CODKGPVCNGU RCTC GXKVCT NC EQPVCOKPCEKÉP
FKHWUC C UCDGT OGFKCPVG WP WUQ NKOKVCFQ TCEKQPCN [ RNCPKHKECFQ FG NQU HGTVKNK\CPVGU
PKVTQIGPCFQU [ QVTQU RTQFWEVQU CITQSWÃOKEQU RNCIWKEKFCU JGTDKEKFCU GP NQU EWNVKXQU
XKKK (QOGPVCT [ RTQOQXGT NC WVKNK\CEKÉP FG CIWCU TGUKFWCNGU FGDKFCOGPVG VTCVCFCU [
RWTKHKECFCU GP NC CITKEWNVWTC CEWKEWNVWTC KPFWUVTKC [ QVTQU UGEVQTGU
E &GUCTTQNNQ [ CRNKECEKÉP FG VGEPQNQIÃCU PQ EQPVCOKPCPVGU
K %QPVTQNCT NQU XGTVKFQU FG FGUGEJQU KPFWUVTKCNGU WVKNK\CPFQ GPVTG QVTCU V¾EPKECU FG
RTQFWEEKÉP SWG IGPGTGP RQEQU FGUGEJQU [ V¾EPKECU FG TGEKTEWNCEKÉP FGN CIWC FG
OCPGTC KPVGITCFC [ OGFKCPVG NC CRNKECEKÉP FG OGFKFCU ECWVGNCTGU FGTKXCFCU FG WP
CP±NKUKU CORNKQ FGN EKENQ XKVCN
KK 6TCVCT CIWCU TGUKFWCNGU OWPKEKRCNGU RCTC UW WVKNK\CEKÉP UKP TKGUIQU GP NC CITKEWNVWTC [
NC CEWKEWNVWTC
KKK 2GTHGEEKQPCT DKQVGEPQNQIÃCU GPVTG QVTCU EQUCU RCTC GN VTCVCOKGPVQ FG FGUGEJQU NC
RTQFWEEKÉP FG DKQHGTVKNK\CPVGU [ QVTCU CEVKXKFCFGU
KX &GUCTTQNNCT O¾VQFQU CRTQRKCFQU RCTC EQODCVKT NC EQPVCOKPCEKÉP FGN CIWC VGPKGPFQ GP
EWGPVC NCU RT±EVKECU VTCFKEKQPCNGU [ CWVÉEVQPCU X±NKFCU
F 2TQVGEEKÉP FG NCU CIWCU UWDVGTT±PGCU
K &GUCTTQNNCT O¾VQFQU FG EWNVKXQ SWG PQ FGITCFGP NCU CIWCU UWDVGTT±PGCU
KK #RNKECT NCU OGFKFCU PGEGUCTKCU RCTC OKVKICT NC KPVTWUKÉP UCNKPC GP CEWÃHGTQU FG KUNCU
RGSWGÇCU [ NNCPWTCU EQUVGTCU C EQPUGEWGPEKC FG NC GNGXCEKÉP FGN PKXGN FGN OCT Q FG
WPC GZRNQVCEKÉP GZEGUKXC FG NQU CEWÃHGTQU EQUVGTQU
KKK 2TGXGPKT NC EQPVCOKPCEKÉP FG NQU CEWÃHGTQU OGFKCPVG GN EQPVTQN FG NCU UWUVCPEKCU
VÉZKECU SWG KORTGIPCP GN VGTTGPQ [ GN GUVCDNGEKOKGPVQ FG \QPCU FG RTQVGEEKÉP GP
±TGCU FG HKNVTCEKÉP [ CDUQTEKÉP FG CIWCU UWDVGTT±PGCU
KX &KUGÇCT XGTVGFGTQU [ RTQEGFGT C UW QTFGPCEKÉP DCU±PFQUG GP KPHQTOCEKÉP
JKFTQIGQNÉIKEC XKCDNG [ GP NC GXCNWCEKÉP FG NCU EQPUGEWGPEKCU WVKNK\CPFQ NC OGLQT
VGEPQNQIÃC CRNKECDNG FG SWG UG FKURQPIC
X 2TQOQXGT OGFKFCU GPECOKPCFCU C OGLQTCT NC UGIWTKFCF G KPVGITKFCF FG NCU \QPCU FG
RQ\QU [ OCPCPVKCNGU RCTC TGFWEKT NC KPVTWUKÉP FG CIGPVGU RCVÉIGPQU DKQNÉIKEQU [
RTQFWEVQU SWÃOKEQU RGNKITQUQU GP NQU CEWÃHGTQU
XK 8KIKNCT NC ECNKFCF FGN CIWC UGIÐP UGC PGEGUCTKQ GP NQ SWG TGURGEVC C NCU CIWCU
UWRGTHKEKCNGU [ UWDVGTT±PGCU SWG RWFKGTCP XGTUG CHGEVCFCU RQT XGTVGFGTQU SWG
EQPVGPICP OCVGTKCNGU VÉZKEQU [ RGNKITQUQU
G 2TQVGEEKÉP FG GEQUKUVGOCU CEW±VKEQU
K 4GJCDKNKVCT OCUCU FG CIWC EQPVCOKPCFCU Q FGITCFCFCU C HKP FG TGUVCDNGEGT J±DKVCV [
GEQUKUVGOCU CEW±VKEQU
KK 'LGEWVCT RTQITCOCU FG TGJCDKNKVCEKÉP FG VKGTTCU CITÃEQNCU [ FGFKECFCU C QVTQU WUQU
VQOCPFQ OGFKFCU GSWKXCNGPVGU RCTC RTQVGIGT [ WVKNK\CT NQU TGEWTUQU FG CIWCU
UWDVGTT±PGCU KORQTVCPVGU RCTC NC RTQFWEVKXKFCF CITÃEQNC [ RCTC NC DKQFKXGTUKFCF FG NQU
VTÉRKEQU
KKK %QPUGTXCT [ RTQVGIGT NCU \QPCU RCPVCPQUCU RQT UW KORQTVCPEKC GEQNÉIKEC [ EQOQ
J±DKVCV FG OWEJCU GURGEKGU VGPKGPFQ GP EWGPVC NQU HCEVQTGU UQEKCNGU [ GEQPÉOKEQU
KX %QPVTQNCT NCU GURGEKGU CEW±VKECU PQEKXCU SWG RWGFGP FGUVTWKT QVTCU GURGEKGU
CEW±VKECU
H 2TQVGEEKÉP FG NQU TGEWTUQU XKXQU FG CIWC FWNEG
K %QPVTQNCT [ XKIKNCT NC ECNKFCF FGN CIWC RCTC RGTOKVKT GN FGUCTTQNNQ UQUVGPKDNG FG NC RGUEC
GP CIWCU KPVGTKQTGU
KK 2TQVGIGT NQU GEQUKUVGOCU EQPVTC NC EQPVCOKPCEKÉP [ NC FGITCFCEKÉP RCTC RQFGT
FGUCTTQNNCT RTQ[GEVQU FG CEWKEWNVWTC GP CIWC FWNEG
I 8KIKNCPEKC [ UWRGTXKUKÉP FG NQU TGEWTUQU JÃFTKEQU [ FG NCU CIWCU C NCU SWG UG XKGTVGP
FGUGEJQU
K 'UVCDNGEGT TGFGU RCTC XKIKNCT [ UWRGTXKUCT EQPUVCPVGOGPVG NCU CIWCU C NCU SWG UG
XKGTVGP FGUGEJQU [ NCU HWGPVGU NQECNK\CFCU [ FKHWUCU FG EQPVCOKPCEKÉP
KK 2TQOQXGT [ CORNKCT NC CRNKECEKÉP FG NCU GXCNWCEKQPGU FGN KORCEVQ CODKGPVCN SWG
HQTOGP RCTVG FG UKUVGOCU FG KPHQTOCEKÉP IGQIT±HKEC
KKK 8KIKNCT NCU HWGPVGU FG EQPVCOKPCEKÉP RCTC OGLQTCT NC QDUGTXCPEKC FG PQTOCU [
FKURQUKEKQPGU [ RCTC TGIWNCT NC EQPEGUKÉP FG RGTOKUQU FG XGTVKFQU
KX 8KIKNCT NC WVKNK\CEKÉP FG RTQFWEVQU SWÃOKEQU GP NC CITKEWNVWTC SWG RWGFCP UGT
RGTLWFKEKCNGU RCTC GN OGFKQ CODKGPVG
X 7VKNK\CT NC VKGTTC FG OCPGTC TCEKQPCN RCTC KORGFKT UW FGITCFCEKÉP [ GTQUKÉP [ GN
CVCTSWKPCOKGPVQ FG NQU NCIQU [ QVTCU OCUCU CEW±VKECU
J 'NCDQTCEKÉP FG NQU KPUVTWOGPVQU LWTÃFKEQU PCEKQPCNGU G KPVGTPCEKQPCNGU SWG UG TGSWKGTCP RCTC
RTQVGIGT NC ECNKFCF FG NQU TGEWTUQU JÃFTKEQU UGIÐP EQPXGPIC GP RCTVKEWNCT RCTC
K 8KIKNCT [ EQPVTQNCT NC EQPVCOKPCEKÉP [ UWU GHGEVQU GP NCU CIWCU PCEKQPCNGU [
VTCPUHTQPVGTK\CU
KK .WEJCT EQPVTC GN VTCPURQTVG CVOQUH¾TKEQ FG EQPVCOKPCPVGU C NCTIC FKUVCPEKC
KKK %QODCVKT NQU XGTVKFQU CEEKFGPVCNGU Q FGNKDGTCFQU GP NCU OCUCU FG CIWC PCEKQPCNGU Q
VTCPUHTQPVGTK\CU
KX 4GCNK\CT GXCNWCEKQPGU FGN KORCEVQ CODKGPVCN
& #DCUVGEKOKGPVQ FG CIWC RQVCDNG [ UCPGCOKGPVQ
$CUGU RCTC NC CEEKÉP
'N UWOKPKUVTQ FG CIWC RQVCDNG [ GN UCPGCOKGPVQ CODKGPVCN UQP XKVCNGU RCTC NC RTQVGEEKÉP FGN OGFKQ
CODKGPVG GN OGLQTCOKGPVQ FG NC UCNWF [ NC OKVKICEKÉP FG NC RQDTG\C 'N CIWC RQVCDNG VCODK¾P GU
HWPFCOGPVCN RCTC OWEJCU CEVKXKFCFGU VTCFKEKQPCNGU [ EWNVWTCNGU 5G GUVKOC SWG GN FG VQFCU NCU
GPHGTOGFCFGU [ O±U FG WP VGTEKQ FG NQU HCNNGEKOKGPVQU GP NQU RCÃUGU GP FGUCTTQNNQ UG FGDGP CN
EQPUWOQ FG CIWC EQPVCOKPCFC [ SWG GP RTQOGFKQ JCUVC NC F¾EKOC RCTVG FGN VKGORQ RTQFWEVKXQ FG
ECFC RGTUQPC UG RKGTFG C ECWUC FG GPHGTOGFCFGU TGNCEKQPCFCU EQP GN CIWC .QU GUHWGT\QU
EQODKPCFQU SWG UG FGURNGICTQP FWTCPVG GN FGEGPKQ FG HCEKNKVCTQP CIWC [ UGTXKEKQU FG
UCPGCOKGPVQ C EKGPVQU FG OKNNQPGU FG NCU RGTUQPCU O±U RQDTGU FGN OWPFQ 'N O±U FGUVCECFQ FG GUQU
GUHWGT\QU HWG NC KPKEKCEKÉP GP FGN &GEGPKQ +PVGTPCEKQPCN FGN #IWC 2QVCDNG [ FGN 5CPGCOKGPVQ
#ODKGPVCN SWG HWG EQPUGEWGPEKC FGN 2NCP FG #EEKÉP FG /CT FGN 2NCVC CRTQDCFQ GP NC %QPHGTGPEKC FG
NCU 0CEKQPGU 7PKFCU UQDTG GN #IWC FG 5G EQPXKPQ GP NC RTGOKUC FG SWG VQFQU NQU RWGDNQU
EWCNSWKGTC SWG UGC UW GVCRC FG FGUCTTQNNQ [ UWU EQPFKEKQPGU GEQPÉOKECU [ UQEKCNGU VKGPGP FGTGEJQ CN
CIWC RQVCDNG GP ECPVKFCF [ ECNKFCF CEQTFGU EQP UWU PGEGUKFCFGU D±UKECU 'N QDLGVKXQ FGN &GEGPKQ HWG
HCEKNKVCT RCTC CIWC RQVCDNG EQPVTQNCFC [ UGTXKEKQU FG UCPGCOKGPVQ GP NCU \QPCU WTDCPCU [
TWTCNGU SWG ECTGEÃCP FG GNNQU RGTQ KPENWUQ GN RTQITGUQ UKP RTGEGFGPVGU NQITCFQ FWTCPVG GN &GEGPKQ PQ
JC UKFQ UWHKEKGPVG 'P GN OWPFQ GP FGUCTTQNNQ WPC RGTUQPC FG ECFC VTGU VQFCXÃC ECTGEG FG GUQU FQU
GNGOGPVQU KORTGUEKPFKDNGU RCTC NC UCNWF [ NC FKIPKFCF 6CODK¾P UG TGEQPQEG SWG NQU GZETGOGPVQU
JWOCPQU [ NCU CIWCU TGUKFWCNGU EQPUVKVW[GP ECWUCU KORQTVCPVGU FGN FGVGTKQTQ FG NC ECNKFCF FGN CIWC
GP NQU RCÃUGU GP FGUCTTQNNQ [ SWG NC KPVTQFWEEKÉP FG VGEPQNQIÃCU FKURQPKDNGU SWG UGCP CRTQRKCFCU [
NC EQPUVTWEEKÉP FG GUVCEKQPGU FG FGRWTCEKÉP FG CIWCU TGUKFWCNGU RQFTÃCP CRQTVCT OGLQTCU CRTGEKCDNGU
1DLGVKXQU
'P NC &GENCTCEKÉP FG 0WGXC &GNJK CRTQDCFC GP NC 4GWPKÉP %QPUWNVKXC /WPFKCN UQDTG #IWC 2QVCDNG [
GN 5CPGCOKGPVQ #ODKGPVCN GP GN &GEGPKQ FG EGNGDTCFC GP 0WGXC &GNJK FGN CN FG
UGRVKGODTG FG UG RTQENCOÉ HQTOCNOGPVG NC PGEGUKFCF FG HCEKNKVCT UQDTG WPC DCUG UQUVGPKDNG GN
CEEGUQ CN CIWC RQVCDNG GP ECPVKFCFGU UWHKEKGPVGU [ GN GUVCDNGEKOKGPVQ FG UGTXKEKQU FG UCPGCOKGPVQ
CFGEWCFQU RCTC VQFQU JCEKGPFQ JKPECRK¾ GP GN RTKPEKRKQ FG CNIQ RCTC VQFQU [ PQ OWEJQ RCTC WPQU
RQEQU .QU QDLGVKXQU FGN 2TQITCOC UG EQPFGPUCP GP EWCVTQ RTKPEKRKQU TGEVQTGU
C 2TQVGEEKÉP FGN OGFKQ CODKGPVG [ FG NC UCNWF OGFKCPVG NC QTFGPCEKÉP KPVGITCFC FG NQU
TGEWTUQU FG CIWC [ NQU FGUGEJQU NÃSWKFQU [ UÉNKFQU
D 4GHQTOCU KPUVKVWEKQPCNGU RCTC RTQOQXGT WP ETKVGTKQ KPVGITCFQ KPENWKFQU ECODKQU GP NQU
RTQEGFKOKGPVQU NCU CEVKVWFGU [ NC EQPFWEVC CUÃ EQOQ NC RNGPC RCTVKEKRCEKÉP FG NC OWLGT GP
VQFQU NQU PKXGNGU FG NCU KPUVKVWEKQPGU FGN UGEVQT
E #FOKPKUVTCEKÉP EQOWPKVCTKC FG NQU UGTXKEKQU EQP GN CRQ[Q FG OGFKFCU RCTC HQTVCNGEGT NCU
KPUVKVWEKQPGU NQECNGU GP UW VCTGC FG GLGEWVCT [ UQUVGPGT NQU RTQITCOCU FG CDCUVGEKOKGPVQ FG
CIWC [ UCPGCOKGPVQ
F 2T±EVKECU HKPCPEKGTCU TCEKQPCNGU NQITCFCU OGFKCPVG WPC OGLQT CFOKPKUVTCEKÉP FG NQU CEVKXQU
GZKUVGPVGU [ WVKNK\CEKÉP CORNKC FG NCU VGEPQNQIÃCU CFGEWCFCU
.C GZRGTKGPEKC CFSWKTKFC JC FGOQUVTCFQ SWG ECFC RCÃU FGDG HKLCTUG OGVCU GURGEÃHKECU 'P NC
%WODTG /WPFKCN GP HCXQT FG NC +PHCPEKC EGNGDTCFC GP UGRVKGODTG FG NQU ,GHGU FG 'UVCFQ Q FG
)QDKGTPQ RKFKGTQP VCPVQ WP CEEGUQ WPKXGTUCN CN UWOKPKUVTQ FG CIWC [ NQU UGTXKEKQU FG UCPGCOKGPVQ
EQOQ NC GTTCFKECEKÉP FG NC FTCEWPEWNQUKU GPHGTOGFCF FGN IWUCPQ FG )WKPGC RCTC +PENWUQ GP GN
ECUQ FG NC OGVC O±U TGCNKUVC FG NQITCT WP UWOKPKUVTQ RNGPQ FG CIWC RQVCDNG RCTC GN CÇQ UG
GUVKOC SWG NC KPXGTUKÉP CPWCN JC FG UGT GN FQDNG FG NC TGCNK\CFC CEVWCNOGPVG #UÃ RWGU WPC GUVTCVGIKC
TGCNKUVC RCTC JCEGT HTGPVG C NCU PGEGUKFCFGU CEVWCNGU [ HWVWTCU EQPUKUVG GP GUVCDNGEGT UGTXKEKQU OGPQU
EQUVQUQU SWG RWGFCP HCEKNKVCT [ OCPVGPGTUG GP GN RNCPQ EQOWPKVCTKQ
#EVKXKFCFGU
6QFQU NQU 'UVCFQU UGIÐP NC ECRCEKFCF [ NQU TGEWTUQU FG SWG FKURQPICP [ OGFKCPVG NC EQQRGTCEKÉP
DKNCVGTCN Q OWNVKNCVGTCN KPENWKFCU UGIÐP RTQEGFC NCU 0CEKQPGU 7PKFCU [ QVTCU QTICPK\CEKQPGU
EQORGVGPVGU RQFTÃCP GLGEWVCT NCU UKIWKGPVGU CEVKXKFCFGU
C 'N OGFKQ CODKGPVG [ NC UCNWF
K 'UVCDNGEGT \QPCU RTQVGIKFCU RCTC NCU HWGPVGU FG CDCUVGEKOKGPVQ FG CIWC RQVCDNG
KK 2TQEGFGT C NC GNKOKPCEKÉP UCPKVCTKC FG NQU GZETGOGPVQU [ NCU CIWCU TGUKFWCNGU WUCPFQ
UKUVGOCU CRTQRKCFQU RCTC VTCVCT NQU FGUGEJQU NÃSWKFQU GP \QPCU WTDCPCU [ TWTCNGU
KKK 'ZRCPFKT GN CDCUVGEKOKGPVQ FG CIWC WTDCPC [ TWTCN [ GUVCDNGEGT [ CORNKCT UKUVGOCU FG
ECRVCEKÉP FG CIWC FG NNWXKC RCTVKEWNCTOGPVG GP NCU KUNCU RGSWGÇCU CFGO±U FG NC TGF
FG CDCUVGEKOKGPVQ FG CIWC
KX %QPUVTWKT [ EWCPFQ RTQEGFC CORNKCT NCU KPUVCNCEKQPGU FG VTCVCOKGPVQ FG CIWCU
TGUKFWCNGU [ NQU UKUVGOCU FG CXGPCOKGPVQ
X 6TCVCT [ TGEWRGTCT GP EQPFKEKQPGU FG UGIWTKFCF NQU FGUGEJQU NÃSWKFQU FG NQU JQICTGU [
FG NC KPFWUVTKC GP NCU \QPCU WTDCPCU [ TWTCNGU
XK %QODCVKT NCU GPHGTOGFCFGU TGNCEKQPCFCU EQP GN CIWC
D .CU RGTUQPCU [ NCU KPUVKVWEKQPGU
K /GLQTCT GN HWPEKQPCOKGPVQ FG NCU CFOKPKUVTCEKQPGU RÐDNKECU GP NC QTFGPCEKÉP FG NQU
TGEWTUQU JÃFTKEQU [ CN OKUOQ VKGORQ TGEQPQEGT RNGPCOGPVG GN RCRGN FG NCU
CWVQTKFCFGU NQECNGU
KK (QOGPVCT GN CRTQXGEJCOKGPVQ [ NC QTFGPCEKÉP FGN CIWC DCUCFQU GP NC RCTVKEKRCEKÉP
FG OCPGTC SWG KPVGTXGPICP NQU WUWCTKQU NQU RNCPKHKECFQTGU [ NQU GPECTICFQU FG NC
HQTOWNCEKÉP FG RQNÃVKECU C VQFQU NQU PKXGNGU
KKK #RNKECT GN RTKPEKRKQ FG SWG NCU FGEKUKQPGU FGDGP CFQRVCTUG CN PKXGN O±U DCLQ SWG
TGUWNVG CRTQRKCFQ EQPUWNVCPFQ CN RÐDNKEQ [ EQP NC RCTVKEKRCEKÉP FG NQU WUWCTKQU GP NC
RNCPKHKECEKÉP [ NC GLGEWEKÉP FG RTQ[GEVQU TGNCEKQPCFQU EQP GN CIWC
KX &GUCTTQNNCT NQU TGEWTUQU JWOCPQU GP VQFQU NQU RNCPQU EQP RTQITCOCU GURGEKCNGU RCTC
NC OWLGT
X 'UVCDNGEGT RTQITCOCU FG GFWECEKÉP CORNKQU JCEKGPFQ JKPECRK¾ GP NC JKIKGPG NC
QTFGPCEKÉP NQECN [ NC TGFWEEKÉP FG TKGUIQU
XK +PVTQFWEKT OGECPKUOQU FG CRQ[Q KPVGTPCEKQPCN RCTC NC HKPCPEKCEKÉP NC GLGEWEKÉP [ GN
UGIWKOKGPVQ FG NQU RTQITCOCU
E )GUVKÉP PCEKQPCN [ EQOWPKVCTKC
K #RQ[CT [ RTGUVCT CUKUVGPEKC C NCU EQOWPKFCFGU RCTC SWG CFOKPKUVTGP UWU RTQRKQU
UKUVGOCU UQDTG WPC DCUG UQUVGPKDNG
KK 'UVKOWNCT C NC RQDNCEKÉP NQECN GURGEKCNOGPVG C NCU OWLGTGU C NQU LÉXGPGU C NCU
RQDNCEKQPGU KPFÃIGPCU [ C NCU EQOWPKFCFGU NQECNGU RCTC SWG RCTVKEKRGP GP NC
QTFGPCEKÉP FGN CIWC
KKK 8KPEWNCT NQU RNCPGU JKFT±WNKEQU PCEKQPCNGU C NC QTFGPCEKÉP EQOWPKVCTKC FG NCU CIWCU
NQECNGU
KX +PVGITCT NC QTFGPCEKÉP FGN CIWC RQT NC EQOWPKFCF GP GN EQPVGZVQ FG NC RNCPKHKECEKÉP
IGPGTCN
X 2TQOQXGT NC CVGPEKÉP RTKOCTKC FG NC UCNWF [ FGN OGFKQ CODKGPVG GP GN RNCPQ NQECN
OGFKCPVG GPVTG QVTCU EQUCU NC ECRCEKVCEKÉP FKTKIKFC C NCU EQOWPKFCFGU NQECNGU GP
V¾EPKECU CRTQRKCFCU FG QTFGPCEKÉP FGN CIWC [ CVGPEKÉP RTKOCTKC FG NC UCNWF
XK #[WFCT C NQU QTICPKUOQU SWG RTGUVCP UGTXKEKQU RCTC SWG UGCP O±U GHKECEGU FGUFG GN
RWPVQ FG XKUVC FGN EQUVQ [ TGURQPFCP OGLQT C NCU PGEGUKFCFGU FG NQU EQPUWOKFQTGU
XKK 1VQTICT OC[QT CVGPEKÉP C NCU \QPCU TWTCNGU FGHKEKGPVGOGPVG CVGPFKFCU [ C NCU
RGTKWTDCPCU FG KPITGUQ DCLQ
XKKK 4GJCDKNKVCT NQU UKUVGOCU FGHGEVWQUQU TGFWEKT GN FGURGTFKEKQ [ TGEWRGTCT GP
EQPFKEKQPGU FG UGIWTKFCF GN CIWC [ NQU FGUGEJQU NÃSWKFQU
KZ 'UVCDNGEGT RTQITCOCU FG WVKNK\CEKÉP TCEKQPCN FGN CIWC [ CUGIWTCT UW GZRNQVCEKÉP [
OCPVGPKOKGPVQ
Z +PXGUVKICT [ CRNKECT UQNWEKQPGU V¾EPKECU CRTQRKCFCU
ZK #WOGPVCT UKIPKHKECVKXCOGPVG NC ECRCEKFCF FG VTCVCOKGPVQ FG FGUGEJQU NÃSWKFQU
WTDCPQU GP EQPUQPCPEKC EQP GN CWOGPVQ GP GN XQNWOGP FG FGUGEJQU
F %TGCEKÉP FG EQPEKGPEKC G KPHQTOCEKÉPRCTVKEKRCEKÉP RÐDNKECU
K (QTVCNGEGT NC NCDQT FG XKIKNCPEKC G KPHQTOCEKÉP UGEVQTKCN GP NQU RNCPQU UWDPCEKQPCN [
PCEKQPCN
KK 'NCDQTCT CPCNK\CT [ RWDNKECT VQFQU NQU CÇQU NQU TGUWNVCFQU FG NC XKIKNCPEKC GP NQU
RNCPQU PCEKQPCN [ NQECN EQOQ WP KPUVTWOGPVQ RCTC NC QTFGPCEKÉP FGN UGEVQT [ NC
ETGCEKÉP FG WP KPVGT¾U [ WPC EQPEKGPEKC IGPGTCNGU
KKK 'ORNGCT KPFKECFQTGU UGEVQTKCNGU NKOKVCFQU GP NQU RNCPQU TGIKQPCN [ INQDCN RCTC
RTQOQXGT GN UGEVQT [ TGWPKT HQPFQU
KX /GLQTCT NC EQQTFKPCEKÉP RNCPKHKECEKÉP [ GLGEWEKÉP FGN UGEVQT EQP C[WFC FG WPC
IGUVKÉP O±U GHKEC\ FG NC XKIKNCPEKC [ NC KPHQTOCEKÉP RCTC KPETGOGPVCT NC ECRCEKFCF FG
CDUQTEKÉP FGN UGEVQT RCTVKEWNCTOGPVG GP NQU RTQ[GEVQU EQOWPKVCTKQU FG CWVQC[WFC
' 'N CIWC [ GN FGUCTTQNNQ WTDCPQ UQUVGPKDNG
$CUGU RCTC NC CEEKÉP
'P NQU EQOKGP\QU FGN RTÉZKOQ UKINQ O±U FG NC OKVCF FG NC RQDNCEKÉP OWPFKCN XKXKT± GP \QPCU WTDCPCU
2CTC GN CÇQ GUC RTQRQTEKÉP UG JCDT± GNGXCFQ C WP GU FGEKT C CNTGFGFQT FG OKNNQPGU
FG RGTUQPCU .C TCRKFG\ FGN ETGEKOKGPVQ FG NC RQDNCEKÉP WTDCPC [ FG NC KPFWUVTKCNK\CEKÉP GUV±P
UQOGVKGPFQ C WPC ITCP RTGUKÉP C NQU TGEWTUQU JÃFTKEQU [ C NC RTQVGEEKÉP FGN OGFKQ CODKGPVG GP
OWEJCU EKWFCFGU 'U PGEGUCTKQ RTGUVCT WPC CVGPEKÉP GURGEKCN C NQU GHGEVQU ECFC XG\ O±U KORQTVCPVGU
FG NC WTDCPK\CEKÉP GP NC FGOCPFC [ GN EQPUWOQ FG CIWC CUÃ EQOQ CN RCRGN FGEKUKXQ SWG FGUGORGÇCP
NCU CWVQTKFCFGU NQECNGU [ OWPKEKRCNGU GP NC IGUVKÉP FGN CDCUVGEKOKGPVQ NC WVKNK\CEKÉP [ GN VTCVCOKGPVQ
IGPGTCN FG NCU CIWCU RCTVKEWNCTOGPVG GP NQU RCÃUGU GP FGUCTTQNNQ RCTC NQU EWCNGU UG PGEGUKVC WP
CRQ[Q GURGEKCN .C GUECUG\ FG PWGXQU TGEWTUQU FG CIWC FWNEG [ NQU EQUVQU ECFC XG\ O±U GNGXCFQU FG
UW CRTQXGEJCOKGPVQ VKGPGP KORQTVCPVGU EQPUGEWGPEKCU RCTC GN FGUCTTQNNQ FG NC KPFWUVTKC NC
CITKEWNVWTC NQU CUGPVCOKGPVQU JWOCPQU [ GN ETGEKOKGPVQ GEQPÉOKEQ 7PC OGLQT QTFGPCEKÉP FG NQU
TGEWTUQU FG CIWC RCTC WUQ WTDCPQ KPENWKFC NC GNKOKPCEKÉP FG RCWVCU KPUQUVGPKDNGU FG EQPUWOQ FG
CIWC RWGFG TGRTGUGPVCT WPC EQPVTKDWEKÉP UWUVCPEKCN C NC OKVKICEKÉP FG NC RQDTG\C [ C NC OGLQTC FG NC
UCNWF [ NC ECNKFCF FG XKFC FG NQU RQDTGU FG NCU \QPCU WTDCPCU [ TWTCNGU 7PC RTQRQTEKÉP GNGXCFC FG NCU
ITCPFGU CINQOGTCEKQPGU WTDCPCU UG GPEWGPVTC GP NQU GUVWCTKQU [ GP NCU \QPCU EQUVGTCU 'UC UKVWCEKÉP
FC NWICT C NC EQPVCOKPCEKÉP RQT GN XGTVKFQ FG TGUKFWQU OWPKEKRCNGU G KPFWUVTKCNGU EQODKPCFC EQP NC
GZRNQVCEKÉP GZEGUKXC FG NQU TGEWTUQU FG CIWC FKURQPKDNGU [ UWRQPG WPC COGPC\C RCTC GN OGFKQ
OCTÃVKOQ [ GN CDCUVGEKOKGPVQ FG CIWC FWNEG
1DLGVKXQU
'P NQ SWG TGURGEVC CN FGUCTTQNNQ NQU QDLGVKXQU FG GUVG RTQITCOC UQP CRQ[CT NCU RQUKDKNKFCFGU [
GUHWGT\QU FG NQU IQDKGTPQU EGPVTCNGU [ NQECNGU EQP GN HKP FG UQUVGPGT NC RTQFWEVKXKFCF [ GN FGUCTTQNNQ
PCEKQPCN OGFKCPVG WPC QTFGPCEKÉP GEQNÉIKECOGPVG TCEKQPCN FG NQU TGEWTUQU FG CIWC RCTC EQPUWOQ
WTDCPQ 2CTC TGURCNFCT GUG QDLGVKXQ GU RTGEKUQ HQTOWNCT [ CRNKECT GUVTCVGIKCU [ OGFKFCU SWG RGTOKVCP
WP UWOKPKUVTQ EQPVKPWCFQ FG CIWC C WP RTGEKQ CUGSWKDNG RCTC NCU PGEGUKFCFGU RTGUGPVGU [ HWVWTCU CUÃ
EQOQ KPXGTVKT NCU VGPFGPEKCU CEVWCNGU C NC FGITCFCEKÉP [ GN CIQVCOKGPVQ FG NQU TGEWTUQU
6QFQU NQU 'UVCFQU UGIÐP NC ECRCEKFCF [ NQU TGEWTUQU FG SWG FKURQPICP [ OGFKCPVG NC
EQQRGTCEKÉP DKNCVGTCN Q OWNVKNCVGTCN KPENWKFCU UGIÐP RTQEGFC NCU 0CEKQPGU 7PKFCU [ QVTCU
QTICPK\CEKQPGU EQORGVGPVGU RQFTÃCP HKLCT NQU QDLGVKXQU UKIWKGPVGU
C 2TQEWTCT SWG RCTC GN CÇQ UG JC[C NQITCFQ SWG VQFQU NQU TGUKFGPVGU GP \QPCU WTDCPCU
VGPICP CEEGUQ RQT NQ OGPQU C NKVTQU RQT JCDKVCPVG [ FÃC FG CIWC RQVCDNG [ SWG WP FG NC RQDNCEKÉP WTDCPC FKURQPIC FG UGTXKEKQU FG UCPGCOKGPVQ RTQRKQU Q EQOWPKVCTKQU
D 2TQEWTCT SWG RCTC GN CÇQ UG JC[CP GUVCDNGEKFQ [ CRNKECFQ PQTOCU EWCPVKVCVKXCU [
EWCNKVCVKXCU RCTC NC GXCEWCEKÉP FG NQU GHNWGPVGU OWPKEKRCNGU G KPFWUVTKCNGU
E 2TQEWTCT SWG RCTC GN CÇQ WP FG NQU TGUKFWQU UÉNKFQU IGPGTCFQU GP NCU \QPCU
WTDCPCU UG TGEQLC [ UG TGEKENG Q UG GNKOKPG UKP TKGUIQU RCTC GN OGFKQ CODKGPVG
#EVKXKFCFGU
6QFQU NQU 'UVCFQU UGIÐP NC ECRCEKFCF [ NQU TGEWTUQU FG SWG FKURQPICP [ OGFKCPVG NC EQQRGTCEKÉP
DKNCVGTCN Q OWNVKNCVGTCN KPENWKFCU UGIÐP RTQEGFC NCU 0CEKQPGU 7PKFCU [ QVTCU QTICPK\CEKQPGU
EQORGVGPVGU RQFTÃCP GLGEWVCT NCU UKIWKGPVGU CEVKXKFCFGU
C 2TQVGEEKÉP FG NQU TGEWTUQU JÃFTKEQU EQPVTC GN CIQVCOKGPVQ NC EQPVCOKPCEKÉP [ NC
FGITCFCEKÉP
K 'UVCDNGEGT KPUVCNCEKQPGU UCPKVCTKCU FG GNKOKPCEKÉP FG FGUGEJQU DCUCFCU GP VGEPQNQIÃCU
RGTHGEEKQPCDNGU [ GEQNÉIKECOGPVG CRTQRKCFQU FG DCLQ EQUVQ
KK 'LGEWVCT RTQITCOCU WTDCPQU FG FTGPCLG [ GXCEWCEKÉP FG NCU CIWCU RNWXKCNGU
KKK 2TQOQXGT GN TGEKENCFQ [ NC TGEWRGTCEKÉP FG NCU CIWCU TGUKFWCNGU [ NQU FGUGEJQU
UÉNKFQU
KX %QPVTQNCT NCU HWGPVGU FG EQPVCOKPCEKÉP KPFWUVTKCN RCTC RTQVGIGT NQU TGEWTUQU FG CIWC
X 2TQVGIGT NCU EWGPECU HNWXKCNGU FGN CIQVCOKGPVQ [ FGITCFCEKÉP FG UW EWDKGTVC HQTGUVCN [
FG CEVKXKFCFGU RGTLWFKEKCNGU CIWCU CTTKDC
XK 2TQOQXGT NC KPXGUVKICEKÉP UQDTG NC EQPVTKDWEKÉP FG NQU DQUSWGU CN FGUCTTQNNQ
UQUVGPKDNG FG NQU TGEWTUQU JÃFTKEQU
XKK (QOGPVCT NCU OGLQTGU RT±EVKECU RQUKDNGU RCTC GN WUQ FG RTQFWEVQU CITQSWÃOKEQU EQP
OKTCU C TGFWEKT CN OÃPKOQ UWU GHGEVQU GP NQU TGEWTUQU JÃFTKEQU
D &KUVTKDWEKÉP GHKEKGPVG [ GSWKVCVKXC FG NQU TGEWTUQU JÃFTKEQU
K %QPEKNKCT NC RNCPKHKECEKÉP FGN FGUCTTQNNQ WTDCPQ EQP NC FKURQPKDKNKFCF [ UQUVGPKDKNKFCF FG
NQU TGEWTUQU JÃFTKEQU
KK 5CVKUHCEGT NCU PGEGUKFCFGU D±UKECU FG CIWC FG NC RQDNCEKÉP WTDCPC
KKK +PVTQFWEKT VGPKGPFQ GP EWGPVC NCU EKTEWPUVCPEKCU FG ECFC RCÃU [ UKGORTG SWG NC
GEQPQOÃC NQ RGTOKVC E±PQPGU FG EQPUWOQ FG CIWC SWG TGHNGLGP NQU EQUVQU OCTIKPCNGU
[ FG QRQTVWPKFCF FGN CIWC GURGEKCNOGPVG RCTC CEVKXKFCFGU RTQFWEVKXCU
E 4GHQTOCU KPUVKVWEKQPCNGU NGICNGU [ CFOKPKUVTCVKXCU
K #FQRVCT WP GPHQSWG FG ±ODKVQ WTDCPQ RCTC NC QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU
KK 2TQOQXGT GP GN RNCPQ PCEKQPCN [ NQECN NC GNCDQTCEKÉP FG RNCPGU FG WUQ FG NC VKGTTC SWG
RTGUVGP NC FGDKFC CVGPEKÉP CN FGUCTTQNNQ FG NQU TGEWTUQU JÃFTKEQU
KKK 7VKNK\CT NC ECRCEKFCF [ CRTQXGEJCT NCU RQUKDKNKFCFGU FG NCU QTICPK\CEKQPGU PQ
IWDGTPCOGPVCNGU GN UGEVQT RTKXCFQ [ NC RQDNCEKÉP NQECN VGPKGPFQ RTGUGPVGU NQU
KPVGTGUGU RÐDNKEQU [ GUVTCV¾IKEQU GP NQU TGEWTUQU JÃFTKEQU
F 2TQOQEKÉP FG NC RCTVKEKRCEKÉP RÐDNKEC
K +PKEKCT ECORCÇCU FG VQOC FG EQPEKGPEKC RCTC CVGPVCT C NC RQDNCEKÉP C SWG WUG GN CIWC
FG WP OQFQ TCEKQPCN
KK %TGCT EQPEKGPEKC RÐDNKEC FGN RTQDNGOC FG NC RTQVGEEKÉP FG NC ECNKFCF FGN CIWC GP GN
OGFKQ WTDCPQ
KKK 2TQOQXGT NC RCTVKEKRCEKÉP FG NC RQDNCEKÉP GP NC TGEQIKFC GN TGEKENCFQ [ NC GNKOKPCEKÉP
FG FGUGEJQU
G #RQ[Q CN FGUCTTQNNQ FG NC ECRCEKFCF NQECN
K +ORWNUCT WPC NGIKUNCEKÉP [ WPC RQNÃVKEC GPECOKPCFCU C RTQOQXGT NCU KPXGTUKQPGU GP GN
UWOKPKUVTQ FG CIWC WTDCPC [ GP GN VTCVCOKGPVQ FG NQU FGUGEJQU EQOQ TGHNGLQ FG NC
KORQTVCPVG EQPVTKDWEKÉP FG NCU EKWFCFGU CN FGUCTTQNNQ GEQPÉOKEQ PCEKQPCN
KK (CEKNKVCT ECRKVCN KPKEKCN [ CRQ[Q V¾EPKEQ RCTC NC IGUVKÉP NQECN FGN UWOKPKUVTQ FG
OCVGTKCNGU [ UGTXKEKQU
KKK (QOGPVCT GP VQFQ NQ RQUKDNG NC CWVQPQOÃC [ XKCDKNKFCF HKPCPEKGTC FG NCU GORTGUCU
RÐDNKECU SWG UG QEWRCP FGN UCPGCOKGPVQ CDCUVGEKOKGPVQ FG CIWC [ TGEQIKFC FG
FGUGEJQU UÉNKFQU GP NCU EKWFCFGU
KX %TGCT [ OCPVGPGT WP EWCFTQ FG RTQHGUKQPCNGU [ UGOKRTQHGUKQPCNGU RCTC NC QTFGPCEKÉP
FGN CIWC NCU CIWCU TGUKFWCNGU [ NQU FGUGEJQU UÉNKFQU
H #EEGUQ OGLQT C UGTXKEKQU FG UCPGCOKGPVQ
K 'LGEWVCT RTQITCOCU FG QTFGPCEKÉP FGN CIWC GN UCPGCOKGPVQ [ NQU FGUGEJQU EGPVTCFQU
GP NQU RQDTGU FG \QPCU WTDCPCU
KK (CEKNKVCT QREKQPGU VGEPQNÉIKECU FG CDCUVGEKOKGPVQ FG CIWC [ UCPGCOKGPVQ FG DCLQ
EQUVQ
KKK $CUCT NC GNGEEKÉP FG VGEPQNQIÃC [ GN PKXGN FG NQU UGTXKEKQU GP NCU RTGHGTGPEKCU FG NQU
WUWCTKQU [ UW FKURQUKEKÉP C RCICT
KX /QXKNK\CT [ HCEKNKVCT NC RCTVKEKRCEKÉP CEVKXC FG NC OWLGT GP NQU ITWRQU FG QTFGPCEKÉP FGN
CIWC
X (QOGPVCT [ GSWKRCT C CUQEKCEKQPGU [ EQOKV¾U NQECNGU SWG UG QEWRCP FGN CIWC RCTC
SWG IGUVKQPGP NQU UKUVGOCU FG CDCUVGEKOKGPVQ C NC EQOWPKFCF [ NCU NGVTKPCU
EQOWPCNGU EQP TGURCNFQ V¾EPKEQ EWCPFQ UGC RTGEKUQ
XK 'ZCOKPCT NCU XGPVCLCU [ NC XKCDKNKFCF FG TGJCDKNKVCT NQU UKUVGOCU SWG HWPEKQPGP OCN [
EQTTGIKT NQU FGHGEVQU FG HWPEKQPCOKGPVQ [ OCPVGPKOKGPVQ
( #IWC RCTC NC RTQFWEEKÉP UQUVGPKDNG FG CNKOGPVQU [ GN FGUCTTQNNQ TWTCN UQUVGPKDNG
$CUGU RCTC NC CEEKÉP
.C UQUVGPKDKNKFCF FG NC RTQFWEEKÉP FG CNKOGPVQU FGRGPFGT± ECFC XG\ O±U FG RT±EVKECU TCEKQPCNGU [
GHKECEGU FG WVKNK\CEKÉP [ EQPUGTXCEKÉP FGN CIWC EQPUKUVGPVGU RTKPEKRCNOGPVG GP GN FGUCTTQNNQ [ NC
CFOKPKUVTCEKÉP FG NQU TKGIQU [ GP NC QTFGPCEKÉP FGN CIWC GP NCU \QPCU FG UGECPQ GN UWOKPKUVTQ FG
CIWC RCTC GN ICPCFQ NC RGUEC GP CIWCU KPVGTKQTGU [ NC CITQUKNXKEWNVWTC 'N NQITQ FG NC UGIWTKFCF
CNKOGPVCTKC GU WPC EWGUVKÉP C NC SWG OWEJQU RCÃUGU EQPEGFGP WPC CNVC RTKQTKFCF [ NC CITKEWNVWTC PQ
UÉNQ FGDG RTQRQTEKQPCT CNKOGPVQU RCTC RQDNCEKQPGU GP CWOGPVQ UKPQ SWG VCODK¾P FGDG RGTOKVKT
TGUGTXCT CIWC RCTC QVTQU WUQU 5G VTCVC FG GNCDQTCT [ CRNKECT O¾VQFQU FG IGUVKÉP [ VGEPQNQIÃCU FG
CJQTTQ FG CIWC [ OGFKCPVG GN CWOGPVQ FG NC ECRCEKFCF RGTOKVKT C NCU EQOWPKFCFGU SWG GUVCDNG\ECP
KPUVKVWEKQPGU G KPEGPVKXQU RCTC SWG NC RQDNCEKÉP TWTCN CFQRVG PWGXQU GPHQSWGU VCPVQ RCTC NC
CITKEWNVWTC FG UGECPQ EQOQ RCTC NC FG TKGIQ .C RQDNCEKÉP TWTCN VCODK¾P FGDG VGPGT WP OGLQT CEEGUQ
CN CIWC RQVCDNG [ C NQU UGTXKEKQU FG UCPGCOKGPVQ 'U WPC VCTGC GPQTOG RGTQ PQ KORQUKDNG UKGORTG
SWG UG CFQRVGP RQNÃVKECU [ RTQITCOCU CRTQRKCFQU GP NQU RNCPQU NQECN PCEKQPCN G KPVGTPCEKQPCN
/KGPVTCU GP GN ÐNVKOQ FGEGPKQ UG JC NQITCFQ WPC KORQTVCPVG GZRCPUKÉP FG NC UWRGTHKEKG FGFKECFC C NC
CITKEWNVWTC FG UGECPQ NC RTQFWEVKXKFCF [ UQUVGPKDKNKFCF FG NQU UKUVGOCU FG TKGIQ JCP SWGFCFQ
NKOKVCFCU RQT RTQDNGOCU FG CPGICOKGPVQ [ UCNKPK\CEKÉP .CU NKOKVCEKQPGU HKPCPEKGTCU [ FGN OGTECFQ
VCODK¾P EQPUVKVW[GP WP RTQDNGOC EQOÐP .C GTQUKÉP FGN UWGNQ NC OCNC QTFGPCEKÉP [ NC GZRNQVCEKÉP
GZEGUKXC FG NQU TGEWTUQU PCVWTCNGU [ NC HWGTVG EQORGVGPEKC RQT GN CIWC JCP UKFQ WP EQPLWPVQ FG
GNGOGPVQU SWG JCP KPHNWKFQ GP NC RTQRCICEKÉP FG NC RQDTG\C GN JCODTG [ NC ECTGPEKC GP NQU RCÃUGU GP
FGUCTTQNNQ .C GTQUKÉP FG NQU UWGNQU ECWUCFC RQT WP RCUVQTGQ GZEGUKXQ VCODK¾P GU OWEJCU XGEGU
TGURQPUCDNG FGN CVCTSWKPCOKGPVQ FG NQU NCIQU .Q O±U HTGEWGPVG GU SWG NC GNCDQTCEKÉP FG RNCPGU FG
TKGIQ PQ UG UWUVGPVG GP GXCNWCEKQPGU FG NCU EQPUGEWGPEKCU GEQNÉIKECU SWG RGTOKVCP FGVGTOKPCT NCU
TGRGTEWUKQPGU JKFTQNÉIKECU FGPVTQ FG NCU EWGPECU [ NCU FGDKFCU C NC VTCPUHGTGPEKC FG WPCU EWGPECU C
QVTCU PK GP GXCNWCEKQPGU FG NCU TGRGTEWUKQPGU UQEKCNGU GP NCU RQDNCEKQPGU FG NQU XCNNGU HNWXKCNGU
0Q FKURQPGT FG WP CDCUVGEKOKGPVQ FG CIWC FG ECNKFCF CFGEWCFC GU WP HCEVQT NKOKVCVKXQ
EQPUKFGTCDNG GP NC RTQFWEEKÉP RGEWCTKC FG OWEJQU RCÃUGU [ WPC GNKOKPCEKÉP KORTQRKC FG NQU TGUKFWQU
CPKOCNGU RWGFG GP EKGTVCU EKTEWPUVCPEKCU TGFWPFCT GP WPC EQPVCOKPCEKÉP FGN CIWC SWG UG UWOKPKUVTC
VCPVQ C UGTGU JWOCPQU EQOQ C CPKOCNGU .CU PGEGUKFCFGU FG CIWC RQVCDNG FGN ICPCFQ XCTÃCP UGIÐP
NCU GURGEKGU [ GN OGFKQ GP SWG UG FGUGPXWGNXGP .CU CEVWCNGU PGEGUKFCFGU OWPFKCNGU FG CIWC RQVCDNG
RCTC ICPCFQ UG EKHTCP GP VQTPQ C OKNNQPGU FG NKVTQU FKCTKQU [ UGIÐP GUVKOCEKQPGU FGN
ETGEKOKGPVQ FG NC ECDCÇC UG XCVKEKPC SWG GUC EKHTC CWOGPVCT± GP OKNNQPGU FG NKVTQU ECFC CÇQ GP
GN HWVWTQ RTGXKUKDNG
.C RGUEC GP CIWCU KPVGTKQTGU C UCDGT GP TÃQU [ NCIQU EQPUVKVW[G WPC HWGPVG KORQTVCPVG FG
CNKOGPVQU [ RTQVGÃPCU 'UC RGUEC FGDGTÃC QTICPK\CTUG RCTC CWOGPVCT CN O±ZKOQ GN TGPFKOKGPVQ FG
QTICPKUOQU CNKOGPVCTKQU CEW±VKEQU FG WP OQFQ CODKGPVCNOGPVG CFGEWCFQ 'NNQ TGSWKGTG SWG UG
EQPUGTXGP NC ECNKFCF [ NC ECPVKFCF FGN CIWC CUÃ EQOQ NC OQTHQNQIÃC HWPEKQPCN FGN OGFKQ CEW±VKEQ 2QT
QVTC RCTVG NC RGUEC [ NC CEWKEWNVWTC OKUOCU RWGFGP FCÇCT CN GEQUKUVGOC CEW±VKEQ RQT GNNQ UW
FGUCTTQNNQ FGDG CLWUVCTUG C RCWVCU SWG NKOKVGP UWU TGRGTEWUKQPGU .QU PKXGNGU CEVWCNGU FG RTQFWEEKÉP
FG NCU RGUSWGTÃCU GP CIWCU KPVGTKQTGU VCPVQ FG CIWC FWNEG EQOQ FG CIWC UCNQDTG UG EKHTCP GP WPQU OKNNQPGU FG VQPGNCFCU CPWCNGU [ RQFTÃCP CWOGPVCT C OKNNQPGU FG VQPGNCFCU JCEKC GN CÇQ UKP
GODCTIQ VQFQ KPETGOGPVQ FG NCU VGPUKQPGU CODKGPVCNGU RQFTÃC QDUVCT GUG ETGEKOKGPVQ
1DLGVKXQU
.QU RTKPEKRKQU GUVTCV¾IKEQU HWPFCOGPVCNGU RCTC WPC QTFGPCEKÉP INQDCN KPVGITCFC [ GEQNÉIKECOGPVG
TCEKQPCN FG NQU TGEWTUQU JÃFTKEQU GP GN OCTEQ TWTCN UG RWGFGP GPWPEKCT EQOQ UKIWG
C 'N CIWC FGDGTÃC EQPUKFGTCTUG WP TGEWTUQ HKPKVQ SWG VKGPG WP XCNQT GEQPÉOKEQ FGN SWG UG
FGTKXCP EQPUGEWGPEKCU UQEKCNGU [ GEQPÉOKECU EQPUKFGTCDNGU EQOQ TGHNGLQ FG NC KORQTVCPEKC
SWG VKGPG UCVKUHCEGT NCU PGEGUKFCFGU D±UKECU
D .CU EQOWPKFCFGU NQECNGU FGDGP RCTVKEKRCT GP VQFCU NCU HCUGU FG NC QTFGPCEKÉP FGN CIWC
XGNCPFQ RQT NC RNGPC RCTVKEKRCEKÉP FG NC OWLGT JCDKFC EWGPVC FG NC HWPEKÉP HWPFCOGPVCN
SWG GNNC FGUGORGÇC GP GN CDCUVGEKOKGPVQ QTFGPCEKÉP [ CRTQXGEJCOKGPVQ FGN CIWC GP UWU
CEVKXKFCFGU EQVKFKCPCU
E .C QTFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU JC FG FGUCTTQNNCTUG FGPVTQ FG WP EQPLWPVQ
GZJCWUVKXQ FG RQNÃVKECU FG K UCNWF JWOCPC KK RTQFWEEKÉP EQPUGTXCEKÉP [ FKUVTKDWEKÉP FG
CNKOGPVQU KKK RNCPGU FG CVGPWCEKÉP FG NQU FGUCUVTGU KX RTQVGEEKÉP FGN OGFKQ CODKGPVG [
EQPUGTXCEKÉP FG NC DCUG FG TGEWTUQU PCVWTCNGU
F 'U PGEGUCTKQ TGEQPQEGT [ CRQ[CT CEVKXCOGPVG NC HWPEKÉP FG NCU RQDNCEKQPGU TWTCNGU EQP
GURGEKCN JKPECRK¾ GP NCU OWLGTGU
#EVKXKFCFGU
6QFQU NQU 'UVCFQU UGIÐP NC ECRCEKFCF [ NQU TGEWTUQU FG SWG FKURQPICP [ OGFKCPVG NC EQQRGTCEKÉP
DKNCVGTCN Q OWNVKNCVGTCN KPENWKFCU UGIÐP RTQEGFC NCU 0CEKQPGU 7PKFCU [ QVTCU QTICPK\CEKQPGU
EQORGVGPVGU RQFTÃCP NNGXCT C ECDQ NCU CEVKXKFCFGU UKIWKGPVGU
C #DCUVGEKOKGPVQ FG CIWC [ UCPGCOKGPVQ RCTC NQU RQDTGU FG NCU \QPCU TWTCNGU SWG ECTG\ECP
FG GUVQU UGTXKEKQU
K (KLCT RQNÃVKECU PCEKQPCNGU [ RTKQTKFCFGU RTGUWRWGUVCTKCU RCTC OGLQTCT GN CEEGUQ C NQU
UGTXKEKQU
KK 2TQOQXGT NCU VGEPQNQIÃCU CRTQRKCFCU
KKK +PVTQFWEKT OGECPKUOQU CFGEWCFQU FG TGEWRGTCEKÉP FG EQUVQU VGPKGPFQ GP EWGPVC
EQPUKFGTCEKQPGU FG GHKEKGPEKC [ GSWKFCF OGFKCPVG OGECPKUOQU FG IGUVKÉP FG NC
FGOCPFC
KX 2TQOQXGT GN CEEGUQ FG NC EQOWPKFCF C NC RTQRKGFCF FG NQU UGTXKEKQU FG
CDCUVGEKOKGPVQ FG CIWC [ UCPGCOKGPVQ [ C NQU FGTGEJQU UQDTG GNNQU
X 'UVCDNGEGT UKUVGOCU FG XKIKNCPEKC [ GXCNWCEKÉP
XK (QTVCNGEGT GN UGEVQT FGN CDCUVGEKOKGPVQ FG CIWC [ GN UCPGCOKGPVQ GP NCU \QPCU TWTCNGU
JCEKGPFQ JKPECRK¾ GP GN FGUCTTQNNQ FG KPUVKVWEKQPGU NC CFOKPKUVTCEKÉP GHKEC\ [ GN
GUVCDNGEKOKGPVQ FG WP OGECPKUOQ CFGEWCFQ RCTC NC HKPCPEKCEKÉP FG NQU UGTXKEKQU
XKK #WOGPVCT NC GPUGÇCP\C UQDTG NC JKIKGPG [ GNKOKPCT HQEQU FG VTCPUOKUKÉP FG
GPHGTOGFCFGU
XKKK #FQRVCT VGEPQNQIÃCU CRTQRKCFCU FG VTCVCOKGPVQ FGN CIWC
KZ 6QOCT OGFKFCU FG ITCP GUECNC FG QTFGPCEKÉP FGN OGFKQ CODKGPVG RCTC NC NWEJC EQPVTC
NQU XGEVQTGU FG GPHGTOGFCFGU
D 7UQ GHKEKGPVG FG NQU TGEWTUQU JÃFTKEQU
K +PETGOGPVCT NC GHKEKGPEKC [ NC RTQFWEVKXKFCF FGN CIWC GP NC CITKEWNVWTC RCTC OGLQTCT GN
CRTQXGEJCOKGPVQ FG TGEWTUQU NKOKVCFQU
KK 4GHQT\CT NCU KPXGUVKICEKQPGU GP OCVGTKC FG QTFGPCEKÉP FG NC VKGTTC [ GN CIWC GP
EQPFKEKQPGU FG UGECPQ [ FG TGICFÃQ
KKK 8KIKNCT [ GXCNWCT NQU TGUWNVCFQU FG NQU RTQ[GEVQU FG TKGIQ RCTC XGNCT GPVTG QVTCU
EQUCU RQT UW WVKNK\CEKÉP ÉRVKOC [ OCPVGPKOKGPVQ CFGEWCFQ
KX #RQ[CT C NQU ITWRQU FG WUWCTKQU FGN CIWC EQP GN QDLGVQ FG OGLQTCT NQU TGUWNVCFQU FG NC
QTFGPCEKÉP C PKXGN NQECN
X #RQ[CT WP WUQ CRTQRKCFQ FG CIWC TGNCVKXCOGPVG UCNQDTG RCTC GN TKGIQ
E #PGICOKGPVQ NWEJC EQPVTC NC UCNKPKFCF [ CXGPCOKGPVQ
K +PVTQFWEKT GN FTGPCLG FG UWRGTHKEKG GP NC CITKEWNVWTC FG UGECPQ RCTC KORGFKT GN
CPGICOKGPVQ VGORQTCN [ NC KPWPFCEKÉP FG NCU VKGTTCU DCLCU
KK +PVTQFWEKT GN CXGPCOKGPVQ CTVKHKEKCN GP NC CITKEWNVWTC FG UGECPQ [ GP NC FG TKGIQ
KKK (QOGPVCT NC WVKNK\CEKÉP EQPLWPVC FG NCU CIWCU UWDVGTT±PGCU [ FG UWRGTHKEKG OGFKCPVG
GPVTG QVTCU EQUCU NC XKIKNCPEKC [ NC TGCNK\CEKÉP FG GUVWFKQU FGN DCNCPEG JÃFTKEQ
KX 2TCEVKECT GN CXGPCOKGPVQ GP NCU \QPCU TGICFCU FG NCU TGIKQPGU ±TKFCU [ UGOK±TKFCU
F 1TFGPCEKÉP FG NC ECNKFCF FGN CIWC
K 'UVCDNGEGT [ CRNKECT UKUVGOCU RQEQ EQUVQUQU FG XKIKNCPEKC FG NC ECNKFCF FGN CIWC RCTC
HKPGU CITÃEQNCU
KK 2TGXGPKT NQU GHGEVQU RGTLWFKEKCNGU FG NCU CEVKXKFCFGU CITÃEQNCU GP NC ECNKFCF FGN CIWC
WVKNK\CFC RCTC QVTCU CEVKXKFCFGU UQEKCNGU [ GEQPÉOKECU [ GP NCU \QPCU RCPVCPQUCU
OGFKCPVG GPVTG QVTCU EQUCU GN WUQ ÉRVKOQ FG NQU KPUWOQU RTQEGFGPVGU FG NC RTQRKC
GZRNQVCEKÉP [ NC TGFWEEKÉP CN OÃPKOQ FG NQU KPUWOQU GZVGTPQU WVKNK\CFQU GP NCU NCDQTGU
CITÃEQNCU
KKK 'UVCDNGEGT ETKVGTKQU UQDTG NC ECNKFCF DKQNÉIKEC HÃUKEC [ SWÃOKEC FGN CIWC RCTC WUWCTKQU
CITÃEQNCU [ RCTC NQU GEQUKUVGOCU OCTKPQU [ HNWXKCNGU
KX 4GFWEKT CN OÃPKOQ NC GUEQTTGPVÃC FG NQU UWGNQU [ NC UGFKOGPVCEKÉP
X 'NKOKPCT CFGEWCFCOGPVG NCU CIWCU TGUKFWCNGU FG NQU CUGPVCOKGPVQU JWOCPQU [ GN
GUVK¾TEQN RTQFWEKFQ RQT NC ICPCFGTÃC KPVGPUKXC
XK /KPKOK\CT NQU GHGEVQU PQEKXQU FG NQU RTQFWEVQU SWÃOKEQU CITÃEQNCU OGFKCPVG NC NWEJC
KPVGITCFC EQPVTC NCU RNCICU
XKK 'FWECT C NCU EQOWPKFCFGU UQDTG NCU EQPUGEWGPEKCU GP OCVGTKC FG EQPVCOKPCEKÉP FGN
GORNGQ FG HGTVKNK\CPVGU [ RTQFWEVQU SWÃOKEQU GP NC ECNKFCF FGN CIWC NC UGIWTKFCF
CNKOGPVCTKC [ NQU RGNKITQU RCTC NC UCNWF FGN UGT JWOCPQ
G 2TQITCOCU FG CRTQXGEJCOKGPVQ FG NQU TGEWTUQU JÃFTKEQU
K &GUCTTQNNCT GP RGSWGÇC GUECNC GN TKGIQ [ GN UWOKPKUVTQ FG CIWC RCTC GN EQPUWOQ
JWOCPQ [ GN ICPCFQ [ RCTC NC EQPUGTXCEKÉP FGN UWGNQ [ FGN CIWC
KK (QTOWNCT RTQITCOCU FG ITCP GUECNC [ C NCTIQ RNC\Q FG FGUCTTQNNQ FG VGTTGPQU TGICFÃQU
VGPKGPFQ GP EWGPVC UWU GHGEVQU GP NC NQECNKFCF NC GEQPQOÃC [ GN OGFKQ CODKGPVG
KKK 2TQOQXGT NCU KPKEKCVKXCU NQECNGU RCTC GN CRTQXGEJCOKGPVQ [ NC QTFGPCEKÉP KPVGITCFQU
FG NQU TGEWTUQU JÃFTKEQU
KX (CEKNKVCT GN CUGUQTCOKGPVQ [ GN CRQ[Q V¾EPKEQ CFGEWCFQU [ HQOGPVCT NC EQNCDQTCEKÉP
KPUVKVWEKQPCN GP GN RNCPQ FG NCU EQOWPKFCFGU NQECNGU
X (QOGPVCT WP ETKVGTKQ FG QTFGPCEKÉP FG NC VKGTTC [ GN CIWC RCTC NC CITKEWNVWTC SWG VGPIC
GP EWGPVC GN PKXGN FG GFWECEKÉP NC ECRCEKFCF FG OQXKNK\CT C NCU EQOWPKFCFGU NQECNGU
[ NQU TGSWKUKVQU FG NQU GEQUKUVGOCU FG NCU TGIKQPGU ±TKFCU [ UGOK±TKFCU
XK 2NCPKHKECT [ FGUCTTQNNCT RTQITCOCU OÐNVKRNGU FG GPGTIÃC JKFTQGN¾EVTKEC SWG VGPICP
FGDKFCOGPVG GP EWGPVC EQPUKFGTCEKQPGU GEQNÉIKECU
H 1TFGPCEKÉP FG NQU TGEWTUQU JÃFTKEQU
K &GUCTTQNNCT GUVTCVGIKCU C NCTIQ RNC\Q [ RTQITCOCU FG CRNKECEKÉP RT±EVKEC C HKP FG
WVKNK\CT GN CIWC GP NC CITKEWNVWTC FG OQFQ EQORCVKDNG EQP NQU NKOKVCFQU TGEWTUQU [ EQP
NCU FKUVKPVCU FGOCPFCU SWG EQORKVGP GPVTG UÃ
KK 4GEQPQEGT SWG GN CIWC GU WP DKGP GEQPÉOKEQ [ GUVTCV¾IKEQ GP NQ SWG TGURGEVC C NC
RNCPKHKECEKÉP [ QTFGPCEKÉP FGN TKGIQ
KKK (QTOWNCT RTQITCOCU GURGEKCNK\CFQU EGPVTCFQU GP NC RTGRCTCEKÉP RCTC ECUQU FG UGSWÃC
GP NQU SWG UG RTGUVG GURGEKCN CVGPEKÉP C NQU RTQDNGOCU FG NC GUECUG\ FG CNKOGPVQU [ NC
RTQVGEEKÉP CODKGPVCN
KX 2TQOQXGT [ OGLQTCT NC TGWVKNK\CEKÉP FG NCU CIWCU TGUKFWCNGU GP NC CITKEWNVWTC
I #DCUVGEKOKGPVQ FG CIWC RCTC GN ICPCFQ
K /GLQTCT NC ECNKFCF FGN CIWC FKURQPKDNG RCTC GN ICPCFQ VGPKGPFQ RTGUGPVGU UWU NÃOKVGU
FG VQNGTCPEKC
KK +PETGOGPVCT GN PÐOGTQ FG HWGPVGU FG CIWC RCTC GN ICPCFQ GP RCTVKEWNCT NCU FG NQU
UKUVGOCU FG ICPCFGTÃC GZVGPUKXC EQP GN HKP FG TGFWEKT NCU FKUVCPEKCU SWG GN ICPCFQ
FGDG TGEQTTGT GP DWUEC FG CIWC [ RTGXGPKT WP RCUVQTGQ GZEGUKXQ CNTGFGFQT FG NCU
HWGPVGU FG CIWC
KKK 2TGXGPKT NC EQPVCOKPCEKÉP FG NCU HWGPVGU FG CIWC EQP GZETGOGPVQ CPKOCN C HKP FG
KORGFKT NC FKHWUKÉP FG GPHGTOGFCFGU GP RCTVKEWNCT NCU \QQPQUKU
KX (QOGPVCT NQU WUQU OÐNVKRNGU FG NQU UWOKPKUVTQU FG CIWC OGFKCPVG NC RTQOQEKÉP FG
UKUVGOCU KPVGITCFQU FG CITKEWNVWTC ICPCFGTÃC [ RGUEC
X 2TQOQXGT NQU UKUVGOCU FG FKURGTUKÉP FGN CIWC RCTC CWOGPVCT UW TGVGPEKÉP GP NCU
RTCFGTCU GZVGPUKXCU EQP GN HKP FG GUVKOWNCT NC RTQFWEEKÉP HQTTCLGTC [ RTGXGPKT NC
GUEQTTGPVÃC
J 2GUSWGTÃCU FG CIWCU KPVGTKQTGU
K &GUCTTQNNCT GN CRTQXGEJCOKGPVQ UQUVGPKDNG FG NCU RGUSWGTÃCU EQOQ RCTVG FG NC
RNCPKHKECEKÉP PCEKQPCN FG NQU TGEWTUQU JÃFTKEQU
KK 'UVWFKCT CURGEVQU EQPETGVQU FG NC JKFTQDKQNQIÃC [ NQU TGSWKUKVQU CODKGPVCNGU FG NCU
GURGEKGU HWPFCOGPVCNGU FG NC RGUEC FG CIWCU KPVGTKQTGU GP TGNCEKÉP EQP NQU FKXGTUQU
TGIÃOGPGU CEW±VKEQU
KKK 2TGXGPKT Q OKVKICT NC OQFKHKECEKÉP FG NQU OGFKQU CEW±VKEQU RQT QVTQU WUWCTKQU Q
TGJCDKNKVCT NQU OGFKQU UWLGVQU C GUC OQFKHKECEKÉP GP CTCU FG NC WVKNK\CEKÉP [
EQPUGTXCEKÉP UQUVGPKDNGU FG NC FKXGTUKFCF DKQNÉIKEC FG NQU TGEWTUQU CEW±VKEQU XKXQU
KX &GUCTTQNNCT [ FKHWPFKT O¾VQFQU FG CRTQXGEJCOKGPVQ [ QTFGPCEKÉP GEQNÉIKECOGPVG
TCEKQPCNGU FG NQU TGEWTUQU JÃFTKEQU RCTC KPVGPUKHKECT NCU ECRVWTCU FG NC RGUEC GP CIWCU
KPVGTKQTGU
X +ORNCPVCT [ OCPVGPGT UKUVGOCU CFGEWCFQU FG TGWPKÉP G KPVGTRTGVCEKÉP FG FCVQU UQDTG
NC ECNKFCF [ ECPVKFCF FGN CIWC [ OQTHQNQIÃC FG NQU ECPCNGU GP TGNCEKÉP EQP NC UKVWCEKÉP
[ GN CRTQXGEJCOKGPVQ FG NQU TGEWTUQU CEW±VKEQU XKXQU KPENWKFCU NCU RGUSWGTÃCU
K &GUCTTQNNQ FG NC CEWKEWNVWTC
K &GUCTTQNNCT VGEPQNQIÃCU CEWÃEQNCU GEQNÉIKECOGPVG TCEKQPCNGU SWG UGCP EQORCVKDNGU EQP
NQU RNCPGU NQECNGU TGIKQPCNGU [ PCEKQPCNGU FG CRTQXGEJCOKGPVQ FG NQU TGEWTUQU
JÃFTKEQU [ VGPICP GP EWGPVC NQU HCEVQTGU UQEKCNGU
KK +PVTQFWEKT V¾EPKECU CRTQRKCFCU FG CEWKEWNVWTC [ RT±EVKECU EQPGZCU FG CRTQXGEJCOKGPVQ
[ QTFGPCEKÉP FGN CIWC GP RCÃUGU SWG PQ VKGPGP VQFCXÃC GZRGTKGPEKC GP CEWKEWNVWTC
KKK 'XCNWCT GN KORCEVQ CODKGPVCN FG NC CEWKEWNVWTC EQP RCTVKEWNCT TGHGTGPEKC C NCU
GZRNQVCEKQPGU EQOGTEKCNGU [ NC RQUKDNG EQPVCOKPCEKÉP FGN CIWC RQT NCU KPUVCNCEKQPGU
FG GNCDQTCEKÉP
KX 'XCNWCT NC XKCDKNKFCF GEQPÉOKEC FG NC CEWKEWNVWTC GP TGNCEKÉP EQP QVTQU WUQU RQUKDNGU
FGN CIWC VQOCPFQ GP EQPUKFGTCEKÉP NC WVKNK\CEKÉP FG CIWC FG ECNKFCF OCTIKPCN [ NCU
PGEGUKFCFGU GP OCVGTKC FG KPXGTUKÉP [ GZRNQVCEKÉP
) 4GRGTEWUKQPGU FGN ECODKQ ENKO±VKEQ GP NQU TGEWTUQU JÃFTKEQU
$CUGU RCTC NC CEEKÉP
.QU RTQPÉUVKEQU UQDTG GN ECODKQ FGN ENKOC C PKXGN OWPFKCN RGECP FG KPEKGTVQU #WPSWG NC
KPEGTVKFWODTG CWOGPVC OWEJQ GP GN RNCPQ TGIKQPCN PCEKQPCN [ NQECN GU C PKXGN PCEKQPCN FQPFG JCDTÃC
SWG VQOCT NCU FGEKUKQPGU O±U KORQTVCPVGU /C[QTGU VGORGTCVWTCU [ OGPQTGU RTGEKRKVCEKQPGU JCTÃCP
SWG FKUOKPW[GTC GN CDCUVGEKOKGPVQ FG CIWC [ CWOGPVCTC UW FGOCPFC RQFTÃCP FGVGTKQTCT NC ECNKFCF FG
NCU OCUCU FG CIWC FWNEG NQ EWCN CHGEVCTÃC GN [C HT±IKN GSWKNKDTKQ GPVTG NC QHGTVC [ NC FGOCPFC GP
OWEJQU RCÃUGU #WP EWCPFQ NC RTGEKRKVCEKÉP RWGFC CWOGPVCT PQ JC[ ICTCPVÃC CNIWPC FG SWG VCN EQUC
QEWTTC GP NC ¾RQEC FGN CÇQ GP SWG GUC CIWC RWGFG WUCTUG CFGO±U RQFTÃC QEWTTKT SWG CWOGPVCTCP NCU
KPWPFCEKQPGU 6QFC GNGXCEKÉP FGN PKXGN FGN OCT C OGPWFQ JCT± SWG GPVTG CIWC UCNKPC GP NQU GUVWCTKQU
KUNQVGU [ CEWÃHGTQU EQUVGTQU [ CPGICT± NCU \QPCU FGN NKVQTCN FG DCLQ PKXGN VCN EQUC UQOGVG C WP ITCP
TKGUIQ C NQU RCÃUGU FG DCLC CNVKVWF
'P NC &GENCTCEKÉP /KPKUVGTKCN FG NC 5GIWPFC %QPHGTGPEKC /WPFKCN UQDTG GN %NKOC UG FKEG SWG
GN RQUKDNG KORCEVQ FG GUG ECODKQ ENKO±VKEQ RWGFG RNCPVGCT WPC COGPC\C CODKGPVCN FG WPC OCIPKVWF
FGUEQPQEKFC JCUVC CJQTC [ RWGFG KPENWUQ COGPC\CT NC UWRGTXKXGPEKC GP CNIWPQU RGSWGÇQU 'UVCFQU
KPUWNCTGU [ GP \QPCU EQUVGTCU DCLCU ±TKFCU [ UGOK±TKFCU .C %QPHGTGPEKC TGEQPQEKÉ GPVTG NCU
TGRGTEWUKQPGU O±U KORQTVCPVGU FGN ECODKQ FGN ENKOC UWU GHGEVQU GP GN EKENQ JKFTQNÉIKEQ [ NQU UKUVGOCU
FG QTFGPCEKÉP FGN CIWC [ RQT EQPFWEVQ FG ¾UVQU GP NQU UKUVGOCU UQEKQGEQPÉOKEQU 'N CWOGPVQ FG NC
KPEKFGPEKC FG UKVWCEKQPGU GZVTGOCU VCNGU EQOQ KPWPFCEKQPGU [ UGSWÃCU ECWUCTÃC WPC OC[QT
HTGEWGPEKC [ ITCXGFCF FG NCU ECV±UVTQHGU .C %QPHGTGPEKC RQT VCPVQ RKFKÉ SWG UG KPVGPUKHKECTCP NC
KPXGUVKICEKÉP [ NQU RTQITCOCU FG XKIKNCPEKC PGEGUCTKQU [ UG KPVGTECODKCUGP NQU FCVQU [ NC KPHQTOCEKÉP
RGTVKPGPVGU GP NQU RNCPQU PCEKQPCN TGIKQPCN G KPVGTPCEKQPCN
1DLGVKXQU
.C ÃPFQNG OKUOC FG GUVG VGOC GZKIG CPVG VQFQ O±U KPHQTOCEKÉP UQDTG GN RCTVKEWNCT [ OC[QT
EQORTGPUKÉP FG NC COGPC\C SWG UG GPHTGPVC 'N VGOC RQFT± VTCFWEKTUG GP NQU QDLGVKXQU UKIWKGPVGU GP
EQPUQPCPEKC EQP NC %QPXGPEKÉP /CTEQ FG NCU 0CEKQPGU 7PKFCU UQDTG GN %CODKQ %NKO±VKEQ
C %QORTGPFGT [ EWCPVKHKECT NC COGPC\C FG NCU TGRGTEWUKQPGU FGN ECODKQ ENKO±VKEQ GP NQU
TGEWTUQU FG CIWC FWNEG
D (CEKNKVCT NC CFQREKÉP FG OGFKFCU PCEKQPCNGU GHKECEGU FG RTGXGPEKÉP UKGORTG [ EWCPFQ NC
COGPC\C FG NCU TGRGTEWUKQPGU UG EQPUKFGTG NQ UWHKEKGPVGOGPVG EQPHKTOCFC EQOQ RCTC
LWUVKHKECT VCN KPKEKCVKXC
E 'UVWFKCT NQU RQUKDNGU GHGEVQU FGN ECODKQ ENKO±VKEQ GP NCU \QPCU RTQRGPUCU C UGSWÃCU G
KPWPFCEKQPGU
#EVKXKFCFGU
6QFQU NQU 'UVCFQU UGIÐP NC ECRCEKFCF [ NQU TGEWTUQU FG SWG FKURQPICP [ OGFKCPVG NC EQQRGTCEKÉP
DKNCVGTCN Q OWNVKNCVGTCN KPENWKFCU UGIÐP RTQEGFC NCU 0CEKQPGU 7PKFCU [ QVTCU QTICPK\CEKQPGU
EQORGVGPVGU RQFTÃCP GLGEWVCT NCU CEVKXKFCFGU UKIWKGPVGU
C 8KIKNCT GN T¾IKOGP JKFTQNÉIKEQ KPENWKFC NC JWOGFCF FGN UWGNQ GN DCNCPEG FGN CIWC
UWDVGTT±PGC NC RGPGVTCEKÉP [ VTCPURKTCEKÉP NC ECNKFCF FGN CIWC [ NQU HCEVQTGU ENKO±VKEQU
EQPGZQU GURGEKCNOGPVG GP NCU TGIKQPGU [ NQU RCÃUGU SWG GU O±U RTQDCDNG RCFG\ECP NQU
GHGEVQU PGICVKXQU FG NQU ECODKQU FGN ENKOC [ FQPFG FGDGTÃCP KPFKECTUG NCU NQECNKFCFGU
XWNPGTCDNGU C GUQU GHGEVQU
D &GUCTTQNNCT [ CRNKECT V¾EPKECU [ OGVQFQNQIÃCU RCTC GXCNWCT NQU RQUKDNGU GHGEVQU PGICVKXQU
FGN ECODKQ ENKO±VKEQ FGDKFQ C OQFKHKECEKQPGU GP NC VGORGTCVWTC NCU RTGEKRKVCEKQPGU [ NC
GNGXCEKÉP FGN PKXGN FGN OCT UQDTG NQU TGEWTUQU FG CIWC FWNEG [ GN TKGUIQ FG KPWPFCEKÉP
E +PKEKCT GUVWFKQU FG ECUQU RCTC FGVGTOKPCT UK JC[ TGNCEKÉP GPVTG GN ECODKQ ENKO±VKEQ [ NQU
CEVWCNGU ECUQU FG UGSWÃC [ FG KPWPFCEKQPGU GP FGVGTOKPCFCU TGIKQPGU
F 'XCNWCT NCU EQPUGEWGPEKCU UQEKCNGU GEQPÉOKECU [ CODKGPVCNGU SWG RWGFGP RTQFWEKTUG
G (QTOWNCT [ CRNKECT GUVTCVGIKCU RCTC TGURQPFGT C NQU GHGEVQU PGICVKXQU SWG UG KPFKXKFWCNKEGP
GPVTG GNNQU NQU ECODKQU FGN PKXGN FG NCU CIWCU UWDVGTT±PGCU [ OKVKICT NC KPVTWUKÉP UCNKPC GP
NQU CEWÃHGTQU
H &GUCTTQNNCT CEVKXKFCFGU CITÃEQNCU DCUCFCU GP GN WUQ FG CIWCU UCNQDTGU
I %QPVTKDWKT C NCU CEVKXKFCFGU FG KPXGUVKICEKÉP GP EWTUQ FGPVTQ FGN OCTEQ FG NQU CEVWCNGU
RTQITCOCU KPVGTPCEKQPCNGU
%QPHGTGPEKC+PVGTPCEKQPCNUQDTG
#IWC[&GUCTTQNNQ5QUVGPKDNG
2CTÃU(TCPEKCCNFGOCT\QFG
&GENCTCEKÉPFG2CTÃU∗
.QU /KPKUVTQU [ ,GHGU FG &GNGICEKÉP TGWPKFQU GP 2CTÃU GP NC %QPHGTGPEKC +PVGTPCEKQPCN UQDTG #IWC [
&GUCTTQNNQ 5QUVGPKDNG FGN CN FG OCT\Q FG &GUVCECP SWG
• NQU TGEWTUQU JÃFTKEQU UQP GUGPEKCNGU RCTC NC UCVKUHCEEKÉP FG NCU PGEGUKFCFGU JWOCPCU
D±UKECU NC UCNWF NC RTQFWEEKÉP FG GPGTIÃC [ FG CNKOGPVQU [ NC RTGUGTXCEKÉP FG NQU
GEQUKUVGOCU CUÃ EQOQ RCTC GN FGUCTTQNNQ GEQPÉOKEQ [ UQEKCN
• NC RTQVGEEKÉP FG NQU GEQUKUVGOCU GU KORTGUEKPFKDNG RCTC GN OCPVGPKOKGPVQ [ NC TGJCDKNKVCEKÉP
FGN EKENQ JKFTQNÉIKEQ PCVWTCN EQP OKTCU C WPC IGUVKÉP UQUVGPKDNG FG NQU TGEWTUQU FG CIWC
FWNEG
• GN CIWC GU WP TGEWTUQ PCVWTCN HWPFCOGPVCN RCTC NC RTQURGTKFCF [ NC GUVCDKNKFCF HWVWTCU SWG
UG JC FG TGEQPQEGT EQOQ WP GNGOGPVQ ECVCNK\CFQT FG NC EQQRGTCEKÉP TGIKQPCN
• GU KPFKURGPUCDNG CETGEGPVCT GN EQPQEKOKGPVQ [ NC EQORTGPUKÉP FG NQU TGEWTUQU JÃFTKEQU GP
VQFQU NQU PKXGNGU C HKP FG OGLQTCT UW CRTQXGEJCOKGPVQ IGUVKÉP [ RTQVGEEKÉP [ RTQOQXGT UW
WVKNK\CEKÉP O±U GHKEC\ GSWKVCVKXC [ UQUVGPKDNG
• GU CNVCOGPVG RTKQTKVCTKQ TGHQT\CT NCU KPUVKVWEKQPGU GP RCTVKEWNCT NQECNGU [ OGLQTCT NC
ECRCEKVCEKÉP [ NC KPHQTOCEKÉP FG NQU RTQHGUKQPCNGU [ WUWCTKQU
• GU OGPGUVGT RQT NQ SWG UG TGHKGTG CN CRTQXGEJCOKGPVQ NC IGUVKÉP GN WUQ [ NC RTQVGEEKÉP FGN
CIWC UG FGDGT±P
− RTQOQXGT WPC EQNCDQTCEKÉP GPVTG NQU UGEVQTGU RÐDNKEQ [ RTKXCFQ SWG RGTOKVC NQITCT
DWGPCU RT±EVKECU [ OQXKNK\CT WPC HKPCPEKCEKÉP C NCTIQ RNC\Q
− DCUCT GUCU CEVKXKFCFGU GP WP RTQEGUQ RCTVKEKRCVKXQ FG CFQREKÉP FG FGEKUKQPGU CDKGTVQ C
VQFQU NQU WUWCTKQU GP GURGEKCN NCU OWLGTGU NCU RGTUQPCU SWG XKXGP GP EQPFKEKQPGU FG
RQDTG\C [ NQU ITWRQU FGUHCXQTGEKFQU 'U GUGPEKCN NC HWPEKÉP FG NCU QTICPK\CEKQPGU PQ
IWDGTPCOGPVCNGU [ QVTQU KPVGTNQEWVQTGU UQEKQGEQPÉOKEQU
• NC EQQRGTCEKÉP KPVGTPCEKQPCN FGDG FGUGORGÇCT WP RCRGN HWPFCOGPVCN GP GN NQITQ FG GUVQU
QDLGVKXQU GP NQU RNCPQU PCEKQPCN TGIKQPCN [ OWPFKCN
C HQOGPVCT NC CRNKECEKÉP FG NCU UKIWKGPVGU FKTGEVTKEGU UGIÐP RTQEGFC [ GP GN
OCTEQ FG GUVTCVGIKCU PCEKQPCNGU [ NQECNGU VQOCPFQ GP EQPUKFGTCEKÉP NC UKVWCEKÉP EQPETGVC FG ECFC
RCÃU
5G EQORTQOGVGP
•
(QOGPVCT NC KPVGITCEKÉP FG VQFQU NQU CURGEVQU FGN CRTQXGEJCOKGPVQ NC IGUVKÉP [ NC
FG NQU TGEWTUQU JÃFTKEQU OGFKCPVG NC GNCDQTCEKÉP FG RNCPGU FGUVKPCFQU C
UCVKUHCEGT NCU PGEGUKFCFGU GUGPEKCNGU [ C RTQOQXGT WPC FKUVTKDWEKÉP GHKEKGPVG [ GSWKVCVKXC
FG NQU TGEWTUQU JÃFTKEQU NC RTQVGEEKÉP FG NQU GEQUKUVGOCU [ NC RTGUGTXCEKÉP FGN EKENQ
JKFTQNÉIKEQ %QP GUG HKP GU GUGPEKCN GNCDQTCT WPC CORNKC XCTKGFCF FG QREKQPGU ETGCVKXCU [
GXCNWCT UWU XGPVCLCU [ TKGUIQU CUÃ EQOQ EQQTFKPCT RGTOCPGPVGOGPVG GN CRTQXGEJCOKGPVQ
NC IGUVKÉP [ NC RTQVGEEKÉP FG NCU EWGPECU XGTVKGPVGU .QU RQFGTGU RÐDNKEQU GP VQFQU NQU
PKXGNGU [ NC UQEKGFCF EKXKN FGDGT±P RCTVKEKRCT GP GUVG RTQEGUQ [ GP NC CFQREKÉP FG
FGEKUKQPGU EQPGZCU .QU IQDKGTPQU JCP FG FGUGORGÇCT WP RCRGN HWPFCOGPVCN GP NC ETGCEKÉP
RTQVGEEKÉP
∗
4GUWOGP
'N
VGZVQ
EQORNGVQ
FG
NC
JVVRYYYQKGCWHTEKGFFGURHTCOGUHKPCNFGENCTHKPJVO
&GENCTCEKÉP
FG
2CTÃU
UG
GPEWGPVTC
FKURQPKDNG
GP
FG EQPFKEKQPGU RTQRKEKCU RCTC NC IGUVKÉP NQECN [ PCEKQPCN FG NQU TGEWTUQU JÃFTKEQU OGFKCPVG
OGFKFCU NGIKUNCVKXCU GEQPÉOKECU UQEKCNGU [ CODKGPVCNGU 'U KORTGUEKPFKDNG SWG NQU RCÃUGU
TKDGTGÇQU EQORCTVCP WPC XKUKÉP EQOÐP EQP OKTCU CN CRTQXGEJCOKGPVQ NC IGUVKÉP [ NC
RTQVGEEKÉP GHKECEGU FG NCU CIWCU FWNEGU VTCPUHTQPVGTK\CU .CU EQPXGPEKQPGU KPVGTPCEKQPCNGU
EQOQ NC %QPXGPEKÉP /CTEQ UQDTG GN %CODKQ %NKO±VKEQ GN %QPXGPKQ UQDTG NC &KXGTUKFCF
$KQNÉIKEC NC %QPXGPEKÉP +PVGTPCEKQPCN FG .WEJC EQPVTC NC &GUGTVKHKECEKÉP [ NC %QPXGPEKÉP
FG 4COUCT RWGFGP EQPVTKDWKT C NC KPVGITCEKÉP FG NQU CURGEVQU C NQU SWG UG CRNKECP GP GN WUQ
UQUVGPKDNG FGN CIWC 6QFQU NQU QTICPKUOQU EQORGVGPVGU GPVTG GNNQU GN %QPUGLQ /WPFKCN FGN
#IWC FGDGT±P HCEKNKVCT NC TGHNGZKÉP UQDTG O¾VQFQU KPVGITCFQU FG CRTQXGEJCOKGPVQ IGUVKÉP
[ RTQVGEEKÉP FGN CIWC SWG UG TGURCNFCT± OGFKCPVG KPVGTECODKQU FG GZRGTKGPEKCU GPVTG NQU
RCTVKEKRCPVGU RQT EQPFWEVQ FG TGFGU KPHQTOCNGU GPVTG KPUVKVWEKQPGU GZKUVGPVGU
• /QXKNK\CT TGEWTUQU HKPCPEKGTQU CFGEWCFQU FG QTKIGP RÐDNKEQ [ RTKXCFQ [ OGFKCPVG GUHWGT\QU
GPECOKPCFQU C OGLQTCT GN WUQ GHGEVKXQ FG NQU TGEWTUQU FKURQPKDNGU %QP GUG HKP UG FGDGT±P
HQOGPVCT FKURQUKEKQPGU TGNCVKXCU C WPC TGEWRGTCEKÉP RTQITGUKXC FG NQU EQUVQU FKTGEVQU G
KPFKTGEVQU FG NQU UGTXKEKQU UCNXCIWCTFCPFQ C NQU WUWCTKQU FG DCLQU KPITGUQU 5G FGDGT±
RTQOQXGT GN RTKPEKRKQ GN EQPVCOKPCFQT RCIC [ NQU UKUVGOCU GN WUWCTKQ RCIC GP NQU
RNCPQU PCEKQPCN [ NQECN 5G FGDGT±P CFQRVCT OGFKFCU RCTC HCEKNKVCT NC RCTVKEKRCEKÉP FGN
UGEVQT RTKXCFQ GP NC HKPCPEKCEKÉP FG RTQ[GEVQU TGNCVKXQU CN CIWC [ CN UCPGCOKGPVQ JCDKFC
EWGPVC FG NC UKVWCEKÉP GURGEKHKEC FG ECFC RCÃU [ TGIKÉP .C #UKUVGPEKC 1HKEKCN RCTC GN
&GUCTTQNNQ FGDGT± EQORNGOGPVCT NQ CPVGTKQT [ EGPVTCTUG GP RTQITCOCU FGUVKPCFQU C ETGCT
OCTEQU RTQRKEKQU UCVKUHCEGT NCU PGEGUKFCFGU GUGPEKCNGU NQITCT WP CRTQXGEJCOKGPVQ WPC
IGUVKÉP [ WPC RTQVGEEKÉP UQUVGPKDNGU FGN CIWC CUGIWTCT NC RTGUGTXCEKÉP FG NQU GEQUKUVGOCU
[ RGTOKVKT NC ETGCEKÉP FG ECRCEKFCFGU KPUVKVWEKQPCNGU 5G FGDGT± TGHQT\CT NC EQQTFKPCEKÉP [
NC EQQRGTCEKÉP FG NQU RTQXGGFQTGU FG HQPFQU DKNCVGTCNGU [ OWNVKNCVGTCNGU [ FG NQU 'UVCFQU
DGPGHKEKCTKQU 'P GUVG EQPVGZVQ XCTKCU QTICPK\CEKQPGU KPVGTPCEKQPCNGU GPVTG GNNCU GN )NQDCN
9CVGT 2CTVPGTUJKR RQFTÃCP CRQTVCT WPC EQPVTKDWEKÉP GUGPEKCN
• /GLQTCT GN EQPQEKOKGPVQ NC ECRCEKVCEKÉP [ GN KPVGTECODKQ FG KPHQTOCEKÉP HQOGPVCPFQ WP
KPETGOGPVQ FG NCU VTCPUHGTGPEKCU FG VGEPQNQIÃCU [ RGTKEKC NC ETGCEKÉP FG UKUVGOCU FG
QDUGTXCEKÉP G KPHQTOCEKÉP UQDTG NQU TGEWTUQU JÃFTKEQU [ UWU FKXGTUQU WUQU [ NC QTICPK\CEKÉP
FG RTQITCOCU FG CRQ[Q C NC HQTOCEKÉP RTQHGUKQPCN KPKEKCN [ RGTOCPGPVG 2CTCNGNCOGPVG UG
FGDGT± C[WFCT C NCU RGTUQPCU SWG XKXGP GP EQPFKEKQPGU FG RQDTG\C [ NQU ITWRQU
FGUHCXQTGEKFQU NCU EQOWPKFCFGU KPFÃIGPCU NQU LÉXGPGU NCU CWVQTKFCFGU NQECNGU NQU
TGURQPUCDNGU FG EQOWPKFCFGU NQECNGU [ NCU QTICPK\CEKQPGU PQ IWDGTPCOGPVCNGU C
CETGEGPVCT UW EQPVTKDWEKÉP CN RTQEGUQ FG CFQREKÉP FG FGEKUKQPGU .CU OWLGTGU FGDGT±P
RQFGT RCTVKEKRCT RNGPCOGPVG GP NC FGHKPKEKÉP FG NQU RTQ[GEVQU [ GP UW GLGEWEKÉP
2TQITCOCFG#EEKQPGU2TKQTKVCTKCU∗
+/GLQTCTGNEQPQEKOKGPVQFGNQUTGEWTUQUJÃFTKEQU[
FGNQUWUQURCTCWPCIGUVKÉPUQUVGPKDNG
+# 'UVCDNGEGT [ OGLQTCT NQU UKUVGOCU FG QDUGTXCEKÉP KPVGITCFQU FG NQU TGEWTUQU JÃFTKEQU NQU
WUQU FGN CIWC [ NQU GEQUKUVGOCU 'P GN OCTEQ FG NC #UKUVGPEKC 1HKEKCN RCTC GN &GUCTTQNNQ
GU RTKQTKVCTKQ CRQ[CT GN TGHWGT\Q Q NC ETGCEKÉP C PKXGN NQECN PCEKQPCN Q KPVGTPCEKQPCN FG
UKUVGOCU KPVGITCFQU FG KPHQTOCEKÉP CEQRKQ CP±NKUKU IGUVKÉP [ FKHWUKÉP FG FCVQU UQDTG NC
ECPVKFCF [ NC ECNKFCF FGN CIWC CUÃ EQOQ UW FKURQPKDKNKFCF [ UWU WUQU GP NQU FKHGTGPVGU
UGEVQTGU C HKP FG TGECDCT NCU KPHQTOCEKQPGU PGEGUCTKCU RCTC NC IGUVKÉP FG TGEWTUQU
JÃFTKEQU [ GEQUKUVGOCU NC TGIWNCEKÉP FG NQU WUQU [ NC RTQVGEEKÉP EQPVTC NCU
EQPVCOKPCEKQPGU NQECNK\CFCU Q FKHWUCU [ NC RTGXGPEKÉP FG NCU UKVWCEKQPGU FG ETKUKU 5G
TGSWKGTG WPC OGLQT GXCNWCEKÉP FGN TGEWTUQ FG NQU FKHGTGPVGU WUQU FGN CIWC [ FG UW
GHKECEKC CIWC FQO¾UVKEC TKGIQ WUQ KPFWUVTKCN JKFTQGNGEVTKEKFCF VTCPURQTVGU CEVKXKFCFGU
TGETGCVKXCU RGUEC CEWKEWNVWTC GVE
+#
(QTVCNGEKOKGPVQ Q ETGCEKÉP FG UKUVGOCU KPVGITCFQU FG KPHQTOCEKÉP
5G FGDGT±P
GUVCDNGEGT GP FKUVKPVQU RNCPQU VCNGU UKUVGOCU SWG RGTOKVCP WPC EQDGTVWTC VCPVQ
NQECN EQOQ OWPFKCN [ SWG KPENW[CP VQFQU NQU RCT±OGVTQU PGEGUCTKQU RCTC NC IGUVKÉP
KPVGITCFC [ UQUVGPKDNG FGN CIWC [ FG NQU GEQUKUVGOCU &GDGT±P GUVCT GUVTWEVWTCFQU
GP HQTOC FG QDUGTXCVQTKQU C NCTIQ RNC\Q GP NQU FKHGTGPVGU PKXGNGU RGTVKPGPVGU GP
RCTVKEWNCT NQU FG NCU ITCPFGU EWGPECU XGTVKGPVGU FG NQU TÃQU [ NCIQU CUÃ EQOQ FG
NQU CEWÃHGTQU 6CNGU KPHQTOCEKQPGU [ FCVQU VKGPGP WP XCNQT GEQPÉOKEQ HWPFCOGPVCN
RCTC C[WFCT GP NC IGUVKÉP [ NC WVKNK\CEKÉP FG NQU TGEWTUQU JÃFTKEQU [ GP NC RTQVGEEKÉP
FGN OGFKQ CODKGPVG %CFC IQDKGTPQ VKGPG NC TGURQPUCDKNKFCF FG QTICPK\CT NC
RGTOCPGPEKC FG GUVQU UKUVGOCU [ FG XGNCT RQT OGLQTCT NC KPHQTOCEKÉP GP V¾TOKPQU
FG ECPVKFCF [ ECNKFCF
+# &GUCTTQNNQ FG NQU KPVGTECODKQU FG FCVQU 5G FGDGT± EQPEGFGT RTKQTKFCF C NC
CTOQPK\CEKÉP [ PQTOCNK\CEKÉP PCEKQPCN G KPVGTPCEKQPCN FG NCU FGHKPKEKQPGU [ C NC
GNCDQTCEKÉP FG HQTOCVQU H±EKNGU FG WVKNK\CT SWG RGTOKVCP GN CEEGUQ C NCU
KPHQTOCEKQPGU [ UW KPVGTECODKQ
+$ (QTVCNGEKOKGPVQ FG NQU RTQITCOCU TGIKQPCNGU PCEKQPCNGU G KPVGTPCEKQPCNGU FG CFSWKUKEKÉP
FG EQPQEKOKGPVQU HWPFCOGPVCNGU UQDTG NQU TGEWTUQU JÃFTKEQU [ UWU WUQU
+$
%QPQEKOKGPVQ FG NCU ITCPFGU VGPFGPEKCU [ FG UWU TGRGTEWUKQPGU 2CTC OGLQTCT NCU
ECRCEKFCFGU FG KPXGUVKICEKÉP GN TGHWGT\Q FG NC EQQRGTCEKÉP EKGPVÃHKEC KPUVKVWEKQPCN
[ V¾EPKEC KPVGTPCEKQPCN FGDGT± RGTOKVKT HQTOWNCT EQPEGRVQU KPFKECFQTGU [
OGVQFQNQIÃCU EQOWPGU GP RCTVKEWNCT TGHGTGPVGU C NC ECTCEVGTK\CEKÉP
C
∗
4GUWOGP
'N
FG NQU TGEWTUQU UGIWTQU [ WVKNK\CDNGU GU FGEKT SWG UG RWGFCP WVKNK\CT GP WP
OCTEQ FG IGUVKÉP UQUVGPKDNG UQDTG NC DCUG FG WPC IGUVKÉP TCEKQPCN FG NC
FGOCPFC
VGZVQ
EQORNGVQ
FGN
2TQITCOC
JVVRYYYQKGCWHTEKGFFGURHTCOGUHKPCNRTQITCEVRTKQJVO
FG
#EEKQPGU
2TKQTKVCTKCU
UG
GPEWGPVTC
FKURQPKDNG
GP
D
E
F
G
H
I
J
K
FG NQU FKHGTGPVGU WUQU EQPUWOKFQTGU Q PQ EQPUWOKFQTGU FG CIWC GP NCU
EWGPECU UW GXQNWEKÉP [ UW GHKEKGPEKC
FG NCU HWGPVGU FG EQPVCOKPCEKÉP NQECNK\CFC Q FKHWUC
FGN GUVCFQ ECPVKFCF [ ECNKFCF FG NQU OGFKQU CEW±VKEQU TÃQU NCIQU
JWOGFCNGU CEWÃHGTQU
FG NC GWVTQHK\CEKÉP [ FGN FGVGTKQTQ DKQNÉIKEQ FG NQU TÃQU NCIQU [ GODCNUGU
FG
NQU
CEQPVGEKOKGPVQU
OGVGQTQNÉIKEQU
G
JKFTQNÉIKEQU
GZVTGOQU
KPWPFCEKQPGU UGSWÃCU
FGN XCNQT GEQPÉOKEQ [ UQEKCN FG NCU HWPEKQPGU FG NQU GEQUKUVGOCU
FG NC OQFKHKECEKÉP FGN T¾IKOGP JKFT±WNKEQ FG NQU TÃQU [ FGN HWPEKQPCOKGPVQ FG
NQU UKUVGOCU CEWÃHGTQU RTQXQECFQU RQT NCU QDTCU NCU VQOCU [ NQU XGTVKFQU
FG NQU ECODKQU GP NC WVKNK\CEKÉP FG NCU VKGTTCU [ GN FGVGTKQTQ FG NQU UWGNQU FG
NC FKXGTUKFCF DKQNÉIKEC [ FG NQU TGEWTUQU XKXQU CEW±VKEQU [ VGTTGUVTGU
&CFC NC HWPEKÉP GUGPEKCN SWG EWORNGP NCU OWLGTGU GP NC WVKNK\CEKÉP [ NC
RTGUGTXCEKÉP FG NQU TGEWTUQU GP NC XKFC EQVKFKCPC UWU EQPQEKOKGPVQU [ UW
GZRGTKGPEKC UG FGDGP EQPUKFGTCT EQOQ WP EQORQPGPVG FG EWCNSWKGT RTQITCOC FG
IGUVKÉP UQUVGPKDNG FGN CIWC .QU UKUVGOCU FG KPHQTOCEKÉP FGDGT±P DCUCTUG GP
FCVQU CEQRKCFQU [ CPCNK\CFQU FG OQFQ SWG FGP GURGEKCNOGPVG EWGPVC FGN RCRGN
SWG FGUGORGÇCP .QU WUWCTKQU FG NC KPHQTOCEKÉP UQDTG GN CIWC FGDGP RCTVKEKRCT GP
GN CEQRKQ FG NQU FCVQU C HKP FG HCEKNKVCT UW EQORTGPUKÉP FG NCU TGRGTEWUKQPGU FG NCU
CEVKXKFCFGU NQECNGU GP NQU TGEWTUQU [ UW EQPVTKDWEKÉP C NC FGHKPKEKÉP FG UQNWEKQPGU
GPECOKPCFCU C RTQVGIGT C NCTIQ RNC\Q GUQU TGEWTUQU 5G FGDGT±P NNGXCT C ECDQ
GUVWFKQU RTQURGEVKXQU UQDTG NC FKURQPKDKNKFCF C NC XG\ EWCPVKVCVKXC [ EWCNKVCVKXC FG
NQU TGEWTUQU [ NC GXQNWEKÉP FG NCU FGOCPFCU RCTC KFGPVKHKECT NCU UKVWCEKQPGU
RQVGPEKCNGU FG ETKUKU ITCXGU 'P RCTVKEWNCT GU KORQTVCPVG RQFGT CRTGEKCT NCU
KPVGTCEEKQPGU GPVTG NC IGUVKÉP FG TGEWTUQU FG CIWC FWNEG EQPVKPGPVCN [ NCU QVTCU
ITCPFGU EWGUVKQPGU OGFKQCODKGPVCNGU EQOQ NC FGUGTVKHKECEKÉP GN ECODKQ
ENKO±VKEQ NC FGHQTGUVCEKÉP GN FGVGTKQTQ FG NQU UWGNQU NC DKQFKXGTUKFCF [ NQU
KORCEVQU UQDTG NQU GEQUKUVGOCU EQUVGTQU 'U KIWCNOGPVG KORQTVCPVG GUVCDNGEGT
PGZQU GPVTG GN CIWC NC UCNWF NC UGIWTKFCF CNKOGPVKEKC [ NC RQDTG\C FG NC RQDNCEKÉP
+$
(CEKNKVCT NC EQQRGTCEKÉP KPVGTPCEKQPCN [ TGIKQPCN RCTC OGLQTCT NQU EQPQEKOKGPVQU
2CTC OGLQTCT NQU EQPQEKOKGPVQU GU PGEGUCTKQ TGHQT\CT NQU RTQITCOCU OWPFKCNGU [
TGIKQPCNGU SWG UG DCUCT±P GP NQ RQUKDNG GP RTQITCOCU PCEKQPCNGU *CDKFC EWGPVC
FG UW EQDGTVWTC IGQIT±HKEC [ FG UW QDLGVQ CNIWPQU RTQITCOCU OGTGEGT±P WP CRQ[Q
HKPCPEKGTQ RCTVKEWNCT OKGPVTCU SWG EKGTVQU RTQITCOCU PCEKQPCNGU RQFT±P UGT QDLGVQ
FG RTQITCOCU CRTQRKCFQU FG EQQRGTCEKÉP
+% 4GFGU FG UKUVGOCU FG FQEWOGPVCEKÉP UQDTG GN CIWC 5G FGDGT± CUGIWTCT NC RTQOQEKÉP FG
NCU CEVKXKFCFGU UKIWKGPVGU K .C QDVGPEKÉP FG FQEWOGPVCEKÉP [ UW FKHWUKÉP C VQFQU NQU
CEVQTGU KPVGTGUCFQU RCTC HCEKNKVCT NC HQTOCEKÉP EQPVKPWC FG NQU RTQHGUKQPCNGU FGN UGEVQT [
FKHWPFKT NQU PWGXQU EQPQEKOKGPVQU CUÃ EQOQ RCTC UGPUKDKNK\CT OGLQT CN RÐDNKEQ C NCU
EWGUVKQPGU KORQTVCPVGU TGNCEKQPCFCU EQP GN CIWC UQEKGFCF UCNWF OGFKQ CODKGPVG
KPUVKVWEKQPGU V¾EPKECU GEQPQOÃC 'UVC FQEWOGPVCEKÉP VCODK¾P FGDGT± GUVCT FKURQPKDNG
GP WPC HQTOC EQORTGPUKDNG [ WVKNK\CDNG RQT NQU TGURQPUCDNGU [ GN RÐDNKEQ GP IGPGTCN
KK .C ETGCEKÉP FG WP UKUVGOC TGRCTVKFQ [ EQORCTVKFQ FG KPVGTECODKQ FG NC
FQEWOGPVCEKÉP KPUVKVWEKQPCN GEQPÉOKEC [ V¾EPKEC CUÃ EQOQ FG NCU KPHQTOCEKQPGU FG
TGHGTGPEKC EQOQ CPWCTKQU FG QTICPKUOQU Q NKUVCU FG GZRGTVQU [ FG GURGEKCNKUVCU SWG
HWPEKQPGP GP TGF GPVTG NQU EGPVTQU FG FQEWOGPVCEKÉP GURGEKCNK\CFQU GP GN CIWC KKK .C
FGHKPKEKÉP FG TGHGTGPEKCU EQORCVKDNGU FG RTQVQEQNQU FG KPVGTECODKQ KPHQTOCVK\CFQ [ FG
GPHQSWGU OWNVKNKPIÒGU CUÃ EQOQ NC CPKOCEKÉP FG GUVC TGF [ NC HQTOCEKÉP FG
FQEWOGPVCNKUVCU
++(CXQTGEGTGNFGUCTTQNNQFGNCUECRCEKFCFGU
KPUVKVWEKQPCNGU[JWOCPCU
'UVG VGOC VTCVC K RQT WPC RCTVG FG NC IGUVKÉP KPVGITCFC FG TGEWTUQU JÃFTKEQU [ KK RQT QVTC FG NQU
UGTXKEKQU EQNGEVKXQU FG UWOKPKUVTQ [ WVKNK\CEKÉP FGN TGEWTUQ KPENW[GPFQ GN UCPGCOKGPVQ %QOQ UG JC
TGEQTFCFQ GP GN UGOKPCTKQ FG *CTCTG WP GPHQSWG KPVGITCFQ TGSWKGTG TGHQT\CT UWDUVCPEKCNOGPVG NCU
ECRCEKFCFGU KPUVKVWEKQPCNGU [ JWOCPCU C PKXGN PCEKQPCN [ NQECN FGPVTQ FG WPC ÉRVKEC FG
EQORNGOGPVCTKGFCF [ SWG CUQEKG C NC UQEKGFCF EKXKN C ECFC WPQ FG GUVQU PKXGNGU 'UVCU OGFKFCU RCTC
UGT GHGEVKXCU [ FWTCFGTCU TGSWKGTGP WPC XQNWPVCF RQNÃVKEC HWGTVG [ WP EQORTQOKUQ HKPCPEKGTQ C NCTIQ
RNC\Q
++& 'N FGUCTTQNNQ FG NCU ECRCEKFCFGU KPUVKVWEKQPCNGU
++&
.C HWPEKÉP FG NQU IQDKGTPQU 2CTC OGLQTCT NC UKVWCEKÉP FGN UGEVQT GU KORQTVCPVG
UQUVGPGT RTQ[GEVQU KPVGITCFQU [ RNWTKCPWCNGU RCTC NC ETGCEKÉP [ GN OGLQTCOKGPVQ FG
NQU OCTEQU FG QTICPK\CEKÉP CFOKPKUVTCVKXC HKPCPEKGTC [ V¾EPKEC VQOCPFQ GP
EQPUKFGTCEKÉP NCU PGEGUKFCFGU NCU ECRCEKFCFGU [ NC EWNVWTC FG ECFC RCÃU 'UVQU
RTQ[GEVQU FGDGT±P VTCVCT GP RCTVKEWNCT FG
++& NCU NGIKUNCEKQPGU [ TGINCOGPVCEKQPGU CFGEWCFCU RCTC WPC IGUVKÉP
KPVGITCFC FGN TGEWTUQ [ NQU OGFKQU PGEGUCTKQU RCTC JCEGTNCU TGURGVCT
++& NQU QTICPKUOQU CFOKPKUVTCVKXQU GZKUVGPVGU Q RQT ETGCT EQP WPC FGHKPKEKÉP
RTGEKUC FG UWU TGURQPUCDKNKFCFGU [ FG UWU TGEWTUQU RTGUWRWGUVCTKQU
++& NC QTICPK\CEKÉP FG KPUVCPEKCU [ FG RTQEGFKOKGPVQU SWG RGTOKVCP NC
RCTVKEKRCEKÉP GP NCU FGEKUKQPGU NC HQTOWNCEKÉP FG RTQ[GEVQU [ NQU RTQITCOCU FG NCU
EQNGEVKXKFCFGU VGTTKVQTKCNGU [ FG NQU TGRTGUGPVCPVGU FG NQU WUWCTKQU [ FG NC UQEKGFCF
EKXKN KPENWKFCU NCU OWLGTGU NQU PÉOCFCU [ NCU ECVGIQTÃCU FG RQDNCEKÉP OGPQU
HCXQTGEKFCU
++& GN GUVWFKQ FGVCNNCFQ FG NQU RNCPGU OCGUVTQU FG CRTQXGEJCOKGPVQ [ FG
IGUVKÉP FGN CIWC C NCTIQ RNC\Q GP RCTVKEWNCT C GUECNC FG NCU ITCPFGU EWGPECU
XGTVKGPVGU Q FG NQU CEWÃHGTQU OC[QTGU
++& NC GNCDQTCEKÉP FG RTQITCOCU RNWTKCPWCNGU FG KPXGTUKQPGU RTKQTKVCTKCU
VQOCPFQ GP EQPUKFGTCEKÉP NQU RTKPEKRKQU GN WUWCTKQ RCIC [ GN SWG EQPVCOKPC
RCIC GP WP OCTEQ PCEKQPCN [ FGPVTQ FG NÃOKVGU UQEKCNOGPVG CEGRVCDNGU
++&
.C
HWPEKÉP
FG
NCU
EQNGEVKXKFCFGU
NQECNGU
'U EQPXGPKGPVG HCXQTGEGT NC
FGUEGPVTCNK\CEKÉP GP DGPGHKEKQ FG NCU CWVQTKFCFGU NQECNGU FG NCU TGURQPUCDKNKFCFGU
FG QTICPK\CEKÉP [ FG IGUVKÉP FG CIWC GP OCVGTKC FG IGUVKÉP FG NCU TGFGU RÐDNKECU
FG CIWC RQVCDNG [ FG UCPGCOKGPVQ G KTTKICEKÉP EQNGEVKXC %QPXKGPG JCEGT JKPECRK¾
GP
++&
++&
++&
++&
++&
NC
GN
NC
GN
ECRCEKFCF FG CFQREKÉP FG FGEKUKQPGU FG NQU TGURQPUCDNGU
KPVGTECODKQ FG GZRGTKGPEKCU GPVTG QTICPKUOQU IGUVQTGU
OGLQTC FG NC GHKECEKC GEQPÉOKEC [ V¾EPKEC FG NQU UGTXKEKQU
HQOGPVQ FG KPKEKCVKXCU NQECNGU
.C RCTVKEKRCEKÉP FG NC UQEKGFCF EKXKN .C RCTVKEKRCEKÉP FG VQFC NC UQEKGFCF EKXKN GP
NC FGHKPKEKÉP [ HKPCPEKCEKÉP FG NQU RTQITCOCU PGEGUKVC
++& GN CEEGUQ C NC KPHQTOCEKÉP [ UW FKHWUKÉP GP RCTVKEWNCT RQT NQU OGFKC [ NQU
UKUVGOCU GFWECVKXQU
++& NC HQTOCEKÉP FG SWKGPGU FGDGT±P EQORCTVKT Q CUWOKT NC CFQREKÉP FG
FGEKUKQPGU RCTVKEWNCTOGPVG NQU FKTKIGPVGU FG NCU EQOWPKFCFGU FG RWGDNQU [
EQQRGTCVKXCU
FG
KTTKICFQTGU
CUÃ
EQOQ
FG
NQU
TGURQPUCDNGU
FG
CUQEKCEKQPGUQTICPK\CEKQPGU PQ IWDGTPCOGPVCNGU
++& GN HQOGPVQ [ NC EQQTFKPCEKÉP FG KPKEKCVKXCU GP QTICPK\CEKQPGU SWG
FKURQPGP FG ECRCEKFCFGU FG RGTKEKC [ GZRTGUKÉP
++& NC RCTVKEKRCEKÉP VQVCN FG NCU OWLGTGU SWG FGUGORGÇCP WP RCRGN
HWPFCOGPVCN [ NC UGPUKDKNK\CEKÉP FG NQU LÉXGPGU FGUFG NC GFCF GUEQNCT
++&
#RNKECEKÉP FG JGTTCOKGPVCU FG IGUVKÉP FG NCU CIWCU FWNEGU VTCPUHTQPVGTK\CU
#RQ[±PFQUG GP NQU ECRÃVWNQU CFGEWCFQU FG NC #IGPFC FG NC &GENCTCEKÉP FG 4ÃQ
[ FGN RTQITCOC FG KORNGOGPVCEKÉP CFQRVCFQ RQT NC #UCODNGC )GPGTCN FG NCU
0CEKQPGU 7PKFCU UG CNKGPVC C NQU 'UVCFQU TKDGTGÇQU C EQNCDQTCT GP NQU CUWPVQU
TGNCEKQPCFQU EQP NC IGUVKÉP FG NQU TGEWTUQU FG CIWC FWNEG VTCPUHTQPVGTK\QU
VQOCPFQ GP EQPUKFGTCEKÉP NQU KPVGTGUGU FG VQFQU NQU 'UVCFQU FG SWG UG VTCVC %QP
GUG HKP UGTÃC RCTVKEWNCTOGPVG EQPXGPKGPVG K HCXQTGEGT GN KPVGTECODKQ FG
KPHQTOCEKQPGU HKCDNGU [ EQORCTCDNGU GPVTG RCÃUGU XGEKPQU KK HQOGPVCT GN FK±NQIQ
GP VQFQU NQU PKXGNGU GP RCTVKEWNCT GP NQU QTICPKUOQU [ NQU FKURQUKVKXQU
KPVGTPCEKQPCNGU RGTVKPGPVGU [ KKK FGHKPKT RTQITCOCU FG OGFKFCU RTKQTKVCTKCU FG
KPVGT¾U EQOÐP GPECOKPCFQU C OGLQTCT NC IGUVKÉP FG NCU CIWCU [ NC NWEJC EQPVTC NC
EQPVCOKPCEKÉP
++& 1DVGPEKÉP FG KPHQTOCEKÉP GEQPÉOKEC *CDTÃC SWG TGHQT\CT NQU GUVWFKQU VGPFKGPVGU
C EQPQEGT OGLQT NQU EQUVQU FGN CIWC GP UWU FKHGTGPVGU WUQU UGIWKT NC GXQNWEKÉP FG
NCU RTGUVCEKQPGU [ RQFGT FKURQPGT FG KPFKECFQTGU GEQPÉOKEQU C PKXGN PCEKQPCN [
TGIKQPCN JCDKFC EWGPVC FG NQU KPVGTGUGU FG NQU RCÃUGU FG SWG UG VTCVC %QPXGPFTÃC
GUVCDNGEGT Q FGUCTTQNNCT C NC GUECNC CRTQRKCFC OGECPKUOQU FG QDUGTXCEKÉP 2CTC
FGHKPKT [ PQTOCNK\CT UWU O¾VQFQU FKHWPFKT [ EQORCTCT UWU TGUWNVCFQU FG OQFQ
XQNWPVCTKQ FGDGTÃCP EQPVCT EQP OGFKQU UWHKEKGPVGU RCTC TGCNK\CT GUVQU GUVWFKQU [
RTQITCOCU [ HCEKNKVCT UW EQQTFKPCEKÉP GP TGFGU FG EQQRGTCEKÉP KPVGTPCEKQPCN
++' 'N FGUCTTQNNQ FG NQU TGEWTUQU JWOCPQU 'PVTG NQU FKHGTGPVGU CURGEVQU FGN FGUCTTQNNQ FG NQU
TGEWTUQU JWOCPQU GN FG NC HQTOCEKÉP RNWTKFKUEKRNKPCTKC [ OWNVKUGEVQTKCN [ FG NC
KPHQTOCEKÉP FG NQU RTQHGUKQPCNGU [ WUWCTKQU GP GN UGEVQT FGN CIWC GU WPC EQPFKEKÉP
KPFKURGPUCDNG RCTC WVKNK\CT ÉRVKOCOGPVG NQU TGEWTUQU [ RCTC NC TGPVCDKNKFCF FG NCU QDTCU
++'
.C HQTOCEKÉP FG RTQHGUKQPCNGU .C HKPCPEKCEKÉP SWG UG FGDG OQXKNK\CT GP GUVC
GUHGTC FGDGT± CWOGPVCT RTQITGUKXCOGPVG FG HQTOC UKIPKHKECVKXC .C RGTGPPKFCF FG
WP UKUVGOC FG HQTOCEKÉP RTQHGUKQPCN EQPVKPWC UG DCUC GP NC HKPCPEKCEKÉP RQT RCTVG
FG NQU GORNGCFQTGU RÐDNKEQU [ RTKXCFQU FGN UGEVQT 5G FGDGT± JCEGT GURGEKCN
JKPECRK¾ GP NC HQTOCEKÉP FG NCU OWLGTGU GP VQFQU NQU PKXGNGU .C ETGCEKÉP Q GN
FGUCTTQNNQ FG RWPVQU FG CRQ[Q TGIKQPCNGU FGDGT± UGT QDLGVQ FG WP CRQ[Q RTKQTKVCTKQ
FG NC #UKUVGPEKC 1HKEKCN FGUCTTQNNCPFQ RTGXKCOGPVG NCU ECRCEKFCFGU RGFCIÉIKECU FG
NQU QTICPKUOQU GZKUVGPVGU 'P HWPEKÉP FG NCU PGEGUKFCFGU [ FG NQ GZKUVGPVG GUVQ
RQFT± TGCNK\CTUG GP HQTOC FG QTICPKUOQU FG HQTOCEKÉP V¾EPKEC Q FG CFOKPKUVTCEKÉP
[ FG IGUVKÉP FGN CIWC PCEKQPCNGU Q TGIKQPCNGU 'U RQUKDNG GUVCDNGEGT TGFGU FG GUVQU
QTICPKUOQU RCTC HCXQTGEGT NC HQTOCEKÉP FG NQU HQTOCFQTGU [ NC RTQFWEEKÉP FG NQU
OCVGTKCNGU RGFCIÉIKEQU PGEGUCTKQU
++' .C HQTOCEKÉP FG RTQHGUKQPCNGU FG CNVQ PKXGN .C FGHKPKEKÉP [ NC CRNKECEKÉP
FG NC RQNÃVKEC FGN CIWC DCUCFC GP NQU RTKPEKRKQU FG WPC IGUVKÉP KPVGITCFC FG NQU
TGEWTUQU TGSWKGTGP WPC HQTOCEKÉP CRTQRKCFC FG RTQHGUKQPCNGU FG CNVQ PKXGN
++' .C HQTOCEKÉP FG NQU QRGTCFQTGU .QU GUHWGT\QU VCODK¾P FGDGT±P
DGPGHKEKCT RTKQTKVCTKCOGPVG CN RGTUQPCN OGPQU EWCNKHKECFQ SWG TGRTGUGPVC NQ
GUGPEKCN FG NQU GHGEVKXQU FGN UGEVQT GP RCTVKEWNCT RQT OGFKQ FG WPC HQTOCEKÉP
CRTQRKCFC GP UKVWCEKQPGU RT±EVKECU FG VTCDCLQ .C HQTOCEKÉP RTQHGUKQPCN FGDGT±
RGTOKVKT OGLQTCT K NCU EQPFKEKQPGU FG GZRNQVCEKÉP GN OCPVGPKOKGPVQ [ NC
TGJCDKNKVCEKÉP FG NCU TGFGU EQNGEVKXCU [ FG NCU KPUVCNCEKQPGU GP RCTVKEWNCT ITCEKCU C
NC TGFWEEKÉP FG R¾TFKFCU [ C NC XKIKNCPEKC FG NC ECNKFCF FGN CIWC [ KK NC
QTICPK\CEKÉP CFOKPKUVTCVKXC NC IGUVKÉP [ NCU TGNCEKQPGU EQP NQU WUWCTKQU GP NCU
CFOKPKUVTCEKQPGU [ NQU UGTXKEKQU EQNGEVKXQU FGN CIWC
++'
.C KPXGUVKICEKÉP [ NC VTCPUHGTGPEKC FG VGEPQNQIÃCU 'U EQPXGPKGPVG CORNKCT NQU
RTQITCOCU PCEKQPCNGU [ TGIKQPCNGU FG KPXGUVKICEKÉP XKPEWNCFQU C NC GPUGÇCP\C
UWRGTKQT GP RCTVKEWNCT UQDTG NC IGUVKÉP KPVGITCFC FG NCU CIWCU [ FGN GURCEKQ GP NCU
EWGPECU XGTVKGPVGU [ UQDTG GN HWPEKQPCOKGPVQ FG NQU GEQUKUVGOCU XKPEWNCFQU CN
CIWC %QPXGPFTÃC KPVGPUKHKECT NQU KPVGTECODKQU FG EQPQEKOKGPVQU [ VGEPQNQIÃCU
CWP GPVTG RCÃUGU GP FGUCTTQNNQ VQOCPFQ GP EQPUKFGTCEKÉP NCU VGEPQNQIÃCU
CWVÉEVQPCU .C EQOWPKFCF KPVGTPCEKQPCN VKGPG WPC TGURQPUCDKNKFCF RCTVKEWNCT GP
GUVG ECORQ
++' 5GPUKDKNK\CEKÉP KPHQTOCEKÉP [ GFWECEKÉP FG NQU WUWCTKQU .C IGUVKÉP FGN CIWC [C
PQ KPEWODG UQNCOGPVG C NQU RTQHGUKQPCNGU FGN UGEVQT UKPQ SWG KPXQNWETC ECFC XG\
O±U C NC VQVCNKFCF FG NQU WUWCTKQU [ FG NCU RQDNCEKQPGU 'U OGPGUVGT UGPUKDKNK\CT C
NQU WUWCTKQU FGN CIWC [ FGN GURCEKQ C NC NWEJC EQPVTC GN FGURKNHCTTQ GN XCNQT
GEQPÉOKEQ UQEKCN [ EWNVWTCN FGN CIWC NC RTGXGPEKÉP FG NCU GPHGTOGFCFGU FG QTKIGP
JÃFTKEQ [ FG NCU EQPVCOKPCEKQPGU NC GTQUKÉP FG NQU UWGNQU [ NC RTQVGEEKÉP FGN
OGFKQ CODKGPVG 'UVQ TGSWKGTG WP GPHQSWG INQDCN G KPVGTFKUEKRNKPCTKQ SWG UG KPVGITG
GP NC EWNVWTC NQU EQPQEKOKGPVQU [ NCU VTCFKEKQPGU FG NCU RQDNCEKQPGU 5G FGDGP
TGHQT\CT NCU CEVKXKFCFGU GURGEÃHKECU SWG RTQRKEKGP NC RCTVKEKRCEKÉP RNGPC FG NCU
OWLGTGU GP NC FGHKPKEKÉP FG NQU RTQ[GEVQU [ UW IGUVKÉP
+++&GHKPKTNCUGUVTCVGIKCURCTCWPCIGUVKÉPUQUVGPKDNGFGNCIWC
GKFGPVKHKECTNQUOGFKQUFGHKPCPEKCEKÉPCRTQRKCFQU
+++(
&GHKPKEKÉP [ CRNKECEKÉP FG GUVTCVGIKCU KPVTCPCEKQPCNGU PCEKQPCNGU [ TGIKQPCNGU 5G KPXKVC
C NQU RCÃUGU SWG CÐP PQ JCP FGHKPKFQ UWU GUVTCVGIKCU KPVTCPCEKQPCNGU Q PCEKQPCNGU RCTC
GN UGEVQT FGN CIWC C GNCDQTCTNCU GUVCDNGEKGPFQ NCU RTKQTKFCFGU C OGFKCPQ [ NCTIQ RNC\Q
'UVCU GUVTCVGIKCU UKTXGP FG OCTEQ EQJGTGPVG C NCU CEVKXKFCFGU FG NQU FKHGTGPVGU CEVQTGU
FGN UGEVQT RÐDNKEQ [ FGN UGEVQT RTKXCFQ 'P NC OGFKFC GP SWG UG TGSWKGTC UG FGDGTÃCP
FGUCTTQNNCT GUVTCVGIKCU TGIKQPCNGU .C CRNKECEKÉP FG GUVCU GUVTCVGIKCU FGDGTÃC TGURQPFGT
C NCU GZKIGPEKCU FG IGUVKÉP KPVGITCFC FG NQU TGEWTUQU JÃFTKEQU [ EQORTGPFGT NC
CFCRVCEKÉP [ NC OQFGTPK\CEKÉP FG NQU OCTEQU KPUVKVWEKQPCNGU NGIKUNCVKXQU [
TGINCOGPVCTKQU NC OGLQTC FGN EQPQEKOKGPVQ FG NQU TGEWTUQU [ WUQU CUÃ EQOQ NC
HQTOCEKÉP FGN RGTUQPCN FKTGEVKXQ [ V¾EPKEQ RCTC NC IGUVKÉP FG NQU UGTXKEKQU [ GN
OCPVGPKOKGPVQ FG NQU GSWKRQU 'N CIWC GU WP TGEWTUQ PCVWTCN XKVCN RCTC NC RTQURGTKFCF [
NC GUVCDKNKFCF HWVWTCU [ UG FGDG RTGUVCT WPC CVGPEKÉP RCTVKEWNCT C NQU OGECPKUOQU G
KPUVTWOGPVQU SWG RGTOKVGP RTQOQXGT NC WVKNK\CEKÉP FGN CIWC EQOQ GNGOGPVQ ECVCNK\CFQT
FG NC EQQRGTCEKÉP TGIKQPCN CPVGU SWG EQOQ RQUKDNG HWGPVG FG EQPHNKEVQ
+++) .C OQXKNK\CEKÉP FG NQU TGEWTUQU HKPCPEKGTQU [ QVTQU
+++)
OQXKNK\CEKÉP FG TGEWTUQU PCEKQPCNGU [ NQECNGU 'U RTGEKUQ VQOCT GP
EQPUKFGTCEKÉP NC RNCPKHKECEKÉP [ NC IGUVKÉP FGN UGEVQT FGN CIWC GP WP EQPVGZVQ
FG FGUCTTQNNQ UQEKQGEQPÉOKEQ [ TGEQPQEGT GN RCRGN XKVCN FGN CIWC GP NC
UCVKUHCEEKÉP FG NCU PGEGUKFCFGU JWOCPCU NC UGIWTKFCF CNKOGPVKEKC NC TGFWEEKÉP
FG NC RQDTG\C [ GN HWPEKQPCOKGPVQ FG NQU GEQUKUVGOCU XKPEWNCFQU CN CIWC 5G
FGDGT±P VQOCT GP EWGPVC NCU EQPFKEKQPGU GURGEÃHKECU FG NQU UGEVQTGU PQ
OQPGVCTK\CFQU FG NC GEQPQOÃC 6CODK¾P GU PGEGUCTKQ GUVCDNGEGT KPEGPVKXQU
VCTKHCTKQU [ HKPCPEKGTQU UGIÐP RTQEGFC EQP XKUVCU C WPC DWGPC WVKNK\CEKÉP [
RTQVGEEKÉP FG NCU CIWCU 5G FGDGT± RTQVGIGT GN CEEGUQ C NQU TGEWTUQU JÃFTKEQU
VTCFKEKQPCNGU +IWCNOGPVG EQPXGPFTÃC GZRNQTCT NQU O¾VQFQU [ OGFKQU C
GUVCDNGEGT RCTC HCEKNKVCT WPC VTCPUKEKÉP RTQITGUKXC JCEKC WPC TGEWRGTCEKÉP
EQORNGVC FG NQU ICUVQU GP NC OGFKFC FG NQ RQUKDNG [ VQOCPFQ GP
EQPUKFGTCEKÉP GN RCRGN KORQTVCPVG FGN CIWC GP NC UCVKUHCEEKÉP FG NCU
.C
PGEGUKFCFGU JWOCPCU GUGPEKCNGU 5G RWGFGP EQPUKFGTCT EQPXGPKGPVGU GP
CNIWPQU RCÃUGU NQU UWDUKFKQU C ITWRQU GURGEÃHKEQU GP RCTVKEWNCT NQU O±U RQDTGU
W QVTQU OGECPKUOQU HKPCPEKGTQU VTCPURCTGPVGU [ CRTQRKCFQU .C VTCPURCTGPEKC
GP NC IGUVKÉP GEQPÉOKEC [ HKPCPEKGTC FG NQU UGTXKEKQU GU WPC EQPFKEKÉP
PGEGUCTKC RCTC WPC TGEWRGTCEKÉP GHGEVKXC FG NQU ICUVQU .C CRNKECEKÉP FG
OGFKFCU GPECOKPCFCU C TGFWEKT NQU EQUVQU EQOQ OGLQTCT NC IGUVKÉP RQPGT GP
EQORGVGPEKC C NQU QRGTCFQTGU TGFWEKT NCU HWICU [ WVKNK\CT VGEPQNQIÃCU
CRTQRKCFCU RWGFG RGTOKVKT NKOKVCT NCU PGEGUKFCFGU FG HKPCPEKCEKÉP 2CTC
CUGIWTCT NC HKPCPEKCEKÉP FG NC KPVGITCNKFCF FG NCU FKHGTGPVGU HWPEKQPGU SWG
EQPEWTTGP GP WPC IGUVKÉP UQUVGPKDNG FGN CIWC VTCU WP FGDCVG RÐDNKEQ
GZJCWUVKXQ GP GN SWG RCTVKEKRGP VQFQU NQU KPVGTGUCFQU EQPXKGPG GUVCDNGEGT NQU
OCTEQU NGIKUNCVKXQU [ TGINCOGPVCTKQU CRTQRKCFQU RCTC
+++) 2GTOKVKT NC OQXKNK\CEKÉP FWTCFGTC FG ET¾FKVQU RÐDNKEQU Q RTKXCFQU RCTC
HKPCPEKCT NCU TGFGU FG UWOKPKUVTQ [ FG UCPGCOKGPVQ
+++) (CEKNKVCT GN CEEGUQ CN ET¾FKVQ FG NCU GUVTWEVWTCU FG IGUVKÉP
FGUEGPVTCNK\CFCU RÐDNKECU Q RTKXCFCU GURGEKCNOGPVG FG NCU EQOWPKFCFGU FG
DCUG [ FG NCU 10) [ GP RCTVKEWNCT HQOGPVCT NQU OKETQET¾FKVQU
+++) #RQTVCT FG UGT PGEGUCTKQ C NQU KPXGTUQTGU RÐDNKEQU Q RTKXCFQU RNCPGU
CRTQRKCFQU FG ICTCPVÃC EQPVTC NQU TKGUIQU RCTC RGTOKVKT NC HKPCPEKCEKÉP FG NCU
KPXGTUKQPGU
+++) +PUVCWTCT GP NC OGFKFC FG NQ RQUKDNG UKUVGOCU VCTKHCTKQU DCUCFQU GP
GN RTKPEKRKQ GN WUWCTKQ RCIC SWG GSWKNKDTGP NQU EQUVQU FKTGEVQU Q KPFKTGEVQU FG
NQU UGTXKEKQU RQT NQU RTGEKQU HCEVWTCFQU C NQU WUWCTKQU UQNXGPVGU .CU VCTKHCU UG
FGDGP LWUVKHKECT RQT GN PKXGN FG NQU UGTXKEKQU QHTGEKFQU C NQU WUWCTKQU
+++) 1TICPK\CT UK GU PGEGUCTKQ NC VTCPUKEKÉP JCEKC TGEWRGTCEKÉP FG CN
OGPQU NQU ICUVQU FG GZRNQVCEKÉP FG OCPVGPKOKGPVQ [ FG TGPQXCEKÉP [ FG
IGUVKÉP FG EWGPECU XGTVKGPVGU RTGRCTCPFQ GP NC OGFKFC GP SWG UG TGSWKGTC WPC
HCUG KPVGTOGFKC GP GN VTCPUEWTUQ FG NC EWCN NQU OKUOQU RWFKGTCP UGT EWDKGTVQU
FG HQTOC EQORNGOGPVCTKC RQT HKPCPEKCEKQPGU RÐDNKECU
+++) 6QOCT FG HQTOC VTCPURCTGPVG NCU OGFKFCU PGEGUCTKCU GP RCTVKEWNCT
NC FKUVTKDWEKÉP GSWKVCVKXC RCTC GXKVCT WPC IGUVKÉP FG NQU UGTXKEKQU SWG EQPFW\EC
C NKOKVCT GN CEEGUQ CN CIWC FG NQU WUWCTKQU FG KPITGUQU DCLQU
+++) #RNKECT GHKEC\OGPVG GN RTKPEKRKQ FG GN SWG EQPVCOKPC RCIC
RCTVKEWNCTOGPVG
OGFKCPVG
KPUVTWOGPVQU
GEQPÉOKEQU
EQP
HKPCNKFCF
OGFKQCODKGPVCN RTQRQTEKQPCNGU C NQU FCÇQU ECWUCFQU CN OGFKQ CODKGPVG
+++) 6QOCT GP EWGPVC NQU EQUVQU TGNCEKQPCFQU EQP GN EQPQEKOKGPVQ NC
RTQVGEEKÉP [ NC XCNQTK\CEKÉP FG NQU TGEWTUQU UWRGTHKEKCNGU [ UWDVGTT±PGQU CUÃ
EQOQ NC RTGUGTXCEKÉP [ NC IGUVKÉP FG NQU GEQUKUVGOCU FG NCU EWGPECU XGTVKGPVGU
[ FG NQU CEWÃHGTQU [ CN OCPVGPKOKGPVQ FG NQU JWOGFCNGU [ FGN T¾IKOGP JÃFTKEQ
FG NQU EWTUQU FG CIWC
+++)
.C OQXKNK\CEKÉP FG TGEWTUQU GZVGTKQTGU
.QU RTQXGGFQTGU FG HQPFQU DKNCVGTCNGU [
OWNVKNCVGTCNGU FGDGT±P CRQ[CT C NQU RCÃUGU GP GN FKUGÇQ [ NC CRNKECEKÉP FG UW
GUVTCVGIKC FG IGUVKÉP KPVGITCFC FG NQU TGEWTUQU JÃFTKEQU 'UVQU KPUETKDKT±P UWU
KPVGTXGPEKQPGU FGPVTQ FGN OCTEQ FG NCU RTKQTKFCFGU FGHKPKFCU RCTC CUGIWTCT WPC
UKPGTIÃC GHKEC\ GPVTG NQU CRQ[QU GZVGTKQTGU [ NQU TGEWTUQU HKPCPEKGTQU PCEKQPCNGU
[ NQECNGU .QU RTQXGGFQTGU FG HQPFQU DKNCVGTCNGU [ OWNVKNCVGTCNGU FGDGT±P
EQPVTKDWKT C NC CRNKECEKÉP FG NCU RTKQTKFCFGU FGHKPKFCU CRQ[CPFQ VCPVQ NCU
TGHQTOCU FG GUVTWEVWTC EQOQ NQU RTQ[GEVQU [ OQXKNK\CPFQ NQU OGFKQU
HKPCPEKGTQU PGEGUCTKQU C GUVC RQNÃVKEC .C EQORTQDCEKÉP FG WPC WVKNK\CEKÉP
ÉRVKOC FG NQU TGEWTUQU GZKUVGPVGU HCEKNKVCT± NC OQXKNK\CEKÉP FG TGEWTUQU
HKPCPEKGTQU CFKEKQPCNGU PCEKQPCNGU G KPVGTPCEKQPCNGU FGN UGEVQT RÐDNKEQ [
RTKXCFQ %QPXGPFTÃC JCEGT JKPECRK¾ GP NC EQPEGTVCEKÉP [ HKPCPEKCEKÉP EQPLWPVC
FG RTQXGGFQTGU FG HQPFQU OWNVKNCVGTCNGU [ DKNCVGTCNGU C HKP FG SWG NQU RCÃUGU
DGPGHKEKCTKQU TGPVCDKNKEGP CN O±ZKOQ NC HKPCPEKCEKÉP GZVGTPC GP RCTVKEWNCT RCTC
RTQ[GEVQU TGIKQPCNGU KPVGITCFQU
+++) 7UQ FG OGECPKUOQU KPPQXCFQTGU 5G FGDGTÃC VQOCT FGDKFCOGPVG GP
EQPUKFGTCEKÉP NC RQUKDKNKFCF FG WPC OC[QT RCTVKEKRCEKÉP FGN UGEVQT RTKXCFQ GP
UQNWEKQPGU KPPQXCFQTCU RCTC NC IGUVKÉP FG NQU TGEWTUQU JÃFTKEQU NQECNGU VCNGU
EQOQ GN $16 [ NQU OGECPKUOQU FG OGTECFQ UK RTQEGFG
+++)
#RTQXGEJCOKGPVQ
FG
NQU
TGEWTUQU
FKOCPCFQU FG FKUVKPVCU EWNVWTCU
FGN CIWC GU KORQTVCPVG
JWOCPQU
NQECNGU
[
NQU
EQPQEKOKGPVQU
#FGO±U FG GPHQSWGU OQFGTPQU FG NC RQNÃVKEC
+++) OQXKNK\CT CN O±ZKOQ NQU TGEWTUQU JWOCPQU [
+++) UCECT RTQXGEJQ FG NQU EQPQEKOKGPVQU RT±EVKEQU FKXGTUKHKECFQU FG NC
RQDNCEKÉP GP GURGEKCN FG NCU \QPCU TWTCNGU [ FG RCUVQTGQ EQP TGURGEVQ C NC
FGVGEEKÉP TGEQNGEEKÉP EQPUGTXCEKÉP WUQ [ TGWVKNK\CEKÉP FGN CIWC
+++*
.CU RTKQTKFCFGU FG NC CUKUVGPEKC QHKEKCN RCTC GN FGUCTTQNNQ .QU RTQXGGFQTGU FG HQPFQU
DKNCVGTCNGU [ OWNVKNCVGTCNGU FGDGT±P EQPEGPVTCT NCU HKPCPEKCEKQPGU GP CEEKQPGU
GUVTWEVWTCPVGU [ RTQITCOCU SWG CRWPVGP C OGLQTCT GN OGFKQ CODKGPVG C HKP FG
UCVKUHCEGT OGLQT NCU PGEGUKFCFGU GUGPEKCNGU RTKQTKVCTKCU HCXQTGEKGPFQ NCU KPKEKCVKXCU GP
EWTUQ Q NCU CEVKXKFCFGU GZKUVGPVGU 'PVTG ¾UVCU
+++*
CIWC RQVCDNG UCPGCOKGPVQ
NWEJC EQPVTC NCU GPHGTOGFCFGU FG QTKIGP JÃFTKEQ GVE GP GN OCTEQ FG OGFKFCU
SWG UG FGDGP RQPGT GP RT±EVKEC T±RKFCOGPVG RCTC CNECP\CT RTQITGUKXCOGPVG NCU
PQTOCU KPVGTPCEKQPCNGU TGEQPQEKFCU RCTC NC UCVKUHCEEKÉP EWCPVKVCVKXC [
EWCNKVCVKXC FG GUVCU PGEGUKFCFGU GUGPEKCNGU FG VQFQU NQU UGTGU JWOCPQU GP
\QPCU TWTCNGU [ \QPCU WTDCPCU FGUHCXQTGEKFCU 5G FGDGT± RTGUVCT WPC CVGPEKÉP
OW[ RCTVKEWNCT C NC GTTCFKECEKÉP FG NCU GPHGTOGFCFGU FG QTKIGP JÃFTKEQ 5G
FGDGTÃCP VQOCT FGDKFCOGPVG GP EQPUKFGTCEKÉP NCU EWGUVKQPGU TGNCVKXCU C NC
KIWCNFCF GPVTG NQU JQODTGU [ OWLGTGU EQP RTQITCOCU FG OGLQTC FGN GUVCVWVQ FG
NCU OWLGTGU [ FG CWOGPVQ FG UW RCTVKEKRCEKÉP GP NCU FGEKUKQPGU
+++* .C QTICPK\CEKÉP FG UKUVGOCU KPVGITCFQU FG OGFKFCU [ FG DCUGU FG FCVQU RCTC
OGLQTCT NCU KPHQTOCEKQPGU UQDTG NQU TGEWTUQU NQU WUQU [ NCU EQPVCOKPCEKQPGU
5G RTQOQXGT± GN CEEGUQ FG NQU RTQHGUKQPCNGU [ FG NQU WUWCTKQU C NC KPHQTOCEKÉP
[ C NC FQEWOGPVCEKÉP ÐVKNGU RCTC NC IGUVKÉP [ NC HKPCPEKCEKÉP FGN CIWC
+++* .C TGCNK\CEKÉP FG TGHQTOCU KPUVKVWEKQPCNGU CFOKPKUVTCVKXCU [ GEQPÉOKECU SWG
CRWPVGP CN GUVCDNGEKOKGPVQ FG QTICPK\CEKQPGU FG EWGPEC [ FG CWVQTKFCFGU
TGIWNCFQTCU PCEKQPCNGU Q TGIKQPCNGU NC OQFGTPK\CEKÉP FG NQU UGTXKEKQU
EQNGEVKXQU FG KTTKICEKÉP Q FG CIWC OWPKEKRCN NC OGLQTC FG NC GHKEKGPEKC FG NQU
WUQU GN EQPVTQN FG NCU FGOCPFCU [ GN OCPVGPKOKGPVQ FG NCU KPUVCNCEKQPGU
+++* .C HQTOCEKÉP RTQHGUKQPCN KPKEKCN [ EQPVKPWC FG VQFCU NCU ECVGIQTÃCU FG CIGPVGU
RQT OGFKQ FG NC ETGCEKÉP Q NC OQFGTPK\CEKÉP FG EGPVTQU FG HQTOCEKÉP V¾EPKEC
GURGEKCNK\CFQU [ FG KPUVKVWVQU FG HQTOCEKÉP RCTC NC CFOKPKUVTCEKÉP [ NC IGUVKÉP
FG NQU UGTXKEKQU FGN CIWC
+++* .C RTQOQEKÉP FG NCU CUQEKCEKQPGU GPVTG NQU UGEVQTGU RTKXCFQ [ RÐDNKEQ C HKP FG
ETGCT KPHTCGUVTWEVWTCU FG KPVGTGUGU EQOWPGU GEQPÉOKECOGPVG LWUVKHKECFCU [
GEQNÉIKEC [ UQEKCNOGPVG TCEKQPCNGU SWG UG KPVGITGP GP RNCPGU OCGUVTQU GP
RCTVKEWNCT C GUECNC FG NCU ITCPFGU EWGPECU XGTVKGPVGU [ GP RTQITCOCU
KPVGITCFQU FG KPXGTUKQPGU RTKQTKVCTKCU
+++* .C IGUVKÉP UQUVGPKDNG FG NQU GEQUKUVGOCU XKPEWNCFQU CN CIWC RCTC RTGUGTXCT NC
DKQFKXGTUKFCF [ CUGIWTCT NC EQPUGTXCEKÉP FG NQU UWGNQU [ FG NCU CIWCU OGFKCPVG
RQNÃVKECU CRTQRKCFCU TGNCVKXCU C NC QTFGPCEKÉP FGN VGTTKVQTKQ NC NWEJC EQPVTC NC
FGUGTVKHKECEKÉP [ NC GTQUKÉP NC IGUVKÉP HQTGUVCN [ NQU FGUGEJQU OWPKEKRCNGU
.C UCVKUHCEEKÉP FG NCU PGEGUKFCFGU GUGPEKCNGU
+++*
+PXGUVKICEKÉP [ GPUGÇCP\C UWRGTKQT
'N CRQ[Q C NC KPXGUVKICEKÉP NC HQTOCEKÉP [
GN HQTVCNGEKOKGPVQ FG NCU ECRCEKFCFGU KPUVKVWEKQPCNGU FGDGTÃC HCEKNKVCT NC
VTCPUHGTGPEKC FG VGEPQNQIÃCU G KPETGOGPVCT UW GHKECEKC
+++* 2TGXGPEKÉP FG NQU TKGUIQU PCVWTCNGU KPWPFCEKQPGU [ UGSWÃCU 'U PGEGUCTKQ
GUVCDNGEGT Q TGHQT\CT OGECPKUOQU FG EQPUWNVC TGIKQPCN UQDTG NC RTGXGPEKÉP FG
NCU KPWPFCEKQPGU [ UGSWÃCU NQU UKUVGOCU FG CNGTVC VGORTCPC [ NQU RNCPGU FG
OKVKICEKÉP FG NCU ECV±UVTQHGU GP NQU RNCPQU NQECN [ PCEKQPCN HQPFQU TGIKQPCNGU
FG GOGTIGPEKC [Q RTQITCOCU EQNGEVKXQU FG UGIWTQU 'P GN RNCPQ KPVGTPCEKQPCN
GU RTGEKUQ OCPVGPGT GN CRQ[Q C GUCU CEVKXKFCFGU CN V¾TOKPQ FGN &GEGPKQ
+PVGTPCEKQPCN RCTC NC 4GFWEEKÉP FG NQU &GUCUVTGU 0CVWTCNGU +++* /GLQTC FG NC GHKEKGPEKC FG NC KTTKICEKÉP 'N GUVCDNGEKOKGPVQ FG KPEGPVKXQU
GEQPÉOKEQU FGDGTÃC RGTOKVKT GN CRTQXGEJCOKGPVQ GHKEC\ FG NQU TGEWTUQU JÃFTKEQU
GP RCTVKEWNCT GP GN UGEVQT FG NC KTTKICEKÉP C HKP FG CWOGPVCT [ CUGIWTCT NC
RTQFWEEKÉP CNKOGPVKEKC
#PGZQ
2TQOQEKÉPFGNCCUQEKCEKÉP[FGNCEQPEGTVCEKÉP
5G KPXKVC C VQFCU NCU CWVQTKFCFGU RÐDNKECU NCU GORTGUCU RÐDNKECU [ RTKXCFCU [ NCU QTICPK\CEKQPGU PQ
IWDGTPCOGPVCNGU VCPVQ UGCP NQECNGU PCEKQPCNGU Q KPVGTPCEKQPCNGU TGURQPUCDNGU Q GPECTICFCU FG
FKUGÇCT GUVWFKCT CRTQDCT CRNKECT GZRNQVCT EQPVTQNCT Q HKPCPEKCT NCU CEVKXKFCFGU FG NQU RTQITCOCU Q
FG NQU UGTXKEKQU GP GN UGEVQT FGN CIWC C KPKEKCT WPC EQPEGTVCEKÉP RGTOCPGPVG EQP VQFQU NQU WUWCTKQU [
DGPGHKEKCTKQU FG UWU CEVKXKFCFGU 'UVC EQPEGTVCEKÉP RCUC RQT WPC KPHQTOCEKÉP EQORNGVC [ ÐVKN FG NCU
RGTUQPCU CUQEKCFCU [ WP FK±NQIQ UQDTG NQU QDLGVKXQU [ OGFKQU OQXKNK\CFQU RCTC NCU CEVKXKFCFGU
EQPEGTPKFCU
&GPVTQ FGN OCTEQ FG CUQEKCEKQPGU KPUVKVWEKQPCNGU Q EQOGTEKCNGU GPVTG QVTCU UG FGUCTTQNNCT± NC
RWGUVC C FKURQUKEKÉP FG RGTKEKC FG EQPQEKOKGPVQU FG VGEPQNQIÃCU RGTQ VCODK¾P FG VQFCU NCU
KPHQTOCEKQPGU ÐVKNGU RCTC OGLQTCT NC GHKECEKC [ FGUCTTQNNCT UWU UGTXKEKQU [ CEVKXKFCFGU
6QFQU NQU CEVQTGU HCXQTGEGT±P UGIÐP RTQEGFC
• GN KPVGTECODKQ [ NC FKHWUKÉP FG GZRGTKGPEKCU CFSWKTKFCU GP NC RT±EVKEC RTQ[GEVQU RTQITCOCU
[ CEVKXKFCFGU GVE
• GN KPVGTECODKQ FG KPHQTOCEKQPGU UQDTG NCU KPUVKVWEKQPGU NQU RTQDNGOCU TGUWGNVQU [ NCU
UQNWEKQPGU KPPQXCFQTCU CFQRVCFCU [ VQFCU NCU QVTCU CEVKXKFCFGU SWG RWGFCP EQPVTKDWKT C
UGPUKDKNK\CT CN RÐDNKEQ [ C NQU RTQHGUKQPCNGU C NQU TGVQU [ C NCU UQNWEKQPGU CRQTVCFCU C NC
EWGUVKÉP FGN CIWC
.CU TGFGU EQPUVKVWKFCU RCTC NQITCT NQU QDLGVKXQU CTTKDC OGPEKQPCFQU GUVCT±P CDKGTVCU C NCU
QVTCU TGFGU [ GP NC OGFKFC GP SWG UGC RQUKDNG C VQFQU NQU CUQEKCFQU FGN UGEVQT FGN CIWC .C
KPHQTOCEKÉP FKHWPFKFC RQT GUCU TGFGU GUVCT± C FKURQUKEKÉP FG VQFQU
$KDNKQITCHÃC
0CEKQPGU 7PKFCU +PHQTOG FG NC %QPHGTGPEKC FG NCU 0CEKQPGU 7PKFCU UQDTG GN #IWC /CT FGN
2NCVC C FG OCT\Q FG '%10( 0WGXC ;QTM 07 RWDNKECEKÉP FG NCU
0CEKQPGU 7PKFCU PÐOGTQ FG XGPVC 5++#
AAAAAAAA +PHQTOG FG NC %QPHGTGPEKC FG NCU 0CEKQPGU 7PKFCU UQDTG GN /GFKQ #ODKGPVG [ GN
&GUCTTQNNQ XQNÐOGPGU #%10(4GX 0WGXC ;QTM 07 RWDNKECEKÉP FG NCU
0CEKQPGU 7PKFCU PÐOGTQ FG XGPVC 5+ +5$0 1HHKEG +PVGTPCVKQPCN FG NI'CW %QPHGTGPEKC +PVGTPCEKQPCN #IWC [ &GUCTTQNNQ 5QUVGPKDNG
&GENCTCEKÉP FG 2CTÃU (TCPEKC 1HHKEG +PVGTPCVKQPCN FG NI'CW
1TICPK\CEKÉP /GVGQTQNÉIKEC /WPFKCN &GENCTCEKÉP FG &WDNÃP G KPHQTOG FG NC %QPHGTGPEKC
)KPGDTC 1//
Descargar