• Aucun résultat trouvé

/7/2/943859/7 ./+6-8/-896//8./+ 619+832./28/62/8

N/A
N/A
Protected

Academic year: 2022

Partager "/7/2/943859/7 ./+6-8/-896//8./+ 619+832./28/62/8"

Copied!
16
0
0

Texte intégral

(1)

FGNOCTEJKVGEVWTGGVFGNC TÃIWNCVKQPFGNOKPVGTPGV

$GTPCTF$GPJCOQW

n.GUTÃUGCWZEQPUVKVWGPVNCPQWXGNNGOQTRJQNQIKGUQEKCNGFGPQUUQEKÃVÃUGVNCNQIKSWG FGNCOKUGGPTÃUGCWFÃVGTOKPGNCTIGOGPVNGURTQEGUUWUFGRTQFWEVKQPFOGZRÃTKGPEGFG RQWXQKTGVFGEWNVWTGW%GSWKGUVPQWXGCWCWLQWTFOJWKEOGUVNGHCKVSWGNGUVGEJPQNQIKGU FGNOKPHQTOCVKQPHQWTPKUUGPVNCDCUGFGUQPGZVGPUKQP´NCUQEKÃVÃVQWVGPVKÂTG€

.O'TGFGNO+PHQTOCVKQPVQOG+.C5QEKÃVÃGP4ÃUGCWZ /CPWGN%CUVGNNU

.OÃXQNWVKQPFGNOCTEJKVGEVWTGFGNOKPVGTPGV

.OKPVGTPGV EQPPCÉV WPG RÃTKQFG FG OWVCVKQPU RTQHQPFGU EGTVCKPGU UQPV XKUKDNGU RCT NOGPUGODNG FGU EKVQ[GPU FOCWVTGU QPV NKGW UCPU SWOKNU GP UQKGPV KPHQTOÃU %GU ÃXQNWVKQPU VGEJPQNQIKSWGU LWTKFKSWGU GV ÃEQPQOKSWGU UG EQPLWIWGPV RQWT TÃQTICPKUGT NG TÃUGCW GV CXGE NWK FGU RCPU GPVKGTU FGU ÃEJCPIGUEKVQ[GPU.OCTEJKVGEVWTGFGUU[UVÂOGUFOKPHQTOCVKQPGUVCWOÄOG VKVTG SWG EGNNG FG PQU XKNNGU RQTVGWUG FOWP OGUUCIG RQNKVKSWG /CKU EG OGUUCIG POGUV RQWT NOKPUVCPV FKUEWVÃ SWG RCT WPG RQKIPÃG FOGZRGTVU GV FOCEVGWTUKPFWUVTKGNU5KPQWURGPUQPUSWGNOKPVGTPGVFGXKGPFTCNOWPFGUNKGWZ FOGZGTEKEGFGNCEKVQ[GPPGVÃPQWUFGXQPUETÃGTNGUEQPFKVKQPUFOWPGRTKUGFG EQPUEKGPEG FGU GPLGWZ FG NC UQEKÃVÃ FG NOKPHQTOCVKQP %G UQPV NGU EQPUÃSWGPEGURQNKVKSWGUFGUEJCPIGOGPVUFGNOCTEJKVGEVWTGFGNOKPVGTPGVSWK UGTQPVCDQTFÃGUKEK

(2)

.OCRTÂU0CRUVGT

.GU EJCPIGOGPVU FG NOCTEJKVGEVWTG FG NOKPVGTPGV PG UQPV RNWU NG UGWN HCKV FGUVGEJPKEKGPUEJCTIÃUFGIÃTGTNGHQPEVKQPPGOGPVFWTÃUGCW&ÃUQTOCKUNGU FÃEKUKQPU LWTKFKSWGU GV KPFWUVTKGNNGU RGWXGPV CXQKT FGU EQPUÃSWGPEGU RTQHQPFGU UWT NGU HQPFGOGPVU FG NOKPVGTPGV # EG VKVTG NG RTQEÂU 0CRUVGT EQPUVKVWG WP RTÃEÃFGPV KORQTVCPV %G RTQEÂU C VTQR UQWXGPV ÃVà RGTÁW EQOOG EGNWK FW RKTCVCIG OWUKECN TGPFW RQUUKDNG RCT NG NQIKEKGN 0CRUVGT 2CTCFQZCNGOGPV NGU EQPUÃSWGPEGU FG EG RTQEÂU GP FGJQTU FG NC URJÂTG OWUKECNG GV RGWVÄVTG OÄOG GP FGJQTU FG NC URJÂTG FG NC RTQRTKÃVà KPVGNNGEVWGNNGRQWTTCKGPVÄVTGGPEQTGRNWUKORQTVCPVGU(CEGCW nOQPUVTG€

0CRUVGT EQOOG NOCXCKV SWCNKHKà NG LWIG 2CVGN NGU nOCLQTU€ FG NOÃFKVKQP OWUKECNG QPV OGPà GV TGORQTVà NC DCVCKNNG LWTKFKSWG RQWT HCKTG EGUUGT NGU CEVKXKVÃU FG EGVVG UQEKÃVà /CKU CWFGN´ FW UQTV TÃUGTXà ´ 0CRUVGT EOGUV NG RTKPEKRG FGU ÃEJCPIGU FG RCKT ´ RCKT QW RGGT VQ RGGT GV NOGPUGODNG FGU KPPQXCVKQPUVGEJPQNQIKSWGUFGEGUGEVGWTSWKQPVÃVÃTGOKUGPECWUG

7PGRCTVKGKORQTVCPVGFGU VGEJPQNQIKGU NGU RNWU PQXCVTKEGU FG NOKPVGTPGV RQWTTCKV CKPUK ÄVTG DNQSWÃG RCT NC OGPCEG FG RQWTUWKVGU %OGUV NG ECU FG EGTVCKPU QWVKNU FG nRCKT ´ RCKT€ RGTOGVVCPV FOCOÃNKQTGT NC FKHHWUKQP FGU EQPVGPWUFGPQWXGCWZU[UVÂOGUFOCTEJKXCIGIÃPÃTCNKUÃFGNOKPVGTPGVQWFG PQWXGCWZ QWVKNU EQQRÃTCVKHU RQWT NGU EJGTEJGWTU .OÃXQNWVKQP FG NOKPVGTPGV RQWTTCKVUWDKTWPTCNGPVKUUGOGPVKORQTVCPVFWHCKVFGNOKPEGTVKVWFGLWTKFKSWG RGUCPV UWT NGU EQPEGRVGWTU FG EGU NQIKEKGNU # EG VKVTG NC FÃECRKVCVKQP LWTKFKSWGFG0CRUVGTGUVWPUKIPGRTÃQEEWRCPVRQWTNGFGXGPKTFGNOKPVGTPGV

5KNGRTKOCVFGUKPFWUVTKGNUFGUVGEJPQNQIKGUUWTNOÃXQNWVKQPFGNOKPVGTPGV ÃVCKV KPEQPVGUVà FCPU NGU RTGOKGTU VGORU KN POGP GUV RNWU FG OÄOG CWLQWTFOJWK .GU ITQWRGU FG EQOOWPKECVKQP RTGPPGPV FÃUQTOCKU WPG RCTV CEVKXG FCPU NOQTKGPVCVKQP FGU VGEJPQNQIKGU FW TÃUGCW (CEG ´ EGVVG XÃTKVCDNG TGRTKUG GP OCKP FG NOKPVGTPGV NG LWTKUVG .CYTGPEG .GUUKI UOKPVGTTQIG UWT NC NÃIKVKOKVÃFWRQWXQKTSWOGZGTEGPVEGUnOCLQTU€UWTNOKPVGTPGV

n0CRUVGTNGOQPUVTGFGUNCDGNUOGPCEÃFGHGTOGVWTG€.G/QPFGCXTKN JVVRYYYNGOQPFGHTCTVKENGJVON

8QKT UWT EG RQKPV NOGZEGNNGPVG U[PVJÂUG 2GGT VQ 2GGT 1O4GKNN[ #UUQEKCVGU JVVRYYYQTGKNN[EQOECVCNQIRGGTVQRGGTEJCRVGTEJJVON

n22RNCPUEQWNFETGCVGURGGFKGT0GV€0GYUEQOLWKP JVVRPGYUEPGVEQOPGYUJVON

Q5CHGMGGRKPIR6JG'EQPQOKUV6GEJPQNQI[3WCVGTN[UGRVGODTG JVVRYYYGEQPQOKUVEQOUEKGPEGVSFKURNC[5VQT[EHO!UVQT[AKF n%QOGVQIGVJGTTKIJVPQYQXGT22€5CNQPEQOFÃEGODTG

JVVRYYYUCNQPEQOVGEJHGCVWTGRQRWNCTARQYGTKPFGZJVON

(3)

n.GUFKPQUCWTGUFQKXGPVOQWTKT7POCTEJÃXTCKOGPVNKDTGNGUNCKUUGTCKVOQWTKTGVNG

%QPITÂU RQWTTCKV HCXQTKUGT EGVVG ÃXQNWVKQP GP XQVCPVFGU NQKU RQWT UOCUUWTGT SWG NGU CTVKUVGU UQPV TÃOWPÃTÃU UCPU NKXTGT NOKPVGTPGV CWZ OCKPU FGU UGWNU OCLQTUW 'P FOCWVTGU OQVU ÃVCDNKT WPG EQORGPUCVKQP =RQWT NGU CWVGWTU? UCPU QEVTQ[GT WP EQPVTÏNGW€

'P GHHGV RQWT NC RTGOKÂTG HQKU FCPU NOJKUVQKTG FG NC RTQRTKÃVÃ KPVGNNGEVWGNNG NG EQPVTÏNG VQVCN FG NC FKHHWUKQP FGU WXTGU GUV FÃUQTOCKU VGEJPQNQIKSWGOGPVRQUUKDNGGPRCTVKEWNKGTCXGENGUVGEJPQNQIKGUFGIGUVKQP PWOÃTKSWGUFGUFTQKVUQW&4/#XGEEGEQPVTÏNGEOGUVNCEKTEWNCVKQP FGU KFÃGU GV FGU KPPQXCVKQPU SWK RQWTTCKV ÄVTG RNCEÃG UQWU VWVGNNG 'P NKGW GV RNCEG FOWP EQPVTÏNG FG NC FKHHWUKQP FGU WXTGU KN CWTCKV RW ÄVTG SWGUVKQP FOWPTGXGTUGOGPVFOWPGVCZG´NOKPUVCTFGEGNNGUSWKHWTGPVRTCVKSWÃGUUWTNGU CWVTGU UWRRQTVU FOGPTGIKUVTGOGPV %GU VCZGU TGHWUÃGU RCT NOGPUGODNG FGU CEVGWTU KPFWUVTKGNU KORNKSWÃGU FCPU NGU U[UVÂOGU FG &4/ # EG RTQRQU QP PQVGTC SWOGP (TCPEG NC UKORNG ÃXQECVKQP FOWPG CEVKQP FG NO'VCV RQWT UOCUUWTGT FOWPG TÃOWPÃTCVKQP FGU CWVGWTU UWT NOKPVGTPGV C UWUEKVÃ WPG XÃTKVCDNG VGORÄVG 2NWU TÃEGOOGPV NC 4+## 4GEQTFKPI +PFWUVT[

#UUQEKCVKQP QH #OGTKEC C OÄOG UQWJCKVÃ KPUETKTG NC UWTXGKNNCPEG FG NOGPUGODNGFGUFKUSWGUFWTUFCPUNGU PQWXGNNGUOGUWTGUCPVKVGTTQTKUVGUCWZ 'VCVU7PKU #W OÄOG OQOGPV CWZ 'VCVU7PKU NGU PQWXGNNGU NQKU CPVKRKTCVCIGETKOKPCNKUGPVNOGPUGODNGFGUFÃXGNQRRGOGPVUNQIKEKGNUCWVQWT FGUVGEJPQNQIKGUFGRTQVGEVKQPFGUWXTGU

Q,WUV %QORGPUCVKQPR RCT .CTT[ .GUUKI 6JG +PFWUVT[ 5VCPFCTF CXTKN JVVRE[DGTNCYUVCPHQTFGFWNGUUKIEQPVGPVKUJVON

Q*CTFYKTKPI%QR[TKIJVRFQUUKGTFG0GYUEQO JVVRPGYUEPGVEQOPGYUJVON

n)GUVKQP FGU FTQKVU PWOÃTKSWGU ÃVCVU FGU NKGWZ ´ $TWZGNNGU€ %[DGTRQWXQKTU OCTUJVVRYYYVGEJCPFEQEQOE[DGTIGVCTVKENGCUR!+&

8QKT UWT EG RQKPV NG EJCRKVTG Q+PPQXCVKQP HTQO VJG KPVGTPGVR FCPU 6JG (WVWTG QH +FGCU 6JG (CVG QH VJG %QOOQPU KP C %QPPGEVGF 9QTNF RCT .CYTGPEG .GUUKI 4CPFQO

*QWUG

n.CVCZGUWTNGUQTFKPCVGWTUCXÃEW€.KDÃTCVKQPLCPXKGT JVVRYYYNKDGTCVKQPHTOWNVKCEVWOGTQJVON

n4+##9CPVUVQ*CEM;QWT2%€RCT&GENCP/E%WNNCIJ9KTGFEQOQEVQDTG JVVRYYYYKTGFEQOPGYUEQPHNKEVJVON

%G SWK HCKV FKTG ´ .GUUKI ´ RTQRQU FG &KOKVTK 5MN[CTQX EG RTQITCOOGWT TWUUG CTTÄVà RQWT CXQKT FÃXGNQRRà WP NQIKEKGN RGTOGVVCPV FG NKTG NGU NKXTGU ÃNGEVTQPKSWGU FO#FQDGn/5MN[CTQXUG OQTHQPF GPEQTG GP RTKUQP GV UGFGOCPFG UCPU FQWVG EQOOGPV WPG UQEKÃVà FG NKDGTVà RGWV GORTKUQPPGTEGNWKSWK ÃETKV WP RTQITCOOG NÃICN FCPU UQP RC[U UKORNGOGPV RCTEG SWOKN XKGPV CWZ 'VCVU 7PKU FQPPGT WPG EQPHÃTGPEG UWT NGU HCKNNGU FGU U[UVÂOGUFGET[RVCIGU€

(4)

7P XÃTKVCDNG nÃVCW LWTKFKEQVGEJPQNQIKSWG€ UG OGV GP RNCEG RQWT KPHNÃEJKTNGEQWTUFGUKPPQXCVKQPUFGNOKPVGTPGVCWDÃPÃHKEGFOWPUGWNUGEVGWT KPFWUVTKGN .OKPVGTPGV SWK C RGTOKU FG NKDÃTGT FGU \QPGU FG ETÃCVKXKVÃU GV FOKPPQXCVKQPU RQWTTCKV DKGPVÏV UWKXCPV NG RTQPQUVKE FG &GDQTC 5RCT UG TÃFWKTG CW EJCOR ENQU FOCPEKGPU RKTCVGU GV RKQPPKGTU FGXGPWU XÃPCWZ SWK RTQVÃIGTCKGPVNGWTUOQPQRQNGUUWTNGUVGEJPQNQIKGU

.CDTQCFECUVKUCVKQPQWnVÃNÃXKUWCNKUCVKQP€FGNOKPVGTPGV

.OWPG FGU ECTCEVÃTKUVKSWGU OCLGWTGU FG NOKPVGTPGV GUV NG HCKV SWG NOnKPVGNNKIGPEG€GUVUKVWÃG´NOGZVTÃOKVÃFGUOCKNNGUFWTÃUGCWGVPQPFCPUNG TÃUGCW NWK OÄOG ´ NOQRRQUà FG TÃUGCWZ EQOOG EGNWK FW /KPKVGN %OGUV NG RTKPEKRG FKV FW GPF VQ GPF 1T NOWP FGU EJCPIGOGPVU HQPFCOGPVCWZ FG NOKPVGTPGVUGTCNKÃCWRCUUCIGFOWPGCTEJKVGEVWTGFOÃEJCPIG´WPGCTEJKVGEVWTG FG FKHHWUKQP 0QWU RQWTTKQPU CKPUK CUUKUVGT ´ WPG nVÃNÃXKUWCNKUCVKQP€ QW DTQCFECUVKUCVKQPFGNOKPVGTPGV'PGHHGVNOÃXQNWVKQPFGUU[UVÂOGU´JCWVFÃDKV UGHCKVUWTWPOQFGCU[OÃVTKSWG.GUVGEJPQNQIKGUFOCEEÂUTCRKFGUEQOOGNC E¸DNGQW#&5.QPVGPEQOOWPFOQHHTKTWPFÃDKVKORQTVCPVXGTUNGUCDQPPÃU OCKUWPGnXQKGFGTGVQWT€PGVVGOGPVRNWUNGPVG%GSWKUKIPKHKG´VGTOGNG TÃVCDNKUUGOGPV FG NC PQVKQP FOWP ÃOGVVGWT RTKXKNÃIKà GV FG PQODTGWZ TÃEGRVGWTU RCUUKHU VTCPUHQTOÃU GP VÃNÃURGEVCVGWTU EQPUQOOCVGWTU %GVVG KPVGTRTÃVCVKQP TGRTÃUGPVG ENCKTGOGPV WP EQPVTGUGPU FCPU NOÃXQNWVKQP FG NOKPVGTPGV%QPVTGUGPUSWKUGXÃTKHKGFCPUNOGPUGODNGFGUEJQKZKPFWUVTKGNUSWK EQPXGTIGPV XGTU WPG TGRTÃUGPVCVKQP nRCUUKXG€ FGU KPVGTPCWVGU 'V UK RQWT NOGUUGPVKGNNGUKPHTCUVTWEVWTGUFGVTCPURQTVFGNOKPVGTPGVUQPVU[OÃVTKSWGUNG HCKV SWG NG UGIOGPV HKPCN FGXKGPPG CU[OÃVTKSWG EQPUVKVWG WP HTGKP EQPUKFÃTCDNGRQWTNOGPUGODNGFGUVGEJPQNQIKGUFOÃEJCPIGU&GRNWUFCPUNGU UQNWVKQPUFGEQPPGZKQP´JCWVFÃDKVRTQRQUÃGUCWZRCTVKEWNKGTUGP(TCPEGNC RQUUKDKNKVà FOÃVCDNKT UQP RTQRTG UGTXGWT GUV GP IÃPÃTCN CDUGPVG QW UWTVCZÃG 1T NOGZRÃTKGPEG TÃEGPVG FG 0CRUVGT OQPVTG SWO´ FÃHCWV FG RTQFWKTG FGU EQPVGPWUURÃEKHKSWGUNGUKPVGTPCWVGURGWXGPVÃEJCPIGTFGUKPHQTOCVKQPUEG SWKGUV´NOQTKIKPGOÄOGFGNCETÃCVKQPGVFWUWEEÂUFGNOKPVGTPGV

n,CKN 6KOG KP VJG &KIKVCN #IG€ RCT .CYTGPEG .GUUKI ´ RTQRQU FW &/%# &KIKVCN /KNNGPKWO%QR[TKIJV#EVFCPUNG0GY;QTM6KOGUFWLWKNNGV

JVVRYYYP[VKOGUEQOQRKPKQP.'55JVON

2KTCVGU2TQRJGVUCPF2KQPGGTURCT&GDQTC5RCTRTQHGUUGWT´NC*CTXCTF$WUKPGUU 5EJQQN4CPFQO*QWUG

4GVJKPMKPIVJGFGUKIPQHVJGKPVGTPGV6JGGPFVQGPFCTIWOGPVUXUVJGDTCXGPGYYQTNF RCT &CXKF & %NCTM GV /CTLQT[ 5 $NWOGPVJCN VJ6GNGEQOOWPKECVKQPU 2QNKE[

4GUGCTEJ%QPHGTGPEGJVVRYYYVRTEQTICDUVTCEVUTGVJKPMKPIRFH

(5)

'VN´GPEQTGEOGUVWPGCTEJKVGEVWTGFGEQPVTÏNGSWKTKUSWGFGUGOGVVTGGP RNCEG 'P GHHGV UWT EGU TÃUGCWZ ´ JCWV FÃDKV KN FGXKGPV VGEJPQNQIKSWGOGPV RQUUKDNG FOÃVCDNKT WP U[UVÂOG FG EQPVTÏNG R[TCOKFCN EQOOG EG HWV NG ECU RQWT NC VÃNÃXKUKQP %G EQPVTÏNG RCT WP PQODTG NKOKVà FOCEVGWTU KPFWUVTKGNU RQTVGTC UWT NC FKHHWUKQP GP TCKUQP FGU EQÖVU ÃNGXÃU FG NC DCPFG RCUUCPVG PÃEGUUCKTG %GU EQÖVU SWK EQPVTCKTGOGPV ´ NC FKHHWUKQP VÃNÃXKUWGNNG CWIOGPVGPVCXGENGPQODTGFGURGEVCVGWTUKPVGTPCWVGU3WCPV´NCETÃCVKQP FGRTQITCOOGUKPVGTCEVKHUnTKEJGU€OÃNCPIGCPVKOCIGUVGZVGUGVUQPUGNNG GUVGPEQTGTÃUGTXÃG´FGUUVWFKQURTQHGUUKQPPGNU.OGPUGODNGGUVTGPHQTEÃRCT NG EQPVTÏNG VGEJPQNQIKSWG NKà ´ NC RTQRTKÃVà KPVGNNGEVWGNNG XQKTG RCT WP EQPVTÏNG RQNKVKSWG TGPFW RQUUKDNG RCT NC TÃFWEVKQP FW PQODTG FG UQWTEGU FOKPHQTOCVKQPU #KPUK CWZ 'VCVU7PKU UKVGU VQVCNKUGPV FÃL´ FW VGORU RCUUÃUWTNGYGD

2CTCKNNGWTUNGUU[UVÂOGUFOCEEÂUTCRKFGUTGOGVVGPVGPECWUGNOKFÃGFOWP TÃUGCW ÃICNKVCKTG RCT NGWT FKUVTKDWVKQP IÃQITCRJKSWG WTDCKPG QW RÃTKWTDCKPGGVNGWTFKUVTKDWVKQPUQEKQNQIKSWG#NOQRRQUÃFWFKUEQWTUSWK HGTCKV FG EGU VGEJPQNQIKGU WPG QRRQTVWPKVÃ RQWT NC FÃOQETCVKUCVKQP FG NOKPVGTPGV EGU U[UVÂOGU RQWTTCKGPV FGXGPKT FGU HCEVGWTU FOGZENWUKQP GV FOCORNKHKECVKQPFGNCHTCEVWTGPWOÃTKSWG

5KNCSWGUVKQPFGUCEEÂURWDNKEU´NOKPVGTPGVFGXKGPVWPXQNGVKORQTVCPVFG NOCEVKQP FGU 'VCVU NG RNWU UQWXGPV UGWNG NC RTQDNÃOCVKSWG FG NC DCPFG RCUUCPVG FGUEGPFCPVG GUV GPXKUCIÃG # VGTOG WPG XÃTKVCDNG TÃHNGZKQP UWT NOnÃEQNQIKG€ FG NC DCPFG RCUUCPVG CUEGPFCPVG GV FGUEGPFCPVG FGXTC ÄVTG OGPÃG GP KPVÃITCPV JCWV GV DCU FÃDKV %G VGTOG FG nDCU FÃDKV€ FÃHKPKV NC NKIPG VÃNÃRJQPKSWG ENCUUKSWG FOWPG OCPKÂTG XCIWGOGPV RÃLQTCVKXG FCPU NG FKUEQWTUFGUQRÃTCVGWTU.GVÃNÃRJQPGGUVRQWTVCPVGVRQWTFGPQODTGWUGU CPPÃGU GPEQTG NG OQFG FOCEEÂU FQOKPCPV ´ NOKPVGTPGV VCPV GP (TCPEG SWG FCPUNOGPUGODNGFGURC[UFÃXGNQRRÃU

'VWFG/GFKC/GVTKZ

JVVRYYYGEQOOGTEGVKOGUEQORGTNUVQT[JVON

n(TCEVWTG ´ JCWV FÃDKV€ RCT $GTPCTF $GPJCOQW .KDÃTCVKQP FW HÃXTKGT JVVRYYYNKDGTCVKQPHTSWQVKFKGPFGDCVUHGXTKGTEJVONXQKTCWUUKNG FQUUKGT n.GU $WUKPGUU /QFGNU FW $TQCFDCPF€ FCPU 9KTGF OCK JVVRYYYYKTGFEQOYKTGFCTEJKXGDTQCFDCPFJVON

%JTKUVKCP 2KGTTGV UGETÃVCKTG FO'VCV ´ NO+PFWUVTKG FÃENCTCKV NG QEVQDTG n.O#&5.PGUGTCRCUWPRTQFWKVITCPFRWDNKE´(OQKU+NFQKVUOÃVCDNKT´WPPKXGCWFG NOQTFTGFG(OQKUEQOOGGP#NNGOCIPG€

JVVRYYYKPVGTPGVIQWXHTHTCPECKUHTCOGCEVWCNKVGJVONRKGTTGV

(6)

'V EQPVTCKTGOGPV ´ NC XKUKQP nÃSWKRGOGPVKÂTG€ FW HWVWTQNQIWG )GQTIG )KNFGTNGRTQITÂUPGUGTCRCUUGWNGOGPVNKôNCOQPVÃGGPRWKUUCPEGFGNC DCPFGRCUUCPVGOCKUDKGP´NOÃXQNWVKQPFGUWUCIGUFGUTÃUGCWZ2NWUSWGNC ECRCEKVÃFGVTCPUOKUUKQPEOGUVNCECRCEKVÃFOCRRTQRTKCVKQPGVFGRCTVKEKRCVKQP SWKEQPUVKVWGTCNGOQVGWTFGUKPPQXCVKQPUUQEKCNGUFGUTÃUGCWZ

#WFGN´FGNCHTCEVWTGPWOÃTKSWG

.CHTCEVWTGUQEKQNQIKSWGFGNOKPVGTPGVRGTFWTGGVUOKNHCNNCKVUGEQPXCKPETG FW ECTCEVÂTG nRQNKVKSWG€ FG NC HTCEVWTG PWOÃTKSWG NG TÃEGPV FKUEQWTU FG /KEJCGN 2QYGNN NG PQWXGCW RCVTQP WNVTCNKDÃTCN FG NC (%% (GFGTCN

%QOOWPKECVKQPU %QOOKUUKQP GUV ÃFKHKCPV nNC HTCEVWTG PWOÃTKSWGEOGUV EQOOG NC HTCEVWTG FGU /GTEGFGU LOCKOGTCKU GP CXQKT WPG OCKU LG POGP CK RCU NGU OQ[GPUW€UKE+NEQPXKGPVFGPQVGTSWGEGU FÃENCTCVKQPU UG RTQFWKUGPV CW OQOGPVQÔNGUDWFIGVUIQWXGTPGOGPVCWZCOÃTKECKPURQWTNCTÃFWEVKQPFG EGVVGHTCEVWTGEQPPCKUUGPVFGUFKOKPWVKQPUFTCUVKSWGU

(QTEG GUV FG EQPUVCVGT SWOGPVTG GZJQTVCVKQPU KPFWUVTKGNNGU GV nNCKUUGT HCKTG€NGUCEVGWTUFGUVGEJPQNQIKGUETÃGPVFGUOCTEJÃUFGPKEJGGPGZENWCPV EGSWKGUVGPEQTGNGECURQWTNCOKETQKPHQTOCVKSWGWPGRCTVEQPUKFÃTCDNG FGU RQRWNCVKQPU FGU RC[U TKEJGU &CPU UQP QWXTCIG UWT NC HTCEVWTG PWOÃTKSWG$GPLCOKP%QORCKPGHCKVNGRCTKFOWPGUKORNKHKECVKQPRTQEJCKPG FGUVGEJPQNQIKGUSWKPOGUVRCUGPEQTG´NOQTFTGFWLQWT'PGHHGVWPGÃVWFG TÃEGPVGFGNO1%&'FÃOQPVTGSWGFCPUNOÃVCVCEVWGNFGUVGEJPQNQIKGUKNPG HCWVRCUEQORVGTUWTWPGnOCUUKHKECVKQP€FGNOKPVGTPGVCWFGN´FGFG HQ[GTU EQPPGEVÃU .C EQORNGZKVà FGU VGEJPQNQIKGU SWK UQWUVGPFGPV NOWVKNKUCVKQP FGU OKETQQTFKPCVGWTU NG U[UVÂOG FOGZRNQKVCVKQP GV NOGPXKTQPPGOGPVU[ODQNKSWGFGNOKPVGTHCEGWVKNKUCVGWTGUVGPEQTGVGNNGSWOGNNG GZENWVFGHCKVWPGRCTVKORQTVCPVGFGUEKVQ[GPU

.GU RCTKU FGU KPFWUVTKGNU FGU VGEJPQNQIKGU RTÃUGPVGPV CWUUK NG TKUSWG EQOOGRQWTNCVGEJPQNQIKG9#2XQKTGNO7/65FGPOÄVTGRCUCFQRVÃURCT NGUWVKNKUCVGWTUXKUÃU%QOOGNOQPVOQPVTÃNGUÃVWFGUTÃEGPVGUUWTNOWVKNKUCVKQP

6GNGEQUO*QY+PHKPKVG$CPFYKFVJ9KNN4GXQNWVKQPK\G1WT9QTNF)GQTIG)KNFGT(TGG 2TGUU

Q/KEJCGN2QYGNN6JG)TGCV&GTGIWNCVQTR9CUJKPIVQP2QUVLWKP JVVRYYYYCUJVGEJEQOPGYUTGIWNCVKQPJVON

6JG &KIKVCN &KXKFG (CEKPI C %TKUKU QT %TGCVKPI C /[VJ! FKTKIÃ RCT $GPLCOKP

%QORCKPG/+62TGUU

'VWFGFGNO1%&'UWTNCHTCEVWTGPWOÃTKSWG

JVVRYYYQGEFQTIFUVKUVKRTQF&KIKVCNAFKXKFGRFH

(7)

FGNQIKEKGNUFGVÃNÃEJCTIGOGPVFGOWUKSWGUWT NOKPVGTPGV NOGTIQPQOKG TGUVG NOWP FGU ETKVÂTGU FOCFQRVKQP OCLGWTU #KPUK NGU JÃTKVKGTU FG 0CRUVGT SWK TGUVGPVFOWPGWVKNKUCVKQPRNWUEQORNGZGGVRNWUNGPVGPOQPVRCUGPEQTGTÃWUUK

´ UÃFWKTG NG OÄOG PQODTG FOWVKNKUCVGWTU 3WCPV CWZ VGEJPQNQIKGU SWK RGTOGVVTQPV FOKPVGTRTÃVGT RNWU HKPGOGPV NGU CEVKQPU QW NG NCPICIG FGU WVKNKUCVGWTUGNNGUPGUQPV´NOÃXKFGPEGRCUGPEQTGCTTKXÃGU´OCVWTKVÃ5KNC UWRTÃOCVKG FGU OKETQQTFKPCVGWTU 2% EQOOG nOCEJKPG ´ VQWV HCKTG€ GUV TGOKUGGPSWGUVKQPRCTNGUURÃEKCNKUVGUFGNOGTIQPQOKGNCFKXGTUKHKECVKQPGV NC UKORNKHKECVKQP FGU VGTOKPCWZ RQUGPV GPEQTG FG PQODTGWZ RTQDNÂOGU ÃEQPQOKSWGUGVVGEJPQNQIKSWGUPQPTÃUQNWU

.C(TCPEG SWCPV ´ GNNG UG VKGPV GPEQTG ´ nDQPPG€ FKUVCPEG FG NOKPVGTPGV VCPVRCTNCRTCVKSWGSWGRCTNCTÃHNGZKQP.GUVGEJPQNQIKGU[ÃXQNWGPVGPEQTG GPXCUGENQUCWRTÂUFOWPGOKPQTKVÃFG EKVQ[GPU %G XCUG ENQU QW EG PQ[CW FWT GUV XKUKDNG GP HKNKITCPG FG NC TÃEGPVG ÃVWFG FW 5'55+ # NOQRRQUà WP PQ[CW FG TÃHTCEVCKTGU UOGUV ETÃà GV NC RQUVWTG ´ CFQRVGT FGXTC VGPKT EQORVG FGURCTVKEWNCTKVÃUEWNVWTGNNGUSWKQPVOQVKXÃEGUTÃVKEGPEGU2NWUSWOWPUCXQKT HCKTGRWTGOGPVVGEJPKSWGEOGUVNCEWNVWTGFGEGUVGEJPQNQIKGUGVFGUOÃFKCU SWOKN HCWV FÃUQTOCKU FKHHWUGT /KUGT UWT WPG OCÉVTKUG EKVQ[GPPG SWK PG XKGPFTCKV SWG FG NC OCÉVTKUG VGEJPKSWG GUV CWUUK CNÃCVQKTG SWOGURÃTGT GP WP GHHGVCWVQECVCN[VKSWGFGNOKPVGTPGV%GVGHHGVSWKUGODNGRQWTNOKPUVCPVNKOKVà GP(TCPEG´WPGOKPQTKVÃVGEJPQKPUVTWKVG'VEGNCPGRGWVUGHCKTGGPRGPUCPV SWG NOCEEÂU ´ NOKPVGTPGV GUV WPG HKP GP UQK OCKU DKGP GP FÃXGNQRRCPV EGVVG EWNVWTGFGNOKPVGTPGVFCPUNGUUGIOGPVUFGRQRWNCVKQPNGUOQKPUVQWEJÃU+N[

C ´ EGNC CW OQKPU FGWZ TCKUQPU FOWPG RCTV ÃXKVGT SWG NOGPFQICOKG FGU KPVGTPCWVGU HTCPÁCKU PG UG VTCFWKUG ´ VGTOG RCT WP CRRCWXTKUUGOGPV FGU EQPVGPWUGVWPTCNGPVKUUGOGPVFGUKPPQXCVKQPUGVFOCWVTGRCTVÃXKVGTSWGNGU FÃEKUKQPUETWEKCNGUSWKCHHGEVGTQPVFWTCDNGOGPVNOKPVGTPGVPGUQKGPVRTKUGUGP FGJQTUFGVQWVGKPVGTXGPVKQPFGUKPVGTPCWVGUHTCPÁCKUGVGWTQRÃGPU2QWTNGU TGURQPUCDNGURQNKVKSWGUNOCWVTGFKHHKEWNVÃHCEG´NCHTCEVWTGPWOÃTKSWGXKGPV FWHCKVSWOKNPGUWHHKVRCUFOÄVTGEQPPGEVôNOKPVGTPGVRQWTGURÃTGTGPTGVKTGT FGUDÃPÃHKEGU#KPUKSWGNGTCRRGNNGNGUQEKQNQIWG/CPWGN%CUVGNNUUCPU WP GPXKTQPPGOGPV UQEKQEWNVWTGN SWK CKFG ´ NC OCÉVTKUG FG NOKPHQTOCVKQP NOQWVKN

n+PVGNNKIGPEG CTVKHKEKGNNG NC HKP FGU EGTVKVWFGU€ .G /QPFG +PVGTCEVKH QEVQDTG JVVRKPVGTCEVKHNGOQPFGHTCTVKENG((JVON NKTG CWUUK UWT EGU UWLGVU *#.OU .GICE[ OU %QORWVGT CU &TGCO CPF 4GCNKV[ RCT &CXKF )5VQTMGV#TVJWT%JCTNGU%NCTMG/+62TGUU

6JG+PXKUKDNG%QORWVGTRCT&QPCNF0QTOCP/+62TGUU JVVROKVRTGUUOKVGFWDQQMU01482KPVGTXKGYJVON

8QKT NOÃVWFG FW 5'55+ .GU (TCPÁCKU UG J¸VGPV NGPVGOGPV UWT NOKPVGTPGV CQÖV JVVRYYYKPFWUVTKGIQWXHTDKDNKQVJFQEWRCIGURFHRRFH

(8)

KPVGTPGVRQWTTCKVFGXGPKTWPCORNKHKECVGWTFOKPÃICNKVÃUVQWVRCTVKEWNKÂTGOGPV FCPUNGFQOCKPGUEQNCKTG

.GUTKUSWGUFGHTCIOGPVCVKQPFGNOKPVGTPGV

2CTCNNÂNGOGPV ´ NC HTCEVWTG PWOÃTKSWG GV UQP OÃECPKUOG FOGZENWUKQP FOCWVTGUVTCPUHQTOCVKQPUFGNOKPVGTPGVTGPFGPVUQPHWVWTRQNKVKSWGKPEGTVCKP

# NOKPVÃTKGWT OÄOG FG NOKPVGTPGV UG FGUUKPGPV RNWUKGWTU HQTOGU FG HTCIOGPVCVKQPUGPGHHGVNGUTÃUGCWZRGTOGVVGPV´NCHQKUNCINQDCNKUCVKQPGVNC HTCIOGPVCVKQP FGU UQEKÃVÃU .C RCTV TGNCVKXG SWG RTGPFTQPV EGU FGWZ ÃXQNWVKQPU PG TGNÂXGTC RCU FOWPG nPCVWTG KPVTKPUÂSWG€ FG NOKPVGTPGV QW FOWPGHQTOGFGFÃVGTOKPKUOGVGEJPQNQIKSWGOCKUDKGPFGEJQKZRQNKVKSWGU

(TCIOGPVCVKQPVGEJPQNQIKSWG

.OWPG FGU ÃXQNWVKQPU HQPFCOGPVCNGU FG NOKPVGTPGV EQPEGTPG NOWP FG UGU RTQVQEQNGU OCLGWTU CXGE NG RCUUCIG FO+2X ´ +2X .G PQWXGCW RTQVQEQNG RGTOGVVTC FG TGRQWUUGT NGU NKOKVGU CEVWGNNGU FW PQODTG FOCFTGUUGU +2 GV KN CWVQTKUGTC NC FKUETKOKPCVKQP FGU HNWZ GP HQPEVKQP FG NGWTU EQPVGPWU .GU TÃUGCWZ CEJGOKPGTQPV CNQTU RNWU TCRKFGOGPV NGU HNWZ RTKQTKVCKTGU CWFKQ QW XKFÃQ # NOKPXGTUG NGU HNWZ VGZVGU UGTQPV CEJGOKPÃU RNWU NGPVGOGPV 7P ENKXCIGEQOOGPEGTCCNQTU´UOÃVCDNKTCWUGKPFWTÃUGCWGPVTGNGUEQPVGPWU´

JCWVGXCNGWTCLQWVÃGGVNGTGUVGFGUKPHQTOCVKQPU.GUEQPVGPWURTKQTKVCKTGU QRRQTVWPÃOGPVSWCNKHKÃUFGTKEJOGFKCPGUQPVRQWTNOKPUVCPVCEEGUUKDNGUSWO´

NC HTCEVKQP NC RNWU UQNXCDNG FGU KPVGTPCWVGU GV KNU PÃEGUUKVGPV RQWT NGWTU EQPEGRVGWTUFGUOQ[GPUVGEJPKSWGUKORQTVCPVU%GVVGÃXQNWVKQPRTQITGUUKXG FGUUVCPFCTFUFGNOKPVGTPGVUGODNGCNNGTFGRCKTCXGENCOCVWTKVÃÃEQPQOKSWG GVVGEJPQNQIKSWGFWTÃUGCWOCKUGNNGGUVCWUUKTÃXÃNCVTKEGFOWPGCWVTGHQTOG FGHTCIOGPVCVKQPÃEQPQOKSWGEGVVGHQKU%OGUVNCRTQHGUUKQPPCNKUCVKQPFGNC EQPEGRVKQP FGU EQPVGPWU SWK GUV FÃUQTOCKU ´ NOQTFTG FW LQWT #KPUK NGU QTICPKUOGU SWK FÃHKPKUUGPV NGU UVCPFCTFU FW YGD QPV HCKV NOQDLGV FG XKXGU EQPVTQXGTUGUNQTUSWOKNUQPVGPXKUCIÃFO[KPENWTGFGUUVCPFCTFURC[CPVU

7PG CWVTG ÃXQNWVKQP HQPFCOGPVCNG FGU UVCPFCTFU EQPEGTPGTC NOQTICPKUCVKQP FGU EQPVGPWU FW YGD CXGE NC OKITCVKQP RTQITGUUKXG XGTU NG

.C)CNCZKGKPVGTPGVRCT/CPWGN%CUVGNNU(C[CTF n.GTÃUGCWGPSWÄVGFOGURCEGKPHKPK€.KDÃTCVKQPOCK JVVRYYYNKDGTCVKQPHTOWNVKCEVWXGP\CJVON n9KNN9%OGCPFQNNCTUKIPU!€0GYUEQOQEVQDTG JVVRPGYUEPGVEQOPGYUJVON

(9)

NCPICIG :/. G:VGPUKDNG /CTM 7R .CPIWCIG %G NCPICIG SWK XC TGORNCEGT RTQITGUUKXGOGPV *6/. RQWT NC EQPEGRVKQP FGU RCIGU YGD UG XGWV WPG TÃRQPUG´NOCDUGPEGFGUVTWEVWTGFWYGDCEVWGN'PGHHGVCXGENOGZRNQUKQPGP XQNWOG FW YGD QTICPKUGT GV UVTWEVWTGT NGU KPHQTOCVKQPU FGXKGPV WPG RTKQTKVÃ7PnYGDUÃOCPVKSWG€FGXKGPVPÃEGUUCKTG´OGUWTGSWGNCHCKDNG UVTWEVWTCVKQP EGTVCKPU FKUGPV NC HCKDNG KPVGNNKIGPEG FW YGD FGXKGPV WPG NKOKVG ´ UQP HQPEVKQPPGOGPV .G NCPICIG :/. FGXTC RGTOGVVTG CWZ EQPEGRVGWTUFGRCIGUYGDFGUVTWEVWTGTNGWTUFQEWOGPVUGPHQPEVKQPFGNC PCVWTG FGU EQPVGPWU .OWPG FGU EQPUÃSWGPEGU FG EGVVG ÃXQNWVKQP GUV SWOKN FGXKGPFTC PÃEGUUCKTG FOCESWÃTKT FGU EQORÃVGPEGU RNWU KORQTVCPVGU RQWT UVTWEVWTGT NGU FQEWOGPVU GV HCKTG GP UQTVG SWOKNU CRRCTCKUUGPV EQTTGEVGOGPV FCPU NGU OQVGWTU FG TGEJGTEJG 'V UOKN GUV GPEQTG TGNCVKXGOGPV UKORNG FG OCÉVTKUGT NGU QWVKNU FG EQPEGRVKQP FG RCIG YGD NG HCKV FG UVTWEVWTGT NOKPHQTOCVKQPNQTUFGUCETÃCVKQPCPCN[UGTWPFQEWOGPVGZVTCKTGFGUOQVU ENÃU QTICPKUGT WP VJÃUCWTWU TGRTÃUGPVG WP VTCXCKN KORQTVCPV GV TGUVGTC GPEQTG NQPIVGORU CWFGN´ FGU ECRCEKVÃU FGU NQIKEKGNU FOCPCN[UG UÃOCPVKSWG NGU RNWU RGTHQTOCPVU 5K NG NCPICIG :/. FQKV RGTOGVVTG WP OGKNNGWT HQPEVKQPPGOGPV FGU OQVGWTU FG TGEJGTEJG KNU RQWTTCKGPV CWUUK HKPKT RCT QEEWNVGT NGU RCIGU NGU RNWU CPEKGPPGU TÃCNKUÃGU GP *6/. RCT FGU PQP RTQHGUUKQPPGNU %GNC RQWTTCKV CEETQÉVTG NG FÃUÃSWKNKDTG FÃL´ XKUKDNG GPVTG NGU RÏNGU EQOOGTEKCWZ GV PQP EQOOGTEKCWZ FG NOKPVGTPGV GV HCXQTKUGT NC nFÃTÃNKEVKQP€FGURCIGURGTUQPPGNNGU

W'VTKUSWGURQNKVKSWGU

'PRNWUFGUTKUSWGUVGEJPQNQIKSWGUSWKRQWTTCKGPVNKOKVGTGVOQFGNGTNG V[RG FOÃEJCPIGU NC PCVWTG FGU EQPVGPWU FKURQPKDNGU UWT NOKPVGTPGV FGXKGPV CWUUKWPHCEVGWTFOGZENWUKQP%GVVGHTCIOGPVCVKQPFGUEQPVGPWUPOGUVRCUWPG RGTURGEVKXG NQKPVCKPG OCKU WPG TÃCNKVà FÃL´ RGTEGRVKDNG .GU EQPVGPWU FG NOKPVGTPGV UQPV GPEQTG OCUUKXGOGPV QTKGPVÃU XGTU NGU RQRWNCVKQPU NGU RNWU CKUÃGUGVNGUHCOKNNGUCWZRNWUHCKDNGUTGXGPWUPGRGWXGPVNGRNWUUQWXGPVRCU VTQWXGTFGEQPVGPWUGVUGTXKEGUSWKNGWTUQKGPVFGUVKPÃU&GRNWUNGNCPICIG WVKNKUà UWT NOKPVGTPGV GUV GPEQTG VTQR UQWXGPV EQPÁW RCT FGU ECFTGU VGEJPQRJKNGUWRQWTFGUECFTGUVGEJPQRJKNGU'PGHHGVNOÃXQNWVKQPCEVWGNNGFG NOKPVGTPGVOCKPVKGPVCTVKHKEKGNNGOGPVEGECTCEVÂTGnVGEJPQRJKNG€FGNCHTCEVKQP

Q#5OCTVGT9GDR/+66GEJPQNQI[4GXKGYPQXGODTG JVVRYYYVGEJTGXKGYEQOOCIC\KPGPQXHTCWGPHGNFGTCNNCUR

%H'VWFGFW%JKNFTGP2CTVPGTUJKR.GUPQWXGNNGUHTQPVKÂTGUFGNCHTCEVWTGPWOÃTKSWG JVVRYYYEJKNFTGPURCTVPGTUJKRQTIRWDNQYAKPEQOGKPVTQFWEVKQPJVON

(10)

FGUEKVQ[GPUEQPPGEVÃUNGUWVKNKUCVGWTU PÃQRJ[VGUC[CPVFGRNWUGPRNWUFG FKHHKEWNVÃU´OCÉVTKUGTNGNCPICIGGVNGUUGTXKEGUFGNOKPVGTPGV

.OCWVTG ECTCEVÃTKUVKSWG HQPFCOGPVCNG FG NOCTEJKVGEVWTG FGU TÃUGCWZ SWK RQWTTCKV ÄVTG TGOKUG GP ECWUG GUV UC RNCUVKEKVà .C HQTOG FOQTICPKUCVKQP GP TÃUGCW RQUUÂFG GP GHHGV NOCXCPVCIG FG RGTOGVVTG FGU TGEQODKPCKUQPU RGTOCPGPVGU # OGUWTG SWG UOKPUVCNNGTQPV EGU RJÃPQOÂPGU FG nTKIKFKHKECVKQP€ GV FG HTCIOGPVCVKQP FG NOKPVGTPGV EGU TGEQODKPCKUQPU FGXKGPFTQPV FG RNWU GP RNWU FKHHKEKNGU 1P TKUSWG FOCDQWVKT ´ WPG HTCIOGPVCVKQP FG NOKPVGTPGV GP ÉNQVU OWNVKRNGU %GU ÉNQVU GV EGU CTEJKRGNU RQWTTQPV ÄVTG CWVQCNKOGPVÃU CW TKUSWG FOKUQNGT FÃHKPKVKXGOGPV FGU RCPU GPVKGTUFGNOKPVGTPGV%GVVGHTCIOGPVCVKQPFGNOKPVGTPGVRQWTTCKVGPVTCÉPGT´

VGTOGWPGXÃTKVCDNGUVCIPCVKQPFGUÃEJCPIGUGPVTGNGUÉNQVUCKPUKETÃÃU'NNG RTÃUGPVGTC CWUUK NG TKUSWG FG TGUVTGKPFTG NC FKXGTUKVÃ FGU EQPVGPWU GV FGU WUCIGUFGEGUTÃUGCWZ

%GSWKHCKVFKTGCWEQPUVKVWVKQPPCNKUVG%CUU5WPUVGKPSWGNCTCFKECNKUCVKQP FGU QRKPKQPU RQNKVKSWGU GZRTKOÃGU UWT NOKPVGTPGV NC nRQNCTKUCVKQP FG ITQWRG€RQWTTCKVUOCEEGPVWGT´OGUWTG SWGEGVVGHTCIOGPVCVKQPFGXKGPFTC WPGTÃCNKVÃ.GUWVKNKUCVGWTUFGEGUÉNQVURQWTTCKGPVCNQTUPOGPVTGTGPEQPVCEV SWOCXGEFGURGTUQPPGUGVFGUKFÃGUSWOKNUEQPPCKUUGPVFÃL´GVFGXGPKTFGRNWU GPRNWUKORGTOÃCDNGUCWZKFÃGUSWKPGNGWTUQPVRCUHCOKNKÂTGU

n'PRTGOKGTNKGWNGUEKVQ[GPUFQKXGPVÄVTGOKUGPEQPVCEVCXGEFGUUWLGVUSWOKNUPOQPV RCUEJQKUKURCTCXCPEG.GUTGPEQPVTGUPQPRTÃXWGU PQP RNCPKHKÃGU UQPV WP ÃNÃOGPV EGPVTCN FG NC FÃOQETCVKG GNNGOÄOG &G VGNNGU TGPEQPVTGU EQPEGTPGPV UQWXGPV FGU QRKPKQPU GV FGU UWLGVU SWG NGU EKVQ[GPU POQPV RCU TGEJGTEJÃU GV SWG RGWVÄVTG KNU VTQWXGPV FÃTCPIGCPVU %GU TGPEQPVTGU UQPV KORQTVCPVGU GP RCTVKG RQWT UG RTÃOWPKT EQPVTG NGU TKUSWGU FG HTCIOGPVCVKQP QW FOGZVTÃOKUOG SWK UQPV NG TÃUWNVCV RTÃXKUKDNG FOWPGUKVWCVKQPFCPUNCSWGNNGFGURGTUQPPGUC[CPVUNGUOÄOGUQRKPKQPUPOÃEJCPIGPV SWOGPVTGGNNGU,GPGUWIIÂTGRCUSWGNGUIQWXGTPGOGPVUFGXTCKGPVHQTEGTNGUEKVQ[GPU´

ÄVTG UQWOKU ´ FGU EJQUGU SWOKNU UQWJCKVGPV ÃXKVGT /CKU LG RTÃVGPFU SWG FCPU WPG FÃOQETCVKGFKIPGFGEGPQONGUEKVQ[GPUUQPVUQWXGPVOKUGPEQPVCEVCXGEFGUKFÃGUGV FGUVJÂOGUSWOKNUPOQPVRCUURÃEKHKSWGOGPVEJQKUKU€

%HUEJÃOCUWTNCUVTWEVWTGFWYGDTÃCNKUÃRCTNGNCDQTCVQKTGFG4GEJGTEJGFO+$/´

#NOCFGP JVVRYYYCNOCFGPKDOEQOEUMYYYHKPCN CWUUK EQOOGPVÃ FCPU.KDÃTCVKQPOCK

JVVRYYYNKDGTCVKQPHTOWNVKCEVWJVON 4GRWDNKEEQORCT%CUU5WPUVGKP2TKPEGVQP7PKXGTUKV[2TGUU

(11)

+PVGTCTOCGPKOUKNGPVNGIGUGPVGORUFGIWGTTGNCNQKUGVCKV

5K NGU CWVQTKVÃU COÃTKECKPGU UOKPVGTTQIGPV FÃUQTOCKU UWT NGU HTCIKNKVÃU FG NOKPVGTPGVHCEGCWE[DGTVGTTQTKUOGGNNGUUOKPVGTTQIGPVDGCWEQWROQKPUUWTNGU TKUSWGUnNQPIVGTOG€HCEGCWZOWVCVKQPUFGNOCTEJKVGEVWTGFWTÃUGCW#KPUK NOQP PQVG SWOWPGCVVCSWGFGUUGTXGWTU TCEKPGU FGU PQOU FG FQOCKPG QW TQQV UGTXGTU RQWTTCKV GPVTCÉPGT WPG RCPPG IÃPÃTCNKUÃG FG NOKPVGTPGV CWZ EQPUÃSWGPEGU KPECNEWNCDNGU .O+%#00 SWK CUUWTG NC IQWXGTPCPEG FGU PQOU FG FQOCKPGU XKGPV FOCKNNGWTU FG OQFKHKGT UQP RTQITCOOG FG VTCXCKN RQWTUGEQPEGPVTGTUWTNCUÃEWTKVÃFGHQPEVKQPPGOGPVFGNOKPVGTPGV

#WZ'VCVU7PKUNCETKUGNKÃGCWZCVVGPVCVUFWUGRVGODTGGPRGTOGVVCPV CWZ CIGPEGU FG TGPUGKIPGOGPV FG TGPFTG RNWU GHHKECEGU NGU OGUWTGU FG UWTXGKNNCPEG FGU KPFKXKFWU TKUSWG CWUUK FOCEEÃNÃTGT NGU EJCPIGOGPVU FCPU NOCTEJKVGEVWTG FG NOKPVGTPGV .GU OQFKHKECVKQPU VGEJPQNQIKSWGU FG NOKPVGTPGV SWK UG FGUUKPGPV CWLQWTFOJWK TKUSWGPV FQPE FOÄVTG FÃHKPKVKXGU #KPUK KN [ C SWGNSWGU OQKU CWZ 'VCVU7PKU NO+'6( KPVGTPGV 'PIKPGGTKPI 6CUM (QTEG TGHWUCKVFCPUWPIGUVGÃOKPGOOGPVRQNKVKSWGFGFQPPGTUWKVG´NCTGSWÄVGFW ($+ XKUCPV ´ OQFKHKGT NOCTEJKVGEVWTG FW TÃUGCW RQWT RGTOGVVG NC OKUG GP RNCEG FOWP U[UVÂOG FOÃEQWVG UWT NOKPVGTPGV /CKU FGRWKU NGU CVVGPVCVU FW UGRVGODTGEGUQPVNGUTÃVKEGPEGUFGUHQWTPKUUGWTUFOCEEÂUCOÃTKECKPUSWK QPVÃVÃDCNC[ÃGUXKU´XKUFWU[UVÂOGFOÃEQWVG%CTPKXQTG'VNGUTCTGUXQKZ SWK GP CRRGNNGPV ´ NOÃSWKNKDTG GPVTG UÃEWTKVÃ GV NKDGTVÃ UWT NOKPVGTPGV UQPV FÃUQTOCKUOCTIKPCNKUÃGU/CKURNWUIÃPÃTCNGOGPVEGUQPVNGUNGPVGUCXCPEÃGU UWT NG HTQPV FG NC UGPUKDKNKUCVKQP FGU EKVQ[GPU SWK UQPV TGOKUGU GP ECWUG +N EQPXKGPV CWUUK FOCPCN[UGT NGU OGUWTGU SWK UGTQPV RTKUGU RQWT UÃEWTKUGT NOKPVGTPGVGPHQPEVKQPFGEGUETKVÂTGU5KNGUEQPUÃSWGPEGUFGEGUOGUWTGUUQPV GPEQTG FKHHKEKNGU ´ OGUWTGT NGWT KORCEV UWT NGU ÃEJCPIGU RQWTTCKV ÄVTG EQPUKFÃTCDNG

%KEÃTQPCXCPV,ÃUWU%JTKUVKP2TQ6#PPKQ/KNQPG

JVVRYYYCPEKGPVNCPIWCIGUQTIENCUNCVVGZVUEKEGTQRTQOKNQPGJVON

n+PVGTPGV8WNPGTCDNGVQ6GTTQTKUVU'ZRGTVU9CTP€9CUJKPIVQP2QUVUGRVGODTG JVVRYYYYCUJVGEJEQOPGYUPGVCTEJJVON

n)QXV 6GEJ 5GEWTKV[ 1HHKEKCNU 8KUKV -G[ 0GV (CEKNKV[€ 9CUJKPIVQP 2QUV PQXGODTGJVVRYYYYCUJVGEJEQOPGYUPGVCTEJJVON

n+PVGTPGVRTQVQEQNRTQRQUCNTCKUGURTKXCE[EQPEGTPU€0GYUEQOQEVQDTG JVVRPGYUEPGVEQOPGYUJVON

%CTPKXQTG FÃUQTOCKU TGPQOOÃ &%5 GUV WP NQIKEKGN SWK RGTOGV FOÃEQWVGT NOGPUGODNG FGU ÃEJCPIGU FGU KPVGTPCWVGU CXGE NGWT HQWTPKUUGWT FOCEEÂU KPVGTPGV .QPIVGORUTGHWUÃCWZ'VCVU7PKUEGU[UVÂOGCÃVÃCFQRVÃOCUUKXGOGPVRCTNGU(#+

COÃTKECKPUCRTÂUNGUCVVGPVCVUFWUGRVGODTG

(12)

%QOOG NOC TCRRGNÃ /CPWGN %CUVGNNU CRTÂU EGU CVVGPVCVU EOGUV RCT WP TÃUGCWSWGNOQPRGWVEQODCVVTGWPCWVTGTÃUGCW2NWUINQDCNGOGPVEOGUVNC EQPPCKUUCPEG FW HQPEVKQPPGOGPV GV FGU VGEJPQNQIKGU FGU TÃUGCWZ SWK RGTOGVVTCCWZ'VCVUFGOCÉVTKUGTNGUTKUSWGURQNKVKSWGUNKÃUCWZTÃUGCWZ

4ÃIWNCVKQPGVCEVKQPUFGU'VCVUFOWPGnKORQUUKDKNKVÀ´WPGPÃEGUUKVà .CTÃIWNCVKQPFGNOKPVGTPGVGUV´NCHQKURNWUETWEKCNGGVRNWUEQORNGZGSWG EGNNG FGU CWVTGU UGEVGWTU KPFWUVTKGNU #KPUK ´ NC FKHHÃTGPEG FO+$/ SWK HWV NQPIVGORU RQWTUWKXK RQWT CXQKT GZGTEà WP OQPQRQNG UWT NG UGEVGWT FGU QTFKPCVGWTU OCKPHTCOG NGU CEVGWTU OCLGWTU FG NOKPVGTPGV EQOOG /KETQUQHV RGWXGPV FÃUQTOCKU GZGTEGT WPG RQUKVKQP FQOKPCPVG FCPU NOGPUGODNG FGU UGEVGWTUÃEQPQOKSWGU.CTCRKFKVÃCWOQKPUFCPUNGURTGOKGTUVGORUFGNC TÃCEVKQP FW FÃRCTVGOGPV FG NC ,WUVKEG COÃTKECKP VÃOQKIPG FG NC RTKUG GP EQORVGRCTNGUCWVQTKVÃUCOÃTKECKPGUFWECTCEVÂTGVTCPUXGTUCNFGNOCEVKQPFW IÃCPV NQIKEKGN 'P RNWU FGU UGEVGWTU ÃEQPQOKSWGU VTCFKVKQPPGNU NGU VGEJPQNQIKGU FG NOKPVGTPGV RGTOGVVGPV ´ /KETQUQHV FOKORTKOGT UC OCTSWG FCPUFGUFQOCKPGUSWKTGNGXCKGPVLWUSWGN´FGURTÃTQICVKXGUTÃICNKGPPGUFGU 'VCVU%GSWKHCKUCKVFKTGCXGEWPGKTQPKGVGKPVÃGFOCOGTVWOG´,CUQP%CVNGVV n/KETQUQHV TGUUGODNG ÃVTCPIGOGPV ´ WP IQWXGTPGOGPV ETÃCPV FGU RCUUGRQTVU EQPVTÏNCPVNGUKFGPVKVÃUKORQUCPVFGUVCZGUUWTNGUVTCPUCEVKQPUW2NCEGT/KETQUQHV CWEGPVTGFWEQOOGTEGÃNGEVTQPKSWGGUVWPGKFÃGCWUUKCVVKTCPVGSWGVTCPUHQTOGTNG 6TKCPINGFGU$GTOWFGUGPVGTOKPCNCÃTKGP€

.CRWKUUCPEGRWDNKSWGFGXTCVQWVRCTVKEWNKÂTGOGPVGP'WTQRGXGKNNGTCW TGURGEVFGNCEQPEWTTGPEGGVRTQOQWXQKTFGUUVCPFCTFUQWXGTVUGPRCTVKEWNKGT NQTUSWOKNGUVSWGUVKQPFGUU[UVÂOGUSWKFGXTQPVIÃTGTNOKPVGTPGVNWKOÄOG'P GHHGV´NOKUUWGFGUQPRTQEÂU/KETQUQHVGUVNKDTGFGUGEQPUCETGT´UCRTKQTKVà GV EQODCVVTG NGU UGWNU EQPEWTTGPVU SWK RWKUUGPV GPEQTG OGPCEGT UC FQOKPCVKQP FCPU NG UGEVGWT FGU U[UVÂOGU FOGZRNQKVCVKQP .KPWZ GV NGU NQIKEKGNU NKDTGU .C EQOOWPCWVà SWK FÃXGNQRRG EGU NQIKEKGNU NKDTGU GUV FOCKNNGWTU ´ NOQTKIKPG FGU UVCPFCTFU QWXGTVU SWK QPV HCÁQPPà NOJKUVQKTG FG NOKPVGTPGV'VGNNGGUVFKTGEVGOGPVOGPCEÃGRCTNOÃVCWLWTKFKEQVGEJPQNQIKSWG OKU GP RNCEG CWVQWT FG NC ETÃCVKQP UWT NOKPVGTPGV .OWPG FGU OGUWTGU SWK RQWTTCKVnIGNGT€UQPFÃXGNQRRGOGPVEQPEGTPGNGUDTGXGVUNQIKEKGNU'PGHHGV EGUDTGXGVURQWTTCKGPVHCXQTKUGTWPGnLWFKEKCTKUCVKQP€OCUUKXGFGUNQIKEKGNU

n&KUEQPPGEVVJGFQVU€GPVTGVKGPURCTWFCPUNG9CUJKPIVQP2QUVNGUGRVGODTG JVVRYYYYCUJVGEJEQOPGYUTGIWNCVKQPJVON

#TVKENG FW 5CP ,QUG /GTEWT[ 0GYU UWT NG 2CUUGRQTV ETÃÃ RCT /KETQUQHV JVVRYYYUKNKEQPXCNNG[EQOFQEUPGYUFGRVJRCUURVJVO

(13)

GVDNQSWGTFWTCDNGOGPVNGUKPPQXCVKQPUFCPUNGUGEVGWTFGUNQIKEKGNUNKDTGU .OCEEÂU CW EQFG FGU CRRNKECVKQPU FGXKGPV ´ NC HQKU NOGPLGW FGU EQPHNKVU KPFWUVTKGNU GV NOQWVKN TÃIWNCVKH SWK RGTOGV FG TÃÃSWKNKDTGT NGU EJCPEGU FGU CEVGWTU GP RTÃUGPEG +N GUV FOCKNNGWTU KPVÃTGUUCPV FG TGOCTSWGT SWG NGU OGUWTGUCPVKVTWUVUGPXKUCIÃGURQWTEQPVTCKPFTG/KETQUQHVVCPVGP'WTQRG SWOCWZ'VCVU7PKUPGUQPVRNWUNKÃGU´WPGÃXGPVWGNNGHTCIOGPVCVKQPFGNC UQEKÃVÃFQPVNGUGHHGVUPGUGTCKGPVRCUPÃEGUUCKTGOGPVEGWZSWGNGUCWVQTKVÃU CPVKVTWUV GPXKUCIGCKGPV CW FÃRCTV OCKU TGRQUGPV FÃUQTOCKU UWT WPG nRWDNKEKUCVKQP€RCTVKGNNGQWVQVCNGFWEQFGUQWTEGFGUNQIKEKGNUKPETKOKPÃU

/CKUUKCWZ'VCVU7PKUNGURCTVKUCPUFOWPGCEVKQPFGU'VCVUUWTNOKPVGTPGV EQOOGPEGPV ´ UG HCKTG GPVGPFTG NOKUUWG FW FÃDCV GUV GPEQTG KPEGTVCKPG 'P GHHGVCVVCSWGTNGFQIOGFWn\ÃTQ'VCVUWTKPVGTPGV€EOGUVRTGPFTGNGTKUSWG FOGUUW[GTNGUHGWZETQKUÃUFGURQNKVKEKGPUWNVTCNKDÃTCWZGVFOWPGEQOOWPCWVà FOKPVGTPCWVGU COÃTKECKPU RQWT NCSWGNNG NG TÏNG FG NO'VCV PG RGWV ÄVTG SWG PÃHCUVG #NQTU OÄOG SWG EOGUV FG NO'VCV COÃTKECKP GP NOQEEWTTGPEG FW

%QPITÂU SWG RTQXKGPPGPV NGU NQKU SWK CWTQPV NC RNWU ITCPFG KPHNWGPEG UWT NOÃXQNWVKQP FG NOKPVGTPGV EGNNG UWT NG EQR[TKIJV #KPUK ´ NC PCÊXGVÃ FG ,QJP 2GTT[$CTNQYFCPUUC&ÃENCTCVKQPFOKPFÃRGPFCPEGFW%[DGTGURCEGGP TÃRQPF CWLQWTFOJWK NG RTCIOCVKUOG FG .CYTGPEG .GUUKI RQWT SWK TKGP PG

+NGUV´PQVGTSWGNGUDTGXGVUNQIKEKGNUQPVÃVÃNGUKPXKVÃUKPCVVGPFWUFGNCECORCIPG RTÃUKFGPVKGNNG 'P NOGURCEG FG SWGNSWGU UGOCKPGU EG UWLGV SWK ÃVCKV TÃUGTXÃ CWZ URÃEKCNKUVGU FG NC RTQRTKÃVÃ KPVGNNGEVWGNNG GUV FGXGPW NG RQKPV FG TCNNKGOGPV FG NOGPUGODNG FGU ECPFKFCVU ´ NC RTÃUKFGPVKGNNG %H %[DGT2QWXQKTU OCTU JVVRYYYVGEJCPFEQEQOE[DGTIGVCTVKENGCUR!+&

n/KETQUQHV 4GUKUVKPI .KEGPUKPI QH +VU %QFG€ CTVKENG FW 0GY ;QTM 6KOGU FW FÃEGODTG

JVVRYYYP[VKOGUEQOVGEJPQNQI[GDWUKPGUU51(6JVON 8QKTNGUCTVKENGUFW9CUJKPIVQP2QUVFWLCPXKGTn9QTFKPIQH/KETQUQHV

&GCN6QQ.QQUG#PCN[UGU5C[€

JVVRYYYYCUJVGEJEQOPGYUTGIWNCVKQPJVONGVFG0GYUEQOn5VCVGU WUGUQWTEGEQFGVQRTGUU/KETQUQHVFWFÃEGODTG€

JVVRPGYUEQOEQOJVON

n)QWXGTPGOGPVUFWOQPFGKPFWUVTKGNXQWUIÃCPVUHCVKIWÃUFGEJCKTGVFOCEKGTLGXKGPUFG NOKPVGTPGVNGPQWXGCWFQOKEKNGFGNOGURTKV#WPQOFWHWVWTLGXQWUFGOCPFG´XQWUFWRCUUà FGPQWUNCKUUGT VTCPSWKNNGU 8QWU POÄVGU RCU NGU DKGPXGPWURCTOK PQWU 8QWU POCXG\RCU FG UQWXGTCKPGVÃQÔPQWUPQWUTCUUGODNQPU€

&ÃENCTCVKQP FOKPFÃRGPFCPEG FW %[DGTGURCEG RCT ,QJP 2 $CTNQY EQHQPFCVGWT FG NO'NGEVTQPKE(TQPVKGT(QWPFCVKQPNGHÃXTKGT

JVVRYYYGHHQTI`DCTNQY&GENCTCVKQP(KPCNJVON

(14)

RTQWXGSWGNGUFÃEKUKQPURTKUGUnURQPVCPÃOGPV€RCTNGUCEVGWTUKPFWUVTKGNU FCPUNGFQOCKPGFGNOKPVGTPGVDÃPÃHKEKGTQPVCWZEKVQ[GPU

0QVTG UKVWCVKQP GP 'WTQRG UGODNG UOKPUETKTG ´ NOQRRQUÃ UK NGU VGPCPVU FOWPGCEVKQPFGNO'VCVPGUGJGWTVGPVRCUCWZOÄOGUTÃVKEGPEGUFGRTKPEKRG QWGPVQWVECURCUCXGENCOÄOGKPVGPUKVÃNGUEQPPCKUUCPEGUFGUGPLGWZNKÃU

´ NOCTEJKVGEVWTG FG NOKPVGTPGV FGOGWTGPV NG HCKV FOWPG KPHKOG HTCEVKQP FGU TGURQPUCDNGU RQNKVKSWGU %OGUV NC OCÉVTKUG FG NOGPXKTQPPGOGPV VGEJPKSWG GV UWTVQWV FG NOÃXQNWVKQP FG NOKPVGTPGV SWK EQPUVKVWGTC NC DCUG FGU RTKPEKRCNGU CEVKQPURQNKVKSWGUFCPUNGFQOCKPGFGNCUQEKÃVÃFGNOKPHQTOCVKQP'VUOKNGUV OCKPVGPCPV ÃXKFGPV SWG NGU VGEJPQNQIKGU ÃXQNWGPV ´ WP T[VJOG KPHKPKOGPV RNWUTCRKFGSWGEGNWKFGUNÃIKUNCVGWTURQWTNGUKPVÃITGTCRQUVGTKQTKNGHCKVFG NGUKPVÃITGTFCPUWPGTÃHNGZKQPCRTKQTKEQOOGNGRTQRQUG.CYTGPEG.GUUKI GZKIGTCWPGTÃCEVKXKVÃGVWPGHQTOCVKQPRNWUITCPFGFGULWTKUVGUSWKUQPVFKV KNFGUnVTCFKVKQPCNKUVGUTÃCEVKHU€+NPOGUVRCUKPVGTFKVFGRGPUGTFÃUQTOCKU SWG EGVVG TÃCEVKXKVà FGU LWTKUVGU GV FGU NÃIKUNCVGWTU UGTC NC ICTCPVG FOWPG CTEJKVGEVWTGSWKGUVFGXGPWGNOWPGFGURTKPEKRCNGUTGUUQWTEGURWDNKSWGUFGNC UQEKÃVà FG NOKPHQTOCVKQP .OWP FGU QDLGEVKHU OCLGWTU FG NC TÃIWNCVKQP FGU EQFGU VGEJPKSWGU FGXTC ÄVTG NC RTÃUGTXCVKQP FG NOCTEJKVGEVWTG FOÃEJCPIG FG NOKPVGTPGV%GNCPGUGTCRQUUKDNGSWGUKPQWUTÃWUUKUUQPU´TGPFTGnXKUKDNGU€

RCTNOGPUGODNGFGUEKVQ[GPUNGUGPLGWZFGEGVVGCTEJKVGEVWTGKOOCVÃTKGNNGFG NOKPVGTPGV

%QPENWUKQPRTÃUGTXGTNGURTKPEKRGUHQPFCVGWTUFGNOKPVGTPGV

.GUGPLGWZNKÃU´NOCTEJKVGEVWTGFGNOKPVGTPGV UQPVUQWXGPVRGTÁWUEQOOG GUUGPVKGNNGOGPVVGEJPKSWGU#KPUKFCPUNOCDQPFCPVGNKVVÃTCVWTGUWTNOKPVGTPGV GP(TCPEGNGTCRRQTVNGRNWURQNKVKSWGCÃVÃÃVTCPIGOGPVEGNWKSWKHWVRGTÁW EQOOG NG RNWU VGEJPKSWG UCPU FQWVG GP TCKUQP FG UQP VKVTG n.G

n3WCPF NG IQWXGTPGOGPV UG TGVKTGEG POGUV RCU EQOOG UK TKGP PG RTGPCKV UC RNCEG .G RCTCFKUPGNOGORQTVGRCU%GPOGUVRCUEQOOGUKNGUKPVÃTÄVURTKXÃUPOCXCKGPVRCUNGWTRTQRTG OQVKXCVKQP NGWT HKPCNKVà SWOKNU RQWTUWKXTQPV CNQTU #RRW[GT UWT NG DQWVQP nCPVKIQWXGTPGOGPV€ PG PQWU VÃNÃRQTVGTC RCU FCPU WP ÃFGP 3WCPF NGU KPVÃTÄVU FW IQWXGTPGOGPV UOGHHCEGPV FOCWVTGU KPVÃTÄVU NGU TGORNCEGPV 5CXQPUPQWU EG SWG UQPV EGU KPVÃTÄVU!5QOOGUPQWUEGTVCKPUSWOKNUUQPVOGKNNGWTU!€GZVTCKVFG%QFGCPFQVJGTNCYUQH

%[DGTURCEGR..GUUKI$CUKE$QQMU +DKF

Q+P VJG 0GZV %JCRVGT +U 6GEJPQNQI[ CP #NN[!R 0GY ;QTM 6KOGU UGRVGODTG JVVRYYYP[VKOGUEQOVGEJPQNQI[EKTEWKVU6'%*JVON

(15)

FÃXGNQRRGOGPV VGEJPKSWG FG NOKPVGTPGV€ ,GCP(TCPÁQKU #DTCOCVKE RTÃUKFGPV FW 9 %QPUQTVKWO [ FÃETKV NGU TKUSWGU FG RQNCTKUCVKQP FGU KPHTCUVTWEVWTGUFGVTCPURQTVFGUTÃUGCWZXGTUNGU'VCVU7PKUTKUSWGUSWKQPV HCKVNOQDLGVFOCPCN[UGUETKVKSWGU2CTOKUGUTGEQOOCPFCVKQPUNCPÃEGUUCKTG EQPUQNKFCVKQP FGU nFQTUCNGU€ KPVTCGWTQRÃGPPGU TGXÄV CWLQWTFOJWK WPG KORQTVCPEG UVTCVÃIKSWG EQPUKFÃTCDNG GP VGTOG FG UQWXGTCKPGVà FGU 'VCVU OCKU CWUUK RQWT NC HKCDKNKVà FGU TÃUGCWZ GWTQRÃGPU GP VGORU FG ETKUG (CXQTKUGT EGU TÃÃSWKNKDTCIGU GP 'WTQRG GV ÃXKVGT NG TGEQWTU U[UVÃOCVKSWG ´ FGUVGEJPQNQIKGU SWKRQTVGPVGPGNNGUFGPQWXGCWZFÃUÃSWKNKDTGUUGTQPV FGU QDLGEVKHU RQNKVKSWGU OCLGWTU RQWT NGU TGURQPUCDNGU FG NC UQEKÃVà FG NOKPHQTOCVKQP.GUVGEJPQNQIKGUPGRQWTTQPVRNWUÄVTGCPCN[UÃGUKUQNÃOGPVGP HQPEVKQPFGUUGWNUDÃPÃHKEGUKOOÃFKCVUOCKUFGXTQPVCWUUKÄVTGGUVKOÃGUGP HQPEVKQP FG NGWT KORCEV UWT NOCTEJKVGEVWTG IÃPÃTCNG FG NOKPVGTPGV +N HCWFTC XGKNNGTGPRCTVKEWNKGT´EGSWGEGUVGEJPQNQIKGUPGTGOGVVGPVRCUGPSWGUVKQP NGUDCUGUSWKQPVRGTOKUNGFÃXGNQRRGOGPVFOWPTÃUGCWFOÃEJCPIG.GHCKVFG TGXGPKT PG UGTCKVEG SWG RCTVKGNNGOGPV QW NQECNGOGPV UWT EGVVG CTEJKVGEVWTG RQWTTCKVCXQKT´VGTOGFGNQWTFGUEQPUÃSWGPEGUUWTNGFGXGPKTFWTÃUGCW

'PGHHGVRQWTOCÉVTKUGTEGUÃXQNWVKQPUKNUGTCPÃEGUUCKTGFGEQORTGPFTG NGU OÃECPKUOGU KPVGTPGU FGU VGEJPQNQIKGU GV NGWTU TÃRGTEWUUKQPU UWT NOÃEQPQOKGNCRQNKVKSWGGVNCEKVQ[GPPGVÃ+NUOCIKVFGEQORTGPFTGNGUTÃUGCWZ RQWTÃXKVGTFGUFÃTKXGUEQOOGEGNNGUNKÃGU´NCnENKGPVÃNKUCVKQP€´QWVTCPEG FG NOKPVGTPGV 'P RNWU FG NOGURCEG SWG EQPUVKVWGPV EGU TÃUGCWZ NGU EKVQ[GPU FGXTQPV UOGP CRRTQRTKGT NGU TÂINGU 'V NG EQWTU FGU ÃXQNWVKQPU CEVWGNNGU PG RQWTTC ÄVTG OQFKHKà SWG UK NGU FÃEKUKQPU RWDNKSWGU UOCRRWKGPV UWT WPG KPHQTOCVKQPGVWPFÃDCVCXGENGUEKVQ[GPUKPVGTPCWVGU%GPOGUVSWGFGRWKUEG UQENG FG NÃIKVKOKVà SWG NGU CEVGWTU RWDNKEU RQWTTQPV CIKT GV KPHQTOGT NGU EKVQ[GPURQWTRTÃUGTXGTNGURTKPEKRGUHQPFCVGWTUFGNOKPVGTPGV

4CRRQTV FG ,GCP(TCPÁQKU #DTCOCVKE .G FÃXGNQRRGOGPV VGEJPKSWG FG NOKPVGTPGV JVVROKUUKQPFVKKPTKCHT

n.GUVGTOGUKPÃICWZFGUÃEJCPIGUÃNGEVTQPKSWGU€RCT2JKNKRRG3WÃCW.G/QPFG

&KRNQOCVKSWGHÃXTKGT

JVVRYYYOQPFGFKRNQOCVKSWGHT37'#7JVON

n.GUEQPPGZKQPUGWTQRÃGPPGUCOÃTKECKPGUGVKPVGTPCVKQPCNGUGPIÃPÃTCNUQPVDKGPUÖT RCTVKEWNKÂTGOGPVKORQTVCPVGURWKUSWGNOKPVGTPGVGUVWPGKPHTCUVTWEVWTGOQPFKCNG.CLGWPGUUG FGNOQHHTGFGUGTXKEGUUWTNGVGTTKVQKTGPCVKQPCNTGPFNGUVGTOGUFGNOÃEJCPIGFÃHCXQTCDNGURQWT NGUHQWTPKUUGWTUFOCEEÂUPCVKQPCWZW&GUGHHQTVUCFFKVKQPPGNUUQPVEGRGPFCPVKPFKURGPUCDNGU RQWT RGTOGVVTG ´ NC EQOOWPCWVà PCVKQPCNG FG FKURQUGT FOWP GPXKTQPPGOGPV EQORCTCDNG ´ EGNWKFG UGU RCKTU ´ VTCXGTU NG OQPFG 'PHKP NGU EQPPGZKQPU GWTQRÃGPPGU RTÃUGPVGPV ´ NGWT ÃEJGNNGFGUECTCEVÃTKUVKSWGUFOKPUWHHKUCPEGGPVGTOGUFGFGPUKVÃFOKPVGTEQPPGZKQPU€'ZVTCKV FWTCRRQTV#DTCOCVKE.GFÃXGNQRRGOGPVVGEJPKSWGFGNOKPVGTPGV

(16)

5CWTQPUPQWU HQTOGT FG PQWXGCWZ TGURQPUCDNGU GV FÃRCUUGTQPU PQWU NG UVCFG FG NOKPVGTPGV RGTÁW EQOOG WP ÃNÃOGPV EQUOÃVKSWG FCPU NC EQOOWPKECVKQPRQNKVKSWG!.GTKUSWGRTKPEKRCNGUVFGPGRCUETÃGTEGURÏNGU FG EQORÃVGPEGU CUUG\ TCRKFGOGPV GV FG NCKUUGT CNQTU NG UQKP CWZ CEVGWTU KPFWUVTKGNU FG TÃÃETKTG ´ NGWT UGWN DÃPÃHKEG NC %QPUVKVWVKQP FG NC UQEKÃVÃ FG NOKPHQTOCVKQP'PGHHGVEGVVG%QPUVKVWVKQPGZKUVGOÄOGUKGNNGPOGUVRCUGPEQTG FKUEWVÃGRCTNGUEKVQ[GPU'NNGTÃUKFGFCPUNOGPUGODNGFGUEQFGUSWKIÂTGPVNG HQPEVKQPPGOGPVFWTÃUGCWGVFÃHKPKUUGPVNGECFTGIÃPÃTCNFGUÃEJCPIGUGPVTG NGU EKVQ[GPU GP TÃUGCW &CPU NG OÄOG VGORU PQWU FGXTQPU EQPEGXQKT NGU DCUGU FOWPG VJÃQTKG RQNKVKSWG FGU TÃUGCWZ GV GP KPVÃITGT NGU RTKPEKRGU FCPU EGVVG %QPUVKVWVKQP FG NC UQEKÃVÃ FG NOKPHQTOCVKQP /CKU EGU EQPFKVKQPU PG UGTQPVTÃWPKGUSWGUKPQWUFÃXGNQRRQPUCWUGKPFGUUVTWEVWTGURWDNKSWGUWPG XÃTKVCDNGOCÉVTKUGFGUEQPUÃSWGPEGURQNKVKSWGUFGUEJQKZVGEJPQNQIKSWGU

.OGHHQTV FG HQTOCVKQP FGU EKVQ[GPU UGTC EQPUKFÃTCDNG /CKU UK PQWU UQWJCKVQPU SWG NOKPVGTPGV UQKV RQTVGWT FOKPPQXCVKQPU UQEKCNGU GV SWOKN PG UG TÃFWKUG RCU ´ WPG XKVTKPG CEEGUUKDNG CWZ UGWNU VGEJPQKPUVTWKVU PQWU PG RQWTTQPU GP HCKTG NOÃEQPQOKG 'V NG XÃTKVCDNG FÃXGNQRRGOGPV FGU QWVKNU GP NKIPGRQWTNGUEKVQ[GPUPGUGTCRQUUKDNGSWO´RCTVKTFWOQOGPVQÔNGUWUCIGTU RQWTTQPV´NCHQKUUOGPUCKUKTGVRCTVKEKRGT´NGWTÃXQNWVKQP/CKUN´GPEQTGEGU CEVKQPU PG RQWTTQPV ÄVTG OGPÃGU SWG UK GNNGU UQPV RTÃEÃFÃGU FOWPG UGPUKDKNKUCVKQPFGNOGPUGODNGFGUEKVQ[GPUGVFGUNÃIKUNCVGWTU

Références

Documents relatifs

&CPU EGVVG QRVKSWG NGU FKUEWUUKQPU RCT GZGORNG CWVQWT FG NC PQTOG 2+%5 2NCVHQTO HQT +PVGTPGV %QPVGPV 5GNGEVKQP RQWT NG HKNVTCIG FG EQPVGPWU

&GWZ OQOGPVU HQTVU QPV CKPUK UECPFÃ NOÃENQUKQP GP (TCPEG FOWPG VGNNG CXCPVICTFGRWDNKSWGFGNOKPVGTPGVNCEQPUVTWEVKQPFG/[ICNGGVNG4"U.G FÃXGNQRRGOGPV CWVQWT FG /[ICNG FOWP GURCEG

LNGUUEKGPVKHKSWGUGVCWVQWTFOGWZVGNUFGURQKUUQPURKNQVGUEGWZSWGNOQP RQWTTCKV CRRGNGT NGU NKDGTVCKTGU 2QWT NGU UEKGPVKHKSWGU NC

# NOÃVÃ NQTUSWG RQWT NC RTGOKÂTG HQKU WP IQWXGTPGOGPV HTCPÁCKU C XQWNW RTGPFTG RQUKVKQP UWT NG FÃXGNQRRGOGPV FW TÃUGCW NC EQPUVTWEVKQP FOWP FKUEQWTU RQNKVKSWG GV NC FÃHKPKVKQP

.C RTGOKÂTG ÃVWFG EQPEGTPG NG RTQEÂU ;CJQQ CEVKQP GP LWUVKEG FOCUUQEKCVKQPUHTCPÁCKUGUCPVKTCEKUVGUEQPVTGNCRTÃUGPEGFOQDLGVUPÃQPC\KUUWT NG UKVG FOGPEJÂTGU FW RQTVCKN COÃTKECKP

#WLQWTFOJWK QP UCKV UKOWNGT VTÂU HKFÂNGOGPV NG HQPEVKQPPGOGPV FGU U[UVÂOGUEQORNGZGUQPRGWVPQPUGWNGOGPVGPVTCÉPGTFGUQRÃTCVGWTUKUQNÃU QW FGU WPKVÃU EQORNÂVGU OCKU CWUUK FGU

FGU CU[OÃVTKGU VGORQTGNNGU SWK UQPV GNNGUOÄOGU NOGZRTGUUKQP GV NOGZRTKOÃ

%GVVG OWNVKRNKEKVÃ FGU OQFGU FG EQOOWPKECVKQP GZKIG SWG EGWZ SWK EQOOWPKSWGPV CRRTGPPGPV ´ OCÉVTKUGT NGU CXCPVCIGU GV NGU RGTXGTUKQPU KPJÃTGPVU´ EJCEWP FGU OQFGU CKPUK SWG NGU