Vous êtes sur la page 1sur 12

!"#$!

%&%'($)*+&%,''
$+*'-"+.*/*'#&)0".1.1-*'
%&%."+123"'
'

'

'
1456789::;<4'

'

!"#$"% &"'(% )*'*% $+(,)*% -*% #(% +.(-$+/+'"0"-% -(1*#% (-$2(% 3"% (#$2"$(4+"%
(,)2(#"2+"3% 5% 3"% 4(#$+6-% .(% 3*#% 2('72#*#% &7,"-*#% '*,*% 7-"% 8(-$"9"%
'*,)($+$+8"%#*#$(-+03(:%;*%,"#%+,)*2$"-$(%(-%(3%"-<3+#+#%(#$2"$=4+'*%"%3*%3"24*%
.(%3"%&+#$*2+"%&"%#+.*%3"%0>#?7(."%.(%(-3"'(#%(-$2(%3"#%.('+#+*-(#%(#$2"$=4+'"#%5%
(3% 2(-.+,+(-$*% (,)2(#"2+"3:% @"-$*% 3"% (#$2"$(4+"% '*,*% 3*#% AA!!% &"-% +.*% )*2%
.+/(2(-$(#%'",+-*#%5B%.(#.(%(3%)7-$*%.(%8+#$"%(#$2"$=4+'*B%3"%)(2#)('$+8"%#*'+"3%
.(-$2*% .(% 3"% (,)2(#"% &"0C"% ?7(.".*% "+#3"."% "% 7-% #(47-.*% )3"-*% )"2"%
'(-$2"2#(%(-%*$2*#%+,)73#".*2(#%.(%8"3*2:%

D-%#+43*%"$2<#%3"#%8(-$"9"#%'*,)($+$+8"#%.(%3"#%(,)2(#"#%#(%'*-'(-$2"0"-%(-%(3%
/7(2$(% '")+$"3% /+-"-'+(2*% ?7(% )*#(C"-% 5% 37(4*% (#$*% )"#6% "% 7-% #(47-.*% )3"-*%
'7"-.*% 3"% +--*8"'+6-% $('-*364+'"% $*,"0"% 3"#% 8(-$"9"#% '*,)($+$+8"#%
(,)2(#"2+"3(#:% !*5% (-% .C"B% 3"% 43*0"3+E"'+6-% #(% &"% (-'"24".*% .(% #+$7"2% "% 3"%
$('-*3*4C"%(-%'7"3?7+(2%374"2%.(3%)3"-($"B%(-%'7"3?7+(2%,*,(-$*%5%)"2"%?7+(-%
3"%.(#((:%

F-%(3%#+43*%GGH%-7(8",(-$(%#(%+,)73#"%3"%'*22+(-$(%.(3%.(#"22*33*%&7,"-*%)*2%
#*02(% $*.*% 3*% .(,<#:% F-% 3"% "'$7"3+.".B% 3*#% $2".+'+*-"3(#% /"'$*2(#% )2*.7'$+8*#I%
$2"0"9*B% '")+$"3% 5% $('-*3*4C"B% &"-% #+.*% .(#)3"E".*#% )*2% (3% ,<#% +,)*2$"-$(% .(%
$*.*#%3*#%/"'$*2(#B%(3%33",".*%J'")+$"3%&7,"-*K:%%

%
067=>?@AB'C9?'"4:9?456A'>A'8;6?::;<4'C9?'B?'D;EA'?4'?>'#AF;5A>'
(9@A47'
!*-% (3% )"#*% .(3% $+(,)*% #(% &"-% +.*% +,)3(,(-$"-.*% .+/(2(-$(#% #+#$(,"#% .(%
.(#"22*33*%.(3%)(2#*-"3B%5"%?7(%(33*#%#*-%3*#%?7(%'*-$2*3"-%5%*)$+,+E"-%$*.*#%3*#%
.(,<#%2('72#*B%'*-#+.(2"-.*%"3%#(2%&7,"-*%'*,*%(3%-7(8*%5%,<#%+,)*2$"-$(%
+,)73#".*2%.(%8"3*2%.(-$2*%.(%7-"%(,)2(#":%

F#% /7-.",(-$"3% 2('*-*'(2% ?7(% )"2"% '7"3?7+(2% .(#"22*33*% .(3% 2('72#*% &7,"-*%
#(%-('(#+$"%'",0+"2%(3%(#$+3*%5%3"%/*2,"%.(%.+2+4+2%7-"%(,)2(#"B%5%4(-(2"3,(-$(%
'",0+"2% (3% 27,0*% $2".+'+*-"3% .(% 7-"% *24"-+E"'+6-% (#$"03('+."% (#% 3*% ,<#%
'*,)3+'".*:%

L(% +.(-$+/+'"-% $2(#% )2*03(,"#% (#(-'+"3(#% (-% 3"% .+2(''+6-% .(3% '")+$"3% &7,"-*%
.(-$2*%.(%7-"%(,)2(#"I%

!"#$%&'(%#$%)*"('+#,)-#.+*"+#/(#")-#0+'*&)-1#(-2)-#-(#$%)/30(,#(,#("#(,2)%,)#4#
53(#,)#-)")#-(#/+,#(,#("#(62(%&)%#-&,)#53(#+7(02+,#("#&,2(%&)%#/(#"+-#$(%-),+-8#

!7"-.*%3"#%)(2#*-"#%(-$2"-%"%7-%$2"0"9*%#(%.(,*2"-%7-%$+(,)*%(-%")2(-.(2%3*%
?7(% $+(-(-% ?7(% &"'(2B% (#$"#% $+(-(-% 2(#)*-#"0+3+.".(#% 5% $"2("#% ?7(% #(% (#)(2"-%
'7,)3+2:% F#$*% ."% 7-"% +.("% .(% '6,*% 8"3*2"2% "% 3"% )(2#*-"% (-% 3"% (,)2(#":% F#$*%
"/('$"% #7% "'$+$7.% (-% (3% $2"0"9*M% 3"% "'$+$7.% '",0+"% 3"% ,*$+8"'+6-% .(% % 3*#%
$2"0"9".*2(#:% D-"% "'$+$7.% )*#+$+8"% '2("2<% ,"5*2% ,*$+8"'+6-% 5% 8+'(8(2#":% ;"%
,*$+8"'+6-% "/('$"% "3% .(#"22*33*% )2*/(#+*-"3B% ")2(-.+(-.*% "#C% #*3*% 3*#% "#)('$*#%
(-% 3*#% ?7(% #(% #+(-$(% ,*$+8".*B% .(#"22*33"-.*% "347-"#% ")$+$7.(#% 5% (#$"#% .(0(-%
2(#)*-.(2%"%#7%8(E%"%3"#%(1)('$"$+8"#%.(%#7#%#7)(2+*2(#:%%%%%%

;"#%(,)2(#"#%4(-(2"3,(-$(%7$+3+E"-%7-%(#$+3*%.+2('$+8*%9(2<2?7+'*%(-%(3%'7"3%(3%
9(/(% .+'(% ?7=% &"'(2% 5% '7<-.*% &"'(2B% ,+(-$2"#% 3*#% (,)3(".*#% #*-% #+,)3(#%
#70*2.+-".*#% ?7(% &"'(-% 3*% ?7(% #(% 3(#% .+'(% )*2?7(% -*% ?7+(2(-% #(2% '"#$+4".*#:%
F#$(%(#$+3*%.+2('$+8*B%?7(%.(#42"'+".",(-$(%#+47(%8+8*%(-%,7'&"#%(,)2(#"#%.(%
-7(#$2*% ,(.+*B% (#$"03('(% 7-% ",0+(-$(% .(% '7,)3+2% *03+4"'+*-(#% #+-% $(-(2%
.(2('&*%"%3"%'2("$+8+.".B%)*2%3*%$"-$*B%#(%)2*.7'(%7-"%"'$+$7.%2("'$+8"%"-$(%(3%
$2"0"9*:%F-%(#$(%'"#*%3"%,*$+8"'+6-%"7,(-$"%*%.+#,+-75(%#*3*%)*2%3*#%)2(,+*#%5%
3*#%'"#$+4*#:%

%
-+#$#./

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

3*".%#4/&"

%%%%%%%%%%%%%%%%%%%%%% %%
F1+#$(%7-"%42"-%'"-$+.".%.(%*)*2$7-+.".(#%5%.(%+.("#%?7(%7-"%*24"-+E"'+6-%#(%
(#$<% )(2.+(-.*% )*2% $(-(2% 7-"% .+2(''+6-% ?7(% +,)73#"%3"% "'$+$7.% 2("'$+8"% "-$(#%
?7(%3"%)2*"'$+8":%N#$"%)7(.(%#(2%3"%)2+,(2"%2"E6-%)*2%3"%?7(%,7'&"#%(,)2(#"#%
-*% #*-% '*,)($+$+8"#% 5% )*'*% "% )*'*% #(% "3(9"-% .(% 3"% 2("3+.".% ,7-.+"3:% F3%
)2*03(,"% .(% 7-"% .+2(''+6-% 2($2642"."% ?7(% 2()2+,(% (3% )*$(-'+"3% '2("$+8*% .(% #7%
)(2#*-"3% (#% ?7(% 4(-(2"B% /+-"3,(-$(B% $"3(-$*#% .()(-.+(-$(#% ?7(% -*% )7(.(-%
$*,"2%.('+#+*-(#%-+%"#7,+2%2+(#4*#:%%

F-% (3% (#$+3*% .+2('$+8*% 9(2<2?7+'*% (3% )(2#*-"3% /7-'+*-"% ,(.+"-$(% ,*$+8"'+*-(#%
(1$2C-#('"#B%(#%.('+2B%,(.+"-$(%"''+*-(#%(1$(2-"#:%

3*4+#$,4

:4%*1#&'
(*5*1/$*
($)*++$&1' 8)/*1*"
1#* 6*)4)7.$+4

9$1$2&

%%%%%%%%%%% %
F#$(% )2*03(,"% "-$(2+*2,(-$(% .(#'2+$*% ,(9*2"% #7#$"-'+"3,(-$(% '7"-.*% 7-"%
(,)2(#"% '",0+"% "% 7-% (#$+3*% .+2('$+8*% )*2% *09($+8*#% 4(-(2"% ,*$+8"'+*-(#%
+-$2C-#('"#% *% +-$(2+*2(#% .(% 3"#% ,+#,"#% )(2#*-"#% ?7(% .(#"22*33"-% $"3(-$*#%
+-.()(-.+(-$(#% "3% 07#'"2% '*-$+-7",(-$(% (3% =1+$*% )(2#*-"3B% "#C% '*,*% $",0+=-%
.(3(4"% /7-'+*-(#% "% $*.*% (3% )(2#*-"3% 5% 3"% .+2(''+6-%#(% '*-8+(2$(% (-% 7-% (-$(% .(%
'*-$2*3%"-$(#%?7(%(-%7-%(-$(%.(%"7$*2+.".:%F#$(%(#$+3*%.(%.+2(''+6-B%+,)73#"%3"%
"'$+$7.% )2*"'$+8"% )*2?7(% (3% )(2#*-"3% #(% #+(-$(% #7/+'+(-$(,(-$(% '")"'+$".*% 5%
'*-/+".*% )"2"% $*,"2% #7#% )2*)+"#% .('+#+*-(#% 5% "#7,+2% 2+(#4*#% ?7(% ,(9*2(-% (3%
2(-.+,+(-$*%.(%3"%(,)2(#":%

F3% )(2#*-"3% .(#"22*33"% 3*% ?7(% #(% 33","% $"3(-$*% +-.()(-.+(-$(% ?7(% &"'(% "% 3"%
)(2#*-"% '")"E% .(% $*,"2% .('+#+*-(#% 5% "#7,+2% 2+(#4*#% )(2*% (3% )2*03(,"% .(% 3"%
.+2(''+6-% )*2% *09($+8*#% (#% ?7(% #(% '*-8+(2$(% (-% +-.+8+.7"3+#$"B% (#% .('+2B% '"."%
)(2#*-"% .(% 3"% (,)2(#"% )+(-#"% (-% #C% ,+#,*% 5% "'$>"% )"2"% '7,)3+2% #7#% )2*)+*#%
*09($+8*#% )(2*% ,7'&"#% 8('(#% *38+."-.*% (3% '6,*% 5% )*2?7=% 33(46% "% '7,)3+2% (#*#%
*09($+8*#% 5B% )*2% 3*% $"-$*B% *38+."-.*% "3% 2(#$*% .(% 3"% *24"-+E"'+6-% '*,*% 7-%
'*-97-$*%$*$"3:%%

;"%(8"37"'+6-%)"2"%3"%.+2(''+6-%)*2%*09($+8*#%#(%&"'(%)*2%,(.+*%.(%'*,)"2"'+6-%
'*,)($+$+8"M%(#%.('+2B%7-"%)(2#*-"%)7(.(%2("3+E"2%,75%0+(-%#7%$2"0"9*%)(2*%#+%
*$2*%3*%&+E*%,(9*2%(-$*-'(#%?7+(2(%.('+2%?7(%(3%*$2*%3*%&+E*%,"3:%F3%*09($+8*%#(%
&"'(%,<#%/<'+3%.(%"3'"-E"2%#+%(#%?7(%3*#% *$2*#%3*%&"'(-%)(*2%5%"3%)*-(2%,($"#%
,<#% "3$"#% #(% 2(/7(2E"% '"."% 8(E% ,<#% (3% (#$+3*% .(3% $"3(-$*% +-.()(-.+(-$(:% O"2"%
#*37'+*-"2% (3% )2*03(,"% .(3% (#$+3*% .+2('$+8*% )*2% *09($+8*#B% (#% '*-8(-+(-$(%
+,)3"-$"2%(-%3"%(,)2(#"%7-%(#$+3*%.+2('$+8*%)*2%'*,)($(-'+"#%?7(%#(%)2(*'7)"%
)*2% (3% '",+-*% ?7(% #(% &"% 2('*22+.*% )"2"% '7,)3+2% '*-% 3*#% *09($+8*#% )2*)7(#$*#%
+-+'+"3,(-$(:%%
=)&4+#$,4

($)*++$&1'
:4%*1#&'
?1/*5*1/$*1#* 5&)' 3*#&"
8;<*#$,&"

!>+*%*1#*
%
P3%&"'(23*%,(.+"-$(%(#$(%(#$+3*B%#(%4(-(2"%(3%,*$+8*%.(%)(2$(-(-'+"%(-%.*-.(%3"#%
)(2#*-"#% #(% ,*$+8"-% )*2% /*2,"2% )"2$(% .(% 7-% 427)*% '*,>-:% P.(,<#% .(%
/*,(-$"2%7-"%"'$+$7.%)2*"'$+8"B%#(%/*,(-$"%7-"%"'$+$7.%'**)(2"$+8"%?7(%?7+(2(%
'*-$2+07+2% 5% #(2% >$+3% )"2"% 3*#% .(,<#:% Q+-"3,(-$(B% #(% 4(-(2"-% $"3(-$*#%
+-$(2.()(-.+(-$(#% ?7(% 07#'"-% 3"% ,(9*2"% '*-$+-7"% .(% 3"% *24"-+E"'+6-% (-% #7%
'*-97-$*% 5B% ".(,<#% .(% 3"% 3+0(2$".% .(3% $"3(-$*% +-.+8+.7"3B% #(% '2("% 7-"%
2(#)*-#"0+3+.".%"-$(%3*#%.(,<#%,+(,02*#:%%

O*2% 3*% $"-$*% (3% )2+,(2% )2*03(,"% -*% 2".+'"% (-% (3% 2('72#*% &7,"-*% #+-*% (-% (3%
(#$+3*%.(%#7%.+2(''+6-%)*2?7(%.(%=3%.()(-.(%(3%)*$(-'+"3%'2("$+8*%?7(%3"%(,)2(#"%
)7(."%33(4"2%"%$(-(2:%R%(#*%33(4"%"%#(2%7-"%8(-$"9"%'*,)($+$+8"%#*#$(-+03(:%

!"#-(93,/)#$%)*"('+#(-#("#(60(-)#/(#2()%:+-#0),#%(-$(02)#+#"+#&'$"('(,2+0&;,#/("#
%(03%-)# .3'+,)# 0)')# 3,+# <(,2+=+# 0)'$(2&2&<+># 2()%:+-# 53(# ,)# .+,# -&/)#
$"(,+'(,2(#0)'$%)*+/+-#(,#"+#$%?02&0+8##

;"% -7(8"% +-/37(-'+"% (-% (3% ,7-.*% (,)2(#"2+"3% (#% (3% .(#"22*33*% .(3% '")+$"3%
&7,"-*% )(2*B% .(#42"'+".",(-$(B% $*."% (#"% $(-.(-'+"% #(% &"% ?7(.".*% (-% 3"%
$(*2C"%5%-*%#(%&"%)"#".*%"%3"%)2<'$+'"%2("3:%%

!"# 2(%0(%# $%)*"('+# -(# %("+0&),+# /&%(02+'(,2(# 0),# ("# -(93,/)# 4# (-# 53(# 2)/+-# "+-#
('$%(-+-#%(0),)0(,#"+#,(0(-&/+/#/(#/(-+%%)""+%#("#0+$&2+"#.3'+,)#$(%)#2)/+-#"+-#
-)"30&),(-#53(/+,#(,#$+"+*%+-#4#,)#(,#"+#$%?02&0+8%%

%
!"#$%"$&'$()$*($"+,)($&
!*5%(-%.C"B%(3%'3+(-$(%(#%(3%,7-.*%5%3"%'*,)($(-'+"%(#%(3%,7-.*%$",0+=-:%R"%-*%
#(% )7(.(% #(47+2% 8+8+(-.*% (-% 7-% ,7-.*% 2(.7'+.*% 5% -('(#"2+",(-$(% $*."%
(,)2(#"%.(0(%."2%(3%#"3$*%2+(#4*#*%&"'+"%3"%43*0"3+E"'+6-:%R"%-*%0"#$"%*0#(28"2%
(3%(-$*2-*%('*-6,+'*%-"'+*-"3%#+-*%(#%/7-.",(-$"3%+.(-$+/+'"2%?7=%#7'(.(%(-%(3%
(-$*2-*%+-$(2-"'+*-"3:%

F3%#+47+(-$(%2('7".2*%,7(#$2"%3"#%-7(8"#%$(-.(-'+"#%('*-6,+'"#%,7-.+"3(#I%

& =3!@!A:!' BC:C38'


O2*.7''+6-%5%!*-#7,*% S"#+8*% 0?6B74A>;GA87'
"24"-+E"'+6-%.(3%@2"0"9*% F#$"03(% D>?H;=>?'
Q7(-$(#%.(%8"3*2% !")+$"3% #747:;@;?457'
@","T*%"24"-+E"$+8*% !*-43*,(2".*#% $4;8A8?B'F?C9?IAB'
A(#*37'+6-%.(%!*-/3+'$*#% !*-/2*-$"'+6-% #77F?6A:;<4'
A(3"'+6-%'*-%(3%F-$*2-*% "HF>75A:;<4' #74B?6JA:;<4'
'

F3%=1+$*%(,)2(#"2+"3%5"%-*%#(%0"#"%(-%7-"%#(-'+33"%J8(-$"9"%'*,)($+$+8"KB%)7(#$*%
?7(B% =#$"% (#% /<'+3,(-$(% +,+$"."% 5% #7)(2"."% )*2% '*,)($+.*2(#% &"#$"% ?7(%
.(#")"2('(% 5% .(9"% .(% #(2% 3*% ?7(% 7-"% 8(E% /7(:% F3% =1+$*% "&*2"% #(% 0"#"% (-% 3"%
)"3"02"% J#*#$(-+03(KB% (#% .('+2B% ?7(% )7(.(% ,"-$(-(2#(% )*2% #C% ,+#,*% "% 3*% 3"24*%
.(3%$+(,)*%#+-%-+-47-"%+-9(2(-'+"%(1$(2+*2:%%

-?45AEA'#7@F?5;5;JA'%7B5?4;=>?'
;"#% (,)2(#"#% -*% )7(.(-% #(47+2% ,"-(9"-.*% 3*#% -(4*'+*#% .(% 3"% /*2,"%
$2".+'+*-"3:% U(0(-% ")2(-.(2% "% +--*8"2B% ".")$"2#(% 5% '",0+"2% )"2"% #*02(8+8+2:%
;"#% (,)2(#"#% (1+$*#"#% #*-% "?7(33"#% /3(1+03(#B% 2<)+."#B% (-/*'"."#% 5% ",+4"03(#:%
;"#%(,)2(#"#%)*.(2*#"#%5"%-*%#*-%3"#%,<#%42"-.(#%#+-*%3"#%,<#%+-$(3+4(-$(#%5%
"7."'(#:%%

D-"% ,75% 07(-"% 2(#)7(#$"% )"2"% )*.(2% #(2% .+/(2(-$(#% "% 3*#% .(,<#% 5% "#C% ,<#%
'*,)($+$+8*#% #(2C"% 3"% ,(9*2"% (-% 3"% /*2,"% .(% .+2+4+2% "3% 2('72#*% &7,"-*:% V*% #(%
)7(.(%#(47+2%'*-/+"-.*%(-%3*#%)2*.7'$*#B%(-%3"%$('-*3*4C"B%(-%3*#%'*#$*#%*%(-%3"%
/+-"-'+"'+6-%'*,*%8(-$"9"%'*,)($+$+8"%#*#$(-+03(:%

'

'
3A'K;6?::;<4'8?'F?6B74AB':7@7'-?45AEA'#7@F?5;5;JA'%7B5?4;=>?'
D-"%#*37'+6-%#(2C"%.*$"2%"%3"%*24"-+E"'+6-%5%"%3"#%)(2#*-"#%.(I%%

!! ;+.(2"E4*B%%
!! !*,7-+'"'+6-B%%
!! S*$+8"'+6-B%%
!! #+#+6-%(#$2"$=4+'"%5%%
!! !**2.+-"'+6-%%

O(2*% (-% 3"% )2<'$+'"% (#$*#% #*-% '*-'()$*#%,75% .+/C'+3(#% .(% +,)3"-$"2% )*2?7(% 3*#%
'*-'()$*#%#*-%+,)2('+#*#%(-%%#C%,+#,*#%5%#*-%,75%#709($+8*#%.()(-.+(-.*%.(%
3"% (,)2(#":% @*.*#% .(0(2C"-% .(#"22*33"2#(% "2,6-+'",(-$(B% -*% #(% )7(.(%
.(#"22*33"2%#*3*%7-*%"%3"%8(E%5%*$2"%2"E6-%(#%?7(%3"%'73$72"%.(%7-"%(,)2(#"%#(%
.(#"22*33"%)*'*%"%)*'*:%

F,)2(#"#% )+*-(2"#% (-% 3"% .+2(''+6-% .(% 2('72#*#% &7,"-*#% (#$<-% (,)(E"-.*% "%
'",0+"2% #7% ,*.*% .(% (-/*'"2% 3"#% $2(#% .+,(-#+*-(#% 0<#+'"#% % #*02(% 3"#% ?7(% #(%
"#+(-$"-%3"#%$2(#%.+,(-#+*-(#%0<#+'"#%#*02(%3"#%?7(%#(%"#+(-$"%3"%.(/+-+'+6-%.(%
)*3C$+'"#% 5% )2<'$+'"#% .(% )(2#*-"3% W(#/7(2E*% (-% 2('72#*#% &7,"-*#B% (/+'"'+"%
*)(2"$+8"% 5% #+#$(,"#% .(% '*-$2*3X:% F3% )2+,(2% )"#*% )"2"% 3*42"2% (#$(% *09($+8*% (#%
.(9"2%.(%+.(-$+/+'"2%"%3*#%,('"-+#,*#%.(%.(#"22*33*%.(3%2('72#*%&7,"-*%'*,*%
7-%'*#$*%)*2?7(%#7%8"3*2%(#%+,)2('+#*B%.+/C'+3%.(%,(.+2%5%#*3",(-$(%8(2+/+'"03(%"%
3"24*%)3"E*:%O*2%'*-'()$*%('*-6,+'*B%$*.*%'*#$*%.(0(%#(2%,+-+,+E".*%5B%.(%(#$"%
/*2,"B%(#$"2C",*#%,+-+,+E"-.*%"%3"%8(-$"9"%'*,)($+$+8"%,<#%")($('+."%"%-+8(3%
,7-.+"3:%%

!"."%(,)2(#"%'7"-.*%2("3+E"%7-%)2*5('$*%.(%+-8(2#+6-%'"3'73"%#7%$"#"%+-$(2-"%
.(% 2($*2-*% 5% 3"% 2(-$"0+3+.".% .(% 3"% +-8(2#+6-% (-% '7(#$+6-% )"2"% #"0(2% #+% #(% .(0(%
33(8"2%"%'"0*%*%-*%3"%+-8(2#+6-:%L+%'*-#+.(2"2C",*#%7-%)3"-%.(%,(9*2"%'*-$+-7"%
.(3% 2('72#*% &7,"-*% 5% .(% #7% .+2(''+6-% '*,*% 7-"% +-8(2#+6-B% -*#%
'*-'(-$2"2C",*#% (-% '"3'73"2% 3"% 2(-$"0+3+.".% .(% (#(% )2*5('$*% 5% -*#%
(#/*2E"2C",*#% )*2% ,"1+,+E"2% #7#% 2(#73$".*#:% N#$"% (#% 3"% 42"-% .+/(2(-'+"% (-$2(%
7-"%+-8(2#+6-%5%7-%'*#$*:%%

P.(,<#% *$2*% 42"8(% +-'*-8(-+(-$(% )"2"% .(#"22*33"2% 3"% .+2(''+6-% .(% )(2#*-"#%
'*,*% 8(-$"9"% '*,)($+$+8"% #*#$(-+03(% (#% ?7(% 3*#% #+#$(,"#% $2".+'+*-"3(#% .(%
(8"37"'+6-%(-%(#$(%$(,"%#(%0"#"-%(-%+-.+'".*2(#%.(%'*2$*%)3"E*%5B%)*2%3*%$"-$*B%
(#$",*#% (3+,+-"-.*% (3% (/('$*% ,<#% +,)*2$"-$(I% 3"% #*#$(-+0+3+.".:% D-"% (,)2(#"%
.(0(2C"%+,)73#"2%3"%,(9*2"%'*-$+-7"%.(3%$2"0"9*%'*,*%)*3C$+'"%.(%(8"37"'+6-%.(3%
2('72#*%&7,"-*:%
F#$*#% $2(#% )+3"2(#% )"2"% +-+'+"2% (3% )2*'(#*% .(% 3"% .+2(''+6-% .(% )(2#*-"#% '*,*%
8(-$"9"%'*,)($+$+8"%#*#$(-+03(%#(%2(#7,(-%(-I%

% OAFLFV@F% QD@DA"%
H.(-$+/+'"'+6-%.(%A('72#*#% !*#$*% H-8(2#+6-%
!7,"-*#%
F/+'"'+"%")(2"$+8"% F#$<-."2% S(9*2"%'*-$+-7"%
L+#$(,"#%.(%!*-$2*3% V*2,"#% !*,)2*,+#*%
%

P)*5<-.*-*#% (-% (#$*#% $2(#% )+3"2(#% '*-#$27+2(,*#% 3*#% /7-.",(-$*#% )"2"% 7-"%
-7(8"%*24"-+E"'+6-%.(%$2"0"9*%?7(%")*2$(%7-"%8(-$"9"%'*,)($+$+8"%#*#$(-+03(%(-%
(3%$+(,)*:%

V*2,"3,(-$(% 3*#% #+#$(,"#% .(% .+2(''+6-% .(% )(2#*-"3% '(-$2"-% 3"% .+8+#+6-% .(%
"'$+8+.".(#%)2*.7'$+8"#%(-%3"%.+8+#+6-%.(3%$2"0"9*:%!"#+%#+(,)2(%(#"%.+8+#+6-%&"%
#()"2".*% 3"% )3"-+/+'"'+6-% 5"% ?7(% #(% )*.C"% #()"2"2% '*-% '3"2+.".% (3% '*-$(-+.*%
/C#+'*%.(3%+-$(3('$7"3B%'7"-.*%(3%(-$*2-*%(#%(#$"03(%5%)2(.('+03(:%O(2*%'7"-.*%3"%
.+8+#+6-%-*%(#%$"-%'3"2"%-('(#+$",*#%'*-%2")+.(E%7-"%8+#+6-%'*-97-$*%5%.(%7-"%
'**2.+-"'+6-%?7(%-*#%)(2,+$"%.(#"22*33"2%$"2("#%.(%)3"-+/+'"'+6-%5%(9('7'+6-%"3%
,+#,*%$+(,)*:%

% @APUH!H"VP;% QD@DA"%
"24"-+E"'+6-%Y<#+'"% U+8+#+6-%.(3%"02"2% H-$(42"'+6-%.(3%*02"2%
Q7-'+6-%.(%3"% F#)('+"3+#$"% Z(-(2"3+#$"%
O(2#*-"%
D-+.".%.(%@2"0"9*% H-.+8+.7*% F?7+)*%
V+8(3%.(%@2"0"9*% O7(#$*%.(%$2"0"9*% @2"0"9*%"%2("3+E"2%
%

&

!#<@7'L'C9;M4'>>?JA'A'>A'06N:5;:A'?B57B'#74:?F57BO'
!"'(% "34>-% $+(,)*% (3% .()"2$",(-$*% .(% A('72#*#% !7,"-*#% (2"% )72",(-$(%
*)(2"$+8*B%#*3",(-$(%#(%33(8"0"-%"%'"0*%3"#%$2"-#"''+*-(#%-('(#"2+"#%5%3(4"3(#%
.(% 3*#% (,)3(".*#% .(% 7-"% (,)2(#":% F#$(% ,"-(9*% .(3% )(2#*-"3% &"% '",0+".*%
2*$7-.",(-$(% 42"'+"#% "% (#$(% -7(8*% J0**,K% ?7(% &(,*#% (#$".*% "-"3+E"-.*:%
P'$7"3,(-$(%#(%&"%'*-8(2$+.*%(-%7-"%8(2.".(2"%!"#$%&#%'#()*+,%&#-%.$-#,)/%
012$,/% (-% .*-.(% #(% .+2+4(% (3% /"'$*2% )2*.7'$+8*% ,<#% +,)*2$"-$(% .(% 7-"%
*24"-+E"'+6-:%F3%2('*-*'(2%3"%+,)*2$"-'+"%.(%(#$"%<2("%/7-'+*-"3%5"%(#%7-%)"#*%
,75%+,)*2$"-$(%)"2"%'*-8(2$+2%"3%2('72#*%&7,"-*%(-%7-"%8(-$"9"%'*,)($+$+8"%
#*#$(-+03(:%
;"% ,+#+6-% .(% 3"#% <2("#% /7-'+*-"3(#% .(% 2('72#*#% &7,"-*#% (#% "57."2% "% 3*#%
,"-.*#% .+2('$*#% "% (9(2'(2% '*22('$",(-$(% 3"% /7-'+6-% .(% '*-$2*3B% (8"37"'+6-% 5%
.(#"22*33*%.(%3*#%(,)3(".*#%0"9*%#7#%'"24*#:%%

F-%(#$(%#(-$+.*B%#(%'*-*'(%'*,*%!"1,3*+,%4#,5"*3$6%3"%2(#)*-#"0+3+.".%.(%3*#%
,"-.*#%.+2('$*#B%?7(%#*-%"?7(33*#%?7(%,(9*2%'*-*'(-%"%3*#%(,)3(".*#%0"9*%#7#%
2(#)('$+8*#% '"24*#:% O*2% 3*% $"-$*B% 2(#73$"% 364+'*% ?7(% 3*#% (-'"24".*#% .(% 3"%
,*$+8"'+6-B% '*-$2*3B% (8"37"'+6-% 5% .(#"22*33*% #("-% 3*#% ,"-.*#% .+2('$*#:% O"2"%
'7,)3+2%'*-%(#$(%$2"0"9*%$"-%+,)*2$"-$(B%3*#%,+(,02*#%.(3%[2("%.(%Z(#$+6-%.(3%
@"3(-$*%!7,"-*%)7(.(-%)*-(2%"%.+#)*#+'+6-%.(%3*#%,"-.*#%.+2('$*#%$='-+'"#%5%
,=$*.*#%?7(%(33*#%-*%$+(-(-%)*2%?7=%'*-*'(23*#B%,+(-$2"#%?7(%#(%'*-*'(%'*,*%
!"1,3*+,% #(7#38"*3$6% 3"% "57."% ?7(% *$*24"% (3% [2("% .(% Z(#$+6-% .(3% @"3(-$*%
!7,"-*:%

% V"#F;% FGOFA@"%
O2*'(.(-'+"%.(3% H-$(2-"%% F1$(2-"%
2(#)*-#"03(%
F#$+3*%.(% !*-$+-7+.".% A(-*8"'+6-%
/7-'+*-",+(-$*%
!*#$(%.(%.(#"22*33*% %% Q*2,"'+6-% !*-$2"$"'+6-%
F-'"9(%'*-%3"%(#$2"$(4+"% O*#+03(%'*-$+-7+.".% O*#+03(%27)$72"%
%

D#7"3,(-$(%3*%?7(%#7(3(%#7'(.(2%(-%3"#%(,)2(#"#%(#%?7(%3"%4(#$+6-%.(3%$"3(-$*%
&7,"-*%#(%(-'"9"%"%3"%(#$2"$(4+"%)2(.(/+-+.":%F3%)2*03(,"%'*-%(#$(%"#7-$*%(#%
?7(% 3"% (#$2"$(4+"% )7(.(% '"(2% (-% (3% )2*03(,"% .(% #*3*% )"3"02"#% )(2*% )*'*%
)2<'$+'"#%5%)*'*%2("3+#$"#:%%

D-"%#*37'+6-%"%(#$(%)2*03(,"%(#%#+,)3(,(-$(%8"2+"2%(3%*2.(-%.(%3*#%/"'$*2(#B%(#%
.('+2B% )2+,(2*% .+#(T"2% (3% )3"-% .(% 4(#$+6-% .(3% $"3(-$*% &7,"-*% )"2"% 37(4*%
)3"-$("2%3"%(#$2"$(4+"%(,)2(#"2+"3B%3"%,+#,"%?7(%(#$"2<%C-$+,",(-$(%(-3"E"."%
'*-%(3%2('72#*%&7,"-*:%%

L+%(3%.(#"22*33*%&7,"-*%(#%"&*2"%3"%0"#(%.(%3"%(,)2(#"B%(#%-('(#"2+*%?7(%3*#%
(-'"24".*#% .(% 3"% 4(#$+6-% .(3% $"3(-$*% &7,"-*% #("-% )(2#*-"#% '*-*'(.*2"#%
)2*/7-.",(-$(% .(% 3"% (,)2(#"% 5% .(% #7% #+$7"'+6-% (-% (3% ,(2'".*:% \7+(-(#%
.+#(T(-%(3%)3"-%.(%4(#$+6-%.(3%2('72#*%&7,"-*%.(0(-%$(-(2%3"%"7$*2+.".%.(-$2*%
.(%3"%(,)2(#"%?7(%'7"3?7+(2%.+2('$+8*%"3$*:%
@*."% 8(-$"9"% '*,)($+$+8"% #*#$(-+03(% .(0(% #(2% '7"-$+/+'"03(% *% ,(.+03(% (-% (3%
$+(,)*%)"2"%(3+,+-"2%'7"3?7+(2%"#)('$*%#709($+8*%?7(%+-8"3+.(%#7%+,)*2$"-'+":%
D-"% )*3C$+'"% .(% 2('72#*#% &7,"-*#% )7(.(% '7"-$+/+'"2% #7% ")*2$(% "% 3"% (,)2(#"%
)*2?7(I%

!! !*-#+.(2"-% (1)3C'+$",(-$(% (3% 8"3*2% "T".+.*% )*2% 3*#% 2('72#*#% &7,"-*#%


.72"-$(%(3%)2*'(#*%)2*.7'$+8*B%)7(#$*%?7(B%#(%0"#"-%(-%(3%(#$7.+*%.(%3*#%
+-'2(,(-$*#%(-%)2*.7'$+8+.".%"-$(#%5%.(#)7=#%.(%.+'&"#%)*3C$+'"#:%
!! O(2,+$(-% '"3'73"2% (3% #$*']% .(% '")+$"3% &7,"-*% )2(#(-$(% (-% 3"% (,)2(#"%
.72"-$(% 3"% (-$2"."% 5% #"3+."% .(% $2"0"9".*2(#% (-% 3"% ,+#,"B% 5"% ?7(B% #(%
7$+3+E"%'*,*%,(.+."%.(3%,+#,*%3"%0"#(%.(%'*-*'+,+(-$*%(-%3"%(,)2(#":%
!! O(2,+$(-%#()"2"2%(3%8"3*2%"$2+07+03(%"%3"#%)2<'$+'"#%.(%2('72#*#%&7,"-*#%
.(3%8"3*2%"0#*37$*%.(%.+'&*#%2('72#*#:%
!! @2".7'(-% (3% 8"3*2% .(% 3*#% )2*42","#% .(% 2('72#*#% &7,"-*#% "% 7-+.".(#%
,*-($"2+"#% .(% /*2,"% #(,(9"-$(% "3% '<3'73*% .(3% 8"3*2% "'$7"3% -($*% .(% 3"#%
+-8(2#+*-(#%(-%3"%(,)2(#":%
;"%*24"-+E"'+6-%.(0(%#(2%'*-#'+(-$(%.(%?7(%3"#%)*3C$+'"#%.(%2('72#*#%&7,"-*#%
-*%$+(-(-%'*,*%*09($+8*%(1'37#+8",(-$(%+-'2(,(-$"2%3"%)2*.7'$+8+.".%5%4(-(2"2%
0(-(/+'+*#% "% '*2$*% )3"E*:% U(0(% /*,(-$"2#(% 7-"% 8+#+6-% ,<#% ",)3+"B%
'*-#+.(2"-.*I%

!! ;"%4(-(2"'+6-%.(%7-"%0"#(%.(%'*-*'+,+(-$*%"%3"24*%)3"E*%
!! F3%+-'2(,(-$*%.(%8"3*2%.(%3"%(,)2(#"%(-%#7%'*-97-$*%
!! ;"%'")$"'+6-%.(%$2"0"9".*2(#%'7"3+/+'".*#%
%

F#*#% (-7-'+".*#% .(0(-% '*-/+472"2#(% '*,*% ,($"#% )"2'+"3(#% )(2*%


+-$(22(3"'+*-"."#B% ?7(% +,)3+?7(-% 7-"% ,(9*2"% 43*0"3% .(3% -(4*'+*:% ;"% (,)2(#"%
.(0(% "#7,+2B% )*2% '*-#+47+(-$(B% ?7(% #*-% +-8(2#+*-(#% ?7(% 4(-(2"-% #+-(24+"#% 5%
'75*#% 2(#73$".*#% #*-% *0#(28"03(#% "% 3"24*% )3"E*% 5B% )*2% $"-$*B% (3% '+'3*% 8+$"3% ?7(%
#+47(-%-*%.(0(%+-$(227,)+2#(%'*,*%'*-#('7(-'+"%.(%'2+#+#%/+-"-'+(2"#:%%

% OAFLFV@F% QD@DA"%
O2+-'+)+*%A('$*2% U(#"22*33*% U(#"22*33*%.(%AA!!%
F#$2"$=4+'*%
A(3"'+6-%")(2"$+8"% ^(2"2?7C"% !**2.+-"'+6-%
Q7-'+6-% .(3% .()"2$",(-$*% .(% P71+3+"2% O2*$"4*-+#$"%
AA!!%
'
#&+#3$%1P+'
;"#% 8(-$"9"#% '*,)($+$+8"#% $2".+'+*-"3(#% &"-% )(2.+.*% #7% +,)*2$"-'+"% (-% 3*#%
>3$+,*#% "T*#% 5% ,75% )"2$+'73"2,(-$(% "&*2"% (-% (3% #+43*% GGH:% F3% $","T*% .(3%
'")+$"3% /+-"-'+(2*% -"."% $+(-(% ?7(% &"'(2% (-% 7-% ,7-.*% .*-.(% )(?7(T"#%
(,)2(#"#% +--*8".*2"#% 2(8*37'+*-"-% (3% ,(2'".*% 5% *0$+(-(-% 4"-"-'+"#%
(#)('$"'73"2(#B% ,75% )*2% (-'+,"% .(% 3"#% 33","."#% '*2)*2"'+*-(#:% D-% (9(,)3*%
,75%'3"2*%#*-%3"#%(,)2(#"#%.(%H-$(2-($%'*,*%Z**43(%?7(%'*,(-E6%/7-'+*-"-.*%
(-%7-%4"2"9(%5%&*5%(-%.C"%(#%3"%(,)2(#"%,(9*2%'*$+E"."%(-%3"%0*3#"%.(%8"3*2(#:%
"$2*%/"'$*2%?7(%&"%)(2.+.*%)(#*%(-%3"%"'$7"3+.".%(#%3"%$('-*3*4C"%5%(#*%#(%.(0(%
"%3"%43*0"3+E"'+6-%?7(%&"%)(2,+$+.*%?7(%)"C#(#%5%(,)2(#"#%.(%$*."#%)"2$(#%.(3%
,7-.*% $(-4"-% "''(#*% "3% ,+#,*% -+8(3% $('-*364+'*:% F3% (9(,)3*% ,<#% -*$"03(% (#%
!&+-"% ?7(% #(% &"% ".7(T".*% .(% 3"% ,+#,"% $('-*3*4C"% .(% 3*#% )"C#(#%
+-.7#$2+"3+E".*#%5%'*-%,"-*%.(%*02"%,<#%0"2"$"%(#%'")"E%.(%)2*.7'+2%.(%$*.*%"%
3"%,+$"#%.(3%)2('+*%'*,>-:%

;"% )2(47-$"% #(2C"I% '7<3% (#% 3"% #*37'+6-_%!7<3% (#% 3"% -7(8"% 8(-$"9"% '*,)($+$+8"%
?7(%,(%8"%"%)(2,+$+2%.(#)(4"2%&"'+"%(3%,7-.*%.(%&*5_%

;"%#*37'+6-%(#%.(#'702+2%7-%/"'$*2%-*%+,+$"03(%5%#+-%/2*-$(2"#:%;"%2(#)7(#$"%(#%
364+'",(-$(%(3%'")+$"3%&7,"-*B%5%)*2%(-'+,"%.(3%'")+$"3%&7,"-*B%)*2?7(%!&+-"%
$+(-(% (3% ,"5*2% '")+$"3% &7,"-*% .(3% ,7-.*B% #(% .(0(% '*-#+.(2"2% "3%
#&+&#1)1"+.&%'*,*%3"%8(-$"9"%'*,)($+$+8"%#*#$(-+03(%.(3%/7$72*:%;"%/",*#"%
J(2"%.(%3"%+-/*2,"'+6-K%(#%.*-.(%?7+(-%$+(-(%(3%'*-$2*3%.(%3"%+-/*2,"'+6-%(#%(3%
3C.(2% .(3% ,(2'".*:% U(% (#$"% -7(8"% $(-.(-'+"% ,7-.+"3% -"'(% 3"% +,)*2$"-'+"% .(%
4(-(2"2%3"%4(#$+6-%.(3%$"3(-$*%&7,"-*%'*,*%8(-$"9"%'*,)($+$+8"%#*#$(-+03(%(-%
3"#%(,)2(#"#:%

D-"% #*3"% )(2#*-"% $+(-(% 7-% )*$(-'+"3% '2("$+8*% +-+,"4+-"03(:% \7=% )"#"2C"% #+%
3*42<2",*#%,"1+,+E"2%(#(%)*$(-'+"3%(-%$*.*%(3%)(2#*-"3%.(%7-"%(,)2(#"_%F#(%
(#%(3%*09($+8*%)"2"%3*42"2%(3%=1+$*%(,)2(#"2+"3%$"-%.(#(".*%5B%)*2%(#$"%2"E6-B%(#%
/7-.",(-$"3% .(/+-+2% 3"% (#$2"$(4+"% .(% 3"% (,)2(#"% )"2$+(-.*% .(% 3"% 4(#$+6-% .(3%
$"3(-$*%&7,"-*:%

;"% +,)3(,(-$"'+6-% .(% (#$"% 8(-$"9"% '*,)($+$+8"% -*% (#% /<'+3B% (#$<% )3"4"."% .(%
)2*03(,"#%5B%3*%?7(%(#%)(*2B%2(?7+(2(%7-%'",0+*%.(%/*2,"%.(%#(2%?7(%,7'&"#%
8('(#%(#%3*%,<#%.+/C'+3%.(%#7)(2"2:%

F3% .(#"22*33*% .(3% 2('72#*% &7,"-*% 2(?7+(2(% 7-% '",0+*% (-% 3"% .+2(''+6-% .(3%
2('72#*%&7,"-*%5%(#*%#+4-+/+'"%7-%'",0+*%.(3%(#$+3*%.(%4(#$+6-%.(%3"%(,)2(#":%
V*%(#%7-%'",0+*%.(%3"%-*'&(%"%3"%,"T"-"B%#+-*%,<#%0+(-%7-%'",0+*%'73$72"3%
)"73"$+-*%"%3"24*%)3"E*%?7(%4(-(2"2<%#7#%2('*,)(-#"#%$",0+=-%"%3"24*%)3"E*:%%
21231&Q!*DR*'

"! &$$)I``aaa:#3+.(#&"2(:-($`9'/.(E,1b`'",0+*c(,)2(#"2+"3c(,)2(#"#c
#*#$(-+03(#`%
"! &$$)I``aaa:4(#$+*)*3+#:'*,`2('72#*#`.*'7,(-$*#`/733.*'#`22&&`"-"3(
#$2"$22&&:&$,%
"! Y+03+*$('"% HUF% .(% U+2(''+6-% .(% F,)2(#"#I% ;*#% A('72#*#% !7,"-*#B% D-"%
#(-$"9"%!*,)($+$+8"%L*#$(-+03(:%O*2%^*#=%S"2C"%#<E?7(E%
%

'

Vous aimerez peut-être aussi