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Lh com Abbadon d'un och —ppeakinankdije- at Vendhupain, PRaskVenin. compte ane ony f . doe ia mmanchevmde Ais Vern tent “Spat de — vente = = $i Redaapusclispae dif tm femain th comple toadlaune |— des dhifles imduisrt wa desis jem dh st see F: atroine ta a =! Ae medide dhe cl comin temabiliamerubaia— defend apt dlimimss AL capiked insects = — Aes imotdences fools = Teckes vealin de Rnd de ake Bsecle hee cs peek pk tnhaines —_ € ” 7 ) @ wne me amoims valus cde comin + FR ya pli rola (menevallas) Langue Ae pic dh crnion ede nae (intuss) sth -omsitict == fiat es a ie = benef dmposablis AS peas — Pics valad ale termi = Renker mca. tL pain de eernicm main —poisctbocpsiihien un innpdt eal on PC- VON vee trkaw d! = X encaisnumente unt pa fo cosion de be smmccchaine Rix de cersion mek 2 Rix de conion. Rix docquistion PCN. 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Ree be dos clipemun ak clas nscabies diackement Prem cu paces se aN pep tina Races a Giant ha one jo olan Cz Remiaien melts d'angmr = Receltes _ Dépensce = Eccmermie den cated epatabon = CE (Phx de tiscunie) = Flux d'entai — Phx ce senkie 7 Weiscnenie \c Hrétonente 7 Resseurter \ Ressouncea \ Dipenss 7 Depo ASinmpSt Rib pankic das dgpemen inmpubadis ou pagel, st at 3 East eld Se Pack al oc Risque bs CF punamenl dmiquineetLe- change: hema comple cune cacbation patebell, cllaageat jit dink pus. bans comple chs pensions , cumonlimermnents) 2k eulaun Qanses colcalzen pmaa_mom, décainnéts.aia dé peat one se thachadaan pos por une sobe Aneel ford de Papa puis en comple ek ele cempilini Comme Unca:itanment pe viendaa ougrnente & Cah Fearne tos CF pu Ae cllis de 2 maniina ABljenbs. —g Renn mo m Fe = 3 ae a = Change = uP 2) + Dek ux AY = Excédenk Beal cl'exp (EBE = RF deep aval iempak <2ok = X (Ab) 5 Bact NG Tos (ene = RY & impo * beDek aus OY 5 RLe | eet = CF dere (CF enaindle) le _€ ——— = = SE ae pipet inaesbcorkenl ale (das tquipemads pour Abe a ei méainment fin Sama, C : pwivsiens: desplalation adaties of a pk smth, © Suan z == —= = 4s Ea se — ca Ao Aho Abt | QaG | 4¥9 = Caste | Au | AGL} AF) | Asu_| dag f= = Timpaks | B= Qo —| Coben CP d'op ck 2 arilheds dif{gaantin. & WH? 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Risathal meh , Dek am A a . = = don calles Yonk inltenin Pagal le = ton & puch climckicement ent copadist clomo Qe toda de Penbapaise— ck Red suppost qae Pembsaine eat bine iain QWer a ae tt Haikab pi Me lap Nh lem de Bimweesimint ato go pon cle lew On cohort cc EBE—avamk inpék Samo eumermie Ruccle + — ELL eeree aa Sea ae ag ae ite aaa vebeme clin vents eb gan conten, Ri dite d ESS So anaeee alls gale = = i paetdot eale Valjedol ed cmuss be coat bie =e collebis comn-me ssid ERE .(4-b) = = ENE = = == TGP entail Pca! dct latin — [t} Valun staddeell SSE Cl edt je aa agli aut Kopp 4 ta eae — == = dvexplattation yuk compund 2 élbimenks = Volo cle tevembi Onis iampils clade ot dine = dls cenbaln lis x omsim Value clenn bap Rite naan =~ Ko niewptralion Nee aes ek plata —— amvetin clams 2 'acksule = EpSes vie. = Fee Jo_pértods sun Roque “ fpo at ‘lick. ess, i exashe | Dante Eldest tae Vem aul Res. genean Fechmigss —pemsnk qa “at adn Ss at eS Regen ha compebf comple ema _de Fedaion tenditen———} Re ene sek venlabes, SE ke 4 (a -+) mann . — Durie de vie physique ae eaaepeemend—C'ek paicds de clipiciation due oe de eganpement —_€ cm clepend a ce eclipse ch scm Yous a Avubbiolion Gite dunic ed dibevminée por Ria hecho etn emenba—ek as! donde Apis é pea B condiuckeas = Split ta ni! © Dunia de vie de produc scum jacum’ sun Cease eck ume fprnckiom cle be tobe da wie ch prod (csisame, emabuile, décdimchumerdt, Pamament) e € SO aaa dk Sala Rachael iimpatnnbe + pis tos pivisioms 4 end imcekaiones © == Se ee comer —g oP Qucume de Cen duinie 7 “Ras compansRs-rmontordlaimbesrunaals 2 dt mec aatitise fe ban diadacuidien (ou tom prcidt inves Gellert ted digend ce Re dob augual on:tomin. be = de che du Vaux ok dabicol Con ede dtbewminna Dana edt agate gan Piwebemrt inte tne sable ou rman egos ccs qu cot fea fomchs emgagin. dimen oy th. < jetta toh ck clash dan : A™ con: Si Bo pnciek ede cE fo on emp, bod dk cpl ss ==: “Tense ap “aera auld aut Atti Ne dy eM We We Me Ws We ton), SR ek ck fimamc por um Asad =) ek cll Cll a fonda fp Se reS 2 fe nembabath ence pox tis achenmainun , cake asmbabiihe canmpand: eux dividindis ek @ voles qu'il abtemd habs Datel el Natacha Pf de dus empsunbe |, if te ——— peoliae =; D He E ese *s D.E Cotk des, fonds popna | Ore peck Coasthinr qpaebebous d'ackualisabon peak the Gontblus we cock _cloppahuaht "Tt s'agh cle qinioa ume sunkalatke ou smoins eggs cc clk que Pon debiendack on Plagent—roa bs tmanchin dia ferada amasketiséa pon Pimvelivsemant Cochin ls Sorcha evi tudes pete ine Cor cnikies pevmmetlerk he cCheinth —embiscbifPinonts—pirsjelis cosnphe Kenan ie conbioinbia eb ee Pate = Cos catkins ont the —eCalonis pour tenin comphe Os Conbicunlis! Remameiue + che nonksath ita salucdmble on bepidile — hes padincrpauk Gubiee a um pagel dvaveatisement. = de-dbas da aicapirclion DR ~ Ac diler de vapicchion actsalxc ORA ods vlc ochulls melts VAN ~Kimdia dle pafitalbk — LP Ae toux —da—renkoboble iobeane TATEj Daler de céuspinabion (DRY Crab Ge lem mécnaian pour ricpius R cabal imuedi quate ax aurlse de erie dnelesk a pat (HL Gos lant) despa tis CE commathsant-idinkiquis wnTnn mH ep DA. Capital iweb Fh da Prison ok A ra vedivserneme suivant © 4_| 2 | 3 == CF | yen | Aton | Adoop a Akocs | DR. Hoo 33% enka 3 ek Lams Jeo doroqin Be CF ammabe nord vrichdis ob foudha ter cumulis jeqeie panvenia oR netupinabien ce O clipens—amckabe Baik P'imvediioemenl suwamt ROmnmnmmnmmnmanmn mn aise Se ase DR. 4,75 = EAR tat _gampius anin 2 ef} 3 ams RO oa oP a om= inapelabion diate OR RES = 2 2, #5 2 Lam &4mmas| | DR. tet Comal | A mmnée cammud nf Eamud sup - Gamma imp do. fib. de decision + : — RS. das prids amdipendomls cm chert foul projel—ayamnk ee i = Pr wa DR fs um seal ad Pomme ue = = Roan prs amubiellmend sacl ealaa 2. lena prjpl cmourans sempbiann ta cenditisn potidenks , con alien? te prjet coor OR ek tpl count pW We We Woe dW We We Us WW Me MW Wy Me My We Mh 7 4 i e |‘ 7 (al pa 9 ‘ Cuban cle —Aendabible canal va_sehchomees pervmelbant denebeuser —Aogiclement tis Cahn imvesn nn Soink iy imatisomlt oulullnunt edie —_g poe a = PR pas Roa = Aaa 9 re ak mai : Rhos -A%aS De} —2— ams islet == GC cribine- prcsenbs SS =: Th me bemk pas crmpbe des csticieuns on dif: = — colic pasligeiamt eimai hs Seat fo 5 rremakabea clams te Couak Towne. —— ae € Selon te cues. a OR, A pak Ar od chin ; E € «dh Alita dil hadith tinal r Wo we ae | ww) mr bby ey omniy | sat m’adhushie pan tbs CF albibank Be sntme yao aium dina dened” hui de cle dena E Ek dae fe a beenk pos Comple doh aapanlition cleo _denmaier dome Vemps Le Ra atnigco cif on parece, BBR echicls jac}, DR ackualss (DAA) Cede bemps anu dasuel Ramona den CF achuallsia ek gol. Gis —dopikall imei + n= Avackualitchion ede fash ox tous de casa Emmet ugg paw Penlixquu + DRA Qin ions =e Ce tea (Aah)! CF, Cash Flow gémirt pan fe pasjel a fe dab | Se ie aati oe OEP lalla daa [oe A 2s = cr = docs | 3coo | “yoo | ooo Seco | Loo ke dot |CF ix ___| 2424 | 3306 YooS | BwIS}ALys [CE cumulle 242 | Codd} 9o3B_JAVUS3 [43695 DRA. dows - e388 4 3, 2,28 AgUS 03%no mw Reghe de dbeision + ==: : a tig de decim—ok be untie de lh eke Le DR snl a _« Oot enibine emctoenphe_ Aa siaVana du Wang al ce — tum_caibin i be TF a wen case: oe « pudqutal me Gimli pes dete Gant pow on debt & dow deh: —=—¥€ HO} Vola Achaliss. Nelte (VAN). é Je VAIN ed B— cliPlinence-embnaterinant— des CF & panda v= apap ot ep VAN. 2 CH 3 ‘ i Usk) Ts _€ T——“mvestiasnnenk | tibial! — < CF, 2 CF mek agement & to daks | => kT d'ackualisckion —=¢ ma Dekel oie es baer aha pte : Lamas Qe CF ml endianla ‘i =< ae < VAN = (cr. A. (hl |. ==5 Se : = fre b de. détixon : = + On accephe un pace > dpertes clined as = Mobos de Yenbiyuis oncyonenke che tk Yalu cht VANE _ €) le es My My bh Ms My Udy Us My Ue UM ty lt Mie Me Me My ay » : St ae ee En luniaan pugs wécazaine on chil opie Sh VAIN 2s lu chives = Vode at ae : | Reider ga SEs sS==) ce lis | Bo | yo Be | 25 | } hk. Aol YA ewe Be eae U4) nt 4) 4) forbes cle d VAN: Adddliuile - VAN (2.8) = VANE + VAN Pe VAN jek ume firnckion Aieniscambe to. Yeas —d'actuclisalion | vant \ H | = See Remnaaque : we he NIN resus. Vovankage dod. , susp did hit lan pret A! meetionsnentwo Hl clipemal olew de Vinpnbance din tapitcl ince lu prgjek ek de so. dundee vie, Nicos me_povmel a cle commpansa has peeps —ouec chs omonlombs de copia iavedia di inembin ou Se ARerdlres | ‘LL fara! ais Abid anal HM Ronn ninenwow VAN (ay = 8,43 VAN (8) 2 25,47 - 8 uS SS Se aa aed Pca eS nis BO VAN wah eke Obes weds f << ate aia = on Qua. melanie ce pelle, on -poumn called (& VA Nanker } “Mu. AA A | VAN aos aN 2VAN, (y= ee 20,0843 VAN -(8)-=.25. id 20,0845 Moo on ob nainc ents B pjek 8 eb 8 TE) L'india dk poyflabitle (CP) = Rls je RAVAN. méain Pasondag chsh suscptth l'de bir |_—cllwn_pegek —— — Armee ee-pucflalalt —meswac Pesslage acs pour A Dinar vel Distal aloes Bh sepa cnt CC adhe por be cmarlaat ae P verbimemenl I te = TP. eS 2 NON it #4 Lo de awe d'achclicton eb R cntime, cue cur ubbsi pean collan f& VAN | 5 Resp de_clécision_: Paar quam proick smik occeple it fab Gus sen IPS 4 SERS ANE TP 1 = fs ae Se Se = Celte equishion. ml eckimdl fos ele eheioma tame t—¢ TRL mele pos — i E E Ss Sak B peg & We que T+ Aco; Che Me, CEs a =e pe Me Moo 28 Ft ete — Gis ROE — = On pou X= 4a —€ Tk Dts ep tayo © Celle equation oslmce 2 SeBakiema 2 T R12 20% TR Sa « ne chan i cone een de ae tomypaclanl Ou = Wem a. TM HanMy NW WN MM MWe My WM Me My MyM Mee Ue = Gonpanaiizn enka fe Gili de QVAN ETAT tan Pacceptalion cu ke spt duo prgek unique Le VAN, & Re TRI clone Youjours le andme rasublist ce De tase cl achualisalien- chk & VAN ek taux! dei neural ee dome da tesih cle rajek “chimnn Sar rMheds da TRE. Raa conta, clams & cas dem chee veidoatment peaboal Sun pluniess pues tis 2_cribion peuvent alovbin a des Conclusions ombvadickevus . Prmabge palin exemle Paik bes 2 pols Al ck B gesidamt Rea connckins sivembs, a | 3 | 5 | L | a a = Reco. Aco oo 150 & — eco ° ° 3315 k= 84 VAN (ay = 580 VAN (ay= 632 Sabon fe cine ce BVAN:, om choist te pmek & Qi cn cobs & TRI = 2%, 99-4 TATA) = AP Shh Gelisn Renta fe FRE am cheat peje pon csenséqustint Ry’ enc une combandicliom embia fis cabins de B VAN ck B TRI. Em caleba VAN pour bs 2 projdsem-fochiem cla Vaux dachiclsabion din eebienb Re subkok suiwankVAN «SL dlmdiffiene Sasa Banca Se sn ont chain | Coe | ee ice — ow che CE des 2 tme cali fared lnk pte — hypalioe sous hes huis de aficuseationement des Grentcs a= tickbsalie dis diffe Ce i $ msectinoemenk demi rake crilécrs d'évalunlion boats sua Packwallisabin ef Gomera age § capitals c’ RR sik quits —& i _cled ct din ini a tan ch VAN. G reinvestootment oe fiat; en-géniaal an faux cl'nctucbsnben quit tcanenysnd on coll che copie Fas ely Re rméima pov fous bin pogpls- i é eel ab aape 7 ww | i wi MM | FT IT em SHealiced ek ee | VANCE Uk)", CA Uk) t., CRaCaky T i VAN 7, «| {4an)" CE UabT Ch UMTS CL] | sis oa Ss les Coat Fes Neen ea sche tes CPeephlhs a 2 ak al a + EE = + oyveatescmu : - - } Select: Gaide TRI 2S flac nmomtYojaua ment néimicdbis com TRA souvent tris ebeve—eb geil comeapemd a um inveitinemsnt ponckasl varie lta projet coum cules pen Cenk Fe Pe cathe he BVAN chat ae wef cbt da TRE ek taux pour 2 _Caisens: = u Ade cite deb VAI suppoie CE ten néiovenda 3 —— a haa aecblbn ule ae opt = tous Ba prriels Pa comb, Pe euhins “de TRI ok spe Mea CE nol abimvethis ox TRI gat ek bow spebege a chaque projel nde culkin de TRE peak mous, denmes ume: ou plusteuna sebubions —(mublgabicihe cle oe Coombe Qcabire de Ro VAIN about ct une seule on (une sabe VAN) Geckim 5: —E et i hecrtc, =etaere Go cates upscaml aur be distinction entue le hauxcl'achuclchon — ek toss di afsmvtalinement ec * i Suppo quis B cosh fess oblenis pom chaque anmick qui aulllle es cpportunits de _placomnl—des ommées-canadécanLL) Cukéer_inl 4) VAN inc VAN t Cloke & dilime entas fo vole achialle Pre av ee nde CF ok & omonkounk dia jpsobeemenla. i akon ocq nise du CF vax tis {SE ee Saale Cy: Tex de ntimetalissememt dea CF te value acqate = = aie EF On—por Ae 2 CE ay = Nites. hor Gy As ean FRETS — inl ane eon lam epee Pekka i tel a biel meal oie C0 ot action fe pak a te NAN Sod pornlie == ays hu OL ORL Oe. oP Gott um posjek— tel Se aelded = cepa Cece Ch de “ On supp be cock de capital bk = Ao‘ ck 4e baux Gi abeienE aCe C2427 = A. Bo {A,AL)s So (442) 4 bo (1s Pater 2 ALS, 62 VAN t= _AbS-G9— (44) “o0-= AB AL. a WON aonihnia— A542 0-00.43. Ao * = ——— — .mi Will isi) nn MNT Md 1 | r wT ny 1 i + Imadite de prtikobitte inkéqne ed Se Holle i ake Lae sae ‘ee Ria = * captal imc — xPr. Sore Gia “J uay" = 2 = el aes t xp. . 5, ays ay Aco : 3) TTR imbigae - Cede be tox clachcbisalion gut ammule fe VAN iabigaie Seri alg —deetee Pathe Sietoss= dk piso enbe | is valess Oconee des Her Ack be A (4, 78t2)" = 7 = a are iy On eee sh TRI inheggi ek supérieur au cook moyen hu capitol Em nepaunant ea, donméen cle Poxempb pricdual dos = AGS, GL (4a TRI} SERA TD ieee! [= Reh. SS WU teak cRoanen Ars projet oon ata peat dea ioe 2 tgs = Sink bes ememeants —-el'um emenr_me Ee pas Dinter ox Res durian de viene som pa idembiqursA) Athemabie imcarmplcle cle point de wwe dépemse imitcald —— bes rt sched aot pos bs rmémen__, gluxeunn aeVicbienss penta oe akihiséen = Ulin 2 cilis da fo VAN umitos on EP. = Renda tes ollkewmabies —tormblites Durée de vie Ac_oms, Dépenu initial co CE ammued 244 Schunk quae betas AW ecciabisabita ek Ath Quad -ece De pret —cheiss 7 SVAN umtain (A). VAN or VANumkain (6) 2 | VAN tei Ses a 4=tt cree SS SS 3co ane a Gao on TP ig) 2 A, Gy NV TL TLL TLL thet tT The Thee Thanh fleet ls fg =p Nek prifece oP Boe = a at Boo bai; 5 5 x 5 z : F= rs 5 FS 3 3 > 5 x Prcteentikias que b onal A. (2 proiek— cll fepmmistennte 2h be omoins de aT &e ee sox imgubianrmnenk compémentaie f' dont dipene imiliols ed di Acs (cx-siumuetsk Ace ams pry) A Jo tapponkta. ume! VAN cyst ede tol of VAN@y Al, VAN (a). AN ey : Gs Cran Paddidwik de VAN, VAN [A A'). VAN (ay. VAN (8) 2 SEL 4G,35 = Ye, +5 > VAN @} Dene Rpg Ack palit = 2) APbemabive imermptih de pomk cle vue ducée 4 Bas te comparable , bn poids cloivnt the dhuckes sue un anime Reaingm =: AO ng us Bs duass dhe ve—me-sere pax idenbiquen = psi schukiems scm: posses Sotk Qa 2 pryds dlinvertinmen! aunts; ks dot VAN. (a) = 58, ud VAN ay 56,2fo gah bie —Ammenk = L Damask iquiilunke ek Q suglin moyen qimiad par & poo oe sib dhosk pe nual te tmomiie contkents sua Oa duric de vied eovediawment puis octal antes ke demmerch bs rime YAKS AE. vAN Rk Ae (hey ™ = sae ; An tek) ™ aS he | Pause Equivialinhs dion pte Connsapend.-c- Be VAN magemne adabive ae périeds = pou = de pret ayn Jaane aati ce Aus dasie nea rakes AE ws VANm—h 59,48 of satus Te Te Te Thee hee Lee Thee Eee oy A-(4«h) Ant At AE ey AN ey = oa Ee A- (tek) Aaa AE wy) Atay ook pag ox pnfere ax pry A 2 eRutim: VAN a Youn double ferrous fe Yon Ac rimurhioement den CE edi diffent alu Vaux d'ackuchianbiom cm peck Calcben VAN inigaie tm mfenank Re Aik de vie da poop be pli foal TLL {Le TLIL tL Sion a que te fax de tained banement ede de AR aa | CoP as Pe AN = gay ek VAN 3 ay SAN a = dae 50 (112 ), 5 (44x)'5 50 st) gd aay = 63, iNTry i Mie rrr er | | MT TT VAN 7 wy. Ao a Se (ie). Solty aye === _| VAN + (8). S NAN a (a) 5 Bk eke a i of 3 he —pecr—i— 3 Celle opprtche Consist fires SS Se ee em fonchiem din PRCT clas, divensea —chinien le vie la a: newer ob eéimuekin Reckisement= chacum clus paps as Neame ok so dust de we cu oink de fois que miétonnine pour-chobn | ot Rechéame Pore == Pe ————| Applicakicm n° A: Ja soudlé XYZ emiisnge cde tclien um proj dimsedinmert ain ae se HS ae —te genase Dim ch VommisNoek-ton 260k sua emi ct Sooo Le pogemenk te hoor Selena taalu =H omega Shoat a Vecsuistion din temtacn —Atume- sella Asoc? eee pou Hocquisition clue anowiell machine 2 Viamdne cécnioe Coomeis—apnis L demamage ales. braiaux—senraite—pasr Re niga munt AH ocqutalion de mab kien Jes: paivisirns pasha ch NL, 4 Pour dine dante dal on atk === : = b Une cneisama—de CA cle Aok— ch cemmie por @ Ranme petted =P tin’ de Pomme Not CR Ades” [Jes emoliins premizns comsermiées—nepacgenle—Go% da CA ~ des =F - neon Bap mre cmerkanemnent) » Daa: Clients, Bemois de CA = DAA founiseinn, 2meis cle amontart des-cchaka at des’ shocks = fojk are cdi Boot om Ypowk diy canis = Tau A! amorkiaement deo lauma—edr de Ato ~—Socithe ede import an tea de So's de B immpk ec coludi—h W)12 cde chagus conte Ha) Cdudes tis CF ines pon te pe 3) Celular VAN sochad que Re Youu de antabsbchi— coon imignuen! —ebr— cle Ck = = 4) Calla DR ce pet Be gop sucka athena gas Lenton Soclhaadk ge Ah exigg un DP de Bome rmertimuan . TTT Te The Teel be Fes E ls he TAT LiL MW!$ Nat Nd N.3 | Nau SCA | Atos Aico | 45435} 13353 E MP (F¥c0)_ | (9690) | (SUB) | f40381, 8) a nes | (55) (2) (6s) —} — (Se) = — pan (8c) | (Bos) (202) =f Bi) | IN Seo =F Bek | uass aya — | Syue Go¥1 & SRY ney Sus Byes _ S¥eS,y | was hy —— CF entaissalh| —22u5 42cS tube, y Bothy -—c 40] 3250 | 3535 39325] 4.395, 45 Fyre A300 Auhe ASI At2, 3 = 862 ASS0 2404S 23594 7 9595.45 — ABER | 4952 ASS | AWS 236,95 FABER. Ric pif Chem | 4255 | yoy 435u,9 | 4 243,29 Feral. 48h Venisdeak & = 18> a £ c _+— Poo Ge = Peavcn he == Boo = Bo eo feup BER = — 135, U6 fechas = CE mek A896 yay} 4yasy,S ] 2529, 24 > s == Sega SENT ES Sec SSee = —— S| ew = _ A855 otk 439k,5 B59, 3h — Ab : Wer) 2 (A428) : (4,08) = (4h are aa — (4.08)Ts 39005, U.ct)” =—4SoS,bL bo f 5-4 => Beto, bu = 4905, 02 35 oe-z sho x Sto, 995 4oay DR 2 Aan 9 mois NUTT ee LILI ILiciCE moist, | ABS | 48350 | 49 350 =f ABER | 2339.9 | 33%3 Sy 1 3323 a4 == BFR) <|A Tm BFR | 3333,, 24 =f St i CE emoniss | 15046 C+ ALASo | AV BGo |] : - = fet [eommyjek [Avex ajdt |Variobion —- bead | Sea — | Bnoes =5' - Pox Ao} 40 == t 3 —_|c®@ yooce | Gooso | Sacco at — chvoudl| 5 | 5.5 =p . =p Moos £ AbSea| (45c0) —_ y 3 | BER. Chere: foistnin = Derk : BER sens ae: uses, Cob Lb == Ge : = BER aut. pagiek —— 2A ope = : ABER 2 233, 2y = == | pf af te | eo = SL Aca | Secs | teem —| Seen i . A Ch Nani (Aco) (Seo) (AS) i = IA Ch. Fixes = = ~ | a tadhines Mocs Hf = ADAM] Aece Mocs Ades | DM. Maceato’— Hf — AR’ Bek | AoSeo | Ao Sco Ao Sco pees : ARNE $350 PA5o\ | 350 —} > == Gocco = FES ave = (cea) = Recap BER) 3333,3u ACFor Vascac.ca | Ago (36@.24| AT, - Mvces tooo + Atos = Atos @ vol = Goose Zs foun ~ Afooo TS wide so 35 ese Aloo = AMIN 45cib 62 "SF Avaee ORF Bug = SoiSae es AVANS © Bene 4b vowear pay va dee adople TALILIL GILLI IL ILILIILILiLivicivicE Exencia 2: = E = E | Comiachin | —_ SRY = Poe see Nese (45) : Prtckéod ind | —— = = _ Day = Abe css 2 Ase St Zz fous-prbminass, DAT = Ages, Brom = : = 38 85.n00 | ‘| S| BER. Chends Gemistans : j tect Qals — SO — 5 temdrepraai Dc MP > 3 AL = AL - f :- Rob, | 206 | deo? Book | Roo Chunks 960 coo | —ts0ca — | Acocca | 43c0005 | 4ASoncen > Caunnisem _|-3}5er0 | PASooa | #5tcca | —Secce | —“FSoecs > = BER 29 Goco | 37 S50 | —FB2ccs_| P5003 | tances 3 ABER 375200 z Deca = = S| ye (Pc ven} F Nien 3—V, == AS = Gh Nl Aaa NON + V, . & fhe Scocso + (5x Se00)-s WSsca Mobic. Aindahadl s VCN » Vo Sof = 2Sc00ce - (5. 25c000) d2soan | Frick Plesitenc NCS 5 Viet i “ACN pay = 4 535005 INP AScojoca (AS00050 — A854 5c00) » OS — > _— — — ASD2 See z — :Boos | too 200} oof | Rood 4 ch Becccs | Sccoacs | beacons | Gecoce | Goon 4 ~ Ch Nanidlle| (4 Sccc00) | (15es600) | (3200003) (3 60-000) | (Se00.000) = |_=ch.Reee | (tysoces) | (uoocad, | (Conead) | (bases, | Consoas)4 “pan (QWScce) | (BBS503, (28Sc0c} | (2%Sec0), (2éSexc) 4 RAT WMsen | Was | WMiScco | INScco | Q1Sa0 Wn. RAIL) | SteGeo | Stace | Ay 8e Geo! AUZoGeo | AyfoSco | “oan 285000 BSeco-| PG ceo} QPSe0s | —L¥Sas0 ( - ABER} (335.0) :: (33 5c0)| ——= * Recap BER 4F5cccs 4 “VR = ARQ Son Ce Ne ide Sor | RR es | AR 4 Bee | eet VAN = > CE === == bet a _ kyr ‘ Gontiadion Tension xe ce ce CF jaa Sint 20S 2006 oot SSS + Uo Sco GA oskoco | Gar > Chek un VAN: — [Joncas 552650. fee 200 BSE fo ABo feo, 1465 Bes aat Ape Way" wae aay = 2233%5e, 415.50 peryek cemboldle =——*errr ivi iii —[)-e) \ Dil Gok = \ Gul — CERN CE? Sawa te are phe latin — Seer =p CeFppleeakin mas — = Aecispaion BBC eninge une erbension de sa tapacke dk producdan ; Pimediinemest dechaaton pra tim 264 mécsde Patquitition de mewvell machine anjiin le Ae ox? — ‘ omobmoh mn 5S ams, décoisumenk ouro fa 2 bomchess i do-smckis Rin Soft ot Leathe une conmée plus bead, pon oil. = & BER suppltmenain mécarpace ou démenage ok edimi cc Sac Aas: pou Bale pemias emma tk bo sxcvanbes 4 = Exhennion pevndg dongmenls 2, qusebte pacdiee cb vende 4 de Seco wis en AR pox anppek--& ume qualité ae tooo avant Pobre. dis disiqecils edhumenk que bo qu supped seggmottacs cnmllenakde dott pra be db pinied | | sumone amc dl! exbenaion 4 = Pn lana, Ae permelha de fene baines pu de venti uusiksint —che—YS~ a0 enamide Coh-voninl ld yadbra 0 xa —tmainbema c AS” = = a pag tabaimin der ches foes clécaindls apphinskat os" fon_ain J ~L embuprine chime qua h BER supplimentasn taprcenbs Aor CR Fal acpi = ‘ Ale beck cle trem Lis machines poswen de vend on pua deo coe = = A cobipaise elk seurmise own bos cD mpotion che Both A coat de cepted ob ehime Ao LD) gpl certension bil prbltable pes Pndayuine att teat et ak iT TT3 ; = cA A = 3 i > CA, | Geom [Crocco | Guero | C6620} E Acco. ue [AS5e0. uo | Abobe « Uo [ALE 55 x Ho = = CR, | uSeccs | ySceco | USecce | USoone = Avcee x WS = BCA | AScc00 | AFoens_|AS2 op | BAG Lao} — — = = —— # z- 3 te > CV yy | 225c00-| 232 Bo | thoSo | 2ySe2s e ASccowtS | ASS0015 [Abbe 4S | ACCS «4S = CV, — | ASocoo | A5c000 [450000 | Sanco} —___ > A 00004 4S — ACV | e001 $2500 | $0750—| 99.225 —— = 268 kid A 2 3 u > ee 4hoc0_| 4 t0co | 498c0 | 94 Gio SAA BER] dooco | Roce | 22c0- | Rude == — Abcesa on | = — VRE RE = PCa eN) = SWC = 24000 E > = aM, Hesse. Quer VR 2 toc 2 (Zeca =2y000)} «0,3 =—2d 208: —— == = 4 iil +PS A === ow ACA ASoece | Atoco MSiiooo | 146 eo “ACV Seco | 82 Ges 9ntSo: $8295 “ACF Aocos Ac cee docos | decee DEBE Cpes Sco ABs — | Ae 335 JAEBE (4-4) | U5 Sco 5U 855 63.035. Fuel S FADAN —#8oo | Yea tes Fes [AABFR Avoca 2oco co Ayko [0 Recup BFR, 21bio— ‘ fAVR AAico ACFmet | urd | sause | ere1s [Ateece Ss ==, - Lmursbistumeak initial = Tax lacholaabion appropaié pou bs foe imarihinue - Genta —— fk eds Bhat Sama Cage gpa ede ani fe Chale 1 Decision! javeskisomont == : fe combexte de nisque at dimeeditude = Sechiom As Wethedes feadihionmellen oun Yamin comple de risque Gitte meth comathe o séduin La VEIN cum juogtl poss tenis dun nis testo’ WAN pat Ae atl pon 2 mle Réduction de Qe chats du pry , b-wmploumenk cles CE cbiatains pea eles. us ) Augmentalion cli faa d'a.ckualiscion em cfcukcunh we ox 2 prime de re =———— [Zj Reducbim de fa durie du prgd da ypimcipe de cathe amitheds el simmer il s‘egit de ae see hdd ete pope bsp — union okay =f acccidis cue fa ee age —Towkefein , B-marmbna. lorem i cnetronch ck te duaie ddevie imabiale nadke impricise ek Ce aml meget the poate pao Ras oppicckes cnbaibiais de calad [de VAN seffche alors comme suk: : mz Dante vie imibig ala poy i =i — ok: Nombae d'ammit di celtamcler pour tenia comple che fia E (ce): FRax omomnthaia eopiai pais. de Bs petede = ou taux cle-remdennent des bems de dso. de P Ebot on la taux cla rmaaché cmonébaiae, —<— = Exams = = pag X doe Voraants alas ake {oc tmandiais promt Ceo sutveutien 2 — 5 “Fes con : E(C l= 2ees ed da ka dot - = Rar lenis Comple di an Ne dineckous seiko Tt inl te le atipmste ce Conbth de quien aakane ane dle Bons tok sulfisconbe = [Dekevmime. VAIN du jujeh ‘Pema eleUpvan———y inet Foti VAN doo con , Seco = tess U1) = relia = L Penal de ams 5 Conbilin de geilion VAN = =Acooeo , 22600 = ten (4,1)" Sante Gk bam mmole. — Ge ull imélhedr eft onbibiain ob on me pails 4 pos Riles clam Qe pangs —— TIE) HélRede basse sun Pojushement cen flax memélaiua ouch CF + — Roan Tenis comple du sigur sks! ogi de Vrorpeunes tes fx emeaéhosne epics lens bp es Vr tomt —Fquivaenls—1-Ce ie CE = Ss cle Shae comah camllighe: be flax splits pan clon cafficcenls of, selon Zissenifle, (4998) | Ay ele um calhcierd a veveaon-envern te nisqne cas et deb dishdbubion den CA ek de Pottehads even be tisqae du déidun Go toefficiens == uol_O-dk Aah Vonis ale Posen inves over b degat ce AA Peele ie a ee a mkt eit | Piatt tbttob bt meh lblebebete ttt telileeletebetsbetet thetet tfaeviera ei sence 225! Seuaee ae = == _—— Di fagin. gintalle , fa quliswnaven edtismest que be aisquict : pas ae = E> han > De plis—em plspaak ca s— Beate = pak Palahannerlitentinion — Sad Nuch elem deals — Ae Wel Hela —— 9 = be getienmain Sol imdiffiant emda in perl sutvardes= _ fee ae um CF imentoom clon be volun ek E (cF,) i = — Precever um CF centaimn dow be volun ob oh, £ (CF) y = Recut tum CF caakaim deb Ravioli feate 4 5 Exermlhs === fl = Si one nea —enbueeevein Goce dama unom avec cabkuds > ex_une Semape—imcenbaime,—clome Ro volun ek ele oor 3 Orn cura ale doco» d= Seco den x, + 0,9 3 de devils comma ts VAN. ed fo. suivonte > VAN: 3, 4 3 Ar ELA) = = > -3 feat a.) Exumph : Cr yes patvnbs tum pao donk ths CF ree roms nutvaalls — Gen happen que We haw Samm —aigan sede Reber be cia se ppl cachedVAN = dos + 0,95 2c0 (fet) "20,95 too. (8) OR If =o, 52h C. pagel otk de cccegle 30 VAN sux equivalende Tt eb ct mde que si bes CF de ce propel thoik cortaim so VAN. aureik dd ater VAN =: Acco 320 (Hol), uoo(H.08y ”, fo = 2255745 URECapeteedoeesrteetess ceases || a THE} TelRede cle teas cl'achsalisabion ajuk Fax town comple lain, on cyanea aa —_ —— Een cyondcl Re hows ojudé hs Ya ke deta ape = Yea tmayon—parndixt clu capital z ee : om cat == ces = — a ga 4 pk Ere igh aici aap lepaal-penclam public seer on. Be aisquseel‘expbithchen mt nae $5 pve pos beni Compl cl aise spéciheqass de page Gila pepe tha pee on migjlne ane cbsame selon qu be pa ek sipped pho vinqut ox mete angat wt ee ee tet te ty HLL tohSechion 21 J evaluotign dum paajet dams Saas " Ly fiajtimdépendamt oe Vadiiviké mee sate Rua valaan Sa ptlpimne um pagel» & slag tok abo de cdl en beacnk san in CF ca Ainecbimark parka. cliscffiaumlea NAN — dk be ditbchtion da _pucboblle = i 4) Otiisatien ake 8 diabubation din CE : Ban colada, Qe ponamdnn chet VAN poo cle te dition — das CE, orm oak toub simplemente a afew ch be dintibubion de & VAN = = 5 = = WD rl Vi Cer ky Ce (4 ce, (eky" EWAN). €(CF, «CE (4 8)". CE UK CE A -¥y") 2 E CRY + E (CE) Ue hy? 4 ECG) tek)“ E(CE) (as) => Ewan) ==2 Eh) e—Tsk) V (VAN) « Viy) = Vb Z Pov Col be Pe vonome dete VAN, iP convten bak dab! de clasifier te mabe de Om. cinbingus te cand indipendame total, ch clependanee bata onda dlépendana paral, malzpendana. tokal ete X of Z = tr {x,Z)}>0 VCY)= at V(X), be V2) swan) vi (ce cf te YL 8 tw) ev (CR) NCCE) (4a kt — NICER tem = V (VAN) =) etch ane ee WwW Ww a a bl a| e _ 7 Erxumph— Guik un pugileal invebisvenemnt micoutant Seer: — = SEE SS UPAR SSeS 2 ales CE pour bs 9 conmien ot | a u cr 2500 | Scoo | #500 . FRobabité coueapondamte | 0,3 oO, 6,3 = | Sederk qu fae ch arndiment enigi edt de do, ____— Or dumands—de-cabcdbes palais a RNAN « e pop dowudl dh accple - E (VAN) feet ec) Fp eae aa ig EWAN) = - Sooo, See a iS ee BOT € = NAN) _€ W(ck,) VCE} E (CF, - (cf) = E (ef, -E (cf) -¢ \(VAN) ae 4 WOG) . _B¥Scc0 | Sto 26, 3.4800 — Senn)", 0, 4 (Sec0 Seas) a =O ,4-(4520-=Sca) _€ 26,3 (-Xteo}* 4 0,4 (_ISc0)'= 0,6 (2&0) Ee = 3tS 4 ye (Aak)" aat AA tha ——- Dépemdame. 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VAN. € (VAN) = 4 —— EWAN) : PH a) P( Zs 2- tt 3 See = WATS P(z>4:545) =O, F398 3 Gite packdbble ok bis = =hl =e Dipndana te den CF VANS —— Ss —— ce = — fe gan + —25c0. cod => IL = AEG = = Boos. 3644 at ws 4 wae — 3 — Fee. A 500 Zotk Cea aay > = Ss — | e (van) — 2p VAN, 3049 = te 6 = \-(VAN)-= f2 py (WAN, - EVAN) aire -= | i = = — Dépmdama. parkell Aes CE = a irae che ltcibint = CE diel CE. Sas] Cha Fe] == ce | R [ee | 95c0 [0, y |2Sc0 = = Seco}. 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Z 9, VAN, : = | ecvan, . VAN,) = E(uvini,) « €(VAN;} V-(UAN,) = re (vant —€ (AN .\)" = | vqvan,} = 2p. (vAN,. e(vanyf UMN, « VAN,) < V-(VAN,) 6¥ (VAN, } + 2.(VAN, VM)oS, oh Qu(VAN,, VAN) = = Pi (VANE (VAN, )(van, £05 Cv EVANS 6) E(WVIN2) | Ecviny | vevany {eevany x yas | 934 2356 905 2695 —}2525 ut5 | 45%5 Zz ActS — |AoQueB*S | 3201 emma pe VAN, .(0,45.5aid « 64, 3500). (oP Hing = 225 — W(vAy) = € (VAN,. E(vAN))* oe (WAN, -€ (van) © 20,45 (Sro0 URS)" 4-0;} (350-9695 )* € Se O51 Aen — 325)" 994 RAG = £ (vay) = V VAN). 965 € CV. $650,281 = = = f WS ; ae € Evan. von iY Conn. vf] Evan van] Cv x BOuIS [$42 33495 | 23 Soo 0, uid ¥. BEGSS — |s7hGo%3u | 23.999 0,43 Ze GSAS 164 399.2429 | gs sat 0, uel. NAN, 2 06x Aco exo}4 (9,4 Szxez}.(o,15 dooce) sec ADveohOu. | Om a AL,- YAP OTT GTT TART TTT Tey] ry | i w E(VAN,) « E(VAN,) = au25 . Shan = 50425 v (VAN, NAN,) = VCVAN,) 4. ¥(vAN,Y = AN, VAN.) NAN) = 2 (vaN, _E (VAN, yy = 0,15 [loco ~ 56425 J, 0,14 | Seem souls) - 6,15-( 2ecno— 50425)? = Bod shot = So, are : cov (VAN, VAN.) 2, p, (VAN, € (VAN , (VAN, -€(ve) = 0,15 (Acacco — = Ve 2k25) 10, 4-50 coo - Sea) (Bao HUIS) + 9,15 ( Rocco - Shcoe) (4Seo- Aes) 5 Qok*S oso N (NAN, .VAN,)< V (VAN, J+ v(VAN,}) Qi (VAN, VAN.) 931875, 5eA coo.00e Vx teliP5ac Buy 884 845 gece:cheat Bt depecant (la Wicente— oh ae et do. smapsihs clin agen éeanermicuas —(imdivide ou ebugeise) sk une | abbbudeemven be russ Ent 2 pgels potentant Ry nite sandemonk epi, mvedonue patfanre Be pack qu cling pos be risgun Le : Fda ager proce | coun inset be alaque—chetsiven R Xi phn chee t | E (WAN). ek € (WAN) clonman chojedtives S avec sia isartbs — t en-mmabiin che choca projet l'imuchimemennt ot imi ett eee spe doriompuln aja qu ek Talib cle isda vies | ae da Vries abet Su espitte de Non Newman t ' | 2) Tlorgendiewm (45 uu) 0 povini —ale fms cable alhtbde — i a eae ER dnd que gus imc pss une foci re ape beaducl Sern compehment cd vis & vis bisque egal — e —— + = mais wr cle ch Vosgeraima d‘uhible a= cate Whee me 3 applique “aaoc imdividus wm. campaikeanenl cane Se eagle eg Daim heal Se cel at Caine eb ve prahirenes ) TJ Axioms de salicmnalté eb fendion J thle A) Aiwome 4 —Gompoaclaite — Enter 2 pops Ret B (auquion mam ast), J leetehaae poll fn uw edu che joi Pience compl + == A Atede ae == A equiva daa a & 2) Axiome 2: Saale =e == Si A ek puthint eR ek By eb acfe aC fbn Dok adhoc oC] Si om ek inciflisenh enke Sate fie B oon oo ila ‘sR = = =PTT rd 3) Axiome 3+ Grolinuibe (des ynihevmian) S Pak pleco Bd Byala eg CMHBYC) olen Pauh we pacbalaths somque gf Baw tepryct @ —avee G Gaockine pax (A.C, p,4-p)ciek ddim Bw ph. ep) (des clea poccand be-méme sabsfackien) wpa t valent Citnin de by (dea G (de te cl al git Hd ok ideflook orks cece alt senme coknon cu purr a. Lue hy) Axiome-ts Non sabicke Privdivids palin dud gain cmmeins— de gain Ces oe ae sone tects dull: gus kiperd oe be nichene aie Admotien del aarti S (em unit cmondlon SRE cas pela mnembu U(S) appebe indica c'uhbte dala talisfadkon ow ch le riféienc pascwi pax tent Gite eis ile pater pliniaun Conackék de z intlaL i ail tg tec AP imadiwdu asco Se nlfoial oh naeliaab Si ASB alow uCA)S ULB) SS AZ U(Ay. p(s) = * Seappcscms ye! cthribisr ume utile UC Ge alk oes Mable abbal. UtS) » E(0(8) L == Fk oa = = Remangae: 2 wi bh: med pine mchion cardial Cok c din sominbidh ek de choose Keo dLfPererko coptions climes nent A hia aL allel Rtg lint—— se — 2 jade oe te i = =| Be hige oa ofthis heft a cis: —4 — Sp Raa = fj See tenia feat = op (Neutclie) = — 4 fae See Fumie —ontte Rs bypen cle compaahument: th ee a ume Vdtaie Ce padecble ae qagmen eu petdan avec Se die ee Ape ees a pape gual va. Chetsic emi Gs clus fotenie —satuambe + — Bi ee pe ya Sa ‘ ad —— i ais pode Ae aa b me pm | = = ; fet i ot.) oe — Ef yo ahs Ke choix enba ts da Lenten dip SS [lous == of Precsiom om tisque. = Um jveshantin atone saa si aah B-DMeL psa dawn Be Ube te tenn mg Cah gules be ph =n tabak—iknin um reall aliabon Extenple + Um individ ovens co aisgue ppall choi ty | me pas gous —— UCL) S Efe — = a US ue 8) sos) = de-aichen nile jvocue tne ob Be sapien Pah chen opts Bh jeu 2UCW,) S Ulh+5) + ju(w, sy) = U(W).LE9, -S)—> UW, 48) - Uw, }ae ee alpaca ped =a ts Oe wot fp sl Ae caujmala eign UN(w)La ua, -S—| Wy, a8 Ww | UL be 54 (uL-S))S 4 Ul. §}. 1 Ulu 5) “u(e(u)) Joe (U(w)) —inégalte i Forum +} 1c Mes 2 aSean La rp aie E(w) = w Dane brah mete ccempll , cabrindinnd got =e }U(t,) CUCL) en inboduisant ta fonction lube de cak Jmvtdioneun 2b en yuecidank pan amed Uw.) LA vew, +S) 4 tub uw.) —utw,_s) 2 Uta. “sy - UU) F wets iOS) ¢ AeA eek srmeveyouk caisiosele uceuw) < E(u) Co Te altel eects aH (PEL uc il E tT HER M.4\\..!= Uwe 5 | j : Ulut.S f - = f ———o— == ————— = SEE E = Shas #- a > = SSS aj = ee eae = _— = == > ES = 7 ws wh aS wi —— —}— =e = —+ ——+ = +—|— — ef Newleallke om si a — Tb pichesse: epi ——— Um reside eb meade face ai nisque stile indifhiicr ene woe — aidere cakoine eb puundhe park a ume sisolin tasquiic came Fe ques Ws E(w) =| U(w,) = 4 vi She Uw, -S) > — iw) —U(W,-S)2 Ulw,,S)- Uta) — | —Celte celabion taocludk ne ection dabble Venter eb vne ule —tmongimolscedtonbe Ufws) =O u(Etw)) = Efvbw)) — Fen Gusek yee | Corvene a Re thi Bea Se a gt | encore a UjwySo U'(ui)}do Qracoue Neeson Uw) S50 U"(w)s Liméaian ae Reffma_ pu U'Qa) go Uw) So Gonwexe Wy pil! al! abl. i ‘all ae ale am & ivabml — cedaim —— On pl cde cextaim deta nicheneabioboine wl, Ro i Gakaine W" qui-dowme d son yropaiilon ty onéme wil i Re nemdlant inelffisent anbu_witek wl (idea bul g —ceakaine ch w= Valeur debe-richeme abiatec vi) — « U (we). Uw). Euc 4 haart corr oo aisqus te nelediem sta Te —_U(E(w)) SE (ue) Sachamt qe fa. fonclion Ue combine feD-pele fom—Skae peur T tek qua U(E(u)) a} = ae E(u(w)) - Uv Cule ) op wt SE fod) ae e de mob TT inkeyache camone fa Somme rmarimale Gur 2 Pedi: pet a poy pou Se rie gaues po = avetn ts richie coke wh platat ===" On-appdl Ir a Patetion on usque a 3 SoS = Rt um indivi maga itt Qo oo EWA g eat pee ees deal 3 pages ulewiy 3 => ULE tah +W)= € (ut): U(w) ;Ww} Tesunes facolen cl avensten oun Re nis Ge — | 4) Mewr= d'averscn aloachie e se = vw ) 4 —— | =—s=— == Uw) : | Si Ravens obidl on spe ve clan Vindivide ek ves aint 2 Bs Faswige-abiel de ruspar etait alo, Pde tices S| Sy Prarrien chek oa mst kage, al Paddha see piece | = | AAR Co Priliumer on = fi 3 = AAR So a on oo = = i ARR So 5 Nediollite on usque — =F SAAR ch Pinvebnan Ade supérienr a AAR dc Pimuebvoon a § Gan Pineda A edt plan oer on cisqen que Uimurhooee 2 2) “Hemar de Haversion aclaltise du ausqae ———— —Avevsin Ridakive duu aisqua + ARR (wo) = We ARR a Remanqus| Dame con de choix al imveshiasemenl, lama, sm ovemin ae | fev Coch Flos aise di satelin allzakoina ih sack is: the len Unies Ae coubire cle chose cl'omvedhanemenk 10, Retiree #8 Kiendaa. ermphe ches Squier codinn fia chaps Cash Flas =} == win = ae = = Rasesiontabide: on Mise 2 AAR Ls) = fay if oleh el ee = —pAR = = Vine = =] Uw) ARB ww). b= == 25 DAR ys 2 ao ak bw aeow SAAR (w= 4-501a Cabeal. Prepione ef b vauane de EVAN cle con page Exacta As” Soik 2 rmvetinscus fhe oun cRedccl'mestinerent enka 2 grjda ce tindnma clunée ch wie ek che —rovdane—imwetawoment imitiall thie pod Emvedonen 2, Uy (w)« A-€™ des distichiliom ks URN chs 2 prejla nant putsenkin dans cles tol aux suivants» Se a [Re B | A,X ©,4u 0,5 OW —— 86 oO, Ss 0,88 3.5% | 0,26 | alas DON ed Matt aeons iovahnen ao ou Aisa? (3}Qud piajek cheese 4 desk =f te fru dese Backes ubhle 9 OhtliteLILILLLO naa le, 4 Wow Ww oo A ww mn ee ei E(WAN) = 2, p MAN, «(4.2.0,U4) « (26498) « (35.0%) — = 2,01 Cvan) = E(vAN?) -(E (van), = 0,928 EVAN) = 0, 9634 jh Bs = oe eS £wan)= £ (VAN?) -(E(vAN))~ = eS" ©,)e (0,254 3*} + (u* 0,35) - 2, 285% = S52. = EWAN) = 4,5954 E{vA Np) 22,0442 & E(vAN,) = 2,325 Selon fa tunkobrbthe ches pigjeb. om cheisit te poet & “TAN, )= ©9634 <¢ —E(VANg) =< 4, 5954 “Vdc prj: Back mins cust qu B, on choint alma Ae page A le} sate Ak ab A ienvedissem— Aah ovens. a iS Stables es z Si Upn)= A-c™ Uw: €750 Uw)=—-e "Lo =p Limes 2 ed ovens ow aisqae = Wt, 0,ull) 4 (034 4,86)4 (3,517.0 26) (2, tue) 4 = f 4 . 2 Uw) = w Uw) 40 So Ups =A wi Go { é(vAN,). :Z p.VAN, ~ [es.ou)-(. 025), [49 0.39). A= a > = = Mah Me Mae v iy es = E(WAN) = 2, p VAN, «(4.2.0,U4)« (26.98) « (354.0%) = = 2,01WL (van) = E(vAN;) -(E (wantyy = U2, 0, ull) 4 (034 4,86)4 (3,517.0 26) (2, emu) - = 0,9291 f EVAN) «0,963.4 apt B. = as - E (vAN,)- 2. p VAN, . [os.ou). (8. 028). (4.025), = = EBS £vanys £ (VAN?) -(E(vaN))~ = (05%s Ot)e (O45 at) (uit, 0,35) 12, 285" sae = f EWAN) = 4,5954 i E(VANs) =2,04u2_< E(VAN,) « 2,385 = j Sabon bi auimbabatih: che pisjeb, on cheisit te pagel B 'T(WAN,) = 0,964 ¢ G(VANg) = 4, 5954 Ja pj Ral omoins capi que Bor choink aloes te pogh A jz) Xavtisua A: = . Uw) = w% Ula) = 4050 Up Aw go | bh icavelssei— Aq sk ovens cus us j — | Tenia Upu)= A. Uiwys €"S0 v'w)=—e"Lo =p A imeaisse 2 ed oven ow uisqae3) Eowveshisun as U(wy= w% Rojek A uu). Aey* . 4,095uy : U (at) « (4,90) A 303 E (Uva) 24,0954. 0 uu . + ASCE 3 U (352) = (3,5t)* A 894 + AMBIY + 0,26 =ATTS9: 8. U(o.5) = (0.3)*-s_D, Jo? E (U(VAN}) - 0,20t . 0,4 U(3). B42 APL ee 088 U(u4) = (,1)*= ¥, U8 ale eo Limited —dduak BR pojek B dont & nndemak a phir clove Tmvetisseun 2 Upwpedae™ Ry U8) Ae" = 66922] E(uivan)) = 0, 6982. © bt U2. Ae. 0 @hud *0, €4u3.0,3 u (3,5) Ac” = 0,918 +0, 9418 20, 20,2434 Feet B. Ufes)=A_€ 0, 2934 E (uwan)) = 0,3934,.0,u U{a)-24-e* 20 S50, 0,550. 0,25 U (uit)s Ae" 20, F2Bk “0, 98345 0,35 2 0, +391 =e = chook ter Peden Be nve : men) — ok ff Alext| Exenctce 2 See arr maa out hadi et Je pot sarnalmécime om totk d'mekument-ab dake aR prisente dis CF absckoin imdipundeml genet pondambve Piaiods de Sams —fimméeA Ammée 2 | G4oo A == — — Aimmte Sf 5200 a | Foco @,t Je tant diadualschan om clone ch ashi ab dao’ 2D Dilemma be Re dave une VANS 0 2a forackicn ne les dinigganhs > == Utw) 2 tm paver 50 = a} Dudleak Pabihids des dirigeanh vis-d vis du use — b/ Détennins te VAN afahic dis pryh em benank tomph — ca Aenctien ol ablle =A wtode » =Acece === Foco Yuta 0, 426 VAN, = loa , 300, loo | S200. 465,432 AA Tat ae MARL 5 —loocn 380, Goo Feo Rad 398 AaA= Aa Aae Mo, Bieo a5 9% ae AA Ape A Ae + hoo 64 Juco VAN, = doo 4. a ri aa YY 82, Buy E (AN) « z p, VAN, = 319k, Us = = (0,42. 465,439), [3024352 vot) = (288, 344 aa (uu, uu» 2a) § et a eH ot & (van). £ (VAN, - E(van))". 7, (VAN, - os = oft (4695, 8b 3u9u, 15) 'Z 40,22 (3027, 298. 33h Ses | 40,48 { 3423, OF Buy, £15)" = +O, 42 (lue2, 2ul- BU94,8S) = F91E —_g ‘pare = - = : tr Us = tee Ec). Eth ee x0.) «thle 96) «2 296s - ECef,) «Ep, Che (Ste - aoe e eee E (VAN) » —tocco , 2260, Glo , Gile | d194,24 Anh ade AAP 2 (VAN) = Ft Ew Z Ste) ay Tice) = ELC ECA = Bact oj) {ubect ot) ~ B3bo* + 64\ boo ==pdes inte ii =D — = Eo hoo — At AA =o EP (vAN).2 Suu 34 VAN as oC fais, 5; 5 Shy, 38 PLVAN So) = P(Z- VAN Euan, = Bud IS E (VAN) 444,31 ~P (zy -3.3) - Pz GA) tot EWAN) < SS See ze = =# |e (cB) + bo — = = “EN(CE) » ECE, E(CE, Ys (Stake 93)sClam™ OFF) babe |G (van) « Stdeo, 2, Clabes. 991926,65% |fe) U¢w) = dn W = > a Uys - 4 So — Uw) = = = Sane dacgeava ef ase cn Aue a= risque = E CeF) = EC ch | P| €ccer)| vier) [Ecuced.£ 2500 02 |%Sc0.0,2 | VR = So 4 Goo 0,5 | ybonoS| GER] -53,. 39% | Acco} 0,3 | Asso’. 0.3 CLEC, = 2254 3Aoo YAoe | A Udo b€oo | 0,4 82,462 22o0 0,2 | Bdbo | 4b, Io | $4,209 Seo. 6,4 42, Sho Sisal a ox dlc — om trewe te CV | da Can out non pars 4 Siem mous te fr chen _dukbie—— em | meek Phanl A dees sion —— Zig elite er r= SS es = Un ate chix enbin 2 prgcts cmuluellimenl excbumf = E Ret Bh cath de co page ok de Ratan. opntven = — cls CF obeabeies mua tama = at > | de dition me. pose, Pesta Susp = = SS SSSah [8 = — =e : ae ee et — A Sana Os Puke ou => Theme] ote pow | See | ot ¥ oo ; ae Ss —— = Se ze = ee fav d'aebvallscbion on olssmnce:-claniasquae ake An 25S See _ Sj SSS == wy s 028 404 be wl —— aS E = Ould ed Polttudi cles chi eis dl ie =} 2) Menai, Pavtiion aclabioe shiz nd vis ca visu — | 5 Cabs pm ci iar = —— Le) Daal wk beprcph qui serait choisi_gar Pemba pute fe4) === View) = 04.4 S50 p41. t=) 08 4 Ufa) 0,4 t&)- ot So J everlnget eal aveane a Uisqu - eee ‘ Anh = iw) tg 2 vo er = ORR. ARR, ws A a 3 eer = ek As = ECE) 2 (3cc. 0,2). (Shox 05) + (Sicox aa) 39.0. 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J merenimal peat ¢ |e —ramploce 4 plod queen ee ionbicils nee fall ye ox 6 fm de be piniods co rembcunsernink me fot - ee echt — SE 3 ee Lid em abstagh dalla A feblen dlamabaeade Compnsnl be-all voscmbs am elt a chapux peiiedk, yet fiat Peony adh ‘ail vt ds inkids ak Be pice , Ramerkeneanent eb tonmuite 4 [Emeriss boca, Lengua inclu) - 3 Une eorhauine =conbwocke wn taidik de Zoaccc® armboumabb 5 omelisemenls -Comstam + = Abvacindk Ae leall lbs Ye-taat al atte = Rocke dimbih ok de Bt tes froin deminer sok di 4Z§ ok Re Nawoe Atiempotebin oe de 6% = = 4 {Fick [Dele [Take A 260.000 | Abooe iy dy ww = & Goo | A2 Boa i Miecon | SGce = y | Yo ao} Gluoo 5 Yoo | co. ka f 2Qeocex 0,53 = a \eéenefices ce be Hogg ok ful WW DN) td) ly a Aukeaan omen clan deux * do skelobhe- des ~ chi mr Dak | omar fea ope yorss | 56 cao | Jotjoa _} Se oo yooos | 52 Yoo | 2 2%o | y2320 yooss | uSta | Cito |ybIke ecco |-yb bao | dbo | ubtbo — Yoooo | 4% 200 | 2o%o | Wto® Soyoo (4 ay uea20 (A, 1 = + bdko (1, a = ute (4+) 2 lodo[d bh, Beckion 3+ Coat des =e Pdimares Uni_ackion evlimasu et um tile cle eae aiidudl, Sine = te preyatle ob ee aoe col de Lembrapaine «fee qe dt & ae acquike (c.seml:} boubes aT = “ices rnc haar tala sas Bs == | = aux odiens de Gaiden ox ax THEBAE (Mpded 2 Equiba des tals f a IZ] Weds de Gorden ct Shapiasr — icine! 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