Download as pdf or txt
Download as pdf or txt
You are on page 1of 238

81,9(56,7e'(675$6%285*

e&2/('2&725$/(6FLHQFHV+XPDLQHVHW6RFLDOHV
3HUVSHFWLYHVHXURSpHQQHV
>XQLWpGHUHFKHUFKH$PXS@

7+Ê6(SUpVHQWpHSDU
>(PDG12$,0(@
VRXWHQXHOHRFWREUH

SRXUREWHQLUOHJUDGHGH'RFWHXUGHO¶XQLYHUVLWpGH6WUDVERXUJ
'LVFLSOLQH6SpFLDOLWp$UFKLWHFWXUHHW8UEDQLVPH

/HVWUDQVIRUPDWLRQVVRFLR
PRUSKRORJLTXHVGHODYLOOHGDQVOH
SURFHVVXVGHPpWURSROLVDWLRQ
>/ H[HPSOHG¶$OHSGHSXLVVDIRQGDWLRQMXVTX¶HQ@

7+Ê6(GLULJpHSDU
0DGDPH58'2/))ORUHQFH 3URIHVVHXUHGHV8QLYHUVLWpV,16$GH6WUDVERXUJ

5$33257(856
0RQVLHXU&+$/,1(&ODXGH 3URIHVVHXUGHV8QLYHUVLWpVpPpULWH,QVWLWXWG XUEDQLVPHGH3DULV
0RQVLHXU',$%<RXVVHI 3URIHVVHXUGHV8QLYHUVLWpV(,933DULV

$875(60(0%5(6'8-85<
0RQVLHXU'(60$5$,6*DsWDQ 0DvWUHGH&RQIpUHQFHV,16$GH6WUDVERXUJ


()& *

 IIIIIIIIIIIIIIIIIIIIIIII**IIJ
0 ? ( E       I*I?K
?*? E    IIIIIIIIIIIIIIIIIII?L
?*?*? E     IIIIIIIIII*III?M
?*?*= E  IIIIIIIIIIIIIIIIIIIIII***I=?
?*= ,     # IIIIIIIIIIIIII=L
?*K E  '   - IIIIIIIIIII***II=M
?*K*? E#   0IIIIIIIIIIIIIIIIIIII**II=N
?*K*?*? E   "  ! " III**IIK?
?*K*?*= E      "   0IIIIIIKK
?*K*= E 5    IIIIIIIIII**IIO>
?*K*=*? E      IIIIIII***IIO?
?*K*=*= E   #IIIIIIIIIIIIIIIOL

0 = ( .  '        ***ON


=*? , IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIL>
=*= E 5 IIIIIIIIIIIIIIIIIIIIIIIIIL?
=*K 5    IIIIIIIIIIIIIIIIIIIIIIIIILO
=*O E     IIIIIIIIIIIIIIIIIIIII@>
=*L E  'P G=M@1@K@HIIIIIIIIIIIIIIIIIII**III@K
=*@ E"   Q    ''  G??=M1?=@>HIIIIIII**III@L
=*J E#   )R G?K?J1?L?@HIIIIIIIIIIIIII***III@N
=*M E#   G?L?@1?N?MHIIIIIIIIIIIIIIIII**IIIJK
=*N '    D  IIIIIIIIIIII**IIIJM

0 K(  SS + !   " -   M?


K*? E#   -      -TIIIIIIIIIIM=
K*?*? -  -        **MK
K*?*?*? E   G?NK=HIIIIIIIIIIIIIII*IMO
K*?*?*= E  "  6 G?NLOHIIIIIIIIIII***IIM@


K*?*=  '      "<  5    "2I****MN
K*?*K '      N?
K*= E     &"! ?NN>IIIIIIIIIIIIII*IINK
K*=*? E"     IIIIIIIIIIIII*IINO
K*=*=            IIIIIIII**IINN
K*=*K '       ?>K
K*K 25    -  G?NN>1=>??HIIIIIIII*II?>@
K*K*? 05 1 IIIIIIIIIIIIII*III?>@
K*K*=       -IIIIIIII?>N
K*O  -   IIIIIIIIIIII***IIII*II??O

0 O (       +  


  11     VIIIIIIII**I*??N
O*? E        +     *I?=?
O*= E     IIIIIIIIIIIIIIIIII*I?=K
O*=*? E - 5-    IIIIIIIIIII?=L
O*=*= E    IIIIIIIIIIIIII*II?=@
O*=*K E    5   IIIIIIIIIII*I?=M
O*=*O E     IIIIIIIIIIIIII**II?=M
O*=*L E     IIIIIIIIIIIII***II?=N
O*=*@ E   W IIIIIIIIII*II?K?
O*K E    "IIIIIIIIIIIIIIIIII*II?KK
O*K*? E  -    IIIIIIIIIIIII*II?KO
O*K*= E  '  #  IIIIIIIIII?KJ
O*K*K ,  IIIIIIIIIIIIIIIIII***II?O=
O*K*O , IIIIIIIIIIIIIIIIIIII***II?OL
O*K*L E" IIIIIIIIIIIIIIIII**II?O@
O*O          ,1<IIIIIIII***II?L=

0 L (   #--    IIIIIIIII?LL


L*? $  +      IIIIIIII**II?L@
L*?*? E    "  ! IIIIIIIII**II?LJ
L*?*= %   IIIIIIIIIII***II?LN
L*?*K E   ! IIIIIIIIIII**III?@>


L*?*O '     ! ?@?


L*= %  1 !  1 IIIIIIIIIIII**IIII?@O
L*=*? X#1 #  VIIIIIIIIIIIIIII***IIII?@O
L*=*=* E  #     IIIIIIIIII**IIII?@M
L*=*K E   IIIIIIIIIIIIIII*III?JO
L*=*O ,     '   II***I?JN
L*=*L E &    "   --    II*II?M?
L*K ,   IIIIIIIIIIIIIIIIIIIII?MM
L*K*? E       "IIIIIIIIIII**II?MN
L*K*=     IIIIIIIIIIIIIIII**II?N?
L*O E        IIIIIIII***II?N=
L*O*? E      ' "   ****?NO
L*O*= E -  #  IIIIIIIIIIIII?N@
L*O*K E    IIIIIIIIIIII**I?NN

0IIIIIIIIIIIIIIIIIIIIIIII***I=?K

YIIIIIIIIIIIIIIIIIIIIIIIII=?N

E  IIIIIIIIIIIIIII**III***II=KO



%   
E           & 
 --             - 
    1    ! --    * E
 #    + #5+  -  
- 5        -
"   -- '  5*   ' '  
  -  5        
"'       !     +
#Z    # [      '*
& "+              
         -  -   
   "+     +   + " +
       -  * 0   
         +   
       *   #   
  +        !  -  
 * 2         -  
 *    --         --   
-  *
, 5    +       
    "   #     
5    !  - * -        + 
-               
           --    
*      "-        
   5        "*
+         "  "     
 5 -  ( "      \   
+   [ !   * 2      +
  5      !  -+    
+   + "5+ *


   "    -      


!   -     W    W 
   &     #   ' *
2 '  '+  T !    - 
 +         Z   
      * .T  G?NNLH  
B   C          
   " +     + 
      1 " *    
  B   C  -       
 -  5 '   +   *   
 +    "    -* 0  
      !   '  *
%   +    "    
   5   "& "+  5 +    
'* ,  -+         !  
 *
0   ! -  -       
--           +   
    * E - 5        
  - "    " +   * E
1 +    P " +   "+ 
+ "    5   '  +   
  "     &       
  *
E        5     
   - '   "  " * E 
            
 #5  '   - *
     "   5 "  
 !    -+ \      
5    * E   "+ F 
    !    +     


  * 0       !   


  - "    -- "--  - !   5*
       '   5   %*
E  +        +    
  + &      +     * ,
"2 0<+      +   -  
      "A      ?L> 
   --   * 2 ?NJM+   " -
                
    +       " 
   "      #*

, , ,

   #+   "     + 
          '   ' 
--  " 1   * 0 --    
              
   +       5    
   +      #    ] 
     !          
     - #5  + 9    
       # +   - 
        # *
E       #  
       -         +
      -   #    5 
  + # +  -  #       
  5 #  A  "   * 2 + #5
       -     -     1
       --     
     -    # *  
   +      #   
  + #          
  P  ] #    * %#Z #  
  -          +  
     (     [     
"<+           "2  
^    -   *
, +  -   W    W
 #    5       #   -
# 1   *   1    
         5     #Z
         *
   - "        
        \ * 0    
       " +    -
  ' *    !+   -    (

0 #       # V 0 11


         V ,  
' V 2  #1 -     V

E    #   1 #  


  V X    #       
   )'1< V X      
#  V X    1   
   --  - V 2-+      1
  "    &  V

, , ,

,    !  +       * 
  #    #'   -   -- 
   -  5      !  
       #* %  +   
     +   -T   -
+   5            
    +      !   -  
            
'    #   0       * %
  +        #
               !
        +     
    # 5-   #--  ' # 
#  ! --     * E &  &
      SS +     - 5 '
  + - #&      !  -
# '         !
* %     '   -- ! # #
      ! "] !  !    
?NN>+     # '  --    * 2
+           -
       - #   # 
     *

, , ,

E         -   -   5 


5     * , #      
 -            #
  D   -        -  
    # #     * ) 
"]       D10  %      
    -  * 0  #  0  0
  '     '    
*   -     #  5  # -T 
,1<  5 -      #   
'*
          *  
 # '    5 5 '1+  
       -  5   5   
#       F* ,+     
  - +   -  !    5
 ' +        
   #      0  5   


   67 %    -    - 
      #     *

, , ,
X     #   *    + 
 A  #  #     !  -  +
        + &   # 
        * ,  +   -
#   !        !  . # 
# #   #   [ &#  #  
       & #     
  %2 #      # 1* 2
=>>J+      # #     . -  
           -  ) --
 #   * ,+ &#     =>>N  5  
 & -        * %  5+    
        +      A 
  #  # #+ # &    "]
     '*   + #&-    # +
  +   -   #    -   
   &    &-  #  #
5  - *




    


      


         


            
     !   "      # 
 !       #$          &
  (         )           
      #       
   *   !(+  , -...)
+              
           ! !                 
   *           "              
##     "  /    ! ! 
     #  *       
   #          
           0           #         
            /#   
   !         1#   
  "*"  !&         
  * ## !     " ! 
 2   ! 
,                          
 #                
               !         !     
       !           
      ! , ## 
          4   
  #   ,      
       #       4 !   
         5      
 2                       #      
                
       !  


          

6    ! &   0  !7


8         
    !  9      # 
       :            "*"        
# (8 ;<<;)        
 #   !   4   !2 &  
  !!     =>???        
#      (@A -.B-)
6   !           
#        *  !      ,
  #     ! !          
!!  (C -.;D)6 !      
           #     E    !             
#   #  F      #    E  
   !     *   E    
#   6E  !                  #  *
##    !  #   E         :       #$      
     
?        !    !   
 !   #     5-.G<  
                  
       ! 6 "  HA
(-B.B)    >   I        6  F    (-.;.)         
 $ J !(-.KD)    
  -.G<      !     # 
   ! !*     " *    
   *     #   (8 ;<<;) 
        !           
        #   (L  ;<<D)
     *        # (J! ! ;<<D)
C6 M!N


           


               
        !       
#       $ %   &   
       #    
     &       
    $          
     $ '          
    ($(  J! ! ;<<DNO)

6         ! # 
6 !  (-.G<)  P    (-.G-)    5   (-.GK)         
  !!   #            
#      6   5   
               !   #            
#   Q                 !           
 *  #  *           
  (R C  -.S.TR  R  -.S;TC 
-.BO)+        (5M  -.SBTL  -.S.)
   !  !   !! 
         ##  #   
&  * #         
  (H   H -.BKTH   ,
H 8 AM = -..O)       #  
  # #           
     
6    ! ! ! ! 
!   "          
) (  )    !C !U (-B..
  J! ! -.B-)      * ! 
       !   #     
#  #   4    ! 
#  C (-.;D)      !! 
#  ! !*  #        
       F   
F7(-.SB) $ ! ! 
       ##       


4 #  # 2 * #  ##   
    E!        
        !   !* 
 #  !   ! E  
  I 6 (-.BK)          # 
  ! !    #    !  
  ? *     # N# " ! # "
   # " !   # "   # "   #   ! "! 
#   !    #   #    #     T           
    E  #    "     "
   "         
 #  E    C5  6N

 *   #       +,  # 


   #       -  .
/0 1            .
   $ 1   !      
   2           
3    0      
        +  +  ((;<<DN
--<)

,   I (;<<;)   #  !   
 E             
    6#       
        &    * 
  !      
  ##       ! !  # 
       *   E!! E   N
     #                         
 !    # $  T #     
   #           !   T  #     #     
        F!  -.;< # 
    !    (  I  ! ;<<<)
    !     !     !


            

/  /                   !            


       #$    0 FN
    ! ! Q    @  ! E    
F7T          C 
R   # $  >     F,  
5         E  !!     
 F7(-.G<)            
5   * #    6! 
 *        *   
      W    
  N          #  T
        T 0  
   0   #   # T 
   0       E    
 6    #    
   E       0   
 #     E       6   
         *                  
        5       0          
      E#      E
E    E
,               
   #    !     
      * #     !
            
 ! 6     #    
    !*&   !   0  
           !W      
       !FF7(-.G<)
                   #            
    !                     
     ! 6       *


  #$      #       #              
    !6 #   !  
#           # 
         
6       !##  
 !    *            
  # #    & !   ! 
   !        !## 
              
6    " !     
-.G<*        C R  (-.D. -.GO) > 
 I6  !       !     
  !   #       #   
(                )         E"*"       
   (    0           ) 
    ! !  "    E    E   E   
   E        0  #   
6" !  *    
 !   5   " #       !       !
  R        !     # 
 0      *           
!                
     !        I
      !   !        R       
!      !   ! !   
             !   / 2
    *            !           # 
  *             
    !        
=?=     ,  R   !                      
   #  #     5 I
F 5  >  8  8 #  F  
C5 I ## !       # 
                 
  (-.B-NO;)C   #      
N
 %      &#       
       &   4  
             #5
   $ 8$$$9            
8$$$9       &   
  &        ((-.B-NKG)

F!7I             
   !       
:;+           <
  <          
 &  &   &      
   <        4 
 ((-.B-N-;B)
F !7R     *      
             0  0 6
           #    +      
    ( (-.B;NK<)6        
                 
?   *    *   
#$   , I    0   
#     E!     !   ! 
 #     
6 # $  >       E !  
PF  P"F! E !  "  ,!  
,  (-.SS)       !      
 !               
           1  
      +          
              0 
      "   ! 5     "
              
0 /       E*     
E    X        
 #  E   E    # $    


       !         "
 E   0     E  
6     !       
           # "
     E !   E  Y     "
  (R   -.BBT@  -..O)E   
        #          
 *#  *#  9   9  
,             E"
  &           "
*  #       !
        ##     
     4        
  Z#  0 4   E        
    E       "
E       E  &   ! 
  *    #    &     
             

     

6 * ;# ["Q  -.D<"-.G<


4         R?+=>
;#  H  *       PP   8 F
L 6 !F! ! 5  6        
#   #           * 
  !        
       #         ! 
   ! I +  M(-.BG)   
   !     0     
   !   !               #  :#  *       
            
   2  ( \  --)         !
       ##       
\  --N6         
 N+  M -.BGN.B

C+  M    #  :#   &  $   


#       ?           
      &         (-.BGN.S)C
    0 ( #  ) 
 ( # )         #   
     (  #   9        
      #     &   !  ,   
      0   2 0 
    #  0     ,  
    #          
            
?           ! 
         +  M  
    =  @*I4     
        *                    * 
'> YA] M( \  -;-O)


\  -;N6  #  :#     =  @*I


 N+  M -.BGN..

\  -ON6  #  :#  *  ' >*YA] M


 N+  M -.BGN..

6           +  M   
  "*"      ,  #      
  #               
              
      #    #     
          ##     
    *        
 #       #  :#      
 !!         *    
       #   


6#  :#   +  M   *  2  


  #    N#  !       
  #   "       ( \  -K)

\  -KN+   #  :#


 N+  M -.BGN-<-

5        #      ! 
           $ +  M 
    #        
         0 (-.BGN-<K)+   # 
      N#     "# 
#   6       #    
           0   
   6            
 #           W
             7  *  
 !  #     ( \  -D)

\  -DN+   


 N+  MN-.BGN-<S


5                    


           #      
             5 
       1 #  0    
           0 
  1^    #       
   #        F  +  M
(-.BG)         "      
         6  &  
        #      


          

F!              * 


               
(R  -..B)6             
          (       !    # 
  &    !      ((I  -.SSNK<"K-)5 
     &   E     E E
      * ! N E    #
  E   *   *  E      
E               
#           $/#     
E       #    #    *
E     *      6    ## 
E   *E   E      E!  
  E0_         
           6   
   *           E   
           #     #      E       E    
&  
5    #   L 6 !(-.G<)   ! ! 
           
         6     


   1# F  E   ## 


         E  ! 
  E  #       !    #  
  +       
#   E   "       E
    # E  6 !  #    E   
   E   N

"           


 T

"               0 T
"                 
 E  #  T
" X              
 !        T
"         *  !    
  *  *         

6!    6 ! #       
            
             #   
     ! ! #               
      (AC -.B-)C6 !    N

   & <     4   


 &    #   &  
  $ &       
 #          <    
        #   4
  &    $ '   ,   
  ( (-.G<NB)

6               #  

" 6                       2     


  E                            
           


" 6          ##     
#$  /##     
# #$       
" 6                             
   #         

    6 !(-.B-)    


      #    ,    
&        &     
             
#              
 6        #$ & 
          
0             6                   
       ?       #   
()   ( ) # ()Q  #   
       E    
       Q       
 #         E 
 #        ,  # 
     *        
Q              E               E
  E  *    5      
#    #    
,              
                  
          
  *           6                     
    # !   
          ,  ["Q   1
        E!  F&    
             Q      
      N     1   T  
E    #     E    T         


    E   *     T


  &   E##   E   
  E   

\  -GN8  
 N6 ! -.B-
C6 !(-.B-)  !       0  E   
#        #                    Q           #   
       0                 
6           *                    
!    E&    1  E& 
   *  *      
       E     E   
  &  N       0    
              #   
  1         E   
  *Z#  E    R    
1*   $     ##   !!  
#     &

         

6  !!      


#           ! *  
   #    #           
  0 /         &
            
  !              
     !     #   
F         #  
#     1         
      *        
         F  ! 
   Y         
F!   #      *     
       ==         
!         !             !        
      #   !    !!
#     

    

,   E  F! (-.BK)   ! 


  /*#  E    E       
  E      E 1      
           E   #   
   E  R  E  1        6
  ##          *   
#                        
                          
 #  E  F   "      E"
&    !        *#  
   
       E  F!    
               
! E  E ?E #    
     &           
   "    &  
F #  *E      !7 
  E     F!   ,                "  
E E         E FE


    E##           
5     E  ! !  *                 
             1   
#     CI  , M  !# # 
  F!       E    
     ##          
    

 %           ##   


  4    #   A    
##         4  #
 +       ##     
(-.BKN-.B)

,  , M              E       E         


    E        E     6  E 
   0   /    E#$
    /      #    !  
E              

 %        # 4    


             809 + 
 #    ( (-.BKN-.S)

FE      E       #   E                *


E      E   *  !    
     ##           "
                 E   
                F
! ##*      !7
 
6       *E  2 
 1     N         
             E  
  7                            
          #     ,   *
         !     2 
           67  


      ##      E     
                     
             
F7     !  N "
    *E     *4#
     *    4E  
 #  #    E    
?        7   , M
              #              
             N
E       "       
               
E      E     E##  *E   
  * ?  #      1
                    #            
  F     E"&    
    7 ##        
       # 
6E               #
        "  6E  
     # "       
       7 4    ##      
#   E  #   ##      
          

           "    

?  !      E     E    


 , M     @  R L7 J !   $
 #  *!  /         
   #           E
 ##    *      
 ! 
6     E        
          E   F "          E     


           !6 R L7 
        N#   E   
 *          #    #   
 !         E   
6  *#  #      
   E E  #    &     ! 
  7           
                   E      E  
    E            E               
##  6   E        ! !
E  
F   #         E  
F!   *           !
,         *    
    #     FE    
              $                
# *   
F                 *        
     F"    E    
 *E    ! F   # 
           
            
#       !  F              !     
               #
           `    
   F!           
   !  #         
   [ , MN

 %  809    #     


#    +  #   
  <    #       + 
    #    ,    
    #4  B    # 
 ( (-.BKN;<;)


6          F  


           7
     #       
  /                
*E       #         
   &  #  * !   6
   4       #         !            
         4  !
F     # !        
6 #   $     E    
             E   6E  &
     1       #           Q        
##       E  F!    
      EE       6 
       E           
   #  #         
          E  
 

    $ %        

,          E  F! 
               @    
     "         
                               *
        #   E    
/-.;D / @        ! ! *
          0      
F! 7       ( \  -S)
67-      ##  F!      
;                       5 %
          7  H1 > 
            !1 !0 
     "         
 Q  "         !  


      ==             


       

\  -SN6     @ 


 NC  ;<<S
6  7  ;                          
  4 0   5   
7                               E
    6 #  E 
5             
  0  *  +  
  7 #           "
EX    #                       *       
        #  FE* 
     C   E"*"       !  *   
  % FE*  E    *
4   !   `  C      #
 D          !    
 
67O 0  #$     
          #     
 6      7;  


     #        
    4 1   1  
67K           
   `     $  !1   
    FE*4   
            ` 
              
67D         
F        *#    
  ##      #  "  
          
Q7             
 # *      E    
    E  E      
            ,           
       ?   !      
    /    &      N
7@         
     E    ,       7           7  ;  
     !      
 E!   ,        
       !      
     
I        N                 ## 
         E   T
   E             
             
                   !          
        @ N

-)       T

;)    E   E## #    "


    FE## E         #T


O)        *   


   F   E  E##  *
E      * T

K)               !        N    


 !  2      #
 ! T       #      
       

D)FE##     E  "  "


 "  "                7
  

I       N

-)           *   


        ! T

;)   2  *E  &   


   F    T

O)             


E7  7   !  6E  
          #    
      E  

6  @ # #  -.O. H H       


 !            
F               
 #             N
                  
       
6       ##      
      7       
H               
    N        & 
   #      


 F   *        
##      *     

\  -BN6     H


 NC  ;<<S
`     7  *   
  @ N   ## 7-T     
   7;T       7OT 
    7KT       
7DY#        ,  7D
     !     
        E   #? & 7
;         
6  H           
                             
##     &     
@ N  "   "  "  

-)6  ## #         #F


##   T

;)             


   /   *     
  T


O)       !      #


 !   !        
 

6  H     &        
        F #  ## 
   @               
#               
  #              N

-)      *!  1  


         #T

;) ##          


      T

O)                            


 !       
    T

K)     *       
 !   F                     *
  ? 1     T

D)            "
     #  T

G)        *  !                 


    ##               
*             
  

6  H      @ ` 


              
  *     2 ##      
Q          F! 
F      6  H    
         #    


   F H Q  -.KD


 !     6       
      #  N

-)            "*"      


        &  T

;)  7       


7 !   # T

O)                  


   ##     
#  

5  *   !     @  #  
H   

\  -.N6    H Q


 NC  ;<<S
  H Q         #N   
       *           
##        Y#     
&      *X N   "   "
  "  
/                       F!    
              ! 
            


        /## 


      N    #      
 !    (  )     ##  #
     ! (  )
,                       
   *          *E  
*     6 !  
           #     
           6
             
 F"  ##       #     *
         
F         
 *   ?       
     *    &   
7              
          *                   
#        *     
   "   *    
! ?       &&   
  !        
   !

   %&  $    $ 

           ! ! #
!!    "       
F!  0     ! ! !  
 C! (;<<O)         
    N                    
    *           T
    *     !   E   
## T    #        E 
    2      ##  # 
  &       #             F       


               !         
   *E*E  #   
5    ! ! # *!         
! ],  (-.S.)       
  *     "  (,  C  
C "P  -.B.)       #   R  
(-.SD)    #     2  ! 
 (\ M! -..KT@   ;<<G)    
   ! H HM(-.SS)     #$  
                 
       E*      
 (I F L  ! -..B)+  
            # 
! !5 @(-..O) #     !  
 & !   !      
I  !(;<<<)          
#         5   

        $  

6   !   !       


 !        8 I  !(-.BD)   (-..D)
 *  "  &  !  0    
 !      !      ! 
I+!(-.S;)P, (-..;)F!  ! !*  
      #    # 
0   (#  !      2        )
    #     (     )
     "   #  !   
      !N  
                  
      T          
 !        # T
          "  


     (!       )>


  

   I  !(;<<<)   #   


     !      
 #  FN

-)    !        "
         T

;)            #


       1        T

O) #            # 


          T

K)     #          T

D) #   #         
T

G)     #         

F          !!   !    N

-)    !  #               "


      !  T

;)  !      #              


             T

O)  !   #    #          "


        

6  !   #          
            F
               
        !  
     #         
  *           #    
                !  
            *  6
          *   #  
 #         !7F 6 "C   


   # !75 P 8         !7I
+!  #     #      
   #    !      #  
#  F             
  4   #    R   "
               *
               
      6%      6   
I ,         @  57 
 *       !  > 
 ! 7      
    (-..; -..D -..B ;<<B ;<-;)6  
       !      
    &           
 "   2?       
       *         &    "
  !          *  
     4                         
           !     
             
    
5   ! #              
      4     1     
  Y !  #     
F!   !  #         
     1        ` 
 !    1            
  I  !(;<<<)   #  !!F  
      #      
*         #       
 #  C      1     
         *      
             #  
      6         


!           


           
    F! 6    1      
                 
  
/         
             
 (#     !    
# ##  #     ! )   
        *        
  N           T
    ##T      T 
   ##
I  ' # '#

    

E      

    
;

\  --<N,        


 N  I  ! ;<<<N;G
6           *  
         N     
     1     !      
               
!  #              
 !         T        
*              # 
             ! 
    #            
                
    "   ##       
      


      

Y        F! 


             &   
     N        
   `         N

-)     #           
             !  #4 
         (,  -..SN-;B)

;)           # #
        #       1 
     `    *     
      &       
 &   (,  -..SN-;<)

F               
 #          ##     
          2   !        !     F
! !         & #    
&       (,  -..SN-;S)F   
               
        (,  -..SN-;B)
6         (  I  ! ;<<<)    
#$     !     !"
             
(+! -.S;)              
   #         &
! #          #  
  A  # 6    
      #      ##   
 N        &   #  # 
  4              T       
  A   *   #  4    
  T       &  


A #    ##"     4


       "      F
   #      *        
              , 
I    R   (    -..D  ;<<DT        I  !  -..S)  Y
      ! 5#   # 
       !     
&  !            
,     !          
        #                    
#        

\  ---N6  #   :#    


 N  I  ! ;<<<N-<O
6#   "            
            N

-)6#    !     ! ! 


      !  
 #          
    #      (I)
;)  6  #                          "
     *     (  #  H6R)     
    !  # (  )    
    (F)


O)6          #     
4              
(I:F) #  #   1  2 
#   #    
K)6 #       #     
           (F:) !  
2   (         )   
            
 0 ## *   #   
D)6    !       "
  #     !      
   ()      
G)6        
        #     (/:)
S)6    &#     
    (/)
B)6              
      (I:/)
.)6        $   
     (/:F)
-<) F                  "
             "
 (I:)

F*      5   


   #          !  
 !  &        
!   !       !    
      #        





        


    


  

              
                        
               
             
   !    
    "              
                 
    "    
#              $
         $ %      
     "    $    
  $          %'  
   %        ((   %                
"              
       )"   *    +  
  '",      -                   
             
        . +  
             
((  %             )"  0 
   "    +  
  2             
 !   
       +      %
     ((  %   !                3
             +             +         
      !  44         2                
             
            %       
3             
      +   


- %            5 


  "          
  +   %  "    
+    6  "% +  
7        
              
             
          8  " 
        +                  
   % 97  :;;<=7  > 
4???@   !+    8
                           
                        
       7  %   
 

     

                  


      
             
         
        ! 
        #          
$   %     %           
     & !  '97  :;;4A<@

)   +           


           
 +         
$          
                +             
$            + $ 
2 !       B      
                            
       


-      $          C, 


2  %  $             D              
      $+     
!               
    +        
)            $       %          )    !    E 
              % 
(FG %    %  C,  %# G  

                   
)                     2          
      %H   %    I 
9 J 33 :;4K@           
    "  L       %     %
    I  M   .  +       
   :N??+:4??  I 9  :;OP@G  
   %         %         I            
   %        *  
    "  C )   > 
9G  Q:;<O@

        NKN9 6  :;4K@  


        %   
)" 9S<?;PP@=       M   9;PP
:?:<@   %)  7 T          
 + B %         % ()  9G )  
:;?;@  E      0  
              %                
                      %   
'        U     M            U           G
V 


U 4:A#    :;K?


A)  :;P:  :

-   $         %    
     '   9:?:<:?ON@        
 % W   "" 9:?ON:4N?@#      
    J  '   S:<    
        9G )  :;?;@#  '  B
   $  + !$:<:N        
            
F           $G 9 J 33 :;4K@C 
                          
   9:<:N:;:O@  2                ! +  
      *  #    X +    
           %   C %  J     9Z   4?:P@
  6    % 8   %+  
   E + ,      
                      )  2      7   
          !  %  


U 44A#*  #    X 


AZ 4?:4

  ! $             %  
 "    8   )" 

 !    

% %          
          
#            4<  %   
I   9 ) T   :;S4  A  :N@  ,           >        )  BB
                
                 "  
  H           
   '   $*" $        
   +                    +   


   '         


        "   

U 4KA#   U 

C         E      


E    6           
     *"        9)    :;P:@  #            
      "    !  
    M   *"   97  4??4@7
E           +      A

[           D  $             


          $    
$   =

[                     $   +    


  '      '   *"
            %
 %


#       +           
   +      U   
     ! +    +    
     +          
  %     %   
         )"   
\ ]    \ ]  9  :;OP@      
    4??%  %    3  %
     ) )  

*         +           


     +                
            ,        -     
    .             
      / .   
0                        
. 0         
.   .       . +
  '9:;P:AK:@

I   7  94?:P@ "%   


         +<?B ) 

U 4PAF   $ 


A7  4?:P


#                        


 +       %      
              " 
          '       5
          %    
    5
C +    %"   
     9G )  :;?; = J 33 :;4K =
 6  :;4K@G    "         
+                             $*"
C !     H  
      \ 23 4 ]      2
           2                92    @  
 \25]\ +2     ]#"H
      +   +  %"  +
     %         #
             
   A     +           
      2                           %
   %            
 +      ) 
7 "   "%   %
"     7         
  %    I    M 9 @+
           ,   
M    E  '     -    
 ! B         97  4??4A:S@M  
                  9J   :;S4@
     "       X  
9        @     
    %    L         
           9 @


    +                
       9 J 33 :;4K=  :;OP=7  4??4@
Z " "   H  
  !      I Z  >  9:;;K@ 
                           
                              
"               
                 
     M       +
    !  [ E   
                            
          "           [         
  %        G    
             \ ]              
           %
                           
73 9:;NO@  %  "   A

              


M     =

            


                         
   +    "    M =

            


   X    +   
  

 "         


             A
     +        
       %       9
          @=  
+          
2     9   @      


        9   @  
E         9    "              
     @7 2       
    

U 4<A#       


A  
,           
             
   8     
  H           
            
                            2  
                      
            


"      

#H          J     +   


 KKK  I 9)  :;P:@     !
                               
        A     
                             
            
  6 ' 97   4??4AKN@            7     
     !# X + ,  
            
     9Z :;;P@     
                           
      ! G   
        %!   (( 
 % 97  :;S4@

U 4N AC        +   (G(  % 


A7  4?:P


)          


$            A:   
     =4 J  '=K J  
*   9     "3             (GG   % @=    P 
J    )"   9.   $    "3           
 " !$ ((   % @=<  +   
=    N      +                       
   $     =S          
  $ 
7               
                         
                                    
          +     
6                            
      
9G  )    :;?;@  #                     
              
           
   ^  +         
)         +M  
                               +
   9 J 33 :;4K@
#             +    N<     I        
! 4ON %I 9 J 33 :;4K@#U       
               7        
    !   0          
          +
            %  +   
                     
                "%
     "%       
              
      


U 4SA#        


A  
#             
        9>@             
                     M  
                       
       U=

       + ,  


         
    9>@    E             +    9 
                     +   
  @                  
  9 @=

       +  


     


#   $ % &'(' ')

        >+Z"3   
            0              
                   0     
9)  :;P:@            
 "                         "    
 ) 7  

& *  .   .


            
. 3 +       8 
                     .   
 #  & *   
    .%+      
              0         
                        
        .$  '94??4APS@

#           


               
       9 U 4N@

U 4OA#   
A7  4??4


7 2                               


                             +  
\   ]    U  Z   9:;S;@7
     E      +  
                           
            H            
   

U 4;A#   + "3  


A  
7    9 U 4;@    
            
               U     
       9)    :;P:@  7                    
!+              
X       A    I     8      "     
     H =    )    


              
     %                        
        "    9)  :;P:@
#            
            +          %  #      
 + "3       

#   !      +  


   +  =

                      


        9>@    
       9>@  U  
 +  =

 8  )          I 


         9>_ @   
    9 @    
9   @=

               !        +


      E     E

' *   ,   !  % &( '-)

  (GG  %          


U           +  W              '    
    ::4O9 J 33 :;4K@C    
        +    
   H     W %  
8 ::PN   $D % +   )" 
      +   $*"           
   E   3 +      
           9G  ) .   :;OP@  2      
               
    9E  @
'       3    8
        "         
U  +       E #   
         6   "  I 
9G  ) .   :;OP@       "    3          
                       )     *"    
H     ,     )"     U 
      9G) . :;OP@)  "  
""     %      )    
         +    #           H      
                         
               #       9 @  
   #B  3   & & 9  @ 
                             #
                 
      9G) . :;OP@
C           
   +  W  ""    
        %   %  
     +  NKS9 U 4:?@

#         +     
+  =

 J  '. S:<    `   


  U          E             9>@
!      7                
   X 6   
         9>_
@    !     8 9>_ @ 
            )      8  9> _  @  
"          =

      E       


           !  +            
        !  
             
         +                      
              
            )       
     " 9    @

U 4:?A#   +   (G % 


 A  


  ""     +   


               
 E       +    ::N;9 
U 4::@6 E          
   D   A    9  @  
9   @   9   @      
H     B9  @ 7     
     

               .            


   %  #    9>_ @   
 !           
     E         #           
         ! 
      "      ! 
8 =

                   +         
           +
.       % 
    "   =

           


 )      Z    
M   E    B%  
        B
   


U 4::#   +  "" 


 A  

. /   0  1 % .(#')

:4N?M   %   J V '   $  


 G        + $  ) 7  


\9       #             


                    
     2   
 7      - 
                    &    
     .     .   , 
#  ]94??4A:KO@

#             '                +   H  


$*"6% 7   C   ' 
'  B   C       
                         :K:S      
'        )" ) E  '  B
               
      (F %      , 
 ,             
  F     +"        
 2        . 

 .    &      


.   .    
            :;<=      
     :>?= 4+  
 %    9   
+         +      :@:A    .       
        #               
 '97  4??4 A:PK@

G                             %   


        !+. + , 8  
    +.   +  )    
            ""   #   %           
   +        H%G  
7      >   94???@       \   %]   +   
      %   %\    
 ]9 U 4:4@


U 4:4A#   +  '  B


 A  

  7             E     


\  H]          
      A    9>@  


+          9>@


         9>@       ,         
     9>@      
   9  @=
                  
  .       \      T]      
         9 @   
       X   =
    D                        
        \ ]              
     9>a @ +2   %
  )& %  J  Z 3     
B +        ! 
          
'  B           
                         
  ) 9    +     
  @
#             2       
 A             
  %5B      H9>a@=  X  
                        T  9 @=        ! 
    9>a @   %5B        
 9>a @     +       
  HE        TE =  
 9 @2    B =
     )& % 2    
       9>a @ +     
H  T,          
                              
             
(( % 


& /    %#'(2&)

#,         (GF  %       
   Z                        (F  %   
H          $,        8        
  Z"3  :P<K        $ :P<S7 
             "   8   $G B
)"  C   $*"       
  $   :<:N %    '  B
' !7 B +<?B 8 
#,     '  !$+  %
'   # '        $G  U 
 $          $G  

U 4:K A#   


AAaaT B  

  !   %CE    E 


         U  +  $  ""  6+
$ '  B + $ A

%.     .   


           


.%       +   #                 
     $           .       
                     
               
  3  8 '97  4??4A:;4@

7                    0     


     $,           F      J    
   "             %         F   
    '  # Z 
   #       $ 
                                
 

     C   +%:E<;


  7    2 FGH%
  .     #     
 .$  .$  '97  4??4A:;4@

C                            


        .    D 
   9 U 4:P@73B 9    @   
            
)I   +                       
           3                   %  
     C              B  %5
JK      B  L K 9  :  @ . :NO4
            *  
B           U 9P  @   
B  F  9<@ B  ) 9S@  B  6  9
:?::@7 B       H   A B 
%57          !   (( %  
B  %5*           
  OP 


U 4:PA#    B


A)  :;P:A4:K
-           T 
  3  M 9      )               @       
               2               9   U 
4:<@U :N<K     N44P 4 
  .           
                           
        
      B   
  +        )
%                 !
#      %    
          
A7N5P ,
ZA7N5*Q 
AZb d f 
7A   
AJ  

U 4:<A#) 3 M     


A7  :;O4
#         +    +  %
                         '  B     
     9 U 4:N@

U 4:< A#    , 


 A  


                 %5B      +    


    9>@      )
 3  M                 X 
 

 #    $        


       %5P                  )& %  2
              C
          
      %5B+ $,     9>@

 -  "                %     %


         $   +
$,     9@ +2       !  
   #            G   "         9>@
X      H      " +
     J  '

 #  "          


           T     9 @           
                         
 

2 !      

C                  $          


          $  "          
                   G          
B      '  B         
          8                          
 7        (FG (G( % .+
   B       
               
9    :;OP@  )     .                 
     "      
    9 U 4:N@


U 4:NA#       B    .    


A    6$ 



34
       
       
       
        
      
     

U 4:SA#   a   


  B 
A  $ 


#  "   a          


   .        
#  .          "            
 H     X   
      +        
              7        .        
   ) 3 M     ^  
                            
   .    +  # H
          6  B9:;ON@#  
        a  
              
             
   9 U 4:S4:O@

U 4:OAF    B, 


A  $ 




    
       


  !    "     #


                             
      !"     # $  &  '( 
   )  *   +                
                                 
  '  ,     -        .       /    (   
  $  0  )   1)"  2 ' 
)  & 3         
             
            453
567       ,       
 /8      4 # 9'7'

# 9'3:     - * -;<; 


;;  
  3, 5

   $4 15=7   > @   1   
             .               


                 


        )   )       
 )     '    0  )                   
    )+   )"  )    
        ).      ) -  
  !.   >  :  9=     
     & 8   A 1      !B!
:        (   6='

 %   "  &    !

+ C=6 6 D           
 .     @     *   4, F3
67'  +  C=6  *        1          
 '  (*   .        0           @ 
  .  ) '(     )   
   C=C     1*     
  !    ;G  4! C57'+CC6  
         .     ! 1 
 "# $ 1    H     !"   %   &   1    
H  I  4! C57'(   .     ;<;
          - 32 !"    -
      ! 2      *' ( 
)  *! C5+'<     $    
      -  4    %   , 
-   %' ( )  7'
+6      BI  ) '< 
*               
 '(      -   3 C    
     *      *   .
4! C57'J   * .   K  *   8  
   9          4!
 C57')8          )  . 
  @ '(    1) . L  ,  


) .   ) .    M )    ) .   
 ) -  ) N4, F7         
                 0 
)  )  )   -          '  +             
      .  -O   
  *   2  $ 4, F7'<  1
     1*            * 
   1  * -                .         
            $         '      -    
@     .                      
    @           1
*        % &        
  .  )   '

# 9'3(  *        % & 


  3K.8 =

    ' )* +,


     ) .       -. 
        $ 8   


   9= ) .  )  ) .   


K  /  4! C57'    9C).@    
   * -           *" '  (            8  
   $   '(     .  P  1 
 '(           .  6Q     
-'J   .A        
    1    @ '              0     
 D        .      
   - .   "# $        
      5C!6'                 @ 
     1              
           @ 4, F7'

# 9'93(      */   9C


  3      * 


+      -  )*./,

R    *    8    5= D  


          )     
 'I             
.      !  I  )  )   
   . -         
  ' 8            $
          '+.     . 
 )        -          
   - .    )      
)   )    D    
             .
           4& SC=7'()
.@   )        
)  1       .    ) D            -
            .   *       $      
 O       I      % /  
              
I    A       .      '
I)                    6  1  *   
 $    T        )       ) . '  I !  
     .    $ -
,    99    )/     9C'  "  8            P  
    ) ..      .     
.       )    
     'K T   1  
    '<        
 . .   )    '
:  $            
     )  )   P  )       
 '(   )8          ) . 
     --     'I    
      )     -   


$  .  .   )  .     


 '/   T)     )  
O             
         P                    
I  4          )    @ 7
 )    -      1 . '
   O         ! 4     
       7 ).@  )  .   
            .    )     -    
-    ')    )        
    .A             .      1         
               '

# 9'53(      T 65


  3      * 


(          -       T
         M    -   
  N             4UVCF7'
,   .          ) - >1)  
 1) -    P  )    1
           P        
 '
(  O  T .    F 
    @  0    1 - 
I  'I         2  I  
           '    -       !      -  
  &     .A  'K   
P    @  ) 1    )     
       ).@  .   @)1
              )J 
     )     4&C7'
 )   81   A -   
.    )        )"    $
     M  *       
 .  8  N4#  7'( P         
              1) 
            '    !       
   . - # $      
               *           
     .          8
 >   )      
    ;<;        $ 
)   ) 1)     8  '
(    4  -  7       ;;  
      )  ). 1<.1    
     .    1      ) 8        
)   .A             1
.A        '     @    


;<;      -    -    
  '  (                      .   1  
              *         *    
    .                           
   - .     4#  7'

+ 0 12  &  ! 3   4&  ! 5

(     T         


 .      *      ' ,
  3

0   123     4  


   6    7                   
    :                
                    4       
   ;4FF37'
, -      @    )     )    .        1
  *    8   '(          
.   .          -    
     2  1*" '(     1* 
   )          
  8      1     
    * -   ) ) ..     
  .  !  -    1*+  '
I     8  * -  *      
        D        
                 @)        - 
          .   
       @          
     )+        .   
. '  () .          8  )   )     
 *          * .   ) 1
   )          
          )  . - 
4, FF7',           
             
-     '+           
)  ).             
                
  '

# 9'63(      $


  3 )  


        )                        


       -  >   1
      1   -   
         1* -      
 4, FF7'(  1 *     H 
.    *      1)"      
1@        .   % &    
>     ',         
                   
 *1)" '(  8  )    
  $ 4 # 9'673

!)      .   *" X

!   -    - 1*+X

!   .          . 
       Y .      '
  1  &2   2  

I8  * .    $  .   


        2 !"      Y .  
        .A 4 # 9'=7'

# 9'=3(     


  3 )     < ' 




        


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

# 9'F3(    Z       


  3 *  

()8  Z           - '( 
             . 
           .A ' (             
                
 '(      4 7   : H4C=7
        -     '(   
.Z     .   !. '() .  


                ) .          


  )8 1     '
(    .        
       * -    1  
        
  *         '
(   .Z   
       P '     
       
            
   .  
  (.          
        O   
   . '
# 9'C[3J      
  1 ;;  
  [3 * 

+  !    !  6 2  **7


    $8    1   1 8    '
K      =9 *      % '(
      '(               
            'J  
             .      
 D     . -   & 8  ',   
)  $      .   
      * (. +     4, 
C7'
4  $  =!  4   
    =$  =    
       4      
                     
    ;  ,             $ 
         
   $  : > 4, 
F39F7'


J        - *       ' ) 
66  ,   .   5 .
 0   8    - )   
 5Q    6FQ1 '+F,
C9===C .  =95C .'J     -   
  8  )  P '+F      L: 
BH   5Q )    1   
, B=Q    Q  4, C7'
  )   )  C    ,
      .       .      
   '(  -           
(  P          1
 B )  1  =       
-    '()   P    C5) @ 
  '
               
          . 3M  C6 $
   F=Q     8     
 N 4, C3 97' &    >    
   )      )   )      
    ,          
0  )    3M   0         
  . 30A0B ,@ .K\  !2\AL! !\V
  !&A.@   >  *       * -   N
4, C397'         * .1
  -H    '() -  .      
@1   )        1)"    
   1)+2     '

+ !     "

(*       .            -


 @    .  @    3               & 8       
 F        .   . 1


  *      )       -
    *J2+I"'
()    @T8@& 8) D    6
   )  :&:  ( I . Y. 1
     @     )1) .  )
 )      ) '+=  1  / 
  ) . B'L   )   ]'I',    1
   ) )      8  =
.'  J                  =       
        & 8     )  $           )
          T    65' <            >  
              T
  8    -) M! !N 1
         1                        
     .  -       
 . 4 # 9'7'

# 9'3 @              & 8 =


  3K. 3

J                @ 1)  . 


) '+ 1     8  ) .  1  


 .  -    -         


  '    .  & 8       
 4 # 9'71 -        4 @ A 7
Y .             
    4   7Y . .        
1  )                        1     ) 
 @)- C       )
.         -    4 @ 
 1)" 7Y .          
V     .         .  /  
  ) .      8  <    <<  4   @  A  1  )+      2 !+7  
     .      '
<   ).   1)+ 2 !+  
    ) .       -   1    0  Y     
  6  * . 4   7
          * .         */'  <         
   -     F       
            . '( 0
         & 8 M   N)   
*  ) .   )   >   '

8 8 8
"   @          @  & 8 
     1  )    */'( 8    
.    )          8 @1
   T'& 8)  )  )-   
      @   . Y -   !  
         4   # 9'7 -
  -  !             4 9 57
  -  ! $1)+ I  4 67' */ 
          -    )    
 4  #  K7 )      
 )    )  '


# 9'3 @  )  .  & 8


  3  * 


# 9'3K    @  & 8      


  3&C

(      D       


   % &  .   @ '(  @    8
               
 .       O  ) 'K  !  @
            @ '
I        . -       
   .  ) !   1   1
                 1
  K  I       -  ) P 
   '
<       ) >      
             @ '
      )  $ /    & 8@ 
   @ '
"   ? @            
       :     ?
,          AB   
      ; 0       2
@               
      ? (         
    AC  $          
      $              
 $     >4F93C67''
)  &@       $ 3
D  $  >     
         $   :  ;0
                  
        $       
E  :      
  7      
  20 F 
 $        
    N4C397'

()         )J2+I"   C 
  C= .        
   '(    @  & 8     -  
*/.    .           
 -              
.A        )8  'I
1                K   *     I     
  4T:U7  .       .     
       -       : ^ 
     I      '

++ 0 !  !  2      2   !

   F . -        -
 8           8    
     .            
  '( .         
           1       .        
         )  !8'
,)          
       >'&        
           @   .    
@1   ).A     . . 


         '  I            P  @ 1  


                
     8           
     .   '
/   .             
             A ) 1
  - )       ',  H 
       >         . 
           1 
)   1     . )  
) '+   )       8      
        -      
    .      
  ) .).       
   @     * .  -  '
    . FC     C
        561C .    
  .     .  .       
    4, C7'(     
F9 .    FQ   )  
   5   Q    . '
*      -    1*  
        )  -  '< ) 
   M-N.  .    M  N
    1   .   *      
  -   ']'!I', 4C7     -
   K .Y     * -     
.       *     
   .A     * P  ) .
          *P  .  F',
      )   .       
    D        * .  
     .4 # 9'7'
 

# 9'3(     


  3 )  

(      @           
     )  )8 .   
      )     )
   -      .    -  .    >-     
                -  
.    $             
    '
 

T     .1*"     -    1


   8  .       .  . 
           @   '   
         . 
          -  1)  1.
  Y   .    1   . 
 * -           '(      
* -          . 
        P    '
      2 !"   -     !  
.    * ..  ',  . .  @ 
                 .   * . '            
        *    -    
*    *   )   .   1 -
)J  1)" 'I -!  ) .   
              @ '
+  -   !    .   
) .       .      
                 - 
   (.      .    '
R-   Y       
      > 1*"    1) 
.  'I     FC  5Q
   .  .        6 =6 .
   '(   .  .       8
 - 1)        ) .      
     96Q       '
&         )   
      'I      
   .   - G  !/   ! // ',) 
  - ! -          . 
1        .A  . -.  
 

 P - .            


 .       -   H  '
     1      .!       
    )"        -%  / 
   '(   *            
8               
       '(    @    1
 -  I     P      '(
    -        %  '

+  1  &2   2  -  

+-     .       


   =!F'        )  
.     )"      !  @-   
*J  '(  A     * )8  )  .    
       1    ). '(  
              4 #
9'9 9'57'

# 9'93(   . 


  3 )     < ' 
 

 

-   9:  (  (   


          
          ! 
        .  /   !  
     ! * 
!  !   . !! *    
     )  0
    1         
           
 3  !!   
     0        
!! * )      ! 
   *        
!!* ( !4! !6  
   0       
  . *      
0!       
,  ! 

# 9'53(     Z     . 


  3 *  
(*8            *  .
    '()     .A     * 
.   '(         
@        D        .  .. 
1 - )     .    '(      
         -      
   : H4C=7'R   -       
   ! '
 

# 9'63J   . 


  3 * 

# 9'=3< .      ' 


  3 * 
 

()             . 


     A    '(   .    'R
   > H  !     *<) +
 @-  8        - 1*" 
 ' ( .     1 -  * > H  !
  - -O  -   '

 54 "    )**7;+7,


  )          1  8
 A -   .     .  
   )    *    &  !  
  )*  . _     :   8   F
4& 57'

  4  ;2 

, -    0   *


       0  )      2  1
*" '(      8 ! H    FC C 
   :  @* .   '+  
   .                      
  1       '
        BI 1*   4& 
57 *  =FQ     6Q1, 
        1  6'     )            . 
           A  1  *         .      1
*  8  T  K   .  6 1  - 
*     '           1    ,      .
*          '+5   F5     
   =99 ,',    6Q     
8      > @   8  *O    8 
 4& 57'+   9    '
  * -   8    196Q4 # 9'F7'
 

# 9'F3(  . *  8  


  3& 5
,          @  )    
            - 
      ' HH457  .A  ) *   
     *  =CF   F )    *  
6   =8   ) -  ==   
4  . 9'  # 9'C 9'7'
     . 4 7 I    8    Z
9 66
69 F6 6F
F5 95 ==
= 6 95
F =CF6 ==

:. 9'3I      .  * 


  3&   4  HH57
 

# 9'C3(     -   .A  )  F51


  3#'& "'&  ]'!I',  B', 5

# 9'3(  -  * 


  3HH5  < ' 


 + <&&       

 D         1     


- ) . 0  )   6FQ1=5Q C56Q
 .      )    .A 4HH
57',* C 9 . 5'I 
        *  )  )    >  
 >     )  .  8  4 # 9'7'K 
             )   
 .                 )
      .        
     )     )  
  1      -       ',!  
       8  )         
-          `

# 9'3(        8    5


  3& 5


J                   


       >     .             
        )   3  )J              )    
.   1)" X  -   - )  .
   - -  0  )  )" 
 0     )+Y .    X 
               
        )      4  #  9'7'  (        )   
.                   
    1               
)"   -   )+'

# 9'3(  .       


  3 )  


J         ) -   0     


               1  
 )     ) -  'HH    $ 3

   :           


 $    4 $       
 6
    4   4  
             6
   4   
         :*! 
@#+            6
       
  )      ./
)               6
                
 4   =    >     >  >
 $       45397'

(          .  
 0  ) .     1*"      
 .     . 1)+'I  0    
-  ':       .       . 
 !"     P       
      8     . 8 
   'I  0  )  -  '
(             '*" 
   .              .    
                
@ . -    '*+        
      . -  .    
-            
   @         .    4
# 9'7'(                .A
@      0  ) .    . 
   .A     ) 1)"      
-        1)+ 2 !+'


# 9'3(   


  3L     54  HH57

J           0      


    ) Y.       
               -  'I
2 0  7 -      2 !" 
0  %       -  0 
! /!I          ! 1    .A1
)" 0   Y          1)+0
     )  'K       
I     ! /(    0    2 !+'


# 9'93(  . 0     


  3K  ) 4  HH57

   )        0  ) .


     )@    8   
1        .      '
I   8      -  )        
        Y    a -) !1!  18
@1         ) .  1)+
2      -     )" Y 
    4 # 9'57'+ ) 
  8     .       1*O  
    )           
   )       ) 1)"   
                 )        0    
.          2   1)+'


# 9'53( 8          


  3 )  

/ 0  "  

, 8            


       -4 # 9'67'

7(            ) .
   1               
    '(      
    .            
 -  )  &0 T  K  I    
      )J2+I"'

7J    )  1@      


 -   )  .    1)" '
   .        * - 
        -   .  A  '

97J    )        


    )   H   2    


        *-  @*  ! 


 2 !+         . 
  ) .       *+                 .  
  @   . -   *" '

# 9'6 3(      -


  3 ) 


57,                    


       Y     -  
4J       - > - -    '7
 0              
:  1,             
) .  '

,  -          0        
        -     .    
) ! 1    4 # 9'=7'

# 9'=3(  .      ) 


  3 )  


7(    @         
  )   K H     
    -      3     
  !    >    .  4I   
&0 T  K      J  7X -   
   !       '

7,     -     .  


       -     1Y @ 1
         0     2 !" 
2 1)+  '

"       -        
     .      ) 'K     8
   8     )        .       
)      M    N -    
.A             M 8   N
.           ) '&     
            
     >       8  )  
 )       )     
    ) 8  '2    
 ) P    8          @ 
 .     )  .    
     1       8
      ).@   -    '





      


      
      


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

  


            


  

               *


   3 % .   4# 4#!#/   
     *  5 .*5/    
        $
          
       (        
            .6 !"78/$-
            
                  
$2 4###      9##          
  $3            
               :   
   .6  4###/$
; <           
    $3  =   .!"">/ ?  @ 
?  ' '      &  
                  
             
      $3   < +      
            <                 
 A     2$
-         B      $
     C &D       ?  
               
      !  1 ('   2()    
  .6  !""9/$"         
 &((           
  E       <    
 "   #               $     %      & 
 !       (     %  *       *   $  -  
  A   $ +&   !     *    


*   ! ! !           !
, $
F  G H     + $    - 
 . ! !     !    !/    
$   /   $$.4###BI8/-        
<     +       <                  
   $-      & 
C   D$'  3 6  B

           


     !,        /0   
   , !  2     $ /
    .  !3/  % 
    .4##JB!8/$

%5 K    C   /    !


 !/     !!,,    %!$  !$ ,
!         ,      ,!   !   3 ,     !  4 
 $* D  .!""7B!7/$  '   ;   6   .4###/        
            
                           M   
 N$
%            
        A    
            
                  
<  $
P   &              
       ;  F .!"I!/     ,   ((  
               
0                < $  *         
   0                            
    H &   $-          
            $
Q              
      !#     .       


)1P/$3            


 A   !9        &
                 
   $-          & 
 F        &    
 +  ( ? (P    R  6 G  
         1STH%  6 $
-                              
  $%  B

!5 !5 !       !3  %


!   $         !           , 
! /     !6 ! 7!5 8
+           ,        
!5 %!53   !5 $ 8   
         / !  3  ,9    
    ,8+    ! 
  !  !53  .!""8B!4I/$

-                 5 
          
    $

      

-        &  <   UUQ & $2 
    $*         
             A 
     $*      
  $          &            $  2 
           
            $) 
   +  <            &
   & .=  !"7#/$
-                         
       (                   
  C  D     K    


 $-    6     


 ..P1@  )1P//$2 !7##%H          
     $'  0          < V
         -     9   
 $2 !""#    >II           !
     $<       88#>#W      
          !     $  
< 44       !#     $-
        0     XH   
>8    $*  &    
      &       $
%        
         &       
   .:   4/ ( $2      
   &      UQU  &   ; !
    4  < /  #!   4                  &
             $
2            
            &   
  $-         
              &               
  $*           
               
              $'  
  <     UQU  &  
   .* !"I8/           
        $P    <
               E
               A   &       
  $
3    $2         
              
    $2         
                


                               


  $'           
                           
                         
   $
6 R          
       0  E         
&                  $                
           
                  
     $3  (       
       Y
- &     A        
                  
.=   !""J/     1        
     '      '   
         $
-                          
   $           
              
                
       $-   
       &          
              $
-           A  
      : C      D. 0 4##9/$

  " # "    

- =       UQU &  )   
                           
                
          .6  !""9V3 !"I!/$
              
            


         :                  $    


        $
?            
                
   &        
          
       $*       N
   &            
      $2 <   
          && R 
   :A  $-    
R        A $)  
   &        R               
               
       &  $- 
         E&        
                         
                        :
         .XFZ /
             
       $-    
        <    
         $

     

-     K          


          
            
    &         $
*             
           
A               M$Q 
     &  $


5 K     & B


             !  /0       
3 %     $       3  !  !
,,    !   !  !3  %
 /    %  /    ,   !    
     8  =     ,  !  /   
,/ $!, !$ %!    ! 
$  %    !  ! 
  $ %  3  ,9%  !  %  /    /   !
   , !   %  !            (  
   ,  % !    9  4 / 
 ! $ !  .!""8B>>/$

   ;   -                  
        $% B

:  !! /    / !  %6 7


  / ! ! ! !        
 !!4!      867  
    , $ ! ( $
 !!     !     $!    %
( /   !  !    %
!  ! !%!  %3  ,9
    .4##>BI!4(I!8/$

-               


                  
         &    
              
                $  -         
              
              
      $
               
                    
           
            
.Z 0!""I/$-      N      
            
      &     


 <          


                $%     
                         
  A                      
          
 $

$    #   

'      4##7  %   1  
.4##7B4!/   &        B

(            


        V

(              
              
                
               
            V

(     ((       V

(            
                         
             (
$

     

'               
$

(-   .1S(TH% - Q  /  


              $

(  -                           


         .6   6 
 [/$


(  -                     


  .-  3 $$$/     
<      N     A    $

P               


       $Q         
      $

%       

6       &     
      &   $1  
   4##> 1 ;        
 3 &         
      !9&<      
  X=.           
    /$

 -           


      (       
          
      $
 -  $-     
                  1S  TH  '  
=   $                  
                         
  +$
  -     $ -               
           
                      $  -      
                           
    0       $-   
                
+           (             
   .  (  /$


 -     &$*&  


   &           
 A<    !!J      (
 % $
 -&  $*     
     &      
      &  $
 -  &$ -    &  
          $*
&            
           
                $
-  $           
            
                           
 $-  &      
            $
 -      $Q       
            
    :      
               $
 - &    $*      
            
                       $
-              
   &    + & $
 -$-          
             
            $-  
       &   B   
      $


 -      $*&   


             
 A  $
 -       $-          
    0                        
     $                
               
               .)  
*  - '   3QX6 /$
 -    $ -         
             
          $
 -        $  * <                &
             
        $
-!9&   X=        
                               
             A     <  
     A   N  K    
         $

&     ' 

  !"J# 6 3         


               
      $*          
             
             
              $
  H)         *
 ,%*          /  !   ! $
.4##!B4/$
-              
                           


! !   !// !    5      /  
  !      .4##!B>/$ P    &         
    $Q           
                $
)     &           !      !   !   >
   %    9,   !  .     !/  9   ,    $
     .4##!BJ/$
- 6 3          
                                 
        $  -  $ ,!53,
! !  ! 3!    !  
.) 4##!/$2               
           <B   
     V                V        
        &    $

1          B

  &           
.       /             
      .  /V
          + E 
      :   V
                 B  
           
E           :    
             V
  R             
            
         &    
   V
                
       &   
                        
          $


$     ( 

] (       Y1     
        
          
           $
    
'      
  '    
1  
          
       
(         
     1        (
      
).59$!/$

59$!B-  
 '  !"98
4#!#B3 & 
   . 
6 4#!9/

X    


      )
      
      
2     
  &       &
  
          $
X         
      &   
                        R       
 $          R 


             
    :.6 4##J4##74#!9/$
           
              
   $

$  "   

            


                 
     $'  )  )   
    (       2      %()   E    +   
  $&         
           
$; '     A        B
?            !  $   !     %
!5$ !/  9 %!,      
    %          %        @
5   ! , ! , ,  3 ! , !
,      3%  !            
/ 3    !  !$ ! $ 8
=  $     3  %     $            
/ !5A     ! !! 9   
!            %  !  , !  $   !
   !   ,    /  .!"9!B
49!/$

'           H & 
    &         B   
   &&        1
                 
  <  $3            B
                 
               
             
  $      (         
  A        && 


   (AB   *   & 


    &    ^    %  
       Q        
       B           
      &       
    )   .     %     
 < ^  A    X0 6  $
<   +         1    
               $- 
       (       .!78## /
                
              Q     $  -     
             4#4#.   
4>I    /        9!8## $
3                          
<      $'    B

A   !     3    %  / $       


  B    C8:    $    
8    A         (         $*
 3  !          !   C8  :  3   !
            !   !   8  =   
    !  ,   !    $  =     
, ! /9  .4##JB4>/$

-   3/D .    /      C
.   /  ?34.(   /  <!4./ 
        $-      4I79 
     ( B   (     4>  
 $'    (         
             9494#      ;          
!7I9## 3 <       & $
-              E 
     4####       $


59$4B-           <


B  4##4B>!#

59$>B-        UQU & 


B  4##4B4"I


         &    
 $2               
           N
             $

$   )*   +    

                 
         &     
       :$* 5 6 B

  !     %  *,,  


* 9! / !        !
        $ ! !    4!
$    8 * @  /    
/   !          !$      ,
 E  !    2 /  (    
.4#!9B8J/

-               
              &  
         $  *    &             
       E       
              
                          
.6 4##!/$-          
  ((      & 
                  
  $%;+3  B

C           %    $     !     


  !   !4 %+4 
       6F  %  % 9
!   %   87          3 
!     6  !%    $  %      7  
!    4        !//    !   !  
        !            !   
!   *  @    D.!""7B!/$


*       A      


E           
            
.3 4###/$        
             
             
   $2       B

!/- *      C  !!G!!%


  .   4 !A  D.  4##4/$     
M             
   $'     
 UQQ&    <     
            
 M             
     $

59$9B- *    


B   


4/- F 3     <   


5   <        
  $-         &
            $

59$8B- F 3  


B   
>/-F 6 0        (
       ( ((       
 E  <              
                          
    $Q    H    
             
<                       $  '
             
    R                      
            
            
     $


59$IBP   F 6 0   


B   

*             


 A              
            
                 $
       
                          


      B      


          
                           +
   E       ._  !""!B
!7/               )
                            
             
           
.34#!9/$
                
<         K    
    $'  3 B

C: $ %   *     3 3(!   


  ! $ 8      .   $
!           !    !   !      !,   
 *  !  8= %  
                 /  !   
$         $             -   !
3  8  , !    $    23    
$   $     !$          !    
$ /   8!$ ,  !      %
   %   .   !  !/   
 , %        $     %
! , 3  !      %
, %    2       !  %         
!   888  +  !      *        
$!  !  3     .4#!9B>>8/$

- <                 
&  K            
     .F G!"79B97/$-      
A          $-
              A
       <    
     .-S- S (_  4##>B8/$


$$ ,  

1          & 


      $% &   
                 
 4# $2 4##9   !J"7      !>7  
 !""9"$!   !"7!   4#!!  498#9  
  $%           
44JW        4##9      .7JW/A
  .!4JW/         .4I7W/
  &.>9!W/$

W   
3  0    
  
4###( !""8(
 4##9 !""9 !"7! !"7!(!""9
4##8 4###
    7J !#! !4> !>> !9J !7#
=  
!4J !!" !#! >9! >JI 98"
  
  44J 4!I 4#7 4I7 4"8 >I!
@ 7I 77 "# 4>8 48" >!I
@  J7 7# 74 4># 489 >!!
-  H 9" 89 I! !J8 !"> 4>I
(0(0 8J 84 98 >49 >8J 9>I
Q  J! II I9 48" 478 >97
@  H I9 J9 J9 49I 4J! >>!
=  98 9# >" 4IJ 4"9 >8"
 ('S !7 !" 44 !J! !77 4>#
  9J 99 9# 4"" >># 9#>
X  9# 9> 9" !I4 !J" 4!"
^  #9 #> #> >I4 >"" 977
X)X- !## !## !## 498 4J# >>

X   9$!B%        3/D3


X     . /
'B6     
=  !"7!(!""9(4##9  4##I
. '$' HH 4#!9/

-  (          
                  
      >>W !"I#!"J#>>W !"J#
!"7#>$4"W !"7#!""#$!""9     &


 487W !""94##9           


         $

59$JB*             


B5$6 4#!9
'      6            
               
!"7#          $

X    
* 
!"I#(!"J# !"J#(!"7! !"7!(!""9 !""9(4##9
%$  4$8W 4$78W >>W 4$>7W
%$   9$4W 84"W >$JW 4$>4W
Z    9$!W 8$#W ##>IW ##>>
X >$J8W 9$!W >$89W 4$I7W

X   9$4B?          3/D3  


'B6       
=   !"7!(!""9(4##9
. '$' HH 4#!9/


*  !"I# W !"J# W !"7! W !""9 W 4##9 W


%$ "8J> !>!I7J
!## !## !7J7J## !## 4"847J" !## 9#98!II !##
  "" 4
%$ 97>>
8#9 I#7>IJ 9I J8I84> 9#> !!8>J4I >"! !84#II> >JI
  >7
%$ 9J>#
9"I J#78#8 89 !!44!J8 8"J !J""!8> I#" 48498#> I49
   I!

X   9$>B?          3/D3  


'B6       
=   !"I#(!"J#(!"7!(!""9(4##9
. '$' HH 4#!9/
1        98 $-        
&    4#  & $-       
8"JWI49W$-         798W 
     3/D3             
  $-           +1 ()
 '      .84W/      3  0 $'
    &        !"7!4!>4!##  
 4##9       8W !"J#!"7!>I!W
 !"7!!""9>>W !""94##9$-   6    
              
     4IW 4##94#4#44W 4#4#4#>#$'  
     >!>####   4#!8$%' HH B

C            /   / 9        
/$  !A  E  ! 3    9 $
        !  $   ,          !   
!$  8  =       .    *   
   %   ! 3/D3  , %
!   :4 %$  ! (8 :4 
 ! %       ! 3,  %
 /  %                  !
 % - !         4%!
 *     !  3,    *%     
!  $   8     (
   %   $   ( 
  ,       %     !   *    
!*!  ! ,  3      *    D
.4#!9B4#9/$


$ ,  -

2 4##8I#W        M    .  
 !8I# /$*             
  IJW 4#48$
%   M  .W/ 
   
    
!"J# >!>4 9"!

!"J8 >II7 97J ##>4


!"7# 9>4> 974 ##>>
!"78 8!"" 97 ##>7
!""# I>44 9"4 ##9
!""8 JJI# 84I ##94
4### "899 8I7 ##94
4##8 !!94I I# ##>J
4#!# !>!"7 I!I ##4"
4#!8 !8#>! I>! ##4I
4#4# !I"!# I8 ##49
4#48 !77#9 IJ ##4!

X   9$9B-      M    .  /
'BP1%%4##I=  G P 0  %
. '$' HH 4#!9/
2 4##9       3/D3        448W
     >8JW     
 !8W$-         
          
$'      '  1 $

%   


'   %   3  0   
  
 A !J! >>
Q  !>9 448
*  !"8 !7"
@+    !4! !4
'H     I! I4
5   !" !9
' 4"" >8J
X !## !##

X   9$8B%       


'B6       
=   !"J#(!"7!(!""9(4##9
. '$' HH 4#!9/


$% (- 

&              


               $
2            
    $-          
               
 A  &    $3  
              
   6 *   ' '    4##I. /
   &       >49"#   
  .4IW    /!J!78# .>#8W  
     !94W  !7W  /       
I!4>8     $-      
      !748W    "8>W   
.* H 4#!#/$
%                
                           
   $%        R   
     &&         
   :  &        
 $             
3   3  ()           
 &       &  
       2     
   3     $
-             
    E  <    +   
      3  () $%  >####  
!#####    :        
       &98W    $
'      )  6 F.)6'4##"B!!I/     
   '     #9   `49   `   
        !98W$%      


             2  $


-        =  '     
        <     
             $
-                3  () 
M       $*      
             
 *   Q           
 % H  6           $
*             
             
   ? $
-             
    &  $*    
              $-
          
I#W          9#W 
       Q H 2  $6 
            
         '  X.*6''T=/$
-         !"7#  ? 
               
     $' I#    '  
          $-
  7###   9#W&     +  
            3 & 
'            &  78W 
       !8W      
 .*6''T=4#!#/$1          
               
            
    A $
- '        $-  (    
     4!W %Q6 4##J   498W 


    & $-       


             !!   `
  4##J  .)6'  4##"/$           (            
 B         
&    8         .
         $/
   &             
4     $- &     
        >I#     &  
   2     (     2 $%   
              
    $3              
                8#W     
 ' $2  >I##      (   
  !!8W        9#W
&       $
-          &   
      A       
     $-     
 >I      5            
 !J###             $
)       !9### (    
    A  $
-   *   :3C3?..        
           $'   
     !""#     !#H 2 
             
3 &            &    
  4##>             
&$ Q   &        ?  
 !"7#    (     (     
 (&$
- *    :3C3?..    99!4   
98W              !"W


   J$4W     44W 0 


$

59$7B- *  


B   *    4#!#

- *  0         B

0 !.   5/   >">  


 44!I        $-    
     98#I##aV

0 4.   /   8J"   >#J!


   !###4###9###a       
               
V
0 >.  /   !#!4   
I7!   I###7###!4###!8###a    $

*             *  3C3?..
                
   >JW        >#W 
4#W  (    !>W$-    
               
3 &         &  $


  I8###   P      & 


& P       <     K   
       ' $-P    
!"87 !"I#$* 48  !44       
!#    !###  (  + 
               $
-        6X'<   &
   3           $-   
 P             
  !   +       !7J#  $
-P                
   $* (           
           
  4####            & 
              
     88## $-P   
   +    *@P!>##     
  1   ' $2 &   !I    
               
 $  ?   4##4        
     0       $Q    P   
    A  P     P A
   >8H 1 (2  P A C3 ,>#H ' 
 P  A  3!78H    .$
-          
     $-    0
           
  $1       
           E   :     
9#W +      $)   ">+   
.  " /!!I    .  !I /$N 
                 
       N     
              +  


          E  
              
           &
 $
%             
       $        4##>
            
      4##"        ( 
     &    5   ^ $Q 
     A       
                 A
  0 !4W 4##J!8W 4#!#$-  
 :  A < 3      A 
  6           A   
J     A  <  
 8  `$2        
            
    (A       
  & A             
 $
2            $%
     '        & I#
     4##J     7!W  
   4##>    99  $ 4!4W.!4J
  /        J77W.9J  /  
     !98   - !8>   Q H$%   
 (               
97I###>>#### $
-          !IJW.9!I9"7 4##J/$
-              
9I >4       +   
              <
          $
-           


                *           F 


3      H                    &  $
?         "#+    
         A    
           ) 1 ()
<   Q $*   '  '     
      J7# $* 
   A         K   
       %   &     
             $ 
          &    
   N    $      
< 4##I        H  
       C      
 D$%      <         
  $

         ,.

-  %()                  


< ! :3      CF ' D$ <   
                            Q b   
     ? $*    '  -  ; 
%  Q b     &     ' H(%  
  UU &                        
%  $X      A   
          $
-         & B78W ; 7#W 
- I#W '            
    &        ' 
               
   $*  !"8#      498W - 
>#W ;   >>4 W ' $ < 
6        8#W       
& 4c>      $-      8
      4##99#W          


44     4#W             
I#W        .6 4#!4B74/$

59$"B@   
B6 4#!4


-   6 .4#!4/       
%()            
 6   >8      &
 A                 F    $* (
             M  
         <    +            :   
     $
P                           $
-   %() A      
          
 A&          
    $2  6  & 
          &  
   ' $           M
          +   $

  

              
                   
              
                 
       $
2             
           
           !""# & 
                  
   %() $'          
              
             $=
     &            
   <    $




       




          


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

         

* +,-.%     /  


 '#  '       
         !  1           '     
        %'     
    !*   %
         #   
  '     %/   
 !$ $223

4                     


          
       
                   
        


!"#          


             
     567.+837+9:!
"     #        ;
 8.<     !"=      
          #
   !1        
  ;    >   
?          6 A 9!+:!

A 9!+3  $% ') '

    !  " 

B              77              ;  


           !
(%       >
  C         #  #
    /%      !$   


   7..,%    


' '   !
       #'   $2267.+8:
  #!   6+,DE+,-E:    
        +,9F+,D+
   +,9F +,DE      
     # !   +,-E+,FE   
#             
   !( $223
    &                  
   !"(    !)#  *    +             
     ,   - ,
     . 
 +     ,  / !)# 
             !01      
 2)1###     (#3   
42###  20## 5   
    (1##   2 3 
6 721# 8    0#3   
   !##  ###      9               
                   
            ,        
       :67.+83
7+-:!
&            
          &   $
)     #  
&  )6 A 9!7:!"       ?
                    
    6 G+9 7..F:   
*  H       
       !& %   
         %
  %  / 
          !I
    %      
   #         
         %  #   #  


         % ?
    '        !

A 9!73    =   


 3$22%*  *  %7.+8
# $       

$      7D      #


    J       
            


     (L   !" 


    %     %
     #           
         # 
 !"         
     3      
%          
        # !
%    %#    
       B  ;    
               
  #   ) ;    
=                 M         
 !$ $  %

;<    .5     =


 .      
>  ,   .   
                      
                   
          
        +
     ?        ,    
                :
67.+837E,:!
"%   #    !) 
/'      1 2   
             !1%
           B  
      )%                    %
     
     #  #/6N%7..F7..,O
N %7.+8:!

%    " 

       


 #        !     


  -.<     %%


2  % 2%2!"     %
     "     7<!
  %       %
        %  % 1 %
$   # $    H  
   +F,8+,+-!   
        P  %       $          P  
    H  %  'I    'I2            (  L     %  
     O  H 2  #
1 2 B    &  &  ) ' O 
H2   "   /Q +F-7
      QR%1   &  ) 
) S  SO%    
  H +F,D+F,8% 
  +,.,    +,+-%          7.....       O  %  
(   +,8F     
 !
H       '   
   !'B        
 #    '       
  !&          
P  H 2%    
           'B !    )      $         
        ( 
   # '#   6@   &   5>
A+'):!

&  '   (  ( 

$%      ')  !I'   


     +,F.+,,.    
            
 T N        6 A 9!E
9!8:!


A 9!E3   $%


 3        B / 



 )*
        
         
           !  
 "        
   #  $  %    
           
     !       
     &     
               ! 
           $ 
  "             
#            
               
    
A 9!83   V    $%
 3 '  


     V            
 >       !
       '  
  #    !      
    6:            H2  6+,FD:!             
        !

A 9!93W   $%
 3 '  

(  9!D3    


 3 '  


        


            
>%         
  #!"      %   % 
          !I  / 
X        !

# $  +  "   + 

*                 %             


    !       
>'   !"  
B           ;
                   !  B%         
           'W&)$"B
+,FD%           
         
    !(#%     
      
 %5.%   J ?
  %    %   
    !$  %      
            %       #         #
     ;%   %   
         
     !

# , + (  -

H         


  #  % !NY%#   
  #       
                           
   #    !( %  
        %  ;
         


                       !


'   '        
  '   !
     %   #  =  !"
      %  %  
    !=       '   !
)     !* C%
 '   !"=   '  3
  %       %
 >       % 
             !      
'    '   %  '    ;
    %      
  !"  ;    !-  
C  C     T   3

;          =            


   C  +     
+    D          
                         
=    
         6E8
            
         
   F    G    /
                       
      /  ,
  :61" %+,FF3+8D:!
I            %  
     %    
        !     
3

;                  


   H     
                              
        6E8/
     6   I    8              
       J
                      
        


     6E8J    


                    
+       -                 
 :61" %+,FF3+8D:!
)+,E7%Z"6 *2%S  ( %+,,D:    
   4 # #5     
         !
"        
       =          !
B       #    
          !B
  =    ?   
 %  ;   #      
!
%      %   
%        ! 
% /         
   SW!
(      %  " %  1=     $   67...:        
         4             5!       
       3     %   %          !  '
 C   '     
 !*'    3'   
 %           
 !"   %[C1 
3
;    +               ,  
 ; : ,  
        ,+
   +    +    
                         
   :67...3+7E:!
) %          
   %          %          %     
      !   /  
     %     


     6 %>% %   %
  %!:%     !
* %         %
  !*     &\] 2%
   (%  
             #
 !$ Z6+,,737.:3
+:          
     %    %         %      
 O
7:    /  
  !)         
     !
  #  # '  
    !B    #  #3

+: ##       


C #O

7: #     !

B   #   # 


=       !

. . .
       
     "   "  6+,F.%  +,,,:               
     !* % 
           
            
     !  
 L 1         ;   
  !  %" 3
;-    .      +   >         
               +       +
         >  
 + J    


                        
+      K  
                        
 :6+,F.3+D,:!
"   %# "%    3
;     6E8   
        68  
    :6+,F.3+D,:!
                       
'             
   %=     
    '     ' 
   !"=       %  
 !)    ' %  
           !
       
   %   '   % ;'  
      '       
!       
      !   
           
 !    '  
 !
    C     !
%    '      ' ^^ 
               
      #  !* 
     %   
    !)#    !

##        

[   %X       


 !"     %  #  
 3       !" 
  C%    >


   #     !) %    X  
    #       %
           %  #
  %       '  6 A 9!-:!

A 9!-3     


 3*  %7.+8


                               


      %      !(   
>           'W&)$"B               
' !B           
         !
 >     
      !  I                     
N=           
;      > 26 :
!#   !

+:     2 = 


       # 
=    ?    
 !

7:        


#       
/  %     %   #
                              
? !

E:'      >   


     45 4 5%
      !

8:          


 # ?     
 #          # 
 !

9:     %   


        
 #     #!

   I%       


                   


 3       6   2:%       6      :%
 6  : 6 :! 
      2   
 #65>AL:    !
'                        
6   :%  %    6    
 :  6'  '    :!"
              
          2%  *  3
;                M        N   
   9P  Q  MMR
        ;
  :                
6    8H R
  ,                   
    C                K
                     
                       
    + 
     :67..7377-:!
_          
%      B !$ *  3

;5                   


 S Q+K  
    /   >,Q
                 
         
5          
                
     T  J  
    ?      
N  R   U 
              V      
    , V   ,
        
   , M
    K   
               ,  
      +            
         ,           +:
67..73E.9:!
"#     '  3


+:'       O

7:'     #     


'  '         'B O

E:      %  


 C '`!

'#          


  #  ^I^!)+FD.% 5+    
      
   $       +FF7%  '    
  # $ +H +B    ! 
    !"      
        
    %  %5>
W.  %   X          N !  *         
       C%
 %%  %% !
"            
?           
   %              
       T% +,7.+,8D!"
      # 5+%$ +
H +!'  '      
'       '      #
 !?        
      '    >
    !
       '   %
     6  :                    
            +8! C% 
 % C      #C!*
  #    &   &  B   6A+ 
Q +:!% '     = 


;                         = 


   !     
  # !$  6+,,E3F9:%    
  '#      3

+:=   % X     


^I^% +FF.+,,.O

7:=   % X9+ 


Y  +,..+,79O

E:=    % X  #    


5+%5>A+$      +,79+,9,O

8:   =         XL   HM     
$ +A QZ5>-         +,-.
+,,D!

    #       


 !Q   !
*     !*   
L  +,98N +,-F%  #    
                    ;            
$    !        
    +,,+%                    
           #
        '     
    2      
        !
)      !I    
    X  ?        
T   3

;                         


             
      N 
                    
:6+,,E3F-:!


                              
    !        
`   +,EF!I +,8-+,9.    
T         
      ? >
  !
)%     >  !     
 #       
     ^^6* %`  %L  N :
?          %   
           !*
 %            
  B          # 
           !  
      #   2 
      #!* ;     
           !

#%     /

             
        !*   
%       ! 
+,,.  T      
              
        !
"            
       !   
  #=         
    5 M   Q  5 %          
     !        
                      %   ;     
   7.+.       
        !


%         


   3

+:       


    %                #    
#O

7:'  '    '   
  %      %  %
      C%   
    #O

E:      #  ' 


  '> !

 %      6 A 9!F:3

 #       6 :O


  #      
   #    6 :!

A 9!F3      


 3 '  


           


      =  '      
  ! #=  %    %  
        #  !   
            
      !

 #        


  !

  '      


    '  %    
         #  !

*  %       3

5>9 M   &  B    ;  
   # ;     !

Q5  'B      *!

 5  &   ;   2     


   H  !

5 ')   Q !

       T    #!

A 9!,35>9 M
 3   %7..F


A 9!+.3Q5  3 '  %7..F

A 9!++35 3 '  %7..F

A 9!+735% 3 '  %7..F




B     # T   3

+:      % 


 #  5 M      B  
  5    P  O

7:                         5  Q


5       

Q                          


       T    !
)'  '    % 
          
    !"      
            # 
           
             
     #!$    H    
*%  #  #   2   
 %  '#         C!

A 9!+E3"    H  


 3   % 7..F


A 9!+83   J 


 3N 7.+8
(          
 2           
    #      
                            a
(           %  
      a

#& 0     '(   

      %   


 #  #    !   
   %     
 6(":                 
  !   # %    
  6"(: ;   
        !


(  #  %   


     " "6+,,,:      
!$  %       3

+:       


=# !B # P \J
"  ;%         '   %         
   J %- 
 !

7:       


    #  X      
     %
   / '       
 !

E:*           


          
                      
  #!1       !
"     !

N          


   %      
  ;          
    !  #%  
   %    !_ 
         a
'4     ' 5          #     * 
67..7:    !)#  
     #    !%
        %
  % #       /
          '         %     '
W $  !I          


    #  ;   


  !
*/    % # '   
+,-.          
           %>
W.        
  !        
               
 !
        
         !  
        
/6Q %/  %  :!)
       C    
          
 " %L 1  N=!)     
 %  !1    
        
        !

#  1    !        

  7...%        


       %    
  !)#  !
*             
 +,,+%      %
F989D  +,,.E9+77D7.+.%    +  
   ,    6J   %       %  $:!  *   %           
           +,,+%  
                                 
     6 A 9!+9:!A #  
            %                     
          
  !


A 9!+93  
 3   
   7..8          
         # 
6 A 9!+D9!+-:!*    
   #   !

A 9!+D3  9   


 31  %7..8


A 9!+-3     


 31  %7..8
 #          
 !* %    
    T     %  
     % Y
      !* %   
     %   
        !&  C   
        
   a&   #   
       aN% 
           
 #       !
*          
 !"        


        


  !
 7..D%     *  
 %             
W&)$"B%       
   #%5XY  J 6PH":    
     "  '!* 7...%   
       '  "  
 7..,!)%      # 
        >
     6 A 9!+F:!

A 9!+F3  5XY  J 


 31  %7.+.

*             


      %  = 
  7.+.!"        


      /   


  6 A 9!+,:!

A 9!+,3b     " 


 3   
W       
 !"    5>5    9D..
 '`       !I 
           
    T       
 6 A 9!7.!

A 9!7.3   5>5


 31  %7..F


( / %       


    #    Y   
 !I  T  >  +,7.
                          5>5
  !"   7..,6 A 9!7+:!

A 9!7+3  %5>W.     


 31  '%7..F


)%     / !$  # 


 5>5     E9..%   
         2
         
          6 A 9!77:!

A 9!773  2 5 


 31  '%7..,

H        ?   % 
     "     !
$         Y    
 %          
   #  !I   
       ?    
    %    
    % /         
  B %      
#        !N% 
         a
* %        
 2 %        


 %    ?      
   a"     
              
    a)      
        
      !   
        
        X      #  
!

% 0    

         !/ 


           #
   )  %     
  !*   C    %AT " 6+,,7:
   +F-.        
   [    '      
                    !
     %       
%[         % 
              T 
                 6+,,7  3  +++7:!  1        
4'   5%       %
          !  %"   
      W&)$"B+,-7    
            #!)+,,8%'W&)$"B
         '   
             
 ')  % " '   
'       '       %
                     %     %  
     %       


      !"   


    !

%      /  /  ! 


  '    'W&)$"B  +,FD%
  C '     1 
"  +,-F%/   *  
 +,-,!* '          
 +,-F+,F7   #     '!
*         %                     
 '   %         
   #  '  % 
         )  
6   c  E!7!+:!  (    %                     
'    ' !
"    'W&)$"B  
   =    
   "       
     %    
    6 A 9!7E:!
           
     'W&)$"B%   
      !" /  
         
#   W&)$"B! "          
  "    %  %
        '                       
#    !
* #%        
 !H     '      % 
W&)$"B%          
       '       !(  
  +E....   # %   '   '
  %    '       


%      %     


61 %7.+8:!

A 9!7E3    'W&)$"B


 31  '%7.+.
)+,,7% #    1  '%*  
 % +,,E      
            LHd  6-   B  ]  
^  %   1        "          
  :!* %       
>%  %'           
         % 
     6      %  
       %  ' :! 
    #      %
   ! %     
     #  7..-3 
            6->U:        '      65  


5U:  X +,,F!'5  5U


            3              ;  
                #          
  O          #O  
   !
* %  
          
      !I  
             
        
 !            %  
         # 2  
              
         
  !
_       %        '
   %                         %
'       >%    #   
      !"   
      ' %  % 
 !*  #  #    '  
!

%# 2   / (

*        '%/  


    /  #    !
       
      #    
 % C  %   
 C       %      
   #!    #
         %   
  W&)$"B                        >
               #


    !*   W&)$"B+,,,%


1  N 3

;              +          ,


   9  F     
          
                   6E8  H     
.                        
       
                         
   F  .   : 6+,,,3
F:!
&              
  N +,-8   W&)$"B+,FD
  *    +,,E%    
 !(   %     
                     '         
        !(    %
            
     #                      
61 7.+8%N  %7.+8:!      
        / 
/            
   a

&        /  


    %      
 !H            
 \+%     
'`!   C   '   \+   
     %                 '     '
' H  1  I26 %+,F7:!   
   '# +,ED '   
    ' 1 !* % Y 
    #       '  $
;          '  


  '`  6+,9F+,D+:          P   )
6 A 9!78:!

A 9!783L+ ' '   


 31  %7.+.
       ' '+,DE
     N!* %$     
                              
     6 A 9!79:!

A 9!793          +,D.


 3N%7.+738+


* %       


   #   %  
'     !* %  
 = %    !6*  %+,F-O
N%7..-:!'          
         
     >     %               ' 
  '   %      
!1  %         
   !

&        ' !  

)7..-%       4$7.795 


       
             !  "                 7DE
     #    #          '      " 
$ /  $6"$($: (  
& W *  6(&W*:!    '  
 '    $      
              =   7.79!               
#3    O         O
  !)     %      
  3

A          Q+2#21 


                Q+           
                    
              
            
        
   +67..-:!
( '   %     
            
  '         !
  %% '         


#   '` ;       
     6 :   HM !
'HM      '    
'`   7D7.+.    
  %HM %    "     
    (1%       
 !"    3HM  $ 6   
*%  2 :OHM  *OIM  &  6 I :O
HM  ' =  6      22%  2   *  == :O  HM 
"6S S:OHM C6 H :OHM    
6 A 9!7D:!

A 9!7D3HM 
$ 3"    %7.+.

  %      %  


#  #   HM  #  
 #HM  3HM  &    O'HM  $  
* !*%      
 #  3


   *      D  '   
D....%       * 
    +.....%++    9....%
+D    7....+7.   !

 L    8  '     


    !

&#    (    

*   %S"267.+.:   


I&$))A          
=      !I   
#        
T%         
      #  %    
     % C    
   #     !
%"267.+.: I&$))'   
     #       3               
 !* %'     'I&$))
 C       !C 
   9...   !       
8.<      C !( %'    
      C % 
    '   '            !  )    
 '  #    %"267.+.:  
 #C      !$    
7DF8  +F    %  C
       D7,D9F  
,.9F9   16 H 9!+:!
"2  %  
   %  ;    ?:67.+.3
9,:! )  # ;   
   ,   


   :6H :!)  %;   


      ? .   
              
  F        J 
F Q+     
   +:6H 8

H 9!+3)    '   #


 3"2%7.+.399
  #        
 %       
$!    ,.<  #      
  %F<   7< !
)  8.<       
 C%"2       
  #     6 A 9!7-9!7F:!


A 9!7-3       #   


 3"2%7.+.39D

A 9!7F3 '  '


 3"2%7.+.3-F


   97     8.<    
   !"267.+.:
         7.
2   9.2 $ B !"    
   %       
&      )==%    B    &   * )=!)
 $ B     %    
       'I   'S/
  '[  6 A 9!7E:!
  %   '  % ' ' 
            %  
              
  !)#       
  

&%  /   

  #       


 %        
    !)%'   $   
   ')   ^I^      
   T        
A            
     1 'I 6N%7..F:!
'     '       
'`        
  !     +,8-%    
 3   #         
    '` 'Ie $    
 #         '  % % 
  %!N  #   '    '  
   '   %   #   
        '`!
B% '    N+,DE  '+,F7%
'     !H    #   
  1 'I   ! 
          
      C!  %         %           
 %        
  !f*%     = %'  
       =            %      =  
 !  f  S %               %           
  !fS% #    '' 
/    6$ %+,F,:!
'  %/     !" #
        
      N             '              
   3 %  =% ! % 
     3   #
         
    %      
  !
    A  +,F7%   
     !      
      %  % # 
  #  #        
  '      '   
          !   #
         #    
       !1% N3

4J      ,,


          
  +       +               
 T          
  D       
      ,    567..F39:!
*   '          N     %            
    ! * 9.    +,D.%   
  7...7..8%     
       '    %   ' 


             %
          
2  !
$ P6+,,+:%     
#/!  &               '      %
/  %     #   
   (   
   !      6
:%      /   %
                 
      % !   
      '`   '   %
  !)           
  %      *     
 !       #   
  % '     ' 
#/  !

. . .
$    =         
 !           %   #/    
+  !  %+   
  %      !

 < 6  :    6 :


 (  Q  !    #  3
 %    '`   ;
   O ' %    !( 
 %      !

 W  6       :     


 1 I !I   '`
  Y   !
 WA+6       :    
+             1    I !  $       
      !

A 9!7,3     $


 3N%7.+8
      +9 +,-+  ++ 
+,-+             %        %     %
   !
W ='          T!
$  +8  %     #
           '`!"  =
       E.+..   
        !"   9 
      (       Q                 !  W
           
      7....!    
 +F        !
  # +       
 +....7....!   ' 79
 # +      +....!
             
      !  '  7F  !\
+           !
 +7.8   9..!

A 9!E.3  '    


 3N%7..F

"  '  %     9 % 


9    %                          
!     %  9 
   %   6      :
    6 #:    !
        #      
        '`   "   
     !  '  
    3D.<     # 
   6 %%%!:% 8.< 
   !     
%    /  #     
       !
' %        # %
    E,    !
'     %    
         
   !
          %
         !)
 %   '  '     %
 #    '    !  
    34      
            . 
   56*&G7E,D 79V.,V,+%+,:! 
'        
         /  !C  
          #   
    '`!     # !
gN          
/        ' !
$ N%
4            
  >     6  >     9    
        
    8    
                  
    T  567..F3+-9:!


$          6  
 :!      3

+:        


      %       %      
     '   
  %    '%!

7:C    #   >


 >         !"
# # G+F 7..-   +.< #
 '  ,.<  1 A
   1 '   !

E:   `1 '     


       'O,.<   
  C #  1   
T       3  +9  <         *O  9  <         
  O+.<    =    
9<     !D9<    #
        '!

8:*    '` /      


       !( 
 %    # 6N%7..F:!

I#     %   


    4   5!I'  
    '      Y   6  %
'    '   :!"    
        !
$  '%    '7..-
  EE,.   6DF   : 
   3  7  .9D            687       :     
 O88.   6F%F   : COD.-
   6+E   :     '`O


7F-            68%7       :           


# !
1                        
  "      %
'`     =       
   1 '   ! $
%     '   
      !$     
%         !

. . .
  "      (     `  6"():           
 (1     # 
         !"
    '`   #
          '   
 %      %   '
   %   '    /
 1 '   !
)                %           
       %     
 %'       '   
     '   
      !      
      #  % 
     '       
   # !
)$%#  #    '   
G9 +,F7!   6(*L:    
   '     #  %
 # %           
#    "      (     `!              
  6(**:    


   #  #  % 


 %     !
 #%# (*L 7..87.+.    
     !       %
  +,,8$ L `  " 
H 6$L)"H:'   '      
          7...
7.+9!'           %
      !   +,,F  
   '  '7..8 !"
    '    %   
    %      ' !
     '        
        
 #!
          3
  7.EF.   +,-F87
-E7# "        '`!"
#    77 E97 %     =  ' 
  68E97:%" 6-...:% 
67..:%  # 6+...:% 
 6+9..:%     '
 67..:%   #    6+..
:F...  #   6 A 9!E+9!E7:!
  (*L 7..8     !*  %
              
E!E<   #   7!E<%  ;     
# T        !
) % T         
 T        C
 =          
             #
      !` %   
            


        !)%  


 #     % /   
!
(       %   
7..D   !)       
 /        !  
(*L    7.+.                          
    %                    !  )    
   #% 7.+. 
                   %      
     %        
 1         %                    
  (  Q      ! 
 %       (*L        #       3   
'     #% #     
         %                      
'  !B%    7.+.  
              6   A   9!EE:! )  7..,%      
      '   J   5     #       
        X 
               !  1            
    !

A 9!E+3   (*L7..8+,-F


 3  '7..,


A 9!E73(*L7..8
 3  '7..,


A 9!EE3    (*L7.+.


 3  '7.+.
( %     ^    7..D7.+.
     '   %  4 
  5%                          !  
              %     %    #%  %
   #      %                
  !" # 3

          


    #  # %   !


     #    


       %
  !

    #            %        X   


         T !

^          


 3
   "    #     
X       !

             #              


        %  %  
 !

       %    % 


    3L *O  )O   "CO
   &   O   "O   $ 
$!

&  /       


  %              
  ;        
  X  #  a     
     a"   # 
   %    #   
           
 a*   #   
           !

. . .
          
              
    '!    
    #%         
     #/!     


    B   X     !
      #    
             
 !* #     
%     &  %) $
 % T         
      !   '    '% 
          
  ;%        %   
         
      !"      
         
          !)% 
        %    
             #  
         %
    /    !




          


                 
               
!           
         #       
    $             
 %              
            '$  (  
         $                 
        )                 
        *    $      $  
  '+        
            $ 
,               
              
               !
      '$-    
+      $     $      
   '$    .      / 
0 $              
       1    0 +  
 2    /  34    $   
      ' $5      ! 
          ,
 $                5
6           7+  /  0  
        '$- 8     9  6 1
  !         )
              
                


:      %  ;<=> ;<?@  


                 
   )  ! '          
     $-    $       
        $       
      +         
     $   $-             
        
 $     ;<?@  A        
)              B   
     '$    $       
             
          $    $     C
  )     *        #  
 D      $       
              
   +$      $    $   
         E,C.+-   # 
       
)               
 $   %  $         
)$        #      
    $ $              
  B$   $ # 6'      
                
         ,     
          $    
               
            
        $      
                 :   6
-  ,$          
   $  $       
     , '$C .      


   #        ,$


  $          $  
                $
     +          6     
F   #   '        G

H                1


            .    H $  $ 
        $           
           H $ 
$               
    #           $   
     #     :    $   
            *  
    1   #           
,          $ 
                 
    B             
        $           
      - $  $   
 $-      %         
      2     6
                  
   '$C  4  $      
   $   $    
              
             + 
  $    6     '  G
)$            '
       4 I-   1   
       *        JC   
    . 1          *  $ 
    J , 1   # (      * 


K  @;IB      ' 


 I ;; =>;L

B                )


            '$       
   $             73 =>;@8
B            5       
    M         B    
     5  4    $          
'5      C   
       '        
B           6 

:         $     


  5        $ #    '  
   $ O  #       $5   
)$    $  5       
  $    $' +     # 
        $ '       $ 


          $        


                
                     
   #        ) 4   
         6    
     $            
         $       
 *         
C             
%              
                $  
     '     :  
      4           
   %           
C      #      
 $ #      '         ' M
                  
         $  
  '     '  $      
    $ 

K  @=I:   $   7 $  8




,     $   '           
$   $ %  $           
                    
     )          # '  ! 
      1        
           )    
            $   $ 
             '  
               
E        $       $  
           $   
$  4         
   $      ' $   
    $            
+        $   $ #      
$   $          
H$    $             
   $              
    !           :      
  5        
$          5   
     )$      5
               
         3       
          $ $       
                  
       '     '$  + 
'        $  $    
 #      $ #  $  
Ϯϭϵ


%LEOLRJUDSKLH

$EDEVD 0 5RXVVHO & HW 'EL\DW 0  © /H WHUULWRLUH V\ULHQ HQWUH LQWpJUDWLRQ
QDWLRQDOHHWPpWURSROLVDWLRQUHQIRUFpHªLQ'XSUHW%*KD]]DO=HW&RXUEDJH
< HGV /D6\ULHDX3UpVHQW3DULVSS

$O$VDGL .K  $K\DD +DODE ZD DVZDTXKD TXDUWLHUV HW VRXNV G¶$OHS 
SXEOLFDWLRQGXPLQLVWqUHGHODFXOWXUH6\ULHSDJHV

$O$VDGL .K  0D€V€µDW +DODE 0DµKDG WRXUkWK ,QVWLWXW G¶KLVWRLUH HW GHV
VFLHQFHV8QLYHUVLWpG¶$OHSYROXPHV

$OH[DQGHU &K  1RWHV RQ WKH 6\QWKHVLV RI )RUP &DPEULGJH 0$ +DUYDUG
8QLYHUVLW\3UHVV

$OH[DQGHU&K$SDWWHUQODQJXDJHWRZQVEXLOGLQJVFRQVWUXFWLRQ1HZ<RUN
2[IRUG8QLYHUVLW\3UHVV

$OH[DQGHU &  $ 1HZ 7KHRU\ RI 8UEDQ 'HVLJQ 1HZ <RUN 2[IRUG 8QLYHUVLW\
3UHVVSDJHV

$OH[DQGHU &K  7KH QDWXUH RI RUGHU YRO %HUNHOH\ &$  &HQWHU IRU
(QYLURQPHQWDO6WUXFWXUH

$OƤD]]Ư.K1DKUDO‫ۄ‬DKDEIƯWƗUƯ۠ۙDODEYRO,PSULPHULHPDURQLWHG¶$OHS
$OHS

$VFKHU)0pWDSROLVRXO¶DYHQLUGHVYLOOHV3DULVpG2GLOH-DFRESDJHV

$VFKHU )  /D 5pSXEOLTXH FRQWUH OD YLOOH (VVDL VXU O¶DYHQLU GH OD )UDQFH
XUEDLQH3DULVpGGHO¶$XEHSDJHV

$WNLQ 5  © 7LPH DV D SDWWHUQ RQ D PXOWLGLPHQVLRQDO VWUXFWXUH ª -RXUQDO RI
6RFLDODQG%LRORJLFDO6WUXFWXUHVSS

%DGDULRWWL '  © /HV SURFHVVXV PRUSKRG\QDPLTXHV GHV YLOOHV pQLJPHV HW
WUDFHVª 5HQFRQWUHV LQWHUGLVFLSOLQDLUHV VXU OHV V\VWqPHV FRPSOH[HV QDWXUHOV HW
DUWLILFLHOV   3DULV (FROH QDWLRQDOH VXSpULHXUH GHV
WpOpFRPPXQLFDWLRQVSS

%DLURFK 3  'H -pULFKR j 0H[LFR YLOOHV HW pFRQRPLH GDQV O¶KLVWRLUH 3DULV
*DOOLPDUGSDJHV

%DODQFKH ) ©7UDQVSRUWV HW HVSDFHV\ULHQ ª LQ $QQDOHVGH JpRJUDSKLH 1R
SS
ϮϮϬ


%DODQFKH )  © /HV PXQLFLSDOLWpV GDQV OD 6\ULH %DDWKLVWH 'pFRQFHQWUDWLRQ
$GPLQLVWUDWLYHHWFRQWU{OHSROLWLTXHªLQ5HYXH7LHUV0RQGH1R

%DODQFKH)©&OLHQWpOLVPHFRPPXQDXWDULVPHHWIUDJPHQWDWLRQWHUULWRULDOHHQ
6\ULHª$&RQWUDULR Qƒ S

%DODQFKH)$WODVGX3URFKH2ULHQWDUDEH3DULV3836SDJHV

%DODQFKH )  © $OHS HW VHV WHUULWRLUHV XQH PpWURSROH V\ULHQQH GDQV OD
PRQGLDOLVDWLRQ ª ,Q  $OHS HW VHV WHUULWRLUHV  )DEULTXH HW SROLWLTXH G¶XQH YLOOH
  'DYLG -& HW %RLVVLqUH 7 HGV  %H\URXWK ± 'DPDV 3UHVVHV GH
O¶,ISRSS

%DQVKR\D * HW 'DYLG -&  © 3URMHW G¶DPpQDJHPHQW GH OD YLHLOOH YLOOH
G¶$OHSª/¶DUFKLWHFWXUHG¶DXMRXUG¶KXL3DULVS

%DURXW- GLU  5DSSRUWQDWLRQDO6\ULH HQDUDEH OH&RPLWp6XSUrPH


GHOD3ODQLILFDWLRQ1DWLRQDOHHQ6\ULHHQFRRSpUDWLRQDYHFOH3URJUDPPHGHV1DWLRQV
8QLHVSRXUOH'pYHORSSHPHQW'DPDV

%DVVDQG 0 -R\H ' /HUHVKH -3K  © /HV HQMHX[ GH OD PpWURSROLVDWLRQ ª
*HQqYH*HRUJ,QVWLWXW8QLYHUVLWDLUH.XUW%|VFKS

%DVVDQG 0  © OHV VL[ SDUDPqWUHV GH OD PpWURSROLVDWLRQ ª /HV HQMHX[ GH OD
VRFLRORJLHXUEDLQH3385/DXVDQQH

%DVVDQG 0 .DXIPDQQ 9 -R\H '  © 0pWURSROHV HW PpWURSROLVDWLRQª
(QMHX[GHODVRFLRORJLHXUEDLQH(3)//DXVDQQH

%DWW\ 0 /RQJOH\ 3  $ JHRPHWU\ RI IRUP DQG IXQFWLRQ /RQGRQ $FDGHPLF
SUHVVS

%DWW\ 0  &LWLHV DQG FRPSOH[LW\ XQGHUVWDQGLQJ FLWLHV ZLWK FHOOXODU DXWRPDWD
DJHQWEDVHGPRGHOVDQGIUDFWDOV&DPEULGJH0,73UHVVSDJHV

%GHLZL $  /¶LPSDFW GHV SpQpWUDQWHV VXU OD YLHLOOH YLOOH G¶$OHS PpPRLUH GH
'(666<pURQLPRV GLU 3DULV8QLYHUVLWp3DULV9,,

%HQHYROR/+LVWRLUHGHODYLOOH3DULVpG3DUHQWKqVHSDJHV

%HUULDQH 0 7RXULVPH FXOWXUH HW GpYHORSSHPHQW GDQV OD UpJLRQ DUDEH 5DSSRUW
81(6&23DULVSDJHV

%HUJHU 3 1RXKDXG -3  )RUPHV FDFKpHV OD YLOOH 3UHVVH 3RO\WHFKQLTXH HW
XQLYHUVLWDLUHVURPDQGHV3DJHV
ϮϮϭ


%H\KXP1HWGDYLG-&©/HVHVSDFHVGXSXEOLFHWGXQpJRFHj$OHS
HWj%H\URXWKª /HVDQQDOHVGHODUHFKHUFKHXUEDLQH (VSDFHVSXEOLFVHQYLOOHV
Qƒ3DULVSS

%H\KXP 1 HW 'DYLG -&  © 'X VRXN j OD SODFH GX FLWDGLQ DX FLWR\HQ
(VSDFHV SXEOLFV GDQV OHV YLOOHV DUDEHV DX 0R\HQ2ULHQW ª LQ 1DFLUL 0 HW
5D\PRQG $ pGV  6FLHQFHV VRFLDOHV HW SKpQRPqQHV XUEDLQV GDQV OH PRQGH
DUDEH&DVDEODQFDSS

%LDQFD 6 HW DOLL  7KH &RQVHUYDWLRQ RI WKH 2OG &LW\ RI $OHSSR 5HVWULFWHG
7HFKQLFDO5HSRUW3DULV81(6&2

%LDQTXLV$0/DUpIRUPHDJUDLUHGDQVOD*KRXWDGH'DPDV,)($''DPDV

%RLVVLqUH7D©'HO¶pFRQRPLHGHVRXNjODPRQGLDOLVDWLRQª,Q$OHSHWVHV
WHUULWRLUHV)DEULTXHHWSROLWLTXHG¶XQHYLOOH  'DYLG-&HW%RLVVLqUH
7 HGV %H\URXWK±'DPDV3UHVVHVGHO¶,ISRSS

%RLVVLqUH 7 E © (QWUH GpYHORSSHPHQWV GHV HVSDFHV GH FRPPHUFH HW
PXWDWLRQV XUEDLQHV OH TXDUWLHUGH µ$]L]L\\p j $OHS ª ,Q  $OHSHWVHV WHUULWRLUHV 
)DEULTXH HW SROLWLTXH G¶XQH YLOOH   'DYLG -& HW %RLVVLqUH 7 HGV 
%H\URXWK±'DPDV3UHVVHVGHO¶,ISRSS

%RLVVLqUH 7  ©/¶DQWKURSRORJLH IDFH DX FRQIOLW V\ULHQ UHSODFHU OD VRFLpWp DX
F°XUGHO¶DQDO\VHª5(000SS

%RQQHW -  /HV *UDQGHV PpWURSROHV PRQGLDOHV FROOHFWLRQ JpRJUDSKLH


G¶DXMRXUG¶KXL3DULV1DWKDQ8QLYHUVLWpSDJHV

%RVUHGRQ 3  KDELWHU HW DPpQDJHU OHV FHQWUHV DQFLHQV /HV UHFRQILJXUDWLRQV
GXUDSSRUWGHVDFWHXUVjODYLHLOOHYLOOHSDUOHFODVVHPHQWDXSDWULPRLQHPRQGLDO
8QH FRPSDUDLVRQ HQWUH +DUDU HQ eWKLRSLH HW $OHS HQ 6\ULH WKqVH GH GRFWRUDW
XQLYHUVLWp5HQQHVSDJHV

%RVUHGRQ 3  © /D SDWULPRQLDOLVDWLRQGH OD YLHLOOH YLOOH G¶$OHS HQWUH VWUDWpJLHV
GH GpYHORSSHPHQW ORFDO HW SUDWLTXHV RUGLQDLUHV ª ,Q  $OHS HW VHV WHUULWRLUHV 
)DEULTXH HW SROLWLTXH G¶XQH YLOOH   'DYLG -& HW %RLVVLqUH 7 HGV 
%H\URXWK±'DPDV3UHVVHVGHO¶,ISRSS

%RXWRW$/¶LQYHQWLRQGHVIRUPHV3DULV2GLOH-DFRE

%RZHQ 0  (PSLULFLVP DQG *HRJUDSKLFDO 7KRXJKW IURP )UDQFLV %DFRQ WR
$OH[DQGHU9RQ+XPEROGW/RQGRQ&DPEULGJH8QLYHUVLW\3UHVVSDJHV

%UDXGHO)&LYLOLVDWLRQPDWpULHOOHpFRQRPLHHWFDSLWDOLVPH;9H;9,,,HVLqFOHV
3DULV$UPDQG&ROLQ
ϮϮϮ


%UHWKHUWRQ&©(FRFHQWULF,GHQWLW\DQG7UDQVIRUPDWLRQ3ROLWLFVª ,QWHUQDWLRQDO
-RXUQDORI3HDFH6WXGLHV9RO

%XUJHO*/DYLOOHDXMRXUG¶KXL3DULV+DFKHWWHSDJHV

%XUJHVV ( DQG 'RQDOG - %RJXH HGV  &RQWULEXWLRQV WR 8UEDQ 6RFLRORJ\
&KLFDJR8QLYHUVLW\RI&KLFDJR3UHVV

%XUJHVV(DQG'RQDOG-%RJXHHGV8UEDQ6RFLRORJ\&KLFDJR8QLYHUVLW\
RI&KLFDJR3UHVV

&DVWH[ - 'HSDXOH -& HW 3DQHUDL 3+  )RUPHV XUEDLQHV  GH O vORW j OD
EDUUH3DULV'XQRGSDJHV

&KDNDU +  /D IDLVDELOLWp G¶XQH UpRUJDQLVDWLRQ WHUULWRULDOH GH OD PpWURSROH
G¶$OHS DSSURFKH SROLWLFRDGPLQLVWUDWLYH HQ UpIpUHQFH DX FDV GX © JUDQG /\RQ ª
WKqVHGHGRFWRUDW8QLYHUVLWp3DULVHVW3DULVSDJHV

&KDOLQH &  /D G\QDPLTXH XUEDLQH 3DULV 3UHVVHV XQLYHUVLWDLUH GH )UDQFH
SDJHV

&KDOLQH&/HVYLOOHV$UDEHV3DULV$UPDQG&ROLQSDJHV

&KLEOL0&RPSWDELOLWppQHUJpWLTXHXUEDLQHOHFDVGHODYLOOHG¶$OHSHQ6\ULH
WKqVHGHGRFWRUDW8QLYHUVLWpGH3DULV;,,3DULV

&KRD\)/¶XUEDQLVPHXWRSLHVHWUpDOLWpV3DULV6HXLOSDJHV

&KRD\)/¶DOOpJRULHGXSDWULPRLQH3DULH/H6HXLOSDJHV

&ORDUHF )/HWHPSV GHV FRQVXOV O¶pFKHOOHG¶$OHS VRXV OHV RWWRPDQV 3DULV


eGLWLRQVGHO¶+DUPDWWDQSDJHV

&RIIH\ :- 0DQ]DJRO & HW 6KHDUPXU 5  &HQWUDOLWp PpWURSROLWDLQHV
&DKLHUVGH*pRJUDSKLHGX4XpEHF9ROXPHQƒ

&ROORTXH LQWHUQDWLRQDO  $OHS HW OD URXWH GH OD VRLH $FWH GX FROORTXH
LQWHUQDWLRQDOG¶$OHS'DPDV

&RQ]HQ 03  $OQZLFN 1RUWKXPEHUODQG D VWXG\ LQ WRZQSODQ DQDO\VLV


3XEOLFDWLRQ1R,QVWLWXWHRI%ULWLVK*HRJUDSKHUV/RQGRQ

&RQ]HQ 03  ©$QDO\WLFDO DSSURDFKHV WR WKH XUEDQ ODQGVFDSHª LQ %XW]HU .
HG  'LPHQVLRQV LQ KXPDQ JHRJUDSK\5HVHDUFK 3DSHU QR  'HSDUWPHQW RI
*HRJUDSK\8QLYHUVLW\RI&KLFDJR
ϮϮϯ


&RRSpUDWLRQ GpFHQWUDOLVpH /\RQ$OHS  5DSSRUW GH OD SUHPLqUH PLVVLRQ


O\RQQDLVH$OHS

&RRSpUDWLRQ GpFHQWUDOLVpH /\RQ$OHS  5DSSRUW GH OD GHX[LqPH PLVVLRQ


O\RQQDLVH$OHS

'DXSKLQp $  /HV WKpRULHV GH OD FRPSOH[LWp FKH] OHV JpRJUDSKHV 3DULV
$QWKURSRVSDJHV

'DYLG-&/HSD\VDJHXUEDLQG¶$OHSeWXGHGHJpRJUDSKLHXUEDLQHWKqVHGH
GRFWRUDW8QLYHUVLWp/\RQ,,

'DYLG-&©$OHSªLQ/D6\ULHG¶DXMRXUG¶KXLRXYUDJHFROOHFWLIDX[eGLWLRQV
GX&156&HQWUHG¶pWXGHVHWGHUHFKHUFKHVVXUO¶2ULHQW$UDEHSS

'DYLG-&D©eYROXWLRQGHVD[HVGHFLUFXODWLRQHWG¶DFWLYLWpVj$OHSGH
j QRV MRXUV  XQH FRQWLQXLWp GX GpYHORSSHPHQW XUEDLQ 3UpVHQW HW DYHQLU GHV
PpGLQDV GH 0DUUDNHFK j $OHS ª )DVFLFXOH GH 5HFKHUFKHV Qƒ  7RXUV
85%$0$SS

'DYLG -& E /H ZDTI G¶,SãƯU 3ƗãƗ j $OHS   eWXGH G¶XUEDQLVPH
KLVWRULTXH,)32'DPDVSDJHV

'DYLG -&  © 6\ULH  V\VWqPH GH GLVWULEXWLRQ GHV HVSDFHV GDQV OD PDLVRQ
WUDGLWLRQQHOOH G¶$OHS ª /HV FDKLHUV GH OD UHFKHUFKH DUFKLWHFWXUDOH  3DULV
S

'DYLG -& ©3URGXFWLRQHWRFFXSDWLRQ GH O¶HVSDFH GDQV OH FHQWUH G¶$OHSª


(OpPHQWV VXU OHV FHQWUHVYLOOHV GDQV OH PRQGH DUDEH  DFWHV GX V\PSRVLXP
LQWHUQDWLRQDOWHQXj7RXUVOHVHW'pFHPEUH7RXUV85%$0$,QVWLWXWGH
*pRJUDSKLHSS

'DYLG-&©/¶HVSDFHGHVFKUpWLHQVG¶$OHS6pJUpJDWLRQHWPL[LWpVWUDWpJLHV
FRPPXQDXWDLUHV  5HYXHGXPRQGHPXVXOPDQHWGHOD0pGLWHUUDQpH
1XPpUR$L[HQ3URYHQFH

'DYLG -&  © /HV HVSDFHV GX SXEOLTXH HW GX QpJRFH ª /HV DQQDOHV GH OD
UHFKHUFKHXUEDLQH1ƒSDJHV

'DYLG-&©(VSDFHVSXEOLFVGXFHQWUHYLOOHj$OHSª&DKLHUVGX&(502&
'XSULYpDXSXEOLFHVSDFHVHWYDOHXUVGXSROLWLTXHDX3URFKH2ULHQW0DLVRQGH
O¶2ULHQW$PPDQ%H\URXWK/\RQSS

'DYLG -& D © %kE DO)DUDM j $OHS  XQ QRXYHDX FHQWUHYLOOH SRXU GH
QRXYHDX[ WHUULWRLUHV H[WpULHXUV SRXU XQH QRXYHOOH VRFLpWp" ª 0RQGH DUDEH
FRQWHPSRUDLQ&DKLHUVGH5HFKHUFKHJUHPPRSS
ϮϮϰ


'DYLG -& E © /H SDWULPRLQH DUFKLWHFWXUHV HW HVSDFHV SUDWLTXHV HW
FRPSRUWHPHQWVOHVVRXNVHWOHVNKDQVG¶$OHSª5HYXHGHVPRQGHVPXVXOPDQV
HWGHOD0pGLWHUUDQpH1ƒSS

'DYLG -& F ©/HV WHUULWRLUHV GHV JURXSHV j $OHS j O¶pSRTXH RWWRPDQH
&RKpVLRQXUEDLQHHWIRUPHVG¶H[FOXVLRQª5HYXHGHVPRQGHVPXVXOPDQVHWGHOD
0pGLWHUUDQpH1ƒSS

'DYLG-&/D6XZD\TDW $OLj$OHS3XEOLFDWLRQGHO ,QVWLWXW)UDQoDLVG eWXGHV


$UDEH'DPDVSDJHV

'DYLG -&  © 'LVSDULWpV VSDWLDOHV HQ 6\ULH  G\QDPLTXHV FLWDGLQHV ª
0pGLWHUUDQpH9ROQR$L[HQ3URYHQFHSS

'DYLG-&D©3UpVHQFHGXSDVVppODERUDWLRQGHVSDWULPRLQHVFLWDGLQVªLQ
'DYLG -& HW 'EL\DW 0 pGV  /D YLOOH HQ 6\ULH HW VHV WHUULWRLUHV KpULWDJHV HW
PXWDWLRQV%XOOHWLQG¶eWXGHV2ULHQWDOHV1ƒSS

'DYLG-&E©'\QDPLTXHVFLWDGLQHVHWSURGXFWLRQGHO¶HVSDFHHQ6\ULHOH
FDVG¶$OHSªLQ'DYLG-&HW'EL\DW0 pGV /DYLOOHHQ6\ULHHWVHVWHUULWRLUHV
KpULWDJHVHWPXWDWLRQV%XOOHWLQG¶eWXGHV2ULHQWDOHV1ƒS

'DYLG-&HW'HJHRUJH*D$OHS3DULV)ODPPDULRQSDJHV

'DYLG-&E©/HVHVSDFHVSXEOLFVj$OHSGHSXLVODILQGX;,;HV8UEDQLVPH
HWSUDWLTXHVGHVXVDJHUVª5HYXHGHJpRJUDSKLHGH/\RQ9RO1ƒ/\RQSS


'DYLG-&©$\\XELGSDODFH$UFKLWHFWXUHLQ6\ULDªLQ%LDQFD6 (G 6\ULD
0HGLHYDO &LWDGHOV EHWZHHQ (DVW DQG :HVW *HQqYH 7KH $JD .KDQ 7UXVW IRU
&XOWXUHSS

'DYLG -& D © 7UDFHV HW WUDFpV  $OHS j O¶pSRTXH PDPHORXN HW RWWRPDQH
$UFKp2ULHQW /H %ORJ +\SRWKHVHVRUJ   KWWSDUFKHRULHQWK\SRWKHVHVRUJ


'DYLG-&E©9DORULVDWLRQGXSDWULPRLQHPRQGLDODOpSLQ9DOHXUG¶XVDJHHW
UpIpUHQFHLGHQWLWDLUHDWWUDFWLRQWRXULVWLTXHYLWULQHGXQRXYHDXFHQWUHª$OHSHWVHV
WHUULWRLUH)DEULTXHHWSROLWLTXHG¶XQHYLOOH  'DYLG-&HW%RLVVLqUH7
HGV %H\URXWK'DPDV3UHVVHVGHO¶,QVWLWXWIUDQoDLVGX3URFKH2ULHQWSS


'DYLG -& F©3URGXFWLRQ HW TXDOLILFDWLRQ GH O¶HVSDFH XUEDLQ HQWUH LQIRUPHO
HWFRUUXSWLRQª$OHSHWVHVWHUULWRLUH)DEULTXHHWSROLWLTXHG¶XQHYLOOH  
'DYLG-&HW%RLVVLqUH7 HGV %H\URXWK'DPDV3UHVVHVGHO¶,QVWLWXWIUDQoDLV
GX3URFKH2ULHQWSS
ϮϮϱ


'HU\FNH 3+ +XULRW -0 HW 3XPDLQ '  3HQVHU OD YLOOH WKpRULHV HW PRGqOHV
3DULVeFRQRPLFDSDJHV

'HVPDUDLV * D © 'HV SUpPLVVHV GH OD WKpRULH GH OD IRUPH XUEDLQH DX
SDUFRXUV PRUSKRJpQpWLTXH GH O¶pWDEOLVVHPHQW KXPDLQ ª &DKLHUV GH *pRJUDSKLH
GX4XpEHF9ROQƒ4XpEHFSS

'HVPDUDLV*E©3URMHFWLRQHWpPHUJHQFHODVWUXFWXUDWLRQJpRJUDSKLTXHGH
O¶pWDEOLVVHPHQWERURURª5HFKHUFKHV6pPLRWLTXHV6HPLRWLF,QTXLU\0RQWUpDO9RO
QƒSS

'HVPDUDLV*/D0RUSKRJHQqVHGH3DULVGHVRULJLQHVjOD5pYROXWLRQ3DULV
/¶+DUPDWWDQS

'HVPDUDLV * HW 5LWFKRW *  ©/D GLPHQVLRQ PRUSKRG\QDPLTXH GHV JUDQGV
pWDEOLVVHPHQWVKXPDLQVO¶H[HPSOHGH0RQWUpDOª9LVLR  SS

'HVPDUDLV*'\QDPLTXHGXVHQV4XpEHF6HSWHQWULRQ

'HVPDUDLV*HW5LWFKRW* HGV /DPRGpOLVDWLRQG\QDPLTXHHQJpRJUDSKLH


KXPDLQH&DKLHUVGH*pRJUDSKLHGX4XpEHF9RO1ƒ4XpEHF

'HVPDUDLV * HW 5LWFKRW *  /D *pRJUDSKLH VWUXFWXUDOH 3DULV /¶+DUPDWWDQ
S

'HVPDUDLV *  © /D VWUXFWXUDWLRQ PRUSKRORJLTXH GH OD 5RPH DQWLTXH GX
FHQWUH RUJDQLVDWHXU j OD FRQILJXUDWLRQ GH VHXLO ª (VSDFHV HW 6RFLpWpV 
QR SS

'HVPDUDLV *  ©/HV FHQWUHV RUJDQLVDWHXUV GH O¶pFRXPqQH GHV IRUPHV
VWUXFWXUDQWHVSRXUO¶LGHQWLWpFXOWXUHOOHª1RXYHDX[DFWHVVpPLRWLTXHV1ƒ

'HVPDUDLV*©/DFKDUSHQWHP\WKLFRULWXHOOHGHO¶pWDEOLVVHPHQWKXPDLQª/D
5qJOHG¶$EUDKDP1ƒ3DULV$UFKqSS

'RQ]HORW - -DOOHW 0&K  /D QRXYHOOH TXHVWLRQXUEDLQH $FWH GH VpPLQDLUH
3DULV38&$

'RZQV 50 HW 6WHD '  'HV FDUWHV SOHLQ OD WrWH HVVDL VXU OD FDUWRJUDSKLH
PHQWDOH6DLQW+\DFLQWKH 4XpEHF (GLVHP

'XPp]LO *  0\WKH HW (SRSpH , / LGpRORJLH GHV WURLV IRQFWLRQV GDQV OHV
pSRSpHVGHVSHXSOHVLQGRHXURSpHQV3DULV*DOOLPDUG

(GGp $0 /D SULQFLSDXWp D\\RXELGH G¶$OHS   )UHLEXUJHU


,VODPVWXGLHQ;;,6WXWWJDUWLQƒSDJHV
ϮϮϲ


)UDQNKDXVHU 3  /D IUDFWDOLWp GHV VWUXFWXUHV XUEDLQHV 3DULV $QWKURSRV 
(FRQRPLFDSDJHV

)ULqV)3URFHVVXVGHSURGXFWLRQGHO¶HVSDFHHWQRXYHOOHVIRUPHVXUEDLQVHQ
6\ULH VRXV OH 0DQGDW IUDQoDLV   PpPRLUH GH '($ <pUDVLPRV 6 HW
&RKHQ-/GLUV3DULV($3%

)ULqV )  © /HV SODQV G $OHS HW GH 'DPDV XQ EDQF G HVVDL SRXU O XUEDQLVPH
GHV IUqUHV 'DQJHU   ª 5HYXH GX PRQGH PXVXOPDQ HW GH OD
0pGLWHUUDQpHYROXP1ƒSS

*DXEH + HW :LUWK (  $OHSSR+LVWRULVFKH XQG JHRJUDSKLVFKH %HLWUlJH ]XU
EDXOLFKHQ*HVWDOWXQJ]XUVR]LDOHQ2UJDQLVDWLRQXQG]XUZLUWVFKDIWOLFKHQ'\QDPLN
HLQHU YRUGHUDVLDWLVFKHQ )HUQKDQGHOVPHWURSROH :LHVEDGHQ 7UDG DUDEH 6DNKU
µ8ODEL +DODE GLUDVDW WDULNKL\\D KDZO DOEXQLD DOµXPUDQL\\D ZDOWDUNLED DO
LMWLPDµL\\DOLDKDGPDUDNL]DOWLMDUDDOGXZDOL\\DIL&KDUTDO$GQD'DPDV:L]DUDW
DO7KDTDID

*LUDUG5/DYLROHQFHHWOHVDFUp3DULV*UDVVHW

*RWWPDQQ-0pJDORSROLV7KH8UEDQL]HG1RUWKHDVWHUQ6HDERDUGRIWKH8QLWHG
6WDWHV0,7SUHVVSDJHV

*UDIPH\HU < HW -RVHSK ,  / pFROH GH &KLFDJR  QDLVVDQFH GH O pFRORJLH
XUEDLQH3DULV$XELHU

*X .  8UEDQ 0RUSKRORJ\ RI WKH &KLQHVH &LW\ &DVHV IURP +DLQDQ 3K'
7KHVLV8QLYHUVLW\RI:DWHUORR:DWHUORR&DQDGD

*XWWRQ$©$PpQDJHPHQWG¶$OHSªLQ/¶$UFKLWHFWXUHG¶DXMRXUG¶KXL%RXORJQH
6HLQHS

*X\%0HQWDO0RUSKRORJ\$(6239RORV

+DNHQ+6\QHUJHWLFVDQLQWURGXFWLRQ%HUOLQ6SULQJHU9HUODJ

+DPLGp$5  /DYLOOHG¶$OHSeWXGHGHJpRJUDSKLHXUEDLQH7KqVHGH


GRFWRUDW3DULV7UDGDUDEH0XKDID]DW+DODE'DPDV:L]DUDWDO7KDTDID

+LOOLHU%HW+DQVRQ-7KHVRFLDOORJLFRIVSDFH&DPEULGJH8QLYHUVLW\3UHVV
&DPEULGJH

+LOOLHU%3HQQ$+DQVRQ-*UDMHZVNL7HW;X-©1DWXUDOPRYHPHQWRU
FRQILJXUDWLRQ DQG DWWUDFWLRQ LQ XUEDQ SHGHVWULDQ PRYHPHQW ª (QYLURQPHQW DQG
3ODQQLQJ%3ODQQLQJDQG'HVLJQYRO1ƒSS
ϮϮϳ


+LOOLHU % HW,LGD 6 © 1HWZRUNDQG SV\FKRORJLFDO HIIHFWV $ WKHRU\ RI XUEDQ
PRYHPHQW ª &26,7 FRQIHUHQFH LQ &RKDQ $ HW 0DUN ' HGV  6SDWLDO
,QIRUPDWLRQ7KHRU\OHFWXUHQRWHHQFRPSXWHUVFLHQFHSS

,EQ $Oµ$GƯP =XEGDW DOWDODE PLQ WD¶UL۠ ۙDODE pG 6 'DKDQ  YRO 'DPDV 


,EQ$OâLতQD P DO'XUUDOPXQWD۠DEIƯWD¶UL۠PDPODNDWۙDODEpG


6DUNLV%H\URXWK

,EQ 6KDGGkGµL]] DOGvQ GHVFULSWLRQ GH OD V\ULH GX QRUG WUDGXFWLRQ DQQRWpH
GHDODµOkT DONKDWvUD Iv GKLNU XPDUk¶ DOVKkP ZDOMD]vUD SDU DQQHPDULH HGGp
WHUUDVVHGDPDVLIG

,QWDEL0)HW2WKPDQ1+DODEILPL¶DWµDP $OHSHQFHQWDQV 


$OHSpGLWLRQVGHO¶8QLYHUVLWpG¶$OHS0DµKDGDOWXUDWKDOµLOPLDOµDUDELYROXPHV

-DFREV$*UHDW6WUHHW&DPEULGJH0,73UHVV

-DFREV -  7KH GHDWK DQG OLIH RI JUHDW $PHULFDQ FLWLHV 1HZ <RUN 5DQGRP
KRXVH

.DOOXV 5  )URP $EVWUDFW WR &RQFUHWH 6XEMHFWLYH 5HDGLQJ RI 8UEDQ 6SDFH
-RXUQDORI8UEDQ'HVLJQYROLVVXH

.KD]QD=8QSDWULPRLQHPRQGLDOPHQDFpGHSXLVOHGpEXWGX;; HVLqFOHTXHO
DYHQLUDSUqVJXHUUH"PHPRLUGHPDVWHUpFROHG¶DUFKLWHFWXUHGH1DQF\

.URSW37KHKDQGOLQJFKDUDFWHULVWLFVRIXUEDQIRUPLQ(YDQV5>HG@8UEDQ
0RUSKRORJ\8UEDQ'HVLJQ:LQWHU,VVXH/RQGRQ8UEDQ'HVLJQ*URXS

.UXJHU 0  © $Q DSSURDFK WR EXLOWIRUP FRQQHFWLYLW\ DW DQ XUEDQ VFDOH
YDULDWLRQV RI FRQQHFWLYLW\ DQG DGMDFHQF\ PHDVXUHV DPRQJVW ]RQHV DQG RWKHU
UHODWHGWRSLFVª(QYLURQPHQWDQG3ODQQLQJ%YRO1ƒSS

/DUNKDP 3  © 8QGHUVWDQGLQJ 8UEDQ )RUP ª LQ (YDQV 5 HG  8UEDQ
0RUSKRORJ\8UEDQ'HVLJQ:LQWHU,VVXH/RQGRQ8UEDQ'HVLJQ*URXS

/DZUHQFH5©+XPDQ(FRORJ\DQG,WV$SSOLFDWLRQVª/DQGVFDSHDQGXUEDQ
SODQQLQJ6ZLW]HUODQGSS

/HGUXW5/DIRUPHHWOHVHQVGDQVODVRFLpWp3DULV/LEUDLULHGHV0pULGLHQV

/pY\ $  © )RUPHV XUEDLQHV HW VLJQLILFDWLRQV  UHYLVLWHU OD PRUSKRORJLH
XUEDLQHª(VSDFHVHW6RFLpWpV QR SS
ϮϮϴ


/RODK$©/HFHQWUHYLOOHG¶$OHSDXMRXUG¶KXLª$FWHGHFROORTXHLQWHUQDWLRQDO
eWXGHFRPSDUpHGXGHYHQLUGHVFHQWUHVYLOOHVDUDEHVHWHXURSpHQV3DULV

/RZ6HW/DZUHQFH=©/RFDWLQJFXOWXUHª7KH$QWKURSRORJ\RI6SDFHDQG
3ODFH/RFDWLQJ&XOWXUH2[IRUG%ODFNZHOOSS

/\QFK.7KH,PDJHRIWKH&LW\&DPEULGJH0,73UHVV

/\QFK.0DQDJLQJWKH6HQVHRID5HJLRQ&DPEULGJH0,73UHVV

/\QFK.$7KHRU\RI*RRG&LW\)RUP&DPEULGJH0,73UHVV

0DQGHOEURW%/HVREMHWVIUDFWDOV3DULV)ODPPDULRQ

0DUFK / HW 6WHDGPDQ 3  © )URP GHVFULSWLYH JHRPHWU\ WR FRQILJXUDWLRQDO
HQJLQHHULQJª ,Q 3URFHHGLQJV ,QWHUQDWLRQDO &RQIHUHQFH RQ 'HVFULSWLYH *HRPHWU\
HG+LOOLDUG*.SS

0DUWLQ / HW 0DUFK / HGV  8UEDQ 6SDFH DQG 6WUXFWXUHV &DPEULGJH
&DPEULGJH8QLYHUVLW\3UHVV

0DWVXEDUD .  © 7KH :RUN RI *\RML %DQVKR\D LQ WKH 0LGGOH (DVW DQG 1RUWK
$IULFDª&RPPXQLFDWLRQSUpVHQWpHjODHFRQIpUHQFHGHO¶,3+6SDJHV

0HLHU3©/HFRQWHGHGHX[YLOOHV$OHSGXSRLQWGHYXHGHVPDUFKDQGVGX
VRXN ª ,Q  $OHS HW VHV WHUULWRLUHV  )DEULTXH HW SROLWLTXH G¶XQH YLOOH  
'DYLG-&HW%RLVVLqUH7 HGV %H\URXWK±'DPDV3UHVVHVGHO¶,ISRSS


0HUOLQ3*pRJUDSKLHGHO¶DPpQDJHPHQW3DULV3UHVVHVXQLYHUVLWDLUHVGHOD
)UDQFHSDJHV

0HUOLQ 3 HW &KRD\ ) HGV   'LFWLRQQDLUH GH O¶XUEDQLVPH HW GH
O¶DPpQDJHPHQW3DULV3UHVVHVXQLYHUVLWDLUHGH)UDQFH

0RED\HG$5$ZUDNDO]DKDEILPDNRWHEDDQ+DODE'DU*KDU+HUD4DLUR
SDJHV

0RQQHW -  © /D V\PEROLTXH GHV OLHX[  SRXU XQH JpRJUDSKLH GHV UHODWLRQV
HQWUHHVSDFHSRXYRLUHWLGHQWLWpª&\EHUJHR(XURSHDQ-RXUQDORI*HRJUDSK\
3ROLWLTXH&XOWXUH5HSUpVHQWDWLRQVGRFXPHQWPLVHQOLJQHOHDYULO

0RQQHW-pU{PH©/HVGLPHQVLRQVV\PEROLTXHVGHODFHQWUDOLWpª&DKLHUVGH
*pRJUDSKLHGX4XpEHF9ROXPHQƒGpFHPEUHSS
ϮϮϵ


0RQWJRPHU\-©0DNLQJD&LW\8UEDQLW\9LWDOLW\DQG8UEDQ'HVLJQª-RXUQDO
RI8UEDQ'HVLJQYROQR

0RXGRQ $ 9  © 8UEDQ 0RUSKRORJ\ DV DQ HPHUJLQJ LQWHUGLVFLSOLQDU\ ILHOG ª
8UEDQ0RUSKRORJ\QƒSS

0RXWLD 7  © 3DWULPRLQH LQVWLWXWLRQQHO HW SDWULPRLQH YLYDQW  OH SDWULPRLQH
KDELWpª $OHS HW VHV WHUULWRLUHV  )DEULTXH HW SROLWLTXH G¶XQH YLOOH  
'DYLG-&HW%RLVVLqUH7 HGV %H\URXWK±'DPDV3UHVVHVGHO¶,ISRSS


0XPIRUG//DFLWpjWUDYHUVO¶KLVWRLUH3DULV6HXLO

0XQLFLSDOLWpG¶$OHS/¶pWDWGXGpYHORSSHPHQWGDQVODUpJLRQG¶$OHS HQDUDEH 
GRFXPHQWGHWUDYDLOQRQSXEOLp

0XQLFLSDOLWp G¶$OHS  /H VFKpPD G¶RUJDQLVDWLRQ JpQpUDO GH OD YLOOH G¶$OHS HQ
DUDEH GRFXPHQWGHWUDYDLOQRQSXEOLp

0XQLFLSDOLWp G¶$OHS  3URMHW GH PRGHUQLVDWLRQ GX 62*  HQ DUDEH 
GRFXPHQWGHWUDYDLOQRQSXEOLp

1DVDU/- 7KH (YDOXDWLYH ,PDJHRI WKH &LW\ /RQGRQ 6DJH 3XEOLFDWLRQV


SDJHV

1DVVLPD'/DYLOOHPRXYHPHQWpH3DULV/¶+DUPDWWDQSDJHV

2VPRQW $  © 0RQGLDOLVDWLRQ  PpWURSROLVDWLRQ  SROLWLTXHV HW JHVWLRQ


XUEDLQHVª 3DULVKWWSZZZRPGXTDPFDPHPEUHVSDJHVSHUVR-HDQ
0DUFFRXUVVRF9LOOHRVPRQWSROLWLTXXUEDLQSGI

3DUN --  0RUSKRJHQqVH GH OD 9LOOH &RQWHPSRUDLQH  (VVDL VXU OD PXOWL
pFKHOOHWKqVHGHGRFWRUDWeFROHSRO\WHFKQLTXHIpGpUDOHGH/DXVDQQH6XLVVH

3DUN 5 HW %XUJHVV (  ,QWURGXFWLRQ WR WKH 6FLHQFH RI 6RFLRORJ\ &KLFDJR
8QLYHUVLW\RI&KLFDJR3UHVV

3DUN 5 %XUJHVV ( HW 0F.HQ]LH 5  7KH &LW\ &KLFDJR 8QLYHUVLW\ RI
&KLFDJR3UHVV

3DUN 5  +XPDQ &RPPXQLWLHV 7KH&LW\ DQG +XPDQ(FRORJ\ *OHQFRH )UHH
3UHVV

3HUEHQ '  ,PDJLQHU OHV PpWURSROHV G¶DYHQLU 5DSSRUW DX 3UpVLGHQW GH OD
5pSXEOLTXH3DULV/DGRFXPHQWDWLRQIUDQoDLVH
ϮϯϬ


3HWLWRW-3K\VLTXHGH6HQV3DULVpGLWLRQGH&156

3HWUXFFLROL$ pG 7\SRORJLFDO3URFHVVDQG'HVLJQ7KHRU\&DPEULGJH$JD


.KDQ3URJUDPIRU,VODPLF$UFKLWHFWXUHDW+DUYDUG8QLYHUVLW\DQG0,73UHVV

3ULJRJLQH,HW6WHQJHUV,/DQRXYHOOHDOOLDQFH3DULV*DOOLPDUG

3XPDLQ'©3RXUXQHWKpRULHpYROXWLYHGHVYLOOHVª/¶(VSDFHJpRJUDSKLTXH


3XPDLQ ' 6DQGHUV / HW 6DLQW-XOLHQ 7  9LOOHV HW DXWRRUJDQLVDWLRQ 3DULV
eFRQRPLFDSDJHV

5DEHQDX9%5HSRUWRQ/RFDO(FRQRPLF'HYHORSPHQWLQ$OHSSR3URJUDP
IRU6XVWDLQDEOH8UEDQ'HYHORSPHQWLQ6\ULD$OHSSR8UEDQ'HYHORSPHQW3URMHFW
3DJHV

5DFLQH-%/DYLOOHHQWUH'LHXHWOHVKRPPHV3DULV$QWKURSRVSDJHV

5DIIHVWLQ&3RXUXQHJpRJUDSKLHGXSRXYRLU3DULV/LWHFSDJHV

5DSRSRUW$+XPDQ$VSHFWVRI8UEDQ)RUP2[IRUG3HUJDPRQ3UHVV

5D\PRQG$D©/HVJUDQGVZDTIVHWO¶RUJDQLVDWLRQGHO¶HVSDFHXUEDLQj$OHS
HWDX&DLUHjO¶pSRTXHRWWRPDQH ;9,H;9,,HVLqFOHV ª%XOOHWLQG¶pWXGHVRULHQWDOHV
;;;,SS

5D\PRQG$E©/DFRQTXrWHRWWRPDQHHWOHGpYHORSSHPHQWGHVJUDQGHVYLOOHV
DUDEHVOHFDVGX&DLUHGH'DPDVHWG¶$OHSª5200SS

5D\PRQG$*UDQGHVYLOOHVDUDEHVjO¶pSRTXHRWWRPDQH3DULV6LQGEDG
SDJHV

5D\PRQG $  © 5pVHDX[ XUEDLQV HW PRXYHPHQWV SRSXODLUHV j $OHS ILQ GX
;9,,,HGpEXW GX ;,;H VLqFOH ª $UDE +LVWRULFDO 5HYLHZ IRU 2WWRPDQ 6WXGLHV 
SS

5D\PRQG$/DYLOOHDUDEH$OHSjO¶pSRTXHRWWRPDQH'DPDVSDJHV

5pP\$0RUSKRORJLHXUEDLQH*pRJUDSKLHDPpQDJHPHQWHWDUFKLWHFWXUHGH
ODYLOOH3DULV$UPDQG&ROLQSDJHV

5H\PRQG + &DXYLQ & HW .OHLQVFKPDJHU 5  /¶HVSDFH JpRJUDSKLTXH GHV
YLOOHV3RXUXQHV\QHUJLHPXOWLVWUDWHV3DULV(FRQRPLFDSDJHV
Ϯϯϭ


5LWFKRW*©3UpPLVVHVG¶XQHWKpRULHGHODIRUPHXUEDLQHª)RUPHXUEDLQHHW
SDUDWLTXHVRFLDOH5LWFKRW*HW)HOW]& HGV 0RQWUpDO/H3UpDPEXOH

5RQFD\ROR0/D9LOOHHWVHVWHUULWRLUHV3DULV*DOOLPDUGSDJHV

5RQFD\ROR 0  © 0pWURSROHV  KLHU HW DXMRXUG¶KXL ª $FWHV GX FROORTXH
0pWURSROHV HQ GpVpTXLOLEUH 3URJUDPPH LQWHUPLQLVWpULHO PXWDWLRQV pFRQRPLTXHV
HWXUEDQLVDWLRQ3DULV(FRQRPLFDSS

5RQFD\ROR0/HFWXUHVGHYLOOHV)RUPHVHWWHPSV0DUVHLOOH3DULVeGLWLRQV
3DUHQWKqVHVSDJHV

5RVVL$/¶DUFKLWHFWXUHGHODYLOOH3DULV/¶(TXHUUHSDJHV

5XVVHO$7KHQDWXUDOKLVWRU\RI$OHSSRYRO/RQGUHV

6DNNDO6  /HSKpQRPqQHGHO¶KDELWDWVSRQWDQpSpULXUEDLQ WKqVHGHGRFWRUDW


8QLYHUVLWpGH3DULV;,,3DULV

6DNNDO 6  © &URLVVDQFH HW FRQWU{OH GH O¶HVSDFH /¶LQIRUPHO HW O¶XUEDQLVPH OD
PXQLFLSDOLWpHWO¶eWDWª,Q$OHSHWVHVWHUULWRLUHV)DEULTXHHWSROLWLTXHG¶XQHYLOOH
  'DYLG -& HW %RLVVLqUH 7 HGV  %H\URXWK ± 'DPDV 3UHVVHV GH
O¶,ISRSS

6DVVHQ6/DYLOOHJOREDOH1HZ<RUN/RQGUHV7RN\R3DULVpG'HVFDUWHV

6DXHU &2  7KH PRUSKRORJ\ RI ODQGVFDSH %HUNHOH\ 8QLYHUVLW\ RI &DOLIRUQLD
3UHVV  SS

6DXYDJHW-$OHSHVVDLVXUOHGpYHORSSHPHQWG¶XQHJUDQGHYLOOHV\ULHQQHGHV
RULJLQHVDXPLOLHXGX;,;HVLqFOH3DULV3DXO*HXWKQHU

6DXYHJUDLQ 6$  © 3UDWLTXHV TXRWLGLHQQHV HW PRGHV GH FRQVRPPDWLRQ GHV
MHXQHVj$OHSª,Q$OHSHWVHVWHUULWRLUHV)DEULTXHHWSROLWLTXHG¶XQHYLOOH 
  'DYLG -& HW %RLVVLqUH 7 HGV  %H\URXWK ± 'DPDV 3UHVVHV GH O¶,ISR
SS

6DZDI6/¶KLVWRLUHG¶$OHSDYDQWO¶LVODP$OHSpG$OHKVDQ

6pQpFDO* ©0pWDSKRUHV HW PRGqOHV HQ JpRJUDSKLH XUEDLQH OH FRQWLQXXP GH
O pFROH GH &KLFDJR j FHOOH GH /RV $QJHOHVª$QQDOHV GH JpRJUDSKLH Qƒ
 SS

6RFLpWp*pQpUDOHGHV(WXGHVHWGHV&RQVHLOV7HFKQLTXHV5DSSRUWWHFKQLTXH
GXVFKpPDG¶RUJDQLVDWLRQJpQpUDOHGHODYLOOHG¶$OHS HQDUDEH $OHS
ϮϯϮ


6RFLpWp *pQpUDOH GHV (WXGHV HW GHV &RQVHLOV 7HFKQLTXHV  5HFHQVHPHQW GX
WUDQVSRUWSXEOLFGDQVODUpJLRQG¶$OHS HQDUDEH GRFXPHQWGHWUDYDLOQRQSXEOLp

6RFLpWp*pQpUDOHGHV(WXGHVHWGHV&RQVHLOV7HFKQLTXHV/HWUDQVSRUWDpULHQ
HQ6\ULH HQDUDEH GRFXPHQWGHWUDYDLOQRQSXEOLp

6RFLpWp *pQpUDOH GHV (WXGHV HW GHV &RQVHLOV 7HFKQLTXHV  /H WUDQVSRUW
UpJLRQDOGDQVODUpJLRQG¶$OHS HQDUDEH GRFXPHQWGHWUDYDLOQRQSXEOLp

6WHDGPDQ 3  $UFKLWHFWXUDO 0RUSKRORJ\  $Q LQWURGXFWLRQ WR WKH *HRPHWU\ RI
%XLOGLQJ3ODQV/RQGRQ3LRQ

6XHXU -3  9LOOHV GX IXWXU IXWXU GHV YLOOHV 4XHO DYHQLU SRXU OHV YLOOHV GX
PRQGH"5DSSRUWG¶LQIRUPDWLRQDYHFODSDUWLFLSDWLRQGH6DVVHQ63RUW]DPSDUF
&+'DPRQ-HW3UXGKRPPH%7RPH,(QMHX[SDJHV

৫DEEƗপ0DOOƗPDOQXEDOƗ¶ELWDUƯ۠ۙDODEDOâDKEƗ¶$OHS

7UDQFLN 5  )LQGLQJ /RVW 6SDFH 7KHRULHV RI 8UEDQ 'HVLJQ 1HZ <RUN
5HLQKROG

7KRP56WDELOLWpVWUXFWXUHOOHHWPRUSKRJHQqVH3DULV(GLVFLHQFH

7XUQHU$HW3HQQ$©0DNLQJLVRYLVWVV\QWDFWLFLVRYLVWLQWHJUDWLRQDQDO\VLVª
3URFHHGLQJV RI VHFRQG LQWHUQDWLRQDO V\PSRVLXP RQ VSDFH V\QWD[ 8QLYHUVLGDGH
GH%UDVLOLD%UD]LO

85%$0$  3UpVHQW HW DYHQLU GHV PpGLQDV GH 0DUUDNHFK j $OHS &HQWUH
G¶pWXGHV HW GH UHFKHUFKHV VXU O¶XUEDQLVDWLRQ GX PRQGH DUDEH  pOpPHQW VXU OHV
FHQWUHVYLOOHVGDQVOHPRQGHDUDEHSDJHV

9HOW] 3  0RQGLDOLVDWLRQ YLOOHV HW WHUULWRLUHV  O¶pFRQRPLH G¶DUFKLSHO 3DULV
3UHVVHVXQLYHUVLWDLUHVGH)UDQFH

9HUVWHHJK 3  0pDQGUHV 3HQVHU OH SD\VDJH XUEDLQ /DXVDQQH 3UHVVHV
SRO\WHFKQLTXHVHWXQLYHUVLWDLUHVURPDQGHV

:DFNHUPDQQ*7UqVJUDQGHVYLOOHVHWPpWURSROLVDWLRQ3DULV(OOLSVHV

:DWWDU6/HVpTXLSHPHQWVFRPPHUFLDX[GDQVOHFHQWUHGH'DPDVWKqVHGH
GRFWRUDW8QLYHUVLWpGH3DULV;,,

:HJHQHU $  © 5HSRUW RQ /RFDO *RYHUQPHQW )LQDQFH DQG )LQDQFLDO
0DQDJHPHQW LQ $OHSSR ª 3URJUDP IRU 6XVWDLQDEOH 8UEDQ 'HYHORSPHQW LQ 6\ULD
$OHSSR8UEDQ'HYHORSPHQW3URMHFWSDJHV
Ϯϯϯ


:KLWHKDQG -:5 D © %DFNJURXQG WR WKH XUEDQ PRUSKRJHQHWLF WUDGLWLRQ ª LQ
:KLWHKDQG-:5 HG  7KH XUEDQ ODQGVFDSH  KLVWRULFDO GHYHORSPHQW DQG
PDQDJHPHQW ,QVWLWXWH RI %ULWLVK *HRJUDSKHUV 6SHFLDO 3XEOLFDWLRQ  /RQGRQ
$FDGHPLF3UHVVSS

:KLWHKDQG -:5 E © )OXFWXDWLRQV LQ WKH ODQG XVH FRPSRVLWLRQ RI XUEDQ
GHYHORSPHQWGXULQJWKHLQGXVWULDOHUDª(UGNXQGHSS

:KLWHKDQG - :5  © %ULWLVK XUEDQ PRUSKRORJ\  WKH FRQ]HQLDQ WUDGLWLRQ ª
8UEDQ0RUSKRORJ\SS

:KLWHKDQG -:5  © 8UEDQ 0RUSKRORJ\ XUEDQ ODQGVFDSH PDQDJHPHQW 


IULQJHEHOWVªLQ(YDQV5>HG@8UEDQ0RUSKRORJ\8UEDQ'HVLJQ/RQGRQ8UEDQ
'HVLJQ*URXS

=DLP0%/¶pYROXWLRQXUEDLQHGHODSpULSKpULHGHODPpGLQDG¶$OHSWKqVHGH
GRFWRUDW8QLYHUVLWpGH3DULV,S

=HQOXQG'*3RVWFRORQLDO$OHSSR6\ULD6WUXJJOHVLQ5HSUHVHQWDWLRQDQG
,GHQWLW\3K'WKHVLV8QLYHUVLW\RI7H[DV$XVWLQ

6LWH,QWHUQHW

&HQWUDO%XUHDXRIVWDWLVWLFVKWWSZZZFEVV\UV\LQGH[(1KWP

81(6&2ZZZXQHVFRRUJQHZIUXQHVFR




   

         


        ! "
 "     #$%& "
 ' (   '
 ) ( *  '
 + ,  -
 .  !/** 0  "'
 -  !/  *  1  ".
 2  !/ !  1  3! "2
 4 5     6*   *   ''
     ! **/  !     '+
   !7  2"4)"
    9      ! ; )'
 "  =   ))
 ' >7?@ )+
 )   *   !A )2
 + 5ABCB /* +4
 .   *   7 D7  !+
 -  *!!* +"
 2   *   7E  +'
 4   *   BC /* +.
   *   7 A  +2
    *   7 F!& .
 "  @! ! ."
 '   * *   !   & .)
 )     *D7  .+
 )   *      G ! ..
 +      HD     I  .2
 .     HD .2
 - >    -4
"  (   7 ?ABCB BB /* -


"   *?D    -'


" "  * ?9**D2"--)
" '  * , 2)' -.
" )   *     ! ;  24
" +      2
" .       !!2

" - 3   BB /*2"


" 2 56 * D  70 D2+22)
" 4 56 !7 770 D 2.
"  F*   7 6 0 D*  2-
"    *     7 224 4
" "   "  4"
" '     "  !4'
" ) 3!!  4)
" + C!!   4)
" .    ?!K 4.
("  = * * 7?A 4.
" - 7!  *I A2.'L442 4-
" 2  * *?A 4-
" 4   7!D    44'  42
"      *  7  *  4
"     7  
" "     E    "
" '  !*  *  7    '
" )  7       *)
" +  !  !7  A +
'   7    K2')44 ""
'   7?A?7 ! 6  "+
' "   *   *!!* ?ABCB /* "+
' '  = ?A "-
' )  ,F 7?A "2
' + 37E?A '4
('  5*  "   '


' . = *!    7 '"


('  9  * * "  ?A '"
(' " 9 ?  "  ?A ''
(' '    I  ')
(' ) 5*     *      *  ')
' -  = 7  '2
' 2 17*D )"
)      ?@ ?A ).
)      E D  ! )2
) "   !  !!+
) '       !!+
) ) 3   !!!+"
5D ) +    7* +"
) .  * A        ! +2
) -     *   * 7D7 .)
) 2  " #$  .+
) 4   % & ..
)   &!..
)   !!..
) " = *!!*  (.-
) '  ! =.2
) )      7  -
) +   " $/ * L -
) .  ** * L -"
) -  6 ?AMD( =  -'
) 2 >*7!77 =  -)
) 4  6 *  -)
)      / 7 7*  -+
)   6 & $&!-.
) "   77?3#@K=G 24
) '  $ (?A ?7 ! 2"
) )  7 7*!   2+4 2"
) +     # !2)
()  @ ! !?*  A    *D L 2.


) .    A   7 2-


) -  7!/ ??A 2-
) 2  7*!  K 4
) "4  !/ ?  7*  74"
) "   !  !   5N,44' 2.-4-
) "  5N,44' 42
) ""    5N,444
+   7   *  A +
+  5 *D7! 7  ?A .
(PDG12$,0(
 /HVWUDQVIRUPDWLRQVVRFLR
PRUSKRORJLTXHVGHODYLOOHGDQV 

OHSURFHVVXVGHPpWURSROLVDWLRQ
>/ H[HPSOHG¶$OHSGHSXLVVDIRQGDWLRQ
MXVTX¶HQ@
0RWVFOpVWUDQVIRUPDWLRQPRUSKRORJLTXHPpWURSROLVDWLRQ$OHS

5pVXPp
$OHS FRPPH EHDXFRXS G¶DXWUHV YLOOHV GDQV OH PRQGH HVW WRXFKpH SDU OD PRQGLDOLVDWLRQ TXL D
VXVFLWp XQH G\QDPLTXH PpWURSROLWDLQH D\DQW GHV HIIHWV VXU O¶RUJDQLVDWLRQ VRFLRVSDWLDOH GH OD YLOOH
&HV HIIHWV RQW FRQQX XQH DPSOHXU FRQVLGpUDEOH GDQV OHV GpFHQQLHV TXL RQW SUpFpGp OH
GpFOHQFKHPHQW GH OD UpYROXWLRQ HW GH OD JXHUUH OD YLOOH VH WURXYDQW HQ SOHLQH H[SDQVLRQ DYHF XQ
DFFURLVVHPHQWGHSRSXODWLRQWUqVUDSLGHWDQGLVTXHOHVSROLWLTXHVG DPpQDJHPHQWPLVHVHQ°XYUH
QHVHUpYpODLHQWSDVjODKDXWHXUGXSKpQRPqQHDYHFXQHFHQWUDOLVDWLRQDFFUXHGHVVHUYLFHVHWGHV
pTXLSHPHQWV TXL DPSOLILDLW O H[RGH UXUDO /D SUpVHQWH UHFKHUFKH VH EDVH VXU OD FRPSOH[LWp
SKpQRPpQRORJLTXHHWSUHQGHQFRPSWHOHVIDFWHXUVG\QDPLTXHVWHOVTXHO¶LQWHUDFWLRQHWO¶pYROXWLRQ
/D QRXYHOOH OHFWXUH TXH QRXV SURSRVRQV LFL VH EDVH VXU GHV SULQFLSHV GH PRUSKRJHQqVH TXL
SHUPHWWHQWG H[SOLTXHUODG\QDPLTXHGHODIRUPHXUEDLQH



.H\ZRUGVWUDQVIRUPDWLRQPRUSKRORJ\PHWURSROL]DWLRQ$OHSSR
5pVXPpHQDQJODLV
$OHSSR OLNH PDQ\ RWKHU FLWLHV LQ WKH ZRUOG LV DIIHFWHG E\ JOREDOL]DWLRQ ZKLFK KDV VSDUNHG D
PHWURSROLWDQ G\QDPLF ZLWK HIIHFWV RQ WKH VRFLRVSDWLDO RUJDQL]DWLRQ RI WKH FLW\ 7KHVH HIIHFWV KDYH
EHHQFRQVLGHUDEOHPRPHQWXPLQWKHGHFDGHVSUHFHGLQJWKHRXWEUHDNRIWKHUHYROXWLRQDQGWKHZDU
WKHFLW\EHLQJLQIXOOH[SDQVLRQZLWKUDSLGSRSXODWLRQJURZWKZKLOHGHYHORSPHQWSROLFLHVLPSOHPHQWHG
ZLOO QRW UHYHDOHG XS WR WKH SKHQRPHQRQ ZLWK JUHDWHU FHQWUDOL]DWLRQ RI VHUYLFHV DQG HTXLSPHQW WKDW
DPSOLILHVWKHUXUDOH[RGXV7KLVUHVHDUFKLVEDVHGRQWKHSKHQRPHQRORJLFDOFRPSOH[LW\DQGWDNHLQWR
DFFRXQWG\QDPLFIDFWRUVVXFKDVLQWHUDFWLRQDQGHYROXWLRQ7KHQHZUHDGLQJSURSRVHGKHUHLVEDVHG
RQWKHSULQFLSOHVRIPRUSKRJHQHVLVWKDWH[SODLQWKHG\QDPLFVRIXUEDQIRUP

You might also like