Les cinémas de Madagascar

De
Publié par

Ce livre dresse un panorama inédit de la richesse et de la diversité de la création cinématographique et audiovisuelle à Madagascar. Ces films dont le contexte de production reste difficile relaient les espoirs et les doutes d'une société tiraillée entre ses traditions et sa volonté de s'intégrer à la mondialisation. Cette mise en lumière pose aussi la question de la représentation de soi et de l'image dans l'expression culturelle malgache.
Publié le : dimanche 1 mars 2009
Lecture(s) : 363
EAN13 : 9782336271118
Nombre de pages : 224
Voir plus Voir moins
Cette publication est uniquement disponible à l'achat

4GOGTEKGOGPVU
7P ITCPF OGTEK i OGU RCTGPVU RQWT NGWT UQWVKGP NGWTU GPEQWTCIGOGPVU GV NGWT TGNGEVWTG CVVGPVKXG FG EG VTCXCKN /GTEK CWUUK i OC HCOKNNG GV i OGU COKU RQWT NGWT RToUGPEG 2QWT NGWT CKFG NGWTU EQPUGKNU GV NGWT FKURQPKDKNKVo OGTEK i OGU &KTGEVGWTU FG 4GEJGTEJG /GUUKGWTU 0CTKXGNQ 4CLCQPCTKOCPCPC GV %JCTNGU 7TLGXKE\ ,G VKGPU oICNGOGPV i TGOGTEKGT /QPUKGWT %NCWFG #NNKDGTV NGU OGODTGU FW %'41+ NGU 2TQHGUUGWTU FW FoRCTVGOGPV #HTKSWG URoEKCNGOGPV FG NC UGEVKQP /CNICEJG NG 5GEToVCTKCV FG NµdEQNG &QEVQTCNG GV NG 2GTUQPPGN FG Nµ+0#.%1 FCPU UQP GPUGODNG RQWT NGWTU GPUGKIPGOGPVU GV NGWT RTQHGUUKQPPCNKUOG /GTEK CWUUK CWZ RTQHGUUGWTU FG NC 5EJQQN QH 1TKGPVCN CPF #HTKECP 5VWFKGU
51#5 FG .QPFTGU (TCPEGU *CTFKPI +UQNFG 5VCPFKUJ 4CEJGN &Y[GT GV .WMG 4QDKPUQP /KUQCVTC DGVUCMC i VQWVGU NGU RGTUQPPGU i /CFCICUECT GP (TCPEG GV CKNNGWTU SWK QPV EQNNCDQTo FG RTpU QW FG NQKP i EGVVG TGEJGTEJG 5CPU GWZ EG VTCXCKN PµCWTCKV LCOCKU RW CDQWVKT 7P ITCPF OGTEK
RCT QTFTG CNRJCDoVKSWG i 5CvF #JCOGF #DCUU *CEJKOK[C #JCOCFC #PFQ #RRQNKP GV /QPKSWG )GTOCKP #PFTKCOCPCPVGPC %NCWFG#NCKP #PFTKCOKJCKPIQ 6UKM[ #PFTKCPCKXQCXGNQPC 6JKGTT[ #PFTKCPCUQNQ 'NKUC #\C[QW 5QRJKG $CDCWNV /QJCOGF $CECT 1NKXKGT $CTNGV &CP[ $G )CrNNG $KFCTF #NCKP $WTFKP %JTKUVKCPG #PVQPKGVVC GV 8KVVQTKQ &µCFCIQ $QWDCMCT &KCNNQ &QNN[ 'TKE 'TKEMC (GPKVTC *CUKODQNC *GNKCPVC (TCPnQKUG (QWECWNV 'OCPPWGNNG (CWEKNJQP ,QUG .WKU GV 8QNC )WKTCQ +CTK ,GCP 0QrN #PKN -GUUCXFLGG &CPK -QW[CVo ,Q GV /WTKGN -QW[QWOLK )KIKG .CJ[ .C\C /CTKG<oPCvFG .GEJCV4COCOR[ ,CESWGU .G )NQW ,CPPKEM .G 0CQWT %NCKTG .KUG .QODCTF ,CESWGU .QODCTF ,WUVKP .KOD[ /CJCTCXQ (NQTGPV /CNCVTG /CPF\C /CTKG%NCWFG #MQODC /C\QVQ &KFKGT /CWTQ 2KGTTQV /GP #PFTKCOCJC\Q *GT[ 0KTJ[ .CPVQ #NDGTV 0QWT 1PLC /CTKG%NoOGPEG 2CGU 8GTQ 4CDCMQNKCTKHGVTC 0KEQNCU 4CDGOCPCLCTC 0QTDGTV 4CDGPCTKXQ #PFT[ 4CFCPKGNC 0CKXQ 4CJCOGH[ 5CJQPFTC 4CJQNKCTKJCPVC +OCPQGNC 4CLCQPCJ #PFT[ 4CLCQPCTKXCQ 4C[OQPF 4CLCQPCTKXGNQ #XQMQ 4CMQVQCTKLCQPC ,QUo#DGN 4CMQVQCTKOCPCPC 5QRJKG 4CMQVQCTKPQJCVTC #NCKP 4CMQVQCTKUQC /CNCPLCQPC 4CMQVQOCNCNC 6UKNCXKPC 4CNCKFKOD[ 5[NXCKP 4CNCKXCQJKVC )GPGXKpXG 4COCMCXGNQ 5W\[ 4COCOQPLKUQC (KFKUQC 4COCPCJCFTC[ .WEKCPQ 4COCNCUQP )WKNQ 4COKNKUQP .KCPVUQC 4COKNKUQP ,GCP&CXKF 4CPCKXQUQP +IPCEG5QNQ 4CPFTCUCPC &KFKGT 4CPFTKCOCPCPVGPC 4CHKF[ 4CPFTKCOCOQPL[ #PFT[COCJGT[ 4CPFTKCOKJCTKUQC .CNCQ 'NKPC 4CPFTKCOK\CMC\QC 2CUVGWT 'NKGVVG 4CPFTKCPCKXQ ,GCP 4C[OQPF 4CPFTKCPCPFTCUCPC (NQTGPVKP 4CPFTKCPCUQCXKPC (KHC 4CPFTKCPCUQNQ *GPTK 4CPFTKCPKGTGPCPC /KEJGN 4CQNKUQP 'UVGNNC 4CUCOKCTKUQP )oIo 4CUCOQGNKPC $CMQ 0KTKPC 4CUQCTKHGVTC ,QUGRJ %JCTNGU 4oOK 4CUQNQPFTCKDG 4KLCVCJKCPC 4CUQNQPFTCKDG *QPQTo 4CUQNQPLCVQXQ 8QNCVKCPC 4CUQNQPLCVQXQ %COKNNG 4CVQXQPFTC\CMC $TWPQ 4CXCNKUQP /CTKG%NoOGPEG (CPLCPKTKPC 4CXCQGNKUQC 4CPFKCPKPC 4CXQCLCPCJCT[ #TVJWT

4CXQPKCTKUQP /CTVKCN 4C\CHKPFTCMQVQ ,KXC 'TKE 4C\CHKPFTCNCODQ %NCWFG 4C\CHKVTKOQ /QPKSWG 4C\CH[ 4CJCLCTK\CH[ 5QPKC 4C\CPCLCQ 4KLC 4QFF[ 5CTKPFTC 5GVJ 1NIC 8QNCOCU[ 8KPEGPV 9CDNG :JK/µCC /GTEK oICNGOGPV CWZ KPVGTPCWVGU FGU HQTWOU i NµoSWKRG FW %%#% Fµ#PVCPCPCTKXQ CWZ TGURQPUCDNGU GV GORNQ[oU FGU DKDNKQVJpSWGU EGPVTGU FµCTEJKXGU GV EKPoOCVJpSWGU FG 2CTKU #KZGP2TQXGPEG #PVCPCPCTKXQ (KCPCTCPVUQC GV .QPFTGU 2QWT NGWT oPGTIKG NGWT OQVKXCVKQP GV NGWTU EQPUGKNU OGTEK CW ITQWRG FGU &QEVQTCPVU FG Nµ+0#.%1 #NRJC /CTKG#KOo 8KPEGPV GV 5PGLCPC .C EQPEGRVKQP FW &8& PµCWTCKV RW UG HCKTG UCPU NµCKFG FG .C\C FG NµoSWKRG FW %'42'/ FG %NKEJ[ GV FG /CZ ,G NGWT TGPQWXGNNG VQWVG OC ITCVKVWFG /GTEK CWUUK i EGWZ SWK OµQPV QHHGTV NC RQUUKDKNKVo FG VTCXCKNNGT CXGE GWZ NGU oSWKRGU FG NC TGXWG #HTKEWNVWTGU dVWFGU FG Nµ1EoCP +PFKGP 8KFGQ $QQM 2TQLGEV /QPUKGWT *GPTK $Q[GT GV Nµ7PKXGTUKVo FG /QPVRGNNKGT +++ 7PG RGPUoG GPHKP RQWT 5KOQPPGVVG 4CUQCORCPCPKPC GV /CMUKO 5GVJ

%G NKXTG GUV CFCRVo FG NC VJpUG FG &QEVQTCV UQWVGPWG GP FoEGODTG i Nµ+0#.%1 GV GP EQNNCDQTCVKQP CXGE NG %GPVTG FµdVWFGU GV FG 4GEJGTEJGU UWT Nµ1EoCP +PFKGP 1EEKFGPVCN
%'41+ FKTKIo RCT /QPUKGWT %NCWFG #NNKDGTV KPVKVWNoG ²NGU EKPoOCU OCNICEJGU GPVTG KOCIGU GV KOCIKPCKTGU³ QDVGPWG CXGE /GPVKQP VTpU *QPQTCDNG GV (oNKEKVCVKQPU FW LWT[



2ToCODWNG
#XGE NG FoXGNQRRGOGPV GV NG RGTHGEVKQPPGOGPV FGU VGEJPKSWGU NG EKPoOC EQPPCuV WP GPIQWGOGPV RCTVKEWNKGT FCPU NGU uNGU FG Nµ1EoCP +PFKGP 1EEKFGPVCN %G OoFKC UGUV TCRKFGOGPV FoXGNQRRo i /CFCICUECT .µCRRCTKVKQP FG NµQWVKN XKFoQ C GP GHHGV TGUUWUEKVo WP EKPoOC OCNICEJG OQTKDQPF « /CFCICUECT NG EKPoOC CRRCTCuV GP UQWU NC JQWNGVVG Fµ#NHTGF /CEJKP GZRNQTCVGWT QRoTCVGWT FG NC HKTOG 2CVJo 2TGOKGT EKPoCUVG EQPPW i HKNOGT NµËNG 4QWIG KN GUV NµCWVGWT FG FQEWOGPVCKTGU GP PQKT GV DNCPE EQOOG /¯WTU GV EQWVWOGU FGU 5CMCNCXGU 7PG DTKSWGVGTKG 5CMCNCXG i #PMCXCPFTC GP #HTKSWG 1TKGPVCNG (TCPnCKUG GV %oToOQPKG i /CFCICUECT 7P CWVTG RGTUQPPCIG OCTSWCPV FG EGVVG oRQSWG RQUG NWK CWUUK UC ECOoTC UWT NG UQN OCNICEJG +N UµCIKV FW EKPoCUVG .oQP 2QKTKGT EoNpDTG RQWT CXQKT HKNOo FG i NµGZRoFKVKQP /KUUKQP %GPVTG#HTKSWG TGDCRVKUoG .C %TQKUKpTG 0QKTG #RTpU CXQKT RCTEQWTW NG 5CJCTC NG 0KIGT NG 6EJCF NG )CDQP GV NGU %QPIQ NµoSWKRoG VTCXGTUG Nµ1EoCP +PFKGP i DQTF FW RCSWGDQV ²/CToEJCN )CNNKoPK³ RQWT TGLQKPFTG /CFCICUECT GP .µCEEWGKN SWK NWK GUV ToUGTXo GUV VTKQORJCN FG /CJCLCPIC i #PVCPCPCTKXQ FG 6QNKCTC i (KCPCTCPVUQC 'P RNWU FGU OKNNKGTU FG OpVTGU FG RGNNKEWNGU SWG .oQP 2QKTKGT TCOpPG FG EG XQ[CIG KN ToCNKUG oICNGOGPV <C\CXKPFTCPQ
(KNNG FGU GCWZ SWK GUV RTQLGVo GP CW UVWFKQ FGU 7TUWNKPGU i 2CTKU 2WKU GP .oQP 2QKTKGT TGRCTV UWT NµuNG FG 0QU[ $G RGPFCPV UKZ OQKU RQWT VQWTPGT %CvP CXGPVWTG FGU OGTU GZQVKSWGU SWK UQTV GP UCNNG i 2CTKU NG QEVQDTG « EG LQWT NC RNWU CPEKGPPG OCPKHGUVCVKQP EKPoOCVQITCRJKSWG GPVKpTGOGPV EQPnWG i /CFCICUECT RCT WP /CNICEJG GUV WP HKNO GP PQKT GV DNCPE FG OKPWVGU 4CUCNCOC OCTKVKQTC
.C OQTV FG 4CUCNCOC VQWTPo RCT NG FKCETG 2JKNKRRG 4CDGTQLQ GP i NµQEECUKQP FW EGPVGPCKTG FG NC OQTV FG NC EoNpDTG OCTV[TG RTQVGUVCPVG /CNICEJG 4CUCNCOC 2ToUKFGPV FG Nµ#UUQEKCVKQP FGU %KVQ[GPU (TCPnCKU Fµ1TKIKPG /CNICEJG 2JKNKRRG 4CDGTQLQ C CEEpU CW UGRVKpOG CTV ITjEG i UC RQUKVKQP UQEKCNG oNGXoG SWK NWK XCWV NGU HCXGWTU FGU CWVQTKVoU EQNQPKCNGU 6QWTPoG GP OO EGVVG FQEWHKEVKQP GUV RTQLGVoG WP CP RNWU VCTF CW VJojVTG Fµ#PVCPCPCTKXQ /CFCICUECT UGTV CWUUK FG FoEQT #KPUK GP NG HKNO .C $KIQTIPG GUV ToCNKUo GP EQNNCDQTCVKQP CXGE FGU CEVGWTU GV FGU VGEJPKEKGPU HTCPnCKU GV OCNICEJGU .G LWKP NC 2TGOKpTG 4oRWDNKSWG /CNICEJG +PFoRGPFCPVG GUV RTQOWNIWoG CXGE i UC VqVG NG RToUKFGPV 2JKNKDGTV 6UKTCPCPC %GNWKEK HCXQTKUG FGU RTQITCOOGU FG EQNNCDQTCVKQP GPVTG NC (TCPEG GV /CFCICUECT RQWT NC HQTOCVKQP FG EKPoCUVGU #KPUK



2QWT RNWU F¶KPHQTOCVKQPU UWT 4CUCNCOC EQPUWNVGT *CTF[OCP , 4CUCNCOC VJG JGTQKPG QH /CFCICUECT 1ZHQTF -GOR *CNN 2TGUU RCIGU QW 'PQEM ' ' 6YGNXG [QWVJHWN OCTV[TU

.QPFQP 2KEMGTKPI CPF +PINKU .6& RR

Nµ+PUVKVWV FGU *CWVGU dVWFGU %KPoOCVQITCRJKSWGU
+&*'% CEEWGKNNG ToIWNKpTGOGPV i EG OQOGPVNi FGU oVWFKCPVU FG VQWU JQTK\QPU 4GETWVoU UWT EQPEQWTU RQUVDCEECNCWToCV KNU UWKXGPV FGU EQWTU VJoQTKSWGU GV RTCVKSWGU FCPU VQWU NGU FQOCKPGU NKoU i NC VGEJPKSWG EKPoOCVQITCRJKSWG 7P EQOOKUUCTKCV IoPoTCN RQWT NGU CPKOCVKQPU TWTCNGU UG OGV GP RNCEG GP GV RTQRQUG FGU CEVKQPU oFWECVKXGU RCT NG DKCKU FG NµKOCIG #KPUK RTpU FG SWCVTG XKPIVU EGPVTGU FG RTQLGEVKQP UQPV ETooU FCPU VQWVG NµuNG .GU RTGOKGTU ToCNKUCVGWTU VQWTPGPV GUUGPVKGNNGOGPV FGU HKNOU EQOOCPFoU RCT NG IQWXGTPGOGPV #KPUK (NCXKGP 4CPCKXQ &KTGEVGWT FG Nµ+PHQTOCVKQP ToCNKUG EGVVG CPPoGNi SWCVTG FQEWOGPVCKTGU RQWT NG /KPKUVpTG FG Nµ+PHQTOCVKQP %QPVTG NC HCKO +PFoRGPFCPEG FG /CFCICUECT ,GWZ FG NC %QOOWPCWVo GV 0CKUUCPEG FG NC 4oRWDNKSWG &µCWVTGU ToCNKUGPV FGU HKNOU RQWT NG EQORVG FW %GPVTG /CNICEJG FG 2TQFWEVKQP FGU (KNOU dFWECVKHU
%/2(' %GV QTICPKUOG oVCVKSWG C RQWT XQECVKQP FG UGPUKDKNKUGT NGU RQRWNCVKQPU TWTCNGU GV CPCNRJCDpVGU CW OQPFG OQFGTPG RCT NG DKCKU FG HKNOU #KPUK FGU TGRQTVCIGU UWT FGU VJpOGU CWUUK XCTKoU SWG NµCITKEWNVWTG NG URQTV NµJ[IKpPG QW NC TCFKQ UQPV GHHGEVWoU FCPU NGU ECORCIPGU CXCPV FµqVTG RTQLGVoU UWT NGU RNCEGU FGU XKNNCIGU .QTU FG EGU UoCPEGU FGU CPKOCVKQPU UQPV RTQRQUoGU FG OqOG SWG UQPV FKHHWUoGU NGU CEVWCNKVoU HTCPnCKUGU GV ToIKQPCNGU 2QWT EGU VQWTPCIGU NGU QRoTCVGWTU QPV TGnW WPG HQTOCVKQP CWZ VGEJPKSWGU EKPoOCVQITCRJKSWGU UQKV GP (TCPEG UQKV i /CFCICUECT RCT NµKPVGTOoFKCKTG FG EQQRoTCPVU FG Nµ146( .GU RGNNKEWNGU UQPV GPUWKVG GPXQ[oGU GP (TCPEG RQWT [ qVTG FoXGNQRRoGU CXCPV FG TGXGPKT GP VGTTG OCNICEJG Q~ GNNGU UQPV OQPVoGU GV FKHHWUoGU /CKU HCEG CWZ EQVU oNGXoU GV CWZ EQPFKVKQPU FG RTQFWEVKQP TGNCVKXGOGPV NQPIWGU FG EGU HKNOU NG %/2(' EGUUG UGU CEVKXKVoU CW OKNKGW FGU CPPoGU « EGVVG OqOG oRQSWG NG UGRVKpOG CTV OCNICEJG UµCHHKTOG oICNGOGPV UWT NC UEpPG KPVGTPCVKQPCNG 'P GHHGV GP 0CKXQ 4CJCOGH[ ToCNKUG CXGE ,CESWGU .QODCTF .CNCQ HCJKP[
,GWZ OCNICEJGU UWT NGU IGUVGU VTCFKVKQPPGNU FGU GPHCPVU FCPU WP XKNNCIG FGU *CWVU 2NCVGCWZ OCNICEJGU %G FQEWOGPVCKTG GP EQWNGWTU FG VTGPVG OKPWVGU GUV RToUGPVo GP CW (GUVKXCN FG &KPCTF CWZ EzVoU FµWP CWVTG EQWTV OoVTCIG 5CTK NG EJCTDQPPKGT Fµ*WIWGU 4CJCTKOCPCPVUQC RToUGPVCPV NC XKG SWQVKFKGPPG FµWP XKNNCIG FG EJCTDQPPKGTU %GVVG OqOG CPPoG 4KEJCTF %NCWFG 4CVQXCQPCTKXQ ToCNKUG NG RTGOKGT EQWTV OoVTCIG FG HKEVKQP 6TCPQPMCNC
6QKNG FµCTCKIPoG %GRGPFCPV /CFCICUECT VTCXGTUG WPG ETKUG RQNKVKSWG OCLGWTG SWK CHHGEVG NC RTQFWEVKQP FG HKNOU OCNICEJGU GV NC HToSWGPVCVKQP FGU UCNNGU QDUEWTGU .GU RTQDNpOGU RQNKVKSWGU UG TGUUGPVGPV UWTVQWV FCPU NGU VJpOGU CDQTFoU RCT NGU EKPoCUVGU 'P GHHGV NµGPICIGOGPV GV NGU TGXGPFKECVKQPU UQEKCNGU FGXKGPPGPV FGU UWLGVU ToEWTTGPVU 'P $GPQuV 4COCOR[ ToCNKUG UQP RTGOKGT EQWTV OoVTCIG .µ#EEKFGPV #XGE EGVVG HKEVKQP GP PQKT GV DNCPE FG OKPWVGU KN FGXKGPV NC ToXoNCVKQP FW SWCVTKpOG (GUVKXCN 2CPCHTKECKP FW %KPoOC FG 1WCICFQWIQW
('52#%1 GP QDVGPCPV NG RTKZ FW /GKNNGWT %QWTV /oVTCIG 7P CP RNWU VCTF GP +IPCEG5QNQ 4CPFTCUCPC UKIPG NG RTGOKGT NQPI OoVTCIG FG /CFCICUECT 8GT[ TGOD[
.G TGVQWT VQWTPo GP OCNICEJG GV GP EQWNGWT « RCTVKT FG NG RQWXQKT EJCPIG FG OCKPU &oOKU FG UGU HQPEVKQPU FG 2ToUKFGPV FG /CFCICUECT 2JKNKDGTV 6UKTCPCPC EpFG UC RNCEG CW ECRKVCKPG FG HToICVG &KFKGT 4CVUKTCMC &pU NQTU Nµ1HHKEG /CNICEJG FW %KPoOC
1/% QTICPKUOG oVCVKSWG UµCVVTKDWG NG OQPQRQNG FG NµKORQTVCVKQP FG NC RTQFWEVKQP GV FG NC FKHHWUKQP FGU HKNOU 2WKU NG



2ToUKFGPV FoEKFG FG PCVKQPCNKUGT VQWVGU NGU UCNNGU FG EKPoOC FG NµuNG $jVKU i NC HKP FGU CPPoGU GV TCEJGVoU GP RCT NC UQEKoVo +PXGUVKUUGOGPVU GV %KPoOC SWK FoVKGPV oICNGOGPV VQWVGU NGU UCNNGU FG EKPoOC FG Nµ1EoCP +PFKGP EGU NKGWZ FG RTQLGEVKQPU RTQRQUCKGPV CWRCTCXCPV WP XCUVG EJQKZ FG HKNOU GV CXCKGPV WPG ECRCEKVo FµCEEWGKN TGNCVKXGOGPV KORQTVCPVG /CKU NG RWDNKE FoUGTVG NGU UCNNGU SWK NGU WPGU CRTpU NGU CWVTGU HGTOGPV NGWTU RQTVGU 'NNGU TGUVGTQPV ENQUGU RGPFCPV RTpU FG XKPIV CPU &CPU NG OKNKGW FGU CPPoGU NC RTGUUKQP oEQPQOKSWG UG TGNjEJG SWGNSWG RGW GV FGU ToCNKUCVGWTU GP RTQHKVGPV RQWT VQWTPGT FGU HKEVKQPU i ECTCEVpTG JKUVQTKSWG OCKU oICNGOGPV VTpU GPICIoGU RQNKVKSWGOGPV %G HWV NG ECU RCT GZGORNG GP CXGE &CJQNQ FCJQNQª KN oVCKV WPG HQKU NG OQ[GP QWGUV FG $GPQuV 4COCOR[ 7P EJCPIGOGPV FµQTKGPVCVKQP RQNKVKSWG ECTCEVoTKUG NC HKP FGU CPPoGU .G RToUKFGPV &KFKGT 4CVUKTCMC ToVCDNKV GP GHHGV NG OWNVKRCTVKUOG GV NC NKDGTVo FµGZRTGUUKQP 2CT CKNNGWTU KN PQOOG CW RQUVG FG /KPKUVTG FG NC %WNVWTG ,GCP%NCWFG 4CJCIC CPEKGP oNpXG FG Nµ+&*'% GV HKIWTG GODNoOCVKSWG FW EKPoOC OCNICEJG %GVVG RoTKQFG GUV CWUUK OCTSWoG RCT NG HKNO 6CDCVCDC
4WOGWT VQWTPo GP RCT NG EKPoCUVG OCNICEJG KPUVCNNo GP (TCPEG 4C[OQPF 4CLCQPCTKXGNQ 2QWT UQP RTGOKGT NQPI OoVTCIG EG ToCNKUCVGWT UµGUV KPURKTo FµWPG JKUVQKTG XTCKG NµKPUWTTGEVKQP OCNICEJG FG FCPU NµGUV FW RC[U .G HoXTKGT CW VGTOG FG PQWXGNNGU oNGEVKQPU RToUKFGPVKGNNGU &KFKGT 4CVUKTCMC EpFG UQP HCWVGWKN i #NDGTV <CH[
Po GP OGODTG FW RCTVK FGU (QTEGU 8KXGU .µuNG UµQTKGPVG CNQTU XGTU NG NKDoTCNKUOG 'P NµdVCV OCNICEJG CDTQIG oICNGOGPV NG OQPQRQNG FG Nµ1HHKEG /CNICEJG FW %KPoOC FGXGPW %KPoOoFKC UWT NµKORQTVCVKQP GV NC FKHHWUKQP FGU HKNOU %GV QTICPKUOG UG VTCPUHQTOG CNQTU GP UQEKoVo CPQP[OG SWK CEVWGNNGOGPV IpTG NC ToCNKUCVKQP FG HKNOU FG FQEWOGPVCKTGU GV FG XKFoQENKRU EQOOGTEKCWZ .G EKPoOC OCNICEJG FoLi CHHCKDNK FQKV GP RNWU HCKTG HCEG i NC EQPEWTTGPEG FG NC XKFoQ CRRCTWG ToEGOOGPV UWT NµuNG &GU ToUGCWZ FG RKTCVCIG UµQTICPKUGPV TGNC[oU RCT NµKPUVCNNCVKQP FG XKFoQENWDU FCPU VQWU NGU SWCTVKGTU FGU ITCPFGU XKNNGU 2QWT GPFKIWGT EG RJoPQOpPG FG NC EQPVTGHCnQP EKPoOCVQITCRJKSWG Nµ1HHKEG /CNICEJG FGU &TQKVU Fµ#WVGWTU
1/&# GUV KPUVCWTo i RCTVKT FG +N GUV WP VGORU RToUKFo RCT 5COO[ 4CDGPKTCKP[ CPEKGP EQNNCDQTCVGWT UWT FG PQODTGWZ VQWTPCIGU EKPoOCVQITCRJKSWGU %GV QTICPKUOG VGPVG FG ToINGOGPVGT NC EToCVKQP CTVKUVKSWG GV FG RTQVoIGT NGU UEoPCTKUVGU RTQFWEVGWTU GV CWVTGU EQORQUKVGWTU FG OWUKSWGU FG HKNOU .G QEVQDTG NGU FoRWVoU XQVGPV i NC OCLQTKVo RQWT NC FGUVKVWVKQP FW 2ToUKFGPV &KFKGT 4CVUKTCMC ToCRRCTCuV CNQTU UWT NC UEpPG RQNKVKSWG OCNICEJG GP UG RToUGPVCPV CWZ oNGEVKQPU RToUKFGPVKGNNGU CPVKEKRoGU SWµKN TGORQTVG /CNITo NGU SWGNSWGU OGUWTGU GPVTGRTKUGU qVTG EKPoCUVG i /CFCICUECT PµGUV VQWLQWTU RCU WP OoVKGT TGEQPPW LWTKFKSWGOGPV GV CWEWP VGZVG FG NQK PG RTQVpIG XoTKVCDNGOGPV NGU FTQKVU FGU CTVKUVGU #NQTU EµGUV i NµoVTCPIGT SWG SWGNSWGU ToCNKUCVGWTU OCNICEJGU UG HQPV WP PQO #KPUK GP 4C[OQPF 4CLCQPCTKXGNQ ToCNKUG UQP UGEQPF NQPI OoVTCIG 3WCPF NGU oVQKNGU TGPEQPVTGPV NC OGT 'P WP CWVTG HKNO OCNICEJG UµKNNWUVTG UWT NC UEpPG KPVGTPCVKQPCNG +N UµCIKV FW FQEWOGPVCKTG .GU FCOPoU FG NC VGTTG FG 4KXQJGTK\Q #PFTKCMQVQ ToEQORGPUo RCT NG RTKZ #NDGTV .QPFTGU



(TCPEQKUG 4CKUQP UQWNKIPG FCPU UQP CTVKENG ³.¶#HTKSWG FG &KFKGT 4CVUKTCMC NKGW FG RCUUCIG XGTU NC EQWT

FGU ITCPFU´
FCPU 0CVKXGN & ( 4CLCQPCJ /CFCICUECT GV N¶#HTKSWG 'PVTG KFGPVKVo KPUWNCKTG GV

CRRCTVGPCPEGU JKUVQTKSWGU SWG NGU RTQEJGU FG &KFKGT 4CVUKTCMC NG UWTPQOOGPV 4C%GEKN ³RCT
CNNWUKQP i %GEKN $ FG /KNNG´ NG ToCNKUCVGWT COoTKECKP Po GP GV OQTV GP



#W FoDWV FGU CPPoGU NC EKPoOCVQITCRJKG OCNICEJG QRpTG WP XoTKVCDNG VQWTPCPV FCPU UQP JKUVQKTG CXGE NµCTTKXoG FG PQWXGCWZ ToCNKUCVGWTU SWK WVKNKUGPV NC XKFoQ RQWT VQWTPGT FGU HKNOU QW FGU FQEWOGPVCKTGU 2GW XQKTG RCU FW VQWV HQTOoU CWZ VGEJPKSWGU EKPoOCVQITCRJKSWGU ENCUUKSWGU KNU GPVGPFGPV RQWTVCPV TGNCPEGT NC RTQFWEVKQP FGU HKNOU OCNICEJGU .GU RTGOKGTU i UG NCPEGT FCPU EGVVG CXGPVWTG UQPV FGU COCVGWTU QTKIKPCKTGU FG &KGIQ 5WCTG\ FCPU NG PQTF FG /CFCICUECT TCRKFGOGPV TGNC[oU RCT #XQMQ 4CMQVQCTKLCQPC SWK HKNOG FGU UEpPGU FG MWPIHW CXGE FGU OQ[GPU VGEJPKSWGU CUUG\ TWFKOGPVCKTGU /CKU HCEG CW UWEEpU RQRWNCKTG FG EGU ToCNKUCVKQPU FGU OCKUQPU FG RTQFWEVKQPU XQKGPV NG LQWT NGU UCNNGU FG EKPoOC FG NC ECRKVCNG TQWXTGPV GV FGU XQECVKQPU PCKUUGPV « NµKOCIG Fµ*GPTK 4CPFTKCPKGTGPCPC #MQODC /C\QVQ 6CJKT[ 4CLGTKCTKUQP GV FµCWVTGU SWK GP NµGURCEG FG SWGNSWGU CPPoGU VQWTPGPV SWCPVKVo FG HKNOU VQWU DCUoU UWT NG OqOG OQFpNG JQNN[YQQFKGP OCKU CXGE FGU DWFIGVU SWCUKOGPV PWNU .C TGEGVVG FW UWEEpU GUV UKORNG FGU JKUVQKTGU FµCOQWT QW UG OqNGPV CTIGPV GV OGWTVTGU NG VQWV CIToOGPVo FG DGCWEQWR FG UWURGPU GV FµCEVKQP &GWZ CPU RNWU VCTF NG RC[U HCKV WPG PQWXGNNG HQKU HCEG i FGU VTQWDNGU RQNKVKSWGU FWTCPV NGUSWGNU /CTE 4CXCNQOCPCPC OCKTG FG NC ECRKVCNG OCNICEJG FGXKGPV 2ToUKFGPV FG NC 4oRWDNKSWG &GU HGUVKXCNU FG HKNOU FQEWOGPVCKTGU UµQTICPKUGPV EGRGPFCPV RCT NG DKCKU FµCUUQEKCVKQPU EQOOG )CUCT[ %G UQPV RQWTVCPV NGU HKNOU FG HKEVKQP SWK RTGPPGPV CNQTU EQPUKFoTCDNGOGPV NG RCU UWT NGU FQEWOGPVCKTGU .C XKFoQ UµKORQUG EQOOG NµQWVKN KPFKUUQEKCDNG FG NC OCLQTKVo FGU ToCNKUCVGWTU OCNICEJGU SWK GPEJCuPGPV NGU VQWTPCIGU 'P WP FTKXGKP CEEWGKNNG NGU URGEVCVGWTU CW UVCFG OWPKEKRCN Fµ#PVCPCPCTKXQ %GVVG PQWXGNNG VGEJPQNQIKG UoFWKV CWUUK FGU EKPoCUVGU FG NC RTGOKpTG IoPoTCVKQP VGN +IPCEG5QNQ 4CPFTCUCPC SWK NCUUo FG PG RQWXQKT HCKTG FGU HKNOU HCWVG FG OQ[GPU HKPCPEKGTU UWHHKUCPVU C TGEQWTU FoUQTOCKU CW PWOoTKSWG RNWU CEEGUUKDNG RQWT ToCNKUGT FGU ¯WXTGU 5K NG EKPoOC ENCUUKSWG HWV NQPIVGORU NµCRCPCIG FGU JQOOGU NC XKFoQ KPVTQFWKV NG RTKPEKRG FG NC OKZKVo 8QNCVKCPC 4CUQNQPLCVQXQ CPEKGP OCPPGSWKP GUV GP GHHGV NC RTGOKpTG HGOOG i UµqVTG HCKV WP PQO GP VCPV SWµCEVTKEG GV ToCNKUCVTKEG 5C ToWUUKVG GPEQWTCIG NGU LGWPGU i UG NCPEGT FCPU NµCXGPVWTG UK NµQP GP LWIG RCT NGU KPVGTOKPCDNGU HKNGU FµCVVGPVGU NQTU FGU ECUVKPIU %JCPVGWTU GV OWUKEKGPU XGWNGPV GWZ CWUUK CXQKT NGWT PQO CW IoPoTKSWG +OCPQGNC 4CLCQPCJ GV FµCWVTGU EoNoDTKVoU FW OQPFG OWUKECN OCNICEJG UQPV PQODTGWZ i RCUUGT FGXCPV QW FGTTKpTG NC ECOoTC .GWTU HKNOU oETKVU QW UQWUVKVToU GP HTCPnCKU XKUGPV WPG CWFKGPEG RNWU NCTIG XQKTG KPVGTPCVKQPCNG &CPU NG OqOG VGORU FGU HKNOU FµCWVGWTU CRRCTCKUUGPV UWT ITCPF oETCP 4oCNKUoGU RCT FG LGWPGU EKPoCUVGU HQTOoU FCPU FGU oEQNGU KPVGTPCVKQPCNGU EGU HKEVKQPU VTpU VTCXCKNNoGU VoOQKIPGPV FµWPG XQNQPVo FG TGFQPPGT CW EKPoOC OCNICEJG FGU SWCNKVoU GUVJoVKSWGU GV CTVKUVKSWGU SWµKN UGODNCKV CXQKT RGTFW FGRWKU NµCRRCTKVKQP FG NC XKFoQ #KPUK NG ToCNKUCVGWT .C\C HQTOo RGPFCPV UKZ CPU i NC ('/+5 i 2CTKU RTGPF i EQPVTGRKGF NGU XKFoQU HKNOU FCPU UQP RTGOKGT NQPI OoVTCIG 4GX[ UC &KVTCª (KCKPCPC
6CPC +N GUV oICNGOGPV i NµQTKIKPG FGU 2TGOKpTGU 4GPEQPVTGU FW (KNO %QWTV QTICPKUoGU GP CXTKN GP RCTVGPCTKCV CXGE NG %GPVTG %WNVWTGN (TCPnCKU #NDGTV %COWU i #PVCPCPCTKXQ %GRGPFCPV NµCDQPFCPEG FGU HKNOU PµC RCU RGTOKU NC ToQWXGTVWTG ToIWNKpTG FGU UCNNGU FG EKPoOC SWK PG RTQLGVVGPV RNWU SWG FGU XKFoQU UWT ITCPF oETCP SWGNSWGU YGGMGPFU RCT OQKU 3WCPV CW FTKXGKP KN C EGUUo FµGZKUVGT .GU EKPoRJKNGU PµQPV RNWU SWG NC UCNNG FW %%#% Fµ#PVCPCPCTKXQ RQWT CFOKTGT FGU RTQFWEVKQPU GP OO .G EKPoOC OCNICEJG RGKPG GPEQTG i UG HCKTG EQPPCuVTG CWFGNi FG NµuNG .GU ToCNKUCVKQPU oVTCPIpTGU EJQKUKUUCPV NG VJpOG FG /CFCICUECT UG OWNVKRNKGPV CNQTU SWG NGU FQEWOGPVCKTGU


ToCNKUoU RCT FGU /CNICEJGU TGUVGPV GPEQTG OKPQTKVCKTGU +N GP XC FG OqOG RQWT NGU HKEVKQPU 2QWTVCPV NC FGOCPFG GP OCVKpTG FG EKPoOC GUV HQTVG .GU KOCIGU CPKOoGU RTQXQSWGPV GP GHHGV NµKOCIKPCKTG i VTCXGTU NGU OGUUCIGU GV NGU TGRToUGPVCVKQPU SWµGNNGU XoJKEWNGPV « EG VKVTG /CFCICUECT FKURQUG FµWP TKEJG RCVTKOQKPG EKPoOCVQITCRJKSWG GPEQTG NCTIGOGPV KPoFKV i NµGZVoTKGWT %GV QWXTCIG C RQWT CODKVKQP FG OKGWZ EQPPCuVTG NC UQEKoVo OCNICEJG NQKP FGU ENKEJoU GV FGU UVoToQV[RGU SWG XoJKEWNG UQWXGPV NG UGRVKpOG CTV i RTQRQU FG /CFCICUECT .GU KOCIGU UQPV CRRCTWGU FpU NC 2ToJKUVQKTG FµCDQTF FG OCPKpTG HKZG RCT NG DKCKU FG FGUUKPU RWKU FG RGKPVWTGU GV RNWU ToEGOOGPV UQWU HQTOG FG RJQVQITCRJKGU CXCPV FG UµCPKOGT RCT NG DKCKU FW EKPoOC 'NNGU UQPV CWLQWTFµJWK NG NQV SWQVKFKGP FGU UQEKoVoU DCPCNKUoGU i QWVTCPEG (CEG i EGV CHHNWZ FµKOCIGU KN CRRCTCuV KORQTVCPV FµGP EQORTGPFTG NGWT UKIPKHKECVKQP i NC HQKU UWT NGU KPFKXKFWU OCKU oICNGOGPV UWT NGU EQNNGEVKXKVoU %CT SWGN GUV NGWT TzNG GV FµQ~ XKGPV EG DGUQKP FµGP EToGT UCPU EGUUG FG PQWXGNNGU ! .µKOCIKPCKTG KPVGTXKGPVKN FCPU NGWT EQORToJGPUKQP ! .G VGTOG ²KOCIG³ XKGPV FW NCVKP KOCIQ FQPV NG TCFKECN KO GUV i NC DCUG FW XGTDG KOKVCTK SWK UKIPKHKG ²KOKVGT³ dV[OQNQIKSWGOGPV NµKOCIG UGTCKV FQPE WPG KOKVCVKQP NC TGRTQFWEVKQP FW ToGN WPG UQTVG FG FWRNKECVKQP QW FG EQRKG i NµKFGPVKSWG 'P OCNICEJG ²KOCIG³ UG FKV UCT[ GV UKIPKHKG CW UGPU HKIWTo ²HCKTG UGODNCPV FG³ FµCRTpU NG FKEVKQPPCKTG FGU 4oXoTGPFU 2pTGU #NDKPCN GV /CN\CE .GU RGKPVTGU GV RGPUGWTU OCNICEJGU :JK/µCC QPV EQPUCETo NGWT XKG i FoOQPVTGT SWG EJCSWG NCPIWG FCPU NG OQPFG FoEQWNG FG NC NCPIWG ²ICU[³ #WUUK RQWT GWZ ²+OCIG XKGPV FG ´KOCUQµ
OCUQ NGU [GWZ GV ´KOCUQµ
EG SWK GUV FGXCPV NGU [GWZ .GU [GWZ QPV WPG FQWDNG XKUKQP EG SWG NµQP XQKV GV EG SWG NµQP UWIIpTG 6QWVG KOCIKPCVKQP C VQWLQWTU WPG DCUG SWK GUV NC EToCVKQP %G UQPV NGU [GWZ SWK GPIGPFTGPV NGU KOCIGU³ &CPU NG FQOCKPG FG NC RU[EJQNQIKG NµKOCIG GUV NC ²TGRToUGPVCVKQP OGPVCNG FµWP QDLGV CDUGPV « NC FKHHoTGPEG FG NµKFoG RNWU CDUVTCKVG NµKOCIG ICTFG SWGNSWG EJQUG FG EQPETGV 0oG FG NµCEVKXKVo URQPVCPoG FG NµGURTKV GV FµWPG CPCN[UG CTVKHKEKGNNG CPVoTKGWTG EGVVG TGRToUGPVCVKQP PG UG RTqVG RCU i NµQDUGTXCVKQP EQOOG NµQDLGV SWµGNNG RGWV TGORNCEGT 'NNG PµGUV SWµWPG KNNWUKQP FG NµQDLGV NC XQECVKQP KORCTHCKVG FG EGNWKEK³ .GU KOCIGU oFWSWGPV GV EµGUV WPG FGU TCKUQPU RQWT NGUSWGNNGU GNNGU QPV oVo WVKNKUoGU RQWT GPFQEVTKPGT QW EQPXCKPETG EQOOG OQ[GP FG RTQRCICPFG RQNKVKSWG QW TGNKIKGWUG #KPUK NC FoHKPKVKQP FµWPG KOCIG RGWV TGEQWTKT i FKHHoTGPVGU HQTOGU GV FKXGTU UGPU 3WGNNG SWG UQKV NµCRRGNNCVKQP SWµQP NGWT FQPPG NGU KOCIGU UQPV PoEGUUCKTGU ECT UGNQP NG ToCNKUCVGWT DWTMKPCDo )CUVQP -CDQTo



2KEQEJG , &KEVKQPPCKTG oV[OQNQIKSWG FW HTCPnCKU %QPXGTUCVKQP CXGE :JK/¶CC NG OCK i #PVCPCPCTKXQ 6UKOKVQXKCOKPCPFTKCPFGJKDG / 4CXK4CXQ 5KNNCO[ 0 &KEVKQPPCKTG FG NC RU[EJQNQIKG



²6QWV KPFKXKFW C WP DGUQKP XKVCN FG UQP RTQRTG TGHNGV FG UC RTQRTG KOCIG ECT WPG RCTV KORQTVCPVG FG NµoSWCVKQP FG NµGZKUVGPEG UG HQPFG UWT NC ECRCEKVo i oVCDNKT WP FKCNQIWG CXGE EGVVG KOCIG RQWT NC SWGUVKQPPGT RQWT UG EQPHTQPVGT i GNNG 6QWV KPFKXKFW SWK XKXTCKV UCPU qVTG GP OGUWTG FG UG TGRToUGPVGT FG UG TGICTFGT FG UG RTQLGVGT UWT NµoETCP FG UQP RTQRTG ToGN i NC HQKU EQOOG CEVGWT GV EQOOG EKDNG FG UGU RTQRTGU CEVKQPU GP XKGPFTCKV i RGTFTG VQWVG EQPUEKGPEG FG UQK KN PµCWTCKV RNWU PK CURKTCVKQPU PK FoUKTU PK TqXGU³ %µGUV RQWT EGNC SWG NG UGRVKpOG CTV EQPPCuV WP VGN UWEEpU FCPU NGU CPEKGPU RC[U EQNQPKUoU .QPIVGORU RTKXoU FG NGWTU KOCIGU EGU RGWRNGU QPV DGUQKP FG UG XQKT i NµoETCP FG UG TGEQPPCuVTG FCPU FGU UKVWCVKQPU SWQVKFKGPPGU FG UµKFGPVKHKGT CWZ RGTUQPPCIGU FµCWVCPV RNWU UK NC NCPIWG SWµKNU RCTNGPV NGWT GUV EQOOWPG 2GPFCPV NC EQNQPKUCVKQP UGWNU NGU ²KPFKIpPGU³ FµWP OKNKGW UQEKCN CKUo CXCKGPV CEEpU CWZ UCNNGU QDUEWTGU Q~ NµQP PG FKHHWUCKV SWG FGU HKNOU QEEKFGPVCWZ #KPUK GP i #PVCPCPCTKXQ QP RQWXCKV CFOKTGT $WTV .CPECUVGT FCPU .G EJGXCNKGT FW UVCFG CW 4GZ )GQTIGU )WoVCT[ FCPU 7PG HKNNG UWT NC TQWVG CW 8CNKVQP 6KPQ 4QUUK FCPU NµQRoTGVVG #W RC[U FW UQNGKN CW /oVTQ QW DKGP GPEQTG EQPVGORNGT .GU oXCUKQPU FW ECRKVCKPG $NQQF CW 4KV\ 2CT CKNNGWTU WPG KOCIG GUV RQN[UoOKSWG RCT FoHKPKVKQP 'NNG KPXKVG i NC ToHNGZKQP FG HCnQP RNWU QW OQKPU EQPUEKGPVG GNNG GUV TCTGOGPV NG HTWKV FW JCUCTF GV EGNWK SWK NC EQPVGORNG PµGUV LCOCKU RCUUKH HCEG i GNNG ²3WµGNNG UQKV GZRTGUUKXG QW EQOOWPKECVKXG QP RGWV CFOGVVTG SWµWPG KOCIG EQPUVKVWG
ª VQWLQWTU WP OGUUCIG RQWT CWVTWK OqOG NQTUSWG EGV CWVTWK GUV UQKOqOG %µGUV RQWTSWQK WPG FGU RToECWVKQPU PoEGUUCKTGU i RTGPFTG RQWT EQORTGPFTG CW OKGWZ WP OGUUCIG XKUWGN GUV FG EJGTEJGT RQWT SWK KN C oVo RTQFWKV³ #KPUK NµKOCIG GUV WP QWVKN FG EQOOWPKECVKQP 5GNQP ,CMQDUQP KN UG FoEQORQUG GP WP OGUUCIG VTCPUOKU RCT WP oOGVVGWT XGTU WP ToEGRVGWT RCT NG DKCKU FµWP ECPCN 2QWT qVTG EQORToJGPUKDNG FGUVKPCVGWT GV FGUVKPCVCKTG FQKXGPV CXQKT WP EQFG EQOOWP 'PHKP WP EQPVCEV FQKV qVTG oVCDNK GPVTG NGU KPVGTNQEWVGWTU RQWT SWG NC EQOOWPKECVKQP UQKV OCKPVGPWG ².µKOCIG FQKV FKTG SWGNSWG EJQUG FQKV GZRTKOGT WP UGPU CW NQEWVGWT SWK NµoPQPEG GV CW ToEGRVGWT SWK NC TGnQKV GV NµKPVGTRTpVG CW VTCXGTU FG UQP RTQRTG U[UVpOG FG UKIPKHKECVKQP FQPV NC EQPPCKUUCPEG CPVKEKRoG GUV RTKOQTFKCNG i NµCEVKQP³ .GU KOCIGU RGWXGPV CWUUK qVTG FoHQTOoGU NGWT UKIPKHKECVKQP CORWVoG FG EGTVCKPU oNoOGPVU 1P RGWV CNQTU CXQKT TGEQWTU i NµKOCIKPCKTG RQWT NG TGEQPUVKVWGT 'P GHHGV NG OQV ²KOCIG³ GP HTCPnCKU C NC OqOG TCEKPG oV[OQNQIKSWG SWG NG VGTOG ²KOCIKPCKTG³ %QPEGRV FQPV NµoVWFG PG UµGUV FoXGNQRRoG SWµi RCTVKT FW ::G UKpENG NµKOCIKPCKTG GUV KPFKUUQEKCDNG FW


(GRCEK .¶#HTKSWG GV NG EGPVGPCKTG FW EKPoOC

.GU oEJQU FG NC UGOCKPG ,QN[ / +PVTQFWEVKQP i N¶CPCN[UG FG N¶KOCIG ,CMQDUQP 4 'UUCKU FG NKPIWKUVKSWG IoPoTCNG 1WGFTCQIQ ,$ . #TVU RJQVQITCRJKSWGU GP #HTKSWG 6GEJPKSWG GV GUVJoVKSWG FCPU NC RJQVQITCRJKG FG UVWFKQ CW $WTMKPC (CUQ



EKPoOC 8GEVGWT FG TqXG OQ[GP FµoXCUKQP NG UGRVKpOG CTV GUV GP GHHGV CUUQEKo i FGU SWCNKHKECVKHU SWK RQWTTCKGPV VQWV CWUUK DKGP UG TCRRQTVGT i NµKOCIKPCKTG ².G EKPoOC NC RTGOKpTG FGU ITCPFGU VGEJPQNQIKGU FG NµCWFKQXKUWGN CRRCTCuV CW FoDWV FW UKpENG FGTPKGT GV UG EQPHKIWTG KOOoFKCVGOGPV EQOOG OQVGWT FG NC FKHHWUKQP FGU KOCIGU GZRNQUKQP FG NC OCEJKPG RCT GZEGNNGPEG FG NµKOCIKPCKTG EQNNGEVKH³ ².G EKPoOC GV NC VoNoXKUKQP UQPV FGU OCEJKPGU SWK FQPPGPV i RTGOKpTG XWG NµKORTGUUKQP FµCWIOGPVGT PQVTG KPHQTOCVKQP UWT NG ToGN OCKU EGVVG KPHQTOCVKQP PG RGWV RNWU UG HCKTG SWG RCT NµKPVGTOoFKCKTG FG NµKOCIKPCKTG Nµ¯KN PG ECRVG SWG FGU TGEQPUVTWEVKQPU FW ToGN i VTCXGTU FGU QWVKNU HCDTKSWoU³ 'P RTGOKGT NKGW NµKOCIKPCKTG FQKV qVTG FKUVKPIWo FG NC PQVKQP FµKOCIKPCVKQP SWK GUV ²
ª i NC HQKU WPG ²TGRToUGPVCVKQP³
ª GV WP ²KOCIKPCKTG³ GP CEVG³ &G RNWU KN UµQRRQUG CW TqXG SWK GUV KPFKXKFWGN GV KPEQPUEKGPV GV UG TCRRTQEJG RNWU FG NC TqXGTKG SWK GNNG GUV EQPUEKGPVG #W EKPoOC NG URGEVCVGWT GUV WP QDUGTXCVGWT RTKXKNoIKo UQP CVVGPVKQP UWT NG HKNO GUV TGPHQTEoG RCT NµCODKCPEG GV NG EQPFKVKQPPGOGPV FW NKGW 'P GHHGV NG PQKT FG NC UCNNG NµKUQNGOGPV CEQWUVKSWG NµCORNKHKECVKQP FG NC DCPFGUQP FW HKNO NG EQPHQTV FGU UKpIGU VQWV GUV HCKV RQWT SWG NG RWDNKE UQKV WPKSWGOGPV CDUQTDo RCT EG SWµKN XQKV 2CTVCPV FW RTKPEKRG SWG VQWV JQOOG KOCIKPG RNWUKGWTU PKXGCWZ FµCPCN[UG FKUVKPEVU GV EQORNoOGPVCKTGU UG FoICIGPV 1P RCTNG CNQTU RNWVzV FG ²TGRToUGPVCVKQP UQEKCNG³ .µKPFKXKFW UG EToG UQP KOCIKPCKTG RGTUQPPGN SWK GUV NWKOqOG KPHNWGPEo RCT NµKOCIKPCKTG FG NC UQEKoVo FCPU NGSWGN KN GUV Po GVQW FCPU NGSWGN KN oXQNWG ²
ª NµKOCIKPCKTG GUV NG NKGW FW NKGP UQEKCN³ .µKOCIKPCKTG EQNNGEVKH XCTKG NWK GP HQPEVKQP FGU ITQWRGU UQEKCWZ GVJPKSWGU FGU NKGWZ GV FGU oRQSWGU #KPUK CRTpU NC EQNQPKUCVKQP NµKOCIKPCKTG FGU EQNQPKUoU C oVo NKDoTo ²7PG UQEKoVo SWQVKFKGPPGOGPV GV SWCUK GZENWUKXGOGPV UWDOGTIoG RCT FGU KOCIGU CDUQNWOGPV oVTCPIpTGU i UC OoOQKTG EQNNGEVKXG i UQP KOCIKPCKTG i UGU ToHoTGPEGU GV i UGU XCNGWTU UQEKCNGU GV EWNVWTGNNGU RGTF RGW i RGW UGU TGRpTGU URoEKHKSWGU GV UQP KFGPVKVo FW OqOG HCKV GNNG RGTF UQP CRVKVWFG HQPFCOGPVCNG i KOCIKPGT i FoUKTGT i RGPUGT GV i HQTIGT UQP RTQRTG FGUVKP³ +N UGTC FoOQPVTo FCPU EG VTCXCKN SWµGP TCKUQP FG EG EQPVGZVG RCTVKEWNKGT KN GUV GPEQTG FKHHKEKNG RQWT NG EKPoOC OCNICEJG FG UG EQPUVTWKTG WPG KFGPVKVo FKUVKPEVG 'P GHHGV NG RWDNKE VQWV EQOOG NGU ToCNKUCVGWTU UQPV HQTVGOGPV KPHNWGPEoU RCT NGU HKNOU QEEKFGPVCWZ GV CUKCVKSWGU SWµKNU XQKGPV SWQVKFKGPPGOGPV i NC VoNoXKUKQP 2CT CKNNGWTU NµKOCIKPCKTG HQPEVKQPPG UQWXGPV RCT EQWRNG FµQRRQUoU EQORTGPCPV WP oNoOGPV PoICVKH GV WP oNoOGPV RQUKVKH ²7PG FGU OCPKHGUVCVKQPU NGU RNWU HTCRRCPVGU FG NC RTQLGEVKQP FG NµKOCIKPCKTG UWT PQU TGRToUGPVCVKQPU FW OQPFG GUV NC EQPUVTWEVKQP FG HKIWTGU QRRQUoGU FG RQTVTCKVU


)TCUUK 8 QREKV $CUVKFG 4 .G TqXG NC VTCPUG NC HQNKG .GITQU 2 GV CN 5QEKQNQIKG FG N¶KOCIKPCKTG .GITQU 2 QREKV 2GNNGVKGT ( QREKV (CPQP ( .GU FCOPoU FG NC VGTTG -CDQTG ) FCPU (GRCEK QREKV



EQPVTCUVoU FQPV NGU ECTCEVoTKUVKSWGU UµQRRQUGPV FGWZ i FGWZ EJCSWG HKIWTG RTGPCPV UQP UGPU RCT TCRRQTV i NµCWVTG³ %GEK GUV RCTHCKVGOGPV XKUKDNG FCPU FG PQODTGWZ HKNOU i VTCXGTU NGU RGTUQPPCIGU
NG DQP GV NG OoEJCPV NGU NKGWZ
XKNNGECORCIPG NGU ECVoIQTKGU UQEKCNGU
TKEJGUUG GV RCWXTGVo GVE .C PQVKQP FµKOCIKPCKTG UµoPQPEG GPHKP UWTVQWV RCT QRRQUKVKQP i EGNNG FG ToGN 1T EGU FGWZ VGTOGU UQPV EQORNoOGPVCKTGU ECT NµKOCIKPCKTG PG RGWV GZKUVGT UCPU NG ToGN #HKP FG EToGT FW HKEVKH NµKOCIKPCKTG C DGUQKP FG UµCRRW[GT UWT FGU oNoOGPVU EQPETGVU +N HQPEVKQPPG EQOOG WP OKTQKT FoHQTOCPV FG NC ToCNKVo %GRGPFCPV RQWT 5CTVTG ²KN Pµ[ C RCU ToCNKUCVKQP FG NµKOCIKPCKTG VQWV CW RNWU RQWTTCKVQP RCTNGT FG UQP QDLGEVKXCVKQP³ %G SWK NCKUUG i RGPUGT SWG VQWVG TGRToUGPVCVKQP FG NC ToCNKVo GUV NG HTWKV FµWPG KPVGTRToVCVKQP .C FoOCTEJG RTQRQUoG FCPU EGVVG oVWFG GUV FQPE HQTEoOGPV UWDLGEVKXG RWKUSWµWPG TGEJGTEJG UWT NµKOCIKPCKTG UQWUGPVGPF WP FKUEQWTU UWT WP RQKPV FG XWG i NC HQKU EGNWK FW ToCNKUCVGWT SWK GUV i NµQTKIKPG FG Nµ¯WXTG OCKU CWUUK WP FKUEQWTU UWT NG HKNO oNCDQTo UGNQP FGU EJQKZ EGNWK FG NµCPING FG NC ECOoTC FGU CEVGWTU FG NC PCTTCVKQP FG NµJKUVQKTG FG NµCIGPEGOGPV FGU KOCIGU NQTU FW OQPVCIG GVE %GVVG UWDLGEVKXKVo GUV oICNGOGPV FW TGUUQTV FG NµCPCN[UVG SWK RTQRQUG WPG KPVGTRToVCVKQP RCTOK FµCWVTGU FG Nµ¯WXTG 'PHKP UWDLGEVKXKVo CWUUK FW URGEVCVGWT SWK TGnQKV NGU KOCIGU GV NG OGUUCIG HKNOKSWG UGNQP UQP XoEW GV UC UGPUKDKNKVo %GV QWXTCIG UG FoEQORQUG GP EKPS ITCPFGU RCTVKGU +N UGTC FµCDQTF HCKV oVCV FGU TCRRQTVU GPVTG NGU /CNICEJGU GV NµKOCIG 3WGNNG RNCEG QEEWRG NµCTV FCPU NC UQEKoVo OCNICEJG ! .G UGEQPF EJCRKVTG UGTC EQPUCETo i VGPVGT FG FoHKPKT NG UGRVKpOG CTV OCNICEJG 'ZKUVGVKN WP EKPoOC PCVKQPCN ! .C VTQKUKpOG UGEVKQP FG EG VTCXCKN UG EQPEGPVTGTC UWT SWGNSWGU URoEKHKEKVoU FG NC EKPoOCVQITCRJKG OCNICEJG %GU KOCIGU UQPVGNNGU WPKXGTUGNNGU ! .GU FGWZ FGTPKpTGU RCTVKGU GPHKP UG HQECNKUGTQPV UWT NG RTQRQU FGU HKNOU FW EQTRWU %QOOGPV NC UQEKoVo GUVGNNG OKUG GP KOCIG ! 3WGNU HCPVCUOGU VTCPURCTCKUUGPV FCPU NGU HKEVKQPU !



.GITQU 2 QREKV .GITQU 2 QREKV 5CTVTG ,2 .¶KOCIKPCKTG 2U[EJQNQIKG RJoPQOoPQNQIKSWG FG N¶KOCIKPCVKQP



%JCRKVTG + FGU KOCIGU OCTIKPCNGU !
7P KOCIKPCKTG PQP NKDoTo
.GU /CNICEJGU GV N¶KOCIG &CPU WPG UQEKoVo i HQTV VCWZ FµCPCNRJCDoVKUOG EQOOG /CFCICUECT NGU KOCIGU RGWXGPV qVTG WP HCEVGWT KORQTVCPV FµoFWECVKQP GV FG FoXGNQRRGOGPV 'NNGU UG UQPV KOOKUEoGU FCPU NC EWNVWTG UQWU NC HQTOG FG RGKPVWTGU RWKU FG RJQVQITCRJKGU KPVTQFWKVGU RCT FGU oVTCPIGTU .G OKUUKQPPCKTG RTQVGUVCPV CPINCKU 9KNNKCO 'NNKU C oVo RTQDCDNGOGPV RCTOK NGU RTGOKGTU i CXQKT WVKNKUo WP CRRCTGKN RJQVQ UWT NG VGTTKVQKTG OCNICEJG CW OKNKGW FW :+:G UKpENG 0QP UCPU OCN ECT KN C TGPEQPVTo SWGNSWGU ToVKEGPEGU RQWT RJQVQITCRJKGT NGU RGTUQPPCIGU FG NC TQ[CWVo +N oETKV CKPUK FCPU UQP QWXTCIG 6JTGG XKUKVU VQ /CFCICUECT ²
ª VJG SWGGP CPF UQOG QH VJG RGQRNG JCF C UWRGTUVKVKQWU KFGC VQ VJG GHHGEV VJCV KH VJGKT NKMGPGUUGU YGTG VCMGP VJG[ YQWNF UQQP FKG³ (TCPnQKUG 4CKUQP,QWTFG UQWNKIPG RCT CKNNGWTU SWG ²
ª NC RTKUG FG RJQVQITCRJKGU UWUEKVC UQWU 4CFCOC ++ FG XKXGU ToUKUVCPEGU 1P TGVTQWXG NµKFoG SWG NGU 'WTQRoGPU RQWTTCKGPV ECRVGT NG FQWDNG FG NC RGTUQPPG TQ[CNG GV NµGORQTVGT
ª³ %GVVG PQVKQP FG FQWDNG SWK RGWV UG VTCFWKTG GP OCNICEJG QHHKEKGN RCT CODKTQC TGPXQKG GP GHHGV CW ²FQWDNG KPXKUKDNG SWK CEEQORCIPG EJCSWG qVTG XKXCPV³ EµGUViFKTG UGNQP NG &KEVKQPPCKTG #NDKPCN GV /CN\CE i ²NµjOG FGU OQTVU CWZ HCPVzOGU³ #HKP FµoXCPIoNKUGT NGU RGWRNGU NGU JQOOGU FµoINKUG FKUVTKDWCKGPV ITCVWKVGOGPV FGU KOCIGU RKGWUGU ECT UGNQP NG 2pTG %C\GV

22

.C TGKPG GV SWGNSWGU CWVTGU RGTUQPPGU CXCKGPV N¶KFoG UWRGTUVKVKGWUG SWG UK NGWT TGHNGV oVCKV RTKU CNQTU KNU

OQWTTCKGPV CWUUKVzV´ 'NNKU 94 6JTGG XKUKVU VQ /CFCICUECT
4CKUQP,QWTFG ( $KDNG GV RQWXQKT i /CFCICUECT CW :+:pOG UKpENG KPXGPVKQP F¶WPG KFGPVKVo EJToVKGPPG GV EQPUVTWEVKQP FG N¶'VCV 4CLCQPCTKOCPCPC 0 &KEVKQPPCKTG FW OCNICEJG EQPVGORQTCKP 4422 #NDKPCN GV /CN\CE &KEVKQPPCKTG HTCPnCKUOCNICEJG GV OCNICEJGHTCPnCKU

²RQWT KPUVTWKTG EGU RGWRNGU KN PG UWHHKV RCU FG RCTNGT i NGWTU QTGKNNGU OCKUª KN HCWV GPEQTG GV UWTVQWV RCTNGT i NGWTU [GWZ
ª³ %GU U[ODQNGU KEQPQITCRJKSWGU FKHHWUoU GP OCUUG RTQXQSWCKGPV FGU ToCEVKQPU FG UVWRGWT OCKU oXGKNNCKGPV CWUUK NµKOCIKPCKTG .C RTQRCICVKQP FG EGU XKIPGVVGU CWTCKV CXKXo GP GHHGV FGU HCF[ ²'NNGU oVCKGPV CUUKOKNoGU i FGU UCOR[
ª .GU OCPKRWNGT NGU RNCECTFGT EJG\ UQK GV UWTVQWV RTKGT FGXCPV GNNGU oVCKV WPG HCWVG ITCXG FµKFQNjVTKG³ 2WKU NGU KOCIGU GPVTGPV RGVKV i RGVKV FCPU NGU O¯WTU .C RJQVQITCRJKG PQVCOOGPV HCKV NµQDLGV FµWP ITCPF EoToOQPKCN ECT GNNG GUV EGPUoG KOOQTVCNKUGT NGU ITCPFU oXoPGOGPVU FG NC XKG SWQVKFKGPPG #WUUK EGNWK SWK UG HCKV RJQVQITCRJKGT UG FQKV FG DKGP RCTCuVTG EQOOG NG UQWNKIPG NG RJQVQITCRJG %NCWFG 4C\CHKVTKOQ ²'P RTQXKPEG NGU UoCPEGU FG RJQVQU FKHHoTCKGPV FG EGNNGU HCKVGU i 6CPC +EK NGU IGPU CTTKXCKGPV CXGE NGWTU VGPWGU GV UG RToRCTCKGPV QW CNQTU KNU CTTKXCKGPV FoLi VQWV JCDKNNoU .GU OCTKoU RCT GZGORNG CTTKXCKGPV CW UVWFKQ RQWT HCKTG NG RQTVTCKV NG LQWT OqOG GP UQTVCPV FG NµoINKUG QW XGPCKGPV SWGNSWGU LQWTU CRTpU 'P RTQXKPEG EµoVCKV NG HQNMNQTG ,G OG TCRRGNNG i 6WNoCT FµWP JQOOG SWK UµoVCKV CEJGVo FGU EJCWUUWTGU PGWXGU GV SWK XGPCKV CW UVWFKQ RQWT UG HCKTG RJQVQITCRJKG CXGE UGU EJCWUUWTGU +N [ C GW CWUUK WPG LGWPG HKNNG SWK UµoVCKV CEJGVo FGU FGUUQWU PGWHU GV SWK UQWJCKVCKV UG HCKTG RJQVQITCRJKGT CXGE #NQTU NC RToRCTCVKQP FG NC RTKUG FG XWG HWV VTpU NQPIWG RCTEG SWG NCU DCU NGU HKNNGU QPV UQWXGPV NGU EJGXGWZ VTGUUoU CNQTU GNNG C XQWNW FoHCKTG UGU VTGUUGU RQWT CXQKT NGU EJGXGWZ DKGP oRCTRKNNoU GV RWKU GNNG UµGUV FoUJCDKNNoG RQWT PG ICTFGT SWG UGU UQWUXqVGOGPVU CXCPV FG UG HCKTG RJQVQITCRJKGT +N [ CXCKV FQPE VQWV WP TKVG GP SWGNSWG UQTVG CXCPV FµCTTKXGT i EG UVCFGNi 2WKU SWCPF GNNG C XW NC RJQVQ GNNG C oENCVo FG TKTG GNNG oVCKV JGWTGWUG 'P RTQXKPEG oICNGOGPV EGTVCKPGU RGTUQPPGU PG XQWNCKGPV RCU UG HCKTG RJQVQITCRJKGT UQK FKUCPV RCTEG SWG NG RJQVQITCRJG NGWT RTGPCKV NGWT jOG QW RQWXCKV KPHNWGT UWT NGWT jOG RCT NC UWKVG %µGUV FCPU NC ToIKQP FG 6WNoCT SWG LµCK XW VQWV nC #NQTU QP NGU RJQVQITCRJKCKV GP FQWEG QW CNQTU QP PoIQEKCKV KN HCNNCKV RCNCDTGT NQPIVGORU
ª +N OµGUV CTTKXo FG HCKTG FGU RJQVQU FG NC OQTV LWUSWµi NµGPVGTTGOGPV i NC FGOCPFG FG NC HCOKNNG +N HWV WP VGORU Q~ EG IGPTG FG EQOOCPFG CTTKXCKV CUUG\ UQWXGPV 2CT GZGORNG WPG XGWXG GUV XGPWG OG EJGTEJGT i NC OCKUQP RQWT RJQVQITCRJKGT UQP OCTK FoEoFo RWKU RGPFCPV NC EoToOQPKG 2GTUQPPGNNGOGPV EG UQPV FGU IGPTGU FG UQWXGPKTU SWG LG PµCKOGTCKU RCU ICTFGT /CKU NGU IGPU HCKUCKGPV CWUUK HCKTG FGU RJQVQU RGPFCPV NGU HWPoTCKNNGU RQWT TCEQPVGT NC EoToOQPKG CWZ RCTGPVU TGUVoU GP 'WTQRG GV nC LG NG EQORTGPFU OKGWZ %µGUV WPG CWVTG EQPEGRVKQP OCKU KN [ GP C SWK NG EQPnQKXG EQOOG nC /CKPVGPCPV QP HKNOG NC EoToOQPKG GP XKFoQ³



4CKUQP,QWTFG ( QREKV 4CKUQP,QWTFG ( QREKV 'PVTGVKGP CXGE %NCWFG 4C\CHKVTKOQ RJQVQITCRJG ToCNKUo NGU GV OCTU i #PVCPCPCTKXQ



.QPIVGORU RTKXoU FG NGWT RTQRTG TGHNGV NGU /CNICEJGU QPV UWDK NGU KOCIGU RNWU SWµKNU PG NGU QPV ETooGU &µQ~ NGU ToVKEGPEGU RGTUKUVCPVGU SWK UµGZRNKSWGPV RCT WPG OoEQPPCKUUCPEG FGU EQFGU XKUWGNU ²7P LQWT LµCK GZRQUo CW %%#%
%GPVTG %WNVWTGN #NDGTV %COWU i #PVCPCPCTKXQ WPG RJQVQ GP PQKT GV DNCPE FµWP OKPGWT FG ITCRJKVG Q~ NµQP PG XQ[CKV SWG UGU LCODGU NWKUCPVGU FG ITCRJKVG GV i EzVo FG NWK NG RPGW FµWP VTCEVGWT ,G XQWNCKU OQPVTGT WP OCNICEJG SWK C WP OoVKGT GV SWK GUV VTpU EQUVCWF /CKU QP OµC DGCWEQWR ETKVKSWo GP OG FKUCPV SWG LG XQWNCKU OQPVTGT NC RCWXTGVo i /CFCICUECT ECT NGU IGPU PG XQ[CKGPV SWµWP V[RG UCNG³ ²3WCPF LµoVCKU UVCIKCKTG LµCK VTCXCKNNo CXGE WP UQEKQNQIWG GV CXGE WP FGUUKPCVGWT 1P CXCKV FGOCPFo i WP FGUUKPCVGWT FG HCKTG FGU CHHKEJGU Q~ VW OGVVCKU FGU KOCIGU FG ICWEJG i FTQKVG GV FG DCU GP JCWV 2WKU QP C HCKV NµKPXGTUG GP FKCIQPCNG GV UCPU oETKVWTG 1P C HCKV WP OQKU FµGPSWqVG GV KPVGTTQIo WPG EGPVCKPG FG RGTUQPPGU #W HKPCN KN [ GP CXCKV FGWZ UGWNGOGPV SWK UCXCKGPV NKTG NGU HNpEJGU NGU CWVTGU NKUCKGPV PµKORQTVG EQOOGPV 'V Ni VW XQKU GPEQTG UWT NGU OWTU FGU CHHKEJGU CXGE FGU EJCPVGWTU EoNpDTGU SWK RCTNGPV FG RToXGPVKQP FW UKFC EµGUV EGPUo CVVKTGT NGU TGICTFU UGNQP NGU EQPEGRVGWTU OCKU OQK EG SWG LµGP CK GPVGPFW EµGUV RNWVzV ²VKGPU WP VGN XC HCKTG WP URGEVCENG i VGN GPFTQKV³ &GRWKU NGU CPPoGU NGU KOCIGU HQPV RCTVKG KPVoITCPVG FG NC UQEKoVo .C OWNVKRNKECVKQP FGU RQUVGU FG VoNoXKUKQP FGU UCNNGU FG EKPoOCU GV FG XKFoQENWDU QPV HCXQTKUo NGWTU FKHHWUKQPU #KPUK ²« (CTCHCPICPC QP CXCKV NG 6TCPQPRQMQNQPC GV VQWU NGU FKOCPEJGU KN [ CXCKV FGU RTQLGEVKQPU FG HKNOU GP OO ,G OG TCRRGNNG SWG LG ToEWRoTCKU NGU RGVKVU DQWVU FG RGNNKEWNG FG NC ECDKPG FG RTQLGEVKQP GV CXGE NC NCORG FG RQEJG LµGUUC[CKU FG HCKTG FW EKPoOC i NC OCKUQP /CKU QP CNNCKV CW EKPoOC GV NC UCNNG oVCKV RNGKPG 7PG HQKU RCT OQKU QP CXCKV FGU HKNOU KPFKGPU 1P XQ[CKV CWUUK NGU 5WRGTOCP (NCUJ )QTFQP FGU HKNOU CXGE )CTT[ %QQRGT %µoVCKV CWZ GPXKTQPU FG GV nC C FWTo LWUSWµCWZ oXoPGOGPVU FG « (CTCHCPICPC EGVVG UCNNG oVCKV FKXKUoG GP FGWZ .C OQKVKo CXCKV FGU EJCKUGU RNKCPVGU GV NµCWVTG OQKVKo FGU DCPEU &QPE KN [ CXCKV FGWZ VCTKHU .GU IGPU SWK UµCUUG[CKGPV UWT NGU DCPEU RC[CKGPV OQKPU EJGT OCKU NC UCNNG oVCKV RNGKPG ,G ETQKU SWµKN [ CXCKV OKNNG RGTUQPPGU FGFCPU KN [ CXCKV OqOG FGU IGPU FGDQWV UWT NGU DQTFU³ .µCUUKOKNCVKQP FGU KOCIGU UG HCKV CWLQWTFµJWK FCPU NG TGURGEV FGU EQFGU UQEKCWZ ²%JG\ NGU /CNICEJGU EQOOG FCPU FG PQODTGWUGU EWNVWTGU FG VTCFKVKQP QTCNG NC UVTWEVWTG FG NC OWUKSWG GUV i NµKOCIG FW HQPEVKQPPGOGPV FG NC UQEKoVo %µGUViFKTG SWG VQWVGU NGU HQTOGU FG EToCVKQPU QW FµGZRTGUUKQPU CTVKUVKSWGU UQPV NC RTQLGEVKQP FG NC UVTWEVWTG UQEKCNG 2CT GZGORNG NG EJGH FG FCPUG UGTC NG RNWU jIo FW ITQWRG OqOG


'PVTGVKGP CXGE /CMUKO 5GVJ RJQVQITCRJG ToCNKUo NG OCTU i #PVCPCPCTKXQ 'PVTGVKGP CXGE +IPCEG 5QNQ 4CPFTCUCPC ToCNKUo GP CXTKN i 6UKTQCPQOCPFKF[ GV #PVCPCPCTKXQ 'PVTGVKGP CXGE #PKN -GUUCXFLGG ToCNKUo NG CXTKN i #PVCPCPCTKXQ



UK UGU ECRCEKVoU UQPV OQKPFTGU SWG EGNNGU FGU CWVTGU RCTVKEKRCPVU /CKU RCT RTKPEKRG QP CFOGVVTC SWµKN C RNWU FµGZRoTKGPEG
ª .µKPVGTEJCPIGCDKNKVo FGU TzNGU HGTC oICNGOGPV RCTVKG FGU TpINGU FW LGW³ 1P EQPUVCVG EGNC oICNGOGPV GP EG SWK EQPEGTPG NG EKPoOC OCNICEJG 'P GHHGV FGRWKU RGW WPG CUUQEKCVKQP FG LGWPGU ToCNKUCVGWTU UµGUV ETooG i #PVCPCPCTKXQ 'NNG KPXKVG FGU EKPoCUVGU FµGZRoTKGPEG EQOOG +IPCEG 5QNQ 4CPFTCUCPC i FQPPGT FGU EQPUGKNU CWZ CRRTGPVKU &G OqOG UWT NG VQWTPCIG FµWP HKNO WP CEVGWT RGWV CWUUK qVTG NµCUUKUVCPV FW ToCNKUCVGWT EJCSWG RCTVKEKRCPV FQKV qVTG RQN[XCNGPV 3WCPV CWZ KOCIGU SWK PG TGURGEVGTCKGPV RCU EGU TpINGU FGU NQKU QPV oVo KPUVCWToGU RQWT NGU TCRRGNGT +N GUV GP GHHGV ECTCEVoTKUVKSWG FCPU NC EWNVWTG OCNICEJG FG PG RCU VQWV FoXQKNGT SWG EG UQKV FCPU NC RCTQNG FCPU NGU CEVGU GV RCT GZVGPUKQP UWT NGU KOCIGU 2TQDNpOGU GV KPEQORToJGPUKQPU .G RWDNKE GUV WP oNoOGPV KPFKUUQEKCDNG FG Nµ¯WXTG RWKUSWG EµGUV GP RCTVKG NWK SWK GP HCKV NG UWEEpU QW NµoEJGE 5K NµQP CVVGPF DGCWEQWR FG NC ToCEVKQP FW RWDNKE KN GUV NWKOqOG GP FTQKV FµCVVGPFTG SWGNSWG EJQUG WPG oOQVKQP WP OQOGPV FG FoVGPVG GV FµoXCUKQP QW VQWV UKORNGOGPV WPG FKUVTCEVKQP 8QKNi RQWTSWQK NG EKPoOC OCNICEJG RGKPG RCTHQKU i TGORNKT NGU UCNNGU ECT NGU HKNOU UQPV DKGP UQWXGPV VQWU EQPnWU UWT NC OqOG VTCOG EG SWK HKPKV RCT NCUUGT NGU URGEVCVGWTU .C HCnQP OqOG FQPV NG RWDNKE EQPVTzNG EG SWµKN XQKV RGWV CXQKT WPG KPHNWGPEG UWT Nµ¯WXTG /CKU NC RCTVKEKRCVKQP FW RWDNKE FG EKPoOC GUV XCTKCDNG 'P GHHGV NGU CPINGU RTKU RCT NC ECOoTC NµKPEKVGPV i XQKT FGU oNoOGPVU FG NµJKUVQKTG SWG NGU RGTUQPPCIGU PG XQKGPV RCU HQTEoOGPV 'P EGNC KN GUV RTKXKNoIKo /CKU PoCPOQKPU EG SWµKN XQKV GUV VTKDWVCKTG FG EG SWG NG ToCNKUCVGWT XGWV NWK OQPVTGT RWKUSWG EµGUV NWK SWK RQUKVKQPPG NC ECOoTC %µGUV GPEQTG NC HCnQP FQPV NG ToCNKUCVGWT HCKV oXQNWGT NGU RGTUQPPCIGU NGWTU ECTCEVpTGU SWK KPEKVGTC RNWU QW OQKPU NG URGEVCVGWT i UµKFGPVKHKGT i GWZ #WUUK EJCSWG URGEVCVGWT RQWTTC CXQKT XW WP HKNO FKHHoTGPV FG UQP XQKUKP CNQTU SWµKNU CUUKUVGPV i NC OqOG RTQLGEVKQP OCKU VQWV FoRGPF FGU oOQVKQPU RGTUQPPGNNGU TGUUGPVKGU RCT NµKPFKXKFW +N GP GUV FG OqOG GP EG SWK EQPEGTPG NGU ETQ[CPEGU URKTKVWGNNGU NKoGU CWZ KOCIGU 1WVTG UQP TzNG UWT Nµ¯WXTG NG RWDNKE XKGPV oICNGOGPV RQWT CRRTGPFTG RCT NG DKCKU FG NµKOCIG /CKU ²ªNµCEVG FG NKTG WPG KOCIG QW FG TGEGXQKT PµKORQTVG SWGN CWVTG OGUUCIG GUV UWDQTFQPPo i NµCESWKUKVKQP RToCNCDNG FGU RQUUKDKNKVoU PQWU PG RQWXQPU TGEQPPCuVTG SWG EG SWG PQWU EQPPCKUUQPU³ &µQ~ RCTHQKU FGU RTQDNpOGU FG EQORToJGPUKQP ²
ª WP oVWFKCPV QTKIKPCKTG FG EGVVG ToIKQP
0QTF FG /CFCICUECT PFNC OµC TCRRQTVo SWG NGU ITQU RNCPU PG UQPV RCU VQWLQWTU VTpU DKGP EQORTKU CW EKPoOC +N C RW



4CMQVQOCNCNC // /CFCICUECT NC OWUKSWG FCPU NJKUVQKTG 5QTNKP 2 5QEKQNQIKG FW EKPoOC )QODTKEJ ' .¶oEQNQIKG FGU KOCIGU



GPVGPFTG NQTU FG UoCPEGU FG RTQLGEVKQP FGU KPVGTTQICVKQPU EQOOG ´CvG XKVKPC\[ ! ° Q~ UQPV UGU LCODGU
EGNNGU FW RGTUQPPCIG !µ³ ².GU IGPU CWLQWTFµJWK PG UµKPVoTGUUGPV RCU RNWU i OQK RCTEG SWG LµCK HCKV WP HKNO +NU TGEQPPCKUUGPV LWUVG OQP XKUCIG OCKU GP EG SWK EQPEGTPG 0CFKC
NµCWVTG KPVGTRTpVG RTKPEKRCN FW HKNO NGU IGPU QPV XTCKOGPV ETW SWG EµoVCKV WPG RTQUVKVWoG EQOOG FCPU NG HKNO KNU PµQPV RCU HCKV NC FKHHoTGPEG GPVTG NC ToCNKVo GV NC HKEVKQP³ &G OqOG NG UGEQPF FGITo CW EKPoOC PµGUV RCU VQWLQWTU DKGP RGTnW %GVVG KFoG FµoFWECVKQP RCT NµKOCIG GUV TGNC[oG CWUUK RCT NGU CTVKUVGU #KPUK NG EKPoCUVG OCNICEJG +IPCEG 5QNQ 4CPFTCUCPC GZRNKSWG ²,G XGWZ HCKTG FGU HKNOU RQWT NG RWDNKE OCNICEJG 3WCPF LG HCKU WP HKNO KN [ C VQWLQWTU WP EQVo FKFCEVKSWG QW RNWVzV oFWECVKH³ .C EQORToJGPUKQP FµWP HKNO RCUUG CWUUK RCT NG DKCKU FG NµCHHKEJG 1T NµCDUGPEG FµCHHKEJGU FG HKNOU RNCECTFoGU FCPU NGU TWGU FGU XKNNGU RQUG NG RTQDNpOG FG NC VTCPUOKUUKQP FW TqXG GP FGJQTU FG NC UCNNG .GU /CNICEJGU PµQPV RCU EGVVG JCDKVWFG FG XQKT NG EKPoOC RCT NGU CHHKEJGU %GV CTV GUV CKPUK GZENW FG NC UQEKoVo RWKUSWG ECEJo .C VCKNNG FGU CHHKEJGU FKURQUoGU UWT NG OWT FGU UCNNGU GUV FµWP HQTOCV ToFWKV FQPE GNNGU PG XoJKEWNGPV RCU EGVVG KFoG FG NC ITCPFGWT FW HKNO .GU CHHKEJGU FGU HKNOU OCNICEJGU PG UWUEKVGPV RCU EG FoDCV RCTEG SWµGNNGU PG UQPV GZRQUoGU SWG UWT NC HCnCFG FGU EKPoOCU 1T NGU LQWTPCWZ SWK oVCNGPV NGWTU WPGU i EJCSWG EQKP FG TWG UWUEKVGPV WP ITCPF KPVoTqV RQWT NGU RCUUCPVU SWK UµCTTqVGPV NGU NKUGPV GV EQOOGPVGPV GPUWKVG NGU oXoPGOGPVU FW LQWT GP KOCIKPCPV UQWXGPV NG EQPVGPW FG NµCTVKENG UCPU CXQKT CEJGVo NG LQWTPCN GP SWGUVKQP %G DQWEJG i QTGKNNG FG NµKPHQTOCVKQP PµC RCU FG RGPFCPV GP EG SWK EQPEGTPG NGU HKNOU 2CT CKNNGWTU QP EQPUVCVG WP EJCPIGOGPV FCPU NC EQPEGRVKQP FGU CHHKEJGU EKPoOCVQITCRJKSWGU i /CFCICUECT 'NNGU QPV FµCDQTF oVo FGUUKPoGU URoEKCNGOGPV RQWT NG HKNO EQOOG EG HWV NG ECU RQWT &CJCNQ &CJCNQ KN oVCKV WPG HQKU NG OQ[GP QWGUV FG $GPQuV 4COCOR[ QW +NQ VU[ 8GT[
.µQPEVKQP oVGTPGNNG Fµ+IPCEG 5QNQ 4CPFTCUCPC 2WKU FG RNWU GP RNWU CWLQWTFµJWK GNNGU UG RToUGPVGPV UQWU NC HQTOG FG RJQVQITCRJKGU OGVVCPV GP XCNGWT NGU RGTUQPPCIGU RTKPEKRCWZ %GVVG VGPFCPEG UQWNKIPG SWG NGU ToCNKUCVGWTU UQWJCKVGPV CVVKTGT NG RWDNKE GP WUCPV FG NC PQVQTKoVo FGU CEVGWTU RNWU SWµGP UWIIoTCPV NG EQPVGPW FW HKNO &G PQODTGWZ CTVKUVGU UµCEEQTFGPV i RGPUGT SWG NµCXKU FW RWDNKE GUV KORQTVCPV RCU UGWNGOGPV RQWT CUUWTGT NC ToWUUKVG EQOOGTEKCNG FG Nµ¯WXTG OCKU CWUUK GV UWTVQWV RQWT RGTOGVVTG CW EToCVGWT FµCXQKT WP TGICTF FKUVCPEKo UWT UQP ¯WXTG i VTCXGTU NG TGICTF FµCWVTGU KPFKXKFWU SWG NWKOqOG ²,µGUUCKG VQWLQWTU FG FKUEWVGT CXGE NGU IGPU SWK QPV XW OGU HKNOU ECT WP HKNO GP HCKV EµGUV WP RQKPV FG XWG SWG LµGZRTKOG FQPE nC OµKPVoTGUUG DGCWEQWR FG XQKT EQOOGPV NGU IGPU NµQPV EQORTKU³


2CRKPQV % .¶GVJPQITCRJKG 'PVTGVKGP CXGE 'UVGNNC 4CUCOKCTKUQP CEVTKEG FW HKNO 8GTQ U[ *CKPIQ F¶#PKN -GUUCXFLGG GV 2CVTKEM 'PVTGVKGP CXGE +IPCEG 5QNQ 4CPFTCUCPC ToCNKUo NG OCTU i #PVCPCPCTKXQ /GTEK i +IPCEG 5QNQ 4CPFTCUCPC RQWT O¶CXQKT HCKV TGOCTSWGT EGNC 'PVTGVKGP CXGE .C\C ToCNKUo RCT GOCKN NG OCTU

8GTIG[PUV
ToCNKUo NG OCTU i 6QNKCTC




.GU URGEVCVGWTU FG EKPoOC UQPV GUUGPVKGNNGOGPV EKVCFKPU CWUUK NGU TGPEQPVTGU CXGE WP RWDNKE TWTCN UQPV FµCWVCPV RNWU HQTVGU SWµGNNGU UQPV TCTGU %µGUV EG SWµGZRNKSWG NG ToCNKUCVGWT OCNICEJG 4C[OQPF 4CLCQPCTKXGNQ NQTUSWµKN GUV TGXGPW UWT NGU NKGWZ FW VQWTPCIG FG UQP HKNO 6CDCVCDC
4WOGWT RQWT NG FKHHWUGT ².C RTQLGEVKQP C GW NKGW FCPU NG XKNNCIG ITjEG i FW OCVoTKGN CWFKQXKUWGN DTCPEJo UWT NµCNNWOGEKICTG FµWPG XQKVWTG .GU XKNNCIGQKU oVCKGPV VTpU EQPVGPVU +NU QPV DGCWEQWR TK NQTU FG NC RTQLGEVKQP ECT KNU UG XQ[CKGPV UWT NµoETCP GV HCKUCKGPV FGU EQOOGPVCKTGU %GVVG RTQLGEVKQP oVCKV CWUUK oOQWXCPVG ECT EGTVCKPU FGU CEVGWTU oVCKGPV OQTVU SWGNSWG VGORU CRTpU NG VQWTPCIG GV NGU IGPU NGU TGXQ[CKGPV i NµKOCIG $GCWEQWR FG EJQUGU TGXGPCKGPV CNQTU i NGWT OoOQKTG EoVCKV WP TCRRQTV i NµKOCIG VTpU RCTVKEWNKGT³ /CFCICUECT GUV WP RC[U SWK FKURQUG FµWPG NQPIWG VTCFKVKQP QTCNG .GU IGPU CKOGPV SWµQP NGWT TCEQPVG NGU O[VJGU HQPFCVGWTU GV NGU NoIGPFGU SWK GPTKEJKUUGPV NµKOCIKPCKTG RQRWNCKTG .GU OoFKCU UQPV CWLQWTFµJWK FG HQTOKFCDNGU TGNCKU .GU TCFKQU FKHHWUGPV GP GHHGV SWQVKFKGPPGOGPV FGU EQPVGU oEQWVoU RCT FG PQODTGWZ CWFKVGWTU .C EKPoOCVQITCRJKG OCNICEJG GUV GNNG TKEJG FG EGPVCKPGU FG HKNOU CWZ VJpOGU GV i NC SWCNKVo XCTKCDNGU %QOOGPV NG RWDNKE HCKVKN UQP EJQKZ RCTOK NGU ¯WXTGU RTQRQUoGU ! 2GWVQP oXCNWGT NC XCNGWT CTVKUVKSWG GV VGEJPKSWG FµWP HKNO i UQP UGWN UWEEpU EQOOGTEKCN ! %GNC UGODNG qVTG WPG XWG WP RGW ToFWEVTKEG EµGUV RQWTVCPV GPEQTG NC UGWNG GP XKIWGWT UK NµQP GP LWIG RCT NµCDUGPEG FG ETKVKSWG FCPU NGU OoFKCU ².GU ETKVKSWGU PG UQPV RCU FGU GZRGTVU UGWNGOGPV FGU LQWTPCNKUVGU SWK VTCXCKNNGPV RQWT OKGWZ EQORTGPFTG %G PG UQPV RCU PQP RNWU FGU RNCKFGWTU SWK FoHGPFTCKGPV NGWT RTQRTG ECWUG NG HKNO RTKOG EQOOG ¯WXTG +NU GUUC[GPV FG UCKUKT NµKPVGPVKQP FW HKNO EQOOGPV EGVVG KPVGPVKQP GUV UQWVGPWG RCT NGU EJQKZ GUVJoVKSWGU GV VJoOCVKSWGU FW ToCNKUCVGWT 'V FµKPVGTTQIGT UC PoEGUUKVo UC RGTVKPGPEG RQWT NC UQEKoVo GV RQWT NG VGORU RToUGPV³ &G EGNC OCNJGWTGWUGOGPV KN PµGUV LCOCKU HCKV OGPVKQP FCPU NGU TGRQTVCIGU EQPUCEToU CWZ HKNOU OCNICEJGU FGU LQWTPCWZ PCVKQPCWZ .GU CTVKENGU FG NC RTGUUG oETKVG OWNVKRNKGPV NGU UWRGTNCVKHU QW NGU SWCNKHKECVKHU RQUKVKHU RQWT RCTNGT FGU PQWXGCWVoU XKFoQU SWK UQTVGPV GP UCNNG QW GP 8%& CHKP FµGPEQWTCIGT NGU URGEVCVGWTU i XQKT NG HKNO #KPUK UWT NC FK\CKPG FG NKIPGU SWG EQORVG GP OQ[GPPG WP UWLGV UWT NG EKPoOC OCNICEJG FCPU NC RTGUUG PCVKQPCNG QP EQORVG GPXKTQP WP SWCNKHKECVKH RQUKVKH RCT RJTCUG 2CT GZGORNG FCPU NµCTVKENG ²+PFTQC /CNQMµKNC 5EQQR &KIKVCN EJGOKPG XGTU NG UQOOGV³ FG &QOQKPC / RWDNKo NG OCTU FCPU NG LQWTPCN .G 3WQVKFKGP QP RGWV TGNGXGT NGU GZRTGUUKQPU UWKXCPVGU ²TKGP i TGFKTG³ ²WP RTQFWKV FG SWCNKVo³ ²WPG PGVVG COoNKQTCVKQP³ ²FG NµJWOQWT FCPU EJCSWG ToRNKSWG³ ²KPETQ[CDNGOGPV FTzNG³ ²WP HKNO i XQKT CDUQNWOGPV³ &G OqOG GP EG SWK EQPEGTPG NG UWEEpU EQOOGTEKCN FW HKNO 8QNQODQTQPC
2NWOG FµQKUGCW RTQFWKV RCT 5EQQR &KIKVCN ²EQPUKFoTo LWUSWµi OCKPVGPCPV RCT NGU ETKVKSWGU EQOOG ´NG HKNO EKPoXKFoQ NG RNWU CDQWVK VGEJPKSWGOGPV³ KN PµGUV RCU RToEKUo SWK UQPV LWUVGOGPV EGU LQWTPCNKUVGUETKVKSWGU



'PVTGVKGP CXGE 4C[OQPF 4CLCQPCTKXGNQ NG OCTU i 2CTKU

#HTKEKPo
#PFTKPQTQOCNCNC .GZRTGUU FG /CFCICUECT .C TWoG XGTU /CNQMKNC



SWGNNGU HQTOCVKQPU KNU QPV TGnW GV UWT SWGNU ETKVpTGU KNU UG DCUGPV RQWT oOGVVTG NGWT CXKU .QTUSWG NGU RTQFWEVKQPU FG XKFoQU QPV HCKV NGWT CRRCTKVKQP CWZ FoDWVU FGU CPPoGU NC RTGUUG oETKVG PCVKQPCNG C EQPUCETo VTpU RGW FG NKIPGU i EGU HKNOU GV PµC OGPVKQPPo GP IoPoTCN SWG NGWT U[PQRUKU GV NGWT DWFIGV .C RJQVQITCRJKG VKGPV GP IoPoTCN RNWU FG RNCEG SWG NµCTVKENG NWKOqOG 1P VTQWXG RCTHQKU FGU KPVGTXKGYU FG ToCNKUCVGWTU UG TCRRQTVCPV GUUGPVKGNNGOGPV i NGWT RCTEQWTU RTQHGUUKQPPGN RNWVzV SWµCWZ KPVGPVKQPU GUVJoVKSWGU QW CTVKUVKSWGU NKoGU CW HKNO .GU CTVKENGU HQPV NC RCTV DGNNG CWZ PQOU RToUGPVU CW IoPoTKSWG UWTVQWV UK NG HKNO C HCKV CRRGN i FGU EoNoDTKVoU PCVKQPCNGU EJCPVGWTU QW OCPPGSWKPU GV UG VGTOKPG GP IoPoTCN RCT NGU JQTCKTGU GV NG NKGW FG FKHHWUKQP FW HKNO #W HKN FGU CPPoGU GV OCNITo NµCEETQKUUGOGPV FGU RTQFWEVKQPU EKPoOCVQITCRJKSWGU GP XKFoQ NGU RCRKGTU PG UG UQPV RCU RQWT CWVCPV oVQHHoU GV EQPVKPWGPV FG UGTXKT NC RTQOQVKQP FGU HKNOU 'P GHHGV NQTUSWµWP LQWTPCNKUVG CKOG WP HKNO KN PµGP FQPPG RCU NGU TCKUQPU ²2QWT NµJKUVQKTG KN GUV RToHoTCDNG SWµCWEWPG KPHQTOCVKQP PG UQKV NKXToG RQWT NG OQOGPV #NNG\ XQKT NG HKNOª³ XQKNi EG SWG NµQP RGWV NKTG FCPU /CFCICUECT 6TKDWPG CRTpU NC UQTVKG GP CXCPVRTGOKpTG FW HKNO 6CPC FG .C\C i #PVCPCPCTKXQ 2CTHQKU NC RTGUUG UGTV FG TGNCKU RQWT CKFGT i NC RTQFWEVKQP FGU HKNOU 'P GHHGV QP UQNNKEKVG NGU URGEVCVGWTU i CNNGT XQKT NG HKNO CHKP FµCKFGT NG ToCNKUCVGWT i NG TGPVCDKNKUGT &GRWKU RGW NGU EQNQPPGU FGU LQWTPCWZ UG TGORNKUUGPV FµCTVKENGU UWT NµoVCV FG NC RTQFWEVKQP EKPoOCVQITCRJKSWG i /CFCICUECT 5µKN GUV DGCWEQWR HCKV OGPVKQP FGU RTQDNpOGU DWFIoVCKTGU FGU HKNOU GV FGU CNoCU VGEJPKSWGU KN PµGUV LCOCKU HCKV oVCV FW OCPSWG FG ETKVKSWGU EKPoOCVQITCRJKSWGU SWK RGTOGVVTCKGPV RQWTVCPV CWZ URGEVCVGWTU FG UG HCKTG WPG KFoG RNWU LWUVG FG NC SWCNKVo FGU HKNOU OCNICEJGU SWK NGWT UQPV RTQRQUoU .C TGXWG URoEKCNKUoG UWT NG UGRVKpOG CTV i /CFCICUECT 4CKVTC PG OKUCKV RCU PQP RNWU UWT NC ETKVKSWG GV UG EQPVGPVCKV FCPU UGU VTQKU PWOoTQU RCTWU FG U[PQRUKU FG HKNOU GV FµKPVGTXKGYU .C ETKVKSWG NC RNWU XKTWNGPVG UGODNG qVTG EGNNG SWG NGU EKPoCUVGU UµKORQUGPV i GWZOqOGU 'P GHHGV NµCWVQEGPUWTG GUV QOPKRToUGPVG FCPU NC EToCVKQP CTVKUVKSWG OCKU RCU UGWNGOGPV .GU LQWTPCNKUVGU FG NC RTGUUG oETKVG CWFKQXKUWGNNG GV TCFKQRJQPKSWG NC RTCVKSWGPV SWQVKFKGPPGOGPV +N UµCIKV FµCDQTFGT NGU UWLGVU UWUEGRVKDNGU FµCVVKTGT NG RWDNKE RNWVzV SWG FG NG JGWTVGT RCT FGU KOCIGU QW FGU RTQRQU RQWXCPV qVTG LWIoU EJQSWCPVU .µWPKSWG ToHoTGPEG EKPoOCVQITCRJKSWG FGU LQWTPCNKUVGU UGODNG qVTG *QNN[YQQF CWSWGN KNU EQORCTGPV VTpU UQWXGPV NGU XKFoQU OCNICEJGU #KPUK i RTQRQU FW ToCNKUCVGWT FW HKNO #NQMC
1ODTG *CTK\Q 4CLCQPCJ WP LQWTPCNKUVG FW LQWTPCN .µ'ZRTGUU FG /CFCICUECT PQVG ²+N PµGUV RCU )GQTIG .WECU GV Nµ¯WXTG NQKP FµqVTG NG FGTPKGT XQNGV FG 5VCT 9CTU³ %GNC PµoVQPPG FµCKNNGWTU IWpTG NG ToCNKUCVGWT +IPCEG 5QNQ 4CPFTCUCPC ².µKOCIKPCKTG FW RWDNKE OCNICEJG GUV DCUo UWT NGU HKNOU CUKCVKSWGU SWµKN GZVTCRQNG SWµKN KPVGTRTpVG GV SWµKN LWIG GV PQVG RCT TCRRQTV CWZ HKNOU SWG NGU /CNICEJGU ToCNKUGPV
ª .G RWDNKE QRpTG VQWLQWTU WPG EQORCTCKUQP RCT TCRRQTV CWZ HKNOU CUKCVKSWGU QW CWZ HKNOU GWTQRoGPU XKQNGPVU³



#TVKPCJ /CFCICUECT 6TKDWPG ³%KPoOC 4Q\K (KNOU UQTVKG FW HKNO NQPI OoVTCIG

(KCKPCPC´


.¶'ZRTGUU FG /CFCICUECT
'PVTGVKGP CXGE +IPCEG 5QNQ 4CPFTCUCPC ToCNKUo i #PVCPCPCTKXQ GV i 6UKTQCPQOCPFKF[ GP CXTKN



%GV KOCIKPCKTG UG VTCPURQUG GPUWKVG FCPU NGU EQORQTVGOGPVU GV NG EJQKZ FGU HKNOU ².GU -CTCPC CKOGPV TGICTFGT FGU ECUUGVVGU XKFoQU NQKUKT FµKPVoTKGWT SWK EQPXKGPV i VQWV NG OQPFG
ª .QTUSWµQP TGICTFG WP HKNO QP FGXTCKV UCWVGT NGU RC[UCIGU OWUKECWZ 2QWTVCPV NC OWUKSWG FW 2GPLCD GUV VTpU CRRToEKoG GV RTQXQSWG WP UGPVKOGPV GUVJoVKSWG RCTVCIo RCT NGU FKHHoTGPVU ITQWRGU
ª +NU TGICTFGPV VQWU DGCWEQWR FG HKNOU KPFKGPU .GU LGWPGU HKNNGU EQNNGEVKQPPGPV FGU ECTVGU RQUVCNGU TGRToUGPVCPV NGU EQWRNGU XGFGVVGU FG EGU HKNOU NC RNWRCTV GP XqVGOGPVU GWTQRoGPU OCSWKNNoU CW UV[NG VTpU ´INCOQWTµ QW ´EQYDQ[µ SWGNSWGUWPU GP EQUVWOGU KPFKGPU VTpU GZQVKSWGU .G VJpOG NG RNWU HToSWGPV FG EGU HKNOU GUV EGNWK FGU COQWTU EQPVTCTKoU NG RNWU UQWXGPV EµGUV NC FKURCTKVo oEQPQOKSWG SWK HQWTPKV NG TGUUQTV i NµKPVTKIWG LCOCKU NC FKHHoTGPEG FG TGNKIKQP QW FG UGEVG RQWTVCPV RNWU HToSWGPVG FCPU NC ToCNKVo %GU HKNOU FCPU NGUSWGNU SWGNSWGU DCKUGTU UQPV oEJCPIoU PG TGnQKXGPV RCU NµCRRTQDCVKQP FGU CWVQTKVoU TGNKIKGWUGU « 6WNoCT Q~ VQWU NGU -CTCPC UG OQPVTGPV FKUETGVU NC LQWTPoG QP QDUGTXG NG UQKT FGU EQORQTVGOGPVU FG FoHQWNGOGPV FG NC RCTV FGU LGWPGU EQORQTVGOGPVU FQPV NµCURGEV QUVGPVCVQKTG GV RTQXQSWCPV GUV VTpU OCN LWIo RCT NC OCLQTKVo OCNICEJG +NU UQTVGPV FCPU NGU TWGU UWT FG DTW[CPVGU OQVQU GV CRTpU CXQKT XKUKQPPo FGU HKNOU KPFKGPU GP NCPIWG JKPFK ° SWG NGU /CNICEJGU PG EQORTGPPGPV RCU ° KNU HKPKUUGPV NC UQKToG FCPU NGU DCTU TGUVoU QWXGTVU³ 8QKNi RQWTSWQK EGTVCKPU ToCNKUCVGWTU EQPUEKGPVU FG NµKPHNWGPEG FW EKPoOC UWT NGU URGEVCVGWTU UQPV GPENKPU i HCKTG RCUUGT FGU OGUUCIGU i ECTCEVpTG OQTCNKUCVGWT FCPU NGWT HKNO %µGUV DKGP UT NG ECU FCPU NGU RTQFWEVKQPU oXCPIoNKSWGU OCKU RCU UGWNGOGPV #W OQOGPV Q~ NGU OQWXGOGPVU TGNKIKGWZ RTGPPGPV FG RNWU GP RNWU FG RQKFU CW PKXGCW RQNKVKSWG KN PµGUV RCU oVQPPCPV FG EQPUVCVGT SWG NG PQODTG FG HKNOU i ECTCEVpTG OQTCNKUCVGWT UQKV GP CWIOGPVCVKQP #KPUK OqOG FCPU WP HKNO FµJQTTGWT EQOOG 8QJKVT[ P[ JQTQJQTQ
.G HToOKUUGOGPV FW XKNNCIG FG 4CODQNC NµJKUVQKTG UG VGTOKPG RCT WPG XKEVQKTG FW DKGP EQPVTG NG OCN 'P GHHGV NG RGTUQPPCIG FW OoEJCPV GUV XCKPEW NQTUSWKN TGnQKV WP RKGW GP RNGKP E¯WT GV SWµWPG DKDNG GUV GP OqOG VGORU FTGUUoG CWFGUUWU FG NWK +N TGRToUGPVG CKPUK NG FKCDNG SWK UGWN RGWV qVTG XCKPEW FG EGVVG HCnQP FCPU NGU HKNOU FG XCORKTGU CWSWGN EG NQPI OoVTCIG HCKV ToHoTGPEG &µWPG HCnQP FKHHoTGPVG 6CDCVCDC
4WOGWT FG 4C[OQPF 4CLCQPCTKXGNQ UµQWXTG UWT NµCTTKXoG FµWP VTCKP GP ICTG FWSWGN WP JQOOG FGUEGPF 2WKU WP RTQXGTDG ToEKVo GP XQKZ QHH CPPQPEG NG FCPIGT SWK OGPCEG %G RTQXGTDG UGTC FµCKNNGWTU TGRTKU i NC HKP FG HKNO GP IWKUG FG OQTCNG 2QWT NG ToCNKUCVGWT EG RTQXGTDG GUV ²
ª EQOOG VQWVGU NGU NoIGPFGU OCNICEJGU EGNC EQOOGPEG RCT WPG OQTCNG GV EGNC HKPKV RCT WPG CWVTG OQTCNG³ # /CFCICUECT RQWT SWµWP HKNO SWGN SWG UQKV NG IGPTG CWSWGN KN CRRCTVKGPV RWKUUG UQTVKT GP UCNNG KN FQKV RCUUGT FGXCPV WPG EQOOKUUKQP SWK NWK CVVTKDWG WP XKUC FµGZRNQKVCVKQP ²6QWVG ¯WXTG EKPoOCVQITCRJKSWG ToCNKUoG UWT NG VGTTKVQKTG PCVKQPCN GV FGUVKPoG i NµGZRNQKVCVKQP EQOOGTEKCNG FQKV CXQKT QDVGPW WP XKUC FµGZRNQKVCVKQP FoNKXTo RCT


$NCPEJ[ 5 -CTCPC GV $CPKCPU .GU EQOOWPCWVoU EQOOGTnCPVGU FQTKIKPG KPFKGPPG i 'PVTGVKGP CXGE 4C[OQPF 4CLCQPCTKXGNQ ToCNKUo RCT GOCKN NG FoEGODTG

/CFCICUECT




Soyez le premier à déposer un commentaire !

17/1000 caractères maximum.