Le financement du changement climatique : L`accès de l`Afrique aux

!
"!
!
!"#$%&'&(")"&*#+,#(-'&.")"&*#(/%)'*%0,"1##
!2'((34#+"#/25$6%0,"#',7#89&+4#:9&;"&*%9&&"/4#
##
<9*"#+"#4=&*-34"#+"#/2>;>&")"&*#?'6'//3/"#+"#-',*#&%;"',#@#/'#:+ABCD#
E'*"1#F#+>(")G6"#HICH### J96'%6"1#CK-FI#L#CM-II#9,#CM-FI#########!%",1#A';%//9&#NOP#Q<::#
#
RS#:T<UOVUO#
!
#$! %&'(')$*$'+! ,-! ).('/$*$'+! )0&*(+&1-$! $2+! -'$! 3456))-3(+&6'! *(7$-4$! 36-4! 089%4&1-$!
,('2! 2(! 1-:+$! ,-! ,5;$0633$*$'+! ,-4(<0$! $+! 2(! +4('2&+&6'! ;$42! -'$! 5)6'6*&$! ;$4+$=! >'$!
5+-,$! 45)$'+$! ,$! 0(! ?9@! (! 5;(0-5! 0$2! )6A+2! ,8(,(3+(+&6'! $'! 9%4&1-$! B! $';&46'! CD! B! ED!
*&00&(4,2!,$!,600(42!3(4!('!36-4!0$2!"D!(-F!CD!346).(&'$2!(''5$2=!G'!6-+4$H!0$2!)6A+2!2-2)&+52!
3(4!0(!)6'1-:+$!(%4&)(&'$!,I-'$!)46&22(')$!B!%(&<0$!&'+$'2&+5!,$!)(4<6'$!36-44(&$'+!(++$&',4$!
J!B!"C!*&00&(4,2!,$!,600(42!3(4!('!,8&)&!CD"K=!#$!%&'(')$*$'+!1-&!$2+!()+-$00$*$'+!,$2+&'5!(-!
)6'+&'$'+!$2+!06&'!,$!4536',4$!B!)$2!<$26&'2=!
#$2!$%%64+2!,$!0(!)6**-'(-+5!&'+$4'(+&6'(0$!$+!,$2!3(L2!(%4&)(&'2!36-4!(*50&64$4!08())M2!(-!
%&'(')$*$'+! )0&*(+&1-$! $'! 9%4&1-$! 6'+! $-! ,$2! 452-0+(+2! 2&/'&%&)(+&%2! )$2! ,$4'&M4$2! (''5$2=!
N$3$',('+H!0$2!%0-F!()+-$02!4$2+$'+!&'2-%%&2('+2!36-4!4536',4$!(-F!<$26&'2!45$02!,$!089%4&1-$=!
O! )$! 76-4H! 089%4&1-$! '8(! 3(2! <5'5%&)&5! ,$! 4$226-4)$2! %&'(')&M4$2! 36-4! 0$! %&'(')$*$'+!
)0&*(+&1-$!,$!0(!3(4+!,$!2$2!3(4+$'(&4$2!(-!,5;$0633$*$'+!*-0+&0(+54(-F!$+!<&0(+54(-F!1-&!
)644$236',$'+! (-F! <$26&'2! %-+-42! 346<(<0$2=! P'! $2+&*$! 1-$! 089%4&1-$! '8(! 4$Q-! 1-$! REK!
*&00&6'2! ,$! ,600(42! ,$! %&'(')$*$'+! *-0+&0(+54(0! ,-! ).('/$*$'+! )0&*(+&1-$! $'! CDDJSCD"DH!
26&+!2$-0$*$'+!RT!,-!+6+(0!,$!)$2!%0-F=!
#$2! %0-F! )0&*(+&1-$2! ,$2! 3(4+$'(&4$2! <&0(+54(-F! (-! ,5;$0633$*$'+! 6'+! +6-76-42! 5+5! 30-2!
&*364+('+2!$'!9%4&1-$=! @$2!%6',2!)0&*(+&1-$2!235)&%&1-$2!%6)(0&2$'+!,$!30-2!$'!30-2!2-4!0$!
26-+&$'! (-F! 3(L2! (%4&)(&'2=! N$2! %6',2! 6'+! (3346-;5! $';&46'! CHJ! *&00&(4,2! ,$! ,600(42! 0$!
%&'(')$*$'+!)0&*(+&1-$!36-4!0I9%4&1-$=!?&$'! 1-$!)$0(! 26&+!%(&<0$!$'!+$4*$2!(<260-2H!&02!6'+!
+$',(')$!B!:+4$!30-2!%(;64(<0$2!B!089%4&1-$H!$'!3(4+&)-0&$4!36-4!08(,(3+(+&6'=!
#(! ,&;&2&6'! ()+-$00$! $'+4$! 0$! %&'(')$*$'+! ,$! 08(++5'-(+&6'! $+! ,$! 08(,(3+(+&6'! UJKTVKTW!
)6'+4(2+$!(;$)!0$2!$2+&*(+&6'2!,$!)6A+2=!N$)&!$2+!3(4+&)-0&M4$*$'+!346<05*(+&1-$!$'!9%4&1-$H!
6X! 0$2! <$26&'2! ,8(,(3+(+&6'! 26'+! ,57B! *('&%$2+$2! $+! 6X! 0$2! )(3()&+52! 06)(0$2! $+! '(+&6'(0$2!
,8(,(3+(+&6'!26'+!0&*&+5$2=!
@('2!08$'2$*<0$H!0$2!3(L2!(%4&)(&'2H!$'!3(4+&)-0&$4!0$2!*6&'2!,5;$063352H!26'+!)6'%46'+52!B!
)$4+(&'2! ,5%&2! B! ).(1-$! 5+(3$! ,$! 0I6)+46&! ,-! %&'(')$*$'+! )0&*(+&1-$=! N$-FS)&! ,6&;$'+! :+4$!

!
C!
!
)6'2&,5452!$+!+4(&+52!,('2!+6-+!'6-;$(-!*5)('&2*$H!$'!3(4+&)-0&$4!)$-F!,$!0(!N6';$'+&6'H!$'!
;-$!,8(*50&64$4!08$%%&)()&+5H!0851-&+5!$+!08())$22&<&0&+5!(-!%&'(')$*$'+!3(4!0$2!3(L2!(%4&)(&'2=!
>'$! 1-$2+&6'! &*364+('+$! 1-&! ,6&+! :+4$! (<64,5$! $2+! )$00$! ,-! %(&<0$! +(-F! ,$! 3(4+&)&3(+&6'!
(%4&)(&'!,('2!)$2!%6',2!*6',&(-F=!?&$'!1-$!0$2!%6',2!<&0(+54(-F!3-&22$'+!(;6&4!0$-42!)&<0$2!
/56/4(3.&1-$2!235)&%&1-$2H!0$2!%6',2!,$!0(!NNY>NN!)&<0$'+!+6-2!0$2!3(L2!$'!,5;$0633$*$'+H!
'6+(**$'+!0$2!3(L2!(%4&)(&'2=!Z0!$2+!,6')!&*364+('+!1-$!,$2!,&2)-22&6'2!%4(').$2!(&$'+!0&$-!
2-4! 0$2! 63364+-'&+52! $+! 0$2! )6'+4(&'+$2! B! 08())M2! ,$! 089%4&1-$! (-F! %6',2! )0&*(+&1-$2! ,$! 0(!
NNY>NN=!
#(! ?('1-$! (%4&)(&'$! ,$! ,5;$0633$*$'+! 64/('&2$! -'! 5;5'$*$'+! 3(4(00M0$! B! 0(! N,["\! 36-4!
45-'&4! ,$2! ()+$-42! &*364+('+2! ,('2! 0$! *&0&$-! ,$! 0(! %&'(')$! )0&*(+&1-$! 36-4! ,&2)-+$4! ,$2!
3$423$)+&;$2!$+!,$2!,5%&2!B!08())M2!,$!089%4&1-$!(-F!%&'(')$*$'+2!)0&*(+&1-$2=!Z0!$2+!B!$2354$4!
1-$!0$2!,&2)-22&6'2!3$4+&'$'+$2!0642!,$!)$+!5;5'$*$'+!3(4(00M0$!)6',-&46'+!B!,$2!*$2-4$2!
)6')4M+$2! 36-4! 4$0$;$4! )$2! ,5%&2! ,('2! 0$2! %6',2! $F&2+('+2H! +6-+! $'! )6'+4&<-('+! B! -'! ]6',2!
;$4+!36-4!0$!)0&*(+!30-2!())$22&<0$=!
RRS#EO8RW#OU#TAATXUN<RUOW##
E>$%4#
?&$'!1-$!0$!%0-F!*6'5+(&4$!<4-+!26&+!&*364+('+H!0$2!*6,(0&+52!,$!*&2$!$'!^-;4$!,$2!3467$+2!
$+! 346/4(**$2! 3$-;$'+! 5/(0$*$'+! ,5+$4*&'$4! 2(! 05/&+&*&+5! $+! 26'! $%%&)()&+5=! @('2! )$!
)6'+$F+$H! 0$! 3(4(,&/*$! ()+-$0! ,-! %&'(')$*$'+! )0&*(+&1-$! (! 26-;$'+! 5).6-5! ,('2! 2(! (-F!
<$26&'2! ,$! 089%4&1-$=! N$4+(&'2! ,$! )$2! %6',2! 6'+! ,$2! 346)5,-4$2! ,8())M2! $F+4:*$*$'+!
06-4,$2H! (;$)! -'$! )6*30$F&+5! &'-+&0$! $+! ,$2! /6-0$+2! ,85+4('/0$*$'+! <-4$(-)4(+&1-$2! 1-&!
4$+(4,$'+!0(!*&2$!$'!^-;4$!,$2!30('2!,$!,5;$0633$*$'+!'(+&6'(-F=!
?$(-)6-3! ,$! )(4()+54&2+&1-$2! -'&1-$2! (-! )6'+&'$'+! '86'+! 3(2! 5+5! 34&2$2! $'! )6'2&,54(+&6'!
,('2! 0(! )6')$3+&6'! ,$2! %6',2! *6',&(-F! $F&2+('+2H! '6+(**$'+! 0(! '5)$22&+5! ,$! %6-4'&4! -'!
%&'(')$*$'+! 30-2! &*364+('+! 36-4! 08(,(3+(+&6'! (-! ).('/$*$'+! )0&*(+&1-$=! Z0! $2+! ,6')!
&*364+('+!1-$!0$2!4$226-4)$2!346*&2$2!$'!;$4+-!,$!089))64,!,$!N63$'.(/-$!$+!,$2!9))64,2!
,$!N(')-'!1-&!2$46'+!/5452!3(4!0$!]6',2!;$4+!36-4!0$!)0&*(+!4536',$'+!,$!*('&M4$!(,51-(+$!
(-F!<$26&'2!,-!)6'+&'$'+!$+!,8())46_+4$!08())M2!(-!%&'(')$*$'+!)0&*(+&1-$=!
#89%4&1-$! (! -'$! )(3()&+5! 0&*&+5$! ,('2! ,$! '6*<4$-F! ,6*(&'$2! +$02! 1-$! 08('(0L2$! ,$2!
360&+&1-$2H!0$!2(;6&4!$'!*(+&M4$!,$!).('/$*$'+!)0&*(+&1-$!$+!0(!%64*-0(+&6'!,$!3467$+2H!)$!
1-&! 2(3$! 0(! )(3()&+5! ,-! )6'+&'$'+! B! ())5,$4! (-F! 4$226-4)$2! )0&*(+&1-$2! %&'(')&M4$2H! $+!
)6',-&+! B! -'$! )(3()&+5! ,8(<2643+&6'! 0&*&+5$! 36-4! 4$)$;6&4! $+! /54$4! ,$2! %6',2! B! /4(',$!
5).$00$=!Z0!L!(!-'!<$26&'!2&/'&%&)(+&%!36-4!4$'%64)$4!0(!)(3()&+5!,$2!3(L2!(%4&)(&'2!B!())5,$4!$+!
/54$4!0$!%&'(')$*$'+!)0&*(+&1-$=!
#$2! ,5%&2! 0$2! 30-2! 235)&%&1-$2! B! 089%4&1-$! 0&52! B! 0(! ,&2+4&<-+&6'! $+! B! 08())M2! (-! %&'(')$*$'+!
)0&*(+&1-$!26'+!5'-*5452!)&S,$226-2V!
"= #8())$'+! 2-4! 0$! %&'(')$*$'+! ,$! 3467$+2! 1-&! (-/*$'+$! 0$2! )6A+2! ,$! +4('2()+&6'!
(226)&52!(-F!3467$+2!$F&2+('+2!1-&!&*30&1-$'+!-'!/4(',!'6*<4$!,8(4<&+4$2=!
C= #$2! %(&<0$2! )(3()&+52! '(+&6'(0$2! $+! )(,4$2! &'2+&+-+&6''$02! 1-&! 26'+! &')(3(<0$2! ,$!
2(+&2%(&4$!0$2!'64*$2!%&,-)&(&4$2!'5)$22(&4$2!36-4!-'!())M2!,&4$)+=!

!
E!
!
E= @$! '6*<4$-F! %6',2! ,-! ).('/$*$'+! )0&*(+&1-$H! )6**$! 0$2! 360&+&1-$2! ,I(&,$!
3-<0&1-$! ! (-! ,5;$0633$*$'+! U9[@WH! 26'+! 26-;$'+! 0&52! B! ,$2! %()+$-42! $F+$4'$2! +$02!
1-$!0(!/6-;$4'(')$H!0$2!,46&+2!,$!08.6**$H!0(!+4('23(4$')$H!1-&!$'+4(;$'+!0(!)(3()&+5!
,$2!$'+&+52!'(+&6'(0$2!B!())5,$4!B!)$2!%6',2=!
#
T??96*,&%*>4#
Z0!$F&2+$!,$2!3622&<&0&+52!,8())46_+4$!0(!,&236'&<&0&+5!,$2!%6',2!2-%%&2('+2!36-4!,5;$0633$4!0(!
)(3()&+5! B! %(&4$! %()$! (-! ).('/$*$'+! )0&*(+&1-$! ,('2! 0$! )6'+$F+$! 30-2! 0(4/$! ,-!
,5;$0633$*$'+!,-4(<0$H!0(!)6.52&6'!26)&(0$!$+!0(!45,-)+&6'!,$2!;-0'54(<&0&+52!$'!9%4&1-$=!O!
)$+!5/(4,H!0$2!2L'$4/&$2!$'+4$!0$!).('/$*$'+!)0&*(+&1-$!$+!0$2!34&64&+52!,$!,5;$0633$*$'+!
,$;&$''$'+!+4M2!&*364+('+$2=!
"= #$2!$%%64+2!)6'+&'-2!36-4!,5;$0633$4!0$!]6',2!;$4+2!36-4!0$!)0&*(+!!3452$'+$'+!-'$!
6))(2&6'! 36-4! 0(! )6**-'(-+5! &'+$4'(+&6'(0$! ,8$F(*&'$4! $+! ,85;(0-$4! 0$2! %6',2!
345)5,$'+2H!(&'2&!1-$!,8&,$'+&%&$4!0$2!0()-'$2!$+!0$2!6<2+()0$2=!
C= #$! %&'(')$*$'+! ,$! 0I(,(3+(+&6'! (-! ).('/$*$'+! )0&*(+&1-$! $+! ,$2! $%%64+2!
,8(++5'-(+&6'! 3$-;$'+! 2&*-0+('5*$'+! (,4$22$4! 0$2! 1-$2+&6'2! ,$! 0(! 45,-)+&6'! ,$! 0(!
3(-;4$+5! $+! )$00$2! ,-! ,5;$0633$*$'+! ,-4(<0$! $'! 9%4&1-$=! #$2! 3(L2! 26'+! ,6')!
&*3(+&$'+2! ,$! ;6&4! -'! 64/('&2*$! ,-! ]6',2! ;$4+! 36-4! 0$! )0&*(+! 1-&! 345;6&+! 0(!
*6<&0&2(+&6'! $+! 0(! /$2+&6'! $%%&)()$! ,$2! 4$226-4)$2! %&'(')&M4$2! 1-&! 3$-;$'+! :+4$!
%()&0$*$'+!$+!4(3&,$*$'+!())$22&<0$2=!
E= `46-;$4!-'!())64,!2-4!-'!)6')$3+!)0(&4!36-4!-'!%&'(')$*$'+!B!06'/!+$4*$!2-4!0$!30('!
&'+$4'(+&6'(0H! 1-&! %(&2(&+! ,5%(-+! B! -'! 30('! ,$! %&'(')$*$'+! B! *&2$! $'! 30()$! 4(3&,$H!
(33-&$4(&+! -'$! )6*345.$'2&6'! )6**-'$! $+! 0$2! (++$'+$2! ,$2! %&'(')$*$'+2! B! 06'/!
+$4*$=!
R= N$2! ,$4'&M4$2! (''5$2H! 0(! ?('1-$! (%4&)(&'$! ,$! ,5;$0633$*$'+! (! )6'2+(+5! -'$! 30-2!
/4(',$! ,&236'&<&0&+5! ,$2! %6',2! (&'2&! 1-$! ,$2! 346/4(**$2! ,$! 4$'%64)$*$'+! ,$2!
)(3()&+52! B! +4(;$42! ,$2! %6',2! ,8&';$2+&22$*$'+! )0&*(+&1-$H! 0$! %6',2! 36-4!
08$';&46''$*$'+! *6',&(0H! 0$2! %6',2! %&,-)&(&4$2! $+! 0$2! 6<0&/(+&6'2! 5'$4/5+&1-$2=! #(!
?('1-$!(%4&)(&'$!,$!,5;$0633$*$'+!(!(&,5!2$2!3(L2!*$*<4$2!45/&6'(-F!B!())5,$4!B!
)$2!%6',2!$+!30-2&$-42!$'2$&/'$*$'+2!26'+!B!+&4$4!,$2!0$Q6'2!36-4!(;(')$4=!
!
RRRS#TYZO:UR8W#OU#XOWN!U5UW#EO#!2O[O<O\O<U#
TG]"(*%$4#
Z'%64*5!3(4!0$2!'5/6)&(+&6'2!$'!)6-42!,$!0(!NNY>NN!$+!0$2!$%%64+2!()+-$02!36-4!,5;$0633$4!$+!
4$',4$! 6354(+&6''$0! 0$! ]6',2! ;$4+! 36-4! 0$! )0&*(+H! 085;5'$*$'+! ,$! .(-+! '&;$(-! ;&2$! B!
(++$&',4$!0$2!6<7$)+&%2!2-&;('+2V!
• @&2)-+$4!$+!,5;6&0$4!0$2!1-$2+&6'2!0&5$2!(-!%&'(')$*$'+!,-!).('/$*$'+!)0&*(+&1-$!$'!
9%4&1-$H! $'! *$++('+! 08())$'+! 2-4! 0$! *5)('&2*$! %&'(')&$4! ,$! 0(! N6';$'+&6'H! $+! 0$2!

!
R!
!
63364+-'&+52! $+! 0$2! ,5%&2! 36-4! (++$&',4$! -'! 452-0+(+! 2&/'&%&)(+&%! 36-4! 0$! ]6',2! ;$4+!
36-4!0$!)0&*(+!B!0(!N,[!"\=!
• [$4*$++4$! -'! ,&(06/-$! $'+4$! 0$2! 64/('&2(+&6'2! +4(;(&00('+! 2-4! 0$2! %&'(')$2! $+! 0$!
,5;$0633$*$'+H!$+!%6-4'&4!-'!$23()$!36-4!-'$!,&2)-22&6'!360&+&1-$*$'+!3$4+&'$'+$!
<(25$!2-4!0(!34(+&1-$!2-4!0$2!$F354&$')$2!45/&6'(0$2!3(4!0(!?('1-$!$+!0$2!3(4+$'(&4$2!
,$2!64/('&2(+&6'2!45/&6'(0$2!$+!*-0+&0(+54(0$2=!
• Z,$'+&%&$4! 0$2! 63+&6'2! 36-4! (*50&64$4! 08())$22&<&0&+5! ,$2! 3(L2! (%4&)(&'2! (-F! %-+-42!
&'2+4-*$'+2!,-!%&'(')$*$'+!)0&*(+&1-$H!L!)6*34&2!0$!]6',2!;$4+!36-4!0$!)0&*(+!$+!0$!
]6',2!;$4+!36-4!089%4&1-$H!L!)6*34&2!0$2!<$26&'2!$'!)(3()&+5!36-4!())5,$4!$+!/54$4!0$2!
%6',2=!
• ](&4$!0$!36&'+!2-4!0$!,5<(+!*6',&(0!()+-$0!2-4!0$!%&'(')$*$'+!)0&*(+&1-$!$+!08$%%&)()&+5!
,-!,5;$0633$*$'+H!(%&'!,$!;6&4!0(!*('&M4$!,6'+!)$0(!28&'2)4&+!,('2!0$!,&2)6-42!2-4!0(!
)46&22(')$!;$4+$=!
• a$++4$! $'! ;(0$-4! 0$2! $F354&$')$2! ,$! 0(! ?('1-$! (%4&)(&'$! ,$! ,5;$0633$*$'+! $'!
*(+&M4$!,$!%&'(')$*$'+!)0&*(+&1-$!$+!,$!,5;$0633$*$'+!B!)$!76-4H!$+!45%05).&4!(-F!
63&'&6'2! *6',&(0$2! $+! 45/&6'(0$2! 2-4! 0$! ,5<(+! $'! )6-42! 2-4! 0$! ]6',2! ;$4+! 36-4! 0$!
)0&*(+!$+!0$!0&$'!(;$)!0$2!$%%64+2!,$!0(!?('1-$!36-4!,5;$0633$4!-'!]6',2!;$4+!36-4!
089%4&1-$=!
#
X>4,/*'*4#'**"&+,4#
Z0!$2+!(++$',!1-$!0I5;5'$*$'+!3(4(00M0$!(&+!0$2!452-0+(+2!2-&;('+2V!
"= 9))46_+4$! 0(! 2$'2&<&0&2(+&6'H! 0$2! )6''(&22(')$2! $+! 0$2! &,5$2! 2-4! 0$2! 1-$2+&6'2! ,-!
%&'(')$*$'+!)0&*(+&1-$!$'!9%4&1-$!$+!2-4!0(!*('&M4$!,8(*50&64$4!08())M2!,$!089%4&1-$!
(-!%&'(')$*$'+!)0&*(+&1-$=!N$0(!3$4*$++4(!,$!4$'%64)$4!0(!362&+&6'!,$!089%4&1-$!,('2!
0$2!'5/6)&(+&6'2!&'+$4'(+&6'(0$2!2-4!0$!).('/$*$'+!)0&*(+&1-$H!$'!;-$!,8(22-4$4!,$2!
45%0$F&6'2! (,51-(+$2! 2-4! 0$2! 3456))-3(+&6'2! ,-! )6'+&'$'+! $+! 0$2! 34&64&+52! ,('2! -'!
45/&*$!362+SCD"C!&'+$4'(+&6'(0!,$!).('/$*$'+!)0&*(+&1-$=!
C= >'$!*$&00$-4$!)6''(&22(')$!$+!)6*345.$'2&6'!,-!*5)('&2*$!,-!%&'(')$*$'+!()+-$0!
$+!%-+-4!$+!,$2!&'&+&(+&;$2!&'2+&+-+&6''$00$2H!(&'2&!1-$!,$2!360&+&1-$2!$+!0$-42!&*3()+2!
2-4!089%4&1-$!$+!26'!346/4(**$!,$!,5;$0633$*$'+=!
!
E= >'$!*$&00$-4$!)6*345.$'2&6'!,$2!,5%&2!$+!,$2!63364+-'&+52!0&52!(-!%&'(')$*$'+!,-!
).('/$*$'+! )0&*(+&1-$! $'! 9%4&1-$! $+! 0$-42!4b0$2! ,('2! 0(! 45(0&2(+&6'! ,-!
,5;$0633$*$'+!,-4(<0$!$+!,$!0(!+4('2%64*(+&6'!5)6'6*&1-$!,-!)6'+&'$'+=!
!
R= @$2!,5)&,$-42!$+!,$2!34(+&)&$'2!B!76-4!$+!*&$-F!&'%64*52!$'!9%4&1-$!2-4!0$2!,&;$42$2!
1-$2+&6'2! (-+6-4! ,-! ,5;$0633$*$'+! $+! ,$! 0(! *&2$! $'! ^-;4$! ,-! %&'(')$*$'+!
)0&*(+&1-$=!
R[S#ANY!R:#:RY!O#

!
K!
!
#(!45-'&6'!,$!.(-+!'&;$(-!;(!/(4('+&4!08$'/(/$*$'+!,$2!3(4+$'(&4$2!45/&6'(-F!$+!*6',&(-F!
)6')$4'52=!@$!)$++$!*('&M4$H!&0!$2+!345;-!,$!45-'&4!0$2!,5)&,$-42!,$!.(-+!'&;$(-!,$2!5+(+2!
*$*<4$2! (%4&)(&'2! $+! 0$-42! )6**-'(-+52! 5)6'6*&1-$2! 45/&6'(0$2H! ,$2! 4$3452$'+('+2!
6%%&)&$02! 6-! ,$2! ,505/-52! $+! ,$2! '5/6)&(+$-42! ,$! 3(L2! (%4&)(&'2H! ,$2! ).$4).$-42!
&'+$4'(+&6'(-FH! ,$2! 2)&$'+&%&1-$2H! $+! ,$2! 235)&(0&2+$2! $'! 2)&$')$2! $+! +$).'606/&$! (;$)! -'!
())$'+!3(4+&)-0&$4!2-4!089%4&1-$H!0(!)6**-'(-+5!,$2!34(+&)&$'2!U2$)+$-4!34&;5H!26)&5+5!)&;&0$H!
0$2! *5,&(2! $+! ,$2! (-+$-42! &',53$',('+2WH! (&'2&! 1-$! ,$2! 4$3452$'+('+2! ,I&'2+&+-+&6'2!
*6',&(0$2! $+! 45/&6'(0$2! *-0+&0(+54(0$2! 1-&! +4(;(&00$'+! ,&4$)+$*$'+! 2-4! 0$! 346/4(**$! ,-!
%&'(')$*$'+!)0&*(+&1-$=!
[S#QNOWURT<W#:!OW#
#$2!34&')&3(0$2!1-$2+&6'2!1-&!36-446'+!:+4$!+4(&+5$2!0642!,$!0(!45-'&6'!,$!.(-+!'&;$(-!26'+!
0$2!2-&;('+$2V!
1=!c-$0! $2+! 0$! 2+(+-+! ,-! '&;$(-! ,$! %&'(')$*$'+! ,&236'&<0$! 36-4! 0$2! ,&;$42! *5)('&2*$2! ,$!
%&'(')$*$'+!,-!)0&*(+!,('2!0$!)(,4$!,$!0(!NNY>NN!d!
!
C=! c-$00$2! 6'+! 5+5! 0$2! $F354&$')$2! ,$2! 3(L2! (%4&)(&'2! ,('2! 08())M2! $+! 0(! /$2+&6'! ,-!
%&'(')$*$'+!,-!).('/$*$'+!)0&*(+&1-$!,('2!0$!)(,4$!,$!0(!)6';$'+&6'!d!
!
E=!@$!1-$00$!*('&M4$!0(!NNY>NN!4$0M;$S+S$00$!)$2!,5%&2!$+!)6'+4(&'+$2!d!@$!1-$00$!*('&M4$!0(!
?9@!$+!,8(-+4$2!64/('&2(+&6'2!*-0+&0(+54(0$2!1-&!(/&22$'+!)6**$!$'+&+52!,I$F5)-+&6'!+4(&+$'+!
,$!)$2!,5%&2!d!
!
R=! N6**$'+! 0$2! 3467$+2! $+! 346/4(**$2! $'! 9%4&1-$! 3$-;$'+S&02! :+4$! 30('&%&52! $+! 2+4-)+-452!
36-4! 36-;6&4! ())5,$4! B! -'! %&'(')$*$'+! &'+$4'(+&6'(0! ,-! ).('/$*$'+! )0&*(+&1-$! $+! B!
,8(-+4$2!26-4)$2!,$!%&'(')$*$'+d!
K=! c-$00$2! 0$Q6'2! 3$-+S6'! +&4$4! $'! )$! 1-&! )6')$4'$! 08())M2! ,&4$)+H! $+! 0$21-$00$2! 26'+!
3$4+&'$'+$2!36-4!0850(<64(+&6'!,8-'!())M2!,&4$)+!,('2!0$!)(,4$!,-!]6',2!;$4+!36-4!0$!)0&*(+!d!
!
e=!N6**$'+!0$2!3(L2!(%4&)(&'2!3$-;$'+S&02!*&$-F!2$!362&+&6''$4!36-4!:+4$!34:+2!B!())5,$4!
]6',2!;$4+!36-4!0$!)0&*(+!d!
!
f=!c-$0!36-44(&+!:+4$!0$!4b0$!,$2!(-+4$2! %6',2!)6';$'+&6''$02! U]GaH!]6',2! ,8(,(3+(+&6'W!B!
08(;$'&4!-'$!%6&2!1-$!0$!]gN!2$4(!30$&'$*$'+!6354(+&6''$0!d!
!
\=!N6**$'+!0(!?('1-$!(%4&)(&'$!,$!,5;$0633$*$'+!3$-+S$00$!(*50&64$4!,(;('+(/$!08())M2!,$!
089%4&1-$!B!)$2!%6',2!)6';$'+&6''$02!d!