• Aucun résultat trouvé

Les dispositifs favorables au développement de l'autonomie des élèves

N/A
N/A
Protected

Academic year: 2021

Partager "Les dispositifs favorables au développement de l'autonomie des élèves"

Copied!
129
0
0

Texte intégral

(1)

HAL Id: dumas-03125004

https://dumas.ccsd.cnrs.fr/dumas-03125004

Submitted on 29 Jan 2021

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.

Les dispositifs favorables au développement de

l’autonomie des élèves

Angélique Tran

To cite this version:

Angélique Tran. Les dispositifs favorables au développement de l’autonomie des élèves. Education. 2020. �dumas-03125004�

(2)

>G A/, /mKb@yjRk8yy9

?iiTb,ff/mKbX++b/X+M`bX7`f/mKb@yjRk8yy9

>G >G

G2b /BbTQbBiB7b 7pQ`#H2b m /ûp2HQTT2K2Mi /2

HǶmiQMQKB2 /2b ûHĕp2b

M;ûHB[m2 h`M

hQ +Bi2 i?Bb p2`bBQM,

฀ ฀

(3)

! ! ! ! ! ! ! ! ! ! !

!"#$%&'#(%)&*!%")"*&+,"-#%)

#"'.%)"*&+,"-#%)&*!%")/)0%)1,$&%

!

!

!

!

!"#$%&'('!)$*%&#'+%',-./#%*0/%1%/$2'+%',-3+45"$*6/'%$'+%',"'76&1"$*6/'8'

!%/$*6/'9':';&%1*%&'+%0&)'

'

<//)%'=>9?@=>=>'

!

!

!"#$%#$&'()*+,%

! ! ! ! ! ! !

!

!"#$%&'%()*+,-)".%(+%/%!"#$$#%&'&()% % %

!"#$%&#'(#&)&*#$*+,(-+.!"#$

+/$%0,"!(''"1"2)$%"$!3+/)(2(1&"$%"#$0!4,"#$

(4)
(5)

! ! ! !

!"#$%&'#(%)&*!%")"*&+,"-#%)

#"'.%)"*&+,"-#%)&*!%")/)0%)1,$&%

!

!

!

!

!"#$%&'('!)$*%&#'+%',-./#%*0/%1%/$2'+%',-3+45"$*6/'%$'+%',"'76&1"$*6/'8'

!%/$*6/'9':';&%1*%&'+%0&)'

'

<//)%'=>9?@=>=>'

!

!

!

!"#$%#$&'()*+,%

! ! !

!"#$%&#'(#&)&*#$*+,(-+.!"#$

+/$%0,"!(''"1"2)$%"$!3+/)(2(1&"$%"#$0!4,"#$

! ! ! !

!

!

!

!"#$%&'%()*+,-)".%(+%/%!"#$$#%&'&()% % %

(6)

!"#$%"&

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

(7)

!'%'!()'%'*+#&

% % % M"#$% -+.".$% -"#-% (<'2"*(% 8% *+1+*,)+*% Y)+**+% S1+*G5% ;"#*% '6")*% ',,+;-7% (+% ."#$% ',,"1;'4.+*% ('.$% &'% *7(',-)".% (+% ,+% 171")*+>% N*Z,+% 8% &#)5% ."#$% '6".$% ;#% 1+.+*% ."-*+% *+,:+*,:+% ('.$% &<'3+% $"#:')-75% $'.$% '6")*% +#% 8% ';;*7:+.(+*% ,+% ,:'.4+1+.-% (+% ()*+,-+#*% (+% 171")*+>%% %

% M"#$% *+1+*,)".$% 74'&+1+.-% &<+.$+12&+% (+% ."$% ,"&&=4#+$% (+% &<7,"&+% 7&71+.-')*+% H+'.% A"#&).5%$'.$%D#)%."-*+%;*+1)=*+%'..7+%+.%-'.-%D#+%;*"9+$$+#*+%.<'#*')-%;'$%7-7%&'%1[1+>%A+*,)% 8% +#3% (<'6")*% ;*)$% &+% -+1;$% (+% ."#$% ',,"1;'4.+*% -"#-% '#% &".4% (+% ,+--+% '..7+% (+% $-'4+5% +-% ."-'11+.-%8%\'..%]&&)6)+*%+-%^'*).+%_')&&+#&5%,"&&=4#+$%1')$%74'&+1+.-%1'`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

(8)

!

!

!

!

!

!

"!#$!%&'(!)'*!$*!+&,(-*!./&--0(*!1/*2.*342*-!56'-!)'*!$/7$89*!

:6++*2:*!;!&55-*21-*<!=!

!"#$%&'"()*+$,&

(9)

! "!

!"#$%&'(#!%")

! #$%%$!&''($!$'!%&'%!)*$!+,-.$//$*,$!0$/!(1-2$/!/%&34&4,$!$/%!,415$!$%!6('(.4)*$!0&'/!'-%,$! .-,7&%4-'!&*!+,-.$//-,&%!+*4/)*8$22$!'-*/!+$,7$%!0$!.&4,$!2$!24$'!$'%,$!28$'/$43'$7$'%!%5(-,4)*$! ,$9*!2-,/!0$!'-%,$!1*,/*/!*'4:$,/4%&4,$;!'-%,$!+,&%4)*$!$%!1$22$/!)*$!'-*/!&:-'/!+*!-6/$,:$,!2-,/! 0$/!04..(,$'%/!/%&3$/!$..$1%*(/!&*!1-*,/!0$!1$/!0$,'4<,$/!&''($/=!>'!$..$%;!1$/!/%&3$/!&*?)*$2/! '-*/! &:-'/! +&,%414+(! 2-,/! 0$! '-%,$! .-,7&%4-'! '-*/! -'%! 74/$! .&1$! @! +2*/4$*,/! +,-62(7&%4)*$/! ,$'1-'%,($/!+&,!2$/!$'/$43'&'%/!0*!+,$74$,!0$3,(!A!285(%(,-3('(4%(!0$/!12&//$/;!2&!04..(,$'14&%4-'! +(0&3-34)*$;!2&!7-%4:&%4-'!/1-2&4,$;!2&!+2&1$!0$!28(:&2*&%4-'!-*!$'1-,$!28&*%-'-74$!0$/!(2<:$/=! !! B&'/!2$!1&0,$!0$!'-%,$!&''($!$'!%&'%!)*$!+,-.$//$*,$!0$/!(1-2$/!/%&34&4,$;!'-*/!&:-'/! (%(!&..$1%($!0&'/!*'$!(1-2$!(2(7$'%&4,$!/4%*($!$'!7424$*!+(,4C*,6&4'=!D&!12&//$!0-'%!'-*/!&:-'/! 2&!15&,3$!$/%!*'$!12&//$!0$!#>"E#>F=!#$%%$!12&//$!0-*62$C'4:$&*!1-7+%$!:4'3%C$%C*'!(2<:$/!A! %,$4G$!#>"!$%!5*4%!#>F=!>'!+2*/!0$!1$/!:4'3%C$%C*'!(2<:$/!/8&H-*%$'%!0$*?!(2<:$/!0*!04/+-/4%4.! IDJK!LI'4%(!D-1&24/($!+-*,!28J'12*/4-'!K1-2&4,$M;!$'!4'12*/4-'!0&'/!'-%,$!12&//$=!

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

C! V-*,!'-/!%,-4/!(2<:$/!&R&'%!0$/!04..41*2%(/!$'!'*7(,&%4-';!'-*/!&:-'/!08&6-,0!0(140(!0$! 7$%%,$! $'! +2&1$! 0$/! /(&'1$/! 0$! ,$7(04&%4-'! $'! 12&//$;! +*4/! 08R! 0(04$,! *'! 1,('$&*! 08&1%4:4%(/! +(0&3-34)*$/! 1-7+2(7$'%&4,$/! LNV#M! @! ,&4/-'! 08*'$! /(&'1$! 0$! %,$'%$! 74'*%$/!+&,!/$7&4'$!W!

(10)

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`-4,! 0$/!VK!/8(7&'14+$,!0</!2$!0(6*%!08&''($;!0</!2&!.4'!0$!2&!+(,4-0$!"!+2*/!+,(14/(7$'%;!3,a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

(11)

! b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a1$!@!'-%,$!+,-.42!0$!12&//$;! '-*/!&:-'/!28-11&/4-'!0$!'-*/!+$'15$,!*'!+$*!+2*/!/*,!1$%%$!)*$/%4-'!08&*%-'-74$!$%!08(2&,34,! 1$!)*$/%4-''$7$'%!&*?!+,&%4)*$/!+(0&3-34)*$/!+$,7$%%&'%!0$!2&!0(:$2-++$,!A!!"#$%&'(#$)*"($ +,-#.*))#($./&"0*1*2'#$34#5$1*6$,.7-#6$8! ! >'!$..$%;!1$%%$!%5(7&%4)*$!)*8$/%!28&*%-'-74$!$'3$'0,$!6-'!'-76,$!0$!)*$/%4-''$7$'%/! A!!"#$%&'($)*"$)+#,"&-.-/0$)1)!"$++$%)$.)%-.&)+$%)203345$.&$%)3-5/$%)1)!"#$%&'($)*"#".)4+67$) ,"&-.-/$)1)8-//$.&)3,7-50%$5)+#,"&-.-/0$)2$%)4+67$%)1)9#,"&-.-/0$)(-..,:&'$++$)2$%)+0/0&$%) 1);0)-"0<)*"$++$%)%-.&'$++$%)1)9#47,+",&0-.)=-%0&07$)5$=54%$.&$'&'$++$)".$)54$++$)24/,5(>$)70%,.&) ?)247$+-==$5)+#,"&-.-/0$)2#,==5$.&0%%,@$)1!#$/!)*$/%4-''$7$'%/!'-*/!&7<'$,-'%!08&6-,0!@! 1-7+,$'0,$!2$!1-'1$+%!08&*%-'-74$;!$%!+2*/!+&,%41*24<,$7$'%!28&*%-'-74$!0$/!&++,$'%4//&3$/;! &:&'%!0$!'-*/!&7$'$,!@!,(.2(154,!/*,!2$/!04..(,$'%/!04/+-/4%4./!)*$!'-*/!+-*,,4-'/!7$%%,$!$'!+2&1$! &.4'!0$!0(:$2-++$,!1$%%$!&*%-'-74$=! !

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

(12)

! c!

*+!(,&$-)!".#!#'#!%""-/)-#)#01%$!2'-)

! K4!$22$!.&4%!28-6H$%!0$!+,(1-'4/&%4-'/!4'/%4%*%4-''$22$/;!18$/%!+&,1$!)*$!28&*%-'-74$!&!/*/14%(! 0$!'-76,$*/$/!,$15$,15$/!/14$'%4.4)*$/!&.4'!0$!+-*:-4,!2&!0(.4'4,=!B&'/!1$%%$!+,$74<,$!+&,%4$;! '-*/!:$,,-'/!08&6-,0!)*$22$/!/-'%!2$/!+-/4%4-'/!0$!284'/%4%*%4-'!)*&'%!@!1$!1-'1$+%;!'-%&77$'%! @!%,&:$,/!2$/!+,-3,&77$/!08$'/$43'$7$'%!/1-2&4,$!$%!2$!/-12$!1-77*'!0$!1-7+(%$'1$/=!V*4/;! '-*/! %$'%$,-'/! 0$! 0(.4'4,! 2$/! 04..(,$'%/! 1-'1$+%/! 74/! $'! H$*! 0&'/! '-%,$! ,$15$,15$;! @! /&:-4,! 28&*%-'-74$!0$/!&++,$'%4//&3$/!$%!28(:&2*&%4-'!+-/4%4:$=! !

!"!"!#$%&'()*+,),-,).**'/(

! B$+*4/!2&!2-4!08-,4$'%&%4-'!0$!"ded!04%$!P!9-0)A-%=0.! !Q;!28(2<:$!$/%!+2&1(!&*!1$'%,$!0*! /R/%<7$!(0*1&%4.=!f*/)*8&2-,/;!2$!/%&%*%!0$!28(2<:$!(%&4%!&6/%,&4%!W!0$+*4/!1$%%$!2-4;!/-'!/%&%*%!&! (:-2*(!+*4/)*842!$/%!0$7&'0(!0$!1-'/40(,$,!15&)*$!(2<:$!0&'/!/&!04:$,/4%(!L/-14&2$;!1-3'4%4:$! $%! +/R15-2-34)*$M! &.4'! 0$! 2*4! +,-+-/$,! *'$! 7(%5-0$! 08&++,$'%4//&3$! &0&+%($! @! /$/! 6$/-4'/=! D8(2<:$!0$:4$'%!&2-,/!&1%$*,!0$!/$/!&++,$'%4//&3$/=!

K8$'/*4%!2&!2-4!08-,4$'%&%4-'!0$!Fggh;!04%$!P!9-0)B0++-.!

!Q;!)*4!4'/%&*,$!$'%,$!&*%,$/!*'!/-12$! 1-77*'!0$!1-''&4//&'1$/!$%!0$!1-7+(%$'1$/!,&//$762&'%!2$/!+,(1-'4/&%4-'/!0*!i&*%!#-'/$42! 0$! 28[0*1&%4-'! Li#>M=! #$! /-12$! 0(%$,74'$! &4'/4! 2$/! 1-''&4//&'1$/! $%! 2$/! 1-7+(%$'1$/! )*$! 0-4:$'%!7&\%,4/$,!2$/!(2<:$/!@!284//*$!0$!2&!/1-2&,4%(!-6243&%-4,$!L.4?($!@!/$4G$!&'/M=!V&,!2&!/*4%$;! 42! /$,&! 7-04.4(! +&,! 2&! 2-4! 08-,4$'%&%4-'! 0$! Fg"b;! 04%$! P!9-0) C$0++-."

!Q;! 2&)*$22$! /$! :$*%! ,$.-'0&%,41$!0*!/R/%<7$!(0*1&%4.!.,&'9&4/=!D&!,$.-'0&%4-'!0$!28(1-2$!47+24)*$!&2-,/!*'$!'-*:$22$! ,(.2$?4-'! %&'%! /*,! 2$! /-12$! 1-77*'! )*$! /*,! 2$/! +,-3,&77$/! 08$'/$43'$7$'%! ,(043(/! +&,! 2$! #-'/$42!/*+(,4$*,!0$/!+,-3,&77$/!L&'14$''$7$'%!i#>M=!D&!2-4!:4$'%!,$.-,7*2$,!2&!0(.4'4%4-'! 0*!/-12$!$'!R!&H-*%&'%!2&!'-%4-'!0$!1*2%*,$!A!42!0$:4$'%!&2-,/!/-12$!1-77*'!0$!1-''&4//&'1$/;!0$! 1-7+(%$'1$/!$%!0$!1*2%*,$=!

D$! '-*:$&*! /-12$! 4'%,-0*4%! &4'/4! 14')! '-*:$&*?! +424$,/! 0-'%! 28$'/$762$! 0(.4'4%! 2$/! 1-7+-/&'%/!0$!2&!1*2%*,$=!V&,74!1$/!14')!+424$,/;!'-*/!,$%,-*:-'/!2&!.-,7&%4-'!0$!2&!+$,/-''$! $%! 0*! 14%-R$'!A! 28$'/$762$! 0$/! 04/14+24'$/! $'/$43'($/;! $%! '-%&77$'%! 28(0*1&%4-'! 7-,&2$! $%!

! ! ! !"#$!%&'()*'+!,-!./!0-$1123!.('(!,4#5$26373$#6!8-5!149,-:73$#6! " !"#$!%&;//<)='/!,-!;<!7>5$1!;//<!,4#5$26373$#6!?#-5!147>26$5!,2!149:#12! # ! "#$! %&;/.=)<(<! ,-! '! 0-$1123! ;/.=! ,4#5$26373$#6! 23! ,2! ?5#@57AA73$#6! ?#-5! 17! B2C#6,73$#6! ,2! 149:#12! ,2! 17! BD?-E1$F-2!

(13)

! h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

B&'/! 2$/! 0$,'4$,/! +,-3,&77$/! 08$'/$43'$7$'%/! 0$! 28(1-2$! (2(7$'%&4,$! $%! 0*! 1-22<3$! ,(&H*/%(/!@!2&!,$'%,($!Fg"e"

;!2&!'-%4-'!08&*%-'-74$!,$+,(/$'%$!*'!&?$!7&H$*,!$%!%,&'/:$,/&2=!K4! &*H-*,085*4! $22$! /$762$! T%,$! *'$! (:40$'1$! +-*,! 284'/%4%*%4-'! /1-2&4,$;! /$/! 7(%5-0$/! 0$! %,&'/74//4-'!&4'/4!)*$!/$/!-6H$1%4./!7&')*$'%!'(&'7-4'/!0$!+,(14/4-'=!#$!'8$/%!)*8@!2&!/*4%$!0$! 2&! 2-4! ,$2&%4:$! @! 28(0*1&%4-'! 0$! Z$'(! i&6R#

! )*$! 2&! '-%4-'! 08&*%-'-74$! $/%! &6-,0($! 0&'/! 2$/! +,-3,&77$/!/1-2&4,$/!0*!1R12$!(2(7$'%&4,$=!D&!'-%4-'!R!$/%!(%,-4%$7$'%!&//-14($!@!28[0*1&%4-'! 7-,&2$!$%!14:4)*$!A!

!

P!9,) (,=,(0&4) 2$) 20%($5.$5) +,) %0@.030(,&0-.) /-5,+$) 2$) %0&",&0-.%) $&) 2$) (-.2"0&$%<)($++$%)2$%),"&5$%)$&)+$%)%0$..$%)D,((6%),")/-.2$)2$%)7,+$"5%E<)2$) =5$.25$)(-.%(0$.($)2$)+,)=,5&)2$%)(-.&5,0.&$%)2$)207$5%)-525$%)/,0%),"%%0)2$) +,) /,5@$) 2F,"&-.-/0$) $.) 3-.(&0-.) 2$%*"$++$%) =$"7$.&) %$) 24&$5/0.$5) %$%) ,(&0-.%)D,==5$.&0%%,@$)2$)+,)+0G$5&4E)DHE)I)LD-4!i&6R;!"djhM!

!

! N*H-*,085*4! $'1-,$;! 28&*%-'-74$! ,$/%$! (%,-4%$7$'%! 24($! @! 1$%%$! 04/14+24'$! +*4/)*$! 2$/! +,-3,&77$/! /1-2&4,$/! %$'0$'%! :$,/! 28(0*1&%4-'! 0$! .*%*,/! 14%-R$'/! 0-%(/! 08*'! $/+,4%! 1,4%4)*$;! +$,7$%%&'%!0$!.&4,$!0$/!15-4?!+$,/-''$2/!$%!,(.2(154/=!D&!1-'/%,*1%4-'!0$!1$%%$!1*2%*,$!14:4)*$! ,$+-/$!@!2&!.-4/!P!/*,!28&*%-'-74$!0*!14%-R$'!$%!/*,!/-'!&++&,%$'&'1$!@!2&!1-77*'&*%(!+-24%4)*$! .-,7($!&*%-*,!0$/!:&2$*,/!$%!+,4'14+$/!0$!2&!Z(+*624)*$!Q!Lk=l=!'mbg!0*!Fn!H*422$%!Fg"eM=! ! ! ! $ !GHIH!%&=/!,-!;+!0-$1123!;/.'! % !"#$!%&J<)+;/!,-!..!0-$1123!.(J<K!,$32!"#$!L7EM!

(14)

! n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k=l=!'mbg!0*!Fn!H*422$%!Fg"eM! ! D$/!,$2&%4-'/!/-14&2$/!:4$''$'%!$'!&++*4!@!1$%%$!1-'/%,*1%4-'!0$!28&*%-'-74$!A! J)9$%)4+67$%)%$)3,/0+0,50%$.&),7$()+,)=5,&0*"$)2$)+,)5$+$(&"5$)2$)+$"5%)=5-=5$%) &$M&$%)=-"5)+$%),/4+0-5$5O)DHE)P$%)5$/,5*"$%)&-"Q-"5%)G0$.7$0++,.&$%)3,0&$%) %"5)+$)&$M&$)0.0&0,+$/$.&)=5-2"0&<)2$%)4(>,.@$%),7$()".)=,05)?)=5-=-%)2$)($) &$M&$) %-.&) 2$%) ,=="0%) $330(,($%) =-"5) (-.%&5"05$) +#,"&-.-/0$) 2$) +#4+67$O)I) LJ640=M) ! V*4/;!&*!1R12$!b!A! J)P$)/,.065$)@4.45,+$<)+,)/,:&50%$)2$)+,)+,.@"$)5$%&$)".)-GQ$(&03)($.&5,+)2") (L(+$)R)*"0)2-0&),%%"5$5)?)&-"%)+$%)4+67$%)".$),"&-.-/0$)%"330%,.&$)$.)+$(&"5$) $&)4(50&"5$)=-"5),G-52$5)+$)(L(+$)S),7$()+$%),(*"0%).4($%%,05$%)?)+,)=-"5%"0&$) 2$)+,)%(-+,50&4O)I)LJ640=M) ! B$!7&'4<,$!+2*/!2&,3$;!28&*%-'-74$!/84'/1,4%!0&'/!15&1*'!0$/!14')!0-7&4'$/!0*!/-12$! 1-77*'!0$!1-7+(%$'1$/;!0$!1-''&4//&'1$/!$%!0$!1*2%*,$# ;!)*4!:4/$!@!P!0-''$,!&*?!(2<:$/!2$/! 7-R$'/!0$!/o$'3&3$,!0&'/!2$/!&1%4:4%(/!/1-2&4,$/;!0o&34,;!0o(15&'3$,!&:$1!&*%,*4;!0$!1-')*(,4,! 2$*,! &*%-'-74$! $%! 0o$?$,1$,! &4'/4! +,-3,$//4:$7$'%! 2$*,! 246$,%(! $%! 2$*,! /%&%*%! 0$! 14%-R$'! ,$/+-'/&62$!Q=! ! ! N4'/4! 0-'1;! 2$/! ,$1-77&'0&%4-'/! -..414$22$/! %$'0$'%! :$,/! +2*/! 08&*%-'-74$;! *'$! &*%-'-74$!)*$!28(2<:$!0$:,&!&1)*(,4,!@!28&40$!08*'$!.-,7&%4-'!04/+$'/($!+&,!28$'/$43'&'%=!K4! ! ! & !GHIH!%&.J!,-!;=!7>5$1!;/.<!

(15)

! j! 284'/%4%*%4-'!.&4%!0$!1$!1-'1$+%!*'!&?$!7&H$*,!0&'/!284'/%,*1%4-'!0$/!(2<:$/;!18$/%!+&,1$!)*842!.&4%! 28-6H$%!0$!'-76,$*/$/!,$15$,15$/!%$'%&'%!0$!2$!14,1-'/1,4,$=!O-*/!'-*/!&++*4$,-'/!/*,!)*$2)*$/C *'$/!08$'%,$!$22$/!+-*,!(%&624,!*'!1&0,$!%5(-,4)*$!@!'-%,$!,$15$,15$=! !

!"0"!#$%&'(,12.&)3-'(

!

J14;! '-*/! /$,-'/! &7$'($! @! 0(.4'4,! 2$/! 1-'1$+%/! 74/! $'! H$*;! @! /&:-4,! 28&*%-'-74$;! 28(:&2*&%4-'!+-/4%4:$!$%!2$/!04/+-/4%4./=!

!

TOUOTO! KVWXYXZ[\)\W)KCC]\YW[;;K^\)

!

! ]-*%! 4'04:40*! /$762$! &:-4,! +-*,! -6H$1%4.! 08T%,$! &*%-'-7$=! B</! 2$! +2*/! H$*'$! a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`$!/4<12$!&:=!f=C#=M;!0$!2&!+542-/-+54$! 7-,&2$!4'1*2)*($!+&,!K-1,&%$;!,&++-,%($!+&,!2&!/*4%$!+&,!/-'!04/14+2$;!V2&%-'=!#$!0$,'4$,!(:-)*$! &4'/4!*'$!.-,7$!08&*%-'-74$!/-*:$,&4'$!$'!+&,2&'%!0$!P!:,&4$!+542-/-+54$!Q!A!285-77$!246,$!$/%! 04%!+542-/-+5$C,-4=!N*%,$7$'%!04%;!2$!P!/$*2!:(,4%&62$!4'04:40*!)*4!$?$,1$!+&,!28&*%-'-74$!0$!/&! :-2-'%(!$%!0$!/&!,&4/-';!/&!246$,%(!$%!/-'!&+%4%*0$!@!/&:-4,!1$!)*4!$/%!H*/%$!+-*,!2$!64$'!1-77*'!Q! LN++&R;!Fg"F;!+=bcM=!D84'04:40*!&*%-'-7$!$/%!0-'1!1$2*4!0-%(!0$!2&!.&1*2%(!08&34,!+&,!2*4C7T7$;! $'!/$!041%&'%!/$/!+,-+,$/!,<32$/!0$!1-'0*4%$=! ! k4$'!)*$!2$/!+,(74//$/!0$!28&*%-'-74$!&4$'%!(%(!(%&624$/!&*!`$!/4<12$!&:&'%!f=C#=;!18$/%! @!p&'%!)*$!28-'!-1%,-4$;!2$!+2*/!/-*:$'%;!2$!%4%,$!0*!+542-/-+5$!P!4':$'%$*,!Q!0$!28&*%-'-74$=! #-'/40(,(! 1-77$! 28*'! 0$/! +2*/! 3,&'0/! +$'/$*,/! 0*! q`JJJ$! /4<12$;! 42! .&4%! 0$! 28&*%-'-74$! 2&! '-%4-'! .-'0&7$'%&2$! 0$! /&! ,(.2$?4-'! &*%-*,! 0$! 2&! 7-,&2$=! >'! $..$%;! +-*,! p&'%;! $/%! &*%-'-7$!

(16)

! e! 284'04:40*!1&+&62$!08T%,$!@!2&!.-4/!2(34/2&%$*,!$%!/*H$%!0$!2&!2-4!7-,&2$=!N4'/4;!284'04:40*!/847+-/$! @!2*4C7T7$!*'$!2-4!+-*,!+-*:-4,!&34,!7-,&2$7$'%!A!+&,!284'%$,7(04&4,$!0$!2&!2-4;!42!&++24)*$!/&! 246$,%(=!#$%%$!2-4!$/%!&2-,/!0(%$,74'($!+&,!2&!,&4/-'!$%!0-4%!,(+-'0,$!&*!1,4%<,$!0$!28*'4:$,/&24%(!A! ! J)K@0%)(-//$)%0)+,)/,M0/$)2$)&-.),(&0-.)2$75,0&)_&5$)450@4$)=,5)&,)7-+-.&4)$.) +-0)".07$5%$++$)DOOOEO)K@0%)2$)3,`-.)&$++$)*"$)&")&5,0&$%)+#>"/,.0&4<),"%%0)G0$.) 2,.%)&,)=$5%-..$)*"$)2,.%)+,)=$5%-..$)2$)&-"&),"&5$<)&-"Q-"5%)$.)/_/$)&$/=%) (-//$)30.<)Q,/,0%)%0/=+$/$.&)(-//$)/-L$.O)I!Lp&'%!14%(!+&,!N++&R;!Fg"F;! +=bnM! ! K$2-'! p&'%;! 28&*%-'-74$! /8-++-/$! 0-'1! @! 285(%(,-'-74$;! )*4! ,$':-4$! @! *'$! 2-4! $?%(,4$*,$=!D8T%,$!5(%(,-'-7$!0(+$'0!08*'$!:-2-'%(!)*4!'8$/%!+&/!246,$!+*4/)*8$22$!-6(4%!&*?! 6$/-4'/!$%!4'%(,T%/!+&,%41*24$,/;!$%!'-'!*'4:$,/$2/=!

V2*/! %&,0;! 28&*%-'-74$! &..4,7$! /-'! &/+$1%! (7&'14+&%$*,! 0&'/! 2854/%-4,$! 0$/! 7-*:$7$'%/! /-14&*?;! @! 284'/%&,! 0$! 1$*?! 0$! "dne! 0*,&'%! 2$/)*$2/! 28&*%-'-74$! .r%! 2&! ,$:$'041&%4-'! +5&,$! +*4/)*8$22$!&!(%(!+-,%($!1-22$1%4:$7$'%!$%!4'04:40*$22$7$'%=!>'!$..$%;!28&*%-'-74$!&!(%(!+$,9*$! 1-77$!.-,1$!246(,&%,41$!&.4'!0$!2*%%$,!1-'%,$!2$!+-*:-4,!&6*/4.!0$/!P!0-74'&'%/!Q;!$%!'-%&77$'%! 2$!+-*:-4,!+&%,-'&2;!+*4/;!+&,!2&!/*4%$;!+&,!2$!+-*:-4,!+&%,4&,1&2!&*!'-7!0*!7-*:$7$'%!.(74'4/%$=! D8&*%-'-74$! /*,:4$'%! &2-,/! &*! '-7! 0$! 2&! 2*%%$! 1-'%,$! %-*%! +-*:-4,! &6*/4.! $%! 1-77$! :$1%$*,! 08(3&24%(=!

!

! N*H-*,085*4;!2&!,(&24%(!&1%*$22$!.&4%!)*$!2840(&2!0*!+542-/-+5$C,-4!0$!V2&%-'!$%!284'04:40*! &*%-'-7$!/$2-'!p&'%!,$/%$'%!1,4%4)*(/!1&,!+-*,!1$,%&4'/;!2$!,$H$%!0*!1-'1$+%!08&*%-'-74$!,$+-/$! /*,!2847+-//46424%(!0$!P!%-*%$!1-''&4//&'1$!0$!/-4!*'!%&'%!/-4%!+$*!%,&'/+&,$'%$;!LsM;!$'!)*$2! /$'/! 1$2*4! )*8-'! 5(/4%$! @! &++$2$,! $'1-,$! *'! t/*H$%t! +-*,,&4%C42! T%,$! -*! 0$:$'4,! &*%-'-7$! u!Q! Lf-*&'!v!D&*34$,!14%($/!+&,!N++&R;!Fg"F;!+=beM=!O(&'7-4'/;!28&*%-'-74$!04%$!(7&'14+&%,41$! '8$'!+$,0!+&/!/-'!/$'/!54/%-,4)*$!$%!+-24%4)*$=!

B&'/! 2$! 041%4-''&4,$! 0*! D&,-*//$;! 28&*%-'-74$! $/%! 0(.4'4$! 1-77$! (%&'%! 2&! P!1&+&14%(! 0$! )*$2)*8*'!@!T%,$!&*%-'-7$;!@!'$!+&/!T%,$!0(+$'0&'%!08&*%,*4!W!2$!1&,&1%<,$!0$!)*$2)*$!15-/$!)*4! .-'1%4-''$!-*!(:-2*$!4'0(+$'0&77$'%!08&*%,$!15-/$!Q=!N4'/4;!2$!%$,7$!P!&*%-'-74$!Q!,$':-4$! 04,$1%$7$'%!@!2&!'-%4-'!084'0(+$'0&'1$=!#$%%$!1-,,(2&%4-'!&*%-'-74$C4'0(+$'0&'1$!%$'0!&2-,/! :$,/!0$*?!1-'1$+%/!A!2&!246$,%(!$%!284'04:40*&24/7$=!

V,$74<,$7$'%;! 28&*%-'-74$! &++$22$! @! 2&! '-%4-'! 0$! 246$,%(;! .&4,$! 1$! )*$! 28-'! :$*%! /&'/! 1-'%,&4'%$/! $?%(,4$*,$/=! B&'/! /-'! ^"02$) =>0+-%-=>0*"$) =-"5) =$.%$5) +$) &5,7,0+) 42"(,&03) $&)

(17)

! d! /420(-'%-(0,+! LFgg"M;! N2&4'! k-R$,! .&4%! (%&%! 0$! 1$%%$! ,$2&%4-'! $'%,$! 246$,%(! $%! &*%-'-74$! $'! (:-)*&'%! 2&! 1-'04%4-'! 085(%(,-'-74$=! D85(%(,-'-74$! $/%;! +-*,! k-R$,;! @! 28-++-/(! 0$! 28&*%-'-74$!A!2&!1-'04%4-'!08$/12&:$=!N*%,$7$'%!04%;!2$!.&4%!08T%,$!0(+$'0&'%!0$!/$/!6$/-4'/;!0$! /$/!+&//4-'/;!0$!/-'!&7-*,;!0$!1$!)*8-'!&++$22$,&4%!*'$!&0041%4-'=!J2!$'!1-'12*%!&2-,/!)*$!/$,&! 246,$!1$2*4!)*4!/$!0-''$,&!$%!/$,&;!@!2*4C7T7$;!/&!2-4=!>%!18$/%!2@!2&!/43'4.41&%4-'!(%R7-2-34)*$! 0*!7-%!P!&*%-'-74$!Q;!0*!3,$1!,"&-%!L/-4C7T7$M!$%!.-/-%!L2-4;!,<32$M=!

B$*?4<7$7$'%;! 18$/%! 1$%! &/+$1%! 084'0(+$'0&'1$! )*4! -*:,$! 2&! :-4$! :$,/! 284'04:40*&24/7$=! N*%,$7$'%! 04%;! 28&*%-'-74$! 08*'! 4'04:40*! &7<'$! 1$! 0$,'4$,! @! %$'0,$! :$,/! *'$! ,(.2$?4-'! *'4)*$7$'%! 4'04:40*$22$=! #$%%$! 1-,,(2&%4-'! $'%,$! &*%-'-74$! $%! 4'04:40*&24/7$! ,$':-4$! @! *'$! 047$'/4-'! P!$?4/%$'%4$22$! /*6H$1%4:$!Q! )*8N2&4'! >5,$'6$,3! &++$22$! P!28&*%-'-74$! ,"Q-"52#>"0$

!Q! LFggdM=! #$%%$! &*%-'-74$;! 2$! /-14-2-3*$! 2&! 0(.4'4%! 1-77$! (%&'%! *'$! 1&,&1%(,4/%4)*$!0$!28$/+,4%;!*'$!:&2$*,;!2&!.&1*2%(!08T%,$!@!28-,434'$!0$!/$/!+,-+,$/!&1%4-'/!7&4/! &*//4!0$/!-6/%&12$/!)*4!28$'!$7+T15$'%;!$%!2$/!1-'/()*$'1$/!)*4!$'!,(/*2%$'%=!

!

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k$,'&,0!D&54,$!LFgg";!+="hcM;!2&!047$'/4-'!(0*1&%4:$!0$!28&*%-'-74$!7$%!$'!24$'! 28&*%-'-74$! P!+-24%4)*$!Q! L28(2<:$! 0$:4$'%! P!(2<:$C14%-R$'! &*%-'-7$!QM! $%! 28&*%-'-74$! P!1-3'4%4:$!Q!L28(2<:$!$/%!P!(2<:$!&++,$'%4!&*%-'-7$!QM=!

!

#8$/%!&:$1!28$//-,!0$/!+(0&3-34$/!'-*:$22$/!)*$!28&*%-'-74$!0$:4$'%!*'$!,($22$!.4'&24%(! (0*1&%4:$=! B</! 2&! .4'! 0*! qJq$! /4<12$! $%! 2$! 0(6*%! 0*! qq$! /4<12$;! 2$/! +$'/$*,/! 0$! 28[0*1&%4-'! '-*:$22$! 6-*2$:$,/$'%! 2&! .-,7$! P!%,&04%4-''$22$!Q! 0$! 28(1-2$! +&,! 0$! '-*:$22$/! 7(%5-0$/! 08&++,$'%4//&3$;!&?($/!'-%&77$'%!+&,!2&!+,&%4)*$!0$!28&*%-'-74$=![0-*&,0!#2&+&,<0$!L"ejb!w! "dcgM;! l:40$! B$1,-2R! L"ej"! w! "dbFM;! #(2$/%4'! Y,$4'$%! L"edn! w! "dnnM! -*! $'1-,$! U&,4&! U-'%$//-,4!L"ejg!w!"dhFM;!+-*,!'$!14%$,!)*$!1$,%&4'/!0$/!+2*/!1-''*/;!+,S'$'%!0(/-,7&4/!*'$! ! ! ' !NO526E25@K!PH!Q;//(RH!"47-3#6#A$2!64283!?78!-6!?5#E1SA2!,426>$5#662A263K!#-!?#-5F-#$!$1!62!C7-3!?78!:#6C#6,52! $63251#:-3$#6!23!$683$3-3$#6H!T6!UH!V#-76!W!XH!"7-@$25!QN,8HRK!!"##$%&'($%)$*'+,-.&"%"#/$'0'1%&*$'2"#(3&$%2$)' $&'43($%4-%2$)'Q??H!;.();=<RH!Y75$8Z!Y[\!

(18)

! "g! (0*1&%4-'!0&'/!2&)*$22$!2$!/%&%*%!0$!28$'.&'%!(:-2*$!A!08*'$!+&,%!$'!,$7$%%&'%!$'!1&*/$!2&!,$2&%4-'! $'%,$! $'/$43'&'%! $%! $'/$43'(!W! $%! 08&*%,$! +&,%! $'! 24$'! &:$1! 2$/! ,$15$,15$/! 1-'1$,'&'%! 2$! 0(:$2-++$7$'%!0$!28$'.&'%;!$%!'-%&77$'%!1$22$/!0$!V4&3$%!L7424$*!0*!qq$!/4<12$M=!

! !

Y4'! 0*! qq$! /4<12$;! 2&! ,(.2$?4-'! &*%-*,! 0$! 28&*%-'-74$! P!(0*1&%4:$!Q! /$! +,(14/$;! '-%&77$'%! &:$1! V5424++$! U$4,4$*! L"dcd! wM;! +-*,! )*4! 2$! 1-'1$+%! 08&*%-'-74$! $/%! /-*:$'%! 1-'.-'0*! &:$1! 2&! 0(6,-*422&,04/$=! V-*,! 04/%4'3*$,! 1$/! 0$*?! '-%4-'/;! U$4,4$*! (:-)*$! %,-4/! &/+$1%/!0*!,S2$!)*$!28$'/$43'&'%!0-4%!H-*$,!+-*,!0(:$2-++$,!28&*%-'-74$!15$G!/$/!(2<:$/$

!A! C! !"# $%&'()&"*+,+-.# /# 0($1%$# ,%&# .,23%&# /# ,4"5-()(1+%!A! $'! %&'%! )*$! /+(14&24/%$! 0$/!

&++,$'%4//&3$/;! 28$'/$43'&'%! &7<'$! /$/! (2<:$/! @! .&4,$! (:-2*$,! 2$*,! 3$/%4-'! 0*! %,&:&42! /1-2&4,$;!@!2&!74/$!$'!+2&1$!0$/!7(%5-0$/!08-,3&'4/&%4-';!@!2&!,$15$,15$!$%!2&!74/$!$'! +2&1$!0$!7(%5-0$/!+-*,!&++,$'0,$!W! C! 6($1%$#,%&#.,23%&#"57#3",%5$&#0()8"-$+9%&#8%#,4:51")+-.!A!1$2&!$'3&3$!28$'/$43'&'%! @!+,$'0,$!*'$!-+%4-'!/*,!2$/!:&2$*,/!)*842!15$,15$!@!+,-7-*:-4,! C! ;$%)8$%#%)#9(1'-%#,%#)+3%"5#8%#8.3%,(''%1%)-#8%#9<"=5%#.,23%!A!U$4,4$*!,&++$22$! &2-,/!2&!+$'/($!0*!+/R15-2-3*$!,*//$!`R3-%/xR!L"edn!w!"dbcM;!+-*,!)*4!P!2&!.-'1%4-'! 0*!+(0&3-3*$!$/%!08$/%47$,!LsM!2$!'4:$&*!0$!0(:$2-++$7$'%!&%%$4'%!$%!0$!+,-+-/$,!0$/! &1)*4/4%4-'/!&11$//462$/!7&4/!'$%%$7$'%!/*+(,4$*,$/!@!1$!)*842!/&4%!0(H@!Q=! ! >'.4';!18$/%!0&'/!/-'!-*:,&3$!K"&-.-/0$)$&),==5$.&0%%,@$%!LFgg"M!)*8i$,:(!#&*0,-'! ,(+-'0!&*?!)*$/%4-'/!12(/!1-'1$,'&'%!28&*%-'-74$!0&'/!/-'!&/+$1%!(0*1&%4.=! B8&6-,0;!$'!0(.4'4//&'%!1$!)*8$/%!28&*%-'-74$!0&'/!/&!047$'/4-'!(0*1&%4:$=!J2!4'%,-0*4%!/$/! +,-+-/! $'! ,&++$2&'%! 28&7643*y%(! 0$! 1$%%$! '-%4-'! 64$'! )*8-7'4+,(/$'%$! 0&'/! 2$! 1-*,&'%! 0$/! +(0&3-34$/!'-*:$22$/!W!$%!$'!%4,$!&2-,/!%,-4/!3,&'0$/!1-'1$+%4-'/!L#&*0,-';!Fgg";!+=hM!A! C! !"#9()9%'-+()#-%9<)+9+&-%!A!28&*%-'-74$!$/%!:*$!414!1-77$!(%&'%!*'!J)/-L$.)2#,@05<)$.) 0@.-5,.&)+,)=,5&)2$)+,)7-+-.&4)-")2$)+#0.&$.&0-.)I=! C! !"#9()9%'-+()#+)&'+$.%#8%&#'.8">(>+%&#?#)(53%,,%&#@;!1,4%4)*$!08*'!$'/$43'$7$'%!04%! P!%,&04%4-''$2!Q!A!2$!6$/-4'!/+-'%&'(!08&34,!15$G!28(2<:$!0-4%!0$:$'4,!'&%*,$2!$%!4':$'%4.;! &.4'!0$!,$'0,$!+-//462$!@!2&!.-4/!*'$!&*%-C0(1-*:$,%$!0$/!/&:-4,/!$%!*'$!&*%-04/14+24'$=! ! ! ( !U2$5$2-H!Y23$3!,$:3$#667$52!,2!17!?D,7@#@$2H!B2?D5D!8-5! O33?8Z]]^^^HA2$5$2-H:#A]_T`aTI%%PTBN]7-3#6#A$2HO3AH!`#68-13D!12!/+]/*];/;/!

(19)

! ""! C! !"#9()9%'-+()#<51")+&-%;!/84'%(,$//&'%!&*?!.4'&24%(/!0$!28$'/$43'$7$'%!A!2840($!08*'! 5-77$! 0$:$'*! z%,$! ,&4/-''(! $%! 246,$! 4'0*4%! )*842! &4%! *'$! 1*2%*,$=! #$22$C14! /$,&4%! *'$! /-*,1$!08&*%-'-74$!+*4/)*8$22$!+$,7$%%,&4%!28(7&'14+&%4-'!0*!H*3$7$'%=!

!

N*C0$2@! 0$! 1$/! %,-4/! 3,&'0$/! 1-'1$+%4-'/;! #&*0,-'! 54(,&,154/$! 2$/! :&2$*,/! 0$! 28&*%-'-74$!LFgg";!+=nCj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

!"# 8%57+21%# 3",%5$# 8%# ,4"5-()(1+%# '($-%# &5$# ,%&# "--+-58%&# 8+3%$&%&# 8%&# .,23%&=! D$/! &%%4%*0$/! 04%$/! :-2-'%&4,$/! 7&'4.$/%$'%! 08*'$! &*%-'-74$! ,$2&%4:$7$'%! &1)*4/$=! #$+$'0&'%;! #&*0,-'!,&++$22$!)*$!1$!:-2-'%&,4&%;!+&,!2$/!(2<:$/;!/8&247$'%$!+&,!*'!,&++-,%!&*?!15-/$/;!7&4/! &*//4!@!&*%,*4!$%!@!0$/!40($/=!

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e!.-,7$/!08&*%-'-74$!LFgg";!+=eCdM!A! C! !4"5-()(1+%#9($'($%,,%;!+-,%&'%!/*,!/-'!1-,+/!$%!/$/!+-//46424%(/;!2&!1--,04'&%4-'!$%!2$! 1-'%,S2$!0$!/$/!3$/%$/!W! C! !4"5-()(1+%# "00%9-+3%;! )*4! 1-'1$,'$! 2&! 7&\%,4/$! $%! 28$?+,$//4-'! 0$/! /$'%47$'%/;! 28&..4,7&%4-'!0$!/-4!/&'/!T%,$!0(+$'0&'%!08*'$!&++,-6&%4-';!0*!H*3$7$'%!08&*%,*4!W! C! !4"5-()(1+%# 1"-.$+%,,%# %-# '$"-+=5%;! &*%,$7$'%! 04%! 2&! 1&+&14%(! @! /8&0&+%$,! @! /-'!

$':4,-''$7$'%!W! C! !4"5-()(1+%# &'"-+(A-%1'($%,,%;! +,$'0,$! /$/! ,$+<,$/! &.4'! 0$! /8-,4$'%$,;! 0$! /$! /4%*$,! 0&'/!2$!%$7+/!$%!28$/+&1$!W! C! !4"5-()(1+%#,")>">+2$%;!/8$?+,47$,!$'!*%424/&'%!2$!2&'3&3$!-,&2!$%!(1,4%!W! C! !4"5-()(1+%#8")&#,4($>")+&"-+()#85#-$"3"+,;!18$/%C@C04,$!&'%414+$,;!3(,$,!/-'!%$7+/;! &0-+%$,!*'$!7(%5-0$!+2*/!&0&+%($!@!/-4!W!

(20)

! "F! C! !4"5-()(1+%#+)-%,,%9-5%,,%;!P!/8&247$'%$,!Q!$'!%$,7$/!0$!1-''&4//&'1$/!$%!+-*:-4,!2$/!

7-6424/$,!0&'/!0$/!/4%*&%4-'/!1-7+2$?$/!W!

C! !4"5-()(1+%#1($",%;!1-7+,$'0,$!2&!'(1$//4%(!0$!/$!0-''$,!0$/!,<32$/!$%!1&+&62$/!0$! 2$/!1-7+,$'0,$!$%!,$/+$1%$,=!

D8&*%-'-74$;! /-*/! /$/! 04..(,$'%$/! .-,7$/;! /$! 1-'/%,*4%! &2-,/! +,-3,$//4:$7$'%! 7&4/! 0&'/! *'! 1-'%$?%$!-{!/*6/4/%$!*'$!0(+$'0&'1$!$':$,/!28&0*2%$;!@!2&!.-4/!&..$1%4:$;!7-,&2$!$%!4'%$22$1%*$22$=! #8$/%!0&'/!1$!/$'/!)*$!#&*0,-'!+-*,/*4%!/&!,(.2$?4-'!$'!0(7-'%,&'%!2847+&1%!/*,!28&*%-'-74$! 0$/!04..(,$'%$/!,$2&%4-'/!)*8$'%,$%4$''$'%!2$/!(2<:$/!LFgg";!+=""M!A!

C! B)3%$&#,4%)&%+>)")-;!)*4!0-4%!7-04.4$,!/&!+-/%*,$!$'!.-'1%4-'!0*!6$/-4'!0$!28(2<:$!A!42! 0$:4$'%!&2-,/!-6/$,:&%$*,;!%*%$*,!:-4,$!1-'/$422$,!W!

C! B)3%$&# ,%# >$(5'%;! #&*0,-'! ,$H$%%$! &4'/4! %-*%$! 40($! 4'04:40*&24/%$! $'! (:-)*&'%! 2847+-,%&'1$!0$!2&!:-2-'%(!08T%,$!/-4C7T7$!+&,74!08&*%,$/!W!

C! B)3%$&#,%&#&"3(+$&;!+*4/)*$!28&*%-'-74$!+&//$!08&6-,0!+&,!2&!:-2-'%(!08&++,$'0,$!$%!2&! 1&+&14%(!0$!1-7+,$'0,$=!

!

B$! /*,1,-\%;! #&*0,-'! (%&624%! *'! 24$'! $'%,$! ,(*//4%$/! $%! 7-%4:&%4-'/! )*4! /$! %,&0*4%! $'! P!:-*2-4,!.&4,$!Q;!7&4/!&*//4!$'!P!/&:-4,!.&4,$!Q=!N4'/4;!28*'$!0$/!1-'04%4-'/!+-*,!.&:-,4/$,!1$%%$! &*%-'-74$!,$/%$!2&!:-2-'%(!1-*+2($!@!2&!1&+&14%(!0$!.&4,$=!D8&*%$*,!.&4%!0-'1!2$!24$'!414!$'%,$! 28&*%-'-74$! $%! 284'%$2243$'1$!A! P!B&'/! 2$! ,&++-,%! &*?! /&:-4,/;! 2&! 1&+&14%(! 0$! 7-6424/$,! &:$1! 4'%$2243$'1$!1$!)*4!&!(%(!&++,4/!&++$22$!&*//4!*'$!+&,%!0$!:-2-'%(!LsM!Q!L#&*0,-';!Fgg";!+="bM=!

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d!-,4$'%&%4-'/!@!15-4/4,!+-*,!.&:-,4/$,!28&*%-'-74$!0$/!(2<:$/!LFgg";! +="eC"dM!A! C! O$!+&/!+,4:$,!2$/!(2<:$/!0$!1-'%,&4'%$/!$%!0$!,$+<,$/!W! C! Y&:-,4/$,!2$/!4'4%4&%4:$/!$%!2$/!,$/+-'/&6424%(/!W! C! J':4%$,!2$/!(2<:$/!@!1-'.,-'%$,!2$*,/!5R+-%5</$/!$%!2$/!H*/%4.4$,!W!

(21)

! "b! C! N'%414+$,!2$!0(:$2-++$7$'%!+,-15$!$'!7$%%&'%!2$/!(2<:$/!.&1$!@!0$/!-6/%&12$/;!&.4'!)*842/! +*4//$'%!7-6424/$,!2$*,/!,$//-*,1$/!$%!&0-+%$,!0$/!/%,&%(34$/!-,434'&2$/!W! C! B(:$2-++$,!2$/!&*%-7&%4/7$/!)*4!246<,$'%!284'%$2243$'1$!W!! C! >'1-*,&3$,!2&!,$74/$!$'!1&*/$!0$/!5&64%*0$/;!0$/!,-*%4'$/!W! C! `&,4$,!2$/!/4%*&%4-'/!08&++,$'%4//&3$!&.4'!)*$!2$/!(2<:$/!%,&'/.<,$'%!2$*,/!1-''&4//&'1$/! 0&'/!0$/!1-'%$?%$/!04..(,$'%/!W! C! Y&1424%$,!2&!1-'/%,*1%4-'!0$!1-7+(%$'1$/!7(%5-0-2-34)*$/!W!

C! N//-14$,! 2$/! (2<:$/! @! 28(:&2*&%4-'! &.4'! 0$! 7$%%,$! $'! :&2$*,! 2$*,/! +,-1(0*,$/! $%! 2$*,/! 0(7&,15$/=!

!

N4'/4! 0-'1;! 2&! 1-'/%,*1%4-'! 0$! 28&*%-'-74$! +&//$! (3&2$7$'%! +&,! 2&! 1-'/%,*1%4-'! 0*! /&:-4,=!U&4/!$'1-,$!.&*%C42!)*$!28(2<:$!/&15$!1$!)*$!/43'4.4$!P!1-'/%,*4,$!/-'!/&:-4,!Q=!i$,:(! #&*0,-'!40$'%4.4$!&4'/4!2&!'&%*,$!0$/!/&:-4,/!$'!*'!$'/$762$!/%,*1%*,(!0$!1-''&4//&'1$/!)*842! 04:4/$! $'! 0$*?! 1&%(3-,4$/!A! ,%&# &"3(+$&# 8+-&# '%$&())%,&;! 4//*/! 08*'$! $?+(,4$'1$! $%! 08*'! &++,$'%4//&3$!0&'/!*'!1-'%$?%$!+&,%41*24$,!W!%-#,%&#&"3(+$&#9()&-+-5.&;!-,3&'4/(/!$%!04/+-'462$/;! 5(,4%&3$!08*'!+&%,47-4'$!1-77*'=!#$%%$!1-'/%,*1%4-'!0$!/&:-4,/!/$!0(:$2-++$;!0&'/!2$!15&7+! (+4/%(7-2-34)*$;! $'! -++-/4%4-'! @! *'$! 0-*62$! 422*/4-'=! #&*0,-'! $7+,*'%$! 414! 2$/! %$,7$/! 0$! k&15$2&,0!LFgg";!+=FdM!A!28422*/4-'!08*'$!P!/14$'1$!,$.2$%!Q!L2&!1-'/%,*1%4-'!0$!/&:-4,/!,(/*2%$! 08*'!%,&:&42!0$!+2*/!$'!+2*/!1-22$1%4.M!$%!28422*/4-'!08*'$!/14$'1$!)*4!+,-3,$//$,&4%!0$!7&'4<,$! 24'(&4,$!L+,$'0,$!1-'/14$'1$!0$!2847+-,%&'1$!0$/!-6/%&12$/!)*4!$7+T15$'%!2$/!&++,$'%4//&3$/;!$%! 0$/!,*+%*,$/!&:$1!2&!1-''&4//&'1$!1-77*'$;!'(1$//&4,$/!+-*,!/*,7-'%$,!1$/!-6/%&12$/M=! !

#-77$! '-*/! 28&:-'/! (:-)*(! +2*/! 5&*%;! 2$! 7424$*! 0*! qq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

(22)

! "c! /&:-4,/! &1)*4/! 0-4:$'%! .-,7$,! *'! $'/$762$! 1-5(,$'%! $%! 2$/! (2<:$/! 0-4:$'%! .&4,$! .&1$! @! *'$! /4%*&%4-'!0$!0(/()*4246,$!+-*,!,$7$%%,$!$'!1&*/$;!,(-,3&'4/$,!2$*,/!/&:-4,/=!

B*,&'%! 2&! 7T7$! (+-)*$;! 2$! 1-*,&'%! /-14-1-'/%,*1%4:4/%$! :4$'%! ,$'-*:$2$,! 2840($! 0*! 1-'/%,*1%4:4/7$!'-%&77$'%!&:$1!`R3-%/xR=!#$2*4C14!0(7-'%,$!0&'/!/$/!%,&:&*?!2847+-,%&'1$! 0$/!4'%$,&1%4-'/!&:$1!2$!7424$*!/-14&2!A!2&!1-'/%,*1%4-'!0$!28&*%-'-74$!/8(%&624%!+&,!*'!,&++-,%! &*?!15-/$/!7&4/!(3&2$7$'%!&*?!&*%,$/=!B&'/!1$%%$!+$,/+$1%4:$;!28(2<:$!1-'/%,*4%!/$/!/&:-4,/!$'! /8&0&+%&'%!@!/-'!$':4,-''$7$'%;!$%!+2*/!2&,3$7$'%!@!*'!P!7-'0$!5*7&4';!0&'/!2$)*$2!28$'.&'%! $/%! 08$762($! 4'/%&22(;! $'! /8&++,-+,4&'%! 0$/! -*%42/! 4'%$22$1%*$2/;! 0$/! 2&'3&3$/! (2&6-,(/!Q! L#&*0,-';!Fgg";!+=b"M=!

!

K4! '-*/! ,$+,$'-'/! 2$/! 0-''($/! (+4/%(7-2-34)*$/! $%! +/R15-2-34)*$/! $?+2414%($/! $'C 0$//*/;! '-*/! :-R-'/! )*$! 2$/! +,-1$//*/! 0$! 1-'/%,*1%4-'! 0$/! /&:-4,/! '$! +$*:$'%! 041%$,! @! 28$'/$43'&'%! 2&! 1-'0*4%$! )*842! 0-4%! &0-+%$,;! &*! :*! 0$/! 1-'%$?%$/! $%! 0$/! -6H$1%4./! +-*,/*4:4/=! #&*0,-'!$'!12&,4.4$!&4'/4!2$/!$'H$*?!LFgg";!+=bFCbcM!A!

C! 9$:*160("'(#$1/#60$)&6$0*"0;$<;!$'1-,$!.&*%C42!04/+-/$,!0$/!&++-,%/!'(1$//&4,$/!W!+*4/! *%424/$,! 2$! /&:-4,! @! 6-'! $/14$'%;! 0&'/! 0$/! 1-'%$?%$/! 0$! +2*/! $'! +2*/! (2-43'(/;! +-*,! 2$! ,$%,-*:$,;!$%!+&,.-4/!7T7$!28&*%-7&%4/$,!W!

C! C8%)-+0+%$# ,%&# (*&-"9,%&;! &11$+%$,! 0$! ,$7$%%,$! $'! 1&*/$! /$/! +,-+,$/! 1-'1$+%4-'/! +-*,! (2&6-,$,!0$/!1-''&4//&'1$/!1-'1$+%*$22$/!1-77*'$/!W! C! ;$(3(=5%$#5)#9()0,+-;!&.4'!)*$!28(2<:$!/-4%!.&1$!@!*'!0(/()*4246,$!28-6243$&'%!&4'/4!@! ,(.2(154,!W! C! D"3(+$#$%,+%$;!,(-,3&'4/$,!/$/!1-''&4//&'1$/!$%!/$!,(.(,$,!@!0$/!&1)*4/!+-*,!1-'/%,*4,$! 0$!'-*:$&*?!/&:-4,/=! ! D&!1-'/%,*1%4-'!0*!/&:-4,!47+24)*$!0-'1!*'$!1$,%&4'$!+,4/$!0$!1-'/14$'1$!0$!2&!+&,%!0$! 28(2<:$=!V-*,!#&*0,-'!LFgg";!+=bhM;!28&*%-'-74$!/$!3&3'$!+&,!A! C! D$!+-*:-4,!0$!&%#0+%$!@!/$/!+,-+,$/!.-,1$/;!&.4'!08&:-4,!*'$!+,4/$!/*,!2$!7-'0$!W! C! Z$/%,$4'0,$!/&!246$,%(!$'!&%#8())")-#8%&#$2>,%&;!0$!7&'4<,$!@!0(%$,74'$,!/&!1-'0*4%$!-*! @!1-'%,S2$,!/-'!&1%4:4%(=! V-*,!(%&624,!2$/!24$'/!$'%,$!28&*%-'-74$!$%!2&!+,4/$!0$!1-'/14$'1$;!#&*0,-'!LFgg";!+=bhCcgM!.&4%! (%&%!0$!%,-4/!+,(1-'4/&%4-'/=! V,$74<,$7$'%;!42!$/%!'(1$//&4,$!0$!*+%)#9())"E-$%#&%&#$%&&(5$9%&=!B8*'$!+&,%!$'!+,$'&'%! 1-'/14$'1$! )*$! 2$! /&:-4,! '$! /*..4%! +&/!A! &++,$'0,$! $'3&3$! *'! +,-1$//*/! 7T2&'%! -,3&'4/&%4-';! .-,7*2&%4-'!$%!$?+2414%&%4-'!0$/!4'.-,7&%4-'/=!B8&*%,$!+&,%;!$'!&07$%%&'%!2&!04..41*2%(!0$!1$%%$!

(23)

! "h! +,4/$!0$!1-'/14$'1$;!)*4!'8$/%!+&/!%-*H-*,/!'(1$//&4,$!$%!)*4!&++$22$!@!*'$!$?+2414%&%4-'!$%!*'$! &'&2R/$!-,3&'4/($!+&,!28$'/$43'&'%=!

B$*?4<7$7$'%;! 42! $/%! (3&2$7$'%! 47+-,%&'%! 0$! *+%)# 9()-$F,%$# ,4"9-+3+-.# %)# 9(5$&=! V-*,! .&:-,4/$,! 2&! ,(*//4%$! 08*'$! %a15$! @! $..$1%*$,;! 42! $/%! +,47-,04&2! 08*%424/$,! 4'%$2243$77$'%! 2$/! /&:-4,/!&1)*4/!$%!2$/!+,-+-/4%4-'/!0$!28$'/$43'&'%!L/*++-,%/;!-*%42/;!&40$/M=!N4'/4;!1$%%$!0(7&,15$! ,(.2(154$!47+24)*$;!/$2-'!#&*0,-'!LFgg";!+=beM;!*'$!+,4/$!0$!1-'/14$'1$!0$!P!1$!)*842!.&*%!.&4,$! $%!+-*,)*-4!Q;!P!0$/!7-R$'/!0$!2$!.&4,$!Q!$%!P!0$/!+,-1(0*,$/!$..$1%4:$7$'%!74/$/!$'!_*:,$!Q=! ],-4/4<7$7$'%;! #&*0,-'! ,&++$22$! ,4+1'($-")9%# 8%# ,"# 1.-"9(>)+-+()! LFgg";! +=bdM;! )*4! ,$+-/$!/*,!%,-4/!&/+$1%/!A! C! B7',+9+-%$;!/$*2$7$'%!*'!$..-,%!08$?+2414%&%4-'!$?43$!0$!'-76,$*/$/!4'%$,&1%4-'/!W! C! G)",H&%$!2$/!1-''&4//&'1$/!$%!2$/!+,&%4)*$/!W! C! I-+,+&%$#9%#-$"3"+,#8%#$.0,%7+()#9(115)!&.4'!0$!7-04.4$,!/-'!1-7+-,%$7$'%=! !

B$! 7T7$! )*$! 2&! +,4/$! 0$! 1-'/14$'1$;! +&/! 08&*%-'-74$! /&'/! %,&'/.$,%;! /$2-'! #&*0,-'! LFgg";!+=c"M=!D8&*%$*,!0(.4'4%!2$!%,&'/.$,%!1-77$!(%&'%!2$!.&4%;!+-*,!28(2<:$;!0$!P!7-6424/$,!@!6-'! $/14$'%;! 0&'/! 0$/! /4%*&%4-'/! :&,4($/;! 1$! )*842! &! &++,4/!Q! L#&*0,-';! Fgg";! +=c"M=! O(&'7-4'/;! '8(%&'%! *%424/&62$! )*$! 0&'/! *'! 1-'%$?%$! +&,%41*24$,;! 2$! %,&'/.$,%! /8&:<,$! T%,$! 04..4142$! :-4,$! 47+,-6&62$!LZ$R;!,$+,4/!+&,!#&*0,-';!Fgg";!+=cFM=!#8$/%!+-*,)*-4!#&*0,-'!.&:-,4/$!*'!%,&'/.$,%! ,(.2(154!LFgg";!+=cFM!A!

C! D(+-#'"$#8%&#-$")&0%$-&#8+-&#"5-(1"-+=5%&;!&++241&62$/!@!0$/!/4%*&%4-'/!/4742&4,$/!$%! 0(12$'15&'%!&4'/4!0$/!,(+-'/$/!P!1-'04%4-''($/!Q!W!

C! D(+-# '"$# 8%&# ?#1"53"+&# -$")&0%$-&#@! )*4! &H-*%$'%;! @! 28&//4742&%4-'! $%! @! 28&11-77-0&%4-';! 2&! ,$+,-0*1%4-'! 08*'$! +,-1(0*,$! 0(H@! 7&\%,4/($! $'! /$! .4&'%! @! 0$/! /47424%*0$/!/*+$,.414$22$/;!+,$'&'%!&2-,/!2$!,4/)*$!0$!3('(,$,!0$/!$,,$*,/!W!

C! D(+-#'"$#,%#-$")&0%$-#3(,()-"+$%#%-#+)-%,,+>%)-;!'(1$//4%&'%!0$/!$..-,%/!+-*,!2&!+,4/$!0$! 1-'/14$'1$!0$/!/&:-4,/!*%424/(/!$%!R!,$+(,$,!2$/!/47424%*0$/!+$,%4'$'%$/=!

N*//4;!+-*,!#&*0,-'!LFgg";!+=chM!2$!1-'%$?%$!0&'/!2$/!&++,$'%4//&3$/!4'0*4%!0$/!04..41*2%(/! +-*,!2$!%,&'/.$,%!0*!/&:-4,!+*4/)*$!1$!0$,'4$,!$/%!(%,-4%$7$'%!24(!&*?!1-'04%4-'/!0&'/!2$/)*$22$/! 42! &! (%(! &++,4/=! I'! %,&:&42! 08&6/%,&1%4-'! 0-4%! 0-'1! T%,$! $..$1%*(! &.4'! )*$! 2$! /&:-4,! +*4//$! T%,$! ,$1-'%$?%*&24/(!$%!0-'1!$',4154!+&,!2&!/*4%$=!

V-*,!.4'4,;!#&*0,-'!$?+-/$!%,-4/!04..(,$'%$/!/-,%$/!0$!%,&'/.$,%!LFgg";!+=cnM!A!

C! J45)%#8+&9+',+)%#/#,4"5-$%;!2&!1-7+(%$'1$!%,&'/.(,&62$!$/%!&*//4!%,&'/:$,/&2$!W!

C! J45)%# ")).%# K(5# 845)# 9H9,%L# /# ,4"5-$%;! 2$! %,&'/.$,%! 47+24)*$! *'! ,($2! %,&:&42! 08()*4+$!&.4'!08$'!+$,1$:-4,!2$/!6('(.41$/!W!

(24)

! "n! C! !%#-$")&0%$-#<($&#,4.9(,%;!&.4'!)*$!2$/!1-7+(%$'1$/!/1-2&4,$/!/-4$'%!1-'/40(,($/!1-77$! *'!,($2!-*%42!+-*,!&34,!/*,!2$!7-'0$!$%!2$!1-7+,$'0,$=! #$/!%,-4/!/-,%$/!0$!%,&'/.$,%!/-'%!,$'0*$/!+-//462$!3,a1$!@!P!*'$!04:$,/4.41&%4-'!0$/!/4%*&%4-'/! 08&++,$'%4//&3$!Q;!P!*'!%,&:&42!0$!,$1-''&4//&'1$!0$/!/47424%*0$/!$'!1-'%$?%$/!:&,4(/!Q!$%!P!2&! +,4/$!0$!1-'/14$'1$!0$/!1-''&4//&'1$/!$%!1-7+(%$'1$/!7-6424/&62$/!Q!L#&*0,-';!Fgg";!+=chM=! ! O-*/!:$'-'/!0-'1!0$!:-4,!)*$!2&!1-'/%,*1%4-'!0$!28&*%-'-74$!+&//$!&:&'%!%-*%!+&,!*'$! :-2-'%(!0$!.&4,$;!$'!24$'!(%,-4%!&:$1!*'$!1&+&14%(!0$!.&4,$=!#$+$'0&'%;!28&*%$*,!+-*//$!/&!,(.2$?4-'! :$,/! *'$! 0(7&,15$! &*%-'-7$! 4'12*&'%! 28&*%-C(:&2*&%4-'=! >'! $..$%;! +-*,! #&*0,-';! P!&*1*'$! .-,7$!08&*%-'-74$!'8$/%!+-//462$!/&'/!*'$!+&,%!08&*%-C(:&2*&%4-'!Q!LFgg";!+=cjM=!J2!$/%!&4'/4! &7$'(! @! /84'%$,,-3$,! /*,! 2$/! 04..(,$'%/! %R+$/! 08&*%-C(:&2*&%4-';! +*4/)*8$22$/! '8$?+,47$'%! +&/! %-*%$/!2$!7T7$!0$3,(!08&*%-'-74$;!'4!2&!7T7$!:&2$*,!.-,7&%,41$!LFgg";!+=ceCh"M!A!

C! !4"5-(9($$%9-+()!A! 28$?$,141$! 0$! 1-,,$1%4-'! 0-4%! .&4,$! +&,%4$! 0*! +,-1$//*/! 08&++,$'%4//&3$!0$!28(2<:$;!+*4/)*842!1-'%4'*$!08&++,$'0,$!2-,/)*842!1-,,43$!/-'!%,&:&42=! N*C0$2@! 0$! 2&! /47+2$! :(,4.41&%4-'! 08*'$! ,(+-'/$;! 28(2<:$! :4$'0,&;! $'! 40$'%4.4&'%! /$/! +,-+,$/!$,,$*,/;!@!/$!)*$/%4-''$,!/*,!/&!0(7&,15$!0$!,(.2$?4-'=!

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

(25)

! "j! 28&*%,$!08&..4,7$,!/4!2&!,(&24/&%4-'!$/%!,(*//4$!-*!'-'!W!&*?)*$2/!/8&H-*%$'%!2$/!1,4%<,$/! &6/%,&4%/! 24(/! @! *'! 4'041&%$*,! 1-'1,$%=! D847+-,%&'%! 414! $/%! 0-'1! 0$! 0-''$,! 0*! /$'/! @! 28&++,$'%4//&3$;!$'!&//-14&'%!2&!.4'&24%(!&*?!1,4%<,$/!0$!,(*//4%$/!W!7&4/!(3&2$7$'%!0-''$,! 0*!/$'/!@!1$/!1,4%<,$/!&6/%,&4%/!+&,!2$!64&4/!084'041&%$*,/!1-'1,$%/=! ! TOUOUO! abK9VKW[XY)CX;[W[b\)\W);WKWVW)P\)9#\]]\V]) ! B$!7&'4<,$!3('(,&2$;!'-*/!1-''&4//-'/!%,-4/!.-,7$/!08(:&2*&%4-'/!1-*,&77$'%!*%424/($/! @!28(1-2$!A! C! !4.3",5"-+()#8+">)(&-+=5%;!$'!0(6*%!08&++,$'%4//&3$=!>22$!+$,7$%!0$!/4%*$,!15&)*$!(2<:$;! $%!0840$'%4.4$,!08-{!42!+&,%!W! C! !4.3",5"-+()#0($1"-+3%;!&*!1-*,/!0$!28&++,$'%4//&3$=!>22$!4'04)*$!@!28$'/$43'&'%!-{!$'!/-'%! /$/! (2<:$/;! 1$! )*842/! -'%! ,$%$'*! 0$! 1$! )*4! &! (%(! %,&'/74/!W! &.4'! 08&0&+%$,! 2&! /*4%$! 0$! /-'! $'/$43'$7$'%!W!

C! !4.3",5"-+()#&(11"-+3%;!$'!.4'!08&++,$'%4//&3$=!>22$!.&4%!(%&%!0$!1$!)*4!&!(%(!,$%$'*!+&,! 28(2<:$!@!2&!.4'!0$!28$'/$43'$7$'%!+,-+-/(=!

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ddjM;!f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

(26)

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

I!2(+!(BB(+,!M4+3'B5!="RRS@!0.3034(!/*(!+F03'3%5(!6(4!(..(/.4!K! -! C(4!(..(/.4!.('(9&*+!6(!'&!23)0.7?(*453*!6(4!23*45%*(4!O!

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

(27)

! "d! ,$'-*:$2($/=!D8$,,$*,!$/%!&4'/4!1-'9*$!1-77$!*'!,($2!-*%42!0$!+,-3,</!+-*,!2$/!(2<:$/!$'!1$! )*8$22$!&++-,%$!@!2&!1-'/%,*1%4-'!0$/!/&:-4,/=!

K$2-'! B&'4<2$! N0&0! LFg"d;! +=""M;! 28(:&2*&%4-'! +-/4%4:$! $/%! *'$! (:&2*&%4-'! $//$'%4$22$7$'%! .-,7&%4:$!&R&'%!+-*,!6*%/!A!

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

C! J4($8$%# '&H9<(,(>+=5%!A! 15&)*$! (2<:$! &:&'1$! @! /-'! ,R%57$=! D8$'/$43'&'%! 0-4%! +-*:-4,! 0-''$,!2$!%$7+/!'(1$//&4,$!@!/$/!(2<:$/!+-*,!$..$1%*$,!*'$!%a15$;!&//4742$,!*'$!1-7+(%$'1$=! #8$/%! 0&'/! 1$! /$'/! )*$! 2$/! +,-3,&77$/! 08$'/$43'$7$'%/! /84'/1,4:$'%! $'! -,3&'4/&'%! 2$/! &++,$'%4//&3$/!+&,!1R12$;!$%!+-*,!1$,%&4'$/!04/14+24'$/!*'$!+,-3,$//4-'!04%$!/+4,&2&4,$=! !

TOUORO! !V#\;W'8\)!V#VY)P[;CX;[W[B)1)

!

>'! +,&%4)*$;! 2&! 74/$! $'! _*:,$! 08*'$! P!+(0&3-34$! 0$! 28&*%-'-74$!Q! /$762$! 04..4142$! 7&23,(!28$':4$!0$!28$'/$43'&'%!0$!2&!:-4,!&++24)*($!0&'/!/&!12&//$=!k$,'&,0!D&54,$!(:-)*$!*'$! P!.43*,$! 0$! 2840(&2%R+4)*$! 0$! 2&! +(0&3-34$! 0$! 28&*%-'-74$!Q! LFgg";! +="h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|2$*,}! &1%4:4%(!

(28)

! Fg! 4'%$22$1%*$22$!Q!LD&54,$;!Fgg";!+="hb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gg";!+="hbM!A!

C! ,"#-$")&'"$%)9%!L%-*%!0-4%!T%,$!$?+2414%(!@!28(2<:$M!W!

C! ,4(*M%9-+3"-+()!L/8&++*R$,!/*,!*'!$'/$762$!0$!/&:-4,/;!084'.-,7&%4-'/;!0$!,<32$/M!W! C! ,"# '5*,+9+&"-+()! L2847+-,%&'1$! 0$/! &..415&3$/! /*,! 2$/)*$22$/! +$*:$'%! /$! ,(.(,$,! 2$/!

(2<:$/M=!

V-*,! 2$! /-14-2-3*$;! 28&*%-'-74$! ,$+-/$! 0-'1! /*,! P!28*/&3$! 0$! 04/+-/4%4./! 0$! /&:-4,/;! 084'.-,7&%4-'/! -*! 0$! ,<32$/! -6H$1%4:($/!Q! LD&54,$;! Fgg";! +="hcM! )*4! 4'0*4%! &4'/4! 0$/! 1-7+(%$'1$/!2$1%-,&2$/!/-240$/!A!+-*,!$?+2-4%$,!&*!7&?47*7!1$/!04/+-/4%4./;!2$/!1&+&14%(/!@!24,$! $%!@!1-7+,$'0,$!1$!)*842/!24/$'%!/-'%!+,47-,04&2$/=!

!

K$2-'!2&!,(.2$?4-'!0$!k$,'&,0!D&54,$;!+&/!08&*%-'-74$!/&'/!04/+-/4%4./!2*4!+$,7$%%&'%!0$! /$!0(:$2-++$,=!K$!+-/$!&2-,/!2&!)*$/%4-'!/*4:&'%$!A!*"#$%&'($)*"#".)20%=-%0&03)1)!!

I'! 04/+-/4%4.! $/%! 0(.4'4! 1-77$! (%&'%! P!*'! $'/$762$! 0$! 7-R$'/! 74/! $'! _*:,$! 0&'/! *'! 6*%! $?+2414%$;!0*!7-4'/!0&'/!28$/+,4%!0$!/-'!1-'1$+%$*,!Q!LU$*'4$,;!14%(!+&,!~$4//$,;!Fg"g;!+=FdFM!W! *'$!P!&,%41*2&%4-'!08(2(7$'%/!5(%(,-3<'$/;!7&%(,4$2/!$%!/R76-24)*$/!Q!L#5&,24$,!v!V$%$,;!14%(/! +&,!~$4//$,;!Fg"g;!+=FdFM=!B&'/!/-'!&,%412$!P0%=-%0&03)202,(&0*"$)1)P0%=-%0&03)=42,@-@0*"$)1) ;0&",&0-.%)2#,==5$.&0%%,@$%)c;!2$!+,-.$//$*,!U&,1!~$4//$,!+,(14/$!)*$!18$/%!+&,!2$!04/+-/4%4.!)*$! P!28$'/$43'&'%! $//&4$! 0$! +,(:-4,! $%! 0$! 6&24/$,! 2$! +&,1-*,/! 0$! .-,7&%4-'! )*842! +,-+-/$! @! /$/! &++,$'&'%/;! /-*/! 284'.2*$'1$! 0$! /$/! 15-4?! 040&1%4)*$/! -*! +(0&3-34)*$/!Q! LFg"g;! +=FdFM;! $%! &H-*%$;! $'! ,$+,$'&'%! 2$/! %$,7$/! 0$! Y-*1&*2%! L"djhM!A! P!28(2<:$! &++,$'0! @! +&,%4,! 08(2(7$'%/! +,(2$:(/!0&'/!2$!B4/+-/4%4.;!7&4/!42!&++-,%$!@!/&!K4%*&%4-'!*'!1$,%&4'!'-76,$!0$!1-7+2(7$'%/! 7-4'/!1-'%,S2(/!+&,!28$'/$43'&'%;!42!R!7$%!0*!/4$'!Q!L~$4//$,;!Fg"g;!+=FdFM=!>?4/%$!&2-,/!*'$! ,$2&%4-'! $'%,$! B4/+-/4%4./! $%! K4%*&%4-'=! N:&'%! 08(%&624,! 2$! 24$'! )*4! *'4%! 1$/! 0$*?! '-%4-'/;! 42! 1-':4$'%!08&6-,0!0$!0(%&422$,!15&1*'$!08$22$/=!

!

! V-*,! ,$+,$'0,$! 2$/! 7-%/! 0$! ~$4//$,;! 14%(/! *'! +$*! +2*/! 5&*%;! 28$'/$43'&'%! &34%! P!/-*/! 284'.2*$'1$!0$!/$/!15-4?!040&1%4)*$/!$%!+(0&3-34)*$/!Q!LFg"g;!+=FdFM=!B&'/!/&!,(.2$?4-'!,$2&%4:$! &*?!04/+-/4%4./;!~$4//$,!$/%!&7$'(!@!04/%4'3*$,!0$*?!%R+$/!A!2$/!8+&'(&+-+0&#8+8"9-+=5%&!08*'$! +&,%;!2$/!8+&'(&+-+0&#'.8">(>+=5%&!08&*%,$!+&,%=!

(29)

! F"! ! V,$74<,$7$'%;! 2$/! 04/+-/4%4./! 040&1%4)*$/! /-'%! 04..(,$'%/! /$2-'! 2&! 7&%4<,$! (%*04($=! N*%,$7$'%! 04%;! *'$! %5(-,4$! '$! +$*%! T%,$! :&240($! +&,! 04..(,$'%$/! 04/14+24'$/! /$2-'! 2$/! 7T7$/! 7-0$/=!V-*,!422*/%,$,!/$/!+,-+-/;!~$4//$,!+,$'0!0$*?!$?$7+2$/!LFg"g;!+=Fdb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d5-"%%$,"<) TeefM!W! 2&! 040&1%4)*$! $'! +,-0*1%4-'! (1,4%$! $/%! 1-7+-/($! 0$! +5&/$/! %,&0*4%$/! $'! /4%*&%4-'/!+&,%41*24<,$/;!)*4!/8&2%$,'$'%!$%!/8$'%,$7T2$'%!%-*%!&*!2-'3!0*!+,-H$%!08(1,4%*,$=! ! B$*?4<7$7$'%;! 2$/! 04/+-/4%4./! +(0&3-34)*$/! &224$'%! -6H$%/! 7&%(,4$2/! $%! /R76-24)*$/;! P!%-*H-*,/!&*!/$,:41$!08*'$!4'%$'%4-'!(0*1&%4:$;!:-4,$!+-24%4)*$!Q!L~$4//$,;!Fg"g;!+=FdbM=!J2/!/$! 1$'%,$'%!0-'1!/*,!28(2<:$;!$%!/*,!2$/!,$2&%4-'/!/-14&2$/=!#-'%,&4,$7$'%!&*?!04/+-/4%4./!040&1%4)*$/;! 2$/!7(%5-0$/!/-'%!*'4.-,7$/!$%!&++241&62$/!@!%-*%$/!04/14+24'$/=!

N4'/4! 0-'1;! 2$/! 04/+-/4%4./! +(0&3-34)*$/! $%! 040&1%4)*$/! /$! 04/%4'3*$'%! +&,! L~$4//$,;! Fg"g;! +=Fdc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~$4//$,!LFg"g;!+=FdFM=!O-*/!/-77$/!&2-,/!&7$'($!@!'-*/!4'%$,,-3$,! /*,!1$!)*8$/%!*'$!/4%*&%4-'!08&++,$'%4//&3$=!

`*!1-77$!2$!7-'0$!$':4,-''&'%!$?+(,4$'1(!0&'/!2$)*$2!(:-2*$!28&++,$'&'%;!2&!/4%*&%4-'! 08&++,$'%4//&3$! $/%! 0(.4'4$! +&,! ~$4//$,! 1-77$! 1$! )*4! $/%! :(1*! +&,! 2$/! +,-%&3-'4/%$/! 0$! 2&! ,$2&%4-'!(0*1&%4:$;!0&'/!*'!1-'%$?%$!+,(14/!A!$22$!0(%$,74'$!2$/!/*H$%/!LFg"g;!+=FdcM=!B$*?!+-4'%/! 0$!:*$!04:$,3$'%!&2-,/!A!

D$! +,$74$,! 1-'1$,'&'%! 2$/! 1-7+-,%$7$'%/! 08(:4%$7$'%!A! U&,?! L"e"e! w! "eebM! :&! H*/)*8@! +&,2$,! 08&24('&%4-'! .&1$! &*?! 1-'%,&4'%$/=! N*%,$7$'%! 04%;! 2474%$,! 2&! 246$,%(! 0$/! (2<:$/! $'! 2$*,! 47+-/&'%! %,-+! 0$! 1-'%,&4'%$/;! +&,! 2$! 64&4/! 0$/! 04/+-/4%4./;! 2$/! $'1-*,&3$,&4%! @! &0-+%$,! *'!

Références

Documents relatifs

 Chirurgie de l’obésité : échanges avec les médecins de l’assurance maladie Pr Anne Dutour en lien avec Dr Sylvie Russeil, Assurance

 Groupes de travail ARS en PACA: Pertinence des soins et Surpoids pédiatrique Pr Anne Dutour, Dr Véronique Nègre, Pr Rachel Reynaud, CSO PACA Ouest.  12 mesures pour

And while the report recalls that many countries have policies aimed at fostering urban and industrial development in smaller cities, it stresses that the decentralization

Étant donné les conséquences multidimensionnelles de l’urbanisation pour l’industrialisation et la croissance économique, les interventions stratégiques hiérarchisées et

Analyse du total des informations correctes produites au Questionnaires Q1 et Q2 Nous analysons, tout d’abord, le total des réponses correctes aux questions portant sur la base de

En 2005 comme en 1987, le po ids relatif des erreurs relevant de l’orthographe grammaticale (impliquée dans les erreurs de type 4, 5, et 6) pèse le plus.. Si l’on s’intéresse

1 Le concept de formation tout au long de la vie est désormais largement reconnu par les gouvernements dans les pays de l’OCDE, les spécialistes de l’éducation, les employeurs,

Sylvain Trudel, appuyé par Mme Céliane Taillefer, que la Conférence régionale donne son appui à la démarche de l’entreprise Les Autobus Maheux, dans le cadre du dépôt