28.12.2013 Views

Aurelius Augustinus Hiponensis - Académie de Nancy-Metz

Aurelius Augustinus Hiponensis - Académie de Nancy-Metz

Aurelius Augustinus Hiponensis - Académie de Nancy-Metz

SHOW MORE
SHOW LESS

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

$XUHOLXV$XJXVWLQXV+LSRQHQVLV<br />

'(0(1'$&,2<br />

/LEHU8QXV<br />

<br />

0DJQD TXDHVWLR HVW GH PHQGDFLR TXDH QRV LQ LSVLV TXRWLGLDQLV DFWLEXV QRVWULV VDHSH<br />

FRQWXUEDW QH DXW WHPHUH DFFXVHPXV PHQGDFLXP TXRG QRQ HVW PHQGDFLXP DXW DUELWUHPXU<br />

DOLTXDQGR HVVH PHQWLHQGXP KRQHVWR TXRGDP HW RIILFLRVR DF PLVHULFRUGL PHQGDFLR 4XDP<br />

TXDHVWLRQHP WDP VROOLFLWH SHUWUDFWDELPXV XW TXDHUDPXV FXP TXDHUHQWLEXV XWUXP DXWHP<br />

DOLTXDQWXP LQYHQLDPXV QLKLO QRELV WHPHUH DIILUPDQWLEXV OHFWRUL EHQH DWWHQGHQWL VDWLV<br />

LQGLFDELW LSVD WUDFWDWLR ODWHEURVD HVW HQLP QLPLV HW TXLEXVGDP TXDVL FDYHUQRVLV DQIUDFWLEXV<br />

VDHSH LQWHQWLRQHP TXDHUHQWLV HOXGLW XW PRGR YHOXW HODEDWXU H PDQLEXVTXRGLQYHQWXPHUDW<br />

PRGR UXUVXV DSSDUHDW HW UXUVXV DEVRUEHDWXU $GH[WUHPXPWDPHQVHQWHQWLDPQRVWUDPYHOXW<br />

FHUWLRU LQGDJR FRPSUHKHQGHW ,Q TXD VL XOOXV HUURU HVW FXP DE RPQL HUURUH YHULWDV OLEHUHW<br />

DWTXH LQ RPQL HUURUH IDOVLWDV LPSOLFHW QXQTXDP HUUDUL WXWLXV H[LVWLPR TXDP FXP LQ DPRUH<br />

QLPLR YHULWDWLV HW UHLHFWLRQH QLPLD IDOVLWDWLV HUUDWXU 4XL HQLP VHYHUH UHSUHKHQGXQW KRF<br />

QLPLXP GLFXQWHVVHLSVDDXWHPYHULWDVIRUWDVVHDGKXFGLFDW1RQGXPHVWVDWLV6DQHTXLVTXLV<br />

OHJLVQLKLOUHSUHKHQGDVQLVLFXPWRWXPOHJHULVDWTXHLWDPLQXVUHSUHKHQGHV(ORTXLXPQROL<br />

TXDHUHUH PXOWXP HQLP GH UHEXV ODERUDYLPXV HW GH FHOHULWDWH DEVROYHQGL WDP QHFHVVDULL<br />

TXRWLGLDQDH YLWDHRSHULVXQGHWHQXLVDFSURSHQXOODIXLWQRELVFXUDYHUERUXP<br />

([FHSWLVLJLWXULRFLVTXDHQXQTXDPVXQWSXWDWDPHQGDFLDKDEHQWHQLPHYLGHQWLVVLPDP<br />

H[SURQXQWLDWLRQHDWTXHLSVRLRFDQWLVDIIHFWXVLJQLILFDWLRQHPDQLPLQHTXDTXDPIDOOHQWLVHWVL<br />

QRQ YHUD HQXQWLDQWLVTXRJHQHUHXWUXPVLWXWHQGXPSHUIHFWLVDQLPLVDOLDTXDHVWLRHVWTXDP<br />

PRGR HQRGDQGDP QRQ VXVFHSLPXV H[FHSWLV HUJR LRFLV SULXV DJHQGXP HVW QH PHQWLUL<br />

H[LVWLPHWXUTXLQRQPHQWLWXU<br />

4XDSURSWHU YLGHQGXP HVW TXLG VLW PHQGDFLXP 1RQ HQLP RPQLV TXL IDOVXP GLFLW<br />

PHQWLWXUVLFUHGLWDXWRSLQDWXUYHUXPHVVHTXRGGLFLW,QWHUFUHGHUHDXWHPDWTXHRSLQDULKRF<br />

GLVWDWTXRGDOLTXDQGRLOOHTXLFUHGLWVHQWLWVHLJQRUDUHTXRGFUHGLWTXDPYLVGHUHTXDPVH<br />

LJQRUDUHQRYLWRPQLQRQRQGXELWHWVLHDPILUPLVVLPHFUHGLWTXLDXWHPRSLQDWXUSXWDWVHVFLUH<br />

TXRG QHVFLW 4XLVTXLV DXWHP KRF HQXQWLDW TXRG YHO FUHGLWXP DQLPR YHO RSLQDWXP WHQHW<br />

HWLDPVL IDOVXP VLW QRQ PHQWLWXU +RF HQLP GHEHW HQXQWLDWLRQLV VXDH ILGHL XW LOOXG SHU HDP<br />

SURIHUDWTXRGDQLPRWHQHWHWVLFKDEHWXWSURIHUW1HFLGHRWDPHQVLQHYLWLRHVWTXDPYLVQRQ<br />

PHQWLDWXU VL DXW QRQ FUHGHQGD FUHGLW DXW TXRG LJQRUDW QRVVH VH SXWDW HWLDPVL YHUXP VLW<br />

LQFRJQLWXP HQLP KDEHW SUR FRJQLWR 4XDSURSWHU LOOH PHQWLWXU TXL DOLXG KDEHW LQ DQLPR HW<br />

DOLXG YHUELV YHO TXLEXVOLEHW VLJQLILFDWLRQLEXV HQXQWLDW 8QGH HWLDP GXSOH[ FRU GLFLWXU HVVH<br />

PHQWLHQWLV LG HVW GXSOH[ FRJLWDWLR XQDUHLHLXVTXDPYHUDPHVVHYHOVFLWYHOSXWDWHWQRQ<br />

SURIHUWDOWHUDHLXVUHLTXDPSURLVWDSURIHUWVFLHQVIDOVDPHVVHYHOSXWDQV([TXRILWXWSRVVLW<br />

IDOVXPGLFHUHQRQPHQWLHQVVLSXWDWLWDHVVHXWGLFLWTXDPYLVQRQLWDVLWHWXWSRVVLWYHUXP<br />

GLFHUHPHQWLHQVVLSXWDWIDOVXPHVVHHWSURYHURHQXQWLDWTXDPYLVUHYHUDLWDVLWXWHQXQWLDW<br />

([ DQLPL HQLP VXL VHQWHQWLD QRQ H[ UHUXP LSVDUXP YHULWDWH YHO IDOVLWDWH PHQWLHQV DXW QRQ<br />

PHQWLHQVLXGLFDQGXVHVW3RWHVWLWDTXHLOOHTXLIDOVXPSURYHURHQXQWLDWTXRGWDPHQYHUXP<br />

HVVHRSLQDWXUHUUDQVGLFLHWWHPHUDULXVPHQWLHQVDXWHPQRQUHFWHGLFLWXUTXLDFRUGXSOH[FXP<br />

HQXQWLDW QRQ KDEHW QHF IDOOHUH FXSLW VHG IDOOLWXU &XOSD YHUR PHQWLHQWLV HVW LQ HQXQWLDQGR<br />

DQLPRVXRIDOOHQGLFXSLGLWDVVLYHIDOODWFXPHLFUHGLWXUIDOVXPHQXQWLDQWLVLYHQRQIDOODWYHO<br />

FXPHLQRQFUHGLWXUYHOFXPYHUXPHQXQWLDWYROXQWDWHIDOOHQGLTXRGQRQSXWDWYHUXP4XRG<br />

FXP HL FUHGLWXU QRQ XWLTXH IDOOLW TXDPYLV IDOOHUH YROXHULW QLVL KDFWHQXV IDOOLW TXDWHQXV<br />

SXWDWXU LWDHWLDPQRVVHYHOSXWDUHXWHQXQWLDW


4XDPTXDP VXEWLOLVVLPH TXDHUDWXU XWUXP FXP DEHVW YROXQWDV IDOOHQGL DEVLW RPQLQR<br />

PHQGDFLXP<br />

4XLG HQLPVLTXLVTXHIDOVXPORTXHQVTXRGIDOVXPHVVHH[LVWLPDWLGHRWDPHQIDFLWTXLD<br />

SXWDW VLEL QRQFUHGLXWHRPRGRIDOVDILGHDEVWHUUHDWHXPFXLORTXLWXUTXHPVHQWLWVLELQROOH<br />

FUHGHUH" +LF HQLP VWXGLR QRQ IDOOHQGL PHQWLWXU VL PHQGDFLXP HVW HQXQWLDUH DOLTXLG DOLWHU<br />

TXDP VFLV HVVHYHOSXWDVVLDXWHPPHQGDFLXPQRQHVWQLVLFXPDOLTXLGHQXQWLDWXUYROXQWDWH<br />

IDOOHQGL QRQ PHQWLWXU LVWH TXL SURSWHUHD IDOVXP ORTXLWXU TXDPYLV QRYHULW YHO SXWHW IDOVXP<br />

HVVH TXRG ORTXLWXU XW LOOH FXL ORTXLWXU QRQ HL FUHGHQGR QRQ IDOODWXU TXLD HXP VLEL QRQ<br />

FUHGLWXUXPYHOVFLWYHOSXWDW8QGHVLDSSDUHDWILHULSRVVHXWDOLTXLVSURSWHUHDIDOVXPGLFDWQH<br />

IDOODWXULOOHFXLGLFLWXUH[LVWLWDOLXGHFRQWUDULRJHQXVSURSWHUHDYHUXPGLFHQWLVXWIDOODW4XL<br />

HQLP YHUXP LGHR ORTXLWXU TXLD VHQWLW VLEL QRQ FUHGL LGHR XWLTXH YHUXP GLFLW XW IDOODW VFLW<br />

HQLP YHO H[LVWLPDW SURSWHUHD IDOVXP SXWDUL SRVVH TXRG GLFLWXU TXRQLDP DE LSVR GLFLWXU<br />

4XDPREUHPFXPLGHRYHUXPGLFLWXWIDOVXPSXWHWXULGHRYHUXPGLFLWXWIDOODW4XDHUHQGXP<br />

HUJRHVWTXLVSRWLXVPHQWLDWXUXWUXPLOOHTXLIDOVXPGLFLWQHIDOODWDQLOOHTXLYHUXPGLFLWXW<br />

IDOODWFXPHWLOOHVFLDWYHOSXWHWIDOVXPVHGLFHUHHWLVWHVFLDWYHOSXWHWYHUXPVHGLFHUH,DP<br />

HQLP GL[LPXV HXP TXL QHVFLW IDOVXP HVVH TXRG HQXQWLDW QRQ PHQWLUL VL KRF SXWDW YHUXP<br />

HXPTXH SRWLXV PHQWLUL TXL HWLDP YHUXP HQXQWLDW FXP IDOVXP SXWDW TXLD H[ DQLPL VXL<br />

VHQWHQWLDLXGLFDQGLVXQW'HLOOLVLWDTXHQRQSDUYDTXDHVWLRHVWTXRVSURSRVXLPXVXQXPTXL<br />

VFLWDXWSXWDWVHIDOVXPGLFHUHHWLGHRGLFLWQHIDOODWYHOXWVLDOLTXDPYLDPQRYHULWREVLGHULD<br />

ODWURQLEXV HW WLPHQV QH SHU LOODP SHUJDW KRPR FXLXV VDOXWL SURVSLFLW HW HXP VFLW VLEL QRQ<br />

FUHGHUHGLFDWHDPYLDPQRQKDEHUHODWURQHVDGKRFXWLOODFQRQHDWGXPLGHRFUHGLWODWURQHV<br />

LELHVVHTXLDLOOHGL[LWQRQLELHVVHFXLQRQFUHGHUHVWDWXLWPHQGDFHPSXWDQVDOWHUXPDXWHP<br />

TXL VFLHQVDXWSXWDQVYHUXPHVVHTXRGGLFLWDGKRFWDPHQGLFLWXWIDOODWWDPTXDPVLKRPLQL<br />

QRQ VLELFUHGHQWLGLFDWODWURQHVLQLOODYLDHVVHXELUHYHUDHRVHVVHFRJQRYLWXWLOOHFXLGLFLWSHU<br />

LOODP YLDPPDJLVSHUJDWDWTXHLWDLQODWURQHVLQFLGDWGXPSXWDWIDOVXPHVVHTXRGLOOHGL[HULW<br />

4XLV HUJR LVWRUXP PHQWLWXU LOOH TXL HOHJLW IDOVXP GLFHUH QH IDOODW DQ LOOH TXL HOHJLW YHUXP<br />

GLFHUHXWIDOODW"LOOHTXLIDOVXPGLFHQGRHJLWXWYHUXPVHTXHUHWXUFXLGL[LWDQLVWHTXLYHUXP<br />

GLFHQGRHJLWXWIDOVXPVHTXHUHWXUFXLGL[LW"$QIRUWHDPERPHQWLWLVXQWLOOHTXLDYROXLWIDOVXP<br />

GLFHUH LVWH TXLD YROXLW IDOOHUH" $Q SRWLXV QHXWHU HRUXP PHQWLWXV HVW LOOH TXLD YROXQWDWHP<br />

KDEXLWQRQIDOOHQGLHWLOOHTXLDYROXQWDWHPKDEXLWYHUXPGLFHQGL"1RQHQLPQXQFDJLWXUTXLV<br />

HRUXPSHFFDYHULWVHGTXLVPHQWLWXVVLW&LWRHQLPYLGHWXULOOHSHFFDVVHTXLYHUXPGLFHQGR<br />

HJLWXWKRPRLQFLGHUHWLQODWURQHVLOOHDXWHPQRQSHFFDVVHYHOHWLDPEHQHIHFLVVHTXLIDOVXP<br />

GLFHQGRHJLWXWKRPRSHUQLFLHPGHYLWDUHW6HGSRVVXQWH[HPSODLVWDFRQYHUWLXWHWLOOHDOLTXLG<br />

JUDYLXV HXP SDWL YHOLW TXHP IDOOL QRQ YXOW PXOWL HQLP YHUD TXDHGDP FRJQRVFHQGR VLEL<br />

LQWXOHUXQW SHUQLFLHP VL WDOLD IXHUXQW XW HRV ODWHUH GHEXHULQW HW LVWH DOLTXLG FRPPRGL YHOLW<br />

DGLSLVFLHXPTXHPYXOWIDOOLQRQQXOOLHQLPTXLVLELPRUWHPLQWXOLVVHQWVLDOLTXLGPDOLTXRG<br />

YHUH FRQWLJHUDWGHFDULVVXLVFRJQRYLVVHQWIDOVXPSXWDQGRVLELSHSHUFHUXQWDWTXHLWDIDOOLHLV<br />

SURIXLW VLFXW DOLLV REIXLW YHUD FRJQRVFHUH 1RQ HUJR LG DJLWXU TXR DQLPR FRQVXOHQGL DXW<br />

QRFHQGL YHO LOOH IDOVXP GL[LW QH IDOOHUHW YHO LVWH YHUXP GL[LW XW IDOOHUHW VHG H[FHSWLV<br />

FRPPRGLV DXW LQFRPPRGLV HRUXP TXLEXV ORFXWL VXQW TXDQWXP DG LSVDP YHULWDWHP<br />

IDOVLWDWHPTXH DWWLQHW TXDHULWXU TXLV HRUXP DQ XWHUTXH QHXWHUYH PHQWLWXV VLW 6L HQLP<br />

PHQGDFLXPHVWHQXQWLDWLRFXPYROXQWDWHIDOVXPHQXQWLDQGLLOOHSRWLXVPHQWLWXVHVWTXLIDOVXP<br />

GLFHUH YROXLW HW GL[LW TXRG YROXLW TXDPYLV QH IDOOHUHW GL[HULW VL DXWHP PHQGDFLXP HVW<br />

TXDHOLEHWHQXQWLDWLRFXPYROXQWDWHIDOOHQGLQRQLOOHVHGLVWHPHQWLWXVHVWTXLHWLDPYHUXP<br />

GLFHQGR IDOOHUH YROXLW TXRG VL PHQGDFLXP HVW HQXQWLDWLR FXP YROXQWDWH DOLFXLXV IDOVLWDWLV<br />

DPER PHQWLWL VXQW TXLD HW LOOH VXDP HQXQWLDWLRQHP IDOVDP HVVH YROXLW HW LOOH GH YHUD VXD<br />

IDOVXP FUHGL YROXLW SRUUR VL PHQGDFLXP HVW HQXQWLDWLR IDOVXP HQXQWLDUH YROHQWLV XW IDOODW<br />

QHXWHUPHQWLWXVHVWTXLDHWLOOHKDEXLWYROXQWDWHPIDOVXPGLFHQGRYHUXPSHUVXDGHUHHWLVWHXW<br />

IDOVXPSHUVXDGHUHWYHUXPGLFHUH$EHULWLJLWXURPQLVWHPHULWDVDWTXHRPQHPHQGDFLXPFXP<br />

HW LG TXRG YHUXP FUHGHQGXPTXH FRJQRYLPXV FXP RSXV HVW HQXQWLDPXV HW LG YROXPXV


SHUVXDGHUH TXRG HQXQWLDPXV 6L DXWHP YHO TXRG IDOVXP HVW YHUXP SXWDQWHV YHO TXRG<br />

LQFRJQLWXPHVWQRELVSURFRJQLWRKDEHQWHVYHOTXRGFUHGHQGXPQRQHVWFUHGHQWHVYHOFXPLG<br />

QRQ RSXV HVWHQXQWLDQWHVWDPHQQRQDOLXGTXDPLGTXRGHQXQWLDPXVSHUVXDGHUHFRQDPXUQRQ<br />

DEHVWTXLGHPWHPHULWDWLVHUURUVHGDEHVWRPQHPHQGDFLXP1XOODHQLPGHILQLWLRQXPLOODUXP<br />

WLPHQGDHVWFXPEHQHVLELFRQVFLXVHVWDQLPXVKRFVHHQXQWLDUHTXRGYHUXPHVVHDXWQRYLW<br />

DXWRSLQDWXUDXWFUHGLWQHTXHYHOOHDOLTXLGQLVLTXRGHQXQWLDWSHUVXDGHUH<br />

6HG XWUXPVLWXWLOHDOLTXDQGRPHQGDFLXPPXOWRPDLRUPDJLVTXHQHFHVVDULDTXDHVWLRHVW<br />

8WUXPHUJRPHQWLDWXUTXLVTXLVIDOOHQGLQRQKDEHWYROXQWDWHPYHOHWLDPLGDJLWQHIDOODWXUFXL<br />

DOLTXLG HQXQWLDW TXDPYLV HQXQWLDWLRQHP LSVDP IDOVDP KDEHUH YROXHULW TXLD LGHR YROXLW XW<br />

YHUXP SHUVXDGHUHWHWXWUXPPHQWLDWXUTXLVTXLVHWLDPYHUXPYROHQVHQXQWLDWFDXVDIDOOHQGL<br />

GXELWDUL SRWHVW1HPRDXWHPGXELWDWPHQWLULHXPTXLYROHQVIDOVXPHQXQWLDWFDXVDIDOOHQGL<br />

TXDSURSWHU HQXQWLDWLRQHPIDOVDPFXPYROXQWDWHDGIDOOHQGXPSURODWDPPDQLIHVWXPHVWHVVH<br />

PHQGDFLXP6HGXWUXPKRFVROXPVLWPHQGDFLXPDOLDTXDHVWLRHVW<br />

,QWHULPGHKRFJHQHUHLQTXRGRPQHVFRQVHQWLXQWLQTXLUDPXVXWUXPDOLTXDQGRVLWXWLOH<br />

IDOVXP DOLTXLG HQXQWLDUH FXP YROXQWDWH IDOOHQGL 1DP TXL KRF VHQWLXQWDGKLEHQWWHVWLPRQLD<br />

VHQWHQWLDH VXDH FRPPHPRUDQWHV 6DUDP FXP ULVLVVHW DQJHOLV QHJDVVH TXRG ULVHULW &I *Q<br />

;9,,, ,DFRE D SDWUH LQWHUURJDWXP UHVSRQGLVVH TXRG LSVH HVVHW (VDX PDLRU ILOLXV HLXV<br />

*Q ;;9,,$HJ\SWLDVTXRTXHREVWHWULFHVQHLQIDQWHV+HEUDHLQDVFHQWHVLQWHUILFHUHQWXU<br />

HWLDP'HRDSSUREDQWHHWUHPXQHUDQWHPHQWLWDV&I([,HWPXOWDHLXVPRGLH[HPSOD<br />

HOLJHQWHV HRUXP KRPLQXP PHQGDFLD FRPPHPRUDQW TXRV FXOSDUH QRQ DXGHDV DWTXH LWD<br />

IDWHDULVDOLTXDQGRHVVHSRVVHQRQVROXPUHSUHKHQVLRQHQRQGLJQXPVHGHWLDPGLJQXPODXGH<br />

PHQGDFLXP $GGXQW HWLDP TXR QRQ VRORV SUHPDQW GLYLQLV /LEULV GHGLWRV VHG HWLDP RPQHV<br />

KRPLQHVVHQVXPTXHFRPPXQHPGLFHQWHV6LTXLVDGWHFRQIXJLDWTXLPHQGDFLRWXRSRVVLWD<br />

PRUWHOLEHUDULQRQHVPHQWLWXUXV"6LDOLTXLGDHJURWXVLQWHUURJHWTXRGHLVFLUHQRQH[SHGLWTXL<br />

HWLDP WH QRQ UHVSRQGHQWH SRVVLW JUDYLXV DIIOLJL DXGHELVQH DXW YHUXP GLFHUH LQ SHUQLFLHP<br />

KRPLQLVDXWVLOHUHSRWLXVTXDPKRQHVWRHWPLVHULFRUGLPHQGDFLRYDOHWXGLQLHLXVRSLWXODUL"+LV<br />

DWTXH WDOLEXV FRSLRVLVVLPH VH DUELWUDQWXU XUJHUH XW VL FRQVXOHQGL FDXVD H[LJLW DOLTXDQGR<br />

PHQWLDPXU<br />

&RQWUD LOOL TXLEXV SODFHW QXQTXDP PHQWLHQGXP PXOWR IRUWLXV DJXQW XWHQWHV SULPR<br />

DXFWRULWDWHGLYLQDTXRQLDPLQLSVR'HFDORJRVFULSWXPHVW)DOVXPWHVWLPRQLXPQHGLFDV([<br />

;; TXR JHQHUH FRPSOHFWLWXU RPQH PHQGDFLXP TXLVTXLV HQLP DOLTXLG HQXQWLDW<br />

WHVWLPRQLXP SHUKLEHW DQLPR VXR 6HG QH TXLV FRQWHQGDW QRQ RPQH PHQGDFLXP IDOVXP<br />

WHVWLPRQLXPHVVHDSSHOODQGXPTXLGGLFWXUXVHVWDGLGTXRGVFULSWXPHVW2VTXRGPHQWLWXU<br />

RFFLGLW DQLPDP 6DS , " TXRG QH TXLV DUELWUHWXU H[FHSWLV DOLTXLEXV PHQWLHQWLEXV SRVVH<br />

LQWHOOHJLDOLRORFROHJDW3HUGHVRPQHVTXLORTXXQWXUPHQGDFLXP3V98QGHRUHVXRLSVH<br />

'RPLQXV6LWLQTXLWLQRUHYHVWUR(VWHVW1RQQRQTXRGDXWHPDPSOLXVHVWDPDORHVW0W<br />

9+LQFHW$SRVWROXVFXPH[XHQGXPYHWHUHPKRPLQHPSUDHFLSHUHWTXRQRPLQHRPQLD<br />

SHFFDWD LQWHOOHJXQWXUFRQVHTXHQWHUDLWLQSULPLVSRQHQV4XDSURSWHUGHSRQHQWHVPHQGDFLXP<br />

ORTXLPLQLYHULWDWHP(SK,9<br />

1HFLOOLVTXDHGHYHWHULEXV/LEULVPHQGDFLRUXPH[HPSODSURODWDVXQWWHUUHULVHGLFXQW<br />

XEL TXLGTXLG JHVWXP HVW ILJXUDWH DFFLSL SRWHVW TXDPYLV UHYHUD FRQWLJHULW TXLGTXLG DXWHP<br />

ILJXUDWH ILW DXW GLFLWXU QRQ HVW PHQGDFLXP 2PQLV HQLP HQXQWLDWLR DG LG TXRG HQXQWLDW<br />

UHIHUHQGD HVW 2PQH DXWHP ILJXUDWH DXW IDFWXP DXW GLFWXP KRF HQXQWLDW TXRG VLJQLILFDW HLV<br />

TXLEXV LQWHOOHJHQGXP SURODWXP HVW 8QGH FUHGHQGXP HVW LOORV KRPLQHV TXL SURSKHWLFLV<br />

WHPSRULEXV GLJQL DXFWRULWDWH IXLVVH FRPPHPRUDQWXU RPQLD TXDH VFULSWD VXQW GH LOOLV<br />

SURSKHWLFH JHVVLVVH DWTXH GL[LVVH QHF PLQXV SURSKHWLFH HLV DFFLGLVVH TXDHFXPTXH VLF<br />

DFFLGHUXQW XW HRGHP SURSKHWLFR 6SLULWX PHPRULDH OLWWHULVTXH PDQGDQGD LXGLFDUHQWXU 'H<br />

REVWHWULFLEXV DXWHP TXLD QRQ HDV SRVVXQW GLFHUH SURSKHWLFR 6SLULWX VLJQLILFDQGL IXWXUL YHUL<br />

JUDWLD DOLXG SUR DOLR UHQXQWLDVVH 3KDUDRQL HWLDPVL DOLTXLG LSVLV QHVFLHQWLEXV TXRG SHU HDV


DFWXP HVW VLJQLILFDYLW SUR JUDGX VXR GLFXQW DSSUREDWDV HW UHPXQHUDWDV D 'HR 4XL HQLP<br />

QRFHQGLFDXVDPHQWLULVROHWVLLDPFRQVXOHQGLFDXVDPHQWLDWXUPXOWXPSURIHFLW6HGDOLXGHVW<br />

TXRG SHU VH LSVXP ODXGDELOH SURSRQLWXU DOLXG TXRG LQ GHWHULRULV FRPSDUDWLRQH SUDHSRQLWXU<br />

$OLWHU HQLP JUDWXODPXU FXP VDQXV HVW KRPR DOLWHU FXP PHOLXV KDEHW DHJURWXV 1DP LQ<br />

6FULSWXULVLSVLVLXVWLILFDWDHWLDP6RGRPDGLFLWXULQFRPSDUDWLRQHVFHOHUXPSRSXOL,VUDHO&I(]<br />

(WDGKDQFUHJXODPGLULJXQWRPQLDPHQGDFLDTXDHSURIHUXQWXUGHYHWHULEXV/LEULV<br />

QHF UHSUHKHQVD LQYHQLXQWXU YHO UHSUHKHQGL QRQ SRVVXQW XW DXW LQGROH SURILFLHQWLXP HW VSH<br />

DSSUREHQWXUDXWVLJQLILFDWLRQLVDOLFXLXVFDXVDQRQVLQWRPQLQRPHQGDFLD<br />

(WLGHRGHOLEULV1RYL7HVWDPHQWLH[FHSWLVILJXUDWLVVLJQLILFDWLRQLEXV'RPLQLVLYLWDP<br />

PRUHVTXH VDQFWRUXP HW IDFWD DF GLFWD FRQVLGHUHV QLKLO WDOH SURIHUUL SRWHVW TXRG DG<br />

LPLWDWLRQHPSURYRFHWPHQWLHQGL6LPXODWLRHQLP3HWULHW%DUQDEDHQRQVROXPFRPPHPRUDWD<br />

YHUXP HWLDP UHSUHKHQVDDWTXHFRUUHFWDHVW&I*DO,,1RQHQLPXWQRQQXOOLSXWDQWH[<br />

HDGHPVLPXODWLRQHHWLDP3DXOXVDSRVWROXVDXW7LPRWKHXPFLUFXPFLGLWDXWLSVHTXDHGDPULWX<br />

,XGDLFR VDFUDPHQWD FHOHEUDYLW VHG H[ LOOD OLEHUWDWH VHQWHQWLDH VXDH TXD SUDHGLFDYLW QHF<br />

*HQWLEXV SURGHVVH FLUFXPFLVLRQHP QHF ,XGDHLV REHVVH 8QGH QHF LOORV DVWULQJHQGRV DG<br />

FRQVXHWXGLQHP,XGDHRUXPQHFLOORVDSDWHUQDGHWHUUHQGRVFHQVXLW8QGHLOODYHUEDHLXVVXQW<br />

&LUFXPFLVXV TXLV YRFDWXV HVW" QRQ DGGXFDW SUDHSXWLXP ,Q SUDHSXWLR TXLV YRFDWXV HVW" QRQ<br />

FLUFXPFLGDWXU&LUFXPFLVLRQLKLOHVWHWSUDHSXWLXPQLKLOHVWVHGREVHUYDWLRPDQGDWRUXP'HL<br />

8QXVTXLVTXHLQTXDYRFDWLRQHYRFDWXVHVWLQHDSHUPDQHDW,&RU9,,4XRPRGRHQLP<br />

SRWHVW DGGXFL SUDHSXWLXP TXRG SUDHFLVXP HVW" 6HG QRQ DGGXFDW GL[LW QRQ LWD YLYDW TXDVL<br />

SUDHSXWLXP DGGX[HULW LG HVW TXDVL LQ HDP SDUWHP TXDP QXGDYLW UXUVXV WHJPHQ FDUQLV<br />

DWWUD[HULWHWTXDVL,XGDHXVHVVHGHVWLWHULWVLFXWDOLELGLFLW&LUFXPFLVLRWXDSUDHSXWLXPIDFWD<br />

HVW5RP,,(WKRFQRQWDPTXDPFRJHQVGL[LW$SRVWROXVDXWLOORVPDQHUHLQSUDHSXWLR<br />

DXW,XGDHRVLQFRQVXHWXGLQHSDWUXPVXRUXPVHGXWQHXWULLQDOWHUDPFRJHUHQWXUSRWHVWDWHP<br />

DXWHPKDEHUHWTXLVTXHPDQHQGLLQVXDFRQVXHWXGLQHQRQQHFHVVLWDWHP1HTXHHQLPVLYHOOHW<br />

,XGDHXV XEL QXOOXP SHUWXUEDUHW UHFHGHUH D ,XGDLFLV REVHUYDWLRQLEXV SURKLEHUHWXU DE<br />

$SRVWRORTXDQGRTXLGHPFRQVLOLXPLQHLVSHUPDQHQGLDGKRFGHGLWQHVXSHUIOXLVSHUWXUEDWL<br />

,XGDHLDGHDTXDHVDOXWLHVVHQWQHFHVVDULDQRQYHQLUHQW1HTXHDELOORSURKLEHUHWXUVLYHOOHW<br />

TXLVTXDP*HQWLOLXPLGHRFLUFXPFLGLXWKRFLSVXPRVWHQGHUHWQRQVHGHWHVWDULTXDVLQR[LXP<br />

VHG LQGLIIHUHQWHU KDEHUH WDPTXDP VLJQDFXOXP FXLXV XWLOLWDV LDP WHPSRUH SUDHWHULVVHW QRQ<br />

HQLP VL VDOXV H[ HR LDP QXOOD HVVHW HWLDP H[LWLXP LQGH PHWXHQGXP IXLW ,GHRTXH HW<br />

7LPRWKHXVFXPLQSUDHSXWLRYRFDWXVHVVHWWDPHQTXLDGH,XGDHDPDWUHRUWXVHUDWHWRVWHQGHUH<br />

FRJQDWLVVXLVGHEHEDWDGHRVOXFULIDFLHQGRVQRQKRFVHGLGLFLVVHLQGLVFLSOLQDFKULVWLDQDXW<br />

LOOD VDFUDPHQWDTXDH/HJLVYHWHULVHVVHQWDERPLQDUHWXUFLUFXPFLVXVHVWDE$SRVWROR&I$F<br />

;9,XWKRFPRGRGHPRQVWUDUHQW,XGDHLVQRQLGHR*HQWHVQRQHDVXVFLSHUHTXLDPDOD<br />

VXQWHWSHUQLFLRVHDSDWULEXVREVHUYDWDVHGTXLDLDPVDOXWLQRQQHFHVVDULDSRVWDGYHQWXPWDQWL<br />

VDFUDPHQWL TXRG SHU WDP ORQJD WHPSRUD WRWD YHWXV LOOD 6FULSWXUD SURSKHWLFLV ILJXUDWLRQLEXV<br />

SDUWXULYLW 1DP HW 7LWXP FLUFXPFLGHUHW FXP KRF XUJHUHQW ,XGDHL QLVL VXELQWURGXFWL IDOVL<br />

IUDWUHV LGHR ILHUL YHOOHQW XW KDEHUHQW TXRG GH LSVR 3DXOR GLVVHPLQDUHQW WDPTXDP HRUXP<br />

YHULWDWL FHVVHULW TXL VSHP VDOXWLV HYDQJHOLFDH LQ FLUFXPFLVLRQH FDUQLV DWTXH HLXVPRGL<br />

REVHUYDWLRQLEXVHVVHSUDHGLFDUHQWHWVLQHKLVQHPLQL&KULVWXPSURGHVVHFRQWHQGHUHQW&I*DO<br />

,, FXPFRQWUDQLKLOSURGHVVHW&KULVWXVHLVTXLHRDQLPRFLUFXPFLGHUHQWXUXWLELHVVH<br />

VDOXWHPSXWDUHQWXQGHHVWLOOXG(FFHHJR3DXOXVGLFRYRELVTXLDVLFLUFXPFLGDPLQL&KULVWXV<br />

QLKLO YRELV SURGHULW 5RP ,, ([ KDF LJLWXU OLEHUWDWH 3DXOXV SDWHUQDV REVHUYDWLRQHV<br />

REVHUYDYLWKRFXQXPFDYHQVHWSUDHGLFDQVQHVLQHKLVVDOXVFKULVWLDQDQXOODSXWDUHWXU3HWUXV<br />

DXWHP VLPXODWLRQH VXD WDPTXDP LQ ,XGDLVPR VDOXV HVVHW FRJHEDW *HQWHV LXGDL]DUH TXRG<br />

YHUED 3DXOL RVWHQGXQW GLFHQWLV 4XRPRGR JHQWHV FRJLV LXGDL]DUH" *DO ,, 1RQ HQLP<br />

FRJHUHQWXUQLVLYLGHUHQWHXPVLFHDVREVHUYDUHTXDVLSUDHWHULOODVVDOXVHVVHQRQSRVVHW3HWUL<br />

HUJR VLPXODWLR OLEHUWDWL 3DXOL QRQ HVW FRPSDUDQGD (W LGHR 3HWUXP DPDUH GHEHPXV OLEHQWHU<br />

FRUUHFWXPQRQDXWHPDVWUXHUHHWLDPGH3DXOLDXFWRULWDWHPHQGDFLXPTXLDHW3HWUXPFRUDP


RPQLEXV LQ UHFWDP YLDP UHYRFDYLW QH *HQWHV SHU HXP LXGDL]DUH FRJHUHQWXU HW LSVH VXDH<br />

SUDHGLFDWLRQLDWWHVWDWXVHVWTXLFXPSXWDUHWXUKRVWLVSDWHUQDUXPWUDGLWLRQXPHRTXRGQROHEDW<br />

HDVLPSRQHUH*HQWLEXVQRQDVSHUQDWXVHDVLSVHPRUHSDWULRFHOHEUDUHVDWLVRVWHQGLWKRFLQHLV<br />

&KULVWR DGYHQLHQWH UHPDQVLVVH XW QHF ,XGDHLV HVVHQW SHUQLFLRVDH QHF *HQWLEXV QHFHVVDULDH<br />

QHF LDPFXLTXDPKRPLQXPVDOXWDUHV<br />

4XRG VL DXFWRULWDV PHQWLHQGL QHF GH DQWLTXLV /LEULV SURIHUUL SRWHVW YHO TXLD QRQ HVW<br />

PHQGDFLXP TXRG ILJXUDWH JHVWXP GLFWXPYH UHFLSLWXU YHO TXLD ERQLV DG LPLWDQGXP QRQ<br />

SURSRQLWXUTXRGLQPDOLVFXPSURILFHUHFRHSHULQWLQSHLRULVFRPSDUDWLRQHODXGDWXUQHFGH<br />

1RYL 7HVWDPHQWL OLEULV TXLD FRUUHFWLR SRWLXV TXDP VLPXODWLR VLFXW ODFU\PDH SRWLXV TXDP<br />

QHJDWLR3HWULHVWLPLWDQGD<br />

,DP LOOLVH[HPSOLVTXDHGHFRPPXQLYLWDSURIHUXQWXUPXOWRFRQILGHQWLXVDVVHUXQWQRQ<br />

HVVH FUHGHQGXP 3ULXV HQLP GRFHQW LQLTXLWDWHP HVVH PHQGDFLXP PXOWLV GRFXPHQWLV<br />

/LWWHUDUXPVDQFWDUXPHWHRPD[LPHTXRGVFULSWXPHVW2GLVWL'RPLQHRPQHVTXLRSHUDQWXU<br />

LQLTXLWDWHPSHUGHVRPQHVTXLORTXXQWXUPHQGDFLXP3V9$XWHQLPXWVROHW6FULSWXUD<br />

VHTXHQWL YHUVX H[SRVXLW VXSHULRUHP XW TXRQLDP ODWLXV VROHW SDWHUH LQLTXLWDV LQWHOOHJDPXV<br />

QRPLQDWRPHQGDFLRWDPTXDPVSHFLHPLQLTXLWDWLVVLJQLILFDUHYROXHULWDXWVLDOLTXLGLQWHUHVVH<br />

DUELWUDQWXUWDQWRSHLXVHVWPHQGDFLXPTXDQWRJUDYLXVSRVLWXPHVWSHUGHVTXDPRGLVWL)RUWH<br />

HQLP RGLW DOLTXHP 'HXV DOLTXDQWR PLWLXV XW HXP QRQ SHUGDW TXHP YHUR SHUGLW WDQWR<br />

YHKHPHQWLXV RGLW TXDQWR VHYHULXV SXQLW 2GLW DXWHP RPQHV TXL RSHUDQWXU LQLTXLWDWHP DW<br />

RPQHVTXLORTXXQWXUPHQGDFLXPHWLDPSHUGLW4XRFRQVWLWXWRTXLVHRUXPTXLKDHFDVVHUXQW<br />

FRPPRYHELWXU LOOLV H[HPSOLV FXP GLFLWXU 4XLG VL DG WH KRPR FRQIXJLDW TXLPHQGDFLRWXR<br />

SRVVLW D PRUWHOLEHUDUL",OODHQLPPRUVTXDPVWXOWHWLPHQWKRPLQHVTXLSHFFDUHQRQWLPHQW<br />

QRQ DQLPDP VHG FRUSXV RFFLGLW VLFXW 'RPLQXV LQ (YDQJHOLR GRFHW XQGH SUDHFLSLW QH LSVD<br />

WLPHDWXU&I0W;RVDXWHPTXRGPHQWLWXUQRQFRUSXVVHGDQLPDPRFFLGLW+LVHQLP<br />

YHUELV DSHUWLVVLPH VFULSWXP HVW 2V DXWHP TXRG PHQWLWXU RFFLGLW DQLPDP 6DS , <br />

4XRPRGRHUJRQRQSHUYHUVLVVLPHGLFLWXUXWDOWHUFRUSRUDOLWHUYLYDWGHEHUHDOWHUXPVSLULWDOLWHU<br />

PRUL" 1DP HW LSVD GLOHFWLR SUR[LPL H[ VXD FXLXVTXH WHUPLQXP DFFHSLW 'LOLJHV LQTXLW<br />

SUR[LPXPWXXPWDPTXDPWHLSVXP/Y,;0W;;,,;,;4XRPRGRHUJR<br />

TXLVTXHGLOLJLWWDPTXDPVHLSVXPFXLXWSUDHVWHWYLWDPWHPSRUDOHPLSVHDPLWWLWDHWHUQDP"<br />

TXDQGRTXLGHPVLSURLOOLXVWHPSRUDOLYLWDVXDPLSVDPWHPSRUDOHPSHUGDWQRQHVWLDPGLOLJHUH<br />

VLFXW VHLSVXPVHGSOXVTXDPVHLSVXPTXRGVDQDHGRFWULQDHUHJXODPH[FHGLW0XOWRPLQXV<br />

LJLWXU DHWHUQDP VXDP SUR DOWHULXV WHPSRUDOL PHQWLHQGR DPLVVXUXV HVW 7HPSRUDOHP SODQH<br />

YLWDP VXDP SURDHWHUQDYLWDSUR[LPLQRQGXELWDELWFKULVWLDQXVDPLWWHUHKRFHQLPSUDHFHVVLW<br />

H[HPSOXP XW SUR QRELV 'RPLQXV LSVH PRUHUHWXU $G KRF HQLP HW DLW +RF HVW PDQGDWXP<br />

PHXPXWGLOLJDWLVLQYLFHPVLFXWHWHJRGLOH[LYRV0DLRUHPGLOHFWLRQHPQHPRKDEHWTXDPXW<br />

DQLPDPVXDPSRQDWSURDPLFLVVXLV,R;91RQHQLPTXLVTXDPHVWLWDGHVLSLHQVXW<br />

GLFDW DOLXG TXDP VDOXWL VHPSLWHUQDH KRPLQXP FRQVXOXLVVH 'RPLQXP YHO IDFLHQGR TXRG<br />

SUDHFHSLWYHOSUDHFLSLHQGRTXRGIHFLW&XPLJLWXUPHQWLHQGRYLWDDHWHUQDDPLWWDWXUQXQTXDP<br />

SUR FXLXVTXDPWHPSRUDOLYLWDPHQWLHQGXPHVW(QLPYHURLVWLTXLVWRPDFKDQWXUHWLQGLJQDQWXU<br />

VL QROLW DOLTXLV PHQGDFLR SHULPHUH DQLPDP VXDP XW DOLXV VHQHVFDW LQ FDUQH TXLG VL HWLDP<br />

IXUWR QRVWUR TXLG VL DGXOWHULR OLEHUDUL SRVVLW DOLTXLV GH PRUWH" LGHRQH IXUDQGXP HVW DXW<br />

PRHFKDQGXP"1HVFLXQWHQLPDGKRFVHFRJHUHXWVLODTXHXPIHUDWKRPRHWVWXSUXPSHWDW<br />

FRQILUPDQV TXRG VLEL FROOXP OLJDELW QLVL HL FRQFHGDWXU TXRG SHWLW FRQVHQWLDWXU SURSWHU<br />

DQLPDPVLFXWLSVLGLFXQWOLEHUDQGDP4XRGVLDEVXUGXPHWQHIDULXPHVWFXUDQLPDPVXDP<br />

TXLVTXH PHQGDFLR FRUUXPSDW XW DOWHU YLYDW LQ FRUSRUH FXP VL VXXP FRUSXV SURSWHUHD<br />

FRUUXPSHQGXP GDUHW RPQLXP LXGLFLR QHIDULDH WXUSLWXGLQLV GDPQDUHWXU" 3URLQGH QRQ HVW LQ<br />

LVWD TXDHVWLRQH DWWHQGHQGXP QLVL XWUXP LQLTXLWDV VLW PHQGDFLXP 4XRG FXP VXSUD<br />

FRPPHPRUDWLVGRFXPHQWLVDVVHUDWXUYLGHQGXPHVWLWDTXDHULXWUXPSURDOWHULXVVDOXWHPHQWLUL<br />

DOLTXLVGHEHDWDFVLTXDHUHUHWXUXWUXPSURDOWHULXVVDOXWHLQLTXXVHVVHDOLTXLVGHEHDW4XRGVL


UHVSXLWDQLPDHVDOXVTXDHQRQSRWHVWQLVLDHTXLWDWHVHUYDULHWVHXWSUDHSRQDPXVQRQVROXP<br />

DOWHULXVVHGHWLDPQRVWUDHVDOXWLWHPSRUDOLLXEHWTXLGUHVWDWLQTXLXQWTXRGXELWDUHGHEHDPXV<br />

QXQTXDP RPQLQR HVVH PHQWLHQGXP" 1RQ HQLP GLFL SRWHVW HVVH DOLTXLG LQ WHPSRUDOLEXV<br />

FRPPRGLVVDOXWHDFYLWDFRUSRUDOLPDLXVDXWFDULXV8QGHVLQHFLSVDSUDHSRQHQGDHVWYHULWDWL<br />

TXLG RELLFL SRWHVW SURSWHU TXRG PHQWLHQGXP HVVH FRQWHQGDQWTXLDOLTXDQGRSXWDQWRSRUWHUH<br />

PHQWLUL"<br />

3XGLFLWLDTXLSSHFRUSRULVTXLDPXOWXPKRQRUDELOLSHUVRQDYLGHWXURFFXUUHUHHWSURVH<br />

IODJLWDUH PHQGDFLXP XW VL VWXSUDWRU LUUXDW TXL SRVVLW PHQGDFLR GHYLWDUL VLQH GXELWDWLRQH<br />

PHQWLHQGXPVLWIDFLOHUHVSRQGHULSRWHVWQXOODPHVVHSXGLFLWLDPFRUSRULVQLVLDELQWHJULWDWH<br />

DQLPLSHQGHDWTXDGLVUXSWDFDGDWQHFHVVHHVWHWLDPVLLQWDFWDYLGHDWXUHWLGHRQRQLQUHEXV<br />

WHPSRUDOLEXVHVVHQXPHUDQGDPTXDVLTXDHLQYLWLVSRVVLWDXIHUUL1XOORPRGRLJLWXUDQLPXVVH<br />

PHQGDFLR FRUUXPSLW SUR FRUSRUH VXR TXRG VFLW PDQHUH LQFRUUXSWXP VL DE LSVR DQLPR<br />

LQFRUUXSWLRQRQUHFHGDW4XRGHQLPYLROHQWHUQRQSUDHFHGHQWHOLELGLQHSDWLWXUFRUSXVYH[DWLR<br />

SRWLXVTXDPFRUUXSWLRQRPLQDQGDHVW$XWVLRPQLVYH[DWLRFRUUXSWLRHVWQRQRPQLVFRUUXSWLR<br />

WXUSLVHVWVHGTXDPOLELGRSURFXUDYHULWDXWFXLOLELGRFRQVHQVHULW4XDQWRDXWHPSUDHVWDQWLRU<br />

HVWDQLPXVFRUSRUHWDQWRVFHOHUDWLXVFRUUXPSLWXU,ELHUJRVHUYDULSRWHVWSXGLFLWLDXELQXOOD<br />

QLVL YROXQWDULD SRWHVW HVVH FRUUXSWLR &HUWH HQLP VL VWXSUDWRU FRUSXV LQYDVHULW TXL QHF YL<br />

FRQWUDULDSRVVLWQHFXOORFRQVLOLRYHOPHQGDFLRGHYLWDULQHFHVVHHVWIDWHDPXUDOLHQDOLELGLQH<br />

SXGLFLWLDP QRQ SRVVH YLRODUL 4XDSURSWHU TXRQLDP QHPR GXELWDW PHOLRUHP HVVH DQLPXP<br />

FRUSRUHLQWHJULWDWLFRUSRULVLQWHJULWDVDQLPLSUDHSRQHQGDHVWTXDHLQDHWHUQXPVHUYDULSRWHVW<br />

4XLV DXWHP GL[HULW LQWHJUXP DQLPXP HVVH PHQWLHQWLV" (WHQLP OLELGR TXRTXH LSVD UHFWH<br />

GHILQLWXU$SSHWLWXVDQLPLTXRDHWHUQLVERQLVTXDHOLEHWWHPSRUDOLDSUDHSRQXQWXU1HPRLWDTXH<br />

SRWHVW FRQYLQFHUH DOLTXDQGR HVVH PHQWLHQGXP QLVL TXL SRWXHULW RVWHQGHUH DHWHUQXP DOLTXRG<br />

ERQXP REWLQHUL SRVVH PHQGDFLR 6HG FXP WDQWR TXLVTXH DE DHWHUQLWDWH GLVFHGDW TXDQWR D<br />

YHULWDWH GLVFHGLW DEVXUGLVVLPXP HVW GLFHUH GLVFHGHQGR LQGH SRVVH DG ERQL DOLTXLG DOLTXHP<br />

SHUYHQLUH$XWVLHVWDOLTXRGERQXPDHWHUQXPTXRGQRQFRPSOHFWDWXUYHULWDVQRQHULWYHUXP<br />

HWLGHRQHFERQXPHULWTXLDIDOVXPHULW8WDXWHPDQLPXVFRUSRULLWDHWLDPYHULWDVLSVLDQLPR<br />

SUDHSRQHQGD HVW XW HDP QRQ VROXP PDJLV TXDP FRUSXV VHG HWLDP PDJLV TXDP VH LSVXP<br />

DSSHWDWDQLPXV,WDTXLSSHHULWLQWHJULRUHWFDVWLRUFXPHLXVSRWLXVLPPXWDELOLWDWHTXDPVXD<br />

PXWDELOLWDWHSHUIUXHWXU6LDXWHP/RWKFXPLWDLXVWXVHVVHWXWDQJHORVHWLDPKRVSLWHVVXVFLSHUH<br />

PHUHUHWXU VWXSUDQGDV ILOLDV 6RGRPLWLV REWXOLW XW IHPLQDUXP SRWLXV DE HLV FRUSRUD TXDP<br />

YLURUXP FRUUXPSHUHQWXU&I*Q;,;TXDQWRGLOLJHQWLXVDWTXHFRQVWDQWLXVDQLPLFDVWLWDVLQ<br />

YHULWDWH VHUYDQGD HVW FXP YHULXV LSVH FRUSRUL VXR TXDP FRUSXV YLULOH IHPLQHR FRUSRUL<br />

SUDHIHUDWXU"<br />

4XRGVLTXLVTXDPSXWDWLGHRFXLTXDPSURDOLRHVVHPHQWLHQGXPXWLQWHULPYLYDWDXW<br />

LQ KLVUHEXVTXDVPXOWXPGLOLJLWQRQRIIHQGDWXUTXRSRVVLWDGDHWHUQDPYHULWDWHPSHUYHQLUH<br />

GLVFHQGR QRQ LQWHOOHJLWSULPRQXOOXPHVVHIODJLWLXPTXRGQRQHDGHPFRQGLWLRQHVXVFLSHUH<br />

FRJDWXUVLFXWLDPVXSHULXVGHPRQVWUDWXPHVWGHLQGHLSVLXVGRFWULQDHDXFWRULWDWHPLQWHUFLSLHW<br />

SHQLWXV LQWHULUH VL HLV TXRV DG LOODP SHUGXFHUH FRQDPXU PHQGDFLR QRVWUR SHUVXDGHPXV<br />

DOLTXDQGR HVVH PHQWLHQGXP &XP HQLP GRFWULQD VDOXWDULV SDUWLP FUHGHQGLV SDUWLP<br />

LQWHOOHJHQGLV UHEXV FRQVWHW QHF DG HD TXDH LQWHOOHJHQGD VXQW SHUYHQLUL SRVVLW QLVL SULXV<br />

FUHGHQGDFUHGDQWXUTXRPRGRFUHGHQGXPHVWHLTXLSXWDWDOLTXDQGRHVVHPHQWLHQGXPQHIRUWH<br />

HW WXQF PHQWLDWXU FXP SUDHFLSLW XW FUHGDPXV" 8QGH HQLP VFLUL SRWHVW XWUXP HW WXQF KDEHDW<br />

DOLTXDP FDXVDP VLFXW LSVH SXWDW RIILFLRVL PHQGDFLL H[LVWLPDQV IDOVD QDUUDWLRQH KRPLQHP<br />

WHUULWXPSRVVHDOLELGLQHFRKLEHULDWTXHKRFPRGRHWLDPDGVSLULWDOLDVHFRQVXOHUHPHQWLHQGR<br />

DUELWUHWXU" 4XR JHQHUH DGPLVVR DWTXH DSSUREDWRRPQLVRPQLQRILGHLGLVFLSOLQDVXEYHUWLWXU<br />

TXD VXEYHUVD QHF DG LQWHOOHJHQWLDP SHUYHQLWXU FXL FDSLHQGDH LVWD SDUYXORV QXWULW DWTXH LWD<br />

RPQLV GRFWULQDYHULWDWLVDXIHUWXUFHGHQVOLFHQWLRVLVVLPDHIDOVLWDWLVLPHQGDFLRYHOXWRIILFLRVR<br />

DOLFXQGH SHQHWUDQGL DSHULWXU ORFXV $XW HQLP WHPSRUDOLD FRPPRGD YHO SURSULD YHO DOLHQD


YHULWDWL SUDHSRQLW TXLFXPTXH PHQWLWXU TXR TXLG ILHUL SRWHVW SHUYHUVLXV" DXW FXP YHULWDWL<br />

DGLSLVFHQGDH RSLWXODQWH PHQGDFLR YXOW IDFHUH LGRQHXP LQWHUFOXGLW DGLWXP YHULWDWL YROHQV<br />

HQLP FXP PHQWLWXU HVVH DSWXV ILW FXP YHUXP GLFLW LQFHUWXV 4XDPREUHP DXW QRQ HVW<br />

FUHGHQGXPERQLVDXWFUHGHQGXPHVWHLVTXRVFUHGLPXVGHEHUHDOLTXDQGRPHQWLULDXWQRQHVW<br />

FUHGHQGXP ERQRV DOLTXDQGR PHQWLUL KRUXP WULXP SULPXP SHUQLFLRVXP HVW VHFXQGXP<br />

VWXOWXPUHVWDWHUJRXWQXQTXDPPHQWLDQWXUERQL<br />

6LFLVWDTXDHVWLRQHH[XWUDTXHSDUWHFRQVLGHUDWDDWTXHWUDFWDWDQRQWDPHQIDFLOHIHUHQGD<br />

VHQWHQWLDHVWVHGDGKXFGLOLJHQWHUDXGLHQGLTXLGLFXQWQXOOXPHVVHWDPPDOXPIDFWXPTXRG<br />

QRQ LQ SHLRULV GHYLWDWLRQH IDFLHQGXP VLW SHUWLQHUH DXWHP DG IDFWD KRPLQXP QRQ VROXP<br />

TXLGTXLG IDFLXQW VHG TXLGTXLG HWLDP FXP FRQVHQVLRQH SDWLXQWXU 8QGH VL H[VWLWLW FDXVD XW<br />

HOLJHUHW FKULVWLDQXV WKXULILFDUH LGROLV QH FRQVHQWLUHW VWXSUR TXRG SHUVHFXWRU HL QLVL IDFHUHW<br />

PLQDEDWXU UHFWH YLGHQWXU TXDHUHUH FXU QRQ HWLDP PHQWLUHWXU XW WDQWDP LOODP WXUSLWXGLQHP<br />

GHYLWDUHW,SVDPHQLPFRQVHQVLRQHPTXDVHVWXSUXPSDWLPDOOHWTXDPWKXULILFDUHLGROLVQRQ<br />

SDVVLRQHP GLFXQW HVVH VHG IDFWXP TXRG QH IDFHUHW HOHJLW WKXULILFDUH 4XDQWR LJLWXU<br />

PHQGDFLXPSURFOLYLXVHOHJLVVHWVLPHQGDFLRSRVVHWDVDQFWRFRUSRUHWDPLPPDQHIODJLWLXP<br />

UHPRYHUH"<br />

,Q TXDSURSRVLWLRQHLVWDVXQWTXDHPHULWRTXDHULSRVVXQWXWUXPWDOLVFRQVHQVLRSURIDFWR<br />

KDEHQGD VLW DXW XWUXP FRQVHQVLR GLFHQGD VLW TXDH QRQ KDEHW DSSUREDWLRQHP DXW XWUXP<br />

DSSUREDWLR VLW FXP GLFLWXU ([SHGLW KRF SDWL SRWLXV TXDP LOOXG IDFHUH HW XWUXP UHFWH LOOH<br />

IHFHULW WKXULILFDUH TXDP VWXSUXP SDWL HW XWUXP PHQWLHQGXP HVVHW SRWLXV VL HD FRQGLWLR<br />

GDUHWXU TXDP WKXULILFDQGXP 6HG VL WDOLV FRQVHQVLR SUR IDFWR KDEHQGD HVW KRPLFLGDH VXQW<br />

HWLDPTXLRFFLGLPDOXHUXQWTXDPIDOVXPWHVWLPRQLXPGLFHUHHWTXRGHVWKRPLFLGLXPJUDYLXV<br />

LQ VH LSVRV &XU HQLP KRF SDFWRQRQGLFDWXUTXRGLSVLVHRFFLGHULQWTXLDHOHJHUXQWKRFLQVH<br />

ILHUL QHIDFHUHQWTXRGFRJHEDQWXU"$XWVLJUDYLXVSXWDWXUDOLXPRFFLGHUHTXDPVHLSVXPTXLG<br />

VL KDHF FRQGLWLRPDUW\ULSURSRQHUHWXUXWVLQROOHWGH&KULVWRIDOVXPWHVWLPRQLXPGLFHUHDWTXH<br />

LPPRODUHGDHPRQLEXVDQWHRFXORVLSVLXVDOLXVQRQTXLOLEHWKRPRVHGSDWHUHLXVRFFLGHUHWXU<br />

URJDQVHWLDPILOLXPQHLGSHUVHYHUDQWLDVXDILHULSHUPLWWHUHW"1RQQHPDQLIHVWXPHVWLOORLQ<br />

WHVWLPRQLL ILGHOLVVLPL VHQWHQWLD SHUPDQHQWH VRORV KRPLFLGDV IXWXURV IXLVVH TXL SDWUHP HLXV<br />

RFFLGHUHQWQRQLOOXPHWLDPSDUULFLGDP"6LFXWHUJRKXLXVWDQWLVFHOHULVSDUWLFHSVLVWHQRQHVVHW<br />

FXPHOHJLVVHWSDWUHPVXXPSRWLXVDEDOLLVLQWHUILFLHWLDPVDFULOHJXPFXLXVDQLPDUDSHUHWXUDG<br />

SRHQDV TXDP ILGHP VXDP IDOVR WHVWLPRQLR YLRODUHVLFWDOLVLOOHFRQVHQVXVQRQHXPIDFHUHW<br />

WDQWLIODJLWLLSDUWLFLSHPVLPDOHIDFHUHLSVHQROOHWTXLGTXLGDOLLSURSWHUHDIHFLVVHQWTXLDLSVH<br />

QRQ IDFHUHW4XLGHQLPWDOHVSHUVHFXWRUHVGLFXQWQLVL)DFPDOHQHQRVIDFLDPXV"4XLVLYHUH<br />

QRELV IDFLHQWLEXV QRQ IHFLVVHQW QHF VLF HLV QRVWUR VFHOHUH VXIIUDJDUL GHEHUHPXV1XQFYHUR<br />

TXDQGR LDP IDFLXQW FXP LVWD QRQ GLFXQW FXU QRELVFXP SRWLXV TXDP VROL WXUSHV DWTXH<br />

QRFHQWHV VLQW" 1RQ HQLP FRQVHQVXV LOOH GLFHQGXV HVW TXLD QRQ DSSUREDPXV TXRG IDFLXQW<br />

VHPSHU RSWDQWHV HW TXDQWXP LQ QRELV HVW SURKLEHQWHV QH IDFLDQW IDFWXPTXH LSVRUXP QRQ<br />

VROXPQRQFRPPLWWHQWHVFXPHLVVHGHWLDPTXDQWDSRVVXPXVGHWHVWDWLRQHGDPQDQWHV<br />

4XRPRGRLQTXLVQRQFXPHLVIDFLWTXDQGRLOOLKRFQRQIDFHUHQWVLLSVHLOOXGIDFHUHW"<br />

+RF PRGR IUDQJLPXV LDQXDP FXP HIIUDFWRULEXV TXLD VL QRQ HDP FODXGHUHPXV LOOL QRQ<br />

IUDQJHUHQW HW RFFLGLPXVKRPLQHVFXPODWURQLEXVVLVFLUHFRQWLQJDWKRFHRVHVVHIDFWXURVTXLD<br />

VL QRV SUDHYHQLHQWHVHRVRFFLGHUHPXVLOOLQRQRFFLGHUHQWDOLRV$XWVLIDWHDWXUQRELVDOLTXLV<br />

SDUULFLGLXPVHIDFWXUXPQRVFXPHRIDFLPXVVLFXPSRVVXPXVHXPSULXVTXDPIDFLDWQRQ<br />

LQWHUILFLPXVTXDQGRDOLWHUHXPYHOFRKLEHUHYHOLPSHGLUHQRQSRVVXPXV7RWLGHPHQLPYHUELV<br />

GLFL SRWHVW)HFLVWLFXPHRTXLDKRFLOOHQRQIHFLVVHWVLWXLOOXGIHFLVVHV(JRXWUXPTXHPDOXP<br />

ILHUL QROOHPVHGLGWDQWXPFDYHUHSRWXLQHILHUHWTXRGHUDWLQPHDSRWHVWDWHDOWHUXPDXWHP<br />

DOLHQXPTXRGPHRSUDHFHSWRH[VWLQJXHUHQRQSRWXLPHRPDOHIDFWRLPSHGLUHQRQGHEXL1RQ<br />

HUJRSHFFDQWHPDSSUREDWTXLSURDOLRQRQSHFFDWHWQHXWUXPSODFHWHLTXLXWUXPTXHQROOHW<br />

DGPLWWLVHGLOOXGTXRGDGVHSHUWLQHWHWLDPSRWHVWDWHQRQSHUSHWUDWTXRGDXWHPDGDOWHUXP


VRODYROXQWDWHFRQGHPQDW(WLGHRSURSRQHQWLEXVLOODPFRQGLWLRQHPDWTXHGLFHQWLEXV6LQRQ<br />

WKXULILFDYHULV KRF SDWLHULV VL UHVSRQGLVVHW (JR QHXWUXP HOLJR XWUXPTXH GHWHVWRU DG QLKLO<br />

KRUXP YRELVFRQVHQWLRLQWHUKDHFYHUEDDWTXHWDOLDTXDHFHUWHTXRQLDPYHUDHVVHQWQXOODHLXV<br />

FRQVHQVLR QXOOD DSSUREDWLR WHQHUHWXU TXDHFXPTXH DE HLV SDVVXV HVVHW LOOL GHSXWDUHWXU<br />

LQLXULDUXP DFFHSWLR LOOLV FRPPLVVLR SHFFDWRUXP 'HEXLWQH LJLWXU DLW TXLVSLDP VWXSUXP<br />

SHUSHWL SRWLXV TXDP WKXULILFDUH" 6L TXDHULV TXLG GHEXHULW QHXWUXP GHEXLW 6L HQLP GL[HUR<br />

DOLTXLGKRUXPGHEXLVVHDOLTXLGKRUXPDSSUREDERFXPLPSUREHPXWUXPTXH6HGVLTXDHULWXU<br />

TXLG KRUXPSRWLXVGHEXLWHYLWDUHTXLXWUXPTXHQRQSRWXLWVHGDOWHUXWUXPSRWXLWUHVSRQGHER<br />

VXXP SHFFDWXP SRWLXV TXDP DOLHQXP HW OHYLXV SRWLXV TXRG VXXP TXDP JUDYLXV TXRG<br />

DOLHQXP8WHQLPVDOYDGLOLJHQWLRUHLQTXLVLWLRQHLQWHULPFRQFHGDPJUDYLXVHVVHVWXSUXPTXDP<br />

WKXULILFDWLRQHP LOOD WDPHQ LSVLXV HUDW LOOXG DOLHQXP IDFWXP TXDPYLV LG LSVH SHUSHWHUHWXU<br />

FXLXVDXWHPIDFWXPHLXVHWSHFFDWXP4XDPYLVHQLPJUDYLXVVLWKRPLFLGLXPTXDPIXUWXP<br />

SHLXVHVWWDPHQIDFHUHIXUWXPTXDPSDWLKRPLFLGLXP,WDTXHVLFXLTXDPSURSRQHUHWXUXWVL<br />

IXUWXPIDFHUHQROOHWLQWHUILFHUHWXUKRFHVWFRPPLWWHUHWXULQHXPKRPLFLGLXPTXLDXWUXPTXH<br />

HYLWDUH QRQ SRVVHW LG HYLWDUHW SRWLXV TXRG VXXP SHFFDWXP HVVHW TXDP TXRG DOLHQXP 1HF<br />

LGHRHWLOOXGHLXVILHUHWTXLDLQHXPFRPPLWWHUHWXUHWTXLDLGSRVVHWHYLWDUHVLVXXPYHOOHW<br />

DGPLWWHUH<br />

7RWXV LWDTXH KXLXV TXDHVWLRQLV QRGXV DG KRF DGGXFLW XW TXDHUDWXU XWUXP DOLHQXP<br />

QXOOXPSHFFDWXPTXDPYLVLQWHFRPPLVVXPWLELLPSXWHWXUVLOHYLRUHWXRSHFFDWRLGSRVVLV<br />

HYLWDUH QHF IDFLV DQ H[FHSWD HVW RPQLV LPPXQGLWLD FRUSRUDOLV 1HPR HQLP DOLTXHP<br />

LPPXQGXP ILHUL GLFLW VL RFFLGDWXU DXW PLWWDWXU LQ FDUFHUHP DXW LQ YLQFXOLV KDEHDWXU DXW<br />

IODJHOOHWXU FDHWHULVTXH WRUPHQWLV HW FUXFLDWLEXV DIIOLJDWXU DXW SURVFULEDWXU GDPQLVTXH<br />

DIILFLDWXU JUDYLVVLPLV XVTXH DG XOWLPDP QXGLWDWHP DXW VSROLHWXU KRQRULEXV DWTXH LQJHQWHV<br />

DFFLSLDWFRQWXPHOLDVSHUTXDHFXPTXHFRQYLFLDTXLGTXLGKRUXPTXLVTXHLQLXVWHSDVVXVIXHULW<br />

QHPR HVW WDP GHPHQV TXL HXP LPPXQGXP ILHUL GLFDW $W VL ILPR SHUIXQGDWXU DXW VL WDOH<br />

DOLTXLGHLSHURVLQIXQGDWXUYHOLQFXOFHWXUSDWLDWXUYHPXOLHEULDRPQLXPIHUHVHQVXVDEKRUUHW<br />

HWFRQVWXSUDWXPDWTXHLPPXQGXPYRFDQW,WDLJLWXUFRQFOXGHQGXPHVWXWTXDHFXPTXHDOLHQD<br />

SHFFDWD H[FHSWLV LLV TXDH LPPXQGXP IDFLXQW LQ TXHP FRPPLWWXQWXU QRQ HYLWHW TXLVTXH<br />

SHFFDWLV VXLVQHTXHSURVHQHTXHSURTXRTXDPVHGHDVXIIHUDWSRWLXVIRUWLWHUTXHSDWLDWXUHW<br />

VL QXOOLV SHFFDWLV VXLV HD GHEHW HYLWDUH QHTXH PHQGDFLR LOOD YHUR TXDH LWD FRPPLWWXQWXU LQ<br />

KRPLQHXWHXPIDFLDQWLPPXQGXPHWLDPSHFFDWLVQRVWULVHYLWDUHGHEHDPXVDFSHUKRFQHF<br />

SHFFDWD GLFHQGDVLQWTXDHSURSWHUHDILXQWXWLOODLPPXQGLWLDGHYLWHWXU4XLGTXLGHQLPLWDILW<br />

XW QLVLILHUHWLXVWHUHSUHKHQGHUHWXUQRQHVWSHFFDWXP([TXRFRQILFLWXUXWQHFLOODLPPXQGLWLD<br />

YRFDQGDVLWTXDQGRHYLWDQGLHDPQXOODIDFXOWDVHVWKDEHWHQLPHWLDPWXQFTXRGUHFWHDJDWTXL<br />

HDP SDWLWXU XW SDWLHQWHU IHUDW TXLGTXLG QRQ SRWHVW HYLWDUH 1XOOXV DXWHP UHFWH DJHQV<br />

LPPXQGXV ILHUL SRWHVW TXROLEHW FRQWDJLR FRUSRUDOL ,PPXQGXV HVW HQLP DQWH 'HXP RPQLV<br />

LQLTXXV 0XQGXV HUJR HVW RPQLV LXVWXV HWVL QRQ DQWH KRPLQHV WDPHQ DQWH 'HXP TXL VLQH<br />

HUURUHLXGLFDW3URLQGHQHFFXPHDSDWLWXUGDWDHYLWDQGLSRWHVWDWHFRQWDFWXLSVRLPPXQGXVILW<br />

VHGSHFFDWRTXRHDFXPSRVVHWQROXLWHYLWDUH1XOOXPHQLPSHFFDWXPHVVHWTXLGTXLGSURSWHU<br />

LOOD HYLWDQGDIDFWXPHVVHW3URSWHUKDHFLJLWXUHYLWDQGDTXLVTXLVPHQWLWXVIXHULWQRQSHFFDW<br />

$Q DOLTXD HWLDP PHQGDFLD H[FLSLHQGD VXQW XW VDWLXV VLW KDQF SDWL TXDP LOOD<br />

FRPPLWWHUH"4XRGVLLWDHVWQRQTXLGTXLGIDFWXPIXHULWXWLOODLPPXQGLWLDGHYLWHWXUQRQHVW<br />

SHFFDWXP TXDQGRTXLGHPVXQWTXDHGDPPHQGDFLDTXDHJUDYLXVVLWDGPLWWHUHTXDPLOODPSDWL<br />

1DPVLDOLTXLVDGVWXSUXPTXDHUDWXUTXLSRVVLWRFFXOWDULPHQGDFLRTXLVDXGHWGLFHUHQHFWXQF<br />

HVVH PHQWLHQGXP" $W VL WDOL PHQGDFLR SRVVLW ODWHUH TXRG DOWHULXV IDPDP ODHGDW HLXV<br />

LPPXQGLWLDH IDOVR FULPLQH DG TXDP SDWLHQGDP LOOH TXDHULWXU WDPTXDPVLGLFDWXUTXDHUHQWL<br />

QRPLQDWR DOLTXR FDVWR YLUR DWTXH DE KXLXVPRGL IODJLWLLV DOLHQR 9DGH DG LOOXP HW LSVH WLEL<br />

SURFXUDELWTXROLEHQWLXVXWDULVQRYLWHQLPWDOHVHWGLOLJLWDWTXHLWDLVWHDEHRTXHPTXDHUHEDW<br />

SRVVHW DYHUWL QHVFLR XWUXP DOWHULXV IDPD PHQGDFLR YLRODQGD VLW QH DOWHULXV FRUSXV DOLHQD


OLELGLQHYLROHWXU(WRPQLQRQXQTXDPSURDOLTXRPHQWLHQGXPHVWHRPHQGDFLRTXRGDOWHUXP<br />

ODHGDW HWVL OHYLXV ODHGLWXU TXDP LOOH QLVL LWD PHQWLUHULV ODHGHUHWXU 4XLD QHF SDQLV DOLHQXV<br />

LQYLWR TXDPYLV YDOHQWLRUL DXIHUHQGXV HVW XW DODWXU LQILUPLRU QHF LQQRFHQV LQYLWXV YLUJLV<br />

FDHGHQGXVHVWQHDOLXVRFFLGDWXU3ODQHVLYHOLQWILDWTXLDQHFODHGXQWXUFXPLWDYROXQW<br />

6HGXWUXPHWLDPYROHQWLVIDPDIDOVRVWXSULFULPLQHODHGHQGDVLWXWDEDOWHULXVFRUSRUH<br />

VWXSUXPDYHUWDWXUPDJQDTXDHVWLRHVW(WQHVFLRXWUXPIDFLOHUHSHULDWXUTXRPRGRLXVWXPVLW<br />

YROHQWLV IDPDPIDOVRVWXSULFULPLQHPDFXODULTXDPLSVRVWXSURFRUSXVLQYLWL<br />

6HG WDPHQVLWDOLVRSWLRSURSRQHUHWXUHLTXLWKXULILFDUHLGROLVTXDPPXOLHEULDSHUSHWL<br />

PDOXLWXWVLLOOXGYHOOHWHYLWDUHIDPDP&KULVWLDOLTXRPHQGDFLRYLRODUHWLQVDQLVVLPXVHVVHWVL<br />

IDFHUHW3OXVHWLDPGLFRTXLDLQVDQXVHVVHWVLDOLHQDHOLELGLQLVHYLWDQGDHFDXVDQHLGLQHR<br />

ILHUHW TXRG QXOODVXDOLELGLQHSDWHUHWXU&KULVWL(YDQJHOLXPIDOVLV&KULVWLODXGLEXVLQIDOVDUHW<br />

PDJLV HYLWDQV DOLHQDP FRUUXSWLRQHP LQ FRUSRUH VXR TXDP LQ GRFWULQD VDQFWLILFDWLRQLV<br />

DQLPDUXPDWTXHFRUSRUXPFRUUXSWLRQHPVXDP4XDPREUHPDGRFWULQDUHOLJLRQLVDWTXHDEHLV<br />

RPQLQR HQXQWLDWLRQLEXV TXDH SURSWHU GRFWULQDP UHOLJLRQLV HQXQWLDQWXU FXP LOOD GRFHWXU HW<br />

GLVFLWXU RPQLD SHQLWXV PHQGDFLD UHPRYHQGD VXQW 1HF XOOD RPQLQR FDXVD LQYHQLUL SRVVH<br />

FUHGDWXUFXULQUHEXVWDOLEXVPHQWLHQGXPVLWTXDQGRQHFLGHRLQHDGRFWULQDPHQWLHQGXPHVW<br />

XW DG HDP LSVDP TXLVTXH IDFLOLXV SHUGXFDWXU )UDFWD HQLP YHO OHYLWHU GLPLQXWD DXFWRULWDWH<br />

YHULWDWLV RPQLD GXELD UHPDQHEXQW TXDH QLVL YHUD FUHGDQWXU WHQHUL FHUWDQRQSRVVXQW/LFHW<br />

LJLWXU YHO GLVVHUWRUL DF GLVSXWDWRUL DWTXH SUDHGLFDWRUL UHUXP DHWHUQDUXP YHO QDUUDWRUL YHO<br />

SURQXQWLDWRUL UHUXP WHPSRUDOLXP DG DHGLILFDQGDP UHOLJLRQHP DWTXH SLHWDWHP SHUWLQHQWLXP<br />

RFFXOWDUH LQWHPSRUHTXLGTXLGRFFXOWDQGXPYLGHWXUPHQWLULDXWHPQXQTXDPOLFHWHUJRQHF<br />

RFFXOWDUHPHQWLHQGR<br />

+RFSULPLWXVHWILUPLVVLPHFRQVWLWXWRGHFDHWHULVPHQGDFLLVVHFXULXVTXDHULWXU6HG<br />

FRQVHTXHQWHU HWLDP YLGHQGXP HVW UHPRYHQGD HVVH HWLDP RPQLD PHQGDFLD TXDH DOLTXHP<br />

ODHGXQWLQLXVWHTXLDQXOOLHVWLQLXULDYHOOHYLRULQIHUHQGDXWDEDOLRJUDYLRUUHSHOODWXU1HFLOOD<br />

VXQWDGPLWWHQGDPHQGDFLDTXDHTXDPYLVQRQREVLQWDOWHULQXOOLWDPHQSURVXQWHWREVXQWHLV<br />

LSVLV TXL JUDWLV PHQWLXQWXU ,SVL HQLP SURSULH PHQGDFHV GLFHQGL VXQW ,QWHUHVW HQLP LQWHU<br />

PHQWLHQWHP DWTXH PHQGDFHP 1DP PHQWLHQV HVW HWLDP TXL PHQWLWXU LQYLWXV PHQGD[ YHUR<br />

DPDW PHQWLUL DWTXH KDELWDW DQLPR LQ GHOHFWDWLRQH PHQWLHQGL ,X[WD SRQHQGL VXQW HW TXL GH<br />

PHQGDFLRYROXQWSODFHUHKRPLQLEXVQRQXWDOLFXLIDFLDQWLQLXULDPYHOLQIHUDQWFRQWXPHOLDP<br />

LDP HQLP VXSUD KRF JHQXV UHPRYLPXV VHG XW VXDYHV VLQW LQ VHUPRQLEXV VXLV ,VWL DE LOOR<br />

JHQHUH LQ TXR PHQGDFHV SRVXLPXV KRF GLIIHUXQW TXRG LOORV PHQWLUL GHOHFWDW JDXGHQWHV GH<br />

LSVD IDOODFLD LVWLV DXWHP SODFHUH OLEHW GH VXDYLORTXLR TXL WDPHQ YHULV PDOOHQW SODFHUH VHG<br />

TXDQGR QRQ IDFLOH LQYHQLXQW YHUD TXDH JUDWD VLQW DXGLHQWLEXV PHQWLUL HOLJXQW SRWLXV TXDP<br />

WDFHUH 'LIILFLOH HVW WDPHQ XW LVWL WRWDP QDUUDWLRQHP IDOVDP DOLTXDQGR VXVFLSLDQW VHG<br />

SOHUXPTXH YHULV IDOVD FRQWH[XQW XEL VXDYLWDV HRV GHVHULW +DHF DXWHP GXR JHQHUD<br />

PHQGDFLRUXPQRQREVXQWFUHGHQWLEXVTXLDQLKLOGHGRFWULQDUHOLJLRQLVYHULWDWLVTXHIDOOXQWXU<br />

DXWGHXOORFRPPRGRYHOXWLOLWDWHVXD6XIILFLWHQLPHLVXWLXGLFHQWILHULSRWXLVVHTXRGGLFLWXU<br />

HWILGHPKDEHDQWKRPLQLTXHPQRQGHEHQWWHPHUHH[LVWLPDUHPHQWLHQWHP4XLGHQLPREHVWVL<br />

FUHGR SDWUHP DXW DYXP DOLFXLXV YLUXP ERQXP IXLVVH HWLDPVL QRQ IXLW DXW XVTXH DG 3HUVDV<br />

PLOLWDQGR SHUYHQLVVH HWLDPVL D 5RPD QXQTXDP UHFHVVLW" ,SVLV DXWHP PHQWLHQWLEXV YDOGH<br />

REVXQW LOOLV TXLGHP TXLD VLF GHVHUXQW YHULWDWHP XW IDOODFLD ODHWHQWXU LVWLV TXLD VH PDOXQW<br />

SODFHUHTXDPYHUXP<br />

,VWLV JHQHULEXV VLQH XOOD GXELWDWLRQH GDPQDWLV VHTXLWXU JHQXV PHQGDFLL WDPTXDP<br />

JUDGDWLP DG PHOLRUD VXUJHQWLEXV TXRG EHQHYROLV HW ERQLV YXOJR WULEXL VROHW FXP LOOH TXL<br />

PHQWLWXU QRQ VROXP DOWHUL QRQ REHVW VHG HWLDP SURGHVW DOLFXL 'H LVWR JHQHUH HVW WRWD<br />

FRQWHQWLRXWUXPQHVLELREVLWTXLVLFSURGHVWDOWHULXWIDFLDWFRQWUDYHULWDWHP$XWVLYHULWDV<br />

LOOD VRODGLFHQGDHVWTXDHLSVDVPHQWHVLQWLPRDWTXHLQFRPPXWDELOLOXPLQHLOOXVWUDWIDFLWFHUWH<br />

FRQWUDDOLTXRGYHUXPTXLDHWVLIDOOXQWXUFRUSRULVVHQVXVFRQWUDYHUXPWDPHQIDFLWTXLGLFLW


DOLTXLGLWDHVVHYHOQRQLWDTXRGHLQHFPHQVQHFVHQVXVQHFRSLQDWLRVXDILGHVYHUHQXQWLDW<br />

8WUXPHUJRQRQVLELREVLWTXLKRFPRGRDOWHULSURGHVWDQLOODFRPSHQVDWLRQHQRQREVLWVLEL<br />

TXD SURGHVWDOWHULPDJQDTXDHVWLRHVW6LLWDHVWFRQVHTXHQWHUHWLDPVLELSURGHVVHGHEHWSHU<br />

PHQGDFLXPTXRGQXOOLREHVW6HGHDFRQQH[DVXQWHWLVWLVFRQFHVVLVQHFHVVDULRWUDKXQWXUTXDH<br />

PXOWXP FRQWXUEDQW 6L HQLP TXDHUDWXU TXLG REVLW KRPLQL FRSLLV VXSHUIOXLVUHGXQGDQWLVLGH<br />

LQQXPHULV PLOOLEXV IUXPHQWRUXP DPLWWDW XQXP PRGLXP TXL WDPHQ PRGLXV SRVVLW DG<br />

QHFHVVDULXP YLFWXP SURGHVVH IXUDQWL FRQVHTXHQV HULW XW HW IXUWXP VLQH UHSUHKHQVLRQH ILHUL<br />

SRVVLW HW IDOVXPWHVWLPRQLXPVLQHSHFFDWRGLFL4XRTXLGGLFLSRWHVWSHUYHUVLXV"$QYHURVL<br />

DOLXVIXUDWXVHVVHWLOOXPPRGLXPHWWXYLGHUHVLQWHUURJDWXVTXHHVVHVPHQWLUHULVKRQHVWHSUR<br />

SDXSHUHHWVLLGSURWXDSDXSHUWDWHIDFLDVFXOSDEHULV"TXDVLDPSOLXVDOLXPTXDPWHGLOLJHUH<br />

GHEHDV8WUXPTXHHUJRWXUSHDWTXHYLWDQGXPHVW<br />

6HG IRUWDVVLVH[FHSWLRQHPDGGHQGDPTXLVSXWHWXWVLQWTXDHGDPKRQHVWDPHQGDFLD<br />

TXDH QRQ VROXP QXOOL REVXQW VHG HWLDP QRQQXOOLV SURVXQW H[FHSWLV KLV TXLEXV FULPLQD<br />

RFFXOWDQWXU HW GHIHQGXQWXU XW LGHR VLW LOOXG WXUSH PHQGDFLXP TXRG TXDPYLV QXOOL REVLW HW<br />

SURVLW SDXSHULIXUWXPWDPHQRFFXOWDWVLDXWHPLWDQXOOLREHVVHWHWSURGHVVHWDOLFXLXWHWLDP<br />

QXOOXP SHFFDWXP RFFXOWDUHW DWTXH GHIHQGHUHW WXUSH QRQ HVVHW 9HOXW VL TXLVSLDP SHFXQLDP<br />

VXDP WH YLGHQWH DEVFRQGHUHW QH SHU IXUWXP DXW YLP DPLWWHUHW DWTXH LQGH LQWHUURJDWXV<br />

PHQWLUHULV QHTXH REHVVHV FXLTXDP HW HL SURGHVVHV FXL RSXV HUDW LOOXG RFFXOWXP HW QXOOXP<br />

SHFFDWXP PHQWLHQGRWH[LVVHV1RQHQLPTXLVTXDPSHFFDWDEVFRQGHQGRUHPVXDPTXDPWLPHW<br />

DPLWWHUH6HGVLSURSWHUHDQRQSHFFDPXVPHQWLHQGRTXLDQXOOLXVSHFFDWXPWHJHQWHVHWQXOOL<br />

REVXPXVHWDOLFXLSURVXPXVTXLGDJLPXVGHLSVRSHFFDWRPHQGDFLL"8ELHQLPSRVLWXPHVW<br />

1HIXUWXPIHFHULVLELSRVLWXPHVW1HIDOVXPWHVWLPRQLXPGL[HULV([;;&XPHUJR<br />

VLQJXODSURKLEHDQWXUFXUIDOVXPWHVWLPRQLXPWXQFHVWFXOSDELOHVLIXUWXPWHJDWYHODOLTXRG<br />

DOLXGSHFFDWXPVLDXWHPQXOODGHIHQVLRQHSHFFDWLSHUVHLSVXPILDWQRQHVWFXOSDELOHFXP<br />

LSVXPIXUWXPSHUVHFXOSDELOHVLWHWFDHWHUDSHFFDWD"$QRFFXOWDUHSHFFDWXPPHQWLHQGRQRQ<br />

OLFHW IDFHUH OLFHW"<br />

4XRG VL DEVXUGXP HVW TXLG GLFHPXV" $Q IDOVXP WHVWLPRQLXP QRQ HVW QLVL FXP<br />

TXLVTXH LWD PHQWLWXU XW DXW FULPHQ FRQILQJDW LQ DOLTXHP DXW DOLFXLXV FULPHQ RFFXOWHW DXW<br />

TXRTXR PRGRTXHPTXDPLQLXGLFLRSUHPDW"9LGHWXUHQLPWHVWLVLXGLFLQHFHVVDULXVDGFDXVDH<br />

FRJQLWLRQHP6HGVLKDFWHQXVWHVWHP6FULSWXUDQRPLQDUHWQRQGLFHUHW$SRVWROXV,QYHQLPXUHW<br />

IDOVLWHVWHV'HLVLWHVWLPRQLXPGL[LPXVDGYHUVXV'HXPTXLDH[FLWDYHULW&KULVWXPTXHPQRQ<br />

H[FLWDYLW,&RU;9,WDHQLPRVWHQGLWIDOVXPWHVWLPRQLXPHVVHPHQGDFLXPHWLDPVLLQ<br />

FXLXVTXDPIDOVDODXGHGLFDWXU<br />

$Q IRUWHWXQFGLFLWIDOVXPWHVWLPRQLXPTXLPHQWLWXUFXPDXWSHFFDWXPDOLFXLXVYHO<br />

ILQJLW YHO WHJLW DXW DOLFXL REHVW TXRTXR PRGR" 6L HQLP PHQGDFLXP TXRG DGYHUVXV YLWDP<br />

FXLXVTXDPWHPSRUDOHPGLFLWXUGHWHVWDELOHHVWTXDQWRPDJLVTXRGDGYHUVXVYLWDPDHWHUQDP"<br />

VLFXWL HVW RPQHPHQGDFLXPVLLQGRFWULQDUHOLJLRQLVILDW(WLGHRIDOVXPWHVWLPRQLXPYRFDW<br />

$SRVWROXV VL TXLV GH &KULVWR HWLDP TXRG DG HLXV ODXGHP YLGHWXU SHUWLQHUH PHQWLDWXU 6L<br />

DXWHPPHQGDFLXPVLWTXRGQHTXHFXLXVTXDPSHFFDWXPDXWFRQILQJDWDXWWHJDWQHFDLXGLFH<br />

TXDHUDWXU HW QXOOL REVLW HW SURVLW DOLFXL QHF IDOVXP WHVWLPRQLXP HVVH QHF UHSUHKHQVLELOH<br />

PHQGDFLXP"<br />

4XLGHUJRVLDGFKULVWLDQXPKRPLFLGDFRQIXJLDWDXWYLGHDWTXRFRQIXJLWHWGHKDFUH<br />

LQWHUURJHWXU DE HR TXL DG VXSSOLFLXP TXDHULW KRPLQHP KRPLQLV LQWHUIHFWRUHP" PHQWLHQGXP<br />

HVW" 4XRPRGR HQLP QRQ WHJLW SHFFDWXP PHQWLHQGR FXP LOOH SUR TXR PHQWLWXU SHFFDWXP<br />

VFHOHUDWXPDGPLVHULW"$QTXLDQRQGHSHFFDWRHLXVLQWHUURJDWXUVHGGHORFRXELODWHDW"(UJR<br />

PHQWLUL DG WHJHQGXP FXLXVTXDP SHFFDWXP PDOXP HVW PHQWLUL DXWHP DG WHJHQGXP<br />

SHFFDWRUHP QRQ HVW PDOXP" ,WD VDQH DLW TXLVSLDP QRQ HQLP WXQF SHFFDW TXLVTXDP FXP<br />

HYLWDW VXSSOLFLXP VHG FXP IDFLW DOLTXLG GLJQXP VXSSOLFLR 3HUWLQHW DXWHP DG GLVFLSOLQDP<br />

FKULVWLDQDPXWQHTXHGHFXLXVTXDPFRUUHFWLRQHGHVSHUHWXUQHTXHFXLTXDPSRHQLWHQGLDGLWXV


LQWHUFOXGDWXU4XLGVLDGLXGLFHPGXFWXVGHLSVRORFRXELVHLOOHRFFXOWHWLQWHUURJHULV"GLFWXUXV<br />

HV DXW 1RQ LEL HVW XEL HXP VFLV HVVH DXW 1RQ QRYL HW QRQ YLGL TXRG QRVWL HW YLGLVWL"<br />

'LFWXUXVHUJRHVIDOVXPWHVWLPRQLXPHWRFFLVXUXVDQLPDPWXDPQHRFFLGDWXUKRPLFLGD"$Q<br />

XVTXH DG FRQVSHFWXPLXGLFLVPHQWLHULVLXGLFHDXWHPTXDHUHQWHLDPYHUXPGLFHVQHVLVIDOVXV<br />

WHVWLV",SVHLJLWXUKRPLQHPSURGLWLRQHRFFLVXUXVHV(WLDPSURGLWRUHPTXLSSHGLYLQD6FULSWXUD<br />

GHWHVWDWXU $Q IRUWH SURGLWRU QRQ HVW TXL LXGLFL LQWHUURJDQWL YHUXP LQGLFDW HVVHW DXWHP<br />

SURGLWRUVLTXHPTXDPDGH[LWLXPXOWURGHIHUUHW"4XLGVLGHLXVWRDWTXHLQQRFHQWHXELODWHDW<br />

VFLHQVDLXGLFHLQWHUURJHULVTXLWDPHQDGPRUWHPDPDLRUHSRWHVWDWHLXVVXVHVWUDSLXWLOOHTXL<br />

LQWHUURJDW H[VHFXWRU VLW OHJLV QRQ FRQGLWRU" DQ LGHR QRQ HULW IDOVXP WHVWLPRQLXP TXRG SUR<br />

LQQRFHQWHPHQWLHULVTXLDQHFLOOHLXGH[VHGH[VHFXWRULQWHUURJDW"4XLGVLLSVHFRQGLWRUOHJLV<br />

LQWHUURJHWDXWTXLOLEHWLXGH[LQLTXXVDGVXSSOLFLXPTXDHUHQVLQQRFHQWHP"TXLGIDFLHV"IDOVXV<br />

WHVWLV DQ SURGLWRU HULV" $Q LOOH HULW SURGLWRU TXL LXVWR LXGLFL ODWHQWHP KRPLFLGDP XOWUR<br />

GHWXOHULW HW LOOH QRQ HULW TXL LXGLFL LQLXVWR XEL ODWHDW LQQRFHQV TXHP TXDHULW RFFLGHUH<br />

LQWHUURJDQWLLQGLFDYHULWHXPTXLVHILGHLHLXVFRPPLVHUDW"$QLQWHUFULPHQIDOVLWHVWLPRQLLHW<br />

SURGLWLRQLVGXELXVLQFHUWXVTXHUHPDQHELV"$QWDFHQGRYHOSURILWHQGRWHQRQHVVHGLFWXUXP<br />

FHUWXV XWUXPTXH YLWDELV" &XU HUJR QRQ KRF IDFLDV SULXVTXDP DG LXGLFHP YHQLDV XW FDYHDV<br />

HWLDP PHQGDFLXP" (YLWDWR HQLP PHQGDFLR RPQH WHVWLPRQLXP IDOVXP HIIXJLHV VLYH RPQH<br />

PHQGDFLXP VLW IDOVXP WHVWLPRQLXP VLYH QRQRPQHHYLWDWRDXWHPIDOVRWHVWLPRQLRTXRGWX<br />

HVVHLQWHOOHJLVQRQHIIXJLHVRPQHPHQGDFLXP4XDQWRHUJRIRUWLXVTXDQWRH[FHOOHQWLXVGLFHV<br />

1HFSURGDPQHFPHQWLDU"<br />

)HFLW KRF HSLVFRSXV TXRQGDP 7KDJDVWHQVLV (FFOHVLDH )LUPXV QRPLQH ILUPLRU<br />

YROXQWDWH 1DPFXPDEHRTXDHUHUHWXUKRPRLXVVX,PSHUDWRULVSHUDSSDULWRUHVDEHRPLVVRV<br />

TXHP DG VH FRQIXJLHQWHP GLOLJHQWLD TXDQWD SRWHUDW RFFXOWDEDW UHVSRQGLW TXDHUHQWLEXV QHF<br />

PHQWLUL VH SRVVH QHF KRPLQHP SURGHUH SDVVXVTXH WDP PXOWD WRUPHQWD FRUSRULV QRQGXP<br />

HQLP HUDQW ,PSHUDWRUHV FKULVWLDQL SHUPDQVLW LQ VHQWHQWLD 'HLQGH DG ,PSHUDWRUHP GXFWXV<br />

XVTXH DGHR PLUDELOLV DSSDUXLW XW LSVH KRPLQL TXHP VHUYDEDW LQGXOJHQWLDP VLQH XOOD<br />

GLIILFXOWDWH LPSHWUDUHW 4XLG KRF ILHUL SRWHVW IRUWLXV DWTXH FRQVWDQWLXV" 6HG DLW TXLVTXDP<br />

WLPLGLRU3DUDWXVHVVHSRVVXPDGTXDHOLEHWIHUHQGDWRUPHQWDYHOHWLDPPRUWHPREHXQGDPQH<br />

SHFFHP FXP DXWHP SHFFDWXP QRQ VLW LWD PHQWLUL XW QHTXH FXLTXDP REVLV QHTXH IDOVXP<br />

WHVWLPRQLXPGLFDVHWSURVLVDOLFXLVWXOWXPHVWHWJUDYHSHFFDWXPYROXQWDULDIUXVWUDVXVWLQHUH<br />

WRUPHQWDHWIRUWDVVLVXWLOHPVDOXWHPDFYLWDPLQFDVVXPVDHYLHQWLEXVSURLLFHUH$TXRTXDHUR<br />

FXUWLPHDWTXRGVFULSWXPHVW)DOVXPWHVWLPRQLXPQRQGLFHV([;;HWQRQWLPHDWTXRG<br />

GH 'HR GLFWXPHVW3HUGHVRPQHVTXLORTXXQWXUPHQGDFLXP3V9"1RQLQTXLWVFULSWXP<br />

HVW2PQHPHQGDFLXPVHGLWDLQWHOOHJRDFVLVLWVFULSWXP3HUGHVRPQHVTXLORTXXQWXUIDOVXP<br />

WHVWLPRQLXP$WQHFLELGLFWXPHVW2PQHIDOVXPWHVWLPRQLXP6HGLELSRVLWXPHVWLQTXLWXEL<br />

FDHWHUDTXDHRPQLPRGRPDODVXQW1XPTXLGHWLOOXGTXRGLELHVW1RQRFFLGHV([;;"<br />

4XRGVLRPQLPRGRPDOXPHVWTXRPRGRDEKRFFULPLQHH[FXVDEXQWXULXVWLTXLSRVWOHJHP<br />

GDWDPPXOWRVRFFLGHUXQW"6HGUHVSRQGHWXUTXRGQRQLSVHRFFLGDWTXLLXVWLDOLFXLXVSUDHFHSWL<br />

PLQLVWHU HVW +RUXP HUJR WLPRUHP VLF DFFLSLR XW WDPHQ LOOXP ODXGDELOHP YLUXP TXL QHF<br />

PHQWLUL YROXLW QHF KRPLQHP SURGHUH HW PHOLXV DUELWUHU LQWHOOH[LVVH TXRG VFULSWXP HVW HW<br />

LQWHOOHFWXPIRUWLWHULPSOHYLVVH<br />

6HG YHQLWXU DOLTXDQGR DG KXLXVPRGL DUWLFXOXP XW QRQ LQWHUURJHPXU XEL VLW LOOH TXL<br />

TXDHULWXU QHTXH FRJDPXU XW HXP SURGDPXV VL VLF RFFXOWDWXV HVW XW LQYHQLUL IDFLOH QLVL<br />

SURGLWXV QHTXHDWVHGTXDHULWXUDQRELVXWUXPLOORORFRVLWDQQRQVLW8ELVLHXPHVVHVFLPXV<br />

WDFHQGRHXPSURGLPXVYHOHWLDPGLFHQGRQHTXDTXDPQRVHVVHGLFWXURVXWUXPLELVLWDQQRQ<br />

VLW H[ KRFHQLPFROOLJLWLOOHTXLTXDHULWLELHXPHVVHXELVLQRQHVVHWQLKLODOLXGDEHRTXL<br />

PHQWLULQROOHWQHFKRPLQHPSURGHUHQLVLHXPQRQLELHVVHUHVSRQGHUHWXU,WDSHUQRVWUDPYHO<br />

WDFLWXUQLWDWHP YHO WDOLD YHUED KRPR SURGLWXU XW LQWUHW TXL TXDHULW VL SRWHVWDWHP KDEHW HW<br />

LQYHQLDW HXP TXL WDPHQ DE HLXV LQYHQWLRQH PHQGDFLR QRVWUR SRVVHW DYHUWL 4XDSURSWHU VL


QHVFLVXELVLWQXOODHVWFDXVDRFFXOWDQGDHYHULWDWLVVHGWHQHVFLUHIDWHQGXPHVW6LDXWHPVFLV<br />

XEL VLW VLYH LEL VLW XELTXDHULWXUVLYHDOLELQRQHVWGLFHQGXPFXPTXDHVLWXPIXHULWXWUXPLEL<br />

VLW DQ QRQ VLW1RQGLFRTXRGTXDHULVVHGGLFHQGXP6FLRXELVLWVHGQXQTXDPPRQVWUDER<br />

1DPVLGHXQRORFRQRQUHVSRQGHDVHWWHQRQHVVHSURGLWXUXPIDWHDULVWDOHHVWDFVLHXPGHP<br />

ORFXPGLJLWRRVWHQGDVPRYHWXUHQLPFHUWDVXVSLFLR6LDXWHPSULPRIDWHDULVWHVFLUHXELVLW<br />

VHGQRQGLFHUHSRWHVWIRUWDVVHDELOORORFRLQTXLVLWRUDYHUWLHWWLELLDPLQFXPEHUHXWXELHVWD<br />

WH SURGDWXU3URTXDILGHDWTXHKXPDQLWDWHTXLGTXLGIRUWLWHUWXOHULVQRQVROXPQRQFXOSDELOH<br />

VHGHWLDPODXGDELOHLXGLFDWXUH[FHSWLVGXQWD[DWKLVTXDHVLSDVVXVIXHULWKRPRQRQIRUWLWHU<br />

VHG LPSXGLFH DFWXUSLWHUSDWLGLFLWXU+RFHVWHQLPXOWLPXPPHQGDFLXPGHTXRGLOLJHQWLXV<br />

WUDFWDQGXPHVW<br />

1DP SULPXPHVWDGHYLWDQGXPFDSLWDOHPHQGDFLXPORQJHTXHIXJLHQGXPTXRGILWLQ<br />

GRFWULQD UHOLJLRQLVDGTXRGPHQGDFLXPQXOODFRQGLWLRQHTXLVTXDPGHEHWDGGXFL6HFXQGXP<br />

DXWHPXWDOLTXHPODHGDWLQLXVWHTXRGWDOHHVWXWHWQXOOLSURVLWHWREVLWDOLFXL7HUWLXPTXRG<br />

LWD SURGHVW DOWHUL XW REVLW DOWHUL TXDPYLV QRQ DG LPPXQGLWLDP REVLW FRUSRUDOHP 4XDUWXP<br />

TXRG ILWVRODPHQWLHQGLIDOOHQGLTXHOLELGLQHTXRGPHUXPPHQGDFLXPHVW4XLQWXPTXRGILW<br />

SODFHQGL FXSLGLWDWH GH VXDYLORTXLR +LV RPQLEXV SHQLWXV HYLWDWLV DWTXH UHLHFWLV VHTXLWXU<br />

VH[WXP JHQXV TXRG HW QXOOL REHVW HW SURGHVW DOLFXL YHOXW VL TXLVSLDP SHFXQLDP DOLFXLXV<br />

LQLXVWH WROOHQGDP VFLHQV XEL VLW QHVFLUH VH PHQWLDWXU TXRFXPTXH LQWHUURJDQWH 6HSWLPXP<br />

TXRG HW QXOOLREHVWHWSURGHVWDOLFXLH[FHSWRVLLXGH[LQWHUURJDWYHOXWVLQROHQVKRPLQHPDG<br />

PRUWHPTXDHVLWXPSURGHUHPHQWLDWXUQRQVROXPLXVWXPDWTXHLQQRFHQWHPVHGHWUHXPTXLD<br />

FKULVWLDQDH GLVFLSOLQDH VLW XW QHTXH GH FXLXVTXDP FRUUHFWLRQH GHVSHUHWXU QHTXH FXLTXDP<br />

SRHQLWHQGL DGLWXV LQWHUFOXGDWXU 'H TXLEXV GXREXV JHQHULEXV TXDH VROHQW KDEHUH PDJQDP<br />

FRQWURYHUVLDP VDWLV WUDFWDYLPXV HW TXLG QRELV SODFHUHW RVWHQGLPXV XW VXVFLSLHQGLV<br />

LQFRPPRGLWDWLEXV TXDH KRQHVWH DF IRUWLWHU WROHUDQWXU KDHF TXRTXH JHQHUD GHYLWHQWXU D<br />

IRUWLEXVHWILGHOLEXVHWYHUDFLEXVYLULVDFIHPLQLV2FWDYXPHVWJHQXVPHQGDFLLTXRGHWQXOOL<br />

REHVW HW DG KRF SURGHVW XW DE LPPXQGLWLD FRUSRUDOL DOLTXHP WXHDWXU GXQWD[DW HD TXDP<br />

VXSHULXVFRPPHPRUDYLPXV1DPHWLDPQRQORWLVPDQLEXVPDQGXFDUHLPPXQGLWLDPSXWDEDQW<br />

,XGDHL &I 0W;9$XWVLHWKDQFTXLVTXDPLPPXQGLWLDPYRFDWQRQWDPHQWDOHPSUR<br />

TXD HYLWDQGD PHQWLHQGXP VLW 6L DXWHP PHQGDFLXP WDOH HVW TXRG DOLFXL IDFLDW LQLXULDP<br />

HWLDPVLDEKDFLPPXQGLWLDTXDPRPQHVKRPLQHVDEKRUUHQWDFGHWHVWDQWXUPXQLDWKRPLQHP<br />

XWUXP HW KRFJHQHUHPHQWLHQGXPVLWVLWDOLVILDWLQLXULDSHUPHQGDFLXPTXDHQRQVLWLQHR<br />

JHQHUH LPPXQGLWLDH GH TXR QXQF DJLPXV DOLD TXDHVWLR HVW QRQ HQLP LDP GH PHQGDFLR<br />

TXDHULWXUVHGTXDHULWXUXWUXPDOLFXLIDFLHQGDVLWLQLXULDHWLDPQRQSHUPHQGDFLXPXWLOODDE<br />

DOWHUR LPPXQGLWLD GHSHOODWXU 4XRG QXOOR PRGR SXWDYHULP TXDPTXDP SURSRQDQWXU<br />

OHYLVVLPDHLQLXULDHYHOXWLHVWLOODTXDPGHXQRPRGLRDPLVVRVXSUDFRPPHPRUDYLHWPXOWXP<br />

SHUWXUEHQW XWUXP QRQ GHEHDPXV IDFHUH FXLTXDP YHO WDOHP LQLXULDP VL HD SRWHVW DOLXV QH<br />

VWXSUXPSDWLDWXUGHIHQGLDXWPXQLUL6HGXWGL[LDOLDTXDHVWLRHVW<br />

1XQFLOOXGTXRGLQVWLWXLPXVSHUDJDPXVXWUXPPHQWLHQGXPVLWVLHWLDPLQHYLWDELOLV<br />

FRQGLWLR SURSRQDWXU XW DXW KRF IDFLDPXV DXW VWXSUXP SDWLDPXU YHO DOLTXDP H[VHFUDELOHP<br />

LQTXLQDWLRQHPHWLDPVLPHQWLHQGRQXOOLIDFLDPXVLQLXULDP<br />

'H TXD UH SDWHELW DOLTXLV FRQVLGHUDWLRQL ORFXV VL SULXV GLYLQDV DXFWRULWDWHV TXDH<br />

PHQGDFLXP SURKLEHQW GLOLJHQWHU GLVFXWLDPXV VL HQLP LSVDH QXOOXP GDQW ORFXP IUXVWUD<br />

TXDHULPXVTXDH[HDPXVWHQHQGXPHVWHQLPRPQLPRGRSUDHFHSWXP'HLHWYROXQWDV'HLLQ<br />

LLV TXDHWHQHQGRSUDHFHSWXPHLXVSDVVLIXHULPXVDHTXRDQLPRVHTXHQGDVLDXWHPUHOD[DWXU<br />

DOLTXLVH[LWXVQRQHVWLQWDOLFDXVDUHFXVDQGXPPHQGDFLXP3URSWHUHDGLYLQDH6FULSWXUDHQRQ<br />

VROXPSUDHFHSWD'HLFRQWLQHQWVHGHWLDPYLWDPPRUHVTXHLXVWRUXPXWVLIRUWHRFFXOWXPHVW<br />

TXHPDGPRGXP DFFLSLHQGXP VLW TXRG SUDHFLSLWXU LQ IDFWLV LXVWRUXP LQWHOOHJDWXU ([FHSWLV<br />

LWDTXH KLV IDFWLV TXDH SRWHVW TXLVTXH DG DOOHJRULFDP VLJQLILFDWLRQHP UHIHUUH TXDPYLV JHVWD<br />

HVVHQHPRDPELJDWVLFXWLVXQWIHUHRPQLDLQOLEULV9HWHULV7HVWDPHQWLTXLVHQLPLELDOLTXLG


DXGHDWDIILUPDUHQRQSHUWLQHUHDGILJXUDWDPSUDHQXQWLDWLRQHP"4XLSSHFXP$SRVWROXVHWLDP<br />

ILOLRV $EUD KDH TXRV XWLTXH QDWXUDOL RUGLQH SURSDJDQGL SRSXOL HGLWRV HVVH DWTXH YL[LVVH<br />

IDFLOOLPH GLFLWXU QRQ HQLP PRQVWUD HW SURGLJLD QDWD VXQW XW DG VLJQLILFDWLRQHP DOLTXDP<br />

GXFDQWDQLPXPGXRWDPHQ7HVWDPHQWDVLJQLILFDUHDVVHUDW&I*DO,9HWEHQHILFLXP<br />

LOOXG PLUDELOHTXRG'HXVSRSXOR,VUDHOSUDHVWLWLWDGHUXHQGRVHRVGHVHUYLWXWHTXDLQ$HJ\SWR<br />

SUHPHEDQWXUSRHQDPTXHYLQGLFWDHFXPLQLWLQHUHSHFFDVVHQWLQILJXUDFRQWLJLVVHGLFDW&I,<br />

&RU ; TXDHIDFWDLQYHQLHVTXLEXVLVWDPUHJXODPGHURJHVHWDIILUPDUHSUDHVXPDVDG<br />

ILJXUDP DOLTXDPQRQHVVHUHGLJHQGD"+LVHUJRH[FHSWLVHDTXDHLQ1RYR7HVWDPHQWRDVDQFWLV<br />

IDFWD VXQW XEL PRUXP LPLWDQGRUXP HYLGHQWLVVLPD FRPPHQGDWLR HVW YDOHDQW DG H[HPSOD<br />

LQWHOOHJHQGDUXP6FULSWXUDUXPTXDHLQSUDHFHSWLVGLJHVWDVXQW<br />

9HOXWFXPOHJLPXVLQ(YDQJHOLR$FFHSLVWLDODSDPSDUDDOWHUDPPD[LOODP0W9<br />

([HPSOXPDXWHPSDWLHQWLDHQXOOXPTXDPLSVLXV'RPLQLSRWHQWLXVHWH[FHOOHQWLXVLQYHQLPXV<br />

DWLSVHFXPDODSDSHUFXVVXVHVVHWQRQDLW(FFHDOWHUDPD[LOODVHGDLW6LPDOHGL[LH[SUREUD<br />

GH PDOR VLDXWHPEHQHTXLGPHFDHGLV",R;9,,,8ELRVWHQGLWLOODPSUDHSDUDWLRQHP<br />

DOWHULXVPD[LOODHLQFRUGHIDFLHQGDP4XRGHWLDPDSRVWROXV3DXOXVXWLTXHQRYHUDWQDPHWLSVH<br />

FXPHVVHWDODSDSHUFXVVXVDQWH3RQWLILFHPQRQDLW3HUFXWHPD[LOODPDOWHUDPVHG3HUFXWLHW<br />

WH 'RPLQXV LQTXLWSDULHVGHDOEDWHHWWXVHGHVLXGLFDUHPHVHFXQGXPOHJHPHWFRQWUDOHJHP<br />

LXEHVPHSHUFXWL"$FW;;,,,DOWLVVLPHLQWXHQVVDFHUGRWLXP,XGDHRUXPLDPWDOHIDFWXP<br />

IXLVVH XW QRPLQH IRULQVHFXV QLWHUHW LQWULQVHFXV DXWHP OXWHLV FRQFXSLVFHQWLLV VRUGHUHW TXRG<br />

WUDQVLWXUXPHVVHYLQGLFWD'RPLQLYLGHEDWLQVSLULWXFXPLOOXGGLFHUHWVHGWDPHQFRUSDUDWXP<br />

KDEHEDW QRQ VROXP DG DOLDV DODSDV DFFLSLHQGDV VHG HWLDP TXDHOLEHW WRUPHQWD SUR YHULWDWH<br />

SDWLHQGDFXPHRUXPGLOHFWLRQHDTXLEXVLOODSDWHUHWXU<br />

6FULSWXP HVW HWLDP (JR DXWHP GLFR YRELV QRQ LXUDUH RPQLQR ,XUDYLW DXWHP LSVH<br />

$SRVWROXV LQ (SLVWROLV VXLV &I 5RP ,; 3KLO , *DO , (W VLF RVWHQGLW TXRPRGR<br />

DFFLSLHQGXP HVVHW TXRG GLFWXP HVW 'LFR YRELV QRQ LXUDUH RPQLQR QH VFLOLFHW LXUDQGR DG<br />

IDFLOLWDWHP LXUDQGL YHQLDWXU H[ IDFLOLWDWH DG FRQVXHWXGLQHP DWTXH LWD H[ FRQVXHWXGLQH LQ<br />

SHULXULXPGHFLGDWXU(WLGHRQRQLQYHQLWXULXUDVVHQLVLVFULEHQVXELFRQVLGHUDWLRFDXWLRUQRQ<br />

KDEHWOLQJXDPSUDHFLSLWHP(WKRFXWLTXHDPDORVLFXWGLFWXPHVW4XRGDXWHPDPSOLXVHVWD<br />

PDORHVW0W9QRQWDPHQVXRVHGHRUXPLQILUPLWDWLVTXLEXVHWLDPVLFILGHPIDFHUH<br />

FRQDEDWXU 1DP TXRG ORTXHQV LXUDVVHW GXP QRQ VFULEHUHW QHVFLR XWUXP DOLTXD GH LOOR<br />

6FULSWXUD QDUUDYHULW (W WDPHQ 'RPLQXV DLW RPQLQR QRQ LXUDUH QRQ HQLP FRQFHVVLW XW LG<br />

OLFHUHW VFULEHQWLEXV 6HG TXLD SUDHFHSWL YLRODWL UHXP 3DXOXP SUDHVHUWLP LQ (SLVWROLV<br />

FRQVFULSWLV DWTXH HGLWLV DG VSLULWDOHP YLWDP VDOXWHPTXH SRSXORUXP QHIDV HVW GLFHUH<br />

LQWHOOHJHQGXPHVWLOOXGTXRGSRVLWXPHVWRPQLQRDGKRFSRVLWXPXWTXDQWXPLQWHHVWQRQ<br />

DIIHFWHVQRQDPHVQRQTXDVLSURERQRFXPDOLTXDGHOHFWDWLRQHDSSHWDVLXVLXUDQGXP<br />

6LFXWLOOXG1ROLWHFRJLWDUHGHFUDVWLQRHW1ROLWHLWDTXHFRJLWDUHTXLGPDQGXFHWLVHW<br />

TXLG ELEDWLV HW TXLG LQGXDPLQL 0W 9, &XP DXWHP YLGHPXV HW LSVXP 'RPLQXP<br />

KDEXLVVHORFXORVTXRHDTXDHGDEDQWXUPLWWHEDQWXUXWVHUYDULSRVVHQWDGXVXVSURWHPSRUH<br />

QHFHVVDULRV &I ,R ;,, HW LSVRV $SRVWRORV SURFXUDVVH PXOWD IUDWUXP LQGLJHQWLDH QRQ<br />

VROXP LQ FUDVWLQXP VHG HWLDP LQ SUROL[LXV WHPSXV LPSHQGHQWLV IDPLV VLFXW LQ $FWLEXV<br />

$SRVWRORUXPOHJLPXV&I$F;,VDWLVHOXFHWLOODSUDHFHSWDVLFLQWHOOHJHQGDXWQLKLO<br />

RSHULVQRVWULWHPSRUDOLXPDGLSLVFHQGRUXPDPRUHYHOWLPRUHHJHVWDWLVWDPTXDPH[QHFHVVLWDWH<br />

IDFLDPXV<br />

,WHPGLFWXPHVW$SRVWROLVXWQLKLOVHFXPSRUWDQWHVLQYLDH[(YDQJHOLRYLYHUHQW(W<br />

TXRGDP ORFRHWLDPLSVH'RPLQXVVLJQLILFDYLWFXUKRFGL[HULWFXPDGGLGLW'LJQXVHVWHQLP<br />

RSHUDULXV PHUFHGH VXD /F ; 0W ; XEL VDWLV RVWHQGLW SHUPLVVXP KRF HVVH QRQ<br />

LXVVXP QH IRUWH TXL KRF IDFHUHW XW LQ RSHUH SUDHGLFDWLRQLV YHUEL DOLTXLG DE HLV TXLEXV<br />

SUDHGLFDUHWLQXVXVYLWDHKXLXVVXPHUHWLOOLFLWXPDOLTXLGVHIDFHUHDUELWUDUHWXU3RVVHWDPHQ<br />

ODXGDELOLXVQRQILHULLQDSRVWROR3DXORVDWLVGHPRQVWUDWXPHVWTXLFXPGLFHUHW&RPPXQLFHW


DXWHPTXLFDWHFKL]DWXUYHUEXPHLTXLVHFDWHFKL]DWLQRPQLEXVERQLV*DO9,HWPXOWLV<br />

ORFLVLGVDOXEULWHUILHULDEHLVTXLEXVYHUEXPSUDHGLFDWXURVWHQGHUHW6HGWDPHQHJRLQTXLW<br />

QRQ VXP XVXVKDFSRWHVWDWH,&RU,;3RWHVWDWHPHUJRGHGLW'RPLQXVFXPLVWDGLFHUHW<br />

QRQ LPSHULR FRQVWULQ[LW ,WD SOHUDTXH LQ YHUELV LQWHOOHJHUH QRQ YDOHQWHV LQ IDFWLV VDQFWRUXP<br />

FROOLJLPXV TXHPDGPRGXP RSRUWHDW DFFLSL TXRG IDFLOH LQ DOLDP SDUWHP GXFHUHWXU QLVL<br />

H[HPSORUHYRFDUHWXU<br />

6LF HUJR TXRG VFULSWXP HVW 2V DXWHP TXRG PHQWLWXU RFFLGLW DQLPDP GH TXR RUH<br />

GL[HULW TXDHULWXU 3OHUXPTXH HQLP 6FULSWXUD FXP RV GLFLW FRQFHSWDFXOXP LSVXP FRUGLV<br />

VLJQLILFDW XEL SODFHW HW GHFHUQLWXU TXLGTXLG HWLDP SHU YRFHP FXP YHUXP ORTXLPXU<br />

HQXQWLDWXUXWFRUGHPHQWLDWXUFXLSODFHWPHQGDFLXPSRVVLWDXWHPQRQFRUGHPHQWLULTXLSHU<br />

YRFHPDOLXGTXDPHVWLQDQLPRLWDSURIHUWXWPDLRULVPDOLHYLWDQGLFDXVDPDOXPVHDGPLWWHUH<br />

QRYHULW FXL WDPHQ XWUXPTXH GLVSOLFHDW (W TXL KRF DVVHUXQW LWD GLFXQW HWLDP LOOXG<br />

LQWHOOHJHQGXP TXRG VFULSWXP HVW 4XL ORTXLWXU YHULWDWHP LQ FRUGH VXR 3V ;,9 TXLD<br />

VHPSHU LQ FRUGH YHULWDV ORTXHQGD HVW QRQ DXWHP VHPSHU LQ RUH FRUSRULV VL DOLTXD FDXVD<br />

FDYHQGLPDLRULVPDOLDOLXGTXDPLQDQLPRHVWYRFHSURIHUULH[LJDW(WHVVHTXLGHPRVFRUGLV<br />

H[ KRF LDP LQWHOOHJL SRWHVW TXRG XEL ORFXWLR HVW LEL RV QRQ DEVXUGH LQWHOOHJLWXU QHF UHFWH<br />

GLFHUHWXU4XLORTXLWXULQFRUGHVXRQLVLHWRVLQFRUGHUHFWHLQWHOOHJHUHWXU4XDPTXDPHWHR<br />

LSVR ORFR XEL VFULSWXP HVW 2V DXWHP TXRG PHQWLWXU RFFLGLW DQLPDP VL FLUFXPVWDQWLD<br />

OHFWLRQLVFRQVLGHUHWXUQRQDFFLSLWXUIRUWDVVHDOLXGTXDPRVFRUGLV2EVFXUXPHQLPUHVSRQVXP<br />

LELHVWXELKRPLQHVODWHWTXLRVFRUGLVQLVLRVFRUSRULVFRQVRQHWDXGLUHQRQSRVVXQW,OOXG<br />

DXWHPRVGLFLWLQHRORFR6FULSWXUDSHUYHQLUHDGDXGLWXP6SLULWXV'RPLQLTXLUHSOHYLWRUEHP<br />

WHUUDUXPLWDXWHWLDPODELDHWYRFHPHWOLQJXDPFRPPHPRUHWLQHRORFRQHFWDPHQRPQLD<br />

VLQDW LQWHOOHFWXVQLVLGHFRUGHDFFLSLTXLD'RPLQXPGLFLWQRQODWHUHTXRGGLFLWXUTXRGDXWHP<br />

VRQR LVWR DG DXUHV QRVWUDV SHUWLQHQWH GLFLWXU QHF KRPLQHV ODWHW ,WD TXLSSH VFULSWXP HVW<br />

+XPDQXV HVW HQLP 6SLULWXV VDSLHQWLDH HW QRQ OLEHUDELW PDOHGLFXP D ODELLV HLXV TXRQLDP<br />

UHQXP LOOLXV WHVWLV HVW 'HXV HW FRUGLV LOOLXV VFUXWDWRU HVW HW YHUXV OLQJXDH LOOLXV DXGLWRU<br />

4XRQLDP 6SLULWXV 'RPLQL UHSOHYLW RUEHP WHUUDUXP HW KRF TXRG FRQWLQHW RPQLD VFLHQWLDP<br />

KDEHW YRFLV 3URSWHU KRF TXL ORTXLWXU LQLTXD QRQ SRWHVW ODWHUH VHG QHF SUDHWHULHW LOOXP<br />

FRUULSLHQV LXGLFLXP ,Q FRJLWDWLRQLEXV HQLP LPSLL LQWHUURJDWLR HULW VHUPRQXP DXWHP LOOLXV<br />

DXGLWLRD'RPLQRYHQLHWDGFRUUHSWLRQHPLQLTXLWDWXPLOOLXV4XRQLDPDXULV]HOLDXGLWRPQLD<br />

HWWXPXOWXVPXUPXUDWLRQXPQRQDEVFRQGHWXU&XVWRGLWHHUJRYRVDPXUPXUDWLRQHTXDHQLKLO<br />

SURGHVW HW D GHWUDFWLRQH OLQJXDHSDUFLWHTXRQLDPUHVSRQVXPREVFXUXPLQYDFXXPQRQLELW<br />

2VDXWHPTXRGPHQWLWXURFFLGLWDQLPDP6DS,9LGHWXUHUJRKLVPLQDULTXLREVFXUXP<br />

SXWDQW HW VHFUHWXPHVVHTXRGFRUGHDJLWDQWDWTXHYHUVDQW7DPYHURFODUXPRVWHQGHUHYROXLW<br />

KRF HVVH DXULEXV'HLXWHWLDPWXPXOWXPHXPDSSHOODYHULW<br />

0DQLIHVWHHWLDPLQ(YDQJHOLRLQYHQLPXVRVFRUGLVXWXQRORFRHWFRUSRULVHWFRUGLVRV<br />

'RPLQXV FRPPHPRUDVVH LQYHQLDWXU XEL DLW $GKXF HW YRV VLQH LQWHOOHFWX HVWLV" 1RQ<br />

LQWHOOHJLWLVTXLDRPQHTXRGLQRVLQWUDWLQYHQWUHPYDGLWHWLQVHFHVVXPHPLWWLWXUTXDHDXWHP<br />

SURFHGXQW GH RUH GH FRUGH H[HXQW HW HD FRLQTXLQDQW KRPLQHP" 'H FRUGH HQLP H[HXQW<br />

FRJLWDWLRQHV PDODH KRPLFLGLD DGXOWHULD IRUQLFDWLRQHV IXUWD IDOVD WHVWLPRQLD EODVSKHPLDH<br />

KDHF VXQW TXDH FRLQTXLQDQW KRPLQHP 0W ;9 +LF VL XQXP RV TXRG HVW FRUSRULV<br />

LQWHOOH[HULVTXRPRGRLQWHOOHFWXUXVHV4XDHDXWHPSURFHGXQWGHRUHGHFRUGHH[HXQWFXPHW<br />

VSXWXVHWYRPLWXVGHRUHSURFHGDW"1LVLIRUWHWXQFTXLVTXHQRQFRLQTXLQDWXUFXPHGLWDOLTXLG<br />

LPPXQGXP FRLQTXLQDWXU DXWHP FXP LG HYRPLW 4XRG VL DEVXUGLVVLPXP HVW UHVWDW XW RV<br />

FRUGLVLQWHOOHJDPXVD'RPLQRH[SRVLWXPFXPDLW4XDHSURFHGXQWGHRUHGHFRUGHH[HXQW<br />

1DPHWIXUWXPFXPSRVVLWHWVDHSHLWDILDWLQVLOHQWLRFRUSRUDOLVYRFLVDWTXHRULVSHUSHWUDUL<br />

GHPHQWLVVLPXPHVWVLFLQWHOOHJHUHXWWXQFSXWHPXVTXHPTXDPSHFFDWRIXUWLFRQWDPLQDULFXP<br />

LG IDWHWXU DXWLQGLFDWFXPDXWHPLGWDFLWHFRPPLWWLWLQFRLQTXLQDWXPDUELWUDUL$WYHURVLDGRV


FRUGLV TXRG GLFWXP HVW UHIHUDPXV QLKLO RPQLQR SHFFDWL WDFLWH FRPPLWWL SRWHVW QRQ HQLP<br />

FRPPLWWLWXUQLVLH[RUHLOORLQWHULRUHSURFHGDW<br />

6LFXWDXWHPTXDHULWXUGHTXRRUHGL[HULW2VDXWHPTXRGPHQWLWXURFFLGLWDQLPDPLWD<br />

TXDHULSRWHVWGHTXRPHQGDFLR9LGHWXUHQLPGHLOORSURSULHGLFHUHTXRFXLTXDPGHWUDKLWXU<br />

$LW HQLP $EVWLQHWH HUJR YRV D PXUPXUDWLRQH TXDH QLKLO SURGHVW HW D GHWUDFWLRQH OLQJXDH<br />

SDUFLWH )LW DXWHP LVWD GHWUDFWLR SHU PDOHYROHQWLDP FXP TXLVTXDP QRQ VROXP RUH DF YRFH<br />

FRUSRULVSURIHUWTXRGFRQILQJLWLQDOLTXHPVHGHWLDPWDFLWXVWDOHPYXOWFUHGLTXRGHVWXWLTXH<br />

RUH FRUGLV GHWUDKHUHTXRGGLFLWREVFXUXPHWRFFXOWXP'HRHVVHQRQSRVVH<br />

1DP TXRG DOLR ORFRVFULSWXPHVW1ROLYHOOHPHQWLULRPQHPHQGDFLXPQRQDGKRF<br />

YROXQW YDOHUH XW QXOOR PHQGDFLR TXLVTXH PHQWLDWXU ,WDTXH FXP DOLXV GL[HULW H[ LVWR<br />

6FULSWXUDHWHVWLPRQLRXVTXHDGHRJHQHUDOLWHURPQHPHQGDFLXPHVVHGHWHVWDQGXPXWHWLDPVL<br />

TXLV PHQWLUL YHOLW HWLDPVL QRQ PHQWLDWXU LDP YROXQWDV LSVD GDPQDQGD VLW DWTXH DG KRF<br />

LQWHUSUHWHWXU TXRG QRQ GLFWXP HVW 1ROL PHQWLUL RPQH PHQGDFLXP VHG 1ROL YHOOH PHQWLUL<br />

RPQH PHQGDFLXPXWQRQVROXPPHQWLULVHGQHFYHOOHPHQWLULTXLVTXHDXGHDWXOORPHQGDFLR<br />

'LFLW DOLXV ,PR TXRG DLW 1ROL YHOOH PHQWLUL RPQH PHQGDFLXP GH RUH FRUGLV<br />

H[WHUPLQDQGXP DWTXH DOLHQDQGXP HVVH PHQGDFLXP YROXLW XW D TXLEXVGDP PHQGDFLLV RUH<br />

FRUSRULV DEVWLQHQGXP VLW VLFXW LOOD VXQW PD[LPH TXDH SHUWLQHQW DG GRFWULQDP UHOLJLRQLV D<br />

TXLEXVGDP YHURQRQVLWRUHFRUSRULVDEVWLQHQGXPVLPDLRULVPDOLHYLWDQGLFDXVDH[LJLWRUH<br />

DXWHP FRUGLV DE RPQL PHQGDFLR SHQLWXV DEVWLQHUH GHEHDPXV 8EL RSRUWHW LQWHOOHJL TXRG<br />

GLFWXP HVW1ROLYHOOHYROXQWDVTXLSSHLSVDTXDVLRVFRUGLVDFFLSLWXUXWQRQSHUWLQHDWDGRV<br />

FRUGLVFXPPDLXVPDOXPFDYHQWHVPHQWLPXULQYLWL(VWHWWHUWLXVLQWHOOHFWXVTXRVLFDFFLSLDV<br />

1ROLRPQHXWH[FHSWLVDOLTXLEXVPHQGDFLLVPHQWLULWHVLQDW7DPTXDPVLGLFHUHW1ROLYHOOH<br />

FUHGHUHRPQLKRPLQLQRQXWLTXHXWQXOOLFUHGHUHWXUPRQHUHWVHGXWQRQRPQLEXVDOLTXLEXV<br />

DXWHP FUHGHUHWXU (W LG TXRG VHTXLWXU $VVLGXLWDV HQLP HLXV QRQ SURILFLHW DG ERQXP (FFOL<br />

9,, LWD VRQDW TXDVL QRQ D PHQGDFLR VHG DE DVVLGXR PHQGDFLR LG HVW D FRQVXHWXGLQH<br />

DWTXH DPRUH PHQWLHQGL SURKLEHUH YLGHDWXU 4XR SURIHFWR GHODEDWXU TXLVTXLV YHO RPQL<br />

PHQGDFLR SXWDYHULW DEXWHQGXP LWD HQLP QHF LOOXG FDYHELW TXRG ILW LQ GRFWULQD SLHWDWLV HW<br />

UHOLJLRQLV TXR VFHOHUDWLXV TXLG IDFLOH LQYHQLDV QRQ LQWHU RPQLD PHQGDFLD VHG LQWHU RPQLD<br />

SHFFDWD" YHO DOLFXL PHQGDFLR TXDPYLV IDFLOL TXDPYLV LQQR[LR QXWXP YROXQWDWLV<br />

DFFRPPRGDYHULWXWQRQLQYLWXVHYDGHQGLPDLRULVPDOLFDXVDVHGYROHQVOLEHQVTXHPHQWLDWXU<br />

,WD FXP WULD VLQW TXDH LQ KDF VHQWHQWLD LQWHOOHJL SRVVLQW DXW 2PQH PHQGDFLXP QRQ VROXP<br />

PHQWLULQROLVHGQHFYHOOHPHQWLULDXWQROLYHOOHVHGYHOLQYLWXVPHQWLUHFXPIXJLHQGXPHVW<br />

DOLTXLG JUDYLXV DXW QROL RPQH XW H[FHSWLV DOLTXLEXV PHQGDFLLV FDHWHUD SHUPLWWDQWXU XQXP<br />

KLF SUR KLV TXLEXV PHQWLUL QXQTXDP SODFHW GXR SUR LOOLV TXL DOLTXDQGR SXWDQW HVVH<br />

PHQWLHQGXP LQYHQLXQWXU 6HG WDPHQ TXRG VHTXLWXU $VVLGXLWDV HQLP HLXV QRQ SURILFLHW DG<br />

ERQXP QHVFLR XWUXP SRVVLW SULPDH KDUXP WULXP VHQWHQWLDH VXIIUDJDUL QLVL IRUWH LWD XW<br />

SHUIHFWRUXP SUDHFHSWXP VLW RPQLQR QXQTXDP QRQ VROXP PHQWLUL VHG YHO YHOOH PHQWLUL<br />

DVVLGXLWDV YHUR PHQWLHQGL QHF SURILFLHQWLEXV SHUPLWWDWXU 7DPTXDP VL FXP SUDHFLSHUHWXU<br />

QXQTXDP SURUVXV QRQ VROXP PHQWLHQGXP VHG QHF YROXQWDWHP KDEHQGDP HVVH PHQWLHQGL<br />

FRQWUDGLFHUHWXU H[HPSOLV TXRG DOLTXD VXQW HWLDP PDJQD DXFWRULWDWH DSSUREDWD PHQGDFLD<br />

UHVSRQGHUHWXU DXWHP LOOD TXLGHP HVVH SURILFLHQWLXP TXDH KDEHQW VHFXQGXP KDQF YLWDP<br />

TXDOHFXPTXH RIILFLXP PLVHULFRUGLDH VHG XVTXH DGHR HVVH RPQH PHQGDFLXP PDOXP HW<br />

SHUIHFWLV DWTXH VSLULWDOLEXV DQLPLV RPQL PRGR IXJLHQGXP XW QHF LSVLV SURILFLHQWLEXV<br />

DVVLGXLWDV HLXV SHUPLWWHQGD VLW 'LFWXP HVW HQLP LDP GH REVWHWULFLEXV $HJ\SWLLV TXRG GH<br />

LQGROH DG PHOLXV SURILFLHQGL PHQWLHQWHV DSSUREDWDH VXQW TXLD QRQQXOOXV JUDGXV HVW DG<br />

GLOLJHQGDP YHUDP DF VHPSLWHUQDP VDOXWHP FXP TXLVTXH PLVHULFRUGLWHU HWLDP SUR DOLFXLXV<br />

TXDPYLV PRUWDOLVDOXWHPHQWLWXU&IVXSUD<br />

,WHPTXRGVFULSWXPHVW3HUGHVRPQHVTXLORTXXQWXUPHQGDFLXPDOLXVGLFLWQXOOXP<br />

KLF H[FHSWXPHVVHPHQGDFLXPVHGRPQHGDPQDWXP$OLXVGLFLW,WDYHURVHGTXLORTXXQWXU


H[FRUGHPHQGDFLXPVHFXQGXPVXSHULRUHPGLVSXWDWLRQHPQDPYHULWDWHPORTXLWXULQFRUGH<br />

TXL RGLW PHQWLHQGL QHFHVVLWDWHP TXDP SRHQDP KXLXV YLWDH PRUWDOLV LQWHOOHJLW $OLXV GLFLW<br />

2PQHVTXLGHPSHUGHW'HXVTXLORTXXQWXUPHQGDFLXPVHGQRQRPQHPHQGDFLXPHVWHQLP<br />

DOLTXRGPHQGDFLXPTXRGWXQFLQVLQXDEDW3URSKHWDLQTXRQXOOLSDUFDWXULGHVWVLSHFFDWDVXD<br />

TXLVTXHFRQILWHULGHWUHFWDQVGHIHQGDWHDSRWLXVHWQROLWDJHUHSRHQLWHQWLDPXWSDUXPVLWTXLD<br />

RSHUDWXULQLTXLWDWHPQLVLHWLDPLXVWXVYLGHULYROHQVPHGLFLQDHFRQIHVVLRQLVQRQVXFFXPEDWXW<br />

HW LSVD YHUERUXP GLVWLQFWLR QRQ DOLXG LQWLPDUH YLGHDWXU 2GLVWL RPQHV TXL RSHUDQWXU<br />

LQLTXLWDWHP3V9VHGQRQSHUGHVVLSRHQLWHQGRLQFRQIHVVLRQHYHULWDWHPORTXDQWXUXW<br />

IDFLHQGRLVWDPYHULWDWHPYHQLDQWDGOXFHPVLFXWLQ(YDQJHOLRVHFXQGXP,RDQQHPGLFLWXU4XL<br />

DXWHP IDFLW YHULWDWHP YHQLW DG OXFHP ,R ,,, 3HUGHV DXWHP RPQHV TXL QRQ VROXP<br />

RSHUDQWXUTXRGRGLVWLVHGHWLDPORTXXQWXUPHQGDFLXPIDOVDPLXVWLWLDPSUDHWHQGHQGRQHFLQ<br />

SRHQLWHQWLD FRQILWHQGRSHFFDWD<br />

1DP GH IDOVR WHVWLPRQLR TXRG LQ GHFHP SUDHFHSWLV /HJLV SRVLWXP HVW QXOOR PRGR<br />

TXLGHPFRQWHQGLSRWHVWGLOHFWLRQHPYHULWDWLVLQFRUGHVHUYDQGDPHWSURIHUHQGXPIDOVXPDG<br />

HXP DSXG TXHP GLFLWXU WHVWLPRQLXP &XP HQLP 'HR WDQWXP GLFLWXU WXQF WDQWXP LQ FRUGH<br />

YHULWDV DPSOHFWHQGD HVW FXP DXWHP KRPLQL GLFLWXU HWLDP RUH FRUSRULV YHUXP SURIHUHQGXP<br />

HVWTXLDKRPRQRQHVWFRUGLVLQVSHFWRU6HGSODQHGHLSVRWHVWLPRQLRQRQDEVXUGHTXDHULWXU<br />

DSXGTXHPTXLVTXHWHVWLVVLW1RQHQLPDSXGTXRVFXPTXHORTXLPXUWHVWHVVXPXVVHGDSXG<br />

HRVTXLEXVH[SHGLWHWGHEHWXUSHUQRVFRJQRVFHUHDXWFUHGHUHYHULWDWHPVLFXWLHVWLXGH[QHLQ<br />

LXGLFDQGR HUUHW DXW TXL GRFHWXU GRFWULQD UHOLJLRQLV QH HUUHW LQ ILGH DXW LQ LSVD GRFWRULV<br />

DXFWRULWDWHGXELXVIOXFWXHW&XPDXWHPLOOHWHLQWHUURJDWDXWYXOWH[WHDOLTXLGQRVVHTXLHDP<br />

UHP TXDHULW TXDH QRQ DG HXP SHUWLQHDW DXW TXDP HL QRVVH QRQ H[SHGLW QRQ WHVWHP VHG<br />

SURGLWRUHP UHTXLULW ,WDTXH VL HL PHQWLDULV D IDOVR IRUWDVVH WHVWLPRQLR DOLHQXV HULV VHG D<br />

PHQGDFLRSURIHFWRQRQHULV<br />

6DOYRLJLWXUHRTXRGIDOVXPWHVWLPRQLXPGLFHUHQXQTXDPOLFHWTXDHULWXUXWUXPOLFHDW<br />

DOLTXDQGR PHQWLUL $XW VL IDOVXP WHVWLPRQLXP HVW RPQH PHQGDFLXP YLGHQGXP HVW XWUXP<br />

DGPLWWDWFRPSHQVDWLRQHPXWGLFDWXUYLWDQGLPDLRULVSHFFDWLJUDWLDVLFXWLOOXGTXRGVFULSWXP<br />

HVW +RQRUD SDWUHP HW PDWUHP ([ ;; UDSLHQWH RIILFLR SRWLRUH FRQWHPQLWXU XQGH<br />

XOWLPXPVHSXOWXUDHKRQRUHPSDWULSURKLEHWXUH[VROYHUHTXLDELSVR'RPLQRDGUHJQXP'HL<br />

DQQXQWLDQGXPYRFDWXU&I0W9,,,<br />

,WHPTXRGVFULSWXPHVW9HUEXPFXVWRGLHQVILOLXVDSHUGLWLRQHORQJHDEHULWH[FLSLHQV<br />

DXWHPH[FLSLWLOOXGVLELHWQLKLOIDOVLGHRUHLSVLXVSURFHGLW3URY;;,;GLFLWDOLTXLV<br />

QRQ DOLXG KLFDFFLSLHQGXPHVVHTXRGSRVLWXPHVW([FLSLHQVYHUEXPILOLXVQLVLYHUEXP'HL<br />

TXRG HVW YHULWDV(UJR([FLSLHQVYHULWDWHPILOLXVDSHUGLWLRQHORQJHDEHULWUHIHUWXUDGLOOXG<br />

TXRG GLFWXP HVW 3HUGHV RPQHV TXL ORTXXQWXU PHQGDFLXP 3V 9 4XRG YHUR VHTXLWXU<br />

([FLSLHQV DXWHPH[FLSLWLOOXGVLELTXLGDOLXGLQVLQXDWQLVLTXRG$SRVWROXVGLFLW2SXVDXWHP<br />

VXXPSUREHWXQXVTXLVTXHHWWXQFLQVHPHWLSVRKDEHELWJORULDPHWQRQLQDOWHUR*DO9"<br />

4XL HQLP H[FLSLW YHUEXP LG HVW YHULWDWHP QRQ VLEL VHG XW KRPLQLEXV SODFHDW QRQ HDP<br />

FXVWRGLW FXP HLV YLGHW SODFHUL SRVVH PHQGDFLR 4XL DXWHP H[FLSLW VLEL QLKLO IDOVXP GH RUH<br />

LSVLXVSURFHGLWTXLDHWLDPFXPSODFHWKRPLQLEXVPHQGDFLXPQRQPHQWLWXULOOHTXLYHULWDWHP<br />

QRQ GH TXD LOOLVVHGGHTXD'HRSODFHUHWH[FHSLWVLEL,WDTXHQRQHVWFXUKLFGLFDWXU2PQHV<br />

TXLGHP SHUGHW TXL ORTXXQWXU PHQGDFLXP VHG QRQ RPQH PHQGDFLXP TXDQGR XQLYHUVDOLWHU<br />

RPQLD PHQGDFLDFLUFXPFLVDVXQWLQHRTXRGGLFWXPHVW(WQLKLOIDOVLGHRUHLSVLXVSURFHGLW<br />

6HG GLFLW DOLXV LWD HVVH DFFLSLHQGXP VLFXW DFFHSLW DSRVWROXV 3DXOXV TXRGDLW'RPLQXV(JR<br />

DXWHPGLFRYRELVQRQLXUDUHRPQLQR0W91DPHWKLFRPQLVLXUDWLRFLUFXPFLVDHVWVHG<br />

DERUHFRUGLVXWQXQTXDPYROXQWDWLVDSSUREDWLRQHILHUHWVHGQHFHVVLWDWHLQILUPLWDWLVDOWHULXV<br />

LG HVWDPDORDOWHULXVFXLQRQDOLWHUYLGHWXUSHUVXDGHULSRVVHTXRGGLFLWXUQLVLLXUDQGRILGHV<br />

ILDWDXWDELOORPDORQRVWURTXRGKXLXVPRUWDOLWDWLVDGKXFSHOOLEXVLQYROXWLFRUQRVWUXPQRQ<br />

YDOHPXVRVWHQGHUHTXRGXWLTXHVLYDOHUHPXVLXUDWLRQHRSXVQRQHVVHW4XDPTXDPHWLDPLQ


KDFWRWDVHQWHQWLDVLTXRGGLFWXPHVW([FLSLHQVYHUEXPILOLXVDSHUGLWLRQHORQJHDEHULW0W9<br />

GH LSVD GLFWXPHVW9HULWDWHSHUTXDPIDFWDVXQWRPQLD&I,R,TXDHLQFRPPXWDELOLV<br />

VHPSHUPDQHWTXRQLDPGRFWULQDUHOLJLRQLVDGHDPFRQWHPSODQGDPSHUGXFHUHQLWLWXUSRWHVW<br />

YLGHUL DG KRFHVVHGLFWXP(WQLKLOIDOVLGHRUHLSVLXVSURFHGLWXWQLKLOIDOVLTXRGDGGRFWULQDP<br />

SHUWLQHWGLFDW4XRGPHQGDFLLJHQXVQXOODRPQLQRFRPSHQVDWLRQHVXEHXQGXPSHQLWXVTXHDF<br />

SUDHFLSXH GHYLWDQGXP HVW $XW VL TXRG GLFWXP HVW QLKLO IDOVL DEVXUGH DFFLSLWXU VL QRQ DG<br />

RPQH PHQGDFLXP UHIHUDWXU TXRG GLFWXP HVW GH RUH LSVLXV VHFXQGXP VXSHULRUHP<br />

GLVSXWDWLRQHPRVFRUGLVDFFLSLHQGXPHVVHFRQWHQGLWTXLDOLTXDQGRSXWDWHVVHPHQWLHQGXP<br />

+DHF FHUWH RPQLV GLVSXWDWLR TXDPYLV DOWHUQHW DOLLV DVVHUHQWLEXV QXQTXDP HVVH<br />

PHQWLHQGXP HW DG KRF GLYLQD WHVWLPRQLD UHFLWDQWLEXV DOLLV FRQWUDGLFHQWLEXV HW LQWHU LSVD<br />

YHUED GLYLQRUXPWHVWLPRQLRUXPPHQGDFLRORFXPTXDHUHQWLEXVQHPRWDPHQSRWHVWGLFHUHKRF<br />

VH DXW LQ H[HPSORDXWLQYHUER6FULSWXUDUXPLQYHQLUHXWGLOLJHQGXPYHOQRQRGLRKDEHQGXP<br />

XOOXP PHQGDFLXP YLGHDWXU VHG LQWHUGXP PHQWLHQGR IDFLHQGXP HVVH TXRG RGHULV XW TXRG<br />

DPSOLXV GHWHVWDQGXP HVW GHYLWHWXU 6HG LQ KRF HUUDQW KRPLQHV TXRG VXEGXQW SUHWLRVD<br />

YLOLRULEXV &XP HQLP FRQFHVVHULV DGPLWWHQGXP HVVH DOLTXRG PDOXP QH DOLXG JUDYLXV<br />

DGPLWWDWXUQRQH[UHJXODYHULWDWLVVHGH[VXDTXLVTXHFXSLGLWDWHDWTXHFRQVXHWXGLQHPHWLWXU<br />

PDOXP HW LG SXWDW JUDYLXV TXRG LSVH DPSOLXV H[KRUUHVFLW QRQ TXRG DPSOLXV UHYHUD<br />

IXJLHQGXPHVW+RFWRWXPDEDPRULVSHUYHUVLWDWHJLJQLWXUYLWLXP&XPHQLPGXDHVLQWYLWDH<br />

QRVWUDHXQDVHPSLWHUQDTXDHGLYLQLWXVSURPLWWLWXUDOWHUDWHPSRUDOLVLQTXDQXQFVXPXVFXP<br />

TXLVTXHLVWDPWHPSRUDOHPDPSOLXVGLOLJHUHFRHSHULWTXDPLOODPVHPSLWHUQDPSURSWHUKDQF<br />

TXDP GLOLJLWSXWDWHVVHRPQLDIDFLHQGDQHFXOODDHVWLPDWJUDYLRUDSHFFDWDTXDPTXDHKXLF<br />

YLWDH IDFLXQW LQLXULDP HW YHO HL FRPPRGLWDWLV DOLTXLG LQLTXH HW LOOLFLWH DXIHUXQW DXW HDP<br />

SHQLWXV LOODWD PRUWH DGLPXQW ,WDTXH IXUHV HW UDSWRUHV HW FRQWXPHOLRVRV HW WRUWRUHV DWTXH<br />

LQWHUIHFWRUHV PDJLV RGHUXQW TXDP ODVFLYRV HEULRVRV OX[XULRVRV VL QXOOL PROHVWL VXQW 1RQ<br />

HQLP LQWHOOHJXQW DXW RPQLQR FXUDQW TXRG LVWL 'HR IDFLDQW LQLXULDP QRQ TXLGHP LQ LOOLXV<br />

DOLTXRG LQFRPPRGXP VHG LQ VXDP PDJQDP SHUQLFLHP FXP GRQD HLXV LQ VH FRUUXPSXQW<br />

HWLDPWHPSRUDOLDDWTXHLSVLVFRUUXSWLRQLEXVDYHUVDQWXUDHWHUQDPD[LPHVLLDPWHPSOXP'HL<br />

HVVHFRHSHUXQWTXRG&KULVWLDQLVRPQLEXV$SRVWROXVLWDGLFLW1HVFLWLVTXLDWHPSOXP'HLHVWLV<br />

HW 6SLULWXV 'HL KDELWDW LQ YRELV" 4XLVTXLV WHPSOXP 'HL FRUUXSHULW FRUUXPSHW LOOXP 'HXV<br />

7HPSOXP HQLP'HLVDQFWXPHVWTXRGHVWLVYRV,&RU,,,<br />

(W RPQLD TXLGHPLVWDSHFFDWDVLYHTXLEXVLQLXULDILWKRPLQLEXVLQLSVLVYLWDHKXLXV<br />

FRPPRGLV VLYH TXLEXV VH LSVL KRPLQHV FRUUXPSXQW HW QXOOL LQYLWR QRFHQW RPQLD HUJR LVWD<br />

SHFFDWD HWLDPVL KXLF WHPSRUDOL YLWDH DG DOLTXDP GHOHFWDWLRQHP YHO XWLOLWDWHP YLGHQWXU<br />

FRQVXOHUHQDPQXOOXVDOLTXLGKRUXPDOLRSURSRVLWRDFILQHFRPPLWWLWWDPHQDGLOODPYLWDP<br />

TXDH VHPSLWHUQDHVWLPSOLFDWRVRPQLEXVPRGLVLPSHGLXQW+RUXPDXWHPDOLDVXQWTXDHVRORV<br />

IDFLHQWHVLPSHGLXQWDOLDTXDHHRVHWLDPLQTXLEXVILXQW1DPLOODTXDHXWLOLWDWLVDGKDQFYLWDP<br />

SHUWLQHQWLV JUDWLD VHUYDQWXU FXP DXIHUXQWXU DE LQLXULRVLV LOOL VROL SHFFDQW HW D YLWD DHWHUQD<br />

LPSHGLXQWXU TXL HD IDFLXQW QRQ LL TXLEXV IDFLXQW ,WDTXH HWLDPVL HD VLEL DXIHUUL TXLVTXH<br />

FRQVHQWLDWYHOQHIDFLDWDOLTXLGPDOLYHOQHLQKLVLSVLVPDLXVDOLTXLGLQFRPPRGLSDWLDWXUQRQ<br />

VROXP QRQ SHFFDW VHG LOOXG IRUWLWHU HW ODXGDELOLWHU KRF XWLOLWHU HW LQFXOSDELOLWHU IDFLW 4XDH<br />

DXWHP VDQFWLWDWLV UHOLJLRQLVTXH FDXVD VHUYDQWXU FXP KDHF YLRODUH LQLXULRVL YROXHULQW HWLDP<br />

SHFFDWLV PLQRULEXV QRQ WDPHQ LQLXULLV DOLRUXP VL FRQGLWLR SURSRQLWXU HW IDFXOWDV GDWXU<br />

UHGLPHQGD VXQW (W WXQF LDP LOOD GHVLQXQW HVVH SHFFDWD TXDH SURSWHU JUDYLRUD YLWDQGD<br />

VXVFLSLXQWXU6LFXWHQLPLQUHEXVXWLOLEXVYHOXWLQSHFXQLDDOLRYHDOLTXRFRPPRGRFRUSRUDOL<br />

QRQ YRFDWXUGDPQXPTXRGSURSWHUPDLXVOXFUXPDPLWWLWXUVLFHWLQUHEXVVDQFWLVQRQYRFDWXU<br />

SHFFDWXP TXRGQHJUDYLXVDGPLWWDWXUDGPLWWLWXU$XWVLHWLOOXGGDPQXPGLFLWXUTXRGDOLTXLV<br />

SHUGLW QHDPSOLXVSHUGDWYRFHWXUHWKRFSHFFDWXPGXPWDPHQVXVFLSLHQGXPHVVHXWDPSOLXV<br />

HYLWHWXU LWD QHPR GXELWHW VLFXW QHPR GXELWDW FDYHQGL PDLRULV GDPQL FDXVD SDWLHQGXP HVVH<br />

TXRG PLQXV HVW


,VWD VXQW DXWHP TXDH VDQFWLWDWLV FDXVD VHUYDQGD VXQW SXGLFLWLD FRUSRULV HW FDVWLWDV<br />

DQLPDHHWYHULWDVGRFWULQDH3XGLFLWLDPFRUSRULVQRQFRQVHQWLHQWHDFSHUPLWWHQWHDQLPDQHPR<br />

YLRODW4XLGTXLGHQLPQRELVLQYLWLVQXOODPTXHWULEXHQWLEXVSRWHVWDWHPPDLRUHYLFRQWLQJLWLQ<br />

QRVWUR FRUSRUH QXOOD LPSXGLFLWLD HVW 6HG SHUPLWWHQGL SRWHVW HVVH DOLTXD UDWLR FRQVHQWLHQGL<br />

DXWHPQXOOD7XQFHQLPFRQVHQWLPXVFXPDSSUREDPXVHWYROXPXVSHUPLWWLPXVDXWHPHWLDP<br />

QRQ YROHQWHVHYLWDQGDHDOLFXLXVPDLRULVWXUSLWXGLQLVJUDWLD&RQVHQVLRVDQHDGLPSXGLFLWLDP<br />

FRUSRUDOHP HWLDP FDVWLWDWHP DQLPL YLRODW $QLPL TXLSSH FDVWLWDV HVW LQ ERQD YROXQWDWH HW<br />

VLQFHUD GLOHFWLRQHTXDHQRQFRUUXPSLWXUQLVLFXPDPDPXVDWTXHDSSHWLPXVTXRGDPDQGXP<br />

DWTXH DSSHWHQGXP QRQ HVVH YHULWDV GRFHW &XVWRGLHQGD HVW HUJR VLQFHULWDV GLOHFWLRQLV 'HL HW<br />

SUR[LPLLQKDFHQLPFDVWLWDVDQLPLVDQFWLILFDWXUHWDJHQGXPTXLEXVSRVVXPXVYLULEXVHWSLD<br />

VXSSOLFDWLRQH XW FXP YLRODQGD DSSHWLWXU SXGLFLWLD FRUSRULV QRVWUL QHF LSVH DQLPDH VHQVXV<br />

H[WUHPXVTXLFDUQHLPSOLFDWXVHVWDOLTXDGHOHFWDWLRQHWDQJDWXUVLDXWHPKRFQRQSRWHVWYHO<br />

PHQWLV LQ QRQ FRQVHQWLHQGR FDVWLWDV FRQVHUYHWXU &XVWRGLHQGD HVW DXWHP LQ DQLPL FDVWLWDWH<br />

TXRG DG GLOHFWLRQHPSUR[LPLSHUWLQHWLQQRFHQWLDHWEHQHYROHQWLDTXRGDXWHPDG'HLSLHWDV<br />

,QQRFHQWLD HVW TXD QXOOL QRFHPXV EHQHYROHQWLD TXD HWLDP SURVXPXV FXL SRVVXPXV SLHWDV<br />

TXD FROLPXV 'HXP 9HULWDV DXWHP GRFWULQDH UHOLJLRQLV DWTXH SLHWDWLV QRQQLVL PHQGDFLR<br />

YLRODWXU FXP LSVD VXPPD DWTXH LQWLPD YHULWDV FXLXV HVW LVWD GRFWULQD QXOOR PRGR SRVVLW<br />

YLRODUL DG TXDP SHUYHQLUH DWTXH LQ LOOD RPQL PRGR PDQHUH HLTXH SHQLWXV LQKDHUHUH QRQ<br />

OLFHELW QLVL FXP FRUUXSWLELOH KRF LQGXHULW LQFRUUXSWLRQHP HW PRUWDOH KRF LQGXHULW<br />

LPPRUWDOLWDWHP&I,&RU;96HGTXLDRPQLVLQKDFYLWDSLHWDVH[HUFLWDWLRHVWTXDLQ<br />

LOODP WHQGLWXU FXL H[HUFLWDWLRQL GXFDWXP SUDHEHW LVWD GRFWULQD TXDH KXPDQLV YHUELV HW<br />

FRUSRUHRUXP VDFUDPHQWRUXP VLJQDFXOLV LSVDP LQVLQXDW DWTXH LQWLPDW YHULWDWHP SURSWHUHD HW<br />

KDHF TXDHSHUPHQGDFLXPFRUUXPSLSRWHVWPD[LPHLQFRUUXSWDVHUYDQGDHVWXWVLTXLGLQLOOD<br />

FDVWLWDWH DQLPL IXHULW YLRODWXP KDEHDW XQGH UHSDUHWXU &RUUX SWD HQLP DXFWRULWDWH GRFWULQDH<br />

QXOOXVDXWFXUVXVDXWUHFXUVXVHVVHDGFDVWLWDWHPDQLPLSRWHVW<br />

&RQILFLWXU HUJR H[ KLV RPQLEXV KDHF VHQWHQWLD XW PHQGDFLXP TXRG QRQ YLRODW<br />

GRFWULQDP SLHWDWLV QHTXH LSVDP SLHWDWHP QHTXH LQQRFHQWLDP QHTXH EHQHYROHQWLDP SUR<br />

SXGLFLWLD FRUSRULV DGPLWWHQGXP VLW (W WDPHQ VL TXLVTXDP SURSRQHUHW VLEL VLF DPDQGDP<br />

YHULWDWHPQRQWDQWXPTXDHLQFRQWHPSODQGRHVWVHGHWLDPLQYHURHQXQWLDQGRTXRGLQVXR<br />

TXRTXH UHUXPJHQHUHYHUXPHVWHWQRQDOLWHUSURIHUHQGDPRUHFRUSRULVVHQWHQWLDPTXDPLQ<br />

DQLPR FRQFHSWD DWTXH FRQVSHFWD HVW XW ILGHL YHULGLFDP SXOFKULWXGLQHP QRQ VROXP DXUR HW<br />

DUJHQWR HW JHPPLV HW DPRHQLV SUDHGLLV VHG HW LSVL XQLYHUVDH WHPSRUDOL YLWDH RPQLTXH<br />

FRUSRULVERQRSUDHSRQHUHWQHVFLRXWUXPVDSLHQWHUDTXRTXDPHUUDUHGLFHUHWXU(WVLKRFVXLV<br />

RPQLEXV WDOLEXV UHEXV UHFWH DQWHIHUUHW SOXULVTXH SHQGHUHW UHFWH HWLDP WHPSRUDOLEXV UHEXV<br />

DOLRUXP KRPLQXP TXRV LQQRFHQWLD EHQHYROHQWLDTXH VXD VHUYDUH DWTXH DGLXYDUH GHEHUHW<br />

$PDUHWHQLPSHUIHFWDPILGHPQRQVROXPEHQHFUHGHQGLHDTXDHVLELH[FHOOHQWLHWILGHGLJQD<br />

DXFWRULWDWH GLFHUHQWXU VHG HWLDP ILGHOLWHU HQXQWLDQGL TXDH LSVH GLFHQGD LXGLFDUHW DF GLFHUHW<br />

)LGHVHQLPDSSHOODWDHVWLQODWLQDOLQJXDH[HRTXLDILWTXRGGLFLWXUTXDPPDQLIHVWXPHVWQRQ<br />

H[KLEHUH PHQWLHQWHP 4XDH HWVL PLQXV YLRODWXU FXP LWD TXLVTXH PHQWLWXU XW HL QXOOR<br />

LQFRPPRGR QXOODTXH SHUQLFLH FUHGDWXU DGGLWD HWLDP LQWHQWLRQH YHO VDOXWLV WXHQGDH YHO<br />

SXGLFLWLDH FRUSRUDOLV YLRODWXU WDPHQ HW UHV YLRODWXU LQ DQLPL FDVWLWDWH DWTXH VDQFWLWDWH<br />

VHUYDQGD8QGHFRJLPXUQRQRSLQLRQHKRPLQXPTXDHSOHUXPTXHLQHUURUHHVWVHGLSVDTXDH<br />

RPQLEXV VXSHUHPLQHWDWTXHXQDLQYLFWLVVLPDHVWYHULWDWHHWLDPSXGLFLWLDHFRUSRULVSHUIHFWDP<br />

ILGHP DQWHSRQHUH (VW HQLP DQLPL FDVWLWDV DPRU RUGLQDWXV QRQ VXEGHQV PDLRUD PLQRULEXV<br />

0LQXVHVWDXWHPTXLGTXLGLQFRUSRUHTXDPTXLGTXLGLQDQLPRYLRODULSRWHVW&HUWHHQLPFXP<br />

SUR SXGLFLWLDFRUSRUDOLTXLVTXHPHQWLWXUYLGHWTXLGHPFRUUXPSHQGRFRUSRULVXRQRQVXDP<br />

VHGDOLHQDPLPPLQHUHOLELGLQHPFDYHWWDPHQQHVDOWHPSHUPLWWHQGRVLWSDUWLFHSV3HUPLVVLR<br />

YHUR LOOD XEL QLVL LQ DQLPR HVW" (WLDP FRUSRUDOLV HUJRSXGLFLWLDFRUUXPSLQLVLLQDQLPRQRQ<br />

SRWHVW TXR QRQ FRQVHQWLHQWH QHTXH SHUPLWWHQWH QXOOR PRGR UHFWH GLFLWXU YLRODUL SXGLFLWLD<br />

FRUSRUDOLV TXLGTXLG LQ FRUSRUH IXHULW DOLHQD OLELGLQH SHUSHWUDWXP 8QGH FROOLJLWXU PXOWR


PDJLV DQLPL FDVWLWDWHP VHUYDQGDP HVVH LQ DQLPR LQ TXR WXWHOD HVW SXGLFLWLDH FRUSRUDOLV<br />

4XDPREUHP TXRG LQ QRELV HVW XWUXPTXH VDQFWLV PRULEXV HW FRQYHUVDWLRQH PXQLHQGXP HVW<br />

DWTXH VHSLHQGXP QH DOLXQGH YLROHWXU &XP DXWHP XWUXPTXH QRQ SRWHVW TXLG SUR TXR VLW<br />

FRQWHPQHQGXPTXLVQRQYLGHDW"FXPYLGHDWTXLGFXLVLWSUDHSRQHQGXPDQLPXVFRUSRULDQ<br />

FRUSXVDQLPRDQLPLFDVWLWDVSXGLFLWLDHFRUSRULVDQSXGLFLWLDFRUSRULVFDVWLWDWLDQLPLHWTXLG<br />

PDJLVLQSHFFDWLVFDYHQGXPSHUPLVVLRIDFWLDOLHQLDQFRPPLVVLRIDFWLWXL<br />

(OXFHWLWDTXHGLVFXVVLVRPQLEXVQLKLODOLXGLOODWHVWLPRQLD6FULSWXUDUXPPRQHUHQLVL<br />

QXQTXDP HVVHRPQLQRPHQWLHQGXPTXDQGRTXLGHPQHFXOODH[HPSODPHQGDFLRUXPLPLWDWLRQH<br />

GLJQD LQ PRULEXV IDFWLVTXH VDQFWRUXP LQYHQLDQWXU TXRG DG HDV DWWLQHW 6FULSWXUDV TXDH DG<br />

QXOODP ILJXUDWDP VLJQLILFDWLRQHP UHIHUXQWXU VLFXWL VXQW UHV JHVWDH LQ $FWLEXV $SRVWRORUXP<br />

1DP 'RPLQL RPQLD LQ (YDQJHOLR TXDH LPSHULWLRULEXV PHQGDFLD YLGHQWXU ILJXUDWDH<br />

VLJQLILFDWLRQHV VXQW (W TXRG DLW $SRVWROXV 2PQLEXV RPQLD IDFWXV VXP XW RPQHV<br />

OXFULIDFHUHP,&RU,;QRQHXPPHQWLHQGRVHGFRPSDWLHQGRIHFLVVHUHFWHLQWHOOHJLWXU<br />

XW WDQWD FDULWDWH FXP HLV OLEHUDQGLV DJHUHW DF VL LSVH LQ HR PDOR HVVHW D TXR LOORV VDQDUH<br />

FXSLHEDW1RQHVWLJLWXUPHQWLHQGXPLQGRFWULQDSLHWDWLVPDJQXPHQLPVFHOXVHVWHWSULPXP<br />

JHQXV GHWHVWDELOLV PHQGDFLL 1RQ HVW PHQWLHQGXP VHFXQGR JHQHUH TXLD QXOOL IDFLHQGD HVW<br />

LQLXULD 1RQ HVW PHQWLHQGXP WHUWLR JHQHUH TXLD QXOOL FXP DOWHULXV LQLXULD FRQVXOHQGXP HVW<br />

1RQHVWPHQWLHQGXPTXDUWRJHQHUHSURSWHUPHQGDFLLOLELGLQHPTXDHSHUVHLSVDPYLWLRVDHVW<br />

1RQHVWPHQWLHQGXPTXLQWRJHQHUHTXLDQHFLSVDYHULWDVILQHSODFHQGLKRPLQLEXVHQXQWLDQGD<br />

HVWTXDQWRPLQXVPHQGDFLXPTXRGSHUVHLSVXPTXLDPHQGDFLXPHVWXWLTXHWXUSHHVW"1RQ<br />

HVW PHQWLHQGXP VH[WR JHQHUH QHTXH HQLP UHFWH HWLDP WHVWLPRQLL YHULWDV SUR FXLXVTXDP<br />

WHPSRUDOLFRPPRGRDFVDOXWHFRUUXPSLWXU$GVHPSLWHUQDPYHURVDOXWHPQXOOXVGXFHQGXVHVW<br />

RSLWXODQWHPHQGDFLR1RQHQLPPDOLVFRQYHUWHQWLXPPRULEXVDGERQRVPRUHVFRQYHUWHQGXV<br />

HVWTXLDVLHUJDLOOXPIDFLHQGXPHVWGHEHWHWLDPLSVHFRQYHUVXVIDFHUHHUJDDOLRVDWTXHLWD<br />

QRQ DG ERQRV VHG DG PDORV PRUHV FRQYHUWLWXU FXP KRF HL SUDHEHWXU LPLWDQGXP FRQYHUVR<br />

TXRG HL SUDHVWLWXP HVW FRQYHUWHQGR 1HTXH VHSWLPR JHQHUH PHQWLHQGXP HVW QRQ HQLP<br />

FXLXVTXDP FRPPRGLWDV DXW VDOXV WHPSRUDOLV SHUILFLHQGDH ILGHL SUDHIHUHQGD HVW 1HF VL<br />

TXLVTXDP LQ UHFWH IDFWLV QRVWULV WDP PDOH PRYHWXU XW ILDW HWLDP DQLPR GHWHULRU ORQJHTXH D<br />

SLHWDWH UHPRWLRUSURSWHUHDUHFWHIDFWDGHVHUHQGDVXQWFXPLGQRELVSUDHFLSXHWHQHQGXPVLW<br />

TXR YRFDUH DWTXH LQYLWDUH GHEHPXV TXRV VLFXW QRVPHWLSVRV GLOLJLPXV IRUWLVVLPRTXH DQLPR<br />

ELEHQGD HVW DSRVWROLFDLOODVHQWHQWLD$OLLVTXLGHPVXPXVRGRUYLWDHLQYLWDPDOLLVRGRUPRUWLV<br />

LQ PRUWHPHWDGKDHFTXLVLGRQHXV",,&RU,,1HFRFWDYRJHQHUHPHQWLHQGXPHVWTXLDHW<br />

LQ ERQLV FDVWLWDV DQLPL SXGLFLWLD FRUSRULV HW LQ PDOLV LG TXRG LSVL IDFLPXV HR TXRG ILHUL<br />

VLQLPXV PDLXV HVW ,Q KLV DXWHP RFWR JHQHULEXV WDQWR TXLVTXH PLQXV SHFFDW FXP PHQWLWXU<br />

TXDQWR HPHUJLWDGRFWDYXPWDQWRDPSOLXVTXDQWRGHYHUJLWDGSULPXP4XLVTXLVDXWHPHVVH<br />

DOLTXRG JHQXV PHQGDFLL TXRG SHFFDWXP QRQ VLW SXWDYHULW GHFLSLHW VH LSVXP WXUSLWHU FXP<br />

KRQHVWXP VHGHFHSWRUHPDUELWUDWXUDOLRUXP<br />

7DQWDSRUURFDHFLWDVKRPLQXPDQLPRVRFFXSDYLWXWHLVSDUXPVLWVLGLFDPXVTXDHGDP<br />

PHQGDFLD QRQ HVVH SHFFDWD QLVL HWLDP LQ TXLEXVGDP SHFFDWXP GLFDQW HVVH VL PHQGDFLXP<br />

UHFXVHPXVHRTXHSHUGXFWLVXQWGHIHQGHQGRPHQGDFLXPXWHWLDPSULPRLOORJHQHUHTXRGHVW<br />

RPQLXP VFHOHUDWLVVLPXPGLFDQWXVXPIXLVVHDSRVWROXP3DXOXP1DPLQ(SLVWRODDG*DODWDV<br />

TXDH XWLTXH VLFXW FDHWHUDHDGGRFWULQDPUHOLJLRQLVSLHWDWLVTXHFRQVFULSWDHVWLOORORFRGLFXQW<br />

HXPHVVHPHQWLWXPXELDLWGH3HWURHW%DUQDED&XPYLGLVVHPTXLDQRQUHFWHLQJUHGLXQWXUDG<br />

YHULWDWHP (YDQJHOLL *DO ,, &XP HQLP YROXQW 3HWUXP DE HUURUHDWTXHDELOODLQTXDP<br />

LQFLGHUDWYLDHSUDYLWDWHGHIHQGHUHLSVDPUHOLJLRQLVYLDPLQTXDVDOXVHVWRPQLEXVFRQIUDFWD<br />

HW FRPPLQXWD 6FULSWXUDUXP DXFWRULWDWH FRQDQWXU HYHUWHUH ,Q TXR QRQ YLGHQW QRQ VROXP<br />

PHQGDFLLFULPHQVHGHWLDPSHULXULLVHRELLFHUH$SRVWRORLQLSVDGRFWULQDSLHWDWLVKRFHVWLQ<br />

(SLVWROD LQ TXD SUDHGLFDW (YDQJHOLXP LEL TXLSSH DLW SULXVTXDP LVWD QDUUDUHW 4XDH DXWHP<br />

VFULERYRELVHFFHFRUDP'HRTXLDQRQPHQWLRU*DO,6HGLDPVLWKXLXVGLVSXWDWLRQLV


PRGXV LQ FXLXV WRWLXV FRQVLGHUDWLRQH HW SHUWUDFWDWLRQH QLKLO SUDH FDHWHULV FRJLWDQGXP DWTXH<br />

RUDQGXP HVW TXDP LOOXG TXRG LGHP DSRVWROXV GLFLW )LGHOLV 'HXV TXL QRQ YRV VLQHW WHQWDUL<br />

VXSUDTXDPSRWHVWLVIHUUHVHGIDFLHWFXPWHQWDWLRQHHWLDPH[LWXPXWSRVVLWLVVXVWLQHUH,&RU<br />

;

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!