• Aucun résultat trouvé

La genèse du sujet et du monde personnels comme genèse phénoménologique : la question de l’habitus chez Husserl

N/A
N/A
Protected

Academic year: 2021

Partager "La genèse du sujet et du monde personnels comme genèse phénoménologique : la question de l’habitus chez Husserl"

Copied!
363
0
0

Texte intégral

(1)

HAL Id: tel-03275529

https://tel.archives-ouvertes.fr/tel-03275529

Submitted on 1 Jul 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.

La genèse du sujet et du monde personnels comme genèse phénoménologique : la question de l’habitus chez

Husserl

Mariana de Campos Bardelli

To cite this version:

Mariana de Campos Bardelli. La genèse du sujet et du monde personnels comme genèse phénoménologique : la question de l’habitus chez Husserl. Philosophie. Université de Strasbourg, 2020. Français. �NNT : 2020STRAC028�. �tel-03275529�

(2)

"!

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

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

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

!"#$% ! !

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

"#$%#&#!'(!)*"+,-!.*/'(001!

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

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

01+2&#3'(&',)#4$5&36$27'(&'82396:1#3;!

2/%3/"-/'&4!5"$3/)-/($

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

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

1-,,$"#$%&'$".23%-,3%-0-#45)$"6"0!"

5)$'+4-%"($"072!84+)'"12$9":)''$/0!

7+Ê6(GLULJpHSDU

052*2=,16.,-DFRE 3URIHVVHXU8QLYHUVLWpGH6WUDVERXUJ 5$33257(856

0PH5g0(5,QJD 3URIHVVHXU8QLYHUVLWp*UHQREOH$OSHV

0%(*287%UXFH 0DvWUHGHFRQIpUHQFHV+'58QLYHUVLWp%RUGHDX[0RQWDLJQH

$875(60(0%5(6'8-85<

0%(51(75XGROI 3URIHVVHXU8QLYHUVLWpGH/RXYDLQ

(3)

#!

6!7)!78#&!9&#):!;!7+'!"8#&!</3)#1+:!;!7+'!7)=(#&!>-/?/&#@!

(4)

! $!

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

%&! '&(&')*&! *+,*+*(&+-! ./+0*&1'! %2)/3! 4/5/6*+07*8! (/+! 9*'&)-&1'! 9&! -:;0&8! </1'!0/+!

0/1-*&+!<&+92+-!)&0!2++=&0!9&!-'2>2*?!&-!92+0!-/1-&0!?&0!9=(2'):&0!@1*!9=<200&+-!?2'5&(&+-!?&!

)29'&! -:=/'*)/A<:*?/0/<:*@1&! 9&! ?2! '&):&'):&B! %&! -*&+0! C! '&(&')*&'! .292(&! D+52! 4E(&'8!

./+0*&1'!419/?,!F&'+&-!&-!./+0*&1'!F'1)&!F=5/1-8!9G2>/*'!2))&<-=!9&!<2'-*)*<&'!21!H1'I!9&!?2!

0/1-&+2+)&!&-!9&!)/+02)'&'!91!-&(<0!C!?*'&!&-!)/((&+-&'!)&!-'2>2*?B!%&!'&(&')*&!91!,/+9!91!)J1'!

%&2+!K&00?&'!</1'!0/+!2*9&!<'=)*&10&!&+!)&!@1*!)/+)&'+&!?&0!-'291)-*/+0!9&!?G2??&(2+9!>&'0!?&!

,'2+L2*0B!%&!-*&+0!C!'&(&')*&'!(/+!2(*&!&-!)/??;51&!M*:&(!4*29!</1'!-/1-&0!+/0!9*0)100*/+0!@1*!

/+-!3&21)/1<!&+'*):*!)&!-'2>2*?!&-!</1'!?&0!)/''&)-*/+0!9&!-&N-&0B!%&!'&(&')*&!=52?&(&+-!?G2(*!&-!

)/??;51&!O*)/?20!P1='*+*!@1*!2!)/''*5=!<?10*&1'0!-'2>21N!@1&!HG2*!=)'*-!<&+92+-!)&0!2++=&0!9&!

-:;0&B!%&!'&(&')*&!3&21)/1<!?&0!2(*0!@1*!(G/+-!,2*-!5=+='&10&(&+-!?G2(*-*=!9&!?*'&!&-!)/''*5&'!

9&0! <2'-*&0! 9&! (2! 9*00&'-2-*/+!Q! R2-:&'*+&8! S/(*+*@1&! &-! T++*&B!U-! ,*+2?&(&+-! H&! -*&+0! C!

'&(&')*&'!V*?*2+!.2++*+5!&-!./+0*&1'!W&'2'9!F&+01002+!9G2>/*'!2))/(<25+=!(/+!-'2>2*?!&+!

-2+-!@1&!(&(3'&0!9&!(/+!R/(*-=!9&!01*>*!9&!-:;0&B!!

!

(5)

! X!

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

D+-'/91)-*/+!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!Y!

V*0-&!9&0!<'*+)*<2?&0!23'=>*2-*/+0!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!"Z!

AB)"/(#&!C!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!V&!<'/3?;(&!91!(/*!<1'!92+0!?2!

<:=+/(=+/?/5*&!9&![100&'?!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!#"!

"B"B! VG1+*-=!9&!?2!)/+0)*&+)&!02+0!(/*!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!##!

"B#B! V2!)/+0)*&+)&!230/?1&!&-!?G*9&+-*-=!9G/3H&-!\!"#$%&'&()'*"'+",-&]!BBBBBBBBBBBBBBBBBBBBBBB!#X!

!!!!!!!!"B$B!!!!!!V&!<'/3?;(&!9&!?2!<'=0&+-*,*)2-*/+!92+0!?2!)/+0)*&+)&!91!-&(<0^^^^^^^B$$!

!!!!!!!!!"BXB!!!!!V&!<'*+)*<&!9_1+*,*)2-*/+!91!,?1N!9&!)/+0)*&+)&^^^^^^^^^^^^^B$`!

!!!!!!!!!"BaB!!!!!V&!b!'2I/+!91!'&52'9!c!Q!?&!(/*!<1'!)/((&!<d?&!,/+)-*/++2+-!92+0!?&!>=)1^^Bae!

!!!!!!!!!!"BfB!!!!V&!<'/3?;(&!9&!?2!'=,?&N*/+!91!(/*^^^^^^^^^^^^^^^^^^Ba`!

!!!!!!!!!!"BYB!!!V&!(/*!-'2+0)&+92+-2?!92+0!?&0!./01+2+1$%&'32)+/&1"%%"&^^^^^^^^^B!fY!

!!!!!!!!!!"BZB!!!!4&(2'@1&0!01'!?_29(*00*/+!9&!?2!+/-*/+!:100&'?*&++&!9&!b!(/*!<1'!c^^^^BBYa!

AB)"/(#&!D!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!E&%!"#+"#/$($%!B)./(,&--&%!1,!7+/!BBBBB!Z`!

#B"B!V2!0</+-2+=*-=!)/((&!(/-*>2-*/+!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!``!

#B#B!VG:23*-10!91!(/*!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!"eX!

!!!!!!!!#B$B!V2!>2?*9*-=!)/((&!<2'-*)*<2-*/+^^^^^^^^^^^^^^^^^^^BBB"e`!

!!!!!!!!#BXB!V_1+*-=!91!(/*!)/((&!)&+-'&!9&!(/-*>2-*/+!=5/g@1&^^^^^^^^^^^^""a!

!!!!!!!!#BaB!4=)&<-*>*-=!&-!0</+-2+=*-=^^^^^^^^^^^^^^^^^^^^^^B"##!

!!!!!!!!#BfB!V&!<'/3?;(&!9&!?2!)/+0-*-1-*/+!9&0!<'/<'*=-=0!:23*-1&??&0!91!(/*^^^^^^^B"#`!

!!!!!!!!#BYB!V2!9*0-*+)-*/+!&+-'&!'&00/1>&+*'!&-!)/+>*)-*/+^^^^^^^^^^^^^^BB"X#!

AB)"/(#&!F!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!E)!3#+/%$&!&'(#&!")%%/?/($!&(!)3(/?/($

!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!"fe!

$B"B!V2!9*0-*+)-*/+!&+-'&!2)-12?*-=!&-!0/((&*?!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!"ff!

$B#B!V&!<200=!0=9*(&+-=!&-!?&!'=>&*?!200/)*2-*,B!VG*+)/+0)*&+-!<:=+/(=+/?/5*@1&!BBBBBBBB!"Y"!

!!!!!!!!$B$B!V2!<'=9/+2-*/+!)/((&!)/+0-*-1-*/+!<200*>&^^^^^^^^^^^^^^^B"YX!

!!!!!!!!$BXB!V&!9&5'=!?&!<?10!320!9_2)-*>*-=!Q!?2!<200*>*-=!91!(/*^^^^^^^^^^^^BB"Y`!

!!!!!!!!$BaB!V&0!0I+-:;0&!2)-*>&0!Q!?2!<200*>*-=!C!?_*+-='*&1'!9&!?_2)-*>*-=^^^^^^^^^BB"Zf!

!!!!!!!!$BfB! V2! 9*,,='&+)&! &+-'&! :23*-12?*-=! 91! (/*! &-! :23*-10! <200*,! 21! +*>&21! 9&! ?2! )/''=?2-*/+!

+/=-*@1&A+/=(2-*@1&B!M1'!?2!<200*>*-=!<'*(2*'&!&-!?2!<200*>*-=!0&)/+92*'&^^^^^^^B"`"!

!!!!!!!$BYB!V&!H15&(&+-!?/5*@1&!)/((&!:23*-12?*-=!91!(/*^^^^^^^^^^^^^^#ee!

(6)

! a!

AB)"/(#&!G!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!E&!(+,#')'(!"B$'+7$'+-+0/H,&!*!-)!

3+'')/%%)'3&!I+'1$&!%,#!-J/77)'&'3&!/'(&'(/+''&--&!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!###!

XB"B!V2!9/N2!<200*>&!&+!-2+-!@1&!<'=9/+2-*/+!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!##Y!

XB#B!V2!)/+)&<-*/+!9&!?2!+2-1'&!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!#$a!

!!!!!!!!XB$B!V2!+2-1'&!<'*(/'9*2?&!9&!?G&5/^^^^^^^^^^^^^^^^^^^^B#$X!

!!!!!!!!XBX!VG2(3*51g-=!9&!?G&0-:=-*@1&!-'2+0)&+92+-2?&^^^^^^^^^^^^^^^B#Xf!

!!!!!!!!XBaB!VG&N<='*&+)&!)/+)';-&!Q!21A9&?C!9&!?2!<&')&<-*/+!0&+0*3?&^^^^^^^^^BB!#ae!

AB)"/(#&!K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!E&!%,L&(!&(!-J&M"$#/&'3&!BBBBBBBBBBBBBBBBBBB!#Y`!

aB"B!V2!)/+0)*&+)&!=5/?/5*@1&!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!#ZY!

aB#B! V2! >*&! *+-&+-*/++&??&! 91! (/*! <&'0/++&?! &-! 2)-1&?! \2+/+I(&]B! VG&5/! )/((&! )&+-'&!

9G*+-='h-!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!#`X!

!!!!!!!!aB$B!VG*+)/+0)*&+-!)/((&!9&5'=!6='/!9&!)/+0)*&+)&^^^^^^^^^^^^^B!#`e!

!!!!!!!!aBXB!VG&N<='*&+)&!&0-A&??&!1+&!)/+0-'1)-*/+!iBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!#`#!

R/+)?10*/+!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!$e`!

F*3?*/5'2<:*&!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!$"Z!

T++&N&0!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!$$e!

T++&N&!"!!!!!!!!!j'291)-*/+!9&!<20025&0!9&0!.2+10)'*-0!91!5'/1<&!R!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!$$"!

V&N*@1&!2??&(2+9!k!,'2+L2*0!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!$aa!

V&N*@1&!,'2+L2*0!k!2??&(2+9!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!$aZ!

D+9&N!9&!)/+)&<-0!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!$fe!

D+9&N!9&!+/(0!<'/<'&0!BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB!$f"!

!

(7)

! f!

(8)

! Y!

./*-0'12*+0/&

! !

(9)

! Z!

R&!-'2>2*?!</'-&!01'!?2!9&0)'*<-*/+!<:=+/(=+/?/5*@1&!9&!?2!)/+0-*-1-*/+!-'2+0)&+92+-2?&!

91! 01H&-! &-! 91! (/+9&! ):&6! [100&'?8! &+! )&! @1G&??&! '=>;?&! ?2! 0<=)*,*)*-=! 9&! ?2! )/+0-*-1-*/+! 9&!

?G*((2+&+)&! *+-&+-*/++&??&B! V&0! 2+2?I0&0! :100&'?*&++&0! (/+-'&+-! 2*+0*! @1&! ?2! 013H&)-*>*-=!

-'2+0)&+92+-2?&!0&!)/+0-*-1&!0/*A(h(&!&+!(h(&!-&(<0!@1G&??&!)/+0-*-1&!?&!(/+9&!&-!@1&!)&--&!

)/+0-*-1-*/+!<'=);9&!/+-/?/5*@1&(&+-!?2!)/+0-*-1-*/+!/3H&)-*>&!91!(/+9&B!!!

T1!9=31-!9&!)&--&!'&):&'):&!+/10!+/10!0/((&0!*+-='&00=!C!?2!+/-*/+!9&!b!(/*!<1'!c!&+!

'2*0/+!9&!?2!9*,,*)1?-=!@1G&??&!</0&!C!?2!,/*0!</1'!h-'&!29(*0&!&-!</1'!h-'&!'&H&-=&B!M*!)&--&!+/-*/+!

&0-! ,/+92-'*)&! </1'! ?2! <:=+/(=+/?/5*&! -'2+0)&+92+-2?&! 9=>&?/<<=&! <2'! [100&'?! C! <2'-*'! 9&0!

2++=&0!"`"e8!?&!<'&(*&'![100&'?!?1*!2100*!2!'&H&-=!&N<?*)*-&(&+-!)&--&!+/-*/+B!O/10!+/10!0/((&0!

</0=!?2!@1&0-*/+!9&!02>/*'!</1'@1/*!C!1+!(/(&+-!9/++=![100&'?!2!29(*0!)&--&!+/-*/+B!U0-A&??&!

0/1-&+23?&!9G1+!</*+-!9&!>1&!<:=+/(=+/?/5*@1&!i!

D?! &0-! *+-='&002+-! 9G/30&'>&'! @1&! ?2! <?1<2'-! 9&! 01))&00&1'0! 9&! [100&'?! /+-! '&H&-=!?&!

)/+)&<-!9G&5/!-'2+0)&+92+-2?B!S2+0!!2'+)2%&3"%02%3"'0"'*4"5$8!M2'-'&!)'*-*@1&!?2!)/+)&<-*/+!

=5/?/5*@1&! 9&! ?2! )/+0)*&+)&! =?23/'=&! <2'! [100&'?! &+! 2,,*'(2+-! @1&! ?2! )/+0)*&+)&! b!'&+>/*&!

<&'<=-1&??&(&+-!C!&??&A(h(&!c8!02+0!@1G1+!<'*+)*<&!9G1+*,*)2-*/+!*+-&'>*&++&B!D?!)/+-&0-&!9/+)!

?2!-:;0&!0&?/+!?2@1&??&!1+!(/*!<1'!&0-!+=)&002*'&!</1'!52'2+-*'!?G1+*-=!&-!?G*+9*>*912?*-=!9&!?2!

)/+0)*&+)&!B!RG&0-!*+-='&002+-!9&!+/-&'!@1&!M2'-'&!&0-!'&>&+1!C!?2!</0*-*/+!@1&![100&'?!9=,&+92*-!

92+0!02!<'&(*;'&!<:20&!&-!@1G*?!2>2*-!9=<200=!<2'!?&!b!-/1'+2+-!*9=2?*0-&!cB!!

U+! </1'01*>2+-! )&--&! =-19&8! +/10! 2>/+0! 9=)/1>&'-! C! 1+! (/(&+-! 9/++=! ?2! +/-*/+!

9G:23*-10!@1*!H/1&!1+!'d?&!9=)*0*,!</1'!?2!)/(<'&00*/+!9&!?2!<:=+/(=+/?/5*&!-'2+0)&+92+-2?&!&-!

0/+!'2<</'-!C!?2!<&'0/++&B!O/10!2>/+0!9=)/1>&'-!?&!9=32-!21-/1'!91!<'/3?;(&!9&!?2!)/+0-*-1-*/+!

9&0! <'/<'*=-=0! :23*-1&??&0B! l+! ?/+5! 9=32-! 01'! ?&! <'/3?;(&! 9&! ?2! )/+0-*-1-*/+! 9&0! <'/<'*=-=0!

:23*-1&??&0! 2! =-=! *+*-*=! <2'! 4/(2+! D+52'9&+! 92+0! 0&0! 6",2)7("&! 01'! ?&0! ./01+2+1$%&' 32)+/&1"%%"&8! &-! *?! 2! =-=! </1'01*>*! <2'! 9&0! )/((&+-2-&1'0! )/((&! W&':2'9! m1+7&! &-! U?(2'!

[/?&+0-&*+B! D+52'9&+! 0&! </0&! ?2! @1&0-*/+! 9&! 02>/*'! 0*! ?&0! <'/<'*=-=0! :23*-1&??&0! 91! (/*! +&!

<&1>&+-! h-'&! )/+0*9='=&0! @1&! )/((&! 9&0! b!0*(<?&0! )/''=?2-0! *+-&+-*/++&?0!c! /1! )/((&! 9&0!

1+*-=0! 230/?1&0B! M/+-A&??&0! </0=&0! <2'! 9&0! 2)-&0! *+-&+-*/++&?0! /1! 0&! ,/'(&+-A&??&0! 92+0! ?2!

)/+0)*&+)&!*+9=<&+92((&+-!9&!?2!)/+0-*-1-*/+!=5/g@1&!i!M&?/+!W&':2'9!m1+7&8!?&0!:23*-12?*-=0!

2<<2'2*00&+-! 92+0! ?G2))/(<?*00&(&+-! 9G2)-&B! .2*0! 9&1N! 5&+;0&0! 9/*>&+-! h-'&! 9*0-*+51=&0!Q! ?2!

)/+0-*-1-*/+! 9&! ?G/3H&-! &-! ?2! ,/'(2-*/+! 9&0! <'/<'*=-=0! :23*-1&??&0! 91! (/*B! U?(2'! [/?&+0-&*+!

)'*-*@1&!)&--&!)/+)&<-*/+!&+!2,,*'(2+-!@1&!)&??&A)*!)/+,/+9!?2!5&+;0&!9&!?G:23*-10!&-!?2!5&+;0&!

!

!!"#$!%&'(')*!+,-$*!!"#$%"&'()&*"&()#*)#+,)-./#0'123'')#*,2&)#*)'(%34$3.&#456&.76&.+.-312)*!-&'./*!0'.1*!2344*!5$!

67$!!

(10)

! `!

91!,?1N!9&!)/+0)*&+)&B!D?!<'=0&+-&!2*+0*!?2!-:;0&!01'!?2!9*0-*+)-*/+!,&'(&!@1*!9/*-!h-'&!,2*-&!&+-'&!

0/1>&+*'! &-! )/+>*)-*/+B! U+! '&>&+2+-! 01'! )&0! )/((&+-2*'&08! +/10! 2>/+0! 2<&'L1! @1G*?0! +&!

)/+0*9;'&+-! <20! ?2! 9*(&+0*/+! 5=+=-*@1&! 91! <'/3?;(&8! )&! @1*! &+-'2n+&!1+&! )/+,10*/+! &+-'&!

:23*-10!<200*,!&-!:23*-10!2)-*,B!o2?='*&!K/7/0672!2!3*&+!/30&'>=!)&--&!9*0-*+)-*/+8!(2*0!&??&!+&!

9=>&?/<<&!<20!?&!01H&-!92+0!0/+!/1>'25&!!"'0"8"%1)'3$,,(%9':$))/*2+1$%;'<2=1+(2*1+/'"+'+>-17("' 3<"?'@(&&")*"B!p/1'!+/-'&!<2'-8!*?!+/10!0&(3?2*-!@1&!?2!@1&0-*/+!9&!?G:23*-10!=-2+-!1+!=?=(&+-!

)?=! </1'! )/(<'&+9'&! ?2! )/+0-*-1-*/+! 91! 01H&-! -'2+0)&+92+-2?8! *?! +/10! ,2??2*-! 2<<'/,/+9*'! )&-!

=?=(&+-!@1&!+/10!2>/+0!2<&'L1B!

T1!)/1'0!91!9=>&?/<<&(&+-!9&!)&0!2+2?I0&0!01'!?G:23*-108!1+&!+/1>&??&!@1&0-*/+!0G&0-!

</0=&!Q!?2!)/+)&<-*/+!9&!?2!+2-1'&B!O/10!2>/+0!)/+0-2-=!@1&!?&0!-:;0&0!01'!?G:23*-10!/+-!'&+91!

</00*3?&! ?&! 9=>&?/<<&(&+-! 9&! ?2! <&+0=&! 91! 9&'+*&'! [100&'?! @1*! </0&! ?&! <'/3?;(&! 9&! ?2!

<'=9/+2-*/+!91!(/+9&!9&!?2!>*&B!p2')&!@1&!<?10*&1'0!)/((&+-2-&1'0!/+-!9=HC!3&21)/1<!-'2>2*??=!

01'!?2!@1&0-*/+!91!(/+9&!9&!?2!>*&8!+/10!2>/+0!<'=,='=!+/10!)/+)&+-'&'!01'!?2!)/+)&<-*/+!9&!?2!

+2-1'&!@1*!</0&!=52?&(&+-!?&!<'/3?;(&!9&!?2!<'=9/+2-*/+B!R&?2!+/10!<&'(&--2*-!9&!-/1):&'!1+!

21-'&! &+H&1!Q! ?2! @1&0-*/+! 9&! 02>/*'! 92+0! @1&??&! (&01'&! ?G2+2?I0&! 9&! ?G:23*-12?*-=! <&'(&-!

9G2>2+)&'! ?2! )'*-*@1&! 9&! ?G/3H&)-*>*0(&B! U+01*-&8! +/10! +/10! 0/((&0! 9&(2+9=! )/((&+-! ?&0!

@1&0-*/+0! </'-2+-! 01'! ?2! <'=9/+2-*/+! 91! (/+9&! 9&! ?2! >*&! &-! 9&! ?2! +2-1'&! /+-! <1! (/9*,*&'! ?2!

)/+)&<-*/+! :100&'?*&++&! 9&!?G&5/B! VG:23*-10! 1+&! ,/*0! &+)/'&! 0G&0-! '=>=?=! 1+&! )?=! </1'! ?&!

)/(<'&+9'&8!92+0!?2!(&01'&!/q!)&--&!+/-*/+!+/10!<&'(&-!9&!(*&1N!)/(<'&+9'&!)/((&+-!1+&!

<'=9/+2-*/+!<200*>&!&0-!</00*3?&B!

U+! =-19*2+-! ?&! 9=>&?/<<&(&+-! 9&! ?2! <:=+/(=+/?/5*&! 9&! ?G&5/8! +/10! 2>/+0! &002I=! 9&!

)/(<'&+9'&!?2!</'-=&!91!-/1'+2+-!5=+=-*@1&!</1'!?&0!2+2?I0&0!</'-2+-!01'!?G&5/!<1'B!V&!(/*!@1*!

)/+0-*-1&!-/1-!&0-!?1*A(h(&!9=HC!)/+0-*-1=8!&-!)&!)/+0-2-!+/10!2(;+&!C!</0&'!?2!@1&0-*/+!9G1+&!

)/+0-*-1-*/+!<200*>&B!V&!<20025&!9G1+&!<&'0<&)-*>&!0-2-*@1&!C!1+&!<&'0<&)-*>&!5=+=-*@1&!/3?*5&!

C! </0&'! ?2! @1&0-*/+! 9&! ?G/'*5*+&8! 9&! ?2! 9/+2-*/+! &-! 9&! ?2! <'=9/+2-*/+B! R&! ):2+5&(&+-! (&-! 21!

)&+-'&!?2!@1&0-*/+!9&!?G:23*-10!92+0!?2!(&01'&!/q8!02+0!?1*8!?&!9=HC!)/+0-*-1=!+&!</1''2*-!<&'0*0-&'!

)/((&!0&+0!@1*!+/10!&0-!<'=9/++=!/1!&0-!C!+/-'&!9*0</0*-*/+!</1'!h-'&!9/++=!C!+/1>&21B!!

O/10!2>/+0!&002I=!9&!)/(<'&+9'&!?&0!)/+0=@1&+)&0!9&!)&0!2>2+)=&0!9&!?2!<&+0=&!9&!

[100&'?! @1&! +/10! >&+/+0! 9&! (&+-*/++&'! r! ?2! +/-*/+! 9&! (/*! <1'8! ?&! -/1'+2+-! 5=+=-*@1&8!

?G*+-'/91)-*/+! 9&! *+-&''/52-*/+! 01'! ?2! <'=9/+2-*/+! 91! (/+9&! r!01'! ?2! <'/3?=(2-*@1&! 91! 01H&-!

-'2+0)&+92+-2?B!D?!+/10!&0-!2<<2'1!@1&!?2!@1&0-*/+!9&!?G:23*-10!&0-!1+&!)?=!</1'!)/(<'&+9'&!?&0!

!

"

! 89:9/;:&*! 0$!!)# *)8)&3%# (.772&/# 9.%%6+"$3.&:# 5";3$2"+3$6# )$# $<4312)# (5)=# >2'')%+*! <.=>)/?).@,A)B! C9':, DE'.F?*!G)9'H!I=@/*!677J$!

(11)

! "e!

(/9*,*)2-*/+0!9&0!-:;0&0!01'!?G&5/B!O/10!+/10!0/((&0!</0=!?2!@1&0-*/+!9&!02>/*'!)&!@1*!):2+5&!

</1'! ?2! )/(<'=:&+0*/+! 91! (/*! -'2+0)&+92+-2?! 2*+0*! @1&! 9&! ?G:23*-10! C! ):2@1&! 2>2+)=&! 9&!

[100&'?B! D?! +/10! 0&(3?2*-! @1&! ?&0! )/((&+-2-&1'0! +&! 0&! 0/+-! <20! 2<&'L10! @1&! ?2! @1&0-*/+! 9&!

?G:23*-10!<&1-!h-'&!?&!,*?!)/+91)-&1'!@1*!<&'(&-!9G&0@1*00&'!1+&!)/+0-'1)-*/+!9G&+0&(3?&!9&!?2!

<:*?/0/<:*&!9&![100&'?8!)&!@1*!2!9/+)!(/-*>=!+/-'&!9=(2'):&B!!

O/10! 2>/+0! &002I=! 92+0! ?&0! <25&0! @1*! >/+-! 01*>'&! 9G2<</'-&'! 1+&! )/+-'*31-*/+! 21N!

'&):&'):&0! 01'! ?2! <:=+/(=+/?/5*&! :100&'?*&++&! C! <2'-*'! 9&0! 2+2?I0&0! 01'! ?2! +/-*/+! 9G:23*-10B!

O/10! 2??/+0! &N</0&'! 9&1N! -:;0&0! <'*+)*<2?&0! @1*! +G/+-! <20! =-=! 2<&'L1&0! /1! 9=>&?/<<=&0! <2'!

9G21-'&0! )/((&+-2-&1'0!Q! "]! VG:23*-10! +G&0-! <20! 0&1?&(&+-! 1+! =?=(&+-! )&+-'2?! @1*! <&'(&-! ?&!

-/1'+2+-!5=+=-*@1&8!(2*0!*?!9/*-!?1*A(h(&!h-'&!2+2?I0=!C!<2'-*'!9G1+&!<&'0<&)-*>&!5=+=-*@1&B!R&?2!

+/10! <&'(&--'2! 9&! 9*0-*+51&'! ?G:23*-10! 2)-*,! 9&! ?G:23*-10! <200*,! &-! 9&! (*&1N! )/(<'&+9'&! ?&0!

9*,,='&+-&0! 5&+;0&0! -'2+0)&+92+-2?&0! @1*! )/+0-*-1&+-! ?&! 01H&-! &-! ?&! (/+9&B! #]! V&0! -:;0&0!

:100&'?*&++&0! 01'! ?G:23*-10! ?G/+-! 9=,*+*! )/((&! 1+! <'/3?;(&! <:=+/(=+/?/5*@1&! &-! +/+!

<0I):/?/5*@1&B!M1'!)&!</*+-8!?2!<:*?/0/<:*&!9&![100&'?!'&<'=0&+-&!1+&!'1<-1'&!2>&)![1(&B!!

S2+0! ?&! <'&(*&'! ):2<*-'&8! +/10! +/10! <&+):&'/+0! 01'! ?2! )/+)&<-*/+! =5/?/5*@1&! 9&! ?2!

)/+0)*&+)&!2,*+!9&!)/(<'&+9'&!?2!0<=)*,*)*-=!9&!?2!,/'(2-*/+!9G1+&!0<:;'&!-'2+0)&+92+-2?&!92+0!

?2@1&??&!0&!)/+0-*-1&!1+&!*((2+&+)&!*+-&+-*/++&??&B!R&?2!&0-!+=)&002*'&!</1'!@1&!+/10!<1*00*/+0!

=-19*&'! <?10! ?/*+! ?2! 0<=)*,*)*-=! 9&! ?2! )/+0-*-1-*/+!$)151%2*"! 91! (/+9&! &-! 9&! ?2! +2-1'&B! O/-'&!

*+-&+-*/+!+G&0-!<20!9&!'&)/+0-'1*'&!?2!5&+;0&!9&!?2!+/-*/+!9&!(/*!<1'!92+0!?2!<:=+/(=+/?/5*&!

:100&'?*&++&B!R&--&!+/-*/+!2!=-=!0/*5+&10&(&+-!2+2?I0=&!<2'!U912'9!.2'32):!92+0!0/+!/1>'25&!

A2&' B)$=*",' 0"&' C3<' ="1' @(&&")*!B! R&! @1*! +/10! *+-='&00&! )G&0-! 9&! )/(<'&+9'&! ?2! 0<=)*,*)*-=!

9G1+&!9=,*+*-*/+!-'2+0)&+92+-2?&!91!01H&-B!!

T>2+-! 9G2<<'/):&'! ?G*+-'/91)-*/+! 9&! ?2! +/-*/+! 9&! b!(/*! <1'!c! 92+0! ?G=-19&! 01'! ?2!

)/+0)*&+)&!-'2+0)&+92+-2?&8!+/10!'&>*&+9'/+0!C!9&0!-&N-&0!@1*!<'=);9&+-!)&--&!<='*/9&8!-&?0!@1&!

6"3<")3<"&'*$517("&!&-!!"#$%&'&()'*2'3$%&31"%3"'1%+1,"'0('+",-&B!VG*+-='h-!&0-!9&!'&>&+*'!21N!

2+2?I0&0!/q![100&'?!'&H&--&!?2!+/-*/+!9&!(/*!<1'B!S2+0!)&!@1*!01*-8!+/10!>&''/+0!3'*;>&(&+-!?&0!

</*+-0! )&+-'21N! 91! 9=>&?/<<&(&+-! 9&! ?2! +/-*/+! 9&! (/*! 92+0! ?2! <&+0=&! :100&'?*&++&B! p/1'!

)/+)?1'&!)&!<'&(*&'!):2<*-'&8!+/10!,&'/+0!9&0!'&(2'@1&0!01'!?G29(*00*/+!9&!?2!+/-*/+!9&!b!(/*!

<1'!c!<2'![100&'?B!!

U+!=-19*2+-!?&!9=>&?/<<&(&+-!9&!?2!+/-*/+!9&!(/*!<1'!92+0!?&!<'&(*&'!):2<*-'&8!+/10!

0/((&0!2(&+=0!C!=-19*&'!?2!<2'-*)1?2'*-=!9&!?2!)/+0-*-1-*/+!9&0!<'/<'*=-=0!:23*-1&??&0!91!(/*B!

T*+0*!0G&0-!'=>=?=!C!+/10!?G*(<?*)2-*/+!9&!?2!0<:;'&!=5/g@1&!&+!-2+-!@1G&??&!0&!9*0-*+51&!9&!?2!

!

#!"#$!K&'L&F?*!M$!?"'#@%.;+)7#*)'#A(5#3&#*)%#@5B&.7)&.+.-3)#>2'')%+'*!N)1!<&&HO!K&'(.1P/!A.Q?9##*!23RJ$!

(12)

! ""!

0<:;'&!<200*>&B!R/((&!+/10!?G2>/+0!9*-8!*?!+/10!&0-!2<<2'1!+=)&002*'&8!92+0!?&!)/1'0!9&!+/-'&!

-'2>2*?8!9&!,2*'&!1+&!2+2?I0&!5=+=-*@1&!9&!?G:23*-108!)&!@1&!+/10!9=>&?/<</+0!92+0!?&0!):2<*-'&0!

#!&-!$B!U+!?&!,2*02+-8!+/10!&002I&'/+0!9&!)/+-'*31&'!21!9=32-!21-/1'!9&0!<'/<'*=-=0!:23*-1&??&0!

91! (/*! &-! 9&! )?2'*,*&'! ?2! )/+,10*/+! &+-'&! :23*-10! 2)-*,! &-! :23*-10! <200*,! &+! -2+-! @1G*?0!

2<<2'-*&++&+-!21!9/(2*+&!-'2+0)&+92+-2?B!T*+0*8!92+0!?&!):2<*-'&!#8!+/10!+/10!<&+):&'/+0!01'!

?G:23*-10!<'/>&+2+-!9&!?2!0</+-2+=*-=!=5/g@1&!&-8!92+0!?&!):2<*-'&!$8!01'!?G:23*-10!,/'(=!92+0!

?G&N<='*&+)&!2+-=A<'=9*)2-*>&B!!

p?10! 5=+='2?&(&+-8! )/(<'&+9'&! ?&! )2'2)-;'&! ,/+92(&+-2?&(&+-! :23*-1&?! 9&! ?2!

)/+0)*&+)&!+/10!/1>'&!21!9/(2*+&!0<=)*,*@1&(&+-!-'2+0)&+92+-2?!9&!?2!)/+0-*-1-*/+!9&!?G&5/!&-!

91!(/+9&B!R/((&!?G=)'*-!U15&+!m*+7!Q!b!V&!>='*-23?&!-:;(&!9&!?2!<:=+/(=+/?/5*&!+G&0-!+*!?&!

(/+9&!9G1+!)d-=8!+*!9&!?G21-'&!1+&!013H&)-*>*-=!-'2+0)&+92+-2?&!@1G*?!0G25*'2*-!9&!?1*!/<</0&'8!

(2*0! ?&! 9&>&+*'! 91! (/+9&! 92+0! ?2! )/+0-*-1-*/+! 9&! ?2! 013H&)-*>*-=! -'2+0)&+92+-2?&B!c#! O/10!

>&''/+0!)/((&+-![100&'?!9=)'*-!-/1-!1+!0I0-;(&!9G:23*-10!)/((&!,/'(=!92+0!?2!013H&)-*>*-=!

-'2+0)&+92+-2?&8!&+!?&!</02+-!9/+)!)/((&!1+!<'/3?;(&!<:=+/(=+/?/5*@1&B!!

U+!(h(&!-&(<0!@1G*?!&N</0&!?2!-:;0&!0&?/+!?2@1&??&!?&!(/+9&!&-!?2!+2-1'&!0&!)/+0-*-1&+-!

9G23/'9! 92+0! ?2! 0<:;'&! <'*(/'9*2?&! 9&! ?G&5/8! &-! 9/+)! 9&! ,2L/+! -'2+0)&+92+-2?&8! [100&'?!

3/1?&>&'0&!?&!</0-1?2-!9&0!0)*&+)&0!/3H&)-*>&0!9&!?2!+2-1'&!@1*!)/+0*9;'&+-!)&??&A)*!)/((&!1+&!

'=2?*-=!/3H&)-*>&B! S2+0! ?&! ):2<*-'&! X8! +/10! '&>*&+9'/+0! 01'! ?2! )/+)&<-*/+! :100&'?*&++&! 9&! ?2!

+2-1'&!2,*+!9&!)/(<'&+9'&!)&!3/1?&>&'0&(&+-B!R&?2!+/10!<&'(&--'2!9&!>/*'!<?10!)?2*'&(&+-!?2!

0<=)*,*)*-=!91!b!9&>&+*'!91!(/+9&!c!92+0!?2!013H&)-*>*-=!-'2+0)&+92+-2?&B!O/10!>&''/+0!@1&!)G&0-!

1+&!-/1-&!21-'&!+/-*/+!9G&N<='*&+)&!@1*!0&!'=>;?&!)/((&!&N<='*&+)&!)/+)';-&B!!

[100&'?! 9=>&?/<<&! 1+&! )'*-*@1&! 9&0! 0)*&+)&0! /3H&)-*>&0! 9&! ?2! +2-1'&! 2*+0*! @1&! ?2!

<'/</0*-*/+!9G1+&!+/1>&??&!/+-/?/5*&!92+0!0&0!-&N-&0!<?10!-2'9*,0B!S2+0!)&!)/+-&N-&8!?2!+/-*/+!9&!

+2-1'&8!)&+-'2?&!</1'!?&0!0)*&+)&0!+2-1'&??&08!&0-!'&(*0&!&+!@1&0-*/+!<2'!?2!<:=+/(=+/?/5*&!92+0!

?2!+/1>&??&!,2L/+!9&!<'/)=9&'!9&![100&'?!92+0!?G*+>&0-*52-*/+!91!0&+0!91!(/+9&!@1*!&0-!</0=!

)/((&! =-2+-! /'*5*+2*'&(&+-! <'=A?/5*@1&B! V2! <:=+/(=+/?/5*&! <&1-8! <2'! ?2! (=-:/9&! 9&! ?2!

'=91)-*/+! <:=+/(=+/?/5*@1&8! @1&0-*/++&'! &+! '&-/1'! )&! @1*! +/10! &0-! <'=9/++=! 92+0! ?G2--*-19&!

+2-1'&??&B!SG1+!)d-=8!?2!<:=+/(=+/?/5*&!5=+=-*@1&!</0&!?2!@1&0-*/+!9&!?G/'*5*+&!&-!(/+-'&!@1&!

)&!@1*!+/10!&0-!<'=9/++=!&0-!?&!<'/91*-!9G:23*-108!)2'!1+!:23*-10!&0-!*(<?*@1=!92+0!?&0!0I+-:;0&0!

<200*>&0! @1*! +/10! <'=9/++&+-! ?&! (2-='*&?! 9&! ?G&N<='*&+)&B! S&! ?G21-'&! )d-=8! ?2! '=91)-*/+!

<:=+/(=+/?/5*@1&! '=>;?&! ?2! )/+0-*-1-*/+! 013H&)-*>&! /1! *+-&'013H&)-*>&! 91! (/+9&B! V&0! 21-'&0!

(=-:/9&0!+&!<'&++&+-!<20!&+!)/(<-&!)&--&!/'*5*+2'*-=!&-!-/(3&+-!92+0!9&0!&''&1'0!0&?/+![100&'?B!!

!

$!".(S!5&'!T$!TSH9P(!>&1/!TSH9P(*!T$!!!,)&C"&()#*2#7.&*)*!U)/!V>.(.91/!>)!=&!W'&1/5&')1F)*!677R*!5$!2X$!!

(13)

! "#!

V2!)'*-*@1&!9&!?2!)/+)&<-*/+!9&!?2!+2-1'&!23/1-*-!C!?G=?23/'2-*/+!9&!?2!+/-*/+!9&!(/+9&!

9&! ?2! >*&! @1*! 9&>*&+-! )&+-'2?&! 92+0! ?2! 9&'+*;'&! <='*/9&! 9&0! =)'*-0! 91! <:*?/0/<:&B! T*+0*8! ?2!

)/(<'=:&+0*/+!9&!?2!)/+)&<-*/+!:100&'?*&++&!9&!?2!+2-1'&!&0-!&00&+-*&??&!</1'!?2!)/(<'=:&+0*/+!

9&!?2!+/-*/+!9&!!"="%&D"*+B!V&0!2+2?I0&0!01'!?&0!0I+-:;0&0!<200*>&0!'=>;?&+-!@1&!)&!@1&!+/10!&0-!

<'=9/++=!92+0!?2!<200*>*-=!&0-!9=HC!?&!<'/91*-!9G1+&!2)-*>*-=!0=9*(&+-=&B!R&0!2+2?I0&0!):2+5&+-!

?2!<&'0<&)-*>&!9&!)&!@1*!&0-!)/(<'*0!)/((&!/'*5*+2*'&!&-!)&??&!9&!+/-'&!'2<</'-!21!(/+9&!&-!C!

1+&! +2-1'&! <'=01<</0=&B! SG21-'&! <2'-8! &??&0! <'/</0&+-! 1+&! +/1>&??&! ,2L/+! 9&! <'/)=9&'! </1'!

9=)'*'&!?2!)/+0-*-1-*/+!91!(/+9&!9&!?2!>*&B!V2!)/(<'=:&+0*/+!9&!?G&+H&1!91!9=>&?/<<&(&+-!9&!

?2!)/+)&<-*/+!9&!+2-1'&!92+0!?2!<&+0=&!9&![100&'?!+/10!2*9&!C!(*&1N!)/(<'&+9'&!?2!5&+;0&!91!

)/+)&<-!9&!(/+9&!9&!?2!>*&!"

M*! ?2! )/+)&<-*/+! 9&! ?2! +2-1'&! +G&0-! <20! 1+! -:;(&! (2H&1'! 92+0! ?G:='*-25&! 9&! ?2! <&+0=&!

:100&'?*&++&8! &??&! +&! 9/*-! )&<&+92+-! <20! h-'&! +=5?*5=&! 92+0! ?2! (&01'&! /q8! C! <2'-*'! 9&0!

2++=&0!"`#e8!&??&!'&>*&+-!0/1>&+-!)/((&!-:;(&!92+0!?&0!'=,?&N*/+0!91!<:*?/0/<:&B!V&!9=32-!01'!

?&!)/+)&<-!9&!+2-1'&!&0-!9G23/'9!?&!</*+-!9&!9=<2'-!9&!?2!)'*-*@1&!,/'(1?=&!<2'![100&'?!)/+-'&!?&0!

0)*&+)&0!9&!?2!+2-1'&8!&-!)G&0-!&+01*-&!1+!&+H&1!-';0!*(</'-2+-!92+0!?&!9=>&?/<<&(&+-!91!)/+)&<-!

9&!(/+9&!9&!?2!>*&B!O/-'&!<'/</0!92+0!?&!@12-'*;(&!):2<*-'&!&0-!9/+)!9&!)?2'*,*&'!?G=>/?1-*/+!9&!

?G2<<'/):&! :100&'?*&++&! 9&! ?2! +/-*/+! 9&! +2-1'&! @1*! 2! ,2*-! &+-'&! 21-'&0! ?G/3H&-! 9&! 0&0! )/1'0! 91!

0&(&0-'&!9G=-=!9&!"`"`!&-!9&!"`#YB!V&!31-!&0-!9G23/'9!9&!)/(<'&+9'&!?2!)'*-*@1&!:100&'?*&++&!

9&0!b!0)*&+)&0!/3H&)-*>&0!c8!+/-2((&+-!&+!)&!@1*!)/+)&'+&!?&1'!)/+)&<-*/+!9&!?2!+2-1'&B!S2+0!

1+! 9&1N*;(&! -&(<08! +/10! </1>/+0! <200&'! C! ?2! 0*5+*,*)2-*/+! </0*-*>&! @1&! [100&'?! ?1*! 9/++&B!

j/1-&,/*08!)/((&!+/10!2??/+0!?&!>/*'8!)G&0-!1+!9/13?&!0&+0!9&!?2!+2-1'&!@1*!2<<2'2n-!92+0!?&0!

-&N-&0!9&0!2++=&0!"`#e!&-!"`$eB!O/10!&002I&'/+0!9&!(/+-'&'!&+!@1/*!)/+0*0-&!)&--&!2(3*51g-=B!

R&!<'/</0!&0-!9G21-2+-!<?10!*(</'-2+-!@1G*?!+/10!<&'(&-!9&!(*&1N!)/(<'&+9'&!?G2(3*51g-=!91!

)/+)&<-!9&!(/+9&!9&!?2!>*&!\!"="%&D"*+]!&-!)&??&!9&!?G&0-:=-*@1&!-'2+0)&+92+-2?&!@1*!0/+-!&+!?*&+!

0-'*)-!2>&)!)&!9/13?&!0&+0!9&!+2-1'&8!)/((&!?&!0/1?*5+&!%1?*&+!m2'5&0!92+0!1+!2'-*)?&!*+-*-1?=!

b!./+9&! 9&! ?2! >*&! &-! <'*(/'9*2?*-=! ):&6! [100&'?B! V&0! 2(3*51g-=0! 9&! ?2! )/+)&<-*/+!

<:=+/(=+/?/5*@1&!9&!?G&0-:=-*@1&!-'2+0)&+92+-2?&!c$B!

T<';0!2>/*'!&N</0=!?2!0-'1)-1'&!9&0!):2<*-'&0!92+0!?2@1&??&!0&!9=>&?/<<&!+/-'&!-'2>2*?8!

+/10! 2??/+0! '&>&+*'! 01'! )&'-2*+0! </*+-0! -:=/'*@1&0! *+-'/91)-*,0! @1*! 0/+-! ?&0! <'=(*00&0! 9&! )&!

9=>&?/<<&(&+-B!T1!9=<2'-8!?2!<:=+/(=+/?/5*&!=-19*&!?2!0-'1)-1'&!9&0!b!2)-&0!*+-&+-*/++&?0!c8!

@1*! <'=01<</0&+-! @1&! ?2! )/+0)*&+)&! &0-! &+! &,,&-! b!)/+0)*&+)&! 9&!c8! )G&0-ACA9*'&! @1G&??&! &0-!

!

%!Y&'H)/*!+$!Z!K91>)!>)!=&![.)!)(!5'.@9'>.&=.(S!F?);!<P//)'=$!U)/!&@L.HP\(S/!>)!=&!F91F)5(.91!5?S19@S19=9H.]P)!

>)!=^)/(?S(.]P)!('&1/F)1>&1(&=)!_*!@53+.'.453)*!6722`2!a1b!27cd*!5$!2X,eJ$!!

(14)

! "$!

*+-&+-*/++&??&B! V2! 0-'1)-1'&! +/=(2-*@1&! 9&! ?G2)-&! *+-&+-*/++&?! &0-! -&??&! @1G1+! 2)-&8! &+! -&'(&0!

:100&'?*&+0!1+&!+/;0&8!>*0&!1+!/3H&-8!)G&0-ACA9*'&!1+!+/;(&B!j/1-!2)-&!*+-&+-*/++&?8!(h(&!1+&!

<&')&<-*/+8!&0-!)/(<'*0!)/((&!9/+2-*/+!9&!0&+08!92+0!?2!(&01'&!/q!?2!<&')&<-*/+!&0-!1+!b!2)-&!

*+-&'<'=-2-*,8! 2<<'=:&+0*,8! @1*! 2+*(&! ?2! 0&+02-*/+!c%B! S2+0! ?&0!6"3<")3<"&' *$517("&8! [100&'?!

=-19*&!)&--&!0-'1)-1'&!&-!2>2+)&!?2!-:;0&!0&?/+!?2@1&??&!*?!+GI!2!<20!9&!0=<2'2-*/+!&+-'&!?G2)-&!&-!

?&!>*0=&8!(2*0!?2!'&?2-*/+!&+-'&!?&!>=)1!&-!?G/3H&-!&0-!b!*+-='*&1'&!21!>=)1!c&B!!

RG&0-! 2<';0! ?&! b!-/1'+2+-! *9=2?*0-&!c! <2'! ?&@1&?! <200&! ?2! <:=+/(=+/?/5*&! C! ?2! ,*+! 9&0!

2++=&0! "`ee! @1G1+&! +/1>&??&! 0-'1)-1'&! 9&! ?G2)-&! *+-&+-*/++&?! &0-! 2,,*'(=&8! C! 02>/*'! )&??&! 91!

3$51+$8!92+0!?2@1&??&!1+!01H&-!0&!'2<</'-&!C!1+!/3H&-B!S=0/'(2*08!?2!<:=+/(=+/?/5*&!0-2-*@1&!

):&'):&! C! 9=)'*'&! ?2! )/+0-*-1-*/+! 91! 0&+0! <2'! 1+! 01H&-B! p/1'! )&?28! ?2! (=-:/9&! 9&! ?G/-$3<E!

<:=+/(=+/?/5*@1&! <&'(&-8! <2'! 230-'2)-*/+8! 9G2+2?I0&'! 9*,,='&+-0! +*>&21N! /1! )/1):&0! 9&! ?2!

)/+0-*-1-*/+!9&!)&!@1*!+/10!&0-!9/++=!)/((&!=-2+-!9=HC!?C8!9&>2+-!+/10B!!

T*+0*8! ?2! <:=+/(=+/?/5*&! (&-! &+! @1&0-*/+8! ?2! b!<'=-&+-*/+! 9&! ?2! )/+0)*&+)&! C! h-'&! ?&!

,/+9&(&+-!/'*5*+&?!9&!?G&N<='*&+)&!c8!b!)2'!?&!(/+9&!&0-!9=HC!?C!2>2+-!(h(&!@1G1+&!)/+0)*&+)&!

0&!-/1'+&!*+-&+-*/++&??&(&+-!>&'0!?1*!</1'!?1*!9/++&'!0&+0!c'8!)/((&!?G=)'*-!F'1)&!F=5/1-!s!&-!

9G21-'&! <2'-8! &??&! (&-! &+! )210&!?G2<<2'&+-&! /'*5*+2'*-=! 91! (/+9&! @1*! /))1?-&! ?2! 9*(&+0*/+!

013H&)-*>&!9/+-!*?!<'/);9&(B!V2!'=91)-*/+!<:=+/(=+/?/5*@1&!9&!-I<&!-'2+0)&+92+-2?!(/+-'&!@1&!

)&! @1*! +/10! 0&(3?&! b!+2-1'&??&(&+-!c! <'=A9/++=! &0-! ?&! <'/91*-! 9G1+&! )/+0-*-1-*/+! @1*! +/10!

9&(&1'&!)2):=&8!>/*?=&B!V&!<'/3?;(&!<&1-!h-'&!,/'(1?=!9&!?2!(2+*;'&!01*>2+-&!Q!?&!(/+9&!+/10!

&0-!9/++=!)/((&!=-2+-!/'*5*+2*'&8!(2*0!&+!(h(&!-&(<0!*?!&0-!)/+0-*-1=!<2'!?&!01H&-8!@1*!92+0!)&!

)20!<&1-!h-'&!9*-!/'*5*+2*'&B!V2!<:=+/(=+/?/5*&!'&<'&+9!2*+0*!&-!'&</0&!C!02!(2+*;'&!1+!<'/3?;(&!

@1*!=-2*-!9=HC!2<<2'1!92+0!?G:*0-/*'&!9&!?2!<:*?/0/<:*&B!!

V&! -/1'+2+-! *9=2?*0-&! '=</+9! 21! 3&0/*+! 9&! <&+0&'! ?G1+*-=! 9&! ?Gh-'&! &+! 01'(/+-2+-! ?2!

9*0<&'0*/+! 9&0! 2)-&08! )&! @1*! 2(;+&! [100&'?! C! ,/+9&'! 1+&! <:=+/(=+/?/5*&! 9&! ?G&5/B! S2+0! ?2!

<'&(*;'&!<2'-*&!9&!+/-'&!-'2>2*?8!+/10!'&>&+/+0!C!)&--&!&+-'=&!9&!?2!<:=+/(=+/?/5*&!92+0!1+&!

)/+)&<-*/+! =5/?/5*@1&! 9&! ?2! )/+0)*&+)&B! V/'0@1&! [100&'?! 29(&-! ?G&N*0-&+)&! 9G1+! <'*+)*<&!

9G1+*,*)2-*/+! 9&! ?2! )/+0)*&+)&8! *?! &+-&+9! @1G1+! (/*! -'2+0)&+92+-2?! 0&! 9*0-*+51&! 91! (/*!

<&'0/++&?8!9*,,='&+)&!@1*!&0-!<'=)*0=&!92+0!?&0!C0""%'CCB!O/-'&!*+-&+-*/+!+G&0-!<20!9&!-'2)&'!?&!

9=>&?/<<&(&+-! 9&! ?2! +/-*/+! 9&! (/*! <1'8! )&! @1*! 2! 9=HC! =-=! ,2*-! <2'! 9G21-'&0! 21-&1'08! (2*0! 9&!

)/(<'&+9'&!?2!0<=)*,*)*-=!9&!?G21-/)/+0-*-1-*/+!-'2+0)&+92+-2?&!9&!?2!)/+0)*&+)&!9;0!?/'0!@1&!?&0!

!

&

!T&'L&'&/*!f$!A&$%.*2($3.&#D#+"#453+.'.453)#*)#>2'')%+*!"?&(9P!O!U)/!S>.(.91/!>)!=&!W'&1/5&')1F)*!677J*!5$!4R$!!

'!A;3*$*!5$!43$!!

(!TSH9P(*!T$!!!,)&C"&()#*2#7.&*)*!.4E#(3$$!*!5$!6e$!!

)!"#$!T&'L&'&/*!f$!A&$%.*2($3.&#D#+"#453+.'.453)#*)#>2'')%+*!.4E#(3$$*!5$!32$!!

(15)

! "X!

2)-&0!-'2+0)&+92+-21N!0/+-!29(*0!)/((&!,/+92(&+-2?&(&+-!)/+0-*-1-*,0!91!'2<</'-!91!(/*!21!

(/+9&B!D?!+&!0G25*-!<?10!9G=-19*&'!?2!)/+0-*-1-*/+!/3H&)-*>&!91!(/+9&!+*!91!01H&-!:1(2*+!'=&?!

)/((&! (/*! &(<*'*@1&B! SG1+&! <2'-8! ?GC3<F)",0<"1+'9&! ?G/3H&-! 2001'&! @1G*?! +&! 0/*-! H2(2*0!

&+-*;'&(&+-!230/'3=!92+0!?2!)/+0)*&+)&!s!&-!91!)d-=!9&!?2!<'/91)-*/+!013H&)-*>&!*?!0G2>;'&!@1&!

?G/3H&-!+G&0-!<20!9/++=!C!?2!)/+0)*&+)&!0&1?&(&+-!)/((&!/3H&-!'=&?8!(2*0!)/((&!?&!<'/91*-!9&!

?G*+-&+-*/++2?*-=!*((2+&+-&!@1*!?&!)/+0-*-1&!*9=2?&(&+-B!!

.2*0!</1'!)/(<'&+9'&!)&!'2<</'-!-'2+0)&+92+-2?!&+-'&!?&!01H&-!&-!?&!(/+9&8!*?!+/10!,21-!

'&>&+*'!C!?2!,2L/+!9/+-!?&!(/*!0&!)/+0-*-1&!?1*A(h(&B!V2!,/'(2-*/+!-'2+0)&+92+-2?&!91!(/+9&!

0G2>;'&!h-'&!&00&+-*&??&(&+-!:23*-1&??&B!V&!(/+9&!<'=A9/++=!92+0!?2!<1'&!<200*>*-=!?G&0-!9=HC!

0&?/+! 1+! :23*-10B! S2+0! ?G2--*-19&! +2-1'&??&8! +/10! +G2>/+0! <20! 2,,2*'&! C! 9&0! 9/++=&0! -/1-!

0*(<?&(&+-!=-'2+5;'&0!21!(/*8!(2*0!C!9&0!/3H&)-*-=0!<'=A)/+0-*-1=&0!0&?/+!1+&!-I<*@1&B!S2+0!

?&0! -'/*0! <'&(*&'0! ):2<*-'&08! +/10! 2??/+0! &002I&'! 9&! )/(<'&+9'&! )/((&+-! ?2! 0-'1)-1'&!

-'2+0)&+92+-2?&!@1*!<&'(&-!?2!<'=9/+2-*/+!91!(/+9&!,/+)-*/++&!91!)d-=!013H&)-*,8!)&!@1*!>&1-!

9*'&!Q!)/(<'&+9'&!?2!5&+;0&!-'2+0)&+92+-2?&B!R&--&!-t):&!*(<?*@1&!9G23/'9!9&!)/(<'&+9'&!?2!

)/+0-*-1-*/+!91!01H&-!92+0!1+&!<&')&<-*>&!0-2-*@1&!92+0!?2!(&01'&!/q!?&!(/*!-'2+0)&+92+-2?!&0-!

</0=!)/((&!<d?&!)&+-'2?*02-&1'!9&!?2!>*&!*+-&+-*/++&??&!9&!?2!)/+0)*&+)&!\):2<*-'&!"]B!.2*0!+/10!

>&''/+0! @1&! ?&! 9=>&?/<<&(&+-! 9&! ?2! +/-*/+! 9&! (/*! <1'8! +/10! 2(;+&! C! =-19*&'! ?&! )2'2)-;'&!

,/+92(&+-2?&(&+-!:23*-1&?!9&!?2!)/+0)*&+)&!Q!?&!(/*!0G2>;'&!h-'&!?&!0130-'2-!9&!0&0!:23*-12?*-=0!

\):2<*-'&!#]8!&-!*?!&0-!(/+-'=!@1&!0/+!'2<</'-!21!(/+9&!&0-!,/+9=!01'!?2!<'/91)-*/+!9&!0&+0!2+-=A

<'=9*)2-*>&!C!-'2>&'0!?2@1&??&!?&0!/3H&-0!9&>*&++&+-!9&0!2)@1*0!91'23?&0!</1'!?&!(/*!\):2<*-'&!$]B!

O/10! 2??/+0! 2*+0*! =-19*&'! ?2! 0<=)*,*)*-=! 91! 0I0-;(&! -'2+0)&+92+-2?! 9G:23*-10! <2'! '2<</'-! 21N!

)/(</'-&(&+-0!9&!?2!<&'0/++&B!V&!,*?!)/+91)-&1'!9&0!-'/*0!<'&(*&'0!):2<*-'&0!0&'2!?G=-19&!91!

'2<</'-!&+-'&!5&+;0&!<200*>&!&-!5&+;0&!2)-*>&8!)&!@1*!+/10!2(;+&'2!C!9/++&'!1+&!*(</'-2+)&!

<2'-*)1?*;'&!C!?2!<:=+/(=+/?/5*&!5=+=-*@1&!)B!U+01*-&8!92+0!?&!@12-'*;(&!):2<*-'&8!+/10!2??/+0!

&002I&'!9&!)/(<'&+9'&!)&--&!0-'1)-1'&!@1*!,2*-!&+!0/'-&!@1&!?&0!/3H&-0!9&!?2!+2-1'&!0/*&+-!<&'L10!

9&!,2L/+!*((=9*2-&!)/((&!9&0!):/0&0B!

M*!?2!<&'0<&)-*>&!0-2-*@1&!<&'(&-!9&!9=)'*'&!?&!0&+0!9&!)&!@1*!0G/,,'&!C!+/10!)/((&!9=HC!

)/+0-*-1=8!?G230-'2)-*/+!\<2'!&N&(<?&!?G230-'2)-*/+!9&0!)&'-2*+&0!)/1):&0!9&!?2!)/+0-*-1-*/+8!91!

01H&-]!@1G&??&!(&-!&+!<?2)&!)/+91*-!C!/<</0&'8!0=<2'&'!&-!9*>*0&'!9*,,='&+-&0!/<='2-*/+0!&-!<'/);0!

@1*!0&!9='/1?&+-!92+0!?&!,?1N!9&!)/+0)*&+)&B!R&<&+92+-8!)&--&!(=-:/9&!0G230-*&+-!9&!<&+0&'!)&0!

/<='2-*/+0! 92+0! ?&1'! *(3'*)2-*/+8! &-! <'&+9! ?&! '*0@1&! 9&! ?&0! *+-&'<'=-&'! )/((&! 9&0! (/(&+-0!

!

!*! U)! 5&//&H)! >)! =&! 5?S19@S19=9H.)! /(&(.]P)! g! =&! 5?S19@S19=9H.)! HS1S(.]P)! &! S(S! &1&=h/S! 5&'! i/9! 8)'1! >&1/!

=^&'(.F=)! 8)'1*! i$! Z!U)/! ('9./! [9.)/! >)! =&! 'S>PF(.91! 5?S19@S19=9H.]P)! ('&1/F)1>&1(&=)! >&1/! =&! 5?.=9/95?.)! >)!

M>@P1>!<P//)'=!_*!('&>$!-?.=.55)!"&L)/(&1!)(!A&(&=.)!N)5'&;*!F+$)%:!1j!22!a677ed*!5$!6cX,e6e$!

(16)

! "a!

/<</0=0B! V2! <:=+/(=+/?/5*&! 5=+=-*@1&! 2<<2'2n-! 92+0! ?&0! 2+2?I0&0! :100&'?*&++&0! C! ?2! ,*+! 9&0!

2++=&0!"`"e8!2>&)!?&!@1&0-*/++&(&+-!01'!?2!)/+0-*-1-*/+!<200*>&B!R&??&A)*!>&1-!9*'&!C!?2!,/*0!?&0!

/<='2-*/+0!@1*!0&!9='/1?&+-!92+0!?&!,?1N!9&!)/+0)*&+)&!9&!,2L/+!<200*>&!&-!?2!9/+2-*/+!<200*>&!

9&!)&!@1*!2<<2'2n-!)/((&!=-2+-!9=HC!?CB!

V2! <&'0<&)-*>&! 5=+=-*@1&! <&'(&-! 9G*+-&''/5&'! ?2! <'=A9/+2-*/+! 91! (/+9&! -/1-! &+!

9=<2002+-!?G2+2?I0&!9=>&?/<<=&!01'!?2!320&!91!'2<</'-!&+-'&!?&!(/*!&-!?&!(/+9&!9=HC!)/+0-*-1=!

@1*!?1*!,2*-!,2)&B!R&!'2<</'-!<'=01<</0&!@1G1+!(/+9&!0/*-!9=HC!)/+0-*-1=!<2'!1+!01H&-!&-!+&!<&1-!

@1Gh-'&!?G/3H&-!9G1+&!<:=+/(=+/?/5*&!0-2-*@1&B!V2!<&'0<&)-*>&!5=+=-*@1&8!21!)/+-'2*'&8!<'&+9!&+!

)/+0*9='2-*/+!?&!<'*+)*<&!0&?/+!?&@1&?!-/1-&!,/'(2-*/+!9&!?G&5/!'&?;>&!9G1+&!5&+;0&8!(h(&!)&??&!

@1*! 0&! 9/++&! )/((&! -/1H/1'0! 9=HC! ?CB! R&! ,2*02+-8! &??&! b!+/10! '&<?2)&! &+! 9&LC! 91! 9=HC!

)/+0-*-1=!c!!8! &??&! +/10! '&+>/*&! C! ?2! 5&+;0&! 9&! ?2! )/+0-*-1-*/+B! [100&'?! =)'*-! &+! )&! 0&+0!Q!

b!MG/))1<&'! 9&! ?2! )/+0-*-1-*/+8! )&! +G&0-! <20! 0G/))1<&'! 9&! ?2! 5&+;0&8! ?2@1&??&! &0-! <'=)*0=(&+-!

5&+;0&!9&!?2!)/+0-*-1-*/+!u^vB!c!"!V2!+/-*/+!9G:23*-10!2<<2'2n-!2*+0*!)/((&!)&+-'2?&!92+0!?&0!

2+2?I0&0!5=+=-*@1&08!<1*0@1&!-/1-!0&+0!'&+>/*&!C!1+&!b!)'=2-*/+!/'*5*+2*'&!c!@1*!0G&0-!0=9*(&+-=&!

0/10!,/'(&!9G:23*-10B!!

j/1-&!2)-*>*-=8!(h(&!)&??&!@1*!+&!)/''&0</+9!@1GC!?G2,,&)-*/+8!&0-!<'/91)-'*)&!9G:23*-10B!

RG&0-!1+&!?/*!9&!?2!)/+0)*&+)&!@1&!-/1-!>=)18!9;0!?/'0!@1G*?!&0-!2)-12?*0=!92+0!?2!)/+0)*&+)&!2!?2!

</00*3*?*-=! 9&! 0&! '&<'/91*'&! C! +/1>&21B! S2+0! ?&! <20025&! 91! >=)1! C! ?G*+2)-12?*-=8! *?! +GI! 2! <20!

0&1?&(&+-!1+!=)/1?&(&+-!<200*,!-&(</'&?8!(2*0!1+&!0=9*(&+-2-*/+!<200*>&!92+0!?2@1&??&!?&!>=)1!

9&(&1'&!&+!-2+-!@1&!</-&+-*&??&(&+-!'&<'/91)-*3?&8!&-!?&!0&+0!/3H&)-*,!)/+0-*-1=!2>&)!?1*!9&(&1'&!

&+!-2+-!@1G1+!2)@1*0!91!01H&-!&+!,/'(&!9G:23*-10B!R&?2!>&1-!9*'&!@1G*?!<&'0*0-&!&+!-2+-!@1G1+!

2>/*'!<&'0*0-2+-8!1+!:23*-10!9&!?G&5/B!

V2!5&+;0&!-'2+0)&+92+-2?&!9&!?G&5/8!<2'!?2@1&??&!?&!01H&-!0&!)/+0-*-1&!&+!-2+-!@1&!01H&-!&+!

(h(&! -&(<0! @1G*?! )/+0-*-1&! </1'! ?1*! 1+! (/+9&8! )&--&! 5&+;0&! /1! /'*5*+&! 9&! ?G&5/! 0&! '=>;?&!

)/((&!?G*(3'*)2-*/+!9G1+&!5&+;0&!<200*>&!&-!9G1+&!5&+;0&!2)-*>&B!V2!5&+;0&!2)-*>&!0&!9='/1?&!

92+0!?&0!2)-&0!91!01H&-!&+-&+91!)/((&!)/+0-*-12+-8!)/((&!2)-*,B!VG2)-*>*-=8!-&??&!@1&!?G&+-&+9!

[100&'?8!<'&+9!-/1H/1'0!?2!,/'(&!*+-&+-*/++&??&!92+0!?2@1&??&!1+!2)-&!0&!'2<</'-&!C!1+!/3H&-8!&-!

2!02!0/1')&!92+0!1+!<d?&A01H&-B!U??&!&0-!9/+)!)&!@1*!<'/>*&+-!91!(/*!)/+0)*&+-!&-!2)-1&?B!!

V2!5&+;0&!<200*>&!0&!9='/1?&!02+0!?2!<2'-*)*<2-*/+!91!01H&-8!+*!)/((&!<d?&!/<='2-/*'&!9&!

?2! 0I+-:;0&8! +*! )/((&! *+-&+-*/++2?*-=! )/+0)*&+-&B! V2! <:=+/(=+/?/5*&! 5=+=-*@1&! &-!

<2'-*)1?*;'&(&+-!?&0!2+2?I0&0!01'!?&0!0I+-:;0&0!<200*>&0!'=>;?&+-!@1&!-/1-&!2)-*>*-=!=5/g@1&!&0-!

!

!!!"#$!T&'L&'&/*!f$!A&$%.*2($3.&#D#+"#453+.'.453)#*)#>2'')%+*!.4E#(3$$*!5$!2e2$!!

!"

!<P&!ki0*!5$!J2$!!

(17)

! "f!

,/+9=&!01'!1+&!<'=A9/++=&!<200*>&B!V&!(/+9&!&0-!?C!</1'!(/*8!*((=9*2-&(&+-8!/'*5*+2?&(&+-!

9/++=8!&-!HG29:;'&!9&!,2L/+!*''=,?=):*&!C!?2!-:;0&!9&!0/+!&N*0-&+)&B!R&!@1*!&0-!*((=9*2-&(&+-!

9/++=! )/((&! /'*5*+2?8! /))1?-&! 1+&! <'=9/+2-*/+! <200*>&! <'=A)/+0-*-1=&! <2'! 9&0! 0I+-:;0&0!

200/)*2-*>&0!@1*!,/'(&+-!?G1+*-=!91!):2(<!0&+0*3?&!:/(/5;+&B!S2+0!?2!<'=A9/++=&8!1+!:23*-10!

&0-!9/+)!9=HC!/<='2+-B!R&?2!>&1-!9*'&!@1&!92+0!?&0!0I+-:;0&0!<200*>&0!@1*!0&!9='/1?&+-!0/10!,/'(&!

9G:23*-108! ?&0! 200/)*2-*/+0! '&+>/*&+-! C! ?2! )/+0-*-1-*/+! 2)-*>&! 91! 01H&-! @1*! &0-! /'*5*+2*'&(&+-!

*+0-21'2-'*)&B!R&0!)/+0*9='2-*/+0!01'!?&!'2<</'-!&+-'&!5&+;0&!2)-*>&!&-!<200*>&!@1&!+/10!>&+/+0!

9G&0@1*00&'!'=>;?&+-!@1&!)&!@1*!&0-!/'*5*+2*'&(&+-!)/+0-*-1=!<2'!?&!(/*!9&>*&+-!:23*-10!&-!9/+)!

@1&?@1&!):/0&!@1*!+G&0-!<?10!/<='=!<2'!?1*B!!

T?/'0! @1&! )&?2! +&! 9=)/1?2*-! <20! 9&! (2+*;'&! =>*9&+-&! C! <2'-*'! 9&0! 2+2?I0&0! 9&! -I<&!

0-2-*@1&8!?2!<:=+/(=+/?/5*&!9&!?2!5&+;0&!'=>;?&!2*+0*!@1Gb!2+-='*&1'&(&+-!C!?2!9/+2-*/+!9&!0&+0!

2)-*>&!@1*!)/+0-*-1&!?G/3H&-!)/((&!1+*-=!&-!*9&+-*-=8!2!?*&1!1+&!9/+2-*/+!9&!0&+0!2,,&)-*>&8!&-!

01'-/1-!<'=A2,,&)-*>&8!@1*!<'=A)/+0-*-1&!9&0!,/'(&0!<'*(*-*>&0!9G/3H&)-*>*-=B!c!*!D?!,21-!)&<&+92+-!

3*&+! )/(<'&+9'&! @1&! ):&6! [100&'?! ?2! <'=A9/+2-*/+! +G&0-! <20! 0&1?&(&+-! )&! @1*! <'=);9&! ?2!

9/+2-*/+8! &??&! &0-! &??&A(h(&! 1+&! 9/+2-*/+8! (2*0! 1+&! 9/+2-*/+! <?10! /'*5*+2*'&! @1*! <'=);9&! ?2!

9/+2-*/+!9&!0&+0!=5/g@1&!&-!?2!,/+9&B!#!!

D?!0&!</0&!9/+)!*)*!1+!<'/3?;(&!</1'!?2!<:=+/(=+/?/5*&!5=+=-*@1&8!<1*0@1&!&??&!(/+-'&!

@1&! -/1-&! 2)-*>*-=! &0-! ,/+9=&! 01'! 1+&! <200*>*-=8! &-! 9G21-'&! <2'-8! @1&! ?2! <'=A9/+2-*/+! <200*>&!

'&+>/*&!&??&A(h(&!C!1+&!)'=2-*/+!/'*5*+2*'&8!9/+)!C!1+&!2)-*>*-=!<'=2?23?&!@1*!0G&0-!0=9*(&+-=&!

0/10!?2!,/'(&!9G:23*-10B!D?!0G25*-!9/+)!9&!)/(<'&+9'&!)/((&+-!)&!@1*!&0-!/'*5*+2*'&(&+-!)'==!

2));9&!C!1+!0-2-1-!<?10!/'*5*+2*'&!&+)/'&!&+!0&!0=9*(&+-2+-B!V2!<:=+/(=+/?/5*&!(&-!2*+0*!&+!

>2?&1'!?2!)/+)/(*--2+)&!9&!<?10*&1'0!/'*5*+2'*-=0B!!

w! <2'-*'! 9&! )&0! )/+0*9='2-*/+0! <'=?*(*+2*'&08! +/10! &+-&+9/+0! H10-*,*&'! ?G2<<'/):&! 9&0!

-:;(&0! <'*+)*<21N! 9&! +/-'&! -'2>2*?! @1*! 0/+-! ?&! '2<</'-! &+-'&! <200*>*-=! &-! 2)-*>*-=! 92+0! ?2!

<:=+/(=+/?/5*&!:100&'?*&++&!&-!?G:23*-10B!MG*?0!/+-!9=HC!=-=!)/''&)-&(&+-!23/'9=0!<2'!9G21-'&0!

)/((&+-2-&1'08!+/10!&N</0&'/+0!92+0!)&!@1*!01*-!+/-'&!2<<'/):&!@1*!2!?2!<2'-*)1?2'*-=!9&!+&!<20!

0&!)/+)&+-'&'!01'!?2!<200*>*-=!/1!?G2)-*>*-=!-'2+0)&+92+-2?&!)/((&!0G*?!0G25*002*-!9&!9&1N!):2(<0!

/<</0=08!(2*0!H10-&(&+-!9G&002I&'!9&!):&'):&'!?&1'0!)'/*0&(&+-0B!!

"

!

!

!

!#!TSH9P(*!T$!!!,)&C"&()#*2#7.&*)*!.4E#(3$$!*!5$!!J7$!

!$!"#$!A;3*$*!5$!!J2$!

(18)

! "Y!

!

!

(19)

! "Z!

3+(*%&'%(&"#-45+"*+0/(&

T.R!Q'G(+$()'0"&'.=9*-2-*/+0!)2'-=0*&++&0!HIJKJLIJMKN8!x9*-*/+0!%='d(&!.*??/+8!"``ZB!

!

TpM!Q' A"' *2' &>%+<E&"' -2&&18"O' !$517("' +)2%&3"%02%+2*"' "+' 3$%&+1+(+1$%&' $)151%21)"&8! -B,B! <2'!

F'1)&!F=5/1-!&-!%&2+!K&00?&'8!W'&+/3?&8!%='d(&!.*??/+8!"``ZB!!

!

RU!Q!:<$&"'"+'"&-23"'L'!"#$%&'0"'IJPQ!\23'&5=!RU]8!-B,B!%&2+Am'2+L/*0!V2>*5+&8!plm8!"`Z`B!

!

RA.0!Q!R-S+"'T"U+"'V=")'W"1+X$%&+1+(+1$%'HIJKJLIJMYN'9'A1"':L.2%(&X)1-+"8!=9B!S*&-&'!V/:(2'8!

S/'9'&):-kF/0-/+kV/+9/+8! K?1y&'! T)29&(*)! p13?*0:&'08! #eefB! [100&'?*2+2! .2-&'*2?&+8! >B!

oDDDB!

!

U%!Q!ZU-/)1"%3"'"+'[(5","%+'L'6"3<")3<"&'"%'8("'04(%"'5/%/2*$51"'0"'*2'*$517("8!p2'*08!p'&00&0!

l+*>&'0*-2*'&0!9&!m'2+)&8!#e""B!!

!

Ul! Q' Z)F2<)(%5' (%0' \)+"1*9' \%+")&(3<(%5"%' ?()' ]"%"2*$51"' 0")' !$51X8! ['05B! >/+! VB!

V2+95'&3&8!R?2200&+!z!W/>&'-08![2(31'58!"`fXB!!

!

D9&&+! D!Q!C0/"&' 01)"3+)13"&' -$()' (%"' -</%$,/%$*$51"' "+' (%"' -<1*$&$-<1"' -</%$,/%$*$517("' -()"&;!-B,B!<2'!p21?!4*)J1'8!p2'*08!x9*-*/+0!W2??*(2'98!"`aeB!!

!

D9&&+!DD!Q!6"3<")3<"&'-</%$,/%$*$517("&'-$()'*2'3$%&+1+(+1$%;!-'29B!,'B!x?*2+&!U0)/13208!p2'*08!

p'&00&0!l+*>&'0*-2*'&0!9&!m'2+)&8!#eeXB!!

!

K'*0*0! Q! !2' 3)1&"' 0"&' &31"%3"&' "()$-/"%%"&' "+' *2' -</%$,/%$*$51"' +)2%&3"%02%+2*"8!

-'29B!,'B!W='2'9!W'2+&?8!x9*-*/+0!W2??*(2'98!"`YfB!!

!

!"#$%&'&()'*"'+",-&'9!!"#$%&'-$()'(%"'-</%$,/%$*$51"'0"'*2'3$%&31"%3"'1%+1,"'0('+",-&;!-B,B!

<2'![&+'*!S100/'-B!p2'*08!p'&00&0!l+*>&'0*-2*'&0!9&!m'2+)&8!#e"a8!f{!&9B!!

!

.R! \plm]!Q! !./01+2+1$%&' 32)+/&1"%%"&' L' Z+' *"&' 3$%F/)"%3"&' 0"' B2)1&8! =9B! &-! -B,B! <2'! .2')! 9&!

V21+2IB!p2'*08!p'&00&0!l+*>&'0*-2*'&0!9&!m'2+)&8!"``XB!!

!

.R!\o'*+]!Q!./01+2+1$%&'32)+/&1"%%"&'9'1%+)$0(3+1$%'^'*2'-</%$,/%$*$51"8!-'291*-!9&!?G2??&(2+9!

<2'!W23'*&??&!p&*,,&'!&-!U((2+1&?!V=>*+20B!p2'*0!Q!%B!o'*+8!"``#B!!

!

.&O'&()'*"'+",-&!Q![100&'?8!UB!R()'*2'-</%$,/%$*$51"'0"'*2'3$%&31"%3"'1%+1,"'0('+",-&;'I_JML IJIQ8!-'291*-!<2'!%&2+Am'2+L/*0!p&0-1'&218!*+-'/91)-*/+!9&!419/?,!F/&:(!&-!9&!419/?,!F&'+&-8!

W'&+/3?&!Q!%B!.*??/+8!#ee$B!!

!

VmVj!9'!$517("'F$),"**"'"+'*$517("'+)2%&3"%02%+2*"'9'"&&21'04(%"'3)1+17("'0"'*2')21&$%'*$517("8!

-'29B!M162++&!F2):&?2'98!f&!=9*-*/+8!p2'*0!Q!p'&00&0!1+*>&'0*-2*'&0!9&!m'2+)&8!#ee`B!!

!

(20)

! "`!

Vl!DD#!Q!6"3<")3<"&'*$517("&O'TOK;K;'6"3<")3<"&'-$()'*2'-</%$,/%$*$51"'"+'*2'+</$)1"'0"'*2' 3$%%21&&2%3";'6"3<")3<"&'CCC;'C`'"+'`8!-'291*-!<2'![13&'-!U?*&8!T'*/+!VBK&?7&?!&-!4&+=!M):='&'8!

$&!=98!p2'*08!p'&00&0!1+*>&'0*-2*'&0!9&!m'2+)&8!"``$B!!

!

OW!Q'a2+()'(%0']"1&+'9'`$)*"&(%5"%'R$,,")&","&+")'IJKQ8!F/0-/+AV/+9/+8!K?1y&'8!#ee"B!

!

OU!Q!a2+()"' "+' "&-)1+' 9' *"#$%&' 0(' &","&+)"' 04/+/' IJKQ8! -'29B! %1?*&+! m2'5&0B! p2'*0! Q! V*3'2*'*&!

<:*?/0/<:*@1&!%B!o'*+8!#e"YB!!

!

Up!#!Q!B<1*$&$-<1"'-)",1E)"'K'HIJKMLKYN'9'T</$)1"'0"'*2')/0(3+1$%'-</%$,/%$*$517("8!p2'*08!

p'&00&0!l+*>&'0*-2*'&0!9&!m'2+)&8!"`Y#B!!

!

|W!Q'!4$)151%"'0"'*2'5/$,/+)1"8!-'29B!%2)@1&0!S&''*928!f&!=9*-*/+8!p2'*0!Q!p'&00&0!1+*>&'0*-2*'&0!

9&!m'2+)&8!#e"eB!!!

!

pp!Q!B&>3<$*$51"'-</%$,/%$*$517("!\"`#aA"`#Z]8!-'29B!,'B!<2'!p:B!R23&0-2+8!OB!S&<'26!&-!TB!

.266q8!p2'*08!o'*+8!#ee"B!!

!

MD! D!Q!R()' *41%+")&(=["3+181+/' C;! -'29B! O2-2?*&! S&<'26B! p2'*08! p'&00&0! l+*>&'0*-2*'&0! 9&! m'2+)&8!

#ee"B!!

!

MD!DD!Q!R()'*41%+")&(=["3+181+/'CC;!-'29B!O2-2?*&!S&<'26B!p2'*08!p'&00&0!l+*>&'0*-2*'&0!9&!m'2+)&8!

#ee"B!!

!

!

!

!

!

!

!

(21)

! #e!

!

!

!

!

!

!

!

!

!

(22)

! #"!

!"#$%&'()*)))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))) 3%&6-0#$,)%&'1&)0+&61-&'"/(&$"&674/0)4/0$08+%&'%&

91((%-$)

!

!

!

!

!

!

!

!

!

!

!

!

(23)

! ##!

R&--&! <'&(*;'&! <2'-*&! +G21'2! <20! </1'! >/)2-*/+! 9G&N</0&'! 1+&! 2+2?I0&! 91! -/1'+2+-!

=5/?/5*@1&!92+0!?2!<:*?/0/<:*&!:100&'?*&++&B!VG2<<2'*-*/+!&-!?&!9=>&?/<<&(&+-!9&!?2!+/-*/+!9&!

(/*!<1'8!92+0!?2!<:=+/(=+/?/5*&!-'2+0)&+92+-2?&!9&![100&'?8!2!9=HC!=-=!?G/3H&-!9G21-'&0!=-19&0!

@1&! +/10! 2>/+0! *+9*@1=&0! 92+0! ?G*+-'/91)-*/+B! O/0! '&):&'):&0! </'-&'/+-8! &+! '&>2+):&8! 01'!

)&'-2*+0! </*+-0! 91! 9=>&?/<<&(&+-! 9&! 02! )/+)&<-*/+! =5/?/5*@1&! 9&! ?2! )/+0)*&+)&B! R&0! </*+-0!

0G2>='&'/+-8!&+!&,,&-8!,/+92(&+-21N!</1'!?&!9=<?/*&(&+-!9&!+/0!2+2?I0&0!1?-='*&1'&0B!

!

!"!" ! #$%&'()*+,*-.*/0&1/',&/,*1.&1*20'*

!

S2+0! ?2! )*+@1*;(&! =-19&! 9&0!6"3<")3<"&' *$517("&;! [100&'?! &+>*025&2*-! 0&1?&(&+-! 1+!

(/*!&(<*'*@1&8!@1*!</1>2*-!9G2*??&1'0!h-'&!'=91*-B!R&<&+92+-8!*?!0G2>='2!@1&!)&--&!'=91)-*/+!+&!

)/+91*02*-!<20!&+)/'&!21!(/*!<1'B![100&'?!=)'*>2*-!@1&!b!?&!(/*!21!0&+0!)/1'2+-!&0-!1+!/3H&-!

&(<*'*@1&!c8!1+!/3H&-!*+9*>*91&?8!1+&!):/0&!s!@1G*?!+G2>2*-!b!<20!9G21-'&!1+*-=!@1&!)&??&!@1*!?1*!

&0-! 9/++=&! <2'! ?2! '=1+*/+! 9&! 0&0! <'/<'*=-=0! <:=+/(=+2?&0! \b"&3<2FF"%<"1+"%]!c!$B! V&! b!(/*!

<:=+/(=+/?/5*@1&!c! 9&0!6"3<")3<"&' *$517("&! &0-! ?&! (/*! &(<*'*@1&! '=91*-8! 0=<2'=! 91! (/*!

)/'</'&?B!R&!@1*!9/++&8!&+!'=91)-*/+8!1+!(/*!0<*'*-1&?!/1!<0I):*@1&8!)/''&0</+92+-!C!?G1+*-=!91!

,?1N!91!>=)1!b!)/((&!'=2?*-=!\)"2*]!,&'(=&!01'!&??&A(h(&!cB![100&'?!9=)'*-!2*+0*!?&!(/*!&-!0/+!

'2<</'-!21N!>=)10!91!,?1N!9&!)/+0)*&+)&!<2'!)&0!-&'(&0!Q

!

#$"%&'"()*+&%*+&,&-'./$%$+0"1*2/'0"3!"#$%&'$%(%)*+,"'-.'/*0*'.1'-2,"4"+5$60"2&+7"(86"

./$,./$" 7)&6$" 2$" 6(*7'9'./$" 33*)'$4.1*)'+4" ./'" (,8+$18'0" 8/:2$66/6" 2$6" %/,0'(,$6" ;*7/6<"

%8'6" '," $60" 6'%(,$%$+0" '2$+0'./$" =" ,5/+'0*" (1&(1$" 2$" ,$/1" 7&++$>'&+!" ?8+6" ,8" +80/1$" 2$6"

7&+0$+/6" $0" 28+6" ,$6" ,&'6" ./'" ,$6" 1*-'66$+0" 6&+0" 9&+2*$6" 7$108'+$6" 9&1%$6" 2$" 7&++$>'&+6!"

@,,$6"(1&-1$66$+0"2$"%/,0'(,$6"%8+'A1$6"2$"7&+0$+/"$+"7&+0$+/<"2$"7&%(,$>'&+"2$"7&+0$+/6"

$+"7&%(,$>'&+"2$"7&+0$+/6<"$0"75$60"8'+6'"./$"6$"7&+60'0/$"9'+8,$%$+0"/+$"0&08,'0*"/+'9'*$"

2$" 7&+0$+/6" 3'*$"'*1(*,"'- 2$"4(1+)'+4&1"'*14" ./'" +5$60" 1'$+" 258/01$" ./$" ,$" %&'" ,/':%B%$"

()*+&%*+&,&-'./$%$+0"1*2/'0"3!"#$%&'$%(%)*+,"-.'/50*'.1'-2,"-+'(6+14!"#$6"7&+0$+/6"&+0"

(1*7'6*%$+0<"7&%%$",$6"7&+0$+/6"$+"-*+*18,<",$/16"98C&+6<"2*0$1%'+*$6"6$,&+"2$6",&'6<"2$"

6$"1866$%D,$1"$+01$"$/><"2$"6$"9&+21$"$+"2$6"/+'0*6"(,/6";860$6<"$0<"2/"98'0"./5',6"65/+'9'$+0"

8'+6'"$0"+$"9&+0"./5/+<",$"%&'"()*+&%*+&,&-'./$<"&/",5/+'0*"2$",8"7&+67'$+7$<"6$"01&/;$"2*E="

7&+60'0/*"68+6"./5',"6&'0"D$6&'+<"(81"6/171&F0<"25/+"(1'+7'($"*-&,&-'./$"32,"7!.*$0*!+4"(1&(1$"

6/((&108+0"0&/6",$6"7&+0$+/6"$0",$6"/+'9'8+0"0&/6"/+$"2$/>'A%$"9&'6!"G7'"7&%%$"8',,$/16",8"

9&+70'&+"25/+"0$,"(1'+7'($"6$18'0"'+7&%(1*)$+6'D,$!!""

!

! S2+0!)&--&!9&0)'*<-*/+8!?&!b!(/*!<:=+/(=+/?/5*@1&!c8!@1*!'=01?-&!9&!?2!'=91)-*/+!91!(/*!

&(<*'*@1&8!+G&0-!<20!1+!<'*+)*<&!9G1+*,*)2-*/+!9&!?2!b!)/(<?&N*/+!'=&??&!9&!>=)10!cB!D?!&0-8!21!

!

!%!Ul!ii6*!0+,-!f)F?)'F?)*!5$!2X6!a<P&!kik*!5$!e4e!meXend$!

!&

#Ul!ii6:!5$!2Xe!a<P&!kik*!5$!e4e,e4J!meXe,eXJnd$!

(24)

! #$!

)/+-'2*'&8!?&!'=01?-2-!9&!?G1+*,*)2-*/+!9&0!>=)108!&-!&0-!2*+0*!*9&+-*@1&!C!?G1+*-=!9&!?2!)/+0)*&+)&B!

R&--&!1+*,*)2-*/+!+G2!<20!3&0/*+!9G1+!<'*+)*<&!@1*!?2!)/+0-*-1&B!S&0!b!,/'(&0!9&!)/++&N*/+!c!

0/+-!9=HC!<'=0&+-&0!92+0!?2!+2-1'&!9&0!)/+-&+10!&-!9&0!?/*0!@1*!?&0!'=5*00&+-B!R&??&0A)*!)/+0-*-1&+-!

0&1?&0! b!9&0! 1+*-=0! <?10! >20-&0!c! @1*8! 9&! '200&(3?&(&+-! &+! '200&(3?&(&+-8! )/+0-*-1&+-! &??&0A (h(&0!?G1+*-=!9&!?2!)/+0)*&+)&!@1&![100&'?!2<<&??&!b!(/*!<:=+/(=+/?/5*@1&!cB!RG&0-!&+!)&!

0&+0! @1&! ?&! (/*! <:=+/(=+/?/5*@1&! +G&0-! <20! ?&! 01H&-! 9&! ?G1+*-=! =5/g@1&8! (2*0! ?&! '=01?-2-! 9&!

?G1+*,*)2-*/+! 9&0! )/+-&+10! 9&0! >=)108! @1*! 9/++&! &??&A(h(&! ?2! -/-2?*-=! )/+)';-&! 91! ,?1N! 9&!

)/+0)*&+)&!s!)&0!)/+-&+10!@1*!/+-!9=HC!?2!<'/<'*=-=!&00&+-*&??&!9Gh-'&!)/++&)-=0!?&0!1+0!2>&)!?&0!

21-'&08!9&!0&!)/+0-*-1&'!1+&!1+*-=!9&!)/+-&+10B!p/1'!)&?28!*?!+G&0-!<20!3&0/*+!9G1+!(/*!<1'!@1*8!

&+!=-2+-!@1&?@1&!):/0&!9&!0=<2'=!9G&1N8!9&>'2*-!?&0!'200&(3?&'B![100&'?!'&,10&!2*+0*!?2!+/-*/+!

9G1+! (/*! <1'! b!@1*! <?2+&'2*-! 21A9&0010! 9&0! (1?-*<?&0! >=)10!c! \02&' V=")' 0"%' ,2%%15F2*+15"%' Z)*"=%1&&"%' &3<D"=+"]! )/((&! 1+! b!<'*+)*<&! =5/g@1&!c! \C3<-)1%?1-]! @1*! '200&(3?&'2*-!

\+)25"%0"%]!?&0!)/+-&+10!9&0!>=)10B!V&!<:=+/(=+/?/51&!>2!H10@1GC!2,,*'(&'!Q

!

?58',,$/16"E$"2&'6"1$7&++8F01$<"=";18'"2'1$<"./$"E$"+$"(/'6"8D6&,/%$+0"(86"811';$1"="2*7&/;1'1"

7$" %&'" (1'%'0'9<" $+" 08+0" ./$" 7$+01$" 2$" 1*9*1$+7$" +*7$668'1$" 3$%18'$/*)'+- 9'0*'"5$)+0'$1.5&4!"#8"6$/,$"7)&6$"./$"E$"6&'6"$+"%$6/1$"2$"1$%81./$1<"2&+7"2$"($17$;&'1<"

75$60",$"%&'"$%('1'./$"$0"68"1$,80'&+"$%('1'./$"8/>";*7/6"(1&(1$6"&/"8/>"&DE$06"$>0*1'$/16<"

./'<" =" ,5'+608+0" 2&++*" 3:5)'$6(*,;4<" 6&+0" (1*7'6*%$+0" 2$;$+/6" (&/1" ,/'" &DE$06" 25/+$"

H800$+0'&+I"3<58'$/5$)4"6(*7'8,$<"08+2'6"./$"H2$)&16I"7&%%$"H2$28+6I"',"2$%$/1$"0&/0$6"

6&10$6"2$"7)&6$6"8/>./$,,$6"%8+./$"7$00$"1$,80'&+"8/"%&'!!#"

!

[100&'?!2,,*'(&!2*+0*!@1&!0G*?!I!2!1+!(/*!<1'8!)&?1*A)*!+&!<&1-!<20!h-'&!<&'L18!9/+)!+&!

<&1-!<20!+/+!<?10!h-'&!/3H&-!9&!(/+!2--&+-*/+!)/((&!)&!0&'2*-!?&!)20!</1'!1+&!):/0&B!R&--&!0&1?&!

</00*3*?*-=!&0-!2--'*31=&!21!(/*!&(<*'*@1&B!M*!?2!0&1?&!3<$&"!@1&!H&!<&1N!<&')&>/*'!)/''&0</+9!

21!(/*!&(<*'*@1&8!?&!(/*!<:=+/(=+/?/5*@1&!@12+-!C!?1*!+&!<&1-!h-'&!02*0*!/1!!b!2<&'L1!c!@1&!

<2'! ?G*+-&'(=9*2*'&! 9&! ?2! '=,?&N*/+B! V&! (/*! '=91*-! +/10! 9/++&! b!?2! )/(<?&N*/+! 9&! >=)10!

02*0*0023?&0!92+0!?2!'=,?&N*/+!c!'B!

M*!H&!+&!<&1N!<&')&>/*'!@1G1+&!,2)&!9&!?2!):/0&8!)G&0-!?2!):/0&!-/-2?&!@1&!H&!<&'L/*0!&+!

'&52'92+-! 1+&! 0&1?&! ,2)&B! S&! (h(&8! ?&! (/*! <:=+/(=+/?/5*@1&! &0-! ?G2<&'L1! -/-2?! 91! (/*!

&(<*'*@1&B! D?! &0-! )/(<'*0! )/((&! 1+&! 1+*-=! <:=+/(=+/?/5*@1&8! 92+0! ?2@1&??&! -/10! ?&0! >=)10!

<0I):*@1&0!9G1+!(/*!&(<*'*@1&!0/+-!'200&(3?=0B!D?!+G&0-!9/+)!<20!1+&!b!*+-1*-*/+!29=@12-&!c8!

(2*0!1+!<&'L1!)/((&!b!+G*(</'-&!@1&??&!):/0&!&N-='*&1'&!cB!S2+0!1+&!+/-&8![100&'?!=)'*-!@1&!

0*!?2!'=91)-*/+!91!(/*!&(<*'*@1&!C!?2!9/++=&!<:=+/(=+/?/5*@1&!+&!?2*00&!<20!b!0130*0-&'!1+!

!

!'#Ul!ii6*!5$!242a<P&!kik*!5$!eRJd$!

!(#A*$!

Références

Documents relatifs

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

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

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

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

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

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

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

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