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EQWTUFoEQFGTNGU¿NKpTGUFoLQWGTNGURKpIGUGPUWKXCPVNGUTpINGUF¶QT
FGN¶CNVGTPCPEG.QKPFGUKFoGUVQWVGUHCKVGUFGUTWOGWTUGVFGUFKUEQWTU
QH¿EKGNU XQWU FoEQWXTKTG\ FCPU EGU RCIGU FGU KPHQU FGU CUVWEGU FGU
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FG RNWU GP RNWU FG EJG¾DVMUnT
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VKQPU CEEGPVWG EGU FKH¿EWNVoU
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RQWT TCRRTQEJGT NGU LGWPGU GV
NGU GPVTGRTKUGU .¶CNVGTPCPEG
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NGULGWPGUFKRNzOoUFCPUNGWTU
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7BMJEFS TPO QSPKFU GP OGPCPV FGU CEVKQPU EQPETpVGU NG LGWPG GUV
RNWUiOqOGFGUCXQKTEGSWKNWKEQTTGURQPFEGSW¶KNCKOGEGSWKGUV
HCEKNGQWFKH¿EKNGRQWTNWKEGSW¶KNXGWVRGTHGEVKQPPGTXGTUSWQKKNXGWV
TGDQPFKT
%nWFMPQQFSTPOFNQMPZBCJMJUnGPVTCXCKNNCPVGPoSWKRGGPToUGCW
FCPU NG ECFTG F¶WPG GZRoTKGPEG RTQHGUUKQPPGNNG NG LGWPG FoXGNQRRG
FGU EQPVCEVU GV CESWKGTV FG N¶GZRoTKGPEG RTQHGUUKQPPGNNG XCNQTKUCDNG
+NUGRNCEGFCPUWPEQPVGZVGF¶QRRQTVWPKVoU
%FWFOJSBVUPOPNFFUSFTQPOTBCMFGPU¶CUUWTCPVF¶qVTGToOWPoToGVGP
IoTCPVWPGORNQKFWVGORUUQWVGPWCXGEFGUQDLGEVKHUiCVVGKPFTG
#nOn¾DJFSEFMµFYQnSJFODFFUEVUSBOTGFSUEFTBWPJSEµVOUVUFVS
$BQBDJUnEµVOJOEJWJEVhUPVUNPNFOUEFTBWJFQSPGFTTJPOOFMMFEFDPOTFSWFSPVEFUSPVWFS
VOFNQMPJFOUFOBOUDPNQUFEFMBTJUVBUJPOnDPOPNJRVF
8
‰"MMJBODF)PTQJUBMJUZ
3WGNUBWBOUBHFT!
‰4DIBFG¿FS
$Ï5c&/53&13*4&
VOFTPMVUJPOEFSFDSVUFNFOUFOBDDPSEBWFDTFTCFTPJOT
"OUJDJQFSMBSFQSJTFnDPOPNJRVFGPECUFGFoXGNQRRGOGPVRQVGPVKGNFGN¶CEVKXKVoRToXQKT
NGUTGUUQWTEGUPoEGUUCKTGUQRoTCVKQPPGNNGURQWTToRQPFTGiNCFGOCPFGHWVWTG
-JNJUFSMFTSJTRVFTEµFSSFVSMJnTBVDBSBDUoSFTVCKFDUJGEVSFDSVUFNFOUN¶GPVTGRTKUGRGWV
¨VGUVGT©NGLGWPGUWTNCFWToGFWEQPVTCV
OQKUiCPUGPUGNCKUUCPVNGVGORUFGXQKT
EQOOGPVoXQNWGPVN¶CEVKXKVoGVNGUDGUQKPU
'PSNFSVOTBMBSJnhMBTQnDJ¾DJUnEFTFTNnUJFST
EBOTTPOBDUJWJUn
(nSFS MµFNQMPJ FU MFT DPNQnUFODFT
CWUGKPFGN¶GPVTGRTKUGRTQLGVUFGFo
XGNQRRGOGPVVTCPUOKUUKQPFWUCXQKTGV
FWUCXQKTHCKTGIGUVKQPFGNCR[TCOKFG
FGUjIGUGVFGUFoRCTVUXQNQPVCKTGUª
1BSJFS TVS MB KFVOFTTF CFCRVCDKNKVo
F[PCOKUOGHTCuEJGWTTGICTFPGWH
#nOn¾DJFS EµVO EJTQPTJUJG ¾OBODJoSF
NFOU FU ¾TDBMFNFOU JODJUBUJG FCPU NG
ECFTGFWRNCPLGWPG
GPVToGGPXKIWGWT
GPCXTKN
VoOQKIPCIG
4JNPOF#PHOFS &KTGEVTKEGFGU4GUUQWTEGU*WOCKPGU
'KHHGN%QPUVTWEVKQPU
.CWVGTDQWTI
6OEJTDPVSTEFWnSJUn
.¶KOCIGFGN¶CNVGTPCPEGCEJCPIoGVOPVT
QSJWJMnHJPOT DMBJSFNFOU DFUUF ¾MJoSF
QPVSSFDSVUFSEFTKFVOFT.CHQTOCVKQP
GUV ECNKDToG UWKXKG GV CEEQORCIPoG
%JCSWGCPPoGPQWUGPICIGQPURNWUFG
CRRTGPVKUFWPKXGCW%#2CW$65+NU
UQPVCNQTUHQTOoUiPQUOoVKGTUiPQU
RTCVKSWGU i PQU EQPVTCKPVGU 0QWU NGWT CRRQTVQPU WPG
XKUKQPINQDCNGFGN¶GPVTGRTKUG'VEQOOGNGULGWPGUUQPV
GPFGOCPFGFGOGUUCIGUENCKTUPQWUNGWTVGPQPUWPFKU
EQWTUFGXoTKVoMµFNCBVDIFFTUBTTVSnFTJMBGPSNBUJPO
TFEnSPVMFDPSSFDUFNFOU
9
oVCRGUENoURQWTSnVTTJSMµBMUFSOBODF
$POWBJODVQBSMµBMUFSOBODF 3FTUFNBJOUFOBOUhNPOUFSWPUSFQSPKFUFUhMFDPOEVJSFWFSTMFTVDDoT
4JYnUBQFTDMnTCBMJTFOUWPUSFQBSDPVST
4µJOGPSNFSTVSMFTNnUJFST
$POOFDUF[WPVTQPVSEnDPVWSJSMBSJDIFTTFEFTTJUFTEnEJnThMµJOGPSNBUJPOTVSMFTNnUJFST
XXXB¾KPSH
.¶#(+,RTQRQUGWP#IGPFCFGN¶'ORNQKSWKToHoTGPEGNGUTGPEQPVTGUOoVKGTUQTICPKUoGURCTUGU
UGTXKEGU 'NNGU RGTOGVVGPV FG U¶KPHQTOGT NQTU FG VCDNGU TQPFGU Q~ FGU RTQHGUUKQPPGNU XKGPPGPV
RToUGPVGTNGWTUHQPEVKQPUGVToRQPFTGCWZSWGUVKQPUFGULGWPGU
XXXPOJTFQGSSVCSJRVFEnDPVWSJSMFTNnUJFST
6QWVGUNGUHQTOCVKQPU¿IWTGPVFCPUNGUIWKFGUFGN¶10+5'2TGOKUGPPQXGODTGFCPUNGUEQNNpIGU¨CRTpUNC
VTQKUKpOG©GV¨CRTpUNG$CE©&GUFQEWOGPVUFGToHoTGPEGiEQPUWNVGTGViEQPUGTXGTRToEKGWUGOGPV
XXXQPMFFNQMPJPSH
2zNG'ORNQKRTQRQUGFGUUGTXKEGUTGPHQTEoURNWURGTHQTOCPVUCWZFGOCPFGWTUF¶GORNQKGVCWZ
GPVTGRTKUGU.GU¿EJGUGORNQKOoVKGTXQWURGTOGVVGPVFGOKGWZEQPPCuVTGNGUOoVKGTU
-FT$*0
+NGZKUVGGP(TCPEG%GPVTGUF¶+PHQTOCVKQPGVF¶1TKGPVCVKQPSWKFoRGPFGPVFWOKPKUVpTGFG
N¶dFWECVKQP0CVKQPCNG(CKVGUNGRQKPVCXGEWPEQPUGKNNGTUWTNGUOoVKGTUSWKXQWUKPVoTGUUGPV
XXXBQFDGS
#EVGWTOCLGWTFWOCTEJoFGN¶GORNQKECFTGGP(TCPEGN¶#IGPEG2QWTN¶'ORNQKFGU%CFTGUGUVNGRCTVGPCKTG
FGUGPVTGRTKUGURQWTNGTGETWVGOGPVFGNGWTUECFTGU.GU
HWVWTULGWPGUFKRNzOoUFGN¶GPUGKIPGOGPV
UWRoTKGWTRGWXGPVEQPUWNVGTRNWUKGWTUTWDTKSWGUFQPPCPVWPGKPHQTOCVKQPEKDNoGUWTNGUOoVKGTU
XXXPSJFOUPTDPQFGS
#VGNKGTU OoVKGTU LQD FCVKPI EQPUGKNU %8 N¶1TKGPVQUEQRG GUV WPG OKPG
F¶KPHQTOCVKQPUGVRTQRQUGFKXGTUGUCPKOCVKQPUCWVQWTFGN¶QTKGPVCVKQPGVFG
N¶CNVGTPCPEG
XXXNFUJFSRVJNFQMBJUDPN
%GRQTVCKN+PVGTPGVFoXGNQRRoRCTNG/'&'($CU4JKPGUVFoFKoCWZOoVKGTUGVi
N¶GORNQKFGUCPUGP#NUCEG.CTWDTKSWG¨/oVKGTU©GUVTKEJGOGPVKNNWU
VToG†SWK\FGN¶QTKGPVCVKQPGPSWGUVKQPU†68FGU/oVKGTUFGEQWTVGU
XKFoQURToUGPVGPVFGUOoVKGTUSWKRNCKUGPVGVSWKTGETWVGPVFCPUNCToIKQP
†CIGPFCFGUOoVKGTUSWKToRGTVQTKGVQWVGUNGUOCPKHGUVCVKQPUNKoGUCWZOoVKGTU
GViN¶QTKGPVCVKQPGP#NUCEGHQTWOUFGUOoVKGTUTGPEQPVTGUFGRTQHGUUKQPPGNU
CVGNKGTUQTKGPVCVKQP†CFTGUUGUWVKNGUGPOCVKpTGF¶QTKGPVCVKQPGP#NUCEG
10
1PVS OF QBT WPVT USPNQFS EF
DJCMFEnUFSNJOF[WPUSFDIPJYFO
GPODUJPOEFWPTNPUJWBUJPOTQPVS
MFQPTUFFUEFWPTDBQBDJUnT
2QWT EJQKUKT WPG QTKGPVCVKQP
GV EQPUVTWKTG WP RTQLGV RTQ
HGUUKQPPGNKNHCWVCWUUKFo¿PKT
NGU XCNGWTU SWK XQWU CPKOGPV
FCPU XQVTG XKG SWQVKFKGPPG
GV XQVTG XKG RTQHGUUKQPPGNNG
%G VTCXCKN GUV KPFKURGPUCDNG
RQWT GPUWKVG EQORCTGT XQU
ToRQPUGU CXGE NGU ToCNKVoU FG
EJCSWGOoVKGT
$PNNFOUBQQSnDJFS
WPTNPUJWBUJPOT
QPVSMµFNQMPJ
5FTUTEFQFSTPOOBMJUn
+N GUV RCTHQKU FoNKECV FG UC
XQKT EG RQWT SWQK PQWU UQO
OGU HCKVU 2CUUGT FGU VGUVU
F¶QTKGPVCVKQP XQWU CRRQTVGTC
FGU KPHQTOCVKQPU F¶CKFG i NC
FoEKUKQP %GNC XQWU CKFGTC i
ECFTGT XQU KPVoTqVU GV CKPUK
EGTVCKPU EJQKZ FG ECTTKpTG
.GU %GPVTGU F¶+PHQTOCVKQP GV
F¶1TKGPVCVKQP XQWU RTQRQUG
‰"'*+
$IPJTJSVOFPSJFOUBUJPO
TQPV RNWUKGWTU V[RGU FG VGUVU
RQWT XQWU RGTOGVVTG F¶COQT
EGTXQVTGToÀGZKQP
"DDPNQBHOFNFOU
QFSTPOOBMJTn
#(+, 4GNCKU 'ORNQK /KUUKQPU
.QECNGU 2zNG 'ORNQKª 2QWT
EQORNoVGT EG SWGUVKQPPGOGPV
RGTUQPPGN GV NGU ToUWNVCVU FGU
VGUVUF¶QTKGPVCVKQPXQWURQWT
TG\ UQNNKEKVGT WP TGICTF GZVo
TKGWT GV XQWU HCKTG EQPUGKNNGT
RCTFGUUVTWEVWTGUURoEKCNKUoGU
SWKUQPVPQPUGWNGOGPVCWHCKV
FGU DGUQKPU FGU GPVTGRTKUGU
FGU GZKIGPEGU OoVKGTU OCKU
oICNGOGPVFGUCURKTCVKQPUFGU
LGWPGU #KPUK GNNGU XQWU RGT
OGVVTQPV FG FKUEWVGT FG XQVTG
QTKGPVCVKQP GV XQWU IWKFGTQPV
XGTU NC Fo¿PKVKQP F¶WP RTQLGV
EQPETGVGVEQJoTGPV
1SP¾MTUZQFT
+PVGTTQIGT XQU OQVKXCVKQPU
RQWT N¶GORNQK E¶GUV VQWV UKO
RNGOGPV HCKTG NG RQKPV HCKTG
WPDKNCPFGXQUIQVUFGXQU
CVVGPVGUSWGEGUQKVCWVTCXCKN
QWFCPUNCXKGFGVQWUNGULQWTU
%¶GUVEJGTEJGTiXQWUTGEQPPCu
VTGFCPUFGURTQ¿NUV[RGURQWT
XQWU RTQLGVGT FCPU WP HWVWT
FoUKTCDNGOqOGU¶KNGUVRCTHQKU
KORToEKUQWKFoCNKUo
iPQVGT
%VSpWFhMBSnBMJUn©
%JQKUKT WPG QTKGPVCVKQP E¶GUV oICNGOGPV VGPKT EQORVG
FGXQURQUUKDKNKVoU&CPUWPRTQLGVF¶QTKGPVCVKQPKN[C
PoEGUUCKTGOGPVWPGRCTVFGTqXGSW¶KNHCWFTCEQPHTQP
VGTiNCToCNKVo.GUSWGUVKQPUUQPVOWNVKRNGUCKLGNGU
TGUUQWTEGU¿PCPEKpTGUUWH¿UCPVGURQWTFoOCTTGTWP
EWTUWU NQPI i N¶CWVTG DQWV FW RC[U! #KLG GPXKG FG
EJCPIGT FG ToIKQP RQWT HCKTG CDQWVKT OQP RTQLGV!
#KLGNCRCVKGPEGRQWTO¶KPXGUVKTFCPUWPEWTUWUSWK
FGOCPFGTCRGWVqVTGVTQKUCPUF¶oVWFGU!
11
'JYF[WPVTVODBQFOCiUJTTBOU
VOQSPKFUQSPGFTTJPOOFMNpNF
TJDFMVJDJOµBSJFOEFEn¾OJUJG
2VFMRVFT QJTUFT QPVS pUSF
WSBJNFOU§QSP¨
%QOOGPVVKTGTXQVTGoRKPINGFW
LGW GV QRVKOKUGT XQU EJCPEGU
FGToWUUKVG!
2TGOKpTGTpINGPGRCUEJQKUKT
NG FQOCKPG FG EQORoVGPEGU
QWNGUGEVGWTF¶CEVKXKVoUCWJC
UCTF6OFSn¿FYJPOBVUPVSEµVO
QSPKFUQSPGFTTJPOOFMTµJNQPTF
OqOG U¶KN UGTC COGPo i oXQ
NWGTCXGENGVGORUGVCW¿NFG
XQUGZRoTKGPEGU
2QWT[RCTXGPKTP¶JoUKVG\RCU
iOWNVKRNKGTNGUKPVGTNQEWVGWTU
EQNNGEVGTNGUKPHQTOCVKQPUTCU
UGODNGT VQWU NGU oNoOGPVU
WVKNGURQWTHCEKNKVGTXQVTGQTKGP
VCVKQP
%GVVG F[PCOKSWG RTQCEVKXG
XQWU RGTOGV F¶qVTG FCPU NG
EQPETGV FCPU N¶CEVKQP &O VO
NPU EµBWBODFS FU BJOTJ EF
HBHOFSFODPO¾BODF
12
#WVTGGZKIGPEGDIPJTJSMBCPO
OF GPSNBUJPO GP CFoSWCVKQP
CXGE NGU QDLGEVKHU XKUoU GV
PQPRCUEJQKUKTWPGHQTOCVKQP
RCT IQV RQWT WPG FKUEKRNKPG
WPKSWGOGPV UK CWEWP FoDQW
EJo P¶GUV CUUWTo i N¶KUUWG FW
EWTUWU%GVVGFoOCTEJGoENCKTG
XQUEJQKZGVTGPHQTEGXQUCTIW
OGPVU HCEG i WP GORNQ[GWT
'PSUEµVOQSPKFUQSPGFTTJPOOFM
WPVTpUFTDPOWBJODVEFDFRVF
WPVT WPVMF[ GBJSF 2CT EQPUo
SWGPVXQWUqVGUFCXCPVCIGGP
ECRCEKVo FG
‰5"#&-&$
5SBWBJMMFSTPOQSPKFUQSPGFTTJPOOFM
RGTUWCFGTNGUCWVTGU
GPRCT
VKEWNKGT WP TGETWVGWT SWK C
DGUQKP F¶qVTG TCUUWTo FG XC
NKFGT N¶KPVoTqV SWG XQWU CXG\
RQWTWPOoVKGTFQPPoSWGNGU
XCNGWTU FG N¶GPVTGRTKUG FCPU
NCSWGNNG XQWU RQUVWNG\ XQWU
EQTTGURQPFGPV
iPQVGT
5PVUVOSnTFBV
EµFYQFSUT
/'&'(#(+,OCKUCWUUKNGUDTCPEJGURTQHGUUKQP
PGNNGUGVNGU%JCODTGU%QPUWNCKTGUNGUCEVGWTU
FGN¶oEQPQOKGGVFGN¶GORNQKXQWUCEEQORCIPGPV
GVXQWUEQPUGKNNGPVFCPUN¶oNCDQTCVKQPFGXQVTG
RTQLGV RTQHGUUKQPPGN +NU XQWU KPHQTOGPV CWUUK
UWT NGU OoVKGTU NGU FoDQWEJoU NGU ¿NKpTGU FG
HQTOCVKQP0GPoINKIG\RCUPQPRNWUNG9GDNC
OGKNNGWTGXKVTKPGRQWTXQWUHCKTGTGRoTGTGVWP
ToUGCWGH¿ECEGRQWToEJCPIGTFGUKFoGUFGU
GZRoTKGPEGU
‰5"#&-&$
3FDIFSDIFSMBCPOOFGPSNBUJPOFOBMUFSOBODF
%BOTMFMBCZSJOUIFEFTGPSNB
UJPOTFOBMUFSOBODFDPNNFOU
EnOJDIFS MF DVSTVT BE IPD 2VFMRVFTSoHMFThTVJWSFQPVS
SBUJTTFSMBSHFFUWJTFSKVTUF
+N U¶CIKV F¶CDQTF F¶JEFOUJGJFS
MB GPSNBUJPO RVJ DPSSFTQPOE
MF NJFVY h WPUSF QSPKFU GP
EQPUWNVCPVNGUKVGFGN¶10+5'2
RCTGZGORNGQWGPEQPVCEVCPV
NG 2QKPV #RRTGPVKUUCIG FGU
%%+0¶QWDNKG\RCUSWGEJCSWG
V[RGFGHQTOCVKQPRGWVCRRQT
VGT UC URoEKHKEKVo 'ZGORNG
RQWTqVTGCUUKUVCPVTGUUQWTEGU
JWOCKPGU XQWU RQWXG\ RCU
UGT RCT WP &76 WP $65 WPG
.KEGPEGRTQWP/CUVGT+#'QW
WP /CUVGT 5WR FG %Q 5GNQP
NGEWTUWUEJQKUKXQVTGOKUUKQP
RQWTTC CXQKT WPG FKOGPUKQP
FCXCPVCIG QRoTCVKQPPGNNG QW
UVTCVoIKSWG FCPU N¶CFOKPKU
VTCVKH NC HQTOCVKQP NG TGETWVG
OGPV%GVVGOWNVKVWFGFGXQKGU
RQWTCEEoFGTiWPOqOGRQUVG
OQPVTG EQPETpVGOGPV SW¶WP
DQP RQUKVKQPPGOGPV UWT WPG
HQTOCVKQP FQPPoG KORNKSWG
WPGToÀGZKQPRToCNCDNGUWTXQ
VTG RTQLGV RTQHGUUKQPPGN 2QWT
EJQKUKT CW OKGWZ XQVTG HQTOC
VKQP GV CWIOGPVGT XQU EJCP
EGU FG VTQWXGT WP GORNQ[GWT
RQWTXCNKFGTNCRCTVKGRTCVKSWG
P¶JoUKVG\ RCU i RTGPFTG GP
EQORVGoICNGOGPVNGUDGUQKPU
FGU GORNQ[GWTU GV i XQWU [
CFCRVGT+NEQPXKGPVGPUWKVGFG
GBJSF MFT CPOOFT EnNBSDIFT
RQWT KPVoITGT NC HQTOCVKQP SWK
XQWU EQPXKGPV %QPVCEVG\ FK
TGEVGOGPV NGU QTICPKUOGU FG
HQTOCVKQP GV TGPUGKIPG\XQWU
UWTNCOCTEJGiUWKXTGFoNCKU
FQEWOGPVUiHQWTPKTEQPEQWTU
GV GZCOGPU F¶GPVToG TGOKUGU
iPKXGCWGPVTGVKGPUFGRGTUQP
PCNKVoFQUUKGTUUEQNCKTGU
iPQVGT
.PJOTEFTUSFTT
QMVTEµFG¾DBDJUn
$GCWEQWR F¶QTICPKUOGU FG HQTOCVKQP RTQRQUGPV
CWLQWTF¶JWKFGRToRCTGTFGVTpUPQODTGWZFKRNzOGUTGEQP
PWURCTN¶dVCV$65.KEGPEGU2TQ/CUVGTU%GUUVTWEVWTGU
OWNVKRNKGPV NGU FoOCTEJGU RQWT CVVKTGT i GNNGU i NC HQKU
NGUECPFKFCVUNGURNWUKPVoTGUUCPVUGVNGUGPVTGRTKUGUSWK
RTQRQUGPVFGUEQPVTCVUGPCNVGTPCPEG2CTEQPUoSWGPV
KNPGHCWVRCUJoUKVGTiRTGPFTGEQPVCEVCXGERNWUKGWTU
QTICPKUOGU FG HQTOCVKQP RQWT QRVKOKUGT XQU EJCPEGU
F¶CDQWVKT/QKPUFGUVTGUURQWTXQWUGVRNWUF¶GH¿ECEKVo
RQWTXQVTGGORNQ[GWT
13
iPQVGT
&OEJSFDUPVQBSDPVSSJFS
‰"'*+
.¶GORNQ[GWT RGWV XQWU FGOCPFGT FG XQWU RTo
UGPVGTFKTGEVGOGPV&CPUEGECUCRRQTVG\XQVTG
%8 WPG NGVVTG FG OQVKXCVKQP GV FGU LWUVK¿ECVKHU
FG HQTOCVKQP QW F¶GZRoTKGPEG RTQHGUUKQPPGNNG
+N RGWV CWUUK XQWU FGOCPFGT F¶GPXQ[GT XQVTG
ECPFKFCVWTG RCT EQWTTKGT %8 GV NGVVTG FG OQ
VKXCVKQP 0¶JoUKVG\ RCU i CRRGNGT N¶GPVTGRTKUG
GPXKTQP SWKP\G LQWTU CRTpU N¶GPXQK FG XQVTG
EQWTTKGTUKXQWUP¶CXG\RCUGWFGToRQPUGGP
VTGVGORU .G %8 GV NC NGVVTG FG OQVKXCVKQP
RGTOGVVGPV FG OKGWZ XQWU EQPPCuVTG 0G NGU
PoINKIG\ RCU (CKVGUXQWU EQPUGKNNGT RQWT
NGWT EQPEGRVKQP GV NGWT ToFCEVKQP #(+, 2zNG
'ORNQKOoVKGTSWKOGRNCKV%JCODTGU%QPUW
NCKTGUQW/KUUKQPU.QECNGU
5SPVWFSVOFNQMPZFVSQPVSWBMJEFSMBGPSNBUJPOQSBUJRVF
7PVT pUFT QSpUT QPVS MµBMUFS
OBODF *M TµBHJU NBJOUFOBOU
EFDPOWBJODSFMµFNQMPZFVSRVJ
WBWPVTBDDVFJMMJS$FOµFTUQBT
MFNPNFOUEFNBORVFSMBEFS
OJoSF NBSDIF FO OnHMJHFBOU
DFSUBJOTEnUBJMT
*EFOUJGJF[ MFT PQQPSUVOJUnT
EµFNQMPJ FO NVMUJQMJBOU MFT
DBOBVY EF SFDIFSDIF CNGTVGU
OCKN ECPFKFCVWTGU URQPVC
PoGUToRQPUGUiQHHTGGPSWq
VGU OoVKGT FoRzV FGU %8 UWT
FGUUKVGUGORNQKToUGCWRTQU
RGEVKQPFKTGEVGªFOWPVTJOGPS
NBOUEBOTMBQSFTTFToIKQPCNG
14
NGU OoFKCU URoEKCNKUoU GV WJB
*OUFSOFU
1SnQBSF[WPVTQPVSEnDSPDIFS
VOFOUSFUJFOGPVTCXCKNNCPVXQU
QWVKNU FG TGEJGTEJG F¶GORNQK
%8 GV NGVVTG FG OQVKXCVKQP
GP RTQWXCPV XQVTG OQVKXCVKQP
RCT RTQURGEVKQP VoNoRJQPK
SWG FoOCTEJCIG GP FKTGEV
TGNCPEG FGU GORNQ[GWTU i SWK
XQWU CXG\ GPXQ[o XQVTG ECP
FKFCVWTG
%nWFMPQQF[ WPUSF DBQBDJUn
EF DPOWJDUJPO GP VTQWXCPV NGU
DQPUCTIWOGPVUGPXCNQTKUCPV
XQURQKPVUHQTVUGPoVCPVU[U
VoOCVKSWGOGPV ECRCDNG FG
UQWVGPKT EG SWG XQWU CXCPEG\
RCT FGU GZGORNGU EQPETGVU
RQWT SWG N¶GORNQ[GWT RWKUUG
XCNKFGT XQU CRVKVWFGU §MPST
EF NPO EFSOJFS TUBHF BQSoT
QMVTJFVST SFNPOUnFT UFSSBJO
KµBJ QSJT MµJOJUJBUJWF EF EnWF
MPQQFS VO OPVWFBV TFSWJDF
DPOGPSNFBVYBUUFOUFTEFOPT
DMJFOUT©¨
0SHBOJTF[WPVTQPVSFGGFDUVFS
VO TVJWJ SJHPVSFVY EFT DBOEJ
EBUVSFTBESFTTnFT
+FBO+BDRVFT.BIS2&)-KGHHGT6TCKVGWT
5EJKNVKIJGKO
VoOQKIPCIG
%FWSBJFTSFTQPOTBCJMJUnT
(CEG i NC ETQKUUCPEG FG PQVTG GPVTGRTKUG NGU LGWPGU UQPV KPXGUVKU FG XTCKGU TGURQPUC
DKNKVoU 0QWU KPVoITQPU CWLQWTF¶JWK GP EQPVTCV F¶CRRTGPVKUUCIG GV GP EQPVTCV FG RTQ
HGUUKQPPCNKUCVKQPFGWZRTQ¿NURQWTCEEQORCIPGTPQVTGFoXGNQRRGOGPVEQOOGTEKCNGV
OCTMGVKPI.¶WPUWTWPRQUVGFGOCPCIGOGPVEQOOGTEKCNN¶CWVTGUWTNGOCTMGVKPIGVNC
EQOOWPKECVKQP.¶KFoGGUVFGNGWTHCKTGRCTVCIGTPQVTGEWNVWTGGVPQVTGXKUKQP+NUXKXGPV
N¶GPVTGRTKUGFGN¶KPVoTKGWTRQWTOKGWZNCXGPFTGiN¶GZVoTKGWT'PCUUQEKCPVSWCNK¿ECVKQP
GVEQPHTQPVCVKQPCXGENGVGTTCKPNGULGWPGUToCNKUGPVSW¶KNUHQPVWPXTCKOoVKGT
#FTPJOEµpUSFBDDPNQBHOn
.FOFSEFGSPOUUPVUFTDFTEn
NBSDIFTJNQMJRVFNnUIPEFFU
CPOOFT QSBUJRVFT 1BT GBDJMF
MPSTRVFMµPOGBJUTFTQSFNJFST
QBTTVSMFNBSDInEFMBGPSNB
UJPOFUEFMµFNQMPJ
8QWUUQWJCKVG\CnOn¾DJFSEµVO
TPVUJFO RQWT CXQKT NGU DQPPGU
KPHQUFGURKUVGURQWTToÀoEJKTi
XQVTGRTQLGVEJQKUKTWPGQTKGPVC
VKQPSWKXQWUEQTTGURQPF!8QWU
XQWUFGOCPFG\SWGNEWTUWUGP
CNVGTPCPEG EQPXKGPV NG OKGWZ i
XQUCVVGPVGU!8QWUFQWVG\FGNC
SWCNKVoFGXQUQWVKNUFGTGEJGT
EJGF¶GORNQK!2CUUG\iN¶CEVKQP
'BJUFTWPVT BDDPNQBHOFS QPVS
USBWBJMMFSWPUSFQSPKFU
$PNNFOU (SiDF h EV DPBDIJOH WJB MF Sn
TFBV FGOCPFG\ EQPUGKN i FGU
RTQHGUUKQPPGNU CWVQWT FG XQWU
HCOKNNGCOKUEQPPCKUUCPEGUFG
XQUEQPVCEVUª.iGPEQTGCXQKT
WP RTQLGV RTQHGUUKQPPGN RGTOGV
FGXQWURQUKVKQPPGTENCKTGOGPV
-µFORVpUFNnUJFSCRQWTQDLGE
VKHFGToWPKTWPOCZKOWOF¶KP
HQTOCVKQPU EQPETpVGU UWT WPG
HQPEVKQPFQPPoG%GNCRCUUGRCT
N¶oVWFGFGU¿EJGUOoVKGTU
XQKT
NGU¿EJGUOoVKGTUSWKTGETW
VGPVRCTCNVGTPCPEGGP#NUCEGUWT
YYYOGVKGTSWKOGRNCKVEQO
FGU QHHTGU F¶GORNQKU FKURQPK
DNGU OCKU CWUUK GV UWTVQWV RCT
MBSFODPOUSFEFQSPGFTTJPOOFMT
FO QPTUF SWK RCTVCIGPV CKPUK
NGWT GZRGTVKUG #W EQPVCEV FG
EGU RGTUQPPGU TGUUQWTEGU KN
U¶CIKTCF¶QDVGPKTFGUFoVCKNUUWT
NG SWQVKFKGP F¶WPG RTQHGUUKQP
GV UWT NGU UKVWCVKQPU V[RKSWGU
TGPEQPVToGU
+NHCWVGPUWKVGRToRCTGTNCTGP
EQPVTG GP NKUVCPV N¶GPUGODNG
FGU SWGUVKQPU QW FGU VJpOGU
SWK XQWU UGODNGPV KPVoTGU
UCPVU %GNC RQTVG UWT NC HQT
OCVKQP GV NG RCTEQWTU RTQHGU
UKQPPGNFGN¶GZRGTVOCKUCWUUK
UWTUCFo¿PKVKQPFWOoVKGTUWT
NGUCRVKVWFGUSWKNWKUGODNGPV
KPFKURGPUCDNGU UWT EG SWK NG
RCUUKQPPGFCPUEGVVGHQPEVKQP
.¶GPLGW WPVT JNBHJOFS EBOT
MµBDUJPOITjEGCWZToEKVUFGXQU
KPVGTNQEWVGWTU
iPQVGT
%VTVSNFTVSF
.¶CEEQORCIPGOGPVRGTUQPPCNKUoRTQRQUoRCTNCRNWRCTVFGUUVTWE
VWTGUF¶KPUGTVKQPRTQHGUUKQPPGNNG±#(+,4GNCKU'ORNQK/KUUKQPU
.QECNGU ± XC XQWU RGTOGVVTG F¶qVTG IWKFo FCPU XQU FoOCTEJGU
RCTWPRTQHGUUKQPPGNFGN¶KPUGTVKQP+NXQWUCRRQTVGiNCHQKUWP
TGICTFGZVoTKGWTGVPGWVTGUWTXQUEJQKZGVXQUCEVKQPU+NHCEKNKVG
oICNGOGPVNGUFoOCTEJGUITjEGiUGUEQPVCEVUSWGEGUQKVCXGE
NGUQTICPKUOGUFGHQTOCVKQPQWCXGENGUGORNQ[GWTURQVGPVKGNU
.GU /KUUKQPU .QECNGU CEEQORCIPGPV VQWU NGU LGWPGU FG i
CPUSWKTGPEQPVTGPVFGUFKH¿EWNVoUPQVCOOGPVGPOCVKpTG
F¶CEEpUiN¶GORNQKQWiNCHQTOCVKQPLWUSW¶CWPKXGCW$CEQW
$CE.¶#(+,U¶CFTGUUGSWCPViGNNGiN¶GPUGODNGFGULGWPGU
KUUWUFGN¶GPUGKIPGOGPVUWRoTKGWTE¶GUViFKTGFGUoVWFGU
RQUVDCEFKRNzOGXCNKFoQWPQP
15
.GUSoHMFTEµPS
F¶WPGECPFKFCVWTGQFSUJOFOUF
$PNNFOUNFUUSFUPVUFTMFTDIBODFTEFWPUSFDyUnQPVSSnVTTJSWPUSFQSPKFU 7PJDJRVFMRVFTQJTUFT
"OUJDJQFS
/QPVGTWPRTQLGVGPCNVGTPCPEG
KORNKSWGNCOKUGGP°WXTGFG
EnNBSDIFT HCUVKFKGWUGU RVJ
EFNBOEFOU EV UFNQT FU EF
MµJOWFTUJTTFNFOU /CKU VQWV
PG FoRGPF RCU SWG FG XQWU
&GN¶oNCDQTCVKQPiN¶CDQWVKUUG
OGPV FW RTQLGV FG OWNVKRNGU
CEVGWTU KPVGTXKGPPGPV FCPU
NG RTQEGUU "OUJDJQF[ QPVS
QPVWPJS DPSSJHFS MF UJS NG ECU
oEJoCPV
$PNCJOFSBDUJPOFUSn¿FYJPO
1PVS §USPVWFS WPUSF WPJF¨ JM
GBVU WPVT JOTDSJSF EBOT VOF
EnNBSDIFEFRVFTUJPOOFNFOU
EµBOBMZTF FU EµnDPVUF EF TPJ
3W¶GUVEG SWG L¶CK GPXKG FG
HCKTG! 3WGNNGU UQPV OGU SWCNK
VoUOGUFoHCWVU!&CPUSWGNNGU
FKUEKRNKPGU UEQNCKTGU GV GZVTC
UEQNCKTGUGUVEGSWGLGO¶oRC
PQWKU!3WGNUUQPVOGURTQLGVU!
3WGNUUQPVOGUCVQWVUGVQ~UG
UKVWGPVOGUFKH¿EWNVoU!#WVCPV
FGSWGUVKQPUSWKRGWXGPVPQWT
TKTXQVTGToÀGZKQP
&O QBSBMMoMF FTTBZF[ EF
DPOEVJSF VO NBYJNVN EF
EnNBSDIFT DPODSoUFT OWNVK
RNKG\NGUUVCIGUGPGPVTGRTKUG
LQDU oVWFKCPVU LQDU F¶oVo
"CSBIBN,POBUn4GURQPUCDNG*oDGTIGOGPV
*zVGN/GTEWTG
5VTCUDQWTI
GPICIGOGPVU CUUQEKCVKHU GV i
N¶oVTCPIGT 0CKFDUJGXKXTGFGU
GZRoTKGPEGU FoXGNQRRGT XQU
EQORoVGPEGU XQVTG UCXQKT
qVTG GV XQVTG ECRCEKVo i VTC
XCKNNGT GP oSWKRG EnGJOJS DF
RVJ WPVT DPSSFTQPOE %GU CR
RTGPVKUUCIGUXQWURGTOGVVTQPV
oICNGOGPVF¶CH¿PGTXQVTGRTQ
LGVRTQHGUUKQPPGN
VoOQKIPCIG
6ODPOUSBUEFDPO¾BODF
%JG\/GTEWTGNGULGWPGUUQPVHQTOoUiPQVTGUCXQKTHCKTGJzVGNKGTGVDoPoHKEKGPVF¶WP
CEEQORCIPGOGPVVQWVRCTVKEWNKGTFoHKPKFCPUNGECFTGF¶WP.CDGNFGSWCNKVo0QWU
FoXGNQRRQPUCWUUKWPGXoTKVCDNGRQNKVKSWGF¶CEEQORCIPGOGPVGPRCTVGPCTKCVCXGE
N¶oEQNGGVNCHCOKNNG%G.CDGNTGRQUGUWTWPEQPVTCVOQTCNQ~EJCEWPFGUCEVGWTU
U¶GPICIGiVQWVOGVVTGGP°WXTGRQWTSWGNGLGWPGQDVKGPPGUQPFKRNzOGGVUQKV
GODCWEJoCWUGKPFWITQWRG#EEQTQ~NGURCUUGTGNNGUUQPVOWNVKRNGU/CKURQWT
EGNCNGLGWPGFQKVHCKTGRTGWXGFGTKIWGWTF¶CUUKFWKVoGVFGEWTKQUKVo7PGGODCW
EJGPGUGFoETpVGRCUGNNGUGEQPUVTWKV
16
‰"'*+
$POTUSVJSF VO QSPKFU FO BMUFS
OBODF SFRVJFSU VOF SnFMMF JN
QMJDBUJPO EF WPUSF QBSU 7PUSF
QJSFFOOFNJMµJNNPCJMJTNF
UKEGP¶GUVRCUiVTCXGTUXQVTG
RTGOKGT EJQKZ +N GZKUVG RNW
UKGWTU XQKGU RQWT CVVGKPFTG
XQVTGDWV
2TGPG\NGVCWTGCWRCTNGUEQT
PGU GV NPOUF[ WPUSF QSPQSF
QSPKFU GP CFQRVCPV WPG Fo
OCTEJGUVTWEVWToGcUBCMJTTF[
VOQMBOEµBDUJPOTRQWTOGPGT
NC FoOCTEJG i UQP VGTOG
CXCPEG\RQKPVRCTRQKPVoVCRG
RCT oVCRG NKUVG\ NGU RTKQTK
VoU HQTOCNKUG\ WP oEJoCPEKGT
RQWTXQWUCKFGTiUWKXTGXQVTG
RNCP GV oXCNWGT NGU ToUWNVCVU
CVVGPFWU
#RRTGPG\ CWUUK i WBMPSJTFS
WPUSF QSPGJM .¶CNVGTPCPV GUV
WP UCNCTKo FG N¶GPVTGRTKUG
QPTJUJPOOF[WPVT DPNNF VO
DPMMBCPSBUFVS QSpU h JOUnHSFS
MF NBSDIn EF MµFNQMPJ GV PQP
RCU RCU EQOOG WP oVWFKCPV
SWK TGPVTG i NC HCE %¶GUV FQPE
iXQWUF¶CNNGTXGTUN¶GORNQ[GWT
GVFGNWKRTQWXGTXQVTGOQVKXC
VKQPNWKHCKTGRCTVFGXQVTGRTQ
LGV GV N¶KPEKVGT i oVWFKGT XQVTG
ECPFKFCVWTG
8QWU FGXG\ CWUUK oVWFKGT GV
GPXKUCIGT NGU FKHHoTGPVGU QR
VKQPU RQUUKDNGU UoNGEVKQPPG\
RNWUKGWTUV[RGUFGHQTOCVKQPU
QTICPKUOGUFGHQTOCVKQPGO
RNQ[GWTU0GXQWUNKOKVG\RCUi
WPGUGWNGHQTOWNG
RCUWPKSWG
OGPVN¶CNVGTPCPEGRQWToNCTIKT
NG EJQKZ CXCPV FG EQPEToVKUGT
XQUCEVKQPURCTWPRTQLGV.¶GU
UGPVKGN GUV F¶CXCPEGT OqOG
‰"'*+
4µJOTDSJSFEBOTVOFEnNBSDIFQSPBDUJWF
iPQVGT
(BSFh
MBDPODVSSFODF
0¶QWDNKG\RCUSWGNGUEWTUWUGPCNVGTPCPEG
UGFoXGNQRRGPVOQKPUXKVGSWGNGPQODTG
FG LGWPGU SWK UQWJCKVGPV [ CXQKT CEEpU
%¶GUVWPOCTEJoVTpUEQPEWTTGPVKGNQ~NGU
RNCEGU UQPV EJpTGU ¬ XQWU FG FoRNQ[GT
N¶oPGTIKG GV NGU CTIWOGPVU KPFKURGPUC
DNGURQWTXQWUFoOCTSWGT
17
4FNFUUSFhMBQMBDFEFMµFNQMPZFVSQPVSNJFVYMFDPOWBJODSF
%QOOGPV CDQTFGT WP GO
RNQ[GWT SWK C FGU RToQEEW
RCVKQPU EQPETpVGU GV UG XQKV
SWQVKFKGPPGOGPV UQNNKEKVo RCT
FG OWNVKRNGU ECPFKFCVU! 6O
JNQnSBUJG WPVT NFUUSF h TB
QMBDFFUUFOUFSEFDPNQSFOESF
MFT FYJHFODFT EµVOF FOUSF
QSJTF 0¶JoUKVG\ RCU i XQWU
TGPUGKIPGT UWT UQP CEVWCNKVo
XKC +PVGTPGV NC RTGUUG 68
TCFKQª RQWT KFGPVKHKGT UGU
DGUQKPU RQVGPVKGNU GV TGUKVWGT
NG EQPVGZVG N¶GPXKTQPPGOGPV
FCPUNGSWGNGNNGU¶KPUpTG(CKVGU
RTGWXGoICNGOGPVF¶CFCRVCDK
NKVo 'P HQPEVKQP FGU KPHQTOC
VKQPU TGEWGKNNKGU QSPQPTF[ h
MµFNQMPZFVS VOF GPSNVMF EF
DPMMBCPSBUJPO RVJ WB EBOT MF
TFOTEFTFTBUUFOUFT
« WPVT BVTTJ EF NPCJMJTFS
MµFOUSFQSJTF .¶CNVGTPCPEG GUV
WP FKURQUKVKH FG RNWU GP RNWU
EQPPW OCKU EGVVG FoOCTEJG
P¶GUVRCUGPEQTGRCTVCIoGRCT
VQWVGU NGU GPVTGRTKUGU %GT
VCKPGU [ QPV TGEQWTU FGRWKU
18
RNWUKGWTU CPPoGU F¶CWVTGU
OoEQPPCKUUGPV EG FKURQUKVKH
QW QPV FGU RToLWIoU FoHCXQTC
DNGUª ¬ VTCXGTU UC ECORCIPG
NJTFS TVS MµBWFOJS NG /'&'(
#NUCEG XGKNNG i OQDKNKUGT WP
OCZKOWO F¶GPVTGRTKUGU UWT
EGUUWLGVU/CKUUKN¶GORNQ[GWT
SWGXQWUTGPEQPVTG\GUVGPEQTG
FWDKVCVKHE¶GUViXQWUFGNGUGP
UKDKNKUGT 8QWU P¶CTTKXGTG\ RCU
HQTEoOGPVGPVGTTCKPEQPSWKU
7PUSF NJTTJPO DPOWBJODSF
MµFOUSFQSJTF EF QBTTFS QBS
MµBMUFSOBODF 2QWT EGNC XQWU
FGXG\ CDUQNWOGPV EQPPCuVTG
NGU CXCPVCIGU SW¶GNNG RGWV GP
VKTGT 7PG DQPPG ECPFKFCVWTG
RGWV CWUUK EToGT WP FoENKE 'P
GHHGVN¶GORNQ[GWTGUVUGPUKDNG
CWRTQ¿NGViUQPRQVGPVKGN
*OTDSJWF[WPVT BVTTJ EBOT
VOF SFMBUJPO EF DPOGJBODF
&pU N¶GPVTGVKGP F¶GODCWEJG
LQWG\ HTCPELGW VQWV GP XCNQ
TKUCPV XQU CVQWVU 2TQRQUG\
RCT GZGORNG i XQVTG PQWXGN
GORNQ[GWTFGUToHoTGPEGU
UVC
IGU LQDU F¶oVoª RQWT SW¶KN
RWKUUG oEJCPIGT CXGE WP QW
RNWUKGWTU FG XQU CPEKGPU TGU
RQPUCDNGU GV OKGWZ CRRToEKGT
XQUSWCNKVoU
&U FO DBT EF SFGVT WBMPSJTF[
MFT DPNQSPNJT .GU EQPVTCVU
FG RTQHGUUKQPPCNKUCVKQP UQPV
UQWXGPV KPKVKoU i NC UWKVG FG
TGPEQPVTGULGWPGUGPVTGRTKUGU
5K N¶GORNQ[GWT P¶GUV RCU OQ
VKXoRQWTRTGPFTGWPLGWPGGP
CNVGTPCPEG FCPU WP RTGOKGT
VGORU RTQRQUG\NWK WP UVCIG
FCPUNGECFTGF¶WPEWTUWUUEQ
NCKTGENCUUKSWGCXGERQUUKDKNKVo
F¶oXQNWVKQPXGTUWPEQPVTCVGP
CNVGTPCPEGN¶CPPoGUWKXCPVG
‰.PVMJO.FDLFSU4BQIP5PIZB5SFOLMF
7PUSF QPTJUJPOOFNFOU EPJU
BVTTJ UFOJS DPNQUF EF MµFOWJ
SPOOFNFOU EF MµFOUSFQSJTF
EFT DPOUSBJOUFT FU EFT BUUFO
UFTEFTPOEJSJHFBOU
$PNNFOU GBJSF MB EJGGnSFODF
EBOTVOFNVMUJUVEFEFDBOEJ
EBUVSFT "V TPJO QBSUJDVMJFS
BQQPSUn h WPUSF $7 FU h WPUSF
MFUUSF EF NPUJWBUJPO BKPVUF[
WPUSFDVSJPTJUnFUWPUSFPVWFS
UVSFEµFTQSJU
4PZF[ DVSJFVY 'PVTG WP ECP
FKFCV SWK U¶GUV TGPUGKIPo UWT
NGU OoVKGTU GV N¶QTICPKUCVKQP
FGN¶GPVTGRTKUGGVEGNWKSWKGUV
GP TGVTCKV NG EJQKZ U¶KORQUG
FG NWKOqOG 3FOTFJHOF[
WPVT FU EPDVNFOUF[WPVT UWT
NGU ITCPFGU ECTCEVoTKUVKSWGU
FW OoVKGTOCTEJo QW FW UGE
VGWT XKUo UWT UQP CEVWCNKVo
TFT FOKFVY %QOOGPV! 8KC NC
RTGUUG NGU HQTWOU NGU TGP
EQPVTGU F¶KPHQTOCVKQP UWT NGU
OoVKGTU 'V UWTVQWV RToRCTG\
XQUCTIWOGPVU7PTNFJMMFVST
BUPVUT MB NPUJWBUJPO FU VO
QSPKFUDMBJS
‰"YB
1SPQPTFSVOFDBOEJEBUVSFEFRVBMJUn
"SNF[WPVTEµVO$7FGSWCNKVo
CXGEFGUKPHQTOCVKQPUHCEVWGN
NGUUWTEJCSWGGZRoTKGPEG
LQD
F¶oVo LQD oVWFKCPV GPICIG
OGPVU CUUQEKCVKHU GV UWT EJC
SWGHQTOCVKQP
"DDPNQBHOF[MF EµVOF MFU
USF QFSTPOOBMJTnF h DIBRVF
PGGSF PQVCOOGPV CXGE WPG
QSFNJoSF QBSUJF SWK KFGPVK¿G
NGDGUQKPRQVGPVKGNFGN¶GPVTG
RTKUGQWFWUGEVGWTF¶CEVKXKVo
6OF TFDPOEF QBSUJF GUV CZoG
UWTXQVTGECRCEKVoiToRQPFTG
iEGVVGQHHTGGVFCPUNGECUFG
N¶CNVGTPCPEG i qVTG CVVGPVKH
EQPETGV CUUKFW &CPU WPG
EFSOJoSF QBSUJF FoXGNQRRG\
XQU KPVoTqVU RQWT NG RQUVG GV
N¶GPVTGRTKUG +N HCWV KORoTCVK
XGOGPVFQPPGTFGUCTIWOGPVU
EQPETGVU CXGE FGU GZGORNGU
RToEKU
EKTEQPUVCPEGUCEVKQPU
ToUWNVCVUGVoXKVGTNGUHQTOW
NGU ETGWUGU ¨LG UWKU LGWPG
F[PCOKSWG GV LG O¶CFCRVG
XKVG©
-F $7 FU MB MFUUSF EPJWFOU TF
DPNQMnUFS8GKNNG\iPGRCUTo
RoVGTNGUOqOGUKPHQTOCVKQPU
7BMPSJTF[ nHBMFNFOU MB DBOEJ
EBUVSFTQPOUBOnF'NNGGUVVTpU
GH¿ECEG GV NGU GPVTGRTKUGU P¶[
UQPVRCUKPFKHHoTGPVGU
4PZF[QSnTFOUBVTTJTVSMFTTB
MPOTEFSFDSVUFNFOU%¶GUVWPG
QEECUKQPUCPURCTGKNNGFGOGV
VTGGPCXCPVXQVTGRGTUQPPCNKVo
GVFGHCKTGNCFKHHoTGPEG
VoOQKIPCIG
-BVSFOU1POT &KTGEVGWTFW&oXGNQRRGOGPVFGU4GUUQWTEGU*WOCKPGU
$TCUUGTKGU-TQPGPDQWTI
5VTCUDQWTI
-FTUVUFVSTBVDFOUSFEVKFV
0QWUTGETWVQPUEJCSWGCPPoGWPGEKPSWCPVCKPGF¶CRRTGPVKUFCPUVQWU
NGUOoVKGTUGPRCTVKEWNKGTNC¨UWRRN[EJCKP©%GVVGVGPFCPEGHQTVGU¶CE
EQORCIPGF¶WPGOQDKNKUCVKQPFGUVWVGWTUSWKUQPVCWVCPVFGTGNCKUFW
UCXQKTGVFGUEQORoVGPEGU'PGPICIGCPVFGULGWPGUPQWUCRRQTVQPU
CWUUKFWUCPIPGWHFCPUN¶GPVTGRTKUG7PToUGTXQKTFGUCXQKTHCKTGGP
XWG FG TGPQWXGNGT RTQITGUUKXGOGPV N¶GHHGEVKH 'P OKUCPV CKPUK UWT
N¶CNVGTPCPEGGVNCLGWPGUUGPQVTGGPVTGRTKUGCH¿TOGUCFKOGPUKQPEK
VQ[GPPGCPKOGTNGOCTEJoRCTN¶KPVoITCVKQPFGULGWPGU7PGFoOCT
EJGF¶GZGORNCTKVoSWGPQWUXQWNQPURGTRoVWGT
19
"NJTGBNJMMFDPOUBDUTEJWFST
WPUSF SnTFBV WPVT QFSNFU EF
WPVT GBJSF SFDPNNBOEFS FU
EµBDDnEFS h EFT JOGPSNBUJPOT
DMnT1SP¾UF[FO
¬ VTCXGTU XQU GZRoTKGPEGU GV
XQUCEVKXKVoUXQWUCXG\RWoVC
DNKT FGU EQPVCEVU SWK RQWTTQPV
XQWUqVTGWVKNGUFCPUXQVTGXKG
RTQHGUUKQPPGNNGGVRGTUQPPGNNG
VQWVCWNQPIFGNCXKG5SBWBJMMF[
WPUSFDIBODFGPXQWUCRRW[CPV
UWTNGUDQPPGURGTUQPPGURQWT
QDVGPKT RNWU HCEKNGOGPV NGU
DQPPGU KPHQTOCVKQPU %G To
UGCW HCEKNKVG CWUUK N¶CEEpU i
FGU GPVTGVKGPU "NPSDFS FU
FOUSFUFOJSWPUSFSnTFBVDµFTU
BWBOUUPVUTBWPJS§QSFOESFFU
HBSEFS DPOUBDU¨ +N HCWV KPVo
TGUUGT XQU KPVGTNQEWVGWTU i EG
SWK XQWU RToQEEWRG GV UCXQKT
oEQWVGTCVVGPVKXGOGPVEGSW¶KNU
XQWUEQP¿GPV
#WVTG ToÀGZG DPOTFSWF[ MFT
DPPSEPOOnFT EFT QFSTPOOFT
SFODPOUSnFTTVSMFTGPSVNTFU
MFTTBMPOTPVDFMMFTEµBODJFOT
DPMMoHVFT 6KUUGT WP ToUGCW
E¶GUVCWUUKOWNVKRNKGTNGUGZRo
TKGPEGUGVNGUEQPVCEVURQUKVKHU
FCPUVQWUNGUFQOCKPGU%QO
20
OGPEG\RCTHCKTGXQURTGWXGU
RCT PQWTTKT FGU TGNCVKQPU RCT
UWUEKVGTN¶KPVoTqV
-B §QPTJUJWF BUUJUVEF¨ FTU
VO SnFM BUPVU 3WCPF XQWU
UQNNKEKVG\N¶WPFGXQUEQPVCEVU
UQ[G\ RQUKVKH HCKVGU RTGWXG
F¶QRVKOKUOG GV FG XQNQPVC
TKUOG'VTGURGEVG\EGVVGTpING
F¶QT nDIBOHFS EFT TFSWJDFT
%QOOGFCPUVQWVGTGNCVKQPNC
OKUGiEQPVTKDWVKQPFWToUGCW
P¶GUV RCU i UGPU WPKSWG 8QU
EQPVCEVU RGWXGPV CWUUK CXQKT
DGUQKPFGXQWU0¶JoUKVG\RCU
iNGWTTGPXQ[GTN¶CUEGPUGWT
iPQVGT
)PSTEFTTFOUJFSTCBUUVT
2CTEGSWGNCOCLQTKVoFGUDGUQKPUFGUGPVTGRTKUGU
PG HCKV RCU N¶QDLGV F¶QHHTGU F¶GORNQK N¶CRRWK FW
ToUGCW GUV ECRKVCN %GU DGUQKPU UG OCPKHGUVGPV
XKC NG ToUGCW HQTOo RCT NGU VKGTU SWK ITCXKVGPV
CWVQWT FG N¶GORNQ[GWT ENKGPVU HQWTPKUUGWTU
RCTVGPCKTGURTGUETKRVGWTU6TCFWEVKQPNQTUSWG
N¶GPVTGRTKUGCWPGQHHTGiRQWTXQKTGNNGUQNNKEKVG
FKTGEVGOGPVUGURTQRTGUEQPVCEVUSWKRGWXGPV
NWK TGEQOOCPFGT FGU RTQ¿NU FG SWCNKVo 'P
EQPUVKVWCPVGVGPCEVKXCPVXQVTGToUGCWXQWU
CXG\ RNWU FG EJCPEGU SWG XQVTG %8 EKTEWNG
CWRTpUFGUDQPPGURGTUQPPGU
‰-JFCIFSS
5SBWBJMMFSTBDIBODFFOKPVBOUMµFGGFUSnTFBV
7PVT GBJUFT QSP¾M CBT FO SBJ
TPO EF WPUSF NBORVF EµFYQn
SJFODF .JTF[QMVUyUTVSWPUSF
QFSTPOOBMJUnWPTRVBMJUnTSF
MBUJPOOFMMFT QPVS DPOWBJODSF
MµFOUSFQSJTF
&CPU NG LCTIQP RTQHGUUKQP
PGN QP NGU CRRGNNG NGU ¨UQHV
UMKNNU©%QORTGPG\WPTRVBMJ
UnTIVNBJOFTFUSFMBUJPOOFMMFT
SWKEQORNpVGPVXQVTGHQTOCVKQP
CECFoOKSWG 'NNGU XQWU RGT
OGVVGPVFGXQWUKPVoITGTGVFG
XQWUoRCPQWKTFCPUXQVTGGPXK
TQPPGOGPV
KPVGTPGGVGZVGTPG
iN¶GPVTGRTKUG$µFTUQSJODJQB
MFNFOUEFT§TPGUTLJMMT¨RVF
EnQFOEWPUSFFNCBVDIFFCPU
WPGGPVTGRTKUG
'P GHHGV NQTUSWG N¶QP C RGW
F¶GZRoTKGPEG QP RGWV OGVVTG
FCXCPVCIG GP CXCPV UC RGT
UQPPCNKVoUGUGPXKGUUCOQVK
XCVKQP7PGORNQ[GWTEJGTEJG
i TGETWVGT FGU EQORoVGPEGU
UCXQKTHCKTG OCKU CXCPV VQWV
WP RTQHKN GV WPG RGTUQPPC
NKVo
UCXQKTqVTGUWTVQWVNQTU
SW¶KN U¶CFTGUUG i WP LGWPG
.FUUF[ FO BWBOU MFT RVBMJ
UnT IVNBJOFT FU
S F M B U J P O O F M M F T
KPFKURGPUCDNGU i
WP TGETWVGOGPV
UGPU FG N¶FG¾DBDJ
Un EF MB DPNNV
OJDBUJPO PQVCO
OGPV NC HCnQP FG
U¶GZRTKOGT OCKU
CWUUK FG U¶CFTGU
UGT CWZ CWVTGU
qVTG UQWTKCPV FG
DQPPG JWOGWT
BEBQUBCJMJUn¿FYJCJMJUnQSJTF
EµJOJUJBUJWFDSnBUJWJUn
2GPUG\ CWUUK i KVTUJ¾FS U[U
VoOCVKSWGOGPV EG SWG XQWU
CXCPEG\GPFQPPCPVFGUGZGO
RNGU VKToU FG XQVTG RTQRTG GZ
‰-JFCIFSS
7BMPSJTFSFUEnWFMPQQFSTFTRVBMJUnTSFMBUJPOOFMMFT
RoTKGPEG
UEQNCKTGXKGCUUQEKC
VKXGNQKUKTULQDUF¶oVoUVCIGU
XQ[CIGUª
7BMPSJTF[MFTFYQnSJFODFTQP
TJUJWFT NGU UWEEpU SWK LCNQP
PGPVXQVTGRCTEQWTU
iPQVGT
%VHBHOBOUHBHOBOU
'PXQWUKPVoITCPVFCPUWPGGPVTGRTKUG
PQVCOOGPV
RCT NC XQKG FG N¶CNVGTPCPEG N¶GORNQ[GWT XQWU
FQPPG N¶QRRQTVWPKVo F¶CRRTGPFTG FG RTQITGUUGT
5CKUKUUG\NC GP C[CPV NG EQORQTVGOGPV CFoSWCV
(CKVGU RTGWXG F¶CFCRVCVKQP CW OQPFG RTQHGU
UKQPPGNGPUQWNKIPCPVXQVTGDQPPGXQNQPVoXQVTG
ECRCEKVoF¶oEQWVGXQVTGEWTKQUKVo%WNVKXG\CWUUK
XQVTG KFGPVKVo GP XCNQTKUCPV XQU RQKPVU HQTVU GV
GP NGU RToUGPVCPV EQOOG FGU XCNGWTU CLQWVoGU
/CKU TGURGEVG\ CWUUK NGU TpINGU GV CFQRVG\ WP
EQORQTVGOGPV TGURQPUCDNG GP VoOQKIPCPV FG
XQVTGKPVoTqVRQWTN¶GPVTGRTKUG8QVTGKPVoITCVKQP
U¶KPUETKTC FCPU WPG TGNCVKQP ICIPCPVICIPCPV
RTQ¿VCDNGiVQWU
21
#WEQPVCEVFGUBDUFVST
FGN¶BMUFSOBODF
.&%&' "'*+ *OEJCBUQ 0QDBMJB GBJUFT MF QMFJO EF DPOTFJMT FU EµJOGPSNBUJPOT BVQSoT EFT
QSJODJQBVYBDUFVSTEFMµBMUFSOBODFFO"MTBDF
.&%&'"MTBDF
¬ VTCXGTU NC ECORCIPG NJTFS
TVS MµBWFOJS NG /'&'( #NUCEG
UG OQDKNKUG GPEQTG RNWU HQT
VGOGPV FGRWKU RQWT KP
HQTOGT NGU GPVTGRTKUGU UWT NGU
QRRQTVWPKVoU SWG NGWT QHHTGPV
NGU EQPVTCVU GP CNVGTPCPEG
WP OQ[GP RQWT NGU LGWPGU FG
ToXoNGTNGWTUVCNGPVU
-µ"'*+
.¶#UUQEKCVKQP RQWT (CEKNKVGT N¶+P
UGTVKQPRTQHGUUKQPPGNNGFGU,GW
PGU FKRNzOoU RTQRQUG F¶CKFGT
NGU oVWFKCPVU GV NGU LGWPGU FK
RNzOoU FG N¶GPUGKIPGOGPV UW
RoTKGWT FCPU NGWTU FoOCTEJGU
RQWTTGEJGTEJGTWPRTGOKGTGO
RNQKWPEQPVTCVF¶CNVGTPCPEGWP
UVCIGQWHCnQPPGTWPRTQLGVRTQ
HGUUKQPPGN 7P XoTKVCDNG TGNCKU
$POUBDU
GP#NUCEGOCKUCWUUKRCTVQWVGP
NBHBMJBVHFS!NFEFGBMTBDFDPN
(TCPEG CXGE EQPUGKNU GV GPVTG
.G UKVG +PVGTPGV FoXGNQRRo VKGPURGTUQPPCNKUoU
RCT NG /'&'( $CU4JKP RGT $POUBDU
OGV FG LQWGT NC ECTVG +PVGTPGV TUSBTCPVSH!B¾KPSH
XXXB¾KPSH
RQWT UGPUKDKNKUGT NGU LGWPGU i
N¶GPVTGRTKUG CWZ OoVKGTU GV i
N¶QTKGPVCVKQP 2QWT RTGWXG NG *OEJCBUQ
UKVG XXXNFUJFSRVJNFQMBJUDPN +PFKDCVR GUV WP CEVGWT RQWT NC
ToIKQPCN EQPnW UWT WP HQTOCVKQP GP CNVGTPCPEG RTQEJG
VQP ToUQNWOGPV LGWPG GV F[ FGU GPVTGRTKUGU FG N¶KPFWUVTKG
PCOKSWG RToUGPVG VQWU NGU FWDjVKOGPVFGUVTCXCWZRWDNKEU
¨DQPU RNCPU© RQWT VTQWXGT GV FG N¶+PVGTRTQ 5C XQECVKQP
WPOoVKGTSWKRNCuVGP#NUCEGi TGETWVGT QTKGPVGT GV CEEQORC
VTCXGTU TWDTKSWGU OoVKGTU IPGT5QPQDLGEVKHWPLGWPGWPG
GORNQKUCEVWCNKVoUCIGPFC.G GPVTGRTKUGWPGORNQK
UKVGGUVoICNGOGPVRToUGPVUWT $POUBDU
NGU ToUGCWZ UQEKCWZ (CEGDQQM DPOUBDU!JOEJCBUQDPN
GV6YKVVGT
$POUBDU
NBOPOTDINJEMJO!NFEFGDPN
22
0QDBMJB"MTBDF
¿PCPEGT NC HQTOCVKQP RTQHGU
UKQPPGNNG5QPTzNGGUVFGHCEKNK
VGTNGOQPVCIGFGUEQPVTCVUFG
RTQHGUUKQPPCNKUCVKQP GP RCT
VKEWNKGTRCTNCTGEJGTEJGF¶WPG
QHHTGFGHQTOCVKQPCFCRVoGCWZ
DGUQKPU GP SWCNKHKECVKQP FGU
GPVTGRTKUGU1RECNKC#NUCEGGUV
RToUGPVUWTUKVGUGP#NUCEG
5EJKNVKIJGKO %QNOCT GV /WN
JQWUG
$POUBDUXXXPQDBMJBBMTBDFDPN
&UBVTTJ©
….G QPSUBJM EF MµBMUFSOBODF NG
UKVG XXXDPOUSBUTBMUFSOBODF
HPVWGS EQNNGEVG FGU QHHTGU FG
EQPVTCVU F¶CRRTGPVKUUCIG GV
FGRTQHGUUKQPPCNKUCVKQPOKUGU
iFKURQUKVKQPRCTVQWUNGURCT
VGPCKTGUFWRQTVCKNGVFGUKPHQT
OCVKQPUUWTNGUoXoPGOGPVUFG
N¶CNVGTPCPEG
….C 3nHJPO "MTBDF C NCPEo WP
PQWXGCW UKVG RTQRQUCPV FGU
RNCEGU F¶CRRTGPVKUUCIG .GU
GPVTGRTKUGU RGWXGPV FoRQUGT
NGWTU QHHTGU NGU LGWPGU RGW
XGPV NGU EQPUWNVGT EQOOW
PKSWGT NGWT %8 GV GPVTGT GP
TGNCVKQP CXGE NGU GORNQ[GWTU
XXXBQQSFOUJTTBHFBMTBDFFV
1TICPKUOG2CTKVCKTG%QNNGEVGWT
#IToo 12%# 1RECNKC #NUCEG ….GUUKVGUFGU$FOUSFTEF'PSNB
UJPOEµ"QQSFOUJTFGUDTCPEJGU
EQNNGEVG GV IpTG NGU HQPFU XGT
RTQHGUUKQPPGNNGU
UoU RCT NGU GPVTGRTKUGU RQWT
.GUSFOEF[WPVTBOOVFMT
FGN¶CNVGTPCPEG
+BOWJFS
‰"'*+
$)"26& "//c& Mµ"MTBDF BDDVFJMMF EFT nWnOF
NFOUT QFSNFUUBOU EF EnDPVWSJS MFT GPSNBUJPOT FO
BMUFSOBODF EµnDIBOHFS BWFD EFT QSPGFTTJPOOFMT
EF SFODPOUSFS EFT SFDSVUFVST FU EF EnDSPDIFS VO
DPOUSBU FO BMUFSOBODF $FT SFOEF[WPVT JODPO
UPVSOBCMFT TPOU SnQFSUPSJnT EBOT MµBHFOEB EV TJUF
XXXNFUJFSRVJNFQMBJUDPN
5CNQP5VWF[TCOC
5VTCUDQWTIXXXTUVEZSBNBDPN
0WKVFGN¶1TKGPVCVKQP
5VTCUDQWTIXXXTUSBTCPVSHDDJGS
,QWTPoGFGU%CTTKpTGUGVFGU(QTOCVKQPU
/WNJQWUGXXXKPVSOFFEFTDBSSJFSFTVIBGS
5CNQP4oIKQPCN(QTOCVKQP'ORNQK
%QNOCTXXXTSGFDPN
'nWSJFS
,QWTPoGFGU7PKXGTUKVoU
5VTCUDQWTIXXXKVTUSBTCPVSHGS
"WSJM
5GOCKPG#NV5WR
5VTCUDQWTIGV/WNJQWUGXXXB¾KPSH
+VJO
#2'%%CFTGU%Q
5VTCUDQWTIXXXBQFDGS
5QKToGFGTGETWVGOGPV2NWI9QTM
5VTCUDQWTIXXXNPPWJKPCDPNQX
4FQUFNCSF
6QR4GETWVGOGPV
5VTCUDQWTIXXXUPQSFDSVUFNFOUGS
/QQXKLQD6QWT
5VTCUDQWTIGV/WNJQWUGXXXNPPWJKPCDPN
/PWFNCSF
6TCKPFGN¶1TKGPVCVKQP
5VTCUDQWTIXXXMFUVEJBOUGS
(QTWO#NUCEG6GEJ
5VTCUDQWTIQW/WNJQWUGXXXGPSVNBMTBDFUFDIPSH
(QTWO(TCPEQ#NNGOCPF
5VTCUDQWTIXXXEGGGGBPSH
-PSTEFDIBDVOEFDFTnWnOFNFOUTOµPVCMJF[QBTEFWPVTNVOJSEFWPUSF$7FOQMVTJFVSTFYFNQMBJSFT
23
décembre 2010
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MEDEF
Alsace
Rédaction : Magali Auger (MEDEF), Ludovic Lechner (AFIJ), Eric Pilarczyk (Citeasen) • Conception graphique : Citeasen •
Remerciements pour leurs photos : Schaeffler France, AXA, Holiday Inn Strasbourg City Centre, A la Hache/Groupe FHB,
Moulin Meckert-Diemer, Liebherr France SAS,Tabelec • Remerciements pour leurs témoignages et leurs contributions :
Manon Schmidlin, 1métierquimeplait - Simone Bogner, directrice des ressources humaines Eiffel Construction - Jean-Jacques Mahr,
PDG Kieffer Traiteur - Abraham Konaté, responsable hébergement Hôtel Mercure - Laurent Pons, directeur du développement des
ressources humaines Brasseries Kronenbourg.
MEDEF ALSACE
Maison de l’Entreprise - Espace Européen de l’Entreprise - 27 avenue de l’Europe - 67300 Schiltigheim
Tél. 03 88 24 85 48 - Fax 03 88 35 12 68
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