• Aucun résultat trouvé

L’impact d’une gouvernance socialement responsable sur les attitudes et les comportements des salariés au travail : une investigation théorique

N/A
N/A
Protected

Academic year: 2021

Partager "L’impact d’une gouvernance socialement responsable sur les attitudes et les comportements des salariés au travail : une investigation théorique"

Copied!
16
0
0

Texte intégral

(1)

HAL Id: hal-01856593

https://hal.archives-ouvertes.fr/hal-01856593

Submitted on 13 Aug 2018

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

L’impact d’une gouvernance socialement responsable sur les attitudes et les comportements des salariés au

travail : une investigation théorique

Sarah Mokaddem, Hazar Ben Barka

To cite this version:

Sarah Mokaddem, Hazar Ben Barka. L’impact d’une gouvernance socialement responsable sur les attitudes et les comportements des salariés au travail : une investigation théorique. Management

& Sciences Sociales, Kedge Business School, 2012, Humanisme - Mutuellisme - Solidarité, pp.14-28.

�hal-01856593�

(2)

@A+2:)854.A13-4;91B-*3)38- /98+)C-2-354*-/:93/)DC-4 /1*4C-/4)55+51.-/4-54

C-/4892:9*5-2-35/4

.-/4/)C)*+E/4)145*)B)+C4?4

13-4+3B-/5+;)5+9345=E9*+F1-

M'&'8+\%k'""2/

(*-0&`&NW82*&9:&.";<=&2;$>?%<$@A&9:&."$;?

.FH"99?\}<"%"#mL"#FF]Z%

A9 !"#"$%&%#'(.(/*+%#*%)(/,*+"-%) WX+A,+Y+Z'0<#2&YZ.#0+,SA,+[+-./'0#1/2+Y+\.$.2((#1/2+Y+M%(#"'&#$>

-'l'&+i20+i'&k'

7F/@F%";@?&?;&5/$?;/?<&9?&J?<@$F;

2;$>?%<$@A&C"%$<&DE&=&C0-5&5F%GF;;?&C"%$<&3$@A G?;G"%H"#"B"%mL"#FF]Z%

c(-85%12%(;%)(;3-,*"-+)"'+,#)(&"))+@%)(%'(;%(-"(2%*5%2*5%(+#*%))"#'%(;%)(72,4+')B(1#%

42"*'12%()8%)'(+#)'"--3%(%#'2%(-%)()"-"2+3)(%'(-%12)(,2$"#+)"'+,#)<(^%(61+("(7,1))3 7-1)+%12)($2,17%)(?(G,1%2(-"(*"2'%(;%(-"(d/a(%'(;1([3@%-,77%&%#'([12"D-%<

["#)(*%''%(+#@%)'+$"'+,#(?(*"2"*'>2%('53,2+61%B(#,1)(#,1)(+#'32%)),#)("1:((*,#C )361%#*%)("''+'1;+#"-%)(%'(*,&7,2'%&%#'"-%)(;%)()"-"2+3)((4"*%(?(1#%($,1@%2#"#*%

),*+"-%&%#'(2%)7,#)"D-%(;%(-"(7"2'(;%(-%12(%#'2%72+)%<(Y+#)+B(-%(2H-%(;%)(;+2+$%"#')(%)'

;%(7-1)(%#(7-1)(")),*+3(?(-%12(%#$"$%&%#'(;"#)(1#%(;3&"2*5%(;%(2%)7,#)"D+-+'3 ),*+"-%<(^%'(%#$"$%&%#'()8+#)*2+2"+'(%#(%44%'(;"#)(1#%(-,$+61%(;%(2%)7%*'(;%)(72+#*+7%)

;%(D,##%($,1@%2#"#*%("+#)+(61%(;%(-"()1723&"'+%(;%)(2%-"'+,#)("@%*(-%)(7"2'+%) 72%#"#'%)<([1(4"+'(61%(-"(d/a()8,2+%#'%2"+'(7-1'H'(@%2)(1#%("772,*5%(7"2'%#"2+"-%B(#,1)

#,1)(*,#*%#'2,#)(;"#)(-%(*";2%(;%(#,'2%(2%*5%2*5%()12(-%)(%&7-,O3)(*,&&%(1#%(;%) 7"2'+%)(72%#"#'%)(;%(-8,2$"#+)"'+,#<

e,1)(),1-+$#,#)(61%(-"(2%-"'+,#(;%)(%&7-,O3)("@%*(-%12(,2$"#+)"'+,#()%(D")%()12(-%

72+#*+7%(;%(23*+72,*+'3(;"#)(-"(&%)12%(,f(-%12)("''+'1;%)(%'(*,&7,2'%&%#')B()%2"+%#'

;37%#;"#')(;%(-8%#$"$%&%#'(;%(*%--%C(*+(;"#)(-"()"'+)4"*'+,#(;%(-%12)("''%#'%)<(="(2%-"C '+,#(%&7-,O3C%#'2%72+)%(;37%#;2"+'("+#)+(4,2'%&%#'(;81#%($,1@%2#"#*%(),*+"-%&%#' 2%)7,#)"D-%<

!,')(^-3)(I(d/aB(g,1@%2#"#*%(;8%#'2%72+)%B(7"2'+%)(72%#"#'%)B(*,&7,2'%&%#'(,2$"#+)"'+,##%-B

#,2&%(;%(23*+72,*+'3

(3)

f0$&%".5$#%0

1:@%?& N?<& T#A;F\V;?<& 9?& 9ANF/"N$<"@$F;<

\"<<$>?<+& 9?& %?<@%:/@:%"@$F;<& %ATA@$@$>?<& ?@

9?& %?/#?%/#?& $;/?<<";@?& 9?<& T%FZ$@<& [:$& F;@

/F;9:$@& `& N"& 9AO%"9"@$F;& 9?<& /F;9$@$F;<& 9?

@%">"$N& /":<";@& "$;<$& :;?& Z%"/@:%?& ?;@%?& N?<

<"N"%$A<& ?@& N?:%<& F%O";$<"@$F;<+& N?<& </";9"N?<

Z$;";/$?%<& <F;@& 9?>?;:<& 9?& TN:<& ?;& TN:<

Z%A[:?;@<+&N?<&9AG"@<&<:%&N?<&/F\TF%@?\?;@<

/F;@%"$%?<& `& NWA@#$[:?& 9?<& 9$%$O?";@<

9W?;@%?T%$<?<&^8O"N?;<&?@&JF;9+&XYYq_&<?&<F;@

\:N@$TN$A<& ?@& N"& T%?<<$F;& /%F$<<";@?& 9?<

T"%@$?<&T%?;";@?<&^P%??\";+&Deqp_&;W"&/?<<A 9?& <W$;@?;<$Z$?%]& *F:<& /?<& Z"/@?:%<& F;@& A@A 9A@?%\$;";@<& ?@& F;@& TF:<<A& N?<& ?;@%?T%$<?<

/F;@?\TF%"$;?<& `& $;@AO%?%& 9";<& N?:%

<@%"@AO$?<&?@&N?:%<&T%"@$[:?<&9?&OF:>?%;";/?

9?&;F:>?NN?<&9$\?;<$F;<&@?NN?<&[:?&N?&%?<T?/@

9?<& T%$;/$T?<& 9?& N"& <"$;?& /F;/:%%?;/?+

NW"9FT@$F;& 9?& NWA@#$[:?& 9";<& N?<& "/@$F;<

/F\\?%/$"N?<+& NW"NNF/"@$F;& 9?& \FL?;<& ?;

Z">?:%&9?&N"&T%A<?%>"@$F;&9?&NW?;>$%F;;?\?;@

;"@:%?N&9?&NW?;@%?T%$<?&"$;<$&[:?&NW"TTN$/"@$F;

9?<&T%$;/$T?<&9WAO"N$@A+&9WA[:$@A+&9?&a:<@$/?&?@

9?&@%";<T"%?;/?&9";<&N?<&$;@?%"/@$F;<&">?/&N?<

9$ZZA%?;@?<& T"%@$?<& T%?;";@?<]& -;& 9W":@%?<

@?%\?<+& /?<& ?;@%?T%$<?<& F;@& A@A& /F;@%"$;@?<

9?&/F\\?;/?%&`&aF:?%&N"&/"%@?&9?&N"&05-&?@&9:

7A>?NFTT?\?;@&7:%"GN?&9";<&N?:%<&T%"@$[:?<

9?&OF:>?%;";/?]

2;?& OF:>?%;";/?& <F/$"N?\?;@& %?<TF;<"GN?

<?& T%A<?;@?& /F\\?& :;?& 9A\"%/#?& 9?

OF:>?%;";/?&$;@AO%";@&9";<&<?<&T%"@$[:?<&?@

<?<& TFN$@$[:?<& 9?<& 9$\?;<$F;<& <F/$"N?<+

?;>$%F;;?\?;@"N?<&?@&A/F;F\$[:?<+&T%x;";@

"$;<$&N?<&T%$;/$T?<&9W:;?&GF;;?&OF:>?%;";/?

@?N<&[:?&NW"9FT@$F;&&9?&NWA@#$[:?&/F\\?&:;?

G"<?& `& @F:@?<& N?<& $;@?%"/@$F;<& ">?/& N?<

9$ZZA%?;@?<& T"%@$?<& T%?;";@?<+& N"

/F\\:;$/"@$F;& <:%& @F:@?<& N?<& "/@$F;<

?;@%?T%$<?<& T"%& NWF%O";$<"@$F;& "$;<$& [:?& N"

@%";<T"%?;/?& ?@& N?& T"%@"O?& A[:$@"GN?& 9?& N"

>"N?:%&/%AA?]

0?TF<";@& T%$;/$T"N?\?;@& <:%& N"& @#AF%$?& 9?<

T"%@$?<& T%?;";@?<+& N"& 05-& <WF%$?;@?%"$@&

TN:@x@& >?%<& NW"TT%F/#?& T"%@?;"%$"N?& 9?& N"

OF:>?%;";/?]& -;& /?& <?;<+& & ;F:<& ;F:<

/F;/?;@%F;<& 9";<& N?& /"9%?& 9?& ;F@%?

%?/#?%/#?& <:%& N?<& ?\TNFLA<& /F\\?& T"%@$?

T%?;";@?&T%$;/$T"N?]&3?<&9?%;$?%<&<?&@%F:>?;@

<F:>?;@& "ZZ?/@A<& T"%& N?<& "/@$F;<& ?@& N?<

T%"@$[:?<& 9?& NW?;@%?T%$<?& `& N"[:?NN?& $N<

"TT"%@$?;;?;@]

)F:<&<F:N$O;F;<&T"%&"$NN?:%<+&&[:?&N"&%?N"@$F;

9?<&?\TNFLA<&">?/&N?:%&F%O";$<"@$F;&<?&G"<?

<:%& N?& T%$;/$T?& 9?& %A/$T%F/$@A& ?@& <?& @%F:>?

"$;<$&%AO$?&T"%&N"&@#AF%$?&9?&NWA/#";O?&<F/$"N]

-;& ?ZZ?@+& N?<& "@@$@:9?<& ?@& /F\TF%@?\?;@<&

9?<& <"N"%$A<& <?%"$?;@& 9AT?;9";@<& 9?

NW?;O"O?\?;@&9?&/?NN?=&/$&9";<&N"&<"@$<Z"/@$F;

9?& N?:%<& "@@?;@?<& ?@& N"& %A"N$<"@$F;& 9?& <?<

FGN$O"@$F;<& ?;>?%<& ?:I]& )F:<& <@$T:NF;<& 9";<

/?& /"9%?& [:?& N"& %?N"@$F;& ?\TNFLA=?;@%?T%$<?

9AT?;9%"$@& ZF%@?\?;@& 9W:;?& OF:>?%;";/?

<F/$"N?\?;@&%?<TF;<"GN?]

RWFGa?/@$Z&9?&/?@@?&%?/#?%/#?&?<@&9?&\F9AN$<?%

NW$\T"/@& 9W:;?& OF:>?%;";/?& <F/$"N?\?;@

%?<TF;<"GN?& <:%& N?<& "@@$@:9?<& ?@& N?<

/F\TF%@?\?;@<& 9?<& <"N"%$A<& ?;& \$N$?:& 9?

@%">"$N&T"%&N?&G$"$<&9?&N"&;F%\?&9?&%A/$T%F/$@A

"$;<$& [:?& N"& @#AF%$?& 9?<& T"%@$?<& T%?;";@?<]

3?@@?& \F9AN$<"@$F;& "<T$%?& `& FZZ%$%& :;& /"9%?

@#AF%$[:?& [:$& <?%>$%"& 9?& G"<?& TF:%& N?<

%?/#?%/#?<&?\T$%$[:?<&Z:@:%?<&[:$&>$<?%F;@&`

@?<@?%& ?@& A>"N:?%& N"& T?%@$;?;/?& 9?& /?@@?

$;>?<@$O"@$F;&@#AF%$[:?]

I%.<2&0'052+2$+BMN

:'+&216%01'=#(#$>+1%5#'(2+"21+20$&26&#121 ]BMN_

R"& T"@?%;$@A& 9:& /F;/?T@& 9?& 05-& %?>$?;@& ` ,F~?;&^DerE_+&[:$&?;&"&Z"$@&NW:;&9?<&/F;/?T@<

ZF;9"\?;@":I& 9?<& %?/#?%/#?<& ?;& h1)+#%)) a'5+*)+&h1)+#%))("#;(/,*+%'O ?@&N"&/,*+"-(i))1%

!"#"$%&%#' ^J?;9%F;+&XYYY_]&CF:%&,F~?;+

N"& 3F%TF%"@?& 5F/$"N& 0?<TF;<$G$N$@L& ^350_&

b& %?;>F$?& `& NWFGN$O"@$F;& TF:%& N?<& #F\\?<

9W"ZZ"$%?<+&9?&\?@@%?&?;&g:>%?&N?<&TFN$@$[:?<+

9?&T%?;9%?&N?<&9A/$<$F;<&?@&9?&<:$>%?&N?<&N$O;?<

9?& /F;9:$@?& [:$& %ATF;9?;@& ":I& FGa?/@$Z<& ?@

":I&>"N?:%<&/F;<$9A%A<&/F\\?&9A<$%"GN?<&T"%

;F@%?& 5F/$A@A& c]& *F:@?ZF$<+& /W?<@& `& T"%@$%& 9?<

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

WX+A,+Y+Z'0<#2&YZ.#0+,SA,+[+-./'0#1/2+Y+\.$.2((#1/2+Y+M%(#"'&#$>

(4)

";;A?<& sY& [:?& N?& /F;/?T@& 9?& 05-& ">"$@

/F\\?;/A&`&T%?;9%?&9?&NW?<<F%&?@&/?+&">?/&N?<

@%">":I&9?&3"%%FNN&^Dese_]&5"&\F9AN$<"@$F;&9?

N"&05-&A@"$@&?;&?ZZ?@&\"%[:";@?&h&$N&L&"&$;@AO%A

<$\:N@";A\?;@+& 9$ZZA%?;@?<& 9AZ$;$@$F;<& 9:

/F;/?T@&"$;<$&[:?&N?:%<&/F;@%"9$/@$F;<]&($;<$+

<?NF;& 3"%%FNN& ^Dese+& DeeD_+& b& N?<& ?;@%?T%$<?<

F;@& 9?<& FGN$O"@$F;<& A/F;F\$[:?<+& NAO"N?<+

A@#$[:?<& ?@& T#$N";@#%FT$[:?<& ?;>?%<& N?:%<

?;>$%F;;?\?;@<&c]&2;?&":@%?&"TT%F/#?&9?&N"

05-+&?;/F%?&TN:<&\"%[:";@?+&"&>$<A&N"&@#AF%$?

9?<&T"%@$?<&T%?;";@?<&^P%??\";+&Deqp_]&5";<

<?&/?;@%?%&<:%&N?&/F;@?;:&9:&/F\TF%@?\?;@

<F/$"N&9?&NW?;@%?T%$<?+&/?@@?&"TT%F/#?&9AZ$;$@

N?& /#"\T& 9W"TTN$/"@$F;& 9?& /?& 9?%;$?%& ?;

\"$;@?;";@& NW$9A?& [:?& N?<& ?;@%?T%$<?<& ;WF;@

T"<& 9?& %?<TF;<"G$N$@A<& ?;>?%<& N"& <F/$A@A& ?;

OA;A%"N+&\"$<&9F$>?;@&TN:@x@&d@%?&/F;/?%;A?<

T"%& N?<& $;9$>$9:<& F:& N?<& O%F:T?<& 9W$;9$>$9:<

TF:>";@& d@%?& 9$%?/@?\?;@& F:& $;9$%?/@?\?;@

"ZZ?/@A<& T"%& N?:%<& "/@$>$@A<& ^3N"%H<F;+& Deer& h 7F;"N9<F;&?@&C%?<@F;+&Deer_]

7?&;F<&aF:%<+&/?%@?<&NW$9A?&9?&N"&%?<TF;<"G$N$@A

<F/$"N?& ?<@& NF$;& 9?& Z"$%?& NW:;";$\$@A& ":T%V<

9?<& 9$%$O?";@<& 9?<& ?;@%?T%$<?<& Z%";U"$<?<+

TF:%@";@& $N& ?I$<@?& G?N& ?@& G$?;& :;& 9$<TF<$@$Z a:%$9$[:?&FGN$O"@F$%?&?;&\"@$V%?&9?&%?TF%@$;O

<F/$"N]& -;& ?ZZ?@+& NW"%@$/N?& DDo& 9?& N"& NF$&

b&)F:>?NN?<&0AO:N"@$F;<&-/F;F\$[:?<&c+&TN:<

/F;;:?&<F:<&N?&;F\&b&NF$&)0-&c+&$\TF<?&9V<

XYYX+&:;&%?TF%@$;O&<F/$"N&?@&?;>$%F;;?\?;@"N TF:%& N?<& <F/$A@A<& /F@A?<& ?;& GF:%<?]& 3?

9$<TF<$@$Z& T%A>F$@& [:?& N?& %"TTF%@& ";;:?N& 9?

/?<& <F/$A@A<& /F;@$?;;?& 9?<& $;ZF%\"@$F;<

%?N"@$>?<&`&N"&\";$V%?&9F;@&NW?;@%?T%$<?&T%?;9

?;& /F\T@?& N?<& /F;<A[:?;/?<& <F/$"N?<& ?@

?;>$%F;;?\?;@"N?<&9?&<?<&"/@$>$@A<]&($;<$+&N?<

?;@%?T%$<?<& <F;@& 9";<& NWFGN$O"@$F;& 9WL 9A@"$NN?%+& F:@%?& N?<& $;ZF%\"@$F;<& Z$;";/$V%?<

?@& A/F;F\$[:?<+& 9?<& 9F;;A?<& <F/$"N?<& ?@

?;>$%F;;?\?;@"N?<]&7?&/?&Z"$@+&NW?;a?:&\"a?:%

9?<&?;@%?T%$<?<&/F;<$<@?&"NF%<&`&b&%ATF;9%?&`

N"& ;A/?<<$@A& 9?& \"I$\$<?%& N?<& FGa?/@$Z<& 9?

NW?;@%?T%$<?&T"%&NW?;@%?\$<?&9?&<"&%?;@"G$N$@A+

":& T%FZ$@& 9?& NW"/@$F;;"$%?+& \"$<& ":<<$& 9?& <?<

":@%?<&T"%@?;"$%?<&c&^(NNF:/#&?@&"N+&XYYp_]

2;?& 9?<& 9AZ$;$@$F;<& N?<& TN:<& %A/?;@?<& 9?& N"

05-& ?<@& /?NN?& 9?& N"& 3F\\$<<$F;& ?:%FTA?;;?

[:$& "& T%A<?;@A& N"& 05-& /F\\?& b& N"

%?<TF;<"G$N$@A& 9?<& ?;@%?T%$<?<& >$<=`=>$<& 9?<

?ZZ?@<&[:W?NN?<&?I?%/?;@&<:%&N"&<F/$A@A&c]&7";<

N?&/"9%?&9?&/?@@?&9AZ$;$@$F;+&?NN?&\?@&NW"//?;@

<:%&NW$\TF%@";/?&9W:;?&/FNN"GF%"@$F;&">?/&N?<

T"%@$?<& T%?;";@?<& 9?& NW?;@%?T%$<?& 9F;@& N"

T%$F%$@A& 9?>%"$@& d@%?& & NW"9FT@$F;& 9W:;?

<@%"@AO$?& $;@AO%";@& @F:@?<& N?<& 9$\?;<$F;<

9W:;?&9A\"%/#?&05-]&&

:21+'66&%5821+$8>%&#@.21+

"2+('+7%.<2&0'052

3#"%%?":I&"&9AZ$;$@&N"&OF:>?%;";/?&?;&Dees+

/F\\?& NW?;<?\GN?& 9?<& \A/";$<\?<

F%O";$<"@$F;;?N<&?@&$;<@$@:@$F;;?N<&"L";@&TF:%

?ZZ?@&9?&9AN$\$@?%&N?<&TF:>F$%<&?@&9W$;ZN:?;/?%

N?<& 9A/$<$F;<& 9?<& 9$%$O?";@<]& 5?NF;& N:$+& N"

ZF;/@$F;& T%$;/$T"N?& 9W:;& <L<@V\?& 9?

OF:>?%;";/?& /F;<$<@?& `& /F;@%$G:?%& ` NW"\AN$F%"@$F;& 9?& NW?ZZ$/$?;/?& 9?& N"& Z$%\?]& -;

Deee+& $N& <@$T:N?& N"& /F?I$<@?;/?& 9?& TN:<$?:%<&

b& T"%"9$O\?<& /F;/:%%?;@<& c& [:";@& ":I

"TT%F/#?<&9?&N"&OF:>?%;";/?&?@&"&"$;<$&Z"$@&N"

9$<@$;/@$F;& ?;@%?& 9?:I& /F:%";@<& 9$ZZA%?;@<

%?N"@$Z<& ":I& @#AF%$?<& \$/%F& 9?& N"& Z$%\?]& 8N& "

FTTF<A& N?& /F:%";@& 9$</$TN$;"$%?& ":& /F:%";@

/FO;$@$Z]

R?& /F:%";@& 9$</$TN$;"$%?& %?TF<?%"$@& <?NF;

3#"%%?":I& ^XYYo_& <:%& N"& >$<$F;& /F;@%"/@:?NN?

9?&N"&Z$%\?]&RW?;@%?T%$<?&?<@&"$;<$&%?T%A<?;@A?

/F\\?& :;& b& ;g:9& 9?& /F;@%"@<& c& <?

/F\TF<";@&9W:;&/?;@%?&9A/$<$F;;?N&/#"%OA&9?

/F;@%"/@?%& ?@& OA%?%+& 9?& Z"UF;& /?;@%"N$<A?+

NW?;<?\GN?& 9?<& /F;@%"@<& ;A/?<<"$%?<& `& <F;

"/@$>$@A]

7";<& /?@@?& NFO$[:?& /F;@%"/@:?NN?+& N"& Z$%\?

?I$<@?%"$@+& <?NF;& 3#"%%?":I& ^XYYo_+& /"%& ?NN?

T?%\?@&9?&%A9:$%?+&\$?:I&[:?&N?&\"%/#A+&N?<

T?%@?<& 9W?ZZ$/$?;/?& 9:?<& ":I& /F;ZN$@<

9W$;@A%d@<& ?;@%?& N?<& T"%@$?<& T%?;";@?<]& C"%

"$NN?:%<+& /?& /F:%";@& \?@& ?;& A>$9?;/?& 9?:I

\F9VN?<& 9?& OF:>?%;";/?<& j& N?& \F9VN?

"/@$F;;"%$"N&?@&N?&\F9VN?&T"%@?;"%$"N]

R"& >$<$F;& "/@$F;;"%$"N?+& [:$& 9F\$;?& ?;/F%?

"/@:?NN?\?;@& N?<& %AZN?I$F;<& ?@& N?<& A/%$@<& ?;

\"@$V%?&9?&OF:>?%;";/?&9W?;@%?T%$<?+&?<@&;A?

AL !"#"$%&%#'(.(/*+%#*%)(/,*+"-%) WX+A,+Y+Z'0<#2&YZ.#0+,SA,+[+-./'0#1/2+Y+\.$.2((#1/2+Y+M%(#"'&#$>

(5)

<:$@?&`&N"&\F9AN$<"@$F;&9?&&f?;<?;&?@&.?/HN$;O

^Deso_]& CF:%& 3#"%%?":I& ^XYYo_+& /?& \F9VN?

"/@$F;;"%$"N& <W"TT:$?& <:%& N"& G%";/#?

;F%\"@$>?& 9?& N"& @#AF%$?& 9W"O?;/?+& Fw NW"/@$F;;"$%?& ?<@& /F;<$9A%A& /F\\?&

b& T%$;/$T"N c& @";9$<& [:?& N?& 9$%$O?";@& ?<@&

b& NW"O?;@& c]& 8N& ?<@& T%$;/$T"N?\?;@& "IA& <:%& N?

T%FGNV\?& 9?& N"& 9$>?%O?;/?& 9W$;@A%d@<& ?;@%?

"/@$F;;"$%?<&?@&9$%$O?";@<+&[:$&A\?%O?&<:$@?&`

N"&<AT"%"@$F;&?;@%?&N"&T%FT%$A@A&?@&N?&TF:>F$%]

R?& <L<@V\?& 9?& OF:>?%;";/?& 9?& /?@@?

"TT%F/#?& "/@$F;;"%$"N?& \?@& ?;& ?I?%O:?& N?<

$;>?<@$<<?:%<&Z$;";/$?%<&[:W$N&Z":@&T%F@AO?%&?@

<A/:%$<?%&&T"%&N"&\$<?&?;&TN"/?&9?&\A/";$<\?<

[:$& T?%\?@@?;@& 9?& 9$</$TN$;?%& N?& 9$%$O?";@& ?@

9?&%A9:$%?&<F;&?<T"/?&9$</%A@$F;;"$%?]&5?NF;

3#"%%?":I& ^XYYo_+& /W?<@& ?;& ?ZZ?@& /?& \F9VN?

Z$;";/$?%& [:$& /F;<@$@:?& b& N"& @F$N?& 9?& ZF;9& c T%$;/$T"N?& TF:%& N"& %A\:;A%"@$F;& 9?<

9$%$O?";@<&?@&9?<&"9\$;$<@%"@?:%<+&N?&%xN?&?@&N"

/F\TF<$@$F;&9?<&/F;<?$N<&9W"9\$;$<@%"@$F;+&N"

\?<:%?& 9?& N"& T?%ZF%\";/?+& N?& 9%F$@

9W?IT%?<<$F;+& "$;<$& [:?& N"& T%F@?/@$F;& 9?<

T?@$@<& TF%@?:%<]& 8N& ;W?;& 9?\?:%?& T"<& \F$;<

[:?&/?&\F9VN?&9F\$;";@&9?&N"&OF:>?%;";/?&"

/F;;:&9?<&A>FN:@$F;<&\"a?:%?<&j&$;$@$"N?\?;@

ZF/"N$<A?& <:%& N?<& 9$%$O?";@<+& NW"@@?;@$F;& <?

TF%@?& TN:@x@& <:%& N?<& "/@$F;;"$%?<&

b& 9F\$;";@< c& [:$& T%FZ$@?%"$?;@& 9?& N?:%

TF<$@$F;& TF:%& <W"TT%FT%$?%& N"& \"a?:%?& T"%@$?

9?&b&N"&%?;@?&c]&7?&/?&Z"$@&N"&T%AF//:T"@$F;&9:

\F9VN?& Z$;";/$?%& <W?<@& 9ATN"/A?& TF:%& TF%@?%

9">";@"O?& <:%& N?<& /F;ZN$@<& "/@$F;;"$%?<

9F\$;";@<K& T?@$@<& TF%@?:%<& [:?& <:%& N?<

/F;ZN$@<& "/@$F;;"$%?<K& 9$%$O?";@<]& 3?@@?

A>FN:@$F;&"&"$;<$&/F;9:$@&R"&CF%@"&?@&"N]&^XYYY+

T]p_& `& 9AZ$;$%& N"& OF:>?%;";/?& 9W?;@%?T%$<?

/F\\?& NW?;<?\GN?& 9?<& \A/";$<\?<& T"%

N?<[:?N<& N?<& $;>?<@$<<?:%<& ?I@?%;?<& & <?

T%F@VO?;@& /F;@%?& N?& %$<[:?& 9W?IT%FT%$"@$F;

T"%& N?<& 9$%$O?";@<& ?@& N?<& "9\$;$<@%"@?:%<

9F\$;";@<&^$;@?%;?<_]

K^,27,2"'%($,@%2#"#*%(+)B(',("(-"2$%(%:'%#'B("

)%'( ,4( &%*5"#+)&)( '52,1$5( \5+*5( ,1')+;%

+#@%)',2)( 72,'%*'( '5%&)%-@%)( "$"+#)'

%:72,72+"'+,#(DO('5%(+#)+;%2)P<

C"%& "$NN?:%<+& 9W"T%V<& 3#"%%?":I& ^XYYp_+& /?@@?

"TT%F/#?& "/@$F;;"%$"N?& 9?& N"& OF:>?%;";/?

<F:ZZ%$%"$@&9W:;&Z"$GN?&%A"N$<\?&":&>:&9:&%xN?

\$;?:%& aF:A& T"%& N?<& "/@$F;;"$%?<& 9";<& N?

Z$;";/?\?;@& 9?<& ?;@%?T%$<?<+& "$;<$& [:W?;& /?

[:$& /F;/?%;?& N"& %?N"@$F;+& [:W$N& /F;<$9V%?

"\G$O?+&N$";@&N?<&<L<@V\?<&9$</$TN$;"$%?<&`&N"

T?%ZF%\";/?& "/@$F;;"%$"N?& ?;& @?%\?<& 9?

/%A"@$F;& 9?& >"N?:%]& 3W?<@& TF:%[:F$& N?& Z"$@

9WAN"%O$%& /?& \F9VN?& 9?& N"& OF:>?%;";/?& 9?

Z"UF;& `& T%?;9%?& ?;& /F\T@?& NW?;<?\GN?& 9?<

T"%@$?<& T%?;";@?<& 9?& NW?;@%?T%$<?+& <W?<@

$\TF<A]

-;&?ZZ?@+&N?&\F9VN?&9$</$TN$;"$%?&T"%@?;"%$"N&"

/F;9:$@&`&N"&OA;A%"N$<"@$F;&9?&N"&9A\"%/#?&9?

N"& OF:>?%;";/?& `& NW?;<?\GN?& 9?<& T"%@$?<

T%?;";@?<& ^)'"j%5,-;%2)_+& "$;<$& N"& Z$%\?& ?<@

/F;<$9A%A?+& <?NF;& /?@@?& "TT%F/#?+& /F\\?

:;?& A[:$T?& 9?& Z"/@?:%<& 9?& T%F9:/@$F;]& CF:%

3#"%%?":I+& /?& <F;@& N?<& <L;?%O$?<& ?;@%?& /?<

Z"/@?:%<& ?@& N"& /F;>?;@$F;& 9?<& ?ZZF%@<& 9?

NW?;<?\GN?& 9?<& T"%@$?<& T%?;";@?<& [:$& <F;@& ` NWF%$O$;?&9?&N"&/%A"@$F;&9?&>"N?:%&T"%@?;"%$"N?

"TT?NA?&":<<$&b&%?;@?&F%O";$<"@$F;;?NN?&c]&-;

?ZZ?@+&<?NF;&3#"%%?":I&^XYYo_+&/?@@?&"TT%F/#?

T"%@?;"%$"N?&<:TTF<?&[:?&N?<&%?N"@$F;<&?;@%?

N"&Z$%\?&?@&N?<&9$ZZA%?;@?<&&T"%@$?<&T%?;";@?<

;?& <?& %A9:$<?;@& T"<& `& 9?& <$\TN?<& A/#";O?<

\"%/#";9<&%AO$<&T"%&N?<&T%$I+&\"$<&<F;@&TN:@x@

/F=/F;<@%:$@?<]&8N&>"&<";<&9$%?&":<<$&[:?&TF:%

3#"%%?":I&^Deer_&?@&3#"%%?":I&?@&7?<G%$V%?<

^Deeq_+&/?@@?&"TT%F/#?&/F;9:$@&`&A@:9$?%&?@&`

A>"N:?%&N?&<L<@V\?&9?&OF:>?%;";/?&?;&>?%@:

9?& <"& /"T"/$@A& `& /%A?%& 9?& N"& >"N?:%

T"%@?;"%$"N?&TF:%&NW?;<?\GN?&9?<&T"%@?;"$%?<+

?@&/?+&?;&%A9:$<";@&N?<&T?%@?<&9?&>"N?:%&9:?<

":I& /F;ZN$@<& %?N"@$Z<& `& N"& %?9$<@%$G:@$F;& 9?& N"

%?;@?&?;@%?&N?<&9$ZZA%?;@?<&T"%@$?<&T%?;";@?<]

($;<$+&N"&\F9AN$<"@$F;&9?&N"&/%A"@$F;&9?&>"N?:%

9";<& N?& \F9VN?& T"%@?;"%$"N& <?& %A<:\?

?<<?;@$?NN?\?;@& `& N"& %A<FN:@$F;& 9?<& /F;ZN$@<

9W$;@A%d@<& ?;& "O$<<";@& <:%& N"& %AT"%@$@$F;

^3#"%%?":I+&XYYX_]

*F:@& ":& NF;O& 9?& /?<& 9$ZZA%?;@?<& "TT%F/#?<

@#AF%$[:?<& 9?& N"& OF:>?%;";/?+& N"

%?<TF;<"G$N$@A& 9?<& 9$%$O?";@<& <W?<@& >:?

<WA@?;9%?& 9W:;?& >$<$F;& [:$& T%$>$NAO$?

NW"/@$F;;"$%?& `& :;?& ":@%?& TN:<& N"%O?& [:$

$;@VO%?&?@&T%F@VO?&N?<&$;@A%d@<&9?<&9$ZZA%?;@?<

T"%@$?<&T%?;";@?<&[:$&T"%@$/$T?;@&`&N"&/%A"@$F;

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

WX+A,+Y+Z'0<#2&YZ.#0+,SA,+[+-./'0#1/2+Y+\.$.2((#1/2+Y+M%(#"'&#$>

(6)

9?&>"N?:%&F%O";$<"@$F;;?NN?]&($;<$+&NW"TT%F/#?

T"%@?;"%$"N?& 9?& N"& OF:>?%;";/?& /F;9:$@&

>?%<& :;?& >$<$F;& /F;@?\TF%"$;?& 9?& N"

%?<TF;<"G$N$@A& <F/$"N?& [:$& $;</%$@& NW?;@%?T%$<?

9";<&:;?&9A\"%/#?&9?&\";"O?\?;@&ZF;9A?

<:%& N"& @#AF%$?& 9?<& T"%@$?<& T%?;";@?<&

b&/'"j%5,-;%2(`5%,2O( c]&3W?<@&:;?&9A\"%/#?

[:$& <:TTF<?& ?;& ?ZZ?@+& [:?& N"& Z$%\?

<F/$"N?\?;@& %?<TF;<"GN?& 9F$>?& #F;F%?%& :;

/?%@"$;& ;F\G%?& 9WFGN$O"@$F;<& ?;>?%<

9$ZZA%?;@?<& T"%@$?<& T%?;";@?<+& @F:@& ?;

$;@AO%";@& `& <?<& FGa?/@$Z<& A/F;F\$[:?<+& 9?<

9$\?;<$F;<& <F/$"N?<& ?@& ?;>$%F;;?\?;@"N?<

^C?%?B+&XYYr_]

:'+m+M$'k28%("2&+e82%&U+n+?+

('+$8>%&#2+"2+&>E>&2052+6%.&+.02 7%.<2&0'052+1%5#'(2/20$+&216%01'=(2 7W"T%V<& ,N"$%& ^Deer_& ?@& 3#"%%?":I& ?@

7?<G%$V%?<& ^Deeq_+& N?& /F;/?T@& 9?&

b& 5@"H?#FN9?%& c& ?<@& 9?>?;:& $;/F;@F:%;"GN?

9";<&N?<&%?/#?%/#?<&/?;@%A?<&<:%&N?<&<L<@V\?<

9?& OF:>?%;";/?& 9W?;@%?T%$<?]& CF:%& 3"%%FNN

^DeeD_+& /?@@?& ;F@$F;& T?%\?@& 9?&

b& T?%<F;;"N$<?%& N"& %?<TF;<"G$N$@A& <F/$"N?& ?;

9AN$\$@";@&N?<&O%F:T?<&F:&N?<&"/@?:%<&>$<=`=>$<

9?<[:?N<& NW?;@%?T%$<?& 9?>%"$@& d@%?

%?<TF;<"GN?& c]& R"& b& 5@"H?#FN9?%& *#?F%L& c /F;<@$@:?& ?;& ?ZZ?@+& :;& /"9%?& [:$& T?%\?@& 9?

9A/%$%?+& A>"N:?%& ?@& OA%?%& N?<& %?<TF;<"G$N$@A<

9?& NW?;@%?T%$<?]& 3?@@?& @#AF%$?& <:TTF<?

9W"$NN?:%<& [:?& NW?;@%?T%$<?& A>FN:?& 9";<& :;

?;>$%F;;?\?;@& Fw& /F?I$<@?;@& 9$ZZA%?;@<

"/@?:%<& ">?/& 9$ZZA%?;@?<& ?I$O?;/?<& ?@

9?\";9?<+& ?@& `& NWAO"%9& 9?<[:?N<& ?NN?& ?<@

@?;:?&9W#F;F%?%&9?<&?;O"O?\?;@<&<F/$A@":I]

C"%& "$NN?:%<+& $N& ?<@& `& ;F@?%& [:?& /?@@?& @#AF%$?

?<@&"IA?&>?%<&9$ZZA%?;@?<&T?%<T?/@$>?<]

7W"GF%9& N"& & C?%<T?/@$>?& 7?</%$T@$>?& <?NF;

N"[:?NN?&NWF%O";$<"@$F;&?<@&/F;<$9A%A?&/F\\?

"L";@&9?<&T"%@$?<&T%?;";@?<&<:%&N?<[:?NN?<&<?<

"/@$>$@A<& T?:>?;@& ">F$%& 9?<& $\T"/@<]& ,%$;;?%

?@& 3F/#%";& ^DeeD_& `& [:$& %?>$?;@& N"& T"@?%;$@A 9?&N"&>?%<$F;&9?</%$T@$>?&9?&N"&b&5@"H?#FN9?%

*#?F%L&c+&/F;<$9V%?;@&[:?&/W?<@&:;?&"TT%F/#?

[:$& T"%@& 9:& T%$;/$T?& <?NF;& N?[:?N+& N"& ;"@:%?

9?<& T"%@$?<& T%?;";@?<+& N?:%<& >"N?:%<+& N?:%

9?O%A&9W$;ZN:?;/?&<:%&N"&T%$<?&9?&9A/$<$F;&"$;<$

[:?& N"& ;"@:%?& 9?& N"& <$@:"@$F;& T?%\?@@?;@

9W";@$/$T?%& ?@& 9?& T%A9$%?& N?& /F\TF%@?\?;@

F%O";$<"@$F;;?N]&R"&b&5@"H?#FN9?%&*#?F%L&c&<?

T%A<?;@?& 9";<& /?& /"<& /F\\?& :;& F:@$N 9W";"NL<?& 9?<& T%"@$[:?<& \?;A?<& T"%& N?<

?;@%?T%$<?<& ?;& \"@$V%?& 9?& %?<TF;<"G$N$@A

<F/$"N?]& -;<:$@?+& $N& L& "& N"& C?%<T?/@$>?

8;<@%:\?;@"N?&[:$&/F;<$<@?&`&\?@@%?&?;&>"N?:%

N?<&%?N"@$F;<&?;@%?&N"&O?<@$F;&9?<&$;@?%"/@$F;<

">?/&N?<&T"%@$?<&T%?;";@?<&?@&N"&T?%ZF%\";/?

F%O";$<"@$F;;?NN?]& 5?NF;& /?@@?& T?%<T?/@$>?+& $N

?<@& $;9$<T?;<"GN?& 9?& T%?;9%?& ?;& /F\T@?& N?<

$;@A%d@<& 9?<& 9$ZZA%?;@?<& T"%@$?<& T%?;";@?<

TF:%& TF:>F$%& "@@?$;9%?& NWFGa?/@$Z& /%:/$"N& 9?

/%A"@$F;& 9?& >"N?:%]& -;Z$;+& N"& C?%<T?/@$>?

)F%\"@$>?&9F;@&N"&NFO$[:?&?<@&9?&NAO$@$\?%&?@

9?& T%?;9%?& ?;& /F\T@?& N?<& $;@A%d@<& 9?<

9$ZZA%?;@?<& T"%@$?<& T%?;";@?<& 9";<& N"

OF:>?%;";/?& 9?& NW?;@%?T%$<?& ?@& 9W$;@AO%?%

"$;<$& 9";<& <?<& T%AF//:T"@$F;<& N"

T%FGNA\"@$[:?&9?&%?<T?/@&9?&N"&T?%<F;;?&?@

9?&N"&a:<@$/?&F%O";$<"@$F;;?NN?&?;&\"@$V%?&9?

\";"O?\?;@& 9?<& T"%@$?<& T%?;";@?<]& 8N& <W"O$@

?;& ?ZZ?@& 9";<& /?@@?& >$<$F;+& 9?& ZF%\:N?%& ?@

T%?</%$%?& 9?<& ;F%\?<& ?@& 9?<& T%$;/$T?<

OA;A%":I&9?&\";"O?\?;@&@F:@&?;&"9\?@@";@

N?&Z"$@&[:?&N?<&$;@A%d@<&9?<&T"%@$?<&T%?;";@?<

9$<TF<?;@&9W:;?&>"N?:%&$;@%$;<V[:?&^fF;?<&?@

€$/H<+& Deee_]& CF:%& .?%/$?%& ?@& JF;9& ^XYYr_+

/?@@?& "TT%F/#?& ;F%\"@$>?& <?& T%A<?;@?

/F\\?& $;/F;@F:%;"GN?& TF:%& N"& a:<@$Z$/"@$F;

:N@$\?& 9?& @F:@?& /F;<@%:/@$F;& @#AF%$[:?

%?N"@$>?&`&N"&b&5@"H?#FN9?%&*#?F%L&c]

,$?;&[:?&9$ZZA%?;/$A?<&<:%&/?%@"$;<&TF$;@<+&/?<

T?%<T?/@$>?<& N"$<<?;@& `& T?;<?%& [:?& N"&

b& 5@"H?#FN9?%& *#?F%L& c& & /F;<@$@:?%"$@& :;

ANA\?;@& /?;@%"N& 9";<& N?<& %AZN?I$F;<

\";"OA%$"N?<&[:$&T?%\?@@%"$?;@&9?&%"$<F;;?%

`&N"&ZF$<&OF:>?%;";/?&?@&05-]&3W?<@&a:<@?\?;@

9";<& /?@@?& NFO$[:?& [:?& 8O"N?;<& ^XYYo_& "

T%A/F;$<A&[:?&N?<&\:@"@$F;<&A/F;F\$[:?<&?@

<F/$"N?<& ">"$?;@& TF:<<A& N?<& ?;@%?T%$<?<& `

<W?ZZF%/?%& 9?& \";$V%?& T%F"/@$>?& 9M"\AN$F%?%

N?<&;$>?":I&9?&>$?&?@&N?<&/F;9$@$F;<&9?&@%">"$N 9?&N?:%<&?\TNFLA<+&9M"$9?%&N?<&/F\\:;":@A<

9";<& N?<[:?NN?<& ?NN?<& FTV%?;@+& "$;<$& [:?& 9?

T%A<?%>?%&?@&T%F@AO?%&NW?;>$%F;;?\?;@]&-@&/?+

F:@%?& N"& TF:%<:$@?& 9:& T%FZ$@& ?@& N"& T%F@?/@$F;

AQ !"#"$%&%#'(.(/*+%#*%)(/,*+"-%) WX+A,+Y+Z'0<#2&YZ.#0+,SA,+[+-./'0#1/2+Y+\.$.2((#1/2+Y+M%(#"'&#$>

(7)

9?<& T"%@$?<& T%?;";@?<]& R"& %?<TF;<"G$N$@A

<F/$"N?& 9?>$?;@& "$;<$& \:N@$9$\?;<$F;;?NN?& ?@

F;&T"<<?&9W:;?&>$<$F;&b&\F;$<@?&c&9?&N"&Z$%\?

`& :;?& >$<$F;& TN:%"N$<@?& [:$& "TT%A#?;9?& N"

Z$%\?& /F\\?& :;?& ?;@$@A& F:>?%@?& `& <F;

?;>$%F;;?\?;@+& %?aF$O;";@& 9?& /?& Z"$@

NW"TT%F/#?& T"%@?;"%$"N?& 9?& N"& OF:>?%;";/?

9?<& ?;@%?T%$<?<& [:$& $;@VO%?& NW?;<?\GN?& 9?<

T"%@$?<& T%?;";@?<& 9";<& <F;& T%F/?<<:<& 9?

/%A"@$F;&9?&>"N?:%]&3?@@?&T?%<T?/@$>?&AN"%O$?

9?& N"& OF:>?%;";/?& <@$T:N?& ?;& ?ZZ?@+& [:?& N"

%?<TF;<"G$N$@A&9?<&9$%$O?";@<&;?&<?&%A9:$@&TN:<

`& <F;& "<T?/@& A/F;F\$[:?& ?@& NAO"N+& \"$<

$;@VO%?& AO"N?\?;@& N?<& "<T?/@<& A@#$[:?& ?@

9$</%A@$F;;"$%?&h&/?&[:$&@?;9&"$;<$&`&<:OOA%?%

NW$;@AO%"@$F;& 9?<& T%AF//:T"@$F;<& <F/$"N?<& ?@

?;>$%F;;?\?;@"N?<& 9";<& N?<& 9A/$<$F;<

\";"OA%$"N?<]& )F:<& TF:>F;<& 9WF%?<& ?@& 9Aa`

9A9:$%?&[:?&N?&Z"$@&9W$;@%F9:$%?&N"&05-&9";<&N?

T%F/?<<:<& 9?& /F;/?T@$F;& 9?& N"& OF:>?%;";/?

T?%\?@@%"$@& 9?& Z"$%?& /F;>?%O?%& N?<

/F;/?T@$F;<& "/@$F;;"%$"N?& ?@& T"%@?;"%$"N?& `

@%">?%<& N"& /F;/$N$"@$F;& 9?<& $;@A%d@<+& T"%ZF$<

/F;@%"9$/@F$%?<+& 9?<& 9$ZZA%?;@?<& T"%@$?<

T%?;";@?<& ?@& /?+& T"%& N?& G$"$<& 9?& N"& T%$<?& ?;

/F\T@?&9?<&/%$@V%?<&9?&%?<TF;<"G$N$@A&<F/$"N?

?@&9:&9A>?NFTT?\?;@&9:%"GN?]

7";<& /?& /F;@?I@?+& & Q";& ."%%~$aH& ^XYYE_

/F;<$9V%?& [:?& & NW?;O"O?\?;@& 9?& NW?;@%?T%$<?

>$<=`=>$<& 9?<& T"%@$?<& T%?;";@?<& ?<@& NW?<<?;/?

9:& /F;/?T@& 9?& %?<TF;<"G$N$@A& <F/$"N?& h& <?NF;

N:$+& N"& 05-& <?& T%A<?;@?& /F\\?& NW?;<?\GN?

9W"/@$>$@A<+&>FNF;@"$%?<&T"%&9AZ$;$@$F;+&T%?;";@

?;& /F\T@?& N?<& T%AF//:T"@$F;<& <F/$"N?<& ?@

?;>$%F;;?\?;@"N?<& 9";<& NW"/@$>$@A& 9?

NW?;@%?T%$<?& "$;<$& [:?& 9";<& <F;& $;@?%"/@$F;

">?/&<?<&T"%@$?<&T%?;";@?<]&

RW$;@?%"/@$F;&C"%@$?<&C%?;";@?<K&-;@%?T%$<?&<?

T%A<?;@?& "$;<$& /F\\?& :;& "<T?/@& T%$;/$T"N 9";<&N?&/"9%?&9?&@F:@?&9A\"%/#?&05-]&-@&/W?<@

9";<&/?@@?&\d\?&NFO$[:?&[:?&."$O;";&?@&"N]

^XYYr_& /F;<$9V%?;@& [:?& NW?;@%?T%$<?& 9?>%"$@

d@%?& <F/$"N?\?;@& %?<TF;<"GN?& `& NWAO"%9& 9?<

"/@?:%<&">?/&N?<[:?N<&?NN?&$;@?%"O$@]

K( a@%#( '5,1$5( D1)+#%))%)( +#( $%#%2"-( "2%

"**,1#'"D-%( ',\"2;( ),*+%'O( +#( -"2$%B +#;+@+;1"-( D1)+#%))( *"#( D%( ;%%&%;

2%)7,#)+D-%(,#-O(',\"2;('5%(;%4+#"D-%("$%#')

\+'5(\5,&(+'(+#'%2"*')(P

-;&?ZZ?@+&TF:%&3N"%H<F;&^Deer_&?@&7F;"N9<F;

?@&C%?<@F;&^Deer_+&:;?&T?%<T?/@$>?&ZF;9A?&<:%

N"& b& 5@"H?#FN9?%& *#?F%L& c& ?<@& :;?& /F;9$@$F;

)+#%( 61"( #,# TF:%& :;?& /F;/?T@$F;& FT@$\"N?

9?&N"&05-]&3?@@?&@#AF%$?&T?%\?@&a:<@?\?;@&9?

/?%;?%& N?& /#"\T& 9?& %?<TF;<"G$N$@A& 9?

NW?;@%?T%$<?]

K(`,(\5,&()5,1-;('5%(4+2&(D%(2%)7,#)+D-%k(P

^P%??\";+&Deqp_

.:;$NN"&?@&.$N?<&^XYYr_&T%x;?;@+&`&N?:%&@F:%+

N"& T%$\":@A& 9?& N"& T?%<T?/@$>?& 05-& F%$?;@A?

T"%@$?<&T%?;";@?<‚]

K /'"j%5,-;%2(72+&"*O(C(

D")%;(^/d(7%2)7%*'+@% P

*F:@?<& /?<& T?%/?T@$F;<& ?@& %AZN?I$F;<& ;F:<

\V;?;@&`&;F:<&%?;9%?&/F\T@?&9?&N"&/"T"/$@A 9?& N"& b5@"H?#FN9?%& *#?F%Lc& `& /"T@?%& N?<

9$ZZA%?;@?<& Z"/?@@?<& 9:& /F;<@%:$@& 05-]& R?<

T"%@$?<& T%?;";@?<& aF:?;@& ?;& ?ZZ?@+& :;& %xN?

T%ATF;9A%";@& 9";<& NWF%$?;@"@$F;& ?@& N"

%?9$%?/@$F;& 9:& /F\TF%@?\?;@& <F/$A@"N& 9?

NW?;@%?T%$<?]

:2+1'('&#>+?+6'&$#2+6&20'0$2+'.+5o.&+

"21+6&'$#@.21+"2+BMN

R"&@#AF%$?&9?<&T"%@$?<&T%?;";@?<&?<@&?ITF<A?

`& 9?:I& 9$ZZ$/:N@A<& T%$;/$T"N?<+& `& <">F$%

NW$9?;@$Z$/"@$F;& 9?<& T"%@$?<& T%?;";@?<& 9?

NW?;@%?T%$<?&?@&N?:%&#$A%"%/#$<"@$F;&"$;<$&[:?&N"

/F\TN?I$@A& 9?& N?:%<& "@@?;@?<& T"%ZF$<

/F;@%"9$/@F$%?<]& -;& /?& <?;<& P%??\";& ^Deqp_

T%FTF<?& @%F$<& ;$>?":I& TF:%& "TT%A#?;9?%& N?<

9$ZZA%?;@?<& T"%@$?<& T%?;";@?<& 9W:;?

?;@%?T%$<?]&R?&T%?\$?%&;$>?":&/W?<@&N?&;$>?":

b& %"@$F;;?N& c& [:$& /F;<$<@?& ?;& :;?& "TT%F/#?

9?</%$T@$>?& [:$& T?%\?@& :;?& $9?;@$Z$/"@$F;

?I#":<@$>?& 9?<& T"%@$?<& T%?;";@?<& @F:@& ?;

<W"TT:L";@& <:%& N"& </#A\"@$<"@$F;& 9?& N?:%

b/"%@FO%"T#$?&c]&

-;<:$@?+& $N& L& "& N?& ;$>?":& b& T%F/?<<:<& c& [:$

<W"TT:$?&<:%&N"&T%F/A9:%?&<L<@A\"@$[:?\?;@

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

WX+A,+Y+Z'0<#2&YZ.#0+,SA,+[+-./'0#1/2+Y+\.$.2((#1/2+Y+M%(#"'&#$>

(8)

9A>?NFTTA?&T"%&NW?;@%?T%$<?&TF:%&T%?;9%?&?;

/F\T@?& N?<& $;@A%d@<& 9?<& T"%@$?<& T%?;";@?<

9";<&<F;&T%F/?<<:<&9WAN"GF%"@$F;+&9?&\$<?&?;

g:>%?& ?@& 9?& /F;@%xN?& 9?& N"& <@%"@AO$?

^P%??\";+&Deqp+&3"%%FNN+&Deqe_]&-@&N?&9?%;$?%

;$>?":& /W?<@& N?& b& @%";<"/@$F;;?N& c& 9F;@& N"

NFO$[:?& ?<@& 9?& /#?%/#?%& `& /F\T%?;9%?

/F\\?;@& $;@?%"O$%+& ;AOF/$?%& ?@& OA%?%& N?<

T"%@$?<&T%?;";@?<]&

z@";@& :;& 9?<& "/@?:%<& T%$;/$T":I& 9?& N"

%?<TF;<"G$N$@A& <F/$"N?& 9?& NW?;@%?T%$<?& ?@& /?+

T"%& <?<& "/@?<+& <"& T"%@$/$T"@$F;& ?@& <?<

$;@?%"/@$F;<& ^R?>?@+& XYYr_+& ;F:<& ;F:<

$;@A%?<<F;<&9";<&;F@%?&@%">"$N&":&b&<"N"%$A&c /F\\?& T"%@$?& T%?;";@?& 9A@?%\$;";@?& ":

/g:%& 9?<& T%"@$[:?<& 9?& 05-& 9?& NW?;@%?T%$<?

9";<&N"[:?NN?&$N&FTV%?+&A>FN:?&?@&$;@?%"O$@]&-;

?ZZ?@+& <?NF;& 8O"N?;<& ?@& CF$;@& ^XYYe_+& N?<

?\TNFLA<& T%A<?;@?;@& N"& T"%@$/:N"%$@A& 9?& <?

<$@:?%&`&N"&ZF$<&`&NW"\F;@&?@&?;&">"N&?;&\"@$V%?

9?& T%F/?<<:<& 05-]& 8N<& T?:>?;@& "$;<$& d@%?& ` NWF%$O$;?& 9W?;O"O?\?;@<& 9?& N"& T"%@& 9?

NW?;@%?T%$<?& @?N<& [:?& N?<& ?;O"O?\?;@<

/$@FL?;<& h& /F\\?& $N<& T?:>?;@& ":<<$& d@%?& ` NWF%$O$;?& 9:& <://V<& F:& 9?& NWA/#?/& 9?& N"

TFN$@$[:?&9?&05-+&;F@"\\?;@&?;&ZF;/@$F;&9?

N?:%& ?;O"O?\?;@& T?%<F;;?N& 9";<& N?<& "/@$F;<

[:$&?;&9A/F:N?;@]&R?>?@&^XYYr_+&TF:%&<"&T"%@+

/F;<$9V%?& N?& <"N"%$A& /F\\?& "L";@

OA;A%"N?\?;@& @?;9";/?+& 9W:;?& T"%@+& `

%A/N"\?%& 9?<& ?ZZF%@<& 9?& Z$9AN$<"@$F;+& :;

<F:@$?;& `& <"& <A/:%$@A& "$;<$& [:W:;?& %A?NN?

@%";<T"%?;/?&9?&N"&T"%@&9?&<F;&F%O";$<"@$F;&h

?@&9W":@%?&T"%@+&<?&9?>";@&9W"O$%&9?&\";$V%?

/$@FL?;;?& ?;& A@";@& `& N"& ZF$<& T%AF//:TA& 9?<

"O$<<?\?;@<&9?&<F;&?;@%?T%$<?&?@&%?<TF;<"GN?

9?&<?<&T%FT%?<&$;@?%>?;@$F;<]&3W?<@&a:<@?\?;@

`& /?@& AO"%9& [:?& N?& <"N"%$A& ?<@& ":& /g:%& 9?<

T%"@$[:?<& 9?& 05-& ?@& 9?& 9A>?NFTT?\?;@

9:%"GN?&9?&<F;&?;@%?T%$<?]

:21+6&'$#@.21+"2+7%.<2&0'052 1%5#'(2/20$+&216%01'=(2

RW?;O"O?\?;@& 9";<& :;?& 9A\"%/#?& 9?

OF:>?%;";/?& <F/$"N?\?;@& %?<TF;<"GN?& <?

9A/N$;?& 9";<& 9?<& T%"@$[:?<& [:?& NWF;& T?:@

[:"N$Z$?%& 9?& b& GF;;?<& T%"@$[:?<& 9?

OF:>?%;";/?& c& ?;& \"@$V%?& 9?& 05-]& 3?<

T%"@$[:?<&<F;@&N?&Z%:$@&9?&TFN$@$[:?<&\$<?<&?;

TN"/?& T"%& NWF%O";$<"@$F;& ?;& Z">?:%& 9?<

9F\"$;?<& A/F;F\$[:?+& ?;>$%F;;?\?;@"N+

<F/$A@"N&?@&<F/$"N]

,S !"#"$%&%#'(.(/*+%#*%)(/,*+"-%) WX+A,+Y+Z'0<#2&YZ.#0+,SA,+[+-./'0#1/2+Y+\.$.2((#1/2+Y+M%(#"'&#$>

]+$12%(R

h'&$%7&'68#2+"21+6'&$#21+6&20'0$21+";.02+7&'0"2+20$&26&#12

A

R<(a2#1-'(%'(Y)5'"B(lVVmB(7<ln<

(9)

C"%& "$NN?:%<+& <F:N$O;F;<& [:W$N& L& "& AO"N?\?;@

9?<& Z"/@?:%<& /F;@?I@:?N<& [:$& /F;9$@$F;;?;@

NW?;@%?T%$<?& 9";<& <"& 9A\"%/#?& 9?

OF:>?%;";/?& <F/$"N?\?;@& %?<TF;<"GN?]& -;

?ZZ?@+& TF:%& 3FNN$?%& ?@& -<@?G";& ^XYYs_+

NW?;O"O?\?;@&&9";<&N"&&05-&?<@&:;&T#A;F\V;?

/F\TN?I?& ?@& `& Z"/?@@?<& \:N@$TN?<& [:$& <?%"

$;ZN:?;/A&@";@&T"%&9?<&Z"/@?:%<&/F;@?I@:?N<&9?

NW?;@%?T%$<?& [:?& T"%& N?<& T?%/?T@$F;<& 9?<

<"N"%$A<& 9?& /?<& Z"/@?:%<]& R?<& <"N"%$A<&

>F;@& "$;<$& %A"O$%& `& /?& [:W$N<& T?%UF$>?;@&

/F\\?& /F\TF%@?\?;@<& %?<TF;<"GN?<& F:

$%%?<TF;<"GN?<& 9?& N?:%& F%O";$<"@$F;& @F:@& ?;

A@";@&$;ZN:?;/A<&T"%&N?<&Z"/@?:%<&/F;@?I@:?N<

[:$&N"&/"%"/@A%$<?;@]

)F:<& @?;F;<& `& <$O;"N?%& [:?+& F:@%?& <?<

FGN$O"@$F;<& G"<$[:?<+& N"& OF:>?%;";/?

<F/$"N?\?;@& %?<TF;<"GN?& >A#$/:N?& N?<&

;F@$F;<& 9WA@#$[:?+& 9?& /F\\:;$/"@$F;+& 9?

@%";<T"%?;/?+&9?&/F;Z$";/?&?@&9?&T"%@"O?&9?<

%?<TF;<"G$N$@A<]

:21+E'5$2.&1+5%0$24$.2(1+E%0">1+

1.&+(;>$8#@.2+

7W"T%V<&3FNN$?%&?@&-<@?G";&^XYYs_+&N?&/F;@?I@?

F%O";$<"@$F;;?N& ?<@& & <F:>?;@& 9A/%$@& 9";<& N"

N$@@A%"@:%?& T"%& C-4 8C+2)54 -54 C)4 81C51*- E5=+F1-/]&*#AF%$[:?\?;@&/?<&9?:I&/F;<@%:$@<

<F;@& 9$<@$;/@<+& \"$<& ":& ;$>?":& T%"@$[:?& $N<

<?\GN?;@&">F$%&":@";@&9?&<$\$N$@:9?<&[:?&9?

9$ZZA%?;/?<&^*%?>$;F+&Deeq_]&

-;&/?&[:$&/F;/?%;?&N?&/N$\"@&<F/$"N+&$N&9AT?;9

?;&O%";9?&T"%@$?+&9W"T%V<&8O"N?;<&?@&"N]&^XYYq_+

9?&N"&[:"N$@A&9?&N"&9$%?/@$F;&9?&NW?;@%?T%$<?&?@

9?<& >"N?:%<& ":I[:?NN?<& /?NN?=/$& "9#V%?]& R"

/:N@:%?& [:";@& `& ?NN?+& @%F:>?& <?<& %"/$;?<

T%FZF;9?<& 9";<& NW$9?;@$@A& 9?& NW?;@%?T%$<?]

($;<$+& 9?<& T%$;/$T?<& F%O";$<"@$F;;?N<

NAO$@$\?<&?@&:;&/N$\"@&<F/$"N&Z">F%"GN?&"<<:%A<

T"%& N"& 05-+& Z">F%$<?%F;@& NWA\?%O?;/?& 9?

NW$9?;@$Z$/"@$F;&9?<&?\TNFLA<&`&9?<&>"N?:%<&9?

%?<TF;<"G$N$@A& ?@& 9W$;@A%d@& `& NWAO"%9& 9?<

":@%?<& \?\G%?<& 9?& NWF%O";$<"@$F;]& 3?

/F;@?I@?& 9?>$?;@& 9?& /?& Z"$@+& T%FT$/?& ":

9A/N?;/#?\?;@& 9?& /F\TF%@?\?;@<& ?@

9W"@@$@:9?<& TF<$@$Z<& ?@& T%F9:/@$Z<& 9?& N"& T"%@

9?<& 9$ZZA%?;@?<& T"%@$?<& T%?;";@?<& h

;F@"\\?;@&N?<&<"N"%$A<]

7";<& /?& /F;@?I@?+& N?<& F%O";$<"@$F;<& F;@& N"

TF<<$G$N$@A& 9W"9FT@?%& ?@& 9?& 9A>?NFTT?%& 9?:I

@LT?<& 9?& T%FO%"\\?<& A@#$[:?<]& -;& ?ZZ?@+

9W"T%V<&8O"N?;<&?@&"N]&^XYYq_+&N?<&:*9;*)22-/

E5=+F1-/ T?:>?;@& d@%?& <F$@& 9A9$A<& `& N"

/F;ZF%\$@A&"Z$;&9?&9$</$TN$;?%&?@&9?&/F;@%xN?%

N?<&/F\TF%@?\?;@<&9?<&?\TNFLA<&9";<&N?&G:@

9WFG@?;$%& N?:%& "9#A<$F;+& <F$@& /?;@%A<& <:%& N?<

>"N?:%<+& "Z$;& 9?& %ATF;9%?& ":I& "@@?;@?<

A@#$[:?<& 9?<& T"%@$?<& T%?;";@?<+& ?@& 9?

Z">F%$<?%&T"%&/F;<A[:?;@&9?<&/F\TF%@?\?;@<

?@&"@@$@:9?<&TF<$@$Z<&9?&N?:%&T"%@]&C"%&"$NN?:%<+

<F:N$O;F;<& [:?& N?<& T%FO%"\\?<& A@#$[:?<

%?N"@$Z<& `& N"& 05-& <?& T%A<?;@?;@& /F\\?& :;?

%ATF;<?&`&/?%@"$;?<&"@@?;@?<&9?<&9$ZZA%?;@?<

T"%@$?<&T%?;";@?<]&*F:@&/F\\?&$N<&T?:>?;@&<?

T%A<?;@?%& /F\\?& :;?& /F;<A[:?;/?& 9?<

T%?<<$F;<& Z"$@?<& T"%& N?<& T%$;/$T"N?<& T"%@$?<

T%?;";@?<& $;<@$@:@$F;;?NN?<& ^8O"N?;<& ?@& "N]+

XYYq_]&)F:<&<@$T:NF;<&[:?+&[:W?NN?<&<F$?;@&?;

>:?&9?&<"@$<Z"$%?&N?<&"@@?;@?<&F:&?;&%ATF;<?&`

9?<& T%?<<$F;<+& N?<& TFN$@$[:?<& A@#$[:?<

"9FT@A?<& T?:>?;@& d@%?& $;@AO%A?<& 9";<& N?<

TFN$@$[:?<& ?@& T%"@$[:?<& 9?& NW?;@%?T%$<?& 9?

Z"UF;& `& T%F9:$%?& N"& T?%ZF%\";/?& 9?& /?NN?=/$

"$;<$& [:?& 9?<& /F\TF%@?\?;@<& T%F9:/@$Z<& 9?

<?<& T"%@$?<& T%?;";@?<+& <?<& <"N"%$A<& ?;

NWF//:%%?;/?]

8N& ?I$<@?& :;?& \:N@$@:9?& 9?& 9AZ$;$@$F;<& ?@

9W$;@?%T%A@"@$F;<& 9:& /F;/?T@& 9WA@#$[:?]& 5$

NWF;&T"%N?&9?&NWA@#$[:?&9?<&"ZZ"$%?<+&N?&/F;/?T@

?<@& ;A& ":I& -@"@<=2;$<& ?;& %A"/@$F;& ":I

</";9"N?<& 9?<& ";;A?<& DeqY& `& €"NN& 5@%??@]

RWA@#$[:?&9?<&"ZZ"$%?<&@?;@?&"$;<$&9WA@"GN$%&:;?

/F;@$;:$@A&?;@%?&N?&/F9?&9?&/F;9:$@?&9:&GF;

?;@%?T%?;?:%& ?@& /?N:$& [:?& 9F$@& A@"GN$%

NW?;@%?T%$<?]& 3?& [:$& N"& /F;9:$@& `& 9?>F$%

";;F;/?%& /N"$%?\?;@& <?<& 9%F$@<& ?@& 9?>F$%<

?;>?%<& N"& <F/$A@A& T"%& N?& G$"$<& 9?<& >"N?:%<

[:W?NN?&"<<F/$?&`&<"&\$<<$F;]&3?N"&<F:NV>?&:;?

"\G$O$@A&j&F;&9?\";9?&`&NW?;@%?T%$<?&9Wd@%?

b&A@#$[:?&c&?;&"ZZ$/#";@&9?<&T%$;/$T?<&[:$&<?

@%"9:$<?;@& 9";<& <F;& /F\TF%@?\?;@+& \"$<

":<<$& ?;& Z"$<";@& ?;& <F%@?& [:?& /?<& 9?%;$?%<

<F$?;@&/F\T"@$GN?<&">?/&N?<&"@@?;@?<&A@#$[:?<

9?& N"& <F/$A@A& ":& <?;<& N"%O?& ^7?NG"%9+& XYYe_]

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

WX+A,+Y+Z'0<#2&YZ.#0+,SA,+[+-./'0#1/2+Y+\.$.2((#1/2+Y+M%(#"'&#$>

(10)

RW?;a?:& /%:/$"N& ?<@& N"& %?/#?%/#?& 9W:;?

"9A[:"@$F;&?;@%?&NWA@#$[:?&9W:;?&?;@%?T%$<?+

/F;U:?& /F\\?& :;& ?;<?\GN?& 9?& %VON?<

/FNN?/@$>?<& ":I[:?NN?<& 9F$>?;@& <?& /F;ZF%\?%

N?<& ?\TNFLA<+& ?@& NWA@#$[:?& T?%<F;;?NN?& 9?<

$;9$>$9:<&[:$&$;@?%"O$<<?;@&":&<?$;&9:&O%F:T?]

7?<&N$?;<&?I$<@?;@&"<<?B&;"@:%?NN?\?;@&?;@%?

A@#$[:?& ?@& %?<TF;<"G$N$@A& <F/$"N?& j NW"ZZ$%\"@$F;& 9?& >"N?:%<& A@#$[:?<& ?;O"O?& N"

%?<TF;<"G$N$@A& 9?& NW?;@%?T%$<?& ?@& T?:@& ?;

F:@%?& N:$& T?%\?@@%?& 9?& ZF%\"N$<?%& :;?

9A\"%/#?& ">";@& 9?& 9ATNFL?%& :;?& <@%"@AO$?

9";<& N?& /#"\T& 9:& 9A>?NFTT?\?;@& 9:%"GN?]

R?<& ?I$O?;/?<& 9?& @%";<T"%?;/?+& 9?& N:@@?

/F;@%?& N"& /F%%:T@$F;& <F;@& T"%& "$NN?:%<& 9?<

ANA\?;@<& `& T"%@& ?;@$V%?& 9?& N"& %?<TF;<"G$N$@A

<F/$"N?& @F:@& ":@";@& [:?& N?<& [:?<@$F;<

?<<?;@$?NN?<& 9?& NWA@#$[:?]& 7W":@%?& T"%@+

NW"9#A<$F;& 9?<& <"N"%$A<& ":I& >"N?:%<& "ZZ$/#A?<

T"%& N?:%& ?;@%?T%$<?& ?<@& :;& Z"/@?:%& ;F;

;AON$O?"GN?& 9W$\TN$/"@$F;& 9:& T?%<F;;?N+

;A/?<<"$%?& AO"N?\?;@& `& NW"//F\TN$<<?\?;@

9W:;?& 9A\"%/#?& 9?& %?<TF;<"G$N$@A& <F/$"N?]

RWA@#$[:?& "TT"%"l@& 9F;/& /F\\?& :;& ANA\?;@

$;9$<T?;<"GN?&`&NWAN"GF%"@$F;&9W:;?&9A\"%/#?

9?& %?<TF;<"G$N$@A& <F/$"N?& h& /W?;& ?<@& 9W"$NN?:%<

<F:>?;@& NW:;& 9?<& T$N$?%<+& \"$<& /?%@"$;?\?;@

T"<&N"&Z$;"N$@A]&^7?NG"%9+&XYYe_]

8N&?<@&AO"N?\?;@&$\TF%@";@&9?&<F:N$O;?%&[:?

NWA@#$[:?& aF:?& :;& %xN?& $\TF%@";@& 9";<& N"

9AZ$;$@$F;&\d\?&9:&/F;/?T@&9?&05-]&

R?& %?<T?/@& 9?& NWA@#$[:?& 9?& /?@@?

%?<TF;<"G$N$@A& ZF%O?& a:<@?\?;@& NW:;?&

9?<& /F;9$@$F;<& ZF;9"\?;@"N?<& 9W:;?

OF:>?%;";/?& <F/$"N?\?;@& %?<TF;<"GN?& [:$

;W?<@&":@%?&[:?&N"&/F;Z$";/?]&RF%<[:WF;&T"%N?

9?& /F;Z$";/?& 9";<& N?& /"9%?& 9W:;?

OF:>?%;";/?&<F/$"N?\?;@&%?<TF;<"GN?&F;&Z"$@

%AZA%?;/?&`&:;&\A/";$<\?&9?&%A/$T%F/$@A&[:$

%AO$@& /?@@?& %?N"@$F;& 9?& /F;Z$";/?& ?;@%?

NWF%O";$<"@$F;& ?@& <?<& 9$ZZA%?;@?<& T"%@$?<

T%?;";@?<]&-;&?ZZ?@+&[:?NN?&[:?&<F$@&<"&TN"/?

9";<& N"& #$A%"%/#$?+& :;& 9$%$O?";@& 9F$@& Z"$%?

/F;Z$";/?&`&<?<&/FNN"GF%"@?:%<&?;&A>$@";@&9?

@F:@&/F;@%xN?%&h&?@&%A/$T%F[:?\?;@+&N:$=\d\?

9F$@& Z"$%?& T%?:>?& 9W:;& /F\TF%@?\?;@

T%x;";@& a:<@$/?+& A[:$@A& ?@& FGa?/@$>$@A& TF:%

[:W$N& T:$<<?& d@%?& ?;& \?<:%?& 9W$;<T$%?%

/F;Z$";/?]&RWA@#$[:?&/F;<@$@:?&9?&/?&Z"$@&NW:;?

9?<& G"<?<& 9W:;& %"TTF%@& OA;A%"@?:%& 9?

/F;Z$";/?]&

:21+m+=%0021+6&'$#@.21+"2+7%.<2&0'052+n 20+/'$#a&2+"2+BMN

)'&$'72+"2+('+&216%01'=#(#$>+'#01#+@.2+"2+('

<'(2.&+5&>>2+?

RW?;@%?T%$<?& >:?& /F\\?& :;?& $;<@$@:@$F;

<:TTF<?& :;& ?I?%/$/?& 9A\F/%"@$[:?& 9?& N"

OF:>?%;";/?&[:$&@$?;;?&/F\T@?&9?<&%?N"@$F;<

/F\TN?I?<&?@&\:N@$TN?<&?;@%?&N?<&9$%$O?";@<&?@

N?<& T"%@$?<& T%?;";@?<& ^5":N[:$;+& XYYe_]& CF:%

/?%@"$;<& ":@?:%<+& $N& ;W?I$<@?& T"<& 9WFTTF<$@$F;

ZF;9"\?;@"N?& ?;@%?& N"& \"I$\$<"@$F;& 9?& N"

>"N?:%& "/@$F;;"%$"N?& ?@& N"& <"@$<Z"/@$F;& 9?<

"@@?;@?<& 9?<& ":@%?<& T"%@$?<& T%?;";@?<]& CF:%

5":N[:$;&^XYYe_+&N?&9$%$O?";@&T?:@&/#?%/#?%&`

Z$9AN$<?%& N?<& ?\TNFLA<+& T"%@$?& T%?;";@?

T%$\F%9$"N?+& ">?/& 9?<& T%"@$[:?<& <"N"%$"N?<

$;;F>";@?<& TN:@x@& [:?& 9?& >?%<?%& 9?<

9$>$9?;9?<& ":I& "/@$F;;"$%?<& [:$& ;?& <F;@& T"<

9$%?/@?\?;@& `& NWF%$O$;?& 9?& N"& /%A"@$F;& 9?

>"N?:%]& 7?& /?& TF$;@& 9?& >:?+& :;?& GF;;?

OF:>?%;";/?& %?TF<?& <:%& NWA[:$@A& /F;/?%;";@

N"&%AT"%@$@$F;&9?<&O"$;<&9?&T%F9:/@$>$@A&?;@%?

NW?;@%?T%$<?& ?@& NW?;<?\GN?& 9?& <?<& T"%@$?<

T%?;";@?<]& 3W?<@& 9";<& /?@@?& FT@$[:?& [:?

Q?%;?& ^XYYo_& TN"$9?& TF:%& :;& T"%@"O?

A[:$@"GN?&9?&N"&>"N?:%&"aF:@A?&[:$+&<?NF;&N:$+

T?%\?@& 9WA>$@?%& N?<& /F;ZN$@<& [:$& F;@& 9?<

/F;<A[:?;/?<&;AO"@$>?<&<:%&N"&OF:>?%;";/?&`

NF;O&@?%\?&?@&N?&/F\TF%@?\?;@&9?<&<"N"%$A<&`

/F:%@&?@&\FL?;&@?%\?]&-;&?ZZ?@+&/?@@?&A[:$@A 9";<&N?&T"%@"O?&9?&N"&>"N?:%&"aF:@A?&?<@&NW:;?

9?<& T%"@$[:?<& 9?& OF:>?%;";/?& <F/$"N?\?;@

%?<TF;<"GN?& 9?& G"<?& [:$& /F;9$@$F;;?;@& N?<

"@@$@:9?<& ?@& /F\TF%@?\?;@<& 9?<& <"N"%$A<]

)F:<& <:TTF<F;<& 9?& /?& Z"$@& [:?& /?& T"%@"O?

a:<@?& ?@& A[:$@"GN?& Z">F%$<?%"$@& 9?<

/F\TF%@?\?;@<& TF<$@$Z<& ?@& T%F9:/@$Z<& 9?<

?\TNFLA<& ?@& 9A>?NFTT?%"$@& "$;<$& N?:%& G$?;

d@%?&?;&\$N$?:&9?&@%">"$N]&RW"<T?/@&05-&9";<&N"

T%"@$[:?& 9:& T"%@"O?& A[:$@"GN?& 9?& N"& >"N?:%

/%AA?&%A<$9?&$/$+&9";<&NW$\TF%@";/?&"//F%9A?&`

N"& 9$\?;<$F;& <F/$"N?& 9";<& N"& T%"@$[:?& 9?& N"

OF:>?%;";/?]&

,, !"#"$%&%#'(.(/*+%#*%)(/,*+"-%) WX+A,+Y+Z'0<#2&YZ.#0+,SA,+[+-./'0#1/2+Y+\.$.2((#1/2+Y+M%(#"'&#$>

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