[PDF] Renforcer la compétitivité de lagriculture africaine

View - Download Renforcer la compétitivité de lagriculture africaine

Previous PDF

Next PDF

Renforcer la compétitivité

de l'agriculture africaine GUIDE DES CONCEPTS DE CHAÎNE DE VALEUR ET DE LEURS APPLICATIONS C. Martin Webber et Patrick LabasteBANQUE MONDIALE '4=5>A24A ;0 2>LSUNVPA PA O7PVZPWPXA LVA

&0B <>8=B 34 ro - 34 ;0 ?>?D;0C8>= ?0DEA4 3D <>=34 E8C 4= <8;84D ADA0; 4C ;0 ?;D?0AC B>=C 8

;B06A82D;CDA4e D --4 B8V2;4c ;B06A82D;CDA4 A4BC4 5>=30<4=C0;4 ?>DA ;0 2A>8BB0=24 N2>=><8@D4c ;0 AN3D2C8>=

34 ;0 ?0DEA4CN 4C ;0 3DA018;8CN 4=E8A>==4<4=C0;4e "0 BNA84 34 ?D1;820C8>=B BDA ;4 3NE4;>??4<4=C ADA0; 34 ;0

0=@D4 <>=380;4 ?ANB4=C4 ;4B 0=0;HB4B ?;DB AN24=C4B 34B @D4BC8>=B @D8 05542C4=C ;4 AP;4 34 ;B06A82D;CDA4c H

2>A4BC4A84c 4= C0=C @D4 B>DA24 34 3NE4;>??4<4=C N2>=><8@D4c 34 <>H4=B

34 E84 34B ADA0DG 4C 34 B4AE824B 4=E8A>==4<4=C0DGe "0 BNA84 4BC 34BC8=N4 R 34B 0??;820C8>=B ?A0C8@D4B 4C =>DB

4B?NA>=B @DB4;;4 2>=CA81D4A0 R N2;08A4A ;4B 3N10CB ?D1;82Bc ;BN;01>A0C8>= 34B ?>;8C8@D4B 4C ;0 ?;0=85820C8>=

3D 3NE4;>??4<4=Ce

)8CA4B 508B0=C ?0AC84 34 ;0 BNA84 u -OaRJdbRVMbb IVL 5VVWeIcRWV EhbcMUb RV -NaRKI -OaRKdTcdaIT 8IVL DMLRbcaRJdcRWV, FWfIaL 3aMIcMa /WVbMVbdb -OaRKdTcdaM 5VeMbcUMVc EWdaKMJWWS .RWMVMaOh 0MeMTWXUMVc, 5bbdMb IVL 5UXIKcb NWa BWeMach IVL ;IcdaIT DMbWdaKM 9IVIOMUMVc .dRTLRVO /WUXMcRcReMVMbb RV -NaRKI"b -OaRKdTcdaM, - 3dRLM cW GITdM /PIRV /WVKMXcb IVL -XXTRKIcRWVb /PIVORVO cPM 2IKM WN cPM HIcMab, FPM BaWURbM IVL /PITTMVOM WN EdbcIRVIJTM -ZdIKdTcdaM

1VPIVKRVO -OaRKdTcdaIT 5VVWeIcRWV, 4Wf cW 3W .MhWVL cPM EcaMVOcPMVRVO WN DMbMIaKP EhbcMUb

2WaMbcb EWdaKMJWWS, BaIKcRKIT 3dRLIVKM NWa EdbcIRVRVO 2WaMbcb RV 0MeMTWXUMVc /WWXMaIcRWV

3MVLMa IVL 3WeMaVIVKM RV DdaIT EMaeRKMb, 5VbROPcb NaWU 5VLRI& 3PIVI& IVL 1cPRWXRI

3MVLMa RV -OaRKdTcdaM EWdaKMJWWS

AaOIVRiIcRWV IVL BMaNWaUIVKM WN /WccWV EMKcWab RV -NaRKI, 8MIaVRVO NaWU DMNWaU 1gXMaRMVKM

DMNWaURVO -OaRKdTcdaIT FaILM NWa 0MeMTWXRVO /WdVcaRMb& GWTdUM (, 7Mh 5bbdMb NWa I BaW"0MeMTWXUMVc AdcKWUM

WN cPM 0WPI DWdVL

DMNWaURVO -OaRKdTcdaIT FaILM NWa 0MeMTWXRVO /WdVcaRMb& GWTdUM ), CdIVcRNhRVO cPM 5UXIKc WN 9dTcRTIcMaIT FaILM

DMNWaU

EPIXRVO cPM 2dcdaM WN HIcMa NWa -OaRKdTcdaM, - EWdaKMJWWS NWa 5VeMbcUMVc RV -OaRKdTcdaIT HIcMa 9IVIOMUMVc

FPM EdVSMV .RTTRWVb, FPM 1KWVWURK 6dbcRNRKIcRWV NWa 2RbPMaRMb DMNWaU EdbcIRVIJTM 8IVL 9IVIOMUMVc, /PITTMVOMb& AXXWacdVRcRMb& IVL FaILM"ANNb

EdbcIRVIJTM 8IVL 9IVIOMUMVc EWdaKMJWWS

EdbcIRVRVO 2WaMbcb, - 0MeMTWXUMVc EcaIcMOh

'4=5>A24A ;0 2>34 ;B06A82D;CDA4 05A8208=4

SUOPAOPANZXNPAOPA

NTL

VPALVUNLUZX

NBAW!13)-A%""%1A%3A!31)#*AV!"!23%

BANQUE MONDIALE

U lgig "0 0=@D4 8=C4A=0C8>=0;4 ?>DA ;0 A42>=BCAD2C8>= 4C ;4 3NE4;>??4<4=C f "0 0=@D4 <>=380;4 isis (CA44C $, ,0B78=6C>= lgnmm )N;N?7>=4 u lgldnrmdiggg =C4A=4Cu FFFeF>A;310=:e>A6 >DAA84;u 5443102:'F>A;310=:e>A6 )>DB 3A>8CB ANB4AENB i l m n il ii ig gt

4C >DEA064 4BC ?A>3D8C ?0A ;4 ?4AB>==4; 34 ;0 0=@D4 8=C4A=0C8>=0;4 ?>DA ;0 A42>=BCAD2C8>= 4C ;4 3NE4;>??4<4=C f ;0 0=@D4

<>=380;4e "4B 2>=BC0C0C8>=Bc 8=C4A?ANC0C8>=B 4C 2>=2;DB8>=B @D8 H B>=C 4G?A8

3<8=8BCA0C4DAB 34 ;0 0=@D4 <>=380;4 =8 24;;4 34B LC0CB @DB8;B A4?ANB4=C4=Ce

"0 0=@D4 <>=380;4 =4 60A0=C8C ?0B ;B4G02C8CD34 34B 3>==N4B 586DA0=C 30=B 24C >DEA064e "4B 5A>=C8VA4Bc 2>D;4DABc 3N=><8=0d

C8>=B 4C 0DCA4B 8=5>A<0C8>=B DC8;8BN4B 30=B ;4B 20AC4B 6N>6A0?78@D4B =B8=d

380;4 @D0=C 0D BC0CDC ;N60; 3BD= @D4;2>=@D4 C4AA8C>8A4c =8 ;B0E0; >D ;B0224?C0C8>= 34 24B 5A>=C8VA4Be

D--OO

"4 2>=C4=D 34 24CC4 ?D1;820C8>= 4BC ?A>CN6N ?0A ;0 ;>8 BDA ;4B 3A>8CB 3B0DC4DAe "0 2>?84 >D ;0 2><= B0=B 0DC>A8B0C8>=

34 ?0AC84B >D 34 ;0 C>C0;8CN 34 24 CA0E08; ?4DE4=C WCA4 2>=B83NAN4B 2><<4 D=4 E8>;0C8>= 34B ;>8B 4= E86D4DAe "0 0=@D4 8=C4Ad

=0C8>=0;4 ?>DA ;0 A42>=BCAD2C8>= 4C ;4 3NE4;>??4<4=Cf;0 0=@D4 <>=380;4 4=2>DA064 ;0 3855DB8>= 34 B>= CA0E08; 4C 022>A34

7018CD4;;4<4=C ;0 ?4A<8BB8>= 3B4= A4?A>3D8A4 34B ?0AC84B 30=B 34B 3N;08B 0BB4I 1A45Be

&>DA >1C4=8A ;B0DC>A8B0C8>= 34 ?7>C>2>?84A >D A4?A>3D8A4 D=4 @D4;2>=@D4 ?0AC84 34 24C >DEA064c E4D8;;4I 4= 508A4 ;0

34<0=34c 022>DC4 ;B8=5>A<0C8>= =N24BB08A4c 0D?AVB 3D >?HA867C ;40A0=24 4=C4A =2ec lll '>B4F>>3 A8E4c

0=E4ABc # gitlmc *( v CN;N?7>=4 u trsdrogdsngg v 50G u trsdrogdnnrg v =C4A=4C u FFFe2>?HA867Ce2>

)>DC4 0DCA4 @D4BC8>= A4;0C8E4 0DG 3A>8CB 4C ;824=24Bc H 2>8CB 3NA8ENBc 3>8C WCA4 03A4BBN4 R ;B%55824 >5 C74

&D1;8B74Ac ,>A;3 0=:c isis (CA44Cc $,c ,0B78=6C>=c lgnmmc *( v 50G u lgldolldlnll v

2>DAA84; u ?D1A867CB'F>A;310=:e>A6e

($u trsdgdslimdrtoldm

4($u trsdgdslimdrtpndp

%u igeiotpftrsdgdslimdrtoldm ETO- -C-COO AAIT

UO-DOO

,4114Ac e #0AC8=e

D8;38=6 2> E0;D4 2708= 2>=24?CB 0=3 0??;820C8>=B f e #0AC8= ,4114A 0=3

&0CA82: "010BC4e ?e 2?<4=Ca =2;D34B 181;8>6A0?7820; A454A4=24B 0=3 8=34Ge ($ trsdgdslimdrtoldm C?1:ea K ($ trsdgdslimdrtpndp C4;42CA>=82a

ie 6A82D;CDA0; 8=3DBCA84BK5A820e le 6A82D;CDA4K2>=><82 0B?42CBK5A820e e "010BC4c &0CA82:c itold

e ,>A;3 0=:e e )8C;4e tgirel,nm lggt mmseigtpK32ll lggtgittls

&7>C>6A0?784B 34 2>DE4ACDA4 u D48;;4DB4 34 C7N 0D 'F0=30 ?0A S=C4A D=8c U8(C>2:?7>C>e2>< f 6D4=C4A6D=8 v 90A38=

?>C064A 30=B ;0 I>=4 ADA0;4 3D !F0/D;D $0C0;c 5A8@D4 3D (D3c 1H )A4E>A (0= f 0=@D4 <>=380;4e >=24?C8>= 34 ;0 2>DE4ACDA4 u A8C820; (C064Bc BDA ;0 10B4 3BD= 20=4E0B 34 &0CA8280 >A3 A0?78: 4B86=e

DMVNWaKMa TI KWUXjcRcReRcj LM T"IOaRKdTcdaM INaRKIRVM 4BC 38B?>=81;4 B>DB 5>A<4 3BD= <0=D4; 8=C4A02C85 R ;B03A4BB4

7CC?uffFFFeF>A;310=:e>A6f?3Ce "0 E4AB8>= N;42CA>=8@D4 ?4A<4C 0DG 2><;;V6D4B CA0E08;;0=C

30=B ;4B B42C4DAB 4C AN68>=Bc 08=B8 @DB0DG NCD380=CB 4C ?A>54BB4DABc 34 ?0AC064A 34B =>C4B 4C 3D <0CNA84; 38302C8@D4 ?>DA

2>=CA81D4A R ;J0??A4=C8BB064 8A 4C 34 2>==08BB0=24Be

A %,%1#)%,%-32)6 )'+%2A%3A!"195)!3).-26) k@?47 9

7oH7•w?4:9 y•> >•w?•@=> ;=4:=4?u4=•> yQ49?•=A•9?4:9 >@= 7•> w3uJ9•> y• Au7•@=97

F?@y• y• Tu>7WH?•=849u?4:9 y•> w3uJ9•> y• Au7•@= ;=4:=4?u4=•> ;u= u9u7D>• w:8;u=u?4A• O

oH7•w?4:9 y• w3uJ9•> y• Au7•@= u@ h:Eu8v4<@•9B

F?@y• y• Tu>8T:9w•;?4:9 yQ@9• >?=u?H24• y• w:8;H?4?4A4?H •? y• y4A•=>414wu?4:9 u2=4w:7•> u@ hu74 O u;;=:w3•

>?=@w?@=H• =•;:>u9? >@= 7•> w3uJ9•> y• Au7•@=9I k@?47 9

8T:9w•;?4:9 y• >?=u?H24•> v4•9 =•9>•429H•> ;:@= 7•> w3uJ9•> y• Au7•@=:9

F?@y• y• Tu>9T:8;=•9y=• 7u w3uJ9• y• Au7•@= •? 49?H2=•= 7Q491:=8u?4:9 yu9> 7u >?=u?H24• O 7• ;:4>>:91w3u?

yQH7•Au2• ;:@= 7• 8u=w3H u@ i42H=4uB7 k@?47 9

9P9u7D>• w:8;u=u?4A•0 ;=4>• y• =H1H=•9w•> •? HAu7@u?4:9 y•> Hwu=?> yu9> 7•> w3uJ9•> y• Au7•@=BF

F?@y• y• Tu>:gu 17:=4w@7?@=• •9 k@2u9yu O P9u7D>• w:8;u=u?4A• y•> =H1H=•9w•> •? u9u7D>• y•> Hwu=?>CB

k@?47 9 :P8H74:=u?4:9 •? u;;=:1:9y4>>•8•9? y• 7u w3uJ9• y• Au7•@=FB

F?@y• y• Tu>Bg•> •C;:=?u?4:9> y• 3u=4w:?> A•=?> •? u@?=•> 7H2@8•> 1=u4> y@ f•9DuFI

k@?47 9

Bey•9?414wu?4:9 y• 8:yI7•> yQu11u4=•>3yQ•9?=•;=4>•> =•;=:y@w?4v7•>G9

F?@y• y• Tu>Cey•9?414wu?4:9 •? 84>• •9 :•@A=• y• 8:yI7•> y,•9?=•;=4>•> =•;=:y@w?4v7•> O

gu 9:4C y• wu5:@ y@ h:Eu8v4<@•GF k@?47 9 CTu;?@=• y• Au7•@= ;u= 49?H2=u?4:9 u8:9? •? uAu7I7

F?@y• y• Tu>FP5:@? y• Au7•@= ;u= 49?H2=u?4:9 P gQ49y@>?=4• 23u9H•99• y• 7Qu9u9u> •? S7@• o64•> d:7y492> g?y2II

k@?47 9

FT::;H=u?4:9 3:=4E:9?u7• O T=Hu?4:9 •? 84>• G ;=:14? y•> Hw:9:84•> yQHw3•77•749

F?@y• y• Tu>GT=Hu?4:9 •? 84>• G ;=:14? y,Hw3•77• O 7,•C;H=4•9w• y@ c3u9u

•? y• 7u TL?• y,eA:4=• yu9> 7,•C;:=?u?4:9 y,u9u9u> 1=u4>74B

F?@y• y• Tu>IT=Hu?4:9 •? 84>• G ;=:14? y•> Hw:9:84•> y,Hw3•77• u@ >•49 y• 7u w3uJ9• y• Au7•@=

9:4C y• wu5:@ y@ h:Eu8v4<@•74I

k@?47 9 Gl:>4?4:99•8•9? y•> ;=:y@4?> •? y•> w3uJ9•> y• Au7•@= ;:@= uww=:J?=• 7•@= Au7•@= •? 7•@= w:8;H?4?4A4?H77B

LMVPA OPA WLU;P

A4pPSga Wao hPpeRnao

F?@y• y• Tu>74o?=u?H24•> ;:@= 7• =•;:>4?4:99•8•9? y•> w3uJ9•> y• Au7•@= >@= 7• 8u=w3H O

g • wu1H =Bu9yu4>77I k@?47 9 Iq?474>u?4:9 y• 9:=8•> •? w•=?414wu?4:9> ;:@= u8H74:=•= 7u <@u74?H78B

F?@y• y• Tu>77c•>?4:9 y• 7u <@u74?H •? w•=?414wu?4:9 y• 7u ;•=w3• y@ i47 •9 k@2u9yu799

k@?47 9

74ey•9?414wu?4:9 y•> v•>:49> •9 >•=A4w•> y• 7u w3uJ9• y• Au7•@=7:7

F?@y• y• Tu>78ey•9?414wu?4:9 y•> >•=A4w• yQu;;@4 =•<@4> ;u= 7u w3uJ9• y• Au7•@= O

gu 1474I=• w:?:9 y• tu8v4•7:F k@?47 9

77P8H74:=•= 7Q•9A4=:99•8•9? :;H=u?4:99•7 y•> w3uJ9•> y• Au7•@= ;u= 7• y4u7:2@• ;@v74w1;=4AH7B9

F

?@y• y• Tu>79P8H74:=•= 7• w748u? y•> u11u4=•> ;u= 7• y4u7:2@• ;@v74w1;=4AH P 7Qu>>:w4u?4:9 y•>

;=:y@w?•@=> y• vH?u47 y@ S:?>Bu9u7BI k@?47 9

78nHu74>u?4:9 y• >D9•=24•> ;u= 7u 1:=8u?4:9 y• 2=u;;•>7CF

F?@y• y• Tu>7:T=Hu?4:9 y• >D9•=24•> ;u= 7u 1:=8u?4:9 y• 2=u;;•> O g•> uA:wu?> yQ•C;:=?u?4:9 y@ f•9Du7F7 k@?47 9

79o@4A4 y•> ;•=1:=8u9w•> y•> w3uJ9•> y• Au7•@=7FI

M)"+).'1!/()%CIG

U-$%6CJI

PXNLO7

:27T:88•9? H?uv74= y•> ;=4:=4?H> yQ49?•=A•9?4:9 •9 1uA•@= y•> w3uJ9•> y• Au7•@= O

aC•8;7• y@ ;=:5•? y• w=:4>>u9w• Hw:9:84<@• y@ oH9H2u799

:28T:9?=u49?•> y• 7Nu9u7D>• w:8;u=u?4A• y•> =H1H=•9w•> yu9> 7u 1474I=• wu1H •9 k@2u9yuBG

:29g• w:?:9 ?u9Eu94•9 O P9u7D>• w:8;u=u?4A• y•> w:M?>C4

:2:P8H74:=u?4:9 y• 7u w3uJ9• y• Au7•@= O gQ49y@>?=4• y• 7u A4u9y• •9 h:92:74•FC

:2BP;;=:1:9y4>>•8•9? y• 7u w3uJ9• y• Au7•@= O l=:y@w?4:9 y• v:wu@C •9 A•==• •9 P=8H94•FF

:2Ch:yI7•> yQu11u4=•>3yQ•9?=•;=4>• =•;=:y@w?4v7•> O o?u?4:9> y• 7uAu2• y@ wu1H u@ nBu9yuGB

:2Fey•9?414wu?4:9 •? =•;=:y@w?4:9 y• 8:yI7•> yQ•9?=•;=4>• u@ >•49 yQ@9• w3uJ9• y• Au7•@= O Wu4=D lu64>?u9GB

:2GPAu9?u2•> y• 7Q49?H2=u?4:9 A•=?4wu7• O tacP •? 7u w3uJ9• y• Au7•@= 3:=?4w:7• •9 tu8v4•I:

:2Ig• A49 v@72u=• O e9?H2=u?4:9 yQuw?4A4?H> ;:@= u>>@=•= 7Qu;;=:A4>4:99•8•9? •9 8u?4I=• ;=•84I=•IB

:274g• wuwu: yNF<@u?•@= O l:>4?4:99•= 7u w3uJ9• y• Au7•@= ;:@= u@28•9?•= 7u Au7•@= •? 7u w:8;H?4?4A4?H77C

:277g• 2=:@;•8•9? ?3uK7u9yu4> ;:@= 7•> SlPO l:>4?4:99•= 7•> ;=:y@4?> -•? 7u w3uJ9• y• Au7•@=.

;:@= u8H74:=•= 7•@= Au7•@= •? 7•@= w:8;H?4?4A4?H77F

:278c=:@;•8•9? y• SlP •9 p3uK7u9y• 1 q?474>u?4:9 y• 9:=8•> •? w•=?414wu?4:9> ;:@= uww=:J?=• 7u Au7•@=78G

:279Tuwu: H<@u?:=4•9 O P8H74:=•= 7u <@u74?H u@ 94A•u@ y•> ;=:y@w?•@=> ;:@= :v?•94=

y•> ;=4C y• 8u=w3H ;7@> H7•AH>78I

:27:gu 1474I=• w:?:994I=• :@2u9yu4>• O h:yI7• =•;:>u9? >@= 7•> >•=A4w•> y• A@72u=4>u?4:9

;=•>?H> ;u= y•> •9?=•;=4>•>7:7 :27BTu99•77• >=417u96u4>•7:9

:27CTu1H ?u9Eu94•9 •? fegeTPba O •C•8;7• yQ@9 y4u7:2@• ;@v74w1;=4AH ;=:y@w?417BB

:27Fi:=8•> yH1494•> ;:@= 7Nu9u9u> y@ c3u9u7G7 :27Gg• wuy=• lPeW y• >@4A4 •? yNHAu7@u?4:9 7G8 RUSP

727lu=? y• 7NP1=4<@• >@v>u3u=4•99• yu9> 7•> •C;:=?u?4:9> u2=4w:7•> 8:9y4u7•>0 ;u= Au7•@=0 844C9

728lu=? y• 7NP1=4<@• yu9> 7• w:88•=w• 8:9y4u79

729n•9y•8•9?> •9 8uK> •? =•9y•8•9?> ?:?u@C •9 1=@4?>0 G 7N•Cw•;?4:9 y•> 8•7:9>0

P1=4<@• ;u= =u;;:=? u@ 8:9y•B

827g:>u92• y• 7u w:8;H?4?4A4?H7:

927nu;;:=?> y• 1:=w• u@ >•49 y•> w3uJ9•> y• Au7•@=89

:27TDw7• y• 84>• •9 :•@A=• yQ@9 ;=:2=u88• y• w3uJ9• y• Au7•@=8I

pPSga Wao hPpeRnaoA44

:28T3uJ9• y• Au7•@= 49?H=4•@=• y•> 9:4C y• wu5:@ y@ h:Eu8v4<@•9F

29P8H74:=u?4:9 y• 7u ;=:y@w?4A4?H •? y• 7u Au7•@= 7• 7:92 y• 7u w3uJ9• y• Au7•@=:9

:2:h:92:74• O =•w•??•> 9•??•> ;u= 647: y• wuw3•84=• ;:@= w3u<@• w:8;:>u9?• y@ >D>?I8• y• Au7•@=::

:2BP9u7D>• bblh y@ >•w?•@= 7u4?4•= u@ lu64>?u9:B

2CP9u7D>• y@ y4u8u9? y• 7u w:8;H?4?4A4?H O m@•>?4:9> w7H>:I

:2FTu=?• y@ i42H=4uB8 :2GT3uJ9• y• Au7•@= y• 7QH7•Au2• y@ ;:4>>:91w3u? u@ i42H=4uB9

2Ih:?4Au?4:9> ;:@>>u9? 7•> w:9>:88u?•@=> G uw3•?•= y@ ;:4>>:91w3u? A4Au9?B9

:274PA4> y•> w:9>:88u?•@=> >@= 7•> 1uw?•@=> >@>w•;?4v7•> yQu@28•9?•= 7•@= w:9>:88u?4:9 y• ;:4>>:91w3u?B:

:277T3uJ9• y• Au7•@= y• 7QH7•Au2• y@ ;:4>>:91w3u? 942H=4u9 O uw?4:9> ;:>>4v7•>BB

278l=HA4>4:9 y@ yHA•7:;;•8•9? y• 7u w3uJ9• y• Au7•@= y@ ;:4>>:91w3u? 1=u4>0 844B1847BBB

:279T::=y49u?4:9 u@ >•49 y•> w3uJ9•> y• Au7•@= y•> u2=@8•> •? y• 7u ?:8u?• O w:8;u=u4>:9 •9?=• 7• hu=:w0

7Na>;u29• •? 7u p@=<@4• BI

:27:Tu=?• y• 7Nk@2u9yuCC

:27BT3uJ9• y• Au7•@= y• 7u 17:=4w@7?@=• •9 k@2u9yu •? wu=?• y•> 2=u;;•>CC

:27CP9u7D>• y• 7u w3uJ9• y• Au7•@= y•> 17•@=> •9 k@2u9yuCG

:27FT:8;:>u9?•> y@ w:M? ?:?u7 y•> =:>•> 8494u?@=•> •9 k@2u9yu •? u@ f•9DuCI

:27GT:8;:>u9?•> y@ w:M? ?:?u7 y•> v:@?@=•> •9 k@2u9yu •? u@ f•9DuF7 :27IaC;:=?u?4:9> :@2u9yu4>•> y• 17•@=>0 7II:1844CF9 :284Tu=?• y@ f•9DuG4 :287T3uJ9• y• Au7•@= y@ 3u=4w:? A•=? u@ f•9DuG7 :288T3uJ9• y• Au7•@= 49?H2=H• y• 7Q•C;:=?u?4:9G7 :289aC;:=?u?4:9> y• 7u 9:4C y• wu5:@ y@ h:Eu8v4<@• y•;@4> 7IF4 GG

:28:l:49?> 1u4v7•> y• 7u w3uJ9• y• Au7•@= 9u?4:9u7• y• 7u 9:4C y• wu5:@ u@ h:Eu8v4<@•GI

:28BT3uJ9• y• Au7•@= 9u?4:9u7• y• 7u 9:4C y• wu5:@ u@ h:Eu8v4<@• uA•w 7•> ;•?4?> ?=u9>1:=8u?•@=>GI

:28CT3uJ9• y• Au7•@= y• 7u >:w4H?HI8 :28FP8H74:=u?4:9 y•> w3uJ9•> y• Au7•@= -uAu9? Au7•@= u5:@?H•.I8 :28GP8H74:=u?4:9 y•> w3uJ9•> y• Au7•@= -uA•w Au7•@= u5:@?H•.I8 :28IaC;:=?u?4:9> yQu9u9u> IF :294e8;:=?u?4:9> •@=:;H•99•> yQu9u9u>IF :297aC;:=?u?4:9> 23u9H•99•> yQu9u9u> 1=u4> A•=> 7Qqa744 :298T3uJ9• y• Au7•@= y• 7Qu9u9u> u@ 23u9u74C :299aC;:=?u?4:9> yQu9u9u> y@ c3u9u A•=> 7Q•@=:;•74F :29:nH24:9> y@ h:Eu8v4<@•77F :29BaC;:=?u?4:9> y• 9:4C y• wu5:@ u@ h:Eu8v4<@•0 7IC7O8444774

:29CT3uJ9• y• Au7•@= 9u?4:9u7• ;:@= 7•> 9:4C y• wu5:@ y@ h:Eu8v4<@•778

:29Fl:>4?4:99•8•9? y@ ;=:y@4? O 7N49y@>?=4• 8:92:7• y@ wuw3•84=•77G :29Gl:>4?4:9 y@ wu1H =Bu9yu4>0 7II418444784 :29Ikv5•w?41> y• ;:>4?4:99•8•9? y@ wu1H nBu9yu4> ;:@= 8474787 :2:4T3uJ9• y• Au7•@= 2H9H=4<@• y@ wu1H788 :2:7nH>@7?u?> y•> •11:=?> y• ;:>4?4:99•8•9? y@ wu1H y@ nBu9yu0 844B789 :2:8l:>4?4:99•8•9? y@ wu1H nBu9yu4>0 8474 •? u@1y•7G78: :2:9ru7•@= y@ ;=:y@4? ;u= =u;;:=? u@C 9:=8•>78B :2::i:=8•> 49?•=9u?4:9u7•> •? y• Au7•@= u5:@?H•78C :2:BT3uJ9• y• Au7•@= y• 7u ;•=w3• y@ i47 •9 k@2u9yu79B :2:Cl=:w•>>@> y• w•=?414wu?4:9 eok I444 79C :2:FS:99• ;=u?4<@• y• 1uv=4wu?4:9 •? dPTTl79F :2:Gh4>• •9 :•@A=• y• 7QdPTTl79F :2:IaC;:=?u?4:9> :@2u9yu4>•> y• ;•=w3• y@ i4779G

:2B4Tu=?:2=u;34• y•> >•=A4w•> 149u9w4•=> •? w:88•=w4u@C uw?@•7> •? ;:?•9?4•7>7::

:2B7aC;:=?u?4:9> y• w:?:9 Eu8v4•90 7II4O7II:7:G :2B8T3uJ9• y• Au7•@= y@ w:?:9 Eu8v4•97:G

:2B9T:9w@==•9w• Eu8v4•99• >@= 7• 8u=w3H y•> 2=u49•> y• w:?:97:I

A444pPSga Wao hPpeRnao

:2B:g• 8:yI7• y• y4>?=4v@?4:9 y• W@9uAu9?7:I

2BBaC;:=?u?4:9> y• w:?:9 14v=• y• tu8v4•0 7IIBO844:7B4

:2BCT3uJ9• y• Au7•@= y• 7u A4u9y• =:@2• u@ S:?>Bu9u7C4 :2BFaC;:=?u?4:9> y• v:•@1 y@ S:?>Bu9u07II4O844:7C4

2BGa8;7uw•8•9? y•> uvu??:4=> u@ S:?>Bu9u7C4

:2BIn•w:88u9yu?4:9> ;:@= 7u w3uJ9• y• Au7•@= y• 7u A4u9y• =:@2• u@ S:?>Bu9u7C8

:2C4h4>• •9 :•@A=• 494?4u7• y•> =•w:88u9yu?4:9> P r4u9y• =:@2•7C9

2C7l=:w3u49•> H?u;•> ;:@= 7u w3uJ9• y• Au7•@= y• 7u A4u9y• =:@2• u@ S:?>Bu9u7C:

:2C8g• 2=:@;•8•9? y•> 17•@=> w:@;H•> u@ f•9Du7CI :2C9l=:y@w?4:9 yQuA:wu? u@ f•9Du0 7II:O844F7F8

2C:T3uJ9• y• Au7•@= y• 7QuA:wu? u@ f•9Du7F8

:2CBT3uJ9• y• Au7•@= •? 2=:@;•8•9? y• 7QuA:wu? u@ f•9Du7F9 :2CCaC;:=?u?4:9> yQuA:wu? y@ f•9Du0 7IFBO844B7FB :2CFh:yI7• y• o)a yu9> @9• w3uJ9• y• Au7•@= 7G7

:2CGaC•8;7• yQu114w3• y@ olac 8:9?=u9? 7•> <@u74?H> yH>4=H•> ;:@= 7•> u9u9u> 11 qoPeW7G8

LMVPL

727T=:4>>u9w• y@ w:88•=w• •9 P1=4<@• O aC;:=?u?4:9> y• v4•9> •? >•=A4w•> -( y@ leS.8

728n•9y•8•9? ?:?u7 •9 wH=Hu7•> ;u= 3•w?u=• -6233u.0 ;u= ;uD> F

927W:w@8•9?> w7H> @?474>H> ;:@= 7u =•A@• v4v74:2=u;34<@•84

:27l=:y@4?> y• vu>• y@ h:Eu8v4<@• ;u= A:7@8• •? ;=4C0 844B9C :28o•w?•@= yQ49?•=A•9?4:9 494?4u@C •? =•A@> u@ h:Eu8v4<@•9C

:29P9u7D>• y• 7NHwu=? •9?=• 7N49y@>?=4• y@ w42u=• •9 nH;@v74<@• y:8494wu49• •? G T@vu2C7

:2:e77@>?=u?4:9 y• 7Nu9u7D>• y•> Hwu=?>C8

:2Bl•=1:=8u9w•> y• w=:4>>u9w• y•> •C;:=?u?4:9> 3:=?4w:7•> •9 k@2u9yu0 7IIB18448CF

:2Cr•9?•> y• =:>•> u@C •9w3I=•> •9 d:77u9y•0 8448CF

:2Fo?=@w?@=• y•> w:M?> y• ;=:y@w?4:9 ;u= 3•w?u=• ;:@= 7•> =:>•> 8494u?@=•> O

k@2u9yu ;u= =u;;:=? u@ f•9Du -•9 y:77u=> aq.CG :2Go?=@w?@=• y•> w:M?> ;u= 3•w?u=• ;:@= 7u ;=:y@w?4:9 y• v:@?@=•> O k@2u9yu ;u= =u;;:=? u@ f•9Du -•9 y:77u=> aq.F7

:2IF7H8•9?> 8:?•@=> •? w:8;u=u4>:9 •9?=• 7Nk@2u9yu0 7• f•9Du •? 7•> luD>1Su>F8

:274k;H=u?4:9> y• ?=u9>1:=8u?4:9 y• 7u 9:4C y• wu5:@ u@ h:Eu8v4<@•I4 :277m@•7<@•> =u4>:9> yQ•9A4>u2•= @9• 49?H2=u?4:9 A•=?4wu7•IB :278T:M? y@ 8u?H=4•7 yQ•8vu77u2• uAu9? •? u;=I> 7QPeP778 :279T:M? y@ ?=u9>;:=? uAu9? •? u;=I> 7QPeP778 :27:l=:y@w?4:9 =Bu9yu4>• y• wu1H784 :27Bl=:y@w?4:9 •? ;=4C y@ wu1H =Bu9yu4>0 8449O844B789 :27Cl:@=w•9?u2•> y•> wu1H> >?u9yu=y •? :=y49u4=•0 7IIGO844B78: :27Fl=:2=u88• y• =H8@9H=u?4:9 W@9uAu9?7B4

:27GaC•8;7• y• w3•w6174>? y•> <@•>?4:9> G ?=u4?•= u@C y411H=•9?•> H?u;•> y@ ;=:w•>>@> y;;7B:

:27IpD;•> y,:=2u94>u?4:9 ;:@= •9?=•;=4>•> •? 1:9w?4:9>7BF :284l:@=>@4?• yQ@9 y4u7:2@• •114wuw•7BF 4C

4 6D834 0 NCN N;01>AN ?0A e e DBC8= BB>280C4Bc =2ec ?>DA

;4 2>D?4 06A82D;CDA4 4C 3NE4;>??4<4=C ADA0; 3D 'NB40D NE4;>??4<4=C 3DA01;4 34 ;0 0=@D4 <>=380;4e "4 CA0E08; 0 NCN 38A86N ?0A &0CA82: "010BC4 3D N?0AC4<4=C 3D

3NE4;>??4<4=C 3DA01;4 34 ;0 'N68>= 5A8@D4 34 ;0 0=@D4

<>=380;4e "4 ?A8=28?0; 0DC4DA 4C 2745 3BN@D8?4 4= 0 NCN e #0AC8= ,4114Ac E824d?ANB834=C 4GN2DC85 34 e e DBC8= BB>280C4Bc =2e "4 CA0E08; 0 NCN 58=0=2N ?0A ;0 0=@D4 <>=380;4c 4C ?0A 34B 2>=CA81DC8>=B 3D &A>6A0<<4 34 ?0AC4=0A80C 0=@D4f&0HBd0B C$&&ac 4C 3D &A>6A0<<4 C>DB & A4;0C85 0DG ?A>3D8CB 34 10B4 06A82>;4B C&a 34 ;B*=8>= 4DA>?N4==4e D B48= 34 e e DBC8= BB>280C4Bc =2ec #0A2>B A>270c $0H70 A>A0c +8A68=80 A0=3>=c "8B0 0AB4c A0=C

0E0=0D67c #82704; D2:4Ac 0E83 4864c #82704; >A<0=c

0A;C>= >=4Bc #>;;84 ">6D4c 4==854A "H=27c ;8280 #8;;4Ac

!8A: $0C70=B>=c #0CC74F (70?8A>c 0=4 (740A4Ac DBC8= (C>:4Bc 4C 8=0 )D<10A4;;> >=C C>DB 0??>ACN ;4DA 2>=CA81Dd C8>= R 24 CA0E08;e !4E8= -e #DA?7Hc ?ANB834=C 34 e e DBC8= BB>280C4Bc =2e 3>8C WCA4 ?0AC82D;8VA4<4=C A4<4A28Ne %=C 2>;;01>AN R 24C >DEA064 R ;0 0=@D4 <>=380;4 #0;82:

=C>8=4 4C 40=d"D2 >B8>e 40= #8274; +>8B0A3 4C #0AC8=>=0AB:8 >=C N60;4<4=C 5>DA=8 34 ?AN284DB4B >A84=C0C8>=B 4C

2><<4=C08A4Be

"4B 0DC4DAB >=C AND=8 D=4 C01;4 A>=34 3B4G?4ACB 34 ;B8=3DBd CA84c @D8 0 5>DA=8 34B BD664BC8>=B 4C 4G?NA84=24B @D8 >=C ?4A<8B

3B0A4A 24 6D834e "4B ?0AC828?0=CB R ;0 C01;4 A>=34 NC084=C u

A070<4 8G84c '8270A3 4=AHc (C4E4 05544c >7= "0<1c (E4Cd ;0=0 #4034Bc &0D; (8464;c .>;0=30 (CA0270= 4C *<0 (D1A0d <0=80= 3D A>D?4 34 ;0 0=@D4 <>=380;4 v (DB0= >A=BC48= C)427=>(4AE4a v 40==4 >F=8=6 C*(a v &0D; D4=4CC4

Cd+%a v %;05 !D;0 Cd+%a v A0=: "DB1H

C2C8>= 5>A =C4A?A8B4a v 4C "H== (0;8=64A C'ae

*= 6A0=3 =><1A4 34 ?4AB>==4B >=C 0??>ACN ;4DA B0E>8Ad

508A4 4C 4G?NA84=24c 4= ?0AC82D;84A ?>DA ;4B NCD34B 34 20Be ;B

>=C ?0AC06N ;4DAB ?A>?A4B 4G44C >1B4AE0C8>=Be "4DAB 4G?NA84=24B ?4AB>==4;;4B 4C ;4DA

1>==4 E>;>=CN R ?0AC064A ;4DAB 4G4=2;DB8>=B >=C

2>=CA81DN R 508A4 34 24 6D834 D=4 B>DA24 ?0AC82D;8VA4<4=C

A8274 4= 83N4B 4C 8=5>A<0C8>=Be $>DB ?A8>=B B8=2VA4<4=C 34 =>DB 4G2DB4A 24DG @D4c ?0A 8=03E4AC0=24c =>DB 0DA8>=B ?D >D1;84A 34 28C4Ae

PWPNUPWPX

C4 !6A82D;CDA0; BB>280C8>= >5 !4=H0 CBB>280C8>= 06A82>;4 3D !4=H0a 'E0=C064 2>= 34 ;B06A81DB8=4BB 0D 'F0=30 %5A820= A>FC7 0=3 %??>ACD=8C84B 2C C;>8 34B LC0CBd*=8B ?>AC0=C BDA ;0 2A>8BB0=24 4C ;4B >??>ACD=8CNB 4= 5A8@D4a

6A> =3DBCA80 BB>28030B

#&f(224;4A0C43 #82A>4=C4A?A8B4 3E0=24<4=C &A>942CfDB8=4BB 4E4;>?<4=C (4AE824B C?A>94C 34 3NE4;>??4<4=C 022N;NAN 34B <82A>d4=CA4?A8B4BfB4AE824B 3J0??D8 0DG 4=CA4?A8B4Ba &&6A82D;CDA0; &A>3D2C8E8CH =70=24<4=C &A>6A0< C&A>6A0<<4 3J0A0C8>=

34 ;0 ?A>3D2C8E8CN 06A82>;4a

((5A8@D4 BD1B070A84==4 &BB>280C8>= 34B N;4E4DAB 34 1NC08; 3D >CBF0=0 C>CBF0=0 0CC;4 &A>3D24AB BB>280C8>=a #><<8BB8>= 34 ;0 E80=34 3D >CBF0=0 C>CBF0=0 #40C ><<8BB8>=a &>==4 ?A0C8@D4 06A82>;4 &>==4 ?A0C8@D4 34 501A820C8>= ><MC 4= A4BB>DA24B 8=CNA84DA4B )>5544 )0G0C8>= 0=3 4=27<0A:8=6 =8C80C8E4 C=8C80C8E4 ?>DA ;J0=0;HB4 34B ?>;8C8@D4B 34 C0G0C8>= 4C ;0 AN6;4<4=C0C8>= 3D B42C4DA 3D 205Na

5N?0AC4<4=C ?>DA ;4 3NE4;>??4<4=C 8=C4A=0C8>=0; 3D '>H0D<4d*=8

C4?0AC<4=C 5>A =C4A=0C8>=0; 4E4;>?<4=Ca

&"8??43 &A>3D2CB "C3e (&NE4;>??4<4=C 3D B42C4DA ?A8EN

0BC 5A820= A>F4AB BB>280C8>= CBB>280C8>= 34B ?A>3D2C4DAB 06A82>;4B 34 ;J5A8@D4 34 ;JBCa

BB>280C8>= 34B 4G?>AC0C4DAB 34 5AD8CB 4G>C8@D4B 3D 70=0 (( 5A820NE4;>??4<4=C N2>;>68@D4<4=C 4C B>280;4<4=C 3DA01;4c 'N68>= 5A8@D4 C0=@D4 <>=380;4a DA4?&'N5NA4=C84; 3D 6A>D?4 34 CA0E08; 34 ;0 6A0=34 38BCA81DC8>= 4DA>?N4==4 BDA ;4B 1>==4B ?A0C8@D4B 06A82>;4B CDA>d'4C08;4A &A>3D24 ,>A:8=6 A>D? >= >>3 6A82D;CDA0; &A02C824Ba

A0=2> R 1>A3

%%A60=8B0C8>= 34B $0C8>=B *=84B ?>DA ;B0;8<4=C0C8>= 4C ;B06A82D;CDA4

C>>3 0=3 6A82D;CDA4 %A60=8I0C8>=a

%())0B4 34 3>==N4B BC0C8BC8@D4B 34 ;0 %

A0=2 34 ;0 >< &#>A24Bc 5081;4BB4Bc ?>BB818;8CNB 4C <4=024B &!BB>280C8>= 34B 4G?>AC0C4DAB 34 ?A>3D8CB 5A08B 3D !4=H0

CA4B7 &A>3D24 G?>AC4AB BB>280C8>= >5 !4=H0a

&(018=4C4 34 &A><>Q0> 3> (42C>A ><4A280; 6ATA8> )/4DCB274 4B4;;B2705C 5SA )427=8B274 /DB0<<4=0A148C C)/a <1

C64=24 ?>DA ;0 2>>?NA0C8>= C427=8@D4 0;;4<0=34a

LNZX WPA PA LM7ULUZX

C44PTnkishao ap PSnFrePpekio

&=0;HB4 34B 30=64AB d ?>8=CB 2A8C8@D4B ?>DA ;4DA <0OCA8B4 C0I0A3 =0;HB8B 0=3 A8C820; >=CA>; &>8=Ca BB>280C8>= 7>AC82>;4 3D 70=0 C>AC82D;CDA0; BB>280C8>= 70=0a >AC82D;CDA0; A>?B 4E4;>?<4=C DC7>A8CH C;J0DC>A8CN 270A6N4 3D

3NE4;>??4<4=C 34 ;0 2D;CDA4 7>AC82>;4a

BB>280C8>= 8=C4A=0C8>=0;4 34 3NE4;>??4<4=C C=C4A=0C8>=0; 4E4;>?<4=C BB>280C8>=a =E4BC8BB4<4=C 38A42C NCA0=64A &'=BC8CDC 8=C4A=0C8>=0; 34 A4274A274 BDA ;4B ?>;8C8@D4B 0;8<4=C08A4B

C=C4A=0C8>=0; >>3 &>;82H '4B40A27 =BC8CDC4a

$ *=BC8CDC =0C8>=0; 34 ;0 =>8G 34 209>D !'f$'!4=H0 6A82D;CDA0; '4B40A27 =BC8CDC4f$0C8>=0; >AC82D;CDA0; '4B40A27 4=CA4 C=BC8CDC :4=H0= 34 A4274A274 06A82>;4f4=CA4 =0C8>=0; 34 A4274A274 7>AC82>;4a !&(!4=H0 &;0=C 40;C7 =B?42C>A0C4 (4AE824B C;4B B4AE824B 3J8=B?42C8>= B0=8C08A4 34B 8=BC0;;0C8>=B 34 ?A>3D2C8>= 3D !4=H0a !"BB>280C8>= >5 !8;8<0=90A> (?4280;CH >5544 A>F4AB C;J0BB>280C8>= 34B ?A>3D2C4DAB 34 205N 3D !8;8<0=90A>a "$)%"8=C >5 /0<180 C;0 B>28NCN 2>C>==8VA4 34 ;0 /0<184a ##>=6>;80= >DA ;0 2>=6>;84a $&$>DE40D ?0AC4=0A80C ?>DA ;4 3NE4;>??4<4=C 34 ;J5A8@D4 C$4F &0AC=4AB78? 5>A 5A820JB 4E4;>?<4=Ca %%55824 24=CA0; 34B ?A>3D2C4DABd4G?>AC0C4DAB 3B0=0=0B 4C 34 10=0=4B %'d05N%55824 34B 205NB %#%1942C85 3D #8;;N=08A4 ?>DA ;4 3NE4;>??4<4=Cquotesdbs_dbs32.pdfusesText_38