&KUVT

4'564+0)+&#
.%4
FGLWNKQFG
14+)+0#.'52#Ÿ1.
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

%'2#.
%QOKUKÉP'EQPÉOKECRCTC#O¾TKEC.CVKPC[GN%CTKDG

.CFKP±OKECFGNFGUCTTQNNQ
UWUVGPVCDNG[UQUVGPKDNG

 'N RTGUGPVG FQEWOGPVQ JC UKFQ GNCDQTCFQ RQT GN UGÇQT #ZGN &QWTQLGCPPK FG NC &KXKUKÉP FG
4GEWTUQU 0CVWTCNGU G +PHTCGUVTWEVWTC RCTC UGT RTGUGPVCFQ GP GN :8 %QPITGUQ 8GPG\QNCPQ FG NC
%KGPEKC FGN 5WGNQ $CTSWKUKOGVQ 8GPG\WGNC FGN  FG PQXKGODTG CN  FG FKEKGODTG FG  .CU
QRKPKQPGU GZRTGUCFCU GP GUVG FQEWOGPVQ SWG PQ JC UKFQ UQOGVKFQ C TGXKUKÉP GFKVQTKCN UQP FG NC
GZENWUKXC TGURQPUCDKNKFCF FGN CWVQT [ RWGFGP PQ EQKPEKFKT EQP NCU FG NC 1TICPK\CEKÉP

 KKK

+PFKEG

2±IKPC

4GUWOGP 

 *CEKCWPCCRTQZKOCEKÉPEQPEGRVWCNFGNFGUCTTQNNQ  

 .QUGUEGPCTKQUEQPHNKEVKXQU[EQPEKNKCVQTKQURCTCGNFGUCTTQNNQ 

 .CUGUECNCU[NCFKP±OKECFGNFGUCTTQNNQ  

 .CINQDCNK\CEKÉP[NCEQPEGPVTCEKÉPGURCEKCNFGNFGUCTTQNNQ 

 2TQEGUQUFGIGUVKÉPRCTCCNECP\CTGSWKNKDTKQUGPGNFGUCTTQNNQ  
 

4GUWOGP
'N RTGUGPVG FQEWOGPVQ UG QTKGPVC C CENCTCT NCU KORNKECPEKCU FGN KFGUCTTQNNQ
UWUVGPVCDNGL[GNKFGUCTTQNNQUQUVGPKDNGLXKPEWN±PFQNQUCWPVTK±PIWNQSWGTGNCEKQPC
QDLGVKXQU UQEKCNGU GEQPÉOKEQU [ CODKGPVCNGU
GN VTK±PIWNQ FG NQU EQPHNKEVQU 5G
UQUVKGPGSWGUÉNQUKGNKFGUCTTQNNQUWUVGPVCDNGLUGOCPVKGPGGPGNVKGORQUGCNECP\C
GN FGPQOKPCFQ KFGUCTTQNNQ UQUVGPKDNGL 5G JCEG RCTVKEWNCT TGHGTGPEKC C NCU
XKPEWNCEKQPGU SWG GZKUVGP GPVTG FGUCTTQNNQ UWUVGPVCDNG [ VGTTKVQTKQ CUÃ EQOQ NC
ECRCEKFCFFGIQDGTPCDKNKFCFSWGVKGPGNCUQEKGFCFUQDTGFKEJQUVGTTKVQTKQU6CODK¾P
UG JCEG TGHGTGPEKC C NC KORQTVCPEKC FG NC KPVGTCEEKÉP GPVTG NQU JCDKVCPVGU FG
FKHGTGPVGU VGTTKVQTKQU EQP HKPGU FG EQORGPUCT [ CNECP\CT OGLQTGU GSWKNKDTKQU
EQPFWEGPVGU CN FGUCTTQNNQ UWUVGPVCDNG 2TGVGPFG CRQTVCT GNGOGPVQU RCTC GUENCTGEGT
NC EQORNGLKFCF [ EQORTQOKUQU SWG UG FGDGP NQITCT GPVTG NQU JCDKVCPVGU FG ECFC
VGTTKVQTKQ [ GPVTG VGTTKVQTKQU RCTC NQITCTNQ CUÃ EQOQ FGVGTOKPCT RTQEGUQU FG IGUVKÉP
RCTCCNECP\CTNQ

'N FGUCTTQNNQ UWUVGPVCDNG [ UQUVGPKDNG PQ UG TGHKGTG C WPC OGVC VCPIKDNG PK
EWCPVKHKECDNGCUGTCNECP\CFCGPFGVGTOKPCFQRNC\Q[OQOGPVQ5GTGHKGTGO±UDKGP
CNCRQUKDKNKFCFFGOCPVGPGTWPGSWKNKDTKQGPVTGHCEVQTGUSWGGZRNKECPWPEKGTVQPKXGN
FG FGUCTTQNNQ FGN UGT JWOCPQ PKXGN SWG GU UKGORTG VTCPUKVQTKQ GP GXQNWEKÉP [ CN
OGPQUGPVGQTÃCFGDGTÃCUGTUKGORTGEQPFWEGPVGCOGLQTCTNCECNKFCFFGXKFCFGNQU
UGTGUJWOCPQU'NNNCOCFQFGUCTTQNNQUWUVGPVCDNG[UQUVGPKDNGGUGPEQPUGEWGPEKC
NC TGUWNVCPVG FG WP EQPLWPVQ FG FGEKUKQPGU [ RTQEGUQU SWG FGDGP NNGXCT C ECDQ
IGPGTCEKQPGU FG UGTGU JWOCPQU FGPVTQ FG EQPFKEKQPGU UKGORTG ECODKCPVGU EQP
KPHQTOCEKÉP WUWCNOGPVG KPUWHKEKGPVG UWLGVCU C KPEGTVKFWODTGU [ EQP OGVCU RQEQ
EQORCTVKFCU RQT NCU UQEKGFCFGU EQP WPC RQDNCEKÉP EQP ETGEKGPVG VGPFGPEKC CN
KPFKXKFWCNKUOQ
 

*CEKCWPCCRTQZKOCEKÉP
EQPEGRVWCNFGNFGUCTTQNNQ
'N FGUCTTQNNQ UWUVGPVCDNG PQ UG TGHKGTG C WPC OGVC VCPIKDNG PK EWCPVKHKECDNG C UGT
CNECP\CFCGPFGVGTOKPCFQRNC\Q[OQOGPVQ5GTGHKGTGO±UDKGPCNCRQUKDKNKFCFFG
OCPVGPGTWPGSWKNKDTKQGPVTGHCEVQTGUSWGGZRNKECPWPEKGTVQPKXGNFGFGUCTTQNNQFGN
UGT JWOCPQ PKXGN SWG GU UKGORTG VTCPUKVQTKQ GP GXQNWEKÉP [ CN OGPQU GP VGQTÃC
FGDGTÃCUGTUKGORTGEQPFWEGPVGCOGLQTCTNCECNKFCFFGXKFCFGNQUUGTGUJWOCPQU
'NNNCOCFQFGUCTTQNNQUWUVGPVCDNGGUGPEQPUGEWGPEKCNCTGUWNVCPVGFGWPEQPLWPVQ
FGFGEKUKQPGU[RTQEGUQUSWGFGDGPNNGXCTCECDQIGPGTCEKQPGUFGUGTGUJWOCPQU
FGPVTQ FG EQPFKEKQPGU UKGORTG ECODKCPVGU EQP KPHQTOCEKÉP WUWCNOGPVG
KPUWHKEKGPVG UWLGVCU C KPEGTVKFWODTGU [ EQP OGVCU RQEQ EQORCTVKFCU RQT WPC
UQEKGFCF [ RGTUQPCU GP IGPGTCN PQ OW[ UQNKFCTKCU UK GN FGUCTTQNNQ UWUVGPVCDNG UG
OCPVKGPGGPGNVKGORQUGCNECP\CNCUQUVGPKDKNKFCF

'N EQPEGRVQ FG KFGUCTTQNNQ FGN UGT JWOCPQL FGDGTÃC NNGXCT KORNÃEKVQ NC
UWUVGPVCDKNKFCF GP WP FGVGTOKPCFQ OQOGPVQ [ NC KUQUVGPKDKNKFCF FG FKEJC
UWUVGPVCDKNKFCFLGPGNVKGORQ5KCUÃPQNQHWGTCPQRQFTÃCECVCNQICTUGFGFGUCTTQNNQ
WP UKORNG RTQEGUQ SWG UÉNQ CRWPVC C CNECP\CT OGVCU FG EQTVQ RNC\Q Q UÉNQ NG
KPVGTGUCNQGEQPÉOKEQNQUQEKCNQNQCODKGPVCN'NCITGICTNGCNV¾TOKPQFGUCTTQNNQGN
EQPEGRVQ FG KUWUVGPVCDNGL [ KUQUVGPKDNGL UÉNQ TGUCNVC SWG GUVQU RTKPEKRKQU PQ UG
CRNKECP'UFGEKTTGUCNVCPNCQOKUKÉP[PQNCCEEKÉP

.C UWUVGPVCDKNKFCF [ UQUVGPKDKNKFCF UG GZRNKEC WUWCNOGPVG OGFKCPVG HCEVQTGU

GEQPÉOKEQUUQEKCNGU[CODKGPVCNGUTGHGTKFQUCETGEKOKGPVQGEQPÉOKEQGSWKFCF [
UWUVGPVCDKNKFCFCODKGPVCNRTQDCDNGOGPVGRQTUGTO±UUKORNGJCEGTNQFGGUVCOCPGTC

X¾CUG)T±HKEQ'UVCUVTGUXCTKCDNGUPQPGEGUCTKCOGPVGGZRNKECPVQFQNQSWGNNGXC
KORNÃEKVQ GN EQPEGRVQ FG FGUCTTQNNQ UWUVGPVCDNG [ UQUVGPKDNG RGTQ UG UWRQPG SWG
GZRNKECPWPDWGPRQTEGPVCLGFGNOKUOQ'NWVKNK\CTUÉNQVTGUXCTKCDNGURCTCFGUETKDKT
GUVG EQPEGRVQ GSWKXCNG C EQPUKFGTCT ÐPKECOGPVG NQU VTGU RTKOGTQU HCEVQTGU FG WPC
TGITGUKÉPOÐNVKRNGSWGGZRNKECPSWK\±UWPFGWPCEQTTGNCEKÉPCWPEWCPFQUG
EQPQ\ECSWGGZKUVGPEKGPVQUFGQVTCUXCTKCDNGUKPXQNWETCFCU

%CDG TGUCNVCT SWG NC UQEKGFCF UG JC QTICPK\CFQ RCTC EQPFWEKT RTQEGUQU FG
IGUVKÉP C PKXGN FG VGTTKVQTKQU FGNKOKVCFQU RCTC CNECP\CT UQDTG VQFQ OGVCU FG
ETGEKOKGPVQ GEQPÉOKEQ [ C XGEGU OGVCU UQEKCNGU RGTQ OW[ GUECUCOGPVG RCTC
OCPGLCT VGTTKVQTKQU FGNKOKVCFQU RQT TC\QPGU PCVWTCNGU 'UVQ KORNKEC SWG PQ GZKUVGP
DCUGU FG IQDGTPCDKNKFCF RCTC EQPLWICT [ CNECP\CT GP HQTOC EQQTFKPCFC OGVCU
GEQPÉOKECU UQEKCNGU [ CODKGPVCNGU GP NQU VGTTKVQTKQU CEVWCNOGPVG FGNKOKVCFQU UÉNQ
 

RQT TC\QPGU RQNÃVKEQCFOKPKUVTCVKXQU

NÃOKVGU FKUVTKVCNGU RTQXKPEKCNGU GUVCVCNGU
TGIKQPCNGUQFGRCÃUGU

100%

Crecimiento Equidad
económico

Desarrollo
sustentable

100%

100%
Sustentabilidad ambiental
Ambito (proceso de manejo del ámbito)

Fuente: modificado a partir de Peter Nijkamp, Regional sustainable development and natural resources use, World Bank
Annual Conference on Development Economics, 26 y 27 de abril de 1990, Washington, D.C.

'N EQPEGRVQ FG FGUCTTQNNQ UWUVGPVCDNG [ UQUVGPKDNG GUV± CFGO±U XKPEWNCFQ C

ECVGIQTÃCU Q GUECNCU FG ECNKFCF FG XKFC [ C NC KPVGTCEEKÉP GPVTG JCDKVCPVGU [
TGEWTUQUFGWPQQO±UVGTTKVQTKQU
X¾CUG)T±HKEQ'NNQGZRNKECRQTSW¾GNFGUCTTQNNQ
GUV± GUVTGEJCOGPVG CUQEKCFQ C NCU FGOCPFCU SWG GZKIG ECFC EWNVWTC Q GUVKNQ FG
XKFC[CNCINQDCNK\CEKÉPFGNQURTQEGUQUGEQPÉOKEQUUQEKCNGU[CODKGPVCNGU[CNC
ECRCEKFCFPGIQEKCFQTC GPVTG TGIKQPGU Q RCÃUGU 'N OKUOQ VKRQ FG EQPUWOQ SWG UG
GZVKGPFGCPKXGNINQDCNGLGTEGECFCXG\O±UKPHNWGPEKCUGPQTOGUGPGNOGFKQUQEKCN
[ CODKGPVCN FG EWNVWTCU CPVGU OW[ FKHGTGPVGU SWG CJQTC RWIPCP RQT KOKVCT NQ SWG
EQPUKFGTCPO±UCXCP\CFQ

'N NNCOCFQ FGUCTTQNNQ UWUVGPVCDNG GU NC TGUWNVCPVG FG WP EQPLWPVQ FG
FGEKUKQPGU [ RTQEGUQU SWG FGDGP NNGXCTUG C ECDQ RQT IGPGTCEKQPGU FG UGTGU
JWOCPQU RCTC UW RTQRKQ DKGPGUVCT FGPVTQ FG EQPFKEKQPGU FG XKFC UKGORTG
ECODKCPVGU—UVCUEQPFKEKQPGUGUV±PFCFCURQTGNUKUVGOCJQNÃUVKEQSWGEQPHQTOCGN
WPKXGTUQ FGPVTQ FGN EWCN GN UGT JWOCPQ GU WPC RGSWGÇC RCTVG 2QT TC\QPGU FG
UGEVQTKCNK\CEKÉP [ GURGEKCNK\CEKÉP NCU FGEKUKQPGU UQDTG GUVG UKUVGOC EQORNGLQ UG

 8¾CUG #ZGN &QWTQLGCPPK 2TQEGFKOKGPVQU FG IGUVKÉP RCTC GN FGUCTTQNNQ UWUVGPVCDNG

CRNKECFQU C

OKETQTTGIKQPGU [ EWGPECU +PUVKVWVQ .CVKPQCOGTKECPQ [ FGN %CTKDG FG 2NCPKHKECEKÉP 'EQPÉOKEC [ 5QEKCN

+.2'5
&QEWOGPVQ 4GX 5GTKG 'PUC[QU 5CPVKCIQ FG %JKNG QEVWDTG FG 
 

TGFWEGPWUWCNOGPVGCVTCVCTUÉNQCURGEVQUGEQPÉOKEQUCODKGPVCNGU[UQEKCNGU[C
TGHGTKTNQCVGTTKVQTKQUGURGEÃHKEQUEQPGNHKPFGVGPGTWP±TGCKIQDGTPCDNGL

País A (maneja sus recursos)

• baja sustentabilidad ambiental; Tecnología
• exporta tecnología; e
• importa recursos naturales.

Sustentabilidad
ambiental

País B (exporta sus recursos)

• alta sustentabilidad ambiental;
• exporta recursos naturales; e
• importa tecnología.

.CKPEGTVKFWODTG[NCEQORNGLKFCFRCTCNQITCTCNECP\CTKPKXGNGULFGFGUCTTQNNQ
UQUVGPKDNGRQTWPCUQEKGFCF[RQTGNEQPLWPVQFGUQEKGFCFGUSWGKPVGTCEVÐCPCPKXGN
INQDCN GU QDXKC $CUVC EQPUKFGTCT NC XCUVC ICOC FG XCTKCDNGU EQPVTQNCDNGU [ PQ
EQPVTQNCDNGU RQT GN UGT JWOCPQ NQ KORTGXKUKDNG FG OWEJQU CEQPVGEKOKGPVQU [ GN
GUECUQ EQPQEKOKGPVQ SWG VKGPG GN UGT JWOCPQ FG NQ SWG NNCOC KTGCNKFCFL UQDTG
VQFQCODKGPVCNRCTCVQOCTUWUFGEKUKQPGU

'NUGTJWOCPQGUWPUGTXKXQO±UGPNCVKGTTCGPVTGNQUOKNGUFGUGTGUXKXQU
CGTÉDKEQU [ CPCGTÉDKEQU SWG GZKUVGP [ GZKUVKGTQP 'N KHWVWTQ FG NC VKGTTCL GP GN
GPVGPFKFQ FG SWG GUVG HWVWTQ UG CUQEKG C NC UQDTGXKXGPEKC FGN UGT JWOCPQ PQ
FGRGPFG FG GUVG UGT EQOQ VCORQEQ FGRGPFKÉ FG OWEJQU QVTQU UGTGU CNIWPQU
DCUVCPVG O±U ITCPFGU HÃUKECOGPVG SWG [C FGUCRCTGEKGTQP [ QVTQU OWEJQ O±U
RGSWGÇQU SWG CWP UQDTGXKXGP FGURW¾U FG OKNNQPGU FG CÇQU .QU QDLGVKXQU FGN
FGUCTTQNNQUQUVGPKDNGPQUQPRQTNQVCPVQKUCNXCTNCVKGTTCLKFGCCNIQRTGUWPVWQUCGP


'N UGT JWOCPQ UÉNQ RWGFG KT EQPQEKGPFQ RCTVGU FG NC KTGCNKFCFL GP NC OGFKFC SWG XC FGUEWDTKGPFQ
EQOQ HWPEKQPC GN UKUVGOC FQPFG XKXG 'P IGPGTCN UG JCEGP RTQRWGUVCU FG FGUCTTQNNQ UÉNQ EQP WPC RCTVG FG NC
KPHQTOCEKÉP PGEGUCTKC
 

CNIWPCU RGTUQPCU UK PQ FG EQPUGTXCTNC CRVC RCTC SWG UWUVGPVG NC GURGEKG JWOCPC
GPDWGPCU[UKRQUKDNGECFCXG\OGLQTGUEQPFKEKQPGUFGXKFC[CO±UNCTIQRNC\Q

'NPKXGNFGKPVGNKIGPEKCFGNUGTJWOCPQRCTCJCDKNKVCT[OCPGLCTNQURTQEGUQU
PCVWTCNGUNQGPHTGPVCO±USWGCPKPIÐPQVTQUGTCNFKNGOCFGUGTO±UTGURQPUCDNGU
FG UW RTQRKQ FGUVKPQ SWG QVTCU GURGEKGU GP NC VKGTTC 'N PKXGN FG RGTEGREKÉP SWG
CNIWPQUUGTGUJWOCPQUVKGPGPFGUWGPVQTPQFGNCINQDCNK\CEKÉPFGNQURTQDNGOCU
SWGNNCOCPCODKGPVCNGU[SWGGPNCRT±EVKECUQPRTQDNGOCUJWOCPQU[RQTNQVCPVQ
FGN EQORTQOKUQ SWG CFSWKGTGP RQT UW EQPUGTXCEKÉP EKGTVCOGPVG NGU CWOGPVC UWU
CPIWUVKCU [ RTGQEWRCEKQPGU 5K DKGP NC CPIWUVKC GU IGPGTCNK\CFC OWEJQU VTCVCP FG
GXCFKTNC C EQUVC FG UCETKHKECT C UWU XGEKPQU GP NWICT FG DWUECT HÉTOWNCU FG
EQPEKNKCEKÉP

'UQ GZRNKEC RQT SWG JC[ VCPVCU RGTUQPCU CFGRVCU CN EQPEGRVQ FG FGUCTTQNNQ
UWUVGPVCDNG RGTQ OW[ RQECU FKURWGUVCU C UCETKHKECT CNIQ FG UW GUVKNQ FG XKFC RCTC
CNECP\CTNQ5KGORTGUGGURGTCSWGGNUCETKHKEKQNQJCICPKQVTQUL[PQGNNQU/±UCWP
JC[ WPC RTGFKURQUKEKÉP C WVKNK\CT NQU V¾TOKPQU FG OQFC VCNGU EQOQ UQUVGPKDNG
UWUVGPVCDNG JQNÃUVKEQ RCTVKEKRCVKXQ KPVGTFKUEKRNKPCTKQ KPVGITCN FGOQET±VKEQ [ QVTQU
UKOKNCTGUUKPRGPUCTGPGNEQORTQOKUQEQPQEKOKGPVQ[FKUEKRNKPCSWGKORNKECRQPGT
GP RT±EVKEC CNIWPQ FG GUVQU DWGPQU RTQRÉUKVQU &G JGEJQ UG GNWFGP VCNGU
EQORTQOKUQU

/WEJCU XGEGU UG RKGPUC SWG CN ECODKCT GN PQODTG FG WPC QTICPK\CEKÉP
FGFKECFC C NC IGUVKÉP FG CNIÐP TGEWTUQ PCVWTCN [ FGUKIPCTNQ EQOQ GN FG EGPVTQ FG
KIGUVKÉPCODKGPVCNKPVGITCNLUGNQITCCWVQO±VKECOGPVGGUVGQDLGVKXQ&GJGEJQEQP
GUVC HQTOC FG RGPUCT GP NC TGIKÉP UG JC VGTOKPCFQ UKP OCPGLCT PK WP UÉNQ TGEWTUQ
PCVWTCN[OWEJQOGPQUGNOGFKQCODKGPVGEQOQWPVQFQ#O¾TKEC.CVKPCPQRQUGÃC
FKUVTKVQU FG EQPUGTXCEKÉP FG UWGNQU PK FG OCPGLQ FG DQUSWGU PK FG HCWPC PK FG
RCTSWGU [ TGUGTXCU OCTKPCU PK UKSWKGTC FG IGUVKÉP FGN WUQ OÐNVKRNG FGN CIWC RQT
EWGPECU EWCPFQ NQU RCÃUGU UG NCP\CTQP C VCTGCU EQPFWEGPVGU C NC KIGUVKÉP
CODKGPVCNKPVGITCNLGUGPEKCNOGPVGRQTKPHNWGPEKCGZVGTPCRGTQUKPSWGTGTEQPUVTWKT
PKRCUCTRQTVQFCUNCUGVCRCUPGEGUCTKCURCTCNQITCTNQ*CUVCGNFÃCFGJQ[CPKXGN
OKPKUVGTKCN G KPENWUKXG FG QTICPKUOQU KPVGTPCEKQPCNGU UG UKIWG FGUOCPVGNCPFQ NQU
RQEQU UKUVGOCU [ QHKEKPCU FG IGUVKÉP FG TGEWTUQU PCVWTCNGU RCTC ETGCT QHKEKPCU FG
IGUVKÉPCODKGPVCN0QGPVKGPFGPSWGNCDCUGFGNCIGUVKÉPCODKGPVCNGUV±GPGNDWGP
EQPQEKOKGPVQ [ OCPGLQ FG NQU GEQUKUVGOCU NCU EWGPECU GN CIWC NQU UWGNQU [ NQU
DQUSWGU NC HCWPC [ NQU VGTTKVQTKQU CUQEKCFQU C GUVQU TGEWTUQU CUÃ EQOQ WP DWGP
OCPGLQFGNQURTQEGUQUKPFWUVTKCNGUQNCXCNQTK\CEKÉPFGNQUUGTXKEKQUCODKGPVCNGU[
PQGPUÉNQETGCTQTICPKUOQUEQPPQODTGUO±UCODKEKQUQU

#NFGUOCPVGNCTNQURQEQUEGPVTQUFGIGUVKÉPFGTGEWTUQUPCVWTCNGUEQOQNQU
FGFKECFQU CN OCPGLQ FGN CIWC [ QVTQU TGEWTUQU PCVWTCNGU RCTC EQPXGTVKTNQU GP
KEGPVTQU CODKGPVCNGUL NQ ÐPKEQ SWG JCP NQITCFQ GU TGVCTFCT GN CXCPEG FG NCU
CEEKQPGU FGFKECFCU C NC DWGPC IGUVKÉP FGN TGEWTUQ /KGPVTCU NQU GZRGTVQU GP
 

TGEWTUQU JÃFTKEQU UWGNQU DQUSWGU HCWPC HNQTC W QE¾CPQU UCDGP NQ SWG UG FGDG
JCEGT C PKXGN FG EWGPEC GEQUKUVGOC HTCPLC EQUVGTC W QVTQ VGTTKVQTKQ PQ VKGPGP NQU
OGFKQU RCTC GLGEWVCT UWU RTQ[GEVQU %QP GUVC UKVWCEKÉP NCU RTQRWGUVCU FG NQU
CODKGPVCNKUVCU PQ RWGFGP NNGXCTUG C NC RT±EVKEC RQT JCDGTUG FGUOCPVGNCFQ NCU
QTICPK\CEKQPGUSWGFGDÃCPJCEGTNQ'NUÉNQFGPWPEKCTRTQDNGOCUCODKGPVCNGUPQNQU
UQNWEKQPC

#RGUCTFGNCHCNVCFGQTICPK\CEKÉPRCTCCFOKPKUVTCTUWUTGEWTUQUPCVWTCNGU[
GEQUKUVGOCU GN UGT JWOCPQ JC KPVGTXGPKFQ HWGTVGOGPVG [ UKP OGFKT NCU
EQPUGEWGPEKCU GP UWU VGTTKVQTKQU VCPVQ GP HQTOC FKTGEVC EQOQ HCEKNKVCPFQ NC
KPVGTXGPEKÉP FG GORTGUCU FG FKHGTGPVG QTKIGP EQP NQ EWCN NQU JCP FGITCFCFQ
GPQTOGOGPVG.COGPVCDNGOGPVGUWHCNVCFGQTICPK\CEKÉPNGUJCKORGFKFQEQPVTQNCT
NQU GHGEVQU PQ FGUGCFQU GP NQ UQEKCN [ CODKGPVCN .QU IQDKGTPQU [ NQU RTQRKQU
CEVQTGU RTKXCFQU UG JCP XKUVQ UWRGTCFQU RQT GN CXCPEG XGTVKIKPQUQ FG NCU
KPVGTXGPEKQPGUGPUWUVGTTKVQTKQU[NCUQDNKICEKQPGUFGOCPGLQSWGKORNKECP'NNQUG
CITCXÉ EQP NC RTGUKÉP GLGTEKFC RQT NCU RGTUQPCU FG OGPQTGU TGEWTUQU SWG OWEJCU
XGEGU CNGPVCFQU RQT NQU RTQRKQU IQDKGTPQU SWG NGU GPVTGICTQP VKGTTCU FG HTQPVGTC

EQNQPK\CEKQPGU UKP NC UWHKEKGPVG CUKUVGPEKC V¾EPKEC [ ETGFKVKEKC XKGTQP GP NC

GZRNQVCEKÉP KPFKUETKOKPCFC FG TGEWTUQU PCVWTCNGU UW ÐPKEC RQUKDNG HWGPVG FG
UWDUKUVGPEKC

2T±EVKECOGPVGECFCKPVGTXGPEKÉPSWGGNJQODTGTGCNK\CGPUWGPVQTPQGPWPC
HQTOCFGKTGETGCEKÉPL
%JCETCGPKFKQOCSWGEJWCUKIPKHKECRTGEKUCOGPVGTGETGCTNC
PCVWTCNG\CRCTCSWGUKTXCCNUGTJWOCPQRCTCJCDKNKVCTNQCUWUPGEGUKFCFGUEQPNNGXC
WPCQDNKICEKÉPFGRQTXKFCCOCPVGPGTNQUKFGUGCEQPUGTXCTNQUECODKQUSWGNGUQP
HCXQTCDNGU [ CN OKUOQ VKGORQ PQ FGITCFCT NQ FCFQ RQT NC PCVWTCNG\C /KGPVTCU PQ
CNVGTG PK KPVGTXGPIC GP GN OGFKQ PQ GUV± QDNKICFQ C OCPGLCTNQ RWGU GUVG VKGPG UW
FKP±OKEC RTQRKC 2GTQ EWCPFQ NQ CNVGTC UÃ CFSWKGTG WP EQORTQOKUQ SWG PQ VKGPG
HGEJCFGV¾TOKPQ+ORNKECUKFGUGCKPVGTXGPKTNQKPVGNKIGPVGOGPVGKPXGTVKTGPEQPQEGT
GN OGFKQ [ GP EQPQEGT NQU ECODKQU SWG QEWTTGP [ RWGFGP QEWTTKT EQP UW
KPVGTXGPEKÉP 7PC OQFKHKECEKÉP KPVGNKIGPVG GU WPC HQTOC FG TGETGCT NC PCVWTCNG\C
RCTC SWG UKTXC CN UGT JWOCPQ 6CORQEQ EQPVCDKNK\C GEQPÉOKECOGPVG NQU UGTXKEKQU
CODKGPVCNGU SWG NG QHTGEG C PQ UGT SWG NQU RKGTFC G KPENWUKXG GP GUVCU
EKTEWPUVCPEKCU CFQRVC O±U DKGP WPC RQUKEKÉP HCVCNKUVC EQOQ UK NC R¾TFKFC FG WP
UGTXKEKQ CODKGPVCN Q GN UGT CHGEVCFQ RQT WP HGPÉOGPQ PCVWTCN GU ECWUCFC RQT
UKVWCEKQPGUCDUQNWVCOGPVGKPEQPVTQNCDNGU

'UVCRGTEGREKÉPPQGUEKGTVCOGPVGIGPGTCNK\CFC#NIWPQURTGHKGTGPKIPQTCTNQU
RTQDNGOCU JWOCPQU SWG CHGEVCP CN CODKGPVG GP GN OGFKCPQ [ NCTIQ RNC\Q RCTC PQ
RCICTGNEQUVQSWGQECUKQPCUWKPVGTXGPEKÉPQVTQUUGGPEKGTTCPGPUWUVGTTKVQTKQU[
JCUVCFGRTGFCPKNQUFGQVTQULUKPRGTECVCTUGFGNCINQDCNK\CEKÉPFGNVGOC[SWGRQT
NQ VCPVQ VCTFG Q VGORTCPQ GN FCÇQ ECWUCFQ GP QVTQU NWICTGU TGRGTEWVKT± GP GNNQU

 *G UQUVGPKFQ OWEJCU XGEGU SWG JC[ OWEJQU GPVWUKCUVCU FGN EQPEGRVQ KFGUCTTQNNQ UWUVGPVCDNGL
RQTSWG FGUFG SWG JCDNCP FGN VGOC UWUVGPVCP UW RTQRKQ FGUCTTQNNQ
 

OKUOQU1VTQUCFQRVCPNCQREKÉPHCVCNKUVCQDKGPJCEGPNCTICUNKUVCUFGKRTQDNGOCU
CODKGPVCNGULEQOQUKGUVQURTQDNGOCUHWGTCPCLGPQUCNSWGJCEGTJWOCPQ/WEJQU
GPVKGPFGP NC INQDCNK\CEKÉP FG NQU OGTECFQU Q FG NCU TGFGU FG EQORWVCEKÉP [
EQOWPKECEKÉP RGTQ PQ FG NQU RTQDNGOCU CODKGPVCNGU [ UQEKCNGU 2CTC UQNWEKQPCT
GUVQURTQDNGOCUCNIWPQUHQOGPVCPNCEQORGVGPEKCQVTQUNCEQPEKNKCEKÉP[WPCITCP
RCTVG NQU KIPQTC OKGPVTCU PQ NQU CHGEVG FKTGEVCOGPVG UKP RGTECVCTUG SWG EQP GNNQ
JKRQVGECPGNHWVWTQFGNCOKUOCUQEKGFCFCNCSWGRGTVGPGEGP

8KXKTUGTGPQFGPVTQFGGUVGOCTFGCEQPVGEKOKGPVQUFKCTKQUUKIPKHKECXKXKTGP
GSWKNKDTKQ GSWKNKDTKQ KPVGTPQ Q GURKTKVWCN HCOKNKCT [ UQEKCN 'UVQ KORNKEC EQODKPCT GN
JCEGT [ GN VGPGT EQP GN UGT GP HQTOC EQORCTVKFC [ GSWKVCVKXC 6CODK¾P KORNKEC
FKURQPGTFGTGEWTUQUSWGUGGPEWGPVTCPGPGNOGFKQCODKGPVG[VTCPUHQTOCTNQURCTC
UCVKUHCEGTPGEGUKFCFGUSWGETGEGPECFCFÃCKORNKECQEWRCT[JCDKNKVCTGNVGTTKVQTKQC
NCUGZKIGPEKCUJWOCPCUTGURGVCPFQNCFKP±OKECFGNGEQUKUVGOCKPVGTXGPKFQ[UQDTG
VQFQEQPUGTXCTNQEQOQKUWUVGPVQFGNCUWUVGPVCDKNKFCFLFGNUGTJWOCPQ

6CNEQOQUGKPFKECCNRTKPEKRKQFGGUVCEJCTNCGNGSWKNKDTKQSWGKORNKECNQITCT
WPFGUCTTQNNQUWUVGPVCDNG[UQUVGPKDNGGPUWO±UOÃPKOCGZRTGUKÉPGUGNGSWKNKDTKQ
FG WPC VTKNQIÃC GEQPÉOKEC UQEKCN [ CODKGPVCN UQDTG ECFC RGFC\Q FG VGTTKVQTKQ SWG
JC[GPNCVKGTTC[WPGSWKNKDTKQRTQFWEVQFGNCPGIQEKCEKÉPGPVTGNQUGPECTICFQUFG
CFOKPKUVTCT FKEJQU VGTTKVQTKQU 5K UG FKUGÇCP UKUVGOCU RCTC NNGICT C CEWGTFQU GPVTG
UGTGUJWOCPQUSWGRGTOKVCPOCPVGPGTGUVGGSWKNKDTKQGPWPVGTTKVQTKQCFOKPKUVTCFQ
RQTWPCUQEKGFCF[GPVTGVQFQUNQUFGO±UVGTTKVQTKQUUGNQITCTÃCEQPUVTWKTNCUDCUGU
SWGVKGPFCCNQITCTCNCUGTGPKFCFGURGTCFC7PCUQEKGFCFFGDGUGTECRC\GPVQPEGU
FG PGIQEKCT CFGEWCFCOGPVG FGPVTQ FG UWU VGTTKVQTKQU [ GPVTG VGTTKVQTKQU &GDG UGT
ECRC\ CFGO±U FG GPHTGPVCT UKVWCEKQPGU GZVTGOCU Q FG KPEGTVKFWODTG #UÃ EQOQ NC
IGUVKÉPFGWPTGEWTUQEQOQGNCIWCGUIGUVKÉPFGEQPHNKEVQUGPVTGUGTGUJWOCPQU
SWGEQORKVGPRQTWPOKUOQTGEWTUQNCIGUVKÉPRCTCGNFGUCTTQNNQUWUVGPVCDNGGUWPC
IGUVKÉP FG EQPHNKEVQU GPVTG OGVCU UQEKCNGU GEQPÉOKECU [ CODKGPVCNGU 'P GUVQU
ECUQU NCU RGTUQPCU FGDGP RTGRCTCTUG RCTC GPHTGPVCT UKVWCEKQPGU GZVTGOCU EQP
OGFKFCURTGXGPVKXCU[FGOKVKICEKÉPFGUKVWCEKQPGUPQFGUGCFCU

—UVC UKVWCEKÉP FG ECODKQ EQPUVCPVG NNGXC C RTGEKUCT SWG GN FGUCTTQNNQ
UQUVGPKDNG FGN UGT JWOCPQ UG NQITC UK NC UQEKGFCF SWG EQORCTVG WP VGTTKVQTKQ GU
ECRC\ FG VQOCT FGEKUKQPGU FÃC C FÃC RCTC OCPGLCT WP EQPLWPVQ FG RTQEGUQU RCTC
NKFKCT EQP NC KPEGTVKFWODTG [ NC EQORNGLKFCF ECWUCFC RQT GN EQORQTVCOKGPVQ FGN
OGFKQSWGNCUWUVGPVC[FGNQUECODKQUGPUWURTQRKCUCEVKVWFGU[EQPQEKOKGPVQU
'UVQTGSWKGTGWPCDWGPCECRCEKFCFFGIQDGTPCDKNKFCF[EQORTQOKUQEQPGNVGOC

'N EQPEGRVQ FG FGUCTTQNNQ UWUVGPVCDNG [ UQUVGPKDNG RNCPVGC NC PGEGUKFCF FG

HQTVCNGEGT [ RQVGPEKCT NCU EQPGZKQPGU G KPVGTCEEKQPGU GZKUVGPVGU GPVTG UKUVGOCU
FKHGTGPVGUGNGEQPÉOKEQGNUQEKCN[GNCODKGPVCN5GVTCVCRQTNQVCPVQFGOCZKOK\CT
VTGU QDLGVKXQU EQPHNKEVKXQU GP GN EQTVQ RNC\Q [ EQP KPHQTOCEKÉP KPEQORNGVC .C
FKHKEWNVCF RCTC NQITCT GUVC OCZKOK\CEKÉP UG CETGEKGPVC RQT GN FGUEQPQEKOKGPVQ 2QT
 

WP NCFQ PQ UG UCDG PK EQOQ EWCPVKHKECT NQ SWG UGTÃC WP PKXGN ÉRVKOQ FG FGUCTTQNNQ
UQUVGPKDNG[CSWG¾UVGGUFGUEQPQEKFQUQDTGVQFQGPOCVGTKCFGNQSWGGUECNKFCF
FG XKFC [ IGUVKÉP CODKGPVCN [ CFGO±U ECODKC RGTOCPGPVGOGPVG GP GN VKGORQ [
UGIÐP NCU RGTUQPCU 2QT GN QVTQ NQU VTGU QDLGVKXQU UG OKFGP WUWCNOGPVG EQP
KPFKECFQTGU SWG PQ VKGPGP CWP WP FGPQOKPCFQT EQOÐP 5QP QDLGVKXQU SWG UG
GPEWGPVTCP GP FKHGTGPVGU RNCPQU C RGUCT FG ITCHKECTNQU GP WPQ UQNQ RQT UKORNG
EQOQFKFCF

• 'NETGEKOKGPVQGEQPÉOKEQUGGZRTGUCGPKPFKECFQTGUOQPGVCTKQU
• .CUWUVGPVCDKNKFCFCODKGPVCNUGGZRTGUCGPKPFKECFQTGUCODKGPVCNGU
• .CGSWKFCFUGGZRTGUCGPDCUGCKPFKECFQTGUUQEKCNGU

.C OC[QTÃC FG NQU GUEGPCTKQU FG FGUCTTQNNQ UG GZRTGUCP EQP KPFKECFQTGU
GEQPÉOKEQU GUGPEKCNOGPVG OQPGVCTKQU —UVQU KPFKECFQTGU GP IGPGTCN PQ JCP UKFQ
CRNKECFQUGPHQTOCUWHKEKGPVGRCTCXCNQTK\CTNQUQEKCN[NQCODKGPVCNCRGUCTFGGUVCT
TGCNK\±PFQUG WP CXCPEG UKIPKHKECVKXQ GP GUVG UGPVKFQ #FGO±U NC HQTOC EQOQ GN
CEVWCN CXCPEG GP NC GEQPQOÃC EQPUKFGTC NQU CURGEVQU CODKGPVCNGU [ UQEKCNGU PQ
UWOKPKUVTC CÐP UWHKEKGPVG KPHQTOCEKÉP RCTC VQOCT FGEKUKQPGU GPHQECFQU JCEKC UW
EQPUKFGTCEKÉP

.CU FGEKUKQPGU RQT GNNQ PQ RWGFGP DCUCTUG ÐPKECOGPVG GP KPFKECFQTGU
GEQPÉOKEQU C RGUCT FG SWG GZKUVG NC VGPFGPEKC C ETGGT RQT GLGORNQ SWG UK VQFQ
VWXKGTC FWGÇQ [ WP RTGEKQ UG RQFTÃC KKPEQTRQTCTL OGLQT NCU XCTKCDNGU CODKGPVCNGU
%QOQDKGPNQUGÇCNCFKEJCVGTOKPQNQIÃCGNKKPEQTRQTCTLEQPUKFGTCEKQPGUCODKGPVCNGU
UKIPKHKEC SWG UG WVKNK\C GN GPHQSWG GEQPÉOKEQ PGQEN±UKEQ [ OQPGVCTKUVC RCTC
KPVGTPCNK\CTCURGEVQUCPVGUPQEQPUKFGTCFQUGPNQUE±NEWNQUGEQPÉOKEQURGTQSWG
UK GTCP RGTEKDKFQU RQT NCU RGTUQPCU &G JGEJQ GU H±EKN XGT NC GXQNWEKÉP FG GUVC
KPEQTRQTCEKÉPFGNCUCPVGUEQPUKFGTCFCUGZVGTPCNKFCFGUFGNQURTQ[GEVQU2TKOGTQUG
JCEÃCP GXCNWCEKQPGU GEQPÉOKECU [ HKPCPEKGTCU FG RTQ[GEVQU NWGIQ UG FGEKFKÉ
TGCNK\CTGXCNWCEKQPGUGEQPÉOKECU[UQEKCNGUFGRTQ[GEVQU[GPHQTOCO±UTGEKGPVG
UGCITGIÉCNQCPVGTKQTNCGXCNWCEKÉPCODKGPVCNFGRTQ[GEVQU#WPEQPGUVGCXCPEG
GP OWEJQU ECUQU NCU EQPUKFGTCEKQPGU UQEKCNGU [ CODKGPVCNGU FG RTQ[GEVQU PQ
RCUCTQPFGUGTRTGUGPVCFQUEQOQWPCR¾PFKEGFGNQUOKUOQU

'P GUVCU CRTQZKOCEKQPGU UWEGUKXCU PQ UG OQFKHKEC GN GPHQSWG QTKIKPCN FG NC
GEQPQOÃC PGQEN±UKEC UKPQ SWG UG CORNÃC RCTC EQPUKFGTCT CURGEVQU SWG CPVGU UG
EQPUKFGTCTQPGZVGTPQUCNCFGEKUKÉPGEQPÉOKECEGPVTCNCWPEWCPFQCHGEVCTCPVCTFGQ
VGORTCPQNCUOGVCUFGFGUCTTQNNQ&GDKFQCSWGGUVGGPHQSWGGUCWPNKOKVCFQUGJC
FGUCTTQNNCFQNCVGQTÃCNNCOCFCGEQPQOÃCGEQNÉIKECSWGCLWKEKQFGSWKGPGZRQPGGU
X±NKFC [ ÐVKN VGÉTKEC [ EQPEGRVWCNOGPVG RGTQ CÐP PQ GU CRNKECDNG RQT FKXGTUCU

 #ZGN &QWTQLGCPPK 'EQPQOÃC [ GEQNQIÃC FQU EKGPEKCU [ WPC TGURQPUCDKNKFCF HTGPVG C NC PCVWTCNG\C

FKUVTKDWKFQ QTKIKPCNOGPVG RQT NC %'2#. EQOQ .%4 FG  FG QEVWDTG FG  [ RWDNKECFQ RQUVGTKQTOGPVG
GP NC 4GXKUVC 'EQPQOÃC [ #FOKPKUVTCEKÉP 0  #ÇQ  (CEWNVCF FG %KGPEKCU 'EQPÉOKECU [ #FOKPKUVTCVKXCU
7PKXGTUKFCF FG %QPEGREKÉP %QPEGREKÉP %JKNG LWPKQ FG  +550 
 

TC\QPGU GPVTG GNNCU GN GPQTOG FGUEQPQEKOKGPVQ FG NC DCUG CODKGPVCN [ FG NQU
UGTXKEKQUCODKGPVCNGU

/KGPVTCU GN FGUEQPQEKOKGPVQ FGN GPVQTPQ UWDUKUVC NCU UQEKGFCFGU FGDGP UGT
ECRCEGU FG VQOCT FGEKUKQPGU RCTC OGLQTCT UW ECNKFCF FG XKFC UKP FKURQPGT PK FG
FCVQUEQORNGVQUUQDTGNCUUKVWCEKQPGUCEVWCNGU[NCUSWGXCPCQEWTTKTPKFGOGVCU
VQVCNOGPVGENCTCUUQDTGNQSWGFGUGCP.CKPVWKEKÉP[NCQDUGTXCEKÉPXCNGPOWEJCU
XGEGUO±USWGVCDNCUFGGUVCFÃUVKECUSWGKRTWGDCPLNQEQPVTCTKQUK¾UVCUUGDCUCP
GP RCT±OGVTQU [ XCNQTGU SWG PQ UQP EQPHKCDNGU *C[ CÐP GUECUQU RCT±OGVTQU
CODKGPVCNGU NQ UWHKEKGPVGOGPVG ENCTQU [ RTGEKUQU [ EQP NCTIQU RGTÃQFQU FG TGIKUVTQ
RCTC VQOCT FGEKUKQPGU UQDTG NC HQTOC FG CEVWCT UKP CHGEVCT GN OGFKQ CODKGPVG C
NCTIQ RNC\Q Q RCTC RTGRCTCTUG RCTC GPHTGPVCT KORTGXKUVQU 'P NQU KPFKECFQTGU
UQEKCNGUVCODK¾PUGVKGPGPUGTKCUNKOKVCEKQPGUFGDKFQCNCKPGZKUVGPEKCFGHQTOCUFG
OGFKTRQTGLGORNQNCGHKEKGPEKCFGUGTXKEKQUFG UCNWF Q GFWECEKÉP [ GP IGPGTCN GN
PKXGN FG DKGPGUVCT FG NC RQDNCEKÉP CUÃ EQOQ FGHKPKT [ RTGEKUCT NQ SWG GU GSWKFCF
LWUVKEKCUQEKCNQNQSWGGUWPNÃOKVGFGRQDTG\CPQUÉNQGEQPÉOKEC

%QP TGURGEVQ CN CODKGPVG UG JCP FGUCTTQNNCFQ OWEJQU RCT±OGVTQU

TGNCEKQPCFQU EQP NC ECNKFCF FGN CIWC FGN CKTG FGN TWKFQ FG NCU EQPFKEKQPGU FG
JKIKGPG Q FG WPC XKXKGPFC RGTQ C RGUCT FG GNNQ UG GUV± NGLQU FG JCDGT NQITCFQ
EQPQEGT GN GPVQTPQ 6QFQU NQU KPFKECFQTGU CODKGPVCNGU GUV±P GP RNGPQ RTQEGUQ FG
GXQNWEKÉPFGFGUEWDTKOKGPVQFGTGXKUKÉP[FGOQPKVQTGQ'UVQUKPFKECFQTGUUQPUKP
GODCTIQOW[F¾DKNGU'NOGFKQCODKGPVGGUGPNCRT±EVKECNQOGPQUGUVWFKCFQRQT
GN UGT JWOCPQ # RGUCT FG GUVG FGUEQPQEKOKGPVQ GU NQ O±U KPVGTXGPKFQ KPENWUKXG
EQPECUKCDUQNWVCKIPQTCPEKCFGNQSWGGZKUVG[EQOQHWPEKQPCEQOQGPGNECUQFG
NQUGEQUKUVGOCUOCTKPQU[NQUVTQRKECNGU/WEJQUKOQFGNQUCODKGPVCNGULNKOKVCPUW
TGRTGUGPVCEKÉP C IT±HKEQU EQP RCKUCLGU FG \QPCU EWDKGTVCU FG DQUSWGU HCWPC [
CTTQ[QUFGCIWCETKUVCNKPC.COGPVCDNGOGPVGGUQUOQFGNQUPQUQPUWHKEKGPVGURCTC
QTKGPVCT GN OCPGLQ CODKGPVCN FG WPC TGIKÉP (CNVCP RQT NQ VCPVQ KPFKECFQTGU
CODKGPVCNGUNQUEWCNGUCUWXG\UÉNQRWGFGPFKUGÇCTUGUKUGEQPQEGP[VKGPGPFCVQU
UQDTGNCFKP±OKECFGNQUGEQUKUVGOCU

7PC QREKÉP FKURQPKDNG RCTC VTCVCT FG KPFKECT WP EKGTVQ KPKXGN FG FGUCTTQNNQ
UQUVGPKDNGL GU WVKNK\CT KPFKECFQTGU FG ECNKFCF FG XKFC —UVQU KPFKECFQTGU JCP UKFQ

 +PVGTXGPKT GP WP OGFKQ CODKGPVG GU GSWKXCNGPVG C OQXGT WPC HKEJC GP WP VCDNGTQ FG CLGFTG\ *C[ SWG

RGPUCT GP NQU GHGEVQU [ GUEGPCTKQU SWG XCP C QEWTTKT CPVGU FG OQXGT WPC RKG\C
UKOWNCEKÉP &G CNNÃ GP CFGNCPVG
UG UWEGFGP WPC UGTKG FG TGCEEKQPGU .C OQXKFC UG JCEG RGPUCPFQ SWG NCU VTCOCU FG GHGEVQU TGUWNVGP O±U
HCXQTCDNGU SWG FGUHCXQTCDNGU RGTQ PQ GXKVCP VGPGT SWG GPHTGPVCT WPC UGTKG FG TGCEEKQPGU KORTGXKUKDNGU .QU
GUVWFKQU FG KORCEVQ CODKGPVCN EQOQ NQU ECWUCFQU RQT NC EQPUVTWEEKÉP FG WPC RTGUC UQP RTQ[GEEKQPGU FG
RTQDCDNGU CEQPVGEKOKGPVQU HWVWTQU SWG FGDGT±P EQPVTQNCTUG RCTC UKGORTG CN KIWCN SWG NQU GHGEVQU FG NC OQXKFC
FG NC RKG\C GP GN VCDNGTQ FG CLGFTG\
 7P VTCDCLQ KPVGTGUCPVG [ ÐVKN SWG VTCVC ¾UVC VGOC GU GN TGEKGPVG KPHQTOG FGN $CPEQ /WPFKCN

/QPKVQTKPI GPXKTQPOGPVCN RTQITGUU # TGRQTV QP YQTM KP RTQITGUU 6JG +PVGTPCVKQPCN $CPM HQT 4GEQPUVTWEVKQP
CPF &GXGNQROGPV6JG 9QTNF $CPM 9CUJKPIVQP &%  +5$0 
 # OQFQ FG GLGORNQ %QPVTGTCU [ %QTFGTQ
X¾CUG *GTP±P %QPVTGTCU [ #O¾TKEC %QTFGTQ


'EQNQIÃC EQPUGTXCEKÉP FGUCTTQNNQ [ ECNKFCF FG XKFC 'F )¾PGUKU %CTCECU 8GPG\WGNC UGRVKGODTG FG 
 

RQEQ CRNKECFQU RCTC GUEGPKHKECT NCU UKVWCEKQPGU CEVWCNGU [ RQVGPEKCNGU FG NCU
EQOWPCU 5KP GODCTIQ UG TGEQOKGPFC WPC OC[QT WVKNK\CEKÉP FG GUVQU RCT±OGVTQU
RQT GPEQPVTCTUG O±U EGTEC FG EWCPVKHKECT [ EQORCTCT WPC UKVWCEKÉP FG
UWUVGPVCDKNKFCF FGPVTQ FG WP VGTTKVQTKQ [ ITWRQ UQEKCN SWG GN WUQ ÐPKEQ FG
KPFKECFQTGUGEQPÉOKEQU

'N GNGOGPVQ OQVQT SWG KORWNUC GN FGUCTTQNNQ FG NQU RCÃUGU GU EKGTVCOGPVG GN
ETGEKOKGPVQGEQPÉOKEQ&GDKFQCGNNQGZKUVGEQOQGUNÉIKEQVCODK¾PNCRTKOCEÃCFG
NQU KPFKECFQTGU GEQPÉOKEQU GP NC VQOC FG FGEKUKQPGU .CU NKOKVCEKQPGU FG
TGRTGUGPVCVKXKFCFFGGUVQUKPFKECFQTGUUKPGODCTIQECWUCPUGTKQURTQDNGOCUGPNQU
RTQEGUQU FG VQOC FG FGEKUKÉP RCTC CNECP\CT GN FGUCTTQNNQ UQUVGPKDNG GP NCU
UQEKGFCFGU GPVTG QVTQU FGDKFQ C UW GPHQSWG FG EQTVQ RNC\Q [ C NC PWNC Q GUECUC
EQPUKFGTCEKÉPCNQU GNGOGPVQU PCVWTCNGU PQ CRTGEKCFQU EQOQ KTGEWTUQU PCVWTCNGUL
GUFGEKTGNGOGPVQUPCVWTCNGUSWGPQJCPCFSWKTKFQCWPWPXCNQTFGWUQQFGECODKQ
EQPQEKFQ RCTC GN UGT JWOCPQ Q SWG GU WPC HWGPVG FG TGEQPQEKFC CITGUKÉP C UW
GZKUVGPEKC .C KXCNQTK\CEKÉPL FG GNGOGPVQU PCVWTCNGU PQ UKIPKHKEC VCORQEQ SWG
FKEJQU GNGOGPVQU UGCP EQPUKFGTCFQU GP NCU FGEKUKQPGU UK PQ JC[ XQNWPVCF FG
JCEGTNQ

5K DKGP NC DÐUSWGFC FGN FGUCTTQNNQ FG WPC TGIKÉP FGDG UGT ECRC\ FG
CRTQXGEJCT NCU XGPVCLCU SWG NG QHTGEG NC CRGTVWTC FG NQU OGTECFQU NQU CXCPEGU
VGEPQNÉIKEQU NC RQUKDKNKFCF FG CUQEKCTUG EQP KPXGTUKQPKUVCU RTKXCFQU KPEQTRQTCT
ETKVGTKQUFGGHKEKGPEKCGPGNWUQFGNECRKVCN[FGNVTCDCLQ[CRTQXGEJCTUWUXGPVCLCU
EQORCTCVKXCUVCODK¾PFGDGXGNCTRQTSWGNQUCURGEVQUUQEKCNGU[CODKGPVCNGUGP
GUGVGTTKVQTKQPQSWGFGPGPWPUGIWPFQRNCPQCKUNCFQUQRQUVGTICFQU

.C GEQPQOÃC PGQEN±UKEC GNCDQTÉ [ WVKNK\C GN EQPEGRVQ FG KGZVGTPCNKFCFGUL

RTGEKUCOGPVGRQTSWGRCTVKÉRQTCKUNCTRCTVGUFGWPUKUVGOCCNSWGNWGIQUGVWXKGTQP
SWG KKPEQTRQTCTL CURGEVQU EQOQ GN CODKGPVCN Q GN UQEKCN SWG UG UGRCTCTQP GP

WVKNK\CP WPC UGTKG FG HCEVQTGU RCTC CPCNK\CT NC ECNKFCF FG XKFC FGRGPFKGPFQ FGN VKRQ FG KORCEVQ NQU SWG UG
KPFKECP C EQPVKPWCEKÉP C +ORCEVQ HKUKQNÉIKEQ
CNKOGPVCEKÉP [ PWVTKEKÉP UCNWF [ UCPKFCF CODKGPVCN D +ORCEVQ
RUKEQHKUKQNÉIKEQ
XKXKGPFC GUV¾VKEC CODKGPVCN [ RQUKDKNKFCFGU FG FGUECPUQ [ TGETGCEKÉP E &GUCTTQNNQ EWNVWTCN
RCTC NC RCTVKEKRCEKÉP FGN KPFKXKFWQ GP NC EQOWPKFCF
RQUKDKNKFCFGU FG FGUCTTQNNQ FG CRVKVWFGU [ ECRCEKFCFGU
RQUKDKNKFCF FG RCTVKEKRCEKÉP GHGEVKXC GP NC UQEKGFCF [ RQUKDKNKFCF FG VTCDCLQ CFGEWCFQ C NCU CRVKVWFGU FGN
JQODTG F %QPFKEKQPCOKGPVQ RUKEQNÉIKEQ FG NCU TGNCEKQPGU JWOCPCU
FGTKXCFQ FG NCU TGNCEKQPGU JWOCPCU [
FGTKXCFQ FGN ITCFQ FG UGIWTKFCF KPFKXKFWCN [ EQNGEVKXC [ G &GRGPFGPEKC GEQNÉIKEC
GSWKNKDTKQ [ RTQFWEVKXKFCF
FG NQU GEQUKUVGOCU GUVCDKNKFCF GEQNÉIKEQCODKGPVCN [ WUQ CRTQRKCFQ FG NQU TGEWTUQU PCVWTCNGU
 'U UKPVQO±VKEQ QDUGTXCT NC GUECUC RTGQEWRCEKÉP FG RCÃUGU UQDTG VQFQ NQU SWG UQP OCUKXQU
GZRQTVCFQTGU FG TGEWTUQU PCVWTCNGU RQT EQPQEGT GN GPVQTPQ FG FQPFG QDVKGPGP UWU ICPCPEKCU 'UVQU RCÃUGU
RWGFGP RQUGGT OKNGU FG DCTEQU RGUSWGTQU RGTQ CRGPCU WPQ Q FQU DCTEQU FG KPXGUVKICEKÉP OCTKPC IGPGTCNOGPVG
FQPCFQU RQT WP RCÃU GZVTCPLGTQ Q RWGFGP CWOGPVCT DTWVCNOGPVG UWU GZRQTVCEKQPGU FG KEJKRUL FG OCFGTC UKP
KPXGTVKT GP EQPQEGT UW FQVCEKÉP [ XCTKGFCF FG DQUSWGU PCVKXQU .C KPUVKVWEKQPCNKFCF RCTC NC IGUVKÉP FG TGEWTUQU
PCVWTCNGU GU GUECUC EQP DCLQ HKPCPEKCOKGPVQ RQEC QTICPK\CEKÉP RTKXCFC HCNVC FG GPVTCFCU [ EQP KPXGUVKICFQTGU
OCN RCICFQU [ GP IGPGTCN OWEJQU RCÃUGU XGPFGP UWU TGEWTUQU PCVWTCNGU UKP UKSWKGTC CXGTKIWCT GN TQN [ RQT NQ
VCPVQ GN XCNQT SWG VKGPGP EQOQ RCTVG FG WP GEQUKUVGOC #UÃ NC CPEJQXGVC [ OWEJQU QVTCU XCTKGFCFGU RGUECFCU
RQT CTTCUVTG UG XGPFGP RQT UW XCNQT EQOQ JCTKPC FG RGUECFQ [ PQ EQOQ RCTVG FG WP GEQUKUVGOC OCTKPQ %QP
NQU KEJKRUL FG OCFGTC PCVKXC QEWTTG NQ OKUOQ .Q O±U ITCXG GU SWG UG FGUVTW[G EQP GNNQ NCU KH±DTKECUL FQPFG
QEWTTGP NQU RTQEGUQU PCVWTCNGU FG RTQFWEEKÉP
 

HQTOC CTDKVTCTKC 'P NC GEQPQOÃC UG WVKNK\C VCODK¾P [ UÉNQ TGEKGPVGOGPVG NQU
EQPEGRVQUFGEWGPVCUFGRCVTKOQPKQPCVWTCNTGEQPQEKGPFQGPCNIWPCHQTOCGNXCNQT
SWG VKGPGP FKEJQU TGEWTUQU GP NC GEQPQOÃC FG WP RCÃU
CWPSWG RTGHKGTGP FGLCTNQU
EQOQEWGPVCUUCV¾NKVGURQTXCTKCUECWUCU5KUGFGUGCOCPVGPGTWPDCNCPEGTGCNFG
ETGEKOKGPVQ GEQPÉOKEQ UG GUV± RQT NQ VCPVQ QDNKICFQ C CEGRVCT NCU R¾TFKFCU SWG
UKIPKHKECRCTCWPRCÃUNCFGITCFCEKÉPFGNQUGEQUKUVGOCUSWGIGPGTCPQKRTQFWEGPL
TGEWTUQUPCVWTCNGUQUKUGCIQVCPNQUSWGPQUQPTGPQXCDNGUCFGO±UFGNQUGHGEVQU
FCÇKPQUSWGCHGEVCPGNRCVTKOQPKQPCVWTCNGZCEGTDCFQRQTWPCGZRNQVCEKÉPKTTCEKQPCN
[NCFKURQUKEKÉPFGFGUGEJQUUQDTGVQFQVÉZKEQU

'PIGPGTCNWPRCÃUEQPITCPETGEKOKGPVQKPFWUVTKCNRTKXKNGIKCRTGEKUCOGPVGNQU
GNGOGPVQUPCVWTCNGU[NCUWUVGPVCDKNKFCFCODKGPVCNVCPVQFGNQUGNGOGPVQUPCVWTCNGU
SWGNGSWGFCPGPUWVGTTKVQTKQEQOQNQUTGEWTUQUSWGPQVKGPGP[UGGPEWGPVTCPGP
QVTCUTGIKQPGU
EQOQNQUGEQUKUVGOCUVTQRKECNGURQTSWGGPVKGPFGPSWGGNXCNQTFG
NQU TGEWTUQU PCVWTCNGU TGOCPGPVGU GU ECFC XG\ OC[QT RCTC ICTCPVK\CT NC
UWUVGPVCDKNKFCFFGNUGTJWOCPQ6CODK¾PRTQVGIGPUWUTGEWTUQUPCVWTCNGUGPDCUGC
KORQTVCTNQU FG QVTQU VGTTKVQTKQU [ CUÃ WVKNK\CT NQ OGPQU RQUKDNG NQU RTQRKQU 'UVQ GU
TGPVCDNGCEQTVQRNC\QUKUGEQPUKFGTCSWGVKGPGOWEJQO±URQFGTCFSWKUKVKXQSWKGP
HCDTKEC[XGPFGRTQFWEVQUOCPWHCEVWTCFQUSWGNQUSWGGZRNQVCP[XGPFGPTGEWTUQU
PCVWTCNGU C RTGEKQU DCLQU UKP OCPGLCTNQU PK XCNQTK\CTNQU CFGEWCFCOGPVG PK
RTGQEWRCTUGFGRTQVGIGTNQUEQPGNHKPÐPKEQFGQDVGPGTNQUCDCLQEQUVQ

1VTC NKOKVCPVG RCTC NC VQOC FG FGEKUKQPGU SWG EQPFW\ECP C NQITCT [ GNGXCT
PKXGNGUFGFGUCTTQNNQUQUVGPKDNGGUNCHCNVCFGOQFGNQUQGUEGPCTKQUFGNQSWGFGUGC
WPC FGVGTOKPCFC UQEKGFCF EQOQ UKUVGOC [ ECNKFCF FG XKFC 2QT GLGORNQ GP
RT±EVKECOGPVG VQFCU NCU UQEKGFCFGU TWTCNGU FG #O¾TKEC .CVKPC NCU CURKTCEKQPGU FG
WPC UKVWCEKÉP OGLQT UG TGHNGLCP RQEQ GP OQFGNQU FG QDLGVKXQU [ OWEJQ GP
GZRTGUKQPGUFGFKUEQPHQTOKFCFEQPTGNCEKÉPCNCUUKVWCEKQPGUGPSWGXKXGP5CDGPNQ
SWG PQ SWKGTGP RGTQ PQ RTGEKUCP NQ SWG FGUGCTÃCP .CU RGTUQPCU GP IGPGTCN UG
GZRTGUCP O±U RQT UWU KPUCVKUHCEEKQPGU SWG RQT UWU QDLGVKXQU .C KPHQTOCEKÉP
FKURQPKDNG UQDTG NCU CURKTCEKQPGU FG RQT GLGORNQ NQU RWGDNQU CNVQ CPFKPQU GU
RTGEKUCOGPVGOW[CDWPFCPVGGPNKUVCFQUFGRTQDNGOCU
GZRTGUCFQUGPOGOQTKCNGU
FKTKIKFQUCNCRTGUKFGPEKC[OW[GUECUCGPOQFGNQUCHWVWTQ

&GDKFQ C GUVC UKVWCEKÉP GZKUVG NC VCTGC KPKEKCN FG FKUGÇCT GUEGPCTKQU FG
UKVWCEKQPGU GZKUVGPVGU [ FGUGCFCU 'UVQ UG NQITC EQPXKTVKGPFQ NQU NKUVCFQU FG
RTQDNGOCUGPOQFGNQUFGQDLGVKXQUFGNQUCEVQTGURTGUGPVGUGPECFCTGIKÉP%QPNC
NKUVCQTFGPCFC[ENCUKHKECFCFGQDLGVKXQUGUHCEVKDNGFGVGTOKPCTGNHWVWTQFGUGCFQRQT
NQUJCDKVCPVGUFGFGVGTOKPCFCTGIKÉP%QPHTQPVCPFQNQUQDLGVKXQUFGNQUJCDKVCPVGU
[NCUFGQVTQUCEVQTGUSWGKPVGTXKGPGPGPNCTGIKÉPEQPNCUKVWCEKÉPGZKUVGPVG[NQU
TGEWTUQU FKURQPKDNGU GP NC OKUOC GU HCEVKDNG FGVGTOKPCT SWG QDUV±EWNQU JC[ SWG
UWRGTCT [ SWG CNVGTPCVKXCU Q GUVTCVGIKCU RQFTÃCP FKUGÇCTUG RCTC CNECP\CT NCU OGVCU
FGUGCFCU
 

.QUGUEGPCTKQUEQPHNKEVKXQU[
EQPEKNKCVQTKQURCTCGNFGUCTTQNNQ
.QU JCDKVCPVGU FG NQU XCTKCFQU VGTTKVQTKQU FG #O¾TKEC .CVKPC PQ VKGPGP WPC OKUOC
XKUKÉPFGNFGPQOKPCFQFGUCTTQNNQUWUVGPVCDNG[UQUVGPKDNG[FGNCOCPGTCFGEÉOQ
NQITCTNQ GP HQTOC EQPUVCPVG &GUFG NC NNGICFC FG NQU GWTQRGQU [ CPVGU FG GNNQ
VCODK¾P#O¾TKECUGJCPECTCEVGTK\CFQRQTVGPGTRGTOCPGPVGUGPEWGPVTQUEWNVWTCNGU
GPVTG UWU RWGDNQU 'UVQ QDXKCOGPVG IGPGTÉ [ IGPGTC CÐP WPC XCUVC ICOC FG
GUEGPCTKQU XKUKQPGU Q CRTGEKCEKQPGU FG NCU UKVWCEKQPGU GP SWG XKXGP NQU ITWRQU
JWOCPQUSWGEQPHQTOCPNCUQEKGFCFNCVKPQCOGTKECPC[FGNQSWGFGUGCPQGURGTCP
SWGNGUUWEGFGT±CHWVWTQ

2CTC NQU FGURNC\CFQU TGEKGPVGU QEWRCPVGU FG \QPCU RTQFWEVKXCOGPVG

OCTIKPCNGU [ UKP OC[QT FGUCTTQNNQ HÃUKEQ [ GP IGPGTCN RCTC VQFQU NQU ITWRQU
RQDNCEKQPCNGUSWGXKXGPGPEQPFKEKQPGURTGECTKCURQTFKXGTUQUOQVKXQUGNGUEGPCTKQ
HWVWTQ GU ECUK KPGZKUVGPVG 8KXGP FÃC C FÃC GP WP GUSWGOC FG UQDTGXKXGPEKC UKP
OC[QTGU RQUKDKNKFCFGU FG GURGEWNCT UQDTG RQUKDNGU OGLQTCU GP UWU EQPFKEKQPGU FG
XKFC FGPVTQ FG VGTTKVQTKQU SWG OWEJCU XGEGU PQ EQPQEGP [ GP NQU EWCNGU CRGPCU
RWGFGPUWDUKUVKT

2CTCNCURQDNCEKQPGUCPEGUVTCNOGPVGCUGPVCFCURQTGLGORNQNQU#[OCT±UGP
NQU#PFGUQCNIWPCVTKDWGPNC#OC\QPÃCEQPWPDWGPEQPQEKOKGPVQ FGN CODKGPVG
FGDKFQ C WPC NCTIC VTCFKEKÉP FGN OCPGLQ FG UW GPVQTPQ [ QTICPK\CEKÉP UQEKCN
EQOWPKVCTKC UW XKUKÉP FG HWVWTQ GUV± NKICFC C UW XKPEWNCEKÉP EQP NC VKGTTC [ UWU
VTCFKEKQPGU 'N JCDKVCPVG VTCFKEKQPCN VKGPG WPC RGTEGREKÉP ENCTC [ JQNÃUVKEC FG UW
WDKECEKÉP EQP TGNCEKÉP CN GEQUKUVGOC GP GN EWCN XKXG [ EQP GN SWG KPVGTCEVÐC RQT
EKGPVQU FG CÇQU 5W UQDTGXKXGPEKC GUVC FCFC RQT GN TGURGVQ C UW VGTTKVQTKQ [
EQUVWODTGU CWP EWCPFQ UG GPHTGPVCP C FKCTKQ EQP EQPHNKEVQU ECWUCFQU RQT
KPVGTXGPVQTGU GZVGTPQU [ RQT UWU RTQRKQU ECODKQU FG CEVKVWF [ FGOCPFCU RQT
GHGEVQUFGNCGFWECEKÉP[EJQSWGEWNVWTCN

2CTC NQU ITWRQU EQP ITCPFGU ECRKVCNGU SWG TGCNK\CP KPXGTUKQPGU GP NWICTGU
NGLCPQU C UW QTKIGP EWNVWTCN EQP HKPGU FG GZVTCEEKÉP FG TGEWTUQU PCVWTCNGU
RTQFWEEKÉPCITQKPFWUVTKCNQFGGZRQTVCEKÉPEQOQCUKOKUOQRCTCNQU JCDKVCPVGU FG
NQU ITCPFGU EGPVTQU WTDCPQU NC XKUKÉP FG UWUVGPVCDKNKFCF GUV± RT±EVKECOGPVG
NKOKVCFCCGZRNQVCTVGORQTCNOGPVGWPNWICTQTGEWTUQ
WPHWPFQWPC\QPCOKPGTC
UKGPFQGPIGPGTCNUWRGTURGEVKXCFGHWVWTQFGEQTVQQOGFKCPQRNC\QGPHWPEKÉP
FGNCTGPVCDKNKFCFVGORQTCNFGUWCEVKXKFCFRTQFWEVKXC5WRTGQEWRCEKÉPCODKGPVCN[
UQEKCNPQTOCNOGPVGUÉNQGUV±XKPEWNCFCCPQCHGEVCTUWTGPVCDKNKFCFGEQPÉOKEC[C
OCPVGPGT GN RTQRKQ GPVQTPQ FQPFG XKXG RGTQ PQ GN GPVQTPQ FG FQPFG QDVKGPG UW
TGPVCCPQUGTSWG¾UVGUGXGCCHGEVCFQGPUWUKPITGUQURQTGNRTQRKQRTQEGUQFG
RTQFWEEKÉPQWPCNG[UGNQKORQPIC
 

5K DKGP VQFQU GUVQU ITWRQU CURKTCP C CNECP\CT WP FGUCTTQNNQ JWOCPQ
UQUVGPKDNG
KUWUVGPVCPFQUWUWUVGPVQLCEQTVQOGFKCPQQNCTIQRNC\QUGIÐPUGCGN
CEVQTKPXQNWETCFQUQPRQEQUNQUSWGVKGPGPWPOQFGNQENCTQFGNQSWGGUQUKIPKHKEC
GP V¾TOKPQU FG UQNKFCTKFCF [ UQDTG VQFQ FG EÉOQ NQITCTNQ #FGO±U RCTC ITCHKECT
GUEGPCTKQU C HWVWTQ PQ UÉNQ JC[ SWG VGPGT EQPQEKOKGPVQ G KOCIKPCEKÉP UK PQ SWG
VCODK¾PUGPGEGUKVCFKURQPGTFGXCTKCDNGUSWGFGCNIWPCHQTOCKOQFGNGPLNCUKFGCU
FGNCURGTUQPCURCTCSWGUGRWGFCVTCPUOKVKTGNRGPUCOKGPVQ

'NUGTJWOCPQEQOQGNJCDKVCPVGFGEQOWPKFCFGUKPFÃIGPCUEW±PVQO±UUG
UKGPVCNKICFQCUWITWRQUQEKCN[GPVQTPQCUWOGOGLQTUWRTGUGTXCEKÉP'PECODKQGN
JCDKVCPVG FG ITCPFGU EGPVTQU WTDCPQU NQ XKUWCNK\C FG O±U NGLQU GP HQTOC OGPQU
EQORTQOGVKFC[O±UKPFKXKFWCNKUVC.CUFKOGPUKQPGUGPQTOGUFGNCOC[QTÃCFGNQU
OWPKEKRKQUFGNCTGIKÉPSWGVKGPGNÃOKVGUKORWGUVQU[ECRTKEJQUQU[PQJGTGFCFQU
RQT VTCFKEKÉP RTGJKUR±PKEC KORKFGP CFGO±U EQORTQOGVGT C NC RQDNCEKÉP GP VCTGCU
EQPLWPVCU'UVCUKVWCEKÉPPQUWEGFGRQTGLGORNQ GP 'WTQRC FQPFG NQU OWPKEKRKQU
UQP OWEJQ O±U RGSWGÇQU [ UWU QTÃIGPGU UG TGOQPVCP C EKGPVQU FG CÇQU UKP
OQFKHKECEKQPGUFGNÃOKVGUPKFGRQDNCEKÉP
CPVKIWQUDWTIQU[HGWFQU

%QPTGNCEKÉPCNQFGUGCFQRQTGNUGT JWOCPQ UG JC TGEWTTKFQ ECUK UKGORTG C

FGEKT SWG NQ SWG PGEGUKVC GU CWOGPVCT UW KFGUCTTQNNQL CWP EWCPFQ PQ UG CENCTG NQ
SWGGUVQUKIPKHKEC'UEQPQEKFQSWGNCKPVGTRTGVCEKÉPFGNQUQDLGVKXQU[UKIPKHKECFQ
FGNXQECDNQKFGUCTTQNNQLNNGXCOWEJCUXGEGUCRQN¾OKECUKPCIQVCDNGU[RQEQÐVKNGU
5GIÐP 2KGTTG FG <WVVGT KFGUCTTQNNCTL HWG ECUK UKGORTG KPVGTRTGVCFQ EQOQ KJCEGT
ETGEGTL'NUWDFGUCTTQNNQEQPUKUVÃCGPGUVCTOCTIKPCFQFGNCGEQPQOÃCOWPFKCN[FG
NCU DQPFCFGU FG NC UQEKGFCF FG CDWPFCPEKC RGTQ PQ VQOCDC GP EWGPVC GN UGT

FGUCTTQNNCTUG'UVCKPVGTRTGVCEKÉPSWGTGRTGUGPVCWPQDLGVKXQFGRTKOGTQTFGPPQ
RWGFG FGUNKICTUG UKP GODCTIQ FGN JCEGT [ GN VGPGT RCTC NQITCTNQ # WPC RGTUQPC
ECTGPVG FG TGEWTUQU GUGPEKCNGU NQ RTKOGTQ SWG NG KPVGTGUC GU JCEGT [ VGPGT CNIQ
5ÉNQCUÃRQFT±FGFKECTUGCEWNVKXCTGNUGT'PQVTCURCNCDTCUNCUPGEGUKFCFGUD±UKECU
FGN JQODTG FGDGP UGT UWRNKFCU XÃC HCEKNKVCTNGU WP GORNGQ Q VTCDCLQ Q CEVKXKFCF
TGOWPGTCFCRCTCSWGRWGFCFGUCTTQNNCTUG

.CUUKVWCEKQPGU[EQPVTCUVGUGPVTGNQUUGTGUJWOCPQUSWGXKXGPGPNCTGIKÉP
NCVKPQCOGTKECPCQNQUSWGWUWHTWEVÐCPUWUTGEWTUQUFCPEWGPVCFG NC RTGUGPEKC FG
WP PÐOGTQ KPHKPKVQ FG GUEGPCTKQU Q GUVKNQU FG FGUCTTQNNQ FGUVCE±PFQUG EQP GN
RTQRÉUKVQ FG GZRNKECEKÉP NC FG NQU FQU OQFGNQU O±U CPVCIÉPKEQU WPQ FG QTKIGP
GPFÉIGPQ[QVTQFGQTKIGPGZÉIGPQ

 'UVG V¾TOKPQ VTCFWEKFQ OWEJCU XGEGU FGN KPIN¾U GP HQTOC FKTGEVC QTKIKPC XCTKCU KPVGTRTGVCEKQPGU [

EQPHWUKQPGU 2QT GLGORNQ UG JCDNC FG KFGUCTTQNNQ TGIKQPCNL EQOQ VTCFWEEKÉP FG KTGIKQPCN FGXGNQROGPVL EWCPFQ
SWK\±U UGC O±U EQTTGEVQ JCDNCT FG KJCDKNKVCEKÉP FGN VGTTKVQTKQ RCTC NC XKFC JWOCPCL Q FGN KFGUCTTQNNQ FG NQU UGTGU
JWOCPQU FGPVTQ FGN ±ODKVQ FG WPC TGIKÉPL +IWCN UWEGFG CN JCDNCT FG KFGUCTTQNNQ FG TGEWTUQU JÃFTKEQUL EQOQ
VTCFWEEKÉP NKVGTCN FG KYCVGT TGUQWTEGU FGXGNQROGPVL .Q SWG GP TGCNKFCF UG JCEG GU KCRTQXGEJCTL GN CIWC RCTC GN
FGUCTTQNNQ FGN JQODTG [ PQ KFGUCTTQNNCT GN CIWCL
 

'N RTKOGT GUEGPCTKQ GN GPFÉIGPQ UG UWUVGPVC [ GXQNWEKQPC C RCTVKT FG NCU
EWNVWTCUNQECNGU5WUXCNQTGUKFGQNÉIKEQU[RTQFWEVKXQUUGDCUCPGPNCCRNKECEKÉPFG
RT±EVKECUGEQPÉOKECUUQEKCNGU[CODKGPVCNGUKPUETKVCUCNQNCTIQFGNCJKUVQTKCNCU
SWGUGQTKIKPCPFGUFGEKXKNK\CEKQPGURTGJKUR±PKECU&KEJCXKUKÉPGPFÉIGPCEQORCTVG
WPCKOCIGP[NÉIKECDCUCFCUGPGNEQPQEKOKGPVQKPVGITCFQ[OCPGLQFGUWGPVQTPQ
PCVWTCNUWUVGPVCFQGPEKGPVQUFGCÇQUFGCRTGPFK\CLGGKPVGTCEEKÉPEQPUWGPVQTPQ
'UVGGUEGPCTKQO±UCTOÉPKEQEQPNCPCVWTCNG\CFGDKFQCSWGNCUQEKGFCFEQPQEGUW
GPVQTPQRQTJCDGTKPVGTCEVWCFQEQPGNOKUOQRQTUKINQU
[SWGCÐPUGGPEWGPVTCGP
CNIWPQU TGFWEVQU CKUNCFQU VKGPG GP NCU CPVKIWCU RQDNCEKQPGU [ EQOWPKFCFGU FG
KPFÃIGPCUNCVKPQCOGTKECPQUUWURTKPEKRCNGU RTQVCIQPKUVCU 'U WP OQFGNQ SWG RWGFG
ECNKHKECTUG FG CWVQEQPVGPKFQ EQP TGNCVKXCOGPVG RQEC KPVGTCEEKÉP EQP OQFGNQU
OQFGTPQU [ GZVGTPQU CWP EWCPFQ PQ GU CLGPQ C GNNQU 'UVG OQFGNQ CFGO±U GU
EQORCTVKFQ KFGQNÉIKECOGPVG RQT RGTUQPCU SWG UKP UGT KPFÃIGPCU PK CWVÉEVQPQU NQ
FGHKGPFGP EQOQ GN SWG FGDG RGTFWTCT [ EQPUQNKFCTUG RCTC NQITCT GN FGUCTTQNNQ
UQUVGPKDNG

.COGPVCDNGOGPVG UK DKGP GUVQU GUEGPCTKQU VKGPGP WPC UGTKG FG TCUIQU
RQUKVKXQU VCODK¾P GUV±P CUQEKCFQU C NC RTGUGPEKC FG DCLQU PKXGNGU FG ECNKFCF FG
XKFC EQOQ RQT GLGORNQ CNVC OQTVCNKFCF KPHCPVKN ETÃVKEQU PKXGNGU FG PWVTKEKÉP DCLQ
CEEGUQ C UGTXKEKQU UQEKCNGU DCLQ PKXGN FG GFWECEKÉP EQPXGPEKQPCN 'UVQ PQ NGU
RGTOKVG PGIQEKCT EQP RTQRKGFCF EQP GN OWPFQ GZVGTKQT #FGO±U GN GUVCPECOKGPVQ
GEQPÉOKEQ GP SWG UG GPEWGPVTCP JC OQVKXCFQ NC GZRWNUKÉP FG OWEJQU FG UWU
OKGODTQU UGC RQT FGEKUKÉP RTQRKC GP DWUEC FG PWGXCU QREKQPGU FG XKFC UGC RQT
SWGNCOKUOCEQOWPKFCFPQRWGFGFCTNGUVTCDCLQFGUFGGNOQOGPVQGPSWGGZKUVG
WP ETGEKOKGPVQ RQDNCEKQPCN SWG UWRGTC NC RQUKDKNKFCF FG IGPGTCTNGU GORNGQ G
KPITGUQU

*C[WPEKGTVQEQPUGPUQSWGWPHWVWTQOGLQTRCTCGUVGGUEGPCTKQUGUWUVGPVC
GPNCRQUKDKNKFCFFGKPEQTRQTCTGPNQUCURGEVQURTQFWEVKXQUVGEPQNQIÃCU[CXCPEGU
SWGJCPUKFQFGUCTTQNNCFCUGPQVTCUTGIKQPGUUKPCDCPFQPCTNQUTCUIQUEWNVWTCNGUSWG
UG EQPUKFGTCP RQUKVKXQU .Q SWG PQ UG UCDG CWP GU EQOQ JCEGTNQ GP WPC GUECNC
CFGEWCFCVCPVQRCTCTGURGVCTNCUKFGPVKFCFGUNQECNGUEQOQRCTCEWDTKTWPC CORNKQ
VGTTKVQTKQJGVGTQI¾PGQEQOQGUGNFG#O¾TKEC.CVKPC*CUVCNCHGEJCUGJCTGEWTTKFQ
GUGPEKCNOGPVG C TGCNK\CT RTQ[GEVQU FG CRQ[Q NQECN FG FKXGTUQ VKRQ EN±UKECOGPVG
EQPQEKFQUEQOQKRKNQVQULRGTQSWG JCP VGPKFQ GUECUC TGRNKECDKNKFCF GP NC TGIKÉP C
RGUCT FG EQPVCT EQP XCTKQU GLGORNQU GZKVQUQU 'P NC TGIKÉP UG GUV± NKVGTCNOGPVG
KRNCICFQLFGRTQ[GEVQURKNQVQUKPGXCNWCEKQPGUPKT¾RNKECU

'NUGIWPFQGUEGPCTKQRCTVG[GXQNWEKQPCFGUFGWPCXKUKÉPGZÉIGPC5GRWGFG
ECNKHKECT EQOQ CDKGTVQ VGPFKGPVG C NC INQDCNK\CEKÉP FGN KPVGTECODKQ EQOGTEKCN
VGEPQNÉIKEQ HKPCPEKGTQ [ GFWECVKXQ [ TGRTGUGPVC NCU RQUKEKQPGU FG NCU EWNVWTCU [
CEVQTGUSWGEQORCTVGPWPCNÉIKECGEQPÉOKECGZVTCEVKXC[EQPUWOKUVCVGPFKGPFQC
NC OC[QT GHKEKGPEKC GEQPÉOKEC C NC CRGTVWTC EQOGTEKCN Q C NQU SWG CNIWPQU
ECVCNQICP FG KOQFGTPKFCFL 'UVG OQFGNQ UÉNQ GP NQU ÐNVKOQU CÇQU UG JC
 

RTGQEWRCFQ RQT KPEQTRQTCT NC VGO±VKEC CODKGPVCN GP UWU FGEKUKQPGU RQT GLGORNQ
CRNKECPFQ GUVWFKQU FG KORCEVQ CODKGPVCN RCTC VTCVCT SWG UWU CEVKXKFCFGU PQ
QECUKQPGPOC[QTGUGHGEVQUPGICVKXQUGPGNOGFKQCODKGPVG'UVCHQTOCFGJCEGTNQ
PQ JC NQITCFQ CWP OWEJQU GHGEVQU XKUKDNGU GP GN OGFKQ SWG EQPVKPWC UKGPFQ
FGVGTKQTCFQ

*C[VCODK¾PWPITWRQFGKPVGTXGPVQTGUGZÉIGPQUKPHQTOCNGUSWGKPVGTXKGPGP
RCTC GZRNQVCT TGEWTUQU SWG VKGPGP FGOCPFC GP GN OGTECFQ GZVGTPQ EQOQ UQP NQU
RGSWGÇQUOKPGTQUEWNVKXCFQTGUFGEQEC[RTQEGUCFQTGUFGEQECÃPCNQUGZVTCEVQTGU
FG EKGTVQU RTQFWEVQU HQTGUVCNGU NQU EC\CFQTGU ENCPFGUVKPQU [ TGEQNGEVQTGU [
EWNVKXCFQTGU OKITCPVGU 5QP NQU ITWRQU O±U FKHÃEKNGU FG EQPVTQNCT Q CRQ[CT
1DXKCOGPVG PQ EQPFWEGP GUVWFKQU FG KORCEVQ CODKGPVCN PQ UG KPVGITCP VCORQEQ
EQPNCRQDNCEKÉPNQECN[CNPQUGTHQTOCNGUUQPKPEQPVTQNCDNGU2WGFGPUGTKNGICNGU
RGTXGTUQU Q PQ RGTXGTUQU [ EQP ITCPFGU KPITGUQU Q KPITGUQU OÃPKOQU 'P CODQU
ECUQU CHGEVCP HWGTVGOGPVG GN GPVQTPQ .Q NCOGPVCDNG FG GUVCU UKVWCEKQPGU GU SWG
OWEJQU ITWRQU SWG UG FKEGP KCODKGPVCNKUVCUL UG RTGQEWRCP UÉNQ FGN OGFKQ
CODKGPVGFQPFGUGRTQ[GEVCNCEQPUVTWEEKÉPFGITCPFGUQDTCUEQOQNCUJKFT±WNKECU
RGTQ RQEQ Q PCFC FG NCU \QPCU FQPFG PQ UG RNCPKHKEC EQPUVTWKT RTQ[GEVQU RGTQ UK
GZKUVGP KPVGTXGPEKQPGU DTWVCNGU [ UQNCRCFCU FG EQTVG [ SWGOC EWNVKXQ FG EQEC Q
O±ZKOCRGPFKGPVGHCDTKECEKÉPFGEQECÃPCEQPGNEQPUKIWKGPVGXGTVKFQFGVÉZKEQU[
NCXCFGTQU ENCPFGUVKPQU FG QTQ EQP WUQ FG OGTEWTKQ $CUVC FGEKT SWG UG XC C
EQPUVTWKTWPFKSWGRCTCSWGCRCTG\ECPEKGPVQUFGQTICPKUOQUPQIWDGTPCOGPVCNGU[
RTGQEWRCFCU RGTUQPCU EQP NQ SWG RCTCFÉLKECOGPVG FQPFG UG EQPUVTW[GP ITCPFGU
QDTCUJC[O±URTGQEWRCEKÉPCODKGPVCNSWGFQPFGPQUGEQPUVTW[GP

.QU ITWRQU GPFÉIGPQU JCP UKFQ EQPHTQPVCFQU FGUFG NC NNGICFC FG NQU
GWTQRGQU EQP WPC XKUKÉP GZÉIGPC GZVTCEVKXC [ PQTOCNOGPVG GHKEKGPVG GP UWU
RTQRÉUKVQU 5KP GODCTIQ GU H±EKNOGPVG EQORTQDCDNG SWG NC UWUVGPVCDKNKFCF
CODKGPVCNSWG NQITCP NQU GZVTCEVQTGU GUVC OWEJQ O±U GP GN NWICT FQPFG NNGXCP NQU
TGEWTUQU SWG FQPFG NQU GZVTCGP 'U FGEKT SWG OWEJCU TGIKQPGU UQDTG VQFQ NCU
RTQRKCUECRKVCNGUFGNQURCÃUGUFGNCTGIKÉPKKORQTVCPUWUVGPVCDKNKFCFCODKGPVCNLC
EQUVC FG QVTQU NWICTGU .CU KPHNWGPEKCU EQOGTEKCNGU C XGEGU O±U SWG NCU
KPVGTXGPEKQPGUFKTGEVCUFGNQUCEVQTGUGZÉIGPQUGPECFCTGIKÉPUKIWGPQECUKQPCPFQ
WPRTQHWPFQECODKQGPNCUUKVWCEKQPGUUQEKCNGU[CODKGPVCNGUNQECNGUCNHQOGPVCTNC
GZVTCEEKÉP FG TGEWTUQU PCVWTCNGU GP HQTOC UGNGEVKXC [ FGUVTWEVKXC FG TGEWTUQU
CUQEKCFQUFGPWNQKPVGT¾UGEQPÉOKEQKPOGFKCVQ[GPITCPGUECNC

.QU ITWRQU FG FGEKUKÉP FG NC OKUOC UQEKGFCF NCVKPQCOGTKECPC OC[QTOGPVG
TCFKECFQUGPITCPFGU\QPCUWTDCPCUVKGPGPCRGUCTFGXKXKTGPNCTGIKÉPWPCXKUKÉP
FGVKRQGZÉIGPQFGN±TGCTWTCN'UVQUGJCCIWFK\CFQGPVKGORQUTGEKGPVGUEQPNCU
VGPFGPEKCUCNCRTKXCVK\CEKÉP[NCINQDCNK\CEKÉPFGNCGEQPQOÃC.QUIQDKGTPQUFGNQU
RCÃUGU FG NC TGIKÉP PQ JCP JGEJQ GZRNÃEKVQ GP NC GNCDQTCEKÉP FG UWU RQNÃVKECU GUVC
FWCNKFCF FG GPHQSWGU Q OQFGNQU GPFÉIGPQU [ GZÉIGPQU PK EQOQ TGUQNXGT NQU
EQPHNKEVQUGPVTGGNNQU
 

5K DKGP NCU RQNÃVKECU RÐDNKECU PQ JCP PGICFQ CRQ[Q C NQU ITWRQU GPFÉIGPQU
SWGCWPJCDKVCPGPNCU\QPCUTWTCNGUOCTIKPCFCU¾UVGJCUKFQOW[NKOKVCFQ%QOQ
TGUWNVCFQNCOC[QTÃCFGNQUITWRQUCWVÉEVQPQUGPFÉIGPQUPQVKGPGPEQPQEKOKGPVQU
PKECRCEKFCFPKCWVQTKFCFFGPGIQEKCEKÉPRCTCNKFKCTEQPNQUCEVQTGUGZÉIGPQU.CU
RQNÃVKECU RÐDNKECU SWG HCXQTGEGP GN OQFGNQ GZÉIGPQ JCP UKFQ GP ECODKQ OW[
RTGFQOKPCPVGU UQDTG VQFQ FGUFG GN RWPVQ FG XKUVC GEQPÉOKEQ CN KPEGPVKXCT NCU
ITCPFGUKPXGTUKQPGURTKXCFCURCTCNCGZRNQVCEKÉPFGTGEWTUQUPCVWTCNGU5GGUV±CWP
NGLQUFGJCDGTUGRTQRWGUVQHÉTOWNCUSWGRGTOKVCPEQPEKNKCTCODQUOQFGNQU

%QTTQDQTCPFQ GUVC ÐNVKOC CHKTOCEKÉP GU KPVGTGUCPVG FGUVCECT C VÃVWNQ FG

GLGORNQWPCGZRTGUKÉPGUEWEJCFCGPGN2GTÐSWGFKEGTGHKTK¾PFQUGCN±TGCTWTCNCNVQ
CPFKPCSWGKOKGPVTCUNQUDGPGHKEKQUFGNCGZVTCEEKÉPFGTGEWTUQUFGNQU#PFGUUQP
EQPUKFGTCFQU EQOQ TGPVCU Q ICPCPEKCU NQU CRQTVGU C NQU JCDKVCPVGU FG NQU #PFGU
UQP EQPUKFGTCFQU EQOQ UWDUKFKQUL # NC XG\ VCODK¾P GU RCTCFÉLKEQ EQPVTCUVCT GN
OCRCFGNCRQDTG\CGEQPÉOKECFGNQUJCDKVCPVGUFG\QPCUTWTCNGUCNVQCPFKPCUEQP
GNOCRCFGNCTKSWG\CFGNQUTGEWTUQUPCVWTCNGU7PCOKUOCTGIKÉPSWGGPWPOCRC
CITÃEQNC CRCTGEG EQOQ FG GZVTGOC RQDTG\C TWTCN TGUWNVC UGT GP GN OCRC OKPGTQ
EQOQ GN FG OC[QT TKSWG\C CWTÃHGTC Q FG QVTQ OKPGTCN 'N JCDKVCPVG NQECN UGIWKT±
UKGPFQRQDTGRQTSWGPQVKGPGRQUKDKNKFCFFGCEEGFGTCFKEJCTKSWG\CGPCNIWPCHQTOC
GSWKVCVKXC .C ITCP GORTGUC FGFKECFC C GZVTCEEKÉP FG QTQ GP ECODKQ UK IGPGTC
GPQTOGUKPITGUQUCUWUUQEKQU[CNHKUEQ
CXGEGU

'U EQPEQTFCPVG EQP NC CHKTOCEKÉP CPVGTKQT SWG GP IGPGTCN GN VQVCN FG NCU
KPXGTUKQPGU GHGEVWCFCU RCTC OGLQTCT NC ECNKFCF FG XKFC FG NQU JCDKVCPVGU TWTCNGU
PQTOCNOGPVG PQ UWRGTC GN  FGN OQPVQ FG NCU KPXGTUKQPGU GHGEVWCFCU RCTC NC
GZRNQVCEKÉP FG NQU TGEWTUQU GPGTI¾VKEQU [ OKPGTCNGU RQT EKVCT UÉNQ FQU TGEWTUQU
GZRNQVCFQU GP NC TGIKÉP 'UVQ VKGPG UKP FWFC WPC GZRNKECEKÉP GEQPÉOKEC RGTQ UW
TCEKQPCNKFCF FGDG UGT CPCNK\CFC GP HWPEKÉP FG NCU OGVCU FG FGUCTTQNNQ UWUVGPVCDNG
2QT GLGORNQ WPQ FG NQU ITCPFGU CWUGPVGU GP NCU \QPCU TWTCNGU O±U RQDTGU GU GN
CEEGUQCNET¾FKVQCITCTKQ[NCVGEPQNQIÃC

#JQTC DKGP C RGUCT FG NCU FKHKEWNVCFGU CODQU OQFGNQU GN GZÉIGPQ [ GN
GPFÉIGPQ UQP RQVGPEKCNOGPVG EQORNGOGPVCTKQU 'U QDXKQ SWG OWEJQU TGEWTUQU
PCVWTCNGU PQ VGPFTÃCP XCNQT FG OGTECFQ Q PQ RQFTÃCP UGT GZRNQVCFQU UK PQ UG
KPXKTVKGUGPITCPFGUECRKVCNGU[VGEPQNQIÃCFGRWPVCQUKPQUGJWDKGUGFGUEWDKGTVQ
UW WVKNK\CEKÉP GP KPXGUVKICEKQPGU CXCP\CFCU CDTK¾PFQUG OGTECFQU KPVGTPCEKQPCNGU C
FKEJQURTQFWEVQUEQOQGNECUQFGNNKVKQSWGUGGPEWGPVTCGPNQUUCNCTGUFG$QNKXKC[
%JKNG

2QTQVTQNCFQNCUEWNVWTCUNQECNGUUQPNCUFGRQUKVCTKCUFGNRCVTKOQPKQEWNVWTCN
[ FG NC EQPUGTXCEKÉP FG NC DKQFKXGTUKFCF DCUG TGCN FG NC UWUVGPVCDKNKFCF FG NC
GURGEKGJWOCPCCUÃEQOQFGWPEQPQEKOKGPVQCECDCFQFGNGPVQTPQ5KPFKXGTUKFCF
EWNVWTCN[UKPFKXGTUKFCFDKQNÉIKECPQGURQUKDNGNCUWUVGPVCDKNKFCF.CUWUVGPVCDKNKFCF
GSWKXCNG GP ITCP OGFKFC C NC RQUKDKNKFCF FG UWUVKVWEKÉP %WCPVQ O±U XCTKGFCF
DKQNÉIKECGZKUVCOC[QTGUUQPNCUQREKQPGUFGUQUVGPKDKNKFCFFGNCJWOCPKFCF
 

.CUGUECNCU[NCFKP±OKECFGNFGUCTTQNNQ
7P RTKOGT EQPFKEKQPCPVG SWG FGVGTOKPC NC GUECNC FG ECNKFCF FG XKFC Q PKXGN FG
FGUCTTQNNQUQUVGPKDNGFGWPCUQEKGFCF GU GN ITCFQ FG GXQNWEKÉP FG NC UQEKGFCF EQP
TGNCEKÉP CN EQPQEKOKGPVQ [ ECRCEKFCF FG KOCPGLCTL NQU RTQEGUQU PCVWTCNGU FG
RTQFWEEKÉPGPEQODKPCEKÉPEQPRTQEGUQUCTVKHKEKCNGUFGRTQFWEEKÉP
EQPQEKFQGPNC
CEVWCNKFCFEQOQDKQVGEPQNQIÃCFGVCNHQTOCFGQDVGPGTGNO±ZKOQDGPGHKEKQFGNQU
TGEWTUQUPCVWTCNGUUKPFGITCFCTNQU'NCRTGPFK\CLGFGNJQODTGUKGORTGGPWPCHQTOC
W QVTC UG JC NQITCFQ OGFKCPVG NC KPVGTCEEKÉP GPVTG RTQEGUQU PCVWTCNGU [ RTQEGUQU
CTVKHKEKCNGU/WEJQUKPXGPVQUFGNJQODTGUGJCPNQITCFQRQTUKORNGQDUGTXCEKÉPFG
NQU RTQEGUQU PCVWTCNGU %QP GUVG EQPQEKOKGPVQ GN UGT JWOCPQ C JCDKNKVCFQ GN
VGTTKVQTKQCUWUPGEGUKFCFGU

'P #O¾TKEC .CVKPC JC[ UQEKGFCFGU Q ITWRQU JWOCPQU SWG XKXGP GP HQTOC
TGNCVKXCOGPVGCKUNCFCEQPGUECUCURQUKDKNKFCFGUFGCEEGUQCUGTXKEKQU[VGEPQNQIÃCU
OQFGTPCU RGTQ SWG UQP [ JCP UKFQ UQUVGPKDNGU RQT EKGPVQU FG CÇQU ITCEKCU C UW
EQPQEKOKGPVQFGNOGFKQ5KPGODCTIQGUVCUUQEKGFCFGUGPIGPGTCNVKGPGPWPOW[
DCLQ PKXGN FG ECNKFCF FG XKFC UGIÐP NQU RCT±OGVTQU CEVWCNGU 2QT GLGORNQ UG
UWUVGPVCPGPOGFKEKPCUVTCFKEKQPCNGURGTQNCVCUCFGOQTVCNKFCFKPHCPVKNRWGFGNNGICT
C  PKÇQU RQT ECFC OKN [ GN RTQOGFKQ FG XKFC PQ UWRGTC NQU  CÇQU 'P GUVCU
EKTEWPUVCPEKCUFKEJCUQEKGFCFGUUQUVGPKDNGRGTQPQFGCEWGTFQCNCUGZRGEVCVKXCU
CEVWCNGUFGPKXGNFGXKFC

'PNCOKUOCTGIKÉPUKPGODCTIQVCODK¾PJCPGXQNWEKQPCFQUQEKGFCFGUEQP
OWEJQ O±U EQPQEKOKGPVQU VCPVQ FGN OGFKQ EQOQ FG UKUVGOCU FG RTQFWEEKÉP
6CODK¾P JCP UWDUKUVKFQ RQT EKGPVQU FG CÇQU RGTQ EQP PKXGNGU FG ECNKFCF FG XKFC
OW[ UWRGTKQTGU C NQU RTKOGTQU PQODTCFQU 'UVCU UQEKGFCFGU DKGP QTICPK\CFCU [
EQP EQPQEKOKGPVQ VCPVQ FG UW GPVQTPQ EQOQ FG V¾EPKECU VKGPGP CFGO±U OGLQTGU
RQUKDKNKFCFGUFGKPVGTECODKQEQOGTEKCNEQPQVTCUTGIKQPGUUKPUQECXCTUWKFGPVKFCF
EQPNQEWCNRWGFGPKPETGOGPVCTCÐPO±UUWUWUVGPVCDKNKFCF[UWECNKFCFFGXKFCUKP
FGUVTWKTUWGPVQTPQ

.C GUECNC FG ECNKFCF FG XKFC CUQEKCFC CN FGUCTTQNNQ UQUVGPKDNG GU VCODK¾P
EQPFKEKQPCFC RQT NCU RTKQTKFCFGU SWG UG NGU CUKIPC C NQU QDLGVKXQU GEQPÉOKEQU
UQEKCNGU[CODKGPVCNGUGPECFCUQEKGFCF#ÐPEWCPFQCNIWPCUUQEKGFCFGUVTCVGPFG
CNECP\CT WP PKXGN FG FGUCTTQNNQ UQUVGPKDNG GP GN UGPVKFQ FG SWG DWUECP HQTOCU FG
EQPEKNKCT NQU VTGU QDLGVKXQU GP HQTOC TGNCVKXCOGPVG GUVCDNG GNNQ PQ PGEGUCTKCOGPVG
UKIPKHKECSWGNQURTKQTK\GPFGNCOKUOCHQTOC

#UÃ CNIWPCU UQEKGFCFGU UQP O±U GSWKNKDTCFCU CN HQTOWNCT UWU EQPEGRVQU [
HQTOCU FG VQOCT FGEKUKQPGU DWUECPFQ EQPEKNKCT QDLGVKXQU GEQPÉOKEQU UQEKCNGU [

 .CU UQEKGFCFGU FG IGUVKÉP EGTTCFC CWVQEQPVGPKFC SWG CFOKPKUVTCP UW VGTTKVQTKQ UKP OC[QT
KPVGTECODKQ RWGFGP GP VGQTÃC CNECP\CT WP RWPVQ FG GSWKNKDTKQ Q FG UWUVGPVCDKNKFCF GP UW FGUCTTQNNQ
 

CODKGPVCNGU CWP EWCPFQ PQ UGC GP WP ITCFQ OW[ KCXCP\CFQL 1VTCU RTKXKNGIKCP GN
ETGEKOKGPVQGEQPÉOKEQRQTUQDTGNQUQEKCN[CODKGPVCNQVTCUGPECODKQRTKXKNGIKCP
NQUQEKCN[EQOWPCNUQDTGNQGEQPÉOKEQ[CNIWPCUNCUOGPQUDWUECPRTKXKNGIKCTNQ
CODKGPVCN

5K VGÉTKECOGPVG UG CEGRVC SWG GP PKPIWPC FG GUVCU UQEKGFCFGU UG NNGICTC C
ETGCT UKVWCEKQPGU GZVTGOCU SWG CHGEVGP GN FGUCTTQNNQ UWUVGPVCDNG [ UQUVGPKDNG GU
KPFWFCDNGSWGUWUJCDKVCPVGUXKXKT±PCPVGFKHGTGPVGUGUVKNQUDCLQFKHGTGPVGUGUECNCU
FGXKFC7PITWRQJWOCPQFGJCDKVCPVGUFGWPCTGIKÉPTGNCVKXCOGPVGRGSWGÇCEQP
RQEQU TGEWTUQU PCVWTCNGU RGTQ DWGPC QTICPK\CEKÉP [ EQPQEKOKGPVQ FG UW GPVQTPQ
RWGFG CÐP EQP RQEQU TGEWTUQU CNECP\CT WP FGUCTTQNNQ UQUVGPKDNG RGTQ FG GUECNC
TGNCVKXCOGPVGDCLC'PNCUOKUOCUEKTEWPUVCPEKCUFGKPEQOWPKECEKÉPNQUCEVQTGUSWG
RQUGGP WP VGTTKVQTKQ CORNKQ EQP ITCP XCTKGFCF FG TGEWTUQU WP DWGP FGUCTTQNNQ
VGEPQNÉIKEQ [ WP UKUVGOC FG FGEKUKÉP RCTVKEKRCVKXQ RWGFGP CNECP\CT WP FGUCTTQNNQ
UQUVGPKDNGFGGUECNCUWRGTKQT

'P CODQU ECUQU UK GN FGUCTTQNNQ UQUVGPKDNG UG JCEG GP HQTOC CKUNCFC UKP
KPVGTECODKQU EQP QVTQU VGTTKVQTKQU NC XGNQEKFCF FG GXQNWEKÉP UGT± O±U NGPVC CÐP
EWCPFQ C XGEGU O±U UGIWTC SWG UK GNNQ UG JCEG EQP WPC CRGTVWTC CN GZVGTKQT 'P
GHGEVQGPGUVGÐNVKOQECUQVCNVGTTKVQTKQUGGZRQPGCFGRGPFGPEKCUGZVGTPCUQVTQU
GUVKNQU FG XKFC [ PKXGNGU FG EQPUWOQ Q HWGTVGU FGOCPFCU UQDTG CNIWPQU FG UWU
TGEWTUQU PCVWTCNGU 2QT GNNQ WPC UQEKGFCF PQTOCNOGPVG EGTTCFC CN GZVGTKQT FGDG
GUVCT RTGRCTCFC RCTC GPECTCT NQU FGUCHÃQU FG NC INQDCNK\CEKÉP UKP RGTFGT UW RTQRKC
UWUVGPVCDKNKFCF

'ZKUVGPKPVGTECODKQUFGTGEWTUQUPCVWTCNGUFGNCU\QPCUTWTCNGURQTDKGPGUFG
EQPUWOQ GNCDQTCFQU GP \QPCU EQP OC[QT ETGEKOKGPVQ GEQPÉOKEQ EQOQ WPC \QPC
WTDCPC7PCTGIKÉPEQPITCPECPVKFCFFGTGEWTUQUPCVWTCNGUVKGPGNCRQUKDKNKFCFFG
GZRNQVCT [ GZRQTVCT NQ SWG GP NC RT±EVKEC UGTÃC UWUVGPVCDKNKFCF CODKGPVCN [C UGC
OGFKCPVGNCXGPVCFGOKPGTCNGUOCFGTCQIGPGTCEKÉPFGJKFTQGPGTIÃC.CUTGIKQPGU
TWTCNGU PQTOCNOGPVG GZRQTVCP UWUVGPVCDKNKFCF CODKGPVCN JCEKC NQU ITCPFGU EGPVTQU
WTDCPQUQCNGZVGTKQT

'P NC RT±EVKEC GU OW[ TCTQ SWG NQU RTQEGUQU FG IGUVKÉP RCTC CNECP\CT GN
FGUCTTQNNQUQUVGPKDNGUGTGCNKEGPUÉNQCNKPVGTKQTFGWP±ODKVQJCDKGPFQGPIGPGTCN
WPC KPVGTCEEKÉP EQPUVCPVG GPVTG VGTTKVQTKQU .CU XGPVCLCU [ NCU ETGEKGPVGU
RQUKDKNKFCFGU FG KPVGTECODKQ FG NQU RTQEGUQU FG ETGEKOKGPVQ GEQPÉOKEQ
ECRKVCN
VGEPQNQIÃC OCPGLQ GORTGUCTKCN FGUCTTQNNQ UQEKCN [ UWUVGPVCDKNKFCF CODKGPVCN JCP
NNGXCFQECFCXG\O±UCNCINQDCNK\CEKÉPFGECUKVQFCUNCUCEVKXKFCFGUJWOCPCU

.QU GPEWGPVTQU GPVTG FKHGTGPVGU VGTTKVQTKQU NNGXC CRCTGLCFQ GN EJQSWG FG

FKHGTGPVGURTKQTKFCFGUGPNQUQDLGVKXQUFGFGUCTTQNNQUQUVGPKDNG'NOQFGNQGPFÉIGPQ
UKDKGPGPWPCGUECNCDCLCPQTOCNOGPVGDCNCPEGCQDLGVKXQUUQEKCNGUGEQPÉOKEQU[
CODKGPVCNGU GP NCU VQOCU FG FGEKUKÉP KPKEKCN GP VCPVQ SWG GN OQFGNQ GZÉIGPQ
 

KPVGTPCEKQPCN RTKXKNGIKC GN ETGEKOKGPVQ GEQPÉOKEQ UQDTG NQU QVTQU FQU EQP NC KFGC
SWGNWGIQUGRQFT±RTQFWEKTGNGSWKNKDTKQEQPNQUQEKCN[NQCODKGPVCNFKUVTKDW[GPFQGN
RTQFWEVQFGNETGEKOKGPVQ[EQPVTQNCPFQNQUGHGEVQUPGICVKXQUGPGNGPVQTPQ'UVQCN
OGPQUGPNCVGQTÃC

.CINQDCNK\CEKÉP[NCEQPEGPVTCEKÉP
GURCEKCNFGNFGUCTTQNNQ
#UÃ EQOQ UG XKUWCNK\C NC VGPFGPEKC C NC INQDCNK\CEKÉP [ C NC EQPEGPVTCEKÉP WTDCPC
FGUFGGNRWPVQFGXKUVCGEQPÉOKEQUQDTGVQFQEQOGTEKCNVCODK¾PUGPGEGUKVCVGPGT
QRKPKQPGU UQDTG GN GHGEVQ FG GUVQU FQU RTQEGUQU UQDTG GN CODKGPVG [ UQDTG NCU
UQEKGFCFGU

%QP TGURGEVQ C NQU RTQEGUQU FG INQDCNK\CEKÉP UK UG DWUEC WP FGUCTTQNNQ
UQUVGPKDNG WPKXGTUCN UG FGDG CFQRVCT WP GPHQSWG JQNÃUVKEQ JCEKC NC VKGTTC
VTCVCT NC
VKGTTC EQOQ UK HWGTC WPC PCXG GURCEKCN EQOQ UGÇCNÉ GN GEQPQOKUVC -GPPGVJ '
$QWNFKPI 2CTC VTCVCT NQU GEQUKUVGOCU VGTTGUVTGU GP HQTOC JQNÃUVKEC JC[ FQU
UKVWCEKQPGUJKUVÉTKECUGZKUVGPVGUSWGFKHKEWNVCPGUVGGPHQSWGNQUNÃOKVGUVGTTKVQTKCNGU
RQNÃVKEQCFOKPKUVTCVKXQU[GNVTCVCOKGPVQUGEVQTKCNK\CFQFGNCUFKUEKRNKPCU

.QUCEVQTGUFGWPVGTTKVQTKQTGNCVKXCOGPVGCKUNCFQSWGSWKGTGPKPEQTRQTCTUGC
NQU RTQEGUQU FG KPVGTECODKQ [ INQDCNK\CEKÉP EQOGTEKCN FGDGP CFQRVCT NC NÉIKEC
OQFGTPCFGRTQFWEEKÉP[UWLGVCTUGCVQFCUNCUTGINCUSWGGUVQKORQPG'UVQKORNKEC
WPCUWDQTFKPCEKÉPRQTNQOGPQUGPITCPRCTVGFGNQUOQFGNQUNQECNGUFGFGUCTTQNNQ
C NQU FG VKRQ INQDCN UK FGUGCP UGT EQORGVKVKXQU 'N FKNGOC GU EÉOQ NQITCT GUVC
INQDCNK\CEKÉPUKPRGTFGTNCGUGPEKCFGNQNQECN

'P NCU TGIKQPGU TWTCNGU FG NC TGIKÉP OWEJCU EQOWPCU PQ GUV±P RTGRCTCFQU
RCTCCRTQXGEJCTNCUXGPVCLCUFGNUKUVGOCINQDCNQUKORNGOGPVGPQVKGPGPQREKQPGU
FGFGEKUKÉP#UÃNCCRGTVWTCCNOQFGNQNGUJCETGCFQOC[QTGUPGEGUKFCFGU[CUGC
GP DKGPGU FG EQPUWOQ UGTXKEKQU [ QVTQ NCU SWG PQ RWGFGP UCVKUHCEGT RQT XCTKQU
OQVKXQU 5WU RTQFWEVQU PCVWTCNGU UQP RQEQU XCNQTK\CFQU Q FGUEQPQEKFQU GP QVTCU
TGIKQPGUUWECRCEKFCFFGPGIQEKCEKÉPJCEKCGNGZVGTKQTGUNKOKVCFC[RQTQVTQNCFQ
NQUTGEWTUQUPCVWTCNGUFGXCNQTEQOGTEKCNSWGGZKUVGPGPUWVGTTKVQTKQUQPGZVTCÃFQU
UKPFGLCTNGUDGPGHKEKQU

%WCPVQ O±U UQHKUVKECFC

FGOCPFCPVG FG ECRKVCN [ VGEPQNQIÃC EQOQ FG
OCPGLQ IGTGPEKCN GU NC GZRNQVCEKÉP OGPQT GU NC RQUKDKNKFCF FG RCTVKEKRCEKÉP TWTCN
NQECN FGDKFQ C UW HCNVC FG RTGRCTCEKÉP 2QT GNNQ NQU RTQEGUQU ETGEKGPVGU FG
RTKXCVK\CEKÉP FG GZRNQVCEKQPGU OKPGTCU Q GPGTI¾VKECU O±U UQHKUVKECFCU DWUECP
RTGEKUCOGPVGGPVTGICTNCGZRNQVCEKÉPFGNQUTGEWTUQUCSWKGPGURWGFCPCRQTVCTWP
ECRKVCN C NC XG\ SWG KPEQTRQTCT WPC ECRCEKFCF FG CFOKPKUVTCEKÉP IGTGPEKCN 'UVG
GPHQSWGFGKPFWFCDNGXCNQTRCTCNCGHKEKGPEKCGEQPÉOKECGNKOKPCCÐPO±UGNCEEGUQ
 

FGNCURGTUQPCUTWTCNGUNQECNGUPQRTGRCTCFCUCGUVCUPWGXCUHWGPVGUFGVTCDCLQSWG
VGTOKPCPOWEJCUXGEGUFGGORNGCFQUFGUGTXKEKQGPNCUECUCUFGNQUGLGEWVKXQUFG
GUVQUGPENCXGUSWGUGGPEWGPVTCPGPUWUVGTTKVQTKQU

.CUEQPEGPVTCEKQPGUWTDCPCUGP#O¾TKEC.CVKPCUQPGPRCTVGWPCTGURWGUVCC
GUVCKPECRCEKFCFNQECNRCTCCUKOKNCTUGCNCKPVGTXGPEKÉPGZVGTPCGPUWUVGTTKVQTKQUCUÃ
EQOQUCVKUHCEGTUWUPWGXCUGZKIGPEKCUFGEQPUWOQ

.CU EQPEGPVTCEKQPGU WTDCPCU ETGCP O±U QREKQPGU FG VTCDCLQ FGDKFQ C NC

XCTKGFCFSWGQHTGEGP1HTGEGPNCRQUKDKNKFCFFGGORNGCTUGGPVTCDCLQUSWGTGSWKGTGP
OGPQU RTGRCTCEKÉP SWG NCU SWG GZKIGP NCU ITCPFGU GORTGUCU OKPGTCU WDKECFCU NCU
\QPCU TWTCNGU FG FQPFG RTQXKGPGP [ NGU RCICP O±U SWG UWU VTCDCLQU EN±UKEQU FG
ECORQ #FGO±U GU O±U HCEVKDNG SWG TGEKDCP CNIÐP VKRQ FG GPVTGPCOKGPVQ GP NCU
\QPCUWTDCPCUSWGGPNCUTWTCNGU

# EQTVQ RNC\Q NCU EKWFCFGU QHGTVCP OWEJCU QREKQPGU RCTC UWDUKUVKT O±U CWP
EWCPFQ GP NCU \QPCU WTDCPCU GU O±U H±EKN TGEKDKT UWDUKFKQU [ SWG NC TGPVC RQT
VTCDCLCT GP OCPWHCEVWTCU [ UGTXKEKQU GU OWEJQ OC[QT SWG OCPKRWNCPFQ RTQEGUQU
PCVWTCNGU FG RTQFWEEKÉP EQOQ GP NC CITKEWNVWTC Q ICPCFGTÃC .C ENCXG FG NC
UWUVGPVCDKNKFCF FG NC GURGEKG JWOCPC GUV± UKP GODCTIQ GP VGPGT QREKQPGU
CNVGTPCVKXCU [ GUVKNQU XCTKCDNGU FG XKFC RCTC RQFGT RGTRGVWCTUG EQOQ GURGEKG
%WCPVQ OGPQU QREKQPGU VKGPG RCTC XKXKT GU OWEJQ O±U XWNPGTCDNG 'P NQU
HGPÉOGPQU FG EQPEGPVTCEKÉP WTDCPC KPHNW[GP GP HQTOC EQPVTCRWGUVC GUVC
CHKTOCEKÉP

.CUITCPFGUEQPEGPVTCEKQPGUWTDCPCUQHTGEGPO±UQREKQPGURQTNQVCPVQO±U
UWUVGPVCDKNKFCFRQTNCRQUKDKNKFCFFGUWDUVKVWKTWPCHWGPVGFGKPITGUQUQFGXKFCRQT
QVTC.CUITCPFGUEQPEGPVTCEKQPGUFGUGTGUJWOCPQUGPWPUÉNQNWICTVCODK¾PNQU
JCEGO±UXWNPGTCDNGURQTSWGRTGUGPVCCNQUUGTGUJWOCPQUGPHQTOCJQOQI¾PGC[
EQORCEVQURQTGLGORNQRCTCTGEKDKTGNGHGEVQFGWPCRGUVGEQNGEVKXCNQUGHGEVQUFG
WPC ECV±UVTQHG PCVWTCN EQOQ WP ITCP VGTTGOQVQ Q GN CVCSWG EQPEGPVTCFQ FG CNIÐP
GPGOKIQ'PNQUEGPVTQU WTDCPQU RQT NQ VCPVQ UG ICPC GP QREKQPGU KPFKXKFWCNGU FG
XKFC C EQTVQ RNC\Q RGTQ UG RKGTFG GP QREKQPGU EQNGEVKXCU FG UQDTGXKXGPEKC C NCTIQ
RNC\QUQDTGVQFQGPNQCODKGPVCN[GPNQUQEKCN5GICPCGPXWNPGTCDKNKFCFEQNGEVKXC

%QOQ EQPENWUKÉP RCTEKCN UG RWGFG FGEKT SWG QVTQ CURGEVQ RCTC HQOGPVCT GN
FGUCTTQNNQUQUVGPKDNGTGSWKGTGEQPUKFGTCTGNDCNCPEGGPNCFKUVTKDWEKÉPFGNCRQDNCEKÉP
UQDTG GN VGTTKVQTKQ 'P GUVC FKUVTKDWEKÉP KPHNW[G RQFGTQUCOGPVG NC KPGSWKFCF GP NCU
KPVGTCEEKQPGU GPVTG VGTTKVQTKQU 6QFQ FGUDCNCPEG GP NC VTKNQIÃC GEQPÉOKEC UQEKCN Q
CODKGPVCN RTQXQEC VCTFG Q VGORTCPQ OKITCEKQPGU FG WPC \QPC C NC QVTC \QPC FG
RGTUQPCU DWUECPFQ NCU EQORGPUCEKQPGU PGEGUCTKCU 7PQU DWUECP VTCDCLQ GP NC
EKWFCF[QVTQUDWUECPCODKGPVGUUCPQUGPGNECORQ
 

+PFKECFCU NCU RTKPEKRCNGU XCTKCDNGU UQEKCNGU CODKGPVCNGU [ GEQPÉOKECU

CUQEKCFCU C NC DÐUSWGFC FGN FGUCTTQNNQ UQUVGPKDNG EW[Q EQORQTVCOKGPVQ GU
GZRNKECDNGGPHQTOCKPFGRGPFKGPVGGUPGEGUCTKQGXCNWCTUWKPVGTCEEKÉPEKGTVCOGPVG
EQORNGLC NC SWG UG OCPKHKGUVC FGPVTQ FG ECFC VGTTKVQTKQ GP RCTVKEWNCT [ GPVTG
VGTTKVQTKQUFKUVKPVQU

'U WP JGEJQ KPPGICDNG SWG GU O±U H±EKN CNECP\CT GSWKNKDTKQU FG FGUCTTQNNQ
UQUVGPKDNGRCTCGNUGTJWOCPQFGPVTQFGVGTTKVQTKQUGZRTGUCOGPVGFGNKOKVCFQU[EQP
NÃOKVGU KPVCPIKDNGU G KPCOQXKDNGU 'P IGPGTCN GP FKEJQU ECUQU RQFÃC QEWTTKT FQU
QREKQPGU WPC SWG GN VGTTKVQTKQ OKUOQ [ NQU EQPQEKOKGPVQU FG UW RQDNCEKÉP RCTC
WVKNK\CTNQ UGCP ECRCEGU FG CRQTVCT NQ PGEGUCTKQ RCTC UWUVGPVCT C UWU JCDKVCPVGU [
QVTQ ECUQ GP SWG FKEJQU JCDKVCPVGU KKORQTVGPL UWUVGPVCDKNKFCF FG QVTQU VGTTKVQTKQU
RQT CNIÐP KPVGTECODKQ EQOGTEKCN Q UKORNG EQPSWKUVC [ FQOKPKQ RQT CPGZCEKÉP Q
EQNQPKCNKUOQFGQVTQU

.C EQORCTVKOGPVCNK\CEKÉP FG NQU VGOCU SWG FGDGP UGT EQPUKFGTCFQU RCTC
RTQRQPGT UQNWEKQPGU GU QVTC FKHKEWNVCF #UÃ EQOQ GP WPC ¾RQEC [C CPVKIWC UG
GPEQPVTÉ O±U H±EKN FKUGEVCT VGTTKVQTKQU GP EQORCTVKOGPVQU EGTTCFQU EQP NÃOKVGU
KKPVCPIKDNGUL RCTC RQFGT CFOKPKUVTCTNQU GP QVTC ¾RQEC TGUWNVÉ O±U H±EKN
KUGEVQTKCNK\CT GN RGPUCOKGPVQL GP FKUEKRNKPCU [ ECTTGTCU RTQHGUKQPCNGU [ GP ±TGCU
GURGEKCNK\CFCUFGRTQFWEEKÉP%QPGUVGUKUVGOCUGRWGFGPNQITCTÉRVKOQURCTEKCNGU
RGTQPQINQDCNGU.CURGTUQPCUFGWPCOKUOCRTQHGUKÉPSWGEQOQUGÇCN¾WPCXG\
KEQORCTVGP WP CNGITG KPEGUVQ KPVGNGEVWCN HGNKEKV±PFQUG OWVWCOGPVG RQT RGPUCT
KIWCNLCNGXKVCTNCUEQPHTQPVCEKQPGUFKUEKRNKPCTKCUIGPGTCNOGPVGRKGTFGPGNUGPVKFQFG
NQJQNÃUVKEQ

'N FGUCTTQNNQ UQUVGPKDNG GP EQPUGEWGPEKC PQ GU CRTGEKCFQ H±EKNOGPVG EQOQ
WPQDLGVKXQFGPKXGNINQDCNSWGFGDGUGTCNECP\CFQRQTVQFQUNQUUGTGUJWOCPQU[
SWGCFGO±UFGDGRNCPVGCTUGEQPUQNWEKQPGUJQNÃUVKECU'UVQUKIPKHKECSWGGPIGPGTCN
NCU RQNÃVKECU FG UWUVGPVCDKNKFCF UG RTGUGPVCP OWEJQ O±U GP V¾TOKPQU KPFKXKFWCNGU
SWG EQNGEVKXQU [ O±U CWP GP HQTOC UGEVQTKCNK\CFC QREKQPGU GEQPÉOKECU UQEKCNGU
CODKGPVCNGU[QVTCU

2CTC GXKVCT NCU EQPEGPVTCEKQPGU GZEGUKXCU FG RQDNCEKÉP DWUECPFQ EQP GNNQ
OCPVGPGT EQPFKEKQPGU GSWKNKDTCFCU FG ECNKFCF FG XKFC GPVTG NQ GEQPÉOKEQ UQEKCN [
CODKGPVCNJC[SWGOGLQTCTNCECRCEKFCFFGIGUVKÉPFGNQUFKHGTGPVGUITWRQUNQECNGU
FGUFG GN PKXGN HCOKNKCT EQOWPCN OKETQTGIKQPCN Q TGIKQPCN [ PQ UÉNQ VTCPUHGTKT
VGEPQNQIÃCU ECRKVCNGU [ RGTUQPCN ECNKHKECFQ JCEKC CNIWPQU GPENCXGU GP NCU \QPCU
TWTCNGU

'P NC ECRCEKFCF FG IQDGTPCDKNKFCF [ IGUVKÉP FG ECFC UQEKGFCF TGUKFG NC
ECRCEKFCF FG UWUVGPVCDKNKFCF FG NC TGIKÉP Q VGTTKVQTKQ SWG CFOKPKUVTCP 'UVC
ECRCEKFCF VCODK¾P EQPFKEKQPC GN KPVGTECODKQ EQP QVTQU VGTTKVQTKQU GP DCUGU
 

GSWKVCVKXCU0QUGFGDGRQTNQVCPVQGZRQTVCTIGUVQTGUFGQVTQUNWICTGUCNCU\QPCU
TWTCNGUUKPQVKGPGEQOQHKPÐNVKOQVTCPUHGTKTGUVCECRCEKFCFCNQUCEVQTGUNQECNGU

.C RQUKDKNKFCF FG OQFKHKECT NCU XCTKCDNGU FGN FGUCTTQNNQ UQUVGPKDNG GP VCNGU
\QPCUGPGNEQPVGZVQFGRTQEGUQUFGIGUVKÉPPQUGNQITCT±UKPVGPGTGPEWGPVCNCU
RQUKDKNKFCFGU FG KPVGTCEEKÉP EQP QVTCU TGIKQPGU TGEQPQEKGPFQ NQU FGTGEJQU FG UWU
JCDKVCPVGU [ ECRCEKV±PFQNQU RCTC PGIQEKCT 'U GUGPEKCN RQT GLGORNQ SWG RCTVG FG
NCUTGPVCUQDVGPKFCUCNGZVTCGTTGEWTUQUFGNCU\QPCUTWTCNGUSWGFGPGPNC\QPCFG
FQPFGUGQDVKGPGPCQDLGVQFGHCEKNKVCTGNOGLQTCOKGPVQFGNCUEQPFKEKQPGUNQECNGU

2TQEGUQUFGIGUVKÉPRCTCCNECP\CT
GSWKNKDTKQUGPGNFGUCTTQNNQ
.C OGLQTC FG NQU RTQEGUQU FG FGEKUKÉP [ FG IGUVKÉP TGSWGTKFQU RCTC NQITCT GN
GSWKNKDTKQGPVTGNQUQEKCNNQCODKGPVCN[NQGEQPÉOKEQUQPNCENCXGRCTCHQOGPVCTGN
FGUCTTQNNQ UQUVGPKDNG &GDGP KPENWKT RTQEGUQU FG OCVGTKCNK\CEKÉP FG CEEKQPGU SWG
NNGXGP CN ETGEKOKGPVQ GEQPÉOKEQ FG VTCPUCEEKQPGU SWG NNGXGP C NC GSWKFCF FG
KPEQTRQTCEKÉPFGNCFKOGPUKÉPCODKGPVCN[FGKPVGITCEKÉPFGFKUEKRNKPCUSWGNNGXGPCN
VTCVCOKGPVQJQNÃUVKEQFGNQUVGOCU

#NIWPCUFGNCURTKPEKRCNGUFGDKNKFCFGUGPNCTGIKÉPRCTCNCEQPFKEKÉPFGFKEJQU
RTQEGUQU UG TGHKGTGP C NC RQEC RCTVKEKRCEKÉP FG NQU CEVQTGU KPXQNWETCFQU GP NQU
RTQEGUQU C NC RQDTG EQDGTVWTC QTICPK\CEKQPCN RCTC RQPGT GP RT±EVKEC NCU RQNÃVKECU
TGEQOGPFCFCU UQDTG VQFQ UQDTG GN XCUVQ UGEVQT NNCOCFQ KKPHQTOCNL [ C NCU
NKOKVCEKQPGUFGNCUJGTTCOKGPVCUQKPUVTWOGPVQUWVKNK\CFQURCTCVCNGHGEVQ

*C[ OWEJQU [ OW[ FKHGTGPVGU CEVQTGU GP ECFC RCÃU FG NC TGIKÉP EQP
FKHGTGPVGUEWNVWTCUFGQTKIGP[PKXGNGUFGGFWECEKÉP7PQUUQPHQTOCNGU[QDGFGEGP
NCUTGINCUVCNEQOQNCEQORCÇÃCSWGGLGEWVC[CRNKECGNTGUWNVCFQFGNQUGUVWFKQUFG
KORCEVQCODKGPVCNSWGNGGZKIGWPCNG[QGNEQPFWEVQTSWGUGRQPGGN EKPVWTÉP FG
UGIWTKFCFUGIÐPNQUTGINCOGPVQU1VTQUUQPHQTOCNGURGTQGPIGPGTCNPQQDGFGEGP
C NCU TGINCU EQP WPC UGTKG FG CTVKHKEKQU IGPGTCNOGPVG KNGICNGU 1VTQU UQP
KRCTCHQTOCNGUL GU FGEKT UKIWGP [ VKGPGP TGINCU GURGEKCNGU VCN EQOQ NQU NNCOCFQU
RTQ[GEVQUGURGEKCNGUCORCTCFQURQTNQHQTOCN

.QU JC[ VCODK¾P KPHQTOCNGU CNIWPQU EQP TGEWTUQU RGTQ NC ITCP ECPVKFCF FG
NQU O±U RQDTGU SWG PWPEC CRNKECP WP GUVWFKQ FG KORCEVQ CODKGPVCN RCTC UCDGT GN
GHGEVQSWGVKGPGEQTVCT[SWGOCTWPDQUSWGQKPUVCNCTWPCEJQ\CO±UGPWPDCTTKQ
WTDCPQ OCTIKPCN 5KORNGOGPVG PQ UQP UWLGVQU FG ET¾FKVQ [ RQT NQ VCPVQ PQ UQP
VCORQEQUWLGVQUFGQDNKICEKÉPFGTGCNK\CTGUVWFKQUPKRQFTÃCPJCEGTNQU'PVTGVQFQU
 #ZGN &QWTQLGCPPK 2TQEGFKOKGPVQU FG IGUVKÉP RCTC GN FGUCTTQNNQ UQUVGPKDNG
CRNKECFQU C
OKETQTTGIKQPGU [ EWGPECU +PUVKVWVQ .CVKPQCOGTKECPQ [ FGN %CTKDG FG 2NCPKHKECEKÉP 'EQPÉOKEC [ 5QEKCN
+.2'5
&QEWOGPVQ 4GX 5GTKG 'PUC[QU 5CPVKCIQ FG %JKNG QEVWDTG FG 
 

GUVQUITWRQUFGUGTGUJWOCPQUNQUJC[PQRGTXGTUQU[NQUJC[RGTXGTUQUEQOQNQU
VTCHKECPVGU FG FTQICU NQU JC[ HWPFCOGPVCNKUVCU [ PQ HWPFCOGPVCNKUVCU NQU JC[
GPFÉIGPQU Q GZÉIGPQU CN VGTTKVQTKQ [ CUÃ UWEGUKXCOGPVG %CFC WPQ TGRTGUGPVC WP
CEVQT EQP ETKVGTKQU RTQDNGOCU [ QDLGVKXQU Q GUEGPCTKQU FG UWUVGPVCDKNKFCF
FKHGTGPVGU

.CURQNÃVKECURÐDNKECUVCPVQRCTCGNFGUGORGÇQFGNUGEVQTGUVCVCNEQOQRCTC
GNFGUGORGÇQFGNUGEVQTRTKXCFQTGSWKGTGFGWPUKUVGOCFGQTICPK\CEKÉPEQORNGLC
RGTQ HWPEKQPCN RCTC XGNCT SWG UG EWORNCP NCU RQNÃVKECU SWG NNGXGP CN FGUCTTQNNQ
UQUVGPKDNG 'UVC QTICPK\CEKÉP CWP PQ GZKUVG GP NC OC[QTÃC FG NQU RCÃUGU RQT OW[
FKXGTUQU OQVKXQU Q UKORNGOGPVG PQ HWPEKQPC Q PQ EWDTG GN VGTTKVQTKQ 'P OWEJCU
RCTVGU GZKUVGP KPEQORCVKDKNKFCFGU GPVTG NC HQTOWNCEKÉP FG RQNÃVKECU FG
UWUVGPVCDKNKFCF CODKGPVCN GPVTG OKPKUVGTKQU FG WP OKUOQ RCÃU CUÃ EQOQ EQPHNKEVQU
GPVTG NC IGUVKÉP FG VGTTKVQTKQU EQP NÃOKVGU RQNÃVKEQU CFOKPKUVTCVKXQU [ NÃOKVGU
IGQIT±HKEQUGEQNÉIKEQUQJKFTQIT±HKEQU

7PCFGNCUEQPFKEKQPGURCTCNQITCTNCGSWKFCFGUNCRCTVKEKRCEKÉPFGOQET±VKEC
FG NQU CEVQTGU CUÃ EQOQ GN EQPEGRVQ FG NKDGTVCF FG FGEKUKÉP CEEKÉP RTKXCFC [
UGIWTKFCFGPNCUTGINCU2CTCNQITCUGUVCUCURKTCEKQPGUUGTGSWKGTGGFWECEKÉPFGNC
RQDNCEKÉP QTICPK\CEKÉP [ UKUVGOCU KNKORKQUL FG EQPVTQN RCTC GXKVCT UKVWCEKQPGU
RGTXGTUCUCNUKUVGOC

'UVQUGTGEQPQEGGPNCUEQOWPCUSWGHCXQTGEGPNQURTQEGUQUFGOQET±VKEQU
NC VTCPURCTGPEKC GP NCU CEEKQPGU RÐDNKECU [ RTKXCFCU FG KPVGT¾U RÐDNKEQ NC
FGUEGPVTCNK\CEKÉP [ GN KPETGOGPVQ FG NC RCTVKEKRCEKÉP EQOWPCN 2CTC GXCNWCT NC
GHKECEKC FG GUVQU RTQEGUQU FG IGUVKÉP GU PGEGUCTKQ EQPUKFGTCT VCODK¾P UK NCU
FGEKUKQPGU[NCCRNKECEKÉPFGRQNÃVKECUCDCTECPGNVGTTKVQTKQ[GNVKGORQPGEGUCTKQRCTC
RQPGTNCUGPRT±EVKEC

.C RCTVKEKRCEKÉP EKWFCFCPC TGSWKGTG SWG UGCP KPUVTWKFQU GP NQU VGOCU GP
FGDCVG 5ÉNQ CUÃ ECFC ITWRQ FG CEVQTGU RWGFC TGENCOCT [ FGHGPFGT RCTC UÃ GN
FGTGEJQFGFGHKPKTNQSWGKORNKEC[GNOQFQFGCNECP\CTGNFGUCTTQNNQUQUVGPKDNGGP
UWRTQRKQVGTTKVQTKQ'UVGCURGEVQGUXKVCNRCTCTGURGVCT[UCNXCTNQUOQFQUD±UKEQU
FGXKFCFGECFCTGIKÉP[CNOKUOQVKGORQRTQITGUCT

'P OCVGTKC FG FGUCTTQNNQ UQEKCN NC GSWKFCF RCUC PGEGUCTKCOGPVG RQT CRNKECT
OGECPKUOQU RCTC WPC OGLQT FKUVTKDWEKÉP FG NQU DGPGHKEKQU FGN ETGEKOKGPVQ
GEQPÉOKEQ5KDKGPUQDTGGUVQUGJCCXCP\CFQVGÉTKECOGPVGNCUKVWCEKÉPFGRQDTG\C
TGIKQPCN OWGUVTC SWG CÐP GU PGEGUCTKQ JCEGT WP ITCP GUHWGT\Q RCTC UWRGTCT NQU
PKXGNGUFGRQDTG\CGKPFKIGPEKCGZKUVGPVGUUQDTGVQFQGPITCPRCTVGFGNCRQDNCEKÉP
TWTCN [ GP NCU RQDNCEKQPGU WTDCPCU OCTIKPCNGU OWEJCU XGEGU QTKWPFCU FGN UGEVQT
TWTCN
 

'P OCVGTKC FG OCPGLQ CODKGPVCN [ UQDTG VQFQ FG PGIQEKCEKQPGU GPVTG
VGTTKVQTKQU JC[ SWG KPXGTVKT OWEJQ O±U GP EQPQEGT GN CODKGPVG 'P NCU UQEKGFCFGU
CXCP\CFCU [ RGQT CWP GP NCU NNCOCFCU UQEKGFCFGU GP FGUCTTQNNQ GN XCNQT FGN
KFGUEWDTKOKGPVQLFGEQOQHWPEKQPCPNQURTQEGUQUPCVWTCNGUFGRTQFWEEKÉPETGCFQU
RQT NC PCVWTCNG\C GU KPHKPKVCOGPVG OGPQU EQVK\CFQ SWG GN XCNQT FG WP KPXGPVQ
GNCDQTCFQCRCTVKTFGRTQEGUQUCTVKHKEKCNGUFGRTQFWEEKÉPGUFGEKTETGCFQURQTGNUGT
JWOCPQ

'UVC UKVWCEKÉP CFGO±U FG ECWUCT WP FGUGSWKNKDTKQ GPVTG NQU KPVGTECODKQU
EQOGTEKCNGU FG WP RCÃU OCPWHCEVWTGTQ FG RTQFWEVQU EQP WPQ GZRQTVCFQT FG
GNGOGPVQU[TGEWTUQUPCVWTCNGUVCODK¾PECWUCSWGPQUGKPXKGTVCNQUWHKEKGPVGRCTC
EQPQEGT EQOQ HWPEKQPCP NQU RTQEGUQU PCVWTCNGU FG RTQFWEEKÉP RTGUGPVGU GP NQU
GEQUKUVGOCU

.QCPVGTKQTETGCWPCUKVWCEKÉPCODKIWC5KPKPIGPKQQDUGTXCEKÉPGKPXGPVQU
VCNGU EQOQ NQU UKUVGOCU FG VGNGFGVGEEKÉP Q NQU OKETQUEQRKQU GNGEVTÉPKEQU GU OW[
FKHÃEKN EQPQEGT GN EQORQTVCOKGPVQ FG NQU GEQUKUVGOCU UW TGNCEKÉP EQP NC XKFC
JWOCPCPKUGRWGFGPRQPGTGPXCNQTOWEJQUGNGOGPVQUPCVWTCNGURQTPQEQPQEGT
UW WUQ RQVGPEKCN +IWCNOGPVG UK PQ UG EQPQEG GN GPVQTPQ [ UW HWPEKQPCOKGPVQ
KPENWKFQ GN FGN RTQRKQ QTICPKUOQ JWOCPQ UG TGCNK\CP KPXGPVQU EW[QU TGUWNVCFQU
ECWUCP GHGEVQU PGICVKXQU KTTGXGTUKDNGU CN UGT JWOCPQ [ CN OGFKQ CODKGPVG Q UG
FGITCFCGNOGFKQ

'PGUVGRTQEGUQFGJCDKNKVCEKÉPFGNVGTTKVQTKQCNQUKPVGTGUGUFGNUGTJWOCPQUG
JCP FGUVTWKFQ OKNGU FG GNGOGPVQU [ RTQEGUQU PCVWTCNGU EW[Q XCNQT TGCN LCOCU UGT±
EQPQEKFQ'URQTNQVCPVQKORTGUEKPFKDNGEQPEKNKCTNCUCEEKQPGUFGFGUEWDTKOKGPVQ
FG EQOQ HWPEKQPC GN UKUVGOC CODKGPVCN EQP NC FG NQU KPXGPVQU [ VGEPQNQIÃCU RCTC
UCVKUHCEGTNCUPGEGUKFCFGUJWOCPCUUKGORTGETGEKGPVGU

2CTC HKPCPEKCT GUVCU KPXGUVKICEKQPGU GU VCODK¾P QDNKICVQTKQ FCTNGU WP XCNQT
O±UGSWKVCVKXQCNQUNNCOCFQURTQEGUQUPCVWTCNGU[CNCURGTUQPCUSWGNQUOCPGLCP
[NQUGUVWFKCPEQPGNHKPFGSWGRWGFCPTGCNK\CTUWUCEVKXKFCFGU#EVWCNOGPVGNQSWG
O±UCFSWKGTGXCNQTGPV¾TOKPQUFGRQFGTHKPCPEKCTGUVWFKQUUQDTGEQOQHWPEKQPCGN
CODKGPVG[JCUVCGNEWGTRQJWOCPQUQPGNTGUWNVCFQFGNGHGEVQPGICVKXQSWGGUV±P
VGPKGPFQ EKGTVCU CNVGTCEKQPGU GP NQU UKUVGOCU RTQFWEVKXQU GP NC XKFC FGN UGT
JWOCPQ UQDTG VQFQ WTDCPQ GP NC UGIWTKFCF EKWFCFCPC Q NC CRCTKEKÉP FG
GPHGTOGFCFGUEQPVCIKQUCU

 'P NWICT FG XCNQTK\CT WP GEQUKUVGOC EQOQ KH±DTKECL PCVWTCN UG NG XCNQTC UÉNQ EQOQ KCNOCE¾PL FG
RTQFWEVQU SWG FKURQPG FG WP KUVQEML FGVGTOKPCFQ FG GNGOGPVQU PCVWTCNGU EQP XCNQT GP WP OGTECFQ 'N TGUVQ NQ
FGUEQPQEKFQ UKORNGOGPVG PQ UG VQOC GP EWGPVC [ OWEJCU XGEGU UG GNKOKPC Q UG FGUVTW[G CN CTTCPECT GN TGEWTUQ
XCNQTCFQ
 %QOQ GN PKÇQ SWG GZVTCG CNIWPQU EJKRU FG WP EQORWVCFQTC RQT UWU EQNQTGU RCTC XGPFGTNQ C CNIWPQU

COKIQU UKP VGPGT KFGC FGN TQN FG FKEJQ EJKR GP GN HWPEKQPCOKGPVQ FGN GSWKRQ [ RGQT UKP UCDGT PK UKSWKGTC NQ SWG
RQFTÃC JCEGT EQP NC EQORWVCFQTC 'N XCNQT FGN EJKR GU FCFQ RQT WP WUQ GZVGTPQ CN KGEQUKUVGOCL CN SWG
RGTVGPGEG
 

7PC ECV±UVTQHG TGCN JCEG O±U SWG OKN FKUEWTUQU VTCVCPFQ FG CNGTVCT UQDTG
RGNKITQURQVGPEKCNGU.COGPVCDNGOGPVGJC[OWEJCUECV±UVTQHGUSWGUQPUKNGPEKQUCU
JCUVC SWG PQ ECWUCP UWU GHGEVQU XKUKDNGU VCN EQOQ NC FKUOKPWEKÉP FG NC
DKQFKXGTUKFCF [ NC RTGUGPEKC FG EKGPVQU FG RTQFWEVQU PQEKXQU RCTC GN UGT JWOCPQ
CWPPQFGVGEVCFQU

'P GUC RGTURGEVKXC NC ITCP FGHKEKGPEKC RCTC WP FGUCTTQNNQ UQUVGPKDNG GU NC
GUECUC VTCPUHGTGPEKC FG NC VGEPQNQIÃC OQFGTPC RCTC OCPGLCT GN OGFKQ CODKGPVG FG
FQPFGUGQDVKGPGPNQUTGEWTUQU'PVCNGU±TGCUGZKUVGWPCDCLÃUKOCKPXGTUKÉPGZVGTPC
RCTC EQPQEGT EQOQ HWPEKQPC GN OGFKQ 'N EQPQEKOKGPVQ FG NQU GEQUKUVGOCU GUV±
CDUQNWVCOGPVGFGUDCNCPEGCFQFGNCKPXGTUKÉPSWGUGTGCNK\CRCTCNCGZRNQVCEKÉPFGN
OKUOQ OGFKQ 7P GUEGPCTKQ UQUVGPKDNG FGDG CWOGPVCT FT±UVKECOGPVG NC KPXGTUKÉP
RCTC EQPQEGT NQU GEQUKUVGOCU KPVGTXGPKFQU .C XCNQTK\CEKÉP [ TGUECVG FGN
EQPQEKOKGPVQFGNCURQDNCEKQPGUQTKIKPCTKCUGUWPCFGNCUDCUGURCTCNQITCTNQ