Vous êtes sur la page 1sur 5

7 /,*)35A

4A "(+7
/:
4 A",
'#
4.

!
3,

/
',*
!"#$%&'()*'+,"+-"*./"0.'+"1,'2/34'*5
!"#$%&'(")(*+")%,,$"-./(0"1+-./$,&, !""#$%&
<4,7/&61%@ABB
789'::7&;;;
#47*-,77%C348-&)*75

'()$%"))*+,(-%./$)0*1,0")*#,*23-$44)
6&++7%/38"),(.+3"!,8'/"9)$":'&&"4.)3/"',4'8.*"',*+"*./"%$4',/44"4';/"+-"<+$3,)&'47")*"*+,'8.*=4">?@"7//*',8A
!"#$%& &'(!!)*+&,+-($.#
"

!!!!!!"#$!%&'(#))*+,!-$*./0)1,#02!30/#!4*))56$-78!.!69,01$,,!1$3,!5$:0.! ,/9:$1/,!0/!/)!J-$5$56$-!0/+,!1)/!.6)9/!;)98K!,#$!,.0:C!JIH!;)9!-$5$56$-!
()52.1;8!()1/019$,!/)!7-)3!30/#!.1(#)-<2-):9($-!=170$!>.98!3#)!30**! /#./!0/+,!1)/!.6)9/!;)98!/#$!P9.*0/;!.1:!,96,/.1($!)H!;)9-!-$2)-/017!30**!
6$!,2$.?017!30/#!'@%!5$56$-,!A0.!A0:$)!(#./!/#0,!"9$,:.;!01!'(-022,! 7$/!;)9!H.-CK
BBBC!>.9!0,!6.,$:!01!D#0(.7)!./!/#$!DEF!G-)92!.1:!2-):9($,!-$2)-/,!H)-! ((((;$0026'57(4&5%+'4(&0(,'$%+'5(#)!)<%!$("!<&4(!4(=1%<>$3(!),(!4(
D#0(.7)8!I1:0.1.2)*0,!.1:!E0*3.9?$$C!'#$!.22-$(0./$,!/#./!4*))56$-7!0,! .((9-./$*;!.,!2),,06*$C!I/!()A$-,!A0-/9.**;!$A$-;!5.-?$/!.A.0*.6*$!01!.1!
.**!.6)9/!/#$!H.(/,C $HH)-/!/)!2-)A0:$!0/,!.9:0$1($!.(-),,!/#$!7*)6$!30/#!/#$!5),/!92&/)&:./$!
!!!!J4*))56$-7!/.?$,!(.-$!$A$-;!:.;!/)!2-)A0:$!/#$!6$,/!/-.1,2.-$1(;!.1:! >)0?$',7'(5'7!5,%)7(#)!)<%!$(,'<%4%0)4:
.(()91/.60*0/;!01!)9-!-$2)-/0178K! !!!!4*))56$-7!0,!*)(./$:!01!5)-$!/#.1!
,#$!,.0:C BNU!*)(./0)1,!.-)91:!/#$!3)-*:!.1:!

"#$%&'&()*&+#$&,%-$*+,.)+,-$&
!!!!>.9!#.,!3)1!195$-)9,! $52*);,!5)-$!/#.1!BO8OOO!2$)2*$C!
.3.-:,!H-)5!/#$!L#0)!')(0$/;!)H! I1!VOOV8!/#$!FCQC!'(-022,!D)**$7$!

/0%*12$3&3$403+$3&503&"6"7&
@-)H$,,0)1.*!%)9-1.*0,/,8!01(*9:017! )H!D)55910(./0)1!6$(.5$!)1$!)H!
4$,/!G)A$-15$1/!M$2)-/0178!4$,/! 101$!,(#))*,!01!/#$!3)-*:!/)!-$($0A$!.!

!"#$%&'()*&+,%*-%$),.,)&-/01%2%
D)1,95$-!M$2)-/017!.1:!4$,/! 4*))56$-7!/$-501.*C
I1A$,/07./0A$!M$2)-/017C! !!!!"#$!/$-501.*!3.,!:)1./$:!01!.1!

!
'34-/%5&6%3'%56%7+38*,7%96%
!!!!'#$!,.;,!#$-!H.A)-0/$!,/)-;! $HH)-/!H)-!J4*))56$-7!/)!6$!1)/0($:!
()A$-$:!,)!H.-!3.,!3#$1!,#$! 5)-$!6;!,/9:$1/,8K!,.0:!M)6$-/!

/*::*-:;%<=&+%5,&-7%=*++*-:%+=,%
J(.97#/!.!5)-/7.7$!6-)?$-!01!/#$! '/$3.-/8!.,,)(0./$!:0-$(/)-!)H!/#$!
.(/!)H!/-;017!/)!()1A01($!.!6*01:! '(#))*!)H!%)9-1.*0,5C

7+8,,+7%&-/%/,.,)3>*-:%6348%)*7+%
7-.1:5)/#$-!/)!,071!.!1$3!NO& !!!!J"#$!A.*9$!)H!/#$!/$-501.*!0,!.1!
;$.-!5)-/7.7$!/)!2.;!H)-!7.-.7$! $1)-5)9,!.,,$/!70A$1!6;!4*))56$-78K!

3'%7348?,7;
-$2.0-,CK '/$3.-/!.::$:C
!!!!"#$!?$;!/)!()5017!92!30/#! !!!!"#$!/$-501.*!0,!#)9,$:!01!/#$!
,/)-0$,8!>.9!,.;,8!0,!/)!.,?!/#$! '(-022,!690*:017+,!>.,#$-!>$.-1017!
91()55)1!P9$,/0)1!.1:!/#$1! D$1/$-!.1:!5.?$,!$*$(/-)10(!69,01$,,!
.1,3$-!0/C 1$3,!,9(#!.,!,/)(?,!.1:!6)1:,!H)-!.*5),/!.1;!()52.1;!.A.0*.6*$!/)!
!!!!JQ#$1!I!3.,!/#$!01A$,/07./0A$!()1,95$-!-$2)-/$-!H)-!QFQ'!R=4D! ,/9:$1/,C!"#$!5.(#01$!0,!A.*9.6*$!H)-!T)9-1.*0,/,!30/#!.1!01/$-$,/!01!
!"#$%!&'(%)(*$'+'$!),-.(/("01),(2!)3(0"(23(4&05%'4(63(,%77%)7.8(9!1(4!%,:( 614%)'44(!),(#)!)<'.(!),(&5!%)%)7(0)(@0?(&0(A50A'5$3(14'(&@'(&'52%)!$(%4(
J"#./!5$.1,!#0//017!/#$!,/-$$/,!.1:!:$A$*)2017!;)9-!*0,/!)H!,)9-($,CK (9--$1/*;!2-)A0:$:!01!69,01$,,!T)9-1.*0,5!(*.,,$,C
!!!!S)917! !!!!4*))56$-7+,!-$*./0)1,#02!30/#!'(-022,!#.,!6$$1!$,/.6*0,#$:!H)-!,)5$!
-$2)-/$-,!,#)9*:! /05$!1)38!6$7011017!30/#!.*951.!=11$!'3.-:,)18!3#)!W!.H/$-!-$($0A017!
5.?$!.1!$HH)-/! .!H)-$071!()--$,2)1:$1($!01/$-1,#02!01!BXYY!W!3.,!#0-$:!6;!4*))56$-7!

2-7*/,*5%36
/)!J6-017!1$38! .1:!0,!1)3!/#$!()52.1;+,!@.-0,!49-$.9!D#0$HC
H-$,#!0:$.,! !!!!'3.-:,)1!0,!1)/!/#$!)1*;!'(-022,!.*95!(9--$1/*;!$52*);$:!./!
H)-!-$2)-/017! 4*))56$-7C!E0?$!M.5,$;8!#$.:!)H!/#$!'(-022,!=*9510!')(0$/;!.1:!
)1!59*/02*$! Z-0$1:,8!-$($1/*;!A0,0/$:!L#0)![10A$-,0/;!/)!,2$.?!.6)9/!/#$!/$-501.*!

7.&"*89
2*./H)-5,K!.1:! .1:!4*))56$-7!0/,$*HC!\9-017!#0,!A0,0/8!#$!(.5$!01!()1/.(/!30/#!=,#*$;!
*'.##/"*,:*#;"*'.%<) /)!7$/!01A)*A$:8! >9/]8!$:0/)-!01!(#0$H!)H!!"#$%&'(C
>.9!,.0:C !!!!=H/$-!,2$.?017!30/#!>9/]!.6)9/!/#$!2-$,/070)9,!E.-?!@0/5.1!
7.&"*=9 *>,?*@,9*7/.%*A;".< *
!!!!JS)9!(.1!
6$()5$!.!?$;!
I1/$-1,#028!1.5$:!.H/$-!/#$!.3.-:&3011017!4*))56$-7!-$2)-/$-!3#)!
2.,,$:!.3.;!01!^)A$56$-!VOOX8!M.5,$;!/-.01$:!#$-!/)!9,$!/#$!/$-501.*C!

7.&"*B9
5$56$-!)H!/#$! _$!.*,)!/)*:!#$-!.6)9/!/#$!/;2$,!)H!(*02,!.1:!,/)-0$,!4*))56$-7!*))?$:!
*5%#"-%);$4*C"?) 1$3,-))5!.1:! H)-!01!.1!01/$-1,#02!.22*0(./0)1C
-0,$!P90(?*;8K!,#$! !!!!>9/]!3.,!(#),$1!H)-!/#$!01/$-1,#02!W!T9,/!)1$!5)-$!3.;!'(-022,+!7-$./!
7.&"*D9* E-,0*#;"*7-")$<"%#
.::$:C
!!!!>.9+,!.:A0($!
.*9510!6.,$!)2$1,!:))-,8!'/$3.-/!,.0:C
!!!!JI/+,!.!2$-H$(/!$`.52*$!)H!#)3!.1!.*95!3.,!-$.(#017!6.(?!/)!#$*2!.!

*** /)!T)9-1.*0,5! ,/9:$1/8K!#$!,.0:C!!


7 /,*)35A
4A "(+7
/:
4 A",
'#
4.
3,

/
',*
!"#$%&'()*'+,"+-"*./"0.'+"1,'2/3B
!"#$%&'(")(*+")%,,$"-./(0"1+-./$,&, !""#F
<4,7/&61%@ABB
789'::7&;;;
#47*-,77%C348-&)*75

'.%<*'.##/"*1,0G$%")*!()$3H*!"<$.
>?@"),;"CDEFGF":+3H":'*."&/);',8"<+$3,)&'4*4"),;"&+()&"%),;4"*+"#3/4/,*"6)**&/"+-"*./"6),;4">)*$3;)5A
!"#$%& &/$+%-%.&0##!(
" 12#"#& &34!").&5(..($"
"##

!!!!!"#$!')(0$/;!)H!@-)H$,,0)1.*!%)9-1.*0,/,!30**!()**.6)-./$! A'0A$'(301(<!)(#),(%)(&@'(
30/#!F\VOBO!/)!2-)A0:$!,)5$/#017!.!*0//*$!:0HH$-$1/!/#0,! ,/./$8K!'.*)1/.;!,.0:C!JI/+,!
3$$?$1:C!"#$!4.//*$!)H!/#$!4.1:,!30**!/.?$!2*.($!'./9-:.;! .!-$.**;!7)):!)22)-/910/;!
107#/!./!"#$![10)1!)1!QC![10)1!'/C &0(#),(01&(?@!&(&@'(#'$,(%4(
!!!!F\VOBO!@-$,0:$1/!^0?!'.*)1/.;!.1:!'@%!@-$,0:$1/!I.1! *0?$CK
4)35.1&_$1:$-,)1!#.A$!6$$1!3)-?017!)1!/#$!2-)T$(/! !!!!E0?$!'/)?$,!0,!.!790/.-0,/!
,01($!Z.**!a9.-/$-8!'.*)1/.;!,.0:C!'$A$1!6.1:,!$1/$-$:!/#$! H)-!')*0,8!)1$!)H!/#$!6.1:,!
,$*$(/0)1!2-)($,,8!.1:!H)9-!3$-$!20(?$:!/)!2$-H)-5!/#0,! /#./!30**!6$!H$./9-$:!
3$$?$1:b!"#$!'9HH$-01!E),$,!4*9$,!4.1:8!E01:!Z0,#8! './9-:.;!107#/C!_$!,.0:!
Z0-,/!'/-$$/!_$./!.1:!')*0,C!"#$!6.1:,!-$2-$,$1/!.!A.-0$/;! /#$!6.1:8!3#)!#.,!5),/*;!
)H!59,0(.*!,/;*$,!W!01:0$8!6*9$,8!H91?!.1:!T.5!W!69/!/#$;!.-$! 2$-H)-5$:!01!/#$!D)*9569,!
.**!()52$/017!H)-!/#$!()52$/0/0)1+,!7-.1:!2-0]$b!cU!2$-($1/! .-$.8!0,!*))?017!H)-3.-:!/)!
)HH!)H!.!H9**!:.;!01!/#$!-$()-:017!,/9:0),!)1!N!F**0)/!'/C! 2*.;017!01!=/#$1,C
'.*)1/.;!,.0:!/#./!/#$!6.//*$!30**!6$!.!7)):!(#.1($!H)-!/#$! ((((CD/&E4-(204&$3(7'&&%)7(&0(
(#),$1!6.1:,!/)!7$/!/#$0-!1.5$,!)9/C 2*.;!/)!.!1$3!(-)3:8!6$017!
!!!!JI!/#01?!0/+,!7)017!/)!7$/!.!*)/!)H!$`2),9-$!H)-!/#$,$! .6*$!/)!2*.;!/)!/#$!T9:7$,!
6.1:,8K!'.*)1/.;!,.0:C .1:!7$/!)9-!59,0(!#$.-:!
!!!!\9-017!/#$!()52$/0/0)18!/#$!6.1:,!30**!$.(#!2*.;! 6;!2$)2*$!H.50*0.-!30/#!/#$!
NO&5019/$!,$/,8!3#0(#!'.*)1/.;!,.0:!0,!,)5$/05$,!*)17$-! 01:9,/-;8K!'/)?$,!,.0:C
/#.1!5.1;!()1($-/,C !!!!"#$!5$56$-,!)H!')*0,!
!!!!Z)9-!T9:7$,!30**!:$(0:$!/#$!)9/()5$!)H!/#$!(#.**$17$d! W!H)-5.**;!?1)31!.,!
.**!.-$!T)9-1.*0,/,!./!5.T)-!L#0)!.*/$-1./0A$!.1:!59,0(! '3$H!W!#.A$!6$$1!2*.;017!
5.7.]01$,C!4$H)-$!/#$!4.//*$!)H!/#$!4.1:,8!/#$!T9:7$,!30**! /)7$/#$-!,01($!/#$0-!$.-*;!
,2$.?!./!.!2.1$*!:0,(9,,0)1!01!4.?$-![10A$-,0/;!D$1/$-! #07#!,(#))*!;$.-,8!,.0:!
./!U!2C5C8!3#0(#!30**!6$!)2$1!/)!/#$!296*0(C!\9-017!/#$! '/)?$,8!3#)!0,!.!,)2#)5)-$!
:0,(9,,0)18!/#$!T9:7$,!30**!/.*?!.6)9/!/#$0-!$`2$-0$1($,!01! ./!D)*9569,!'/./$C!L#0)!
&@'(214%<(B015)!$%42(#'$,.(!),(?%$$(!)4?'5(=1'4&%0)4("502( [10A$-,0/;!,)2#)5)-$!
01/$-$,/$:!,/9:$1/,C \.-)1!\0'.6./)!2*.;,!
!!!!J"#$;+-$!7)017!/)!/.*?!.6)9/!#)3!/#$;!7)/!607!01!/#$! 790/.-!.1:!,017,!6.(?92!
A)(.*,!H)-!/#$!6.1:8!3#0(#!
01:9,/-;8K!'.*)1/.;! #.,!6$$1!*))?017!H)-!3.;,!/)!2*.;!A$19$,!01!=/#$1,8!'/)?$,!,.0:C!"#0,!
3$$?$1:+,!(#.**$17$!30**!6$!:0HH$-$1/!/#.1!5.1;!,#)3,!/#$!6.1:!#.,!
I)2/")"(+77/,*")%+$*":.)*" ,.0:C!J"#./+,!/#$!
$:9(./0)1.*!2.-/! 2*.;$:!01!/#$!2.,/8!#$!.::$:C
5+$"3/);"',"J,(K"L+,*)(*"*./" )H!0/C!"#./+,!3#./! !!!!J"#0,!)1$+,!.!*0//*$!5)-$!)2$18!0/!70A$,!9,!.!*0//*$!5)-$!/05$8!.1:!0/!
!<&1!$$3(@!4(402'(5'4A'<&!6$'(B1,7'4.8(F&0>'4(4!%,:(CG'(,'#)%&'$3(?01$,(
/;'*+34M 3$+-$!,922),$:!/)!6$!
:)017CK .6,)*9/$*;!*)A$!/)!301!/#./!7-.1:!2-0]$C!FA$1!0H!3$!:)1+/8!0/!30**!6$!.!*)/!
!!!!'.*)1/.;!,.0:!#$! )H!H91CK
-$()55$1:,!/#./! !!!!'.*)1/.;!,.0:!/#./!3#0*$!/#$!7-.1:!2-0]$!3)9*:!6$!.!7-$./!)22)-/910/;!
BN/%/(()"O(P',4/5 .1;)1$!01/$-$,/$:! H)-!/#$!6.1:,8!/#$!$A$1/!,#)9*:!6$!*07#/#$.-/$:C
" 37EQRGFRS+.'+A/;$ 01!59,0(!T)9-1.*0,5! !!!!JI/+,!.6)9/!#.A017!.!7)):!/05$C!Q$+-$!:)017!0/!H)-!H918K!'.*)1/.;!,.0:C!
JI!/#01?!.**!/#$!6.1:,!.-$!2#$1)5$1.*e!Q$+-$!7)017!/)!#.A$!.!7-$./!
)-!59,0(!01!7$1$-.*!
BL)7/3+,"T&+2/3 .//$1:!/#$!2.1$*8! ,#)3CK
" (8GRQFFUS+.'+A/;$ 3#0(#!30**!*.,/!.6)9/! ((((H@'(;!&&$'(0"(&@'(;!),4(?%$$(<04&(#+'(,0$$!54(!&(H@'(I)%0)("05(4&1,')&4(
0"(!$$(!7'4:(J0054(?%$$(0A')(!&(K(A:2:(!),(&@'(#54&(6!),(?%$$(6'7%)(
.1!#)9-C
BT3)5&5,"N++4/ !!!!J"#$,$!.-$! 2*.;017!./!BO!2C5C!F\VOBO!30**!,$**!20]].!.1:!2-$,.*$!/0(?$/,!)9/,0:$!/#$!
D)**$7$!G-$$1!7./$!/#0,!Z-0:.;!107#/8!'.*)1/.;!,.0:C!@-$,.*$!/0(?$/,!30**!
" 83VWGGFQS+.'+A/;$ ,)5$!)H!/#$!5),/!
?1)3*$:7$.6*$! 6$!H)9-!:)**.-,C!!
/,*)35A
+7 7
: 4A"(
/
4 A",
'#
4.
3,
/
',*

!"#$%&'()*'+,"+-"*./"0.'+"1,'2/34'*5
!"#$%&'(")(*+")%,,$"-./(0"1+-./$,&, 1I!!JC@AKL
XCY>
>,?*@,9*AM,$<*+,(-%./$)#$3*7-,3-.)#$%.#$,%
!"#$%&'%()*#+%')%,$&+"&$-%.%+')/01%2)3/$.4&+'+%+")345%3+#%#6#/0%'/&(7%&$%'"#%8))79:/)*%'&*&$-%')%(.::#&$#;
!"#$%& &,+$+2&/$#"26+.
"

!"#$%&#'#()%'*#+,')"!Q#$1!;)9!6$701!.1!.-/0(*$8!/#$!:$.:*01$!5.;!,$$5!.! &@'(@!6%&(0"(?!%&%)7(&00($0)7(&0(#),(%)&'5+%'?''4:((R)<'(301(@!+'(!(
/.:!5)-$!:.91/017!/#.1!/#$!.(/9.*!/.,?!./!#.1:C!!=!*017$-017!:9$!:./$!(.1! ,/)-;!/)20(!(*$.-*;!5.22$:!)9/8!055$:0./$*;!:$(0:$!92)1!/#$!2-)2$-!
(*)9:!;)9-!501:!$1)97#!/)!?$$2!;)9!:.]$:!H)-!:.;,C!!Q0/#)9/!(*$.-!H)& 2$)2*$!/)!01/$-A0$3C!!F5.0*!)-!(.**!;)9-!01/$-A0$3!,96T$(/,!01!.!/05$*;!
(9,8!0/!0,!$.,;!/)!,9((956!/)!2-)(-.,/01./0)18!3#0(#!*$.:,!/)!6)/#!2))-*;! 5.11$-!/)!.**)3!.:$P9./$!/05$!H)-!/#$5!/)!-$2*;C!!^$`/8!20(?!.!:./$!
H)-5$:!0:$.,!.1:!.1!$--)-&-0::*$:!,/)-;C!!")!5.01/.01!H)(9,8!;)9!507#/! /#./!5$,#$,!3$**!30/#!;)9-!:$.:*01$!.1:!/#$!,(#$:9*$!)H!;)9-!,96T$(/C
3.1/!/)!3-0/$!,/)-;!0:$.,!.1:!?$;!2)01/,!)1!@),/&0/!1)/$,!/)!?$$2!/#$! ;"#<*%'&%#=,.*#,73#:%':)23%"!I/!0,!$.,;!H)-!5.//$-,!/)!7)!.3-;!3#$1!
<5'!&%+'(B1%<'4(L0?%)7:((P!<@(&%2'(!(6154&(0"(')'573(')&'54(3015(434&'2.( /#$-$!0,!.!:$.:*01$!01!,07#/C!!I1/$-A0$3!,96T$(/,!(.1!6.0*!.1:!,/)-;!
(#.11$*!0/!/)3.-:,!/#$!7-$./$-!7)):!)H!;)9-!.-/0(*$!6;!P90(?*;!T)//017! 0:$.,!(.1!91-.A$*!P90(?*;8!*$.:017!/)!6)/#!*),/!/05$!.1:!.1!01()52*$/$!
0:$.,!:)31C!!I/!0,!P90/$!.,/)10,#017!#)3!052.(/017!.!(*$.-&(9/!7).*!(.1! .-/0(*$C!!'$*$(/017!;)9-!)31!:$.:*01$!.!H$3!:.;,!2-0)-!/)!/#$!.(/9.*!
6$!01!2-):9(017!.!,/)-;C! :$.:*01$!0,!.!7-$./!3.;!/)!79.-.1/$$!$A$-;/#017!()5$,!/)7$/#$-!()-&
-"#$.((./0#&,#('11%23%"!!Q$!.-$!1)/!#$.*/#!19/,8!3$!.-$!T)9-1.*0,/,!W!.1:! 5'<&$3:((M!&<@%)7(!)('!5$3(,'!,$%)'(%4(!(415'#5'(?!3(&0(B12AQ4&!5&(3015(
3#$1!0/!()5$,!/)!H9$*017!92!H)-!.!,/)-;8!(.HH$01$!0,!)9-!$1$-7;!,)9-($C!!I/! .-/0(*$!.1:!7$/!0/!01!)1!/05$C
0,!$1)97#!.55)!/)!?$$2!9,!/0(?017!H)-!#)9-,d!1)/!/)!5$1/0)18!/#$!2#-.,$! >"#$&'*&#7*2&23+"!".?$!055$:0./$!3-0/017!.(/0)1C!!I/!0,!$.,0$-!,.0:!/#./!
J.::!.!:)96*$!,#)/K!#.,!/.?$1!)1!.!3#)*$!1$3!5$.1017!01!/#$!-$.*5! ,0)'.(61&(#$$%)7(!("'?(4@''&4(0"(A!A'5(?%&@(%,'!4(<!)(5'+'!$(!5'!4(0"(
)H!'/.-69(?,C!!"#$!/;20(.*!:.;!)H!.!T)9-1.*0,5!,/9:$1/!0,!,;1)1;5)9,! /#$!.-/0(*$!*.(?017!01!.:$P9./$!-$,$.-(#!)-!01/$-A0$3!P9$,/0)1,!/#./!
30/#!/#./!)H!.1!)A$-&.(#0$A017!59*/0&/.,?$-!T977*017!3.;!5)-$!/#.1!)1$! 0&@'5?%4'(<01$,(70(1)4''):((S''A%)7(&@'(?5%&%)7(L0?%)7()0&(0)$3(
01:0A0:9.*!(.1!#.1:*$C!!!Q0/#!,(#))*3)-?!.*,)!20*$:!#07#!)1!.1!.*-$.:;! .::,!H-$,#!0:$.,!69/!.*,)!70A$,!;)98!.,!/#$!3-0/$-8!/#$!922$-!#.1:!01!
H9**!2*./$8!*./$!107#/,!.-$!.!H.50*0.-!H-0$1:8!.1:!(.HH$01$!0,!3#./!#$*2,!9,! :$(0:017!3#./!H9-/#$-!01H)-5./0)1!1$$:,!/)!6$!,)97#/!)9/C!!\$(0:$!
/#-)97#!0/!.**C 3#./!/05$!)H!/#$!:.;!,$1:,!;)9-!(-$./0A0/;!,).-017!.1:!.**)/!/#./!/05$!
4"##53&%*62%7#8.09%(&8#23#':6'3(%"(/"(301('+'5(#),(30154'$"("126$%)7( H-.5$!/)!3-0/017C!!E.01/.01!.!2.//$-1!.1:!/.?$!2-0:$!01!/#$!-$,9*/,!)H!.!
"05(2!,'Q1A()!2'4(0"(#<&%&%014(%)&'5+%'?(416B'<&4.(301(!5'(06+%014$3(%)( 3$**&2*.11$:!.-/0(*$C!!

J<$#,-*1.0"-,%*N/,M"-O)*7;,#,)*:-,0*!"P$3,

I!/))?!5;!(#.1($,!.1:!:.17*$:!5;!H$$/!)HH!/#$!/)2!)H!/#$!-901,!)H!F?!4.*.5!H)-! F*!D.,/0**)!0,!/#$!5.01!2;-.50:!./!D#0(#$1!I/].!.1:!3.,!-$($1/*;!1.5$:!)1$!)H!/#$!
&@%4(A@0&0:(/&(!<&1!$$3(&00>(!(700,(#+'(2%)1&'4(05(40(&0(<$%26(!$$(0"(&@'(4&!%54(?@%$'( ,$A$1!5.1&5.:$!3)1:$-,!)H!/#$!3)-*:C!FA$-;!.,2$(/!)H!/#$!2;-.50:8!01(*9:017!
6$017!$`/-$5$*;!(.-$H9*!1)/!/)!/-02!)A$-!-)97#!-)(?,!)-!1.--)3!,/$2,C!F?!4.*.5! &@'()126'5(0"(4&'A4(!),(?!$$4.(@!4(!(+'53(,%4&%)<&(A15A04'(5'L'<&%)7(&@'(M!3!)(
3.,!T9,/!:0,()A$-$:!01!BXXf8!,)!0/!#.,!.!*)/!5)-$!A$7$/./0)1!.-)91:!/#$!.-$.!()5& <!$'),!5:(/&(?!4(,'#)%&'$3(!(4%7@&(&0(4''N(@0?'+'5.(6'<!14'(*@%<@')(/&O!(%4(!(+'53(
2.-$:!/)!/#$!)/#$-!E.;.1!-901,!/#./!3$!#.A$!A0,0/$:C 2)29*.-!/)9-0,/!.//-.(/0)18!(*056017!)1!.1;!)H!/#$!-901,!0,!1)3!2-)#060/$:!01!)-:$-!
/)!?$$2!.**!)H!/#$!,/-9(/9-$,!3$**!2-$,$-A$:C
/,*)35A
+7 7
: 4A"(
/
4 A",
'#
4.
3,

5C@JKC2>57
/
',*

!"#$%&'()*'+,"+-"*./"0.'+"1,'2/34'*5

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

A-0Q*7-,&-.0*1.//)*E,-*+,(-%./$)#$3*K"3-($#)
<)/'%=$)>%&$'#/$+"&?%)::#/+%2)3/$.4&+*%+'35#$'+%#>?#/&#$(#%&$%:#.'3/#%@/&'&$-1%?")')-/.?"01%6&5#)%?/)53('&)$%.$5%5#+&-$;
!"#$%& &0(7(**+&8*9).!(%&&&&-)!").:!& &/$+%-%.&0##!(
" "

! ! "#0,! ,955$-8! T)9-1.*0,5! ,/9:$1/,! (.1! 7.01! $`2$-0$1($! /#-)97#! .1! 2-)T$(/,C
01/$-1,#02! 30/#! .! 2-)7-.5! H)-! .,20-017! ML"D! (.:$/,C! "#$! >$.:$-+,! !!!JQ$+-$!*))?017!H)-!2$)2*$!3#)!$1T);!3-0/0178K!4$-?,#0-$!,.0:C!JQ#./!0,!
"-.01017!D)9-,$!01!Z)-/!j1)`8!j;C8!01/-):9($,!()**$7$!,/9:$1/,!01/$-$,/$:! 5),/!052)-/.1/!0,!/#./!,/9:$1/,!.-$!2.,,0)1./$!.6)9/!0/CK
01!ML"D!/)!=-5;!*0H$!W!69/!0/!.*,)!01/-):9($,!,/9:$1/,!,/9:;017!T)9-1.*0,5! ((((H@%4(%4(!(700,(#54&(%)&'5)4@%A.(;'5>4@%5'(!,,',.(6'<!14'(0"()0&(0)$3(&@'(
/)!-$.*&*0H$!$`2$-0$1($!01!.-$.,!,9(#!.,!3-0/0178!$:0/017!.1:!59*/05$:0.C ().(#017!2-)A0:$:!69/!.*,)!/#$!055$-,0)1!,/9:$1/,!$`2$-0$1($C
!!!J"#0,!01/$-1,#02!-$.**;!70A$,!,/9:$1/,!.!*)/!)H!2-.(/0($!.1:!2-)A0:$,!-$.*& !!!!JQ$+A$!#.:!,)5$!2$)2*$!()5$!#$-$!.1:!.H/$-!/#$!,955$-8!/#$;!:$(0:$:8!
3)-*:!$`2$-0$1($8K!,.0:!Z)--$,/!4$-?,#0-$8!296*0(!.HH.0-,!,2$(0.*0,/!H)-!/#$! g"#0,!0,1+/!H)-!5$8+!6$(.9,$!/#$;!:0:1+/!-$.*0]$!#)3!59(#!3)-?!T)9-1.*0,5!
[C'C!=-5;!D.:$/!D)55.1:!.1:!())-:01./)-!)H!/#$!01/$-1,#02C 0,8K! 4$-?,#0-$! ,.0:C! J=1:! 3$+A$! #.:! ,)5$! -$2)-/$-,! .1:! 2#)/)7-.2#$-,!
!!!!!'/9:$1/,!()52*$/017!/#0,!01/$-1,#02!W!3#0(#!#.,!6$$1!7)017!)1!H)-!.6)9/! 3#)! ()5$! 01! .1:! ,.;8! g"#0,! 0,! 3#./! I! 3.1/! /)! :)! 30/#! 5;! *0H$C+! Q#$1!
VO!;$.-,!W!#.A$!/#$!)22)-/910/;!/)!3)-?!01!,$A$-.*!.-$.,C!"#$!T)9-1.*0,5! ,/9:$1/,!7$/!:)1$!30/#!/#0,!01/$-1,#028!/#$;!?1)3!3#$/#$-!/#$;!3.1/!/)!7)!
,/.HH!29/,!)9/!.!3$$?*;!1$3,2.2$-!/#./!?$$2,!(.:$/,!92!/)!:./$!30/#!3#./! 01/)!T)9-1.*0,5CK
0,!7)017!)1!01!/#$!2-)7-.5!.1:!30/#!)/#$-!2.-/0(02.1/,8!4$-?,#0-$!,.0:C ! ! ! ! '/9:$1/,! 30/#! $`2$-0$1($! .1:! 01/$-$,/! 01! 3-0/0178! 2#)/)7-.2#;8! ()2;!
!!!!"#$!,/.HH!.*,)!5.01/.01,!.1!)1*01$!1$3,2.2$-8!3#0(#!)HH$-,!.::0/0)1.*! $:0/0178!;$.-6))?!.1:!Q$6!$:0/017!.1:!A0:$)!2-):9(/0)1!.-$!$1()9-.7$:!
()1/$1/! ,9(#! .,! $`/-.! 2#)/),! .1:! A0:$)! ,$75$1/,C! "#$! )1*01$! 2.2$-! 0,! /)!.22*;C!"#),$!3#)!30**!6$!,)2#)5)-$,8!T910)-,!)-!,$10)-,!01!H.**!VOBO!
/.-7$/$:! ./! H.50*0$,! )H! (.:$/,! ()52*$/017! /#$! 2-)7-.58! .,! 3$**! .,! /#),$! .-$!$1()9-.7$:!/)!.22*;C!=22*0(./0)1,!,#)9*:!01(*9:$!.!-$,95$8!,.52*$,!
,/9:$1/,!()1,0:$-017!/#$!>$.:$-+,!"-.01017!D)9-,$C! )H!3)-?!.1:!.!()A$-!*$//$-!,/./017!3#0(#!2),0/0)1!01/$-$,/,!/#$!.22*0(.1/C!!
!!!!Z01.**;8!/#$!T)9-1.*0,5!,/.HH!(-$./$,!.!;$.-6))?!H)-!$.(#!,$,,0)1C!"#$,$! @.-/0(02.1/,!59,/!#.A$!.!:-0A$-+,!*0($1,$d!/#$;!.-$!2.0:!hVYO!.!3$$?!.1:!
2-)T$(/,!)HH$-!,/9:$1/,!/#$!(#.1($!/)!*$.-1!#)3!/)!3)-?!T)9-1.*0,/0(.**;!01! .-$!#)9,$:!H)-!H-$$!./!.!*)(.*!#)/$*C
,$A$-.*!:0HH$-$1/!5$:0.8!4$-?,#0-$!,.0:C !!"#$!:$.:*01$!/)!.22*;!H)-!/#$!BB&3$$?!,955$-!01/$-1,#02!0,!E.-(#!VNC!
! ! ! !=*/#)97#! 2-0)-! $`2$-0$1($! 0,! $`2$(/$:! )H! .22*0(.1/,8! /#$! 01/$-1,#02! =22*0(./0)1,!,#)9*:!6$!,$1/!/)!H)--$,/C6$-?,#0-$i9,.((C.-5;C50*!)-!,/$A$C
())-:01./)-,!.-$!30**017!/)!3)-?!30/#!.1:!().(#!,/9:$1/,!/#-)97#!/#$,$! .-$*i9,.((C.-5;C50*C!!

Y.+ Y.)* Y./, Y./3/ Y.5 I+:


5C@JKC2>572

G$1$-./$!2)-/H)& D.**!D#-0,/01.!
L#0)!'/./$! @96*0(!M$*./0)1,! '955$-!VOBO D)*9569,8!L#0) *0)!5./$-0.*!.1:! >$$:,!./!cBf&
Z.0- I1/$-1,#02 .,,0,/!5$:0.!)1! cff&fOBB
/#$!7-)91:,

D)1/-069/$!
j'\j! 4-).:(.,/! '955$-!)-!Z.**! '/C!>)90,8!E)C F5.0*!=A.!F#-*0(#!
4%7)%#<!)&$3(
^$3,D#.11$*!U I1/$-1,#02 VOBO ./!.$#-*0(#i?,:?C
/)!/#$!1$3,!
()5
,#)3,
=(.:$5;!)H! G$/!#.1:,&)1! k0,0/!333C$5&
"$*$A0,0)1!=-/,! "$*$A0,0)1! '955$-! _)**;3)):8! $`2$-0$1($!30/#! 5;,H)91:./0)1C
.1:!'(0$1($,! I1/$-1,#02 VOBO D.*0HC /#$!"k!01:9,/-; )-7
Z)91:./0)1!

=(($,,)-0$,! ^$3!S)-?8! >$.-1!.6)9/!/#$! F5.0*!5$7.1l


)&*+#!E.7.]01$ '2-017!VOBO
\$2.-/5$1/! ^CSC H.,#0)1!01:9,/-; #.;$,iA)79$C
I1/$-1,#02 ()5
/,*)35A
+7 7
4A"(
/:
4 A",
'#
4.
3,

/
',*
!"#$%&'()*'+,"+-"*./"0.'+"1,'2/34'*5 1I!!JC@AKL
XCY>
!"#$%&'(")(*+")%,,$"-./(0"1+-./$,&,

!
'-.%<$%&*+,(-%./$)#)*@;-".#"%)*!"<$.
>?@"?3/4';/,*"),;"8$/4*"(+&$7,'4*"J),"6+:7),BI/,;/34+,"/Z#&)',4":.5")"[#/34+,)&"%3),;="(),".)7#/3"',;'2';$)&'*5A

*#-4;.& &<+.&=#>;+.?@(.A($!#.
"

!!!!!!!!%)9-1.*0,5!0,!(#.17017C!"#./!#.,8!0-)10(.**;8!6$$1!/#$!,/./0(!,$1/0& /#$!-$.,)1017!.1:!0:$.,!/#./!507#/!,/$5!/#$-$H-)58!.-$!1)3!,;1)1;5)9,!
5$1/!)H!.**!5;!2-)H$,,)-,!)A$-!/#$!*.,/!/3)!;$.-,C!I/+,!/-9$8!69/!.,!/#$! .1:!01,$2.-.6*$!H-)5!/#$0-!,/.?$!01!/#$!5$:0.C!
,.1:,!,#0H/!6$1$./#!/#$!H)91:./0)1,!)H!/#$!,)&(.**$:!J)*:!5$:0.8K!2-)H$,& !!!!I1!)/#$-!3)-:,8!M)7$-!=0*$,!(.1+/!T9,/!7)!)1!/$*$A0,0)1!.1:!,.;!3#./!#$!
,)-,!.-$!,/9(?!30/#!/#$!(#.**$17$!)H!:$(0:017!3#./!0,!,/0**!3)-/#!/$.(#017C! H$$*,8!6$(.9,$!#0,!/#)97#/,!.1:!H$$*017,!.-$!,;1)1;5)9,!30/#!/#$!A)0($!
!!!!I/!0,!1)/!.!/.,?!I!3)9*:!30,#!H)-!5;,$*H8!.1:!I!.22*.9:!/#$!H.(9*/;!H)-! )H!Z)`!^$3,8!/#$!2$-,)1.*!6-.1:!#$!-$2-$,$1/,C!_$!#.,!(-$./$:!.!,0/9./0)1!
6$017!)2$1!.1:!.,?017!H)-!/#$!0129/!)H!/#$!,/9:$1/!6):;!.,!/#$;!92:./$! 01!3#0(#!.1;/#017!,.0:!6;!=0*$,!m/#$!291:0/n!#.,!.!:0-$(/!052.(/!)1!/#$!
/#$!%&'(#))*+,!(9--0(9*95!H)-!/#$!,30/(#!/)!,$5$,/$-,C!I!(.11)/!05.701$! A.*9$!)H!=0*$,<Z)`!^$3,!m/#$!6-.1:nC
&@'(,%"#<1$&3(0"(<5'!&%)7(!(4'&(0"(<$!44'4(&0(&5!%)(A'0A$'("05(B064(&@!&(,0)E&( ((((H@%4(%4('+')(205'(&51'("05(T1"#)7&0).(?@04'(4%&'(!<&1!$$3(6'!54(@'5(
;$/!$`0,/C! 1.5$C!Q#$1!/#$;!;$**!./!$.(#!)/#$-!)1!/$*$A0,0)18!/#$;!.-$1+/!-$.**;!
!!!!L1$!/.(/0(8!.,!I!#.A$!6$$1!/)*:!6;!1$.-*;!$A$-;)1$!I!*))?!92!/)!./!/#$! :$H$1:017!/#$!2)*0/0(.*!*$H/!)-!-07#/C!"#$;!.-$!:$H$1:017!(.6*$!1$3,!
4<@00$.(%4(&0(14'(23(?05>(&0(,'#)'(234'$"(!4(!(B015)!$%4&(!),(!)(!5&%4&:( .1:!6*)7,8!-$,2$(/0A$*;!W!6$(.9,$!/#$;!.-$!/#$!5$:0.!()-2)-./0)1,!/#$;!
"#$!#02!J1$3&5$:0.K!2#-.,$!H)-!/#0,!0,!J2$-,)1.*!6-.1:017CK!I!#.A$!/.?$1! -$2-$,$1/C!
/#0,!/)!#$.-/8!9,017!/#$!,.5$!)1*01$!#.1:*$!JI.14_K!)1!$A$-;!,)(0.*! !!!!"#$!,.5$!0,!/-9$!)H!j-975.1!.1:!Q0**C!"#$;!.-$!*$,,!30**017!/)!,2$.?!

!
1$/3)-?017!,0/$!.1:!2$-0):0& 01!.!3.;!/#./!,$$5,!/)!5.?$!/#$!
(.**;!G))7*017!5;,$*H!/)!5.?$! L6.5.!.:5010,/-./0)1!,$$5!*0?$!
,9-$!1)/#017!-0,P9o!()5$,!92! .1;/#017!*$,,!/#.1!/#$!($1/$-!)H!
W!I!$A$1!#.A$!.!2$-,)1.*!0()1! "?+4&))61%+=,7,%'348%5,/*&% =5$-0(.+,!2)*0/0(.*!:0,()9-,$8!
/#./!7-.($,!$A$-;/#017!H-)5!5;!
-$,95$!/)!5;!Z.($6))?!2.7$C 74>,8>3D,87%/*/%,E&?+)6%D=&+%D&7% 6$(.9,$!()55$1/017!)1!2-$,0:$1&
/0.*!2)*0/0(,!0,!/#$0-!2$-,)1.*!6-$.:!
!!!!>.,/!3$$?8!#)3$A$-8!I!,.3!
,)5$/#017!/#./!5.:$!5$!3)1:$-!
,E>,?+,/%3'%+=,5%F%&-/%+=&+%*7%+=,% .1:!69//$-C
!!!!"#0,!2.-.:075!)H!,#)-017!92!
#)3!2$-,)1.*!6-.1:017!507#/! >839),5; )1$+,!2$-,)1.*!5$:0.!6-.1:!01&
(#.17$!/#$!5$:0.!01!/#$!*)17! ,/$.:!)H!2-$,$1/017!3$**&-$.,)1$:!
-91C!"#$!%.1C!NB!$20,):$!)H! )2010)1!6$()5$,!$A$1!5)-$!$A0&
=4D+,!"#0,!Q$$?!H$./9-$:!.! :$1/!)A$-!/#$!()9-,$!)H!/#$!,#)3C!
2.1$*!:0,(9,,0)1!6$/3$$1!M)7$-!=0*$,8!2-$,0:$1/!)H!Z)`!^$3,8!=-0.11.! =,!/#$!:0,(9,,0)1!:$A)*A$,!01/)!60(?$-0178!$A$1/9.**;!(9*501./017!01!.1!
T1"#)7&0).(<0Q"01),'5(0"(!"#$%&'()*+,)$-,.+!.1:!@.9*!j-975.1!.1:! .((9,./0)1!)H!()1,20-.(;8!/#$-$!0,!)1$!/;2$!)H!(-0/0(0,5!/#./!.**!/#$!2.1$*&
G$)-7$!Q0**8!()*9510,/,!H)-!/#$!!"#$,#-$.&/0$!12#'!.1:!!"#$/0."1)*3 0,/,!,$$5!5)-$!/#.1!30**017!/)!*$A$*!69/!$1/0-$*;!9130**017!/)!.1,3$-!
+,)$-,.+8!-$,2$(/0A$*;C! W!5$:0.!(-0/0(0,5C!Q#$1$A$-!)1$!2.1$*0,/!(.**,!01/)!P9$,/0)1!/#$!$/#0(,!
!!!!"#$,$!H)9-!2$)2*$!.-$8!01!/$-5,!)H!/#$0-!.60*0/;!/)!:0,,$501./$!01H)-5.& )H!.1)/#$-!2.1$*0,/+,!1$3,!)-7.10]./0)18!/#$!P9$,/0)1!0,!:):7$:!.1:!/#$!
/0)1!/)!/#$0-!*.-7$!.1:!,;52./#$/0(!.9:0$1($,8!/0/.1,! :$6./$!-$/9-1,!/)!$0/#$-!2)*0/0(,!)-!2)*0(;!0,,9$,C!
)H!=5$-0(.1!5$:0.C!I1!H.(/8!3#$1!3$!,2)?$!.6)9/! ((((U1'4&%0)4(0"('&@%<4(4@01$,(6'(&@'(#54&(0)'4(
/#$!-)91:!/.6*$!01!*.,/!3$$?+,!5$$/017!)H!')(0$/;!)H! T)9-1.*0,/,!.-$!30**017!/)!.1,3$-8!69/!3#$1!/#$!
@-)H$,,0)1.*!%)9-1.*0,/,8!,)5$)1$!.(/9.**;!:$,(-06$:! 2)3$-!)H!.1!$1/0-$!5$:0.!)9/*$/!0,!5.:$!5.10&
H$$*017!/#$!$A$1/!#.:!6$$1!60**$:!.,!.!J(*.,#!)H!/#$! H$,/!01!.!,017*$!2$-,)1!W!/#$!7).*!)H!2$-,)1.*!
/0/.1,CK 6-.1:017!W!.**!/#$!01H)-5./0)1!70A$1!6;!/#./!
!!!!49/!0/!3.,1+/!/#$!,$1,./0)1.*0,5!.1:!#)*0$-&/#.1& 5$:0.!)9/*$/!0,!,96T$(/!/)!/#./!,017*$!2$-,)1+,!
/#)9!2.-/0,.1!-#$/)-0(!/#./!,9-2-0,$:!5$C!"#./!0,!/)!6$! .7$1:.C!
'VA'<&',("502(T1"#)7&0)(!),(W%$'4.(!),(&0(!($'44'5( !!!!"#$-$!.-$!A.*0:!H$.-,!.6)9/!()-2)-./0)1,!
$`/$1/8!H-)5!j-975.1!.1:!Q0**C! )31017!#97$!2)-/0)1,!)H!=5$-0(.1!5$:0.8!69/!
!!!!=(/9.**;8!/#$,$!H)9-!5$:0.!,92$-2)3$-,!:0:! /#$-$!0,!.*,)!2*$1/;!/)!H$.-!H-)5!!:$,2)/,!(-$./$:!
$`.(/*;!3#./!3.,!$`2$(/$:!)H!/#$5!W!.1:!/#./!0,!/#$! 6;!/#$!-0,017!2)3$-!)H!01:0A0:9.*,&.,&5$:0.&
2-)6*$5C!"#$0-!2$-,)1,8!/#$0-!.(/9.*!#95.10/;!.1:!.**! )9/*$/,C!!

Vous aimerez peut-être aussi