Forces et faiblesses des universités américaines

Transcription

Forces et faiblesses des universités américaines
!"#$%&'%(')*+,-%&&%&'.%&'/0+1%#&+(2&'*32#+$*+0%&'
!
!
"#$$#!%&'()#!*(+%$&))#!,!-.!*/$&0)#1!2!3#4+.%!*'5/&0*&.#%!61!(-7)&5!8*.%!!"#$%&'(#
#.!9::;!<.+!=>?@1!(/#.8/*!)*!A+/'#!8B-.#!'&%#!,!C+-/!%-/!)#%!A+/0#%!#$!)#%!A*&7)#%%#%!
*0$-#))#%!8#%!-.&D#/%&$5%!*'5/&0*&.#%1!#.!&.%&%$*.$!%-/!)#%!A*&7)#%%#%1!(*/0#!E-#!)#%!A+/0#%!
%+.$!7&#.!0+..-#%F!3#!0)*%%#'#.$!8#!GH*.IH*&!*!85C,!5$5!0&$5!0#!'*$&.1!*D#0!8&J!
-.&D#/%&$5%!*'5/&0*&.#%!(*/'&!)#%!8+-K#!(/#'&L/#%1!$*.8&%!E-#!)#!)*+",#-*./"0#
1234'(*56#73889"+"6(!#.!0)*%%#!.#-A!(*/'&!)#%!8+-K#!(/#'&L/#%1!)#%!$/+&%!*-$/#%!5$*.$!
MJA+/81!"*'7/&8I#!#$!)BN'(#/&*)!"+))#I#!8#!3+.8/#%F!3#!%O%$L'#!-.&D#/%&$*&/#!*'5/&0*&.!
#%$!)#!'#&))#-/!8-!'+.8#1!(/"#&",(#*6#(/"#:50921!0+''#!)B50/&$!P+.*$H*.!QF!"+)#!R!
)+.I$#'(%!805;5,(!8#!)B-.&D#/%&$5!"+)-'7&*1!E-#!CB*&!#-!0+''#!(*$/+.1!#$!E-&!*!8+..5!
-.#!%5/&#!8#!)#4+.%!%-/!)#%!-.&D#/%&$5%!*'5/&0*&.#%!*-!"+))LI#!8#!S/*.0#!&)!O!*!E-#)E-#%!
*..5#%!R1!8*.%!-.!)&D/#!*-!$&$/#!50)*$*.$1!)/"#<0"'(#=+"0*4'6#>6*;"0,*(?!<T#U!V+/W1!X-7)&0!
YAA*&/%!Z++W%1!9::;@F!G&!P+.*$H*.!"+)#!*8'&/#!)*!2!I/*.8#!-.&D#/%&$5!*'5/&0*&.#!8#!
/#0H#/0H#!61!&)!.B#.!&I.+/#!(*%!0#(#.8*.$!)#%!A/*I&)&$5%F!3#!%O%$L'#!-.&D#/%&$*&/#!
*'5/&0*&.!/#%$#/*[$[&)!)#!'#&))#-/!\!
X+-/!0#$$#!C+-/.5#1!.+-%!*D&+.%!0H#/0H5!,!&.D&$#/!8#-J!*-$/#%!0+))LI-#%!8+.$!)#%!
+-D/*I#%!/50#.$%!+.$!'&%!)B*00#.$!%-/!%#%!D-).5/*7&)&$5%1!G$#A*.!"+))&.&1!8#!"*'7/&8I#1!
85C,!0&$5!(*/!M)&D&#/!Z#*-81!(+-/!@/'(#=0"#>6*;"0,*(*",#A50#B#<3+.8/#%1!X#.I-&.1!9:=9@1!#$!
Y.8/#U!]#)7*.0+1!8#!"+)-'7&*1!(+-/!C599"."#D#@/'(#E(#@',F#E,F#'62#7/5392#G"!<X/&.0#$+.!
#$!MJA+/81!X/&.0#$+.!^.&D#/%&$O!X/#%%1!9:=9@1!8#-J!)&D/#%!8+.$!C#!'B&.%(&/#!8*.%!)#%!
/#'*/E-#%!E-&!%-&D#.$F!
"#!E-&!A*&$!)*!I/*.8#-/!8#%!-.&D#/%&$5%!*'5/&0*&.#%1!0B#%$!8B*7+/8!)#-/!8&D#/%&$51!
)#-/!()-/*)&$51!)#-/!'-)$&()&0&$51!0B#%$[,[8&/#!)#!A*&$!E-B&)!.BO!*&$!(*%!^T_!-.&D#/%&$5!
*'5/&0*&.#F!M)&D&#/!Z#*-81!#.!7+.!I#/'*.&%$#1!'#$!-.#!'*C-%0-)#!,!^.&D#/%&$51!#$!.+$/#!
$&$/#!8B*-C+-/8BH-&1!2!3*!D+0*$&+.!8#!)B^.&D#/%&$5!61!O!*C+-$#!-.#!$+-0H#!%*0#/8+$*)#F!P#!
$&E-#!%-/!0#$$#!'*C-%0-)#1!E-#!)B+.!'#$!#.!A/*.4*&%!,!`$*$!#$!`I)&%#1!#$!C#!$&#.%!*-!(#$&$!
2!-!6!8B-.&D#/%&$51!8#!'a'#!E-#!CB#.$#.8%!)#!$&$/#!8#!.+$/#!C+-/.5#!8#!'*.&L/#!)*bE-#!#$!
(/*I'*$&E-#1!*-!%#.%!8#!G$#A*.!"+))&.&!c!@/'(#'0"#>6*;"0,*(*",#A50#B!d!E-+&!%#/D#.$!)#%!
-.&D#/%&$5%!\!G&!-.#!0*(&$*)#!A&I-/#!8*.%!)#!$&$/#!8#!"+))&.&1!0B#%$!E-#!)B-%*I#!
$O(+I/*(H&E-#!*.I)*&%!)#!D#-$1!.+.!E-B&)!%*0/*)&%#!)B-.&D#/%&$51!E-B&)!'#$!8B*&))#-/%!*-!
()-/&#)F!$",#36*;"0,*(%,F#8530#H35*#A'*0"#B!e+&),!0+''#!CB#.$#.8%!.+$/#!E-#%$&+.F!
Q#.*.1!C-%$#'#.$!8*.%!)B*/$&0)#!E-#!0&$*&$!Y.8/5!f-O*-J1!%*!2!3#$$/#!%-/!)*!)&7#/$5!
8#!)B#.%#&I.#'#.$!%-(5/&#-/!6!8#!=gh>1!(/+$#%$*&$!0+.$/#!2!0#!.+'!7&K*//#!8B^.&D#/%&$5!
8#!S/*.0#1!0H+&%&!(*/!T*(+)5+.!(+-/!85%&I.#/!%+.!*8'&.&%$/*$&+.!8B&.%$/-0$&+.!
(-7)&E-#!6F!^.#!8#%!/*&%+.%!(+-/!)#%E-#))#%!C#!/5%&%$#!*-!I/*.8!2!^!61!0B#%$!%+.!-%*I#!
.*(+)5+.&#.!E-#!0/&$&E-*&$!Q#.*.!c!!
2!_$!8B*7+/8!C#!%-((/&'#/*&%!0#!85()+/*7)#!7*/7*/&%'#!8B>6*;"0,*(%#2"#I0'64"1!
*%%#'7)*I#!8#!'+$%!$+-$!,!A*&$!&.0+H5/#.$%F!3B#%%#.0#!8B-.#!-.&D#/%&$5!#%$!8#!/5%&8#/!
8*.%!-.#!D&))#1!8BO!*D+&/!%+.!#J&%$#.0#!&.85(#.8*.$#F!i^.&D#/%&$5!8BMJA+/8j1!i-.&D#/%&$5!
8#!k-7&.I-#j!%+.$!8#%!'+$%!E-&!%#!0+'(/#..#.$F!l*&%!E-&!*!C*'*&%!#.$#.8-!(*/)#/!
8Bi-.&D#/%&$5!8BY))#'*I.#j1!8Bi-.&D#/%&$5!8BY.I)#$#//#j!\!N)!A*-$!/#D#.&/!,!0#!D&#-J!
%O%$L'#!8#%!-.&D#/%&$5%!8&%$&.0$#%!#$!/&D*)#%!E-#!)*!S/*.0#!*!&.*-I-/5!*-$/#A+&%1!E-B#))#!*!
#-!)#!$+/$!8B*7*.8+..#/1!#$!E-&!#%$!*-C+-/8BH-&!0#)-&!8#!$+-$#%!)#%!.*$&+.%!0&D&)&%5#%F!6!
k+-$#A+&%1!C#!.#!%-&D/*&!(*%!Q#.*.!*-[8#),!8#!0#$$#!850)*/*$&+.1!(-&%E-#!)*!'&%%&+.!
8#%!-.&D#/%&$5%!5$*&$!,!%#%!O#-J!8#!A*&/#!.*m$/#!-.#!.+-D#))#!*/&%$+0/*$&#1!-.#!5)&$#!
&.$#))#0$-#))#!0*(*7)#!8#!$#.&/!$a$#!,!)*!85'+0/*$&%*$&+.!8#!)*!%+0&5$5F!G*!0+.0#($&+.!8#!
)B-.&D#/%&$5!.B5$*&$!(*%!85'+0/*$&E-#!'*&%!*/&%$+0/*$&E-#1!)*!'&%%&+.!E-B&)!)-&!A&J*&$!5$*.$!
!
"!
8#!A+/'#/!2!-.#!$a$#!8#!%+0&5$5!/*$&+.*)&%$#1!/5I.*.$!(*/!)*!%0&#.0#1!A&L/#!8#!0#$$#!%0&#.0#1!
#$!(#-!8&%(+%5#!,!)*&%%#/!(5/&/!%+.!(/&D&)LI#!*-!(/+A&$!8B-.#!A+-)#!&I.+/*.$#!6F!!
Y-J!`$*$%[^.&%1!)*!A+/0#!8#%!-.&D#/%&$5%!/5%&8#!8*.%!-.!%O%$L'#!8&D#/%&A&51!+-!
#.0+/#!5$*I51!8B-.&D#/%&$5%!8#!/#0H#/0H#!#$!8#!0+))LI#%!8B*/$%!)&75/*-J1!8B-.&D#/%&$5%!
(/&D5#%!#$!8B-.&D#/%&$5%!(-7)&E-#%1!*&.%&!E-#!8#!0+))LI#%!#.!8#-J!*.%1!)#%!45++36*(?#
4599".",1!E-&!*!(#/'&%!)*!85'+0/*$&%*$&+.!8#!)B*00L%!,!)B#.%#&I.#'#.$!%-(5/&#-/F!Y))*.$!8#!
(*&/!*D#0!0#$$#!8&D#/%&$51!)*!%#0+.8#!A+/0#!8-!%O%$L'#!*'5/&0*&.!#%$!)B&8#.$&A&0*$&+.!8#!
)B#.%#&I.#'#.$!%-(5/&#-/!,!)*!A+/'*$&+.!$+-$!*-!)+.I!8#!)*!D&#F!3#%!Y'5/&0*&.%!%+.$!
$+-C+-/%!#.!$/*&.!8#!A*&/#!8#%!5$-8#%1!&)%!%-&D#.$!8#%!(*/0+-/%!&.8&D&8-#)%1!%&.I-)&#/%1!
0-'-)*$&A%1!+n!&)!.BO!*!(*%!8#!()*0#!(+-/!)*!.+$&+.!8B50H#0!(-&%E-B+.!(#-$!$+-C+-/%!
(+-/%-&D/#!#.!0*(&$*)&%*.$!8B-.#!&.%$&$-$&+.!,!)B*-$/#F!X*/!%*!8&D#/%&$5!#$!%*!A)#J&7&)&$51!)#!
%O%$L'#!-.&D#/%&$*&/#!#%$!#.!%O'7&+%#!*D#0!)*!%+0&5$51!%-&D*.$!-.#!0+.0#($&+.!
85'+0/*$&E-#!8#!)B#.%#&I.#'#.$!%-(5/&#-/!,!)*E-#))#!+.!(#-$!+((+%#/!)*!$/*8&$&+.!8#!
)B-.&D#/%&$5!7/&$*..&E-#1!/#(/5%#.$5#!8*.%!0#!'+$!0*/&0*$-/*)!8B-.!H+''#!(+)&$&E-#!(#-!
%#.%&7)#!,!)B5D+)-$&+.!/50#.$#!8#!)*!%+0&5$5!c!2!M-/!-.&D#/%&$&#%1!7+$H!+A!$H#'o!61!0+''#!
%&1!#.0+/#!*-C+-/8BH-&1!/&#.!8B*-$/#!E-BMJA+/8!#$!"*'7/&8I#!.#!0+'($*&$F!!
]-!(+&.$!8#!D-#!8#!)*!8&D#/%&A&0*$&+.!85'+0/*$&E-#1!)#!%O%$L'#!(-7)&0!*'5/&0*&.!)#!
()-%!/#(/5%#.$*$&A!#%$!0#)-&!8#!)*!"*)&A+/.&#1!'+8L)#!H&5/*/0H&%51!0+'(/#.*.$!$/+&%!5$*I#%!
R!^.&D#/%&$O!+A!"*)&A+/.&*!GO%$#'1#"*)&A+/.&*!G$*$#!^.&D#/%&$O!GO%$#'1!#$!45++36*(?#
4599".",!R1!E-&!*!5$5!-.!(-&%%*.$!D#0$#-/!8B*00L%!,!)B#.%#&I.#'#.$!%-(5/&#-/!,!(*/$&/!8#%!
*..5#%!=;?:1!$*.8&%!E-#!8*.%!)#%!-.&D#/%&$5%!(/&D5#%!)#%!()-%!0+p$#-%#%!)#!%O%$L'#!
8B*8'&%%&+.!6""2J&9*62!(#/'#$$*&$!8#!%5)#0$&+..#/!)#%!5$-8&*.$%!&.85(#.8*''#.$!8#%!
/#%%+-/0#%!A&.*.0&L/#%!8#%!A*'&))#%F!!
k+-$#A+&%1!0B#%$!%*.%!8+-$#!)*!(-&%%*.0#!8#%!-.&D#/%&$5%!8#!/#0H#/0H#!E-&!.+-%!
&.$5/#%%#!8+-$#!8*D*.$*I#1!#.D&/+.!=9:!5$*7)&%%#'#.$%!%-/!()-%!8#!9!>::!E-&!+AA/#.$!8#%!
5$-8#%!#.!E-*$/#!*.%F!_))#%!A-/#.$!A+.85#%!%-/!)#!'+8L)#!*))#'*.8!,!(*/$&/!8#!=gh?1!8*$#!
8#!)*!0/5*$&+.!8#!P+H.%!q+(W&.%!(*/!]*.&#)!"+&$!f&)'*.!*(/L%!-.!)+.I!D+O*I#!#.!
Y))#'*I.#F!^.#!-.&D#/%&$5!8#!/#0H#/0H#!%-/!)#!'+8L)#!*))#'*.81!0#)*!D+-)*&$!8&/#!
8B*7+/8!E-#!)#!8+0$+/*$!%#/*&$!/#E-&%!8#!)*!A*0-)$51!*)+/%!E-#!)#%!#.%#&I.*.$%!8#%!0+))LI#%!
.B5$*&#.$!(*%!8+0$#-/%!r!#.%-&$#1!E-#!0#$$#!A*0-)$5!0+.%*0/#/*&$!-.#!)*/I#!(*/$!8#!%+.!
$#'(%!#$!8#!%+.!*0$&D&$5!,!)*!/#0H#/0H#F!s-*%&!$+-$#%!)#%!-.&D#/%&$5%!8#!/#0H#/0H#!E-&!
0+'($#.$!#.0+/#!*-C+-/8BH-&!+.$!5$5!0/5#%!8*.%!)#%!*..5#%!=gg:!#$!=g;:F!!
3B#.D+)!D5/&$*7)#!8#%!I/*.8#%!-.&D#/%&$5%!(/&D5#%!*'5/&0*&.#%!A-$!0#(#.8*.$!()-%!
$*/8&A!c!&)!8*$#!8#!=;tt1!8#!)*!8#%$/-0$&+.!8-!%O%$L'#!-.&D#/%&$*&/#!*))#'*.8!(*/!q&$)#/1!
0*-%#!*00&8#.$#))#!8-!85D#)+((#'#.$!*-J!`$*$%[^.&%!8B-.&D#/%&$5%!*O*.$!(+-/!'&%%&+.!
.+.!%#-)#'#.$!)*!$/*.%'&%%&+.!8-!%*D+&/1!'*&%!*-%%&!)*!(/+8-0$&+.!8#!850+-D#/$#%!
A+.8*'#.$*)#%!#$!*(()&E-5#%!8*.%!$+-$#%!)#%!8&%0&()&.#%F!s-*.$!*-J!-.&D#/%&$5%!
(-7)&E-#%1!0/55#%!(*/!-.#!)+&!8#!=g?9!&'(+%*.$!,!0H*E-#!`$*$!8B#.!&.%$&$-#/!-.#!#$!E-&!
5$*&#.$!,!)B+/&I&.#!8#%!50+)#%!*(()&E-5#%1!)#%!=KL1!=.0*439(30"#'62#L"4/'6*4#C599".",1!
#))#%!%#!%+.$!#))#%!*-%%&!0+.D#/$&#%!*-!'+8L)#!I#/'*.&E-#!8#(-&%!)*!G#0+.8#!f-#//#!
'+.8&*)#1!0+''#!)B&))-%$/#!)B#J0#))#.0#!8#%!-.&D#/%&$5%!8#!"*)&A+/.&#!<Z#/W#)#O!+-!^"3Y@1!
8-!k#J*%1!8-!l&0H&I*.1!+-!8-!u&%0+.%&.1!8#%0#.8*.$%!8#%!0+))LI#%!8B*I/&0-)$-/#!#$!8#!
'50*.&E-#F!!
k#)!#%$!)#!%O%$L'#!E-&!*!$/&+'(H5!*(/L%!=;v>1!I/w0#!*-!'+8L)#!8#!A&.*.0#'#.$!8#!
)*!/#0H#/0H#!'&%!*-!(+&.$!8-/*.$!)*!I-#//#!#$!0+.4-!(*/!e*..#D*/!Z-%H1!'*m$/#!8Bx-D/#!
8#!)*!(+)&$&E-#!A585/*)#!8#!)*!/#0H#/0H#!%0&#.$&A&E-#1!8+.$!)*!/#0H#/0H#!'&)&$*&/#1!#$!
(*$/+.!8#!)*!M7I1!)*!M'(*56'9#74*"64"#I5362'(*56!8*.%!)#%!*..5#%!=;>:F!"#!'+8L)#!/#(+%#!
%-/!)#!A&.*.0#'#.$!A585/*)!8#!)*!/#0H#/0H#!8*.%!)#%!-.&D#/%&$5%!#$!.+.!8*.%!8#%!
)*7+/*$+&/#%!A585/*-JF!!
!
#!
GB&)!A*))*&$!/#$#.&/!$/+&%!8*$#%!8*.%!)#!)BH&%$+&/#!$/&+'(H*)#!8#%!-.&D#/%&$5%!8#!
/#0H#/0H#!*'5/&0*&.#%1!0#!%#/*&#.$!8+.0!=gh?1!*D#0!)*!A+.8*$&+.!8#!P+H.%!q+(W&.%!%-/!)#!
'+8L)#!*))#'*.81!=;tt1!*D#0!)B#J+8#!(/+D+E-5!(*/!)B*//&D5#!*-!(+-D+&/!8Bq&$)#/1!#$!=;v>1!
*D#0!)#!'*&.$&#.!8-!A&.*.0#'#.$!A585/*)!8#!)*!/#0H#/0H#!8*.%!)#%!-.&D#/%&$5%!
#J(5/&'#.$5!8-/*.$!)*!I-#//#F!
l*&%!8#%!'#.*0#%!&.$#/.#%!#$!#J$#/.#%!(L%#.$!*-C+-/8BH-&!%-/!)*!%-(/5'*$&#!8#%!
-.&D#/%&$5%!*'5/&0*&.#%F!G&!)#%!'#.*0#%!#J$#/.#%!%#'7)#.$!(+-/!)#!'+'#.$!'+85/5#%1!
)&5#%!,!)*!'+.$5#!#.!(-&%%*.0#!8#%!-.&D#/%&$5%!#-/+(5#..#%!#$!*%&*$&E-#%1!)#%!A*&7)#%%#%!
&.$#/.#%!%+.$!()-%!%5/#-%#%F!]-/*.$!%*!/50#.$#!0*'(*I.#!(+-/!)*!(/5%&8#.0#!*'5/&0*&.#1!
l&$$!Q+'.#O!*D*&$!)BH*7&$-8#!8#!0&$#/!%+.!(L/#1!f#+/I#!Q+'.#O1!0*.8&8*$!,!)*!(/5%&8#.0#!
#.!=;?g!#$!*.0&#.!8&/&I#*.$!8BY'#/&0*.!l+$+/%!c!2!kH#/#!&%!.+$H&.I!*%!D-).#/*7)#!*%!
#.$/#.0H#8!%-00#%%F!6!2!N)!.BO!*!/&#.!8#!()-%!D-).5/*7)#!E-#!)*!0+'()*&%*.0#!8*.%!)*!
/5-%%&$#1!)#!0+.$#.$#'#.$!8#!%+&!61!#$!)#%!-.&D#/%&$5%!*'5/&0*&.#%!D&D#.$!%+-%!0#$$#!
'#.*0#F!
3#-/!(/#'&L/#!A/*I&)&$5!$+-0H#!,!)*!A+/'*$&+.F!3*!(/#%%#1!8#(-&%!-.!*.1!.#!0#%%#!8#!
(*/)#/!8-!(+&8%!8#!)*!8#$$#!5$-8&*.$#1!7-))#!A&.*.0&L/#!0+.%&85/*7)#!#$!%+-/0#!
8B&.E-&5$-8#!0/+&%%*.$#F!yO)#!l0"*/$HO!#$!T*$*)&*!Y7/*'%!50/&D*&#.$!)#!=v!*D/&)!9:=9!
8*.%!)#!-3AA*6.(56#N5,(#c!!
2!G&.0#!=;hg1!0+))#I#!$-&$&+.!H*%!%WO/+0W#$#8!7O!+D#/!;::z1!UH&)#1!
%&'-)$*.#+-%)O1!I/*.$%!*.8!%0H+)*/%H&(%!0+.$&.-#!$+!7#!%)*%H#8F!kH#!/#%-)$\!G$-8#.$%!*/#!
A+/0#8!$+!'+/$I*I#!$H#&/!A-$-/#%!U&$H!%$-8#.$!8#7$1!A/+'!UH&0H!$H#/#!&%!.+!#%0*(#F!N.!
9:=:1!%$-8#.$!8#7$!*0$-*))O!#0)&(%#8!0/#8&$!0*/8!8#7$!*%!$H#!%#0+.8!)*/I#%$!0+.%-'#/!
8#7$!&.!$H#!0+-.$/O!<%#0+.8!+.)O!$+!'+/$I*I#!8#7$1!%-/(*%%&.I!{=!$/&))&+.!&.!$+$*)@F!)/"#
=(9'6(*4#/#0#.$)O!/#(+/$#8!$H*$1!%&.0#!=;;;1!%$-8#.$!8#7$!H*%!&.0/#*%#8!7O!>==zF!6!!
Q#$#.+.%!0#!D#/7#!c!(5!,O?054O"(1!E-&!/#D&#.8/*!,!(/+(+%!8#%!0+p$%!8#!)*!/#0H#/0H#!
#$!E-&!/5%-'#!)#%!8&AA&0-)$5%!8#%!-.&D#/%&$5%!*'5/&0*&.#%!c!)#-/!&.0*(*0&$5!8#!'*m$/&%#/!)#%!
0+p$%F!]#-J!%#-&)%!+.$!A+/$#'#.$!'*/E-5!)B+(&.&+.!c!#.!9:=:1!)*!8#$$#!5$-8&*.$#!#%$!
8#D#.-#!)*!8#-J&L'#!8#$$#!*'5/&0*&.#1!85(*%%*.$!0#))#!8#%!0*/$#%!8#!0/58&$!r!(-&%1!#.!
*D/&)!9:=91!0#$$#!8#$$#!*!*$$#&.$!-.!$/&))&+.!8#!8+))*/%1!0B#%$[,[8&/#!'&))#!'&))&*/8%!8#!
8+))*/%!<)*!8#$$#!&''+7&)&L/#!#%$!$+-$!8#!'a'#!8&J!A+&%!()-%!5)#D5#@F!!
G-/!)*!)+.I-#!8-/5#1!8#(-&%!)*!G#0+.8#!f-#//#!'+.8&*)#1!)#%!A/*&%!8#!%0+)*/&$5!+.$!
0/p!0H*E-#!*..5#!8#!9!,!t!z!*-[8#%%-%!8#!)B&.A)*$&+.1!0#!E-&!%B#J()&E-#!#.!(*/$&#!(*/!
)B*7%#.0#!8#!I*&.%!8#!(/+8-0$&D&$5!8*.%!)B#.%#&I.#'#.$!#$!(*/!)*!)+&!8#!)*!A*$*)&$5!8#%!
0+p$%!0/+&%%*.$%F!3#%!(/+A#%%#-/%!'L.#.$1!-.!(#-!0+''#!)#%!0+&AA#-/%1!8#%!*0$&D&$5%!
85(+-/D-#%!8#!I*&.%!8#!(/+8-0$&D&$51!'*&%!*)+/%!E-B&)!O!*-/*1!8&$[+.1!$+-C+-/%!8#%!
0+&AA#-/%1!&)!.B#%$!(*%!*-%%&!0#/$*&.!E-B&)!*&$!$+-C+-/%!8#%!(/+A#%%#-/%F!3#%!/#D#.-%!8#%!
0)*%%#%!'+O#..#%!+.$!#.!#AA#$!0#%%51!#-J1!8#!0/+m$/#!()-%!D&$#!E-#!)B&.A)*$&+.1!0#!E-&!/#.8!
)#!0+p$!8#%!5$-8#%!8#!()-%!#.!()-%!&.%-((+/$*7)#F!3*!0/&%#!8#!)*!8#$$#!5$-8&*.$#!#%$!8+.0!
)&5#!,!)B&.5I*)&$5!0/+&%%*.$#!*-J!`$*$%[^.&%1!,!)B50*/$!E-&!%#!0/#-%#!#.$/#!)#%!$/L%!/&0H#%!#$!
)#!/#%$#!8#!)*!(+(-)*$&+.1!(+-/!)*E-#))#!&)!.#!D*!()-%!8#!%+&!8#!0+.0#D+&/!)#%!5$-8#%!
%-(5/&#-/#%!0+''#!-.#!&.D#%$&%%#'#.$1!)#-/!/#.$*7&)&$5!8#D#.*.$!8#!()-%!#.!()-%!
&.0#/$*&.#F!!
3#%!0)*%%#'#.$%!8#%!-.&D#/%&$5%1!$#)!)#!()-%!/5(-$51!0#)-&!8#!>7#M":,#'62!@5092#
P"850(1!&.$/+8-&%#.$!#.!+-$/#!-.!#AA#$!(#/D#/%F!N)!$#.8#.$!,!(+-%%#/!)#%!0+p$%!,!)*!H*-%%#1!
8*.%!)*!'#%-/#!+n!&)%!&.0&$#.$!)B#.%#'7)#!8#%!-.&D#/%&$5%!#$!0+))LI#%!,!&'&$#/!)#%!
(/#'&#/%1!0B#%$[,[8&/#!q*/D*/81!V*)#1!X/&.0#$+.1!"+)-'7&*1!E-&!%+.$!*-%%&!)#%!()-%!/&0H#%F!
]#%!0)*%%#'#.$%!*)$#/.*$&A%!%+.$!,!(/5%#.$!(/+(+%5%1!*.*)+I-#%!,!0#-J!8#%!)O05#%!#.!
S/*.0#!#$!%B&.$5/#%%*.$!*-J!-.&D#/%&$5%!E-&!/5-%%&%%#.$!,!*-I'#.$#/!)#!(+-/0#.$*I#!8#!
8&()|'5%!/#)*$&D#'#.$!*-!.&D#*-!8#%!#.$/*.$%1!/#(5/*.$!8+.0!)#-/!0*(*0&$5!8#!A*&/#!
!
$!
(/+I/#%%#/F!"#$$#!A+&%1!0B#%$!k#J*%!Y}l!E-&!$&#.$!)#!8#-J&L'#!/*.I!*)+/%!E-#!)#%!
'#&))#-/#%!-.&D#/%&$5%!$/*8&$&+..#))#%!850/+0H#.$F!
3*!S#8#/*)!Q#%#/D#!Z*.W!8#!T#U!V+/W!*!(-7)&5!#.!'*/%!9:=9!-.#!5$-8#!%-/!)*!
8#$$#!5$-8&*.$#=F!3#%!0H&AA/#%!%+.$!#.!#AA#$!*)*/'*.$%!c!th!'&))&+.%!8BY'5/&0*&.%!+.$!-.#!
8#$$#!5$-8&*.$#1!0#))#[0&!%B5)#D*.$!#.!'+O#..#!,!9t!t::!8+))*/%!r!v:!z!8B#.$/#!#-J!+.$!
'+&.%!8#!t:!*.%1!'*&%!>1t!z!8B#.$/#!#-J!+.$!?:!*.%!#$!()-%1!0#!E-&!%&I.&A&#!E-B&)%!
*$$#&.8/+.$!)BwI#!8#!)*!/#$/*&$#!%*.%!*D+&/!/5I)5!)#-/!8#$$#!5$-8&*.$#!#$!E-#!%+.!
/#'7+-/%#'#.$!%#/*!858-&$!8#!)#-/!/#$/*&$#1!8#!)#-/!754*'9#7"430*(?F!!
^.#!*-$/#!0+.%5E-#.0#!8#!)*!0/&%#!A&.*.0&L/#!8#(-&%!9::g[9::;!#%$!
)B5$/*.I)#'#.$!8#%!-.&D#/%&$5%!(-7)&E-#%F!3#!%O%$L'#!0*)&A+/.&#.1!)#!'#&))#-/!%O%$L'#!
(-7)&01!/&%E-#!8Ba$/#!85'*.$#)5!,!)*!%-&$#!8#%!/58-0$&+.%!8#!)*!(+)&$&E-#!7-8I5$*&/#!8#!
)B`$*$1!E-&!+.$!*$$#&.$!)*!)&'&$#!8-!85I/*&%%*I#F!]*.%!)#%!-.&D#/%&$5%!(/&D5#%1!)#!
/#0/-$#'#.$!6""2J&9*621!&.85(#.8*.$!8#%!7#%+&.%1!#%$!/58-&$!2"#A'4(5#(*/!)B*-I'#.$*$&+.!
8-!(+-/0#.$*I#!8#%!5$-8&*.$%!5$/*.I#/%1!)#%E-#)%1!0H&.+&%!(*/!#J#'()#1!'*&%!*-%%&!
A/*.4*&%1!(*&#.$!)#!(/&J!A+/$F!]*.%!)#%!-.&D#/%&$5%!(-7)&E-#%1!+.!*-I'#.$#!)#!(+-/0#.$*I#!
8#%!5$-8&*.$%!.+.!.*$&A%!8#!)B`$*$1!E-&!(*&#.$!()-%!0H#/F!3#!/5%-)$*$1!E-#!C#!%&I.*)*&%!8L%!
9::;1!#%$!E-#!)#!(+-/0#.$*I#!8#!8&()|'5%!8#!)B#.%#&I.#'#.$!-.&D#/%&$*&/#!(*/!0)*%%#!
8BwI#!.B*-I'#.$#!()-%!*-J!`$*$%[^.&%!8#(-&%!E-#)E-#%!*..5#%F!P-%E-B&0&!#.!H*-%%#!
0+.%$*.$#!8#(-&%!)*!G#0+.8#!f-#//#!'+.8&*)#1!&)!#%$!8#!t>!z!#.D&/+.1!0B#%$[,[8&/#!
'#&))#-/!E-B#.!S/*.0#1!'*&%!+.!*!*$$#&.$!-.!()*$#*-1!D+&/#!-.!(+&.$!+n!8B&.A)#J&+.!*-[8#),!
8-E-#)!)#%!#.A*.$%!%#/+.$!'+&.%!8&()|'5%!E-#!)#-/%!(*/#.$%F!
G-&D*.$!)#!/*((+/$!8-!"+-.0&)!+A!f/*8-*$#!G0H++)%!(-7)&5!,!)B*-$+'.#!9:=991!)#%!
#AA#0$&A%!+.$!7*&%%5!8*.%!)#%!(/+I/*''#%!I/*8-5%!#.!9:=:!#$!9:==1!*(/L%!*D+&/!$+-$#A+&%!
%#.%&7)#'#.$!*-I'#.$5!#.!9::g!#$!9::;!8*.%!)B*(/L%[0+-(!&''58&*$!8#!)*!0/&%#!#$!8-!
/5$/50&%%#'#.$!8-!'*/0H5!8-!$/*D*&)F!"#/$*&.#%!7*&%%#%!%+.$!&.E-&5$*.$#%1!0+''#!0#))#!
8#!g1g!z!#.$/#!9:=:!#$!9:==!(+-/!)*!A+/'*$&+.!,!)B58-0*$&+.!c!0#!.B#%$!(*%!%#-)#'#.$!#.!
S/*.0#!E-#!)#!/#0/-$#'#.$!8#%!#.%#&I.*.$%!8-!(/&'*&/#!#$!8-!%#0+.8*&/#!8#D&#.$!'+&.%!
*$$/*O*.$F!_$!)#%!5$-8&*.$%!5$/*.I#/%!*-I'#.$#.$!(*/!/*((+/$!*-J!5$-8&*.$%!*'5/&0*&.%!c!
8*.%!)#%!50+)#%!8B&.I5.&#-/%1!v>1>!z!8#%!5$-8&*.$%!I/*8-5%!.#!%+.$!(*%!*'5/&0*&.%1!#$!#.!
&.A+/'*$&E-#!#$!'*$H5'*$&E-#%1!v91v!zF!!
3#!8&()|'#1!ZY!+-!XHF]1!.#!8+..*.$!()-%!-.#!*%%-/*.0#!8B#'()+&1!)B&.E-&5$-8#!#%$!
'*.&A#%$#!8*.%!)#%!A*'&))#%!%-/!)*!/#.$*7&)&$5!8#!)B&.D#%$&%%#'#.$!8*.%!)B#.%#&I.#'#.$!
%-(5/&#-/1!(H5.+'L.#!E-&!*00#.$-#!)*!(/#%%&+.!8#!)*!0+.0-//#.0#!%-/!)#%!-.&D#/%&$5%!
8*.%!)#!0*8/#!8B-.!'*/0H5!8#!)B#.%#&I.#'#.$!%-(5/&#-/!8#!()-%!#.!()-%!I)+7*)1!+n!)*!
/#0H#/0H#!8#!)*!(/+8-0$&D&$5!(/&'#!%-/!)B&85*)!8#!)*!G*9236.1!8#!)B58-0*$&+.!I5.5/*)#1!
C-%E-B,!(/5%#.$!'*&.$#.-!8*.%!)#%!0+))LI#%!8B*/$%!)&75/*-JF!
3#%!5$-8#%!%-(5/&#-/#%!$#.8#.$!8+.0!,!%#!A*&/#!()-%!(/+A#%%&+..#))#%1!+-!
;54'(*56'9!R!)#!'+$!*!-.!%#.%!$/L%!8&AA5/#.$!#.!*.I)*&%!R1!0#!E-&!.B#%$!(*%!%*.%!#AA#$!%-/!)#%!
8&%0&()&.#%!8+.$!)#%!8&()|'#%!%#'7)#.$!'+&.%!/#.$*7)#%!%-/!)#!'*/0H5!8#!)B#'()+&F!3#!
(/5%&8#.$!8B-.!0+))LI#!8B*/$%!)&75/*-J1!8B-.!!*&"0'9#=0(,#C599"."1!%B#J(/&'*&$!/50#''#.$!
#.!0#%!$#/'#%!c!!
2!T+$!#.+-IH!%$-8#.$%!*/#!*%W&.I!*7+-$!C+7!()*0#'#.$F!_D#/O!0+))#I#!*.8!
-.&D#/%&$O!'-%$!7#!H#)8!*00+-.$*7)#!A+/!$H&%!8*$*1!UH&0H!&%!0+))#0$#8!7O!*!0#/$*&.!8*$#!
#D#/O!O#*/F!X/+%(#0$&D#!%$-8#.$%!%H+-)8!W.+U!UH#/#!*.8!UH#.!*)-'.&!A&.8!C+7%1!
7#0*-%#!&$!&%!&.8&0*$&D#!+A!$H#&/!+U.!(+%$[I/*8-*$&+.!(/+%(#0$%F!~o!q&IH#/!#8-0*$&+.!&%!*!
7-%&.#%%1!%$-8#.$%!*/#!0+.%-'#/%1!*.8!$H#OB/#!'*W&.I!0H+&0#%!$H*$!U&))!&'(*0$!(/+7*7)O!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
=!H$$(cÄÄ)&7#/$O%$/##$#0+.+'&0%F.#UO+/WA#8F+/IÄ9:=9Ä:tÄI/*8&.I[%$-8#.$[)+*.%FH$')!
9!H$$(cÄÄUUUF0I%.#$F+/IÄI/*8-*$#[#./+))'#.$[*.8[8#I/##%[9::=[9:==!
!
%!
$H#&/!%#0+.8!+/!$H&/8!)*/I#%$!&.D#%$'#.$F!kH#O!8#%#/D#!$+!W.+U!$H#!+-$0+'#F!~o!
G$-8#.$%!0+'#!$+!-%!*%!*!0+.%-'#/1!7-$!$H#O!)#*D#!*%!*!(/+8-0$tF!6!
3*!D-).5/*7&)&$5!8#%!8&%0&()&.#%!8+.$!)#%!8&()|'#%!%+.$!'+&.%!(*O*.$%!%-/!)#!
'*/0H5!8#!)B#'()+&!#%$!-.!A*&$!.+-D#*-1!*)+/%!E-#1!8-/*.$!)#%!8#/.&L/#%!850#..&#%1!)#%!
H-'*.&$5%!%#'7)*&#.$!'&#-J!85A#.8-#%!8*.%!)#%!-.&D#/%&$5%!*'5/&0*&.#%!E-#!8*.%!)#%!
-.&D#/%&$5%!#-/+(5#..#%1!.+$*''#.$!A/*.4*&%#%1!)#%E-#))#%!'#$$*&#.$!8*D*.$*I#!)B*00#.$!
%-/!)#%!8&()|'#%!(/+A#%%&+..#)%F!]-!0+-(1!0#/$*&.%!#.%#&I.*.$%!(#-D#.$!a$/#!$#.$5%!8#!
/#.+.0#/!*-J!D*)#-/%!#%%#.$&#))#%!8#!)*!G*9236.!(+-/!C-%$&A&#/!)#%!H-'*.&$5%!%-/!-.!'+8#!
-$&)&$*&/#1!0+''#!%&!)B+.!85A#.8*&$!)B*((/#.$&%%*I#!8-!D&+)+.!%+-%!(/5$#J$#!8-!
85D#)+((#'#.$!8B-.#!8#J$5/&$5!'*.-#))#!-$&)#!(+-/!$*(#/!%-/!-.!0)*D&#/1!0#!8+.$!G$#A*.!
"+))&.&!%#!'+E-#!c!2!NA!U#!A&.8!+-/%#)D#%!%*O&.I!$H*$!UH*$!&%!D*)-*7)#!*7+-$!)#*/.&.I!$+!
()*O!$H#!D&+)&.!U#))!&%!$H*$!&$!H#)(%!-%!8#D#)+(!$H#!'*.-*)!8#J$#/&$O!$H*$!U&))!7#!-%#A-)!A+/!
$O(&.I1!$H#.!U#!*/#!%$-0W!&.!*!$/*AA&0[C*'!+A!0*/$%!&.!A/+.$!+A!H+/%#%F!6!!
^.!&.8&0#!8#!)*!A/*I&)&$5!8-!'+8L)#!8#!)*!G*9236.1!&'(+/$5!8*.%!)#!8#/.&#/!E-*/$!8-!
ÅÅ#!%&L0)#!#$!/#.A+/05!,!(*/$&/!8#%!*..5#%!=;t:1!#%$!)*!7*&%%#!8-!(+-/0#.$*I#!8#%!
(/+A#%%#-/%!$&$-)*&/#%!+-!("630"21!%-/!)#!'+8L)#!8#!)B#.$/#(/&%#!,!)*!/#0H#/0H#!8#!)*!
2!A)#J&7&)&$5!6!8#%!/#%%+-/0#%!H-'*&.#%F!M/!)*!("630"!*!5$5!)B-.!8#%!A*0$#-/%!8#!)B#J0#))#.0#!
8#%!-.&D#/%&$5%!*'5/&0*&.#%1!%*!'#&))#-/#!C-%$&A&0*$&+.!5$*.$!E-B#))#!&.0&$#!)#%!
-.&D#/%&$*&/#%!,!/#0/-$#/!8#!'#&))#-/%!E-B#-J['a'#%1!+-!8-!'+&.%!E-B#))#!.#!)#%!
85%&.0&$#!(*%!,!.#!(*%!/#0/-$#/!8#!'#&))#-/%!E-B#-J['a'#%!E-&!)#%!85)+I#/*&#.$F!
_.!=;g>1!&)!O!*!(/L%!8#!t:!*.%1!E-*.8!C#!%-&%!(*/$&!(+-/!"+)-'7&*1!0B5$*&$!#.0+/#!
-.#!-.&D#/%&$5!*))#'*.8#!+n!%+-AA)*&$!)B#%(/&$!8#%!I/*.8%!%*D*.$%!C-&A%!E-&!*D*&#.$!A-&!)#!
.*K&%'#F!3#!8#/.&#/!%-/D&D*.$1!M%W*/!y/&%$#))#/1!*((*/*&%%*&$!0+''#!)*!%$*$-#!8-!
"+''*.8#-/1!)#D*.$!-.!8+&I$!'#.*4*.$!)+/%E-#!)#%!.+-D#))#%!I5.5/*$&+.%!
%B*D#.$-/*&#.$!H+/%!8-!8/+&$!0H#'&.!8#!)*!G*9236.1!(*/!#J#'()#!8*.%!)#%!C39(30'9#7(32*",F!
"B5$*&$!#.0+/#!)B5(+E-#!+n1!%-&D*.$!-.!'+$!E-#!CB*&!%+-D#.$!#.$#.8-1!+.!8&%*&$!8#!
)BH&%$+&/#!8#!)B*/$!8*.%!)#%!I/*.8#%!-.&D#/%&$5%!*'5/&0*&.#%!c!2!"#!%+.$!8#%!C-&A%!E-&!
#.%#&I.#.$!)*!/#)&I&+.!0*$H+)&E-#!,!8#%!(/+$#%$*.$%F!6!X)-%!/&#.!8#!$#)!*-C+-/8BH-&1!'*&%!)#!
/&%E-#!8#!)*!8+'&.*$&+.!8-!'+8L)#!#.$/#(/#.#-/&*)1!O!0+'(/&%!8*.%!)#%!*/$%!)&75/*-J1!
(H5.+'L.#!%-/(/#.*.$!(+-/!0#-J!E-&!*D*&#.$!0/-!E-#!)*!I-#//#!8#%!0-)$-/#%1!)#%!C39(30"#
@'0,!8#%!*..5#%!=;g:!#$!=;;:1!'#$$*&#.$!#.!8*.I#/!)#%!H-'*.&$5%F!Y-!$#'(%!8-!A*'#-J!
(*'(H)#$!8BY))*.!Z)++'1!)/"#C95,*6.#5A#(/"#=+"0*4'6#L*62!<=;gh@F!3*!)-$$#!#.$/#!)#%!
(*/$&%*.%!8#%!C39(30'9#7(32*",!#$!0#-J!E-&!D+-)*&#.$!#.0+/#!(*/)#/!8#!GH*W#%(#*/#!+-!8#!
l&)$+.!(*/*)O%*&$!)#%!H-'*.&$5%F!M/!)#!8*.I#/!#%$!D#.-!8B*&))#-/%!#$!)#%!-.%!0+''#!)#%!
*-$/#%!%+.$!#.!(*%%#!8Ba$/#!7*)*O5%!8*.%!)#!.+-D#*-!(*O%*I#!-.&D#/%&$*&/#!
#.$/#(/#.#-/&*)F!
_.!'*$&L/#!8#!/#0H#/0H#1!)#!(/+7)L'#!#%$!*-%%&!0#)-&!8#!)*!0/+&%%*.0#!
#J(+.#.$&#))#!8#%!0+p$%F!"+''#!)#!.+$*&$!-.!+7%#/D*$#-/!8L%!9:::!c!2!)/"#45,(#5A#25*6.#
0","'04/#/',#,O?054O"("2F#',#(/"#.5;"06+"6(#83(,#80",,30"#56#80*;'("#0","'04/#36*;"0,*(*",#
(5#0"234"#(/"*0#*62*0"4(#45,(#0'(",F#'62#0'*,"2#*(,#"Q8"4('(*56,#A50#+'(4/*6.#A362,#*6#.0'6(#
'889*4'(*56,vF!6!"#$$#!.+-D#))#!+00-//#.0#!8-!D#/7#!(5!,O?054O"(!850/&$!-.!0+.$#J$#!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
t!H$$(cÄÄ$H#0H+&0#F7)+I%F.O$&'#%F0+'Ä9:=9Ä:>Ä99Ä8+[O+-[H*D#['O['*C+/[*.8[+$H#/[0+))#I#[
E-#%$&+.%[$+[*D+&8Ä!
v!
H$$(cÄÄUUUFI++I)#F0+'Ä-/)\%*Ç$}/0$ÇC}EÇ}#%/0Ç%}%+-/0#ÇU#7}08Ç=}D#8Ç:"]lsSCYY}-/)
ÇH$$(ztYz9Sz9S.#$F#8-0*-%#F#8-z9S&/z9S)&7/*/Oz9S(8Az9SAA(:::>%F(8A}#&Ç*OD"^NCCS;
qS:Yq'CVqYZY}-%IÇYSsC"TSvY#=;[K;É(?MÑfK;T^QV9EMvy[
U}%&I9ÇSgHDXEMSvkl.-y%:#EUq#Y!
!
&!
50+.+'&E-#!8#!0+.$/*&.$#!7-8I5$*&/#!E-&!*!/*((/+0H5!)#%!-.&D#/%&$5%!8#%!#.$/#(/&%#%1!
*D#0!8#!.+'7/#-J!%-00L%1!'*&%!*-%%&!8#!.+$*7)#%!*'7&D*)#.0#%F!Y&.%&!G$*.A+/81!(*/!
)B&.$#/'58&*&/#!8#!%#%!(/+A#%%#-/%1!5$-8&*.$%!#$!*.0&#.%!5$-8&*.$%!<'93+6*@1!*!0+.$/&7-5!,!
)*!0/5*$&+.!8#!()-%!8#!9!v::!#.$/#(/&%#%!<0H&AA/#!8#!9:=:@F!"#/$*&.#%!%+.$!$/L%!05)L7/#%1!
0+''#!q#U)#$$!X*0W*/81!"&%0+!+-!f++I)#1!E-&!+.$!$+-$#%!A&.*.05!-.!7w$&'#.$!%-/!)#!
0*'(-%F!s-*.$!,!lNk1!)*!.57-)#-%#!50+.+'&E-#!8#!)B-.&D#/%&$5!0+'($#!*-C+-/8BH-&!v!:::!
#.$/#(/&%#%!E-&!#'()+&#.$!=1=!'&))&+.!8#!(#/%+..#%1!(+-/!-.!0H&AA/#!8B*AA*&/#%!8#!)B+/8/#!
8-!XNZ!8#!)BYA/&E-#!8-!G-8!+-!8#!)*!kH*b)*.8#1!*-!.&D#*-!8#%!v:!()-%!I/*.8#%!50+.+'&#%!
'+.8&*)#%F!!
3#%!#AA#$%!8#!)*!0+''#/0&*)&%*$&+.!8#!)*!(/+(/&5$5!&.$#))#0$-#))#!%-/!)*!/#0H#/0H#!
-.&D#/%&$*&/#!.#!%+.$!(*%!'*m$/&%5%1!'#$$*.$!#.!(5/&)!-.#!D*)#-/!*0*85'&E-#!0#.$/*)#!
/*((#)5#!(*/!M)&D&#/!Z#*-81!0#))#!8#!)*!/#0H#/0H#!+-D#/$#!#$!85%&.$5/#%%5#1!)#!D&#&)!&85*)!
8#%!%*D*.$%1!)#%E-#)%1!$/L%!%+-D#.$!*-C+-/8BH-&1!(/+A&$#.$!8&/#0$#'#.$!#$!A&.*.0&L/#'#.$!
8#!)#-/%!850+-D#/$#%F!3B-.!8#%!/&%E-#%!8#!)*!A-%&+.!#.$/#!-.&D#/%&$5!#$!#.$/#(/&%#!#%$!8#!
A*D+/&%#/!)*!/#0H#/0H#!)*!()-%!)-0/*$&D#!*-!85$/&'#.$!8#!)*!/#0H#/0H#!)*!()-%!
A+.8*'#.$*)#!r!-.!*-$/#!#%$!)&5!,!)B+'.&(/5%#.0#!8#%!0+.A)&$%!8B&.$5/a$%1!#.!(*/$&0-)&#/!
8*.%!)*!/#0H#/0H#!(H*/'*0#-$&E-#F!
]#/.&L/#!8+..5#1!$+-$#!/50#.$#1!0B#%$!)#!0H+0!8#%!-.&D#/%&$5%!#.!)&I.#1!8#(-&%!E-#!
%B#%$!/5(*.8-!)*!.+-D#))#!E-B-.!0+-/%!8B&.$#))&I#.0#!*/$&A&0&#))#!(/+(+%5!,!)B*-$+'.#!9:==!
(*/!G$*.A+/8!*!/#0-#&))&!=?:!:::!&.%0/&$%F!G-/!0#!0H&AA/#!5.+/'#1!)#!$*-J!8B*7*.8+.!*!5$5!
5)#D51!'*&%!&)%!5$*&#.$!#.0+/#!9:!:::!8*.%!)#!'+.8#!#.$&#/1!*(/L%!$/#&K#!%#'*&.#%!8#!
0+-/%1!,!+7$#.&/!-.!0#/$&A&0*$F!3#!()-%!850+.0#/$*.$!#%$!E-#!)#%!9::!5$-8&*.$%!E-&!%B5$*&#.$!
&.%0/&$%!*-!0+-/%!(HO%&E-#!.B5$*&#.$!()-%!E-#!t:!*(/L%!E-#)E-#%!%#'*&.#%1!)#%!*-$/#%!
*O*.$!(/5A5/5!)#!0+-/%!#.!)&I.#1!)#!C-I#*.$!()-%!&.$#/*0$&A1!()-%!(/+0H#F!Y&.%&!)B*/I-'#.$!
#'()+O5!C-%E-B&0&!#.!A*D#-/!8#%!0+-/%!(HO%&E-#%!%#/*&$!#.!$/*&.!8#!$+'7#/!c!-.!0+-/%!
D&/$-#)!#%$!()-%!D&D*.$!E-B-.!0+-/%!(HO%&E-#F!
"#$!*-$+'.#!*-J!`$*$%[^.&%1!-.!'+$!#%$!,!)*!'+8#1!LRRC1!(+-/!L',,*;"#R8"6#
R69*6"!C530,"1!0+.0#($!8+.$!+.!*$$#.8!E-B&)!/5%+)D#!#.A&.!)#!(/+7)L'#!8#!)B*7%#.0#!8#!
I*&.%!8#!(/+8-0$&D&$5!8*.%!)B#.%#&I.#'#.$F!P-%E-B&0&1!,!)*!8&AA5/#.0#!8#!(/#%E-#!$+-%!)#%!
*-$/#%!%#0$#-/%!8#!)B50+.+'&#1!)#%!.+-D#))#%!$#0H.+)+I&#%!+.$!*-I'#.$5!)#%!0+p$%!8*.%!
)B#.%#&I.#'#.$!%-(5/&#-/F!3#%!-.&D#/%&$5%!%+.$!)B-.!8#%!/*/#%!)&#-J!+n!)#!(/+I/L%!
$#0H.&E-#!*-I'#.$#!)#%!0+p$%!*-!)&#-!8#!)#%!/58-&/#1!#$1!8*.%!)#!'+.8#!A&.*.0&#/!
I)+7*)&%51!0B#%$!)#-/!H*.8&0*(!(/&.0&(*)F!"#/$*&.%!(#.%#.$!E-#!0#!'+'#.$!#%$!85(*%%5!#$!
E-#!)#%!LRRC7!(#/'#$$/+.$!8#!/#.8/#!)B#.%#&I.#'#.$!%-(5/&#-/!4/"'8"0#'62#&"(("0F!"#)*!
/#%$#!7&#.!#.$#.8-!,!D+&/F!
Z/#A1!)#%!/*&%+.%!8B&.E-&5$-8#!%+.$!.+'7/#-%#%1!.+$*''#.$!(+-/!)#%!%O%$L'#%!
8B`$*$1!*-!(/#'&#/!0H#A!0#)-&!8#!"*)&A+/.&#1!)#!'#&))#-/F!3*!7*&%%#!8#!)*!E-*)&$5!8#!
)B58-0*$&+.!O!#%$!'*.&A#%$#!,!)*!%-&$#!8#%!%-((/#%%&+.%!8#!.+'7/#-J!(/+I/*''#%!#$!8#!
)B*-I'#.$*$&+.!8#%!5$-8&*.$%!8*.%!)#%!0+-/%F!3*!%&$-*$&+.!8#%!%O%$L'#%!(-7)&0%!E-&!+.$!
*%%-/5!)B*00L%!8#%!0)*%%#%!'+O#..#%!,!)B#.%#&I.#'#.$!%-(5/&#-/!#%$!&.E-&5$*.$#F!l*&%!)*!
0+.%0&#.0#!8#!$+-$#%!0#%!'#.*0#%!E-&!(L%#.$!%-/!)#!%O%$L'#!-.&D#/%&$*&/#!#%$!.#$$#F!^.!
/*((+/$!8-!]5(*/$#'#.$!A585/*)!8#!)B`8-0*$&+.1!=#)",(#5A#!"'2"0,/*8!'#$$*&$!*&.%&!#.!
I*/8#!8L%!9::?!c!!
2!q&%$+/O!&%!)&$$#/#8!U&$H!#J*'()#%!+A!&.8-%$/&#%!$H*$1!*$!$H#&/!(#/&)1!A*&)#8!$+!
/#%(+.8!$+Ö+/!#D#.!$+!.+$&0#Ö0H*.I#%!&.!$H#!U+/)8!*/+-.8!$H#'1!A/+'!/*&)/+*8%!$+!
%$##)!'*.-A*0$-/#/%F!u&$H+-$!%#/&+-%!%#)A[#J*'&.*$&+.!*.8!/#A+/'1!&.%$&$-$&+.%!+A!H&IH#/!
!
'!
#8-0*$&+.!/&%W!A*))&.I!&.$+!$H#!%*'#!$/*(1!%##&.I!$H#&/!'*/W#$!%H*/#!%-7%$*.$&*))O!/#8-0#8!
*.8!$H#&/!%#/D&0#%!&.0/#*%&.I)O!0H*/*0$#/&K#8!7O!+7%+)#%0#.0#>F!6!
3#!%O%$L'#!-.&D#/%&$*&/#!*'5/&0*&.!#.!#%$!,!-.!$+-/.*.$1!'*&%1!#.!'a'#!$#'(%1!&)!
#.!#%$!$#))#'#.$!0+.%0&#.$!E-#!)B+.!.#!(#-$!(*%!(*/)#/!8#!0+'()*&%*.0#!.&!8B&I.+/*.0#!
8#%!8&AA&0-)$5%F!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
>!H$$(cÄÄUUU9F#8FI+DÄ*7+-$Ä78%0+''Ä)&%$ÄH&#8A-$-/#Ä/#(+/$%FH$')!

Documents pareils

Catalog 1 - Richelieu

Catalog 1 - Richelieu automatically be add to your order and you will see at the top right on the top of the page (the quantity and the amount of your order). Then you click on the icon’’proceed to secure checkout’’and ...

Plus en détail