• Aucun résultat trouvé

L'évolution des modèles allemand et français d'emploi depuis quinze ans : des segmentations différenciées

N/A
N/A
Protected

Academic year: 2021

Partager "L'évolution des modèles allemand et français d'emploi depuis quinze ans : des segmentations différenciées"

Copied!
39
0
0

Texte intégral

(1)

HAL Id: halshs-00786773

https://halshs.archives-ouvertes.fr/halshs-00786773

Submitted on 15 Feb 2013

HAL is a multi-disciplinary open access archive for the deposit and dissemination of sci-entific research documents, whether they are pub-lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.

L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.

L’évolution des modèles allemand et français d’emploi

depuis quinze ans : des segmentations différenciées

Olivier Giraud, Arnaud Lechevalier

To cite this version:

Olivier Giraud, Arnaud Lechevalier. L’évolution des modèles allemand et français d’emploi depuis quinze ans : des segmentations différenciées. Dupré Michèle, Giraud Olivier, Lallement Michel (dir.). Trajectoires des modèles nationaux : État, démocratie et travail en France et en Allemagne, Peter Lang, Coll. Travail et société, pp. 291-321, 2012. �halshs-00786773�

(2)

1EF66E161E66F66F6E1F 6F!6 "F#1 6F!6F$6% "&1E6!6 64'(93D567586B)8ABA*AB()86645865)AD5+DB858682)86(D,2)56756 D5+D-85)A2AB()67*6+5D8())5465)6#D2).565A644592,)5111111111111111111111111111 12341567489A "&1E6!6 159+865A6)(*/5445860D()ABCD5867*6AD2/2B465)644592,)565A65)6#D2).566 5)AD56-/(4*AB()86AD2)8/5D85865A6B7B(81).D28B586)2AB()245111111111111111111111111 BCDEF6FF "&1E6! 569(7C456244592)767586D542AB()86+D(0588B())5445865A68586.DB8586 72272+A2AB()11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 66664C6ADEC "&1E6! $B88(4*AB()672)864586A5DDBA(BD586(*6D-B)/5)AB()6+2D64586A5DDBA(BD5867586 9(7C45860D2)32B865A6244592)767567B24(,*568(.B246%11111111111111111111111111111111 6666DE6FCC667FF6 F "&1E6! 2-/(4*AB()675869(7C4586244592)765A60D2)32B867259+4(B675+*B86456 2)866758685,95)A2AB()867B00-D5).B-582222222222211 66666!C"CF63C676FDEF"CF "&1E6! (7C456)2AB()2*665A6AD2)80(D92AB()675860(D95867586D542AB()86756 AD2/2B4B111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 3

(3)

66665"C6B&F

(4)

5A60D2)32B867259+4(B675+*B86:*B);562)8667586

85,95)A2AB()867B00-D5).B-58

567879ABCDEFBFABFDE

)AD(7*.AB()

F89B69BA7B F!"9A!B9B#$$3B6B%A&!&7&B9B6'9!%6&7B  B (7 B "& B 9A9 B " B 69" B &)*97(" B 9 B 6'7& B A&%99 B +,B9B 9879 B 89B 6 7A&7& B   B -%7A9B 9!%6&7 B "B 69B A7B .B9B /9"7&B 7A0 B&!!B1B 9A9B 69"B "B !9!)A9"B+A769B#2$35,1B  &)*97(B 6&A" B 87"B9" B '97A9B.BB 789B '9!%6&7 B 698B1B ""B ((7)67A B 6 B &!%7787 B 9 B 6'7& B 9A&%99B +A769 B 4 B  B A7B 7"7B6B&!!B9A&%99,1BB(&A!67&B9879B89B69B A7B9B7")&9B+FA769B4B67B5,B967B.B 9B&&!79B"&769B9B !A- B -9!9 B &!%7789 B /7 B 9 B  B %697 B 9!%6&7 B 1 B B BF(7B  97A9B9B&)*97(B9B&89669B&!%99B9"BA7)9B6B6'7&B &!%6!97A9B6B9669B9"B"B!9!)A9"B87"B6B6'6)&A7&B'9B .B"A779B&&A&9B1B%&AB6'9!%6&71B'6!9B6B9B99B"A779B 9"B&"7B%AB9"B6779"B7A9A79"B&!!9"1B &)*97(B9A6B9B 6B!78A9B9"B9B!97!7"9AB69"B9B 9!%6&7B"B69"B7((A9"B%:"B !9!)A9" B 9 B 6 7&B 9A&%991 B ;&" B (&A!6&" B 6 -:%&-8"9 B /9 B 6B (&67"7&BA&7""9B"AB69B9B 9!%6&7B9"B&A797&"B"A77/9"B 7(("9"B%AB6 5B&B6 B9%7"B%6"B9B877B"BB&89AB9B (90A9B &%%&A7B9A!79B6B6BA"(&A!7&B9"BA767&"B9B 9"B&A!9"B9B6 9!%6&7B"B7((A9"B%:"B9A&%9"1B99B%A7&A7B &(A9 B 6 B 6 779A B  B 9 B )A B  9!%6&7 B " B 69 B A9 B 9 B 6B <A779BA&%99B%&AB6 !%6&7B+<,B&A7)9B6BB-79!9B 9B%A77!9B=B6 &)*97(B""77B9B%&677/9"B%)67/9"B 9"B%6"BB %A&%A9!9B%A69AB9BA7A9B69B->!79B6B"&B%6"B)"B789B!7"B9B !97!7"9AB69"B9B)A"B 9!%6&7B7%9!!9B9B6BA9B9B9B6B /67B9"B9!%6&7"B+<67"B4223,B9B/7B&7B6BB69!9B9"B &A!9"B 9!%6&7B9669"B/ 9669"B%A8679B*"/9B661B&!!9B&"B69B 89AA&"B &"B&"7A&"B 69"B &A!9"B 9!%6&7B &!!9B 9"B 7&A79"B  999!9B9B9B&"A7&B9B6BA67B"&769B/7BA769BA&7"B 7!9"7&"1 B 669" B "& B  )&A B 9" B A9" B &777(" B /7 B "9A89 B 9B

(5)

(&9!9B6B6B&"A7&B9BA8769"B&669789"1B669"B"&B9"79B6B A"69B9B&!%A&!7"B%&677/9"1B9"B&A!9"B 9!%6&7B"&B9(7B9"B 7"A!9"B 6:"9B9"B%A7/9"BA96989"B"AB69B!A-B9B6 9!%6&71B

FB%A7AB9B9BA9B-&A7/9B&A9B&)*97(B9"B9B!&A9AB/9B 69"B !&869" B 7&9B ?B B "9" B  B 9"9!)69B 9B &!%6!9A7"B 7"77&9669" B +8&7A9 B 6 7A&7& B 9 B 9 B &8A79, B ? 9!%6&7" B 9B @A9B9B9BF669!79B B&B"787B9"BA*9&7A9"B&A"9"B&B9B %9A!99B%"B9BA9A9B&!%9B69"B:%&6&779"B"9669"B9B9A!9"B9B .B:%9 B 9 B %767"!9B1 B /7 B %979 B 6 B 6:"9A B 69 B -79!9 B "&761B 96 B " 99%67/9 B %A B 69" B !&9" B 7((A97" B  %%A&%A77& B 9"B &A797&"B7"A"789"B&!79"B7(("9"B6B6 -9669B79A7&69B "B69B-!%B9"BA(&A!9"BB!A-BBA876B9B79A7&689B69"B 8&67&"B9"BA77!9"B 9!%6&7B7&91B

9 B -79!9 B "&76 B /9 B &" B 6:"&" B A98&79 B 6 B 9B A"(&A!7&B 9" B 7"&A" B 9 B 9" B A9%A"97&" B /7 B " 9 B "A B 69"B /7A9 B 9A78A9" B 9"1 B " B  B %A9!79A B 9!%" B &" B A9A9A&"B )A7889!9 B 6 B :!7/9 B 9" B 7"&A" B &!7" B " B 69" B A89"B 79A7&69"B9B9A&%99"B"AB6 9!%6&7BB&A"B9B99B979B9B &"B(77A&"B69BA9B9B&A9B6:"91B9BA9B%&A9B6B6B(&7"B"AB69"B !7"!9" B :!7/9" B -" B 9 B 7"&A" B %&677/9" B 9 B "&79B !7"B""7B"AB69"B&!%&"9"B9"BA77!9"B 9!%6&7B/7BA98&79B9B "AA9" B 7"77&96" B 9 B 9 B A%%&A" B 9 B %&8&7A B /7 B A77""9 B 9B "99AB+B&6)9A7B"%773F9A"9B#$$4,BB"97B9"/96"B!9A79B69"B &A!9"B 9!%6&71B"BB9978!9B9!%"B&"B6:"&"B9B!78A9B &!%A789 B 69" B &A!9" B  9!%6&7 B " B 69 B &999 B 9" B A77!9"B  9!%6&7B/7B"9B"&B896&%%9"B9B@A9B9B9BF669!79B9B6 %A8"3 79AA9 B *"/9 B " B 69" B 9" B 421 B " B  B A&7"78!9 B 9!%" B &"B %A&%&"&" B 9 B 6:"9 B &!%A9 B 9" B A"(&A!7&" B 9" B &A!9"B  9!%6&7B79A899"B9%7"B69B!7679B9"B9"B$2B9B69"B"7"7""B9B !78A9 B 9!%7A7/9 B 6 B A89A" B 69" B 9*99 B  B 9!%" B 9 B A876 B 9 B 6B ")767B"B6 9!%6&7B9B9"B7767"B"6A769"1B"B9B/A78!9B %A79 B &" B 6:"&" B 69" B !&9" B  %%A&%A77& B 7((A97" B 9"B &899B7"&A"B"AB6 9!%6&7B9B69"B-79!9"B/7B9BA"69B9B 9A!9" B 9 B &A!9" B  9!%6&7 B 9 B 69" B A7"A78 B " B 69 B A9 B 9"B 7((A99"B7!9"7&"B&"7789"B9"BA77!9"B 9!%6&7B B%A&%A9"B9B 99B%:"B&9A"1B;&"B&"B79AA&79A&"B9(7B"AB6 7!%B9B6B A7"9B"AB69"B8&67&"BA9%A9"B9"B!&869"B7&91B

(6)

&FFC&6C,,+FDC+F&1

 $B8.(*D8 6 5A 6 )(D958 6 7259+4(B6 6 42 6 )(*/5445 6 7())56 B)A5D)2AB()24565A65*D(+-5))5

E989&"B%&AB&!!99AB"AB69"B99"B"AA"BB7"&A"B /7B" 9"B7!%&"B"B69BA9B9B9"BA89"B"%A7&69"B8B9B 678A9A B 69" B 6!9" B 6 B 9 B &A9 B A9 B  6:"9 B 9" B 679" B 9A9B :!7/9B7"A"789B9B&A!9"B 9!%6&71

 $1)29B:*565A6293B,*<A-675867B8.(*D868*+D29)2AB()2*6

 &)*97( B 9 B -""9 B 9" B 9 B )A" B  9!%6&7 B +&!)A9 B 9B %9A"&9"B9B9!%6&7B%ABA%%&AB6B6B%&%67&BC79B9B42B6BDEB",B6B 32FB+9BD2FB%&AB69"B(9!!9",BBB7"A7BBGAB9B6B"A779B79B 9B7")&9B(779B9B4222B%AB6/9669B6 B"9B(797B9"B&)*97("B6B 6 -&A7A&B42#21B<79B6B6 -9B9B99B9A78A9B69B&89B&!9B A9!!9BA77B%AB6B&!!7""7&B"AB6B"A779B9B6 B6B6 -&A7A&B 4242BA9%A9B%&AB6 !%67(79AB9B!0!9B&)*97(B9B(79B9B-""9B9"B 9 B  9!%6&7 B 9 B D$ B 6 B 3HF B  B &A" B 9 B 6 B %A&-79 B 979B +&!!7""7&B9A&%99B42#2,1

BB%A7&A7B&(A9BB9B 9!%6&7B9"BB!&7"B)78699B=B 9669 B A96889 B 9" B 869A" B 7"A!9" B 9 B &)*97(" B 6 B 6 B (&7" B "&793 !&A9"BB9B&367)A91B 79B(99B6B6 &A7779B%AB69"BA"99B "&793!&A9"B6B6B(&7"BB"97B9B6B&!!7""7&B!7"B""7B"B 69"B"%-8A9"B7&89A9!969"B9"B"3!9!)A9"B7B6&A"B9B9B%"B .B99779A B 9 B &A9%A79B1 B 6 B 6 -889!9 B  B !A- B 7/9 B 69B 896&%%9!9B9B6 9!%6&7BB9B673!0!9BB&)*97(B"&76B+IA)79AB 42#2B%1E,1B"B6BA77&B"&7693!&A9B6 9!%6&7B9"B9B9((9B6B 6B9B6 8"B6B6B7&:99B"&769B9B6B6 77A7&1B"B69BA9B9B 99B79A%A7&B69"B"9"BB->!79B"&B!A&&&!7/9"B9B &789 B 0A9 B A9-9A-9" B  B > B 9" B "*"9!9" B "AA96" B 9A9B &((A9 B 9 B 9!9 B 9 B !7 B  G8A9 B ""7 B )79 B /7789!9 B /9B /67789!91

 &%7/9 B &367)A69 B 76&3"9&9 B &9 B 679 B 6 B 9B 79A%A7&B 69A7891BF""&79B B "6&7 B26C636%465B6B (&67"7& B "A B 69 B 789 B 9 B 6 9!%6&7 B &9 B 69" B !)77J" B 9 B 6B

(7)

979 B "789 B &A B 9 B 6 B &7& B  787& B +IA)79A B 422H,1B @&A! B 6 B .B89A"7& B 67)A69 B 9" B %&677/9" B  787&B1 B 69 B !&B  &AA9 B26C 6 3 6 %465 B A77 B 9B "A779 B 9A69 B %A B 6 5B "B69B&!79B9B6 9!%6&7BB&AB9"B9"B42B9B$2B7!%67/9B  B A989A"9!9 B 9" B %A7&A7" B 9" B %&677/9" B 9 B 6 9!%6&71 B  9!%6&7B / 9669"B/ 9B"&79B69"B!&67"B9879B6 &)*97(B%A7&A77A9B9B679B 9B%69B9"B%A&97&"B(9B9B6"BB!A-BBA8761 B26BC 6

36%465B9"B9B9B%&7B9B89B8B&B6BA9(&A!67&B BA9B

!& B  &AA9B= B263 6 F,F 6 3F,F651 B D6 B "9 B &A7"9 B " B 9"B %&677/9"B9B6 9!%6&7B%AB9B"A79B9B!9"A9"B87"B6B9&A79AB6B A9%A7"9BA%79B B9!%6&71B99B"A779B" &!%79B 9B"A79B9B A9&!!7&" B 87" B 6 B (8&A7"9A B 6 787 B 9" B (9!!9" B 9 B 6B !A-7"9AB69"BC-9"B9BA9B9B6 9"9!)69B9"B"9A879"B6B6B%9A"&9B +9K7"B42#2,1

669BA96889B 9B6:"9B/7B&7B6B9BA"(&A!7&B9B6B 7&A79 B ->!79 B 9669 B / 9669 B  B  B &"A79 B -7"&A7/9!91 B 9B ->!79B9"B"&A!7"B99%67/B%AB9"B&!%&A9!9"B8&6&7A9"B9"B A)7A79"B778796"B/7B&7"9B69"B%9A"&9"B6B%A(A9AB69B.B&3 9!%6&7B1 B 9 B A7"& B  777&" B 7"((7"9" B 6 B 6 B A9%A7"9 B  9!%6&71B  9!%6&7B.B6B&B%A79B1B%""9B%AB.B6 787&B1B9"B->!9A"1B99B 69A9BBBA9%A7"9B9B7(("9B"B69BA9B9B6B<BB!7679B9"B 9" B 4222 B +A&89A B A(A99 B 999,1 B  B %&6:"!79 B & B %6"B 999!9B6 !)78699B 779A"B&B9B&7&"B&!!9B69B.B9B  9!%6&7B1B&B.B6 787&B1B(&B9B9"B9A!9"B9B8A7)69" B26F%46

&CC,CF65B +&KA- B 4222 B %1 B ##$, B %A7"!9 B %A799 B %&A B 69AB

!)786991 B  !)77J B %9A!9 B 6&A" B 9 B &99A B 9"9!)69 B 9"B 7"&A" B (&A9!9 B &A"" B+9-&""9 B 422E, B "" B A9%A"99A B %&AB B9B.B":-8"9B1B9B%9A!9B9B*"7(79AB6 997"99B B&!79B &!!1B9B.B9B 9!%6&7B1B&B6 B.B787&B1B9B"&B%"B9"B&)*9"B 9B &"9"" B B "9"B  9 B &877& B &B  9B "9B &!!9 B 9B %7 B  &%%&"77&" B & B 9 B 789A799" B %&A B "A B  A9" B 6!9"1B %&A8"B9B"9"B9B993!0!9"B9"B!&"BA998799B9BA98-9B 7966777)69"B9B!0!9B"777(7"B9B(&7"B7"A"B"BB&999B9B "9"B%A7"1BD6B&"B(B6B%A"9B%A7"9AB6B(L&B&B69"B7"&A"B"&B ""9%7)69"B 0A9BA%%A&%A7"B%AB9"B&999"B7&9B9B6&9B "77679A"1 = $1)29B:*58675867B8.(*D865A6)(D95867259+4(B #4

(8)

&FFC&6C,,+FDC+F&1

9"B&A!9"B 9!%6&7BA99B&!%9B%&AB9B%A7&9B&9B 9"B&!%A&!7"B7"""B9"BA%%&A"B9B(&A9B%&677/9"B/7B7(&A!9BB 9"9!)69 B 9 B %A7/9" B 9 B 9 B A9" B &777(" B 9 B 6 79A7& B "&769B +C6679 B 4223,1 B  B :!7/9 B 9" B &A!9" B  9!%6&7 B 9" B "79 B 6B 6 A767&B9A9B69"BA"(&A!7&"B"AA9669"B"B69"B"&7"B9B 6 B &!%77& B 9A9 B 7"&A" B /7 B %A"79 B 6 B 69A B 79A%A7&1 B 9"B A"(&A!7&" B "AA9669" B A98&79 B 9 B :!7/9" B "&7&3 &&!7/9" B 9 B 6&7 B 9A!9 B +9A7A7"7& B 9 B 6 &&!79B 79A7&67"7& B 9" B &&!79" B 9 B (77A7"7& B  B %767"!9B -79!9B9"B"AA9"B!&7A%-7/9"B9B(!76769"B:!7/9B9"B (&A!9"B 7&B&669789B91,B/7B!&7(79B9A79"B9"B&!%&"9"B 9" B A77!9" B  9!%6&7 B +D,1 6 C,,1 B 9 B -79!9 B 9" B &A!9" B 9"B ""9%7)69B 79A897AB6&A"/9B"&"B6 9((9B9"B8&67&"B9B6BA67B "&769B?B77B69"BA"(&A!7&"B9"BA77!9"B 9!%6&7B?B69AB(6B6B &A7A9 B 69"B &!%&A9!9"B 9 B 6B A)7A9A B 69"B &(67" B 9" B A9!7"9B 9B "9 B & B %6" B 9&A9 B 6&A"/9 B 69 B &9 B !0!9 B 9 B 6 B &A!9 B 9"B &A&89A"1BB&9"7&B9"B&A!9"B%A9B6B(&A!9B B&89B A977"A9B7"A"7(B/7B!&7(79B69BA>69B9B6 797B9"B9A"B%9A79"B 9B%A&!9B9"BA799!9"B7"77&96"1B

9" B 9((9" B 9" B 7"&A" B "A B 69" B ":"8!9" B 9 B &A!9" B "9B !7(9"9B6BA&7"B7899B 79A7&B"&769B&AA9"%&BB"97B 9"/96" B "9 B %6&79 B 9" B !7"!9" B /7 B 9A!79 B 69" B A77!9"B  9!%6&7B+669!9B#$$$B%%1BE43E4,1B

6%FCF6CFB69"B7"&A"B%&677/9"B9B"&79B&A7)9B6B

6B(&A!67&B&B6B6BA9(&A!67&B9"B%A&)68!9"B%)67"B%A6)69BB %A&9"""B 7"77&67"7&B&B9BA799!9B9"B7"77&"1BB 7!% B 9" B "9" B 9 B 9 B %A&%&" B 9" B "&67&" B 9" B 7"&A"B %&677/9"B"AA9B69B-!%B%&677/91BD6"B9969B9A7"B9A"B9B &A77"9B69"BA%%&A"B9B%&8&7ABB"97BB&!791B9B!7"!9B !A&3"&76 B A98&79 B 9 B %%A&-9" B &77789" B " B 6 6:"9 B 9"B %&677/9"B%)67/9"B+M&)9AB#$$4,1B99B7!9"7&B!A&3"&769B9"B 9669 B /7 B "9A B 9 B A9 B 6 B 6 7(699 B  B%% 6 6 6 *B " B 6B "AA7&B9"BA77!9"B 9!%6&71B 9"%9B%)67B7&6B9"B7"7B6B 6 B (&7" B  B 9"%9 B 7"A"7( B 9 B  B 9"%9 B 9 B A767& B &!!9B (&A!67&B9B!7"9B9BG8A9B9"BA8769"BB"97B/96B6 B*&9BB A>69B61B9"B&A!9"B 9!%6&7B9B"A&B9B!&B69"B%A&A9"B9B 7&77&B9B9"B&A!9"B" 7"A789B"B9BA967&B6B6B%7""9B %)67/9B/7B"&7BA8769B96693!0!9B69B&!79B"&7B&A>69B&A799B&B B&A7A9B(9B6 &&!79B&B9B69"B&A!9"B/7B&69B9B A767&"B%A789"B9B7((A9"B7899B9B/67"1B9"BA767&"BB A876 B !7" B ""7 B 69" B %&677/9"B 9B 6 9!%6&7 B &B 9&A9B 69"B %&677/9"B

(9)

"&769"B&B(!76769"B"&B69"B&!79"B 7&B%)67/9B/7B999A9B B7!%B9A!7B"AB6 9!%6&7B+9(A9"9B422HB%1BE2D,1B

6F)C(F6CF669"B7"&A"B%&677/9"B9B"&79B" A9""9B

6B9"B7A&%9"B"&79B&"7"B%AB69"B%%A99"B&B69"B679"B9B A9%A"97& B 6 B 9" B &A77"7&" B & B 6 B 9" B 7"77&"1 B 9" B 7"&A"B 7(699 B6&A" B 69"B A%%&A"B/9B 69"B 9A"B +!9!)A9" B B %A7B &B   B ":7 B & B %6" B 6A79!9 B  9 B 6""9 B "&769 B 9A9%A7"9" B &B %A&(9""7&96" B "&!7" B 6 B 9 B A767& B 7"77&9669 B 91,B 9A9799B89B9"B789A"B&6697("1B9"B7"&A"B%989B-79AB 69"B%9A9%7&"B&B69"B"79"B/9B69"B9A"B(&B9B9"B&A77"7&"B&B 7"77&" B 9 B 77A B 7"7 B "A B 69A" B &A797&"1 B 9B !7"!9 B !"&3 "&76 B %9 B 0A9 B A%%A&- B 9 B 6 7"77&67"!9 B 7"A"7( B +<-!7B 42#2,1BD6BA98&79B6B6B%C&&DF6&DCF6F&6%F&6*C+$&1B 9"%9B  79A7& B 67!7 B %A B 69" B ((7677&" B &A77"7&9669" B &B 7"77&9669" B &AA9"%& B 769!9 B 6 B  B 9"%9 B 7"A"7( B 9 B 9B A767&1BB(&7&B9B69A"B%7"B&A77"7&9669"B9B9B69A"B !&9"B9B"AA7&B+&!!9B79A"9&A796"B9AA7&A79B9B9A9B 7A&%9"B%A&(9""7&96",B69"B&A77"7&"B9B-A79B9B6BA767&B9B 6 9!%6&7B %A8799 B 6B 7&79AB 9"B&A" B %6"B &B!&7"B "&677A9"B 9A9 B )A-9" B & B 9A9%A7"9" B %6" B & B !&7" B &A77" B 9 B /7B !&7(79 B 6 B 7"A7)7& B 9" B %&8&7A" B 9 B 9" B A9""&A9" B 9A9 B 69"B &A77"7&"B9B%A"991

(7 BF6C&C(F6CFB 69"B7"&A"B.BA9B1B69"B7&"B9B 79"B9"B7787"1BB7(("B%A8"B 99B9"B!78A9"B9B8&7AB 9"B(L&"B 79A%A9AB9B&9ABB"9"B6B69A"B9"B69"B7"&A"B %&677/9" B & B "&79 B "& B 9 B "&A9 B !*9A9 B 9 B -79!91B N7"!9B!7A&3"&76B9BA79B+,C,B7(699B69"B797"B9B A98&79B9B(7B6B9"B%A&9"""B9B"&767"7&B+<&KB422#,B/7B!99B ""7B9B*9B%6"79A"B7899B 79A7&B"&769B&B99B%A&%A9"B6B 6 B %7""9 B %)67/9 B 9 B 9 B 7A&%9" B  7A0" B /9 B &" B 8&"B 7A&7" B %A9!!91 B 9" B 6&77/9" B 9 B !79A B & B 69" B A767&"B  9A9%A7"9 B "& B "79" B  B %6" B %A8" B 9 B 6 67"7& B 9 B 6 B &A!9B  9!%6&7B"B69B&999B9B6 9A9%A7"9B&B9B6 9"%9B%A&(9""7&961B 9" B 9"%9" B "& B 769!9 B 6 B 6 &A7779 B 9 B 7"&A" B !7A79 B &B %A&(9""7&96"1 B 99 B 7!9"7& B 9" B A77!9" B  9!%6&7 B A98&79 B 9B

,F&6F6DDFDF6F6&DF&6C&CFF&B/7B!9A79B9"B

:!7/9" B "&7&3&&!7/9" B 9 B 6&7 B 9A!9 B +!&67" B 9B (79!9B9"B9A9%A7"9"B(&A!9"B9B&AA99B9BA"(&A!7&"B 9"B(&A!9"B%A&789"B&!!9,1B"B6B%9A"%9789B9"B.B8A7"B B %767"!9B1B +66B 9 B <&"O79B 422#,B 9"BA"(&A!7&" B9B 6&7B 9A!9 B "& B !77"9" B %A B 9" B (&A!9" B &A77"7&9669" B &B

(10)

&FFC&6C,,+FDC+F&1

7"77&9669" B %A B 999!%69 B " B 69" B &!79" B 9" B /67(77&"B %A&(9""7&9669" B 9" B A967&" B 79A3(7A!9" B & B 9" B !&67" B 9B (79!9B9"B9A9%A7"9"1B

-9B9"B7!9"7&"B%A99"B7"A7 B69"B7"&A"B"B 9" B -9669" B  79A7&" B "&769" B  B "97 B 9"/9669" B "9 B *&9 B 9"B 69"B"%7(7/9"B%&AB6 -7!&791B

112 3456789ABCDE7F6BCBC87BCBCBC5E7BCB7FE8C

B5C65DBCBCB5CB765BCA9ABC65CBC655BC

D6 B " 77 B !79 B  767"9A B 99 B 7A7669 B  6:"9 B %&AB ":-7"9AB9"B %A77%69"B AA7"7/9" B9"BA77!9"B 9B 9"B&A!9"B  9!%6&7B"B69"B99B%:"B*"/9B"B69"B9"B#$42B(7B9B!9A9B 6A79A9!9B9B%9A"%9789B69"BA"(&A!7&"B79A899"1B

 56D2++(DA6>642A2A

9!7&" B " B  B %A9!79A B 9!%" B 69" B "77&" B &A"9"B / B B A>69B 7!%A76 66 *1 B B @A9 B 6 7(699B 9B 6  B "A B 6B A767&B B&!79BB A876B9B9B6 9!%6&7B9" B(&A91BB%A9!79AB 679 B 9%7" B 69" B 9" B H2 B 6  B (799 B B "67A9 B !77!! B 9 B (799 B 6B A9 B 6769 B  B A8761 B  B 9978!9 B 679 B 6  B 9A9 B 6 787B &897&9669B9"B%A97A9"B"&79B+I98&AB9BM&)9AB4224B%133,1B  999"7&B&!7/9B6B&9"B69"B9A9%A7"9"B B"99AB &A"B "77"B9A9B":7"B9B""&77&"B%A&69"B*7"BA9%A"97("B%AB 6 B 6&7 B & B 69" B !9"A9" B 6769" B  &)6777&" B 6 B 7&79A B "& B 69"B 7"A!9" B 6 B 9 B 99 B %&677/91 B  B 9A79A B 679 B 69" B %&677/9"B 789"B9B9B6 9!%6&7B"&B9"B!&:9"B 7&B"AB69"BA767&"B9B 6 9!%6&71 B  &!%79!9 B 9" B A9&89A"7&" B 69" B %&677/9"B  7"9A7&B%AB6 &&!7/9B&B9&A9B69"B!7"9"B9BA9A79B77%9B 9" B "6A7" B C7" B &!!9 B " B 6 7"A79 B 9 B "& B 9" B 999!%69"B A9%A"97("1

"B69B"B669!B6 7(699B9B6 B"9B&"A7B9B(L&B %6" B 77A991 B  B 9((9 B %6> B /9 B  79A897A B "A B 69 B &9 B 9"B &A!9" B 6  B 669! B (7 B %&A9A B "& B 7& B "A B 6 B (777& B 9B %A&A9"B/7B&789B9"79B0A9B789"79"B%AB69"B9A"BB&!791B B6B!78A9B6 BB896&%%BB6&7B 9B-7"&7A9B!&89!99B +-969B#$$#,BB":"8!9B9BA967&"B%A&(9""7&9669"B/7B" -9B6B

(11)

!797A B 6 B %7 B 6 B 7&79A B 9" B ""&77&" B %A&69" B 9B ":769"1B &&!79BA7(7A9B 9"B%"B%&ABBB%A77%9B9B 9A67B=B9B(9B6 &&!79B9"B7&77&"B9A9B%A&"B9B ":7"B6 B59"3669!B"A&B"B"B89A"7&B&A&367)A69B 9B6 7!!7B%A8"379AA9B%A&!&87B6B%69B9A69B&(A9B6B6B &A!9 B 9 B !A- B +@&6 B 422E,1 B (779" B 9 B (L& B &&!9 B 69"B &A!9"B  9!%6&7 B 9B "67A9 B 9B 9!%" B9B 9B &77&"B 9B A876B 9B /67(77& B "& B 7A9" B 9B !78A9 B 9A67"9" B !7" B &&A&9"B "B69BA9B B":"8!9B9BA767&B&3&A%&A7"91BF3966B9B 9"B7((A99"B69BA>69B")767"9AB*&B%AB6 B9!%6&:9AB"B69B "99AB9"B"9A879"B+I&"-BB67B4224BPB669!9B#$$$,B7"7B/9B69B -B789B9B%A&97&B6769B9B6BA967&B 9!%6&7BA9%A"99B9"B %&7"B&!!"B7!%&A"1B = *B882).567586,D(*+58672B)A-D?A >B(AL7"B&BA96889B9B(&A9"B7"%A7"B"B69"B%7"B &A77"7&9669" B 9" B ":7" B 9 B 9" B ""&77&" B %A&69" B 9"B 7((A9" B "99A"1 B 669" B "9 B &)69 B  9 B (7)69""9 B "AA9669B  &A77"7&" B %A&69" B 787"9" B 9 B 9(9AA9" B " B 9 B &9%7&B &A77/9B9B%A7!&769B9B6 9A9%A7"9B!7"B""7B9"B&A77"7&"B ":769" B B !A/9" B %A B 9 B (&A9" B 9"7&" B 7&6&77/9"1 B <79 B 9B 979"B %A8"379AA9B!A/9"B%AB6 !%69AB9"B&(A&7&"B69B 896&%%9!9 B   B ":7 B 9 B 7&77& B 9 B 6 B A9(&7& B B %A& B  B &A B 9" B 9" B D2 B 9 B 32 B & B 9! B  B %A&9"""B  %7"9!9BA967(B+I98&ABM&)9AB4224,1BB(7)69""9B9!7/9B9"B &A77"7&" B ":769" B 9" B 9 B %A79 B &!%9"9 B %A B 6 B %7""9 B 9B 6 B/7B*&9B BA>69B 7!%6"7&B 9B9B&&A77&B 9B&A79B6B &9A7&B"&769B9BB!&:9B9B6B%&677/9B9"B7(A"AA9"B9B6B %&677/9B 7"A79669 B &B 9&A9 B %AB 69 B *9B 9B 6B 7A67&B 9" B 679"B 9A9BB9B7A9"B9A9%A7"9"1B

BA767&B9B6 9!%6&7BA9&QB"B69B"B669!BBA>69B %6"B7!%&AB/ 9B@A9B9B&A77"7&"B%A&69"B9B":769"1B 5A93E-7 B 9" B &A77"7&" B "& B %7""9" B ""9A B 77A9"B -&A7A&69!9 B 9 B 89A769!91 B " B 69 B !% B ":76 B 69 B CI B B A""7B6BA7A9B6 7(699B9B"9"B&AA9"BA67"B%A7/9!9B69B %A&7A!!9B":7B77A9B!)77&B%AB"BIRO69ABB"&A7AB9B 6 B 79AA91 B 9 B 699A"-7% B  B ":7 B 9 B 6 B !66A779 B +DC B N966,B &A"9 B 89 B 6 B (7)69""9 B 9 B "9" B -&!&6&79" B " B 69" B "9A879" B 9B 9-&A" B 9" B "9A879" B %)67"1 B <7 B 69 B ":"8!9 B 9 B 7&77& B &669789B &!!9B9B!78A9B9B"67A9"B%A9B%69B6B6 -9669B9"B)A-9"B

(12)

&FFC&6C,,+FDC+F&1

A77&69" B 69" B 7"%A7" B A77&69" B 9 B "9&A79669" B "& B &99" B 9B A7"& B 9 B 6 B (&A9 B 9A67"7& B 9" B &A77"7&" B ":769" B 9B %A&69"B9BBA>69B6B*&B%AB69"B&A"B%76&9"B7&7"B%A B13 6

BF 69 B3F&F1 69 B 9 B 9 B &89AA9 B 9" B "6A7" B %A B 69"B

&897&" B &669789" B 9 B )A-9 B 9989 B A8" B 6A79!9 B 967 B 9"B ":7/" B 9 B A7"& B 769!9 B  B A>69 B *& B %A B 69 B "8" B 9"B ""&77&" B  9!%6&:9A" B : B &!%A7" B %A8" B 9" B SN B 669!9"B +A969AB422E,1

" #(D9586756.().*DD5).565A68AD*.A*D58692D.72)758

9" B,F&6F6DDFDF6F6F&6&DF&6DEF& 6"&B 769!9B7((A99"B9B%AB9B A9BBE-71B>B(AL7"B%A8"B69"B 879" B 9 B 7&67"7& B +#$EH3ED B #$44, B 6  B 9" B %A&%A77A9 B 9"B 9A9%A7"9"B69"B%6"B7!%&A9"B"B9B&!)A99B"99A"B6"B*"/9B "B69"B9"B421B9B679B9A9BB9B7A9"B9A9%A7"9"B9"BA9(&AB %AB6B"697&B9"B7A779"B9"B9A9%A7"9"B"C669"B7A9"B&69"B9B6B 7A67&B9"B679"B9A9B6B-9B(&7&B%)67/9B9B69"B7A97&"B  9A9%A7"9"B/7B7&79B7A99!9B69"B&77&"B&&!7/9"B9B "&769" B 9 B 69A B 896&%%9!9 B +I9AA9)73&((! B 9 B1 6422$,1 B B &!77& B 9" B 7A9" B 9A9%A7"9" B  B "97 B 9" B &A77"7&"B A9%A"9789"BB%A&B9B%9A!9B9BA98-9B%"B 969-9AB9B :!7/9" B &&%A789" B 9A9 B 69" B (7A!9" B &!!9 B 9 B 7((A99"B 7669"B"B6B7&77&B9B6B&A!9B 9!%6&71

 B F669!79 B 6 B -9 B !7 B  B %A& B 9" B 7A9"B 9A9%A7"9"B"AB69"B%A77%9B9*99B" 7"A7B"B69BA9B9BA967&"B 79A3(7A!9" B &!!9 B 9A9 B 7A9" B 9 B %979" B 9A9" B "A B 6B &&%A7& B !0!9 B "7 B 9669" B 9 B 8& B %" B "" B 9"7&"1 B 9" B 7A9"B 9A9%A7"9"B&!!9B9"B"99A"B%7"""B6B6 99%&AB?B6 &!&)769B 6 B !-793&76 B 6 B -7!79 B ? B 7&79 B 9" B &A!9" B "6A769" B & B 9B /67(77&B997799"B9B%&""9B69"BSNB/7B"&B69A"B(&A7""9A"B 9 B /7 B %%A799 B 9 B !0!9" B ""&77&" B %A&69" B 6 B 9B !67&A7&B&"9B9B69A"B%9A(&A!9"B%A&789"1B9"B9A78A9"B %A&(79B9"B&A"B9B)A-9B/7B69AB""A9B6B%79B"&769B9B69AB %A79 B 9" B &T" B 9 B A"7& B +<A99O B 422$,1 B 9" B %6" B 7A"B 7A&%9"B9B6B&"A7&B!7/9B&B9B6B-7!79B&B&"A7B6B %A7A B 9" B 9"B D2B 9B &A!9B  9!%6&7B A9%&" B "A B6B 7A79 B 9B 6 9!%6&7B7"7B/9B"AB9"B%A&!&7&"B79A9"B/7B 997"9B/9B%&AB 69" B A9" B 9" B %6" B 7A9" B 9A9%A7"9" B (AL7"9"1 B  B %7 B 9"B 7A9" B 9A9%A7"9" B 6 B )C7A B 9" B A"99 B B 77A9A" B /7 B 67!79 B 6B &AA99 B9 B "& B %&A8&:9A" B 9 B "9A879" B 9" B "&99 B %A B 69"B

(13)

A967&"B9B6&7B9A!9B9A9B69"B)/9"B9B69"B7A9"B9A9%A7"9"B9B69B ":"8!9 B 9" B %A77%7&" B A&7"9" B /7 B "& B  B GA B  B !&869B %767"9B669!B %A8"379AA9B+66B<&"O79B422#,1

$ (D95867259+4(B6@*8:*5672)8645862))-5864ABC

"B69B"B9B6B@A9 B6 79A897&7"!9B9B6 B"AB6B (777&B9B6B&A!9B 9!%6&7B9"B6 B9"B6!9"BB%76&79B!A&3 &&!7/91B 9A9!9B%AB6 B9"BA767&"B&897&9669"B  B %&A B (767 B 9 B !&A9A B 69" B 7767" B 79A"9&A79669" B " B 69"B &77&" B 69" B (&A!9" B 69" B A!A7&" B 9 B 6 9!%6&71B  79A897&7"!9B 7/9B"AB6B&A!9B 9!%6&7 B%9B 0A9B6:"B >B(AL7"B&!!9B6B677"&B 9B7&:99BA%)6779B/7B -9A-9B6B!79AB9B(&A!9B 77A7&B9B9B%A&97&B789B%AB 6 B9B879B&!%9"9AB6B(7)69""9B9"B":7"B9B9"B""&77&"B %A&69"1BB&A!9B 9!%6&7B6B6B(AL7"9BB )&AB)79B"BA"7"9AB6B 6 B "A899 B 9 B 6 B A7"9 B 9" B 9" B 321 B 9" B &!%A&!7" B 9" B .BA99B 76&A79"9"B1 B & B  B 896&%%" B " B 69 B "9" B   B A9(&A9!9 B 9"B %A&97&" B 9 B 6 9!%6&7 B +&A7"7& B !77"A789 B 9 B 67979!9,B %7" B  B 896&%%9!9 B 9 B %&677/9" B 9 B 6 9!%6&7 B 9 B 9 B 6 B (&A!7&B 9"9" B %A&79A B 69" B "6A7" B 69" B %6" B (A7769" B 9 B &89)69!9B 79!7"9AB69"B->!9A"1BFB%A7AB9"B9"B#$32B89B6BA&7""9B B->!79B69"BA87669A"BC7"B69"B*99"B9B69"B(9!!9"B%%A7""9B &!!9 B 69" B %A77%69" B 877!9" B 9" B 69"B B A77!9B  9!%6&7 B 6 B 6B (AL7"9 B 9 B 9" B &A!9" B / 76 B  B 7A9"1 B 9" B %&677/9" B "&769" B 9B (!76769" B (8&A7"9 B 9A9" B 6 787 B (!779 B !7" B 9 B "& B %" B 9"B %&677/9" B  767 B 9" B 79A9" B !0!9 B "7 B 6 &A77767 B (AL7"9 B A"79B " B 6 B %A&!79 B 9 B 6 B &A!9 B  9!%6&7 B 6 B %697 B 9!%" B %&A B 69"B (9!!9"1B

" B 69 B " B 59"3669! B 6 )"99 B 9 B "67A9 B !77!!B  79A897&B%)67/9B"AB69B789B9"B/67(77&"B&B"AB69B9!%"B 9 B A876 B 91 B !7(9"9 B  B A%%&A B 6 B 6 9!%6&7 B /7 B  9" B %"B 7A99!9B7A7B%AB6 B!7"BA"69B 9B"A79B %%A99"B 9!)&Q9"B69"B9"B"B69"BA9"B=B69B!79AB9B69B"99AB+""&77&"B %A&(9""7&9669" B ":7", B 6 9A9%A7"9 B +&"976 B  9A9%A7"9, B 69B ":"8!9 B  ""A9" B "&769"1 B M"/  B ) B 9" B 9" B 42B 6 F669!79B9B6 59"BB%A7/9!9B-%%B6B6B-""9BB->!79B /7 B "87""7 B -9A B "9" B 8&7"7"1 B 9" B %9A(&A!9" B 6 B 6 99%&A7& B 9B 6 7"A79B669!9B&B999ABB9((9B 9AQ9!9B(8&A)69B%&AB 6 9"9!)69 B 9" B "99A" B  7871 B 9" B A7"9" B 9 B A9"AA7&B

(14)

&FFC&6C,,+FDC+F&1

7"A79669" B &9A9" B " B 9A7" B )""7" B  9!%6&7 B  & B %"B ")767" B 69 B A77!9 B 669! B 9 B 6 9!%6&7 B !7" B 69" B *99" B 9B %%A97""79 B 9 B "A& B 69" B A87669A" B C7" B 9" B "99A" B 9B A9"AA7& B 9 B & B  B 69" B %A77%69" B 877!9"1 B 9 B 7A99B %A&7A!!9" B %)67" B 9 B %AA9A79 B +9 B  78677, B & B (767 B 69"B *"9!9" B 9 B 6 9!%6&7 B "" B A9!9A9 B 9 B "9 B 69 B A77!9 B &3 &A%&A7"91BUB9B(9!!9"B9669"BA9"9B*"/9B"B69"B9"B42B !&7"B%A"99"B/9B6B%6%AB9"B9A&%99"B"AB69B!A-BBA8761B 9 B A77!9 B (7"6 B 69" B %&677/9" B "&769" B (!76769" B 9 B "&67A9"B &A79B6 787B(!7791  2-.42A595)A 6 75 6 42 6 )(D95 6 7259+4(B6 6 758 6 9(724BA-86 7B00-D5).B-5865)644592,)565A65)6#D2).5 9%7"B69B)B9"B9"B#$$2B9B*"/ B69-9!9B9B 6BA7"9B9669B69"B99B%:"B&B&B9B7!97&B"777(7789B 9B69AB9!%6&7B7A79A1BB@A9BB7"7B9A977"AB9BA&7""9B9B 6 9!%6&7B9B%A8"B B7/78!9B/78699B6B9669B9B6 B6B#HB9B %A&-9 B 9 B 9669 B 9" B "37"# 1 B A9 B #$$H B 9 B 4223 B 69 B 9 B )AB  9!%6&7B9"B#H3DEB"B9"B%""B9BD2B6BDHFB9B9B35B6B42FB%&AB69"B 4H3H$B"1B F669!79B&B6 9!%6&7B87B)7""B"B69"B9"B#$$2B B&B8B6BA7"9B9669B99B%A7&9"B9B BA9%A7"9B9B6 9!%6&7B=B #$$43422# B 9 B "A& B 422H34224 B /7 B 67 B  B %9A!7" B 9 B 8&7A B 69 B 9B  9!%6&7B9"B#H3DEB"B)&7AB9BDHB6B32FB+3HB6B42FB%&AB69"B4H3H$B ",1B"B69"B99B%:"B99B7!97&B 9B6 9!%6&7B9"B%A9"/9B 978A9!9 B 7!%)69 B 9 B (9!!9" B & B 69" B 9 B )A" B  9!%6&7 B &B %A&7A9""B9BF669!79B9B#2B%&7"B9A9B#$$4B9B4224B+9BHHB6BDHFB %&AB69"B#H3DEB"B9B9BD5B6B3EFB%&AB69"B(9!!9"BC79"B9B4HB6BH4B ",B&A9B3B9B@A9B+9BH5B 6B D2F,1 B99B7!97&B9"B9B  9!%6&7 B " &!%79 B  9 B !&7(77& B 9B 6 B &A!9 B  9!%6&7 B 9B 9A!9"B9B9!%"B9BA876B9B")767B9B6 9!%6&7B9B9BA!A7&1B

#

B&9"B69"B&9"B!&)767"9"B"&B9669"B E5<F1B

(15)

/(4*AB()67564259+4(B65)644592,)565A65)6#D2).566A59+86.(9+45A865A6 A59+86+2DAB5465A6+2D6)B/52*6756:*24B0B.2AB()6+(*D64586059958 64AA59DCCA 123 213456 6789ABCDADE9C 6789ABF B 6789ABF B EBEDBACDCCDC  ! !  "!!  ! " 12345678952AB6C2887B #"    DEFE  $ 12345678952AB67887B !  $  F   6789ABC%CD78FCA789D

EBEDBACDCCDC 6789ABF B 6789ABF B

12345 #"$   F DDF 1234562887B DDF  DDDD DF 1234567887B D D D DE

6789ABFC%CD78FC8EDB9

EBEDBACDCCDC 6789ABF B 6789ABF B

12345 E ! & DFDD " 

123456C2887B DDF D E DEF 1234567887B $$$ & D  D 8952AB63B6 45AA!B67887B6"E#  D  D

+V,B!%6&7"B9"B%9A"&9"BC79"B9B#HB6BDEB"B9B!76679A"B779B)"9B#22B WB#$$H

(*D.5B=B/09B"AB69"B(&A9"B9BA876B+A&",

<7 B 6 & B &"78A9 B 6 8&67& B  B &!)A9 B  9!%6&7 B "96& B 69B 9!%"B9BA876B&B" %9AL&7B/9B69"B43B!7667&"B 9!%6&7"BA"B9B F669!79B"&B69B"&69B9A9B6B7"%A77&B9B#5B!7667&"B 9!%6&7"B6B 9!%" B %697 B 9 B 6 B A7& B 9 B %A8" B 9 B E B !7667&" B  9!%6&7" B 6 B 9!%"B %A796" B 6&A" B / 9 B @A9 B A&7" B /A B 9" B 9!%6&7" B "%%6!97A9"B A"B6 &BB6B9!%"B%6971BB%AB9"B9!%6&7"B6B9!%"B%A796B"B 6 9!%6&7B&6BB7!9B9B#DB6B4DFB9B/7A9B"B9BF669!79B+9B #DB6B4#FB"B6 B6B/7A9B%:",1BFB!7679B9"B9"B#$$2B9B (9!!9B"ABA&7"BA87667B6B9!%"B%A796BPBB%9B%6"B9BF669!79B9B B%9B!&7"B9B@A91B99B%AB97B"&A!7"B%6"B9B6B!&77B9B F669!79B"&7B69B789B69B%6"B698B9B6 B%A8"B69"BS:"3I"B"&7B $5B!7667&"B 9!%6&7"B(!77"1B99B7!97&B9"B7!%)69B%&AB !&77B9B9!%6&7"B%A796"BA7679A"B9B%&AB6 A9B9B!773*&)"B/7B A9%A"99B%A8"B B9!%6&7B6B9!%"B%A796B"AB99B+X79AB42##,1B 42

(16)

&FFC&6C,,+FDC+F&1 B&A9B69"B9!%6&7"B6B9!%"B%A796B&B9BF669!79B6B%6"B&A9B A9B9"B%:"B9B6 B+#4B-9A9"B9B!&:99B&A9B45DB9B@A9,B9B %A8"B9B44FB9"B(9!!9"B669!9"BA87669B!&7"B9B#$B-9A9"B%AB "9!79B&A9B#HFB"B6 B9B$FB9B@A9B9BA7"&B&!!9B 9B6 99%6&"7&B9"B!77B*&)"1BA9B#$$4B9B4224B69B&!)A9B 9!%6&7"B6B 9!%"B%A796B9B!&7"B9B4#B-9A9"B-9)&!7A9"BB%A&7A9""B9B#EB !7667&"B+%6"BE2F,1

99 B 79A" B 9" B !79" B 89 B 9(" B &!%9 B 99 B %A9"B "6A7"B9B%A!7B99B32FB8&7B6 -&!!9BA87669AB6B9!%"B%697B9B6B (9!!9B6B9!%"B%A796B&(&A!!9BB!&869B9B.B!&"79AB779B %7B1B9B/7BB9"B&"/99"B7789"B%&AB69"B(9!!9"B9B!78A9B 9 B AA78A9 B 9 B 9 B A9A79 B +X79A B 42##,1 B <7 B 6 B A&7""9 B  B 9!%"B %A796BA%&B9B9""7"B9B&!)A9"9"B!8A9"B669!9"B9BA7"&B 9"B7((76"B/ 9669"B%A&89B6B&7679ABA876B9B(!7669B6B%ABB A876 B 6 B 9!%" B %A796 B A9& B &!!9 B .B&A7B1 B  B 9%9B 7!9B9"B/7A9B9A78A9"B9"B9B#2B6B44FB&A9B43FB%&AB69"B (9!!9"B(AL7"9"B9B%A8"B 9B(9!!9B669!9B"AB99B"&-79A7B A87669AB%6"B6&79!%"1BB@A9B6B%AB9"B(9!!9"B6B9!%"B%A796B +52F,BB678A9!9BA96B9%7"B79B"B9B6BA9B!&:99B9"B9!%"B %A796" B  B %A&7A9""1 B  B &A!9 B  9!%6&7 B 9!9A9 B 69 B 9!%" B %697 B :B &!%A7"B%&AB69"B(9!!9"B!0!9B"7B9B!&7"B9B!&7"B:B89B"A B 6 91B9"BA9-9A-9"B&79"B9BF669!79B&B!&AB/9B99B 99%6&"7&BB9!%"B%A796B" 99%67/9B%A77%69!9B%AB69"B879"B 9B9A!9"B9B(6997)767B%&AB69"B9!%6&:9A"B%6"B9A!7"B/9B6B (&A!7& B "9&A79669 B 9 B 6 &&!79 B  B %A&(7 B 9" B "9A879"B +%&A8&:9A" B 9 B 9!%" B %A796", B 9 B / 76 B : B  B B 9((9 B 9 B ")"77&B 9A9B69"B9!%6&7"B6B9!%"B%A796B9B69"B9!%6&7"B6B9!%"B%697B+B6779AB9B X&6(B4224,1

(17)

/(4*AB()67*6/(4*956756AD2/2B465A67586A2*667259+4(B6 E3D*A865A65)6-:*B/245)A6A59+86+45B)661F65)644592,)5 65DB B 1234567879342ABCBD7EF1 44

(18)

&FFC&6C,,+FDC+F&1

 !9A799 B 9 B 6 9!%6&7 B 6 B 9!%" B %A796 B 9 B 9" B .B%97"B )&6&"B1BBA"(&A!B6B&A!9B 9!%6&7B%&AB9B%A79BA&7""9BB "6A7B9""979669!9B(!771BN7"B69"BA"(&A!7&"B9B6B&A!9B 9!%&A9669B 9!%6&7B"&B%6"B%A&&9"B9BF669!79B/ 9B@A91B 9B#$$4B6B4223B6BA9B9669B!&:99BBA876BB7!7B B !0!9B8&6!9B -9A9"B9669"B"B69"B99B%:"B9B%6"B879B/9B " B &" B 69" B A9" B %:" B 9B 6 5 B +-&A!7" B 99 B &YB 9669 B 7 B A8"B 6989B6B 6 &A7779 B = B &A9 B 9 B M%&,B= B !&7"B #E2 B -9A9" B %AB 1 B N7"B 6&A" B /9B 6 B &A7)7& B B 9!%"B %A796 B 99%67/9B 4DF B 9B 6B )7""9B &A93E-7B9669B9"B67!79B6B#EFB9B@A9B+D"99B42#2,14BF6&A"B/9B69B

8&6!9B76&)6B -9A9"BA87669"B"B6 &&!79BB%A&7A9""B9B#2FB 9B@A9B9A9B#$$3B9B4223B9B8&6!9BB)7""B9BF669!79B9%7"B 69B)B9"B9"B#$$2B=BA9!9B7B9BF669!79B6B-""9B9"B 9B)A"B 9!%6&7B9"B978A9!9B7!%)69B6B9BA97"A7)7&BB 8&6!9B76&)6 B9BA876B9A9B B&!)A9BA&7"" B9B "6A7+9,"1 BB -""9 B 9" B 9 B )A" B 76&)9 B  9!%6&7 B 9 B A9"%9789!9 B E5 B 9 B HB %&7"B9B%&A979B9BF669!79B9B9B@A9B9A9B#$$5B9B4224B"9B A7B&89A79B9B9B 9!%6&7B9B/7869B9!%"B%697B+S,B %AB9B7!97&BA!99B6B4HB%&7"B9B%&A979B9B@A9B9B 6B23B%&7B9BF669!79B9%7"B#HB"B+9BD2HB6BD#4F,1

9 B 9978!9B 7&A79 B  9*99B"9 B &9B %A7"!9 B&AB 9 B 6 B ")767 B 9 B 6 9!%6&71 B N9"A9 B %A B 6 799 B !&:99 B 9"B "6A7" B " B 6 9A9%A7"9 B 99 B &9 B   B %" B )7"" B  B &A" B 9"B 9"B42B9B$2B"B69"B%:"B9B6 7&B9A&%99B&B&!!9B6B %AB9"BA9"B 9!%6&7B"%A79A9B6B79B"B+F9AB9BA9"B4225,1BB F669!79B9B9B@A9B9A9B#$$4B9B4223B6 799B"B6 9!%6&7B "9!)69B!0!9B8&7AB%A&7A9""B9B!&:99B9B/7B9%9B7""7!69B BA&7""9!9B"7!6B9"B799"B&A9"B9B6&79"B+F!&""B 42#2, B 9B 9B %9A!9 B %"B 9B %A9A9B 9B &!%9 B 69B 8797667""9!9 B 9B 6B %&%67&B7891B9BA7"/9B9B%9A9B 9!%6&7BB7!91B B ")767 B9B 6 799 B !&:99B "B 6 9!%6&7 B 7""7!69B 7"7B9"B7767"BA&7""9"B9A9B"6A7"B"96&B6B7A7&B+7)71,B 69B"999B9B69B789B9B/67(77&1B<7B69B&AB6BA9B79A!79B9B 6B%697B9!%"B9!9A9B6B(&A!9B%A&!79B9B6 9!%6&7B6B")767B9B 6 9!%6&7B9"B7"7B9B%6"B9B%6"B77677A9B9B69"B9!%6&7"B:%7/9"B "&BBGAB9"B!&89!9"B"AB69B!A-BBA8761BBF669!79B6B %AB9"B9!%6&7"B:%7/9"B"B6 9!%6&7B"6A7B9"B%""9B9B#4B6B55FB 4 B <AB69"B8&67&"B9B!78A9B9BA767&B9B7&77&B9B 77877&BB 9!%"B9BA876B"B69"B99B%:"B8&7AB6B&A7)7&B9BN1B669!9B"B9 B &8A791 45

(19)

9A9B#$$#B9B4223B89B9BA&7""9B9"B.B!77B*&)"B1BA8"B"&99B B&A"B9B6B%A7&9BA99B=BHFB9"B9!%6&7"B9B#$$3B9B##FB9B4223B 9B9B6 7A7!B+4221222B9B4224B"&7B4DFB9"B9!%6&7"B&A9B5221222B 9B4225,B+<EB4223,1BB@A9B6B%AB9"B9!%6&7"B"6A7"B/7B9B "& B %" B 6 B 9!%" B &!%69 B "A B 6 9 B +9!%" B %A796 B 79A!79" B 9B 7A7!7A9",B9"B%""9B9B#3B6B5#FB9A9B#$34B9B422HB+9B44B6BE#FB %&AB69"B"6A79",1B5A9B6B")767"7&B9B6B%AB9"B9!%6&7"B6B9!%"B %A796B6B%AB9"B9!%6&7"B9!%&A7A9"B"B69B&6B9B6 9!%6&7B"6A7BB 678A9!9BA96B9%7"B4222B+9B#2B6B$F,B!7"B32FB9"B9A9"B"AB 69B!A-BBA876B"B69"B)67""9!9"B9B#2B"6A7"B9B%6"B"9B(&B &*&A"B9BB+F!AB9B&661B42##,1B99BA&7""9!9B9"B9!%6&7"B :%7/9"B9"B""&7B&9"B-&"9"B769"B%AB7669A"B6B9B%6"B7A9B %AA7 B 9 B 9A!9" B 9 B A989 B "6A76 B 9 B (&A!7& B &79 B 9 B 9B ")767B9B6 9!%6&7BPB!0!9B"7B76B997"9B9"B7((A99"B9A9B69"B(&A!9"B  9!%6&7"B:%7/9"B+IA9-!9AB9B<97((9AB4223,1 9BA&7"78!9B-79!9B&9A9B6 99%"7&BB"99AB6B)"B "67A9" B 9 B 69" B 7767" B "6A769"1 B 5 B (77 B "9669!9 B 69" B )"B "67A9"B%ABA%%&AB6BB"976B"7B9B99B79A"BB"67A9B!71BFB 99B9B6B%A&%&A7&B9"B)"B"67A9"BB%A&7A9""B9B%A8"B9B3B%&7"B 9BF669!79B9A9B#$$4B9B4223B9B"&A9B/ 89B9B%AB9B4#FB69B "99AB6B)"B"67A9B9"B9%7"B69B)B9"B9"B4222B""7B7!%&AB / 9 B "37" B +I&"- B 9 B X97O&%( B 4224BP B B67 B 9 B X97O&%(B 422$,1BB@A9B6B%AB9"B)"B"67A9"B%A8"B8&7AB%A&7A9""B"B69"B 9" B #$42 B B "9!)69 B " 0A9 B ")767"9 B 9%7" B 6 B  B 789 B 99!9B 7(A79AB6B6 F669!79B+#43FB9B4224,1BB&A9B69"B%A&))767"B9B "&A79BB"99AB6B)"B"67A9"B%A8"BBB79B"B6B"9&9B!&77B 9"B9"B#$$2B"%A79A9"B9B@A9B+5EHF,B6B6B!&:99B9B6 3 #HB+523F,B9B%6"B9&A9B6B6 F669!79B+4HEF,1B9"B7((A99"B"&B 9&A9 B !%67(79" B "7 B & B &"78A9 B 69" B "&A79" B %A8" B 3 B " B +A&67 B 9B C7 B 4224,1 B  997"99 B  B "67A9 B !77!! B +<ND, B 7"7 B /9 B "B A986&A7"7& B A99 B %&""7)69 B %A B 6 B %&677/9 B  99&A7& B 9"B &7"7&" B "&769" B 9 B "& B 9((9 B 9 B &!%A9""7& B "A B 69 B )" B 9 B 6B 7"A7)7& B 9" B "67A9" B "& B 9" B (9A" B 99%677(" B 6" B 9 B 9"B 7((A99"B9A9B69"B99B%:"1

 A&7""9!9 B ")"796 B  B "99A B 6 B )" B "67A9 B 9B F669!79 B 879 B " 7"A7A9 B " B  B &999 B %6" B 7A6B  7!97& B "777(7789 B 9" B 7767" B "6A769" B 9%7" B #$$3B +C9A B 9 B S(97((9A B 422D, B 9 B %6" B 7A69!9 B 9" B 7767" B 9"B A989"B9%7"B9B/7A79B 9"B/7B B/9B%9B /7869BB "97B9"B%:"B896&%%"B+5B4223,1BB"77&B 9"B%"B6B!0!9B 9B@A9B&YB69"B7767"B"6A769"B9A9B"6A7"B6B9!%"B%697B&B

(20)

&FFC&6C,,+FDC+F&1

&7 B 6 B )7""9A B 9 B #$$2 B 6 B 422H B 6 B 6 999%7& B 9 B 6 B %A79 B A8"B "%A79A9B9"B"67A9"1B 7!%&A9B9"B"6A7"B&89A"B%AB69B<NDB +#HFB"B69B"96B"99AB%A78,B69"B-""9"B9B9B9A79AB%ABA%%&ABB "67A9B!&:9B9B69AB7(("7&B6B6 9"9!)69B9"B"67A9"B*"/ 6B99B (&7"B69B<NDB9B6 8&67&B9B 6B "AA9B9"B %A6889!9"B "&79B "&B69"B%A77%9B(9A"B99%677("B9B99B)7""91BB@A9B"969B 6 B 7(("7& B 9" B 9!%6&7" B /7 B 9 B "& B %" B 6 B 9!%" B %697 B "A B 6 9B +9!%6&7"B:%7/9"B%A7&9B9B->!79B91,B99%67/9B6 A&7""9!9B 9"B7767"B"6A769"B+F)9)9A-AB9B61B4223,1B

F B &6 B 76 B  9" B %" B %&""7)69 B 9 B %A69A B  9 B "7!%69B .B67"7&B1BB!A-BBA876B/7B"9A7B9B&A9B"7!767A9B"B 69" B 99 B %:" B +S679A B Z B -969 B 42#2,1 B  69!9 B 9 B 6 B &A!9B  9!%6&7B"9BA7B%ABB&7!B9B"77&"B789A"7(79"B9B9B%6"B 9B%6"B77677A9B(9B6B6 9!%6&71B<7B99B8&67&B9"B&!!9B9B 99 B %:" B 9669 B 9" B 99!9 B %6" B %A&&9 B 9 B F669!79 B &YB 6 7!97&B9"B9B 9!%6&7B9"B(9!!9"B" 9"BA79B%6"B/ 9B @A9B%AB6B7(("7&B9"B9!%6&7"B:%7/9"B9B6B%8A9B6)&A79"9B 9B9"B7767"B"6A769"1B

 $5860(D9586.()AD28A-586722++D(+DB2AB()67586D-,B9586 7B8.*D8B0868*D64259+4(B672)8645862))-586AC6

B@A9B9B9BF669!79B6B!7&B9B6B&A!9B 9!%6&7B 9" B 69 B A"6 B 9 B 6 789"7""9!9 B %A B 9" B 9A" B 7&9 B  B &89 B A977"A9 B 7"A"7( B 9 B 9 B &899 B A9" B 79A%A7(" B 9 B 6B "77&B9B6 9!%6&7B9BB->!79B6A79!9B67!99B%AB6 99%9A7"9B !7/9B9B"799B&&!7/9B!7"B""7B9B"&7&6&779B&B"799B %&677/9B+<-A%(B<-!7B4222,B9B&!!9B7((""B%AB6 5B9B 6 B9%7"B6B(7B9"B9"B421B " B 69" B 99 B %:" B 9" B :!7/9" B %&677/9" B 7&69" B "9B "&B&!)79"B9BA"(&A!7&"B"&7&3&&!7/9"B%&AB99%67/9AB 6BA%%A&%A77&B9"B7"&A"B&!7"B"B69B&999B79A7&61B 9 B %A B 9 B  A9 B  B E-7 B 9%9 B 69" B %A&9""" B 6 B 6 G8A9 B "&B 7((A9"1BF6:"&"B77B69"BA"(&A!7&"B7"A"789"B"9""789!9B "B69B&999B!A&"&76B9B6B(&A!67&B9"B%A&)68!9"B%)67"B " B 69" B &999" B !"&3"&79 B &- B 9 B &A77"7&" B &B 7"77&" B 9 B 9(7 B " B 69" B &999" B 9A67"" B "7" B  B %6"B %A&-9 B  B A%%&A B 778796 B 6 B 6 9!%6&71 B " B -/9 B " B 9"B :!7/9" B 7"A"789" B "9A& B A%%A&-9" B 9" B A"(&A!7&"B

(21)

%&677/9"B9B7"77&9669"B9B6 B9"B"A779"B9BA767&"B9"B &A77"7&"B%&A9"9"B 7A0"B&6697("B9B9(7B9"B-79!9"B 9"B&A!9"B9B6 9!%6&7B"B69"B!79A"B9B69"B)A-9"B 7871 B F1 626+42.5675646A2A65A642(DB5)A2AB()67586+(4BAB:*5865)69*A2AB() "B69B"B9B6B@A9B6B!&7(77&B9B6B&A!9B 9!%6&7B  B A"7 B %A B 9 B A9(&A!67& B " B 6 9"%9 B %)67 B 9" B 7"&A"B &"A7" B 69" B "9" B  B ->!79 B 96693!0!9 B %A&8&/9 B %A B 9B !7& B %A&(&9 B 9 B 6 99%9A7"9 B " B 9 B &!791 B  B "%7(77B (AL7"9B9"B9B9((9B/9B69"B7"&A"B%)67"B"9B"&B(&67""B"ABB &)69B9*91BB%A9!79AB679B6B/9"7&BB&TBBA876B6BA89A"B6B -!7/9B9"B.B-A79"B"&769"B1BB&B679B8"B69"B9"B42B6B 9 B &677& B 7"A"789 B 7791 B 966937 B ""&79 B 69" B ""&77&"B %A&69" B 9 B 9" B (&A9" B %&677/9" B &"9A8A79" B &89A79" B B 67)A67"!9 B )79> B A9*&79" B %A B 9 B !&89 B 9-&A7/9B .B!&9A7"9B1 B 769!9 B 789 B 6 B 7-9 B 7A7!7 B 69" B &T"B "6A79BA&%B698"B6B6 8A9B9B6B76&)67"7&1B9B)B" 9"B(&67"B "AB69B"99AB6B)"B"67A9B9BA7"&B9B6 997"99BB"67A9B!77!!B?B &!!9 B 6 766"A9 B69"B A%%&A" B&!!" B%A B 69" B7&89A9!9"B 9B A&79 B 9 B 9 B 7-9 B "9""7(" B +NA9O B 9 B M&6: B #$$EBP B S7"73@9AA:B 4222,1B

 B "9& B 679 B 6 7"A7& B 9 B #$44 B  B E989 B N77!!B  D"9A7& B A99 B 9""7A9 B %A B 69" B A(&A!9" B A9"A7789" B 9B 6 ""A9B->!79B9B6B%A9!78A9B!&77B9"B9"B#$42B%7"B69"B 8&67&"BB!A-BBA876B"B69"B9"B#$$2B&B969-BB )B"AB69"B.B!77!B"&79B1B+I96&A79:B4222,1B9B896&%%9!9B  9!%6&7"BB<NDB6B9!%"B%A796B&7B6B"&6989AB69B%A&)68!9B9"B A" B 9 B A989 B 7"((7"" B 9A9 B 69" B )" B "67A9" B 9 B 69 B !& B 9B !77! B "&79 B "" B 9 B .B&A79A B 6 787B11 BF B ) B 9 B 6B 979B$2B6B(&A!69B9879B6B89A"7&B(AL7"9BB.B!O77BK&AOB %:B1B!7"BA9"9B&9B )&AB6B6BA&79B9B6 -7/79AB%&677/91B 99B%&"77&BB9%9BBA9*&79B%AB6B7-9B7&89A9!969B6B 6B(7B9B6B979B"B69BA9B 9B.B69A9B1B9B%A79B7"%7A9B %AB6BA&7"78!9B8&79B)A77/91B

 79B/9B69"BA9""&A9"B%)67/9"B9879B0A9B&"A9"B6B .B6 9&A79!9 B 9 B 6 787B1 B 9 B & B 6 B .B6 79!7"7& B 9B 6 7787B1 B (&A!9 B 69 B&EDB /7 B A7 B 9" B 99 B %7679A" B 9 B 6B A9(&A!67& B  B %A&)68!9 B %)67 B 9 B 6 9!%6&71 B 99 B 79 B  B %&AB

(22)

&FFC&6C,,+FDC+F&1

%A77%69 B AA7"7/9 B  0A9 B %A(79!9 B 9 B /7& B 89B 6 79A%A7& B &!79 B 9" B "9" B  B ->!79 B +&TB B A876 B 9B "777&" B 6 B 6 9!%6&7, B !7" B ""7 B 89 B 69" B 7"&A" B 67)A9B &!7"B"B69"B9"B$2B/7B%&""9B6B9B(6997)767"7&B9B6B A967& B  9!%6&71 B A9 B 99&A7& B 9 B &7"7&" B "&769" B 9B &!%6!9"B9B"67A9B89A""B%AB6B%7""9B%)67/9B69"B%&677/9"B %)67/9"B 9!%6&7B9B@A9B!7"9B9BG8A9B%AB6BA&79B9B6B7-9B 7&89A9!969 B & B &7 B 6 B 9 B "&767"7& B "" B /7869 B B "99A B 6 B )" B "67A9" B /7 B  B 9&A7 B 6 !9A799 B  9 B &89669B &A!9B 9!%6&7B%&AB69B"6A7B69B%6"B%A7A91B

9B &"9"" B %&677/9 B (AL7" B "A B 9" B !9"A9" B " %%79 B %AB 7669A"B"AB6B&89A"7&B!&A9B"B69"B9"B32B9B-8"9"B&3 67)A69" B 9 B 6 679 B 9-&A7/9 B " B 69 B &!79 B 9" B %&677/9"B "&769"B 9B 9B6 9!%6&7 B 9B %AB 9B %A7"9B 9B%&8&7A B%A&7A9""789 B !7"B /"7 B ":"!7/9B  &&!7"9"B "7"779" B +M&)9A B ZB-A9B #$$EB IA)79A B 4224,1 B 9" B A"99 B +D;< B )79 B  B SA9!79A B N77"A9B !77"8A9B9"B(79"B9B&"976B F6:"9B&&!7/9,B&B*&BB A>69B6B"B6B%&677/9B9B)7""9B9"B&7"7&"B"&769"B"AB69"B)"B "67A9"B%7"B"B6 7"A7&B 9B(&A!9B9BA7B 7!%>B9"7B6B .BA9A9B69BA876B%6"BA!A9AB1B+&6&!)B422$,1BB-A79B9B 6 867&B9B9"B%&677/9"B9"B99%9A"B&BA""7B6B9B(9A9B69"B A"6" B 9 B 9A!9" B 9 B A7&" B  9!%6&7 B 9 B %7 B 9" B &9"7&"B "797(7/9"B&B76"B&B(7B6 &)*9B+ &A:B422D)BN7AB4224,1

BF669!79B"79BB-&B9B6BA7(77&B9B6B6B!&9B A)69 B  B ->!79 B 69 B 7&89A9!9 B B&-6 B  B 6 B 6 B 6 B (7 B 9B "&B ! B  B A876 B 9 B (&A!67& B 9" B &)*97(" B 6 B %&A B %A%A9AB 6 F669!79B9B(7"B9B6B!&767"7&B9B6B6 A&B+<79796B4224,1B9B A876B&6697(B 6)&A7&B7"A"789BBB977B"B69BA9B B ) B %)67 B <&A9)9 B /7 B  B !&)767" B 6 9"9!)69 B 9" B 9A"B %9A79" B " B 6 B "%-8A9 B "&7&&&!7/9 B ? B 9" B 789A"7" B 9B ":7"B9B%""B%AB69B%A&BA8"B7(B"B9BA9B?BB&A"B /96 B  B 79 B 9 B A767& B &!!9 B  B !A- B  B A876B " 9"B%A&7A9""789!9B&"A7B&!!9BB-&A7A&B7%"")691B

9B%A&7A!!9B9B6B&677&BA&79389A9BAA789BB%&8&7AB9B #$$4 B A9("9 B 6 B "7!67& B )77A9 B &9 B 6 B A7& B 9"B %A6889!9" B &)677&7A9" B 6 B B .B!&9A7"7&B1 B 9B 6  B "&76 B 9 B 69B 896&%%9!9B9"B%&677/9"B(!76769"B+<9969)3B7"9AB9B@69O9"97B 4223,1B -9B 9B"A779B9B&!%A&!7"B9A9B6 769B7-9B%A&-9B 9" B ":7" B 9 B 6 769B.B"&76367)A69B1 B  B <S B 9!!99 B %A B 69B -9679A B <-AR9A B &8A9 B 9 B "/99 B 9 B -79!9 B A761 B 9B

(23)

.B%%79A B I67A3<-AR9AB1 B +#$$$, B %%AQ B &A8 B &!!9 B 6B A(A99B%A&7A!!7/9B&B7&79B9B6 79B42#2B9BA(&A!9B "&769 B 9 B &!!9 B  B "99A B 9 B 6 9!%6&7 B 6&A" B 6 B %A B 69B 7&89A9!91BFBGAB9B6 A7!97A9B896&%%B&BA&89B6 79B /9B69"B&A!9"BBA876B9B6 C79B7"A796B9B%989B0A9B9669"B9B .B6 &&!79 B  B (AB1 B /7 B 9" B 9 B &&!79 B 9" B "9A879" B 9 B 9 B 6B &7""91 B 9 B %A&7A!!9 B %&677/9B!9 B 9B8 B 6B A9"%&")767B 77879669B9"B9!9A"B 9!%6&7B9B%A&7"9B69B896&%%9!9BB 9!%" B %A796 B 9 B   B "99A B 6 B )" B "67A9 B /7 B A99 B 7"%&7)69 B 9"B 9!%6&7" B 6 B )" B 789 B 9 B /67(77&B+I67A B <-AR9A B #$$$,1 B 99B 79A%A7&B"7B9B"A79B9B77&"7"B/7B9"7!9B/9B69B789B 7A6B9B6 9!%6&7B9"B7"((7"B9BF669!79B%ABA%%&AB6B9B/ 76B 9"B%AB999!%69B9B"37"B9BA7"&B9B6B(7)69""9B9B6 9!%6&7B %9 B /67(7 B " B 69 B "99A B 9" B "9A879" B 6 B 6 B %9A"&9 B +<-A%(B <-!7B422#BPB7--&A"BB7"9AB422D,1

9 B -79!9 B 9 B 7"&A" B " &!%79 B 9 B F669!79B 769!9B 9B%A&(&9BA9(&9B9B6 99%9A7"9B!&)767"91BB4222BB 7A&%9 B  99%9A" B 87 B  B -A7 B  ""7"9A B "797(7/9!9 B 69"B 7&77&" B A7%A79" B %&A B  B .B%9 B %&A B 6 9!%6&7B11 B &!%&"B 996"789!9 B  789A"77A9" B "%767"9" B  B &!79 B &"7A"B &!!9B9"B%A&-9"BB&AB!&9A7"9ABB<SB" %%:B"AB B I9-!AO77B":"!7/9B9"B %&677/9"B9"B%A77%9B %:"B9B 6 5B+7--&A"B9B61B422#,1B9B7A&%9BB*&BBA>69BA76B"B 6B!7"9B"AB79B9B6B%A7"9B9B-A79B9"B->!9A"B9B6&79BA9B +@69O9"97B4224,B9B"B69BA9&A"BB9B 9!%6&7B&!!9BA78A9B  867&B9B6B%&677/9BB!A-BBA876B&!%6B6B6 %&/9B %AB9"B&"7A7&"B%&AB"AB6B/67B9"B9!%6&7"B+<-!7B4224,1

" B 6 B (&69 B  B "69 B /7 B (A%%9 B 69 B <9A879 B S)67 B 9B 6 !%6&7B669!BB)B9"B9"B4222B69B7&89A9!9B<-AR9AB -)7669 B 69 B %A&9""" B 9" B A(&A!9" B 6A79A9" B 9" B %&677/9" B %&AB 6 9!%6&7 B  B &"!9 B 9 B S99A B AA B 79 B -9( B  B %9A"&96 B 9B &6O"K79B9A9%A7"9B6)A9BB6&7B9"B9"B$2B%&AB"9"B&A"B  9A9%A7"9 B 7&8"1 B AA B &"79 B 9 B &!!7""7& B  99%9A" B &YB %A&!79B69"BA9%A"9"BB!&9B9B6 9A9%A7"9B&B9B)79"B 9B&"6"B79A7&91 BB&!!7""7&B "9B&A9B9"B (&A!9"B A77&9669" B 9 B 6 99%9A7"9 B 9 BF669!79 B 9 B &9 B 9 B &89669B %9 B " B 6 B A%A9 B  B &"9"" B "A B 6 9!%6&7 B 9 B 69" B %&677/9" B 9B 6 9!%6&7 B +E7"--"9A B Z B [7!!9A! B 422E, B   B /9 B 69B -9679AB" 9779B6B!9A9B9BG8A9B.B6B6B69A9B1B69"B7"7&"B9B6B &!!7""7&1 B 99 B 9A78A9 B A9&!!9 B 6 77A7& B 9 B 6 ""7"9B 9B->!9A"B9B9B6 79B"&769B"B69BA9B 9B%A9"7&B"&"B

Références

Documents relatifs

To test whether the vesicular pool of Atat1 promotes the acetyl- ation of -tubulin in MTs, we isolated subcellular fractions from newborn mouse cortices and then assessed

Néanmoins, la dualité des acides (Lewis et Bronsted) est un système dispendieux, dont le recyclage est une opération complexe et par conséquent difficilement applicable à

Cette mutation familiale du gène MME est une substitution d’une base guanine par une base adenine sur le chromosome 3q25.2, ce qui induit un remplacement d’un acide aminé cystéine

En ouvrant cette page avec Netscape composer, vous verrez que le cadre prévu pour accueillir le panoramique a une taille déterminée, choisie par les concepteurs des hyperpaysages

Chaque séance durera deux heures, mais dans la seconde, seule la première heure sera consacrée à l'expérimentation décrite ici ; durant la seconde, les élèves travailleront sur

A time-varying respiratory elastance model is developed with a negative elastic component (E demand ), to describe the driving pressure generated during a patient initiated

The aim of this study was to assess, in three experimental fields representative of the various topoclimatological zones of Luxembourg, the impact of timing of fungicide

Attention to a relation ontology [...] refocuses security discourses to better reflect and appreciate three forms of interconnection that are not sufficiently attended to