HAL Id: tel-00728720
https://tel.archives-ouvertes.fr/tel-00728720
Submitted on 6 Sep 2012
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.
sein d’un territoire économique. Le cas du pôle de compétitivité Végépolys
Jean-Claude Taddéi
To cite this version:
Jean-Claude Taddéi. Rôles du capital social et des réseaux relationnels au sein d’un territoire économique. Le cas du pôle de compétitivité Végépolys. Gestion et management. Université d’Angers, 2009. Français. �tel-00728720�
6579A19C38C973C9589A579675C1965C8322579 C1975329AB12985663836592 3!15"
59C79A1959A59 838343894D#7"
8$%759A59A86C8
12345675839A9145BC4BD9EB9FBD85C 99A9F1
3DBC83B9B89D8BCB9275BBC89 7B9A9 !9"5C9!##$
%9A9&'958(94C5B9B89FBD85C9EB97)&C5*BD5839E)C+BD 269A9,B6C-76EB9.
B*6C897B9"/945-EBDDD9A 5B48B9EB9801DB 2393+5D9&2&.4
5BDDB9%97)&C5*BD5839E)C+BD
6228BD 2396*C917&&8
5BDDB969CDB*685B94685C679EBD98D9B892385BD9EB965D 23954994.
26:8B9EB9C53BC4BD9;9%97<&C5*BD5839E9588679=8B9E<267B
1556+6C8D 2B9765B9F&>4
5BDDBB9%97).9EB9585BD
2395C5B91F-&9&&8 5BDDB9%97)&C5*BD5839E)C+BD
49B894ECC3BD9E96685B9A9F429&2-29C?@$9A9&C5*BD5839E)C+BD
9A9B#
!
1234567895ABC4274A74DCDE4478CF47CF8EFA5E4C45 C 58EFA5E4CFCE545E49CB5979CDF49C7AA7CA97C7795 C DE5674ACA87CE495DB8B79CE7C8E879CC78CFA78
C
6&'(&E)*
,B 9 BB45B 9 3+5D 9 75C( 9 C 9 5B48B 9 EB 9 B40B40B( 9 5 9 6 9 D 9 B4BC8B 9 C 9 86*6579 7D)579D)3+66589E6CD9C90D-25D8B906D6EBD39,B97B9BB45B93+67BBC89E)6*59527D397B9 /80B96E3689%9BD9B40B40BD(9B89E)6*59644B28397BD9E5*BDBD94C865C8BD95C03BC8BD9%969 D58685C3
,B985BCD93+67BBC89%9BB45B94547B9B895CB959C89406DD397BD94577BD9EB94B88B9801DB96*B49 769EB95B*B9)C9E3C540B9E)BD46+8D9E6CD97BD90BBD9577BD9B8905EBD9E)CB9D53B9 E)3833
,B97BD9BB45B96DD59EB97BD92345BDBD9B6BD97DB97BD936CEBD9EB9BD92BCD3BD9DB9 2BE65BC89E6CD9CB9"C+7B95CBD85467B3
C55C(9"B9BB45B9549297)5CE5D2BCD67B9385B9B897BD9CD94CDB57D959*C896*B43
,B 9 85BCD 9 26 9 6577BD 9 % 9 BB45B 9 4067BBDBBC8 9 88BD 9 7BD 9 2BDCCBD( 9 6 9 DB5C 9 E 9 2=7B9 93+327/D(959C895BC9*79)644EB9C92B9EB97B98B2D92932CEB9%9BD9BD85CD9 7D9EB9CD9BC8B85BCD9B892655D9)34765B9E6CD9BD9357BD5CD3
,B 9 BB45B 9 BC55C 9 8D 9 7BD 9 5CE5*5ED 9 EB 9 C 9 3DB6 9 B7685CCB7 9 5 9 B 9 EB6CE65BC8 9 D6CD9 B7F40B9G9BC938658969801DB9B89*BD97BDB7D(9")BD21B(9"B92659C9"9CB927D932CEB9A9H69 6*6C4B3
01DB(9C9B2C89E989+B4979599I6485C9EB92764B(9EB92DB(9 E)66C+BI9B8969 55+39I6485C 9 E)38675( 9E)5CD858BI( 9 B27/3 9BC9 2057D205B 9 % 9 22D 9 EB 9 7)6485C 9 E)38675 9 C 9 25C452B 9 B8 9 E)CB9 22D585C9BC9+3C3673
B989I01DBI9693839B2C83926976976C+B9D6*6C8B969DBCD9EB9 I22D585C9)C96*6C4B(9)C9D85BC8I9.79BD8926DD39BC9 $J!9E6CD9 7B976C+6+B9EB97)C5*BD5839E3D5+C6C89769D35B9EB922D585CD9)C9 46CE5E689%94B865CD9+6EBD9D)BC+6+B6589%9D8BC59275BBC83
765C9B/C 5A5E44F587C59AE85!7CD7CFCF4"7C#8F4$F597CB9B8(9!###
@
6571 5
.795689BC8B9%976955C9E9 $1B9D5147B9298*B97BD92B51BD9864BD9EB9B40B40B9D9EBD9 8B585BD 9 34C5BD( 9 4BD-45 9 C8 9 4CC 9 C 9 BC*B6 9 E6CD 9 7BD 9 6CC3BD 9 D5D6C8B-E5D 9 BC9 .8675B9BC936485C9694C8BD8B934C5B9E356*67B9EK(9BC92685B(9692B5B9404923875B39 B25D(9EB9CBD940B40BD9C896C67/D397BD9E5553BC8BD95BD9EB98B585BD934C5BD9 5 9 DB 9 DC8 9 E3*B7223BD 9 C 9 2B 9 2688 9 BC 9 32CDB( 9 C86BC8( 9 % 9 76 9 CE5675D685C 9 EBD9 6485*583D934C5BD3
"E)05( 9 DB 9 B*BCE5B 9 E)C 9 8B585B 9 BD8 9 4CD5E33 9 4B 9 C 9 688( 9 D88 9 D5 9 4B9 8B585B969769406C4B9EB9E5D2DB9EB9BDD4BD9CC955867BD9B89E67BD3
D9EB97)6C67/DB9E)C98B585B934C5B(9EB9CBD96D2B48D9DB9EBDD5CBC839C92B5B9 75B(97B9466481B905D85B95(95BC9D*BC8(93*17B9EB925CEBD9645CBD39BD9B7685CD925D9 C9BD264B9D45679DB9DC89BCD58B9E3*B7223D9D94BD9645CBD395D(9E6CD97B94C8BD8B92685475B 9 E)BD264B98B58567(9EBD93DB6D9B7685CCB7D9DB9DC8953D9B89C8942D39C965776+B927D9 95CD9+6C5D39B8927D995CD95B7395CD5(97BD9648BD9EB94BD93DB6D9B7685CCB7D9C89 E3*B722397B922B946258679D45679E6CD9EBD94CE585CD9EB94C556C4B9B89E)3406C+BD9655C9E)BC9 85B9EBD93C3554BD3
6976B775D685C9EB94B865CD98B585BD9BC92=7BD9EB94238585*583969688539C8B9688BC85C9E6CD9769 2BD2B485*B9EB9C8B92"B89EB9801DB394D96*CD9C86BC89255839EB976943685C9E92=7B9EB9 4238585*583993+327/D9D5839%9C+BD(975B9EB9CD9B40B40BD39CD58B(97BD92B51BD938EBD9 D97B98B65C9C89625EBBC893*3739769427BD5839B897)5286C4B9EBD93DB6D9B7685CCB7D9B89 E946258679D45679EBD9BBD9EB94B92=7B3
5CD5(9C8B92"B89EB9B40B40B93D5EB9E6CD97694230BCD5C9E9=7B9EBD93DB6D9B7685CCB7D9 B89E946258679D45679EBD9648BD969DB5C9E)C92=7B9EB94238585*583394D9677CD9BC92685475B9 CD9688640B9%942BCEB97)68547685C9BC8B97B946258679D45679B897BD93DB6D9B7685CCB7D(925D9 CD940B40BCD9%942BCEB97)526489E946258679D45679B89EBD93DB6D9B7685CCB7D9D97BD9 5CD85885CD9B89BC55C97BD95C57BC4BD9D97BD9D8683+5BD9477B485*BD3
B
C+786C8
69CBBE989+964L98980B9BCE95980B9 $8094BC8/98955CE980B955D89864BD959BDB64095C89M0689 4CD8588BD96C9B4C54947D8B390BB9M6D9BCBMBE95C8BBD895C9.867/95C980B9N#<D95C9B6485C989 80B9C56*67B9B4C54947568B95980B985B9M05409M6D9EB(95C9268(98980B955D8957945D5D39 15C4B9805D985B96C/9BDB640BD906*B96C67/DBE980B9E555BBC898/2BD959B4C54947D8BD9M05409 06*B9EB*B72BE(95C96CDMB(9C867/(98980B9+7675D685C959B4C5496485*58/3
E6/(9D6/5C+9/96B959CB92764B996C80B95D94CD5EBBE92D585*B(9BD2B45677/9559805D92764B9 06D 9 5C55867B( 9 DD865C67B 9 BD4BD3 9 O0BC 9 / 9 6C67/DB 9 6C 9 B4C54 9 47D8B 9 80BB 9 6B 9 69 CB9595648D9894CD5EB39'5D8(980B905D85467964L+CE9M05409*B/958BC9B*B67D9EBB2- DB68BE98D39B7685CD052D96CE9D4567975CLD980BC9EB*B7295980BDB98D394BD8(9M5805C980B9 C85C9598B585679D264B(9B7685C679CB8MLD96B95BE9M054096B9B997BDD9+6C5DBE9 6CE9B997BDD956739.895D980D9806892B27B94C4BCBE9/980BDB9B7685C679CB8MLD906*B9 EB*B72BE980B59MC9D45679462586795C96947568B9594C55EBC4B96CE9BD406C+B(95C9EB989BCB5589 5980B96E*6C86+BD980B/924B3
0B 9 76B775C+ 9 5 9 4B865C 9 47D8BD 9 6D 9 B+5C67 9 PCBD 9 5 9 42B8585C 9 Q27B 9 EB 9 4238585*583R9 688648BE9/9688BC85C96D969D"B489596958B980BD5D392/9BDB6409BCB558BE95980B9DB885C+9 295969B+5C679PCB95942B8585C94677BE993+327/D97468BE95C9C+BD39625E7/(980B95C585679 55B7E9BDB6409+0898975+08980B95286C4B959B7685C679CB8MLD96CE980B9D456794625867959 80B9BBD959805D9PCB3
0D(9/9BDB64092"B489BD5EBD95C980B9CEBD86CE5C+95980B97B959B7685C679CB8MLD96CE9 D45679462586795980B9BBD9ML5C+95C969B+5C679PCB95942B8585C392/9BDB6409M5779 BCEB6*989EBCD868B980B975CL9B8MBBC9D45679462586796CE9B7685C679CB8MLD(980BC9898/9 6CE 9 CEBD86CE 9 80B 9 52648 9 5 9 D4567 9 4625867 9 6CE 9 B7685C67 9 CB8MLD 9 C 9 +6C5D685CD 9 6CE9 55C677/90M980B/95C57BC4B9B+5C679477B485*B9D868B+/3
J
8,-.9*9&,)(/*
&4.91.9)4F19449!##$9
.1919S&89 B .1919'.F&19 J
.4&.49F49 T
9-9)49.44249949;;9!
!9-999994&991.F.99)42.9!
C9-9...1.499)412499!!
9 9
@9-9191&89.4-F4.1.4419!!
B9-999191&891.&8941919F4.1.419.919!@
J9-99U9&9.91.9!@
N9-9&9..9&9U992..9.39!B T9-9,&1.'..4999;V139!J
$9-991&,9949;;9!$
#9-91919949&9C
9-9);.&9949;;(991..44249.12F.7&9C!
!9-991..442492;F.7&9A9&492;9S&.99C@
C9-9949949;;9CB
;.9.9CN
.4&.49&9;.9.9CT 9-919..19C$
3 9-99..9A99)S,9W919'.4.9C$
3 3 9A9D95+5CBD9EBD98035BD9D97BD98B585BD9@#
3 3!9-95406E96C8577C(9234DB9EB97)34C5B9D268567B9@#
3 3C9-9BD92B5BD9803545BCD9EB97)34C5B9D268567B9@
3 3@9-91/C801DB9D97B98B585B9A9EB97)"B89%9D6955C675839@!
3!9-919..19A9'.4.99499.2.9@C 3!3 9-9B94C4B289EB98B585B9@C
3!3!9-9BD98B585BD9BC9E355C585C9@@
3!3C9-9B+BC4B9E)C98B585B9@J
3!3@9A91/C801DB9A97BD98B585BD(94C4B289B897558B9@J
N
3C9A919..1(919;22199194.119@N
3C3 9-98C5B9EBD98B585BD9B89BD264BD9EB9E3*B722BBC89EB929@N 3C3!9-9=7B9E9E55+B6C89@T
3C3C9-9B585B9B89+*BC6C4B9@$
3C3@9A91/C801DB9A9EBD98B585BD(9EBD90BD9B89EBD9BC8B25DBD9B#
3@9A91&&9)&49..9B
3@3 9-9B585B9B89BC*5CCBBC89A96C67+5B9EB94C4B289B 3@3!9-91848BD9EB97)BC*5CCBBC898B585679B!
3@3C9A97B77B92764B9297)8689X9BB
3@3@9-91/C801DB9A9D848B9E)C98B585B9BB 3B9-919.''419'2199..9BJ
3B3 9-9)3B+BC4B9E94C4B289EB9E5D85489B89EB94B759EB98B585B9BN 3B3!9-9BD9E5D8548D958675BCD(92355+685C9EBD9E5D8548D9648B7D9BT 3B3!3 9-9BD94C865C8BD9E9E5D854895CED85B79J#
3B3C9-9BD98B40C2=7BD9J#
3B3@9-91/D81B98B585679EB92E485C9B891/D81B9E485594679Q1R9J 3B3B9A9BD947D8BD9JC
3B3J9A91/C801DB9A97BD9E5553BC8BD95BD9EB98B585B9J@
!9-99.2.9A9&9&497&.'..49&9..9JB
!3 9-99.2.927&99..9JJ
!3!9-9927&F999.2.9JT
!3C9A9)19..9J$
!3C3 9A9)BD264B920/D5B9J$
!3C3!9A9)BD264B9D45679J$
!3@9A97&19.2.19&97&19..19X9N#
!3@3 9A9697558B9D268567B9N#
!3@3!9A9697558B95CD8583B9N
!3@3C9A9697558B95CD8586C8B9N!
!3B9A99..9919.2.99N@
!3B3 9A9B98B585B99NB
!3B3!9A9B98B585B9U9NB
!3J9A9&997&7&196199..1999.2.9NB
!3J3 9A9BD9E5D8548D95CED85B7D9NJ
!3J3!9A9BD947D8BD9NJ
T
!3J3C9A9BD98B40C2=7BD9NN
!3J3@9A9BD9D/D81BD92E4855D9746D9Q1R9NT
!3J3B9A9BD92=7BD9EB94238585*5839NT
!3J3J9A9164;V19A99.2.9N$
C9-9191&89)4.119T
C3 9A9191&89)4.119A9F4.19T!
C3!9-92F49)&491&9)4.119A94&9&941&.9T@
C3C9A9164;V19A9191&89)4.1199TB
@9-994998.2.9TJ
@3 9-998.2.(9&497&1.499.149TJ
@3!9-998.2.(9&497&1.49F4.1.49TN
@3C9A9&89'21998.2.9F4.19A944991.2..&9TT
@3@9-998.2.9&919.99).449.49T$
@3B9A9164;V19A994998.2.9$#
B9-9).291&99..9&949)41249$!
B3 9-94&991.F.942.7&(9412499..9$!
B3!9-9)41249.449$C
B3C9-9)412491&&9$@
B3@9-941249A97&9619$B
B3B9A9..(94124998.2.9$J
B3J9-9164;V19A9.29&949)412494199..9$T J9-9191&891.&89$$
J3 9-9&491&9.&.9&9&49&92Y991491&9.449$$
J3!9-999.249191&89.4'219 # J3C9-9941.&.49<&491&9.449 #!
J3@9-9194199.419'19919.419'.S19 #B J3B9-9).4.9.&99)&4.129 #$
J3J9-9164;V19A9191&891.&89 N9-99.91.9 !
N3 9-9.91.9A92F49&9499'.4..419 B N3!9-941.&.49)&49.91.9.4.9.&99.'9 !#
N3C9A99.91.99119.9119.2..419 !B
N3@9A9.91.(94819);4F199..9 C
N3B9-9.91.9A91&&99F4.1.49 CC
$
N3J9-9.91.9A9&4911&9W944.9 CJ N3N9A9164;V19A99.91.9 C$
T9-99491911&19 @#
T3 9-911&19-9'.4..419 @#
T3!9-911&99..9 @!
T3C9A9.4.'..49)&4911&9 @@
T3@9A9164;V19A99491911&19 @B
$9-9164;V19&9;.9.9 @J
;.9..9 @$
.4&.49&9;.9..9 B#
9-91..4424192;F.7&99.12F.7&99 B 3 9-9S2.7&997&1.4199;;9 B!
!9-994&9 BC
!3 9-9;9164;4.7&9 BB
!3!9-9;9.;4.7&9 BN
C9-91..44249.12F.7&9 J#
C3 9-9&49.144249S&.'99 J#
C3!9-9&492491.941&.9 J!
C3C-91..44249.12F.7&992;99;;99 JN C3@9-919S,.'199)&97&..99 J$
C3B9-99;.89)&49;97&..99 N#
@9-91..442492;F.7&9A919&19919 N
@3 9A9)&92&.-19 N@
@3!9-99;.89)&49&92&.-19 NB
@3C9-9&49&994.419&V199141S19)4.11999'..V19 NB
@3@9-991&9)&49I.41.491F.7&I99)&9A97&7&19.1.419 NJ
@3B9-99;.89&91&9).9.9 NT
B9A9164;V19191..4424192;F.7&199.12F.7&19 N$
J9A94&.999;;9 T#
.4&.49 T#
J3 9A9191999;;9 T#
J3!9-9194.419229.41&2419114.1999;;99 T!
J3!3!9-9B7685C90B40B9Z9"B89E)38EB9 T!
J3!3C9-92240BD924BDDB77BD9A9357BD5CD9 TC
#
J3C9-99..9191&19'&4.199192;197&..919 TT J3C3 9-969*675E58395C8BCB9 TT
N9A9.44.1.4999;;9 $#
N3 9-9;.89&9.49)..49 $ N3!9-91.4919&19919 $!
N3C9-9.V199;.89942S99191.4419 $C N3@9-941&.49&9F&.99&2499<4.49 $B N3B9-9&249194.419 $N
N3J9-9929)46191944199 $T N3N9-99.4F&.491944199 $$
T9A91..49&9.499&19!##
2S&9!##
.4&.49!#!
T3 9-9).F.4919U1992..9.9!#!
T3!9-9)S&;9&9,99U992..9.9-9999;.1.49S49!#@
T3C9-99(92Y9)[&99999.1.4919..19!#B
$9A99U99F619!#N
$3 9-9)4,&99F9&9)2F49)&49.1.49!#N
$3!9A919.''419'..V19! #
$3!3 9-96955751B908547B9! #
$3!3!9-96955751B955851B9!
$3!3C9-969*585478B9!
$3!3@9-96955751B9DBBC4B9! !
$3C9-9F4.1.49&&9&9,99161V29&.'9.19Q1R9! !
$3@9-919224.419'2&19&999249&9U99F9! C #9-9164;V19994&.999).44.1.4999;;9! @
;.9...9! J
.4&.49&9;.9...9! N
9A914.49197&1.4199;;94&199! T 3 9-97&1.4199;;9! T
3!9-92.V9F.997&1.419A99.91.99149.291&9191&89
.4419! $
3!3 9A9B51B9BD85C9EB9B40B40B9A9946258679D45679693DB69B7685CCB7(9B79BD894B759 595CE5897)68B9X9! $
3!3!9A9BD51B9BD85C9EB9B40B40B9A9&C946258679D45679BD8-57986CD5367B9X9!!#
3C9A9&8.V29F.997&1.419A99.91.99149.291&919
.41.&.419!!
3C3 9A95D51B9BD85C9EB9B40B40B9A97B77BD9DC897BD9E5553BC4BD9E6CD9769575D685C9E9 46258679D45679DB7C9B97B93DB69B7685CCB79BD89E3*B72239269CB95CD85885C99269 CB9+6C5D685C9CC95CD85885CCB77B9X9!!!
3C3!9A976851B9BD85C9EB9B40B40B9A9B93DB695CD85885CCB799564B96D968BD93DB6D9A9 CB968547685C9E5555457B9X9!!C
3@9-9.1.V29F.997&1.419A91&891.&8991F.9!!@
3@3 9A95C51B9BD85C9EB9B40B40B9A9&C98B585B9BD8-579C95648B9E)622BC85DD6+B9EB9769 D8683+5B9X9!!B
3B9A9164;V1999'.4..49197&1.4199;;9!!N
!9-9&9.91.9&91&9.44(97&919&.97&.9.4&.9)&9X9!!T .4&.49!!T
!3 9-9.91.9A9&49'&.99.419!!$
!3 3 9A9441D9%9EBD9BDD4BD927B5CBD9!C#
!3 3!9A9441D9%9EBD9BDD4BD92685B77BD9!C
!3 3C9A9441D9%9EBD9BDD4BD94BDBD9!C!
!3 3@9A95BC9B894C8BC9E975BC9!C!
!3!9-99.91.9W9).F.49&91&9.449!C!
6258679D45679!CB 3DB69B7685CCB79!CB
!3C9-911F9)&49.91.9W9&491&9.449!CJ
!3@9A9164;V19992.V97&1.499;;9!C$
C9-9&49.91.91-.941'S9X9!@#
C3 9-914.49&9489!@
C3!9-9).4F.4(9&49&949.1919!@C C3C9-941'9)&49.91.9!@$
C3@9-941'91&9).4...99&91111&99&91&9449A9I&941'I9
!B
C3B9-941'91&9).4...99&9S4'...991991&9449A9I&1;9
41'I9!B!
C3J9-9.91.994.9&89)4619!B@
C3N9A9164;V19991497&1.499;;9!B@
!
@9-97&1914919.''41941992S..1.49&9.91.91497&99
1&9.44919999&49.41.&.49&99&49F4.1.49449
.41.&.449X9!BJ
@3 9A919.''41961991&89!BN
@3!9A).29&9.91.94199U99F619!J#
@3!3 9A9.26489E946258679D45679D97BD93DB6D9B7685CCB7D(9C9B55B895CE48559!J
@3!3!9-9CD8485C9E)C93DB69B7685CCB798B58567(9C9B55B89E3E48559!JC
@3C9-9164;V1999.1.V297&1.499;;9!JJ
B9-991&9.41.&.449'9&89&191&89A9&49.&.49.''..9X9!JT B3 9-9&49;;9.&91&9&894.9&89!J$
B3 3 9-9B9C5*B69EB97)5CD85885C9!J$
B3 3!9-9B9C5*B69EB97)+6C5D685C9!N#
B3!9A941.&.49&91&9.449.41.&.449!N#
B3C9A941.&.49191&89.441944-.41.&.4419!N!
B3@9A9F4.1.49&91&9.41.&.449A99429!NC B3B9A9F4.1.49191&8944-.41.&.4419A9)&1F9!NB B3J9A9)9.2'.9&9922.199!NN
B3J3 9A9.26489EBD93DB6D9D456D9D97BD985D98/2BD9EB9+2BD9B4BCD3D9!NT E03D5C9!T
B"B89!T
B3N9A9164;V19997&.V297&1.499;;9!T!
J9-9&49..91-.9&49'&9)4.11F9991F.9X9!T@
J3 9-9191F.19..19!TB
J3!9A9)4.11F9!TN
J3C9-99U99).41.&.49..9!TN J3@9-9)4.199)4.11F9!$#
J3B9-999191&89.44194191911&19)4.11F9!$C J3J9-9164;V1999.47&.V297&1.499;;9!$J
N9-9164;V19&9.1.V29;.9!$T
N3 9-9199419;;1944499.91.9!$T
N3!9-9199419;;194449191&89.4419C##
N3C9A9199419;;194449).2919..191&9)4.11F9
1F.7&9C#
T9-91..49)&49&.9)9&.49&9.91.9C#!
C
T3 9-9&..1.49992.9C#B T3 3 9A96946DB9I1I9C#B
T3 3!9A96946DB9I44I9C#J T3 3C9A96946DB9I;I9C#N T3 3@9A96946DB9I162S.7&I9C#T
T3 3B9A91/C801DB9E)CB922D585C9E)C98579E)3*67685C9E946258679D45679C#T 4&1.49F49C
9A941919;.7&19924F.&89C
3 9-91944499.91.9C !
3!9-9194449191&89.4419C C
3C9A9194449).2919..191&9)4.11F91F.7&9C B
!9-919.2.199191.919992499419;;19C J
!3 9-919.2.19C J
!3!9-9191.91999249C T
S.S.F;.9C!
@
(*)9*9),-.,01
S&9 9A9;6;V1191&1-,419W994&99944.1149&.333333333333CC QF.-19.99(9 $$$R333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333CC S&9!9A919.''4196199.2.19919'2199..191441
333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333NC S&9C9A919'219)&4.129)V19O;499;.9Q!###R333333333333333333333333 # S&9@9A919'.4..419&9.91.922911&33333333333333333333333333333333333333 CT S&9B9A91..419.12F.7&1919.F2191..9.1(9.4.9.199
41&.9.19F.-19.923999939Q $$$R(9I'42419.12F.7&199
9;;I(9.49;.933(92;199;;94924F24333333333333333333333 JJ S&9J9A919'&199;.89)&49&97&..992&.-1.1994.419
'4.133333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333 NJ S&9N9A9197&9'21911.7&199)4.43333333333333333333333333333333333333333333333333 TJ S&9T9A911249197&.'..'19'2Z.4'2914994.4333333333333333333!B$
91&9&9).(92.&833333333333333333333333333333333333333333333333333333333333333333333333333333333333333333!B$
S&9$9A919.''4196199'&.199.4133333333333333333333333333333333333333C#$
B
(*)9*92(30*
'.F&9 9A9.29&9699.2.91&99699..333333333333333333333333333333333333333333333N$
'.F&9!9A9.91.94199.49&9.9.4&9Q4;.99
F;1;(9 $$TR3333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333 $ '.F&9C9A94;Y424919.4199;;33333333333333333333333333333333333333333333333333333333333 B@
'.F&9@9A91;2999;21(9.433333333333333333333333333333333333333333333333333333333333333333333333333 J!
;.933(92;199;;94924F24333333333333333333333333333333333333333333333333333 J!
'.F&9B9A919.''4194191911&19941.&.49)&49.91.3333333!CB
9)&491&9.44333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333!CB '.F&9J9A911&19).9.49)&491&9.44999.91.3333333333!CT '.F&9N9A9199.S197&.9.4'&4499.49999249)&4.19 Q;6(9!##@R333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333!@J '.F&9T9A91;2919&89619941'9&9.91.9999&9
).4F.433333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333!BC '.F&9$9A92S..1.49&9.91.914996991&9.44333333333333!JB '.F&9 #9A91;2.1.49&911&1994F..49491&89.44133!T '.F&9 9A9911&19)4.11F3333333333333333333333333333333333333333333333333333333333333333333333333333!$
'.F&9 !9A9911&19)4.11F9419&49489..3333333333333333333333333!$B '.F&9 C9A94&99419;;191&99.91.333333333333333333333333333333333333333333!$$
'.F&9 @9A94&99419;;191&9191&89.4413333333333333333333333333333C##
'.F&9 B9A92.9)9&.49&9'&.99.4133333333333333333333333333333333333333C#B
J
3286A1832
D5256C5
C 9 6 9 C3 9 I801DBI 9 CB 9 +6CEB 9 5B577B 9 EB 9 2625B 9 EB 9 D685C9 DB*6C8 9 % 9 525B 9 7BD 9 22D585CD 9 EB 9 46CE5E68D 9 % 9 4B865CD9 +6EBD 9 Q J@CR( 9 25D 9 76 9 E5D4DD5C 9 E 9 35B 9 Q JT#R 9 B8 9 7B9 35B975-EB9Q N TR3
765C9B/C 5A5E44F587C59AE85!7CD7CFCF4"7C#8F4$F597CB9B8(9!###
N
3286A18329D5256C5
BD98B585BD9C898"D93839297BD90BD9C9B265B9597BD96586589EB97)67835839B8959 7B92BB886589E)\*B9%97)+6C5D685C9EB97B9D83
B88B 9 D58685C 9 69 4CE58 9 EBD 9 +2BD 9 E)5CE5*5ED 9 % 9 E3*B722B 9 7B 9 BC*5CCBBC8 9 D4567(9 34C5B9B89478B7391D9 NBB9622665DDBC8(9%926859EBD9357BD5CD9B8986*6D9EB95406E9 6C8577C( 97BD 92B51BD 9 38EBD9 DB962286C89 %9 7)6C67/DB 9 EBD98B585BD 934C5BD3 9 77BD9 BD2DBC897697+5B9EB974675D685C9EBD9BC8B25DBD(985*3B925C45267BBC892697692D55839 EBD94CD68BD(92697693E485C9E94K89E986CD289B89269769E5D2C5575839EBD9648BD(9 2BB886C8965CD59EB93E5B97B94K89E986*6573
B25D(97B9B+2BBC89E)6485*583D934C5BD9E6CD9C98B585B9694]C45E396*B497B9D06589 EB94CD85B9C98579EB9E3*B722BBC8956457586C89769575D685C9EBD9648BD9E6CD97B989EB9 2*B 9 7)3B+BC4B 9 EB 9 4238BC4BD 9 477B485*BD( 9 EB 9 8675DB 9 EBD 9 BDD4BD 9 655C 9 EB9 65C8BC59C9C5*B69EB94238585*5839D555D6C83
5CD5(9DB7C97BD932BD(97BD926/D997BD95C58568BD9%97)5+5CB9E)C98B585B934C5B(9EB9 78527BD95BD9DB9DC89E3*B7223BD3
9BD8B(9769'6C4B96934BBC895C8E5897BD92=7BD9EB94238585*5839D9769D41CB934C5B39 B88B9C*B77B95B9EB98B585B9E5892BB88B97)2855D685C9EBD9B7685CD9EBD9648BD9EB9769 B40B40B( 9 EB 9 76 9 5685C 9 B8 9 EB 9 7)BC8B25DB 9 6*B4 9 7B 9 D85BC 9 EBD 9 5CD85885CD 9 7467BD 9 B89 275BD9655C9EB94CE5B9%9C9EB+39E)BD4B77BC4B956*5D6C897)3B+BC4B9EB97)5CC*685C3 6 9 9 QE373+685C 9 % 9 7)63C6+BBC8 9 E 9 8B585B 9 B8 9 % 9 7)6485C 9 3+5C67BR 9 ECCB( 9 BC9 DD86C4B(9769E355C585C9D5*6C8B9EBD92=7BD9EB94238585*5839A9
%34 C &7 C D7 C EBA5A565AB C 79A C 47 C E54F59E4 C 98 C 4 C 79F7 C "BE"8F5!7 C DE44B C D274A8785979 C D7 C 74A879 C D7 C #E8FA5E4 C 7A C D245AB9 C D7 C 87787 C 5!79 C E C 856B79 C 74"F"B9 C DF49 C 47 C 9'478"57 C FAE8 C D7 C 8E(7A9 C E49 C F C F8FA87 C 544E6F4A C 7 C F8A74F85FAC92E8"F4597CFAE8CD24CF8BC7ACD24CDEF547CA74EE"5!7C7AC9574A5#5!7 C
!5C5C79ACFAAFBC7ACDE5AC787AA87CD7C877878C47CF997C85A5!7CE8CFAA754D87C47 C EBA5A565ABC7AC47C659555ABC54A784FA5E4F79%
T
)5C585685*B976C43B97B9 @9DB28BB9!##@97D9E95839.C8B5C5D835B79E<3C6+BBC89E9 B585B9Q.R9-9EB*BC9EB25D97B9.96*B49C994B94238585*5839A9D)5C81+B9 E6CD 9 CB 9 27585B 9 +767B 9 EB 9 D85BC 9 % 9 7<3B+BC4B 9 B8 9 6 9 E3*B722BBC8 9 EB 9 2=7BD 9 EB9 4238585*583 9 32CE6C8 9 6D 9 "B4855D 9 55D3D 9 26 9 7BD 9 DB8D 9 B23BCD 9 EB 9 5DCCB 9 B89 F^8B+!39<BD897B9E3283905D856C9S76C495(9E6CD9C962289B5D9BC9!##@(96*6589"B8397BD9 6DBD9E9E5D2D58559+*BCBBC86739CD5E36C89B97692B51B9C34BDD5839386589EB94C58B9 7BD925C8D958D9EB97<34C5B956CH65DB9B89EB9D8BC597<3B+BC4B9E<CB955B94238585*B9 E6CD97BD9E65CBD9G9769'6C4B96925D9E9B86E(97<868969EC4925D9BDB27B9D9DBD9*5D5CD9 B23BCD(958675BCD9B89677B6CED9BC98E8B(9BC976CH6C89C9622B79E)55B9C685C6797B9!9E34BB9
!##@3
B9+*BCBBC89EB9,B6C-5BB965565C9%97)32B(9386589267BBC8975C9EB9DB9E8B9 B9DC95C585685*B9B28B6589C98B79D441D39B9DC896988679 #B92=7BD959DB9DC89283D9 46CE5E68D( 9 686C8 9 E6CD 9 7BD 9 E65CBD 9 8B40C7+5BD 9 BC 9 3B+BC4B 9 QC6C8B40C7+5BD(9 58B40C7+5BD( 9 5437B48C5B_R 9 B 9 E6CD 9 EBD 9 E65CBD 9 27D 9 38675D 9 Q6857B(9 63C685B_R39BD92B5BD92=7BD9C89383976B775D3D9BC9"577B89!##B9B89%94B9"9N 97B9DC839 .795689E5B9B97<BC"B9BD89D3E5D6C89297BD9477B485*583D97467BD94694B88B976B775D685C9*B9 7B9E589%9EBD9D*BC85CD965CD59<%9EBD9BDC3685CD955D467BD9B89EBD96771+BBC8D9EB9406+BD9 D4567BD 9 2 9 7BD 9 BC8B25DBD 9 4C4BC3BD3 9 C 9 8B( 9 7BD 9 2=7BD 9 B8BCD 9 3C35545BC89 E)5C8B*BC85CD 9 255865BD 9 EB 9 7<C*6 9 Q+BC4B 9 4685C67B 9 EB 9 76 9 9675D685C 9 EB 9 769 B40B40BR(9EB9769SE2B9QS6CB9E93*B722BBC89EBD9B858BD9B892/BCCBD9C8B25DBDR9 B89EB976965DDB9EBD9E32=8D3
5CD5( 9 7BD 9 2=7BD 9 EB 9 4238585*583 9 C8 9 *4685C 9 % 9 56*5DB 9 7)5CC*685C 9 BC 9 8675D6C8 9 7BD9 BDD4BD9B89BC9E3*B7226C897BD9D/CB+5BD9EB92D558339B976B79E589+66C859CB9*5D5575839 C685C67B9*5B95C8BC685C67B9B89B23DBC8B9C9+6+B9EB9675839B89EB9D6*5-565B39BD92=7BD9EB9 4238585*5839E5*BC893+67BBC89E8B97)C9EBD98BD9E9E3*B722BBC8934C5B9EB9769 '6C4B(9C86BC89E6CD97B9DB48B95CED85B739.7D9B23DBC8BC89C9BC"B986C89E925C89EB9*B9EB9 7)5CC*685C 9B9EB94B759EB9769625E5839EB97B9E555D5C9E6CD9CB9285B94C4BC85B77B(9 C86BC89BC965DC9EB97)3B+BC4B9EB9C*B6D9423858BD9D9769D41CB9CE567B39C55C(9 76 9 4C4BC8685C 9 E)BC8B25DBD( 9 E)C583D 9 EB 9 B40B40B 9 B8 9 EB 9 4BC8BD 9 EB 9 5685C( 9 E589 E3*B722B9B894C58B9EBD9857D9EB94238585*5833
926D9!###3
!9,5C9!## 3
$
B940B40B9CB9BD8B926D95CE5553BC89%94B88B9C*B77B9B42D585C9E98B585B934C5B39 BD9D45BC4BD934C5BD(9D457+5BD9B89+3+6205BD9DB9DC8976+BBC895C83BDD396D9 8B585BD39BD9D45BC4BD9EB9+BD85C9C896BC397B9E3689D9EBD9273685BD922BD9%97BD9 D45BC4BD396594B77BD-45(97BD9D8683+5BD9477B485*BD9B897BD93DB6D9D456D985BCCBC89CB92764B9 5286C8B39)6577BD(97BD938EBD92D5*5BD9D94B925C89C89625EBBC89E326DD397B9DB79 40629E)5+5CB(9EB927D97BD9+BD85CC65BD9D)6225BC89D97BD9B40B40BD9EBD94062D9E)68BD9 E5D45275CBD9655C9EB942BCEB988BD97BD9E5BCD5CD9EB9769D8683+5B9477B485*B9B89EBD9B7685CD9 BC8B97BD9648BD3
625EBBC89EBD9BD85CD93B+BC89A
BC895C485CCB94B9C*B698/2B9EB98B585B9*79269C9+*BCBBC89X97B7D9DC89 7BD9=7BD9EBD93DB6D9D456D969DB5C9E)C92=7B9EB94238585*5839X97B798/2B9EB9+*BC6C4B9 568-57 9 E3*B722B 9 2 9 4B 9 C*B7 9 BC*5CCBBC8 9 34C5B 9 X 9 BC8 9 7BD 9 E5553BC8D9 648BD9*C8-57D9622BCEB9%986*6577B9BCDB7B9X9BC897B946258679D45679*6-8-579E8B98575D39 B8929B77BD955C67583D9X
7D5BD94C4B28D9DC89575D3D(965CD5(97)38EB9EBD9+6C5D685CD974675D3BD9BC*5B9%976955D9 69I557C544E6FA78I9Q2657768(9 $$JR(9%97692D55839Q>5B6CC(9 $$TR(96D9BDD4BD9 I7 C55AF79 C7AC D8F79I9QSB40B89 B89 165*BD(9 !###R(96D9 BD8BC67583D 9Q86C8-SBC6E 9B89 26DD6E(9 $$$R(9B896D93DB6D9B7685CCB7D9EBD9648BD9B9CD98575DBCD976+BBC83
C98B(9769E5*BD5839EBD95BD98B58567BD9694CE5897BD968BD9%9B40B40B97BD9E355C585CD9 622253BD(97698F40B9386C89BCEB9E5555457B92697BD9D55758EBD9E)+6C5D685C39B88B95C57685C9 D36C85B 9 Q'3/( 9 $$TR 9 BD8 9 6275553B 9 26 9 76 9 575D685C 9 EB 9 8035BD 9 EBD 9 D45BC4BD 9 EB 9 769 +3+6205B(9EB9769D457+5B9B89EB97)34C5B3
48B9801DB96929"B48559EB942BCEB94BC89DB94CD858BC897BD93DB6D9D456D969DB5C9 E)C 9 2=7B 9 EB 9 4238585*583 9 B8 9 E6CD 9 4B 9 46EB( 9 EB 9 42BCEB 9 4BC8 9 7B 9 4625867 9 D45679 4CD75EB 9 9 CC 9 4BD 9 75BCD3 9 4D 9 23DBC8BCD 9 7)BC*5CCBBC8 9 E6CD 9 7BB7 9 DBD 9 3DB6D9 5C8B6+5DDBC8 9 B8 9 7B 9 D"B8 9 EB 9 7)38EB 9 B 9 CD 9 428CD 9 6C67/DB 9 25D 9 7B 9 2D585CCBBC89 325D837+5B(9B9CD96*CD9B8BCD3
!#
4959BE6(EE&E)99E)9'7'7
48B 9 B40B40B 9 DB6 9 85*3B 9 26 9 7BD 9 BD85CD 9 B 9 D71*B 9 76 9 43685C 9 EBD 9 2=7BD 9 EB9 4238585*5839E925C89EB9*B9EBD93DB6D9B7685CCB7D39B769CD94CE569%9B8BC59B7BD9 BD85CD 9 EB9 B40B40B 959EB*C89 6228B 9 7BD 9373BC8D 9C34BDD65BD 9%97693D785C 9 EB9769 273685B94BC867B39B77B-459EB*692BB88B9EB943B9EBD96228D96D94C4B28D9575D3D9 B896D94CD5E3685CD96C6+3567BD9EB9C8B940629E)38EB3
959,98.,'99.,9E06..9*'(.3(99.BF'E&(
6CD97B946EB9EB9CD986*6D(9769I4E677C9E5EE"57CD7C)BE4E57I9E589CD92BB88B9EB9 42BCEB9 4BC89 7BD9 648BD9 D)62225BC89 7BD9 BDD4BD9 C34BDD65BD9%9 7B9 45DD6C4B9 E6CD97B93DB69EB9B7685CD92685475B9E)C98B585B3
6 9 I4E677 C 9E5EE"57 C D7 C )BE4E57I 9 Q4BM 9 4C54 9 1457+/( 9 41R 9 5C5853B 9 26 9 7BD9 86*6D 9 EB 9 F6C*B88B( 9 BD8 9 C 9 46C8 9 8035B 9 5 9 D)B554B 9 E)BD275B 9 7BD 9 5658D9 34C5BD9%926859E<373BC8D9D457+5BD3
)0/2801DB94BC867B9EB926L9F6C*B88B9B2DB9D97694CE585C9EB97)648B934C5B959 C)BD8 9 26D 959EB9 65D 995AB9 E6CD 9 EBD 9 3DB6D 9 B8 9 EBD 9 D848BD 9 D4567BD 9 5 9 6+5DDBC8 9 D 9 D69 D8683+5B3
)6485C 9 E)C 9 648B 9 CB9 2B8 9 D)BD275B 9 C5BBC8 9 26 9 76 9 2D58B 9 E)5C83E8D 9 5CE5*5EB7D9 34C5BD39BD9"B4855D9CC934C5BD9BC8BC893+67BBC89BC975+CB9EB9428B98B7D9B9 769D45657583(97)622685C(97B9D86889D4567(97B92*5_9F6C*B88B92345DB9B9769C85C9 E)BC46D8BBC8 9 2D87B 9 7)BD5D8BC4B 9 EB 9 3DB6D 9 D456D 9 2BDCC675D3D 9 5 9 5C57BC4BC8 9 7B9 428BBC89EBD9648BD95CE5*5EB7D39BD96485CD934C5BD9DC8(9EB94B95658(9BC46D83BD9 E6CD9EBD9D848BD9D4567BD9594CE585CCBC897BD9D8683+5BD95DBD9BC92764B(9D6CD929686C89 7BD9E38B5CB9BC851BBC839BD96+BC8D9CB92BCCBC8926D9EB9E345D5C95CE32BCE6BC89EB9889 4C8BD8B(926D927D9)57D9CB9D5*BC89C9D43C6593458929BD9%97)6*6C4B(9BC95C485C9EB97B 9 62268BC6C4B9D4567B3
BD96228D9EB9769C*B77B9D457+5B9EB97)34C5B9DBC89575D3D9E6CD97B946EB9EB9CD9 B40B40BD9BC965DC9E9466481B93854765B9EB9C8B940629E)38EB3
!
99598()(,.(*,)(E99.BE',*)&E)9
<BC46D8BBC894BD2CE9%976923C38685C9EB9889C9BCDB7B9EB91+7BD9D4567BD(927585BD9 B89478B77BD9E6CD97BD9D201BD9EB97692E485C9B89EBD93406C+BD934C5BD3
4D9BC8BCECD9269BC46D8BBC898B5856797B956589)CB96485C934C5B9CB9DB92"B88B9 26D9E6CD9C9BD264B9595B65895554B9EB934B28647B9CB8B965D9BD89694C865B9523+C3B9EBD9 466481BD 9 E 9 8B585B 9 G 9 B77B 9 BD8 9 D583B3 9 5CD5( 9 7)52754685C 9 EBD 9 648BD 9 CD 9 61CB 9 %9 22DB9769C85C9E)BC46D8BBC898B58567(95956589353BC4B9%97696C51B9EC89C98B585B(9 E839EB94664835D85BD 9D234555BD( 9*694C865CEB97BD96485CD 934C5BD9EBD95CE5*5ED39 9 75C 9 B89 B4 9 Q!## R 9 57 9 CB9 D)6+589 27D 9 E)22DB 9 7BD 9 3DB6D 9 D8683+5BD 9 B8 9 7BD9 3DB6D9D456D(965D9E)5C83+B97BD96D2B48D934C5BD(927585BD9B89D456D9B89E<38E5B9 7B95C8B6485C9D97694CD8485C9B897B9E3*B722BBC893854765B39<62240B9B7685CCB77B9 DB7B92*5932CEB9%94BD9BD5+BC4BD96*B497B94C4B289E<BC46D8BBC83915B9Q!##@R92345DB9 B97)BC46D8BBC898B585679B+2B97BD9BC8B25DBD97BD95BD95C83+3BD9E6CD9C98B585B(9BC9 E3*B7226C89EBD9B7685CD9BC8B9B77BD9B896*B497BD95CD85885CD3
B 9 7<577D8BC8 9 7BD 9 BDB27BD 9 EBD 9 E5D8548D 9 5CED85B7D 9 B8 9 EBD 9 47D8BD( 9 76 9 27268 9 EBD9 24BDDD9EB9+7675D685C9EB97)6485*5839EBD92959D</98*BC8(9D<BC46D8BC89E6CD97B97467(9 ECC6C89698B585B9EB92D55839C9=7B9E38B5C6C83915B9Q!##@R9267B9E<C9BC46D8BBC89 8B5856795956*5DB97<BC46D8BBC89D4567(98B40C5B9B8934C5B3997<5C835B9E93DB6(9 7BD925C45267BD9B7685CD959DB943BC89E<CB926896*B497BD968BD9BC8B25DBD9B89E<68B926896*B49 7BD9477B485*583D98B58567BD(9E5*BC89E8B9+33BD9E6CD9CB9D8683+5B9EB93DB6D9622/3B92697B9 8B585B9B895BC95CD33B9E6CD9769D8683+5B9+767B9EB97<BC8B25DB3
)38EB9EBD93DB6D9D456D95275B9EB94B95658976925DB9BC9428B9E94C8BD8B9E6CD97BB79 DC89BC46D83D94BD93DB6D3
:959*9F*,019(E)53,E(*,)(EE.*
&C93DB69E)BC8B25DBD92B89E8B9E355C594B9C9+2BBC89E)BC8B25DBD95CE32BCE6C8BD(9 4236C8 9 E67BBC8 9 % 9 2685 9 E)"B4855D 9 2686+3D( 9 655C 9 EB 9 D)622/B 9 D 9 76 9 462645839 E)5CC*685C9B897B9E/C65DB9EB9406B9BC8B25DB9268BC65B(9BC9*B9EB95BD9655C8B9769 4C4BC4B9C685C67B9B895C8BC685C67B3
!!
BD93DB6D9CB9DC8926D975583D9698B585B97467(957D92B*BC89D)386759BC8B9BC8B25DBD9E)CB9
*577B(9E)CB9C685C99E9CEB395CD5(97BD9BC8B25DBD9E)C93DB69CB9DC8926D9C34BDD65BBC89 6++733BD 9A9B77BD92B*BC89E8B 9%D599B54B79C98CD79CA7885AE5879CBA74D9C7AC4)F6E58CF4 C 4E'FCA7885AE85F%9Q182B9B89;65DC(9 $$!R3
86C8(9579BD5D8B9EBD93DB6D9EB92B858BD9BC8B25DBD(98B7D9B94B865CD9E5D8548D95CED85B7D99 D/D81BD 9 74675D3D 9 EB 9 2E485C 9 5 9 CB 9 2DD1EBC8 9 26D 9 EB 9 I4E'FI 9 53E368B( 9 C5 9 EB9 +*BC6C4B98B58567B9B89CB92B*BC89EC49E8B94CD5E33D94B9EBD98B585BD398B55D(9 7BD9BC8B25DBD92B*BC892686+B97)5C5685C(97BD9352BBC8D(97BD92BDCCB7D9889BC9386C89 4C4BC8BD9BC8B9B77BD39BD9B7685CD9BC8B97BD9BC8B25DBD92B*BC89C36C5CD9E8B927D99 5CD95675D3BD9DD97695B9EB9486586C4B(9644ED9EB9423685C(967756C4BD(965776+BD(9 644ED9EB9754BC4B(967756C4BD9D8683+5BD(94CD85994BC8B25DB3
&CB968B9E355C585C9E93DB692345DB9B94)BD89C9%74977CD)E8"F459FA5E49CECD)54D565D9 C 74"F"B9 C 8B58E!774A C DF49 C D79 C A8F49FA5E49 C 8B8874A79 C 8B"B79 C 97E4 C 4 C ED7 C D7 C EE8D54FA5E4 C 45 C 9A85A774A C F8F4D C 45 C 9A85A774A C 5B8F85!7%9 QSB"B6C 9 B8 9 F6EB6(9 $$NR39B88B9E355C585C95CD5D8B9D97B9466481B93867589EBD9B7685CD(93+589269CB9+6C5D685C9 2*6C89765DDB97692764B9%9C95C485CCBBC895C5B73
9 MB77 9 Q $$#R( 97B 9 3DB6 9 BD8 9 CB 9 5B 9 E)+6C5D685C 9 % 9 7)5C835B 9 EB 9 76B77B 9 7BD9 3406C+BD 9 DC8 9 E67BD 9 B8 9 3452BD3 9 .DD 9 EB 9 76 9 *7C83 9 EB 9 27D5BD 9 BC8B25DBD 9 EB 9 DB9 B+2B 9 2 9 5645758B 9 7BD 9 3406C+BD 9 B8 9 8BC8B 9 E)6228B 9 CB 9 32CDB 9 6D 9 BD5+BC4BD 9 E9 6403(97B93DB69E589DB7C9759D86575DB9D69D848B9889BC965C8BC6C89DBD9B7685CD9D97B9 7C+98BB92923DB*B97BD93C3554BD9EB97694776685C39.796"8B9Q $$#R9B97B93DB69BD89 C 9 EB 9 E<3406C+B 9 6*B4 9 D6 9 22B 9 7+5B 9 6D3B 9 D 9 76 9 34524583( 9 76 9 4776685C( 9 769 4273BC86583(9769328685C9B897694C54685C3
BD938EBD9D97BD94E5C685CD9E6CD97BD93DB6D95C8BBC8B25DBD9C893839BC3BD9E6CD97B946EB9 EB 9 7<6C67/DB 9 EBD 9 E5D8548D 9 B8 9 EBD 9 D/D81BD 9 5CED85B7D 9 74675D3D( 9 C86BC8 9 BC 9 B886C8 9 BC9 3*5EBC4B 9 4BC8 9 EBD 9 B7685CD 9 EB 9 423685C 9 BC8B 9 7BD 9 648BD 9 E)C 9 8B585B 9 2B*BC89 D8BC5 9 EBD 9 4E5C685CD 9 5C8BBC8B25DBD 9 BC 9 6851B 9 EB 9 +BD85C 9 E 9 86*657 9 B8 9 EB 9 7)B2759 QS6+C6D4(9 $NN9`9SB46885C5(9 $$!9`96*B/B9B8916+75(9 $TTR3
!C
;959,98.,'9*9F*,019*'(,019,E*9.*93,E(*,)(E*9'..')(6*
6 9 2D5583 9 +3+6205B 9 B8 9 +6C5D685CCB77B 9 685D3B 9 26 9 C 9 8B585B 9 34C5B(9 BC46+B97BD9D8683+5BD9477B485*BD9B897)3406C+B9E)5C5685CD(9EB927D9B77B956*5DB9769+BD85C9 EBD94CC65DD6C4BD396943685C9B897B986CD5B89EB94BD94CC65DD6C4BD9C8938396E3D9269E5*BD9 68BD9QF6C8(9 $$J9`9+8B9B89.C+6(9!###9`9B6+6CD9B8924*57/(9!##CR959622B77BC89 7)5286C4B9E9=7B9EBD95CE5*5ED9B89EBD93DB6D9D456D9E6CD97B924BDDD9EB943685C9B89EB9 4547685C 9 EB 9 7)5C5685C3 9 4C6L6 9 B8 9 6LB405 9 Q $$BR 9 2345DBC8 9 6C8 9 % 9 BD 9 7B 9 =7B9 2685475B9EBD9B7685CD9D4567BD9BC8B97BD95CE5*5ED97D9E986CD5B89EB94CC65DD6C4BD3
86C8(97BD9B40B40BD9DB9DC8945D86775D3BD9689EB97)5E3B9B9769D8683+5B95CE5*5EB77B9B89769 D8683+5B9EB97)+6C5D685C9DB94C5CEBC89B895BC8( 9%4CAEAC45#5BC7ACEB874A%9 4B97B9 2345DB9'5BEB+9Q $$NR39B2BCE6C8(97BD95CE5*5ED9E385BCCBC89C94B865C 94C8=7B9D97BD9 5C5685CD9B897BD93406C+BD3
)68BD968BD9Q460625B89B89F0D067(9 $$TR962230BCEBC897BD93DB6D9D456D94B9CB9 42D6C8B9C34BDD65BBC89255867B9297)+6C5D685C9E6CD976B77B97BD95CE5*5ED9C89CB9 E3640B 9 685CCB77B 9 B8 9 4C8=767B3 9 4B 9 4CD5E3B 9 B 9 4B8 9 6D2B48( 9 4)BD8 9 88B55D 9 C5B 9 769 D8683+5B95CE5*5EB77B9D976B77B9B2DB9CB92685B9EBD96485CD9EB97)648B934C5B39B75- 459E5D2DB(9BC9B55B8(9E)C9BD264B92BDCCB79E6CD97BB7957969D963C6+B97BD94C8D9EB9DBD9 6C\*BD9EC89769*5D3B9BD895CE5*5EB77B9B8Z969DB*54B9EB97)+6C5D685C9E6CD976B77B9579DB9 8*B( 9 65D 9 88 9 BC 9 +6E6C8 9 C 9 4C8=7B 9 3858 9 D 9 DBD 9 4CC65DD6C4BD 9 B8 9 BC 9 575D6C8 9 D69 D8683+5B922B3
<9599=.909',8(),.9*'(,.
3 9 8C6 9 Q!## R 9 E355C58 9 7B 9 4625867 9 D4567 9 4B 9%79 C 87FA5E49 C 74A87 C 79 C 54D565D9 C * C 79 C 8B97FC9E5FC7AC79C4E879CD7C8B58E5ABC7ACD7CE4#5F47C!5C74CBF474A%9 BD9E5*BD9 373BC8D9DC89753D97BD9CD96D968BD9EB96C51B9454765B9A97<62268BC6C4B9%9EBD93DB6D(9 )57D9D5BC895B7D995C5B7D(956*5DB97B9E3*B722BBC89EB9B7685CD9EB94C556C4B9B89EB9 345245839BC8B97BD95CE5*5ED39.C*BDBBC8(94BD9EBC51BD94CD858BC89CB94CE585C9C34BDD65B9
%97<5CD86685C9EB9B7685CD9EB9423685C9BC8B97BD95CE5*5ED3
!@
6 9 2685476583 9 E 9 4625867 9 D4567( 9 4C865BBC8 9 6D 9 68BD 9 5BD 9 EB 9 462586D( 9 BD8 9 )579 C34BDD58B976923DBC4B9E)695CD9C968B9648B(9CB9B7685C39C9B55B8(9695DB9EB923DBC8B9 CB98687+5B(97B946258679D456793D5EB9B89DB9E3*B722B9694C86489E)C93DB69B7685CCB73 6 9 E5BCD5C 9%9E5F7%9 EB 9 4B 9 4625867 9 B8 9 65CD5 9 7)644BC8 9 D 9 D6 9E5BCD5C 9 5C86C+57B( 9 CC9 6835B77BC46964C9648B9C<69D692253839BD47D5*B39DD5(97B946258679D45679C<BD8926D9755839 6928B5B577B9EB9B7685CD9D8685B9EBD9BC8B2BCBD(965D9DB9D58B9E6CD9769D848B9EB97BD9 B7685CD96*B497BD968BD9A 9%7CF5AFC9E5FC759A7CDF49CFC9A8A87CD79C87FA5E49C74A87C79 C FA789 C 7A C F85 C 79 C FA789 C + C 4)79A C F9 C E"B C DF49 C 79 C FA789 C 779 C E C DF49 C 79 C 549A874A9C'95!79CD7CFC8EDA5E4%9Q7B6C(9 $$#R3
92DD3EB9E946258679D4567(9C9BC8B2BCB9E589EC49E8B9B7539%9E)68BD9648BD(94B9DC89 2345D3BC8 9 4BD 9 68BD 9 648BD( 9 B8 9 26D 9 75-EB( 9 5 9 4CD858BC8 9 76 9 D4B 9 3B77B 9 EB 9 DC9 6*6C86+B39)BC8B25DB9DB7B9C)BD5D8B926D39C956589CB9BC8B25DB(94B9DC89EBD9BC8B25DBD39B9 D441D9E)CB9BC8B25DB9B2DB9D9DBD9B7685CD96*B49E)68BD9`9D693DD58B(94)BD89C92B9DC9 3DB63 9%,7CE6F4AC759A78CDF49C4C6F CFC6F78CDCF5AFC9E5FCD7C274A8787478 C DB74D C F5495CD79 C54A78FA5E49 C74A87C 79C FA789 CD7CF C 9A8A87C 9E5F7 C DC 8B97F C FC 9754 C D!7C5C79AC588BDA5774AC74F9A8B%CQ745C54P6L(9!##CR3
BD938EBD9D97B946258679D45679C893839QB894C85CBC89E)E8BR9CBDBD9B89C892B5D9EB955DB9 7BD94C8D9622D56855D9EB94B940629EB9B40B40B398B55D(97)5CD8BC8675D685C9EB94B9 4C4B289D)BD898*394C5C83B9%94B865CBD95657BDDBD9B7B*3BD926927D5BD968BD9Q6D+286(9
!##C 9 ` 9 17M( 9 $$$ 9 ` 9 765( 9 !##!R3 9 )CB 9 EBD 9 27D 9 5286C8BD 9 5657BDDBD 9 28B 9 D 9 7BD9 346C5DBD95923E5D2DBC89%97695685C9E946258679D45679QC805BD(9!##JR3
959A09)()(9,098=.99'&8F)()(6()F"
BD 9 2=7BD 9 EB 9 4238585*583 9 DC8-57D 9 CB 9 C*B77B 9 5B 9 EB 9 8B585B 9 34C5B 9 X 9 &CB9 C*B77B9B23DBC8685C9E)C93DB695C8B-+6C5D685CCB79X
-EB7% 9 EB 9 7)688640BBC8 9 % 9 76 9 8BB( 9 7BD 9 BD264BD 9 34C5BD 9 C8 9 383 9 38E53D 9 EB25D 9 589 7C+8B2D9B89C89D*BC895C83BDD397B940B40B(95C85+39269769*653839EB97BD95685CD3969 B40B40B969625EBBC895D9BC93*5EBC4B97)3*785C9EBD98B585BD934C5BD9A9E9D86889EB9 34B28647B9+3+6205BBC89D583(969D8688 9D)79F7C9E5E9FA5F(929B2BCEB97B98BB9 EB9F/959239Q $$JR3
!B
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
BD92B51BD9E355C585CD9B88BC897)644BC89D97692253839E38BCB9269C9+2B9D4567BBC89 403BC89B89589EB9D6973+585583(94B769CD975+B9%94CD5E3B97BD9C85CD9EB9+*BC6C4B9B89 EB97558B9B9CD96EBCD9269769D58B3
2D3B 9 26 9 F/ 9 5 9 23 9 Q $$JR( 9 76 9 C85C 9 EB 9%-E8FA5E4 C .E5E.FA5F7% CDB95"47 C 4 C
%79F7CD7C657C7ACD)FA5E4CDF49C7!7C7AC"8/7CF!7C4C54D565DCEC4C"8E7CD)54D565D9C97 C 87E44F0A%391B7C975(9C98B585B92B89D)6226BC8B9%9CB95685C9D86575D3B9E6CD97B98B2D(9 4)BD8-%-E5B94664835D3B9269CB9B7685*B92B6CBC4B3 9BC5DB965C9Q $$ R9267B(96C89%9 B77B(9E)C 9%79F7CE1C97CDB8E74ACD79C8E7999C9E5FC47CE49A8A5E4C9E5F7CDEAB7CD7 C 9749CE8C4C"8E7C9E5FCDE44B%9BD9E355C585CD96EBC89769C85C9EB98B2D9B894B77B9EB9769 4CD8485C9D4567B(94)BD8965CD59)B77BD956*5DBC89769C85C9E)5EBC858398B58567B9B892BB88BC89 E)577D8B97694CD8485C9E)C926855CB974675D33
5CD5( 9 4BC8 9 7BD 9 2=7BD 9 EB 9 4238585*583 9 *C8-57D 9 8*B 9 7B 9 2764B 9 E6CD 9 7B 9 4C4B28 9 EB9 8B585675839B894BC897BD94664835D85BD9*C8-B77BD9D)68547B96*B497BD93DB6D9D456D9 433D92697BD9D8683+5BD9EBD95CE5*5ED9B89EBD9+6C5D685CD9BC46D83BD9E6CD9C98B585B9X
>959?0*)(2(',)(E99.,9)7/*"
B9DC89E<6E9C9+K892685475B96DD859E<CB94B865CB94238BC4B9\C7+5B959CD9 C896BC3D9%9CD95C83BDDB969E65CB9*5C5-*58547B9EB97<C"(9B897<5E3B9E9D"B89EB94B88B9 801DB9BD8967D9C3B9EBD92B51BD9357BD5CD9B9CD96*CD929BCB9D97BD9BD85CD9753BD9%9 7<5CC*685C9B89%976986E585C(9E6CD94B9E65CB9EB9769*585478B(9E<CB9268958BBC89D5D9 6925ED95286C89E926855CB9B89E98B5965D9E<68B9268(9C34BDD65BBC89BC+6+39BC9 65DC9EB97)3*785C9EBD96403D(9E6CD9EBD9D8683+5BD9B89EBD92685BD95CC*6C8BD3
!J
2BCB 9 7BD 9 2B51BD 9 5C*BD85+685CD 9 D 9 4B88B 9 55751B 9 2 9 BC 9 42BCEB 9 7<+6C5D685C(9 2BB886589EB9EBDD5CB97<BC*5CCBBC89E6CD97BB79D<+6C5D658976955751B9EBD92E48BD9EB9
*5C9EB97<C"(9B89BC92685475B97<BD264B9E6CD97BB7976953E3685C9*58547B9EB97<C"9236583 9 EB 9 BC8( 9 BC 9 !##B( 9 7B 9 +*BCBBC8 9 56CH65D 9 E 9 B5B 9 25C5D8B 9 ,B6C-5BB9 65565C922D6589EB976B775DB97BD93+5CD928BDBD9E)C92"B89EB9E3*B722BBC898B5856739 B976B7952756589EB93C597BD9648BD9EB9769B40B40B(9EB97695685C9B89EBD9BC8B25DBD9 689EB92"B8D9477B4855D95DDD9E98B585B39B9C9EB9I2=7B9EB94238585*583I9589B8BC9 2 9 5EBC8555B 9 4BD 9 C*B6D 9 8B585BD 9 76B775D3D3 9 8 9 C+BD 9 DB 9 8*658 9 67D 9 265 9 4BD9 3+5CD976B775D3BD(92345D3BC8929DBD96485*583D96DD453BD969DB48B9E9*3+38679D2345675D339
<BD89EC49DD97B9C9EB9I=7B9C+B*5C9E993+3867912345675D3I9B97B92=7B9EB94238585*5839 6C+B*5C969*97B9"(97B9C9EB9I93+327/DI969BCD58B93839B8BC3
.7 9 EB*BC658 9 7D 9 3*5EBC8 9 EB 9 D65D5 9 7)228C583 9 B 9 B23DBC8658 9 2 9 C8B 9 B40B40B 9 4B88B9 C*B77B95B9EB98B585B934C5B959DB9436589DD9CD9/BD(9588B9%9E555B92B8- E8B9C92B97B92"B89B89%9CB927D96DB94B986*6579D9769DB7B955751B9*5C5-*58547B(965D9%97<376+59
%97<BCDB7B9EB976955751B9E9*3+386739625EBBC897BD92B5BD9BC8B85BCD96*B497BD9BD2CD67BD9 E92=7B9EB94238585*583993+327/D(9C892B5D9EB942BCEB97BD9BC"BD9E)C98B798/2B9EB9 8B585B3 9 BD-45 9 DB 9 D5865BC8 9 D 9 E5553BC8D 9 6D2B48D 9 8B7 9 B 9 76 9 +*BC6C4B 9 E 9 2=7B( 9 769 575D685C9EBD9648BD9D97BD92"B8D9477B4855D99BC4B97BD9D8683+5BD9E)52754685C9EBD9 85D925*8D9595BC89C92=7B3
BD9E345EBD9E92=7B9BC4C83D9%97<32B9C<6*65BC89B92B9EB9B479B89EB9*5D5575839D9C9 4B865C9CB9E<DB*685CD9<57D92*65BC89565B965D9EC8957D9CB92*65BC89BD275B97BD9 346C5DBD3 9 C 9 2685475B( 9 57D 9 D065865BC8 9 D6*5 9 EB 9 B77BD 9 56HCD 9 57 9 38658 9 2DD57B9 E)5275B94B865CD9648BD9B+23D969DB5C9EB953E3685CD99EB93DB6D925BDD5CCB7D(9B89 57D9E3D565BC893+67BBC8942BCEB94BC89769+*BC6C4B9E92=7B92*6589"B9C9=7B9 6"B9E6CD97695DB9BC9\*B9EB9D8683+5BD9477B485*BD3
BD9E5553BC8BD95C8B+685CD959DB9DC8986CD53BD(9294B865CBD(9BC9273685BD9EB9 B40B40B(9C34BDD5865BC89E<6E9EB92*596C67/DB97B94C8BD8B98B585679B89DBD952754685CD(9 4B959CD969BC39%928B9CD9B40B40BD 9236767BD 9D97B94C4B289EB98B585B9655C9EB9 E5D85C+B 9 7BD 9 E5553BC8D 9 8/2BD 9 EB9 8B585BD 9 5 9 DB 9 DC8 9 E3*B7223D 9 EB25D 9 7BD 9 E5D8548D 9 EB9 26D06773
!N
.79386589BC9B55B895CBC*5D6+B67B9EB98BC8B9EB932CEB96D9BD85CD9EB94BD9E55+B6C8D9D6CD96*59 CB 9 *5D5C 9 C 9 2B 9 55CB 9 EB 9 4B 9 B 9 7BD 9 C85CD 9 EB 9 2=7B 9 EB 9 4238585*583 9 B8 9 EB 9 8B585B 9 D22D65BC89B895CE5D65BC8940BP97BD9648BD3
BD92B5BD986*6D9CD9C893+67BBC894CE589%9CD95C8B+B9D9769E5BCD5C9D4567B9 EBD98B585BD3989C926C9EB9C8B9B40B40B9BD89BC9B55B894C4BC392694B896D2B48(9264B9B9 769 BD85C 9 EBD 9 E55+B6C8D 9 E9 2=7B9 5CE5D658 9 C9 45DBBC8 9 EBD 9 D45BC4BD9 D4567BD3 9 C 9 B55B8(9 BCC4B 9 % 9 B45 9 % 9 4B88B 9 E5BCD5C 9 D4567B 9 CD 9 6658 9 4CE58 9 % 9 3478B 9 EBD 9 ECC3BD9 2BDB95C8575D67BD9A9579567765895C8E5B9E6CD9C8B938EB9EBD9D/D81BD9B89EBD9380EBD9EB9 4230BCD5C 9 EBD 9 5C8B6485CD 9 5CE5*5EB77BD 9 B8 9 477B485*BD( 9 2 9 2*5 9 D7B*B 9 6*B49 2B85CBC4B 9 7BD 9C85CD 9 EB9 3DB6 9B89 EB94625867 9 D45673 9 6(9 7BD 9EB6CEBD 9 573BD 9 269 7BD9 648BD 9 B 9 CD 9 6*5CD 9 BC4C83D 9 7D 9 EB 9 CD 9 2B5BD 9 BC8B85BCD 9 6 9 DB5C 9 E 9 2=7B9 42865BC893+67BBC89CB9E5BCD5C9B9CD9C)6*5CD926D956+5C3B9E6CD9CD9357BD5CD9 23755C65BD(9769C85C9EB93DB6D9D456D39B77B-459D)BD8952D3B97DB9CD96*CD9425D9 )B77B 9 B23DBC8658 9 7B 9 6228 9 4C 9 BC8B 9 7BD 9 E5553BC8BD 9 273685BD 9 B 9 CD9 DB8865BC897BD9BD2CD67BD9E92=7B9B9CD96*5CD9BC4C83D3
C9B55B8(976925DB9BC9428B9B897)6C67/DB9E946258679D45679EBD95CE5*5ED9B89EB97BD93DB6D9 D456D 9 CD 9 2BB88658 9 EB9 42BCEB 9 7)52648 9 B9 2*658 9 6*5 9 76 9 +*BC6C4B 9 D 9 7BD9 BBD 9 E 9 2=7B 9 9 BC4B 9 EB 9 D65D5 9 7)B25DB 9 EBD 9 E5553BC8D 9 +2BD 9 E)5C57BC4B 9 D 9 7BD9 E345D5CD959DB92BC65BC8969DB5C9E92=7B39188(94B769CD92BB886589EB942BCEB929 B77BD 9 65DCD 9 2655D 9 769 +*BC6C4B 9 E 9 2=7B9 2*658 9 C<6*5 9 B 9 81D 9 2B 9 E<B55B8D 9 29 575DB954594B865CBD92BDCCBD(97%94B865CBD9BC8B25DBD3
5CD5( 9 CB 9 2685B 9 EB 9 C8B 9 B40B40B 9 D<BD8 9 6886403B 9 % 9 42BCEB 9 7BD 9 5C57BC4BD 9 B8 9 7BD9 68547685CD9BC8B97B94C4B289EB946258679D45679B894B759EB93DB6D9D456D(925D97)68547685C9 EB94BD94C4B28D96*B497BD95CD85885CD9B897)+6CB9EB9+*BC6C4B3
)5C83E89EB9CD9B40B40BD9D94BD9E5553BC8D96D2B48D9693+67BBC894B459EB92685475B9<579DB9 D58B9E6CD97B94C8BD8B9E)C98B585B934C5B(94B9B9769B40B40B9C)69B98292B96E39
"D)%923DBC83
69DBCD9EB9C8B938EB9693+67BBC893839E38B5C392697<6DBC4B9EB94B865CD9373BC8D9694D9 EB97<38EB9EB97697588368B39C9B55B8(97697588368B922D6589C94B865C9CB9E<62240BD(9 65D 9 "665D 9 B77BD 9 CB 9 2BB8865BC8 9 EB 9 4BCB 9 42718BBC8 9 9 E 9 5CD 9 EB 9 6C51B9 D685D565D6C8B97BD9BD85CD9B897BD9271BD9D5D92697BD9E55+B6C8D9E92=7B39(9D59BD9CB9 2*65BC8926D942BCEB9B89D597697588368B9DB76589D<E8B95892B92BC403B9BC4B9D94BD9 273685BD(9579567765898BC8B9EB98*B9EBD9857D9B89EBD9*5BD9E<BD2754685C3
!T
5CD5(9CD92BCDCD96*595D9%9"94B865CD96D2B48D9E946258679D45679B89EBD93DB6D9D456D9 5 9 CD 9 C8 9 2B5D 9 EB9 2*5 9 32CEB9 % 9 4B865CBD 9 5C8B+685CD 9 573BD 9 7D 9 EB9 CD9 2B5BD9BC8B85BCD3
4D96*CD93+67BBC898BC839E)BC540597B9E3689D97BD9D8683+5BD9477B485*BD9BC9C86C89BC9 2685475B97B9=7B9"392697B946258679D45679B897BD93DB6D9D456D3
.79DB7B658955C67BBC89B9CD9B40B40BD925DDBC892BB88B9EB9B76C4B97BD9357BD5CD9D9 CB962240B927D923685CCB77B9E946258679D45679B89EBD93DB6D9B7685CCB7D95(9"D)67D(9 3865BC8 9 278=8 9 4C55C3BD 9 E6CD 9 CB 9 E5BCD5C 9 4C4B28B77B3 9 C55C( 9 B77BD 9 EB*65BC8 9 2*59 6228B9C9347656+B9D97BD95C8B+685CD9B97BD9BBD9E345EBD9E92=7B9C892D3BD9B89 2BB88B9E)*5(9CD97)BD23CD(9CB925DB9BC9428B927D96DD3B9EBD93DB6D9B7685CCB7D3
9599*0@)99E)9'7'7
B9D"B89EB9C8B9B40B40B9BD89.,92&,)(E99F*,019.,)(EE.*9,09*(E9B0E98=.99 '&8F)()(6()F39B769CD94CE589%9E342DB94B88B922D585C925C45267B9BC9BD85CD9EB9 B40B40B9EB*6C894CE5B9%9BC9ECCB9CB927D92345DB9BD2BDD5C3
)BC*5CCBBC89EB9C8B9B40B40B9693*373976978527545839EBD94C4B28D9%9575DB9B89EBD9 8035BD96DB77BD957D9DC896886403D39B865CD9DBC898575D3D9655C9E)386/B9CD9E3CD8685CD(9 67D9B9E)68BD9E5*BC89CD94CE5B9%922DB9CB9C*B77B962240B99889695CD9 C94273BC898035B3
Cela concernera en particulier le rôle du capital social dans la constitution d'un réseau personnel, ainsi que la place de celui-ci au sein d'un territoire.
B9CD97)6*CD93*3(97695685C9E946258679D45679428B9BC4B9EB976+BD9PCBD9 E)B3 9 86C8( 9 4B75-45 9 5C8B*5BC8 9 E6CD 9 76 9 75D8B 9 EBD 9 5C+3E5BC8D 9 EB*6C8 9 4CE5B 9 % 9 769 4CD85885C9E)C93DB69B7685CCB739696577BD(97B94C8BD8B9+6C5D685CCB7952DB9DBD91+7BD9 B8955DB97B946EB9E6CD97BB797BD95CE5*5ED9*C89E327/B97B9D8683+5B9B7685CCB77B396CD9C8B9 46D(97B94C8BD8B9+6C5D685CCB79BD89427BD55539BC94B769)579DB9D58B9%9E5553BC8D9C5*B6D9A97B9 C5*B69EB97)5CE5*5E(97B9C5*B69EB97)BC8B25DB9B897B9C5*B69E98B585B3
)38EB9E93DB69B7685CCB79EB97)5CE5*5E923DBC8B9C9+6CE95C83E8(925DB94)BD897)5CE5*5E9 59BC+6+B9C924BDDD9EB943685C9B894)BD893+67BBC89759592BB89E)3867597BD92B5BD9 75BCD9BC8B97BD93DB6D3
!$
CD58B(97B93DB69B7685CCB79D5839E6CD97)BC8B25DB923DBC8B9C95C83E89EB92D585C92*6C89 3*BC8B77BBC89CD934765B9D97BD985*685CD9EB97)5CE5*5E39)BD8969C5*B69E98B585B9B9 7B93DB69B7685CCB792BCE9C9DBCD92685475B94694)BD89BDDBC85B77BBC895459B97)5CE5*5E9*69 2*59E327/B9D69D8683+5B9B7685CCB77B3
4D9C)6EBCD926D97B9C5*B69DB9D586C89%97)BD835B9E98B585B39B75-45969383938E539269 27D5BD968BD(9C86BC89B449Q!##CR9E6CD9D69801DB9D97BD93468D9B7685CCB7D3
5CD5(9769206DB9BD27685B 9B897)6C67/DB 9B9CD96*CD9BC3B 9CD9C894CE589%9B8BC59 27D5BD9BD85CD9EB9B40B40B9B9CD925CD9476DDB92694683+5BD39B865CBD9EB94BD9 BD85CD 9 5C8 9 353BC4B 9 6D 9 B7685CD 9 BC8B 9 7B 9 4625867 9 D4567 9 B8 9 7BD 9 3DB6D 9 B7685CCB7D(9 E)68BD 9 2BB88BC8 9 EB 9 5BD 9 42BCEB 9 7BD 9 75BCD 9 BC8B 9 7B 9 4625867 9 D4567 9 B8 9 7)5CD85885C9 8B58567B(9BC55C9CD96*CD93+67BBC896E397B9=7B9E946258679D45679B89EBD93DB6D9D456D9 E6CD97B9E3*B722BBC89E)CB9E3640B9D8683+5B9EB94B865CBD9BC8B25DBD9BBD9E92=7B39 5CD5(97692B51B9BD85C9B9CD9677CD98658B9BD89769D5*6C8B9A9&&E)9*9'E*)()090E9 F*,09.,)(EE.9)9A0.9*)9.9=.909',8(),.9*'(,.9B9B769B*5BC89%938E5B97695685C9 E946258679D4567(9D698BCB(9DC9BD2758685C9B89769D8683+5B9B9B89BC9\*B97)5CE5*5E929 4CD858B9DC93DB692BDCCB73
6 9 EBD51B 9 BD85C 9 % 9 76B77B 9 CD 9 677CD 9 8BC8B 9 EB 9 ECCB 9 CB 9 32CDB 9 4C4BCB 9 7B9 86CD5B89E)C946258679D4567391E9',8(),.9*)5(.9),E*2F,-.9)9,E*9A0..*9'E()(E*9B99 32CEB9%94B88B9BD85C(9CD9CD96225BCD9D9EBD9D58685CD9B7B*3BD969DB5C9E92=7B(9B89 297BDB77BD97697588368B9CB9CD96926D9D555D6BC893476533
6985D51B9BD85C98658B9EB9769575D685C9E946258679D456739!0..*9*E)9.*9(22FE)*9
&-(.(*,)(E*909',8(),.9*'(,.9*.E9A09.9F*,09.,)(EE.9*)9(E*)()0)(EE.9098,*9B9 B88B9BD85C9CD92BB8869EB9*3555B94BC89B89E6CD9B77B92285C9C946258679D45679 BD898575D39E)CB92689E6CD9C93DB695C5B79B895CD867739EB25D97C+8B2D9B89E)68B92689E6CD9 C93DB6927D95B7(9B23DBC86C897)5CD85885C98B58567B3
6 9 6851B 9 BD85C 9 EB 9 B40B40B 9 B 9 CD 9 22DCD 9 4C4BCB 9 7B 9 =7B 9 EBD 9 E5553BC8D9 3DB6D 9 6 9 DB5C 9 E 9 2=7B3 95E 9 8,)('0.(C 9 A0. 9 =. 9 () 9 @0 9 . 9 F*,0 9 'E),.(*F 9 9 .B(E*)()0)(E9)()(,.96(*5D56(*9*9,0)*9F*,0198F*E)*9,E*9.98=.9B9 )+6CB9EB9 +*BC6C4B9E58956*5DB97B9E3*B722BBC8925D97)5C8B6485C9BC8B97BD9E5553BC8D93DB6D9655C9 EB95645758B97)38675DDBBC89EB92"B8D9477B4855D3
C#
6 9 EBC51B 9 BD85C 9 EB 9 B40B40B 9 B9 CD 9 677CD 9 38E5B 9 4C4BCB 9 7B 9 E3*B722BBC8 9 EB9 E3640BD9D8683+5BD9EBD9BC8B25DBD9BBD9E92=7B39!0.*9*E)9.*92,')0*98&)),E)9 .9F6.88&E)9)9.,98(*9E9'&8)9B0E9F&,'79*),)F3(A09*9E)8(**90 9 8=. 9 B9 B 9 2=7B 9 EB 9 4238585*583 9 43B 9 C 9 4C8BD8B 9 56*5D6C8 9 7BD 9 24BDDD 9 E)622BC85DD6+B9 +6C5D685CCB7 9 B8 9 7B 9 E3*B722BBC8 9 E)CB 9 *5D5C 9 D8683+5B 9 C86BC8 9 E6CD 9 7B 9 46EB 9 EB9 2"B8D9477B4855D3
4959*9,88)*99E)9F)0
BD96228D98035BD9*C89C34BDD58B9CB9B*B9EBD9E5553BC8D94C4B28D9753D96946258679D456739 BD94C8585CD9DC89CBDBD9B897B942D98035B94C85CB9EB9D)BC5405394D92BCDCD9 65CD596228B9C94273BC89E6CD94B88B94C8585C92697)BC5405DDBBC89EB94C4B28D9753D9%9 C8B94C8BD8B9E)38EB394D92BCDCD93+67BBC896228B9C9347656+B9D97B9=7B9E946258679 D45679E6CD97694CD85885C9E)C93DB69B7685CCB79%97)65EB9EB927D5BD9BD85CD9EB9B40B40BD3 4D9DBCD9EC496BC3D9%9565B9C94B865C 9859E6CD97BD9E5553BC8BD94C4B285CD9E946258679 D4567( 9 C86BC8 9 E6CD 9 7BD 9 38EBD 9 34BC8BD 9 655C 9 E)BC 9 5645758B 9 7)6C67/DB3 9 .7 9 DB6 9 BCD58B9 C34BDD65B 9 EB 9 4CD85B 9 7)857 9 2BB886C8 9 CB 9 BDB 9 EBD 9 *6567BD 9 B8BCBD 9 655C 9 EB9 42BCEB97BD9346C5DBD9EB95685C9E)C93DB69B7685CCB73
48B 9 62240B 9 EB*6 9 3+67BBC8 9 8BC5 9 428B 9 E 9 C5*B6 9 E)6C67/DB3 9 C 9 B55B8( 9 C 9 3DB69 B7685CCB792B89DB943B9E6CD9406B9C5*B696*B49CB9E675839C34BDD65BBC89E5553BC8B9B89 EBD9"B4855D9*653D3
BD96228D96C6+356D 9*C89DB9D58B9E)B73B9D9E5553BC8D9C5*B6D3 9B51BBC8( 969 C5*B69EB97)5CE5*5E(97694230BCD5C9EBD9346C5DBD9EB94CD85885C9E)C93DB692BDCCB79 D22DB6976925DB9BC9428B9EB94B865CBD94664835D85BD922BD96D95CE5*5ED(98B77B9B9769 4C556C4B997694CD85885C9E)C93DB69B7685CCB73
CD58B( 9 6 9 C5*B6 9 EB9 7)BC8B25DB( 9 57 9 D)6+589 EB9 5C5 9 CB 9 *5D5C 9 27D 9 3675D8B 9 EBD 9 3DB6D9 B7685CCB7D(9BC9BD586C897692764B9EB97)5CE5*5E9E6CD97)+6C5D685C(9D69D8683+5B9B7685CCB77B9B89 7)5BC8685C 9 EB 9 DBD 9 85*685CD 9 BC 9 D6 9 56*B 9 9 BC 9 56*B 9 EB 9 DC 9 +6C5D685C( 9 DB7C 9 EBD9 4581BD9%9E355C53
C
)BC8B25DB9E58942BCEB9B894C8=7B97695685C9EBD93DB6D9B7685CCB7D969DB5C9EB9DC9 +6C5D685C965D9B77B9E589D889B88B9889BC9\*B92956*5DB97B9E3*B722BBC839B9 405D9DB92DB693+67BBC89EB9E345EB9EB97695675D685C9EB94B865CD9EB94BD93DB6D3969CCB9 +BD85C9EB94BD9EBC5BD9E58956*5DB97695DB9BC94C9EB9BDD4BD9B897B9E3*B722BBC89 EB9D8683+5BD9477B485*BD3
C55C(969C5*B69E98B585B(905D97B93DB694CD85839269769+*BC6C4B9EB97)+6C5D685C9 8B58567B(97B9B4BCDBBC89EBD93DB6D9B7685CCB7D9B897B95C8B4CCBD5C9BD89C952368559D9 7BB79B2DB9BC92685B97B95C485CCBBC89EBD95CD85885CD98B58567BD39.79D)6+589EB94CC6:8B97BD9 3DB6D(9B89BC92685475B97BD95CE5*5ED959BC9DC897BD925*8D9655C9EB95645758B97694547685C9EB9 7)5C5685C9B89EB95645758B976925DB9EB9E345D5CD9477B485*BD3
6CD97B94C8BD8B92685475B9E92=7B9EB94238585*583993+327/DC(9EBD9BD85CD981D94C418BD9 DC892D3BD9A9568-57(9269BDB27B(9D857B97BD9B7685CD9E6CD976955751B99BC8B97BD955751BD9X9 '68-579E3*B722B9EBD975BCD9B7685CCB7D9BC8B9EBD95CE5*5ED99EBD9+6C5D685CD9DB9D586C8969 EB 9 C5*B6 9 9 % 9 EBD 9 C5*B6D 9 E5553BC8D 9 X 9 '68-57 9 5675DB 9 B8 9 4C8=7B 9 7BD 9 3DB6D9 B7685CCB7D9BD5D86C8D9X99694C865B9568-579B88B9BC92764B9EBD9346C5DBD92BB886C89EB9 56*5DB97B9E3*B722BBC89EB93DB6D95C5B7D9X9BC894C5B9B555464BBC896*B49 7)BCDB7B9EBD93DB6D9B898BC597B952754685C90+1CB9X
BD9BD85CD9DC89CBDBD9B8976975D8B9C)BD8926D9BD06D85*B(965D97694230BCD5C 9EBD9 346C5DBD9EB95685C9EBD93DB6D9B7685CCB7D9B897B9526489D97)+6C5D685C98B58567B(9 E5892*59/96228B9EBD932CDBD3
44959B,'7()')099E)9'7'7C9.98*()(EE&E)9F8(*)F&.3(A0
)BD275458685C 9 E 9 2D585CCBBC8 9 325D837+5B 9 2BB8 9 E)5EBC8555B 9 7BD 9 23D22D3D 9 E9 40B40B39694CC65DD6C4B9EB94BD923D22D3D9BD89C9/BC 9%D7CE4A8&78C9FCDBF87CD7 C 87787CD)F8E0A87CFC6F5D5ABCD7CFCE44F599F47C!5C74C79AC5997C7ACD7C5CE4#B878C4 C F8FA87CF7%9 QF58-13*577B9B89BB8(9 $$$R396CD9CB9D/C801DB9D97BD95CEBBC8D9 325D837+5BD 9 EB 9 76 9 B40B40B( 9 F58-13*577B 9 B8 9 BB8 9 22DBC8 9 EB 9 4664835DB 9 7BD9 E5553BC8D98/2BD9EB92D8B9325D837+5B9BC94CD5E36C8968B9+6CED94581BD9Q $$$R3
C915839%9C+BD
C!
