%5HJODMHGHORVJULIRV
$PMPRVFMPTNBOEPTFOMBQPTJDJ³OEFNOJNP
3FUJSFMPTNBOEPTEFMPTHSJGPT'JH
4F FODPOUSBS¡ DPO VO SFU©O EF HPNB GMFYJCMF #BTUBS¡ DPO RVF TF
QSFTJPOFDPOMBQVOUBEFMEFTUPSOJMMBEPSQBSBRVFTFMJCFSFFM
QBTPIBDJBFMUPSOJMMPEFSFHVMBDJ³OEFMHSJGP -DPiVGHVPRQWH
HOUHWpQ
3FHVMFFMGVFHPNOJNPHJSBOEPFMUPSOJMMPCZQBTTNFEJBOUFVO
EFTUPSOJMMBEPSEFQVOUBQMBOB
%FQFOEJFOEPEFMHBTBMRVFWBZBBBEBQUBSTVBQBSBUPWFS
UBCMB ***SFBMJDFMBBDDJ³ODPSSFTQPOEJFOUF
"BQSFUBSMPTUPSOJMMPTCZQBTTBGPOEP
#BGMPKBSMPTUPSOJMMPTCZQBTTIBTUBMBDPSSFDUBTBMJEBEFHBTEF
MPTRVFNBEPSFTDPNQSVFCFRVFBMBKVTUBSFMNBOEPFOUSFFM
N¡YJNPZFMNOJNPFMRVFNBEPSOPTFBQBHBOJTFDSFB
SFUSPDFTPEFMMBNB
$MPTUPSOJMMPTCZQBTTEFCFOTFSDBNCJBEPTQPSVOU©DOJDP
BVUPSJ[BEP
%OPNBOJQVMBSMPTUPSOJMMPTCZQBTT
4JOPFODVFOUSBBDDFTPBMUPSOJMMPCZQBTTEFTNPOUFMBHSBTFSB
RVFFTU¡GJKBEBBMSFTUPEFMBQMBDBEFDPDDJ³OQPSVOTJTUFNBEF
UPSOJMMPT1BSBSFUJSBSMBQSPDFEBEFMTJHVJFOUFNPEP
2VJUFUPEBTMBTQBSSJMMBTUBQBTEFMPTRVFNBEPSFTEJGVTPSFTZ
NBOEPT
4VFMUFMPTUPSOJMMPTEFMPTRVFNBEPSFT
1BSBWPMWFSBNPOUBSFMBQBSBUPQSPDFEBEFNPEPJOWFSTPBM
EFTNPOUBKF
&T JNQPSUBOUF RVF FTU©O DPMPDBEPT WRGRV MPT SFUFOFT QBSB QPEFS
BTFHVSBS MB FTUBORVJEBE &TUPT EJTQPTJUJWPT TPO JNQSFTDJOEJCMFT
QBSBFMDPSSFDUPGVODJPOBNJFOUPEFMBQBSBUPZBRVFJNQJEFOMB
FOUSBEBEFMRVJEPTZTVDJFEBEBMJOUFSJPSEFMBQBSBUP
/VODB EFTNPOUF FM FKF EFM HSJGP 'JH &O DBTP EF BWFSB DBNCJF
FMHSJGPDPNQMFUP
£$WHQFLyQ
"MGJOBMJ[BSDPMPRVFMBFUJRVFUBBEIFTJWBJOEJDBOEPFMOVFWPUJQP
EFHBTDFSDBEFMBQMBDBEFDBSBDUFSTUJDBT
fr
Þ
/PUJDFEFNPOUBHF
,QGLFDWLRQVGHVpFXULWp
-JTF[MFTJOTUSVDUJPOTEFMBQQBSFJMBWBOUEFQSPD©EFSTPO
JOTUBMMBUJPOFUTPOVUJMJTBUJPO
-FTHSBQIJRVFTSFQS©TFOU©TEBOTDFUUF/PUJDFEFNPOUBHFTPOU
QVSFNFOUDBSBDU¨SFJOGPSNBUJG
/HIDEULFDQWHVWH[HPSWGHWRXWHUHVSRQVDELOLWpVLOHV
LQGLFDWLRQVGHFHPDQXHOQHVRQWSDVUHVSHFWpHV
7RXVOHVWUDYDX[GLQVWDOODWLRQGHUpJODJHHWGDGDSWDWLRQj
XQDXWUHW\SHGHJD]GRLYHQWrWUHUpDOLVpVSDUXQWHFKQLFLHQ
DJUppTXLGRLWUHVSHFWHUOHVQRUPHVHWODOpJLVODWLRQ
DSSOLFDEOHVDLQVLTXHOHVSUHVFULSWLRQVGHVVRFLpWpVORFDOHV
IRXUQLVVHXVHVGpOHFWULFLWpHWGHJD]
,OHVWUHFRPPDQGpGDSSHOHUOH6HUYLFH7HFKQLTXHSRXU
ODGDSWDWLRQjXQDXWUHW\SHGHJD]
$YDQW WRXWH DFWLRQ FRXSH] ODOLPHQWDWLRQ pOHFWULTXH HW GH JD]
GHODSSDUHLO
$FUBQQBSFJMOB©U©DPO§VRVFQPVSVOVTBHFEPNFTUJRVFTPO
VTBHFDPNNFSDJBMPVQSPGFTTJPOOFMOFTUFOBVDVODBTQFSNJT
$FUBQQBSFJMOFQFVUQBTªUSFJOTUBMM©EBOTEFTZBDIUTPVEFT
DBSBWBOFT -B HBSBOUJF OF TFSB WBMBCMF RVF TJ MVTBHF QPVS MFRVFM JM
B©U©DPO§VB©U©SFTQFDU©
"WBOUMJOTUBMMBUJPOWPVTEFWF[W©SJGJFSRVFMFTDPOEJUJPOTEF
EJTUSJCVUJPOMPDBMFOBUVSFFUQSFTTJPOEVHB[FUMFS©HMBHFEF
MBQQBSFJMTPOUDPNQBUJCMFTDGUBCMFBV *-FTDPOEJUJPOTEF
S©HMBHFEFMBQQBSFJMTPOUJOTDSJUFTTVSM©UJRVFUUFPVMBQMBRVF
TJHOBM©UJRVF
$FU BQQBSFJM OF QFVU ªUSF JOTUBMM© RVF EBOT VO FOESPJU CJFO WFOUJM©
FOSFTQFDUBOUMFTS¨HMFNFOUTFOWJHVFVSFUMFTEJTQPTJUJPOT
SFMBUJWFTMBWFOUJMBUJPO-BQQBSFJMOFEPJUQBTªUSFDPOOFDU©VO
EJTQPTJUJGE©WBDVBUJPOEFTQSPEVJUTEFDPNCVTUJPO
-FD¢CMFEBMJNFOUBUJPOEPJUªUSFGJY©BVNFVCMFQPVSRVJMOF
UPVDIFQBTEFTQBSUJFTDIBVEFTEVGPVSPVEFMBQMBRVFEF
DVJTTPO
-FTBQQBSFJMTBMJNFOU©T©MFDUSJRVFNFOUEPJWFOUªUSF
PCMJHBUPJSFNFOUDPOOFDU©TMBUFSSF
/F NBOJQVMF[ QBT MJOU©SJFVS EF MBQQBSFJM -F DBT ©DI©BOU BQQFMF[
OPUSF4FSWJDF5FDIOJRVF
$YDQWOLQVWDOODWLRQ
$FUBQQBSFJMDPSSFTQPOEMBDMBTTFTFMPOMBOPSNF&/
QPVSMFTBQQBSFJMTHB[BQQBSFJMFODBTUS©EBOTVONFVCMF
-FT NFVCMFT TJUV©T QSPYJNJU© EF MBQQBSFJM EPJWFOU ªUSF GBCSJRV©T
EBOTEFTNBU©SJBVYOPOJOGMBNNBCMFT-FTSFWªUFNFOUTTUSBUJGJ©T
FUMBDPMMFRVJMFTGJYFEPJWFOUªUSFS©TJTUBOUTMBDIBMFVS
$FUBQQBSFJMOFQFVUQBTªUSFJOTUBMM©TVSEFTS©GSJH©SBUFVSTEFT
NBDIJOFTMBWFSMFMJOHFEFTMBWFWBJTTFMMFPVEBVUSFTBQQBSFJMT
TFNCMBCMFT
1PVSJOTUBMMFSMBQMBRVFEFDVJTTPOTVSVOGPVSDFMVJDJEPJU
EJTQPTFSEVOFWFOUJMBUJPOGPSD©F7©SJGJF[MFTEJNFOTJPOTEVGPVS
EBOTMFNBOVFMEJOTUBMMBUJPO
4JVOFIPUUFBTQJSBOUFFTUJOTUBMM©FJMGBVUSFTQFDUFSMFT
PCTFSWBUJPOTEFTPONBOVFMEJOTUBMMBUJPOFUSFTQFDUFSUPVKPVST
VOFEJTUBODFWFSUJDBMFNJOJNVNEF NNQBSSBQQPSUMB
QMBRVFEFDVJTTPO
3UpSDUDWLRQGXPHXEOHILJ
&GGFDUVF[VOFE©DPVQFTVSMBTVSGBDFEFUSBWBJMTFMPOMFT
EJNFOTJPOT O©DFTTBJSFT FU MF NPEF EJOTUBMMBUJPO TPVIBJU© OPSNBM
BPVSBTC1PVSMFNPEFEJOTUBMMBUJPOSBT
■ 5PVTMFTUSBWBVYEFE©DPVQFTVSMBTVSGBDFEFUSBWBJMEPJWFOU
ªUSFS©BMJT©TEBOTMFNBHBTJOTQ©DJBMJT©
■ -FTE©DPVQFTEPJWFOUªUSFQSPQSFTFUQS©DJTFTWVRVFMFDIBOU
EF E©DPVQF FTU WJTJCMF MB TVSGBDF -B TUBCJMJU© EFT NFVCMFT EPJU
©HBMFNFOUªUSFHBSBOUJFBQS¨TMFTUSBWBVYEFE©DPVQF
■ /VUJMJTF[RVFEFTTVSGBDFTEFUSBWBJMTQ©DJBMFTS©TJTUBOUFTMB
UFNQ©SBUVSFFUMFBVQJFSSFOBUVSFMMFPVTVSGBDFEFUSBWBJM
DBSSFM©FQBSFYFNQMF
■ -FTNFVCMFTFODBTUSBCMFTEPJWFOUQPVWPJSS©TJTUFSEFT
UFNQ©SBUVSFTBMMBOUKVTRV z$
4JMBQMBRVFEFDVJTTPOFTU©MFDUSJRVFPVNJYUFHB[FU©MFDUSJDJU©
FU TJM OZ B QBT EF GPVS EFTTPVT QMBDF[ VO T©QBSBUFVS EF NBU©SJBV
OPO JOGMBNNBCMF Q FY N©UBM PV CPJT DPOUSFQMBRV© NN EF MB
CBTF EF MB QMBRVF EF DVJTTPO "JOTJ FTU FNQªDI© MBDD¨T MB QBSUJF
JOG©SJFVSFEFDFMMFDJ4JMBQMBRVFEFDVJTTPOFTUHB[JMFTU
SFDPNNBOE©EFQMBDFSMFT©QBSBUFVSMBNªNFEJTUBODF
1PVSEFTTVSGBDFTEFUSBWBJMFOCPJTWFSOJTTF[MFTTVSGBDFTEF
E©DPVQFBWFDVOFDPMMFTQ©DJBMFQPVSMFTQSPU©HFSEFMIVNJEJU©
,QVWDOODWLRQGHODSSDUHLO
$,QVWDOODWLRQQRUPDOHILJ D
4FMPO MF NPE¨MF MF KPJOU BEI©TJG QFVU ªUSF QMBD© EVTJOF 4J DFTU MF
DBTOFMFSFUJSF[TPVTBVDVOQS©UFYUFMFKPJOUBEI©TJG©WJUFMFT
GJMUSBUJPOT4JMFKPJOUOFTUQBTQMBD©EVTJOFDPMMF[MFTVSMFCPSE
JOG©SJFVSEFMBQMBRVFEFDVJTTPO
1PVSMBGJYBUJPOEFMBQQBSFJMBVNFVCMFEFODBTUSFNFOU
4PSUF[MFTBHSBGFTEFMBQPDIFEFTBDDFTTPJSFTFUWJTTF[MFT
EBOTMBQPTJUJPOJOEJRV©FFOMFTMBJTTBOUUPVSOFSMJCSFNFOU
&ODBTUSF[FUDFOUSF[MBQMBRVFEFDVJTTPO
"QQVZF[TVSTFTFYUS©NJU©TKVTRVDFRVFMMFTBQQVJFTVSUPVU
TPOQ©SJN¨USF
5PVSOF[MFTBHSBGFTFUTFSSF[MFTGPOE
-BQPTJUJPOEFTBHSBGFTE©QFOEEFM©QBJTTFVSEFMBTVSGBDFEF
USBWBJM
%,QVWDOODWLRQjUDVILJ E
1SPD©EF[MJOTUBMMBUJPOOPSNBMFEFMBQQBSFJMFOWFJMMBOUDF
RVVOFSBJOVSFVOJGPSNFTPJUQS©TFOUFUPVUBVMPOHEFTPO
Q©SJN¨USF-BQMBRVFEFDVJTTPOEPJUªUSFTJUV©FM©H¨SFNFOUFO
EFTTPVTEFMBTVSGBDFEFUSBWBJM
4VSMFTQMBOTEFUSBWBJMDBSSFM©TNPOUF[MFTTVSGBDFTEBQQVJ
MBJEFEFCBHVFUUFTS©TJTUBOUBVYUFNQ©SBUVSFTFUMFBVTJ
O©DFTTBJSF
7©SJGJF[MFGPODUJPOOFNFOUFUMBQPTJUJPOEFMBQQBSFJM
3FNQMJTTF[MBSBJOVSFFOUSFMFQMBOEFUSBWBJMFUMBQMBRVFEF
DVJTTPOMBJEFEVOFDPMMFEFTJMJDPOFDPOWFOUJPOOFMMF
BQQSPQSJ©FEBOTMBDPVMFVSTPVIBJU©F
5HPDUTXH -F GBJU EVUJMJTFS VOF DPMMF EF TJMJDPOF OPO BQQSPQSJ©F
TVSEFTQMBOTEFUSBWBJMFOQJFSSFOBUVSFMMFQFVUQSPWPRVFS
MBQQBSJUJPO EF DPMPSBUJPOT RVJ OF QPVSSPOU QMVT ªUSF ©MJNJO©FT -B
DPMMFBQQSPQSJ©FFTUEJTQPOJCMFBVQS¨TEFOPUSF4FSWJDF
UFDIOJRVF DPEF 3FTQFDUF[ MFT JOEJDBUJPOT EVUJMJTBUJPO
EVGBCSJDBOU
-JTTF[MBDPMMFEFTJMJDPOFBWBOURVFMMFOFGPSNFVOFDPVDIF
MBJEFEVOFSBDMFUUFPVBWFDMFTEPJHUTIVNJEJGJ©TEFTBWPO
-BJTTF[MBDPMMFEFTJMJDPOFT©DIFSBWBOUEVUJMJTFSMBQQBSFJM
'pPRQWDJHGHODSODTXHGHFXLVVRQ
%©CSBODIF[MBQQBSFJMEFTQSJTFTEFDPVSBOU©MFDUSJRVFFUEVHB[
%©WJTTF[MFTBHSBGFTFUTVJWF[MBQSPD©EVSFJOWFSTFBVNPOUBHF