Hobbitus Ille The Latin Hobbit J R R Tolkien

&ROOLV,OOH+REELWRQWUDQV$TXDP
+2%%,796,//(
$97
,//9&$749(5956965(7525690
-557RONLHQ
H[$QJOLFRVHUPRQHLQ/DWLQXPFRQXHUVXVD
0DUFR:DONHU
75$16/$725¶6,1752'8&7,21
$V D OLIHORQJ 7RONLHQ IDQDQG DQ DUGHQW /DWLQLVW

WUDQVODWLQJ7KH +REELW LQWR /DWLQ KDV EHHQ D ORQJ
FKHULVKHG DPELWLRQ RI PLQH %XW , DP DZDUH WKDW RWKHUV
PLJKWWKLQNRILWDVDWEHVWDUDWKHUZKLPVLFDOHQGHDYRXU
³<RX¶UHGRLQJZKDW"´³7KH+REELW±LQ/DWLQ´³:KR¶V
JRLQJ WR UHDGWKDW"´ 6R SHUKDSV , VKRXOG EHJLQ E\
H[SODLQLQJ ZK\ , WKLQN WKHUH DUH VXFK JRRG UHDVRQV IRU
GRLQJ LW WKDW WKH RQO\ ZRQGHU LV LW KDG QRW EHHQ GRQH
VRRQHU
7KHUHLVDVDQ\RQHZKRKDVWDNHQWKHWURXEOHWRVWXG\
/DWLQ NQRZV D FXULRXV JDS LQ WKH DYDLODEOH UHDGLQJ
PDWHULDO 2Q WKH RQH KDQG DUH VLPSOLILHG VWRULHV IRU
FODVVURRP XVH RQ WKH RWKHU WKH JORULHV RI KLJK /DWLQ
OLWHUDWXUH±EXWUHPDUNDEO\OLWWOHLQEHWZHHQ:KDWLVWKHUH
IRU WKH LQWHUPHGLDWH UHDGHU ZKR LV WLUHG RI WKH WH[WERRN
EXW QRW TXLWH UHDG\ WR JUDSSOH ZLWK WKH VWDWHO\ SRHWU\ RI
9LUJLO RU WKH JUDQG UKHWRULF RI &LFHUR" :KDW IRU WKH
DFFRPSOLVKHG UHDGHU ZKR ZDQWV WR HVFDSH IURP$QFLHQW
5RPH¶V PDUEOHG KDOOV IURP WLPH WR WLPH" :KDW IRU WKH
UHDGHUZKRMXVWZDQWVWRUHDG/DWLQ±WKHYHU\LGHD±IRU
IXQ"
7KLV LV ZKHUH WKH /DWLQ+REELW FRPHV LQ ,W LV QRWKLQJ
PRUH RU OHVV WKDQ D QRYHO ± EXW D QRYHO QRZ LQ /DWLQ
:KLFKLVWRVD\LWLVD/DWLQWH[WZKRVHSULQFLSDODLPLVWR
EH UHDG VROHO\ IRU WKH SOHDVXUH RI UHDGLQJ QRW RQH WR EH
VWXGLHG ZLWK WKH DLG RI FRSLRXV HGLWRULDO QRWHV RU
ODERXUHG RYHU LQ RUGHU WR JOHDQ KDUGZRQ TXRWDWLRQV IRU
DQ HVVD\ DVVLJQPHQW 5HDGLQJ IRU SOHDVXUH LV D UDUH
H[SHULHQFH IRU /DWLQLVWV ZKR LQ P\ RSLQLRQ GHVHUYH WR
HQMR\WKHPVHOYHVDVPXFKDVDQ\RQHHOVH
+DSSLO\7RONLHQ¶VLPPRUWDOVWRU\OHQGVLWVHOIWRVXFKD
/DWLQ WUDQVODWLRQ WKH VHQWHQFHV DUH JHQHUDOO\ VKRUW WKH
VHQVH LV DOZD\V FOHDU WKH VWRU\ LV HDV\ WR IROORZ
7RONLHQ¶V SHUVSLFXRXV SURVH DQG WKH FODULW\ RI KLV
H[SRVLWLRQDUHDJLIWWRDQ\WUDQVODWRU%XWIRUWKH/DWLQLVW
HVSHFLDOO\7KH+REELWKDVRWKHUUHFRPPHQGDWLRQV7KHUH
DUH QR WHOHSKRQHV FRPSXWHUV DXWRPRELOHV RU RWKHU VXFK
PRGHUQ HSKHPHUD LQ 0LGGOHHDUWK WKRXJK 7RONLHQ GRHV
PHQWLRQ D WUDLQ RQFH VR PRVW RI WKH DFWLRQ FDQ EH
GHVFULEHG XVLQJ WKH YRFDEXODU\ RI D VWDQGDUG /DWLQ
GLFWLRQDU\ 7RONLHQ ZULWHV ZLWK D VRQRURXV GLJQLW\ RI
H[SUHVVLRQ WKDW IDOOV QDWXUDOO\ LQWR /DWLQ FDGHQFHV $QG
VFDWWHUHG JHQHURXVO\ WKURXJKRXW DUH DQ DUUD\ RI VRQJV
ZKLFKDGGGHOLJKWIXOYDULHW\WRWKHWH[W
$VLWWXUQVRXWWKHZRUOGRI%LOER%DJJLQVLVVRYLYLGO\
SUHVHQWWRWKHLPDJLQDWLRQWKDWLWVXUYLYHVDQ\DUWLILFLDOLW\
LPSRVHG RQ LW E\ WUDQVODWLRQ LQWR WKH ODQJXDJH RI$QFLHQW
5RPH1RWWKDWWKLVYHUVLRQDVSLUHVWRLPLWDWHWKHLGLRPRI
5RPDQ ZULWHUV DQ\ZD\ D SRLQWOHVV H[HUFLVH LQ P\
RSLQLRQ EXW UDWKHU WR SUHVHQW 7RONLHQ¶V ZRUGV DV
IDLWKIXOO\ DQG DV FRPSUHKHQVLEO\ DV SRVVLEOH IRU WKH
HQMR\PHQW RI FRQWHPSRUDU\ /DWLQLVWV 7KLV LV QRW7KH
+REELWDVLIZULWWHQIRUWKH(PSHURU$XJXVWXVLWLVVLPSO\
7KH+REELW IRU DQ\RQH ZKR KDV VXIILFLHQW /DWLQ JUDPPDU
DQGDJRRGGLFWLRQDU\
7KHUH DUH LQHYLWDEO\ VRPH XQIDPLOLDU ZRUGV %XW ,
KDYH QRW LQYHQWHG ZKHUH /DWLQ DOUHDG\ KDV D WHUP WKDW DW
OHDVW DSSUR[LPDWHV WR 7RONLHQ¶V 6R IRU H[DPSOH WKH
IDLU\OLNH VSLULWV RI WKH 5RPDQ IRUHVWV ZHUHGU\DGHV
ZKLFK LV VXIILFLHQWO\ DQDORJRXV WR VWDQG LQ IRU 7RONLHQ¶V
HOYHV DQG LI WKH 5RPDQV GLGQ¶W PHDQ E\QDQXV ZKDW
7RONLHQPHDQWE\GZDUIWKHQZHFDQVD\WKHVDPHIRUWKH
(QJOLVK ZRUG WRR+REELWXV LWVHOI VHHPHG D UHODWLYHO\
REYLRXV FRLQDJH WKRXJK , GLG SX]]OH RYHU WUROO IRU TXLWH
VRPHWLPH7UROOVEHLQJFUHDWXUHVRI1RUVHP\WKQRQHRI
WKH H[WDQW /DWLQ WHUPV TXLWH VHHPHG WR ILW ± ZRUGV OLNH
EHOXD RUPRQVWUXP ZHUH WRR JHQHUDO DQGJLJDQWHV DUH
FOHDUO\ D VHSDUDWH UDFH %XW RQ WKH SDWWHUQ RI*ROOXP D
IRUWXLWRXV QHXWHU SURSHU QRXQ , IHOW UHDGHUV ZRXOG QRW
REMHFWWRWUROOXPSOXUDOWUROOD,KDGPRUHWURXEOHZKHQ
%LOER WDXQWV WKH VSLGHUV ZLWK DUFKDLF µDUDFKQLG¶ ZRUGV
OLNH$WWHUFRS DQG/RE IRU , QRW RQO\ QHHGHG VRPHWKLQJ
VXLWDEO\ VFXUULORXV EXW DOVR VRPHWKLQJ WKDW ZRXOG ILW WKH
YHUVHPHWUHZLWKDOLWWOHHIIRUWWKRXJKZHPLJKWLPDJLQH
WKDW RXU /DWLQVSHDNLQJ VSLGHUV DUH DQQR\HG WR EH
UHPLQGHG RI WKH IDWH RI WKHLU P\WKLFDO *UHHN DQFHVWRU
$UDFKQH
0RVW SURSHU QDPHV UHPDLQ HDVLO\ UHFRJQLVDEOH DQG
KDYH VLPSO\ EHHQ DVVLJQHG D /DWLQ WHUPLQDWLRQ DQG D
GHFOHQVLRQ ± %LOER LV%LOER%LOERQLV 6PDXJ LV6PDXJ
6PDXJLV DQG *DQGDOI LV*DQGDOSKXV*DQGDOSKL ± ZLWK
WKHH[FHSWLRQRIQDPHVWKDWDUHREYLRXVO\GHVFULSWLYHVR
IRU H[DPSOH 7KRULQ¶V VXUQDPH EHFRPHV
6FXWXPTXHUFHXP DQG %LOER¶V EXOOLVK DQFHVWRU LV
7DXULIUHPLWRU7KHWUROO:LOOLDP¶VQLFNQDPHµ%LOO¶,KDYH
UHQGHUHG DV5RVWUXP ± D OLWWOH /DWLQ SXQ KRZHYHU
H[HFUDEOH
2QH RI PRVW HQMR\DEOH DV ZHOO DV RQH RI WKH PRVW
FKDOOHQJLQJWDVNVZDVWRUHQGHU7RONLHQ¶VPDQ\VRQJVLQWR
/DWLQ YHUVH 7UDQVODWLQJ SRHWU\ IURP RQH ODQJXDJH WR
DQRWKHULVQHFHVVDULO\PRUHSDUDSKUDVHWKDQWUDQVODWLRQVR
P\ILUVWREMHFWLYHZDVWRPDNHP\/DWLQYHUVHVWUXHWRWKH
VSLULWLIQRWQHFHVVDULO\WKHOHWWHURI7RONLHQ¶VRULJLQDOV
7R DFKLHYH WKLV , KDG LQLWLDOO\ SODQQHG WR XVH FODVVLFDO
TXDQWLWDWLYH PHWUHV WKURXJKRXW ± WKRVH IRUPDO HGLILFHV
IDPLOLDU WR DQG VRPHWLPHV GUHDGHG E\ /DWLQ VWXGHQWV
IURP FODVVURRP HQFRXQWHUV ZLWK WKH $XJXVWDQ SRHWV
+RZHYHU , VRRQ UHDOLVHG WKLV ZRXOG QRW TXLWH GR ,Q WKH
YHU\ILUVWFKDSWHUIRUH[DPSOHWKHGZDUYHVVLQJDVROHPQ
DQG DQFLHQW VRQJ)DU RYHU WKH PLVW\ PRXQWDLQV FROG
ZKLFK UHDGLO\ OHQGV LWVHOI WR WKH ZHLJKW\ GLJQLW\ RI
FODVVLFDOPHWUH%XWLQWKHVDPHFKDSWHUWKH\EUHDNLQWRDQ
LPSURPSWX GLWW\ DERXW VPDVKLQJ SRRU %LOER¶V SUHFLRXV
FURFNHU\DQGWKLVVRQJVRLWVHHPHGWRPHZRUNHGPXFK
EHWWHULQUK\WKPLFDQGUK\PLQJIRUP:KHQ*ROOXPDQG
%LOER VHW HDFK RWKHU ULGGOHV WKHVH QDWXUDOO\ WDNH
TXDQWLWDWLYH VKDSH ± WKLV LV DIWHU DOO DQ DQFLHQW JDPH
SOD\HG VLQFH WLPH LPPHPRULDO ± EXW ZKHQ WKH JREOLQV RI
WKH0LVW\0RXQWDLQVVLQJWRDPDUFKLQJEHDWDQRPLQRXV
WURFKDLF SXOVH EHVW FDSWXUHV WKH UK\WKPLF VWDPS RI WKHLU
IHHW%\FRQWUDVWWKHIDFHWLRXVHOYHVRI5LYHQGHOOH[SUHVV
WKHPVHOYHVLQOLOWLQJLDPELFV
:KHQ , FRQVLGHUHG WKDW PDQ\ UHDGHUV XQOHVV WKH\ DUH
PXVLFDOO\ LQFOLQHG ZLOO QRW SUHYLRXVO\ KDYH HQFRXQWHUHG
UK\WKPLF DQG UK\PLQJ /DWLQ YHUVH , IHOW FHUWDLQ WKDW WKLV
GLYHUVLW\ RI YHUVLILFDWLRQ ZRXOG LPSDUW D SOHDVLQJ H[WUD
GLPHQVLRQ WR WKH ERRN 3HUKDSV DIWHU UHDGLQJ WKH /DWLQ
VRQJVRIGZDUYHVDQGJREOLQVKHUH\RXPD\EHWHPSWHGWR
LQYHVWLJDWH VRPH RI WKH PHGLHYDO YHUVHV WKDW LQVSLUHG
WKHP WKH PDJLVWHULDO'LHV ,UDH IRU H[DPSOH RU WKH
UXPEXQFWLRXV VRQJV RI WKH&DUPLQD%XUDQD$QG LI WKH\
LQVSLUH\RXWRVLQJVRPH/DWLQVRPXFKWKHEHWWHU
7UDQVODWLQJ7KH +REELW KDV EHHQ TXLWH DQ DGYHQWXUH
H[FLWLQJ IDVFLQDWLQJ GDXQWLQJ WHUULI\LQJ $OO WKRVH DQG
PRUH EHVLGHV :KHQ , EHJDQ WKLV SURMHFW , VKDUHG WKH
WUHSLGDWLRQ %LOER IHOW RQ VHWWLQJ RXW DV WKH ZRUN
SURJUHVVHG ± VHHPLQJO\ ZLWK QR HQG LQ VLJKW ± , KDG P\
RZQ PRPHQWV RI GHVSDLU LQ WKH GDUNQHVV EXW DW ODVW ,
UHMRLFHG DV GLG %LOER LQ WKH VDWLVIDFWLRQ RI EULQJLQJ P\
RZQ OLWHUDU\ DGYHQWXUH WR D FRQFOXVLRQIRUVDQ HW KDHF
ROLPPHPLQLVVHLXXDELW
$OOWKDWUHPDLQVLVIRUPHWRH[WHQGP\JUDWHIXOWKDQNV
WR'DYLG%UDZQDW+DUSHU&ROOLQVIRUKLVIDLWKLQWKLVERRN
DQG LQ PH DQG WR 0LNH %DUU\ WKH PXFKORYHG +HDG RI
&ODVVLFVDW&DOGLFRWW6FKRROZKRVHGLOLJHQWSURRIUHDGLQJ
RIWKHHDUO\FKDSWHUVVDYHGPHIURPVRPHVLOO\HUURUV
127$%(1(
8QIDPLOLDURUQHZZRUGVDUHPDUNHGZLWKDQDVWHULVN
RQWKHLUILUVWRFFXUUHQFHDQGDUHJORVVHGLQWKHYRFDEXODU\
DWWKHHQGZKHUH\RXZLOODOVRILQGDOLVWRISURSHUQDPHV
7KH YDULRXV YHUVH PHWUHV DUH QRWHG LQ D EULHI DSSHQGL[
6SHOOLQJ DQG RUWKRJUDSK\ IROORZ WKDW RI WKH2[IRUG/DWLQ
'LFWLRQDU\KHQFHQRGLVWLQFWLRQLVPDGHEHWZHHQYRFDOLF
DQG FRQVRQDQWDO µL¶ DQG µX¶ DQG RQO\ SURSHU QDPHV DUH
FDSLWDOLVHG7KLVKDVDOVREHHQP\SULPDU\EXWQRWVROH
UHIHUHQFHIRUGHILQLWLRQVDQGZRUGXVH
0DUN:DONHU
&$3,7$
7LWOH3DJH
7UDQVODWRU¶V,QWURGXFWLRQ
,&RQXLXLXP,QRSLQDWXP
,,2XLOOD$VVD
,,,5HTXLHV%UHXLV
,96XSHU&ROOHPHW6XEWHU&ROOHP
9$HQLJPDWDLQ7HQHEULV
9,(6DUWDJLQHLQ,JQHP
9,,'HXHUVRULD,QVROLWD
9,,,0XVFDHHW$UDQHDH
,;&XSDHH&DSWLXLWDWH
;+RVSLWDOLWHU([FLSLXQWXU
;,,Q/LPLQH
;,,6FLHQWLD,QWULQVHFXV
;,,,1RQ'RPL
;,9,JQLVHW$TXD
;91XEHV&RQJUHJDQWXU
;9,)XU1RFWH
;9,,1XEHV5XPSXQWXU
;9,,,,WHU5HWURUVXP
;,;*UDGXV9OWLPXV
1RPLQD3URSULD
9HUED)RUWDVVHDXW,QFRJQLWDDXW1RXD
$SSHQGL[3RHWLFDO0HWUHV
&RS\ULJKW
$ERXWWKH3XEOLVKHU
KDHF HVW IDEXOD GH UHEXV SUDHWHULWLV LOOLV WHPSRULEXV
OLQJXDH DWTXH OLWWHUDH D QRVWULV KRGLH XDOGH GLVWXOHUXQW
LOODH OLQJXDH LQ VHUPRQHP /DWLQXP FRQXHUVDH VXQW GXDV
DXWHP TXDHVWLRQHV DQLPDGXHUWDV VFLOLFHW /DWLQH
XHUEXPQDQLVROXPVLJQLILFDWSXPLOLRQHVLGHVWKRPLQHV
SDUXXORVQRQ XW LQ KDF IDEXOD JHQWHP DQWLTXDP H TXD
7KRULQXV 6FXWXPTXHUFHXP HW FRPLWHV RUWL VXQW KLF
RUFXVHVW QRPHQ TXRG LOOLV LQ WHPSRULEXV KREELWL EHOXLV
TXDH SOHUXPTXHJREHOLQLDXWKREJREHOLQLSUR JHQHULEXV
JUDQGLRULEXVDSSHOODQWXUGHGHUXQWLGQRPHQQHTXDTXDP
SHUWLQHW DG2UFXP/DWLQH LG HVW'LV GHXV LQIHUXV DXW
LQIHULLSVL
UXQDH IXHUXQW OLWWHUDH XHWHUHV TXDH LQ SULQFLSLR DG HDV
LQVFXOSDQGDVHWLQVFULEHQGDVOLJQRXHOVD[RXHOPHWDOORLQ
XVX HUDQW LWDTXH WHQXHV DWTXH DQJXORVDH IXHUXQW LQ
WHPSRULEXV KXLXV IDEXODH QDQL VROXP LOOLV IUHTXHQWHU XWL
VXQW SUDHFLSXH KLVWRULDV SULXDWDV DXW DUFDQDV VFULEHQGL
FDXVD LQ KRF OLEUR UXQDH HRUXP UXQLV /DWLQLV TXDV QXQF
SDXFL FRJQRVFXQW VLJQLIL FDQWXU VL UXQDH LQ 7DEXOD
*HRJUDSKLFD 7KURULV FXP XHUELV /DWLQH WUDQVFULSWLV LQ
SDJLQLV ;;;,9 HW /;9,, FRPSDUDQWXU WXP OLWWHUDV DG
OLQJXDP QRVWUDP DFFRPRGDWDV LQXHQLUH HW WLWXOXP LQ UXQLV
VXSHUVFULSWXPOHJHUHOLFHW
LQ 7DEXOD *HRJUDSKLFD RPQHV UXQDH VROLWDH LQXHQLUL
SRVVXQWSURMDWTXHYLDWTXHXXWXQWXUQXOODIXLWUXQDSUR
T XWHUHFZ QHTXH SUR] UXQD QDQRUXP XWL OLFHW VL
QHFHVVH HVW LQXHQLHV WDPHQ DOLTXDV UXQDV VLQJXODV
VLJQLIL FDUH GXDV OLWWHUDV QRXDV VFLOLFHWWK QJ HH DOLLV
TXRTXH UXQLV JHQHULV HLXVGHP H DH W VW DOLTXDQGR
XWHEDQWXU LDQXD FHODWD VLJQDWD HVW L DODWHUHPDQXVHDP
PRQVWUDXLWHWVXEHDKDHFVFULSWDVXQW
GXDH UXQDH XOWLPDH VXQW OLWWHUDH SULPDH 7KURULV HW

7KUDLQLUXQDHOXQDHTXDV(OURQGOHJLWIXHUXQW
LQ7DEXOD*HRJUDSKLFDTXDWWXRUFDUGLQHVDUXQLVVLJQLIL
FDQWXU FXP 2ULHQWH LQ VXPPR XW VROHEDW LQ WDEXOLV
JHRJUDSKLFLVQDQRUXPLWDTXHOHJDQWXULQPRGRKRURORJLL
2ULHQV0HULGLH2FFLGHQV6HSWHQWULRQHV
&$39735,090
&219,9,90,123,1$790
LQ IRUDPLQH WHUUDH KDELWDEDW KREELWXV QHF IRHGXP

VRUGLGXPPDGLGXPTXHIRUDPHQQHFH[WUHPLVOXPEULFRUXP
DWTXHRGRUHFDHQRVRLPSOHWXPQHFHWLDPIRUDPHQDULGXP
LQDQH KDUHQRVXP LQ TXR QLKLO HUDW DG FRQVLGHQGXP DXW
HGHQGXP DSWXP LPPR IRUDPHQKREELWXP HUJR
FRPPRGXP
TXRGLDQXDPRPQLQRURWXQGDPIHQHVWUDHQDXLVVLPLOHP
XLULGHP SLFWDP FXP EXOOD DHUDULD IODXHQWHTXH LQ PHGLD
DFFXUDWH GHIL[D KDEXLW DSHUWD HVW LDQXD LQ DWULXP
W X E X O D W X P FXQLFXOR VLPLOH FXQLFXOXV DXWHP
FRPPRGLVVLPXVQRQIXPLGXVFXPSDULHWLEXVODFXQDWLVHW
VROLV SDXLPHQWDWLV HW WDSHWLVWHFWLVTXLVHOOLVH[SROLWLVHW
SOXULPLVXQFLVDGSHWDVRVDPLFXODTXHVXVSHQGHQGDRUQDWXV
HVW ± QDP KRVSLWHV KREELWR SODFHEDQW FXQLFXOXV PDJLV
PLQXVXH LQ OLQHD GLUHFWD LWHU IDFLHQV SRUUR HW SRUUR LQ
ODWXV &ROOLV ± &ROOLV ,OOH XW WRWXV SRSXOXV PXOWD PLOLD
SDVVXXPFLUFXPLOOXPDSSHOODXLW±VLQXDEDWH[TXRPXOWDH
HW SDUXDH IRUHV DSHUWDH VXQW DOWHU KLQF DOWHU LOOLQF
DVFHQGHUHVFDODVKREELWRQRQRSXVIXLWFXELFXODEDOQHD
DSRWKHFDH FHOODH SHQDULDH PXOWDH HDUXP XHVWLDULD
IXHUXQW KREELWR FRQFODXLD XHVWLEXV RPQLQR GHGLFDWD
FXOLQDHWULFOLQLDRPQLDLQHRGHPSODQRIXHUXQWSURIHFWR
LQ HRGHP PHDWX FRQFODXLD DG VLQLVWUDP LQWXV IXHUXQW
RSWLPD QDP VROD H[ RPQLEXV IHQHVWUDV KDEXHUXQW
SURIXQGH GHIL[DV URWXQGDV IHQHVWUDV TXDH KRUWXP HLXV HW
SUDWDXOWUDDGIOXPHQSURFOLQDWDSURVSH[HUXQW
KREELWXV LOOH IXLW KREELWXV GLXLWLVVLPXV FXL QRPHQ IXLW
%DJJLQV%DJJLQVHVLQXLFLQLD&ROOLVLDPGLXKDELWDXHUDQW
TXL KRQHVWLVVLPL KDEHEDQWXU QRQ PRGR TXRG SOHULTXH
GLXLWHV IXHUXQW VHG HWLDP TXRG QHF XPTXDP IDFLQRUD
DXGDFLD QHF TXLFTXDP LQRSLQDWXP IHFHUXQW TXLFTXLG
%DJJLQVL FXLGDP OLFHDW GLFHUH GH UH TXDOLEHW VLQH ODERUH
URJDQGLHXPFRJQRVFHUHVKDHFHVWIDEXODGHPRGRLQTXR
%DJJLQVTXLGDPIDFLQXVIHFLWDXGD[HWLQXHQLWVHDJHUHHW
GLFHUH UHV RPQLQR LQRSLQDWDV TXL IRUWDVVH KRQRUHP
XLFLQRUXPDPLVHULWVHGDFTXLVLXLW±XHUXPWDPHQLQXHQLHV
QXPLVTXLFTXDPGHQLTXHDFTXLUDW
PDWHULSVLXVKREELWLQRVWUL±TXLGHVWKREELWXV"KREELWLV
RSXV HVW XW RSLQRU H[SODQDWLRQH TXDGDP KRGLH TXRQLDP
UDUL IDFWL VXQW HW +RPLQXP 0DJQRUXP XW QRV DSSHOODQW
WLPLGL VXQW DXW HUDQW KRPLQHV SDUXXOL FLUFD GLPLGLXP
SURFHULWDWLV QRVWUL HW PLQRUHV TXDP QDQL EDUEDWL EDUEDH
KREELWLV QRQ VXQW HVW LOOLV SDXOXOXP DXW QLKLO PDJLDH
SUDHWHU XXOJDUH FRWWLGLDQXP JHQXV TXRG LOOLV XVXL HVW XW
WDFLWL HW FLWR VH DXIHUDQW TXDQGRFXPTXH WDOLV LQJHQV HW
VWXOWD JHQV TXDOLV WX HW HJR UXVWLFH HUUDW VWUHSLWXP VLPLOH
HOHSKDQWLV IDFLHQV TXHP LOOL PLOLEXV SDVVXXP DEKLQF
DXGLUHSRVVXQWSURFOLXLWDWHPDGSLQJXHPXHQWULVKDEHQWLQ
FRORULEXV VSOHQGLGLV SOHUXPTXH XLULGL HW OXWHR VH
XHVWLXQW FDOFHRV QRQ LQGXXQW TXRG SODQWDH SHGXP FRULLV
QDWXUDOLEXV DXJHQWXU HW FDSLOOLV GHQVLV FDOLGLV IXOXLV VLFXW
FULQHV LQ FDSLWH TXL VXQW FULVSL ORQJRV SHULWRV IXOXRV
GLJLWRV KDEHQW XXOWXV DSHUWRV HW ULVXV DOWRV VXFRVRVTXH
ULGHQW LPSULPLV SRVW FHQDP TXDP ELV LQ GLH HGXQW
TXDQGRFXPTXH SRVVXQW QXQF VDWLV LQWHOOHJLV XW WLEL
SURJUHGL OLFHDW XW GLFHEDP PDWHU KXLXV KREELWL ± LG HVW
%LOERQLV%DJJLQVLV±IXLWLOOXVWULV%HOODGRQQD7RRNXQDH[
WULEXVILOLDEXVSUDHFODULV6HQLV7RRNLVFDSLWLVKREELWRUXP
TXL WUDQV $TXDP TXDH HVW IOXPHQ SDUXXP TXRG VXEWHU
&ROOHP IOXHEDW KDELWDEDQW VDHSH GLFHEDWXU LQ DOLLV
IDPLOLLVPDLRU7RRNTXLGDPFHUWHX[RUHPQ\PSKDPROLP
GX[LVVH TXRG VDQH DEVXUGXP IXLW VHG QLKLORPLQXV GH
LOOLV IXLW QHVFLR TXLG KREELWLV GLVVLPLOLXV HW DOLTXDQGR
DOLTXL JHQWLV 7RRNLV IDFLQRUD DXGDFLD IDFHUH VROHEDQW
FDXWH VH DEVWXOHUXQW HW IDPLOLDH UHP FHODXHUXQW XHUXP
7RRNHV WDPHQ IXHUXQW QRQ WDP KRQHVWL TXDP %DJJLQVHV
TXDPTXDPKDXGGXELRGLXLWLRUHVIXHUXQW
VFLOLFHW SRVWTXDP 'RPLQD %XQJR %DJJLQV IDFWD
%HOODGRQQD7RRNQXPTXDPIDFLQRUDIHFLWDXGDFLD%XQJR
TXL SDWHU %LOERQLV IXLW SUR HD HW SDUWLP D SHFXQLD HLXV
VXPSWXRVLVVLPXP IRUDPHQKREELWXP TXRG DXW VXE &ROOH
DXW VXSUD &ROOHP DXW WUDQV $TXDP LQXHQLUL SRWXLW
DHGLILFDXLWHWLELDGVXSUHPRVGLHVPDQVHUXQWQLKLORPLQXV
XHULVLPLOHHVW%LOERQHPXQLFXPILOLXPHLXVTXDPTXDPHW
LQ VSHFLH HW LQ PRULEXV HGLWLR VHFXQGD SDWULV VROLGL
JUDWLTXH HVVH XLGHUHWXU SDUXXP DOLTXLG DOLHQL H[ JHQWH
7RRNH LQ QDWXUD VXD DFFHSLVVH DOLTXLG TXRG VROXP
RFFDVLRQHP H[VSHFWDEDW XW VH SDWHIDFHUHW QXPTXDP
RFFDVLR DGXHQLW GRQHF %LOER LQ DHWDWHP SHUXHQLW FLUFD
TXLQTXDJLQWDDQQRVQDWXVHWLQDPRHQRIRUDPLQHKREELWRD
SDWUHHLXVDHGLILFDWRTXRGWLELPRGRGHVFULSVLKDELWDEDW
GRQHFUHXHUDLVGRPLFLOLXPLPPRELOHKDEHUHXLVXVHVW
IRUWXQD LQVROLWD TXRGDP PDQH LDPSULGHP LQ
WUDQTXLOLWDWH RUELV WHUUDUXP FXP PLQXV FODPRULV HW SOXV
XLULGLV HUDW HW KREELWL HWLDP QXPHURVL IRUWXQDWLTXH HUDQW
HW %LOER %DJJLQV SRVW LHQWDFXOXP LQ IRUH VWDEDW IXPXP
HPLWWHQV H[ IXPLVXJLR ORQJR OLJQHR LQJHQWLTXH TXRG DG
GLJLWRVODQHRVFRPSWHSHFWRVSHGXPSDHQHGHFOLQDEDW±
DGXHQLW *DQGDOSKXV *DQGDOSKXV VL WX TXDUWDP SDUWHP
VROXP DXGLXLVVHV UHUXP TXDH HJR GH LOOR DXGLXL HW HJR
PLQLPDP VROXP RPQLXP UHUXP TXDH DXGLUL SRVVXQW
DXGLXL WX DG IDEXODP PLUDELOHP TXDPOLEHW SUDHSDUDUHV
XELFXPTXH LOOH LWHU IHFLW IDEXODH HW IDFLQRUD DXGDFLD
RULHEDQWXU LQ PRGR LQVROLWLVVLPR SHU VDHFXOD HW VDHFXOD
QRQLOOXFDGXHQHUDWQRQXHURH[TXRWHPSRUHFXPDPLFXV
HLXV6HQH[7RRNPRUWXXVHVWHWKREELWLIDFLHLHLXVSDHQH
REOLWL HUDQW VXSHU &ROOHP WUDQV $TXDPTXH QHJRWLD VXD
JHUHQVDIXHUDWH[TXRKLIXHUXQWSDUXLSXHULKREELWLDWTXH
SXHOODHKREELWDH
LOOR PDQH %LOER QXOOD VXVSLFLRQH VHQHP FXP EDFXOR
VROXP XLGLW TXL SHWDVXP DOWXP DFXWXP FDHUXOHXP
DPLFXOXP ORQJXP UDXXP DPLFWRULXP DUJHQWHXP VXSUD
TXRG EDUED HLXV ORQJD HW FDQD LQIUD PHGLXP FRUSRULV
SHQGHEDWFDOLJDVTXHLQJHQWHVQLJUDVKDEXLW
³ERQXP PDQH´ %LOER VLQFHUH LQTXLW VRO OXFHEDW HW
JUDPHQ HUDW XLULGLVVLPXP *DQGDOSKXV DXWHP VXEWHU
VXSHUFLOLD ORQJD IUXWLFRVD TXDH XOWHULXV TXDP ODEUXP
SHWDVLXPEURVLSURSDJDXHUXQWHXPDVSH[LW
³TXLGXLV"´LQTXLW³WXQHPHKDEHUHERQXPPDQHLXEHV
DXW PDQH HVVH ERQXP XLV XWUXP LG XHOOHP QHFQH DXW WH
ERQXPVHQWLUHKRFPDQHDXWPDQHHVVHLQTXRTXLGDPVLW
ERQXV"´
³FXQFWL HRUXP VLPXO´ %LOER LQTXLW ³DWTXH PDQH HWLDP
DPRHQLVVLPXP DG IXPLVXJLR WDEDFL IRULV XWHQGXP VL
IXPLVXJLXPSRVVLGHDVFRQVLGHHWWXXPFXPPHRFRPSOH
QROLSURSHUDUHWRWXPGLHPDQWHQRVKDEHPXV´WXP%LOER
LQVHOODLX[WDLDQXDPVXDPFRQVHGLWHWFUXULEXVLPSOH[LV
FRURQDP SXOFKUDP IXPL JODXFL TXDH LQ DHUHP LQWDFWD
XRODEDWHWSURFXOVXSHU&ROOHPGHIHUHEDWXUHPLVLW
³SXOFKHUULPD´ *DQGDOSKXV LQTXLW ³VHG KRF PDQH
WHPSXVHPLWWHQGLFRURQDVIXPLQRQPLKLHVWQDPTXHPGDP
TXDHURTXLIDFLQXVDXGD[TXRGHJRFRPSRQRFRQLXQJDW
HWLQXHQLUHTXHPTXDPGLIILFLOOLPXPHVW´
³VDQH ± KLV LQ UHJLRQLEXV JHQV VLPSOH[ VHGDWDTXH
VXPXV TXDH IDFLQRULEXV DXGDFLLV QRQ XWLWXU IRHGDH
WXPXOWXRVDHLQFRPPRGDHUHVHIILFLXQWXWWDUGHFHQHVQRQ
LQWHOOHJR TXLG TXLVTXDP LQ HLV XLGHDW´ LQTXLW 'RPLQXV
%DJJLQV QRVWHU HW SROOLFHP XQXP SRVW IDVFLDV EUDFDUXP
SRVXLWHWDOWHUDPPDLRUHPHWLDPFRURQDPIXPLHPLVLWWXP
OLWWHUDV PDWXWLQDV HGXFWDV OHJHUH LQFHSLW VLPXODQV XW VH
QRQLDPVHQHPDQLPDGXHUWHUHWQDPFRQVWLWXHUDWHXPHVVH
SDUXPJHQHULVVXLHWFXSLXLWHXPDEVFHGHUHVHQH[DXWHP
VHQRQPRXLWLQEDFXORVXRLQQLWHQVVWDEDWHWQLKLOORTXHQV
KREELWXP VSHFWDEDW GRQHF %LOER LQFRPPRGLRU IDFWXV HVW
HWHWLDPLUDWLRU
TXL ³ERQXP PDQH´ WDQGHP LQTXLW³TXDHOLEHW IDFLQRUD
DXGDFLD KLF QROXPXV WLEL JUDWLDV WLEL OLFHDW FRQDUL VXSUD
&ROOHP XHO WUDQV $TXDP´ KLV XHUELV LQ DQLPR KDEXLW
VHUPRQHPWHUPLQDUH
³TXRW UHVERQXP PDQH WLEL VLJQLILFDW"´ *DQGDOSKXV
LQTXLW³QXQFWXVLJQLILFDVWHXHOOHPHGLPLWWHUHHWLGQRQ
ERQXPHULWGRQHFKLQFGLVFHVVHUR´
³PLQLPH PLQLPH FDULVVLPH LPPR QRQ SXWR PH
FRJQRVFHUHQRPHQWXXP"´
³PD[LPH PD[LPH FDULVVLPH ± DWTXH HJR QRPHQ WXXP
FRJQRVFR 'RPLQH %LOER %DJJLQV DWTXH WX QRPHQ PHXP
FRJQRVFLV TXDPTXDP REOLWXV HV LG PH HVVH *DQGDOSKXV
VXPHW*DQGDOSKXVPHVLJQLILFDWKHXDGHRXL[LXWERQXP
PDQHDILOLR%HOODGRQQDH7RRNLVLXEHDUTXDVL RUELFXORV
DGRVWLXPXHQGHUHP´
³*DQGDOSKH *DQGDOSKH R PH IHOLFHP QRQQH PDJXV
HUUDEXQGXV TXL SDU EXOODUXP DGDPDQWLQDUXP PDJLFDUXP
TXDH QXPTXDP UHVROXWDH VXQW GRQHF LXVVDH VXQW 6HQL
7RRNLGHGLW"QRQQHKRPRIHVWLXXVTXLIDEXODVPLUDELOHVGH
GUDFRQLEXV HW JREHOLQLV HW JLJDQWLEXV HW XLUJLQLEXV
UHJLDUXPOLEHUDQGLVHWIRUWXQDLQRSLQDWDILOLRUXPXLGXDUXP
LQ FRQXLXLLV GLFHEDW" QRQQH LOOH TXL WDP RSWLPRV
S\URERORV FKDUWDFHRV IDFLHEDW HRV PHPLQL TXRV 6HQH[
7RRN SULGLH 0HGLDP $HVWDWLV KDEHEDW HXJHSDH TXDVL

OLOLDLQJHQWLDHW DQWLUUKLQDHWODEXUQDLJQLVDVFHQGHUHQWHW
LQ FUHSXVFXOR SHU WRWXP XHVSHUXP SHQGHUHQW´ LDP
DQLPDGXHUWHULV'RPLQXP%DJJLQVHPQRQHVVHWDPLHLXQXP
TXDP VLEL FUHGHUH OLEXHULW HXP TXRTXH IORUXP
DPDQWLVVLPXP HVVH ³PH PLVHUXP´ FRQWLQXDEDW ³QRQQH
*DQGDOSKXV LOOH TXL SOXULPRV SXHURV HW SXHOODV LQ
&DHUXOHXP GLVFHGHUH IDFLQRUXP LQVDQRUXP FDXVD
SUDHVWDEDW" TXDHOLEHW DE DUERULEXV DVFHQGHQGLV XVTXH DG
GU\DGHV VDOXWDQGDV ± DXW QDXHV QDXLJDQGDV QDXLJDUH DG
OLWRUDDOLHQDSURILGHPXLXHUHHUDWLXFXQGXRORGLFHUHWH
ROLP UHV LQ KLV UHJLRQLEXV PDOH SHUWXUEDXLVVH PLKL
LJQRVFHVHGWHDGKXFLQQHJRWLLVHVVHQHVFLXL´
³DOLEL PH HVVH RSRUWHW"´ PDJXV LQTXLW ³QLKLORPLQXV
PLKL SODFHW FRJQRVFHUH WH GH PH QRQQLKLO PHPLQLVVH
S\URERORV FKDUWDFHRV PHRV EHQLJQH PHPLQLVVH XLGHULV
VDOWHP HUJR UHV QRQ VLQH VSH HVW VDQH SUR DXR 6HQH
7RRNHHWSURPLVHUD%HOODGRQQDLGTXRGSRSRVFLVWLWLEL
GDER´
³LJQRVFHPLKLQXOOXPSRSRVFL´
³SRSRVFLVWLELVQXQFLJQRVFHLGWLELGDERLPPRWHLQ
IDFLQXV DXGD[ PLWWDP PLKL LXFXQGLVVLPXP WLEL
VDOXWDULVVLPXP±HWLDPOXFURVXPSUREDELOLWHUVLXPTXDP
HLVXSHUIXHULV´
³PHSDHQLWHWTXDHOLEHWIDFLQRUDDXGDFLDQRQFXSLRWLEL
JUDWLDV QRQ KRGLH ERQXP PDQH VHG DG WKHDP XHQL
TXDHVR±TXDQGRFXPTXHWLELSODFHWTXLQFUDV"FUDVXHQL
XDOH´ KLV GLFWLV KREELWXV WHUJXP XHUWLW HW LQWUD LDQXDP
URWXQGDP XLULGHP IHVWLQDXLW TXDP FODXVLW WDP FHOHULWHU
TXDPDXVXVHVWQHLQVROHQVXLGHDWXUPDJLXHURVXQWPDJL
³FXU LQ RUEH WHUUDUXP HXP DG WKHDP URJDXL"´ VHFXP
LQTXLW DG FHOODP SHQDULDP LHQV PRGR LHQWDXHUDW VHG
SXWDXLWOLEXPXHOGXDDWTXHSRWLRQHPTXDPGHPIXWXUDHVVH
ERQDVLELSRVWWHUURUHPVXXP
LQWHULP*DQGDOSKXVIRULVDGKXFVWDEDWORQJHVHGWDFLWH
ULGHQV SDXOR SRVW DJJUHVVXV HVW HW VLJQXP LQVROLWXP LQ
LDQXDPKREELWLSXOFKUDPXLULGHPFXVSLGHEDFXOLUDVLWWXP
JUDGXP UHWWXOLW HRGHP SDHQH WHPSRUH FXP %LOER OLEXP
DOWHUXP FRQVXPPDEDW HW VH IDFLQRUD DXGDFLD RSWLPH
XLWDXLVVHFRJLWDEDW
TXL SRVWULGLH *DQGDOSKL SDHQH REOLWXV HUDW UHV QRQ
RSWLPH UHFRUGDWXV HVW QLVL HDV LQ WDEXOD QHJRWLRUXP
LQVFULSVLWVLFXW*DQGDOSKXVDGWKHDPGLH0HUFXULLKHUL
FRPPRWLRUIXHUDWQHTXLFTXDPLQVFULEHUHW
SDXOR DQWH WKHDP WLQWLQQDEXOXP LDQXDH WUHPHQGH
WLQQLXLW GHQLTXH UHP UHFRUGDWXV HVW DG DHQHXP
FDOHIDFHQGXP IHVWLQDXLW HW SRFXOR DOWHUR SDWHOODTXH
FROORFDWLVHWOLERQRXRXHOGXREXVDGLDQXDPFXFXUULW
³XDOGH PH SDHQLWHW XW PDQVHULV´ GLFWXUXV FXP LOOXP
QRQSURUVXV*DQGDOSKXPHVVHXLGLWIXLW QDQXVFXPEDUED
FDHUXOHD VXFFLQFWD LQ FLQJXOR DXUHR RFXOLV QLWLGLVVLPLV
VXEWHU FXFXOOXP JODXFLXLULGLV TXL TXDP SULPXP LDQXD
DSHUWDHVWLPSHWXLQWURLLWTXDVLH[SHFWDWXVHVVHW
FXFXOOR LQ XQFR SUR[LPR GHIL[R ³'ZDOLQXV´ LQTXLW
SURIXQGHFDSXWGHPLWWHQV³WLELVHUXLR´
³%LOER %DJJLQV HWLDP WLEL´ KREELWXV LQTXLW DGHR
VWXSHIDFWXV XW LQ SUDHVHQV HXP QRQ LQWHUURJDUHW VLOHQWLR
VHTXHQWH IDFWR PROHVWR DGGLGLW ³HJR KDELWXUXV WKHDP
XHQL TXDHVR XW PHFXP DOLTXDP KDEHDV´ DOLTXDQWXOXP
IULJLGXPIRUWDVVHVHGERQDILGHGLFWXPQDPTXLGDJDVWX
VLQDQXVLQXRFDWXVDGXHQLUHWHWQXOODH[SODQDWLRQHXHVWHVLQ
DWULRWXRGHIL[HULW"
DGPHQVDPQRQGLXIXHUXQWLPPRDGOLEXPWHUWLXPXL[
SHUXHQHUXQW XEL LWHUXP WLQWLQQDEXOXP HWLDP FODULXV
WLQQLXLW
³PLKL XHQLDP GD´ KREELWXV LQTXLW WXP DG LDQXDP
GLVFHVVLW
³GHQLTXH DGXHQLVWL´ KRF WHPSRUH *DQGDOSKR GLFWXUXV
*DQGDOSKXVDXWHPQRQDGIXLWLQHLXVXLFHPIXLWLQOLPLQH
QDQXV VSHFLH VHQHFWLVVLPD FXP EDUED DOED HW FXFXOOR
FRFFLQHR TXL HWLDP VDOWXDWLP LQWURLLW TXDP SULPXP LDQXD
DSHUWDHVWTXDVLXRFDWXVHVVHW
³XLGHRHRVLDPDGXHQLUHFRHSLVVH´LQTXLWFXPFXFXOOXP
'ZDOLQL XLULGHP GHIL[XP DVSH[LW UXEUR VXR GHIL[R LX[WD
HXP³%DOLQXV´LQTXLWFXPPDQXLQSHFWRUH³WLELVHUXLR´
³WLELJUDWLDV´%LOERDQKHODQVLQTXLWSUDXXPIXLWGLFWX
V H GHRV DGXHQLUH FRHSLVVH HXP XDOGH FRPPRXHUDW
KRVSLWHV HL SODFXHUXQW VHG HRV FRJQRVFHUH DQWHTXDP
DGXHQWXP HVW PDOXLW HW LSVH HRV XRFDUH PDOXLW WUHSLGXV
H[LVWLPDEDW XW OLED GHILFHUHQW WXP LSVH ± XW FHQDH SDWHU
QDPRIILFLXPVXXPLQWHOOH[LWHWHJLWTXDPXLVHLGROXHULW±
HLVQHFHVVDULRFDUHUHW
³LQWURL XW WKHDP DOLTXDP KDEHDV´ DQLPD LQVSLUDWD
GLFHUHSRWXLW
³SDXOXOXP FHUXLVLDH PDOLP VL WRWXP DHTXL ERQLTXH
IDFLDVGRPLQHERQH´LQTXLW%DOLQXVFXPEDUEDDOED³VHG
DOLTXLGOLELPLKLOLFHW±OLEXPFXPVHPLQLEXVVLTXLFTXDP
KDEHDV´
³PXOWXP´ LOOH LQXHQLW VH UHVSRQGHUH VWXSHIDFWXV HW
LQXHQLW VH TXRTXH DG DSRWKHFDP IHVWLQDUH XW VF\SKXP
VH[WDULXPFHUXLVLDHFRPSOHUHWWXPDGFHOODPSHQDULDPXW
GXD SXOFKUD URWXQGD OLED FXP VHPLQLEXV TXDH SRVW
PHULGLHLOORFR[HUDWJXVWDQGLFDXVDSRVWFHQDPIHUUHW
FXPUHXHQLVVHW%DOLQXVHW'ZDOLQXVDGPHQVDPLQWHUVH
ORTXHEDQWXU VLFXW XHWHUHV DPLFL UH XHUD IUDWUHV HUDQW
%LOER FHUXLVLDP HW OLEXP DSXG HRV GHSRVXLW FXP FODUH
WLQWLQQDEXOXPVHPHODWTXHLWHUXPWLQQLXLW
³*DQGDOSKXV SUR FHUWR´ SXWDEDW GXP SHU PHDWXP
DQKHODQV LW LOOH DXWHP QRQ DGIXLW IXHUXQW GXR SOXV
QDQRUXP DPER FXP FDOLJLV FDHUXOHLV FLQJXOLV DXUHLV HW
EDUELV IODXLV XWHUTXH VDFFXP LQVWUXPHQWRUXP SOHQXP HW
SDODP IHUHEDW VDOWXDWLP LQWURLHUXQW TXDP SULPXP LDQXD
DSHULULFRHSLW±%LOERXL[VWXSHIDFWXVHVW
³TXLGXRELVDJDPQDQLPL"´LQTXLW
³.LOLXV WLEL VHUXLR´ DOWHU LQTXLW ³HW )LOLXV´ DOWHU
DGGLGLW DWTXH DPER FXFXOOXP FDHUXOHXP HULSXHUXQW HW
FDSXWGHPLVHUXQW
³HWLDP WLEL HW IDPLOLDH WXDH´ %LOER UHVSRQGLW KRF
WHPSRUHPRUHVVXRVUHFRUGDWXV
³XLGHR 'ZDOLQXP HW %DOLQXP LDP DGHVVH´ .LOLXV
LQTXLW³WXUEDPLXQJDPXV´
³WXUED´ 'RPLQXV %DJJLQV SXWDXLW ³FXLXV VRQXV QRQ
PLKL SODFHW SURIHFWR QHFHVVH HVW PLKL FRQVLGHUH SHU
PRPHQWXP WHPSRULV XW LQJHQLXP PHXP FROOLJDP HW
ELEHUH´ PRGR GHJXVWDXLW ± LQ DQJXOR GXP TXDWWXRU QDQL
FLUFDPHQVDPVHGHQWDWTXHORTXXQWXUGHIRGLQLVDWTXHDXUR
HWPROHVWLLVFXPJREHOLQLVHWGUDFRQXPVSROLDWLRQLEXVHW
UHEXV FHWHULV TXDH LOOH QHF LQWHOOH[LW QHF LQWHOOHJHUH
FXSLXLWTXRGPXOWRDXGDFLRUHVVHXLVDHVXQW±FXPGLQJ
GRQJDOLQJGDQJ WLQWLQQDEXOXP UXUVXV WLQQLXLW TXDVL
KREELWXVSXHU TXLGDP LPSUREXV FDSXOXP HULSHUH
FRQDUHWXU
³DOLTXLVSURSHLDQXDP´QLFWDQVLQTXLW
³DOLTXLTXDWWXRUVRQLWXOLFHWPLKLGLFHUH´)LOLXVLQTXLW
³TXRVSUDHWHUHDXHQLHQWHVSRVWWHUJXPSURFXOXLGLPXV´
KREELWXVPLVHOOXVLQDWULRFRQVHGLWHWFDSLWHLQPDQLEXV
TXLG DFWD HVVHQW HW TXLG DFWXUD HVVHQW PLUDWXV HVW HW QXP
RPQHV FHQDWXUL HVVHQW WXP WLQWLQQDEXOXP UXUVXV WLQQLXLW
FODULXV TXDP XPTXDP HW DG LDQXDP HL IHVWLQDQGXP IXLW
QRQ DXWHP IXHUXQW TXDWWXRU VHG 49,149( QDQXV DOLXV
DGXHQHUDWGXPLOOHLQDWULRPLUDWXUEXOODXL[XHUVDRPQHV
LQ LQWHULRUH IXHUXQW FDSLWD GHPLWWHQWHV GLFHQWHVTXH ³WLEL
VHUXLR´ DOLXV SRVW DOLXP 'RULXV 1RULXV 2ULXV 2LQXV HW
*ORLQXV DSSHOODWL VXQW PR[ GXR FXFXOOL SXUSXUL FXFXOOXV
FDQXVFXFXOOXVIXOXXVDWTXHFXFXOOXVDOEXVLQXQFLVGHIL[L
VXQW HW FXP PDQLEXV ODWLV LQ FLQJXOLV DXUHLV DUJHQWHLVTXH
SRVLWLV LQFHVVHUXQW XW DOLRV LXQJHUHQW LDP WXUED SDHQH
IDFWD HVW DOLL FHUXLVLDP DOLL PHUXP SRSRVFHUXQW XQXV
FDIDHXP RPQHV OLED XW KREELWXV DOLTXDPGLX
RFFXSDWLVVLPXVHVVHW
XUQD FDIDHL LQ IRFR PRGR SRVLWD HUDW OLED FXP
VHPLQLEXVILQLWDHUDWHWQDQLSODFHQWDVFXP EXW\URHGHUH
LQFLSLHEDQW FXP XHQLW ± SXOVDWLR FODUD SXOFKUD LDQXD
XLULGLVKREELWLQRQWLQQLHEDWXUVHGGXUHSXOVDEDWXUQHVFLR
TXLVHDPEDFXORSXOVDEDW
%LOER LUDWLVVLPXV DWTXH RPQLQR VWXSHIDFWXV
VWXSHEDWXVTXHSHUPHDWXPIHVWLQDXLW±KDHFGLHV0HUFXULL
IXLW LQVFLWLVVLPD TXDP XPTXDP UHFRUGDWXV HVW LPSHWX
LDQXDPDSHUXLWHWDOLLDOLLTXHWXUELGHSURFXEHUXQWSOXUHV
QDQL TXDWWXRU SOXV *DQGDOSKXV HWLDP LQ EDFXOR VXR
LQQLWHQV HW ULGHQV DGIXLW TXL LQ LDQXD SXOFKUD LQLXULDP
XDOGHFRQVSLFXDPIHFHUDWTXRTXHVLJQXPRFFXOWXPTXRG
LOOLFPDQHSULGLHSRVXHUDWGHOHXHUDW
TXL³FDXHFDXH´LQTXLW³QRQWLELVLPLOLVHVW%LOERXW
DPLFRV LQ WHJHWH GHWLQHDV H W WXP LDQXDP VLFXW
PDQXEDOOLVWDP DSHULDV %LIXUHP %RIXUHP %RPEXUHP HW
SUDHFLSXH7KRULQXPWLELFRPPHQGDP´
³WLELVHUXLR´%LIXU%RIXUHW%RPEXULQRUGLQHVWDQWHV
LQTXLXQW WXP GXRV FXFXOORV IODXRV HW XQXP VXE XLULGLV
GHIL[HUXQW XQXP TXRTXH FDHUXOHXP FXP ILOR ILPEULDWR
ORQJRDUJHQWHRTXLIXLW7KRULQLQDQXVPDJQLPRPHQWLUH
XHUD QRQ DOLXV TXDP PDJQXV 7KRULQXV 6FXWXPTXHUFHXP
LSVHFXLLQOLPLQH%LOERQLVSURFXPEHUH%LIXUH%RIXUHHW
%RPEXUH VXSUD HXP QRQ XDOGH SODFXLW %RPEXU XHUR
SLQJXLVVLPXV IXLW HW SRQGHURVXV 7KRULQXV TXLGHP
VXSHUELVVLPXVQLKLOGHVHUXLRGL[LWPLVHUDXWHP'RPLQXV
%DJJLQV FUHEUR GL[LW VH H[FXVDUL XW GHPXP LOOH ³TXDHVR
QROL PHQWLRQHP IDFHUH´ JUXQQLUHW HW IURQWHP FRQWUDKHUH
GHVLVWHUHW
³QXQF QRV RPQHV DGVXPXV´ *DQGDOSKXV LQTXLW
DVSLFLHQV RUGLQHP WUHGHFLP FXFXOORUXP ± RSWLPRUXP
FXFXOORUXPSURFRQXLXLLVGLVLXQFWRUXP±HWSHWDVXPVXXP
TXLLQXQFLVSHQGHEDQW³LXFXQGLRUHVFRHWXVVSHURDOLTXLG
FLELHWSRWLRQLVVXSHUHVVHHLVTXLWDUGHDGXHQHUXQWTXLG"
WKHDPLQLPHSDUXXOXPXLQLUXEULPLKLSXWR´
³PLKLHWLDP´7KRULQXVLQTXLW
³DWTXH FRQGLWXUD UXEL LGDHL HW FUXVWXOXP PDORUXP´
%LIXULQTXLW
³DWTXHFUXVWXPFDUQLVFRQFLVLHWFDVHXV´%RIXULQTXLW
³DWTXHFUXVWXPSRUFLVHWDFHWDULD´%RPEXULQTXLW
³DWTXH SOXUD OLED ± HW FHUXLVLD ± HW FDIDHXP VL WLEL
SODFHDW´FHWHULQDQLSHULDQXDPXRFDXHUXQW
³RXD SDXFD FRTXH PL VRGDOLV ERQH´ *DQGDOSKXV DG
HXP FODPDXLW GXP KREELWXV DG FHOODV IHVWLQDW ³HW VROXP
SXOOXPIULJLGXPDWTXHVDOVXUDVH[SRUWD´
³LOOH WDQWXP GH LQWHULRULEXV FHOODUXP PHDUXP VFLUH
XLGHWXU TXDQWXP HJR LSVH´ SXWDXLW 'RPLQXV %DJJLQV
XDOGHDJLWDWXVTXLQXPIDFLQXVPLVHUULPXPXVTXHGRPXP
VXXPDGXHQLVVHWPLUDULLQFLSLHEDWHRWHPSRUHFXPRPQHV
ODJRQDV DWTXH FDWLOOD DWTXH FXOWURV IXUFDVTXH DWTXH XLWUD
DWTXH SDWHOODV DWTXH FRFKOHDULD DWTXH DOLD LQ IHUFXOLV
PDJQLV FXPXODXHUDW FDOLGLVVLPXV HW UXEHU IDFLH HW
LUDWLVVLPXVILHEDW
³FRQIXQGLWHHWREWXQGLWHKRVQDQRV´PDJQDXRFHLQTXLW
³TXDPREUHP DG PH LXXDQGXP QRQ XHQLXQW"´ HFFH LEL
VWDEDQW %DOLQXV HW 'ZDOLQXV LX[WD LDQXDP FXOLQDH LQ
WHUJXPTXRUXP)LOLXVHW.LOLXVHWDQWHTXDPFXOWHUGLFHUH
SRVVLWLOOLIHUFXODDWTXHGXDVPHQVDVSDUXDVLQWULFOLQLXP
UDSXHUDQWHWRPQLDGHQRXRGLVSRVXHUDQW
*DQGDOSKXV WUHGHFLP QDQLV FLUFXPGDWXV DG FDSXW
FRQXLXLL VHGHEDW %LOER LQ VFDELOOR LX[WD IRFXP VHGHEDW
ELVFRFWXP DGPRUGHQV FLEXP XDOGH IDVWLGLXLW HW
DSSDUHUH FRQDQV TXDVL RPQLD VLQW XVLWDWLVVLPD HW
QHTXDTXDP IDFLQXV DXGD[ QDQL HGHEDQW DWTXH HGHEDQW
ORTXHEDQWXU DWTXH ORTXHEDQWXU HW WHPSXV IXJLW GHPXP
VHOOLV HRUXP UHSXOVLV %LOER DG SDWHOODV XLWUDTXH
FROOLJHQGDVHPRXLW
³SXWR RPQHV XRV FHQDWXURV HVVH"´ XRFH EODQGLVVLPD
PLQLPHSRVWXODWLRQHLQTXLW
³VDQH´7KRULQXVLQTXLW³SRVWHDHWLDPQHJRWLXPGRQHF
VHUXP QRQ SHUILFLHWXU HW SULPXP QRELV FDQWDQGXP HVW
QXQFSXUJDQGXPHVW´
VWDWLP GXRGHFLP QDQL ± 7KRULQR H[FHSWR TXL XDOGH
PDJQLPRPHQWLIXLWHWFXP*DQGDOSKRORTXHQVPDQVLW±DG
SHGHVVDOXHUXQWHWFXPXORVDOWRVRPQLXPIHFHUXQWIHUFXOLV
QRQ H[SHFWDWLV FROXPQDV SDWHOODUXP TXDHTXH ODJRQD LQ
VXPPD SRVLWD SHUSHQGHQWHV H[LHUXQW GXP KREELWXV HRV
VHTXLWXUSDHQHVWULGHQVLQWHUURUH³FDXHTXDHVR´HW³QROL
FXUDUH TXDHVR LG JHUHUH SRVVXP´ QDQL DXWHP PRGR
FDQWDUHFRHSHUXQW
IUDQJHXLWUDHWFDWLOOD
FXOWURVWXQGHIXUFDVIOHFWH
%LOER%DJJLQVRGLWLOOD±
QXQFHWFRUWLFHVLQFHQGH
WH[WXPVHFDVHEXPFDOFD
ODFWHPIXQGHFHOODHWHUUD
OLQTXHLQWDSHWRRVVD
XLQXPVSHUJHVXSHUSRUWD
KDVSDWHOODVDHVWXODXD
KDVFRQWXQGHPDJQDFODXD
VLQRQQXOODVLQWLQWDFWD
XROXHHDHFXOLQD
%LOER%DJJLQVRGLWLOOD
FDXHFDXHKDHFFDWLOOD
SODQH QLKLO KDUXP UHUXP PDODUXP IHFHUXQW HW RPQLD

SXUJDEDQWXUHWWXWHVXLVORFLVSRQHEDQWXUTXDPFHOHUULPH
GXP KREELWXV VH LQ PHGLD FXOLQD FLUFXP DWTXH
FLUFXPXHUWLWFRQDQVXLGHUHTXDVUHVLOOLDJHEDQWUHJUHVVL
7KRULQXP SHGLEXV LX[WD IRFXP IXPLVXJLXP IXPDQWHP
LQXHQHUXQW TXL LQJHQWLVVLPDV FRURQDV IXPL HPLWWHEDW
TXRFXPTXHXQDPTXDUXPLUHLXVVLWLOODLLW±DXWVXUVXPLQ
GXFWXP IXPDULXP DXW SRVW KRURORJLXP TXRG LQ WDEXOD
VXSUD IRFXP SRVLWXP HVW DXW VXEWHU PHQVDP DXW FLUFXP

DWTXHFLUFXPODTXHDUHPVHGTXRFXPTXHLOODLLWQRQVDWLV
FHOHUHVVHSRWXLWXW*DQGDOSKXPXLWDUHSRVVHWTXLFUHSLWX
FRURQDPPLQRUHPH[IXPLVXJLREUHXLDUJLOODHUHFWDXLDLQ
PHGLDPTXDPTXH7KRULQLHPLVLWWXPFRURQD*DQGDOSKLLQ
XLULGHPXHUVDHWUHJUHVVDVXSHUFDSXWPDJLSHSHQGLWLDP
QXEHP TXDUXP FLUFXP HXP KDEXLW HW OXPLQH REVFXUD
DOLHQXV PDJLFXVTXH HVVH XLVXV HVW %LOER DGVWDQV
DVSLFLHQVTXH ± FRURQDV IXPL GLOH[LW ± GH VXSHUELD VXD LQ
FRURQLVIXPLTXDHKHULPDQHVHFXQGRXHQWRVXSHU&ROOHP
HPLVHUDWFRJLWDUHHUXEXLW
³QXQFHVWFDQWDQGXP´7KRULQXVLQTXLW³RUJDQDDIIHUWH´
.LOLXV HW )LOLXV DG VDFFXORV VXRV IHVWLQDXHUXQW HW ILGHV
SDUXDV UHWWXOHUXQW 'RULXV 1RULXV HW 2ULXV WLELDV
H[WXOHUXQW H[ DOLTXR ORFR LQIUD DPLFXOD VXD H[ DWULR
%RPEXUW\PSDQXPSURGX[LW%LIXUHW%RIXUTXRTXHHJUHVVL
HW FXP WLELLV FODULVRQLV TXRV LQWHU EDFXOD UHOLTXHUDQW
UHJUHVVL VXQW 'ZDOLQXV %DOLQXVTXH ³PLKL XHQLDP GD´
LQTXLXQW ³PHXP LQ DWULR UHOLTXL´ ³UHIHUWH PRGR PHXP
XRELVFXP´ 7KRULQXV LQTXLW LOOL FXP ILGLEXV WDP PDJQDH
TXDP LSVL UHXHQHUXQW HW FXP O\UD 7KRULQL LQ WH[WR XLULGL
LQXROXWD IXLW O\UD DXUHD HW VSHFLRVD TXDP FXP SULPXP
SVDOOLW 7KRULQXV VLPXO LQFHSLW V\PSKRQLD WDP UHSHQWH HW
FXPGXOFHGLQHXW%LOERFHWHUDUXPUHUXPREOLWXVLQWHUUDV
WHQHEURVDV VXE OXQLV DOLHQLJHQLV ORQJH WUDQV $TXDP HW
ORQJLVVLPHHIRUDPLQHKREELWRLQIUD&ROOHPUDSHUHWXU
D IHQHVWUD SDUXD TXDH LQ ODWHUH &ROOLV DSHUWD HVW LQ
FRQFODXH XHQLHEDQW WHQHEUDH OX[ LJQLV WUHPHEDW ± IXLW
$SULOLV ± HWLDPQXQF PRGXODEDQWXU GXP XPEUD EDUEDH
*DQGDOSKLLQPXURPRXHWXU
WHQHEULVWRWXPFRQFODXHLPSOHWXPHVWHWLJQHPRUWXRHW
XPEULV SHULWLV HWLDPQXQF PRGXODEDQWXU VXELWR PRGXODQV
DOLXV WXP DOLXV FDQHUH FRHSLW LPR XRFH QDQRUXP LQ LPLV
GRPRUXPDQWLTXRUXPHWKRFHVWIUDJPHQWXPFDQWXVHRUXP
VLVLQHPXVLFDVLPLOHFDQWXLHRUXPVLW
WUDQV0RQWHV1HEXODHIULJRUH
GLVVLWRV
DOWDVDGODWHEUDVHWXHWHUHVVSHFXV
GLVFHGDPXVDEKLQFDQWHRULWXUGLHV
TXDHVLWXPLQPDJLFLVDXULIHULVORFLV
PDLRUHVIDFLXQWFDUPLQDSULVWLQH
WLQQLWXTXHVRQDQWXHUEHUDPDOOHL
DOWLVLQVSDWLLVTXLVPDODGRUPLXQW
HIIRVVLVGRPLEXVVXEVFRSXOLVLXJL
HWUHJHVXHWHUHVHW'U\DGXPGXFHV
WKHVDXURVQLWLGRVHWVLPXODXUHRV
ILQJXQWHWIDEULFDQWOXPLQDTXH
DXIHUXQW
TXDHJHPPLVWHJHUHQWLQFDSXOLVLEL
SHQGHQWIORUHDQXQFVWHOODPRQLOLEXV
DOELVIOHFWLWXUHWXHUWLFHUHJLR
DQJXLVIODPPLIHUXVVWDPLQHIHUUHR
QXQFQRFWXUQDOLJDQWVROHTXHOXPLQD
GLVVLWRV
QRVWUDVLPPHPRUHVGLXLWLDVFDSH
FDHODQWSRFXODQHFQRQFLWKDUDVVLEL
DXULVHGLEXVLQTXLVKDELWDWQHPR
LOOLFLOODGLXGHSRVLWDDWTXHLEL
LQDXGLWDFDQXQWFDUPLQDJHQWLEXV
SLQHWLVTXHGDWLVIODPPLEXVHGLWLV
XHQWRVDHWHQHEUDHFXPJHPLWX
IUHPXQW
GLIIXVLVURVHLVIODPPLEXVDUGXLV
IXOJHQWHVUDGLDQWDUERUHDHIDFHV
WLQWLQQDWVRQLWXVXDOOLEXVDHUHXV
VSHFWDQWHVKRPLQHVSDOOLGXOLSDXHQW
VHUSHQWLVUDELHVDFULRULJQLEXV
WXUUHVWXPVSROLDWWXPIUDJLOHVODUHV
VXEOXQDFLQHUHVPRQWLEXVH[FLGXQW
QDQLSHUFLSLXQWH[LWLLJUDGXV
DXODVHIIXJLXQWH[DQLPHVFDGXQW
HLXVVXESHGLEXVVLGHUHVXEIHUR
GLVVLWRV
IXUHPXUFLWKDUDVDXULJHURVORFRV
GXPFDQWDQWKREELWXVVHQVLWDPRUHPUHUXPSXOFKUDUXP
TXDHDPDQLEXVDWTXHFDOOLGLWDWHDWTXHPDJLDIDFWDHHVVHQW
SHU LSVXP WUDQVLUH DPRUHP TXLGHP IHURFHP
LQXLGLRVXPTXH FXSLGLWDWHP LQ FRUGLEXV QDQRUXP WXP
DOLTXLG 7RRNLV LQWUD HXP H[FLWDWXP HVW HW FXSLXLW VH DG
PRQWHV PDJQRV XLVHUH SLQHWD DWTXH GHLHFWXV DTXDH
DXGLUH DQWUD H[SORUDUH HW HQVHP SUR EDFXOR LQGXHUH H
IHQHVWUD SURVSHFWDXLW VWHOODH LQ WHQHEULV VXSHU DUERUHV
DSSDUHEDQW GH JHPPLV QDQRUXP QLWHQWLEXV LQ DQWULV
WHQHEURVLV FRJLWDXLW VXELWR LQ VLOXD XOWUD$TXDP IODPPD
H[VLOXLW ± QHVFLR TXLV SUREDELOLWHU LJQHP OLJQHXP
LQFHGHEDW ± HW GH GUDFRQLEXV VSROLDQWLEXV LQ FROOH VXR
SODFLGR LQVLGHQWLEXV DWTXH HXP RPQLQR LQIODPPDQWLEXV
FRJLWDXLW KRUUHVFLW HW FHOHUULPH VLPSOH[ IXLW LWHUXP
'RPLQXV%DJJLQV%DJ)LQLV6XE&ROOH
WUHPHQVVXUUH[LWPLQXVTXDPGLPLGLXPPHQWLVKDEXLWXW
OXFHUQDP SHWHUHW DWTXH SOXV TXDP GLPLGLXP PHQWLV XW LG
VLPXODUHW HW VH SRVW FXSDV FHUXLVLDH LQ DSRWKHFD FHODUHW
QHTXH UXUVXV HJUHGHUHWXU GRQHF RPQHV QDQL GLVFHVVHULQW
VXELWRVHFRPSHULWPXVLFDPFDQWXPTXHGHVLLVVHHWRPQHV
FXPRFXOLVQLWHQWLEXVLQWHQHEULVHXPLQWXHUL
³TXR LV"´ 7KRULQXV LQTXLW XRFH TXDH XLVD HVW
GHPRQVWUDUH HXP DPEDV GLPLGLDV SDUWHV PHQWLV HLXV
FRQLHFLVVH
³KDEHDPXVSDXOXPOXFLV"´%LOERVHH[FXVDQVLQTXLW
³WHQHEUDH QRELV SODFHQW´ RPQHV QDQL LQTXLW ³WHQHEUDH
WHQHEURVDV UHV DJHQGL FDXVD VXQW PXOWDH KRUDH DQWH
SULPDPOXFHP´
³VFLOLFHW´ %LOER LQTXLW HW UDSWLP FRQVHGLW VFDEHOOR
DPLVVR LQ IRFR FRQVHGLW UXWDEXOXP UXWUXPTXH FXP
IUDJRUHSURVWHUQHQV
³WDFH´*DQGDOSKXVLQTXLW³SDWHUH7KRULQXPGLFHUH´HW
LWDLQKRFPRGR7KRULQXVLQFHSLW
³*DQGDOSKHQDQLDWTXH'RPLQH%DJJLQVDSXGDPLFXP
QRVWUXP DWTXH VRFLXP FRQLXUDWRUHP FRQXHQLPXV KXQF
VSOHQGLGLVVLPXPDWTXHDXGDFHPKREELWXP±FDSLOOLGLJLWLV
QXPTXDP H[FLGDQW RPQHV XLQXP FHUXLVLDPTXH HLXV
ODXGHQW ±´ LQWHUTXLHVFLW XW LQVSLUDUHW HW XW KREELWXV
REVHUXDWLRQHP TXDPGHP KXPDQDP IDFHUHW VHG XHUED
KRQRULILFD QRQ D PLVHUR %DJJLQVH FDSWD VXQW TXL RV
PRXHEDW REWHVWDWLRQHP IDFLHQV FRQWUD DSSHOODWLRQHV
DXGDFHP HW SHVVLPXP RPQLXPVRFLXP FRQLXUDWRUHP
TXDPTXDP QXOOXV VRQXV HPLVVXV HVW WDP FRPPRWXV HVW
LWDTXH7KRULQXV
³FRQXHQLPXV XW FRQVLOLD QRVWUD UDWLRQHV QRVWUDV RSHV
SURSRVLWXP DWTXH GRORV GLVVHUDPXV PR[ DQWH VROLV
RULHQWHP SURILFLVFHPXU LQ LWLQHUH ORQJR LWHU TXRGGDP H[
TXR ILHUL SRWHVW XW QHVFLR TXL H[ QRELV DXW IRUWDVVH QRV
RPQHVH[FHSWRDPLFRQRVWURDWTXHDXFWRUHPDJRFDOOLGR
*DQGDOSKR QXPTXDP UHJUHGL SRVVLQW KRF HVW SXQFWXP
WHPSRULV VROOHPQH FRQVLOLXP QRVWUXP HVW SXWR QRELV
RPQLEXV EHQH FRJQLWXP RSWLPR 'RPLQR %DJJLQVL HW
IRUWDVVH XQR DXW GXREXV QDQRUXP LXXHQLRUXP SXWR PH
UHFWHDUELWUDUL.LOLXP)LOLXPTXHH[HPSOLFDXVDQRPLQDUL
SRVVH UHV H[DFWD LQ KRF WHPSRUH SDXOXP H[SOLFDWLRQLV
UHTXLUDW±´
KLFHUDWPRGXV7KRULQLQDPQDQXVIXLWPDJQLPRPHQWL
VL HL OLFLWXP HVVHW SUREDELOLWHU LQ KRF PRGR FRQWLQXDUHW
XVTXH GRQHF H[DQLPLV HVVHW QHF DOLTXHP LEL FHUWLRUHP
IDFHUHW GH DOLTXR QRQ LDP FRJQLWR LPSXGHQWHU DXWHP
LQWHUUXSWXV HVW PLVHU %LOER KDHF QRQ ORQJLXV WROHUDUH
SRWXLW XHUELVQXPTXDP UHJUHGL SRVVLQW GLFWLV XOXODWXP
LQWXV H[HXQWHP VHQWLUH FRHSLW TXL FHOHUULPH HUXSLW VLFXW
VWULGRU KDPD[RVWLFKL H FXQLFXOR HJUHGLHQWLV RPQHV QDQL
PHQVDP SURVWHUQHQWHV H[VLOXHUXQW *DQGDOSKXV OXFHP
FDHUXOHDPLQDFXPLQHEDFXOLPDJLFLLQFHQGLWHWLQIXOJRUH
S\UREROL FXLXV PLVHU KREELWXV LQ JHQLEXV LQ IRFLV WDSHWR
XLGHUL SRWXLW TXDVVDQV VLFXW LXV FRQJHODWXP TXRG
OLTXHVFHEDW WXP LQ VROXP GHFLGLW SURVWUDWXV HW ³IXOPLQH
SHUFXVVXV IXOPLQH SHUFXVVXV´ FODPLWDEDW KDHF IXHUXQW
VRODXHUEDTXDHLOOLH[HRGLXHOLFHUHSRWXHUXQWHUJRHXP
VXEODWXPLQORFRUHPRWRLQJUDEDWR H[HGUDHGHSRVXHUXQW
FXP SRWLRQH LX[WD FXELWXP HLXV WXP DG UHV WHQHEURVDV
UHXHQHUXQW
³VDODSXWLXP FRQFLWDWXP´ *DQGDOSKXV LWHUXP FRQVLGHQV
LQTXLW³DFFHVVLRQLEXVLQVROLWLVLQVXHWLVTXHFRUULSLWXUVHG
XQXV HVW H[ RSWLPLV XQXV H[ RSWLPLV ± WDP VDHXXV TXDP
GUDFRLQDUWR´
VL WX XPTXDP GUDFRQHP LQ DUWR XLGHULV LQWHOOHJDV LG
IXLVVH PRGR K\SHUEROHQ SRHWLFDP TXDH QHTXDTXDP DG
TXHPOLEHWKREELWXPSHUWLQHUHWHWLDPDGSDWUXXPPDLRUHP
6HQLV 7RRNLV 7DXULIUHPLWRUHP TXL WDQWXV IXLW SUR
KREELWR XW HTXLWDUH SRWXLVVHW LPSHWX IDFWR LQ DJPLQD
JREHOLQRUXP0RQWLV*UDPLLQ3URHOLR$JURUXP9LULGLXP
UHJHP TXRUXP *ROILPEXOXP FODXD OLJQHD GHFROODXHUDW
FXLXV FDSXW FHQWXP XOQDV SHU DHUHP XRODXHUDW WXP LQ
FXQLFXOXPGHVFHQGHUDWHWLQKRFPRGRVLPXOJREHOLQLXLFWL
HUDQWDWTXH OXVXVSLODPDOOHLUHSHUWXVHUDW
LQWHULPWDPHQPROOLRUQHSRV7DXULIUHPLWRULVLQH[HGUD
UHXLXHVFHEDWSDXORSRVWFXPELELVVHWDGLDQXDPFRQFODXLV
WUHSLGDQWHU UHSVLW KDHF VXQW XHUED DE HR DXGLWD *ORLQR
GLFHQWH ³KHP´ XHO DOLXV IUHPLWXV FXL PDJLV PLQXVXH
VLPLOLV ³SXWDWLVQH HXP IRUH DFFRPPRGDWXP" OLFHDW
*DQGDOSKXP GH IHURFLWDWH KXLXV KREELWL ORTXL VHG XQXV
XOXODWXV LOOL VLPLOLV LQ PRPHQWR WHPSRULV SHULFXORVR
VXIILFLDW GUDFRQHP HW RPQHV VXRV H[FLWDUH HW QRV RPQHV
QHFDUH HXP PDJLV H WLPLGLWDWH TXDP FRQFLWDWLRQH XOXODUH
DUELWURU UH XHUD VL VLJQXP LQ LDQXD QRQ DGIXLVVHW FHUWH
QRV DGXHQLVVH GRPXP DOLHQDP SXWDXLVVHP TXDP SULPXP
VDODSXWLXP LQ OLPLQH VXEPLWWHQV DQKHODQVTXH DVSHFWDXL
GXELXV IXL VLPLOLRU XHQGLWRUL FRQGLPHQWRUXP TXDP
HIIUDFWDULRXLGHWXU´
WXP DQVD XHUVD %LOER LQWURLLW SDUV 7RRNHQVLV XLFHUDW
VXELWRVHQVLWVHFDULWXUXPHVVHOHFWRLHQWDFXORTXHXWIHUR[
KDEHUHWXU GHVDODSXWLXP LQ OLPLQH VXEPLWWHQV LG SDHQH
HXP IHFLW IHURFLVVLPXP PXOWLV WHPSRULEXV SRVWHD SDUWHP
%DJJLQVHP SDHQLWHEDW LG TXRG QXQF HJHULW HW VLEL GL[LW
³%LOERVWXOWXVIXLVWLLQWURUVXVDPEXODXLVWLHWSHGHPLQHR
SRVXLVWL´
³PLKL LJQRVFLWH´ LQTXLW³VL XHUED D XRELV GLFWD
H[FHSHULP QRQ VLPXOR PH LQWHOOHJHUH KDHF GH TXLEXV
GLFLWLVDXWREVHUXDWLRQHPXHVWUDPGHHIIUDFWDULLVVHGSXWR
PH UHFWH FUHGHUH´ KRF HVW TXRG GLJQLWDWHP UHWLQHQWHP
DSSHOODXLW ³XRV SXWDUH PH QRQ GLJQXP HVVH UHP XRELV
GHPRQVWUDER QXOOD VLJQD LQ LDQXD PHD KDEHR ± TXDH
KHEGRPDGHP DEKLQF SLFWD HVW ± HW FHUWLVVLPXV VXP XRV
GRPXP DOLHQDP DGXHQLVVH TXDP SULPXP RUD LQXVLWDWD
XHVWUD LQ OLPLQH XLGL GXELXV HUDP UHFWD DXWHP KDEHDWXU
GLFLWHPLKLTXRGILHULXXOWLVHWLGFRQDERUVLPLKLDEKRF
ORFR DG RULHQWHP RULHQWLV DPEXODQGXP VLW DWTXH
SXJQDQGXP FXP 9HUVLSHOOLEXVXHUPLQRVLV XHVDQLV LQ
9OWLPD 6ROLWXGLQH ROLP PLKL IXHUDW SDWUXXV PD[LPXV
7DXULIUHPLWRU7RRNHW±´
³LWDLWDVHGLGLDPSULGHPIXLW´*ORLQXVLQTXLW³GHWH
GLFHEDPPHDILGHWHSURPLWWRVLJQXPLQKDFLDQXDHVVH±
DVVXHWXP VLJQXP LQ QHJRWLRHIIUDFWDULXVRIILFLXPERQXP
FXSLW SOHQXP &RQFLWDWLRQLV DWTXH 0HUFHGHP LXVWDP XW
LG OHJL VROHW WLEL OLFHW GLFHUH&DOOLGXV 7KHVDXULXHQDWRU
SUR(IIUDFWDULR VL WLEL SODFHW QRQQXOOL LG IDFLXQW QRELV
RPQLV UHV HVW HDGHP *DQGDOSKXV QRELV GL[LW KRPLQHP
IXLVVHJHQHULVKXLXVLQKLVUHJLRQLEXVTXLRIILFLXPVWDWLP
TXDHUHUHWHWVHFRQXHQWXPKLFLQVWUX[LVVHKDFGLH0HUFXULL
WKHDHWHPSRUH´
³VDQH HVW VLJQXP´ *DQGDOSKXV LQTXLW ³HJR LSVH LG LEL
SRVXL SUR UDWLRQLEXV RSWLPLV PH URJDXLVWLV XW KRPLQHP
TXDUWXP GHFLPXP SUR H[SHGLWLRQH XHVWUD LQXHQLUHP HW
'RPLQXP %DJJLQVHP OHJL PRGR DOLFXL OLFHDW GLFHUH PH
OHJHUH KRPLQHP DOLHQXP DXW GRPXP DOLHQDP HW DG
WUHGHFLP ILQHP IDFLDWLV DWTXH LQIHOLFLWDWHP RPQHP TXDH
XRELV SODFHDW KDEHDWLV DXW DG FDUERQHP HIIRGLHQGXP
UHGHDWLV´
WDP LUDWH IURQWHP FRQWUD[LW LQ *ORLQXP XW QDQXV VH LQ
VHOOD GHGXFHUHW DWTXH FXP %LOER RV DSHULUH FRQDUHWXU XW
LOOXPLQWHUURJDUHWLOOHVHXHUWLWHWIURQWHPDGGX[LWLQHXP
DWTXH VXSHUFLOOLDV IUXWLFRVDV SURWXVLW GRQHF %LOER RV
FUHSLWX VWULFWH FODXVLW ³UHFWH´ *DQGDOSKXV LQTXLW ³QRQ
LDP GLVSXWHPXV 'RPLQXP %DJJLQVHP OHJL TXDP UHP
RPQLEXV XRELV VDWLVIDFHUH RSRUWHW VL HJR GLFR HXP
(IIUDFWDULXPHVVHLVTXLGHP(IIUDFWDULXVHVWDXWHULWFXP
WHPSXVDGIXHULWHVWPXOWXPGHHRTXDPGLXLQDWLVHWPXOWR
PDJLV TXDP LSVH FRJQRVFLW XRV RPQHV XLXDWLV IRUWDVVH
XWJUDWLDVHWLDPPLKLDJDWLVQXQF%LOERPLSXHUOXFHUQDP
IHUXWSDXOXPOXFLVLQKRFKDEHDPXV´
LQPHQVDLQOXFHOXFHUQDHLQJHQWLVFXPXPEUDFXORUXEUR
FKDUWDP WDEXODHJHRJUDSKLFDHVLPLOLRUHPH[WHQGLW
³KDHF IDEULFDWD HVW D 7KURUH DXR WXR 7KRULQH´
UHVSRQGHQV QDQLV FRQFLWDWH LQWHUURJDQWLEXV LQTXLW ³HVW
0RQWLVGHVFULSWLR´
³TXRPRGR KDHF QRELV PXOWXP SURVLW QRQ XLGHR´
7KRULQXVLQTXLWIUXVWUDWXVSRVWTXDPHDPDVSH[LW³PRQWHP
VDWLVEHQHPHPLQLDWTXHWHUUDVFLUFXPHXPORFXPLQTXR
0LUNVLOXD HVW VFLR DWTXH /RFXP (ULFDHXP 0DUFLGXP LQ
TXRPDJQLGUDFRQHVSDULXQWXU´
³HVW GUDFR TXLGDP UXERUH VLJQDWXV LQ 0RQWH´ %DOLQXV
LQTXLW³VHGVLQHHRVDWLVIDFLOLVHULWXWHXPLQXHQLDPXVVL
XPTXDPLOOXFDGXHQLDPXV´
³HVW UHV XQD TXDP QRQ DQLPDGXHUWLVWLV´ PDJXV LQTXLW
³LG HVW DGLWXV DUFDQXV XLGHWLVQH UXQDP LOODP LQ ODWHUH
2FFLGHQWDOL DWTXH PDQXP DG HDP LQWHQGHQWHP H[ UXQLV
DOWHULV"LOODPHDWXPFHODWXPDG,QIHULRUHV$XODVQRWDXLW´
DVSLFH WDEXODP JHRJUDSKLFDP LQ IURQWH KXLXV OLEUL XW LEL
UXQDVUXEUDVXLGHDV
³IRUVLWDQ FHODWXV HVVHW ROLP´ 7KRULQXV LQTXLW ³VHG
TXRPRGR FRJQRVFLPXV HXP LDP FHODWXP HVVH" 6HQH[
6PDXJ LDP GLX LEL KDELWDXLW XW RPQLD TXDH GH FDXHUQLV
LOOLVFRJQRVFHUHSRVVHWLQXHQLUHW´
³SRVVLW±VHGPXOWRVDQQRVLOORXWLQRQSRWXLW´
³FXU"´
³TXRG PLQRU HVW µTXLQTXH SHGHV DOWLWXGLQH LDQXD HW LQ
ODWXP WUHV DPEXOHQW¶ GLFXQW UXQDH VHG 6PDXJ LQ IRUDPHQ
LOOLXV PDJQLWXGLQLV UHSWDUH QHTXLW QHF HWLDP FXP
DGXOHVFHQV HVVHW FHUWH QHF SRVWTXDP WDQWRV QDQRV DWTXH
KRPLQHV&RQXDOOLVGHXRUDXLW´
³IRUDPHQ LQJHQV PLKL HVVH XLGHWXU´ %LOER VWULGLW TXL
QXOOXP XVXP KDEXLW GUDFRQXP VHG VROXP IRUDPLQXP
KREELWRUXP FRQFLWDWXV LWHUXP DWTXH HUHFWXV ILHEDW XW RV
FODXGHUHREOLXLVFHUHWXUWDEXODVJHRJUDSKLFDVDPDXLWHWLQ
DWULR VXR TXDHGDP PDJQD SHQGHEDW 5XULV &LUFXP LQ TXD
RPQHV DPEXODWLRQHV GLOHFWDH QRWDWDH VXQW LQ DWUDPHQWR
UXEUR ³TXRPRGR WDQWD LDQXD DE DGVWDQWLEXV IRULV SUDHWHU
GUDFRQHP FHODUL SRWXLW"´ URJDXLW WH PHPLQLVVH RSRUWHW
SDUXXPKREELWXPHVVHVROXP
³PXOWLV PRGLV´ *DQGDOSKXV LQTXLW ³VHG LQ TXR PRGR
KDHFFHODWDVLWQHVFLPXVTXLQHDPXVXWXLGHDPXVHXHUELV
VFULSWLV LQ WDEXOD JHRJUDSKLFD FRQLFLDP LEL LDQXDP HVVH
FODXVDPTXDHILQFWDHVWLQVLPXODFUXPXHULVVLPXPODWHULV
0RQWLVTXDHHVWUDWLRQDQRUXPVROLWD±QRQQHXHUXPHVWXW
SXWR"´
³XHULVVLPXP´7KRULQXVLQTXLW
³SUDHWHUHD´ *DQGDOSKXV FRQWLQXDXLW ³REOLWXV VXP
WDEXODP JHRJUDSKLFDP VRFLDWDP HVVH D FODXH TXDGDP
FODXHSDUXDDWTXHDGPLUDQGDHFFH´LQTXLWHWFODXHPFXP
ILVWXODORQJDHWODPLQLVLPSOLFDWLVDEDXURIDFWDP7KRULQR
GHGLW³HDPFXUD´
³VDQH HDP FXUDER´ 7KRULQXV LQTXLW HW HDP LQ FDWHQD
WHQXL TXDH FLUFXP FHUXLFHP DWTXH VXEWHU WXQLFDP
SHQGHEDW IL[LW ³QXQF UHV QRQ VLQH VSH HVVH XLGHQWXU KLF
QXQWLXV LOODV LQ PHOLXV PXWDXLW XVTXH DGKXF SODQH
QHVFLXLPXV TXLG DFWXUL HVVHPXV GH LWLQHUH IDFLHQGR LQ
2ULHQWHP FRJLWDXLPXV TXDP TXLHWLVVLPH DWTXH
GLOLJHQWLVVLPH XVTXH DG /DFXP /RQJXP WXP UHV PROHVWD
ILDW±´
³PXOWR PDWXULXV VL DOLTXLG GH XLLV LQ 2ULHQWHP VFLR´
*DQGDOSKXVLQWHUUXSLW
³LOOLQF LUH DGXHUVXP )OXPHQ )OXHQV QRELV OLFHDW´
7KRULQXVLQFXULRVXVFRQWLQXDXLW³LWDDGUXLQDV&RQXDOOLV±
RSSLGLDQWLTXLLQXDOOHVXEXPEUD0RQWLVFRJLWDWLRDXWHP
3RUWDH $QWLFDH QRELV RPQLEXV GLVSOLFXLW IOXPHQ H[ HD
HIIOXLW SHU VFRSXOXP LQJHQWHP LQ 0HULGLH 0RQWLV H TXD
GUDFRTXRTXHHJUHGLWXU±PXOWRIUHTXHQWLRUQLVLLOOHPRUHV
PXWDXLW´
³LG XRELV QRQ SURGHULW´ PDJXV LQTXLW ³QLVL FXP
%HOODWRUH PDJQR DXW HWLDP +HURH TXHPGDP LQXHQLUH
FRQDWXV VXP VHG EHOODWRUHV LQ SXJQDQGR DOLL DOLLV
LDPSULGHP RFFXSDWL VXQW HW LQ KDF XLFLQLWDWH KHURHV VXQW
UDULDXWHWLDPQRQLQXHQLULSRVVXQWLQKLVUHJLRQLEXVHQVHV
SOHULTXHVXQWKHEHWHVDWTXHVHFXULEXVLQDUERUHVXWXQWXUHW
VFXWLV SUR LQFXQDEXOLV XHO RSHUFXOLV GUDFRQHV RSSRUWXQH
HWLDP ORQJH DEVXQW LJLWXUTXH IDEXORVL TXDPREUHP
HIIUDFWXUDPFRQVWLWXL±PD[LPHSRVWTXDP,DQXDPDGODWXV
HVVH PHPLQL HW HFFH SDUXXV QRVWHU %LOER %DJJLQV
HIIUDFWDULXVLOOH HOHFWXV DWTXH VHOHFWXV HIIUDFWDULXV LWD
QXQFUHPJHUDPXVDWTXHFRQVLOLDTXDHGDPIDFLDPXV´
³LWD VLW VDQH´7KRULQXV LQTXLW³HIIUDFWDULXVFDOOLGXV
VHQWHQWLDV DOLTXDV XHO DGPRQLWXV QRELV GHW´ XUEDQLWDWH
ILFWDDG%LOERQHPVHXHUWLW
³SULPR DOLTXDQWD SOXUD GH UHEXV FRJQRVFHUH FXSLDP´
LOOH LQTXLW VHQWLHQV VH RPQLQR FRQIXVXP DWTXH SDXOXP
DJLWDWXP LQWULQVHFXV HVVH VHG HWLDPQXQF FHUWXP LQ PRGR
7RRNLV UHP LQHXQGL ³LG HVW GH DXUR DWTXH GUDFRQH HW
RPQLEXVUHEXVTXRPRGRLGLOOLFIXHULWDWTXHTXLLGWHQHDW
HWFHWHUDHWFHWHUD´
³SUR ILGHP´7KRULQXV LQTXLW³QRQQH WDEXODP
JHRJUDSKLFDP KDEHV" QRQQH FDUPHQ QRVWUXP DXGLXLVWL"
QRQQHRPQLEXVGHUHEXVSHUKRUDVTXDVGHPGLFHEDPXV"´
³QLKLORPLQXV XHOOHP RPQLD HVVH SODQD FODUDTXH´ LOOH
REVWLQDWH LQTXLW PRUHP QHJRWLRVXP LQGXHQV TXHP
FRQDQWLEXV PXWXDUL SHFXQLDP D VH UHVHUXDUH VROHEDW
DWTXH RSWLPH IDFLHQV XW VDSLHQV HW FRQVLGHUDWXV HW SHULWXV
HVVH XLGHDWXU DWTXH FRPPHQGDWLRQL *DQGDOSKL VDWLVIDFLDW
³XOWUR XHOOHP FRJQRVFHUH GH SHULFXOLV LPSHQVLV H
FUXPLQDWHPSRUHSRVWXODWRHWUHPXQHUDWLRQHHWFHWHULV´±
KLV XHUELV VLJQLFDXLW ³TXLG KRF PLKL SURIXWXUXP" DWTXH
XLXXVUHGLER"´
³R VDQH LWD VLW´ 7KRULQXV LQTXLW ³ROLP LQ WHPSRUH DXL
PHL 7KURULV IDPLOLD QRVWUD H[ XOWLPLV 6HSWHQWULRQLEXV
H[SXOVD FXP GLXLWLLV RPQLEXV DWTXH LQVWUXPHQWLV VXLV DG
KXQF0RQWHPLQWDEXODUHGLLWTXLD7KUDLQR9HWHUHDWDXR
PHR LQXHQWXV HUDW VHG QXQF FXQLFXORV HIIRGHUXQW DWTXH
DXODV LQJHQWLRUHV HW RIILFLQDV PDLRUHV IHFHUXQW ± HWLDP
PXOWXP DXUL XW SXWR LQXHQHUXQW DWTXH PXOWDV JHPPDV
SUDHWHUHDGLXLWLVVLPLWDPHQIDFWLVXQWDWTXHFODULVVLPLHW
DXXV PHXV LWHUXP IXLW 5H[ VXE 0RQWH HW UHXHUHQWLVVLPH
KDEHEDWXU DE KRPLQLEXV PRUWDOLEXV TXL DG 0HULGLHP
XL[HUXQWDWTXHLQDGXHUVXP)OXPHQ)OXHQVXVTXHDGXDOOHP
0RQWH REXPEUDWDP SDXODWLP VH GLIIXQGHEDQW LEL
&RQXDOOHP RSSLGXP LXFXQGXP LQ WHPSRULEXV LOOLV
DHGLILFDXHUXQW 5HJHV IDEURV QRVWURV DUFHVVHUH VROHEDQW
DWTXH HWLDP HRV TXL ORQJLVVLPH DE DUWH UHPRWL VXQW
OLEHUDOLVVLPHUHPXQHUDEDQWXUSDWUHVQRVSUHFDULVROHEDQW
XW ILOLRV LQ WLURFLQLXP DGGLFHUHPXV HW PXQLILFH QRV
UHPXQHUDWL VXQW SUDHFLSXH LQ FLEDULLV TXD QXPTXDP
VHUHUHDXWUHSSHULSURQRELVFXUDXLPXVRPQLQRLOOLIXHUXQW
GLHV ERQL QRELV DWTXH SDXSHUULPL DSXG QRV SHFXQLDP DG
LPSHQGHQGDP DWTXH GDQGDP HW RWLXP KDEXHUXQW XW UHV
S XO F KU D V REOHFWDPHQWLV OLEHURUXP PLUDELOLVVLPLV
PDJLFLVVLPLVTXH RPLVVLV VROXP SUR GHOHFWDPHQWR
IDFHUHQWHLXVPRGLTXDHLQRUEHWHUUDUXPQRQLDPLQXHQLUL
SRVVXQW HUJR DXODH DXL DUPRUXP HW JHPPDUXP HW
VFXOSWRUXP HW SRFXODUXP SOHQDH IXHUXQW DWTXH IRUXP
REOHFWDPHQWRUXP OLEHURUXP &RQXDOOLV IXLW PLUDFXOXP
6HSWHQWULRQXP
³TXRG VDQH GUDFRQHP DWWXOLW GUDFRQHV DXUXP
JHPPDVTXHKRPLQLEXVHWGU\DGLEXVHWQDQLVVXEULSLXQWXW
LQWHOOHJLV XELFXPTXH HRV LQXHQLUH SRVVXQW DWTXH VSROLD
VXD FXVWRGLXQW GXP XLXXQW XLXXQW SDHQH LQ DHWHUQXP QLVL
QHFDQWXU DWTXH QXPTXDP DQXOR DHUHR TXRUXP IUXXQWXU
SURIHFWR ERQXP RSXVFXOXP DE PDOR XL[ LQWHUQRVFXQW
TXDPTXDP SOHUXPTXH QRWLRQHP ERQDP SUHWLL LQ IRUR
KDEHQW QHF TXRGOLEHW SUR VH IDFHUH SRVVXQW QRQ HWLDP
VTXDPDP SDUXXODP UHVROXWDP DUPRUXP UHSDUDUH LOOLV LQ
GLHEXVPXOWLGUDFRQHVLQ6HSWHQWULRQLEXVDGIXHUXQWHWLEL
FXP QDQL DG PHULGLHP IXJHUHQW DXW QHFDUHQWXU HW RPQLV
XDVWLWDVDWTXHFODGHVGUDFRQXPDPDORLQSHLXVLUHWDXUXP
SUREDELOLWHU ILHEDW UDUXP IXLW SUDHFLSXXV DXDULVVLPXV
IRUWLVVLPXVDWTXHSHVVLPXVOXPEULFXVQRPLQH6PDXJTXL
GLH TXRGDP LQ DHUHP XRODXLW HW DG PHULGLHP XHQLW
SULPXP VRQLWXP TXDVL SURFHOODP H[ 6HSWHQWULRQLEXV
DGXHQLHQWHPDWTXHSLQXVLQ0RQWHFUHSDQWHVJHPHQWHVTXH
LQXHQWRDXGLXLPXVDOLTXLQDQLTXLIRUWHIRULVIXHUXQWHJR
IHOLFLWHU XQXV IXL ± DXGDFLVVLPXV SXHU LOOLV LQ GLHEXV
VHPSHU HUUDXL TXDH UHV XLWDP PHDP LOOR GLH VHUXDXLW ±
LWDTXH D ORQJLQTXR GUDFRQHP LQ PRQWH QRVWUR LQVLGHQWHP
FXPIODPPLVSURVLOLHQWLEXVXLGLPXVWXPLOOHSHUSURFOLXLD
XHQLW HW FXP SULPXP VLOXDP DWWLJLW LOOD RPQLQR FRPEXVWD
HVWLOORWHPSRUHWLQWLQQDEXODRPQLDLQ&RQXDOOHWLQQLHEDQW
DWTXHPLOLWHVVHDUPDEDQWQDQLHSRUWDPDJQDUXHEDQWVHG
GUDFRHRVH[VSHFWDEDWH[LOODXLDQXOOLHIIXJHUXQWIOXPHQ
LQXDSRUHSURUXSLWDWTXHQHEXODLQ&RQXDOOHPGHVFHQGLWHW
LQ QHEXOD GUDFR LQ HRV LPSHWXP IHFLW DWTXH SDHQH RPQHV
PLOLWHV WUXFLGDXLW ± IDEXOD LQIHOL[ VROLWDTXH TXDH LOOLV LQ
GLHEXV IXLW IUHTXHQWLVVLPD WXP LOOH UHJUHVVXV LQ 3RUWDP
$QWLFDP LUUHSVLW DWTXH DWULD RPQLD HW XLDV HW IRUDPLQD
DQJLSRUWD FHOODV DHGHV HW PHDWXV HUXLW SRVWHD QXOOL QDQL
LQWXV XLXHEDQW RPQHV RSHV TXRUXP SUR LSVR UDSXLW
SUREDELOLWHU QDP KLF HVW PRV GUDFRQXP RPQLD LQ
FXPXOXPDOWXPORQJHLQLQWHULRULEXVSDUWLEXVDFHUXDXLWLQ
TXR SUR OHFWR GRUPLW VHULXV H SRUWD PDJQD SURUHSHEDW
DWTXH QRFWX DG &RQXDOOHP DGXHQLW XEL KRPLQHV XLUJLQHV
SUDHFLSXHDGHGHQGRVHULSLHEDWGRQHF&RQXDOOLVSHUGLWD
HVWDWTXHSRSXOXVRPQLVDXWPRUWXXVDXWDEVHQVIXLWTXLG
LEL DJDWXU QXQF SUR FHUWR QHVFLR VHG QRQ SXWR DOLTXHP
SURSLXV 0RQWHP TXDP H[WUHPXP /DFL /RQJL KRGLH
KDELWDUH
³SDXFLQRVWULTXLIRULVORQJHDIXLPXVDEGLWLFRQVHGLPXV
DWTXH ODFULPDXLPXV HW 6PDXJL PDOHGL[LPXV LEL
LQRSLQDQWHU SDWHU HW DXXV PHXV FXP EDUELV DGXVWLV QRV
LXQ[HUXQW IDFLHV IXHUXQW WRUXLVVLPDH VHG SDUXP ORFXWL
FXP TXDHVLXL TXRPRGR HIIXJLVVHQW OLQJXDP FRQWLQHUH PH
LXVVHUXQW GL[HUXQWTXH PH LQ WHPSRUH IXWXUR DSWR UHP
LQWHOOHFWXUXPHVVHSRVWHDGLVFHVVLPXVDWTXHKXFLOOXFSHU
WHUUDV XLFWXP TXDHULWDUH FRDFWL VXPXV TXDP RSWLPH
SRWXLPXV SHUVDHSH SHVVXP GDWL XW LQ RIILFLQD IHUUDULD
ODERUDXLVVHPXVDXWHWLDPFDUERQHPIRGLVVHPXVQXPTXDP
DXWHP WKHVDXUL HUHSWL REOLWL VXPXV HWLDPQXQF FXP QRV
SOHQLRUHVHVVHQHFQRELVSHFXQLDPGHHVVHFRQFHGR´±KLF
7KRULQXV FDWHQDP DXUHDP FLUFXP FROOXP VXXP PXOVLW ±
³QRELV HVW LQ DQLPR HXP UHFLSHUH HW PDOHGLFWD QRVWUD DG
6PDXJHPIHUUH±VLSRVVXPXV
³SHUVDHSH GH IXJD SDWULV PHL DXLTXH DGPLUDWXV VXP
QXQFLOORVQHFHVVDULRKDEXLVVH3RVWLFXPSULXDWXPGHTXR
LOOL FRJQRVFHEDQW VROL LQWHOOHJR LOOL DXWHP WDEXODP
JHRJUDSKLFDP IHFLVVH XLGHQWXU HW TXRPRGR *DQGDOSKXV
HDP FHSLVVHW DWTXH TXDUH HD DG PH KHUHGHP LXVWXP QRQ
GHXHQLVVHWVFLUHXHOLP´
³QRQ HDP µFHSL¶ TXDH PLKL GDWD HVW´ PDJXV LQTXLW
³DXXV WXXV 7KURU PHPLQLVWL LQ IRGLQLV 0RULDH DE$]RJH
*REHOLQRQHFDWXVHVW´
³LWDQRPLQLHLXVPDOHGLF´7KRULQXVLQTXLW
³HW 7KUDLQXV SDWHU WXXV GLH XQR HW XLFHVLPR $SULOLV
DEKLQFFHQWXPDQQRVDGLH,RXLVSULRUHGLVFHVVLWH[TXRWX
QXPTXDPHXPXLGLVWL±´
³VDQHVDQH´7KRULQXVLQTXLW
³LWDTXH SDWHU WXXV HDP PLKL GHGLW XW WLEL GDUHP HW VL
WHPSXV PHXP DWTXH PRGXP PHXP UHGGHQGL HOLJHULP XL[
PHUHSKUHKHQGDVGHOLEHUDQVTXLGPLKLPROHVWLDIXHULWXWWH
LQXHQHULPFXPFKDUWDPPLKLGHGLVVHWSDWHUWXXVQRPLQLV
VXL REOLWXV HVW DWTXH QXPTXDP WXXP PLKL GL[LW HUJR
RPQLEXVSHUSHQVLVPHJUDWLDVKDEHUHODXGDULTXHRSRUWHUH
DUELWURU HFFH HDP´ LQTXLW WDEXODP JHRJUDSKLFDP
7KRULQRWUDGHQV
³QRQ LQWHOOHJR´7KRULQXV LQTXLW HW %LOER VHQVLW IRUH XW
HDGHPGLFHUHFXSHUHWH[SODQDWLRQRQH[SODQDUHXLVDHVW
³DXXV WXXV´ PDJXV WDUGH WRUXLWHUTXH LQTXLW ³DQWHTXDP
DG IRGLQDP 0RULDH XHQLW WDEXODP ILOLR FXVWRGLHQWL GHGLW
SRVWTXDP DXXV QHFDWXV HVW SDWHU WXXV XW IRUWXQDP FXP
WDEXOD VHTXHUHWXU DEVFHVVLW DWTXH PXOWD IDFLQRUD DXGDFLD
JHQHULVPROHVWLVVLPLKDEXLWVHGQXPTXDPSURSH0RQWHP
DSSURSLQTXDXLW TXRPRGR LEL DGXHQHULW QHVFLR VHG HXP
UHXPLQFDUFHULEXV1HFURPDQWLFLLQXHQL´
³TXLGTXLGLOOLFDJHEDV"´7KRULQXVKRUUHQVURJDXLWGXP
QDQLFHWHULTXDVVDQW
³QLKLO SUDHWHU WXXP QHJRWLXP DJH UHV FRPSHULHEDP XW
VROHR HW UHV IXLW IRHGD SHULFXORVDTXH HWLDP HJR
*DQGDOSKXV PRGR HIIXJLW SDWUHP WXXP VHUXDUH FRQDWXV
VXP VHG VHULXV HUDP LOOH DPHQV HUUDQVTXH IXLW DWTXH
RPQLXPSDHQHSUDHWHUWDEXODPHWFODXHPREOLWXVHUDW´
³GLXWLVVLPH SRHQDV JREHOLQLV 0RULDH GHGLPXV´
7KRULQXVLQTXLW³QRELVGH1HFURPDQWLFRFRJLWDQGXPHVW´
³QROL HVVH DEVXUGXV LOOH HVW KRVWLV ORQJH XOWUD XLUHV
QDQRUXP RPQLXP XQD VL LOOL UXUVXV DE DQJXOLV TXDWWXRU
RUELV FROOHFWXUL VLQW SDWHU XQDP UHP VRODP FXSLXLW
VFLOLFHWILOLXPHLXVOHJHUHWDEXODPHWFODXHXWLGUDFRDWTXH
0RQVVXQWRSHUDPDJQDTXDHPDJLVTXDPVDWLVWLELVXQW´
³DXVFXOWDWH DXVFXOWDWH´ %LOER FDVX LQTXLW FODUD XRFH
ORTXHQV
³FXLDXVFXOWDWH"´LQTXLXQWRPQHVVXELWRVHXHUWHQWHVDG
HXP TXL DGHR SHUWXUEDWXV XW UHVSRQGHUHW ³LOOLV TXDH
ORTXLXRORDXVFXOWDWH´
³TXDHVXQW"ÚRJDXHUXQW
³PLKL OLFHDW GLFHUH XRV DG 2ULHQWHP LUH RSRUWHUH XW
FLUFXPVSLFLDWLV HVW WDPHQ 3RVWLFXP DF GUDFRQLEXV
DOLTXDQGR GRUPLHQGXP HVW XW SXWR VL LQ OLPLQH SHUGLX
VHGHELWLV QRQ QHJR XRV GH DOLTXR FRJLWDWXURV HVVH
SUDHWHUHDVFLWLVQHSXWRQRVQRFWHXQDGLXWLXVORFXWRVHVVH
VL TXLG GLFDP LQWHOOHJLWLV TXLG GH FXELOL DF SULPD OXFH
SURIHFWLRQH DF FHWHULV UHEXV" DQWHTXDP SURILFLVFDPLQL
LHQWDFXOXPERQXPXRELVGHGHUR´
³DQWHTXDP SURILFLVDPXU XLGHOLFHW GLFLV´ 7KRULQXV
LQTXLW ³QRQQH HIIUDFWDULXV HV" HVWQH RIILFLXP WXXP LQ
OLPLQHVHGHUHSULPXPWXPLDQXDPLQWURLUHSUDHWHUHD"VHG
GHFXELOLLHQWDFXORTXHWHFXPFRQVHQWLRVH[RXDFXPSHUQD
PHD PLKL SODFHQW FXP LWHU LQFHSL IULFWD QRQ HOL[D DWTXH
FDXHQHLOODIUDQJDV´
SRVWTXDP FHWHUL LHQWDFXOD VXD LOOHSLGH TXDH UHV
%LOERQHP PXOWXP XH[DXLW HOHJHUXQW RPQHV VXUUH[HUXQW
KREELWR VSDWLXP SUR RPQLEXV LQXHQLUH QHFHVVH IXLW
FXELFXOD VXEVLFLXD VXD LPSOHXLW DWTXH FDWKHGUDV
OHFWXORVTXHDGFXEDQGXPVWUDXLWDQWHTXDPRPQHVGHSRVLWL
VXQWHWQRQRPQLQRIHOL[LQFXELOLSDUXRVXRFXELWXPLLWGH
XQD UH VWDWXLW VH QHTXDTXDP SULPD OXFH VXUUHFWXUXP QHF
LHQWDFXOXP GDPQDWXP SUR RPQLEXV FRFWXUXP HVVH PRV
7RRNHQVLV GHWHUJHEDWXU QRQ LDP FHUWXV IXLW VH PDQH LWHU
IDFWXUXPHVVH
GXP FXEDW 7KRULQXP LQ FXELFXOR RSWLPR TXRG
SUR[LPXPHLIXLWVHFXPPXVVDQWHPDXGLXLW
GLVVLWRV
LQXHQWXPDXULIHUDVGLXLWLDVGLX
%LOERFXPLOORTXRGHLVRPQLDLQFRPPRGLVVLPDGHGLW
LQDXULEXVVXLVFXELWXPLLWGLXIXLWSRVWVROLVRULHQWHPFXP
HVRPQRH[FLWDWXVHVW
&$3976(&91'90
29,//$$66$
%LOER H[VLOXLW HW DPLFWXP FXELFXODUHP LQGXHQV LQ

WULFOLQLXPLQWURLLWLELQHPLQHPVHGVLJQDRPQLDLHQWDFXOL
PDJQLFLWLTXHXLGLWLQFRQFODXLVTXDORUKRUULELOLVIXLWLQ
FXOLQD DFHUXL ILFWLOLXP LOORWRUXP SDHQH RPQLEXV ROOLV
SDWLQLVTXH TXDV LV SRVVHGLW XVL HVVH XLVL VXQW DGHR
PDHVWH FHUWDH IXHUXQW UHV ODXDQGDH XW %LOER FRQXLXLXP
QRFWLVSULRULVQRQIXLVVHSDUWHPVRPQLXPPDORUXPFUHGHUH
FRJHUHWXU XW DOLTXDQWXOXP VSHUDXHUDW XDOGH TXLGHP HXP
GHOHFWDXLW TXRG LOOL VLQH LSVR GLVFHVVHUDQW QHTXH HXP
H[FLWDUH FRQDWL HUDQW ³VHG FXP JUDWLLV QXOOLV´ FRJLWDXLW
QLKLORPLQXVPLUXPLQPRGXPQRQSRWXLWVHQWLUHTXLQVSHV
VXDSDXOXOXPIDOVDVLWGHTXRVHQVXDGPLUDWXVHVW
³QROL VWXOWXV HVVH %LOER %DJJLQV´ VHFXP LQTXLW
³FRJLWDUHGHGUDFRQLEXVDWTXHRPQLEXVQXJLVVWXOWLVDHWDWH
VXD´ HUJR VXFFLQFWRULR LQGXWR LJQLEXV DFFHQVLV DTXD
FRFWD ILFWLOLD HOXLW WXP LQ FXOLQD LHQWDFXOXP ERQXP
SDUXXP HGLW DQWHTXDP WULFOLQLXP PXQGDXLW LDP VRO
OXFHEDW HW LDQXD DSHUWD DXUDP WHSLGDP XHUQDP DGPLVLW
%LOER QRFWLV SULRULV REOLWXV VLELOLV H[ RUH FODUH FDQHUH
FRHSLW UH XHUD PRGR DG LHQWDFXOXP VHFXQGXP ERQXP
SDUXXPTXHHGHQGXPSURSHIHQHVWUDPDSHUWDPFRQVLGHEDW
FXP*DQGDOSKXVLQWURLLW
TXL ³FDULVVLPH DPLFH´ LQTXLW ³TXDQGRXHQWXUXV HV"
TXLG GHSULPD OXFH SURIHFWLRQH" ± KLF HV LHQWDQV DXW
TXLGFXPTXH KRF DSSHOODV VHPLKRUD SRVW GHFHP LOOL WLEL
QXQWLXPUHOLTXHUXQWTXRGPDQHUHQHTXLXHUXQW´
³TXLG QXQWLL"´ PLVHU 'RPLQXV %DJJLQV FRQWXUEDWXV
LQTXLW
³PDJQLHOHSKDQWL´*DQGDOSKXVLQTXLW³PDQHKRFWXQRQ
RPQLQR LSVH HV ± QXPTXDP WDEXODP VXSUD IRFXP
GHWHUVLVWL´
³TXLGLGUHIHUW"VDWLVPLKLIXLWILFWLOLDSURTXDWWXRUGHFLP
HOXHUH´
³VL WX WDEXODP VXSUD IRFXP GHWHUVHULV KRF PRGR VXE
KRURORJLR LQXHQHULV´ *DQGDOSKXV LQTXLW HSLVWROLXP
VFULSWXPVFLOLFHWLQ VFKLGDHLXV%LOERQLGDQV
TXLKDHFOHJLW
³7KRULQXV DWTXH &RPLWHV (IIUDFWDULR %LOERQL VDOXWHP SOXULPDP
GLFXQW SUR KRVSLWLR WXR JUDWLDV PD[LPDV HW SUR DX[LOLR SHULWR WXR TXRG
REWXOLVWL DFFHSWLRQHP QRVWUDP JUDWDP FRQGLFLRQHV QXPPRV UH
SHUIHFWD TXDUWR GHFLPR WHQXV VHG QRQ XOWUD RPQLXP OXFURUXP VL
DOLTXD RPQHV VXPSWXV LWLQHULV TXLGFXPTXH HXHQHULW VDWLVGDEXQWXU
VXPSWXVIXQHULVDXWDQRELVDXWXLFDULLVQRVWULVVROXHQWXUVLUHQRQDOLWHU
FRPSRVLWDRFFDVLRH[VLVWHW
³QRQ QHFHVVH HVVH RWLXP WXXP GLVWXUEDUH SXWDQWHV LDP SURIHFWL
VXPXV DG UHV QHFHVVDULDV SDUDQGDV DWTXH WXXP LOOXVWUHP LSVXP
'HXHUVRULL 'UDFRQLV 9LULGLV 3URSHDTXDP H[VSHFWDELPXV XQGHFLPD
KRUDLSVDFUHGLPXVWHDGWHPSXVIXWXUXPHVVH
³KRQRUQRELVHVWXWPDQHDPXV
³WXRVDPDQWHU
³7KRULQXV&RPLWHVTXH´
³GHFHP SDUWHV VH[DJHVLPDH KRUDH PRGR UHVWDQW WLEL

FXUUHQGXPHULW´*DQGDOSKXVLQTXLW
³VHG±´%LOERLQTXLW
³SURHRHVWWHPSXVQXOOXP´PDJXVLQTXLW
³VHG±´%LOERLWHUXPLQTXLW
³SURLOORTXRTXHHVWWHPSXVQXOOXPDEVFHGDV´
XVTXH DG VXSUHPRV GLHV %LOER QXPTXDP PHPLQLVVH
SRWHUDWTXRPRGRVHVLQHSHWDVREDFXORDXWSHFXQLDXOOD
DXW DOLTXR TXRG VHFXP DXIHUUH VROHEDW IRULV HVVH
LQXHQLUHW LHQWDFXOR VHFXQGR VHPHVR DWTXH RPQLQR LOORWR
GHVHUWR FODXLEXV SRVLWLV LQ PDQLEXV *DQGDOSKL TXDP
FHOHUULPHWDPSHGHVXLOORVLHXPIHUUHSRWXHUXQWVHFXQGXP
VHPLWDP SUDHWHU 3LVWULQXP PDJQXP WUDQV $TXDP SRUUR
PLOLDSDVVXXPDXWORQJLXVFXFXUULW
FXP3URSHDTXDPXQGHFLPDKRUDLSVDDGXHQLVVHWXDOGH
DQKHODQVFRJQRXLWVHVLQH VXGDULRDGXHQLUH
³PDFWH XLUWXWH´ %DOLQXV LQTXLW TXL SURSH LDQXDP
GHXHUVRULLHXPH[VSHFWDQVVWDEDW
WXP FHWHUL FLUFXP DQJXOXP XLDH H XLFR XHQHUXQW LQ
PDQQLV VHGHEDQW TXLVTXH PDQQXV RPQLD JHQHUD
LPSHGLPHQWRUXP VDUFLQDUXP IDVFLFXORUXP HW DSSDUDWXP
VXVWLQHEDW IXLW TXLGHP PDQQXV SDUXXOXV TXL DG XVXP
%LOERQLVHVVHXLVXVHVW
³DPERFRQVFHQGLWHXWGLVFHGDPXV´7KRULQXVLQTXLW
³PHXDOGHSDHQLWHW´%LOERLQTXLW³VHGVLQHSHWDVRXHQL
HW VXGDULXP PHXP GRPL UHOLTXL HW SHFXQLDP QXOODP
KDEHR HSLVWROLXP WXXP QRQ DFFHSL TXRDG GHFHP DWTXH
TXLQTXHTXDGUDJLQWDH[DFWXPHVVH´
³QROLH[DFWXVHVVH´'ZDOLQXVLQTXLW³HWQROLVHXH[DUH
UHV WLEL JHUHQGDH HUXQW VLQH VXGDULLV DWTXH PXOWLV FHWHULV
UHEXV DQWHTXDP DG ILQHP LWLQHULV DGXHQHULV SUR SHWDVR
FXFXOOXPVXEVLFLXXPHWDPLFXOXPLQVDUFLQLVPHLVKDEHR´
LWDRPQHVSURIHFWLVXQWPDQHSXOFKURTXRGDPVXEILQHP
$SULOLVHGHXHUVRULROHQWHJUDGLHQWHVLQPDQQLVRQHUDWLVHW
%LOER LQ FXFXOOR XLULGLRSDFR SDXOXP PDFXODWR D
WHPSHVWDWH HW DPLFXOR XLULGLRSDFR D 'ZDOLQR PXWXDWLV
XHVWLWXV HVW TXL HL SUDHWHU PRGXP PDJQL IXHUXQW DWTXH
VSHFLHV HLXV LRFRVLRU IXLW TXLG SDWHU VXXV %XQJR GH HR
FRJLWDXLVVHW HJR QRQ FRJLWDUH DXGHR VRODFLXP VROXP
KDEXLW VFLOLFHW QHPLQHP HXP HVVH QDQXP FUHGHUH QDP
EDUEDPQXOODPKDEXLW
QRQ GLX HTXLWDXHUDQW FXP *DQGDOSKXV VSOHQGLVVLPXV LQ
HTXR DOER DGXHQLW TXL PXOWD VXGDULD WXOHUDW DWTXH
IXPLVXJLXP WDEDFXPTXH %LOERQLV SRVW TXDP UHP PDQXV
LXFXQGLVVLPHSURFHVVLWSHUWRWXPGLHPSURUVXVHTXLWDQWHV
DXW IDEXODV QDUUDXHUXQW DXW FDUPLQD FDQWDXHUXQW SUDHWHU
VDQHFXPDGFHQDQGXPVXEVWLWHUXQWQRQDGPRGXPWRWLHQV
XHQLWFLEXPTXRWLHQV%LOERQLSODFXHULWVHGWDPHQIDFLQRUD
DXGDFLDQRQWDPPDODHVVHVHQVLPVHQWLUHLQFLSLHEDW
SULPXPSHUDJURVKREELWRVLHUDQWUXVODWXPGHFHQVTXH
LQTXRJHQVKRQHVWDKDELWDEDWFXPXLLVERQLVGHXHUVRULLV
DOLTXLEXVHWVXELQGHQDQRDXWDJULFRODTXLVXXPQHJRWLXP
DJHQVOHQLWHUJUHVVXVHVWWXPDGWHUUDVLQTXLEXVSRSXOXV
LQXVLWDWH ORFXWXV HVW DWTXH FDUPLQD QXPTXDP SULXV D
%LOERQH DXGLWD FDQWDXLW DGXHQHUXQW QXQF ORQJH LQ
'HVRODWDVWHUUDV LHUXQW XEL LQFRODH QXOOL PDQVHUXQW
GHXHUVRULDQXOODHWXLDHVHQVLPSHLRUHVILHEDQWQRQORQJH
LQIURQWHFROOHVIXHUXQWXDVWLDWTXHGHVHUWLDOWLXVHWDOWLXV
VXUJHQWHV WHQHEURVL FXP DUERULEXV LQ DOLTXLEXV TXRUXP
IXHUXQW FDVWUD XHWHUD VSHFLH PDOD TXDVL DE KRPLQLEXV
VFHOHVWLVDHGLILFDWDRPQLDHVVHFDOLJLQRVDXLVDVXQWQDP
FDHOXP LOOR GLH LQWHPSHVWLXXP IDFWXP HVW SOHUXPTXH
WDQWXP ERQXP IXHUDW TXDQWXP 0DLXV HVVH SRWHVW HWLDP LQ
IDEXOLV LXFXQGLV VHG QXQF IULJLGXP XXLGXPTXH IXLW LQ
'HVRODWLVWHUULV FRQVLGHUH TXDQGRFXPTXH SRWXHUXQW
FRDFWLHUDQWTXDHVDOWHPIXHUXQWDULGDH
³PR[ ,XQLXP IXWXUXP HVVH PLURU´ %LOER DVSHUVXV
PXVVDXLWGXPSRQHFHWHURVLQFDOOHXDOGHOXWRVRVHTXLWXU
SRVW WHPSXV WKHDH IXLW PXOWXP SOXXLW SHU WRWXP GLHP
SOXXHUDWFXFXOOXVHLXVLQRFXOLVGHVWLOODEDWDPLFXOXPHLXV
SOHQXP DTXDH HUDW PDQQXV HLXV IHVVXV HUDW DWTXH VD[LV
RIIHQGHEDWFHWHULWDPVWRPDFKRVLHUDQWXWQRQORTXHUHQWXU
³HW QRQ GXELWR TXLQ SOXXLD LQ XHVWHV DULGDV DWTXH VDFFRV
FLELLQHDW´%LOERFRJLWDXLW³HIIUDFWXUDHDWTXHRPQLEXVGH
HD UH PDOHGLF XWLQDP HJR GRPL HVVHP LQ IRUDPLQH JUDWR
LX[WD IRFXP FXP DHQHR FDQWDWXUR´ QRQ IXLW XOWLPXP
WHPSXVLQTXRLGXROXLW
HWLDP QDQL QXPTXDP VH UHXHUWHQWHV DXW KREELWXP
DQLPDGXHUWHQWHVOHQWHSURJUHVVLVXQWQHVFLRTXRORFRSRVW
QXEHVJODXFDVVRORFFLGLVVHXLVXVHVWTXRGWHQHEUDHGXP
LQ XDOOH SURIXQGD FXP IOXPLQH LQ LPD HLXV GHVFHQGXQW
GHVFHQGHUH FRHSHUXQW XHQWR RUWR VDOLFHV VHFXQGXP ULSDV
LQFOLQDXHUXQW HW VXVSLUDXHUXQW IRUWH XLD WUDQV SRQWHP
DQWLTXXP VD[L WUDQVLLW TXRG IOXPHQ SOXXLLV LQIODWXP GH
FROOLEXVDWTXHPRQWLEXVVHSWHQWULRQLEXVUXLW
SDHQH QR[ IXLW FXP WUDQVLHUXQW XHQWXV QXEHV JODXFDV
IUHJLW HW OXQD HUUDQV VXSUD FROOHV LQWHU SDQQRV XRODQWHV
DSSDUXLW WXP VXEVWLWHUXQW HW 7KRULQXV DOLTXHP GH FHQD
PXUPXUDXLW ³HW XEL ORFXP DULGXP DG FXELWXP HXQGHP
LQXHQLHPXV"´
GRQHF LOOXG WHPSXV QRQ DQLPDGXHUWHUXQW *DQGDOSKXP
DEHVVHXVTXHDGKXFLWHURPQHFXPLOOLVIHFHUDWQXPTXDP
GLFHQVXWUXPLQIDFLQRUHHVVHWDQFXPLOOLVVROXPSDXOLVSHU
FRQXHUVDUHWXU PD[LPH HGHUDW PD[LPH ORFXWXV HUDW HW
PD[LPHULVHUDWQXQFDXWHPRPQLQRDIXLW
³XHUR FXP PD[LPH PDJXV XWLOLVVLPXV IXHULW´ 'RULXV
1RULXVTXHTXLFXPKREELWRGHFLELSDUWLEXVFRQVHQVHUXQW
ODUJLVHWIUHTXHQWLEXVJHPXHUXQW
SRVWUHPR FRQVWLWXHUXQW KXQF ORFXP HVVH DG FDVWUD
SRQHQGD LELGHP LGRQHXP DG GXPHWXP DUERUXP VH
PRXHUXQWHWTXDPTXDPVXEHLVDULGLRUIXLWXHQWXVSOXXLDP
H IROLLV TXDVVDXLW HW VWLOOLFLGLXP VWLOOLFLGLXPTXH
PROHVWLVVLPXP IXLW TXRGGDP PDOHILFLXP TXRTXH LJQL
LQHVVH XLVXP HVW SDHQH LQ DOLTXR ORFR SDHQH H[ DOLTXR
FXP XHQWR DXW QXOOR QDQL LJQHP DFFHQGHUH SRVVXQW TXDH
UHVWDPHQHDQRFWHIDFHUHQRQSRWXHUXQWQHFHWLDP2LQXV
HW*ORLQXVTXLLQHDUHSHULWLVVLPLIXHUXQW
WXPDQXOODUHWHUULWXVPDQQXVDOLTXLVDXIXJLWLQIOXPLQH
LLWDQWHTXDPHXPFDSHUHSRWXHUXQWDWTXHDQWHTXDPUXUVXV
HXP HIIHUUH SRWXHUXQW )LOLXV HW .LOLXV SDHQH VXEPHUVL
VXQW DWTXH LPSHGLPHQWD RPQLD TXDH LOOH IHUHEDW H[ LOOR
ODXWDVXQWVDQHPD[LPDSDUVIXLWFLEXVLWDH[LJXLVVLPXVDG
FHQDQGXPPLQXVDGLHQWDQGXPVXSHUIXLW
LEL RPQHV FRQVHGHUXQW WULVWHV HW PDGLGL PXVVDQWHVTXH
GXP 2LQXV HW *ORLQXV GH UH LXUJDQWHV LJQHP DFFHQGHUH
FRQDQWXU WULVWH %LOER FRQVLGHUDEDW IDFLQRUD DXGDFLD QRQ
RPQLQRHVVHHTXLWDQWHVPDQQLVLQVROH0DLLFXP%DOLQXV
TXLVHPSHURPQLDFLUFXPVSHFWDEDWLQTXLW³HVWOX[LVWLF´
SURFXO IXLW FROOLV FXP DUERULEXV TXDH LQ DOLTXLEXV ORFLV
GHQVLRUHV IXHUXQW OXFHP H JORER DWUR DUERUXP HIIXOJHUH
XLGHUH QXQF SRWHUDQW OXFHP VXEUXEUDP TXDH JUDWD HVVH
XLVDHVWWDPTXDPLJQLVDXWIDOFHVFRUXVFDUHQW
FXP LG GLX DVSHFWDXLVVHQW LQWHU VH LXUJDXHUXQW DOLL
³PLQLPH´ DOLL ³PD[LPH´ LQTXLXQW DOLL VH XLVXP LUH
RSRUWHUH GL[HUXQW HW DOLTXLG PHOLXV HVVH TXDP FHQDP
H[LJXDPLHQWDFXOXPPLQRUHPHWXHVWHVPDGLGDVSHUWRWDP
QRFWHP
DOLLLQTXLXQW³KDHUHJLRQHVVXQWSURUVXPLQFRJQLWDHHW
PRQWLEXV SUR[LPLRUHV XLDWRUHV QXQF UDUR KLF XHQLXQW
WDEXODH JHRJUDSKLFDH DQWLTXDH VXQW LQXWLOHV UHV LQ SHLXV
PXWDXHUXQWHWXLDHVWLQFXVWRGLWDLQKLVUHJLRQLEXVUH[HVW
SDHQH LQDXGLWXV HW PLQXV SHUFRQWDULV GXP LWHU IDFLHQV
PLQXVXHULVLPLOHHVWWHPROHVWLDPLQXHQWXUXPHVVH´DOLTXL
LQTXLXQW ³VXQW WDPHQ TXDWWXRUGHFLP QRVWUXP´ DOLTXL
LQTXLXQW³TXRLLW*DQGDOSKXV"´KDHFVHQWHQWLDDERPQLEXV
LWHUDWD HVW WXP PD[LPH SOXXLW SHLXV TXDP XPTXDP HW
2LQXV*ORLQXVTXHSXJQDUHFRHSHUXQW
TXRG FRQWURXHUVLDP GLUHPLW ³QRELVFXP WDPHQ
HIIUDFWDULXP KDEHPXV´ LQTXLXQW LWDTXH PDQQRV GXFHQWHV
FXPRPQLFXUDDSWDPHULWDTXHDGOXFHPXHUVRVSURIHFWL
VXQW DG FROOHP LOOXP DGXHQHUXQW HW PR[ LQ VLOXD IXHUXQW
FROOHP DVFHQGHUXQW VHG XLD DSWD WDOLV HVVHW TXDOLV DG
XLOODPDXWIXQGXPWHQGHUHWXLGHULQRQIXLWHWTXLGFXPTXH
DJHUHQW QLKLORPLQXV PXOWXP VWULGRUXP HW FUHSLWXXP
VWULGXORUXPTXH DWTXH PD[LPXP PXVVLWDWLRQXP
PDOHGLFWRUXPTXHSHUDUERUHVLQWHQHEULVVXPPLVHXQWHV
IHFHUXQW
VXELWR OX[ UXEUD SHU WUXQFRV DUERUXP QRQ SURFXO LQ
IURQWHSHUOXFLGHHIIXOVLW
³QXQF HVW RIILFLXP HIIUDFWDULL´ %LOERQHP VLJQLILFDQWHV
LQTXLXQW ³WLEL SURGHXQGXP HVW DG OXFHP FRPSHULHQGDP
TXLG HD VLJQLILFHW HW QXP RPQLD RPQLQR WXWD VLQW DWTXH
FDOOLGD´ 7KRULQXV KREELWR LQTXLW ³QXQF H[L DWTXH FLWR
UHGLVLRPQLDVLWVDOXDVLQRQUHGLVLSRWHVVLQRQSRWHV
ELV FDQH VLPLOLV W\WRQL DOEDH DWTXH VHPHO VLPLOLV
PHJDVFRSLWXPTXLGFXPTXHDJHUHSRVVLPXVDJHPXV´
%LOERQL H[HXQGXP HUDW DQWHTXDP H[SOLFDUH SRWXLW VH

QHF FDQHUH HWLDP VHPHO VLPLOHP JHQHUL DOLTXR EXERQXP
QHF VLPLOHP XHVSHUWLOLRQL XRODUH SRVVH XWLTXH KREELWL
VLOHQWHVLQVLOXLVVHPRXHUHSRVVXQWSURUVXVVLOHQWHVLOOD
UHVXSHUELXQWHW%LOERPDJLVTXDPVHPHOIDVWLGLXLWLOOLXV
TXRG ³FODPRUHP WRWXP QDQRUXP´ DSSHOODXLW GXP
SURJUHGLXQWXU TXDPTXDP SXWR QHF WH QHF PH DOLTXLG LQ
QRFWH XHQWRVD DQLPDGXHUWXUXP IXLVVH QHF HWLDPVL WRWD
FRKRUV ELQLV SHGLEXV GLVWDQV WUDQVLVVHW RE %LOERQHP DG
OXFHP UXEUDP IDVWLGLRVH DPEXODQWHP QRQ GXELWR TXLQ
HWLDP PXVWHOD KLUVXWDV JHQDV VXDV QRQ PRXLVVHW HUJR
VDQH LOOH XVTXH DG LJQHP XHQLW ± TXRG LJQLV IXLW ± QXOOR
WXUEDWRKDHFVXQWTXDHXLGLW
WUHVKRPLQHVLQJHQWLVVLPLTXLDSXGLJQHPLQJHQWLVVLPXP
VWLSLWXP IDJLQHRUXP DVVLGHEDQW RXLOODP LQ XHULEXV ORQJLV
OLJQHLV WRUUHEDQW DWTXH LXV H GLJLWLV VXLV ODPEHEDQW HUDW
RGRUSDODWRLXFXQGXVHUDWTXRTXHDGPDQXPFXSDSRWLRQLV
ERQDH HW H[ XUFHLV SRWDEDQW LOOD DXWHP IXHUXQW WUROOD
VDQH WUROOD %LOER HWLDP XLWD RWLRVD FRQWHPSWD LG XLGHUH
SRWXLW D XXOWLEXV HRUXP PDJQLV JUDXLEXVTXH HW
PDJQLWXGLQLEXV HRUXP HW IRUPLV FUXUXP HRUXP OLQJXD
HRUXPRPLVVDTXDHQLKLORPQLQRQLKLOXUEDQLWDWLVKDEXLW
³KHUL RXLOOD KRGLH RXLOOD HW KHX RXLOOD LWHUXP HVVH
XLGHWXUFUDV´XQXPWUROOXPLQTXLW
³QXPTXDP SRUWLRQHP GDPQDELOHP FDUQLVKRPLQLV VDWLV
GLXKDEXLPXV´DOLXPLQTXLW³GHTXRLQLQIHUQLVFRJLWDXHULW
*XOLHOPXV XW QRV LQ KDV UHJLRQHV XPTXDP GX[LVVHW PH
VXSHUDW ± HW SRWLR SDHQH FRQVXPLWXU SUDHWHUHD´ LQTXLW
IRGLFDQVFXELWXP*XOLHOPLTXLH[XUFHRSRWDEDW
*XOLHOPXVVXIIRFDWXVHVW³RVWXXPFODXGH´LQTXLWTXDP
SULPXPSRWXLW³WXQRQH[VSHFWDVXWJHQWHVKLFLQDHWHUQXP
PDQHDQWXWWXDWTXH%HUWXVHDVHVVHWLVLQWHUXRVXLFXPHW
GLPLGLXP HGLVWLV H[ TXR WHPSRUH GH PRQWLEXV XHQLPXV
TXDQWXP PDJLV XXOWLV" WHPSXV IXLW TXDQGR GL[HULWLV
µJUDWLDV 5RVWUXP¶ SRUWLRQLV ERQDH RXLOODH FDXVD H XDOOH
VLFXWTXDHKDHFHVW´FUXVRXLVTXRGWRUUHEDWPRPRUGLWHW
ODEHOODVXDLQPDQLFDGHWHUVLW
PHSDHQLWHWGLFHUHWUROODLQLOORPRGRVHJHUHUHHWLDP
LOODTXDHVLQJXODXQXPFDSXWVROXPKDEXHUXQWKLVRPQLEXV
DXGLWLV%LOERQHPVWDWLPIHFLVVHDOLTXLGRSRUWXLWDXWHXP
WDFLWH UHGLUH RSRUWXLW XW DPLFRV PRQHUHW WUHV WUROOD DG
PDQXP HVVH PDJQLWXGLQH PRGLFD DQLPLV IRHGLV TXDH
QDQXP WRVWXP DXW HWLDP PDQQXP JXVWDQGL VDWLV FXSLGD
IXHUXQW DG PXWDWLRQHP IDFLHQGDP DXW HXP DOLTXDP
HIIUDFWXUDP FHOHUHP ERQDPTXH DJHUH RSRUWXLW SULQFHSV
TXLGDP FODUXVTXH HIIUDFWULXV LDP QXQF VLQXV WUROORUXP
IXUDWXVVLW±LGHVWSDHQHVHPSHUSOXULPLDHVWLPDQGXPVL
LGIDFLDV±RXLOODPLSVDPHXHULEXVVXEULSHULWFHUXLVLDP
VXEGX[HULW HW QHTXDTXDP DE LOOLV DQLPDGXHUVXV HJUHVVXV
VLW DOLL FDOOLGLRUHV VHG TXL PLQXV DUWH HRUXP VXSHUELXQW
IRUWDVVH SXJLRQHP LQ VLQJXOD IRGHULQW DQWHTXDP LOOD LG
DQLPDGXHUWHULQWWXPQR[LXFXQGHFRQVXPSWDVLW
KDHF%LOERLQWHOOHJLWTXLSOXULPDOHJHUDWTXDHQXPTXDP
XLGHUDWQHFIHFHUDWWUHSLGLVVLPXVIXLWHWLDPIDVWLGLRVXVVH
FHQWXP PLOLD SDVVXXP DEHVVH XROXLW QLKLORPLQXV ±
QLKLORPLQXV QHVFLR TXR PRGR QRQ PDQLEXV XDFXLV DG
7KRULQXPHWFRPLWHVVWDWLPUHGLUHSRWXLWLWDTXHLQXPEULV
VWHWLW KDHVLWDXLWTXH RPQLXP UHUXP GH HIIUDFWXUD TXDV
DXGLXHUDW HL XLVXP HVW XW FXP PLQLPD GLIILFXOWDWH VLQXV
WUROORUXPIXUDULSRVVHWLWDTXHGHPXPSRVWDUERUHPSRQH
*XOLHOPXPUHSVLW
%HUWXV HW 7RPDV DG FXSDP H[LHUXQW *XOLHOPXV UXUVXV
SRWDEDW WXP %LOER DQLPR D SDXRUH UHFHSWR PDQXP
SDUXXP VXXP LQ VLQX LQJHQWL *XOLHOPL SRVXLW LQ TXR IXLW
PDQWLFXODWDQWDXDVWDTXDQWDVDFFXV%LOERQLTXL³HXJH´
FRJLWDXLW DG RIILFLXP QRXXP FDOHQV GXP HDP FDXWH
H[WUDKHEDW³LGHVWLQLWLXP´
VDQH IXLW PDQWLFXODH WUROORUXP SOHQDH VXQW PDOL LOOD
LSVDQRQH[FHSWDTXDH³KHXVTXLVHVWX"´HVLQXHJUHGLHQV
VWULGLW HW *XOLHOPXV VWDWLP VH XHUWLW WXP %LOERQHP
SULXVTXDPLOOHSRVWDUERUHPVHFHODUHSRWXLWFROORFHSLW
³KHUFOH %HUWH TXRG HJR FHSL DVSLFH´ *XOLHOPXV
LQTXLW
³TXLGHVW"´DGXHQLHQWLDLQTXLXQW
³HGHSROQHVFLRTXLGHVWX"´
³%LOER %DJJLQV VXP HIIUD ± KREELWXV´ PLVHU %LOER
XELTXH TXDVVDQV LQTXLW HW PLUDQV TXRPRGR VWULGRUHV
EXERQXPIDFLDWSULXVTXDPLOODHXPVWUDQJXODXHUXQW
³HIIUDKREELWXV"´ SDXOXP DGPLUDWD LQTXLXQW WUROOD VXQW
WDUGD LQWHOOHJHQGL HW DOLTXLG QRXXP LOOLV XDOGH
VXVSHFWDXHUXQW
³TXLG HIIUDKREELWL UHIHUW GH VLQX PHR SUDHWHUHD"´
*XOLHOPXVLQTXLW
³FRTXLVQHHRV"´7RPDVLQTXLW
³OLFHWWLELFRQDUL´%HUWXV XHULFXOXPWROOHQVLQTXLW
³LOOHPDJLVTXDPEXFFDQRQHULW´*XOLHOPXVLQTXLWLDP
D FHQD ERQD VDWLDWXV ³QRQ SRVWTXDP GHJOXSWXV DWTXH
H[RVVDWXVHULW´
³I¶WDVVH VXQW SOXUHV HL VLPLOHV FLUFXPLDFHQWHV DWTXH
FUXVWXP IDFLDPXV´ %HUWXV LQTXLW ³KHXV WX VXQWQH SOXUHV
JHQHUXPXHVWUXPLQKLVVLOXLVUHSWDQWHVWXIRHGHFXQLFXOH
SDUXH´ LQTXLW SHGHV XLOORVRV KREELWL DVSLFLHQV DWTXH
GLJLWLVSHGXPHXPVXVWXOLWHWHXPTXDVVDXLW
³LWD HVW PXOWL´ %LOER LQTXLW SULXVTXDP PHPLQHUDW QH
DPLFRVVXRVSDWHIDFHUHW³PLQLPHQXOOLQRQXQXV´VWDWLP
SRVWLQTXLW
³TXLG XLV"´ %HUWXV LQTXLW HXP FDSLOOLV QXQF UHFWH
WHQHQV
³TXLG GLFR´ %LOER DQKHODQV LQTXLW ³HW QROLWH PH
FRTXHUHTXDHVRGRPLQLEHQLJQLERQXVFRTXXVLSVHVXP
HW FRTXR PHOLRU TXDP FRTXRU VL LQWHOOHJLWLV TXRG
VLJQLILFR XRELV SXOFKUH FRTXDP XRELV LHQWDFXOXP XDOGH
SXOFKUXPVLPRGRPHQRQFHQDELWLV
³PLVHOOXP VDODSXWLXP´ *XOLHOPXV LQTXLW TXL LDP
WDQWDP FHQDP KDEXHUDW TXDQWDP WHQHUH SRWXLW FHUXLVLDP
TXRTXH PXOWDP SRWDXHUDW ³PLVHOOXP VDODSXWLXP HXP
OLEHUD´
³QRQ GRQHF LOOH GLFLW TXLGPXOWL HWQXOOL VLJQLILFHW´
%HUWXV LQTXLW ³LQ VRPQR PHR HJR LXJXODUL QROR GLJLWRV
SHGXPHLXVLQLJQHWHQHGRQHFORFXWXVHULW´
³QRQ LG KDEHER´ *XOLHOPXV LQTXLW³HJR HXP FHSL
SUDHWHUHD´
³WXHVVWXOWXVSLQJXLVTXH*XOLHOPH´%HUWXVLQTXLW³LWD
GL[LDQWHXHVSHUHPKXQF´
³HWWXHVDJUHVWLV´
³HWLGDWHUHFLSHUHQROR5RVWUXP+XJJLQV´%HUWXVDLW
RFXOXPHLXVSXJQRVXRSHUFXWLHQV
WXP WXUED VSOHQGLGD IXLW PRGR VDWLV LQJHQLL %LOERQL
VXSHUIXLW FXP %HUWXV HXP GHPLVLVVHW XW H XLD SHGXP
HRUXP UXHUHW DQWHTXDP QRPLQD XHULVVLPD SURSULDTXH
LQWHU VH DSSHOODQWHV FXP PDJQLV XRFLEXV TXDVL FDQHV
SXJQDEDQWPR[PDQLEXVLQWHUVHDPSOHFWLSDHQHLQLJQHP
VH XROXHEDQW FDOFLWUDQWHV SXJQLV FRQWXQGHQWHVTXH GXP
7RPDVFXPUDPRDPERVXHUEHUDWXWLOOLPHQWHVUHFLSHUHQW
±TXDHUHVVDQHLOORVLUDWLRUHVTXDPXPTXDPIHFLW
TXRG IXLVVH RSRUWXLW WHPSXV LQ TXR %LOER HJUHVVXV HVW
SHGHVDXWHPPLVHULLQPDQXLQJHQWL%HUWLFRPSUHVVLHUDQW
QHFDQLPDUHOLTXDLQFRUSRUHKDEXLWHWFDSXWUHXROXHEDWXU
LWDTXH LEL DQKHODQV SDXOXP XOWUD RUEHP LJQLV SDXOLVSHU
SURVWUDWXVHVW
LQ PHGLD SXJQD LSVD DSSURSLQTXDXLW %DOLQXV QDQL
FODPRUHVDORQJHDXGLXHUDQWHWSRVWTXDPGLXFRPPRUDWLXW
%LOERDXWUHJUHGHUHWXUDXWTXDVLEXERFDQHUHWVLQJLOODWLP
DG OXFHP WDP WDFLWH TXDP SRWXHUXQW UHSWDUH FRHSHUXQW
VLPXO DWTXH 7RPDV %DOLQXP XHQLHQWHP LQ OXFHP XLGLW
XOXODWXP WHUULELOHP HPLVLW QDP WUROOD DVSHFWXP LSVXP
QDQRUXP LQFRFWRUXP XDOGH RGHUXQW %HUWXV HW 5RVWUXP
VWDWLP SXJQDUH GHVWLWHUXQW HW ³VDFFXV TXLGHP 7RPDV
FLWR´ LQTXLXQW SULXVTXDP %DOLQXV TXL XEL %LOER LQ
FRPPRWLRQH RPQL VLW FRJLWDEDW TXRG HXHQLUHW VFLXHULW
VDFFXVVXSUDFDSXWHLXVIXLWHWKXPLSURVWUDWXVHVW
7UROOD
³VXQWSOXUHVHWLDPXHQLHQWHV´7RPDVLQTXLW³DXWXDOGH
HUUDXL PXOWL HW QXOOL LWD HVW´ LQTXLW ³QXOOL HIIUDKREELWL
VHGPXOWLQDQRUXPLSVRUXPUHEXVVHFXQGLV´
³SXWR WH UHFWH GLFHUH´ %HUWXV LQTXLW ³H OXFH
HJUHGLDPXU´
IDFWXPHVWFXPVDFFLVTXLEXVDGDXIHUHQGDPRXLOODPHW
VSROLDDOWHUDXWLVXQWLQPDQLEXVVXLVLQXPEULVPDQVHUXQW
FXP QDQXV RPQLV DGXHQLVVHW LJQHP XUFHRV HIIXVRV HW
RXLOODP PRUVDP PLUDWXV SRS VDFFXV IRHGR RGRUH VXSUD
FDSXWHLXVSRVLWXVHVWHWKXPLSURVWUDWXVHVWPR['ZDOLQXV
LX[WD%DOLQXPLDFXLWHW)LOLXV.LOLXVTXHXQDHW'RULXVDF
1RULXV2ULXVTXHFXPXODWLHW2LQXVDF*ORLQXVDF%LIXUDF
%RIXU%RPEXUTXHSURSHLJQHPLQFRPPRGHDFHUXDWL
³LG HRV GRFHELW´ 7RPDV LQTXLW QDP %LIXU %RPEXUTXH
PROHVWLVVLPL IXHUDQW HW XHKHPHQWHU SXJQDXHUDQW VLFXW
QDQLFXPLQDQJXOXPFRDFWLHVVHQWSXJQDUHVROHEDQW
GHQLTXH 7KRULQXV DGXHQLW ± QHF LQVFLXV FDSWXV HVW LQ
H[VSHFWDWLRQH PDOL DGXHQLW QHF VLEL FUXUD DPLFRUXP
XLGHQGR RSXV IXLW XW UHV QRQ RPQLQR HVVH ERQDV VFLUHW
IRULV LQ XPEULV SURFXO VWHWLW HW LQTXLW ³TXLG HVW RPQLV
PROHVWLDKDHF"TXLVFRPLWHVPHRVXHUEHUDXLW"´
³VXQWWUROOD´%LOERSRVWDUERUHPLQTXLWGHTXRRPQLQR
REOLWLVXQW³LQGXPHWLVFXPVDFFLVVHFHODQW´LQTXLW
³RVXQWQH"´7KRULQXVLQTXLWHWSURUVXVDGLJQHPVDOXLW
SULXVTXDP LQ HXP LQVLOLUH SRWXHUXQW UDPXP LQJHQWHP LQ
DFXPLQH LQIODPPDWXP FHSLW HW %HUWXV DFXPHQ LOOXP LQ
RFXOR VXR UHFHSLW DQWHTXDP REOLTXH VH PRXHUH SRWXLW
TXRGHXPHSURHOLRSDXOLVSHUSRVXLW%LOERRSWLPXPTXRG
IDFHUH SRWXLW IHFLW FHSLW FUXV 7RPDH ± TXDP RSWLPXP
SRWXLWQDPLGIXLWWDQWXPGHQVXPTXDQWXPWUXQFXVDUERULV
±VHGFXP7RPDVIDXLOODVLQXXOWXP7KRULQLFDOFLWUDUHWLQ
VXPPDGXPHWDDOLTXDUHXROXHQVLDFWXVHVW
SURSWHUKRF7RPDVUDPXPLQGHQWHVVXRVUHFHSLWDWTXH
XQXV TXRUXP H IURQWH IUDFWXV HVW TXDH UHV HXP XOXODUH
FRDFWD HVW PLKL OLFHW WH GLFHUH VHG QXQF FXP PD[LPH
*XOLHOPXV D WHUJR DGXHQLW HW VDFFXP VXSUD FDSXW 7KRULQL
XVTXHDGGLJLWRVSHGXPHLXVSRVXLWLWDTXHSXJQDILQLWDHVW
VDQH QXQF LQ PROHVWLD EHQH IXHUXQW RPQHV LQ VDFFLV
DOOLJDWL VXQW GXP WUHV WUROOD LUDWD GXD FXP DGXVWLV HW
FRQWXVLRQLEXV TXDV LQ PHPRULD KDEXHUXQW LX[WD HRV
VHGHQW LXUJDQWLD XWUXP HRV OHQWH WRUUHDQW DQ VXEWLOLWHU
FRQVHFHQWHWFRTXDQWDQLQHRVVLQJXORVVHGHDQWHWHRVLQ
LXUH FRQJHODWR FRPSULPDQW GXP %LOER XHVWLEXV DWTXH
SHOOHVFLVVLVLQVXPPRGXPHWRVHGHWQHFVHPRXHUHDXGHW
PHWXHQVQHHXPDXGLDQW
WXP LSVXP *DQGDOSKXV UHGLLW QHPR DXWHP HXP XLGLW LDP

WUROODFRQVWLWXHUDQWXWQDQRVQXQFWRUUHUHQWWXPHRVVHULXV
HGHUHQW ± KRF IXLW FRQVLOLXP %HUWL HW SRVWTXDP LQWHU VH
LXJDXHUXQWKXLFRPQHVDVVHQVLVXQW
³WRUUHUH HRV QXQF HVW UHV LQXWLOLV TXDH WRWDP QRFWHP
FRQVXPDW´XR[TXDHGDPLQTXLW%HUWXVHDPHVVH*XOLHOPL
SXWDXLW
³QROL LWHUXP LQFLSHUH LXUJLXP 5RVWUXP´ LQTXLW³DXW LG
WRWDPQRFWHPFRQVXPHW´
³TXLV LXUJDW"´ *XOLHOPXV LQTXLW TXL SXWDXLW %HUWXP
GL[LVVH
³WXLXUJDV´%HUWXVLQTXLW
³PHQGD[ HV´ *XOLHOPXV LQTXLW LWDTXH LXUJLXP LWHUXP
LQFHSLW SRVWUHPR FRQVWLWXHUXQW XW HRV VXEWLOLWHU
FRQVHFDUHQWHWFRTXHUHQWLWDTXHROODPPDJQDPQLJUDPTXH
FHSHUXQWHWFXOWURVVXRVH[WXOHUXQW
³FRTXHUHHRVHVWUHVLQXWLOLVQXOODPDTXDPKDEHPXVHW
SXWHXV ORQJH DEHVW FHUWH´ XR[ TXDHGDP LQTXLW TXDP
%HUWXV*XOLHOPXVTXHSXWDXHUXQWHVVH7RPDH
³WDFH´ LQTXLXQW ³DXW UHP QXPTXDP SHUILFLHPXV HW WX
LSVHDTXDPIHUDVVLPDJLVGLFDV´
³WDFH LSVH´ 7RPDV LQTXLW TXL SXWDXLW XRFHP HVVH
*XOLHOPL³TXLVSUDHWHUWHLXUJHWFRJQRVFHUHXHOLP´
³VWXOWXVHV´*XOLHOPXVLQTXLW
³VWXOWXVWXLSVH´7RPDVLQTXLW
LWDTXH LXUJLXP LWHUXP LQFHSLW FDOLGLXV TXDP XPTXDP
GRQHFSRVWUHPRFRQVWLWXHUXQWXWLQVDFFLVVLQJXOLVVHGHUHQW
HWFRPSULPHUHQWHWHRVWHPSRUHSUR[LPRFRTXHUHQW
³LQTXRSULPXPVHGHDPXV"´XR[LQTXLW
³PHOLRU HULW LQ XOWLPR VHGHUH SULPXP´ %HUWXV LQTXLW
RFXORFXLXV7KRULQXVQRFXLWSXWDXLW7RPDPGLFHUH
³QROL WHFXP GLFHUH´7RPDV LQTXLW³VHG VL WX LQ XOWLPR
VHGHUHXLVLQHRVHGHTXLVHVWLOOH"´
³XQXVFXP WLELDOLEXVOXWHLV´%HUWXVLQTXLW
³JHUUDH XQXV FXP WLELDOLEXV JODXFLV´ XR[ TXDHGDP
*XOLHOPRVLPLOLVLQTXLW
³FRPSHUWXPKDEXLHDHVVHOXWHD´%HUWXVLQTXLW
³OXWHDIXLW´*XOLHOPXVLQTXLW
³TXDPREUHPWXGL[LVWLHDHVVHJODXFD"´%HUWXVLQTXLW
³QXPTXDPGL[L7RPDVLGGL[LW´
³LGQXPTXDPIHFL´7RPDVLQTXLW³WXIHFLVWL´
³GXRFRQWUDXQXPLWDRVWXXPFODXGH´%HUWXVLQTXLW
³FXPTXRORTXHULV"´*XOLHOPXVLQTXLW
³QXQF GHVLVWH´ 7RPDV HW %HUWXV XQD LQTXLXQW ³QR[
WUDQVLWDWTXHSULPDOX[PDWXUHXHQLWLGIDFLDPXV´
³SULPD OX[ XRV RPQHV FDSH HW XRELV ODSLGHVFLWH´ XR[
*XOLHOPR VLPLOLV LQTXLW TXDH QRQ IXLW QDP QXQF FXP
PD[LPH OX[ VXSUD FROOHP XHQLW HW PLQXUULWLR LQ UDPLV
LQJHQV IXLW *XOLHOPXV QXPTXDP ORFXWXV HVW QDP LQ
ODSLGHPXHUVXVGXPVHGHPLWWLWVWHWLWHW%HUWXVHW7RPDV
DVSLFLHQWHV VLPLOHV VD[LV DGKDHVHUXQW KRGLH DGKXF LEL
VWDQW VROL QLVL DXHV LQ LOOLV DVVLGXQW QDP WUROOLV XW
SUREDELOLWHUVFLVHXQGXPHVWVXEWHUUDDQWHOXFHPDXWDG
PDWHULDP PRQWLXP H[ TXLEXV RUWL VXQW UHGHXQW HW
QXPTXDPUXUVXVVHPRXHUXQWLGHVWTXRG%HUWRHW7RPDH
HW*XOLHOPRFRQWLJHUDW
³RSWLPH´ *DQGDOSKXV LQTXLW H WHUJR DUERULV HJUHGLHQV
LXXDQVTXH %LOERQHP XW LOOH H XHSUH GHVFHQGDW WXP %LOER
LQWHOOH[LW XRFHP IXLVVH PDJL TXDH WUROOD DOWHUFDQWLD
LXUJDQWLDTXH WHQXHUDW GRQHF OX[ DGXHQLW HW ILQHP LOORUXP
IHFLW
GHLQGHVDFFRVVROXHUXQWHWQDQRVOLEHUDXHUXQWTXLSDHQH
VXIIRFDWLHWXDOGHLUDWLVXQWTXLEXVQRQRPQLQRSODFXLWLEL
LDFHUH HW DXGLUH WUROOD FRQVLOLD FDSLHQWLD WRUUHQGL DWTXH
FRPSULPHQGL DWTXH FRQVHFDQGL HRV TXLEXV RSXV IXLW ELV
DXGLUH QDUUDWLRQHP %LOERQLV UHUXP TXDH HL DFFLGHUDQW
DQWHTXDPVDWLVIDFWLVXQW
³WHPSXV VWXOWXP IXLW DG H[HUFHQGXP IXUDQWHP HW
VXEULSLHQWHPHVLQLEXV´%RPEXULQTXLW³XELLJQHPDWTXH
FLEXPFXSLXLPXV´
³LGHVWFHUWHTXRGXRVH[KRPLQLEXVLVWLVVLQHFHUWDPLQH
QRQ FHSHULWLV QLKLORPLQXV´ *DQGDOSKXV LQTXLW
³SUDHWHUHDQXQFWHPSXVDPLWWLWLVQRQQHLQWHOOHJLWLVWUROOD
FHUWH KDEHUH DQWUXP DXW IRUDPHQ HIIRVVXP LQ DOLTXR ORFR
SURSLQTXR XW LQ HR VH H VROH FHOHQW" LQ TXR QRELV
DVSLFLHQGXPHVW´
FLUFXP TXDHVLXHUXQW HW PR[ XHVWLJLD FDOLJDUXP
VD[HRUXP WUROORUXP SHU DUERUHV HGXFHQWLD LQXHQHUXQW
XHVWLJLDDGXHUVXPFROOHPFRQVHFXWLVXQWGRQHFDGLDQXDP
PDJQDP VD[HDP D GXPHWLV FHODWDP LQ DQWUXP GXFHQWHP
DGXHQHUXQW VHG QRQ HDP DSHULUH SRWXHUXQW TXDPTXDP
RPQHV HDP LPSXOHUXQW GXP *DQGDOSKXV LQFDQWDPHQWD
XDULDH[SHULWXU
FXP IHVVL LUDWLTXH ILHUHQW ³KDF EHQH XWDPXV"´ %LOER
URJDXLW ³HDP KXPL LQ TXR WUROOD SXJQDXHUXQW LQXHQL´
FODXHP LQJHQWLRUHP WHWHQGLW TXDP VLQH GXELR *XOLHOPXV
SXWDXHUDWPLQLPDPHWVHFUHWDPHVVHKDXGGXELXPHVWTXLQ
LOOD H VLQX HLXV H[FLGLVVHW IHOLFLVVLPH DQWHTXDP LOOH LQ
VD[RXHUVXVHVW
³GL LPPRUWDOHV TXDUH WX GH HD QRQ PHQWLRQHP IHFLVWL
DQWH"´ FODPDXHUXQW HDP *DQGDOSKXV UDSXLW HW DG
FODXVWHOOXP DSSOLFDXLW WXP LDQXD VD[HD DE XQD SXOVD
PDJQDUHWURXHUVDWDRPQHVLQWURLHUXQWIXHUXQWKXPLRVVDHW
LQ DHUH RGRU IRHGXV VHG PXOWXP FLEL LQ SHJPDWD DWTXH
KXPL VSDUVXP DSXG VSROLD RPQLXP JHQHURUXP DE
RUELFXOLV DHUHLV DG ROODV QXPPRUXP DXURUXP SOHQDV LQ
DQJXOR VWDQWHV SDVVLP SURIXVH LDFWDWD IXHUXQW TXRTXH
PXOWDH XHVWHV LQ PXULV SHQGHQWHV ± PXOWR SDUXDH WUROOLV
HDV XLFWLPDUXP IXLVVH PH SDHQLWHW ± LQWHU TXDV IXHUXQW
DOLTXRW HQVHV JHQHULEXV ILJXULV PDJQLWXGLQLEXVTXH XDULL
GXRV SUDHFLSXH DVSH[HUXQW SURSWHU XDJLQDV SXOFKUDV
HRUXPDWTXHFDSXORVJHPPDWRV
*DQGDOSKXVHW7KRULQXVVLQJXOLXQXPKRUXPFHSHUXQWHW
%LOERFXOWUXPTXHPGDPLQXDJLQDVFRUWHDFHSLWTXLVROXP
FXOWHOOXVVLQXV SDUXXV WUROOR IXHULW VHG WDP ERQXV TXDP
JODGLXVKREELWRIXLW
³LOOL HVVH ODPLQDH ERQDH XLGHQWXU´ PDJXV LQTXLW LOORV
VHPL HGXFHQV HW FXULRVH DVSLFLHQV ³DE DOLTXR WUROOR QRQ
IDFWDHVXQWQHFDEDOLTXRIDEULFDWRUHDSXGKRPLQHVLQKLV
ORFLV HW GLHEXV VHG FXP UXQDV OHJHULPXV PDJLV GH HLV
FRJQRVFHPXV´
³H[ RGRUH IRHGR H[HDPXV´ )LOLXV LQTXLW LWD ROODV
QXPPLHWWDQWXPFLEXPTXDQWXPDSWXPDGHGHQGXPXLVXP
HVW XQDP FXSDP FHUXLVLDH TXRTXH TXDH HWLDP UHSOHWD
H[WXOHUXQW TXR WHPSRUH LHQWDFXOXP FXSLXHUXQW HW XDOGH
HVXULHQWHV TXDH H FHOOD SHQDULD WUROORUXP KDEXHUDQW QRQ
FRQWHPSVHUXQWFRSLDHLSVRUXPXDOGHH[LJXDHIXHUXQWQXQF
SDQHPHWFDVHXPHWDEXQGDQWLDPFHUXLVLDHHW ODULGXPLQ
IDXLOOLVLJQLVWRUUHQGXPKDEXHUXQW
SRVWHDGRUPLXHUXQWTXRGQR[VXDFRPPRWDHUDWHWQLKLO
XOWUDIHFHUXQWGRQHFSRVWPHULGLHWXPPDQQLVLOODWLVROODV
DXULDEVWXOHUXQWTXDVXDOGHVHFUHWRQRQORQJHDXLDLX[WD
IOXPHQVHSHOLXHUXQWVXSUDTXDVFDUPLQDSOXUDLQFDQWDQWHV
VL IRUWH XPTXDP UHGLHULQW XW HDV UHFLSHUHQW KLV IDFWLV
RPQHV LWHUXP FRQVFHQGHUXQW HW LQ XLD DG 2ULHQWHP UXUVXV
SURJUHVVLVXQW
³TXR LVWL WX VL TXDHVDP"´ 7KRULQXV *DQGDOSKR LQTXLW
GXPHTXLWDQW
³DGSURUVXPDVSLFLHQGXP´LOOHLQTXLW
³HWTXRGWHUHXRFDXLWLQWHPSRUH"´
³UXUVXPDVSLFLHQV´LOOHLQTXLW
³VDQH´7KRULQXVLQTXLW³VHGFODULRUHVVHSRVVLV"´
³XW XLDP QRVWUDP H[SORUDUHP SHUUH[L TXDH PR[
SHULFXORVDGLIILFLOLVTXHILHWSUDHWHUHDGHUHSOHQGRQRVWUDV
FRSLDVSDUXDVDOLPHQWRUXPVROOLFLWXVIXLQRQSURFXOWDPHQ
LHUDPFXPDPLFLVGXREXVPHLV5LXHQGHOOHREXLDPLL´
³XELHVWLOOXG"´%LOERTXDHVLXLW
³QROLLQWHUUXPSHUH´*DQGDOSKXVLQTXLW³SDXFLVGLHEXV
LDP LOOLF DGXHQLHV VHFXQGD IRUWXQD HW RPQLD GH HR
LQXHQLHV XW GLFHEDP GXREXV FLXLEXV (OURQGLV REXLDP LL
TXLWUROOLVWUHSLGDQWHVIHVWLQDXHUXQWLSVLPLKLGL[HUXQWWULD
LVWRUXPHPRQWLEXVGHVFHQGLVVHDWTXHLQVLOXLVQRQORQJHD
XLD FRQVHGLVVH RPQLEXV H UHJLRQH DEVWHUULWLV KRVSLWHV
LQVLGLDWDVXQW
³VWDWLP VHQVL PH UHTXLUL UXUVXV LQ WHUJR LQWXHQV LJQHP
SURFXO XLGL HW DG HXP DSSURSLQTXDXL LWD QXQF LQWHOOHJLV
SUR[LPR WHPSRUH TXDHVR FDXWLRUHV HVWR DXW QXPTXDP
XVTXDPSURJUHGLHPXU´
³JUDWLDVWLEL´7KRULQXVLQTXLW
&$3977(57,90
5(49,(6%5(9,6
LOOR GLH QHF FHFLQHUXQW QHF IDEXODV QDUUDXHUXQW HWLDPVL

FDHOXP IDFWXP HVW WUDQTXLOLXV QHF SUR[LPR GLH QHF
SRVWULGLHFRHSHUDQWVHQWLUHSHULFXOXPXWULPTXHQRQORQJH
DEHVVH VXE VWHOOLV FDVWUD SRVXHUXQW HW HTXL HRUXP PDJLV
FLEL TXDP HL KDEXHUXQW QDP VDWLV JUDPLQLV IXLW VHG QRQ
PXOWD LQ VDFFLV HRUXP HWLDP FXP TXLEXV H WUROOLV FDSWD
HUDQW PDQH TXRGGDP IOXPHQ LQ ORFR ODWR XDGRVRTXH
FODPRULV VD[RUXP HW VSXPDH SOHQR WUDQVLHUXQW ULSD
XOWHULRU IXLW DUGXD OXEULFDTXH FXP DG VXPPDP HDP
DGXHQLVVHQW PDQQRV GXFHQWHV PRQWHV LQJHQWHV
DSSURSLQTXDXLVVH SURSH VH DVSH[HUXQW LDP LWLQHUH IDFLOL
XQLXV GLHL DE LPR SUR[LPR DEHVVH XLVL VXQW TXL DVSHFWX
DWHUWHQHEURVXVTXHIXLWTXDPTXDPPDFXODHVROLVIXOXLVLQ
ODWHULEXV HLXV IXHUXQW HW SRVW XPHURV HLXV DSLFHV
FDFXPLQRUXPQLXHRUXPQLWHEDQW
³HVWQH 0RQV,OOH"´ %LOER XRFH JUDXL LQWHUURJDXLW HXP
FXP RFXOLV URWXQGLV DVSLFLHQV QXPTXDP DOLTXLG WDQWL
DVSHFWXVDQWHXLGHUDW
³PLQLPH´ %DOLQXV LQTXLW ³KDHF HVW LQFHSWLR VROXP
0RQWLXP1HEXORVRUXPHWQRELVHXQGXPHVWSHUDXWVXSUD
DXWVXEWHUHRVQHVFLRTXRPRGRSULXVTXDPLQ9DVWDWHUUDP
LQWURHDPXVXOWUDHWORQJLQTXDHVWXLDHWLDPDEODWHUHDOWHUR
TXRUXP DG 0RQWHP 6ROXP LQ 2ULHQWH XEL 6PDXJ LQ
WKHVDXURQRVWURLDFHW´
³R´ %LOER LQTXLW HW WXP PD[LPH VHQVLW VH IHVVLRUHP
HVVH TXDP XPTXDP UHFRUGDWXP HVVH VH DQWH VHQWLVVH GH
VHOOD PROOL VXD DQWH LJQHP LQ H[HGUD GLOHFWD LQ IRUDPLQH
KREELWR DWTXH GH FDQHQGR DHQHL UXUVXV FRJLWDEDW LG QRQ
SRVWUHPXPIHFLW
QXQF *DQGDOSKXV HRV GX[LW TXL ³QRQ QRELV DPLWWHQGD HVW

XLD DXW SHULELPXV´ LQTXLW ³SULPXP QRELV RSXV HVW FLEL
DWTXHUHTXLHVFHUHLQVDOXWHWROHUDELOL±XDOGHQHFHVVHHVW
TXRTXH0RQWHV1HEXORVRVDXLDLGRQHDVXVFLSHUHDOLRTXL
DSXG HRV DPLWWHPXU HW XRELV UHGHXQGXP DWTXH DE LQLWLR
LWHUXPSURILFLVFHQGXPHVWVLTXLGHPXPTXDPUHGLUHWLV´
HXP URJDXHUXQW TXR HDW HW LOOH UHVSRQGLW ³DG OLPHQ
LSVXP 9DVWLWDWLV DGXHQLVWLV XW DOLTXL VFLDWLV FHODWD LQ
DOLTXR ORFR XOWUD HVW XDOOLV DPRHQD 5LXHQGHOOLV TXD
(OURQG 'RPL )DPLOLDULV 9OWLPDH KDELWDW DE DPLFLV
QXQWLXPPLVLHWH[VSHFWDWLVXPXV´
TXDHLXFXQGDJUDWDTXHHVVHXLVDHVWVHGLOOXFQRQDGKXF
XHQHUXQW HW LQXHQLUH 'RPXP )DPLOLDUHP 9OWLPDP LQ
RFFLGHQWH 0RQWLXP QRQ UHV WDP IDFLOLV TXDP HD HVVH
XLGHWXUQHFDUERUHVQHFXDOOHVQHFFROOHVDGHVVHXLVLVXQW
TXL WHUUDP LQ IURQWH LQWHUUXPSHUHQW XQXV FOLXXV LQJHQV
VROXVVXUVXPDWTXHVXUVXPOHQLWHUWHQGHQVTXLLPLVPRQWLV
SUR[LPLREXLDPLUHWWHUUDODWDFRORUH&DOOXQDHXXOJDULVHW
VD[L IULDELOLV FXP PDFXOLV LFWLEXVTXH JUDPLQHLXLULGLV HW
PXVFRVLXLULGLV TXDH ORFRV LQ TXLEXV IRUWDVVH DTXD
DGHVVHWSDWHIHFHUXQW
PDQH IXJLW SRVW PHULGLH XHQLW VHG SHU WRWD GHVHUWD
WDFLWDIXLWQXOOXPVLJQXPGRPLFLOLLDOLFXLXVDQ[LLILHEDQW
TXRGQXQFGRPXPSDHQHLQDOLTXRORFRLQWHUVHHWPRQWHV
FHODUL SRVVH SHUFHSHUXQW XDOOHV LQRSLQDWDV WHQXHV FXP
ODWHULEXV SUDHFLSLWLEXV TXDH VXE SHGLEXV HRUXP UHSHQWH
SDWXHUXQWLQXHQHUXQWHWDGPLUDQWHVGHVSH[HUXQWXWDUERUHV
VXEWHU VH DWTXH DTXDP IOXLWDQWHP LQ LPR XDOOLV XLGHUHQW
IXHUXQW FDQDOHV TXRV SDHQH WUDQVLOLUH SRWXHUXQW VHG LQ
TXLEXV GHLHFWXV DTXDH DOWLVVLPL IXHUXQW IXHUXQW DQJXVWLDH
WHQHEURVDH TXDV QHF WUDQVLOLUH QHF LQ TXDV GHVFHQGHUH
SRWXHUXQW IXHUXQW SDOXGHV QRQQXOODH XLULGHV HW DPRHQDH
DVSHFWXFXPIORULEXVIORUHVFHQWLEXVHWDOWLVVHGVLPDQQXV
TXLGHPFXPVDUFLQDLQGRUVRLELDPEXOHWQXPTXDPLWHUXP
H[HDW
WHUUD XHUXP IXLW PXOWR ODWLRU D XDGR DG PRQWHV TXDP
XPTXDP FRQLHFHULV %LOER VWXSHIDFWXV HVW XLD VROD FXP
ODSLGLEXV DOELV DOLLV PLQLPLV DOLLV FXP PXVFR DXW
&DOOXQLVXXOJDULVVHPLWHFWLVGHVLJQDWDHVWXLDPSHUVHTXL
RPQLQR IXLW QHJRWLXP WDUGLVVLPXP HWLDP *DQGDOSKR
GXFHQWHTXLLWHUVXXPVDWLVEHQHFRJQRVFHUHXLVXVHVW
FDSLWHDWTXHEDUEDTXDVVDQWHKXFLOOXFODSLGHVTXDHVLXLW
HW FHWHUL HXP GXFHQWHP VHFXWL VXQW VHG GLH RFFLGHQWH
QLKLOR SURSLRUHV ILQHP TXDHVLWLRQLV HVVH XLVL VXQW
WHPSXVWKHDH ORQJH SUDHWHULHUDW HW PR[ WHPSXVFHQDH
HRGHP PRGR SUDHWHULWXUXP XLVXP HVW EODWWDH
FLUFXPXROLWDEDQW HW OX[ XDOGH KHEHVFHEDW QDP OXQD QRQ
RUWD HVW PDQQXV %LOERQLV DG UDGLFHV ODSLGHVTXH
RIIHQGHEDW WDP UHSHQWH DG PDUJLQHP GHFOLXLV HW
SUDHFLSLWLV ORFL DGXHQHUXQW XW HTXXV *DQGDOSKL SDHQH GH
FOLXRGHODEHUHWXU
³HFFLOOXG GHPXP´ LOOH FODPDXLW HW FHWHUL LOOXP
FLUFXPVWHWHUXQW VXSHU PDUJLQHP GHVSLFLHQWHV XDOOHP
ORQJHLQIUDXLGHUXQWXRFHPDTXDHFXUUHQWLVLQDOXHRVD[HR
LQLPDDXGLUHSRWHUDQWRGRUDUERUXPLQDHUHHUDWHWHUDW
LQODWHUHXDOOLVWUDQVDTXDPOX[
%LOER PRGL LQ TXR VHFXQGXP XLDP SUDHFLSLWHP
DQIUDFWDP LQ XDOOHP FHODWDP 5LXHQGHOOLV GHODSVL VXQW
VHUSVHUXQWTXH QXPTXDP REOLWXV HVW GXP GHVFHQGXQW DHU
FDOLGLRU ILHEDW HW LV DE RGRUH SLQXXP DGHR VRPQROHQWXV
ILHEDW XW VXELQGH QXWDUHW HW SDHQH GHODEHUHWXU XHO QDVXP
VXXP DG FHUXLFHP PDQQL RIIHQGHUHW GXP GHRUVXP DWTXH
GHRUVXP HXQW FRUGD VXD VXUJHEDQW DUERUHV LQ IDJRV
TXHUFXVTXH PXWDEDQWXU HW LQ FUHSXVFXOR HUDW VHQVXV
DPRHQXVXLULGLWDVXOWLPDHJUDPLQHSDHQHSDOOXHUDWFXP
WDQGHPDGQHPXVDSHUWXPQRQSURFXOVXSHUULSDVIOXPLQLV
DGXHQHUXQW
³KPPPHVWRGRUGU\DGXP´%LOERFRJLWDXLWVXVSLFLHQV
VWHOODVTXDHFODUDHDWTXHFDHUXOHDHIXOJHEDQWWXPFDUPHQ
VLPLOHULVXLLQDUERULEXVHUXSLW
TXLGIDFLWLV"TXRXDGLWLV"
FDOFDQGLPDQQLXRELVVXQW
WUDODWUDODIOXHQWLD
LQLPDXDOOHIOXPLQD
TXLGTXDHVLWLV"TXHPGXFLWLV"
IXPDQWHVIDVFHVFRFWLVXQW
KLKRKLKRKLKRKLKD
LQQRVWUDXDOOHOHSLGD
KDKD
TXRXDGLWLVFRPDQWLEXV
FXPEDUELVQXQFTXDVVDQWLEXV"
LQVFLWLXRVLQVFLWLXRV
FXU%DJJLQVDWTXH%DOLQXV
GHVFHQGDQWQXQFHW'ZDOLQXV
LQXDOOHP,XQLR
KDKD
RXXOWLVKLFUHVLVWHUH
DXWVXELWRGLVFHGHUH"
GHFDHORGHFLGLWTXHOX[
GXPPDQQLHUUDQWQXQFHVWQR[
VXQWVWXOWLIXJLHQWHVWXQF
LXFXQGLTXLPDQHQWHVQXQF
HWDXGLHQWHVQRVWURV
DGXVTXHPDQHPRGRV
KDKD
VLF LQWHU DUERUHV ULVHUXQW DWTXH FDQWDXHUXQW HW RPQLQR

QXJDV XW SXWR WX LG IXLVVH H[LVWLPDV GH TXR QHTXDTXDP
FXUDXHULQWPXOWRPDJLVULVHULQWVLLWDLOOLVGL[HULVIXHUXQW
VDQHGU\DGHVTXDVPR[WHQHEULVGHQVDWLV%LOERDVSH[LW
TXL GU\DGHV DPDXLW TXDPTXDP UDUR LOOLV REXLDP LLW VHG
SRUUR LOODV SDXOR WLPXLW QDQL HUJD LOODV QRQ DPLFL DQLPR
VXQWWDOHVHWLDPQDQLKRQHVWLTXDOHV7KRULQXVHWDPLFLDXW
LOODV HVVH VWXOWDV H[LVWLPDQW TXL HVW PRGXV VWXOWLVVLPXV
H[LVWLPDQGLDXWLOOLVLUDVFXQWXUTXRGDOLTXDHGU\DGHVHRV
VROOLFLWDQWULGHQWTXHSUDHFLSXHEDUEDVHRUXP
³HFFH´XR[TXDHGDPLQTXLW³XLGH%LOERQHPKREELWXP
LQPDQQRFDULVVLPHHVWQHLXFXQGLVVLPXP´
WXP FDUPHQ DOWHUXP LQFHSHUXQW WDP ULGLFXOXP TXDP LG
TXRGLQWRWRGHVFULSVLSRVWUHPRXQXVSURFHUXVLXXHQLVH[
DUERULEXV HJUHVVXV FDSLWH VXPPLVVR *DQGDOSKXP HW
7KRULQXPVDOXWDXLW
TXL³DFFLSLRXRVLQXDOOHP´LQTXLW
³JUDWLDV DJR WLEL´ 7KRULQXV SDXOR DVSHULXV LQTXLW VHG
*DQGDOSKXV LDP H[ HTXR GHVLOXHUDW HW FRUDP GU\DGLEXV
LRFRVHORTXHEDWXU
³H XLD XHVWUD DOLTXDQWXP HUUDXLVWLV´ GU\DV LQTXLW ³LG
HVWVLLWHUDGVHPLWDPVRODPWUDQVDTXDPIDFLWLVHWGRPXP
XOWUD XRV LQ XLD UHFWD SRQHPXV VHG XRELV HXQGXP HVW
SHGLEXV GRQHF SRQWHP WUDQVLVWLV PDQHWLVQH SDXOLVSHU XW
QRELVFXP FDQWHWLV DXW VWDWLP SHUJHWLV" LOOLF FHQD
FRTXLWXU´ LQTXLW ³LJQHV OLJQHRV FRTXHQGRV ROIDFHUH
SRVVXP´
TXDPTXDP IHVVXV IXLW %LOERQL SDXOLVSHU PDQHUH
SODFXHULW FDQWXV GU\DGXP QRQ HVW UHV SUDHWHUHXQGD LQ
,XQLR VXE VWHOOLV QRQ VL WDOHV UH V FXUDV HL TXRTXH
SODFXHULW KDEHUH XHUED QRQQXOOD SULXDWD FXP KDF JHQWH
TXDHQRPLQDHLXVDWTXHRPQLDGHHRFRJQRVFHUHXLGHEDWXU
HWLDPVLHDPDQWHDQRQXLGLWSXWDXLWVHDVHQWHQWLLVHRUXP
GHIDFLQRUHDXGDFLGHOHFWDULGU\DGHVPXOWDVFLXQWHWJHQV
HVW PLUDQGD DG UHV QXQWLDQGDV HW TXLG DSXG JHQWHV WHUUDH
DJDWXULQWHOOHJXQWWDPFLWRTXDPDTXDIOXLWDXWFLWLXV
VHG WXQF RPQHV QDQL FHQDH FXSLGL TXDP SULPXP
PDQHUH UHFXVDXHUXQW SURUVXV LHUXQW RPQHV PDQQRV
GXFHQWHV GRQHF DG VHPLWDP ERQDP IHUHEDQWXU LWDTXH
GHPXP DG ULSDP LSVDP IOXPLQLV TXRG FLWR DWTXH FXP
VWUHSLWX IOXHEDW VLFXW IOXPLQD PRQWDQD LQ XHVSHUL DHVWLXR
DJHUHVROHEDQWFXPVROSHUWRWXPGLHPLQQLXHORQJHVXSUD
DGIXLW IXLW XQXV SRQV VROXV DQJXVWXV VD[HXVTXH VLQH
SOXWHR WDP DQJXVWXV TXDP XQXV PDQQXV WUDQVLUH SRWHUDW
WUDQV TXHP OHQWH FDXWHTXH VLQJXOLV HXQGHP HVW TXLVTXH
PDQQXP VXXP IUHQR GXFHQV GU\DGHV ODQWHUQDV FODUDV DG
ULSDP WXOHUDQW HW GXP PDQXV WUDQVLW FDUPHQ LRFRVXP
FDQWDXHUXQW
³QROL PHUJHUH EDUEDP WXDP LQ VSXPD SDWHU´ 7KRULQR
TXL SDHQH LQ PDQLEXV JHQLEXVTXH IOH[XV HVW FODPDXHUXQW
³LOODHVWVDWLVORQJDVLQHDTXDPDVSHUJHQGR´
³FDXH QH %LOER RPQLD OLED HGDW´ FODPDXHUXQW ³WDP
SLQJXLVHVWXWQRQSHU FODXVWHOODHWLDPHDW´
³WDFLWH WDFLWH +RPLQHV %RQL DWTXH XDOHWH´
*DQGDOSKXV LQTXLW TXL QRXLVVLPXV XHQLW ³VXQW XDOOLEXV
DXUHVHWVXQWGU\DGLEXVQRQQXOOLVOLQJXDHQLPLVLXFXQGDH
XDOHWH´
LWD GHPXP RPQHV 'RPXP )DPLOLDUHP 9OWLPDP
DGXHQHUXQWIRUHVFXLXVSDWHUHLQXHQHUXQW
QXQF HVW UHV LQVROLWD VHG GH UHEXV TXDH VXQW ERQDH
KDEHUH DWTXH GH GLHEXV TXL VXQW ERQL DJHUH FHOHULWHU GLFL
SRVVXQWPLQLPHDXGLULGXPUHVLQFRPPRGDHSDOSLWDQWHV
HWLDP FUXGHOHV IDEXODP ERQDP ILHUL SRVVLQW DWTXH
QLKLORPLQXV GLXWLRUHV QDUUDUL LQ GRPR LOOD ERQD GLX
PDQVHUXQW GLHV TXDWWXRUGHFLP PLQLPXP HW LOOLV PDJQXP
HVWGLVFHGHUHLQDHWHUQXP%LOERLELUHPDQVHULW±HWLDPVL
GHVLGHULXP TXRGGDP HXP VLQH PROHVWLD UHWURUVXP DG
IRUDPHQKREELWXP DEVWXOHULW QLKLORPLQXV GH PRUD HRUXP
VXQWSDXFDQDUUDUL
GRPLQXVGRPXVIXLWGU\DGXPDPLFXV±XQXVJHQWLVLOOLXV
SDWUHV FXLXV LQ IDEXOLV LQVROLWLV DQWH LQFHSWXP +LVWRULDH
DSSDUXHUXQW EHOOD JREHOLQRUXP PDORUXP HW GU\DGXP HW
KRPLQXP SULPRUXP LQ 6HSWHQWULRQLEXV LOOLV LQ GLHEXV
QRVWUDH IDEXODH IXHUXQW DOLTXL HWLDP TXRUXP PDLRUHV
IXHUXQW HW GU\DGHV HW KHURHV 6HSWULRQXP DWTXH (OURQG
GRPLQXVGRPXVHRUXPIXLWSULQFHSV
TXL WDP QRELOLV HW VSHFLRVXV IXLW TXDP GRPLQXV
GU\DGXP WDP IRUWLV TXDP EHOODWRU WDP FDOOLGXV TXDP
PDJXV WDP XHQHUDELOLV TXDP UH[ QDQRUXP DWTXH WDP
EHQLJQXV TXDP DHVWDV LQ IDEXOLV PXOWLV DSSDUHW VHG SDUV
HLXV LQ QDUUDWLRQH PDJQL IDFLQRULV %LOERQLV HVW SDUXD
VROXP TXDPTXDP PDJQL PRPHQWL XW XLGHELV VL XPTXDP
DGILQHPDGXHQHULPXVGRPXVHLXVIXLWSHUIHFWDXWUXPWLEL
RSWLPH SODFXLW FLEXV DXW VRPQXV DXW ODERU DXW IDEXODV
QDUUDUH DXW FDQWDUH DXW VROXP VHGHUH HW FRJLWDUH DXW
PL[WXUDLXFXQGDRPQLXPHRUXPUHVPDODHLQXDOOHPLOODP
QRQXHQHUXQW
XWLQDP PLKL WHPSXV VLW XW SDXFDV HWLDP IDEXODUXP DXW
XQXP DXW GXR FDUPLQRUXP TXDH LQ GRPR LOOD DXGLXHUXQW
WLEL QDUUHP RPQHV PDQQL TXRTXH SDXFLV GLHEXV LOOLF
UHTXLHWL IRUWHVTXH ILHEDQW XHVWHV HRUXP UHSDUDWDH VXQW
LWHP FRQWXVLRQHV DQLPL DWTXH VSHV VDFFL HRUXP FXP
FLEDULD HW FRPPHDWLEXV OHXLEXV SRUWDQGL FDXVD VHG
IRUWLEXV WUDQVIHUHQGL FDXVD VXSUD WUDQVLWXV PRQWLXP
LPSOHWL VXQW FRQVLOLD HRUXP D FRQVLOLR RSWLPR HPHQGDWD
VXQW LWDTXH WHPSXV DG SULGLH PHGLDP DHVWDWLV DGXHQLW HW
LWHUXP HLV SULPD OXFH PDQH PHGLDH DHVWDWLV
SURILFLVFHQGXPHVW
(OURQG RPQLD GH UXQLV RPQLXP JHQHUXP LQWHOOH[LW LOOD
GLH HQVHV TXL DE ODWLEXOR WUROORUXP DEODWL HUDQW DVSH[LW
DWTXH³LOOLQRQDWUROOLVIDFWL´LQTXLW³VXQWHQVHVDQWLTXL
HQVHV DQWLTXLVVLPL 'U\DGXP$OWDUXP 2FFLGHQWLV VWLUSXP
PHDUXP IDFWL VXQW LQ *RQGROLQH EHOORUXPJREHOLQRUXP
FDXVDKDXGGXELXPTXLQLOOLH[DFHUXRGUDFRQLVDXWSUDHGD
JREHOLQRUXP HXHQLVVHQW TXLD VDHFXOD PXOWD DEKLQF
GUDFRQHV DWTXH JREHOLQL RSSLGXP LOOXP GHOHXHUXQW KLF
7KRULQHDUXQLV2UFULVWXVDSSHOODWXU6FLVVRUJREHOLQRUXP
LQ OLQJXD XHWHUH *RQGHOLQLV IXLW ODPLQD FODUD KLF
*DQGDOSKH IXLW *ODPGULQJ 0DOOHXVKRVWLXP TXHP ROLP
UH[*RQGHOLQLVJHVVLWEHQHHRVFXUDWH´
³XQGH WUROOD HRV DFTXLVHULQW PLURU"´ 7KRULQXV LQTXLW
HQVHPFXULRVLWDWHQRXDDVSLFLHQV
³QHVFLR´ (OURQG LQTXLW ³VHG SRWHVW H[LVWLPDUH WUROOD
WXD SUDHGDWD HVVH SUDHGDWRUHV DOWHURV DXW UHOLTXLDV
SUDHGDWLRQXP XHWHUXP LQ DOLTXR VHFUHWR LQ PRQWLEXV
LQXHQLVVH DXGLXL WKHVDXURV DE DQWLTXLV GLHEXV DGKXF
REOLWRVLQDQWULVGHVHUWLVIRGLQDUXP0RULDHLQXHQLULSRVVH
H[HRWHPSRUHEHOOLQDQRUXPJREHOLQRUXPTXH´
KDHF XHUED 7KRULQXV FRQVLGHUDXLW ³KXQF HQVHP LQ
KRQRUHPFXUDER´LQTXLW³PR[JREHOLQRVLWHUXPVFLQGDW´
³XHUL VLPLOH HVW GHVLGHULXP LOOXP SHUEUHXL WHPSRUH LQ
PRQWLEXVFRQFHVVXPLUL´(OURQGLQTXLW³VHGQXQFWDEXODP
JHRJUDSKLFDPWXDPPLKLH[KLEH´
TXDPFHSLWHWGLXDVSH[LWWXPFDSXWTXDVVDXLWTXRGVL
QDQRVDWTXHFXSLGLWDWHPHRUXPDXULQRQRPQLQRDSSUREDW
GUDFRQHV DWTXH PDOHXROHQWLDP HRUXP FUXGHOHP RGLW HW
UXLQDP XUELV &RQXDOOLV DWTXH WLQWLQQDEXOD HLXV LXFXQGD
DWTXH ULSDV FRQIODJUDWDV )OXPLQLV )OXHQWLV QLWLGL
PHPLQLVVH HXP PLVHUXLW OXQD LQ FRUQX ODWR DUJHQWHRTXH
OXFHEDW WDEXODP VXVWXOLW HW OX[ FDQGLGD SHU HDP OX[LW
³TXLGHVWKRF"´LQTXLW³KLFVXQWOLWWHUDHOXQDHLX[WDUXQDV
VLPSOLFHVTXDHµTXLQTXHSHGHVDOWLWXGLQHLDQXDHWLQODWXP
WUHVDPEXOHQW¶GLFXQW´
³TXLG VXQW OLWWHUDHOXQDH"´ KREELWXV URJDXLW XDOGH
FRQFLWDWXV WDEXODV JHRJUDSKLFDV GLOH[LW XW DQWHTXDP WLEL
GL[LHWHLHWLDPUXQDHHWOLWWHUDHHWFKLURJUDSKXPFDOOLGXP
SODFHQW TXDPTXDP TXDQGRFXPTXH LSVH VFULSVLW
DOLTXDQWXOXPWHQXHDUDQHRVXPTXHIXLW
³OLWWHUDHOXQDH VXQW OLWWHUDHUXQDH VHG HDV XLGHUH QRQ
SRWHV´ (OURQG LQTXLW ³FXP HDV GLUHFWH LQWXHULV TXDH
XLGHULSRWHUXQWVROXPFXPOXQDSRVWHDVOX[HULWHWSRUUR
GH FDOOLGLRULEXV JHQHULEXV OXQDP RSRUWHW HW IRUPDH HW
WHPSRULV HLXVGHP HVVH TXDP GLHP LQ TXR VFULSWDH VXQW
QDQL HDV UHSSHUHUXQW DWTXH HDV FXP VWLOLV DUJHQWHLV
VFULSVHUXQWVLFXWDPLFLVWXLVOLFHWWLELGLFHUHQRQGXELXP
HVW TXLQ LOODH SULGLH PHGLDP DHVWDWLV LQ OXQD FUHVFHQWH
LDPSULGHPVFULSWDHHVVHQW´
³TXLGGLFXQW"´*DQGDOSKXVHW7KRULQXVXQDURJDXHUXQW
SDXOR IRUWDVVH VROOLFLWDWL HWLDP TXRG (OURQG UHP SULPXP
LQXHQLUHW TXDPTXDP UH XHUD DQWHTXDP QXOOD RFFDVLR IXLW
QHFDOWHUDIXHULWGRQHFWHPSXVLQFRJQLWXP
³LX[WD ODSLGHP JODXFXP VWD FXP WXUGXV SXOVDW´ OHJLW
(OURQG ³HW VRO RFFLGHQV LQ OXFH XOWLPD 'LHL 'XULQL
FODXVWHOOXPLOOXPLQDELW´
³'XULQXV'XULQXV´7KRULQXVLQTXLW³IXLWSDWHUSDWUXP
JHQWLV XHWHUULPL QDQRUXP %DUEDUXPORQJDUXP DWTXH
PDLRUXPPHRUXPSULPXVKHUHVHLXVVXP´
³WXPTXLGHVW'LHV'XULQL"´(OURQGURJDXLW
³SULPDGLHV$QQL1RXLQDQRUXP´7KRULQXVLQTXLW³HVW
XW RPQHV VFLUH RSRUWHW SULPD GLHV OXQDH QRXLVVLPDH
$XWXPQL LQ OLPLQH +LHPLV HWLDPQXQF D QRELV DSSHOODWXU
'LHV 'XULQL LQ TXD OXQD QRXLVVLPD DWTXH VRO VLPXO LQ
FDHOR VXQW XHUHRU DXWHP QH LOOD UHV QRV QRQ PXOWR LXXHW
TXRG KLV LQ GLHEXV VXSUD DUWHP QRVWUDP HVW XW GLXLQHPXV
TXDQGRWDOHWHPSXVUXUVXVXHQLDW´
³LG XLGHUL UHVWDW´ *DQGDOSKXV LQTXLW ³HVWQH PDJLV
VFULSWL"´
³QLKLO TXL D KDF OXQD XLGHUL SRWHVW´ (OURQG LQTXLW HW
WDEXODP 7KRULQR UHGGLGLW WXP DG DTXDP GHVFHQGHUXQW XW
SULGLH PHGLDP DHVWDWLV GU\DGHV VDOWDQWHV HW FDQWDQWHV
XLGHUHQW
PDQHSUR[LPXPIXLWPDQHPHGLDHDHVWDWLVWDPVHUHQXP
HW XLULGHP TXDP VRPQLDUL SRWHVW FDHOXP FDHUXOHXP QHF
XPTXDPXPEUDTXDHGDPHWVROLQDTXDVDOWDQVQXQFLQWHU
FDUPLQDHRVVDOXHUHDWTXHXDOHUHLXEHQWLDDEHTXLWDXHUXQW
FXP DQLPLV DG IDFLQRUD XOWHULRUD SUDHSDUDWLV HW FXP
VFLHQWLD XLDH TXDH VLEL VHTXHQGD HVW VXSHU 0RQWHV
1HEXORVRVDGWHUUDPXOWHULRUHP
&$39749$5790
693(5&2//(0(769%7(5
&2//(0
HUDQW PXOWDH VHPLWDH TXDH VXUVXP LQ PRQWHV LOORV

WHQGHEDQW DWTXH PXOWL WUDQVLWXV VXSHU HRV VHPLWDH DXWHP
SOHUDHTXH HUDQW IUDXGHV IDOODFLDHTXH HW DXW DG QXOOXP
ORFXP DXW DG ILQHV PDORV WHQGHEDQW HW WUDQVLWXV SOHULTXH
UHEXV PDOLV HW SHULFXOLV SHULFXORVLV LQIHVWL VXQW QDQL HW
KREELWXV FRQVLOLR (OURQGLV HW VFLHQWLD PHPRULDTXH
*DQGDOSKL LXXDQWH XLDP UHFWDP DG WUDQVLWXP UHFWXP
FHSHUXQW
ORQJRV GLHV SRVWTXDP H XDOOH DVFHQGHUXQW HW 'RPXP
)DPLOLDUHP 9OWLPDP PXOWD PLOLD SDVVXXP LQ WHUJR
UHOLTXHUXQW HWLDP VXUVXP DWTXH VXUVXP LEDQW IXLW VHPLWD
GXUD DWTXH VHPLWD SHULFXORVD XLD SUDXD DWTXH VROD DWTXH
ORQJDQXQFUHWURVXSHUWHUUDVTXDHUHOLTXHUDQWGLIIXVDVLQ
WHUJR ORQJH LQIUD XLGHUH SRWHUDQW ORQJH ORQJH GLVWDQWH LQ
2FFLGHQWHXELUHVHUDQWFDHUXOHDHDWTXHKHEHWHVLEL%LOER
VFLHEDW WHUUDP VXDP UHUXP WXWDUXP HW FRPPRGDUXP HVVH
DWTXH SDUXXP IRUDPHQKREELWXP VXXP KRUUXLW LQ KDF
DOWLWXGLQHGXUHIULJHVFHEDWHWXHQWXVLQWHUVD[DDFXWHXHQLW
PDJQDVD[DTXRTXHDOLTXDQGRGHODWHULEXVPRQWLXPFLWDWD
GHVFHQGHUXQWDVROHPHULGLHLQQLXHPVROXWDHWLQWHUHRV
WUDQVLHUXQWTXRGIHOL[IXLWDXWVXSHUFDSLWDHRUXPTXRG
HRVSHUWXUEDXLWQRFWHVHUDQWLQFRPPRGDHDWTXHIULJLGDH
QHFDXWFDQWDUHDXWORTXLPDLRULEXVXRFLEXVDXVLVXQWTXLD
LPDJLQHV IXHUXQW LQVROLWDH QHF VLOHQWLR IUDQJL SODFHUH
XLVXPHVW±VRQLWXDTXDHHWVWULGRULVXHQWLHWFUHSLWXVVD[L
H[FHSWR
³DHVWDV LQ ORFLV LQIHULRULEXV SUDHWHULW´ %LOER VHFXP
FRJLWDXLW ³HW IDHQLVLFLD JHULWXU HW FRQXLXLD VXE GLXR
IUXPHQWXPPHWHQWHWPRUDFDUSHQWDQWHTXDPQRVHWLDPKDF
XHORFLWDWHODWXVDOWHUXPGHVFHQGHUHFRHSHULPXV´HWFHWHUL
FRJLWDWLRQHV SDULWHU WULVWHV VHFXP FRJLWDEDQW TXDPTXDP
FXP (OURQGHP XDOHUH LXVVLVVHQW LQ VSH PDJQD PDQH
PHGLDHDHVWDWLVLXFXQGHORFXWLHUDQWGHWUDQVLWXPRQWLXP
HWGHHTXLWDQWLEXVFLWDWLVHTXLVWUDQVWHUUDVXOWHULRUHVGH
DGXHQWX DG LDQXDP FHODWDP LQ 0RQWH 6ROR FRJLWDXHUDQW
IRUWDVVH LOOD SUR[LPD QRXLVVLPD OXQD $XWXPQL ± ³HW
IRUWDVVH HULW 'LHV 'XULQL´ GL[HUDQW *DQGDOSKXV VROXV
FDSXWVXXPTXDVVDXHUDWHWQLKLOGL[HUDWPXOWRVDQQRVQDQL
LWHU LOOXP QRQ IHFHUDQW VHG *DQGDOSKXV LG IHFHUDW LWD
TXRPRGR PDOD HW SHULFXOD LQ 9DVWLWDWH FUHXLVVHQW HW
IORUXLVVHQW VFLXLW FXP GUDFRQHV KRPLQHV H WHUULV
H[SXOVLVVHQW DWTXH JREHOLQL SRVW SURHOLXP )RGLQDUXP
0RULDH VHFUHWR VH GLIIXGLVVHQW FRQVLOLD HWLDP ERQD
PDJRUXP VDSLHQWLXP VLFXW *DQGDOSKL HW DPLFRUXP
ERQRUXP VLFXW (OURQGLV DOLTXDQGR HUUDQW GXP LQ
IDFLQRULEXV SHULFXORVLV XOWUD /LPHQ 9DVWDWLV DEHV HW
*DQGDOSKXVIXLWPDJXVVDWLVVDSLHQWLVXWLGVFLUHW
VFLXLWIRUHXWQHVFLRTXLGLQRSLQDWXPHXHQLUHOLFHUHWHWXL[
VSHUDUH DXVXV HVW VH VLQH IDFLQRUL WHUULELOL PRQWHV DOWRV
LQJHQWHVTXH FDFXPLQLEXV VROLV DWTXH XDOOLEXV LQ TXLEXV
QXOOXV UH[ UHJQDEDW WUDQVLWXURV HVVH TXRG VDQH QRQ
IHFHUXQWRPQLDEHQHIXHUXQWGRQHFGLHTXRGDPWHPSHVWDWL
FXP WRQLWUX REXLDP LHUXQW ± PDJLV TXDP WHPSHVWDV FXP
WRQLWUX SURHOLXPWRQLWUXV VFLV TXRPRGR WHUULILFD
WHPSHVWDV LQJHQWLVVLPD LPD LQ WHUUD HW LQ XDOOH IOXPLQLV
HVVH SRVVLW SUDHFLSXH LQ WHPSRULEXV LQ TXLEXV GXDH
WHPSHVWDWHV FXP WRQLWUX LQJHQWHV VLEL REXLDP HXQW DWTXH
FRQIOLJXQW WHUULELOLRUHV HWLDP VXQW WRQLWUXV HW IXOJXU LQ
PRQWLEXV QRFWX XEL WHPSHVWDWHV H[ 2ULHQWH HW 2FFLGHQWH
DGXHQLXQW DWTXH EHOOXP JHUXQW IXOJXU LQ FDFXPLQLEXV
IUDQJLWXUHWVD[DFRQIULQJXQWXUHWIUDJRUHVLQJHQWHVDHUHP
GLXLGXQW WXP LQ DQWUD RPQLD FDXHUQDVTXH XROXXQWXU DWTXH
FDGXQWXU HW WHQHEUDH FXP VRQLWX TXL RPQLD REUXLW DWTXH
OXFHVXELWDSOHQDHVXQW
6HPLWDPRQWDQD
QXPTXDP %LOER DOLTXLG WDOLV JHQHULV DXW XLGHUDW DXW

PHQWH FRQFHSHUDW IXHUXQW LQ VXEOLPL HW DQJXVWR ORFR DG
ODWXVXQXPHRUXPGHFOLXHWHUULELOHLQXDOOHPKHEHWHPIXLW
VXE VD[R LPPLQHQWL SHU QRFWHP WHJHEDQWXU HW LV VXE
VWUDJXODLDFXLWDFDSLWHVXRDGGLJLWXPKRUUHQVFXPLQWHU
IXOJXUD IXOJHQWHV LQWXHUHWXU WUDQV XDOOHP XLGLW JLJDQWHV
ODSLGHRV H[LUH TXL VD[D OXGHQGL FDXVD LQWHU VH LDFLHEDQW
HWLOOLVSUHKHQVLVDWTXHGHLHFWLVLQWHQHEUDVLOODDXWLQWHU
DUERUHV ORQJH LQIUD IUDFWD DXW LQ SDUWHV SDUXDV FUHSLWX
FRQIUDFWD VXQW WXP XHQWXV TXLGDP XHQLW DWTXH LPEHU HW
XHQWXV DGHR LPEUHP JUDQGLQHPTXH TXRTXRXHUVXV
IODJHOODXLW XW VD[XP LPPLQHQV QHTXDTXDP WHJLPHQ HVVHW
PR[ PDGHVFHEDQW DWTXH PDQQL FDSLWLEXV GHPLVVLV HW
FDXGLV LQWHU FUXUD VWDEDQW HW DOLTXL WHUURUH KLQQLHEDQW
JLJDQWHV ULGHQWHV FODPLWDQWHVTXH XELTXH SHU WRWD ODWHUD
PRQWLXPDXGLUHSRWHUDQW
³KRFQRQSURUVXPEHQHIDFLW´7KRULQXVLQTXLW³VLQRV
QRQ GHWXUEDWL DXW GHPHUVL DXW IXOPLQH LFWL VXPXV DE
JLJDQWHDOLTXRWROOHPXUDWTXHLQFDHOXPSURSLODDSHGLEXV
FDOFDELPXU´
³KHXVVLDOLTXHPORFXPTXLPHOLRUHVWVFLVQRVLOOXF
GXF´ *DQGDOSKXV LQTXLW TXL XDOGH VWRPDFKRVXV IXLW HW
LSVHORQJHDJDXGLRGHJLJDQWLEXVDIXLW
ILQLV GLVVHQVLRQLV HRUXP HXHQLW XW )LOLXP HW .LOLXP
PLWWHUHQW TXL WHJLPHQ PHOLXV TXDHUHUHQW LOOL RFXORV
DFXWLVVLPRV KDEXHUXQW HW DHWDWH IXHUXQW PLQRUHV QDQRUXP
FLUFLWHU DQQLV TXLQTXDJLQWD XW SOHUXPTXH WDOHV ODERUHV
LOOLV DVVLJQDUHQWXU FXP RPQHV RPQLQR LQXWLOHP HVVH UHP
XLGLVVHQWXW%LOERQHPPLWWHUHQWVLDOLTXLGLQXHQLUHXXOWLV
XRELV LQXHVWLJDQGXP HVW LWD 7KRULQXV QDQLV LXXHQLEXV
GL[LWKDXGGXELXPTXLQDOLTXLGLQXHQLUHVVLLQXHVWLJDUHV
VHGLGQRQVHPSHUHVWRPQLQRLOOXGTXRGTXDHVLXLVWLKRF
WHPSRUHLWDDFFLGLW
PR[ )LOLR HW .LOLR UHSWDQWLEXV UHXHUVLV VD[D LQ XHQWR
DPSOHFWHQWHV³DQWUXPDULGXPLQXHQLPXV´LQTXLXQW³TXRG
QRQ ORQJH DEHVW SRVW DQJXOXP SUR[LPXP HW PDQQL HW
RPQHVLQWURLUHSRWHUXQW´
³H[SORUDXLVWLVQHLGGLOLJHQWHU"´PDJXVLQTXLWTXLVFLXLW
DQWUDLQPRQWLEXVDOWLVUDURHVVHXDFXD
³LWDLWD´LQTXLXQWTXDPTXDPRPQHVVFLXHUXQWHRVGLX
DJHUH LG QRQ SRVVH FLWLXV UHXHUVL HUDQW ³QRQ HVW PXOWR
PDJQXPQHFORQJHLQWHUJXPSHUWLQHW´
TXDH VDQH HVW SDUV GH DQWULV SHULFXORVD TXDWHQXV LQ
WHUJXP SHUWLQHDQW QHVFLV DOLTXDQGR QHF TXR PHDWXV LQ
WHUJRGXFDWQHFTXLGWHLQWULQVHFXVH[VSHFWHWQXQFDXWHP
QXQWLXV.LOLL)LOLLTXHVDWLVERQXVXLVXVHVWLWDVXUUH[HUXQW
RPQHV HW VH PRXHUH SDUDXHUXQW XHQWXV XOXODEDW DWTXH
WRQLWUXV IUHPHEDW XW HW VH HW PDQQRV SURUVXP PRXHUH
PROHVWXPHVVHWQLKLORPLQXVLWHUQRQORQJHIXLWHWPR[DG
VD[XPPDJQXPLQVHPLWDPSURWUXVXPDGXHQHUXQWVLSRQH
LOOXGJUHVVXVHVDUFXPKXPLOHPLQODWHUHPRQWLVLQXHQLVWL
XL[GXP VDWLV VSDWLL IXLW XW PDQQL RQHULEXV GHSRVLWLV HW
FOLWHOOLV UHPRWLV FRPSUHVVL SHUWUDQVLUHQW XW VXE DUFX
WUDQVLEDQW ERQXP IXLW XHQWXP DWTXH LPEUHP H[WULQVHFXV
SRWLXVTXDPFLUFXPHRVDXGLUHHWVHQWLUHVHDJLJDQWLEXVHW
VD[LV HRUXP VDOXRV HVVH PDJXV DXWHP QLKLO SHULFOLWDWXV
HVWXLUJDPLQFHQGLW±VLFXWLOORGLHTXLWDPPXOWRDQWHHVVH
XLVXVHVWVLWXHXPUHFRUGDULVLQWULFOLQLR%LOERQLVIHFHUDW
± HW LQ OXFH FXLXV DQWUXP DE H[WUHPR DG H[WUHPXP
H[SORUDXHUXQW
TXRG VDWLV PDJQLWXGLQLV HVVH XLVXP HVW VHG QRQ QLPLV
LQJHQWLVDWTXHP\VWLFLVROXPDULGXPHWQRQQXOORVDQJXORV
FRPPRGRVKDEXLWLQH[WUHPRXQRIXLWSURPDQQLVVSDWLXP
TXLLELVWHWHUXQWPXWDWLRQHXDOGHJDXLVLXDSRUDQWHVHWLQ
VDFFLVQDVLPDQGHQWHV2LQXVHW*ORLQXVLJQHPLQFHQGHUH
LX[WDLDQXDPXROXHUXQWXWXHVWHVVLFFDUHQWVHG*DQGDOSKXV
LG UHFXVDXLW LWD XHVWLPHQWLV XXLGLV LQ VROR VSDUVLV
XHVWLPHQWD DULGD H VDUFLQLV H[WXOHUXQW WXP VWUDJXOLV VXLV
IDFWLV FRPPRGLV IXPLVJLD H[WXOHUXQW DWTXH FRURQDV IXPL
HPLVHUXQW TXDV *DQGDOSKXV LQ FRORUHV GLXHUVRV XHUWLW HW
HIIHFLW XW LOODH VDOWDUHQW LX[WD WHFWXP REOHFWDQGL FDXVD
ORFXWLDWTXHORFXWLVXQWHWWHPSHVWDWLVREOLWLTXRGTXLVTXH
FXPSDUWHHLXVWKHVDXULIDFHUHSRVVHWDJLWDXHUXQWXELHDP
UHFHSHULQW TXDH UHV QXQF FXP PD[LPH QRQ HVVH WDP
LPSRVVLELOLVXLVDHVWLWDTXHVLQJXODULWHUREGRUPLHEDQWLG
IXLWWHPSXVXOWLPXPLQTXRPDQQLVVDUFLQLVLPSHGLPHQWLV
LQVWUXPHQWLVHWFHWHULVUHEXVTXDHVHFXPWXOHUDQWXVLVXQW
DFFLGLW WDPHQ XW UHV VLW ERQD TXRG LOOL %LOERQHP
SDUXXOXP VHFXP WXOLVVHQW QDP QHVFLR TXRPRGR LOOH GLX
QRQ REGRUPLUH SRWXLW FXP GRUPLVVHW VRPQLD SHVVLPD
KDEXLW VRPQLDXLW ULPDP LQ PXUR LQ WHUJR DQWUL PDLRUHP
PDLRUHPTXHIDFWDPHVVHHWODWLRUHPODWLRUHPTXHDSHUWDP
HVVH HW VH XDOGH WLPHUH VHG QRQ SRVVH H[FODPDUH DXW
DOLTXLG IDFHUH QLVL LDFHUH DWTXH XLGHUH WXP VRPQLDXLW
VROXP DQWUL LQFOLQDUH HW VH ODEL ± GHFLGHUH FRHSLVVH TXR
QHVFLUH
WXP FXP PD[LPH KRUULILFH KRUUHQV H[SHUUHFWXV LQXHQLW
SDUWHPVRPQLLXHUDPHVVHULPDLQWHUJRDQWULDSHUWDHUDW
HW LDP PHDWXV ODWXV IXLW LQ WHPSRUH IXLW XW QRXLVVLPDP
FDXGDUXPPDQQRUXPLQLOODPGLODELXLGHUHWVDQHPD[LPD
XRFH XOXODXLW WDP PDJQXP XOXODWXP TXDP KREELWXV GDUH
SRWHVWTXLSURSURFHULWDWHHRUXPHVWPLUDQGXV
H[VLOXHUXQW JREHOLQL JREHOLQL LQJHQWHV PDJQL JREHOLQL
VSHFLH IRHGD PXOWL JREHOLQL DQWHTXDPVD[D HW VWLSLWHV
GLFHUH SRWXLVWL HUDQW VH[ LQ TXHPTXH QDQXP PLQLPH
HWLDP GXR LQ %LOERQHP RPQHV SUHKHQVL VXQW DWTXH SHU
ULPDP ODWL VXQW DQWHTXDPIRPHV HW VLOH[ GLFHUH SRWXLVWL
*DQGDOSKR H[FHSWR XOXODWXV %LOERQLV DGHR SURGHUDW TXL
LQ SXQFWR WHPSRULV IUDFWR LOOXP RPQLQR H[FLWDXLVVHW HW
FXP JREHOLQL XHQLVVHQW XW LOOXP SUHKHQGHUHQW IXLW IXOJRU
WHUULILFXV TXDVL IXOJXU LQ DQWUR RGRU TXDVL SXOXLV
ERPEDUGLFDHWQRQQXOOLPRUWXLFHFLGHUXQW
ULPD FUHSLWX FODXVD HVW LQ ODWHUH FXLXV %LOER QDQLTXH
DOLHQR IXHUXQW XEL IXLW *DQGDOSKXV" GH HD UH HW LOOL HW
JREHOLQL QHVFLXHUXQW QHF JREHOLQL DG HDP FRJQRVFHQGDP
PDQVHUXQW %LOERQHP QDQRVTXH UDSWRV DEULSXHUXQW
WHQHEUDH IXHUXQW WDOHV DOWDH TXDOHV JREHOLQL TXL LQ LPLV
PRQWLXP KDELWDEDQW VROL SHUVSLFHUH SRWXHUXQW PHDWXV
IXHUXQW TXRTXRXHUVXV SUDXL LPSOLFDWLTXH VHG JREHOLQL
UHFWDP XLDP VFLHEDQW WDP EHQH TXDP XLDP DG SUR[LPXP
RIILFLXP WDEHOODULL VFLV DWTXH XLD GHRUVXP HW GHRUVXP
GHVFHQGLW HW XDOGH LQHUV IXLW DHU JREHOLQL IXHUXQW
GXULVVLPL HW LPPLVHULFRUGLWHU XHOOLFDXHUXQW HW
FDFKLQQDXHUXQWDWTXHXRFLEXVVD[HLVKRUULELOLEXVULVHUXQW
HW%LOERHWLDPPLVHULRUIXLWTXDPWHPSXVLQTXRWUROOXPH
GLJLWLV SHGXP HLXV HXP VXVWXOHUDW LWHUXP DWTXH LWHUXP
IRUDPHQKREELWXP DPRHQXP FODUXPTXH XROXLW QRQ
SRVWUHPXPLGXROXLW
QXQF DQWH HRV IXOJRU OXFLV UXEUDH DSSDUXLW JREHOLQL
FDQWDUH XHO SRWLXV FRD[DUH FRHSHUXQW WHPSXV FXP DODSD
SHGXP SODQRUXP LQ VD[R SODQJHQWHV DWTXH HWLDP FDSWLXRV
VXRVTXDVVDQWHV
SODXGHIUDQJHULPDDWUD
UDSHIXJHHWIXUDUH
LWDDGRUFRUXPFDVWUD
QXQFGHVFHQGHPLDPLFH
FUHSDVWUHSDIUDFWDSUHVVD
HWLQFOXGHHWFRQWXQGH
SXOVDSXOVDORQJHLQIUD
KRKLKRKLPLDPLFH
XHUEHUDWHIODJHOODWH
SHUFXWLWHHWIHULWH
ODERUDWHQHFFHVVDWH
RUFLSRWHQWHWFDFKLQQHQW
FLUFXPFLUFXPORQJHLQIUD
ORQJHLQIUDPLDPLFH
VRQLWXPXDOGHWHUULILFXPSURGX[HUXQWPXULFXPSODXGH
IUDQJHHWFUHSDVWUHSDHWFDFKLQQDWLRQHIRHGDGHKRKL
KRKL PL DPLFH UHVRQDXHUXQW VLJQLILFDWLR JHQHUDOLV
FDUPLQLV IXLW VDWLV FODUD QDP QXQF JREHOLQL IODJHOOD
H[WXOHUXQWHWFXPXHUEHUDWHIODJHOODWHHRVIODJHOODXHUXQW
HWFXUUHUHTXDPFHOHUULPHSRWXHUXQWLQIURQWHFRHJHUXQWHW
FXP LQ FDXHUQDP LQJHQWHP LQFLGHUHQW QRQQXOOL QDQL LDP
FODPLWDEDQWEDODEDQWTXH
LOODDELJQHPDJQRUXEURLQPHGLDLOOXPLQDEDWXUDWTXHD
IDFLEXVVHFXQGXPPXURVHWJREHOLQRUXPSOHQDIXLWRPQHV
TXRUXP FXP QDQL %LOERQH PLVHOOR LQ WHUJR DG IODJHOOD
SUR[LPR LQFXUUHUHQW ULVHUXQW HW KXPXP SHGLEXV
SXOVDXHUXQWHWPDQLEXVSODXVHUXQWGXPJREHOLQLDJLWDWRUHV
XOXODQW DWTXH D WHUJR IODJHOOLV LQVRQDQW PDQQL LDP LEL
IXHUXQW LQ DQJXOR FRQIHUWL HW RPQHV VDUFLQDH
LPSHGLPHQWDTXH LDFHEDQW HIIUDFWD SHUVFUXWDQWLEXV HW
ROIDFLHQWLEXVHWWDQJHQWLEXVHWUL[DQWLEXVJREHOLQLV
XHUHRUQHLGIXLVVHWXOWLPXPWHPSXVLQTXRLOORVPDQQRV
SDUXXORV RSWLPRVTXH XPTXDP XLGHUXQW KDXG H[FHSWR
LXFXQGR SDUXXOR XDOLGR DOER PDQQR TXHP (OURQG
*DQGDOSKR FRPPRGDXHUDW TXLD HTXXV HLXV LQ VHPLWLV
PRQWLXP LQXWLOLV IXLW QDP JREHOLQL HTXRV HW PDQQRV HW
DVLQRVDWTXHPXOWDWHUULELOLRUDHGXQWHWVHPSHUHVXULXQW
QXQFWDPHQFDSWLXLGHLSVLVVROXPFRJLWDEDQWJREHOLQLHRV
PDQLEXVFDWHQDWLVSRVWWHUJDHRUXPLQOLQHDLXJDXHUXQWHW
DG H[WUHPXP FDXHUQDH %LOERQH SDUXXOR LQ ILQH RUGLQLV
QLWHQWLWUD[HUXQW
LELLQXPEULVLQPDJQRVD[RSODQRJREHOLQXVWUHPHQGXV
FDSLWH LQJHQWL VHGHEDW FLQFWXV D JREHOLQLV DUPDWLV TXL
VHFXUHV DWTXH HQVHV IOH[RV IHUHEDQW TXLEXV XWL VROHEDQW
JREHOLQL DXWHP VXQW FUXGHOHV PDOHILFL DWTXH FRUGLEXV
PDOLV UHV SXOFKUDV IHFHUXQW QXOODV VHG PXOWDV FDOOLGDV
FXQLFXORV HW IRGLQDV IRGHUH WDP EHQH TXDP DOLTXL QDQL
SUDHWHU FDOOLGLVVLPRV SRVVXQW FXP LOOD IDFHUH FXUDQW
TXDPTXDP VRUGLGD LPPXQGDTXH HVVH VROHQW PDOOHRV
VHFXUHV HQVHV SXJLRQHV GRODEUDV IRUFLSHV LQVWUXPHQWD
TXRTXHWRUPHQWLRSWLPHIHFHUXQWXHODOWHURVFRJXQWTXLLOOD
IHFHULQW FDSWLXRV DWTXH VHUXRV TXLEXV ODERUDQGXP HVW
GRQHFDHUHOXFHTXHFDUHQWHVPRULXQWXUXHULVLPLOHHVWHRV
UHSSHULVVH QRQQXOODV PDFKLQDV TXDH H[ TXR WHPSRUH
RUEHPWHUUDUXPXH[DXHUXQWSUDHFLSXHDUWLILFLDFDOOLGDDG
PXOWRV KRPLQHV VLPXO LQWHUILFLHQGRV QDP LQ URWLV HW
PDFKLQLV HW FUHSLWLEXV JDXLVL VXQW HW HWLDP ODERUDUH
PDQLEXV VXLV PDJLV TXDP XROXHULQW QRQ VLEL SODFHW VHG
LOOLV LQ GLHEXV HW UHJLRQLEXV XDVWLV QRQ WDQWRV SURFHVVXV
LWD LG GLFWXP HVW HIIHFHUDQW QDQRV QRQ SUDHVHUWLP
RGHUXQW QRQ PDJLV TXDP RPQHV RPQLDTXH SUDHFLSXH
PRGHVWRV HW SURVSHURV RGHUXQW LQ DOLTXLEXV UHJLRQLEXV
QDQL PDOL HWLDP FXP LOOLV VRFLHWDWHP IHFHUDQW TXL DXWHP
SURSWHUEHOOXPGHTXRPHQWLRQHPDXGLXLVWLVHGTXRGQRQ
LQ KDQF IDEXODP XHQLW SRSXOR 7KRULQL LQXLGHUXQW
QLKLORPLQXV TXHP FDSLXQW JREHOLQL QRQ FXUDQW GXPPRGR
UHV HVW FDOOLGD HW VHFUHWD DWTXH FDSWLXL VH GHIHQGHUH QRQ
SRVVXQW
³TXL VXQW LVWL PLVHOOL KRPLQHV"´ *REHOLQXV 0DJQXV
LQTXLW
³QDQL VXQW HW LVWH´ XQXV DJLWDWRU LQTXLW FDWHQDP
%LOERQLV WUDKHQV XW LOOH LQ JHQXD GHFLGDW ³HRV LQXHQLPXV
WHJLPHQSHWHQWHVLQ9HVWLEXOR$QWLFRQRVWUR´
³TXLG XLV"´ *REHOLQXV 0DJQXV LQTXLW VH DG 7KRULQXP
XHUWHQV³SXWRXRVIDFHUHPDODFRQVLOLXPSULXDWXPJHQWLV
PHDH VSHFXODUL RSLQRU QRQ PLUDERU GLVFHUH TXRG IXUHV
HVWLV XHUL VLPLOH HVW XRV KRPLFLGDV HW GU\DGXP DPLFRV
HVVHXHQLTXLGGLFLVWX"´
³7KRULQXV QDQXV WLEL VHUXLR´ LOOH UHVSRQGLW ± TXDH
VROXPPRGR QXJDH XUEDQDH IXHUXQW ³GH UHEXV TXDV
VXVSLFDULV HW ILQJLV RPQLQR LJQRUDXLPXV WHJLPHQ D
WHPSHVWDWH SHWLXLPXV LQ DQWUR TXRG FRPPRGXP DWTXH
XDFXXP HVVH XLVXP HVW QLKLO XOWHULXV D FRJLWDWLRQLEXV
QRVWULV IXLW TXDP TXRFXPTXH PRGR JREHOLQLV
LQFRPPRGDUH´LGXHUXPVDWLVIXLW
³KHP´*REHOLQXV0DJQXVLQTXLW³LWDGLFLVPLKLOLFHDW
URJDUHTXLGWDPHQVXSHUPRQWHVHJHULWLVHWXQGHXHQHULWLV
HWTXRLHULWLV"UHXHUDPLKLSODFHDWFRJQRVFHUHRPQLDGH
XRELV LG WLEL QRQ PXOWR SURGHULW 7KRULQH
6FXWXPTXHUFHXP GH JHQWH WXD VDWLV PXOWD LDP FRJQRVFR
VHG XHULWDWHP PLKL GD XHO DOLTXLG LQFRPPRGLVVLPXP WLEL
SUDHSDUDER´
³LWHU IDFLHEDPXV XW FRJQDWRV LQXLVHUHPXV ILOLRV
ILOLDVTXH IUDWUXP HW SULPRV VHFXQGRV WHUWLRVTXH
FRQVREULQRV DWTXH FHWHUDV SURJHQLHV DXRUXP QRVWURUXP
TXLLQ2ULHQWHODWHUHPRQWLXPXDOGHKRVSLWDOLXPKDELWDQW´
7KRULQXV LQTXLW QRQQLKLO QHVFLHQV VLPXO LQ SXQFWR
WHPSRULV TXDH GLFDW FXP XHULWDV DG UHP QHTXDTXDP
VXIILFDW
³PHQGD[ HVW 2 WUHPHQGLVVLPH´ XQXV DJLWDWRU LQTXLW
³FXP DQLPDOLD LVWD LQXLWDXLVVHPXV XW GHVFHQGHUHQW
QRQQXOOL JHQWLV QRVWUDH D IXOJXUH SHUFXVVL VXQW LQ DQWUR
VLFXWVD[DPRUWXLVXQWSUDHWHUHDLVLOOXPQRQH[SOLFDXLW´
HQVHP TXHP 7KRULQXV LQGXHUDW SRUUH[LW HQVHP LSVXP
TXLHODWLEXORWUROORUXPHXHQHUDW
*REHOLQXV 0DJQXV FXP SULPXP HXP XLGLW XRFH
LUDWLVVLPD XOXODXLW HW RPQHV PLOLWHV HLXV GHQWLEXV
IUHQGXHUXQW VFXWD FRQFUHSDXHUXQW DWTXH KXPXP SHGLEXV
SXOVDXHUXQW VWDWLP HQVHP UHFRJQRXHUXQW TXL PXOWRV
JREHOLQRV WUXFLGDXHUDW LQ WHPSRUH VXR TXR GU\DGHV
FDQGLGDH*RQGROLQLVHRVLQFROOLEXVXHQDWDHHUDQWXHOFXP
HLV DQWH PXURV HRUXP SXJQDXHUDQW D TXLEXV 2UFULVWXV
DSSHOODWXV HUDW 6FLVVRUJREHOLQRUXP VHG D JREHOLQLV
VLPSOLFLWHU 0RUGD[ DSSHOODWXV HVW LOOXP RGHUDQW DWTXH
DOLTXHPTXLLOOXPIHUHEDWSHLXVRGHUDQW
³KRPLFLGDH HW DPLFLGU\DGXP´ *REHOLQXV 0DJQXV
FODPDXLW³HRVFRQVHFDWHXHUEHUDWHPRUGHWHIUHQGLWHDG
IRUDPLQD DWUD DQJXLXP SOHQD DXIHUWH QXPTXDP OXFHP
LWHUXP XLGHDQW´ DGHR LUDWXV IXLW XW H VHGH H[VLOLUHW DWTXH
LSVHFXPKLDWXRULVLPSHWXPLQ7KRULQXPIDFHUHW
QXQFFXPPD[LPHRPQLEXVOXFLEXVLQFDXHUQDH[VWLQFWLV
LJQLVLQJHQVSRRILQWXUUHIXPLFDHUXOHLIXOJHQWLVH[SORVXV
HVW XVTXH DG WHFWXP TXDH VFLQWLOODV DOEDV DFXWDV XELTXH
LQWHUJREHOLQRVVSDUVLW
XOXODWXV DWTXH XOXODWD FRD[DQWHV FODPRUHV DWTXH
FODPDWD IUHPLWXV DWTXH PDOHGLFWD HLXODWXV DWTXH
HLXODWLRQHV TXL FRQVHFXWL VXQW LQ QXOOR PRGR GHVFULEL
SRVVXQW PXOWL FHQWXP IHOHV IHUDH HW OXSL XQD OHQWH XLXL
FRTXHQWHVQRQFXPLOOLVFRPSDUXHUXQWVFLQWLOODHIRUDPLQD
LQ JREHOLQLV LQXUHEDQW HW IXPXV TXL QXQF GH WHFWR
GHFLGHEDW WDP GHQVHP IDFLHEDW DHUHP XW HWLDP RFXOL
HRUXP QRQ SHU HXP XLGHUH SRVVHQW PR[ DOLL VXSHU DOLRV
RFFLGHEDQWHWPRUGHQWHVDWTXHFDOFLWUDQWHVDWTXHSXJQDQWHV
LQFXPXOLVXHUVDEDQWXUTXDVLRPQHVLQVDQLIDFWLVLQW
VXELWR HQVLV TXLGDP LQ OXFH VXD IXOVLW %LOER XLGLW HXP
SHU *REHOLQXP 0DJQXP VWXSHIDFWXP LQ PHGLD HLXV LUD
SHUWUDQVLUH LOOR PRUWXR JREHOLQL PLOLWHV DQWH HQVHP LQ
WHQHEUDVHLXODQWHVWHUJDXHUWHUXQW
HQVH LQ XDJLQD UHFRQGLWR ³PH VHTXLPLQL VWDWLP´ XR[
IHUR[ DWTXH SODFLGD LQTXLW HW DQWHTXDP %LOER TXLG
DFFLGLVVHW VFLXLW LWHUXP LQ ILQH OLQHDH IHVWLQDEDW TXDP
FLWLXVIHVWLQDUHSRWXLWVHFXQGXPPHDWXVWHQHEURVRVSOXUHV
GXP XOXODWXV JREHOLQRUXP LQ WHUJR KHEHVFHQW OX[ SDOOLGD
HRVSURUVXPGXFHEDW
³FLWLXVFLWLXV´XR[LQTXLW³PR[IDFHVVXVFLWDEXQWXU´
³GLPLGLXP PRPHQWXP TXDHVR´ 'RULXV LQTXLW TXL DG
WHUJXP LX[WD %LOERQHP IXLW XLU KRQHVWXV TXL LOOXP TXDP
RSWLPH FXP PDQLEXV XLQFWLV SRWXLW VFDQGHUH LQ XPHURV
VXRV FRHJLW HW WXP FXUVX SURJUHVVL VXQW FDWHQLV
WLQQLHQWLEXV DWTXH PXOWLV RIIHQVLRQLEXV TXRG PDQXV
KDEXHUXQW DG VH HULJHQGRV QXOODV GLX QRQ FRQVWLWHUXQW HW
LOOR WHPSRUH KDXG GXELXP IXLW TXLQ DG LPXP FRU LSVXP
PRQWLVGHVFHQGLVVHQW
WXP*DQGDOSKXVXLUJDPLQFHQGLWVDQH*DQGDOSKXVIXLW
VHG WXP FXP PD[LPH QLPLV RFFXSDWL IXHUXQW XW URJDUHQW
TXRPRGRLOOXFDGXHQLUHWHQVHPLWHUXPHGX[LWTXLLWHUXP
OXFH VXD LQ WHQHEULV IXOVLW DGHR FXP LUD DUVLW XW
TXDQGRFXPTXH JREHOLQL DGHUDQW QLWHUHW QXQF WDP QLWHQV
TXDP IODPPD FDHUXOHD IXLW SURSWHU JDXGLXP LQ
LQWHUILFLHQGRPDJQLGRPLQLDQWULFXLQHTXDTXDPPROHVWXP
IXLW TXDP FHOHUULPH SHU FDWHQDVJREHOLQRUXP VHFDUH HW
RPQHV FDSWLXRV OLEHUDUH QRPHQ HQVL IXLW *ODPGULQJ
0DOOHXVKRVWLXP VL UHFRUGDULV D JREHOLQLV 9HUEHUDWRU
DSSHOODWXVHVWTXHPPDJLVTXDP0RUGDFHPVLSRVVLELOH
HVWRGHUDQW2UFULVWXVHWLDPVHUXDWXVHVWQDP*DQGDOSKXV
HXP UDSWXP H FXVWRGH TXRGDP SDXHVFHQWH HWLDP WXOLW GH
SOXULEXV UHEXV *DQGDOSKXV FRJLWDXLW HW TXDPTXDP RPQLD
IDFHUHQRQSRWXLWSURDPLFLVLQDQJXORVWULFWRPXOWDIDFHUH
SRWXLW
³DGVXPXVQHRPQHV"´LOOHLQTXLWFDSLWHVXPPLVVRHQVHP
HLXV 7KRULQR WUDGHQV ³XLGHDP XQXP ± TXL HVW 7KRULQXV
GXR WUHV TXDWWXRU TXLQTXH VH[ VHSWHP RFWR QRXHP
GHFHP XQGHFLP XEL VXQW )LOLXV HW .LOLXV" KLF VXQW
GXRGHFLP WUHGHFLP ± DWTXH KLF HVW 'RPLQXV %DJJLQV
TXDWWXRUGHFLP LWD LWD UHV SHLRU HVVH SRVVLW VHG DXWHP
PXOWRPHOLRUHVVHSRVVLWQXOOLPDQQLQXOOXVFLEXVHWXEL
HWLDP VLPXV QHVFLHQWHV HW FRSLDH JREHOLQRUXP LUDWRUXP
SUR[LPHLQWHUJRSURUVXPXHQLDPXV´
SURUVXPXHQHUXQWUHFWLVVLPHGL[LW*DQGDOSKXVORQJHLQ
WHUJR LQ DGLWLEXV SHU TXRV XHQHUDQW VRQLWXV JREHOLQRUXP
DWTXH FODPRUHV KRUULELOHV DXGLUH FRHSHUXQW HUJR FLWLXV
TXDP XPTXDP SHUUH[HUXQW HW TXRG PLVHU %LOER LUH FXP
GLPLGLDFHOHULWDWHFHWHURUXPQHTXDTXDPSRWXLW±QDPQDQL
FXUVX WUHPHQGR FXUUHUH SRVVXQW PLKL OLFHW WLEL GLFHUH
TXDQGRFXPTXH HLV RSXV HVW ± HXP LQ WHUJLV VXLV LQXLFHP
VXVWXOHUXQW
QLKLORPLQXV JREHOLQL FLWLXV TXDP QDQL FXUUXQW HW KL
JREHOLQL XLDP PHOLXV FRJQRXHUXQW QDP VHPLWDV IHFHUDQW
LSVL HW XDOGH LUDWL IXHUXQW XW RPQLEXV UHEXV DFWLV QDQL
HWLDP FODPRUHV DWTXH XOXODWXV SURSLRUHV SURSLRUHVTXH
DSSURSLQTXDQWHVDXGLUHSRVVHQWPR[HWLDPDODSDPSHGXP
JREHOLQRUXPDXGLUHSRWXHUXQWPXOWRUXPSHGXPTXLVROXP
SRQH DQJXOXP QRXLVVLPXP HVVH XLVL VXQW QLFWDWLR IDFXP
UXEUDUXP SRQH HRV LQ FXQLFXOR TXHP VHTXHEDQWXU XLGHUL
SRWXLWHWOHWDOLWHUGHIDWLJDEDQW
³TXDUH R TXDUH IRUDPHQKREELWXP XPTXDP UHOLTXL"´
PLVHU 'RPLQXV %DJJLQV LQTXLW VXUVXP GHRUVXP LQ WHUJR
%RPEXULVRIIHQGHQV
³TXDUH R TXDUH KREELWXP PLVHUDELOHP DG XHQDWLRQHP
WKHVDXULXPTXDPDWWXOL´PLVHU%RPEXULQTXLWTXLSLQJXLV
IXLW HW VXGRUH PDQHQWH H[ DHVWX DWTXH WHUURUH GH QDUH
SURUVXPXDFLOODEDW
TXR WHPSRUH *DQGDOSKXV SHGHP UHWWXOLW 7KRULQR
FRPLWDQWH DQJXOXP DFXWXP FLUFXPXHFWL ³UHWUR XHUWH´
FODPDXLW³HQVHPHGXFH7KRULQH´
QHF TXLFTXDP DOLXG DJL SRWXLW TXRG JREHOLQLV QRQ
SODFXLW IHVWLQDQWHV PDJQLV XRFLEXV FODPLWDQWHV FLUFXP
DQJXOXPXHQHUXQWHW6FLVVRUHPJREHOLQRUXPHW0DOOHXP
KRVWLXPIULJLGRVDWTXHFODURVQLWHQWHVLQRFXOLVVXLVVWDWLP
LQXHQHUXQW LOOL TXL LQ SULPR DJPLQH IXHUXQW VHPHO
FODPDXHUXQW DQWHTXDP WUXFLGDEDQWXU LOOL TXL LQ WHUJR
IXHUXQW HWLDP PDJLV FODPDXHUXQW HW UHWURUVXV VDOLHEDQW
SURVWHUQHQWHV LOORV TXL SRVW LSVRV FXUUHEDQW ³0RUGD[ HW
9HUEHUDWRU´ XOXODXHUXQW HW PR[ RPQHV FRPPRXHEDQWXU
DWTXHSOXULPLUHWURDGXLDPTXDDGXHQHUXQWSHOOHEDQWXU
GLXWLXVHUDWDQWHTXDPTXLXLVDQJXOXPLOOXPFLUFXPXHKL
DXVXVHVWTXRWHPSRUHLWHUXPQDQLSURJUHVVLHUDQWORQJH
ORQJH LQ FXQLFXORV DWURV UHJQL JREHOLQRUXP FXP JREHOLQL
LG FRJQRXLVVHQW IDFLEXV H[VWLQFWLV HW FDOFHLV PROOLEXV
LQGXWLV FXUVRUHV FHOHUULPRV FXP DXULEXV RFXOLVTXH
DFXWLVVLPLV HOHJHUXQW TXL WDP XHORFHV TXDP PXVWHODH LQ
WHQHEULV HW XL[ FXP PDJLV VRQLWX TXDP XHVSHUWLOOLRQHV
SURFXUUHUXQW
TXDPREUHPQHF%LOERQHFQDQLQHFHWLDP*DQGDOSKXV
HRVTXLDGXHQLHEDQWDXGLXHUXQWQHFHRVXLGHUXQWVHGD
JREHOLQLVXLGHEDQWXUTXLWDFLWHLQWHUJXPFXFXUUHUXQWQDP
*DQGDOSKXVDGQDQRVSURJUHGLHQWHVLXXDQGRVXLUJDPFXP
OXFHKHEHWHLOOXPLQDEDW
VXELWR'RULXVTXLQXQFLQWHUJR%LOERQHPIHUHQVHUDWD
WHUJR LQ WHQHEULV FDSLHEDWXU FODPDXLW DWTXH GHFLGLW HW
KREELWXV H[ XPHULV LQ FDOLJLQHP XROXWXV FDSXW LQ VD[XP
GXUXPRIIHQGLWDWTXHQXOOXPXOWHULXVPHPLQHUDW
&$39749,1790
$(1,*0$7$,17(1(%5,6
FXP %LOER RFXORV DSHUXLVVHW QXP LG HJLVVHW PLUDWXV HVW

QDP UHV LSVDH WDP WHQHEURVDH TXDP LOOLV FODXVLV IXHUXQW
QHPR SURSH HXP XVSLDP DGIXLW PRGR PHWXP HLXV
FRQFLSLDV QXOOD DXGLUH QXOOD XLGHUH HW QXOOD SUDHWHU
VROXPVD[HXPVHQWLUHSRWXLW
OHQWLVVLPH VXUUH[LW HW TXDGUXSHV FLUFXP H[SORUDXLW
GRQHF PXUXP FXQLFXOL WHWLJLW VHG QHTXH VXUVXP QHTXH
GHRUVXP DOLTXD LQXHQLUH SRWXLW RPQLQR QXOOD QXOOXP
VLJQXP JREHOLQRUXP QXOOXP VLJQXP QDQRUXP FDSLWH
XHUVDWR QHTXDTXDP FHUWXV HVW HWLDP TXD SURJUHVVL HVVHQW
FXP GHFLGLVVHW TXDP RSWLPH SRWXLW UHP FRQLHFLW HW
SURUVXP ORQJH UHSWDXLW GRQHF VXELWR PDQXV VXD FXLGDP
TXHP VLPLOHP DQXOR SDUXXOR PHWDOOL IULJLGL HVVH VHQVLW
LDFHQWL LQ VROR FXQLFXOL REXLDP LLW TXDH UHV IXLW FDUGR LQ
RIILFLR HLXV VHG LOOH LG QHVFLXLW XL[ VLQH FRJLWDWLRQH
DQXOXP TXL FHUWH WHPSRUH LSVR LQ QXOOR PRGR XWLOLV HVVH
XLVXV HVW LQ VLQXP SRVXLW PXOWR XOWHULXV QRQ LLW VHG LQ
VRORIULJLGRFRQVHGLWDWTXHGLXVHPLVHULDHRPQLQRGHGLW
GHVHODULGXPHWRXDLQFXOLQDVXDGRPLIULJHQWLFRJLWDXLW±
QDP LQWXV VHQVLW WHPSXV FHQDQGL QHVFLR TXR PRGR HVVH
PDWXUXPTXDHUHVHIIHFLWXWLOOHPLVHUDELOLRUILHUHW
QHF TXLG DFWXUXP HVVHW QHF TXLG HJLVVHW FRJLWDUH QRQ
SRWXLW QHF TXDPREUHP LV UHOLFWXV HVVHW QHF TXDUH VL
UHOLFWXVHVVHWJREHOLQLHXPQRQFHSLVVHQWQHFHWLDPTXDUH
WDOLV GRORU FDSLWLV KDEHUHW UH XHUD LQ DQJXOR
WHQHEULFRVLVVLPR H[ DVSHFWX DWTXH H PHQWH WDFLWH GLX
LDFXHUDW
SRVWWHPSXVQRQQXOOXPIXPLVXJLXPWHPSWDXLWTXRGQRQ
HVW IUDFWXP TXRG DOLTXDQWXP ERQXP IXLW WXP VDFFXP
WHPSWDXLW LQ TXR DOLTXDQWXP WDEDFL IXLW TXRG DOLTXDQWXP
PHOLXV IXLW WXP ILOD VXOSKXUDWD WHPSWDXLW VHG QXOOD
LQXHQLUHSRWXLWTXRGVSHVHLXVRPQLQRIUHJLWTXDHUHVVLEL
ERQD IXLW XW FXP PHQWLV VXDH HVVHW DVVHQWDWXV HVW QDP
QHPR VFLW TXDH DE LQIODPPDQGR ILORUXP VXOSKXUDWRUXP
DWTXH DE RGRUH WDEDFL H IRUDPLQLEXV DWULV LQ LVWR ORFR
KRUULELOL HODWD VLQW QLKLORPLQXV LOOR WHPSRUH VH XDOGH
RSSULPL VHQVLW VHG GXP RPQHV VLQXV XHUEHUDW DWTXH
FLUFXP LSVXP ILOD VXOSKXUDWD WHPSWDW PDQXV VXD FDSXOXP
SDUXLHQVLVLQXHQLW±SDUXLSXJLRQLVTXHPHWUROOLVFHSLW
HWFXLXVRPQLQRREOLWXVHVWTXLIRUWXQDWHDJREHOLQLVQRQ
DVSHFWXVHUDWTXLDHXPLQWUDEUDFDVLQGXLW
QXQF HXP HGX[LW TXL DQWH RFXORV HLXV SDOOLGXV DWTXH
KHEHV IXOVLW ³LWD LWHP ODPLQD GU\DGXP HVW´ FRJLWDXLW ³HW
JREHOLQLQRQPXOWXPDGVXQWWDPHQQRQVDWLVORQJHDEVXQW´
VHG QHVFLR TXR PRGR VH FRQVRODWXV HVW LQGXHUH
ODPLQDP IDFWDP LQ *RQGHOLQH SURSWHU EHOODJREHOLQRUXP
GHTXLEXVPXOWDFDUPLQDFDQWDXHUDQWIXLWUHVVSOHQGLGLRU
HWTXRTXHWDOLDDUPDXDOGHFRPPRXHUHJREHOLQRVTXLLOOLV
VXELWRVXSHUXHQHUXQWDQLPDGXHUWHUDW
³UHWURUVXP HDP"´ FRJLWDXLW ³QHTXDTXDP ERQXP HVW LQ
DGXHUVXPHDP"LPSRVVLELOHSURUVXPHDP"UHVVRODTXDP
IDFLDPSURJUHGLDPXU´LWDVXUUH[LWHWSDUXRHQVHLQIURQWH
SRUUHFWR HW PDQX XQD PXUXP WHPSWDQWH HW FRUGH RPQLQR
FUHSLWDQWHVDOLHQWHTXHSURJUHVVXVHVW
KDXG GXELXP HVW TXLQ %LOER LQ ORFR TXL DSSHOODWXU

DQJXVWXV IXHULW WLEL DXWHP UHFRUGDQGXP HVW TXRG ORFXV
QRQ WDP DQJXVWXV HVVHW TXDP PLKL XHO WLEL IXHULW KREELWL
QRQDGPRGXPKRPLQLEXVXXOJDULEXVVLPLOHVVXQWHWWDPHQ
TXDPTXDP IRUDPLQD VXD VXQW ORFL ERQL FRQXLXDOHV TXL
DXUDV FRPPRGH DGPLWWXQW QLKLORPLQXV PDJLV TXDP QRV
FXQLFXORV IDFHUH VROHQW HW VXE WHUUD VHQVXP VXXP FXUVXV
QRQ IDFLOH DPLWWXQW ± QHF SRVWTXDP FDSLWD VXD H[ RIIHQVD
FRQXDOXHUXQW HW WDFLWLVVLPL PRXHUH SRVVXQW HW IDFLOH VH
FHODQW HW H ODSVLEXV FRQWXVLRQLEXVTXH PLULILFH
FRQXDOHVFXQW HW WKHVDXUXP VDSLHQWLDH DWTXH GLFWLRQXP
VDSLHQWXP TXDV KRPLQHV SOHUXPTXH DXW QXPTXDP
DXGLXHUXQWDXWTXDUXPLDPGXGXPREOLWLVXQWKDEHQW
QLKLORPLQXV HVVH LQ ORFR 'RPLQL %DJJLQVLV QRQ PLKL
SODFXHULW FXQLFXOXV ILQHP QXOOXP KDEHUH XLVXV HVW LOOH
VROXP LQWHOOH[LW HXP HWLDP FRQVWDQWLXV GHVFHQGHUH FXUVX
HRGHP FXP IOH[LEXV DWTXH XHUVXULV QRQQXOOLV H[FHSWLV
VXELQGHPHDWXVIXHUXQWTXLLQODWXVHGXFWLVXQWTXRVDXWD
IXOJRUH HQVLV LOOH FRJQRXLW DXW FXP PDQX LQ PXUR VHQVLW
TXRVQRQDQLPDGXHUWLWQLVLFHOHULWHUSUDHWHULLWPHWXHQVQH
JREHOLQL DXW DWUD VHPLILFWD H[ LOOLV HJUHGHUHQWXU SRUUR
DWTXHSRUURLLWGHRUVXPHWGHRUVXPHWHWLDPQLKLODXGLXLW
SUDHWHUDOLTXDQGRVWULGRUHPXHVSHUWLOLRQLVFXLXVGDPLX[WD
DXUHV VXDV TXL SULPR HXP WHUUXLW GRQHF TXR IUHTXHQWLXV
IDFWL VXQW HR PLQXV LOORV DQLPDGXHUWLW TXDQWXP WHPSXV LQ
PRGRLOORSHUVHXHUDUHWQHVFLRFXPRGLRSURJUHGLHQGLQHF
FXPDXGDFLDFRQVLVWHQGLSRUURSRUURGRQHFIHVVLRUTXDP
IHVVXV IXLW XVTXH DG FUDV HW XOWUD DG GLHV XOWHULRUHV HVVH
XLVXPHVW
VXELWR VLQH XOOD PRQLWLRQH LQ DTXDP FXP DVSHUJLQH
JUHVVXV HVW HKHX JHOLGD IXLW TXDH HXP VWDWLP VXELWRTXH
UHWDUGDXLW XWUXP VROXP VWDJQXP LQ VHPLWD HVVHW DQ ULSD
IOXPLQLV VXE WHUUD TXRG DGLWXP WUDQVLEDW DQ OLPHQ ODFXV
SURIXQGL DWUL VXEWHUUDQHL QHVFLXLW HQVLV XL[ IXOVLW LOOH
FRQVWLWLWHWDXVFXOWDQVTXDPPD[LPHSRWXLWVWLOODVHWHFWR
LQXLVR LQ DTXDP GHRUVXP VWLOODQWHV DXGLUH SRWXLW VHG
QXOOXPJHQXVDOWHUXPVRQLWXVHVVHXLVXPHVW
³LWD DXW VWDJQXP DXW ODFXV HVW QHTXH IOXPHQ
VXEWHUUDQHXP´ LOOH FRJLWDXLW QLKLORPLQXV LQ DTXDV
WHQHEURVDVHJUHGLQRQDXVXVHVWQRQQDUHSRWXLWHWTXRTXH
GH PDOLV PXFRVLV FXP RFXOLV LQJHQWLEXV WXPLGLV FDHFLV
TXDH LQ DTXD VHUSVHUXQW FRJLWDXLW VXQW PLUD TXDH LQ
VWDJQLV DWTXH ODFLEXV LPLV LQ PRQWLEXV XLXXQW SLVFHV
TXRUXP SDWUHV LQWURUVXP QDXHUDQW TXDQWRV DQQRV DEKLQF
QHPRVFLWQHTXHUHWURUVXPLWHUXPQDXHUXQWGXPRFXOLTXL
LQ FDOLJLQH XLGHUH FRQDQWXU JUDQGLRUHV DWTXH JUDQGLRUHV
DWTXH JUDQGLRUHV LQFUHVFXQW VHG VXQW DOWHUD PXFRVLRUD
TXDP SLVFHV VXQW DOWHUD HWLDP LQ FXQLFXOLV DWTXH DQWULV
IDFWLV D JREHOLQLV DG XVXP VXXP TXDH H[ H[WHUQLV LQ
LQWHULRUHP FRUUHSVHUXQW XW LQ WHQHEULV LDFHUHQW HW TXDH
XLXXQWLOOLVLQFRJQLWDQRQQXOODDQWUDHWLDPLQLQLWLLVVXLVDG
VDHFXODDQWHJREHOLQRVUHGHXQWTXLVROXPHDGLODWDXHUXQW
DWTXH LQWHU VH FXP DGLWLEXV LXQ[HUXQW HW SRVVHVVRUHV
SULVWLQL HWLDP LEL VXQW LQ DQJXOLV VXEVLFLXLV VH
VXEGXFHQWHVDWTXHFLUFXPROIDFWDQWHV
KLF LQ SURIXQGR LX[WD DTXDP DWUDP XHWXV *ROOXP
SDUXXPPXFRVXPDQLPDOXLXHEDWXQGHXHQLUHWQHVFLRQHF
TXLV DXW TXRG HVVHW *ROOXP IXLW ± WDP WHQHEURVXP TXDP
WHQHEUDH RFXOLV PDJQLV URWXQGLV SDOOLGLV LQ IDFLH HLXV
WHQXLH[FHSWLVSDUXDPVFDSKDPKDEXLWDWTXHVDWLVWDFLWXV
FLUFXPLQODFXUHPLJDEDWQDPODFXVIXLWODWXVHWSURIXQGXV
HW OHWDOLWHU IULJLGXV SHGLEXV PDJQLV VXSHU ODWXV HLXV
SHQGHQWLEXV VFDSKDP LPSXOLW QHTXH XPTXDP DE HR DTXD
IOXFWXDWD HVW QRQ DE HR H[ RFXOLV SDOOLGLV OXFHUQLV
VLPLOLEXV SLVFHV FDHFRV SHWHEDW TXRV FXP GLJLWLV ORQJLV
WDP FHOHU TXDP FRJLWDQV FHSLW FDUR TXRTXH HL SODFXLW
SXWDXLW *REHOLQXP HVVH ERQXP TXDQGRFXPTXH HXP
DFTXLUHUH SRWXLW VHG FDXLW QH LOOL LSVXP XPTXDP
LQXHQLUHQW D WHUJR DOLTXHP TXL XPTXDP VROXV OLPLQL
DTXDHSURSLQTXDXLWGXPLVFLUFXPSUDHGDWXUVWUDQJXODXLW
UDUR SURSLQTXDXHUXQW JREHOLQL QDP VHQVHUXQW DOLTXLG
IRHGXP ODWHUH LQ SURIXQGR LQ UDGLFLEXV LSVLV PRQWLV
ODFXP LQXHQHUDQW GXP GLX GHRUVXP GHIRGLXQW HW VH QRQ
XOWHULXVSURFHGHUHLQWHOOH[HUXQWLWDLELXLDILQLWDHVWLQHD
SDUWH QHF TXLVTDP LQ DQLPR KDEXLW LWHU IDFHUH HR ± QLVL
*REHOLQXV 0DJQXV HXP PLVHUDW TXL DOLTXDQGR SLVFHV H[
ODFX GHVLGHUDXLW HW DOLTXDQGR QHF JREHOLQXV QHF SLVFLV
UHXHQLW
UH XHUD *ROOXP LQ LQVXOD PXFRVD VD[HD LQ PHGLR ODFX
KDELWDEDW QXQF %LOERQHP RFXOLV SDOOLGLV SHUVSLFLOOLV
VLPLOLEXV SURFXO LQWXHEDWXU TXHP %LOER XLGHUH QRQ
SRWHUDW VHG TXL GH %LOERQH XDOGH PLUDEDWXU QDP HXP
QHTXDTXDPHVVHJREHOLQXPXLGHUHSRWHUDW
*ROOXP VFDSKDP FRQVFHQGLW DWTXH H[ LQVXOD XRODXLW
GXP %LOER RPQLQR FRPPRWXV LQ ILQH HW LWLQHULV HW
LQJHQLRUXP LQ ULSD VHGHW UHSHQWH *ROOXP DGXHQLW HW
VXVXUUDXLWHWVLELODXLW
³GL QRV DPHQW HW PLKL DTXDP DVSHUJDQW PL SUHWLRVVVH
SXWRLGHVVHGDSHPH[TXLVLWDPVDOWHPJXVWXOXPLGIXWXUXP
HVVH QRELV JROOXP´ HW FXPJROOXP GL[LVVHW LQ JXOD
VRQLWXP KDXVWXV IRHGL SURGX[LW LG HVW TXRPRGR QRPHQ
VXXP DFTXLVLXLW TXDPTXDP VHPSHU VH DSSHOODEDW ³PL
SUHWLRVH´
FXPVLELOXPLQDXUHVXHQLVVHWHWVXELWRRFXORVSDOOLGRV
DG LSVXP HPLQHQWHV XLGLVVHW KREELWXV SDHQH H SHOOLFXOD
VXDVDOXLW
³TXLVHVWX"´LQTXLWSXJLRQHPDQWHLSVXPWUXGHQV
³TXLG HVVW LOOH PL SUHWLRVVVH"´ *ROOXP VXVXUUDXLW TXL
VHPSHU VLEL GL[LW TXRG QHPR DOLXV XPTXDP DGHVW FXL
GLFHUH SRWHVW DG TXRG TXDHUHQGXP DGXHQHUDW QDP KRF
WHPSRUH QRQ XDOGH HVXULHQV HUDW VROXP FXULRVXV DOLRTXLQ
SULPXPFRPSUHKHQGHULWHWSRVWHDVXVXUUDXHULW
³VXP'RPLQXV%LOER%DJJLQVHWQDQRVDPLVLHWPDJXP
DPLVL QHTXH XEL VLP VFLR QHTXH VFLUH XROR GXPPRGR
HIIXJLDP´
³TXLG KDEHW LQ PDQLEXVV"´ *ROOXP LQTXLW HQVHP
DVSLFLHQVTXLQRQHLSODFHW
³HQVLVTXLGDPHQVLVTXLH*RQGROLQHHJUHVVXVHVW´
³VVVV´ *ROOXP LQTXLW TXL FRPLRU IDFWXV HVW ³I¶UWDVVH
KLF VHGHELPXV DWTXH FXP HR ORTXHPXU SDXOLVSHU\ PL
SUHWLRVVVH SODFHQWQH HL DHQLJPDWD I¶UWDVVH SODFHQW
SODFHQWQH"´ DQ[LXV IXLW XW DPLFXV XLGHUHWXU VDOWHP KRF
WHPSRUH HW GRQHF SOXUD GH HQVH DWTXH KREELWR LQXHQLUHW
QXPLOOHRPQLQRVROXVHVVHWQXPERQXPHGLHVVHWHWQXP
*ROOXPSURIHFWRHVXULUHWDHQLJPDWDIXHUXQWVRODGHTXLEXV
FRJLWDUHSRWXLWTXDHURJDUHHWDOLTXDQGRFRQLFHUHIXHUDW
OXGXVVROXVTXHPLOOHFXPDOWHULVLQXVLWDWLVDQLPDOLEXVLQ
IRUDPLQLEXV VHGHQWLEXV LQ WHPSRULEXV PXOWR PXOWR DQWH
OXVHUDW DQWHTXDP DPLFLV RPQLEXV DPLVVLV VROXV DEDFWXV
HVWHWGHRUVXPLQFDOLJLQHPVXEPRQWLEXVUHSVLW
³EHQH HVW´ %LOER LQTXLW TXL DQ[LXV IXLW XW FXP LOOR
FRQVHQWLUHW GRQHF SOXUD GH DQLPDOH LQXHQLUHW QXP LOOH
RPQLQR VROXV HVVHW QXP IHUR[ DXW HVXULHQV HVVHW HW QXP
DPLFXVJREHOLQRUXPHVVHW
³WXSULPXPURJD´LQTXLWTXRGQXOOXPWHPSXVKDEXLWXW
DHQLJPDFRJLWDUHW
LWDTXH*ROOXPVLELODXLW
TXLGWHQHWLQXLVDVUDGLFHVDUERUH
PDLXV
DOWLXVDOWLXVLWFUHVFHUHQRQ
OLFLWXP"
³IDFLOH´%LOERLQTXLW³PRQVXWSXWR´
³FRQLFLWQHIDFLOH"LOOLFXPQRELVFHUWDPHQLQHXQGXPHVW
PL SUHWLRVVVH VL SUHWLRVXV LG URJDELW HW LG QRQ
UHVSRQGHELWLGHGHPXVPLSUHWLRVVVHVLLGQRVURJDELWHW
QRV QRQ UHVSRQGHELPXV WXP TXLG LG XHOLW IDFLHPXV HK"
XLDPDGH[WHULRUHPHLPRQVWUDELPXVLWD´
³VDQH´ %LOER LQTXLW TXL QRQ GLVVHQWLUH DXVXV SDHQH
FHUHEUXP UXPSHEDW GXP GH DHQLJPDWLEXV TXDH QH
FRPHVVHWXULPSHGLUHQWFRJLWDW
VXQWTXLSRVWPDQGXQWIHULXQWTXDP
VLVWHUHSRVVLQW
WULJLQWDHTXLDOELFROOHUXEUR
PDQHDQW
LG IXLW VROXP TXRG DG URJDQGXP FRJLWDUH SRWXLW ± GH

FLEXP HGHQGR DOLTXDQWXOXP FRJLWDEDW LG IXLW HWLDP
DQWLTXLXVHW*ROOXPUHVSRQVXPWDPEHQHTXDPWXVFLXLW
³FDVWDQHDH FDVWDQHDH´ VLELODXLW³GHQWHV GHQWHV PL
SUHWLRVVVH VHG VH[ VROXP KDEHPXV´ WXP VHFXQGXP
URJDXLW
XRFHFDUHQVFODPDWXROLWDW
QLKLORPLQXVDOLV
GHQWHFDUHQVIDFLHPRUGHW
LWHPVWUHSLWDW
³GLPLGL XP PRPHQWXP´ %LOER FODPDXLW TXL HWLDP GH

FHQDQGR LQFRPPRGH FRJLWDEDW IHOLFLWHU ROLP DOLTXLG
VLPLOLXV DXGLXHUDW HW DFXPLQH LQJHQLL UHGLWR UHVSRQVXP
FRJLWDXLW³XHQWXVVDQHXHQWXV´LQTXLWHWDGHRODHWXVIXLW
XW VWDWLP XQXP ILQJHUHW ³IRHGXP SDUXXP DQLPDO DE KRF
FRQIXQGHWXU´SXWDXLW
OXPLQDFDHUXOHDIDFLHFXPOXPLQD
XLGLW
LQXLULGHDVSHFWXSULPXV
RFHOOXVDLW
³KLFVLPLOLVLOORGLVLXQFWXVTXLVTXH
KDELWDEDW
LQVSDWLLVLPLVDHWKHULLVTXH
ORFLV´
³VV VV VV´ *ROOXP LQTXLW GLX GLX VXE WHUUD

KDELWDXHUDW XW WDOLXP UHUXP REOLXLVFHUHWXU VHG FXP
SULPXP %LOER VSHUDEDW IRUH XW SHUGLWXV UHVSRQGHUH QRQ
SRVVHW*ROOXPPHPRULDVVDHFXORUXPVDHFXORUXPTXHDQWH
LQ TXLEXV FXP DXLD VXD LQ IRUDPLQH LQ ULSD LX[WD IOXPHQ
KDELWDXHUDW H[WXOLW ³VVV VVV PL SUHWLRVVVH´ LQTXLW ³VRO
LQEHOOHVSHUHQQHVLGVLJQLILFDW´
VHGWDOLDXVLWDWDVXSHUWHUUDPTXRWLGLDQDDHQLJPDWDHXP
IDWLJDXHUXQWHWLDPHXPPRQXHUXQWGLHUXPLQTXLEXVPLQXV
VROXV HW IXUWLXXV HW PDOXV IXHUDW XW LUDFXQGXV ILHUHW
SUDHWHUHD LOOD HIIHFHUXQW XW HVXULUHW LWD KRF WHPSRUH
DOLTXLGGLIILFLOLXVDWTXHVFHOHVWLXVFRQDWXVHVW
QHFXLGHDUQHTXHQHPLQHVHQWLDU
DXGLDUXPTXDP
SRVWVWHOODVLDFHRUHSOHRTXH
IRUDPLQDVHPSHU
DGXHQLRSULPXPVHTXRUHWWXP
JDXGLDFDHGR
*ROOXPIXLWLQIHOL[QDP%LOERWDOHVUHVDQWHDDXGLXHUDW
HW SUDHWHUHD UHVSRQVXP HXP FLUFXPVWDEDW ³WHQHEUDH´
LQTXLW QHF HWLDP FDSXW VFDEHQV QHF SLOHXP FRJLWDQWHP
LQGXHQV
HVWVLQHFDUGLQLEXVVLQHWHFWR
FODXLEXVDUFD
WKHVDXUXVVHGLDPFHODWXUHWDXUHXV
LQWXV
URJDXLW XW WHPSXV DFTXLUHUHW GRQHF GLIILFLOOLPXP

TXLGGDP FRJLWDUHW SXWDXLW LG HVVH FDVWDQHDP IDFLOOLPDP
TXDPTXDPLGFXPXHUELVVROLWLVQRQURJDXHUDWTXRGDXWHP
*ROORHXHQLWXWTXDHVWLRHVVHWGLIILFLOOLPDVHFXPVLELODXLW
HWLDPQRQUHVSRQGLWVXVXUUDXLWDWTXHEDOEXWLXLW
SRVWWHPSXVQRQQXOOXP%LOERILHEDWLPSDWLHQV³LWDTXH
TXLGHVW"´LQTXLW³UHVSRQVXPQRQHVWDHQHXPIHUXHQVXWWX
FODPRVXVFRJLWDUHXLGHULV´
³RSSRUWXQLWDWHPQRELVGDGHWQRELVRSSRUWXQLWDWHPPL
SUHWLRVV±VV±VVH´
VHG VXELWR *ROOXP PHPLQHUDW VH LDPSULGHP IXUDWXP
HVVHQLGRVDWTXHVHVXEULSDIOXPLQLVVHGLVVHDXLDPVXDP
GRFXLVVH DXLDP VXDP GRFXLVVH XW LOOD VXJHUHW ± ³RXDD´
VLELODXLWLGHVWRXDD´WXPURJDXLW
FXPQXOOLVDQLPLVXLXLWWDPIULJLGXV
2UFXV
QRQVLWLHQVKDXULWORULFDFXP
WDFLWXUQD
XLFLVVLP SXWDXLW LG HVVH IDFLOOLPXP TXRG VHPSHU GH

UHVSRQVRFRJLWDEDWKRFDXWHPWHPSRUHDOLTXLGPHOLXVQRQ
PHPLQLVVH SRWXLW DGHR D TXDHVWLRQH RXRUXP FRPPRWXV
HVWQLKLORPLQXVTXDHVWLR%LOERQLPLVHURGLIILFLOLVIXLWTXL
QXPTXDPQHJRWLXPFXPDTXDKDEXLWVLHDPXLWDUHSRWXLW
HJR SXWR WH VFLUH UHVSRQVXP VDQH DXW LG FRQLFHUH SRVVH
TXDP IDFLOLXV WDP QLFWDUH TXLD GRPL FRPPRGH FRQVLGLV
QHTXH SHULFXOXP XW FRPHGDULV KDEHV TXRG FRJLWDWLRQHP
WXDP FRPPRXHELW %LOER FRQVHGLW DWTXH JXODP SXUJDXLW
VHPHODXWLWHUXPVHGUHVSRQVXPXHQLWQXOOXP
SRVW QRQQXOOXP WHPSXV *ROOXP VHFXP ODHWXV VLELODXLW
³HVWERQXPPLSUHWLRVVVH"HVWVXFRVXP"HVWJXVWDQGXPDG
PRUGHQGXP"´HWHQHEULV%LOERQHPDVSLFLHEDW
³GLPLGLXP PRPHQWXP´ KREELWXV TXDVVDQV LQTXLW
³LDPQXQFRSSRUWXQLWDWHPORQJLVVPDPWLELGHGL´
³HL IHVWLQDQGXP HVW IHVWLQDQGXP´ *ROOXP LQTXLW H
VFDSKD LQ OLWXV DVFHQGHQV DG %LOERQHP FDSLHQGXP VHG
FXP SULPXP SHGHP ORQJXP PHPEUDQDFHXP LQ DTXDP
SRVXLW SLVFLV TXLGDP LQ WHUURUH H[VLOXLW DWTXH LQ GLJLWRV
SHGXP%LOERQLVGHFLGLW
TXL³XJK´LQTXLW³HVWIULJLGXVDWTXHPXFRVXV´±LWDTXH
FRQLHFLW³SLVFHVSLVFHV´FODPDXLW³LGHVWSLVFHV´
*ROOXPXDOGHIUXVWUDWXVHVWVHG%LOERDOWHUXPDHQLJPD
URJDXLWWDPFHOHUULPHTXDPXPTXDPSRWLVHUDWXW*ROOXP
LWHUXPLQJUHGLVFDSKDPHWFRJLWDUHFRJHUHWXU
QXOODFUXUD LQ XQXPFUXV LDFXLW GXDFUXUD LQ
FUXULEXV WULEXV SURSLQTXD VHGLW TXDWWXRUFUXUD
DOLTXDQWXPKDEXLW
UH XHUD KRF WHPSRUH DHQLJPD LOOXG QRQ IXLW DSWXP VHG
%LOER IXLW LPSDWLHQV VL LQ DOLR WHPSRUH LG URJDXHULW LG
FRQLFLHQGL FDXVD *ROOXP PROHVWLDP QRQQXOODP KDEXHULW
UHEXV GH SLVFLEXV GLFWLV ³QXOODFUXUD´ QRQ WDP
GLIILFLOOLPXPIXLWHWSRVWLGFHWHUDIDFLOLDHUDQW³SLVFLVLQ
PHQVDSDUXDKRPRDGPHQVDPLQVHOODVHGHQVIHOHVRVVD
KDEHW´ LG VDQH HVW UHVSRQVXP TXRG *ROOXP PR[ GHGLW
WXP FRQVWLWXLW WHPSXV DGXHQLUH DG DOLTXLG GLIILFLOH
KRUULELOHTXHURJDQGXPLGHVWTXRGGL[LW
RPQLDGHXRUDWLGIORUHQWLDXELTXH
SHURUEHP
FXPFKDO\EHHWIHUURPRUVLVWXP
VD[DPROXQWXU
QHFDQWXUUHJHVPRQWHVFDHGXQWXUHW
XUEHV
PLVHU %LOER LQ WHQHEULV VHGLW FRJLWDQV GH QRPLQLEXV

KRUULELOLEXV JLJDQWXP HW WUROORUXP TXDH LQ IDEXOLV
DXGLXHUDWVHGQHPRTXRUXPRPQHVLOODVUHVIHFHUDWVHQVLW
UHVSRQVXPHVVHVDWLVGLVSDUHWVHLGVFLUHRSRUWHUHVHGLG
FRJLWDUH QRQ SRWXLW SDXHVFHEDW TXDH UHV DG FRJLWDQGXP
HVW PDOD *ROOXP H VFDSKD HJUHGLHEDWXU LQ DTXDP FXP
DODSD SHGXP LEDW DWTXH DG ULSDP PDQLEXV VH LPSHOOHEDW
%LOER RFXORV DGXHQLHQWHV DG VH XLGHUH QRQ SRWXLW OLQJXD
VXD LQ RUH DGKDHUHUH XLVD HVW H[FODPDUH XROXLW ³GD PLKL
SOXVWHPSRULVGDPLKLWHPSXV´VHGXOXODWXVXELWRVROXP
TXRGHPLVLWIXLW
³WHPSXVWHPSXV´
%LOER IHOLFLWDWH PHUD VHUXDWXV HVW QDP LG VDQH

UHVSRQVXPIXLW
*ROOXPUXUVXVIUXVWUDWXVHVWHWQXQFLUDVFHEDWXUHWDGHR
OXGXV HXP IDWLJDEDW XW XDOGH HVXULUHW KRF WHPSRUH DG
VFDSKDPQRQUHGLLWLQWHQHEULVLX[WD%LOERQHPFRQVHGLWD
TXR KREELWXV XDOGH FRQWXUEDWXV HVW HW LQJHQLD HLXV VSDUVD
VXQW
³HLQRVVURJDQGXPHVVWTXDHVWLRQHPPLSUHWLRVVVHLWD
LWDD LWDDD DOWHUDDP TXDHVWLRQHP XW FRQLFLDP LWD LWDD´
*ROOXPLQTXLW
VHG%LOERGHTXDHVWLRQHXOODFRJLWDUHQRQSRWXLWGXPLG
IRHGXP PDGLGXP IULJLGXP LX[WD HXP VHGHW HXP WDQJHW
DWTXH IRGLFDW VH VFDELW VH XHOOLFDXLW HWLDP GH DOLTXR
FRJLWDUHQRQSRWXLW
³URJDQRVURJDQRV´*ROOXPLQTXLW
%LOER VH XHOOLFDXLW DWTXH VH IHULXLW SDUXXP HQVHP
DUULSXLW HWLDP PDQX DOWHUD VLQXP H[SORUDXLW LEL DQXOXP
TXHPLQDGLWXVXVWXOHUDWFXLXVTXHREOLWXVHVWLQXHQLW
³TXLG LQ VLQX PHR KDEHR"´ FODUD XRFH LQTXLW VHFXP
GLFHEDW VHG *ROOXP SXWDXLW LG HVVH DHQLJPD HW XDOGH
FRPPRWXVHVW
TXL ³LQLXVWH LQLXVWH´ VLELODXLW ³LG LQLXVWXP PL
SUHWLRVVVH HVWQH QRV URJDUH TXLG LQ SDUXLV IRHGLV
VLQLEXVVVKDEHUHW"´
%LOER TXLG HXHQLUHW LQWHOOHJHEDW HW QXOOR PHOLRUH
URJDQGR DG TXDHVWLRQHP DGKDHVLW ³TXLG LQ VLQX PHR
KDEHR"´PDLRUHXRFHLQTXLW
³VVVVV´ *ROOXP VLELODXLW ³QRELV DE HR GDQGXP HVW
FRQLHFWXUDHWUHVVVPLSUHWLRVVVHFRQLHFWXUDHWUHVVV´
³HVWRFRQLFH´%LOERLQTXLW
³PDQXVVV´*ROOXPLQTXLW
³IDOVXP´%LOERLQTXLWTXLPRGRPDQXPIHOLFLWHULWHUXP
H[WXOHUDW³LWHUXPFRQLFH´
³VVVVV´*ROOXPFRPPRWLXVTXDPXPTXDPLQTXLWGH
RPQLEXV TXDH LQ VLQLEXV VXLV WHQHEDW FRJLWDXLW RVVLEXV
SLVFLXP GHQWLEXV JREHOLQRUXP FRQFKLV PDGLGLV SDUWH
DODHXHVSHUWLOLRQLVVD[RDFXWRTXRGHQWHVVXRVDFXHUHWHW
FHWHULV IRHGLV TXLG DOLL LQ VLQLEXV WHQHUHQW FRJLWDUH
FRQDWXVHVW
³FXOWHU´SRVWUHPRLQTXLW
³IDOVXP´ %LOER LQTXLW TXL VXXP WHPSXV QHVFLR TXLG
DEKLQFDPLVHUDW³FRQLHFWXUDXOWLPD´
QXQF*ROOXPPXOWRLQVWDWXRSHLRUHIXLWTXDPFXP%LOER
RXXPTXDHVWLRQHP URJDXHUDW VLELODXLW DWTXH EDOEXWLXLW
DWTXHVHUXUVXPSURUVXPXDFLOODXLWDWTXHSHGHVLQVROXP
WXQGLW DWTXH VH VLQXDXLW WRUVLWTXH VHG HWLDP FRQLHFWXUDP
XOWLPDPSHUGHUHQRQDXVXVHVW
³IHVWLQD´%LOERLQTXLW³VXPH[VSHFWR´DXGD[HWODHWXV
XLGHUL FRQDWXV HVW VHG QRQ VHQVLW VH RPQLQR FHUWXP HVVH
TXRPRGR OXGXV ILQLUHWXU QXP *ROOXP UHFWH FRQLFHUHW
QHFQH
³WHPSXVHVW´LQTXLW
³OLQXP DXW QLKLO´ *ROOXP XOXODXLW TXRG QRQ VDWLV
LXVWXPIXLW±GXDVFRQLHFWXUDVVLPXODGGHUH
³DPEDHVXQWIDOVDH´%LOERXDOGHUHOHXDWXVFODPDXLWHW
VWDWLPH[VLOXLWWHUJXPVXXPDGPXUXPSUR[LPXPSRVXLWHW
SDUXXP HQVHP SRUUH[LW VFLXLW VDQH OXGXP DHQLJPDWXP
HVVH VDFUXP DWTXH DQWLTXLVVLPXP HW HWLDP DQLPDOLD
VFHOHVWD FXP HXP OXGHUHQW XHUHUL QH IUDXGDUHQW VHQVLW
DXWHP VH KXLF PXFRVR QRQ FUHGHUH XW LOOXG LQ UH DQJXVWD
SURPLVVXP XOOXP VHUXDUHW H[ TXR H[FXVDWLRQH TXDOLEHW
SUDHODWDODEHUHWSUDHWHUHDTXDHVWLRXOWLPDLOODQRQIXHUDW
DHQLJPDXHUDVHFXQGXPOHJHVDQWLTXDV
QLKLORPLQXV *ROOXP QRQ VWDWLP LQ HXP LPSHWXP IHFLW
TXLHQVHPLQPDQX%LOERQLVXLGHUHSRWXLWLPPRWXVVHGLW
KRUUHQV DWTXH VXVXUUDQV GHQLTXH %LOER QRQ ORQJLXV
PDQHUHSRWXLW
³LWDTXH"´LQTXLW³TXLGGHSURPLVVRWXR"H[LUHXRORDWH
XLDPPLKLPRQVWUDQGDPHVW´
³GL[LPXVQH LWD SUHWLRVH" H[LWXP %DJJLQVVL SDUXR PDOR
PRQVWUD LWD LWD VHG TXLG LG LQ VLQLEXVV KDEHW HK" QRQ
OLQXPSUHWLRVHVHGQRQQLKLOPLQLPHRJROOXP´
³QXPTXDP WX FXUHV´ %LOER LQTXLW ³SURPLVVXP HVW
SURPLVVXP´
³LG LUDWXP HVW LPSDWLHQV SUHWLRVH´ *ROOXP VLELODXLW
³VHG HL PDQHQGXP HVW LWD PDQHQGXP HVW FXQLFXORV
SURSHUDQWLXVDVFHQGHUHQRQSRVVXPXVHXQGXPHVWQRELVXW
UHVDOLTXDVFDSHUHPXVLWDTXDVQRVLXXDUHQW´
³HUJR IHVWLQD´ %LOER LQTXLW TXL FRJLWDUH GH *ROOR
DEHXQGR JDXLVXV HVW SXWDXLW HXP SUDHIHUUH H[FXVDWLRQHP
QHTXHLQDQLPRKDEHUHXWUHGLUHWTXLGGLFLW*ROOXP"TXDP
UHPXWLOHPLQODFXWHQHEURVRVHUXDUHSRWXLW"VHGIDOVXVHVW
*ROOXP LQ DQLPR KDEXLW XW UHGLUHW QXQF LUDWXV HVW DWTXH
HVXULHQV SRUUR PLVHUXP VFHOHVWXP DQLPDO IXLW TXRG LDP
FRQVLOLXPKDEXLW
LQVXOD HLXV QRQ ORQJH DIXLW FXLXV %LOER QHVFLXV IXLW HW
LEL LQ ORFR VHFUHWR DOLTXDQWDV PLVHUDV QXJDV VHUXDXLW HW
XQDPSXOFKHUULPDPUHPSXOFKHUULPDPDGPLUDQGLVVLPDP
DQXOXPKDEXLWDQXOXPDXUHXPDQXOXPSUHWLRVXP
³GRQXPGLHLQDWDOLV´VHFXPVXVXUUDXLWVLFXWVDHSHSHU
GLHVSHUSHWXRVWHQHEURVRVVXVXUUDXHUDW³LGHVWTXRGQXQF
GHVLGHURLWDLGGHVLGHUDPXV´
LG GHVLGHUDXLW TXRG DQXOXV IXLW SRWHVWDWLV HW VL DQXOXP
GLJLWRWXRLQGXHUHVLQXLVLELOLVILHUHVVROXPLQVROHSOHQR
XLGHUL SRVVHV WXP VROXP DE XPEUD WXD TXDH WHQXLV
TXDVVDTXHHVVHW
³GRQXPGLHLQDWDOLVTXRGDGPHDGXHQLWGLHQDWDOLPL
SUHWLRVH´ LWD VHPSHU VLEL GL[HUDW VHG TXLV VFLW TXRPRGR
*ROOXP GRQXP LOOXP DFFHSHULW VDHFXOLV DEKLQF LQ GLHEXV
SULVWLQLVFXPWDOHVDQXOLLQRUEHWHUUDUXPDGKXFDGIXHULQW"
IRUWDVVHHWLDP'RPLQXVTXLHRVUH[LWQRQGLFHUHSRWXHULW
SULPXP *ROOXP LOOXP LQGXHUH VROHEDW GRQHF LOOH HXP
IDWLJDXLW WXP LOOXP LQ VDFFR LX[WD SHOOHP VXDP WHQXLW
GRQHFLOOHHXPSHUXVVLWHWQXQFLOOXPLQIRUDPLQHLQVD[R
LQ LQVXOD FHODUH VROHEDW HW VHPSHU DG LOOXP DVSLFLHQGXP
UHGGHEDW HWLDPQXQF DOLTXDQGR LOOXP LQGXLW FXP DE LOOR
VHSDUDUL ORQJLXV QRQ SDVVXV HVW DXW FXP XDOGH XDOGH
HVXULHEDW HW SLVFLEXV GHIHVVXV WXP VHFXQGXP PHDWXV
WHQHEURVRV JREHOLQRV HUUDQWHV TXDHUHQV UHSWDUH VROHEDW
HWLDPLQORFRVLQTXLEXVIDFHVDFFHQVDHVXQWXWRFXOLVXL
FRQLXHUHQWDWTXHDGXUHUHQWXULQLUHWQDPWXWXVHVVHWRLWD
VDWLV WXWXV QHPR HXP XLGHUH SRVVHW QHPR HXP
DQLPDGXHUWHUHW GRQHF LOOH GLJLWRV VXRV LQ JXODP HLXV
SRVXLW VROXP SDXFDV KRUDV DEKLQF DQXOXP LQGXHUDW HW
SDUXXPJREHOLQXPSUROHPFHSHUDWTXRPRGRLOOHVWULGHUDW
HWLDP RVVD XQD DXW GXD PRUGHQGD VXSHUVXQW VHG DOLTXLG
PROOLXVGHVLGHUDXLW
³VDWLV WXWXV LWD´ VHFXP VLELODXLW ³LG QRV QRQ XLGHELW
QRQQHPLSUHWLRVH"PLQLPHLGQRVQRQXLGHELWHWSDUXXV
HQVLVPDOXVHLXVHULWLQXWLOLVLWDTXLGHP´
LG IXLW LQ SDUXD PHQWH PDOD XW VXELWR H ODWHUH %LOERQLV
ODSVXV DODSD SHGXP DG VFDSKDP UHGLLW HW LQ WHQHEUDV
SURJUHVVXV HVW %LOER SXWDXLW VH ILQHP HLXV DXGLVVH
QLKLORPLQXV SDXOLVSHU FRPPRUDWXV HVW QDP QLKLO LQ
PHQWHPXHQLWTXRPRGRVROXVH[LWXPLQXHQLUHW
VXELWR VWULGRUHP DXGLXLW TXL TXDVVDWLRQHP VHFXQGXP
WHUJXP HLXV PLVLW *ROOXP LQ FDOLJLQH QRQ SURFXO XW D
VRQLWXXLVXPHVWPDOHGLFHEDWDWTXHXOXODEDWLQLQVXODVXD
IXLWKLFHWLOOLFVFDEHQVIUXVWUDTXDHUHQVSHWHQVTXH
³XEL HVVW LOOH" XEL HVVW LOOH"´ %LOER HXP TXL FODPDEDW
DXGLXLW ³DPLVVVXV HVW PL SUHWLRVH DPLVVXV DPLVVXV
PDOHGLF QRELV DWTXH REWHUH QRV PHXV SUHWLRVXV DPLVVXV
HVW´
³TXLGHVW"´%LOERXRFDXLW³TXLGDPLVLVWL"´
³LG QRV URJDUH QRQ RSRUWHW´ *ROOXP VWULGLW³QRQ HVW
QHJRWLXP HLXV PLQLPH JROOXP DPLVVVXV HVW JROOXP
JROOXP´
³LWD HJR LWHP´ %LOER FODPDXLW ³HW QRQDPLVVXV HVVH
XRORHWHJRLQOXGRXLFLHWWXSURPLVLVWLLWDXHQLKXFXHQL
XW PH GLPLWWDV WXP DVSLFHUH SHUJH´ %LOER TXDPTXDP
DXGLUH SRWXLW TXRPRGR RPQLQR PLVHU HVVHW *ROOXP
PXOWDP PLVHULFRUGLDP LQ FRUGH VXR LQXHQLUH QHTXLXLW HW
VHQVLWDOLTXLGTXRGD*ROORWDPPXOWRGHVLGHUDEDWXUXL[
HVVHERQXP³XHQLKXF´FODPDXLW
³PLQLPH QRQ LDP SUHWLRVH´ *ROOXP UHVSRQGLW ³LOOH
QRELVTXDHUHQGXVHVWDPLVVXVHVWJROOXP´
³VHG QXPTXDP TXDHVWLRQHP XOWLPDP PHDP FRQLHFLVWL
DWTXHSURPLVLVWL´%LOERLQTXLW
³QXPTXDP FRQLHFL´ *ROOXP LQTXLW WXP VXELWR H
FDOLJLQHVLELOXPDFXWXPXHQLW³TXLGLGKDEHWLQVLQLEXVV"
GLFQRELVLOOXGSULPXPHLGLFHQGXPHVW´
TXRDG%LOERVFLXLWQRQIXLWUDWLRTXDHGDPTXDPREUHP
QRQGLFHUHRSRUWHUHWPHQV*ROOLDGFRQLHFWXUDPVDOXHUDW
FLWLXV TXDP HLXV QHFHVVDULH QDP *ROOXP SHU VDHFXOD LQ
KRFXQRLQFXEHUDWHWVHPSHUXHUHWXUQHLGIXUDUHWXU%LOER
DXWHP FXP PRUD VWRPDFKDWXV HVW VDQH LQ OXGR XLFHUDW
VDWLVLXVWHFXPSHULFXORKRUULELOL³UHVSRQVDHVVHFRQLHFWD
QRQGDWD´LQTXLW
³VHG TXDHVWLR QRQ IXLW LXVWD´ *ROOXP LQTXLW ³QRQ
DHQLJPDSUHWLRVHPLQLPH´
³HVWR VL UHV HVW GH TXDHVWLRQLEXV FRWWLGLDQLV´ %LOER
UHVSRQGLW³WXPXQDPSULPXPURJDXLTXLGDPLVLVWL"LOOXG
GLFPLKL´
³TXLG LG KDEHW LQ VLQLEXVV"´ VRQLWXV VLELODQV FODULRU
DWTXHDFXWLRUXHQLWDGTXHPDVSLFLHQVQXQF%LOERWUHSLGXV
GXDSDUXDDFXPLQDOXFLVHXPLQWXHQWLDXLGLWXWVXVSLFLRLQ
PHQWH *ROOL FUHVFHEDW OX[ RFXORUXP FXP IODPPD SDOOLGD
IODJUDEDW
³TXLGDPLVLVWL"´%LOERSHUVHXHUDXLW
VHGQXQFOX[LQRFXOLV*ROOLIDFWDHVWLJQLVXLULGLVTXDH
FHOHULWHU DSSURSLQTXDEDW *ROOXP LQ VFDSKD LWHUXP IXLW
IHURFLWHU PDQLEXV VH LPSHOOHEDQV DG OLWXV DWUXP WDOL LUD
DPLWWHQGLDWTXHVXVSLFLRQHLQFRUGHVXRXWQRQLDPDEHQVH
XOORWHUUHUHWXU
%LOERFRQLFHUHQRQSRWXLWTXLGPHQWHPPLVHULDQLPDOLV
DOLHQDXLVVHW VHG LQWHOOH[LW ILQHP IDFHUH RPQLEXV HW VDQH
*ROOXP LQ DQLPR KDEHUH XW HXP QHFDUHW LQ LSVR DUWLFXOR
WHPSRULV VH WHUJD GDWD VHFXQGXP DGLWXP WHQHEURVXP SHU
TXHP GHVFHQGHUDW UHFXUULW LX[WD PXUXP PDQHQV TXHP
ODHXDWDQJHEDW
³TXLGLGKDEHWLQVLQLEXVV"´VLELOXPFODUHSRQHHXPHW
*ROOXP DVSHUJHQWHP GXP LOOH H VFDSKD H[VLOLW DXGLXLW
³TXLG KDEHR PLURU"´ VHFXP LQTXLW XW DQKHODQV HW
RIIHQGHQV SURJUHVVXV HVW ODHXDP LQ VLQX SRVXLW DQXOXP
HVVH IULJLGLVVLPXP VHQVLW TXL LQ GLJLWXP LQGLFHP
WHPSWHQWHPODSVXVHVW
VLELOXV LQ WHUJR SDHQH DGHUDW QXQF VH XHUWLW HW RFXORV
*ROOL TXDVL SDUXDV ODQWHUQDV XLULGHV FOLXHP DVFHQGHQWHV
XLGLW WHUULWXV FHOHULXV FXUUHUH FRQDWXV HVW VHG VXELWR
GLJLWLVLQILVVXUDVROLRIIHQVLVSURQXVSDUXRHQVHVXEHR
GHFLGLW
VWDWLP*ROOXPDGHUDWVHGDQWHTXDP%LOERDOLTXLGDJHUH
SRWXLW DQKHOLWXP UHFLSHUH VH WROOHUH DXW HQVHP JHUHUH
*ROOXP SUDHWHULLW QHTXDTXDP HXP DQLPDGXHUWHQV
PDOHGLFHQVDWTXHVLELODQVGXPFXUULW
TXLG VLJQLILFDW KRF" *ROOXP LQ WHQHEULV XLGHUH SRWHUDW
%LOER OXFHP SDOOLGDP RFXORUXP HLXV QLWHQWHP HWLDP H
WHUJR XLGHUH SRWXLW PDJQR FXP GRORUH VXUUH[LW DWTXH
HQVHP TXL QXQF LWHUXP KHEHV IXOJHEDW UHFRQGLGLW WXP
FDXWLVVLPH VHFXWXV HVW QLKLO DOLXP DJHQGXP XLVXP HVW
UHSWDUH GHRUVXP DG DTXDP *ROOL QRQ SURIXLW IRUWDVVH VL
LOOXP VHFXWXV HVW *ROOXP HXP DG IXJDP QRQQXOODP
LPSUXGHQWHU GXFHUHW ³LOOL PDOHGLF LOOL PDOHGLF LOOL
PDOHGLF´ VLELODXLW *ROOXP ³%DJJLQVL PDOHGLF LG DEHVW
TXLG LG KDEHW LQ VLQLEXVV" R FRQLFLPXV FRQLFLPXV PL
SUHWLRVH LOOH LG LQXHQLW LWD FHUWH PHXP GRQXP GLHL
QDWDOLV´
%LOERDXUHVHOHXDXLWSRVWUHPRLSVHFRQLFHUHLQFLSLHEDW
DOLTXDQWXOXP IHVWLQDXLW WDP SURSLQTXXV TXDP DXVXV HVW
SRVW *ROOXP PRXHQV TXL HWLDP FHOHULWHU LEDW QHTXH
UHVSLFLHEDWVHGFDSXWVXXPKXFHWLOOXFXHUWHEDWXW%LOERD
IXOJRUHKHEHWLLQPXULVXLGHUHSRWHUDW
³PHXP GRQXP GLHL QDWDOLV LOOL PDOHGLF TXRPRGR LG
DPLVLPXVPLSUHWLRVH"LWDLGHVWXELSUR[LPHDEKDFXLD
XHQLPXVXELIRHGXPLXXHQHPVVWULGRUHPWRUVLPXVLGHVW
LOOLPDOHGLFLGSRVWVDHFXODRPQLDKDHFHQRELVODSVXP
HVWDPLVVXPHVWJROOXP´
VXELWR JROOXP FRQVHGLW HW ODFULPDUH FRHSLW VRQLWXV
VLELODQV DWTXH VLQJXOWDQV KRUULELOLV DXGLWX %LOER FRQVWLWLW
HW VH LQ PXUXPFXQLFXOL FRPSODQDXLW SDXOR SRVW *ROOXP
ODFULPDUH GHVWLWLW HW ORTXL FRHSLW VHFXP GLVSXWDUL XLVXV
HVW
³UHGGHUH LOOXF TXDHVLWXP LQXWLOH PLQLPH RPQHV ORFRV
TXLEXV RELXLPXV QRQ PHPLQLPXV HW LQXWLOH HVW
%DJJLQVVHP LQ VLQLEXVV LG KDEHUH QDVXWXP IRHGXP LG
LQXHQLVVHGLFLPXV
³QRV FRQLFLPXV SUHWLRVH PRGR FRQLFLPXV QRQ VFLUH
SRVVXPXV GRQHF DQLPDO IRHGXP LQXHQLDPXV DWTXH LG
FRPSULPDPXV VHG QRQQH LG TXDH GRQXP DJHUHW QHVFLXLW"
PRGRLGLQVLQLEXVVWHQHELWQHVFLXLWQHFORQJHLUHSRWHVW
VHDPLVLWLGIRHGXPQDVXWXPH[LWXPQHVFLXLWLGLWDGL[LW
³LWD GL[LW LWD VHG LG HVW GRORVXP TXDH XXOW QRQ GLFLW
TXRGLQVLQLEXVKDEHWLGQRQGLFHWLGVFLWLQJUHVVXPVFLW
H[LWXP VFLUH RSRUWHW LWD DG SRVWLFXP HXQGHP HVW DG
SRVWLFXPLGHVW
³JREHOLQLLJLWXULGFDSLHQWH[LOODXLDH[LUHQRQSRWHVW
SUHWLRVH
³VVVV VVV JROOXP JREHOLQLL LWD VHG VL GRQXP KDEHW
GRQXP QRVWUXP SUHWLRVXP WXP JREHOLQLL LOOXP FDSLHQW
JROOXP LOOXP LQXHQLHQW TXLG LOOXP DJDW FRJQRVFHQW
QXPTXDPWXWLSRVWHDHULPXVQXPTXDPJROOXPJREHOLQXV
XQXV LOOXP LQXGXHW WXP QHPR HXP XLGHELW LEL DGHULW VHG
QRQ XLGHUL SRWHULW QHF HWLDP RFXOL FDOOLGL QRVWUL HXP
DQLPDGXHUWHQW TXL UHSWDQV HW GRORVXV XHQLHW DWTXH QRV
FDSLHWJROOXPJROOXP
³HUJR GLFHUH GHVLQDPXV SUHWLRVH HW IHVWLQHPXV VL
%DJJLQV VHFXQGXP LOODP XLDP LLW QRELV FHOHULWHU HXQGXP
HVWXWXLGHDPXVLWHQRQORQJHHVWQXQFIHVWLQDWH´
*ROOXP H[VLOXLW HW JUDGX FHOHUL PHPEULV GLVVROXWLV
SURJUHGL FRHSLW %LOER HXP IHVWLQDWHU VHFXWXV HVW FDXWH
HWLDP TXDPTXDP LPSULPLV XHUHEDWXU QH SHGHV LQ ILVVXUD
DOWHUDRIIHQGHUHWHWFXPVRQLWXGHFLGHUHWFDSXWVSHDWTXH
DGPLUDWLRQH FRPPRXHEDWXU XLVXP HVW DQXOXP HVVH
PDJLFXP TXL HIIHFLW XW WX LQXLVLELOLV ILHUHV GH WDOLEXV
UHEXV VDQH LQ IDEXOLV SULVWLQLV SULVWLQLV DXGLXHUDW VHG
PDJQXP IXLW FUHGHUH VH TXLGHP XQDP FDVX LQXHQLVVH
QLKLORPLQXV LEL IXLW UHV *ROOXP FXP RFXOLV FODULV HXP
SUDHWHULXHUDWXQDXOQDVROXPDGODWXV
SHUJHEDQW *ROOXP LQ IURQWH SHGLEXV SODXGHQWLEXV
VXVXUUDQV DWTXH PDOHGLFHQV %LOER LQ WHUJR WDP WDFLWXV
TXDP KREELWXV SRWH PR[ DG ORFRV XEL XW %LOER LQ XLD
GHRUVXP DQLPDGXHUWHUDW PHDWXV DG ODWHUD KXF HW LOOXF
DSHUWL VXQW DGXHQHUXQW VWDWLP *ROOXP HRV QXPHUDUH
FRHSLW
³XQXV DG VLQLVWUDP LWD XQXV DG GH[WHUDP LWD GXR DG
GH[WHUDP LWD LWD GXR DG VLQLVWUDP LWD LWD´ HW FHWHUD HW
FHWHUD
QXPHUDWLRQHFUHVFHQWHLOOHUHWDUGDXLWHWVHTXDVVDUHHW
ODFULPDVHIIXQGHUHFRHSLWQDPORQJLXVHWORQJLXVLQWHUJR
DEHUDW DTXD HW LOOH WLPHEDW IRUWDVVH *REHOLQL DGHUDQW HW
DQXOXP VXXP DPLVHUDW GHPXP LX[WD DSHUWXUDP KXPLOHP
DGVLQLVWUDPGXPDVFHQGXQWFRQVWLWLW
³VHSWHP DG GH[WHUDP LWD VH[ DG VLQLVWUDP LWD´
VLELODXLW ³KDHF HVW HVW XLD DG SRVWLFXP LWD KLF HVW
PHDWXV´
LQWXV LQWXLWXV UHIXJLW ³VHG LQWURLUH QRQ DXGHPXV
SUHWLRVH PLQLPH QRQ DXGHPXV JREHOLQL LVWLF VXQW PXOWL
JREHOLQLHRVRGRUDPXUVVVV
³TXLGDJHPXV"LOOLVPDOHGLFHWLOORVREWHUH´QRELVKLF
PDQHQGXPHVWSUHWLRVHSDXOXPPDQHQGXPXWXLGHDPXV´
HUJRRPQLQRFRQVWLWHUXQW*ROOXPTXLGHP%LOERQHPDG
H[LWXP GXFHUDW VHG %LOER LQWUDUH QRQ SRWHUDW LEL HUDW
*ROOXPJLEEXVLQPHGLDDSHUWXUDVHGHQVRFXOLVLQFDSLWH
IULJLGLV QLWHQWLEXV GXP LG LQ XWUDPTXH SDUWHP LQWHU JHQXD
XDFLOODWXU
%LOERPDJLVWDFLWXVTXDPPXVHPXURUHSVLWVHGVWDWLP
*ROOXPULJXLWHWRGRUHPQDULEXVGX[LWHWRFXOLLQXLULGHP
XHUVL VXQW PROOLWHU VHG PLQDFLWHU VLELODXLW KREELWXP
XLGHUHQRQSRWXLWVHGQXQFXLJLODQVHUDWHWVHQVXVDOWHURV
KDEXLW TXL D WHQHEULV IDFWL HUDQW DFXWL DXGLWLR DWTXH
RGRUDWLR PDQLEXV SODQLV LQ VROR H[WHQVLV DWTXH FDSLWH
SURLHFWR QDUH SDHQH DG VD[XP XVTXH GHRUVXP GHPLVVXV
HVVH XLVXV HVW TXDPTXDP LOOH LQ IXOJRUH RFXORUXP VXLV
PRGRXPEUDDWUDIXLWQLKLORPLQXV%LOERXLGHUHXHOVHQWLUH
SRWXLW LOOXP HVVH WDP ULJLGXP TXDP QHUXXP FRQJOREDWXP
DGVDOLHQGXP
%LOERSDHQHVSLUDUHGHVLLWDWTXHLSVHULJXLWGHVSHUDWXV
IXLW HL HIIXJLHQGXP HVW H FDOLJLQH KRUULELOL GXP HL XLV
XOOD VXSHUHVW HL SXJQDQGXP HVW LG IRHGXP DE HR
IRGLHQGXPHVWRFXOLHLXVH[VWLQJXHQGLVXQWLGQHFDQGXP
LQDQLPRKDEXLWXWHXPQHFDUHWPLQLPHSXJQDIXLWLQLXVWD
QDP QXQF LQXLVLELOLV IXLW *ROOXP WDPHQ HQVHP QXOOXP
KDEXLWUHXHUD*ROOXPHXPQHFDUHQRQPLQDWXVHUDWQHTXH
HWLDP FRQDWXV HVW TXL SRUUR PLVHU IXLW VROXV DPLVVXV
LQWHOOHFWXV VXELWXV PLVHULFRUGLD TXDHGDP FXP KRUURUH
PL[WDLQFRUGH%LOERQLVVFDWHEDWLOOHGLHVLQQXPHUDELOHV
SUDHWHUPLVVRV VLQH OXFH DXW VSH PHOLRUXP DVSH[LW VD[XP
GXUXPSLVFHVIULJLGRVIXUWLXHVHUSHQWHPVXVXUUDQWHPTXH
TXDH VHQWHQWLDH RPQHV LQ IXOJRUH SXQFWL WHPSRULV
SUDHWHULHUXQW %LOER KRUUXLW WXP VDWLV VXELWR LQ IXOJRUH
DOWHURTXDVLXLQRXDDWTXHXROXQWDWHVXEODWXVVDOXLW
TXL QRQ IXLW PDJQXV VDOWXV KRPLQLV VHG VDOWXV LQ
WHQHEULV GLUHFWH VXSHU FDSXW *ROOL VDOXLW VHSWHP SHGHV
SURUVXPWUHVLQDHUHPTXLGHPXWLQDPVFLXHULWXL[XLWDXLW
TXLQFDSXWLQDUFXKXPLOLPHDWXVWXQGHUHW
*ROOXP VH UHWURUVXP LHFLW HW GXP KREELWXV VXSHUXRODW
HXPSUHKHQGLWVHGWDUGLXVPDQXVLQDHUHWHQXLFUHSXHUXQW
HW %LOER LQ SHGHV UREXVWRV DHTXH GHFLGHQV VHFXQGXP
FXQLFXOXP QRXXP SURSHUDXLW QHF VH XHUWLW DG XLGHQGXP
TXLG*ROOXPDJHUHWSULPXPIXLWVLELODQVDWTXHPDOHGLFHQV
SDHQH DG FDOFHV TXRG WXP GHVWLWHUXQW VWDWLP VWULGRU TXL
VDQJXLQHP FRDJXODXLW RGLL DWTXH GHVSHUDWLRQLV SOHQXV
XHQLW *ROOXP XLFWXV HVW QRQ XOWHULXV LUH DXVXV HVW
DPLVHUDW SUDHGDP DPLVHUDW HWLDP UHP VRODP TXDP
XPTXDP FXUDXHUDW DPLVHUDW VFLOLFHW SUHWLRVXP VXXP
VWULGRUFRU%LOERQLVDGRVLQWXOLWVHGHWLDPSHUUH[LWQXQF
WDPKHEHVTXDPLPDJRVHGPLQD[LQWHUJRXHQLWXR[
³IXU IXU IXU %DJJLQV LG RGLPXV LG RGLPXV LQ
DHWHUQXPLGRGLPXV´
WXP VLOHQWLXP IXLW TXRG TXRTXH %LOERQL PLQDUL XLVXP
HVW ³VL JREHOLQL DGHR DGVXQW XW LOOH HRV RGRUDUHW´
FRJLWDXLW ³WXP HXP TXL VWULGHEDW DWTXH PDOHGLFHEDW
DXGLXHUXQWQXQFFDXHDXWKRFLWHUWHDGSHLRUDGXFHW´
PHDWXV IXLW KXPLOLV HW DVSHUH IDFWXV TXL KREELWR QRQ
GLIILFLOLRU IXLW SUDHWHU FXP RPQLEXV FXULV H[FHSWLV
GLJLWRV SHGXP PLVHURV LQ VD[D VHUUDWD PDOD DOLTXRWLHQV
UXUVXV FRQWXGL W ³VDWLV KXPLOLV JREHOLQLV VDOWHP PDJQLV
LOOLV´ %LOER FRJLWDXLW TXL QHVFLXLW PDJQRV LOORV HWLDP
RUFRVPRQWLXPFHOHULWHUSHUJHUHVHLQFOLQDQWHVPDQLEXV
SDHQHKXPL
PR[ PHDWXV TXL GHRUVXP GHFOLQDXHUDW LWHUXP
DVFHQGHUHFRHSLWHWSDXORSRVWSUDHFHSVVFDQGLWTXDHUHV
%LOERQHP UHWDUGDXLW SRVWUHPR DXWHP GHFOLXH GHVWLWLW HW
PHDWXVFLUFXPDQJXOXPVHXHUWLWHWGHRUVXPLWHUXPXHUJLW
HW LEL LQ LPR GHFOLXH EUHXL FLUFXP DQJXOXP DOWHUXP
FRODQWHPXLGLW±IXOJRUHPOXFLVQRQOX[UXEUDTXDVLLJQLV
DXW ODQWHUQDH VHG SDOOLGD IRULV OX[ WXP %LOER FXUUHUH
FRHSLW
IHVWLQDQV WDP FHOHULWHU TXDP FUXUD HXP IHUUH SRWXHUXQW
FLUFXP DQJXOXP XOWLPXP VH XHUWLW HW VXELWR LQ VSDWLXP
DSHUWXP HPHUVLW LQ TXR OX[ SRVW RPQH WHPSXV LOOXG LQ
WHQHEULV DGHR VSOHQGLGD HVVH XLVD HVW XW RFXORV HLXV
SHUVWULQJHUHWUHXHUDIXLWVROXPUDGLXVVROLVTXLSHUIRUHV
SHUIOXHEDWXELLQJHQVLDQXDVD[RVDLDQXDDSHULHEDWXU
%LOER FRQLXLW HW WXP VXELWR JREHOLQRV XLGLW JREHOLQRV
DUPDWRV HQVLEXV HGXFWLV VHGHQWHV LQ IRULEXV TXDV FXP
RFXOLV ODWH DSHUWLV HW DGLWXP TXL DG HDV WHWHQGLW
DVSLFLHEDQWVXVFLWDWLXLJLODQWHVIXHUXQWDGRPQLDSDUDWL
LOOL HXP XLGHUXQW PDWXULXV TXDP LV LOORV LWD HXP
XLGHUXQW XWUXP LG FDVX HXHQLW DQ LG IXLW GROXV XOWLPXV
DQXOL DQWHTXDP LOOH GRPLQXP QRXXP FHSLW LOOH LQ GLJLWR
HLXV QRQ IXLW FXP FODPRULEXV ODHWLV JREHOLQL LQ HXP
UXHUXQW
GRORUPHWXVDPLVVLRQLVTXHTXDVLLPDJRPLVHULDH*ROOL
%LOERQHPIHULXLWHWHWLDPHQVHPHGXFHUHREOLWXVPDQXVLQ
VLQXV LQIL[LW LEL DGKXF IXLW DQXOXV LQ VLQX VLQLVWUD TXL LQ
GLJLWRHLXVODSVXVHVWJREHOLQLVWDWLPGHVWLWLWVLJQXPHLXV
QRQXLGHUHSRWXHUXQWLOOHHXDQXHUDWDOWHUXPWDQWXPPDLXV
FODPDXHUXQWTXDPDQWHVHGQRQWDPODHWLXV
³XELHVWLG"´SUDHGLFDXHUXQW
³VHFXQGXPDGLWXPUHGLWH´QRQQXOOLFODPLWDXHUXQW
³KXFLWH´DOLLFODPDXHUXQW³LOOXFLWH´DOLLFODPDXHUXQW
³LDQXDPLQWXHPLQL´GX[PXJLXLW
ILVWXODH IODEDQWXU DUPD FRQFUHSDEDQWXU HQVHV
FUHSLWDEDQW JREHOLQL PDOHGLFHQWHV DWTXH UHV H[VHFUDQWHV
KXF HW LOOXF FXFXUUHUXQW DOLL VXSHU DOLRV RFFLGHQWHV
LUDWLVVLPL ILHEDQW IXLW FODPRU WHUULELOLV FRQXLFLXP HW
SHUWXUEDWLR
%LOER XDOGH WLPXLW VHG LQJHQLXP PHQWLV KDEXLW
LQWHOOHJHUH TXLG HJLVVHW HW SRVW PDJQDP FXSDP TXDH
SRWLRQHPSURJREHOLQLVFXVWRGLEXVWHQXLWUHSWDUHLWDTXHH
XLDH[LLWHWXLWDXLWQHFRQWXQGHUHWXUDGPRUWHPFDOFDUHWXU
DXWDWDFWXFDSHUHWXU
³DG LDQXDP PLKL SHUXHQLHQGXP HVW DG LDQXDP PLKL
SHUXHQLHQGXP HVW´ VHFXP LWHUDXLW VHG GLX LG FRQDUL QRQ
DXVXV HVW WXP UHV IXLW TXDVL OXVXV KRUULELOLV XLUL RFXOLV
REOLJDWLVORFXVHUDWJREHOLQRUXPGLVFXUUHQWLXPSOHQXVHW
SDUXXP KREELWXV PLVHU KXF HW LOOXF HODSVXV D JREHOLQR
TXRGDP TXL LQWHOOHJHUH TXLG RIIHQGLVVHW QRQ SRWHUDW
GHLFHEDWXU LWHUXP TXDGUXSHV VH IHUHEDW LQ WHPSRUH LSVR
LQWHUFUXUDGXFLVODSVXVVXUUH[LWHWDGLDQXDPFXFXUULW
TXDH HWLDP DSHUWD HVW VHG JREHOLQXV TXLGDP HDP
SHSXOLW XW SDHQH FODXGHUHWXU %LOER QL[XV HVW VHG HDP
PRXHUHQRQSRWXLWSHUULPDPVHFRPSULPHUHFRQDWXVHVW
VH FRPSUHVVLW DWTXH FRPSUHVVLW WXP IL[XV HVW UHV IXLW
KRUULELOLV RUELFXOL HLXV LQWHU OLPHQ LDQXDH HW SRVWHP
FXQHEDQWXU IRULV LQ DHUHP DSHUWDP XLGHUH SRWXLW IXHUXQW
VFDODHLQXDOOHPDQJXVWDPLQWHUPRQWHVDOWRVGHVFHQGHQWHV
VRO D WHUJR QXELV HJUHVVXV H[WULQVHFXV LQ LDQXDP FODUH
OXFHEDW±SHUTXDPWUDQVLUHQRQSRWXLW
VXELWR JREHOLQXV TXLGDP LQWULQVHFXV FODPDXLW ³HVW
XPEUDLX[WDLDQXDPQHVFLRTXLGIRULVHVW´
FRU%LOERQLVLQRVVDOXLWPD[LPHVHHOLVXVHVWRUELFXOL
XELTXH HUXSHUXQW WXP SHUWUDQVLLW WXQLFD VXEXFXODTXH
VFLVVD VLFXW FDSUD GH VFDOLV GHVLOLHQV GXP JREHOLQL
SHUWXUEDWLRUELFXORVDHUHRVERQRVLQIRULEXVWROOHQW
VDQH PR[ GHVFHQGHUXQW XW HXP VHTXHUHQWXU JHPHQWHV
FODPDQWHVTXH DWTXH LQWHU DUERUHV XHQDQWHV TXLEXV DXWHP
VRO QRQ SODFHW TXL HIILFLW XW FUXUD TXDVVHQWXU HW FDSLWD
XHUWDQWXU %LOERQHP DQXOXP LQGXHQWHP SHU XPEUDV
DUERUXP ODEHQWHP FHOHULWHU HW WDFLWH FXUUHQWXP HW H VROH
PDQHQWHPLQXHQLUHQRQSRWXHUXQWLWDTXHPR[PXVVDQWHVHW
PDOHGLFHQWHV UHGLHUXQW XW LDQXDP FXVWRGLUHQW %LOER
HIIXJHUDW
&$3976(;790
(6$57$*,1(,1,*1(0
%LOER H JREHOLQLV HIIXJHUDW VHG XEL HVVHW QHVFLXLW

FXFXOOXPDPLFXOXPFLEXPPDQQXPRUELFXORVHWDPLFRV
DPLVHUDW XOWHULXV HW XOWHULXV HUUDEDW GRQHF VRO DG
RFFLGHQWHP RFFLGHUH FRHSLW ±SRQH PRQWHV XPEUDH
TXRUXP WUDQV XLDP %LOERQLV GHVFHQGHUXQW TXL UXUVXP
DVSH[LWWXPSURUVXPDVSH[LWHWDQWHHXPVROXPLXJDDWTXH
GHFOLXLD GHVFHQGHQWLD DG FDPSRV HW ORFRV SODQRV UDUH
GLVSHFWRVLQWHUDUERUHVXLGHUHSRWXLW
³SUR GL LPPRUWDOHV´ H[FODPDXLW ³HJR XVTXH DG ODWXV
DOWHUXP0RQWLXP1HEXORVRUXPDGXHQLVVHXLGHRUXVTXHDG
OLPHQ 7HUUDH 9OWHULRULV TXR HW R TXR *DQGDOSKXV DWTXH
QDQL LHUXQW" SUR ILGHP XWLQDP LQ WHUJR LOOLF LQ SRWHVWDWH
JREHOLQRUXPDGKXFQRQVLQW´
XOWHULXV HWLDP HUUDEDW H SDUXD XDOOH DOWD VXSHU OLPHQ
HLXV HW GHRUVXP GHFOLXLD XOWUD VHG VHPSHU VHQWHQWLD
LQFRPPRGD LQWUD HXP FUHVFHEDW PLUDWXV HVW QXP QXQF
DQXOXP PDJLFXP KDEXLW VH LQ KRUULELOHV KRUULELOHV
FXQLFXORVUHGLUHRSRUWHUHWDGDPLFRVTXDHUHQGRVDQLPXP
PRGR LQGX[LW UHP HVVH RIILFLXP VXXP VLEL UHXHUWHQGXP
HVVH±GHTXDUHPLVHUULPXVIXLW±FXPXRFHVDXGLXLW
FRQVWLWLW HW DXVFXOWDXLW VRQLWXV QRQ JREHOLQRUXP HVVH
XLVXVHVWLWDSURUVXVFDXWHUHSWDXLWLQVHPLWDODSLGRVDIXLW
TXDHGHRUVXPVHLQVLQXDEDWFXPPXURVD[HRDGVLQLVWUDP
DG DOWHUXP WHUUD IXLW GHFOLXLV HW VXE VHPLWD IXHUXQW OXFL
IUXWLFLEXV DWTXH DUERULEXV KXPLOLEXV SHQGHQWLEXV LQ OXFR
TXRGDPVXEIUXWLFLEXVORTXHEDQWXUKRPLQHV
SURSLXVUHSWDXLWHWVXELWRLQWHUGXDLQJHQWLDVD[DFDSXW
FXP FXFXOOR UXEUR GHVSLFLHQV XLGLW IXLW %DOLQXV
FLUFXPVSHFWDQV SUR JDXGLR SODXGDXHULW DWTXH FODPDXHULW
VHG QLKLO IHFLW DQXOXP DGKXF LQGXHEDW XHULWXV QH QHVFLR
FXLLQRSLQDWRDWTXHLQLXFXQGRREXLDPLUHWHWXLGLW%DOLQXP
GLUHFWHDVSLFHUHDGHXPVHGQRQDQLPDGXHUWHUHHXP
³HIILFLDP XW LOOL REVWXSHIDFWL VLQW´ FRJLWDXLW GXP LQ
IUXWLFHV LQ OLPLQH OXFL UHSWDW *DQGDOSKXV FXP QDQLV
GLVSXWDEDWGHRPQLEXVTXDHLQFXQLFXOLVVLELHXHQLVVHQW
ORTXHEDQWXUHWPLUDEDQWXUDWTXHVHFXPDJLWDEDQWTXLGQXQF
DJHUHQW QDQL PXVVDEDQW HW *DQGDOSKXV GLFHEDW VH
'RPLQR %DJJLQVH LQ PDQLEXV JREHOLQRUXP UHOLFWR
QHTXDTXDP LWHU SHUJHUH SRVVH TXLQ LQXHQLUH FRQDUHQW
XWUXP XLXXV HVVHW DQ PRUWXXV HW TXLQ HXP VHUXDUH
FRQDUHQW
³VDOWHPDPLFXVPHXVHVW´PDJXVLQTXLW³QHTXHPDOXP
VDODSXWLXP VHQWLR PH GH HR SUDHVWDUH SUR ILGHP XWLQDP
HXPQRQDPLVLVVHWLV´
QDQL XROXHUXQW VFLUH TXDPREUHP LOOH XPTXDP ODWXV
HVVHW TXDPREUHP LOOH DPLFLV DGKDHUHUH DWTXH FXP LOOLV
SURJUHGLQRQSRWXLVVHWHWTXDPREUHPPDJXVQHVFLRTXHP
PDLRUH LQJHQLR QRQ HOHJLVVHW ³DGKXF PROHVWLRU TXDP
XWLOLRUIXLW´XQXVLQTXLW³VLQXQFQRELVUHGGHQGXPHVWLQ
LOORV FXQLFXORV DERPLQDQGRV XW HXP TXDHUDPXV WXP GL
HXPSHUGDQWLWDGLFR´
*DQGDOSKXV LUDWXV UHVSRQGLW ³HJR HXP WXOL QHTXH UHV
LQXWLOHV IHUR DXW PH LXXDWLV DG HXP TXDHUHQGXP DXW
GLVFHGDP HW XRV KLF UHOLQTXDP XW LSVL H WXUED LVWD TXDP
PD[LPH SRVVLWLV HIIXJLDWLV VL PRGR HXP LWHUXP LQXHQLUH
SRVVLPXVJUDWLDVPLKLGDELWLVDQWHTXDPRPQLDILQLWDHUXQW
TXDPREUHPHXPGHPLWWHUHXLV'RUL"´
³WXHXPGHPLVHULV´'RULXVLQTXLW³VLUHSHQWHJREHOLQXV
D WHUJR LQ WHQHEULV FUXUD WXD SUHKHQGHULW SHGHV WXRV
VXSSODQWDXHULWHWWHLQWHUJRWXRFDOFDXHULW´
³WXPTXDUHHXPQRQLWHUXPVXVWXOLW"´
³SUR GL LPPRUWDOHV GLFLVQH JREHOLQLV SXJQDQWLEXV
DWTXH PRUGHQWLEXV LQ WHQHEULV RPQLEXV VXSUD FRUSRUD
LQFLGHQWLEXV DWTXH LQWHU VH XHUEHUDQWLEXV WX PH
*ODPGULQJH SDHQH GHFROODXLW HW 7KRULQXV KXF HW LOOXF HW
XELTXH 2UFULVWR RPQLD IRGLHEDW VXELWR WX XQXP IXOJRUHP
VSOHQGLGXP WXXP HPLVLVWL HW JREHOLQRV UHWURUVXP
FXUUHQWHV VWULGHQWHV XLGLPXV WX µRPQHV PH VHTXLPLQL¶
FODPDXLW HW RPQHV VHFXWL HVVH RSRUWXLW SXWDXLPXV RPQHV
LG IHFLVVH IXLW QLKLO WHPSRULV DG QXPHUDQGXP XW
UHFWLVVLPH VFLV GRQHF SHU FXVWRGHVSRUWDH H[ LDQXD
LQIHULRUH HW SUDHFLSLWHV GHRUVXP KXF SURSHUDXHUDPXV
QXQFKLFVXPXV±VLQHHIIUDFWDULRHXPFRQIXQGH´
³HFFH HIIUDFWDULXV´ %LOER LQTXLW DQXOR UHPRWR LQ
PHGLXPHRUXPLQJUHGLHQV
GL PH DPHQW TXRPRGR VDOXHUXQW WXP VWXSHIDFWL DWTXH
GHOHFWDWL FODPDEDQW *DQGDOSKXV WDP DWWRQLWXV TXDP
DOLTXLV IXLW VHG PDJLV JDXGHUH TXDP FHWHUL XLVXV HVW
%DOLQXP XRFDXLW FXL GL[LW TXLG SXWDUHW GH KRPLQH
FLUFXPVSHFWDQWL TXL KRPLQHV XVTXH LQ PHGLXP HRUXP LQ
LOOR PRGR VLQH DGPRQLWLRQH DPEXODUH VLQHEDW XHUXP HVW
IDPDP %LOERQLV DSXG QDQRV SRVW LOODP UHP PXOWR
DVFHQGLVVH HWLDPVL LOOL GXELWDXHUDQW HXP TXLGHP HVVH
HIIUDFWDULXP SULQFLSHP XHUELV *DQGDOSKL QHJOHFWLV QRQ
LDPGXELWDXHUXQW%DOLQXVRPQLXPSHUSOH[LVVLPXVIXLWVHG
RPQHVGL[HUXQWUHPHVVHFDOOLGLVVLPDP
ODXGHV TXRUXP TXLGHP %LOERQL DGHR SODFXHUXQW XW LOOH
PRGRFDFKLQQDUHWHWQLKLOTXRGFXPTXHGHDQXORGLFHUHWHW
FXPHXPURJDXLVVHQWTXRPRGRLGIHFLVVHWGL[LW³RPRGR
SURUVXVUHSWDXLVFLWLVQH±FDXWLVVLPHWDFLWHTXH´
³HVW SULPXP TXLGHP WHPSXV HWLDP PXUHP FDXWH
WDFLWHTXH VXE QDVR PHR UHSWDUH QHTXH DVSLFL´ %DOLQXV
LQTXLW³HWFXFXOOXPPHXPWLELDXIHUR´TXDPUHPIHFLW
³%DOLQXVWLELVHUXLR´LQTXLW
³VHUXXVWXXV'RPLQXV%DJJLQV´%LOERLQTXLW
WXP RPQLD GH IDFLQRULEXV HLXV SRVWTXDP HXP
DPLVHUXQWVFLUHXROXHUXQWLWDTXHLVFRQVHGLWHWRPQLDLOOLV
QDUUDXLW ± GH DQXOXP LQXHQLHQGR H[FHSWR ³QRQ LQ
SUDHVHQWL´ FRJLWDXLW FHUWDPLQLVDHQLJPDWXP SUDHFLSXH
VWXGLRVL IXHUXQW HW GHVFULSWLRQHP HLXV *ROOL JUDWLVVLPH
KRUUXHUXQW
³HW WXP TXDHVWLRQHP DOWHUDP FRJLWDUH QHTXLXL GXP LOOH
LX[WD PH VHGHW´ ILQHP IHFLW %LOER ³LWD HJR GL[L µTXLG LQ
VLQX PHR HVW"¶ QHTXH LOOH WULEXV FRQDWLV FRQLFHUH SRWHUDW
LWDGL[LµTXLGGHSURPLVVRWXR"H[LWXPPLKLPRQVWUD¶VHG
LOOHDGPHXHQLWXWPHQHFDUHWHWHIIXJLHWGHFLGLHWLOOHLQ
WHQHEULVPHDPLVLWWXPLOOXPVHFXWXVVXPTXRGLOOXPTXL
VHFXP ORTXHEDWXU DXGLXL TXL SXWDXLW PH UH XHUD VFLUH
H[LWXP LWDTXH DG LG SURJUHGLHEDWXU HW WXP LQ LQWURLWX
FRQVHGLW QHTXH SUDHWHULUH SRWXL LWD VXSHU HXP VDOXLW HW
HXDVLHWDGSRUWDPGHFXUUL´
³TXLGGHFXVWRGLEXV"ÚRJDXHUXQW³QXPIXHUXQWQXOOL"´
³VDQH PXOWL VHG HRV HOXVL LQ LDQXD IL[XV VXP TXDH
VROXPDULPDDSHUWDHVWHWPXOWRVRUELFXORVDPLVL´WULVWLV
LQTXLW XHVWLPHQWD VFLVVD DVSLFLHQV³VHG SHU LDQXDP
TXLGHPVHFRPSUHVVL±HFFHKLFVXP´
QDQLHXPKRQRULVQRXLVDWLVGLJQXPDVSH[HUXQWGXPGH
FXVWRGHVHOXGHQGRVXSHU*ROOXPVDOLHQGRHWSHULDQXDP
VH FRPSULPHQGR ORTXLWXU TXDVL UHV QHF GLIILFLOLV QHF
SHULFXORVDIXLVVHW
³TXLG XRELV GL[L"´ *DQGDOSKXV ULGHQV LQTXLW ³HVW
'RPLQR %DJJLQVL PDJLV TXDP FRQLHFLVWLV´ KLV GLFWLV
%LOERQHPVXEVXSHUFLOLLVIUXWLFRVLVPLULPRGLVLQWXLWXVHVW
HW KREELWXV PLUDWXV HVW QXP LOOH SDUWHP IDEXODH TXDP LV
RPLVHUDWFRQLHFLVVHW
WXP TXDHVWLRQHV VXDV URJDQGDV KDEXLW QDP TXDPTXDP
*DQGDOSKXV LDP UHP QDQLV H[SOLFDXHUDW %LOER HDP QRQ
DXGLXHUDW TXRPRGR PDJXV UHGLVVHW HW TXR QXQF RPQHV
XHQLVVHQWVFLUHXROXLW
UH XHUD PDJR H[SOLFDUH FDOOLGXP VXXP PDJLV TXDP
VHPHOQXPTXDPGLVSOLFXLWLWDTXHQXQF%LOERQLGL[LWHWVH
HW (OURQGHP PXOWXP DQLPDGXHUWLVVH JREHOLQRV PDORV
DGHVVH LQ LOOD SDUWH PRQWLXP SRUWDP DXWHP TXRUXP
SULPDP LQ WUDQVLWX DOWHUR DQWHD DSHUWDP IXLVVH SHU TXHP
IDFLOLXV LWHU IDFWXP HVW XW KRPLQHV QRFWH RSSULPRV LX[WD
SRUWDV VXDV VDHSH FHSLVVHQW VDQH KRPLQHV XLDP LOODP
UHOLTXLVVH HW KDXG GXELXP HVW TXLQ JREHOLQL LQJUHVVXP
QRXXP LQ VXPPR WUDQVLWX UHFHQV DSHUXLVVHQW TXHP QDQL
VHFXWLHUDQWTXRGXVTXHDGQXQFLOOXPWXWLVVLPXPIXLVVH
³PLKL RSRUWHW LQXHQLUH JLJDQWHP PDJLV PLQXVXH
KRQHVWXP TXL LOOXP LWHUXP REVWUXDW´ *DQGDOSKXV LQTXLW
³DXWPR[WUDQVPRQWHVQXPTXDPLELWXU´
FXPSULPXP*DQGDOSKXVFODPRUHP%LOERQLVDXGLXHUDW
TXLG IDFWXP HVVHW LQWHOOH[HUDW LQ IXOJRUH TXL JREHOLQRV
HXPSUHKHQGHQWHVQHFDXHUDWLVLQULPDPSURSHUDXHUDWFXP
PD[LPHFUHSLWXFODXVDHUDWDJLWDWRUHVHWFDSWLXRVVHFXWXV
HUDW XVTXH DG OLPHQ PDJQDH DXODH HW LEL LQ XPEULV
FRQVHGHUDWDGPD[LPDPPDJLDPTXDPSRWXLWJLJQHQGDP
³IXLWUHVWUHSLGLVVLPD´LQTXLW³WDQJHHWL´
VHG VDQH *DQGDOSKXV FDUPLQLEXV FXP LJQH HW OXFLEXV
SUDHFLSXH VWXGXHUDW KREELWXV HWLDP S\URERORUXP
FKDUWDFHRUXP PDJLFRUXP LQ FRQXLXLLV SULGLH PHGLDP
DHVWDWLV6HQLV7RRNLVQXPTXDPREOLWXVHVWXWPHPLQLVWL
FHWHUDQRVRPQHVVFLPXV±QLVLTXRG*DQGDOSKXVRPQLDGH
SRVWLFR VFLXHUDW TXRG JREHOLQL SRUWDP LQIHULRUHP
DSSHOODEDQW TXD %LOER RUELFXORV DPLVHUDW UH XHUD LOOXG
RPQLEXV TXL KDQF SDUWHP PRQWLXP QRXHUXQW EHQH
VFLHEDWXUVHGRSXVIXLWPDJRTXLLQFXQLFXOLVDHTXDPHQWH
VHUXDWDHRVUHFWDXLDGXFHUHW
³LOODPSRUWDPVDHFXODDEKLQFIHFHUXQW´LQTXLW³SDUWLP
HIIXJLHQGL FDXVD VL LOOLV XLD RSXV IXLW SDUWLP HJUHGLHQGL
FDXVDLQWHUUDVXOWHULDVLQTXLEXVDGKXFLQWHQHEULVXHQLXQW
DWTXH PXOWD VSROLDQW TXDP VHPSHU FXVWRGLXQW QHF
TXLVTXDP HDP REVWUXHUH SRWXLW SRVW KDQF UHP HDP ELV
FXVWRGLHQWÚLVLW
FHWHUL TXRTXH ULVHUXQW UH XHUD PXOWD DPLVHUDQW VHG
0DJQXP *REHOLQXP QHFDXHUDQW DWTXH PXOWRV FHWHURV
SUDHWHUHD HW RPQHV LSVL HIIXJHUDQW HUJR OLFHW GLFHUH HRV
KDFWHQXVKDEXLVVHRSWLPXPUHUXP
VHG PDJXV HRV DG PHQWHV VXDV XRFDXLW ³VWDWLP QRELV
SURJUHGLHQGXP HVW QXQF SDXOXP UHTXLHWL VXPXV´ LQTXLW
³QRFWH DGXHQLHQWH PDJQDH FRSLDH HRUXP QRV TXDHUHQWHV
H[LEXQW HW LDP XPEUDH FUHVFXQW LOOL XHVWLJLD QRVWUD
RGRUDUL SRVVXQW SRVW KRUDV HW KRUDV TXDP SUDHWHULLPXV
DQWH FUHSXVFXOXP PLOLEXV SDVVXXP QRELV SURJUHGLHQGXP
HVW HULW SDUV OXQDH VL FDHOXP PDQHELW WUDQTXLOOXP TXRG
IHOL[HVWOXQDLOOLVQRQPXOWXPGLVSOLFHWVHGOXFHPQRELV
GDELWTXDHQRVGLULJHW´
³R LWD´ UHVSRQGHQV TXDHVWLRQLEXV SOXULEXV KREELWL
LQTXLW ³LQ FXQLFXOLVJREHOLQRUXP XHVWLJLXP WHPSRULV
DPLWWLVKRGLHHVWGLHV,RXLVHWIXLWDXWQR[GLHLOXQDHDXW
PDQH GLHL 0DUWLV LQ TXR FDSWL VXPXV PLOLD HW PLOLD
SDVVXXPXHQLPXVHWXVTXHSHUFRUPRQWLXPGHVFHQGLPXV
HWQXQFLQODWHUHDOWHURVXPXV±XLDIXLWVDWLVFRPSHQGLDULD
VHGQRQLQORFRDGVXPXVTXRWUDQVLWXVQRVWHUQRVGX[HULW
DG 6HSWHQWULRQHV ORQJLXV VXPXV HW LQ IURQWH HVW WHUUD
GLIILFLOLV HWLDP DGPRGXP LQ H[FHOVR VXPXV
SURJUHGLDPXU´
³XDOGHHVXULHQVVXP´%LOERJHPXLWTXLVXELWRVHQVLWVH
DQRFWHDQWHQRFWHPDQWHQRXLVVLPDPQRQFHQDXLVVHLGSUR
KREELWR VROXP FRJLWD VWRPDFKXV RPQLQR LQDQLV OD[XVTXH
HVVHXLVXVHVWHWFUXUDWUHPXODQXQFFRQFLWDWLRILQLWDHVW
³LGLXXDUHQRQSRVVXP´*DQGDOSKXVLQTXLW³QLVLUHGLUH
WLELSODFHDWXWJREHOLQRVXHQXVWHURJHVQXPPDQQXPWXXP
HWLPSHGLPHQWDWLELUHGGDQW´
³PLQLPHJUDWLDVDJRWLEL´%LOERLQTXLW
³PD[LPHWXQFQRELVFLQJXODFRQVWULQJHQGDVXQWHWSRUUR
SHGLEXV IHVVLV SURJUHGLHQGXP ± DXW QRV LQ FHQDP
PXWDELPXV TXDH UHV PXOWR SHLRU HULW TXDP DOLTXLG QRELV
GHIXHULW´
GXP SURJUHGLXQWXU %LOER KLQF DWTXH LOOLQF HVFXOHQWD
TXDHUHEDWVHG UXELHWLDPQXPLQIORULEXVIXHUXQWHWFHUWH
QXFHV QRQ IXHUXQW QRQ HWLDP DFLQL FUDWDHJL R[\FDQWKDH
SDUXXP ODSDWKLURVLWHWHULXRPRQWDQRTXLLWHUWUDQVLEDW
ELELWHWWULDIUDJDTXDHLQULSDLQXHQLWHGLWVHGQRQPXOWR
DGUHP
DGKXF SURJUHVVL VXQW SRUUR HW SRUUR VHPLWD GXUD
HXDQXLW IUXWLFHV HW JUDPLQD ORQJD LQWHU VD[D PDJQD HW
SDQQL KHUEDH D FXQLFXOLV WRQVDH WK\PXP DWTXH VDOXLD
D W T X H DPDUDFXV HW URVDHVD[RUXP IODXDH RPQHV
HXDQXHUXQWHWLOOLLQXHQHUXQWVHHVVHLQVXPPRODWRDWTXH
SUDHFLSLWHFOLXLVD[RUXPGHLHFWRUXPTXDHIXHUXQWUHOLTXD
ODSVXV WHUUDH FXP GHVFHQGHUH FRHSLVVHQW UXGHUD DWTXH
SDUXLODSLOOLHSHGLEXVXROXWLVXQWPR[IUDJPHQWDVD[RUXP
IUDFWRUXPLQJHQWLRUDFUHSLWLEXVGHVFHQGHEDQWXWIUDJPHQWD
DOWHUDLQIUDLQFLGHUHQWTXDHODEHUHQWXUHWXROXHUHQWXUWXP
PDVVDHVD[RVDHFRPPRXHEDQWXUTXDHH[VLOLHEDQWIUDJRVDH
SXOXHUHDWTXHVRQLWXGHVFHQGHQWHVPR[RPQLVFOLXXVVXSHU
HRV DWTXH LQIUD HRV PRXHUL XLVXV HVW HW JORERVL
HODEHEDQWXU VD[LV FUXVWLVTXH ODEHQWLEXV FUHSLWDQWLEXV
IUDQJHQWLEXVFRQIXVLV
DUERUHV LQ LPR HRV VHUXDXHUXQW ODSVL VXQW LQ OLPHQ
QHPRULV DVFHQGHQWLV SLQXP TXDH KLF WHWHQGLW H VLOXLV
DOWLRULEXVDWULRULEXVLQIUDXVTXHVHFXQGXPFOLXXPPRQWLV
DOLL WUXQFLV FHSWLV VH LDFWDXHUXQW LQ UDPRV LQIHULRUHV DOLL
VLFXW SDUXXV KREELWXV SRVW DUERUHP LHUXQW XW D LPSHWX
VD[RUXP WHJHUHQWXU PR[ SHULFXOXP ILQLWXP HVW ODSVXV
GHVWLWHUDWDWTXHXOWLPLIUDJRUHVKHEHWHVDXGLULSRWXHUXQWXW
LQJHQWLRUHV VD[RUXP FRPPRWRUXP LQWHU ILOLFHV HW UDGLFHV
SLQXPORQJLQIUDGHVLOLHEDQWDWTXHXROXHEDQWXU
³HQ DE LOOD UH SDXOR SHUUH[LPXV´ *DQGDOSKXV LQTXLW
³HWLDP JREHOLQL QRV LQXHVWLJDQWHV WDFLWL KXF DHJUH
GHVFHQGHQW´
³VDQH´ %RPEXU PXVVDXLW³VHG LOOLV QLKLO HULW QHJRWLL
GHPLWWHUHVD[DVDOLHQWLDLQFDSLWDQRVWUD´QDQLHW%LOER
VHQWLHEDQWVHORQJHDIHOLFLWDWHDEHVVHHWFRQWXVDODHVDTXH
FUXUDDWTXHSHGHVIULFDEDQW
³JHUUDHKLFHXLDODSVXVGHXHUWHPXVQRELVIHVWLQDQGXP
HVWOXFHPDVSLFLWH´
VROHSRVWPRQWHVORQJHRFFDVRLDPFLUFXPHRVXPEUDH
DOWLRUHV HUDQW TXDPTXDP ORQJH SHU DUERUHV DWTXH VXSHU
XHUWLFHV QLJURV LOODUXP TXDH LQIHULXV FUHVFHEDQW OXFHV
XHVSHULLQFDPSLVXOWUDDGKXFXLGHUHSRWXHUXQWSHUFOLXRV
PROOHVVLOXDHSLQXPVHFXQGXPVHPLWDPREOLTXDPTXDHDG
PHULGLHP FRQVWDQWHU WHQGHEDW FODXGLFDQWHV TXDP
FHOHUULPH GHVFHQGHUXQW DOLTXDQGR PDUH ILOLFLXP IROLLV
DOWLV DVFHQGHQWLEXV XVTXH VXSUD FDSXW KREELWL
SHUUXPSHEDQW DOLTXDQGR TXDP WDFLWL WDP WDFLWL VXSHU
VROXPDFXXPSLQXPLWHUIDFLHEDQWXWFDOLJRVLOXDHGHQVLRU
ILHEDW DWTXH VLOHQWLXPVLOXDH DOWLXV XHVSHUL LOOR HUDW QLKLO
XHQWLTXLHWLDPVXVSLULXPPDULVLQUDPRVDUERUXPIHUUHW
³GHEHPXVQH LUH XOWHULXV"´ %LOER URJDXLW FXP DGHR

WHQHEURVXP HVVHW XW VROXP EDUEDP 7KRULQL XDFLOODQWHP
LX[WD HXP XLGHUH SRVVHW HW DGHR WDFLWXP XW VSLULWXV
QDQRUXP TXDVL VRQLWXP PDJQXP DXGLUH SRVVHW ³GLJLWL
SHGXPVXQWRPQLQRFRQWXVLDWTXHFXUXLHWVWRPDFKXVTXDVL
VDFFXVLQDQLVXDFLOODW´
³SDXORXOWHULXV´*DQGDOSKXVLQTXLW
SRVW TXRG PXOWR XOWHULXV HVVH XLVXP HVW VXELWR DG
ORFXP LQ TXR DUERUHV QXOODV FUHVFHEDW DGXHQHUXQW OXQD
HUHFWD LQ DSHUWXP OXFHEDW QHVFLR TXR PRGR RPQHV
SHUFHSHUXQW KXQF QHTXDTXDP HVVH ORFXP DPRHQXP
TXDPTXDPQLKLOPDOLXLGHULSRWXLW
UHSHQWH XOXODWXP TXRGGDP H[ SURQR FROOLV DXGLXHUXQW
ORQJXPKRUUHQWHPXOXODWXPDOWHUXPDGGH[WHUDPHWPXOWR
SURSLXVHLVUHVSRQGLWWXPDOWHUXPQRQORQJHDGVLQLVWUDP
HUDQWOXSLXOXODQWHVDGOXQDPOXSLVHFRQJUHJDQWHV
QXOOL OXSL SURSLQTXL IRUDPLQL 'RPLQL %DJJLQVLV GRPL
KDELWDEDQW VHG LOOXP VRQLWXP VFLXLW TXL HL LQ IDEXOLV
VDHSHQXPHUR GHVFULSWXV HUDW TXHP FRQVREULQXV PDLRU
TXLGGHP H VWLUSH 7RRNLV TXL XLDWRU HJUHJLXV IXHUDW
LPLWDULVROHEDWXWHXPWHUUHUHWDXGLUHTXHPIRULVLQVLOXLV
VXEOXQDIXLWUHVQLPLD%LOERQHHWLDPDQXOLPDJLFLFRQWUD
OXSRV QRQ PXOWXP XWLOHV VXQW ± SUDHFLSXH FRQWUD PDQXV
PDODV TXDH VXE XPEUD PRQWLXP JREHOLQLV LQIHVWDWRUXP
VXSHU /LPHQ 9DVWLWDWLV LQ ILQLEXV LJQRWRUXP KDELWDEDQW
OXSLLOOLXVJHQHULVDFXWLXVTXDPJREHOLQLRGRUDQWXUQHTXH
LOOLVRSXVHVWWHXLGHUHDGWHFDSLHQGXP
³TXLG DJHPXV TXLG DJHPXV´ LOOH FODPDXLW ³JREHOLQRV
HIIXJLPXV XW D OXSLV FDSHUHPXU´ LQTXLW HW SURXHUELXP
IDFWXP HVW TXDPTXDP QXQF ³H VDUWDJLQH LQ LJQHP´ LQ
HLVGHPORFLVLQFRPPRGLVGLFLPXV
³DUERUHV DVFHQGLWH FLWR´ *DQGDOSKXV FODPDXLW HW DG
DUERUHV LQ PDUJLQH QHPRULV FXFXUUHUXQW LOODV FXP UDPLV
KXPLOLRULEXV DXW VDWLV WHQXLEXV TXDHUHQWHV XW LOODV
DVFHQGHUHQW TXDV WLEL OLFHDW FRQLFHUH HRV FHOHULXV TXDP
XPTXDP SRWXHUXQW LQXHQLVVH DWTXH DVFHQGHUH WDP DOWLXV
TXDP XPTXDP UDPLV FRQILGHUH SRWXHUXQW WX ULVHULV D
GLVWDQWLD WXWD VL QDQRV LQ DUERULEXV VHGHQWHV FXP EDUELV
GHSHQGHQWLEXV VLPLOHV VHQLEXV LQVDQLV TXL TXDVL SXHUL
OXGHUHQW XLGHULV )LOLXV HW .LOOLXV LQ XHUWLFH ODULFLV
H[FHOVDH VLPLOLV DUERUL LQJHQWL 'LHL 1DWDOLV &KULVWL
IXHUXQW 'RULXV 1RULXV 2LQXV HW *ORLQXV FRPPRGLRUHV
IXHUXQWLQSLQXLQJHQWLFXPUDPLVRUGLQDULLVH[LQWHUXDOOLV
SURWUXVLV UDGLLV URWDH VLPLOLEXV %LIXU %RIXU %RPEXU HW
7KRULQXV LQ DOWHUD IXHUXQW 'ZDOLQXV HW %DOLQXV DELHWHP
H[FHOVDP WHQXHP FXP UDPLV SDUXLV DVFHQGHUDQW HW ORFXP
DG VHGHQGXP DSWXP DSXG XLULGLWDWHP IURQGLXP
H[FHOVLVVLPDUXP LQXHQLUH FRQDEDQWXU *DQGDOSKXV TXL
PXOWR DOWLRU TXDP FHWHUL IXLW DUERUHP LQXHQHUDW LQ TXDP
DVFHQGHUH QRQ SRWXHUXQW SLQXV PDJQD TXDH LQ PDUJLQH
LSVR QHPRULV VWDEDW LV LQ UDPLV RPQLQR FHODWXV HVW VHG
RFXORVHLXVQLWHQWHVLQOXQDXLGHUHSRWXLVWLGXPSURVSLFLW
HW %LOER" LQ DUERUHP XOODP DVFHQGHUH QHTXLXLW HW H
WUXQFRDGWUXQFXPFLUFXPHUUDEDWVLFXWFXQLFXOXPIRUDPLQH
DPLVVRHWFDQHHXPFRQVHTXHQWH
³HIIUDFWDULXP LWHUXP UHOLTXLVWL´ 1RULXV GHRUVXP
DVSLFLHQV'RULRLQTXLW
³HIIUDFWDULRV LQ WHUJR PHR VHPSHU IHUUH QRQ SRVVXP´
'RULXV LQTXLW ³VHFXQGXP FXQLFXORV HW VXUVXP DUERUHV
TXHPPHHVVHSXWDV" EDLXOXPQH"´
³LOOH FRQVXPHWXU QLVL DOLTXLG DJLPXV´ 7KRULQXV LQTXLW
QDPQXQFXOXODWXVFLUFXPHRVHUDQWSURSLXVDWTXHSURSLXV
PRXHQWHV ³'RUL´ XRFDXLW QDP 'RULXV HUDW LQILPXV LQ
DUERUHIDFLOOLPD³IHVWLQDHWPDQXP'RPLQR%DJJLQVLDG
DVFHQGHQGXPGD´
'RULXV VDQH IXLW KRQHVWXV KRPR PXVVDQWLEXV QRQ
QHJOHFWLV PLVHU %LOER PDQXP HLXV DWWLQJHUH QHTXLXLW
HWLDP FXP LOOH DG UDPXP LPXP GHVFHQGLVVHW DWTXH
EUDFFKLXP VXXP ORQJLXV GHRUVXP TXDP PD[LPH SRWXLW
VXVSHQGLVVHW LWDTXH 'RULXV UH XHUD H[ DUERUH HJUHVVXV
%LOERQHPDVFHQGHUHHWLQWHUJXPVXXPVWDUHVLXLW
QXQFFXPPD[LPHOXSLXOXODQWHVLQDSHUWXPDPEXODEDQW
UHSHQWH HUDQW VHVFHQWL RFXOL HRV DVSLFLHQWHV QLKLORPLQXV
'RULXV %LOERQHP QRQ GHPLVLW PRUDWXV GRQHF %LOER H[
XPHULV HLXV LQ UDPRV VFDQGHUDW LSVH LQ UDPRV H[VLOXLW
PRGR LQ WHPSRUH OXSXV TXLGDP DPLFXOXP FXLXV TXL
VXUVXPVDOLHEDWPRUGLFXVDUULSXLWHWSDHQHLOOXPFHSLWLQ
SXQFWRWHPSRULVHUDQWRPQLVJUH[OXSRUXPFLUFXPDUERUHP
JDQQLHQV HW DG WUXQFXP H[VLOLHQV IODJUDQWLEXV RFXOLV HW
OLQJXLVGHSHQGHQWLEXV
VHG HWLDP IHUL ZDUJL QDP VLF OXSL PDOL VXSHU /LPHQ
9DVWLWDWLVDSSHOODEDQWXUDUERUHVDVFHQGHUHQHTXHXQWSHU
WHPSXV QHVFLR TXRG WXWL IXHUXQW IHOLFLWHU WHPSHVWDV HUDW
WHSLGDQRQXHQWRVDDUERUHVQRQVXQWXDOGHFRPPRGDHDG
GLXVHGHQGXPDOLTXRWHPSRUHVHGLQIULJLGRHWXHQWRFXP
OXSLV FLUFXPLDFHQWLEXV LQIUD WH H[VSHFWDQWLEXV ORFL
PLVHUULPLHVVHSRVVXQW
KRF QHPXV HXLGHQWHU IXLW ORFXV FRQXHQWXV OXSRUXP
SOXUHV DWTXH SOXUHV LQWURLEDQW FXVWRGLEXV UHOLFWLV LQ LPD
DUERUH LQ TXD 'RULXV HW %LOER IXHUXQW QDULEXV KXPL
HUUDEDQW GRQHF TXDPTXH DUERUHP FXL DOLTXLV LQHUDW
ROIHFHUDQWTXDVTXRTXHFXVWRGLXHUXQWGXPFHWHULFHQWXP
HW FHQWXP HVVH XLVL VXQW LQ FLUFXOR PDJQR LQ QHPRUH
FRQVLGXQW HW LQ PHGLR FLUFXOR IXLW PDJQXV OXSXV FDQXV
FXP LOOLV LQ OLQJXD KRUULELOL ZDUJRUXP ORFXWXV HVW TXDP
*DQGDOSKXV LQWHOOH[LW %LOER QRQ LQWHOOH[LW VHG DEVRQDP
HVVH WHUULELOHP SXWDEDW TXDVL VHUPR HRUXP RPQLV GH
FUXGHOLV DWTXH PDOLV UHEXV IXLW XW VDQH IXLW DOLTXDQGR
RPQHV ZDUJL LQ FLUFXOR GXFL FDQR XQD UHVSRQGHUH
VROHEDQWHWFODPRUTXRUXPGLUXVSDHQHHIIHFLWXWKREELWXV
HSLQXGHFLGHUHW
WLEL GLFDP LOOD TXDH *DQGDOSKXV DXGLXLW TXDPTXDP
%LOER LOOD QRQ LQWHOOH[LW ZDUJL HW JREHOLQL VDHSH LQWHU VH
PDOLV UHEXV LXXDEDQWXU JREHOLQL ORQJH D PRQWLEXV
SHUHJULQDUL QRQ VROHEDQW QLVL H[SXOVL GRPXV QRXDV
TXDHUHEDQW DXW DG EHOOXP LWHU IDFLHEDQW TXDH UHV PLKL
SODFHW GLFHUH GLX QRQ DFFLGLW VHG LOOLV LQ GLHEXV
DOLTXDQGR LPSHWXV IDFHUH VROHEDQW SUDHFLSXH DG
VSROLDQGXP FLEXP DXW VHUXRV TXL LOOLV ODERUDUHQW VDHSH
ZDUJLVLXXDQWLEXVTXLEXVVSROLDSDUWLXHUXQWDOLTXDQGRLQ
OXSLV HTXLWDEDQW VLFXW KRPLQHV LQ HTXLV QXQ F QRFWH LSVD
PDJQXV LPSHWXV JREHOLQRUXP FRJLWDWXV HVVH XLVXV HVW
ZDUJL DGXHQHUDQW XW REXLDP JREHOLQLV LUHQW HW JREHOLQL
WDUGLIXHUXQWVLQHGXELRSURSWHUPRUWXXP0DJQL*REHOLQL
HWRPQLVFRQFLWDWLRTXDPQDQLHW%LOERHWPDJXVIHFHUDQW
TXRVSUREDELOLWHUDGKXFXHQDEDQWXU
SHULFXOLV RPQLEXV KXLXV WHUUDH H[WUHPDH QRQ H[FHSWLV
KRPLQHV DXGDFHV LQ HDP H 0HULGLH UHFHQV UHXHUVL HUDQW
DUERUHV GHFLGHQWHV HW LSVLV DHGLILFDQWHV ORFRV LQ TXLEXV
DSXG DPRHQLRUHV VLOXDV LQ XDOOLEXV HW VHFXQGXP OLWRUD
IOXPLQRUXP KDELWDUH SRWXHUXQW PXOWL HUDQW IRUWHV DWTXH
EHQHDUPDWLQHFHWLDPZDUJLLQLOORVFXPLOOLFRPSOXUHV
XQD HVVHQW LPSHWXP IDFHUH DXVL VXQW DXW LQ FODUD OXFH
QXQF DXWHP JREHOLQLV DGLXXDQWLEXV LQ XLFRV DOLTXRV
SUR[LPH PRQWHV QRFWX GHVFHQGHUH FRJLWDXHUDQW VL
FRQVLOLXP TXRUXP HIIHFWXP HVVHW LEL SUR[LPR GLH QHPR
VXSHUHVVHW RPQHV QHFDWL HVVHQW SDXFLV H[FHSWLV TXRV D
ZDUJLVUHFHSWRVJREHOLQLFDSWLXRVDGDQWUDVXDUHWXOLVVHQW
KDHF IXLW VHUPR WHUULELOLV DXGLHQGD QRQ VROXP SURSWHU
IRUWHVKRPLQHVVLOXHVWUHVDWTXHPXOLHUHVHRUXPHWOLEHURV
VHG HWLDP SURSWHU SHULFXOXP TXRG QXQF *DQGDOSKR HW
DPLFLV LPPLQHEDQW ZDUJL LUDWL VXQW DWTXH LQFHUWL
TXDPREUHP LOORV KLF LQ ORFR FRQXHQWXV LSVR LQXHQLUHQW
SXWDXHUXQW LOORV HVVH DPLFRV KRPLQXPVLOXHVWULXP DWTXH
DGXHQLVVH XW LSVRV VSHFXODUHQW HW QXQWLXP FRQVLOLRUXP LQ
XDOOHV ODWXURV HVVH HW WXP JREHOLQLV DWTXH OXSLV DWURFLWHU
SXJQDQGXPHULWSRWLXVTXDPHWFDSWLXRVFDSHUHHWKRPLQHV
H[VRPQRVXELWRH[FLWDWRVGHXRUDUHLWDZDUJLQHTXDTXDP
LQ DQLPR KDEXHUXQW VH DEVFHGHUH HW SDWL KRPLQHV LQ
DUERULEXV HIIXJHUH QRQ XWLTXH DG PDQH ORQJH DQWH TXRG
GL[HUXQWJREHOLQRVPLOLWHVHPRQWLEXVGHVFHQVXURVHVVHHW
JREHOLQLDUERUHVDVFHQGHUHSRVVXQWDXWLOODVGHFLGHUH
WXQXQFSRWHVLQWHOOHJHUHTXDPREUHP*DQGDOSKXVLOORV
TXL JDQQLHEDQW HW XOXODEDQW DXGLHQV XDOGH WLPHUH
FRHSLVVHW HWLDPVL PDJXV IXLW DWTXH VHQWLUH VH LSVRV HVVH
LQ ORFR SHVVLPR HW QHTXDTXDP HIIXJLVVH QLKLORPLQXV QRQ
SDWLHEDWXU LOORV RPQLQR XLQFHUH TXDPTXDP PXOWD IDFHUH
QHTXLXLW GXP LQ DUERUH H[FHOVD OXSLV LQIUD
FLUFXPLDFHQWLEXVKXPLILJHEDWXUFRQLVSLQXVLQJHQWLEXVH
UDPLV DUERULV FROOHFWLV TXHPGDP LJQH FDHUXOHR FODUR
LQFHQVXPVRQLWXVWULGXORLQFLUFXOXPOXSRUXPGHLHFLWTXL
XQXP LQ WHUJR SHUFXVVLW TXL VWDWLP SHOOH KLUVXWD
LQIODPPDWD KRUULELOL PRGR XOXODQV KXF HW LOOXF VDOLHEDW
WXP DOWHU XHQLW DWTXH DOWHU DOLXV FDHUXOHLV IODPPLV DOLXV
UXEULV DOLXV XLULGLEXV KXPL LQ PHGLR FLUFXOR UXSWL
VFLQWLOOLV FRORUDWLV HW IXPLV GLVVLSDEDQWXU XQXV TXLGDP
SUDHFLSXHPDJQXVOXSXPSULQFLSHPLQQDUHPSHUFXVVLWTXL
GHFHP SHGHV LQ DHUHP H[VLOXLW WXP FLUFXP HW FLUFXP
FLUFXOXP IHVWLQDXLW LUDWXV WHUULWXVTXH HWLDP OXSRV DOWHURV
PRUGHQVHWPRUGLFXVDUULSLHQV
QDQLHW%LOERFODPDXHUXQWDWTXHSODXVHUXQWLUDOXSRUXP
IXLW UHV WHUULELOLV XLGHUL HW FRQFLWDWLR TXDV LOOL IHFHUXQW
RPQHP VLOXDP LPSOHXLW RPQLEXV WHPSRULEXV OXSL LJQHP
WLPHQWVHGKLFIXLWXDOGHKRUULELOLVDWTXHLQVROLWXVLJQLVVL
VFLQWLOOD TXDHGDP LQ SHOOHV LOORUXP XHQLW IL[D HVW DWTXH
LOORVLQXVVLWHWQLVLFHOHUULPHVHKXPLSURXROXHUXQWEUHXL
WHPSRUHLQIODPPLVRPQLQRIXHUXQWPR[XELTXHSHUQHPXV
OXSLVHUHXROXHEDQWDWTXHUHXROXHEDQWXWVFLQWLOODVLQWHUJLV
VXLV H[VWLQJXHUHQW GXP IODJUDQWHV GLVFXUUXQW XOXODQWHV HW
DOLRV LQFHQGHQWHV GRQHF DE DPLFLV SXOVL VHFXQGXP
GHFOLXLD VWULGHQWHV HW XOXODQWHV HW DTXDP TXDHUHQWHV
HIIXJHUXQW
³TXLG HVW RPQLV FODPRU KRF QRFWH LQ VLOXD"´ 'RPLQXV

$TXLODUXP LQTXLW TXL QLJHU LQ OXPLQH OXQDH LQ VXPPR
IDVWLJLR VROR VD[HR DG OLPHQ RULHQWDOH PRQWLXP VHGHEDW
³XRFHV OXSRUXP DXGLR VXQWQH JREHOLQL PDOHIDFLHQWHV LQ
VLOXLV"´
LQ DHUHP XHUULW HW VWDWLP GXR FXVWRGHV HLXV H VD[LV
ODWHULEXV XWULVTXH H[VLOXHUXQW TXL HXP VHTXHUHQWXU LQ
FDHOR FLUFXPXRODEDQW HW DQXOXP ZDUJRUXP GHVSHFWDEDQW
PDFXODP SDUXDP ORQJH ORQJH LQIUD DTXLOLV DXWHP RFXOL
DFXWL VXQW HW SDUXXOD SURFXO XLGHUH SRVVXQW 'RPLQXV
$TXLODUXP 0RQWLXP 1HEXORVL RFXORV KDEXLW TXL LQFRQLXL
VROHPLQWXHULHWFXQLFXOXPKXPLPRXHQWHPPLOLDSDVVXXP
LQIUD HWLDP LQ OXPLQH OXQDH XLGHUH SRWXHUXQW LWDTXH
TXDPTXDP KRPLQHV LQ DUERULEXV XLGHUH QHTXLXLW
FRQFLWDWLRQHP DSXG OXSRV DVSLFHUH HW IXOJRUHV SDUXXORV
XLGHUH HW VWULGRUHV XOXODWXVTXH TXL KHEHWHV H[ ORQJLQTXR
LQIUD DVFHQGHEDQW DXGLUH SRWXLW SRUUR OXQDP LQ KDVWLV
JDOHLVTXH JREHOLQRUXP IXOJHQWHP XLGHUH SRWXLW XW DFLHV
ORQJDHPDOLSRSXOLVHFXQGXPGHFOLXLDHSRUWDGHULSLHEDQW
HWLQVLOXDPVHLQVLQXDEDQW
DTXLODHQRQVXQWDXHVEHQLJQDHQRQQXOODHVXQWLJQDXDH
HW FUXGHOHV JHQV DXWHP DQWLTXD PRQWLXP VHSWHQWULRQXP
HUDQW PD[LPDH DXLXP RPQLXP VXSHUEDH HW IRUWHV HW
JHQHURVDHFRUGLEXV JREHOLQRV QHF DPDXHUXQW QHF
WLPXHUXQW FXP LOORV VXELQGH DQLPDGXHUWLVVHQW TXDH UHV
IXLW UDUD QDP DQLPDOLD LVWD QRQ HGHUXQW LQ LOORV
LQVLOXHUXQW TXRV VWULGHQWHV DG DQWUD GHSXOHUXQW HW TXRV D
TXRTXRPDORDELOOLVIDFWRSURKLEXHUXQWJREHOLQLDTXLODV
RGHUDQW DWTXH WLPXHUXQW VHG QHF VHGHV H[FHOVDV DWWLQJHUH
QHFLOODVHPRQWLEXVH[SHOOHUHSRWXHUXQW
KRF QRFWH 'RPLQXV $TXLODUXP XDOGH FXULRVXV IXLW DG
LQWHOOHJHQGXP TXLG DJHUHW LWDTXH PXOWLV DTXLOLV DG HXP
XRFDWLV H PRQWLEXV HXRODXHUXQW HW OHQWH FLUFXP HW FLUFXP
VHPSHUFLUFXPXRODEDQWHWGHRUVXPHWGHRUVXPDGDQXOXP
OXSRUXP DWTXH ORFXP FRQXHQWXV JREHOLQRUXP
GHVFHQGHEDQW
TXDH UHV VDQH IXLW RSWLPD WHUULELOHV UHV LQ LOOR ORFR
DFWDHVXQWOXSLLQFHQVLLQVLOXDPHIIXJHUDQWTXDPLQORFLV
QRQQXOOLV LQFHQGHUDQW IXLW DHVWDV DOWD HW LQ KRF ODWHUH
RULHQWDOL PRQWLXP SDUXP SOXXLDH SHU DOLTXXP WHPSXV
IXHUDWILOLFHVIODXHVFHQWHVUDPLGHLHFWLDFXVSLQXXPDOWH
DFHUXDH DWTXH KXF HW LOOXF DUERUHV PRUWXDH PR[
IODJUDEDQWXU LJQLV FLUFXP DSHUWXP ZDUJRUXP XELTXH
H[VLOLHEDW OXSLFXVWRGHV DXWHP DUERUHV QRQ UHOLQTXHUXQW
LQVDQL DW LUDWL FLUFXP WUXQFRV VDOLHEDQW HW XOXODEDQW HW
QDQLV LQ OLQJXD KRUULELOL PDOHGLFHEDQW FXP OLQJXLV
SHQGHQWLEXVHWRFXOLVQLWHQWLEXVWDPUXEULVDWTXHIHURFLEXV
TXDPIODPPLV
UHSHQWH JREHOLQL FODPLWDQWHV IHVWLQDQWHU DGXHQHUXQW
SXWDEDQWSURHOLXPFRPPRXHULFXPKRPLQLEXVVLOXHVWULEXV
VHGPR[TXLGXHURDFWDHHVVHQWLQWHOOH[HUXQWDOLLTXLGHP
FRQVHGHUXQWDWTXHULGHEDQWDOLLKDVWDVDJLWDEDQWHWKDVWLOLD
LQ VFXWD FRQFUHSDEDQW JREHOLQL LJQHP QRQ WLPHQW HW PR[
FRQVLOLXPKDEXHUXQWTXRGLSVLVLXFXQGLVVLPXPHVVHXLVXP
HVW
DOLLOXSRVLQXQDPPDQXPFRQWUD[HUXQWDOLLILOLFHVDWTXH
VDUPHQWD FLUFXP DUERUHV DFHUXDXHUXQW DOLL
FLUFXPFXUVDQWHVKXPXPSHGLEXVSXOVDXHUXQWHWWXWXGHUXQW
DWTXH WXWXGHUXQW HW KXPXP SHGLEXV SXOVDXHUXQW GRQHF
SDHQH RPQHV IODPPDH H[VWLQFWDH VXQW ± VHG LJQHP
SUR[LPXP DUERULEXV LQ TXLEXV QDQL IXHUXQW QRQ
H[VWLQ[HUXQW TXHP LJQHP IROLLV HW UDPLV PRUWXLV HW
ILOLFLEXV SDVFHEDQW PR[ DQXOXP IXPL DWTXH IODPPDH
FLUFXPQDQRVKDEXHUXQWDQXOXPTXHPH[WULQVHFXVH[WHQGL
QRQ VLXHUXQW VHG TXL OHQWH LQWULQVHFXV SURJUHVVXV HVW
GRQHF LJQLV FXUUHQV FUHPLD VXE DUERULEXV DFHUXDWD
ODPEHEDW HUDW IXPXV LQ RFXOLV %LOERQLV TXL FDORUHP
IODPPDUXP VHQWLUH SRWHUDW HW SHU RGRUHP JREHOLQRV
FLUFXPHWFLUFXPLQFLUFXORVDOWDQWHVVLFXWKRPLQHVFLUFXP
LJQHP PHGLDDHVWDWLV XLGHUH SRWHUDW LQ H[WHULRUH DQXOL
PLOLWXP FXP KDVWLV HW VHFXULEXV VDOWDQWRUXP OXSL
ORQJLQTXH REVHUXDQWHU DVSLFLHQWHV DWTXH PDQHQWHV
VWDEDQW
LVDXGLUHSRWHUDWJREHOLQRVFDUPHQKRUULELOHFRHSLVVH
TXLQTXHDXHVTXLQGHFLPDUERULEXV
SHQQLVSXOVLVIODWLEXVIODJUDQWLEXV
DXHVVLQHDOLVTXDPLQVROLWLV
TXLGDJHPXVGHLRFRVLVSDUXXOLV"
DXWWRUUHWHDXWLQDXODFRTXLWH
IULFWDVFRFWDVFDOLGDVQXQFHGLWH"
WXP GHVWLWHUXQW DWTXH H[FODPDXHUXQW ³HXRODWH DXHV

SDUXDHHXRODWHVLSRVVLWLVGHVFHQGLWHDXHVSDUXDHDXWLQ
QLGLV WRUUHELWLV FDQWDWH FDQWDWH DXHV SDUXDH TXDUH QRQ
FDQWDWLV"´
³DELWHSXHULSDUXL´*DQGDOSKXVUHVSRQGHQVFODPDXLW
³QRQHVWWHPSXVQLGLILFDQGLSRUURSXHULLPSURELTXLFXP
LJQHOXGXQWSRHQDVGDEXQW´KDHFGL[LWXWLOOLLUDVFHUHQWXU
DWTXHLOOLVPRQVWUDUHWVHGHLOOLVQRQWLPHUH±TXDPTXDPUH
XHUDWLPHEDWHWLDPPDJXVIXLWVHGHRQRQDQLPDGXHUVRLOOL
FDQWDUHSHUVHXHUDEDQW
DUGHVLOXDILOH[DUGH
VLFXWIDFHVQXQFLQFHQGH
ILDWOX[LQODHWDQRFWH
HXJH
FRTXHWRUUHLOORVIULJH
EDUEDHIODJUHQWDWTXHRUEHV
IRHGHFRTXDVSHOOHPFULQHV
VHEXPRVVDWXPOLTXHVFH
VROXHQWLOOD
LQIDXLOOD
VXEWHUDVWUD
ILDWOX[LQODHWDQRFWH
HXJH
HXJHSDH
HXJDH
FXP LOODHXJDH IODPPDH VXE DUERUH *DQGDOSKL HUDQW

TXDH LQ SXQFWR WHPSRULV DG DOWHUDV GLIIXQGHEDQWXU FRUWH[
LQIODPPDEDWXUUDPLLQIHULRUHVIUDQJHEDQWXU
WXP *DQGDOSKXV DG XHUWLFHP DUERULV VXLV DVFHQGLW
VSOHQGRUHPVXELWXPTXDVLIXOJXUHXLUJDVXDHPLVLWGXPVH
SDUDW GH H[FHOVR XVTXH LQWHU KDVWDV JREHOLQRUXP GHVLOLUH
LGILQHPHLXVIHFHULWHWLDPVLGHVLOLHQVTXDVLIXOPHQPXOWRV
SUREDELOLWHUQHFDXHULWVHGQXPTXDPVDOXLW
WXQF FXP PD[LPH 'RPLQXV $TXLODUXP GHVXSHU
GHXRODXLWHWLOORLQXQJXLEXVVXLVUDSWRDIXLW
JREHOLQL LUDWL DWTXH DWWRQLWL XOXODXHUXQW PDJQD XRFH

'RPLQXV$TXLODUXP FXL *DQGDOSKXV LDP GL[HUDW VWULGLW
UHXHQHUXQW PDJQDH DXHV FRPLWHV HLXV HW TXDVL LQJHQWHV
XPEUDH QLJUDH GHVFHQGHUXQW OXSL XOXODEDQW HW GHQWLEXV
IUHQGHEDQW JREHOLQL FODPDEDQW HW LUDWLVVLPL KDVWLEXV
JUDXLEXVLQDHUHPIUXVWUDLDFWLVKXPXPSHGLEXVSXOVDEDQW
VXSUD TXRV DTXLODH GHXRODXHUXQW FXUVXV DWHU DODUXP
SDOSLWDQWLXP LOORV XHO KXPXP IHULXLW XHO ORQJH GHSXOLW
XQJXHV IDFLHV JREHOLQRUXP ODQLDXHUXQW DOLDH DXHV DG
XHUWLFHV DUERUXP XRODXHUXQW HW QDQRV QXQF DVFHQGHQWHV
TXDWHQXVXPTXDPLUHDXVLVXQWUDSXHUXQW
PLVHU SDUXXOXV %LOER SDHQH UXUVXV UHOLQTXHEDWXU XL[
FUXUD 'RULL SUHKHQGHUH SRWHUDW XW 'RULXV QRXLVVLPXV
RPQLXP DXIHUHEDWXU LWD VXSUD WXUEDP HW IODJUDQWLDP
%LOERQH LQ DHUH SHQGHQWH FXP EUDFFKLLV SDHQH
IUDQJHQWLEXVXQDDVFHQGHUXQW
QXQF ORQJH LQIUD JREHOLQL DWTXH OXSL ORQJH ODWHTXH LQ
VLOXD VSDUJHEDQWXU SDUXDH DTXLODH VXSUD ORFXP SXJQDH
FLUFXPXROLWDEDQW XHUUHEDQWTXH IODPPDH FLUFXP DUERUHV
UHSHQWHVXSHUUDPRVDOWLVVLPRVVXUUH[HUXQWTXLLQLJQLEXV
FUHSLWDQWLEXV FRQVXPHEDQWXU IXLW FRQFLWDWLR UHSHQWLQD
VFLQWLOODUXPDWTXHIXPL%LOERPRGRLQWHPSRUHHIIXJHUDW
PR[ OX[ IODJUDQWLDH IXLW KHEHV LQIUD UXEUD PLFDQV LQ
VRORDWURHWH[FHOVLIXHUXQWLQFDHORVHPSHUDVFHQGHQWHV
LQ FLUFXOLV IRUWLEXV XHUUHQWLEXV %LOER XRODWXV LOOLXV
QXPTXDP REOLWXV HVW WDODULLV 'RULL DGKDHUHVFHQV
³EUDFFKLDPHDEUDFFKLDPHD´JHPXLWVHG'RULXV³FUXUD
PHDPLVHUDFUXUDPHDPLVHUD´LQJHPXLW
LQ WHPSRULEXV RSWLPLV ORFL H[FHOVL %LOERQHP XHUWLJLQH
DIIHFHUXQWLQVROLWXVILHULVROHEDWVLGHPDUJLQHUXSLVVDWLV
SDUXDH GHVSH[LW DWTXH VFDODH HL QXPTXDP SODFXHUXQW
DUERULEXV QRQ RPLVVLV QDP QXPTXDP HIIXJHUH H OXSLV HL
RSXV IXLW DQWHD LWD ILQJHUH SRVVLV TXRPRGR QXQF FDSXW
HLXV QDWDUHW FXP LV LQWHU GLJLWRV SHGXP SHQGHQWHV
GHVSLFHUHWHWWHUUDVWHQHEURVDVODWHDSHULHQWHVTXDVKLFHW
LOOLF OXFH OXQDH LQ VD[R TXRGDP LQ ODWHUH FROOLV DXW LQ
IOXXLRTXRGDPLQFDPSLVWDFWDVVXEVHXLGHUHW
XHUWLFHV SDOOLGL PRQWLXP SURSLXV XHQLHEDQW FXVSLGHV
VD[HDH DE XPEULV QLJULV HPLQHQWHV D OXFH OXQDH
LOOXPLQDWDH DHVWDV DXW QRQ IULJLGLVVLPXP HVVH XLVXP HVW
RFXOLV FODXVLV FRJLWDEDW QXP GLXWLXV WHQHUH SRVVHW WXP
ILQJHEDWTXLGDJHUHWVLQRQWHQHUHWQDXVHDEDW
PRGR LQ WHPSRUH HL XRODWXV ILQLWXV HVW DQWHTXDP
EUDFFKLDVXDGHIHFHUXQWWDODULLV'RULLGHPLVVLVDQKHODQV
LQVXJJHVWXPGXUXPQLGLDTXLODHGHFLGLWVLQHVHUPRQHLEL
LDFXLW HW FRJLWDWLRQHV IXHUXQW PL[WXUD DGPLUDWLRQLV TXRG
DE LJQH VHUXDWXV HUDW DWTXH PHWXV QH H ORFR DQJXVWR LQ
XPEUDVSURIXQGDVLQXWURTXHODWHUHGHFLGHUHWKRFWHPSRUH
VHQVLW VH LQVROLWLVVLPXP HVVH TXLGHP LQ FDSLWH VXR SRVW
IDFLQRUD KRUULELOLD WULXP GLHUXP SUR[LPRUXP FXP SDHQH
QXOOLV UHEXV TXDH HVXL IXHUXQW HW FRJQRXLW VH FODUD XRFH
GLFHUH³QXQFLQWHOOHJRTXRPRGRSDUVODULGLVHQWLDWXELLQ
IXUFDHVDUWDJLQHVXELWRVXEODWDLQSOXWHXPUHSRQDWXU´
PRQWHVQHEXORVLLQ2FFLGHQWHPHQLGRDGSRUWDP*REHOLQRUXP
SURVSHFWDQV
'RULXP ³QRQ LQWHOOHJLV´ UHVSRQGHQWHP DXGLXLW ³TXRG

ODULGXP VFLW VH LQ VDUWDJLQHP VHULXV DXW RFLXV UHGLWXUXP
HVVHHWVSHVHVWQRVQRQUHGLWXUXPSUDHWHUHDDTXLODHQRQ
IXUFDHVXQW´
³PLQLPH QRQ RPQLQR VLPLOHV IXULEXV ± IXUFLV GLFR´
%LOER LQTXLW UHVXUJHQV HW DTXLODP TXDH SURSLQTXD
DVVLGHEDW DQ[LH DVSLFLHQV FRJLWDXLW TXLG QXJDV DOWHUDV
GL[LVVHW HW QXP DTXLOD HDV HVVH UXVWLFDV SXWDUHW GLFHUH
DTXLODHUXVWLFHWHQRQRSRUWHWXELWLELSDUXLWDVKREELWLHVW
HWLQQLGRDOWRHLXVQRFWHHV
DTXLODQHTXDTXDPHXPDQLPDGXHUWHQVPRGRURVWUXPLQ
VD[RDFXLWHWSHQQDVFRPSVLW
PR[DTXLODDOLDLQXRODXLW³'RPLQXV$TXLODUXPURJDXLW
WH IHUUH FDSWLXRV DG 0DJQXP 3OXWHXP´ FODPDXLW HW
DEVFHVVLW DOLD 'RULR LQ XQJXLEXV UDSWR LQ QRFWHP
HXRODXLW%LOERQHVRORUHOLFWRFXLVROXPVDWLVIRUWLVIXLWXW
PLUDUHWXU TXLG QXQWLXV D ³FDSWLXLV´ XROXLVVHW HW LQFLSHUHW
FRJLWDUH VH XLFLVVLP VLFXW FXQLFXOXP UHVFLVVXUXP HVVH DG
FHQDQGXP
DTXLODUHGLXLWHWLOORLQXQJXLEXVDWHUJRWXQLFDHUDSWR
HXRODXLW QXQF PRGR EUHXL WHPSRUH XRODEDW PR[ %LOER
PHWX KRUUHQV LQ SOXWHXP ODWXP VD[HXP LQ ODWHUH PRQWLV
GHSRVLWXVHVWDGTXHPIXLWQXOODXLDQLVLXRODQGRQHFXLD
GHTXRQLVLH[SUDHFLSLWLVDOLHQGRLELRPQHVFHWHURVFXP
WHUJLV DG PXUXP PRQWLV VHGHQWHV LQXHQLW 'RPLQXV
$TXLODUXPHWLDPLELIXLWFXP*DQGDOSKRORTXHQV
XLVXP HVW IRUH XW %LOER QRQ WDPHQ HGHUHWXU DSSDUXLW
PDJXP HW DTXLODPGRPLQXP LQWHU VH SDXOXP QRVFHUH HW
HWLDPDPLFRVLQWHUVHHVVHUHXHUD*DQGDOSKXVTXLVDHSH
LQ PRQWLEXV IXHUDW ROLP DTXLOLV EHQHILFLXP GHGHUDW FXP
GRPLQXP HRUXP D VDJLWWD XXOQHUDWXP VDQDXHUDW LWDTXH
XLGHV ³FDSWLXRV´ VLJQLILFDXLVVH PRGR ³FDSWLXRV D
JREHOLQLVOLEHUDWRV´QHTXHFDSWLXRVDTXLODUXPGXP%LOER
VHUPRQHP*DQGDOSKLDXVFXOWDWLQWHOOH[LWVHXHUXPTXLGHP
DPRQWLEXVWHUULELOLEXVSRVWUHPRHIIXJLWXURVHVVHLOOHFXP
0DJQD$TXLODORTXHEDWXUGHFRQVLOLLVDGQDQRVHWLSVXPHW
%LOERQHP ORQJH DXIHUHQGRV XW XOWHULXV LQ LWLQHUH WUDQV
FDPSRVLQIUDGHSRQHUHQWXU
'RPLQXV$TXLODUXP QHJDXLW VH IHUUH HRV DOLTXR SURSH
ORFRV LQ TXLEXV KRPLQHV KDELWDEDQW ³LOOL DUFXV LQJHQWHV
WD[HRVLQQRVLQWHQGHQW´LQTXLW³QDPQRVXHQDULRXHVVXDV
SXWDXHULQW DOLLV WHPSRULEXV UHFWH LXGLFDXHULQW PLQLPH
ODHWDPXU QRV IUDXGDXLVVH JREHOLQRV XHQDWLRQLV VXDH HW
ODHWDPXUJUDWLDVWLELQRVWUDVUHIHUUHVHGQRVSURQDQLVQRQ
SHULFOLWDELPXULQFDPSLVPHULGLDQLV´
³LWD VLW´ *DQGDOSKXV LQTXLW ³IHUWH QRV TXR HW WDP
TXDWHQXVTXDPXXOWLVLDPXDOGHIHFLVWLVSHUJUDWXPQRELV
VHGLQWHULPDGH[WUHPDPLQRSLDHXHQLPXV´
³IDPH SDHQH PRULRU´ %LOER WHQXL XRFH SDUXD LQTXLW
TXDPQHPRDXGLXLW
³TXDHUHVIRUWDVVHUHILFHULSRWHVW´'RPLQXV$TXLODUXP
LQTXLW
VHULXVLJQHPFODUXPLQSOXWHRVD[LFLUFXPTXHPILJXUDV
QDQRUXPFRTXHQWHVHWRGRUHPLXFXQGXPWRUUHQWLVIDFLHQWHV
XLGHUH SRWXHULV DTXLODH FXQLFXORV OHSRUHV HW RXHP
SDUXDP SRUWDXHUDQW QDQL RPQLD SDUDXHUXQW %LOER DGHR
IHVVXV IXLW XW UHP QRQ LXXDUHW SUDHWHUHD FXQLFXORV
GHJOXEHQGL DXW FDUQHP FRQVHFDQGL QRQ VDWLV SHULWXV QDP
HDP DFFLSHUH D ODQLRQH LDP SDUDWDP DG FRTXHQGDP
VROLWXV*DQGDOSKXVTXRTXHSDUWHVXDLQDFFHQGHQGRLJQLV
SHUIHFWD LDFHEDW TXRG 2LQXV HW *ORLQXV LJQLDULD VXD
DPLVHUDQWQDQLHWLDPQXQFILOLVVXOSKXUDWLVQRQXWXQWXU
LWDTXH IDFLQRUD DXGDFLD 0RQLXP 1HEXORVRUXP ILQLWD
VXQW PR[ %LOER VHQVLW HW VWRPDFKXP VXXP HVVH SOHQXP
DWTXH UXUVXV FRPPRGXP HW VH DHTXR DQLPR GRUPLUH
SRVVHTXDPTXDPSDQHPHWEXW\UXPPDJLVTXDPFDUQHPLQ
EDFXOLVWRVWDPVLELSODFXHULQWVHJORPHUDWRLQVD[RGXUR
GRUPLHEDW DUFWLXV TXDP XPTXDP LQ OHFWR SHQQDWR LQ
IRUDPLQH VXR GRPL GRUPLXHUDW WRWDP DXWHP QRFWHP GH
GRPX VXD VRPQLDEDW HW LQ VRPQLR SHU FRQFODXLD RPQLD
HUUDEDW QHVFLR TXLG TXDHUHQV TXRG QHF LQXHQLUH QHF
TXRPRGRDSSDUHUHWXUPHPLQLVVHSRWXLW
&$3976(37,090
'(9(5625,$,162/,7$
PDQHSUR[LPR%LOERFXPVROHPDWXWLQRLQRFXOLVH[FLWDWXV
HVW DG WHPSXV XLGHQGXP HW DHQHXP VXXP FDOHIDFHQGXP
H[VLOXLW ± WXP FRJQRXLW VH QHTXDTXDP GRPL HVVH LWDTXH
FRQVHGLW HW IUXVWUD ODXDUH DWTXH VH GHWHUJHUH XROXLW
QHXWUXPHLGDWXPHVWQHFWKHDQHFSDQLVWRVWXVQHFODULGXP
LHQWDFXORIXLWPRGRRXLOODIULJLGDHWFXQLFXOXVSRVWTXDP
RSXVIXLWVHSDUDUHDGGHQXRGLVFHGHQGXP
KRFWHPSRUHLQWHUJRDTXLODHDVFHQGHUHHWLQWHUDODVHLXV
DGKDHUHUH VLWXV HVW DHU VXSHU HXP UXHEDW XW RFXORV VXRV
FODXGHUHW QDQL XDOHGLFHEDQW DWTXH VH UHPXQHUDWXURV
'RPLQXP$TXLODUXPVLXPTXDPSRVVLQWSURPLWWHEDQWGXP
TXLQGHFLPPDJQDHDXHVHODWHUHPRQWLVVXUJXQWVRODGKXF
SURSHPDUJLQHPRULHQWHPUHUXPHUDWPDQHHUDWIULJLGXP
QHEXODH LQ XDOOLEXV DWTXH ODFXQLV HUDQW HW KXF HW LOOXF
XHUWLFLEXV IDVWLJLLVTXH FROOLXP FLUFXPXROXWDH %LOER XQR
RFXOR DSHUWR DG DVSLFLHQGDV DXHV LDP LQ H[FHOVR HVVH HW
RUEHP WHUUDUXP ORQJH DEHVVH HW PRQWHV SRQH UHFLGHUH LQ
GLVWDQWLDPXLGLWRFXOLVLWHUXPFODXVLVDUWLXVDGKDHVLW
³QROL XHOOLFDUH´ DTXLOD HLXV LQTXLW ³QRQ WLEL RSXV HVW
WLPHUH VLFXW FXQLFXOR HWLDPVL XQL VLPLOLRU HV HVW PDQH
VHUHQXPXHQWRSDUXRTXLGHVWPHOLXVTXDPXRODUH"´
%LOERQL SODFXHULW GLFHUH ³EDOQHXP FDOLGXP HW SRVWHD
LHQWDFXOXP WDUGXP LQ SUDWR´ VHG PHOLXV SXWDXLW VH QLKLO
GLFHUHRSRUWHUHHWPDQXVSDXOXOXPOD[DXLW
SRVW QRQQXOOXP WHPSXV DSSDUXLW DTXLODV XLGLVVH ORFXP
TXR SURJUHVVL VXQW HWLDP H[ PDJQD DOWLWXGLQH QDP LQ
PDJQLV VSLULV FLUFXPXRODQWHV GHVFHQGHUH FRHSHUXQW TXDH
UHV GLX IHFHUXQW HW SRVWUHPR KREELWXV RFXORV LWHUXP
DSHUXLWWHUUDPXOWRSURSLRUIXLWHWVXEHLVIXHUXQWDUERUHV
TXDH TXHUFXV HW XOPL HVVH XLVDH VXQW HW FDPSL ODWL
JUDPLQHL HW IOXPHQ SHU RPQLD FXUUHQV VHG H WHUUD
HPLQHQVLQPHGLRFXUVXLSVRIOXPLQLVTXRGFLUFXPLGVH
FLUFXPDJHEDW IXLW VD[XP PDJQXP SDHQH FROOLV VD[HXV
TXDVL VWDWLR H[WUHPD PRQWLXP TXL ORQJH DIXHUXQW DXW
LQJHQVSDUVPLOLDSDVVXXPLQFDPSXPDJLJDQWHQHVFLRTXR
LQWHUJLJDQWHVLDFWD
FHOHULWHU QXQF DG VXPPXP VD[XP DTXLODH VLQJXODH
GHXRODXHUXQWHWXHFWRUHVVXRVGHSRVXHUXQW
³XDOHWH´ FODPDXHUXQW ³TXRFXPTXH XDOHWLV GRQHF QLGL
XHVWUL LQ ILQH LWLQHULV XRV DFFLSLHQW´ TXDH HVW UHV XUEDQD
GLFHQGDFRUDPDTXLOLV
³XHQWXV VXE DOLV XRV IHUDW TXR VRO QDXLJDW HW OXQD
DPEXODW´ *DQGDOSKXV UHVSRQGLW TXL UHVSRQVXP UHFWXP
VFLXLW
LWDTXH GLJUHVVL VXQW HW TXDPTXDP 'RPLQXV$TXLODUXP
LQ GLHEXV SRVWHULRULEXV 5H[ 2PQLXP $XLXP IDFWXV
FRURQDP DXUHXP LQGXLW HW TXLQGHFLP GXFHV HLXV WRUTXHV
DXUHRV H[ DXUHR TXRG QDQL LOOLV GHGHUDW IDFWRV %LOER
QXPTXDP LOODV LWHUXP XLGLW ± QLVL H[FHOVH HW SURFXO LQ
3URHOLR 4XLQTXH ([HUFLWXXP VHG TXRG LG LQ ILQH IDEXODH
KXLXVXHQLHWQXQFQLKLODPSOLXVGHHRGLFLPXV
IXLWVSDWLXPSODQXPLQVXPPRFROOHVD[HRHWXLDSHQLWXV
GHWULWD FXP PXOWLV JUDGLEXV GHVFHQGHQWLEXV DG IOXPHQ
WUDQVTXRGXDGXPLQJHQWLXPSODQRUXPVD[RUXPDGWHUUDP
JUDPLQHDP XOWUD IOXPHQ WHWHQGLW IXLW DQWUXP SDUXXP
VDOXEUH TXRGGDP FXP KXPR FDOFXORVR LQ LPLV JUDGLEXV
SURSH ILQHP XDGL VD[HL KLF FRPLWLEXV FROOHFWLV TXLG
DJHUHWXUORFXWLVXQW
³VHPSHU LQ DQLPR KDEXL XW XRV WXWRV VL SRVVHP WUDQV
PRQWHVGXFHUHP´PDJXVLQTXLW³HWQXQFERQDFXUDDWTXH
IRUWXQD LG HJL SURIHFWR QXQF PXOWR XOWHULXV DG RULHQWHP
VXPXVTXDPXPTXDPLQDQLPRKDEXLXWXRELVFXPXHQLUHP
QDPTXLGHPLGQRQHVWIDFLQXVPHXPILHULSRWHVWXWLQHR
LWHUXPLQVSLFHUHPDQWHDILQLWXPHULWVHGLQWHULPQHJRWLXP
DOWHUXPKDEHRTXRGPLKLDQLPDGXHUWHQGXPHVW´
QDQL XXOWLEXV XDOGH DIIOLFWLV JHPXHUXQW HW %LOER
ODFULPDXLW QDP FRHSHUDQW SXWDUH *DQGDOSKXP XVTXH DG
ILQHP XHQWXUXP DWTXH VHPSHU DGIXWXUXP HVVH DG LOORV LQ
DQJXVWLLV DGLXXDQGRV ³QRQ FXP PD[LPH HIIXJLR´ LOOH
LQTXLW ³GLHP DXW GXR SOXUHV XRELV GDUH SRVVXP
SUREDELOLWHUXRVHSHULFXORSUDHVHQWLLXXDUHSRWHURHWPLKL
LSVL RSXV HVW DX[LOLR SDUXR QLKLO FLEL KDEHPXV QLKLO
LPSHGLPHQWRUXP QHF PDQQRV LQ TXLEXV HTXLWHPXV HW XEL
VLWLV QHVFLWLV QXQF LG XRELV GLFHUH SRVVXP HVWLV HWLDP
QRQQXOOD PLOLD SDVVXXP DG VHSWHQWULRQHP VHPLWDH TXDP
VHFXWLHVVHGHEXLPXVVLDWUDQVLWXPRQWLVSURSHUDQWHUQRQ
GLVFHVVHULPXV SDXFLVVLPL KRPLQHV LQ KLV UHJLRQLEXV
KDELWDQWQLVLKXFDGXHQHUXQWSRVWTXDPXOWLPXPWHPSXVLQ
TXR KLF DGIXL QRQQXOORV DQQRV DEKLQF HVW DXWHPDOLTXLV
TXHP VFLR TXL QRQ SURFXO KDELWDW$OLTXLV LOOH VFDODV LQ
PDJQR VD[R IHFLW ± TXRG &DUUHF LOOXG DSSHOODWXP HVW XW
FUHGRDELOORTXLQRQVDHSHKXFXHQLWFHUWHQRQLQGLHHW
QRQ H[ XVX QRVWUR HVW LOOXP H[VSHFWDUH UH XHUD LG
SHULFXORVXPIXHULWQRELVHXQGXPHVWXWLOOXPLQXHQLDPXV
HWVLFRQXHQWXVQRVWHUEHQHJHUDWXUSXWRPHDEHVVHHWVLFXW
DTXLODHXRELVGLFHUHµXDOHWHTXRFXPTXHXDOHWLV¶´
HXP SUHFDWL VXQW QH LSVRV UHOLQTXHUHW DXUXPGUDFRQLV
DWTXH DUJHQWXP DWTXH JHPPDV HL REWXOHUXQW VHG PHQWHP
FRQXHUWHUH QHJDXLW ³XLGHELPXV XLGHELPXV´ LQTXLW ³HW
SXWRPHLDPHPHUXLVVHDOLTXLGDXULGUDFRQLV±TXDQGRLG
FHSHULWLV´
SRVWHDRUDUHGHVWLWHUXQWWXPXHVWLEXVGHSRVLWLVLQIOXPLQH
ODXHUXQWTXRGXDGRVXPHWFODUXPHWVD[RVXPLQXDGRIXLW
FXPLQVROHTXLQXQFIRUWLVFDOLGXVTXHIXLWVLFFDXLHVVHQW
UHFUHDWL VXQW TXDPTXDP HWLDP LQ GRORUH HW SDXOXP
HVXULHQWHV PR[ XDGR WUDQVLWR KREELWR SRUWDWR SHU
JUDPLQDORQJDDWTXHXLULGLDHWVHFXQGXPOLQHDVTXHUFXXP
EUDFFKLLVODWLV HW XOPRUXP SURFHURUXP LWHU IDFHUH
FRHSHUXQW
³HW TXDUH LG DSSHOODWXU &DUUHF"´ %LOER URJDXLW ODWXV
PDJLWHJHQV
³LOOHLGDSSHOODXLW&DUUHFTXRGFDUUHFHVWXHUEXPHLXV
SUR HR LOOH WDOLD DSSHOODXLW FDUUHFLD HW LSVXP HVW &DUUHF
LOOXG TXRG HVW VROXP LQ SURSLQTXD GRPX HLXV HW LG EHQH
VFLW´
³TXLVLGDSSHOODXLW"TXLVLGVFLW"´
³$OLTXLV LOOH FXLXV GL[L ± XLU PD[LPXV FXP XRV
LQWURGX[HUR RPQHV HVVH XUEDQLVVLPL GHEHELWLV XRV OHQWH
LQWURGXFHP ELQL XW SXWR HWGHEHELWLV FXUDUH QH HXP
XH[HWLV DXW TXLG DFWXUXP VLW GL LPPRUWDOHV VFLXQW LOOH
LUDWXV HVVH WHUULILFXV SRWHVW TXDPTXDP VDWLV EHQLJQXV VL
PRV HLXV JHULWXU QLKLORPLQXV XRV PRQHR HXP IDFLOOLPH
ILHULLUDWXP´
QDQLFXPPDJXPORTXHQWHPLQKRFPRGRFXP%LOERQH
DXGLXLVVHQW FRQJUHJDWL VXQW ³HVWQH KRPR DG TXHP QRV
QXQF GXFLV"´ URJDXHUXQW³SRWHVQH DOLTXHP DHTXLRUHP
DQLPRLQXHQLUH"RSRUWHWQHWHUHPFODULXVH[SOLFDUH"´±HW
FHWHUD
³LWD FHUWH HVW PLQLPH QRQ SRVVXP HW UHP
GLOLJHQWLVVLPH H[SOLFDEDP´ PDJXV LUDWXV UHVSRQGLW ³VL
XRELV SOXUD VFLHQGD VXQW QRPHQ HLXV HVW %HRUQ HVW
IRUWLVVLPXVHWPXWDWRUSHOOLV´
³TXLG XHQGLWRU TXLGDP SHOOLXP KRPR TXL FXQLFXORV
DSSHOODW FRQLHV FXP SHOOHV TXRUXP LQ VFLXURV QRQ
XHUWLW"´%LOERURJDXLW
³SURGHXPILGHPPLQLPHPLQLPHPLQLPH0,1,0(´
*DQGDOSKXVLQTXLW³QROLVWXOWXVHVVH'RPLQH%DJJLQVVL
LGIDFHUHSRWHVHWLQQRPLQHRPQLVDGPLUDQGLQROLGLFHUH
XHUEDXHQGLWRU SHOOLXP LWHUXP GXP LQWUD FHQWXP PLOLD
SDVVXXP GRPXV HLXV HV QHF VWUDJXOXP XPHUDOH
DPLFWRULXP LQWHJXPHQWXP PDQXXP QHF DOLTXLG WDOH
LQIHOL[ XHUEXP LOOH HVW PXWDWRUSHOOLV LOOH SHOOHP VXDP
PXWDXLW DOLTXDQGR HVW LQJHQV XUVXV QLJHU DOLTXDQGR HVW
PDJQXV IRUWLV XLU FULQLEXV QLJULV LQJHQWLEXV EUDFFKLLV HW
PDJQD EDUED PXOWD SOXUD GLFHUH QRQ SRVVXP TXDPTXDP
LGVDWLVHVVHRSRUWHWDOLLIHUXQWLOOXPHVVHXUVXPRUWXPD
PDJQLV HW DQWLTXLV XUVLV PRQWLXP TXL LOOLF KDELWDXHUXQW
DQWH JLJDQWHV TXDP XHQHUXQW DOLL LOOXP HVVH KRPLQHP
RUWXP D SULPLV KRPLQLEXV TXL DQWH 6PDXJ DXW DOLTXDH
GUDFRQHVTXDPLQKDQFSDUWHPRUELVWHUUDUXPXHQHUXQWHW
DQWH JREHOLQL TXDP H 6HSWHQWULRQLEXV LQ FROOHV XHQHUXQW
XL[HUXQWQRQGLFHUHSRVVXPTXDPTXDPSXWRQRXLVVLPDP
HVVHIDEXODPXHUDPLOOHQRQWDOLVHVWXLUTXDOLVLQWHUURJDUL
SRWHVW
³XWLTXH LOOH VXE QXOOR FDUPLQH QLVL VXR HVW LQ VLOXD
TXHUFXXPKDELWDWHWPDJQDPXLOODPOLJQHDPKDEHWGXPXLU
HVW ERXHV HW HTXRV TXL SDHQH WDP DGPLUDELOHV VXQW TXDP
LSVH KDEHW TXL SUR HR ODERUDQW DWTXH FXP HR ORTXXQWXU
QHF LOORV HGLW QHF IHUDV XHQDWXU QHF HGLW DOXHDULD HW
DOXHDULD DSLXP PDJQDUXP IHURFLXP KDEHW HW SOHUXPTXH
VSXPDODFWLVDWTXHPHOOHXLXLWGXPXUVXVHVWORQJHODWHTXH
HUUDW ROLP HXP XLGL VHGHQWHP VROXP LQ VXPPR LOOR
&DUUHFHQRFWHOXQDPTXDHDG0RQWHV1HEXORVRVFDGHEDW
DVSLFLHQWHP HW HXP DXGLXL LQ OLQJXD XUVRUXP IUHPHQWHP
µGLHV XHQLHW TXR LOOL SHULHULQW HW HJR UHGLER¶ HUJR FUHGR
HXPROLPDPRQWLEXVXHQLVVH´
%LOER HW QDQL QXQF PXOWD FRJLWDQGD KDEXHUXQW HW

TXDHVWLRQHVSOXUHVQRQURJDXHUXQWSUDHTXLEXVLWHUORQJXP
DPEXODQGXP DGKXF IXLW SHGLEXV IHVVLV DGXHUVXP FOLXXP
DWTXH VHFXQGXP FRQXDOOHP JUHVVL VXQW FDOLGLVVLPXP
IDFWXP HVW DOLTXDQGR VXE DUERULEXV UHTXLHXHUXQW HW WXP
%LOERVHQVLWVHWDPHVXULUHXWJODQGHVHGHUHWVLXOODHLDP
VDWLVPDWXUDHIXHULQWTXDHKXPLGHFLGLVVHQW
IXLW PHGLR SRVW PHULGLH DQWHTXDP DQLPDGXHUWHUXQW
PDJQRV JORERV IORUXP IORUHVFHUH FRHSLVVH RPQLD JHQHUD
HDGHP XQD FUHVFHEDQW TXDVL VDWD HUDQW SUDHFLSXH IXLW
WULIROLXP JOREL IOXLWDQWHV WULIROLL FULVWDWL DWTXH WULIROLL
SXUSXUHL HW VSDWLD ODWD WULIROLL EUHXLV DOEL GXOFLV RGRUH
PHOOH LQ DHUH IXLW ERPEL]DWLR HW VWULGRU HW ERPEXV DSHV
RFFXSDWDHXELTXHHUDQWHWTXDQWDHDSHVWDQWDKXLXVPRGL
%LOERQXPTXDPXLGHUDW
³VL TXDHGDP PH SXQJDW´ LOOH FRJLWDXLW ³DOWHUR WDQWR
PDLRUTXDPVXPGLVWHQGDU´
LOODHPDLRUHVTXDPFUDEURQHVHUDQWIXFLPDLRUHVTXDP
SROOH[WXXVHUDQWPXOWXPHWEDOWHLIODXLLQFRUSRULEXVDWULV
TXDVLDXUXPLJQHXPIXOJHEDQW
³SURSLXV VXPXV´ *DQGDOSKXV LQTXLW³LQ PDUJLQH
SDVFXRUXPDSLXPHLXVVXPXV´
SDXOR SRVW DG FLQJXOXP TXHUFXXP SURFHUDUXP HW
DQWLTXLVVLPDUXP DGXHQHUXQW XOWUD TXDV DG VDHSHP XHSULV
DOWDPSHUTXDPQHFXLGHUHQHFSHUUXPSHUHSRWXLVWL
³XRV RSRUWHW KLF PDQHUH´ PDJXV QDQLV LQTXLW ³HW FXP
XRFDXHURDXWVLELODXHURPHVHTXLLQFLSLWH±XLDPTXDLHUR
XLGHELWLV ± VHG ELQL VROXP FDXHWH FLUFXP TXLQTXH
PRPHQWD WHPSRULV LQWHU SDULD VLQJXOD %RPEXU HVW
SLQJXLVVLPXV XW GXRV IDFLDW LOOXP VROXP HW QRXLVVLPXP
XHQLUHRSRUWHWXHQL'RPLQH%DJJLQVHVWSRUWDLQDOLTXR
ORFR LOOLF´ KLV GLFWLV VHFXQGXP VDHSHP DEVFHVVLW
KREELWXPSDXLGXPVHFXPIHUHQV
PR[DGSRUWDPOLJQHDPDGXHQHUXQWDOWDPHWODWDPXOWUD
TXDP KRUWRV HW JOREXP DHGLILFLRUXP KXPLOLXP OLJQHRUXP
XLGHUH SRWXHUXQW DOLTXD VWUDPHQWR WHFWD HW WLJQLV
LQIRUPLEXV IDFWD KRUUHD VWDEXOD WXJXULD HW GRPXP
ORQJDPKXPLOHPOLJQHDPLQWULQVHFXVDGODWXVPHULGLRQDOH
VDHSLV PDJQDH IXHUXQW RUGLQHV DWTXH RUGLQHV DOXHDULRUXP
FXP IDVWLJLLV WLQWLQQDEXORUXP ILJXULV VWUDPHQWR IDFWLV
VRQLWXV DSLXP LQJHQWLXP KXF HW LOOXF XRODQWLXP DWTXH
LQWULQVHFXVHWH[WULQVHFXVUHSWDQWLXPDHUHPLPSOHEDW
PDJXVHWKREELWXVSRUWDPSRQGHURVDPFUHSDQWHPSXOVX
DSHUXHUXQW HW VHPLWDP ODWDP GRPXP VHFXWL VXQW HTXL
DOLTXL QLWLGLVVLPL DWTXH EHQH FXUDWL OHQWR FXUVX WUDQV
JUDPLQD DSSURSLQTXDXHUXQW HW HRV IDFLHEXV XDOGH
LQWHOOLJHQWLEXV DUWH LQWXLWL VXQW WXP TXDGUXSHGDQWHV DG
DHGLILFLDLHUXQW
³LOOL LHUXQW XW KXLF QDUUDUHQW GH DGXHQWX KRVSLWXP´
*DQGDOSKXVLQTXLW
PR[ DG DXODP TXDPGHP DGXHQHUXQW WUHV PXUL FXLXV D
GRPX OLJQHD HW GXREXV DOLV HLXV ORQJLV IRUPDWL VXQW
PDJQXVWUXQFXVTXHUFXVLQPHGLRLDFHEDWLX[WDTXHPUDPL
PXOWLGHFLVLHUDQWLQJHQVXLUGHQVDQLJUDEDUEDHWFULQLEXV
PDJQLV EUDFFKLLV QXGLV HW FUXULEXV PXVFXOLV QRGLV SURSH
VWDEDW LQ WXQLFD ODQHD XVTXH DG JHQXD XHVWLWXV PDJQD
VHFXUH QLWHQV HTXL QDULEXV DG XPHUXP HLXV HXP
DVVLVWHEDQW
TXL³XJKLOOLDGVXQW´HTXLVLQTXLW³SHULFXORVLQRQHVVH
XLGHQWXU GLVFHGDWLV´ PDJQXP ULVXP XROXELOHP ULVLW HW
VHFXUHGHSRVLWDDSSURSLQTXDXLW
³TXL HVWLV HW TXLG XXOWLV XRV"´ GXUH TXDHVLXLW LQ IURQWH
HRUXPVWDQVDWTXHVXSHU*DQGDOSKXPDOWHHPLQHQV%LOER
VDQH IDFLOH SHU FUXUD HLXV DPEXODUH SRWXHULW FDSLWH QRQ
GHPLVVRDGILPEULDVWXQLFDHIXOXDHXLWDQGDV
³VXP*DQGDOSKXV´PDJXVLQTXLW
³QXPTXDP HXP DXGLXL´ XLU IUHPXLW ³HW TXLG HVW KRF
VDODSXWLXP"´SURQXVVXSHUFLOLLVIUXWLFRVLVQLJULVFRQWUDFWLV
DGKREELWXPLQTXLW
³LGHVW'RPLQXV%DJJLQVKREELWXVTXLGHPJHQWLVERQDH
HW IDPDH VDQFWDH´ *DQGDOSKXV LQTXLW %LOER FDSXW
VXEPLVLWQXOOXPSHWDVXPTXHPGHSRQHUHWKDEXLWHWDQ[LH
RUELFXORUXP PXOWRUXP DPLVVRUXP FRQVFLXV IXLW ³PDJXV
VXP´ *DQGDOSKXV FRQWLQXDEDW ³HJR WH DXGLXL HWLDPVL WX
QRQ PH DXGLXLVWL VHG IRUWDVVH PHXP FRQVREULQXP ERQXP
5DGDJDVWXP TXL SURSH PDUJLQHP 0HULGLRQDOHP
0LUNVLOXDHKDELWDWDXGLXLVWL"´
³LWD QRQ PDOXV KRPR HWLDPVL PDJXV HVW XW SXWR HXP
DOLTXDQGR XLGHUH VROHEDP´ %HRUQ LQTXLW³QXQF TXL VLWLV
FRJQRVFRDXWTXRVHVVHGLFDWLVTXLGXXOWLV"´
³HVWR WLEL XHUD GLFR LPSHGLPHQWD QRVWUD DPLVLPXV
DWTXH XLDP QRVWUDP SDHQH DPLVLPXV HW QRELV DOLTXDQWR
DX[LOLRRSXVHVWDXWFRQVLOLRVDOWHPPLKLOLFHDWGLFHUHQRV
DJREHOLQLVLQPRQWLEXVDOLTXDQWRXH[DWRVHVVH´
³JREHOLQL"´PDJQXVXLUPLQXVGXUHLQTXLW³RKRLWDTXH
XRV XH[DWL HVWLV DELOOLV XHUR" TXDUH DG LOORV
DSSURSLQTXDXLVWLV"´
³LG QRQ LQ DQLPR KDEXLPXV QRV LPSDUDWRV QRFWH LQ
WUDQVLWXSHUTXHPQRELVWUDQVHXQGXPIXLWLQFLGHUXQWGXP
H 7HUULV XOWUD 2FFLGHQWDOHP LQ KDV UHJLRQHV HJUHGLPXU ±
HVWIDEXODORQJD´
³WXPWHLQWUDUHRSRUWHWXWDOLTXLGLOOLXVPLKLGLFDVVLLOOD
WRWXP GLHP QRQ RFFXSDELW´ XLU LQTXLW LOORV GXFHQV SHU
LDQXDPDWUDPTXDHH[DXODLQGRPXPDSHUWDHVW
LOOLHXPVHFXWLLQXHQHUXQWVHHVVHLQDWULRODWRFXPIRFR
LQPHGLRIXLWDHVWDVQLKLORPLQXVLJQLVOLJQHXVDUGHEDWHW
IXPXV DG WUDEHV DWUDWDV DVFHQGHEDW H[LWXP SHU DSHUWXUDP
LQWHFWRTXDHUHQVSHUKRFDWULXPREVFXUXPTXRGVROXPDE
LJQHDWTXHIRUDPLQHVXSUDHXPLOOXPLQDEDWXUWUDQVLHUXQWHW
SHUDOWHUDPLDQXDPPLQRUHPXHQHUXQWLQTXDVLVXEGLDOHD
SLOLV OLJQHLV VLQJXOLV WUXQFLV IDFWLV VXIIXOFWXP TXRG DG
PHULGLHPDVSHFWDEDWHWDGKXFFDOLGXPHUDWHWSOHQXPOXFLV
VROLV RFFLGHQWLV TXDH LQ HR REOLTXDWD HVW HW DXUHD LQ
KRUWXP SOHQXP IORUXP TXL XVTXH DG JUDGXV DGXHQHUXQW
FHFLGLW
KLF LQ VXEVHOOLLV OLJQHLV FRQVLGHUXQW GXP *DQGDOSKXV
IDEXODPVXDPLQFLSLWHW%LOERFUXUDVXDSHQGHQWLDXLEUDW
HWIORUHVLQKRUWRDVSLFLWFRJLWDQVTXDHQRPLQDHRUXPVLQW
TXLDQXPTXDPGLPLGLDPSDUWHPHRUXPDQWHDXLGLW
³HJRVXSHUPRQWHVWUDQVLEDPFXPDPLFRDXWGXREXV«´
PDJXVLQTXLW
³DXW GXREXV" XQXP VROXP DWTXH SDUXXOXP TXHPGDP
XLGHUHSRVVXP´%HRUQLQTXLW
³HVWRWLELXHUDGLFRQRQPLKLSODFXLWWHPROHVWDUHFXP
PXOWLV QRVWULV GRQHF LQXHQHUDP QXP RFFXSDWXV HVVHV
XRFDERVLPLKLOLFHW´
³SHUJHXRFD´
LWD *DQGDOSKXV VLELOXP ORQJXP DFXWXP HPLVLW HW PR[
7KRULQXV DWTXH 'RULXV FLUFXP GRPXP VHFXQGXP VHPLWDP
KRUWL XHQHUXQW HW FDSLWLEXV SURIXQGH GHPLVVLV DQWH HRV
VWHWHUXQW
³WH VLJQLILFDVVH XQXP DXW WUHV LQWHOOHJR´ %HRUQ LQTXLW
³VHGLOOLQRQVXQWKREELWLVXQWQDQL´
³7KRULQXV 6FXWXPTXHUFHXP WLEL VHUXLR 'RULXV WLEL
VHUXLR´GXRQDQLFDSLWLEXVLWHUXPGHPLVVLVLQTXLXQW
³VHUXLWXWH XHVWUD PLKL QRQ RSXV HVW XRELV JUDWLDV´
%HRUQ LQTXLW ³VHG FUHGR XRV RSXV HVVH PHD QDQRV QRQ
XDOGH DPR VHG VL XHUXP HVW WH HVVH 7KRULQXP 7KUDLQL
ILOLXP 7KURULV ILOLL XW SXWR HW FRPLWHP WXXP HVVH
KRQHVWXP HW XRV HVVH JREHOLQRUXP LQLPLFRV QHF LQLXULDP
LQWHUULVPHLVDJHUH±TXLGDJLWLVTXDHVR"´
³LOOLLWHUIDFLXQWDGWHUUDPSDWUXPVXRUXPXLVLWDQGDPLQ
RULHQWH XOWUD 0LUNVLOXDP´ *DQGDOSKXV LQWHULHFLW ³HW HVW
RPQLQR FDVX QRV HWLDP LQ PDQLEXV WXLV HVVH DE $OWR
7UDQVLWX TXL QRV DG XLDP LQ PHULGLH WHUUDH WXDH WXOLVVH
RSRUWXLWWUDQVLEDPXVFXPJREHOLQLPDOLQRVDJJUHVVLVXQW
±VLFXWHJRWLELQDUUDWXUXV´
³WXP SHUJH QDUUDUH´ %HRUQ LQTXLW TXL QXPTXDP XDOGH
XUEDQXVIXLW
³HUDW WHPSHVWDV WHUULELOLV JLJDQWHVODSLGHL IRULV HUDQW
VD[D LDFLHQWHV HW LQ FDSLWH WUDQVLWXV UHIXJLXP LQ DQWUR
TXDHVLXLPXVKREELWXVHWHJRHWQRQQXOOLFRPLWHV«´
³GLFLVQHGXRVHVVHQRQQXOORV"´
³PLQLPHUHXHUDPDJLVTXDPGXRHUDQW´
³XELVXQW"QHFDWLHVLGRPXPGLVFHVVL"´
³PLQLPHLOOLQRQDGXHQLVVHXLGHQWXUSRVWTXDPVLELODXL
XHUHFXQGL SXWR XLGHV XDOGH XHUHPXU QH WX QRV SOXUHV
KRVSLWLRDFFLSLDW´
³SHUJHLWHUXPVLELODFRQXLXLXPHULWPLKLLWDXLGHWXUHW
QRQ PXOWXP LQWHUHVW TXRG XQXV DXW GXR SOXUHV DGVXQW´
%HRUQIUHPXLW
*DQGDOSKXV LWHUXP VLELODXLW VHG SDHQH DQWH LV GHVWLWLW
TXDP 1RULXV HW 2ULXV DGIXHUXQW QDP VL WX PHPLQLVWL
*DQGDOSKXV LOOLV GL[HUDW XW ELQL TXDTXH TXLQTXH PRPHQWD
WHPSRULVXHQLUHQW
³VDOXHWH´ %HRUQ LQTXLW ³FHOHULXV XHQLVWLV ± XEL VH
DEGLGLVWLV"XHQLWHHODWLEXORH[VLOLHQWHV´
³1RULXV WLEL VHUXLR 2ULXV WLEL «´ GLFHUH FRHSHUXQW
VHG%HRUQHRVLQWHUSHOODXLW
³XRELV JUDWLDV FXP DX[LOLXP XHVWUXP XROXHUR LG
URJDERFRQVLGLWHXWQDUUDUHIDEXODPQRVWUDPSHUJDPXVDXW
KRUDFHQDQGLHULWDQWHTXDPLOODILQLWDHVW´
³FXP SULPXP GRUPLHEDPXV´ *DQGDOSKXV FRQWLQXDEDW
³ULPD TXDHGDP LQ WHUJR DQWUL DSHUWD HVW JREHOLQL HJUHVVL
KREELWXPHWQDQRVHWFRSLDPPDQQRUXPUDSXHUXQW±´
³FRSLD PDQQRUXP" TXLG HUDWLV XRV ± FLUFXVQH
SHUHJULQXV" XHO PXOWDV ERQDV IHUHEDWLV" XHO VHPSHU GLFLV
VH[HVVHFRSLDP"´
³PLQLPH UH XHUD PDJLV TXDP VH[ PDQQL HUDQW QDP
PDJLVTXDPVH[QRVWULHUDQW±HVWRKLFVXQWGXRSOXUHV´
WXP PD[LPH %DOLQXV HW 'ZDOLQXV DSSDUXHUXQW FDSLWLEXV
DGHR GHPLVVLV XW EDUEDH VXDH VROXP VD[HXP XHUUHQW
SULPXP PDJQXV XLU VXSHUFLOLD FRQWUDKHEDW VHG LOOL
RPQLEXV XLULEXV FRPLVVLPL VH JHVVHUXQW QXWDQWHV HW VH
IOHFWHQWHV HW FDSLWD GHPLWWHQWHV HW FXFXOORV DJLWDQWHV DQWH
JHQXD GH PRUH XHUR QDQRUXP GRQHF LV VXSHUFLOLD
FRQWUDKHUH GHVWLWLW HW FDFKLQQDELOLV FDFKLQQDXLW QDP
DVSHFWXWDPULGLFXORDSSDUXHUXQW
³FRSLD UHFWH GLFWD´ LQTXLW ³TXDHGHP ERQD ULGLFXOD
LQWUDWH PHL KRPLQHV LXFXQGL HW TXDH QRPLQDXRELV VXQW"
VHUXLWXWHPXHVWUDPQXQFQRQXRORPRGRQRPLQDWXDHWWXP
FRQVLGLWHHWPRXHUHGHVLVWLWH´
³%DOLQXVHW'ZDOLQXV´RIIHQGLQRQDXGHQWHVLQTXLXQWHW
DVSHFWLEXVDWWRQLWLVLQVRORVWDWLPVHGHUXQW
³QXQFLWHUXPSHUJH´%HRUQPDJRLQTXLW
³XEL IXL" LWD ± HJRQRQ UDSWXV VXP FXP IXOJRUH
JREHOLQXPDXWGXRVQHFDXL±´
³EHQH´ %HRUQ IUHPXLW ³LWD HVW DOLTXLG ERQL HVVH
PDJXV´
³± HW SHU ULPDP ODSVXV VXP DQWHTXDP FODXVD HVW
GHRUVXP HRV VHFXWXV VXP LQ DWULXP SULQFHSV JREHOLQLV
DWUDWXP 0DJQXV *REHOLQXV FXP WULJLQWD DXW TXDGUDJLQWD
FXVWRGLEXVDUPDWLVDGIXLWVHFXPFRJLWDXLµHWLDPVLRPQHV
LQWHU VH QRQ FDWHQDWL VLQW TXLG GXRGHFLP FRQWUD PXOWRV
DJHUHSRVVLQW"¶´
³GXRGHFLP"LGHVWSULPXPWHPSXVLQTXRRFWRQRPLQDUL
GXRGHFLP DXGLXL KDEHVQH HWLDP SOXUHV TXL QRQ LDP H
ODWLEXOLVH[VLOXHUXQW"´
³PD[LPHQXQFELQLSOXUHVKLFHVVHXLGHQWXU±)LOLXVHW
.LOLXVFUHGR´*DQGDOSKXVLQTXLWXWGXRQXQFDSSDUXHUXQW
HWFDSLWLEXVGHPLVVLVVXEULGHQWHVVWHWHUXQW
³LDPVDWLVHVW´%HRUQLQTXLW³FRQVLGLWHHWWDFLWHQXQF
SHUJH*DQGDOSKH´
LWD *DQGDOSKXV IDEXODP QDUUDUH SHUUH[LW GRQHF DG
SXJQDP LQ WHQHEULV DGXHQLW SRUWDH LQIHULRULV LQXHQWXP HW
KRUURUHP HRUXP FXP 'RPLQXP %DJJLQVHP DPLVVXP HVVH
LQWHOOH[HUDQW ³VH QXPHUDWLV KREELWXP DEHVVH UHSSHULPXV
VROXPTXDWWXRUGHFLPVXSHUIXHUXQW´
³TXDWWXRUGHFLP LG HVW SULPXP WHPSXV LQ TXR GHFHP
PLQXV XQXP HVVH TXDWWXRUGHFLP DXGLXL XLVQH QRXHP
DOLRTXLQQRQLDPQRPLQDRPQLDFRSLDHWXDHPLKLGL[LVWL´
³VDQH 2LQXP HW *ORLQXP QRQ LDP XLGLVWL HW GL PH
DPHQWKLFVXQWVSHURWHPROHVWDQWLEXVLJQRWXPLUL´
³RXWLQDPRPQHVDGVLPXVIHVWLQDWHXHQLWHXRVGXRHW
FRQVLGLWH VHG DWWHQGH *DQGDOSKH HWLDPQXQF VROXP WH
LSVXP HW GHFHP QDQRV HW KREELWXP TXL DPLVVXV HVW
KDEHPXVLGVROXPHVWXQGHFLPXQRDPLVVRDGGLWRQHTXH
TXDWWXRUGHFLP QLVL PDJL DOLWHU DE DOLLV QXPHUDQW VHG
QXQF TXDHVR IDEXODP QDUUDUH SHUJH´ %HRUQ UHV QRQ
SDWHIHFLWPDJLVTXDPSRWLVHUDWVHGUHXHUDXDOGHVWXGLXP
WHQHUH FRHSHUDW XLGHV LQ GLHEXV DQWLTXLV SDUWHP LSVDP
PRQWLXPTXDP*DQGDOSKXVGHVFULEHEDWFRJQRVFHUDWFXP
UHGLWXP KREELWL HW ODSVXP HRUXP VHFXQGXP GHFOLXH
VD[HXP HW DQXOXP OXSRUXP LQ VLOXLV DXGLXLVVHW QXWDXLW HW
IUHPXLW
FXP *DQGDOSKXV DG DVFHQVLRQHP LQ DUERUHV FXP
RPQLEXV OXSLV LQIUD DGXHQLVVHW LOOH VXUUH[LW HW
SHUDPEXODQVPXVVDEDW³XWLQDPHJRLOOLFDGIXHULPPDJLV
TXDPS\URERORVFKDUWDFHRVLOOLVGHGHULP´
³LWD HVW´ *DQGDOSKXV LQTXLW XDOGH JDXGHQV IDEXODP
VXDP EHQH FRPPRXHUH LOOXP ³UHP JHVVL TXDP PD[LPH
SRWXL LEL HUDPXV FXP OXSLV LQVDQLHQWLEXV VXE QRELV HW
VLOXD LQ ORFLV QRQQXOOLV DUGHQWL FXP JREHOLQL H FROOLEXV
GHVFHQGHUXQW HW QRV LQXHQHUXQW ODHWL FODPDXHUXQW HW
FDUPLQD DG QRV OXGLILFDQGRV FDQWDXHUXQWTXLQTXH DXHV
TXLQGHFLPDUERULEXV«´
³GLLPPRUWDOHV´%HRUQIUHPXLW³QROLILQJHUHJREHOLQRV
QXPHUDUH QRQ SRVVH SRVVXQW GXRGHFLP QRQ HVVH
TXLQGHFLPVFLXQW´
³LWDTXH HJR VFLR DGIXHUXQW %LIXU HW %RIXU SUDHWHUHD
LOORVLQWURGXFHUHDQWHDQRQFRQDWXVVXPVHGKLFVXQW´
%LIXU HW %RIXU LQWURLHUXQW ³HJR TXRTXH´ %RPEXU LQ
WHUJR FXP IODWX DSSURSLQTXDQV DQKHODXLW SLQJXLV IXLW HW
SRUURLUDWXVTXRGQRXLVVLPXVUHOLFWXVHVWPDQHUHTXLQTXH
PRPHQWD WHPSRULV UHFXVDXLW LWDTXH VWDWLP SRVW GXRV
DOWHURVVHFXWXVHVW
³LWD QXQF XHVWUL VXQW TXLQGHFLP HW TXLD JREHOLQL
QXPHUDUH SRVVXQW SXWR LG HVVH RPQHV TXL LQ DUERULEXV
DGIXHUXQW QXQF IRUWDVVH IDEXODP VLQH LQWHUUXSWLRQLEXV
XOWHULRULEXV SHUILFHUH SRWHULPXV´ WXP 'RPLQXV %DJJLQV
LQWHOOH[LW TXDP FDOOLGXV *DQGDOSKXV IXLVVHW UH XHUD
LQWHUUXSWLRQHV LOODH HIIHFHUDQW XW %HRUQ PDJLV VWXGLXP
IDEXODHWHQXLVVHWHWIDEXODLOODHXPSURKLEXHUDWQHQDQRV
VLFXW PHQGLFRV VXVSHFWRV VWDWLP GLPLVLVVHW LOOH KRPLQHV
GRPXPVXDPQXPTXDPLQXLWDXLWVLLGXLWDUHSRWXLWSDXFRV
DPLFRVTXLORQJLXVKDELWDEDQWKDEXLWHWPDJLVTXDPELQL
KRUXP VHPHO GRPXP VXDP QXPTXDP LQXLWDXLW QXQF
TXLQGHFLPKRVSLWHVLQDWULRVXRVHGHQWHVKDEXLW
WHPSRUH TXR PDJXV IDEXODP VXDP SHUIHFHUDW HW
TXRPRGRDEDTXLOLVVHUXDWLHVVHQWHWDG&DUUHFODWLHVVHQW
QDUUDXHUDW VRO SRVW FDFXPLQHV 0RQWLXP 1HEXORVRUXP
RFFLGHUDWHWXPEUDHHUDQWORQJDHLQKRUWR%HRUQLV
TXL ³IDEXOD XDOGH ERQD´ LQTXLW ³RSWLPD TXDP GLX
DXGLXL VL PHQGLFL RPQHV WDOHP ERQDP IDEXODP QDUUDUH
SRWXHULQW PH HVVH EHQLJQLRUHP LQXHQLDQW IRUWDVVH WX
RPQLD ILQJDV VDQH VHG FHQDP SUR IDEXOD QLKLORPLQXV
PHUHVFHQHPXV´
³LWDXROXPXV´LQTXLXQWXQD³WLELJUDWLDVPD[LPDV´
LQ DXOD QXQF RPQLD WHQHEURVD HUDQW %HRUQ PDQXV

FRPSORVLW HW TXDWWXRU PDQQL DOEL SXOFKUL DWTXH QRQQXOOL
PDJQL FDQHV UDXL FRUSRULEXV ORQJLV LQJUHVVL VXQW TXLEXV
%HRUQDOLTXLGLQOLQJXDLQVROLWDTXDVLVRQLWLEXVDQLPDOLXP
LQ RUDWLRQHP XHUVLV GL[LW TXL LWHUXP HJUHVVL PR[
UHXHQHUXQWLQRULEXVIDFHVIHUHQWHVTXDVLJQHLQIODPPDWDV
LQ PXWXOLV KXPLOLEXV LQ FROXPQLV DXODH FLUFXP IRFXP
PHGLXP SRVXHUXQW FDQHV LQ SRVWHULRULEXV SHGLEXV VWDUH
TXDQGRFXPTXHXROXHUXQWHWDOLTXDFXPSULRULEXVSHGLEXV
IHUUHSRWXHUXQWFLWRWDEXODVDWTXHIXOFLPHQWDHSDULHWLEXV
XWULPTXHH[WXOHUXQWTXDVLX[WDLJQHPVWDWXHUXQW
WXP EDD ± EDD ± EDD DXGLHEDWXU HW QRQQXOODH RXHV
QLXHDHPDJQRDULHWHFRORUHFDUERQLVGXFHQWHLQJUHVVLVXQW
DOLDSDQQXPDOEXPILJXULVDQLPDOLEXVSUDHWH[WXPIHUHEDW
DOLDHLQWHUJLVVXLVODWLVIHUFXODFXPSDWHULVDWTXHSDWHOOLV
HWFXOWULVDWTXHFRFKOHDULEXVIHUHEDQWTXDHFDQHVFHSHUXQW
HW FLWR LQ PHQVDVIXOFLPHQWD SRVXHUXQW TXDH IXHUXQW
KXPLOOLPDH VDWLV KXPLOHV HWLDP XW %LOER FRPPRGH
VHGHUHW LX[WD TXDV PDQQXV TXLGDP GXD VXEVHOOLD VHGLEXV
KXPLOLEXVIXQGLVODWLVVFLUSHLVHWSHGLEXVEUHXLEXVGHQVLV
*DQGDOSKR HW 7KRULQR SURSXOLW GXP VHOODP HLXVGHP
JHQHULV PDJQDP QLJUDP %HRUQLV LQ TXD PDJQLV FUXULEXV
ORQJHSURLHFWLVVXEPHQVDVHGHEDWLQILQHH[WUHPRSRQLW
KDH IXHUXQW RPQHV VHOODH TXDV LOOH LQ DXOD KDEXLW HW XHUL
VLPLOH HVW HDV VLFXW PHQVDV KXPLOHV HVVH LQ XVXP
DQLPDOLXP PLUDELOLXP TXDH HXP VHUXDXHUXQW LQ TXLEXV
FHWHUL VHGHUXQW" TXL QRQ H[ PHPRULD GHSRVLWL VXQW FHWHUL
PDQQL LQWURLHUXQW SDUWHV WLJQRUXP LQ ILJXULV W\PSDQRUXP
UHXROXHQWHVTXDHOHXDWDDWTXHH[SROLWDHWLDP%LOERQLVDWLV
KXPLOLD IXHUXQW LWDTXH PR[ RPQHV DSXG PHQVDP %HRUQLV
VHGHEDQW QHTXH DXOD WDOH FRQXLXLXP SHU PXOWRV DQQRV
ORQJRVXLGHUDW
LELFHQDXHUXQWDXWWDUGHSUDQGHUXQWLQWDOLPRGRTXDOL
QRQIHFHUDQWH[TXRH'RPX)DPLOLDUL9OWLPDGLVFHVVHUDQW
HW (OURQGL XDOHGL[HUDQW OX[ IDFXP HW LJQLV FLUFXP HRV
FRUXVFDEDW HW LQ PHQVD HUDQW GXDH FDQGHODH FHUHDH DOWDH
UXEUDH SHU RPQHP WHPSXV HGHQGL %HRUQ XRFH SURIXQGD
XQGXODWD IDEXODV GH WHUULV XDVWLV LQ KRF ODWHUH PRQWLXP
QDUUDEDWHWSUDHWHUHDGHVLOXDDWUDDWTXHSHULFXORVDTXDH
ORQJH DG 6HSWHQWULRQHP HW 0HULGLHP LDFHEDW FXUVX GLH
DQWH HRV XLDH DG 2ULHQWHP REVWDQWH VDOWX WHUULELOL
0LUNVLOXDH
KLV DXGLWLV QDQL EDUEDV DJLWDXHUXQW QDP VFLXHUXQW VLEL
PR[ LQ VLOXDP LOODP LWHU IDFLHQGXP HVVH TXDP SRVW
PRQWHV HVVH SHULFXOXP SHVVLPXP SHU TXRG VLEL
WUDQVHXQGXPHVVHDQWHTXDPDGDUFHPGUDFRQLVDGXHQLUHQW
SRVWTXDPFHQDXHUXQWIDEXODVVXDVQDUUDUHFRHSHUXQWVHG
%HRUQ VRPQROHQWXV ILHUL XLVXV HVW HW SDXOR HRV
DQLPDGXHUWLW GH DXUR DWTXH DUJHQWR DWTXH JHPPLV DWTXH
UHEXV D IDEULV IDEULFDWLV PXOWXP GL[HUXQW HW %HRUQ WDOHV
UHVFXUDUHQRQXLVXVHVWHUDQWLQDXODQXOODHUHVDXUHDHDXW
DUJHQWHDH HW SDXFDH VDQH SUDHWHU FXOWURV D PHWDOOR
IDEULFDWDHVXQW
GLX DSXG PHQVDP FXP SRFXOLV OLJQHLV PXOVL SOHQLV
VHGHUXQW IRULV QR[ WHQHEURVD DGXHQLW LJQLEXV LQ PHGLD
DXODDEWLJQLVQRXLVDHGLIFDWLVHWIDFLEXVH[VWLQFWLVHWLDPLQ
OXFH IODPPDUXP VDOWDQWDUXP FXP FROXPQLV GRPXV SRVW
LOORV WHQHEURVLV HW DOWLV VWDQWLEXV DG XHUWLFHV VLFXW
DUERULEXVVLOXDHVHGHUXQWXWUXPPDJLDHUDWDQQRQ%LOERQL
XLVXP HVW VH DXGLUH VRQLWXP LQ WUDELEXV PRXHQWHP VLFXW
XHQWXP LQ UDPLV HW JHPLWXP EXERQXP PR[ VRPQROHQWXV
QXWDUH FRHSLW HW XRFHV KHEHWHV ILHUL XLVDH VXQW GRQHF
UHSHQWHH[FLWDWXVHVW
PDJQD LDQXD VWULGHUDW HW VWUHSLWX DSHUWD HUDW %HRUQ
DEHUDW QDQL SRSOLWLEXV DOWHUQLV JHQLEXV LPSRVLWLV KXPL
FLUFXP LJQHP VHGHEDQW HW PR[ FDQWDUH FRHSHUXQW XHUVXV
DOLTXL HUDQW KXLF VLPLOHV VHG PXOWL SOXUHV HUDQW HW GLX
FDQWDEDQW
GHVHUWDXHQWXVPDUFLGDWUDQVLJLW
VHGIURQGHLVLQVDOWLEXVHVWTXLHV
TXDSHUGLHVQRFWHVTXHUHSWDQW
LQWHQHEULVWDFLWLVPDODDWUD
GHPRQWLEXVQXQFIULJLGXVDGXHQLW
XHQWXVXROXWDQVXQGLTXHIOXFWXDQV
IUHPHUHUDPLVLOXDOX[LW
IURQGLEXVKLFHWXELTXHVWUDWLV
XHQWLVTXHSXOVLVDE2ULHQWLEXV
DGVROLV2UWXVVLOXDTXLHVFLWXU
VHGWUDQVSDOXGHVOLEHUDWDH
FXPVWUHSLWXTXHIUDJRUHXRFHV
IOH[LVDEDXUDFULQLEXVKHUELGLV
XOWUDFUHSDQWHVSURUVXVKDUXQGLQHV
VXSHUSDOXGHVVXEWHUDVWUD
TXLVVHFDWHWODFHUDWTXHQLPERV
VROXPTXH0RQWHPSUDHWHULWLUULWXP
GUDFRQLVDQWUXPGHVXSHULQFLGLW
KLFUXSLEXVFDOLJLQRVLV
IOHFWLWXUDHUHIXPXVDWHU
WHUULVUHOLFWLVVSLULWXVHXRODW
QRFWXSHUDJUDQVDOWDSHUDHTXRUD
QXQFQDXLJDWUHPLVTXHOXQD
DHULLVVDOLHQWLDDVWUD
%LOERQH LWHUXP QXWDUH LQFLSLHQWH VXELWR VXUUH[LW

*DQGDOSKXV
TXL ³QXQF HVW GRUPLHQGXP´ LQTXLW ³± QRELV VHG QRQ
SXWR%HRUQLLQKDFDXODDUWHDWTXHWXWHUHTXLHVFDPXVVHG
FDXHWH QH REOLXLVFDPLQL TXLG %HRUQ GL[LVVHW DQWHTXDP D
QRELVGLVFHVVLWQROLWHIRULVHUUDUHGRQHFVRORUWXVHVWDXW
LQSHULFXOXPXRFDELPLQL´
%LOERLQXHQLWOHFWRVLDPGHSRVLWRVHVVHDGODWXVDXODH
LQ TXDVL VXJJHVWR VXEODWR LQWHU FROXPQDV HW SDULHWHP
H[WHULRUHP HL HUDW FXOFLWXOD VWUDPLQHD DWTXH VWUDJXOD
ODQDWD LQ TXLEXV ODHWLVVLPXV VH LQXROXLW HWVL DHVWDV IXLW
LJQHGHILFLHQWHREGRUPLXLWQLKLORPLQXVQRFWHH[SHUUHFWXV
HVWLJQLVLQIDXLOODVSDXFDVFHFLGHUDWQDQLHW*DQGDOSKXV
LWD H VSLUDQWLEXV XLVXP HVW GRUPLHEDQW PDFXOD DOED LQ
VROR H OXQD DOWD XHQLW TXDH SHU IRUDPHQIXPXP LQ WHFWR
GHVSLFLHEDW
IRULV HUDW IUHPLWXV HW VRQLWXV VLFXW PDJQXP DQLPDO LQ
IRULEXV UL[DEDWXU %LOER DGPLUDWXV HVW TXLG HVVHW HW QXP
%HRUQLQILJXUDLQFDQWDWDHVVHWHWQXPLOOHXUVXVLQWURLUHW
XW HRV QHFDUHW VXE VWUDJXOLV VH PHUVLW HW FDSXW VXXP
FHODXLWWXPPHWLEXVQHJOHFWLVLWHUXPREGRUPLXLW
PDQH SOHQXP IXLW FXP H[ VRPQR H[FLWDWXV HVW QDQXV

TXLGDP WUDQV HXP LDFHQWHP LQ XPEULV FHFLGHUDW HW
FRQWXVXVHVXJJHVWRLQVROXPGHXROXWXVHUDWIXLW%RIXUTXL
GHUHPXVVDEDWFXP%LOERRFXORVDSHUXLW
³H[FLWD WX RVVLEXV SLJULV´ LOOH LQTXLW³DOLWHU QXOOXP
LHQWDFXOXPWLELVXSHUHULW´
H[VLOXLW %LOER ³LHQWDFXOXP´ FODPDXLW ³XEL HVW
LHQWDFXOXP"´
³PD[LPD SDUV LQWXV QRV HVW´ FHWHUL QDQL UHVSRQGHUXQW
TXL FLUFXP DXODP GHDPEXODEDQW ³VHG TXRG VXSHUHVW
H[WULQVHFXV LQ VXEGLDOL HVW FXP VRO RUWXV HVVHW %HRUQHP
TXDHVLXLPXV VHG QHF XOOXP XHVWLJLXP LOOLXV XVSLDP HVW
WDPHWVL FXP SULPXP HJUHVVL VXPXV LHQWDFXOXP LQVWUXFWXP
HVVHLQXHQLPXV´
³XEL HVW *DQGDOSKXV"´ %LOER URJDXLW TXDP FHOHUULPH
DOLTXLGFLELTXDHUHQV
³RLQORFLVQRQQXOOLVIRULV´HLLQTXLXQWVHGSHUWRWXP
GLHPQXOOXPXHVWLJLXPPDJLXLGLWGRQHFXHVSHUIXLWSDXOR
DQWH VROLV RFFDVXP LOOH LQ DXODP DPEXODXLW LQ TXD
KREELWXV HW QDQL FHQDEDQW DQLPDOLEXV PLUDELOLEXV
VHUXLHQWLEXV XW SHU WRWXP GLHP VHUXLXHUDQW GH %HRUQH
QXOOD DXW XLGHUDQW DXW DXGLHUDQW D QRFWH SULRUH HW GH UH
GXELWDEDQW
³XELHVWKRVSHVQRVWHUHWXELWRWXPGLHPWXVROXVHUDV"´
RPQHVFODPDXHUXQW
³XQDTXDHVWLRLQXQRWHPSRUH±HWQXOODHGRQHFFHQDXL
QRQPRUVXPKDEXLH[LHQWDFXOR´
GHPXP *DQGDOSKXV SDWHOOD XUFHRTXH H[SXOVLV ± GXRV
SDQHVWRWRVEXW\URPXOWRHWPHOOHHWIORUHODFWLVFRQFUHWR
FRPHGHUDWHWTXDGUDQVPLQLPHPXOVLELEHUDW±IXPLVXJLXP
H[WUD[LW³SULPXPDGTXDHVWLRQHPVHFXQGDPUHVSRQGHUR´
LQTXLW ³± VHG GL PH DPHQW KLF HVW ORFXV VSOHQGLGXV DG
FRURQDVIXPLHPLWWHQGDVÚHXHUDSHUORQJXVWHPSXVQLKLO
PDJLV DE LOOR QRQ HOLFHUH SRWHUXQW DGHR RFFXSDWXV HVW LQ
FRURQDV IXPL HPLWWHQGR TXDH FROXPQDV DXODH
FLUFXPHUUDUHQW PXWDQGR LOODV LQ RPQLEXV JHQHULEXV
FRORUXPILJXUDUXPTXHHWGHPXPFRJHQGRLOODVXWLQWHUVH
H IRUDPLQH LQ WHFWR VHTXHUHQWXU QLPLUXP DE H[WHULRUH
DSSDUXLW LOODV LQVROLWLVVLPDV XLGHUL XQD SRVW XQDP LQ
DHUHP HPHUJHQV XLULGLV FDHUXOHD UXEUD DXUHDJODXFD
IXOXDDOEDDOLDHPDJQDHDOLDHSDUXDHSDUXDHSHUPDJQDV
HUUDQWHV HW LQ ILJXULVRFWDXLV VH LXQJHQWHV HW TXDVL JUH[
DXLXPLQGLVWDQWLDPHJUHGLHQWHV
³XHVWLJLD XUVRUXP HOLJL´ GHPXP LOOH LQTXLW ³QLPLUXP
FRQXHQWXV RUGLQDULXV XUVRUXP IXLW QRFWH SULRUH KLF IRULV
PR[ XLGL %HRUQHP QRQ SRVVH LOOD RPQLD IDFHUH HUDQW
QLPLV PXOWD HRUXP HW TXRTXH PDJQLWXGLQXP XDULDUXP
PLKL OLFHW GLFHUH XUVRV SDUXRV XUVRV PDJQRV XUVRV
XVLWDWRV HW XUVRV LQJHQWHV JLJDQWHRV DGHVVH RPQHV IRULV
VDOWDQWHV D VROLV RFFDVR SDHQH DG VROLV RULHQWHP D
SDUWLEXV SDHQH RPQLEXV XHQHUDQW SUDHWHU DE RFFLGHQWH
VXSHUIOXPHQD0RQWLEXVDGLOODPSDUWHPXQXPXHVWLJLXP
VROXP WHWHQGLW ± QXOOD DGXHQHUXQW VROXP DE KRF
HJUHGLHQWLD TXDH XVTXH DG &DUUHF VHFXWXV VXP LEL LQ
IOXPHQ HXDQXHUXQW VHG DTXD XOWUD VD[XP QLPLV DOWD HW
IRUWLVIXLWXWQRQWUDQVLUHPHVWVDWLVIDFLOLXVVLPHPLQLVWLV
D KDF ULSD DG &DUUHF WUDQVLWX LUH VHG LQ ODWHUH DOWHUR HVW
UXSHVTXDHH[DOXHRWXUEDWRH[VXUJLWPXOWDPLOLDSDVVXXP
PLKL DPEXODQGXP IXLW DQWHTXDP ORFXP LQXHQL LQ TXR
IOXPHQ IXLW VDWLV ODWXP XDGRVXPTXH PLKL XW SHGLEXV
WUDQVLUHP HW QDUHP HW UHWURUVXV LWHUXP PXOWD PLOLD
SDVVXXP GRQHF XHVWLJLD LWHUXP LQXHQL WXQF WHPSXV IXLW
WDUGLXVXWLOODQRQORQJHVHTXHUHUTXDHUHFWRLWLQHUHLHUXQW
DG VLOXDVSLQXXP LQ ODWHUH RULHQWH 0RQWLXP 1HEXORVRUXP
XEL FRQXLXLXP LXFXQGXP SDUXXP FXP ZDUJLV QRFWH DQWH
XOWLPDP KDEXLPXV HW QXQF SXWR PH TXDHVWLRQL SULPDH
XHVWUDH HWLDP UHVSRQGLVVH´ *DQGDOSKXV ILQHP IHFLW WXP
WDFLWXVGLXVHGLW
%LOER SXWDXLW VH TXLG PDJXV XHOOHW LQWHOOHJHUH ³TXLG
DJHPXV´FODPDXLW³VLLOOHRPQHVZDUJRVDWTXHJREHOLQRV
KXF GHGX[HULW" QRV RPQHV FDSLHPXU DWTXH QHFDELPXU
SXWDXLWHGL[LVVHLOOXPQRQDPLFXPHVVHLOOLV´
³LWD GL[L HW QROL IDWXXV HVVH WH RSRUWHW FXELWXP LUH
LQJHQLDWXDVXQWVRPQROHQWD´
KREELWXV VHQVLW VH DGPRGXP RSSULPL HW TXLD QLKLO
DJHQGXP HVVH XLVXP HVW VDQH FXELWXP LLW HW GXP QDQL
FDUPLQDFDQWDQWREGRUPLXLWHWLDPLQFDSLWHVXRGH%HRUQH
DGPLUDQV GRQHF VRPQXP VRPQLDXLW GH XUVLV QLJULV
VH[FHQWLVVDOWDQWLEXVVDOWDWLRQHVJUDXHVOHQHVTXHFLUFXPHW
FLUFXP LQ OXFH OXQDH LQ DWULR WXP H[SHUUHFWXV HVW GXP
FHWHULGRUPLXQWHWUDGHQWHPHDQGHPUL[DQWHPRGRUDQWHP
DWTXHIUHPHQWHPXWDQWHDXGLXLW
PDQH SUR[LPR RPQHV D %HRUQH LSVR H[FLWDEDQWXU TXL
³LWD KLF VXQW RPQHV DGKXF´ LQTXLW KREELWXP VXVWXOLW HW
ULVLW ³WH QRQ GHXRUDWXP HVVH D ZDUJLV DXW JREHOLQLV DXW
XUVLV PDOLV XLGHR´ HW VXEXFXODP 'RPLQL %DJJLQVLV
PXOWXP LUUHXHQWHU IRGLFDXLW ³SDUXXV FXQLFXOXV GHQXR ILW
VDWLV SLQJXLV SHU SDQHP DWTXH PHO´ FDFKLQQDXLW ³XHQL XW
SOXUHVKDEHDV´
LWDTXHRPQHVDGLHQWDFXOXPFXPLOORLHUXQW%HRUQXLFH
XHUVDIXLWLXFXQGLVVLPXVVDQHXDOGHKLODULVHVVHXLVXVHVW
HW IDEXODV HLXV LRFRVDV ULVHUXQW RPQHV QHTXH LOOLV ORQJH
DGPLUDQGXP IXLW TXR XHQLVVHW DXW TXDPREUHP LOOLV VXDXLV
HVVHWQDPLSVHLOOLVGL[LWVXSHUIOXPHQXHQHUDWHWXVTXHLQ
PRQWHV±DTXRFRQLFLDVHXPLWHUFHOHULWHUIDFHUHSRVVHLQ
ILJXUDXUVLXWLTXHDQHPRUHOXSRUXPLQFHQVRPR[LQXHQLW
SDUWHP IDEXODH HRUXP XHUDP HVVH VHG SOXUD TXDP LG
LQXHQLW ZDUJXP HW JREHOLQXP FHSHUDW H[ TXLEXV QXQWLXP
DFFHSHUDW PDQXV JREHOLQRUXP DGKXF FXP ZDUJLV QDQRV
XHQDEDQWXUHWLUDWLVVLPLHUDQWSURSWHU0DJQXP*REHOLQXP
PRUWXXPHWSRUURSURSWHUQDUHPGXFLVOXSRUXPLQFHQVDP
HWPXOWRVVHUXRVHLXVSULQFLSHVDELJQHPDJLPRUWXRVFXP
LOORVFRHJLVVHWLWDHLGL[HUXQWVHGSOXUDPDODHVVHTXDP
LOODDJLWDWDFRQLHFLWHWPR[LPSHWXPPDJQXPDEH[HUFLWX
JREHOLQRUXP RPQL FXP OXSLVVRFLLV LQ WHUUDV D PRQWLEXV
XPEUDWDV IDFHUH XW QDQRV LQXHQLDQW DXW KRPLQHV HW
DQLPDOLDTXLLELKDELWDQWHWTXRVQLPLUXPFRQVHUXDUHLOORV
SXWDXHUXQWXOFLVFDQWXU
³WXD IDEXOD IXLW ERQD´ %HRUQ LQTXLW ³TXDH PLKL HWLDP
PHOLXVSODFHWQXQFLOODPHVVHXHUDPVFLRWXPLKLLQJRVFDV
TXRG ILGHL WXDH QRQ FUHGLGL VHG VL LX[WD 0LUNVLOXDP
KDELWDUHV WX ILGH L QHPLQLV QRQ FUHGHUHV FXLXV WDP EHQH
TXDPIUDWHPDXWPHOLRUHPQRQQRXLVWLQLKLORPLQXVVROXP
PLKLOLFHWGLFHUHPHGRPXPTXDPFHOHULXVIHVWLQDUHXWXRV
HVVHWXWRVXLGHDPHWXRELVRIIHUHWDQWXPDX[LOLXPTXDQWXP
SRWLV VXP SRVW KRF GH QDQLV PHOLXV FRJLWDEDP 0DJQXV
*REHOLQXV QHFDWXV 0DJQXV *REHOLQXV QHFDWXV´ VHFXP
IHURFLWHUFDFKLQQDEDW
³TXLGIHFLVWLGHJREHOLQRDWTXHZDUJR"´%LOERUHSHQWH
URJDXLW
³XHQL XW XLGHDV´ %HRUQ LQTXLW TXHP FLUFXP GRPXP
VHFXWLVXQWFDSXWJREHOLQLH[WUDSRUWDPIL[XPHVWHWSDXOR
XOWUD SHOOLV ZDUJL DG DUERUHP FRQIL[D HVW %HRUQ HUDW
KRVWHVIHUR[VHGQXQFHLVDPLFXVIXLWLWDTXH*DQGDOSKXV
VDSLHQWHU SXWDXLW VH LOOL RPQHP IDEXODP VXDP DWTXH
UDWLRQHP LWLQHULV QDUUDUH XW PD[LPXP DX[LOLXP TXRG
RIIHUHSRVVHWKDEHDQW
KDHFVXQWUHVTXDVLVSURLOOLVIDFHUHSROOLFLWXVHVWVH
PDQQRV RPQLEXV SURXLVXUXP HVVH HW HTXXP *DQGDOSKR
LWHU DG VLOXDP IDFLHQGL FDXVD HW LOORV RQHUDWXUXP XW SHU
KHEGRPDGHVFXPFXUDVXVWLQHDQWXUFXPVDWLVFLELFROOHFWL
XW TXDP IDFLOLXV IHUDWXU ± QXFHV IDULQDP ROODV IUXJXP
VLFFDWDUXP RSHUWDV HW ILFWLOLD UXEUD PHOOLV HW OLED ELV
FRFWD TXDH ORQJXP WHPSXV ERQXP FRQGL SRVVLQW HW LQ
SDUXRFXLXVORQJHLWHUIDFHUHSRWHUXQWGHIDFLHQGRTXRUXP
IXLWXQDUHUXPDUFDQDUXPHLXVVHGPHOLQHLVLQHUDWVLFXW
LQ SOXULPLV FLELV VXLV HW ERQD HGL HUDQW TXDPTXDP
HIIHFHUXQW XW TXLGDP VLWLDW DTXDP GL[LW SRUWDUL LOOLV QRQ
RSXV HVVH LQ KRF ODWXV VLOXDH QDP IOXPLQD DWTXH IRQWHV
VHFXQGXP XLDP HUDQW ³VHG FXUVXV XHVWHU SHU 0LUNVLOXDP
HVW DWHU SHULFXORVXV HW GLIILFLOLV´ LQTXLW ³DTXD LEL QRQ
IDFLOLXV LQXHQLUL SRWHVW QHF FLEXV WHPSXV QRQ LDP DGHVW
QXFLEXV TXDPTXDP LG TXLGHP DIXHULW HW DELHULW DQWH DG
ODWXV DOWHUXP TXDP DGXHQHULWLV HW QXFHV VXQW SDHQH VROD
TXDHLELDGFLEXPDSWDLOOLFIHUDHVXQWDWUDHLQVROLWDHHW
VDHXDH SHOOHV DG DTXDP SRUWDQGDP XRELV SURXLGHER HW
DUFXV DOLTXRV VDJLWWDVTXH XRELV GDER VHG QRQ PXOWXP
GXELWRTXLQDOLTXDTXDHLQ0LUNVLOXDLQXHQLHWLVLQVDOXEULD
HGL DXW ELEL VLQW LEL HVW IOXPHQ XQXP VFLR QLJUXP DWTXH
IRUWHTXRGVHPLWDPWUDQVLWQROLWHH[HRELEHUHQHFLQHR
ODXDUH QDP DXGLXL LG TXRGGDP LQFDQWDPHQWXP DWTXH
PDJQXP VRPQXP HW LPPHPRULDP IHUUH HW LQ XPEULV
KHEHWLEXVORFLLOOLXVQRQSXWRXRVIHULWXURVHVVHDOLTXDDXW
VDOXEULDDXWLQVDOXEULDQHHVHPLWDHUUHWLVLGXRELV121
$*(1'80(67QRQSURFDXVDDOLTXD
³LGHVWRPQHFRQVLOLXPTXRGXRELVGDUHSRVVXPXOWUD
PDUJLQHPVLOXDHXRVQRQPXOWXPDGLXXDUHSRVVXPDXRELV
IHOLFLWDWLDWTXHXLUWXWLFRQILGHQGXPHVWHWFLERTXHPFXP
XRELVPLWWRDGSRUWDPVLOXHVWUHPXRVPLKLURJDQGLVXQWXW
HTXXP PHXP HW PDQQRV UHPLWWDWLV FXSLR DXWHP FXUVXP
XHVWUXPHVVHVHFXQGXPHWGRPXVPHDDSHUWDXRELVHVWVL
XPTXDPDEKDFXLDLWHUXPUHXHQLDWLV´
LOOL JUDWLDV HJHUXQW VDQH FXP FDSLWLEXV IUHTXHQWHU
GHPLVVLVDWTXHFXFXOOLVDJLWDWLVDWTXHPXOWLV³WLELVHUXLRR
GRPLQH DXODUXP ODWDUXP OLJQHDUXP´ VHG D XHUELV HLXV
DQLPLGHVFHQVLVXQWHWRPQHVVHQVHUXQWIDFLQXVHVVHPXOWR
PDJLV SHULFXORVXP TXDP SXWDXHUDQW TXLD SHU RPQHP
WHPSXVHWLDPVLSHULFXOLVXLDHSUDHWHUXHFWLVLQILQHGUDFR
LSVRVH[VSHFWDEDW
SHU PDQH WRWXP DG FRPSDUDWLRQHV RFFXSDWL VXQW SDXOR
SRVW PHULGLH FXP %HRUQH SRVWUHPXP FHQDXHUXQW HW SRVW
FHQDP TXDGUXSHGHV TXRV LOOH HLV FRPPRGDEDW
FRQVFHQGHUXQW HW PXOWXP XDOHGLFHQWHV SHU SRUWDP HLXV
FXUVXDXHFWLVXQW
FXPSULPXPDVDHSLEXVDOWLVDGRULHQWHPWHUUDUXPHLXV
VDHSWDUXP DEVFHVVHUXQW LWHU DG VHSWHQWULRQHP XHUWHUXQW
WXP DG VHSWHQWULRQHPRFFLGHQWHP FRQWHQGHUXQW FRQVLOLR
HLXV XLDP VLOXHVWUHP SULQFLSHP DG PHULGLHP WHUUDH HLXV
QRQ LDP SHWHEDQW VL WUDQVLWXP VHFXWL HVVHQW XLD LOORV
GX[HULW VHFXQGR IOXPLQH D PRQWLEXV TXRG PLOLD SDVVXXP
DG PHULGLHP &DUUHFLV PDJQR IOXPLQL LXQJLWXU LEL HUDW
XDGXP SURIXQGXP TXRG WUDQVLHULQW VL PDQQRV VXRV DGKXF
KDEXHULQWXOWUDTXRGVHPLWDDGRUDPVLOXDHHWOLPHQXLDH
VLOXHVWULV XHWHULV LSVDH WHWHQGLW %HRUQ DXWHP LOORV
PRQXHUDW XLDP LOODP VDHSH XVXL HVVH JREHOLQLV GXP XLD
VLOXHVWULVLSVDLWDLOOHDXGLXHUDWREVLWDHWGHVXHWDLQILQHP
RULHQWHPHVVHHWDGSDOXGHVLPSHUXLDVLQTXLEXVVHPLWDH
ORQJXP WHPSXV DPLVVDH HUDQW WHQGHUH DSHUWXP FXLXV
RULHQWDOHORQJHDGPHULGLHP0RQWLV6ROLVHPSHUIXLVVHXW
LWHUORQJXPGLIILFLOHTXHLOOLVDGVHSWHQWULRQHPVXSHUIXHULW
SRVWTXDP DG ODWXV DOWHUXP DGXHQHULQW DG VHSWHQWULRQHP
&DUUHFLV PDUJR 0LUNVLOXDH SURSLXV XHUJHEDW DG RUDV
0DJQL )OXPLQLV HW TXDPTXDP LOOLF 0RQWHV TXRTXH
XHUJHEDQW%HRUQPRQXLWLOORVDKDFXLDLWHUIDFHUHQDPLQ
ORFRTXRGDPGLHVDOLTXRVFXUVXDGVHSWHQWULRQHP&DUUHFLV
HUDW SRUWD VHPLWDH PLQXV FRJQLWDH SHU 0LUNVLOXDP TXDH
SDHQHDG0RQWHP6ROXPGLUHFWHWHQGHEDW
³JREHOLQL´ %HRUQ GL[HUDW ³0DJQXP )OXPHQ WUDQVLUH
FHQWXP PLOLD SDVVXXP DG VHSWHQULRQHP &DUUHFLV QRQ
DXGHEXQW QHF GRPXP PHDP DSSURSLQTXDUH ± EHQH
GHIHQGLWXUHVWQRFWH±VHGFHOHULWHUHTXLWHWLVQDPVLPR[
LPSHWXP IDFLDQW LOOL IOXPHQ DG PHULGLHP WUDQVLEXQW HW
PDUJLQHP RPQHP VLOXDH XHUUHQW XW XRV LQWHUFOXGHUHQW HW
ZDUJL FHOHULXV TXDP PDQQL FXUUXQW QLKLORPLQXV WXWLRUHV
HVWLV DG VHSWHQWULRQHP HXQWHV HWLDPVL XRV SURSLXV DG
DUFHV HRUXP UHGLUH XLGHPLQL QDP LG HVW TXRG PLQLPH
H[VSHFWDEXQW HW LOOLV HTXLWDWXV ORQJLRU HULQW DG XRV
FDSLHQGRVDELWHQXQFTXDPFHOHUULPHSRWHVWLV´
LG HVW TXDUH QXQF WDFLWL HTXLWDEDQW FLWDWLV PDQQLV
FRQWHQGHQWHV XELFXPTXH WHUUD HUDW JUDPLQHD DWTXH SODQD
FXP PRQWLEXV WHQHEURVLV LQ VLQLVWUD HW SURFXO OLQHD
IOXPLQLV FXP DUERULEXV VHPSHU DSSURSLQTXDQWLEXV VRO
VROXPPRGR DG RFFLGHQWHP XHUWHUDW FXP SURIHFWL HUDQW HW
XVTXH DG XHVSHUXP DXUHXV LQ WHUUD FLUFXP HRV LDFHEDW
PDJQXPIXLWFRJLWDUHGHJREHOLQLVVHTXHQWLEXVLQWHUJRHW
FXP PXOWD PLOLD SDVVXXP LQWHU VH HW GRPXP %HRUQLV
SRVXLVVHQW UXUVXV ORTXL HW FDQWDUH HW VHPLWDH VLOXHVWULV
DWUDH TXDH LQ IURQWH HRV H[VSHFWDEDW REOLXLVFL
LQFLSLHEDQW XHVSHUL DXWHP FUHSXVFXOR DGXHQLHQWH HW
XHUWLFLEXV PRQWLXP FRQWUD VROLV RFFDVXP PLQDQWLEXV
FDVWUD HW VWDWLRQHP SRVXHUXQW HW SOXULPL WUHSLGL
GRUPLXHUXQW FXP VRPQLLV LQ TXLEXV XOXODWXV OXSRUXP
XHQDQWLXPDWTXHFODPRUHVJREHOLQRUXPXHQHUXQW
QLKLORPLQXV PDQH SUR[LPXP UXUVXV FODUXP DWTXH
VHUHQXPGLOX[LWHUDWQHEXODTXDVLDXWXPQDOLVKXPLFDQDHW
DHU IULJLGD VHG PR[ VROH RUWX UXEUR LQ 2ULHQWH QHEXODH
HXDQXHUDQW HW GXP XPEUDH HWLDP ORQJDH VXQW UXUVXV
GLVFHVVHUXQW LWD QXQF GLHV GXRV SOXUHV HTXLWDXHUXQW
VHPSHU QXOOD QLVL JUDPHQ HW IORUHV HW DXHV HW DUERUHV
GLIIXVDV XLGHQWHV HW VXELQGH JUHJHV SDUXRV FHUXRUXP
HODSKRUXP TXL JUDPHQ FDUSHEDQW DXW PHULGLH LQ RSDFR
VHGHEDQW DOLTXDQGR %LOER FRUQXD FHUXRUXP H JUDPLQLEXV
ORQJLV HPLQHQWLD XLGLW HW SULPR SXWDXLW LOOD HVVH UDPRV
PRUWXRV DUERUXP XHVSHUL WHUWLR LOOR DGHR SURJUHGL
FXSLHEDQW QDP %HRUQ GL[HUDW HRV DG SRUWDPVLOXHVWUHP
PDWXUH TXDUWR GLH DGXHQWXURV HVVH XW HWLDP SRVW
FUHSXVFXOXPHWLQQRFWHPVXEOXQDSURUVXVHTXLWDUHQWGXP
OX[ KHEHVFLW %LOER SXWDXLW VH XLGHUH DG GH[WHUDP DXW DG
VLQLVWUDPIRUPDPXPEURVDPXUVLPDJQLVHFXQGXPFXUVXP
HXQGHP XDJDQWLV VHG VL GH HR PHQWLRQHP IDFHUH
*DQGDOSKR DXGHEDW PDJXV VROXP LQTXLW ³WDFH QROL
DQLPDGXHUWHUH´
SRVWULGLHDQWHVROLVRUWXPSURIHFWLVXQWTXDPTXDPQR[
VXD EUHXLV IXHUDW FXP SULPXP OX[ IXLW VLOXDP WDPTXDP
DSSURSLQTXDQWHPXWHLVREXLDPLUHWDXWHRVH[SVHFWDQWHP
VLFXW PXUXP QLJUXP IURQWH FRQWUDFWD DQWH HRV XLGHUH
SRWXHUXQWWHUUDDFFOLXLVHWDFFOLXLVILHULFRHSLWHWKREELWR
XLVXPHVWVLOHQWLXPFLUFXPLUHLQHRVFRHSLVVHDXHVPLQXV
FDQWDUH FRHSHUXQW FHUXRUXP QRQ DPSOLXV IXHUXQW QHF
HWLDP FXQLFXOL XLGHUL SRWXHUXQW SRVW PHULGLH DG OLPLQD
0LUNVLOXDH DGXHQHUXQW HW SDHQH VXE UDPLV PDJQLV
LPSHQGHQWLEXV DUERUXP HLXV H[WHULRUXP UHTXLHVFHEDQW
WUXQFLTXDUXPPDJQLHWQRGRVLHUDQWUDPLWRUWLIROLDDWUD
HWORQJDLQTXLEXVKHGHUDFUHVFHEDWHWKXPLGLIIXQGHEDWXU
³LWDTXHKLFHVW0LUNVLOXD´*DQGDOSKXVLQTXLW³PD[LPD
VLOXDUXPRUELV6HSWHQWULRQDOLVVSHURDVSHFWXPHLXVXRELV
SODFHUHQXQFPDQQLSUDHVWDQWHVTXRVPXWXDWLHVWLVXRELV
UHPLWWHQGLVXQW´
GH KDF UH QDQL DG PXVVDQWHP LQFOLQDEDQW VHG PDJXV
LOOLV GL[LW LOORV VWXOWRV HVVH³%HRUQ QRQ WDP ORQJH DEHVW
TXDP SXWDUH XLGHPLQL HW SUDHWHUHD XRV RSRUWHW SURPLVVD
XHVWUD VHUXDUH QDP LOOH HVW KRVWLV PDOXV RFXOL 'RPLQL
%DJJLQVLVDFXWLRUHVVXQWTXDPXHVWULVLTXDTXHQRFWHSRVW
WHQHEUDV XUVXP PDJQXP QRV FRPLWDQWHP DXW SURFXO
VHGHQWHP LQ OXQD FDVWUD QRVWUD DVSLFLHQWHP QRQ XLGLVWLV
QRQ VROXP XW LOOH XRV FXVWRGLDW HW XRV GXFDW VHG HWLDP
PDQQRV VXRV LQWXHDWXU %HRUQ XRELV DPLFXV VLW VHG
DQLPDOLD VXD VLFXW OLEHURV DPDW TXDQWXP EHQLJQLWDWLV LOOH
XRELV PRQVWUDUHW LQ VLQHQGR LOORV HTXLWDUL D XRELV WDP
ORQJH HW WDP FHOHULWHU QRQ FRQLHFLVWLV QHF TXLG XRELV
DFWXUXPHVVHWVLHRVLQVLOXDPGXFHUHFRQDUHPLQL´
³TXLGGHHTXRHUJR"´7KRULQXVLQTXLW³QRQPHQWLRQHP
IDFLVWHLOOXPUHPLVVXUXPHVVH´
³QRQIDFLVTXRGLOOXPQRQUHPLWWR´
³TXLGGHSURPLVVRWXRHUJR"´
³HJRLOOXGVHUXDERHTXXPQRQUHPLWWRLOOXPHTXLWR´
WXP LQWHOOH[HUXQW *DQGDOSKXP HRV UHOLFWXUXP HVVH LQ
PDUJLQH LSVR 0LUNVLOXDH HW GHVSHUDXHUXQW QXOOLV DXWHP
XHUELVPHQWHPHLXVPXWDUHSRWXHUXQW
³LDP GH KDF UH DQWHD ORFXWL VXPXV FXP LQ &DUUHFH
H[SRVLWLVXPXV´LOOHLQTXLW³GLVSXWDUHQRQXVXLHVWKDEHR
XW XRELV GL[L DOLTXLG QHJRWLL JUDXLV LQ PHULGLH HW LDP
WDUGXV VXP TXRG GH XRELV H[HUFLWXV VXP QRELV OLFHDW
UXUVXVREXLDPLUHDQWHTXDPRPQLVUHVILQLWDHVWVHGDXWHP
VDQH QRQ OLFHDW TXDH UHV IHOLFLWDWH XHVWUD HW XLUWXWH HW
LQJHQLRSHQGHW'RPLQXP%DJJLQVHPFXPXRELVPLWWRFXL
DQWHGL[LXRELVSOXUDHVVHTXDPFRQLFLDWLVTXDPUHPPR[
FRJQRVFHWLV LWDTXH ERQR DQLPR HV %LOER QHF XXOWX WDP
PLVHURHVERQLVDQLPLVHVWR7KRULQHHW&RPLWHVKDHFHVW
H[SHGLWLR XHVWUD VDOWHP GH WKHVDXUR LQ ILQH FRJLWDWH HW
VLOXDHHWGUDFRQLVREOLXLVFLPLQLXWLTXHGRQHFPDQHFUDV´
FXP PDQH FUDV DGXHQLVVHW HWLDP HDGHP GL[LW LWDTXH
QLKLO IXLW DJHQGXP SUDHWHUTXDP XW SHOOHVDTXDV D IRQWH
FODURTXHPLX[WDSRUWDPVLOXHVWUHPLQXHQHUXQWLPSOHUHQW
HW PDQQRV H[RQHUDUHQW WDP DHTXH LPSHGLPHQWD
GLVWULEXHUXQW TXDP SRWXHUXQW TXDP TXDP %LOER SXWDXLW
RQXV VXXP HVVH RSHURVH SRQGHURVXP QHTXH XDOGH HL
SODFXLW FRJLWDUH GH DPEXODQGR PLOLD HW PLOLD SDVVXXP
SHGLEXVIHVVLVFXPRPQLEXVUHEXVLQWHUJRVXR
³QROL XH[DUL´ 7KRULQXV LQTXLW ³LG EUHXLVVLPR WHPSRUH
OHXDELWXUPR[XWSXWRQRVRPQHVGHVLGHUDELPXVVDUFLQDV
HVVHJUDXLRUHVFXPFLEXVILHULH[LJXXVFRHSHULW´
GHPXP PDQQLV XDOHGL[HUXQW FDSLWD TXRUXP GRPXP
XHUWHUXQW TXL OHQWR FXUVX ODHWL GLVFHVVHUXQW FDXGLV DG
XPEUDP0LULNVLOXDHXHUVLVXDOGHJDXGHUHXLGHUHQWXUGXP
HJUHGLXQWXU%LOERLXUDXHULWDOLTXLGXUVRVLPLOHDEXPEULV
DUERUXP GLVFHGHUH HW FHOHULWHU LQFHVVX GLVVROXWR DG LOORV
DPEXODUH
QXQF *DQGDOSKXV TXRTXH XDOHGL[LW %LOER KXPL VHGLW
VHQWLHQVVHPLVHUULPXPHVVHHWGHVLGHUDQVVHLX[WDPDJXP
LQ HTXR HLXV FHOVR HVVH SDXOR LQ VLOXDP LQWURLHUDW SRVW
LHQWDFXOXP TXRGGDP XDOGH H[LOH HW WDP WHQHE URVXP
PDQH TXDP QRFWH LQ LOOR ORFR HVVH XLVXP HVW HW
RFFXOWLVVLPXP ³TXDVL VHQVXV DVSLFLHQGL DWTXH
H[VSHFWDQGL´VHFXPLQTXLW
³XDOH´ *DQGDOSKXV 7KRULQR LQTXLW ³HW XDOHWH RPQHV
XDOHWHUHFWDSHUVLOXDPQXQFHVWXLDXHVWUDQROLWHHVHPLWD
HUUDUH ± VL LG IHFHULWLV HVW PLOOH DG XQXP QXPTXDP HDP
LWHUXPLQXHQLHWLVQHTXHH0LUNVLOXDH[LELWLVWXPQRQSXWR
PHXPTXDPQHFDOLTXHPXRVUXUVXVXLVXUXPHVVH´
³GHEHPXVQHSHUWUDQVLUHTXLGHP"´KREELWXVJHPXLW
³LWD GHEHWLV´ PDJXV LQTXLW ³VL DG DOWHUXP ODWXV
DGXHQLUH XXOWLV XRELV DXW SHUWUDQVHXQGXP DXW TXDHVLWLR
XHVWUD UHOLQTXHQGD HVW QHF QXQF VLQDP WH SHGHP UHIHUUH
'RPLQH%DJJLQVPHSXGHWWXLGHHRFRJLWDQWLVWLELRPQHV
QDQLFXUDQGLVXQWSURPHÚLVLW
³PLQLPH PLQLPH´ %LOER LQTXLW ³LG QRQ XROXL XROXL
QRQQHHVWXLDTXDHFLUFXPLW"´
³LWD HVW VL GXFHQWD PLOLD SDVVXXP H XLD DG
VHSWHQWULRQHP HW ELV WDQWXP DG PHULGLHP LUH SDWHULV VHG
HWLDPWXQF XLDP WXWDP QRQ KDEXHULV XLDH WXWDH LQ KDF
UHJLRQH RUELV QRQ VXQW PHPHQWR WH QXQF XOWUD /LPHQ
9DVWLWDWLV HVVH HW TXRFXPTXH HDV PXOWDV UHV LRFRVDV
KDELWXUXP HVVH DQWHTXDP 0LUNVLOXDP LQ 6HSWHQWULRQH
FLUFXPLHULV DSXG FOLXRV 0RQWLXP *ODXFRUXP IXHULV TXL
JR E H O L QR U XP KREJREHOLQRUXP DWTXH RUFRUXP
GHVFULSWLRQLV SHVVLPDH TXLGHP SOHQL VXQW DQWHTXDP HDP
LQ 0HULGLH FLUFXPLHULV LQ WHUUDP 1HFURPDQWLFL XHQHULV
QRQ RSXV HVW HWLDP WLEL %LOER GLFL D PH IDEXODV GH LOOR
PDJR DWUR QRQ WLEL VXDGHR ORFRV D WXUUH HLXV DWUD
SURVSHFWRV DGPRGXP DSSURSLQTXDUH VHPLWDHVLOXHVWUL
DGKDHUH DQLPRV WXHUH RSWLPXP VSHUD HW FXP VHJPHQWR
IHOLFLWDWLVPDJQRGLHTXRGDPH[HDVDWTXH3DOXGHV/RQJDV
XLGHDV VXE WH LDFHQWHV XOWUD TXDV H[FHOVXP LQ 2ULHQWH
0RQWHP6ROXPXELFDUXVXHWXV6PDXJKDELWDWTXDPTXDP
VSHURHXPQRQWHH[VSHFWDWXUXPHVVH´
³TXDPFRQVRODQVHVKHUFOH´7KRULQXVIUHPXLW³XDOHVL
QRELVFXP QRQ XHQLHV WH RSRUWHW DELUH VLQH XHUELV
SOXULEXV´
³HUJR XDOHWH HW TXLGHP XDOHWH´ *DQGDOSKXV LQTXLW HW
HTXR XHUVR LQ 2FFLGHQWHP HTXLWDXLW GHVLGHULR DXWHP
ORTXHQGLQRXLVVLPDVXFFXEXLWDQWHTXDPDEDXGLWXRPQLQR
DELLW VH XHUWLW HW PDQLEXV DG RV SRVLWLV HLV H[FODPDXLW
XRFHP HLXV KHEHWHP DXGLXHUXQW³XDOHWH ERQL HVWR VH
FXUDWH±HW12/,7($6(0,7$$%6&('(5(´
WXPFLWDWRHTXRDIXLWHWPR[XLGHULQRQSRWXLW³RXDOHHW
DEL´QDQLJUXQQLXHUXQWDGHRLUDWLRUHVTXRGUHXHUDWLPRUH
DPLWWHQGL HXP SHUFXVVL VXQW QXQF SDUV RPQLV LWLQHULV
SHULFXORVLVVLPD LQFHSLW VDUFLQD SRQGHURVD DWTXH DTXD
SHOOH TXDH SDUV HLXV IXLW LQ KXPHUXP VXEODWD TXLVTXH D
OXFH TXDH LQ WHUULV H[WULQVHFXV LDFHEDW VH DXHUWLW HW LQ
VLOXDPVHLPPHUVLW
&$3972&7$990
096&$((7$5$1($(
LQ RUGLQH DPEXODEDQW DGLWXV VHPLWDH IXLW TXDVL IRUQL[

WHQGHQV LQ FXQLFXOXP FDOLJLQHXP D GXDEXV DUERULEXV
IDFWXP TXDH DG VH DFFOLQDEDQW QLPLV XHWHUHV HW KHGHUD
VWUDQJXODWDHHWOLFKHQHXHVWLWDHXWPDJLVTXDPSDXFDIROLD
QLJUDWD QRQ SDUDUHQW VHPLWD LSVD IXLW DQJXVWD HW LQWHU
WUXQFRV LQWULQVHFXV HW H[WULQVHFXV VH LQVLQXDEDW PR[ OX[
SRUWDHHUDWTXDVLIRUDPHQSDUXXPFODUXPORQJHLQWHUJRHW
TXLHV HUDW WDP SURIXQGD XW SHGLEXV SXOVDQWLEXV SURJUHGL
XLGHUHQWXU GXP RPQHV DUERUHV VXSHU HRV LQFOLQDQW DWTXH
DXVFXOWDQW
RFXOLVREVFXULWDWLDVVXHWLVDGXWUXPTXHODWXVLQXLULGLEXV
VXEOXFHQWLEXV WHQHEULV SDXOR XLGHUH SRWXHUXQW DOLTXDQGR
UDGLXV H[LOLV VROLV TXL IHOL[ SHU DSHUWXP QHVFLR TXLG LQ
IROLLV ORQJH VXSUD LOODSVXV HUDW HW TXL IHOLFLRU D UDPLV
WRUWLV DWTXH UDPDOLEXV LPSOLFDWLV LQIUD QRQ FDSWXV HUDW
WHQXLVHWFODUXVDQWHHRVGHRUVXPIRVVXVHVWUHVDXWHPIXLW
UDUDHWPR[RPQLQRGHVWLWLW
HUDQWLQVLOXDVFLXULQLJULTXRVXWRFXOLDFXWL%LOERQLV
UHVXLGHUHDVVXHVFHEDQWDOLTXDQGRHXLDIHVWLQDQWHVHWSRVW
WUXQFRV DUERUXP GLVFXUUHQWHV DVSLFHUH SRWHUDQW HUDQW
HWLDP VRQLWXV LQVROLWL JUXQQLWXV UL[DQWLD HW FXUVLWDQWLD LQ
XLUJXOWLVHWLQWHUIROLDTXDHLQORFLVKXPLVLOXDHGHQVDVLQH
ILQH DFHUXDWD LDFHEDQW VHG LOOD TXDH VRQLWXV HPLWWHEDQW
XLGHUH QRQ SRWXLW UHV SHVVLPDH TXDH XLGHUXQW HUDQW
DUDQHD DUDQHD DWUD GHQVDTXH ILOLV PLULILFH FUDVVLVVLPLV
SDHQH DE DUERUH DG DUERUHP SUDHWHQWLV DXW LQ UDPLV
LQIHULRULEXVLQXWURTXHODWHUHHRUXPWRUWLVHUDQWQXOODWUDQV
VHPLWDPSUDHWHQWDVHGXWUXPPDJLDQRQQXOODHDPDSHUWDP
FRQVHUXDUHWDQTXDUDWLRQHDOWHUDFRQLHFHUHQRQSRWXHUXQW
PR[VLOXDPTXDHHWLDPPLQXVVSHLILQLVRIIHUHXLVDHVW
WDP HIIXVH TXDP FXQLFXORV JREHOLQRUXP RGHUDQW RGLVVH
FRHSHUXQW LOOLV DXWHP SURUVXV DWTXH SURUVXV SHUJHQGXP
HVW GLX SRVWTXDP DVSHFWXL VROLV HW FDHOL DHJUHVFHEDQW HW
VHQVXPXHQWLLQXXOWLEXVGHVLGHUDEDQWVXEWHFWRVLOXDHHUDW
QLKLO PRWXV DHULV TXDH SHU DHWHUQXP HUDW LPPRWD DWTXH
WHQHEURVD DWTXH RSUHVVD TXDP UHP QDQL HWLDP TXL
FXQLFXORVDJHUHVROHEDQWHWWHPSRULEXVQRQQXOOLVVLQHOXFH
VROLVGLXKDELWDEDQWVHQVHUXQWVHGKREELWXVFXLIRUDPLQD
SODFHQW FROHQGL FDXVD VHG QRQ GLHV DHVWDWLV WUDQVLJHQGL
VHQVLWVHOHQWHVXIIRFDUL
QRFWHV HUDQW SHVVLPDH WXP WHQHEURVDSL[ HUDW ± QRQ
TXDH WX WHQHEURVDPSLFHP DSSHOOHV VHG HQLPXHUR SL[
DGHR QLJUD XW XHUXP QXOOD XLGHUH SRVVHV %LOER PDQXP
DQWHQDUHPDJLWDUHFRQDWXVHVWVHGHDPXLGHUHQHTXDTXDP
SRWXLW UH XHUD IRUWDVVH QRQ XHUL VLPLOH HVW GL FHUH HRV
QXOOD XLGHUH SRVVH QDP RFXOR V XLGHUH SRWHUDQW
FRQWXEHUQDOHVXQDGRUPLHEDQWHWLQXLFHPXLJLODEDQWGXP
%LOER XLJLODW IXOJRUHV LQ WHQHEULV FLUFXP HRV XLGHUH
VROHEDW HW DOLTXDQGR RFXOL HXP D GLVWDQWLD SDUXD LQWXHUL
VROHEDQW TXL OHQWH KHEHVFHEDQW HW HXDQHVFHEDQW WXP LQ
DOWHUR ORFR OHQWH HOXFHEDQW DOLTXDQGR D UDPLV VXSUD HXP
SUR[LPLV GHRUVXP IXOJHUH VROHEDQW TXRG PD[LPH IXLW
WHUULELOH VHG RFXOL TXL LOOL PLQLPH SODFXHUXQW JHQXV
IXHUXQWRFXORUXPKRUULELOHEXOERVXP³RFXOLLQVHFWRUXP´
SXWDXLW ³QRQ RFXOL DQLPDOLXP PRGR PXOWR LQJHQWLRUHV
VXQW´
TXDPTXDP QRQ LDP IULJLGLVVLPXP HUDW QRFWH LJQHV
XLJLODQWHV LQFHQGHUH FRQDWL VXQW VHG LG PR[ UHOLTXHUXQW
TXRG VHVFHQWRV RFXORV FLUFXP HRV DGXRFDUH XLVXP HVW
TXDPTXDP IHUDH TXDHFXPTXH HVVHQW FXUDXHUXQW QH
XPTXDP FRUSRUD VXD LQ IODPPLV WUHPXOLV SDUXLV
SDWHIDFHUHQWSHLXVHWLDPLGPLOLDEODWWDUXPJODXFDUXPHW
QLJUDUXPDOLTXDHSDHQHWDPPDJQDHTXDPPDQXVWXDDODV
SODXGHQWLXPHWVWULGHQWLXPFLUFXPDXUHVHRUXPDGXRFDXLW
TXDV UHV SDWL QRQ SRWHUDQW QHTXH LQJHQWHV XHVSHUWLOLRQHV
WDP QLJUL TXDP SHWDVXV DOWXV LWD LJQLEXV UHOLFWLV QRFWH
VHGHUXQW DWT XH LQ LQJHQWLEXV WHQHEULV LQVROLWLV
GRUPLWDXHUXQW
WDOLD RPQLD LWD UHV KREELWR XLVD HVW SHU VDHFXOD HW
VDHFXOD FRQWLQXDEDQW HW VHPSHU LOOH HVXULHEDW QDP GH
FLEDULLVXDOGHFXUDXHUXQWQLKLORPLQXVSHUGLHVVHTXHQWHV
FXP VLOXD HWLDP HVVH HDGHP XLGHEDWXU DQ[LL ILHUL
FRHSHUXQW FLEXV SHU DHWHUQXP QRQ VXIILFHUH SRWHUDW TXL
UH XHUD HWLDPQXQF H[LJXXV ILHUL LQFLSLHEDW VDJLWWDV LQ
VFLXURV FRQLFHUH FRQDWL VXQW VHG PXOWDV FRQVXPSVHUXQW
DQWHTXDPXQXPLQVHPLWDPGHFLGHUHSRWXHUXQWTXLFRFWXV
IXLW KRUULELOL JXVWDQGR LWDTXH QRQ LDP VDJLWWDV LQ VFLXURV
FRQLHFHUXQW
VLWLHEDQW TXRTXH QDP QRQ QLPLXV DTXDH KDEXHUXQW HW
SHURPQHWHPSXVQHFIRQWHPQHFIOXPHQXLGHUDQWTXLIXLW
VWDWXV HRUXP GLH TXRGDP FXP LQXHQHUXQW XLDP VXDP DE
DTXDFXUUHQWLREVDHSWDPHVVHTXDHUDSLGDDWTXHIRUWLVVHG
QRQODWDXVTXHWUDQVXLDPIOXHEDWHWQLJUDHUDWDXWVLFLQ
FDOLJLQHHVVHXLVDHVW%HRUQEHQHIHFHUDWTXRGHRVFRQWUD
HDPPRQXHUDWDOLWHUH[LOODELEHULQWFRORUHQHJOHFWRHWLQ
ULSDHLXVSHOOHVDOLTXDVH[KDXVWDVLPSOHXHULQWQXQFPRGR
FRJLWDEDQWTXRPRGRHDPWUDQVLUHQWQHTXHLQDTXDHLXVVH
PHUJHUHQW IXHUDW SRQV OLJQHXV WUDQV HDP VHG SXWUHIDFWXV
HUDW HW GHFLGHUDW XW VROXP SLOL IUDFWL LX[WD ULSDP
VXSHUHVVHQW
%LOERJHQLEXVLQRUDSRVLWLVHWSURUVXVLQWXHQVFODPDXLW
³HVWOLQWHULX[WDULSDPXOWHULRUHPQXQFTXDUHLQKRFODWHUH
QRQHVVHW´
³TXDQWXPORQJHDEVLWLOODSXWDV"´7KRULQXVURJDXLWQDP
QXQF LQWHOOH[HUXQW %LOERQHP KDEHUH RFXORV DFXWLVVLPRV
DSXGHRV
³QRQDGPRGXPORQJHQRQPDJLVTXDPGXRGHFLPXOQDV
SXWR´
³GXRGHFLPXOQDVSXWDXHULPLOODPWULJLQWDPLQLPHHVVH
VHG RFXOL PHL QRQ XLGHQW WDP EHQH TXDP FHQWRV DQQRV
DEKLQF XLGHUH VROHEDQW QLKLORPLQXV GXRGHFLP XOQDH VXQW
WDP XWLOHV TXDP PLOLD SDVVXXP WUDQV HDV QRQ VDOLUH
SRVVXPXVQHFFRQDULDXWDPEXODQGRDXWQDWDQGRDXGHPXV´
³SRWHWLVQHDOLTXLLDFHUHIXQHP"´
³TXRPRGR LG XVXL VLW" FHUWH OLQWHU OLJDWD HVW HWLDPVL
HDPXQFRFDSHUHSRWXHULPXVGHTXDUHGXELWR´
³QRQFUHGRHDPOLJDUL´%LOERLQTXLW³TXDPTXDPVDQH
LQ KDF OXFH QRQ FHUWXV HVVH SRVVXP VHG PLKL XLVXP HVW
HDP PRGR VXEGXFWDP HVVH LQ ULSDP TXDH KXPLOLV HVW LQ
ORFRLSVRTXRVHPLWDLQDTXDPWHQGLW´
³'RULXV HVW IRUWLVVLPXV VHG )LOLXV HVW QDWX PLQLPXV HW
HWLDP DVSHFWXP RSWLPXP KDEHW´ 7KRULQXV LQTXLW ³XHQL
KXF )LOL HW OLQWUHP GH TXD 'RPLQXV %DJJLQV ORTXLWXU
XLGHUHFRQDUH´
)LOLXVVHSRVVHSXWDXLWLWDTXHSRVWTXDPGLXLQWXLWXVHVW
XW QRWLRQHP FXUVXV DFFLSHUHW FHWHUL IXQHP LOOL WXOHUXQW
TXRUXP QRQQXOORV VHFXP KDEXHUXQW HW LQ ILQH ORQJLVVLPL
XQXPPDJQRUXPXQFRUXPIHUUHRUXPTXLEXVDGLXQJHQGDV
VDUFLQDV DG ORUD FLUFXP XPHURV VXRV XWL VXQW ILQ[HUXQW
)LOLXV LOOXP LQ PDQX SUHKHQGLW LOOXP SHU PRPHQWXP
WHPSRULVOLEUDXLWWXPLOOXPWUDQVIOXPHQLHFLW
TXL DVSHUJLQH LQ DTXDP GHFLGLW ³QRQ VDWLV ORQJH´
%LOERLQTXLWTXLSURUVXVLQWXHEDWXU³GXRVSHGHVHWLOOXP
LQOLQWUHPGHPLVHULVLWHUXPFRQDUHQRQSXWRPDJLDPHVVH
VDWLV IRUWHP XW WLEL QRFHUHW VL PRGR SDUWHP IXQLV PDGLGL
WDQJLV´
FXP LOOXP UHGX[LVVHW QLKLORPLQXV )LOLXV IXQHP SDXOR
GXELWDQWHUVXVWXOLWTXHPKRFWHPSRUHPDJQRXLLHFLW
³ILUPXVHV´%LOERLQTXLW³QXQFLOOXPXVTXHLQVLOXDPLQ
ODWHUH DOWHUR LHFLVWL LOOXP OHQLWHU UHGXFH´ )LOLXV IXQHP
OHQWH UHGX[LW HW SRVW WHPSXV QRQQXOOXP %LOER LQTXLW
³FDXWHLQOLQWUHLDFHWVSHUDPXVXQFXPFDSWXPLUL´
FDSWXV HVW IXQXV DGHR FRQWHQWXV HVW XW )LOLXV IUXVWUD
LOOXPUHWUDKHUHW.LOLXVHXPDGLXXLWWXP2LQXVHW*ORLQXV
TXL LOOXP DWWUDKHEDQW HW DWWUDKHEDQW HW UHSHQWH RPQHV LQ
WHUJD GHFLGHUXQW %LOER DVSLFLHQV WDPHQ IXQHP FHSLW HW
EDFXOR SDUXDP OLQWUHP QLJUDP WUDQV IOXXLXP FXUUHQWHP
UHSSXOLW ³LXXDWH´ FODPDXLW HW %DOLQXV WXQF FXP PD[LPH
OLQWUHPFHSLWDQWHTXDPLOODVHFXQGXPIOXXLXPGHIOXLW
³OLJDWD HVW WDPHQ´ LOOH LQTXLW IXQHP IUDFWXP DVSLFLHQV
TXLHWLDPDEHDGHSHQGHEDW³LGEHQHDWWUDFWDHVWPLSXHUL
HWRSXVIRUWXQDWXPTXRGIXQLVQRVWHUHUDWIRUWLRU´
³TXLVSULPXVWUDQVLEDW"´%LOERURJDXLW
³WUDQVLER´ 7KRULQXV LQTXLW ³HW WX PHFXP XHQLHV HW
)LOLXV DWTXH %DOLQXV TXL WRW VXQW TXRW OLQWHU XQR WHPSRUH
IHUUH SRWHVW SRVWHDTXDP .LOLXV HW 2LQXV HW *ORLQXV HW
'RULXV SUR[LPH 2ULXV HW 1RULXV %LIXU HW %RPEXU HW
SRVWUHPXP'ZDOLQXVHW%RPEXU´
³SRVWUHPXV VHPSHU VXP TXRG QRQ PLKL SODFHW´
%RPEXULQTXLW³KRGLHDOLTXLVLQPHLXLFHPVLW´
³WH QRQ RSRUWHW HVVH WDP SLQJXHP TXLD HV FXP
QRXLVVLPR DWTXH OHXLVVLPR RQHUH OLQWULV WLEL HXQGXP HVW
QROLIUHPHUHFRQWUDLXVVDDXWDOLTXLGPDOLWLELDFFLGHW´
³VXQW QXOOL UHPL TXRPRGR OLQWUHP DG ULSDP XOWHULRUHP
UXUVXVSHOOHV"´KREELWXVURJDXLW
³PLKL GD ORQJLWXGLQHP DOWHUDP IXQLV DWTXH XQFXP
DOWHUXP´)LOLXVLQTXLWTXHPSDUDWXPLQWHQHEUDVLHFLWWDP
DOWH TXDP HXP LDFHUH SRWXLW FXP QRQ LWHUXP GHFLGLVVHW
HXP LQ UDPLV VDQH DGKDHVLVVH LQWHOOH[HUXQW³QXQF
FRQVFHQGLWH´ )LOLXV LQTXLW³HW DOLXV WUDKH IXQHP TXL LQ
DUERUH LQ ODWHUH DOWHUR DGKDHUHW XQFXV TXR SULPXP XWL
VXPXV DE DOLR WHQHQGXV HVW TXL FXP LQ ODWHUH DOWHUR WXWL
DGIXHULPXV HXP LQILJHUH SRWHULW XW OLQWUHP UHWUDKHUH
SRVVLWLV´
LQ KRF PRGR PR[ RPQHV LQ ODWHUH XOWHULRUH WXWL WUDQV
IOXPHQ LQFDQWDWXP DGIXHUXQW 'ZDOLQXV FXP IXQH
EUDFFKLXP VXXP FLUFXPXROXWR PRGR HQL[XV HUDW HW
%RPEXU HWLDP IUHPHQV HXP VHTXL SDUDEDW FXP DOLTXLG
PDOLVDQHDFFLGLWDIURQWHHUDWVRQLWXVXRODQVXQJXODUXPLQ
VHPLWDHFDOLJLQHILJXUDFHUXLXRODQWLVUHSHQWHXHQLWTXDH
LQ QDQRV LPSHWXP IHFLW HW HRV VWUDXLW WXP VH FROOHJLW DG
VDOLHQGXPLQH[FHOVXPH[VLOXLWHWRPQLEXVXLULEXVDTXDP
WUDQVLOXLW ODWXV DXWHP DOWHUXP QRQ DWWLJLW WXWXV 7KRULQXV
VROXV HW SHGHV HW LQJHQLD WHQXHUDW FXP SULPXP H[SRVLWL
HUDQW DUFXP IOH[HUDW FXL VDJLWWDP DSSOLFDXHUDW QH FXVWRV
TXLGDPFHODWXVOLQWULVDSSDUHUHWQXQFLFWXPFHOHUHPDWTXH
FHUWXP LQ IHUDP VDOLHQWHP PLVLW TXDH XW ODWXV XOWHULXV
DWWLJLW ODSVD HVW XPEUDH HDP GHXRUDXHUXQW VHG VRQLWXP
XQJXODUXP FHOHULWHU KDHVLWDQWLXP TXDH WXQF TXLHXHUXQW
DXGLXHUXQW
DQWHTXDP WDPHQ LFWXP FODPRULEXV ODXGDUH SRWXHUXQW
VWULGRU KRUULELOLV H %LOERQH RPQHV FRJLWDWLRQHV IHULQDH H
PHQWLEXVH[SXOVLW³%RPEXULQFLGLW%RPEXUVXEPHUJLWXU´
LOOH FODPDXLW UHV IXLW XHULVVLPD FXP FHUXXV LQ HXP
FRQWHQGLVVHW HW VXSHU HXP H[VLOXLVVHW %RPEXU SHGHP
XQXP LQ WHUUD KDEXLW TXL KDHVLWDXHUDW OLQWUHP H ULSD
UHSHOOHQV HW WXQF PDQLEXV H UDGLFLEXV PXFRVLV ODSVLV LQ
DTXDPDWUDPUHFLGLWGXPOLQWHUOHQWHHXROXLWXUHWHXDQHVFLW
FXPDGULSDPFXFXUULVVHQWFXFXOOXPHLXVVXSHUDTXDP
DGKXFXLGHUHSRWXHUXQWFHOHULWHUIXQHPFXPXQFRDGHXP
LHFHUXQW TXR PDQX HLXV FDSWR HXP DG OLWXV WUD[HUXQW D
FDSLOOLV DG FDOFHRV PDGHEDW VDQH TXDH UHV QRQ SHVVLPD
IXLW FXP HXP LQ ULSD GHSRVXLVVHQW LOOH LDP JUDXLWHU
GRUPLHEDW PDQX XQD IXQHP SUHKHQGHQWH DGHR VWULFWH XW
LOOXP H PDQX HLXV UHPRXHUH QRQ SRVVHQW HW JUDXLWHU
GRUPLHQV UHPDQVLW RPQLEXV UHEXV DE HLV JHVWLV QRQ
H[FHSWLV
VXSHU HXP HWLDP VWDEDQW IRUWXQDH VXDH PDODH
PDOHGLFHQWHV HW UXVWLFLWDWL %RPEXULV HW OLQWUHP DPLVVDP
ODPHQWDQWHV TXDPREUHP LPSRVVLELOH IXLW XW UHGLUHQW DG
FHUXXPTXDHUHQGXPFXPIODWXPKHEHWHPFRUQXXPLQVLOXD
HW VRQLWXP TXDVL FDQHV D ORQJH ODWUDQWHV VHQVHUXQW WXQF
RPQHV VLOXHUXQW HW VHGHQWHV FODPRUHP PDJQL XHQDWXV
SUDHWHUHXQWLV DG VHSWHQWULRQHP VHPLWDH SRVVH DXGLUH XLVL
VXQWTXDPTXDPVLJQDPQXOODPFXLXVXLGHUXQW
LELGLXVHGHUXQWQHFPRXHUHDXVLVXQW%RPEXUFXPULVX
LQ XXOWX SLQJXL GRUPLHEDW VLFXW QRQ LDP FXUDEDW GH
RPQLEXVPROHVWLLVTXDHHXPXH[DXHUDQWVXELWRLQVHPLWD
LQ IURQWH DOLTXDH FHUXDH DOEDH DSSDUXHUXQW XQD FHUXD HW
KLQQXOHL WDP QLXHL TXDP FHUXXV HUDW DWHU LQ XPEULV
IXOJHEDQW DQWHTXDP 7KRULQXV H[FODPDUH SRWXLW WUHV QDQL
DGSHGHVH[VLOXHUDQWHWVDJLWWDVH[DUFLEXVVXLVHPLVHUDQW
QXOOLVUHFWHFROOLQLDWLVFHUXDHWHUJDXHUWHUXQWHWLQDUERUHV
HXDQXHUXQW WDP WDFLWDH TXDP XHQHUDQW XW IUXVWUD QDQL
VDJLWWDVLQHDVFRQLFHUHQW
³GHVLQLWHGHVLQLWH´7KRULQXVFODPDXLWVHGVHULXVIXLW
QDQL LQFLWDWL VDJLWWDV UHOLTXDV FRQVXPSVHUDQW HW QXQF
DUFXVTXRV%HRUQLOOLVGHGHUDWLQXWLOHVIXHUXQW
LOODQRFWHPDQXVIXLWPLVHUDELOLVHWSHUGLHVVHTXHQWHV
PLVHULD HRV HWLDP DOWLXV FLQ[LW IOXPHQ LQFDQWDWXP
WUDQVLHUDQW VHG XOWUD LG VHPLWD SDODUL XLVD HVW LQ PRGR
HRGHP TXR DQWH IHFHUDW HW LQ VLOXD PXWDWLRQHP XLGHUH
SRWXHUXQW QXOODP VL WDPHQ SOXUD GH UH FRJQRXLVVHQW HW
FRJLWDXLVVHQW GH VLJQLILFDWLRQH XHQDWXV DWTXH FHUXDUXP
DOEDUXP TXDH LQ XLD HRUXP DSSDUXHUDQW QRXHULQW VH DG
PDUJLQHP RULHQWHP GHPXP DSSURSLQTXDUH HW PR[
GXPPRGRXLUWXWHPDWTXHVSHPFRQVHUXDXHULQWDGDUERUHV
UDULRUHV DGXHQHULQW DWTXH DG ORFRV LQ TXLEXV OX[ VROLV
UXUVXVXHQLW
VHGLOODQRQQRXHUXQWHWFRUSRUHJUDXL%RPEXULVRQHUDWL
VXQW TXRG LOOLV SRUWDQGXP IXLW TXDP PD[LPH SRWXHUXQW
TXDWWXRU TXLVTXH LQXLFHP RSXV RSHURVXP JHUHQWHV GXP
FHWHUL VDUFLQDV SDUWLXHUXQW VL LOODH QRQ QLPLXP OHXDWDH
VLQW UHP QXPTXDP HJHULQW VHG %RPEXU GRUPLHQV DWTXH
VXEULGHQV IXLW SHUPXWDWLR H[LJXD SUR VDUFLQLV FLEL SOHQLV
TXDQWLVFXPTXHJUDXLEXVSRVWGLHVSDXFRVWHPSXVDGXHQLW
LQ TXR SDHQH QLKLO HGHQGL DXW ELEHQGL VXSHUIXLW QLKLO
VDOXEULWDWLV LQ VLOXD FUHVFHQV XLGHUH SRWXHUXQW VROXP
IXQJRVDWTXHKHUEDVFXPIROLLVSDOOLGLVHWRGRUHIRHGR
FLUFXP TXDWWXRU GLHV H IOXPLQH LQFDQWDWR DG SDUWHP
TXDPGDPDGXHQHUXQWLQTXDDUERUHVSOHULTXHIXHUXQWIDJL
SULPXPDPXWDWLRQHKLODUDULLQFOLQDWLVXQWQDPKLFIXHUXQW
XLUJXOWD QXOOD HW XPEUD QRQ WDP SURIXQGD IXLW IXLW OX[
TXDVLXLULGLV FLUFXP HRV HW LQ ORFLV DG XWUDTXH ODWHUD
VHPLWDH SDXOXP XLGHUH SRWXHUXQW QLKLORPLQXV OX[ PRGR
LOOLV OLQHDV LQILQLWDV WUXQFRUXP UHFWRUXP JODXFRUXP TXDVL
FROXPQDVLQJHQWLVDXODHQHVFLRFXLXVSDWHIHFLWIXLWVSLULWXV
DHULV HW VRQLWXV XHQWL VHG VRQLWXV IXLW WULVWLV IROLD SDXFD
DUJXWD GHFLGHUXQW TXDH HRV PRQXHUXQW DXWXPQXP
H[WULQVHFXV DSSURSLQTXDUH SHGHV VXL DSXG IROLD PRUWXD
DXWXPQRUXP DOLRUXP LQQXPHURUXP TXDH H VWUDJXOLV XDOGH
UXEULVVLOXDHVXSHUULSDVVHPLWDHGHODWDVXQWFUHSLWDEDQW
DGKXF %RPEXU GRUPLHEDW HW XDOGH GHIHVVL VXQW
DOLTXDQGRDVRQLWXULVXVVROOLFLWDWLVXQWDOLTXDQGRTXRTXH
FDQWXP SURFXO DXGLXHUXQW ULVXV IXLW ULVXV XRFXP
IRUPRVDUXP QRQ JREHOLQRUXP HW FDQWXV IXLW SXOFKHU
TXDPTXDP DOLHQXV DWTXH LQVROLWXV XW QRQ FRQVRODUHQWXU
VHG H SDUWLEXV LOOLV FXP TXDQWLV XLULEXV TXDH HLV
VXSHUIXHUXQWVHDJHUHQW
GXRVSRVWGLHVLQXHQHUXQWVHPLWDPGHRUVXPWHQGHUHHW
PR[LQXDOOHLQJHQWLXPTXHUFXXPSDHQHSOHQDDGIXHUXQW
³HVWQH QXOOXV ILQLV KXLXV VLOXDH H[VHFUDELOLV"´7KRULQXV
LQTXLW ³DUERU DOLFXL DVFHQGHQGD HVW TXL FDSLWH HLXV
VXEODWR VXSHU WHFWXP FLUFXPVSLFHUHW VROXV PRGXV HVW
HOLJHUHDUERUHPSURFHULVVLPDPTXDHVHPLWDHLPPLQHW´
VDQH ³DOLFXL´ %LOERQHP VLJQLILFDXLW HXP HOHJHUXQW
TXRGXWDVFHQVRUXVXLVLWFDSXWVXXPWROOHQGXPHVWVXSHU
IROLDVXSHULRUDHUJRLOOXPVDWLVOHXHPHVVHRSRUWHWXWUDPL
H[FHOVLVVLPL DWTXH WHQXLVVLPL LOOXP IHUDQW DUERUHV
DVFHQGHQGDH QXPTXDP PLVHUR 'RPLQR %DJJLQVL XVX
XHQHUDQW VHG HXP LQ UDPRV LQIHULRUHV LQJHQWLV TXHUFXV
TXDH XVTXH LQ VHPLWDP FUHXHUDW VXEOHXDXHUXQW HW HL
DVFHQGHQGXPIXLWTXDPPD[LPHSRWXLWSHUUDPXORVWRUWRV
FXP DODSLV PXOWLV LQ RFXOXP VH LPSXOLW XLULGLV DWTXH
VRUGLGXV D FRUWLFH XHWHUH UDPRUXP PDLRUXP IDFWXV HW
PDJLVTXDPVHPHOODSVXVDWTXHLQWHPSRUHDVHVXVFHSWXV
GHPXPSRVWFHUWDPHQWHUULELOHLQORFRTXRUDPLFRPPRGL
QHTXDTXDPHVVHXLVLVXQWSURSHXHUWLFHPXHQLWSHURPQH
WHPSXV QXP DUDQHDHLQDUERUHHVVHQWHWTXRPRGRLWHUXP
QLVLGHFLGDWGHVFHQVXUXVHVVHWGHPLUDEDWXU
LQILQHFDSXWVXXPVXSHUWHFWXPIROLRUXPLPSXOLWHWWXQF
VDQH DUDQHDV LQXHQLW LOODH DXWHP SDUXDH IXHUXQW
PDJQLWXGLQLV XVLWDWDH TXDH SDSLOLRQHV XHQDEDQWXU RFXOL
%LOERQLV D OXFH SDHQH FDHFDWL VXQW QDQRV DG HXP
H[FODPDQWHV D ORQJH LQIUD DXGLUH SRWXLW VHG UHVSRQGHUH
QRQSRWXLWVROXPVHWHQHUHHWFRQLXHUHVROFODUHOXFHEDW
TXHP VROXP SRVW ORQJXP WHPSXV SDWL SRWXLW FXP LOOXP
SDWHUHWXU PDUH JODXFXP KLF HW LOOLF DE DXUD WXUEDWXP
FLUFXPHXPXLGLWHWXELTXHVHVFHQWLSDSLOLRQHVHUDQWSXWR
HRV IXLVVH JHQHULV ³ DSDWXUD LULV´ SDSLOLR TXLGDP TXL
XHUWLFHVTXHUFXVVLOXHVWULVDPDEDWVHGLOOLTXLGHPSXUSXUHL
QRQ IXHUXQW FRORU LOOLV IXLW DWHU DWHU VHULFXVQLJHU VLQH
QRWLVXLVLELOLEXVXOOLV
GLX³DSDWXUDVLULGHV´DVSH[LWHWVHQVXDXUDHLQFULQLEXV
DWTXHXXOWXJDXLVXVHVWVHGGHPXPFODPRUHVQDQRUXPTXL
LQIUD LPSDWLHQWHV QXQF XHUXP KXPXP SHGLEXV SXOVDEDQW
HXPGHQHJRWLRXHURPRQXHUXQWLQXWLOHIXLWLQWXLWXVTXDP
PD[LPH SRWXHULW ILQHP DUERUXP HW IROLRUXP LQ SDUWH
TXDOLEHWQRQXLGHUHSRWXLWFRUVXXPTXRGDEDVSHFWXVROLV
DWTXHVHQVXXHQWLOHXDWXPHUDWLQGLJLWRVSHGXPUHPHDXLW
HLDGQXOOXPFLELLQIUDUHGHXQGXPHVW
UH XHUD XW WLEL GL[L QRQ SURFXO D PDUJLQH VLOXDH
DIXHUXQW HW VL %LOERQL LQJHQLXP HVVHW DG UHP XLGHQGDP
DUERU TXDP DVFHQGHUDW TXDPTXDP SURFHUD LQ LSVD IXLW
LX[WD IXQGXP XDOOLV ODWDH VWDEDW XW H XHUWLFH HLXV DUERUHV
FLUFXP PDUJLQHV RPQHV LQJHQWLV FUDWHULV WXPHVFHUH XLVDH
HVVHQW QHTXH LOOH TXRXVTXH VLOXD H[WHQGHUHWXU XLGHQGR
H[VSHFDUHW QLKLORPLQXV UHP QRQ XLGLW HW GHVSHUDWLRQLV
SOHQXVGHVFHQGLWGHPXPDGIXQGXPLWHUXPSHUXHQLWUDVXV
FDOLGXV DWTXH PLVHUDELOLV QHTXH FXP LOOXF DGXHQLVVHW
DOLTXLGLQFDOLJLQHLQIUDXLGHUHSRWXLWQXQWLXVHLXVHIIHFLW
XWFHWHULWDPPLVHUDELOHVTXDPLOOHILHUHQW
³VLOXD XELTXH HW XELTXH HW XELTXH LQ RPQLEXV SDUWLEXV
H[WHQGLWXUTXRGFXPTXHDJHPXV"HWTXLGXVXVHVWPLWWHQGL
KREELWXP"´ FODPDXHUXQW VLFXW LOOH LQ FXOSD HVVHW
SDSLOLRQHVQLKLOLSXWDXHUXQWHWFXPGHDXUDDPRHQDTXDP
VHQWLUH QRQ SRWXHUXQW TXRG DG DVFHQGHQGXP JUDXLRUHV
IXHUXQWLOOLVGL[LVVHWPRGRLUDWLRUHVIDFWLVXQW
LOODQRFWHIUXVWDXOWLPDDWTXHPLFDVFLELHGHUXQWHWPDQH
SUR[LPR FXP H[SHUUHFWL HVVHQW SULPR DQLPDGXHUWHUXQW VH
HWLDP HVXULHQWHU HVXULUH HW VHFXQGR SOXHUH JXWWLV KLF HW
LOOLF JUDXLWHU FDGHQWLEXV LQ VROXP VLOXDH TXDH UHV PRGR
HRV PRQXLW HWLDP VLWLHQWHU VLWLUH VHG QRQ HIIHFLW XW
UHOHXDUHQWXUQRQVLWLPWHUULELOHPOHXDUHSRWHVDVWDQGRVXE
TXHUFLEXV JLJDQWHLV HW H[VSHFWDQGR JXWWDP IRUWXLWDP TXDH
LQ OLQJXDP WXDP GHFLGHUHW IUXVWXP VROXP FRQVRODWLRQLV D
%RPEXUHFDVXXHQLW
TXLUHSHQWHH[SHUUHFWXVFDSXWVXXPUDGHQVVXUUH[LWXEL
HVVHWQHFTXDUHVHHVVHDGHRHVXULHQVVHQWLUHWQHTXDTXDP
LQWHOOH[LW QDP RPQLXP UHUXP TXDH DFFLGHUDQW FXP LWHU
LOOR PDQH 0DLR LDPSULGHP LQFHSLVVHQW REOLWXV HVW
FRQXLXLXP DSXG KREELWXP IXLW QRXLVVLPD UHV TXDP LOOH
PHPLQHUDWHWXL[SRWXHUXQWIDFHUHTXLQIDEXODHHRUXPGH
PXOWLV IDFLQRULEXV TXDH H[ TXR WHPSRUH VXVFHSHUDQW
FUHGHUHW
FXP QLKLO FLEL HVVH DXGLXLVVHW FRQVHGLW HW ODFULPDXLW
QDP VHQVLW VH LQILUPLVVLPXP DWTXH LQVWDELOHP LQ FUXULEXV
HVVH ³TXDUH XPTXDP H[SHUUHFWXV VXP"´ FODPDXLW
³VRPQLDWDPSXOFKUDKDEHEDPVRPQLDEDPPHDPEXODUHLQ
VLOXD VLPLOLV KXLF PRGR D IDFLEXV LQ DUERULEXV DWTXH
OXFHUQLV H UDPLV SHQGHQWLEXV DWTXH LJQLEXV KXPL
LOOXPLQDWDLELPDJQXPFRQXLXLXPDJLWDEDWXUSHUDHWHUQXP
DJLWDEDWXUUH[VLOXHVWULVDGHUDWFRURQDIROLDWDHWLELHUDW
FDQWXVLRFRVXVQHTXHLOODHGHQGDHWELEHQGDQXPHUDUHDXW
GHVFULEHUHSRWHUDP´
³WLELQRQRSXVHVWFRQDUL´7KRULQXVLQTXLW³UHXHUDVL
GHDOLTXRORTXLQRQSRWHVWHWDFHUHRSRUWHWWLELLDPVDWLV
LUDWL VXPXV VL QRQ H[SHUUHFWXV VLV WH FXP VRPQLLV IDWXLV
WXLVLQVLOXDUHOLTXHULPXVQRQHVWLRFXVWHIHUUHHWLDPSRVW
KHEGRPDGHVFLEDULRUXPSDUXRUXP´
QXQFQRQSRWXHUXQWIDFHUHTXLQFLQJXOLVFLUFXPXHQWUHV
LQDQHV FLQFWLV HW VDUFLQLV VDFFLVTXH LQDQLEXV VXEODWLV
SHGLEXV IHVVLV SURJUHVVL VLQW VLQH PDJQD VSH TXDGDP DG
ILQHPDGXHQWXURVHVVHDQWHTXDPLDFXHULQWHWIDPHHQHFDWL
HUXQWTXDPUHPSHULOOXPGLHPDJLWDEDQWOHQWLVVLPHDWTXH
GHIHVVL SURJUHGLHQWHV GXP %RPEXU FODPLWDW FUXUD VXD
LSVXPQRQIHUUHHWVHLDFHUHDWTXHGRUPLUHXHOOH
³PLQLPH QROL LG IDFHUH´ LQTXLXQW ³FUXUD WXD SDUWHP
VXDPWROODQWWHVDWLVORQJHWXOLPXV´
QLKLORPLQXV VXELWR UHFXVDXLW VH JUDGXP XQXP ORQJLXV
LWXUXP HVVH HW KXPL VH GHLHFLW ³SHUJLWH VL GHEHWLV´
LQTXLW ³HJR KLF VROXP LDFHER HW GRUPLDP HW GH FLER
VRPQLDERVLHXPKDEHUHDPRGRDOWHURQRQSRVVXPVSHUR
VHQXPTXDPH[SHUUHFWXUXPHVVHLWHUXP´
LSVR WHPSRUH %DOLQXV TXL SDXOR LQ IURQWH IXLW
H[ODPDXLW³TXLG HUDW LOOXG" SXWDXL PH IXOJRUHP TXHPGDP
OXFLVLQVLOXDXLGHUH´
RPQHVDVSH[HUXQWHWIXOJRUHPUXEUXPTXLORQJHDEHVVH
XLGHEDWXU LQ WHQHEULV XLGHUXQW WXP DOLXV HW DOLXV LX[WD
LOOXPH[VLOXLW%RPEXUHWLDPVXUUH[LWHWWXPPDWXUDXHUXQW
QLO PRUDQWHV QXP LEL WUROOD DQ JREHOLQL VLQW OX[ LQ IURQWH
HRUXP HW DG VLQLVWUDP VHPLWDH IXLW HW GHPXP FXP DG
ORFXP DHTXXP FXP LOOD SHUXHQLVVHQW PDQLIHVWXP HVVH
XLVXP HVW IDFHV DWTXH LJQHV VXE DUERULEXV IODJUDUH VHG
ORQJLVVLPHDXLDVXD
³XLGHWXUVRPQLDPHDILHULXHUD´%RPEXUFXPIODWLEXVD
WHUJR DSSURSLQTXDQV DQKHODXLW TXL LQ VLOXDP DG OXFHV
VHTXHQGDV GLUHFWH LUUXHUH XROHEDW FHWHUL DXWHP
DGPRQLWLRQXPPDJLHW%HRUQLVQLPLXPPHPLQHUDQW
³FRQXLXLXP QRQ XVXL IXHULW VL H[ TXR XLXL QXPTXDP
UHGLELPXV´7KRULQXVLQTXLW
³VHG VLQH FRQXLXLR QRQ PXOWXP ORQJLXV XLXHPXV
QLKLORPLQXV´ %RPEXU LQTXLW FXL %LOER XHKHPHQWHU
FRQVHQVLW GH UH LQWHU VH GLX GLVSXWDEDQW GRQHF WDQGHP
VHFXPFRQVHQVHUXQWIRUHXWGXRH[SORUDWRUHVHPLWWHUHQWXU
TXLSURSHOXFHVUHSWDUHQWDGSOXUDGHLOOLVTXDHUHQGDVHG
WXP GH TXLEXV PLWWHQGLV QRQ FRQVHQWLUH SRWXHUXQW QHPR
DQ[LXVHVVHXLVXVHVWTXLUHPSHULFOLWDULXROXLWQHDPLVVXV
ILHUHWQHTXHXPTXDPDPLFRVVXRVUXUVXVLQXHQLUHWLQILQH
DGPRQLWLRQLEXV H[FHSWLV HVXULWLR UHP SUR LOOLV GHFLGLW
TXRG %RPEXU RPQLD ERQD TXDH VHFXQGXP VRPQLXP HLXV
DSXG FRQXLXLXP VLOXHVWUH HGHEDQWXU GHVFULEHEDW LWDTXH
RPQLEXVHVHPLWDHJUHVVLVXQDLQVLOXDPVHGHPLVHUXQW
SRVWTXDP PXOWXP UHSWDXHUXQW DWTXH VHUSVHUXQW WUXQFRV
FLUFXPVSH[HUXQW DWTXH LQ DSHUWXP LQWXLWL VXQW LQ TXR
DUERUHVQRQQXOODHGHFLVDHHUDQWHWKXPXVH[DHTXDWXVHUDW
LELHUDQWPXOWLKRPLQHVTXLGU\DGHVHVVHXLVLVXQWXLULGL
DWTXHIXOXRXHVWLWLTXLLQDQXOLVVHFDWLVDUERUXPGHFLVDUXP
TXDH LQ FLUFXOR PDJQR IXHUXQW VHGHEDQW HUDW LJQLV LQ
PHGLR HW IDFHV DUERULEXV QRQQXOOLV FLUFXP DOOLJDWDH VXQW
VHG UHV VSOHQGLGLVVLPD RPQLXP XLGHQGD HGHEDQW DWTXH
ELEHEDQWDWTXHLRFRVHULGHEDQW
RGRU FDUQXP DVVDUXP DGHR GXOFLVVLPXV IXLW XW QRQ
PRUDWLDGLQWHUVHFRQVXOHQGXPRPQLVTXLVTXHVXUJHUHWHW
SURSHUDQWHU SURUVXV LQ DQXOXP SURSHUDUHW FXP VHQWHQWLD
XQDGHFLEXPDOLTXHPREVHFUDQGRFXPSULPXPSULPXVLQ
DSHUWXP LQJUHGL HUDW TXDP OXFHV RPQHV VLFXW D PDJLD
H[VWLQJHEDQWXU DOLTXLV LJQHP FDOFDXLW TXL LQ PLVVLOLEXV
VFLQWLOODUXP PLFDQWDUXP DVFHQGLW WXP HXDQXLW LQ WHQHEULV
RPQLQR VLQH OXFH DPLVVL VXQW QHTXH DOLXV DOLXP HWLDP
LQXHQLUH SRWHUDW QRQ GLX VDQH SRVWTXDP LQ FDOLJLQH
IXULRVH HUUDXHUXQW VXSHU VWLSLWHV FDGHQWHV LQ DUERUHV
FUHSLWX LQFLGHQWHV HW FODPLWDQWHV HW H[FODPDQWHV GRQHF
RPQLD LQ VLOXD SHU PLOLD SDVVXXP LOOLV H[FLWDQGD VXQW
GHPXP VH FROOLJHUH LQ JORER HW WDFWX VH QXPHUDUH
SRWXHUXQWH[TXRWHPSRUHVDQHLQTXDSDUWHVHPLWDHVVHW
RPQLQR REOLWL HUDQW HW VLQH VSH XVTXH DG PDQH VDOWHP
DPLVVLVXQW
QRQ IDFHUH SRWXHUXQW TXLQ LQ LOOR ORFR LSVR SHU QRFWHP
FRQVLGHUHQW QHTXH HWLDP KXPL IUXVWD FLEL TXDHUHUH DXVL
VXQW QDP WLPXHUXQW QH LWHUXP VHSDUDUHQWXU VHG QRQ GLX
LDFHEDQWHW%LOERVROXPPRGRGRUPLWDEDWFXP'RULXVTXL
SULPXPXLJLOLDVDJLWDXLWVXVXUURPDJQRGL[LW
³LOOLFOXFHVLWHUXPQLWHVFXQWHWSOXUHVTXDPXPTXDP´
RPQHVH[VLOXHUXQWLOOLFVDQHQRQORQJHDEHUDQWFHQWXP
OXFHVFRUXVFDEDQWHWXRFHVHWULVXVFODULVVLPHDXGLXHUXQW
DG LOODV LQ XQD OLQHD TXLVTXH WHUJXP KXLXV TXL LQ IURQWH
IXLW WDQJHQV OHQWH UHSWDXHUXQW FXP SURSH
DSSURSLQTXDXLVVHQW 7KRULQXV LQTXLW ³KRF WHPSRUH QROLWH
SURUVXV SURSHUDUH QHPR H ODWHEULV PRXHDW GRQHF GL[L
SULPR 'RPLQXP %DJJLQVHP VROXP PLWWDP TXL FXP LOOLV
ORTXDWXULOOLHXPQRQWLPHEXQW±³HJRQHLOORV"´FRJLWDXLW
%LOER ± HW SUDHWHUHD VSHUR LOORV HL QRQ PDOXP GDWXURV
HVVH´
FXP DG PDUJLQHP FLUFXOL OXFXP DGXHQLVVHQW %LOERQHP
D WHUJR UHSHQWH SHSXOHUXQW DQWHTXDP LOOH WHPSXV DG
DQXOXPVXXPLQGXHQGXPKDEXLWLQIXOJRUHPSOHQXPLJQLV
DWTXH IDFXP LQFLGLW UHV LQXWLOLV IXLW RPQHV OXFHV LWHUXP
H[VWLQJXHEDQWXUHWWHQHEUDHWRWDHGHFLGHUXQW
VL GLIILFLOH IXHUDW VH FROOLJHUH DQWH KRF WHPSRUH PXOWR
SHLXV IXLW HW QHTXDTXDP KREELWXP LQXHQLUH SRWXHUXQW
TXDQGRFXPTXHVHQXPHUDEDQWVXPPDIXLWWUHGHFLPVROXP
FODPLWDEDQW HW H[FODPDEDQW ³%LOER %DJJLQV KREELWH WX
KREELWH SHUGLWH KHXV KREELWH WH FRQIXQGH XEL HV"´ HW
FHWHUDLOOLXVJHQHULVVHGUHVSRQVXPHUDWQXOOXP
LOOL VSHP UHOLFWXUL FXP 'RULXV FDVX HXP LQXHQLW LQ
WHQHEULVWUDQVDOLTXLGTXRGHVVHVWLSLWHPSXWDXLWLQFLGHUDW
HW LQXHQLW LG HVVH KREELWXP SURFXPEHQWHP DWTXH JUDXLWHU
GRUPLHQWHPTXHPPXOWRTXDVVDXHUXQWDGHXPH[FLWDQGXP
TXLFXPH[SHUUHFWXVHVVHWQHTXDTXDPGHOHFWDWXVHVW
³VRPQLXPWDPSXOFKUXPVRPQLDEDPÍUHPXLW³GHFHQD
VXPSWXRVVLPD´
³GLLPPRUWDOHVLOOHVLFXW%RPEXUIDFWXVHVW´LQTXLXQW
³QROLGLFHUHQRELVGHVRPQLLVFHQDHVRPQLRUXPQRQXVXL
VXQWQHTXHHDVSDUWLUHSRVVXPXV´
³LOODH VXQW RSWLPDH TXDV LQ KRF ORFR KRUULGR
SUREDELOLWHUKDEHER´PXVVDXLWLOOHGXPLX[WDQDQRVLDFHW
HWGRUPLUHGHQXRFRQDWXUXWVRPQLXPVXXPLWHUXPLQXHQLDW
VHGLOODHQRQIXHUXQWLQVLOXDXOWLPDHOXFHVVHULXVFXP
QR[FHUWHVHQHVFHUHW.LOLXVTXLWXPXLJLODEDWXHQLWXWHRV
UXUVXVH[FLWDUHWGLFHQV
³HVW IXOJRU XHUXV OXFLV TXL LQFHSWXV QRQ ORQJH DEHVW ±
VHVFHQWDH IDFHV DWTXH LJQHV PXOWL UHSHQWH DWTXH D PDJLD
LQFHQGHQGLVXQWHWFDQWXVDWTXHO\UDVDXVFXOWDWH´
SRVWTXDP SDXOLVSHU LDFXHUXQW HW DXGLXHUXQW LQXHQHUXQW
VH GHVLGHULR SURSLXV PRXHQGL QRQ UHVLVWHUH SRVVH XW
GHQXR DX[LOLXP SHWHUH FRQDUHQWXU UXUVXV H[VLOXHUXQW HW
KRF WHPSRUH UHV FDODPLWRVH HXHQLW FRQXLXLXP TXRG QXQF
XLGHUXQWDPSOLXVHUDWDWTXHPDJQLILFHQWLXVTXDPDQWHHWLQ
FDSLWH RUGLQLV ORQJL HSXORQXP UH[ VLOXHVWULV FXP FRURQD
IROLDWDVXSHUFULQHVDXUHRVVHGHEDWVLFXW%RPEXUILJXUDP
LQ VRPQLR VXR GHVFULSVHUDW GU\DGHV SRFXORV D PDQX DG
PDQXPHWWUDQVLJQHVWUDGHEDQWHWDOLTXLO\UDVSXOVDEDQWHW
PXOWLFDQHEDQWFULQHVQLWHQWHVIORULEXVFLUFXPSOH[LHUDQW
JHPPDH XLULGHV DWTXH DOEDH LQ LXJXOLV DWTXH FLQJXOLV
HRUXP IXOJXUDEDQW HW IDFLHV HW FDQWXV KLODULWDWLV SOHQL
HUDQWTXLFDQWXVHUDQWPDJQLDWTXHFODULDWTXHSXOFKULLQ
PHGLXPTXRUXP7KRULQXVHJUHVVXVHVWVLOHQWLXPLQPHGLR
XHUER WRWXP GHVFHQGLW OXFHV H[VWLQJXHEDQWXU LJQHV LQ
IXPRV QLJURV H[VLOLHEDQW FLQHUHV DWTXH IDXLOODV LQ RFXORV
QDQRUXP LQHUDQW HW VLOXD UXUVXV FODPRUH HRUXP DWTXH
FODQJRULEXVLPSOHEDWXU
%LOERLQXHQLWVHFLUFXPDWTXHFLUFXPFXUVDUHXWSXWDEDW
HWH[FODPLWDUHDWTXHH[FODPLWDUH³'RUL1RUL2UL2LQH
*ORLQH )LOL .LOL %RPEXU %LIXU %RIXU 'ZDOLQH
7KRULQH6FXWXPTXHUFHXP´GXPKRPLQHVTXRVQHFXLGHUH
QHF VHQWLUH SRWHUDW FLUFXP HXP VH HRGHP PRGR JHUXQW
FXP³%LOER´VXELQGHLQLHFWRFODPRUHVDXWHPFHWHURUXP
ORQJLXV DWTXH KHEHWLXV FRQVWDQWHU ILHEDQW HW TXDPTXDP
SDXOR SRVW LQ XOXODWXV DWTXH FODPRUHV DX[LOLXP SHWHQWHV
SURFXO PXWDUH HL XLVL VXQW GHPXP RPQLV VRQLWXV RPQLQR
VXEVHGLW HW VROXV LQ VLOHQWLR WRWR DWTXH WHQHEULV
UHOLQTXHEDWXU
TXRG PRPHQWXP WHPSRULV IXLW XQXP HLXV PLVHUULPRUXP

PR[ DXWHP LQ DQLPR FRQVWLWXLW VH QRQ WHPSWDWXUXP HVVH
DOLTXLGIDFHUHGRQHFGLHVFXPDOLTXDOXFHSDXFDDGXHQHULW
HW UHP HVVH RPQLQR LQXWLOHP LQHSWH HUUDUH XW IHVVXV VLQH
VSH LHQWDFXOL DG HXP UHFUHDQGXP ILHUHW LWDTXH LSVH FXP
WHUJR DG DUERUHP FRQVHGLW QHTXH WHPSXV IXLW XOWLPXP LQ
TXR GH IRUDPLQHKREELWR TXRG ORQJLVVLPH DIXLW FXP
FHOOLV HLXV SXOFKULV FRJLWDXLW GXP GH ODULGR RXLVTXH HW
SDQH WRVWR EXW\URTXH DWWHQWH FRJLWDW VHQVLW QHVFLR TXLG
HXPWDQJHUHDOLTXLGTXDVLOLQHDIRUWLVWHQD[TXHDGPDQXP
VLQLVWUDPHUDWHWFXPPRXHUHWHPSWDXLVVHWFUXUDVXDHVVH
LDP LQ PDWHULD HDGHP LQXROXWD LQXHQLW XW VXUJHQV
GHFLGHUHW
WXQF PDJQD DUDQHD TXDH HXP GRUPLWDQWHP DOOLJDQGR
RFFXSDWD HUDW D WHUJR HLXV XHQLW HW LQ HXP LPSHWXP IHFLW
LOOH VROXP RFXORV IHUDH XLGHUH SRWXLW VHG FUXUD HLXV
KLUVXWDVHQWLUHSRWXLWXWILODVXDDERPLQDQGDFLUFXPDWTXH
FLUFXP HXP XROXHUH FRQWHQGHEDW IHOLFLWHU PHQWHP LQ
WHPSRUH UHFHSHUDW PR[ QHTXDTXDP VH PRXHUH SRWXHULW
QLKLORPLQXVDFULWHUSXJQDQGXPHVWDQWHTXDPVHOLEHUDXLW
IHUDP PDQLEXV VXLV UHSSXOLW ± TXDH HXP XHQHQDUH
FRQDEDWXU XW LOOH WDFLWXV HVVHW VLFXW DUDQHDH SDUXDH FXP
PXVFLVDJXQW±GRQHFHQVHPPHPLQHUDWTXHPHGX[LWWXQF
DUDQHDUHVLOXLWHWLOOHWHPSXVKDEXLWXWVHFDQGRFUXUDVXD
OLEHUDUHW SRVW LOODP UHP XLFLVVLP LPSHWXP IHFLW DUDQHD
LOOLV TXDH WDOHV DFXOHRV IHUHEDQW PDQLIHVWH QRQ DVVXHWD
HVWDXWFHOHULXVHIIXJHULWDQWHTXDPLOODHXDQHVFHUHSRWXLW
%LOERLOODPDJJUHVVXVHQVHLQRFXORVLSVRVIRGLWWXPLOOD
LQVDQLXLW HW VDOLHEDW HW VDOWDEDW HW FUXUD PRWLEXV
KRUULELOLEXV LDFWDEDW GRQHF LOOH HDP LFWX DOWHUR QHFDXLW
WXPGHFLGLWHWQLKLOSOXUDSHUGLXPHPLQHUDW
FXPPHQWHPUHFHSLVVHWOX[VROLWDKHEHVJODXFDFLUFXP
HXPHUDWDUDQHDPRUWXDLX[WDHXPLDFHEDWHWHQVLVQLJUR
PDFXODWXV HVW QHVFLR TXRPRGR 'RPLQR %DJJLQVL PXOWXP
UHWXOLWVHLSVXPVROXPLQWHQHEULVVLQHPDJRDXWQDQLVDXW
DOLTXLEXV DGLXXDQWLEXV DUDQHDP QHFDXLVVH VHQVLW VH
KRPLQHP PXWDWXP HVVH PXOWXP IHURFLRUHP DWTXH
DXGDFLRUHP XHQWUR LQDQL QRQ H[FHSWR GXP HQVHP LQ
JUDPLQLEXVWHUVXPLQXDJLQDPUHFRQGLW
³QRPHQWLELGDER´LQTXLW³HWWHDSSHOODER$FXOHXV´
SRVWHD DG H[SORUDQGXP SURJUHVVXV HVW VLOXD IXLW WRUXD
DWTXH WDFLWD VHG SODQH SULPXP TXDHUHQGL IXHUXQW DPLFL
TXL SUREDELOLWHU QRQ ORQJH DIXHUXQW QLVL FDSWLXL D
GU\DGLEXVDXWDPDOLVIDFWLHUDQW%LOERSXWDXLWFODPDQGR
UHPILHULSHULFXORVDPHWSHUGLXVWHWLWFRJLWDQVLQTXRORFR
VHPLWDHVVHWHWTXRSULPXPLUHWDGQDQRVTXDHUHQGRV
³R TXDUH FRQVLOLXP %HRUQLV QRQ PHPLQHUDPXV DWTXH
*DQGDOSKL´ ODPHQWDWXV HVW ³LQ TXDQWD WXUED QXQF QRV
LQVXPXV QRV VROXP XROR HVVHQRV HVVH VROXV HVW UHV
KRUULELOLV´
LQ ILQH FRQLHFWXUDP WDP EHQH IHFLW TXDP RSWLPH SRWXLW
GHSDUWHHTXDFODPRUHVDX[LOLXPSHWHQWHVLQQRFWHXHQHUDW
± HW IRUWH IRUWXQD FXP SRUWLRQH ERQD FXLXV QDWXV HUDW
PDJLV PLQXVXH UHFWH FRQLHFLW XW XLGHELV UH LQ PHQWH
FRPSRVLWD UHSWDXLW TXDP FDOOLGLVVLPH SRWXLW LQ VLOHQWLR
KREELWL VXQW FDOOLGL SUDHFLSXH LQ VLOXLV XW LDP WLEL GL[L
SRUUR DQWHTXDP HJUHVVXV HVW %LOER DQXOXP LQGXHUDW
TXDPREUHPDUDQHDHHXPGXPDSSURSLQTXDWQHFXLGLWQHF
DXGLXLW
IXUWLXH DOLTXDPGLX SURJUHVVXV HUDW FXP ORFXP XPEUDH
GHQVDH QLJUDH ORFXP QLJUXP HWLDP LQ LOOD VLOXD TXDVL
PDFXODP PHGLDH QRFWLV TXDH QXPTXDP GHWHUVD HUDW LQ
IURQWH DQLPDGXHUWLW SURSLXV DSSURSLQTXDQV XLGLW LOOXP D
WHOLV DOLD FXP DOLD LQ WHUJR HW VXSUD HW LPSOLFDWD IDFWXP
HVVH VXELWR HWLDP XLGLW DUDQHDV DGHVVH LQJHQWHV DWTXH
KRUULELOHVTXDHLQUDPLVVXSHUHXPVHGHEDQWHWDQXOXVDXW
QXOOXV DQXOXV PHWX WUHPXLW QH HXP LQXHQLUHQW SRVW
DUERUHP VWDQV HDV DOLTXDPGLX DVSHFWDEDW HW WXP LQ
VLOHQWLR DWTXH TXLHWH VLOXDH LQWHOOH[LW LOODV IHUDV IRHGDV
LQWHUVHORTXLXRFHVVXDHHUDQWTXDVLVWULGRUDWTXHVLELOXV
WHQXLVVHGPXOWDXHUEDTXDHGLFHEDQWLQWHOOHJHUHSRWHUDW
GHQDQLVORTXHEDQWXU
³DFULWHU SXJQDWXP HVW VHG RSHUDH SUHWLXP IXLW´ XQD
LQTXLW³TXDPIRHGDHDWTXHGHQVDHSHOOHVHRUXPVXQWVDQH
VHGVSRQGHERLXVERQXPLQWXVHVVH´
³FHQDP TXLGHP ERQDP IDFLHQW SRVW DOLTXDPGLX
SHSHQGHULQW´DOLDLQTXLW
³QROLWHLOORVQLPLVORQJHVXVSHQGHUH´WHUWLDLQTXLW³QRQ
WDP SLQJXHV TXDP LOORV HVVH RSRUWXHULW UHFHQV QRQ VDWLV
EHQHXHVFHEDQWXUXWFRQLFLDP´
³LOORVQHFDWHGLFR´TXDUWDVLELODXLW³QHFDWHLOORVQXQF
HWPRUWXRVSDXOLVSHUVXVSHQGLWH´
³VXQWPRUWXLQXQFXWSXWR´SULPDLQTXLW
³QRQ VXQW PRGR XQXP DJLWDQWHP XLGL PRGR QXQF
H[SHUJLVFHQWHPXWSXWRSRVWVRPQLXPSXXXOFKULVVLPXP
TXHPXRELVPRQVWUDER´
KLV GLFWLV XQD DUDQHD SLQJXLV VHFXQGXP IXQHP FXFXUULW
GRQHFDGGXRGHFLPIDVFHVLQRUGLQHDUDPRDOWRSHQGHQWHV
SHUXHQLW %LOER KRUUXLW QXQF HRV TXL LQ XPEULV
GHSHQGHEDQW SULPXP DQLPDGXHUWLW VH SHGHP QDQL H[
IXQGRIDVFLXPDOLTXRUXPHPLQHQWHPXLGHUHDXWKLFHWLOOLF
XHUWLFHPQDULVDXWSDUWHPEDUEDHXHOFXFXOOL
DGSLQJXLVVLPXPIDVFLXPLOORUXPDGXHQLWDUDQHD±³HVW
PLVHU %RPEXU FHUWH´ %LOER SXWDXLW ± HW QDUHP TXDH
HPLQHEDW GXUH PRPRUGLW IXLW LQWULQVHFXV VWULGR U VXUGXV
HW GLJLWXV SHGLV H[VXUUH[LW HW DUDQHDP UHFWH DWTXH GXUH
FDOFLWUDXLW %RPEXU DGKXF XLXXV HUDW IXLW VRQLWXV TXDVL
IROOLVIODFFLGXVFDOFLWUDWXVHWDUDQHDLUDWDHUDPRH[FLGLW
PRGRLQWHPSRUHVHDILODVXDSUHKHQGHQV
FHWHUDHULVHUXQW³UHFWLVVLPXVIXLVWL´LQTXLXQW³FDURHVW
XLXDHWFDOFLWUDQV´
³LOOLXVILQHPIDFLDPPR[´DUDQHDLUDWDLQUDPXPLWHUXP
DVFHQGHQVVXVXUUDXLW
%LOER LQWHOOH[LW WHPSXV DGXHQLUH LQ TXR DOLTXLG VLEL

DJHQGXP HVW IHUDV DSSURSLQTXDUH QRQ SRWXLW QHF DOLTXLG
DGHPLWWHQGXPKDEXLWVHGFLUFXPVSLFLHQVXLGLWLQKRFORFR
PXOWDVD[DHVVHLDFHQWLDLQTXRQXQFSDUXXVDOXHXVVLFFXV
HVVHXLVXVHVW%LOERVD[RLFWXVDWLVFHUWRXWHEDWXUHWQRQ
SRVW PXOWR XQXP OHXH LQ ILJXUD RXLV LQXHQLW TXRG DG
PDQXPDUFWHDFFRPRGDWXPHVWGXPSXHUVHH[HUFHUHVROHW
LQ LDFWDQGR VD[D DG DOLTXD GRQHF FXQLFXOL HW VFLXUL HW
HWLDP DXHV VL HXP SURQXP XLGHUXQW D XLD HLXV FHOHULXV
TXDPIXOJXUDELHUXQWHWHWLDPGXPXLUWHPSXVLPSHQGLWLQ
G L V F R OXGHQGR WHOD LDFWHQGR VDJLWWDV DG XLUJDP
HPLWWHQGR JOREXORUXP OXVRULRUXP OXVX WUXQFXORUXP
QR XH P OXVX HW DOWHULV OXVLEXV TXLHWLV JHQHULV GH
LQWHQGHQGR LDFWHQGRTXH ± UH XHUD PXOWD DJHUH SUDHWHUHD
FRURQDV IXPL HPLWWHUH DHQLJPDWD GLFHUH HW FRTXHUH
SRWHUDW GH TXLEXV QLKLO WHPSRULV PLKL IXHUDW XW WLEL
QDUUDXLVVHP QXQF QLKLO WHPSRULV HVW GXP VD[D WROOLW
DUDQHDDG%RPEXUHPSHUXHQHUDWTXLPR[PRUWXXVVLWWXP
PD[LPH %LOER LHFLW VD[XP LFWX DUDQHDP LQ FDSLWH
SHUFXVVLW TXDH VHQVLEXV DEODWLV H[ DUERUH LQ KXPXP FXP
DODSDRPQLEXVFUXULEXVWRUWLVGHFLGLW
VD[XPSUR[LPXPVWULGHQVSHUPDJQDPWHODPSHUWUDQVLLW
IXQLFXORVIUDQJHQVDWTXHDUDQHDPLQPHGLRGHSHOOHQVLFWX
PRUWXDP SRVW LOODP UHP FRORQLD DUDQHDUXP XDOGH
FRPPRWD HVW TXDH PLKL OLFHW WLEL GLFHUH QDQRUXP
SDXOLVSHUREOLWDHVXQW%LOERQHPXLGHUHQRQSRWXHUXQWVHG
GH SDUWH TXD VD[D XHQLHEDQW EHQH FRQLFHUH SRWXHUXQW
FHOHULXV TXDP IXOJRU DG KREELWXP FXUUHQWHV DWTXH
SHQGHQWHV DGXHQHUXQW ILOD ORQJD XELTXH HLFLHQWHV GRQHF
DHUODTXHRUXPXQGXODWRUXPSOHQXVHVVHXLVXVHVW
%LOER WDPHQ PR[ LQ ORFR DOWHUR HODSVXV HVW LQ DQLPR
KDEXLWDUDQHDVIXULRVDVORQJLXVHWORQJLXVHQDQLVGXFHUH
VL SRWLV HIILFHUH XW LOODH FXULRVDH DWTXH FRPPRWDH DWTXH
LUDWDH VHPHO HVVHQW FXP FLUFD TXLQTXDJLQWD DG ORFXP LQ
TXRLOOHDQWHVWHWHUDWDELVVHQWLQLOODVSOXUDVD[DLHFLWHW
LQ DOWHUDV TXDH LQ WHUJR FRQVWLWHUDQW WXP LQWHU DUERUHV
VDOWDQV FDQWXV FDQWDUH FRHSLW XW LOODH HIIHUDUHQWXU HW HXP
VHTXHUHQWXUHWSRUURXWQDQLXRFHPHLXVDXGLUHSRVVHQW
KDHFVXQWTXDHFDQWDEDW
DUDQHDXHWXVWDSLJUD
LQDUERUHGHGXFHQVILOD
QRQXLGHVPHREHVD
$UDFKQH$UDFKQH
GHVLVWHGHVLVWH
QXQFQHUHDWTXHPHXHVWLJD
DUDQHDUXVWLFDVWXOWD
DUDQHDUXVWLFDFUDVVD
QRQVSHFWDVPHIDWXD
$UDFKQH$UDFKQH
GHRUVXPGHVFHQGH
QRQSUHQGLVPHGXPVXUVXPVWXOWD
QRQRSWLPHIDFWDIRUWDVVHVHGWHUHFRUGDULRSRUWHWHXP
FRDFWXP HVVH XW LSVH LOOD LQ SXQFWR WHPSRULV GLIILFLOOLPL
ILQJHUHW TXDH QLKLORPLQXV HIIHFHUXQW TXDH LOOH IDFHUH
XROXLW GXP FDQWDW SOXUD VD[D LDFHEDW HW KXPXP SHGH
SXOVDEDWSDHQHRPQHVDUDQHDHLQLOORORFRHXPSHUVHFXWDH
VXQWDOLDHKXPLGHFLGHUXQWDOLDHVHFXQGXPUDPRVUXHUXQW
DEDUERUHDGDUERUHPVHLDFWDXHUXQWXHOIXQHVQRXRVWUDQV
VSDWLD WHQHEURVD LHFHUXQW DG VRQLWXP HLXV SURSHUDEDQW
FHOHULXVTXDPLOOHRSLQDWXVHUDWIXHUXQWXDOGHLUDWDHVD[LV
RPQLQR H[FHSWLV QXOODH DUDQHDH SODFHEDW XW$UDFKQH
DSSHOODUHWXUHWUXVWLFDVDQHHVWDOLFXLFRQWXPHOLD
DGORFXPQRXXPIHVWLQDXLW%LOERVHGQRQQXOODHDUDQHDH
LDPQXQF LQ SDUWHV GLXHUVDV LQ QHPRUH LQ TXR KDELWDEDQW
FXFXUUHUDQWHWQHQGRWHODVWUDQVVSDWLDRPQLDLQWHUWUXQFRV
DUERUXP RFFXSDWDH VXQW PR[ KREELWXV LQ VDHSH GHQVD
HDUXP FLUFXP HXP LOODTXHDWXV HVVHW ± TXDH UHV VDOWHP
FRQVLOLXP DUDQHDUXP IXLW %LOER LQ PHGLR XHQDWLXP DWTXH
QHQWLXP LQVHFWRUXP VWDQV WLPRUH RPLVVR FDQWXP QRXXP
FRHSLW
,JQDXDTXH,QVDQDTXH
TXDHIUXVWUDQXQFFRQVWULQJXQWPH
TXDPGXOFLVVXPVXFRVXVTXH
QHTXLWLVLQXHQLUHPH
LPSUREDPXVFDHJRVXP
HQSLJUDSLQJXLVDJHGXP
HWLDPOLEHUVHPSHUVXP
LQDQHHVWDUDQHXP
KLVGLFWLVVHXHUWLWHWLQXHQLWVSDWLXPXOWLPXPLQWHUGXDV
DUERUHV SURFHUDV FXP WHOD FODXVXP IXLVVH ± VHG IHOLFLWHU
QRQ WHOD RUGLQDULD PRGR PDJQD ILOD ELVGHQVDWL IXQLV
DUDQHL UXUVXP SURUVXP D WUXQFR DG WUXQFXP SURSHUDQWHU
WH[WD HQVH SDUXR GHVWULQFWR ILOD FRQVHFDXLW HW FDQWDQV
HJUHVVXVHVW
DUDQHDH HQVHP XLGHUXQW TXDPTXDP QRQ SXWR LOODV
LQWHOOHJHUH TXRG HVVHW HW VWDWLP RPQLV WXUED HDUXP
VHFXQGXP WHUUDP DWTXH UDPRV FUXULEXV KLUVXWLV
DJLWDQWLEXV IRUFLSLEXV WH[WRULEXVTXH FUHSLWDQWLEXV RFXOLV
SURVLOLHQWLEXVVSXPDHLUDHTXHSOHQDIHVWLQDQWHUKREELWXP
SHUVHFXWD HVW LQ VLOXDP HXP VHFXWDH VXQW GRQHF %LOER
TXDWHQXV LHUDW XW DXVL HVW WXP PDJLV IXUWLP TXDP PXV
UHGLLW
VH PLQLPXP WHPSRULV KDEHUH VFLXLW DQWHTXDP DUDQHDH
WDHGLR DIIHFWDH DG DUERUHV UHGLHUXQW XEL QDQL SHQGHEDQW
TXLLQWHULPHULSLHQGLHLVXQWDVFHQGHUHLQUDPXPORQJXP
H[ TXR IDVFHV SHQGHEDQW IXLW SDUV SHVVLPD RIILFLL QRQ
SXWR VL IHOLFLWHU DUDQHD IXQHP GHSHQGHQWHP QRQ
UHOLTXLVVHW HXP SHUIHFWXUXP IXLVVH UHP DX[LOLR FXLXV
TXDPTXDPPDQXLHLXVDGKDHVLWDWTXHHLQRFXLWHQL[XVHVW
±PRGRXWREXLDPLUHWDUDQHDHXHWHULSLJUDHPDODHFRUSRUH
SLQJXH TXDH DG FDSWLXRV FXVWRGLHQGRV UHPDQVHUDW HW LQ
XHOOLFDQGR TXRV RFFXSDWD HUDW XW TXHP VXFL SOHQLVVLPXP
DG HGHQGXP FRJQRVFHUHW LOOD GH FRQXLXLXP LQFLSLHQGR
FRJLWDXHUDW GXP FHWHUDH DEVXQW VHG 'RPLQXV %DJJLQV
IHVWLQDEDWLWDTXHDQWHTXDPDUDQHDTXLGDJHUHWXULQWHOOH[LW
DFXOHXPHLXVVHQVLWHWHUDPRPRUWXDGHXROXLW
SUR[LPXP RIILFLXP %LOERQLV IXLW QDQXP VROXHUH TXLG
DFWXUXV HVW" VL ILOXP TXRG LOOXP VXVSHQGHEDW VHFDUHW
PLVHU QDQXV DG WHUUDP ORQJLXV LQIUD FROODEHUHWXU
VHFXQGXP UDPXP VH VLQXDQV TXDH UHV HIIHFLW XW RPQHV
QDQLVDOWDUHQWHWXLEUDUHQWVLFXWIUXJHVPDWXUDHDGIDVFHP
SULPXPSHUXHQLW
³)LOLXVXHO.LOLXV´DXHUWLFHFXFXOOLFDHUXOHLHVXPPR
HPLQHQWLVSXWDXLW³XHULVLPLOHHVW)LOLXPHVVH´DXHUWLFH
QDULV ORQJDH D ILOLV WRUTXHQWLEXV H[WUXVDH SXWDXLW VH
LQFOLQDQGRHIIHFLWXWSOXULPDILODIRUWLDDWTXHWHQDFLDTXDH
LOOXPFLUFXPHWFLUFXPOLJDXHUXQWVHFDUHWHWWXQFTXLGHP
FDOFLWUDQV DWTXH QLWHQV SOXULPD SDUV )LOLL HPHUVLW PH
SDHQLWHWGLFHUH%LOERQHPXHURULGHUHDVSHFWXPKXLXVTXL
EUDFFKLD DWTXH FUXUD ULJLGD DJLWDEDW GXP LQ QHUXR DUDQHR
VXEDOLVVXLVVDOWDWVLFXWTXRGGDPREOHFWDPHQWXPLRFRVXP
OLEHURUXPLQILORPHWDOOLFRVHPRXHQV
QHVFLR TXRPRGR )LOLXV UDPXP DWWLJLW HW WXP TXDP
RSWLPH SRWXLW %LOERQHP DGLXXLW TXDPTXDP VHQWLHEDW VH
HVVH XDOGH QDXVHDEXQGXP DWTXH DHJUXP SURSWHU XHQHQXP
DUDQHXP HW SHU SOXULPDP QRFWHP DWTXH GLHP SUR[LPXP
SHQGHQWHP FLUFXP HW FLUFXPXROXWXP SHU QDUHP VRODP
VSLUDQWHP SHUGLX FRQDWXV HVW DQWHTXDP PDWHULDP IRHGDP
H[ RFXOLV DWTXH VXSHUFLOLLV UHPRXHUH SRWXLW HW GH EDUED
VXD SOXULPDP H[VHFDUH FRDFWXV HVW QLKLORPLQXV LQWHU VH
XQXPQDQXPSULPXPWXPDOLXPVXEGXFHUHFRHSHUXQWTXRV
LFWLEXV OLEHUDXHUXQW QHPR PHOLRU VDQLWDWH HUDW TXDP
)LOLXV HW DOLTXL SHLRUHV HUDQW DOLL RPQLQR VSLUDUH XL[
SRWHUDQW QDUHV ORQJDH DOLTXDQGR XVXL HVVH XLGHV HW DOLL
PDJLVXHQHQDWLVXQW
LQ KRF PRGR .LOLXP %LIXUHP %RIXUHP 'RULXP HW
1RULXP OLEHUDXHUXQW PLVHU %RPEXU DGHR GHIHVVXV HVW ±
IXLWSLQJXLVVLPXVLWDTXHXHOOLFDWXVDWTXHIRGLFDWXVHUDW±XW
HUDPRGHXROXWXVFUHSLWXKXPLIRUWHLQIROLDGHFLGHUHWHW
LELLDFHUHWHWLDPQXQFTXLQTXHQDQLLQILQHUDPLSHQGHEDQW
FXP DUDQHDH PXOWXP LUDH SOHQDH TXDP XPTXDP UHGLUH
FRHSHUXQW
VWDWLP%LOERDGILQHPUDPLTXLWUXQFRDUERULVSUR[LPXV
IXLWXHQLWHWLOODVTXDHVXUVXPUHSWDXHUDQWUHSSXOLWFXP
)LOLXP OLEHUDXLVVHW DQXOXP GHSRVXHUDW TXHP LWHUXP
UHSRQHUH REOLWXV HUDW LWDTXH QXQF RPQHV EDOEXWLUH
VLELODUHTXHFRHSHUXQW
³QXQF WH XLGHPXV WX PDOXP DQLPDO SDUXXP WH HGHPXV
HW RVVD WXD HW SHOOHP LQ DUERUH SHQGHQWHV UHOLQTXHPXV
KHLDKDEHWQHDFXOHXP"HVWRQLKLORPLQXVHXPFDSLHPXVHW
WXP HXP FDSLWH GHRUVXP SRVLWR SHU GLHP DXW GXRV
VXVSHQGHPXV´
VXELWR %LOER DQLPDGXHUWLW DUDQHDV QRQQXOODV
FLUFXPVWHWLVVH %RPEXUHP XHWHUHP HW LWHUXP LOOXP
DOOLJDXLVVHHWDEVWUDKHUHFODPRUHHPLVVRDUDQHDVTXDHLQ
IURQWH HLXV HUDQW LFLW TXDH FHOHULWHU WHUJD XHUWHUXQW LQ
PHGLXP TXDUXP XDFLOODQV VHFXQGXP DUERUHP XVTXH LQ
WHUUD GHFLGLW HQVLV SDUXXV LOOLV DOLTXLG QRXL LQ PRGR
DFXOHRUXP IXLW TXL KXF HW LOOXF XLEUDEDWXU TXL JDXGLR
HPLFDEDW XW LOODV IRGLFDEDW VH[ QHFDEDQWXU DQWHTXDP
FHWHUDH SHGHP UHWWXOHUXQW HW %RPEXUHP %LOERQL
UHOLTXHUXQW
³GHVFHQGLWH GHVFHQGLWH´ QDQLV LQ UDPLV FODPDXLW
³QROLWHVXUVXPLQLOORORFRPDQHUHQHUHWLEXVFDSHUHPLQL´
QDP DUDQHDV H[DPLQDQWHV DVFHQGHUH RPQHV DUERUHV
SURSLQTXDV HW VHFXQGXP UDPRV VXSHU FDSLWD QDQRUXP
UHSWDUHXLGLW
GHRUVXPXDFLOODQWHVQDQLGHVFHQGHUXQWDXWVDOLHUXQWDXW
GHFLGHUXQWRPQHVXQGHFLPDFHUXDWLSOXULPLXDOGHWUHPXOL
HWFUXULEXVLQXWLOHVIXHUXQWLELGHPXPDGHUDQWGXRGHFLP
PLVHUR%RPEXUHQXPHUDWRTXLD%LIXUHFRQVREULQRDWTXH
%RIXUHIUDWUHXWULPTXHIXOFLHEDWXUHW%LOERFLUFXPVLOLHEDW
DWTXH$FXOHXPVXXPXLEUDEDWHWVHVFHQWDHDUDQHDHRFXOLV
HPLQHQWLEXV HRV FLUFXP DWTXH FLUFD DWTXH VXSUD
DVSLFLHEDQWUHVGHVSHUDWDHVVHXLGHEDWXU
WXQF SURHOLXP FRPPLVVXP HVW DOLL QDQL FXOWURV
KDEXHUXQW HW DOLL EDFXOD HW RPQHV VD[D TXDHUHUH
SRWXHUXQWHW%LOERSXJLRQHPGU\DGXPKDEXLWVHPHODWTXH
LWHUXPDUDQHDHUHSHOOHEDQWXUPXOWLVQHFDWLVUHVDXWHPQRQ
GLX FRQWLQXDUL SRWHUDW %LOER SDHQH GHIHVVXV HVW TXDWWXRU
QDQL VROXP ILUPH VWDUH SRWXHUXQW TXL PR[ RSSUHVVXUL
IXHULQW VLFXW PXVFDH IDWLJDWDH LDP DUDQHDH FLUFXP HRV
WHODVLWHUXPDEDUERUHDGDUERUHPQHUHLQFLSLHEDQW
LQ ILQH %LOER GH XOOR FRQVLOLR FRJLWDUH QHTXLW QLVL XW
UHP RFFXOWDP GH DQXOR QDQLV GLFHUHW FXLXV HXP
DOLTXDQWXOXPSDHQLWXLWVHGILHULQRQSRWXLWDOLWHU
³HJR HXDQHVFDP´ LQTXLW ³DUDQHDV GHGXFDP VL SRWHUR
XRELVXQDHXQGXPHVWLQSDUWHPDGXHUVDPHRDGVLQLVWUDP
LGHVWLWHUPDJLVPLQXVXHDGORFXPLQTXRLJQHVGU\DGXP
SRVWUHPRXLGLPXV´
PDJQXPIXLWXWLOOLFDSLWLEXVXHUWLJLQRVLVHWFODPRULEXV
HW EDFXORUXP XHUEHUDQWLEXV HW VD[RUXP LDFLHQWLEXV UHP
LQWHOOHJHUHQW VHG GHPXP %LOER VHQVLW VH QRQ LDP PRUDUL
SRVVH ± DUDQHDH VHPSHU VH SURSLXV FLUFXPIXQGHEDQW
VXELWRDQXOXPLQGXLWHWQDQLVXDOGHVWXSHIDFWLVHXDQXLW
PR[VRQLWXV³,JQDXD´DWTXH³$UDFKQH´LQWHUDUERUHVDG
VLQLVWUDPH[VWLWLWTXLDUDQHDVXDOGHXH[DXLWTXDHSURJUHGL
GHVWLWHUXQWHWDOLTXDHLQSDUWHPXRFLVHJUHVVDHVXQWDGHR
LUDWDH DE ³$UDFKQH´ VXQW XW LQVDQLUHQW WXP %DOLQXV TXL
FRQVLOLXP %LOERQLV PHOLXV TXDP FHWHUL SUHKHQGHUDW
LPSHWXP GX[LW QDQL FRQIHUWR JUDGX HW VD[LV LQIXVLV LQ
DUDQHDVDGVLQLVWUDPVHGLUH[HUXQWHWDQXOXPSHUUXSHUXQW
QXQFSRVWLOORVFODPRUFDQWXVTXHUHSHQWHGHVWLWHUXQW
QDQLGHVSHUDQWHUVSHUDQWHV%LOERQHPQRQFDSWXPHVVH
SURJUHVVL VXQW QRQ VDWLV FHOHULXV WDPHQ DHJUL IXHUXQW
DWTXH IHVVL QHTXH LUH SRWXHUXQW PXOWR PHOLXV TXDP
FODXGLFDQWHV HW XDFLOODQWHV TXDPTXDP PXOWDH DUDQHDH LQ
WHUJR SURSH IXHUXQW DOLTXDQGR VH XHUWHUH FRDFWL VXQW DG
SXJQDQGDVIHUDVTXDHHRVFRQVHFXWDHVXQWHWLDPDUDQHDH
DOLTXDH LQ DUERULEXV VXSHU HRV ILOD ORQJD DGKDHUHQWLD
GHLFLHQWHVIXHUXQW
UHV LWHUXP HVVH PDODH XLGHEDQWXU FXP UHSHQWH %LOER
UXUVXV DSSDUXLW DWTXH LQ DUDQHDV DWWRQLWDV D ODWHUH
LPSURXLVRLPSHWXPIHFLW
TXL³SHUJLWHSHUJLWH´FODPDXLW³DFXOHRVHPLWWDP´
LWDTXH LG IHFLW KXF HW LOOXF XLEUDEDW ILODDUDQHDUXP
LFLHQV FUXUD TXDUXP PXWLODQV HW FXP SURSLXV XHQLVVHQW
FRUSRUD SLQJXLD IRGLFDQV DUDQHDH LUD WXPLGDH
EDOEXWLHEDQW DWTXH VSXPDEDQW HW PDOHGLFWRV KRUULELOHV
VLELODEDQW VHG $FXOHXP PRUWLIHUH SDXHEDQW QHTXH FXP
LOOHUHGLVVHWSURSHDSSURSLQTXDUHDXVDHVXQWLWDTXHLOOLV
HWLDP PDOHGLFHQWLEXV QLKLORPLQXV SUDHGD LOODUXP OHQWH
VHG FRQVWDQWHU HJUHVVD HVW UHV IXLW XDOGH WHUULELOLV TXDH
SHU KRUDV SHUPDQHUH XLVD HVW GHPXP DXWHP FXP %LOER
VHQVLVVHWVHPDQXPDGLFWXPXQXPSOXVWROOHUHQRQSRVVH
DUDQHDHUHSHQWHUHPUHOLTXHUXQWHWQRQLDPHRVSHUVFXWDH
VXQWVHGUHSXOVDHDGFRORQLDPDWUDPUHGLHUXQW
WXQFQDQLDQLPDGXHUWHUXQWVHDGPDUJLQHPDQXOLLQTXR
LJQHVGU\DGXP DGIXHUDQW DGXHQLVVH QHVFLXHUXQW QXP KLF
HVVHW XQXV KRUXP TXRV QRFWH SULRUH XLGLVVHQW DOLTXLG
DXWHP PDJLDH ERQDH LQ ORFLV WDOLEXV PRUDUL XLVXP HVW
TXDHDUDQHLVQRQSODFXLWQLKLORPLQXVKLFOX[IXLWXLULGLRU
HW UDPL PLQXV GHQVLRUHV DWTXH PLQDFLRUHV HW UHTXLHVFHUH
DWTXHUHVSLUDUHSRWXHUXQW
LEL SHU WHPSXV QRQQXOOXP DQKHODQWHV DWTXH XHQWXP
HPLWWHQWHV LDFHEDQW PR[ DXWHP TXDHVWLRQHV URJDUH
FRHSHUXQW RPQH QHJRWLXP GH HXDQHVFHQGR GLOLJHQWHU
H[SOLFDULSRVWXODXHUXQWHWLQXHQWLRDQXOLHRVDGHRWHQXLWXW
DOLTXDQGR PROHVWLDUXP VXDUXP REOLXLVFHUHQWXU %DOLQXV
SUDHFLSXH LQVWLWLW XW IDEXOD GH *ROOR DHQLJPDWLEXV DWTXH
RPQLEXVLWHUXPRPQLQRQDUUDUHWXUFXPDQXORLQLSVRORFR
SURSULRVHGSDXORSRVWOXFHGHILFLHQWHDOLDVTXDHVWLRQHV
URJDXHUXQWXELHVVHQWHWXELHVVHWVHPLWDHWLQTXRORFR
DOLTXLG FLEL HVVHW HW TXLG SUR[LPH DJHUHQW" KDV
TXDHVWLRQHV VHPHO DWTXH LWHUXP URJDEDQW HW H SDUXR
%LOERQHH[VSHFWDUHXLGHEDQWXUXWUHVSRQVDHLVGDUHQWXUH[
TXR LOORV RPQLQR PXWDXLVVH RSLQLRQHP GH 'RPLQR
%DJJLQVH XLGHUH SRWHV HW HXP DHVWLPDUH PDJQR FRHSLVVH
VLFXW*DQGDOSKXVGL[HUDWLOORVIDFWXURVHVVHUHXHUDLOOL
TXLGHP H[VSHFWDXHUXQW XW LV TXRGGDP FRQVLOLXP PLUDELOH
DGLOORVLXXDQGRVSURGXFHUHWQHTXHPRGRPXVVDEDQWEHQH
SHQLWXV LQWHOOH[HUXQW VH RPQHV PR[ PRUWXRV IXLVVH VL
KREELWXV QRQ DGIXLVVHW FXL JUDWLDV PXOWDV HJHUXQW DOLL
HWLDP VXUUH[HUXQW HW FDSLWD DG XVTXH KXPXP DQWH HXP
GHPLVHUXQW TXDPTXDP FRQWHQWLRQH GHFLGHUXQW QHTXH
DOLTXDPGLX LQ FUXUD LWHUXP VXUJHUH SRWXHUXQW XHULWDWH GH
HXDQHVFHQGRFRJQLWDQLKLORPLQXV%LOERQHPQRQDGPRGXP
PLQRULV DHVWLPDXHUXQW QDP FRJQRXHUXQW HXP HW LQJHQLD
QRQQXOOD HW IHOLFLWDWHP HW DQXOXP PDJLFXP ± RPQLD WULD
VXQW ERQD XWLOLVVLPD ± KDEHUH UH XHUD DGHR HXP
ODXGDXHUXQW XW %LOER VHQWLUH FRHSHULW VH VDOWHP HVVH
DOLTXDQWXP KRPLQHP DXGDFHP TXDPTXDP VHQVHULW VH
HWLDPPXOWRDXGDFLRUHPHVVHVLDOLTXLGFLELIXLVVHW
FXLXVQLKLOIXLWRPQLQRQLKLOQHFTXLVTXDPVDWLVVDQXV
IXLW DG DOLTXLG TXDHUHQGXP DXW VHPLWDP DPLVVDP
VFUXWDQGDP VHPLWDP DPLVVDP QXOOD FRJLWDWLR DOWHUD LQ
FDSLWH IHVVR %LOERQLV LQHUDW TXL PRGR VHGHEDW LQWXHQV LQ
DUERUHVLQILQLWDVTXDHLQIURQWHHUDQWHWSRVWPRGRRPQHV
LWHUXP VLOHVFHEDQW RPQHV SUDHWHU %DOLQXP TXL ORQJLXV
SRVWTXDPFHWHULORTXLGHVWLWHUXQWDWTXHRFXORVFODXVHUXQW
VHFXPPXVVDEDWDWTXHVXEULGHEDW
³*ROOXPHJREHQHGLFRULWDLGHVWTXRPRGRLOOHSUDHWHU
PH VXEULSXHULW HVWQH" QXQF VFLR WXQH PRGR OHQWH
UHSWDXLVWL 'RPLQH %DJJLQV" RUELFXOL XELTXH LQ OLPHQ
ERQH %LOER ± %LOER ± %LOER ± ER ± ER ± ER ±´ LWDTXH
REGRUPLXLWHWSHUGLXHUDWTXLHVRPQLV
UHSHQWH'ZDOLQXVRFXORDSHUWRLOORVFLUFXPVSH[LW³XEL
HVW7KRULQXVÚRJDXLW
XDOGH REVWXSHIDFWL VXQW VDQH IXHUXQW VROXP WUHGHFLP
GXRGHFLPQDQLDWTXHKREELWXVXELTXLGHPHVVHW7KRULQXV"
TXLGIRUWXQDPDOD±PDJLDDXWEHOXDHDWUDH±LOOLHXHQLVVHW
PLUDWL VXQW HW LQ VLOXD DPLVVL LDFHQWHV KRUUXHUXQW LEL
FUHSXVFXOR GHILFLHQWH LQ QRFWHP QLJUDP VLQJXODULWHU LQ
VRPQXP LQFRPPRGXP VRPQLRUXP KRUULELOLXP SOHQXP
REGRUPLXHUXQW HW LEL LOOL QRELV UHOLQTXHQGL VXQW LQ
SUDHVHQWLDGHRDHJULDWTXHGHIHVVLXWXLJLOHVQRQSRQHUHQW
QHFXLFLVVLPXLJLOLDVVHUXDUHQW
7KRULQXV PXOWR FHOHULXV FDSWXV HUDW TXDP FHWHUL
UHFRUGDULVQH %LOERQHP GXP LQ FLUFXOXP OXFLV JUDGLWXU
VLFXW VWLSLWHP REGRUPLUH" SUR[LPR WHPSRUH IXHUDW
7KRULQXV TXL SURJUHVVXV HUDW HW TXL OXFLEXV H[VWLQFWLV
LQFDQWDWXV VLFXW VD[XP GHFLGHUDW RPQHV VRQLWXV QDQRUXP
LQ QRFWH DPLVVRUXP FODPRUHV TXRUXP XW DUDQHDH HRV
FDSLHEDQW DWTXH DOOLJDEDQW HW SUR[LPR GLH RPQHV VRQLWXV
SURHOLLLQDXGLWLHXPSUDHWHULHUDQWWXP'U\DGHV6LOXHVWUHV
DGHXPXHQHUDQWDWTXHHXPDOOLJDWXPDEVWXOHUDQW
KRPLQHV TXL HSXODEDQWXU VDQH 'U\DGHV6LOXHVWUHV
HUDQWTXDHQRQVXQWJHQVPDODIRUWDVVHLQFXOSDVXQWTXRG
DOLHQLV QRQ FUHGXQW TXDPTXDP PDJLD LOODUXP IRUWLV HUDW
HWLDP LOOLV LQ GLHEXV FDXWDH HUDQW D 'U\DGLEXV$OWLV
2FFLGHQWLV GLVWXOHUXQW HW PDJLV LQIHVWLRUHV HW PLQXV
VDSLHQWLRUHVHUDQWQDPSOXULPDHFXPFRJQDWLVLQFROOLEXV
PRQWLEXVTXH VSDUVLV DE DQWLTXLV JHQHULEXV TXDH
QXPTXDPDG)DWDLQ2FFLGHQWHXHQHUXQWRUWDHVXQWLOOXF
'U\DGHV&ODUDH HW 'U\DGHV3URIXQGDH HW 'U\DGHV
0DULWLPDH XHQHUDQW DWTXH SHU VDHFXOD KDELWDEDQW HW
SXOFKULRUHV HW VDSLHQWLRUHV HW GRFWLRUHV IDFWDH VXQW HW
PDJLDP VXDP HW DUWHP DVWXWDP LQ UHV SXOFKUDV DWTXH
DGPLUDQGDV IDEULFDQGR UHSSHUHUDQW DQWHTXDP DOLDH LQ
2UEHP/DWXPUHXHQHUXQWLQ2UEH/DWR'U\DGHV6LOXHVWUHV
LQ FUHSVXFXOR 6ROLV QRVWUL DWTXH /XQDH PRUDWDH VXQW VHG
VWHOODVRSWLPHGLOH[HUXQWHWLQVLOXLVPDJQLVTXDHLQWHUULV
QXQF DPLVVLV SURFHUDH FUHXHUDQW HUUDEDQW VDHSLVVLPH
LX[WD PDUJLQHV VLOXDUXP KDELWDEDQW H TXLEXV DOLTXDQGR
HIIXJHUH SRWHUDQW DG XHQDQGXP XHO HTXLWDQGXP HW
FXUUHQGXPWUDQVWHUUDVDSHUWDVVXEOXFHOXQDHDXWVWHOOLVHW
SRVWDGXHQWXPKRPLQXPDGXPEUDVFUHSXVFXOXPTXHPDJLV
UHXHUVDH VXQW QLKLORPLQXV GU\DGHV HUDQW HW VXQW LG HVW
+RPLQHV%RQL
KRF WHPSRUH LQ DQWUR PDJQR PLOLD SDVVXXP QRQQXOOD
LQWUD PDUJLQHP 0LUNVLOXDH DG ODWXV HLXV RULHQWDOH UH[
HDUXP PD[LPXV KDELWDEDW DQWH LDQXDV FXLXV LQJHQWHV
VD[HDV IOXPHQ H FDFXPLQLEXV VLOXDH H[FXUUHEDW WXP
SUDHWHUIOXHEDW HW LQ SDOXGHV DG LPXP WHUUDUXP DOWDUXP
VLOXHVWULXP HIIOXHEDW KRF DQWUXP PDJQXP H[ TXR
LQQXPHUD PLQRUD LQ ODWHULEXV RPQLEXV DSHUWD VXQW ORQJH
VXEWHUUDVHLQVLQXDXLWHWPHDWXVPXOWRVKDEXLWDWTXHDXODV
ODWDV VHG FODULXV HW VDQLXV IXLW TXDP GRPXV XOOD
JREHOLQRUXP QHTXH WDP SURIXQGXP QHF WDP SHULFXORVXP
UHXHUDVXELHFWLUHJLVSOHULTXHLQVLOXLVDSHUWLVKDELWDEDQW
DWTXH XHQDWL VXQW HW GRPXV XHO WXJXULD KXPL HW LQ UDPLV
KDEXHUXQW IDJL LOOLV RSWLPH SODFXHUXQW DQWUXP UHJLV IXLW
UHJLDVXDHWWKHVDXULVXLDU[HWFLXLXPFDVWUDFRQWUDKRVWHV
HRUXP
IXLWTXRTXHFDSWLXRUXPHLXVFDUFHULWDTXH7KRULQXPDG
DQWUXP WUD[HUXQW ± QHTXDTXDP OHQLWHU QDP QDQRV QRQ
DPDXHUXQW HW SXWDXHUXQW HXP HVVH KRVWHP LQ GLHEXV
DQWLTXLV EHOOD FXP QDQLV QRQQXOOLV JHVWDH HUDQW TXRV GH
IXUWR WKHVDXUL VXL DFFXVDXHUDQW PRGR DHTXXP HVW GLFHUH
QDQRV UHP DOLWHU KDEXLVVH HW GL[LVVH VH PRGR DEVWXOLVVH
TXRG LOOLV GHELWXP IXLVVHW QDP UHJHPGU\DGXP FXP LOOLV
SDFWXPHVVHDGIDEULFDQGXPDXUHXPVXXPDWTXHDUJHQWXP
UXGHP HW SRVWHD UHFXVDXLVVH LOOLV SHFXQLDP VROXHUH UH[
GU\DGXP LQILUPLWDWHP DQLPL KDEXLW TXL VFLOLFHW FXSLGXV
WKHVDXULIXLWSUDHFLSXHDUJHQWLDWTXHJHPPDUXPDOEDUXP
HWTXDPTXDPDUFHUXXVHLXVGLXHVIXLWLOOHVHPSHUSOXULPL
FXSLGXV IXLW TXLD QRQ LDP WDQWXP WKHVDXUXP KDEXLW
TXDQWXP DOWHUL XHWHUHV GRPLQLGU\DGXP SRSXOXV HLXV QHF
IRGLQDV IRGLW QHF PHWDOOD DXW JHPPDV IDEULFDXLW QHF
PHUFDWXUD DXW DJUL FXOWXUD PXOWR XVXV HVW RPQLV QDQXV
RPQLDLOODEHQHFRJQRXLWTXDPTXDPJHQV7KRULQLLQSXJQD
XHWHUHGHTXDGL[LQRQLPSOLFDWDHVWHUJR7KRULQXVFXP
LQFDQWDPHQWXPDEHRUHPRWXPHVVHWHWUHXL[LVVHWLUDWXVHVW
TXRGLOOLHXPPDOHWUDFWDXHUXQWHWSRUURFRQVWLWXLWXWQXOOD
XHUEDGHDXURDXWJHPPLVH[HRWUDKHUHQWXU
UH[ DG 7KRULQXP FXP LOOH DSXG HXP SURGXFWXV HVVHW
VHXHUH VSHFWDXLW HW TXDHVWLRQHV PXOWDV LOOL URJDXLW
7KRULQXVDXWHPPRGRGLFWLWDEDWVHHVXULHQWHPHVVH
³TXDUH WX HW JHQV WXD WHU LPSHWXP IDFHUH LQ SRSXOXP
PHXPHSXODQWHPFRQDWLVXQW"ÚH[URJDXLW
³LQ LOORV LPSHWXP QRQ IHFLPXV´7KRULQXV
UHVSRQGLW³XHQLPXV XW ILGHP REVHFUDUHPXV TXRG
HVXULHQWHVHUDPXV´
³XELVXQWDPLFLQXQFHWTXLGDJXQW"´
³QHVFLRVHGSXWRLQVLOXDHVXULHQWHVHVVH´
³TXLGLQVLOXDDJHEDWLV"´
³FLEXP DWTXH SRWLRQHP TXDHUHEDPXV TXRG HVXULHQWHV
HUDPXV´
³VHG TXLG XRV LQ VLOXDP SULPXP GX[LW"´ UH[ LUDWXV
URJDXLW
KLVGLFWLV7KRULQXVRVFODXVLWQHTXHXHUEXPDOLXPGL[LW
³HVWR´ UH[ LQTXLW ³HXP DXIHUWH HW HXP VHUXDWH GRQHF
DG XHULWDWHP GLFHQGDP LQFOLQDWXV HULW HWLDPVL FHQWXP
DQQRVPDQVHULW´
WXPGU\DGHVORUDHLLPSRVXHUXQWDWTXHHXPLQXQRDQWUR
LPRLDQXLVOLJQHLVIRUWLEXVLQFOXVHUXQWHWHXPUHOLTXHUXQW
FXLFLEXPDWTXHSRWLRQHPFRSLDPXWULXVTXHVLQRQSXUDP
GHGHUXQWQDP'U\DGHV6LOXHVWUHVQRQIXHUXQWJREHOLQLHW
KRVWLEXV HWLDP SHVVLPLV FXP LOORV FHSLVVHQW VDWLV EHQH
XWHEDQWXU DUDQHDH LQJHQWHV IXHUXQW DQLPDOLD VROXP TXDH
LPPLVHULFRUGHVWUDFWDUHVROHEDQW
LELLQFDUFHUHUHJLVPLVHU7KRULQXVLDFHEDWHWSRVWTXDP
QRQLDPSURSDQHDWTXHFDUQHDWTXHDTXDJUDWXVIXLWTXLG
DPLFLV LQIHOLFLEXV IDFWXP HVVHW PLUDUL FRHSLW PR[ UHP
FRJQRXLW TXDH UHV HVW FDSLWLV SUR[LPLV HW LQFHSWXV
IDFLQRULV DOWHULXV LQ TXR KREELWXV LWHUXP VH XWLOHP HVVH
PRQVWUDXLW
&$39712190
&93$((&$37,9,7$7(
SRVWULGLHGLHLSURHOLLFXPDUDQHLV%LOERHWQDQLGHVSHUDWL
VH H[WUHPR WHPSRUH QL[L VXQW DG H[LWXP TXDHUHQGXP
DQWHTXDP IDPH VLWLTXH HQHFDWL IXHULQW VXUUH[HUXQW HW LQ
SDUWHP TXD RFWR H WUHGHFLP HRUXP FRQLHFHUXQW VHPLWDP
HVVH WLWXEDXHUXQW VHG QXPTXDP FRJQRXHUXQW QXP UHFWH
FRQLHFLVVHQWWDOLVGLHVTXDOLVXPTXDPLQVLOXDIXLWUXUVXV
LQ QLJULWLDP QRFWLV FDGHEDW FXP UHSHQWH OX[ IDFXP
PXOWDUXPVLFXWVHVFHQWDUXPVWHOODUXPUXEUDUXPFLUFXPHRV
LQIODPPDEDWXU 'U\DGHV6LOXHVWUHV FXP DUFLEXV DWTXH
KDVWLVH[VLOXHUXQWHWQDQRVGHVLVWHUHLXVVHUXQW
GHSXJQDQGRQRQFRJLWDXHUXQWHWLDPVLQDQLLQWDOLVWDWX
QRQIXHULQWVHUHXHUDFDSLJDXLVLHVVHFXOWULSDUXL±DUPD
VROD TXDH SRVVHGHUXQW ± FRQWUD VDJLWWDV GU\DGXP TXDH
RFXOXPDXLVQRFWXLFHUHSRWXHUXQWQRQXVXLIXHULQWLWDTXH
PRGRVWDWLPGHVWLWHUXQWDWTXHFRQVHGHUXQWDWTXHPDQVHUXQW
±RPQHVSUDHWHU%LOERQHPTXLDQXORLQGXWRDGODWXVXQXP
FHOHULWHU ODSVXV HVW TXDPREUHP FXP GU\DGHV QDQRV LQ
OLQHD ORQJD DOLXV SRVW DOLXP DOOLJDXLVVHQW HW HRV
QXPHUDXLVVHQW KREELWXP QHF XPTXDP LQXHQHUXQW QHF
QXPHUDXHUXQW
QHTXHGXPFDSWLXRVLQVLOXDPGHGXFXQWHXPTXLORQJH
SRVW OXFHP IDFXP VXDUXP DPEXODEDW DXGLXHUXQW QHF
VHQVHUXQWRFXOLFXLXVTXHQDQRUXPREOLJDWLVXQWVHGLGQRQ
PDJQL LQWHUIXLW QDP HWLDP %LOER TXL RFXOLV XWL SRWXLW
ORFXP TXR LEDQW XLGHUH QRQ SRWXLW QHTXH LV SUDHWHUHD
QHTXHDOLLORFXPDTXRLQFHSHUXQWVFLXHUXQW%LOERTXDP
PD[LPH SRWXLW QL[XV HVW XW IDFHV VXEVHTXHUHWXU QDP
GU\DGHV QDQRV DHJURV WDPHQ DWTXH IHVVRV LUH FRJHEDQW
TXDP FHOHUULPH SRWXHUXQW UH[ LOORV IHVWLQDUH LXVVHUDW
UHSHQWHIDFHVGHVWLWHUXQWHWKREELWXVPRGRWHPSXVKDEXLW
XW LOORV LQWHUFLSHUHW DQWHTXDP SRQWHP WUDQVLUH FRHSHUXQW
TXL SRQV WUDQV IOXPHQ DG LDQXDV UHJLV WHWHQGLW DTXD DWUD
DWTXHFHOHUDWTXHIRUWLVVXEWHUIOXHEDWHWLQH[WUHPRSRUWDH
IXHUXQW DQWH RV DQWUL LQJHQWLV TXDH LQ ODWXV GHFOLXLV
DUERULEXV WHFWL WHWHQGLW LEL PDJQL IDJL XVTXH DG ULSDP
XHQHUXQWGRQHFSHGHVVXLLQULXRIXHUXQW
3RUWD5H[GU\DGXP
GU\DGHVFDSWLXRVWUDQVSRQWHPSHSXOHUXQWVHG%LOERLQ
WHUJR KDHVLWDXLW DVSHFWXV RULV VSHFXV RPQLQR QRQ HL
SODFXLW HW FRQVWLWXLW LQ DQLPR XW DPLFRV QRQ UHOLQTXHUHW
PRGR LQ WHPSRUH XW DG FDOFHV GU\DGXP QRXLVVLPDUXP
WUDQVLUHW DQWHTXDP PDJQDH SRUWDH UHJLV SRVW LOODV FXP
VRQLWXFODXVDHVXQW
LQWULQVHFXV PHDWXV OXFH UXEUD IDFXP LOOXPLQDEDQWXU HW
FXVWRGHVGU\DGHV FDQWDEDQW GXP LWHU VHFXQGXP VHPLWDV
IOHFWHQWHV WUDQVHXQWHV DWTXH UHVRQDQWHV IDFLXQW TXDH
VHPLWDH LOOLV FLXLWDWXPJREHOLQRUXP QRQ VLPLOHV IXHUXQW
IXHUXQWDXWHPPLQRUHVPLQXVSURIXQGDHVXEWHUUDHWDHULV
VDQLRULVSOHQDHLQPDJQDDXODFXPFROXPQLVHODSLGHXLXR
GRODWLV LQ VHOOD OLJQL VFXOSWL VHGHEDW 5H[GU\DGXP LQ
FDSLWH FXLXV IXLW FRURQD EDFFDUXP DWTXH IROLDUXP
UXEUDUXP QDP DXWXPQXV UXUVXV DGXHQHUDW LQ PDQX VXD
EDFXOXPTXHUFHXPVFXOSWXPWHQHEDW
FDSWLXL DG HXP GHIHUHEDQWXU HW TXDPTXDP LOOH XXOWX
WRUXRHRVDVSH[LWVXLVGL[LWXWHRVVROXHUHQWQDPSDQQRVL
HW GHIHVVL IXHUXQW ³SUDHWHUHD KLF IXQLEXV QRQ RSXV VXQW´
LQTXLW³LOOLVROLPLOODWLVHVWQLKLOHJUHVVXVHLDQXLVPDJLFLV
PHLV´
GLXHWDFXWHQDQRVGHUHEXVHRUXPJHVWLVDWTXHTXRLUHQW
DWTXH XQGH XHQLVVHQW LQWHUURJDEDW VHG SDXOXP SOXV QXQWLL
H[HLVTXDPH7KRULQRUHFHSLWTXLPRURVLHWLUDWLIXHUXQW
QHTXHHWLDPXUEDQLWDWHPILQ[HUXQW
³TXLG HJLPXV R UH["´ %DOLQXV LQTXLW TXL QDWX PDLRUH
VXSHUIXLW ³HVWQH QHIDV LQ VLOXD DPLWWL HVXULUH VLWLUH DE
DUDQHLV LOODTXHDUL" VXQWQH DUDQHDH EHOOXDH PDQVXHWDH DXW
GHOLFLDHWXDHVLQHFDQGRHDVLUDWXVHV"´
WDOLVTXDHVWLRVDQHHIIHFLWXWUH[LUDWLRUTXDPXPTXDP
ILHUHW TXL UHVSRQGLW ³HVW QHIDV LQ ILQLEXV PHLV VLQH
OLFHQWLD HUUDUH REOLXLVFLPLQLQH XRV LQ UHJQR PHR IXLVVH
XRV XLD TXDP SRSXOXV PHXV IHFLW XVRV HVVH" QRQQH XRV
SRSXOXPPHXPLQVLOXDWHUSHUVHFXWLHVWLVXH[DXLVWLVTXHHW
FXP WXUED VXD DWTXH FODPRUH DUDQHDV H[FLWDXLVWLV" SRVW
RPQHP WXUEDWLRQHP D XRELV IDFWDP TXLG XRV KXF IHUUHW
LXUHVFLUHXRORHWVLLGPLKLQXQFQRQGLFHWLVXRVRPQHVLQ
FDUFHUH LQFOXGDP GRQHF SUXGHQWLDP GHFRUXPTXH
GLGLFHULWLV´
WXPQDQRVVLQJXORVLQFHOOLVVLQJXOLVSRQLHWFLEXPDWTXH
SRWLRQHP LOOLV GDUL LXVVLW VHG LOORV H LDQXLV FDUFHUXP
SDUXRUXPHJUHGLQRQVLQLGRQHFXQXVPLQLPHLOORUXPVLEL
GLFHUHSDUDUHWRPQLDTXDHVHVFLUHXHOOHWLOOLVDXWHPQRQ
GL[LW7KRULQXPTXRTXHFDSWLXXPDSXGHXPHVVHTXDPUHP
%LOERLQXHQLW
PLVHUXP GRPLQXP %DJJLQVHP ± TXL SHU WHPSXV ORQJXP

IHVVXPTXH LQ LOOR ORFR KDELWDEDW VHPSHU GHOLWHVFHEDW
QXPTXDP DQXOXP DXIHUUH DXGHEDW XL[ GRUPLUH DXGHEDW
HWLDP LQ DQJXOLV REVFXULVVLPLV UHPRWLVVLPLVTXH TXRV
LQXHQLUHSRWXLWFHODWXVVHRFFXSDQGLFDXVDLQUHJLD5HJLV
GU\DGXP HUUDUH FRHSLW PDJLD SRUWDV FODXVLW VHG
DOLTXDQGR VL FHOHU IXLW HJUHGL SRWXLW FRSLDH 'U\DGXP
6LOXHVWULXPH[RFFDVLRQHUHJHGXFHQWHXHQDQGLFDXVDDXW
DGQHJRWLDDOWHUDLQVLOXLVHWLQWHUULVDG2ULHQWHPDJHQGD
DOLTXDQGRHXHKLVROHEDQWWXPVL%LOERSHUQLFLVVLPXVIXLW
HODEL PRGR LQ WHUJR HRUXP SRWXLW QLKLORPLQXV IXLW UHV
SHULFXORVDJHUHQGDSOXVTXDPVHPHOLOOHLQLDQXLVVHFXP
FRQFUHSDQWLEXV XW GU\DV QRXLVVLPD SUDHWHULEDW SDHQH
FDSWXV HVW LWHU WDPHQ LQWHU LOORV IDFHUH QRQ DXVXV HVW
SURSWHU XPEUDP VXDP RPQLQR WDPHQ WHQXHP DWTXH
XDFLOODQWHPLQOXFHIDFXPXHOTXRGWLPXLWQHRIIHQGHUHWXU
HW LQXHQLUHWXU FXP HJUHVVXV HVVHW TXDP UHP QHTXDTXDP
VDHSLVVLPHIHFLWQLKLOERQLIHFLWQDQRVUHOLQTXHUHQROXLW
QHTXH HWLDP TXR LQ RUELV WHUUDUXP VLQH LOOLV LUHW VFLXLW
GU\DGHV XHQDQWHV SHU RPQHP WHPSXV LQ TXR DIXHUXQW
SHUVHTXLQRQSRWXLWLWDTXHH[LWXVHVLOXDQXPTXDPLQXHQLW
HW PLVHU HUUDQV LQ VLOXD UHOLQTXHEDWXU WHUULWXV QH VH
DPLWWHUHWGRQHFUHGHXQGLRFFDVLRXHQLWH[WULQVHFXVHWLDP
HVXULHQV IXLW QDP QLKLO XHQDWRULV IXLW VHG FXP LQ DQWULV
IXLVVHW FLER H FHOOD DXW PHQVD UDSWR GXP QHPR DGHVW
XLFWXPJHQHULVQHVFLRFXLXVVXSSHGLWDUHSRWXLW
³VXPVLPLOLVHIIUDFWDULRTXLHIIXJHUHQHTXLWVHGGRPXP
HDQGHPGLHPH[GLHHIIULQJHUHFRJLWXU´SXWDXLW³KDHFHVW
SDUV XDVWLVVLPD DWTXH KHEHWLVVLPD RPQLV KXLXV PLVHUL
LQFRPPRGL IDFLQRULV XWLQDP LQ IRUDPLQHKREELWR PHR
LX[WD IRFXP FDOLGXP PHXP FXP OXFHUQD QLWHQWL HVVHP´
SRUUR VDHSH XROHEDW VH QXQWLXP DX[LOLL PDJR PLWWHUH
SRVVH TXDH UHV VDQH IXLW RPQLQR LPSRVVLELOLV PR[
LQWHOOH[LW TXLG DJHQGXP VLW 'RPLQR %DJJLQVL VROR HW
LQRSLDX[LOLLDJHQGXPHVW
GHPXP SRVW KHEGRPDGHP DXW GXDV KXLXV JHQHULV XLWDH
REUHSHQGL FXVWRGHV DVSLFLHQGR VHTXHQGRTXH HW
TXDHFXPTXHSHULFXODTXDHSRWXLWIDFLHQGRORFXPLQTXR
TXLVTXH QDQXV FDSLHEDWXU LQXHQLUH SRWXHUDW RPQHV
GXRGHFLPFHOODVTXRUXPLQSDUWLEXVGLXHUVLVDXODHLQXHQLW
HW SRVW WHPSXV TXRGGDP LWLQHUD SHU DXODP RSWLPH QRXLW
GLH TXRGDP XDOGH DGPLUDWXV HVW VH H[FLSHUH FXVWRGHV
TXRVGDP ORTXHQWHV HW GLVFHUH QDQXP DOLXP TXRTXH LQ
FDUFHUH HVVH LQ ORFR SUDHFLSXH SURIXQGR WHQHEURVRTXH
VWDWLP FRQLHFLW VDQH KXQF HVVH 7KRULQXP SDXOR SRVW
LQXHQLW VH UHFWH FRQLHFLVVH GHPXP SRVW GLIILFXOWDWHV
PXOWDV ORFXP LQXHQLUH XEL QHPR DGIXLW HW FXP GXFH
QDQRUXPORTXLSRWXLW
7KRULQXV DGHR PLVHU IXLW XW QRQ LDP GH PROHVWLLV VXLV
LUDVFHUHWXUHWHWLDPGHGLFHQGRUHJLRPQLDGHWKHVDXURVXR
DWTXH TXDHVLWLRQH FRJLWDUH LQFLSHUHW TXDH UHV
GHPRQVWUDXLW HXP XDOGH WULVWHP IDFWXP HVVH FXP XRFHP
SDUXDP %LOERQLV DG FODXVWHOOXP DXGLXLW XL[ DXULEXV VXLV
FUHGLGLWPR[WDPHQFHUWXVIXLWVHQRQHUUDUHSRVVHHWDG
LDQXDP XHQLW XW FXP KREELWR LQ ODWHUH DOWHUR VXVXUUDQV
ORQJHORTXHUHWXU
LWDTXH %LOER QXQWLXP 7KRULQL DG TXHPTXH QDQRUXP
LQFOXVRUXP IXUWLXH IHUUH SRWXLW LOOLV GLFHQV 7KRULQXP
GXFHP LOORUXP SURSLQTXH TXRTXH LQFOXVXP HVVH HW
PDQGDWXPLOORUXPUHJLDQHPLQHSDWHIDFLHQGXPHVVHQRQ
LDPQHFDQWHTXDP7KRULQXVLOORVPDQGDXLWQDP7KRULQXV
TXRPRGR KREELWXV FRPLWHV HLXV DE DUDQHLV VHUXDXLVVHW
DXGLHQV ERQXP DQLPXP LWHUXP KDEXLW HW UXUVXV FRQVWLWXLW
VH D SURPLVVLV UHJL SRUWLRQLV WKHVDXUL QRQ UHGHPSWXUXP
HVVH GRQHF RPQLV VSHV HIIXJLHQGL D XLD DOLTXD HXDQXHULW
UH XHUD GRQHF DGPLUDQGXV 'RPLQXV ,QXLVLELOLV %DJJLQV
TXHPTXLGHPPDJQLPRPHQWLKDEHUHLQFLSLHEDWFRJLWDUH
GHDOLTXRFDOOLGRRPQLQRGHIHFHULW
QXQWLRUHFHSWRFHWHULQDQLRPQLQRFRQVHQVHUXQWRPQHV
SXWDXHUXQW IRUH XW SRUWLRQHV VXDV WKHVDXUL TXRG DE LOOLV
VXXP RPQLQR KDEHEDWXU VWDWX LSVRUXP PDOR HW GUDFRQH
HWLDP LQXLFWR QRQ H[FHSWLV JUDXLWHU ODHGHUHQWXU VL
'U\DGHV6LOXHVWUHV SDUWHP LOOLXV SRVWXODXHULQW HW RPQHV
%LOERQL FUHGLGHUXQW XLGHV UHP HIIHFWDP HVVH VLFXW
*DQGDOSKXV GL[HUDW SDUWLP SUR TXD UDWLRQH IRUWDVVH
*DQGDOSKXVGLVFHVVHUDWDWTXHHRVUHOLTXHUDW
%LOERWDPHQQRQVHQVLWVHWDPEHQHVSHUDUHTXDPLOORV
QRQHLSODFXLWTXRGRPQHVHLFRQILGHUHQWHWXROXLWPDJXP
DGHVVH TXRG LQXWLOH IXLW XHUL VLPLOH IXLW RPQH VSDWLXP
DWUXP 0LUNVLOXDH LQWHU HRV HVVH FRQVHGLW DWTXH FRJLWDEDW
DWTXH FRJLWDEDW GRQHF FDSXW VXXP SDHQH UXSWXP HVW VHG
QXOODP VHQWHQWLDP FODUDP KDEXLW XQXV DQXOXV LQXLVLELOLV
IXLW UHV RSWLPD TXDH WDPHQ TXDWWXRUGHFLP KRPLQLEXV QRQ
PDJQRXVXLIXLWQLKLORPLQXVXWFRQLHFLVWLLQILQHDPLFRV
VHUXDXHUXQWHWKRFHVWTXRPRGRHIIHFWXPHVW
GLH TXRGDP %LOER LQTXLUHQV DWTXH HUUDQV UHP
XWLOLVVLPDPLQXHQLWSRUWDVPDJQDVQRQHVVHDGLWXPVROXP
LQDQWUDULXXVVXESDUWHLPDUXPUHJLRQXPDXODHIOXHEDWHW
LQDOLTXRORFRXOWHULRUHDGRULHQWHPXOWUDGHFOLXHHTXRRV
SULQFHSVDSHUWXPHVW)OXPLQL6LOXHVWULLXQFWXVHVWXELKRF
IOXPHQ VXEWHUUDQHXP H ODWHUH FROOLV H[VLOLHEDW SRUWD
DTXDULD HUDW LEL WHFWXP VD[HXP LX[WD VXPPXP ULXL
GHVFHQGLW HW H[ LOOR FDWDUDFWD XVTXH DG DOXHXP IOXPLQLV
GHLFL SRWXLW TXDH DOLTXHP LQJUHVVLRQH XHO HJUHVVLRQH DE
LOODXLDSURKLEHUHWFDWDUDFWDDXWHPVDHSHDSHUWDHVWQDP
PXOWDSHUSRUWDPDTXDULDPFRPPHDEDQWVLDOLTXLVDEKDF
XLDLQWURLVVHWLOOHLQXHQHULWVHLQFXQLFXORGXURWHQHEURVR
HVVHTXLORQJHLQLPRFROOLVWHQGHEDWVHGLQXQRORFRXEL
VXEDQWULVWUDQVLLWWHFWXPDEVFLVXPHW IRULEXVLQWDEXODWR
LQJHQWLEXV TXHUFHLV REGXFWXP HUDW TXDH VXUVXP LQ
DSRWKHFDV UHJLV DSHUWDH VXQW LEL FXSDH VWHWHUXQW DWTXH
FXSDH DWTXH FXSDH QDP 'U\DGHV6LOXHVWUHV SUDHFLSXH
UH[ HDUXP XLQR XDOGH GHOHFWDWDH VXQW TXDPTXDP QXOODH
XLQHDHLQLOOLVSDUWLEXVFUHVFHEDQWTXRGXLQXPHWFLEDULDH
DOLDHDORQJHDVXLVLQ0HULGLHXHODXLQHWLVKRPLQXPLQ
WHUULVTXDHORQJHDEVXQWIHUHEDWXU
SRVW XQDP FXSDUXP PD[LPDUXP FHODWXV %LOER IRUHV LQ
WDEXODWR HW XVXP TXDUXP LQXHQLW HW LEL ODWHQV VHUPRQHP
VHUXRUXPUHJLVDXGLHQVTXRPRGRXLQXPHWDOLDHFLEDULDH
IOXPLQLEXVDGXHUVLVIHUHEDQWXUDXWWUDQVWHUUDPDG/DFXP
/RQJXP GLGLFLW LOOLF RSSLGXP KRPLQXP HWLDP IORUHUH
XLGHEDWXU LQ SRQWLEXV ORQJH LQ DTXDP DHGLILFDWXP TXRG
KRVWLEXV JHQHUXP RPQLXP HW SUDHFLSXH GUDFRQL 0RQWLV
SUDHVLGLR IXLW H[ 2SSLGR/DFXV FXSDH )OXPLQH 6LOXHVWUL
DGXHUVRVXEXHKHEDQWXUVDHSHLQWHUVHPRGRLXQFWDHVLFXW
UDWHV FRQWLV XHO UHPLJLLV IOXPLQH DGXHUVR VXELJHEDQWXU
DOLTXDQGRLQOLQWUHVSODQDVLPSRQHEDQWXU
FXP FXSDH H[KDXVWDH HVVHQW GU\DGHV LOODV SHU IRUHV LQ
WDEXODWR LHFHUXQW HW SRUWDDTXDULD DSHUWD FXSDH VXUVXP
GHRUVXP VH PRXHQWHV LQ ULXR HIIOXHEDQW GRQHF IOXPLQH
VHFXQGR ORQJH DG ORFXP LQ TXR ULSD SURPLQXLW LX[WD
PDUJLQHP RULHQWDOHP LSVXP 0LUNVLOXDH IHUHEDQWXU LOOLF
FROOHFWDH DWTXH LQWHU VH LXQFWDH DG 2SSLGXP/DFXV TXRG
LX[WD ORFXP VWHWLW LQ TXR )OXPHQ 6LOXHVWUH LQ /DFXP
/RQJXPIOXHEDWGHIOXHEDQWXU
DOLTXDQGR%LOERVHGHEDWHWGHKDFSRUWDDTXDULDFRJLWDEDW
HWPLUDWXVHVWQXPLOODDGDPLFRVOLEHUDQGRVXWLSRVVHWHW
GHPXPLQFHSWXPSHULFXORVXPFRQVLOLLKDEXLW
FHQD FDSWLXLV GDWD FXVWRGHV VHFXQGXP PHDWXV H[LEDQW
OXFHP IDFXP VHFXP DXIHUHQWHV XW WHQHEUDH XELTXH HVVHQW
WXP %LOER SURPXP UHJLV DXGLXLW TXL GXFHP FXVWRGXP
EHQHTXLHVFHUHLXEHEDW
³QXQF PHFXP XHQL´ LOOH LQTXLW ³XW WX XLQXP QRXXP
TXRGPRGRDGXHQLWJXVWHVSHUQRFWHPLQOLJQXPXDFXXP
HJHUHQGRGHDSRWKHFLVODERUDERHUJRSULPXPELEDPXVDG
ODERUHPLXXDQGXP´
³RSWLPH´GX[FXVWRGXPULVLW³WHFXPJXVWDERXWXLGHDP
QXP LG DG PHQVDP UHJLV LGRQHXP VLW KDF QRFWH HVW
FRQXLXLXPHWVXEPLWWHUHQXJDVQRQVDWLVHULW´
KLV DXGLWLV %LOER XDOGH FRPPRWXV HVW QDP XLGLW VH

IRUWXQDWXP HVVH HW RFFDVLRQHP H[SHULHQGL FRQVLOLXP
SHULFXORVXP VWDWLP KDEHUH GXDV GU\DGHV VHFXWXV HVW
GRQHFLOODHDSRWKHFDPSDUXDPLQWURLHUXQWHWDGPHQVDPLQ
TXD GXDH ODJRQDH PDJQDH SRVLWDH VXQW FRQVHGHUXQW PR[
ELEHUH DWTXH LXFXQGH ULGHUH FRHSHUXQW IRUWXQD JHQHULV
LQVROLWL%LOERQLLOORWHPSRUHIXLWXLQXPQHFHVVHHVWPHUXP
TXRG HIILFLW XW 'U\DV6LOXHVWULV VRPQROHQWD ILDW VHG KRF
XLQXPXWXLGHWXUIXLWXLQGHPLDIHUXLGDLQJHQWLXPKRUWRUXP
LQ 'RUXLQLR TXDH QRQ PLOLWLEXV HLXV QHF VHUXLV VHG
FRQXLXLLVUHJLVVROXPHWFDWLOOLVPLQRULEXVQHTXHODJRQLV
PDJQLVSURPLGHVWLQDWDHVW
PR[ GX[ FXVWRGXP QXWDEDW WXP FDSLWH LQ PHQVDP
GHPLVVR GRUPLHEDW SURPXV TXL QRQ DQLPDGXHUWHUH
XLGHEDWXU DOLTXDQGR VHFXP GLFWLWDEDW DWTXH ULGHEDW VHG
PR[HWLDPFDSLWHLQPHQVDPGHPLVVRGRUPLHEDWHWSURSH
DPLFXP VWHUWHEDW WXP KREELWXV LUUHSVLW PR[ FODXLEXV
GXFLV FXVWRGXP VSROLDWLV %LOER TXDP FHOHUULPH SRWXLW
VHFXQGXP PHDWXV DG FHOODV IHVWLQDXLW PDJQXV JOREXV
EUDFFKLLV SRQGHURVXV HVVH XLVXV HVW HW VDHSH FRU
FRQWXUEDWXPHVWDQXORQRQH[FHSWRQDPFODXHVQRQSRWXLW
SURKLEHUH TXRPLQXV DOLTXDQGR FODUH WLQQLUHQW
FUHSLWDUHQWTXHTXDPREUHPXDOGHWUHPHVFHEDW
SULPXP LDQXDP %DOLQL UHFOXVLW WXP LWHUXP HDP
GLOLJHQWHU RFFOXVLW FXP SULPXP QDQXV H[LHUDW DGPLUDWLR
PD[LPD %DOLQR LQFHVVLW VLFXW SXWDUH SRVVLV VHG
TXDPTXDP H SDUXR FRQFODXL RSHURVR HJUHGL JDXLVXV HVW
XROXLW PDQHUH XW TXDHVWLRQHV URJDUHW HW VFLUHW TXLG %LOER
DFWXUXVHVVHWHWRPQLDGHLOODUH
³QLKLO WHPSRULV QXQF´ KREELWXV LQTXLW ³PH PRGR
VHTXHUHQRELVXQDPDQHQGXPHVWQHTXHSHULFOLWDQGXPHVW
QHVHSDUHPLQLQRELVRPQLEXVHIIXJLHQGXPHVWDXWQHPLQL
HW KDHF HVW RSSRUWXQLWDV XOWLPD QRELV TXDP VL LQXHQLDWXU
QHVFLR TXLV VFLDW LQ TXR ORFR UH[ WH PDQLEXV SHGLEXVTXH
XLQFWLV XW SXWR GHLQFHSV GHSRQDW QROL GLVSXWDUH PL
OHSLGLVVLPH´
WXP D LDQXD DG LDQXDP LLW GRQHF LOOL TXL HXP
VHTXHEDQWXU LQ GXRGHFLP FUHWL VXQW ± QHPR TXRUXP
SUDHFLSXH DJLOLV IXLW SURSWHU WHQHEUDV HW SURSWHU
FDSWLXLWDWHPTXRUXPGLXWXUQDPTXDQGRFXPTXHDOLXVDOLXP
RIIHQGHEDW DXW JUXQQLHEDW DXW LQ WHQHEULV VXVXUUDEDW FRU
%LOERQLV PLFDEDW ³VWUHSLWXP QDQRUXP SHUGDW´ VHFXP
LQTXLW RPQLD DXWHP EHQH IDFWD V XQW HW FXVWRGLEXV QXOOLV
REXLDPLHUXQWUHXHUDLOODQRFWHHUDWPDJQXPFRQXLXLXP
DXWXPQDOHLQVLOXLVHWLQDXOLVVXSUDSDHQHRPQLVSRSXOXV
UHJLVHSXODEDQWXU
GHPXP SRVWTXDP PXOWXP RIIHQGHUDQW DG FDUFHUHP
7KRULQLORQJHLQIUDLQORFRSURIXQGRHWIRUWXLWRQRQSURFXO
DEDSRWKHFLVDGXHQHUXQW
FXP%LOERHLVXVXUUDXLVVHWHXPH[LUHDWTXHFXPDPLFLV
FRQLXQJHUH ³SUR ILGHP´ 7KRULQXV LQTXLW ³*DQGDOSKXV
XHUDGL[LWXWVROHWWXHIIUDFWDULXVVDWLVEHQHHVVHXLGHWXU
FXP WHPSXV DGHVW FHUWXV VXP QRV WLEL VHPSHU VHUXLWXURV
HVVHTXLGTXLGSRVWKDQFUHPHIILFLDWXUVHGTXLGGHLQFHSV
DJHQGXPHVW"´
%LOER XLGLW WHPSXV DGHVVH DG FRQVLOLXP H[SOLFDQGXP
TXDPPD[LPHSRWXLWVHGQHTXDTXDPFHUWXVIXLWTXRPRGR
QDQLUHVSRQVXULHVVHQWPHULWRWLPHEDWQDPLGLOOLVRPQLQR
GLVSOLFXLWHWSHULFXORQRQH[FHSWRPXVVDUHFRHSHUXQW
³QRVRPQHVFRQWXQGHPXUDWTXHFRPPLQXHPXUHWSRUUR
VXEPHUJHPXU FHUWR´ PXJLXHUXQW³FXP FODXHV UDSHUH
SRWXLVVHV SXWDXLPXV WH FRQVLOLXP SUXGHQV KDEXLVVH KDHF
HVWQRWLRLQVDQD´
³HVWR´ %LOER XDOGH GHLHFWXV HW TXRTXH LUDWLXV
LQTXLW³UHXHQLWH LQ FHOODV ERQDV XHVWUDV HW LWHUXP QRV
RPQHV RFFOXGDP XW LOOLF FRPPRGH VHGHDWLV DWTXH GH
FRQVLOLR PHOLRUH FRJLWHWLV ± VHG QRQ SXWR IRUH XW FODXHV
XPTXDP UDSHUH LWHUXP SRVVLP HWLDPVL DG FRQDQGXP
LQFOLQHU´
TXDHUHVLOOLVIXLWQLPLDLWDTXHLOOLSODFDWLVXQWLQILQH
VDQH TXRGFXPTXH D %LOERQH VXELHFWXP HVW LG DJHUH
FRJHEDQWXU TXLD FHUWH LPSRVVLELOH IXLW XW XLDP LQ DXODV
VXSHULRUHVLQXHQLUHFRQDUHQWXUXHOSXJQDQGRLWHUHSRUWLV
TXDHDPDJLDFODXVDVXQWIDFHUHQWHWPXVVDUHLQPHDWLEXV
GRQHF LWHUXP FDSWL HULWLV QRQ SURIXLW LWDTXH KREELWXP
VHTXHQWHV LQ LPDV DSRWKHFDV GHUHSVHUXQW LDQXDP
SUDHWHULHUXQWSHUTXDGXFHPFXVWRGXPHWSURPXPXXOWLEXV
UHQLGHQWLEXV LXFXQGH VWHUWHQWHV XLGHUH SRWXHUXQW XLQXP
'RUXLQLLVRPQLDSURIXQGDDWTXHLXFXQGDIHUWSUR[LPRGLH
XXOWXV GXFLV FXVWRGXP D XXOWX SUDHVHQWL XDOGH GLVWXOLW
HWLDPVL%LOERDQWHTXDPSURJUHVVLVXQWIXUWLPLQWURLHUDWHW
EHQLJQHFODXHVLQFLQJXOXPHLXVUHSRVXHUDW
³LG LOOXP DE DOLTXD PROHVWLD TXDP LOOH KDEHELW
VHUXDELW´ 'RPLQXV %DJJLQV VHFXP LQTXLW ³KRPR PDOXV
QRQHUDWHWKRQHVWLXVFDSWLXLVXWHEDWXUSUDWHUHDGHLOODUH
GXELWDEXQWSXWDEXQWQRVKDEXLVVHPDJLDPIRUWLVVLPDPDG
WUDQVHXQGXPSHURPQHVLDQXDVRFFOXVDVHWHXDQHVFHQGXP
HXDQHVFHQGXP QRELV RSXV HVW RFFXSDUL VWDWLP DG LOODP
UHPHIILFLHQGDP´
%DOLQR REVHUXDUH DWTXH PRQHUH FXVWRGHP HW SURPXP QH

LOOL PRXHUHQW LXVVR FHWHUL DSRWKHFDP DGLXQFWDP FXP
IRULEXV LQ WDEXODWR LQWURLHUXQW IXLW SDUXXP WHPSXV DPLWWL
PR[ XW %LOER VFLXLW GU\DGHV DOLTXDH GHVFHQGHUH LXVVDH
HUDQWDGSURPXPLXXDQGXPXWFXSDHH[KDXVWDHSHULDQXDV
LQ IOXPHQ SHOOHUHQWXU TXDH UH XHUD LDP LQ PHGLD KXPR
SUDHSDUDWDHDGGHSHOOHQGDVRUGLQDWDHVXQWDOLTXDHIXHUXQW
FXSDHXLQL HUJR LQXWLOLRUHV TXRG LQ H[WUHPR VLQH PXOWR
VRQLWX QRQ IDFLOH DSHULUL SRWXHUXQW QHTXH LWHUXP IDFLOH
FODXGL VHG LQWHU HDV IXHUXQW DOLDH QRQQXOODH TXDH DG
FLEDULD DOWHUD SRUWDQGD ± EXW\UXP PDOD RPQLD JHQHUD
UHUXP±DGUHJLDPUHJLVXVXLIXHUXQW
PR[ WUHGHFLP LQXHQHUXQW TXDTXH DG QDQXP KDELOL UH
XHUD DOLTXDH IXHUXQW VSDWLRVLRUHV LWDTXH GXP LQ LOODV
LQVFHQGXQW QDQL DQ[LH FRJLWDXHUXQW GH TXDVVDWLRQH DWTXH
RIIHQVLRQH TXDV LQWXV UHFHSWXUL HUDQW TXDPTXDP TXDP
PD[LPH SRWXLW %LOER VWUDPHQWD DWTXH PDWHULDV DOWHUDV
TXDHUHEDW XW LQ WHPSRUH H[LJXR TXDP DUWLVVLPH
FRPSULPHUHQWXU GHPXP GXRGHFLP QDQL UHSRVLWL VXQW
7KRULQXVXDOGHIXHUDWPROHVWXVVHXHUWHQVDWTXHWRUTXHQV
LQXDVRVXRHWIUHPHQVVLFXWLQJHQVFDQLVLQSDUXRFXELOL
GXP%DOLQXVTXLQRXLVVLPXVIXLWGHVSLUDPHQWLVODERUDWHW
GLFLWVHVXIIRFDULDQWHTXDPTXLGHPRSHUFXOXPLPSRVLWXP
HVW%LOERIRUDPLQLEXVLQODWHULEXVFXSDUXPFODXVLVTXDP
PD[LPH SRWXLW HW RSHUFXOLV TXDP WXWLVVLPH IL[LV QXQF
UXUVXVVROXVIXLWFLUFXPFXUVDQVDGVDUFLQDVFRPSRQHQGDV
HW GHVSHUDWXV VSHUDQV FRQVLOLXP VXXP SURVSHUH
VXFFHVVXUXPHVVH
UHVLPPDWXUHQRQIDFWDHUDWSRVWPLQXWXPDXWGXRVROXP
TXDP RSHUFXOXP %DOLQL IL[XP HUDW VRQLWXV XRFXP FXP
OXFLEXVFRUXVFDQWLEXVXHQLWQRQQXOODHGU\DGHVULGHQWHVHW
ORTXHQWHV HW FDQWXP FDUSWLP FDQWDQWHV LQ DSRWKHFDV
SHUXHQHUXQWFRQXLXLXPLXFXQGXPLQXQDDXODUHOLTXHUDQWHW
LQDQLPRKDEXHUXQWDGLOOXPTXDPFHOHUULPHUHGLUH
³XELHVWVHQH[*DOLRQSURPXVLOOH"´DOLXVLQTXLW³TXHP
KDF QRFWH DSXG PHQVDV QRQ XLGL LOOXP DGHVVH RSRUWHW XW
QRELVTXLGDJHQGXPVLWPRQVWUHW´
³LUDVFDU VL VHQH[ VHJQLV HVW WDUGXV´ DOLXV LQTXLW ³QRQ
XRORWHPSXVSHUGHUHGHRUVXPGXPFDQWXVHVWVXUVXP´
³KDKD´TXLGHPFODPDXLW³KLFHVWVHQH[VFHOHVWXVFXP
FDSLWHHLXVLQXUFHRTXLVHFXPHWDPLFRVXRGXFHSDXOXP
HSXODWXVHVW´
³HXP TXDVVD HXP H[FLWD´ FHWHUL LPSDWLHQWHU
FODPDXHUXQW
TXDVVDUL XHO H[FLWDUL *DOLRQL QHTXDTXDP SODFXLW HW
HWLDPPLQXVULGHUL³XRVRPQHVWDUGLHVWLV´PXVVDXLW³HJR
KLF PDQHQV DWTXH PDQHQV LQIUD VXP GXP XRV KRPLQHV
ELELWLV HW LRFRVH OXGLWLV HW RIILFLRUXP XHVWURUXP
REOLXLVFLPLQL HVW UHV QRQ DGPLUDQGD PH IDWLJDWXP
GRUPLUH´
³UHV QRQ DGPLUDQGD´ LOOL LQTXLXQW ³TXRG UDWLR DG
PDQXP LQ XUFHR VWDW XHQL XW QRELV JXVWXP SRWLRQLV
GRUPLHQGL GHV DQWHTXDP ODERUDELPXV H[FLWDUH LDQLWRUHP
FDUFHULV LOOLF QRQ RSXV HVW TXL VDWLV VXSHUTXH ELELVVH
XLGHWXU´
WXP FLUFXP VHPHO ELEHUXQW HW UHSHQWH LXFXQGLVVLPL
ILHEDQW PHQWHV DXWHP VXDV QRQ RPQLQR DPLVHUXQW ³VHUXD
QRV *DOLRQ´ QRQQXOODH FODPDXHUXQW ³SUDHPDWXUH
FRQXLXDULFRHSLVWLHWPHQWHPSHUWXUEDXLVWLTXDVGHPFXSDV
SOHQDV SUR TXLEXVGDP XDFXLV KLF DFHUXDXLVWL VL SRQGXV
LQWHUHVW´
³SHUJLWH ODERUDUH´ SURPXV PXVVDXLW ³HVW QLKLO SRQGL
VHQWLUL LQ EUDFFKLLV IDWXL VHJQLV KDHF VXQW TXLEXV HXQGXP
HVWHWQXOOLVDOLLVIDFLWHTXRGGLFR´
³HVWR HVWR´ UHVSRQGHUXQW FXSDV DG DSHUWXP
XROXHQWHV³VLW LQ FDSLWH WXR VL FXSDH EXW\UL SOHQDH UHJLV
DWTXHXLQXPHLXVRSWLPXPLQIOXPHQSHOODQWXUXW+RPLQHV
/DFXVLOODJUDWLVHSXOHQWXU´
UHXROXLWHUHXROXLWH
XROXHQWHVLOODVLQIRUDPHQ
FRQWXQGLWHFRQWXQGLWH
DEHDQWLOODHLQFHUWDPHQ
LWDFDQWDEDQWGXPSULPXPXQDFXSDHWWXPDOLDFUHSLWDQV
DG DSHUWXUDP DWUDP XROXLWXU HW LQ DTXDP IULJLGDP
QRQQXOORV SHGHV LQIUD GHSHOOLWXU DOLDH FXSDH TXLGHP
IXHUXQW XDFXDH DOLDH QDQR VLQJXODH FRPSOHWDH VXQW VHG
RPQHVGHVFHQGHUXQWDOLDSRVWDOLDPLQWHUVHFRQFUHSDQWHV
DWTXH FRQWXQGHQWHV VXPPD LOODUXP TXDH LQIUD IXHUXQW
LFLHQWHV LQ DTXDP FDGHQWHV PXURV FXQLFXOL SXOVDQWHV VH
PXWXR LPSHOOHQWHV HW VHFXQGR IOXPLQH VXUVXP GHRUVXP
HIIOXHQWHV
KRF WHPSRUH %LOER LQILUPLWDWHP FRQVLOLL VXELWR LQXHQLW
XHUL VLPLOOLPXP HVW WH LDPSULGHP UHP XLGLVVH HW HXP
ULVLVVH VHG QRQ SXWR WH LSVXP LQ HLXV ORFR GLPLGLDP
SDUWHP UHL PHOLXV DFWXUXP IXLVVH VDQH LSVH LQ FXSD QRQ
IXLW QHTXH DOLXV TXL HXP LPSRQHUH SRWXLW HWLDPVL
TXRGGDP RSSRUWXQLWDV HVVHW KRF WHPSRUH XLVXV HVW FHUWH
DPLVVXUXV DPLFRV SDHQH RPQHV TXRUXP LDP SHU IRUHV LQ
WDEXODWR DWUDV HXDQXHUDQW HW RPQLQR UHOLFWXUXV
HIIUDFWDULXV IXUWLXXV PDQHUH LQ DQWULV GU\DGXP SHU
DHWHUQXP FRDFWXUXV QDP HWLDPVL SHU SRUWDV VXSHULRUHV
VWDWLP HIIXJHUH SRWXHULW RSSRUWXQLWDV XPTXDP LQXHQLHQGL
QDQRV UXUVXV PLQLPH KDEXLW XLDP D WHUUD DG ORFXP TXR
FXSDH FROOHFWDH VXQW QHVFLXLW TXLG LQ RUEH WHUUDUXP LOOLV
DFFLGDWVLQHVHFRJLWDXLWQDPWHPSXVQRQKDEXHUDWGLFHQGL
QDQLVRPQLDTXDHGLGLFHUDWDXWTXLGIDFWXUXPFXPHVLOXLV
HJUHGHUHQWXULQDQLPRKDEXLW
VHQWHQWLLV RPQLEXV SHU PHQWHP HLXV SUDHWHUHXQWLEXV
GU\DGHV LRFRVVLVPDH FLUFXP LDQXDPIOXPLQLV FDQWDUH
FRHSHUXQW QRQQXOODH LDP HJUHVVDH HUDQW DG IXQHV
VXEGXFHQGRV TXL FDWDUDFWDP DG SRUWDPDTXDULDP
VXVWXOHUXQW XW FXSDV FXP SULPXP RPQHV TXDUXP LQIUD
QDWDEDQWOLEHUDUHQW
DWURIOXPLQHFRQFLWRVHFXQGR
DGWHUUDVUHGHDVWLELTXHQRWDV
DXODVDQWUDUHOLQTXHQXQFSURIXQGD
HWGHFOLXLDOLQTXHQXQFERUHD
TXDODWHTXHODWHWTXHVLOXDORQJH
REVFXULVWHQHEULVTXHQXQFVXE
XPEULV
SUDHWHUQDXLJHWDUERUXPSODJDVTXH
DGGLXXPSODFLGXPTXHVLELODWXP
VFLUSRVHWFDODPRVTXHSUDHWHULUH
LQIHOLFLDVWDJQDSUDHWHULUH
DOEDQXQFQHEXODVWDWLPSHUDFWD
QRFWXUQDTXHSDOXGHWUDQVLWDTXH
VDOWDQWHVPRGRTXDHUHTXDHUH
VWHOODV
TXDHUHQGRTXHSHUDUGXDXVTXHDG
DVWUD
WXPWHQGDVLWHUDGGLHPTXHPDQH
WRUUHQWHPTXHVXSUDVXSUDTXH
KDUHQDP
WHQGHQVDGQLWLGXP0HULGLHPTXH
OXFHPVROLVHWKLFGLHPTXHTXDHUH
DGSUDWXPUHGHDVHWDUXDODHWD
TXDHSDVFXQWSHFRUHVERXXP
IHUDFHV
DGFDPSRVUHGHDVDGKXFVXSUHPRV
LQTXLVEDFXODFUHVFLWHWXLJHWTXH
KLFVXEOXPLQLEXVTXHVXEGLHEXV
WHQGHQVDGQLWLGXP0HULGLHPTXH
DWURIOXPLQHFRQFLWRVHFXQGR
DGWHUUDVUHGHDVWLELTXHQRWDV
LDP QXQF FXSD XOWLPD DG LDQXDV UHXROXHEDWXU TXDP

GHVSHUDWXVQHTXHTXLGDOLWHUIDFWXUXPVLWVFLHQVPLVHOOXV
%LOER WHQXLW HW FXP HD GH OLPLQH GHSHOOHEDWXU LQ DTXDP
DVSHUJLQH LQ DTXDP IULJLGDP DWUDPTXH FXP FXSD LQ
VXPPRVXRGHFLGLW
DQKHODQV HW OLJQR DGKDHUHQV VLFXW PXV UHVXUUH[LW VHG
IUXVWUD HQLVXV QHTXDTXDP LQ VXPPXP DVFHQGHUH SRWXLW
TXDQGRFXPTXH FRQDEDWXU FXSD UHXROXHEDWXU XW UXUVXV
VXEPHUJHUHWXU VDQH WDP XDFXD IXLW LOOD XW OHXLV TXDP
FRUWH[ VXSHUQDWDUHW DXULEXV DTXDH SOHQLV QLKLORPLQXV
GU\DGHV DGKXF FDQWDQWHV VXSUD LQ DSRWKHFD DXGLUH SRWXLW
WXPUHSHQWHIRUHVLQWDEXODWRVRQLWXFODXVDHVXQWHWXRFHV
HDUXP KHEHWDWDH VXQW LQ FXQLFXOR WHQHEURVR IXLW LQ DTXD
JHOLGD QDWDQV VROXV ± QDP WX DPLFRV LQ FXSLV RPQLQR
LPSRVLWRVDGQXPHUDUHQRQSRWHV
PR[ PDFXOD JODXFD LQ WHQHEULV LQ IURQWH DSSDUXLW
FUHSLWX SRUWDHDTXDULDH VXEGXFWDH DXGLWR LQXHQLW VH LQ
PHGLR HVVH VXUVXP GHRUVXP IOXHQWL DWTXH FRQWXQGHQWL
JORER FXSDUXP DWTXH XDVRUXP OLJQHRUXP TXL LQWHU VH
FRPSUHVVLVXQWDGVXEHXQGXPVXEDUFXPHWHJUHGLHQGXPLQ
IOXPHQDSHUWXPSOXULPXPQL[XVHVWQHSXOVXVDWTXHWXQVXV
FRQIULQJHUHWXU VHG SRVWUHPR WXUED SXOVDQV IUDQJL HW
VLQJXODHVXEDUFRVD[HRDPRXHULFRHSLWWXPLOOHHWLDPVL
FXSDP VXDP FRQVFHQGHUH SRWXHULW UHP IXWXUDP IXLVVH
LQXWLOHP XLGLW QDP LQWHU VXPPXP HLXV HW WHFWXP VXELWR
SURQXPLX[WDSRUWDPIXLWQLKLOQHKREELWRTXLGHPVSDWLL
VXE UDPLV GHSHQGHQWLEXV DUERUXP LQ DOWHUXWUD ULSD

HJUHGLHEDQWXU %LOER TXLG QDQL VHQWLUHQW HW VL PXOWXP
DTXDHLQXDVDHRUXPOLJQHDLQIOXHUHWPLUDWXVHVWQRQQXOOD
HRUXP TXDH VXUVXP GHRUVXP SUDHWHU HXP LQ FDOLJLQH
IOXHEDQWKXPLOLRUDLQDTXDXLVDHVVHHRFRQLHFLWQDQRVLQ
HLVLQHVVH
³XWLQDP HJR RSHUFXOD VDWLV VWULFWH LPSRVXHULP´
FRJLWDXLW VHG PR[ GH VH DGHR H[HUFLWXV HVW XW QDQRUXP
REOLWXV VLW FDSXW VXXP VXSHU DTXDP WHQHUH SRWXLW VHG
DOJHQVKRUUHEDWHWXWUXPPRULWXUXVHVVHWDQWHTXDPIRUWXQD
IXHULW VHFXQGD DQ TXRXVTXH DGKDHUHUH SRVVHW DQ VH
GHPLWWHUHHWDGULSDPQDWDQGRFRQDULSHULFOLWDUHWXUPLUDWXV
HVW
PR[ IRUWXQD VDQH IDFWD HVW VHFXQGD IOXXLXV XRUWLFRVXV
QRQQXOODV FXSDV LX[WD ULSDP LQ XQR ORFR WXOLW TXDH LEL LQ
TXDGDPUDGLFHFHODWDDOLTXDPGLXKDHVLWDXHUXQWWXP%LOER
RFFDVLRQHPDVFHQGLODWXVFXSDHVXDHGXPLOODDGDOWHUDP
WHQHWXU FHSLW VXUVXP UHSVLW VLFXW PXV VXEPHUVXV HW
H[WHQVXV DG VH OLEUDQGXP TXDP PD[LPH SRWXLW LQ VXPPR
LDFXLWDXUDIXLWIULJLGDVHGPHOLXVTXDPDTXDHWVSHUDXLW
IRUH XW VH QRQ VXELWR UHXROXHUHWXU TXDP SULPXP LWHUXP
SURIHFWLHUXQW
PR[ FXSDH LWHUXP OLEHUDWDH VHFXQGR IOXPLQH VH
XHUWHQWHV DWTXH WRUTXHQWHV LQ IOXXLXP SULQFLSHP HJUHVVDH
VXQW WXP LOOH FRJQRXLW UHP WDP GLIILFLOHP HVVH TXDP
XHULWXV HUDW VHG QHVFLR TXRPRGR HDP TXDPTXDP HD
PLVHUDELOLWHU LQFRPPRGD IXLW DJHUH SRWXLW IHOLFLWHU
OHXLVVLPXVIXLWHWFXSDIXLWPDJQDHWDOLTXDQWXPULPRVDXW
LDP QXQF SDXOXP DTXDH DFFHSLVVHW QLKLORPLQXV UHV IXLW
TXDVLPDQQXPXHQWUHJORERVRTXLVHPSHUGHVHXROXHQWLLQ
JUDPLQH FRJLWDEDW VLQH HW IUHQR HW VWDSHGLLV HTXLWDUH
FRQDUHWXU
SRVWUHPR LQ KRF PRGR 'RPLQXV %DJJLQV DG ORFXP LQ
TXR DUERUHV WHQXLRUHV ILHEDQW DGXHQLW LQWHU TXDV FDHOXP
SDOOLGLXV XLGHUH SRWXLW IOXPLQH DWUR UHSHQWH LQ ODWXP
DSHUWR LEL DTXDH SULQFLSL )OXPLQLV 6LOXHVWULV H LDQXLV
PDJQLVUHJLVIHVWLQDQWHUIOXHQWLVDGLXQFWXPHVWIXLWODPLQD
KHEHV DTXDH QRQ LDP REXPEUDWDH HW LQ VXPPR ODEHQWL
IXHUXQW UHSHUFXVVLRQHV QXELXP VWHOODUXPTXH VDOWDQWHV
DWTXH IUDFWDV WXP DTXD IHVWLQDQV )OXPLQLV 6LOXHVWULV
FRSLDP RPQHP FXSDUXP HW XDVRUXP OLJQHRUXP DG ULSDP
VHSWHQWULRQDOHP HXHUULW TXDP LQ VLQX ODWR HURVHUDW TXDH
OLWXV FDOFXORVXP VXE ULSLV GHSHQGHQWLEXV KDEXLW HW DG
ILQHP RULHQWHP D SURPXQWXULR SDUXR VD[L GXUL PXQLWD HVW
SOXULPDHFXSDHLQOLWXVXDGRVXPLPSDFWDHVXQWTXDPTXDP
SDXFDHSUDHWHULHUXQWHWPROHPVD[HDPWXWXGHUXQW
LQ ULSLV KRPLQHV TXL SURVSLFLHEDQW FHOHULWHU FRQWLV
FXSDV XQD LQ XDGD SHSXOHUXQW HW FXP RPQHV HDUXP
QXPHUDXLVVHQW HDV IXQLEXV LQWHU VH LXQ[HUXQW WXQF HDV
GRQHF PDQH UHOLTXHUXQW PLVHURV QDQRV %LOERQL UHV QXQF
QRQ PDOD IXLW H FXSD HODSVR SHU XDGD DG OLWXV LQFHVVLW
WXP DG WXJXULD TXDHGDP TXDH LX[WD PDUJLQHP DTXDH
XLGHUHSRWXLWUHSVLWGHFHQDPWROOHQGRLQXRFDWXVQRQLDP
ELV FRJLWDEDW TXDQGRFXPTXH RFFDVLRQHP KDEHEDW TXDP
UHP GLX DJHUH FRDFWXV HUDW QDP TXLG HVXULHQV XHUR
VLJQLILFDUHWQRQVROXPLQFXSSHGLLVFHOODHEHQHLPSOHWDH
FRPLWHU GHOHFWDUL VFLXLW SRUUR SHU DUERUHV LJQHP
DVSH[HUDW TXL HXP XHVWLEXV PDGLGLV SDQQRVLVTXH LQ HR
IULJLGLVOHQWLVTXHKDHUHQWLEXVFRPPRXLW
GH IDFLQRULEXV HLXV LOOD QRFWH WLEL GLFHUH QRQ RSXV HVW
PXOWD QDP QXQF DG ILQHP LWLQHULV LQ RULHQWHP
DSSURSLQTXDPXV HW DG XOWLPXP DWTXH PD[LPXP IDFLQXV
DGXHQLPXV HR QRELV PDWXUDQGXP HVW KLF VDQH DQXOR
DGLXXDQWH SULPXP UHP PD[LPH JHVVLW VHG SRVWUHPR D
XHVWLJLLV PDGLGLV DWTXH XLD VWLOOLFLGLRUXP TXDH
UHOLQTXHEDW XELFXPTXH LEDW DXW VHGHEDW SDWHILHEDW HW
SRUUR SLWXLWD H QDVR HIIOXHUH FRHSLW HW XELFXPTXH VH
FHODUH FRQDWXV HVW D FUHSLWLEXV WHUULILFLV VWHUQXPHQWRUXP
VXSSUHVVRUXP LQXHQLHEDWXU PR[ LQ XLFR LX[WD ULSDP
IOXPLQLV HUDW FRPPRWLR ERQD VHG %LOER LQ VLOXDP HIIXJLW
SDQHP DWTXH XWUHP XLQL DWTXH FUXVWXP TXDH QRQ HLXV
IXHUXQWSRUWDQVHLUHOLTXDPQRFWHPGHJHQGDPHVWPDGLGR
VLFXWQXQFHUDWHWORQJHDELJQHVHGXWHUHXPDGLOODPUHP
DJHQGDP DGLXXLW HW UH XHUD SDXOXOXP LQ IROLLV VLFFLV
TXLEXVGDP GRUPLWDEDW HWLDPVL DQQXV VHQHVFHEDW HW DHU
IULJLGXVIXLW
UXUVXV FXP VWHUQXPHQWR SUDHFLSXH PDJQR H[ VRPQR
H[FLWDWXV HVW LDP PDQH JODXFXP IXLW HW LX[WD IOXPHQ IXLW
VWUHSLWXV LRFRVXV UDWHP H FXSLV IDFLHEDQW TXDP PR[
GU\DGHVUDWLV VHFXQGR IOXPLQH DG 2SSLGXP/DFXV
JXEHUQDWXUL HUDQW UXUVXV %LOER VWHUQXLW QRQ LDP PDGLGXV
IXLWVHGVHQVLWVHRPQLQRIULJLGXPHVVHWDPFHOHULWHUTXDP
FUXUD ULJLGD HXP IHUUH SRWXHUXQW GHVFHQGLW XW QRQ
DQLPDGXHUVXV LQWHU FRPPRWLRQHP RPQHP VROXP LQ
WHPSRUH JOREXP FXSDUXP DVFHQGHUH SRVVHW IHOLFLWHU LOOR
WHPSRUH QLKLO VROLV IXLW TXL XPEUDP LQFRPPRGDP LDFHUH
SRVVHWHWSURILGHPLOOHGLXWLXVQRQVWHUQXLW
FRQWRV PD[LPH SHSXOHUXQW GU\DGHV LQ DTXD XDGRVD
VWDQWHV FXSDV SXOVDEDQW DWTXH SHOOHEDQW TXDH LQWHU VH
DOOLJDWDHFRQFUHSHEDQWDWTXHDWWHUHEDQWXU
³KRF HVW RQXV SRQGHURVXP´ DOLTXDH TXHUHEDQWXU
³QLPLV SURIXQGDH QDWDQW ± QRQQXOODH HDUXP QHTXDTXDP
XDFXDH VXQW VL HDH DG OLWXV OXFH VROLV XHQLVVHQW LQWXV
LQVSH[LVVHPXV´LQTXLXQW
³QLOKLO WHPSRULV QXQF´ UDWLV JXEHUQDWRU FODP DXLW
³UHSHOOLWH´
LWDTXH SRVWUHPR HJUHVVL VXQW SULPXP OHQWH GRQHF
VFRSXOXP SUDHWHULHUDQW LQ TXR FHWHUDH GU\DGHV VWDEDQW XW
LOORV FRQWLV GHSHOOHUHQW WXP FHOHULXV DWTXH FHOHULXV XW LQ
IOXXLXPSULQFLSHPLQWURLEDQWHWVHFXQGRIOXPLQHDG/DFXP
GHQDXLJDEDQW
HFDUFHULEXVUHJLVHIIXJHUDQWHWVLOXDPWUDQVLHUDQWVHG
XWUXPXLXLDQPRUWXLHWLDPVXSHUHVWLQXHQLUL
&$397'(&,090
+263,7$/,7(5(;&,3,91795
XW GHIOXHEDQW GLHV LOOXVWULRU DWTXH FDOLGLRU ILHEDW SDXOR

SRVW IOXPHQ XPHUXP WHUUDH SUDHFHSV TXL DG VLQLVWUDP
HRUXPGHVFHQGLWFLUFXPLLWVXESHGLEXVHLXVTXDVLUXSLEXV
PHGLWHUUDQHLVIOXXLXVSURIXQGLVVLPXVODEHQVDWTXHEXOOLHQV
IOX[HUDW VXELWR VFRSXOXV H[FLGLW OLWRUD GHPHUVD VXQW
DUERUHVILQLWDHVXQWWXP%LOERUHPDVSLFLHQGDPDVSH[LW
WHUUDH FLUFXP HXP ODWH SDWHEDQW DTXDUXP IOXPLQLV
SOHQDH TXRG DXW IUDFWXP LQ FXUVLEXV FHQWXP GLXHUVLV
HUUDEDW DXW XWULPTXH LQ SDOXGLEXV DWTXH VWDJQLV FXP
LQVXOLV VSDUVLV FRQVWLWLW QLKLORPLQXV DTXD SHU PHGLXP
UHFWRIOXPLQHIRUWLWHUIOXHEDWHWLDPSULGHPFDSLWHDWURLQ
QXELEXV ODQLDWLV LEL LPSHQGHEDW 0RQV LOOH SURSLQTXL
FXLXVSUR[LPLLQWHU6HSWHQWULRQHVHW2ULHQWHPDWTXHWHUUDP
FROODSVDPTXDHLOOXPDGHRVLXQ[LWXLGHULQRQSRWXHUXQW
RPQLQR VROXV WUDQV SDOXGHV DG VLOXDP SURVSLFLHQV
DVFHQGLW0RQV6ROXVLSVH%LOERORQJHSHUIDFLQRUDPXOWD
DG HXP XLGHQGXP SHUXHQHUDW HW QXQF DVSHFWXV FXLXV
QHTXDTXDPHLSODFXLW
JXEHUQDWRULEXV ORTXHQWLEXV DXVFXOWDQV HW H[ IUDJPHQWLV
SDWHIDFWLV FHUWLRU IDFWXV PR[ LQWHOOH[LW VH IRUWXQDWLVVPXP
HVVH HR TXRG XPTXDP LOOXP XLGLVVHW HWLDP DE KDF
GLVWDQWLDHWLDPVLXLQFXODVXDIXHUDQWPLVHUDHWSRVLWLRVXD
DGKXF LQFRPPRGD IXLW QLKLO GH QDQLV PLVHULV VXE HR
GLFDWXU QLKLORPLQXV IHOLFLRU IXHUDW TXDP FRQLHFHUDW
VHUPRRPQLVHUDWGHPHUFDWXUDTXDHLQXLLVDTXDULLVXHQLW
DWTXHUHXHQLWDWTXHGHFRPPHUFLRFUHVFHQWLLQIOXPLQHXW
XLDHH[2ULHQWHDG0LUNVLOXDPXHOHXDQXHUXQWXHOGHVXHWDH
IDFWDH VXQW HW GH UL[LV LQWHU +RPLQHV/DFXV 'U\DGHV
6LOXHVWUHVTXH GH )OXPHQ 6LOXHVWUH FRQVHUXDQGR DWTXH
ULSDV FXUDQGR LOODH WHUUDH PXOWXP PXWDWDH VXQW D GLHEXV
XEL QDQL LQ 0RQWH KDELWDEDQW GLHV TXRV SOXULPL VROXP
VLFXW IDPDP REVFXULVVLPDP UHFRUGDWL VXQW LQ DQQLV
UHFHQWLEXV PXWDWDH VXQW HWLDP SRVW QXQWLRV QRXLVVLPRV
TXRV*DQGDOSKXVGHHLVDFFHSHUDWGLOXXLHVPDJQDHDWTXH
LPEUHV DTXDV DG RULHQWHP IOXHQWHV WXPHIHFHUDQW IXHUDW
WHUUDH PRWXV DXW GXR TXHP QRQQXOOL SXWDXHUXQW HVVH
GUDFRQLV ± TXHP VLJQLILFDUH VROHEDQW D PDOHGLFWR DWTXH
QXWXLQIDXVWRDG0RQWHPSDOXGHVHWXOLJLQHVODWLXVDWTXH
ODWLXV XWULPTXH GLIIXVDH VXQW VHPLWDH HXDQXHUDQW VLPXO
PXOWL TXL HTXLWDEDQW DXW HUUDEDQW VL XLDV DPLVVDV
WUDQVHXQWHVLQXHQLUHFRQDWLHUDQWXLDGU\DGXPSHUVLOXDP
TXDPFRQVLOLR%HRUQLVQDQLVHFXWLHUDQWQXQFDGWHUPLQXP
GXELXPUDURXVXPSHUXHQLWDGPDUJLQHPVLOXDHRULHQWDOHP
IOXPHQ VROXP QXQF XLDP WXWDP DE RULV 0LUNVLOXDH LQ
6HSWHQWULRQLEXV DG FDPSRV XOWUD D PRQWH REXPEUDWRV
REWXOLWHWUH['U\DGXP6LOXHVWULXPIOXPHQFXVWRGLHEDW
LWDTXH XLGHV %LOERQHP LQ ILQH D XLD VROD TXDH RPQLQR
XWLOLV IXLW XHQLVVH IRUWDVVH %LOER LQ FXSLV KRUUHQV
FRQVRODWXV VLW VL FRJQRXHULW QXQWLXP GH KDF UH DG
*DQGDOSKXPLDPSULGHPDGXHQLVVHTXLXDOGHDQ[LXVIDFWXV
HVVHWTXHPUHXHUDQXQFSHUILFHUHQHJRWLXPDOWHUXPVXXP
TXRG LQ KDQF IDEXODP QRQ LQWURLW XW DG FRSLDP 7KRULQL
TXDHUHQGDP VH SUDHSDUDUHW TXDP DXWHP UHP QHVFLXLW
%LOER
TXL VROXP VFLXLW IOXPHQ SHUJHUH DWTXH SHUJHUH DG
DHWHUQXP XLGHUL HW VH HVXULHQWHP HVVH DWTXH JUDXHGLQHP
PDODP LQ QDUH KDEHUH HW PRGXP LQ TXR 0RQV VHPSHU
SURSLXVDSSURSLQTXDQVIURQWHPFRQWUDKHUHLQHXPDWTXHHL
PLQDULXLGHEDWXUVLELGLVSOLFHUHSDXORSRVWWDPHQIOXPHQ
DGPHULGLHPWHWHQGLWHWLWHUXP0RQVUHFHVVLWHWSRVWUHPR
PXOWXP GLHL OLWRULEXV VD[HLV IDFWLV IOXPHQ RPQHV DTXDV
HUUDQWHV LQ IOXXLXP SURIXQGXP DWTXH UDSLGXP XQD
FROORFDXLWXWDTXDVXHORFLVVLPHXHUUHEDQW
VROHRFFDVRIOXPHQVLOXHVWUHDG2ULHQWHPDPELWXDOWHUR
XHUVXP LQ /DFXPORQJXP FXFXUULW LEL XWULPTXH KDEXLW RV
ODWXPSRUWLVVD[HLVTXDVLVFRSXOLVSHGHVTXDUXPFDOFXOLV
DFHUXDWLVXQW/DFXV/RQJXVLSVH%LOERQXPTXDPILQ[HUDW
DTXDPTXDPOLEHWTXDHQRQPDUHIXLWWDQWDPXLGHULSRVVH
DGHR ODWXV HUDW ODFXV XW OLWRUD DGXHUVD SDUXD HVVH
XLGHUHQWXU DWTXH ORQJH DEHVVH VHG DGHR ORQJXV HUDW XW
H[WUHPXPLOOLXVVHSWHQWULRQDOHPTXRGDG0RQWHPWHWHQGLW
QHTXDTXDP XLGHUL SRVVHW %LOER VROXP D WDEXOD
JHRJUDSKLFD VFLXLW )OXPHQ )OXHQV LDPSULGHP XEL VWHOODH
SODXVWULLDPIXOJHEDQWH&RQXDOOHLQODFXPGHVFHQGHUHHW
)OXPLQL 6LOXHVWUL LXQFWXP DTXLV SURIXQGLV LPSOHUH LOODP

TXDHROLPFHUWHIXHUDWXDOOLVPDJQDDWTXHDOWDDWTXHVD[HD
LQ H[WUHPR PHULGLRQDOH DTXDH JHPLQDH UXUVXV VXSHU
GHLHFWXV DTXDUXP DOWRV HIIXVDH DG WHUUDV LQFRJQLWDV
IHVWLQDXHUXQW LQ DHUH VHUHQR XHVSHUL VRQLWXV GHLHFWXXP
TXDVLIUHPLWXVSURFXODXGLULSRWXLW
QRQ SURFXO DE RUD )OXPLQLV 6LOXHVWULV HUDW RSSLGXP
LQVROLWXP GH TXR GU\DGHV LQ DSRWKHFLV UHJLV ORTXHQWHV
DXGLXHUDW TXRG LQ OLWRUH QRQ DHGLILFDWXP HVW TXDPTXDP
SDXFD WXJXULD DWTXH DHGLILFLD LOOLF HUDQW VHG XVTXH LQ
VXPPXP ODFXP FRQWUD XHUWLFHV IOXPLQLV LQWURHXQWLV
PXQLWXP D SURPRQWRULR VD[L TXRG VLQXP WUDQTXLOOXP
IRUPDXLWSRQVPDJQXVDOLJQRIDFWXVH[WHQVXVHVWDGORFXP
LQTXRRSSLGXPOLJQHXPQHJRWLRVXPLQPROLEXVLQJHQWLEXV
DE DUERULEXV VLOXDH IDFWLV DHGLILFDWXP HVW QRQ RSSLGXP
GU\DGXP VHG KRPLQXP TXL DGKXF KLF VXE XPEUD PRQWLV
GUDFRQLVLQGLVWDQWLDKDELWDUHDXGHEDQWXUTXLLQPHUFDWXUD
TXDH IOXPHQ PDJQXP D 0HULGLH DVFHQGLW DWTXH LQ FDUULV
SUDHWHU GHLHFWXV DG RSSLGXP HRUXP XHKHEDWXU DGKXF
IORUHEDQWVHGLQPDJQLVGLHEXVDQWLTXLVFXP&RQXDOOLVLQ
6HSWHQWULRQHIXLVVHWGLXHVDWTXHSURVSHUDORFXSOHWHVDWTXH
SRWHQWHV IXHUDQW HW FODVVHV QDXLXP LQ DTXLV IXHUDQW DOLDH
DXULDOLDHPLOLWXPDUPDWRUXPSOHQDHHWEHOODDWTXHJHVWD
IXHUDQW TXDH QXQF VROXP IDEXORVD IXHUXQW FXP DTXDH LQ
VLFFLWDWLEXV GHVFHQGLVVHQW PROHV SXWLGDH RSSLGL PDLRULV
LQOLWRULEXVDGKXFDVSLFLSRWXHUXQW
VHG KRPLQHV GH WDOLEXV UHEXV SDXFD PHPLQHUXQW

TXDPTXDP QRQQXOOL HWLDP FDQWXV XHWHUHV GH UHJLEXV
QDQRUXP 0RQWLV GH 7KURUH DWTXH 7KUDLQR H VDQJXLQH
'XULQL HW GH 'UDFRQLV DGXHQWX DWTXH 'RPLQRUXP
&RQXDOOLV RFFDVX FDQWDEDQW QRQQXOOL TXRTXH FDQWDEDQW
7KURUHPDWTXH7KUDLQXPGLHDOLTXRUHGLWXURVHVVHHWIRUH
XW DXUXP SHU SRUWDVPRQWLV LQ IOXPLQD IOXHUHW HW LOOD WHUUD
RPQLVFDQWLEXVQRXLVDWTXHULVLEXVQRXLVLPSOHUHWXUKDHF
IDEXOD DXWHP LXFXQGD QRQ PXOWXP QHJRWLLV FRWWLGLDQLV
SURIXLW
FXPSULPXPUDWLVFXSDUXPDVSHFWDHUDWOLQWUHVUHPLVH
PROLEXV RSSLGL HJUHVVDH VXQW HW XRFHV JXEHUQDWRUHVUDWLV
VDOXWDXHUXQW WXP IXQLEXV LDFWLV DWTXH UHPLV DJLWDWLV PR[
UDWLV H IOXXLR )OXPLQLV 6LOXHVWULV WUDFWD FLUFXP XPHUXP
DOWXP VD[L LQ VLQXP SDUXXP 2SSLGL/DFXV UHPXOFR
DEVWUDFWDHVWLELQRQORQJHDFDSLWHDGOLWXVWHQGHQWLSRQWLV
PDJQLUHOLJDWDHVWPR[KRPLQHVD0HULGLHSHUXHFWLDOLDV
FXSDV DEVWXOHULQW HW DOLDV ERQLV DE HLV DSSRUWDWLV
LPSOHXHULQW TXDH DGXHUVR IOXPLQH GRPXP 'U\DGXP
6LOXHVWULXP UHIHUHQWXU LQWHULP FXSLV QDWDQWLEXV UHOLFWLV
GU\DGHV UDWLV DWTXH QDXWDH DG HSXODQGXP LQ 2SSLGR/DFX
GLVFHVVHUXQW
TXL PLUDWL HVVHQW VL XLGHUH SRWXLVVHQW TXLG LX[WD OLWXV
SRVWTXDP GLVFHVVHUXQW HW XPEUDH QRFWLV GHVFHQGHUXQW
HIIHFWXP VLW SULPXP %LOER FXSDP TXDPGDP DEVFLVDP HW
DG OLWXV LPSXOVDP DSHUXLW H TXD JHPLWLEXV DE LQWHULRUH
HPLVVLV QDQXV PLVHUULPXV HUHSVLW VWUDPHQWD PDGLGD LQ
EDUED HLXV XPHFWDWD IXHUXQW TXL DGHR LQ GRORUH DWTXH
ULJLGXV IXLW DGHR FRQWXVXV DWTXH LDFWDWXV XW XL[ VWDUH DXW
SHU DTXDP XDGRVDP LQFLGHUH HW JHPHQV LQ OLWRUH LDFHUH
SRVVHWLQDVSHFWXIXLWHVXULHQVVLFXWFDQLVTXLFDWHQDWXVLQ
FXELOL SHU KHEGRPDGHP GHVHUWXV HVVHW IXLW 7KRULQXV VHG
WX VROXP D FDWHQD HLXV DXUHD DWTXH D FRORUH FXFXOOL HLXV
FDHUXOHL TXL QXQF VRUGLGXV DWTXH SDQQRVXV IXLW ILOR
ILPEULDWR DUJHQWHR QXQF GHFRORUDWR HXP UHFRJQRVFHUH
SRWXHULWGLXQRQHWLDPFRPLVHUJDKREELWXPHVVHSRWXLW
³GLFHVQHXLXXVDXWPRUWXXV"´%LOERVDWLVLUDWXVURJDXLW
IRUWDVVH REOLWXV HVW VH VHPHO PLQLPXP SOXV TXDP QDQRV
FHQDXLVVH HW SRUUR EUDFFKLLV FUXULEXVTXH XWL SRWXLVVH
SRUWLRQH VXD DHULV PDLRUH QRQ H[FHSWD ³HVQH HWLDP LQ
XLQFXOLV XHO HVQH OLEHU" VL FLEXP XLV HW LQ KRF IDFLQRUH
IDWXR SHUJHUH XLV ± HVW WXL VDOWHP QRQ PHL ± WH RSRUWHW
EUDFFKLD VXD IHULUH HW FUXUD IULFDUH HW FRQDUL XW WX PH
DGLXXHVDGOLEHUDQGRVFHWHURVGXPIRUWXQDPKDEHPXV´
7KRULQXV VDQH KDQF VHQWHQWLDP HVVH DFXWDP LQWHOOH[LW
LWDTXH SRVW SOXUHV JHPLWXV DOLTXRV VXUUH[LW HW KREELWXP
DGLXXLWTXDPPD[LPHSRWXLWVHLQWHQHEULVLQDTXDIULJLGD
XROXWDQWLEXVRSXVLQXHQLHQGLFXSDVUHFWDVIXLWODERULRVXP
DWTXH IRHGLVVLPXP H[WULQVHFXV SXOVDQGR DWTXH FODPDQGR
FLUFD VH[ QDQRV TXL UHVSRQGHUH SRWXHUXQW VROXP
LQXHQHUXQW TXL H[RQHUDWL DWTXH LUH DG OLWXV DGLXWL LEL
IUHPHQWHV DWTXH JHPHQWHV VHGHEDQW XHO LDFHEDQW DGHR
PDGLGLDWTXHFRQWXVLDWTXHFRPSUHVVLHUDQWXWVHOLEHUDWRV
HVVHXL[LQWHOOHJHUHSRVVHQWQHTXHSURLOODUHUHFWHJUDWXP
KDEHUHQW
'ZDOLQXV DWTXH %DOLQXV GXR PLVHUULPRUXP IXHUXQW
LWDTXHHRVQRQSURIXLWURJDUHXWDX[LOLRHVVHQW%LIXUDWTXH
%RIXU PLQXV SXOVDWL VXQW DWTXH VLFFLRUHV VHG UHFXEXHUXQW
HW DOLTXD IDFHUH UHFXVDXHUXQW )LOLXV DWTXH .LOLXV WDPHQ
TXL LXXHQHV SUR QDQLV HUDQW HW SRUUR FXP VWUDPHQWLV
FRSLRVLV LQ FXSDV PLQRUHV DUWLXV LPSRVLWL HUDQW PDJLV
PLQXVXH ULGHQWHV HJUHVVL VXQW FXP FRQWXVLRQH DXW GXDEXV
VROXPHWULJLGLWDWHTXDHPR[VDQDEDWXU
³VSHURPHQXPTXDPRGRUHPPDORUXPUXUVXVROIDFWXUXP
HVVH´ )LOLXV LQTXLW³FXLXV XDVXP OLJQHXP PHXP SOHQXP
IXLWPDODSHUDHWHUQXPROIDFHUHGXPXL[PRXHUHSRWHVHW
IULJLGXV DWTXH DHJHU HV PHQWHP DOLHQDW QXQF DOLTXD LQ
RUELV WHUUDUXP RPQLV HGHUH SHU KRUDV DWTXH KRUDV PLKL
SODFHELW±VHGQRQPDOXP´
)LOLR.LOLRTXHOLEHQWHUDGLXXDQWLEXV7KRULQXVHW%LOER
GHPXP HRV TXL H FRSLD VXSHUIXHUXQW LQXHQHUXQW HW
OLEHUDXHUXQW PLVHU SLQJXLV %RPEXU DXW GRUPLHEDW DXW
WRUSHEDW'RULXV1RULXV2ULXVDWTXH*ORLQXVPDGHEDQWHW
VHPLXLXLHVVHXLGHEDQWXUVLQJXOLRPQHVIHUHQGLVXQWHWLQ
OLWRUHGHSRQHQGLLQHUWHV
³LWDTXH KLF VXPXV´ 7KRULQXV LQTXLW ³HW SXWR QRV
JUDWLDV DJHUH VWHOOLV QRVWULV DWTXH 'RPLQR %DJJLQVL
RSRUWHUH FHUWXV VXP HXP LXUH LG H[VSHFWDUH TXDPTXDP
XRORHXPLQVWLWXLVVHLWHUFRPPRGLXVQLKLORPLQXV±RPQHV
WLEL XDOGH VHUXLPXV UXUVXV 'RPLQH %DJJLQV VDQH JUDWXP
GLJQH KDEHELPXV XEL FHQDXHULPXV DWTXH VDQDWL HULPXV
LQWHULPTXLGSRVWHD"´
³2SSLGXP/DFXV SURSRQR´ %LOER LQTXLW ³TXLG DOLXG
HVW"´
QLKLODOLXGVDQHSURSRQLSRWXLWLWDTXHFHWHULVUHOLFWLV
7KRULQXVHW)LOLXVHW.LOLXVHWKREELWXVVHFXQGXPOLWXVDG
SRQWHPPDJQXPLHUXQWLQFDSLWHFXLXVHUDQWFXVWRGHVTXL
XLJLOLDV QRQ VDWLV GLOLJHQWHU DJLWDEDQW QDP LDPSULGHP IXLW
FXP QHFHVVLWDV DOLTXD XHUD IXHUDW UL[LV VXELQGH GH
XHFWLJDOLEXVIOXPLQLV H[FHSWLV DPLFL 'U\DGLEXV
6LOXHVWULEXVHUDQWJHQWHVDOLDHORQJHDIXHUXQWHWQRQQXOOL
LXXHQHV LQ RSSLGR DSHUWH GXELWDEDQW GUDFRQHP DOLTXHP
HVVH LQ PRQWH HW LOORV EDUELV FDQLV HW LOODV QXQF VHQLOHV
TXL VH LQ LXXHQWD VXD HXP LQ FDHOR XRODQWHP XLGLVVH
GL[HUXQW ULVHUXQW HUJR UHV QRQ DGPLUDQGD HVW FXVWRGHV
LX[WD LJQHP LQ WXJXULR VXR ELEHUH DWTXH ULGHUH QHTXH
VRQLWXP H[RQHUDQWLXP QDQRUXP QHF XHVWLJLD TXDWWXRU
H[SORUDWRUXP DXGLUH XDOGH DWWRQLWL IXHUXQW FXP 7KRULQXV
6FXWXPTXHUFHXPSHUIRUHVLQJUHVVXVHVW
³TXLV HV WX HW TXLG XLV"´ FODPDXHUXQW DG SHGHV
H[VLOLHQWHVDWTXHDUPDWHPSWDQWHV
³7KRULQXV7KUDLQLILOLXV7KURULVILOLL5HJLVVXE0RQWH´
QDQXV PDJQD XRFH LQTXLW HW LWD LQ DVSHFWX IXLW XHVWLEXV
VFLVVLV DWTXH FXFXOOR XPHFWDWR QRQ H[FHSWLV DXUXP LQ
FROORHLXVDWTXHLQPHGLDSDUWHFRUSRULVIXOJHEDWRFXOLVXL
DWULSURIXQGLTXHIXHUXQW³HJRUHGLLXROR'RPLQXPRSSLGL
XHVWULXLGHUH´
WXP FRPPRWXV HUDW WUHPHQGXV QRQQXOOL VWXOWLRUHV H
WXJXULR FXFXUUHUXQW TXDVL SXWDXHUXQW IRUH XW 0RQV QRFWX
DXUHXVILHUHWHWVWDWLPRPQHVDTXDHODFXVIODXHVFHUHQWGX[
FXVWRGXPDSSURSLQTXDXLW
³HW TXL VXQW LOOL"´ URJDXLW )LOLXP .LOLXP HW %LOERQHP
VLJQLILFDQV
³VXQWILOLLILOLDHSDWULVPHL´7KRULQXVUHVSRQGLW³)LOLXV
DWTXH .LOLXV H VDQJXLQH 'XULQL HW 'RPLQXV %DJJLQV TXL
QRELVFXPH[2FFLGHQWHSHUJULQDWXVHVW´
³VLLQSDFHXHQLVWLVDUPDXHVWUDGHSRQLWH´GX[LQTXLW
³QXOODKDEHPXV´7KRULQXVLQTXLWTXRGVDWLVXHUXPIXLW
FXOWUL D 'U\DGLEXV6LOXHVWULEXV DEODWL VXQW HW HWLDP HQVLV
PDJQXV2UFULVWXV%LOERHQVHPSDUXXPKDEXLWFHODWXPXW
VROHEDWVHGGHTXRQLKLOGL[LW³DUPLVQRQRSXVHVWQRELV
QRVTXLGHPXPDGQRVWURVUHGHXQWVLFXWLQGLHEXVDQWLTXLV
WUDGLWXPHVWQHTXHDGXHUVXVWDQWRVSXJQDUHSRVVXPXVDG
GRPLQXPXHVWUXPIHUWHQRV´
³HVWLQHSXOLV´GX[LQTXLW
³WXP UDWLRQHP PHOLRUHP IHUHQGL QRV DG HXP KDEHV´
)LOLXV LQWHULHFLW TXL GH KLV VROOHPQLWDWLEXV LPSDWLHQV
ILHEDW ³GHIHVVL VXPXV HW HVXULHQWHV SRVW XLDP QRVWUDP
ORQJDP HW FRPLWHV DHJURV KDEHPXV QXQF IHVWLQD HW QXOOD
XHUEDSOXUDKDEHDPXVVLQDOLWHUGRPLQXVWXXVWLELDOLTXLG
GLFDW´
³HUJR PH VHTXLPLQL´ GX[ LQTXLW LWDTXH HRV VH[
KRPLQLEXVFLUFXPVWDQWLEXVWUDQVSRQWHPDWTXHSHUSRUWDV
DWTXHLQIRUXPRSSLGLGX[LWTXRGIXLWFLUFXOXVODWXVDTXDH
WUDQTXLOODH D PROLEXV DOWLV LQ TXLV GRPXV PDLRUHV
DHGLIFDWDH VXQW HW D FUHSLGLQLEXV ORQJLV OLJQHLV FXP
PXOWLV JUDGLEXV VFDOLVTXH DG VXPPXP ODFXP
GHVFHQGHQWLEXV FLUFXPLHFWXV H[ XQD DXOD PDJQD OXFHV
PXOWDHIXOJXUDEDQWHWVRQLWXVXRFXPPXOWDUXPHPLWWHEDWXU
IRUHV FXLXV SUDHWHUJUHVVL QLFWDQWHV LQ OXFH VWHWHUXQW
PHQVDVORQJDVJHQWLVSOHQDVDVSLFLHQWHV
³VXP 7KRULQXV 7KUDLQL ILOLXV 7KURULV ILOLL 5HJLV VXE
0RQWH UHGHR´7KRULQXV PDJQD XRFH H IRULEXV FODPDXLW
DQWHTXDPGX[DOLTXLGGLFHUHSRWXLW
RPQHVLQSHGHVH[VLOXHUXQW'RPLQXVRSSLGLHFDWKHGUD
PDJQD VDOXLW QXOOL DXWHP PDJLV DWWRQLWL TXDP
JXEHUQDWRUHVUDWLV GU\DGXP TXL LQ SDUWH LQIHULRUH DXODH
VHGHEDQW VXUUH[HUXQW DQWH PHQVDP 'RPLQL LQVWDQWHV
FODPDXHUXQW
³KL VXQW FDSWLXL UHJLV QRVWUL TXL HIIXJHUXQW QDQL
HUUDEXQGL DWTXH XDJL TXL GH VH EHQH H[SOLFDUH QRQ
SRWXHUXQWSHUVLOXDVUHSWDQWHVDWTXHQRVWURVXH[DQWHV´
³HVWQH KRF XHUXP"´ 'RPLQXV URJDXLW UH XHUD SXWDXLW
LOODPUHPHVVHPXOWRPDJLVXHULVLPLOHPTXDP5HJHPVXE
0RQWHVLTXLVTXDPXPTXDPIXLVVHWUHGLVVH
³XHUXP HVW UHJHPGU\DGXP QRELV IDOVR LQVLGLDWXP HVVH
DWTXH QRV DG WHUUDP QRVWUDP UHGHXQWHV LQ FDUFHUHP VLQH
FDXVDFRQLHFLVVH´7KRULQXVUHVSRQGLW³VHGQHFFODXLVQHF
FODXVWUXP SRVVLQW LPSHGLUH DGXHQWXP GRPXP LQ GLHEXV
DQWLTXLV ORFXWXP QHTXH KRF RSSLGXP HVW UHJQXP
'U\DGXP6LOXHVWULXP 'RPLQR RSSLGL +RPLQXP /DFXV
QRQJXEHUQDWRULEXVUDWLVUHJLVGLFR´
WXP 'RPLQXV KDHVLWDQV DE DOLR DG DOLXP LQWXHEDWXU
5H[GU\DGXP LQ LOOLV UHJLRQLEXV SRWHQWLVVLPXV HUDW FXP
TXR 'RPLQXV QXOODP LQLPLFLWLDP KDEHUH XROXLW QHTXH
PDJQLSXWDEDWFDQWXVXHWHUHVPHQWHXHUVRDGPHUFDWXUDP
DWTXH XHFWLJDOLD DG RQHUD DWTXH DXUXP FXL FRQVXHWXGLQL
VWDWXP VXXP GHEXLW DOLL WDPHQ PHQWLEXV GLXHUVLV UHP
FHOHULWHUVLQHHRFRPSRVXHUXQWQXQWLLHIRULEXVDXODHVLFXW
LJQLVSHURPQHRSSLGXPGLODWLHUDQWKRPLQHVLQWHUDXODP
DWTXH H[WUD HDP FODPDEDQW SHGHV IHVWLQDQWHV FUHSLGLQHV
FHOHEUDXHUXQW QRQQXOOL IUDJPHQWD FDQWXXP XHWHURUXP GH
UHGLWX 5HJLV VXE 0RQWH FDQWDUH FRHSHUXQW QHSRWHP
7KURULV HVVH QHTXH 7KURUHP LSVXP TXL UHGLHUDW
QHTXDTXDP FXUDXHUXQW DOLL FDQWXP VXVFHSHUXQW TXL WUDQV
ODFXPFODUXVDWTXHDOWXVUHVRQDUHW
LOOH5H[VXEDUGXLV
HWVD[HLVTXHPRQWLEXV
UHOLFWLV
UHFWRULOOHIRQWLXP
DUJHQWHRUXPTXLVXLVUHGLELW
HWFRURQDWROOLWXU
HWVDUFLXQWXUQXQFO\UDH
VHQHFWDH
DXUHDHTXHSHUVRQHQW
DXODHTXHXHUVLEXVQRXLV
VHQHFWLV
DUERUHVTXHPRQWLEXV
KHUEDHTXHQXQFVXEVROH
IOXFWXDEXQW
IOXXLLVRSHVIOXHQW
LQDPQLEXVQXQFDXUHLV
IOXHQWHV
ULXXOLIOXXQWODFXV
LWHPOLEHQWHUIXOJXUDQWTXH
ODHWH
VLFPDOLJQDVLGHUD
FDGHQWTXHPRQWLVUHJHQXQF
UHGXFWR
LWD FDQWDXHUXQW XHO LQ PRGR VLPLOOLPR PRGR SOXULEXV

XHUELVHWSOXUDFXPPXVLFDSUDHWHUHDO\UDUXPDWTXHILGXP
DGPL[WD FODPDEDQW UH XHUD WDQWD FRPPRWLR LQ RSSLGR LQ
UHFRUGDWLRQH DXL VHQLRULV QRQ FRJQLWD HUDW 'U\DGHV
6LOXHVWUHV LSVDH XDOGH PLUDUL FRHSHUXQW HW HWLDP WLPHUH
TXRPRGR 7KRULQXV HIIXJLVVHW VDQH QHVFLXHUXQW HW UHJHP
VXXP IRUWDVVH JUDXLWHU HUUDXLVVH FRJLWDUH FRHSHUXQW
'RPLQXVWDPHQXLGLWVHRPQLEXVFODPRULEXVSDUHUHQXQF
FXP PD[LPH FHUWH HW ILQJHUH VH FUHGHUH 7KRULQXP HVVH
HXP TXHP LSVH GL[HUDW RSRUWHUH LWDTXH FDWKHGUDP
PDJQDP VXDP LOOL WUDGLGLW HW )LOLXP DWTXH .LOLXP LX[WD
LOOXP LQ VHGLEXV KRQRUDWLV SRVXLW VHGHV HWLDP DSXG
PHQVDP DOWDP HWLDP %LOERQL GDEDWXU QHTXH H[SODQDWLR
XOOD GH ORFR XQGH XHQLVVHW ± FDQWXV QXOOL HXP HWLDP LQ
PRGR REVFXULVVLPR WHWLJHUDQW ± LQ IHVWLQDWLRQH RPQL
URJDEDWXU
SDXORSRVWFHWHULQDQLLQRSSLGXPLQWHUWDQWXPDUGRUHP
DGPLUDQGXP LQIHUHEDQWXU RPQHV VDQDEDQWXU DWTXH
SDVFHEDQWXU DWTXH LQ GRPLFLOLR FRQORFDWL DWTXH LQ PRGR
LXFXQGLVVLPR HW VDWLV VXSHUTXH LGRQHR LQGXOJHEDQWXU
GRPXVPDJQD7KRULQRDWTXHFRSLDHVXDHWUDGHEDWXURSHUD
OLQWUXP DWTXH UHPLJXP HLV GDEDW HW WXUEDH IRULV VHGHQWHV
SHU WRWXP GLHP FDQWXV FDQWDEDQW DXW H[FODPDEDQW
XELFXPTXH QDQXV TXLOLEHW WDQWXP TXDQWXP QDVXP VXXP
SDWHIHFLW
DOLLFDQWXVIXHUXQWXHWHUHVVHGDOLLIXHUXQWQRXLRUHVTXL
ILGHQWHU GH UHSHQWH PRUWXR GUDFRQLV HW RQHULEXV GRQRUXP
GLXLWXP VHFXQGR IOXPLQH GHVFHQGHQWLEXV DG 2SSLGXP
/DFXV ORTXHEDQWXU KL SOHUXPTXH D 'RPLQR LQFLWDWL VXQW
TXL QDQLV QRQ PXOWR SODFXHUXQW VHG LQWHULP LOOL EHQH
FRQWHQWLFLWRSLQJXHVHWXDOLGLUXUVXVILHEDQWUHXHUDLQWUD
KHEGRPDGHPLQWH[WRRSHURVRFRORULEXVDGLSVRVLGRQHLV
XHVWLWL EDUELV SH[LV DWTXH WRQVLV JUHVVLEXV VXSHUELV
RPQLQR UHXDOHVFHUXQW 7KRULQXV VH JHUHEDW DWTXH
DPEXODEDW TXDVL UHJQXP VXXP LDP UHFHSWXP HVVHW HW
6PDXJPLQXWDWLPFRQVHFDWXVHVVHW
WXP VLFXW LOOH GL[HUDW KXPDQLWDV QDQRUXP HUJD
KREELWXPSDUXXPFRWWLGLDQRFUHVFHEDWQRQLDPJHPXHUXQW
XHO PXVVDXHUXQW VDOXWHP HL SURSLQDXHUXQW HW HXP
SHUPXOVHUXQWHWLQHXPPD[LPHODERUDXHUXQWTXDHUHVIXLW
PHULWD QDP LOOH VHQWLW VH QRQ SUDHFLSXH LXFXQGXP HVVH
QHFDVSHFWXV0RQWLVQHFFRJLWDWLRQLVGUDFRQLVREOLWXVHVW
HW SRUUR JUDXHGLQHP DWURFHP KDEXLW SHU WUHV GLHV
VWHUQHEDW DWTXH WXVVLEDW QHTXH H[LUH SRWHUDW HW SRVWHD
HWLDP VHUPRQHV LQ HSXOLV FLUFXPVFULSVLW XW VROXP GLFHUHW
³JUDWLDEWLELDJRED[LEDP´
LQWHULP 'U\DGHV6LOXHVWUHV FXP RQHULEXV VXLV DGXHUVR

)OXPLQH6LOXHVWUL UHGLHUDQW HW LQ DXOD UHJLV IXLW PDJQD
FRPPRWLR TXLG DFFLGLVVHW GXFL FXVWRGXP HW SURPR
QXPTXDP DXGLXL QLKLO VDQH GH FODXLEXV DXW FXSLV
XPTXDPORTXHEDWXUGXPQDQLLQ2SSLGR/DFXVPDQHQWHW
%LOER FXUDEDW VH QXPTXDP HXDQHVFHUH XHUXPWDPHQ XW
SXWR SOXUD FRQLHFWD TXDP QRWD VXQW TXDPTXDP 'RPLQXV
%DJJLQVFHUWHTXDVLSDXOXPDUFDQXPHUDWQLKLORPLQXVUH[
QXQF PDQGDWXP QDQRUXP FRJQRXLW VDOWHP SXWDXLW VH LG
FRJQRVFHUHLWDTXHVHFXPGL[LW
³LWD ILDW XLGHELPXV PH LQXLWR WKHVDXUXP QXOOXP SHU
0LUNVLOXDPUHGLELWVHGSXWRRPQHVLOORVDGILQHPPDOXP
SHUXHQWXURV HVVH TXL LOOLV GLJQXV HULW´ TXL VDQH QDQLV
SXJQDQGLVDWTXHQHFDQGLVWDOHVGUDFRQHVTXDOLV6PDXJHP
QRQFUHGLGLWHWXHKHPHQWHUVXVSLFDWXVHVWLOORVHIIUDFWXUDP
DXW DOLTXLG VLPLOH FRQDWXURV ± TXDH UHV PRQVWUDXLW HXP
HVVH GU\DGHP VDSLHQWHP HW VDSLHQWLRUHP TXDP KRPLQHV
RSSLGL TXDPTXDP QRQ VDWLV UHFWH FRQLHFLW XW LQ ILQH
XLGHELPXV KLF H[SORUDWRULEXV VXLV HPLVVLV FLUFXP OLWRUD
ODFXVHWWDPORQJHDGVHSWHQWULRQHPDG0RQWHPTXDPLUH
DXVLVXQWPDQVLW
KHEGRPDGLEXVGXDEXVSUDHWHULWLV7KRULQXVGHGLVFHVVX
FRJLWDUHFRHSLWDUGRUHLQRSSLGRPDQHQWHQXQFWHPSXVIXLW
DGDX[LOLXPDGLSLVFHQGXPVLPRUDQGRRPQLEXVIULJHVFHUH
OLFHDW UHV VLW LQXWLOLV LWDTXH FXP 'RPLQR DWTXH
FRQVLOLDULLV ORFXWXV GL[LW PR[ VH HW FRSLDP VXDP DG
0RQWHPSURJUHGLGHEHUH
WXPSULPXP'RPLQXVVWXSHIDFWXVHVWHWSDXORWLPXLWHW
PLUDWXVHVWQXP7KRULQXVVDOWHPHVVHWDEDQWLTXLVUHJLEXV
RUWXV QXPTXDP FRJLWDXLW QDQRV UH XHUD DG 6PDXJHP
DSSURSLQTXDUH DXVXURV HVVH VHG FUHGLGLW HRV HVVH
IUDXGXOHQWRV HW FLWLXV WDUGLXVXH LQXHQWRV IRUH XW
H[SHOOHUHQWXU IDOVXV IXLW 7KRULQXV VDQH UH XHUD QHSRV
5HJLV VXE 0RQWH HUDW QHF TXLVTXDP VFLW TXDH QDQXV
TXLGDP DXW DG XOFLVFHQGXP DXW UHFLSLHQGXP VXXP QRQ
DXGHDWDWTXHDJDW
VHG'RPLQXPQHTXDTXDPSDHQLWXLWLOORVGLPLWWHUHTXRV
PDJQR VXPSWX DOXLW HW DGXHQWXV TXRUXP UHV PXWDXHUDW LQ
XQXP GLHP IHVWXP ORQJXP LQ TXR QHJRWLXP KDHVLW ³HL
GLVFHGDQWHW6PDXJHPXH[HQWHWXLGHDQWTXRPRGRLOOHHRV
VDOXWHW´ FRJLWDEDW ³FHUWH R 7KRULQH 7KUDLQL ILOL 7KURULV
ILOLL´LQTXLW³WHRSRUWHWSRVWXODUHVXXPQXQFHVWKRUDGH
TXD LQ DQWLTXLV GLHEXV GLFWXP HVW WX WDOH DX[LOLXP TXDOH
RIIHUUHSRVVXPXVKDEHELVHWFRQILGLPXVJUDWLDHWXDHFXP
UHJQXPWXXPUHFHSWXPHULW´
LWDTXHXQRGLHTXDPTXDPDXWXPQXVVHQHVFHEDWHWXHQWL
HUDQW IULJLGL HW IROLD FLWR GHVFHQGHEDQW WUHV OLQWUHV
PDJQDH UHPLJLEXV QDQLV 'RPLQR %DJJLQVH DWTXH PXOWLV
FLEDULLV RQHUDWDH H[ 2SSLGR/DFXV HJUHVVDH VXQW HTXL
DWTXH PDQQL DE LWLQHUH IOH[XRVL FLUFXPPLVVL VXQW TXL LQ
ORFRDGHJUHGLHQGXPGHVWLQDWRLOOLVREXLDPLUHQW'RPLQXV
HW FRQVLOLDULL H JUDGLEXV PDJQLV FXULDH TXL DG ODFXP
GHVFHQGHUXQW HRV XDOHUH LXVVHUXQW KRPLQHV LQ
FUHSLGLQLEXVHWHIHQHVWULVFDQWDXHUXQWUHPLVPHUVLVDWTXH
DVSHUJLQLEXV IDFWLV ODFXP VXEHXQWHV DG VHSWHQWULRQHP
GLVFHVVHUXQWLQSDUWHXOWLPDLWLQHULVORQJL%LOERVROXVHUDW
PLVHUULPXV
&$39791'(&,090
,1/,0,1(
GXRV GLHV LWHU IDFLHQWHV XVTXH VHFXQGXP /RQJXP /DFXP

UHPLJDXHUDQW HW QXQF LQ )OXPHQ )OXHQV HJUHVVL RPQHV
0RQWHP 6ROXP HPLQHQWHP DWUXP DWTXH DOWXP DQWH HRV
XLGHUH SRWXHUXQW IOXXLXV DGHR IRUWLV IXLW XW OHQWH
SURJUHGHUHQWXULQILQHWHUWLLGLHLQRQQXOODPLOLDSDVVXXP
DGXHUVXV IOXPHQ ULSD VLQLVWUD XHO RFFLGHQWH
DSSURSLQTXDWD H OLQWULEXV HJUHVVL VXQW KLF HTXL HW DOLD
FLEDULD DWTXH QHFHVVDULD HW PDQQL TXLEXV DG XWHQGXP
PLVVLV XW HLV REXLDP LUHQW HRV LXQ[HUXQW DOLTXDH TXDH
SRWXHUXQWLQPDQQLVFROORFDXHUXQWFHWHULVLQDFHUXXPVXE
WDEHUQDFXOR IDFWLV VHG KRPLQHV RSSLGL VH FXP HLV HWLDP
SHUQRFWHPPDQHUHWDPSURSHPRQWHPUHFXVDXHUXQW
TXL³QRQXWLTXHGRQHFFDQWXVXHULVLPLOHVIDFWLHUXQW´
LQTXLXQW LQ LOOLV SDUWLEXV IHULV IDFLOLXV HUDW GUDFRQL HW
PLQXV IDFLOLXV 7KRULQR FUHGHUH UH XHUD FRSLLV VXLV QRQ
RSXV IXLW XOOR FXVWRGH QDP RPQLV WHUUD HUDW XDVWD DWTXH
GHVHUWDLWDTXHFRPLWDWXVHRVUHOLTXLWIHVWLQDQWHUVHFXQGR
IOXPLQH DWTXH VHPLWDV OLWRULV GLVFHGHQV TXDPTXDP QR[
LDPVHQHVFHEDW
QRFWHP IULJLGDP DWTXH VRODP GHJHUXQW HW DQLPL
FHFLGHUXQWSUR[LPRGLHUXUVXVSURIHFWLVXQW%DOLQXVDWTXH
%LOERLQWHUJRTXLVTXHDOWHUXPPDQQXPJUDXLWHURQHUDWXP
LX[WD HXP GXFHQV HTXLWDXHUXQW FHWHUL DOLTXDQWR LQ IURQWH
IXHUXQWXLDPOHQWDPTXDHUHQWHVQDPVHPLWDHHUDQWQXOODH
LQWHU VHSWHQWULRQHV HW RFFLGHQWHP D )OXPLQH )OXHQWL
REOLTXR PRXHQWHV WHWHQGHUXQW HW VHPSHU SURSLXV
SURSLXVTXHDSSURSLQTXDQWHVDGLXJXPLQJHQV0RQWLVTXRG
LQPHULGLHPDGHRVHLHFWXPHVW
LWHU TXRG WDFLWXP IXUWLXXPTXH HUDW HRV IDWLJDXLW QLKLO
ULVXVQHFFDQWXVQHFVRQLWXVO\UDUXPIXLWHWVXSHUELDDWTXH
VSHV TXDH LQ FRUGLEXV HRUXP FDQWLEXV XHWHULEXV
FDQWDQWLEXVLX[WDODFXPFRPPRWDHUDQWLQPLVHUXPWDUGXP
FHFLGHUXQW LQWHOOH[HUXQW VH DG ILQHP LWLQHULV ORQJL
DSSURSLQTXDUH HW SRUUR ILQHP IRUWDVVH IXWXUXP HVVH
SHVVLPXP WHUUD FLUFXP HRV LPPLWLV DWTXH GHVHUWD ILHEDW
JUDPLQLV IXLW SDXOXP HW PR[ QHF IUXWH[ QHF DUERU IXLW HW
VROXP FDXGLFHV IUDFWL DWTXH GHQLJUDWL TXL GH LOOLV ORQJH
SUDHWHULWLVORTXHUHQWXUDG9DVWLWDWHP'UDFRQLVXHQWXPHVW
HWDQQRGHILFLHQWHXHQWXPHVW
QLKLORPLQXVVLQHXOORSHULFXORDXWVLJQR'UDFRQLVSUDHWHU
XDVWLWDWHP TXDP LOOH FLUFXP ODWLEXOXP VXXP IHFHUDW DG
UDGLFHV 0RQWLV SHUXHQHUXQW 0RQV DWHU DWTXH WDFLWXV DQWH
HRVHWVHPSHUDOWLRUVXSHUHRVLDFXLWFDVWUDSULPDLQODWHUH
RFFLGHQWH LQJHQWLV LXJL PHULGLRQDOLV TXRG LQ IDVWLJLR
QRPLQH &RUXLFROOLV WHUPLQDWXP HVW SRVXHUXQW LQ TXR
VSHFXOD XHWXV IXHUDW VHG TXRG DVFHQGHUH QRQ QXQF DXVL
VXQWQDPDSHUWLXVIXLW
DQWHTXDP HJUHVVL VXQW DG LDQXDP FHODWDP TXDHUHQGDP
DSXG LXJD RFFLGHQWDOLD 0RQWLV LQ TXD RPQHV VSHV HRUXP
SRVLWDH VXQW 7KRULQXV PLVLW H[SORUDWRUHV TXL WHUUDP DG
0HULGLHPLQTXD3RUWD$QWLFDVWDEDWH[SORUDUHQWSURTXR
%DOLQXP.LOLXPDWTXH)LOLXPHOHJLWHW%LOERFXPHLVLLW
LWHU VXE VFRSXOLV JODXFLV WDFLWLVTXH DG SHGHV &RUXLFROOLV
IHFHUXQW LEL IOXPHQ ODWH FLUFXPXHFWXP VXSHU XDOOHP
&RQXDOOLV LQ XLD VXD DG /DFXP D 0RQWH FXUVXP XHUWLW
UDSLGXP DWTXH FODPRVXP IOXHQV ULSD FXLXV IXLW QXGD HW
VD[HD DOWD HW DUGXD VXSHU IOXXLXP XW H[ HD GHVSLFLHQWHV
VXSHU DTXDP DQJXVWDP VSXPDQWHP DWTXH DVSHUJHQWHP
DSXG PXOWD VD[D PDJQD LQ XDOOH ODWD UXLQDV JODXFDV
GRPXXP DQWLTXDUXP WXUULXP HW PXURUXP D EUDFFKLLV
0RQWLVREXPEUDWDVXLGHUHSRVVHQW
³LEL LDFHW RPQLD &RQXDOOLV TXDH VXSHUVXQW´ %DOLQXV
LQTXLW³ODWHUDPRQWLVHUDQWXLULGLDFXPVLOXLVHWLQGLHEXV
LQ TXLEXV WLQWLQQDEXOD LQ LOOR RSSLGR WLQQLHEDQW RPQLV
XDOOLV XPEURVD HUDW GLXHV DWTXH DPRHQD´ LWD GLFHQV LQ
DVSHFWXHWPLVHUHWWRUXXVIXLWIXHUDWXQXVFRPLWXP7KRULQL
LQGLHLQTXRGUDFRXHQLW
VHTXLIOXPHQPXOWRXOWHULXVDG3RUWDPQRQDXVLVXQWVHG
XOWUD WHUPLQXP LXJL PHULGLRQDOLV SURJUHVVL VXQW GRQHF
FHODWL LDFHQWHV SRVW VD[XP LQWXHUL SRWXHUXQW HW DSHUWXUDP
FDXHUQRVDP DWUDPTXH LQ VFRSXOR LQJHQWL LQWHU EUDFFKLD
0RQWLVXLGHUXQWHTXDDTXDH)OXPLQLV)OXHQWLVH[VXUUH[LW
H TXD SRUUR XDSRU TXLGDP HW IXPXV DWHU XHQLW QLKLO LQ
XDVWLWDWH SUDHWHU XDSRUHP DWTXH DTXDP HW DOLTXDQGR
FRUQL[ QLJUD RPLQRVDTXH PRXHEDW VRQLWXV VROXV HUDW
VRQLWXV DTXDH VD[HDH HW DOLTXDQGR FURFDWLR GXUD DXLV
%DOLQXVKRUUXLW
TXL³UHGHDPXV´LQTXLW³KLFSURGHVVHQRQSRVVXPXVHW
DXHV DWUDH LVWDH QRQ PLKL SODFHQW TXDH VLPLOHV
H[SORUDWRULEXVPDOLXLGHQWXU´
³GUDFRHWLDPXLXXVHVWHWLQDXOLVVXE0RQWHHUJR±DXW
LWDSXWRHIXPR´KREELWXVLQTXLW
³TXRG QRQ SUREDW UHP´ %DOLQXV LQTXLW ³QLKLORPLQXV
QRQ GXELWR TXLQ WX UHFWH GL[HULW VHG IRUWDVVH DOLTXDPGLX
DEHVW DXW IRULV LQ ODWHUH PRQWLV XLJLOLDV VHUXDQV LDFHW HW
HWLDP SXWR IXPRV DWTXH XDSRUHV HPLWWL H SRUWLV RPQHV
DXODHLQWXVRGRUHHLXVIRHGRLPSOHQGDHVXQW´
WDOLEXV VHQWHQWLLV PDHVWLV LQ DQLPLV FRUQLFLEXV VHPSHU

FURFFLHQWLEXV VXSHU HRV SHUVHFXWLV GHIHVVL DG FDVWUD
UHGLHUXQW XHUXP LQ ,XQLR KRVSLWHV DSXG (OURQGHP
SXOFKUXP IXHUDQW HW TXDPTXDP DXWXPQXV VROXPQXQF DG
KLHPHP UHSWHEDW TXRG DFWXP HVVH LQ WHPSRUH LXFXQGR
QXQF DQQRV DEKLQF XLVXP HVW VROL LQ XDVWLWDWH SHULFXORVD
VLQH VSH DX[LOLL XOWHULRULV IXHUXQW ILQL LWLQHULV DGIXHUXQW
VHG VHPSHU ILQH TXDHVLWLRQLV XW XLVXP HVW WHQXV QXOOLV
PXOWXPDQLPLVXSHUIXLW
3RUWD$QWLFD
QXQF PLUDELOH GLFWX SOXV 'RPLQR %DJJLQVL TXDP
FHWHULV IXLW VDHSH WDEXODP JHRJUDSKLFDP 7KRULQL PXWXDUL
HW HDP LQWXHUL VROHEDW UXQDV HW QXQWLXP OLWWHUDUXPOXQDH
TXDV (OURQG OHJHUDW FRQVLGHUDQV KLF QDQRV FRHJLW XW LQ
FOLXLEXV RFFLGHQWDOLEXV LDQXDP FHODWDP SHULFXORVH
TXDHUHUH LQFLSHUHQW WXP FDVWUD PRXHUXQW DG XDOOHP
ORQJDPDQJXVWLRUHPTXDPFRQXDOOHPPDJQDPLQ0HULGLH
LQTXD3RUWDHIOXPLQLVVWDEDQWDLXJLVLQIHULRULEXV0RQWLV
PXQLWDP GXR TXRUXP KLF DE DFHUXR SULQFLSH DG
RFFLGHQWHPLQGRUVLVORQJLVFXPODWHULEXVDUGXLVTXDHDG
FDPSXP VHPSHU GHVFHQGHUXQW H[WUXVD VXQW LQ KRF ODWHUH
RFFLGHQWDOL VLJQD SDXFLRUHV SHGXP SUDHGDWRULRUXP
GUDFRQLV IXHUXQW HW DOLTXLG JUDPLQLV PDQQLV IXLW H[ KLV
FDVWULV RFFLGHQWDOLEXV SHU WRWXP GLHP D VFRSXOR DWTXH
PXURREXPEUDWLVGRQHFVRODGVLOXDPGHVFHQGHUHFRHSLWD
GLHDGGLHPLQPDQLEXVODERUDEDQWDGVHPLWDVTXDHUHQGDV
TXDH ODWXVPRQWLV DVFHQGHUXQW VL WDEXOD JHRJUDSKLFD VLW
XHUD LQ DOLTXR ORFR H[FHOVR VXSHU VFRSXOXP DG FDSXW
XDOOLV LDQXDP FHODWDP VWDUH RSRUWHW FRWWLGLDQH DG FDVWUD
UHGLHUXQWLQIHOLFHV
VHGGHPXPH[LQRSLQDWRLGTXRGTXDHUHEDQWLQXHQHUXQW
XQR GLH )LOLXV HW .LOLXV HW KREELWXV VHFXQGXP XDOOHP
UHGLHUDQW HW LQ DQJXOR FXLXV PHULGLRQDOL DSXG VD[D ODSVD
HUUDXHUXQWFLUFDPHULGLHSRVWPDJQXPVD[XPTXRGVROXP
VLFXWFROXPQDVWDEDWUHSWDQV%LOERDGDOLTXDHVFDOLVGXULV
DVFHQGHQWLEXV VLPLOLD DGXHQLW TXL HW QDQL FRPPRWL HDV
VHTXHQWHVXHVWLJLDVHPLWDHDQJXVWDHLQXHQHUXQWTXDHVDHSH
DPLVVD VDHSH UXUVXV UHSHUWD LQ VXPPXP LXJXP
PHULGLRQDOH HUUDEDW HW GHPXP HRV GX[LW DG SURLHFWXP
VD[L HWLDP DQJXVWLRUHP TXRG WUDQV IDFLHP 0RQWLV DG
VHSWHQWULRQHPWHQGHEDWGHVSLFLHQWHVXLGHUXQWVHLQVXPPR
VFRSXORDGFDSXWXDOOLVHVVHHWFDVWUDVXDLQIUDGHVSLFHUH
WDFLWL PXUR VD[HR GH[WHUR DGKDHUHQWHV VLQJLOODWLP
VHFXQGXP SURLHFWXP VD[L SURJUHVVL VXQW GRQHF PXUR
DSHUWRLQVLQXPPXULVDUGXLVVHXHUWHUXQWLQJUHVVXVFXLXV
TXHP LQXHQHUXQW QHF H ORFLV LQIHULRULEXV SURSWHU
VFRSXOXP HPLQHQWHP QHF H ORFLV ORQJLRULEXV TXRG DGHR
SDUXXV HUDW XW TXDVL ULPD DWUD QHF DOLWHU HVVH XLVXV HVVHW
XLGHULSRWXLWQRQIXLWDQWUXPHWDGFDHOXPVXSUDDSHUWXP
VHG LQ ILQH FXLXV LQWHULRUH PXUXV SODQXV DVFHQGLW TXL LQ
SDUWH LQIHULRUH LX[WD VROXP WDP OHXLV HW UHFWXV IXLW TXDP
RSXV VWUXFWRULV VHG VLQH LXQFWXUD DXW ULPD XLGHQGD IXLW
QXOOD VLJQD DXW SRVWLV DXW OLPLQLV DXW XHVWLEXOL QHF VLJQD
XOODDXWFODXVWUDHDXWFODXLVDXWFODXVWHOOLQLKLORPLQXVQRQ
GXELWDXHUXQWTXLQLDQXDPGHPXPLQXHQHULQW
HDP SXOVDXHUXQW HDP REWXGHUXQW HDP SHSXOHUXQW HDP
REVHFUDXHUXQW XW PRXHUHWXU IUDJPHQWD LQFDQWDPHQWRUXP
IUDFWRUXP GH DSHULHQGR GL[HUXQW VHG QLKLO PRWXP HVW
SRVWUHPR GHIHVVL LQ JUDPLQH DG SHGHV HLXV UHTXLHXHUXQW
WXPXHVSHULGLXWLQHGHVFHQGHUHFRHSHUXQW
LOODQRFWHLQFDVWUDIXLWFRPPRWLRPDQHUXUVXVVHPRXHUH
SUDHSDUDXHUXQW VROXP %RIXUHP DWTXH %RPEXUHP
UHOLQTXHEDQW TXL PDQQRV HW WDOHV FRSLDV TXDOHV VHFXP D
IOXPLQH WXOHUDQW FXVWRGLUHQW FHWHUL VHFXQGXP XDOOHP
LHUXQW HW VHPLWDP UHFHQV LQXHQWDP DVFHQGHUXQW LWDTXH DG
SURLHFWXP VD[L DQJXVWXP VHFXQGXP TXRG FXP DGHR
DQJXVWXP DWTXH H[DQLPH HVVHW FXP FDVX FHQWXP HW
TXLQTXDJLQWD SHGXP LX[WD HRV LQ VD[D DFXWD LQIUD QHF
VDUFLQDV QHF IDVFHV IHUUH SRWXHUXQW VHG TXLVTXH VSLUDP
FRSLRVDPIXQLVFLUFXPPHGLXPFRUSRULVVXLWRUWDPJHVVLW
LWDTXH GHPXP IRUWXQD QRQ DGXHUVD DG SDUXXP VLQXP
JUDPLQHXPSHUXHQHUXQW
LELFDVWUDWHUWLDSRVXHUXQWQHFHVVDULDTXLEXVRSXVIXLW
LOOLV FXP IXQLEXV DE LQIHULRUH VXEGXFHQWHV DOLTXDQGR DE
HDGHP XLD XQXP WDOHP DXW SOXUD QDQRUXP PDJLV DJLOLXP
GHPLWWHUH SRWXHUXQW TXDOHP .LOLXP TXL WDOLD QXQWLD XW
HUDQW PXWXDUHW DXW SDUWHP LQ XLJLOLLV LQIUD KDEHUHW GXP
%RIXUDGFDVWUDH[FHOVLRUDVXEGXFLWXU%RPEXUQHJDXLWVH
DXWIXQXPDXWVHPLWDPDVFHQGHUH
³DGHRSLQJXLVVXPXWWDOLEXVDPEXODWLRQLEXVPXVFDUXP
QRQ HDP´ LQTXLW ³XHUWLJLQH ODERUDER HW EDUEDP PHDP
FDOFDERHWWXPUXUVXVWUHGHFLPHULWLVSRUURIXQHVQRGRVL
DGHR WHQXHV VXQW XW SRQGXV PHXP QRQ IHUDQW´ TXDH UHV
IHOLFWHUSURHRQRQXHUDIXLWXWXLGHELV
LQWHULPDOLTXLSURLHFWXPVD[LXOWUDDSHUWXPH[SORUDXHUXQW
HW VHPLWDP LQXHQHUXQW TXDH DOWLXV DOWLXVTXH LQ PRQWHP
WHQGHEDW VHG DE LOOD XLD ORQJLVVLPH SURFHGHUH QRQ DXVL
VXQW QHTXH XWLOLVVLPD IXLW LQ LOOR H[FHOVR TXLHV TXDHGDP
UHJQDEDWTXDPQXOODDXLVQHFVRQLWXVSUDHWHULOOXPXHQWLLQ
ULPLV VD[L LQWHUUXPSHEDW XRFLEXV KXPLOLEXV ORFXWL VXQW
QHTXH H[FODPDXHUXQW QHF FDQWDXHUXQW QDP LQ RPQL VD[R
SHULFXOXP ODWHEDW FHWHULV TXL RSHUDP GDEDQW LDQXDH
FHODWDHUHVQRQPDJLVIXLWVHFXQGDWDPFXSLGLIXHUXQWXW
QRQ VH VROOLFLWDQWHV GH UXQLV DXW OLWWHULVOXQDH VLQH
UHTXLHWHORFXPLQIDFLHSODQDVD[LLQTXRLDQXDFHODWDVLW
DFFXUDWH LQXHQLUH FRQDWL HVVHQW GRODEUDV HW LQVWUXPHQWD
JHQHUXP PXOWRUXP DE 2SSLGR/DFXV DEVWXOHUDQW TXLEXV
SULPXP XWL FRQDWL VXQW VHG FXP VD[XP IHULXLVVHQW
PDQXEULD DVVXODWLP IUDFWD VXQW HW EUDFFKLD VXD FUXGHOLWHU
TXDVVDWD VXQW HW FDSLWD FKDO\ELV TXDVL SOXPEXP DXW
LQIUDFWD DXW IOH[D VXQW SODQH LQWHOOH[HUXQW ODERUHP
IRGLHQGL LQXWLOHP HVVH FRQWUD PDJLDP TXDH KDQF LDQXDP
FODXVHUDQWHWSRUURVRQLWXPUHSHUFXVVXPWLPHEDQW
%LOERLQOLPLQHVHGHQVVROXVHWIDWLJDWXVIXLW±UHXHUDLG
QRQIXLWOLPHQVDQHVHGVSDWLXPSDUXXPJUDPLQHXPLQWHU
PXUXP HW LQJUHVVXP TXRG LRFRVH DSSHOODUH ³OLPHQ´
VROHEDQW XHUERUXP %LOERQLV FXP GL[LVVHW IRUH XW LOOL LQ
OLPLQH VHGHUHQW GRQHF GH DOLTXR FRJLWDWXUL HVVHQW
LDPSULGHP LQ FRQXLXLR LQRSLQDWR LQ IRUDPLQHKREELWR
UHFRUGDQWHV LWDTXH VHGHUXQW DWTXH FRJLWDXHUXQW DXW
HUUDEXQGLHUUDXHUXQWHWPLVHULRUHVPLVHULRUHVTXHILHEDQW
DQLPL TXL SURSWHU VHPLWDP LQXHQWDP SDXOXP
VXUUH[HUDQW QXQF LQ FDOLJDV GHVFHQGHUXQW QLKLORPLQXV
UHOLQTXHUH UHP HW GLVFHGHUH UHFXVDXHUXQW KREELWXV QRQ
LDPPXOWXPFODULRUTXDPQDQLIXLWQLKLODJHUHSUDHWHUTXDP
VHGHUHVROHEDWWHUJRVXRDGIDFLHPVD[LHWDGRFFLGHQWHP
LQWXHULSHULQJUHVVXPVXSHUWHUUDVODWDVDGPXUXPQLJUXP
0LUNVLOXDH HW DG SDUWHV XOWHULRUHV LQ TXLEXV DOLTXDQGR
SXWDEDWVHDVSLFHUH0RQWHV1HEXORVRVSDUXRVDWTXHORQJH
DEVHQWHVVLQDQLHXPURJDXHUXQWTXLGDJHUHWUHVSRQGLW
³GL[LVWLV IRUH XW RIILFLXP PHXP VHGHUH LQ OLPLQH DWTXH
FRJLWDUH HVVHW SRUUR GH LQWURHXQGR PHQWLRQHP IHFLVWLV
LWDTXH VHGHR DWTXH FRJLWR´ VHG XHUHRU HXP QRQ PXOWXP
FRJLWDUH GH RIILFLR HLXV VHG GH TXLEXV TXDH XOWUD
GLVWDQWLDP FDHUXOHDP VLWD VXQW VFLOLFHW GH 7HUUD
2FFLGHQWDOLWUDQTXLOODDWTXH&ROOHDWTXHIRUDPLQHKREELWR
HLXVVXELOOR
LQ PHGLR JUDPLQH ODSLV PDJQXV JODXFXV LDFXLW TXHP
PRURVXV LQWXLWXV HVW DXW FRFKOHDV LQJHQWHV DVSH[LW TXDH
VLQXPSDUXXPFODXVXPFXPPXULVVD[LIULJLGLDPDUHXLVDH
VXQW HW PXOWDH HUDQW PDJQLWXGLQH LQJHQWL OHQWDH DWTXH
JOXWLQRVDHVHFXQGXPODWHUDLOOLXVUHSWDQWHV
³FUDVKHEGRPDGHPXOWLPDPDXWXPQLLQFLSLW´TXRGDPGLH
7KRULQXVLQTXLW
³HWKLHPVDXWXPQXPVHTXLWXU´%LIXULQTXLW
³HWSUR[LPXVDQQXVLOODPVHTXLWXU´'ZDOLQXVLQTXLW³HW
EDUEDH QRVWUDH FUHXHULQW GRQHF GH VFRSXOR DG XDOOHP
GHSHQGHEXQWDQWHTXDPDOLTXLGKLFDFFLGHWTXLGSURQRELV
DJLW HIIUDFWDULXV QRVWHU" TXLD LOOH DQXOXP LQXLVLELOHP
KDEHW HW LDP LOOXP SUDHFLSXH RSWLPH DJHUH UHP RSRUWHW
HJR LQFLSLR FRJLWDUH LOOXP SHU 3RUWDP $QWLFDP LUH
RSRUWHUHXWUHVSDXOXPLQXHVWLJHW´
KLVDXGLWLV%LOER±QDPQDQLLQVD[LVVXSHUVDHSWXPLQ
TXRVHGHEDWIXHUXQW±VHFXPFRJLWDXLW³SURILGHHVWQHLG
GHTXRFRJLWDUHLQFLSLHEDQW"HVWQHVHPSHUPLVHUHJRFXL
HRV D GLIILFXOWDWLEXV HRUXP OLEHUDQGXP HVW SRVWTXDP
VDOWHP PDJXV GLVFHVVLW TXLGFXPTXH DFWXUXV VXP" PH
VFLXLVVH RSRUWHW IRUH XW DOLTXLG PDOL PLKL LQ ILQH
FRQWLQJHUHW QRQ SXWR PH UXUVXV XLGHUH XDOOHP LQIHOLFHP
&RQXDOOLVSDWLSRVVHQHFLVWDPSRUWDPXDSRUDQWHP´
LOOD QRFWH PLVHUULPXV IXLW HW XL[ GRUPLXLW SUR[LPR GLH
QDQLRPQHVLQGLXHUVLVSDUWLEXVHUUDEDQWDOLLPDQQRVLQIUD
H[HUFHEDQW DOLL LQ ODWHULEXV PRQWLV XDJDEDQWXU SHU WRWXP
GLHP %LOER WULVWLV LQ VLQX JUDPLQHR VHGHQV VD[XP
LQWXHEDWXU DXW DG RFFLGHQWHP SHU LQJUHVVXP DQJXVWXP
LQVROHQWHU VHQWLW VH H[VSHFWDUH DOLTXLG ³IRUWDVVH PDJXV
UHSHQWHUHGLELWKRGLH´VHFXPFRJLWDXLW
FXP FDSXW VXVWXOLVVHW SDUWHP SDUXDP VLOXDH SURFXO
XLGHUH SRWXLW VROH DG RFFLGHQWHP VH XHUWHQWH HUDW IXOJRU
IODXXVLQWHFWRLOOLXVORQJHDEVHQWLTXDVLOX[IROLDSDOOLGD
XOWLPDFHSLWPR[JOREXPOXWHXPVROLVDGDHTXDOHPRFXOLV
VXLV GHVFHQGHQWHP XLGLW DG LQJUHVVXP LLW HW LEL SDOOLGD
DWTXH KHEHV VXSHU RUDP 2UELV WHUUDUXP IXLW WHQXLV OXQD
QRXD
WXPFXPPD[LPHSRVWVHFUHSLWXPDFUXPDXGLXLWLELLQ
ODSLGH JODXFR LQ JUDPLQH IXLW WXUGXV LQJHQV SDHQH WDP
QLJHU TXDP FDUER SHFWXV FXLXV IODXXP PDFXOLV DWULV
OHQWLJLQRVXPFUHSLWDFRFKOHDPFHSHUDWTXDPLQODSLGHP
SXOVDEDWFUHSLWDFUHSLWD
VXELWR %LOER UHP LQWHOOH[LW RPQLXP SHULFXORUXP
REOLWXVLQSURLHFWRVD[LVWHWLWHWFODPDQWHVDWTXHEUDFFKLD
LDFWDQWHV QDQRV VDOXWDXLW DOLL TXL SUR[LPL IXHUXQW TXDP
FLWLXV SRWXHUXQW VXSHU VD[D FDGHQWHV HW VHFXQGXP
SURLHFWXP VD[L DG HXP XHQHUXQW PLUDQWHV TXLG LQ RUEH
WHUUDUXP DJHUHWXU FHWHUL FODPDXHUXQW XW D IXQLEXV
WROOHUHQWXU%RPEXUHH[FHSWRVDQHLOOHGRUPLHEDW
FLWR%LOERUHPH[SODQDXLWRPQHVVLOHVFHEDQWKREELWXV
LX[WD VD[XP JODXFXP VWDEDW HW QDQL EDUELV TXDVVDQWLEXV
LPSDWLHQWHV LQWXHEDQWXU VRO LQIHULXV LQIHULXVTXH FDGLW HW
VSHVVXDGHFLGHUXQWLOODLQFLQJXOXPQXELXPUXELFXQGDUXP
FDGLW HW HXDQXLW QDQL JHPXHUXQW VHG %LOER SDHQH
LPPRELOLV DGKXF VWHWLW OXQD SDUXD DG RUELV ILQLHQWHP
PHUJHEDWXU XHVSHU DSSURSLQTXDEDW WXP UHSHQWH VSH
RPQLQR GHPLVVD UDGLXV TXLGDP UXEHU VROLV VLFXW GLJLWXV
SHU VFLVVXUDP LQ QXELEXV HIIXJLW IXOJRU OXFLV D UHFWD XLD
SHU LQJUHVVXP LQ VLQXP XHQLW HW LQ IDFLHP SODQDP VD[L
FHFLGLW VHQH[ WXUGXV TXL D SHUWLFD DOWD FXP RFXOLV
VFUXWDQWLEXV HW FDSLWH DG ODWXV XQXP XHUVR LQWXLWXV HUDW
UHSHQWHXLEUDXLWIXLWPDJQXVFUHSLWXVDVVXODTXDHGDPVD[L
D PXUR ILVVD GHFLGLW UHSHQWH IRUDPHQ FLUFD WUHV SHGHV D
WHUUDDSSDUXLW
FLWR KRUUHQWHV QH FDVXV KHEHVFHUHW QDQL DG VD[XP
SURSHUDXHUXQWHWLGSHSXOHUXQW±IUXVWUD
³LOOD FODXLV LOOD FODXLV´ %LOER XRFLIHUDWXV HVW³XEL HVW
7KRULQXV"´
7KRULQXVIHVWLQDQWHUXHQLW
³LOOD FODXLV´ %LOER FODPDXLW ³LOOD FODXLV TXDH FXP
WDEXOD JHRJUDSKLFD IXLW LOODP QXQF H[SHULUH GXP HWLDP
WHPSXVHVW´
WXP 7KRULQXV LQFHVVXV FODXHP LQ FDWHQD HLXV D FROOR
VXR DEVWXOLW TXDP LQ IRUDPHQ SRVXLW TXDH DFFRPRGDWD
FXPIUDJRUHXHUWDHVWIXOJRUHH[VWLQFWRVROHRFFDVROXQD
DEVHQWHXHVSHULQFDHOXPH[VLOXLW
QXQF RPQHV XQD LG SHSXOHUXQW HW OHQWH SDUV TXDHGHP
PXULVD[L LQFOLQDEDWXU ULPDH ORQJDH DWTXH UHFWDH
DSSDUHEDQWDWTXHODWLRUHVILHEDQWLDQXDDOWLWXGLQHTXLQTXH
SHGXP DWTXH ODWHUH WUHV GHOLQHDEDWXU HW OHQWH VLQH VRQLWX
LQWXVGHKLVFHEDWWHQHEUDHTXDVLXDSRUHIRUDPLQHLQODWHUH
PRQWLVHIIOXHUHXLVDHVXQWHWWHQHEUDHSURIXQGDHLQTXLEXV
QLKLO XLGHUL SRWXLW DQWH RFXORV HRUXP LDFXHUXQW KLDWXV
TXLGDPLQWXVDWTXHGHRUVXPWHQGHQV
&$397'92'(&,090
6&,(17,$,175,16(&96
GLX QDQL LQ WHQHEULV DQWH LDQXDP VWDEDQW DWTXH LQWHU VH

GLVSXWDEDQWGRQHFGHPXP7KRULQXVGL[LW
³QXQF WHPSXV DGHVW XW SUDHFODUXV QRVWHU 'RPLQXV
%DJJLQV TXL FRPLWHP LQ XLD ORQJD ERQXP VH SUDHEXLW
DWTXH KREELWXP XLUWXWLV LQJHQLLTXH ORQJH VXSUD
SURFHULWDWHP HLXV SOHQXP HW VL LWD PLKL OLFHDW GLFHUH
IRUWXQDHVHFXQGDHORQJHVXSUDVROLWXPSRVVHVVRUHP±QXQF
DGHVW WHPSXV XW LOOH LOOXG RIILFLXP TXDPREUHP PDQXL
QRVWUDH DVFULSWXV HVW IDFLDW QXQF WHPSXV DGHVW XW
3UDHPLXPHLXVPHUHDW´
WX PRGR 7KRULQL LQ RFFDVLRQLEXV PDJQL PRPHQWL
DVVXHVFLV LWDTXH SOXUD WLEL QRQ GDER TXDPTXDP PXOWR
GLXWLXVTXDPLGGLFHEDWVDQHRFFDVLRIXLWPDJQLPRPHQWL
VHG %LOER VHQWLW VH LPSDWLHQWHP HVVH LDP 7KRULQR VDWLV
DVVXHWXVVFLXLWTXRXHUEDLOOLXVSHUWLQHEDQW
³VL XLV RIILFLXP PHXP HVVH XW HJR SULPXV LQ PHDWXP
FHODWXP HDP R 7KRULQH 7KUDLQL ILOL 6FXWXPTXHUFHXP
EDUED WXD VHPSHU ORQJLRU FUHVFDW´ VWRPDFKRVXV LQTXLW
³LWD GLF VWDWLP HW GHVLQH IRUWDVVH UHP UHFXVDER LDP WH D
GXDEXV PROHVWLLV OLEHUDXL TXDH XL[ LQ SDFWR SULVWLQR
IXHUXQW LWDTXH XW SXWR DOLTXLG SUDHPLL LDP GHEHRU VHG
µWHPSXVWHUWLXPRPQLDVROXLW¶XWSDWHUPHXVGLFHUHVROHEDW
HW QHVFLR TXRPRGR QRQ SXWR PH UHFXVDWXUXP HVVH UHP
IRUWDVVH IRUWXQDH PHDH FUHGHUH FRHSL PDJLV TXDP LQ
DQWLTXLVGLHEXVVROHEDP´±VLJQLILFDXLWXHUSULXVDQWHTXDP
GRPR VXD SURIHFWXV HVW TXRG VDHFXOD DEKLQF HVVH XLVXP
HVW ± ³VHG QLKLORPLQXV SXWR PH VWDWLP LWXUXP HW
LQVSHFWXUXP HVVH XW UHP SHUILFLDP QXQF TXLV PHFXP
XHQLW"´
FKRUXP XROXQWDULRUXP QRQ H[VSHFWDEDW LWDTXH QRQ
IUXVWUDWXVHVW)LOLXVDWTXH.LOLXVLQFRPPRGLXLVLVXQWHWLQ
XQRFUXUHVWDEDQWVHGFHWHULVHFRQGLFLRQHPDFFLSHUHQRQ
VLPXODEDQW±SUDHWHUVHQHP%DOLQXPXLJLOHPTXLKREELWR
DOLTXDQWXPDPLFXVIXLWTXLGL[LWVHVDOWHPLQWURLWXUXPHVVH
HW SRUUR IRUWDVVH SDXOXP VHFXQGXP XLDP XW SDUDWXV
DX[LOLXPXRFHWVLQHFHVVHVLW
SOXULPDTXDHSURQDQLVGLFLSRVVXQWVXQWLOODLQDQLPR
KDEXHUXQW%LOERQLSURRIILFLLVHLXVSHFXQLDPOLEHUDOLVVLPH
VROXHUH WXOHUDQW HXP DG JHUHQGXP SUR VH RSXV IRHGXP
QHTXHFXUDXHUXQWPLVHUXPVDODSXWLXPJHUHUHLGVLSRVVHW
VHGRPQLEXVXLULEXVVHFRQWHQGLVVHQWDGLOOXPOLEHUDQGXP
D PROHVWLD VL LOOH LQ HD IXLVVHW VLFXW LQ FDXVD 7UROORUXP
IHFHUDQW LQ LQLWLR IDFLQRUXP DXGDFLXP DQWHTXDP LOOLV
IXHUXQWXOODHUDWLRQHVSURSULDHJUDWLDVLOORKDEHQGLLGHVW
QDQLQRQVXQWKHURHVVHGTXDVLUDWLRFLQDWRUHVTXLSUHWLXP
SHFXQLDHEHQHDHVWLPHQWDOLLVXQWFDOOLGLDWTXHSHUILGLRVL
DWTXH VDWLV PDOL DOLL QRQ VXQW VHG VDWLV GHFHQWHV VLFXW
7KRULQXVDWTXH&RPLWHVVLWXQLPLXPQRQH[VSHFWDV
SRVW HXP VWHOODH LQ FDHOR SDOOLGR FXP QLJURUH REVHUDWR

HPHUJHEDQW FXP KREELWXV SHU LDQXDP LQFDQWDWDP UHSWDXLW
HW IXUWLP LQ PRQWHP LQJUHVVXV HVW LWHU IXLW PXOWR IDFLOLXV
TXDP LOOH H[VSHFWDXHUDW KLF QHF DGLWXV JREHOLQRXUP QHF
DQWUXPGXUXP'U\DGXP6LOXHVWULXPIXLWKLFIXLWPHDWXVD
QDQLV LQ VXPPR GLXLWLDUXP HRUXP DWTXH DUWLXP IDFWXV
UHFWXV VLFXW UHJXOD VROLV ODWHULEXVTXH SODQLV LQ GHFOLXL
LPPXWDELOL WHQGHQV XVTXH DG ILQHP QHVFLR TXHP ORQJH
DEVHQWHPLQWHQHEULVLQIUD
SDXORSRVW%DOLQXV%LOERQL³IHOLFLWHUWLEL´GL[LWHWVWHWLW
XEL OLQHDPHQWXP KHEHV LDQXDH HWLDP XLGHUH SRWXLW HW
SURSWHU LRFXP LPDJLQXP XHUERUXP LQ FXQLFXOR XRFHV
VXVXUUDQWHV FHWHURUXP PRGR IRULV DXGLUH SRWXLW WXP
KREELWXV DQXOR LQGXWR HW DE LPDJLQLEXV PRQLWXV XW QXOOXP
VRQLWXPSURGXFHUHWWDFLWXVGHRUVXPGHRUVXPGHRUVXPLQ
WHQHEUDV UHSVLW PHWX KRUUHEDW VHG IDFLHV SDUXD IXLW GXUD
DWTXH WRUXD LDP KREELWXV GLVVLPLOOLPXV FXL TXL
LDPSULGHP H %DJ)LQH VLQH VXGDULR LQ VLQX H[FXFXUUHUDW
SHU ORQJLVVLPXP WHPSXV VXGDULXP LQ VLQX QRQ KDEXHUDW
SXJLRQHLQXDJLQDVROXWRHWFLQJXORVWULFWRSURJUHVVXVHVW
³QXQF GHPXP WXD UHV DJLWXU %LOER %DJJLQV´ VHFXP
LQTXLW³LOODQRFWHFRQXLXLLWXSHGHPLQHDSRVXLWHWQXQF
WLEL HXP H[WUDKHQGXP HVW HW SRHQDP HLXV VROXHQGDP PH
PLVHUXP TXDP VWXOWH HJR IXL HW VXP´ LQTXLW LOOD SDUV
LSVLXVPLQLPH7RRNHQVLV³WKHVDXULDGUDFRQLEXVFXVWRGLWL
PLKLQHTXDTXDPXVXLVXQWHWPDQHDQWRPQHVSHUDHWHUQXP
KLF PRGR OLFHDW PLKL H VRPQR H[FLWDUL XW LQXHQLDP KXQF
FXQLFXOXPPDOXPHVVHDWULXPPHXPGRPL´
QRQH[FLWDWXVVDQHHWLDPSHUUH[LWDWTXHSHUUH[LWGRQHF
RPQLDVLJQDLDQXDHLQWHUJRHXDQXHUDQWRPQLQRVROXVIXLW
PR[ VHQWLW FDORUHP TXHPGDP DGHVVH LQFLSHUH ³HVWQH
WDPTXDP IXOJRU TXHP DSSURSLQTXDQWHP GH LOOR ORFR LQ
IURQWHXLGHUHXLGHRU"´SXWDXLW
LWD IXLW GXP SURJUHGLWXU IXOJRU FUHVFHEDW DWTXH
FUHVFHEDWGRQHFGHLOORQLKLOGXELLIXLWIXLWOX[UXEUDTXDH
JUDGDWLP UXEULRU DWTXH UXEULR ILHEDW SRUUR VLQH GXELR
FXQLFXOXV QXQF FDOLGXV IXLW ILOD XDSRULV SUDHWHU HXP
VXUVXP IOX[HUXQW XW LV VXGDUH LQFLSHUHW VRQLWXV TXLGDP
TXRTXH LQ DXULEXV HLXV VLQJXOWLUH FRHSLW EXOOLHQV TXLGDP
VLFXW VRQLWXV PDJQDH ROODH LQ LJQH IHUXHVFHQWLV PXUPXUH
VLFXWLQJHQWLVIHOLVPDULVPXUPXUDQWHPL[WXVKLFFUHVFHEDW
LQ VLQJXOWXP FHUWLVVLPXP SUDHJUDQGLV DQLPDOLV DOLFXLXV
TXL LQ VRPQR HLXV LQ LOOR ORFR LQIUD LQ DUGRUH UXEUR LQ
IURQWHVWHUWHEDW
KLF%LOERVWHWLWSHUJHUHDELOORORFRIXLWUHVIRUWLVVLPD
TXDP XPTXDP IHFLW UHV WUHPHQGDH TXDH SRVWTXDP
DFFLGHUXQW QLKLO DG LOODP IXHUXQW SURHOLXP XHUXP
SXJQDEDW VROXV LQ FXQLFXOR DQWHTXDP LQJHQV SHULFXOXP
TXRG LQVLGLDEDWXU XPTXDP XLGLW QLKLORPLQXV LV EUHXLWHU
PRUDWXV SHUUH[LW TXLGHP HW WX HXP DG ILQHP FXQLFXOL
XHQLHQWHPILQJHUHSRWHVFXLXVDGLWXVSDHQHLQPDJQLWXGLQH
DWTXHIRUPDLDQXDHVXSUDIXLWSDUSHUTXHPFDSXWSDUXXP
KREELWL LQVSLFLW DQWH HXP PDJQD DSRWKHFD LPD DXW
DXODFDUFHU QDQRUXP DQWLTXRUXP LQ UDGLFH 0RQWLV LDFHW
SDHQH WHQHEURVD HVW XW LPPHQVLWDV HLXV PRGR REVFXUH
FRQLFLSRVVLWVHGDVFHQGHQVDODWHUHSURSLQTXRVROLVD[HL
HVWPDJQXVDUGRUDUGRU6PDXJLV
LELLDFHEDWLSVHGUDFRSUDHJUDQGLVUXEHUDXUHXVJUDXLWHU
GRUPLHQVVXVXUUXVHIDXFLEXVDWTXHQDULEXVHIIXQGHEDWXU
HWILODIXPLVHGLJQHVHLXVLQVRPQRIXHUXQWH[LJXLVXEWHU
HXPVXERPQLEXVPHPEULVHLXVHWLQJHQWLFDXGDWRUWDHLXV
HWXELTXHFLUFXPHXPWUDQVVRODLQXLVDH[WHQGHQWHVDFHUXL
LQQXPHUDELOLHV UHUXP SUHWLRVDUXP DXUL IDEULFDWL HW
LQIDEULFDWL JHPPDUXP DWTXH ODSLOORUXP HW DUJHQWL UXEUR
PDFXODWLLQOXFHUXELFXQGDLDFHEDQW
6PDXJ LDFHEDW DOLV UHSOLFDWLV VLFXW XHVSHUWLOLR
LPPHQVXVLQODWXVXQXPSDUWLPXHUVXVXWKREELWXVLQIHUQD
HLXV HW XHQWUHP ORQJXP SDOOLGXPTXH JHPPLV DWTXH
IUDJPHQWLV DXUL FUXVWDWXP SURSWHU ORQJH LDFHQWHP LQ OHFWR
PDJQR SUHWLR XLGHUH SRVVHW SRVW LOOXP XEL PXUL IXHUXQW
SUR[LPL ORULFDH FDVVLGHV DWTXH VHFXUHV HQVHV DWTXH
KDVWDH GHSHQGHQWHV REVFXUH XLGHUL SRWXHUXQW HW LEL LQ
RUGLQLEXVVWDEDQWPDJQDHROODHDWTXHXDVDLPSOHWDWDOLEXV
GLXLWLLVTXDHQHTXDTXDPFRQLFLSRWXHUXQW
GLFHUH DQLPDP %LOERQLV DEODWDP HVVH QHTXDTXDP UHP
GHVFULELW FXP +RPLQHV OLQJXDP WUDQVWXOLVVHQW TXDP D
GU\DGLEXV LQ GLHEXV LQ TXLEXV RUELV RPQLV DGPLUDELOLV
IXHUDW GLGLFHUDQW QXOOD XHUED VXSHUVXQW TXDH WXPXOWXP
HLXV H[SULPXQW %LOER IDEXODV HW FDQWXV GH DFHUXLV
GUDFRQXPDQWHDDXGLXHUDWVHGVSOHQGRUFXSLGLWDVJORULD
WDOLV WKHVDXUL DG HXP QRQGXP DGXHQHUDW FRU VXXP
IDVFLQDWLRQH HW FXSLGLWDWH QDQRUXP LPSOHWXP DWTXH
WUDQVIL[XP HVW HW LPPRELOLV SDHQH FXVWRGLV WHUULELOLV
REOLWXVDXUXPXOWUDDHVWLPDQGXPHWQXPHUDQGXPDVSH[LW
SHUTXRGVDHFXOXPHVVHXLVXPHVWDVSLFLHEDWGRQHFSDHQH
FRQWUD XROXQWDWHP VXDP GXFWXV IXUWLP DE XPEUD OLPLQLV
HPHUVLW WUDQV VROXP DG PDUJLQHP SUR[LPXP DFHUXRUXP
WKHVDXULVXSHUTXHPGUDFRGRUPLHQVLDFHEDWGLUXVPLQDQV
HWLDP LQ VRPQR PDJQD SRFXOD DQVLV GXDEXV WDP
SRQGHURVD TXDP IHUUH SRWXLW SUHKHQVD RFXOXP SDXLGXP
VXUVXP DGLHFLW 6PDXJ DODP PRXLW XQJXHP DSHUXLW
PXUPXUVWHUWHQWLVHLXVVRQXPVXXPPXWDXLW
WXP%LOERHIIXJLWGUDFRDXWHPHVRPQRQRQH[FLWDWXV±
QRQ LDP ± LQ VRPQLD DOWHUD DXDULWLDH DWTXH XLROHQWLDH VH
PRXLW LEL LQ DXOD VXD IXUDWD LDFHQV GXP SDUXXV KREELWXV
FXQLFXOXP ORQJXP RSHURVH DVFHQGLW FRUGH VXR SDOSLWDQWH
HW FUXULEXV TXDVVDQWLEXV TXDVL IHEULFXORVLV PDJLV TXDP
GXPGHVFHQGLWHWLDPSRFXODPWHQXLWHWPD[LPHFRJLWDXLW
³UHP IHFL LG SUDHVWDELW LOOLV µVLPLOLRU XHQGLWRUL
FRQGLPHQWRUXPTXDPHIIUDFWDULR¶TXLGHPLWDGHTXRQLKLO
SOXUDDXGLHPXV´
SOXUD QRQ DXGLXLW %DOLQXV LQ XLGHQGR UXUVXV %LOERQHP
ODHWLWLD H[VXOWDXLW HW WDP JDXLVXV TXDP PLUDWXV HVW
%LOERQHPVXVWXOLWHWHXPVXEGLXRDEVWXOLWHUDWPHGLDQR[
HW XPEUDH VWHOODV XHODXHUDQW VHG %LOER RFXOLV FODXVLV
DQKHODQVHWLQVHQVXDHULVGXOFLVUXUVXVJDXGHQVLDFHEDWHW
QDQRV FRPPRWRV DXW TXRPRGR HXP ODXGDUHQW HW HXP LQ
WHUJXPSXOVDUHQWHWRSHUDPVXDPDWTXHIDPLOLDUXPVXDUXP
SHUVDHFXODIXWXUDHLGDUHQWXL[DQLPDGXHUWLW
QDQL DGKXF SRFXODP D PDQX DG PDQXP WUDGHEDQW HW GH

WKHVDXUR UHFHSWR LXFXQGH ORTXHEDQWXU FXP UHSHQWH
PXUPXU SUDHJUDQGLV LQ PRQWH LQIUD H[FLWDEDWXU VLFXW LOOH
IXLW VHQH[ PRQV LJQLIHUXV TXL LQ DQLPR KDEXLW HUXSWLRQHV
UXUVXV LQFLSHUH LDQXD SRVW HRV SDHQH FODXVD HW D ODSLGH
REVWUXFWD XW FODXGHUL QRQ SRVVHW QLKLORPLQXV VHFXQGXP
FXQLFXOXP ORQJXP GH SURIXQGLV ORQJH LQIUD LPDJLQHV
WHUULELOHV PXJLHQWLV DWTXH FDOFDQWLV HPHUVHUXQW TXDH
HIIHFHUXQWXWVROXPVXEHLVTXDVVDUHWXU
WXPQDQLJDXGLLHWJORULDWLRQLVSULRULVREOLWLPHWXHQWHV
VH SURLHFHUXQW 6PDXJ HWLDP PDJQL DHVWLPDQGXV HVW VL
LX[WD HXP KDELWDV QRQ WLEL SURGHVW GUDFRQHP XLXXP D
UDWLRQLEXV WXLV RPLWWHUH GUDFRQHV RPQLEXV GLXLWLLV VXLV
XHUH QRQ PXOWXP XWXQWXU VHG SOHUDVTXH RPQHV XQFLDV
VFLXQW SUDHFLSXH SRVWTXDP LOODV GLX SRVVHGHUXQW HW
6PDXJ QRQ H[FHSWXV HVW TXL D VRPQLR WUHSLGR LQ TXR
EHOODWRU TXLGDP SURFHULWDWH RPQLQR H[LJXD VHG HQVH
DFHUER DWTXH PDJQD XLUWXWH LQVWUXFWXV IRHGLVVLPH
ILQJHEDWXU DG GRUPLWDQWHP HW D GRUPLWDQWH DG RPQLQR
H[FLWDWXPWUDQVLHUDWHVWLQDQWURHLXVVSLULWXVDHULVLQVROLWL
HPLWWLWXUQHDELOORIRUDPLQHSDUXRDXUD"TXRGQXPTXDPHL
VDWLV SODFXLW SDUXLWDWH HLXV QRQ H[FHSWR HW QXQF
VXVSLFLRVXV RFXOLV WRUXLV LG DVSH[LW HW TXDPREUHP
QXPTXDPLGREVDHSLVVHWPLUDWXVHVWUHFHQVVHPLVHQWLWVH
FDSHUH LPDJLQHV KHEHWHV SXOVDWLRQLV FXLXVGDP D ORQJH
VXSUD TXDH DG ODWLEXOXP HLXV GHVFHQGHUDW VH PRXLW HW
FROOXP VXXP DG RGRUDQGXP WHWHQGLW WXP SRFXODP VXDP
GHVLGHUDXLW
IXUHV LJQHV QH[ FXP DG 0RQWHP SULPXP DGXHQLVVHW
WDOLVUHVQRQDFWDHUDWLUDVXDQHTXDTXDPGHVFULELSRWHVW±
WDOLV LUD TXDOLV PRGR XLGHUL FXP GLXHV TXL SOXUD KDEHQW
TXDP TXLEXV XWL SRVVXQW VXELWR DOLTXLG TXRG GLX
SRVVHGHUXQWVHGTXRGQXPTXDPDQWHDLOOLVDXWXVXLHVWDXW
GHVLGHUDWXP HVW DPLWWHUHQW LJQHP VXXP HUXFWDXLW DXOD
IXPDXLW UDGLFHV PRQWLV TXDVVDXLW IUXVWUD FDSXW VXXP
IRUDPLQL SDUXR REWUXVLW HW WXP ORQJLWXGLQHP VXDP
FRQWRUTXHQV HW VXE WHUUD VLFXW WRQLWUXV WRQDQV H ODWLEXOR
SURIXQGRSHUPDJQDPLDQXDPLQLQJHQWHVPHDWXVUHJLDH
PRQWLVHWVXUVXPDG3RUWDP$QWLFDPH[FXFXUULW
GH XHQDQGR SHU WRWXP PRQWHP GRQHF IXUHP FDSHUHW HW
HXP ODQLDUHW DWTXH FDOFDUHW VROXP FRJLWDXLW H 3RUWD
HJUHVVXVDTXLVLQXDSRUHPIHURFHPVWULGHQWHPTXHHUHFWLV
IODJUDQVLQDHUHPVXUVXPH[VLOXLWHWLQVXPPRPRQWHFXP
IODPPD XLULGH DWTXH FRFFLQD HPLFDWD FRQVHGLW QDQL
UXPRUH DWURFL XRODWXV HLXV DXGLWR LX[WD PXURV DJJHULV
JUDPLQHL VXEVLGHUXQW VXE PDJQLV VD[LV VH GHPLWWHQWHV
VSHUDQWHV QHVFLR TXRPRGR VH RFXOLV WHUULELOLEXV GUDFRQLV
XHQDQWLVXLWDWXURVHVVH
LQLOORORFRRPQHVQHFDWLHVVHQWVL%LOERUXUVXVUHPQRQ
JHVVHUDW³IHVWLQDWH IHVWLQDWH´ DQKHODXLW³LOOD LDQXD LOOH
FXQLFXOXVKLFORFXVQRQSURGHVW´
H[FLWDWL D XHUELV LOOLV LQ FXQLFXOXP UHSWXUL FXP %LIXU
FODPDXLW³FRQVREULQLPHL%RPEXUDWTXH%RIXU±TXRUXP
REOLWLVXPXVTXLLQXDOOHLQIUDVXQW´
³RFFLGHQWXUHWPDQQLTXRTXHHWRPQHVFRSLDHQRVWUDH
DPLWWHQWXU´FHWHULJHPXHUXQW³QLKLODJHUHSRVVXPXV´
³JHUUDH´7KRULQXVLQTXLWGLJQLWDWHVXDUHFROOHFWD³HRV
UHOLQTXHUH QRQ GHEHPXV LQWUDWH 'RPLQH %DJJLQV HW
%DOLQHHWXRVGXR)LOLDWTXH.LOL±GUDFRQRVRPQHVQRQ
FDSLHWQXQFXRVFHWHULXELVXQWIXQHV"IHVWLQDWH´
LOOD IRUWDVVH HUDQW PRPHQWD WHPSRULV SHVVLPD TXDH
XVTXH DG KRF WHPSXV SDVVL HUDQW VRQLWXV KRUULELOHV LUDH
6PDXJLV LQ FDXHUQLV VD[HLV ORQJH VXSUD UHVRQDEDQW LOOH
IODJUDQV VWDWLP GHVFHQGHULW DXW FLUFXP HRV XRODXHULW HW LQ
LOORORFRHRVLX[WDSUDHFHSVVFRSXOLSHULFXORVXPIXULRVH
IXQHV VXEGXFHQWHV LQXHQHULW %RIXU DVFHQGLW HW HWLDP
RPQLD HUDQW WXWD %RPEXU DVFHQGLW DQKHODQV DWTXH IODQV
GXP IXQHV JHPXQW HW HWLDP RPQLD HUDQW WXWD LQVWUXPHQWD
QRQQXOODHWIDVFHVFRSLDUXPDVFHQGHUXQWHWWXPSHULFXOXP
LQHRVGHVFHQGLW
VWULGRU TXLGDP DXGLHEDWXU OX[ UXEUD DSLFHV VD[RUXP
VWDQWLXPWHWLJLWGUDFRXHQLW
XL[ WHPSXV DG IXJLHQGXP DG FXQLFXOXP KDEXHUXQW LQ
TXHPVDUFLQDVVXDVGXFHEDQWDWTXHWUDKHEDQWFXP6PDXJ
ODWHUD PRQWLV IODPPD ODPEHQV PDJQDV DODV VRQLWX TXDVL
XHQWR IUHPHQWL SXOVDQV FXP IUDJRUH D 6HSWHQWULRQH
DGXHQLW VSLULWXV HLXV FDOLGXV JUDPHQ DQWH LDQXDP
WRUUHIHFLW HW SHU ULPDP TXDH UHOLTXHUDQW GXFWXV LOORV
FHODWRVLDFHQWHVDGXVVLWIODPPDHIODJUDQWHVH[VLOXHUXQWHW
XPEUDHQLJUDHVD[RUXPVDOWDXHUXQWWXPWHQHEUDHGXPKLF
LWHUXP SUDHWHULW GHVFHQGHUXQW PDQQL SDXRUH XOXODXHUXQW
HWIXQLEXVUXSWLVLQVDQHDXRODXHUXQWGUDFRVHXHUWHQVHW
GHVFHQGHQVDGHRVSHUVHTXHQGRVGLVFHVVLW
³LG IDFLHW ILQHP LXPHQWRUXP PLVHURUXP´ 7KRULQXV
LQTXLW ³QLKLO H 6PDXJH HIIXJHUH SRWHVW FXP LOOH LG XLGLW
KLFQRVVXPXVHWKLFQRELVPDQHQGXPHVWQLVLDOLTXLVSHU
PLOLDSDVVXXPORQJDHWDSHUWDDGIOXPHQ6PDXJHXLJLODQWH
UHGDPEXODUHFXSLW´
TXDH VHQWHQWLD QRQ LXFXQGD IXLW VHFXQGXP FXQLFXOXP
XOWHULXVGHUHSVHUXQWHWLELKRUUHQWHVLDFXHUXQWTXDPTXDP
WHSLGXVDWTXHJUDXLWDVHUDWORFXVGRQHFDXURUDSHUULPDP
LDQXDH SDOOLGD XHQLW DOLTXDQGR SHU QRFWHP IUHPLWXP
GUDFRQLV XRODQWLV FUHVFHQWHP WXP SUDHWHUHXQWHP HW
KHEHVFHQWHP DXGLUH SRWXHUXQW XW FLUFXP DWTXH FLUFXP
ODWHUDPRQWLVXHQDEDWXU
TXL D PDQQLV HW D XHVWLJLLV FDVWURUXP TXDH LQXHQHUDW
FRQLHFLWKRPLQHVHIOXPLQHDWTXH/DFXDGXHQLVVHHWODWXV
PRQWLV D XDOOH LQ TXD PDQQL VWHWHUDQW DVFHQGLVVH VHG
LDQXD RFXOR HLXV TXDHUHQWL UHVWLWLW HW VLQXV SDUXXV PXULV
DOWLVIODPPDVIHURFLVVLPDVSURSXOVDXHUDWGLXDWTXHIUXVWUD
XHQDWXVHUDWGRQHFLUDVXDIULJLGDDEDXURUDIDFWDUHGLLWXW
LQOHFWRDXUHRFXEDUHW±HWXLUHVQRXDVFROOLJHUHWQHJDXLW
IRUH XW IXUWXP DXW REOLXLVFDWXU DXW LJQRVFDW HWLDPVL PLOOH
DQQRUXP HXP LQ VD[XP IXPDQV XHUWHULQW VHG PRUDUL HL
VXIIHFLWOHQWXVDWTXHWDFLWXVDGODWLEXOXPUXUVXVUHSVLWHW
RFXORVVHPLFODXVLW
FXP PDQH DGXHQLVVHW WHUURU QDQRUXP GHFUHXLW
LQWHOOH[HUXQW WDOLD SHULFXOD LQ WDOHP FXVWRGHP WUDFWDQGR
HVVH LQHXLWDELOLD HW TXDHVLWLRQHP UHOLQTXHUH QRQ LDP
SURGHVVHQHTXHQXQFLSVXPGLVFHGHUHSRWXHUXQWTXDPUHP
7KRULQXVLQGLFDXHUDWPDQQLDXWDPLVVLDXWQHFDWLHUDQWHW
DOLTXDQGR LOOLV PDQHQGXP IXLW DQWHTXDP 6PDXJ DGHR
XLJLOLDVUHPLVLWXWDXLDORQJDLUHSHGLEXVDXGHUHQWIHOLFWHU
VDWLV FRSLDUXP VHUXDXHUXQW TXDH LOOLV DOLTXDQGR
VXIILFHUHQW
GLX GLVSXWDEDQW TXLG DFWXUXP HVVHW VHG TXRPRGR
6PDXJHP GLPLWWDQW FRJLWDUH QRQ SRWXHUXQW ± TXDH UHV
VHPSHULQILUPLWDVFRQVLOLRUXPIXHUDWVLFXW%LOERLQDQLPR
KDEXLW PHQWLRQHP IDFHUH WXP LQ PRUHP SRSXOL TXL LQ
GLXHUVDV VHQWHQWLDV RPQLQR GLVWUDFWL VXQW LQ KREELWXP
PXVVDUH FRHSHUXQW HXP FRQGHPQDQWHV SURSWHU LOODV UHV
TXDH SULPXP VLEL XDOGH SODFXHUDQW SURSWHU SRFXODP
DEODWDPDWTXHLUDP6PDXJLVSUDHPDWXUHFRPPRWDP
³TXRPRGR DOLWHU HIIUDFWDULXV UHP DJDW H[LVWLPDWLV"´
%LOER LUDWXV URJDXLW ³HJR GUDFRQHV FDHGHQGRV QRQ
FRQGX[L TXRG HVW RSXV EHOODWRUXP VHG WKHVDXUXP
IXUDQGXP TXDP UHP LQFHSL TXDP RSWLPH SRVVXP
H[VSHFWDWLVQH PH FXP RPQL DFHUXR 7KURULV LQ WHUJR PHR
UHGDPEXODUH" VL DOLTXLV PXVVHW PLKL OLFHDW GH LOOD UH
GLFHUHXRVGX[LVVHTXLQTXHFHQWXPHIIUDFWDULRVQRQXQXP
RSRUWHWFHUWHDXXVXHVWHUXDOGHODXGDULPHUHWVHGILQJHUH
QRQ SRWHVWLV XRV XPTXDP SUDHJUDQGHP PDJQLWXGLQHP
GLXLWLDUXP HLXV PLKL SDWHIHFLVVH FHQWXP DQQLV PLKL RSXV
HULWDGRPQLDWROOHQGDHWLDPVLTXLQTXDJLHQVPDLRUVLPHW
6PDXJWDPPDQVXHVTXDPFXQLFXOXVVLW´
KLVGLFWLVVDQHQDQLXHQLDPHLXVSHWLXHUXQW³HUJRTXLG
SURSRQLV QRELV DJHQGXP VLW 'RPLQH %DJJLQV"´7KRULQXV
XUEDQHURJDXLW
³KRF WHPSRUH QHVFLR ± VL GH WKHVDXUXP DXIHUHQGR XLV
LOOD UHV SODQH HW LQ IRUWXQD QRXD QHVFLR TXD HW LQ 6PDXJH
GLPLVVR RPQLQR FRQVLVWLW GUDFRQHV GLPLWWHUH HVW UHV
RPQLQR PLKL LQXVLWDWD VHG GH HD FRJLWDER TXDP PD[LPH
SRVVXPPHDVHQWHQWLDQXOODVVSHVRPQLQRKDEHRHWFXSLR
PHWXWXPHVVHGRPL´
³FXP PD[LPH DOLXG FXUD TXLG QRELV DJHQGXP HVW
KRGLH"´
³LWDVLPHXPFRQVLOLXPXLVGLFDPQRVQLKLODJHUHSRVVH
SUDHWHUTXDPPDQHUHLQORFRTXRVXPXVLQGLHQRQGXELWR
TXLQ QRV VDWLV WXWL HUHSWDUH SRVVLPXV DG GHDPEXODQGXP
IRUWDVVH PR[ XQXV DXW GXR HOHFWL DG FRSLDP LX[WD IOXPHQ
UHGHDQW DG DOLPHQWD QRVWUD UHSOHQGD LQWHULP DXWHP QRFWX
RPQHVPDQHUHLQFXQLFXORRSRUWHW
³QXQFFRQGLFLRQHPXRELVIHUDPDQXOXPPHXPKDEHRHW
KRF PHULGLH LSVR GHUHSDP ± TXR WHPSRUH VL XPTXDP
6PDXJHP GRUPLUH RSRUWHW ± XW TXLG LOOH DJDW XLGHDP
IRUWDVVHDOLTXLGHXHQLHWµRPQLVXHUPLVORFXPLQILUPLWDWHP
KDEHW¶XWSDWHUPHXVGLFHUHVROHEDWTXDPTXDPFHUWXVVXP
LOOXPHVVHGUDFRQXPH[SHUWHP´
QDQLVDQHFRQGLFLRQHPFXSLGHDFFHSHUXQWLDPSDUXXP
%LOERQHPPDJQLDHVWLPDXHUXQWTXLQXQFLQIDFLQRUHHRUXP
DXGDFLGX[XHUXVIDFWXVHVWVHQWHQWLDVVXDVDWTXHFRQVLOLD
VXD KDEHUH FRHSHUDW FXP PHULGLHV DGXHQLVVHW VH
SUDHSDUDXLW DG LWHUXP LQ 0RQWHP GHVFHQGHQGXP TXRG
VDQHQRQHLSODFXLWVHGUHVQXQFQRQWDPPDOHIXLWTXRG
PDJLV PLQXVXH TXLG LQ IURQWH VLW LDP VFLXLW VL SOXUD GH
GUDFRQLEXVDWTXHLQJHQLLVHRUXPFDOOLGLVVFLXHULWIRUWDVVH
PDJLV WLPXHULW DWTXH PLQXV VSHUDXHULW VH LOOXP GXP
GRUPLWRSSULPHUHSRVVH
VROH OXFHQWH SURIHFWXV HVW VHG LQ FXQLFXOR HUDW WDP
WHQHEURVD TXDP QR[ OX[ H LDQXD SDHQH FODXVD PR[
KHEHVFHEDW GXP GHVFHQGLW LOOH TXL DGHR WDFLWXV LQ HXQGR
HUDWXWIXPXVLQXHQWRPROOLXL[LOOLVXSHUHVVHSRVVHWHWLQ
DQLPR KDEXLW VH H[LVWLPDUH VXSHUEXP XW LDQXDP
LQIHULRUHP DSSURSLQTXDEDW VROXP IXOJRU KHEHWLVVLPXP
XLGHULSRWXLW
³6HQH[ 6PDXJ IDWLJDWXV GRUPLW´ SXWDXLW ³PH XLGHUH
QHTXLWQHFPHDXGLUHSRWHULWERQRDQLPRKDEH%LOER´GH
ROIDFWXGUDFRQXPDXWREOLWXVHVWDXWQXPTXDPDXGLXLWHVW
UHVTXRTXHLQFRPPRGDLOORVGXPGRUPLXQWXQXPRFXOXP
VHPLDSHULUHDGXLJLODQGXPSRVVHVLVXVSLFLRVXVVLQW
FHUWH FXP %LOER H[ DGLWX DVSH[LVVHW 6PDXJ JUDXLWHU
GRUPLUH XLVXV HVW SDHQH PRUWXXV HW DWHU RGRUH XDSRULV
LQXLVL XL[ VWHUWHQV %LOER LQ VROXP SHUUHFWXUXV HUDW FXP
UDGLXP UXEUXP WHQXHP DWTXH DFXWXP VXEWXV D SDOSHEUD
RFXOLODHXL6PDXJLVXLGLWLOOHVROXPILQJHEDWVHGRUPLUH
LOOHDGLWXPFXQLFXOLLQWXHEDWXU%LOERIHVWLQDQWHUUHJUHVVXV
IHOLFLWDWLDQXOLEHQHGL[LWWXP6PDXJORFXWXVHVW
³LWDTXH IXU WH ROIDFLR HW DHUHP WXXP VHQWLR VSLULWXP
WXXP DXGLR XHQL KXF WX LSVH LWHUXP GRQXP FDUSH QDP
PXOWDVXSHUVXQW´
VHG %LOER QRQ WDP LQGRFWXV LQ GRFWULQDGUDFRQXP IXLW
TXDP LG VL 6PDXJ VSHUDEDW LOOXP VDWLV IDFLOH SURSLXV
XHQWXUXP HVVH IDOVXV HVW ³PLQLPH WLEL JUDWLDV DJR 2
6PDXJ 7UHPHQGH´ UHVSRQGLW ³GRQRUXP FDXVD QRQ XHQL
PRGRFXSLXLWHDVSLFHUHHWFRJQRVFHUHQXPWXXHUHVLWWDP
PDJQXVTXDPLQIDEXOLVWUDGLWXULOOLVQRQFUHGR´
³LWDQHGLFLV"´GUDFRLQTXLWDOLTXDQWXOXPJUDWXVHWLDPVL
LOOLVXHUELVQRQFUHGLGLW
³UH XHUD FDUPLQD DWTXH IDEXODH UHP XHUDP QHTXDTXDP
FRQWLQJXQW 2 6PDXJ 2SWLPH 0D[LPH &ODGLXP´ %LOER
UHVSRQGLW
³LXFXQGRVPRUHVKDEHVSURIXUHDWTXHPHQGDFL´GUDFR
LQTXLW ³WX QRPLQL PHR IDPLOLDULV HVVH XLGHULV VHG HJR
PHPLQLVVH QRQ XLGHRU XW WH ROIHFLVVHP DQWH TXLV HV WX HW
XQGHXHQLVTXDHVR"´
³LWD TXDHVLV VXE FROOH XHQLR HW VXEWHU FROOHV HW VXSUD
FROOHVXLDHPHDHWHWHQGHUXQWDWTXHSHUDHUHPHJRVXPTXL
LQXLVXVDPEXODW´
³LWD FUHGR´ 6PDXJ LQTXLW ³VHG LG XL[ HVW QRPHQ
VROLWXP´
³VXP LQXHQWRU UHUXP UHFRQGLWDUXP VHFWRU DUDQHRUXP
PXVFD FXP DFXOHR SURSWHU QXPHUXP IRUWXQDWXP HOHFWXV
VXP´
³WLWXOL LXFXQGL´ 6PDXJ UHP QDVR VXVSHQGLW ³VHG
QXPHULVIRUWXQDWLVQRQVHPSHUXLQFHUHSRWHV´
³VXP TXL DPLFRV XLXRV VHSHOLW HW HRV VXEPHUJLW HW HRV
LWHUXP H[ DTXD XLXRV WROOLW D ILQH VDFFL XHQL VHG QXOOXV
VDFFXVVXSHUPHXHQLHEDWXU´
³KDHFQRQWDPFUHGLELOLDXLVDVXQW´6PDXJULVLW
³VXP XUVLV DPLFXV HW DTXLODUXP KRVSHV VXP $QXOL
XLFWRU HW )RUWXQDHJHVWRU HW VXP &XSDHUHFWRU´ %LOER
FRQWLQXDEDWTXLLQDHQLJPDWLEXVVXLVGHOHFWDULLQFLSLHEDW
³PHOLXVHVW´6PDXJLQTXLW³VHGQROLSHUPLWWHUHLQJHQLR
WXRXWWHDXIHUDW´
KLF VDQH HVW PRGXV DSWXV DG GUDFRQLEXV ORTXHQGXP VL

QRPHQ SURSULXP WXXP SDWHIDFHUH QRQ XLV TXDH HVW UHV
VDSLHQVQHTXHXLVHRVDUHFXVDWLRQHSODQDLUULWDUHTXDH
TXRTXHHVWUHVVDSLHQWLVVLPDRPQLVGUDFRQHFEODQGLWLDH
ORTXHQGL LQ DHQLJPDWLEXV QHF SHUGHQGR WHPSXV DG LOOD
LQWHOOHJHUHWHPSWDQGXPUHVLVWHUHSRWHVWKLFIXHUXQWPXOWD
TXDH6PDXJQHTXDTXDPLQWHOOH[LWTXDPTXDPH[VSHFWRWH
LQWHOOHJHUHQDPRPQLDGHIDFLQRULEXV%LOERQLVDXGDFLEXV
TXDHLOOHDWWLQJHEDWVFLVVHGSXWDXLWVHVDWLVLQWHOOHJHUH
HWLQWUDVHFDFKLQQDXLW
³VLF SULRUL QRFWH FRJLWDXL´ VHFXP VXEULVLW ³+RPLQHV
/DFXV DOLTXLG FRQVLOLXP IRHGXP LVWRUXP PLVHURUXP
PHUFDWRUXPFXSDUXP +RPLQXP/DFXV DOLWHU ODFHUWXV VXP
DGLOOXPORFXPSHUVDHFXOXPDWTXHVDHFXOXPQRQXHQLVHG
PR[LGPXWDER´
³PD[LPH 2 &XSDHUHFWRU´ PDJQD XRFH LQTXLW
³IRUWDVVH PDQQR WXR IXLW QRPHQ &XSD IRUWDVVH QRQ
TXDPTXDP LOOH VDWLV SLQJXLV IXLW LQXLVXV DPEXOHV VHG
WRWXPLWHUQRQDPEXODXLVWLPLKLOLFHWWLELGLFHUHPHSULRUL
QRFWHVH[PDQQRVHGLVVHHWPR[RPQHVFHWHURVFDSWXUXP
DWTXH HVXUXP HVVH SUR FHQD RSWLPD XQXP FRQVLOLXP SUR
VDOXWH WXD WLEL GDER QROL PDJLV DJHUH FXP QDQLV TXDP
SRWHV´
³QDQL´%LOERLQTXLWILQJHQVVHPLUDUL
³QROL PHFXP ORTXL´ 6PDXJ LQTXLW ³RGRUHP DWTXH
JXVWXP QDQL VFLR ± QHPR PHOLRU QROL PLKL GLFHUH PH
PDQQXPDQDQRHTXLWDWXPHGHUHSRVVHQHTXHLGVFLUHDG
ILQHP PDOXP XHQLHV VL FXP WDOLEXV DPLFLV LHULV )XU
&XSDHUHFWRU QRQ UHFXVR TXRPLQXV WX UHGHDV DWTXH LWD D
PH LOOLV GLFDV´ VHG QRQ %LOERQL GL[LW XQXP RGRUHP HVVH
TXRG QHTXDTXDP LQWHOOHJHUH SRWXLW VFLOLFHW
RGRUHPKREELWXPFXLXVRPQLQRH[SHUVIXLWHWGHTXRTXLG
DJDWPD[LPHQRQKDEXLW
³SXWR WH SULRUL QRFWH SUR LOOD SRFXOD SUHWLXP DHTXXP
KDEXLVVH"´ FRQWLQXDEDW ³QXQF XHQL KDEXLVWLQH" RPQLQR
QLKLO LWD VLF HVW PRV LOORUXP SRUUR SXWR LOORV IRULV
GHOLWLVFHUH HW WLEL RSXV HVVH XW RPQHP ODERUHP
SHULFXORVXPIDFLDVHWPHQRQDVSLFLHQWHDXIHUDVTXLGTXLG
SRVVLV ± SUR LOOLV" KDEHELVQH SDUWHP DHTXDP" QROL UHL
FUHGHUHVLXLXXVDEVFHVVHULVIHOL[HULV´
QXQF %LOER VHQWLUH FRHSLW VH XDOGH LQFRPPRGXP HVVH

TXDQGRFXPTXHRFXOXV6PDXJLVHUUDEXQGXVHXPLQXPEULV
TXDHUHQV WUDQV HXP IXOJHEDW LOOH KRUUXLW HW D GHVLGHULR
LQH[SOLFDELOL H[FXUUHQGL DWTXH VH SDWHIDFLHQGL DWTXH
6PDXJL RPQLD XHUD GLFHQGL FDSWXV HVW UH XHUD PDOH
SHULFOLWDWXV HVW QH D GUDFRQH LQFDQWDUHWXU DQLPR DXWHP D
SDXRUHUHFHSWRUXUVXVORFXWXVHVW
³RPQLDQRQVFLV26PDXJ0DJQH´LQTXLW³QRQDXUHXP
VROXPQRVKXFWXOLW´
³KDKDµQRV¶FRQILWHULV´6PDXJULVLW³TXDUHQRQGLFLV
µQRV TXDWWXRUGHFLP¶ XW UHP SHUILFLDV 'RPLQH 1XPHUH
)RUWXQDWH" PLKL SODFHW DXGLUH WH RIILFLD DOWHUD LQ KLV
UHJLRQLEXV SUDHWHU DXUXP PHXP KDEXLVVH HUJR IRUVLWDQ
WHPSXVWXXPQRQRPQLQRSHUGDV
³QHVFLR VL WLEL RFFXUHUHW WH HWLDPVL DXUXP PLQXWDWLP
IXUDULSRVVHV±TXDHUHVFLUFDFHQWXPDQQRVRFFXSDELW±LG
LDPSULGHP IHUUH QRQ SRVVH" LQ ODWHUH PRQWLV QRQ PXOWXP
XVXLHVW"LQVLOXDQRQPXOWXPXVXLHVW"SURILGHPTXLGGH
XHFWXUD" TXLG GH FXVWRGLEXV DUPDWLV DWTXH XHFWLJDOH"´ HW
6PDXJPDJQDXRFHULVLWHLIXLWFRUPDOXPDWTXHFDOOLGXP
HW VFLXLW FRQLHFWXUDV VXDV QRQ ORQJH DEHVVH TXDPTXDP
VXVSLFDWXV HVW +RPLQHV/DFXV FRQVLOLD SUDHVWDUH TXRV LQ
DQLPRKDEHUHXWPD[LPDPSDUWHPVSROLDHLQRSSLGRLX[WD
OLWXV TXRG LQ GLHEXV HLXV LXQLRULEXV (VJDURWK DSSHOODWXP
HVWUHPDQHDW
KXLFXL[FUHGHVVHG%LOERTXLGHPXDOGHDGPLUDWXVHVW
XVTXH DG KRF WHPSXV RPQHV VHQWHQWLDV DWTXH XLUHV LQ
0RQWHP DWWLQJHQGXP DWTXH WKHVDXUXP LQXHQLHQGXP
LQWHQGHUDW QXPTXDP VROOLFLWXV HUDW PLUDUL TXRPRGR
WKHVDXUXVDXIHUUHWXUQXPTXDPFHUWHTXRPRGRDOLTXDSDUV
TXDH VRUV HLXV HVVHW XVTXH DG %DJ)LQHP 6XE&ROOH
UHIHUUHWXU
QXQF VXVSLFLR IRHGD LQ PHQWH HLXV FUHVFHUH FRHSLW ±
VXQWQH QDQL HWLDP KXLXV UHL PDJQL PRPHQWL REOLWL DXW
ULGHEDQWQHHXPLQPDQLFLVVXLVSHURPQHWHPSXV"KLFHVW
PRGXV LQ TXR VHUPR GUDFRQLV DOLTXHP LPSHULWXP DIILFLW
%LOERQHP VDQH XLJLODQWHP IXLVVH RSRUWXLW VHG 6PDXJ
LQJHQLXPFXLXL[UHVLVWLSRWHUDWKDEXLW
³WLEL GLFR´ LQTXLW LOOH QLWHQV XW HW DPLFLV VXLV ILGHOLV
PDQHDW HW LSVH IRUWLV UHPDQHDW ³LOOXP DXUXP PRGR
QRELVFXP SRVWHULRU FRJLWDWLR IXLW VXSUD FROOHP DWTXH
VXEWHU FROOHP DE XQGD DWTXH XHQWR XHQLPXV SUR3RHQD
QRQQH 2 6PDXJ GLXLWLDUXP LQDHVWLPDELOLXP WLEL
LQWHOOHJHQGXP HVW WH RE SURVSHULWDWHP WXDP KDEHUH
DOLTXRVLQLPLFRVDFHUERV"´
WXP 6PDXJ VDQH ULVLW ± VRQLWXV XDVWLWXGLQLV TXL
%LOERQHP DG VROXP TXDVVDXLW GXP ORQJH DGXHUVXV
FXQLFXOXPQDQLVHFRQJUHJDQWHWILQJXQWKREELWXPDGILQHP
UHSHQWHPDWURFHPTXHDGXHQLVVH
³SRHQD´ IUHPXLW HW OX[ RFXORUXP DXODP D VROR DG
WHFWXPLOOXPLQDXLWTXDVLIXOJXUFRFFLQXP³SRHQD5H[VXE
0RQWH PRUWXXV HVW HW XEL VXQW FRJQDWL HLXV TXL SRHQDV
H[SHWHUHDXGHQW"*LULRQ'RPLQXV&RQXDOOLVPRUWXXVHVWHW
JHQWHP VXDP VLFXW OXSXV LQWHU RXHV HGL HW XEL VXQW ILOLL
ILOLRUXP HLXV TXL DG PH DSSURSLQTXDUH DXGHQW" DOLTXRV
LQWHUILFLR XELFXPTXH XROR QHTXH DOLTXL UHVLVWHUH DXGHQW
EHOODWRUHVGLHUXPDQWLTXRUXPFHFLGLVLPLOLWXGRTXRUXPLQ
RUEHKRGLHQRQHVWWXPPRGRLXXHQLVDWTXHWHQHUIXLQXQF
VHQH[ DWTXH IRUWLV IRUWLV IRUWLV VXP )XU LQ 8PEULV´
VXSHUELWHU LQTXLW ³DUPD PHD VXQW VFXWLV GHFHPSOLFLEXV
VLPLOLDGHQWHVPHLVXQWHQVHVXQJXHVPHLKDVWDVLPSHWXV
FDXGDH PHDH WRQLWUXV DODH PHDH WXUER SURFHOODH HW
VSLULWXVPRUV´
³VHPSHU LQWHOOH[L´ %LOER SDXRUH VWULGHQV LQTXLW
³GUDFRQHVHVVHWHQHULRUHVLQIUDSUDHFLSXHLQUHJLRQH±HU
± WKRUDFLV VHG VLQH GXELR TXLGDP DGHR DUPDWXV GH HD UH
LDPFRJLWDXLW´
GUDFR JORULDUL GHVWLWLW ³VFLHQWLD WXD HVW REVROHWD´
DFHUEH UHVSRQGLW ³VTXDPLV IHUUHLV DWTXH JHPPLV GXULV
VXSUDDWTXHLQIUDVXPDUPDWXVQXOODODPLQDPHWUDQVILJHUH
SRWHVW´
³LGFRQLHFHULP´%LOERLQTXLW³UHXHUDQXOORLQORFRSDU
'RPLQR 6PDXJL ,PSHQHWUDELOL LQXHQLUL SRWHVW TXDP
PDJQLILFXP HVW WH VXEXFXODP DGDPDQWXP SXOFKURUXP
SRVVLGHUH´
³LWD TXDH UDUD TXLGHP DWTXH DGPLUDELOLV HVW´ 6PDXJ
LQTXLWDGPRGXPJUDWXVQHVFLXLWKREELWXPLDPWHJLPHQWXP
HLXVSUDHFLSXXPLQIUDDVSH[LVVHFXPSULXVXHQHUDWHWHXP
XDOGH GHVLGHUDUH SURSULDUXP UDWLRQXP FDXVD XW SURSLXV
LGDVSLFHUHWGUDFRVHHXROXLW³XLGH´LQTXLW³TXLGGHHR
GLFLV"´
³VSOHQGLGXP PLUDELOH SHUIHFWXP HPHQGDWXP
DGPLUDQGXP´%LOERPDJQDXRFHH[FODPDXLWVHGLQWUDVH
FRJLWDXLWLWD³VWXOWHVHQH[QDPHVWPDJQDSDUVLQFRQFDXR
SHFWRULV HLXV VLQLVWUL WDP QXGD TXDP FRFKOHD H FRQFKD
UHPRWD´
SRVWTXDP LG DVSH[LW VROXP LQ DQLPR KDEXLW 'RPLQXV
%DJJLQV HIIXJHUH ³LWDTXH 0DJQLILFHQWLDP 7XDP ORQJLXV
WHQHUHPHQRQRSRUWHW´LQTXLW³DXWWHSURKLEHUHDUHTXLHWH
WXDXDOGHGHVLGHUDWDPDJQXPHVWFDSHUHPDQQRVXWFUHGR
SRVW LOOL TXDP LQLWLXP ORQJH IHFHUXQW QRQ DOLWHU TXDP
HIIUDFWDULRV´ DGLHFLW VLFXW LFWXV PRGR 3DUWKLFR GXP
UHWURUVXPUXLWHWDGXHUVXVFXQLFXOXPHIIXJLW
IXLW VHQWHQWLD LQIHOL[ QDP GUDFR IODPPDV WHUULILFDV LQ
HXP HLDFXODWXV HVW HW TXDPTXDP LOOH LQ DGXHUVXP
SURSHUDEDW QHTXDTXDP VDWLV ORQJH SURJUHVVXV HVW XW
FRPPRGXV HVVHW DQWHTXDP FDSXW KRUULELOH 6PDXJLV LQ
DSHUWXUDP SRQH SXOVXP HVW IHOLFLWHU WRWXP FDSXW DWTXH
IDXFHV HLXV LQWXV FRPSULPL QRQ SRWHUXQW VHG QDUHV HLXV
LJQHP HW XDSRUXP HPLVHUXQW DG LOOXP SHUVHTXHQGXP TXL
SDHQHVXSHUDWXVODEHQVFDHFXVPDJQRGRORUHDWTXHSDXRUH
SURJUHVVXV HVW VHQVHUDW VH D FDOOLGLWDWH VHUPRQLV FXP
6PDXJH VDWLV JUDWXP HVVH VHG HUURU HLXV HXP LQ
SUXGHQWLDPPHOLRUHPTXDVVDXLW
³QXPTXDP GUDFRQHV XLXRV ULGH %LOER VWXOWH´ VHFXP
GL[LW TXDH SRVWHULXV IDFWD HVW VHQWHQWLD HLXV GLOHFWD HW LQ
SURXHUELXPWUDGLWDHVW³WXQXQFXL[SHUKRFIDFLQXVDXGD[
WUDQVLVWL´DGLHFLWTXDHHWLDPVDWLVXHUDIXLW
SRVWPHULGLHLQXHVSHUHPWHQGHEDWFXPLOOHUXUVXVHXHQLWHW
FRQIHFWXV LQ ³OLPLQH´ ODSVXV HVW HW GHFLGLW QDQL HXP
UHFUHDXHUXQW HW DGXVWD HLXV VDQDXHUXQW TXDP PD[LPH
SRWXHUXQWVHGORQJHIXLWDQWHTXDPFDSLOOLLQWHUJRFDSLWLV
DWTXH FDOFLXP UHFWH UXUVXV FUHXHUXQW RPQHV XVTXH DG
SHOOHPDGXVWLHWFULVSDWLHUDQWLQWHULPDPLFLDQLPXPHLXV
HULJHUHRSWLPHFRQDWLVXQWHWIDEXODHHLXVFXSLGLIXHUXQW
SUDHFLSXH TXDPREUHP GUDFR WDP KRUULILFH VWUHSXLVVHW HW
TXRPRGR%LOERHIIXJLVVHWVFLUHFXSLXHUXQW
VHG KREELWXV VROOLFLWXV IXLW DWTXH LQFRPPRGXV HW
DOLTXLG H[ HR HOLFLWDUH LOOLV QHJRWLXP PDJQXP IXLW GH
UHEXV FRJLWDQV QXQF HXP SDHQLWHEDW DOLTXD XHUED TXDH
GUDFRQL GL[HUDW QHTXH LOOD LWHUDUH FXSLGXV IXLW VHQH[
WXUGXVLQVD[RXLFLQRVHGHEDWFDSLWHDGODWXVXQXPXHUVR
RPQLD TXDH GLFWD HUDQW DXVFXOWDQV LUDFXQGLD %LOERQLV
SDWHIDFWD HVW DE KDF UH VD[XP VXEODWXP LHFLW LQ WXUGXP
TXLVROXPDGODWXVXROLWDXLWWXPUHXHQLW
³DXL PDOHGLF´ %LOER LUDWXV LQTXLW ³FUHGR HXP
DXVFXOWDUHQHTXHIDFLHVHLXVPLKLSODFHW´
³QROL HXP XH[DUH´ 7KRULQXV LQTXLW ³WXUGL VXQW ERQL
DWTXH DPLFL ± KDHF HVW XHWHUULPD TXLGHP DXLV HW IRUVLWDQ
HVW XOWLPD TXDH VXSHUHVW JHQHULV DQWLTXL TXRG ROLP LQ KLV
UHJLRQLEXVKDELWDEDWPDQLEXVSDWULVPHLHWDXLPDQVXHWXP
IXLWJHQVDHWDWHORQJDDWTXHPDJLFDHWIRUVLWDQKLFVLWXQXV
LOORUXP TXL LOOR WHPSRUH GXREXV FHQWXP DQQLV DXW PDJLV
DEKLQFXL[HUXQW+RPLQHV&RQXDOOLVLQJHQLXPLQWHOOHJHQGL
OLQJXDPLOORUXPKDEXHUXQWHWLOOLVXVLVXQWSURQXQWLLVTXL
DG+RPLQHV/DFXVHWDOLTXRVORFRVXRODUHQW´
³LWDTXHQXQWLXPKDEHELWTXRGVDQHDG2SSLGXP/DFXV
IHUDW VL LG HVW TXRG XXOW´ %LOER LQTXLW ³TXDPTXDP QRQ
SXWRDOLTXRVVXSHUHVVHTXLGHOLQJXDWXUGRUXPFXUDQW´
³FXUTXLGDFWXPHVW"´QDQLFODPDXHUXQW³SHUJHIDEXODP
WXDPTXDHVLPXV´
LWDTXH %LOER LOOLV QDUUDXLW RPQLD TXDH PHPLQLVVH
SRWXLW HW FRQIHVVXV HVW VH PDOH VXVSLFDUL GUDFRQHP DE
DHQLJPDWLEXV HLXV FDVWULV DWTXH PDQQLV DGLHFWLV QLPLV
FRQLHFLVVH ³FHUWXV VXP HXP VFLUH QRV DE 2SSLGR/DFXV
XHQLVVHHWDELOORORFRDX[LOLXPKDEXLVVHHWPDOHVXVSLFRU
HXP IRUVLWDQ LQ LOODP SDUWHP SUR[LPH LWXUXP HVVH SUR
ILGHP XROR VH QXPTXDP GL[LVVH LOOXG GH &XSDHUHFWRUH
TXRGHIIHFHULWXWHWLDPFXQLFXOXVFDHFXVLQKLVUHJLRQLEXV
GH+RPLQLEXV/DFXVFRJLWDUHW´
³HVWR HVWR ILHUL QRQ SRWHVW DOLWHU HW PDJQXP HVW LQ
ORTXHQGR FXP GUDFRQH QRQ HUUDUH LWD VHPSHU DXGLXL´
%DOLQXVLQTXLWVROOLFLWXVXWHXPFRQVRODUHWXU³SXWRWHUHP
EHQHJHVVLVVHVLPHURJHV±VDOWHPXQDPUHPXWLOLVVLPDP
LQXHQLVWL HW GRPXP XHQLVWL XLXXV TXDH VXQW SOXUD TXDP
SOXULPL GLFHUH SRVVXQW TXL FXP WDOLEXV TXDOH 6PDXJH
ORFXWL VXQW IRUVLWDQ VFLUH GH SDUWH QXGD LQ VXEXFXOD
DGDPDQWLQD 9HUPLV VHQLV HWLDP HULW UHV IHOL[ DWTXH
EHQHGLFWD´
KLV GLFWLV VHUPR PXWDWXV HVW HW RPQHV GH GUDFRQLEXV
LQWHUILFLHQGLV SUDHWHULWLV GXELLV HW IDEXORVLV ORTXL
FRHSHUXQW HW GH JHQHULEXV GLXHUVLV SXQFWLRQXP HW
SODJDUXP HW XXOQHUXP LQIUD DWTXH GLVVLPLOLEXV DUWLEXV
LQVWUXPHQWLV HW GROLV D TXLEXV LOODH UHV FRQIHFWDH HUDQW
SOHULTXH RPQHV FRQVHQVHUXQW XW GUDFR GRUPLHQV QRQ WDP
IDFLOH FDSL SRVVLW TXDP SXWDXHUDQW HW VL TXHPGDP
GRUPLHQWHPIRGLUHDXWSXQJHUHFRQHQWXUPDJLVXHULVLPLOH
VLWUHPLQFDODPLWDWHSHUIHFWXUDPHVVHTXDPVLLPSHWXPLQ
IURQWHP DXGDFWHU IDFLDQW GXP ORTXHEDQWXU WXUGXV
DXVFXOWDEDW GRQHF SRVWUHPR FXP VWHOODH HOXFHUH
FRHSHUXQW WDFLWXV DOLV GLIIXVLV HXRODXLW HW GXP
ORTXHEDQWXU %LOER PLVHULRU DWTXH PLVHULRU ILHEDW HW
SUDHVDJLXPPHQWLVHLXVFUHVFHEDW
SRVWUHPR HRV LQWHUUXSLW ³FHUWXV VXP QRV XDOGH LQWXWL
HVVH KLF´ LQTXLW ³QHTXH UDWLRQHP VHGHQGL KLF XLGHR
GUDFRRPQLDXLULGLDDPRHQDDGXVVLWHWSRUURQR[DGHVWHW
IULJLGD HVW VHG LQ RVVLEXV PHLV VHQWLR IRUH XW KLF ORFXV
LWHUXP RSSXJQHWXU QXQF 6PDXJ FRJQRVFLW TXRPRGR DG
DXODPHLXVGHVFHQGHULPHWHLFRQILGHUHSRWHVXWFRQLFLDW
LQTXRORFRVLWWHUPLQXVFXQLFXOLDOLXVODWXVRPQH0RQWLV
PLQXWDWLP IUDQJHW VL QHFHVVH HVW DG DGLWXP QRVWUXP
REVDHSLHQGXP HW VL QRV FXP HR FRQIUDFWL HULPXV LG HL
PHOLXVSODFHELW´
³WXPDHVWLVVLPXVHV'RPLQH%DJJLQV´7KRULQXVLQTXLW
³TXDPREUHP HUJR 6PDXJ WHUPLQXP LQIHULRUHP QRQ
REVDHSVLWVLQRVH[FOXGHQGLWDPFXSLGXVHVW"LGQRQIHFLW
DXWHXPDXGLXHULPXV´
³QHVFLRQHVFLR±TXLDSULPXPLOOHWHPSWDUHXROXLWXWPH
LWHUXPLQGXFHUHWXWSXWRHWQXQFIRUWDVVHTXLDGRQHFSRVW
XHQDWLRQHP KXLXV QRFWLV PDQHW DXW TXLD FXELFXOXP VXXP
ODHGHUHQRQXXOWVLUHPDOLWHUIDFHUHSRWHVW±VHGXWLQDPWX
QRQ GLVSXWHV 6PDXJ SURWLQXV HJUHGLHWXU HW VSHV VROD
QRELV HVW QRV ORQJH LQ FXQLFXOXP LQLWXURV HW LDQXDP
FODXVXURVHVVH´
DGHR LQWHQWXV HVVH XLVXV HVW XW QDQL GHPXP PRUHP HL
JHUHUHQWTXDPTXDPLQLDQXDPFODXGHQGRPRUDPIHFHUXQW
± TXRG FRQVLOLXP GHVSHUDWXP HVVH XLVXP HVW QDP QHPR
VFLXLW DQ DXW TXRPRGR HDP DE LQWHULRUH UXUVXV DSHULUH
SRVVHQW HW FRJLWDWLR GH LSVLV LQFOXVLV LQ ORFR H TXR
HJUHVVXV VROXV SHU ODWLEXOXP GUDFRQLV WHWHQGLW QRQ LOOLV
SODFXLWSRUURRPQLDVDWLVWDFLWDHVVHXLVDVXQWHWIRULVHW
VHFXQGXP FXQLFXOXP LWDTXH GLXWLXV LQWXV QRQ ORQJH
GHRUVXPDLDQXDVHPLDSHUWDVHGHQWHVORTXHEDQWXU
VHUPR PXWDWXV HVW DG XHUED GUDFRQLV PDOD GH QDQLV
%LOER FXSLXLW VH QXPTXDP LOOD DXGLXLVVH DXW VDOWHP VH
FHUWLVVLPXPHVVHSRVVHQDQRVQXQFRPQLQRHVVHXHURVFXP
QHJDUHQW LSVRV XPTXDP FRJLWDXLVVH GH TXR DFWXUXP HVVHW
SRVWTXDP WKHVDXUXP FDSWXUXP HVVHW ³VFLXLPXV UHP
IXWXUDP HVVH GHVSHUDWDP´ 7KRULQXV LQTXLW ³HW DGKXF LG
VFLPXVHWDGKXFSXWRWHPSXVVDWLVDGIXWXUXPHVVHFXPLG
FHSHULPXV LQ TXR FRJLWHPXV TXLG GH HR DFWXUXP VLW GH
SDUWH WXD 'RPLQH %DJJLQV FUHGH PLKL QRV HVVH PDJLV
TXDP JUDWRV HW WH TXDUWDP GHFLPDP WXDP HOHFWXUXP HVVH
TXDP SULPXP DOLTXLG KDEHELPXV TXRG GLXLGHUH
SRWHULPXV PH SDHQLWHW VL WX GH UHEXV WUDQVSRUWDQGLV
VROOLFLWDWXU HW FRQILWHRU GLIILFXOWDWHV HVVH PDJQDV ± GXP
WHPSXV IXJLW WHUUDH PLQXV IHUDH QRQ IDFWDH VXQW SRWLXV
XLFHXHUVD±VHGSURWHIDFLHPXVTXLGFXPTXHSRVVXPXVHW
QRVWUDP SDUWHP SUHWLL FDSLHPXV FXP WHPSXV DGIXHULW
FUHGHPLKLDXWQRQVLFXWWLELSODFHW´
KLVGLFWLVVHUPRPXWDWXVHVWDGPDJQXPDFHUXXPLSVXP
DWTXH DG LOOD TXDH 7KRULQXV HW %DOLQXV PHPLQHUXQW
DGPLUDWL VXQW QXP LOOD HWLDP LEL LQ DXOD LQIUD LDFHUHQW
LOODHVD KDVWDH TXDH SUR H[HUFLWLEXV PDJQL 5H[
%ODGRUWKLQLLDPSULGHPPRUWXLIDFWDHVXQWTXDHTXHFDSXW
WHUIDEULFDWXP KDEXLW KDVWLOLEXV TXDUXP DXUXP FDOOLGXP
LQVHUWXP HUDW VHG QXPTXDP PLVVDH QHF SHUVROXWDH VXQW
VFXWD SUR EHOODWRULEXV ORQJH PRUWXLV IDFWD PDJQD SRFXOD
DXUHD 7KURULV DQVLV GXDEXV PDOOHDWD DWTXH FDHODWD FXP
DXLEXV HW IORULEXV RFXOL HW IROLD TXRUXP D JHPPLV IDFWL
VXQWORULFDHDXUDWDHDWTXHDUJHQWDWLDWTXHLPSHQHWUDELOHV
WRUTXHV *LULRQLV 'RPLQL &RQXDOOLV D TXLQTXH FHQWXP
VPDUDJGLVWDPXLULGLEXVTXDPJUDPLQLEXVIDFWXVHVWTXHP
LOOHGHGLWSURILOLRQDWXPDLRUHDUPDWRLQORULFDDQXORUXPD
QDQLV QH[RUXP VLPLOLWXGR FXLXV QXPTXDP IDFWD HUDW DQWH
QDPDEDUJHQWRPHURDGXLPDWTXHIRUWLWXGLQHPFKDO\ELV
WULSOLFLV FRQIHFWD HVW SXOFKHUULPD DXWHP RPQLXP IXLW
LQJHQV JHPPD DOED TXDP QDQL VXE UDGLFLEXV PRQWLV
LQXHQHUDQWVFLOLFHW&RU0RQWLV$UNHQODSLV7KUDLQL
³LOOH$UNHQODSLVLOOH$UNHQODSLV´7KRULQXVLQWHQHEULV
PXUPXUDEDW VHPLVRPQLDQV FXP PHQWR VXR LQ JHQLEXV
³IXLW TXDVL JOREXV FXP PLOOH VXSHUILFLHEXV QLWXLW TXDVL
DUJHQWXPLQOXFHLJQLVTXDVLDTXDLQVROHTXDVLQL[VXEWHU
VWHOODVTXDVLSOXXLDLQOXQDP´
VHG GHVLGHULXP DFHUXL LQFDQWDWXP D %LOERQH GHFLGHUDW
TXL SHU RPQHP VHUPRQHP HLV VROXP VHPLDXVFXOWDEDW
LDQXDHSUR[LPXVVHGLWFXPDOLDDXUHHUHFWDDGLQFHSWLRQHP
DOLTXDPVRQLWXVIRULVDXGLHQGDPDOLDLQWHQWDDGLPDJLQHV
XOWUD PXUPXUHV QDQRUXP DG VXVXUUXP DOLTXHP PRWXV
FXLXVGDPDORQJHLQIUD
WHQHEUDH SURIXQGLRUHV ILHEDQW HW LOOH VHPSHU VROOLFLWLRU
ILHEDW³LDQXDPFODXGLWH´HRVRUDXLW³LVWXPGUDFRQHPLQ
PHGXOODPHDXHUHRUKRFVLOHQWLXPPLKLSODFHWORQJHPLQXV
TXDPFODPRUQRFWLVSULRULVLDQXDPFODXGLWHDQWHTXDPUHV
VHUDIXHULW´
QHVFLR TXLG LQ XRFH HLXV VHQVXP LQFRPPRGXP QDQLV
GHGLW 7KRULQXV VRPQLLV OHQWH H[FXVVLV VXUUH[LW HW VD[XP
TXRG HDP FXQHDEDW H LDQXD FDOFLWUDXLW WXP HDP
LPSXOHUXQWTXDHFUHSLWXDWTXHFODQJRUHFODXVDHVWVLJQXP
FODXVWHOOL QXOOXP LQ LQWHULRUH VXSHUIXLW LQ 0RQWH LQFOXVL
VXQW
QHTXH SUDHPDWXULXV XL[ ORQJH VHFXQGXP FXQLFXOXP
GHVFHQGHUDQWFXPXHUEHUTXDVLIUDJRUDULHWXPHTXHUFLEXV
VLOXHVWULEXV IDFWRUXP DWTXH D JLJDQWLEXV WUDFWDWRUXP ODWXV
0RQWLVIHULXLWVD[XPUHVRQDXLWPXULIUDFWLVXQWHWODSLGHV
D WHFWR LQ FDSLWD HRUXP GHFLGHUXQW QRQ PLKL SODFHW
FRJLWDUH TXLG VL LDQXD DGKXF DSHUWD VLW HXHQLUHW ORQJLXV
VHFXQGXP FXQLFXOXP HIIXJHUXQW JDXGHQWHV VH HWLDP XLXRV
HVVHGXPSRQHHRVIRULVIUHPLWXPDWTXHTXDVVDWLRQHPLUDH
6PDXJLV DXGLXQW TXL VD[D FRPPLQXHEDW PXUXP DWTXH
VFRSXOXP XHUEHULEXV FDXGDH LQJHQWLV IUDQJHEDW GRQHF
ORFXV SDUXXV DOWXVTXH FDVWURUXP HRUXP JUDPLQD WRVWD
VD[XP WXUGL PXUL D FRFKOHLV XHODWL SURLHFWXP VD[L
DQJXVWXPRPQLEXVFRQIUDFWLVWHPHUHHXDQXHUXQWHWFDVXV
VD[RUXPFRQIUDFWRUXPGHVFRSXORLQXDOOHPLQIUDGHFLGLW
6PDXJ ODWLEXOXP VXXP LQ VLOHQWLR IXUWLXR UHOLTXHUDW
WDFLWXVLQFDHOXPHXRODXHUDWWXPSRQGHURVXVDWTXHOHQWXV
VLFXW FRUQL[ PRQVWUXRVD LQ WHQHEULV LQQDWDXHUDW VHFXQGR
XHQWR DG RFFLGHQWHP 0RQWLV VSHUDQV VH DOLTXLG DXW
DOLTXHP LQVFLXP LEL FDSWXUXP HW H[LWXP PHDWXV TXR IXU
XVXV HUDW DVSHFWXUXP HVVH FXP HW QLKLO LQXHQLUH HW
QHPLQHP XLGHUH SRVVHW HWLDP LQ ORFR LQ TXR FRQLHFHUDW
FHUWHH[LWXPHVVHRSRUWHUHKDHFIXLWHIIXVLRLUDHVXDH
LUD LQ KRF PRGR HPLVVD VHQVLW VH PHOLRUHP HVVH HW LQ
FRUGH SXWDXLW VH QRQ UXUVXV DE LOOD SDUWH XH[DUL LQWHULP
XOWLRQHP XOWHULRUHP SHWLXLW ³&XSDHUHFWRU´ IUHPXLW
³SHGHVWXLDODWHUHDTXDHXHQHUXQWHWQRQGXELXPHVWTXLQ
WXDGXHUVXPDTXDPXHQHULVRGRUHPWXXPQHVFLRVHGVLWX
XQXVKRPLQXP/DFXVQRQVLVLOOLWLELVXEVLGLRIXHUXQWTXL
PH XLGHEXQW HW UHFRUGDEXQWXU TXLV VLW XHUXV 5H[ VXE
0RQWH´
LQ LJQH DVFHQGLW HW LQ PHULGLHP DG )OXPHQ )OXHQV
GLVFHVVLW
&$3977(57,90'(&,090
121'20,
LQWHULP QDQL LQ WHQHEULV VHGHEDQW FLUFXP TXRV VLOHQWLXP

WRWXP GHFLGLW SDXFD HGHUXQW DWTXH SDXFD ORFXWL VXQW
WHPSXVSUDHWHULHQVQXPHUDUHQRQSRWXHUXQWHWXL[PRXHUH
DXVL VXQW QDP XRFHV HRUXP VXVXUUDQWHV LQ FXQLFXOR
UHVRQDEDQW DWTXH FUHSLWDEDQW VL REGRUPLXHUXQW HWLDP H
VRPQR DG WHQHEUDV DWTXH VLOHQWLXP TXRG FRQWLQXDWXP
FRQWLQXDEDWXU H[FLWDWL VXQW SRVWUHPR SRVWTXDP SHU GLHV
DWTXH GLHV PDQVHUXQW XW XLVXP HVW DHUH GHILFLHQWH
VXIIRFDUHQWXU HW VWXSHILHUHQW LG QRQ LDP SDWL SRWXHUXQW
SDHQH LQ VRQLWLEXV DE LQIHULRUH GUDFRQLV UHGHXQWLV JDXLVL
VLQW D TXR LQ VLOHQWLR QHVFLR TXLG PDOL FDOOLGL WLPXHUXQW
VHGLELVHGHUHSHUDHWHUQXPQRQSRWXHUXQW
7KRULQXV GL[LW ³LDQXDP FRQHPXU´ LQTXLW ³DXW XHQWXP
LQIDFLHPHDPR[PLKLVHQWLHQGXPHVWDXWPRULHQGXPSXWR
PH PDOOH D 6PDXJH VXE GLXR FRQIULQJL TXDP LQ KRF ORFR
VXIIRFDUL´ LWDTXH QRQQXOOL QDQL VXUUH[HUXQW DWTXH
SHGHWHPSWLP DG ORFXP LQ TXR LDQXD IXHUDW UHGLHUXQW
LQXHQHUXQWDXWHPVXSHULRUHPSDUWHPFXQLFXOLVD[LVIUDFWLV
FRQIUDFWDP DWTXH REVDHSWDP HVVH QHF FODXLV QHF PDJLD
TXLEXV LOOD ROLP SDUXHUDW LOODP LDQXDP UXUVXV DSHULUH
XPTXDPSRWXLW
³LQFOXVL VXPXV´ JHPXHUXQW ³KRF HVW ILQLV KLF
PRULHPXU´
VHG QHVFLR TXRPRGR FXP PD[LPH QDQL GHVSHUDWLVVLPL
HUDQW%LOERVHQVLWFRUVXXPLQPRGRLQVXHWROHXDULTXDVL
SRQGXVJUDXHDELQIUDVXEXFXODPGLVFHVVLVVHW
³XHQLWH XHQLWH´ LQTXLW ³µGXP DQLPD HVW VSHV HVW¶ XW
SDWHU PHXV GLFHUH VROHEDW SRUUR µWHPSXV WHUWLXP RPQLD
VROXLW¶HJRVHFXQGXPFXQLFXOXPUXUVXVGHRUVXPLERTXR
ELVLLFXPVFLXLGUDFRQHPDOLRLQILQHHVVHLWDTXHWHUWLXP
SHULFOLWDERULUHFXPQRQLDPFHUWXVVXPSUDHWHUHDH[LWXV
VROXVHVWGHRUVXPHWSXWRKRFWHPSRUHXRVRPQHVPHFXP
XHQLUHRSRUWHUH´
GHVSHUDWL HL FRQVHQVHUXQW HW 7KRULQXV IXLW SULPXV TXL
LX[WD%LOERQHPSHUUH[LW
³QXQF FDXHWH´ KREELWXV VLELODXLW ³HW WDFLWH TXDP
PD[LPH SRWHVWLV DXW QRQ DGVLW LQ LPR 6PDXJ DXW XLFH
XHUVDDGVLWQRVQRQVLQHFDXVDSHULFOLWHPXU´
GHRUVXP GHRUVXP GHVFHQGHUXQW GH IXUWR XHUR QDQL
VDQH KREELWR QRQ SDUHV HVVH SRWXHUXQW TXRUXP VRQLWXV
XDOGH DQKHODQWLXP DWTXH ODERULRVH JUDGLHQWLXP DE
LPDJLQLEXV LQ PRGR WHUULILFR LQFUHVFHEDQWXU VHG
TXDPTXDP DOLTXDQGR %LOER SDXLGXV FRQVWLWLW DWTXH
DXVFXOWDXLW DE LQIUD QXOOXV VRQLWXV FRPPRXHEDWXU DG
LPXP TXDP PD[LPH UHP GLVFHUQHUH SRWXLW %LOER DQXOR
LQGXWRSURJUHVVXVHVWTXLWDPHQHLQRQXVXLIXLWWHQHEUDH
IXHUXQWWRWDHHWRPQHVLQXLVLELOHVIXHUXQWDQXORDXWQXOOR
UH XHUD LG DGHR QLJUXP IXLW XW KREELWXV DG DSHUWXUDP
LQRSLQDQWHU DGXHQLUHW PDQX VXEODWD SRUUR ODEHUHWXU HW LQ
SUDHFHSVLQDXODPXROXHUHWXU
LEL FXP XXOWX DG VROXP XHUVR SURFXEXLW QHTXH VXUJHUH
QHFXL[HWLDPVSLUDUHDXVXVHVWQLKLODXWHPVHPRXLWQRQ
IXLWDOLTXDOX[QLWHQV±QLVLXWUHVHLXLVDHVWFXPGHPXP
LOOHFDSXWOHQWHVXVWXOLVVHWIXLWVFLQWLOODSDOOLGDDOEDVXSUD
HXP TXDH LQ FDOLJLQH ORQJH DIXLW FHUWH DXWHP QRQ IXLW
VFLQWLOOD LJQLVGUDFRQLV TXDPTXDP IRHWRUXHUPLQRVXV LQ
KRF ORFR IXLW GHQVXV DWTXH JXVWXV XDSRULV LQ OLQJXD HLXV
IXLW
SRVWUHPR 'RPLQXV %DJJLQV LOODP UHP QRQ LDP SDWL
SRWXLW ³WH FRQIXQGH 6PDXJ XHUPLV WH´ PDJQD XRFH
VWULGLW ³GHVLQH OXGHUH OXVXP ODWLWDQGL OXFHP PLKL GD HW
WXPPHHGHVLPHFDSHUHSRWHV´
LPDJLQHV KHEHWHV FLUFXP DXODP VHG UHVSRQVXP QXOOXP
IXLW
%LOERVXUUH[LWHWFRJQRXLWVHQHVFLUHTXDWHQGHUHW
³QXQF TXLG LQ RUEH 6PDXJ OXGDW DGPLURU´ LQTXLW ³TXL
QRQGRPLHVWKRGLHXHOKDFQRFWHXHOTXDQGRFXPTXHKRF
HVW XW FUHGR VL 2LQXV DWTXH *ORLQXV LJQLDULD VXD QRQ
DPLVHUXQW IRUWDVVH SDXOXP OXFLV IDFLHPXV LWDTXH
FLUFXPVSHFWDELPXVDQWHTXDPIRUWXQDPXWDWDHULW´
³OX[´FODPDXLW³DOLTXLVQHOXFHPIDFHUHSRWHVW"´
FXP %LOER GH JUDGLEXV FXP RIIHQVLRQH LQ DXODP SRUUR
GHFLGLVVHW QDQL VDQH WUHSLGLVVLPL IXHUXQW HW FRQJOREDWL
VHGHUXQW HRGHP LQ ORFR DG ILQHP FXQLFXOL LQ TXR LOOH HRV
UHOLTXHUDW
FXP XRFHP HLXV DXGLVVHQW ³VK VK´ VLELODXHUXQW HW
TXDPTXDPLOODUHVKREELWRDX[LOLRIXLWDGLQXHQLHQGXPXEL
HVVHQW QLKLORPLQXV DOLTXLG H[ HLV HOLFHUH GLX QRQ SRWXLW
VHG LQ ILQH FXP %LOER XHUXP VROXP SHGH SXOVDUH
FRHSLVVHW HW ³OX[´ PDJQD XRFH VWULGXOD FODPDXLVVHW
7KRULQXV DG HXP LQFOLQDXLW HW 2LQXP DWTXH *ORLQXP DG
VDUFLQDVVXDVLQVXPPRFXQLFXORUHPLVLW
SDXOR SRVW VFLQWLOOD IXOJHQV LOORV TXL UHGLEDQW
SDWHIHFLW2LQXVFXPSDUXDIDFHSLQLIODJUDQWHLQPDQXHW
*ORLQXV FXP IDVFH DOLDUXP VXE EUDFFKLR FLWR %LOER DG
LDQXDPSURSHUDXLWHWIDFHPFHSLWVHGQDQLVSHUVXDGHUHXW
FHWHUDV LQIODPPDUHQW XHO HWLDPQXQF FXP HR XHQLUHQW QRQ
SRWXLW XW 7KRULQXV GLOLJHQWHU UHP H[SOLFDXLW 'RPLQXV
%DJJLQV HWLDP LXUH IXLW HIIUDFWDULXV GRFWXV DWTXH
LQXHVWLJDWRU VL HL SODFXLW XW OXFHP SHULFOLWDUHWXU LG VXXP
IXLW LSVL LQ FXQLFXOR PDQVXUL VXQW DG QXQWLXP HLXV
UHFLSLHQGXP LWDTXH LX[WD LDQXDP VHGHEDQW DWTXH
DVSLFLHEDQW
IRUPDPSDUXDPDWUDPKREELWLOXFHSDUXXODHLXVVXEODWD
WUDQV VROXP DPEXODQWHP XLGHUXQW VXELQGH GXP DGKXF
VDWLVSURSHHVWTXRGGDPIXOJHQVHWWLQQLHQVUHFHSHUXQWXW
LOOH LQRSLQDQWHU LQ QHVFLR TXLG DXUHXP LQFLGLW GXP LQ
DXODP SUDHJUDQGHP ORQJH HUUDW OX[ GHFUHVFHEDW TXDH
VDOLHQV WXP LQ DHUHP DVFHQGHEDW %LOER PDJQXP DFHUXXP
WKHVDXULVFDQGHEDWPR[LQVXPPDVWHWLWHWHWLDPSHUUH[LW
WXPXLGHUXQWHXPSDUXPSHUFRQVLVWHUHDWTXHVHGHPLWWHUH
VHGUDWLRQHPQHVFLXHUXQW
IXLW $UNHQODSLV &RU 0RQWLV LWD %LOER D GHVFULSWLRQH
7KRULQLFRQLHFLWVHGGXDHTXLGHPWDOLXPJHPPDUXPHVVH
QRQSRWXHUXQWHWLDPLQWDOHDFHUXRPLUDELOLHWLDPLQRUEH
WHUUDUXP RPQL VHPSHU GXP DVFHQGLW LGHP FRUXVFDQV
FDQGLGXP DQWH HXP IXOJXUDEDW HW DG LSVXP SHGHV HLXV
GXFHEDWLQJOREXPSDUXXPOXFLVSDOOLGDHOHQWHFUHVFHEDW
QXQF XW LOOXP DSSURSLQTXDEDW LOOH VFLQWLOOD WUHPXOD
FRORUXP PXOWRUXP TXL UHSHUFXVVL DWTXH FRQIUDFWL D OXFH
IDFLV HLXV TXDVVDWD LQ VXPPR WLQJHEDWXU SRVWUHPR LOOXP
GHVSH[LW HW DQLPDP FRQWLQXLW PDJQD JHPPD DQWH SHGHV
HLXV OXFH VXD LQWHULRUH IXOJHEDW HW QLKLORPLQXV FDHVD HW
IDEULFDWD D QDQLV TXL HDP H FRUGH PRQWLV PXOWR DQWH
HIIRGHUDQWRPQHPOXFHPTXDHLQHDPGHFLGLWFHSLWDWTXH
LQGHFHPPLOLDVFLQWLOODVQLWRULVDOELWLQFWLFXPIXOJRULEXV
LULGLVPXWDXLW
UHSHQWH EUDFFKLXP %LOERQLV DG HDP WHWHQGLW DE
LQFDQWDPHQWRHLXVGXFWXPPDQXVSDUXDFLUFXPHDPFODXGL
QRQ SRWXLW QDP JHPPD IXLW PDJQD DWTXH JUDXLV VHG HDP
VXVWXOLWHWRFXOLVFODXVLVHDPLQVLQXPDOWLVVLPXPSRVXLW
³QXQFHJRTXLGHPHIIUDFWDULXV´LOOHFRJLWDXLW³VHGSXWR
PH GH HD QDQLV QDUUDUH RSRUWHUH ± QHVFLR TXR WHPSRUH
GL[HUXQWPHSRVVHSDUWHPPHDPFDUSHUHDWTXHHOLJHUHHW
FUHGR PH HDP HOHFWXUXP HVVH VL LOOL RPQLD FHWHUD
FHSHULQW´FHWHULVSDULEXVQLKLORPLQXVPROHVWHVHQVLWLOORV
QRQ LQ DQLPR KDEXLVVH HXP KDQF JHPPDP PLUDELOHP
FDUSHUH DWTXH HOLJHUH RSRUWHUH HW PROHVWLDP H[ HD UH
HWLDPH[RUWXUDPHVVH
QXQF UXUVXV SHUUH[LW GH ODWHUH DOWHUR LQJHQWLV DFHUXL
TXHP VFDQGHUDW GHVFHQGLW HW VFLQWLOOD IDFLV HLXV H[
DVSHFWX QDQRUXP XLJLODQWLXP HXDQXLW PR[ DXWHP HDP
SURFXOLWHUXPXLGHUXQW%LOERVROXPDXODHWUDQVLEDW
SHUUH[LW GRQHF DG PDJQDV IRUHV LQ SDUWH XOWHULRUH
DGXHQLW HW LEL DXUD TXDHGDP HXP UHXL[LW TXDH SDHQH
OXFHP HLXV H[VWLQ[LW LOOH WLPLGH SHU HDV DVSH[LW HW
DVSHFWXP PHDWXXP LQJHQWRUXP HW JUDGXV KHEHWHV
LQFLSLHQWHV DVFHQGHUH LQ FDOLJLQHP XLGLW DGKXF IXLW QHF
DVSHFWXV QHF VRQLWXV 6PDXJLV VH XHUVXUXV HW UHGLWXUXV
FXPTXDHGDPIRUPDQLJUDLQHXPLQVLOXLWDWTXHIDFLHPHLXV
XHUULWVWULGLWDWTXHWUHPXLWHWUHWURODSVXVGHFLGLWID[HLXV
FDSLWHSURQRFHFLGLWHWH[VWLQFWDHVW
³VROXPXHVSHUWLOLRXWSXWRHWVSHUR´PLVHULQTXLW³VHG
QXQFTXLGDJDP"TXDHVW2ULHQV0HULGLHV6HSWHQWULRQHV
XHO2FFLGHQV"´
³7KRULQH %DOLQH 2LQH *ORLQH .LOL )LOL´ FODPDXLW
TXDPPD[LPHSRWXLW±TXLVRQLWXVHVVHH[LJXXVHWSDUXXVLQ
WHQHEULV ODWLV XLVXV HVW ³OX[ H[VWLQFWD HVW XWLQDP DOLTXLV
XHQLDW XW PH LQXHQLDW DWTXH LXXHW´ XLUWXV SHU KRF
PRPHQWXPWHPSRULVRPQLQRGHIHFHUDW
QDQL FODPRUHV HLXV KHEHWHV SDUXRVTXH DXGLXHUXQW
TXDPTXDP XHUEXP VROXP TXRG FDSHUH SRWXHUXQW IXLW
³LXXHW´
³QXQF TXLG LQ RUEH WHUUDUXP XHO VXE HR DFFLGLW"´
7KRULQXV LQTXLW ³FHUWH QRQ GUDFR QDP LOOH VWULGHUH QRQ
SHUJHEDW´
SHU PRPHQWXP XHO GXR PDQVHUXQW IXHUXQW DXWHP
VRQLWXVGUDFRQLVQXOOLUHXHUDQXOOXVVRQLWXVSUDHWHUXRFHP
%LOERQLV TXDH SURFXO DIXLW ³XHQL XQXV TXLGDP DOWHUDP
OXFHP DXW GXDV IHU´ 7KRULQXV LXVVLW ³QRELV XW XLGHWXU
RSXVHVWLUHDGHIIUDFWDULXPQRVWUXPLXXDQGXP´
³QXQF HVW RIILFLXP QRVWUXP XW HXP LXXHPXV´ %DOLQXV
LQTXLW ³HW HJR OLEHQWL DQLPR LER SUDHWHUHD H[VSHFWR QRV
SDXOLVSHUHVVHWXWRV´
QRQQXOOLV IDFLEXV SOXULEXV D *ORLQR DFFHQVLV RPQHV
VLQJLOODWLPHUHSVHUXQWHWVHFXQGXPPXUXPTXDPFHOHUULPH
LHUXQW PR[ %LOERQL LSVL DG HRV UHGHXQWL REXLDP LHUXQW
LQJHQLXP FXLXV FLWR UHVWLWXWXP HVW TXDP SULPXP OXFHV
HRUXPIXOJHQWHVXLGLW
³VROXP XHVSHUWLOLR HW ID[ GHPLVVD QLKLO SHLXV´
TXDHUHQWLEXV UHVSRQGLW TXL XDOGH OHXDWL VXQW QLKLORPLQXV
VHDGVWRPDFKDQGXPLQFOLQDEDQWTXRGGHQLKLORWLPXHUDQW
VHGTXDHGL[HULQWVLLOOHHLVGH$UNHQODSLGHLOORPRPHQWR
QDUUDXHULW QHVFLR DVSHFWXV WKHVDXUL IXJDFHV TXRV
SURJUHGLHQWHV FHSHUDQW LJQHP LQ FRUGLEXV QDQRUXP
RPQLQRUHIRXHUDQWHWFXPFRUQDQLKRQHVWLVVLPLHWLDPDE
DXUR DWTXH JHPPLV H[FLWDWXU KLF DXGD[ VXELWR ILW HW
IRUWDVVHIHUR[ILDW
QDQLV TXLGHP XUJHUL QRQ LDP RSXV IXLW QXQF RPQHV
DXODPH[SORUDQGLFXSLGLIXHUXQWGXPRFFDVLRQHPKDEHQW
HW 6PDXJHP D GRPR DEHVVH LQ SUDHVHQWLD FUHGHUH
XROHEDQW TXLVTXH QXQF IDFHP DFFHQVDP SUHKHQGLW HW
DVSLFLHQWHV SULPXP DG DOLXP ODWXV WXP DG DOLXP PHWXV
DWTXH FDXWLRQLV TXLGHP REOLWL VXQW PDJQLV XRFLEXV ORFXWL
VXQW DOLXV DG DOLXP H[FODPDQV XW WKHVDXURV DQWLTXRV H[
DFHUXRXHODPXURVXEODWRVLQOXFHWHQHEDQWHRVPXOFHQWHV
DWTXHWUDFWDQWHV
)LOLXV DWTXH .LOLXV SDHQH LRFRVL IXHUXQW TXL ILGHV
PXOWDVDXUHDVTXHDUJHQWHLVQHUXLVLQWHQWDVLQXHQHUDQWTXDV
FHSHUXQW HW SHUFXVVHUXQW TXDH TXRG PDJLFDH HW LQWDFWDH
TXRTXH D GUDFRQH TXL PXVLFDH PLQLPH LQWHUIXLW IXHUXQW
DGKXF PRGXODWDH DXOD DWUD SOHQD IXLW FDQRULV FXLXVGDP
TXL SHUGLX WDFLWXV IXHUDW SOXULPL DXWHP QDQL XVX PDJLV
FDOOXHUXQW FXP JHPPLV FROOHFWLV VLQXV VXRV LPSOHXHUXQW
HW VXVSLUDQWHV LOODV TXDV IHUUH QRQ SRWXHUXQW SHU GLJLWRV
VXRVGHODELVLXHUXQW7KRULQXVLQWHUHRVQRQPLQLPXVIXLW
VHG VHPSHU KLQF DWTXH LOOLQF DOLTXLG TXDHUHEDW TXRG
LQXHQLUH QHTXLW IXLW $UNHQODSLV VHG GH TXR LDP QHPLQL
GL[LW
QXQF QDQL ORULFLV HW DUPLV GH PXULV GHPSWLV VH
DUPDXHUXQW UHJLDH TXLGHP GLJQXV IXLW 7KRULQXV LQ ORULFD
DQXOLV DXUHLV LQGXFWLV XHVWLWXV FXP VHFXUH PDQXEULR
DUJHQWHRLQEDOWHRODSLGLEXVFRFFLQLVLQFUXVWDWR
TXL³'RPLQH%DJJLQV´FODPDXLW³KDHFHVWSUDHPLLWXL
SULPDSHQVLRWXQLFDPXHWHUHPH[XHHWKDQFLQGXH´
KLV GLFWLV ORULFDP SDUXDP %LOERQL LQGXLW SUR QHVFLR
TXR UHJXORGU\DGXP LXXHQL PXOWR DQWH IDFWDP IXLW D
FKDO\EHDUJHQWHR IDFWD TXL PLWULODGU\DGLEXVDSSHOODWXU
HWFXPHDIXLWEDOWHXVPDUJDULWLVFU\VWDOOLVTXHJDOHDOHXLV
H FRULR ILJXUDWR FLUFXOLV FKDO\EHLLV ILUPDWR IDFWD HW
JHPPLV DOELV FLUFXP ODEUXP GLVWLQFWD LQ FDSXW KREELWL
SRVLWDHVW
TXL ³VHQWLR PH PDJQLILFXP HVVH´ FRJLWDXLW ³VHG
H[VSHFWR PH VDWLV DEVXUGXP XLGHUL TXDP LQ &ROOH GRPL
ULGHDQWXWLQDPTXLGHPVSHFXOXPDGVLW´
QLKLORPLQXV 'RPLQXV %DJJLQV PDJLV TXDP QDQL FDSXW
VXXP DE LQFDQWDPHQWR DFHUXL XDFXXP VHUXDXLW TXL ORQJH
DQWHQDQLVFUXWDQGRWKHVDXURVIHVVLIXHUXQWDEHLVIDWLJDWXV
VRORFRQVHGLWHWTXLGILQHPRPQLXPHVVHWWUHSLGHDGPLUDUL
FRHSLW³SOXULPDVSRFXODUXPLVWDUXPSHUPXWHP´FRJLWDXLW
³SUR SRWLRQH DOLTXL LXFXQGL H TXDGDP SDWHUD OLJQHD
%HRUQLV´
³7KRULQH´ PDJQD XRFH FODPDXLW³TXLG SRVWHD" DUPDWL
VXPXVVHGTXLGDQWHSURIXHUXQWDUPDXOODFRQWUD6PDXJHP
7HUULELOHP" KLF WKHVDXUXV QRQ LDP UHODWXV HVW DXUXP QRQ
LDP TXDHULPXV VHG XLDP DG HIIXJLHQGXP HW IRUWXQDP
GLXWLXVWHPSWDXLPXV´
³XHUD GLFLV´ 7KRULQXV PHQWH UHFHSWD UHVSRQGLW
³DEHDPXV XRV GXFDP QRQ SHU PLOOH DQQRV XLDUXP KXLXV
UHJLDH REOLXLVFDU´ WXP FHWHULV XRFDWLV DWTXH FRQJOREDWLV
IDFLEXVVXSUDFDSLWDVXEODWLVSHUIRUHVKLDQWHVWUDQVLHUXQW
VHGVDHSHFXPGHVLGHULRUHVSLFLHQWHV
ORULFLV QLWHQWLEXV D SDOOLLV VXLV LWHUXP WHFWLV HW JDOHLV
FDQGLGLV D FXFXOOLV SDQQRVLV VLQJLOODWLP SRVW 7KRULQXP
SURJUHVVLVXQWOLQHDTXDHGDPOXFXPSDUXDUXPLQWHQHEULV
TXDH VDHSH FRQVWLWLW LWHUXP SDXLGD UXPRUHP DOLTXHP
GUDFRQLVDGXHQLHQWLVDXVFXOWDQV
RPQLEXV RUQDPHQWLV XHWHULEXV PXOWR DQWH DXW GLODSVLV
DXW GHOHWLV HW RPQLEXV UHEXV D EHOXD DGXHQLHQWL
UHXHQLHQWLTXHHWIRHGDWLVHWXDVWDWLVQLKLORPLQXV7KRULQXV
RPQHQ PHDWXP DWTXH XHUVXUDP VFLXLW VFDODV ORQJDV
DVFHQGHUXQW HW VHFXQGXP XLDV ODWDV UHVRQDVTXH VH
XHUWHUXQWDWTXHLHUXQWHWUXUVXVVHXHUWHUXQWHWHWLDPSOXUHV
VFDODVDVFHQGHUXQWHWHWLDPSOXUHVVFDODVSUDHWHUHDTXDH
IXHUXQWSODQDHHVD[RXLXRH[FLVDHODWDHDWTXHDPRHQDHHW
VXUVXP HW VXUVXP QDQL LHUXQW VLJQR QXOOR FXLXVGDP
DQLPDOLVXLXLREXLDPLHUXQWVROXPXPEULVIXUWLXLVTXDHD
IDFLEXV HRUXP TXL DSSURSLQTXDEDQW LQ DXULV XROLWDQWLEXV
HIIXJHUXQW
JUDGXV QLKLORPLQXV SUR FUXULEXVKREELWLV QRQ IDFWL
VXQWHW%LOERPRGRVHQWLHEDWVHQRQXOWHULXVSURJUHVVXUXP
HVVH FXP UHSHQWH WHFWXP LQ DOWXP HW ORQJH XOWUD
H[WHQVLRQHP OXFLV IDFXP HRUXP H[VLOXLW TXLGDP IXOJRU
FDQGLGXV SHU QHVFLR TXDP DSHUWXUDP ORQJH VXSUD
SHUXHQLHQVXLGHULSRWXLWHWDHUGXOFLXVROHEDWDQWHHRVOX[
KHEHV SHU PDJQDV IRUHV TXDH WRUWDH LQ FDUGLQLEXV
SHQGHEDQWHWVHPLXVWDHXHQLW
³KRF HVW PDJQXP FRQFODXH 7KURULV´ 7KRULQXV LQTXLW
³DXOD FRQXLXLRUXP DWTXH FRQVLOLRUXP QXQF 3RUWD $QWLFD
QRQORQJHDEHVW´
SHU FRQFODXH WUDQVLHUXQW KLQF PHQVDH SXWUHVFHEDQW
LOOLQF VHOODH HW VXEVHOOLD HXHUVD LDFHEDQW DPEXVWD HW
GLODSVDLQVRORIXHUXQWFDOXDULDHDWTXHRVVDLQWHUODJRQDV
HW SDWHUDV HW IUDFWD FRUQXDSRWLRQLV HW SXOXHP GXP SHU
SOXUHV IRUHV HWLDP LQ XOWHULRUH WUDQVHXQW VRQLWXV DTXDH LQ
DXUHVHRUXPFHFLGLWHWOX[IXVFDUHSHQWHFODULRUFUHVFLW
³LELHVWRUWXV)OXPLQLV)OXHQWLV´7KRULQXVLQTXLW³TXRG
DEKRFORFRDG3RUWDPSURSHUDWLGVHTXDPXU´
DTXD IHUXLGD H[ DSHUWXUD DWUD LQ PXUR VD[L HPLVVD
HIIHUXHVFHQV LQ FDQDOH DQJXVWR TXL D FDOOLGLWDWH PDQXXP
DQWLTXDUXP VFXOSWXV HW UHFWXV HUDW IOXHEDW LX[WD HXP XLD
ODSLGLEXV VWUDWD WHQGHEDW VDWLV ODWLWXGLQLV XW PXOWL ODWHUD
WHJHQWHV DPEXODUH SRWHUDQW VHFXQGXP LOODP FHOHULWHU
FXFXUUHUXQW WXP FLUFXP TXDPGDP XHUVXUDP DG ODWXV
WHQGHQWHP VH XHUWHUXQW ± HW HFFH DQWH HRV OX[ ODWD GLHL
SDWHIDFWDHVWLQIURQWHDUFXVDOWXVDVFHQGLWTXLHWLDPQXQF
IUDJPHQWDRSHUDUXPVFXOSWDUXPLQWXVSDWHIDFLHEDWHWLDPVL
FRQWULWXVDWTXHFRQIUDFWXVDWTXHQLJUDWXVHVWVROQHEXORVXV
OXFHPSDOOLGDPLQWHUEUDFFKLD0RQWLVPLVLWHWUDGLLDXUHL
LQSDXLPHQWXPSURSHOLPHQGHFLGLW
XHVSHUWLOLRQHV WXUEDQWHV H VRPQR D IDFLEXV IXPDQWLEXV
WHUULWLVXSHUHRVXROLWDEDQWXWSURUVXPVDOXHUXQWSHGHVLQ
ODSLGLEXVOHXLJDWLVDWTXHOXEULFDWLVDGUDFRQHSUDHWHUHXQWL
HODSVL VXQW QXQF DQWH HRV DTXD PDJQR FODPRUH H[FLGLW HW
VSXPDQV DG XDOOHP GHFLGLW IDFLEXV DG VROXP GHLHFWLV
GHVSLFLHQWHV FXP RFXOLV SHUVWULQFWLV VWHWHUXQW DG 3RUWDP
$QWLFDPSHUXHQHUXQWHWLQ&RQXDOOHPGHVSLFLHEDQW
³HXJH´ %LOER LQTXLW ³QXPTXDP H[VSHFWDXL PHH[ KDF
LDQXD DVSHFWXUXP HVVH HW QXPTXDP H[VSHFWDXL PH WDP
JUDWXP IRUH SUR DVSHFWX VROLV UXUVXV HW VHQVX XHQWLV LQ
IDFLHPHDVHGKHXKLFXHQWXVHVWIULJLGXV´
LWD IXLW IODWXV DFHUEXV RULHQWDOLV KLHPH LPPLQHQWH
IODEDW TXL VXSHU HW FLUFXP EUDFFKLD 0RQWLV LQ XDOOHP
IOXFWXDEDW HW LQWHU VD[D VXVSLUDEDW SRVWTXDP GLX LQ LPLV
VXGDQWLEXVFDXHUQLVDGUDFRQHIUHTXHQWDWLVUHPDQVHUXQWLQ
VROHKRUUXHUXQW
VXELWR %LOER LQWHOOH[LW VH QRQ PRGR IHVVXP HVVH VHG
HWLDP XDOGH HVXULHQWHP TXLGHP³WHPSXV WDUGXV LQ PDQH
HVVH XLGHWXU´ LQTXLW ³HW SXWR PDJLV PLQXVXH WHPSXV
LHQWDFXOLHVVH±VLLHQWDFXOXPXOOXPKDEHULSRWHVWVHGQRQ
VHQWLR OLPHQ DQWLFXP 6PDXJLV HVVH ORFXP WXWLVVLPXP DG
FHQDQGXP TXDHVR QRV GLVFHGDPXV DG DOLTXHP ORFXP LQ
TXRTXLHVFHQWHVDOLTXDPGLXVHGHUHSRVVXPXV´
³UHFWLVVLPH´%DOLQXVLQTXLW³HWSXWRPHVFLUHTXDQRV
RSRUWHUH LUH QRV RSRUWHW WHQGHUH DG VSHFXODP XHWHUHP LQ
DQJXORLQWHURFFDVXPVROLVHWPHULGLHP0RQWLV´
³TXRXVTXHHVWLOOD"´KREELWXVURJDXLW
³LWHU TXLQTXH KRUDUXP XW SXWR TXRG GXUH LELWXU XLD D
3RUWD VHFXQGXP PDUJLQHP VLQLVWUXP IOXXLL RPQLQR IUDQJL
XLGHWXUVHGGHRUVXPDVSLFLWHIOXPHQUHSHQWHDGRULHQWHP
WUDQV&RQXDOOHPLQIURQWHRSSLGLUXLQRVLFLUFXPDJLWXUTXR
ORFR ROLP IXLW SRQV WHQGHQV DG VFDODV SUDHFLSLWHV TXDH
ULSDP GH[WHUDP DVFHQGHUXQW LWDTXH DG XLDP TXDH DG
&RUXLFROOHP WHWHQGLW HVW XHO HUDW VHPLWD TXDH H XLD
GLVFHVVLW DWTXH DG VSHFXODP DVFHQGHUXQW DVFHQVXV GXUXV
SUDHWHUHDHWLDPVLVFDODHXHWHUDHDGKXFDGVXQW´
³PH PLVHUXP´ KREELWXV IUHPXLW ³SOXV DPEXODQGL HW
SOXVDVFHQGHQGLVLQHLHQWDFXORDGPLURUTXDQWDLHQWDFXOD
HW FHQDV DOWHUDV QRV LQ LVWR IRHGR IRUDPLQH VLQH WHPSRUH
DXWKRURORJLLVDPLVHULPXV"´
UH XHUD GXDH QRFWHV DWTXH GLHV LQ PHGLR QRQ RPQLQR
VLQH FLER SUDHWHULHUDQW FXP GUDFR LDQXDP PDJLFDP
FRQIUHJLVVHW VHG %LOER QHTXDTXDP HDV QXPHUDXHUDW XW
IRUWDVVH XQD QR[ SUDHWHULVVHW DXW KHEGRPDV QRFWLXP
TXRXVTXHHDVHQXPHUDUHSRWXLW
³DJHDJH´7KRULQXVULGHQVLQTXLW±FXLXVDQLPXVUXUVXV
VXUJHUHFRHSHUDWHWODSLGHVSUHWLRVRVLQVLQLEXVTXDVVDXLW
³QROLGLFHUHUHJLDPPHDPHVVHIRUDPHQIRHGXPWXPDQH
GRQHFHDSXUJDWDDWTXHUXUVXVGHFRUDWDHULW´
³TXDH QRQ HUXQW GRQHF 6PDXJ PRUWXXV HULW´ PLVHU
%LOER LQTXLW ³LQWHULP LHQWDFXOXP ERQXP GDER DG
VFLHQGXPXELVLWLOOH"VSHURLOOXPLQVXPPR0RQWHDGHVVH
QRVGHVSLFLHQWHP´
TXDHVHQWHQWLDQDQRVXDOGHSHUWXUEDXLWTXLFRQVWLWXHUXQW
XW%LOERHW%DOLQXVUHFWLHVVHQW
³QRELV DE KRF ORFR GLVFHGHQGXP HVW´ 'RULXV LQTXLW
³VHQWLRTXDVLRFXOLHLXVWHUJXPFDSLWLVPHLLQWXHDQWXU´
³HVWORFXVIULJLGXVVROLWDULXV´%RPEXULQTXLW³IRUWDVVH
HVWSRWLRVHGVLJQXPQXOOXPFLELXLGHRGUDFRTXLGDPLQ
WDOLEXVORFLVVHPSHUHVXULHQVHULW´
³XHQLWH XHQLWH´ FHWHUL FODPDXHUXQW ³VHPLWDP %DOLQL
VHTXDPXU´
IXLW XLD VXE PXUR VD[HR DG GH[WHUDP QXOOD LWDTXH DSXG
ODSLGHV LQ VLQLVWUD ULSD IOXPLQLV OHQWH SURJUHVVL VXQW HW
VROLWXGRDWTXHXDVWLWDVPR[HIIHFLWXWHWLDP7KRULQXVUXUVXV
ILHUHW JUDXLV SRQWHP GH TXR %DOLQXV GL[HUDW PXOWR DQWH
UXLQRVXP LQXHQHUXQW SOXULPL FXLXV ODSLGHV QXQF VROXP
VD[D WHUHWLD LQ IOXXLR XDGRVR DWTXH FODPRVR IXHUXQW VHG
DTXDP VLQH GLIILFXOWDWLEXV PXOWLV XDGR WUDQVLHUXQW HW
VFDODV DQWLTXDV LQXHQHUXQW HW ULSDP DOWDP DVFHQGHUXQW
EUHXL LWLQHUH SURJUHVVL XLDP XHWHUHP RIIHQGHUXQW HW PR[
DGFRQXDOOHPSURIXQGDPLQWHUVD[DWHFWDPDGXHQHUXQWLEL
DOLTXDPGLX UHTXLHXHUXQW HW WDQWXP LHQWDFXOXP HGHUXQW
TXDQWXPSRWXHUXQWSOHUXPTXH FUDPDWTXHDTXDPVLTXLG
FUDP VLW VFLUH XLV PRGR GLFDP PH QHVFLUH
FRPSRVLWLRQHP VHG LG HVW ELVFRFWR VLPLOH SHU DHWHUQXP
FRQGLWLXXP SXWDWXU HVVH XLFWXDOH HW QHTXDTXDP HVW
LXFXQGXP UH XHUD HVW XDOGH LHLXQXP QLVL DG H[HUFHQGXP
PRUVXP IDFWXP HVW D +RPLQLEXV/DFXV LWLQHULV ORQJL
FDXVD
SRVWHDUXUVXVSURJUHVVLVXQWHWQXQFXLDDGRFFLGHQWHP
WHQGHEDW HW IOXPLQH UHOLFWR VHPSHU PDJQXV XPHUXV LXJL
PRQWLV DG PHULGLHP XHUVXV DSSURSLQTXDEDW SRVWUHPR DG
VHPLWDPFROOLVSHUXHQHUXQWTXDHSUDHFHSVDWTXHSUDHUXSWD
DVFHQGLW XW OHQWH JUDGHUHQWXU DOLXV SRVW DOLXP GRQHF
GHQLTXHVHURSRVWPHULGLHDGVXPPXPLXJXPDGXHQHUXQWHW
VROHPKLHPDOHPDG2FFLGHQWHPGHVFHQGHQWHPXLGHUXQW
KLF ORFXP SODQXP VLQH PXUR LQ WULEXV ODWHULEXV
LQXHQHUXQWVHGFXPIDFLHVD[HDDG6HSWHQWULRQHPLQWHUJR
LQ TXD DSHUWXUD TXDVL LDQXD IXLW DE LOOD LDQXD IXLW
SURVSHFWXV ODWXV DG 2ULHQWHP DWTXH 0HULGLHP DWTXH
2FFLGHQWHP
³KLF´ %DOLQXV LQTXLW ³LQ GLHEXV DQWLTXLV VHPSHU
XLJLOLDV VHUXDUH VROHEDPXV HW LOOD LDQXD LQ FDXHUQDP H
VD[RH[FLVDPWHQGLWTXDHKLFSURFRQFODXLSUDHVLGLLIDFWD
HVWIXHUXQWQRQQXOOLORFLKXLFVLPLOHVFLUFXP0RQWHPVHG
XLJLODUHLQGLHEXVSURVSHULWDWLVQRVWUDHSDUXLKDEHEDWXUHW
XLJLOHV DGPRGXP FRPPRGL IDFWL VXQW IRUWDVVH ± DOLWHU GH
GUDFRQH DGXHQLHQWL PDWXULXV DGPRQLWL HVVHPXV HW UHV
IXLVVHQW DOLWHU QLKLORPLQXV KLF QXQF FHODWL DWTXH WHFWL
DOLTXDPGLXLDFHUHHWXLGHUHQHTXHXLGHULSRVVXPXV´
³TXRG QRQ SURGHVW VL QRV KLF DGXHQLHQWHV DVSHFWDWL
VXPXV´ 'RULXV LQTXLW TXL VHPSHU VXUVXP DG VXPPXP
0RQWHP LQWXHEDWXU VLFXW 6PDXJHP LEL UHVLGHQWHP TXDVL
DXHPLQWXUUHXLGHUHH[VSHFWDEDW
³LG WHPSWDQGXP HVW QRELV´ 7KRULQXV LQTXLW ³XOWHULXV
SURJUHGLQHTXLPXVKRGLH´
³KXLFDXVFXOWDWH´%LOERFODPDXLWHWKXPLVHGHLHFLW
LQ FDXHUQD VD[HD VDWLV VSDWLL SUR FHQWXP KRPLQLEXV
IXHULW HW LQWHULXV IXLW FDXHUQD SDUXD DE H[WHULRUH SDUWH
IULJLGDXOWHULXVTXDHRPQLQRGHVHUWDIXLWQHFHWLDPIHUDH
SHU RPQHV GLHV LPSHULL 6PDXJLV HD XWL XLVDH VXQW LEL
LPSHGLPHQWD VXD GHSRVXHUXQW HW DOLTXL VWDWLP VH
GHLHFHUXQW HW GRUPLXHUXQW VHG FHWHUL LX[WD LDQXDP
H[WHULRUHP FRQVHGHUXQW HW FRQVLOLD VXD GLVVHUXHUXQW GXP
ORTXXQWXU VHPSHU DG XQDP UHP UHGLHUXQW XEL HVVHW
6PDXJ" DG 2FFLGHQWHP DVSH[HUXQW HW QLKLO IXLW HW DG
2ULHQWHPQLKLOHWLQ0HULGLHVLJQXPGUDFRQLVIXLWQXOOXP
VHG SOXULPDH DXHV FROOHFWDH IXHUXQW TXDV LQWXLWL VXQW HW
DGPLUDWL VHG FXP SULPDH VWHOODH IULJLGDH DSSDUXLVVHQW
HWLDPHDVQRQPHOLXVLQWHOOH[HUXQW
&$39749$5790'(&,090
,*1,6(7$49$
QXQFVLXLVVLFXWQDQLQXQWLXP6PDXJLVDXGLUHWLELLWHUXP
UHGHXQGXP HVW DG XHVSHUXP LQ TXR LOOH LDQXD FRQIUDFWD
LUDWXVHXRODXHUDWGXRVGLHVDQWH
SOHULTXHKRPLQHVRSSLGLODFXV(VJDURWKLVGRPLIXHUXQW
QDP DXUD IULJLGD DE 2ULHQWH DWUR XHQLHEDW VHG SDXFL LQ
FUHSLGLQLEXVDPEXODEDQWHWVWHOODVUHIXOJHQWHVDVSHFWDEDQW
XWVHJHUHUHDPDEDQWDSDUWLEXVSODQLVODFXVTXDHLQFDHOR
DSSDUHEDQWXUDERSSLGRTXRUXP0RQV6ROXVSOHUXPTXHD
FROOLEXVKXPLOLEXVDGXOWLPXPODFXVWHJHEDWXUSHUULPDP
LQ TXLEXV )OXPHQ )OXHQV D 6HSWHQWULRQLEXV GHVFHQGLW
VROXP XHUWLFHP FXLXV DOWXP LQ VHUHQR XLGHUL SRWXHUXQW HW
HXPUDURDVSH[HUXQWQDPRPLQRVXVIXLWDWTXHXDVWXVHWLDP
LQOXFHPDWXWLQDQXQFDPLVVXVHWGLVFHVVXVHVWLQWHQHEULV
GHOHWXV
UHSHQWHLQDVSHFWXPUXUVXVFRUXVFDXLWIXOJRUEUHXLVHXP
WHWLJLWWXPSHULLW
³DVSLFLWH´ TXLGDP LQTXLW ³OXFHV UXUVXV SULRUL QRFWH
XLJLOHV HDV RULHQWHV DWTXH RFFLGHQWHV D PHGLD QRFWH DG
SULPDPOXFHPXLGHUXQWDOLTXLGLQLOORORFRDJLWXU´
³IRUWDVVH5H[VXE0RQWHDXUXPIDEULFDW´DOLXVLQTXLW
³GLX HVW FXP DG 6HSWHQWULRQHP LLW QXQF HVW WHPSXV
FDQWXVUXUVXVVHSUREDUHLQFLSHUH´
³TXLV UH["´ DOLXV XRFH GXUD LQTXLW ³XHUL VLPLOH HVW
LJQHP SUDHGDWRULXP GUDFRQLV HVVH VROXP UHJHP VXE
0RQWHTXHPXPTXDPVFLXLPXV´
³WX VHPSHU UHV RPLQRVDV SUDHGLFDW´ FHWHUL LQTXLXQW
³DOLTXLGDGLOXXLLVDGSLVFHVXHQHQDWRVGHDOLTXRLXFXQGR
FRJLWD´
WXP UHSHQWH PDJQD OX[ LQ ORFR KXPLOL LQ FROOLEXV
DSSDUXLWHWILQLVVHSWHQWULRQDOLVODFXVLQDXUXPXHUWLW³5H[
VXE 0RQWH´ FODPDXHUXQW ³GLXLWLDH HLXV VXQW TXDVL 6RO
DUJHQWXPHLXVTXDVLIRQVIOXPLQDHLXVDXUHDIOXXQWIOXPHQ
DXUHXPD0RQWHIOXLW´H[FODPDXHUXQWHWXELTXHIHQHVWUDH
DSHULHEDQWXUHWSHGHVIHVWLQDEDQW
IXLWUXUVXVLQJHQVFRPPRWLRDWTXHLQFLWDWLRKRPRDXWHP
XRFLV GXUDH DG 'RPLQXP SURSHUDXLW ³GUDFR XHQLW DOLWHU
VWXOWXV VXP´ FODPDXLW ³SRQWHV GHFLGH DG DUPD DG
DUPD´
WXP WXEDH VXELWR VRQDEDQW TXDH VHFXQGXP RUDV VD[HDV
UHVRQDEDQW FODPRU GHVWLWLW HW JDXGLXP LQ PHWXP PXWDXLW
LWDTXHGUDFRHRVQRQRPQLQRLPSDUDWRVLQXHQLW
TXLDGHRXHOR[IXLWXWPR[LOOLHXPVLFXWVFLQWLOODPLJQLV
DG VH IHVWLQDQWHP HW VHPSHU LQJHQWLRUHP DWTXH FODULRUHP
FUHVFHQWHP XLGHUH SRVVHQW QHTXH VWXOWLVVLPXV GXELWDXLW
TXLQ XDWLFLQDWLR DOLTXDQWXP ILHUHW IDOVD QLKLORPLQXV
SDUXXP WHPSXV KDEXHUXQW RPQH XDV LQ RSSLGR DTXD
LPSOHWXPHVWRPQLVEHOODWRUDUPDWXVHVWRPQLVVDJLWWDHW
WHODSDUDWDHVWHWSRQVDGWHUUDPGHFLVXVDWTXHGHOHWXVHVW
DQWHTXDP IUHPLWXV 6PDXJLV DSSURSLQTXDQWLV FODUXV IDFWXV
HVW HW ODFXV WDP UXEHU TXDP LJQLV VXE XHUEHUDWLRQLEXV
DWURFLEXVDODUXPHLXVIOXFWXDXLW
TXL LQWHU VWULGRUHV HW XOXODWXV HW FODPRUHV KRPLQXP
VXSHUHRVXHQLWDGSRQWHVXHUULWHWHOXGHEDWXUSRQVDIXLW
HWKRVWHVHLXVLQLQVXODLQDTXDSURIXQGDDGIXHUXQW±DGHR
SURIXQGDHWDWUDHWIULJLGDXWLQHDQRQOLELGLQHPKDEHUHW
VL LQ HDP VH PHUJDW VDWLV XDSRULV DTXDH DVFHQGDW TXL
RPQHP WHUUDP FXP QHEXOD SHU GLHV QRQQXOORV WHJDW VHG
ODFXVIRUWLRUTXDPLVIXLWTXLHXPH[VWLQ[HULWDQWHTXDPLV
WUDQVLUHSRWHULW
IUHPHQV VXSHU RSSLGXP UXUVXV XHUULW VDJLWWDH FUHEUDH
H[VLOXHUXQWHWLQVTXDPLVDWTXHJHPPLVHLXVFUHSLWDXHUXQW
HW IUDFWDH VXQW HW KDVWLOLD D VSLULWX HLXV LQIODPPDWD LQ
ODFXPIODJUDQWLDDWTXHVLELODQWLDUHFLGHUXQWQXOOLS\UREROL
FKDUWDFHLTXRVWXXPTXDPDQLPRILQ[LVWLVSHFWDFXOLVLOOD
QRFWHSDUHVIXHUXQWLUDGUDFRQLVDEDUFLEXVVRQDQWLEXVHW
WXELV VWULGHQWLEXV PD[LPH LQIODPPDWD HVW GRQHF DE LOOD
FDHFXV DWTXH LQVDQXV IDFWXV HVW QHPR SHU PXOWDV DHWDWHV
SURHOLXPFRPPLWWHUHFXPLOORDXVXVHUDWQHTXHQXQFDXVL
VLQW TXLQ KRPR XRFLVGXUDH QRPLQH 9DWHV DGHVVHW TXL
KLQF HW LOOLQF SURSHUDEDW VDJLWWDULLV SODXGHQV HW 'RPLQXP
XUJHQV XW LOOH HRV SXJQDUH XVTXH DG VDJLWWDP XOWLPDP
LXEHUHW
LJQLVHIDXFLEXVGUDFRQLVH[VLOXLWDOLTXDPGLXLQVXEOLPL
VXSHU HRV RPQHP ODFXP LOOXPLQDQV FLUFXPXRODEDW
DUERUHV LX[WD RUDV TXDVL DHV HW TXDVL VDQJXLV XPEULV
VDOLHQWLEXVGHQVLVQLJULVDQWHSHGHVVXRVQLWXHUXQWWXPSHU
WHPSHVWDWHP VDJLWWDUXP LQ LUD VXD WHPHUDULXV XHUWHQGL
ODWHUD VTXDPRVD DG KRVWHV QHJOHJHQV VROXP LQIODPPDQGL
RSSLGXPHRUXPFXSLGXVGLUHFWRGHXRODEDW
XWGHVFHQGHEDWHWSUDHWHULEDWHWLWHUXPFLUFXPLEDWLJQLV
DWH[WLVVWUDPHQWRXHODWLVHWDEH[WUHPLVWUDEXPOLJQHDUXP
H[VLOLHEDW TXDPTXDP DQWHTXDP LOOH XHQLW RPQLD DTXD
PDGXHUDQW LWHUXP FHQWXP PDQXV DTXDP LHFHUXQW
TXRFXPTXH VFLQWLOOD DSSDUXLW FXP XHUWLFH GUDFR UHXHQLW
WHFWXP 0DJQDH 'RPXV D FDXGD HLXV XHUUHQWH FRQIUDFWXP
GHFLGLW IODPPDH LQH[VWLQFWDH LQ QRFWHP DOWH H[VLOXLW
UXUVXV LOOH GHXRODEDW HW UXUVXV HW GRPXV DOLD HW DOLD
FRPEXVWD HVW HW GHFLGLW HWLDPQXQF QXOOD VDJLWWD PDJLV
TXDP PXVFD D SDOXGLEXV DXW 6PDXJHP LPSHGLXLW DXW HL
QRFXLW
LDP KRPLQHV LQ DTXDP XQGLTXH LQVLOLHEDQW IHPLQDH HW

OLEHULLQOLQWUHVRQHUDWDVLQVWDJQRPHUFDWXVFROOLJHEDQWXU
DUPDGHLFLHEDQWXUPDHUHEDQWHWIOHEDQWLOOLTXLSDXORDQWH
FDQWXV XHWHUHV LXFXQGLWDWLV IXWXUDH GH QDQLV FHFLQHUDQW
QXQF KRPLQHV QRPLQLEXV LOORUXP PDOHGL[HUXQW 'RPLQXV
LSVHDGPDJQDPOLQWUHPLQDXUDWDPVHXHUWHEDWVSHUDQVVH
UHPLV DEVFHGHUH HW LSVXP VHUXDUH SRVVH PR[ RSSLGXP
RPQLQR GHVHUWXP HW FRPEXVWXP XVTXH DG VXPPXP ODFXP
HULW
TXDHIXLWVSHVGUDFRQLVVLRPQHVLQOLQWUHVDVFHQGHULQW
UHV QHTXDTXDP HL HULW FXUD QDP XHQDQGR LOORV VLEL OXGRV
IDFHUH SRVVLW XHO LOOL PRUHQWXU GRQHF IDPH HQHFXHULQW
LOOLVTXLWHUUDPDWWLQJHUHFRQDEDQWXUVHSDUDXHULWPR[LQ
DQLPR KDEXLW RPQHV VLOXDV OLWRULV LQIODPPDUH HW RPQHP
DJUXP DWTXH SDVFXD WRUUHUH PRGR LQ OXVR WHPSWDQGL
RSSLGXPJDXGHEDWPDJLVTXDPSHUDQQRVLQDOLTXRJDXLVXV
HVW
VHG DGKXF PDQXV VDJLWWDULRUXP DGIXLW TXL LQWHU GRPXV
IODJUDQWHV WHUUDP VXDP WHQHEDQW GX[ TXRUXP IXLW 9DWHV
XRFLVGXUDH HW VSHFLHLGXUDH FXLXV DPLFL HXP
DFFXVDXHUDQW TXRG GLOXXLRV DWTXH SLVFHV XHQHQDWRV
SUDHGL[HUDWTXDPTXDPHXPDQLPRPDJQRHWIRUWLTXHHVVH
H[LVWLPDXHUXQWLOOHDEVWLUSH*LULRQLV'RPLQL&RQXDOOLV
PXOLHU HW SXHU FXLXV H UXLQLV VHFXQGR )OXPLQH )OXHQWL
PXOWR DQWH HIIXJHUDQW RUWXV HVW QXQF VDJLWWDV H[ LQJHQWL
DUFX WD[HR HPLWWHEDW GRQHF RPQHV SUDHWHU XQDP
GHIHFHUXQW IODPPDH LX[WD HXP HUDQW FRPLWHV HXP
GHVHUHEDQWDUFXPQRXLVVLPHLQWHQGLW
UHSHQWH H WHQHEULV DOLTXLG DG XPHUXP HLXV XROLWDXLW
KRUUXLW±VHGVROXPIXLWVHQH[WXUGXVTXLLPSDXLGXVLX[WD
DXUHP HLXV LQVHGLW HW QXQWLXP HL WXOLW OLQJXDP FXLXV LOOH
DGPLUDWXV LQXHQLW VH LQWHOOHJHUH SRVVH QDP D JHQWH
&RQXDOOLVIXLW
LOOH ³PRUDUH PRUDUH´ HL GL[LW ³OXQD RULWXU ODFXQDP
SHFWRULV VLQLVWUL TXDHUH GXP LOOH VXSHU WH XRODW HW VH
XHUWLW´ HW GXP 9DWHV DGPLUDQV VXEVLVWLW WXUGXV GH UHEXV
JHVWLEXV LQ 0RQWH DWTXH RPQLEXV TXDH DXGLXHUDW HL
QDUUDXLW
WXP 9DWHV QHUXXPDUFXV DG DXUHP WHWHQGLW GUDFR
UHWURUVXP VH FLUFXPDJHEDW KXPLOLWHU XRODQV HW GXP
DGXHQLW OXQD VXSHU OLWXV RULHQWDOH RUWD LQJHQWHV HLXV DODV
FRORUHDUJHQWHRLOOXPLQDXLW
³VDJLWWD´ VDJLWWDULXV LQTXLW ³VDJLWWD QLJUD WH
QRXLVVLPDPVHUXDXLQXPTXDPPLKLGHIHFLVWLHWVHPSHUWH
UHFHSLWHDSDWUHPHRDFFHSLTXLDEDQWLTXLVWHPSRULEXV
VLXPTXDPWXHIRUQDFLEXVUHJLVXHULVXE0RQWHXHQLWQXQF
LHWVHFXQGDIRUWXQDIHVWLQD´
GUDFRUXUVXVGHXRODXLWKXPLOLRUTXDPXPTXDPHWGXP
VH XHUWLW HW GHVFHQGLW XHQWHU HLXV FDQGLGXV FXP LJQLEXV
VFLQWLOODQWLEXV JHPPDUXP LQ OXQD FRUXVFDEDW ± SUDHWHU
XQXPORFXPPDJQXVDUFXVVRQDXLWVDJLWWDQLJUDGLUHFWRH
QHUXRIHVWLQDXLWGLUHFWHDGODFXQDPLX[WDSHFWXVVLQLVWUXP
XELEUDFFKLXPDSHUWXPHVWLELLQIL[DHVWHWHXDQXLWKDPXV
KDVWLOH HW SHQQD WDP IHURFLWHU IXLW XRODWXV FXP VWULGRUH
TXL KRPLQHV H[VXUGDXLW DUERUHV FHFLGLW HW ODSLGHV ILGLW
6PDXJ LQ VXEOLPH H[VLOXLW HW LQXHUVXV DE DOWR SHUGLWXV
GHFLGLW
SOHQXV LQ RSSLGXP LQFLGLW GRORUHV HLXV XOWLPL LG LQ
IDYLOODV DWTXH FLQHUD FRQIUHJHUXQW ODFXV IUHPHQV LQVLOXLW
LQJHQV XDSRU H[VLOXLW FDQGLGXV LQ WHQHEULV UHSHQWLQLV VXE
OXQD IXLW TXLGDP VLELOXV TXDHGDP VFDWHEUD HW WXP
VLOHQWLXP TXRG IXLW ILQLV 6PDXJLV HW (VJDURWKLV VHG QRQ
9DWLV
OXQD FUHVFHQV DOWLXV DWTXH DOWLXV DVFHQGLW HW XHQWXV FUHXLW

FODUXV DWTXH IULJLGXV TXL FDOLJLQHP DOEDP LQ FROXPQDV
FXUXDWDV DWTXH QXEHV IHVWLQDQWHV WRUVLW HW HDP TXDVL
SDQQRV VFLVVRV WUDQV SDOXGHV DQWH 0LUNVLOXDP DG
2FFLGHQWHPH[SXOVLWWXPOLQWUHVPXOWDHVSDUVLPLQVXPPR
ODFX WHQHEURVDH XLGHUL SRWXHUXQW HW VHFXQGR XHQWR XRFHV
SRSXOL(VJDURWKLVHWRSSLGXPDWTXHERQDGHOHWDHWGRPXV
UXLQRVDV GHSORUDQWLV XHQHUXQW VHG UH XHUD PXOWD JUDWD HW
DFFHSWD KDEXHUXQW VL GH LOOLV FRJLWDXHULQW TXDPTXDP XL[
LOOR WHPSRUH GH WDOLEXV UHEXV FRJLWDUH SRWXHUXQW GRGUDQV
VDOWHPSRSXOLH[RSSLGRHIIXJHUDQWXLXLVLOXDHTXRUXPHW
DJUL HW SDVFXD HW ERXHV HW SOXULPDH OLQWUHV HWLDP IXHUXQW
LQFROXPHVHWGUDFRPRUWXXVHVWTXLGVLJQLILFDUHWQRQLDP
LQWHOOH[HUXQW
VH LQ WXUEDV PDHVWDV FRQJOREDWLV LQ OLWRULEXV
RFFLGHQWDOLEXV LQ XHQWR IULJLGR KRUUHQWLEXV SULPXP
TXHUXOL HW LUDWL VXQW FRQWUD 'RPLQXP TXL RSSLGXP WDP
PDWXUH UHOLTXHUDW FXP QRQQXOOLV HWLDP LG GHIHQGHUH
XROHQWLEXV
³IRUWDVVHFDSXWERQXPKDEHDWDGQHJRWLXPWUDQVLJHQGXP
± SUDHFLSXH QHJRWLXP VXXP´ DOLTXL PXUPXUDXHUXQW ³VHG
LQXWLOLV HVW LOOH FXP TXLGTXLG JUDXLV DFFLGLW´ HW XLUWXV
9DWLV HW LFWXP HLXV XOWLPXP IRUWLVVLPXPTXH ODXGDXHUXQW
³VL LOOH QRQ QHFDWXV HVVHW´ RPQHV LQTXLXQW ³UH[ D QRELV
IDFWXVVLW9DWHV'UDFRQLVGHLHFWRUHVWLUSH*LULRQLVKHX
TXRGLOOHDPLVVXVHVW´
HWLQPHGLRLSVRHRUXPVHUPRQHQHVFLRTXLVFHOVXVH[
XPEULV HJUHVVXV HVW TXL DTXD PDGXLW FDSLOOL ORQJL VXSHU
IDFLHPHLXVHWXPHURVPDGLGLSHSHQGHUXQWHWIXLWLQRFXOLV
HLXVOX[IHUR[
³9DWHV QRQ DPLWWLWXU´ LOOH FODPDXLW ³LOOH KRVWH
LQWHUIHFWR DE (VJDURWKH VH PHUVLW 9DWHV VXP H VWLUSH
*LULRQLVLQWHUIHFWRUGUDFRQLVVXP´
³5H[ 9DWHV 5H[ 9DWHV´ FODPDXHUXQW VHG 'RPLQXV
GHQWLEXVKRUUHQWLEXVIUHQVLW
³*LULRQ GRPLQXV &RQXDOOLV QRQ UH[ (VJDURWKLV IXLW´
LQTXLW ³LQ RSSLGRODFXV GRPLQRV VHPSHU H VHQLEXV DWTXH
VDSLHQWLEXVHOHJLPXVQHTXHSDVVLVXPXVQRVDEKRPLQLEXV
SXJQDQWLEXVUHJQDULUHGHDWµ5H[9DWHV¶DGUHJQXPVXXP±
DXLUWXWHHLXV&RQXDOOLVQXQFHVWOLEHUDWXVHWQLKLOUHGLWXL
HLXV REVWDW TXLVTXLV TXL LWD XXOW FXP HR HDW VL VD[D
IULJLGDVXEXPEUD0RQWLVOLWRULEXVXLULGLEXVODFXVPDOXQW
VDSLHQWHV KLF PDQHEXQW LQ VSH RSSLGXP UHVWLWXHQGL HW
UXUVXVLQWHPSRUHLQSDFHFXLXVDWTXHGLXLWLLVJDXGHQGL´
³KDEHDPXV 5HJHP 9DWHP´ KRPLQHV TXL DSXG HXP
DGIXHUXQW UHVSRQGHQWHV FODPDXHUXQW ³VDWLV VHQXP HW
LOORUXP TXL SHFXQLDP QXPHUDQW KDEXLPXV´ HW KRPLQHV
TXL XOWHULXV IXHUXQW FODPRUHP VXVWXOHUXQW ³VXUVXP
6DJLWDUULXVWROODWXUHWGHRUVXP$XDUXVGHSRQDWXU´GRQHF
FODPRUVHFXQGXPOLWXVUHVRQDEDW
³VXP XOWLPXV KRPR TXL 9DWHP 6DJLWDUULXP WHQXLVVLPH
DHVWLPDW´'RPLQXVWUHSLGXVLQTXLWQDP9DWHVQXQFSURSH
HXP VWDEDW ³TXL KDF QRFWH ORFXP FODUXP DSXG HRV TXL
SOXULPD EHQHILFLD FLXLWDWL FRQWXOHUXQW PHUXLW HW FDQWXXP
PXOWRUXP SHUHQQLXPTXH GLJQXV HVW VHG TXDPREUHP R
FLXLWDWHV"´ ± HW KLF 'RPLQXV LQ SHGHV VXUUH[LW HW PD[LPD
FODULVVLPDTXHXRFHTXLGHPORFXWXVHVW±³TXDPREUHPPH
RPQLQR FXOSDWLV" SUR TXD FXOSD UHPRWXV HUR" TXL
GUDFRQHP H VRPQR HLXV H[FLWDXHUXQW TXDHVDP" TXL GRQD
GLXLWLD DWTXH DX[LOLXP DPSOXP D QRELV FHSHUXQW HW QRV
GX[HUXQW XW FUHGHUHPXV FDQWXV XHWHUHV ILHUL SRVVH XHURV
TXLFRUGLEXVQRVWULVPROOLEXVHWLPDJLQDWLRQLEXVLXFXQGLV
LQGXOVHUXQW" TXDOH DXUXP VHFXQGR IOXPLQH GHPLVHUXQW DG
QRV UHPXQHUDQGRV" LJQHPGUDFRQLV HW UXLQDP D TXLEXV
QRV SRVWXODUH UHPXQHUDWLRQHP GDPQL QRVWUL RSRUWHW HW
XLGXLVDWTXHRUELVDX[LOLXP"´
XW XLGHV 'RPLQXV VWDWXP VXXP GH QLKLOR QRQ KDEXLW
FXLXV XHUED HIIHFHUXQW XW SDXOLVSHU SRSXOXV VHQWHQWLDH GH
UHJHQRXRRPQLQRREOLXLVFHUHWXUHWFRJLWDWLRQHVLUDWDVDG
7KRULQXPDWTXHFRPLWHVHLXVXHUWHUHWPXOWLXHUEDIHURFLD
DFHUEDTXH SDVVLP FODPDXHUXQW HW DOLTXL TXL FDQWXV
XHWHUHV PD[LPLV XRFLEXV DQWH FDQWDXHUDQW QXQF HLVGHP
XRFLEXVFODPLWDQWHVQDQRVGUDFRQHPFRQWUDVHGHLQGXVWULD
H[FLWDVVHDXGLHEDQWXU
³VWXOWL´ 9DWHV LQTXLW ³FXU XHUED HW LUDP LQ LOORV
PLVHUDQGRVFRQVXPXQW"QRQGXELXPHVWTXLQSULPLLQLJQH
PRUWXL VLQW DQWHTXDP 6PDXJ DG QRV XHQLW´ HWLDP KDHF
ORTXHQV LQ FRU VXXP VHQWHQWLD GH WKHVDXUR FODUR 0RQWLV
VLQHFXVWRGHXHOSRVVHVVRUHLDFHQWLXHQLWHWUHSHQWHVLOXLW
GHXHUELV'RPLQLHW&RQXDOOHUHVWLWXWDWLQWLQQDEXOLVDXUHLV
LPSOHWDVLPRGRKRPLQHVLQXHQLUHSRWXHULWFRJLWDXLW
SRVWUHPR LWHUXP ORFXWXV HVW ³KRF HVW WHPSXV QHF
XHUERUXP LUDWRUXP 'RPLQH QHF GH FRQVLOLLV JUDXLEXV
UHUXP QRXDUXP FRJLWDUH QDP ODERUDQGXP HVW HJR HWLDP
WLEL VHUXLR ± TXDPTXDP SRVW EUHXH WHPSXV IRUWDVVH GH
XHUELVWXLVUHFRJLWDERHWDG6HSWHQWULRQHPFXPTXLEXVTXL
PHVHTXHQWXUGLVFHGDP´
WXP HJUHVVXV HVW DG FDVWUD SRQHQGD HW DHJURV
XXOQHUDWRVTXHFXUDQGRV'RPLQXVDXWHPIURQWHPDGWHUJXP
HLXV H[HXQWLV FRQWUD[LW HW KXPL VHGHQV PDQVLW PXOWD
FRJLWDXLW VHG SDXFD GL[LW QLVL PDJQD XRFH KRPLQHV TXL
LJQHPDWTXHFLEXPDGHXPSRUWDUHQWIODJLWDXLW
QXQF TXRFXPTXH 9DWHV XHQLW VHUPRQHP DSXG SRSXOXP
FXUUHQWHP TXDVL LJQHP GH LQJHQWL WKHVDXUR TXRG QXQF
LQFXVWRGLWXP HUDW LQXHQLW KRPLQHV GH UHPXQHUDWLRQH
RPQLV GDPQL TXDP DE LOOR UHFHSWXUL HW GH GLXLWLLV VDWLV
VXSHUTXHFXPTXLEXVUHVGLXLWHVD0HULGLHHPSWXULORFXWL
VXQW TXDH UHV DQLPRV SHUGLWRV PXOWXP HUH[LW EHQH IXLW
QDP QR[ IXLW DFHUED HW PLVHUDELOLV WHJLPHQWD SUR SDXFLV
PROLUL SRWXHUXQW 'RPLQXV XQXP KDEXLW HW FLEXV IXLW
H[LJXXV TXL 'RPLQR HWLDP GHIXLW LOOD QRFWH PXOWL D
PDGRUH HW IULJLGR HW GRORUH DHJURWDEDQW HW SRVWHD PRUWXL
VXQWTXLLOODHVLH[RSSLGRSHUGLWRHIIXJHUDQWHWLQGLHEXV
VHTXHQWLEXVIXLWPXOWXPDHJULWXGLQLVDWTXHLQJHQVHVXULWLR
LQWHULP9DWHGXFHQWHUHVGLVSRVLWDVXQWVLFXWLOOHXROXLW
TXDPTXDPVHPSHULQQRPLQH'RPLQLHWRSHURVHHWFLXHV
HW SUDHSDUDWLRQHV DG HRV WXHQGRV DWTXH WHJHQGRV UH[LW
SUREDELOLWHU SOXULPL LQ KLHPH TXDH QXQF DXWXPQXP
IHVWLQDQWHUVHTXHEDWXUPRUWXLHVVHWVLDX[LOLXPQRQDGIXLW
DX[LOLXP DXWHP FLWR XHQLW QDP 9DWHV QXQWLRV DGXHUVR
IOXPLQH DG VLOXDP VWDWLP PLVLW TXL DX[LOLXP D 5HJH
'U\DGXP 6LOXDH SHWHUHQW HW KL QXQWLL FRSLDP LDP LWHU
IDFLHQWHP LQXHQHUDQW TXDPTXDP QXQF IXLW GLHV WHUWLXV
VROXPSRVWRFFLVXP6PDXJHP
5H[GU\DGXP QXQWLXP D QXQWLLV VXLV HW DXLEXV TXDH
JHQWHPHLXVDPDXHUXQWFHSHUDWLWDTXHLDPPXOWDGHUHEXV
JHVWLV VFLXLW FRPPRWLR DSXG RPQLD XROLWDQWLD TXDH LQ
PDUJLQLEXV 9DVWLWDWLV 'UDFRQLV KDELWDEDQW XDOGH IXLW
PDJQD JUHJHV FLUFXPXROLWDQWHV DHUHP LPSOHXHUXQW HW
QXQWLL FHOHULWHU XRODQWHV KLF HW LOOLF WUDQV FDHOXP
XROLWDEDQWVXSHUPDUJLQHV6LOXDHIXLWVLELODQVVWULGHQVHW
SLSLDQV ORQJH WUDQV 0LUNVLOXDP QXQWLXV GLIIXVXV HVW
³6PDXJ PRUWXXV HVW´ IROLD FUHSLWDEDQW HW DXUHV DWWRQLWDH
HULJHEDQWXU DQWH HWLDP 5H[GU\DGXP HXHFWXV HVW QXQWLXV
DG RFFLGHQWHP XHFWXV HUDW XVTXH DG SLQHWXP 0RQWLXP
1HEXORVRUXP TXHP %HRUQ LQ GRPR OLJQHD DXGLXHUDW HW
JREHOLQLLQDQWULVVXLVLQFRQVLOLXPLEDQW
³XHUHRU QH LG VLW XOWLPXP TXRG DXGLHPXV GH 7KRULQR
6FXWXPTXHUFHR´ UH[ LQTXLW ³TXL UHP PHOLXV JHVVLVVHW VL
KRVSHV PHXV UHPDQVLVVHW QLKLORPLQXV HVW XHQWXV PDOXV´
DGGLGLW³TXLSURQHPLQHEHQHIODW´QDPLVTXRTXHIDEXODH
GHGLXLWLLV7KURULVQRQREOLWXVHVWLWDTXHQXQWLL9DWLVQXQF
HXP LWHU IDFLHQWHP FXP PXOWLV KDVWDWLV HW VDJLWWDULLV
LQXHQLWHWVXSHUHXPFRUQLFHVGHQVHFRQJUHJDWDHVXQWQDP
LOODH SXWDXHUXQW WDOH EHOOXP UXUVXV H[FLWDUL TXDOH LQ LOOLV
SDUWLEXVSHUVDHFXODORQJDQRQDGIXLVVH
VHGUH[FXPSUHFHV9DWLVDFFHSLVVHWPLVHUHEDWXUQDP
GRPLQXV JHQWLV ERQDH DWTXH DPLFDH IXLW LWDTXH LWLQHUH
XHUVR TXRG SULPXP GLUHFWR DG 0RQWHP WHWHQGHUDW QXQF
VHFXQGRIOXPLQHDG/DFXP/RQJXPIHVWLQDXLWQHFOLQWUXP
QHFUDWXPVDWLVKDEXLWDGFRSLDPSRUWDQGDPTXDHSHGLEXV
OHQWLXV LUH FRDFWD HVW VHG PDJQDP FRSLDP ERQRUXP
VHFXQGD DTXD SUDHPLVLW QLKLORPLQXV GU\DGHV SHGLEXV
OHXLEXVSURJUHGLXQWXUXWTXDPTXDPLOOLVLQGLHEXVLWLQHUD
IDFHUH SHU WHUUDV GRORVDV LQWHU 6LOXDP HW /DFXP QRQ
PXOWXPVROHEDQWFLWRSURJUHGHUHQWXUTXLQTXHGLHVVROXP
SRVW RFFLVXP GUDFRQHP DG OLWRUD SHUXHQHUXQW HW RSSLGXP
UXLQRVXP DVSH[HUXQW DPDQWLVVLPH H[FHSWDH VXQW XW
FUHGLWXP HVW HW KRPLQHV HW 'RPLQXV VH SDUDEDQW
SDFWLRQHP TXDPOLEHW GH IXWXUR IDFHUH SUR DX[LOLR 5HJLV
GU\DGXP
PR[ FRQVLOLD FHSHUXQW FXP PXOLHULEXV DWTXH OLEHULV
VHQLEXVDWTXHLQXDOLGLVLQWHUJRPDQVLW'RPLQXVFXPTXR
IXHUXQW QRQQXOOL DUWLILFHV HW PXOWDH GU\DGHV SHULWDH LQ
DUERUHV FDHGHQGR HW PDWHULDP D 6LOXD GHPLVVDP
FROOLJHQGR VH RFFXSDEDQW WXP PXOWD WXJXULD LX[WD OLWXV
FRQWUD KLHPHP DSSURSLQTXDQWHP HULJHUH FRHSHUXQW HW
TXRTXH'RPLQRGXFHQWHFRQVLOLDFDSHUHFRHSHUXQWRSSLGL
QRXL DPRHQLRULV HW LQJHQWLRULV GHVLJQDWL TXDP DQWH VHG
QRQ LQ HRGHP ORFR VH DG VHSWHQWULRQHP LQ DGXHUVXP
OLWRULVUHPRXHUXQWQDPVHPSHULQSRVWHUXPDTXDPLQTXD
GUDFR LDFHEDW IRUPLGDXHUXQW LOOH QXPTXDP DG OHFWXP
DXUHXPUXUVXVUHGLLWVHGWDPIULJLGXVTXDPVD[XPWRUWXV
LQ LPLV XDGLV H[WHQWXV HVW LEL SHU VDHFXOD WHPSHVWDWH
VHUHQDLQJHQWLDLOOLXVRVVDDSXGVXEOLFDVUXLQRVDVRSSLGL
XHWHULV XLGHUL SRWXHUXQW SDXFL DXWHP ORFXP H[VHFUDWXP
WUDQVLUHDXVLVXQWQHFTXLVTXDPDXWLQDTXDPKRUUHQWHPVH
GHPHUJHUHDXWVD[DSUHWLRVDTXDHGHFRUSRUHSXWUHVFHQWH
GHFLGHUXQWUHFLSHUHDXVXVHVW
VHG RPQHV KRPLQHV DUPDWL TXL HWLDP XDOLGL IXHUXQW HW
SOXULPD DFLHV 5H[GU\DGXP VH SDUDXHUXQW DG LWHU
IDFLHQGXPDGVHSWHQWULRQHPDG0RQWHPLWDTXHXQGHFLPR
GLHSRVWTXDPRSSLGXPUXLWFDSXWFRSLDHSRUWDVVD[HDVLQ
H[WUHPRODFXVSUDHWHULLWHWLQWHUUDVXDVWDVSHUXHQHUXQW
&$39749,1790'(&,090
19%(6&21*5(*$1795
QXQF DG %LOERQHP HW QDQRV UHGHDPXV SHU WRWDP QRFWHP

XQXV XLJLODEDW VHG VROH UHGHXQWH VLJQXP SHULFXOL XOOXP
QHFDXGLXHUDQWQHFXLGHUDQWDXHVDXWHPGHQVLXVVHPSHUVH
FRQJUHJDEDQWJUHJHVD0HULGLHXRODEDQWHWFRUQLFHVTXDH
HWLDP FLUFXP 0RQWHP KDELWDEDQW VXSUD FLUFXPXRODEDQW
DWTXHVLQHLQWHUPLVVLRQHVWULGHEDQW
³DOLTXLG LQVROLWXP ILW´ 7KRULQXV LQTXLW ³WHPSXV
HUUDQWLXP DXWXPQDOLXP SUDHWHULLW HW KDH VXQW DXHV TXDH
VHPSHU LQ WHUUD KDELWDQW VWXUQL DGVXQW HW JUHJHV
ILQJLOODUXP HW SURFXO DEVXQW PXOWDH DXHV TXDH FDUQHP
PRUWLFLQDPHGXQWVLFXWSURHOLXPFRPPLWWDWXU´
VXELWR %LOER PRQVWUDXLW ³LEL HVW VHQH[ WXUGXV UXUVXV´
FODPDXLW³TXLFXP6PDXJODWXVPRQWLVIUHJLVVHWHIIXJLVVH
XLGHWXUVHGQRQSXWRFRFKOHDVLWHPUHPHIIHFLVVH´
UHXHUDVHQH[WXUGXVDGIXLWHWXW%LOERPRQVWUDEDWDG
HRVXRODXLWHWLQODSLGHSURSLQTXRLQVHGLWWXPDOLVSODXVLV
FHFLQLWWXPFDSXWDGODWXVXQXPXHUWLWTXDVLDXVFXOWDQVHW
LWHUXPFHFLQLWHWLWHUXPDXVFXOWDXLW
³FUHGR HXP DOLTXLG QRELV GLFHUH FRQDUL´ %DOLQXV
LQTXLW ³VHG VHUPRQHP WDOLXP DXLXP VHTXL QRQ SRVVXP
QDP UDSLGLVVLPXP DWTXH GLIILFLOOLPXP HVW SRWHVQH
LQWHOOHJHUHLOOXP%DJJLQV"´
³QRQ RSWLPH SRVVXP´ %LOER LQTXLW UH XHUD RPQLQR
QLKLO LQWHOOHJHUH SRWXLW ³VHG VHQH[ FRPPRWLVVLPXV HVVH
XLGHWXU´
³XWLQDPLOOHVLWFRUXXV´%DOLQXVLQTXLW
³SXWDXLHRVWLELQRQSODFHUHTXRUXPWXFXPDEKDFXLD
DQWHXHQLVVHPXVWLPLGLVVLPXVHVVHXLVXVHVW´
³LOOL IXHUXQW FRUQLFHV HW DQLPDOLD DVSHFWX IRHGD
VXVSLFLRVDTXH HW SRUUR LQVROHQWLD QRQQH QRPLQD WXUSLD
TXDH DG QRV XRFDEDQW DXGLXLVWL FRUXL DXWHP GLVVLPLOHV
VXQW LQWHU TXRV HW JHQWHP 7KURULV ROLP HUDW PDJQD
DPLFLWLD HW VDHSH QXQWLRV DUFDQRV QRELV WXOHUXQW TXRV
UHPXQHUDWLVXPXVFXPWDOLEXVUHEXVQLWLGLVTXDOHVFHODUH
LQQLGLVFXSLXHUXQW
³PXOWRVDQQRVXLXXQWHWUHVGLXLQPHPRULDUHWLQHQWHW
VDSLHQWLDP VXDP OLEHULV WUDGXQW FXP LXXHQLVQDQXV
IXLVVHP PXOWRV LQWHU FRUXRV VD[RUXP VFLXL ROLP KRF
FXOPHQ LSVXP &RUXLFROOLV QRPLQDEDWXU TXLD HUDW SDU
VDSLHQV FODUXPTXH VHQH[ &DUF HW PXOLHU HLXV TXRG KLF
VXSHU FRQFODXHSUDHVLGLXP KDELWDEDW VHG QRQ SXWR QXQF
DOLTXRVLOOLXVJHQHULVDQWLTXLKLFPRUDUL´
FXPSULPXPORTXLGHVWLWLWWXUGXVPDJQDXRFHVWULGLWHW
VWDWLPHXRODXLW
³TXDPTXDP QRV HXP LQWHOOHJHUH QRQ SRVVXPXV FHUWXV
VXP LOODP VHQHP DXHP LQWHOOHJHUH QRV´ %DOLQXV LQTXLW
³QXQFXLJLOLDVDJLWDWHXWTXRGDFFLGHWXLGHDPXV´
SDXOR SRVW DOLV SODXGHQWLEXV WXUGXV UHXHQLW FXP TXR
VHQH[DXLVXDOGHGHFUHSLWDXHQLWFDHFXVILHEDWXL[XRODUH
SRWXLW HW VXPPXP FDSXW IXLW FDOXXP IXLW FRUXXV PDJQD
DHWDWHLQJHQWLPDJQLWXGLQHULJLGXVKXPLDQWHHRVLQVHGLW
OHQWHDOLVSODXVLWHWFDSXWDG7KRULQXPGHPLVLW
³R7KRULQH7KUDLQLILOLHW%DOLQH)XQGLQLILOL´FURFFLLW
HW%LOERLOODTXDHLOOHGL[LWLQWHOOHJHUHSRWXLWQDPOLQJXD
XXOJDUL QRQ VHUPRQH DXLXP XWHEDWXU ³5RlF VXP &DUFLV
ILOLXV &DUF PRUWXXV HVW VHG ROLP WLEL QRWLVVLPXV HUDW
FHQWXP DQQRV HW WUHV HW TXLQTXDJLQWD DEKLQF FXP HJR H[
RXR HXHQL VHG LOORUXP TXDH SDWHU PLKL GL[LW QRQ
REOLXLVFRU QXQF GX[ PDJQRUXP FRUXRUXP 0RQWLV VXP
SDXFL VXPXV VHG UHJHP HWLDP GLHUXP DQWLTXRUXP
PHPLQLPXVPXOWDJHQVPHDIRULVVXQWQDPPDJQLQXQWLLLQ
0HULGLH VXQW ± DOLL VXQW JDXGLD PDJQD QRELV VHG QRQ
SXWDELWLVDOLRVWDPERQRVHVVH
³HFFH DXHV DG 0RQWHP HW DG &RQXDOOHP D 0HULGLH HW
2ULHQWH HW 2FFLGHQWH UXUVXV FRQJUHJDQWXU QDP QXQWLDWXP
HVW6PDXJHPPRUWXXPHVVH´
³PRUWXXPPRUWXXP"´QDQLFODPDXHUXQW³PRUWXXPWXP
VLQH FDXVD WLPXLPXV ± HW QRELV HVW WKHVDXUXV´ RPQHV
H[VLOXHUXQWHWJDXGHQWHVH[VXOWDUHFRHSHUXQW
³LWD PRUWXXP´ 5RlF LQTXLW³WXUGXV FXLXV SHQQDH
QXPTXDP GHFLGDQW LOOXP PRUL XLGLW HW XHUELV FXLXV
FUHGHUH SRVVXPXV XLGLW LOOXP SXJQDQWHP FXP KRPLQLEXV
(VJDURWKLVGHFLGHUHWHUWLDQRFWHDEKLQFOXQDRULHQWH´
DOLTXDPGLX 7KRULQXV QDQRV QHF VLOHUH QHF DXGLUH
QXQWLXPFRUXLFRJHUHSRWXLWWDQGHPFXPRPQHPIDEXODP
GHSURHOLRQDUUDXLVVHWFRQWLQXDXLW
³LWDTXH GH JDXGLR 7KRULQH 6FXWXPTXHUFHXP DG DXODV
UHGHDV WXWXV WLEL HVW RPQLV WKHVDXUXV ± SDXOLVSHU VHG
PXOWL SUDHWHU DXHV KXF FRQJUHJDQWXU LDP QXQWLXV GH
FXVWRGH PRUWXR ORQJH ODWHTXH GLIIXVXV HVW HW IDEXOD GH
GLXLWLLV7KURULVQRQGLFHQGRSHUPXOWRVDQQRVDPLVVDHVW
PXOWL SDUWLV VSROLL FXSLGL VXQW LDP FRSLD GU\DGXP
DSSURSLQTXDW DXLEXV TXDH FDUQHP PRUWLFLQDP HGXQW
SURHOLXP DWTXH FDHGHV VSHUDQWLEXV FRPLWDWD LX[WD ODFXP
KRPLQHVPXUPXUDQWGRORUHVVXRVDQDQLVFUHDWRVHVVHQDP
VLQH WHFWLV VXQW HW PXOWL PRUWXL VXQW HW RSSLGXP VXXP D
6PDXJH GHOHWXP HVW TXL TXRTXH SXWDQW VH D WKHVDXUR
XRVWURUHPXQHUDWXURVHVVHXWUXPXRVXLXLVLQWDQPRUWXL
³XLD D VDSLHQWLD WXD VWDWXHQGD HVW VHG WUHGHFLP HVW
H[LJXDSDUVTXDHVXSHUHVWPDJQDHJHQWLV'XULQLTXDHROLP
KLFKDELWDEDWHWQXQFORQJHGLIIXQGLWXUVLFRQVLOLXPPHXP
DXGLHV 'RPLQR +RPLQXP/DFXV QRQ FUHGHV VHG SRWLXV
LOOL TXL DUFX GUDFRQHP GHLHFLW LOOH 9DWHV HVW JHQWLV
&RQXDOOLV H VWLUSH *LULRQLV HVW KRPR GXUXV VHG XHUXV
XWLQDP SDFHP LQWHU QDQRV HW KRPLQHV HW GU\DGHV SRVW
XDVWLWDHP ORQJDP UXUVXV KDEHDPXV VHG UHV WLEL SUHWLL
PDJQLLQDXURVLWGL[L´
WXP 7KRULQXV LUDWXV H[FODPDXLW ³JUDWLDV QRVWUDV WLEL
5RlF&DUFLVILOLWXHWJHQVWXDQRQREOLWDHHUXQWVHGGXP
XLXLPXVQXOOXPDXUXPQRVWUXPDXWIXUHVFDSLHQWDXWVDHXL
DXIHUHQW VL JUDWLDV QRVWUDV HWLDP PDJLV PHUHUH XROHV
QRELVIHUQXQWLXPGHDOLTXLEXVDSSURSLQTXDQWLEXVSRUURWH
REVHFUDP VL TXL JHQWLV XHVWUDH HWLDP LXXHQHV VLQW HW DOLV
IRUWLEXV XW QXQWLRV DG VXRV LQ PRQWLEXV 6HSWHQWULRQLV
PLWWDVHWDGRFFLGHQWHPKLQFHWDGRULHQWHPDWTXHLOOLVGH
VWDWX QRVWUR GLFDV VHG SUDHFLSXH DG FRQVREULQXP PHXP
'DLQXP LQ &ROOLEXV )HUUHLV L QDP LOOH PXOWRV EHQH
DUPDWRV KDEXLW HW SUR[LPXV DG KXQF ORFXP KDELWDW TXHP
IHVWLQDUHLXEH´
³QRQ GLFDP QXP KRF FRQVLOLXP VLW ERQXP DQ PDOXP´
5RlF FURFFLLW ³VHG LOOD TXDH ILHUL SRVVXQW IDFLDP´ WXP
OHQWHHXRODXLW
³QXQFDG0RQWHPUHGHDPXV´7KRULQXVFODPDXLWQRELV
HVWSDXOXPWHPSXVDPLWWL´
³HW SDXOR WHPSRUH XWL´ %LOER FODPDXLW VHPSHU WDOLXP
UHUXPSUXGHQVSUDHWHUHDVHQVLWIDFLQXVDXGD[UHFWHGLFWX
DE RFFLVR GUDFRQH SHUIHFWXP HVVH ± GH TXD UH XDOGH
HUUDXLW ± HW VH SOXULPDP SDUWHP VXDP OXFURUXP GDWXUXP
IXLVVHXWKDHUHVLQSDFHDGILQHPUHGLJHUHQWXU
³DG0RQWHPUHGHDPXV´QDQLFODPDXHUXQWVLFXWHXPQRQ
DXGLXHULQWLWDTXHFXPHLVLUHFRDFWXVHVW
XW LDP QRQQXOODV UHV DXGLXLVWL XLGHELV QDQRV HWLDP

QRQQXOORV GLHV DQWH HRV KDEHUH FDXHUQDV LWHUXP
H[SORUDXHUXQW HW XW H[VSHFWDXHUXQW LQXHQHUXQW 3RUWDP
$QWLFDP VROXP DSHUWDP HVVH RPQHV SRUWDV FHWHUDV
SUDHWHUVDQHLDQXDPSDUXDPFHODWDP6PDXJPXOWRDQWH
IUHJHUDW HW REVDHSVHUDW XW QXOOXP VLJQXP HDUXP
VXSHUHVVHW LWDTXH QXQF GLOLJHQWHU ODERUDUH FRHSHUXQW DG
LQJUHVVXP SULQFLSHP PXQLHQGXP HW VHPLWDP QRXDP
IDFLHQGDP TXDH DE HR WHWHQGLW LQVWUXPHQWD PXOWD
LQXHQHUXQW TXLEXV IRVVRUHV HW ODSLGDULL HW DHGLILFDWRUHV
ROLP XVL HUDQW HW QDQL HWLDP WDOLV ODERULV SHULWLVVLPL
IXHUXQW
GXP ODERUDQW FRUXL QXQWLRV IUHTXHQWHV HLV WXOHUXQW LQ
KRF PRGR GLGLFHUXQW 5HJHPGU\DGXP DG /DFXP
GHXHUWLVVH XW HWLDP DOLTXDQGR UHVSLUDUH SRVVHQW PHOLXV
HWLDP DXGLXHUXQW WUHV PDQQRUXP VXRUXP HIIXJLVVH TXL
VHFXQGXPULSDV)OXPLQLV)OXHQWLVIHULXDJDEDQWQRQORQJH
D TXD FRSLDV UHOLTXDV UHOLTXHUDQW LWDTXH GXP FHWHUL
ODERUDUHSHUJXQW)LOLXPDWTXH.LOLXPPLVHUXQWTXLFRUXR
GXFHQWH PDQQRV LQXHQLUHQW HW RPQLD TXDH SRWXHUXQW
UHIHUHQW
TXDWWXRU GLHV DIXHUXQW LQ TXR WHPSRUH FRJQRXHUXQW
H[HUFLWXV LXQFWRV +RPLQXPODFXV HW 'U\DGXP DG 0RQWHP
IHVWLQDUH QXQF DXWHP EHQH VSHUDXHUXQW QDP VDWLV FLEL
FXP FXUD KHEGRPDGHV QRQQXOODV KDEXHUXQW ± SUDHFLSXH
FUDP VDQH TXR GHIHVVL IXHUXQW VHGFUDPPXOWXPPHOLXV
HVW TXDP QLKLOXP ± HW LDP SRUWDP FXP PXUR VD[RUXP
TXDGUDWRUXPTXDHVLFFDVHGGHQVLVVLPDHWDOWLVVLPDWUDQV
DSHUWXUDP GHSRVXHUXQW REVDHVSHUXQW IRUDPLQD LQ PXUR
IXHUXQWSHUTXDHXLGHUHXHOWHODHPLWWHUHSRWXHUXQWVHG
LQJUHVVXV QXOOXV D VFDOLV LQJUHVVL DWTXH HJUHVVL VXQW HW D
IXQLEXV UHV VXVWXOHUXQW IRUQLFHP SDUXXP KXPLOHPTXH VXE
PXUR QRXR SUR HJUHVVX IOXXLL IDEULFDXHUDQW VHG LX[WD
LQJUHVVXP DOXHXP DQJXVWXP DGHR PXWDXHUDQW XW VWDJQXP
ODWXPDPXURPRQWLVDGFDSXWGHFOLXLVVXSHUTXRGIOXXLXP
DG &RQXDOOHP WHWHQGLW GLIIXQGHUHWXU TXLVTXLV QXQF DG
3RUWDP QLVL QDWDQGR DSSURSLQTXDUH SRWXLW VROXP
VHFXQGXPSURLHFWXPFDXWLVDQJXVWXPDGGH[WHUDPHPXUR
SURVSLFLHQV PDQQRV VROXP DG FDSXW JUDGXXP VXSHU
SRQWHP XHWHUHP DWWXOHUDQW TXRV LEL H[RQHUDWRV UHGLUH DG
GRPLQRV XHWHUHV LXVVHUXQW HW TXRV VLQH UHFWRULEXV DG
0HULGLHPUHPLVHUXQW
XHQLWQR[TXDHGDPXELVXELWRDQWHHRVPXOWDHOXFHVTXDVL
LJQLXPDWTXHIDFXPDPHULGLHLQ&RQXDOOHDGIXHUXQW
³XHQHUXQW´ %DOLQXV XRFDXLW ³HW FDVWUD LOORUXP VXQW
SUDHJUDQGLD KDXG GXELXP TXLQ LQ XDOOHP D FUHSXVFXOR
WHFWLVHFXQGXPXWUDPTXHULSDPIOXPLQLVDGXHQLVVHQW´
LOOD QRFWH QDQL PLQLPH GRUPLXHUXQW PDQH HWLDP
SDOOLGXP IXLW FXP PDQXP DSSURSLQTXDQWHP XLGHUXQW
TXDP D WHUJR PXUL DG FDSXW XDOOLV DGXHQLHQWHP HW OHQWH
DVFHQGHQWHPDVSH[HUXQWPR[XLGHUHSRWXHUXQWHWKRPLQHV
ODFXV DUPDWRV TXDVL DG EHOOXP LQWHU TXRV VDJLWWDULRV
GU\DGXP DGHVVH SULPL TXRUXP WDQGHP DG VD[D FROODSVD
DVFHQGHUXQW HW LQ VXPPR GHLHFWX DTXDH DSSDUXHUXQW TXL
XDOGH DGPLUDWL VXQW TXRG VWDJQXP DQWH VH DWTXH 3RUWDP D
PXURODSLGLVUHFHQVVHFDWLREVDHSWDPXLGHUHQW
GXP GLJLWLV PRQVWUDQWHV HW LQWHU VH ORTXHQWHV VWDQW
7KRULQXV HRV VDOXWDXHUXQW ³TXL HVWLV XRV"´ PDJQD XRFD
XRFDXLW³TXLVLFXWLQEHOORDGSRUWDV7KRULQL7KUDLQLILOLL
5H[VXE0RQWHXHQLWLVHWTXLGGHVLGHUDWLV"´
VHG QLKLO UHVSRQGHUXQW DOLTXL VH FLWR UHXHUVL VXQW HW
FHWHULSRVWTXDP3RUWDPDWTXHPXQLWLRQHVHLXVDOLTXDPGLX
LQWXLWL PR[ HRV VHFXWL VXQW LOOR GLH FDVWUD DG RULHQWHP
IOXPLQLV XVTXH LQWHU EUDFFKLD 0RQWLV PRXHUXQW WXP VD[D
FXPXRFLEXVDWTXHFDQWXUHVRQDXHUXQWTXDHUHVSHUPXOWRV
GLHVQRQJHVWDHUDWIXLWTXRTXHVRQLWXVO\UDUXPGU\DGXPHW
PXVLFDH GXOFLV HW GXP KLF VXUVXP DG HRV UHVRQDW DHU
IULJLGXV FDOHVFHUH XLGHEDWXU HW RGRUHP VXDXHP KHEHWHP
IORUXPVLOXHVWULXPLQXHUHIORUHQWLXPFDSLHEDQW
WXP %LOER GHVLGHUDXLW VH DE DUFH DWUD HIIXJHUH HW
GHVFHQGHUH XW LQ KLODULWDWH DWTXH HSXODWLRQH LX[WD LJQHV
SDUWLFHSV HVVHW QRQQXOOL QDQL LXXHQLRUHV TXRTXH LQ
FRUGLEXVVXLVPRXHEDQWXUHWPXUPXUDEDQWVHFXSLUHXWUHV
DOLWHU HIIHFWDH HVVHQW HW WDOHP JHQWHP KRVSLWDOLWHU VDOXHUH
LXEHDQWVHG7KRULQXVIURQWHPFRQWUD[LW
WXP QDQL LSVL O\UDV DWTXH RUJDQD DE DFHUXR UHFLSHUDWD
H[WXOHUXQW HW PRGXODWL VXQW DG DQLPXP HLXV PROOLHQGXP
VHG FDQWXV TXRUXP QRQ IXLW FDQWXV GU\DGXP VHG XHUL
VLPLOLVIXLWLOOLFDQWXLTXHPPXOWRDQWHLQSDUXRIRUDPLQH
%LOERQLVFDQWDXHUDQW
WDQGHPVXEWHQHEULVUXSLEXVDUGXLV
0RQWLV5H[UHXHQLWGLJQXVDG
DWULXP
KRVWLVPRUWXXVHVW9HUPLFXOXV
0HWXV
KRVWHVSHUSHWXRVLFPRGRGHFLGDQW
ORQJXPQXQFLDFXOXPHVWHQVLV
DFXWXVHVW
HVWWHOXPFLWLXVVXQWXDOLGDHIRUHV
RPQHVDVSLFLDQWGLXLWLDVVXDV
TXDVVHUXHPXVHWDIUDXGLEXVHW
GROLV
PDLRUHVIDFLXQWFDUPLQDSULVWLQH
WLQQLWXTXHVRQDQWXHUEHUDPDOOHL
DOWLVLQVSDWLLVTXLVPDODGRUPLXQW
HIIRVVLVGRPLEXVVXEVFRSXOLVLXJL
SHQGHQWIORUHDQXQFVWHOODPRQLOLEXV
DOELVIOHFWLWXUHWXHUWLFHUHJLR
DQJXLVIODPPLIHUXVVWDPLQHIHUUHR
FDUSXQWHFLWKDULVFDUPLQDFDOOLGLV
0RQWLVUHJLDQXQFUHGGLWDXLQFXOLV
QXQFUXUVXVUHGHDWKLFUHXRFDWD
JHQV
IHVWLQDFLWLXVPDUFLGDSHUORFD
QDPUHJLVRFLLVDWTXHRSXVHVWVXLV
WUDQV0RQWHVQLXHRVWHSUHFLEXV
XRFR
³XWXHVWURVUHGHDVDGXHWHUHV
VSHFXV´
H[VSHFWDQVPDQHWKLF5H[SURSH
LDQXDV
FXPJUDWLVPDQLEXVGLXLWLEXV
PDQHQV
0RQWLV5H[UHXHQLWGLJQXVDGDWULXP
WDQGHPVXEWHQHEULVUXSLEXVDUGXLV
RFFLVXVSHUHDW9HUPLFXOXV0HWXV
KRVWHVSHUSHWXRVLFPRGRGHFLGDQW
KLF FDQWXV 7KRULQR SODFHUH XLGHEDWXU XW LOOH UXUVXV

ULGHUHW HW ODHWDUHWXU HW GLVWDQWLDP DG &ROOHV )HUUHRV
QXPHUDUH FRHSLW HW TXDQWXP WHPSRULV SUDHWHULVVHW
DQWHTXDP 'DLQXV VL LOOH TXDP SULPXP QXQWLXP DG LOOXP
DGXHQHUDW SURJUHVVXV VLW DG 0RQWHP 6ROXP SHUXHQLUH
SRVVHW FRU DXWHP %LOERQLV GHFLGLW SURSWHU HW FDQWXP HW
VHUPRQHPQDPPXOWXPEHOOLFRVLRUHVHVVHXLGHEDQWXU
SULPD OXFH SUR[LPD PDQXP KDVWDWRUXP IOXPHQ
WUDQVHXQWHP HW LWHU DGXHUVD XDOOH IDFLHQWHP XLGHUXQW TXL
VHFXPXH[LOOXPXLULGH5H[GU\DGXPHWXH[LOOXPFDHUXOHXP
/DFXV WXOHUXQW HW TXL SURJUHVVL VXQW GRQHF XVTXH DQWH
PXUXPSURSH3RUWDPVWDEDQW
TXRV LWHUXP 7KRULQXV PDJQD XRFH VDOXWDXHUXQW ³TXL
HVWLV XRV TXL DUPDWL DG EHOOXP JHUHQGXP DG SRUWDV
7KRULQL 7KUDLQL ILOLL 5H[ VXE 0RQWH XHQLVWLV"´ KRF
WHPSRUHHLUHVSRQVXPIXLW
KRPR SURFHUXV LQ IURQWHP JUHVVXV HVW FDSLOOLV DWULV HW
VSHFLHGXUDTXLFODPDXLW³VDOXH7KRULQHFXUWXVHVDHSLV
VLFXW ODWUR LQ ODWLEXOR HLXV" QRQ LDP LQLPLFL VXPXV HW
JDXGHPXV WH XOWUD VSHP QRVWUDP XLXXP HVVH XHQLPXV
FUHGHQWHVQXOORVKLFXLXRVLQXHQLULSRVVHQXQFWDPHQWLEL
REXLDPLLPXVHVWRSXVFROORTXLRDWTXHFRQVLOLR´
³TXLVHVWXHWGHTXRFROORTXLXLV"´
³VXP 9DWHV HW D PDQX PHD GUDFR LQWHUIHFWXV HW
WKHVDXUXV WXXV OLEHUDWXV HVW QRQQH LOOD HVW UHV TXDH WXD
LQWHUHVW" SUDHWHUHD HJR UHFWR VDQJXLQH *LULRQLV &RQXDOOLV
KHUHVVXPHWLQDFXHUXRWXRPXOWDHGLXLWLDHH[DXOLVHLXVHW
RSSLGLV PLVFHQWXU TXDV 6PDXJ LQ DQWLTXLV GLHEXV IXUDWXV
HVW QRQQH LOOD HVW UHV GH TXD ORTXDPXU" SRUUR 6PDXJ LQ
SURHOLRVXRXOWLPRGRPLFLOLDKRPLQXP(VJDURWKLVGHOHXLW
'RPLQRTXRUXPHJRHWLDPVHUXLRSURTXRGLFDPHWURJR
QXP WX GH SRSXOR HLXV PDHUHQWL DWTXH PLVHUDQGR QRQ
FRJLWHV TXL DX[LOLXP WLEL DIIOLFWR GHGHUXQW HW SUR
UHPXQHUDWLRQH WX DGKXF UXLQDP VROXP WXOLVWL QLKLORPLQXV
WHPHUDULDP´
QXQF KDHF IXHUXQW XHUED DHTXD HW XHUD QLKLORPLQXV
VXSHUEHGXUHTXHGLFWDHW%LOERSXWDXLW7KRULQXPVWDWLPGH
LXVWLWLDTXDHLQHLVHUDWFRQIHVVXUXPHVVHVHGQRQVDQH
H[VSHFWDXLW XW TXLVTXDP PHPLQLVVHW HXP LSVXP VROXP
LQXHQLVVH ORFXP GUDFRQLV LQILUPXP TXDH UHV IXLW VDWLV
EHQHQDPQHPRXPTXDPUHPPHPLQHUDWVHGTXRTXHQLKLO
DHVWLPDXLW HW SRWHVWDWHP DXUL VXSHU TXRG GUDFR TXLGDP
GLX LQFXEDXLW HW FRUGD QDQRUXP SHU KRUDV ORQJDV GLHEXV
SUDHWHULWLV 7KRULQXV LQ WKHVDXUR PDQVHUDW HW OLELGR FXLXV
VXSHUHXPIXLWJUDXLVTXDPTXDP$UNHQODSLGHPSUDHFLSXH
TXDHVLXHUDW QLKLORPLQXV PXOWD FHWHUD DGPLUDQGD DQWH
RFXORVHLXVIXHUXQWTXDHLELLDFHEDQWFLUFXPTXDHXHWHUHV
PHPRULDHODERUXPGRORUXPTXHJHQWLVHLXVWRUTXHEDQWXU
³WX FDXVDP SHVVLPDP QRXLVVLPDP DWTXH LQ ORFR
SULQFLSH GL[LVWL´ 7KRULQXV UHVSRQGLW ³QXOOXV KRPR
WKHVDXUXP JHQWLV PHDH SRVWXODUH SRWHVW TXLD 6PDXJ TXL
LOOXP D QRELV IXUDWXV HVW TXRTXH XLWDP XHO GRPXP DE HR
UDSXLW WKHVDXUXV 6PDXJL QRQ IXLW FXLXV SDUV JHVWD LOOLXV
PDODHPHQGDUHQRQSRVVHWSUHWLXPERQRUXPDWTXHDX[LOLL
TXDH D +RPLQLEXV/DFXV DFFHSLPXV FXP DHTXLWDWH
VROXHPXV ± LQ WHPSRUH LGRQHR VHGQLKLO QHF HWLDP
SUHWLXP SDQLV XLULEXV PLQDQWLEXV GDELPXV GXP FRSLD
DUPDWDDQWHIRUHVQRVWUDVLDFHWXRVVLFXWLQLPLFRVHWIXUHV
LQWXHPXU
³LQDQLPRKDEHRURJDUHTXDPSDUWHPKHUHGLWDWLVLOORUXP
WX FRJQDWLV QRVWULV VROXLVVHV VL DFHUXXP LQFXVWRGLWXP HW
QRVLQWHUIHFWRVLQXHQLVVHV´
³TXDHVWLRTXLGHPDHTXD´9DWHVUHVSRQGLW³VHGXRVQRQ
PRUWXL HVWLV HW QRV QRQ ODWURQHV VXPXV SUDHWHUHD GLXLWHV
HJHQWLXP TXL HLV LQRSLEXV DPLFL HUDQW XOWUD LXV
PLVHUHDQWXU HW HWLDP SRVWXODWD PHD FHWHUD VLQH UHVSRQVR
PDQHQW´
³FXP KRPLQLEXV DUPDWLV SURSH SRUWDP PHDP XW GL[L
QRQ FROORTXDU QHTXDTXDP FXP SRSXOR 5HJLVGU\DGXP
TXHPFXPSDUXDEHQLJQLWDWHPHPLQLTXLQXOODPSDUWHPLQ
KRF FRQVLOLR KDEHW QXQF DEVFHGH SULXVTXDP VDJLWWDH
QRVWUDH XRODXHULQW HW VL LWHUXP FXP PH ORTXL XROHV
SULPXP FRSLDP GU\DGXP DG VLOXDV TXL ORFXV LOOLXV
SURSULXVGLPLWWHWXPDUPLVGHSRVLWLVSULXVTXDPDGOLPHQ
DSSURSLQTXDXHULVUHGHDV´
³5H[GU\DGXP HVW DPLFXV PHXV TXL SRSXOR HJHQWL
/DFXVVXFFXUULWTXDPTXDPDETXRQLKLOSUDHWHUDPLFLWLDP
LOOH SRVWXODUH SRWXLW´ 9DWHV UHVSRQGLW ³WHPSXV WLEL
GDELPXVXWWHXHUERUXPSDHQLWDWVDSLHQWLDPWXDPFROOLJH
SULXVTXDPUHGLHULPXV´WXPGLVFHVVLWHWDGFDVWUDUHGLLW
SULXVTXDP PXOWDH KRUDH SUDHWHULHUXQW XH[LOODULL
UHGLHUXQWHWWXELFLQHVVXUUH[HUXQWHWIODWXPIODXHUXQW
³LQ QRPLQH (VJDURWKLV HW 6LOXDH´ TXLGDP FODPDXLW
³GLFLPXV7KRULQR7KUDLQLILOLR6FXWXPTXHUFHRTXL5HJHP
VXE 0RQWH VH DSSHOODW TXHP LXEHPXV DXW SRVWXODWD TXDH
XUVLPXVEHQHFRJLWDUHDXWLQLPLFXVQRELVHGLFLPLQLPXP
WUDGDW GXRGHFLPDP SDUWHP WKHVDXUL 9DWL TXL GUDFRQLV
LQWHUIHFWRU HW *LULRQLV KHUHV HVW DE LOOD SDUWH 9DWHV LSVH
DX[LOLXP (VJDURWKL DIIHUHW VHG VL 7KRULQXV DPLFLWLDP HW
KRQRUHPDWHUULVFLUFXPKDEHUHXXOWVLFXWPDLRUHVHLXVLQ
DQWLTXLV GLHEXV KDEXHUXQW WXP TXRTXH DOLTXLG VXXP DG
KRPLQHV/DFXVFRQVRODQGRVGDELW´
WXP 7KRULQXV DUFX FRUQXV SUHKHQVR VDJLWWDP LQ
RUDWRUHP HPLVLW TXDH VFXWXP HLXV IHULXLW HW LEL TXDVVDQV
PDQVLW
³FXP WDOL PRGR UHVSRQGLVVHWLV GHFODUR 0RQWHP
FLUFXPVHGHUL D TXR XRV QRQ GLVFHGHWLV GRQHF D SDUWH
XHVWUD LQGXWLDV DWTXH FROORTXLXP URJDXHULWLV DUPD QXOOD
FRQWUDXRVIHUHPXVVHGXRVFXPDXURVXRUHOLQTXLPXVLG
HGDWLVVLXHOLWLV´
KLVGLFWLVQXQWLLFLWRGLVFHVVHUXQWHWQDQLPDQVHUXQWXW
FDXVDP VXDP FRJLWDUHQW DGHR WRUXXV IDFWXV HVW 7KRULQXV
XWHWLDPVLLWDXHOOHQWFHWHULHXPFXOSDUHQRQDXGHUHQWVHG
SOXULPL TXLGHP FXP PHQWH HLXV VH FRQVRFLDUH XLVL VXQW ±
SUDHWHU IRUWDVVH VHQHP SLQJXHP %RPEXUHP HW )LOLXP
DWTXH .LOLXP %LOER VDQH RPQHP UHP LPSUREDXLW TXHP
QXQF 0RQWLV VDWLV VXSHUTXH WDHVXP HVW QHTXH FXL LQ HR
FLUFXPVHGHULXDOGHSODFXLW
³RPQLV ORFXV GUDFRQLV HWLDP IRHWHW´ VHFXP IUHPXLW
³TXDPREUHP QDXVHR HWFUDP TXLGHP LQ JXOD PHD
DGKDHUHVFHUHLQFLSLW´
&$3976(;790'(&,090
)9512&7(
QXQF GLHV OHQWH DWTXH RSHURVH SUDHWHULEDQW PXOWL QDQL LQ

DFHUXDQGR HW RUGLQDQGR WKHVDXUXP XHUVDEDQWXU HW QXQF
7KRULQXVGH$UNHQODSLGHORFXWXVHVWHWHRVLGGLOLJHQWHULQ
RPQLEXVDQJXOLVTXDHUHUHLXVVLW
³QDP $UNHQODSLV SDWULV PHL´ LQTXLW ³PDJLV TXDP
IOXPHQDXUHXPLSVXPXDOHWHWXOWUDSUHWLXPPLKLHVWTXHP
ODSLGHP SUR PHLSVR QRPLQR HW LOOXP XOFLVFDU TXL LG
LQXHQHULWVHGLGUHWLQXHULW´
KLV XHUELV DXGLWLV %LOER WLPHEDW DGPLUDQV TXLG IDFWXP
VLW VL ODSLV LQXHQLDWXU ± LQ VDUFLQD XHWHUH UHUXP
SDQQRVDUXP VXEVLFLXDUXP TXD SUR SXOXLQR XWHEDWXU
LQXROXWXVQLKLORPLQXVGHLOORQRQORFXWXVHVWQDPGLHEXV
ODVVLV JUDXLRULEXV IDFWLV LQFHSWLR FRQVLOLL LQ FDSXW HLXV
SDUXXOXPLQWURLXHUDW
LQ KRF PRGR UHV GLX FRQWLQXDEDQWXU FXP FRUXL
QXQWLDXHUXQW 'DLQXP HW PDJLV TXDP TXLQJHQWRV QDQRV D
&ROOLEXV )HUUHLV SURSHUDQWHV QXQF LWHU FLUFD ELGXL D
&RQXDOOHDEHVVHDUHJLRQHLQWHUVHSWHQWULRQHVHWRULHQWHP
DSSURSLQTXDQWHV
³VHG DG 0RQWHP SHUXHQLUH QRQ SRWHUXQW LQXLVL´ 5RlF
LQTXLW ³HW XHUHRU QH SURHOLXP LQ XDOOH IDFLDQW QRQ GLFR
KRF FRQVLOLXP ERQXP HVVH TXDPTXDP JHQV WRUXD HVW
QHTXDTXDPXHULVLPLOHHVWHDPFRSLDPTXDHXRVREVLGHW
VXSHUDWXUDP HVVH HWLDPVL LG LWD IHFHULW TXLG XRELV
SURGHULW" SRQH HRV KLHPV DWTXH QL[ IHVWLQDEDQW TXRPRGR
XRV VLQH DPLFLWLD EHQLJQLWDWHTXH WHUUDUXP FLUFXP
SDVFHPLQL"XHULVLPLOHHVWWKHVDXUXPIXWXUXPHVVHPRUWHP
XHVWUDPTXDPTXDPGUDFRQRQHVW´
VHG 7KRULQXV QRQ FRPPRWXV HVW³KLHPV DWTXH QL[ HW
KRPLQHV HW GU\DGHV PRUGHEXQW´ LQTXLW ³TXL LQXHQLDQW VH
LQ XDVWLWDWH GXUH KDELWDUH FXP DPLFLV PHLV SRVW LOORV HW
KLHPH VXSHU LOORV IRUWDVVH LOOL DQLPLV PROOLRULEXV FXP
QRELVFROORTXHQWXU´
LOOD QRFWH %LOER VWDWXLW TXLG DFWXUXV VLW FDHOXP IXLW
QLJUXPVLQHOXQDTXDPSULPXPWHQHEUDHHUDQWSOHQDHDG
DQJXOXPTXHPGDPFRQFODXLVLQWHULRULVPRGRLQWUDSRUWDP
LLWHWHVDUFLQDVXDIXQHPH[WUD[LWHWSRUUR$UNHQODSLGHP
LQ SDQQR LQXROXWXP WXP DG VXPPXP PXUXP DVFHQGLW
%RPEXU VROXV LEL DGIXLW TXL XLFLVVLP XLJLOLDV VHUXDEDW
QDP QDQL XQXP XLJLOHP VROXP XQR WHPSRUH KDEHUH
VROHEDQW
³WHPSHVWDV HVW IULJLGLVVLPD´ %RPEXU LQTXLW ³XWLQDP
LJQHPKDEHUHKLFSRVVLPXVVLFXWLQFDVWUDKDEHQW´
³HVWVDWLVFDORULVLQLQWHULRUH´%LOERLQTXLW
³LWD FUHGR VHG XVTXH DG PHGLDP QRFWHP KLF DOOLJRU´
QDQXV SLQJXLV IUHPXLW ³UHV RPQLQR PLVHU HVW HJR FXP
7KRULQR EDUED FXLXV VHPSHU ORQJLXV FUHVFDW QRQ
GLVVHQWLUH DXGHER QLKLORPLQXV LOOH QDQXV FXP FHUXLFH
ULJLGDVHPSHUHUDW´
³QRQ WDP ULJLGD TXDP FUXUD PHD´ %LOER LQTXLW
³VFDODUXP HW PHDWXXP VD[RUXP PH WDHGHW PXOWD GHP XW
JUDPLQDDGGLJLWRVSHGXPVHQWLDP´
³HJR PXOWD GHP XW SRWLRQHP IRUWHP LQ JXOD PHD HW
OHFWXPPROOHPSRVWFHQDPERQDPVHQWLDP´
³LOOD WLEL GDUH QRQ SRVVXP GXP REVLGHPXU VHG GLX
XLJLOLDV QRQ VHUXDXL HW SDUWHP WXDP SUR WH KDEHER VL LG
WLELSODFHWKDFQRFWHQRQHVWVRPQXVLQPH´
³WXHVERQXV'RPLQH%DJJLQVHWTXRGREWXOLVWLEHQLJQH
DFFLSLDP VL DOLTXLG DQLPDGXHUWHQGXP VLW FDXH XW PH
SULPXP H[FLWHV LQ FRQFODXL LQWHULRUH DG VLQLVWUDP TXRG
QRQSURFXODEHVWLDFHER´
³H[L´ %LOER LQTXLW ³WH PHGLD QRFWH H[FLWDER XW WX
XLJLOHPSUR[LPXPH[FLWHV´
TXDPSULPXP%RPEXUH[LLW%LOERDQXORLQGXWRHWIXQH
OLJDWR VXSHU PXUXP GHODSVXV DIXLW FLUFD TXLQTXH KRUDV
DQWH HXP KDEXLW %RPEXU GRUPLHEDW TXL TXDQGRFXPTXH
GRUPLUHSRWHUDWHWH[TXRIDFLQXVDXGD[LQVLOXDVHPSHU
VRPQLD SXOFKUD TXDH WXQF KDEXHUDW UHFLSHUH FRQDEDWXU
HWFHWHULFXP7KRULQRRFFXSDWLVXQWSDUXPXHULVLPLOHHVW
DOLTXRVHWLDP)LOLXPXHO.LOLXPLQPXUXPH[LWXURVHVVH
GRQHFHLVRSXVIXLWXLJLOLDVVHUXDUH
RPQLDRPQLQRWHQHEURVDHUDQWHWPR[XLDFXPDVHPLWD
QRXD IDFWD GLVFHVVLVVHW HW DG DOXHXP LQIHULRUHP IOXXLL
GHVFHQGLVVHWLQVROLWDHLIXLWSRVWUHPRDGIOH[XPDGXHQLW
XELHLRSXVIXLWDTXDPWUDQVLUHVLDGFDVWUDWHQGHUHWVLFXW
XROXLW LEL DOXHXV IOXXLL XDGRVXV VHG LDP ODWXV IXLW XW
KREELWXV SDUXXOXV LQ WHQHEULV QRQ IDFLOH LOOXP XDGR
WUDQVLUH SRVVHW SDHQH WUDQVLLW FXP SHGLEXV LQ VD[R
JORERVRODSVLVLQDTXDPIULJLGDPDVSHUJLQHGHFLGLWXL[LQ
ULSDPXOWHULRUHPHODSVXVHVWKRUUHQVDWTXHWXVVLHQVFXP
LQ FDOLJLQH GU\DGHV FXP ODQWHUQLV FODULV DGXHQHUXQW TXL
FDXVDPVRQLWXVTXDHVLUHQW
³LG IXLW QXOOXV SLVFLV´ TXLGDP LQTXLW³HVW H[SORUDWRU
KLFOXFHVFHODWHHLPDJLVTXDPQRELVXVXLHUXQWVLLOOXP
VLWVDODSXWLXPTXRGVHUXXVHRUXPHVVHGLFLWXU´
³VHUXXV TXLGHP´ %LOER IUHPXLW HW LQ PHGLR IUHPLWX
FODUHVWHUQXLWXWGU\DGHVVWDWLPDGVRQLWXPSURSHUDUHQW
³ILDW OX[´ LQTXLW ³KLF VXP VL PH XXOWLV´ HW DQXOR
DEODWRDWHUJRVD[LDSSDUXLW
VWDWLP HXP FLWR SUHKHQGHUXQW DGPLUDWLRQLEXV QRQ
H[FHSWLV³TXLVHVWX"KREELWXVQHQDQRUXPHV"TXLGIDFLV"
TXRPRGR XLJLOHV QRVWURV WDP ORQJH SUDHWHULUH SRWXLVWL"´
XLFLVVLPURJDXHUXQW
³VXP'RPLQXV%LOER%DJJLQV´LOOHUHVSRQGLW³7KRULQL
FRPHV VL UHP VFLUH XXOWLV UHJHP XHVWUXP XLVX FRJQRVFR
TXDPTXDPIRUWDVVHLOOHDVSHFWXPPHXPQRQFRJQRVFLWVHG
9DWHV PH UHFRUGDELWXU HW HVW 9DWHV TXHP SUDHFLSXH
XLGHUHXROR´
³VDQH´LOOLLQTXLXQW³HWTXLGVLWQHJRWLXPWXXP"´
³TXLGFXPTXHVLWPHXPHVWPLERQLGU\DGHVVHGVLXRV
DG VLOXDV VXDV DE KRF ORFR IULJLGR LQLXFXQGRTXH UHGLUH
XXOWLV´LOOHKRUUHQVUHVSRQGLW³PHFLWRGXFHWLVDGLJQHP
TXR PH VLFFHP ± HW WXP PH FXP GXFLEXV XHVWULV ORTXL
SDWLHPLQL TXDP FHOHUULPH VROXP XQDP KRUDP XHO GXDV
OLEHUDVKDEHR´
LWDTXH FLUFD GXDV KRUDV SRVWTXDP D 3RUWD HIIXJLW %LOER

LX[WDLJQHPFDOLGXPDQWHPDJQXPWDEHUQDFXOXPVHGHEDWHW
LEL TXRTXH VHGHEDQW HXP FXULRVH LQWXHQWHV HW 5H[
GU\DGXP HW 9DWHV KREELWXV TXLGDP TXDVL GU\DV DUPDWXV
SDUWLPLQVWUDJXODXHWHUDLQXROXWXVIXLWLOOLVUHVQRXD
³UH XHUD VFLWLV´ %LOER LQ PRGR VXR QHJRWLL RSWLPR
ORTXHEDWXU ³UHV LPSRVVLELOHV HVVH PH LSVXP RPQLV UHL
WDHGHW XWLQDP HJR GRPXP PHDP LQ 2FFLGHQWH UHGLUH
SRVVLPXELSRSXOXVDHTXLRUHVWVHGKDHFUHVPHDLQWHUHVW
± SDUV TXDUWD GHFLPD H[DFWD H OLWWHULV TXDV XW FUHGR
IHOLFLWHU VHUXDXL´ H VLQX LQ WXQLFD XHWHUD TXDP HWLDP
VXSHU ORULFDP JHVVLW FRUUXJDWDP DWTXH PXOWXP
FRPSOLFDWDP H[WXOLW HSLVWXODP 7KRULQL TXDH VXE
KRURORJLRHLXVLQWDEXODVXSUDIRFXP0DLRGHSRVLWDHUDW
³XW SDUVOXFURUXP VLW DQLPDGXHUWLWH´ FRQWLQXDXLW ³LG
LQWHOOHJR HJR LSVH RPQLQR SDUR RPQLD SRVWXODWD XHVWUD
GLOLJHQWHU FRJLWDUH HW GH VXPPD SDUWHP LXVWDP GHGXFHUH
SULXVTXDP PHDP SRVWXODER XRV WDPHQ 7KRULQXP
6FXWXPTXHUFHXPWDPEHQHTXDPHJRQXQFQRQVFLWLVPLKL
FUHGLWH LOOXP DGPRGXP SDUDWXP HVVH DG VHGHQGXP LQ
DFHUXR DXUL DWTXH VH IDPH HQHFDQGXP GXP XRV KLF
VHGHWLV´
³LWD LG IDFLDW´9DWHV LQTXLW³WDOLV VWXOWXV IDPH HQHFDUL
PHUHW´
³LWD XHUR´ %LOER LQTXLW ³VHQWHQWLDP WXDP LQWHOOHJR
QLKLORPLQXVKLHPVFLWRDSSURSLQTXDWPR[WLELHUXQWQL[HW
QHVFLR TXD FHWHUD HW FRPPHDWXV HUXQW GLIILFLOHV ± HWLDP
GU\DGLEXV XW SXWR SRUUR HUXQW GLIILFXOWDWHV DOLDH QXP
'DLQXPDWTXHQDQRVH&ROOLEXV)HUUHLVDXGLXLVWL"´
³LDPSULGHP DXGLXLPXV VHG TXLG LOOH QRVWUD LQWHUHVW"´
UH[URJDXLW
³LWD SXWDXL XLGHR PH QXQWLXP KDEHUH TXRG XRV QRQ
KDEHWLV'DLQXVPLKLOLFHWXRELVGLFHUHQXQFPLQXVTXDP
LWHU ELGXL DEHVW TXL VHFXP TXLQJHQWRV QDQRV PLQLPXP
KDEHW ± PXOWL TXRUXP LQ EHOOLV GLULV LQWHU QDQRV
JREHOLQRVTXH SHULWL VXQW GH TXLEXV VLQH GXELR DXGLXLVWLV
FXPDGXHQHULQWUHVHUXQWDGXHUVDH´
³FXU KRF QRELV GLFLV" SURGLVQH DPLFRV WXRV XHO
PLQDULVQHQRELV"´9DWHVGXUHURJDXLW
³FDULVVLPH 9DWHV´ %LOER VWULGLW ³QROL IHVWLQDUH
QXPTXDP REXLDP SRSXOR WDP VXVSLFLRVR LL HJR VROXP
PROHVWLDPSURRPQLEXVTXLLQUHXHUVDQWXUXLWDUHFRQRU
QXQFXRELVFRQGLFLRQHPIHUDP´
³LOODPDXGLDPXV´LQTXLXQW
³LOODP XLGHDWLV´ LOOH LQTXLW ³HFFH KXQF´ HW
$UNHQODSLGHPH[WXOLWHWLQXROXFUXPHLHFLW
5H[GU\DG\P LSVH RFXOL FXLXV UHV DGPLUDQGDV DWTXH
SXOFKUDV XLGHUH VROHEDQW DWWRQLWXV VXUUH[LW 9DWHV HWLDP
LOOXP WDFLWXV DGPLUDQV DVSH[LW IXLW JOREXV TXL TXDVL OXFH
OXQDHLPSOHWXVHVVHWHWDQWHHRVLQUHWHDIXOJRUHVWHOODUXP
JHOLGDUXPWH[WRSHSHQGLVVHW
³KLFHVW$UNHQODSLV7KUDLQL´%LOERLQTXLW³&RU0RQWLV
HW HWLDP FRU 7KRULQL TXL KXQF PDJLV TXDP IOXPHQ DXUL
DHVWLPDWTXHPXRELVGRQRKLFXRELVSDFLVFHQWLEXVDX[LOLR
HULW´ WXP %LOER QRQ VLQH KRUUHQWH QRQ VLQH DVSHFWX
GHVLGHULL ODSLGHP PLUDELOHP 9DWL WUDGLGLW TXL VLFXW
VWXSHIDFWXVLOOXPLQPDQXSUHKHQGLW
³VHG TXRPRGR HVW WXXV XW HXP GRQHV"´ LOOH QLWHQV
WDQGHPURJDXLW
³R VDQH´ KREELWXV LQFRPPRGXV LQTXLW ³QRQ RPQLQR
PHXV HVW VHG QLKLORPLQXV VFLWR PH SUR SRVWXODWR PHR
LOOXPGHSRQHUHXHOOHHIIUDFWDULXVVLP±XHOLWDGLFLWXUUH
XHUD HJR LSVH QXPTXDP VHQVL PH HVVH XQXP ± VHG VSHUR
PHXQXPKRQHVWXPPDJLVPLQXVXHHVVHQLKLORPLQXVQXQF
UHGHR HW OLFHW QDQLV PH WUDFWDUH TXRFXPTXH PRGR LOOLV
SODFHDWVSHURHXPXRELVXVXLIXWXUXPHVVH´
5H[GU\DGXP FXP DGPLUDWLRQH QRXD %LOERQHP
DVSH[LW³%LOER %DJJLQV´ LQTXLW ³WX HV PDJLV GLJQXV
JHUHUH DUPD SULQFLSXP GU\DGXP TXDP PXOWL TXL LQ HLV
SXOFKULRUHV HVVH XLVL VXQW VHG DGPLURU QXP 7KRULQXV
6FXWXPTXHUFHXPLQHRGHPPRGRUHPXLGHDWHJRIRUWDVVH
SOXUD GH QDQLV SOHULVTXH LQWHOOHJR TXDP WX PRQHR WH
QRELVFXP PDQHUH HW KLF WH FROHPXV HW DPDQWLVVLPH
H[FLSLHPXV´
³WLELJUDWLDVPD[LPDVDJRVDQH´%LOERFDSLWHGHPLVVR
LQTXLW ³VHG QRQ SXWR PH LQ KRF PRGR UHOLQTXHUH DPLFRV
PHRV RSRUWHUH SRVW RPQLD TXDH XQD SDVVL VXPXV SRUUR
SURPLVL PH PHGLD QRFWH VHQHP %RPEXUHP H[FLWDWXUXP
HVVHKDXGGXELXPHVWTXLQH[HDPHWFLWR´
QHTXDTXDPXHUELVGLFWLVHXPGHWLQHUHSRWXHUXQWLWDTXH
HL FRPLWDWXP GHGHUXQW HW UH[ HW 9DWHV HXP GLVFHGHQWHP
KRQRUH VDOXWDXHUXQW XW SHU FDVWUD SHUWUDQVLEDQW VHQH[
TXLGDPLQDPLFXORDWURLQXROXWXVHLDQXDWDEHUQDFXOLXEL
VHGHEDWVXUUH[LWHWHXPDSSURSLQTXDXLW
TXL³PDFWHXLUWXWH'RPLQH%DJJLQV´LQTXLW%LOERQHP
LQ WHUJR HLXV SODXGHQV ³VXQW VHPSHU SOXUD GH WH TXDP
DOLTXLVH[SHFWDWÍXLW*DQGDOSKXV
SULPR WHPSRUH LQ PXOWLV GLHEXV %LOER XDOGH JDXGHEDW
IXLW DXWHP RPQLQR QXOOXP WHPSXV DG URJDQGDV RPQHV
TXDHVWLRQHVTXDVVWDWLPURJDUHXROXLW
³RPQLD LQ WHPSRUH´ *DQGDOSKXV LQTXLW ³UHV DG ILQHP
QXQFDSSURSLQTXDQWQLVLHJRHUURHVWWHPSXVLQLXFXQGXP
PRGRDQWHWHVHGDQLPXPHULJHWLELVDWLVEHQHSHUXHQLUH
OLFHDW HVW QXQWLXV DGXHQLHQV TXHP HWLDP FRUXL QRQ
DXGLXHUXQWEHQHXDOHDV´
WXUEDWXVVHGKLODUDWXV%LOERIHVWLQDXLWDGXDGXPWXWXP
GXFWXV WUDQV TXRG VLFFXV ODWXV GU\DGLEXV XDOHUH GL[LW HW
FDXWHUXUVXVDG3RUWDPDVFHQGLWGHIHVVXVILHEDWVHGORQJH
IXLW DQWH PHGLDP QRFWHP FXP LWHUXP IXQHP VFDQGLW ± TXL
HWLDP IXLW LQ HRGHP ORFR TXR LOOH HXP UHOLTXHUDW TXHP
VROXLWHWFHODXLWHWWXPLQPXURFRQVHGLWHWDQ[LHPLUDWXV
HVWTXLGSUR[LPHDFWXUXPVLW
PHGLDQRFWH%RPEXUHPH[FLWDXLWHWWXPXLFLVVLPVHLQ
DQJXORVXRLQXROXLWJUDWLLVVHQLVQDQLLQDXGLWLVTXDVVHQVLW
VHXL[PHUXLVVHPR[JUDXLWHUGRUPLHEDWRPQLXPFXUDUXP
REOLWXV XVTXH DG PDQH UH XHUD GH RXLEXV DWTXH ODULGR
VRPQLDEDW
&$3976(37,090'(&,090
19%(6590391795
SUR[LPRGLHWXEDHLQFDVWULVSULPDOXFHUHVRQDXHUXQWPR[
FXUVRUHP VROXP VHFXQGXP VHPLWDP DQJXVWDP IHVWLQDQWHP
XLGHUXQWTXLSURFXOVWHWLWDWTXHHRVVDOXWDXLWURJDQVQXP
7KRULQXVQXQFOHJDWLRQHPDOWHUDPDXGLDWTXLDQXQWLLQRXL
DGPDQXPXHQLVVHQWHWUHVPXWDWDHHVVHQW
KLV DXGLWLV ³LG HVW 'DLQXV´ 7KRULQXV LQTXLW
³DXGLXHUXQW HXP DSSURSLQTXDUH TXDP UHP SXWDXL PHQWHV
PXWDWXUDPHVVHLOORVXHQLUHLXEHWHSDXFRVDWTXHLQHUPHV
HWLOORVDXGLDP´QXQWLRFODPDXLW
FLUFD PHGLXP GLHP XH[LOOD 6LOXDH DWTXH /DFXV UXUVXV
HODWD XLGHUXQW FRSLD XLJLQWL KRPLQXP DSSURSLQTXDEDW
HQVLEXV DWTXH KDVWLV LQ SULQFLSLR XLDH DQJXVWDH GHSRVLWLV
DG3RUWDPSHUUH[HUXQWDGPLUDQWHVQDQLXLGHUXQWLQWHUHRV
HW 9DWHP HW 5HJHPGU\DGXP HVVH DQWH TXRV VHQHP LQ
DPLFXOD DWTXH FXFXOOR LQXROXWXP IHUUH DUFXODP OLJQHDP
IHUURDOOLJDWDP
³VDOXH 7KRULQH´9DWHV LQTXLW³HVQH HWLDP LQ HDGHP
PHQWH"´
³PHQV PHD FXP VROLEXV SDXFLV RUWLV DWTXH RFFDVLEXV
QRQ PXWDWXU´ 7KRULQXV UHVSRQGLW ³XHQLVQH XW PH
TXDHVWLRQHV RWLRVDV URJHV" HWLDP FRSLDGU\DGXP QRQ
GLVFHVVLW XW LXVVL GRQHF LOOXG WHPSXV IUXVWUD XHQLV DG
SDFLVFHQGXPPHFXP´
³HVWQH HUJR QLKLOXP SUR TXR WX DXUXP DOLTXLG
FRQFHGHV"´
³QLKLOXPTXRGDWHXHODPLFLVWXLVRIIHUULSRVVXQW´
³TXLGGH$UNHQODSLGH7KUDLQL"´LOOHLQTXLWVLPXOVHQH[
DUFXODP DSHUXLW HW JHPPDP HUH[LW OX[ H PDQX H[VLOXLW
FODUDDWTXHFDQGLGDLQPDQH
WXP7KRULQXVDWWRQLWXVWXUEDWXVTXHREPXWHVFHEDWQHPR
GLXORFXWXVHVW
7KRULQXVWDQGHPVLOHQWLXPGLVWXUEDXLWFXLXVXR[GHQVD
FXPLUDIXLW³LOOHODSLVSDWULVPHLIXLWHWPHXVHVW´LQTXLW
³FXU PH RSRUWHW PHXP HPHUH"´ DGPLUDWLRQH DXWHP
VXSHUDWXV DGGLGLW ³VHG TXRPRGR UHOLFWXP KHUHGLWDULXP
GRPXVPHDHREWLQXLVWLV±VLRSXVVLWWDOHPTXDHVWLRQHPD
IXULEXVURJDUH"´
³QRV QRQ IXUHV VXPXV´9DWHV UHVSRQGLW³WXXP WLEL SUR
QRVWULVGDELPXV´
³TXRPRGR HXP REWLQXLVWLV"´7KRULQXV LUD FUHVFHQWH
FODPDXLW
³HJR HXP LOOLV GHGL´ %LOER VWULGLW TXL VXSHU PXUXP
GHVSLFLHQVQXQFXDOGHWLPHEDW
³WX WX´ 7KRULQXV FODPDXLW LQ HXP PDJQR LPSHWX
UHGLHQV HW HXP FXP PDQLEXV DPEDEXV SUHKHQGHQV ³WX
PLVHU KREELWH WX SDUXXOH ± HIIUDFWDUL´ XHUELV DPLVVLV
FODPDXLWHWPLVHUXP%LOERQHPTXDVLFXQLFXOXPTXDVVDXLW
³DEDUED'XULQLXWLQDP*DQGDOSKXVDGVLWLOOLPDOHGLF
TXLD LOOH WH HOHJLW EDUED HLXV ODQJXHVFDW HW GH WH WH DG
VD[D LDFLDP´ FODPDXLW HW %LOERQHP LQ EUDFFKLLV VXLV
VXVWXOLW
³PDQH GHVLGHUXP WXXP H[SOHWXP HVW´ XR[ TXDHGDP
LQTXLWVHQH[FXPDUFXODFXFXOOXPDWTXHDPLFXODPDELHFLW
³KLFHVW*DQGDOSKXVHWQHTXDTXDPSUDHPDWXUHXLGHWXUVL
(IIUDFWDULXV PHXV QRQ WLEL SODFHW QROL HL QRFHUH TXDHVR
HXPGHSRQHHWSULPXPXHUEDHLXVDXGL´
³XRV RPQHV LQ FRQLXUDWLRQH HVVH XLGHPLQL´ 7KRULQXV
LQTXLW%LOERQHPLQVXPPXPPXUXPGHPLWWHQV³QXPTXDP
UXUVXV QHJRWLD FXP XOOR PDJR XHO DPLFLV HLXV DJDP TXLG
PLKLGLFLVWXSURJHQLHVPXULXP"´
³PH PLVHUXP PH PLVHUXP´ %LOER LQTXLW ³HQLPXHUR
KDHF UHV LQFRPPRGLVVLPD HVW PHPLQLVWLQH WH GL[LVVH PH
SDUWHP PHDP TXDUWDP GHFLPDP HOLJHUH SRVVH" IRUWDVVH
VHQWHQWLDPWXDPDGXHUEXPDFFHSL±PLKLGLFWXPHVWQDQRV
DOLTXDQGR LQ XHUELV TXDP LQ UHEXV JHVWLEXV XUEDQLRUHV
HVVHQLKLORPLQXVIXLWWHPSXVLQTXRWXXLVXVHVSXWDUHPH
DOLTXDQWXOXP XVXL HVVH SURJHQLHV PXULXP TXLGHP HVWQH
KRFRPQHPLQLVWHULXPHWHDWTXHWXLVTXRGPLKLSROOLFLWXV
HV 7KRULQH" DFFLSH PH GHSRVXLVVH SDUWHP PHDP VLFXW
XROXLLWDTXHUHPUHOLQTXH´
³UHP UHOLQTXDP´ 7KRULQXV WRUXLWHU LQTXLW ³SRUUR LQ
HRGHP PRGR WH UHOLQTXDP ± XWLQDP QRV QXPTXDP UXUVXV
FRQXHQLDPXV´WXPVHXHUVRVXSHUPXUXPORFXWXVHVW³HJR
SURGLWXV VXP´ LQTXLW ³UHFWH FRQLHFWXP HVW PH QRQ SRVVH
UHFXVDUH PH UHGHPSWXUXP HVVH$UNHQODSLGHP WKHVDXUXP
GRPXVPHDHSURTXRSDUWHPTXDUWDPGHFLPDPDFXHUXLLQ
DUJHQWR DWTXH DXUR GDER JHPPLV H[FHSWLV VHG LOOD SUR
SDUWH SROOLFLWD SURGLWRULV LVWLXV QXPHUHWXU TXL FXP LOOR
SUDHPLR DEVFHGDW HW XRV LOOXG GLXLGDWLV VLFXW XXOWLV VLQH
GXELXP HVW TXLQ LOOH SDUXP KDEHDW HXP DFFLSH VL XXOWLV
HXPXLXHUHQHTXHDPLFLWLDPHDHXPFRPLWDW
³QXQFDGDPLFRVWXRVGHVFHQGH´%LOERQLLQTXLW³DOLWHU
WHGHLFLDP´
³TXLGGHDXURDWTXHDUJHQWR"´%LOERURJDXLW
³LG SRVW VHTXHWXU VLFXW LQVWLWXHULPXV´ LOOH LQTXLW
³GHVFHQGH´
³XVTXH DG LOOXG WHPSXV ODSLGHP VHUXDELPXV´ 9DWHV
FODPDXLW
³WXQRQXLUHPLQHQVHVXW5H[VXE0RQWH´*DQGDOSKXV
LQTXLW³VHGUHEXVHWLDPPXWDULOLFHW´
³LOOLV TXLGHP OLFHW´ 7KRULQXV LQTXLW HW LDP WDP IRUWLV
IXLW IDVFLQDWLR WKHVDXUL VXSHU HXP FRJLWDEDW QXP 'DLQR
LXXDQWH$UNHQODSLGXPUHFLSHUHHWSDUWHPSUDHPLLUHWLQHUH
SRVVLW
LWDTXH %LOER GH PXUR GHPLVVXV HVW HW DEVFHGLW FXP
QXOOLV SUR RPQLEXV VXLV PROHVWLLV SUDHWHU DUPD TXDH
7KRULQXV LDP HL GHGHUDW PDJLV TXDP XQXV QDQRUXP LQ
FRUGLEXVVXLVSXGRUHPDWTXHPLVHULFRUGLDPHUJDHXPTXL
GLVFHGHEDWVHQVHUXQW
³XDOHWH´HLVFODPDXLW³UXUVXVFRQXHQLDPXVXWDPLFL´
³DEVFHGH´ 7KRULQXV XRFDXLW ³WX ORULFD TXDH D JHQWH
PHDIDFWDHVWXHVWLWXVHVTXDHQLPLVERQDWLELHVWLOODD
VDJLWWLVSHUIRUDULQRQSRWHVWVHGVLWXQRQSURSHUDVSHGHV
PLVHURVSXQJDPLWDIHVWLQD´
³QROL IHVWLQDUH´ 9DWHV LQTXLW ³WHPSXV WLEL GDELPXV LQ
FUDVWLQXPGLHPPHGLRGLHUHGLELPXVHWXLGHELPXVQXPWX
SDUWHPTXDHSURODSLGHQXPHUDELWXUH[DFHUXRHIIHUDVVL
LOODP UHP VLQH IUDXGH IHFHULV WXP QRV GLVFHGHPXV HW
FRSLDGU\DGXPDG6LOXDHUHGLELWLQWHULPXDOH´
KLV GLFWLV DG FDVWUD UHGLHUXQW VHG 7KRULQXV QXQWLRV D
5RlFH PLVLW TXL 'DLQR GH UHEXV JHVWLV QDUUDUHQW DWTXH
HXPXHQLUHFXPFHOHULWDWHFDXWDLXEHUHQW
LOOH GLHV SUDHWHULLW HW QR[ SUR[LPR GLH XHQWR DG

RFFLGHQWHPXHUVRDHUIXLWDWHUDWTXHFDOLJLQRVXVPDWXWLQR
HWLDP FODPRUHP LQ FDVWUD DXGLXHUXQW FXUVRUHV LQWURLHUXQW
TXLQXQWLDXHUXQWFRSLDPQDQRUXPDSSDUXLVVHFLUFXPLXJXP
RULHQWDOH 0RQWLV TXDP QXQF DG &RQXDOOHP IHVWLQDUH
'DLQXVDGXHQHUDWTXLSHUQRFWHPPDWXUDXHUDWLWDTXHLOOLV
VXSHUXHQHUDW PDWXULXV TXDP LOOL H[VSHFWDXHUDQW TXLVTXH
JHQWLV HLXV LQ ORULFD FKDO\ELV XHVWLWXV HVW TXDH DG JHQXD
SHSHQGLW HW FUXUD WLELDOLEXV D PDFXOD PHWDOOLFD WHQXL
IOH[LELOLTXHIDFWLVWHFWDVXQWGHIDEULFDWLRQHDUFDQDFXLXV
VROXP JHQV 'DLQL FRJQRXLW QDQL SUR SURFHULWDWH VXD
IRUWLVVLPLVXQWVHGSOXULPLTXRUXPIRUWHVHWLDPSURQDQLV
IXHUXQW GXP SXJQDQW GRODEUDV SRQGHURVDV LQ GXDEXV
PDQLEXV JHVVHUXQW VHG TXLVTXH TXRTXH JODGLXP LQ ODWHUH
VXRHWFOLSHXPLQWHUJRVXRSHQGHQWHPKDEXLWEDUEDHVXDH
IXHUXQW ELIXUFDH DWTXH LPSOLFDWDH DWTXH LQ FLQJXOD VXD
WUXVDHSLOOHLIXHUXQWIHUUHLHWIHUURFDOFDWLVXQWHWIDFLHV
VXDHIXHUXQWWRUXDH
WXEDH KRPLQHV HW GU\DGHV DG DUPD XRFDXHUXQW PR[
QDQRV SURJUHGLHQWHV JUHVVLEXV IHVWLQLV DGXHUVXV XDOOHP
XLGHUXQW TXL LQWHU IOXPHQ HW LXJXP RULHQWDOH FRQVWLWHUXQW
VHG SDXFL LWHU IDFHUH FRQWLQXDEDQW HW IOXPLQH WUDQVLWR DG
FDVWUDDSSURSLQTXDEDQWLELDUPLVVXLVGHSRVLWLVPDQXVLQ
VLJQDSDFLVVXVWXOHUXQW9DWHVHJUHVVXVHVWXWLOOLVREXLDP
LUHWD%LOERQHFRPLWDWXV
³D 'DLQR 1DLQL ILOLR PLVVL VXPXV´ LQWHUURJDQWLEXV
UHVSRQGHUXQW³DGFRJQDWRVVXRVLQ0RQWHIHVWLQDPXVFXP
FRJQRXHULPXVUHJQXPGLHUXPDQWLTXRUXPUHVWLWXLVHGTXL
HVWLV XRV TXL LQ FDPSR VHGHQW XW KRVWHV DQWH PXURV
GHIHQVRV"´LGVDQHLQXUEDQLVDWTXHDQWLTXLRULEXVXHUELV
WDOLXP RFFDVLRQXP VROXP VLJQLILFDXLW ³XRV QXOOXP
QHJRWLXP KLF KDEHWLV QRV SHUJLPXV LWDTXH FHGLWH DOLWHU
FRQWUDXRVFRQWHQGHPXV´LQDQLPRKDEXHUXQWSHUJHUHLQWHU
0RQWHP DWTXH IOH[XP IOXPLQLV QDP LEL WHUUD DQJXVWD
IRUWLWHUFXVWRGLULQRQXLVDHVW
9DWHV VDQH UHFXVDXLW VLQHUH QDQRV GLUHFWR DG 0RQWHP
SHUJHUHHLFHUWXPHVWPDQHUHGRQHFDXUXPDWTXHDUJHQWXP
SUR $UNHQODSLGH HODWD VXQW QDP QRQ FUHGLGLW LOORV
SHUIHFWXURV HVVH UHP VL DUFHP FXP WDP PDJQD DWTXH
EHOOLFRVD FRSLD FRPSOHXHULQW VHFXP PDJQRV FRPPHDWXV
WXOHUXQW QDP QDQL RQHUD SRQGHURVLVVLPD IHUUH SRVVXQW HW
SDHQHRPQLVJHQV'DLQLLWLQHUHFLWRIDFWRWDPHQLQJHQWHP
VDUFLQDP DUPLV DGGLWDP LQ WHUJR VXR WXOLW REVLGLRQL
UHVLVWHUH SHU KHEGRPDGHV SRWHUXQW TXR WHPSRUH SOXULEXV
QDQLV DGXHQLUH OLFHDW HW SOXULEXV HWLDP QDP 7KRULQXV
PXOWRV FRJQDWRV KDEXLW SRUUR LOOLV OLFHDW QHVFLR TXDP
SRUWDPDOLDPDSHULUHDWTXHFXVWRGLUHXWREVHVVRUHVWRWXP
PRQWHPFLUFXPXHQLUHFRJDQWXUHWDGLOODPUHPIDFLHQGDP
SDUXPKDEXHUXQW
UH XHUD KDHF IXHUXQW FRQVLOLD VXD H[DFWH QDP QXQWLL
FRUXL LQWHU 7KRULQXP DWTXH 'DLQXP RFFXSDWL VXQW VHG
QXQFXLDREVDHSWDHVWLWDTXHSRVWXHUEDLUDWDQXQWLLQDQL
LQ EDUELV VXLV PXVVDQWHV SHGHP UHWWXOHUXQW WXP 9DWHV
QXQWLRV DG 3RUWDP VWDWLP PLVLW TXL WDPHQ QLKLO DXUL QHF
SHQVLRQLV LQXHQHUXQW VDJLWWLV HPLVVLV TXDP SULPXP LQWUD
WHOL LDFWXP DGXHQHUXQW SDXLGL UHIXJHUXQW LQ FDVWULV QXQF
RPQLD IXHUXQW DJLWDWD TXDVL DG SURHOLDQGXP QDP QDQL
'DLQLVHFXQGXPULSDPRULHQWDOHPSURJUHGLHEDQWXU
³VWXOWL´ 9DWHV ULVLW ³TXL LWD VXE EUDFFKLR 0RQWLV
XHQLXQWEHOOXPVXSHUWHUUDPQRQLQWHOOHJXQWTXRGFXPTXH
LOOLV OLFHW GH SURHOLDQGR LQ IRGLQLV VFLUH QXQF VXQW PXOWL
VDJLWWDULL QRVWUL DWTXH KDVWDWL LQWHU VD[D LQ ODWHUH GH[WUR
FHODWL ORULFD QDQRUXP OLFHW HVVH ERQD VHG PR[ PXOWLV
SHULFXOLVXQGLTXHFLQJHQWXUQRVLPSHWXPLQHRVXWULPTXH
IDFLDPXVSULXVTXDPRPQLQRUHTXLHXHUXQW´
5H[GU\DGXP WDPHQ LQTXLW ³GLX UHPDQHER DQWHTXDP
KRF EHOOXP DXUL FDXVD LQFLSLDP QDQL QRV SUDHWHULUH QRQ
SRWHUXQWQLVLHRVVLXHULPXVQHTXHDOLTXLGIDFHUHSRWHUXQW
TXRGQRWDUHQRQSRWHULPXVHWLDPVSHUHPXVDOLTXLGQRVLQ
FRQFRUGLDPUHGDFWXUXPHVVHPXOWLWXGRQRVWUDQRELVVDWLV
SURGHULWVLGHPXPQRELVPLVHUHSXJQDQGXPVLW´
VHG LOOH QDQRV QRQ FRQVLGHUDXLW LQ PHQWLEXV TXRUXP
VFLHQWLD $UNHQODSLGLV LQ PDQLEXV REVHVVRUXP IODJUDEDW
SRUUR FRQLHFHUXQW 9DWHP HW DPLFRV FXQFWDUL HW
FRQVWLWXHUXQWLQHRVGXPFRQVLOLDQWXUIDFHUHLPSHWXP
UHSHQWHVLQHVLJQRWDFLWLLQVLOXHUXQWDUFXVLQWHQGHEDQWXU
HWVDJLWWDHHPLWWHEDQWXUSURHOLXPFRPPLWWHEDWXU
PDJLV UHSHQWH HWLDP WHQHEUDH FHOHULWDWH GLUD
DGXHQHUXQW QXEHV QLJUD WUDQV FDHOXP IHVWLQDXLW WRQLWUXV
KLHPDOLV LQ XHQWR VDHXR IUHPHQV DSSURSLQTXDXLW DWTXH LQ
0RQWH FLUFXPWRQDXLW FXP IXOPLQH LQ VXPPR IXOJHQWL HW
VXE WRQLWUX FDOLJLQHP DOLDP LQ WXUELQH DSSURSLQTXDQWHP
XLGHUH SRWXHUXQW TXDH WDPHQ FXP XHQWR QRQ DGXHQLW H
6HSWHQWULRQLEXVXHQLWVLFXWLQJHQVQXEHVDXLXPDGHRGHQVD
XWQXOODPOXFHPLQWHUDODVXLGHUHSRVVHQW
³GHVLVWLWH´*DQGDOSKXVFODPDXLWTXLVXELWRDSSDUXLWHW
VROXV EUDFFKLLV HUHFWLV LQWHU QDQRV SURJUHGLHQWHV HW
RUGLQHV HRV H[VSHFWDQWHV VWHWLW ³GHVLVWLWH´ XRFDXLW XRFH
VLFXW WRQLWUX EDFXOXP FXLXV IXOJRUH VLFXW IXOPLQH HOX[LW
³IRUPLGR XRELV RPQLEXV VXSHUXHQLW KHX FLWLXV TXDP
SXWDXHUDP JREHOLQL XRELV VXSHUXHQLHQW %ROJ
6HSWHQWULRQXP XHQLW R 'DLQH SDWUHP FXLXV LQ 0RULD
QHFDXLVWL HFFH XHVSHUWLOLRQHV VXSHU H[HUFLWXP HLXV VXQW
VLFXWPDUHORFXVWDUXPVXSHUOXSRVXHKXQWXUHWZDUJLHRV
VHTXXQWXU´
RPQHV RPQLQR IXHUXQW DWWRQLWL DWTXH VWXSHIDFWL HWLDP
GXP *DQGDOSKXV ORTXLWXU WHQHEUDH FUHVFHEDQW QDQL
FRQVWLWHUXQW HW FDHOXP DVSH[HUXQW GU\DGHV XRFLEXV
SOXULPLVH[FODPDXHUXQW
³XHQLWH´ *DQGDOSKXV XRFDXLW ³HWLDP WHPSXV HVW DG
FRQVLOLDQGXP'DLQXV1DLQLILOLXVDGQRVFLWRXHQLDW´
LWDTXH SURHOLXP DE RPQLEXV LQRSLQDWXP LQLHUXQW TXRG

3URHOLXP 4XLQTXH ([HUFLWXXP DSSHOODWXP HVW HW XDOGH
WHUULELOH IXLW LQ DOLD SDUWH IXHUXQW *REHOLQL DWTXH /XSL
)HULHWLQDOLDIXHUXQW'U\DGHVDWTXH+RPLQHVDWTXH1DQL
KLF HVW PRGXV LQ TXR IDFWXP HVW FXP *REHOLQXV 0DJQXV
0RQWLXP 1HEXORVRUXP GHFLGLVVHW JHQV HLXV RGLXP VXXP
LQQDQRVXVTXHDGLUDPUHIRXHUXQWQXQWLLKXFHWLOOXFLQWHU
RPQLD RSSLGD VXD FRORQLDV DWTXH DUFHV LWLQHUD IHFHUDQW
QDP XLQFHUH LPSHULXP 6HSWHQWULRQXP QXQF VWDWXHUXQW D
XLLV DUFDQLV QXQWLRV FROOHJHUXQW HW SHU RPQHV PRQWHV UHV
IDEULFDEDQWDWTXHVHDUPDEDQWWXPLWHUIHFHUXQWHWDFROOH
DWTXH XDOOH FRQXHQHUXQW VHPSHU SHU FXQLFXORV XHO VXEWHU
WHQHEUDV SURJUHGLHQWHV GRQHF FLUFXP DWTXH VXEWHU
LQJHQWHP 0RQWHP *XQGDEDG 6HSWHQWULRQXP LQ TXR
RSSLGXP HRUXP SULQFHSV IXLW FRSLD SUDHJUDQGLV FRDFWD
HVWTXDHVHSDUDEDWLQWHPSHVWDWHWHPSHVWLXDLQ0HULGLHP
H[ LQRSLQDWR GHVFHQGHUH WXP GH PRUWH 6PDXJLV
FRJQRXHUXQW HW JDXGLXP LQ FRUGLEXV VXLV KDEXHUXQW HW
QRFWHVDWTXHQRFWHVSHUPRQWHVIHVWLQDXHUDQWHWWDQGHPH
6HSWHQWULRQH GLUHFWR SRQH 'DLQXP UHSHQWH DGXHQHUDQW
QHF HWLDP FRUXL VFLXHUXQW LOORV DGXHQLVVH GRQHF LOOL LQ
WHUULV IUDFWLV TXDH 0RQWHP 6ROXP D FROOLEXV LQ WHUJR
GLXLVHUXQW HXHQHUXQW TXDQWXP VFLXHULW *DQGDOSKXV QRQ
GLFL SRWHVW VHG FHUWXP HVW HXP QRQ H[VSHFWDXLVVH KXQF
LPSHWXPVXELWXP
KRF HVW FRQVLOLXP TXRG LV LQ FRQVLOLR FXP 5HJH
GU\DGXP DWTXH 9DWH IHFLW HW FXP 'DLQR QDP QXQF
GRPLQXVQDQXV HRV LXQ[LW RPQHV *REHOLQLV LQLPLFL
IXHUXQW TXLD LOOL DGXHQHUDQW RPQLD LXUJLD FHWHUD IXHUXQW
REOLWDVSHPVRODPKDEXHUXQWXWJREHOLQRVLQXDOOHPLQWHU
EUDFFKLD 0RQWLV LQGXFHUHQW HW LSVL PDJQD LXJD TXDH DG
PHULGLHP DWTXH RULHQWHP WHWHQGHEDQW FXVWRGLUHQW
QLKLORPLQXV LOOD UHV HVVHW SHULFXORVD VL VDWLV FRSLD
JREHOLQLVHVVHWXWPRQWHPLSVXPSHUXDJDULSRVVHQWLWDTXH
LPSHWXPTXRTXHHWLQWHUJXPHWGHVXSHUIDFHUHQWVHGQLKLO
WHPSRULVIXLWDXWDGFRQVLOLDDOWHUDFDSLHQGDDXWDX[LOLXP
XRFDQGXP
PR[ WRQLWUXV SUDHWHULLW URWDQV LQWHU 0HULGLHP HW 6ROLV
RUWXP VHG QXEHV XHVSHUWLOLRQXP XHQLW LQIHULXV XROLWDQV
VXSHU XPHUXP 0RQWLV HW VXSHU HRV OXFHP LQFOXGHQV HW
RPQHVIRUPLGLQHLPSOHQVURWDEDWXU
³DG 0RQWHP´ 9DWHV FODPDXLW ³DG 0RQWHP QRV GXP
HWLDPWHPSXVHVWVHRUGLQHPXV´
LQ LXJR PHULGLRQDOH LQ FOLXLV LPLV HW LQ VD[LV DG
LQILPXP GU\DGHV VWHWHUXQW LQ LXJR RULHQWDOH IXHUXQW
KRPLQHVDWTXHQDQL9DWHVDXWHPHWQRQQXOOLKRPLQHVDWTXH
GU\DGHV VXPPD DJLOLWDWH DG XHUWLFHP XPHUL RULHQWDOLV
DVFHQGHUXQW XW DG 6HSWHQWULRQHV DVSLFHUHQW PR[ WHUUDV
DQWHSHGHV0RQWLVQLJUDVFXPPXOWLWXGLQHIHVWLQDQWLXLGHUH
SRWXHUXQWSDXORSRVWSULPXPDJPHQFLUFXPILQHPLXJLVH
URWDWXP IHVWLQDQV LQ &RQXDOOHP FXFXUULW TXL IXHUXQW
UHFWRUHVOXSRUXPFHOHUULPLHWLDPFODPRUHVTXRUXPDWTXH
XOXODWXV DHUHP SURFXO VFLQGHEDQW SDXFL KRPLQHV IRUWHV
DQWHLOORVRUGLQDWLVXQWTXLVHUHVLVWHUHLOOLVILQJHUHQWHWLEL
GHFLGHUXQW DQWHTXDP FHWHUL UHXHUVL DG XWUXPTXH ODWXV
SHGHP UHWWXOHUXQW VLFXW *DQGDOSKXV VSHUDXLW H[HUFLWXV
JREHOLQRUXP SRQH SULPXP DJPHQ REVWDWXP FROOHFWXV
QXQF LUDWXV LQ XDOOHP LQIXVXV HVW HW LQVDQXV KRVWHV
TXDHUHQVLQWHUEUDFFKLD0RQWLVHUXPSHEDWXH[LOODIXHUXQW
LQQXPHUDELOLD QLJUD DWTXH UXEUD HW LUDWL DWTXH WXUELGL
TXDVLDHVWXVSHUJHEDQW
DWURFLWHU SXJQDWXP HVW TXDH UHV IXLW SHVVLPD RPQLXP
TXDV %LOER SDVVXV HUDW HW TXDP LQ LOOR WHPSRUH PD[LPH
RGHUDW±HUJRUHPTXDPD[LPHVHLDFWDXLWHWTXDPPXOWR
SRVW DPDQWLVVLPH UHXRFDUH VROHEDW TXDPTXDP LQ LOOD UH
PLQLPLPRPHQWLIXLWUHXHUDPLKLOLFHDWGLFHUHHXPDQXOR
SUDHPDWXUH LQGXWR H[ DVSHFWX HXDQHVFHUH VHG QRQ H
SHULFXORRPQLDQXOXVPDJLFXVWDOLVJHQHULVQRQRPQLQRHVW
SUDHVLGLXP FRQWUD JREHOLQRV LPSHWXP IDFLHQWHV QHTXH
VDJLWWDV XRODQWHV DWTXH KDVWDV HUUDWLFDV REVLVWHUH SRWHVW
VHG DX[LOLR HVW LQ PRXHQGR H XLD HW JREHOLQXP
JODGLDWRUHP SURKLEHW QH LOOH FDSXW WXXP DG LFWXP UHSHQWH
SURSULXPHOLJDW
GU\DGHV SULPXP LPSHWXP IHFHUXQW RGLXP TXDUXP LQ
JREHOLQRV HVW IULJLGXP DWTXH DFHUEXP KDVWDH VXDH DWTXH
HQVHV LQ FDOLJLQH FXP IXOJRUH IODPPDH IULJLGDH QLWHEDQW
WDP OHWLIHUD IXLW LUD PDQXXP TXDH LOODV WHQHEDQW TXDP
SULPXP FRSLD KRVWLXP LQ XDOOH GHQVD IXLW SOXXLDP
VDJLWWDUXP FRQWUD HDP PLVHUXQW TXDHTXH HIIXJLHQV
HIIXOJHEDWTXDVLFXPIODPPDSXQJHQWLSRVWVDJLWWDVPLOOH
KDVWDWLGHVLOXHUXQWHWLPSHWXPIHFHUXQWDXUHVDFODPRULEXV
REWXVDHVXQWVD[DVDQJXLQHJREHOLQRUXPPDFXODWDVXQW
WXP PD[LPH JREHOLQL DE LQFXUVX VH UHILFLHEDQW HW
LPSHWXV GU\DGXP FRQVWLWLW IUHPLWXV TXLGDP DE LPLV
IDXFLEXV WUDQV XDOOHP HUUH[LW FODPLWDQWHV ³0RULD´ DWTXH
³'DLQH 'DLQH´ QDQL &ROOLXP )HUUHRUXP GRODEUDV VXDV
JHUHQWHV LQ DOWHUR ODWHUH VH LPPHUVHUXQW HW LX[WD HRV
KRPLQHV/DFXVHQVLEXVORQJLVXHQHUXQW
WHUURU LQ JREHOLQRV LQFLGLW GXP VH XHUWXQW XW LQFXUVXL
QRXR REXLDP HDQW GU\DGHV FXP FRSLLV UHFUHDWLV LPSHWXP
LWHUXP IHFHUXQW LDP PXOWL JREHOLQRUXP VHFXQGXP IOXPHQ
GHXRODEDQW DG HIIXJLHQGXP H[ LQVLGLLV HW PXOWL OXSL
TXRUXP LQ HRV LPSHWXP IDFLHEDQW HW PRUWXRV DWTXH
XXOQHUDWRV PRUGHEDQW XLFWRULD DGHVVH XLVD HVW FXP
FODPRUHXHUWLFLEXVVXSUDUHVRQDXLW
JREHOLQL 0RQWHP DE DOWHUR ODWHUH DVFHQGHUDQW HW LDP
PXOWL LQ FOLXLV VXSHU 3RUWDP DGHUDQW HW DOLL WHPHUH
GHIOXHEDQW HRUXP TXL XOXODQWHV H VFRSXOR DWTXH
SUDHFLSLWH GHFLGHEDQW QHJOLJHQWHV XW LQ LXJD LPSHWXP
GHVXSHU IDFHUHQW TXLGTXH LXJXP DWWLQJL SRWXLW D VHPLWLV
TXDH D PDVVD SULQFLSH 0RQWLV LQ PHGLR GHFXUUHUXQW HW
IXHUXQW SDUXP GHIHQVRUXP DG GLX XLDP REVDHSLHQGDP
XLFWRULD QXQF D VSH HIIXJLW PRGR SULPR LPSHWXL DHVWXV
QLJULREVWLWHUXQW
GLH FUHVFHQWH JREHOLQL LWHUXP LQ XDOOH VH
FRQJUHJDXHUXQWLELFRSLDZDUJRUXPXRUDFLXPXHQLWHWFXP
HLV VDWHOOLWHV %ROJLV XHQHUXQW JREHOLQL PDJQLWXGLQLV
SUDHJUDQGLV FXP HQVLEXV IDOFDWLV FKDO\ELV PR[ WHQHEUDH
XHUDH LQ FDHOXP SURFHOORVXP XHQLHEDQW GXP DGKXF
XHVSHUWLOLRQHV PDJQL FDSLWD DWTXH DXUHV GU\DGXP
KRPLQXPTXH FLUFXPXROLWDQW XHO XXOQHUDWLEXV VH LQILJXQW
V L F XW VDQJXLVXJDH QXQF 9DWHV FRQWHQGHEDW DG LXJXP
RULHQWDOHGHIHQGHQGXPQLKLORPLQXVSHGHPOHQWHUHIHUHEDW
HW GRPLQLGU\DGXP FLUFXP UHJHP VXXP LQ EUDFFKLR
PHULGLRQDOLLX[WDVSHFXODPLQ&RUXLFROOHVHRSSRQHEDQW
UHSHQWHIXLWPDJQXVFODPRUHWXR[WXEDHH3RUWDXHQLW
7KRULQL REOLWL VXQW SDUV PXUL D XHFWLEXV PRWD FUHSLWX
H[WULQVHFXVLQVWDJQXPGHFLGLW5H[VXE0RQWHH[VLOXLWHW
FRPLWHV HLXV HXP VHFXWL VXQW FXFXOOXP DWTXH DPLFXOXP
UHOLTXHUXQWVHLQORULFDQLWHQWLXHVWLHEDQWHWOX[UXEUDH[
RFXOLVH[VLOLHEDWLQFDOLJLQHQDQXVPDJQXVVLFXWDXUXPLQ
LJQHGHILFLHQWLIXOJHEDW
DEH[FHOVRJREHOLQLTXLVXSUDIXHUXQWVD[DGHLHFHUXQW
VHG QDQL REGXUDXHUXQW DG SHGHP GHLHFWXV DTXDH
GHVLOXHUXQW HW LQ SURHOLXP LUUXHUXQW OXSXV HW UHFWRU DQWH
HRV GHFLGHUXQW 7KRULQXV VHFXUHP FXP PDJQLV LFWLEXV
WUDFWDXLWHWQLKLOHLQRFHUHXLVXVHVW
³DGPHDGPHGU\DGHVHWKRPLQHVDGPHRFRJQDWL´
FODPDXLWXRFHTXDVVDQWLVLFXWFRUQXLQXDOOH
RPQHV QDQL 'DLQL RUGLQLEXV QHJOHFWLV DG LOOXP
DGLXXDQGXPGHFXUUHUXQWGHRUVXPTXRTXHPXOWL+RPLQHV
/DFXV XHQHUXQW QDP 9DWHV HRV UHWLQHUH QRQ SRWXLW HW LQ
ODWHUH DOWHUR PXOWL KDVWDWL GU\DGXP HXHQHUXQW JREHOLQL
LWHUXP LQ XDOOH WUXFLGDWL HW DFHUXDWL VXQW GRQHF &RQXDOOLV
DWHUDWTXHKRUULELOLVDFDGDXHULEXVHRUXPIDFWXVHVWZDUJL
VSDUVLVXQWHW7KRULQXVXVTXHLQVDWHOOLWHV%ROJLVLPSHWXP
IHFLWRUGLQHVDXWHPTXRUXPWUDQVILJHUHQRQSRWXLW
LDP SRQH HXP LQWHU JREHOLQRV PRUWXRV LDFXHUXQW PXOWL
KRPLQHV DWTXH PXOWL QDQL DWTXH PXOWDH GU\DGHV SXOFKUDH
TXDVDGKXFSHUVDHFXODVORQJDVLXFXQGDHLQVLOXDRSRUWXLW
XLXHUH HW TXR XDOOLV ODWLRU ILHEDW HR LPSHWXV HLXV OHQWLRU
ILHEDWSDUXPQXPHULKDEXLWODWHUDVXDLQFXVWRGLWDIXHUXQW
PR[LQLOORVTXLLPSHWXPIHFHUDQWLPSHWXPIDFWXPHVWXW
LQPDJQXPFLUFXOXPFRJHUHQWXUDGXHUVXVRPQHVSDUWHVD
JREHOLQLV DWTXH OXSLV DG LPSHWXP UHXHQLHQWLEXV
FLUFXPVHVVLVDWHOOLWHV%ROJLXOXODQWHVFRQWUDHRVXHQHUXQW
HW LQ DJPLQD LUUXHUXQW VLFXW XQGDH LQ VFRSXORV KDUHQRVRV
DPLFL HRV DGLXXDUH QRQ SRWXHUXQW QDP LPSHWXV H[ 0RQWH
XLULEXVLQJHPLQDWLVUHQRXDWXVHVWXWXWULPTXHHWKRPLQHVHW
GU\DGHVOHQWHGHLFHUHQWXU
%LOER PLVHUDQV RPQLD GHVSH[LW LQ &RUXLFROOH DSXG
GU\DGHV FRQVWLWLW ± SDUWLP TXRG XHUL VLPLOLXV VH H[ LOOR
ORFR HIIXJHUH SRVVH HW SDUWLP FXP SDUWH PHQWLV
7RRNHQVL TXRG VL HL QHFHVVH VLW SHUVWDUH XVTXH DG
H[WUHPDP UHP RPQLEXV SHUSHQVLV 5HJHPGU\DGXP
GHIHQGHUHPDOXLW*DQGDOSKXVHWLDPPLKLOLFHWGLFHUHLEL
IXLW KXPL VHGHQV TXDVL SHQLWXV FRJLWDQV GXP SDUDW XW
SXWRDOLTXHPLPSHWXPPDJLFXPDQWHILQHP
TXL QRQ ORQJH DEHVVH XLVXV HVW ³WHPSXV PR[ DGHULW´
%LOERSXWDXLW³FXPJREHOLQL3RUWDPXLFHULQWHWQRVRPQHV
WUXFLGDWLDXWGHSXOVLDWTXHFDSWLIXHULPXVUHXHUDVDWLVHVW
XW SRVW RPQLD TXDH SDVVXV VXP ODFULPHP XWLQDP XHWXV
6PDXJ FXP RPQL WKHVDXUR PLVHUR VXSHUVLW SRWLXV TXDP
LVWDH EHOXDH IRHGDH HXP KDEHDQW HW PLVHU XHWXV %RPEXU
HW %DOLQXV HW )LOLXV HW .LOLXV HW RPQHV FHWHUL DG ILQHP
PDOXP DGXHQLDQW DWTXH 9DWHV TXRTXH HW +RPLQHV/DFXV
HWLXFXQGDHGU\DGHVPHPLVHUXPPXOWRVFDQWXVGHPXOWLV
SURHOLLVDXGLXLHWVHPSHULQWHOOH[LFODGHVHVVHJORULRVDP
SRVVH QXQF LOOD LQFRPPRGLVVLPD HVVH XLGHWXU HWLDP
DFHUEDXWLQDPHJRORQJHH[LOODDEVLP´
QXEHV D XHQWR VFLQGHEDQWXU HW RFFDVXV VROLV UXEHU
2FFLGHQWHP LFLHEDW IXOJRUH VXELWR LQ FDOLJLQH DVSHFWR
%LOERFLUXPVSHFWDXLWWXPPDJQXPFODPRUHPHPLVLWQDP
DVSHFWXPDVSH[HUDWTXLHIIHFLWXWFRUHLXVH[VLOXLWILJXUDV
DWUDV SDUXDV HWLDP DXJXVWDV FRQWUD DUGRUHP TXL SURFXO
DIXLW
³DTXLODHDTXLODH´FODPDXLW³DTXLODHXHQLXQW´
RFXOL %LOERQLV UDUR HUUDXHUXQW DTXLODH XHQWR VHFXQGR
XHQLHEDQW DJPHQ SRVW DJPHQ WDOLV FRSLD TXDOLV DE
RPQLEXVQLGLV6HSWHQWULRQXPFROOLJHQGDIXLW
³DTXLODH DTXLODH´ %LOER FODPDXLW VDOWDQV HW EUDFFKLD
LDFWDQV VL GU\DGHV HXP DXGLUH QRQ SRWXHUXQW HXP XLGHUH
SRWXHUXQW PR[ LOODH TXRTXH FODPRUHP VXVWXOHUXQW TXL
WUDQV XDOOHP UHVRQDXLW PXOWL RFXORV PLUDWRV HUH[HUXQW
TXDPTXDP HWLDPQXQF QLKLO XLGHUL SRWXLW QLVL DE XPHULV
PHULGLRQDOLEXV0RQWLV
³DTXLODH´ %LOER UXUVXV FODPDXLW VHG WXP PD[LPH
VD[XPTXRGGDPGHH[FHOVLVGHUXHQVHXPLQJDOHDJUDXLWHU
LFLWXWFUHSLWXGHFLGHUHWHWQLKLOXOWHULXVFRJQRVFHUHW
&$3972&7$990'(&,090
,7(55(7525690
FXP%LOERVHUHFHSLVVHWLSVHXHURVROXVIXLWLQODSLGLEXV
SODQLV &RUXLFROOLV LDFHEDW VHG QHPR DGIXLW GLHV VLQH
QXELEXVVHGJHOLGXVODWXVVXSHUHXPIXLWLVWDPIULJLGXV
TXDPODSLVKRUUHVFHEDWVHGFDSXWHLXVFXPLJQHIODJUDEDW
³QXQF DGPLURU TXLG IDFWXP HVVHW"´ VHFXP LQTXLW ³HJR
VXPDGKXFQRQLDPXQXVKHURXPRFFLVRUXPVHGSXWRVDWLV
WHPSRULVDGLOODPUHPHWLDPVXSHUHVVH´
FXP GRORUH VXUVXP VHGLW LQ XDOOHP DVSLFLHQV QXOORV
JREHOLQRV XLGHUH SRWXLW SDXOR SRVW FDSLWH SDXOXOXP
UHFUHDWRSXWDXLWVHGU\DGHVLQWHUVD[DLQIUDHUUDQWHVXLGHUH
SRVVH RFXORV WULXLW QRQQH FDVWUD DGKXF LQ FDPSR KDXG
SURFXO DEVXQW HW KXF HW LOOXF LX[WD 3RUWDP LWXU" QDQL LQ
PXUR UHPRXHQGR RFFXSDUL XLGHQWXU XELTXH DXWHP IXLW
VLOHQWLXP OHWLIHUXP IXLW XRFDWXV QXOOXV QHF LPDJR FDQWXV
FXLXVGDPGRORULQDHUHHVVHXLVXVHVW
³XLFWRULD GHPXP XW SXWR´ LQTXLW GXP FDSXW GROHQV
WDQJLW³VDQHUHVWULVWLVVLPDHVVHXLGHWXU´
UHSHQWH VHQVLW XLUXP DSSURSLQTXDQWHP DG HXP
DVFHQGHUH
³VDOXH´XRFHWUHPXODXRFDXLW³VDOXHTXLGQXQWLL"´
³TXLG XR[ HVW TXDH LQWHU ODSLGHV ORTXLWXU"´ XLU LQTXLW
FRQVLVWHQVDWTXHFLUFXPVHLQWXHQVQRQORQJHDORFRLQTXR
%LOERVHGHEDW
WXP %LOER DQXOXP VXXP PHPLQHUDW ³GL PH DPHQW´
LQTXLW³GXPLQXLVLELOLVVXPQLKLORPLQXVDOLTXDQGRUHVILW
PROHVWD VLQ DOLWHU XW SXWR PLKL OLFLWXP VLW WHSLGH
FRPPRGHTXHFXELWXPLUH´
³HVWPHDVXP%LOER%DJJLQV7KRULQLFRPHV´FODPDXLW
DQXORSURSHUDQWHUGHPSWR
³EHQHHVWTXRGHJRWHLQXHQL´XLUDJJUHGLHQVLQTXLW³WX
UHTXLULWXUHWWHGLXTXDHVLXLPXVWXLQWHUPRUWXRVTXLPXOWL
VXQW QXPHUDWXV VLV VL *DQGDOSKXV PDJXV QRQ GL[HULW
XRFHPWXDPLQKRFORFRSUR[LPHDXGLWDPHVVHHJRPLVVXV
VXP XW KLF WH H[WUHPR WHPSRUH TXDHUHUHP HVQH XDOGH
XXOQHUDWXV"´
³SXWR FDSXW PHXP GXUH SXOVDWXP IXLVVH´ %LOER LQTXLW
³VHG JDOHDP DWTXH FDOXDULDP GXUDP KDEHR QLKLORPLQXV
QDXVHRHWFUXUDPHDVXQWTXDVLVWUDPHQWD´
³WH DG FDVWUD LQ XDOOH GHIHUDP´ XLU LQTXLW TXL HXP
OHXLWHUVXVWXOLW
XLUFLWXVIXLWTXLSHGLEXVILUPLWHULQVWLWLWXWPR[%LOER
DQWHWDEHUQDFXOXP&RQXDOOHGHSRQHUHWXUHWLELVWDEDWFXP
EUDFFKLR VXR LQ PLWHOOD *DQGDOSKXV PDJXV HWLDP VLQH
XXOQHUR QRQ HXDGHUDW HW LQ RPQL FRSLD SDXFL IXHUXQW
LQFROXPHV
FXP *DQGDOSKXV %LOERQHP XLGLVVHW ODHWDWXV HVW
³%DJJLQV´H[FODPDXLW³GLLPPRUWDOHVTXLSRVWRPQHVUHV
XLXLW±HJRODHWXVVXPDGPLUDEDUQXPIRUWXQDWXDHWLDPWH
VHUXDUHW UHV WHUULELOLV TXDH SDHQH IXLW FDODPLWRVD VHG
PDQHDQW FHWHUL QXQWLL XHQL´ JUDXLXV LQTXLW ³WX XRFDWXV
HV´HWKREELWXPGXFHQVLOOXPLQWDEHUQDFXOXPWXOLW
³VDOXH7KRULQH´LQWURLHQVLQTXLW³HXPDWWXOL´
LELTXLGHP7KRULQXV6FXWXPTXHUFHXPPXOWLVXXOQHULEXV
XXOQHUDWXV DUPLVTXH UXSWLV DWTXH VHFXUH VFLVVD KXPL
GHLHFWLVLDFXLW
TXL ³XDOH HIIUDFWDUL ERQH´ LQTXLW ³QXQF DG DXODV
PDQVLRQLV DEVFHGR XW LX[WD SDWUHV PHRV VHGHDP GRQHF
RUELVWHUUDUXPUHVWLWXWXVHULWTXLDQXQFRPQHDXUXPDWTXH
DUJHQWXPUHOLQTXRHWTXRLGSDUXLSUHWLLHVWDEVFHGRXROR
D WH LQ DPLFLWLD GLVFHGHUH HW XWLQDP SRVVLP UHFLSHUH HW
XHUEDPHDHWUHVJHVWDVDG3RUWDP´
%LOERGRORULVSOHQXVLQXQXPJHQXSURFXEXLW³XDOH5H[
VXE0RQWH´LQTXLW³KRFHVWIDFLQXVDFHUEXPTXRGLQKRF
PRGR FRQILFLHQGXP VLW QHTXH PRQV DXUL LG HPHQGDUH
SRWHVWQLKLORPLQXVODHWXVVXPPHSDUWHPLQSHULFXOLVWXLV
KDEXLVVH ± TXDH HVW UHV PDLRU TXDP TXLVTXLV %DJJLQV
PHUHW´
³PLQLPH´7KRULQXVLQTXLW³HVWSOXVERQLLQWHTXDPWX
LQWHOOHJLV SXHU 2FFLGHQWLV EHQLJQL DOLTXD SDUV XLUWXWLV
FXPDOLTXDSDUWHVDSLHQWLDHLQPRGRPL[WDVLSOXVQRVWUL
FLEXP DWTXH LXFXQGLWDWHP DWTXH FDQWXP PDLRULV TXDP
DXUXP DFHUXDWXP DHVWLPHW RUELV LXFXQGLRU VLW TXL XHO
WULVWLVXHOLXFXQGXVQXQFPLKLUHOLQTXHQGXVHVWXDOH´
WXP %LOER VH DXHUWLW HW VROXV DEVFHGLW HW VROXV LQ
VWUDJXOD LQXROXWXV FRQVHGLW HW XWUXP HL FUHGLV DQQRQ
ODFULPDXLWGRQHFRFXOLIXHUXQWUXEULHWXR[IXLWUDXFDQDP
LQ DQLPR EHQLJQXV IXLW GLX TXLGHP FRUGL HLXV QRQ OLEXLW
UXUVXV LRFDUL ³UHV PLVHULFRUGLWHU DFFLGLW´ WDQGHP VHFXP
LQTXLW ³XW LQ WHPSRUH H[SHUUHFWXV VLP XWLQDP 7KRULQXV
DGKXF XLXDW VHG ODHWXV VXP TXRG DPLFL GLJUHVVL VXPXV
VWXOWXVHV%LOER%DJJLQVHWLOODPUHPGHODSLGHLQSHLXV
PXWDXLVWLHWSURHOLXPIXLWFRQVLOLLVWXLVRSWLPLVDGSDFHP
DWTXH RWLXP HPHQGXP QRQ H[FHSWLV VHG KLQF SXWR WH XL[
FXOSDULSRVVH´
%LOER RPQLD TXDH HXHQHUDQW SRVWTXDP LFWXV HVW VHUR

LQWHOOH[LW TXDH UHV HL SOXV GRORULV TXDP JDXGLL GHGLW HW
QXQF HXP IDFLQRULV DXGDFLV WDHGHEDW LQ RVVLEXV VXLV
GROHEDW DG LWHU GRPXP IDFLHQGXP TXRG WDPHQ SDXOR
WDUGDWXPHVWLWDTXHLQWHULPGLFHUHDOLTXLGGHUHEXVJHVWLV
PLKL OLFHW DTXLODH GLX JREHOLQRV FRQJUHJDWRV
VXVSLFDEDQWXUPRWXVLQPRQWLEXVDXLJLODQWLDTXDUXPQRQ
RPQLQR FHODUL SRWHUDQW LWDTXH $TXLOD 0DJQD 0RQWLXP
1HEXORVRUXP GXFHQWH VH LQ PDJQLV FRSLLV TXRTXH
FRQJUHJDEDQW HW WDQGHP SURHOLR ORQJH ROIDFWR VHFXQGR
XHQWR LQ LSVR DUWLFXOR WHPSRULV DGXHQHUDQW LSVDH
JREHOLQRV TXRV VXSHU SUDHFLSLWD SUDHFLSLWDQWHV XHO
XOXODQWHVDWTXHWXUEDWRVDSXGKRVWHVGHSHOOHQWHVH[FOLXLV
PRQWLV GHLHFHUXQW QRQ PXOWR SRVW 0RQWHP 6ROXP
OLEHUDXHUDQW XW HW GU\DGHV HW KRPLQHV DE XWURTXH ODWHUH
XDOOLVDGSXJQDQGXPLQSURHOLRLQIUDGHPXPXHQLUHQW
VHG DTXLOLV QRQ H[FHSWLV LQIHULRUHV QXPHUR DGKXF
IXHUXQW LQ LOOD KRUD XOWLPD %HRUQ LSVH DGXHQHUDW ± TXR
PRGRDXWXQGHQHPRVFLXLWVROXVLQILJXUDXUVLDGXHQLWTXL
DGHR LUDWXV IXLW XW SDHQH DG PDJQLWXGLQHP JLJDQWLV
FUHVFHUHXLVXVHVVHW
XR[KXLXVIUHPHEDWVLFXWW\PSDQDDWTXHWRUPHQWDOXSRV
DWTXH JREHOLQRV VLFXW VWUDPHQWD DWTXH SHQQDV H XLD VXD
HLHFLW LPSHWX LQ WHUJXP LOORUXP IDFWR VLFXW WRQLWUXV
DQXOXP SHQHWUDXLW QDQL DGKXF FLUFXP GRPLQRV VXRV LQ
FROOH KXPLOL URWXQGR SHUVWDEDQW WXP %HRUQ LQFOLQDQV
7KRULQXPTXLDKDVWLVWUDQVIL[XVGHFLGHUDWVXVWXOLWTXHP
HFHUWDPLQHDEVWXOLW
FLWR UHXHQLW LUD LQJHPLQDWD XW QLKLO HL UHVLVWHUH SRVVHW
QHFWHOXPHLQRFHUHXLGHUHWXUVDWHOOLWLEXVVSDUVLV%ROJHP
LSVXPGHSRVXLWHWRSSUHVVLWWXPJREHOLQLWLPRUHSHUFXOVL
SDVVLP HIIXJHUXQW KRVWHV DXWHP TXRUXP H IDWLJDWLRQH
OLEHUDWL D VSH QRXD DGXHQLHQWL HRV GLOLJHQWHU SHUVHFXWL
VXQW HW TXDWHQXV SRVVHQW SOXULPRV SURKLEXHUXQW QH
HIIXJLDQW PXOWRV LQ )OXPHQ )OXHQV UHSSXOHUXQW HW WDOHV
TXL DG PHULGLHP XHO RFFLGHQWHP HIIXJHUDQW LQ SDOXGHV
FLUFXP )OXPHQ 6LOXHVWUH XHQDEDQWXU HW LEL PD[LPD SDUV
IXJLWLXRUXP XOWLPRUXP RFFLGLW GXP HL TXL XL[ DG WHUUDP
'U\DGXP6LOXHVWULXP XHQHUXQW LEL DXW QHFDQWXU DXW LQ
WHQHEUDV LQXLDV 0LUNVLOXDH PRUWXXP GXFXQWXU FDUPLQD
WUDGLGHUXQW LOOD GLH WUHV TXDUWDV PLOLWXPJREHOLQRUXP
6HSWHQWULRQXP RFFLGHUH HW SHU PXOWXP DQQXP PRQWLEXV
HVVHSDFHP
DQWH VROHP RFFDVXP XLFWRULD IXHUDW FHUWD VHG DGKXF
LQLPLFRV SHGLEXV VHTXHEDQWXU FXP %LOER DG FDVWUD
UHXHQLW SDXFL SUDHWHU JUDXLXV XXOQHUDWRV HWLDP LQ XDOOH
IXHUXQW
³XEL VXQW DTXLODH"´ LOOR XHVSHUL *DQGDOSKXP URJDXLW
GXPLQVWUDJXOLVPXOWLVFDOLGLVLQXROXWXVLDFHW
³DOLTXDH HWLDP XHQDQWXU´ PDJXV LQTXLW ³VHG SOXULPDH
DG QLGRV VXRV UHXHQHUXQW KLF PDQHUH UHFXVDXHUXQW HW
SULPD OXFH PDWXWLQD GLVFHVVHUXQW GXFHP TXRUXP 'DLQXV
DXURFRURQDXLWHWLXUDXLWVHHLVDPLFXPSHUDHWHUQXPIRUH´
³PH SDHQLWHW HRV UXUVXV XLGHUH PLKL SODFXHULW´ %LOER
GRUPLWDQV LQTXLW ³IRUWDVVH HRV GRPXP UHGLHQV XLGHER
SXWRPHGRPXPPR[UHGLWXUXPHVVH"´
³VLPXODWTXHUHVWLELSODFHW´PDJXVLQTXLW
UH XHUD %LOER QRQQXOORV GLHV QRQ XHUXP GLVFHVVLW
7KRULQR LQ ORFR SURIXQGR VXE 0RQWH VHSXOWR 9DWHV
$UNHQODSLGHPLQSHFWRUHHLXVSRVXLW
³LOOH LEL LDFHDW GRQHF 0RQV GHFLGHULW´ LQTXLW ³TXL
IRUWXQDP ERQDP JHQWL HLXV RPQL TXDH KLF SRVWKDF
KDELWDELWIHUDW´
WXP 5H[GU\DGXP VXSHU VHSXOFUXP HLXV 2UFULVWXP
HQVHP GU\DGXP TXL H 7KRULQR FDSWLXR UDSWXV HUDW
GHSRVXLW TXL LQ FDUPLQLEXV GLFLWXU VHPSHU LQ WHQHEULV
FRUXVFDUH TXDQGRFXPTXH KRVWHV DSSURSLQTXDEDQW XW DU[
QDQRUXPLPSDUDWDFDSLQRQSRVVHWLELQXQF'DLQXV1DLQL
ILOLXVGRPLFLOLXPKDEHEDWTXL5H[VXE0RQWHIDFWXVHVWHW
SRVWHDSOXULPLQDQLDOWHULDGVROLXPHLXVLQDXOLVDQWLTXLV
FRQXHQHUXQW H GXRGHFLP FRPLWLEXV 7KRULQL GHFHP
VXSHUIXHUXQW )LOLXV DWTXH .LOLXV LOOXP VFXWD FRUSRUHTXH
GHIHQGHQWHV GHFLGHUDQW QDP LOOH IXLW IUDWHU PDWULV HRUXP
QDWX PDLRU FHWHUL FXP 'DLQR PDQVHUXQW QDP 'DLQXV
WKHVDXUXPVXXPEHQHGLVSRVXLW
IXLWVDQHQRQLDPDFHUXXVGLVWULEXHQGXVLQWDOHVSDUWHV
TXDOHV LQ DQLPR ROLP KDEXHUDQW VFLOLFHW DG %DOLQXP
'ZDOLQXPTXH HW 'RULXP 1RULXPTXH 2ULXPTXH 2LQXP
*ORLQXPTXH%LIXUHP%RIXUHPTXH%RPEXUHPTXH±QHTXH
DG %LOERQHP QLKLORPLQXV TXDUWD GHFLPD SDUV DXUL
DUJHQWLTXHRPQLVHWFRQIHFWLHWLQIHFWL9DWLGDWDHVWQDP
'DLQXV GL[LW³SDFWLRQHP PRUWXRUXP FROHPXV XW QXQF LOOH
$UNHQODSLGHPVHUXHW´
SDUV HWLDP TXDUWD GHFLPD IXLW GLXLWLDH XDOGH PDJQDH
PDLRUHV TXDP LOODH PXOWRUXP UHJXP PRUWDOLXP H[ LOOR
WKHVDXUR9DWHVPXOWXPDXUXPDG'RPLQXP2SSLGL/DFXV
PLVLW HW OLEHUDOLWHU FRPLWHV DPLFRVTXH UHPXQHUDWXV HVW
VPDUDJGRV *LULRQLV 5HJLGU\DGXP GHGLW WDOHV JHPPDV
TXDOHVLOOHPD[LPHDPDXLWTXDV'DLQXVDGHXPUHPLVHUDW
%LOERQLGL[LW³KLFWKHVDXUXVWDQWXPWXXVTXDQWXPPHXV
HVW TXDPTXDP SDFWLRQHV XHWHUHV VWDUH QRQ SRVVXQW TXLD
WRW FHWHUL XLQFHQGR GHIHQGHQGRTXH HXP SDUWHP HLXV
SRVWXODUH SRVVXQW QLKLORPLQXV TXDPTXDP WX RPQHP
SDUWHPWXDPUHOLQTXHUHXROXLVWLHJRXHOOHPXHUED7KRULQL
GH TXLEXV HXP SDHQLWXLW QRQ FRQILUPHQWXU SDXOXP WLEL
GHPXVXHOLPXWWHSUDHWHURPQHVGLWLVVLPHUHPXQHUHP´
³EHQLJQLVVLPXV HV´ %LOER LQTXLW ³VHG UH XHUD HJR
UHOHXRU TXRPRGR LQ RUEH WHUUDUXP RPQHP WKHVDXUXP
LVWXP VLQH EHOOR DWTXH FDHGH SHU WRWXP LWHU GRPXP
SRUWDWXUXV HVVHP QHVFLR SRUUR TXLG GH HR GRPL DFWXUXV
HVVHP QHVFLR FHUWXV VXP HXP LQ PDQLEXV WXLV PHOLRUHP
HVVH´
SRVWUHPR GXDV DUFDV SDUXDV VROXP KDEHUH XROXLW DOLD
DUJHQWLLPSOHWDDOLDDXULTXDOHVXQXVPDQQXVIRUWLVIHUUH
SRWHUDW ³LG WDQWXP HULW TXDQWXP HJR JHUHUH SRWHUR´ LV
LQTXLW
WHPSXV WDQGHP DGXHQLW LQ TXR DPLFRV XDOHUH LXVVLW
³XDOH %DOLQH´ LQTXLW ³HW XDOH 'ZDOLQH HW XDOHWH 'RUL
1RUL2UL2LQH*ORLQH%LIXU%RIXUHW%RPEXUEDUEDH
XHVWUDH QXPTXDP WHQXHV FUHVFDQW´ WXP VH XHUWHQV DG
0RQWHP DGGLGLW ³XDOH 7KRULQH 6FXWXPTXHUFHXP HW )LOL
.LOLTXHPHPRULDXHVWUDQXPTXDPGHFUHVFDW´
WXPQDQLFDSLWDDQWH3RUWDPVXDPSURIXQGHGHPLVHUXQW
VHG XHUED LQ IDXFLEXV LQKDHVHUXQW ³XDOH HW EHQH DJDV
TXRFXPTXH XDJHULV´ %DOLQXV WDQGHP LQTXLW ³VL XPTXDP
QRV LWHUXP XLVHULV FXP DXODH QRVWUDH UXUVXV DPRHQDH
IDFWDHHUXQWWXPGDSVVSOHQGLGLVVLPDTXLGHPHULW´
³VL XPTXDP XRV GRPXP PHDP SUDHWHULELWLV´ %LOER
LQTXLW³QRQRSXVHULWLDQXDPSXOVDUHTXDUWDKRUDHVWWKHD
VHGXRVRPQHVTXDQGRFXPTXHH[VSHFWDWLHULWLV´
WXPVHDXHUWLW
FRSLD GU\DGXP LWHU IDFLHEDW TXDH PLVHUH GHPLQXWD HVW
QLKLORPLQXV PXOWL JDXGHEDQW QDP QXQF WHUUDH
VHSWHQWULRQDOHV SHU PXOWXP GLHP ORQJXP LXFXQGLRUHV
IDFWDH VXQW GUDFR PRUWXXV HVW HW JREHOLQL VXSHUDWL XW
FRUGDSRVWKLHPHPDGXHUJDXGLLSURVSLFHUHQW
*DQGDOSKXV HW %LOER SRVW 5HJHPGU\DGXP HTXLWDEDQW
HW LX[WD HRV %HRUQ UXUVXV LQ ILJXUD KRPLQLV DPEXODEDW
TXLLWHUIDFLHQVPDJQDXRFHULGHEDWDWTXHFDQWDEDWLWDTXH
SHUUH[HUXQW GRQHF LX[WD PDUJLQHV 0LUNVLOXDH
DSSURSLQTXDXHUXQW DG SDUWHV VHSWHQWULRQDOHV ORFL H TXR
)OXPHQ6LOXHVWUHHIIOXHEDWLELFRQVWLWHUXQWQDPPDJXVHW
%LOER UHFXVDXHUXQW VH LQ VLOXDP LQWURLWXURV HVVH
TXDPTXDPUH[HRVLQDXOLVVXLVDOLTXDPGLXPDQHUHLXVVLW
LQ DQLPR KDEXHUXQW OLPHQ VLOXDH SUDHWHULUH HW FLUFXP
ILQHP VHSWHQWULRQDOHP HLXV LQ XDVWLWDWHP TXDH LQWHU HXP
DWTXHLQLWLXP0RQWLXP*ODXFRUXPLDFXLWXLDIXLWORQJDHW
LQLXFXQGD VHG JREHOLQLV RSSUHVVLV WXWLRU TXDP VHPLWDH
GLUDH VXEWHU DUERUHV HLV XLGHEDWXU SUDHWHUHD %HRUQ
TXRTXHDEHDGHPXLDLEDW
³XDOH R 5H[GU\DGXP´ *DQGDOSKXV LQTXLW ³VLOXD
XLULGLVVLWLRFRVDGXPRUELVWHUUDUXPDGKXFLXXHQLVHVWHW
RPQLVJHQVWXDVLWLRFRVD´
³XDOH R *DQGDOSKH´ UH[ LQTXLW ³WX VHPSHU DSSDUHDV
XEL PD[LPH RSXV HVW WH HW PLQLPH H[VSHFWDWXV HV TXR
IUHTXHQWLXV WX LQ DXOLV PHLV DSSDUHELV HR PHOLXV JUDWXV
HUR´
³WH REVHFUR´ %LOER LQTXLW TXL EDOEXWLHEDW HW LQ SHGH
XQR VWDEDW ³XW KRF GRQXP DFFLSLDV´ HW WRUTXHP DUJHQWR
DWTXH PDUJDULWLV IDFWXP H[WXOLW TXHP 'DLQXV HL XW
GLVFHGHEDWGHGHUDW
³TXRPRGRHJRWDOHGRQXPPHUXLRKREELWH"ÚH[LQTXLW
³VDQH HU SXWDXL WLEL VFLUH OLFHW´ %LOER DOLTXDQWR
FRQWXUEDWXV
LQTXLW ³DOLTXDP HU UHPXQHUDWLRQHP GDUL SUR KRVSLWLR
WXR RSRUWHUH XROR HIIUDFWDULXP HWLDP KXPDQLWDWHP VXDP
KDEHUHPXOWXPXLQLWXLELELHWPXOWXPSDQLVHGL´
³GRQXP WXXP DFFLSLDP R %LOER 6SOHQGLGH´ UH[
JUDXLWHU LQTXLW ³HW WH DPLFXP GU\DGLEXV HW EHQHGLFWXP
QRPLQR XPEUD WXD QXPTXDP GHFUHVFDW DOLWHU IXUDUL HULW
UHVQLPLVIDFLOLVXDOH´
WXPGU\DGHVDG6LOXDPVHXHUWHUXQWHW%LOERLWHUORQJXP
GRPXPLQFHSLW
DQWHTXDP UHGLLW PXOWD DUGXD DWTXH IDFLQRUD SDVVXV HVW

9DVWLWDV LOOD HUDW HWLDP 9DVWLWDV LOOD LQ TXD HUDQW PXOWD
SUDHWHU JREHOLQRV VHG EHQH GXFHEDWXU DWTXH EHQH
FXVWRGLHEDWXU ± PDJXV FXP HR IXLW %HRUQ TXRTXH SHU
SOXULPDPSDUWHPLWLQHULV±XWQXPTXDPUXUVXVLQSHULFXOR
PDJQR HVVHW LWDTXH PHGLD KLHPH *DQGDOSKXV HW %LOER
VHFXQGXPPDUJLQHV6LOXDHDPERVXVTXHDGLDQXDVGRPXV
%HRUQLV UHXHQHUDQW LQ TXR ORFR DPER DOLTXDPGLX
PDQVHUXQW LEL WHPSXV 6DWXUQDOLXP IXLW FDOLGXP
LRFRVXPTXHHWKRPLQHVD%HRUQHFRQXRFDWLDGHSXODQGXP
H ORFLV ORQJH ODWHTXH GLXHUVLV DGXHQHUXQW QXQF JREHOLQL
0RQWLXP 1HEXORVRUXP SDXFL HW SDXLGL HW LQ IRUDPLQLEXV
SURIXQGLVVLPLV TXDH LQXHQLUH SRWHUDQW FHODWL IXHUXQW HW
ZDUJL H VLOXLV HXDQXHUDQW XW KRPLQHV VLQH PHWX XELTXH
XDJDUHQWXU %HRUQ TXLGHP PDJQXV GX[ LQ LOOLV UHJLRQLEXV
SRVWHULXV IDFWXV HVW HW WHUUDP ODWDP LQWHU PRQWHV
VLOXDPTXH UHJQDEDW HW GLFLWXU KRPLQHV H VWLUSH HLXV SHU
PXOWDVDHWDWHVIDFXOWDWHPPXWDQGLLQILJXUDPXUVLKDEXLVVH
HW DOLTXL KRPLQHV GXUL DWTXH PDOL IXLVVH VHG SOXULPL LQ
FRUGH %HRUQL VLPLOHV PLQRUHV DXWHP PDJQLWXGLQH DWTXH
XLULEXV LQ GLHEXV TXRUXP XOWLPLV JREHOLQLV H 0RQWLEXV
1HEXORVLVH[SXOVLVSD[QRXDVXSHUOLPHQ9DVWLWDWLVXHQLW
IXLW XHU DPRHQXP WHPSHVWDWLEXV WHPSHUDWLV HW VROH
FODUR DQWHTXDP %LOER HW *DQGDOSKXV GHPXP D %HRUQH
GLVFHVVHUXQWHWTXDPTXDPGRPXPGHVLGHUDEDW%LOERFXP
GHVLGHULR GLJUHVVXV HVW QDP IORUHV KRUWRUXP %HRUQLV LQ
XHUHHUDQWQRQPLQXVDGPLUDQGLTXDPLQPHGLDDHVWDWH
GHPXPXLDPORQJDPDVFHQGHUXQWHWDGWUDQVLWXPLSVXP
SHUXHQHUXQWTXDJREHOLQLHRVDQWHDFHSHUDQWVHGDGLOOXP
ORFXP DOWXP PDQH SHUXHQHUXQW XW UHWURUVXP
SURVSLFLHQWHV VROHP DOEXP VXSHU WHUUDV SDWXODV QLWHQWHP
XLGHUHQWLELLQWHUJR0LUNVLOXDLDFHEDWFDHUXOHDSURFXOHW
DGKXF LQ XHUH IXVFDXLULGLV DG PDUJLQHP SUR[LPXP LEL
0RQV 6ROXV LQ H[WUHPD DFLH RFXORUXP ORQJH DIXLW QL[ LQ
XHUWLFHDOWLVVLPRDGKXFQRQOLTXHIDFWDSDOOLGDQLWHEDW
³VLFQL[SRVWLJQHPXHQLWHWHWLDPGUDFRQHVILQHPVXXP
KDEHQW´ %LOER LQTXLW HW WHUJXP VXXP D IDFLQRUH VXR
DXGDFLDXHUWLWSDUV7RRNHQVLVXDOGHGHIDWLJDEDWXUHWSDUV
%DJJLQVHQVLV FRWWLGLH IRUWLRU ILHEDW ³XHOOHP VROXP QXQF
HJRLQVHOODPHDVLP´LQTXLW
&$39712190'(&,090
*5$'969/7,096
NDOHQGLV 0DLLV GXR DG PDUJLQHP XDOOLV 5LXHQGHOOLV

SRVWUHPR UHXHQHUXQW XEL 9OWLPD XHO 3ULPD 'RPXV
)DPLOLDULV HUDW XHVSHU UXUVXV IXLW PDQQL IHVVL IXHUXQW
SUDHFLSXH LOOH TXL LPSHGLPHQWD SRUWDEDW HW RPQHV
FUHGLGHUXQW VLEL RSXV HVVH UHTXLHWH GXP VHFXQGXP
VHPLWDP SUDHFLSLWHP GHVFHQGXQW %LOER GU\DGHV HWLDP
FDQWDQWHV DSXG DUERUHV DXGLHEDW TXDVL FXP GLVFHVVLVVHW
QRQ GHVLLVVHQW HW TXDP SULPXP HTXLWHV LQ QHPRUD
LQIHULRUDGHVFHQGHUDQWFDQWXVTXLGDPDELOOLVHUXSLWHLXV
PRGLTXDOLVDQWHKRFHVWDOLTXLGHLVLPLOH
GUDFRQHQXQFDGXVWR
HWFRUSRUHFRPEXVWR
FXPDUPLVSURUVXVIUDFWLV
KRQRULEXVTXHVSDUVLV
QXQFHQVLEXVFRQVWULFWLV
HWDXOLVQXQFUHOLFWLV
QXQFSHUGLWLVFRURQLV
REFDXVDPXOWLRQLV
HWXLULVXLUHVGHVXQW
QHFRSHVLOOLVSURVXQW
KLFJUDPLQDLDPFUHVFXQW
HWIROLDLDPDGVWDQW
KLFIOXPLQDLDPIOXXQW
GXPGU\DGHVLDPFDQWDQW
WUDODWUDODXHQLWH
DGXDOOHPUHXHQLWH
VXQWFODULRUDVWHOOD
LQQXPHUDHTXDPJHPPDH
FDQGLGLRUHVWOXQD
DUJHQWHDHTXDPIODPPDH
HWPHOLRUHVWIRFXV
LQDWULLVVHUHQLV
KLFPHOLRUHVWORFXV
IRGLQLVDXULSOHQLV
WUDODWUDODDGLWH
DGXDOOHPUHXHQLWH
TXRXDGLWLVQXQFVHUXV"
H[VSHFWDWXRVKDHFGRPXV
QLWHQWLEXVTXHVWHOOLV
FXUUHQWLEXVTXHULXLV
TXRLWLVRQHUDWL
GRORUHVXSHUDWL"
DPLFLKLFPDQHUH
XRVLXEHQWHWVDOXHUH
FXPODWUDODXHQLWH
DGXDOOHPUHXHQLWH
WUDODWUDODWUDODOO\
IDODIDODIDODOO\
IDOD
WXP GU\DGHV XDOOLV HJUHVVDH HRV VDOXHUH LXVVHUXQW HW

WUDQV DTXDP GRPXP (OURQGLV GX[HUXQW LEL KRVSLWDOLWHU
H[FLSLHEDQWXU HW PXOWDH DXUHV IDEXODP IDFLQRUXP HRUXP
DXGLHQGL FXSLGDH DGHUDQW *DQGDOSKXV LSVH ORFXWXV HVW
QDP %LOER WRUSHVFHEDW DWTXH GRUPLWDEDW SOXULPDP
IDEXODPVFLXLWQDPLQHDLQIXHUDWHWLSVHPXOWDPXHOLWHU
GRPXP IDFLHQV XHO DSXG %HRUQHP PDJR QDUUDXHUDW VHG
DOLTXDQGR XQR RFXOR DSHUWR DXGLHEDW FXP SDUV IDEXODH
TXDPLDPQHVFLXLWLQWURGXFHEDWXU
KRF PRGR GLGLFLW TXR *DQGDOSKXV LVVHW QDP XHUED
TXDH PDJXV (OURQGL GL[HUDW H[DXGLXLW XLVXV HVW
*DQGDOSKXV LQ PDJQR FRQVLOLR PDJRUXP DOERUXP
GRFWULQDH DWTXH PDJLDH ERQDH GRPLQRUXP DGIXLVVH TXL
WDQGHP1HFURPDQFWLFXPH[DWUDDUFHLQPHULGLRQDOLSDUWH
0LUNVLOXDHH[SXOHUDQW
³PR[´*DQGDOSKXVGLFHEDW³6LOXDVDOXWDULRUILHWVSHUR
6HSWHQWULRQHV SHU PXOWRV DQQRV ORQJRV LOOR KRUURUH
OLEHUDWXPLULXWLQDPWDPHQLOOHH[RUEHH[WHUPLQHWXU´
³UHVTXLGHPEHQHDJDWXU´(OURQGLQTXLW³VHGXHUHRUXW
LQKRFVDHFXORILDWQHTXHLQPXOWLVVDHFXOLVSRVWHULV´
FXP IDEXOD GH HUURULEXV HRUXP QDUUDWD HVVHW IDEXODH
HUDQW DOLDH HWLDP SOXUDH IDEXODH GH UHEXV ORQJH
SUDHWHULWLVDWTXHIDEXODHGHUHEXVQRXLVDWTXHIDEXODHGH
QXOOLV RPQLQR WHPSRULEXV GRQHF FDSXW %LOERQLV LQ
FHUXLFHPVXDPQXWDXLWHWFRPPRGXVLQDQJXORVWHUWHEDW
FXP H VRPQR H[FLWDWXV HVVHW FRJQRXLW VH LQ OHFWR DOER
HVVH HW OXQDP OXFHUH SHU IHQHVWUDP DSHUWDP VXE TXD
GU\DGHVLQULSLVIOXXLLXRFLEXVPDJQLVFODULVTXHFDQWDEDQW
JDXGHDPXVQRVSDULWHUFDQDPXV
VSLULWXVLQVXQWIROLLVLQDOWLV
DVWUDIORUHVFXQWQLWHWLQWHQHEULV
IORUHDOXQD
JHVWLDPXVQRVVDOLDPXVXQD
JUDPHQLPSUHVVXPSHGLEXVFLWDWLV
VXEFLWLVXPEULVOHSLGLVTXH0DLLV
FRQXHQLDPXV
VRPQLLVWH[WLVOHXLWHUFDQDPXV
QXQFUHOLQTXDPXVSODFLGHLQXROXWXP
KXQFXLDWRUHPUHTXLHWHPROOL
DWTXHVRSRUH
QRQVXVXUUHWQHFFUHSLWHWTXH3LQXV
OXQDGHFUHVFDWWHQHEUDHUHVLVWDQW
DUERUHVDPQHVWDFLWDHTXLHVFDQW
PDQHPRUHWXU
³LWDTXH *HQV ,XFXQGD´ %LOER SURVSLFLHQV LQTXLW
³TXRWD KRUD D OXQD HVW KDHF" XRV ODOODQGR H[FLWDUH
JREHOLQXP HEULXP SRVVLWLV QLKLORPLQXV JUDWLDV DJR
XRELV´
³HW WX VWHUWHQGR H[FLWDUH GUDFRQHP VD[HXP SRVVLV ±
QLKLORPLQXV JUDWLDV DJLPXV WLEL´ ULGHQWHV UHVSRQGHUXQW
³KRUD DG SULPDP OXFHP DSSURSLQTXDW HW WX DE LQFHSWR
QRFWLV QXQF GRUPLXLVWL KHUL IRUWDVVH ODVVLWXGR WXD
VDQDELWXU´
³SDXOXP VRPQL DSXG (OURQGHP PDJQDP VDQLWDWHP
HIILFLW´ LOOH LQTXLW ³VHG TXDP PD[LPH SRVVXP RPQHP
VDQLWDWHP FDSLDP LWHUXP DPLFL SXOFKUL EHQH TXLHVFLWH´
KLV GLFWLV FXELWXP UHGLLW HW XVTXH DG PXOWXP PDQH
GRUPLXLW
LQ LOOD GRPX ODVVLWXGLQH PR[ UHOLFWD LXFXQGXV FXP
GU\DGLEXV XDOOLV PDWXUH HW VHUR VDHSH LRFDEDWXU
VDOLHEDWTXH QLKLORPLQXV QH ORFXV TXLGHP LOOH QXQF HXP
TXL VHPSHU GH GRPX VXD FRJLWDEDW ORQJH GHWLQHUH SRWXLW
TXDSURSWHU SRVW KHEGRPDGHP (OURQGHP XDOHUH LXVVLW HW
WDOLEXVGRQLVSDUXLVLOOLGDWLVTXDOLDLOOHDFFLSHUHSDVVXV
HVWFXP*DQGDOSKRHXHFWXVHVW
HWLDP D XDOOH GLVFHGHQWHV FDHOXP DQWH HRV DG
2FFLGHQWHP FDOLJLQH VXIIXQGHEDWXU HW XHQWXV DWTXH LPEHU
HLVREXLDPLEDQW
³LXFXQGXP HVW WHPSXV 0DLL´ %LOER LQTXLW XW LPEHU
IDFLHP HLXV IODJHOODEDW ³VHG IDEXODH SRVW WHUJD QRVWUD
VXQW HW GRPXP XHQLPXV SXWR KXQF HVVH SULPXP FXLXV
JXVWXP´
³XLDHWLDPHVWORQJD´*DQGDOSKXVLQTXLW
³VHGHVWXLDXOWLPD´%LOERLQTXLW
DG IOXPHQ DGXHQHUXQW TXRG PDUJLQHP LSVXP OLPLQLV
9DVWLWDWLV VLJQDXLW HW DG XDGXP VXE ULSD DUGXD TXRG
UHFRUGDUL WLEL OLFHDW DTXD HW QLXLEXV SURSWHU KLHPHP
DSSURSLQTXDQWHP OLTXHIDFWLV HW LPEUH SHU WRWXP GLHP
SHUSHWXR WXPXHUDW TXDP QRQ VLQH PROHVWLD TXDGDP
WUDQVLHUXQW WXP XHVSHUL DGXHQLHQWH LQ SDUWHP XOWLPDP
LWLQHULVVXLSURJUHVVLVXQW
TXDPUHPIHFHUXQWLQPRGRVLPLOLLOOLTXRDQWHIHFHUDQW
SUDHWHUTXDPFRPLWDWXVPLQRUIXLWHWWUDQTXLOOLRUHWSRUUR
KRFWHPSRUHWUROODIXHUXQWQXOODLQRPQLSDUWHXLDH%LOER
UHVJHVWDVDWTXHXHUEDDEKLQFXQXPDQQXPUHFRUGDEDWXU±
TXHP PDJLV VLPLOHP GHFHP HL HVVH XLVXP HVW ± XW VDQH
ORFXP TXD PDQQXV LQ IOXPHQ GHFLGHUDW HW VH LQ IDFLQXV
IRHGXP FXP 7RPD %HUWR 5RVWURTXH DXHUWHUDQW FLWR
DQLPDGXHUWHUHW
QRQ SURFXO H XLD DXUXP WUROORUXP TXRG VHSHOLXHUDQW
DGKXF FHODWXP DWTXH LQWDFWXP LQXHQHUXQW FXP LG
HIIRGLVVHQW³VDWLVVXSHUTXHKDEHRTXRGSHUWHPSXVPHXP
PDQHELW´ %LOER LQTXLW ³WH RSRUWHW KRF IHUUH *DQGDOSKH
PLKLOLFHDWGLFHUHWHKRFXWLSRVVH´
³SRVVXP TXLGHP´ PDJXV LQTXLW ³VHG DHTXH SDUWLDWXU
WLEL OLFHDW WH GHVLGHUDWXUXP HVVH PXOWD TXDH QRQ
H[VSHFWDXHULV´
LWDTXH DXUXP LQ VDFFLV SRVLWXP LQ PDQQLV TXLEXV UHV
QHTXDTXDPSODFXLWVXVSHQGHUXQWSRVWHDOHQWLXVSURJUHVVL
VXQW QDP SOHUXPTXH DPEXODEDQW WHUUD DXWHP HUDW XLULGLV
HW PXOWXP HUDW JUDPLQLV TXRG KREELWXV DHTXR DQLPR
SHUDPEXODEDW IDFLHP VXGDULR VHULFR UXEUR GHWHUVLW ±
PLQLPH QH XQXP TXLGHP HLXV VXSHUIXHUDW TXL KRF DE
(OURQGHPXWXDWXVHUDW±QDPQXQF,XQLXVDHVWDWHPWXOHUDW
HWWHPSHVWDVUXUVXVFODUDFDOLGDTXHHUDW
VLFXW RPQLD DG ILQHP SHUXHQHUXQW KDHF IDEXOD TXLGHP
GLHV TXLGDP DGXHQLW XEL LQ DVSHFWX WHUUDH LQ TXD %LOER
QDWXV DWTXH DOWXVTXH HUDW LQ TXD ILJXUDV DJURUXP DWTXH
DUERUXP WDP EHQH QRXLW TXDP PDQXV VXDV DWTXH GLJLWRV
SHGXP DG FOLXXP DGXHQLHQV &ROOHP VXXP SURFXO XLGHUH
SRWXLWHWUHSHQWHFRQVWLWLWDWTXHGL[LW
SHUJLWLWHUVHPSHUVHPSHUSHU
VD[DTXHVDOWXV
DWUDSHUDQWUDSURFXOWUDQV
IOXXLRVDGDTXDP
WUDQVEUXPDPQLXHDPSHUIORUHV
IHUWLOLVDHVWXV
DWTXHVXSUDVHJHWHVVXE
WHQHEULVTXHLXJLV
SHUJLWLWHUVHPSHUVHPSHUVXE
QXELEXVDVWULV
VHGSHGLEXVWDQGHPVLFLWXU
XVTXHGRPXP
EHOOLJHULVDXOLVDXHUVDTXHOXPLQD
WDQGHP
SUDWDXLUHQWLDLDPQRWD
XLGHUHXROXQW
*DQGDOSKXV HXP DVSLFLHQV ³FDULVVLPH %LOER´ LQTXLW

³QHVFLR TXRPRGR PXWDWXV HV QRQ WDOLV KREELWXV TXDOLV
ROLPHUDV´
LWDTXH SRQWHP WUDQVLHUXQW HW SLVWULQXP SUDHWHULHUXQW HW
XVTXHDGLDQXDPLSVDP%LOERQLVUHXHQHUXQW
TXL ³GL PH DPHQW TXLG DFFLGLW"´ FODPDXLW IXLW PDJQD
FRPPRWLR HW KRPLQHV RPQLXP JHQHURUXP HW KRQHVWL HW
LQKRQHVWL FLUFXP LDQXDP GHQVL IXHUXQW PXOWL LQHXQWHV
H[HXQWHVTXH±QHTXHHWLDPSHGHVLQWHJHWHGHWHUJHQWHVXW
%LOERPROHVWXVDQLPDGXHUWLW
HWVLPLUDWXVHVWPDJLVPLUDWLVXQWLOOLQDPUHXHQHUDWLQ
PHGLD DXFWLRQH PDJQXP VLJQXP QLJUR UXEURTXH VFULSWXP
LQ SRUWD SHQGHEDW TXRG DVVHXHUDXLW DG ; .DO ,XO
GRPLQRV *UXEE *UXEE %XUURZHVTXH DE DXFWLRQH
XHQGLWXURVHVVHERQD'RPLQL%DJJLQVLVPRUWXL%DJ)LQH
6XE&ROOH +REELWRQL XHQGLWLRQHP LQFHSWXUDP HVVH
GHFLPD KRUD LSVD QXQF SDHQH KRUD SUDQGLL IXLW HW
SOXULPDH UHV LDP XHQGLWDH HUDQW SUHWLLV GLXHUVLV D SDHQH
QLKLOR DG FDQWXV XHWHUHV H[ PRUH DXFWLRQXP UH XHUD
FRQVREULQL %LOERQLV 6DFNXLOOH%DJJLQVHV FRQFODXLD HLXV
VHGXORPHWLHEDQWXUXWFRJQRVFHUHQWQXPVXSHOOHFWLOHVVXDV
DFFRPRGDUL SRVVHQW VFLOLFHW %LOER PRUWXXV HVVH
SXWDEDWXU QHTXH RPQHP TXL VLF SXWDEDW SDHQLWHEDW
FRJQRVFHUHVHIDOVRSXWDXLVVH
UHJUHVVXV 'RPLQL %LOERQLV %DJJLQVLV HIIHFLW XW
DGPRGXPHVVHWFRPPRWLRHWVXE&ROOHHWVXSUD&ROOHPHW
WUDQV $TXDP TXDH IXLW PXOWR PDJLV TXDP UHV SHU GLHV
QRXHP DGPLUDQGD PROHVWLD OHJDOLV TXLGHP DQQRV QHVFLR
TXRV SHUPDQHEDW GLX SRVW %LOER LWHUXP XLXHUH QRQ
FUHGHEDWXU GLIILFLOH IXLW LOOLV TXL UHV XLOLVVLPR HPHUDQW
SHUVXDGHUH XW SRVWUHPR %LOER DG FRPSHQGLXP WHPSRULV
IDFLHQGXP PDJQDP SDUWHP VXSHOOHFWLOXP VXDUXP
UHGLPHUHWPXOWDFRFKOHDULDVXDDUJHQWHDQHVFLRTXRPRGR
HXDQXHUDQW FXLXV UHL UDWLR QXPTXDP UHGGL SRWHUDW LSVH
6DFNXLOOH%DJJLQVHV VXVSLFDWXV HVW TXL H[ SDUWH VXD
QXPTXDP FRQIHVVL VXQW %LOERQHP UHJUHVVXP HVVH XHUXP
QHTXH %LOERQL SRVWHD IXHUXQW DPLFL DGHR LQ IRUDPLQH
KREELWRDPRHQRHLXVKDELWDUHXROXHUDQW
%LOER TXLGHP FRJQRVFLW VH SOXUD TXDP FRFKOHDULD
DPLVLVVH ± QDP KRQRUHP VXXP DPLVHUDW SRVWHD XHUR
GU\DGLEXV DPLFXV VHPSHU HUDW HW D QDQLV PDJLV DWTXH
RPQLEXV WDOLEXV JHQWLEXV TXDH XPTXDP LOOD XLD
SUDHWHULEDQWKRQRUDEDWXUVHGQRQLDPVDWLVKRQHVWXVHUDW
UH XHUD DE RPQLEXV KREELWLV LQ SURSLQTXR ³LQVROLWXV´
KDEHEDWXU ± SUDHWHU D QHSRWLEXV QHSWLEXVTXH GH VWLUSH
7RRNHQVH QH DPLFLWLD TXLGHP TXRUXP D PDLRULEXV
FRQILUPDEDWXU
PH SDHQLWHW GLFHUH PHQWHP HLXV IXLVVH DHTXXP VDWLV
FRQWHQWXV IXLW HW SRVWHD VRQLWXV DHQHL LQ IRFR HLXV PDJLV
PRGXODWXV TXDP HWLDP LQ GLHEXV WUDQTXLOLV DQWH
&RQXLXLXP ,QRSLQDWXP IXHUDW VHPSHU HUDW HQVLV VXSHU
WDEXODP VXSUD IRFXP SHQGHEDW ORULFD LQ DWULR HUHFWD
SRQHEDWXU GRQHF HDP 0XVHR FXLGDP PXWXDWXV HVW DXUR
DWTXH DUJHQWR VXR GRQD HW XWLOLD HW VXPSWXRVD SOHUXPTXH
HPLW TXDH UHV DPRUHP QHSRWXP QHSWLXPTXH HLXV
DOLTXDWHQXV H[SOLFDXLW DQXOXP PDJLFXP RPQLQR VHFUHWXP
VHUXDEDW QDP SOHUXPTXH FXP VDOXWDWRUHV LQLXFXQGL
DGXHQLVVHQWHRXWLVROHEDW
FDUPLQD VFULEHUH DWTXH GU\DGHV XLVLWDUH FRHSLW HW
TXDPTXDP PXOWL FDSLWD TXDVVDUH DWTXH IURQWHV WDQJHUH HW
GLFHUH ³PLVHU %DJJLQV VHQH[´ VROHEDQW HW TXDPTXDP
SDXFL IDEXOLV HLXV XOOLV FUHGHEDQW QLKLORPLQXV ODHWLVVPXV
XVTXH DG VXSUHPRV GLHV TXL DGPRGXP GLXWXUQL HUDQW
PDQHEDW
XHVSHUL TXRGDP DXWXPQDOL QRQQXOOLV SRVW DQQLV %LOER LQ

ELEOLRWKHFD VXD VHGHEDW FRPPHQWDULRV VXRV VFULEHQV ±
TXRV LQ DQLPR KDEXLW QRPLQDUH ³,OOXF DWTXH 5XUVXV
5HWURUVXP 9DFDWLR +REELWL´ ± FXP WLQWLQQDEXOXP LDQXDH
WLQQLXLW IXHUXQW *DQGDOSKXV HW QDQXV HW QDQXV XHUR IXLW
%DOLQXV
³LQWUDWH LQWUDWH´ %LOER LQTXLW HW PR[ LQ VHOOLV LX[WD
LJQHP FRPPRGH VHGHEDQW VL %DOLQXV DQLPDGXHUWLW
VXEXFXODP TXDH RUELFXORV DXUHRV XHURV KDEXLW 'RPLQL
%DJJLQVLV DPSOLRUHP HVVH %LOER TXRTXH DQLPDGXHUWLW
EDUEDP%DOLQLXQFLLVQRQQXOOLVORQJLRUHPHVVHHWEDOWHXP
JHPPDWXPHLXVVSOHQGLGLVVLPXPHVVH
GH WHPSRULEXV TXLEXV FRQVRFLDWL HUDQW VDQH ORTXL
FRHSHUXQW HW %LOER URJDXLW TXRPRGR UHV LQ WHUULV 0RQWLV
DJHUHQWXU UHV RSWLPH DJL XLVDH VXQW 9DWHV RSSLGXP
&RQXDOOLVUHVWDXUDXHUDWHWKRPLQHVH/DFXDWTXH0HULGLH
2FFLGHQWHTXH DG HXP VH FRQJUHJDXHUDQW HW RPQLV XDOOLV
UXUVXVFXOWDHUDWHWIHUWLOLVIDFWDHUDWHWXDVWLWDVQXQFDXLXP
DWTXH IORUXP XHUH HW IUXJXP DWTXH HSXODQWLXP DXWXPQR
LPSOHWD HVW SRUUR 2SSLGXP/DFXV UHVWLWXWXP QXQF
SURVSHULXV TXDP XPTXDP DQWHD HUDW HW PXOWDH GLXLWLDH
VHFXQGRDGXHUVRTXH)OXPLQH)OXHQWLIHUHEDQWXUHWLQLOOLV
UHJLRQLEXV LQWHU GU\DGHV QDQRVTXH KRPLQHVTXH IXLW
DPLFLWLD
'RPLQXV SULRU PRUWXXP WDHWUXP RELHUDW FXL 9DWHV
PXOWXP DXUL DG +RPLQHV/DFXV DGLXXDQGRV GHGHUDW VHG
TXLD WDOLV HUDW TXDOLV WDQWXP PRUEXP IDFLOH FRQWUDKLW LQ
DHJULWXGLQHP GUDFRQLV FHFLGLW HW FXP SOXULPR DXUR UDSWR
HIIXJLW WXP D FRPLWLEXV VXLV GHVHUWXV LQ 9DVWLWDWH IDPH
HQHFDWXVHVW
³'RPLQXV QRXXV VDSLHQWLRU HVW´ %DOLQXV LQTXLW³HW
JUDWLVVLPXV QDP VDQH SOXULPDP JUDWLDP SURVSHULWDWH
SUDHVHQWLLQLWFDQWXVQXQFFRPSRQXQWTXLWUDGXQWIOXPLQD
LQGLHEXVHLXVDXURIOXHUH´
³WXP XDWLFLQDWLRQHV FDQWXXP XHWHURUXP XHUDH IDFWDH
VXQWQHVFLRTXRPRGR´%LOERLQTXLW
³VDQH´ *DQGDOSKXV LQTXLW ³TXDUH QRQ OLFHW LOODV ILHUL
XHUDV"QXPXDWLFLQDWLRQLEXVQRQFUHGLVTXRGWHDGLXXDQWH
LOODH HIIHFWDH VXQW" QXP WX XHUR SXWDV RPQLD IDFLQRUD
HIIXJLDTXH WXD FDVX LSVR JHVWD HVVH TXDH WLEL VROL
SURGHVVHQW" WX GLJQLVVLPXV HV 'RPLQH %DJJLQV HW WLEL
DPLFLVVLPXVVXPVHGQLKLORPLQXVWXLQRUEHWHUUDUXPODWR
VROXPVDWLVHVVDODSXWLXP´
³GLVJUDWLDVKDEHR´%LOERULGHQVLQTXLWHWROODPWDEDFL
HLWUDGLGLW
120,1$35235,$
$FXOHXVL 6WLQJ
$OWXV7UDQVLWXV 7KH+LJK3DVV
$UNHQODSLVLGLV 7KH$UNHQVWRQH
$]RJLV $]RJDJREOLQ
%DJ)LQLV %DJ(QG
%DOLQXVL %DOLQDGZDUI
%DUEDHORQJDHDUXP /RQJEHDUGVDGZDUIFODQ
%HOODGRQQDDH7RRNLV %HOODGRQQD7RRN%LOER¶VPRWKHU
%HRUQLV %HRUQDVNLQFKDQJHU
%HUWXVL %HUWDWUROO
%LIXUULV %LIXUDGZDUI
%LOERRQLV%DJJLQVLV %LOER%DJJLQVDKREELW
%ODGRUWKLQXVL %ODGRUWKLQDNLQJ
%RIXUULV %RIXUDGZDUI
%ROJLV %ROJDJREOLQ
%RPEXUULV %RPEXUDGZDUI
%XQJRRQLV%DJJLQVLV %XQJR%LOER¶VIDWKHU
&DOOXQDXXOJDULV KHDWKHU
&DUFLV &DUFDUDYHQ
&DUUHFLVQ &DUURFNDURFN
&ROOHV)HUUHL ,URQ+LOOV
&RQXDOOLVLV 'DOHDWRZQ
&RU0RQWLV XLGH$UNHQODSLV
&RUXLFROOLVLV 5DYHQKLOO
'DLQXVL 'DLQ7KRULQ¶VFRXVLQ
'HXHUVRULXP'UDFRQLV9LULGLV *UHHQ'UDJRQ,QQ
'RPXV)DPLOLDULV9OWLPD 7KH/DVW+RPHO\+RXVHXLGH5LYHQGHOO
'RULXVL 'RULDGZDUI
'RUXLQLXPL 'RUZLQLRQ
'XULQXVL 'XULQ7KRULQ¶VDQFHVWRU
'U\DGHV$OWDH +LJKHOYHV
'U\DGHV&ODUDH /LJKWHOYHV
'U\DGHV0DULWLPDH 6HDHOYHV
'U\DGHV3URIXQGDH 'HHSHOYHV
'U\DGHV6LOXHVWUHV :RRGHOYHV
'ZDOLQXVL 'ZDOLQDGZDUI
(OURQGLV (OURQG/RUGRI5LYHQGHOO
(VJDURWKLV (VJDURWKXLGH2SSLGXP/DFXV
)DWDLQ2FFLGHQWH )DHULHLQWKH:HVW
)LOLXVL )LOLDGZDUI
)OXPHQ)OXHQV 5LYHU5XQQLQJ
)OXPHQ6LOXHVWUH )RUHVW5LYHU
)RGLQDH0RULDH 0LQHVRI0RULD
)XQGLQXVL )XQGLQ%DOLQ¶VIDWKHU
*DOLRQRQLV *DOLRQWKHHOINLQJ¶VEXWOHU
*DQGDOSKXVL *DQGDOIDZL]DUG
*LULRQRQLV *LULRQ/RUGRI'DOH
*ODPGULQJLV *ODPGULQJDVZRUG
*ORLQXVL *ORLQDGZDUI
*REHOLQXV0DJQXV *UHDW*REOLQ
*ROILPEXOXVL *ROILPEXODJREOLQ
*ROOXPL *ROOXP
*RQGROLQLV *RQGROLQ
*XOLHOPXVL :LOOLDPDWUROO
+REELWRQL +REELWRQ
+RPLQHV/DFXV /DNH0HQ
.LOLXVL .LOLDGZDUI
/DFXV/RQJXV /RQJ/DNH
/LPHQ9DVWLWDWLV 7KH(GJHRIWKH:LOG
/RFXV(ULFDHXV0DUFLGXV :LWKHUHG+HDWK
0DOOHXVKRVWLXP )RHKDPPHUXLGH*ODPGULQJ
0LUNVLOXDDH 0LUNZRRG
0RQV*UDPXV 0RXQW*UDP
0RQV*XQGDEDGLV 0RXQW*XQGDEDG
0RQV6ROXV /RQHO\0RXQWDLQ
0RQWHV*ODXFL *UH\0RXQWDLQV
0RQWHV1HEXORVL 0LVW\0RXQWDLQV
0RUGD[DFLV %LWHUXLGH2UFULVWXV
0RULDDH XLGH)RGLQDH0RULDH
1DLQXVL 1DLQ'DLQ¶VIDWKHU
1HFURPDQFWLFXVL 1HFURPDQFHU
1RULXVL 1RULDGZDUI
2LQXVL 2LQDGZDUI
2SSLGXP/DFXV /DNH7RZQ
2UELV/DWXV :LGH:RUOG
2UFULVWXVL 2UFULVWDVZRUG
2ULXVL 2ULDGZDUI
3RUWD$QWLFD )URQW*DWH
3URHOLXP$JURUXP9LULGLXP %DWWOHRIWKH*UHHQ)LHOGV
3URHOLXP4XLQTXH([HUFLWXXP %DWWOHRI)LYH$UPLHV
3URSHDTXDP %\ZDWHU
5DGDJDVWXVL 5DGDJDVWDZL]DUG
5H[GU\DGXP (OYHQNLQJ
5LXHQGHOOLV 5LYHQGHOO
5RlFLV 5RlFDUDYHQ
5RVWUXPL µ%LOO¶XLGH*XOLHOPXV
6FLVVRUJREHOLQRUXP *REOLQFOHDYHUXLGH2UFULVWXV
6HQH[7RRNLV 2OG7RRN%LOER¶VJUDQGIDWKHU
6PDXJLV 6PDXJDGUDJRQ
6XE&ROOLVLV 8QGHUKLOO
7DXULIUHPLWRULV %XOOURDUHU%LOER¶VDQFHVWRU
7KRULQXVL6FXWXPTXHUFHXP 7KRULQ2DNHQVKLHOG
7KUDLQXVL 7KUDLQ7KRULQ¶VIDWKHU
7KURULV 7KURU7KUDLQ¶VIDWKHU
7RPDVDH 7KRPDVDWUROO
9DVWDWHUUDDH :LOGHUODQG
9DVWLWDVDWLV 7KH:LOG
9DVWLWDV'UDFRQLV 'HVRODWLRQRIWKH'UDJRQ
9DWHVLV %DUGDPDQ
9HUEHUDWRULV %HDWHUXLGH*ODPGULQJ
9HUVLSHOOLVXHUPLQRVXV :HUHZRUP
9HVWLEXOXP$QWLFXP )URQW3RUFK
9(5%$)257$66($97,1&2*1,7$
$97129$
DELHVHWLV ILUWUHH
DHQHXPL NHWWOH
DPDUDFXVL PDUMRUDP
DPLFWRULXPL VFDUI
DQWLUUKLQXPL VQDSGUDJRQIORZHU
DSDWXUDLULV SXUSOHHPSHURUEXWWHUIO\
DSRWKHFDDH FHOODUIRUZLQHRUEHHU
DUDQHDDH VSLGHU
DUDQHXPL FREZHE
EDLXOXVL SRUWHU
ELVFRFWXVL ELVFXLW
EXOODDH GRRUNQRE
EXW\UXPL EXWWHU
FDIDHXPL FRIIHH
FDWDUDFWDDH SRUWFXOOLV
FDWLOOXPL ERZORUGLVK
FHOODSHQDULD SDQWU\
FHUXLVLDDH EHHU
FHUXXVHODSKXV UHGGHHU
FODXVWHOOXPL NH\KROH
FRFKOHDUDULVQ VSRRQ
FRQGLWXUDUXELLGDHL UDVSEHUU\MDP
FRQLHVLHL FRQ\VODQJIRUUDEELW
FUDPL FUDPDELVFXLWOLNHIRRG
FUDWDHJXVR[\FDQWKD KDZWKRUQ
FUHPLXPL ILUHZRRG
FUHSLGRLQLV TXD\
FXFXOOXVL KRRGRIDFORDN
FXOFLWXODDH VPDOOPDWWUHVV
FXQLFXOXVL WXQQHORUUDEELW
FXSDDH EDUUHORUFDVN
FXULDDH WRZQKDOO
GHLHFWXVDTXDH ZDWHUIDOO
GU\DVDGLV HOI
GXFWXVIXPDULXV FKLPQH\
HIIUDFWDULXVL EXUJODU
H[HGUDDH GUDZLQJURRP
IDFLQXVRULVDXGD[ DQDGYHQWXUH
IDVFLDHEUDFDUXP WURXVHUEUDFHV
ILOXPILPEULDWXP WDVVHO
ILOXPVXOSKXUDWXP PDWFKIRUILUH
IRUHVLQWDEXODWR WUDSGRRUV
IXPLVXJLXPL SLSHIRUVPRNLQJ
JLJDQVWLV JLDQW
JREHOLQXVL JREOLQ
KDPD[RVWLFKXVL WUDLQ
KREELWXVL KREELW
KREELWXVDXP KREELWDGMHFWLYH
KREJREHOLQXVL KREJREOLQ
KRURORJLXPL FORFN
LJQLDULXPL WLQGHUER[
LQWHJXPHQWXPPDQXXP PXIIIXUFRYHULQJWKHKDQGV
LXVFRQJHODWXP MHOO\
ODOORDUH WRVLQJDOXOODE\
ODSDWKXPL VRUUHO
ODULGXPL EDFRQ
ODUL[LFLV ODUFKWUHH
OXVXVGLVFL DJDPHRITXRLWV
OXVXVJOREXOLOXVRULL DJDPHRIERZOV
OXVXVODWLWDQGL DJDPHRIKLGHDQGVHHN
OXVXVSLODPDOOHL DJDPHRIJROI
OXVXVWUXQFXORUXP DJDPHRIVNLWWOHVQLQHSLQV
OXVXVXLULRFXOLVREOLJDWLV DJDPHRIEOLQGPDQ¶VEXII
PDJLDDH PDJLF
PDJXVL ZL]DUG
PDQQXVL SRQ\
PDQWLFXODDH SXUVH
PHJDVFRSVRSLV VFUHHFKRZO
PLQXUULWLRRQLV WZLWWHULQJRIELUGV
PLWHOODDH VOLQJPHGLFDO
PLWULOLV PLWKULODSUHFLRXVPHWDO
QDQXVL GZDUI
REOHFWDPHQWXPOLEHURUXP WR\
RIILFLXPWDEHOODULL SRVWRIILFH
RUELFXOXVL EXWWRQ
RUFXVL RUFXLGHJREHOLQXV
SHUVSLFLOOXVL WHOHVFRSH
SODXVWUXPL WKH:DLQFRQVWHOODWLRQ
SURLHFWXPVD[L OHGJHRIVWRQH
SURPXVL EXWOHURUVWHZDUG
SXOXLVERPEDUGLFD JXQSRZGHU
S\UREROXVFKDUWDFHXV ILUHZRUN
TXDHVLWLRQLV TXHVW
UDPDOLDRUXP WZLJV
UXEXVL EODFNEHUU\EXVK
UXQDDH UXQH
UXWDEXOXPL SRNHUIRUILUHSODFH
VDOXLDDH VDJHWKHKHUE
VDQJXLVXJDDH YDPSLUHVWULFWO\DOHHFK
VFDELOOXPL IRRWVWRRO
VFKLGDDH QRWHSDSHU
VFLXUXVL VTXLUUHO
VF\SKXVVH[WDULXV SLQWPXJ
VLQXVXV SRFNHW
VWDSHGLXPL VWLUUXS
VXEXFXODDH ZDLVWFRDW
VXFFLQFWRULXPL DSURQ
VXGDULXPL KDQGNHUFKLHI
WDEDFXPL WREDFFR
WDEXODJHRJUDSKLFD PDS
WDEXODQHJRWLRUXP HQJDJHPHQWWDEOHW
WDSHWXPL FDUSHW
WHJHVHWLV GRRUPDW
WKHDDH WHD
WK\PXPL WK\PH
WLELDFODULVRQD FODULQHW
WLELDOLDLXP VWRFNLQJV
WULIROLXPFULVWDWXP FRFNVFRPEFORYHU
WUROOXPL WUROO
W\WRRQLVDOED EDUQRZO
XPHUDOHLV FDSHZRUQRYHUWKHVKRXOGHUV
XDVXPOLJQHXP WXE
XHQGLWRUFRQGLPHQWRUXP JURFHU
XHULFXOXPL VNHZHU
ZDUJXVL ZDUJZLOGZROI
$33(1',;
32(7,&$/0(75(6
$V D UXOHRIWKXPE LQIRUPDO RU LPSURPSWX VRQJV DUH

UHQGHUHG LQ UK\WKPLF VW\OH PRUH IRUPDO RU GLJQLILHG
YHUVHVLQTXDQWLWDWLYHPHWUHV
%\ µUK\WKPLF¶ , PHDQ YHUVHV RI WKH PHGLHYDO W\SH
ZKLFKMXVWOLNHPXFK(QJOLVKYHUVHUHO\IRUWKHLUHIIHFWRQ
WKH SDWWHUQ RI VWUHVVHG DQG XQVWUHVVHG V\OODEOHV ± DQG
IUHTXHQWO\UK\PHWRR+HUHWKHSDWWHUQVDUHHLWKHUWURFKDLF
RULDPELF$WURFKHHLVDPHWULFDOXQLWRIWZRV\OODEOHVLQ
ZKLFKWKHEHDWIDOOVRQWKHILUVWVRWKHUK\WKPLVGXPGL
GXPGL«+HQFHWKHIDPRXV'LHV,UDHEHJLQV
'LHVLUDHGLHVLOOD
VROXHWVDHFOXPLQIDYLOOD
WHVWH'DYLGFXP6LE\OOD
$Q LDPE E\ FRQWUDVW KDV WKH EHDW IDOO RQ WKH VHFRQG
V\OODEOHGLGXPGLGXP«6R3HWHU$EHODUG¶VLDPELF
2TXDQWDTXDOLD
2TXDQWDTXDOLDVXQWLOODVDEEDWD
TXDHVHPSHUFHOHEUDWVXSHUQDFXULD
8QOLNHTXDQWLWDWLYHYHUVHLQWKHVHVRQJVWKHUHLVQRHOLVLRQ
EHWZHHQ ZRUGV 6R LQIUDQJH XLWUD HW FDWLOOD &DSXW ,
WKHILQDOµD¶RIXLWUDLVQRWHOLGHGZLWKWKHµH¶RIHW
%\ µTXDQWLWDWLYH¶ , PHDQ WKH VWDQGDUG PHWUHV RI
FODVVLFDO5RPDQYHUVHZKLFKDUHEDVHGRQWKHVRFDOOHG
µZHLJKW¶RIV\OODEOHV3XWVLPSO\HDFKV\OODEOHRIDOLQHRI
YHUVH LV UHJDUGHG DV EHLQJ HLWKHU KHDY\ RU OLJKW LWV
µTXDQWLW\¶DFFRUGLQJWRFHUWDLQIL[HGUXOHV±DORQJYRZHO
DOZD\VHQWDLOVDKHDY\V\OODEOHEXWVRPHWLPHVDV\OODEOH
FRQWDLQLQJDVKRUWYRZHOFDQEHKHDY\HJLIWKHYRZHOLV
IROORZHGE\WZRFRQVRQDQWVZLWKFHUWDLQH[FHSWLRQV,WLV
WKH VSHFLILF SDWWHUQ RI KHDY\ DQG OLJKW V\OODEOHV WKDW
GHWHUPLQHV WKH PHWUH ,Q WKLV ERRN WKHUH DUH H[DPSOHV RI
KH[DPHWHUV HOHJLDF FRXSOHWV KHQGHFDV\OODEOHV $OFDLF
$VFOHSLDG DQG 6DSSKLF VWDQ]DV 7KH WURFKDLF GLPHWHU
LDPELF WULPHWHU YHUVH XVHG LQ&DSXW; LV WKDW RI +RUDFH
2GHLL
7KHDEVWUXVHWHUPFDWDOHFWLFVLPSO\PHDQVWKDWWKHOLQH
LVVKRUWE\RQHV\OODEOH
&DSXW,
IUDQJHXLWUDHWFDWLOOD±UK\WKPLFWURFKDLF
WUDQV 0RQWHV 1HEXODH IULJRUH GLVVLWRV ± )LUVW
$VFOHSLDG
&DSXW,,,
TXLGIDFLWLV"TXRXDGLWLV±UK\WKPLFLDPELF
&DSXW,9
SODXGHIUDQJHULPDDWUD±UK\WKPLFWURFKDLF
&DSXW9DHQLJPDWD
(OHJLDFV
TXLGWHQHWLQXLVDVUDGLFHV«
VXQWTXLSRVWPDQGXQW«
XRFHFDUHQVFODPDW«
OXPLQDFDHUXOHDIDFLH«
+H[DPHWHUV
QHFXLGHDUQHTXHQHPLQH«
HVWVLQHFDUGLQLEXV«
FXPQXOOLVDQLPLV«
RPQLDGHXRUDWLG«
&DSXW9,
TXLQTXH DXHV TXLQGHFLP DUERULEXV ± UK\WKPLF

WURFKDLFFDWDOHFWLF
DUGHVLOXDILOH[DUGH±UK\WKPLFWURFKDLF
&DSXW9,,
GHVHUWDXHQWXVPDUFLGDWUDQVLJLW±$OFDLF
&DSXW9,,,

DUDQHDXHWXVWDSLJUD±UK\WKPLFLDPELFFDWDOHFWLF
LJQDXDTXHLQVDQDTXH±UK\WKPLFLDPELF
&DSXW,;
UHXROXLWHUHXROXLWH±UK\WKPLFLDPELF
DWURIOXPLQHFRQFLWRVHFXQGR±KHQGHFDV\OODEOHV
&DSXW;

LOOH 5H[ VXE DUGXLV ± WURFKDLF GLPHWHU LDPELF
WULPHWHUFDWDOHFWLF
&DSXW;9
WDQGHP VXE WHQHEULV UXSLEXV DUGXLV ± )LUVW

$VFOHSLDG
&DSXW;,;
GUDFRQHQXQFDGXVWR±UK\WKPLFLDPELFFDWDOHFWLF
JDXGHDPXVQRVSDULWHUFDQDPXV±6DSSKLFV
SHUJLW LWHU VHPSHU VHPSHU SHU VD[DTXH VDOWXV ±
HOHJLDFV
$OVRDYDLODEOH
0,&+$(/%21'
85686120,1(3$'',1*721
7UDQVODWHGLQWR/DWLQE\3(7(51(('+$0
³TXLG YLGHV" QXP XUVXV DGHVW LQ VWDWLRQH

3DGGLQJWRQLHQVL"´ REVWXSHIDFWD 'RPLQD %UXQQD
FRQLXJHPFRQWHPSODYLW³QROLVWXOWXVHVVH+HQULFHQRQ
SRWHVWILHUL´
³$ EHDU" 2Q 3DGGLQJWRQ VWDWLRQ"´ 0UV %URZQ ORRNHG

DW KHU KXVEDQG LQ DPD]HPHQW³'RQ¶W EH VLOO\ +HQU\
7KHUHFDQ¶WEH´
3DGGLQJWRQ %HDU KDG WUDYHOOHG DOO WKH ZD\ IURP 'DUNHVW

3HUXZKHQWKH%URZQIDPLO\ILUVWPHWKLPRQ3DGGLQJWRQ
VWDWLRQ6LQFHWKHQWKHLUOLYHVKDYHQHYHUEHHQWKHVDPH
IRU RUGLQDU\ WKLQJV EHFRPH TXLWH H[WUDRUGLQDU\ ZKHQ D
EHDUFDOOHG3DGGLQJWRQLVLQYROYHG
7RGD\ RYHU ILIW\ \HDUV VLQFH KLV GHEXW WKH RULJLQDO
VWRU\ RI 3DGGLQJWRQ¶V KXPRURXV PLVDGYHQWXUHV$ %HDU
&DOOHG 3DGGLQJWRQ LV SUHVHQWHG LQ WKLV FKDUPLQJ /DWLQ
HGLWLRQLOOXVWUDWHGE\3HJJ\)RUWQXP
³3HWHU 1HHGKDP KDV ULVHQ YDOLDQWO\ WR WKH WDVN RI
ILQGLQJ HTXLYDOHQWV WR 3DGGLQJWRQ¶V µKDUG VWDUH¶ KLV
µHOHYHQVHV¶ZLWK0U*UXEHUDQGSHUKDSVPRVWGLIILFXOW
RI DOO KLV SHQFKDQW IRU µPDUPDODGH VDQGZLFKHV¶ QRW
VRPHWKLQJWKDWFDQKDYHILJXUHGKLJKO\RQWKHPHQXVRI
DQFLHQW 5RPH :KR VDLG /DWLQ LV D GHDG ODQJXDJH" ,Q
3HWHU¶V KDQGV 8UVXV 1RPLQH 3DGGLQJWRQ KDV D YHU\
VDWLVI\LQJULQJWRLW´
²0,&+$(/%21'
+DUSHU&ROOLQV&KLOGUHQ¶V%RRNV
,6%1
&RS\ULJKW
+DUSHU&ROOLQV3XEOLVKHUV
±)XOKDP3DODFH5RDG
+DPPHUVPLWK/RQGRQ:-%
ZZZWRONLHQFRXN
3XEOLVKHGE\+DUSHU&ROOLQV3XEOLVKHUV
7KH+REELWFRS\ULJKW7KH-557RONLHQ(VWDWH/LPLWHG

/DWLQWUDQVODWLRQFRS\ULJKW+DUSHU&ROOLQV3XEOLVKHUV
/WG
0DUN:DONHUDVVHUWVWKHPRUDOULJKWWREHLGHQWLILHGDVWKH
WUDQVODWRURIWKLVZRUN
DQGµ7RONLHQ¶DUHUHJLVWHUHGWUDGHPDUNVRI7KH
-557RONLHQ(VWDWH/LPLWHG
6RXUFH,6%1
(ERRN(GLWLRQ6HSWHPEHU,6%1
9HUVLRQ
),567(',7,21
$OOULJKWVUHVHUYHGXQGHU,QWHUQDWLRQDODQG3DQ$PHULFDQ
&RS\ULJKW&RQYHQWLRQV%\SD\PHQWRIWKHUHTXLUHGIHHV
\RXKDYHEHHQJUDQWHGWKHQRQH[FOXVLYHQRQWUDQVIHUDEOH
ULJKWWRDFFHVVDQGUHDGWKHWH[WRIWKLVHERRNRQVFUHHQ
1RSDUWRIWKLVWH[WPD\EHUHSURGXFHGWUDQVPLWWHG
GRZQORDGHGGHFRPSLOHGUHYHUVHHQJLQHHUHGRUVWRUHGLQ
RULQWURGXFHGLQWRDQ\LQIRUPDWLRQVWRUDJHDQGUHWULHYDO
V\VWHPLQDQ\IRUPRUE\DQ\PHDQVZKHWKHUHOHFWURQLFRU
PHFKDQLFDOQRZNQRZQRUKHUHLQDIWHULQYHQWHGZLWKRXW
WKHH[SUHVVZULWWHQSHUPLVVLRQRI+DUSHU&ROOLQVHERRNV
$ERXWWKH3XEOLVKHU
$XVWUDOLD
+DUSHU&ROOLQV3XEOLVKHUV$XVWUDOLD3W\/WG
/HYHO(OL]DEHWK6WUHHW
6\GQH\16:$XVWUDOLD
KWWSZZZKDUSHUFROOLQVFRPDXHERRNV
&DQDGD
+DUSHU&ROOLQV&DQDGD
%ORRU6WUHHW(DVWWK)ORRU
7RURQWR210:$&DQDGD
KWWSZZZKDUSHUFROOLQVFD
1HZ=HDODQG
+DUSHU&ROOLQV3XEOLVKHUV1HZ=HDODQG/LPLWHG
32%R[
$XFNODQG1HZ=HDODQG
KWWSZZZKDUSHUFROOLQVFRQ]
8QLWHG.LQJGRP
+DUSHU&ROOLQV3XEOLVKHUV/WG
)XOKDP3DODFH5RDG
/RQGRQ:-%8.
KWWSZZZKDUSHUFROOLQVFRXN
8QLWHG6WDWHV
+DUSHU&ROOLQV3XEOLVKHUV,QF
(DVWUG6WUHHW
1HZ<RUN1<
KWWSZZZKDUSHUFROOLQVFRP

Hobbitus Ille The Latin Hobbit J R R Tolkien

Загружено:

Сведения о документе

Оригинальное название

Авторское право

Доступные форматы

Поделиться этим документом

Поделиться или встроить документ

Параметры публикации

Этот документ был вам полезен?

Это неприемлемый материал?

Авторское право:

Доступные форматы

Hobbitus Ille The Latin Hobbit J R R Tolkien

Загружено:

Авторское право:

Доступные форматы

&ROOLV,OOH+REELWRQWUDQV$TXDP

$V D OLIHORQJ 7RONLHQ IDQDQG DQ DUGHQW /DWLQLVW

GXDH UXQDH XOWLPDH VXQW OLWWHUDH SULPDH 7KURULV HW

LQ IRUDPLQH WHUUDH KDELWDEDW KREELWXV QHF IRHGXP

7RRN SULGLH 0HGLDP $HVWDWLV KDEHEDW HXJHSDH TXDVL

SODQH QLKLO KDUXP UHUXP PDODUXP IHFHUXQW HW RPQLD

VXSUD IRFXP SRVLWXP HVW DXW VXEWHU PHQVDP DXW FLUFXP

%LOER H[VLOXLW HW DPLFWXP FXELFXODUHP LQGXHQV LQ

³GHFHP SDUWHV VH[DJHVLPDH KRUDH PRGR UHVWDQW WLEL

%LOERQL H[HXQGXP HUDW DQWHTXDP H[SOLFDUH SRWXLW VH

WXP LSVXP *DQGDOSKXV UHGLLW QHPR DXWHP HXP XLGLW LDP

LOOR GLH QHF FHFLQHUXQW QHF IDEXODV QDUUDXHUXQW HWLDPVL

QXQF *DQGDOSKXV HRV GX[LW TXL ³QRQ QRELV DPLWWHQGD HVW

VLF LQWHU DUERUHV ULVHUXQW DWTXH FDQWDXHUXQW HW RPQLQR

HUDQW PXOWDH VHPLWDH TXDH VXUVXP LQ PRQWHV LOORV

QXPTXDP %LOER DOLTXLG WDOLV JHQHULV DXW XLGHUDW DXW

FXP %LOER RFXORV DSHUXLVVHW QXP LG HJLVVHW PLUDWXV HVW

KDXG GXELXP HVW TXLQ %LOER LQ ORFR TXL DSSHOODWXU

LG IXLW VROXP TXRG DG URJDQGXP FRJLWDUH SRWXLW ± GH

³GLPLGL XP PRPHQWXP´ %LOER FODPDXLW TXL HWLDP GH

³VV VV VV´ *ROOXP LQTXLW GLX GLX VXE WHUUD

URJDXLW XW WHPSXV DFTXLUHUHW GRQHF GLIILFLOOLPXP

XLFLVVLP SXWDXLW LG HVVH IDFLOOLPXP TXRG VHPSHU GH

PLVHU %LOER LQ WHQHEULV VHGLW FRJLWDQV GH QRPLQLEXV

%LOER IHOLFLWDWH PHUD VHUXDWXV HVW QDP LG VDQH

%LOER H JREHOLQLV HIIXJHUDW VHG XEL HVVHW QHVFLXLW

³GHEHPXVQH LUH XOWHULXV"´ %LOER URJDXLW FXP DGHR

³TXLG HVW RPQLV FODPRU KRF QRFWH LQ VLOXD"´ 'RPLQXV

WXP GHVWLWHUXQW DWTXH H[FODPDXHUXQW ³HXRODWH DXHV

FXP LOODHXJDH IODPPDH VXE DUERUH *DQGDOSKL HUDQW

JREHOLQL LUDWL DWTXH DWWRQLWL XOXODXHUXQW PDJQD XRFH

'RULXP ³QRQ LQWHOOHJLV´ UHVSRQGHQWHP DXGLXLW ³TXRG

%LOER HW QDQL QXQF PXOWD FRJLWDQGD KDEXHUXQW HW

LQ DXOD QXQF RPQLD WHQHEURVD HUDQW %HRUQ PDQXV

%LOERQH LWHUXP QXWDUH LQFLSLHQWH VXELWR VXUUH[LW

PDQH SOHQXP IXLW FXP H[ VRPQR H[FLWDWXV HVW QDQXV

LQ RUGLQH DPEXODEDQW DGLWXV VHPLWDH IXLW TXDVL IRUQL[

TXRG PRPHQWXP WHPSRULV IXLW XQXP HLXV PLVHUULPRUXP

%LOER LQWHOOH[LW WHPSXV DGXHQLUH LQ TXR DOLTXLG VLEL

PLVHUXP GRPLQXP %DJJLQVHP ± TXL SHU WHPSXV ORQJXP

KLV DXGLWLV %LOER XDOGH FRPPRWXV HVW QDP XLGLW VH

%DOLQR REVHUXDUH DWTXH PRQHUH FXVWRGHP HW SURPXP QH

LDP QXQF FXSD XOWLPD DG LDQXDV UHXROXHEDWXU TXDP

VXE UDPLV GHSHQGHQWLEXV DUERUXP LQ DOWHUXWUD ULSD

XW GHIOXHEDQW GLHV LOOXVWULRU DWTXH FDOLGLRU ILHEDW SDXOR

)OXPLQL 6LOXHVWUL LXQFWXP DTXLV SURIXQGLV LPSOHUH LOODP

VHG KRPLQHV GH WDOLEXV UHEXV SDXFD PHPLQHUXQW

LWD FDQWDXHUXQW XHO LQ PRGR VLPLOOLPR PRGR SOXULEXV

LQWHULP 'U\DGHV6LOXHVWUHV FXP RQHULEXV VXLV DGXHUVR

GXRV GLHV LWHU IDFLHQWHV XVTXH VHFXQGXP /RQJXP /DFXP

WDOLEXV VHQWHQWLLV PDHVWLV LQ DQLPLV FRUQLFLEXV VHPSHU

GLX QDQL LQ WHQHEULV DQWH LDQXDP VWDEDQW DWTXH LQWHU VH

SRVW HXP VWHOODH LQ FDHOR SDOOLGR FXP QLJURUH REVHUDWR

QDQL DGKXF SRFXODP D PDQX DG PDQXP WUDGHEDQW HW GH

KLF VDQH HVW PRGXV DSWXV DG GUDFRQLEXV ORTXHQGXP VL

QXQF %LOER VHQWLUH FRHSLW VH XDOGH LQFRPPRGXP HVVH

LQWHULP QDQL LQ WHQHEULV VHGHEDQW FLUFXP TXRV VLOHQWLXP

LDP KRPLQHV LQ DTXDP XQGLTXH LQVLOLHEDQW IHPLQDH HW

OXQD FUHVFHQV DOWLXV DWTXH DOWLXV DVFHQGLW HW XHQWXV FUHXLW

QXQF DG %LOERQHP HW QDQRV UHGHDPXV SHU WRWDP QRFWHP

XW LDP QRQQXOODV UHV DXGLXLVWL XLGHELV QDQRV HWLDP

KLF FDQWXV 7KRULQR SODFHUH XLGHEDWXU XW LOOH UXUVXV

QXQF GLHV OHQWH DWTXH RSHURVH SUDHWHULEDQW PXOWL QDQL LQ

&ROOLV,OOH+REELWRQWUDQV$TXDP

$V D OLIHORQJ 7RONLHQ IDQDQG DQ DUGHQW /DWLQLVW

LQ IRUDPLQH WHUUDH KDELWDEDW KREELWXV QHF IRHGXP

7RRN SULGLH 0HGLDP $HVWDWLV KDEHEDW HXJHSDH TXDVL

SODQH QLKLO KDUXP UHUXP PDODUXP IHFHUXQW HW RPQLD

VXSUD IRFXP SRVLWXP HVW DXW VXEWHU PHQVDP DXW FLUFXP

%LOER H[VLOXLW HW DPLFWXP FXELFXODUHP LQGXHQV LQ

³GHFHP SDUWHV VH[DJHVLPDH KRUDH PRGR UHVWDQW WLEL

%LOERQL H[HXQGXP HUDW DQWHTXDP H[SOLFDUH SRWXLW VH

WXP LSVXP *DQGDOSKXV UHGLLW QHPR DXWHP HXP XLGLW LDP

LOOR GLH QHF FHFLQHUXQW QHF IDEXODV QDUUDXHUXQW HWLDPVL

QXQF *DQGDOSKXV HRV GX[LW TXL ³QRQ QRELV DPLWWHQGD HVW

VLF LQWHU DUERUHV ULVHUXQW DWTXH FDQWDXHUXQW HW RPQLQR

FXP %LOER RFXORV DSHUXLVVHW QXP LG HJLVVHW PLUDWXV HVW

KDXG GXELXP HVW TXLQ %LOER LQ ORFR TXL DSSHOODWXU

³GLPLGL XP PRPHQWXP´ %LOER FODPDXLW TXL HWLDP GH

³VV VV VV´ *ROOXP LQTXLW GLX GLX VXE WHUUD

URJDXLW XW WHPSXV DFTXLUHUHW GRQHF GLIILFLOOLPXP

XLFLVVLP SXWDXLW LG HVVH IDFLOOLPXP TXRG VHPSHU GH

%LOER IHOLFLWDWH PHUD VHUXDWXV HVW QDP LG VDQH

%LOER H JREHOLQLV HIIXJHUDW VHG XEL HVVHW QHVFLXLW

³GHEHPXVQH LUH XOWHULXV"´ %LOER URJDXLW FXP DGHR

WXP GHVWLWHUXQW DWTXH H[FODPDXHUXQW ³HXRODWH DXHV

FXP LOODHXJDH IODPPDH VXE DUERUH *DQGDOSKL HUDQW

JREHOLQL LUDWL DWTXH DWWRQLWL XOXODXHUXQW PDJQD XRFH

'RULXP ³QRQ LQWHOOHJLV´ UHVSRQGHQWHP DXGLXLW ³TXRG

%LOER HW QDQL QXQF PXOWD FRJLWDQGD KDEXHUXQW HW

LQ DXOD QXQF RPQLD WHQHEURVD HUDQW %HRUQ PDQXV

%LOERQH LWHUXP QXWDUH LQFLSLHQWH VXELWR VXUUH[LW

PDQH SOHQXP IXLW FXP H[ VRPQR H[FLWDWXV HVW QDQXV

LQ RUGLQH DPEXODEDQW DGLWXV VHPLWDH IXLW TXDVL IRUQL[

TXRG PRPHQWXP WHPSRULV IXLW XQXP HLXV PLVHUULPRUXP

KLV DXGLWLV %LOER XDOGH FRPPRWXV HVW QDP XLGLW VH

%DOLQR REVHUXDUH DWTXH PRQHUH FXVWRGHP HW SURPXP QH

XW GHIOXHEDQW GLHV LOOXVWULRU DWTXH FDOLGLRU ILHEDW SDXOR

)OXPLQL 6LOXHVWUL LXQFWXP DTXLV SURIXQGLV LPSOHUH LOODP

VHG KRPLQHV GH WDOLEXV UHEXV SDXFD PHPLQHUXQW

LWD FDQWDXHUXQW XHO LQ PRGR VLPLOOLPR PRGR SOXULEXV

LQWHULP 'U\DGHV6LOXHVWUHV FXP RQHULEXV VXLV DGXHUVR

WDOLEXV VHQWHQWLLV PDHVWLV LQ DQLPLV FRUQLFLEXV VHPSHU

KLF VDQH HVW PRGXV DSWXV DG GUDFRQLEXV ORTXHQGXP VL

QXQF %LOER VHQWLUH FRHSLW VH XDOGH LQFRPPRGXP HVVH

LQWHULP QDQL LQ WHQHEULV VHGHEDQW FLUFXP TXRV VLOHQWLXP

LDP KRPLQHV LQ DTXDP XQGLTXH LQVLOLHEDQW IHPLQDH HW

QXQF DG %LOERQHP HW QDQRV UHGHDPXV SHU WRWDP QRFWHP

XW LDP QRQQXOODV UHV DXGLXLVWL XLGHELV QDQRV HWLDP

KLF FDQWXV 7KRULQR SODFHUH XLGHEDWXU XW LOOH UXUVXV

QXQF GLHV OHQWH DWTXH RSHURVH SUDHWHULEDQW PXOWL QDQL LQ

LWDTXH FLUFD GXDV KRUDV SRVWTXDP D 3RUWD HIIXJLW %LOER

LOOH GLHV SUDHWHULLW HW QR[ SUR[LPR GLH XHQWR DG

LWDTXH SURHOLXP DE RPQLEXV LQRSLQDWXP LQLHUXQW TXRG

%LOER RPQLD TXDH HXHQHUDQW SRVWTXDP LFWXV HVW VHUR

DQWHTXDP UHGLLW PXOWD DUGXD DWTXH IDFLQRUD SDVVXV HVW

*DQGDOSKXV HXP DVSLFLHQV ³FDULVVLPH %LOER´ LQTXLW

XHVSHUL TXRGDP DXWXPQDOL QRQQXOOLV SRVW DQQLV %LOER LQ

$V D UXOHRIWKXPE LQIRUPDO RU LPSURPSWX VRQJV DUH