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KPCFGEWCFQU RCTC NNGXCT C ECDQ PWGXQU VKRQU FG TGNCEKQPGU KPVGTPCU [
GZVGTPCUSWGRGTOKVCPGNG)QDKGTPQ

4 2GTUQPCN 'N HCEVQT JWOCPQ GU GZVTGOCFCOGPVG KORQTVCPVG GP EWCNSWKGT

RTQEGUQFGVTCPUHQTOCEKÎP.CUGVCRCUHKPCNGUFGWPCKPKEKCVKXCG)QDKGTPQ
RWGFGP GPEQPVTCT WPC HWGTVG QRQUKEKÎP 5G KPEWTTKT¶ GP ICUVQU RCTC
FGURNCCTTGENWVCTTGVGPGT[TGECRCEKVCTCNRGTUQPCN

4 2TQEGUQU .C OC[QTÈC FG NQU RTQEGUQU DWTQET¶VKEQU GUV¶P EQPUVTWKFQU

CNTGFGFQT FG WPC GUVTWEVWTC LGT¶TSWKEC .C KPVGTCEEKÎP GNGEVTÎPKEC RWGFG
EQPVTCTTGUVCT CNIWPQU FG GUVQU RTQDNGOCU RQT NQ SWG UG TGSWGTKT¶ FG WP
TGFKUGÌQFGNQURTQEGUQU

4 6GEPQNQIÈC 7PC ITCP XCTKGFCF FG VGEPQNQIÈCU FG KPHQTOCEKÎP [

EQOWPKECEKÎPFGUGORGÌCPWPRCRGNENCXGGPNCUFKHGTGPVGUGVCRCUFGWPC
KPKEKCVKXC FGG)QDKGTPQEQOQGN+PVGTPGVEQOWPKECEKÎPKPCN¶ODTKEC[NC
KPVGITCEKÎPFGCRNKECEKQPGU[UGIWTKFCF



'N TGVQ UÎNQ RQFT¶ UGT GPHTGPVCFQ UK UG EQPUKIWG WPC ETGCVKXC G KPPQXCFQTC
CNKCPCGPVTGGNUGEVQTRTKXCFQ[GNUGEVQTRÕDNKEQSWGICTCPVKEGSWGPCFKG UGC
GZENWKFQFGNCUQRQTVWPKFCFGUFGNCVGEPQNQIÈCRQTTCQPGUGEQPÎOKECUQFG
FGUXGPVCLCUQEKCN

2CTCGNNQGN+0'+EQPVTKDW[GCVTCXÃUFGNCGNCDQTCEKÎPFG2QNÈVKECU2NCPGU[NC
RTQOQEKÎP FG OGVQFQNQIÈCU SWG HCEKNKVGP GN FKUGÌQ G KORNGOGPVCEKÎP FGN G
)QDKGTPQ GP RCTVKEWNCT 2CTC GN ECUQ GN 2NCP 'UVTCVÃIKEQ FG 6GEPQNQIÈC FG
+PHQTOCEKÎP
2'6+GUWPKPUVTWOGPVQSWGCRQ[CGNRTQEGUQFGRNCPKHKECEKÎP[
FGUCTTQNNQFGNCU6+GPNCU+PUVKVWEKQPGUFGN'UVCFQ
'N OQFGNQ NC #FOKPKUVTCEKÎP 2ÕDNKEC GP NÈPGC
G)QDKGTPQ Q IQDKGTPQ
GNGEVTÎPKEQ GU NC CRNKECEKÎP FG PWGXCU VGEPQNQIÈCU FG KPHQTOCEKÎP [
EQOWPKECEKÎP LWPVQ EQP NC VTCPUHQTOCEKÎP FG NQU RTQEGFKOKGPVQU NC
KORNCPVCEKÎP FG PWGXQU OÃVQFQU [ GUVKNQU FG VTCDCLQ NC ECRCEKVCEKÎP FG NQU
GORNGCFQU GP NCU 6+% GN VTCDCLQ GP ITWRQ [ NC RTGUVCEKÎP FG UGTXKEKQU FG
ECNKFCFCNENKGPVG
GNEKWFCFCPQ

5GEQPUKFGTCPGEGUCTKQNCKORNGOGPVCEKÎPFGWP2NCP'UVTCVÃIKEQ[NCUCEEKQPGU
SWGUGFGTKXGPEQPGNQDLGVQFG
N CEVWCT T¶RKFCOGPVG RCTC CRTQXGEJCT GN GPQTOG RQVGPEKCN RTQFWEVKXQ SWG
QHTGEG+PVGTPGV
OW[RTQPVQNCUQRQTVWPKFCFGU[RQUKDKNKFCFGURWGFGPXGTUG
EGTTCFCU RQT NC RQUKEKÎP FQOKPCPVG SWG CNECPEGP NCU GORTGUCU G
KPUVKVWEKQPGUSWGNCUWVKNKEGPRTKOGTQ

N KPETGOGPVCT UWUVCPEKCNOGPVG NQU CEVWCNGU ÈPFKEGU FG RGPGVTCEKÎP FG NQU
OGFKQU [ UGTXKEKQU FG KPHQTO¶VKEC [ VGNGEQOWPKECEKQPGU KPENW[GPFQ NCU
QPCU TWTCNGU [ CKUNCFCU FGN RCÈU UK UG FGUGC CRTQXGEJCT CN O¶ZKOQ NCU
XGPVCLCUFGNCUPWGXCUVGEPQNQIÈCU5KPEQDGTVWTCFGVGNGEQOWPKECEKQPGUPQ
JC[FGOQETCVKCEKÎP[FGUEGPVTCNKCEKÎPFGNCEEGUQ
N OCUKHKECT NC GFWECEKÎP [ ECRCEKVCEKÎP GP +PVGTPGV
PQ DCUVC VGPGT CEEGUQ
JC[ SWG RQVGPEKCT UW GORNGQ %WCPVQ OC[QT UGC NC RQDNCEKÎP [ NCU
GORTGUCU GP ECRCEKFCF FG WUCT [ VGPGT CEEGUQ C NQU UGTXKEKQU OC[QT
FGOCPFCGZKUVKT¶
N RTKQTKCT NCU CEEKQPGU FG GUVG RNCP GP NC RTQITCOCEKÎP [ CUKIPCEKÎP FG
TGEWTUQU [ EQPVCT EQP GN O¶U CNVQ TGURCNFQ IWDGTPCOGPVCN RCTC SWG
CNECPEGP GN ÃZKVQ FGUGCFQ NQITCT NC CEGRVCEKÎP [Q RCTVKEKRCEKÎP FG NCU
GORTGUCU[UQEKGFCFEKXKNGPGNFGUCTTQNNQFGNCUCEEKQPGUGLGEWVCFCURQTGN
'UVCFQGPGNOCTEQFGGUVGRNCP

'ZKUVGP UGTXKEKQU SWG UQP FG EQORGVGPEKC GURGEÈHKEC FG NQU OKPKUVGTKQU Q
KPUVKVWEKQPGU RÕDNKECU EW[CU ECTCEVGTÈUVKECU RNCPGU OGVCU [ TGEWTUQU UQP
IGTGPEKCFQUFKTGEVCOGPVGRQTGNNQU[SWGPQUQPEQPUKFGTCFQUFKTGEVCOGPVGGP
GUVG FQEWOGPVQ RGTQ SWG GP UW GLGEWEKÎP FGDGT¶P VQOCT GP EWGPVC NQU


QDLGVKXQU GUVTCVÃIKEQU CSWÈ HQTOWNCFQU RCTC IGPGTCT UKPGTIKCU [ CWOGPVCT NQU
DGPGHKEKQUFGNCUCEEKQPGURTGXKUVCU
GUFGGNRWPVQFGXKUVCFGN'UVCFQUG TGSWKGTG
8+5+¦0

7P OQFGNQ FG IGUVKÎP FG TGEWTUQU ECRC FG CEGNGTCT NC FGUEGPVTCNKCEKÎP
KPVGITCPFQ DTKPFCPFQ OGLQTGU UGTXKEKQU [ HCEKNKVCPFQ GN CEEGUQ FG NQU
EKWFCFCPQU [ NCU GORTGUCU C NC KPHQTOCEKÎP

'UVC XKUKÎP FG HWVWTQ RTGVGPFG GPHCVKCT GN TQN FGN 'UVCFQ FG CEVWCT FG OCPGTC
GHKEKGPVG [ VTCPURCTGPVG RCTC JCEGT TGCNKFCF GN FGTGEJQ FG NQU EKWFCFCPQU [ NCU
GORTGUCU FG TGEKDKT UGTXKEKQU FG ECNKFCF CEEGFGT C NC KPHQTOCEKÎP RÕDNKEC [
TGNCEKQPCTUG CEVKXCOGPVG EQP NC #FOKPKUVTCEKÎP 2ÕDNKEC FGUFG EWCNSWKGT NWICT
[ EQP FKXGTUQU OGFKQU RTGHGTGPVGOGPVG NQU VGEPQNÎIKEQU
/+5+¦0

(CEKNKVCT NC KPEQTRQTCEKÎP [ WUQ GHKEKGPVG FG NCU VGEPQNQIÈCU FG KPHQTOCEKÎP [
EQOWPKECEKÎP RCTC EQPVCT EQP WP 'UVCFQ OQFGTPQ ECRC FG RTGUVCT UGTXKEKQU
FG ECNKFCF QRQTVWPQU UGIWTQU [ CEEGUKDNGU CN EKWFCFCPQ CEGTECT CN EKWFCFCPQ
C NC IGUVKÎP RÕDNKEC [ HCEKNKVCT GN CEEGUQ KTTGUVTKEVQ [ WPKXGTUCN C NC KPHQTOCEKÎP
C VQFC NC RQDNCEKÎP RCTC SWG RCTVKEKRGP GP NC EQPUVTWEEKÎP [ GP NQU DGPGHKEKQU
FG NC 5QEKGFCF FG NC +PHQTOCEKÎP

'N CRQTVG GUVTCVÃIKEQ FG NCU 6+ C NC OQFGTPKCEKÎP FGN 'UVCFQ RGTOKVG NC
KORNCPVCEKÎP FG PWGXQU OQFGNQU FG IGUVKÎP SWG CEGNGTCP NQU RTQEGUQU CDTGP
PWGXQU ECPCNGU FG EQOWPKECEKÎP GP NQU FQU UGPVKFQU TGFWEGP EQUVQU [ VKGORQ
[ RQUKDKNKVCP QRGTCT GP OWEJQU ECUQU KPFGRGPFKGPVGOGPVG FGN VKGORQ [ NC
FKUVCPEKC

'NÃZKVQFGNCOKUKÎPRNCPVGCFC
FGOCPGTCKPVGITCNT¶RKFCFKTGEVC[GHGEVKXC
KORNKECSWGNCUKPUVKVWEKQPGUFGN'UVCFQTGFGHKPKT¶PUWQTICPKCEKÎPRCTC
N KUGÌCTUWUUGTXKEKQUEGPVTCFQUGPGNEKWFCFCPQEQPECNKFCFQRQTVWPKFCF
UGIWTKFCF[CEEGUKDKNKFCFEQPUKFGTCPFQUWUPGEGUKFCFGUGURGEÈHKECU

N #ORNKCTUWUEQORGVGPEKCU[JCDKNKFCFGURCTCOQPKVQTGCTGNKORCEVQFGNCU
PWGXCU VGEPQNQIÈCU CN KPVGTKQT FG NCU QTICPKCEKQPGU [ GP NC UQEKGFCF GP
IGPGTCN
N KUGÌCTOGECPKUOQUFGEQQTFKPCEKÎP[EQQRGTCEKÎPGPVTGQTICPKUOQUFGN
'UVCFQHNGZKDNGU[GPNÈPGCEQPNCUPWGXCUVGEPQNQIÈCURCTCSWGQRVKOKEGP
TGEWTUQU [ GUHWGTQU GP NC RWGUVC GP OCTEJC FG UQNWEKQPGU VGEPQNÎIKECU
EQORNGLCU[HKCDNGU



N 6TCDCLCT GP HWPEKÎP FG NQ SWG GN OGTECFQ NCU KPUVKVWEKQPGU [ EKWFCFCPQU
FGOCPFCP RTQOQXKGPFQ [ FGVGEVCPFQ QRQTVWPKFCFGU SWG DTKPFCP NCU
PWGXCUVGEPQNQIÈCU

N GUCTTQNNCTRTQ[GEVQUEQPLWPVQU EQPNCUQEKGFCFEKXKN[NCUGORTGUCURCTC
UWRGTCTNCUDCTTGTCUSWGKORKFGPCITCPFGU UGEVQTGUFGNCRQDNCEKÎPCEEGFGT
CNCOQFGTPKFCF
N 6TCPUHQTOCTNCUOÕNVKRNGUQRQTVWPKFCFGUSWGQHTGEGPNCUPWGXCUVGEPQNQIÈCU
FG KPHQTOCEKÎP [ EQOWPKECEKÎP GP RTQ[GEVQU XKCDNGU RCTC RQVGPEKCT GN
FGUCTTQNNQFGNCUQEKGFCFFGNCKPHQTOCEKÎPGPGNRCÈU

.CTCÎPRTKPEKRCNRCTCNCHQTOWNCEKÎPFGGUVG2NCP'UVTCVÃIKEQFG6+GUVQOCT
NC KPKEKCVKXC RCTC CEVWCT T¶RKFC EQPEGTVCFC [ GHKEKGPVGOGPVG RCTC NQITCT SWG
NQU EKWFCFCPQU [ NCU GORTGUCU RWGFCP WUCT [ FKUHTWVCT NQU DGPGHKEKQU FG NC
OQFGTPKCEKÎPFGN'UVCFQDCUCFCGPNCU6+%

1DLGVKXQUFGN2'6+

GUFGGNRWPVQFGXKUVCFGN+0'+NC/GVQFQNQIÈC2'6+XGTUKÎPDWUEC
N

/GLQTCTNC)GUVKÎPFGNQU5GTXKEKQU+PHQTO¶VKEQUFGNCUGPVKFCFGURÕDNKECU

N

1TKGPVCTGNFGUCTTQNNQFGNQU2TQ[GEVQUFG6+GPNCUGPVKFCFGURÕDNKECURCTC
NCEQPUVKVWEKÎPFGNG)QDKGTPQ

N

N

'UVCDNGEGT WP GPNCEG [EQPEQTFCPEKCGPVTGNCU6GEPQNQIÈCU'UVTWEVWTCFCU[
6GEPQNQIÈCUFG1DLGVQURCTCGNFGUCTTQNNQFG2TQ[GEVQUFG6GEPQNQIÈCFG
+PHQTOCEKÎP
1TKGPVCT NCU CEVKXKFCFGU KPHQTO¶VKECU GP GN OCTEQ FGN 2NCP 'UVTCVÃIKEQ
0CEKQPCNK [UWUCEVWCNKCEKQPGU

'XQNWEKÎPFGNC/GVQFQNQIÈC+PHQTO¶VKECFGN+0'+

.C /GVQFQNQIÈCU +PHQTO¶VKEC FGN +0'+ PQ JC UKFQ CLGPC CN FGUCTTQNNQ FG NCU
VGEPQNQIÈCUKPHQTO¶VKECUFGNQUÕNVKOQUCÌQUNQUGUHWGTQU FGNQUEGPVTQUFG
KPXGUVKICEKÎPGPWPKXGTUKFCFGU[GORTGUCUJCPGUVCFQRWGUVQUGPGNFGUCTTQNNQ
FG RTQRWGUVCU SWG RWGFCP UGT PTGCNOGPVG KORNGOGPVCFCUQ [ PQ UQNCOGPVG
GUDQCFCU
.QUPUCNVQUQ CNCUVGEPQNQIÈCUFGQDLGVQUPQJCPUKFQVQVCNOGPVGUCVKUHCEVQTKQU
UWKORNGOGPVCEKÎPTGCNGPRTQ[GEVQUFGFGUCTTQNNQFGUKUVGOCUJCPHTCECUCFQ
Q JCP FGOQTCFQ GP UW KORNGOGPVCEKÎP IGPGTCPFQ RÃTFKFCU Q GNGXCPFQ NQU
EQUVQUFGNRTQ[GEVQFGDKFQHWPFCOGPVCNOGPVGCSWGGNPGUVCFQFGCTVGQ FGNCU
VGEPQNQIÈCUFGDCUGUFGFCVQUJGTTCOKGPVCUFGOQFGNCOKGPVQ[FGUCTTQNNQCUÈ
EQOQ FG GXCNWCEKÎP FG RTQFWEVQU PQ GUVCDCP C NC RCT FG NQU UWRWGUVQU
VGÎTKEQU


#FGO¶U GN PQ EQPVCT EQP RGTUQPCN RTGRCTCFQ RCTC KORNGOGPVCT GUVQU
RTQ[GEVQU GP GN OGFKQ OCN GPFÃOKEQ GP UQEKGFCFGU GP XÈCU FG FGUCTTQNNQ [
SWG UÎNQ UG RWGFG UQNWEKQPCT HQTOCPFQ PWGXQU EWCFTQU VÃEPKEQU Q
KORQTV¶PFQNQURCTCUWUVGPVCTGNFGUCTTQNNQFGNQURTQ[GEVQU
/CTEQ%QPEGRVWCNRCTCGNFGUCTTQNNQFGN2'6+

'N OCTEQ EQPEGRVWCN GORNGCFQ RQT NCU XGTUKQPGU CPVGTKQTGU FG NCU
RWDNKECEKQPGU FG NC /GVQFQNQIÈC +PHQTO¶VKEC FGN +0'+ GUVCDC GUVTWEVWTCFQ
UQDTGNCDCUGFGNQURTKPEKRKQUFGNCVGEPQNQIÈCGUVTWEVWTCFCCUÈUGJKQPQVCT
GPNCUXGTUKQPGU[FGN2'6+
CPVGU25+CUÈEQOQGPNCUXGTUKQPGUFGDCUGFG
FCVQUFGUCTTQNNCFQTGU[WVKNKVCTKQU
'LVHxRGHO
0RGHOR
GH6LVWHPDV
,QVWLWXFLRQDOHV

'HILQLFLyQ
RUJDQL]DFLyQ
GHO3(7,

$OLQHDPLHQWR
GHO3(7,FRQHO
3ODQ(VWUDWpJLFR
,QVWLWXFLRQDO

3ODQHVGH$FFLyQ
(YDOXDFLyQ%6

,GHQWLILFDFLyQGH
5HTXHULPLHQWRV
'LVHxRGHO
0RGHOR
GH$UTXLWHFWXUD
7HFQROyJLFD

'NGUSWGOCIGPGTCNFGNC/GVQFQNQIÈC2'6+GUNCSWGUGOWGUVTCGPGNIT¶HKEQ
EW[CUHCUGUUQP
N
N
N
N
N

N

GHKPKEKÎP[1TICPKCEKÎPFGN2'6+
#NKPGCEKÎPFGN2'6+EQPGN2NCP'UVTCVÃIKEQ+PUVKVWEKQPCN
+FGPVKHKECEKÎPFG4GSWGTKOKGPVQU
KUGÌQFGN/QFGNQFG5KUVGOCU+PUVKVWEKQPCN
KUGÌQFGN/QFGNQFG#TSWKVGEVWTC6GEPQNÎIKEC
2NCPGUFG#EEKÎP

2TQURGEVKXCFGNFGUCTTQNNQFGNCUVGEPQNQIÈCUFG+PHQTOCEKÎPGPNCUGPVKFCFGU
FGNGUVCFQRGTWCPQRCTCNCRTKOGTCFÃECFCFGNPWGXQ UKINQ

'N RNCPVGCOKGPVQ SWG UG RTGUGPVC GU EQJGTGPVG EQP GN P2NCP 0CEKQPCN FG
GUCTTQNNQ+PHQTO¶VKEQ Q
CEVWCNOGPVGGPGTCXGTUKÎP[GN/QFGNQ



FG GUCTTQNNQ FG 5KUVGOCU [ 5GTXKEKQU RNCPVGCFQU GP GN FQEWOGPVQ
P.KPGCOKGPVQURCTCNC%TGCEKÎPFG NC5QEKGFCFFG+PHQTOCEKÎPGPGN2GTÕQ
( P SUHV D V LXG D GD QRV
,QWHUP HG LD ULR V
3

0 RGHOR
3 UR SXHVWR

' LVS R VLWLYRV P HG LR VG H$FFHVV
7 9 7 HOpIRQR . LRVNR
DELQD
DEOH
0 y Y LO 0 XOWLP HGLD 3 ~EOLFD

3 UR YHH GRUH V
( [WUDQHWV

3 RUWDOH V

,QWUDQH W

0 LQLVWHULRV
2 UJDQLVP RV3 ~EOLFRV

( [WUDQHWV

* RELHUQR V/RFDOHV
8 QLYHUVLGDGHV ROHJLRV

$UHD GHDFFLyQG HO,1 ( ,

'PGNNÈOKVGGNEKWFCFCPQ[NCUGORTGUCUPQFGDGTÈCPPGEGUKVCTEQPQEGTSWKÃP
Q SWG FGRGPFGPEKC DTKPFC GN UGTXKEKQ Q EÎOQ GUV¶ QTICPKCFC NC KPUVKVWEKÎP
RCTCCEEGFGT[WUCTWPUGTXKEKQFGVGTOKPCFQFGNC#FOKPKUVTCEKÎP2ÕDNKEC.C
OCPGTCEQOQGUVQUUGTXKEKQU
FKIKVCNKCDNGUUQPQTICPKCFQU[QHGTVCFQUFGDG
UGTVTCPURCTGPVGRCTCGNWUWCTKQ'UVGGUWPKFGCNCNSWGFGDGTÈCVGPFGTNCHQTOC
GPSWGGNEKWFCFCPQ[NCUGORTGUCUTGUWGNXGPUWUPGEGUKFCFGUFGFCT[TGEKDKT
KPHQTOCEKÎPFG[JCEKCNC#FOKPKUVTCEKÎP2ÕDNKEC

5GTÈC FGUGCDNG VCODKÃP SWG NC OC[QT RCTVG FG NQU UGTXKEKQU FG KPHQTOCEKÎP
RWGFCPUGTTGCNKCFQUCVTCXÃUFGTGFGU[UGTCEEGUKDNGUGP+PVGTPGVRQTNQEWCN
FGDGT¶P VQOCTUG NCU RTGXKUKQPGU FGN ECUQ RCTC CVGPFGT NCU PWGXCU FGOCPFCU
SWGUGQTKIKPCT¶PRQTNQUECODKQUGPNCXCTKGFCF[RGPGVTCEKÎPFGNQUOGFKQU
SWG UG VGPFT¶ GP NQU RTÎZKOQU CÌQU RCTC CEEGFGT C +PVGTPGV #EVWCNOGPVG NC
OCPGTC O¶U FKHWPFKFC FG CEEGUQ C +PVGTPGV GU C VTCXÃU FG NCU 2%NU RGTQ NCU
RTGXKUKQPGUCRWPVCPCSWGRTQPVQQVTQUOGFKQU[HQTOCUFGCEEGUQGUVCT¶PCN
CNECPEGFGEWCNSWKGTWUWCTKQFGNCOCPQEQPNCUEQOWPKECEKQPGUKPCN¶ODTKECU
[NCVGNGHQPÈCOÎXKN'PGN2GTÕNCUECDKPCURÕDNKECU[NQUEGPVTQUEQOWPKVCTKQU
FG CEEGUQ C +PVGTPGV UQP WP OGFKQ CRTQRKCFQ RCTC HCEKNKVCT GN CEEGUQ C NQU
RQDNCFQTGUFGDCLQUKPITGUQU[FGNCUQPCUTWTCNGUSWGFGUFGGN'UVCFQ[NCU
QTICPKCEKQPGUEKXKNGUFGDKGTCUGIWKTKORWNU¶PFQUG


2CTC HCEKNKVCT NC FKUVTKDWEKÎP [ EKTEWNCEKÎP FG NC KPHQTOCEKÎP [ NC WDKECEKÎP [
RTGUVCEKÎPFGUGTXKEKQUGN+0'+[GNTGUVQFGNC#FOKPKUVTCEKÎP2ÕDNKECFGDGP
QTICPKCTWPRQTVCN
QXCTKQURQTVCNGUUGEVQTKCNGU'UVGRQTVCNFGDGTÈCUGTXKUVQ
EQOQGNRWPVQQRWGTVCFGGPVTCFCO¶UH¶EKNT¶RKFCCOKICDNG [VTCPURCTGPVG
RCTC KPVGTCEVWCT EQP NC #FOKPKUVTCEKÎP 2ÕDNKEC C VTCXÃU FG +PVGTPGV FQPFG
EQPXGTIGP NCU KPUVKVWEKQPGU [ UGTXKEKQU RÕDNKEQU ECFC WPC EQP UW RTQRKC
UQNWEKÎP VGEPQNÎIKEC FKURWGUVCU C FCT [ TGEKDKT KPHQTOCEKÎP FG [ JCEKC NQU
EKWFCFCPQU[GORTGUCU'NRQTVCNFGDGRGTOKVKTNCRTKXCEKFCF[NCCWVGPVKECEKÎP
FGNQUFCVQUSWGUGOCPGLCP[QHTGEGTNCQREKÎPFGRGTUQPCNKCEKÎP
EQOQNC
OC[QTÈCFGRQTVCNGURTKXCFQURCTCSWGECFCEKWFCFCPQQGORTGUCNQCFCRVGC
UWUPGEGUKFCFGU
'UVGRQTVCN
QRQTVCNGU[NCUKPVTCPGVUSWGUGFGUCTTQNNGPCNKPVGTKQTFGN'UVCFQ
FGDGT¶P HCEKNKVCT G KPVGITCT GN CEEGUQ C NQU UGTXKEKQU
FKIKVCNKCDNGU FGUFG
EWCNSWKGTNWICTCVTCXÃUFGNQUOGFKQU[FKURQUKVKXQUCEVWCNGU[RQTETGCTUGGP
NC Q NCU NGPIWCU O¶U WVKNKCFCU RQT NC RQDNCEKÎP GP UGTXKEKQU EQOQ NQU
GFWECVKXQU
ECUVGNNCPQ SWGEJWC C[OCTC NGIWCU COCÎPKECU Q GP NC
RTQOQEKÎPFGNEQOGTEKQGZVGTKQT
ECUVGNNCPQKPINÃU+IWCNOGPVGFGDGT¶VQOCT
GPEWGPVCNCUPGEGUKFCFGUFGNCURGTUQPCUEQPFKUECRCEKFCFGU
.C KPHQTOCEKÎP SWG OCPGLC GN 'UVCFQ FGDGTÈC UGT RWGUVC C FKURQUKEKÎP FGNCU
GORTGUCU[NQUEKWFCFCPQURCTCEQPQEGTNCUECTCEVGTÈUVKECUFGNCUQRGTCEKQPGU
[VTCPURCTGPVCTGNOGTECFQ
RQTGLGORNQGPVGOCUEQOQGNEQOGTEKQGZVGTKQT
NCU KPXGTUKQPGU GN OGTECFQ HKPCPEKGTQ GVE UKP O¶U TGUVTKEEKÎP SWG NC
RTQVGEEKÎPFGNQUFCVQURGTUQPCNGU5KPKPHQTOCEKÎPPQJC[NKDTGOGTECFQPK
UG RWGFGP CRTQXGEJCT NCU XGPVCLCU FG NC INQDCNKCEKÎP 6CODKÃP JC[ SWG
EQPUKFGTCT NQU RTQHWPFQU ECODKQU [ GEQPQOÈCU SWG UG RWGFGP NQITCT GP NCU
VTCPUCEEKQPGU [ PGIQEKQU EQP NQU RTQXGGFQTGU [ QVTCU KPUVKVWEKQPGU FGN UGEVQT
RÕDNKEQOGFKFQUVCPVQGPVÃTOKPQUFGTGFWEEKÎPGPNQUEQUVQUFGVTCPUCEEKÎP
EQOQ GP NQU FG EQOWPKECEKÎP RCRGNGQ FGVGEEKÎP FG PWGXCU QRQTVWPKFCFGU
FGPGIQEKQUIGUVKÎP [TQVCEKÎPFGKPXGPVCTKQUGPVTGQVTQURWPVQU
'UVQUTGVQURQPGPGPRTKOGTRNCPQGNVGOCFGNCGUVTWEVWTC[QTICPKCEKÎPFGN
'UVCFQ
[ FGN +0'+ GP RCTVKEWNCT UK SWKGTG LWICT WP RCRGN KORQTVCPVG GP GN
RTQEGUQ FG OQFGTPKCEKÎP FGN 'UVCFQ [ FGN RGTHKN FG NQU HWPEKQPCTKQU SWG
VTCDCLCP GP ÃN 0WGXCU EQORGVGPEKCU [ JCDKNKFCFGU UGT¶P TGSWGTKFCU RCTC
TGURQPFGT C NQU TGVQU SWG RNCPVGG GUVC ECTTGTC INQDCN [ OCPVGPGT PKXGNGU
CFGEWCFQU FG ECNKFCF ETGFKDKNKFCF [ QRQTVWPKFCF GP NC RTGUVCEKÎP FG NQU
UGTXKEKQUQHGTVCFQU
'PUÈPVGUKUGNFGURNKGIWG[WUQNCUVGEPQNQIÈCUFGKPHQTOCEKÎP[EQOWPKECEKÎP
FGDGT¶UGTTGCNKCFQEQPWPGURÈTKVWKPPQXCFQTEQPWPCXKUKÎPFGNCTIQRNCQ
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FG NQU UKUVGOCU FG KPHQTOCEKÎP FG NC QTICPKCEKÎP C EQPUKFGTCT 6CODKÃP UG
VKGPGP GP EWGPVC NQU QDLGVKXQU FGHKPKFQU RCTC GN 2NCP FG 'UVTCVÃIKEQ FG
6GEPQNQIÈCUFG+PHQTOCEKÎPGPHWPEKÎPFGNQUEWCNGUUGGUVCDNGEGNCCORNKVWF
[RTQHWPFKFCFEQPNCSWGUGFGDGT¶FGUCTTQNNCTGUVCCEVKXKFCF
.QUQDLGVKXQUFGN2NCP'UVTCVÃIKEQFG6GEPQNQIÈCUFG+PHQTOCEKÎPUGEQORNGVCP
EQP NQU QDLGVKXQU FGHKPKFQU GP GUVC VCTGC RCTC GN GUVWFKQ FG NQU UKUVGOCU FG
KPHQTOCEKÎPCEVWCNGU

.C KPHQTOCEKÎP TGNCVKXC C NQU UKUVGOCU FG KPHQTOCEKÎP SWG FCP CEVWCNOGPVG
UQRQTVGCNQURTQEGUQUCHGEVCFQURQTGN2'6+UGQDVKGPGOGFKCPVGUGUKQPGUFG
VTCDCLQEQPNQUWUWCTKQU[GNCRQ[QFGNRGTUQPCNKPHQTO¶VKEQSWGUGEQPUKFGTG
PGEGUCTKQ
2TQFWEVQU

GGPVTCFC
N
N
N
N

.KUVCFQFGQDLGVKXQU
.KUVCFQFGWUWCTKQU
'SWKRQUFGVTCDCLQ


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N .KUVCFQFGQDLGVKXQU
S 1DLGVKXQUFGNGUVWFKQFGNQUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU

N +FGPVKHKECEKÎPFGUKUVGOCUFGKPHQTOCEKÎPCEVWCNGUCHGEVCFQURQTGN2'6+
2T¶EVKECU

N 5GNGEEKÎP
N 5GUKQPGUFGVTCDCLQ
2CTVKEKRCPVGU

N %QPUWNVQTGU
N %QPUWNVQTGU+PHQTO¶VKEQU
N 7UWCTKQUGZRGTVQU
#P¶NKUKUFGNQUUKUVGOCUFGKPHQTOCEKÎP

'PGUVCVCTGCUGNNGXCCECDQGNGUVWFKQFGNQUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU
CHGEVCFQURQTGN2'6+2CTCECFCUKUVGOCFGKPHQTOCEKÎPUGTGEQIGPCNOGPQU
NCUECTCEVGTÈUVKECUD¶UKECUTGNCVKXCUCFCVQUUQHVYCTGFGCRNKECEKÎPRTQEGUQUFG
NC QTICPKCEKÎP C NQU SWG FC UQRQTVG [ FG SWÃ HQTOC NQ JCEG HNGZKDKNKFCF
ECTGPEKCUTKGUIQU[RQUKDNGUCOGPCCU

'PHWPEKÎPFGNVKRQFGUKUVGOCFGKPHQTOCEKÎP[FGNQUQDLGVKXQUFGUWGUVWFKQ
UG TGEQRKNC CFGO¶U RCTC ECFC WPQ FG GNNQU KPHQTOCEKÎP RTQEGFGPVG FG
FKXGTUQURWPVQUFGXKUVC
NCQRKPKÎPFGWUWCTKQUFGNQUUKUVGOCUFGKPHQTOCEKÎP
FGCPCNKUVCUFGFGUCTTQNNQFGNRGTUQPCNFGQRGTCEKÎPGVE
2TQFWEVQU

GGPVTCFC

N +FGPVKHKECEKÎPFGUKUVGOCUFGKPHQTOCEKÎPCEVWCNGUCHGEVCFQURQTGN2'6+
GUCNKFC

N GUETKREKÎPIGPGTCNFGUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU
2T¶EVKECU

N 5GUKQPGUFGVTCDCLQ
N KCITCOCFGTGRTGUGPVCEKÎP



2CTVKEKRCPVGU
N
N
N
N
N
N

%QPUWNVQTGU
%QPUWNVQTGUKPHQTO¶VKEQU
7UWCTKQUGZRGTVQU
'SWKRQFGNRTQ[GEVQ
'SWKRQFGUQRQTVGVÃEPKEQ
4GURQPUCDNGFGOCPVGPKOKGPVQ

8CNQTCEKÎPFGNQUUKUVGOCUFGKPHQTOCEKÎP

7PCXGFGUETKVCUNCUECTCEVGTÈUVKECUFGNQUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGUUG
CPCNKCP NQU RTQDNGOCU TGCNGU [ RQVGPEKCNGU QRKPKQPGU GVE 5G QDVKGPGP
EQPENWUKQPGU[WPCXCNQTCEKÎPNQO¶UQDLGVKXCRQUKDNGFGECFCWPQFGGNNQU
'UKORQTVCPVGNQITCTGUVCQDLGVKXKFCF[C SWGNCXCNQTCEKÎPRQFT¶KPHNWKTGPNC
FGEKUKÎP FG NC UWUVKVWEKÎP Q OGLQTC FG NQU UKUVGOCU FG KPHQTOCEKÎP GP NQU
RTÎZKOQUCÌQU
%QPXKGPGUGÌCNCTSWGGUVCXCNQTCEKÎPPQUGTGCNKC GPEWCPVQCEQDGTVWTCFG
TGSWKUKVQU UKPQ EQP TGURGEVQ C CURGEVQU KPVTÈPUGEQU Q FG GHKEKGPEKC FG ECFC
UKUVGOC FGKPHQTOCEKÎP TGNCVKXQU CHCEKNKFCFFGOCPVGPKOKGPVQ QRGTCVKXKFCF
PKXGNFGUGTXKEKQEQUVGUGVE
2TQFWEVQU

GGPVTCFC

N GUETKREKÎPIGPGTCNFGUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU
GUCNKFC

N 8CNQTCEKÎPFGNCUKVWCEKÎPCEVWCN
2T¶EVKECU

N 5GUKQPGUFGVTCDCLQ
N +ORCEVQGPNCQTICPKCEKÎP
2CTVKEKRCPVGU

N %QPUWNVQTGU



KUGÌQFGNOQFGNQFGUKUVGOCUFGKPHQTOCEKÎP

'NQDLGVKXQFGGUVCCEVKXKFCFGUKFGPVKHKECT[FGHKPKTNQUUKUVGOCUFGKPHQTOCEKÎP
SWGXCPCFCTUQRQTVGCNQURTQEGUQUFGNCQTICPKCEKÎPCHGEVCFQURQTGN2NCP
'UVTCVÃIKEQFG6GEPQNQIÈCFG+PHQTOCEKÎP2CTCGNNQGPRTKOGTNWICTUGCPCNKC
NC EQDGTVWTC SWG NQU UKUVGOCU FG KPHQTOCEKÎP CEVWCNGU FCP C NQU TGSWKUKVQU
TGEQIKFQU GP GN ECV¶NQIQ GNCDQTCFQ GP NCU CEVKXKFCFGU 'UVWFKQ FG NC
KPHQTOCEKÎPTGNGXCPVGGKFGPVKHKECEKÎPFGTGSWKUKVQU 'UVQRGTOKVKT¶GHGEVWCTWP
FKCIPÎUVKEQFGNCUKVWCEKÎPCEVWCNCRCTVKTFGNEWCNUGUGNGEEKQPCPNQUUKUVGOCU
FG KPHQTOCEKÎP CEVWCNGU EQPUKFGTCFQU X¶NKFQU KFGPVKHKECPFQ NCU OGLQTCU C
TGCNKCTGPNQUOKUOQU
2QT ÕNVKOQ UG FGHKPGP NQU PWGXQU UKUVGOCU FG KPHQTOCEKÎP PGEGUCTKQU RCTC
EWDTKTNQUTGSWKUKVQU[HWPEKQPGUFGNQURTQEGUQUPQUQRQTVCFQURQTNQUUKUVGOCU
CEVWCNGUUGNGEEKQPCFQU
6GPKGPFQGPEWGPVCNQUTGUWNVCFQUCPVGTKQTGUUGGNCDQTCGNOQFGNQFGUKUVGOCU
FG KPHQTOCEKÎP X¶NKFQ RCTC FCT UQRQTVG C NQU RTQEGUQU FG NC QTICPKCEKÎP
KPENWKFQUGPGN¶ODKVQFGN2NCP'UVTCVÃIKEQFG6GEPQNQIÈCUFG+PHQTOCEKÎP
6CTGC
KCIPÎUVKEQFGNC
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N /QFGNQFGUKUVGOCUFG
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N /CVTKEKCN
N KCITCOCFG
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N %QPUWNVQTGU

N %QPUWNVQTGU
N %QPUWNVQTGU
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2CTC NNGICT C WP FKCIPÎUVKEQ UQDTG NC UKVWCEKÎP CEVWCN UG VKGPG GP EWGPVC NC
XCNQTCEKÎPFGNQUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGUTGCNKCFCGPNCCEVKXKFCFFG
GUVWFKQ FG NQU UKUVGOCU FG KPHQTOCEKÎP CEVWCNGU [ UG GUVWFKC NC EQDGTVWTCFG
TGSWKUKVQUSWGUGVKGPGEQPGNNQU

'UVQ RGTOKVG FGVGTOKPCT NQU TGSWKUKVQU FGN ECV¶NQIQ PQ EWDKGTVQU RQT NQU
UKUVGOCUFGKPHQTOCEKÎPCEVWCNGUGUVWFKCPFQUWCURGEVQETÈVKEQ[RTKQTKFCF


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FG NCU PGEGUKFCFGU FG KPHQTOCEKÎP 5G FGVGTOKPC UK GZKUVGP GPVKFCFGU Q
TGNCEKQPGUFGNOKUOQSWGPQCRCTGEGPTGEQIKFCUGPNCUKVWCEKÎPCEVWCNQSWG
GUVCPFQTGEQIKFCUUWVTCVCOKGPVQCEVWCNPQTGURQPFGCNQUPWGXQUTGSWKUKVQU

%QOQ TGUWNVCFQ FGN CP¶NKUKU CPVGTKQT UG UGNGEEKQPCP NQU UKUVGOCU FG
KPHQTOCEKÎP C EQPUGTXCT [ UG GNCDQTC UK RTQEGFG NC TGNCEKÎP FG OGLQTCU C
TGCNKCTGPECFCWPQFGGNNQURCTCEWDTKTNQUTGSWKUKVQUSWGNGCHGEVCP
2TQFWEVQU

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N /QFGNQFGKPHQTOCEKÎP
N 8CNQTCEKÎPFGNCUKVWCEKÎPCEVWCN
GUCNKFC

N KCIPÎUVKEQFGNCUKVWCEKÎPCEVWCN
S 4GNCEKÎP FG UKUVGOCU FG KPHQTOCEKÎP SWG UG EQPUGTXCP [ OGLQTCU
PGEGUCTKCU
6ÃEPKECU
N /CVTKEKCN

2CTVKEKRCPVGU

N %QPUWNVQTGU
N #PCNKUVCU

GHKPKEKÎPFGNOQFGNQFGUKUVGOCUFGKPHQTOCEKÎPTGSWGTKFQ

'UVC VCTGC VKGPG EQOQ QDLGVKXQ TGRTGUGPVCT GN EQPLWPVQ FG UKUVGOCU FG
KPHQTOCEKÎP SWG FCP UQRQTVG C NQU RTQEGUQU FG NC QTICPKCEKÎP CHGEVCFQU
FGUETKDKGPFQ UWU TGNCEKQPGU G KPVGTHCEGU CUÈ EQOQ FGHKPKT SWÃ UKUVGOCU FG
KPHQTOCEKÎP CEVWCNGU UG OCPVGPFT¶P EQP NCU OGLQTCU RTQRWGUVCU [ SWÃ
UKUVGOCUFGKPHQTOCEKÎPPWGXQUEWDTKT¶PNQUTGSWKUKVQUPQUQRQTVCFQURQTNQU
UKUVGOCUFGKPHQTOCEKÎPCEVWCNGU
2CTCKFGPVKHKECTECFCUKUVGOCFGKPHQTOCEKÎPPWGXQUGCPCNKCP
N .QUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGUSWGUGEQPUGTXCP

N .QU TGSWKUKVQU PQ EWDKGTVQU RQT NQU UKUVGOCU FG KPHQTOCEKÎP CEVWCNGU 5G
TGCNKC WPC KFGPVKHKECEKÎP KPKEKCN FG UKUVGOCU FG KPHQTOCEKÎP CITWRCPFQ



CEVKXKFCFGUJQOQIÃPGCUFGNQURTQEGUQUFGNCQTICPKCEKÎPCHGEVCFQUSWG
CEVÕCPUQDTGKPHQTOCEKÎPEQOÕP

N KHGTGPVGU VKRQU FG UKUVGOCU FG KPHQTOCEKÎP
FG IGUVKÎP FG UQRQTVG C NC
VQOCFGFGEKUKQPGUGURGEKCNGUGVE
N +PVGTHCEGUGPVTGUKUVGOCUFGKPHQTOCEKÎPEQPGNQDLGVKXQFGOKPKOKCTNCU
N 6GEPQNQIÈCGURGEKCNTGSWGTKFCUKRTQEGFG

.CU EQPENWUKQPGU QDVGPKFCU FG FKEJQ CP¶NKUKU UKTXGP RCTC KFGPVKHKECT ECFC
UKUVGOCFGKPHQTOCEKÎPPWGXQ[GNCDQTCTGNOQFGNQFGUKUVGOCUFGKPHQTOCEKÎP

2QTÕNVKOQ[EQPVCPFQEQPNCGZRGTKGPEKCFGNQURCTVKEKRCPVGUGPGUVCVCTGCUG
QDVKGPG GN OQFGNQ FG UKUVGOCU FG KPHQTOCEKÎP SWG KPENW[G WP FKCITCOC FG
TGRTGUGPVCEKÎP FG VQFQU GNNQU EQP UWU EQPGZKQPGU G KPVGTHCEGU [ WPC
FGUETKREKÎPFGECFCUKUVGOCFGKPHQTOCEKÎPEQPGNEQPLWPVQFGCEVKXKFCFGU[
TGSWKUKVQUSWGEWDTGCUÈEQOQGNVKRQFGUKUVGOCFGSWGUGVTCVC
2TQFWEVQU

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N KCIPÎUVKEQUKVWCEKÎPCEVWCN
N /QFGNQFGRTQEGUQUFGNCQTICPKCEKÎP
N /QFGNQFGKPHQTOCEKÎP
GUCNKFC

N /QFGNQFGUKUVGOCUFGKPHQTOCEKÎP
6ÃEPKECU

N /CVTKEKCN
2T¶EVKECU

N KCITCOCFGTGRTGUGPVCEKÎP
2CTVKEKRCPVGU

N %QPUWNVQTGU
N 7UWCTKQUGZRGTVQU



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.WGIQFGKFGPVKHKECTUGNCUGPVKFCFGU[NCURQUKDNGUDCUGUFGFCVQUEQTRQTCVKXCU
UGRTQEGFKÎCKFGPVKHKECTNQUUKUVGOCUFGKPHQTOCEKÎPSWGJCPFGFGUCTTQNNCTUG
FGOCPGTCSWGÃUVCNQITGEWORNKTEQPUWUQDLGVKXQURTQITCOCFQU

'PDCUGCNQUTGSWGTKOKGPVQUFGKPHQTOCEKÎPFGNCKPUVKVWEKÎP[FGNGUVWFKQFG
NQU UKUVGOCU FG KPHQTOCEKÎPGZKUVGPVGUUGJCXKUVQRQTEQPXGPKGPVGRTQRQPGT
WP 5KUVGOC +PVGITCN FG NC +PUVKVWEKÎP FGPQOKPCFQ 5+56'/# '
+0(14/#%+¦0 %+'06 (+%# ; 6'%01.¦)+%# '. +/#42'
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EQORTGPFGNQUPKXGNGUEKGPVÈHKEQVGEPQNÎIKEQ[CFOKPKUVTCVKXQNQUEWCNGUGUV¶P
EQPHQTOCFQURQTFKXGTUQUOÎFWNQU[UWDOÎFWNQUEQPXKIGPEKCGPGNOGFKCPQ
[NCTIQRNCQ[SWGRGTOKVCPNQITCTNQUQDLGVKXQUKPUVKVWEKQPCNGU
.CKFGPVKHKECEKÎPFGNQUOÎFWNQU[UWDOÎFWNQUUGJCDCUCFQGPNCCRNKECEKÎP
FG 6ÃEPKECU /CVTKEKCNGU G GUVC HQTOC UG JC EQPUVTWKFQ NC OCVTK 2TQEGUQ
'PVKFCFFGCVQUSWGTGRTGUGPVCGNVTCVCOKGPVQNÎIKEQFGNQURTQEGUQUUQDTGNQU
FCVQUFGNUKUVGOCCITWRCPFQNQURTQEGUQU[NQUFCVQUGPFKUVKPVQUOÎFWNQU
G CEWGTFQ C NCU PGEGUKFCFGU FG KPHQTOCEKÎP FGN +/#42' UG ETGG RQT
EQPXGPKGPVGGNFGUCTTQNNQFGNQUUKIWKGPVGU5KUVGOCUFG+PHQTOCEKÎP
5KUVGOCUGUVTCVÃIKEQU

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5KUVGOCFGKPHQTOCEKÎPIGQIT¶HKEQ

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5KUVGOCFGKPHQTOCEKÎPEKGPVÈHKEC[VGEPQNÎIKEC
5KUVGOC+PVGITCFQFGIGUVKÎPCFOKPKUVTCVKXC
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5KUVGOCUV¶EVKEQU

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5KUVGOCKPVGTKPUVKVWEKQPCNGU



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KPHQTOCEKÎP FG VQFQ GN RGTUQPCN EKGPVÈHKEQVÃEPKEQ [ CFOKPKUVTCVKXQ

EQPUKFGTCPFQVQFQUNQUPKXGNGULGT¶TSWKEQU

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KPHQTOCEKÎPKPVGITCNFGN+/#42' FGPQOKPCFQ5+56'/#'+0(14/#%+¦0
%+'06 (+%#;6'%01.¦)+%#'.+/#42'
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NQUEWCNGUUGFGUETKDGPCEQPVKPWCEKÎP
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1DLGVKXQ

%QPVCT EQP WP UKUVGOC FG KPHQTOCEKÎP KPVGITCFQ [ FG CEEGUQKPOGFKCVQC
GNNCEQPUWTGURGEVKXCUGIWTKFCFUQDTGNCFCVCDKQNÎIKEC RGUSWGTCFGNQU
TGEWTUQU JKFTQDKQNÎIKEQU C HKP FG GXCNWCT [ FKCIPQUVKECT GN PKXGN
RQDNCEKQPCNFGNQUTGEWTUQURGUSWGTQUOCTKPQUGZRNQVCFQU
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/ÎFWNQTGEWTUQURGN¶IKEQU

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%CRVWTCU [ FGUGODCTSWGU FG GURGEKGU RGN¶IKECU RQT RWGTVQU ¶TGCU
TGIKQPGUGVE

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5WDOÎFWNQOCOÈHGTQUOCTKPQU2TQEGUCT¶FCVQUUQDTG

%GPUQUFGNQDQUOCTKPQU
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%QORQUKEKÎPFGFKGVC
ÈVGOHTGEWGPEKCGVE
%CRVWTCKPEKFGPVCNFGEGV¶EGQUGPNCRGUSWGTÈCKPFWUVTKCN
0ÕOGTQFGGURGEKGUVCUCUFGECRVWTCRQTECNCUFGETWEGTQU
%¶NEWNQFGNGUHWGTQRGUSWGTQ



5WDOÎFWNQ CXGU OCTKPCU 'UVG UWDOÎFWNQ RTQEGUCT¶ RTKPEKRCNOGPVG
FCVQUFG

%GPUQURQDNCEKQPCNGUFGCXGUIWCPGTCU

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