Vous êtes sur la page 1sur 55














,6




















  





 
 

 


 


 




 





















,6




















  





  



 




 





 





 .ROQJYXG5RELQ'





 








 
 +REVEDXP(ULN







 




 







 







 

 
 























,6




















  




  





 




 





 

 
 



 
 
 
 )&XUWD



















7KH0DNLQJRIWKH6ODYV+LVWRU\DQG$UFKDHRORJ\RI
WKH/RZHU'DQXEH5HJLRQF
















&DPEULGJH

















,6






















  



 






 




 





 





 





 
 




;9,,
;,;












7DVFKHQEXFKGHU=HLWUHFKQXQJGHV'HXWVFKHQ
0LWWHODOWHUVXQGGHU1HX]HLW
'L]LRQDULRGLDEEUHYLDWXUHODWLQHHGLWDOLDQH



%UHVVODX



0LODQR





 
 
 
 2*URWHIHQG
 $GULDQR&DSHOOL
 

















,6




















  










 




 








 







 





 





2EHUVFKLFKWHQJUDEHUXQG9HUZDKUIXQGHLQ
6XGRVWHXURSDLPXQG-DKUXQGHUW%DQG,XQG,,







%XNDUHVW



 
 06FKPDXGHU

















,6




















  



 








 




 





 )(+DUULVRQ

0LOOHQLXP$/DWLQ5HDGHU DG

2[IRUG



 .HLWK6LGZHOO

5HDGLQJ0HGLHYDO/DWLQ

/HVRUWLGHOODWLQRQHOPHGLRHYRL]
]ERUQLND/RVSD]LROHWWHUDULRGHOPHGLRHYR,,O
PHGLRHYRODWLQRHG*&DYDOOR&/HRQDUGL(
0HQHVWR
$%ULHI+LVWRU\RI0HGLHYDO/DWLQ DFKDSWHUZLWK
RPLVVLRQVIURP0DQXHOSUDWLTXHGHODWLQPHGLHYDO

*XLGDDOORVWXGLRGHOODWLQR
PHGLHYDOH
/DWH/DWLQ
0HGLHYDO/DWLQ

&DPEULGJH









&KLFDJR8QLYHUVLW\3UHVV




*UHQDD'DQLD





 ''X&DQJH

/LQJXD/DWLQDSHUVHLOOXVWUDWDSDUV,,


*ORVVDULXPPHGLDHHWLQILPDHODWLQLWDWLV



 &7/HZLV &6KRUW


 :+0DLJQHGC$UQLV

/DWLQ'LFWLRQDU\
/H[LFRQDGVFULSWRUHVPHGLDHHWLQILPDHODWLQLWDWLV

1HZ<RUN
3DULV




 





 








 3HWHUWRF

 'DJ1RUEHUJ
 *LRYDQQL&UHPDVFKL
 (LQDU/RIVWHGW
 .3+DUULQJWRQHG
 +DQV2UEHUJ
 

 

















,6






















  








 




 





 



 





 





 



%UHVVODX



 $GULDQR&DSHOOL


7DVFKHQEXFKGHU=HLWUHFKQXQJGHV'HXWVFKHQ
0LWWHODOWHUVXQGGHU1HX]HLW
'L]LRQDULRGLDEEUHYLDWXUHODWLQHHGLWDOLDQH

0LODQR



 



 .HLWK6LGZHOO

5HDGLQJ0HGLHYDO/DWLQ

&DPEULGJH



 ''X&DQJH

*ORVVDULXPPHGLDHHWLQILPDHODWLQLWDWLV



 &7/HZLV &6KRUW

/DWLQ'LFWLRQDU\

1HZ<RUN



 :+0DLJQHG$UQLV

/H[LFRQDGVFULSWRUHVPHGLDHHWLQILPDHODWLQLWDWLV

3DULV



 'U2*URWHIHQG

















01























  







 




 





 OH*RI





 0%ORFK



 






 3(QJHO
 

0DJ\DURUV]pJYLOiJLDUFKRQWROyJLiMD,,,
/H[LNRQGHV0LWWHODOWHUV&'URP>$QG&RPS/H[@

%XGDSHVW





 'X&DQJH

*ORVVDULXPPHGLDHHWLQILPDHODWLQLWDWLV,,9%DQG
+LVWRLUHGXFRPPHUFHGX/HYDQWDX0R\HQJH,,,
$PVWHUGDP-DPHV:HVWIDOO7KRPSVRQ
(FRQRPLFDQGVRFLDOKLVWRU\RIWKH0LGGOHDJHV
9ROXPH,,,
(NRQRPVNDSRYLMHVW,WDOLMH

*UD]



1HZ<RUN



=DJUHE



 
 







 
 







 

 :+H\G
 *LQR/X]]DWWR




















,6






















  


 







 




 





 OH*RI





 

,9,



 



 %+yPDQ





5RPD



'DUPVWDG





%XGDSHVW



 
 

*OL$QJLRLQLGL1DSROLLQ8QJHULD
'LH)DPLOLHGHU.|QLJHLP0LWWHODOWHU%\]DQ]XQG
GLHHXURSlLVFKH6WDDWHQZHOW
,,
7KHUSiGVDQGWKH&RPQHQLSROLWLFDO5HODWLRQV
EHWZHHQ+XQJDU\DQG%\]DQWLXPLQWKHWK&HQWXU\
/H[LNRQGHV0LWWHODOWHUV&'URP>$QG&RPS/H[_








 





 :HUWQHU0

USiGRNFVDOiGLW|UWpQHWH

1DJ\%HFVNHUHN



 $$9DVLOLHY

%\]DQFHHWOHV$UDEHVWRPH,,,,

%UX[HOOHV



3DULV
%XGDSHVW






Z<



 '|OJHU)
 
 0DNN)

 e/pRQDUG
 3(QJHO

/HV$QJHYLQVGH1DSOHV
%HLOOHV]NHGpV(XUySiEDDNH]GHWHNWOLJ
'DV*WHUYHU]HLFKQLVGHVJULFK.ORVWHUV]X
6]iYDV]HQWGHPHWHU 6UHPVND0LWURYLFD DXVGHP
 *\UII\*\
-K6WXGLD6ODYLFD$FDGHPLDHVFLHQWDUXP
+XQJDULFDHWRPXV,9


 
;\
[

















,6























  








 




 





 

,,,



 .-LUHHN

*HVFKLFKWHGHU6HUEHQ,,,

*RWKD



 

,,,



 
 


,,,






 9.ODL



 

3RYLMHVW%RVQHGRSURSDVWLNUDOMHYVWYD
=DJUHE
*HVFKLFKWH%RVQLHQVYRQGHQlOWHVWHQ=HLWHQELV]XP
/HLS]LJ
9HUIDOOHGHV.|QLJUHLFKHV


 



&DPEULGJH














.|OQ:LHQ



 -)HUOXJD

,,,,
7KH(QWU\RIWKH6ODYVLQWR&KULVWHQGRP
,,

=XU%H]HLFKQXQJCC5DNDCC 5DV]LHQ IUGHQ
VHUELVFKHQ6WDDWELV]XU0LWWHGHV-DKUKXQGHUWV
%DOFDQRVODYLFD



,9
'LHGDOPDWLQLVFKHQ6WlGWHLP-DKUKXQGHUW
6WXGLHQ]XLKUHUSROLWLVFKHQ6WHOOXQJ
/CDPPLQLVWUD]LRQHEL]DQWLQDLQ'DOPD]LD

9HQH]LD



 
 







 9.ODL

 
 $39ODVWR
 
 -.DOL
 
 
 
 /6WHLQGRUI




















,6





;


















  









 




 





 
 







 



%HOJUDGH



 


7KH%DWWOHRI.RVRYRLQ+LVWRU\DQGLQ3RSXODU
7UDGLWLRQ




 





 

,9
3RNUHWQDVODYHQVNRPMXJXNRQFHP;,9LSRHWNRP
;9VWROMHD5DG-$=8




=DJUHE











 
 )%DELQJHU







0HKPHGGHU(UREHUHUXQGVHLQH=HLW

0QFKHQ




 )%DELQJHU
 

0DRPHWWRLO&RQTXLVWDWRUHHLOVXRWHPSR


7RULQR





 

;,9;9



 



;9








 50LKDOML

 )5DNL
 
 
 
 

 
 

















,6





















  








  



 




 





:DOWHU3RKO.DUO9RFHOND

%ULJLWWH9DFKD
 'RURWK\*LHV0F*XLJDQ

 %ULJJLWH+DPDQQ

'LH+DEVEXUJHUHLQHHXURSlLVFKH
)DPLOLHQJHVFKLFKWH
)DPLOLH+DEVEXUJELV
'LH+DEVEXUJHUGLH7UDJ|GLHHLQHVKDOEHQ
-DKUWDXVHQGVGHXWVFKHU*HVFKLFKWH
'DV+DXV+DEVEXUJGLH*HVFKLFKWHHLQHU
HXURSlLVFKHQ'LQDVWLH
'LH+DEVEXUJHUHLQELRJUDSKLVFKHV/H[LNRQ

:LHQ



 



 9LFWRU/XFLHQ7DSLH

0DULD7KHUHVLDGLH.DLVHULQXQGLKU5HLFK>$XIO@

*UD]



 



 $OIUHG5DSS
 $GDP:DQGUXV]ND



*UD]



)UDQNIXUW0%HUOLQ



6WXWWJDUW



:LHQ

















,6





















  










 




 





 



/RQGRQ



3ULQFHWRQ



 


+LVWRU\RIWKH2WWRPDQ(PSLUHDQG0RGHUQ7XUNH\
,,,
%XUHDXFUDWLF5HIRUPLQWKH2WWRPDQ(PSLUH7KH
6XEOLPH3RUWH




 



 
 







 06$QGHUVRQ

/RQGRQ





 

7KH(DVWHUQ4XHVWLRQ






 





 6W-6KDZ(.6KDZ
 &9)LQGOH\

 

















,6





















  






;,;



 




 







 


;;




 
 

 
,,,




 



 06$QGHUVRQ

7KH(DVWHUQ4XHVWLRQ


 ;
 


 




7]DULVW5XVVLDDQG%DONDQ1DWLRQDOLVP5XVVLDQ
,QIOXHQFHLQWKH,QWHUQDO$IIDLUVRI%XOJDULDDQG6HUELD


;; 



7KH&RQJUHVVRI%HUOLQDQG$IWHU$'LSORPDWLF
+LVWRU\RIWKH1HDU(DVWHUQ6HWWOHPHQW

/RQGRQ













%HUNHOH\DQG/RV$QJHOHV









/RQGRQ



 

 
 
 
 
 
 &K-HODYLFK
 
 
 
 :10HGOLFRWW


















 









 





 





 

















,6























  










 




 





 7HMORU$-3
 
 $QGHUVRQ%







,PDJLQHG&RPPXQLWLHV





/RQGRQ





 




,,,


 



 







% LURGDOPLiOPRN E LURGDOPLYiOViJ$0RQDUFKLD
LURGDOPDLUOPYpV]HWpUO
$PDJ\DUViJpVDV]OiYRN
$PDJ\DUQHP]HWLVpJLNpUGpVW|UWpQHWH,GHR$
QHP]HWLVpJLNpUGpVW|UYpQ\HNpVWHUYH]HWHNWNUpEHQ





6]HJHG



%XGDSHVW



%XGDSHVW



 

 
 
 )ULHG,
 6]HNI*\XOD V]HUNHV]W
 .HPpQ\**




















,6






;9,,,

















  











 




 





 

 
 0F*XLJDQ'*


7KH+DEVEXUJV

 
1HZ<RUN


 .DQQ5$

$+LVWRU\RIWKH+DEVEXUJ(PSLUH
6DFUXP,PSHULXPGDV5HLFKXQG2VWHUUHLFK



8QLYHUVLW\RI&DOLIRUQLD3UHVV



&DPEULGJH











1HZ<RUN
&HUHGLJLRQ(GZLQ0HOOHQ
3UHVV
%XGDSHVW



 FV=

&DOYLQLVPLQ6ZLW]HUODQG*HUPDQ\DQG+XQJDU\
7KH+XQJDULDQ3URWHVWDQW5HIRUPDWLRQLQWKH
6L[WHHQWK&HQWXU\8QGHUWKH2WWRPDQ,PSDFW
$QHP]HWLVpJHNDW|UWpQHWL0DJ\DURUV]iJRQ

 
 5REHUW-:(YDQV


7KH0DNLQJRIWKH+DEVEXUJ0RQDUFK\

2[IRUG8QLYHUVLW\3UHVV




 ,QJUDR&:
 
 



 *DPEOH5
 $OH[DQGRU6






















,6






;9,;9,,,

















  

;9,;,;








 




 





 



 
 










 

 



 

 



 

 

 


 

 



 



 
 
 












 



 

 
 

















,6
























  











 




 





 

 








 

 

 

,,,,

 

 

 



 





 
 

,,,,








 
 










 

,

 



 



 
 










 
 
















 



















,6

























  




;9,,,;;






 




 





 





 





 
 










 



 
 










 



 



 



 













 

 



 
 
















 



 
 


























,6





;;













  


 

  

B  






 




 





 



 











 





 
 







MYLGpN



 



0DJ\DU-XJyV]OiYGLSORPiFLDLNDSFVRODWRN





 $6DMWL(QLN

'pOYLGpN

%XGiSpVW



 $6DMWL(QLN

,PSpULXPYiOWDVRNUHYL]yNLVHEEVpJ

%XGiSpVW



 
 


,,,,




 
 







 





 



 





 

0DJ\DURUV]iJWUWpQHWH

%XGDSHVW



 +RUQ\iNUSiG

















01






















  





 
   
  
 
 


 

 
 




 





 
 







 


 






 

















,6






















  







 




 





 





 











 
 



















 

 
 
 
 





 





 





 





 





 

 






 





 

















,6
























  






 

 

 
 
 


 

 
 









 
 

 


 








 





 









 
 
 
 
 

 






























,6























  









 




 





















,6




















  




  





 




 





 

 
 



 
 
 
 )&XUWD



















7KH0DNLQJRIWKH6ODYV+LVWRU\DQG$UFKDHRORJ\RI
WKH/RZHU'DQXEH5HJLRQF
















&DPEULGJH

















,6




















  










 




 








 







 





 





2EHUVFKLFKWHQJUDEHUXQG9HUZDKUIXQGHLQ
6XGRVWHXURSDLPXQG-DKUXQGHUW%DQG,XQG,,







%XNDUHVW



 
 06FKPDXGHU

















,6




















  





 








 




 





 )(+DUULVRQ0LOOHQLXP

$/DWLQ5HDGHU DG

2[IRUG



 .HLWK6LGZHOO

5HDGLQJ0HGLHYDO/DWLQ

/HVRUWLGHOODWLQRQHOPHGLRHYR
/RVSD]LROHWWHUDULRGHOPHGLRHYR,,O
PHGLRHYRODWLQRHG*&DYDOOR&/HRQDUGL(
0HQHVWR
$%ULHI+LVWRU\RI0HGLHYDO/DWLQ DFKDSWHUZLWK
RPLVVLRQVIURP0DQXHOSUDWLTXHGHODWLQPHGLHYDO

*XLGDDOORVWXGLRGHOODWLQR
PHGLHYDOH
/DWH/DWLQ

&DPEULGJH









 (LQDU/RIVWHGW
.3+DUULQJWRQHGUHYLVHG
E\-RVHSK3XFFLZLWKD

0HGLHYDO/DWLQ
JUDPPDWLFDOLQWURGXFWLRQE\
$*(OOLRWW
 +DQV2UEHUJ
/LQJXD/DWLQDSHUVHLOOXVWUDWDSDUV,,*UHQDD

 

 ''X&DQJH
*ORVVDULXPPHGLDHHWLQILPDHODWLQLWDWLV



&KLFDJR8QLYHUVLW\3UHVV



'DQLD





 &7/HZLV &6KRUW


 :+0DLJQHGC$UQLV

/DWLQ'LFWLRQDU\
/H[LFRQDGVFULSWRUHVPHGLDHHWLQILPDHODWLQLWDWLV

1HZ<RUN
3DULV




 





 





 

 'DJ1RUEHUJ
 *LRYDQQL&UHPDVFKL


















 





















,6






















  








 




 





 



 





 





 



%UHVVODX



 $GULDQR&DSHOOL


7DVFKHQEXFKGHU=HLWUHFKQXQJGHV'HXWVFKHQ
0LWWHODOWHUVXQGGHU1HX]HLW
'L]LRQDULRGLDEEUHYLDWXUHODWLQHHGLWDOLDQH

0LODQR



 



 .HLWK6LGZHOO

5HDGLQJ0HGLHYDO/DWLQ

&DPEULGJH



 ''X&DQJH

*ORVVDULXPPHGLDHHWLQILPDHODWLQLWDWLV



 &7/HZLV &6KRUW

/DWLQ'LFWLRQDU\

1HZ<RUN



 :+0DLJQHG$UQLV

/H[LFRQDGVFULSWRUHVPHGLDHHWLQILPDHODWLQLWDWLV

3DULV



 'U2*URWHIHQG

















)'























  







 




 





 OH*RI





 0%ORFK



 






 3(QJHO
 

0DJ\DURUV]pJYLOiJLDUFKRQWROyJLiMD,,,
/H[LNRQGHV0LWWHODOWHUV&'URP>$QG&RPS/H[@

%XGDSHVW





 'X&DQJH

*ORVVDULXPPHGLDHHWLQILPDHODWLQLWDWLV,,9%DQG
+LVWRLUHGXFRPPHUFHGX/HYDQWDX0R\HQJH,,,
$PVWHUGDP-DPHV:HVWIDOO7KRPSVRQ
(FRQRPLFDQGVRFLDOKLVWRU\RIWKH0LGGOHDJHV
9ROXPH,,,
(NRQRPVNDSRYLMHVW,WDOLMH

*UD]



1HZ<RUN



=DJUHE



 
 







 
 







 

 :+H\G
 *LQR/X]]DWWR




















,6






















  


 







 




 





 OH*RI





 

,9,



 



 %+yPDQ





5RPD



'DUPVWDG





%XGDSHVW



 
 

*OL$QJLRLQLGL1DSROLLQ8QJHULD
'LH)DPLOLHGHU.|QLJHLP0LWWHODOWHU%\]DQ]XQG
GLHHXURSlLVFKH6WDDWHQZHOW
,,
7KHUSiGVDQGWKH&RPQHQLSROLWLFDO5HODWLRQV
EHWZHHQ+XQJDU\DQG%\]DQWLXPLQWKHWK&HQWXU\
/H[LNRQGHV0LWWHODOWHUV&'URP>$QG&RPS/H[_








 





 :HUWQHU0

USiGRNFVDOiGLW|UWpQHWH

1DJ\%HFVNHUHN



 $$9DVLOLHY

%\]DQFHHWOHV$UDEHVWRPH,,,,

%UX[HOOHV



3DULV
%XGDSHVW






Z<



 '|OJHU)
 
 0DNN)

 e/pRQDUG
 3(QJHO

/HV$QJHYLQVGH1DSOHV
%HLOOHV]NHGpV(XUySiEDDNH]GHWHNWOLJ
'DV*WHUYHU]HLFKQLVGHVJULFK.ORVWHUV]X
6]iYDV]HQWGHPHWHU 6UHPVND0LWURYLFD DXVGHP
 *\UII\*\
-K6WXGLD6ODYLFD$FDGHPLDHVFLHQWDUXP
+XQJDULFDHWRPXV,9


 
;\
[

















)'























  








 




 





 

,,,



 .-LUHHN

*HVFKLFKWHGHU6HUEHQ,,,

*RWKD



 

,,,



 
 


,,,






 9.ODL



 

3RYLMHVW%RVQHGRSURSDVWLNUDOMHYVWYD
=DJUHE
*HVFKLFKWH%RVQLHQVYRQGHQlOWHVWHQ=HLWHQELV]XP
/HLS]LJ
9HUIDOOHGHV.|QLJUHLFKHV


 



&DPEULGJH














.|OQ:LHQ



 -)HUOXJD

,,,,
7KH(QWU\RIWKH6ODYVLQWR&KULVWHQGRP
,,

=XU%H]HLFKQXQJCC5DNDCC 5DV]LHQ IUGHQ
VHUELVFKHQ6WDDWELV]XU0LWWHGHV-DKUKXQGHUWV
%DOFDQRVODYLFD



,9
'LHGDOPDWLQLVFKHQ6WlGWHLP-DKUKXQGHUW
6WXGLHQ]XLKUHUSROLWLVFKHQ6WHOOXQJ
/CDPPLQLVWUD]LRQHEL]DQWLQDLQ'DOPD]LD

9HQH]LD



 
 







 9.ODL

 
 $39ODVWR
 
 -.DOL
 
 
 
 /6WHLQGRUI




















,6





;


















  









 




 





 
 







 



%HOJUDGH



 


7KH%DWWOHRI.RVRYRLQ+LVWRU\DQGLQ3RSXODU
7UDGLWLRQ




 





 

,9
3RNUHWQDVODYHQVNRPMXJXNRQFHP;,9LSRHWNRP
;9VWROMHD5DG-$=8




=DJUHE











 
 )%DELQJHU







0HKPHGGHU(UREHUHUXQGVHLQH=HLW

0QFKHQ




 )%DELQJHU
 

0DRPHWWRLO&RQTXLVWDWRUHHLOVXRWHPSR


7RULQR





 

;,9;9



 



;








 50LKDOML

 )5DNL
 
 
 
 

 
 

















)'





















  








  



 




 





:DOWHU3RKO.DUO9RFHOND

%ULJLWWH9DFKD
 'RURWK\*LHV0F*XLJDQ

 %ULJJLWH+DPDQQ

'LH+DEVEXUJHUHLQHHXURSlLVFKH
)DPLOLHQJHVFKLFKWH
)DPLOLH+DEVEXUJELV
'LH+DEVEXUJHUGLH7UDJ|GLHHLQHVKDOEHQ
-DKUWDXVHQGVGHXWVFKHU*HVFKLFKWH
'DV+DXV+DEVEXUJGLH*HVFKLFKWHHLQHU
HXURSlLVFKHQ'LQDVWLH
'LH+DEVEXUJHUHLQELRJUDSKLVFKHV/H[LNRQ

:LHQ



 



 9LFWRU/XFLHQ7DSLH

0DULD7KHUHVLDGLH.DLVHULQXQGLKU5HLFK>$XIO@

*UD]



 



 $OIUHG5DSS
 $GDP:DQGUXV]ND



*UD]



)UDQNIXUW0%HUOLQ



6WXWWJDUW



:LHQ

















,6





















  




,,,,





 




 





 



/RQGRQ



3ULQFHWRQ



 


+LVWRU\RIWKH2WWRPDQ(PSLUHDQG0RGHUQ7XUNH\
,,,
%XUHDXFUDWLF5HIRUPLQWKH2WWRPDQ(PSLUH7KH
6XEOLPH3RUWH




 



 
 







 06$QGHUVRQ

/RQGRQ





 

7KH(DVWHUQ4XHVWLRQ






 





 6W-6KDZ(.6KDZ
 &9)LQGOH\

 

















,6





















  






;,;



 




 







 


;;




 
 

 
,,,




 



 06$QGHUVRQ

7KH(DVWHUQ4XHVWLRQ


 ;
 


 




7]DULVW5XVVLDDQG%DONDQ1DWLRQDOLVP5XVVLDQ
,QIOXHQFHLQWKH,QWHUQDO$IIDLUVRI%XOJDULDDQG6HUELD


;; 



7KH&RQJUHVVRI%HUOLQDQG$IWHU$'LSORPDWLF
+LVWRU\RIWKH1HDU(DVWHUQ6HWWOHPHQW

/RQGRQ













%HUNHOH\DQG/RV$QJHOHV









/RQGRQ



 

 
 
 
 
 
 &K-HODYLFK
 
 
 
 :10HGOLFRWW


















 









 





 





 

















,6























  










 




 





 7HMORU$-3
 
 $QGHUVRQ%







,PDJLQHG&RPPXQLWLHV





/RQGRQ





 




,,,


 



 







% LURGDOPLiOPRN E LURGDOPLYiOViJ$0RQDUFKLD
LURGDOPDLUOPYpV]HWpUO
$PDJ\DUViJpVDV]OiYRN
$PDJ\DUQHP]HWLVpJLNpUGpVW|UWpQHWH,GHR$
QHP]HWLVpJLNpUGpVW|UYpQ\HNpVWHUYH]HWHNWNUpEHQ





6]HJHG



%XGDSHVW



%XGDSHVW



 

 
 
 )ULHG,
 6]HNI*\XOD V]HUNHV]W
 .HPpQ\**




















,6






;9,,,

















  











 




 





 

 
 0F*XLJDQ'*


7KH+DEVEXUJV

 
1HZ<RUN


 .DQQ5$

$+LVWRU\RIWKH+DEVEXUJ(PSLUH
6DFUXP,PSHULXPGDV5HLFKXQG2VWHUUHLFK



8QLYHUVLW\RI&DOLIRUQLD3UHVV



&DPEULGJH











1HZ<RUN
&HUHGLJLRQ(GZLQ0HOOHQ
3UHVV
%XGDSHVW



 FV=

&DOYLQLVPLQ6ZLW]HUODQG*HUPDQ\DQG+XQJDU\
7KH+XQJDULDQ3URWHVWDQW5HIRUPDWLRQLQWKH
6L[WHHQWK&HQWXU\8QGHUWKH2WWRPDQ,PSDFW
$QHP]HWLVpJHNDW|UWpQHWL0DJ\DURUV]iJRQ

 
 5REHUW-:(YDQV


7KH0DNLQJRIWKH+DEVEXUJ0RQDUFK\

2[IRUG8QLYHUVLW\3UHVV




 ,QJUDR&:
 
 



 *DPEOH5
 $OH[DQGRU6






















,6






;9,;9,,,

















  

;9,;,;








 




 





 



 
 










 

 



 

 



 

 

 


 

 



 



 
 
 












 



 

 
 

















,6
























  











 




 





 

 








 

 

 

,,,,

 

 

 



 





 
 

,,,,








 
 










 



 



 



 
 










 
 
















 



















,6

























  




;9,,,;;






 




 





 








 





 



 



 



 
 










 



 



 



 












 

 




 
















 



 
 










 



















,6





;;













  


 

  

B  






 




 





 



 











 





 
 







MYLGpN



 



0DJ\DU-XJyV]OiYGLSORPiFLDLNDSFVRODWRN





 $6DMWL(QLN

'pOYLGpN

%XGiSpVW



 $6DMWL(QLN

,PSpULXPYiOWDVRNUHYL]yNLVHEEVpJ

%XGiSpVW



 
 


,,,,




 
 







 





 



 





 

0DJ\DURUV]iJWUWpQHWH

%XGDSHVW



 +RUQ\iNUSiG

















)'






















  





 
   
  
 
 


 

 
 




 





 
 







 


 






 

















,6






















  







 




 





 





 











 
 



















 

 
 
 
 





 





 





 





 





 

 






 





 

















,6




















  








 
 


 




 




















,6

























  


 










 




 





















,6




















  











 
 


 




 





















,6






















  



 




 




 





















,6



























  














 




 









Vous aimerez peut-être aussi