HAL Id: hal-00777741
https://hal.archives-ouvertes.fr/hal-00777741
Submitted on 18 Jan 2013
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.
Bernard Fallery
To cite this version:
Bernard Fallery. Nouvelles technologies et travail du dirigeant. Systèmes d’Information et Manage- ment, Eska, 2001, 6 (2), pp.81-91. �hal-00777741�
11
234567768196AB2373CD681 6919EF5FD7141DEDC6F29
1
1F776E1 !"
1AE6C3
4#$1%#&&1DD
1234567589A53BCDEF3243537A53325A3AF3 327!95A3"#A$7%3
&853'A275AF3(33532375386#734A3'7A5436A754337A$353'A2472F33 66A58852736537"A"35438"7543537A$33825A
12 3 #79A53 BC)EF 3 24 3 27A5 3 7*45 3 53 #7A7 3 +3 '2$5A47"3 5 3 27655AF3 243
"#A$24%3147,3$A85273A"47535734795F36A353A527353657753527A56A45F353
$45A3543#86A75852743#86A9543+3#5-353'7475A32F38"A2734237A$3 6A3'74723'238#A,A275A3#225#7".
173523/2$5A3011BF3243437*45353#7A73+3'2$5A47"3532754F32 3358A"3"#A73 52#A5%333(5472353'86#73'23453A5#7353'A275A34A3'#7$7"33825A3 45A 3 7A7"5 3 452 3 7A4 3 -54 3 #86"8527A54% 3 457,2 3 #A#7"A45A 3 3 #27A972 3 53
##25354375#254353'2A87232433A"4723543"A52743A5543#864273 5 3 7A$ 3 3 825A. 3 655 3 547 3 3 6#5 3 54 3 75#254 3 5 3 '2A872 3 24 3 3 A"4723543#7$7"43#27$5433825A.3655434273543#86"752#5432"#544A543 6A3'45353'A275A324353#A53543#7$7"433825A.
77, 3 &7A5 3 65448475. 3 8564 3 6A54(5 3 7A5275 3 24 3 54 3 #5A#5A4 3 #272527 3 + 3 453 645A 3 5-#758527 3 3 8&85 3 (5472F 3 #55 3 '2 3 86#7 3 5 3 '45 3 5 3 'A275A 3 4A3 '#7$7" 3 3 825AF 3 424 3 ('25 3 A"6245 3 4744275 3 2'7 3 6 3 &7A5 3 6A64"59 3 43
$A243827A5A3#3(533477232'5473643443"4546"A"5F3573(53(5(5436AA*43 65$5273&7A53A56"A"4 3
824327A537*453523BC)EF36A*43(7A53"754353#4357301135A543'945A$723 A5#75F 3 24 3 "#A$24 3 5 3 7A$ 3 3 A527 3 53 657753 527A56A45 3#885 3 '86#723 24 3 25 3 475 3 '#7$7"4F 3 57 3 24 3 "#A$24 3 4 3 4772 3 2A872255 3 #885 3 43 A5723$5#35434A#543'2A8723:2$433A6543/273543A5543'"85775A43573 53A"#5675A4; 33534<47*853'2A872 32<4"3A"477 3A4 33#A4585273527A53#543
"A52754 3 #7$7"4 3 57 3 #54 3 "A52754 3 4A#54 3 '2A8724 3 65(54 3 A"4774 3 4A 3 3 27A5337A$353#53A52736A7#5A365$5273&7A53A665"43%
, 7 3 '9A 3 3!'(##3 86A54422275 3 3 7A$% 3 5 3 A527 3 53 657753527A56A453547352"324323289A53'#7$7"437A*43"5$"3:/4('+3=C36A3/A9; 3>3 7A53'5A43$275353#5775397235346297"36A3/5A3423A5535355A3%3 243253657753A2472F3373A5475A353643#695324374354382543:$525AF3 75#2#52F38"75AF32A875A ;
, 124753'77A#723A7536A35 3)#)#1*&3 :0?E3375864;F3573#5#39523 (5353A527353657753527A56A453"#28453375864F36A3A66A73+323825A3643
#44(5F34A3543#7$7"4353#"A"8253"543347773:A72F3#2A872;36A3453
, 122 3 '5-7A&85 3$#$ 154 3 4A#54 3 '2A8724F 3 727 3 24 3 5 3 #27#73
$5A93(5324353#AA5A3:387"3375864353#27#735473#24#A"53-365A422543 5-7"A5A543+3'527A56A45;F3573'5-7A&85 3&# 153#543#27#743:6A54(53743523 7&75,+,7&75F3543AA543A"224353A653"7273537753A2322362"54;
B3'"6(5F32437A243A435-3#24"(52#5436A7(5436A353A527353657753 527A56A45%3
B A1+#11"11*""1,"+&1!"#1#&&11)&1-153A5273 2'54736434558527323"#5A 3 >37F3536434$527364495F 3445A3+354365A422543 275A8"A543'##*43-34<47*8543'53+33"#4233-34<47*8543"5#7A2(54353
#882#72 3
0 D&1!"#1))#1&1#&#$11("&#&1)1-3 325373643
#5A#5A33A72472337A$33A527F3843A5465#75A35436A#"A5436A*54F3 54 3 "#424 3 6A 3 246A72F 3 3 A522#5 3 57 3 3#865-7" 3 5 3 454 3 #2- 3 53
#882#72
4A54(53(2!532436A*43'"75353 327!95AF35736A54(53(2!53243$273'"75353 2 3358A"F327A537*45F3475253523BC)E34433A5#72353C 3C5-F332#3436#53573423 A27" 3 24 3 3 25 3 475 3 54 3 2$547724 3 4A 3 54 3 A5274% 3 27A5 3 9/573 '2<453 2'"773643543825A43523"2"AF38439523313A527F3#573#75A3(3752732536#5343 6A7#*A53243'85A5353'527A56A45F35735375AA23'"753"773$27A5852733657753 527A56A45 3 5 3 824 3 5 3 B11 3 4A"4 3 4 3 $A24 3 /A' 3 24 3 #57 3 A7#5 3 243 275AA5A 3 '9A 3 4A 3 54 3 A52$5585274 3 644954 3 24 3 #5775 3 25 3 475 3 5 3 7A$-3 586A(54 3 4A 3 54 3 825A4F 3 $27 3 5 3 A""#A 3 - 3 2$554 3 66A#54 3 7"A(54 3 (3 6AA5273/A'3&7A53894"5436A385-3#5A25A353A527F3#573#75A3436A7#5A
./ 7 1 '# 1 " 1 ,"#- 1 " 1 " 1 "&&(# 1 1 )01)#/
./.1111&+*#11)##$11121&+*#11/
D4#7"54 3 3 "6A7 3 6A 3 '2474#72 3 5 3 + 3 '"#A7 3 527A5 3 5 3 8<75 3 '2 3 "#5A3 62#75A 3 57 3 3 A"7" 3 '2 3 55A 3 8A225775 3 24 3 2 3 7 3 5 3 6A#5444 3 ( 3 3
"#66527F3543A5#5A#5434A3543#7$7"43(7522543543825A43#2477527382752273 23$"A7953#A643E3#(53#5A#5A33544<"3'66A75A343#27A97234433A853 '2532$5537<653'#7$7"435734433A853532$5-3A"47743#86A74 3
B37734525A3773225AF3 327!95A3:523BCDE;3$736A64"F3+334753'253 945A$72 3 #2725 3 57 3 47A#7A"5F 3 (5 3 54 3 #7$7"4 3 644527 3 #AA5462A5 3 + 3 - 3 A5543 6A2#6-%3543A5543275A65A422543:B 3A72F30 355AF3E 352735342;F3543A5543 2A872254 3 :F 3 945A$75AF 3 = 3 45AF 3 G 3 6A75,6A5; 3 57 3 54 3 A554 3 "#42254 3 :D 3 527A56A525AF 3 ) 3 2"#75AF 3 C 3 A"6A775AF 3 B1 3 A"75A; 3 846427 3 24 3 '2 3 #A53 7"A(5 3 4427F 3 27!95A 3 657 3 A4 3 6A645A 3 2 3 #5A72 3 289A5 3 5 3 8"#248543
252A27 3 5 3 #2752 3 3 7A$ 3 % 3,3 64 3 '52$A2258527 3 547 3 <28(5F 3 64 3 54 3 A5543 2A87225434273$A"435732A8543,3643A2535473375F364386A7273547353A553 275A65A4225353A723,36436577535473375F364386A7273547353A553'527A56A525A3,3 543#86"752#543'23A5273:6A#72F3$5275F38247A72;3273253252#534A353
#2752 3 5 3 42 3 7A$ 3 :86A72#5 3 A57$5 3 54 3 7A4 3 A554 3 6A2#6-; 3,3 54 3 $A954 3 53 477235-6(5273543$A7243243537586433#2752337A$3:#<#54F3#A454 ;F357#
3543289A54543"7543586A(543#275436A3C 3D75HA73:BC)0;3273827A"3524753 (5353#2752337A$3573536775A233HA32'"75273643-"433486585273#27252743 +3'52$A2258527F3843('43A"475273'23#- 3D243453#45A34A353#86A7585273 2$53573543#75A43(36AA73'5#75AF3538*536A64"36A73A4354 3582543 :#53('3<33+3A5%3A5465#75A3543#A7*A543828835365AA82#5F3$A45A3'52585273 65A4225F3A245A3543A5724F345A35439/5#74F33"2A35436A#"A543472A4"54;3 57 3 54 3#27A27543 :#5 3 (5 3 '2 3 657 3 A5% 3 8772 3 54 3 A544A#54F 3 #27A27543 A"58527A54F 3 #27A2754 3 A24722554F 3 77754 3 54 3 7A54 3 8589A54F 3 7A$ 3 +3 I5-7"A5AF375#25F36A74F38A#"4J;36A3#86A52A532585273543#-3:#53(53 '2373%38"754F3#2752F34"5#72F3A27*A54F36AA7"4F3""72F3#6"A72J;3
54 3 :52 3 BC)G; 3 $7 3 24 3 4"A" 3 (5 3 25 3 A5543 27 3 "7" 3 A"(588527 3 A56"A"4 3 243 77543#543"7543:B 3A56A"45275A3+3'5-7"A5AF30 3527A5752A3543A"45-353#27#74F3E 3A5#5$A3 57 3 7A248577A5 3 54 3 2A8724F 3 F 3 7A75A 3 54 3 65A7A9724F 3 = 3 5A 3 54 3 A544A#54F 3 G 3 2"#5AF3D 322$5AF3) 3625AF3C 3#27A55A354349A22"4; 3 3436AA243#2725A3+3
#75A3543A"477435437A$-353KA23523BCGCF353C#535738723523BCDCF353L775A3523 BC)0F35322H<3523BC)CF353852423573 3523BCC=F3J384334A3#353A6655A354 3 5-36A2#6543#2#424F3#882543+377543#543945A$72433(752%3
, 8373535A3A73+336A5F3543A5274364452733643A2536A75353 5A3758643+3A3$5A9585273$5#3543#75A437A*43289A5-
, 8373535A364723'275A#5F3'2$5A43543A527435473#865-53573653 47A#7A"F3#53(3453A5*7532433A8527723535A43#7$7"4 3
754 3 #54 3 #44#724 3 57 3 74 3 #54 3 A"4774 3 44527 3 2"2824 3 25 3 #5A7253 2474#72 3DA3536A585A3627F3#5353'4535336A5F3573#8853532753M 3M87 3 573N 3O573523BCC)3%353A52735473"#A73243#543A5#5A#543#885323&7A53536A5F3 4243#5445352"32435436A#5444353#882#723A5#75 3K5652273543#24"(52#543 53#53#2477325342736437A"5436A3423"75F35735435243(36AA5273&7A536"A"43$5#354 3 4#52#5433253 2534273*A536"A"4 343<3A5$52A24 31734A3535-*853627F3
#535338453523A853533#865-7"F335+353348653945A$723543#7$7"4F3#'5473 9523'945A$723543#86A7585274F35735435243(36AA5273&7A536"A"43$5#35434#52#543
#27$54F3 (37365A8577A5353#86A52A53365AA82#533A5273243423#275-753 6A5442253%3K88527353A52738945,7,345434$A437#754.3K88527353A5273 657, 3 7AA5 3 44 3 A85 3 5 3 6A9*854 3 #5775 3 #865-7" 3 5 3 '52$A2258527. 3 3'27"A&73 6A2#63543#2#56743534$A437#7543353#865-7"3#27$53543A56A"45277243 6A3'"7533#86A7585273543A527434537A$5A7324353523A523A43644953 527A5 3 54 3 4$A4 3 57 3 54 3 #7$7"4F 3 527A5 3 54 3 A56A"4527724 3 57 3 54 3 #22442#54 3 % 3 6A 3 4543
#7$7"4F353A5273"$5665A7323A"65A7A53534$A436A#"A-346"#(54374"43 5247536A3#5438&8543#7$7"43:4$A43+3#A7375A8534A33547235437@#54F334$A43+3 2 3 75A85 3 4A 3 3 5472 3 5 3 4 3 57 3 3 5472 3 54 3 7A54; 3 > 3 2 3 :BCCF; 3 6A645 3 6A3 5-5865 3 (5 3 54 3 #A54 3 275A8"A54 3 4<27"74527 3 3 #22442#5 3 7#75 3 + 3 3 4 3 543 5-"#7274 3 57 3 54 3 A5274F 3 3 A5227 3 5-6#75 3 57 3 '2#A6A27 3 24 3 54 3 2$5543
6445A3/A'3543A5#5A#5435239A7A5436A6A543-366A#543#27$543:35673 BC)1F325A3573D75A295A3BC)=;3-3A5#5A#54323473'945A$723543#86A7585274 3
./3111&+"'1+"1#)0&'11121&1)#")#1+"1#"#/
354 3 4<47*854 3 '2A872 3 27 3 '9A 3 "7" 3 2(58527 3 #24"A"4 3 #885 3 2 3 9/57F3
#885 3 (5(5 3 #45 3 + 3 A245AF 3 + 3 "A5AF 3 + 3 #27A55A 3 : > D F 3 258527 3 >2A8723 D<47584; 343*43BCDEF3C 3423573P 37A36A64527353#24"A5A3(537734<47*853 '2A872 3 #2#5A25 3 52 3 5A25A 3 A544A7 3 2 3 2$ 3 6A$ 3 '2 3 6A 3 64<#(5F3
#2A27" 3 + 3 2 3 6A9*85 3 6A"#4 3 24 3 2 3 #275-75 3 A247225 3 22" 3 K5 3 ( 3 5473 2A87236A3'23253'54736432"#544A5852736A3'7A5 3>3#2$5273532536438645A3+3
##2 3 5 3 8&85 3 7<65 3 5 3 4<47*85 3 '2A872 3 65(54 3 22"54 3 64 3 7AF 3 #57753 6A647236A3236AA885353A5#5A#537A$3253#2#A"74723247A5532433
$535338#A,2A87(53:BCC1;F3243534##*4353'2A87(537475AF324353 6A87353365A7252#534A33#"A52#5F324336AA7"353'73#34A3534<47*85393 :84 3 44 3 24 3 5 3 4<2A85 3 3 6475 3 #527 3 9*45 3 57 3 46"#(5F 3 ( 3 A52 3 6A54(53 864495 3 5 3 "658527 3 '25 3 66#72J; 3B/A' 3 '8972 3 54 3 #5A#5A4F 3 573 4A77353'A5375#2(5F3547352#A53827"53'23#A23%332534'7364353#27A55A3543 4<47*854 3 5 3 22"54F 3 3 25 3 4'7 3 8&85 3 64 3 5 3 #2#5$A 3 6A 3 ##2 3 54 3 4<47*8543 '2A872F334'7353$A3"A5A353$"A795434<47*854353#22442#5432734$A43 7#754 3 57 3 4$A4 3 5-6#754F 3 27 3 5 3 2$5 3 2$5 3 57 3 5 3 2$5 3 #5#7F 3 27 3 543 2#7243A527"543$5A43537A75852735735432#7243A527"543$5A433#882#72 3
354 3 75#254 3 '2A872 3 4273 443 54 3 75#254 3 53 #882#72 3 4A 3 53 A5273#88536A35437A54F336A9"87(53453"6#532#3%35532'5473643$A8527 3 47 3 24 3 5 3 #- 3 '2 3 7 3 67" 3 #885 3 5 3 6A645 3 '66A#5 3 5 3 '2A87(53 7475A 3 :95A. 3 D<47*85 3 5-65A7. 3 1 > D.J;F 3 47 3 24 3 5 3 #- 3 '2 3 #2 3 5##53
#8853536A645337"A53533A#54453543853:5445A5.37-.3O4#2"A52#5.J;F 3 5535$52732536A9"87(53643"2"A5354347724353#882#72 3Q25347723 5 3 #882#723 25 3 7 3 64 3 45 3 "2A 3 A5#758527 3 6A 3 A66A7 3 + 3 2 3 85 3 75#2(53 6A7#5AF3#A35532536AA73*43A436A$52A3(533"#65375#2(53(53'23#5A#53 +3"$5A 315373453"2AF3+3'27"A5A353#(534"(52#536A7#*A51537A$F3#8853 5 3 A66A7 3 527A5 354 3 4543 :5 3 8" 3 87654; 3 57 354 3 A56A"45277243 (5 3 4'52 3 27 3 543 2$4 3 :6A 3 5-5865 3 +3 6A7A 3 54 3 87"4 3 4524A554% 3 $45?7F 3 #?AF3 6A#5?272 ; 3R23#247A7324353$"A795434#52A4353#86A75852734A354(54F3+3 2 3 5-*85 3 2$5 3 '2<45F 3 '86#7 3 54 3 2$5- 3 85 3 657 3 A43 &7A5 3 52$4" 3 3 RAH43573P 327543:BCCF;32732436A64"353#2#56735352A53:537A3'A!2F3 3 A"223323872F3537""7A$F332"#72F3537A$353A65J;F374"3#8853 A"62453+325347723A"#AA52753573#A#7"A4"36A3348A7"353423#27523:3(54723 9A"5;35735343A853:5432543573543#2-374"4; 333(5472353A5#5A#5325345A73 2#3643#553543A"7#52#543#5!3543A52743+34'86(5A3243'453A5#73'253 75#253'2A87233'2537A5F35535$5273#5533A"65A7A53#5#7354352A543 24 3 'A2472F 3 24 3 25 3 65A465#7$5 3 5 3 95 3 47A#7A72 3 3 5 3 '2<45 3 543
#2$52724%3#536A755535352A5435473#247A7F3A52A#"338"36A3543275A#7243 (7522543543#75A43(3A5465#7527334465#75273543A*5437#754335-6#7543352A5 3 354 3#7"4353845352 35$A538"7(534273#565227323'&7A532"5954F3
#8853'342"3C 3C5-3:BCCD;3573#885353827A52735437A$-3531 3!"3:0111;34A3 53A553543A72543243'66A6A723'25375#2536A323A6534727
3/ 7 1 '#4 1 & 1 $) 1 # 1 & 1 )((")#- 1 1 "1
"&&(#11)01#0$,"/
R236573#24"A5A37A43A2543A727"43"#28(543%33A727"33##3:#'5473
#55353'835#28#43#44(53(3#5A#53+38-845A342377"34A35438A#"43 6A7436A354(5433644*537753'2A872;F33A727"33#27A73:#'5473#5535 3 '"#2853#24"A"53#885323A"45353#27A74386#75435732#8657436A3A"4A5353 6A9*853"2"A33#S73'##*43+3'2A872;F357352233A727"3533#2$52723:#'5473
#553543A*543945A$"5436A388"74853'6A*4353#86A75852735437A54; 3B66("543+3 3
"#42F3#5437A437<654353A727"4324365A8577527353#445A354366A#5437"A(543523 7"A54 3 A722554F 3 7"A54 3 A24722554 3 57 3 7"A54 3 5 3 '#72 3 B66("54 3 + 3 3
#882#72F3#5437A43A2543A727"4324365A8577A2735338&85382*A5353#445A3 54366A#5437"A(5435237"A538"#2475F37"A53#<95A2"7(535737"A53275A#722475 3
3/. 1171'#11&1#0$11&1$)/
R237A$5324395#635382543543"774353'A73(34725273543"A527543 66A#543533"#42 3R236AA3A53443253A5$535434<27*454357325399A65 3
#86*753243'A7#5353 33A#53:BCC); 3443854758527F334'7345585273#353
#275475A 3 54 3 2<454 3 2 3 65 3 4864754 3 ( 3 "#A$527 3 5 3 A527 3 #885 3 2 3 "#5A3 A#75#75F362#75A3347A7*5J3573'52$45A36757325366A#536A354347724353
"#42 33
82432536A58*A5365A465#7$5F35-#4$585273#527A"534A3365A422533A527F353 289A5454 3 A5#5A#54 3 2A,8"A#254 3 A57522527 3 25 3 6A9"87(5 3 445! 3 6A#5 3 5 3 3
"#42 3 A72255 3 57 3 6784275F 3 52 3 A527 3 3(7" 3 5 3 3 "#423 - 3 7A74 3 53 65A4227"F 3 3 55A46 3 3 3 6$A 3 :22H< 3 BC)C; 3 3 3 (5472 3 5$527 3 A43 '5275A35434A#54336$A36A6A543+323A5273:6A453'277$5F3#22#535234F3
#6#7" 3 +32#A25A 354 3$5A4F3 6$A3 53A""A52#5F 3#A485J; 3 395235434A#54 33 6$A 3 "54 3 + 3 4 3 6472 3 :6$A 3 5 3 42#72,A"#865245F 3 6$A 3 5 3 #27A55 3 543 2A8724F36$A3'5-65A745F36$A34<89(5J; 3>3A5475A733A5273+3"A5A3573 A34A3#543852424F3843#577538947234'$*A53445!3#865-53+38"45A35738&853 +3945A$5A%3(55434"(52#54.3(5543#892424.3:8"A<3BCC1;
82432535-*85365A465#7$5F35735234$273 3D823:BC)E;3(3#24*A533"#423
#885 3 25 3 85242 3 8/5A5 3 54 3 D#52#54 3 5 3 'A2472F 3 #'547 3 5 3#86A7585273 A2472253 3 A527,"#5A 3 ( 3 66AT7 3 #885 3 9/57 3 '2<45 3 % 3 7A" 3 6A 3 253 (5 3 275272255F 3 5 3 "#5A 3 4'525 3 24 3 2 3 6A#5444 3 6AA544 3 57 3 7"A7 3 53 A5#5A#5,#2#5672,455#72F384332'3('253A727"387"536A34543#6#7"435734543
#22442#54F3423#86A758527345A34744273523223643678427F343#275345A3 A527"536A342352$A2258527364<#(5F3,8&853252#"36A3'A2472 3D3 3 D823 #24*A53 2433"#423 #8853253A"4723 536A9*85F3 '7A54 3 #5A#5A43
#8853C 3K<5A73573P 3A#3:BCD1;3453A77#5273443+3#5775365A465#7$533#86A7585273 A247225F 3 52 3 #24"A27 3 3 "#42 3 #885 3 5 3 A"477 3 '2 3 6A#5444 3 67(5 3 53 (4,A"472 3 5 3 #274 3 527A5 3 54 3 #724 3 '#75A4 3 65(54 3 4527 3 54 3 6A#54443 2<4"4F335-47539523#3543"#5A4F3(34273#24"A"43#8853A546249543543#-F3 (3 4273 A54624954 3 53 3 #"A52#5 3 "#42255F 3 (3 273 53 6$A 3 '252#5A 3 57 3 53
65A465#7$5367"536A3'A5375#2(53(36A6453543743'53+33"#42F3543 527A56574 3 5 3 22"54 3 57 3 54 3 74 3 5 3 7822 3 R2 3 #86A52 3 952 3 44 3 (5 3 #57753 65A465#7$537336A739553-3#6#7"43643382439225433A5273+36A52A53543 A4(5433+38T7A45A3'2#5A775 3
82432537A4*85365A465#7$5F367573#A7(5357382A7A5F3543#5A#5A43A585775273
#86*7585273523#453#53523527A532A8723573"#42F3A5857752738&853523#453543
#2#5674 3 5 3 "#42 3 57 3 5 3 "#5A 3 K5775 3 #2754772 3 A5*$53 5 3 5- 3 65A465#7$54 3 445!3
"A52754 34A35432A#47543#8853P 3A#3573P 3R4523:BCDG;3F3#8853 3D7A9#3 :BC)=;33#8853L 35#3:BCC=;F33"#423547336A753"85A"5353'#595AF325342F 3 23#2#56736A54(53"(53:D52#59323"#5J; 3KA3'A24723"2*A5352373 543743'#7243(3"#665273-327527243543#75A4F3573543"#42434273473536A73 53A52#27A543A77543527A535434724F35436A9*85435735436A7#6274J347354384543 5234#*2543E3##23#5A#53+3#4A3543#27A2754F3543#75A43573543A554 33'2A8723547 3 A43A5#5A#"53243239737A*4347A7"(53%36$A3453/475A336475AA3543"#4243
"/+36A454F344A354366A727"4F3"AA343!253'2#5A775J3353523527A53"#423573 2A87235-4753952F3843#'54732#323523A#5F3235236A9"87(5F32352389F3 64('35473258527323$A3/534# 34A35436A87(543#8853P 36223:BC)1;3 3 33A#53:BCC);F33A54753#5A7543+36A52A53#75353#57753"#247A#723533272353
"#42F3546"A5A3"$52755852732537"A5353'#723A2#533#2#567353"#42F3 84 3 #'547 3 2"2824 3 + 3 7A$5A4 3 #5775 3 42 3 5 3 3 "#42 3 (5 3 54 3 A5274 3 445273 (752258527F357323657338243453#45A34A3#5A7254347724353"#423%3P 3 622 3 45 3 #47 3 4A 3 '2#A"8527485 3 (5F 3 3 3A#5 3 "A7 3 #5775 3 66A#5 3 523 472273253A543"#422554%33A725F3'2#A"8527485F33"A$5F3'54#5F33 845 3 + 3 '52F 3 'A52#5F 3 '"6A5$5F 3 3 #A45F 3 3 A"$72 3 K5775 3 6A6472 3 A5/273
#A58527332723534772F3(53243$243"$("536A33#882#723$5#353 A"65A7A535352A5436A64"36A3 3RAH43573P 327543:BCCF; 31738&8534353A5273 2'54736432(58527323"#5AF33/5323A55395236A7#5A32433#247A#72353#53 A"65A7A5354352A543"#42254
3/311171'#11&1#0$11&1)((")#/
4 3 $24 3 "/+ 3 A665" 3 25 3 54 3 6A2#654 3 #2#424F 3 #88254 3 + 3 7754 3 543 945A$724 3 3 (752 3 54 3 825A4 3 % 3 3 7 3 5 3 5A 3 A7 3 + 3 3 6A5F 3 54 3 A52743 64452733643A2536A753535A3758643+3A3$5A9585273$5#3543#75A437A*43289A5- 3 K56522735435243(36AA5273&7A536"A"43$5#35434#52#54332532'273*A53"7" 3 6"A"43243#543"754 3
35437A43A2543A727"4F3#5533##F3#5533#27A73573#553533#2$5272F 3 65A8577527 3 5 3 A5#445A 3 54 3 7"A54 3 5 3 3 #882#72 3 52 3 7A4 3 #A274 3 8/5A4%3
#882(5A3#'54737A248577A5F3#882(5A3#'5473"#25AF3#882(5A3#'5473225A33 4524 3
824337"A538"#24753543#882#72437553(I5533"7"3"79536A3K 3D2223 :BCFC;3347723539453#AA54623+3I#753I23"85775A3(37A24A85323854453(I3 644*535232534"A5353A24364"4324323A"65A7A53573#"435234"(52#5 33I52458953 3854453#86A753 A43 3 ""852743 (3 4273"97"4 3 24 353#23573 5-6""43$5A43 5 3 A"#5675AF 3 54 3 577A54 3 5 3 I6957 3 A244527 3 2 3 92 3 5-5865 3 3I2 3 54 3 A"47743
28527-F 3 #I5473 A4 3 I"53 53 #6#7"3 87"53 54 3 #2- 3 +3 7A246A75A 3 253 #5A7253 (277"3'2A8723854A"536A323#5A723"973IA27"3%3243(553854A5323 85445353342-3657,3#2$<5A3538-88353#258527436449543+3I7A5397.3 D33(277"3'2A872354732"A5A53+33#6#7"33#2F3A4354365A75437525273$5A43
!"A
B$5#3#537<653'2<45F323#24*A532#3(535325354736A353A52732348653 8<52 3 '5-6A85A 3 454 3 "54 3 57 3 5 3 A5#5A 3 54 3 2A8724F 3 57 3 4' 3 6A$"5 3 25 3 A853
$5A95 3 6A 3 A66A7 3 + 3 '"#A7F 3 #'547 3 (' 3 #47 3 54 3 8" 3 52 3 2#72 3 5 3 5A 3 A#54453 27A24*(5F3"253#8853'67753+3#75A33#86A"524235232#72353'89U7"3 3854453+37A248577A53:C 3873573C 33525F3BC)G; 3N523(53#57753$4234736A7"536A3 53289A5-3A5274F35434#52#5433253:573543A"47743586A(543#27A#7A54;3 273827A"3('232536$734'523752A3+3253$4234434864753'2325,$"#5 3
824 3 3 7"A5 3 #<95A2"7(5 3 3 #27A55 3 "795 3 6A 3 3 525A 3 3 4772 3 5 3 9453
#AA54623+3233"85775A,A"#5675A3(3A5A7354385445435355,9#3'237A53"85775A, A"#5675A3:$A34 3NA572F3BCC0; 3Q74"533"6A736A33#275 35438445433543 78754F 3 #5775 3 $42 3 5 3 3 #882#72 3 25 3 #24*A5 3 64 3 48658527 3 25 3 48653 7A2484423843952323"#25 3K577532723534<47*85353#882#72345A3A56A453 6A3'"#5354364<#4#54353'"#53534,B736A3#86A52A535436"28*254353
#86A7585274 3 24 3 3 #882#72 3 57 3 5 3 2$5 3 5 3 3 8"7,#882#72 333
#882#723253A52$53643#3+32537"A5353I2A8723:$5#3534865436A9*8543 I52#5F353"#53573537A248442;F3843+32537"A53543#86A7585274 3KA3523 47723'"#25F3773#86A75852733253$5A3#882#7$53:8&8535373534537A53 6573425A3I2"A52#5F3I957"33I589AA4; 333#882#7232#737435437<6543 53 8544543"#2"4 3 :$5A9-?223 $5A9-V 3A754?46272"4 ; 38243#57753##5672F353 253$5A93253#247753643(I23543465#74364495433#86A7585273#882#7F3 (I237<6535342-324323#8635342-387654 3
8243#5775345#253(5F323#24*A532#3'524589533A"45353#882#72F3573 36A535$5273237374"36A353A52736A3A34A35437A54%387$5AF365A45AF3
#27A55AF38265AJ35232#723543#A#7"A47(543543275A#75A435733559#3A5A 3 BA35$527323/535325F323/5353#225-2357353"#225-2F357353A52737 3 A43#4A3543275A#75A436A39523A5<5A34543#724
82435437"A543275A#7224754F33#882#7235473#24"A"53#8853253A5723 (3 225323 4524 335345243$5273 +33 4 33 7A245A73 573 53 '252#53 $4"53 :8A53#'5473 A5;F3843#57753A57232536573453#86A52A53(5324323#275-75353#882#723 :543A*543#2$5A4722554F3543#54F3543A""A52#54J;3573523#24"A27354347A7"543 543#75A43:+33A5#5A#53535A35277"F3535A36#5J; 333#882#7232'547364353 'AA5354395424F384353#5353'5-4752#5 3 K'54739523#53(365A85733"6A7353243 A85A36A3A66A73+3'546#53(3243527A5F353243"2A365773+3657735234'24#A$273 2432534#"7"F3'#("AA352232535277" 382433#882#72F3'86A7273#532'5473 64345585273537A248577A5F3#'54734A773538577A53523#882F3#'54734A773'66A752A3+3 23A65 3123 7332'5-4753643 253 #882#72 3 (345A73 27A553573A5#75 3753
#882#72354738"7"5 3353253573536A2534273"/+35438"F3435-6A85273 57 3 "#52#527 3 "/+ 3 54 3 82547724 3 5#7$54F 3 57 3 3 #882#72 3 547 3 2 3 4<47*853
#865-5 3 + 3 '27"A5A 3 (5 3 4'55#7527 3 54 3 #86524724F 3 54 3 49477724F 3 543 22$724 3
824 3 #5775 3 5A2*A5 3 (5F 3 3 25 3 4'7 3 64 3 6A 3 5 3 A527 3 5 3 #882(5A 3 543 2A8724335365A45A3543275A#75A4F384353#A"5A357353"2A3'52458953543 6A#54443573#724364495436A353A65 33532535$5273253##423532"#5A3
95#63'75A434'##A52734A338"76A53:> 3M57!3BCCF;3(34589533A53A"7A(53 (365A857F3424375385-3(5353#2#56733'2535-6#75F353"6#5A33A"5-23 4A32375AA23(537735382538T7A45F353A547A#7A5A3'5-6"A52#5357353"2A353644953 353$A458995 3
A)&"1
77,3&7A5365448475.3856436A54(537A52753243543#5A#5A43#2725273+3453645A33 8&85 3 (5472F 3 #55 3 '2 3 86#7 3 5 3 '45 3 5 3 'A275A 3 4A 3 '#7$7" 3 3 825A 3 N5#6353A"624543273"7"322"54F3573243$243$3827A5A3#3(533477232'5473 643"4546"A"5F3(53223455852735436AA*4365$5273&7A53A56"A"4F3843(5353289A54543 64754 3 427 3 $5A754 3 % 3 2 3 A52$558527 3 54 3 66A#54 3 586A(54 3 6A 3 '945A$72 3 543 4$A4 3 7#754 3 57 3 54 3 47724 3 5 3 #882#72F 3 57 3 2 3 A52$558527 3 54 3 66A#543 7"A(5435236A52273523#86753532$5543$4243533"#42357354366A7435434#52#543 325
*&'01
NC1R34 F33'7653533#882#72F3338"#$5A75F34A43BCC0
KRCB3> 3W35325A333D83K862<3X3*453NBF3Q2$5A47"35327A"F3 BCGC
K21C33C 35733BCK33P F34A#54443538"#423243I527A56A45F382F34A4F3BCD1 81>DR38 3RR>PN1CM3C 36Q>3C F34A-32345AA82#53HA335A<33 N5$A3K865-7<32325A3355A46F3RA2!723D#52#54F3$3G3:=;F3663=0F,
=F1F3BCC=
8B73 C 3 57 3 31M133 C F 3 RA2!72 3 >2A872 3 C5(A58527F 3 5 3 C#2544 3 23 D7A#7A38542F32585273D#52#54F3$3E0F3Y=F3663==F,=DBF3BC)G
81C23 C 3 85 3 '2A872 3 + 3 'A852772 3 24 3 3'2$ 3 24 3 'A2472F 3 14F3 3$F3663B1B,BBFF3BCC1 3
7B331C2 3 N F 335 3 4<47*85 3 '2A872 3 3 A527 3 5 3 65775 3 527A56A45F 3 *45 3 53 8#7A7F3Q2$5A47"327655A3>F3BC)E
7B331C23N F 33'86#735432$554375#25434A35364753537A$33A527353 4 1 F3C5$533543/A2-3/#A54344#"43,335434577543B#54F3Y3B0FF366 30D,E0F3
$589A53BC)E
7B331C23N F3Q234<47*853'2A87236A35434 1 F3C5$537A2A45353M54723Y3 FE3F366 3D1,DDF3$ ,85# 3BC)E
MBR3M 3O>8B>3313N F34A535736524"53243'#7233A527F3K67A53BB3243 C565245A3347A7"5F36630CC,EBCF3O95A7F34A4F3BCC)
M1Z3> F3D<47*8543'2A872%3'66A7353364<#53#27$5F3C5$53A2A45353 M5472F3663C0,B1)F3P573BCCF
B31D 3 K F 3 7 3 3 25A4 3 . 3 B 3 #A7# 3 C5$5H 3 3 75 3 1$52#5F 3 PA2 3 3 825852734754F3$ 30E3:B;3F3663)),BB=FBC)G
BBB23P 3F325A4322F3R-A3Q2$5A47<34A544F3BC)C
RQZ1 3 1 3 3'66A6A72 3 54 3 75#254 3 '2A872 3 57 3 5 3 #882#72 3 6A 3 23 A6534727F3*453538#7A7F3Q2$5A47"327655A3>>F30111
LR1C3P 4 F353M525A325AF35H32AF37A5534A544F3BC)0
3BCRK1 3 F 3 354 3 A54 3 5 3 3 "#42 3 24 3 'A2472F 3 1#2854 3 57 3 D#"7"4F3 D#52#543535472F32Y3),CF3663EEB,E=1F3BCC)
31BC>1 3 2 F 3 K27A972 3 54 3 75#254 3 '2A872 3 + 3 '5-5A##5 3 54 3 #7$7"43 82"A54F3*45353D#52#54353M5472F3Q2$5A47"3532754F3011B
3143B3P F333364<#53#27$5F365344,/5.34Q7F34A4F3BC)1
BCK3P 3573R3D13P F3B897<323K#5323RA2!72F3N5A52F3BCDG
BDR33C 3573>CR7733P 3B34AA83A3C545A#323 3>3 3D3 325852733D#52#54F3 O 3B0F32Y)F33366 3FD=,F)DF3BCDE
>ZN1CM3 F3537A53325A3AF3BCDEF37A73523BC)F3353825A33 (752F317243'A2472F34A4F3BC)F
RBLB3> 3B38<28#35A<33RA2!723L2H55F3RA2!723D#52#54F3$3
=F32YBF3663BF,EDF3BCCF
RC3>LRDL> 3 3 57 3 2B1D 3 P F 3 M52A5 3 C565A7A5% 3 75 3 D7A#7A2 3 3 K882#7$543 4A#7#54323RA2!72F3B8247A7$53D#52#536A75A<F32Y3ECF3663=FB,=DFF3BCCF
6Q>3P N F3D7A75#3K25%3#3>2#A5852748F385HF3BC)1 3
C>K13M 3573B>3R33C 3W385#4235A<323753D83N425443XF3B85A#23/A23 3D83N42544F3O 3>OF32Y3BF366 B,B1 3P573BCDC
C1>[3C 3D$A37#7535734$A3A84"3243'527A56A45F3C5$537A2A45353M5472F3663 BD,0) 3D567,R#73BCC=
C1>[3C 3K-35438"435735##7"3533#882#723A24722553D-*8543 A52#27A543M5472357385F345F3K5#72347A5F3M5472F3RA2472F3Y3GF3 6630GB,0DFF3BCCD
DBR 3 K 3 57 3 1B1C 3 F 3 5 3 7587# 3 5A< 3 3 K882#724F 3 7F3 C25A732472F35H,2AF3BCFC 3
D>R3 3B8247A7235736A#5444353"#42F31#28#F34A43BC)E
DBCNQKL 3 F 3 B#72 3 A47 3 2 3 22 3 75A% 3 5A< 3 $5A44 3 C57< 3 2 3 D7A75#3 K25F3243RA2!723D7A75<323K25F34522243573 3:175A4;F3P445<,N44F3 663EEG,ED0F3BC)=
D1BC3C 3 B353A3 Q25A47223 25A3P9432 3N5$A3B#58<33 82585273C5$5HF33O 3DF332Y3BF33366 D,BEF3BC)0
BM1C3C 3D1CN1CM3C F34A#7#3>27552#5323C5,A34A474%3753C533
#73L2H55F3PA23345A427<323D#344<#<F3O 3F)F3663FEG,F=)F3BC)=
1>KL3L F3D524582323RA2!724F3D5F332A54F3BCC= 3
