Vous êtes sur la page 1sur 22

!

"
! "
!

#
#
$%& '()*%+, ,-.%&/0,& 1$, ,&1/2+%&$3,-1 )* / 4%-5,(0/(1,- 6%1$ / 7/'/7%18 )* 9
7$%+5(,- ',( /--:3

$, '(,&,-1 5,3/-5 *)( 1$, '()')&,5 &,(.%7, %& ,&1%3/1,5 /1 9;; &7$))+ &,71%)-& ',(
/--:3 $, 5,3/-5 %& ,<',71,5 1) (,/7$ /1 9 = &7$))+ &,71%)-& 28 1$, 8,/( "

$, 1)1/+ %-.,&13,-1 (,>:%(,3,-1 %& ,&1%3/1,5 /1 %(( 3%++%)-9 ):1 )* 6$%7$ %((
; " 1$):&/-5 %& (,>:%(,5 *)( ,>:%'3,-1 $, &,(.%7, 6%++ 7(,/1, ,3'+)83,-1
)'')(1:-%1%,& *)( " ',(&)-&

$, '()?,71 %& *%-/-7%/++8 .%/2+, 6%1$ /- %-1,(-/+ (/1, )* (,1:(- @ A )* " B /-5 /
-,1 '(,&,-1 ./+:, @ A )* %(( = 3%++%)-9 5%&7):-1,5 /1 ; B

%-5,(0/(1,- %& / *)(3 )* '(, &7$))+ ,5:7/1%)- %- 6$%7$ 7$%+5(,- /0,5 1$(,, 1) &,.,- /(,
1/:0$1 1$():0$ 7(,/1%., '+/89 &)7%/+ %-1,(/71%)-9 /-5 -/1:(/+ ,<'(,&&%)- +/8 %& /
&%0-%*%7/-1 /&',71 )* / 4%-5,(0/(1,- ,3'+)8%-0 0/3,&9 &)-0&9 &',7%/++8 7$)&,- 6)(4
3/1,(%/+&9 /-5 &1)(%,& 1) /55(,&& 1$, -,,5& )* &3/++ 7$%+5(,- 1 %& /%3,5 /1 0()6%-0
7$%+5(,- %- / *(,, /13)&'$,(, /6/8 *()3 $)3, 77)(5%-0+8 %1 %& &)3, 1%3,& 7/++,5
C7$%+5(,-D& 0/(5,-E 1 &,(.,& /& / 1(/-&%1%)-/+ &1/0, *()3 $)3, 1) 1$, 3)(, *)(3/+
&7$))+%-0 1$/1 *)++)6,5

- 7+/&&9 1$,8 /(, %-1()5:7,5 1) 1$, /+'$/2,19 -:32,(&9 /-5 7)+)(&F 1$,8 &1:58 1$,%( 2)5%,&9
1$,%( */3%+%,&9 /-5 1$,%( 7)33:-%1%,&F 1$,8 +%&1,- 1) &1)(%,& (,/5 /+):5F 1$,8 3/4, /(1
'()?,71&F 1$,8 '/(1%7%'/1, %- &4%1& /-5 5(/3/1%7 '()5:71%)-&F /-5 1$,8 +,/(- /2):1 $)+%5/8&9
'+/-1&9 /-%3/+&9 /-5 )1$,( 1)'%7& %- &7%,-7, /-5 &)7%/+ &1:5%,& )3, 4%-5,(0/(1,-& /+&)
1,/7$ %-1()5:71)(8 (,/5%-0 /-5 3/1$,3/1%7/+ &4%++&
! "# $% & ' () % ! ) & %

:((,-1 ,5:7/1%)- &,(.%7, '().%5,(& %- 1$, 7%18 /(, 3/-8 /-5 ./(%,5 %-7+:5%-0
0).,(-3,-19 '(%./1, &,71)(9 +)7/+ 7)33:-%1%,&9 *)(,%0- 7)33:-%1%,&9 )- ).,(-3,-1/+
(0/-%G/1%)-& @ &A9 7$:(7$,&9 3)&>:,&9 /-5 3%&&%)-/(%,& $,(, 6,(, =
%-5,(0/(1,- &7$))+ */7%+%1%,& %- 1$, 7%18 )',(/1,5 28 1$,&, '().%5,(& %- H ;

& 7/- 2, &,,- *()3 1$, /2+, 1$, '(%./1, &,71)( %& 1$, 5)3%-/-1 &,71)( %- 1$,
)6-,(&$%' )* 4%-5,(0/(1,- &7$))+& %- 1$, %18 )6-%-0 /-5 )',(/1%-0 " "B )* 1$, -:32,(
)* ,5:7/1%)- */7%+%1%,& %- 1$, 7%18 /1 4%-5,(0/(1,- +,.,+ ,<1 1) 1$, '(%./1, &,71)( %&
7)33:-%1%,& )6-%-0 /-5 )',(/1%-0 B /-5 3%&&%)-/(%,& " B $, ()+, )* 1$,
0).,(-3,-1 %& ,<1(,3,+8 +%3%1,5 )6-%-0 )-+8 =B )* 1$, &7$))+ */7%+%1%,& %- 1$, %18 1
&$):+5 2, -)1,5 /+&) 1$/1 1$,(, /(, -) 4%-5,(0/(1,- &7$))+& )',(/1,5 28 *)(,%0-
7)33:-%1%,& /-5 3)&>:,&
& $ *

+ , -.//01.//23

4 %#5) () ! "# $%
6 #&
).,(-3,-1 = =
:2+%7@ )33:-%1%,&A ;;
(%./1, = " "
%&&%)-/(8 " "

$:(7$ " =
)&>:,
#)(,%0- 7)33:-%18
&$ *7 // /
;

$, 2/&%7 (,/&)-& 1$, '(%./1, &,71)( %& 5)3%-/1%-0 %- /(, 1$/1I


$, 0).,(-3,-1& ')+%78 1$/1 *)7:&,& )- '().%5%-0 2/&%7 ,5:7/1%)- 1) /++ /-5
/77)(5%-0+8 1$, 0).,(-3,-1 %& -)1 %-.,&1%-0 %- 9
(/5%1%)-/++8 %- 1$, %18 /-5 %- 1$, 7):-1(8 /& / 6$)+, %& 1$, 5)3/%- )* 1$,
'(%./1, &,71)(9 /-5
)3'/(,5 6%1$ '(%3/(8 /-5 &,7)-5/(8 &7$))+&9 %-.,&13,-1 (,>:%(,5 %- %&
&3/++9 6$%7$ /11(/71& 1$, '(%./1, %-.,&1)(& 6%1$ 6,/4 *%-/-7%/+ 7/'/7%18

. $$ 8 $

7$))+ ,-()+3,-1 (/1%) %& )-, .%1/+ %-5%7/1)( 1$/1 3,/&:(,& ',(*)(3/-7, %- ,5:7/1%)-
&,71)( -()++3,-1 /1 4%-5,(0/(1,- +,.,+ %- 1$, 7%18 %& &1%++ .,(8 +)6 @&,, /2+, A

& $ *.
,
-.///1.// 9.//01.//23

$$ &5 &$ &$ 5 6


.///1 .// 1. .//.1* .//012 .//217
()&& ,-()++3,-1 /1 4%-5,(0/(1,- +,.,+
,1 ,-()++3,-1 /1 4%-5,(0/(1,- +,.,+ =

& 7/- 2, (,*,((,5 *()3 /2+, 9 0()&& ,-()++3,-1 %- H; %& B /-5 -,1
,-()++3,-1 = B

77,&& 1) ,5:7/1%)- /1 4%-5,(0/(1,- +,.,+ %& &1%++ .,(8 +%3%1,5 %- 1$, 7%18 #()3 1$, 1)1/+
,+%0%2+, 7$%+5(,- *)( 4%-5,(0/(1,-9 /2):1 " "B @ 9 ; 7$%+5(,-A 5%5-J1 0) 1) &7$))+
@ /2+, A $%& %& 1$, 5,3/-5 0/'
=

& $ **
, + ,
, , : -.//01/2A

8 $ ! ' "& 5 ! #5$' ''5 5 &$ ''5 5 &$


! !
$5;5 $ $$ ' 45 # "5 % &"# %
"" %% < 5 ' < 5 '
%-5,(0/(1,- "=9 ; =9; 9 ; 9 " 9 "

/&,5 )- 1$, &1/-5/(5& )* 1$, %-%&1(8 )* 5:7/1%)- 6%1$ (,&',71 1) &,71%)- 1) &1:5,-1 /-5
1,/7$,( &1:5,-1 (/1%) %1 %& ,&1%3/1,5 1$/1 9 " /55%1%)-/+ &7$))+ &,71%)-& /-5 9 "
/55%1%)-/+ 1,/7$,(& /1 4%-5,(0/(1,- /(, (,>:%(,5 1) /77)33)5/1, 1$, -,,5& )* 1$)&,
7$%+5(,- 6$) 7:((,-1+8 $/., -) /77,&& *)( ,5:7/1%)-

$%& 5),& -)1 3,/- $)6,.,( 1$/1 1$, -,,5& )* 1$,&, 7$%+5(,- 6):+5 2, /55(,&&,5 1$():0$
7)33,(7%/+ &,(.%7, '().%&%)- &%-7, 3)&1 )* 1$, 7$%+5(,- /(, *()3 '))( */3%+%,& 6$)
6):+5 -)1 2, /2+, 1) /**)(5 1) '/8 &7$))+ *,,& /-5 7).,( )1$,( ,5:7/1%)-/+ ,<',-&,& *)(
1$,%( 7$%+5(,- - 1$, )1$,( $/-5 %1 %& 2,+%,.,5 1$/1 7)33,(7%/+ &,(.%7, '().%5,(& 7/- /+&)
/77)33)5/1, 1$, '/(1%/+ -,,5& )* 1$,&, 7$%+5(,- 1$():0$ %--)./1%., &,(.%7, '().%&%)-

1 %& ,&1%3/1,5 2/&,5 )- 1,/7$,( 1) &1:5,-1 (/1%) /-5 &,71%)- 1) &1:5,-1 (/1%) &1/-5/(5& /7>:%(,5 *()3 1$,
55%& 2/2/ :(,/: )* 5:7/1%)- 77)(5%-0 1) 1$, :(,/: 1$, &1/-5/(5 (/1%)& /1 4%-5,(0/(1,- +,.,+ %&
&,71%)- *)( &1:5,-1& /-5 )-, 1,/7$,( *)( &1:5,-1&F /1 '(%3/(8 @0(/5, A +,.,+ )-, &,71%)- *)( ;
&1:5,-1& /-5 )-, 1,/7$,( *)( ; &1:5,-1&F /1 '(%3/(8 +,.,+ @0(/5, ; A )-, 1,/7$,( *)( ; &1:5,-1& /-5 )-,
&,71%)- *)( ; &1:5,-1&F /-5 /1 &,7)-5/(8 +,.,+ @0(/5, A )-, &,71%)- *)( &1:5,-1& /-5 )-, 1,/7$,( *)(
&1:5,-1& )(,).,( /1 '(%3/(8 +,.,+ @0(/5, A )-, /55%1%)-/+ /&&%&1/-1 1,/7$,( %& (,>:%(,5 *)( ,.,(8
1$(,, &,71%)-&
"

* & '& ' ))$( &)

/&,5 )- 1$, &1/-5/(5 '/(/3,1,(& /7>:%(,5 *()3 1$, 55%& 2/2/ :(,/: )* 5:7/1%)-9 %1
7/- 2, 7)-7+:5,5 1$/1 1$,(, %& / &:''+8 0/' %- ,5:7/1%)- &,(.%7, */7%+%1%,& &:''+8 %- 1$,
%18 1) '().%5, ,5:7/1%)- /1 /77,'1/2+, +,.,+ )* &1/-5/(5 $, &:''+8 0/'H&$)(1*/++ %&
7/+7:+/1,5 /-5 0%.,- :-5,( /2+, $, /-/+8&,& %-5%7/1, 1$/1 1$, &:''+8 )* ,5:7/1%)-
*/7%+%18 /1 4%-5,(0/(1,- +,.,+ %& &$)(1 )* 1$, 5,3/-5 28 ; B - )1$,( 6)(5&9 1$, 7%18
-,,5& /55%1%)-/+ &7$))+& 1$/1 3/8 $/., &,71%)-& 1) /7$%,., 1$, (,>:%(,5 ,5:7/1%)-
>:/+%18 &1/-5/(5

& $ *0

.//01.//2

8 $ ! ' "& 5 ! "# $ "5 % ))$( # !&$$


% < 5 ' 6
&% ' #
& '& '
9 " 9;; ;

0 = " ' & '

$, 5,3/-5 +,.,+ *)( &7$))+& *()3 1) '(%3/(8 +,.,+ *)( 1$, 7)3%-0 1,- 8,/(& %&
,&1%3/1,5 2/&,5 1$, &1/-5/(5 ,&1/2+%&$,5 28 1$, %-%&1(8 )* 5:7/1%)- /-5 1$, %18
')':+/1%)- 0()61$ (/1, $, (,&:+1 %& &:33/(%G,5 :-5,( /2+, ;
& $ *2
>
,

& & '! "# $


"5 5
;H = 9; =
=H " 9=
"H 9=
H 9"
H 9"
H 9
H 9
H 9
H 9 =
H ; 9 =
;H = 9
=H " 9 =

& 7/- 2, (,*,((,5 *()3 /2+, ;9 1$, 5,3/-5 *)( 4%-5,(0/(1,- &7$))+ &,71%)- 6%++ (,/7$
9 = /*1,( 1,- 8,/(& $%& %& / .,(8 7)-&,(./1%., ,&1%3/1, 0%.,- 1$, -:32,( )* 7$%+5(,-
6%1$ -) /77,&& 1) &7$))+ /& 6,++ /& 1$, '+/--,5 /--:/+ ,7)-)3%7 0()61$ (/1, )* B
%1$ ,7)-)3%7 0()61$ /-5 %3'().,5 %- &1/-5/(5 )* +%.%-0 )* 1$, 7%18 56,++,(& 1$,
'()')(1%)- )* */3%+%,& 6$) 7/- /**)(5 1) &,-5 1$,%( 7$%+5(,- 1) / 4%-5,(0/(1,- 6%++
%-7(,/&, 6$%7$ 6%++ +%4,+8 7/:&, /- %-7(,/&, %- 5,3/-5 *)( 4%-5,(0/(1,- &7$))+
0

,(.%7, *,, 5,',-5& )- 1$, >:/+%18 /-5 1$, 18',& )* &,(.%7,& )**,(,5 /1 / 4%-5,(0/(1,-
:((,-1+8 1$, 3)-1$+8 &,(.%7, 7$/(0,& ',( 7$%+5(,- ./(8 *()3 %(( ',( 3)-1$ 1) %((
',( 3)-1$ $, *)++)6%-0 %& 1$, *,, &1(:71:(, )* 1$(,, 4%-5,(0/(1,-& 1$/1 /(, 7$)&,-
1) (,'(,&,-1 $%0$ &1/-5/(59 3,5%:3 &1/-5/(5 /-5 +)6 &1/-5/(5 4%-5,(0/(1,-& %- 1$, %18
%++ %5, 7$/(0,& %(( " ',( >:/(1,( ',( 7$%+5 /-5 7)-&%5,(,5 /& $%0$
&1/-5/(5
1$%)'%/- -&1%1:1, 7$/(0,& %(( ',( 3)-1$ ',( 7$%+5 5,',-5%-0 )-
+,.,+ /-5 7)-&%5,(,5 /& 3%55+, &1/-5/(5
#/+7)- 7$/(0,& %(( ',( 3)-1$ ',( 7$%+5 /-5 7)-&%5,(,5 /& +)6 &1/-5/(5

85" &)&"5 (

& ',( 1$, /2)., 5/1/ )* 5,3/-5 '()?,71%)-9 1$, /--:/+ 5,3/-5 *)( 4%-5,(0/(1,- &7$))+
%& 9" %- 1$, 8,/( H /-5 1$%& 5,3/-5 0()6& 1) = %- 1$, 8,/( =H "
77)(5%-0 1) 55%& 2/2/ :(,/: )* 5:7/1%)-9 1$, &1/-5/(5 (/1%) /1 4%-5,(0/(1,- +,.,+
%& )-, &,71%)- *)( &1:5,-1& $:&9 7)-&%5,(%-0 1$, -:32,( )* &,71%)-& %& %- ,/7$
+,.,+9 % , 9 :(&,(89 F 1$, 7/'/7%18 )* 1$, ,-.%&/0,5 4%-5,(0/(1,- %& 9
7$%+5(,-

. 85" ; &

$, '()?,71 %& ,-.%&/0,5 1) )',(/1, $):(& ',( 5/8 *)( 5/8& %- / 8,/( )- / &%-0+,
&$%*1 2/&%& $, '+/-1 6%++ )',(/1, /1 = B9 ";B /-5 ;B )* %1& *:++ 7/'/7%18 %- 1$, *%(&19
&,7)-5 /-5 1$%(5 8,/(&9 (,&',71%.,+8 /-5 (,/7$%-0 B )* %1& *:++ 7/'/7%18 %- 1$, *):(1$
8,/( )* )',(/1%)-
& $ *0
9 ,

& . * 09 /
/'/7%18 1%+%G/1%)- @BA = "; ;
) )* 1:5,-1& 9 9 ; 9; 9

$, 3/?)( (/6 3/1,(%/+& (,>:%(,5 *)( 1$, ,-.%&/0,5 &,(.%7, /(, &/-%1/(8 3/1,(%/+&
@7)(()&%., /0,-19 ',&1%7%5,&9 2+,/7$,&9 5,1,(0,-19 7+,/-&,(&9 ')+%&$,&9 &$,,1 1%0$1 K*%11%-0
3/11(,&& 3/5, )* 6/1,( '())*9 ,17A )&1 )* 1$, (/6 3/1,(%/+& /-5 %-':1& (,>:%(,5 *)(
(:--%-0 )* 1$, 4%-5,(0/(1,- /(, +)7/++8 /./%+/2+, $, ,&1%3/1,5 /--:/+ (/6 /-5 /:<%+%/(8
3/1,(%/+& 7)&1 /1 *:++ 7/'/7%18 %& /2):1 %(( =9 $, +%&1 )* (/6 3/1,(%/+& (,>:%(,3,-1
%& '(,&,-1,5 %- /2+,

& $ 0

+ :

&$ %
& 5&$ :( - 3
-?/// 5 3

/-%1/(8 3/1,(%/+&

$,,1 )1$,(&

,/7$%-0 3/1,(%/+&
*7
&$
$, :1%+%1%,& (,>:%(,5 *)( 1$, ,-.%&/0,5 '()?,71 /(, ,+,71(%7%18 /-5 6/1,( $, /--:/+
(,>:%(,5 /3):-1 )* :1%+%1%,& /+)-0 6%1$ 7)&1 %& &$)6- %- /2+,

& $ 0.

%
& 5&$ :( -?/// 5 3

=
+,71(%7%18 9; @4 $A
;
/1,( =9; @3 A
.2 2
&$

" %% %" 5) 5

- 1$%)'%/ 7$%+5(,- 1$/1 6%++ :&:/++8 /11,-5 4%-5,(0/(1,-& /(, )* /0, 2,16,,- 1$(,, /-5
&%< $, 1$(,, 8,/( '()0(/39 4-)6- /& :(&,(89 %-5,(0/(1,- @+)6,( 4%-5,(0/(1,-
A /-5 %-5,(0/(1,- @:'',( 4%-5,(0/(1,- A '(,'/(,& 7$%+5(,- *)( 1$,%( *%(&1 8,/(
%- '(%3/(8 &7$))+ ,5:7/1%)- %-5,(0/(1,- %& 7)-&%5,(,5 1$, *%(&1 8,/( )* *)(3/+
,5:7/1%)-9 /+1$):0$ 1$, 7$%+5 3/8 $/., 0)-, 1) '(,&7$))+

C %0$H 7)', ,/(-%-0E %& / &18+, )* +,/(-%-0 1$/1 %& :&,5 %- 3/-8 4%-5,(0/(1,-& %-
/2()/5 $%& +,/(-%-0 &18+, %& .,(8 %-1,(/71%., /-5 (,>:%(,& / 0(,/1 5,/+ )* 1$, 7$%+5(,- /-5
1$, 1,/7$,(
4%-5,(0/(1,- &7$))+& &$/++ 7)3'(%&, )* 1$, *)++)6%-0I

$/++ 2, / *:++ 5/8 '()0(/3 6%1$ /- )'1%)- *)( / *):( 5/8 )( *%., 5/8 *)(3/1
$/++ 2, %-1,0(/1,5 '()0(/3 1$/1 5,.,+)'& &'%(%1:/+9 '$8&%7/+9 ,3)1%)-/+ /-5
&)7%/+ 0()61$
$, 7+/&&())3& &$/++ $/., / 6%5, ./(%,18 )* 3/1,(%/+& 1$/1 %-.%1, 1$, &1:5,-1& 1)
,-0/0, %- +,/(-%-0 1$():0$ '+/8 /-5 ,-$/-7, 1$, &:2?,71& 1$/1 /(, 1/:0$1
1$():0$):1 1$, 5/8
8&1,3/1%7 %-&1(:71%)- &$/++ 2, '().%5,5 /-5 '()0(,&& %& 3)-%1)(,5 1$():0$ )-
0)%-0 /&&,&&3,-1& 6%1$ 1$, 0)/+ )* 3/&1,(%-0 +,11,( %5,-1%*%7/1%)-F 2,0%--%-09
3%55+, /-5 ,-5%-0 &):-5&F ($83,& /-5 &8++/2+,&
,11,(& &$/++ 2, 1/:0$1 1$/1 7/- 2, 3/-%':+/1,5 1) *)(3 6)(5&
1:5,-1& /(, 1) 2, ,<')&,5 1) *(,>:,-1+8 :&,5 6)(5& /-5 /(, 0%.,- 1$,
)'')(1:-%18 1) (,/5 1$,3 1$():0$ 0:%5,5 (,/5%-0
1:5,-1& &$/++ 2, 1/:0$1 1$, *)(3/1%)- )* +,11,(& /-5 -:32,(& /& 1$,8 +,/(- 1$,
-/3,& /-5 &):-5& )* 1$, +,11,(& ,/7$ 6,,4 6%5, ./(%,18 )* 3/1,(%/+& /(, :&,5
1) '(/71%7, 1$, +,11,(& /*1,( &1:5,-1& $/., 1(/7,5 1$,3 )- 1$, 7$/+42)/(5
/-5& )- /71%.%1%,&9 :1%+%G%-0 / 6%5, ./(%,18 )* 3/1,(%/+&9 /(, :&,5 1) ,-$/-7, 1$,
3/1$ +,&&)-& %- 4%-5,(0/(1,- /1$ %& / '()0(/3 1$/1 :&,& ./(%):& 3/1,(%/+& 1)
1,/7$ 1$, 2/&%7 &4%++& )* 7):-1%-09 -:32,( 7)-7,'1&9 '/11,(-%-09 0(/'$%-09
3,/&:(%-09 6,%0$%-09 /55%1%)- /-5 &:21(/71%)- $, 0)/+ %& *)( &1:5,-1& 1)
:-5,(&1/-5 /-5 /(1%7:+/1, 1$, 7)-7,'1& 1/:0$1 %- 3/1$
$, &7%,-1%*%7 3,1$)5 &$/++ 2, %-1()5:7,5 %- 7)-?:-71%)- 6%1$ ./(%):& 2))4&
/2):1 7(,/1%)-
1:5,-1& $/., 1) 2, ,-7):(/0,5 1) $8')1$,&%G, /2):1 7+):5&9 6/1,(9 ()74&9
'+/-1&9 /''+,& :3'4%-&9 *%&$9 ,17
/7$%-,& /-5 1$, *%., &,-&,& /(, 16) )* 1$, */.)(%1, 1$,3,& '(,&,-1,5 +/1,( %-
1$, &7$))+ 8,/( /-5 &,(., 1) ,-$/-7, 1$, *:- )* &7%,-7, ,<',(%3,-1&
1:5,-1& &$/++ 2, ,<')&,5 1) 2))4&9 &)-0&9 *))5 /-5 /71%.%1%,& 1$/1 1,/7$ /2):1
*(%,-5&$%'9 $)+%5/8& /-5 */3):& ',)'+, $,&, 1$,3,& /(, ,3'$/&%G,5
1$():0$):1 1$, 7/+,-5/( 8,/(&
%-5,(0/(1,- &1:5,-1& &$/++ /11,-5 /(19 7)3':1,(9 +%2(/(89 3:&%7 /-5
'$8&%7/+ ,5:7/1%)- ,/7$ 6,,4
#%,+5 1(%'& /(, 5,&%0-,5 1) ,-$/-7, +,&&)-&

+/8 *)(3& 1$, 4,8 -)1, *)( 4%-5,(0/(1,- 6$%+, /%3%-0 /1 )'1%3/+ 5,.,+)'3,-1 )*
7$%+5(,- -1,(,&1%-0 1,/7$,( 0:%5,5 /71%.%1%,& +%4, &%-0%-09 5/-7%-09 5(/3/1%7 '+/89 )(/+
,<'(,&&%)-9 &1)(8 1,++%-09 %-*)(3/+ '$8&%7/+ ,5:7/1%)-9 1$, 3)(-%-0 /&&,32+8 /-5 1$,
7(,/1%., &,&&%)-& ,<')&, 1$, 7$%+5 1) /- ,-1%(, -,6 6)(+5 6$,(, +,/(-%-0 %& *:-9 ,<7%1%-0
/-5 &)3,1$%-0 1) +))4 *)(6/(5 1)

) %-7:+7/1, %- 1$,3 / &'(%1 )* 7)-*%5,-7,9 '/(1%7%'/1%)- /-5 &')(1&3/-&$%'9 1$, &7$))+


&$/++ )**,( / (/-0, )* %-5))( /-5 ):15))( 0/3,&

. " % ! "# $ ;(

$, 3/7$%-,(8 /-5 ,>:%'3,-1 (,>:%(,5 7/- 2, )21/%-,5 *()3 1$, *)++)6%-0 7)3'/-8

= $/(+,& 1(,,19
%+,289 ,%7,&1,(&$%(,
" L

$I M @ A ; =
#/<I M @ A ; = ;;;
3/%+I%-*)N2/28&18+, 7) :4

&"#5 ( & ' < 5)

$, +%&1 )* 3/7$%-,(8 /-5 ,>:%'3,-1 %& 0%.,- %- /2+, ; $, 1)1/+ 3/7$%-,(8 /-5
,>:%'3,-1 7)&1 %& ,&1%3/1,5 /1 %(( ; 9" 9 6$%7$ %& 1)1/++8 (,>:%(,5 %- +)7/+ 7:((,-78
& $ 2
, : :

&$
%" 5) 5 :(
" %
:1 5))( '+/8%-0 ,>:%'3,-1 @&+%5,&9
&6%-0&9 7+%32%-0 *(/3,&9 &/-5 2)<9 '+/8 " ,1 ;9
$):&,&9 1(/3')+%-,& ,17 A
-5))( '+/8%-0 ,>:%'3,-1 @./(%):& 7$%+5
9;
,5:7/1%)-/+ 1)8&A
$%+5(,- 2,5& /-5 4%5& 2,5())3
9
/77,&&)(%,&
)3':1,(& ; ";9
; %5,) &,1 ; 9;
= ,*(%0,(/1%)- 9
" $/%(& /-5 1/2+,& 9 ; 9 ;
,/7$%-0 3/1,(%/+& @ +/74 2)/(5&9 &+%5,&
"9 ;
,17 A
&$ 2 *@A//9

. & '@ 5$'5 ; & ' 585$ + B%

$, ,-.%&/0,5 '()?,71 6%++ (,>:%(, / 1)1/+ +/-5 /(,/ )* 9; 3 )* 6$%7$ 9 ; 3 %& 2:%+1
:' /(,/ ; 3 6%++ 2, 7).,(,5 28 )**%7, 2:%+5%-0&9 3 28 &1)(,&9 3 28 '+/8%-0
())3&9 = 3 2,5 ())3&9 3 28 7+/&& ())3& ,17 $, 1)1/+ 7)&1 )* 2:%+5%-0 /-5 7%.%+
6)(4& /1 / (/1, )* /2):1 %(( 9 ',( 3 6%++ 2, %(( 9 ;9

77)(5%-0 1) 1$, #,5,(/+ ,0%&+/1%)- )- 1$, ,/&, )+5%-0 )* (2/- /-5 @ ()7+/3/1%)-
) " H A %- '(%-7%'+,9 :(2/- +/-5 ',(3%1 28 +,/&, %& )- /:71%)- )( -,0)1%/1%)- 2/&%&9
$)6,.,(9 1$, 1%3, /-5 7)-5%1%)- )* /''+8%-0 1$, '()7+/3/1%)- &$/++ 2, 5,1,(3%-,5 28 1$,
7)-7,(-,5 (,0%)-/+ )( 7%18 0).,(-3,-1& 5,',-5%-0 )- 1$, +,.,+ )* 5,.,+)'3,-1

- 55%& 2/2/ 1$, 7%18D& /-5 53%-%&1(/1%)- -5 ,.,+)'3,-1 :1$)(%18 %& 5%(,71+8
(,&')-&%2+, %- 5,/+%-0 6%1$ 3/11,(& 7)-7,(-%-0 +/-5 77)(5%-0+89 1$, %-%1%/+ +/-5 +,/&,
(/1, %- 55%& 2/2/ &,1 28 1$, :1$)(%18 2/&,5 )- 1$, +)7/1%)- )* +/-5 %& /& &$)6- %-
/2+, ;
;

& $ 2.

& ' 5 5&$ 5" 5


.
"& 5 ! # $& ' &'
,-1(/+ :&%-,&& G)-,& ="
=
=
"; ;
; =
+/7,& 1$/1 /(, -5,(
(/-&%1 " =
= "
;;
" ;
;
<'/-&%)- O)-,& ;"
"
;

! "

& 7/- 2, &,,- *()3 /2+, ; 9 1$, %-%1%/+ +/-5 +,/&, (/1, (/-0,& *()3 %(( 9 =" 1)
',( 3

:((,-1+89 3)&1 )* 1$, ,5:7/1%)-/+ */7%+%1%,& %- 55%& 2/2/ /(, +)7/1,5 )- 1$, 7,-1(/+
2:&%-,&& G)-,& )* 1$, 7%18 $,(,*)(,9 ,<'/-&%)- G)-,& /(, (,7)33,-5,5 /& 1$, 2,&1
+)7/1%)-& *)( 1$, '()?,71 77)(5%-0+89 1$, /.,(/0, )* 1$, +/-5 +,/&, (/1,& %- 1$, ,<'/-&%)-
G)-,& 6$%7$ %& %(( 3 %& /5)'1,5

$, #,5,(/+ ,0%&+/1%)- )- 1$, ,/&, )+5%-0 )* (2/- /-5 +,0%&+/1%)- $/& /+&) &,1 1$,
3/<%3:3 )- +,/&, ',(%)5 /-5 1$, '/83,-1 )* +,/&, '(%7,& @&,, /2+, ; /-5 /2+, ; A
=

& $ 2*

&% 5 '
() ! 85" - & %3
,&%5,-1%/+ /(,/
-5:&1(8

5:7/1%)-9 7:+1:(/+ (,&,/(7$ $,/+1$9 &')(19


/-5 (,+%0%):&
(/5, "
(2/- 0(%7:+1:(, ;
1$,( &,(.%7, "

& $ 20

5 ' ! &(
"" '5 ; # &' !
85" () 4 %
(%./1, (,&%5,-1%/+ /(, )21/%-,5
1$():0$ 1,-5,( )( -,0)1%/1%)- ; = 8,/(&
(/5, ; 8,/(&
-5:&1(8 ; 8,/(&
,/+ ,&1/1, 8,/(&
; (2/- 0(%7:+1:(, 8,/(&
= (/5, /-5 &)7%/+ &,(.%7, ; 8,/(&
" 1$,(& 8,/(&

)(,).,(9 /5./-7, '/83,-1 )* +,/&, 2/&,5 )- 1$, 18', )* %-.,&13,-1 (/-0,& *()3 ;B 1)
B #)( 1$)&, 1$/1 '/8 1$, ,-1%(, /3):-1 )* 1$, +,/&, 6%++ (,7,%., ;B 5%&7):-1 *()3
1$, 1)1/+ +,/&, ./+:, /-5 1$)&, 1$/1 '/8 %- %-&1/++3,-1& 6%++ 2, 7$/(0,5 %-1,(,&1 2/&,5 )-
1$, '(,./%+%-0 %-1,(,&1 (/1, )* 2/-4& )(,).,(9 2/&,5 )- 1$, 18', )* %-.,&13,-19 16) 1)
&,.,- 8,/(& 0(/7, ',(%)5 &$/++ /+&) 2, '().%5,5 $, +,/&, '(%7, %& '/8/2+, /*1,( 1$, 0(/7,
',(%)5 /--:/++8
"

,0/(5%-09 1$, 1,(3& /-5 7)-5%1%)-& )* +/-5 +,/&, 1$, 55%& 2/2/ %18 ).,(-3,-1
$/., /5)'1,5 (1%7+, = )* 1$, #,5,(/+ ,0%&+/1%)- 6%1$ .,(8 3%-%3/+ 7$/-0,& $,(,*)(,9
*)( 1$, ':(')&, )* 1$%& '()?,71 '()*%+, &%-7, 1$, '()?,71 %& ,-0/0,5 %- &)7%/+ &,(.%7, 9
8,/(& +,/&, ',(%)59 ; 8,/(& +,/&, '/83,-1 7)3'+,1%)- ',(%)59 ;B 5)6- '/83,-1 /-5
&,.,- 8,/(& 0(/7, ',(%)5 %& :&,5

77)(5%-0+89 1$, +/-5 +,/&, 7)&1 )* 1$, '()?,719 /1 (/1, )* %(( ',( 3 *)( 8,/(& )*
$)+5%-0 %& ,&1%3/1,5 /1 %(( = = 3%++%)- &&:3%-0 ;B )* 1$, 1)1/+ 7)&1 @ %(( A 6%++
2, '/%5 %- /5./-7, /& 5)6- '/83,-1 /-5 1$, (,3/%-%-0 %(( = ; 3%++%)- 6%++ 2, '/%5 %-
,>:/+ %-&1/++3,-1& 6%1$ %- ; 8,/(&9 1$, /--:/+ +,/&, '/83,-1 %& ,&1%3/1,5 /1 %((
9 9 "

+ C :

+ :

$, '+/-1 6%++ (,>:%(, " 6)(4,(& $, /--:/+ +/2):( 7)&1 %& ,&1%3/1,5 /1 %(( " 9";
$, 5,1/%+ 2(,/45)6- )* 3/-')6,( (,>:%(,3,-1 /-5 /--:/+ &/+/(8 ,<',-&, %& &$)6- %-
/2+, =
& $ 7

+ :

< 5 ' &$& ( - 5 3


%5 5
#$( &$
%(,71)( 9; 9
&&%&1/-7, %(,71)( 9 9=
-%1 +,/5,( 9 9
77):-1/-1 9; 9
; /&$%,( = "9
= ,-,(/+ ,(.%7, 9 9=
" :/(5& 9 ; 9=
:(&, 9; 9
,/7$,(& 9 =9
&&%&1/-7, 1,/7$,(& 9; = 9
(%.,( 9 9
9 &$ AD 2 *@ //
3'+)8,,J& ,-,*%1& @ ;B )* /&%7
&/+/(8A ;9 ;
&$ AD A.D@A2/

1 %& &:00,&1,5 1) 1(/%- 1,/7$,(& /-5 /&&%&1/-1 1,/7$,(& *)( / ',(%)5 )* 1$(,, 3)-1$ $,
1(/%-%-0 6%++ 2, 0%.,- 28 )-, )* 1$, %-&1%1:1%)-& /./%+/2+, +)7/++8 $, 7)&1 )* &:7$
1(/%-%-0 %& ,&1%3/1,5 /1 %(( ; 9

$, *%-/-7%/+ /-/+8&%& )* 1$, 4%-5,(0/(1,- '()?,71 %& 2/&,5 )- 1$, 5/1/ '(,&,-1,5 %- 1$,
'(,.%):& 7$/'1,(& /-5 1$, *)++)6%-0 /&&:3'1%)-&I

)-&1(:71%)- ',(%)5 8,/(


):(7, )* *%-/-7, B ,>:%18
" B +)/-
/-4 %-1,(,&1 ;B
%&7):-1 7/&$ *+)6 ;B
77):-1& (,7,%./2+, 5/8&
/6 3/1,(%/+ +)7/+ 5/8&
/&$ %- $/-5 ; 5/8&
77):-1& '/8/2+, 5/8&
,'/%( /-5 3/%-1,-/-7, ;B )* 3/7$%-,(8 7)&1

$, 1)1/+ %-.,&13,-1 7)&1 )* 1$, '()?,71 %-7+:5%-0 6)(4%-0 7/'%1/+ %& ,&1%3/1,5 /1 %((
3%++%)- $, 3/?)( 2(,/45)6- )* 1$, 1)1/+ %-%1%/+ %-.,&13,-1 7)&1 %& &$)6- %- /2+,
"

& $ A

% % "&$ 5; &$
% % %
/-5 +,/&, ./+:, 9 9
:%+5%-0 /-5 %.%+ )(4 9 ; 9 ;
/7$%-,(8 /-5 >:%'3,-1 ; " ; "
**%7, #:(-%1:(, /-5 >:%'3,-1 ; ;
; ,$%7+, ; ;
= (, '()5:71%)- <',-5%1:(,P " "
" )(4%-0 /'%1/+
&$ 8 % " % D@0D7 D2 D@0D7 D2

P # $ %& '& ( ) *+ ,+
" - () " - + " (
( " & ( ( (
'&
$, /--:/+ )',(/1%-0 7)&1 /1 *:++ 7/'/7%18 )',(/1%)- %& ,&1%3/1,5 /1 %(( =; 3%++%)-
@&,, /2+, " A $, 3/?)( 7)3')-,-1& )* 1$, )',(/1%)- 7)&1 /(, *%-/-7%/+ 7)&19
5,'(,7%/1%)- /-5 5%(,71 +/2):( 6$%7$ /77):-1 *)( ;B9 = B /-5 B
(,&',71%.,+8 $, (,3/%-%-0 = B %& 1$, &$/(, )* 3/1,(%/+ /-5 %-':1&9 :1%+%189 +/2):(
).,($,/59 (,'/%( /-5 3/%-1,-/-7, /-5 /53%-%&1(/1%)- 7)&1
& $ A.
-E/// 3

% % 6
/1,(%/+ /-5 -':1&
=
1%+%1%,& ; ; ;
/%-1,-/-7, /-5 (,'/%(
;= ;;
/2):( 5%(,71 ;
/2):( ).,($,/5&
; ;
53%-%&1(/1%)- )&1&
/-5 ,/&, )&1
&$ ) & 5 ; %% A 27 " "
,'(,7%/1%)- =
)&1 )* #%-/-7, = "= ;
&$ ' "5 %
@72* 00 //

!5 & 5$5 (

/&,5 )- 1$, '()?,71,5 '()*%1 /-5 +)&& &1/1,3,-19 1$, '()?,71 6%++ 0,-,(/1, / '()*%1 1$():0$
):1 %1& )',(/1%)- +%*, --:/+ -,1 '()*%1 /*1,( 1/< 6%++ 0()6 *()3 %(( " " 1$):&/-5 1)
%(( 3%++%)- 5:(%-0 1$, +%*, )* 1$, '()?,71 )(,).,(9 /1 1$, ,-5 )* 1$, '()?,71 +%*, 1$,
/77:3:+/1,5 7/&$ *+)6 /3):-1& 1) %(( 3%++%)-
. &5 %

- *%-/-7%/+ /-/+8&%& *%-/-7%/+ (/1%)& /-5 ,**%7%,-78 (/1%)& /(, :&,5 /& /- %-5,< )( 8/(5
&1%74 *)( ,./+:/1%-0 1$, *%-/-7%/+ ')&%1%)- )* / *%(3 1 %& /+&) /- %-5%7/1)( *)( 1$, &1(,-01$
/-5 6,/4-,&& )* 1$, *%(3 )( / '()?,71 &%-0 1$, 8,/( ,-5 2/+/-7, &$,,1 *%0:(,& /-5 )1$,(
(,+,./-1 5/1/9 1$, 3)&1 %3')(1/-1 (/1%)& &:7$ /& (,1:(- )- &/+,& 6$%7$ %& 7)3':1,5 28
5%.%5%-0 -,1 %-7)3, 28 (,.,-:,9 (,1:(- )- /&&,1& @ )',(/1%-0 %-7)3, 5%.%5,5 28 /&&,1&A9
(,1:(- )- ,>:%18 @ -,1 '()*%1 5%.%5,5 28 ,>:%18A /-5 (,1:(- )- 1)1/+ %-.,&13,-1 @ -,1 '()*%1
'+:& %-1,(,&1 5%.%5,5 28 1)1/+ %-.,&13,-1A $/& 2,,- 7/((%,5 ):1 ).,( 1$, ',(%)5 )* 1$,
'()?,71 +%*, /-5 /++ 1$, (,&:+1& /(, *):-5 1) 2, &/1%&*/71)(8

0 &B9 8 &$(%5%

$, 2(,/4 ,.,- /-/+8&%& ,&1/2+%&$,& / (,+/1%)-&$%' 2,16,,- )',(/1%)- 7)&1& /-5 (,.,-:,&
1 %-5%7/1,& 1$, +,.,+ /1 6$%7$ 7)&1& /-5 (,.,-:, /(, %- ,>:%+%2(%:3 ) 1$%& ,-59 1$,
2(,/4 ,.,- ')%-1 )* 1$, '()?,71 %-7+:5%-0 7)&1 )* *%-/-7, 6$,- %1 &1/(1& 1) )',(/1, /1 *:++
7/'/7%18 @ 8,/( A %& ,&1%3/1,5 28 :&%-0 %-7)3, &1/1,3,-1 '()?,71%)-

Q #%<,5 )&1 Q B
/+,& K /(%/2+, )&1

0 &( &"B 5 '

$, '/8 2/74 ',(%)59 /+&) 7/++,5 '/8 K )** ',(%)5 %& 5,*%-,5 /& 1$, ',(%)5 (,>:%(,5 1)
(,7).,( 1$, )(%0%-/+ %-.,&13,-1 ):1+/8 1$():0$ 1$, /77:3:+/1,5 -,1 7/&$ *+)6& ,/(-,5 28
1$, '()?,71 77)(5%-0+89 2/&,5 )- 1$, '()?,71,5 7/&$ *+)6 %1 %& ,&1%3/1,5 1$/1 1$,
'()?,71D& %-%1%/+ %-.,&13,-1 6%++ 2, *:++8 (,7).,(,5 6%1$%- ; 8,/(&
2 &$ & !

$, %-1,(-/+ (/1, )* (,1:(- @ A %& 1$, /--:/+%G,5 ,**,71%., 7)3'):-5,5 (,1:(- (/1, 1$/1
7/- 2, ,/(-,5 )- 1$, %-.,&1,5 7/'%1/+9 % , 9 1$, 8%,+5 )- 1$, %-.,&13,-1 :1 /-)1$,( 6/89
1$, %-1,(-/+ (/1, )* (,1:(- *)( /- %-.,&13,-1 %& 1$, 5%&7):-1 (/1, 1$/1 3/4,& 1$, -,1 '(,&,-1
./+:, )* 1$, %-.,&13,-1J& %-7)3, &1(,/3 1)1/+ 1) G,() 1 %& /- %-5%7/1)( )* 1$, ,**%7%,-78 )(
>:/+%18 )* /- %-.,&13,-1 '()?,71 %& / 0))5 %-.,&13,-1 '()')&%1%)- %* %1& %& 0(,/1,(
1$/- 1$, (/1, )* (,1:(- 1$/1 7):+5 2, ,/(-,5 28 /+1,(-/1, %-.,&13,-1& )( ':11%-0 1$, 3)-,8
%- / 2/-4 /77):-1 77)(5%-0+89 1$, )* 1$%& '()?,71 %& 7)3':1,5 1) 2, " B
%-5%7/1%-0 1$, .%/2%+%18 )* 1$, '()?,71

7 % &$

,1 '(,&,-1 ./+:, @ A %& 5,*%-,5 /& 1$, 1)1/+ '(,&,-1 @ 5%&7):-1,5A ./+:, )* / 1%3,
&,(%,& )* 7/&$ *+)6& /00(,0/1,& 7/&$ *+)6& 1$/1 )77:( 5:(%-0 5%**,(,-1 ',(%)5& )*
1%3, 5:(%-0 1$, +%*, )* / '()?,71 %- 1) / 7)33)- 3,/&:(%-0 :-%1 % , '(,&,-1 ./+:, 1 %& /
&1/-5/(5 3,1$)5 *)( :&%-0 1$, 1%3, ./+:, )* 3)-,8 1) /''(/%&, +)-0 1,(3 '()?,71&
%& /- %-5%7/1)( )* $)6 3:7$ ./+:, /- %-.,&13,-1 )( '()?,71 /55& 1) 1$, 7/'%1/+ %-.,&1,5 -
'(%-7%'/+ / '()?,71 %& /77,'1,5 %* 1$, %& -)- -,0/1%.,

77)(5%-0+89 1$, -,1 '(,&,-1 ./+:, )* 1$, '()?,71 /1 ;B 5%&7):-1 (/1, %& *):-5 1) 2,
%(( = 3%++%)- 6$%7$ %& /77,'1/2+,

$, '()?,71 7/- 7(,/1, ,3'+)83,-1 *)( " ',(&)-& - /55%1%)- 1) &:''+8 )* 1$, 5)3,&1%7
-,,5&9 1$, '()?,71 6%++ 0,-,(/1, %(( 3%++%)- %- 1,(3& )* 1/< (,.,-:,

Vous aimerez peut-être aussi