• Aucun résultat trouvé

Le règne des titans de l'industrie : le processus mondial de concentration du capital

N/A
N/A
Protected

Academic year: 2021

Partager "Le règne des titans de l'industrie : le processus mondial de concentration du capital"

Copied!
12
0
0

Texte intégral

(1)

HAL Id: halshs-00249874

https://halshs.archives-ouvertes.fr/halshs-00249874

Submitted on 8 Feb 2010

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.

Le règne des titans de l’industrie : le processus mondial de concentration du capital

Odile Castel

To cite this version:

Odile Castel. Le règne des titans de l’industrie : le processus mondial de concentration du capi- tal. Les transformations du capitalisme contemporain, l’Harmattan, pp.257-274, 2007, Recherches Economiques François Perroux. �halshs-00249874�

(2)

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

2435678:9,;=<>76

?

9@BA-6C<>D37&;:EF@5G7H@7,;JIK@LHLMN5GO&A-7&;

P

H5RQ-7#S(;5C<>D37UTV7HH7,;W

XY'*+Y

Z

A;O&A\[G9BA^]_9HHFD7&;`WabcdJ67&; e5fSMg7&; Mg7B<<>9#57H&<K7#HihAQS7`37&;:jSkL^@7l;(;=A; 37`@LH@%7mHl<S9(<5LnH/H9o<15LH96G7`3&A

@9#jF5C<>96p^qr@B<A-766G7Ms7Hl<>d067BAFSo; ;=<S9B<>Dt57,;tF6LnuF96G7,;:965GMg7mHl<>7#H&<vAFHijSkL^@7l;(;=A; 37`@LH@%7mHl<S9B<5LHiM`L^Hw3n5G96G7,p

x 9#H.;y@mzw9O&A-75fHF3&A;<S57d^56J;k7SD965;7jF9S{37&;{e|A;5LFH.;dF9@O&A-5|;5}<15LH.;{7B<\96659HF@7,;J<Sk9#H^;Hw9B<15~LnHw9m6G7&;y7B<\3LnHHF7

H95;o;9H@l7€‚37&;ƒ<>5C<>9#H^;„p…EF5†@zF9O&A-7‡5HF3&A;<S5~7‚MsLH3596G7‚H.[G7,;=<ˆjF9&;‰7Hw@LnSk7‡9oAŠ;<>937‹A.6C<>5Mg7‚3F7

@LnHw@7H&<S9(<5LHdF766G7,;{LnHl<<L,A,<>7&;JQnL^@%9B<15~LnH`€r6=[G9B<<>7#5Hw3,S(7%d^3.[G9BA<>9#Hl<vO&A-737,;{M`L,<15RQn9B<15~LnHF;eLS=<>7&;{Œ=jFL,AQFL5RS{7B<

S5~@mzw7&;o;7…jFL,A;(;7H&<Ž67,;†35RS5tF79H&<;7B<67l;†9@o<15LHHF95RS7&;37,;†e5fSMg7&;€‘966G7#S<L,A’L,AFS(;…jF6CA;†6~L^5H.p4“K9

3w”wH9Ms5GO&A-77H/Ms9S@#zF79HHLH@%7•6G9QF7H&A-73&A/Sk–#t^Hw7`37&;<>5C<>9#HF;:O&A-5;7rSD965;7`9BA_3Do<S15Ms7Hl<—37&;;96G9#S5GDw;

7B<)j,S>LwQnL^O&A-7UAFHw7K<S9#HF;eLnSM`9o<15LH`7HjSLeLH37BAFS{3&AgS>˜n6737l;JI<>9(<;op

™‘",k$#GY 8LH@%7mHl<S9(<5LnH•3&Ai@%9#j^5}<>9m6~d^eAJ;5~L^H^;kd^9@%O&AF5|;5}<15LFH^;dF9665G9HF@7&;d,<S9#HF;H9B<5~LnHF96G7&;

š */*+F(›)

P

Hl<156<z7œ”n79#S(;ŽWabcdU<z7…e5RSMi;i5M`jF6G7mMg7H&<>7%3Lne`Hw9B<15~LnHw9m6r@%LnHw@7H&<S9B<5~LnHžjSLF@7&;(;k7&;ŸL^e4<z7Ž@9#jF5C<>96p

8—AFS>S7#H&<>6R”wdw<zw7m5 Svt^6LuF960;<S9(<>7#t5G7&;{e7&7%3N9jS>LF@7&;(;yLne.¡•LnS16~3N@%LnHw@7H&<S9(<5LH.pl¢1H`79@z`5H3&A);=<S=”wd^5}<v5;{@%9#S1S57l3

LwA<u”†<S9#HF;H9B<>5LH964Mg7#S>tF7#S(;d9%@O&A.5;5C<>5L^H.;Ÿ9H396G65G9H@7,;Ÿ9mHw3£tF5~Q-7l;sS5;'7¤<>L¥v5C<>9#H.;„p¢1eg79@z†¡`LS63

5fHF3&A;<S1”`5;HL,<”F7B<\9B<-<z7UA-6C<15Mg9B<>7;=<>9#tF7Lev@%LnHw@7H&<S9B<5~LnHwdw<zw7%”gzF9#QF796G6^QFLF@9B<>5LH4<>LNS7%9@#z`5C<>d,<z7M`LnSk7

;Li9&;:;=<¦S1LH,tiM•Lw<5CQ-9o<5LnH.;—Œ|<|LNuF7r9BuF6G749H3NS5G@zH7&;o;>j,A;>z<z746G7937S(;—9mHw3•<zw7•;zw9#S7zL^6~37#S(;—Lne<z74e5RSM+;

<LstL5H,tŸ9m6R¡•9#”.;eAFS=<zw7#Sop

x

”HF9M`5G@w;—M`LnQF5Hti9HHwLwAFHw@7,;y<zw749S1S5~Qn96Lne<z7S75t^HgLe0<z7r¥5C<>9H.;y¡•z5@zg5|;

@9#S1S573žL,A<4¡§5C<z†<z737B<S5Ms7Hl<`Le4jF95G39H3ž@9BA);'7&;g9H5H¨>37#j,<z©<Sk9#H^;eLSM`9B<>5LnHžLFeª<zw7œSL67…Le4<zw7

Ew<>9(<>7&;„p

«/B›`¬`"# 8LH@7#Hl<S9B<5LH`Le.<z7@9#jF5C<>96d^M•7#S1tF7#S(;'dF9@O&AF5;5C<>5LH.;dF96f6G5G9mHw@7,;d,<S9H^;H9o<15LH96

“—9@LH@BAFS1Sk7#H@l7N;1”-;=<>DM`5O&A-7§O&A-7N;765RQFS7H&<—67&;:e5fSMŸ7&;d67&;I{<>9(<;:7B<\67,;:LS1tF9#H5;'9B<5~LnH.;:M4A-6C<>56G9B<>D#Sk9m6~7&;:7,;=<

9BAˆ@#hAFS`37­69_3w”wHF9mMg5GO&A-7­9@B<A-766G7œ3&Aƒ;1”-;=<>–Mg7­@l9#jF5C<>96f5;<>7­Œ18:9&;=<>76d®Fcc,®op x 9#H.;`@%7B<<>7­@LH@BAFS>S7#H@%7

;1”.;=<>DM`5GO&A-7d67,;e5SMg7&;§LH&<ª9@O&A-5;A.HS˜^6~7+eLnHw39Ms7Hl<>9m6¦p0¯:66G7&;s;kLnHl<r37BQn7mHlA-7&;§37,;4j,A-5;(;k9mHl<;§9@B<>7BAFS(;

tS°@7†9BA±jSLF@7&;';=A;/37†@%LnHw@7H&<S9B<5~LnHƒM`L^Hw3n5G96G7†3wA²@9j^5C<>96rO&A\[76G67l;+Mg–HF7H&<Ÿ37#j,AF5;sA-H7…QF5Ht,<>9m5Hw7

3.[9HHD%7w;„p³¯K6f6G7,;SD%9m6G5;7H&<V@7sjSLF@7&;';=A);jF9#S§37&;§LnjFDS9B<5LH^;§37ie|A;5LFH.;d{3.[9l@O&A-5;5C<15~L^H^;§7B<V3.[G9m6G65G9H@7,;kd

HL,<>9#M`Ms7Hl<<S9#HF;1HF9B<5LHF96G7&;d†O&A-5ž3LnHHw7H&<±H95;o;9H@%7´€‚37,;‰LF6f5tFLjFLn6~7w;²M`L^H35G9BAF]µ39H.;²@mzF9%O&A-7

5fHF3&A;<S57,pv¢6|;g;LH&<§@LMjFL.;D&;•3^7/®žLwAˆ¶†e=5 SMg7,;`O,A-5:37#QF57HHw7mHl<§37&;4<>5C<>9#H.;kdU6LS(;kO&A-7¤6G7BAFS`5H3&A);=<S>579

9B<<>7#5Hl<{67N;=<>9%37VA-6C<>5Mg74376G9r@LnHF@%7mHl<S9(<5LnHiM•L^H35G9m6¦743&A·@9#jF5C<>96p^8:7j^zwDHL^M`–HF7r7,;=<vSkD@7#Hl<>d³569M`LF5fH.;

374®Fci9#H^;„pqA;o;5^<>LwA<>7&;6~7w;:5Hw3&AJ;<S157,;Hw7N;LH&<>¨1766G74jF9&;K7#HF@LS79BA;<>937ªAF6}<5fMg7dMg9m5;KLnHl<vQFLF@9„<5~LnHŸ€•”

9#S1S15RQ-7#S:39H^;:6G7,;jSLF@#z95H7,;K9#HHFD7&;„pw“—9eLSM`9B<>5LnHŸ3.[LF6f5 tFLnjFL67,;;k74jFLwAFS';=A-5~QwS93LH@39H.;:67,;:9HHD7l; €

QF7H5Sopm“—7Sk–#tH737&;)<5C<>9#H.;{376[5HF3&A;=<S15G7M`LnHw3n5G96G77,;=<)j,S>L^@z7,p

8ª[G7,;=<Ÿ6=[Gz5|;<>Ln5 S7£37ž69Q-7HlA-7£37ž@7†S–#tH7žO&A-7†HFLwA;iQFL,A;/jS1LjL.;>LnHF;_39#H.;_@7<>7o],<>7dr7#H‘M•LnHl<S9#H&<

6=[G5M`jF9l@B<\3&AsjSkL^@7l;(;=A;y374@LH@%7mHl<S9B<5LH`M`L^Hw3n5G96G73wAŸ@9#jF5C<>96;=AFS{67,;:;96G9#S5GD&;—7B<v6~74@z9HtF7mMg7H&<\3&AgS˜6G7

37&;JI{<>9„<;{O&A)[56.5H3&A-5C<'p

¸l¹n !#"$%('J'Y$0G$"$.,"/+$!f,

x

7#j,A-5;:6G9•e5H/3&A/º4¢>º4»¼-½;5G–@6G7d06G7&;{I<>9o<;¨

P

H5;:LH&<—@%LnHH&A_O&A-9B<S7QF9#t,A-7,;:37§@LnHw@7H&<S9o<5LnHŸ3&A_@9#jF5C<>96p

¯H4¯{AFSLjF7dF7#667l;U;kLnHl<vM`LF5fHF;—9@@7H&<A-D%7&;F’kA;kO&A¾9BAF]/9HHDl7&;Wabc`€jF9#S=<5RS{37,;O&A-76G67l;6G9r@LH^;=<SA-@B<5LH`3&A

Ms9S@zD4A.H5GO&A-7`e9%QnLnS5;k74A.Hw7N@%LnH,Qn7#S1tF7H@l7`37&; M`LwAQn7Ms7Hl<; 37N@%LnHw@7H&<S9(<5LH+Hw9B<15~LnHw9m6G7`3&A¤@9#jF5C<>96p^¢'6

e19BA<Ÿ@7jF7mHw39H&<Ÿ9B<<>7H3,S7†67,;/9HHD7,;†WaacjFL,AFS/O&A-7©6~9£@LH@%7mHl<S9B<5LHƒ3&A²@l9#jF5C<>964jSDl;7H&<>7…jFL,AFSi6G9

jS7MN5G–#Sk7¿eL^5;Ž37l;Ž@9#S9@o<>D#S5;=<>5O&A-7,;­QFL^5;5HF7&;Ž39H^;Ž6[7H.;k7mMu-6G7¿37l;jF9%”-;Ž37¿6G9£<S15937%dNS7e6Do<>9#H&<_6G9

M`L^H35G965;9B<>5LH`3&AŸ@9#jF5C<>96F7B<)6G9ªM`5;77HhA^QwS7374;=<¦S9B<>D#t5~7&;vtF6LnuF96G7,;vjF9#Sv67,;{e5fSMg7&;„p

(3)

¸l¹|¸l¹, `$"$.,G"+,>",G0/$!f>,(¸o¸

2ªHjF7oA<v35;<15H,t,A-7SJ<S1L5;yQn9#t,A-7&;{37@%LnHF@7Hl<S9„<5~LnH`HF9B<5LH96G73&AŸ@9#jF5C<>96.7Hl<S7sW¶`7B<)67&;{9HHDl7&;VWac

69jSk7mMg5G–#S7;7;5C<A-7€46G9ªe>5fHg3&Agºr¢1º»¼-½J;5G–&@6G7d^6G94;'7l@LH37€6G94e=5HŸ37&;—9mHHwD7,;Wa,®Fc`7B<v6G9U<SL5;5G–Mg74€6G9

e15H`37,;{9#HHFD7&;VWabc.p

“—9œjS7Ms5G–#Sk7œQF9#t,A-7†37…eA;5L^H.;kd9@O&A-5|;5}<15LFH^;/@LFMNMg7H@%7†9BA^]žI{<>9B<;¨

P

H5;/9#Qn7@©6G9…e15Hƒ37…6G9…tS9Hw37

3D#jS7&;';5L^H37†W¶7B<r;7/@m6~˜w<AFS7i9oQF7@i6G9+3D#jSk7&;o;5LH37…Wacp.¯Hqr66G7Ms9tFH7i7B<V9BAF]­I{<>9B<;¨

P

H5;`;k7

3DBQF76LjjF7H&<K9m6~LnS(; 37`HL,AQF766G7,; eLnSM`7,; 3.[GLnS1tF9H5|;'9#<5LH/3[7H&<Sk7#jS15;'7`@9#Sk9@B<>D#S5;kD&7l;:jF9#S6[9#jjF9S5}<15LH_37

69tS9H37 7mHl<S7#jS15G;7‡5;o;A-7‰3&A‚jSkLntS–l;œ<>7@zH5O&A-7p+E,<5RtF6G7#SžŒ#Wac,ž7&;<5fMg7‰O&A-7‰6G9 M`L,<>5~Qn9B<>5LnH

jS5Hw@m5jF96G7…37,;ieA;5L^H.;kd9@O&A-5|;5}<15LFH^;/7&;<g96LS(;i3[G9&@%O&A-D#S5RSNA-H£jFL,AQFLF5RSi37†M`LHLjFLn6G7©;AFSi6G7©Mg9#S@zwD

H9B<>5LH96p0E,AFS6~7w;Ka,®ij^6}A;tSL.;(;k7&;:eAJ;5~L^H^;KDB<>9&;=A-H5G7HH7,;:37@%7B<<>7DjLFO&A-7d`9BunLwA<5|;';7H&<—€AFHi@LH&<S>˜n6~7

37©jF6RA;­3F7£6G9M`L^5C<>5D3&A Mg9#Sk@mzwD3L^M`7l;=<>5O&A-7DB<>9&;AFH5G7mH-pU¯:6G67l;­SDBA-H5;o;7H&<·37£HLFM•uwS7BA;k7w;/jF7B<>5C<>7&;

7#H&<S7jS15;7,;_3n5;1jF7S(;D7,;;=AFS_67…<>7#S1S>5C<>Ln5 S7£Do<>9&;=AFH5G7H 9BA ;k75fH²37©tSkL³;';7&;_7H&<S7jS15;7&;_O&A-5`@L,AQS7H&</6~9

<L&<>9#65C<>Dg3&AjF9#”.;opqA­<>7#S>M`7s37i@7o<<>7NjSk7#M`5–S7NQF9#t,A³7dv¶JW/7H&<S7#jS>5;'7&;V@LnHl<S˜67H&<Fc 37N6[7HF;7Mu.6¦7

37&;—9@B<>5fe;5HF3&A;<S5~7m6;—DB<>9&;A.H5G7H^;„p&¯:66G79<>LwA-@#zwD435RS7l@B<>7M`7H&<W 37&;:;96G9#S5GD&;—3^7r6=[G5fHF3&A;<S574Œ>8UL,A<5H7B<

7B<ŽEF9#tL&<>¨

x

AQF9oAFSLwA]ndn®Fcc¶d,jp®Fc,(p

¯Hl<S7‚WaJWb 7(<‘Wa,®FadŸAFHw7‘HL,AQF766G7¿Q-9#t,A-7‰3.[G9@lO&A-5;5C<>5L^H^;kd+5H&<>7#S>SLnM§j,A-7‘jF9#S£6~9JSk7mM`5G–#S7A-7#S1Sk7

M`L^H35G967%dU5H&<>7#SQF57Hl<§7&;o;7H&<5G766G7&Mg7H&<§39#HF;s6G7œ;k7&@o<>7BAFS`D#Hw7#S1tFDB<>5O&A-77B<rjS7#Hw3©e5H£6~LnS(;•3^7­6G9­@#S5;7_3^7&;

9#HHDl7&;`Wa¶c.p,“—9•Qn9#t,A-7`37&; eAJ;5LFH^;d9@%O&A.5;'5C<15~LnH.;K3^7&;K9HHFD7&;`Wa,®FciH[94j-9&; 7BA_3[5GMNjF9%@B<{S7M`9#SO&A-9#uF6¦7

;=AFS6~7N37tSD`37NM`LHLjFLn65;'9B<>5LH/3&AM`9#S@zwDNDo<>9&;=A-H57#H/7H/@LFMjF9#S95;LH/9#Q-7@N6G94Q-9#t,A-7jSD@D%37mHl<>7,pn¯—H

7mee>7B<>d069Q-9#t,A-7`37N6G9Ne>5fH_3&A_º4¢1º§»¼F½U;5G–@6G7s9#QF95C<KD#jA.5G;'DN7HijF9#S<157`6G7&;:jFL³;';5Ru.5G65C<>D&;V37S7#tSL,AFjF7#Mg7H&<K7B<

9BQF95C< QA 6[DMg7#S1tF7Hw@7 37 ;<S=A-@(<AFS7&;µM`LHLjFLn65;=<>5O&A-7,;µ@l9#Sk9@B<>D#S15;kD7,; jF9#Sµ37,; @LH@%7mHl<S9B<5LH^;

zLS5 lLnHl<>967&;opFq‹6[GLnjjFL.;D%d^67,;:9HHD%7&;Wa,®FcsQF5RS7H&<—9jjF9#S9"!f<S737l;;=<¦S=A-@B<AwS7&;—Ln65tFLjFLn65;=<>5O&A-7,;:5;(;=A-7,;K37

e|A;5LFH^;Q-7S=<5@96G7,;7o<#`@LH,tF6L^MgD#Sk9m6G7&;$-p,q45H.;5Gd.6G94Mg9k’'7BAFSk7ªjF9#S<157r37&;—e|A);5LH.;d.9@%O&A.5;5C<>5L^HF;SkD965;'D7&;K€

@7B<<>7`D#jwL^O&A-7§LnHl<:3LnHHDHF95|;';'9H@7`€`37&; zL^635Ht.;37eLSM`7jn”wS9MN5G3F967p%g7N35;>jFL³;k9mHl<jF9l; 7#HijSLjS7

37&;{M`Ln”F7HF;J<>7@#zH5GO&A-7,;{3.[7#]jF6L^5}<>9B<5LH`3DB<>7#HlAJ;vjF9S6G7,;;LF@5DB<>D&;y@LnHl<S1˜6Dl7&;kd^766G7&;:;k74;LH&<\7e=eLH3,SD%7w;y7mH

@9&;@%937·6~LnS(;ª3^7i6G9i@#S5|;k7i37…Wa,®FaŒ'&…A-@l@z5G7m66G57B<)(§Lz67Sdy®Fccc,„p³¯—H+¯{AFS1LjF7d;7BAF67i6[qrHt^6G7B<>7#S>S7i7&;=<

SD7667Mg7H&<.<|LwA-@zD7jF9#S{@%7B<<>7UQn9#t,A-7,p

“—9•e5H­37l; 9mHHwD7,;Wabcie|A<—67ª<>DM`LF5fHŸ37694<S>Ln5;5G–Mg7§Qn9#t,A³737H9B<AFS7*`@LH,tF6L^MgD#S96G7+.pFqA^]gI<>9B<;k¨

P

H5;dv6G7s8 7m66G7#S¨,(§7e>9BA^Qn7#Sqr@B< 37Wac+jF7#SM`7B<U9BA]Ž9BA<|LnS15}<>D&;eD3D#Sk9m6G7,;V37NS7H3,Sk7s5f6G6GD#tF967A.HF7seA);5L^H

O&A.5§9@@#SkL!f<i6G9ž@LH@7H&<Sk9B<5LH ;AFS­67£Mg9#Sk@mzwD,pU“—7,;7H&<S7#jS>5|;k7&;_3D#Q-7m6~LnjjF7H&<·9#6LS(;_37&;;=<S9o<>D#t57,;_37

@#SL5;o;9H@%77#],<>7#S1Hw7eL^H3D7,;Ž;=AFS37,;eA);5L^H^;-•@LnHt^6~L^MgD#S96G7&;$‰9#QF7@6[GLnu’'7@B<>5fe_3735RQ-7#S(;5e5G7#S6G7w;

S5G;O&A-7,;ƒ7B<ˆ37 SD9#65;7#S 37&;‰;1”HF7#S>t^5G7&;kd¤HwLw<>9MNMg7H&<ˆ7H´Ms9o<5–S7 37 M`9#S/.F7o<15H,tps“—9 eLS1Mg9B<5LH´3F7

@LnHt^6~L^M`D#S9o<;­7l;=</3LnHw@£7H@L,AFS9#tFD7†jF9#S/6G9©jSLe7&;o;5LHHF965|;'9o<15LH±3&A M`9H9#tF7Mg7H&<·37&;­e5RSMg7w;_7B<Ÿ6G7

3DBQF76LjjF7Ms7Hl</37£6G9…<zDLS570`Mg9mHw9#tFD#S5G967±Œ18L,A,<5Hw7B</7B<¤EF9#tL&<>¨x AQF9oAFSLwA]nd4®Fcc¶d4jp}¶JW(„pq 6G9

M21Mg7/D#jFL^O&A-7/7H­¯AFSLjF7d6~7Ÿ<>7Mj;§7w;<r9BA]e|A;5~L^H^;`zwLnS15 lLnHl<>967,;37,;<15HD%7&;`€ijF7#SMg7B<<S7/9BA]e=5SMg7w;

3.[9@%O&A-D#S5RS6G9U<>9#56G67HD%@7,;(;'95RS7jFL,AFS{9#eeSLnHl<>7#Sv67HL,AQF79oAiMg9#S@zD7oAFSLnjFD%7#H.p

“ [9#S>S5RQ-D7g9BAjFL,AQFL^5 S37s6[93Ms5HF5|;<S9B<5LHiT7l9#tF9H7H£WaW`Mg9#SO&A-7A.H­Sk7m6G°@zw7mMg7H&<U37&;35;1jFL.;5C<>5LnH.;

9#H&<>5C<S=A;< D„<>9l;=AFH5G7HH7,; O&A-5d @%LnHo’=AFt,A-D 9oA^] 5HHL,QF9B<>5LH^; 37 6[5HtFDH57S5G7 e=5HF9H@5G–#S7%d € 6G9

3D#SD#tF67Mg7mHl<>9B<5LH†37&;`Mg9#Sk@mzwD&;`e5fHF9HF@5G7#S(;•3.[9#uFLS3†9BA]ŽI<>9(<;¨

P

H5;kdj,A.5;`39HF;`67l;`9BA<S7l;jF9#”F;`37­6G9

<S15937de>9@565C<k7#S96[7#]jF6L.;5L^H`3769M`LnHw3n5G965;'9B<>5LH`3&AŸ@9#jF5C<>96p

¸l¹43F¹, `*/"0G,G(,G"+/$!R,5'¸ 768

“—7&;eA);5L^H^;kdv9@O&A-5;5C<15~L^H^; S7#jS7HH7H&< €AFH+S1”l<zMg7·;kLwA<>7#H&AjF7H39H&< 67&;V37BAF]37SH5G–#Sk7&;3D%@7HH57,;V3&A

º4ºr»¼.½;5G–l@67pK¯:66G7,;s<>L,A-@#z7#Hl<i6G9†Ms91’LS5C<>D†37,;ijF9#”.;_3D#QF76LjjFD,;/7B<gjSD&;k7mHl<>7#H&<Ÿ37&;_@9S9@B<>D#S5;<15~O&A-7w;

9#H96Lt,A-7,;{30[RA-HjF9#”.;—€46[9oA<S79&S7@%7#H&<S9tF74;=AFS{67l;9l@B<5RQF5C<>Dl;jS5H@5j-9m6G7&;„pm¯—H’kLwA-9H&<{;AFS6G7&;:;1”HF7S1t^5G7&;—7B<

67,;K@LnM§j^6GDMg7mHl<>9#S5C<>D&;kd07Hi5fH,Q-7l;=<>5|;';9H&<—39H.;:69z9BA<>7ª<>7%@#z,HwL^6Lt^57%d0@%74S7@7Hl<S9#tF7ªQn94SD3&A-5RS76G7HLM•uwS'7

37&;ž@LH,tF6L^M`DS9B<;ž5H3&A);=<S1576;ž39H.;ž6G7&;ž9HHD7,;‰WacdiM`95;žeLnS=<>7Ms7Hl<†9oAFtM`7H&<>7#Sž67&;žLF6f5tFLjFLn6~7w;

5fHF3&A;<S576|;{M`LFH359oA^]g39HF;6G7&;y9mHHFD%7&;WaacdjF9#Sv6G7y’'7BAŸ37&;{eA;5L^H.;kd^9%@O&A.5;5C<>5LH.;J<S9#HF;H9B<>5LH96G7&;{7B<\37&;

9m66G59Hw@7,;;=<S9(<>D#tF5O&A-7&;„p

“—9•QF9t,A-7N3F7NeA);5L^HF;d)9@O&A-5|;5}<15LFH.;<S9#H^;Hw9B<>5LnHw967,;V37N69g37#S1H5G–#S7`3FD@7HH5G7`3&Aº4ºr»¼-½U;5G–@6G7jSD,;7H&<>7

j^6CA;5G7BAFSo;Ž@9S9@B<>D#S5;<15~O&A-7w;ž;1jFD%@m5Ge=5GO&A³7&;op4“—9jF6RAJ;ŽD#QF5G37H&<>7£<5G7mHl<@%7#S=<>9#5H7Mg7H&<¤€¿6[7H,QF7S1t,AFS7ƒ7B<¤9BA

(4)

O&A-7O&A.5H&<AFjF6D7H&<Sk7sWaacN7o<WaaadjF9&;';9#Hl<v37sW¶Mg5665G9#S3.;{37 P E x 7H­Waac`€a,®sMg566G5G9#S3^;{37 P E x

7#HWaaa.pK“—9…jF6RAJ;itSk9mHw37…j.9S=<57ž37†@7B<<>7†9BAFtFM`7H&<>9B<5~LnHƒ7HƒQF96G7BAFS/7,;=<iM•9m5Hl<>7mHw9H&<i5M`j,A<>9BuF6G7ž9BA^]

e|A;5LFH^;dF9@O&A-5;5C<>5L^H.;J<S9H^;H9o<15LH96G7&;{3F7tS9#Hw3^77H,Q-7#S>t,AFS79&67,;{MgD#tF9¨1eA;5L^H.;„pm¯:66G7&;vSk7#jSD&;k7mHl<>7#H&<\b

37ª69QF96G7BAFS{37U<>L,A,<>7&;\67,;eA);5LH.;dF9@O&A-5;5C<15~L^H^;J<Sk9#H.;1HF9B<5~LnHF96G7&;{39H.;{6G7ªM`LH3F77H­Waaa`Œ12r8 x ¯Kdn®FccJWd

jp|Wl„p5~7mH_O&A-7`39H.; 37w;:jSkLnjwLnS<5LH^; M`L^5H.;4;>j.7%@%<>9%@BAF695S7,;dJLH/@LH^;<>9B<>769`M 1mMg74<>7#Hw39mHF@%7N39H.; 6G7

HL^MuSk737ªeA;5L^H.;kd^9@%O&A.5;5C<>5L^HF;J<S9#HF;HF9B<5LHF9m6G7&;w@l7m6}A.5G¨1@5-9DB<>DªMA-6C<>5Rj^6G5GDjF9#S{¶s9BAŸ@L,AFS(;{376G9jFD#S5LF37

jF9&;(;k9mHl<37‘®5 ,®‚7H Waac€,®®‚7H WaaaŒ12r8 x ¯Kdi®FccJWd·j-p|W ,'p/En5/37‰HLFM•uwS7BA;k7w;žeA;5LFH.;d

9@O&A-5|;5}<15LH.;`<S9#H^;Hw9B<>5LnHw967l;i@LH&<>5H&A-7H&<N3.[1B<Sk7œ@%L,H@6RA-7w;Ÿ39#H.;i6G7&;/;7%@B<>7BAFS(;iM•9mHlA.e>9@B<AFS57S(;djS–l;i37

bc 3.[7#Hl<S7¨1766G7&; @LHF@6CA³7&; 7H Waaa @LH@7S1Hw9m5G7H&< 67 ;7%@B<>7BAFS 37&; ;k7#S1QF5G@7,;d 3LnHl< 6~7w;

<>D#6D@LFMNMA-H5G@9B<>5LnH.;kd^67,;;k7#S1QF5@%7&;{e15HF9mHw@57S(;—7B<)67,;;'7#S=QF5G@7,;{9BAF]g7H&<Sk7#jS15;'7&;„pm¯K6f6G7&;:;kLnHl<JjS>5fHw@5fjF96G7Mg7mHl<

SD965|;kDl7&;­j-9#S37&;Že5fSMg7&;Ž3.[RA.H‰jF7o<15C</HwL^MuS7ˆ37 jF9#”-;376[248 x ¯467&;­I{<>9„<;k¨P H5|;kdN6[qrH,tF6G7B<>7#S1S7%d

6=[Gq667Mg9t^Hw7d469 ? S9Hw@7£7o<s6G7&; v9#”-;¨V9&;/3LH&<i6~7w;_e=5 SMg7,;­;kLnHl<sSk7&;1jFLH^;k9%uF6G7,;/37†b,® 37&;/eA;5L^HF;d

9@O&A-5|;5}<15LH.;`<S9#H^;Hw9B<>5LnHw967l;i9BA¿@LwAFS';i37&;Ÿ9#HHwD&7l;†Waac.p¥vL,A,<>7#eLF5;d6G9¤QF9t,A7Ž9@B<A-7667Ž37&;ieA);5L^HF;d

9@O&A-5|;5}<15LH.;<S9H^;HF9B<5LHF96G7&;`;[DB<>7H3€+37l;e5fSMg7&;•3.[9BA<Sk7&;jF9#”.;r3F7i6=[¦248 x ¯:d{@LMNMg7+6G7 Z 9#jFLHŽ7B<6~9

8ULSD7r3&AE,A-3.p¯HgL,A,<S7%d.7#66G7&;5GMNjF65GO&A-7H&<y37ªjF6CA;K7mH`jF6RA;3F7&;—e15RSMg7w;—37jF9#”.;:H7re195;9H&<\jF9&;{jF9#S=<>57r37

6=[¦248

x

¯±@L^M`Mg7N6G9`8Uz5HF7dJ6[qS1t-7H&<5H7g7B<:67 SD&;5G6{Œ12r8

x

¯Kd0®FccJWd0j-pWc¨#WWo(p¯He=5HFdJ6G9jSLjFL,S|<5LH/3F7

e|A;5LFH^;d9%@O&A.5;'5C<>5LnH.;`<S9#HF;H9B<>5LH96G7,;izLS15lLH&<>967&;iSkDBAFH5;o;9H&<g37l;ie=5SMg7&;/@LH@oAFS1S7#Hl<>7&;i9Ž9BAFtFMs7Hl<>D

eLnS=<>7M`7H&<>dF9B<<>7#5 tHF9mHl< c´3769QF96G7BAFS{37&;{eA);5L^H^;kd.9@O&A-5;5C<>5L^HF;J<S9#HF;H9B<>5LH96G7,;{7H­Waaa.pm¯—66G7&;;LH&<\€

6=[GLS5 t^5HF73769ªeLSM`9B<>5LH`3.[LF6f5tFLjFLn6~7&;{M`L^H35G9BAF]g39#H.;{@#zF9%O&A-7ª5H3&A);=<S>57,p

qª”n9mHl<Ÿ9B<<>75H&<`AFHƒH5RQ-79BA±S7l@LS3ƒ7#H®Fcccd46G7&;_eAJ;5LFH^;dr9@O&A-5;(5}<15LH.;s<S9H^;HF9B<5LHF96G7&;/LH&<Ÿ@LHH&AƒA.H

S967H&<>5;o;7Mg7H&<>diM`95|;ž6G9 8 % P 8—¯ x Œ®FccJWo†jSD35~<O&A-7‰@7l;†e=6RA-@B<A-9o<5LnH.;žMg9&;kO&A-7mHl<AFH7¿<>7#Hw39mHF@%7

;D@BA-6G95RS'7­€­69­zw9BA;o;7d:@LM`Mg7¤HwLwA;`6G7+QF7S1SLH^;d:3.[9oA<>9#H&<rj6CA;•O&Av[G766G7,;s;[G9@@LFMjF9#tFH7H&<§3.[G9665G9H@%7w;

;=<S9(<>D#t5O&A-7,;opw8U7o<<>7QF9#t,A-7r9@B<A-766G7437r@LH@7H&<Sk9B<5LHiM`LnHw3n5G96G743&A·@9#jF5C<>96^Sk7#jFL³;k7•;AFS6G94M`5;'747H`hªAFQSk7

3.[~A-H74;<S9„<>Dt57tF6L,uF96G737ª6G9jF9#S<)37&;ve5SMg7&;„p

¸l¹4F¹, `k#,Y% ,G"nG >*/

x 9#H.;V67l;r9HHD7&;gWacdJjF6~A;5G7BAFSo;HwLwAQn766G7&;;<S9„<>Dt57,;VLnHl< DB<>Dg@#LMuF5fHFD%7w; jF9#S6G7&;e>5RSMs7,; eA;5L^H_3^7&;

;=<S9(<>D#t57,;:37Mg9#S@zFD7B<—374S9(<5LH965;k9B<15~LnHŸ37•6G94jSkL3&A-@B<5LHJ;<S9„<>Dt57ª<>7@#zH5G@LF¨1e=5HF9H@5G–#S7eLH3Dl7N;AFS

67M`LFH&<>9#tF73.[GLjFD#S9B<5LH.;:@%L^MjF67#]n7w;K7#]F5ftF7l9H&<vAFHw7eLnS<>745H,tFDH5G7#S5G7ª<>7@#zH5GO&A³77B<—e=5HF9H@5G–#S7³9665G9H@%7w;

7#H&<S7 e5RSMg7w;’'7B<>9H&<ˆ67,;jS7M`5G7#So;’(96LFH^;ƒ3[RA.Hw7 ;<S9(<>D#t57‹tF6Lnu-96G7 3.[5H&<>DtS9B<>5LnH´M•L^H35G9m6G7 37 6¦9

jSL^3&A-@(<5LH.p8[7&;<\39#H^;{6G7&;{9HHD%7w;VWaacNO&A-76G7&;{e5SMg7,;JQnLnHl<v96LnS';vt^6~Lwun9m6G5;'7#S6~7BAFS;=<S9(<>D#t57p

P Hw7©e15 SMg7†Mg–mHF7œAFHF7£;<S9B<>D#t5~7…t^6LuF96G7d46LS(;O&A-7£;5MA-6C<>9HDMg7mHl<Ÿ7m66G799œA-H7…QF5;5L^HƒM`L^Hw3n5G96G7†37w;

Ms9S@zD,;i7o<g37…69…@%LnHw@BAFS1S7H@%7 @LnHHF9"!f<§uF57H‘;k7&;iS15RQ-9BAF] Œk6~9…@LHF@BAFS1S7H@l7œH[GDB<>9#Hl<`jF9&;Ÿ9mHwLnH,”FMg7Ž7B<

@#SD9#Hl<JAFHw745H&<>7#S3DjF7mHw39H@7r7H&<S746~7w;—e=5SMg7&;1n946G74jFLwAQnLn5 S37r@LH&<S>˜n67SU;k7w;—LjFD#S9(<5LH.;39HF;6[7&;>jF9&@%7

37469ª<S15~9377B<{M`95H&<>7Hw9mHl<{3&A/M`LH37.;k7@L^MjFLS<>7@LnM`Mg7A.H’L,A-7BAFS{t^6~Lwun9m6³Œ„;k9•;AFS1QF57rDB<>9H&<\M`5|;'7r7&H

’(7oAsjF9SJA.Hw7@LnHw@BAFS1S7Hw@795ft,A39H.;{6G7&;{L^65tFLjFLn67l;M•L^H35G9BA^]w@%LnHw@BAFS1S7H@%7ªM`LFH3596G7Mg7mHl<v67l;{9BA<S7&;

e15RSMg7w;jFLwAFS†6[G9@l@–&;ˆ9BAF]S7&;';L,AFS@7&;ŸLjF–#S7‰39H.;ž37&;ž5HF3&AJ;<S157,;ž37‰z9BA<>7¿<>7%@#zHL^6~LntF57‰7B<|LwA”

S7@#zw7#S@z737,;K9@B<>5fe;jFLS=<>7BAwS(;:3.[G5fHHwLwQ-9o<5LnH/€6[GD&@zw7m6G6G74t^6~LnuF96G7-6LF@965;7s;7l;:9l@B<5RQF5C<>D,;:6G€L_766G7,;;LH&<

67,;vjF6RA;{S7H&<>9BuF6G7&;:;=A-5RQ-9H&<v6G7&;—9#QF9Hl<>9#tF7&;{@LFMjF9#SD,;—Lnee7#S=<;\jF9#S6G7,;vjF9#”.;F937,;—9@B<5RQF5C<>D,;—@LFL,S3,LH,HwDl7&;—€

6=[¦9m5G37ž37,;­HL,AQF76G67l;+<>7@#zH5GO&A-7&;_3F7£6[5H^eLSMg9B<5LH‰7B<·37£69ž@L^M`MA.H5G@9B<>5LH±7B</37&;i<>7@zH5O&A-7,;_3F7

jSL^3&A-@(<5LH­e67#]F5Ru-67,;kdv@#SD9H&<U37s69NQ-967oAFS91’L,A<>D7s39#H.;V37sHLFM•uwS7BAF]­jF9#”-;r7B< 5H&<>D#tSD%7&;7H_@z9"!HF7i37

QF96G7BAFSµ5fHl<>7#SH9B<>5LH96G7 LnS1tF9H5|;'7 ;7,; A;5HF7,;µ7B< e5f6G5G9m6G7,; ;1jFD%@m5G965;kD&7l;µ7H A-H SD,;k79BA e16G7%]F5Ru-6G7

5fHl<>7#SH9B<>5LH96G7Ms7Hl<:5H&<>D#tSD`7B< ;o[G5fHl<>–#tS7`39H^;A-HiSD,;'79BA¤3.[96G65G9H@l7&;r;=<S9(<>D#t5O&A³7&; 9#Q-7@`30[G9BA<S7l;e5RSMg7w;

Ms7Hw9mHl<>¨17667l;{9BA);(;5,A-HF74;=<S9(<>D#t57tF6Lnun9m6G7Œ=qrH3,Sk7mee>dn®Fcc¶dj.pc,op

“—94;=<S9B<>Dt57t^6~Lnu-96737l;e5fSMg7&;—H74;'7SD3&A-5C<\3LH@j-9&;{€69jSD&;k7H@7r39H^;vjF6RAJ;5G7BAFS(;\jF9%”-;d.766G747l;=<\9BA;o;'5

AFH7 5H&<>D#tS9o<15LH LS1tF9#H5;k9B<15~LnHHw7m6G6G79 <>7@#zH5GO,A-7d e=5HF9HF@5G–#S7d 5fHw3&AJ;<S15766G7d @LFMNMg7#Sk@m5G96G7d

3.[9#jjSkLwQF5;5L^HHw7Ms7Hl<>d37·M•9#S@zD/7B<r37iS9(<5LH965;'9#<5LH…37/69·jSkL^3&A-@B<5~LnHwdU;5M•A-6C<>9HDMg7H&<ª€+6[D@zw7m6G6G7

M`L^H35G967p

8ª[G7,;=<•39#H^;g6G7@93,S737@7B<<>7œ;<S9o<>D#t57­t^6~Lwu-96G7O&A-7œ67&;ge15RSMg7,;`SD965;'7mHl<`67BAFS';seA);5L^HF;d9%@O&A.5;5C<>5L^H.;

<S9#H^;>H9B<>5LH96G7,;:O&A-50e>9#QFLS5;7ªA-HsjSkL^@7l;(;=A;K37@LHF@7H&<S9o<5LnHiM•LnHw3n5G96G73&A_@9#jF5C<>96p^qr5fH.;5~d0@l74jSkL^@7l;(;=A;

SDBAFH5-37&;{e15RSMg7w;y3n5;1j-7#S(;kD7&;:;=AFS{37l;J<>7#S1S15}<>Ln5RSk7&;{HF9B<5LH9BAF]g35ee1D#Sk7mHl<;{9BA/;75Hg3^7U<5}<>9#H.;{376=[G5fHF3&A);=<S>57O&A5

(5)

7B<¦LwA 7#H±9mM•LnHl</Œ1M`LHLj.;LH7#_€£6[D%@mzw766G7£M`L^Hw3n5¦967£39H.;_67oAFS­5HF3&A;=<S57,p¢6;Ž;LH&<·9BA’kLwAFS3.[z&A-5`6G7w;

9@B<>7BAFS(;\67,;vj^6}A;vj,A.5;o;k9mHl<;{3&A/;1”F;=<>–M`7@9#jF5C<>965;<>7ªMgLH35965;DdF@L^M`Mg7H&<\7#Hs;kLnHl<>¨=56;{9#S1S5RQFD&;{6G€

3F¹n !#"$%('J$"$.,G"+*/"0G,G0/$!0,)0G('0$%0%R.k#G

x

7#j,A-5;ž®59#HF;d­9BA ;75H 37‹6[5HF3&AJ;<S15G7‹M`LH3596¦7d­@#zw9O&A-7‹5H3&A);=<S15~7 QF5C<;kLnHjSLjS7‘S=”l<zMg7 37

@LnHw@7H&<S9(<5LHsM`LFH3596G7r3&A/@9#jF5C<>96p \L,AFS6[5H.;<>9#H&<y@#z9O&A-7r5fHF3&A;<S57•;'7<S>LwAQn74€46¦[~A-Hg37w;—O&A-9B<Sk7•;<>937&;

3&AsjSkL^@7l;(;=A; n;=<>937376[L,AQF7S=<AFS7d.;=<>937376[9%@@BA-M•A-6G9B<>5LnHwd³;<>9373&AgS7@7Hl<S9#tF7d.;=<>93737l;{9665G9mHF@%7w;

Œ1¥9ouF67l9BAžH&Woop&ž95;d:76f6G7,;`LH&< <L,A,<>7&;QnL^@9o<5LnHŽ€9B<G<>7#5H3,S7+6G7œ;<>937+6G7ij^6RA);D6G7#Q-D+37_@LnHw@7H&<S9o<5LnH

M`L^H35G967r3&A_@9#jF5C<>96)39H^;:6G7&;jSkL^@#zw95fHF7l;:3D@7HH5G7,;p.E,AFSyAFHw7ªu-9&;k73743LHHFD7&;K37ª®5cccie5fSMg7&;kd0@[7,;=<

x

79H.; Œ=®Fcc¶,/O&A-5rLH&<gM`5|;_7HƒD#QF5G37H@l7©6G7,; ‰;=<>9%37&;/eLnHw3Dw;_;=AFS/6=[G5fHF35G@l7†37†@LnHw@7H&<S9o<5LnH

M`L^H35G967g3&A@9#jF5C<>96{37s@zF9O&A-7s5HF3&A;=<S57gŒ=jF9#S=< 3&A¤Ms9S@zDsM`L^Hw3n5G96{37,;U<SkLn5;V67%93^7S(;37s6[5HF3&A;=<S57#„p

v9SU6~7•jF9,;';9#tF7`37,;e5RSMg7,; 9BA+<Sk9BQF7#S'; 37N@%7&;;=<>937l;dJ@[7&;<AFHw74Q-D#S5C<>9BuF6G7`3w”wHF9mMg5GO&A-7NO&A-5;„[7,;<M`5;'7`7mH

Ms9S@z7€69ªe5Hg3&Asºrºr»¼.½J;5G–@6G7,p

:.G+l¸`. $"$.,"/*/".,G+$!,.! 0

/Y .vJ'$

š 0:"-BkJ š U$$%0*/.G,"

™ ol ™ „0#Gl

Wc

!!!!!!!!

®5

8zF7M`5Hs37e7#S

EF7#SQF5@%7jFL³;<>9#6

¥{D6D@LFMNMA-H5G@9B<>5LnHF;

EF7#SQF5@%7&;{€6=[G5fHF3&A;<S57

¥{7B]<156G7

x 5;=<S5Ru,A<>7BAFS';{3.[D67l@B<S>5@5C<>D

¢>H3&A;=<S573&AV’7BAŸŒ18:9&;5HL

8:LH^;<S=A-@„<5~LnH

¢>H3&A;=<S573&A`Q 1B<>7M`7H&<

qtF7Hw@&7l;5MgM`LnuF56G5G–#S7

W

!!!!!!!!!!!

Fc

V9mHwO&A-7&;

ªSk9#H3735;=<S15Ru,A<>5LH

8:LnMjF9t^H5G7,;{9D#S5G7HH7&;

¢1H3&A;<S57@#z5Mg5GO&A-7

¢1H3&A;<S57jz9#SMg9@7oA<15O&A-7

I:O&AF5 j.7Mg7H&<5G7#S(;{9oA<LM`LwuF5G6G7w;

8zF9 !HF7&;y3.[z˜,<>7#6

&ž9#tF9l;5fH.;y37jS 1B<\€jL,S<>7#S

x 5;<S5RuA<15LH`37tF9 Hw9B<AFS7#6

TV7&;=<>9BAFSk9#H&<\7(< §e9w;<)eL^LF3

¢1H3&A;<S573&AgjF9#j^5~7#S

S9&;(;k7#S5G7

¥ySk9#H^;>jFLnS<\7„<eSk7B<

š

i#%$. ^

š

k0—,fGG0$%

™ ol ™ „0#Gl

Fc

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

c

EF53D#S=AFS>t^57

¢>H3&A;=<S579tSL^96f5GMg7mHl<>95RS7

¢>H3&A;=<S579oA<LM`LwuF5G6G7

8:9L,A,<>@zL,A-@7„<)jH7oA.M`9o<15O&A-7,;

¢>H3&A;=<S573&AV’L,A-7B<

¢>H3&A;=<S57695C<>5G–#S7

¢>H3&A;=<S5737l;JuF5G7mH.;y3.[DO&A-5jF7Ms7Hl<

" 7#S1Sk7#S15G7

IK3,5C<>5LH

¢>H3&A;=<S573&AŸ@#zw9#S1uFLH

\L53^;{6L,AFS3

? LwAFS1H5;';7BAFSo;{376[G9&DSL³;>jF9B<596G7

qQF5G9B<>5LnH•@m5RQF5G677o<JM`5G65C<>95S7

8zF9H&<5~7#So;vH9#QF96;

¢>H3&A;=<S5737l;;1jF5RS5C<A-7BAF]

b

!!!!!!!!

ac

VLn5;(;kLnH.;\tF9 l7BA;k7w;

¢1H3&A;<S5737ª6~9@mzw9BA;o;=AFSk7

&ž9@z5HF79#tS5@LF67

¢1H3&A;<S573&AŸ@m5Mg7H&<

&žDB<>966CAFS1tF5G7

¢1H3&A;<S5737ª6¦[96CA.Mg5H^5RA-M

¢1H3&A;<S57jFDB<S>Ln65G–#S7

¢1H3&A;<S573&A`<>9BuF9@

I6G7@o<S1LH5O&A-7

qrD#SL.;1jF9B<5G96G77B<\3D#e7H^;k7

#$&% ')(+*,%-*/.0 $1(2*3$-4)56247'80$:9;0$1%-'<6=)*,%>?(+62@A'B486=DCE#F.9;GIH2JK6+5E4 %A*MLN6+5F(PO1QRL?0 $&% '86=&%A*TSU485F0 '7S=)*+6T%-*P5VS%-*M=FW<'B$A%X>DS4)5')* Y

Z

0>15F(+*:H [\*26+$ SM]M5F6*+L?*^ _5'B48`ba/5F0 *2cA*+5*P4

Z

47*Pd6$:e*+'7SF*2=UC

Af-f

Gg:hi'<$-$A'<$&cj48O&*k9;*P5FcA*+5ml$&% cA6+L?*knA^-9;(\]k56+oqp/')=)=7^ r476P4S

st$&'7SV^ @ Y

(6)

3F¹|¸l¹, {#"G!J*/l#

qAƒ;=<>937/37+6[L,AQF7S=<AFS7d6~7&;<SLn5G;6G7937#So;§37+6[5H-3&A;=<S157/@LH@l7#S1HwDl7+3DB<>57HH7Hl<r7#Hl<S7©WcŽ7B<®5 3&A

Ms9S@zD‡M•L^H35G9m6¦p­24H´”‚<S>LwAQn7 HL,<>9#M`Ms7Hl<6G7&;±5H3&A);=<S15G7&;±HL,AQF766G7&Mg7H&< @#SDD7l;dœ6~7w;±5H3&A);=<S15~7w;

9#H@5G7HHF7&;O&A-5{H.[GLnHl<:jF9&;V@L^M`Mg7mHw@Ds6G7BAFSjSkL^@7l;(;=A;ª37s@LH@7Hl<S9„<5~LnH_7B< 67&;r9Hw@m5G7HH7l;5HF3&AJ;<S157,;O&A³5

QF57HHw7mHl<3.[1B<S7SD%@7MNMg7H&<¤3D#SDt67Mg7H&<>D7l;op8:7&;37#S1H5G–#Sk7&;ŽDB<>957H&<¤3LnM`5HFD7,;jF9#SŽ37&;Že15RSMg7,;Ž7mH

;5C<A-9B<5LHg374M`L^HwLnjFL67N;AFS674Mg9#S@zwD4HF9B<5LHF96p&¯:66G7,;LH&<yD„<>Dr3DM`9H&<>76D7,;—7H`®Fd.¶•QnL^5RS7iWcse=5SMg7,;op24H

jF7BA<3LnHw@ƒ9w;';5;=<>7#SŽ€ƒ@l7²;<>937ƒ9 A-H7±@7#S=<>9#5HF7ƒ3FD@LH@7H&<Sk9„<5LH 3&A@9j^5C<>96p &ž95;i’=A);=<>7ƒ9#jSk–&;Ž@l7

3DmM•9mHl<>–67Ms7Hl<>dJ69s3,”HF9Ms5GO&A-7`3F7N@%LnHw@&7Hl<S9„<5~LnH/S7#jS7H3.p.qA;o;5v6G7,;e15 SMg7,; @LHF@7#S1HFD%7&;4;k7NjSDjF9#S7H&<>¨

7m66G7,;—€46G943D#SkD#t^6G7Mg7H&<>9B<5LHg3746G7BAFS5H3&A);=<S>57ªjFL,AFS{e195RS7re19@%74€46G9r@LH@BAFS1Sk7mHw@74HwLwAQn7m6G6G7,p \9#S—7%]n7MNjF6G7d

6=[GL,A^Qn7#S=<AFS7g37N6[5HF3&A);=<S15~7s37&;:<>D6Dl@LnM`MA-H5@l9B<5~LnH.;r€`6G9s@LH@BAFS>S7#H@l7i;o[7&;<<Sk93&AF5C<>7s7H+jF9#S<5@oA.65G7#SjF9S

37•HwLwAQn766G7&; LjjFLnS<AFH,5C<>Dl; €N6[Do<S9#H,tF7S7o<;”MgDB<S5O,A-7mM•7mHl<>d0jF9#S 37&;:HwLwAQn76f6G7,; M`7H9l@7&; @z7 +;L5p“—7w;

e15RSMg7w;\z5|;<>LnS>5O&A-7,;{LnHl<\3,LH@3Ÿ93Lj&<>7oSJAFH`@LMjFLnS<7M`7Hl<v3.[G7H&<S7jS15;'7@LH@BAFS>S7#H&<>5766G7dF@7O&A-5^Mg9#SkO&A-7

AFHjSLeLnHw3s@z9H,tF7Mg7H&<)jF9#SvS9jjFLnS<\9BA<>7#Mj.;yLŸ766G7,;{DB<>957H&<\7#Hw@LS737&;{93Ms5HF5;=<S9B<5~LnHF;7#]n7#S9H&<\37

;=AFS@#SkL !f<AFHw79@B<>5~QF5}<>DªM`LFHLjFLn65;=<>5O&A-7Œ|“—7rL^eev7B< &žL,AF65fHF7%dn®Fcc¶djp5lop#¯66G7,;{Ms7o<<>7#H&<\3,LH@7HhªAFQSk7

67,;_M91Ms7,;;=<Sk9„<>D#tF57&;_O&A-7£6G7&;_9BA<Sk7&;/e=5SMg7&;…;k7<S>LwAQn9#H&<·9BA;(;5§9BA;<>937£37†6[L,AQF7S=<AFS797#66G7,;­Hw7

@#z7#Sk@mzw7H&<`jF9&;Ÿ€…3LM`5HF7#Si6[7H^;k7M•u-6G7…37…6[5HF3&A;=<S>57%dªM`95;­;k7…eL^@965;'7H&<i;AFSs67&;/;7t^Mg7H&<;i6~7w;gjF6CAJ;

9B<<S9%@„<5e;†L 69‘e15 SMg7ƒjF7BA<tF9#tHw7#Sg766G7,;†@LM`Mi7#Hw@l7mHl<Ž€¿tS>L.;(;15 S†7H <>9566G7¿j,A-5|;©9@@D6G–#S7H&<Ž67oAFS

jSL^@%7&;(;A;`3.[G9@O&A-5|;5}<15LFH†37­@LH@oAFS1S7#Hl<;jFL,AFS9BAFtMg7H&<>7S67BAFSQFLF6CA.Mg7­37/jSL^3&A-@(<5LH—766G7&;`eLS1tF7#H&<

AFH7­@BA-6C<AFS7­5H&<>DtSD7­O&A-5 3L^5C<§eLnS1M•7#S`69_@L^6LHH7­QF7#S=<>DouS96G7­37­6G7BAFS`@#SLF5;o;9H@%7¤eA<AFS7,pvq 69­e15Hž3&A

jS7MN5G7#S ;=<>937d67&; e=5SMg7&;:LH&<:;>jFD@5G9m6G5;'D•6G7BAFSKLnee=Sk7Ÿ;AFS<L,A,<{6~7ª<>7#S1S5C<|Ln5RSk73n5;jFLH5RuF67p &ž95H&<>7Hw9mHl<>d.5f6)7,;=<

<>7#Mj.;jFL,AFS766G7s3[9@%@#SL!f<Sk7NeLS=<>7#M`7H&<KjF9#S@#SkLn5;o;k9H@7i5H&<>7#S1Hw7i7B< 7B]<>7#S1Hw7s67oAFSDl@z766G7s37`jSLF3&A-@B<5LH.p

¯66G7,;vS7#Hl<S7#H&<\9#6~LnS(;y9BA/;=<>937376[G9l@@BA-MA.6G9B<5LH`3&AgjSLF@7&;';=A;{37@LH@%7#H&<S9o<5LnH`M`LH35G9673&AŸ@9j^5C<>96p

qAƒ;=<>937­37­6[G9&@%@BA.MA-6G9B<15~LnHwdU67,;4<S>L5;`6G7&9%37#S(;`37@#zw9O&A³7¤5Hw3&AJ;<S157­3FDB<57HHF7H&<§7#Hl<S7£WŽ7(<*Fc 3&A

Ms9S@zDNM•L^H35G9m6¦p^¢6; 9k’1A);=<>7#Hl<:37HwLwAQn7m6G6G7&;4;<S9(<>D#t5G7&; 3.[7#]wj.9H^;5~L^Hd)37N@SLn5;';9H@l7d)37N@%9#j,<AFS7`37jF9#S|<

37•M•9#S@zD7o<—374j,S>L&<>7@B<5LHi3767oAFSuF9,;7p^2Hs”`<SL,A,QF7§9@B<A-7667Mg7H&<—37&;:5Hw3&A;=<S57&;K@L^M`Mg7•6[5HF3&A;<S5~7

@#z5Mg5O&A-7%dsj^zw9#SMs9%@7BA<>5O&A-7di3&AjF9#jF5G7#Sdi3&A <Sk9#H^;jFLS|<œ7„<eSk7B<>ds69‰35|;<S15Ru,A<>5LH 3F7¿tF9 ‰HF9o<AFS7#6di6G7w;

DO&A.5 jF7mMg7H&<>57#S';g9BA<LM`L,uF56G7,;dUM•9m5;g9BA;o;5 6G9+tS9#Hw3^7­35;=<S15RuA<15LHd:67,;`Mg9#tF9&;5H.;g37+jS 1B<§€/jFL,S|<>7#SkdK6~7w;

@#z9"!HF7,;:3[z˜,<>7#6d67,;S7&;<>9BAFS9#Hl<—7B<$`e9&;=<—eLFL^3 d.67,;uwS9&;o;7S5G7&;kd9m5H.;5)O&A³7•6G7&; @%L^MjF9#tFH5G7&; 9D#S5G7HH7&; 7B<

67,;­un9mHwO&A-7,;opr8[7&;=<_€ˆ@7‘;=<>937O&A-76G7&;Že=5SMg7&;†;'7£jSDjF9#S7#Hl<_€7H&<S7#S¤39#H^;Ž6G9 M•L^H35G9m6G5;9B<>5LH 7mH

3DBQF76LjjF9H&<`67oAFSB;g9%@B<15RQF5C<>Dl;g€œ6[D@zF7667Ž37œ6G9+<S15G9l37d7#HžeLS=<5e15G9mHl<`67BAFS';sMg756G67oAFS7&;gMs9SO&A-7,;d7H¿;k7

jSD#jF9#S9H&<¤9BA] eA;5L^H.;kds9@%O&A.5;5C<>5LH.;op \L,AFSŽ@7#69di766G7,;S7HeLnS@%7#H&<6~7¿HL”F9BAeLS=<¤3767BAFSŽ9@B<>5RQF5C<>Dd

@LnHF;L^653F7H&<69 e>5RSMs7‰jF9#Sž6G9‹@#SkLn5;(;k9HF@7 5Hl<>7#SH7‰67‘jF6RAJ;S9#jF537Mg7H&<ŽjFL.;(;5RuF6G7,ps8:L^M`Mg7HF@7‰96LSB;

6=[¦7%]wjF9H^;5L^Hˆ37&;g6G7&9%37#S(; 6G7&;se>5fSMg7&;g6G7w;`jF6RAJ;g9#Qn9mHw@Dl7&;g39H.;s6[5H&<>D#tSk9B<5LH37&;/;9#QnL^5RS¨1e95S737…67oAFS

5fHF3&A;<S57UA<1565;'7H&<\9BA;(;5FuF57H`6G7&;:;L,AFS@7&;{5H&<>7S1H7,;{O,A)[7#]<>7#S1H7l;{7B<\@LH^;=<SAF5|;k7H&<AFH`M`L^3–6G73.[5H&<>DtS9B<>5LnH

jF9#SveA;5L^H.;kd^9@%O&A.5;5}<15LFH.;{O&A)[76G67l;;1”.;<>DmMg9B<>5;k7#SLH&<\9BA/;=<>9374;AF5RQF9H&<'p

qA+;<>9373&AgS7@7H&<S9#tF7%dn67,;{679%3^7#S';{@LMNMg7HF@7H&<\€ 9@O&A-D#S5RS{67BAFSo;{@LH@oAFS1S7#Hl<;{39#H.;{37&;{MgD#tF9¨1eA);5LH.;op

“—7&;U<SkLn5;VjS7MN5G7#So;V37s@zF9O&A-7s5HF3&A;=<S57`jFL³;';–3F7H&< 96LS(;V7H&<S79Fc­7B< c 3&AMg9#S@#zFDsM`LFH3596p)24H­”

<S1L,AQF79@B<A-76f6G7Mg7H&<•37&;s5HF3&A);=<S15~7w;g@%L^M`Ms76G¾5fHF3&A);=<S>57œ6G95C<>5–S7d9tSL^965Mg7mHl<>95RS7d 37w;i;>j^5S5C<A-7BAF]Fd 3&A

’LwA-7o<>dJ6¾D35C<15~LnH_7B< 67,;tSkL³;V3DB<>9#566G9H&<;kdyM•9m5;V9BA);(;5{6¾5HF3&A;<S5~7s3&AŽ@z9SkunLnHwdy6~9+;53DS=AFS1tF57dv67l;@zF9H&<5G7#S(;

H9#QF96;d:69­QF7#S>S7#S57d:95H.;5O&A-7­6[5HF3&AJ;<S15737­6=[¦9BA<>L,M`LnuF5G67%dU37l;jFL^53.;`6L,AFS3^;d:3&Aˆ@9%LwA<>@#zwLwA-@_7B<§37&;

jH7BA-Mg9B<15~O&A-7w;kd.6=[G9#QF5G9B<15~LnHg@5RQ.56G77B<\MN5G65C<>95S7d.67,;—eLwAFS1H5;';'7BAFS(;—3746[9lD#SkL³;>jF9B<596G747B<{6¦[5HF3&AJ;<S157r37w;{uF5G7mH.;

3.[DO&A-5jF7Ms7Hl<'p&q±@74;<>937d67S7@7H&<S9#tF74;k7SD965;'77#H`@#SD%9mHl<\7„<\7#H`@%LnHF;=<S=AF5;'9Hl<J6~7w;y9BQ-9H&<>9#tF7&;y37U<>9#56f6G7ld

3.[D@zw7m6G6G7d3.[G7mH,Q-7S1t,AFS7d37´Mg9#SO&A-7&;kd3.[GLnS1tF9H5|;'9o<5LnH 7B< 3.[5HeLnSMg9B<>5LHd7#H 3D#QF76LjjF9H&< 7B< 7#H

S73D#QF76LjjF9H&< ž69©;<S9B<>D#t57@LFMjFDB<>5C<15RQn7œ37…6G9e15RSMg7œO&A-5jS7#Hw337œHwLwAQn766G7&;Ÿ3n5Mg7H.;5L^H^;„p8r[7,;=<

9BA;(;5-€@l74;=<>937O&A-76G7&;{e15RSMg7w;y@L^M`Mg7mHw@7H&<\€4;7eL.@965;'7#S;=AFS{6G7&;{LjFD#S9B<5~LnHF;e>5fHF9Hw@m5G–#Sk7w;yO&A.5FjS7HH7H&<

37 jF6CA;ˆ7H‡jF6RA;ˆ30[5M`jFLS=<>9#H@%7,pi8:7&;ˆLnjFDS9„<5~LnH.;žQFLH&<†jF7S1M`7B<<S7 3.[G9„<G<>7#5H3,S7‹6G7 ;=<>937‘A-6C<15Mg7 37

@LnHw@7H&<S9(<5LH`M`LnHw3n5G96G73&AŸ@9#jF5C<>96 w6G74;<>93737&;{9665G9H@7,;„p

3F¹43F¹, 0%,G$

qA†;=<>937g37&;V9m6G65G9H@7,;kdy67l;U<SL5;6G79%37#S(;V37s@z9O&A³7s5H3&A;<S5~7NjFL.;(;–%37mHl< 7#Hl<S7sb/7(< ac 3&AM`9S@zFD

M`L^H35G96p,2rH•”§<S1L,AQF79@o<A-7m66G7Mg7mHl<v6[G5fHF3&A);=<S>5737,;vMg9@z5fHF7,;{9tS5G@L6G7&;dF3&AŸ@5fMg7H&<>dF376[96RA-Ms5H^5RA-M`d^6¦9

(7)

uF57Hƒ;=AFSg6=[GD6G7@B<SLH5O&A-7d6[G9D#SL.;1jF9B<5G96G77B<`693De17H.;k7,p x 9#H.;g@7,;<S>Ln5;g37#SH5G–#S7&;g5HF3&A;=<S57,;d6~7w;<S>L5|;

67%937#So;@LH&<S>˜67Hl</j^6CA;¤37 3&A Mg9#Sk@#zFDM`L^H35G96pq @7‘;=<>937%dN67&;Že5fSMg7&;Ž6G7937#S(;Ž@SD7H&<_37

HL,AQF766G7,;5H3&A);=<S>57,;L,A/9%@#z–B<>7H&<{67,;7g;=<>9#S<>¨|AFj gO&AF5@LFMNMg7H@%7mHl<{€;7r3D#QF76LjjF7#S39HF;6G7,;H5G@z7&;—3F7

67oAFS5H3&A);=<S>57d^M`95;:;=AFS=<|LwA<)@,[G7&;=<)67M`L^Mg7H&<0LŸ7#66G7,;;o[G9665G7H&<\7#Hl<S77#66G7,;op

¯HŸ7mee>7B<>d@,[7l;=<—€@7`;=<>937O&A-767,;:e5SMg7&;:eLSMg7mHl<—3,7&;K9665G9mHF@%7&;;=<S9(<>D#tF5O&A-7&;„p^8:7ª<>7SM•74jF7BA<{S7@%LwAQwS15S

AFH7itS9H37·Q-9#S5Do<>D+37+eLSM`7&;•@LnHl<S9@(<A-76f6G7&;§7B<ªLnStF9#H5;'9B<5LHHF7667,; ;k7m6~L^H…6G7,;§@9,;dLHœ”­<SkLwAQn7+37&;

9@@LS3^;37ž6f5G@l7H@7%dN37l;­jS5;7&;¤37£jF9#S=<>5@5jF9B<15~LnHF;jF9#S=<5766G7w;kd`37@LF¨=5H,QF7,;=<5;(;'7Mg7H&<;kdN7(<>@,p¢>6`9©A-HF7

;5Rt^H5Ge15G@9B<>5LH¿uF5G7H¿jSkD@5|;k79ª56`@LH@l7#S>H7£6G7,;/S769o<5LH^;_DB<>9ouF6f5;¤37£e9 LnH±3&AFS9ouF67ž7H&<S7že=5RSMg7,;/jFLwAFS

jF9#S=<>9#tF7#S`AFHƒ7#H.;k7mMu-6G7©6G5fMg5C<>D†37…S7&;o;kLwAFSk@7&;/37†35RQF7#S(;k7,;+Hw9B<AFS7&;·Œ=M`Ln”n7#H.;/e=5HF9HF@57S(;drDO&A-5RjF7Ms7Hl<>d

<>7@#z,HwL^6Lt^5~7w;kd†;k9H^;{jFLwAFS{9oA<>9#H&<)S7#M•7B<<S77H`@l9BAJ;k7ª6[9oA<>LnHLMN5G7r37&;e5SMs7l;7H`O&A-7,;<5LnHgŒ|“—7rL^eev7B<

&žL,AF6f5HF7d®Fcc¶djp®vWo„p,2H`jF7BA<\3LnHw@3Dme>5fH5S{6G7w;—9665¦9#H@l7&;—@LM`Ms7*4AFHF79@B<>5RQF5C<>DªSkD&;=A-6C<>9H&<\3.[RA.H`9l@@%LnS3

37@LLnjFDS9„<5~LnH`€6LH,t<>7#SM`77H&<Sk7j6CAJ;5G7BAFS';{LnS>tF9#H5;9B<5LH.;{5HF3D#jF7H39H&<>7&;)QF5|;'9Hl<v7o]jF6f5G@l5C<>7Ms7Hl<v€@SD7#S

AFH7NQF96G7BAFSHwLwAQn7m6G6G7s€NjF9S=<5RS37i;1”HF7#S>t^5G7,;7Hl<S7s9@(<5e;r;1jFDl@5e15GO&A-7,;L,AS7&;';L,AFS@7&;V@LnMjF6GDMs7Hl<>9m5 S7,;

ŒV7m66LFH`7B< %N5L.;5d®Fcc,®op

“—7HL^MuSk73.[966G5G9mHw@l7&;;=<Sk9B<>D#t5O&A-7&;y9j^6CA);{O&A-74;k7#j,<AFj^6~DdnjF7H39H&<\69jFD#S5LF37sWaa¨#Waaad7#HjF9&;';9H&<\37

Wcc£7#H‰Waaž€ bbc£7H‰Waaa.p#v9SM`5V7m6G6G7&;d6G7&;Ÿ96f6G5G9mHw@7,;<S9#HF;H9B<>5LH96G7w;`Sk7#jSD&;k7mHl<>7#H&<§jF6CA;g37œ6¦9

M`L^5C<>5GD…Œ12r8 x ¯Kd®FccJWdjpWc,op:8:7&;i3F7#S1H5G–#Sk7w;_;LH&<g37&;gjF9#S=<>7H9#S5G9B<;/;=<S9B<>Dt5O&A-7,;N<S9H^;H9o<15LH9oA^]±O&A³5

9&;(;kL^@57H&<KjFLwAFS 69NjF6RAFjF9#S=< 37&;Ve=5RSMg7,;S5RQF96G7,;op&©9m5;r@%7&;96G65G9H@7,;Hw7sMs7o<<>7#Hl<:jF9&;e5H­jFLwAFSV9BA,<>9H&< 9BA]

S9#jjFL,S<;/37©eLS@7l;/@LH@BAFS1Sk7mHl<5G7m66G7,;op“—7,;iS76G9B<15~LnH.;/7Hl<S7©6~7&;­6G7937S(;/3[~A-H7†M 1mMg7£5HF3&A;<S15G7©Hw7 ;k7

jFL³;k7#H&<:jF9l;7Hi<>7#SM`7i37s@LFLjFD#S9(<5LnH¤LwAŽ37g@LH@BAFSS7#Hw@7dv@7,;V37BAF]jF˜^67&;ª@LnHF;=<>5C<A-9#Hl<A.Hw7s96C<>7#SHw9B<15RQn7

;5fM`jF65;=<>7%d0M`95;jF6RA<>˜&<—7#HN<>7oS1Mg7373,”HF9M`5GO&A77Hl<S1737l;jF9#S=<>7H95RS7,;:9#”n9mHl<vuF7&;kL^5Hi€6G9eL^5;:37Mg9#S57S

67oAFS(;{@L^M§j^6GDMg7mHl<>9#S5C<>D&;{7o<)37M`9#SO&A-7S6G7BAFS(;y3n5ee1D#Sk7mHw@7,;{Œ|“—7rLneev7o< &©LwAF65HF7d®Fcc¶dnj-p}b,(p“ [L65tFLnjFL6G7

M`L^H35G9637@z9O&A-7r5fHF3&A);=<S>577&;<{3LH@4eL^Hw3D•;AFSyA-HF7r@L^LjFDoS9B<5LHg¨yS5RQF965}<>DL·@#z9%O&A-7•6G79%37#S@%L^LjF–#S7

9BQF7l@…;7,;`S5RQF9BAF]žjFLwAFS`S7l;=<>7oSs@LMj.Do<5C<15e`7o<`@LH@oAFS1S17H@l7…;7,;g96f6G5GDw;g7H;[G9#jj,AF”F9H&<g;=AFSg67BAFSg@L^M`M4AH

9@@LS3`37@LLjFDoS9„<5~LnH-p

8U7…jSkL^@7l;(;=A;_37ž@LH@7H&<Sk9B<5LH¿M•L^H35G9m6G7†3&A @9#jF5C<>967,;=<`AFHw7£3,”HF9Ms5GO&A-7†O&A-5HF7…Q-9…jF9w;_;[9#S>S 1B<>7#S

Ms95H&<>7Hw9mHl<'p

3F¹4F¹§^›-0*/+*/#$0

2ªH/S7Mg9#SO&A-7sO&A-7i6LS(;O&A)[RA-HF7s5fHF3&A;<S57s@LFMNMg7H@%7i€·;7i@%LnHw@7H&<S7#Skdv7#667iH.[G9#S1S1B<>7NjF9&;\’kA;kO&Av[G9BAž;=<>9%37

37&;{9665G9H@l7&;oplqr5fH.;5Gd^6~9@LnHw@7H&<S9o<5LnH`M`LH35G9673&AŸ@9j^5C<>96F9#jjF9S9"!f<\@LnM`Mg75fHFD#QF5C<>9#uF6G77B<)5HD6RA-@B<>9BuF6G7,p

“—7+HL^MuwS7­37­e=5 SMg7,;`39HF;4A-H7­5H3&A);=<S157;[DB<>7H3ž7B<`;7­@LH&<S9@(<>7­9BA<S9oQF7#S(;•37&;`O&A-9o<S7¤;<>937&;„pyqA

;=<>937±3.[L,AQF7#S<AFS7dNAFH7‘5Hw3&A;=<S57¿QF5G7 A-HF7‘@LH^;5G3FD#S9BuF6G7±7%]wj.DS5~7mHF@%7‘37‘3Dl@LH@%7mHl<S9B<5LH 3&A-7‘9BA.]

3D#S–#tF67Mg7mHl<;:3&A_Mg9#S@#zFDL,A_€ªAFHw7•zw9BA<>7eS9#tFMg7mHl<>9B<5LHi39H.;:6G7&;:5HF3&A;=<S57,;:HL,AQF766G7,;op,“—74SD,;=A-6C<>9B<—7l;=<

O&A)[€£6G9£e>5fH²3&A;=<>937ž3.[GLwAQn7#S=<AFS7dr69©jFLj,A-69B<>5LnH±M`L^Hw3n5G96G7£37,;­e>5RSMs7,;_3[~A-H7£5HF3&A;<S5~7£7,;=<·€ ;kLnH

Ms9#]F5GM•A-Mip.“—9sjSLe=5C<>9#uF5G65C<>Dg7w;< 96LS(;eLS=<>7NjF7#S>M`7B<<9H&<AFHHLFM•uwS7s5M`jFLS|<>9H&< 37se5RSMg7w;„p^¯H¤7mee>7B<>dy6~7w;

s;=<>9#S<¨|AFj9‰uFDHDe15G@5G7mHl<Ž3.[RA.Hw7¿S7H&<>7±3.[5HHLnQn9B<>5LnH 7B<Ž6G7&;†e15SMg7&;ŽSD@7MsMg7H&<¤jS5RQn9B<15;kD7&;…A<565;'7H&<

;L,AQF7H&< 7H@LS7s37l;jS5R]M`L^HwLnjFL65;=<>5O&A-7,;op.q @7·;<>937dv69s@SL^5;o;k9mHw@7s5H&<>7#SHw7s7,;=<QF5}<>9m6G7`jFLwAFSV@#SD7#S 6G7

HLn”w9BA@BA-6C<AFS76—37·6G9ie=5SMg7dM`95;§7m66G7/3Ln5C< 1B<Sk7sS9#j,5G37Mg7H&<r;=AFjjF69H&<>7#SjF9Sr37&;reA;5L^H.;d{9@O&A-5;5C<>5LnH.;

O&A.5F9#QF7%@ª6G7U<>7#Mj.;y@#SL^5;o;k7H&<\7#H`5MNjFLS<>9#H@7p

q45H.;5Gd…jF7H39H&<±67´;=<>937 37‚6=[¦9@@BA-MA.6G9B<>5LHd†@L,MgMs7‚6G9 @LnHw@l7mHl<S9(<5LnH M`L^H35G967 3&A @9#jF5C<>96ˆ9

@LnM`Mg7H@lDd69œjFLj,AF6G9B<5LH37,;ie5SMs7l;i39H.;`AFHF7…5fHw3&A;=<S57†;7…@%LnHl<S9@B<>7Ž37œjS7&;kO&A-7 cŽp¯Hˆ7#ee17o<>d

O&A-9#H3 6G7&;†e15 SMg7,;ŽjF9&;o;7H&<œ€‘@7‰;=<>937d`6G7BAFS…jSLe5~<>9ouF5f6G5C<>D‘3D%@#SL!f<Ž3,S9M`9B<>5O&A-7Mg7H&<>di@9#S7#66G7&;;LH&<

@LnHeSkLnHl<>D7&;:€A.Hw7§<Sk–&;:eLnS<>7@#LH@oAFS1S7#Hw@7,pEF7BA.6G7,;:O,A-76O&A-7,;¨|AFHF7l;;=AFS1QF5RQ-7mHl<—7#HsSk9@zF7B<>9#H&<—67,;:9oA<S7&;opFq

69­e5Hž3&A‘;<>937­37­6[G9&@%@BA.MA-6G9B<15~LnHwdU67­HLFM•uwS7­37+e>5RSMs7,;•7&;=<rSD%3&A.5C<§7H@LS7·AFHw7¤eLF5;jF9#S§j^6RA;`37­6¦9

M`L^5C<>5GD7B<\9„<G<>7#5H&<{;LHM`5H^5GM•A-M €69e5fH•3&A+;<>93737S>7@7H&<S9tF7,p

8ª[G7,;=<Ÿ3&AFS9#Hl<g67 ;<>937†37…S7@%7#H&<S9tF7†O&A)[~A-H7†@LHF@#AFS1S7#Hw@7†L^65tFLnjFL65;=<>5O&A-7†DMs7S1tF7†39H.;+6[5HF3&A;<S5~7

@LnHw@7#S1HwDl7­Lˆ67&;`e>5fSMg7&;i;AFS=QF5RQ-9mHl<>7&;`eL^Hl<§37·<S–l;z9oA<;jSLe=5}<;opqr6LS(;jF7oA<§@LnM`Mg7HF@7#S`6G7’(7oAˆ37w;

9m66G59Hw@7,;¿;<S9(<>D#t5O&A³7&;opsqA ;=<>937‰37l;96G65G9H@7,;d/67,;že15RSMg7,;†SD96G5|;'7Hl<†67BAFS†jF6RA;zw9BA<>7 Mg9#S>tF7‰37

jSLne5C<>9BuF5G65C<>D%d³;5M`j^6G7Mg7H&<)jF9#S@7O&A-76~7w;)<5C<>9#H^;yLnHl<vD6f5GMs5HFDU<L,A;v67,;{9oA<S7&;{@LnHw@BAFS1S7H&<;op

(8)

E^7oA.67,;—67l;e15RSMg7,;v<S9BQF95G66G9H&<{39H^;A-H7rH5@zw74374jSkL3&A-@B<5LHNjF7oA^Qn7mHl<{9B<G<>7#5H3,S7r67§O&A-9B<S15–Mg7N;=<>9%37•;k9mH.;

9BQFL^5 Se195C<ž6[GLwu’'7B<©3.[~A-H7 e|A;5LFHd­9@%O&A.5;'5C<15~LnHwd¤Mg95;ƒ766G7w;±;LH&<ž5H,QF9S5G9#uF6G7Ms7Hl<…<S>Lj‚e95Ru.6G7,;žjFLwAFS

;D#S57BA);7Mg7H&<\3D#e7H3,Sk7ª6G7BAFSvjFL.;15C<>5LH`e9&@%79BA^]§<5C<>9#H^;—376[5HF3&A;=<S>57Œ

x

79H.;t m>pCd,®Fcc¶d,jpW%op

8U7o<<>7­3,”Hw9mMg5GO&A-7­3^7­6G9@LH@7H&<Sk9B<5LH†M`L^H35G967_3wAˆ@9j^5C<>96 7,;=<rSD%@7#H&<>7%dU766G79­@L^M`Mg7H@lD­39H.;`6G7w;

9#HHDl7&;§Wac.p

x

74jF6CA;d56JH7e>9BA<—O&A-74®Fci€4®5g9H^;jFL,AFS—O&A-7N;74eLSM`7H&<—6[GL^65ftFLjFL67M`L^H35G96J39HF;A-HF7

5fHF3&A;<S57,p¢6J7HiSDl;=A-6C<>7O&A³7•6G7,;:e15RSMg7,;:9BAŽ;=<>9%3737N6>[L,AQF7#S<AFS7L,A_37•6¦[9@@BA-MA.6G9B<>5LHi9BA%’L,AFS3.[zlA.5)Œ16G7w;

<>D#6D@LFMNMA-H5G@9B<>5LnH.;kd£67,; @LFMjF9#tFH57,; 9%D#S57HHw7w;kd£6[5HF3&A;=<S15G7‚jFz9#SMg9@7oA<15O&A-7ƒ7B<²@#z5Mg5O&A-7%d£6G7w;

uF9HO&A-7,;dv67&; jSLF3&A.5}<;37g@#LH^;kL^M`Ms9o<15LH_7B<:67&;V9BA<S7l;1jF7oAQF7H&<:jF9l;(;7S9BA†;<>937s3&A¤S7@7#Hl<S9#tF7g7„<K37&;

9m66G59Hw@7,; 39mHF;6G9`jSL^@z95HF7N3D%@937,p.qr5H.;5dJ6G7&; eA;5LH^;d)9@O&A-5;5C<15~LnH.; 7B<>d)7#HijF9#S=<5~@BA.6G5G7#SdJ67,; e|A;5LFH^; 3F7

<>9#566G7¤;k7#SLH&<§;9#HF;4jSkD@D37H&<ª39#H^;§6G7&;§9mHHwD7,;§€ŸQn7mH5Sd—@9#Sr67,;4jF6CA;rtS9H37l;e5fSMg7,;§37+@7l;5H3&A;<S5~7w;

QFLH&<\@#z7S@z7#S{€9@%O&A-D#S5RS6G7BAFS';{@LH@BAFS1Sk7mHl<;{39#HF;{37,;;=AFS7HF@mzw–#S7&;{5GMNjSk7&;(;5LFHHF9#H&<>7&;\jFLwAFS{3LnM`5HF7#S{67oAFS

5fHF3&A;<S57,p

x

79H.; R>p}dJŒ=®Fcc¶djp|W"Fc,:jSDoQFL57H&<KO&A)[7H/®FcJWcdJ5f6vH[”9BAFSk9•jF9,;c­L,A¤bc+6G7937#S(; 5HF3n5;'@BA<>Dl; 39mH.;

6=[G5fHF3&A);=<S>574tF6LnuF96G7d.56; ;7#SLH&<)AFH7@%7mHl<>95fHw7@z9@oA.HŸ3LnM`5HF9H&<{67BAFS{jSLjS745H3&A;<S57,p,¢6;—3D%Q-76LjjF7#SLH&<

7B<{HL,AFS1S15RSkLnHl<vAFH7@BA-6C<AFS7Q-D#S5C<>9BuF6G7Ms7Hl<M`LH35G967gO&A.5-jF7BA<—7H,tF6LwA<5 SU6G7,;:H9o<15LH^; 7o<{67l;jF7BAFjF6G7w;kd9m6~LnS(;

67Sk–#tHF737&;J<5C<>9H.;{37ª6¦[5HF3&AJ;<S1574;7S97Hj^6~9&@%7,p

F¹n -i#% 0{f

“—7&;M`L,<15RQF9o<15LH^;Ž37l;35fS5tF79H&<;kdN69‘;<S9B<>D#t57†<S9#H.;9%@B<15~LnHHw7m6G6G737,;9@B<>5LHH95S7&;Ž7B<_6[G9l@@9#jF9#Sk7mMg7H&<

jS5RQn9B<5e/37©6G904Q-96G7BAFSiSDl;53&A-76G67ƒ37,;/e|A;5~L^H.;d9%@O&A.5;5C<>5LH.;_7B<Ÿ9m66G59Hw@7,;/7#]jF65GO&A-7H&<gjFLwAFSkO&AFL56G7

jSL^@%7&;(;A;r37i@LH@7H&<Sk9B<5LHœM•L^H35G9m6G7i3&A@9#jF5C<>96HF7+;„[9#S1S 1o<>7#S9sjF9&;r7H…;5uFLHŽ@z7Ms5H.p¢69Mg–H7#Sk9·6¦7

S–#tH7_3^7&;<5}<>9#H.;`376=[G5fHF3&A);=<S>57,py“—9+Q-7H&A-7_37œ@%7¤Sk–#tH7…;7­SD%9m6G5;73D1’(€i<>L&<>9#67Mg7mHl<§7H†3FDme9#Q-7BAFS•37w;

;96G9#S5D,;opqr6LnS';gO&A-7…6=[RI{<>9B<`37oQS95C<•9#tF5RSg7mHˆ@LHeLnS>Ms5C<>D9#Q-7@œ6[5Hl<>D#S 1B<§tFDHD#S96V37&;sjFLj,A-69B<>5LnHF;gO&Av[G56

S7#jSD&;k7#H&<>76D#tF5C<>5Mg7Mg7mHl<>dn56FH[f”•9j^6RA;{7H&<Sk76=[RI{<>9„<\7(<67,;{e=5SMg7&;{3.[9H&<>9tFLnH5|;Mg7&;kd^Mg95|;y@Ln66G9#uFLS9B<5LH`7B<

jF9#S=<>9#tF737&;\eLnHw@B<5LH.;op

F¹|¸l¹, —*+",)-,"

x 7HL^MuSk7BA;'7&;ŸDB<A-37&;ŸLnHl<sM•LnHl<SDœ69…e>95Ru.6G7œjF7SekLnS1M•9mHw@7…e15HF9H@5G–#S7Ž37w;ŸeAJ;5LFH^;d9%@O&A.5;5C<>5L^HF;d7B<

jFLwAFS<>9#H&<y7#66G7&;;k7ªjFL,AFS(;=A-5RQF7H&<y7B<;k7ªjFL,AS';=A-5~QwSLH&<{€UAFH`S1”l<1zMg7r7e=eSDHD,pw84[G7&;=<yO&A-743.[G9BA<S7&;—M`L,<5~Qn9B<>5LnH.;

O&A-7ª67l;vjF7#SeLnSM`9Hw@7,;;LH&<\7#H:’7BA)p

vL,ASJ“—L,Sk3,LH`Œ=®Fcc,®FdjpCaald69M`Lw<>5RQF9B<>5LHjS7M`5G–#S'77&;=<)6G73D&;5SJuS=A<\376[9#jjSkLnjS15~9B<15~LnH`L,AŸ@76CA-5F3^76G9

;=AFS=QF5G7ijFLwAFS6~7w;§35S5 t.79Hl<;#.p &©96ftSkD+6[D#jF95;o;7BAFS§3wA©3n5;k@LwAFS';N;AFS69+Sk9B<5LHF9m65C<>D_D@LHL^M`5GO&A-7+O&A-5:7,;=<

;7H^;kD74eL^Hw37#S67,;—LnjFDS9„<5~LnHF;37reAJ;5LFH^;d-9@O&A-5|;5}<15LH^;kd.@7r3n5;k@LwAFS';Hw7•;A.ee15C<\jF9&;—€ªSk7@L,AQS5RS67l;7Ho’'7BA.]

jS5Mg95RS7,;:O&A-5v;LH&<—374jFL.;(;k7&;(;5~LnHŸLwA_37@%LnHF;7#S1QF9o<15GLH.p x 9H^;:6[~A-H5RQ-7#So;:37&;:5HF3&A;<S5~7&;:M`L^Hw3n5G965;'D7&;KL

6=[¦D%Qn7H&<A-965C<>D+37/6=[¦9%u;kLnS>j&<5LHŽ7w;<AFHw7+Mg7mHw9l@7·jF7SMg9H7Hl<>7d5f6:H[G7#]F5|;<>7+O&A)[RA-H…M`Ln”n7H…3F7­;LS=<5RS§37+6G9

@9B<>D#twLnS15~737jSLn5~7w;\jFLwAFS)S7#H&<Sk7BSvjS>LntS7&;';5~Qn7Ms7Hl<v39H.;{@766737,;vjSkD39B<>7BAFS(; mtS>L³;';5RS{7#H`@%9#j^5}<>9m6G5;9B<>5LH.p

ªSL.;(;5 S{7&;=<\3LH@jF9#S1eLF5|;{6G7S7&;o;kLnS<)jS15H@5jF96.3.[RA.HF7rLjFD#S9(<5LnH•37ªeA;5L^Hwd^9@%O&A.5;5C<>5L^H`O&A-5.Hw7@LnS>S7&;1jFLH3

j^6CA;—96LS(;—O&A)[€AFH74eLSM`743DtS93D7r37ªSk9B<5LHF9m65C<>Dr5H3&A;<S5766G747o<ve5fHF9Hw@m5G–#Sk7d^SD3&A-5C<>7r€ª6G9r@LH^;7SkQn9B<>5LnH

3&Ai@%LnHl<S1˜67r@9#jF5C<>965;=<>5O&A-7,p,qr5H.;5Gd`7M`jFLnS<>DjF9#S{69VQn9#t,A-7r9@B<A-7667r37&;—eAJ;5LH.;dF9@O&A-5;5C<>5L^H.;dF67@zw9mMgj

3&Aˆ@9#jF5C<>96:9#jj-9#S9"!f<§@LM`Ms7iA.HžD@z5GO&A-57S`7H…jF7#S1jFDo<A-7#667/S7@L^M§jFL³;5C<>5LH €­M`LF5fH.;•O&Av[GLH…jSDe–#S7­6¦9

MsDo<>9#jzLS7/3&A…uF5L,<>LnjF7%dL ž@#zw9@BAFHQF7BA< 1B<S7ijSD39(<>7BAFS7(<r@S9#5H&<ª37+37BQn7H5fSrjSL^5~7+…Œ“—LnS3LHd{®Fcc,®Fd

jp|Wcc,„p x LH@dv37#S>S15–#S7s6G7&;V9#S1t,A-Mg7H&<;V37N69`S9B<5LHF965C<>DgD@LHL^M`5GO&A-7sŒ;1”wHF7#S1tF57dv@LMjF6GDmMg7H&<>9S5}<>Dd †

67,;:5H.;=<>5H@B<;K9#H5Mg9BAF]/6[7M`jFLnS<>7#H&<'p,“—74Sk–#tH737l;<>5C<9#H.; ;7@%LnH.;<S=AF5C<—7#HgtS9H374jF9#S<157`;=AFS:@7,;:5H.;=<>5H@B<;

O&A.5HF7jSDoQF96G7mHl<)S157H`37UuFLHjFL,AFSv6[9#QF7H5Sop

8U7ƒO&A-7ƒM`L^H&<Sk7 qr5RSL,A-35sŒ®Fccc,ds@,[G7&;<O&A-7 N6~9¿tF6Lwun965;9B<>5LH‹e>5fHF9Hw@m5G–#Sk7¿9±3D@L,AFj^6~D¿6G7 ;1”-;=<>–Mg7

3.[D@%LnHwL^M`57SD%7m6G6G7NMg7B<<>9H&<K7#H4’'7BA¤37&;;kD#S57,; 5665GMs5C<kD7&; 37jSLF3&A-@(<5LnH/7o<:3.[GD@z9H,tF7,; 3DB<>7SM`5HFD7&;:jF9S

696LF5s376G9£Q-967oAFSd`7B</67‘;1”.;<>–mM•7¿3.[GDl@LHLMN5G7QF5fS<A-7#667ƒMg7B<<>9#H&<_7H†’7BA 37,;…;'D#S57,;5G6f6G5Mg5C<>D7,;7B<

9m6~D9B<>L5RS7,; 374<S9#H^;k9@B<>5LH^; e15HF9mHw@5–S7&;r;1”FM•unL^65GO&A7&;r;9HF; @#SD9B<>5LH/37•Qn9m6G7BAFSkdJM`95|; 3FDB<>7#S>MN5HFD7,;:jF9#S 6G9

4Q-967oAFS…<S9#H^;k9@B<5LHHF7667.pg8[7,;<>¨1€¨13,5RSk7‰O&A-7 6G9 4Q-96G7BAFS…<S9#HF;9@o<5LnHHF766G7 3.[~A-HF7 e5RSMg7 ;AFS£6~7w;

Ms9S@zD,;:e=5HF9H@5G7#S(;:H[G94jF6RA;S5G7mHŸ€ªQFLF5RS:9#QF7@6G94QF967oAFSSD766G7O&A)[76G67§@#SD7,p,¯—Hi@LH^;'D%O&A-7mHw@7d69M`9,;';'7

e15HF9mHw@5–S7£7H²@m5 S@BA-69o<15LH‹;AFS­6G7£Mg9#S@zDže15HF9mHw@57S/t^6~Lwun9m6G5;D7&;</3.[G9BA<>9#Hl<ijF6CA;­jS5;7ž30[RA-H¿QF7S=<5Rt-7

(9)

<S9BQF7S(;{37&;{LjFD#S9o<5LnHF;—37ªeA;5L^H.;kd^9@%O&A.5;5C<>5L^H`7o<v3.[¦9m66G59Hw@7,;{€VA-HS1”l<zMg7ªuF5G7mHg;=AFj-D#S57BAFS{9BAŸSk”l<zMg7r37

69@SD9B<>5LH`37VQ-96G7BAFS{9BA/;k7m5Hg376=[¦D@LHL^M`5G7SD766G7,pl¯H`7ee17o<>d^69U<S9#HF;9@o<15LH`7,;=<AFHjSkL^@7l;(;=A;vun7&9oA-@LwAFj

j^6CA;\S9#jF537%dwun79BA³@LwAFj`j6CA);{e=6RA-5G377B<)j6CAJ;\SDBQ-7#S(;5RuF6G7O&A-76G9@LH@7j,<15LH`L,Ag69jSLF3&A-@B<5LH`O&A.5FM`LF3n5e15G7H&<

3&AFS9BuF6G7Ms7Hl<—37&;:DB<>9(<;SkD7#6;opF8:74jzDHwL^M`–HF7N;7<S93mA-5C<{jF9#S{AFH74HwLwAQn7m6G6G74tF7,;=<5LHi37,;jS5LS15C<>Dl;:9BA;k7m5GH

37&;­e5SMg7,; M`9"!f<S5|;k7£3F7£6[5HtFDH5G7#S57že15HF9mHw@5–S737£6[G7mH.;k7M•u-6G7£37,;_e=6RAF] 3.[GLnjFD#Sk9B<5LH^;5H&<>7#S>H7,;_7B<

7B],<>7#S>H7,;`37­6G9œe5SMg7d:9BAžjSk7mMg5G7#SS9H,tž3F7&;kO&A-7m6G6G7w;gLHœ<S>L,AQF7­6G7&;seA);5L^HF;d:9@O&A-5;(5}<15LH.;`7o<§9m66G59HF@7l;op

q45H.;5Gdª6[5GM`jFD#S9B<>5es@%9B<>D#tFLS15O&A-7…37…6G9­<>9m56G67Ž@#S5C<>5O&A³7œjF9Si5fHw3&A;=<S57ŽO&A.5reL^H37­<>LwA<>7&;g67,; s;=<Sk9„<>D#t5G7&;

<S9#H^;k9@B<5LHHF7667,;# 35|;o;5MA-67‘Mg96NA-H7¿QnL^6LH&<>DM`L^HwLnjFL65;=<>5O&A-7,pª¯—H SD965C<>D%ds67l;†9@o<15LHH95RS'7&;kds6G7&;

5fH.;<15}<A<5LnHF;­e5HF9mHF@5G–#S7l;œ;>jFDl@m5G965;'D7,;­@zw7#S@z9H&<·€£;o[G9@l@9#jF9#Sk7#S­690rQ-9m6G7BAFSi<Sk9#H^;k9&@o<5LnHHw766G7 ‰;AFS­6G7

Ms9S@zD‘e5fHF9Hw@m5G7#SŽt^6~Lwu-965;'D jFL,A;(;'7Hl<€ƒ69ƒ@LH@%7mHl<S9B<5LH M`L^H35G967ƒ3&A @%9#j^5}<>9m6gjFLwAFSŽ9&;o;AFS7#SŽ67BA-S

j,A.5;o;k9H@7D@%LnHwL^M`5O&A-7p

x 74;kLnH`@%˜&<>D x 57oA-9m5G37Œ=®Fcc¶,vM•7B<\7#H`9#QF9H&<)67@zw9mHt.7M`7Hl<vL,S>tF9#H5;9B<>5LHH76p¢6.;5tFH5fe>57O&A-7%d^39#H.;)AFHF7

uS9H@zw7d³AFH;7@o<>7BAFS LwAiAFHw7ND%@LnHwL^M`5G7N3LH,HFD`67,; @l9#j^5}<>9BA]/jSLF3&A-@B<5e;:HF7s;LH&<—j6CA);J’1AFtFD&;;kL^@5G96G7mMg7H&<

9BA Sk7#tF9#S3 37&;†Mg9#S@zw9mHw3n5;k7w;kdNjSLF3&AF5C<;Ž5MgMsD%3n5G9B<;Ž37ƒ67#AFS(;Ž9%@B<15RQF5C<>D,;kdsMs95;Ž35fSk7@B<>7M`7H&<Ž;=AFSŽ67oAFS

@9#jF9@5C<>D­ŒS9#jF53n5}<>D#`€3De=5HF5fSkdULS1tF9#H5;k7#SdtFD#S7#S`67oAFSNjSkLnjS7/M`L^37_37¤eLH@o<15LHH7Mg7H&< 69+QF5C<>7,;(;k737

@m5 S@BA-69o<15LH´3&A @9#jF5C<>96jSLF3&A-@B<5e37#QF5G7H&<ˆ67 e>9@B<>7BAFS 7&;(;'7H&<5G76Ž37‡6G9 @LHF@BAFS1Sk7#H@7pŸ¯K66G7 e195C<ˆ3,A

@#z9H,t-7Mg7mHl</LS1tF9#H5;'9o<5LnHHF76`6G9eLnSMg7£tFD#HFD#Sk9m6G73.[G91’1A;=<>7M`7H&<_€69O&A-76G67ˆ@mzw9O&A³7©AFH5C<>D37@%9#j^5}<>9&6

jSL^3&A-@(<5e3LF5C<;k7s;L,AFM`7B<<S7jL,AS;k7•Sk7#jS1LF3&AF5RS7s;AFSKAFHw7•un9&;7`D6G9#S1tF57.p“ [9oAFt^Mg7H&<>9B<5~LnH/37`694QF5C<>7,;';'7

374@5RS@oA.6G9B<>5LHs3&A·@9#jF5C<>96^jSkL^3&A-@B<5ed.O&A-7jSL,QFLFO&A-7ª6G7r@#z9HtF7mMg7H&<yLnS>tF9#H5;9o<15LHH76Gd^jF7#SM`7o<{37r3D#tF9#tF7#S

37&;`HL,AQF79oA^]ˆM`Ln”n7mHF;se5HF9HF@m5G7#S';`O&A-5HF7…;LH&<rjF6CA);uF6L^O&A-Dl;g39mHF;s6G7+jSkL^@7l;(;=A);jSkL^3&A-@B<5ep{q45H.;'5d6G7

@#z9H,t-7Mg7mHl<ƒL,S>tF9#H5;9B<>5LHH76£;'7#Sk9m5}<ƒ3LH@ jFL,AFSjF9#S=<57 S7l;1jFLH.;9#uF6G7‡376[7#]F5|;<>7H@73[~A-H7Ms9,;';'7

5M`jFLnS<>9#Hl<>7œ37@9j^5C<>96 9#S1tF7Hl<`3LnHl<67,;g@LH35C<>5LH.;g3.[~A;k9#tF7œHw7©;7S957Hl<jF9&;g3De5H^5G7&;g€­jS5LS5¦p7`8:7w;

eL^H3^;;kLnHl< 9&;';5Ms5G6G9%uF6G7&;ª€•A-H7 4QF96G7BAFSSkDw;5G3&A-766G7+iA.Hw7·eLF5|;V3D3&A-5C<>7,;@zw9#S1tF7,;7o<:SDM4A-HD#S9o<15LH^;ª37w;

e19@o<>7BAFS(;`<S9BQn9567o<g@9#jF5C<>96d4QF96G7BAFS#ˆO&A-7…67,;Ÿ3n5 S5GtF79#Hl<;i3.[G7H&<S7#jS5;k7,;+;k7#S95G7mHl<4<>7H&A;d7H3,SLF5C<>d37

S735;=<S5Ru,A-7#S{9oA^]g9%@B<15~LnHHw9m5 S(7l;dF3DB<>7#H&<>7oAFS(;{6D#tF5C<15GMg7&;—3&Ai@%9#j^5}<>9m6jSkL^3&A-@B<5e)3LH&<v56;—9&;o;=A-Mg7H&<)6G9tF7&;=<>5LH

Œx

57BA-95G37d®Fcc¶,op

x

7BA]gM`D%@9H5|;'Mg7&;;k7ªMg7B<<>7#Hl<\9#6LS(;{7#H`Mg9#S@#zF79,67l;eA);5L^HF;dF9@O&A-5;5C<15~L^H`7B<\9#665G9H@%7w;

7#H‰jSL,QFLFO&A-9#H&</AFH @#zF9H,tF7Mg7H&<_LS1tF9#H5;9B<>5LHH76i9oAFt^M`7Hl<>7#H&<6~9 QF5C<>7&;o;k7ƒ37¿@5RS'@BA-6G9B<5LH 3&A@%9#j^5}<>9&6

jSL^3&A-@(<5e:7B<K9@@#SkLn5;o;k7H&<:6994Q-96G7BAFS:SD&;5G3&A-766G7+ @l7B<<>7 4Qn967oAFSUSkD&;5G3&A-7m6G6G7 /7&;<:9jjSLnjS>5D7`37se9 LnH

jS5RQn9B<5RQ-7NjF9#S67l;9@o<15LHH95S7&;VO&A-5JjFL,A;(;7Hl<6~7&;35RS5tF7%9#H&<;V€s69NSkD965;9B<>5LH­37seA;5~L^H.;dv9@%O&A.5;5}<15LFH.;7B<

9m66G59Hw@7,;op)8U7o<<>7i3&”Hw9Ms5GO&A-7i965Mg7H&<>7ieLS|<>7#M•7mHl<67ijS>L^@7l;(;=A;ª37i@LnHw@7H&<S9o<5LnHM`LH35G967i3&A@9j^5C<>96p

¥9#Hl<VO&A-7s67,;4eA;5~L^H.;d{9@O&A-5;5C<15~LnH.;r7o<96f6G5G9mHw@l7&;r9BAFtFMg7mHl<>7#H&<V692QF96G7BAFSSD&;5G3&A-766G7+wd56H[f”¤9i9BA@oAFHF7

S95;LH`O&A-7@7B<<>7 3&”Hw9mMg5GO&A-74;[9#S>S 1B<>7,p

VA-7+;k7+;L^5C<V3&AŽe95C<V37&;r5H.;=<>5fHw@B<;r9H5Mg9%AF]Ž37&;ª3n5RS5GtF79#H&<;kd37l;s;=<Sk9B<>D#t57,;<S9H^;9%@B<15~LnHHw7m6G6G7&;$LwA37

6=[¦9@@9#jF9S7Ms7Hl<r37+6G9 4QF96G7BAFSrSD,;5G3&A-7m6G6G7+…jF9#S6G7&;•9@B<>5LHH95RS7,;d5G6:7,;=<rDoQF537Hl<rO&A-7+6G7ijSL^@%7&;(;AJ;§3F7

@LnHw@7H&<S9(<5LH`M`L^H35G9673&A·@9#jF5C<>96^QF9;7jFL,AFS(;A.5RQSk7439#H.;{6G7,;{9HHD7,;{€QF7H5Sd^6G7&;:;k9m6G9#S5GD&;—7Hs;LH&<\7B<\7#H

;7#SLH&<)67l;vjS7M`5–S7,;JQF5G@B<15Mg7,;op

F¹43F¹,G*+!$#{'%(G^Yl

2ªHLwu;k7#S=Q-7­O&A-7­6G7&;`35S5ftF7%9mHl<;`37&;`e>5fSMg7&;i;kLnHl<rj69%@D&;i;L,A;`69­z9oA<>7œ;=AFS1QF75G6f6G9HF@7­37,;•9@B<>5LnHHw95fSk7w;

O&A-9#H&<V9BA]Ž@%LnH.;kDO&A-7H@l7&;re15HF9H@5G–#S7&;r37i6G7BAFSo;r3D@5=;5~LnH.;\7H­S7B<>L,AFS56;;'7N<S1L,AQF7H&< 1B<S7i7B]nLnHwD#SD&;ª37

<L,A,<>7S7&;>jLH^;k9%uF5G65C<DO&A-9Hl<v9oA]g@LH^;D%O&A-7mHF@%7&;:;LF@m5~9m6¦7&;{O&A)[5GM`j^6G5O&A-7Hl<v@%7&;{M91Ms7,;{3D%@m5;'5L^HF;{7HNMg9B<>5–#Sk7

37+tF7&;=<5~LnH37w;•LnS>tF9#H5;9B<>5LH^;opJ¯—H…jS9o<5O&A7%dU@%LnM`Mi7­67;5ftFH96G7 x 5G7BA³953F7­Œ=®Fcc¶,d:@7(<<>7­9l;1”MgDB<S157…;k7

<S93&AF5C<)jF9#SJAFHw73,5|;<S15Ru,A<>5LHjFL^69#S5;D%737&;vjF7#S=<>7l;{7B<)37&;\tF9m5H.;{3769e15RSMg7,p“—LnS(;kO&A)[56”g937&;\jF7#S=<>7&;kd^9BA]

;96G9#S5D,;£Sk7%QF5G7H&<6G9‹@z9S1tF7‹3.[G9,;(;A.Mg7#S5HF35RQ.5G3&A-766G7Mg7mHl<ž67&;ˆMs9oA^Q-95;7,;žjF7#SeLnSM`9Hw@7,;9oA H5~Q-7%9BA

LnS1tF9H5;9B<>5LHH76_Œk6G5G@7HF@m5G7Mg7H&<>diM`LwuF5G65C<>D eLnS@%D7dsuF95;o;7 37‘SDM•A-HDS9B<>5LnHwd †kd+9BA] 5H,Q-7&;=<>5;(;7oAFSB;

e15HF9mHw@57S(;{37SD9t^5RS{9oAiHLFM 37ª6G9@L^M`MA-H9BA<>D37&;y9@B<5LHH95S7,;{7H`91’=A);=<>9#Hl<v5H^;<>9#H&<>9#HwDMs7Hl<>d&<5C<S7&;vjF9S

<5C<S7&;kd06G9`@L^MjFL.;5C<>5LnH/37`6G7BAFS:jFLnS<>7#e7BA-56G67pn“—LS(;O&A)[5G6J”_9`37w;:tF95H.;dJ6G7&; 9l@B<5~LnHHF95RS7,; 7B<K67&;V3n5RS5tF79H&<;

;7‘jF9#S=<>9tF7 69¿<>L&<>96f5}<>D‰37‰@&7l;†tF95fH.;ˆ@#SkDD7‘j-9#S£6G7‰@#zF9HtF7mMg7H&<LS1tF9#H5;k9B<>5LnHHw76­65GD‰9BAF]´eA);5L^HF;d

9@O&A-5|;5}<15LH.;V7B< 966G59Hw@7,;dv96LS(;M 1Ms7iO&A)[G56;;LH&< 6G9s@%LnHl<S7#jF9#S<57i3.[RA.H7eeLnS< @L6f6G7@o<15e 7HœMg9B<>5–#Sk7s3F7

jSL^3&A-@(<5RQF5C<>D,p

8U7o<<>7jL69S5;k9B<15~LnHg3746G9r3n5;=<S5Ru,A<5~LnHg37,;{jF7#S=<>7&;—7B<y3,7&;{tF95H.;y<>DM`LF5Rt^Hw743[RA.Hw74@LH&<Sk93n5~@B<15~LnH`SD76G67%d^HL^H

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