• Aucun résultat trouvé

Le mécénat culturel et patrimonial : un enjeu stratégique de l’entreprise ? Comprendre les leviers d’engagement d’une entreprise dans une politique de mécénat patrimonial

N/A
N/A
Protected

Academic year: 2021

Partager "Le mécénat culturel et patrimonial : un enjeu stratégique de l’entreprise ? Comprendre les leviers d’engagement d’une entreprise dans une politique de mécénat patrimonial"

Copied!
154
0
0

Texte intégral

(1)

HAL Id: dumas-02958793

https://dumas.ccsd.cnrs.fr/dumas-02958793

Submitted on 6 Oct 2020

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.

Copyright

Le mécénat culturel et patrimonial : un enjeu

stratégique de l’entreprise ? Comprendre les leviers

d’engagement d’une entreprise dans une politique de

mécénat patrimonial

Juliette Bonnet

To cite this version:

Juliette Bonnet. Le mécénat culturel et patrimonial : un enjeu stratégique de l’entreprise ? Compren-dre les leviers d’engagement d’une entreprise dans une politique de mécénat patrimonial. Sciences de l’information et de la communication. 2018. �dumas-02958793�

(2)

École des hautes études en sciences de l'information et de la communication – Sorbonne Université

77, rue de Villiers 92200 Neuilly-sur-Seine I tél. : +33 (0)1 46 43 76 10 I fax : +33 (0)1 47 45 66 04 I celsa.fr

Master professionnel

Mention : Information et communication Spécialité : Communication Management et culture

Option : Magistère, management et culture

Le mécénat culturel et patrimonial :

un enjeu stratégique de l’entreprise ?

Comprendre les leviers d’engagement d’une entreprise

dans une politique de mécénat patrimonial

Responsable de la mention information et communication Professeure Karine Berthelot-Guiet

Tuteur universitaire : Pauline Escande-Gauquié

Nom, prénom : BONNET Juliette Promotion : 2017-2018

Soutenu le : 21/09/2018 Mention du mémoire : Bien

(3)

! =!

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

! S+!(&+/%!'&!#&!3-3$/2&!&,!*N2V(!,2$/(!*..-&(!N*((-&(!*+!PQR5S:!W&!($+)*/,&!&JN2/3&2!3*! 2&#$..*/((*.#&!e!,$+(!#&+J!X+/!3Y$.,!*NN$2,-!#$.(&/%(!&,!&.#$+2*U&3&.,(!B! !

b+%/&.! `+/.)+,! N$+2! 3Y*8$/2! *##$3N*U.-&! '*.(! %*! 2-'*#,/$.! '&! #&! 3-3$/2&! &,! 3Y*8$/2! &.#$+2*U-&!e!*NN2$1$.'/2!3*!2-1%&J/$.!*+,$+2!'+!3-#-.*,!N*,2/3$./*%!f!

!

SU.V(! '&! [/6&,:! R/$.&%! ^$..&8*%:! TN)-%/&! \&@2$.:! R+#*(! R&1&682&:! S%/#/*! Og*2':! T%/8/&2! O6*h&g!&,!i%*8/&!j&N2&g!*+!#$.,*#,!'&(X+&%(!WY*/!6&*+#$+N!*NN2/(!&,!X+/!$.,!&+!%*!U&.,/%%&((&! '&!2-N$.'2&!e!3&(!/.,&22$U*,/$.(!f!

!

`+/%%*+3&! j/.k&%! X+/! .Y*! #&((-! '&! 3&! #$.(&/%%&2! &,! '&! 3&! ($+,&./2! '+2*.,! #&,,&! '&2./V2&! *..-&!-N2$+8*.,&!f!

!

a)-2V(&! R&3*2#)*.'! */.(/! X+&! ,$+,&! %Y-X+/N&! '&! P$33&$.! N$+2! 3Y*8$/2! *##+&/%%/&:! 1*/,! U2*.'/2!&,!*8$/2!2&.$+8&%-!3*!8/(/$.!'+!3-#-.*,!f!

!

\*+%/.&!Q(#*.'&_`*+X+/-!N$+2!(&(!N2-#$./(*,/$.(!f! !

RY&.(&36%&! '&(! N2$1&((&+2(:! '&(! /.,&28&.*.,(! &,! '&! %Y*'3/./(,2*,/$.! '+! PQR5S! N$+2! #&(! ,2$/(!3&28&/%%&+(&(!&,!2/#)&(!*..-&(!'Y*NN2&.,/((*U&!f! ! M&(!*3/(:!&,!,$+,!N*2,/#+%/V2&3&.,!P$.(,*.#&!`*6/%%&,:!X+/!3Y*!*##$3N*U.-&!#)*X+&!W$+2! '&!%Y-,-!e!%*!6/6%/$,)VX+&!f! ! Q.1/.:!3&(!N*2&.,(:!X+/!3Y$.,!,2V(!,l,!/./,/-&!e!%*!8/(/,&!'&(!3+(-&(:!X+/!3Y$.,!'$..-!%&!U$m,! '&!%Y*2,!&,!'&(!8/&/%%&(!N/&22&(!&,!X+/!$.,!2&%+!#&!3-3$/2&!*8&#!*,,&.,/$.A! !

(4)

! D!

(5)

! H!

+,$$-'%#!

!

! !"#"!$%"#"&'()********************************************************************************************************************************************************)+! (,##-%!")*****************************************************************************************************************************************************************).! %&'!,/0$'%,&)**********************************************************************************************************************************************************)1! %*! 2"()"&'!"3!%("()(")(,&')/"4-)"#3-!")/0)#"$"&-')$02'0!"2)3,0!)!"3,&/!")-)2"0!()"&4"05)***********)67! "#! $%&&%!'&!("!)"(&*%!'&!+"%,*&!"!-%")&%.!(&!+&$&/"-!$*(-*%&(!##############################################################################!01! !"! #$%&'(')(*+,-)%)./0(1(2'(3/-42'(5'067'-(3-($+8+0%)("""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""(!9! :"! ;'($+8+0%)(8/$$'(/-).2(3'(3.<<+*'08.%)./0(<%8'(=(2%(8/08-**'08'(""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""(!>! ?"! @+8+0%)(8-2)-*'2(')('A,+*.'08'(82.'0)(""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""(!B! 2#! (&.!&/-%&3%4.&.!5"$&!"!*/!/6*)&"*!'&54!7!(8&/9"9&+&/-!'&.!$6(("26%"-&*%.!##########################################################!0:! !"! ;'($+8+0%)(8-2)-*'2C(-0'(*+,/0D'(=(2%(E-F)'(3'(D'0D(%-()*%G%.2(""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""(!H! :"! I'(2%($%*E-'('$,2/J'-*(=(2%(&'D)./0(3'D(8%**.K*'D(1(2'($+8+0%)C(/-).2(3'D(*'DD/-*8'D(L-$%.0'D(M(""""""""""""""(:!! ?"! ;'($+8+0%)(3'(8/$,+)'08'D(/-(2'D(D%G/.*N<%.*'(=(2OL/00'-*("""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""(::! $#! $6/)"4/$%&!.&.!$(4&/-.!7!(&!+&$&/"-!$*(-*%&(!3&*-;4(!&-%&!*/!"%9*+&/-!'&!)&/-&!<!################################################!=>!

!"! P*+'*(-0'(,*+<+*'08'(3'($%*E-'(G.%(2'($+8+0%)(""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""(:?!

:"! Q8).G.)+($%*8L%03'(3'(2O'0)*',*.D'(')($+8+0%)(1(-0'(%22.%08'('0()'0D./0(""""""""""""""""""""""""""""""""""""""""""""""""""""(:9!

%%*! 2")#"$"&-')$02'0!"2)3"0'8%2)9-%!")9-$")-05)"5%:"&$"()!"&,0;"2""()-05<0"22"()(,&')(,0#%("()2"() "&'!"3!%("()=)**********************************************************************************************************************************************************)+>!

"#! (&!+&$&/"-!$*(-*%&(!&-!3"-%4+6/4"(?!+&4((&*%!)&$-&*%!'84/-&9%"-46/!'"/.!(&!-&%%4-64%&!<!######################################!=@!

!"! ;'($+8+0%)(,/-*(,%*).8.,'*(%-(*%J/00'$'0)(3'(D/0()'**.)/.*'(""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""(:B! :"! R'0</*8'*(D/0(.$,2%0)%)./0(D-*(2'()'**.)/.*'(&*S8'(%-($+8+0%)("""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""(?T! ?"! #$,2%0)%)./0(&+/&*%,L.E-'(')(D%2%*.+D(1().DD'*(3-(2.'0(&*S8'(%-($+8+0%)(""""""""""""""""""""""""""""""""""""""""""""""""""""(?:! 2#! ,*&((&.!.6/-!(&.!)"(&*%.!"*A,*&((&.!6/!3&*-!"..6$4&%!(&!+&$&/"-!$*(-*%&(!&-!3"-%4+6/4"(!<!#################################!>>! !"! ;'(,%)*.$/.0'(')(2%(8-2)-*'(D/0)(.0)*.0DKE-'$'0)(,/*)'-*D(3'(G%2'-*D(3/0)(,'-G'0)(D'(0/-**.*(2'D('0)*',*.D'D ( ??! :"! U.0%08'*(2%(*'D)%-*%)./0(3-(,%)*.$/.0'C(-0($+8+0%)(D/2.3%.*'(M(;'(8%D(3OQ8)%(V.D)%(""""""""""""""""""""""""""""""""""""(?W! ?"! ;'($+8+0%)(8*/.D+(1(E-%03(2O%8)./0(8-2)-*'22'(*'7/.0)(2'D('07'-A(3'(RXY("""""""""""""""""""""""""""""""""""""""""""""""""""""""(?9! $#! 3&/.&%!("!+&.*%&!'84+3"$-!'"/.!(&!.&$-&*%!$*(-*%&(!##########################################################################################!>B! !"! Z-O'D)N8'(E-'(2%($'D-*'(3O.$,%8)(')(E-'2D(D/0)(D'D('07'-A(,/-*(2'D('0)*',*.D'D(M("""""""""""""""""""""""""""""""""""""""(?>! :"! Z-'2(.0)+*F)(,/-*(2'D(D)*-8)-*'D(8-2)-*'22'D(M(""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""(?B! ?"! [*/,/D.)./0(3O-0'(&*.22'(3O+G%2-%)./0()J,'(=(3'D).0%)./0(3'D(,/*)'-*D(3'(,*/7')D(8-2)-*'2D("""""""""""""""""""""""""""(?H! %%%*! !"3"&("!)2")#"$"&-')$02'0!"2)?)/")2@";,20'%,&)/")2-)2,%)-)2@";,20'%,&)/"()3!-'%<0"()***************).+! "#! */!'4.36.4-45!(&94.("-45!"!,*&.-46//&%!###############################################################################################################!C=! !"! ;'G'*(-0(<*'.0(=(2O'0&%&'$'0)(3'D(\[Y][@Y(""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""(W:! :"! ;O+2.&.4.2.)+(%-($+8+0%)('0(E-'D)./0(""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""(WW! 2#! (&!'494-"(!"*!.&%)4$&!'8*/!'4"(69*&!"!-%64.!&/-%&!(&!2&/&54$4"4%&?!(8&/-%&3%4.&!&-!.&.!3"%-4&.!3%&/"/-&.!#####################!C1!

!"! ;'D(*+D'%-A(D/8.%-A(,/-*(8/$$-0.E-'*(')($/4.2.D'*(""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""(W9! :"! ;'($%)8L.0&(1(-0'(G.D.4.2.)+(%88*-'(')(-0'($'D-*'(3O.$,%8)(<%8.2.)+'("""""""""""""""""""""""""""""""""""""""""""""""""""""""""""(W^! ?"! Z-.3(3'D($.8*/N3/0D('0(<%G'-*(3-(,%)*.$/.0'(M("""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""(WB! $#! '&!("!$6;$6/.-%*$-46/!6*!$6++&/-!&+2"%,*&%!3(&4/&+&/-!(&!+&$&/&!'"/.!(&!3%6D&-!###########################################!C:! !"! ;%(8/N8/0D)*-8)./0C(E-KD%8/(M("""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""(WH! :"! ;%(<.3+2.D%)./0C(-0(3'D('07'-A(3'(2%(8/N8/0D)*-8)./0(""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""(9!! ?"! ;'(8'*82'(G'*)-'-A(3'(2%(8/8/0D)*-8)./0(1(</8-D(D-*(2'(2/)/(3-(,%)*.$/.0'(""""""""""""""""""""""""""""""""""""""""""""""""""""(9!! $,&$20(%,&)************************************************************************************************************************************************************)7.! A%A2%,:!-3B%")*********************************************************************************************************************************************************)16! -&&"5"()******************************************************************************************************************************************************************)1C! !"(0#")******************************************************************************************************************************************************************)67+! #,'(8$2"9()************************************************************************************************************************************************************)67D! ! !

(6)

! K!

(7)

! I!

.()%,/0&)',(!

! !"#$"%"&"'()*"+,-.(."'&/.")/"0'121+("3"" .-/").&4("(5".&"6(&)507"" 8-/").&4("&99&:51(/5"&)"9:-9:105&1:(;"" .&"6(&)50"<"5-)5"$("=-/'(;"" <">-).;"<"=-1;"<"/-)."5-).7"" ?-/+;"$("'05:)1:(;"+@(.5"'09&..(:".-/"':-157"A" ! ;/#,$2!n+U$:!o!`+&22&!*+J!'-3$%/((&+2(!p:!! B(>)("'(."'()*"=-/'(.:!G!"!3*2(!GcD=A! ! R&!=9!(&N,&362&!=>G9:!%&!3/./(,V2&!'&!%*!P+%,+2&!*..$.q*/,!o!%&!N%+(!/3N$2,*.,!6+'U&,! W*3*/(!$6,&.+!N$+2!%*!N$%/,/X+&!#+%,+2&%%&!p#!*8&#!'/J!3/%%/*2'(!'Y&+2$(!*##$2'-(:!%$2(!'&!%*! N2-(&.,*,/$.!'+!\2$W&,!'&!%$/!'&!1/.*.#&(!=>GcA!P&N&.'*.,:!*+!8+!'&(!#)/112&(:!$.!.&!N&+,! ./&2!X+&!%&!N*,2/3$/.&!&,!%&(!3+(-&(!(&!,2$+8&.,!X+&%X+&!N&+!'-%*/((-(:!1*#&!e!%Y*+'/$8/(+&%! N+6%/#:!N*2!&J&3N%&:!X+/!6-.-1/#/&!'&!D:<!3/%%/*2'(!'Y&+2$(!'&!(+68&.,/$.(!N+6%/X+&(!*%$2(! X+&!%&(!N*,2/3$/.&(!.&!2&#+&/%%&.,!X+&!c<9!3/%%/$.(!'Y&+2$(A!\$+2,*.,:!#$33&!%&!.$,&!j/'/&2! [@k.&2$:!2-'*#,&+2!&.!#)&1!'&!C&"D:16)/("'("$EF:5:!%&(!6&($/.(!'&(!M$.+3&.,(!)/(,$2/X+&(! (&+%(!E.Y/.#%+*.,!'$.#!N*(!%&(!6+'U&,(!.-#&((*/2&(!*+!6$.!1$.#,/$..&3&.,!'&(!3+(-&(!*/.(/! X+Ye! %Y*#X+/(/,/$.! &,! %Y&.2/#)/((&3&.,! '&(! #$%%&#,/$.(! N+6%/X+&(F:! (Y-%V8&.,! e! H>>! 3/%%/$.(! 'Y&+2$(!N*2!*.:!X+*.'!#&2,*/.(!N*2%&.,!'Y+.!6&($/.!,$,*%!N$+2!%&!N*,2/3$/.&!'&!=:D!3/%%/*2'(! 'Y&+2$(%

:! ($/,! %&! X+*2,! '+! 6+'U&,!'+!3/./(,V2&A! \*2!&J&3N%&:! %&(! ,2*8*+J!.-#&((*/2&(! e! %*! 2&(,*+2*,/$.! '+! #)r,&*+! '&! P)*36$2'! (&! #)/112&.,! e! G>! 3/%%/$.(! 'Y&+2$(A! ^/&.! X+&! %*! N2-(&28*,/$.!'+!N*,2/3$/.&!1*((&!N*2,/&!'&(!3/((/$.(!2-U*%/&..&(!'&!%Y",*,:!/%!(&36%&2*/,!X+&! #&%+/_#/!.&!N+/((&!*((+2&2!%&(!6&($/.(!1/.*.#/&2(!#$%$((*+J!*11-2&.,(!*+!N*,2/3$/.&A!PY&(,! N$+2X+$/:!%&!N2-(/'&.,!'&!%*![-N+6%/X+&:!M$.(/&+2!Q33*.+&%!M*#2$.:!*!#$.1/-!e!5,-N)*.&! ^&2.:!+.&!3/((/$.!'Y/'&.,/1/#*,/$.!&,!'&!N2-(&28*,/$.!'+!N*,2/3$/.&!6r,/!&.!N-2/%:!e!%Y$##*(/$.! '&(!b$+2.-&(!&+2$N-&..&(!'+!N*,2/3$/.&!'&(!GI!&,!G9!(&N,&362&!=>G9:!N2$+8*.,!*/.(/!X+Y/%! '&8/&.,!'&!N%+(!&.!N%+(!.-#&((*/2&!'&!2&#)&2#)&2!'&(!1$.'(!*%,&2.*,/1(!N$+2!%*!#+%,+2&A!j*.(! #&!#*'2&:!%&!3-#-.*,!#+%,+2&%!*NN*2*s,!#$33&!+.&!($+2#&!'&!1/.*.#&3&.,!N*2,/#+%/V2&3&.,! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! # !M/./(,V2&!'&!%*!P+%,+2&:!!"#$%&'(%')#*'(%'+*,-,.%/:!=>G9:!),,NBddLLLA#+%,+2&AU$+8A12d?$+(_ #$..*/,2&dj&#$+82/2_%&_3/./(,&2&d^+'U&,d\2$W&,_'&_%$/_'&_1/.*.#&(_=>Gc:!#$.(+%,-!&.!*$m,!=>Gc! $ ![t]?Q[!j/'/&2:!o!7.!.$+8&*+!6+'U&,!'-(*(,2&+J!N$+2!%&(!3$.+3&.,(!)/(,$2/X+&(!&,!%&(!3+(-&(!p:'0-' 1"*23,%'(%')45"&:!=c!(&N,&362&!=>G9:!),,N(BddLLLA%*,2/6+.&'&%*2,A#$3d+._.$+8&*+_6+'U&,_'&(*(,2&+J_N$+2_ %&(_3$.+3&.,(_)/(,$2/X+&(_&,_%&(_3+(&&(!! % !678'!3$-(-/9'04*,+#'%,':3%/&*#,/:!o!\*,2/3$/.&!B!%&(!i2*.q*/(!($.,_/%(!N2u,(!e!N*@&2!Z!p:!I!*$m,!=>Gc!

(8)

! 9!

/.,-2&((*.,&! N$+2!N*%%/&2! '&! ,&%%&(! /.(+11/(*.#&(! #*2! /%! N&23&,! 'Y*(($#/&2! %&(!&.,2&N2/(&(! 4! #$33&! %&(! N*2,/#+%/&2(! 4! e! %*! N2$,&#,/$.! '+! N*,2/3$/.&! 12*.q*/(:! ,$+,! &.! %&+2! $112*.,! '&(! *8*.,*U&(!#$.(-X+&.,(A!

!

R&! 3-#-.*,! .Y&(,! N*(! %Y*N*.*U&! '&! %*! #+%,+2&A! Q.! &11&,:! /%! &(,! N2*,/X+-! *+! N2$1/,! '&! .$362&+(&(! #*+(&(!B! ($%/'*2/,-! &,! )+3*./,*/2&:! ($#/*%:! (N$2,:! &.8/2$..&3&.,:! -'+#*,/$.:! 2&#)&2#)&:! $+! &.#$2&! (*.,-A! j*.(! %&! #*'2&! '&! #&! 3-3$/2&:! .$+(! .$+(! #$.#&.,2&2$.(! +./X+&3&.,! (+2! %&! 3-#-.*,! #+%,+2&%! '+! 1*/,! '&! %Y/33&.(/,-! '&(! 6&($/.(! -8$X+-(! N2-*%*6%&3&.,!&,!'&!%*!(/,+*,/$.!'Y/3N*((&!'*.(!%*X+&%%&!/%!(&36%&!(&!,2$+8&2!*+W$+2'Y)+/A!! R&!3-#-.*,!(&!'-1/./,!#$33&!o!+.!($+,/&.!3*,-2/&%!$+!1/.*.#/&2!*NN$2,-:!(*.(!#$.,2&N*2,/&! '/2&#,&!'&!%*!N*2,!'+!6-.-1/#/*/2&:!e!+.&!v+82&!$+!e!+.&!N&2($..&!3$2*%&!N$+2!%Y&J&2#/#&! 'Y*#,/8/,-(!N2-(&.,*.,!+.!/.,-2u,!U-.-2*%!p& A!O%!*!.$,*33&.,!-,-!N2$3+!N*2!%&(!%$/(!.wc9_K9G! '+!=D!W+/%%&,!G<c9!(+2!%&!'-8&%$NN&3&.,!'+!3-#-.*,!&,!.w=>>D_9><!'+!G!" !*$m,!=>>D!2&%*,/8&! *+! 3-#-.*,:! *+J! *(($#/*,/$.(! &,! *+J! 1$.'*,/$.(A! RY*2,/#%&! =Dc! 6/(! '+! P$'&! U-.-2*%! '&(! /3Nl,(!N2-8$/,:!N$+2!%&(!&.,2&N2/(&(:!%*!'/(N$(/,/$.!(+/8*.,&!B!o!T+82&.,!'2$/,!e!+.&!2-'+#,/$.! 'Y/3Nl,!-U*%&!e!I>!x!)$2(!,*J&(!'&!%&+2!3$.,*.,!%&(!8&2(&3&.,(:!N2/(!'*.(!%*!%/3/,&!'&!K! N$+2! 3/%%&! '+! #)/112&! '0*11*/2&(:! &11&#,+-(! N*2! %&(! &.,2&N2/(&(! *((+W&,,/&(! e! %0/3Nl,! (+2! %&! 2&8&.+!$+!e!%0/3Nl,!(+2!%&(!($#/-,-(!p'

!*+!N2$1/,!'Y$2U*./(3&(!2&#$..+(!'Y/.,-2u,!U-.-2*%!B! *(($#/*,/$.(! %$/! G<>G:! -,*6%/((&3&.,(! N+6%/#(:! 1$.'*,/$.(:! 1$.'(! '&! '$,*,/$.y! R*! .$,/$.! 'Y/.,-2u,! U-.-2*%! #$.'/,/$..&! %Y-%/U/6/%/,-! 'Y+.&! (,2+#,+2&! 6-.-1/#/*/2&! *+!3-#-.*,! (&%$.! %&(! #2/,V2&(!(+/8*.,(!B!

•! %0*#,/8/,-!'&!%0$2U*./(3&!&(,!.$.!%+#2*,/8&!&,!.$.!#$.#+22&.,/&%%&!f! •! %*!U&(,/$.!&(,!'-(/.,-2&((-&!f!

•! %0*#,/8/,-!.&!N2$1/,&!N*(!e!+.!#&2#%&!2&(,2&/.,!'&!N&2($..&(A!

S+((/:!$.!.$,&2*!X+&!(/!%Y$2U*./(3&!6-.-1/#/*/2&!.&!'$/,!N*(!$112/2!'&!#$.,2&N*2,/&(!'/2&#,&(! e! ($.! 3-#V.&:! /%! &(,! #$33+.-3&.,! *##&N,-! '&! 1*/2&! 6-.-1/#/&2! '&! #$.,2&N*2,/&(! X+/! 2&(N&#,&.,!+.&!o!'/(N2$N$2,/$.!3*2X+-&!pA!S!#&!,/,2&:!%&!3/./(,V2&!'&!%*!P+%,+2&!2&#$33*.'&! X+&!%&(!#$.,2&N*2,/&(!.Y&J#V'&.,!N*(!=Kx!'+!3$.,*.,!'+!'$.A!Q.1/.:!6/&.!X+&!#&%*!.&!($/,! N*(! /.'/X+-! '*.(! %*! %$/:! '&! .$362&+J! ,&J,&(! $11/#/&%(! ($+%/U.&.,! X+&! %&(! #$.,2&N*2,/&(! .&! '$/8&.,!N*(!*8$/2!'Y/3N*#,!'/2&#,!(+2!%&(!*#,/8/,-(!#$33&2#/*%&(!'+!3-#V.&A! S!#&!,/,2&:!$.!N&+,!'$.#!($+%/U.&2!X+&!%*!i2*.#&!'/(N$(&!'&!%Y+.!'&(!'/(N$(/,/1(!'Y/.#/,*,/$.! 1/(#*%&!e!%*!U-.-2$(/,-!'&(!N%+(!($N)/(,/X+-(!&,!/.#/,*,/1A!! R&!3-#-.*,!N&+,!N2&.'2&!N%+(/&+2(!1$23&(!B! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! & !M/./(,V2&!'&!%*!P+%,+2&:!;<-"&%'(3'=>.>,-&'.3)&3"%):!'-#&362&!=>GH:!3/(&!e!W$+2!.$8&362&!=>G9:!NADA! ' !S2,/#%&!=Dc!6/(:!P$'&!U-.-2*%!'&(!/3Nl,(!

(9)

! c!

•! R&!3-#-.*,!1/.*.#/&2!B!%&!N%+(!#$+2*.,:!/%!#$.(/(,&!&.!+.!*NN$2,!&.!.+3-2*/2&!e!+.&! (,2+#,+2&!6-.-1/#/*/2&!-%/U/6%&!

•! R&! 3-#-.*,! &.! #$3N-,&.#&(!B! /%! (Y*U/,! '&! %*! 3/(&! e! '/(N$(/,/$.! 'Y+.! (*%*2/-! $+! '&! #$3N-,&.#&(!E*+!,2*8&2(!'Y+.!(*%*2/-F!*+!N2$1/,!'Y+.!N2$W&,!'Y/.,-2u,!U-.-2*%!

•! R&!3-#-.*,!&.!.*,+2&!B!/%!2&N$(&!(+2!%&!'$.!'&!6/&.(!3*,-2/&%(!

•! R&!N2$'+/,_N*2,*U&!B!N2$'+/,!$+!(&28/#&!'$.,!+.!N$+2#&.,*U&!'+!N2/J!&(,!'$..-!e!+.! $2U*./(3&! 'Y/.,-2u,! U-.-2*%A! R&! N2$'+/,_N*2,*U&! &(,! +.! #*(! N*2,/#+%/&2! X+&! .$+(! -,+'/&2$.(!,$+,!N*2,/#+%/V2&3&.,!*+!#$+2(!'&!#&!3-3$/2&A!O%!#$.8/&.,!'&!($+%/U.&2!X+Y/%! .Y$+82&! N*(! ,$+W$+2(! '2$/,! e! %*! '-1/(#*%/(*,/$.! &,! .&! (Y/.(#2/,! '$.#! N*(! (@(,-3*,/X+&3&.,!'*.(!%&!#*'2&!'+!3-#-.*,!

T.!.$,&!X+Y/%!&J/(,&!N%+(/&+2(!*8*.,*U&(!N2$N2&(!e!%*!#+%,+2&A!S/.(/:!%&(!'$.(!*+!6-.-1/#&! '&(! 3$.+3&.,(! )/(,$2/X+&(! N2/8-(! EN$+2! '&(! ,2*8*+J! '&! 2&(,*+2*,/$.! &,! 'Y*##&((/6/%/,-! '+! N+6%/#F:! N&+8&.,! 1*/2&! %Y$6W&,! 'Y+.&! '-'+#,/$.! 'Y/3Nl,! '*.(! %&! #*'2&! '+! 3-#-.*,! (/! +.&! #$.8&.,/$.!*!-,-!(/U.-&!*8&#!%*!i$.'*,/$.!'+!N*,2/3$/.&!$+!*+,2&!1$.'*,/$.!$+!*(($#/*,/$.! *U2--&(

A!O%!&J/(,&!-U*%&3&.,!+.&!2-'+#,/$.!'&!%Y/3Nl,!e!)*+,&+2!'&!<>x!N$+2!%&(!&.,2&N2/(&(! X+/! *+2*/&.,! #$.,2/6+-! e! %Y*#X+/(/,/$.! N*2! %Y",*,! 'Y+.! ,2-($2! .*,/$.*%! E+.! 6/&.! #+%,+2&%! X+/! N2-(&.,&!+.!/.,-2u,!3*W&+2!N$+2!%&!N*,2/3$/.&!.*,/$.*%!&,!X+/:!'&!#&!1*/,:!6-.-1/#/&!'Y+.!2&1+(! ,&3N$2*/2&!'&!($2,/&!'+!,&22/,$/2&!N$+2!&.!1*8$2/(&2!%Y*#)*,!N*2!%Y",*,FA!!

R&!3-#-.*,!'&(!N*2,/#+%/&2(:!X+*.,!e!%+/:!$+82&!'2$/,!e!+.&!'-'+#,/$.!1/(#*%&!(+2!%Y/3Nl,!(+2! %&! 2&8&.+! e! )*+,&+2! '&! IIx! '+! 3$.,*.,! '+! '$.:! #&! '*.(! %*! %/3/,&! '&! =>x! '+! 2&8&.+! /3N$(*6%&!*+!N2$1/,!'+!3u3&!,@N&!'Y$2U*./(*,/$.(!#/,-&(!N2-#-'&33&.,A!!

!

S+! #$+2(! '&! #&,,&! -,+'&! .$+(! .$+(! #$.#&.,2&2$.(! &((&.,/&%%&3&.,! (+2! %&! 3-#-.*,! 'Y&.,2&N2/(&:!N$+2!N%+(/&+2(!2*/($.(A!R*!N2&3/V2&!&(,!X+&!#&,,&!1$23&!'&!3-#-.*,!&(,!N%+(! #$.(-X+&.,&! &.! ,&23&(! '&!3$.,*.,(A! Q.! &11&,:! &.! =>GK! #&%+/_#/! 2&N2-(&.,*/,! D:K!3/%%/*2'(! 'Y&+2$(! '&! #$%%&#,&)! #$.,2&! =:I=! 3/%%/*2'(! 'Y&+2$(*! N$+2! %&(! N*2,/#+%/&2(! E,$+(! (&#,&+2(! '&!

%Y/.,-2u,!U-.-2*%!#$.1$.'+(FA!T.!.$,&2*!.-*.3$/.(!X+&!%&!3-#-.*,!'&(!N*2,/#+%/&2(!#$..*/,! +.&!)*+((&!'&!N%+(!'&!9>x!'&N+/(!=>>I:!.$,*33&.,!U2r#&!e!%Y&(($2!'&(!N%*,&1$23&(!'&!

+:-G'2)/'1/4A!R&!3-#-.*,!'Y&.,2&N2/(&!2&(,&!3*%U2-!,$+,!%*!3*..&!%*!N%+(!/3N$2,*.,&!N$+2!

%&!1/.*.#&3&.,!'&!%Y/.,-2u,!U-.-2*%A!R*!(&#$.'&!2*/($.:!&(,!X+&!%&(!&.,2&N2/(&(!/.(#2/8&.,!%&! N%+(!($+8&.,!%&+2!N$%/,/X+&!'&!3-#-.*,!'*.(!%&!#*'2&!'Y+.&!(,2*,-U/&!X+/!8/(&!e!2-N$.'2&!e! '&(! &.W&+J! N*2,/#+%/&2(! /'&.,/1/-(! N2-*%*6%&3&.,! N*2! %*! (,2+#,+2&:! X+*.'! %&! 3-#-.*,! '&(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ( !R$/!'&!1/.*.#&!N$+2!=>>9!&,!%$/!'+!G9d>=d=>><! ) !S'3/#*%!&,!P5S:!o!R&!3-#-.*,!'Y&.,2&N2/(&!&.!i2*.#&!p:!3*/!=>GI:!NAGGA! * !i2*.#&!U-.-2$(/,-(:!o!R*!U-.-2$(/,-!'&(!12*.q*/(!(Y-%V8&!e!9:K!3/%%/*2'(!'Y&+2$(!p:!3*2(!=>Gc:! ),,NBddLLLA12*.#&U&.&2$(/,&(A$2UdU&.&2$(/,&_12*.#*/(_(&%&8&_*_9K_3/%%/*2'(_'&+2$(d:!#$.(+%,-!&.!*$m,!=>Gc!

(10)

! <!

N*2,/#+%/&2(!2&%V8&!N%+(!U-.-2*%&3&.,!'&!%Y*11&#,A!PY&(,!#&,,&!(,2*,-U/&!X+Y/%!#$.8/&.,!'Y-,+'/&2! *1/.!'Y$112/2!*+J!#)*2U-(!'&!3-#-.*,!&.!/.(,/,+,/$.(!#+%,+2&%%&(:!+.&!($2,&!'&!U+/'&!N2*,/X+&! X+/! %&+2! N&23&,! '&! 3/&+J! *NN2-)&.'&2! %&(! N2$(N&#,(! X+Y/%(! 8$.,! ($%%/#/,&2A! z+/_N%+(_&(,:! e! %Y)&+2&!'&!%*!%$/!\*#,&!EN%*.!'0*#,/$.!N$+2!%*!#2$/((*.#&!&,!%*!,2*.(1$23*,/$.!'&(!&.,2&N2/(&(F! X+/!8/(&!.$,*33&.,!e!3&,,2&!&.!&J&2U+&!%&!2l%&!($#/-,*%!'&(!&.,2&N2/(&(!&.!%&(!&.#$+2*U&*.,! e!N2&.'2&!&.!#$.(/'-2*,/$.!%&(!&.W&+J!&.8/2$..&3&.,*+J!&,!($#/*+J!'*.(!%&+2(!'-#/(/$.(!&,! %&+2!U&(,/$.:!/%!#$.8/&.,!'Y/.,&22$U&2!%&!3-#-.*,!#+%,+2&%!'Y&.,2&N2/(&!*1/.!X+&!#&%+/_#/!2&(,&! *,,2*#,/1!1*#&!e!%*!3$.,-&!&.!N+/((*.#&!'&!%*![5Q!X+/!6-.-1/#/&!6/&.!($+8&.,!'&!#2-'/,(!N%+(! /3N$2,*.,(! */.(/! X+&! 'Y+.&! $6%/U*,/$.! %-U*%&!'&! :(9-:51/4! (&%$.! %*! %$/! `2&.&%%&! OO! '&! =>G>A! Q.1/.:! 'Y+.! N$/.,! '&! 8+&! N%+(! N&2($..&%:! ,2*8*/%%*.,! N$+2! P$33&$.:! +.&! N%*,&1$23&! '&!

+:-G'2)/'1/4:!'&N+/(!N%+(!'Y+.!*.!&,!'&3/:!WY*/!($+)*/,-!-%*2U/2!3$.!#)*3N!'Y&JN&2,/(&!*+! 3-#-.*,!'Y&.,2&N2/(&A!!!! ! O%!#$.8/&.,!-U*%&3&.,!'Y-,+'/&2!%&(!#)/112&(!'+!3-#-.*,!'Y&.,2&N2/(&!&,!N%+(!N*2,/#+%/V2&3&.,:! '+!3-#-.*,!#+%,+2&%!'Y&.,2&N2/(&:!*1/.!'&!#$3N2&.'2&!N$+2X+$/!&,!'*.(!X+&%%&!3&(+2&!/%!&(,! .-#&((*/2&!'Y&.!2&N&.(&2!%&(!&.W&+J!&,!%&(!N2*,/X+&(A!5&%$.!%&!'&2./&2!6*2$3V,2&!'+!3-#-.*,! 'Y&.,2&N2/(&!&.!i2*.#&:!N+6%/-!&.!=>GI!N*2!S'3/#*%:!%Y*(($#/*,/$.!'&!N2$3$,/$.!'+!3-#-.*,! &.!i2*.#&:!&.8/2$.!GHx!'&(!&.,2&N2/(&(!($.,!3-#V.&(!B!#&!X+/!%*/((&!e!N&.(&2!X+Y/%!2&(,&! &.#$2&!+.!U2*.'!,2*8*/%!'&!(&.(/6/%/(*,/$.!e!&11&#,+&2!*1/.!'&!#$.8*/.#2&!+.!N*.&%!N%+(!%*2U&! 'Y&.,2&N2/(&(A!?-*.3$/.(!$.!.$,&!X+&!%*!3$/,/-!'&(!&.,2&N2/(&(!'&!N%+(!'&!=K>!(*%*2/-(!($.,! 3-#V.&(!*/.(/!X+Y+.!X+*2,!'&(!\MQA!j&(!#)/112&(!X+/!N$+22*/&.,:!.$+(!%&!8&22$.(!'*.(!%&! '-8&%$NN&3&.,!'&!#&!3-3$/2&:!u,2&!%*2U&3&.,!*3-%/$2-(A!S+W$+2'Y)+/:!#&(!&.,2&N2/(&(!($.,! N%+(!.$362&+(&(!e!/.8&(,/2!'*.(!%&!(N$2,!EHcxF:!3*/(!*8&#!+.!6+'U&,!*%%$+-!N&+!/3N$2,*.,:! ,*.'/(!X+&!%&!($#/*%!2&#+&/%%&!G9x!'+!6+'U&,!3-#-.*,!'&(!&.,2&N2/(&(!B!$.!.$,&!'$.#!X+Y+.&! 3$/.'2&! N*2,! '&(! &.,2&N2/(&(! 3-#V.&! %&! ($#/*%:! 3*/(! #&(! &.,2&N2/(&(! '$..&.,! N%+(A! R*! #+%,+2&!X+*.,!e!&%%&:!*,,/2&!=Hx!'&(!&.,2&N2/(&(!3-#V.&(!&,!GKx!'+!6+'U&,!3-#-.*,A!P&! ($.,! 'Y*/%%&+2(! 9>x! '&(! &.,2&N2/(&(! '&! ,*/%%&! /.,&23-'/*/2&! &,! '&(! U2*.'&(! &.,2&N2/(&(! X+/! 1*8$2/(&.,!%*!#+%,+2&:!X+*.'!(&+%&3&.,!H>x!'&(!\MQ!&,!G9x!'&(!a\Q!(&!,$+2.&.,!8&2(!#&! (&#,&+2A!S'3/#*%!&JN%/X+&!.$,*33&.,!#&(!#)/112&(!'+!1*/,!X+&!%&(!6&($/.(!'&!%*!#+%,+2&!&.! ,&23&(!'&!3-#-.*,!($.,!($+8&.,!-%&8-(!&,!'$.#!#$22&(N$.'&.,!6/&.!*+!6+'U&,!X+&!N&+8&.,! *%%$+&2!%&(!U2*.'&(!&.,2&N2/(&(A!P&N&.'*.,!$.!.$,&!+.&!)*+((&!/3N$2,*.,&!'&!%Y/3N%/#*,/$.! '&(!\MQ!'*.(!%&!(&#,&+2!'&!%*!#+%,+2&:!+.&!*+U3&.,*,/$.!X+/!(&36%&!*8$/2!N*2,/&!%/-&!*8&#! %&(!&.W&+J!'&!'-8&%$NN&3&.,!'+!,&22/,$/2&:!#&!X+Y/%!#$.8/&.'2*!'Y-,+'/&2!N%+(!*8*.,A!P&!X+&! %Y$.!2&,/&.,!-U*%&3&.,!'&!#&,,&!-,+'&:!#Y&(,!X+&!N*23/!%Y&.(&36%&!'&(!N2$W&,(!#+%,+2&%(:!%&! (+W&,!'&!%*!(*+8&U*2'&!'+!N*,2/3$/.&!&(,!'&!3$/.(!&.!3$/.(!#)$/(/!N*2!%&(!&.,2&N2/(&(:!X+/!

(11)

! G>! %+/!N2-1V2&.,!%*!'-3$#2*,/(*,/$.!#+%,+2&%%&!X+/!(Y/.(#2/,!N%+(!1*#/%&3&.,!'*.(!%&+2(!'-3*2#)&(! '&![5QA!O%!&J/(,&!'$.#!+.!8-2/,*6%&!&.W&+!e!N2$3$+8$/2!%&(!*,$+,(!'+!3-#-.*,!&.!1*8&+2!'+! N*,2/3$/.&!&,!e!3$.,2&2!*+J!&.,2&N2/(&(!%&(!$NN$2,+./,-(!1$23/'*6%&(!X+Y$+82&!+.!,&%!($+,/&.A!! ! S!#&!(,*'&!'&!.$,2&!/.,2$'+#,/$.!/%!(&36%&!.-#&((*/2&!'&!'-1/./2!N%+(!N2-#/(-3&.,!%*!.$,/$.! '&! N*,2/3$/.&A! 5&%$.! %&! '/#,/$..*/2&! R*2$+((&:! %&! N*,2/3$/.&! #Y&(,! o!#&! X+/! &(,! #$.(/'-2-! #$33&! %Y)-2/,*U&! #$33+.! 'Y+.! U2$+N&!pA! R*! '/2&#,/$.! U-.-2*%&! '&(! N*,2/3$/.&(:! +.! '&(! N2/.#/N*+J!(&28/#&(!'+!3/./(,V2&!'&!%*!P+%,+2&:!#$.(/'V2&!X+&!%&(!2/#)&((&(!(+/8*.,&(!($.,! '&! %Y$2'2&! '+! N*,2/3$/.&!B! 3$.+3&.,(:! W*2'/.(:! N*,2/3$/.&! *2#)-$%$U/X+&! &,! /33*,-2/&%:! #$%%&#,/$.(! 3+(-$U2*N)/X+&(:! *2#)/8&(! N+6%/X+&(:! N*,2/3$/.&! 3$6/%/&2! &,! N*,2/3$/.&! *2#)/,&#,+2*%A!T.!.$,&2*!'Y*/%%&+2(!X+&!%&(!3/((/$.(!'&!%*!'/2&#,/$.!U-.-2*%&!'&(!N*,2/3$/.&(! ($.,! %&(! (+/8*.,&(!B! o!R*! '/2&#,/$.! U-.-2*%&! '&(! N*,2/3$/.&(! *! N$+2!3/((/$.!N2/.#/N*%&! '&! (*+8&U*2'&2!&,!'&!,2*.(3&,,2&!*+J!U-.-2*,/$.(!1+,+2&(!%&(!v+82&(!'+!N*((-!&,!'+!N2-(&.,A! Q%%&!1*8$2/(&!%*!#2-*,/$.!*2#)/,&#,+2*%&!&,!8&/%%&!e!%*!N2$3$,/$.!'&!%*!X+*%/,-!*2#)/,&#,+2*%&!&,! N*@(*UV2&! '*.(! %&(! &(N*#&(! .*,+2&%(! &,! 6r,/(A! Q%%&! 8/(&! e! U*2*.,/2! '*.(! '&(! #$.'/,/$.(! $N,/3*%&(! %Y-,+'&:! %*! N2$,&#,/$.:! %*! #$.(&28*,/$.! &,! %*! 8*%$2/(*,/$.! '&(! 6/&.(! #+%,+2&%(! N2$,-U-(! *+! ,/,2&! '&(! #$'&(! '+! N*,2/3$/.&! &,! '&! %Y+26*./(3&! B! 3$.+3&.,(:! W*2'/.(:! N*,2/3$/.&!*2#)-$%$U/X+&!&,!/33*,-2/&%:!#$%%&#,/$.(!3+(-$U2*N)/X+&(:!*2#)/8&(!N+6%/X+&(:! &,#A!p+!P&%*!-,*.,!'/,:!$.!2&3*2X+&!X+&!%&!N-2/3V,2&!*(($#/-!e!%*!.$,/$.!'&!N*,2/3$/.&!&(,! 2-U+%/V2&3&.,!-,&.'+!*8&#:!N*2!&J&3N%&:!%Y/.,-U2*,/$.!'+!N*,2/3$/.&!/.'+(,2/&%:!%&!N*,2/3$/.&! .*,+2&%!$+!&.#$2&!%&!N*,2/3$/.&!'+!{{V3&!(/V#%&A!?$+(!.$+(!(/,+$.(!'$.#!'*.(!+.!(&#,&+2! &.!#$.(,*.,&!-8$%+,/$.!X+/!&J/U&!'&(!2&3/(&(!&.!X+&(,/$.!2-U+%/V2&(!(+2!'&!.$362&+J!(+W&,(:! .$,*33&.,!1/(#*+JA!! !

S/.(/:! #$33&! .$+(! %Y*8$.(!3$.,2-:! %&(! 6&($/.(! &.! ,&23&(! '&! 1/.*.#&3&.,! '+! N*,2/3$/.&! ($.,! '&! N%+(! &.! N%+(! /3N$2,*.,(! &,:! (Y/%(! .&! ($.,! N*(! #$36%-(:! #&+J_#/! 8$.,! *%%&2! &.! *+U3&.,*.,! '+! 1*/,! '&(! '-U2*'*,/$.(! *##+3+%-&(A! \$+2,*.,:! .$+(! ($33&(! 1*#&! e! +.! N*2*'$J&!B!*%$2(!X+&!%&(!6&($/.(!*+U3&.,&.,:!%&!3-#-.*,!#+%,+2&%!&,!N*,2/3$./*%:!%+/:!.Y*,,/2&! N%+(!*+,*.,!'Y&.,2&N2/(&(!X+Y*+N*2*8*.,A!O%!#$.8/&.,!'$.#!'&!(&!N$(&2!%*!X+&(,/$.!(+/8*.,&!B!

!"##$%&' ($%")*$+$(' +,$-./(0$%1$' 2)' #/1/%3&' 1)+&)($+' $&' .3&(0#"%03+' 4' +,3)%$' 2$5' %")*$3)-'$%6$)-'5&(3&/708)$5'2$5'$%&($.(05$5'9! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! + !M/./(,V2&!'&!%*!P+%,+2&:!o!R*!'/2&#,/$.!U-.-2*%&!'&(!N*,2/3$/.&(:!5AjA:!),,NBddLLLA#+%,+2&AU$+8A12d?$+(_ #$..*/,2&dT2U*./(*,/$.dj/2&#,/$.(_'_*'3/./(,2*,/$._#&.,2*%&dR*_'/2&#,/$._U&.&2*%&_'&(_N*,2/3$/.&(:!#$.(+%,-! &.!*$m,!=>Gc!

(12)

! GG!

i*#&! *+! '-(&.U*U&3&.,! '&(! &.,2&N2/(&(! N$+2! %*! #*+(&! N*,2/3$./*%&:! .$,2&! N2&3/V2&! )@N$,)V(&! #$.(/(,&2*! e! '/2&! X+&:! (/! %&! 3-#-.*,! N&+,! (*,/(1*/2&! '&(! &.W&+J! N2$N2&(! e! %Y&.,2&N2/(&:!%&!3-#-.*,!&.!1*8&+2!'&!%*!#+%,+2&!&,!'+!N*,2/3$/.&:!%+/:!2-N$.'!e!'&(!6&($/.(! X+/!(&!(/,+&.,!&.!'&)$2(!'+!N-2/3V,2&!'&!%Y&.,2&N2/(&A!R&(!&.,2&N2/(&(!.&!,2$+8&2*/&.,!*/.(/! N*(!'Y/.,-2u,!$+!'Y*8*.,*U&(!e!3-#-.&2!%*!#*+(&!N*,2/3$./*%&:!(/!#&!.Y&(,!%*!'-'+#,/$.!1/(#*%&! $11&2,&A!

?$,2&!(&#$.'&!)@N$,)V(&!&(,!.-&!'Y+.&!&JN-2/&.#&!N&2($..&%%&!*/.(/!X+&!'Y-#)*.U&(!*8&#! #&2,*/.(! N2$1&((/$..&%(! '+! (&#,&+2:! N&((/3/(,&(! X+*.,! e! %Y*8&./2! '+! 3-#-.*,! #+%,+2&%A! Q.! &11&,:!X+&%X+&(_+.(!&(,/3&.,!X+&!%*!.$3/.*,/$.!'&!5,-N)*.&!^&2.!e!%*!,u,&!'Y+.&!3/((/$.! N*,2/3$/.&! &(,! 2-8-%*,2/#&! '&! %Y/3N*((&! '*.(! %*X+&%%&! (&! ,2$+8&! %&! N*,2/3$/.&!B! %&(! 1$.'(! 3*.X+&.,:!%&(!&.,2&N2/(&(!.Y/.8&(,/((&.,!N%+(:!'$.#!$.!'-(/U.&!+.!N&2($..*U&!3-'/*,/X+&! *1/.!'Y*,,/2&2!%Y*,,&.,/$.!'&!N$,&.,/&%(!3-#V.&(A!?$,2&!)@N$,)V(&!&(,!'$.#!%*!(+/8*.,&!B!.$+(! *8$.(!*,,&/.,!%&(!%/3/,&(!'&!#&!X+/!N$+8*/,!u,2&!1*/,!&.!,&23&(!'&!3-#-.*,!#+%,+2&%A!O%!.Y&(,! '$.#! N*(! N$((/6%&! 'Y*%%&2! #$.X+-2/2! '&! .$+8&%%&(! &.,2&N2/(&(! 3-#V.&(:! ./! '&! #$.8*/.#2&! #&%%&(!X+/!(&!(&2*/&.,!'-We!&.U*U-&(!'*.(!+.&!N$%/,/X+&!'&!3-#-.*,!N$+2!+.!*+,2&!(&#,&+2! E&.8/2$..&3&.,:! (*.,-:! ($%/'*2/,-F! '&! '-8&%$NN&2! +.! *J&! '&! ($+,/&.! e! %*! #+%,+2&! &,! *+! N*,2/3$/.&A!

Q.1/.:! .$,2&! ,2$/(/V3&! )@N$,)V(&! #$.(/(,&! e! '/2&! X+&! %&! 3-#-.*,! .&! N&+,! N&23&,,2&! %*! #$.#/%/*,/$.!&.,2&!/.,-2u,!U-.-2*%!&,!/.,-2u,!N2/8-!'&!%Y&.,2&N2/(&A!P&,,&!)@N$,)V(&!-,+'/&!,$+,! N*2,/#+%/V2&3&.,!%&!#*2*#,V2&!'-(/.,-2&((-!'&!%Y*#,&!'&!'$.!&,!/.,&22$U&!%Y/'-&!'Y+.!N$,&.,/&%! 2&,$+2!(+2!/.8&(,/((&3&.,!N$+2!%Y&.,2&N2/(&!3-#V.&!X+/!(&36%&!&J#%+!#*2!N%+,l,!*NN*2&.,-!e! %*!.$,/$.!'&!N*22*/.*U&!E'-1/./!#$33&!(+/,!B!o!+.&!$N-2*,/$.!#$33&2#/*%&!'$.,!%Y&.,2&N2/(&! *,,&.'! +.! 6-.-1/#&! #$33&2#/*%! '/2&#,:! &,! N2$N$2,/$..-! *+! ($+,/&.! X+Y&%%&! *NN$2,&! *+! N2$W&,A!p#,F!

\$+2!2-N$.'2&!e!#&(!,2$/(!)@N$,)V(&(:!.$+(!.$+(!*NN+/&2$.(!,$+,!N*2,/#+%/V2&3&.,!(+2!'&(! &.,2&,/&.(!3&.-(!*8&#!'&(!N2$1&((/$..&%(!'+!3-#-.*,:!,2*8*/%%*.,!.$,*33&.,!&.!/.(,/,+,/$.! *1/.!'Y$6,&./2!'&(!2&,$+2(!'Y&JN-2/&.#&(:!*/.(/!X+&!'Y-,+'/&2!%&(!N2*,/X+&(!'+!(&#,&+2A!

•! b+%/&.!`+/.)+,:!j/2&#,&+2!'&!%*!#$33+./#*,/$.!&,!'+!'-8&%$NN&3&.,!'&!%*!i$.'*,/$.! '+! N*,2/3$/.&:! $2U*./(*,/$.! N2/8-&! #2--&! N*2!%*! %$/! &.! G<<I! *@*.,!N$+2!3/((/$.! '&! 3$6/%/(&2! '&(! 1$.'(! N$+2! %*! N2-(&28*,/$.! '+! N*,2/3$/.&A! Q%%&! &(,! *+W$+2'Y)+/! +.! N*2,&.*/2&!3*W&+2!'&!%*!3/((/$.!N*,2/3$/.&!#$.1/-&!e!5,-N)*.&!^&2.A!

•! R/$.&%! ^$..&8*%! &,! R+#*(! R&1&682&:! 2&(N&#,/8&3&.,! j/2&#,&+2! U-.-2*%! &,! #)&1! '&! N2$W&,! '+! \%+(! `2*.'! M+(-&! '&! i2*.#&! e! %*! i$.'*,/$.! R*! 5*+8&U*2'&! '&! %Y*2,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

#,

!S'3/#*%:!o!?&!N*(!#$.1$.'2&!%&!3-#-.*,!*8&#!p:!\*2/(:!5AjA:!),,NBdd*'3/#*%A$2Ud#$.,&.+d.&_N*(_#$.1$.'2&_ %&_3&#&.*,_*8&#:!#$.(+%,-!&.!*$m,!=>Gc!

(13)

! G=!

12*.q*/(A!S@*.,!2-#&33&.,!$6,&.+!%&!(,*,+,!'&!i$.'*,/$.:!%*!5*+8&U*2'&!*U/,!(+2!,2$/(! *J&(!B! %*! N2$,&#,/$.! '+! N*,2/3$/.&! /33$6/%/&2! E-U%/(&(! &,! #)*N&%%&(F:! +.&! *#,/$.! &.! 1*8&+2! '+! N*,2/3$/.&! 3$6/%/&2! Ee! ,2*8&2(! %&! N2$U2*33&! '+! \%+(! `2*.'! M+(-&! '&! i2*.#&F! &,! +.&! *#,/8/,-! '&! %$66@/.U! *1/.! '&! (&.(/6/%/(&2! %&! U2*.'! N+6%/#! e! %*! #*+(&! N*,2/3$./*%&A!

•! T%/8/&2!O6*h&g:!2&(N$.(*6%&!'+!3-#-.*,!'&!%*!jOPTM!*+!3/./(,V2&!'&!%*!P+%,+2&A!R&(! 3/((/$.(!'&!MA!O6*h&g!#$.(/(,&.,!e!*NN$2,&2!+.&!*+,$.$3/&!1/.*.#/V2&!*+J!N2$W&,(! */.(/!X+Ye!/3*U/.&2!'&(!N*2,&.*2/*,(!/..$8*.,(!N$+2!#$33+./X+&2!(+2!%&(!*#,/$.(!'+! 3/./(,V2&A!!

•! SU.V(! '&! [/6&,:! '/2&#,2/#&! '+! M*2k&,/.U! &,! '&! %*! P$33+./#*,/$.! #)&g! `2*.,! a)$2.,$.A!`2*.,!a)$2.,$.!&(,!+.!'&(!N%+(!U2*.'(!#*6/.&,(!'Y*+'/,!&,!'&!#$.(&/%!&.! i2*.#&! &,! 3V.&! -U*%&3&.,! +.&! N$%/,/X+&! '&! 3-#-.*,! &.! 1*8&+2! '&(! S2,(! &,! '&! %*! P+%,+2&A!O%!&(,:!'&N+/(!'/J!*.(:!`2*.'!M-#V.&!'&!%*!P$3-'/&!12*.q*/(&A!

•! S%/#/*!Og*2':!2&(N$.(*6%&!'&!N2$W&,(!M-#-.*,!|!O.8&(,/((&3&.,(!#/,$@&.(!#)&g!R&(! &.,2&N2/(&(! N$+2! %*! P/,-:! +.&! *(($#/*,/$.! X+/! *! N$+2! 3/((/$.! '&! (&.(/6/%/(&2! %&(! &.,2&N2/(&(!*+!1*/,!X+Y&%%&(!N&+8&.,!u,2&!*+!#v+2!'&(!/..$8*,/$.(!($#/*%&(A!

•! i%*8/&! j&N2&g:! '/2&#,2/#&! -'/,$2/*%&! &,! #$33+./#*,/$.! #)&g! P*2&.&L(:! %&! N2&3/&2! 3-'/*!'&!%Y/.,-2u,!U-.-2*%A!

•! TN)-%/&! \&@2$.:! 2&(N$.(*6%&! '&! %*! #*3N*U.&! o!a$+(! 3-#V.&(!}!p! *+! 3+(-&! '+! R$+82&A!

?$+(!-,+'/&2$.(!-U*%&3&.,!'&(!2*NN$2,(!&,!*2,/#%&(:!'$.,!6&*+#$+N!($.,!N*2+(!#&,,&!*..-&:! .$,*33&.,!'*.(!%&!#*'2&!'&!%*!#-%-62*,/$.!'&(!X+/.g&!*.(!'&!%*!%$/!3-#-.*,A!\$+2!&.!#/,&2! X+&%X+&(_+.(!B! %Y-,+'&! o!RY&.,2&N2/(&! &.U*U-&!B! .$+8&%%&(! 12$.,/V2&(! '&! %*! [5Q! &,! '+! 3-#-.*,!p!'&!%YT6(&28*,$/2&!'&!%*!N)/%*.,)2$N/&!'&!%*!i$.'*,/$.!'&!i2*.#&:!%&!2*NN$2,!o!R&! 3-#-.*,! #+%,+2&%!B! $+,/%! /.'/(N&.(*6%&! '&! %*! 8/,*%/,-! #+%,+2&%%&!p! N+6%/-! N*2! %*! 3/((/$.! 'Y/.1$23*,/$.!'&!%*!#$33/((/$.!'&!%*!#+%,+2&:!'&!%Y-'+#*,/$.!&,!'&!%*!#$33+./#*,/$.!(+2!%&! 3-#-.*,! #+%,+2&%! *+! 5-.*,:! $+! &.#$2&! %&! o!\*.$2*3*! '&(! 1$.'*,/$.(! &,! '&(! 1$.'(! '&! '$,*,/$.!#2--(!N*2!'&(!&.,2&N2/(&(!3-#V.&(!p!2-*%/(-!N*2!Qt!&,!R&(!Q.,2&N2/(&(!N$+2!%*!P/,-! &.! =>GIA! P&(! '/11-2&.,&(! %&#,+2&(! .$+(! N&23&,,2$.,! 'Y-,*6%/2! %&(! N2/.#/N*%&(! ,&.'*.#&(! e! %Yv+82&!'*.(!%&!'$3*/.&!'+!3-#-.*,!&,!N%+(!N*2,/#+%/V2&3&.,:!'+!3-#-.*,!#+%,+2&%!*/.(/!X+&! 'Y/.,&22$U&2!%&(!'/11-2&.,&(!3$,/8*,/$.(!X+/!($+(_,&.'&.,!%&!'$.!N$+2!%Y&.,2&N2/(&A!

!

P&!,2*8*/%!1&2*!%Y$6W&,!'&!N%+(/&+2(!-,+'&(!'&!#*(:!.$,*33&.,!(+2!'&(!N2$W&,(!N$2,-(!N*2!%*! i$.'*,/$.!'+!N*,2/3$/.&!$+!%*!i$.'*,/$.!R*!5*+8&U*2'&!'&!%Y*2,!12*.q*/(:!'&+J!(,2+#,+2&(! X+/:! '+! 1*/,! '&! %&+2(! *#,/$.(! N2$%/1/X+&(! 4! '$.,! #&2,*/.&(! N*2,/#+%/V2&3&.,! .$8*,2/#&(! 4! &.!

(14)

! GD!

1*8&+2!'+!N*,2/3$/.&!*/.(/!X+&!'&!%Y*3*6/%/,-!'&(!%&+2(!3&362&(!X+/!$.,!*##&N,-!'&!2-N$.'2&! e!.$(!X+&(,/$.(:!$.,!$11&2,!%*!3*,/V2&!.-#&((*/2&!e!%*!#$.(,/,+,/$.!'&!#&!3-3$/2&A!

Q.1/.:!/%!(&36%&!/3N$2,*.,!'&!($+%/U.&2!X+&!#&,,&!2&#)&2#)&!*!8$#*,/$.!e!-,+'/&2!+.&!12*.U&! N*2,/#+%/V2&! '&! %*! #+%,+2&:! X+/! &(,! %&! N*,2/3$/.&! #$33&! '-1/./! N2-#-'&33&.,A! S/.(/:! +.&! U2*.'&!3*W$2/,-!'&(!&J&3N%&(!#/,-(!*+2$.,!,2*/,!e!'&(!N2$W&,(!N*,2/3$./*+JA!?-*.3$/.(:!/%! N&+,! *22/8&2! '*.(! %Y/.,-2u,! '&! %Y*2U+3&.,*,/$.:! $+! &.! #*(! 'Y*6(&.#&! 'Y&J&3N%&(! '*.(! %&! (&#,&+2! N*,2/3$./*%:! X+&! #&2,*/.(! #*(! -8$X+-(! 2&%V8&.,! 'Y*+,2&(! '$3*/.&(! '&! %*! #+%,+2&! #$33&! %&(! *2,(! 8/8*.,(:! %*! 3+(/X+&! $+! &.#$2&! %*! #2-*,/$.! *2,/(,/X+&! #$.,&3N$2*/.&A! T.! .$,&2*! X+&! '&! ,&%%&(! /%%+(,2*,/$.(! N&+8&.,:! e! W+(,&! ,/,2&:! (&28/2! 'Y/.(N/2*,/$.! *+! (&#,&+2! '+! N*,2/3$/.&!*1/.!X+&!#&%+/_#/!3&,,&!&.!N%*#&!'&(!1$23&(!'&!N2$W&,(!(/3/%*/2&(A!R&!N*,2/3$/.&! -,*.,!N*2,/&!/.,-U2*.,&!'&!%*!#+%,+2&:!.$+(!-8$X+&2$.(!/#/!%&(!.$,/$.(!'&!o!3-#-.*,!#+%,+2&%!p! &,!o!3-#-.*,!N*,2/3$./*%!p!'&!1*q$.!/.'/11-2&.,&A!

!

S1/.! '&! 2-N$.'2&! e! .$,2&!N2$6%-3*,/X+&:! .$+(! '-,*/%%&2$.(:! '*.(! +.&! N2&3/V2&! N*2,/&:! %&(! &.W&+J!*+JX+&%(!2-N$.'!'Y$2&(!&,!'-We!%&!3-#-.*,!#+%,+2&%!&,!N*,2/3$./*%A!z+&!#&(!&.W&+J! ($/&.,! 'Y$2'2&! #$33+./#*,/$..&%! E&J,&2.&! $+! /.,&2.&F! $+! 3*2k&,/.U:! %&(! &.,2&N2/(&(! (&36%&.,!*8$/2!(*/(/!%Y&11&,!'&!%&8/&2!X+&!N&+,!*8$/2!+.&!N$%/,/X+&!'&!3-#-.*,A!S/.(/:!.$+(! -,+'/&2$.(! #$33&.,! %&! 3-#-.*,! #+%,+2&%! N&23&,! e! %Y&.,2&N2/(&! '&! #2-&2! '&! %*! 8*%&+2! '&! 3*2X+&A!O%!#$.8/&.'2*!-U*%&3&.,!'&!(Y/.,&22$U&2!(+2!+.&!X+&(,/$.!'&!2&(($+2#&(!)+3*/.&(! '&! N%+(! &.! N%+(! N2-U.*.,&:! #&%%&! '&! %Y&.U*U&3&.,! '&(! #$%%*6$2*,&+2(A! Q.1/.:! .$+(! 2-1%-#)/2$.(!*+!3-#-.*,!#$33&!*2U+3&.,!'&!8&.,&!&,!'$.#!#$33&!*,$+,!3*2k&,/.UA! ?$,2&!(&#$.'&!N*2,/&!1&2*!%Y$6W&,!'Y+.&!2-1%&J/$.!(+2!%&(!&J/U&.#&(!.$+8&%%&(!*+JX+&%%&(!($.,! #$.12$.,-&(! %&(! &.,2&N2/(&(:! .$,*33&.,! '*.(! %&+2(! N$%/,/X+&(! '&! 3-#-.*,A! Q.! &11&,:! '-($23*/(:! #&%%&(_#/! '$/8&.,! u,2&! e! %*! 1$/(! &3N2&/.,&(! '&! (&.(! 3*/(! -U*%&3&.,! N$2,&+(&(! 'Y+.&!8-2/,*6%&!(,2*,-U/&A!PY&(,!N$+2X+$/:!'*.(!+.!N2&3/&2!,&3N(:!.$+(!.$+(!/.,-2&((&2$.(! *+!3-#-.*,!#+%,+2&%!#$33&!8&#,&+2!'Y/.,-U2*,/$.!'*.(!%&!,&22/,$/2&:!*8*.,!'&!.$+(!/.,-2&((&2! *+J!8*%&+2(!X+&!%&!3-#-.*,!N&+,!N$2,&2!&,!(+2!%&(X+&%%&(!%Y&.,2&N2/(&!N$+22*!#*N/,*%/(&2A!\$+2! 1/./2:!$.!.$,&2*!X+&!%&(!&J/U&.#&(!(&!(/,+&.,!-U*%&3&.,!&.!/.,&2.&:!*+!#v+2!'&!%Y&.,2&N2/(&! &,!X+Y/%!'&8/&.,!'$.#!.-#&((*/2&!'Y-8*%+&2!%&(!'-3*2#)&(!'&!3-#-.*,!4!3u3&!#+%,+2&%!4!*+! ,2*8&2(!'&!%*!3&(+2&!'Y/3N*#,A! j*.(!.$,2&!'&2./V2&!N*2,/&:!.$+(!.$+(!#$.#&.,2&2$.(!(+2!%&(!-8$%+,/$.(!e!%Yv+82&!'*.(!%&! #)*3N!'+!3-#-.*,!#+%,+2&%!&,!N*,2/3$./*%A!Q.!&11&,:!(/!%*!%-U/(%*,/$.!&(,!'&!N%+(!&.!N%+(!2&3/(&! &.! X+&(,/$.:! /%! #$.8/&.'2*! 'Y-,+'/&2! %&(! 3&(+2&(! 6-.-1/X+&(! N$+2! %&! (&#,&+2A! T.! 8&22*! &.(+/,&!X+&!%&!3-#-.*,!*:!*+!,2*8&2(!'+!.+3-2/X+&:!'&!N%+(!&.!N%+(!,&.'*.#&!e!(Y)@62/'&2:! '-8&%$NN*.,!*/.(/!'&!.$+8&%%&(!1$23&(!'&!#$%%&#,&!X+/!(&36%&.,!(Y/.,-U2&2!*+J!&.W&+J!'&(!

(15)

! GH!

&.,2&N2/(&(! #/,-(! N2-#-'&33&.,A! Q.1/.:! /%! (&36%&! .-#&((*/2&! 'Y-,+'/&2! +.! 3$+8&3&.,! -3&2U&.,!B!%*!#$_#$.(,2+#,/$.:!X+/!N&23&,!e!%Y&.,2&N2/(&!&,!($.!6-.-1/#/*/2&!'&!,2*8*/%%&2!3*/.! '*.(! %*! 3*/.! %&! N*2,&.*2/*,! e! .*s,2&! &,!*/.(/!'&! N2&.'2&! &.! #$.(/'-2*,/$.! %&(! /.,-2u,(!'&(! '&+J!N*2,/&(!N2&.*.,&(A!!

! ! !!!!!!

(16)

! GK!

.1-

2#*!#()%#3%'*#*!*#!*,()!/456!#$3-%4!/0!$4&4(-)!&07)0%#7!3,0%!

%43,(/%#!6!7#0%*!#(5#08!

! O.,2$'+#,/$.!N*2,/&%%&!B! !

PY&(,! SU.V(! '&! [/6&,:! '/2&#,2/#&! '+! M*2k&,/.U! &,! '&! %*! P$33+./#*,/$.! #)&g! `2*.,! a)$2.,$.! X+/:! %$2(! '&! .$,2&! &.,2&,/&.:! ($+%/U.&! X+&! #&! .Y&(,! X+&! ,2$/(! *.(! *N2V(! %*! N2$3+%U*,/$.!'&!%*!%$/!'&!=>>D!2&%*,/8&!*+!3-#-.*,:!'/,&!o!%$/!S/%%*U$.!p:!X+&!%&(!(+W&,(!%/-(! *+!3-#-.*,!($.,!*22/8-(!e!o!3*,+2/,-!p:!#Y&(,_e_'/2&!X+&!%*!X+&(,/$.!'&!%Y-#$.$3/&!'Y/3Nl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

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

! 4"! 5-*6&'&0'$%7,0*0893':')&'(9,;)&'<&3=>&,'(,'-%2%3*0' ! j*.(!%Y$+82*U&!H-==)/1+&51-/??:!5,-N)*.&!^/%%/&,:!\2-(/'&.,!'&!~&!SU&.#@:!'-1/./,! */.(/!%&(!#$.#&N,(!'Y/3*U&!&,!'&!2-N+,*,/$.!B!o!R&(!.$,/$.(!'Y/3*U&!&,!'&!2-N+,*,/$.!2&.8$/&.,! ,$+,&(!'&+J!e!'&(!2&N2-(&.,*,/$.(!3&.,*%&(!X+&!%Y$.!(&!1*/,!'Y+.&!&.,2&N2/(&:!'Y+.&!3*2X+&:! 'Y+.!N2$'+/,A!p!O%!*W$+,&!B!o!RY/3*U&!(&!UV2&!'*.(!%*!2&N2-(&.,*,/$.!X+Y+.&!3*2X+&!(Y&11$2#&! '&!'$..&2!'Y&%%&_3u3&:!.$,*33&.,!e!,2*8&2(!($.!&JN$(/,/$.!N+6%/#/,*/2&:!X+*.'!%*!2-N+,*,/$.! (&! #$.(,2+/,! '*.(! %&! #$3N$2,&3&.,! X+&! %Y&.,2&N2/(&! *'$N,&:! '*.(! %Y&JN-2/&.#&! X+Y&%%&! 1*/,! 8/82&!e!(&(!'/11-2&.,(!N+6%/#(A!O'-*%&3&.,:!/%!.&!'$/,!N*(!@!*8$/2!'Y/.#$)-2&.#&!&.,2&!/3*U&! &,!2-N+,*,/$.A!p!!

P$33&.,! %&! 3-#-.*,! #+%,+2&%! (Y&(,_/%! N$(/,/$..-! #$33&! +.! $+,/%! e! %*! '/(N$(/,/$.! '&(! &.,2&N2/(&(!N$+2!,2*8*/%%&2!e!%*!1$/(!%&+2!/3*U&!&,!%&+2!2-N+,*,/$.!Z!

j*.(! +.! N2&3/&2! ,&3N(:! /%! *NN*2*/,!,2V(! #%*/2&3&.,! X+&! %&!3-#-.*,! #+%,+2&%! #$.(,/,+&! +.&! 8-2/,*6%&! $NN$2,+./,-! N$+2! %Y&.,2&N2/(&! 'Y*J&2! (*! #$33+./#*,/$.! (+2! *+,2&! #)$(&! X+&! %&! N2$'+/,!B!(+2!($.!*#,/$.!#$.#2V,&!&.!1*8&+2!'&!%*!#+%,+2&!&,!'+!N*,2/3$/.&!Eo!1*/2&!N*2%&2!'&!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

##

(17)

! GI!

($/:!(*.(!N$+2!*+,*.,!N*2%&2!'&!($/_3u3&!p#$FA!P&,,&!.$+8&%%&!1&.u,2&!#$33+./#*,/$..&%%&!

X+/!(Y$+82&!*%$2(!N&+,!u,2&!&JN%$/,-&!(&%$.!'&+J!3$'*%/,-(!B!N*((&2!N*2!'&(!#*.*+J!N2$N2&(! e! %Y&.,2&N2/(&! 3-#V.&! E2*NN$2,(! 'Y*#,/8/,-:! (/,&! /.,&2.&,:! 2&%*,/$.(! N+6%/X+&(:! &,#AF! $+! 6/&.! +,/%/(&2! %&(! #$.,2&N*2,/&(! $11&2,&(! '*.(! %&! #*'2&! '+! 3-#-.*,! N$+2! N2$1/,&2! 'Y+.&! 8/(/6/%/,-! *##2+&A!T%/8/&2!O6*h&g:!2&(N$.(*6%&!'+!3-#-.*,!'&!%*!jOPTM!*+!3/./(,V2&!'&!%*!P+%,+2&:! ($+%/U.&!,$+,!%Y/.,-2u,!'+!N%*.!'&!#$33+./#*,/$.!N2$N$(-!*+!3-#V.&!X+/!o!N&23&,!($+8&.,! '&! U*2*.,/2! *+! 3-#V.&! +.! N&+! '&! N2&(,/U&:! +.! N&+! 'Y-%-U*.#&! &,! +.&! 8/(/6/%/,-:! +.&! 2&#$..*/((*.#&!p#%

! &,! */'&! */.(/! %&! #)*2U-! '&! 3-#-.*,! &.! /.(,/,+,/$.! e! #$.(,2+/2&! +.! *2U+3&.,*/2&!N$+2!#$.8*/.#2&!($.!N2$(N&#,A!

j&! (+2#2$s,:! %&! 3-#-.*,! #+%,+2&%! &,! .$,*33&.,! N*,2/3$./*%:! N%+(! &.#$2&! X+&! %&(! *+,2&(! (&#,&+2(! '&! %Y/.,-2u,! U-.-2*%:! (&36%&! u,2&! +.! 3$@&.! '&! #2-&2! +.! /3*U/.*/2&! *+,$+2! '&! %*! 3*2X+&!$+!'+!N2$'+/,A!S/.(/:!+.&!&.,2&N2/(&!#$33&!;&%+J:!e!,2*8&2(!($.!3-#-.*,:!.Y&(,!N%+(! (&+%&3&.,!+.!1$+2./((&+2!'&!1&.u,2&(!B!&%%&!'&8/&.,!+.!*#,&+2!3*W&+2!'&!%*!2&(,*+2*,/$.!'+! N*,2/3$/.&!12*.q*/(:!&,!N%+(!N*2,/#+%/V2&3&.,!'&(!8/,2*+J!'&!%*!5*/.,&_P)*N&%%&!'&!\*2/(A!P&! 3-#-.*,:! U2*.'/$(&:! &,! -#)&%$..-! (+2! (&N,! *.(:! 2&.'! %*! 3*2X+&! '-(/2*6%&:! 8$/2&! 3u3&! %Y*((/3/%&!e!%*!2$@*+,-A!RY/'-&!'&!N2&(,/U&!X+/!*##$3N*U.&!%&!N*,2/3$/.&!N&23&,!*+!($+,/&.! 1/.*.#/&2!e!+.!,&%!3$.+3&.,!'&!#2-&2!+.!2-#/,!X+&!%*!3*2X+&!N&+,!&JN%$/,&2#&

A!

Q.1/.:!$.!.&!N&+,!N*2%&2!'&!2-N+,*,/$.!(*.(!-8$X+&2!%&!($+Nq$.!'Y$NN$2,+./(3&!X+/!NV(&! N*21$/(! (+2! %&! 3-#-.*,A! P&%+/_#/! (&36%&! .-*.3$/.(! (Y*,,-.+&2! *+W$+2'Y)+/! #*2! c9x! '&(! 1$.'*,/$.(! &,! 1$.'(! '&! '$,*,/$.! #2--(! N*2! '&(! &.,2&N2/(&(! 3-#V.&(! &(,/3&.,! X+&! %&+2! #$33+./#*,/$.!U-.V2&!'&(!2&,$36-&(!N$(/,/8&(!&.!,&23&(!'Y/3*U&!&,!'&!2-N+,*,/$.#'A!\$+2!

1*/2&!,*/2&!#&(!#2/,/X+&(!%*!'-3*2#)&!'&!%Y&.,2&N2/(&!X+/!'$/,!6/&.!-8/'&33&.,!u,2&!(/.#V2&!&,! ,*.U/6%&:!'$/,!-U*%&3&.,!(&!'$,&2!'Y+.&!#$33+./#*,/$.!3&(+2-&!&,!)+36%&A!jY$€!%Y/.,-2u,:! N$+2!%&!3-#V.&:!X+&!%Y/.(,/,+,/$.!($+,&.+&!(&!N$2,&!U*2*.,&!'Y+.&!#$33+./#*,/$.!*+,$+2!'&! %Y*#,/$.A! PY&(,! #&! X+&! ($+%/U.&! a)$3*(! j&%N&#)! '+! `2$+N&! 7N!B! o!S+W$+2'Y)+/! %Y-X+/%/62&! #$.(/(,&!e!1*/2&!8*%$2/(&2!.$,2&!*/'&!N*2!%&(!N$2,&+2(!'&!N2$W&,(!&+J_3u3&(A!p#(!!!! ! ?"! @&'-%2%3*0'29--&'9,08)'(&'(8AA%$&328*0893'A*2&'/')*'2932,$$&32&' ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! #$ !Qt!&,!R&(!Q.,2&N2/(&(!N$+2!%*!P/,-:!o!\*.$2*3*!'&(!1$.'*,/$.(!&,!'&(!1$.'(!'&!'$,*,/$.!#2--(!N*2!'&(! &.,2&N2/(&(!3-#V.&(!p:!=>GI:!NA<A!! #% !P1A!S..&J&!.wI!B!Q.,2&,/&.!*8&#!T%/8/&2!O6*h&g! #& !P1A!S..&J&!.w9!B!\+6%/#/,-!1<%'@%)3A'B#3,(-&*#,/! #' !Qt!&,!R&(!Q.,2&N2/(&(!N$+2!%*!P/,-:!o!\*.$2*3*!'&(!1$.'*,/$.(!&,!'&(!1$.'(!'&!'$,*,/$.!#2--(!N*2!'&(! &.,2&N2/(&(!3-#V.&(!p:!=>GI:!NA<A! #( !i$.'*,/$.!'&!i2*.#&:!o!RY&.,2&N2/(&!&.U*U-&!B!.$+8&%%&(!12$.,/V2&(!'&!%*![5Q!&,!'+!3-#-.*,!p:!R&(! -,+'&(!'&!%YT6(&28*,$/2&:!W+/.!=>Gc:!NADHA!

(18)

! G9! [&N2&.$.(!%Y&J&3N%&!'&!;&%+J:!#/,-!N2-#-'&33&.,!&,!*((/3/%-!e!%*!2$@*+,-!'+!1*/,!'&! ($.!3-#-.*,!&.!1*8&+2!'&!%*!5*/.,&_P)*N&%%&!-'/1/-&!e!%*!'&3*.'&!'&!5*/.,!R$+/(A!?$+(! N$+8$.(!3u3&!N$+((&2!#&,,&!*.*%$U/&!N%+(!%$/.A!Q.!&11&,:!W+(X+Y*+!{;OOOV3&!(/V#%&:!%&!2$/! -,*/,!X+*%/1/-!N*2!%Y*'*U&!%*,/.!o!I:1=)."1/5(:"9&:(."p!(/U./1/*.,!o!\2&3/&2!N*23/!%&(!N*/2(!pA! Q.!(&!N$(/,/$..*.,!#$33&!U2*.'!3-#V.&!'+!N*,2/3$/.&!12*.q*/(!4!2*NN&%$.(!'Y*/%%&+2(!X+&! %&(!i$.'*,/$.(!;&%+J!$.,!2&q+!%*!3-'*/%%&!'&!o!`2*.'!M-#V.&!p!'+!3/./(,V2&!'&!%*!P+%,+2&! &.!=>><!*/.(/!X+&!%&!\2/J!o!7.!N2$W&,:!+.!3-#V.&!p!'+!3u3&!3/./(,V2&!&.!=>G9!4!%Y&.,2&N2/(&! .&!6-.-1/#/&2*/,_&%%&!N*(!'Y+.!*8*.,*U&!.$.!.-U%/U&*6%&!1*#&!e!(&(!#$.#+22&.,(!'&8&.*.,! */.(/!o!N2&3/V2&!N*23/!(&(!N*/2(!p!'&!N*2!%*!'/11-2&.#&!X+&!%+/!$#,2$/&!%&!3-#-.*,!3*/(!*+((/! '&!N*2!%Y$NN$2,+./,-!'&!#$33+./#*,/$.!X+Y/%!#2-&!Z!! R&!3-#-.*,!#+%,+2&%!&(,!'$.#!'Y*6$2'!+.&!$##*(/$.!'&!(&!1*/2&!#$..*s,2&!#$33&!%&!2*NN&%%&! SU.V(!'&![/6&,:!'&!`2*.,!a)$2.,$.:!X+*.'!&%%&!-8$X+&!%&(!2*/($.(!'&!%Y&.U*U&3&.,!'&!($.! &.,2&N2/(&!'*.(!+.&!N$%/,/X+&!'&!($+,/&.!*+J!U2*.'&(!/.(,/,+,/$.(!12*.q*/(&(!B!o!%*!N2&3/V2&! 2*/($.‚:!#Y-,*/,!N*2#&!X+&!.$+(!-,/$.(:!e!%Y-N$X+&:!+.&!3*2X+&!X+/!-,*/,!*((&g!3-#$..+&!&,! X+&! W&! ,2$+8*/(! q*! W+'/#/&+J! '&! W+J,*N$(&2! %Y/3*U&! '&! `2*.,! a)$2.,$.! e! #&%%&! '+! N2&3/&2! ,)-r,2&! '&! i2*.#&! %*! P$3-'/&! 12*.q*/(&‚!p#)

A! \+/(:! N*2! &J,&.(/$.:! /%! '&8/&.,! $+,/%! '&! '/(,/.#,/$.!*+((/!6/&.!N*2!2*NN$2,!*+J!#$.#+22&.,(!X+/!.&!%&!N2*,/X+&.,!N*(!X+&!8/(_e_8/(!'&! #&+J!X+/!($.,!&.U*U-(!(+2!+.!*+,2&!(&#,&+2!X+&!%*!#+%,+2&A!Q.!&11&,:!%*!#+%,+2&!&,!*!1$2,/$2/!%&! N*,2/3$/.&! N2-(&.,&.,! %Y*8*.,*U&! #&2,*/.! 'Y+.&! $3./N2-(&.#&! N)@(/X+&! &,! '$.#! 'Y+.&! 8/(/6/%/,-!/3N$2,*.,&!E/%!.Y&J/(,&!U+V2&!'&!#$33+.&!X+/!.&!2&#V%&!+.!$6W&,!N*,2/3$./*%F!*/.(/! X+&!'Y+.&!2-($.*.#&!*11&#,/8&!1$2,&A!Q.!=>GI:!e!%Y$##*(/$.!'&!(&(!8/.U,!*.(:!%*!i$.'*,/$.!'+! N*,2/3$/.&!N+6%/*/,!+.&!-,+'&!/.,/,+%-&!o!R&(!i2*.q*/(!&,!%&!N*,2/3$/.&!'&!N2$J/3/,-!p#*!X+/!

#$.1/23&! #&! '&2./&2! N$/.,!B! (+2! +.! -#)*.,/%%$.! '&! G>HK! N&2($..&(! '&! '/J_)+/,! *.(! &,! N%+(! 2&N2-(&.,*,/1!'&!%*!N$N+%*,/$.:!<9x!&(,/3&.,!X+&!%&!N*,2/3$/.&!1*/,!N*2,/&!/.,-U2*.,&!'&!.$,2&! /'&.,/,-! #+%,+2&%%&! &,! N&23&,! '&! ,2*.(3&,,2&! %*! 3-3$/2&A! ƒ,2&! 3-#V.&! '&! %*! #+%,+2&! &,! '+! N*,2/3$/.&!#Y&(,!'$.#!2&(,&2!N2-(&.,!e!%Y&(N2/,!'&!(&(!#%/&.,(!&,!N%+(!%*2U&3&.,!'&(!#/,$@&.(! &.! U-.-2*%A! S/.(/! +.&! 3*2X+&! #$33&! R$+/(! ;+/,,$.:! X+/! N&+,! (&36%&2! -%$/U.-&! '&(! N2$6%-3*,/X+&(! X+$,/'/&..&(! '&(! i2*.q*/(! 8*! (Y&.! 2*NN2$#)&2! '&! N*2! (*! N$%/,/X+&! '&! 3-#-.*,:! 'Y*+,*.,! N%+(! X+&! '&N+/(! =>>I:! &%%&! '/(N$(&! 'Y+.! &(N*#&! N)@(/X+&! '-'/-! e! %*! #2-*,/$.! *2,/(,/X+&:! %*! i$.'*,/$.! R$+/(! ;+/,,$.:! *+! ^$/(! '&! ^$+%$U.&:! X+/! N&23&,! '$.#! %*! 2&.#$.,2&! *8&#! '&! .$362&+J! N+6%/#(:! '$.,! #&2,*/.(! .&! ($.,! N*(! 1$2#-3&.,! #%/&.,(! '&! %*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! #) !P1A!S..&J&!.w=!B!Q.,2&,/&.!*8&#!SU.V(!'&![/6&,! #* !P*/((&!'&(!j-Nl,(:!o!P+%,+2&!4!R&(!i2*.q*/(!*/3&.,!,$+W$+2(!*+,*.,!%&!N*,2/3$/.&!'&!N2$J/3/,-AAA!&,!($.,! 3u3&!N2u,(!e!(Y&.U*U&2!p:!3*2(!=>GI:! ),,N(BddLLLA#*/((&'&('&N$,('&(,&22/,$/2&(A12d#(dP$.,&.,5&28&2ZN*U&.*3&„a&22/,$/2&(dRTPS#,+dS2,/#%&S#,+*% /,&|#/'„G=K>=9>DcHDK=:!#$.(+%,-!&.!W+/%%&,!=>Gc!

(19)

! Gc!

3*2X+&A! R*! 3&/%%&+2&! N2&+8&! '&! %Y*8*.,*U&! #$.#+22&.,/&%! X+&! 2&N2-(&.,&! %*! i$.'*,/$.! ;+/,,$.:! &(,! %Y$+8&2,+2&! N2$#)*/.&:! *+! #v+2! '&! \*2/(:! '&! %*! i$.'*,/$.! \/.*+%,! N$+2! %Y*2,! #$.,&3N$2*/.! 8$+%+! N*2! i2*.q$/(! \/.*+%,:! 1$.'*,&+2! '+! U2$+N&! ]&2/.U! &,! U2*.'! 2/8*%! '&! ^&2.*2'!S2.*+%,:!\j`!'&!R;MnA!

!

B"! C%2%3*0'2,)0,$&)'&0'&D7%$8&32&'2)8&30'

!

S+W$+2'Y)+/:! $.! .&! N&+,! N*2%&2! '&! (,2*,-U/&! '&! 3*2X+&! (*.(! -8$X+&2! %Y&JN-2/&.#&! #%/&.,:!*+!#v+2!'&(!N2-$##+N*,/$.(!'&(!&.,2&N2/(&(:!#$33&!&.!,-3$/U.&!%&(!-8$%+,/$.(!'+! (&#,&+2! '+! :(5&1$:! ,$+W$+2(! &.! X+u,&! 'Y/..$8*,/$.(! -22$1/(! $+! -/$1/(A! P&N&.'*.,:! ^&.$s,! n&/%62+..:!N2$1&((&+2!'&!3*2k&,/.U!*(($#/-!e!%YQ5P\!Q+2$N&!&,!e!%YOiM:!'-3$.,2&!'*.(!%&! #)*N/,2&!o!M*2k&,/.U:!6:&/'1/4:!#$.,&.+(!'&!3*2X+&(!p!'&!%Y$+82*U&!H-==)/1+&51-/!X+Yo!/%! '&8/&.,!.-#&((*/2&!'&!($2,/2!'Y+.!3$'V%&!N+2&3&.,!,2*.(*#,/$..&%!'*.(!%&X+&%!%*!3*2X+&!.&! (Y*'2&((&! e! (&(! #%/&.,(! X+Ye! ,2*8&2(! '&(! N$/.,(! '&! 8&.,&! $+! '&(! 3&((*U&(! '&! .*,+2&! N+6%/#/,*/2&!p#+

A!Q,!(/!%Y&.U*U&3&.,!'Y+.&!&.,2&N2/(&!'*.(!+.&!N$%/,/X+&!'&!3-#-.*,!#+%,+2&%! N$+8*/,!%+/!$+82/2!+.!.$+8&*+!N$/.,!'&!#$.,*#,!*8&#!(*!#%/&.,V%&!&,!*/.(/!,/((&2!+.&!2&%*,/$.! N2/8/%-U/-&!*8&#!#&%%&_#/!Z!

5+2!#&!N$/.,:!#&!($.,!&((&.,/&%%&3&.,!%&(!#$.,2&N*2,/&(!X+/!N&23&,,&.,!e!%Y&.,2&N2/(&!'Y&.,2&2! '*.(! +.&! 2&%*,/$.! &JN-2/&.,/&%%&! *8&#! (&(! #%/&.,(A! 5/! %*! %$/! 2&%*,/8&! *+! 3-#-.*,! .&! N2-8$/,! *+#+.&! '/(N$(/,/$.! #$.#&2.*.,! %&(! 2-#$3N&.(&(! $11&2,&(! *+! 3-#V.&:! #Y&(,! %*! P)*2,&! '+! 3-#-.*,!#+%,+2&%!X+/!&.!N$(&!%&(!#$.'/,/$.(!B!o!%Y-%/U/6/%/,-!'&(!8&2(&3&.,(!'&(!&.,2&N2/(&(! *+! 6-.-1/#&! '&! %Y*8*.,*U&! 1/(#*%! .Y&(,! N*(! 2&3/(&! &.! #*+(&! (/! %*! 8*%&+2! '&(! #$.,2&N*2,/&(! 3*,-2/&%%&(!&,!/33*,-2/&%%&(!.&!'-N*((&!N*(!=Kx!'+!3$.,*.,!'+!'$.!p$,A!S/.(/:!&.!-#)*.U&!

'Y+.!'$.!/3N$2,*.,:!+.!3-#V.&!N&+,!(&!8$/2!$+82/2!%&(!N$2,&(!'&!%/&+J!&J#&N,/$..&%(!N*2!%&! 6/*/(! '&! #&! X+Y$.! *NN&%%&! %*! 3/(&! e! '/(N$(/,/$.! 'Y&(N*#&(A! P&,,&! #$.,2&N*2,/&! X+*(/_ &J#%+(/8&3&.,!N&23/(&!N*2!%&!(&#,&+2!'&!%*!#+%,+2&!'+!1*/,!'&!%*!U2*.'&!2/#)&((&!'&(!%/&+J! N*,2/3$./*+J!12*.q*/(!*+((/!6/&.!&.!,&23&(!'&!6r,/!X+&!'&!W*2'/.:!N&+,!*/.(/!u,2&!%Y$##*(/$.! N$+2! ,$+,! ,@N&! 'Y&.,2&N2/(&! 'Y$2U*./(&2! +.! -8-.&3&.,! e! '&(,/.*,/$.! '&! (&(! #%/&.,(A! P&,! *8*.,*U&! N&23/(! N*2! %&! (&#,&+2! #+%,+2&%! &(,! 'Y*/%%&+2(! 3/(! &.! *8*.,! N*2! R/$.&%! ^$..&8*%:! j/2&#,&+2!U-.-2*%!'&!%*!i$.'*,/$.!'&!%*!5*+8&U*2'&!'&!%Y*2,!12*.q*/(!B!o!Re!$€!$.!&(,!*,,2*#,/1! N$+2!+.!3-#V.&:!#Y&(,!X+Y$.!&(,!#*N*6%&!'Y$2U*./(&2!+.!-8-.&3&.,!'&!2&%*,/$.(!N+6%/X+&(! N$+2!8/.U,!N&2($..&(:!N$+2!%&(!#%/&.,(!'&!R*g*2'!'*.(!%&(!*,&%/&2(!'&!2&(,*+2*,/$.!'&!%*!8/%%&! '&! \*2/(! X+/! &(,! +.! %/&+! 1&23-! *+! N+6%/#! B! q*! $.! &(,! #*N*6%&! '&! %&! 1*/2&A! T.! &(,! #*N*6%&!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

#+

!SM!T%/8/&2!&,!^ORROQa!5,-N)*.&:!;#==3,*.-&*#,:!j+.$':!\*2/(:!=>GK:!NAGI<A!

$,

(20)

! G<!

'Y$2U*./(&2:!'*.(!%&(!*,&%/&2(!'&!2&(,*+2*,/$.!'+!P=[Mi!e!;&2(*/%%&(:!'&(!8/(/,&(!,2V(!,&99%"

2(G:! $€! $.! 8*! *8$/2! +.! -#)*.U&! '/2&#,! *8&#! %&! #$.(&28*,&+2! p$#A! P&2,*/.(! #)*2U-(! '&!

3-#-.*,!&.!/.(,/,+,/$.:!#$33&!T%/8/&2!O6*h&g:!3/%/,&.,!3u3&!N$+2!X+&!#&2,*/.&(!o!N-N/,&(!p! '&(!-,*6%/((&3&.,(!#+%,+2&%(!.&!N+/((&.,!u,2&!%$+-&(!&,!($/&.,!'$.#!+./X+&3&.,!*##&((/6%&(! U2r#&!e!+.!3-#-.*,A!PY&(,!*/.(/!X+&!`2*.,!a)$2.,$.:!*+N*2*8*.,!3-#V.&!'+!R$+82&:!*!N+! $2U*./(&2! +.&! ($/2-&! e! '&(,/.*,/$.! '&! I>>! #%/&.,(! &,! N2$(N&#,(! '&! %Y&.,2&N2/(&!*+! (&/.! '+! N2&(,/U/&+J! N*%*/(A! RY$##*(/$.! N$+2! %&(! *(($#/-(! '+! #*6/.&,! 'Y*%%&2! 2&.#$.,2&2! %&+2(! /.,&2%$#+,&+2(!(+2!+.!.$+8&*+!,&22*/.:!.$+&2!+.&!2&%*,/$.!'/11-2&.,&!&,!3$.,2&2!%&+2!*N,/,+'&! e! N*2%&2! 'Y*+,2&! #)$(&! X+&! '+! 3$.'&! '&(! *11*/2&(A! P&%*! #2-&! '$.#! N$+2! %*! 3*2X+&! +.! -8-.&3&.,!e!)*+,&!8*%&+2!*W$+,-&!X+/!N&+,!3u3&!N*21$/(!(&!2-8-%&2!2&.,*6%&!&.!,&23&(!'&! (/U.*,+2&(!'&!#$.,2*,(A!S!,2*8&2(!#&,,&!&JN-2/&.#&!#%/&.,!2&.$+8&%-&!N*2!%&!3-#-.*,!#+%,+2&%:! %*!3*2X+&!($2,!'&!($.!N-2/3V,2&!,2*'/,/$..&%!&,!3&,!&.!8*%&+2!(*!#*N*#/,-!e!/.8&(,/2!+.!*+,2&! '$3*/.&!X+&!#&%+/!'&(!*11*/2&(A! !

E"! @&1'&30$&7$81&1'A*2&'/',3'39,+&*,'(%A8':')F&36*6&-&30'(&1'29))*;9$*0&,$1'

! 4"! @&'-%2%3*0'2,)0,$&)G',3&'$%7931&'/')*'.,H0&'(&'1&31'*,'0$*+*8)' !

5/:! #$33&! .$+(! %Y*8$.(! 8+:! %&! 3-#-.*,! #+%,+2&%! &(,! ,2V(! N&2,/.&.,! N$+2! %*! #$33+./#*,/$.! &J,&2.&! '&! %Y&.,2&N2/(&:! $.! .&! N&+,! $+6%/&2! e! X+&%! N$/.,! /%! N$((V'&! +.&! 8-2/,*6%&!N$2,-&!(+2!%*!#$33+./#*,/$.!/.,&2.&A!!

S+W$+2'Y)+/:! 1*#&! *+! 6):/" -)5:! *+! 6-:(" -)5! $+! &.#$2&! *+! 6:-G/" -)5:! %&(! X+&(,/$.(! '&! %Y-N*.$+/((&3&.,:!'&!%*!X+*%/,-!'&!8/&!*+!,2*8*/%!(&!1$.,!'&!N%+(!&.!N%+(!N2-U.*.,&(A!PY&(,! '$.#!'*.(!#&!#*'2&!X+&!%&(!&.,2&N2/(&(!(Y/.,&22$U&.,!'&!N%+(!&.!N%+(!(+2!%*!X+u,&!'&!(&.(! *+!,2*8*/%:!'Y*+,*.,!X+Y+.&!2-#&.,&!-,+'&$$

!3&.-&!N*2!%&!#*6/.&,!j&%$/,,&!&,!;/*'&$!'-3$.,2&! X+&! KKx! '&(! (*%*2/-(! &(,/3&.,! X+&! %&! (&.(! *+! ,2*8*/%! (Y&(,! '-U2*'-A! 5/! #&(! X+&(,/$.(! 'Y&.U*U&3&.,! '&(! #$%%*6$2*,&+2(:! '&! #$)-(/$.! /.,&2.&:! '&! 1/&2,-! 'Y*NN*2,&.*.#&! ($.,! (/! /3N$2,*.,&(!N$+2!%Y&.,2&N2/(&!#Y&(,!*8*.,!,$+,!N*2#&!%&!6/&._u,2&!'&(!#$%%*6$2*,&+2(!*!N*2,/&! %/-&!*8&#!%Y&.U*U&3&.,!'&!#&+J_#/!'*.(!%&+2!,2*8*/%!&,!'$.#!/.1%+&!(+2!%*!N&21$23*.#&!'Y+.&! &.,2&N2/(&A!\$+2!2*NN&%:!%&!#$m,!'&!'-(&.U*U&3&.,!'Y+.!(*%*2/-!N*2!*.!N$+2!+.&!&.,2&N2/(&! (&2*/,!'&!HK>>…A!! Q,!(/!%&!3-#-.*,!#+%,+2&%!N$+8*/,!#$.,2/6+&2!e!%Y-N*.$+/((&3&.,!'&(!(*%*2/-(!Z!5&%$.!#&,,&! 3u3&!-,+'&:!%&!(&.(!*+!,2*8*/%!&(,!2&%/-!N2/.#/N*%&3&.,!e!%Y*#,/8/,-!'+!X+$,/'/&.!E=<xF!3*/(! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! $# !P1A!S..&J&!.wD!B!Q.,2&,/&.!*8&#!R/$.&%!^$..&8*%! $$ !j&%$/,,&!&,!;/*'&$:!o!5&.(!*+!,2*8*/%!$+!(&.(!/.,&2'/,!Z!p:!'-#&362&!=>G9:!NA=>A!

Références

Documents relatifs

La vocation première de ces pôles est d’informer les entreprises et les porteurs de projets sur tous les aspects du mécénat culturel, de recenser et de diffuser les

Pas nécessairement, si l’on considère qu’à défaut de disposer d’une notoriété internationale et d’équipes étoffées de spécialistes de la collecte de fonds, les

don déductible de l’impôt acquitté par l’entreprise à hauteur de 60 % du montant du don, dans la limite de 0,5 % du chiffre d’affaires annuel hors taxes. La

En appui au thème national des Journées européennes du patrimoine « Patrimoine pour tous », les Archives départementales des Landes se mobilisent autour de la nouvelle exposition

C’est pourquoi nous avons créé le Tremplin Jeunes Talents du festival Jazz à Saint-Germain-des-Prés Paris avec la Fondation BNP Paribas, également mécène du festival.. Outre

Une) des) possibilités) offertes) à) une) entreprise) mécène) consiste) à) apporter) des) moyens) (produits) ou) services)) à) la) cause) qu’elle) entend) soutenir.) Il)

▶ Mention du logo de votre entreprise à travers les communications (publiées dans les programmes de spectacles et sur les réseaux sociaux de Sinfonietta). ▶ Un concert

Dans leur nouveau milieu d’abandon (subaquatique pour la plupart), les matériaux ont développé des phénomènes de corrosion par piqûres qui évoluent après le