Newsletter_IJ_n_=_01..

Transcription

Newsletter_IJ_n_=_01..
!
!"# $%&!$''$(#)*#(+&$"* ,-./(0"'1/-#2$*-$&&$ $-#345-$67!8$&
9//0
":'*&
!"#$%&'()'* +((,
-&##./%0
!"#$%&#'(%) *+&,+--+
!+-.#//+'-.0 /12*+%-.
!+-.1)-+#&3.+,.#$%(2,
!+./21%1#(%.
!+-.4,52-.%6)7#%(8&+!"#$%&.#92,,)-.:&.;<4=
!"#>+,:#
!+-.$6(551+-
;<":'*"!1'+
":'*"!1'+ =$*-$&&$
?2&@+''+-.1+--2&1$+-.-&1.'!+-/#$+.*+&,+--+.-&1.'+.-(%+.:&.A(,(-%"1+
4''8>??%%%@=$*-$&&$@A/*B@.(
B,.521&7.(,%+1,+%./+17+%%#,%.#&3.*+&,+-.:+.72(,-.:+.CD.#,-.:+.:#9#%%1+.-&1.:+-.
%6"7+-.:+.-2$(#%#
4''8>??%%%@8"(/!$"*C=$*-$&@.(
!&%%+.$2,%1+.'+-.:(-$1(7(,#%(2,-.E.&,+.$6#1%+
;"#3+A1/-#345-$67!8$&#"#!"-:+ *-$#:4"('$#:/-'($#!$&#)1&:(101-"'1/-& !/(&#)*#)$(-1$(#
D/-)1"!#)$&#D+'1$(&#EFG#HG#I#$'#JK#.+B(1$(#LKKHM@
N!*&#)$#JKKK#345-"!81-&#/-'#+'+ "&&/:1+&#O !P$-&$0Q!$#)$& )+Q"'&#$'#O !"#:(+"'1/-#)$#:$''$#
:4"('$G#R*1#:1'$#'/*'$&#!$&#&/('$&#)$#)1&:(101-"'1/-&#)"-&#)1..+($-'&#)/0"1-$&G#:/00$#
-/'"00$-'#!P$08!/1#/*#!$#!/A$0$-'@#;"#3+A1/-#B"#"88!1R*$(G#"*#.*(#$'#O 0$&*($G#:$''$#
:4"('$#O '/*'$&#&$&#8/!1'1R*$&#$'#!"#)1..*&$(#"*8(S&#)$#&$&#8"('$-"1($&@#
3$'(/*B$T#$-#10"A$& !$&#'+0/1A-"A$&#)$#:$*C#R*1#/-'#8"('1:18+ O !P+:(1'*($#)$#!"#U4"('$#)$#
!*''$#:/-'($#!$&#)1&:(101-"'1/-&#&*(#>#4''8>??%%%@(4/-$"!8$&@.(?HJ6)$:!1:6=$*-$@4'0
B,+.#%&:+.-&1.'F(,5217#%(2,.:+-.*+&,+-.:+.CG.$ HI.#,-.#.#%# 7+,#+.+,.J#@2(+.+,.HIID
4''8>??%%%@1-=$8@.(?V-$6$'*)$6&*(6!61-./(0"'1/-6)$&@4'0!
K62-/621+.'#,$+.'+.9'2>.'L$#+,M.
U$#Q!/A ."1'#(""A1(#!$&#=$*-$&#&*(#)$#-/0Q($*C#'4#0$&#>#":'*"!1'" 8/!1'1R*$G :*!'*($G ."1'&#)$#
&/:1"'"G#$':@#;$#Q!/A#$&'#"-10" 8"(#!$#U!$01 $'#!P"&&/:1"'1/-#2$'&#)P$-:($#$'#!$&#"('1:!$&#
8*Q!1"&#&/-'#(")1A"&#8"(#)$&#=/*(-"!1&'$&#!W:"$-&#$'#)$&#=/*(-"!1&'$&#)$#0/1-&#)$#LX#"-&@
4''8>??!$Q!/A!W:$$-@84/&84/($@:/0
!
!F#//1+,%(--#>+.+,.<6N,+OP'/+-%
YN(1-:18"!#)1&8/&1'1.#108":'" 8"(#!"#("./(0$#>#!$&#"1)$&#"*C#$08!/W$*(&#)P"88($-'1&@#;$#
("A10$#01&#$-#8!":$#8"(#!"#3"A1/-#$-#LKKX#"B/!*$#)#&#!$#J$(#=*1-#LKKH@#
;P"1)$#A"-"("!$#)$#JKKK#$*(/&#$&'#0"1-'$-*$@#Z!!$#8$*'#['($#)"&/(0"1&#:/08!"'"$#8"(#*-#
&/*'1$-#)$#XKK#$*(/&#8/*(#'/*&#!$&#$08!/W$*(&#)P"88($-'1&#0"=$*(&#&"-&#R*"!1.1:"'1/-@#
\P"*'($#8"('G#".1-#)P1-:1'$(#!$&#8$'1'$&#$-'($8(1&$&#% "::*$1!!1(#)$&#"88($-'1&G#)$&#
Q/-1.1:"'1/-&#&/-'#8("B*$&#8/*(#!$&#NDZ#)$#0/1-&#)$#LK#&"!"(1"&#$'#8/*(#!$&#$08!/W$*(&#
$0Q"*:4"-'#)$&#"88($-'1&#8("8"("-'#*-#)18!50$#)$#8($01$(#-1B$"*#)$#R*"!1.1:"'1/-@
;"#-/*B$!!$#8/!1'1R*$#$-#."B$*(#)$#!P"88($-'1&&"A$#0$'#"A"!$0$-'#!P"::$-'#&*(#!P"0"!1/("'1/-#
)$&#:/-)1'1/-&#)$#./(0"'1/-#$'#)$#B1$#)$&#"88($-'1&#>#!"#Q/*(&$#)P"R*18$0$-'#8(/.$&&1/--$!#
)$&#=$*-$&#E]ZN2M#&$("#($B"!/(1&"$#$'#*-#./-)&#)$#&/!1)"(1'" "*C#=$*-$&#!$&#8!*&#$-#)1..1:*!'"
&$("#:("" )"-&#!$&#U$-'($&#)$#./(0"'1/-#)P"88($-'1&#EU^7M@#Z-.1-G#!$#.1-"-:$0$-'#)$&#U^7#
&$("#$..$:'*" &*(#)$&#:(1'#($&#8!*&#1-)1B1)*"!1&"&#8/*(#'$-1(#:/08'$#)$#!"#&1'*"'1/-#)$#
:4"R*$#"'"Q!1&&$0$-'@Y
4''8>??%%%@(4/-$"!8$&@.(?_K6$08!/16$'6./(0"'1/-@4'0
J(>,#%&1+.:#9&%.HIID.:F&,./12%2$2'+.:+.$22/#1#%(2,.+,%1+.S,@(+.:F#>(1.+%.'+-.7(--(2,-.
'2$#'+;$&#/Q=$:'1.&#)$#:$#8"('$-"(1"'#&/-'#>
6 )$#Y($-)($#"::$&&1Q!$#"*#8!*&#A("-)#-/0Q($#)$#=$*-$&#!"#)"0"(:4$#)$#8(/=$'G#$-#
8"('1:*!1$(#8/*(#:$*C#R*1#($-:/-'($-'#)$&#)1..1:*!'"&#)P1-&$('1/-#&/:1"!$#$'#8(/.$&&1/--$!!$Y#e
6 )$#."B/(1&$(#Y!P$&8(1'#)P1-1'1"'1B$#$'#)P$-'($8(1&$#)$&#=$*-$&#"::*$1!!1&#$'#&*1B1&#8"(#!$&#
01&&1/-&#!/:"!$&#$'#!$&#N7,fY#e
6 )P"&&/:1$(#!$&#=$*-$&#"* )"B$!/88$0$-'#!/:"!@
;$#8(/'/:/!$#$&'#)1&8/-1Q!$#&*(#!$#&1'$#2$*-$&&$G#g8/('&#$'#`1$#"&&/:1"'1B$#)*#01-1&'#($#)$#!"#
g"-'"G#)$#!"#2$*-$&&$#$'#)$&#g8/('&@
;$&#"88$!&#O
;$&#"88$!&#O 8(/=$'&
P,(7F.%#.;277&,+.:+.'FBQ;R
;PV^U`#!"-:$#Y7-10P#'"#U/00*-$Y@#U$''$#Q/*(&$ "*C#8(/=$'& "#8/*(#Q*'#)$#.1-"-:$( )$&#
8(/=$'&#8(/0/*B"-'#!$&#B"!$*(&#&/:1"!$&#:4S($&#O !<V^U`@#7-10P#'"#:/00*-$#$&'#/*B$('#O
'/*'$#8$(&/--$#)$#!PV-1/-#Z*(/8+$--$#"W"-'#*-#8(/=$'#."B/(1&"-'#!"#($-:/-'($#$'#!P+:4"-A$#
"*'/*(#)P*-#"('G#*-#&8/('G#*-#!/1&1(@@@;$#8(/=$'#)/1'#."1($ !</Q=$'#)<*-#'$08&#:/-&'(*1'#$-#
:/00*-G#)<*-$#(+"!1&"'1/-#:/00*-$#>#:(+"'1/-G#8*Q!1:"'1/-G#+B+-$0$-'G#&8$:'":!$G#
'/*(-/1G#($-:/-'($#1-'$(A+-+("'1/--$!!$G#8(/=$'#)$#&/!1)"(1'+G#$':@#;$#8(/=$'#)$B("#['($#8(+B*#
$-#!1$-#"B$:#!"#:/00*-$#/a 1!#"*("#!1$*G#$'#8(+B/1(#*-$#108!1:"'1/-#)$#!"#8"('#)$&#"*'/(1'+&#
!/:"!$&#E01&$#O )1&8/&1'1/-#)$#!1$*G#1-./(0"'1/-#)"-&#!$#Q*!!$'1-#0*-1:18"!G#&*QB$-'1/-G#"1)$#
'$:4-1R*$#/*#!/A1&'1R*$G#$':@M@
;$#B"1-R*$*(#&$#B$(("#/..(1(#*-$#)/'"'1/-#)<*-$#B"!$*(#)$#JKKK#b $'#Q+-+.1:1$("#)<*-#
"::/08"A-$0$-'#)$#&/-#8(/=$'#8"(#!<V.:B@#;$&#!"*(+"'&#&*1B"-'&#Q+-+.1:1$(/-'#)<*-#
"::/08"A-$0$-'#)$#!$*(&#8(/=$'&#8"(#!<V^U`@#;$&#"::/08"A-$0$-'&#&$(/-'#)+'"1!!$&#)"-&#
*-$#:/-B$-'1/-#&1A-+$#!/(&#)$#!"#($01&$#)$&#8(1CG#R*1#8(+:1&$("#-/'"00$-'#!$&#0/)"!1'+&#$'#
!"#)*(+$#)$#:$'#"::/08"A-$0$-'@
\"'$#!101'$#)$#)+85'#)$&#)/&&1$(&#> _J?KF?KH
3$-&$1A-$0$-'&#> Y7-10< '"#:/00*-$#cY#
/84$!1$@:"&'$!1-d*.:B@"&&/@.( 4''8>??%%%@*.:B@"&&/@.(
=+&,+--+.+,.#$%(2, E.-2&%+,(1.'"(,5217#%(2,./2&1.'+-.*+&,+-.+%.'+-.#,(7#%+&1-.*+&,+--+
\"-&#!$#:")($#)*#8(/A("00$#h 2$*-$&&$#$-#":'1/- iG#!"#U/001&&1/-#$*(/8+$--$#8*Q!1$#*-#
h "88$!#)$#8(/8/&1'1/-&#)$#8(/=$'&G#"W"-'#*-$#)10$-&1/-#$*(/8+$--$G#)$&'1-+&#O &/*'$-1(#
)$&#":'1/-&#)<1-./(0"'1/-#O !<"''$-'1/-#)$&#=$*-$&#$'#)$&#"-10"'$*(&#)$#=$*-$&&$ i@#j
'$(0$G#:$&#8(/=$'&#B1&$(/-'#O $-:/*("A$(#!"#8"('1:18"'1/-#)$&#=$*-$&#$-#'"-'#R*$#:1'/W$-&#
$*(/8+$-&#":'1.&#$'#($&8/-&"Q!$&@#;$&#)$0"-)$&#)$B(/-'#['($#'("-&01&$& O !P7A$-:$#
$C+:*'1B$#k)*:"'1/-G#7*)1/B1&*$!#$'#U*!'*($#Eh!P7A$-:$iM#"*#8!*&#'"()#!$#_K#=*1-#LKKHG#!"#
)"'$#)*#:":4$'#)$#!"#8/&'$#."1&"-'#./1@#
N!*&#)<1-./&#&*(#%%%@1-=$8@.(?2$*-$&&$6$-6":'1/-6&/*'$-1(6!@4'0!
$
;$&#(+
;$&#(+&$"*C#$-#":'1/-
;'($.-&1.'+-.Y&1+#&3.+%.K2(,%-.4,5217#%(2,.=+&,+--+
B,.9'2>.:F+3/1+--(2,./2&1.'+-.*+&,+-.:+.'FP(,
;$#],2#)$#]/*(A#$-#]($&&$#EKJM#!"-:$#*-#Q!/A#)P$C8($&&1/-#8/*(#!$&#=$*-$&#)*#)"8"('$0$-'#
)$#!P71-@
!F29*+$%(5.E ."B/(1&$(#!P$C8($&&1/-#)$&#=$*-$&#$'#:/--")'($#!$*(&#"B1&#$'#($&&$-'1#&*(#!$&#
&*=$'&#01&#$-#!1A-$@
4''8>??$C8(10$'/1KJ@/B$(6Q!/A@:/0
;'($.-&1.'+.;<4=.<6N,+OP'/+;RF1#(7+,% 9(+,.X.
;$#U3,2#345-$67!8$&#0$'#$-#8!":$#*-#"'$!1$(#A("'*1'#&/*&#./(0$#)P"::/08"A-$0$-'#
1-)1B1)*"!1&" 8/*(#!"#(")":'1/-#)$#U`#$'#!$''($&#)$#0/'1B"'1/-@#7*#&$1-#)$&#!/:"*CG#*-#
($-)$T6B/*&#8"(#0/1&#$&'#8("B*#=*&R*P% =*1-#E:.@#"A$-)"M@
U/-'":' >#n"--1:r#Us73;Ztn#"*#Kq#FL#FF#KK#mm
T2&%./2&1.-+.'2>+1.E.!UV.4?.!WU?
\$&#=/*(-"$&#'$08&#./('#"*'/*(#)*#!/A$0$-'#&/-'#/(A"-1&"$&#"*#U3,2#345-$67!8$&#)$#=*1-#
% &$8'$0Q($#>#/..($&G#1-./(0"'1/-&#=*(1)1R*$&G#1-./(0"'1/-&#&*(#!$&#"1)$&#"*#!/A$0$-'G#
"::*$1!#1-)1B1)*"!1&"G#:/-&$1!&G#$&8":$#:/!/:"'1/-( E:.@#"A$-)"M
U/-'":' >#7::*$1!#)*#U3,2#"*#Kq#FL#FF#KK#mm
!+-.#:(%(2,-.:+-.>&(:+-.HIID.:&.;<4=
→Y2/Q&#)'"'"Y#
→YN$(01&#)$#:/-&'(*1($Y E!$&#1-1'1"'1B$&#=$*-$&&$M
→Y]$&/1-#)$#B/*&Y E!<$-A"A$0$-'M
\1&8/-1Q!$&#"*#U3,2#345-$67!8$&#$'#)"-&#!$#3+&$"*#,-./(0"'1/-#2$*-$&&$#>
6JK#R*"1#2$"-#D/*!1-#l mIKKJ#;nfo#
6N5!$#2$*-$&&$#l Jm#Q/*!$B"()#7A*''$ g$0Q"' l _HKKK#p3Zof];Z
&
;$#8/('("1'
ZUUA.-&1.'!S-/#$+.J#,%# =+&,+-.X
\$!841-$#D$!!/-G#:4"(A!$#)$#8(!B$-'1/-#" !PZ&8":$#g"-'! 2$*-$&#)*#U3,2#" ;W/-#(!8/-)#"
-/&#R*$&'1/-&#@@@
[&+''+.+-%.'#./'&-O@#'&+.:+.'#./1#-+,$+.:!&,.S-/#$+.J#,%# =+&,+-.:#,-.'+-.'2$#&3.:&.
;<4= \
;$#U3,2#"'"-'#*-#!1$*#)'1-./(0"'1/-#A"-"("!1&'$G#($:/--*#8"(#!$#A("-)#8*Q!1:G#1!#8$(0$'#"*C#
=$*-$&#)'":4"-A$(#&*(#!"#&"-'" "!/(&#R*'1!&#B1$--$-'#&'1-./(0$(#&*(#!$*(#!/A$0$-'G#!"#
./(0"'1/-G#!$&#!/1&1(&@#;'Z&8":$#g"-'" 2$*-$&#("8/-)#Q1$-#% :$''$#/*B$('*($#$-#($-&$1A-"-'#
!$&#=$*-$&#&*(#'/*'$&#!$&#'4"0"'1R*$&#)$#&"-'"@#o""-0/1-&G#!$&#R*$&'1/--$0$-'&#)$&#
=$*-$&#&*(#!"#&"-'" ($!$B"-'#A"-"("!$0$-'#)*#)/0"1-$#)$#!'1-'10$G#1!#"#8"(*#1-)1&8$-&"Q!$#
)$#!$*(#("&$(B$(#*-#!1$*#"*C#0/)"!1'"&#)'"::*$1!#&8":1.1R*$&@#Z-#$..$'G#*-$#A("-)$#
)1&8/-1Q1!1'"G#*-$#":/*'$#8"('1:*!1#($#$'#*-#"::/08"A-$0$-'#&8":1.1R*$#&/-'#&/*B$-'#
-":$&&"1($&#".1-#)$#8$(0$''($#% !"#)$0"-)$#)*#=$*-$#)'"0$(A$(#$'#)$#!"#'("1'$(#"*#01$*C@
;277+,%.+-%.$27/2-#+.@2%1+.#8&(/+.:+.%1#@#('.\
t(/1&#8$(&/--$&#'("B"1!!$-'#"*#&$1-#)$#!'Zg2 >#u"B1$(#`"-)$(8!"-:r$G#($&8/-&"Q!$G#$&'#8!*&#
&8":1.1R*$0$-'#$-#:4"(A$#)$&#($!"'1/-&#"B$:#!$&#8"('$-"1($&G#D"*)#3$W-"*)6N/*(:4"1($G#
8&W:4/!/A*$G#(""!1&$#)$&#$-'($'1$-&#8&W:4/!/A1R*$&G#$'#0/160[0$#:4"(A"$#)$#8("B$-'1/-G#
$-#:4"(A$#)$#!"#01&$#$-#8!":$#)$#8(/=$'&#)$#8("B$-'1/-@
R2%1+.#$%(2,.-F#:1+--+.%O+''+ /'&-.-/#$(5(8&+7+,%.$ $+1%#(,-./&9'($- \
;'":'1/-#)$#!'Zg2#$&'#/*B$('$#"*C#=$*-$&#$-'($#JL#$'#LX#"-&G#% !$*(&#8"($-'&#$'#"*C#
8(/.$&&1/--$!&@#o/*&#($0"(R*/-&#:$!"#"'"-'G#)$8*1&#!"#01&$#$-#8!":$#)'*-$#8$(0"-$-:$#
DgoG#)'*-$#"*A0$-'"'1/-#)*#-/0Q($#)$#=$*-$&#$-'($#JL#$'#JX#"-&G#8*Q!1:#R*$#!'/-#'/*:4"1'#
'(#&#8$*#"*8"("B"-'@
[&+'-.2&%('-].#$%(2,-.2&./#1%+,#1(#%-.:#@+'2//+^O@2&-./2&1.5#$('(%+1.'F+,%1#+.+,.1+'#%(2,.
+%.'+.:(#'2>&+.#@+$.'+-.*+&,+-.\
o/*&#0$''/-&#$-#8!":$#'/*'#)'"Q/()#)1.."($-'&#"::*$1!&G#84W&1R*$G#&*(#DgoG#8"(#'"!"84/-$#
$'#8"(#0"1!@#o/*&#&/00$&#"A"!$0$-'#1-B$&'1&#)"-&#!$#:")($#)'":'1/-&#:/!!$:'1B$&#
)'/*B$('*($#)'$&8":$&#)$#8"(/!$&#"B$:#)$&#=$*-$&#"*#&$1-#)$#:/!!#A$&G#!W:"$&G#01&&1/-&#
!/:"!$&G#D"1&/-&#)$&#=$*-$&#$'#)$#!"#:*!'*($G#:$-'($&#)$#./(0"'1/-G#("&$"*#,-./(0"'1/-#
2$*-$&&$(@
Z-.1-G#!'Zg2#"#)"B$!/88" )$8*1&#R*$!R*$&#0/1&#)$&#/*'1!&#+ %$Q , "B$:#$-#8!*&#)'*-$#
8$(0"-$-:$#DgoG#*-#Q!/A#&*(#!$R*$!#-/*&#0$''/-&#$-#!1A-$#)$&#":'*"!1'"&#&"-'"G#)$&#
1-./(0"'1/-&#"1-&1#R*$#)$&#R*$&'1/-&#8/&"$&#8"(#)$#=$*-$&#1-'$(-"*'$&@
W.#.%O('.*&-%+7+,%.:+-.8&+-%(2,-.2&.$6#7/-.:F(,%+112>#%(2,.1#$&11+,%-.#&/1"-.:+-./&9'($-.
8&(.51#8&+,%+,%.'FSJ=.\
,!#$&'#B("1#R*$G#!$#Q$&/1-#)$#8"(!$(G#!$#0"!#['($G#!"#B1$#"..$:'1B$#$'#!"#&$C*"!1'" :/-&'1'*$-'#)$&#
8/1-'&#+ -"B("!A1R*$& , )"-&#!$&#8("/::*8"'1/-&#&"-'" =$*-$&@
<+,$2,%1+^O@2&-.:+-.:(55($&'%#-./#1%($&'("1+-.:#,-.'#./1(-+.+,.$6#1>+.:+.$+1%#(,+-.
/129'#7#%(8&+-.\._+-.(,%+1'2$&%+&1-.2&.2&%('-.7#,8&+,%O('-.#&*2&1:F6&(.-&1.'+.
%+11(%2(1+.\
o/*&#&/*..(/-&#)'*-#0"-R*$#("$!#)$#($!"1&#&*(#!$#'$((1'/1($#)"-&#!"#8(1&$#$-#:4"(A$#)$#&/1-&#
8&W:41R*$&@#
[&+'-.-2,%.'+-./12$6#(,+-.#$%&#'(%#-.:+.'FSJ=.\
;$#0$(:($)1#LX#=*1-#8(/:4"1-#% Jq4#&$#)"(/*!$("#)"-&#-/&#!/:"*C#*-$#-/*B$!!$#")1'1/-#)$#
-/&#U"." g"-'"@#\"-&#:$#:")($G#'/*&#!$&#0/1&G#-/*&#1-B1'/-&#)$&#=$*-$&#% ":4"-A$(#"*'/*(#
)'*-$#'4"0"'1R*$#"*'/*(#)'*-#:"."@#;$#:"." &"-'" )*#0/1&#)$#=*1-#&$("#"C" &*(#!$&#B":"-:$&#
$'#!$&#8(1&$&#)$#(1&R*$&@#
;2,%#$%.SJ= E U3,2#345-$67!8$&#6 JK#R*"1#2$"-#D/*!1-#6 mIKKJ#;nfo#
t"! >#Kq#FH#_F#XL#J_#6 D"1! >#$&=d=6-$'@/(A 6 ]!/A >#4''8>??$&=!W/-@/B$(6Q!/A@.(
o#4!&1'$T#8"&#" -/*&#:/-'":'$(#8/*(#8!*&#)#1-./(0"'1/-&$
*
;$&#1-./&#'4+
;$&#1-./&#'4+0"'1R*$&
P$%&.+,-+(>,+7+,%
B,(@+1-(%# :+.!L2,.
;P*-1B$(&1'" )$#;W/-#B1$-'#)$#($0$''($#!$#8!"-#)P*-#:"08*&#-/B"'$*(#R*1#"#8/*(#/Q=$:'1.#)$#
.1A*($(#8"(01#!$&#)1C#.*'*(&#Y&*8$(6:"08*&Y#.("-."1&@#U$#8(/=$'#B"#($A(/*8$(#$-#R*"'($#
:"08*&#!$&#)1.."($-'&#&1'$&#":'*$!&#>#!"#\/*" EN5!$#&:1$-:$&61-A"-1$(1$MG#p$(!"-) EU"08*&#
U4"(!$&#D"(1$*C#"C" Q1/&:1$-:$&G#4*0"-1'"G#":/-/01$MG#!$#85!$#g"-'" Z&'#E:"08*&#&"-'"M#$'#
](/-6N/('$#)$&#7!8$&#;W/-#L#ED"1&/-#)$#!"#($:4$(:4$M@
P$%&.:(/'N7+_&.,2&@+#&.:#,-.'+-.Y#$-.K12.:&.9`%(7+,%].#@+$.H.,2&@+''+-.-/)$(#'(%)- E
6 t$:4-1:1$-#)<+'*)$&#)*#Qv'10$-'#/8'1/-#7#Y+'*)$&#$'#+:/-/01$Y#ER*1#($08!":$#!$#]":#N(/#
t$:4-1:1$-#)*#Qv'10$-' >#+'*)$&#$'#+:/-/01$Y#$'#/8'1/-#]#Y"&&1&'"-'#$-#"(:41'$:'*($Y
6 ,-'$(B$-'1/-&#&*(#!$#8"'(10/1-$#Qv'1#
!+.Y1+@+%.:+.%+$6,($(+,.O YT.$2''#921#%+&1.:"#1$6(%+$%+.+-%.#912>) E
6 $-#LKKH#8/*(#!$&#:!"&&$&#)$#JS($
6 $-#LKKI#8/*(#!$&#:!"&&$&#)$#'$(01-"!$
`/*&#($'(/*B$T#:$#)18!50$#)"-&#!"#.1:4$#7:'*$!#345-$67!8$&#)*#U3,2#-/ L@HFH#;$&#0+'1$(&#
)$#!<"(:41'$:'*($@
g$:'$*(#$-#'$-&1/-G#!$#]tN#+B/!*$G#&$#($-/*B$!!$#$'#($:(*'$ c
P$%&.+7/'2(a-%#>+a5217#%(2,
V1#%(5($#%(2,.7(,(7#'+.:+-.-%#>+-.:+./'&-.:+.b.72(\$8*1&#!$#J$( ."B(1$(#LKKHG#!$&#&'"A$&#-'$C:")"-'#*-$#)*("$#)$#_#0/1&#)/1B$-'#)/--$(#!1$*#%
*-$#A("'1.1:"'1/-#01-10"!$#.1C"$#% JLGX#w#)*#8!"./-)#4/("1($#)$#!"#&":*(1'" &/:1"!$G#&/1'#
8/*(#LKKHG#_IHGJ_0 8/*(#*-#"R*1B"!$-'#'$08&#8!$1-@
\":($'#)*#_J#="-B1$(#LKKH
!+.:(-/2-(%(5.;1##=+&,+;'7)1$ $'#!'7oNZ#&'*-1&&$-'#8/*(#!$&#=$*-$&#:(""'$*(&#)'$-'($8(1&$@#
N/*(#$-#&"B/1(#8!*& >#%%%@")1$@/(A?R*"('1$(&?":'1/-@848
_(-/2-(%(5.:F(,(%(#%(2,.#&3.7)%(+1-.+,.#'%+1,#,$+.O _4AP
;$#\,D7#&$#&*Q&'1'*$#O !P"88($-'1&&"A$#=*-1/( O 8"('1(#)$#!"#($-'(+$#LKKH#E:1(:*!"1($#)$#!"#
($-'(+$#&:/!"1($#8"(*$#)"-&#!$#]fZo#)*#JJ#"B(1!#LKKHM@#f*B$('#"*C#=$*-$&#vA+&#)P"*#0/1-&#
JX#"-&G#!$#\,D7#h 8$(0$''("#O )$&#+!SB$&#)$#:/!!SA$#)$#)+:/*B(1(#*-#/*#8!*&1$*(&#0+'1$(&#
8"(#*-$#./(0"'1/-#$-#"!'$(-"-:$#)P*-$#"--+$#&:/!"1($G#'/*'#$-#8/*(&*1B"-'#!P":R*1&1'1/-#)*#
&/:!$#:/00*-#)$#:/--"1&&"-:$&#$'#)$#:/08+'$-:$&@#
B,.,2&@+#&.-(%+.c+9./2&1.'+-.A(--(2,-.'2$#'+-.X
4''8>??%%%601&&1/-&6!/:"!$&@/(A
<)21>#,(-#%(2,.:+.'#.5217#%(2,./125+--(2,,+''+
;$&#\3tZ^N#&$(/-'#8(/:4"1-$0$-'#.*&1/--+$&#"B$:#)<"*'($&#&$(B1:$&#)+:/-:$-'(+&#)$#!<Z'"'#
$-#)$B$-"-'#!$&#\3tZZ#E\1($:'1/-&#(+A1/-"!$&#)*#'("B"1!G#)$#!<$08!/1#$'#)$#!<$-'($8(1&$@
3+./(0$#$'#(+/(A"-1&"'1/-#$-#:/*(&x
-
<+@#'21(-#%(2,.+3$+/%(2,,+''+.:&.JA4;.#&.C+1 7#(
;<"*A0$-'"'1/-#)$#!<1-)1:$#)$&#8(1C#&$(B"-'#)$#(+.+($-:$#"*#:"!:*!#)*#gD,U#:/-&'"'+ )$8*1&#
!$#0/1&#)$#0"1#LKKF#+'"-'#&*8+(1$*(#O L#wG#!$#gD,U#"#+'+ ($B"!/(1&+ "*#J$( 0"1#LKKH@
gD,U#4/("1($#> HGm_#b Q(*'
gD,U#0$-&*$!#> J_KHGHH#b Q(*'
P$%&.-#,%)
J#,%) :+-.*+&,+-].#%%+,%(2,.:#,>+1MMM
\/&&1$(#&8+:1"!#$C'("1'#)*#-/ XX#)$#!"#8*Q!1:"'1/-#YZ-#)1($:'Y#E"B(1!#LKKHM#)$#!P,o2ZN#"*'/*(
)$#!"#&"-'+ )$&#=$*-$&@#
7#!1($#&*(#4''8>??%%%@1-=$8@.(?\/&&1$(6)$6!6,-=$86&"-'$6)$&@4'0!
P$%&.S&12/+a4,%+1,#%(2,#'
4,5217+1.-&1.'"S&12/+.+,.Q1#,$+
Z-#8(+B1&1/-#)$#!"#N(+&1)$-:$#.("-y"1&#)$#!<VZ#$'#)$&#+!$:'1/-&#$*(/8+$--$&G#:$#)/&&1$(#B1&$#
O )/--$(#"*C#:1'/W$-&#'/*&#!$&#+!+0$-'&#8/*(#8$&$(#!$#8/*(#$'#!$#:/-'($G#$'#!$*(#8$(0$''($#
)$#&<1-B$&'1(#$'#)+Q"''($#&*(#!$&#/(1$-'"'1/-&#.*'*($&#)$&#8/!1'1R*$&#$*(/8+$--$&
4''8>??%%%@&'("'$A1$@A/*B@.(?($B*$
d(%.ef.$#1%+-./2&1.$27/1+,:1+.'"B,(2,.+&12/)+,,+e
;$#r1'#8+)"A/A1R*$#Ym#:"('$&#8/*(#:/08($-)($#!<V-1/-#$*(/8+$--$Y#(+"!1&+ 8"(#!$#U,\ZDG#
8$(0$'#)$#)+:/*B(1(#)1..+($-'&#"&8$:'&#)$#!PV-1/-#$*(/8+$--$#)$#."y/-#!*)1R*$#$'#")"8'+$#
"*C#8(/A("00$&#&:/!"1($&@#N(1C#*-1'"1($#>#LGXK#b
4''8>??%%%@:1)$0@/(A
;<":'*#"Q/--+
":'*#"Q/--+ )*#U3,2#
! K12$6#(,.:2--(+1.72:+.:"+7/'2(.8(+B*#&*(#!$#'4S0$#)$&#&'"A$&#O !<+'("-A$(
! !+-.>&(:+-.HIID E(+"!1&+&#8"(#!$#U3,2#345-$67!8$&M#>
6 !$&#1-1'1"'1B$&#=$*-$&&$#>#&K+17(-.:+.$2,-%1&(1+e
6 !<$-A"A$0$-'#>#&Y+-2(,.:+.@2&-2
x8(/:4"1-$0$-'#)"-&#B/&#Q/1'$&#"*C#!$''($&#$'#)</($&#$'#)+=O '+!+:4"(A$"Q!$&#$-#!1A-$#&*(#
!<$&8":$#"Q/--+&#c
! ^1:4$&#!/A$0$-'#'(S&#8(/:4"1-$0$-'#$-#!1A-$#&*(#!$#&1'$#)*#U3,2#>#4''8>??%%%@=6-$'@/(A
!^1:4$&#B":"-:$&#$-#!1A-$#&*(#B/'($#$&8":$#"Q/--+&#>#4''8>??%%%@=6-$'@/(A
6 `/W"A$&#$'#&+=/*(&#O !<+'("-A$(#8/*(#!$&#0/1-&#)$#JH#"-&
6 U$-'($&#)$#B":"-:$&#0"'$(-$!&
6 U$-'($&#)$#B":"-:$&#$'#)$#!/1&1(&#8/*(#!$&#0/1-&#)$#JH#"-&
1
;<"A$-)"
=29.:+.:+1,("1+.7(,&%+.X
HD.7#(
;$#],2#)$#t"("($#8(/8/&$#*-$#($-:/-'($#'4!0"'1R*$#&*(#!$&#=/Q&#)#!'!
,-./&#=/Q&#$'#"'$!1$(#)'$-'(")-$0$-'#"*C#$-'($'1$-&#E)$#Jq4#% Jm4MG#$-'("$#A("'*1'$#$'#&"-&#
1-&:(18'1/-#EN"'1/#)$#!"#D")1"'4#R*$#6 mIJFK#t7373ZM
N/*(#8!*&#)$#($-&$1A-$0$-'&#>#" Kq#Fq#KX#KJ#qJ#EU/-'":'#],2#)$#t"("($M
b.#&.f.*&(,
!!(,5217#%(2,.:+-.*+&,+-.:#,-.'+-./2'(%(8&+-.%+11(%21(#'+-.:+.*+&,+--+.E.+,*+&3].72:#'(%#-.
:F(,%+1@+,%(2,
;',o2ZN#/(A"-1&$#*-$#./(0"'1/-#1-'1'*!"$#Y;'1-./(0"'1/-#)$&#=$*-$&#)"-&#!$&#8/!1'1R*$&#
'$((1'/(1"!$&#)$#=$*-$&&$ >#$-=$*CG#0/)"!1'"&#)'1-'$(B$-'1/-Y#% D"(!W#!$#3/1#EFHM@#
N("6N(/A("00$ $-#!1A-$@
N("&$-'"'1/-#)$#!"#./(0"'1/-#&*(#!$#&1'$#,o2ZN#E/Q=$:'1.&G#:/-'$-*&G#1-&:(18'1/-&@@@M
4''8>??%%%@1-=$8@.(?;61-./(0"'1/-6)$&6=$*-$&6)"-&6!$&GLXXX@4'0!
!+-.7+1$1+:(-.:+.'F(,(%(#%(@+
V-$#1)!$#z#V-#8(/=$'#E:*!'*($!G#"&&/:1"'1.G#&/:1"!G#4*0"-1'"1($G#)$#://8!("'1/-G#)$#:(!"'1/-#
)P$-'($8(1&$M#
CC.*&(,
7::*$1!#A("'*1'G#&"-&#($-)$T6B/*&#$'#8$(&/--"!1&" "*#U3,2#345-$67!8$&
EJK#R*"1#2$"-#D/*!1-G#mIKKJ#!WU?M
Hg.*&(,
7::*$1!#A("'*1'G#&"-&#($-)$T6B/*&#$'#8$(&/--"!1&" "*#U3,2#345-$67!8$&
EN5!$#2$*-$&&$G#Jm#Q/*!$B"()#7A*''$ g$0Q"'G#_HKKK#V<S?UY!SM#
N/*(#8!*&#)$#($-&$1A-$0$-'&#>#" Kq#FL#FF#Kq#_H#EU/-'":'#N1$(($#pVnfD73G#(!.!($-'#
1-1'1"'1B$&#=$*-$&&$&#"*#U3,2M
;RF1#(7+,% 9(+,.X
CD.*&(,
7'$!1$(#U`#$'#!$''($&#)$#0/'1B"'1/-
7::*$1!#A("'*1'#$'#8$(&/--"!1&" E)$#Jq4#% JF4MG#"*#U3,2G#JK#R*"1#2$"-#D/*!1-G#mIKKJ#;nfo
g*(#1-&:(18'1/-#"*#" Kq#FL#FF#KK#mm#EU/-'":'#7::*$1!#)*#U3,2M
=2&1,#+.%+7/-.521%- #&%2&1.:&.'2>+7+,%
HG.*&(,.+%.
Hf.#2h%
=2&1,#+.U/!/:"'1/-#$'#!/A$0$-'#"!'$(-"'1.
7*#U3,2#345-$67!8$&G#JK#R*"1#2$"-#D/*!1-G#mIKKJ#;nfo
C+1 *&(''+%.+%..
H.-+/%+791+
=2&1,#+.71)$&#"*#!/A$0$-'
7*#U3,2#345-$67!8$&G#JK#R*"1#2$"-#D/*!1-G#mIKKJ#;nfo
D.*&(''+%.+%..
i.-+/%+791+
=2&1,#+.\(/1'&#$'#)$B/1(&#)*#!/:"'"1($
7*#U3,2#345-$67!8$&G#JK#R*"1#2$"-#D/*!1-G#mIKKJ#;nfo
N/*(#8!*&#)$#($-&$1A-$0$-'&#>#" Kq#FL#FF#KK#mm#EU/-'":'#7::*$1!#)*#U3,2M
Hg.*&(,
;#5# J#,%#
;#Z&"8:$ g"-'! 2$*-$&#6 Zg2#)*#U3,2#/(A"-1&$#)$&#!:4"-A$&#"B$:#!$&#=$*-$&#&*(#!$&#
B":"-:$&#$'#!$&#8(1&$&#)$#(1&R*$&@
7::*$1!#A("'*1'#$'#"::#&#!1Q($#% 8"('1(#)$#Jq4#"*#&$1-#)*#U3,2#345-$67!8$&G#JK#R*"1#2$"-#
D/*!1-G#mIKKJ#;nfo@
N/*(#8!*&#)$#($-&$1A-$0$-'&#>#" Kq#FH#_H#Xm#LF#EU/-'":'#Zg2M
3
;$&#:41..($&
!+.<#-+#&.4=% +,.Q1#,$+
Hj :$-'($&#("A1/-"*C#,-./(0"'1/-#2$*-$&&$
G :$-'($&#)P,-./(0"'1/-#2$*-$&&$#$-#,!$6)$6^("-:$
HfH ]*($"*C#,-./(0"'1/-#2$*-$&&$#% B/:"'1/-#:/00*-"!$#/*#1-'$(:/00*-"!$
C.bIb N/1-'&#,-./(0"'1/-#2$*-$&&$
Hg ]*&#,-./#2$*-$&
_(1+$%+&1.:+./&9'($#%(2,.E N1$(($#]Z3t37o\
<):#$%(2,.E g"("#UZ3^#$'#D"(1$6s+!S-$#^Z;,u#
;2,%#$%.E &:$(.d=6-$'@/(A ?#04.$!1Cd=6-$'@/(A
k.;<4=.<6N,+OP'/+-.HIID
4

Documents pareils