Publicidad Como Mediador Social

Télécharger au format pdf ou txt
Télécharger au format pdf ou txt
Vous êtes sur la page 1sur 15

!

!"#$%&%'(')&*+*)+,'%('*-).*&%($/)
!"#$%&'()(*"*#+,)+"#,-#./'/0&("#,1#(*,"'(2"*"#3#*(4(5(*"#"#,164"6/1#"'6/1/!
!
!
!
!
!
0(#%*)(1'-,.)-%#,-*).($(2(-)
&*-!*-(&%31)"1%0%&('()1(&%*1($)',),'"&(&%31)."!,-%*-)
045678965:97;<=>/:?=/<7)
@-"!*)',)A-(#(B*C)&*+"1%&(&%31)!"#$%&%A(-%()
)
)
)
)
)
!
"#$%!%#$&'()!*&#+,!('%-$(.(+,/!0,!(-.0&%-+(,!'%0!1%-#,2%!3&*0(+($,/()!3,/,!0,!+)-#$/&++(4-!'%!3/)'&+$)#!
+)1&-(+,$(5)#! 3)/! 1%'()! '%! 0,! (-$%-#(4-! '%0! %1(#)/! 6! 0,! 3%/+%3+(4-! '%0! 1(#1)! ./%-$%! ,0! /%+%3$)/7!
3DUD OR FXDO VH GHILQH HO FRQFHSWR GH ³0HGLDFLyQ 6RFLDO´ FRQVWUXLGR D WUDYpV GH OD FLHQFLD GH OD
+)1&-(+,+(4-8!')-'%!*&#+,!!%#$,*0%+%/!0,!+,3,+(','! '%0!1%-#,2%! 3)/!#%/!(-$%/3/%$,')!'%! '(#$(-$,#!
.)/1,#!3)/!'(#$(-$)#!39*0(+)#!)*2%$(5)#7!DE=F):G:<H7I)J:>:94)K4)<7L=>6<4<6M>)N=5K6<6H4964)?:>H97)
?:K)N97<:I7)?:)L:?64<6M>))I7<64K):>):K)<7LN7>:>H:)I7<64K)<7K7L564>7O)7*,-6(8()"4#'/1#,8,)6/1#
*,# '"# )/0%-()")(9-# $%&'()(6"4("# *,-64/# *,'# $4/),1/# *,# 0,*(")(9-# 1/)("'# ,-# ,'# )/0$/-,-6,#
1/)("'#)/'/0&("-/:##
#
:,!3&*0(+(','!+)1)!%-$%!%#%-+(,0!'%!0,!5(',!+)$('(,-,!'%!0,#!3%/#)-,#!/%3%/+&$%!#&#!1%-#,2%#!%-!0,!
#)+(%','8! 0,! (13)/$,-+(,! '%0! (13,+$)! '%! %#%! 1%-#,2%! 3&*0(+($,/()! %#! 0,! (-$%-+(4-! '%! %#$,!
(-5%#$(;,+(4-8!<+41)!/%#3)-'%!0,!#)+(%','!./%-$%!,!1%-#,2%#!,&'()5(#&,0%#!'%!(-$%-+(4-!+)1%/+(,0=8!
0,!,++(4-!6!0,!/%,++(4-!'%0!.%%'*,+>8!'%0!1)'%0)!'%!+)1&-(+,+(4-!!6!#&!/%#3&%#$,!!./%-$%!,0!(13,+$)!
3/(-+(3,08! ,-,0(?,-')! #%1(4$(+,1%-$%! ,++()-%#! @&%! (-5)0&+/%-! ! %0! 1)'%0)! '%! /%#3&%#$,! ABCA!
D,$%-+(4-8!(-$%/E#!'%#%)!6!,++(4-F7!
!
"0!+)-#&1)!'%!*(%-%#!6!#%/5(+()#8!(-5)0&+/,!$,1*(E-!&-!,-G0(#(#!'%$,00,')!'%!+)13)/$,1(%-$)#8!@&%!
#(/5,-!3,/,!,-,0(?,/!$%-'%-+(,#!6!#(/5,-!3,/,!.&$&/,#!(130%1%-$,+()-%#!%-!%0!1%/+,'%)8!%#$&'()#!'%!
3&*0(+(','! @&%! '%$%/1(-%-! 0,! 3#(+)0);H,! '%0! +)-#&1(')/! %-! %#$&'()#! %I30)/,$)/()#! 6! +)-+0&6%-$%#!
'(/%++()-,')#!,!+)-+(%-$(?,/!0,!(13)/$,-+(,!'%!0)#!1%-#,2%#!3&*0(+($,/()#!%-!%0!%-$)/-)!#)+(,08!'%-$/)!
'%!&-,!+)1&-(','!!5&0-%/,*0%!./%-$%!,!0,#!;/,-'%#!%#$/,$%;(,#!'%!+)1&-(+,+(4-!%13/%#,/(,07!
!
:)#!1%-#,2%#!,&'()5(#&,0%#!$(%-%-!&-!;/,-!%.%+$)!%-!%0!+%/%*/)!J&1,-)8!3&%#!,'%1G#!'%!J,+%/!&#)!
'%! ')#! '%! 0)#! #%-$(')#! %#%-+(,0%#! '%0! J)1*/%! +)1)! 0)! #)-! 0,! 5(#$,! 6! %0! )H')8! +&%-$,-! +)-! 0,!
+,3,+(','!'%!'%1)#$/,/!0)#!,$/(*&$)#!.H#(+)#!'%0!3/)'&+$)!,#H!+)1)!0,!(13)#(+(4-!'%0!%#$(0)!'%!5(',!
'%0!+)-#&1(')/7!"#$,#!+,/;,#!#%1(4$(+,#!$(%-%-!&-!,0$)!;/,')!'%!3%/+%3+(4-!(-+)-#+(%-$%!3)/!3,/$%!
'%0! /%+%3$)/8! %#! ,00H! ')-'%! #%! (-(+(,-! 0,#! $%-'%-+(,#! 6! ,! .&$&/)! 0,#! $/(*&#! &/*,-,#! D+0,/)! %#$G8! '%!
,+&%/')!,!0,!.&%/?,!'%0!%#$%/%)$(3)F8!@&(?G#!0)#!245%-%#!@&%!5%1)#!J)6!%-!'H,!%-!0,!+,00%8!-)!#%,-!
1G#! @&%! %0! /%#&0$,')! '%! .&%/$%#! +,/;,#! ,&'()5(#&,0%#K! :,! .(;&/,! '%! 1%'(,')/! #)+(,0! (-$%/5(%-%!
FXDQGR HQ ORV PHQVDMHV DGHPiV GHO REMHWLYR FRPHUFLDO VH FRQVWUX\H FRQ ³YDORUHV´ D OD VRFLHGDG
3%/)!%-$)-+%#!<3(%/'%!%.%+$(5(','!0,!3&*0(+(','=8!%#$%!%#!&-!3&-$)!'%!5(#$,!@&%!$,1*(E-!*&#+,/%1)#!
#)0&+()-,/7!
#
"#! %#$%! 3/)6%+$)! ,! -(5%0! 3&*0(+($,/()8! /%#&0$,! #%/! '%! ;/,-! (13)/$,-+(,8! 3&%#! 0,#! $%-'%-+(,#! %-! %0!
1%/+,')! +)1(%-?,-! +)-! 0,#! /,?)-%#! #)+(,0%#8! J,6! 1&+J,#! .)/1,#! %-! @&%! 5(5(1)#! 0,! 3&*0(+(','8!
<3%/)!+41)!5(5%!0,!3&*0(+(','!+)-!-)#)$/)#=7778!
!!
«ODSXEOLFLGDGKDORJUDGRUHLYLQGLFDUVHFRQODVRFLHGDGSXHVVRQPXFKDVODVFDPSDxDV TXHKDQ
H[LVWLGR FRQ HO ILQ GH D\XGDU D VXV ³FRQVXPLGRUHV´ DXQTXH VLJXHQ FUtWLFDV SRU VX ³LQYDVLyQ´ GH
%#3,+()8!J,#$,!%0!'H,!'%!J)68!%-!#&!1,6)/H,!!ODVRFLHGDGKDQHFHVLWDGRGHHOOD«!DL,/*%/)8!MNNOF!!
!
«(VWHHVSDFLRHQGRQGHQRVHQFRQWUDPRVSDUDHVWXGLDUXQIHQyPHQRGHVRFLHGDGWDQFRP~QSRU
%#$)#! 'H,#! +)1)! %#! %0! +)-#&1(#1)! 6! #&! %5)0&+(4-! %-! 0,! +)1&-(+,+(4-! +)-! 0,! #)+(%','8! %#! 3,/,!
%-+)-$/,/8! /%0,$,/! 6! +)-$,/! %I3%/(%-+(,#! '%! 0)#! 3/)$,;)-(#$,#! @&%! 0%! ',-! &-,! 3/)3)/+(4-! .H#(+,! ,! 0,!
3&*0(+(','! 6! 0,! #)+(%','! %-! %0! 1%/+,')! 6! 0,! 5(',! +)$('(,-,8! %#! (13)/$,-$%! 3,/,! -)#)$/)#! %-+)-$/,/!
H[SHULHQFLDV UHODWDGDV SRU ORV SURWDJRQLVWDV GH HVWD HWHUQD FRQIURQWDFLyQ ³PRUDO´ SHUR HVWD
(-5%#$(;,+(4-!$(%-%!&-!%-.)@&%!%#3%+(,0777))DL,/*%/)!P7!Q78!MNNRF)
!
"#$,!(-5%#$(;,+(4-!#%!00%5,!,!+,*)!+)-!0,!,6&',!'%!,0;&-)#!')+%-$%#!3%/$%-%+(%-$%#!,0!3/);/,1,!'%!
S)1&-(+,+(4-! T)+(,08! +)-! #&! %I3%/(%-+(,! 6! 0,! 0&+J,! (-,0+,-?,*0%! '%! 0)#! %#$&'(,-$%#! '%0! 1(#1)!
3/);/,1,8!0);/,/%1)#!/%#&0$,')#!/%,01%-$%!#)/3/%-'%-$%#8!-&%#$/,!(-$%-+(4-!%#!/%#,0$,/!6!'%#$,+,/!
0,! +,3,+(','! (-5%#$(;,$(5,! '%! 0,! SUV! 6! #&#! %#$&'(,-$%#8! 6! +)-! %#$%! $%1,! @&%! 3&%'%! 00%;,/! ,!
+,$,0);,/#%! %-$/%! &-,! 3,/$%! '%! 0,! 3)*0,+(4-! +)1)! &-! $,*98! -&%#$/)! 1%$,! #%! ,0+,-?,/,! '%! &-,!
1,-%/,!1&6!#,$(#.,+$)/(,7!!
!
"0!1%'(,')/!#)+(,0!%#!&-,!.(;&/,!'%!/%.%/%-+(,!3,/,!0,!(-.)/1,+(4-!6!%0!,#%#)/,1(%-$)!#)*/%!/%+&/#)#!
#)+(,0%#!,-$%!0,#! '%1,-',#!'%!0)#!+(&',',-)#!D3/)*0%1G$(+,#!#)*/%!$%/+%/,! %','8!1&2%/8!(-.,-+(,8!
3/%#$,+()-%#!#)+(,0%#8!+%-$/)#!'%!,+);(',777!D,&$)/%#!5,/()#8!MNWWF!
!
-HV~V 0DUWtQ %DUEHUR ³«GHVGH OD FRPXQLFDFLyQ \ ORV HVWXGLRV FXOWXUDOHV D OD HPHUJHQFLD GH XQD
QXHYDVRFLHGDG\VHQVLELOLGDGYDORUDWLYD«´!DL,/*%/)8!MNNOF!
!
:,!3&*0(+(','!%#!&-,!.)/1,!'%#$(-,',!,!+)1&-(+,/8!3%/#&,'(/!%!(-.)/1,/!,0!39*0(+)!#)*/%!&-!*(%-!)!
#%/5(+()! ,! $/,5E#! '%! 0)#! 1%'()#! '%! +)1&-(+,+(4-! +)-! %0! )*2%$(5)! '%! 1)$(5,/! ,0!39*0(+)!J,+(,! &-,!
,++(4-!'%!+)-#&1)7!
!
!
*!%1%*1,.)!P#$%&(.)(&,-&()',$)%+!(&A*)',)$()!"#$%&%'(')
)
)
X,+%!&-)#!1%#%#!%-!%0!3%/(4'(+)!XYZ!'%!%+&,')/!#%!39*0(+)!,+%/+,!'%!&-!$%1,!1&6!+&/()#)!3,/,!
-&%#$/)!$%1,!'%!(-5%#$(;,+(4-[!3&*0(+(','!6!1%'()#!6!%-!@&%!(-$%/5%-H,-!./%-$%!,!0)#!+)-#&1(')/%#!6!
0,!#)+(%','!'%!+)-#&1)7!
!
´:,! -%+%#(','! '%! &-,! +(&',',-H,! *(%-! (-.)/1,',! %#! &-! %0%1%-$)! +0,5%! 3,/,! 0,! 5(,*(0(','! '%! 0,!
'%1)+/,+(,8!,#H!+)1)!0,!+)1&-(+,+(4-!,*(%/$,!'%!0,#!('%,#8!%-!&-!,1*(%-$%!'%!0(*%/$,'7!!\/,$G-')#%!
'%0! +)-)+(1(%-$)! '%! 0,! S)-#$($&+(4-! #%/G! -%+%#,/()! 0%%/0,! &-,! 6! )$/,! 5%?! 3,/,! +)13/%-'%/! #&!
,0+,-+%8! $,/%,! '(.H+(0! 3,/,! &-,! 3)*0,+(4-! 3)+)! 3/)3%-#,! ,! 0,! 0%+$&/,! 6! @&%8! ,'%1G#8! 3)/! 0,#!
+(/+&-#$,-+(,#!#%!J,!5(#$)!.)/?,',!,!#&#$($&(/!%#$,!*&%-,!3/G+$(+,!'%!,3/%-'(?,2%!3)/!&-,!,5,0,-+J,!
3&*0(+($,/(,! '%! 0,! $%0%5(#(4-! @&%! J,! (-5,'(')! $)')#! 0)#! %#3,+()#! '%! 0,! 5(',! '%! 0)#! +(&',',-)#7!!
:,! +,3,+(','! '%! 0,! $%0%5(#(4-! '%! $/,-#1($(/8! ,0! (-#$,-$%8! (1G;%-%#! 6! 1)5(1(%-$)#! 1)'%0,')#! 3)/!
1%-#,2%#! 6! 19#(+,! '%! 1,-%/,! #(1&0$G-%,! ,! 1(00)-%#! '%! %+&,$)/(,-)#! ,&1%-$,! %0! 3)'%/! (-J%/%-$%!
'%0!1%'()!$%0%5(#(5)!#)*/%!0,!3,0,*/,!(13/%#,!%-!5DULRVyUGHQHVGHPDJQLWXG´!DXYZ8!MNWWF!
!
"#!+(%/$)!@&%!0,!3&*0(+(','!3)/!)*0(;,+(4-!$(%-%!@&%!#%/!'(.&-'(',!,!$)')!$(3)!'%!39*0(+)!6!@&%!$(%-%!
@&%!;%-%/,/!(13,+$)!'%!,0;&-,!.)/1,!)!5)?!,!5)?!'%!1)')!@&%!3)',1)#!',/!&-,!)3(-(4-!3)#($(5,!)!
-%;,$(5,!./%-$%!,0!3/)'&+$)!)!#%/5(+()7!!
!
!³+D\ PXFKDV RUJDQL]DFLRQHV TXH VH TXHMDQ GH OD DJUHVLYLGDG TXH OD SXEOLFLGDG KDFH VREUH HO
+)-#&1(')/! 6! 0,! 3/%#(4-! @&%! +/%,! 3,/,! 0,! .)/1,+(4-! '%! &-,! #)+(%','! '%! +)-#&1)8! @&%! %#!
'%#3/)3)/+()-,',1%-$%! +)-#&1(#$,8! &-! .%-41%-)! @&%! 3&%'%! +,&#,/! %0! %-'%&',1(%-$)! '%! 0)#!
J);,/%#!@&%!%-!"&/)3,8!0)#!%#$&'()#!'(+%-!%#!1&6!#&3%/()/!,0!,+%3$,*0%7!!
!
T(-!%1*,/;)8!<0,#!3/G+$(+,#!'%!0,!3&*0(+(','!@&%!0,#!1,/+,#!&$(0(?,-!3,/,!3/)3)/+()-,/!0,!5(#(*(0(','!
'%!#&!3/)'&+$)!#)-!%I+%#(5,#=!<"#!)*2%$)!'%!,-G0(#(#!3)/!3,/$%!'%!0,#!,&$)/(','%#!/%#3)-#,*0%#!'%!
0,! 3/)$%++(4-! '%! 0)#! +)-#&1(')/%#=! Y! <%#! @&%! #)-! ,+$)#! #(-! -(-;9-! $(3)! '%! ',])#! '(/%+$)#!
FDXVDGRV"´!
!
:,!3&*0(+(','!%#!#(130%1%-$%!)$/)!3&-$)!'%!0,!1,@&(-,/(,!00,1,',! %13/%#,!6!%#!%I$/%1,',1%-$%!
+/H$(+)!3,/,!%#$,!.&-+(4-!#(-!3/)*0%1,#!6!-&-+,!#%!/)13%!$,-!.G+(01%-$%8!'%+(/!@&%!0,!3&*0(+(','!%#!%0!
,+%($%! @&%! J,+%! @&%! 0,! 1G@&(-,! 6,! 1,-$%-%/! 6! /%#(#$(/! 0)#! +(+0)#! '%! %I3,-#(4-! 6! +)-$/,++(4-!
%+)-41(+,8!0,!,3,/(+(4-!'%!#&#$($&$)#8!%-$/%!)$/)#!.,+$)/%#!@&%!3&%'%-!+,&#,/!3%/$&/*,+()-%#!%-!0,!
3/)'&++(4-8! ,'%1G#! '%! 0,! 3&*0(+(','! %#! 0,! 30,$,.)/1,! '%! 0,-?,1(%-$)! 3,/,! +&,0@&(%/! %13/%#,8!
3)/@&%! #(-! +)1&-(+,+(4-! +)-! %0! 39*0(+)! )*2%$(5)! %#! 1&6! '(.H+(0! +/%,/! %0! 1%/+,')! )! %-$/,/! %-! &-!
1%/+,')!6,!+)-!$)')#!0)#!+)-$/,$(%13)#!@&%!%00)!+)-00%5,7!!
!
T(-!%1*,/;)8!0,!3&*0(+(','!1%'(,-$%!%0!.)1%-$)!'%!&-!1,6)/!+)-#&1)!D3)/@&%!#%!$/,$,!'%!&-)!'%!
#&#!3/(-+(3,0%#!.&-+()-%#F!'%!1,-%/,!3)+)!/,?)-,*0%8!6,!@&%!-)!%#!./,&'&0%-$)8!%#!'%+(/8!-)!+)-)+%!
$)')#!0)#!3&-$)#8!6,!#%,!3)#($(5)!)!-%;,$(5)8!%0!3/)'&+$)!)!#%/5(+()!%-!+&%#$(4-8!-)!+/%,!-(-;9-!',])8!
$,1*(E-!3&%'%!,3)/$,/!;/,-'%#!*%-%.(+()#!,!0,!%+)-)1H,!%-!;%-%/,0!%-!1)1%-$)#!+0,5%8!$,0%#!+)1)!
0,#!+/(#(#!%+)-41(+,#!%-!@&%! %0!+)-#&1(')/!#%! /%$/,%!#&!;,#$)8!%#$(1&0,-')!,#H!%0!+)-#&1)!%#!&-!
(13&0#)! ,! 0,! %+)-)1H,8! J,+(%-')! ,! 0,#! %13/%#,#! ,! '(#3)-%/! '%! #&! 3/)'&+$)8! 3,/,! ,&1%-$,/! #&!
3/)'&++(4-8!+/%,/!3&%#$)#!'%!$/,*,2)!)!;,-,-+(,#!'%/(5,',#!'%!0)#!,5,-+%#!$%+-)04;(+)#!68!,!.(-!'%!
0);/,/! 1%2)/%#! /%#&0$,')#! )*$%-(')#! 6! 0)! 1%2)/! @&%! #%! 3&%'%! 3,;,/! ,! #&#! $/,*,2,')/%#8! @&%!
,&1%-$,/G! %0! 3)'%/! ,'@&(#($(5)8! @&%! %#! &-! (-'(+,')/! '%! *(%-%#$,/! '%! &-,! 3)*0,+(4-8! 3)'%1)#!
+)-+0&(/!@&%8!%-!+,#)#!%#3%+(,0%#8!0,!3&*0(+(','!%#!&-,!+,13,],!3,/,!1%2)/,/!%0!*(%-%#$,/!'%!&-,!
3)*0,+(4-7!
!!
!
³/DSXEOLFLGDGTXHDPHQXGRHVDFXVDGRGHVHUUHVSRQVDEOHVGHXQDGHODVSULQFLSDOHVSUiFWLFDV
'%! +)-#&1)! %I(#$%-8! -)! %#! '(/%+$,1%-$%! /%#3)-#,*0%! '%! %#$)#! JG*($)#8! 6,! @&%! 0,! /%#3)-#,*(0(','!
#)+(,0!6,!@&%! %#!#40)! &-,!J%//,1(%-$,!@&%!0,#!%13/%#,#!3&%'%-!(-$/)'&+(/!1%2)/,#! %-!%0! -(5%0!'%!
YLGDGHODSREODFLyQHLPSXOVDUHOFUHFLPLHQWRGHXQSDtV´!DS,00%;/,-5(,8!MNWWF!
)
)
)
!
%+!(&A*)',)$()!"#$%&%'('Q)#$*@.Q)*!%1%*1,.)!P#$%&(.)
!
!
!
C%#3&E#!'%!J,*%/!0%H')!1&+J,#!.&%-$%#!$%4/(+,#!'%+('(1)#!3/%;&-$,/-)#!+&G0!#%/H,!0,!/,?4-!3,/,!
@&%!1&+J)#!'%!0)#!+)-#&1(')/%#!$&5(%#%-!/%3/%#,/H,#!%-!+)-$/,!'%!0)#!,/;&1%-$)#!'%!0,!3&*0(+(','8!
)!3)/!%0!+)-$/,/()!1('(%/,-!#&!(13,+$)!'%#'%!#&!G-;&0)!1(#1)7!
!
U-!3)/+%-$,2%!/%5%0)!,+%/+,!'%!0)#!3/)$)$(3)#!@&%!#(;&%-!0,#!3%/#)-,#!,!$/,5E#!'%!0,!3&*0(+(','8!%0!
#%I)8!0,!)*%#(','8!0,!.(;&/,!%-!;%-%/,08!6!0)#!+)13)/$,1(%-$)#!&#&,0%#!'%!&-!+)-#&1(')/7!!
!
Q&+J)#!'%!%00)#!+)1%-$,*,-!,+%/+,!'%0!(13,+$)!-%;,$(5)8!0)!+&/()#)!'%0!+,#)!%#!@&%!,!3%#,/!'%!%#)!
-(-;&-)! '%2,*,! '%! #%/! +)-#&1(')/! ,+$(5)! '%! 0)#! 1%'()#! 3&*0(+($,/()#! ,#H! #,+,/,-! +)-+0&#()-%#!
-%;,$(5,#!)!3)#($(5,#!$)')#!,3)/$,*,-!,0!$%1,7!!
!
"-$)-+%#!%#!.G+(0!+)-+0&(/!@&%!&-)!'%!0)#!1%'()#!1,#(5)#!1G#!/%0%5,-$%#!%#!0,!$%0%5(#(4-8!0,!3/%-#,8!
6!0,#!5,00,#!%-!5H,#!$/,-#($,',#7!!
!
"#!1&6!+(%/$)!@&%!;/,+(,#!,!0,!3&*0(+(','!0,#!3%/#)-,#!'%#'%!&-!(-(+()!+)1%-?,/)-!,!5%/!3/)$)$(3)#!
6,!#%,!'%!*%00%?,8!(13&0#,')/%#!'%!+)-#&1)!)!%-!#&!'%.%+$)!1)$(5,')/!'%!+,1*()#!'%!3%/#)-,0(','7!!
!
^%/)!#(!,-,0(?G/,1)#!%0!$(3)!'%!3&*0(+(','!,+$&,08!0,!5,/(%','!'%!3/)'&+$)#8!%-!%#$%!#(;0)!-)!%#!.G+(0!
00%;,/!,!&-,!+)-+0&#(4-!@&%!0,#!3%/#)-,#!#%!5%,-!)*0(;,',#!,!%#+);%/!&-!#)0)!3/)'&+$)!3)/!-)!$%-%/!
5,/(%','!'%!1)')!@&%!+,',!1,/+,!0,-?,!#&#!0H-%,#!'%!3/)'&+$)!6!,!1%'(',!@&%!$/,-#+&//%!%0!$(%13)!
0,#! 3%/#)-,#! +)1(%-?,-! ,! $%-%/! 0,! )3+(4-! '%! %0%;(/! %0! 3/)'&+$)! 6_)! #%/5(+()! @&%! #%! ,',3$%! ,! #&#!
-%+%#(','%#8!+)130%$,1%-$%!#%#;,',#!+,#(!J,#$,!'%#+/(*(/!,!+,',!&-)!'%!0)#!+)-#&1(')/%#7!!
)
)
$()!"#$%&%'(')&*+*)+,'%('*-).*&%($/)!-*&,.*)+,A*'*$3@%&*)
!
!
"0!%#$&'()!%#!'%!%-.)@&%!+&,0($,$(5)!'%#'%!'%0!$(3)!'%#+/(3$(5)8!3&%#!*&#+,!,-,0(?,/!0,!(-+('%-+(,!'%0!
1%-#,2%! 3&*0(+($,/()! '%-$/)! '%! 0,! /%,0(','! +)$('(,-,! '%0! (-'(5('&)7! C%! %#$,! .)/1,! #%! ,30(+,/G-!
(-#$/&1%-$)#! '%! H-')0%! +&,0($,$(5,! +)1)! #)-! 0)#! ;/&3)#! .)+,0%#8! %-$/%5(#$,! 6! )*#%/5,+(4-! ,! &-,!
3)*0,+(4-!'%!,+&%/')!$,/;%$!@&%!#%!'%.(-(4!%-!%0!%#$&'()!%-!+,',!&-)!'%!0,#!%$,3,#[!!
)
%),H4N4)
C%.(-(+(4-!'%!&-!;/&3)!'%!3%/#)-,!)*2%$)!'%!%#$&'()8!'(#+/(1(-,')#!,#H[!!^)/!%','%#[!%-$/%!0)#!W`!6!
0)#!MN8!M`!6!0)#!aN8!a`!6!0)#!bN8!b`!,!0)#!`N7!C%!,+&%/')!,!%#$,!+0,#(.(+,+(4-!#%!/%,0(?,/G-!'(.%/%-$%#!
#%#()-%#!'%!0,!#(;&(%-$%!%#$/&+$&/,[!!!
!96L:94) .:I6M>C! %-! &-,! /%&-(4-! '%! $)')#! 0)#! 3,/$(+(3,-$%#8! #%! 0%#! /%,0(?,! &-! *)1*,/'%)! '%!
(1G;%-%#!'%!3(%?,#!3&*0(+($,/(,#!(13/%#,#7!T%!0%#!/%,0(?,/!&-!+&%#$()-,/()!3,/,!!'%$%/1(-,/!%0!)*2%$)!
'%0!1%-#,2%!%1($(')7!!
.:J=>?4).:I6M>C!%-!&-,!/%&-(4-!+)-!0)#!1(#1)#!3,/$(+(3,-$%#8!#%!0%#!%I3)-%!3,&$,#!3&*0(+($,/(,#!
,&'()5(#&,0%#! '%! '(.%/%-$%#! +,13,],#8! ! '%.(-(',#! '%! ,+&%/')! ,! 0,! (-$%-+()-,0(','! '%0! 1%-#,2%[!
+0,#(.(+,',#!%-[!#)+(,0%#8!+)1%/+(,0%#!%!(-#$($&+()-,0%#7!
A:9<:94) .:I6M>C) *)1*,/'%)! '%! (1G;%-%#8! #)-(')#! %! (13/%#)#! '%! .)/1,! (-'(5('&,0! +)-! %0! 1(#1)!
)*2%$)!'%!%#$&'()7!!
!
%%),H4N4)
"-$/%5(#$,#!,!3/).&-'(','!+)-!3/).%#()-,0%#!'%!0,!3&*0(+(','!'(/%+$)/%#!'%!+,13,],#!%-!+,',!&-,!'%!
0,#!+0,#(.(+,+()-%#!'%$%/1(-,',#!'%!,+&%/')!,!0,!(-$%-+()-,0(','!'%0!1%-#,2%7!!
"-$/%5(#$,#! ,! 3/).&-'(','! +)-! 0)#! +0(%-$%#! 0)#! +&,0%#! '%! ,+&%/')! ,! 0,! %#3%+(.(+,+()-%#8! $/,*,2%-! 0,!
+0,#(.(+,+(4-!'%0!1%-#,2%7!!
!!!
"#! %#$%! &-)! '%! 0)#! 3/)6%+$)#! 1G#! (-$%/%#,-$%#! ,! -(5%0! 3&*0(+($,/()8! 3&%#! 0,#! $%-'%-+(,#! %-! %0!
1%/+,')! +)1(%-?,-! +)-! 0,#! /,?)-%#! #)+(,0%#8! J,6! 1&+J,#! .)/1,#! %-! @&%! 5(5(1)#! 0,! 3&*0(+(','8!
<3%/)! +41)! 5(5%! 0,! 3&*0(+(','! +)-! -)#)$/)#=8! %-! %#$,! (-5%#$(;,+(4-! 5(5(/%1)#! &-! 3)+)! %0! '(,/()!
+)19-!%-!0,!+)1&-(+,+(4-!%-$/%!0,!3&*0(+(','!6!0,!#)+(%','8!#&#!,-E+')$,#8!#&!(13,+$)!6!#&!3,3%0!
+)1)!&-!1%'(,')/!#)+(,08!1&+J,!;%-$%!%-!%#$%!3,H#!-)!0%!$)1,!1&+J,!(13)/$,-+(,!,!0,!3&*0(+(','8!6!
@&(%-%#!0,!)*#%/5,-!0,!+/($(+,-!6!0,!J,+%-!5%/!+)1)!&-!1%'()!+,3($,0(#$,8!6!3,/,!0)#!+/%,$(5)#!%#$,!J,!
#(')! &-,! ;/,-! *,//%/,! %-! 0,! +)1&-(+,+(4-8! 3%/)! %#! $,-$)! #&! (-;%-()! @&%! 6,! +)-5(5(1)#! +)-! 0,!
3&*0(+(','! +)1)! &-! .,+$)/! 1G#! '%! 0,! #)+(%','8! '&/,-$%! 0)#! 90$(1)#! $(%13)#! %-! S)0)1*(,8! 0,!
3&*0(+(','! J,! 0);/,')! /%(5(-'(+,/#%! +)-! 0,! #)+(%','8! 3&%#! #)-! 1&+J,#! 0,#! +,13,],#! @&%! J,-!
H[LVWLGR FRQ HO ILQ GH D\XGDU D VXV ³FRQVXPLGRUHV´ DXQTXH VLJXHQ FUtWLFDV SRU VX ³LQYDVLyQ´ GH
%#3,+()8! J,#$,! %0! 'H,! '%! J)68! %-! #&! 1,6)/H,! ! 0,! #)+(%','! J,! -%+%#($,')! '%! %00,8! %#$%! %#3,+()! %-!
')-'%!-)#!%-+)-$/,1)#!3,/,!%#$&'(,/!&-!.%-41%-)!'%!#)+(%','!$,-!+)19-!3)/!%#$)#!'H,#!+)1)!%#!
%0! +)-#&1(#1)! 6! #&! %5)0&+(4-! %-! 0,! +)1&-(+,+(4-! +)-! 0,! #)+(%','8! %#! 3,/,! %-+)-$/,/8! /%0,$,/! 6!
+)-$,/! %I3%/(%-+(,#! '%! 0)#! 3/)$,;)-(#$,#! @&%! 0%! ',-! &-,! 3/)3)/+(4-! .H#(+,! ,! 0,! 3&*0(+(','! 6! 0,!
#)+(%','! %-! %0! 1%/+,')! 6! 0,! 5(',! +)$('(,-,8! %#! (13)/$,-$%! 3,/,! -)#)$/)#! %-+)-$/,/! %I3%/(%-+(,#!
UHODWDGDVSRUORVSURWDJRQLVWDVGHHVWDHWHUQDFRQIURQWDFLyQ³PRUDO´SHURHVWDLQYHVWLJDFLyQWLHQHXQ!
%-.)@&%!%#3%+(,0!6!+)1)!0)!'%+H,1)#!,0!(-(+()!'%!%#$,!(-$/)'&++(4-!%#!#,*%/!+41)!5(5%!0,!3&*0(+(','!
%-$/%!-)#)$/)#7!
!
"#$,!(-5%#$(;,+(4-!#%!00%5,!,!+,*)!+)-!0,!,6&',!'%!,0;&-)#!')+%-$%#!3%/$%-%+(%-$%#!,0!3/);/,1,!'%!
1%/+,'%)! 6! 3&*0(+(','8! +)-! #&! %I3%/(%-+(,! 6! 0,! 0&+J,! (-,0+,-?,*0%! '%! 0)#! %#$&'(,-$%#! '%0! 1(#1)!
3/);/,1,8!0);/,/%1)#!/%#&0$,')#!/%,01%-$%!#)/3/%-'%-$%#8!-&%#$/,!(-$%-+(4-!%#!/%#,0$,/!6!'%#$,+,/!
0,!+,3,+(','!(-5%#$(;,$(5,!'%!0,!.&-',+(4-!&-(5%/#($,/(,!'%0!G/%,!,-'(-,!6!#&#!%#$&'(,-$%#8!6!+)-!%#$%!
$%1,!@&%!3&%'%!00%;,/!,!+,$,0);,/#%!%-$/%!&-,!3,/$%!'%!0,!3)*0,+(4-!+)1)!&-!$,*98!-&%#$/)!1%$,!#%!
,0+,-?,/,!'%!&-,!1,-%/,!1&6!#,$(#.,+$)/(,7!
!
^)/!0)!$,-$)8!%0!+)-$%-(')!'%0!1%-#,2%!+0,/,1%-$%!1,-%2,!&-,!'%+(#(4-!%-!%0!$(3)!'%!/%#3&%#$,!@&%!%0!
%1(#)/!1,-$(%-%!3)/!1%'()!'%0!$%I$)!@&%!#%!%1($%K!$,1*(E-!3)'%1)#!#&3)-%/!@&%!&-,!+)-5%-+(4-!
#)+(,08! &-,! %'&+,+(4-! %#+)0,/8! &-! #(#$%1,! '%! %I3%/(%-+(,#! %#! +0,/,1%-$%! ,//,(;,! %-! 0,#! )3(-()-%#!
@&%!%2%/+%!6!0,#!+)13,/,+()-%#!@&%!+)-#$/&6%!'%#'%!%0!%2%/+(+()!+)1&-(+,$(5)!#(130%7!!
!
"#!+)--)$,$(5,!0,!%I3%/(%-+(,!#(1*40(+,!'%!0)#!(-'(5('&)#!@&%!,!3,/$(/!'%!&-)#!%0%1%-$)#!#%1(4$(+)#!
0);/,-! '%#'%! 0,! %I3/%#(4-! '%$%/1(-,/! )$/)! 1%-#,2%! '%#'%! 0)#! %0%1%-$)#! '%! )$/)#! #(;-(.(+,')#8! #(-!
'%$%/1(-,/! +0,/,1%-$%! %0! )*2%$(5)! %#3%+H.(+)! '%0! 1%-#,2%8! @&%! )*5(,1%-$%! -)! /%3/%#%-$,! %0!
#(;-(.(+,-$%!'%0!%1(#)/7!
!
"#$,!%#$/&+$&/,!+)1&-(+,$(5,!#%!,0(1%-$,!'%!0)#!+)-%+$)/%#!#(;-(.(+,$(5)#!@&%!1,-%2,!+,',!(-'(5('&)!
'%-$/)!'%!+,',! &-)!'%!0)#!+)-$%I$)#!@&%!,0(1%-$,!#&!3/)3(,!(-$%/,++(4-!+)-!0,!#)+(%','7!"#! '%+(/!
@&%!'%*%!;&(,/!%0!'%#,//)00)!'%!$)',#!0,#!,+$(5(','%#!@&%!#%!'%#,//)00,-!3,/,!&-,!%#$/,$%;(,!%-!&-!
1)1%-$)!'%!#&!5(',7!:,!+)-#$/&++(4-!'%!&-! 1%-#,2%!(130(+,!'%!&-,!%#$/,$%;(,!@&%!.&-',1%-$%!%0!
3/(-+(3,0!)*2%$(5)!'%0!+)13)/$,1(%-$)!3,/,!1)'(.(+,/!0,!(-$%-+()-,0(','!!'%!0,#!3%/#)-,#7!!
!
³7UDVHVWDDFODUDFLyQQRVREUDLQVLVWLUHQTXHMDPiVVHGHEHSHUGHUGHYLVWDTXHXQDHVWUDWHJLDHV
#(%13/%!3/%5(#(4-8!#%!,'%0,-$,8!1(/,!,!0)!0%2)#7!:)!@&%!0,!J,+%!-%+%#,/(,!%#!$%-%/!&-!)*2%$(5)!3,/,!
,0+,-?,/!@&%!0%!'%!)/LJHQ\VHQWLGR´!!!
!
^)/!0)!$,-$)8!0,!(-$%-+(4-!'%0!+)-+%3$)!'%!(-$%/,++()-(#1)!'%*%!#%/!+)-#$/&(')!3,/,!@&%!.&-',1%-$%!
0,!%#$/,$%;(,!@&%!'%.(-,!0)#!1%'()#!'%!'(.&#(4-!'%!&-!1%-#,2%!!@&%!3%/1($,!'(#%],/!0)#!%#3,+()#!6!
1%+,-(#1)#! @&%! #%! 5%-! (-5)0&+/,')#! %-! %0! '%#,//)00)! '%! &-! +)13)/$,1(%-$)! #)+(,0! 6! @&%! 0);/%! 6!
'%$%/1(-%!%0!(13,+$)!'%0!1%-#,2%!%-!#&!;/&3)!)*2%$(5)7!!
!
c"#$)!,0&'%!,0!.%-41%-)!'%!3,/$(+(3,+(4-8!0)!@&%!(130(+,!%#3,+()#!3/)3()#!'%!%2%/+(+()!'%0!3)'%/8!0)!
@&%!#(;-(.(+,!$/,-#.%/%-+(,!'%!E#$%!,!-(5%0%#!0)+,0%#!)!(-#$($&+()-,0%#!(-$%/1%'()#7!T%!$/,$,/H,8!,#H8!'%!
0,!#&3%/,+(4-!'%!0,!1,$/(?!3)3&0(#$,!@&%!.&-'%!0)#!$/%#!-(5%0%#8!'%!0,!1,$/(?!+0,#(#$,!@&%!3)0,/(?,!%0!
#(#$%1,!3)0H$(+)!6!'%!0,!1,$/(?!'%!(1*/(+,+(4-!%-$/%!%0!-(5%0!3)0H$(+)!3,/$(',/()!6!0)#!,+$)/%#!#)+(,0%#8!
$)',#!0,#!+&,0%#!#%!'(%/)-!%-!#)+(%','%#!J(#$4/(+,#c7!!!
!
d%0,+()-,')! +)-! %#$%! .,+$)/! #%! %-+&%-$/,! %0! $%/+%/)[! %0! '%! 0,! %#$/&+$&/,+(4-! '%0! #(#$%1,! 3)0H$(+)!
3,/$(',/()8!%0!@&%!$(%-%!$/%#!,#3%+$)#!(-5)0&+/,')#[!!
!
,eF:,! %I+0&#(5(','! '%0! %#3%+$/)! 3,/$(',/()! '%! 1)')! @&%! -(-;&-,! )3+(4-! 3)0H$(+)e('%)04;(+,! +)-!
/%3/%#%-$,+(4-! )! c*,#%! #)+(,0c! @&%'%! )! #%! #(%-$,! %I+0&(',! '%! 0,! +)13%$%-+(,! 3)0H$(+,8! 0)! @&%! $(%-%!
%#3%+(,0!#(;-(.(+,+(4-!%-!%0!+,#)!'%!0,!'%/%+J,!3)0H$(+,!6!'%!0,!(?@&(%/',!c)/$)')I,c8!#%;9-!0)#!3,H#%#7!!
!
*eF! "0! '%#,//)00)! ,0! -(5%0! '%! 0,#! E0($%#! '(/(;%-$%#! 3,/$(',/(,#! '%! &-,! 0%;($(1(','! '%1)+/G$(+,! -)!
#&*)/'(-,',!,!0,!3%/.)1,-+%!)!/%#&0$,')#!3,/$(+&0,/%#7!!
!
+eF! :,! +)-.(;&/,+(4-! '%! 1,6)/H,! 3)0H$(+,#8! +)-#$($&(',#! *G#(+,1%-$%! 3)/! ,@&%00)#! #%+$)/%#! +0,5%#!
+&6,! +)-./)-$,+(4-! %-! %0! 3,#,')! 3)0,/(?4! %0! #(#$%1,! 6! 3%/1($(4! $,-$)! #&! +/(#(#! +)1)! 0,!
,&$)-)1(?,+(4-!'%0!,+$)/!1(0($,/7!c\,0!1,6)/H,!3)0H$(+,8!%-!;%-%/,0!'%*(%/,!#%/!+,3,?!'%!+)1*(-,/!0)#!
%0%1%-$)#! '%! '%1)+/,+(,! 3)0H$(+,! +)-! 0)#! '%! '%1)+/,$(?,+(4-! 68! ,! #&! 5%?8! ,3,/%+%! +)1)! 0,! 9-(+,!
3)#(*(0(','!'%!#&*)/'(-,/!%0!,+$)/!1(0($,/!,0!3)'%/!3)0H$(+)c7!Df&(00%/1)8!MNWNF!!
!
)
A,1',1&%(.)&*1.A-"&A*-,.)',)%+(@%1(-%*.)
!
!
"0!*)1*,/'%)!'%!(1G;%-%#!6!'%!(-.)/1,+(4-!@&%!#%!J,-!5(#$)!%-1,/+,')#!%-!0,#!-&%5,#!$%-'%-+(,#!
%-! %0! +)-$%I$)! :,$(-),1%/(+,-)8! +/%,! '%-$/)! '%! &-! ,1*(%-$%! '%! ;0)*,0(?,+(4-! -&%5,#! .)/1,#! '%!
+)-#$/&(/! 0,! .)/1,! '%! 1(/,/! %0! 1&-')! @&%! -)#! /)'%,7! "-! 0,#! 3/(-+(3,0%#! +(&','! '%! 0)#! ! 3,H#%#! '%!
:,$(-),1E/(+,8! +)1)! T,)! ^,&0)! 6! L);)$G! #%! 5('%-+(,! &-,! 3%/+%3+(4-! '%! ;/(#%#! ,&-! +&,-')! dH)!
,1,/(00,!)!g,03,/,H#)!,?&0!)!@&%!#%!3&%'%-!J,00,/!+,00%#!.%1%-(-,#!%-!L);)$G!)!T,)!^,&0)!6!+,00%#!
3%0(;/)#,#! 6! 0&;,/%#! %I$/,])#! %-! TG)! ^,&0)! @&%! /)13%-! 0)#! %2%#! #%1G-$(+)#! (-$%/()/_%I0%/()/! )!
3/(5,')_39*0(+)h8!6!@&%!,0;&-)#!'%!#&#!#($()#!#)-!5(#($,')#!(-'(#$(-$,1%-$%!'%!'H,!)!'%!-)+J%[!%-!TG)!
^,&0)!6,!%I(#$%-!*,/%#!3/(5,')#!'%!&#)!39*0(+)!3&%#!.&-+()-,-!%-!+,#,#!3/(5,',#!3,/,!'(#./&$%!'%!
+0(%-$%#!'%#+)-)+(')#7!DTB:gA8!MNNiF!!
!
X,6!1&+J,#!.)/1,#!'%!5%/!0,!3(%0!'%!0,!+(&','!6!-)#!3&'(1)#!',/!+&%-$,!'%!%#)!*&#+,-')!#)*/%!%0!
$%1,!6!+)1)!+,',!,&$)/!$(%-%!&-,!('%,!1&6!'(.%/%-$%!'%!0)!@&%!3&%'%!00%;,/!,!#%/!3(%0!'%!0,!+(&','8!
,0;&-)#!5%-!0,!3(%0!'%!0,!+(&','!%-!0,#!3%/#)-,#!6!0,#!'(.%/%-$%#!+&0$&/,#!@&%!%I(#$%-!%-!0,!+(&','8!
0,#! ('%)0);H,#8! 6! 0,! ,+$($&'! @&%! $(%-%-! ./%-$%! ,! 0,! +(&','7! "#! $%&'($#)*! )$! +*,$%! $! -./0$#$%1!
$#%*')$,$)*'! 2! $#,$0($,-)*1! ,*#! 34! .-%.4! -#&$#,-5#1! 6'*,$)$#&$! )$! ,($'6*%! -)7#&-,*%1! 4%8!
6'$&$#)4#!)-9$'$#,-4'%$1!$%*!$%!34!,*.(#-,4,-5#!:($!;*2!%$!0$#$'4!$#!#($%&'*!648%!!Dg,/()#8!MNNjF<!
!
A0;)!,!0)!@&%!6,!%#$,1)#!,+)#$&1*/,')#!6!@&%!'%2,1)#!'%!$%-%/!%-!+&%-$,8!,!#(!-)#!(-+)1)'%!)!
1)0%#$%8! $,0! 5%?! 3)/! +)#$&1*/%8! 3)/! (-'(.%/%-+(,8! )! 3)/! .,0$,! '%! $(%13)8! ! @&%! 0)! J,+%1)#! 3,/$%! '%!
-&%#$/)!'(,/()!5(5(/8!6!@&%!#)0)!+&,-')!,0;)!%I$/,)/'(-,/()8!)!-)#!3/%;&-$,-!#)*/%!,0;)!%#3%+(.(+)!'%!
0,! +(&','! )! '%! +(%/$)! 0&;,/8! %#! @&%! +,%1)#! %-! +&%-$,! '%! 0)! @&%! /%3/%#%-$,7! =43! +$>! 64'4! :(-$#$%!
;$.*%!+-+-)*!)$%)$!%-$.6'$!$#!$%&$!&$''-&*'-*!#*%!%$4!)-98,-3!6$',4&4'#*%<!?*%!04#4!34!9($'>4!)$!34!
,*%&(.@'$<!A$'*!64'4!$3!+-%-&4#&$!$%!3*!6'-.$'*!:($!%43&4!4!34!+-%&4<!Dg,/()#8!MNNjF!
!
<^%/)!3)/!@&E!3,/,!&-!.)/G-%)!%#!%5('%-$%!0)!@&%!-)!0)!%#!3,/,!-)#)$/)#=!!T%!3)'/H,!'%+(/!@&%!!0,!
/%#3&%#$,! %#! 1&6! .G+(08! 3)/! 0,! 1(#1,! /,?4-! @&%! -)#)$/)#! -)#! ',/H,1)#! +&%-$,! ! #(! ! 0)#! .)/,#$%/)#!
.&E/,1)#!-)#)$/)#K!3)/@&%!-)!%#!1)-4$)-)!3,/,!-)#)$/)#!!6!,0!#%/!,0;)!-&%5)!@&%!5%/8!#%!-)#!J,+%!
(-$%/%#,-$%! 6! @&%/%1)#! #,*%/! 1G#! '%! %#$%! 0&;,/! 6! 0,#! +)#,#! -&%5,#8! #(%13/%! -)#! +,&#,/,-!
+&/()#(','! 6! '%$,00,/%1)#! +,',! 3,/$%! '%0! 0&;,/! ! 6! $%-'/%1)#! %-+%#$,! 0)! @&%! %0! 0&;,/! -)#! $/,#1($%8!
+)1)!#(!!/%#&0$,!,+);%')/!6!,;/,',*0%8!)!,0!+)-$/,/()!#(!#%!-)#!J,+%!,*/&1,')/7!
!
A0;)!@&%!$)')#!#,*%1)#!%#!@&%!0,#!+(&','%#!%#+)-'%-!#%+/%$)#!6!$%#)/)#7!k&%!#%!%#+)-'%-!%-!#&#!
+,00%#8!%-!#&#!,-$(;&)#!%'(.(+()#8!1&#%)#8!(;0%#(,#8!%-!0)#!!3,/@&%#8!%-!#&#!3&%-$%#8!%#+)-'(')#!%-!
+,#,#! ,-$(;&,#! 6! #&#! *,//()#! 1G#! 5(%2)#! ! $/,$,-')! '%! +)-$,/! #&! J(#$)/(,! 6! $)')! 0)! @&%! J,-! 5(#$)! ,!
$/,5E#!'%!0)#!,])#8!!"#4!$B6*%-,-5#!:($!)$%+$34!&*)4!%($'&$!)$!%$#&-.-$#&*%!2!)$!$.*,-*#$%<!"#!
+-4C$!6*'!3*%!%-03*%!)$!34!;-%&*'-4!,*#!,464,-)4)!)$!)*&4'!)$!'$3-$+$!2!)$!%$#&-)*1!)$!#*.@'$%!2!)$!
46$33-)*%1!)$!&'4@4C*%!2!)$!6'*9$%-*#$%1!)$!+-)4%!+-+-)4%!2!)$!+-)4%!)$%;$,;4%1!4!3*%!-#:(-3-#*%!:($!
;4@-&4'*#!34%!,4%4%!)$!$%&4%!,433$%<!Dg,/()#8!MNNjF!
!
^)/!%#)!-&%#$/)!(-$%/E#!%-!%#$,!(-5%#$(;,+(4-8!3)/@&%!-)#!+,-#,1)#!'%!#%/!1)-4$)-)#!6!@&%!/%1)#!
#%/!!0)#!.)/G-%)#!'%!-&%#$/,!+(&','8!@&%/%1)#!%#+&+J,/!6!#%-$(/!0)!@&%!-)#!'(+%-!%#$)#!%'(.(+()#8!0,#!
+,00%#8! 0,! +(&','8! 6! 3)'%/! 5%/! 6! #%-$(/! 0)! @&%! 0)#! %I$/,-2%/)#! #(%-$%-! ,0! 5(#($,/0,! 6! #%-$(/! 0,! 1(#1,!
+&/()#(','8! ! 6! ,'1(/,/! 0)! @&%! 0,! +(&','! -)#! @&(%/%! ',/! ,! +)-)+%/! 6! 1)#$/,/8! 6! -)! %#3%/,/! @&%! &-!
%I$/,])!-)#!3/%;&-$%!)!-)#!+&%-$%!@&%!0%#!3/)'&+%!0,!+(&','!3,/,!'%$%-%/-)#!,!3%-#,/!%-!%00,7!
)
)
)
!*.%#$,.).*$"&%*1,.)
!
C%! ,+&%/')! +)-! %0! ,-G0(#(#! %I3&%#$)! 6! %-! *,#%! ,! 0)#! /%#&0$,')#! ,//);,')#! %-! %0! $/,-#+&/#)! '%! 0,!
(-5%#$(;,+(4-!6!'%!0,#!'(.%/%-$%#!J%//,1(%-$,#!,30(+,',#8!@&%/%1)#!/%#,0$,/!0)!1G#!/%0%5,-$%!6!%#!0,!
;/,-!(13)/$,-+(,!@&%!$(%-%!0,!3&*0(+(','!%-!0,!#)+(%','!,+$&,08!6,!@&%!%#$%!3/)6%+$)!'%!*,#)!%-!0,!
(-5%#$(;,+(4-!'%!+,13)8!$&5(1)#!0,!)3)/$&-(','!'%!5(5(/!3,#)!,!3,#)!%0!3/)+%#)!'%!0,!3&*0(+(','!%-!
#&#!'(.%/%-$%#!.,+%$,#!6!#&!(13,+$)!%-!0)#!'(.%/%-$%#!;/&3)#!'%!3%/#)-,#!@&%!-)#!,3)6,/)-!%-!%0!
3/)+%#)!#(-!(13)/$,/!0,!%','8!%0!#%I)8!)!#&!,+$(5(','!6!%#$)!.&%!'%! ;/,-!,3)6)!3,/,!00%;,/!,!%#$,#!
3)#(*0%#!#)0&+()-%#[!

T%;9-!,0!,-G0(#(#!0,#!3%/#)-,#!/%+)-)+%-!@&%!0,!3&*0(+(','!(-.0&6%!%-!&-!,0$)!3)/+%-$,2%!%-!#&!5(',!6!
.)/1,!'%!,+$&,/8!'%*(')!,!%#)!0,!3&*0(+(','!,3,/$%!'%!#&#!)*2%$(5)#!3/(-+(3,0%#!#%!'%*%!1,-%2,/!'%!
&-,! .)/1,! +0,/,! 6! )*2%$(5,! 6,! @&%! %#$,! 00%;,-')! '(/%+$,1%-$%! ,! &-,! #)+(%','! ')-'%! J,6! ;/,-!
'(5%/#(','! '%! +&0$&/,#! 6! -(5%0%#! #)+()%+)-41(+)#8! ')-'%! 0,! (-.)/1,+(4-! 3&%'%! #%/! (-$%/3/%$,',! %!
&$(0(?,',!'%!'(.%/%-$%#!.)/1,#7!
:,! /,'()! 6! 0,! $%0%5(#(4-! #)-! 0)#! 1%'()#! '%! +)1&-(+,+(4-! 1G#! 3/%.%/(')#! %-! 0,! 1,6)/H,! '%! 0,#!
3%/#)-,#!%-+&%#$,',#8!3%/)!#%!%#$G!'%2,-')!,$/G#!)$/)#!1%'()#!'%!+)1&-(+,+(4-!@&%!;%-%/,-!;/,-!
(13,+$)!6!-)!%#$G-!#,$&/,-')!$,-$)!,!0,#!3%/#)-,#!'%!0)!1(#1)!+)1)!3)/!%2%130)!#%!+)13/)*4!@&%!
0,! 3&*0(+(','! @&%! (-$%/,+$9,! +)-! 0,#! 3%/#)-,#! #)-! 0,#! 1G#! /%+)/',',#! 6! 1,#! ,+%3$,',#! %-! 0,!
#)+(%','7!
<k&E!$,-!(13,+$,-$%!%#$G!#(%-')!0)#!+)1%/+(,0%#!@&%!&-!3)/+%-$,2%!$,-!,0$)!+)1)!&-!Mbl!-)!0)#!
5%-8!%#%!%#!&-!+,13)!3,/,!,3/)5%+J,/!,'%+&,',1%-$%!3)/!0)#!3,&$,')/%#8!#(!0,!3&*0(+(','!(-.0&6%!
$,-$)! %#! -%+%#,/()! @&%! 0,#! 3%/#)-,#! 0,! 5%,-8! 0,! (-$%/3/%$%-! *(%-8! 0,! -%+%#($,-8! 3,/,! %#$)! J,6! @&%!
+/%,/0%!0,!-%+%#(','!,0!+)-#&1(')/!'%!1,-%2,/!0,!3&*0(+(','!6!,+%3$,/0,!'%!&-,!.)/1,!%.%+$(5,7!
T%! %-+)-$/4! %-! %0! ,-G0(#(#! ! @&%! ,! 0,#! 3%/#)-,#! 0,! 3&*0(+(','! @&%! 1G#! 0%#! ;&#$,! 6! 1G#! 0%#! ;%-%/,!
/%+)/',+(4-!%#!0,!3&*0(+(','!%1)+()-,0!6!,0%;/,8!%#$)!'%*(')! ,!&-,!#)+(%','!@&%!%-./%-$,!,!'(,/()!
PXFKRV SUREOHPDV SDUD FDUJDUOR FRQ SXEOLFLGDG ³QHJDWLYD´ VL! %#$)! %#! ,#H8! 0,! ('%,! %#! &$(0(?,/! 1%2)/!
%#$,!3&*0(+(','!6!J,+%/0,!/%,01%-$%!1%'(,')/,!#)+(,08!%#!'%+(/!@&%!0,#!3%/#)-,#!3&%',-!%-+)-$/,/!
%-!&-,!*&%-,!3&*0(+(','!&-,!.)/1,!'%!5(',!,;/,',*0%!0)!+&,0!00%5,!,!)$/)#!,#3%+$)#!3)#($(5)#!+)1)!
0,!3/%!6!3)#!5%-$,7!
"#! -%+%#,/()! 1,-%2,/! ,'%+&,',1%-$%! 0,! 3&*0(+(','! %I$%/()/! 6,! @&%! #%;9-! 0)#! /%#&0$,')#! 0,#!
3%/#)-,#!-)!0%#!;&#$,!0,!+)-$,1(-,+(4-!5(#&,08!3)/!0)!$,-$)!%#!1%2)/!1,-%2,/!&-,!3&*0(+(','!#(130%!
3%/)!+/%,$(5,!@&%!%#!0)!@&%!/%,01%-$%!%#$G!3('(%-')!%0!+)-#&1(')/!.(-,07!:,!3&*0(+(','!,&'($(5,!*(%-!
1,-%2,',!3&%'%!00%;,/!,!;%-%/,/!1G#!(13,+$)!@&%!0,!5(#&,0!6,!@&%!#%;9-!0,!(-5%#$(;,+(4-!0,!3,/$%!
,&'($(5,!;%-%/,!1G#!+&/()#(','!6!1,#!/%+)/',+(4-!@&%!1&+J,#!5%+%#!0,!3&*0(+(','!5(#&,07!
"#!-%+%#,/()!@&%!0,!3&*0(+(','!-)!#)0)!;%-%/,!,0$)!(13,+$)!%-!&-!$(%13)!'%$%/1(-,')!#(!-)!$,1*(E-!
0);/%!;%-%/,0!&-!;/,-!(13,+$)!6!/%+)/',+(4-!6,!@&%!#%!'%$%+$)!@&%!0,#!3%/#)-,#!)05(',-!1&6!/G3(')!
&-,!+,13,],!3&*0(+($,/(,!,#H!J,6,!#(')!(13,+$,-$%8!%-!%#%!+,#)!0,!3&*0(+(','!+)1)!1%'(,')/,!#)+(,0!
3&%'%!2&;,/!+)-!%I3%/(%-+(,#!5(5(',#!%-!0,#!3%/#)-,#8!+)-!J%+J)#!'%0!3,H#!%#$)#!$%1,#!#)-!0)#!1G#!
/%+)/',')#!6!3)0E1(+)7!
:,#!+,13,],#!3&*0(+($,/(,#!6!0,!3&*0(+(','!%-!;%-%/,0!'%*%!#%/!1,#!+0,/,!6,!@&%!1&+J,#!5%+%#!%0!
+)-#&1(')/!-)!%-$(%-'%!6!3)/!J%+J)!-)!0,!/%+&%/',!)!-)!0,!$(%-%!%-!+&%-$,!%-!#&!5(',!+)$('(,-,7!:,!
3&*0(+(','! 6! ,0;&-)#! +)1%/+(,0%#! %#$G-! 1,/+,')#! +)1)! *&%-)#! 6! 1,0)#! 0)! +&,0! %#! ,0;)! -%;,$(5)!
3,/,!0,!3&*0(+(','!6!+)-!0)!+&,0!-)#)$/)#!(-5($,1)#!,!2&;,/!1G#!+)-!0,!3,/$%!+/%,$(5,!6!-)!$,-$)!+)-!0,!
E$(+,!6!5,0)/%#!'%!0,!#)+(%','7!
"#!(13)/$,-$%!@&%!0)#!+)1%/+(,0%#!-)!#%,-!$,-!0,/;)#!6,!@&%!%-!0)#!mYSUT!fdYU^!#%!3&')!-)$,/!
@&%! ,0! '&/,/! &-! +)1%/+(,0! 1&+J)! #%! 3(%/'%! %0! (-$%/E#! 6! 0,#! 3%/#)-,#! #%! '(#$/,%-! 1&6! /G3(')7! "#!
(13)/$,-$%! ,-,0(?,/! '%! @&E! .)/1,! %#$,! /%+(*(%-')! %0! +)-#&1(')/! %0! 1%-#,2%! 6,! @&%! %#$)! %#!
.&-',1%-$,0!%-!#&!'(#3)#(+(4-!6!,+$($&'!./%-$%!,!0,!1,/+,!)!,0!3/)'&+$)7!
T%! 3&')! -)$,/! %-! %0! $/,-#+&/#)! '%! 0,! (-5%#$(;,+(4-! @&%! 0,#! 3%/#)-,#! #)-! 1&6! /%;()-,0(#$,#! 6!
3,$/()$,#!0)!+&,0!'%1&%#$/,!@&%!0,!3&*0(+(','!@&%!$)+,!%#$)#!$%1,#!%#!&-,!3&*0(+(','!(13,+$,-$%!6!
'%! ;/,-! ,+);(',! %-! 0,! #)+(%','7! T%! '%$%+$)! @&%! -)! %#! *&%-)! @&%! 0,! 3&*0(+(','! +&%#$()-%! 0,#!
'(.%/%-$%#!.)/1,#!'%!5(',!)!'%!,+$&,/!6,!@&%!%#$)!;%-%/,!/%+J,?)!,*#)0&$)!%-!0,!#)+(%','7!^,/,!@&%!
&-,!+,13,],!3&*0(+($,/(,!$%-;,!&-,!*&%-,!,+);(',!%-!0,!#)+(%','!%#!-%+%#,/()!(-',;,/!*(%-!#)*/%!
0,#! -%+%#(','%#8! 0)#! ;&#$)#8! 0,#! +&0$&/,#! 6,!@&%! %#$)! 1&+J,#! 5%+%#! 3,#,! '%#,3%/+(*(')! 6! '%! &-,!
*&%-,!(-5%#$(;,+(4-!'%3%-'%!%0!EI($)!'%!&-,!+,13,],!3&*0(+($,/(,7!!!
"#!B13)/$,-$%!@&%!0,!3&*0(+(','!0);/%!%5($,/!&-!3)+)!0,!(1,;%-!@&%!$(%-%!,-$%!0,#!3%/#)-,#!@&%!#)0)!
#(/5%!3,/,!5%-'%/!,&-@&%!+,#(!#(%13/%!%#%! %#!#&!)*2%$(5)!3/(-+(3,0!,0!+)-#&1(')/!)!/%+%3$)/!-)!0%!
;&#$,!#%-$(/#%!)*0(;,-')!,0!+)-$/,/()!0%!;&#$,!#%-$(/#%!,$/,H')!
!

!
Q)'%0)!3/)'&+$)!'%!(-5%#$(;,+(4-7!!
!
!

#65K67J94GR4)
!

%DUEHUR - 0  GH MXQLR GH   ³(GLWRULDO´ GHO Qž  GH OD 5HYLVWD $QWKURSRV SS eMNF7!
3XEOLFDGRRULJLQDOPHQWHFRPR³(GLWRULDO´GHOQžGHOD5HYLVWD$QWKURSRV!8!aeMN7!
!
L,/*%/)8! P7! Q7! DMNNRF7! :,#! $/,-#.)/1,+()-%#! '%0! 1,3,! +&0$&/,0[! &-,! 5(#(4-! '%#'%! A1E/(+,! :,$(-,7!
d%5(#$,!:,$(-,!'%!S)1&-(+,+(4-!T)+(,08!Mi!8!`NeiM7!
!
S,00%;/,-5(,7! DMa! '%! ,*/(0! '%! MNWWF7! "-! 0H-%,8! +)-#&0$,')! 2&-()! '%! MNWW!
DJ$$3[__nnn7+,00%;/,-5(,7+)1_3&*0(+(','_(-.)_%0e(13,+$)e'%e0,e3&*0(+(','_7! d%+&3%/,')! %0! WM! '%!
)+$&*/%!'%!MNWW8!'%!DJ$$3[__nnn7+,00%;/,-5(,7+)1_3&*0(+(','_(-.)_%0e(13,+$)e'%e0,e3&*0(+(','_!
!
XYZ8! ^7! DWb! '%! ,*/(0! '%! MNWWF7! ^%/()'(+)! XYZ7! d%+&3%/,')! %0! Wb! '%! ,*/(0! '%! MNWW8! '%!
J$$3[__nnn7J)67+)17%+_-)$(+(,#e%+&,')/_(13,+$)e'%e0,e3&*0(+(','eMjjOWaeMjjOWa7J$10!
J$$3[__&#&,/()#71&0$(1,-(,7%#_3)0($(+,#-%$_%130%)_%130%)`7J$17!DWM!'%!2&-()!'%!MNWWF7!:)#!!
!
Q%'(,')/%#! #)+(,0%#7! d%+&3%/,')! %0! Wa! '%! #%3$(%1*/%! '%! MNWW8! '%! :)#! Q%'(,')/%#! #)+(,0%#[! 0)#!
G-;%0%#!'%!0,!;&,/',7J$$3[__&#&,/()#71&0$(1,-(,7%#_3)0($(+,#-%$_%130%)_%130%)`7J$1!!
!
CoAp8! Q7! q7! DMNNRF7! U-,! '%! 0,#! ('%,#! +%-$/,0%#! '%0! (1,;(-,/()! %#! 0,! '%! 3/)*0%1,$(?,/! ,@&%00)! @&%!
',1)#!3)/!#%-$,')7!Q%I(+)[!^0,-%$,7!
!
"SY78!U7!DMNN`F7!\/,$,')!'%!T%1()0);H,!f%-%/,07!7!d)1,[!A0.,;&,/,7!
!
QY:BVA8!P7!Q7!DMNNO7F7!gBgA!:A!^UL:BSBCAC!gBgA7!L);)$G[!^)0($%+-(+)!f/,-!S)0)1*(,-)7!
3)0H$(+)#8!:7!37!DMNNRF7!:,#!$/,-#(+()-%#!6!0,#!'(.(+&0$,'%#!%-!0,!+)-#)0(',+(4-!'%1)+/G$(+,!./%-$%!,!0,!
;)*%/-,*(0(','7!7!Q,'/(!"#3,],[!^0,-%$,7!
!
k&%#,',! A5,-',])8! m7! DMNN`F7! B1,;(-,/()#! &/*,-)#8! %#3,+()! 39*0(+)! 6! +(&','! %-! A1E/(+,! :,$(-,7!
L);)$G[!"'($)/(,0!V)/1,7!
!
TB:gA8! A7! D! MNNiF7! BQAfBVAdBYT! UdLAVYT7! `,7%'(+(4-! +)//%;(',! 6! ,130(,',7! L);)$G7! [! A/,-;)!
"'($)/%#7!
!
!

Vous aimerez peut-être aussi