• Aucun résultat trouvé

La place de l'architecte dans les petits projets : en quoi l'éco-construction peut permettre de faire évoluer cette position ?

N/A
N/A
Protected

Academic year: 2021

Partager "La place de l'architecte dans les petits projets : en quoi l'éco-construction peut permettre de faire évoluer cette position ?"

Copied!
119
0
0

Texte intégral

(1)La place de l’architecte dans les petits projets : en quoi l’éco-construction peut permettre de faire évoluer cette position ? Laurie Berho. To cite this version: Laurie Berho. La place de l’architecte dans les petits projets : en quoi l’éco-construction peut permettre de faire évoluer cette position ?. Architecture, aménagement de l’espace. 2016. �dumas-01804154�. HAL Id: dumas-01804154 https://dumas.ccsd.cnrs.fr/dumas-01804154 Submitted on 31 May 2018. HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. Copyright.

(2) U SE. Mémoiredeséminaire:conditionsdeconsultation. NON. OUI. Consultation sur place. ✔. Impression. ✔. Diffusion Intranet. ✔. Diffusion Internet. ✔. Exposition. ✔. LE. N. AT. IO. Publication non commerciale. EC O. O. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. L’auteur du document accorde les droits d’usages suivant :. U LO. Ce document est protégé par le droit d’auteur (art. L. 112-1 du Code de la propriété intellectuelle).. ✔.

(3) D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE.    

(4)       

(5)       .       

(6)        

(7)      . EC O. LE. N. AT. IO.    . .  .

(8) LE. EC O. U LO. O. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. IO. AT. N. U SE.

(9) 9>G:8IG>8:9dTIJ9:HDG>CC:,69D@=. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE. "41)& . 

(10) 

(11) =

(12) 

(13)  -04.)+=8$.$.-2314$3).-/&43/&1,&331&%&'")1&85.+4&1$&33&/.2)3).-. &DIH 8ATH  . N. AT. IO.   Ad=:JG: DZ A:H :C?:JM :CK>GDCC:B:CI6JM EG:CC:CI 9: EAJH :C EAJH 9d>BEDGI6C8: 96CH A: 9DB6>C: 9J 7SI>B:CI  Ad6G8=>I:8I: 9TI:CI:JG 9: 8DCC6>HH6C8:H I:8=C>FJ:H :I 9dJC: K>H>DC 9d:CH:B7A: 9:H EGD?:IHH:B7A:6KD>GJCGYA:>BEDGI6CIR?DJ:G &6>H :C G6C8:  >A E6GI 6K:8 JC <GDH =6C9>86E  A:H B6WIG:H 9dDJKG6<: EG>KTH DCI JC: IGUH B6JK6>H: >B6<: 9: 8: BTI>:G :I WYtMuYLU[ZLWHZZLYKLZLZZLY]PJLZH\WYVÄ[KL 8DCHIGJ8I:JGH9:B6>HDCH>C9>K>9J:AA:H  %:9TK:ADEE:B:CI9:HEGD?:IH9dT8D. 8DCHIGJ8I>DC :I A: G:IDJG :C <GS8: 9: Ad6JID. 8DCHIGJ8I>DC E:JK:CI >AH AJ> E:GB:IIG: 9: G:CDJ:G6K:8A68DBB6C9:E6GI>8JA>UG:. LE EC O. T8D 8DCHIGJ8I>DC 9TK:ADEE:B:CI9JG67A: E:I>IHEGD?:IH B6>HDC>C9>K>9J:AA:  GYA:9:Ad6G8=>I:8I: HI6IJIHD8>6A >B6<:BT9>6I>FJ: B6WIG>H:9dDJKG6<:EG>KT:.   #!  "       !!  ! ÄLSK VM JVUZ[Y\J[PVU [OL HYJOP[LJ[ ZLLTZ [V #!!!% )\[ PU -YHUJL OL MHJLZ H THQVY OHUKPJHW ! KL]LSVWLYZ OH]L H ]LY` WVVY PTHNL VM [OPZ WYVMLZZPVUHUKWYLMLY[VH]VPKOPZZLY]PJLZHUK $$!#""   (ZNYLLUI\PSKPUNPZZWYLHKPUNJHU^L " !!!$! #!. .

(14) LE. EC O. U LO. O. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. IO. AT. N. U SE.

(15) U SE U LO O D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T . &:G8> R 6I=:G>C: K:CI>C 8DDG9>C6IG>8: 9J HTB>C6>G: G8=>I:8IJG:  CK>GDCC:B:CI :I )6NH6<:  6>CH> FJdR IDJH A:H :CH:><C6CIH:I8DC;TG:C8>:GH EDJGA69>K:GH>IT:IA6FJ6A>IT9:H >CI:GK:CI>DCHEGTH:CIT:H9JG6CI8:H9:JMH:B:HIG:H &:G8>RDG>CC:,69D@=EDJGHDCHJ>K> H:HGT;TG:C8:H:IH:H 8DCH:>AH. $: G:B:G8>: E6GI>8JA>UG:B:CI A:H 6<:C8:H  (  6G8=>I:8I:H  R&DCIE:AA>:G :I:GC6G9 6JGDJM R/6A7DCC:  FJ> BdDCI6EEG>H8:FJdTI6>IA:IG6K6>A9:Ad6G8=>I:8I:6JFJDI>9>:C  L[ VU[ JVUÄYTt TVU LU]PL KL MHPYL JL Tt[PLY LU WSHsHU[ SL ;JIJGJH6<:G6J8:CIG:9:B:HEGTD88JE6I>DCH. EC O. LE. N. AT. IO. &:G8>RIDJI:HA:HE:GHDCC:H B6WIG:H9dDJKG6<:H:I6G8=>I:8I:H  FJ>DCI688:EIT9:B:G:C8DCIG:G:I9:B:GTEDC9G:EDJG8: BTBD>G:  6>CH> FJdR AdHE68: #C;D QC:G<>: 9J . 9J-6GC EDJGBd6KD>GE:GB>H9:Bd>CIT<G:GRA:JGEGD<G6BB6I>DC $d6> ;6>I 9: 7:AA:H G:C8DCIG:H  9:H K>H>I:H >CITG:HH6CI:H :I Q»HPL\SHJOHUJLKLWYVÄ[LYKLWVPU[ZKL]\L]HYPtZL[[YuZ :CG>8=>HH6CIH. .

(16) U LO. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T.

(17) 5"-3/1./.2 . . O. &,&1$)&,&-32 . U SE. 

(18) 

(19) >. -31.%4$3).- . 73"3%&+="13 . . ,®'p¼QLWLRQVHWFDGUHGHUHFKHUFKH . . EC O. LE. N. AT. IO. *Jd6EE:AA: I DC]E:I>IHEGD?:IH^:C6G8=>I:8IJG:  CFJD>8:HE:I>IHEGD?:IHEGTH:CI:CI >AHJC>CITGVIEDJGA:H 6G8=>I:8I:H :IEDJGAdG8=>I:8IJG:  *Jd:HI 8:FJ:AdT8D 8DCHIGJ8I>DC . . <&22)3&2%=834%& . . %6FJ:HI>DC9J8=D>M )GTH:CI6I>DC]D7?:8I>K:^9:H9>;;TG:CIHH>I:H.  . ,,,®,PDJHGHO³DUFKLWHFWHODYLVLRQGHVPDvWUHVG³RXYUDJH   %d6G8=>I:8I::HIJC6GI>HI:BT<6ADB6C: %d6G8=>I:8I:C:H:GIRG>:C %d6G8=>I:8I:8D[I:8=:G R8:FJd>AE6G6WI  >C6A:B:CI_Ad6G8=>I:8I::HIJCKG6>6IDJI #A;6>IEAJH9:8=DH:HFJ:AdDC8GD>I %d6G8=>I:8I:Hd>CK:HI>I :I>A:HI=JB6>C. (62(*,+,2N(8*/0:,*:,+(492,96,:0:96851,:9 CFJD>AdT8D 8DCHIGJ8I>DCE:JIE:GB:IIG:9:;6>G:TKDAJ:G8:II:EDH>I>DC.      .

(20) U SE. U LO. ,9®'HO³DXWUHF{WpOHSRLQWGHYXHGHVDUFKLWHFWHV  . .-$+42).-2 . .

(21) --&6&2 . . !J>9:H9d:CIG:I>:CH CIG:I>:CH %D>C\ 9J?6CK>:GHJGAd6G8=>I:8IJG:.   . &6)04& . . 6RXUFHVHWELEOLRJUDSKLH . . 8D 8DCHIGJ8I>DC ):I>IHEGD?:IH +YA:9:Ad6G8=>I:8I:.   . EC O. LE. N. AT. IO. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. %68JAIJG:9:Ad6G8=>I:8I: HI6G  %6;DGB6I>DCRAdT8DA: :I6EGUH  %:8=D>M9:H:HET8>6A>H:G:IA6FJ:HI>DC9:AdTI=>FJ:  %6GT<A:B:CI6I>DCIGDEG><>9::IA6A:CI:JG9:HDCTKDAJI>DC   %d>BEDGI6C8:9J9>6AD<J:6K:8A:H6JIG:H>CI:GK:C6CIH  %d>CK:HI>HH:B:CI:CI:BEH A6FJ:HI>DC9:A6G:CI67>A>IT . .

(22) U SE.

(23)

(24) . D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO.  UH FJ: ?d6> 8DBB:C8T B:H TIJ9:H 9d6G8=>I:8IJG:  ?: B: HJ>H >CITG:HHT: 6JM EGD7ATB6I>FJ:H 9: 9TK:ADEE:B:CI 9JG67A::I9dT8D 8DCHIGJ8I>DC >:CFJ:8DJG6CIH6J?DJG9d=J>  8:H 8DC8:EIH TI6>:CI :C8DG: ?:JC:H :C   :I CdTI6>:CI E6H ;DG8TB:CI >CIT<GTH R IDJH A:H EGD?:IH 9dTIJ9>6CIH  #AH BdDCI EDJGI6CIH:B7AT;DC96B:CI6JM9UHA:9T7JI9:BDC8JGHJH:I?d6> IDJ?DJGHDG>:CITB:H8=D>M9:EGD?:IH:IHTB>C6>G:H:C;DC8I>DC 9:8:HEGD7ATB6I>FJ:H B:IDJGC6CIADGHFJ:8dTI6>IEDHH>7A:K:GH A68DCHIGJ8I>DC7D>H Ad6EEA>86I>DC9:HEG>C8>E:H7>D8A>B6I>FJ:H  SLZ [LJOUPX\LZ UH[\YLSSLZ KL X\HSPÄJH[PVU K»HTIPHUJLZ I=:GB>FJ: =N<GDBTIG>: 68DJHI>FJ: T8A6>G:B:CI_. EC O. LE. N. AT. IO. %DGHFJ:?d6>9T8>9T9:B:8DC;GDCI:G6JBDC9:EGD;:HH>DCC:A  ?d6> EJ B6A=:JG:JH:B:CI 8DCHI6I:G FJ: B6A<GT A6 GT8:CI: D7A><6I>DC 9: ] E:G;DGB6C8:H ^   AdT8D 8DCHIGJ8I>DC :HI :C8DG:AD>C9dVIG:A6CDGB:96CHA:H6<:C8:H9d6G8=>I:8IJG:  &6A<GT A6 KDADCIT 9: 8:GI6>CH 6G8=>I:8I:H  B6A<GT A:JGH 8DBETI:C8:H A:HEGD?:IHFJ>HDGI:CI9:I:GG:HDCI;GTFJ:BB:CI :CI68=TH 9d67:GG6I>DCH T8DAD<>FJ:H I:AA:H FJ: BJAI>EA>86I>DC 9:H 7AD8H 9: 8A>B6I>H6I>DC DJ E>U8:H R K>KG: B6CFJ6CI 9: AJB>UG:C6IJG:AA:. .  N6CI EJ 8DCHI6I:G FJ: 8:H 8DC8:HH>DCH R AdTI=>FJ: TI6>:CI:C<TCTG6A9J:HR9:JMG6>HDCHEG>C8>E6A:HJC:9:B6C9: WHY[PJ\SPuYLK\THz[YLK»V\]YHNLL[KLZJVU[YHPU[LZÄUHUJPuYLZ ?:B:HJ>H>CITG:HHT:R8:FJ:AdDC6EE:AA:A:H]8DCHIGJ8I>DCH 6AI:GC6I>K:H^ 8:AA:HGT6A>HT:HE6G9:HE:GHDCC:H6K:89:;DGI:H 8DCK>8I>DCHT8DAD<>FJ:HB6>HHDJK:CI:CB6G<:9:A6HD8>TIT IG69>I>DCC:AA:  FJ: AdDC G:IGDJK: 96CH A:H GTH:6JM 9d6JID. 8DCHIGJ8I:JGH  :H E:GHDCC:H DCI 8=D>H> 9: K>KG: AdT8DAD<>: 6J FJDI>9>:C  :C A>B>I6CI A:JG 8DCHDBB6I>DC 9d:6J  :C 8JAI>K6CIA:JGHAT<JB:H:I

(25) DJE6GI>8>E6CI6JM8>G8J>IH8DJGIH9:H EGD9J8I:JGHAD86JM :CJI>A>H6CI9:HBD9:H9:9TEA68:B:CIH 9DJM_:IEDJG8DBEATI:GA:JG9TB6G8=: >AHH:8GT:CI:JM. BVB:H JC =67>I6I FJ> A:JG G:HH:B7A:  R E6GI>G 9: B6ITG>6JM C6IJG:AHDJ9:GT8JETG6I>DC :C6EEA>FJ6CI9:H]GU<A:H9:7DC H:CH ^ IGDJKT:H HJG >CI:GC:I DJ E6G A:JGH GTH:6JM  :I FJ: A:H 6G8=>I:8I:H8DCC6>HH:CIHDJHA:CDB9:7>D8A>B6I>HB:. (62(*,+,2N(8*/0:,*:,+(492,96,:0:96851,:9 CFJD>AdT8D 8DCHIGJ8I>DCE:JIE:GB:IIG:9:;6>G:TKDAJ:G8:II:EDH>I>DC.

(26) U SE. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO.  CE6G6AAUA: 6J<GT9:HG:C8DCIG:H :IN8DBEG>H96CH BDC:CIDJG6<:EGD8=: ?d6>G:B6GFJTFJd>AN6:C8DG:JC<G6C9 CDB7G:9:E:GHDCC:HRFJ>A:HFJ:HI>DCH:CK>GDCC:B:CI6A:H E6HH:CI]6J 9:HHJH9:A6IVI:^ GTEDC96CI96CHA:JGAD<:B:CI R8=6FJ:EGD7ATB6I>FJ:9:8DC;DGI6J86HE6G86H EGT;TG6CI 6AAJB:G A6 8A>B6I>H6I>DC EAJIYI FJ: ;:GB:G A:H KDA:IH :C TIT  :IDJKG>GA:H;:CVIG:H]EDJG6TG:G^6ADGHFJ:A:8=6J;;6<::HI R;DC9:C=>K:G_:HBVB:HE:GHDCC:H9>H:CIGVK:G9dJC: B6>HDC]RA686BE6<C:^ B6>H6K:8IDJI:HA:H;68>A>ITH9:A6 ]PSSLX\HUKTvTLL[ÄUPZZLU[WHYJVUÄLYSL\YWYVQL[KL]PL R JC 8DCHIGJ8I:JG 9: B6>HDCH >C9>K>9J:AA:H ] :C @>I ^ 96CH \USV[PZZLTLU[KLIHUSPL\LWV\Y­ZLZPTWSPÄLYSH]PL®L[­ 9TE:CH:GBD>CH9d6G<:CI^.  $d6>9DC88=D>H>EDJG8:BTBD>G:9dTIJ9>:G9:HEGD?:IH 9dT8D 8DCHIGJ8I>DC  :C 6JID 8DCHIGJ8I>DC E6GI>:AA: DJ IDI6A:  :I9d:C6C6ANH:GA:JG>BE68IT8DAD<>FJ:GT:A6>CH>FJ:A:GYA: FJd6:JDJE6HAd6G8=>I:8I:9JG6CIH6GT6A>H6I>DC. EC O. LE. N. AT. IO.  68: R 8:H GT6A>ITH  ?: C: 8:HH: 9: Bd>CI:GGD<:G HJG A6 EA68: GT:AA: 9: Ad6G8=>I:8I: 6J FJDI>9>:C  )DJGFJD> H6 E6GI>8>E6I>DCCd:HI :AA:E6HHNHITB6I>FJ:96CH8=6FJ:EGD?:I %:H 6JID 8DCHIGJ8I:JGH 6JHH> Cd6JG6>:CI >AH E6H R <6<C:G :C ;6>H6CI 6EE:A R JC EGD;:HH>DCC:A EDJG A:H 688DBE6<C:G  .C 6G8=>I:8I: FJ> E6GI>8>E: R JC GTH:6J 9d6JID 8DCHIGJ8I>DC E:JI >AFJ6C9BVB:]<6<C:GH6K>:^%dT8=:AA:9:HEGD?:IH 6JID 8DCHIGJ>IH :HI :AA: GT:AA:B:CI 696EIT: R JC: 9TB6G8=: T8DAD<>FJ: . .

(27) LE. EC O. U LO. O. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. IO. AT. N. U SE.

(28) . O. U LO. U SE.  ­,U-YHUJL 

(29) KLZTHPZVUZPUKP]PK\LSSLZtJOHWWLU[H\_HYJOP[LJ[LZ7V\YX\VP&0SZ ZLYHPLU[[YVWJOLYZL[U»LUMLYHPLU[X\»nSL\Y[v[L® /D>AR8DBB:CI9TB6GG:JC6GI>8A:9J7AD<]6G8=>^9dJCB6<6O>C:<G6C9EJ7A>8 T8G>IE6GJC 6G8=>I:8I: CI6CIFJdTIJ9>6CI96CH8:9DB6>C: DCE:JIH:9:B6C9:GHd>AHd6<>I9dJC:GT6A>IT PTT\HISLK»\UYLZZLU[PPUQ\Z[PÄtKLSHWYVMLZZPVUV\ZPTWSLTLU[K»\UL]PZPVUTtKPH[PX\L 86G>86IJG6A:. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. #AHd6KUG:FJ:A6B6?DG>IT9:HE:I>IHEGD?:IH9:AD<:B:CIEG>KTHDCIGT6A>HTHH6CH;6>G:6EE:A RJC6G8=>I:8I: FJ:8:HD>IE6G9:H8DCHIGJ8I:JGHHET8>6A>HI:H9:A6B6>HDC>C9>K>9J:AA: 9:H 6GI>H6CH IG69>I>DCC:AH DJ E6G A:H B6WIG:H 9dDJKG6<: :JM BVB:  )DJGI6CI  FJ6C9 DC KD>I A: GTHJAI6I9:HODC:HE6K>AADCC6>G:HRE:GI:9:KJ:6K:89:HAD<:B:CIHH:G:HH:B7A6CIIDJH DC E:JIHd>CI:GGD<:GHJGA69JG67>A>IT9:I:AA:HEG6I>FJ:H CE6G6AAUA:8:E:C96CI AdT8D 8DCHIGJ8I>DCH:9TK:ADEE: 9:EAJH:CEAJH9:EGD?:IHKD>:CIA: ?DJG FJ:8:HD>:CI9:HB6>HDCH>C9>K>9J:AA:H 9:HT8D =6B:6JM 9:H=67>I6IHE6GI>8>E6I>;H  %:HB6ITG>6JMHDCIEAJH;68>A:B:CI688:HH>7A:H Ad>C;DGB6I>DCH:9>;;JH: B6>H:C8DG:JC: ;D>HAd6G8=>I:8I:H:B7A:VIG:B>HRAdT86GI9JBDJK:B:CI A:HB6WIG:H9dDJKG6<:BDI>KTHE6G 8:<:CG:9:EGD?:IHEGT;TG6CI;6>G:6EE:AR9:HB6WIG:H9dD:JKG:]I:8=C>8>:CH^DJBVB:H: 9T7GDJ>AA:GH:JA:C;6>H6CI9:Ad6JID 8DCHIGJ8I>DC )DJGI6CI ADGHFJ:8:GI6>CH6G8=>I:8I:H8=D>H>HH:CI9dDG>:CI:GA:JG9TB6G8=:8DCHIGJ8I>K::C8: ZLUZSHJVUUL_PVUZLMHP[L[HSVYZSLItUtÄJLLZ[T\[\LSW\PZX\LSLZTHz[YLZK»V\]YHNLNHNULU[ :CFJ6A>IT :CH>BEA>8>IT9:GT6A>H6I>DC:I:C9JG67>A>IT I6C9>HFJ:A:H6G8=>I:8I:HG:IGDJK:CI \UTHYJOtX\»PSH]HPLU[SHPZZtÄSLYKLW\PZSVUN[LTWZJLS\PKLSHTHPZVUPUKP]PK\LSSL 'DJHCDJHEDH:GDCH9DC88:HFJ:HI>DCHIDJI6JADC<9:8:BTBD>G:  . !;,22,,9:2(62(*,+,2N(8*/0:,*:,+(492,9K6,:0:96851,:9L+,*549:8;*:054 NE*5*549:8;*:054,9:,22,;4,56658:;40:E+,-(08,E<52;,8*,::,6590:054. AT. IO.  )DJGIG6>I:G8:HJ?:I CDJH6KDCHTI67A>EAJH>:JGH=NEDI=UH:H ;DC9T:HEG>C8>E6A:B:CI HJGB:H:METG>:C8:HE:GHDCC:AA:H:I9:HDJX 9>G:GT8DAITH6J<GT9:9>H8JHH>DCH:I8DC;TG:C8:H 8:H9>M9:GC>UG:H6CCT:H 6K:89:H6G8=>I:8I:HEAJHDJBD>CH:METG>B:CITH B6>H6JHH>9:H E6GI>8JA>:GHCd6N6CIHDJK:CIG>:CRKD>G6K:8A:9DB6>C:9:A68DCHIGJ8I>DC . EC O. LE. N. "NEDI=UH:H. ]Ad6G8=>I:8IJG:8:Cd:HIFJ:9:H<G6C9HEGD?:IH^. A:H6G8=>I:8I:HDCIB6JK6>H:>B6<:6JEGUH9:HE6GI>8JA>:GH. AdT8D 8DCHIGJ8I>DC:HIJCB6G8=T9:C>8=: GTH:GKTR9:HE:GHDCC:H9T8DCC:8IT:H9J G:HI:9:A6HD8>TIT. Ad6JID 8DCHIGJ8I>DCCd66J8JC>CITGVIEDJGA:H6G8=>I:8I:H 8d:HIJC;6JMB6G8=T.  %"-%#+ % B6>  ]%6B6>HDCA6>HH:Ad6G8=>I:8I::CEA6C^ =IIE

(30)

(31) LLL I:A:G6B6 ;G

(32) H8:C:H

(33) A6 B6>HDC A6>HH: A 6G8=>I:8I: :C EA6C   E=E 8DCHJAITEDJGA69:GC>UG:;D>HA:?J>C . .

(34) D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE.  (WYuZ H]VPY KtÄUP \U JHKYL K»t[\KLZ Q»HP W\ [YV\]LY KPMMtYLU[Z ZP[LZ TL WLYTL[[HU[ 9dTI67A>G9:HE6G6AAUA:HDJ9:H8DCIG69>8I>DCH:CIG:A:H9TB6G8=:H9:HB6WIG:H9dDJKG6<: A:JG >CK:HI>HH:B:CI96CHAdT8D 8DCHIGJ8I>DC A:JGK>H>DC9:H6G8=>I:8I:H:IA:JG8=D>M9:;6>G:6EE:A DJCDCRAdJC9d:CIG::JM :8:H9>;;TG:CIHEGD?:IH ?d6>9d67DG9TIJ9>TA:JGHFJ6A>ITHDJA:JGH9T;6JIH:CI:GB:H9dT8D. JVUZ[Y\J[PVUZ\YKLZJYP[uYLZ­X\HU[PÄHISLZ®!LTWSVPKLTH[tYPH\_ZHPUZL[YLUV\]LSHISLZ <:HI>DC9:AdTC:G<>: 9:H9T8=:IH 9:Ad:6J_ )J>H?d6>GT6A>HT9:H:CIG:I>:CHEDJG6KD>GA:G:HH:CI>9:HEG>C8>E6JM68I:JGH9:8:HEGD?:IH B6WIG: 9dDJKG6<: IDJI 9d67DG9  :C I6CI FJ: 8GT6I:JGH 9: 8DBB6C9: B6>H 6JHH> JH6<:GH 9J EGD?:II:GB>CT :I6G8=>I:8I:HFJ6C9>AN:C6:J. EC O. LE. N. AT. IO.  %d>9T: TI6>I 9d:HH6N:G 9: 8DBEG:C9G: Ad>B6<: FJ: A:H 6G8=>I:8I:H DCI 6JEGUH 9:H E6GI>8JA>:GH  :I 8DBB:CI :JM BVB:H GT6<>HH:CI R 9: CDJK:6JM 8=6AA:C<:H 9: 8DCHIGJ8I>DC CDJK:6JMB6ITG>6JM I:8=C>FJ:H9:B>H::CaJKG:9>;;TG:CI:H GTE6GI>I>DC9:H8D[IHRTK6AJ:G HJGA69JGT:9:K>:<AD76A:9J7SI>B:CI_. . (62(*,+,2N(8*/0:,*:,+(492,96,:0:96851,:9 CFJD>AdT8D 8DCHIGJ8I>DCE:JIE:GB:IIG:9:;6>G:TKDAJ:G8:II:EDH>I>DC.

(35) 7

(36) =

(37) . U SE.  %DGHFJ:?d6>8DBB:C8TR8=:G8=:G96CHA69D8JB:CI6I>DC:M>HI6CI:EDJG6A>B:CI:G8: BTBD>G: ?d6>EJ;6>G:EAJH>:JGH8DCHI6IH. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. %:HDJKG6<:HIG6>I6CI9dT8D 8DCHIGJ8I>DCHDCIHDJK:CI9:H] B6CJ:AH^DJ<J>9:H9:GT6A>H6I>DCHd6EEJN6CIHJG9:HEGD?:IH 9T?RGT6A>HTHEDJG:C9>;;JH:GA:HEG>C8>E:HJI>A>HTHB6ITG>6JM  I:8=C>FJ:H G:A6I>DCH:CIG:A6B6WIG>H:9dDJKG6<::IA:H6GI>H6CH DJ:CIG:EG>H:H9:B6WIG>H:9daJKG:. A:H]E:I>IHEGD?:IH^;DCIAdD7?:I9:EAJH>:JGHEJ7A>86I>DCH A: EAJH HDJK:CI HDJH ;DGB: 9: 86I6AD<J: EGTH:CI6CI JC 8:GI6>C CDB7G:9:8DCHIGJ8I>DCH GTCDK6I>DCHDJ:MI:CH>DCH9:E:I>I: HJG;68:DJE:I>IKDAJB:FJ>H:9>HI>C<J:CIE6GA:JG>C<TC>DH>IT 9d6BTC6<:B:CI  A:JGH FJ6A>ITH 9: AJB>UG: :I 9d>CIT<G6I>DC R A:JG :CK>GDCC:B:CI :I A:JG DEI>B>H6I>DC 9: E:I>IH :HE68:H  :HDJKG6<:HHd69G:HH:CIIDJI6JI6CI6J<G6C9EJ7A>8FJd6JM EGD;:HH>DCC:AH 86GA:JGKDADCIT:HI9:9TBDCIG:GFJ:]E:I>I^ UL]L\[WHZKPYLTH\]HPZL[X\»\UWYVQL[IPLUJVUs\TvTL 9:I6>AA:GT9J>I: E:JIVIG:JC:<G6C9:GTJHH>I:. IO. C8:FJ>8DC8:GC:A:GYA:9:Ad6G8=>I:8I: DCC:IGDJK:9:H FJ:HI>DCC:B:CIH:I9T7JIH9:GTEDCH:FJ:96CHA:HDG<6C>HB:H EGD;:HH>DCC:AH I:AH FJ: Ad(G9G: 9:H G8=>I:8I:H DJ 9: G:8=:G8=: DJ7>:CHJG9:H7AD<H9:HI>CTHEG>C8>E6A:B:CIRJC EJ7A>89:]8DC;GUG:H^ #AH:B7A:VIG:8DCH>9TGTFJ:A:<G6C9EJ7A>8H6>I9T?R]RFJD> H:GI^JC6G8=>I:8I:DJ:CIDJH86HC:HdN>CITG:HH:E6H6HH:O EDJGEJ7A>:G9:HDJKG6<:H688:HH>7A:HR8:HJ?:I %:H.  96CH A: 869G: 9: A:JG B>HH>DC 9d688DBE6<C:B:CI 9:H EGD?:IH >C9>K>9J:AH9:8DCHIGJ8I>DC T9>I:CI9:HDJKG6<:H:I9:H<J>9:H FJ>C:HDCI:C<TCTG6AAJHFJ:E6G9:HE:GHDCC:H9T?R>CK:HI>:H 96CHJCEGD?:I9:8DCHIGJ8I>DC. EC O. LE. N. AT.  (G  9d6EGUH BDC :METG>:C8: E:GHDCC:AA:  :C 9:=DGH 9: 8:H B6WIG:H 9dDJKG6<: :C KL]LUPY X\P H\YVU[ MHP[ SH KtTHYJOL KL ZL YLUZLPNULY SH WVW\SH[PVU MYHUsHPZL H \UL PTHNL ;6JHHT: :I HDJK:CI CT<6I>K: 9: A6 EGD;:HH>DC 9d6G8=>I:8I:  8:AA: 9: Ad6GI>HI: FJ> ;6>I 9:H ] <G6C9H<:HI:H^96CHA6K>AA: FJ>K:JI>BEDH:GH6K>H>DC9dJC:8DCHIGJ8I>DC:IFJ>:C<:C9G:JC HJG8D[I>BEDGI6CI96CHJCEGD?:I9:B6>HDC>C9>K>9J:AA: %6EAJE6GI9:H<:CHCd>CIU<G:CIE6H 96CH]AdG8=>I:8IJG:^A:HCDI>DCH9:8DC;DGI>CITG>:JG C>BVB:9:BD7>A>:G:I9:9T8DG6I>DC  8DBB: A: EGDJK: A6 ;6B:JH: FJ:HI>DC :CI:C9J: E6G 7DC CDB7G: 9: ?:JC:H 6G8=>I:8I:H DJ t[\KPHU[ZHUUVUsHU[SL\YTt[PLY!­HOV\PHYJOP[LJ[L¯THPZK»PU[tYPL\YV\K»L_[tYPL\Y&®  #ABd69DC8H:B7AT>CITG:HH6CI9:B:C:G8:II:TIJ9:EDJGIGDJK:G9:HE>HI:HE:GB:II6CI 9:]G:8DCC:8I:G^A:H6G8=>I:8I:H6K:8A:<G6C9EJ7A>8 A:H8A>:CIHE6GI>8JA>:GH:I9dJC:B6C>UG: <TCTG6A:A:HJH6<:GHEDJGA:HFJ:AH>AHIG6K6>AA:CI6JFJDI>9>:C. .

(38) LE. EC O. U LO. O. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. IO. AT. N. U SE.

(39) <7

(40) . D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE.  0SMHSSHP[JVTTLUJLYWHYt[HISPY\UJHKYLKLYLJOLYJOLKtÄUPY\ULtJOLSSLKLWYVQL[Z 8DBE6G67A:H 6HH>B>A67A:96CHA:I:BEH9dTIJ9:FJ>CDJHTI6>I>BE6GI> :I6EEGT=:C967A:E6G CDH;JIJGHA:8I:JGH d:HIAd>9T:9:H:G6EEGD8=:G9J]IDJI JC 8=68JC^FJ>6DG>:CITEAJHEGT8>HTB:CI8:BTBD>G: K:GHA:HE:I>IHEGD?:IH:IA6B6WIG>H:9dDJKG6<:E6GI>8JA>UG:. 

(41) 4X³DSSHOOHWRQ¦SHWLWVSURMHWV§HQDUFKLWHFWXUH". IO.  -DJI 9d67DG9  9:EJ>H FJ6C9 E6GA: I DC  DJ EAJH EGT8>HTB:CI Hd>CITG:HH: I DC  6JM ]E:I>IHEGD?:IH9d6G8=>I:8IJG:^ #A :HI :C :;;:I CDI67A: FJ: AdG8=>I:8IJG:  :I 9DC8 A: G:8DJGH 6JM 6G8=>I:8I:H  6 ADC<I:BEH TIT GTH:GKT: 6JM EGD?:IH 9: <G6C9: :CK:G<JG:  A:H EGD?:IH EJ7A>8H  A:H 7SI>B:CIH DJ :HE68:H G:EGTH:CI6I>;H9JEDJKD>G FJ:8:9:GC>:GHD>IEDA>I>FJ:DJG:A><>:JM %d6G8=>I:8IJG:9JFJDI>9>:C  FJ:8:HD>IEDJGH:AD<:GDJEDJGIG6K6>AA:G TI6>IGT6A>HT:E6GH:H;JIJGHJH6<:GH;6B>AA:H DJKG>:GH  E6NH6CH :ITKDAJ6>I6J<GT9:HTEDFJ:H 9:H8JAIJG:H 9:HBDN:CH 9:HEGD<GUHI:8=C>FJ:H:I 9:HB6C>UG:H9d=67>I:G d:HI8:FJdDC6EE:AA:6J?DJG9d=J>]Ad6G8=>I:8IJG:K:GC68JA6>G:^ %6GTKDAJI>DC>C9JHIG>:AA:9J9T7JI9J1#1\H>U8A::HIEGTH:CIT:8DBB:JC:GJEIJG::CB6I>UG: 9: 8DC8:EI>DC :I 8DCHIGJ8I>DC 9: Ad=67>I6I  %: BDB:CI DZ A:H B68=>C:H DCI 8DBB:C8T R 6HH>HI:G  EJ>H G:BEA68:G Ad=DBB: 96CH H:H 68I>K>ITH :HI A: ED>CI 9: 9TE6GI 9dJC: CDJK:AA: UG:8:AA:9:HTC:G<>:H;DHH>A:H:I9J]IDJ?DJGHEAJH IDJ?DJGHEAJHK>I:^ )6G:CI=DJH>6HB: K»HIVYKW\PZWHYZV\JPK»LMÄJHJP[tW\PZKLWYVÄ[n[V\[WYP_S»OVTTLZ»LZ[JVU]LY[PH\[V\[ PUK\Z[YPLSL[H\[V\[ZWtJPHSPZt!VUHHYYv[tKL[YHUZTL[[YLS»HY[KLIo[PYKLWuYLLUÄSZHÄU KLWV\]VPYSLJVTTLYJPHSPZLYS\PKVUULY\UL]HSL\YÄUHUJPuYL6U`HNHNUtLU[LTWZKL EGD9J8I>DC  :I E6G AR BVB: :C FJ6CI>IT 9: AD<:B:CIH 8DCHIGJ>IH 8=6FJ: 6CCT:  B6>H DC 6 6>CH>KJ6EE6G6WIG:A:86J8=:B6G9:H6G8=>I:8I:HA:HK:C9:JGH9:B6>HDCH]8AT:CB6>C^ FJ>H:8DCI:CI:CI9:8GT:GFJ:AFJ:HBD9UA:HGTEDC96CI6JM;DC8I>DCH76H>FJ:H9:Ad=67>I6I:I 9:A:H9JEA>FJ:GHJGCd>BEDGI:FJ:AI:GG6>CRBD>C9G:8D[I  HI 8:E6G8:FJd:AA:B6CFJ6>I9d6AI:GC6I>K:HDJ7>:CR86JH:9JBD9UA:GVKT9:A676CA>:J: HTtYPJHPUL&,U[V\ZJHZSHWVW\SH[PVUMYHUsHPZLHHKOtYtnJLZWYH[PX\LZMH]VYPZHU[S»t[HSLTLU[ JG76>C:I9TK:ADEE6CI9:HODC:HE6K>AADCC6>G:HFJ>CdDCIE6HKG6>B:CI9:FJ6A>IT6G8=>I:8IJG6A:. EC O. LE. N. AT.  )DJGI6CI  9UH A:H 6CCT:H   96CH AdAA:B6<C: 9d6EGUH <J:GG: DZ A6 CT8:HH>IT 9: GTEDC9G:RJC7:HD>C>BEDGI6CI9:AD<:B:CIHHd:HI;6>IEG:HH6CI: >AN6:J9:HTIJ9:HHJGA:H =67>I6I>DCH9:E:I>I:H9>B:CH>DCH:I9:7DCC:HFJ6A>ITH;DC8I>DCC:AA:H A6BVB:TEDFJ: DC6EJKD>G9:HTIJ9:HHJGAd:G<DCDB>:B:CT:CDI6BB:CIE6G=G>HI>C: G:9:G>8@DZTI6>:CI6C6ANHT:H] " "!  !    ""  ! " ^  : ;JI :C :;;:I AdJC 9:H 8D:JGH 9: G:8=:G8=: 9J BDJK:B:CI BD9:GC:  8DBB: Ad6 68IT A: IG6K6>A9J#&KL  X\PHJVKPÄt­SLZWS\ZWL[P[LZ\UP[tZZWH[PHSLZLUSLZWYVWVY[PVUUHU[ H\UVTIYLK»OHIP[HU[ZL[H\_JHYHJ[tYPZ[PX\LZL_[tYPL\YLZ^   . tJVUVTPZ[LHTtYPJHPULH\[L\YLK»V\]YHNLZZ\YS»LMÄJHJP[tKVTLZ[PX\L ,!'-#'# &    7L[P[ZLZWHJLZ &>A6C 8I:HHJ9

(42) &DII6 DC<GUH#CI:GC6I>DC6A9dG8=>I:8IJG:&D9:GC:. .

(43) D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE.  ;V\[LMVPZKLW\PZSHÄUKLZHUUtLZ NYoJLnSHTVKLK\JVJVVUPUN A:<G6C9EJ7A>8 H:G:9T8DJKG:JC>CITGVIEDJGHDCAD<:B:CI :IA6FJ6A>IT9:HDC>CITG>:JG BVB:E:I>IH K:8A: 9TK:ADEE:B:CI9:HHDJG8:H9:8DBBJC>86I>DCTB>HH>DCHITATK>HT:H B6<6O>C:HEG:HH: 7AD<H :IH>I:H>CI:GC:I_ >AEG:C98DCH8>:C8:9:H6BTC6<:B:CIHFJd>AE:JIGT6A>H:G EAJHDJBD>CH ;68>A:B:CI EAJHDJBD>CHT8DCDB>FJ:B:CI EDJG6BTA>DG:GHDC8DC;DGI6JFJDI>9>:C IE:I>IRE:I>I >A8DBB:C8:RH:EDH:G9:HFJ:HI>DCHHJGA:HFJ6A>ITHEG:B>UG:H9:H7SI>B:CIH FJd>AEG6I>FJ: :IRDJKG>GHDCG:<6G9HJGAd6G8=>I:8IJG:DJA6CDC 6G8=>I:8IJG:FJ>Ad:CIDJG: (C 6 9DC8 8DBB:C8T R KD>G 6EE6G6WIG: 9:H DJKG6<:H B:II6CI :C K6A:JG A:H EGD?:IH 9: E:I>I: :CK:G<JG: HTG>: 9:H  6JM T9>I>DCH-=6B:H  "J9HDC 9:EJ>H    FJd>AH HD>:CI 9:HHIGJ8IJG:H6JIDCDB:HE6K>AADCH9d:MEDH>I>DC 7DJI>FJ:HTE=TBUG:H 9:H:MI:CH>DCH9: 7SI>B:CIH:M>HI6CIHDJBVB:9:HD7?:IH9:H><C )6GA6HJ>I: 6K:8A6EG>H:9:8DCH8>:C8:9:H :C?:JM T8DAD<>FJ:H  H: 9TK:ADEE: T<6A:B:CI A6 8DBBJC>86I>DC HJG A:H 8676C:H 96CH A:H 6G7G:H A:HGTH>9:C8:H9:K686C8:H:CEA:>C:C6IJG: DJBVB:Ad=67>I6I9dJG<:C8:  d:HI6>CH>FJ:8:II:CDI>DC9:]E:I>IEGD?:I^Hd:HIE:JRE:J9TK:ADEET::IGTE6C9J: 6JHH> 7>:C EDJG A:H E6GI>8JA>:GH FJ: EDJG A:H EGD;:HH>DCC:AH 9: A6 8DCHIGJ8I>DC  8DBB: :C ITBD><C: A6 8GT6I>DC :C   9dJC: :MEDH>I>DC ] 3DDB HJG A:H E:I>IH EGD?:IH :C &>9>. )NGTCT:H ^ DG<6C>HT:H E6G A6 &6>HDC 9: AdG8=>I:8IJG: &>9> )NGTCT:H G:8DC9J>I: EDJG A6 FJ6IG>UB:T9>I>DC8:II:6CCT: *YP[uYLZKLKtÄUP[PVUK»\U­WL[P[WYVQL[®WV\YJL[[Lt[\KL.  ,>AdDCHd:CGT;UG:6JM:MEDH>I>DCHEGT8T9:BB:CI8>IT:H A6H:JA:8DCIG6>CI::HIFJ:A6 8DCHIGJ8I>DCC:9TE6HH:E6H B *LWLUKHU[JLZL\SJYP[uYLKLZ\YMHJLULTLWHYHz[WHZZ\MÄZHU[WV\YKtJYPYLL[JVTWHYLYKLZ 7SI>B:CIH 86G>AE:JI>C8AJG:9:H7SI>B:CIH6JM;DC8I>DCHIGUH9>;;TG:CI:H=67>I6I 7JG:6JM  TI67A>HH:B:CIH H8DA6>G:H DJ 9: AD>H>GH _  B6>H HJGIDJI 6JM :C?:JM :I 6JM 7J9<:IH IGUH 9>HE6G6I:H8DBB:CI8DBE6G:G:C:;;:IJC:BD9:HI:B6>HDC9:;6B>AA:9: B6K:8JC: B6>HDC9:FJ6GI>:G9: B&,[WL\[VUX\HSPÄLYKL­WL[P[WYVQL[®\ULTHPZVUPUKP]PK\LSSL 9DCIA:7J9<:IHdTAUK:G6>IREAJH9: :JGDH6JBUIG:86GGT 0SMH\[KVUJHQV\[LYK»H\[YLZTLZ\YLZKLZtSLJ[PVUHÄUK»v[YLWS\ZQ\Z[LWHYYHWWVY[H\_YtHSP[tZ 9:A68DCHIGJ8I>DC:IHJGIDJI6JG:HH:CI>9:A6EDEJA6I>DC. EC O. LE. N. AT. IO.  -DJI 9d67DG9  >A H:B7A: AD<>FJ: 9d>C8AJG: JC: A>B>I: 7J9<TI6>G: A>T: R A6 HJG;68:  %6 8DCIG6>CI: T8DCDB>FJ: TI6CI B6A=:JG:JH:B:CI IGUH HDJK:CI A6 EG>C8>E6A: HDJG8: 9: 8DC8:HH>DCH R AdTI=>FJ:  R Ad:HI=TI>FJ: DJ R A6 ;DC8I>DCC6A>IT 9dJC EGD?:I 9d6G8=>I:8IJG:  >A WHYHz[YHP[PUJVUJL]HISLKLX\HSPÄLYKL­WL[P[WYVQL[®\UWH]PSSVUK»HY[KLTFJ>6JG6>ITIT JVUÄtn\U­NYHUKHYJOP[LJ[L®L[WV\YSLX\LSVUKtIV\YZLYHP[WS\ZPL\YZJLU[HPULZKLTPSSPLYZ 9d:JGDH 6CHCDIG:86H ]E:I>IEGD?:I^C:9D>IE6HVIG:6HH>B>AT6JM;DA>:H6G8=>I:8IJG6A:H 9J1#1\H>U8A: 8:GI:H9:E:I>I:H9>B:CH>DCHB6>H9DCIAdD7?:8I>;EG>C8>E6A:HI9:B6GFJ:GA:H :HEG>IHE6G9:HBDN:CHE6G;D>H9TB:HJGTH (C8=:G8=:6J8DCIG6>G:9:HEGD?:IH688:HH>7A:H  [LYTLPU]LU[tnSHÄUKLZHUUtLZ WHY-HP[O7VWJVYUH\[L\YLL[JVUZ\S[HU[LLUTHYRL[PUN HDJG8:%". $ &   3»,UJ`JSVWtKPLK\4HYRL[PUN )6G>H NGDAA:H  8GT6I>DC9JB6<6O>C:4HPZVU ;YH]H\_:C

(44) TB>HH>DC8\LZ[PVU4HPZVUHJG G6C8: RE6GI>G9:?6CK>:G 9:K:CJ:3H4HPZVU-YHUJL:C  

(45) TB>HH>DC+ JVHJG&:CD8ID7G:  

(46)  6EE6G>I>DC 9J 8DC8:EI 9: ] =DB: HI6<>C< ^ K6ADG>H6I>DC 9: HDC 7>:C >BBD7>A>:G  EDJG HDC 8DC;DGIE:GHDCC:ADJ:CKJ:9dJC:K:CI::C G6C8::C . . (62(*,+,2N(8*/0:,*:,+(492,96,:0:96851,:9 CFJD>AdT8D 8DCHIGJ8I>DCE:JIE:GB:IIG:9:;6>G:TKDAJ:G8:II:EDH>I>DC.

(47) U SE. R A6 B6?DG>IT 9: A6 EDEJA6I>DC  E6H GTH:GKTH R JC: ] TA>I: ^  : EAJH A6 GTBJCTG6I>DC 9: Ad6G8=>I:8I:TI6CIJC:9:HFJ:HI>DCHHDJH ?68:CI:HR8:II:TIJ9: :I:C<TCTG6AEGDEDGI>DCC:AA: 6J7J9<:I9:HIG6K6JM CDJHCdTIJ9>:GDCHFJ:9:HEGD?:IH9DCIA:7J9<:IIDI6A:HI>C;TG>:JGR C:J; 8:CIHB>AA::JGDHI:GG6>C>C8AJH9T?RJC:HDBB:8DCHTFJ:CI: 8:FJ>G6B:CTRA6HJG;68: Ä_tLKLTTKDFJT:EAJH=6JICDJH9DCC:JCBDCI6CIB6M>BJB9:  --

(48) B. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO.  CHJ>I: CDJH G6?DJI:GDCH A6 FJ:HI>DC 9: A6 B6WIG>H: 9dDJKG6<: EJ7A>FJ: DJ EG>KT:  EGD;:HH>DCC:AA:DJCDC C:;;:I JC:B6>HDC9:FJ6GI>:G 8:GI:H9:E:I>I:H9>B:CH>DCH :I9: 7J9<:IG6>HDCC67A: :HIJCEGD?:I9DCIAdDG><>C:6JG6TIT9DCCT:E6GJC:KDADCITBJC>8>E6A:  HJ>K>: 9dTIJ9:H 9d>BEA6CI6I>DC :I 9: 7J9<:I  EJ>H 9dJC 8DC8DJGH HJG :HFJ>HH:H :C B6G8=T EJ7A>8 AJ> BVB:HJ>K>9:ADC<HBD>H9:8DC8:GI6I>DC:CIG:Ad6G8=>I:8I:A6JGT6I A:HTAJH :I 96CHA:B:>AA:JG9:H86HA:H;JIJGHJH6<:GH :IFJ>8DC9J>G6R9:HIG6K6JM6JHJ>K>69B>C>HIG6I>; 8DBEA:M: :I:C869GTHE6G9:CDB7G:JM>CI:GK:C6CIH:IDG<6C>HB:H9:8DCIGYA: DBE6GTR JC:B6>HDC>C9>K>9J:AA: FJ>:HIEDJGI6CIHDJK:CI]A:EGD?:I9dJC:K>:^ A6B6WIG>H:9dDJKG6<: EJ7A>FJ::HIJC:B68=>C:7>:CIGDE8DBEA:M:EDJGVIG:8DCH>9TGT:8DBB:]E:I>I:^ 'DJH CDJH8DCI:CI:GDCH9DC89:EGD?:IHEDGITHE6G9:HB6WIG:H9dDJKG6<:HEG>KTH E6GI>8JA>:GHDJ E:I>I:H:CIG:EG>H:H  ,UÄUZLWVZLSHX\LZ[PVUKLS»\ZHNL,UKLOVYZKLSHJVUZ[Y\J[PVUK»\UIo[PTLU[Z\Y JC: E6G8:AA:  A6 ;DC8I>DC 9: 8: 7SI>B:CI K6 >BEA>FJ:G 9:H 8DCHTFJ:C8:H HJG A: KD>H>C6<:  R EAJH DJ BD>CH <G6C9: T8=:AA: -6C9>H FJdJC AD<:B:CI Cd6JG6 EGD767A:B:CI 9d:;;:I FJ: HJG H:H =67>I6CIH :I HDC KD>H>C6<: EGD8=:  Ad>BEA6CI6I>DC 9dJC AD86A 8DBB:G8>6A DJ A>7TG6A 6JG6 H[G:B:CI JC >BE68I HJG IDJI A: FJ6GI>:G  9: CDJK:6JM H:GK>8:H G>HFJ:CI 9d6J<B:CI:G SH MYtX\LU[H[PVU L[ KVUJ SLZ Å\_ KL ]tOPJ\SLZ L[ KL WPt[VUZ V\ KL\_YV\LZ THPZ H\ZZP K»PUÅ\LUJLYSH]HSL\YPTTVIPSPuYLKHUZ\UYH`VUWS\ZSHYNLX\LSLZPTWSLISVJWHYJLSSHPYL 'DJH GT9J>GDCH 9DC8 8:II: G:8=:G8=: R AdTIJ9: 9: EGD?:IH 9: AD<:B:CIH  FJd>AH HD>:CI :C B6>HDCH >C9>K>9J:AA:H  E:I>IH 8DAA:8I>;H DJ =67>I6IH E6GI>8>E6I>;H Ad=67>I6I <GDJET DJ AdT8D. =6B:6JEDJK6CIVIG:8DCH>9TGTH8DBB:9:HG6HH:B7A:B:CIH9:EAJH>:JGHE:I>IHEGD?:IH. IO. 

(49) (QTXRLFHVSHWLWVSURMHWVSUpVHQWHQWLOVXQLQWpUrWSRXUOHVDUFKLWHFWHVHWSRXU O³$UFKLWHFWXUH". EC O. LE. N. AT.  %d6G8=>I:8I: :HI JC 6GI>H6C ] <TCTG6A>HI: ^ FJ> H: 9D>I 9: H6KD>G ?DC<A:G :CIG: IDJI:H HDGI:H9:8DCC6>HH6C8:H:I9:8DCIG6>CI:H8DCIG6>CI:H9JH>I: 8A>B6I>FJ:H:IIDED<G6E=>FJ:H CDI6BB:CI  8DCC6>HH6C8:H HIGJ8IJG:AA:H  <:HI>DC 9:H GTH:6JM R Ad>CITG>:JG 9dJC 7SI>B:CI :I A:JGG688DG9:B:CI6JMGTH:6JM:MI:GC:H 8DCC6>HH6C8:9:HB6ITG>6JM GTEDCH:6JM7:HD>CH :HI=TI>FJ:H:I;DC8I>DCC:AH_  :Cd:HI9T?RE6H;DG8TB:CITK>9:CI9d6GG>K:GR8DB7>C:GIDJI8:A6EDJG9DCC:GIDJI:H A:HFJ6A>ITH6II:C9J:H96CHJCEGD?:I9:<G6C9::CK:G<JG: BVB:6K:8JC7J9<:IE:GB:II6CI 9dJI>A>H:G9>;;TG:CI:H6K6C8T:HI:8=C>FJ:H 8D[I:JH:H &6>H8:A69:K>:CIJCKTG>I67A:8=6AA:C<: 9:GTEDC9G:RIDJHA:H8G>IUG:H9:8DC;DGI96CHJCE:I>I:HE68::I6K:8JCE:I>I7J9<:Ib;6>G: WS\ZH]LJTVPUZLZ[\UKtÄH\X\LSILH\JV\WK»HYJOP[LJ[LZZLZVU[JVUMYVU[tZL[U»LUZVU[ E6HIDJ?DJGHHDGI>HK6>CFJ:JGH d:HIEDJGFJD>>A:M>HI:6J?DJG9d=J>EAJH>:JGHDJKG6<:H;6>H6CI Ad6EDAD<>:9:8:HE:I>IHEGD?:IHGTJHH>HH6CIR8DC8>A>:GFJ6A>IT E:I>I7J9<:I:IKDAJB:GT9J>I. 0¶+tÄUP[PVUZL[JHKYLKLYLJOLYJOL ',-DJADJH:,) ?J>C . .

(50) O. U LO. U SE. &6>H H> A: HJ88UH 9: I:AH DJKG6<:H E:JI Hd:MEA>FJ:G E6G Ad>CITGVI 9:H EGD;:HH>DCC:AH EDJG A: IG6K6>A :;;:8IJT E6G A:JGH 8DC;GUG:H  :I A: EG>C8>E: 9d:M:BEA6G>IT IGUH EGTH:CI 96CH A: B>A>:J 9:Ad6G8=>I:8IJG: >A:HIHJGIDJI9[6J;6>IFJ:8d:HIJC:T8=:AA:9:EGD?:IFJ>E6GA:6J<G6C9 EJ7A>8 C:;;:I A:HEGD?:IH9d6G8=>I:8IJG::B7ATB6I>FJ:HHDCIHDJK:CIB6A8DBEG>HE6GA:H CTDE=NI:HR86JH:9:A:JG]9TB:HJG:^E6GG6EEDGI6JFJDI>9>:C9dJC:E:GHDCC:A6B796 %:H ]E:I>IHEGD?:IH^ EAJH688:HH>7A:H86GH:G6EEGD8=6CI9:Ad6G8=>I:8IJG:KT8J:6JFJDI>9>:C E6GA:HJH6<:GH E:GB:II:CI9:A:JG9DCC:GJC:>B6<:EAJH8DC8GUI:9JIG6K6>A9:Ad6G8=>I:8I: :I9:HDC>BE68IEDHH>7A:HJGA:JGK>:9:IDJHA:H?DJGH. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. :A69:K>:CI9d6JI6CIEAJH>CITG:HH6CI:C8:HETG>D9:H9:I:CH>DCHT8DCDB>FJ:HDZA:C>K:6J 9:G:K:CJH9:A6]8A6HH:BDN:CC:^69JB6ARHJ>KG:Ad6J<B:CI6I>DC9J8D[I9:A6K>: :A6 D7A><:9:EAJH:CEAJH9:E:GHDCC:HRG:CDC8:GRA:JG9TH>G9:8DCHIGJ8I>DCE6GB6CFJ:9: TV`LUZILH\JV\WWLUZHU[X\L­sHJV„[LJOLYKLIPLUMHPYL®7V\Y[HU[SLKtZPY]VPYLSL 7:HD>C9:7SI>G:M>HI:IDJ?DJGH :IR8DC9>I>DC9dVIG:7>:C688DBE6<CT >AG:K>:CI6ADGHBD>CH 8=:G9:8DCHIGJ>G:EAJHE:I>I %:B6CFJ:9:I:GG6>CH9>HEDC>7A:H DJA:JG8D[ITA:KTFJ6C9>AH:M>HI:CI 8DCIG6>CI9d6>AA:JGH HDJK:CI A:H ;JIJGH =67>I6CIH R GT9J>G: A:JGH :M><:C8:H :C I:GB:H 9: HJG;68: =67>I67A:  8: FJ> B6A=:JG:JH:B:CI A:H 8DC9J>I 7>:C HDJK:CI R JC: 8:GI6>C: ;GJHIG6I>DC JC: ;D>H A:JG AD<:B:CII:GB>CTA6GT9J8I>DC9:H9>;;TG:CIH:HE68:H9:K>:FJ>C:Hd688DBE6<C:E6H9dJC: DEI>B>H6I>DC9:A:JGH6BTC6<:B:CIH:I>CI:G8DCC:M>DCHEGDKDFJ:7>:CHDJK:CIJC:H:CH6I>DC 9dDEEG:HH>DC:I9d>C8DC;DGI %69>B>CJI>DC9:A6HJG;68:=67>I67A::HI9DC8HDJK:CI6HHD8>T: RA69>B>CJI>DC9:A6FJ6A>IT9JAD<:B:CI :I8DCIG>7J:RA6H:CH6I>DC9:9>H8G>B>C6I>DC9:H E:GHDCC:H6N6CIJC7J9<:IH:GGT. EC O. LE. N. AT. IO. :HEGTD88JE6I>DCHT8DCDB>FJ:HHDCIK6A67A:HEDJGA:HB6WIG:H9dDJKG6<: B6>H6JHH>EDJG A:H6G8=>I:8I:H FJ>HDCI6J?DJG9d=J>EAJH:C8A>CHR688:EI:G9:]E:I>I:H8DBB6C9:H^FJd>A N6FJ:AFJ:H6CCT:H 86GA:H<GDHB6G8=THH:;DCIG6G:H:I>AK6JIB>:JMIG6K6>AA:GE:I>IFJ: C: E6H IG6K6>AA:G 9J IDJI  :II: GT9J8I>DC 9:H B6G8=TH 9D>I :AA: 8DC9J>G: R A6 E:GI: 9: A6 EAJH K6AJ:D;;:GI:E6GA:IG6K6>A9:Ad6G8=>I:8I:#A;6JI6J8DCIG6>G:A68DCH>9TG:G8DBB:JC: 8=6C8:9:E6GI6<:G8:IG6K6>A6K:8A:EAJH<G6C9CDB7G::IG:9DCC:GH:HA:IIG:H9:CD7A:HH:R Ad6G8=>I:8IJG:9JFJDI>9>:C .CE:I>I:HE68:?J9>8>:JH:B:CIGT6BTC6<TH:G6HDJG8:9:EA6>H>G EDJGH:HJH6<:GH :IE:GB:IIG69:A:HGT8DC8>A>:G6K:8A:JGA>:J9:K>: BVB:Hd>AHCdDCIE6H9: NYVZTV`LUZÄUHUJPLYZ d:HIT<6A:B:CIJC:CDJK:AA:HDJG8:9d:METG>B:CI6I>DCHEDJGA:H8DC8:EI:JGH:I8DCHIGJ8I:JGH FJ>E:JK:CIEAJH;68>A:B:CIH:E:GB:IIG:9:I:HI:G9:CDJK:AA:HBTI=D9:H:II:8=C>FJ:H FJ:8: HD>IEDJGA68DC8:EI>DCDJEDJGA6GT6A>H6I>DC ;68:RJCB6WIG:9dDJKG6<:6K:8FJ>A:9>6AD<J: :HI9>G:8I EAJIYIFJ:96CHA:H<G6C9EGD?:IHDZ7:6J8DJE9d>CI:GAD8JI:JGH:CIG:CI:C?:J:I 96CHA:HFJ:AHA6HDAJI>DC9T?RB>AA:;D>HTEGDJKT:H:G6:C<TCTG6AG:I:CJ:]E6GEGJ9:C8:^ ;68:RJC:CDJK:AA:EGDEDH>I>DC :HE:I>IHEGD?:IHHDCI9DC89:HK:8I:JGH9d>CCDK6I>DC96CH Ad6G8=>I:8IJG::I96CHA:HBD9:H9d=67>I:G DBB:CDJHA:K:GGDCHADGH9:CDH:CIG:I>:CH6K:89:H6G8=>I:8I:H])% !! KLWL[P[WYVQL[WHYJVU[YLPSMH\[X\»VUYL[YV\]LnSHMVPZSLYHWWVY[O\THPUL[KLZHTIP[PVUZ KLWYVQL[X\HSP[H[PM^ ,UÄU JLZ WL[P[Z WYVQL[Z ZVU[ \UL WYLTPuYL YtWVUZL H\_ LUQL\_ tJVSVNPX\LZ X\P ZL WVZLU[ 6J?DJG9d=J>  C :;;:I  B6>CI:C6CI FJ: A: BDC9: :CI>:G EG:C9 E:J R E:J 8DCH8>:C8: 9:H EGD7AUB:H FJ: EDH: AdJG76C>H6I>DC <6ADE6CI:  EGDEDH:G 9:H HDAJI>DCH EDJG 8DCI>CJ:G R JVUZ[Y\PYL[V\[LUJVTISHU[SLZKLU[ZJYL\ZLZLUKLUZPÄHU[SLZ]PSSLZL_PZ[HU[LZLUYLZWLJ[HU[. . (62(*,+,2N(8*/0:,*:,+(492,96,:0:96851,:9 CFJD>AdT8D 8DCHIGJ8I>DCE:JIE:GB:IIG:9:;6>G:TKDAJ:G8:II:EDH>I>DC.

(51) U SE. A:HH>I:H]C6IJG:AH^DJ6JBD>CH6<G>8DA:HFJ>CDJHG:HI:CI H:B7A:VIG:JC:9TB6G8=:AD<>FJ: RC:E6HCT<A><:G %:HE:I>IHEGD?:IHG>HFJ:CI9DC89:H:9TK:ADEE:G7>:CEAJHFJ:A:H<G6C9H EGD<G6BB:H 96CH A:H EGD8=6>C:H 6CCT:H  86G ] ! "     ! #" " HS[LYUH[P]LKtSPItYtL®L[UVUWS\ZMVYJtTLU[SLYtZ\S[H[K»\UTHUX\LKLTV`LUZKLÄUHUJPLYZ. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO.  ,J>K6CIA6BDJK6C8:<TCTG6A::IAd:C<DJ:B:CI9J<G6C9EJ7A>8 DCG:B6GFJ:9d6>AA:JGH FJ:A:HEJ7A>86I>DCHHJG8:HE:I>IHEGD?:IHHDCI]E6HHT:H6JK:GI^9:EJ>HFJ:AFJ:H6CCT:HA: 9:GC>:G9:A6HTG>::HIJC!!"-=6B:H"J9HDC   6J"   K:G<G::C  6HJ88T9TJC"  &6DB6D   _'DJH6AADCH9DC8CDJH 6JHH>CDJH>CITG:HH:GR8:II:HD> 9>H6CI]CDJK:AA:I:C96C8:^9:AdT8D 8DCHIGJ8I>DC. 4=&23$&04&+=8$.$.-2314$3).-.  %dT8D 8DCHIGJ8I>DC 8d:HIA6EG>H::C8DBEI:]KL[V\ZSLZHZWLJ[ZLU]PYVUULTLU[H\_ [OLYTPX\LZtULYNt[PX\LZK\Io[PTLU[HPUZPX\LSHZHU[tKLZOHIP[HU[ZL[HY[PZHUZSL[V\[LU WYP]PStNPHU[\ULtJVUVTPLSVJHSL¯L[Q\Z[L^ DC8GUI:B:CI  :AA: >BEA>FJ: 9: H: EGTD88JE:G 9UH A6 8DC8:EI>DC 9dJC 7SI>B:CI 9: IGD>H EG>C8>E:H;DC96B:CI6JM. JI>A>H:G6JI6CIFJ:EDHH>7A:9:HB6I>UG:HEG:B>UG:HAD86A:H R;6>7A:E4,8.0,.809,:I 9:EGT;TG:C8:G:CDJK:A67A:H. 6CI>8>E:GJC:8DCHDBB6I>DCTC:G<TI>FJ:;6>7A:9JG6CIIDJI:A6K>:9J7SI>B:CI Z»HZZ\YLYKLWV\]VPYYtJ\WtYLYL[V\YLJ`JSLYSLZTH[tYPH\_LUÄUKL]PL (CE:JIA:GTHJB:GE6GA6]GU<A:9:H+^+T9J>G: +TJI>A>H:G +:8N8A:G B6>H6JHH>8:AA:9:H ,,>IJT ,6>C ,DA>96>G: C:;;:I >A:HI>BEDGI6CI9:E:CH:GCDH8DCHIGJ8I>DCH:CGT9J>H6CIA6 8DCHDBB6I>DC9:HG:HHDJG8:H:CTC:G<>::I:CB6I>UG:HEG:B>UG:H B6>HEDJGFJ:A:GTHJAI6I HD>IKG6>B:CI9JG67A: A:7SI>B:CI8GTT9D>IHd>CH8G>G:96CHJC:T8DCDB>:AD86A::I9:E6GI6<: :IG:HE:8I:GA6H6CIT9:H:HJH6<:GH:I9:HDC:CK>GDCC:B:CI. EC O. LE. N. AT. IO.  :EJ>HA6]EG>H:9:8DCH8>:C8:^<TCTG6A>HT:9J,DBB:I9:A6-:GG:R+>D:C  A:HEGTD88JE6I>DCH:CK>GDCC:B:CI6A:HDCIEG>HJC:EA68:>BEDGI6CI:96CHA6K>:EDA>I>FJ::I FJDI>9>:CC:9:HE6NH:JGDET:CH CDI6BB:CIA6 G6C8: %6CDI>DC9:]9TK:ADEE:B:CI9JG67A:^ 8GTT:9UHE6GA:AJ79:+DB: 6TITA:BDI:JG KLTLZ\YLZHJ[P]LZHÄUKLSPTP[LYSLZPTWHJ[ZKLS»HJ[P]P[tO\THPULZ\YSLZTPSPL\_UH[\YLSZ :A6:C<AD7:9:HEGD7ATB6I>FJ:H9:EGDI:8I>DC:CK>GDCC:B:CI6A: 6>CH>FJ:9dTFJ>ITHD8>6A: L[K»LMÄJHJP[ttJVUVTPX\LL[PTWSPX\LKVUJSHYLTPZLLUJH\ZLKLWYH[PX\LZYV\[PUPuYLZHÄU 9:H:CH>7>A>H:GA:HEDEJA6I>DCHRAd>BEDGI6C8:9:A68DAA67DG6I>DC 9:A6E6GI>8>E6I>DC:I9:A6 G:HEDCH67>A>H6I>DC9:8=68JC EDJGG:IGDJK:GJC:8DBBJC6JIT9:K>:E:GB:II6CIA:HG6EEDGIH =JB6>CH:IA6GTHDAJI>DCAD86A:9:H:C?:JMT8DAD<>FJ:H.  ,!'-#'# &    7L[P[ZLZWHJLZ &>A6C 8I:HHJ9

(52) &DII6  ,#'- $(.+, 2   ,JVOHIP[LY!KLZTHPZVUZtJVSVNPX\LZ #CIGD9J8I>DCEE    )+3  )     ]    6CH 9: cB6>HDCH EDJG G>:Cd DJ A:H K:GIJH 9J K:GC68JA6>G: ^  >C "()#' $ :I%(' ' 4H[PuYLNYPZL )6G>H )6K>AADC9:AdGH:C6A EE     .YV\WLTLU[ K»PU[LSSLJ[\LSZ HMÄYTHU[ SH UtJLZZP[t K»HZZVJPLY SH WYV[LJ[PVU KL SH UH[\YL H\ 9TK:ADEE:B:CIT8DCDB>FJ:. 0¶+tÄUP[PVUZL[JHKYLKLYLJOLYJOL ',-DJADJH:,) ?J>C . .

(53) U LO. U SE.  3»tJVSVNPL L[ SH K\YHIPSP[t ZVU[ H\QV\YK»O\P KLZ JVUJLW[Z [YuZ PUÅ\LU[Z THPZ B6A=:JG:JH:B:CI HDJK:CI B6A 6EEA>FJTH 96CH A6 EG6I>FJ:  %: 9DB6>C: 9J 7SI>B:CI  G:HEDCH67A: R AJ> H:JA 9:   9: A6 8DCHDBB6I>DC TC:G<TI>FJ: C6I>DC6A: :I 9:  9:H TB>HH>DCH 9: (  :HI E6GI>8JA>UG:B:CI 8DC8:GCT E6G 8:H 8=6C<:B:CIH >BEDHTH 9: I:8=C>FJ: 9:B6ITG>6JM:I9:BD9UA:H9:8DCHIGJ8I>DC ,DCTKDAJI>DC9D>IVIG:BDI:JG9: 8=6C<:B:CIH9:8DBEDGI:B:CIH RA6;D>H8=:OA:HEGD;:HH>DCC:AH:I8=:OA:HJH6<:GH. EC O. LE. N. AT. IO. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O.  THDGB6>H  A6 CDI>DC 9: 8D[I 9dJC: 8DCHIGJ8I>DC :HI G:BEA68T: E6G 8:AA: 9J 8D[I <AD76A 8d:HI R 9>G:HJGAd:CH:B7A:9:H69JGT:9:K>: :I9:HDC,368,04:,E*525.07;, )DJGA6GT6A>H6I>DC9dJCT8D EGD?:I >AC:;6JI9DC8E6HH:8DC8:CIG:GH:JA:B:CIHJGA:H6HE:8IH I:8=C>FJ:H 9J 7SI>B:CI  :GI:H >A :HI >BEDGI6CI 9: G:HE:8I:G A6 GT<A:B:CI6I>DC I=:GB>FJ: :C K><J:JG  B6>H >A :HI HJGIDJI EG>BDG9>6A 9d>CIT<G:G 9UH A6 8DC8:EI>DC A:H ;JIJGH JH6<:H 9J Io[PTLU[HÄUKLYtWVUKYLH\_ILZVPUZWHYSLZZVS\[PVUZSLZWS\ZtJVUVTLZTHPZH\ZZPSLZWS\Z H6>C:H:I67DG967A:H:CI:GB:9:;DC8I>DCC:B:CIEDJGA:H;JIJGHJI>A>H6I:JGH #AHd6<>I9:Hd>CH8G>G:96CHJC:9TB6G8=:<AD76A: D7?:8I>K::IG6I>DCC:AA: 9:A68DC8:EI>DCR A6EDI:CI>:AA:9:HIGJ8I>DC9J7SI>B:CI  H\ KtTHYYHNL K\ WYVQL[ PS MH\[ YtÅtJOPY n ZVU PTWSHU[H[PVU WHY YHWWVY[ n ZVU :CK>GDCC:B:CI  H:H 688UH  A:H FJ6A>ITH DJ 9T;6JIH 9J H>I: HJG A:FJ:A DC H: EDH:  A: G6EEDGIRA6C6IJG::HI>BEDGI6CI BVB:96CHJC8DCI:MI:JG76C>HT %686E68>IT9JEGD?:I RHd>CIT<G:G96CHJCFJ6GI>:G JCI:GG>ID>G:DJJCE6NH6<:EGT?J<:G69:H69JG67>A>IT 3VYZKLSHJVUJLW[PVUPSMH\[PU[tNYLYÄULTLU[SLZKVUUtLZJSPTH[PX\LZK\SPL\Vƒ S»VU ZL WSHJL HÄU K»VW[PTPZLY UH[\YLSSLTLU[ SLZ HWWVY[Z ZVSHPYLZ L[ KL ZL WYV[tNLY MHJPSLTLU[ KLZ PU[LTWtYPLZ *L[[L YtÅL_PVU WLYTL[[YH KL SPTP[LY SLZ JVUZVTTH[PVUZ TC:G<TI>FJ:H9J7SI>B:CI:CJH6<:.  #A ;6JI T<6A:B:CI E:CH:G R ] 9DH:G Ad:HE68: ^  8d:HI R 9>G: 9>B:CH>DCC:G A: EGD?:I :C ;DC8I>DC 9:H 7:HD>CH GT:AH :I R K:C>G  :I CDC HJG9>B:CH>DCC:G E6G ;68>A>IT 8: FJ> 8DC9J>G6>IR9:H9TE:CH:H9dTC:G<>::I9d:CIG:I>:C>CJI>A:H   )DJG A6 GT6A>H6I>DC  A:H T8D B6ITG>6JM 9D>K:CI VIG: EG>K>AT<>TH  8d:HI R 9>G: 9: A6 B6I>UG:EG:B>UG:AD86A: H>EDHH>7A:G:CDJK:A67A: :ICd6N6CIE6H9d:;;:IHCT;6HI:HHJG A6H6CIT C>6JBDB:CI9:Ad:MIG68I>DC C>R8:AJ>9:A6IG6CH;DGB6I>DC C>E:C96CIH6 9JGT:9dJI>A>H6I>DC:IHDCG:8N8A6<:.  %: 8=6CI>:G 9D>I VIG: ] EGDEG: ^ 8d:HI R 9>G: B>C>B>H:G A:H >BE68IH HJG A: H>I: 9[H 6JM8>G8JA6I>DCH9:KT=>8JA:HADJG9H:IRA:JGHEDAAJI>DCH EGTH:GK:G6JB6M>BJBA6 KT<TI6I>DC:M>HI6CI: EG>DG>H:GA:G:8N8A6<:9:H9T8=:IHEAJIYIFJ:A:JGTA>B>C6I>DC . ):C96CIA69JGT:9:K>:9J7SI>B:CI A:HJH6<:GH9D>K:CIVIG:EGVIHR8=6C<:G8:GI6>C:H =67>IJ9:H:I69DEI:GJC8DBEDGI:B:CIG:HEDCH67A::C8:FJ>8DC8:GC:A6<:HI>DC9: Ad:6J  9:H TC:G<>:H  9:H 9T8=:IH  9: A:JGH IG6CHEDGIH  #A N 6 HDJK:CI JC IG6K6>A 9: 8DBBJC>86I>DCCT8:HH6>G::CEG:B>:GA>:JEDJG;68>A>I:G8:II:EG>H::CB6>C  ,UÄU PS MH\[ HU[PJPWLY X\»\U QV\Y JL Io[PTLU[ KL]YH v[YL YLJ`JSt V\ Kt[Y\P[ LU E:GB:II6CI 6ADGH JC 8=6C<:B:CI 9dJH6<: ;68>A>IT DJ JC 9TBDCI6<: EGDEG: 6K:8 G:8N8A6<:9:HB6ITG>6JM:ITFJ>E:B:CIHJI>A>HTH -DJI:H8:H8DCIG6>CI:HC:H:GDCIG:HE:8IT:HFJ:<GS8:RJC:C<6<:B:CI:IJC:BDI>K6I>DC9UH A:9TE6GI9JB6WIG:9dDJKG6<: :IJC:8DAA67DG6I>DC>CI:G9>H8>EA>C6>G:9:IDJHA:H>CI:GK:C6CIH K\Io[PTLU[K\THsVUnS»\ZHNLYKLS»HYJOP[LJ[LH\WLPU[YL  .  9T8:B7G:  ]"67>I6I6HH:8DCHDBB6I>DCEDJGIDJH^>C,8>:C8:H:IK:C>G C\ EE  . . (62(*,+,2N(8*/0:,*:,+(492,96,:0:96851,:9 CFJD>AdT8D 8DCHIGJ8I>DCE:JIE:GB:IIG:9:;6>G:TKDAJ:G8:II:EDH>I>DC.

(54) U SE. 3»VIQLJ[PMHMÄYTtLZ[KL[YV\]LYV\YL[YV\]LY­\UtX\PSPIYLOHYTVUPL\_LU[YLS»OVTTLL[SH UH[\YLX\PS»LU[V\YL®WHYKLZJVUZ[Y\J[PVUZ[PYHU[WYVÄ[KLJL[[LKLYUPuYLZHUZWV\YH\[HU[ TEJ>H:GH:HG:HHDJG8:HDJ9TIGJ>G:H:HT8DHNHIUB:H:IE6NH6<:H. U LO. 80:F8,9+NE<(2;(:054+N;46851,:E*5*549:8;0:. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O.  )DJG8:II:TIJ9: 8>7AT:HJG9:HEGD?:IH9:E:I>I:I6>AA: CDJHCDJH6II68=:GDCHRTK6AJ:G 8:H GT6A>H6I>DCH HJG 8>CF I=TB6I>FJ:H H:JA:B:CI  E:GB:II6CI A6 GT6A>H6I>DC 9: 9>6<G6BB:H ;68>A>I6CIA:JG8DBE6G6>HDC9TI6>AATH6J## E  . >:CFJ:CDCA>TRA68DCHIGJ8I>DC:C:AA: BVB: A:8=D>M9:Ad:BEA68:B:CI9JI:GG6>C:HI JCEG:B>:G8G>IUG:EDJG?J<:GJC:]T8D 8DCHIGJ8I>DC^9><C:9:8:CDB C:;;:I JC7SI>B:CI H6>C :I E6HH>; FJ> H:G6>I 688:HH>7A: JC>FJ:B:CI :C KD>IJG: :I H>IJT R EAJH>:JGH 9>O6>C:H 9: @>ADBUIG:H9:IDJI8DBB:G8: TFJ>E:B:CIDJA>:J9d68I>K>IT RBD>CH9dVIG:=67>ITE6G9:H :GB>I:H  C: EDJGG6 E6H VIG: 8DCH>9TGT 8DBB: IDI6A:B:CI T8D G:HEDCH67A:  : BVB: JC EGD?:I T8D 8DCHIGJ>I 7>:C >CIT<GT 6J 8aJG 9dJC: B>M>IT ;DC8I>DCC:AA: B6>H EDJG A:FJ:A DC 6JG6>II:GG6HHTIDI6A:B:CIJCHDJH 7D>HDJ9TIGJ>I9dJC:6JIG:B6C>UG:JC:E6GI>BEDGI6CI: 9dJCT8D HNHIUB:C:EDJGG6>IVIG:8DCH>9TGT8DBB:]GTJHH>^ 3LZTH[tYPH\_\[PSPZtZKLSHZ[Y\J[\YLWYPUJPWHSLH\_ÄUP[PVUZKVP]LU[H\[HU[X\LWVZZPISL!   VIG: G:CDJK:A67A:H DJ R 9T;6JI <TGTH 9: B6C>UG: 9JG67A: 6K:8 JC: :MEAD>I6I>DC YHPZVUUtLL[\ULWVZZPIPSP[tKLYtLTWSVPV\YLJ`JSHNLLUÄUKL]PLK\Io[PTLU[  CT8:HH>I:GE:J9dTC:G<>:<G>H:EDJGA:IG6CHEDGI:IA6IG6CH;DGB6I>DC   C: E6H VIG: CD8>;H EDJG A:H VIG:H K>K6CIH C> EDJG A6 C6IJG: :CK>GDCC6CI:  R 6J8JC BDB:CI9:A:JG8N8A:9:K>:. %dTC:G<>:9D>IVIG:<TGT:RA6;D>HE6GJC:8DC8:EI>DC:I9:HI:8=C>FJ:HE:GB:II6CI9d:CA>B>I:G 6J B6M>BJB A6 8DCHDBB6I>DC  B6>H 6JHH> E6G AdJI>A>H6I>DC 6JI6CI FJ: EDHH>7A: 9dE4,8.0,9 8,45;<,2()2,9 TK:CIJ:AA:B:CIEGD9J>I:HHJGEA68:. N. AT. IO. %:H9T8=:IHEGD9J>IHIDJI6JADC<9:A6K>:9J7SI>B:CI9D>K:CIVIG:;68>A:B:CIIG>TH K6ADG>HTH  8DBEDHITHDJG:8N8ATH %:H9T8=:IHCDCK6ADG>H67A:H9D>K:CIEDJKD>GVIG:;68>A:B:CITK68JTH KHUZ\UYtZLH\YLZWVUZHISLKLSL\Y[YHP[LTLU[ÄUHS )6G];68>A:B:CI^DC:CI:C9C:E6HD7A><:GA:HD88JE6CIHRHID8@:G]I6CI7>:CFJ:B6A^ A:JGH9>;;TG:CIH768H9:IG>HEJ>HRA:H6B:C:G:JM BVB:H:IHJGIDJIE6H:CKD>IJG:REAJH>:JGH @>ADBUIG:H9:AR. EC O. LE. %d:6J9D>IVIG:<TGT:T<6A:B:CI9:B6C>UG:G:HEDCH67A:A>B>I:GA68DCHDBB6I>DC9d:6J EDI67A:  DEI>B>H:G AdJI>A>H6I>DC :I A: G:?:I 9:H :6JM 9: EAJ>:  H> EDHH>7A: JI>A>H:G JC HNHIUB: 9d6HH6>C>HH:B:CIE6G6/?:5E6;8(:054_ :H9DCCT:HH:GDCIG:8J:>AA>:HEDJG8=68JC9:HEGD?:IHTIJ9>TH96CHA6<G>AA:HJ>K6CI:. . !.3#' &.%%+    3»HYJOP[LJ[\YLtJVSVNPX\L! L_LTWSLZL\YVWtLUZ )6G>H %:&DC>I:JG. 0¶+tÄUP[PVUZL[JHKYLKLYLJOLYJOL ',-DJADJH:,) ?J>C . .

(55)   

(56) . U LO O. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. '! " % !

(57)   . U SE. # %

(58) 

(59) $.  . "%  #   % " %  %  !. % . .  . . EC O. LE. N. AT. IO.  'DJH6AADCHB6>CI:C6CI:HH6N:G9dTK6AJ:G8:HEG>C8>E:HHJG9:HEGD?:IHGT:AH FJ:?: K6>HKDJHEGTH:CI:G96CHA6E6GI>:HJ>K6CI:. . (62(*,+,2N(8*/0:,*:,+(492,96,:0:96851,:9 CFJD>AdT8D 8DCHIGJ8I>DCE:JIE:GB:IIG:9:;6>G:TKDAJ:G8:II:EDH>I>DC.

(60) <=7. O. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. 

(61) /DTXHVWLRQGXFKRL[. U LO. U SE.  6CHA:869G:9:8:BTBD>G:TIJ9>6CI >ACDJHTI6>I9:B6C9T9:8=D>H>GJCRIGD>HH>I:H EDJG6EEJN:G8DC8GUI:B:CICDIG:G:8=:G8=: :E:C96CI KJA:86G68IUG:HJ7?:8I>;9:A6FJ:HI>DC EG>C8>E6A:R6C6ANH:GAd>B6<:9:H6G8=>I:8I:H >AB:H:B7A6>I>BEDGI6CI9:EDJKD>GBJAI>EA>:G A:HED>CIH9:KJ:H :I9DC8T<6A:B:CIA:HH>I:H9dTIJ9:HJGA:HFJ:AH:;;:8IJ:GB:H:CIG:I>:CH.  %:8=D>M9:H9>;;TG:CIHH>I:HC:Hd:HIE6H;6>I9:B6C>UG:6G7>IG6>G: B6>HE6GGT9J8I>DC EGD<G:HH>K:9J8=6BE9:G:8=:G8=:6J;JG:IRB:HJG:9:AdTKDAJI>DC9:A6EGD7ATB6I>FJ::I 9:HA:8IJG:HDJG:C8DCIG:H:;;:8IJT:H.  %: H:JA 8G>IUG: >BEDHT 9UH A: 9TE6GI 6 TIT A6 ODC: <TD<G6E=>FJ:  6J KJ 9: BDC :METG>:C8: E:GHDCC:AA: 6MT: ?JHFJd>8> HJG A6 8JAIJG: 8DCHIGJ8I>K: BT9>I:GG6CT:CC: :C GT<>DCH %6C<J:9D8 +DJHH>AADC :I )  :I BDC :CK>: R ADC< I:GB: 9: Bd>CHI6AA:G EGD;:HH>DCC:AA:B:CI 96CH B6 GT<>DC 9dDG><>C:  ?: B: HJ>H 8DC8:CIGT: HJG 9:H EGD?:IHH>IJTH96CHA6GT<>DC&>9> )NGTCT:H  :A6B:E:GB:II6>IT<6A:B:CI9:K>H>I:GBD>. BVB: A6 EAJE6GI 9:H EGD?:IH EGTH:CITH FJ> TI6>:CIRBD>CH9:= 9:GDJI:9:-DJADJH:. TOULOUSE. 5*(209(:054+,2(8E.0540+0 ?8E4E,9,48(4*,. AT. IO. %6EG:B>UG:9TB6G8=:EDJGIGDJK:G9:H8DCI68IH:I9:HEGD?:IHEDJK6CI:CIG:G96CHBDC TIJ9: 6 TIT A6 K>H>I: 9J H6ADCAI:GC6I>76 R-DJADJH: :C H:EI:B7G:    %:H CDB7G:JM HI6C9H9T9>THRAdT8D 8DCHIGJ8I>DCBdDCIE:GB>H9dTI67A>GJC:A>HI:9:GT;TG:C8:H:CA>:C6K:8 A:I=UB:GTH:6JM6HHD8>6I>;H ;DJGC>HH:JGH9dT8D B6ITG>6JM CDBH9d6G8=>I:8I:H :M:BEA:H9: GT6A>H6I>DCH96CHA6GT<>DC. EC O. LE. N.  1»HP JVTTLUJt n JVU[HJ[LY SLZ KPMMtYLU[LZ WLYZVUULZ WYtJtKLTTLU[ PKLU[PÄtLZ WV\Y SL\Y 9:B6C9:G 9: A:H G:C8DCIG:G EDJG 9:H :CIG:I>:CH  :C ;DC8I>DC 9J INE: 9: EGD?:I GT6A>HT :I 9:A6AD86A>H6I>DC %d>9T:TI6>I9:I:C9G:K:GHA68DCHIGJ8I>DC9dJC]E6C:AG:EGTH:CI6I>;^:C KP]LYZPÄHU[SLZKtTHYJOLZt[\KPtLZ!WYVQL[ZLUH\[VJVUZ[Y\J[PVU[V[HSLV\WHY[PLSSLH]LJV\ H6CHA6E6GI>8>E6I>DC9dJC6G8=>I:8I: :CB6>HDC>C9>K>9J:AA:DJ:C=67>I6IE6GI>8>E6I>;_  J 9T7JI 9: 8: IG6K6>A 9: BTBD>G:  A:H GT<>DCH &>9> )NGTCT:H :I %6C<J:9D8 +DJHH>AADC CdTI6>:CIE6H:C8DG:G:<GDJET:H:CJC:H:JA:<G6C9:GT<>DC  AI:GC6I>76 :HI JC G:<GDJE:B:CI 9: KDADCI6>G:H HDJ=6>I6CI ;6>G: 8DCC6WIG: A:H HDAJI>DCH ]6AI:GC6I>K:H^FJ>H:EGTH:CI:CI6JM8>IDN:CH:CB6I>UG:9d6A>B:CI6I>DC 9:AD<:B:CI 9dTC:G<>:H B6>H 6JHH>9dT8DCDB>::I9:9TBD8G6I>: :CKJ:9:AJII:G8DCIG:A:9TGU<A:B:CI8A>B6I>FJ::I9d6EEG:C9G: R]B>:JMK>KG::CH:B7A:^. .

(62) 1»HPKVUUtSHWYPVYP[tH\_WYVQL[ZKVU[SHJVUZ[Y\J[PVUt[HP[[LYTPUtLHÄUX\LTLZPU[LYSVJ\[L\YZ W\PZZLU[H]VPYK\YLJ\SZ\YS»LUZLTISLKLSHYtHSPZH[PVUKLSHKtTHYJOLPUP[PHSLnS»\ZHNLÄUHS $()2,(;8E*(60:;2(:0-+,96851,:98,6E8E9,4.809*,;>65;82,97;,29(;*;4,9;0:,4N(E:E+544E,. . *&:24398:7B>*

(63)  )A( *3(4:78 ? +4=*78 *$.,&3  

(64) +4=*78 &&794:(-*7.*. 2A3&,*8 *3(4:78 #4:14:8*

(65)  54:71.389&39 .  . 81*4:7)&.3

(66) . . *3(4:78. $*7+*.18:7"*=* . 2&.843&2*&:1*&:9 9*1.*7. % :=4 #4:73*+*:.11* *81.*43@&1;*8 "*:.17(-.9*(9:7*. +4=*78. 4:9-*3<. *3(4:78. 1498. 4:7)&.3 *9&(-*9 343. *$.,&3 . . 

(67). $. #4:14:8*

(68) .  . . &.843'.4(1.2&9.6:*. &89&3*9#4148&3

(69) . 

(70)  . -&72*&:. &.843*9-&3,&7)*894(0&,*. &'&79-* .  . 4758)*+*72* &3,&71&:7&,&.8 *35&.11* &.843 &.843 &.843'.4(1.2&9.6:* &.843  &.843.3).;.):*11*488&9:7*'4.8 $&.88*&:9*77*897*. 1&.8&3(*):#4:(-

(71)  $*7+*.1

(72)  #*:1&9  &87*3.*7  &"&:>.B7*"9*&3  :7&9  .,7*+*:.11*

(73)  #4:73*+*:.11*

(74) . D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. !&243;.11*

(75) .    . U SE.

(76)  . U LO.  . O.         &8445 (4-&2*&:):&8)3)7&1 '7.445 &*:3* 4:88* 4: :;*79):(&3&1 19*7&'.9&9 .814.8 (4-&2*&:   

(77) 

(78)  .  4(9  .  .

(79) 

(80). % :=4 #4:73*+*:.11* -43@&1;*8 "*:.1&7(-.9*(9:7* 343. . 343. 411&79 $*7+*.1. " *7.A .81*8:7#&73. $. ".1;A&&7(-.9*(9* #4:14:8* $&7,*8-&39*.<. IO.  %: EG>C8>E: 9d:CIG:I>:CH TI6CI AdTATB:CI 8AT 9J BTBD>G:  A6 EG>H: 9: 8DCI68I 6K:8 A:H >CI:GAD8JI:JGHEDI:CI>:AH6G8=>I:8I:H 6JID 8DCHIGJ8I:JGH GTH:6JM9dT8D 8DCHIGJ8I:JGH . :IA:JG6K>H;6KDG67A:DJCDC6>CH>FJ:A:JG9>HEDC>7>A>ITEDJGHd:MEG>B:GHJGI:ADJI:AEGD?:I H\YHt[tS»tStTLU[KtJPZPMKLZKPMMtYLU[ZWYVQL[Zt[\KPtZL[WYtZLU[tZH\ÄUHS. EC O. LE. N. AT. &508.;0+,9+N,4:8,:0,49,444,>,6 . . (62(*,+,2N(8*/0:,*:,+(492,96,:0:96851,:9 CFJD>AdT8D 8DCHIGJ8I>DCE:JIE:GB:IIG:9:;6>G:TKDAJ:G8:II:EDH>I>DC.

(81) U SE. (8:,+,25*(209(:054+,9+0--E8,4:96851,:990:;E99;82(8E.0540+0 ?8E4E,9. 2)3&. U LO. lot. O. 2)3&. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. aveyron. 2)3&. tarn. gers. 2)3&. 2)3&. 2)3&. ariège. :CIG:I>:CHGT6A>HTH EGD?:ICDCK>H>I67A:. 8DCI68IH6CHHJ>I:. EC O. LE. N. AT. IO. :CIG:I>:CHGT6A>HTH EGD?:IK>H>IT. 2)3&

(82). ,990:,9+NE:;+, ',-DJADJH:,) ?J>C . .

(83) 182&-3"3).-:.#*&$3)5&;%&2%)''81&-322)3&2. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE.  /DJHIGDJK:G:O96CHA:HE6<:HHJ>K6CI:HJC:EGTH:CI6I>DCHJ88>C8I:9:8=68JC9:H EGD?:IHTIJ9>TH #AHd6<>I>8>9:KDJHE:GB:IIG:9d6EEGT=:C9:GA:JG9>K:GH>IT A:H9TB6G8=:H9DCI >AH9T8DJA:CI :IA:H9>;;TG:CIH9:<GTH9d>CK:HI>HH:B:CI96CHAdT8D 8DCHIGJ8I>DC 1L ZV\OHP[HPZ JL[[L ]HYPt[t K»HWWYVJOLZ HÄU KL JVUZ[P[\LY \U tJOHU[PSSVU YLWYtZLU[H[PM KLZ 9>;;TG:CIHINE:H9:EGD?:IH:I9:B6WIG:H9dDJKG6<:FJ>H:A6C8:CI96CH8:II:9TB6G8=: #AH:G6 :C:;;:IKJEAJHI6G9ADGH9:H:CIG:I>:CHFJ:AdT8DAD<>::HIEDJG8:GI6>CHA:BDI:JGBVB:9:A6 8DCHIGJ8I>DC I6C9>HFJ:EDJG9d6JIG:H:AA:Cd:HIE6HA6EGTD88JE6I>DCB6?:JG:B6>HJC7DCJH 6EEDGITADGH9J9TGDJA:B:CI9JEGD8:HHJH (C EDJGG6 IDJI:;D>H CDI:G FJ: A:H B6>HDCH >C9>K>9J:AA:H EGTH:CIT:H 8> 9:HHDJH HDCI EAJIYI 9d6HE:8IIG69>I>DCC:A6K:89:HBJGH:C9J>IH:I9:HID>IJG:H:CE:CI:H 6ADGHFJd>A:M>HI:6JHH> 9:HEGD?:IHT8D 8DCHIGJ>IHGTHDAJB:CI8DCI:BEDG6>CH ;6>H6CIE6G;D>H6EE:AR9:HB6ITG>6JM >C9JHIG>:AH 6 EG>DG> E6H T8DAD<>FJ:H B6>H Hd>CIT<G6CI 96CH A6 9TB6G8=: E6G A:JG G:8N8A6<: DJA:JGGT:BEAD> C8DG:JC:;D>H >A;6JIHd>CITG:HH:GRA6<AD76A>IT9:Ad6EEGD8=::ICDCR Ad6EEA>86I>DCA>IITG6A:9:8:GI6>CHEG>C8>E:H. %:H ] 9>6<G6BB:H 9dT8D 8DCHIGJ8I>DC ^ H:GK:CI R 8DBE6G:G ] :C JC 8DJE 9da>A ^ A6 9TB6G8=: T8DAD<>FJ: 9: 8=6FJ: EGD?:I  :I HDCI 8DCHIGJ>IH 9: 8:II: B6C>UG:  8>CF I=TB6I>FJ:H HDCI 8=D>H>:H KD>G E6G6<G6E=: ] #  G>IUG:H 9dTK6AJ6I>DC 9dJC EGD?:I T8D. 8DCHIGJ>IE ^ HJGA:HFJ:AA:HJC:CDI:9: R:HI6IIG>7JT:R8=6FJ:8G>IUG:HJ>K6CIA: 76GUB:8> 8DCIG:. . . . . . EC O. LE. N. AT. IO. 0(.8(33,+,)(9,8E(209E65;82(*536(8(0954 +,9:/E3(:07;,9+NE*5*549:8;*:0549;82,9 6851,:9+,*,3E3508,.  ]VPY WHY L_LTWSL SH THPZVU tJVJVUs\L L[ H\[VJVUZ[Y\P[L n 3H]H\Y WHY S»([LSPLY 2P[ Vƒ \U IHYKHNLTt[HSSPX\LHt[tJOVPZPLUYL]v[LTLU[L_[tYPL\YHÄUKLTPUPTPZLYSLZJV„[Z O[[W!HYJOPJVU[LTWVYHPULVYN94(WSN4HPZVULUH\[VJVUZ[Y\J[PVUO[T&ÄJOLFPK$. . (62(*,+,2N(8*/0:,*:,+(492,96,:0:96851,:9 CFJD>AdT8D 8DCHIGJ8I>DCE:JIE:GB:IIG:9:;6>G:TKDAJ:G8:II:EDH>I>DC.

(84) U LO. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. 80:F8,%:0209(:054+,K053(:E80(;>L3(:E80(;>E*525.07;,9. O. JI>A>H6I>DCD7A><6ID>G:9:A6KD>IJG: EGDM>B>IT9JA>:J9:IG6K6>A EGDM>B>IT9:8DBB:G8:H:IH:GK>8:H IG6CHEDGIH:C8DBBJC688:HH>7A:H 676C9DC9:A6KD>IJG:. U SE. 80:F8,**,990)020:E+;90:,. JI>A>H6I>DC  HIGJ8IJG::CT8D B6ITG>6JM >HDA6I>DC:CT8D B6ITG>6JM G:KVI:B:CIH:CT8D B6ITG>6JM TFJ>E:B:CIH:CT8D B6ITG>6JM. 80:F8,549533(:054E4,8.E:07;,. H\J\ULYtÅL_PVUZ\YSHWYVIStTH[PX\LtULYNt[PX\LILZVPUK»HWWVY[ZJVUZ[HU[Z E6H7:HD>C9d6EEDGIHTC:G<TI>FJ:H8DBEATB:CI6>G:HEDJGA:8DC;DGI9dTIT E6H7:HD>C9d6EEDGIHTC:G<TI>FJ:H8DBEATB:CI6>G:HEDJGA:8DC;DGI9d=>K:G B>H::CEA68:9:HDJG8:9dTC:G<>:G:CDJK:A67A: 6JIDCDB>:DJHJGEGD9J8I>DC 80:F8,.,9:054+,9E*/,:9. AT. IO. 6J8JC:<:HI>DCG6>HDCCT:9:H9T8=:IH IG>HTA:8I>;E6GA:HJH6<:GH IG>HTA:8I>;688:HH>7A:HJGA68DBBJC: 8DBEDHI6<: B>C>B>H6I>DC9:A6EGD9J8I>DC. N. 80:F8,.,9:054+,2N(;. EC O. LE. <:HI>DC9:Ad:6J]RAd6C8>:CC:^ GT8JETG6I>DC9:H:6JMEAJK>6A:H B>H::CEA68:9:ID>A:II:HHU8=:H B>H::CEA68:9dJC:E=NIDTEJG6I>DC GTJI>A>H6I>DC9:H:6JMEAJK>6A:H

(85) 6JIDCDB>:. ,990:,9+NE:;+, ',-DJADJH:,) ?J>C . .

(86) D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE. #0:,+NE:;+,9(9:(4,:$5259(4  4(22(4:<,892N(;:54530,. &6WIG:9d(JKG6<:   . )6IG>8@=6GB:6J B:B7G:68I>;9:Ad6HHD8>6I>DC+,(. 6I:H8ATH    . 9T7JI8DCHIGJ8I>DC :BBTC6<:B:CI  ÄUKLZ[YH]H\_.   . ,JG;68:7SI>:  ,JG;68:I:GG6>C.  B=67>I67A:H9DCI B8=6J;;TH  B. D[I9:HIG6K6JM    --    HD>IBD>CH9:  --

(87) B JID8DCHIGJ8I>DCIDI6A:. #;82,62(4E*525.07;,*,6851,: ,9: 68,97;, 6(8-(0: .8C*, B ;4, +E3(8*/,6,89544,22,.25)(2,. 6G68ITG>HI>FJ:H9:A68DCHIGJ8I>DCB6>HDCRDHH6IJG:7D>H6K:86EEA>86I>DC9:HEG>C8>E:H 9: 8DC8:EI>DC 7>D8A>B6I>FJ:  JC: H:GG: DG>:CIT: 6J ,J9  9:H :HE68:H I6BEDCH 6J 'DG9 7J6C9:G>: H6AA:9d:6J :IRAd(J:HI<6G6<: 6I:A>:G. EC O. LE. N. AT. IO. &6ITG>6JM JI>A>HTH  ;DC96I>DCH 8N8ADET:CC:H  DHH6IJG: :I B:CJ>H:G>:H 7D>H  I:GG: 8GJ:  KT<TI6JM 8=6JM. . #*/E3(+,*54*,6:054 )05*203(:07;,,>:8(0:+; +5*;3,4:!  6;)20E9;82,90:,+,2N(995*0(:054 "#6(8/(83,(;2;0 3G3,. (62(*,+,2N(8*/0:,*:,+(492,96,:0:96851,:9 CFJD>AdT8D 8DCHIGJ8I>DCE:JIE:GB:IIG:9:;6>G:TKDAJ:G8:II:EDH>I>DC.

(88) JIG:HTFJ>E:B:CIH8=:B>CT:6K:8BJGI=:GB>FJ: 86EI:JGHR6>G E6CC:6JMHDA6>G:HEDJG :6J8=6J9:HDA6>G::IE6CC:6JME=DIDKDAI6XFJ:H GT8JETG6I>DC9:H:6JM9:EAJ>: 2(.;4(.,  ID>A:II:HHU8=:H. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE. *J:AFJ:HBDIHHJGA69TB6G8=:  &DCH>:JG=6GB:6J:IH6;:BB:DCI9TB6GGT8:EGD?:I6J9T7JI9:H6CCT:H  KHUZS»PKtLKLJVUZ[Y\PYL\ULTHPZVUMHTPSPHSLVƒ]P]YLH]LJSL\YZ[YVPZÄSSLZKHUZ\UL]VSVU[t 9:]]P]YLKLMHsVU[YuZtJVUVTLL[H\[VUVTL^ CDI6BB:CIE6GA6 &DCH>:JG6JC:;DGB6I>DC9d>C<TC>:JG9dTIJ9:H9:A68DCHIGJ8I>DC:I6K6>I9DC89:H8DBETI:C8:H :C86A8JA9:HIGJ8IJG:H 6>CH>FJ:9:HCDI>DCH9:8DC8:EI>DC7>D8A>B6I>FJ:I>GT:H9dJCBD9JA: 9:8:II:;DGB6I>DC ,6;:BB: T<6A:B:CI>C<TC>:JG 6E6GI>8>ETRA68DC8:EI>DC9JEGD?:I #A 9>I 6KD>G TIT ] [V\QV\YZ \U WL\ tJVSV KHUZ S»oTL ^  B6>H FJ: H6 KDADCIT 9: 8DCHIGJ>G: T8DAD<>FJ: 6 TIT 688:CIJT: E6G AT 9T<D[I 9: IDJI: A6 8=>B>: >C9JHIG>:AA: :I A:H EGD9J>IH EDAAJ6CIHFJd>A68YIDNTE:C96CIH:HTIJ9:H %:8=D>M9d6JID 8DCHIGJ>G:H:JA :C9:=DGH9:A686E68>IT9:A:;6>G: AJ>E:GB:II6>I9dT8DCDB>H:G HJGA6B6>C9dD:JKG:EDJG68=:I:G9:HB6ITG>6JM9:B:>AA:JG:FJ6A>ITA:HT8D B6ITG>6JMTI6CI E:JGTE6C9JH6JBDB:CI9:A68DCHIGJ8I>DC %:7>A6C9JEGD?:IH:ADCAJ> SLYHWWVY[X\HSP[tWYP_ÄUHS. EDCIHI=:GB>FJ:H. 8DC;DGI9dTITE6HIDJIR;6>IDEI>B6A A:G:HH:CI> Ad6B7>6C8:96CHA6B6>HDC. EA6C8=:G8=6J;;6CI]G6IT^ E6H9:K>:>AA>HH:B:CI9:HB6ITG>6JM 8DC;DGI9d=>K:G:IIGUH;6>7A:8DCHDBB6I>DC. EC O. LE. N. AT. IO. 2(4+,",>:8(0:+;+5*;3,4:7YtZLU[H[PVUZ`U[Ot[PX\LKLSHTHPZVU+096540)2,(;3G3,,4+850:. A>:C9>G:8I=IIE

(89)

(90) LLL 6G:HD 6HHD ;G

(91) HE>E E=E6GI>8A:. ,990:,9+NE:;+, ',-DJADJH:,) ?J>C . .

(92) D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE. #0:,+NE:;+,9;8(:9;8&F)8,  &0<8,68F9+,9,9:,88,9,:3040309,8954036(*:. &6WIG:9d(JKG6<: G8=>I:8I: . :I/ ,6C9G6)TG>T %>HA: HJG -6GC. 6I:H8ATH    .  9T7JI8DC8:EI>DC  9T7JI8DCHIGJ8I>DC  :BBTC6<:B:CI.   . B=67>I67A:H  B. D[I9:HIG6K6JM   .   -- HD>I:CK>GDC  --

(93) B. N036(*:+;6851,:,9:(25;8+06(8 954:,88(04,462,04,*(36(.4,. AT. IO. ,JG;68:7SI>: ,JG;68:I:GG6>C. LE. N. CIG:EG>H: EDJG AdDHH6IJG: 7D>H :I A6 8=6GE:CI:  EJ>H 6JID 8DCHIGJ8I>DC 688DBE6<CT: :I 8=6CI>:GHE6GI>8>E6I>;H. EC O. 6G68ITG>HI>FJ:H9:A68DCHIGJ8I>DCB6>HDCRDHH6IJG:7D>H6K:86EEA>86I>DC9:HEG>C8>E:H 9:8DC8:EI>DC7>D8A>B6I>FJ:DJK:GIJG:H:I7DL L>C9DL6J,J9 :HE68:HI6BEDCH6J'DG9 8:AA>:G H6AA:9d:6J 7J6C9:G>: <6G6<: &6ITG>6JM JI>A>HTH  96AA: 7TIDC  DHH6IJG: :I B:CJ>H:G>:H 7D>H  I:GG: 8GJ:  7DII:H 9: E6>AA:  DJ6I:9:8:AAJADH: A>U<: 6G<>A: 8=6JM JIG:HTFJ>E:B:CIHEDVA:HJGBJGI=:GB>FJ: E6CC:6JMHDA6>G:HEDJG:6J8=6J9:HDA6>G:R K:C>G GT8JETG6I>DC9:H:6JM9:EAJ>: E=NIDTEJG6I>DC ID>A:II:HHU8=:H. . (62(*,+,2N(8*/0:,*:,+(492,96,:0:96851,:9 CFJD>AdT8D 8DCHIGJ8I>DCE:JIE:GB:IIG:9:;6>G:TKDAJ:G8:II:EDH>I>DC.

(94) D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE. *J:AFJ:HBDIHHJGA69TB6G8=:  J9TE6GI 8:8DJEA:6K:8IGD>H:C;6CIHKDJA6>IGTCDK:GJC:B6>HDCHJGA:K>AA6<:9: &JG6I  R EGDM>B>IT 9:H I:GG:H 6<G>8DA:H FJd:MEAD>I: BDCH>:JG  &6>H 9:K6CI A: 8D[I 9dJC I:A WYVQL[PSZZLZVU[ÄUHSLTLU[YHIH[[\ZZ\Y\ULJVUZ[Y\J[PVUUL\]L %d>CITGVIEDJGAdT8DAD<>:TI6CIEGTH:CI9:EJ>HIDJ?DJGH A:8=D>M9:AdT8D 8DCHIGJ8I>DCHd:HI;6>I AD<>FJ:B:CI 6K:8Ad>9T:FJdJC?DJGA6B6>HDCH:G6>IKDJT:R9>HE6G6WIG::IA6KDADCITFJ:] IDJIG:IDJGC:RAdTI6IC6IJG:A^ CG:K6C8=:A:G:8DJGHRAd6G8=>I:8I:CdTI6>IE6HEGTKJ 86GA: 7J9<:ITI6>IG:HIG:>CI:I>AH6K6>:CI9T?RJC:>9T:6HH:OEGT8>H:9:8:FJd>AHKDJA6>:CI &6>H KL]HU[SHKPMÄJ\S[tnTL[[YLLUMVYTLSL\YZLU]PLZPSZVU[ÄUHSLTLU[JOVPZPKLMHPYLHWWLSn\U EGD;:HH>DCC:AEDJGA:H688DBE6<C:G  ,6C9G6 )TG>T :HI A6 IGD>H>UB: 6G8=>I:8I: FJd>AH DCI G:C8DCIGT  6EGUH 9:JM 8DCI68IH 9T8:K6CIH6K:89d6JIG:H6G8=>I:8I:HFJ>C:8DBEG:C6>:CIE6HA:JGH6II:CI:H DJC:KDJA6>:CI E6H HdN 696EI:G  : HDC 8YIT  :AA: 6 IDJ?DJGH :J 8:II: 6EEGD8=: HJG Ad:CK>GDCC:B:CI ! ÄSSL KL WH`ZHUZ J»LZ[ ­ \UL LUMHU[ KL SH [LYYL X\P Io[P[ H]LJ SH [LYYL ® ,U WS\Z KL ZLZ TIJ9:H R AdT8DA: 9d6G8=>I:8IJG: DZ :AA: 6 IDJ?DJGH DG>:CIT H:H 8=D>M 9: BD9JA:H K:GH A: E6NH6<::IAd:CK>GDCC:B:CI :AA:67:6J8DJETIJ9>TA:7SI>6C8>:CCDI6BB:CIAdTKDAJI>DC 9:A6K>:>AA:;:GB:6JM7SI>B:CIH>C9JHIG>:AH :I6HJ>K>JC:;DGB6I>DC:C<TD7>DAD<>:EDJG TIJ9>:GAd6G8=>I:8IJG:H68GT: AA:IG6K6>AA:R9:HEGD?:IH9dT8D 8DCHIGJ8I>DC :IEGTH>9: Ad6HHD8>6I>DC8DG8:-6GC %:7>A6C9JEGD?:IH:ADC:JM G:HH:CI> 6B7>6C8: ]DCN:HI7>:C^ Yt\ZZP[L­KLSHJVUJLW[PVUnSHÄUP[PVU® NYH[PÄJH[PVUK»H]VPY­MHP[ZVPTvTL® >CH:GI>DC96CHA:I:GG6>C G:C8DCIG:HE:C96CIA69JGT:9JEGD?:I  HNC:G<>:9:H9>;;TG:CIH>CI:GK:C6CIH. G:<G:I9:A696AA:7TIDCFJ>H:GI9:;DC96I>DC HDAJI>DC8=D>H>:EDJG6HHJG6C8:H:I8D[I. EC O. LE. N. AT. IO. .(8(.,. #*/E3(+,6804*06,+;",>:8(0:+;+5*;3,4: -PJOLYtHSPZH[PVUTHPZVU4\YH[ -5;840,6(82,%+;$(84. ,990:,9+NE:;+, ',-DJADJH:,) ?J>C . *,220,8. );(4+,80,. ' #+. +.:. );8,(; ,4:8E,. *;0904,. 9E15;8. .

(95) D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE. #0:,+NE:;+,9,&0.(4

(96)  ;:;(209(:054,:56:0309(:054+(49;4,<5254:E+NE*54530,. /5:56809,6(8;4+854,-5;840,6(82(685680E:(08,+,2(3(0954. &6WIG:9d(JKG6<: G8=>I:8I:       . ;DN:GH 9DCI8:AJ>9:/ ! $:6C 2K:H)JND -DJGC:;:J>AA: RA6;D>HJG76C>HI:9:AdT8D =6B:6J :I6G8=>I:8I:9:A6B6>HDC. 6I:H8ATH    .  I:GG6>CT8D =6B:6J  9T7JI8DC8:EI>DCB6>HDC  :BBTC6<:B:CI.   . AT. IO. ,JG;68:7SI>: ,JG;68:I:GG6>C   . LE. N. D[I9:HIG6K6JM   . B=67>I67A:H E6G8:AA:9:B HJG=6B:6J9: =68DCHIGJ8I>7A:H.   -- HD>I:CK>GDC  --

(97) B. ,<022(.,3(47;,+,:8(49658:9 ,4*533;43(092NE7;020)8,9;8 2( 8E(209(:054 ,: 2N;9(., +, *, 6851,:,9:6590:0-. EC O. JID 8DCHIGJ8I>DCEDJG;DC96I>DCH :CIG:EG>H:EDJGAdDHH6IJG:7D>H:IA68=6GE:CI: EJ>H6JID. 8DCHIGJ8I>DC688DBE6<CT::I8=6CI>:GHE6GI>8>E6I>;H 6G68ITG>HI>FJ:H9:A68DCHIGJ8I>DCB6>HDCRDHH6IJG:7D>H:I6I:A>:G7>D8A>B6I>FJ:H &6ITG>6JMJI>A>HTH96AA:7TIDC DHH6IJG::IB:CJ>H:G>:H7D>H I:GG:8GJ: 7DII:H9:E6>AA: 7TIDC JLSS\SHPYLÄIYLKLIVPZÄIYLZ]tNt[HSLZSPuNL[LYYLKHTtLJOH\_\ULWHY[PLKLKV\ISHNL :CEA68D. . (62(*,+,2N(8*/0:,*:,+(492,96,:0:96851,:9 CFJD>AdT8D 8DCHIGJ8I>DCE:JIE:GB:IIG:9:;6>G:TKDAJ:G8:II:EDH>I>DC.

Références

Documents relatifs

The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad,

The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad,

The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad,

The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad,

The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad,

The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad,

The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad,