SlideShare ist ein Scribd-Unternehmen logo
1 von 69
Downloaden Sie, um offline zu lesen
1
!
!
"#$%&'!(&!)'*+&*,#!
!
-..#/0&''&!1&!2&3&4!
!
5,&67,8!97*/#4!
!
!
!
"#$"%$!&'()")*+,$!-$!%+'.$#)/$0!1234!
-40:&!:&!;#<!
!
!"##$%&' ()$%*+%&' ,%&$-+.,&' +/$0' ()$%/,-"%%$#$%&' #+&1-,$(' $&'
()$%/,-"%%$#$%&' 23#+,%' +3' 4$,%' 5$' (+' 0-602$' 5$' 7+3&$-,/$4' +*,%' 5$'
#$%$-'8'9,$%'3%$':+-&,$'5$'4$4'+0;3,4,&,"%4':-".-$44,/$4<''
!
!
! ! !
!
!
!
!
=$7'&!2#4*7/#'&!>0?@,*&0,&!!:AB,$%*4&$40,&!187/!
C7,.#4*7/!D,7E&<<*7//&''&!;7/4*/0&!F!>&$4*7/!1G!
!
2
#$&$#")$&$(.0!
!
!
!
270<! 4&/7/<! H! ,&.&,$*&,! 4704&<! '&<! ?&,<7//&<! $7/$&,/@&<I! :&! ?,J<! 70! :&! '7*/! ?#,! /74,&! @40:&K!
1L@M0*?&!:L&/$#:,&.&/4I!M0*!/70<!#!,#<<0,@<!:#/<!'&<!.7.&/4<!:&!:704&!&4!#$$7.?#6/@<!4704!#0!
'7/6!:&!'#!,@:#$4*7/!:&!$&!4,#+#*'K!
N/!6,#/:!.&,$*!H!'L&/<&.O'&!:&<!<4,0$40,&<!&/470,#/4!'#!$,J$%&!;7'*/P;7''*/&<I!M0*!/70<!7/4!:7//@!
0/!?&0!:&!'&0,!4&.?<!&4!'#*<<@<!&/4,&,!:#/<!'&0,!4,#+#*'!M074*:*&/K!
!
!
!
*$#05(($0!)(.$#/)$6$$0!
!
'
!
9&,$*! @6#'&.&/4! H! 4704&<! '&<! ?&,<7//&<! M0*! 7/4! ,@?7/:0&<! H! /7<! M0&<4*7/<! &4! /70<! 7/4! ?&,.*<!
:L#$$@:&,!H!'L*/E7,.#4*7/!:#/<!'&<!.&*''&0,&<!$7/:*4*7/<!Q!
!
!
"#$%&'!"()*+,-"())*+',!
9.&!>#/$%&3!F!(*,&$4,*$&!:&!$,J$%&!
!
./*#*'!0'!1/23'#*4',!
9K!R#$%&'*/!F!D,&.*&,!#:S7*/4!#0!.#*,&!
'
5#(6',,*(++'))',!0'!)/!7'3*3'!'+6/+%'!
9.&!T7#/!F!D@:7?<8$%*#4,&!
9.&!C,&$%&4!F!9@:&$*/!D9U!:&!'#!;#*<<&!:LB''7$#4*7/<!C#.*'*#'&<!
!
!
!
!
3
!
.+7,$!-$0!&+.)$#$0!
!
!
!
!
#$&$#")$&$(.0KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK!VVVK! G!
!
)(.#5-'".)5(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKVVVKK!W!
!
!
"%+*).#$!)!8!*#$0$(.+.)5(!-$!,95*$#+.)5(:!(5.#$!*#5;$.!-9$.'-$VVVVVVVKK!X!
!
Y*<47,*M0&!:&!'#!$,J$%&VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVKK! X!
!
Z8?7'76*&!:&!'#!$,J$%&!&4!:*EE@,&/4<!.7:&<!:&!6#,:&VVVVVVVVVVVVVVVVVVVVVKK! X!
!
1L&/E#/4!&/!$,J$%&VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVKKVVVK! X!
!
[ 1#!$7..0/&!:&!Y#04&,*+&<!&4!'&!$7/4&4&!:&!/#*<<#/$&!:0!?,7S&4VVVVVVVVVVVKK![]!
[K[1#!$7..0/&!:&!Y#04&,*+&<VVVVVVVVVVVVVVVVVVVVVVVVVVV![]!
[KG1&!$7/4&4&!:&!/#*<<#/$&!:0!?,7S&4VVVVVVVVVVVVVVVVVVVVVVVK![[!
[K^1&!$#O*/&4!:L#,$%*4&$40,&VVVVVVVVVVVVVVVVVVVVVVVVVVVVK![[!
!
G 1&!?,76,#..&VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVK![^!
GK[!!!1&<!<*4&<!?,7?7<@<VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV! [^!
GKG 1&!<*4&!,&4&/0!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVKKVVVKK![_!
GK^!!!1&!$#%*&,!:&<!$%#,6&<VVVVVVVVVVVVVVVVVVVVVVVVVKVVVV![`!
!
^ 1#!,@#'*<#4*7/!:0!?,7S&4!&4!<7/!#??,7?,*#4*7/VVVVVVVVVVVVVVKKVVVVVVVKK![a!
^K[!!1#!,@?7/<&!#,$%*4&$40,#'&VVVVVVVVVVVVVVVVVVVVVVVVVVVKK![a!
^KG!!1#!$,J$%&!:&!Y#04&,*+&<!Q!'&!?,7S&4!@:0$#4*EVVVVVVVVVVVVVVVVVVKK!GG!
!
4
!
!
"%+*).#$!))!8!$(<+(.!$(/)#5(($&$(.!&+.$#)$,!$.!%'&+)(!+'!0$)(!-$!,+!"#$"%$!
-9%+'.$#)/$0VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVKKK!G`!
!
[ 1L&/E#/4!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVK! G`!
[K[!!!(@E*/*4*7/!!:&!'L&/E#/4VVVVVVVVVVVVVVVVVVVVVVKVVVVVVV! G`!
[KG!!1&<!:*EE@,&/4&<!4%@7,*&<!:&!'#!?@:#676*&!:&!'L&/E#/4VVVVVVVVVVVVVVK!GX!
[K^! !!1&<!$#,#$4@,*<4*M0&<!?%8<*7'76*M0&<!:&!'L&/E#/4!:*EE@,&/4<!:&!$&0!:&!
'L#:0'4&VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVKK! ^[!
!
G 1L&<?#$&!:&!+*&Q!'&!S&0!$7..&!<0??7,4!:0!:@+&'7??&.&/4!?<8$%7.74&0,!:&!'L&/E#/4!VVV! ^`!
GK[ 1&!S&0!Q!:@E*/*4*7/!&4!,b'&VVVVVVVVVVVVVVVVVVVVVVVVVVVV!^`!
GKG!!1L&<?#$&!:&!+*&!?,7?*$&!#0!S&0VVVVVVVVVVVVVVVVVVVVVVVVVK!^a!
!
^ 1&<!<&/<!<4*.0'@<!:#/<!'#!$,J$%&!:&!Y#04&,*+&<!Q!'L&?@,*&/$&!.0'4*!<&/<7,*&''&VVVVVVV! _^!
^K[ 1#!+0&!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV! _^!
^KG!!!1&!470$%&,VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV! _`!!!!!!!!!!!!!!!!!!!!
^K^!!!!1L70c&VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVK! _X!
!
_ N/!#6&/$&.&/4!M0*!#$$7.?#6/&!!'L#047/7.*&!?,76,&<<*+&!:&!'L&/E#/4VVVVVVVVVK!_a!
_K[ 1&<!:*<?7<*4*E<!.*<!&/!?'#$&!?70,!<@$0,*<&,!'L#:0'4&VVVVVVVVVVVVVVVKK!W]!
_KG N/!&<?#$&!M0*!?&,.&4!'#!?,@<&/$&!<704&/#/4&!:&!'L#:0'4&VVVVVVVVVVVVKW_!
_K^ N/!#6&/$&.&/4!$7/d0!H!'L@$%&''&!:&!'L&/E#/4VVVVVVVVVVVVVVVVVVKK!W`!
!
W -/!M07*!'#!$,J$%&!:&!Y#04&,*+&<!<#4*<E#*4!'&<!O&<7*/<!?#,E7*<!7??7<@<!:&!'L&/E#/4!VVVVK!Wa!
WK[ B$4*+*4@e!?#<<*+*4@VVVVVVVVVVVVVVVVVVVVVVVVVVVVVKKVVKK!Wa!
WKG U/:*+*:0#'*4@e!6,70?&VVVVVVVVVVVVVVVVVVVVVVVVVKVVKVVV!`G!
WK^ U/4@,*&0,e!-4@,*&0,VVVVVVVVVVVVVVVVVVVVVVVVVVKKVVKVVKK!`W!
!
"5(",'0)5(VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVKKVVVVVKKKK!`f!
7)7,)5=#+*%)$KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK! X]!
+(($>$0KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK! X[
5
!
)(.#5-'".)5(!
!
!
;&<!:*!:&,/*J,&<!#//@&<!'#!C,#/$&!$7//#*4!0/!4#0!:&!/#4#'*4@!E7,4I!'&!?'0<!*.?7,4#/4!
:L-0,7?&! g=&+&,4&,;3$4' >?=@@A' BCCD' E<' D#,#''J'&.&/4I! /70<! $7/<4#47/<! 0/&! @+7'04*7/!
:&<!.7:&<!:L#$$0&*'!:&!'L&/E#/4I!&4!?'0<!?#,4*$0'*J,&.&/4!0/!#$$,7*<<&.&/4!:&!$,@#4*7/!
:&!$,J$%&<K!g=&+&,4&,;3$4'>?=@@'BCCDEK!'(#/<!$&44&!.h.&!?@,*7:&!i!'L#$$0&*'!:0!S&0/&!
&/E#/4!<L&<4!#.@'*7,@!$7.?4&!4&/0!:&<!@+7'04*7/<!:&!'#!<7$*@4@!&4!:&<!$7//#*<<#/$&<!
<0,!'&!:@+&'7??&.&/4!&4!'&<!O&<7*/<!:&!'L&/E#/4K!;&$*!&/4,#j/&!:&<!.7:*E*$#4*7/<!:#/<!
'&<!7,*&/4#4*7/<!&4!'&<!$%7*!:&!?7'*4*M0&!:&!'#!E#.*''&'F'G)$4:+0$'5)+003$,('5$'(+':$&,&$'
$%*+%0$<!
(#/<!/74,&!?#8<I!0/!/7.O,&!*.?7,4#/4!:L&/E#/4<!!&/4,&/4!&/!$,J$%&!$7''&$4*+&!4,J<!4b4!
:#/<! '&0,! +*&K! U'<! ?&0+&/4! 8! ,&<4&,! :&! 'Lk6&! :&! :&0! .7*<! &4! :&.*! S0<M0LH! 'L&/4,@&! H!
'L@$7'&! .#4&,/&''&! gH! 4,7*<! #/<lI! &4I! 8! ?#<<&/4! S0<M0LH! :703&! %&0,&<! ?#,! S70,K! 270<!
?70+7/<! #EE*,.&,! M0&! '#! $,J$%&! :&+*&/4! ?#,E7*<! ?70,! &0! '&0,! &/+*,7//&.&/4!
M074*:*&/K!
B0!+0&<!:&!$&<!$7/<4#4<I!/74,&!@40:&!?7,4&,#!<0,!'L#/#'8<&!:&!'#!$,J$%&!.0/*$*?#'&!:&!
Y#04&,*+&<! :#/<! '&! /7,:! :&! '#! (,b.&K! >70<! 0/&! :&.#/:&! 470S70,<! ?'0<! E7,4&! :&<!
#:.*/*<4,@<I!'#!.0/*$*?#'*4@!:@$*:&I!&/!#+,*'!G]]XI!:&!'&0,!?,7?7<&,!0/!/70+&#0!.7:&!
:&!6#,:&!#+&$!'#!$,J$%&!;7'*/<P;7''*/&<!m!7EE,#/4!#*/<*!#0!%#O*4#/4<!0/!$%7*!?'0<!'#,6&!
M0#/4!H!'L#$$0&*'!:&!'&0,<!&/E#/4<K!
D70,!$&,4#*/<!?#,&/4<!:&!'#!$7..0/&I!'L#$$0&*'!&/!$,J$%&!&<4!i!6#6&!:&!M0#'*4@!?70,!'&!
O7/!:@+&'7??&.&/4!:&!'&0,<!&/E#/4<!nK!g$E!*/4&,+*&o<lK!B0!$70,<!:&<!?,&.*J,&<!#//@&<!
:&!'L&/E#/4I!<&<!?,&.*&,<!?#<!<7/4!<70+&/4!#44&/:0<!#+&$!*.?#4*&/$&K!D0*<I!Eh4@<!#+&$!
S7*&I! 4704! $7..&! <&<! ?,&.*&,<! .74<K! -/! 6@/@,#'I! '&<! ?#,&/4<! #44#$%&/4! :7/$! H!
'A#??,&/4*<<#6&!:&!'A&<?#$&!'#!.h.&!*.?7,4#/$&!M0AH!'A#??,&/4*<<#6&!:0!'#/6#6&K!1A0/!
$7..&!'A#04,&I!<&.O'&/4!*/:*<?&/<#O'&<!H!'#!?'&*/&!.#j4,*<&!:&!'&0,!&/+*,7//&.&/4K!
;A&<4!#0!4&,.&!:A0/!'7/6!#??,&/4*<<#6&!M0*!7$$0?&!4704&!'A&/E#/$&I!M0&!/70<!?,&/7/<!
&/E*/!i!?7<<&<<*7/!n!:&!/74,&!&<?#$&K!;A&<4!?70,M07*!'&<!&?@,*&/$&<!:&!'A&/E#/4!H!$&4!
@6#,:!!<7/4!:L0/&!*.?7,4#/$&!$#?*4#'&K!
!
6
!
!
!
!
)?!@ABC!DEFEGH!G@HIFJCCE@H!KJ!LAMDFJ@KFJ!JH!K9E@E?NCJF!!LAMMJ@H!?9J@OE@H!G@HJFEPGH!
EQJL! ?9J@QGFA@@JMJ@H! MEHIFGJ?! 1?J! RSHG4! JH! ?9J@QGFA@@JMJ@H! TBMEG@!
1J@OE@HC!:J@OE@HCU! J@OE@H:DEFJ@HU! J@OE@H:J@LEKFE@H4! EB! CJG@! KJ! ?E! LFVLTJ! KJ!
%EBHJFGQJC!EOG@!KJ!MJ@JF!W!RGJ@!B@J!DEFHGJ!KJ!CJC!ELXBGCGHGA@C!DFAPFJCCGQJCY!!
!
(#/<! 0/! ?,&.*&,! 4&.?<I! /70<! ?,@<&/4&,7/<! Y#04&,*+&<I! '&! $7/4&4&! :0! ?,7S&4! :&! '#!
?,76,#..#4*7/! H! 'L#??,7?,*#4*7/K! ! D0*<I! /70<! @40:*&,7/<! $&,4#*/&<! <?@$*E*$*4@<! :&!
'L&/E#/4!:#/<!<7/!&/+*,7//&.&/4!.#4@,*&'!&4!%0.#*/K!Z704!:L#O7,:I!/70<!:@E*/*,7/<!
'L&/E#/4! g<&<! :*EE@,&/$&<I! <&<! $#,#$4@,*<4*M0&<! ?%8<*7'76*M0&<l! H! 4,#+&,<! '&<! <#+7*,<!
4,#/<.*<! ?#,! $&,4#*/<! 6,#/:<! ?<8$%7'760&<! :&! '#! ?&4*4&! &/E#/$&K! -/<0*4&I! /70<!
<70'J+&,7/<!'&!S&0!$7..&!.74&0,!:L#??,&/4*<<#6&<I!&4!$&!H!4,#+&,<!'L&<?#$&!S&0!:&!'#!
$,J$%&K!270<!+&,,7/<!@6#'&.&/4!$7..&/4!'&<!<&/<!:&!'L&/E#/4!<7/4!<4*.0'@<!:#/<!'#!
$,J$%&!:LY#04&,*+&<K!!;7..&/4!4704!'L&/+*,7//&.&/4I!.#4@,*&'!&4!%0.#*/!$7/4,*O0&!H!
'#!O7//&!#$M0*<*4*7/I!?,76,&<<*+&I!:&!<7/!#047/7.*&!p!270<!4&,.*/&,7/<!/74,&!@40:&!
&/!7O<&,+#/4!<*!$&,4#*/<!O&<7*/<!?#,E7*<!7??7<@<!:&!'L&/E#/4!<7/4!<#4*<E#*4<!:#/<!/74,&!
7OS&4!:L@40:&K
7
!
"%+*).#$!)8!*#$0$(.+.)5(!-$!,95*$#+.)5(!
! !
!
• 7,4&"-,;3$'5$'(+'0-602$'
!
>&'7/! '&! .*/*<4J,&! :&! '#! C#.*''&! &4! :&<! B*/@<! gq0@O&$lI! i!0/&! $,J$%&! &<4! 0/! '*&0!!
:L#$$0&*'!$7''&$4*EI!:&<4*/@!#0!&/E#/4<!?,@<$7'#*,&<I!:J<!'Lk6&!:&!4,7*<!.7*<K!1#!$,J$%&!#!
?70,!,b'&!:&!?#'*&,!#0!.*&0!'L#O<&/$&!:&<!?#,&/4<I!.#*<!<#/<!<L8!<0O<4*40&,K!U'!<L#6*4!
@6#'&.&/4!:L0/!'*&0!?&,.&44#/4!H!'L&/E#/4!:&!:@$70+,*,!'#!+*&!&/!$7''&$4*+*4@I!&4I!:7/4!
'L@M0*?&!:L&/$#:,&.&/4!<L#??0*&!<0,!0/!?,7S&4!@:0$#4*EnK!'
N/&!:&<!?,&.*J,&<!$,J$%&<!+7*4!'&!S70,!#+&$!'#!$,J$%&!:*4&!>#0+#6&!:&!'#!>7,O7//&K!
-''&! #! @4@! ?&/<@&! ?#,! C,#/d7*<&! (7'47I! ?@:*#4,&! &4! ?<8$%#/#'8<4&! E,#/d#*<&! g[a]fP
[affl!m!M0*!<L&<4!'#,6&.&/4!$7/<#$,@&!H!'#!?<8$%#/#'8<&!:&!'L&/E#/4!:7/4!&''&!&<4!0/&!
:&<!?*7//*J,&<K!
-''&!:*<#*4I!&/!4@.7*6/#/4!<0,!'#!:*4&!$,J$%&I!&/!.#*![a`f!Q!i!$L&<4!:J<!'#!/#*<<#/$&!:0!
S&0/&!&/E#/4!M0&!'L#??,&/4*<<#6&!<7$*#'!:7*4!$7..&/$&,!&4!*'!/L&<4!?7<<*O'&!M0&!:#/<!
0/!&<?#$&!:&!474#'&!<@$0,*4@K!;L&<4!?#,!4704!0/!S&0!:L#??,7?,*#4*7/I!:L&<?#$&!&4!:&<!
?&,<7//&<! /70+&''&<I! M0L*'! ?&04I! :#/<! '&! $'*.#4! :&! '&0,! ?,@<&/$&I! :@+&'7??&,! <7/!
#047/7.*&I!<7/!<&/<!:L7O<&,+#4*7/I!<#!<7$*#O*'*4@I!<#!$,@#4*+*4@K!n!
!
!
!
• HI:"(".,$'5$'(+'0-602$'$&'5,**1-$%&4'#"5$4'5$'.+-5$'
'
1A#,,*+@&!:A0/!&/E#/4!#0!<&*/!:A0/!E78&,!&<4!<70+&/4!6@/@,#4,*$&!:&!$%#/6&.&/4<!&/!
4&,.&<!:&!,84%.&!:&!+*&!&4!:A7,6#/*<#4*7/I!/74#..&/4!?70,!#<<0,&,!<#!6#,:&K!i!1#!
.7*4*@!:&<!&/E#/4<!k6@<!:&!M0#4,&!.7*<!H!.7*/<!:&!:&0!#/<!&4!:&.*!<7/4!6#,:@<!H!'#!
.#*<7/! ?#,! 0/! :&<! ?#,&/4<! M0*! /&! 4,#+#*''&! ?#<! 70! <A#,,h4&! ?#,E7*<! :&! 4,#+#*''&,K! 1&<!
?#,&/4<!?&0+&/4!@6#'&.&/4!$7/E*&,!'&0,!&/E#/4K!U'<!?&0+&/4!,&$70,*,!H!0/&!6#,:&!<7*4!
?#8#/4&! 4&''&! M0A#<<*<4#/4&! .#4&,/&''&! g&''&<! #$$0&*''&/4! [X! r! :&<! S&0/&<! &/E#/4<lI!
$,J$%&!g[]!rl!70!6#,:&!H!:7.*$*'&!g[!rlI!<7*4!6,#40*4&!g`!r!:&<!&/E#/4<!<7/4!$7/E*@<!H!
8
'&0,<! 6,#/:<P?#,&/4<lK! 1&! $7s4! &4! '#! ?,7*.*4@! g#0! :7.*$*'&l! :0! '*&0! :&! 6#,:&!
*/4&,+*&//&/4!@6#'&.&/4!:#/<!'&!$%7*!:0!.7:&!:&!6#,:&K!n!>?=@@'
!
Z70S70,<! <&'7/! 'LU/<4*404! 2#4*7/#'! :&! '#! >4#4*<4*M0&! &4! :&<! -40:&<! -$7/7.*M0&<I! '&<!
$70?'&<! M0*! 4,#+#*''&/4! 7/4! &/! .#S7,*4@! ,&$70,<! H! :&<! ?&,<7//&<! ,@.0/@,@&<! ?70,!
6#,:&,!'&<!&/E#/4<I!&/!?#,4*$0'*&,!#0!#<<*<4#/4&<!.#4&,/&''&<!S0<M0AH!'&0,!<$7'#,*<#4*7/!
:&<!&/E#/4<I!4#/:*<!M0&!'&<!E78&,<!.7/7!?#,&/4#0!<A#??0*&/4!:#+#/4#6&!<0,!'#!E#.*''&I!
'&<! #.*<! #*/<*! M0&! <0,! '&<! .7:&<! :&! 6#,:&! $7''&$4*E<! g$,J$%&<I! .0'4*P#$$0&*'I! %#'4&P
6#,:&,*&!&4!#$$0&*'!:&!'7*<*,lK!;&<!:&,/*&,<!<7/4!@6#'&.&/4!?'0<!<70+&/4!04*'*<@<!?#,!'&<!
<#'#,*@&<!:&!'#!C7/$4*7/!?0O'*M0&!&4!'&<!$*4#:*/<K!!
(0,#/4! '&0,! 4&.?<! :&! 4,#+#*'I! '#! .7*4*@! :&! $&<! ?#,&/4<! 04*'*<&/4! ,@60'*J,&.&/4! '&<!
<&,+*$&<! :&! 6#,:&! ,@.0/@,@&'Q! 6#,:&! */:*+*:0#'*<@&! g#<<*<4#/4&! .#4&,/&''&I! /70,,*$&I!
6#,:&! :A&/E#/4<! H! :7.*$*'&Vl! ?70,! '&<! :&0! 4*&,<I! 6#,:&! $7''&$4*+&! g$,J$%&I! .0'4*P
#$$0&*'I!%#'4&P6#,:&,*&I!#$$0&*'!:&!'7*<*,l!?70,!'&!4*&,<!,&<4#/4K!
1&!O0:6&4!$7/<#$,@!H!'#!6#,:&!:A&/E#/4<!+#,*&!:&!'#!6,#40*4@!H![!]]]!&0,7<!?#,!.7*<I!
#+&$! 0/&! .78&//&! :&! G`]! &0,7<! ?#,! .7*<! &4! ?#,! &/E#/4K! 1A#<<*<4#/4&! .#4&,/&''&!
#6,@@&I!E7,.0'&!'#!?'0<!,@?#/:0&I!,&+*&/4!&/!.78&//&!H!^G]!&0,7<!?#,!.7*<!&4!?#,!
&/E#/4I!$7/4,&!G^]!&0,7<!&/!.78&//&!&/!$,J$%&K!!
270<!?70+7/<!<0??04&,!M0&!$&4!#+#/4#6&!E*/#/$*&,I!:7//&!0/!#04,&!#4704!H!'#!$,J$%&!
!
U'! &*<4&! &/! C,#/$&I! :*EE@,&/4<! 48?&<! :&! $,J$%&K! -''&<! ?&0+&/4! h4,&! $7''&$4*+&<I!
?#,&/4#'&<I!E#.*'*#'&<K!
-''&<!?&0+&/4!@6#'&.&/4!h4,&!!
! MB@GLGDE?JC! L9JCHZWZKGFJ! PIFIJC! DEF! B@J! LA??JLHGQGHI! ?ALE?JU! MEGFGJ! AB!
LAMMB@EBHI! KJ! LAMMB@JCY! "J! MAKJ! KJ! PEFKJ! CJFE! ?9AR[JH! KJ! @AHFJ! IHBKJ!8! ,E!
LFVLTJ!"A?G@Z"A??G@JC!KJ!%EBHJFGQJC!1234Y!
! B<<7$*#4*+&<I!6@,@&!?#,!0/&!#<<7$*#4*7/!.#*<!#+&$!'&!<704*&/!:&<!?70+7*,<!?0O'*$<K!
! D,*+@&<I!6@,@&!?#,!0/&!&/4,&?,*<&!?,*+@&I!M0*!<70%#*4&!E#*,&!:0!?,7E*4K!
! (L&/4,&?,*<&<I! */4@6,@&<! H! 0/&! &/4,&?,*<&! M0*! <70%#*4&! 7EE,*,! 0/! <&,+*$&! :&! 6#,:&!
:L&/E#/4!H!<&<!&.?'78@<K!
! 90'4*P#$$0&*'!Q!?70,!0/!#$$0&*'!?7/$40&'I!48?&!%#'4&P6#,:&,*&I!70!?@,*<$7'#*,&K!
9
!
• G)$%*+%&'$%'0-602$'
!
274,&! 7OS&4! :A@40:&! @4#/4! 0/&! $,J$%&! :&! +*/64! O&,$&#0I! /70<! $&/4,&,7/<! /74,&!
#,60.&/4#*,&!<0,!:&<!<4,0$40,&<!:&!$&!48?&K!
!
B0!+0&<!:&!/7<!,&$%&,$%&<!JG)$%*+%&A'()K-02,&$0&3-$'$&'()$4:+0$A'G)$4:+0$'5)+003$,('5$'(+'
:$&,&$' $%*+%0$LEA' *'! #??#,#j4! M0L#0! <&*/! :A0/&! <4,0$40,&! :A#$$0&*'! $7''&$4*+&I! '&<!
<?@$*E*$*4@<!&4!#44&/4&<!:&!$%#M0&!&/E#/4!<7/4!$&/<@&<!h4,&!*:&/4*E*@&<!#E*/!:&!$,@&,!0/!
&/+*,7//&.&/4!*/:*+*:0#'*<@I!,&<?&$40&0!:0!,84%.&!:&!$%#$0/I!&4I!:7//&,!H!'A&/E#/4!
:&<! ,&?J,&<! <?#4*7P4&.?7,&'<! <4#O'&<K! (#/<! 0/&! .#S7,*4@! :&! $,J$%&<I! $&<! ,&?J,&<!
<A7,6#/*<&/4! #0470,! :&<! %#O*40:&<! :&! '#! +*&! M074*:*&//&I! g<7*/<I! #4&'*&,<VlI! #0! <&*/!
:A#$4*+*4@<!:&!6,70?&!&/$#:,@&<!?#,!0/!#:0'4&I!&4I!'7,<!:&!.7.&/4<!7t!'L&/E#/4!?&04!<&!
$7/<4,0*,&! '*O,&.&/4K! 1L&/E#/4! #! O&<7*/! :L0/! &<?#$&! <@$0,*<@! 7t! *'! ?&04! E#*,&! <&<!
?,7?,&<!&?@,*&/$&<!g<&/<7,*&''&<I!?<8$%7.74,*$&<!70!,&'#4*7//&''&<lK!B!4704!.7.&/4I!
*'!<&!,#<<0,&!?#,!'#!?,@<&/$&!:&!'L#:0'4&K!1#!:0,@&!&4!'#!E,@M0&/$&!:0!<@S70,!:&!'L&/E#/4!
:#/<! 'L&<?#$&! :A#$$0&*'! */:0*4! ?,76,&<<*+&.&/4! :&<! E7/$4*7/<! M0*! ?,7'7/6&/4! $&''&<!
:A7,:*/#*,&!#<<0,@&<!?#,!<7/!&/+*,7//&.&/4!E#.*'*#'K!1#!$,J$%&!?,7?7<&!H!'L@6#,:!:&!
'A&/E#/4! :&<! #$4*7/<! +*4#'&<! :&! <7*/! 4&''&<! M0&! '&! $%#/6&I! '&<! ,&?#<I! '#! 47*'&44&! &4!
'L&/:7,.*<<&.&/4K!9#*<!<&<!E7/$4*7/<!<L@4&/:&/4!#0<<*!H!0/!4,#+#*'!@:0$#4*E!?7,4#/4I!
<&'7/!'&!$#<I!<0,!'&!:@+&'7??&.&/4!:&!<&<!,&'#4*7/<!#EE&$4*+&<I!<0,!'&<!?7<<*O*'*4@<!M0*!'0*!
<7/4! 7EE&,4&<! :&! <L#??,7?,*&,! <7/! &/+*,7//&.&/4! ?%8<*M0&I! <0,! '&! ,&<?&$4! :&! <&<!
?,7?,&<!,84%.&<!O*7'76*M0&<!&4!,&'#4*7//&'<K!
!
!
!
!
!
!
!
!
!
!
!
10
 ,E!LAMMB@J!KJ!%EBHJFGQJC!JH!?J!LA@HJ]HJ!KJ!@EGCCE@LJ!KB!DFA[JH!
!
!
M<M' G+'0"##3%$'5$'7+3&$-,/$4'
!
1#!$7..0/&!:&!Y#04&,*+&<!<&!<*40&!#0!27,:!:&!'#!(,b.&K!-''&!&<4!H!@6#'&!:*<4#/$&!:&!
187/I! 5,&/7O'&! &4! u#'&/$&K! 1#! +*''&! '#! ?'0<! ?,7$%&! &<4! "7.#/<! <0,! U<J,&I! <*40@&! H!
&/+*,7/!GW!v*'7.J4,&<!
!
Y#04&,*+&<!#!0/&!?7?0'#4*7/!:L&/+*,7/!.*'!%#O*4#/4<K!-''&!:*<?7<&!:L#4704<!470,*<4*M0&<!
?#,!<#!<*40#4*7/!6@76,#?%*M0&!g'#$I!,*+*J,&I!,#/:7//@&lI!&4!:&!?#,!'#!?,@<&/$&!:0!D#'#*<!
U:@#'! :0! C#$4&0,! ;%&+#'K! ;7/<4,0*4! :&! [fXa! H! [a[G! ?#,! 0/! E#$4&0,! ,0,#'!Q! C&,:*/#/:!
$%&+#'!g[f^`P[aG_lI!*'!&<4!$'#<<@!.7/0.&/4!%*<47,*M0&!&/![a`a!?#,!B/:,@!9#',#0K!!
!
270<!?70+7/<!&/!:@:0*,&!M0&!$&!470,*<.&!?&,.&4!H!Y#04&,*+&<!:&!?,7?7<&,!M0&'M0&<!
*/E,#<4,0$40,&<!?'0<!*.?7,4#/4&<!M0&!$&''&<!:&<!+*''#6&<!&/+*,7//#/4<K!gR#/M0&<I!?7<4&I!
O70'#/6&,*&I!<0?&,.#,$%@<Vl!
!
HAUTERIVES
=,&3+&,"%'5$'(+'0"##3%$'5+%4'($'51:+-&$#$%&'N2O%$PK(:$4'
Q+(+,4'>51+('53'R+0&$3-'!2$/+(''
11
!
'''
'
'''''''''''''''''''
M<B !"%&$S&$'5$'%+,44+%0$'53':-"T$&'
!
-/! #047./&! G]]XI! '#! $7..0/&! :&! Y#04&,*+&<! gG`l! ?,7S&44&! '#! $7/<4,0$4*7/! :L0/&!
$,J$%&!:&!+*/64!O&,$&#0!&/!$&/4,&!:&!+*''#6&!<0*4&!H!0/&!:&.#/:&!*.?7,4#/4&!:&<!
#:.*/*<4,@<K!1L#:S7*/4!#0!.#*,&I!9KR#$%&'*/I!/70<!#!$7/E*@!'7,<!:&!<7/!*/4&,+*&o!M0&!
i!'&!?,7S&4!@4#*4!&/!,@E'&*7/!:&?0*<!?'0<!:&!:*!#/<!nK!
T0<M0L#'7,<I!Y#04&,*+&<!&<4!:@?70,+0&!:L0/!.7:&!:&!6#,:&!$7''&$4*E!?70,!'&<!]P^!#/<!
g?,*+@! 70! ?0O'*$lK! -EE&$4*+&.&/4I! '&<! &/E#/4<! @4#*&/4! 6#,:@<! ?#,! :&<! /70,,*$&<I!
#<<*<4#/4&<!.#4&,/&''&<!70!#04,&<!.7:&<!:&!6#,:&<!E#.*'*#0K!
1&!;7/<&*'!90/*$*?#'I!.#j4,&!:&!'L70+,#6&I!#!?70,!<&0'!?7*/4!:&!,&?J,&!'#!+*<*4&!:&!'#!
$,J$%&!:&!>#*/4PT&#/P&/P"78#/<!gG`l!g$E!*/4&,+*&o!:&!'L#:S7*/4!#0!.#*,&lK!U'!:@'J60&!'#!
.#j4,*<&!:L70+,#6&!H!'LY#O*4#4!(#0?%*/7*<!m!?,7.74&0,!*..7O*'*&,I!<?@$*#'*<@!:#/<!'&!
'76&.&/4!<7$*#'!&4!474#'&.&/4!/7+*$&!:#/<!'&!:7.#*/&!:&!'#!?&4*4&!&/E#/$&K!1LY#O*4#4!
(#0?%*/7*<! */4&,+*&/4! :L7,:*/#*,&! <0,! :&<! ?,&<4#4*7/<! <4#/:#,:*<@&<! #+&$! 0/! ?,*! #0!
.J4,&!$#,,@!?'04b4!E#*O'&!&4!:@$*:&!:&!,@#'*<&,!$&!?,7S&4!#+&$!'&!$#O*/&4!:L#,$%*4&$40,&!
Z,#+&,<*&,K!
!
!
!
M<U G$'0+9,%$&'5)+-02,&$0&3-$'
'
1&! ;#O*/&4! Z,#+&,<*&,! &<4! 0/&! #6&/$&! :AB,$%*4&$4&! $7.?7<@&! :&! :*P/&0E!
$7''#O7,#4&0,<K!;&44&!@M0*?&!&<4!H!.h.&!:&!?,7?7<&,!:&<!<#+7*,PE#*,&!<?@$*E*M0&<!?70,!
$%#M0&!?,7S&4!&4!<&'7/!'&<!#44&/4&<!:&!$%#M0&!$'*&/4K!5,k$&!H!0/&!<7'*:&!&?@,*&/$&I!
&''&!.#j4,*<&!'&<!?,7$&<<0<!:&!.*<&!&/!w0+,&!&4!:L7,$%&<4,#4*7/!:&<!*/4&,+&/#/4<K!>7/!
4,#+#*'!&<4!:&!.&/&,!H!O*&/!0/&!,@#'*<#4*7/!:&?0*<!<7/!&<M0*<<&!S0<M0AH!'L#$%J+&.&/4!
:&<!4,#+#0!#0!<&*/!.h.&!:&!<#!<4,0$40,&K!
12
;&44&! #6&/$&! ?,7?7<&! ,@60'*J,&.&/4! :&<! $7/<4,0$4*7/<! 7<<#40,&! O7*<I! &4! <*6/&! <7/!
4,#+#*'! ?#,! '#! ?,@<&/$&! M0#<*! ?&,.#/&/4&! :Aw*'! :&! Ow0EK! (#/<! '&! ?,7S&4! @40:*@I! $&<!
$#,#$4@,*<4*M0&<!<7/4!@6#'&.&/4!?,@<&/4&<K!!
!
!
!
!
!
!
!
U'! /70<! &<4! #??#,0! M0&! $&,4#*/&<! ?,#4*M0&<! */4&,/&<! 7/4! */E'0@! <0,! ! '#! M0#'*4@! :&! '#!
,@?7/<&!#,$%*4&$40,#'&K!
!
!1A#6&/$&!:A#,$%*4&$40,&!&<4!?'04b4!$7040.*J,&!:&!'76&.&/4<!$7''&$4*E<!<4#/:#,:*<@<K!
-''&!?,#4*M0&!:&<!%7/7,#*,&<!O#<I!&4!:7*4!:7/$I!7?4*.*<&,!'&!4&.?<!?#<<@!<0,!'&<!?,7S&4K!!
B0<<*I! '&<! @40:&<! :&<$,*?4*+&<! &4! &<4*.#4*+&<! 7/4! @4@! 4,#/<.*<&<! H! '#! .#*,*&! #+#/4!
:L#+7*,! 0/&! $7//#*<<#/$&! #??,7E7/:*&! :0! <0S&4! 4,#*4@!m! ! &''&<! 7/4! @4@! @+#'0@&<! ?#,!
,#??7,4!H!:&<!?,&<4#4*7/<!&4!:&<!,#4*7<!:&!'76&.&/4<K!!
;&<! .h.&<! ,#4*7<! /L@4#/4! ?#<! #:#?4@<! H! '#! <4,0$40,&! :L#$$0&*'! M0L&<4! '#! $,J$%&I!
'LY#O*4#4! (#0?%*/7*<I! &/! #$$7,:! #+&$! '#! .#*,*&I! #! :@$*:@! :&! <0??,*.&,! $&,4#*/<!
8#9/+*9#/::'!"/;*+'3!<#/4'#,*'#!!
13
@'@.&/4<! &/! ?%#<&! :&! .*<&! &/! w0+,&! #E*/! :&! ,@?7/:,&! #0! .*&0! H! '#! ,@#'*4@! :&!
'L&/+&'7??&! O0:6@4#*,&K! 1#! 47*40,&! +@6@4#'*<@&! #*/<*! M0&! '&! ?#,&P<7'&*'! &/! E#d#:&!
?,*/$*?#'&! 7/4I! ?#,! &&.?'&I! @4@! <0??,*.@<! '7,<! :&! '#! ,@#'*<#4*7/K! 5&7,6&<! 9&<.*/!
:#/<! <7/! '*+,&! */4*40'@! G)$%*+%&A' ()K-02,&$0&3-$' $&' ()@4:+0$! :*,#! H! ?,7?7<! :&<! i!O,*<&P
<7'&*'!n!<0??,*.@<!:&!'#!;*4@!"#:*&0<&!:&!9#,<&*''&!:&!1&!;7,O0<*&,!M0&!i!'&<!*.?@,#4*E<!
:0!?,*!?'#E7/:!#.J/&/4!<70+&/4!'&<!$7/<4,0$4&0,<!:&!'76&.&/4<!H!<0??,*.&,!$&44&!
?,74&$4*7/K! ;L&<4! #0! :@4,*.&/4! :0! $7/E7,4! :&<! %#O*4#/4<I! &4! ?'0<! <?@$*#'&.&/4! :&<!
&/E#/4<I!M0*!@?,70+&/4!?'0<!M0&!'&<!#:0'4&<!'&!O&<7*/!:&!<&!<&/4*,!H!'L#O,*I!?,74@6@<I!
/*$%@<!nK!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
2! !,J!*FAPFEMMJ!
!
!
B<M'' G$4'4,&$4':-":"414'
!
1#!.0/*$*?#'*4@!:&!Y#04&,*+&<!/70<!&?7<&!<7/!?,76,#..&!&/!G]]XI!&''&!<70%#*4&!0/&!
$,J$%&!:&!:*P<&?4!O&,$&#0!:#/<!0/!?,&.*&,!4&.?<!M0*!:7*4!?70+7*,!<L@4&/:,&!H!+*/64!
O&,$&#0K!
!
1&! ;7/<&*'! 90/*$*?#'! #! '7/60&.&/4! %@<*4@! <0,! '&! E040,! &.?'#$&.&/4K! 1#! ?,&.*J,&!
?,7?7<*4*7/! &<4! 0/&! ?#,$&''&! H! 'L&4@,*&0,&! :0! +*''#6&! M0*! <&! <*40&! H! ?,7*.*4@! :L0/!
K/+%&PQ-"T$&V'W3$'43-':+-$P4"($,('
14
68./#<&K! ;&44&! <7'04*7/! #! 'L#+#/4#6&! :L7EE,*,! 0/! &<?#$&! &4&/<*O'&! &/! ?'&*/&!
$#.?#6/&K!!
1#!<&$7/:&!<7'04*7/!?,7?7<&!:L7$$0?&,!'&!,&3P:&P$%#0<<@&!:L0/&!E040,&!$7/<4,0$4*7/!
&/!$&/4,&!:&!+*''#6&K!1&!Ok4*I!*/4@6,@!:#/<!0/&!0/*4@!:L%#O*4#4*7/I!/L7EE,&!?#<!0/!&<?#$&!
0/*M0&.&/4!:@:*@!#0!&/E#/4<K!(&!$&!E#*4I!'&!$#O*/&4!Z,#+&,<*&,I!?,7?7<&!:L&?'7*4&,!
0/&!?#,$&''&!+7*<*/&I!?&,.&44#/4!:&!:@:*&,!'L*/4@6,#'*4@!:&!'#!$7/<4,0$4*7/!#0!&/E#/4<K!
1#! .#*,*&! ,&4*&/4! $&44&! <7'04*7/! &4! ?,7E*4&! :&! 'L&<?#$&! '#*<<@! +#$#/4! :#/<! '&! ?,&.*&,!
*..&0O'&!?70,!*/4@6,&,!0/&!O*O'*74%JM0&!.0/*$*?#'&K!
!
Q(+%'5$'4,&3+&,"%V'($4'5$3S'+3&-$4':-":"4,&,"%4'5$'4,&$'
'
'
B<B G$'4,&$'-$&$%3'
!
1#!?#,$&''&!,&4&/0&!<&!4,70+&!#0!$&/4,&!:&!'#!$7..0/&K!-''&!&<4!<*40@&!H!?,7*.*4@!
*..@:*#4&! :&! 'A@$7'&! &4! :&! :*EE@,&/4<! <&,+*$&<! :&! ?,7*.*4@! gO70'#/6&,*&I! $7*EE&0,I!
?7<4&KKKlK!1#!9#*,*&!4,#+#*''&!<0,!'&<!?#,$&''&<!&/+*,7//#/4&<Q!$,@#4*7/!:&!X!'76&.&/4<!
<7$*#0!:#/<!0/!*..&0O'&!#:S#$&/4I!&4I!?,7S&4!:A8!*/<4#''&,!0/&!E040,&!O*O'*74%JM0&K!B0!
Crèche
municipale
de
Hauterives
Premier
projet de
crèche
15
/*+&#0!:&<!+7*,*&<I!'#!9#*,*&!?,@+7*&!@6#'&.&/4!'#!,&<4,0$40,#4*7/!:&!'A#$$J<!H!'A@$7'&!&4!
H!'#!E040,&!$,J$%&!g4,#/<E7,.#4*7/!:A0/!$%&.*/!?*@47/!&/!,704&!H!<&/<!0/*M0&l!&4!'#!
$,@#4*7/!:A0/!:@?7<&!.*/04&!?70,!:&<<&,+*,!'A@$7'&!&4!'#!$,J$%&K!!Z704&E7*<I!'&!<*4&!&<4!
#$$&<<*O'&!H!?*&:K!
17$#'*<@!#0!$&/4,&!:0!+*''#6&I!*'!<&.O'&!E#+7,*<&,!'A@$%#/6&!&/4,&!'&<!%#O*4#/4<I!:,#*/#/4!
#*/<*! '&<! 04*'*<#4&0,<! :&! '#! $,J$%&I! .#*<! @6#'&.&/4! $&,4#*/<! +*''#6&7*<! g%#O*4#/4<!
&/+*,7//#/4<I!'&<!?#,&/4<!:A&/E#/4<!<$7'#,*<@<!#*/<*!M0&!'&<!?&,<7//&<!?,@<&/4&<!:#/<!
'&!$&/4,&!:0!+*''#6&lK!>&'7/!'A#:S7*/4!#0!.#*,&I!i!'&!?,7S&4!:&!<*40&,!'#!$,J$%&!#0!$w0,!:0!
+*''#6&!<A*/<$,*4!:#/<!'#!+7'7/4@!E7,4&!:&!$,@&,!:0!'*&/!<7$*#'K!n!
270<!@.&447/<!'L%8?74%J<&!M0&!'&!$%7*!:&!$&44&!?#,$&''&!?,7+7M0&!0/!,@&'!*.?#$4!<0,!
'#!+*&!$7..0/#'&K!U'!?&,.&4!#0!04*'*<#4&0,<!:&!'#!$,J$%&!:&!<A*/<$,*,&!474#'&.&/4!:#/<!
'#!$7..0/&I!#0!?#,&/4<!:A@$%#/6&,!&4!#0!&/E#/4!:Ah4,&!$7/E,7/4@!M074*:*&//&.&/4!H!
'&0,! +*&! <$7'#*,&! E040,&K! -/! ,&+#/$%&I! $&44&! ?#,$&''&! &<4! ,@:0*4&I! &4! '&<! ?7<<*O*'*4@<!
$7/<4,0$4*+&<! <7/4! '*.*4@&<K! U'! &<4! ?7<<*O'&! :A8! @4#O'*,! '&! ?,7S&4! #$40&'I! .#*<! 0/&!
&4&/<*7/!/&!?70,,#!?#<!h4,&!&/+*<#6@&!<0,!?'#$&K!
Q(+%'#+44$''P'G$'4,&$'02",4,'
!
!
!
16
B<U '''G$'!+2,$-'5$4'02+-.$4'
'
1&!?,76,#..&!@4#O'*!?#,!'#!9#*,*&I!<&!?,@<&/4&!:&!'#!.#/*J,&!<0*+#/4&Q!
^!"FIJF!B@J!LFVLTJ!DABF!2_!J@OE@HC!KJ!KJB]!MAGC!JH!KJMG!W!HFAGC!E@C!`!J@!CJLHGA@!
B@GXBJ!EB!LJ@HFJ!KJ!QG??EPJ!aY!
!
B0!<7,4*,!:&<!,@0/*7/<!#+&$!'&<!:*EE@,&/4<!*/4&,+&/#/4<I!'&!$#O*/&4!:L#,$%*4&$40,&!,&4*&/4!
'#!:@E*/*4*7/!:&!'L#.@/#6&.&/4!$*P:&<<70<K!
!
!
7+(('5)$%&-1$'V''
!$&'$4:+0$':$-#$&'(+'&-+%4,&,"%'("-4'5$'()+--,/1$'$&'53'51:+-&'5$'()$%*+%&<'>('$4&'($'(,$3'"X'4$'
:+44$'(+'41:+-+&,"%'+/$0'($4':+-$%&4<'>('4$-&'1.+($#$%&'5$'/$4&,+,-$4'+3S'$%*+%&4A'$&'
:$-#$&'1.+($#$%&'(+'&-+%4,&,"%'$%&-$'(),%&1-,$3-'$&'()$S&1-,$3-'$%'T"3-%1$<'
'
'
G"0+(':"344$&&$4'V'
>('5",&'Y&-$'+00$44,9($'5$'#+%,6-$'+3&"%"#$':+-'($4':+-$%&4<'
'
'
Z3-$+3'5$'5,-$0&,"%'V'
>('5",&'Y&-$'+00$44,9($':+-'($4':+-$%&4'$&'($4'/,4,&$3-4'4+%4';3[,(4'&-+/$-4$%&'([$4:+0$'
0"(($0&,*<'>('5",&'1.+($#$%&':$-#$&&-$'8'(+'5,-$0&-,0$'3%'+0064'/,43$('/$-4'(+'4&-30&3-$A'$&'3%'
:+44+.$'-1.3(,$-'/$-4'0$(($P0,<'
'
'
@4:+0$'N$:+4'V'
>('5",&':$-#$&&-$'+3S'$%*+%&4'5$'51/$("::$-'($3-'+3&"%"#,$':$%5+%&'(+':2+4$'-$:+4'$%'
"**-+%&'8'()+53(&$'+00"#:+.%+%&'3%$':"4&3-$'0"%*"-&+9($'$&':-+&,;3$<'>('5",&!1.+($#$%&'
Y&-$'3&,(,4+9($':$%5+%&'(+'T"3-%1$':"3-'5$4'+0&,/,&14'%10$44,&+%&'&+9($4'$&'02+,4$4<'
'
@4:+0$'$3S'V'
17
>('5",&'Y&-$'+5+:&1':"3-'($4'5,**1-$%&4'].$4'5$4'$%*+%&4A'&"3&'$%':-$%+%&'$%'0"#:&$'($3-4'
-I&2#$4'/+-,14<'G$4'$%0+5-+%&4'5",/$%&'+/",-'3%'+0064'/,43$('":&,#,41'43-'()$%4$#9($'5$'
0$&'$4:+0$<'^%$'/,4,"%'43-'()$S&1-,$3-'$4&'%10$44+,-$<'
'
'
@4:+0$'-$:"4'V'
>('5",&'0"#:"-&$-':(34,$3-4'02+#9-$4'5$':-1*1-$%0$'+3'0+(#$'+/$0'(+':"44,9,(,&1'5$'($4'
+1-$-<''
'
'
@4:+0$'=+%,&+,-$4_02+%.$'$%*+%&'V'
>('5",&'"**-,-'3%'+0064'/,43$('43-'([$4:+0$'5$'/,$'5$4'$%*+%&4<'>('5",&'Y&-$'*+0,($#$%&'
+00$44,9($':+-'($4'$%*+%&4'&"3&'$%'1&+%&'4103-,41<'K3'4$,%'5$'0$&'$4:+0$A'()+3&"%"#,$'5+%4'
()+0;3,4,&,"%'5$'(+':-":-$&1'5",&'Y&-$':-,/,(1.,1$<'
'
'
@4:+0$'!3,4,%$'_'&,4+%$-,$'V'
>('%$'5",&':+4'Y&-$'+00$44,9($':+-'($4'$%*+%&4'&"3&'$%':$-#$&&+%&'3%'+0064'/,43$('$&''3%'
:+44+.$'*+0,(,&1'/$-4'()$4:+0$'5$'/,$<''
'
'
@4:+0$'93+%5$-,$'V'
>('5",&'Y&-$'8':-"S,#,&1'5$'([$4:+0$'02+%.$'$%*+%&'
'
'
G"0+(':"39$(($'V'
>('5",&'Y&-$'+00$44,9($'5$:3,4'([$S&1-,$3-'$&'4$'4,&3$-'8':-"S,#,&1'5$'()$4:+0$'
4+%,&+,-$4_02+%.$'$%*+%&<'
'
'
18
270<!,&.#,M07/<!M0&!'A@/7/$@!:0!?,76,#..&!&<4!O,&EK!1&<!.#j4,&<!:L70+,#6&<!7/4!
'#*<<@!0/&!6,#/:&!'*O&,4@!#0!$7/$&?4&0,<!?70,!:@E*/*,!'&<!$7.?7<#/4<!:0!?,76,#..&I!
&4!*'<!7/4!<0*+*!'&0,!$%7*K!!
!
B0!.7.&/4!:&!'L@'#O7,#4*7/!:0!?,76,#..&I!:&!'#!$7/$&?4*7/!&4!:&!'#!,@#'*<#4*7/I!'&!
E040,!6&<4*7//#*,&!:&!'#!$,J$%&!/L&<4!?#<!:@E*/*K!1&!?,7S&4!:7*4!:7/$!h4,&!EKEDHER?J!#0!
:*EE@,&/4<!?,*/$*?&<!?@:#676*M0&<K!1&!,@E@,&/4!&<4!'&!.@:&$*/!D9U!:0!<&$4&0,I!9.&!
C,&$%&4I!$%#,6@&!:&!:7//&,!'L#6,@.&/4!H!'#!E*/!:0!$%#/4*&,K!1&<!#,$%*4&$4&<!<7/4!:7/$!
&/! $7/4#$4! #+&$! &''&! ?&/:#/4! 4704&! '#! ?%#<&! :&! $7/$&?4*7/K! -''&! */4&,,76&! '&<!
<4,0$40,&<! <*.*'#*,&<! M0L&''&! $b47*&! #0! M074*:*&/! ?70,! ?,7?7<&,! :&<! <7'04*7/<!
?&,4*/&/4&<K!
!
1#! $7..0/&! <70%#*4&! 0/&! $7/<4,0$4*7/! $7,,&<?7/:#/4! #0! /7,.&<! Y#04&! q0#'*4@!
-/+*,7//&.&/4#'&K!D70,!&''&I!*'!&<4!4,J<!*.?7,4#/4!:L#EE*$%&,!0/!*/4@,h4!@$7'76*M0&!&4!
0/&! +7'7/4@! :&! ?,&/:,&! <7*/! :&! <&<! &/E#/4<K! (&! ?'0<I! '&<! <0O+&/4*7/<! :&! '#! ;#*<<&!
:LB''7$#4*7/!C#.*'*#'&!?&,.&44&/4!:&!E*/#/$&,!'#!?'0<P+#'0&K!
!
19
b ,E!FIE?GCEHGA@!KB!DFA[JH!JH!CA@!EDDFADFGEHGA@!
!
U<M'''''''''''''''G+'-1:"%4$'+-02,&$0&3-+($'
'
1#!+7'7/4@!:L0/!Ok4*!Y#04&!q0#'*4@!-/+*,7//&.&/4#'&!<L*/4J6,&!?#,E#*4&.&/4!
H! '#! ?7'*4*M0&! */4&,/&! :0! $#O*/&4! :L#,$%*4&$40,&K! ;&'0*P$*! #! 0/&! &?@,*&/$&!
*.?7,4#/4&!:#/<!'&<!$7/<4,0$4*7/<!H!7<<#40,&!O7*<K!(&!$&!E#*4I!$&44&!<7'04*7/!
$7/<4,0$4*+&!&<4!,#?*:&.&/4!,&4&/0&K!!
!
B0!+0&<!:&<!,@0/*7/<!?,@?#,#47*,&<I!#+&$!'&!$7/<&*'!.0/*$*?#'!$7..&!#+&$!'&!
.@:&$*/!D9UI!'&!O*&/!h4,&!:&!'L#:0'4&!&<4!0/&!?,7O'@.#4*M0&!?,@?7/:@,#/4&!m!
0/&! 6,#/:&! ?#,4*&! :&<! ,@E@,&/4<! /L@4#/4! ?#<! 4,J<! #0! E#*4&! :&<! .@4%7:&<!
@:0$#4*+&<!:&!'L&/E#/4K!1L#6&/$&!Z,#+&,<*&,!+*<*4&!:L#04,&<!$,J$%&<!$7''&$4*+&<K!
;&'#!'0*!?&,.&4!:L@+#'0&,!'L*.?7,4#/$&!:&!'L&<?#$&!<0,!'&!$7.?7,4&.&/4!:&<!
0<#6&,<!&4!:&<!04*'*<#4&0,<I!:&!?,7?7<&,!0/!'*&0!#:#?4@!&4!7?4*.*<@!?70,!'L@+&*'!
:&<!&/E#/4<!&4!'&!O*&/!h4,&!:0!?&,<7//&'K!!
!
(&! ?'0<I! '&! ,&<?&$4! :&<! :*EE@,&/4&<! /7,.&<I! &4! :0! O0:6&4! :*,*6&! M0#<*.&/4!
'L*/4@6,#'*4@! :0! ?,7S&4K! 1L&.?,*<&! #0! <7'I! '#! $7/E*60,#4*7/! :0! <*4&! &4! '&!
?,76,#..&!:@E*/*I!*.?7<&/4!'#!0"%*,.3-+&,"%!?,7?7<@&K!
!
1L*.?#$4! :&! $&44&! ,@#'*<#4*7/! ?70,! Y#04&,*+&<! &<4! H! '#! E7*<! #,$%*4&$40,#'&! &4!
<7$*#'&K!
!>0,!'&!?'#/!#,$%*4&$40,#'I!'&!$#O*/&4!Z,#+&,<*&,!&/!#$$7,:!#+&$!'&<!B,$%*4&$4&<!
:&<!Rk4*.&/4<!:&!C,#/$&!?,7?7<&!0/!Ok4*.&/4!:*EE@,&/4!:&!$&0!?,@<&/4<!<0,!
'#!$7..0/&K!;&44&!<7'04*7/!!&<4!,&4&/0&!?70,!$&!Ok4*.&/4!M0*!7EE,&!:0!<&,+*$&!
&4!M0*!:7*4!<&!:@.#,M0&,!<#/<!:@/74&,K!>0,!'&!?'#/!<7$*#'I!$&44&!$,J$%&!#??7,4&!
0/&! /70+&''&! <7'04*7/! :&! 6#,:&! :L&/E#/4<K! ! 9,! R#$%&'*/! g#:S7*/4! #0! .#*,&l!
/70<! $7/E*,.&! M0&! i!$&! <&,+*$&! &<4! :&.#/:@! ?#,! '&<! #:.*/*<4,@<! :&?0*<!
?'0<*&0,<! #//@&<K! (#/<! '&! E040,I! $&! /70+&#0! <&,+*$&! #.J/&,#! ?&04Ph4,&! :&!
/70+&#0!#,,*+#/4<!:#/<!'#!$7..0/&!nK!
20
B0! .7.&/4! :&! '#! '*+,#*<7/I! '&<! &<?#$&<! /L@4#*&/4! ?#<! .&0O'@<K! ;&$*! #! @4@!
:*<$04@! #+&$! '#! 9#*,*&! #E*/! M0&! '&! 6&<4*7//#*,&! $%7*<*<<&! 0/&! ?#,4*&! :&!
'L#.@/#6&.&/4!&4!?0*<<&!<L#??,7?,*&,!'&<!'*&0!$7..&!*'!'&!<70%#*4&K!
!
-/! <8/4%@4*<#/4! '&! $#%*&,! :&<! $%#,6&<! &4! '&<! :*EE@,&/4&<! $7//#*<<#/$&<! <0,!
'L#,$%*4&$40,&!:&!'#!?&4*4&!&/E#/$&I!'&!$#O*/&4!Z,#+&,<*&,!?,7?7<&!'#!<7'04*7/!
<0*+#/4&K!
!
!
>Y)2!Q!GfW.G!
R0:6&4!*/*4*#'!Q!_^W]]]!x!ZZ;!
R0:6&4!H!'#!'*+,#*<7/!Q!__W]]]x!ZZ;!!
(0,@&!:0!$%#/4*&,!Q![]!.7*<I!:&!9#*!G]]f!H!9#,<!G]]a!
`-.+%,4+&,"%'5$'()$4:+0$'
21
!
!
!
!
!
!
!
!
!
5)/+!0'!:/#%&=!!
!
!
!
'
'
'
22
U<B'''''''''''''G+'0-602$'5$'7+3&$-,/$4'V'G$':-"T$&'1530+&,*!
!
1#!$,J$%&!:&!Y#04&,*+&<!?7,4&!'&!/7.!:&!i!;7'*/P;7''*/&<!nK!;L&<4!0/&!$,J$%&!
.0/*$*?#'&!.0'4*P#$$0&*'I!<*40@&!&/!?'&*/!$w0,!:0!+*''#6&!,0,#'!:&!Y#04&,*+&<K!
-''&!&<4!&/470,@&!:&!$7..&,$&<!&4!<&,+*$&<!:&!?,7*.*4@K!1&!.0'4*P#$$0&*'!/&!
<&,#! ?#<! #O7,:@! :#/<! $&44&! #/#'8<&I! $#,! 4,J<! 7$$#<*7//&'! g0/*M0&.&/4! &/!
?@,*7:&!:&!+#$#/$&<!<$7'#*,&<lK!
!
;&44&!<4,0$40,&!&<4!#:,&<<@&!#0!&/E#/4<!,@<*:#/4!<0,!'#!$7..0/&!#8#/4!0/!
k6&!$7.?,*<!&/4,&!:&0!.7*<!&4!:&.*!&4!4,7*<!#/<K!1L&EE&$4*E!#$40&'!:&!:*P
<&?4!&/E#/4<!:7*4!h4,&!&4&/<*O'&!H!+*/64!&/E#/4<K!U'<!<7/4!#$$0&*''*<!:0!'0/:*!
#0!+&/:,&:*!:&!<&?4!%&0,&<!4,&/4&!H!:*P%0*4!%&0,&<!4,&/4&K!
!
!
1L@M0*?&!:0!?&,<7//&'!<&!$7.?7<&!:&!Q!
- [!:*,&$4,*$&!Q!9.&!>#/$%&3!g@:0$#4,*$&!:&!S&0/&<!&/E#/4<l!
- ^!#0*'*#*,&<!:&!?0@,*$0'40,&!!
- G!4*40'#*,&<!:0!;&,4*E*$#4!:LB??,&/4*<<#6&!D,7E&<<*7//&'!D&4*4&!-/E#/$&!
- [!#6&/4!:L&/4,&4*&/K!
!
!
1&<!4&/:#/$&<!?@:#676*M0&<!<&!:@E*/*<<&/4!:&!'#!.#/*J,&!<0*+#/4&!Q!!
P'' :-1:+-+&,"%'8'(+'/,$'$%'0"(($0&,/,&1'
- +0;3,4,&,"%':-".-$44,/$'5$'()+3&"%"#,$'
- :-1:+-+&,"%'8'()$%&-1$'8'()10"($'#+&$-%$(($'
!
!
!
!
!
!
!
23
1#!S70,/@&!48?&!H!;7'*/<P;7''*/&<!<&!?,@<&/4&!:&!'#!.#/*J,&!<0*+#/4&Q!
!
- `3/$-&3-$'8'a2UC'V'+--,/1$'5$4'$%*+%&4'T34;3[8'b2CC'+/$0'(,9-$4'T$3S'
- b2UC'V'0"((+&,"%'53'#+&,%'
- MM2CC'V'+&$(,$-'
- MM2UC'8'MB2UC'V'-$:+4'
- MU2UC'8'Mc2'V'(,9-$'T$3'$&'-$:+4'5$4'+53(&$4'5+%4'(+'4+(($'
- Mc2UC'8'MD2UC'V'(,9-$4'T$3S'
- MD2UC'V'*$-#$&3-$!
G$4'-$:"4''$&'($'4"##$,('4$'*"%&'&"3T"3-4'+3'-I&2#$'5$4'$%*+%&4<'
!
270<! $7/<4#47/<I! H! '#! '&$40,&! :0! ?,76,#..&I! M0&! 'L&/E#/4! ?&04! ?#<<&,!
S0<M0LH! 7/3&! %&0,&<! ?#,! S70,! #0! <&*/! :&! '#! <4,0$40,&K! U'! <&.O'&! :7/$!
*.?7,4#/4!:&!$#:,&,!&4!,84%.&,!#0!.*&0!<&<!S70,/@&<K!
!
B!$&!?,7?7<I!9.&!T7#/!/70<!#EE*,.&!M0L!i!*'!&<4!*.?7,4#/4!M0&!'#!$,J$%&!
?,7?7<&! 0/&! 7,6#/*<#4*7/! E*&! #E*/! :&! $#:,&,! #0! .*&0! '&! ,84%.&! :&!
'L&/E#/4!n!;&'#!<&!+@,*E*&!H!4,#+&,<!'&!4&4&!Q!
'de+#+%A':+:+'
JLE'
f,4P#",'8';3$('#"#$%&'&3'/,$%4'#$'02$-02$-'V'
K:-64'($'."g&$-'h'Q$3&PY&-$':(34'&+-5'h'$'%$'0"%%+,4':+4'($4'2$3-$4'
@&'($'&$#:4'#$':+-+i&':(34'("%.';3)8'&",'F'J$S&-+,&':-".-+##$E'
'
270<!?70+7/<!$7/<4#4&,!M0L#0P:&'H!:L0/!,84%.&!M074*:*&/!<4#O'&I!'L@M0*?&!
+&*''&!#0!O7/!:@,70'&.&/4!:&!'#!<@?#,#4*7/!#+&$!'&<!?#,&/4<K!!
24
!
!
9h.&!<*!/70<!#+7/<!+0!M0&!:&!/7.O,&0<&<!?,@7$$0?#4*7/<!<7/4!#O7,:@&<!
:#/<! '&! ?,76,#..&! :*EE0<@! ?#,! '#! $,J$%&I! '&<! &/4,&4*&/<! #+&$! 9.&!
>#/$%&3I!/70<!,@+J'&/4!M0&!'L@M0*?&!&/$#:,#/4&!/&!<0*4!#0$0/&!.@4%7:&!
?@:#676*M0&! @4#O'*&K! -''&! :7//&! 4704&E7*<! 0/&! 6,#/:&! *.?7,4#/$&! #0!
:@+&'7??&.&/4! :&! 'A&/E#/4!m! /74#..&/4! #+&$! '#! .*<&! &/! ?'#$&! :&!
/7.O,&0! #4&'*&,<! g$0*<*/&I! ?<8$%7.74&0,I! .0<*M0&I! #4&'*&,! #+&$! '&<!
?#,&/4<KKKl!m! &4! &/$70,#6&! +*+&.&/4! '&! :@+&'7??&.&/4! :&! 'A#047/7.*&K!
>&'7/! &''&I! '&! 4,#*4&.&/4! #,$%*4&$40,#'! :&! $&44&! $,J$%&! '0*! ?&,.&4!
:A#??'*M0&,! <&<! ?,*/$*?&<! @:0$#4*E<I! .h.&! <*! &''&! :@?'7,&! 'L#O<&/$&! :A0/!
S#,:*/K!(A#04#/4!?'0<!M0&!'&!?,7S&4!<&!<*40&!&/!37/&!,0,#'&K!
!
!
!
25
!
/3$'5$'(+'0-602$'$&'4$4'$%/,-"%4''
!
!
'
'
'
'
'
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
26
))Z!$(<+(.!:!$(/)#5(($&$(.!&+.c#)$,!d!%'&+)(!!
!
!
M<M'''''''''''''''''''G)$%*+%&'
!
(@E*/*4*7/!:&!i!&/E#/4!n!
&/4,&!'#!/#*<<#/$&!&4!'#!?0O&,4@yK!
1&<!<4#:&<!:&!'A&/E#/$&!<7/4!Q!/70+&#0P/@!g0/!O@O@!:&!.7*/<!:A0/!.7*<lI!/70,,*<<7/!
g&/4,&![!&4!G_!.7*<lI!?&4*4&!&/E#/$&!g:&!]!H!`!#/<l!!
1#!$,J$%&!M0&!/70<!#/#'8<7/<!#$$0&*''#/4!:&<!&/E#/4<!:&!:&0!.7*<!&4!:&.*!H!4,7*<!
#/<I! /70<! 4,#*4&,7/<! :7/$! ?'0<! <?@$*E*M0&.&/4! :&<! /70,,*<<7/<! &4! :&! '#! ?&4*4&!
&/E#/$&K!
!
1A!@48.7'76*&!:&!$&!.74!&<4!'#4*/&!Q!zz!*/E#/<!AA!<*6/*E*#*4I!?70,!'&<!,7.#*/<I!i!M0*!/&!
?#,'&!?#<!nK!
Z704&!'#!:*EE*$0'4@!:&!$7/$&+7*,!0/&!#,$%*4&$40,&!?70,!'&<!{4704P?&4*4<y!<&!,@<0.&I!
<&'7/! /70<I! :#/<! 'A@48.7'76*&! .h.&! :0! .74I! $#,! *'<! /&! ?&0+&/4! +&,O#'*<&,! '&0,<!
:&.#/:&<K!!
B0! +0&<! :&! /7<! :*EE@,&/4&<! ,&$%&,$%&<I! /70<! <#+7/<! M0&! '&<! .*'*&0! :&! +*&! <&!
:7*+&/4!:&!,@?7/:,&!#0!O&<7*/<!<?#4*#0!:&<!&/E#/4<!m!&/!'&0,!7EE,#/4!0/!&<?#$&!
#??,7?,*@!&4!#:#?4@!H!'&0,!@+7'04*7/!$7/4*/0&''&K!!
!
1A&/E#/$&!&4!'#!?&4*4&!&/E#/$&!<7/4!:@E*/*&<!?#,!$&,4#*/<!?<8$%7'760&<!g:&!'#!?&4*4&!
&/E#/$&lI!$7..&!:&<!?@,*7:&<!*.?7,4#/4&<!?70,!'#!E7,.#4*7/!:&!'#!?&,<7//#'*4@!:0!
E040,!#:0'4&K!C,#/d7*<&!(7'47I!&/4,&!#04,&<I!!#!:@+&'7??@!4704!#0!'7/6!:&!<#!$#,,*J,&!
:&!?@:*#4,&!&4!?<8$%#/#'8<4&I!'#!/74*7/!:&!'L&/E#/4!$7..&!?&,<7//&I!&4!$&!:J<!<#!
/#*<<#/$&K!
!
B! '#! <0*4&! :&<! ?,@$0,<&0,<! M0*! <7/4! :&+&/0<! :&<! $'#<<*M0&<! 4&'<! M0&! T&#/! D*#6&4I!
Y&/,*! |#''7/I! |*//*$744! 70! 9#,*#! 97/4&<<7,*I! $&,4#*/<! ?<8$%7'760&<! :&! 'L&/E#/4!
7/4! ?7<@! :&<! O#<&<! <7'*:&<I! M0*! 7/4! ?&,.*<I! &/4,&! #04,&<I! '&<! ?,76,J<! :L0/&!
?0@,*$0'40,&!&4!:L0/&!?@:#676*&!.7:&,/&<K!
27
!
!
!
M<B''''''''''''''''''G$4'5,**1-$%&$4'&21"-,$4'5$'(+':15+.".,$'5$'()$%*+%&'
'
B! '#! '0.*J,&! :&! /7<! ,&$%&,$%&<I! /70<! ?70+7/<! #EE*,.&,! M0&! '&! :@+&'7??&.&/4!
?%8<*M0&I!<7$*#'!&4!?<8$%7'76*M0&!:&!'A&/E#/4!<&!E#*4!:&!E#d7/!,#?*:&!&4!*/4&/<*+&K!U'!
&<4!O&#0$70?!?'0<!<&/<*O'&!M0&!$&'0*!:&!'A#:0'4&!#0!*/E'0&/$&<!:&!'A&/+*,7//&.&/4K!
!
B0<<*I!/70<!?,@<&/4&,7/<!:&0!4%@7,*&<!<0,!'&!:@+&'7??&.&/4!:&!'L&/E#/4I!?#,.*!'&<!
?'0<!,&$7//0&<!M0&!<7/4!$&''&<!:&Q!
!
;JE@! 6G??GEM! <FGHe! *GEPJH! 1[fa`P[af]l!Q! D<8$%7'760&I! R*7'76*<4&I! '76*$*&/! &4!
@?*<4@.7'760&!>0*<<&!$7//0!?70,!<&<!4,#+#0!&/!?<8$%7'76*&!:0!:@+&'7??&.&/4!&4!
&/!@?*<4@.7'76*&K!U'!@40:*&!'&!:@+&'7??&.&/4!:&!'L*/4&''*6&/$&!:&!'#!/#*<<#/$&!#0!
'#/6#6&K!D70,!'0*!'&!$76/*4*E!&<4!'L@'@.&/4!?%#,&!:0!:@+&'7??&.&/4!:&!'L&/E#/4K!!
i!1#!DCNLTA?APGJ!LAP@GHGQJ!@40:*&!'&<!6,#/:&<!E7/$4*7/<!?<8$%7'76*M0&<!:&!'Ah4,&!
%0.#*/! M0&! <7/4! '#! .@.7*,&I! '&! '#/6#6&I! 'A*/4&''*6&/$&I! '&! ,#*<7//&.&/4I! '#!
,@<7'04*7/!:&!?,7O'J.&<I!'#!?&,$&?4*7/!70!'A#44&/4*7/K!n!G+-"344$!
D#,! '#! .h.&I! T&#/! D*#6&4! ! .&4! &/! @+*:&/$&! i!'&! ?,7$&<<0<! :&! $7/<4,0$4*7/! :&<!
.7:&<!:&!,#??7,4!H!'L&<?#$&I!:0!?7*/4!:&!+0&!:&<!#?4*40:&<!.74,*$&<I!?&,$&?4*+&<!&4!
*/4&''&$40&''&<K!n=<!"3-&$,S'
!
U'! #+#/$&! #*/<*! M0&! ! 'L*/4&''*6&/$&! :&! 'L&/E#/4! <&! $7/<4,0*4! ?,76,&<<*+&.&/4! m! ?#,!
?#'*&,<I!&4!M0L&''&!@+7'0&!4704!#0!'7/6!:&!<#!+*&K!1L&/E#/4!/&!?70+#/4!#$$@:&,!H!0/!
?#'*&,!<#/<!#+7*,!E,#/$%*!'&!?,@$@:&/4K!!
!
!
1#!,&$%&,$%&!'#!?'0<!$7//0&!:&!T&#/!D*#6&4!:@.7/4,#/4!'L*/4&''*6&/$&!&4!*''0<4,#/4!
#0!.*&0!'&!:@+&'7??&.&/4!:&!'L&/E#/4! ?#,! <4#:&!&<4! $&''&! :&!'#!?&,.#/&/$&!:&!
'L7OS&4K!
!
28
!
1#!?&,.#/&/$&!:&!'L7OS&4!Q!
!
B0! $70,<! :&! '#! ?@,*7:&! <&/<7,*.74,*$&I! '&<! $%#/6&.&/4<! :#/<! '&! :@+&'7??&.&/4!
$76/*4*E!<&!$7/$,@4*<&/4!?#,!'#!$7/<4,0$4*7/!:L*/+#,*#/4<K!
1L*/+#,*#/4! ?,*/$*?#'! $7/$&,/&! 'L&*<4&/$&! :L0/! 7OS&4! E*&I! ?&,.#/&/4K! U'! <&,4! H! :&!
.0'4*?'&<!#$M0*<*4*7/<K!
1L&?,&<<*7/! i! ?&,.#/&/$&! :&! 'L7OS&4! n! <*6/*E*&! M0&! 'L&/E#/4! #:.&4! M0L0/! 7OS&4!
$7/4*/0&!:L&*<4&,!'7,<M0L*'!M0*44&!'&!$%#.?!?&,$&?4*EK!;7/$&+7*,!$&44&!?&,.#/&/$&!
*.?'*M0&!M0&!'L&/E#/4!<7*4!$#?#O'&!:L&/!LA@CJFQJF!B@J!FJDFICJ@HEHGA@!MJ@HE?JK!
''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''W3$'43-'($4'239("&4'5$:3,4'(+'j"%$'-$:+4''
!
T&#/!D*#6&4!#!:@$,*4!`!<4#:&<!:#/<!'#!$7/<4,0$4*7/!:&!$&44&!?&,.#/&/$&!:&!'L7OS&4I!
<4#:&<! M0*! <7/4! ?#,#''J'&<! H! $&0! :&! 'L*/4&''*6&/$&! <&/<7,*.74,*$&K! U'! *''0<4,&! <#!
4%@7,*&!?#,!'L&&.?'&!:0!/70/70,<!$#$%@!<70<!0/!47,$%7/K!!
29
!
!
0HEKJ!!8!:&!'#!/#*<<#/$&!H!G!.7*<!Q!?#<!:&!,@#$4*7/!H!'#!:*<?#,*4*7/!:&!'L7OS&4!
0HEKJ!2!8!:&!G!H!^!.7*<!Q!.*.*M0&<!:@<#??7*/4@&<I!?'&0,<!.#*<!?#<!:&!,&$%&,$%&!:&!
'L7OS&4!!g/70/70,<lK!
0HEKJ! b! 8! :&! `! H! f! .7*<! Q! ?&,.#/&/$&!
?,#4*M0&! '*@&! H! 'L#$4*7/! g#/4*$*?#4*7/lI!
,&$%&,$%&!:#/<!'L&<?#$&!?,7$%&!
0HEKJ!f!8!:&!`!H![G!.7*<!Q!,&$%&,$%&!:&!'L7OS&4!$7.?'J4&.&/4!$#$%@!
0HEKJ!g!8!:&![G!H![f!.7*<!Q!.#j4,*<&!:&<!:@?'#$&.&/4<!+*<*O'&<!<0$$&<<*E<!
0HEKJ!3!8!:&![f!H!G_!.7*<!Q!.#j4,*<&!:&<!:@?'#$&.&/4<!*/+*<*O'&<!
!
i!1L&/E#/4! #$M0*&,4! #*/<*! g?#,! ?#'*&,lI! '&! $#,#$4J,&! :&! ?&,.#/&/$&! :&! 'L7OS&4I!
*/:*<?&/<#O'&!H!'L7,6#/*<#4*7/!<?#4*7P4&.?7,&''&!&4!H!<#!<4,0$40,#4*7/!$#0<#'&!Q!:&<!
#$4*7/<!7/4!:&<!$#0<&<!M0*!&/4,#j/&/4!$&,4#*/&<!$7/<@M0&/$&<V!n=<!"3-&$,S<'
!
(#/<!/74,&!@40:&I!$&44&!4%@7,*&!:&!T&#/!D*#6&4!,&<<7,4!:&!:*EE@,&/4&<!.#/*J,&<K!1&<!
$'7*<7/<! H! .*P%#04&0,I! '&<! +*4,#6&<I! '&<! %0O'74<I! '&! .7O*'*&,! &/6&/:,&/4! :&<!
i!$#$%@<P4,70+@<!n!,@$0,,&/4<K!1&!?'0<!@+*:&/4!<&!4,70+&!#3'%,/$+3'5$4'"3/$-&3-$4<'
D#,!&''&I!'&<!#,$%*4&$4&<!7/4!+&*''@<!H!$&!M0&!4704&<!'&<!$#4@67,*&<!:L&/E#/4<!?0*<<&/4!
8!#+7*,!#$$J<!m!M0L*'<!<7*&/4!$70$%@<I!#<<*<!70!:&O704K!!
!
0HEKJ!V'B??7,4!:&!'0.*J,&!/#40,&''&!}!:L0/&!#.O*#/$&!:*EE@,&/4&K!!
0HEKJ! 28' D&0+&/4! ,@#6*,! #0! .7.&/4! :0! ?#<<#6&! :L7OS&4I! :&! ?&,<7//&<KKK! <#/<!
'L#/4*$*?&,K!
0HEKJ! bV' ?&04! S70&,! H! +7*,! ?'0<! 70! .7*/<! 0/&! ?&,<7//&! :&,,*J,&! 0/&! 70+&,40,&!
g*/4&,#$4*7/!&/E#/4e&/E#/4!!}!&/E#/4e#:0'4&l!!
0HEKJ! f! JH! gV' D&04! $%&,$%&,! M0&'M0L0/! 70! M0&'M0&! $%7<&! :&! $7//0! H! 4,#+&,<!
'L70+&,40,&I!
0HEKJ!3V'?&04!#/4*$*?&,!$&!M0*!+#!<&!?#<<&,!H!4,#+&,<!'L70+&,40,&K
!
!
G$4'239("&4V'43::"-&'8'([$S:1-,$%0$'0".%,&,/$'
30
>&'7/! -Y6G@@GLAHH! g[aX[lK! D70,! '0*I! ! 'L&/E#/4! #<<*.*'&! S0<M0LH! 'Lk6&! :&! WP
`#/<!'#!,&?,@<&/4#4*7/!:&!'L#04,&K!1L#<<*.*'#4*7/!:&!$&44&!,&?,@<&/4#4*7/I!<&!
E#*4! /74#..&/4! ?#,! O*#*<! :&! '#! ,&?,@<&/4#4*7/! :&! '#! .J,&I! #O<&/4&!
?%8<*M0&.&/4! .#*<! ?,@<&/4&! ?<8$%*M0&.&/4K! 1#! :*.&/<*7/! <?#4*#'&! <&!
:@?'7*&! ?#,! '#! .*<&! &/! ?'#$&! :L0/! *.#6*/#*,&! :*<4*/$4! :&! '#! ,@#'*4@!
&4@,*&0,&K!1L#04,&!&<4!470S70,<!?,@<&/4!.h.&!<*!%7,<!:0!$%#.?!:&!+*<*7/!
*..@:*#4K! B*/<*! #??#,#*4! '&<! 7OS&4<! 4,#/<*4*7//&'<! M0&! ?&0+&/4! h4,&! '&<!
i!:70:70<!n!?#,!&&.?'&K!U'<!S70&/4!'&!,b'&!:&!<0O<4*404!.#4&,/&'!,#<<0,#/4!
?70,!<0??7,4&,!'#!<@?#,#4*7/!#+&$!'#!.J,&!g:#/<!/74,&!&&.?'&l!&4!i!#<<0,&!
:7/$!'#!4,#/<*4*7/!&/4,&!'#!,@#'*4@!&4&,/&!&4!'#!,@#'*4@!*/4&,/&!:&!'L&/E#/4K!n!
=<!"3-&$,S'
'
)/!#<<*<4&I!?#,!$&!?,7$&<<0<I!#0!:@?'7*&.&/4!:&!?9ELHGQGHI!DCNLTGXBJ!KE@C!
?J![JB!M0*!,&'*&!'#!,@#'*4@!*/4&,/&!:&!'L&/E#/4!n!g<L*.#6*/&,!'Lh4,&!.#/M0#/4!H!
<&<!$b4@<l!&4!i!'#!,@#'*4@!&4&,/&!n!g'Lh4,&!&<4!O*&/!#O<&/4!?%8<*M0&.&/4lK!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
31
'
M<k G$4'0+-+0&1-,4&,;3$4':2I4,"(".,;3$4'5$'()$%*+%&'5,**1-$%&$4'5$'
0$(($4'5$'()+53(&$'
!
T&#/! D*#6&4! #! $7/<#$,@! 0/! 70+,#6&! E7/:#.&/4#'! #0! ?,76,J<! :&! '#!
,&?,@<&/4#4*7/!:&!'L&<?#$&!$%&3!'L&/E#/4!gG+'-$:-14$%&+&,"%'53'#"%5$'02$j'
()$%*+%&' MbBElK! B0! +0&<! :&! <&<! ,&$%&,$%&<I! /70<! <#+7/<! M0&! '#! .#j4,*<&!
*/4&''&$40&''&! $7.?'J4&! :&! 'L&<?#$&! /L*/4&,+*&/4! M0L#0! <&0*'! :&!
'L#:7'&<$&/$&K!2@#/.7*/<I!*'!#??#,#*4!M0&!'&<!@4#?&<!'&<!?'0<!$,0$*#'&<!<&!
:@,70'&/4!:#/<!'&<!?,&.*J,&<!#//@&<!:&!'#!+*&!:&!'L&/E#/4K!1&!?<8$%7'760&!!
:@E*/*,#! $&44&! ?@,*7:&! #/4@,*&0,&! #0! '#/6#6&I! :&! ^!CJ@CAFGZMAHFGLJ!nK! -/!
'A#O<&/$&! :0! '#/6#6&! &4! :&! <#! E7/$4*7/! <8.O7'*M0&I! 'A&/E#/4! &&,$&! 0/&!
*/4&''*6&/$&!&<<&/4*&''&.&/4!?,#4*M0&!M0*!<A#??0*&!<0,!:&<!?&,$&?4*7/<!&4!
:&<!.70+&.&/4<K!
BE*/! :&! '0*! ?&,.&44,&! H! 'L&/E#/4! :&! :@+&'7??&,! <7/! */4&''*6&/$&! ?,#4*M0&!
g?&,$&?4*7/<I!.70+&.&/4<lI!*'!/70<!?#,#*4!&<<&/4*&'!:&!?,&/:,&!$7/<$*&/$&!
:&! <&<! :*EE@,&/$&<K! -/! &EE&4I! CE! DJFLJDHGA@! CDEHGE?J! :*EEJ,&! :&! $&''&! :&!
'L#:0'4&!:&!?#,!<&<'LEFELHIFGCHGXBJC!DTNCGA?APGXBJC'M0*!<7/4!4704&<!#04,&<K!
!
!
@02$(($'5$'([+53(&$'+3'9191''
32
!
Z704! :L#O7,:! '#! ?&,$&?4*7/! +*<0&''&! :&! 'L&/E#/4! &<4! ?'0<! ,@:0*4&! M0&! $&''&! :&!
'L#:0'4&K! {1L&/E#/4! /&! ?&,d7*4! ?#<! 'L&/+*,7//&.&/4! :&! '#! .h.&! E#d7/! M0L0/!
#:0'4&K! >#! ?&,$&?4*7/! <&/<7,*&''&I! <#! $#?#$*4@! :L#44&/4*7/I! 'L*.?7,4#/$&! :&!
'L#EE&$4*+*4@! <7/4! :*EE@,&/4&<I! &4! <7/4! 6@/@,#'&.&/4! .#'! $7//0&<! :&<!
$7/$&?4&0,<K!1L#/6'&!:L70+&,40,&!:&!<7/!$%#.?!+*<0&'I!?#,!&&.?'&I!&<4!*/E@,*&0,!
H!X]~!#+#/4!'Lk6&!:&!%0*4!#/<I!#'7,<!M0L*'!?&04!:@?#<<&,![f]~!$%&3!'L#:0'4&K!(#/<!
'&<!'*&0!7t!*'!<&!:@?'#$&I!'L&/E#/4!<&!,&?,@<&/4&!'L&<?#$&!:&!E#d7/!?#,4*&''&!?#,!
,#??7,4! H! /74,&! ?&,$&?4*7/K!n! B//&! C#0,&! g0,O#/*<4&! $7/<0'4#/4&l! G)$%*+%&' $&'
()+-02,&$0&$K!;&44&!4%@7,*&!&<4!$7/E7,4@&!?#,!9.&!T7#/I!?@:7?<8$%*#4,&!'7,<!:&!
<7/!*/4&,+*&oK!!
!
!
270<!?70+7/<!&/!:@:0*,&!M0L*'!&<4!?,@E@,#O'&!:&!?,7?7<&,!H!'L&/E#/4!:&<!&<?#$&<!
70+&,4<I!<#/<!7O<4#$'&I!#:#?4@<!H!<7/!$%#.?!:&!+*<*7/!,@:0*4K!
!
!
,hJCDELJ! KJ! [JB8!
LTEMD!KJ!QGCGA@!
K%.($'5$'/,4,"%'5,**1-$%&''
W3$'43-'()$4:+0$'T$3'
33
(#/<!'&!?,7S&4!@40:*@I!'A&<?#$&!S&0!<&!!4,70+&!:#/<!0/&!37/&!M0*!#!0/&!6,#/:&!
%#04&0,! <70<! ?'#E7/:! #E*/! :&! :@E*/*,! 0/! &<?#$&! &4! 0/&! #4.7<?%J,&! :*EE@,&/4&I!
,&'#4*+&.&/4!#@,@<!&4!:7/$!<#/<!7O<4#$'&!+*<0&'!4,7?!.#,M0@K!
!
!!!!!!!!!!!!!!!!!
D70,! 9.&! T7#/I! g?@:7?<8$%*#4,&! M0&! /70<! #+7/<! */4&,+*&o@&lI! $&<! .h.&<!
%#04&0,<!<70<!?'#E7/:I!4,7?!*.?7,4#/4&<I!?&0+&/4!h4,&!<70,$&!:L#/67*<<&!$%&3!
'&<!&/E#/4<K!;&'#!<&!$7/E*,.&!H!'#!'&$40,&!:&!G)$%*+%&A'()+-02,&$0&3-$'$&'()$4:+0$!:&!
5&7,6&<!9&<.*/!Q!i!U'!E#04!M0&!'&<!+7'0.&<I!8!$7.?,*<!$&0!:&<!&<?#$&<!'*O,&<I!
<7*&/4!H!0/&!@$%&''&!4&''&!M0&!'L&/E#/4!/&!<&!<&/4&!/*!?&,:0!/*!@$,#<@!nK!
(&!?'0<I!0/!&/E#/4!:&!.7*/<!:&! $*/M!#/<!.&<0,&!&/4,&!]KW]$.!&4![KG].K!(&<!
@'@.&/4<!M0*!/&!/70<!?#,#*<<&/4!?#<!:&<!7O<4#$'&<I!?70,!/70<!#:0'4&<I!'&!<7/4!
?70,!'0*K!>#!4#*''&!'0*!#44,*O0&!0/&!,&'#4*7/!?#,4*$0'*J,&!#+&$!'&!<7'Q!H!M0#4,&!?#44&<!
?#,!&&.?'&!?70,!'&<!?'0<!?&4*4<K!!
!
270<! ?70+7/<! <0??7<&,! ! M0L*'! &<4! *.?7,4#/4! :&! LA@LJQAGF! B@! LEKFJ! KJ! QGJ! W!
?9ILTJ??J!KJ!?9J@OE@H!JH!KJ!CJC!LEFELHIFGCHGXBJC!DTNCGA?APGXBJCK!;&$*I!4704!&/!
$7/$&+#/4! 0/! &<?#$&! M0*! '0*! ?&,.&44&! :&! S70&,! &/! @4#/4! '&! ?'0<! #047/7.&!
?7<<*O'&K!
1L#<<7$*#4*7/! 2BuU"•! .J/&! 0/&! ,@E'&*7/! <0,! '&<! ,#??7,4<! {&/E#/4<P#:0'4&P
&/+*,7//&.&/4y!&/!#+#/d#/4!M0&!{'L&<?#$&!:&!'L&/E#/4!&<4!.0'4*?'&!&4!.7O*'&I!
$7/<*:@,#/4!M0&!<#!4#*''&!@+7'0&!?&,?@40&''&.&/4!?70,!#44&*/:,&!$&''&!:&!'L#:0'4&K!!
1L@$%&''&! :&! 'L&/E#/4! &<4! #'7,<! <#/<! $&<<&! &/!
.70+&.&/4I!:&!.h.&!M0&!<&<!$7.?7,4&.&/4<!#*/<*!M0&!<&<!,&?J,&<!70!&/$7,&!
<#!E#d7/!:A*/4&,#6*,!&4!:L#<<*.*'&,!'L&<?#$&K!n!
!
•K44"0,+&,"%'?+/,-!Q!B<<7$*#4*7/!'7*![a][!M0*!.J/&!:&?0*<!0/&!+*/64#*/&!:L#//@&<!0/&!,@E'&*7/!
<0,!'&<!*/4&,#$4*7/<!&/E#/4e!#:0'4&e!&/+*,7//&.&/4!m!M0*!<L#??0*&!<0,!0/&!?,#4*M0&!
:L#.@/#6&.&/4!:&!/7.O,&0!'*&0!:L#$$0&*'!:0!S&0/&!&/E#/4K!
Q2I4,"(".,$4'5$'([+53(&$'+3'9191''
34
!
N/!&/E#/4!@+7'0&!:#/<!'A&<?#$&!?#,!:*EE@,&/4&<!?7<40,&<Q!#$$,70?*I!$70$%@I!#<<*<I!
:&O704K!U'!/70<!?#,#j4!&/!$&'#!?&,4*/&/4!:&!'0*!?,7?7<&,!:&<!&<?#$&<!<&'7/!<&<!
:*EE@,&/4<!?7*/4<!:&!+0&K!
BE*/! :&! ,@?7/:,&! #0! .*&0! #0! ?%8<*7'76*&<! &4! ?7<40,&<! .0'4*?'&<! &4!
$%#/6&#/4&<! :&<! &/E#/4<I! '&! ?,7S&4! 7EE,&! :*EE@,&/4<! ?7*/4<! :&! +0&K! 1&<! %0O'74<!
<7/4! :*<?7<@<! H! :*EE@,&/4&<! %#04&0,<! <0,! '&<! .0,<! &/! E#d#:&I! &4! '&<! <0,E#$&<!
+*4,@&<!<7/4!*.?7,4#/4&<K!1&<!&/E#/4<!$70$%@<I!#<<*<I!:&O704!?&0+&/4!#*/<*!#+7*,!
0/!#$$J<!+*<0&'!<0,!'L&4@,*&0,!<#/<!.h.&!<&!:@?'#$&,K!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!12;)(3,!7#=,'+3,!0/+,!)/!>(+'!#'7/,!
35
!
!
!!5(#3',!/4'%!&2;)(3,!'+!/%%$,!/2?!%&/:;#',!
!
!
1&<! ?7,4&<! :&<! $%#.O,&<! ?7<<J:&/4!
@6#'&.&/4!0/!%0O'74!#$$&<<*O'&!?#,!'&<!
&/E#/4<! g&/! ?'0<! :&! $&'0*! ?,@+0! ?70,!
'L#:0'4&!&/$#:,#/4lK!!
(&! ?'0<I! 1&<! <#/*4#*,&<! ! #*/<*! M0&! '&<!
#$$J<! $7/4,b'@<! <7/4! #:#?4@<! H! '&0,<!
4#*''&<!&4!H!'&0,<!$#?#$*4@<K!
!
!
!
>&'7/! '&! 60*:&! ?,#4*M0&! G)$4:+0$' 5)+003$,(' 5$' (+' :$&,&$' $%*+%0$! i!0/!
&/+*,7//&.&/4! #:#?4@! H! 'L@$%&''&! :&! 'L&/E#/4! <#0,#! '&! E#*,&! @+7'0&,! <&0'! :#/<!
'L&<?#$&!m!#$M0@,#/4!#*/<*!?,76,&<<*+&.&/4!<7/!#047/7.*&K!n!
1L#$M0*<*4*7/!?,76,&<<*+&!:L#047/7.*&!&<4!:L#*''&0,<!<70+&/4!?,@?7/:@,#/4&!:#/<!
'&!?,7S&4!?@:#676*M0&!:&<!$,J$%&<K!;&'#!&<4!!:L#*''&0,<!'&!$#<!?70,!'#!$,J$%&!:&!
Y#04&,*+&<K!
!
!
36
!
G! ,9JCDELJ! KJ! QGJ!8! ?J! [JB! LAMMJ! CBDDAFH! KB! KIQJ?ADDJMJ@H!
DCNLTAMAHJBF!KJ!?9J@OE@HY!
!
B<M G$'T$3V'51*,%,&,"%'$&'-O($'
!
=48.7'76*M0&.&/4!'&!S&0!H!?70,!,#$*/&!T"034I!#.0<&.&/4I!O#:*/#6&K!
>&'7/!'&!:*$4*7//#*,&I!'&!S&0!&<4!:@E*/*!$7..&!i!0/&!#$4*+*4@!?%8<*M0&!70!.&/4#'&!
?0,&.&/4! 6,#40*4&I! 6@/@,#'&.&/4! E7/:@&! <0,! '#! $7/+&/4*7/! &4! '#! E*$4*7/! M0*! /L#!
:#/<!'#!$7/<$*&/$&!:&!$&'0*!M0*!<L8!'*+,&I!:L#04,&!E*/!M0L&''&P.h.&I!:L#04,&<!O04<!
M0&!'&!?'#*<*,!M0L&''&!?,7$0,&K!n!
!
1&! S&0! &4! 'L*.#6*/#*,&! <&.O'&/4! @4,7*4&.&/4! '*@<K! U'<! ,&?,@<&/4&/4! 'L#$4*+*4@!
?,*/$*?#'&!:0!M074*:*&/!:0!S&0/&!&/E#/4K!Z704&E7*<I!#0!,&6#,:!:&!/7<!,&$%&,$%&<I!
/70<!?70+7/<!#+#/$&,!M0&!'&!S&0!?70,!'L&/E#/4!/L#!?#<!'#!.h.&!<*6/*E*$#4*7/!M0&!
?70,!'L#:0'4&K!D70,!'0*I!$L&<4!4,J<!<@,*&0I!$L&<4!.h.&!<7/!#$4*+*4@!'#!?'0<!<@,*&0<&K!
!
!"("%%$V'"00+4,"%'5$'T$3''
37
1&!S&0!#!0/!,b'&!:#/<!'#!$7/<4*404*7/!:&!'#!?&,<7//#'*4@!
1A&/E#/4! #??,&/:! &/! */4&,#6*<<#/4! #+&$! <7/! &/+*,7//&.&/4I! $A&<4! $&! M0A7/4!
:@.7/4,@! ?'0<*&0,<! #04&0,<! 4&'<! M0&! 5&7,6&<! 9&<.*/I! T&#/! D*#6&4! 70! &/$7,&!
Y&/,*!|#''7/K!U'<!#+#/$&/4!M0&!LJHHJ!G@HJFELHGA@!EQJL!?hJ@QGFA@@JMJ@H!!MEHIFGJ?!
CJ!OEGH!JCCJ@HGJ??JMJ@H!DEF!?J![JBY!
T&#/! D*#6&4! :*,#! M0L!i!)/! /&! $7//#j4! 0/! 7OS&4! M0L&/! #6*<<#/4! <0,! '0*! &4! &/! '&!
4,#/<E7,.#/4K!n!Q4I02"(".,$'$&'1:,4&1#"(".,$A'Q+-,4A'f$%"m(A'MbaC<!
1L#$4*7/I!&4!:7/$!'#!$7//#*<<#/$&!:&!'L7OS&4!$%&3!'L&/E#/4I!?&04!<&!E#*,&!?#,!'&!S&0!
M0*!&<4!0/&!:&!<&<!#$4*+*4@<!'&<!?'0<!i!:&/<&<K!n!
!1#!.#j4,*<&!*/4&''&$40&''&!$7.?'J4&!:&!'A&<?#$&!/L*/4&,+&/#/4I!<&'7/!'0*I!M0A#0!<&0*'!
:&!'A#:7'&<$&/$&K!2@#/.7*/<I!'&<!@4#?&<!'&<!?'0<!$,0$*#'&<!<&!:@,70'&/4!:#/<!'&<!
?,&.*J,&<!#//@&<!:&!+*&!:&!'A&/E#/4K!
!
;&,4#*/<I!*/E'0&/$@<!:&<!4,#+#0!:&!T&#/!D*#6&4!:*<&/4!M0&!S0<M0LH!'Lk6&!:&!`#/<I!
'L&/E#/4! #??,&/:! 0/*M0&.&/4! H! 4,#+&,<! 'L&?@,*&/$&! :#/<! '&! S&0I! {&/! E#*<#/4yQ! *'!
&?'7,&I!470$%&I!<&/4I!67s4&I!.#/*?0'&I!@$704&I!E#*4!&4!:@E#*4KKKU'!:@+&'7??&!#*/<*!
0/&!*/4&''*6&/$&!.0'4*?'&Q!.74,*$*4@I!#047/7.*&I!'#/6#6&I!&<4*.&!:&!<7*I!'&!,#??7,4!
#0!#04,&<KKKZ70<!<&<!<&/<!<7/4!&/!@+&*'!&4!$L&<4!?#,!&0!M0L*'!&?'7,&!'&!.7/:&K!
;&'#! <&.O'&! ?70,! '0*I! '&! .78&/! :A&?'7,&,! '&! .7/:&I! :&! '&! .#j4,*<&,! &4! :&!
'A#??,&/:,&K!Y&/,*!|#''7/!:*,#!H!$&!?,7?7<Q!{1L&/E#/4!&/!S70#/4!,@+J'&!<&<!67s4<!&4!
<&<!O&<7*/<y!
!
270<!?70+7/<!&/!:@:0*,&!M0&!$&'#!'&!?70<<&!H!&/4,&?,&/:,&!:&<!#$4*+*4@<!:&!4704&!
<7,4&I!H!<L#??,7?,*&,!$&!M0*!'L&/470,&I!<&'7/!<&<!$&/4,&<!:A*/4@,h4<Q!H!T)N-"K!B0<<*I!
?J![JB!DJBH!iHFJ!LA@CGKIFI!LAMMJ!?9ABHG?!DFG@LGDE?!DEF!?JXBJ?!?9J@OE@H!C9J]DFGMJU!
EDDFJ@K!JH!CJ!KIQJ?ADDJY!
38
!
D70,!'0*I!0/&!4#O'&!/L&<4!?#<!470S70,<!0/&!4#O'&I!$L&<4!0/&!6,744&I!0/&!+7*40,&I!0/!
4#?*<!+7'#/4KKK!!
1L&/E#/4!#!0/!:@<*,!?,7E7/:!:&!E#*,&!<#!?'#$&I!:&!<L#??,7?,*&,!0/!$7*/!?#,!&&.?'&K!
B*/<*I! *'! &&,$&! 0/! $7/4,b'&! <0,! <7/! &/+*,7//&.&/4! &4! @+7'0&! :#/<! <7/! ?,7?,&!
0/*+&,<!*.#6*/#*,&K!
!
!
!
!(ABC! LA@CHEHA@C! KA@L! XBJ! ?J! [JB! E! B@! Fj?J! KE@C! ?E! LA@CHFBLHGA@! KJ! ?E!
DJFCA@@E?GHI! KJ! ?9J@OE@HU! KE@C! CA@! KIQJ?ADDJMJ@HY! "9JCH! DEF! LJHHJ! ELHGQGHI!
KGQJFHGCCE@HJU!?GRFJ!JH!CDA@HE@IJ!XBJ!?9J@OE@H!EDDFJ@KY!^!U'!:@+&'7??&!#*/<*!<7/!
#6*'*4@I! <70+&/4! 'L%#O*'&4@! :&! <&<! .#*/<I! <7/! <&/<! :&! 'L@M0*'*O,&I! <7/!
$#,#$4J,&V!nn$"-.$4'e$4#,%<!
!
!
!
!
!
!
^%'$%*+%&'T"3$'+/$0'3%$'&+9($''
G$'T$3'5+%4'($'51/$("::$#$%&'5$'()$%*+%&''
39
B0<<*!m!U'!/70<!?#,#j4!*/4@,&<<#/4!M0&!'A&/+*,7//&.&/4!.#4@,*&'!#*4!:&<!M0#'*4@<!
<8.O7'*M0&<!?&,.&44#/4!H!'A&/E#/4!:A*.#6*/&,!&4!:&!$,@&,!<7/!?,7?,&!.7/:&K!!
*EFOAGC!?9J@QGFA@@JMJ@H!KE@C!?JXBJ?!IQA?BJ!?9J@OE@H!OEQAFGCJU!QAGF!AOOFJ!B@!
LA@HJ]HJ!OEQAFER?J!EB![JB!XBGHHJ!W!KJQJ@GF!I?IMJ@H!KB![JB!?BGZMiMJY!
!
B<B G)$4:+0$'5$'/,$V':-":,0$'+3'T$3'
!
274,&!#/#'8<&!?70,!*''0<4,&,!'&!S&0!:#/<!'&!Ok4*I!<&!?7,4&,#!&<<&/4*&''&.&/4!<0,!
'&<! 37/&<! ,&?#<! &4! S&0K! ;&! <7/4! $&''&<! M0*! /70<! ?#,#*<<&/4! '&! ?'0<! ?,7?*$&! H!
'L@+&*'! :&! 'L&/E#/4K! 1#! :*,&$4,*$&! :0! '*&0! /70<! #! :L#*''&0,<! :@E*/*! '#! 37/&! ,&?#<!
$7..&!@4#/4!@6#'&.&/4!0/!&<?#$&!:&!'*O,&<!S&0K!
!
270<!?70+7/<!$*4&,!'&<!%0O'74<!?7/$40#/4!'L&<?#$&K!U'<!<7/4!?#,E7*<!@'@.&/4<!:&!
S&0!&0P.h.&<K!U'<!7EE,&/4!#0!&/E#/4<!:&<!*/<4#/4<!:L@+#<*7/!&/!,h+#/4!:&+#/4!
:&<! +0&<! #48?*M0&<! <0,! 'L&4@,*&0,! 4704! &/! '&0,! 7EE,#/4! :&! .0'4*?'&<! $7/4#$4<K!
Z704!:L#O7,:!4#$4*'&<!6,k$&!#0!.7:*E*$#4*7/<!:&!'#!4&.?@,#40,&!:0!+&,,&I!.#*<!
@6#'&.&/4! +*<0&'<! M0#/:! '#! ?'0*&! S#'7//&! 'L&4@,*&0,! :0! +&,,&! <#/<! S#.#*<! <&!
'#*<<&,!#44,#?&,I!70!&/$7,&!'#!O0@&!M0*!#??#,#j4!M0#/:!*'<!<70EE'&/4!<0,!'&!+&,,&K!!
;&<! @'@.&/4<! '0:*M0&<! ?&0+&/4! @6#'&.&/4! h4,&! <70,$&! :L@.74*7/I! M0#/:! '&<!
&/E#/4<!#?&,d7*+&/4!0/&!?&,<7//&!$7//0&!H!4,#+&,<!$&<!E&/h4,&<I!0/&!7.O,&!70!
@S$#:($'5$'9]&,V'1(1#$%&'5$'T$3'(3,P
#Y#$'
40
0/!7OS&4!+7'#/4K!9.&!>#/$%&3I!'#!:*,&$4,*$&!:&!'#!<4,0$40,&!#??,@$*&!'&<!%0O'74<!
M0*!<&!4,70+&/4!&/!E#d#:&K!-/!,&+#/$%&I!$&0!?,@<&/4<!<0,!'&<!?7,4&<!:L#$$J<!
#0!$%#.O,&<!*/$*4&/4!'&<!&/E#/4<!H!S70&,!&/4,&!&0!#0!.7.&/4!:0!,&?7<K!1&<!
&/E#/4<!?&0+&/4!<&!'&+&,!<&0'<!:&!'&0,!'*4I!&4!?,@EJ,&/4!<70+&/4!S70&,!#+&$!'&0,<!
$#.#,#:&<!H!4,#+&,<!'&<!!%0O'74<!?'04b4!M0&!E#*,&!'#!<*&<4&K!!
Q"-&$'5[+0064'+3S'02+#9-$4'' 739("&4'$%'*+o+5$''
41
17,<! :&! '#! $7/$&?4*7/I! '&! $#O*/&4! :L#,$%*4&$4&! #! <8/4%@4*<@! '&<! #44&/4&<! :&! '#!
9#*,*&I!'&<!:&.#/:&<!:0!.@:&$*/!D9U!#*/<*!M0&!'&<!$7.?4&<!,&/:0<!:&!+*<*4&<!
:L#04,&<!<4,0$40,&<K!U'!<L&<4!@6#'&.&/4!#??08@!<0,!'L70+,#6&!Q!G)$4:+0$'5)+003$,('
5$'(+':$&,&$'$%*+%0$<'
;&4!70+,#6&!?,@$7/*<&!0/!&<?#$&!:&!S&0!*/4@,*&0,!#*/<*!M0A0/!<&$7/:I!&4@,*&0,I!
?70,! M0&! 'A&/E#/4! ?0*<<&! <L#??,7?,*&,! $&<! &<?#$&<! :#/<! 4704&<! '&<! $7/:*4*7/<!
$'*.#4*M0&<!4704!&/!&/!?,&/#/4!$7/<$*&/$&K
1A&<?#$&! S&0! &<4! i!'&! $&/4,&!n! :&<! <4,0$40,&<! :A#$$0&*'K! 1&<! ?&,<7//&<!
&/$#:,#/4&<!@+7'0&/4!'#!?'0?#,4!:0!4&.?<!&/!?@,*?%@,*&!:&!$&4!&<?#$&I!*'!&<4!
:7/$! *.?7,4#/4! M0L&''&<! /L#*&/4! ?#<! H! '&! 4,#+&,<&,! ?70,! &EE&$40&,! :&<! 4k$%&<!
E7/$4*7//&''&<K!n!
(#/<!/74,&!?,7S&4!:L@40:&I!'L&<?#$&!S&0!&<4!'&!/78#0!:&!'#!<4,0$40,&!m!*'!#??#,#*4!
:7/$!*/@+*4#O'&!:&!'&!4,#+&,<&,!?70,!#''&,!:&!'L&<?#$&!,&?#<!H!'L&<?#$&!:&!$%#/6&!
?#,!&&.?'&K!Z704&E7*<I!*'!&<4!*.?7,4#/4!:&!?,@$*<&,!M0&!$&44&!$7/E*60,#4*7/!:&!
'L&<?#$&!/L&/4,#+&!&/!,*&/!'&!O7/!E7/$4*7//&.&/4!:&!'#!<4,0$40,&!g$EK!.@:&$*/!
D9U!&4!:*,&$4,*$&!:&!$,J$%&lK!
''''''''''''''''
1&!.#j4,&!:&!'L70+,#6&!<70%#*4&!M0&!'&!.h.&!&<?#$&!?0*<<&!#$$0&*''*,!?JC!
J@OE@HC!CJ?A@!?JBF!SPJY!
42
!
!
!
!
!
!
!
!
!
!
1
&
!!
!
!
!
!1&!'7$#'!&<4!$7/d0!:&!.#/*J,&!H!7EE,*,!:&<!37/&<!+#,*@&<!#E*/!:&!$7,,&<?7/:,&!
#0!:*EE@,&/4<!k6&<!:&<!04*'*<#4&0,<I!.#*<!@6#'&.&/4!#0!:*EE@,&/4<!.7.&/4<!
:L04*'*<#4*7/K!270<!#+7/<!:7/$!:&<!&<?#$&<!?'0<!70!.7*/<!%#04<I!?'0<!70!.7*/<!
.&0O'@<I!?'0<!70!.7*/<!70+&,4<K!
@4:+0$'%"3--,44"%4'+3'0p3-'5$'()$4:+0$'T$3'
43
!
b!! ,JC!CJ@C!CHGMB?IC!KE@C!?E!LFVLTJ!KJ!%EBHJFGQJC!8!?9J]DIFGJ@LJ!
MB?HGC!!CJ@CAFGJ??J!
!
270<!4&/*7/<!H!.&44,&!&/!#+#/4!'L#??,&/4*<<#6&!:&!'L&<?#$&!?#,!'L&?@,*&/$&!
.0'4*!<&/<7,*&''&!#0!<&*/!:&!'#!$,J$%&!:&!Y#04&,*+&<K!270<!/70<!#44#,:&,7/<!
&<<&/4*&''&.&/4!<0,!$&0!:&!'#!+0&I!:0!470$%&,!&4!:&!'L70c&K!
>&'7/!5&7,6&<!9&<.*/I!i!'&<!&/E#/4<!<7/4!4,J<!<&/<*O'&<!#0!:@4#*'<I!O*&/!?'0<!
M0&!'&<!#:0'4&<K!1L&/E#/4!:@$70+,&!!'&!.7/:&!H!'L#*:&!:&!$%#$0/!:&!<&<!!<&/<I!
&4!#+&$!0/&!6,#/:&!.*/04*&K!U'!:@$7,4*M0&I!#/#'8<&!&4!.#/*?0'&!4704!$&!M0*!'0*!
?#<<&!:#/<!'&<!.#*/<!70!:&+#/4!'&<!8&0K!)/!?#,'&!#'7,<!:L&?@,*&/$&!.0'4*!
<&/<7,*&''&K!n!
!
!
U<M'' 'G+'/3$'
'
,E!QBJ!JH!?JC!LAB?JBFC8!1#!QBJU!&<4!<4*.0'@&!?#,!'&<!$70'&0,<!&4!'&<!E7,.&<m!
?&,d0&<!:*EE@,&..&/4!<&'7/!'Lk6&!:&!'L&/E#/4K!N/!&/E#/4!:&!.7*/<!:&!:&0!
#/<! &<4! ?'0<! <&/<*O'&! #0! $70'&0,<! E,#/$%&<! M0L#0! $70'&0,<! ?#<4&''&<K! D70,!
&&.?'&I!'7,<!:&!'L*/4&,+*&o!:&!9.&!T7#/I!/70<!#??,&/7/<!M0&!'&<!$70'&0,<!&4!
'&<!.#4*J,&<!'&<!?'0<!<4*.0'#/4&<!?70,!'&<!&/E#/4<!<7/4!:&<!$70'&0,<!+*+&<I!&4!
<0,4704! +#,*@&<K! i!U'! &<4! 4704&E7*<! *.?7,4#/4! :&! 6#,:&,! 0/&! $&,4#*/&!
7,6#/*<#4*7/nK!
>&'7/!&''&I!0/&!$70'&0,!+*+&!&<4!0/&!<4*.0'#4*7/!*/4@,&<<#/4&!?70,!'&<!&/E#/4<K!
1#!O&''&!$70'&0,!?70,!&0!&<4!4,J<!<70+&/4!'&!,706&K!(#/<!'#!$,J$%&!@40:*@&I!
$&4!#<?&$4!,&<<7,4!<0,4704!#0!/*+&#0!:&!'#!$70,!7t!:&<!E7,.&<!6@7.@4,*M0&<!
4,J<!$7'7,@&<!%#O*''&/4!'&<!.0,<!:&!'#!E#d#:&!7EE,#/4!#*/<*!:*+&,<*4@!:&<!4&*/4&<!
&4!,*60&0,!6@7.@4,*M0&K!B!'L*/4@,*&0,I!'&<!$70'&0,<!<7/4!<0,4704!?,@<&/4&<!+*#!'&!
.7O*'*&,!&4!'#!:@$7,#4*7/K!-/!&EE&4I!'&!.#j4,&!:&!'L70+,#6&!&4!'L#,$%*4&$4&!7/4!
?,@E@,@!,&<4&,!<0,!:&<!47/<!/&04,&<!?70,!'L&/<&.O'&!:&<!.0,<!#E*/!:&!'#*<<&,!
'*O,&! #??,7?,*#4*7/! :&! <&<! <0??7,4<! H! '#! E040,&! :*,&$4,*$&! :&! $,J$%&K! -/!
44
,&+#/$%&I!'&<!<7'<!:&<!&<?#$&<!:&!+*&!g&<?#$&!,&?#<I!&<?#$&!S&0l!<7/4!4,#*4@<!
&/! '*/7'&0.! /#40,&'! 7,#/6&K! 1&! 7,#/6&! <8.O7'*<&! '#! $%#'&0,! &4! #+#/$&! 0/!
<&/4*.&/4! :&! <@$0,*4@! &4! :&! $7/E7,4! <&'7/! 97/*$#! Y7'E&':! $7'7,*<4&! &4!
B,$%*4&$4&!J+-qE<!!
!
!
!
D70,! 'A&/E#/4I! 4704! ?#,#*4! */4@,&<<#/4! $#,! *'! &<4! :#/<! '#! :@$70+&,4&K! 270<!
?,@<0.7/<! M0&! '#! :*+&,<*4@! &<4! H! ?,*+*'@6*&,! #E*/! :&! '0*! 7EE,*,! .#4*J,&! H!
:@$70+&,4&K!1#!'0.*J,&!!&/6&/:,&!:&<!#.O*#/$&<!:*+&,<&<I!?,7?*$&<!#0!S&0!70!
#0!$7/4,#*,&!#0!,&?7<!?#,!'&<!7.O,&<I!'&<!+*O,#4*7/<!:&<!,#87/<!:&!'0.*J,&!M0*!
#.J/&/4! 0/&! #.O*#/$&! $%#/6&#/4&K! 1&<! &/E#/4<! <7/4! &EE&$4*+&.&/4! i!4,J<!
<&/<*O'&<!H!'L@$'#*,#6&!M0*!/L&<4!?#<!<&0'&.&/4!?70,!&0!'&!.78&/!:L8!+7*,!?'0<!
$'#*,I!.#*<!0/&!<@$0,*4@!$7/4,&!'L#/67*<<&!:0!/7*,!M0*!E#*4!:*<?#,#j4,&!?#,&/4<!&4!
7OS&4<!E#.*'*&,<K!nn$"-.$4'e$4#,%<'
G+'0"3-V'N,.3$3-'.1"#1&-,;3$'$&'0"3($3-''
45
(#/<!'#!$,J$%&!:&!Y#04&,*+&<!'#!'0.*J,&!&<4!7./*?,@<&/4&K!N/&!6,#/:&!O#*&!
:7//#/4!<0,!'#!$70,!7,*&/4@&!H!'L&<4!#$$0&*''&!'&!<7'&*'!:0!.#4*/K!D70,!'#!'0.*J,&!
:&!E*/!:&!S70,/@&I!0/!$%k<<*<!&/!%#04&0,!7,*&/4@!H!'L70&<4I!&4!?'0<*&0,<!w*'!:&!
Ow0E!gH!:*EE@,&/4&<!%#04&0,<l!'
1#! $,J$%&! :&! Y#04&,*+&<! &<4! :7/$! O#*6/@&! ?#,! 0/&! '0.*J,&! /#40,&''&K! 270<!
<0??7<7/<!:7/$!M0&!$&'#!#*:&!H!,@$7/E7,4&,!'L&/E#/4!&4!H!'0*!#.&/&,!0/!&<?#$&!
+#,*@I!?,7?*$&!H!&?'7,#4*7/K!
!
''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Z+,$'/,&-1$'43-'0"3-''
!
!
>&'7/! 5&7,6&<! 9&<.*/I! i!'#! +#,*@4@! :&<! E7,.&<! #! @6#'&.&/4! O&#0$70?!
:L*.?7,4#/$&K!1#!.7/747/*&!:7*4!h4,&!@+*4@&K!1L#,$%*4&$4&!:7*4!?70+7*,!S70&,!
#+&$! '&<! %#04&0,<! :&! ?'#E7/:I! E#*,&! ?,&0+&! :L*.#6*/#4*7/! ?70,! +#,*&,! '&<!
?&,<?&$4*+&<!gVl!n!
!
(#/<! $&44&! $,J$%&I! $&4! #<?&$4! #! &<<&/4*&''&.&/4! @4@! 4,#*4@! 6,k$&! #0!
:*EE@,&/4&<!%#04&0,<!<70<!?'#E7/:K!1&!?'#E7/:!.#/<#,:@!:&!'L&<?#$&!S&0!H!<*!
.J4,&<!4,&/4&P%0*4!,@?7/:!H!'#!%#04&0,!<4#/:#,:!:0!,&<4&!:&!'L&<?#$&!:&!+*&K
!
46
!
U<B'' G$'&"302$-''
'
270<!?70+7/<!$7/<4#4&,!:#/<!/74,&!&/470,#6&!M0&!4704!$&!M0&!'L&/E#/4!?&04!
+7*,!&4!470$%&,!E#*4!'L7OS&4!:L0/&!#44&/4*7/!?#,4*$0'*J,&K!
9.&!>#/$%&3!/70<!$7/E*&!M0&!'&<!&/E#/4<!:7/4!&''&!#!'#!$%#,6&!i!?#<<&/4!:&<!
%&0,&<!H!,&6#,:&,I!470$%&,I!<&/4*,!&4!!.&44,&!H!'#!O70$%&!0/!.h.&!7OS&4K!n!-/!
$&'#I!'&!HABLTJF!<L#+J,&!<#/<!/0'!:704&!'&!<&/<! '&! ?'0<! 04*'*<@! :&! 'L&/E#/4!m! *'!
&?'7,&!&/!470$%#/4I!&/!.#/*?0'#/4I!!$L&<4!#+&$!<&<!.#*/<!M0L*'!:@$70+,&!'#!
?,7E7/:&0,!'L@'7*6/&.&/4!'#!?,7*.*4@K!;L&<4!:L#*''&0,<!<70+&/4!'&<!.#*/<!&/!
#+#/4! M0&! '&<! ?'0<! ?&4*4<! <&! :@?'#$&/4K! ! B0<<*I! '&<! 4&40,&<! &4! '&<! <0,E#$&<!
<&.O'&/4!?,*.7,:*#'&<!H!'L@+&*'!:&!$&!<&/<K!
(#/<!'#!$,J$%&!:&!Y#04&,*+&<!/70<!,&4,70+7/<!M0&'M0&<!&&.?'&<!:&!:*+&,<&<!
4&40,&<! ?#,! 'L#'4&,/#/$&! :&! O7*<I! 0/&! .#4*J,&! $%#0:&! &4! ,060&0<&I! ! &4! :&!
$'7*<7/<! '*<<&<! &/! ! ?'#$7?'#4,&! g#??,7?,*@&<! ?#,! 'L@M0*?&! ?#,! :&<! 60*,'#/:&<I!
<4*$v&,<VlK!
!
!
''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''!(",4"%'0"3-9$V'Z",4''
!
!
!
!
!!
!
!
!
!
BOIS
VITRE
PLACO
e+&,6-$4':-14$%&$4'
47
U<B G)"3r$'
'
i!1&<!&/E#/4<!#*.&/4!&/!6@/@,#'!'&<!O,0*4<!m!$&0P$*!'&0,<!4*&//&/4!$7.?#6/*&I!
'&<! #.0<&/4I! '&0,! :7//&/4! 0/&! $&,4#*/&! &$*4#4*7/! S78&0<&! gVl! 1&<! O,0*4<!
#??7,4&/4! 0/! <0??7,4! H! '&0,! *.#6*/#4*7/I! '&<! ,&'*&/4! #0! :&%7,<I! H! '#! +*&K! 1&!
O,0*4! /L&<4! :7/$! ?#<! ,&<<&/4*! <?7/4#/@.&/4! ?#,! &0! $7..&! 0/! ?,7O'J.&I!
#'7,<! M0L*'! &<4! $7/<*:@,@! ?#,! O&#0$70?! :L#:0'4&! $7..&! 0/&! /0*<#/$&K!n!
n$"-.$4'e$4#,%''
!
1L*:&/4*4@!#$70<4*M0&!:&<!'*&0!?#,#*4!:7/$!*.?7,4#/4&K!1&<!:*.&/<*7/<I!'&<!
?,7?7,4*7/<!70!'&<!<0,E#$&<!:&!<7'!&/6&/:,&/4!:&<!M0#'*4@<!#$70<4*M0&<!&4!:&<!
<7/7,*4@<!+#,*#O'&<K!1#!,@<7/#/$&!70!'L#44@/0#4*7/!:&<!O,0*4<!<0*+#/4!'&<!37/&<!
<7/4!H!@40:*&,K!
(#/<!'#!$,J$%&!:&!Y#04&,*+&<I! /70<! $7/<4#47/<!M0&!'#!?,@<&/$&!:L0/! 6,#/:!
+7'0.&!:#/<!'L&<?#$&!:&!'*O,&!S&0!?&,.&4!0/&!$&,4#*/&!,@<7/#/$&!#'7,<!M0&!
:#/<! '&<! $%#.O,&<I! '&<! %#04&0,<! ?'0<! O#<<&<! #$$&/40&/4! '&! <&/4*.&/4!
:L*/4*.*4@K!
48
9h.&! <*! '&! O,0*4! /&! 6h/&! ?#<! 'L&/E#/4I! *'! &<4! ,&<<&/4*! $7..&! 0/&! 6h/&! ?#,!
9.&!>#/$%&3!&4!<7/!@M0*?&K!;&'#!'&<!:@,#/6&!:#/<!'&!O7/!E7/$4*7//&.&/4!
:&<!#$4*+*4@<!:L@+&*'K!
!
>&'7/!T&#/!D*#6&4Q!i!'A&/E#/4!,&<<&.O'&!H!0/!?&4*4!<#+#/4!Q!?70,!<&!:@+&'7??&,I!
*'! :7*4! :@$70+,*,! ?#,! <&<! <&/<I! <&<! #$4*7/<! &4! <&<! ?&/<@&<! '&<! '7*<! :&!
E7/$4*7//&.&/4!:0!,@&'K!n!
;L&<4! H! 4,#+&,<! 470<! <&<! <&/<! M0&! 'L&/E#/4! #??,@%&/:&! '&! .7/:&Q! 470$%&,I!
<&/4*,I!+7*,I!6704&,I!&/4&/:,&!?0*<!?#,'&,K!1L&<?#$&!&<4!#*/<*!0/!'#/6#6&!?70,!
'L&/E#/4K! 270<! ?,@<0.7/<! :7/$! M0&! ! 'L&?@,*&/$&! .0'4*! <&/<7,*&''&! ! &<4!
?,*.7,:*#'&!:#/<!<7/!#??,&/4*<<#6&!#$4*EK!!
D70,! ?&,.&44,&! $&44&! &?@,*&/$&! .0'4*! <&/<7,*&''&I! 'L#,$%*4&$40,&! ?&04!
$7/4,*O0&,! H! :7//&,! #0! 4704P?&4*4! .#4*J,&! H! &?'7,#4*7/I! '0*! #.&/#/4! #*/<*!
$7/E7,4!&4!<@$0,*4@K!!
!
B!Y#04&,*+&<I!'&<!&/E#/4<!<&.O'&/4!,*$%&<!:L&?@,*&/$&<!.0'4*!<&/<7,*&''&<!H!
4,#+&,<!'&<!4,7*<!<&/<!@40:*@<!?,@$@:&..&/4K
49
f!'@!EPJ@LJMJ@H!XBG!ELLAMDEP@J!?9EBHA@AMGJ!DFAPFJCCGQJ!KJ!
?9J@OE@H!
!!
• f1*,%,&,"%'5[s+3&"%"#,$s''
!
1L#047/7.*&!+*&/4!:0!6,&$!i!#047/7.*#!nI!?70+7*,!:&!$&'0*!M0*!&<4!!
i!#047/7.7<!nI!!
i!;#?#$*4@!:&!M0&'M0L0/!H!h4,&!#047/7.&I!H!/&!?#<!h4,&!:@?&/:#/4!:L#04,0*!m!
$#,#$4J,&! :&! M0&'M0&! $%7<&! M0*! E7/$4*7//&! 70! @+7'0&! */:@?&/:#..&/4!
:L#04,&!$%7<&K!n!G+-"344$'
!
i!1L#047/7.*&!$7/<*<4&!H!<&!E#*,&!<7*P.h.&!!<#!'7*!&4!H!:*<?7<&,!:&!<7*!:#/<!'&<!
:*+&,<&<!<*40#4*7/<!?70,!0/&!$7/:0*4&!&/!%#,.7/*&!#+&$!<#!?,7?,&!@$%&''&!:&!
+#'&0,<K!1&!97*!&<4!0/!?,*/$*?&!:L#047/7.*&!&4!7/!/&!?&04!?#,'&,!:L#047/7.*&!
M0&!'7,<M0L*'!8!#!$7/<$*&/$&!:&!<7*!gKKKl!1L#047/7.*&!&<4!H!&/4&/:,&!$7..&!0/!
:&<!@'@.&/4<!E7/:#4&0,<!&4!$7/<4*40#/4<!:&!'#!,&<?7/<#O*'*4@K!n!
N<G+*"%&'JMbaUE'W"0+93(+,-$'5$':4I02":15+.".,$'$&'5$':4I02,+&-,$'5$'()$%*+%&<'
Q^R<'U6'15,&,"%<'
'
B0! ?,&.*&,! k6&I! $&44&! #047/7.*&! ?70,,#*4! $7,,&<?7/:,&! H! '#! $#?#$*4@! :&!
'L&/E#/4!H!+*+,&!:&<!&?@,*&/$&<!:&!:@4&/4&!#0!$70,<!:&<M0&''&<!*'!#??,&/:!H!
,&$&+7*,!:&!'L#04,&!&4!H!'0*!&?,*.&,!$&!M0L*'!:@<*,&K!!
!
B! '#! <0*4&! :&! /7<! ,&$%&,$%&<I! /70<! ?70+7/<! ,@?&,47,*&,! 'L#047/7.*&! <70<!
:*EE@,&/4<!$%#.?<!Q!
1L#047/7.*&!?<8$%*M0&!M0*!$7,,&<?7/:!H!'#!?,*<&!:&!$7/<$*&/$&!?#,!'L&/E#/4!:&!
<&<!?7<<*O*'*4@<!?%8<*M0&<!&4!'L#??,&/4*<<#6&!:&<!6&<4&<!M074*:*&/<K!
1L#047/7.*&! #EE&$4*+&! &4! ,&'#4*7//&''&! M0*! $7,,&<?7/:! #0! E#*4! :&! ?70+7*,! <&!
:@4#$%&,!?&4*4!H!?&4*4!:&!'L#*:&!:&!'L#:0'4&K!C,#/d7*<&!(7'47!$7/<*:J,&!M0L#+#/4!
.h.&! 'L#$M0*<*4*7/! :0! '#/6#6&I! 'L&/E#/4! $7..0/*M0&! ?#,! <7/! $7,?<K! D#,!
50
&&.?'&I!#??,&/:,&!H!.#,$%&,!H!M0#4,&!?#44&<!4,#:0*4!0/&!?,&.*J,&!+7'7/4@!
:&!<L#EE,#/$%*,!:&<!?#,&/4<!&4!:L&?,*.&,!#*/<*!0/!:@<*,!:L*/:@?&/:#/$&K!270<!
4,#*4&,7/<!$&!?7*/4!?,@$*<!H!4,#+&,<!'#!<@?#,#4*7/!M074*:*&//&!:&!'L&/E#/4!#+&$!
<&<!?#,&/4<K!
1L#047/7.*&!*/4&''&$40&''&!7t!*'!<L#6*4!:L#.&/&,!'L&/E#/4!H!?70+7*,!?&/<&,!?#,!
'0*P.h.&K!
e1#",-$' 5$' H,&,9-$,j2A' ,%&,&3(1! tG[+3&"%"#,$' 53' T$3%$' $%*+%&' $%' 4&-30&3-$'
0"(($0&,/$t<!!
!
!
!
270<!?&/<7/<!M0&!$&4!#??,&/4*<<#6&!:&!'L#047/7.*&!?&04!<&!4,#:0*,&!?#,!'&!
i!E#*,&!4704!<&0'!nK!1#!'*O&,4@!:&<!#$4&<!&<4!&/!?#,4*&!?7<<*O'&!?70,!'L&/E#/4!H!
4,#+&,<!0/!&/+*,7//&.&/4!H!'#!E7*<!<@$0,*<#/4!&4!<@$0,*4#*,&K!
!
!
'
k<M''''''''''''''''''''G$4'5,4:"4,&,*4'#,4'$%':(+0$':"3-'4103-,4$-'()+53(&$'
! !
1#!<@$0,*4@!&<4!'L0/!:&<!&/S&0!?,*/$*?#0!:#/<!'#!$7/$&?4*7/!:L0/!.*'*&0!:&!
+*&!?70,!'L&/E#/4K!!!
1&<!$#,#$4@,*<4*M0&<!?,7?,&<!:0!4704!?&4*4!E7/4!&/!<7,4&!M0L*'!&<4!<?@$*#'&.&/4!
H! ,*<M0&K! U'! #6*4! <?7/4#/@.&/4! H! 'L*/4@,*&0,! :L0/! .7/:&! *.#6*/#*,&I! *'! &<4!
$0,*&0I!*.?,@+*<*O'&!&4!*.?0'<*E!:#/<!<7/!S&0!m!*'!?&,d7*4!'L&<?#$&!H!<#!E#d7/I!
<7/! $%#.?! :&! +*<*7/! &<4! ,@:0*4I! &4! *'! &<4! */$#?#O'&! :&! ?,@+7*,! '#! +*4&<<&e!
:*,&$4*7/!:L0/!7OS&4!&/!.70+&.&/4I!*'!&<4!&/!+7*&!:L#??,&/:,&!H!.#j4,*<&,!<7/!
$7,?<K!
>&'7/!C,&0:I!:#/<!<7/!70+,#6&!!,%;':4I02+%+(I4$4I!'#!<@?#,#4*7/!:&!'L&/E#/4!
#+&$! <&<! ?#,&/4<I! '7,<! :&! <7/! &/4,@&! M074*:*&//&! :#/<! '#! $,J$%&I! &<4! +@$0&!
$%#M0&!S70,!$7..&!'L#/67*<<&!:Lh4,&!#O#/:7//@K!>&'7/!'&!?<8$%#/#'8<4&I!*'!
&<4!?,*.7,:*#'!:&!,@?@4&,!<0EE*<#..&/4!'L&?@,*&/$&!#E*/!M0L&''&!<7*4!#<<*.*'@&!
?#,!'&!i!4704P?&4*4!nK!
51
B!Y#04&,*+&<I!'&<!?#,&/4<!<7/4!?#,4*$0'*J,&.&/4!<&/<*O'&<!H!$&44&!<@$0,*4@!:0!
Ok4*K!9.&!T7#/!/70<!#<<0,&!M0L0/!&/E#/4!:7/4!'&<!?#,&/4<!<7/4!,#<<0,@<!'7,<!
:&!'#!<@?#,#4*7/I!+*+,#!#0!.*&0!$&44&!&?@,*&/$&K!
1&!$#,#$4J,&!<@$0,*<#/4!:0!'*&0!?70,,#*4!<&!4,#:0*,&!?#,!0/!&<?#$&!<@$0,*<#/4!
?70,!'&<!?#,&/4<K!(J<!'7,<!M0L*'<!7/4!'&!<&/4*.&/4!:&!'#*<<&,!'&0,!&/E#/4!:#/<!
0/&! <4,0$40,&! #:#?4@&! &4! <@$0,*<@&I! 'L*/4@6,#4*7/! :&! 'L&/E#/4! /&! <&! E&,#! M0&!
?'0<! E#$*'&.&/4K! -/! &EE&4I! 0/! ?#,&/4! <@$0,*<@! $7/E*&! H! '#! $,J$%&! 0/! &/E#/4!
<@$0,*<@K!
!
1#! $,J$%&! :&! Y#04&,*+&<! #<<0,&! $&44&! <@$0,*4@! +*#! ?'0<*&0,<! ?7*/4<I!
/74#..&/4!#0!/*+&#0!:0!<#<I!M0*!&<4!'#!37/&!:&!<@?#,#4*7/K!N/&!?7,4&!+*4,@&!
<0,! 'L*/4@,*&0,! ?&,.&4! 0/! ,#??7,4! +*<0&'! #*:#/4! '#! <@?#,#4*7/! ?70,! '&! ?#,&/4!
$7..&!?70,!'L&/E#/4K!
!
'
''''''''''''''''''''''''''''''''''''''''''K0064'/,43$('5$:3,4'([$S&1-,$3-''
!!
52
B0!.7.&/4!:&!'#!$7/$&?4*7/I!0/&!?7,4&!E&,.*J,&!&/4,&!'&!<#<!&4!'#!37/&!:&!+*&!
&<4!?,@+0&!#E*/!:&!?&,.&44,&!0/!@$%#/6&!&/4,&!$&<!:&0!&<?#$&<K!1&!.#j4,&!
:&! 'L70+,#6&! #! :&.#/:@! :&! '#! <0??,*.&,! ?70,! :&<! ,#*<7/<! :&! <@$0,*4@I! &/!
E#+&0,! :L0/&! ?7,4&! <L70+,#/4! 0/*M0&.&/4! :&! 'L*/4@,*&0,K! (#/<! 'L0<#6&I! 9.&!
>#/$%&3!/70<!$7/E*&!M0&I!$&44&!?7,4&!,&<4&!O'7M0@&!&/!?7<*4*7/!70+&,4&!?70,!
E#$*'*4&,!<&<!:@?'#$&.&/4<!37/&!:&!+*&!P!O0,&#0!:&!'#!:*,&$4,*$&K!B!$&!S70,I!*'<!
#*.&,#*&/4! .&44,&! &/! ?'#$&! 0/&! 70+&,40,&! #047.#4*<@&! M0*! ,@?7/:,#! #0!
$7/4,#*/4&<!:&!<@$0,*4@!&4!:L0<#6&!4704!&/!,#<<0,#/4!'&<!?#,&/4<K!
!
Z70S70,<! :#/<! 0/! <70$*! :&! <@$0,*<&,! '&<! ?#,&/4<I! :&<! O#,,&#0:#6&<! 7/4! @4@!
#S704@<! #0! %0O'74<! 70+,#/4<! :&<! 37/&<! ,&?#<! &4! @+&*'I! #?,J<! ,@$&?4*7/! :0!
$%#/4*&,K!!
;&<!70+&,40,&<!?&,.&44#*&/4!0/!?#<<#6&!:*,&$4!<0,!'#!,0&K!
f1&+,('5$4'239("&4'4103-,414''
!
53
!
B0! .7.&/4! :&! '#! $7/$&?4*7/I! '&<! E&/h4,&<! :&<! $%#.O,&<! <7/4! ?,@+0&<!
7<$*''7PO#44#/4&<K!!1L#@,#4*7/!?&04!<&!E#*,&!4704!&/!!@+*4#/4!0/&!*/4,0<*7/K!!
(#/<!'#!$70,I!0/&!6,*''&!E&,.@&!H!$'&E<!#E*/!:&!$7/4,b'&,!'L+0064K!
!
'
270<! <0??7<7/<! M0L0/! ?#,&/4! ?&04! h4,&!!
<@$0,*<@! <L*'! $7/<4#4&! M0&! '&<! 37/&<! :*4&<!
i!H! ,*<M0&<!n! <7/4! %7,<! :&! ?7,4@&! :&! <7/!
&/E#/4K!
-/! $&! <&/<I! :&<! ?7,4*''7/<! :L#$$J<! #0!
:*EE@,&/4&<! 37/&<! 4&$%/*M0&<! M0&! <7/4! '#!
$0*<*/&! &4! '&! $%#/6&I! ?&,.&44&/4! #0!
#:0'4&<!:L#+7*,!0/!,&6#,:!<0,!'L&/E#/4!<#/<!
M0L*'!?0*<<&!8!&/4,&,!'*O,&.&/4K!Z704&E7*<I!
*'! #! 0/! $7/4#$4! +*<0&'! :*,&$4! #+&$! $&<!
&<?#$&<!&/4,&!#04,&<!?#,!'&<!%0O'74<K'
D#,!$&<!70+&,40,&<I!*'!@+#'0&!@6#'&.&/4!'#!:*<4#/$&!M0*!'&!<@?#,&!:&!'L#:0'4&I!
E#+7,*<#/4!#*/<*!<7/!<&/4*.&/4!:&!<@$0,*4@K!
!
!
' ' '
Q"-&,(("%'5[+0064'8'(+'j"%$'02+%.$''
W3$'43-'([$%&-1$'5$'(+'0"3-4'4103-,41$''
Etude de cas
Etude de cas
Etude de cas
Etude de cas
Etude de cas
Etude de cas
Etude de cas
Etude de cas
Etude de cas
Etude de cas
Etude de cas
Etude de cas
Etude de cas
Etude de cas
Etude de cas
Etude de cas

Weitere ähnliche Inhalte

Was ist angesagt?

Zegeye Junior I.S.
Zegeye   Junior I.S. Zegeye   Junior I.S.
Zegeye Junior I.S. mitikayalew
 
Paras Holidays Europe USA Group Tours 2015 Brochure
Paras Holidays Europe USA Group Tours 2015 BrochureParas Holidays Europe USA Group Tours 2015 Brochure
Paras Holidays Europe USA Group Tours 2015 BrochureParas Holidays Pvt Ltd
 
Spring 2010 closed memo assignment jellyvision v. aflac complaint pdf
Spring 2010 closed memo assignment jellyvision v. aflac complaint pdfSpring 2010 closed memo assignment jellyvision v. aflac complaint pdf
Spring 2010 closed memo assignment jellyvision v. aflac complaint pdfLyn Goering
 
The starburst driven_molecular_wind_in_ngc253_and_the_supression_of_star_form...
The starburst driven_molecular_wind_in_ngc253_and_the_supression_of_star_form...The starburst driven_molecular_wind_in_ngc253_and_the_supression_of_star_form...
The starburst driven_molecular_wind_in_ngc253_and_the_supression_of_star_form...Sérgio Sacani
 
Marketing pessoal empregabilidade
Marketing pessoal empregabilidadeMarketing pessoal empregabilidade
Marketing pessoal empregabilidadeCésar Ribeiro
 
Cours java avance débutant facile l'essentiel swing ,events
Cours java avance débutant facile l'essentiel swing ,events Cours java avance débutant facile l'essentiel swing ,events
Cours java avance débutant facile l'essentiel swing ,events Houssem Hamrouni
 
Essentials of ramadan
Essentials of ramadanEssentials of ramadan
Essentials of ramadanHelmon Chan
 
Picnic NYC 09 Workshop
Picnic NYC 09 WorkshopPicnic NYC 09 Workshop
Picnic NYC 09 Workshopguestabc325
 
HƯỚNG DẪN SỬDỤNG BIẾN TẦN INVT DÒNG SENSORLESS VECTOR CHE100
HƯỚNG DẪN SỬDỤNG BIẾN TẦN INVT  DÒNG SENSORLESS VECTOR CHE100  HƯỚNG DẪN SỬDỤNG BIẾN TẦN INVT  DÒNG SENSORLESS VECTOR CHE100
HƯỚNG DẪN SỬDỤNG BIẾN TẦN INVT DÒNG SENSORLESS VECTOR CHE100 Toàn Huỳnh
 
Laboratoire nomade 2015 mai
Laboratoire nomade 2015 maiLaboratoire nomade 2015 mai
Laboratoire nomade 2015 maiMarc Zammit
 

Was ist angesagt? (15)

Carryout bag DEIR
Carryout bag DEIRCarryout bag DEIR
Carryout bag DEIR
 
Coaching protocols
Coaching  protocolsCoaching  protocols
Coaching protocols
 
Zegeye Junior I.S.
Zegeye   Junior I.S. Zegeye   Junior I.S.
Zegeye Junior I.S.
 
Paras Holidays Europe USA Group Tours 2015 Brochure
Paras Holidays Europe USA Group Tours 2015 BrochureParas Holidays Europe USA Group Tours 2015 Brochure
Paras Holidays Europe USA Group Tours 2015 Brochure
 
Spring 2010 closed memo assignment jellyvision v. aflac complaint pdf
Spring 2010 closed memo assignment jellyvision v. aflac complaint pdfSpring 2010 closed memo assignment jellyvision v. aflac complaint pdf
Spring 2010 closed memo assignment jellyvision v. aflac complaint pdf
 
The starburst driven_molecular_wind_in_ngc253_and_the_supression_of_star_form...
The starburst driven_molecular_wind_in_ngc253_and_the_supression_of_star_form...The starburst driven_molecular_wind_in_ngc253_and_the_supression_of_star_form...
The starburst driven_molecular_wind_in_ngc253_and_the_supression_of_star_form...
 
Marketing pessoal empregabilidade
Marketing pessoal empregabilidadeMarketing pessoal empregabilidade
Marketing pessoal empregabilidade
 
FPC Seven to Save 2009
FPC Seven to Save 2009FPC Seven to Save 2009
FPC Seven to Save 2009
 
Cours java avance débutant facile l'essentiel swing ,events
Cours java avance débutant facile l'essentiel swing ,events Cours java avance débutant facile l'essentiel swing ,events
Cours java avance débutant facile l'essentiel swing ,events
 
Essentials of Ramadan
Essentials of RamadanEssentials of Ramadan
Essentials of Ramadan
 
Essentials of ramadan
Essentials of ramadanEssentials of ramadan
Essentials of ramadan
 
CAPSTONE FINAL PDF
CAPSTONE FINAL PDFCAPSTONE FINAL PDF
CAPSTONE FINAL PDF
 
Picnic NYC 09 Workshop
Picnic NYC 09 WorkshopPicnic NYC 09 Workshop
Picnic NYC 09 Workshop
 
HƯỚNG DẪN SỬDỤNG BIẾN TẦN INVT DÒNG SENSORLESS VECTOR CHE100
HƯỚNG DẪN SỬDỤNG BIẾN TẦN INVT  DÒNG SENSORLESS VECTOR CHE100  HƯỚNG DẪN SỬDỤNG BIẾN TẦN INVT  DÒNG SENSORLESS VECTOR CHE100
HƯỚNG DẪN SỬDỤNG BIẾN TẦN INVT DÒNG SENSORLESS VECTOR CHE100
 
Laboratoire nomade 2015 mai
Laboratoire nomade 2015 maiLaboratoire nomade 2015 mai
Laboratoire nomade 2015 mai
 

Andere mochten auch

Des bâtiments productifs en milieu urbain, est-ce un atout pour des villes pl...
Des bâtiments productifs en milieu urbain, est-ce un atout pour des villes pl...Des bâtiments productifs en milieu urbain, est-ce un atout pour des villes pl...
Des bâtiments productifs en milieu urbain, est-ce un atout pour des villes pl...Marchitecture
 
Fourès - Redéfinir les impacts de la Ligne-à-grande-vitesse Bretagne – Pays-d...
Fourès - Redéfinir les impacts de la Ligne-à-grande-vitesse Bretagne – Pays-d...Fourès - Redéfinir les impacts de la Ligne-à-grande-vitesse Bretagne – Pays-d...
Fourès - Redéfinir les impacts de la Ligne-à-grande-vitesse Bretagne – Pays-d...Doc Géo
 
Fermes urbaines : tour du monde des pionniers
Fermes urbaines : tour du monde des pionniersFermes urbaines : tour du monde des pionniers
Fermes urbaines : tour du monde des pionniersGroupe One
 
Rapport ayoub sabri-rais
Rapport ayoub sabri-raisRapport ayoub sabri-rais
Rapport ayoub sabri-raisBalti Ayoub
 
Mousselin - L’agriculture urbaine de Lisbonne, un concept dynamique et opérat...
Mousselin - L’agriculture urbaine de Lisbonne, un concept dynamique et opérat...Mousselin - L’agriculture urbaine de Lisbonne, un concept dynamique et opérat...
Mousselin - L’agriculture urbaine de Lisbonne, un concept dynamique et opérat...Doc Géo
 
Centre culturel havre larabi marwa
Centre culturel havre larabi marwaCentre culturel havre larabi marwa
Centre culturel havre larabi marwaMarwa Larabi
 
Centre culturel tjibaou larabi marwa
Centre culturel tjibaou larabi marwaCentre culturel tjibaou larabi marwa
Centre culturel tjibaou larabi marwaMarwa Larabi
 
Panorama de l'agriculture urbaine en France
Panorama de l'agriculture urbaine en FrancePanorama de l'agriculture urbaine en France
Panorama de l'agriculture urbaine en FranceQuentin Caillot
 
Decima septimasemana
Decima septimasemanaDecima septimasemana
Decima septimasemanaRonny Isuiz
 
La bande dessinée - une opportunité pour les marques sur Facebook
La bande dessinée - une opportunité pour les marques sur FacebookLa bande dessinée - une opportunité pour les marques sur Facebook
La bande dessinée - une opportunité pour les marques sur FacebookKRDS
 
AIM GLOBAL c/24 (CLV)
AIM GLOBAL c/24 (CLV)AIM GLOBAL c/24 (CLV)
AIM GLOBAL c/24 (CLV)yhamlovely18
 
Foro impahu bidis
Foro impahu bidisForo impahu bidis
Foro impahu bidislfg_pc
 
112453 mystere06
112453 mystere06112453 mystere06
112453 mystere06lyago
 
Fotogalería y mapas multimedia
Fotogalería y mapas multimediaFotogalería y mapas multimedia
Fotogalería y mapas multimediaRonny Isuiz
 
Les Addons pour Sage CRM
Les Addons pour Sage  CRMLes Addons pour Sage  CRM
Les Addons pour Sage CRMFred Canevet
 
Rss lunch 13_sqliagency_mai2011
Rss lunch 13_sqliagency_mai2011Rss lunch 13_sqliagency_mai2011
Rss lunch 13_sqliagency_mai2011François VERRON
 
Media et Culture : La PQR à l’heure du numérique
Media et Culture : La PQR à l’heure du numérique Media et Culture : La PQR à l’heure du numérique
Media et Culture : La PQR à l’heure du numérique M@rsouin
 

Andere mochten auch (20)

Des bâtiments productifs en milieu urbain, est-ce un atout pour des villes pl...
Des bâtiments productifs en milieu urbain, est-ce un atout pour des villes pl...Des bâtiments productifs en milieu urbain, est-ce un atout pour des villes pl...
Des bâtiments productifs en milieu urbain, est-ce un atout pour des villes pl...
 
Fourès - Redéfinir les impacts de la Ligne-à-grande-vitesse Bretagne – Pays-d...
Fourès - Redéfinir les impacts de la Ligne-à-grande-vitesse Bretagne – Pays-d...Fourès - Redéfinir les impacts de la Ligne-à-grande-vitesse Bretagne – Pays-d...
Fourès - Redéfinir les impacts de la Ligne-à-grande-vitesse Bretagne – Pays-d...
 
Fermes urbaines : tour du monde des pionniers
Fermes urbaines : tour du monde des pionniersFermes urbaines : tour du monde des pionniers
Fermes urbaines : tour du monde des pionniers
 
Rapport ayoub sabri-rais
Rapport ayoub sabri-raisRapport ayoub sabri-rais
Rapport ayoub sabri-rais
 
Mousselin - L’agriculture urbaine de Lisbonne, un concept dynamique et opérat...
Mousselin - L’agriculture urbaine de Lisbonne, un concept dynamique et opérat...Mousselin - L’agriculture urbaine de Lisbonne, un concept dynamique et opérat...
Mousselin - L’agriculture urbaine de Lisbonne, un concept dynamique et opérat...
 
Centre culturel havre larabi marwa
Centre culturel havre larabi marwaCentre culturel havre larabi marwa
Centre culturel havre larabi marwa
 
Centre culturel tjibaou larabi marwa
Centre culturel tjibaou larabi marwaCentre culturel tjibaou larabi marwa
Centre culturel tjibaou larabi marwa
 
Panorama de l'agriculture urbaine en France
Panorama de l'agriculture urbaine en FrancePanorama de l'agriculture urbaine en France
Panorama de l'agriculture urbaine en France
 
Decima septimasemana
Decima septimasemanaDecima septimasemana
Decima septimasemana
 
Violin part 1
Violin part 1Violin part 1
Violin part 1
 
La bande dessinée - une opportunité pour les marques sur Facebook
La bande dessinée - une opportunité pour les marques sur FacebookLa bande dessinée - une opportunité pour les marques sur Facebook
La bande dessinée - une opportunité pour les marques sur Facebook
 
Principios Manovich
Principios ManovichPrincipios Manovich
Principios Manovich
 
AIM GLOBAL c/24 (CLV)
AIM GLOBAL c/24 (CLV)AIM GLOBAL c/24 (CLV)
AIM GLOBAL c/24 (CLV)
 
Hébreux11
Hébreux11Hébreux11
Hébreux11
 
Foro impahu bidis
Foro impahu bidisForo impahu bidis
Foro impahu bidis
 
112453 mystere06
112453 mystere06112453 mystere06
112453 mystere06
 
Fotogalería y mapas multimedia
Fotogalería y mapas multimediaFotogalería y mapas multimedia
Fotogalería y mapas multimedia
 
Les Addons pour Sage CRM
Les Addons pour Sage  CRMLes Addons pour Sage  CRM
Les Addons pour Sage CRM
 
Rss lunch 13_sqliagency_mai2011
Rss lunch 13_sqliagency_mai2011Rss lunch 13_sqliagency_mai2011
Rss lunch 13_sqliagency_mai2011
 
Media et Culture : La PQR à l’heure du numérique
Media et Culture : La PQR à l’heure du numérique Media et Culture : La PQR à l’heure du numérique
Media et Culture : La PQR à l’heure du numérique
 

Ähnlich wie Etude de cas

Gandhi essayrubric20112012
Gandhi essayrubric20112012Gandhi essayrubric20112012
Gandhi essayrubric20112012Hank Maine
 
Central California Writing Project Invitational Summer Institute: June 19-Jul...
Central California Writing Project Invitational Summer Institute: June 19-Jul...Central California Writing Project Invitational Summer Institute: June 19-Jul...
Central California Writing Project Invitational Summer Institute: June 19-Jul...Fred Mindlin
 
EDUTEC-e: "Innovando en la Educación para la empleabilidad y el desarrollo de...
EDUTEC-e: "Innovando en la Educación para la empleabilidad y el desarrollo de...EDUTEC-e: "Innovando en la Educación para la empleabilidad y el desarrollo de...
EDUTEC-e: "Innovando en la Educación para la empleabilidad y el desarrollo de...Alba Santa
 
Guia Cursos Formación General
Guia Cursos Formación GeneralGuia Cursos Formación General
Guia Cursos Formación Generalitik consultoria
 
Est ce que la mise au point d'un vaccin changerait les stratégies de lutte co...
Est ce que la mise au point d'un vaccin changerait les stratégies de lutte co...Est ce que la mise au point d'un vaccin changerait les stratégies de lutte co...
Est ce que la mise au point d'un vaccin changerait les stratégies de lutte co...Institut Pasteur de Madagascar
 
Jamie Yeung Undergrad Research
Jamie Yeung Undergrad ResearchJamie Yeung Undergrad Research
Jamie Yeung Undergrad ResearchJamie Yeung
 
ΠΛΗ30 ΜΑΘΗΜΑ 4.5 (ΕΚΤΥΠΩΣΗ)
ΠΛΗ30 ΜΑΘΗΜΑ 4.5 (ΕΚΤΥΠΩΣΗ)ΠΛΗ30 ΜΑΘΗΜΑ 4.5 (ΕΚΤΥΠΩΣΗ)
ΠΛΗ30 ΜΑΘΗΜΑ 4.5 (ΕΚΤΥΠΩΣΗ)Dimitris Psounis
 
New Year. Healthy Choices.
New Year. Healthy Choices.New Year. Healthy Choices.
New Year. Healthy Choices.Isabel Tuna
 
Curso contra baixo
Curso contra baixoCurso contra baixo
Curso contra baixoJeziel Lago
 
Apostila contrabaixo
Apostila contrabaixoApostila contrabaixo
Apostila contrabaixofgoncalves51
 
Critical thinking rubric
Critical thinking rubricCritical thinking rubric
Critical thinking rubricTimothy Welsh
 
Oisin Lunny OpenMarket IoF National Convention 2014
Oisin Lunny OpenMarket IoF National Convention 2014Oisin Lunny OpenMarket IoF National Convention 2014
Oisin Lunny OpenMarket IoF National Convention 2014Oisin Lunny
 
What Is Social Media
What Is Social MediaWhat Is Social Media
What Is Social MediaHAL
 

Ähnlich wie Etude de cas (20)

Gandhi essayrubric20112012
Gandhi essayrubric20112012Gandhi essayrubric20112012
Gandhi essayrubric20112012
 
Central California Writing Project Invitational Summer Institute: June 19-Jul...
Central California Writing Project Invitational Summer Institute: June 19-Jul...Central California Writing Project Invitational Summer Institute: June 19-Jul...
Central California Writing Project Invitational Summer Institute: June 19-Jul...
 
Cleopatra.pdf
Cleopatra.pdfCleopatra.pdf
Cleopatra.pdf
 
EDUTEC-e: "Innovando en la Educación para la empleabilidad y el desarrollo de...
EDUTEC-e: "Innovando en la Educación para la empleabilidad y el desarrollo de...EDUTEC-e: "Innovando en la Educación para la empleabilidad y el desarrollo de...
EDUTEC-e: "Innovando en la Educación para la empleabilidad y el desarrollo de...
 
Guia Cursos Formación General
Guia Cursos Formación GeneralGuia Cursos Formación General
Guia Cursos Formación General
 
Est ce que la mise au point d'un vaccin changerait les stratégies de lutte co...
Est ce que la mise au point d'un vaccin changerait les stratégies de lutte co...Est ce que la mise au point d'un vaccin changerait les stratégies de lutte co...
Est ce que la mise au point d'un vaccin changerait les stratégies de lutte co...
 
Catch this pitch!
Catch this pitch!Catch this pitch!
Catch this pitch!
 
Catch this pitch!
Catch this pitch!Catch this pitch!
Catch this pitch!
 
V8n1a12
V8n1a12V8n1a12
V8n1a12
 
Machine Shop Flyer
Machine Shop FlyerMachine Shop Flyer
Machine Shop Flyer
 
New earth leaders brazilie 2011
New earth leaders brazilie 2011New earth leaders brazilie 2011
New earth leaders brazilie 2011
 
Jamie Yeung Undergrad Research
Jamie Yeung Undergrad ResearchJamie Yeung Undergrad Research
Jamie Yeung Undergrad Research
 
ΠΛΗ30 ΜΑΘΗΜΑ 4.5 (ΕΚΤΥΠΩΣΗ)
ΠΛΗ30 ΜΑΘΗΜΑ 4.5 (ΕΚΤΥΠΩΣΗ)ΠΛΗ30 ΜΑΘΗΜΑ 4.5 (ΕΚΤΥΠΩΣΗ)
ΠΛΗ30 ΜΑΘΗΜΑ 4.5 (ΕΚΤΥΠΩΣΗ)
 
New Year. Healthy Choices.
New Year. Healthy Choices.New Year. Healthy Choices.
New Year. Healthy Choices.
 
Curso contra baixo
Curso contra baixoCurso contra baixo
Curso contra baixo
 
Apostila contrabaixo
Apostila contrabaixoApostila contrabaixo
Apostila contrabaixo
 
Critical thinking rubric
Critical thinking rubricCritical thinking rubric
Critical thinking rubric
 
Oisin Lunny OpenMarket IoF National Convention 2014
Oisin Lunny OpenMarket IoF National Convention 2014Oisin Lunny OpenMarket IoF National Convention 2014
Oisin Lunny OpenMarket IoF National Convention 2014
 
What Is Social Media
What Is Social MediaWhat Is Social Media
What Is Social Media
 
Piece by Piece - Impact Report
Piece by Piece - Impact Report Piece by Piece - Impact Report
Piece by Piece - Impact Report
 

Mehr von Marchitecture

Plaquette pfe %20_emmanuelle%20le%20nezet
Plaquette pfe %20_emmanuelle%20le%20nezetPlaquette pfe %20_emmanuelle%20le%20nezet
Plaquette pfe %20_emmanuelle%20le%20nezetMarchitecture
 
M%c3%a9moir%20 habitat%20group%c3%a9%20pdf
M%c3%a9moir%20 habitat%20group%c3%a9%20pdfM%c3%a9moir%20 habitat%20group%c3%a9%20pdf
M%c3%a9moir%20 habitat%20group%c3%a9%20pdfMarchitecture
 
Book Emmanuelle Le Nezet Architecte ADE et Architecte d'intérieur
Book Emmanuelle Le Nezet Architecte ADE et Architecte d'intérieurBook Emmanuelle Le Nezet Architecte ADE et Architecte d'intérieur
Book Emmanuelle Le Nezet Architecte ADE et Architecte d'intérieurMarchitecture
 
Chaponost, de l'habitat à habiter
Chaponost, de l'habitat à habiterChaponost, de l'habitat à habiter
Chaponost, de l'habitat à habiterMarchitecture
 
Lettre de l'ad'ap n°1 16 février 2015
Lettre de l'ad'ap n°1   16 février 2015Lettre de l'ad'ap n°1   16 février 2015
Lettre de l'ad'ap n°1 16 février 2015Marchitecture
 
Questions réponses accessibilité vf2
Questions réponses accessibilité vf2Questions réponses accessibilité vf2
Questions réponses accessibilité vf2Marchitecture
 
Guide synthetique-def vf2
Guide synthetique-def vf2Guide synthetique-def vf2
Guide synthetique-def vf2Marchitecture
 
Fiche pratique c'est parti
Fiche pratique c'est partiFiche pratique c'est parti
Fiche pratique c'est partiMarchitecture
 
Dossier permettant de vérifier la conformité des erp d'accessibilité et de...
Dossier permettant de vérifier la conformité des erp d'accessibilité et de...Dossier permettant de vérifier la conformité des erp d'accessibilité et de...
Dossier permettant de vérifier la conformité des erp d'accessibilité et de...Marchitecture
 
Demande approbation adap pour un erp isolé sur une période de 3 ans maximum
Demande approbation adap pour un erp isolé sur une période de 3 ans maximumDemande approbation adap pour un erp isolé sur une période de 3 ans maximum
Demande approbation adap pour un erp isolé sur une période de 3 ans maximumMarchitecture
 
Cerfa n°15247 01 erp rendu accessible entre le 1er janvier 2015 et 27 septemb...
Cerfa n°15247 01 erp rendu accessible entre le 1er janvier 2015 et 27 septemb...Cerfa n°15247 01 erp rendu accessible entre le 1er janvier 2015 et 27 septemb...
Cerfa n°15247 01 erp rendu accessible entre le 1er janvier 2015 et 27 septemb...Marchitecture
 
Cerfa n°15246 01 demande d'approbation d'un ad'ap
Cerfa n°15246 01 demande d'approbation d'un ad'apCerfa n°15246 01 demande d'approbation d'un ad'ap
Cerfa n°15246 01 demande d'approbation d'un ad'apMarchitecture
 
Cerfa n°13824 03 demande d'autorisation de construire, aménager ou de modifi...
Cerfa n°13824 03 demande d'autorisation de construire, aménager ou de modifi...Cerfa n°13824 03 demande d'autorisation de construire, aménager ou de modifi...
Cerfa n°13824 03 demande d'autorisation de construire, aménager ou de modifi...Marchitecture
 
Ordonnance n°21014-1090 du 26 septembre 2014.
Ordonnance n°21014-1090 du 26 septembre 2014.Ordonnance n°21014-1090 du 26 septembre 2014.
Ordonnance n°21014-1090 du 26 septembre 2014.Marchitecture
 
Loi n°2014 789 du 10 juillet 2014 habilitant le gouvernement à adopter des m...
Loi n°2014 789 du 10 juillet 2014 habilitant le gouvernement à adopter des m...Loi n°2014 789 du 10 juillet 2014 habilitant le gouvernement à adopter des m...
Loi n°2014 789 du 10 juillet 2014 habilitant le gouvernement à adopter des m...Marchitecture
 
Décret n° 2014 1327 du 5 novembre 2014
Décret n° 2014 1327 du 5 novembre 2014 Décret n° 2014 1327 du 5 novembre 2014
Décret n° 2014 1327 du 5 novembre 2014 Marchitecture
 
Décret n° 2014 1326 du 5 novembre 2014
Décret n° 2014 1326 du 5 novembre 2014 Décret n° 2014 1326 du 5 novembre 2014
Décret n° 2014 1326 du 5 novembre 2014 Marchitecture
 
Decret d'habitation n°2014 1342 du 6 novembre 2014
Decret d'habitation n°2014 1342 du 6 novembre 2014Decret d'habitation n°2014 1342 du 6 novembre 2014
Decret d'habitation n°2014 1342 du 6 novembre 2014Marchitecture
 
Code pénal article 441-7 | legifrance
Code pénal   article 441-7 | legifranceCode pénal   article 441-7 | legifrance
Code pénal article 441-7 | legifranceMarchitecture
 

Mehr von Marchitecture (20)

Plaquette pfe %20_emmanuelle%20le%20nezet
Plaquette pfe %20_emmanuelle%20le%20nezetPlaquette pfe %20_emmanuelle%20le%20nezet
Plaquette pfe %20_emmanuelle%20le%20nezet
 
M%c3%a9moir%20 habitat%20group%c3%a9%20pdf
M%c3%a9moir%20 habitat%20group%c3%a9%20pdfM%c3%a9moir%20 habitat%20group%c3%a9%20pdf
M%c3%a9moir%20 habitat%20group%c3%a9%20pdf
 
Book Emmanuelle Le Nezet Architecte ADE et Architecte d'intérieur
Book Emmanuelle Le Nezet Architecte ADE et Architecte d'intérieurBook Emmanuelle Le Nezet Architecte ADE et Architecte d'intérieur
Book Emmanuelle Le Nezet Architecte ADE et Architecte d'intérieur
 
Chaponost, de l'habitat à habiter
Chaponost, de l'habitat à habiterChaponost, de l'habitat à habiter
Chaponost, de l'habitat à habiter
 
Lettre de l'ad'ap n°1 16 février 2015
Lettre de l'ad'ap n°1   16 février 2015Lettre de l'ad'ap n°1   16 février 2015
Lettre de l'ad'ap n°1 16 février 2015
 
Questions réponses accessibilité vf2
Questions réponses accessibilité vf2Questions réponses accessibilité vf2
Questions réponses accessibilité vf2
 
L'essentiel ad'ap
L'essentiel ad'apL'essentiel ad'ap
L'essentiel ad'ap
 
Guide synthetique-def vf2
Guide synthetique-def vf2Guide synthetique-def vf2
Guide synthetique-def vf2
 
Fiche pratique c'est parti
Fiche pratique c'est partiFiche pratique c'est parti
Fiche pratique c'est parti
 
Dossier permettant de vérifier la conformité des erp d'accessibilité et de...
Dossier permettant de vérifier la conformité des erp d'accessibilité et de...Dossier permettant de vérifier la conformité des erp d'accessibilité et de...
Dossier permettant de vérifier la conformité des erp d'accessibilité et de...
 
Demande approbation adap pour un erp isolé sur une période de 3 ans maximum
Demande approbation adap pour un erp isolé sur une période de 3 ans maximumDemande approbation adap pour un erp isolé sur une période de 3 ans maximum
Demande approbation adap pour un erp isolé sur une période de 3 ans maximum
 
Cerfa n°15247 01 erp rendu accessible entre le 1er janvier 2015 et 27 septemb...
Cerfa n°15247 01 erp rendu accessible entre le 1er janvier 2015 et 27 septemb...Cerfa n°15247 01 erp rendu accessible entre le 1er janvier 2015 et 27 septemb...
Cerfa n°15247 01 erp rendu accessible entre le 1er janvier 2015 et 27 septemb...
 
Cerfa n°15246 01 demande d'approbation d'un ad'ap
Cerfa n°15246 01 demande d'approbation d'un ad'apCerfa n°15246 01 demande d'approbation d'un ad'ap
Cerfa n°15246 01 demande d'approbation d'un ad'ap
 
Cerfa n°13824 03 demande d'autorisation de construire, aménager ou de modifi...
Cerfa n°13824 03 demande d'autorisation de construire, aménager ou de modifi...Cerfa n°13824 03 demande d'autorisation de construire, aménager ou de modifi...
Cerfa n°13824 03 demande d'autorisation de construire, aménager ou de modifi...
 
Ordonnance n°21014-1090 du 26 septembre 2014.
Ordonnance n°21014-1090 du 26 septembre 2014.Ordonnance n°21014-1090 du 26 septembre 2014.
Ordonnance n°21014-1090 du 26 septembre 2014.
 
Loi n°2014 789 du 10 juillet 2014 habilitant le gouvernement à adopter des m...
Loi n°2014 789 du 10 juillet 2014 habilitant le gouvernement à adopter des m...Loi n°2014 789 du 10 juillet 2014 habilitant le gouvernement à adopter des m...
Loi n°2014 789 du 10 juillet 2014 habilitant le gouvernement à adopter des m...
 
Décret n° 2014 1327 du 5 novembre 2014
Décret n° 2014 1327 du 5 novembre 2014 Décret n° 2014 1327 du 5 novembre 2014
Décret n° 2014 1327 du 5 novembre 2014
 
Décret n° 2014 1326 du 5 novembre 2014
Décret n° 2014 1326 du 5 novembre 2014 Décret n° 2014 1326 du 5 novembre 2014
Décret n° 2014 1326 du 5 novembre 2014
 
Decret d'habitation n°2014 1342 du 6 novembre 2014
Decret d'habitation n°2014 1342 du 6 novembre 2014Decret d'habitation n°2014 1342 du 6 novembre 2014
Decret d'habitation n°2014 1342 du 6 novembre 2014
 
Code pénal article 441-7 | legifrance
Code pénal   article 441-7 | legifranceCode pénal   article 441-7 | legifrance
Code pénal article 441-7 | legifrance
 

Kürzlich hochgeladen

Paris 2024 Olympic Geographies - an activity
Paris 2024 Olympic Geographies - an activityParis 2024 Olympic Geographies - an activity
Paris 2024 Olympic Geographies - an activityGeoBlogs
 
Z Score,T Score, Percential Rank and Box Plot Graph
Z Score,T Score, Percential Rank and Box Plot GraphZ Score,T Score, Percential Rank and Box Plot Graph
Z Score,T Score, Percential Rank and Box Plot GraphThiyagu K
 
Seal of Good Local Governance (SGLG) 2024Final.pptx
Seal of Good Local Governance (SGLG) 2024Final.pptxSeal of Good Local Governance (SGLG) 2024Final.pptx
Seal of Good Local Governance (SGLG) 2024Final.pptxnegromaestrong
 
Beyond the EU: DORA and NIS 2 Directive's Global Impact
Beyond the EU: DORA and NIS 2 Directive's Global ImpactBeyond the EU: DORA and NIS 2 Directive's Global Impact
Beyond the EU: DORA and NIS 2 Directive's Global ImpactPECB
 
Mixin Classes in Odoo 17 How to Extend Models Using Mixin Classes
Mixin Classes in Odoo 17  How to Extend Models Using Mixin ClassesMixin Classes in Odoo 17  How to Extend Models Using Mixin Classes
Mixin Classes in Odoo 17 How to Extend Models Using Mixin ClassesCeline George
 
Web & Social Media Analytics Previous Year Question Paper.pdf
Web & Social Media Analytics Previous Year Question Paper.pdfWeb & Social Media Analytics Previous Year Question Paper.pdf
Web & Social Media Analytics Previous Year Question Paper.pdfJayanti Pande
 
Accessible design: Minimum effort, maximum impact
Accessible design: Minimum effort, maximum impactAccessible design: Minimum effort, maximum impact
Accessible design: Minimum effort, maximum impactdawncurless
 
Holdier Curriculum Vitae (April 2024).pdf
Holdier Curriculum Vitae (April 2024).pdfHoldier Curriculum Vitae (April 2024).pdf
Holdier Curriculum Vitae (April 2024).pdfagholdier
 
Ecological Succession. ( ECOSYSTEM, B. Pharmacy, 1st Year, Sem-II, Environmen...
Ecological Succession. ( ECOSYSTEM, B. Pharmacy, 1st Year, Sem-II, Environmen...Ecological Succession. ( ECOSYSTEM, B. Pharmacy, 1st Year, Sem-II, Environmen...
Ecological Succession. ( ECOSYSTEM, B. Pharmacy, 1st Year, Sem-II, Environmen...Shubhangi Sonawane
 
Measures of Dispersion and Variability: Range, QD, AD and SD
Measures of Dispersion and Variability: Range, QD, AD and SDMeasures of Dispersion and Variability: Range, QD, AD and SD
Measures of Dispersion and Variability: Range, QD, AD and SDThiyagu K
 
Application orientated numerical on hev.ppt
Application orientated numerical on hev.pptApplication orientated numerical on hev.ppt
Application orientated numerical on hev.pptRamjanShidvankar
 
Making and Justifying Mathematical Decisions.pdf
Making and Justifying Mathematical Decisions.pdfMaking and Justifying Mathematical Decisions.pdf
Making and Justifying Mathematical Decisions.pdfChris Hunter
 
1029-Danh muc Sach Giao Khoa khoi 6.pdf
1029-Danh muc Sach Giao Khoa khoi  6.pdf1029-Danh muc Sach Giao Khoa khoi  6.pdf
1029-Danh muc Sach Giao Khoa khoi 6.pdfQucHHunhnh
 
This PowerPoint helps students to consider the concept of infinity.
This PowerPoint helps students to consider the concept of infinity.This PowerPoint helps students to consider the concept of infinity.
This PowerPoint helps students to consider the concept of infinity.christianmathematics
 
Gardella_Mateo_IntellectualProperty.pdf.
Gardella_Mateo_IntellectualProperty.pdf.Gardella_Mateo_IntellectualProperty.pdf.
Gardella_Mateo_IntellectualProperty.pdf.MateoGardella
 

Kürzlich hochgeladen (20)

Advance Mobile Application Development class 07
Advance Mobile Application Development class 07Advance Mobile Application Development class 07
Advance Mobile Application Development class 07
 
Paris 2024 Olympic Geographies - an activity
Paris 2024 Olympic Geographies - an activityParis 2024 Olympic Geographies - an activity
Paris 2024 Olympic Geographies - an activity
 
Z Score,T Score, Percential Rank and Box Plot Graph
Z Score,T Score, Percential Rank and Box Plot GraphZ Score,T Score, Percential Rank and Box Plot Graph
Z Score,T Score, Percential Rank and Box Plot Graph
 
Mattingly "AI & Prompt Design: Structured Data, Assistants, & RAG"
Mattingly "AI & Prompt Design: Structured Data, Assistants, & RAG"Mattingly "AI & Prompt Design: Structured Data, Assistants, & RAG"
Mattingly "AI & Prompt Design: Structured Data, Assistants, & RAG"
 
Seal of Good Local Governance (SGLG) 2024Final.pptx
Seal of Good Local Governance (SGLG) 2024Final.pptxSeal of Good Local Governance (SGLG) 2024Final.pptx
Seal of Good Local Governance (SGLG) 2024Final.pptx
 
Beyond the EU: DORA and NIS 2 Directive's Global Impact
Beyond the EU: DORA and NIS 2 Directive's Global ImpactBeyond the EU: DORA and NIS 2 Directive's Global Impact
Beyond the EU: DORA and NIS 2 Directive's Global Impact
 
INDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptx
INDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptxINDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptx
INDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptx
 
Mixin Classes in Odoo 17 How to Extend Models Using Mixin Classes
Mixin Classes in Odoo 17  How to Extend Models Using Mixin ClassesMixin Classes in Odoo 17  How to Extend Models Using Mixin Classes
Mixin Classes in Odoo 17 How to Extend Models Using Mixin Classes
 
Mehran University Newsletter Vol-X, Issue-I, 2024
Mehran University Newsletter Vol-X, Issue-I, 2024Mehran University Newsletter Vol-X, Issue-I, 2024
Mehran University Newsletter Vol-X, Issue-I, 2024
 
Web & Social Media Analytics Previous Year Question Paper.pdf
Web & Social Media Analytics Previous Year Question Paper.pdfWeb & Social Media Analytics Previous Year Question Paper.pdf
Web & Social Media Analytics Previous Year Question Paper.pdf
 
Accessible design: Minimum effort, maximum impact
Accessible design: Minimum effort, maximum impactAccessible design: Minimum effort, maximum impact
Accessible design: Minimum effort, maximum impact
 
Holdier Curriculum Vitae (April 2024).pdf
Holdier Curriculum Vitae (April 2024).pdfHoldier Curriculum Vitae (April 2024).pdf
Holdier Curriculum Vitae (April 2024).pdf
 
Ecological Succession. ( ECOSYSTEM, B. Pharmacy, 1st Year, Sem-II, Environmen...
Ecological Succession. ( ECOSYSTEM, B. Pharmacy, 1st Year, Sem-II, Environmen...Ecological Succession. ( ECOSYSTEM, B. Pharmacy, 1st Year, Sem-II, Environmen...
Ecological Succession. ( ECOSYSTEM, B. Pharmacy, 1st Year, Sem-II, Environmen...
 
Measures of Dispersion and Variability: Range, QD, AD and SD
Measures of Dispersion and Variability: Range, QD, AD and SDMeasures of Dispersion and Variability: Range, QD, AD and SD
Measures of Dispersion and Variability: Range, QD, AD and SD
 
Application orientated numerical on hev.ppt
Application orientated numerical on hev.pptApplication orientated numerical on hev.ppt
Application orientated numerical on hev.ppt
 
Making and Justifying Mathematical Decisions.pdf
Making and Justifying Mathematical Decisions.pdfMaking and Justifying Mathematical Decisions.pdf
Making and Justifying Mathematical Decisions.pdf
 
Código Creativo y Arte de Software | Unidad 1
Código Creativo y Arte de Software | Unidad 1Código Creativo y Arte de Software | Unidad 1
Código Creativo y Arte de Software | Unidad 1
 
1029-Danh muc Sach Giao Khoa khoi 6.pdf
1029-Danh muc Sach Giao Khoa khoi  6.pdf1029-Danh muc Sach Giao Khoa khoi  6.pdf
1029-Danh muc Sach Giao Khoa khoi 6.pdf
 
This PowerPoint helps students to consider the concept of infinity.
This PowerPoint helps students to consider the concept of infinity.This PowerPoint helps students to consider the concept of infinity.
This PowerPoint helps students to consider the concept of infinity.
 
Gardella_Mateo_IntellectualProperty.pdf.
Gardella_Mateo_IntellectualProperty.pdf.Gardella_Mateo_IntellectualProperty.pdf.
Gardella_Mateo_IntellectualProperty.pdf.
 

Etude de cas

  • 1. 1 ! ! "#$%&'!(&!)'*+&*,#! ! -..#/0&''&!1&!2&3&4! ! 5,&67,8!97*/#4! ! ! ! "#$"%$!&'()")*+,$!-$!%+'.$#)/$0!1234! -40:&!:&!;#<! ! !"##$%&' ()$%*+%&' ,%&$-+.,&' +/$0' ()$%/,-"%%$#$%&' #+&1-,$(' $&' ()$%/,-"%%$#$%&' 23#+,%' +3' 4$,%' 5$' (+' 0-602$' 5$' 7+3&$-,/$4' +*,%' 5$' #$%$-'8'9,$%'3%$':+-&,$'5$'4$4'+0;3,4,&,"%4':-".-$44,/$4<'' ! ! ! ! ! ! ! ! ! =$7'&!2#4*7/#'&!>0?@,*&0,&!!:AB,$%*4&$40,&!187/! C7,.#4*7/!D,7E&<<*7//&''&!;7/4*/0&!F!>&$4*7/!1G! !
  •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
  •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`! ! ^ 1#!,@#'*<#4*7/!:0!?,7S&4!&4!<7/!#??,7?,*#4*7/VVVVVVVVVVVVVVKKVVVVVVVKK![a! ^K[!!1#!,@?7/<&!#,$%*4&$40,#'&VVVVVVVVVVVVVVVVVVVVVVVVVVVKK![a! ^KG!!1#!$,J$%&!:&!Y#04&,*+&<!Q!'&!?,7S&4!@:0$#4*EVVVVVVVVVVVVVVVVVVKK!GG! !
  • 4. 4 ! ! "%+*).#$!))!8!$(<+(.!$(/)#5(($&$(.!&+.$#)$,!$.!%'&+)(!+'!0$)(!-$!,+!"#$"%$! -9%+'.$#)/$0VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVKKK!G`! ! [ 1L&/E#/4!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVK! G`! [K[!!!(@E*/*4*7/!!:&!'L&/E#/4VVVVVVVVVVVVVVVVVVVVVVKVVVVVVV! G`! [KG!!1&<!:*EE@,&/4&<!4%@7,*&<!:&!'#!?@:#676*&!:&!'L&/E#/4VVVVVVVVVVVVVVK!GX! [K^! !!1&<!$#,#$4@,*<4*M0&<!?%8<*7'76*M0&<!:&!'L&/E#/4!:*EE@,&/4<!:&!$&0!:&! 'L#:0'4&VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVKK! ^[! ! G 1L&<?#$&!:&!+*&Q!'&!S&0!$7..&!<0??7,4!:0!:@+&'7??&.&/4!?<8$%7.74&0,!:&!'L&/E#/4!VVV! ^`! GK[ 1&!S&0!Q!:@E*/*4*7/!&4!,b'&VVVVVVVVVVVVVVVVVVVVVVVVVVVV!^`! GKG!!1L&<?#$&!:&!+*&!?,7?*$&!#0!S&0VVVVVVVVVVVVVVVVVVVVVVVVVK!^a! ! ^ 1&<!<&/<!<4*.0'@<!:#/<!'#!$,J$%&!:&!Y#04&,*+&<!Q!'L&?@,*&/$&!.0'4*!<&/<7,*&''&VVVVVVV! _^! ^K[ 1#!+0&!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV! _^! ^KG!!!1&!470$%&,VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV! _`!!!!!!!!!!!!!!!!!!!! ^K^!!!!1L70c&VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVK! _X! ! _ N/!#6&/$&.&/4!M0*!#$$7.?#6/&!!'L#047/7.*&!?,76,&<<*+&!:&!'L&/E#/4VVVVVVVVVK!_a! _K[ 1&<!:*<?7<*4*E<!.*<!&/!?'#$&!?70,!<@$0,*<&,!'L#:0'4&VVVVVVVVVVVVVVVKK!W]! _KG N/!&<?#$&!M0*!?&,.&4!'#!?,@<&/$&!<704&/#/4&!:&!'L#:0'4&VVVVVVVVVVVVKW_! _K^ N/!#6&/$&.&/4!$7/d0!H!'L@$%&''&!:&!'L&/E#/4VVVVVVVVVVVVVVVVVVKK!W`! ! W -/!M07*!'#!$,J$%&!:&!Y#04&,*+&<!<#4*<E#*4!'&<!O&<7*/<!?#,E7*<!7??7<@<!:&!'L&/E#/4!VVVVK!Wa! WK[ B$4*+*4@e!?#<<*+*4@VVVVVVVVVVVVVVVVVVVVVVVVVVVVVKKVVKK!Wa! WKG U/:*+*:0#'*4@e!6,70?&VVVVVVVVVVVVVVVVVVVVVVVVVKVVKVVV!`G! WK^ U/4@,*&0,e!-4@,*&0,VVVVVVVVVVVVVVVVVVVVVVVVVVKKVVKVVKK!`W! ! "5(",'0)5(VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVKKVVVVVKKKK!`f! 7)7,)5=#+*%)$KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK! X]! +(($>$0KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK! X[
  • 5. 5 ! )(.#5-'".)5(! ! ! ;&<!:*!:&,/*J,&<!#//@&<!'#!C,#/$&!$7//#*4!0/!4#0!:&!/#4#'*4@!E7,4I!'&!?'0<!*.?7,4#/4! :L-0,7?&! g=&+&,4&,;3$4' >?=@@A' BCCD' E<' D#,#''J'&.&/4I! /70<! $7/<4#47/<! 0/&! @+7'04*7/! :&<!.7:&<!:L#$$0&*'!:&!'L&/E#/4I!&4!?'0<!?#,4*$0'*J,&.&/4!0/!#$$,7*<<&.&/4!:&!$,@#4*7/! :&!$,J$%&<K!g=&+&,4&,;3$4'>?=@@'BCCDEK!'(#/<!$&44&!.h.&!?@,*7:&!i!'L#$$0&*'!:0!S&0/&! &/E#/4!<L&<4!#.@'*7,@!$7.?4&!4&/0!:&<!@+7'04*7/<!:&!'#!<7$*@4@!&4!:&<!$7//#*<<#/$&<! <0,!'&!:@+&'7??&.&/4!&4!'&<!O&<7*/<!:&!'L&/E#/4K!;&$*!&/4,#j/&!:&<!.7:*E*$#4*7/<!:#/<! '&<!7,*&/4#4*7/<!&4!'&<!$%7*!:&!?7'*4*M0&!:&!'#!E#.*''&'F'G)$4:+0$'5)+003$,('5$'(+':$&,&$' $%*+%0$<! (#/<!/74,&!?#8<I!0/!/7.O,&!*.?7,4#/4!:L&/E#/4<!!&/4,&/4!&/!$,J$%&!$7''&$4*+&!4,J<!4b4! :#/<! '&0,! +*&K! U'<! ?&0+&/4! 8! ,&<4&,! :&! 'Lk6&! :&! :&0! .7*<! &4! :&.*! S0<M0LH! 'L&/4,@&! H! 'L@$7'&! .#4&,/&''&! gH! 4,7*<! #/<lI! &4I! 8! ?#<<&/4! S0<M0LH! :703&! %&0,&<! ?#,! S70,K! 270<! ?70+7/<! #EE*,.&,! M0&! '#! $,J$%&! :&+*&/4! ?#,E7*<! ?70,! &0! '&0,! &/+*,7//&.&/4! M074*:*&/K! B0!+0&<!:&!$&<!$7/<4#4<I!/74,&!@40:&!?7,4&,#!<0,!'L#/#'8<&!:&!'#!$,J$%&!.0/*$*?#'&!:&! Y#04&,*+&<! :#/<! '&! /7,:! :&! '#! (,b.&K! >70<! 0/&! :&.#/:&! 470S70,<! ?'0<! E7,4&! :&<! #:.*/*<4,@<I!'#!.0/*$*?#'*4@!:@$*:&I!&/!#+,*'!G]]XI!:&!'&0,!?,7?7<&,!0/!/70+&#0!.7:&! :&!6#,:&!#+&$!'#!$,J$%&!;7'*/<P;7''*/&<!m!7EE,#/4!#*/<*!#0!%#O*4#/4<!0/!$%7*!?'0<!'#,6&! M0#/4!H!'L#$$0&*'!:&!'&0,<!&/E#/4<K! D70,!$&,4#*/<!?#,&/4<!:&!'#!$7..0/&I!'L#$$0&*'!&/!$,J$%&!&<4!i!6#6&!:&!M0#'*4@!?70,!'&! O7/!:@+&'7??&.&/4!:&!'&0,<!&/E#/4<!nK!g$E!*/4&,+*&o<lK!B0!$70,<!:&<!?,&.*J,&<!#//@&<! :&!'L&/E#/4I!<&<!?,&.*&,<!?#<!<7/4!<70+&/4!#44&/:0<!#+&$!*.?#4*&/$&K!D0*<I!Eh4@<!#+&$! S7*&I! 4704! $7..&! <&<! ?,&.*&,<! .74<K! -/! 6@/@,#'I! '&<! ?#,&/4<! #44#$%&/4! :7/$! H! 'A#??,&/4*<<#6&!:&!'A&<?#$&!'#!.h.&!*.?7,4#/$&!M0AH!'A#??,&/4*<<#6&!:0!'#/6#6&K!1A0/! $7..&!'A#04,&I!<&.O'&/4!*/:*<?&/<#O'&<!H!'#!?'&*/&!.#j4,*<&!:&!'&0,!&/+*,7//&.&/4K! ;A&<4!#0!4&,.&!:A0/!'7/6!#??,&/4*<<#6&!M0*!7$$0?&!4704&!'A&/E#/$&I!M0&!/70<!?,&/7/<! &/E*/!i!?7<<&<<*7/!n!:&!/74,&!&<?#$&K!;A&<4!?70,M07*!'&<!&?@,*&/$&<!:&!'A&/E#/4!H!$&4! @6#,:!!<7/4!:L0/&!*.?7,4#/$&!$#?*4#'&K! !
  •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g<&<! :*EE@,&/$&<I! <&<! $#,#$4@,*<4*M0&<! ?%8<*7'76*M0&<l! H! 4,#+&,<! '&<! <#+7*,<! 4,#/<.*<! ?#,! $&,4#*/<! 6,#/:<! ?<8$%7'760&<! :&! '#! ?&4*4&! &/E#/$&K! -/<0*4&I! /70<! <70'J+&,7/<!'&!S&0!$7..&!.74&0,!:L#??,&/4*<<#6&<I!&4!$&!H!4,#+&,<!'L&<?#$&!S&0!:&!'#! $,J$%&K!270<!+&,,7/<!@6#'&.&/4!$7..&/4!'&<!<&/<!:&!'L&/E#/4!<7/4!<4*.0'@<!:#/<!'#! $,J$%&!:LY#04&,*+&<K!!;7..&/4!4704!'L&/+*,7//&.&/4I!.#4@,*&'!&4!%0.#*/!$7/4,*O0&!H! '#!O7//&!#$M0*<*4*7/I!?,76,&<<*+&I!:&!<7/!#047/7.*&!p!270<!4&,.*/&,7/<!/74,&!@40:&! &/!7O<&,+#/4!<*!$&,4#*/<!O&<7*/<!?#,E7*<!7??7<@<!:&!'L&/E#/4!<7/4!<#4*<E#*4<!:#/<!/74,&! 7OS&4!:L@40:&K
  • 7. 7 ! "%+*).#$!)8!*#$0$(.+.)5(!-$!,95*$#+.)5(! ! ! ! • 7,4&"-,;3$'5$'(+'0-602$' ! >&'7/! '&! .*/*<4J,&! :&! '#! C#.*''&! &4! :&<! B*/@<! gq0@O&$lI! i!0/&! $,J$%&! &<4! 0/! '*&0!! :L#$$0&*'!$7''&$4*EI!:&<4*/@!#0!&/E#/4<!?,@<$7'#*,&<I!:J<!'Lk6&!:&!4,7*<!.7*<K!1#!$,J$%&!#! ?70,!,b'&!:&!?#'*&,!#0!.*&0!'L#O<&/$&!:&<!?#,&/4<I!.#*<!<#/<!<L8!<0O<4*40&,K!U'!<L#6*4! @6#'&.&/4!:L0/!'*&0!?&,.&44#/4!H!'L&/E#/4!:&!:@$70+,*,!'#!+*&!&/!$7''&$4*+*4@I!&4I!:7/4! 'L@M0*?&!:L&/$#:,&.&/4!<L#??0*&!<0,!0/!?,7S&4!@:0$#4*EnK!' N/&!:&<!?,&.*J,&<!$,J$%&<!+7*4!'&!S70,!#+&$!'#!$,J$%&!:*4&!>#0+#6&!:&!'#!>7,O7//&K! -''&! #! @4@! ?&/<@&! ?#,! C,#/d7*<&! (7'47I! ?@:*#4,&! &4! ?<8$%#/#'8<4&! E,#/d#*<&! g[a]fP [affl!m!M0*!<L&<4!'#,6&.&/4!$7/<#$,@&!H!'#!?<8$%#/#'8<&!:&!'L&/E#/4!:7/4!&''&!&<4!0/&! :&<!?*7//*J,&<K! -''&!:*<#*4I!&/!4@.7*6/#/4!<0,!'#!:*4&!$,J$%&I!&/!.#*![a`f!Q!i!$L&<4!:J<!'#!/#*<<#/$&!:0! S&0/&!&/E#/4!M0&!'L#??,&/4*<<#6&!<7$*#'!:7*4!$7..&/$&,!&4!*'!/L&<4!?7<<*O'&!M0&!:#/<! 0/!&<?#$&!:&!474#'&!<@$0,*4@K!;L&<4!?#,!4704!0/!S&0!:L#??,7?,*#4*7/I!:L&<?#$&!&4!:&<! ?&,<7//&<! /70+&''&<I! M0L*'! ?&04I! :#/<! '&! $'*.#4! :&! '&0,! ?,@<&/$&I! :@+&'7??&,! <7/! #047/7.*&I!<7/!<&/<!:L7O<&,+#4*7/I!<#!<7$*#O*'*4@I!<#!$,@#4*+*4@K!n! ! ! ! • HI:"(".,$'5$'(+'0-602$'$&'5,**1-$%&4'#"5$4'5$'.+-5$' ' 1A#,,*+@&!:A0/!&/E#/4!#0!<&*/!:A0/!E78&,!&<4!<70+&/4!6@/@,#4,*$&!:&!$%#/6&.&/4<!&/! 4&,.&<!:&!,84%.&!:&!+*&!&4!:A7,6#/*<#4*7/I!/74#..&/4!?70,!#<<0,&,!<#!6#,:&K!i!1#! .7*4*@!:&<!&/E#/4<!k6@<!:&!M0#4,&!.7*<!H!.7*/<!:&!:&0!#/<!&4!:&.*!<7/4!6#,:@<!H!'#! .#*<7/! ?#,! 0/! :&<! ?#,&/4<! M0*! /&! 4,#+#*''&! ?#<! 70! <A#,,h4&! ?#,E7*<! :&! 4,#+#*''&,K! 1&<! ?#,&/4<!?&0+&/4!@6#'&.&/4!$7/E*&,!'&0,!&/E#/4K!U'<!?&0+&/4!,&$70,*,!H!0/&!6#,:&!<7*4! ?#8#/4&! 4&''&! M0A#<<*<4#/4&! .#4&,/&''&! g&''&<! #$$0&*''&/4! [X! r! :&<! S&0/&<! &/E#/4<lI! $,J$%&!g[]!rl!70!6#,:&!H!:7.*$*'&!g[!rlI!<7*4!6,#40*4&!g`!r!:&<!&/E#/4<!<7/4!$7/E*@<!H!
  • 8. 8 '&0,<! 6,#/:<P?#,&/4<lK! 1&! $7s4! &4! '#! ?,7*.*4@! g#0! :7.*$*'&l! :0! '*&0! :&! 6#,:&! */4&,+*&//&/4!@6#'&.&/4!:#/<!'&!$%7*!:0!.7:&!:&!6#,:&K!n!>?=@@' ! Z70S70,<! <&'7/! 'LU/<4*404! 2#4*7/#'! :&! '#! >4#4*<4*M0&! &4! :&<! -40:&<! -$7/7.*M0&<I! '&<! $70?'&<! M0*! 4,#+#*''&/4! 7/4! &/! .#S7,*4@! ,&$70,<! H! :&<! ?&,<7//&<! ,@.0/@,@&<! ?70,! 6#,:&,!'&<!&/E#/4<I!&/!?#,4*$0'*&,!#0!#<<*<4#/4&<!.#4&,/&''&<!S0<M0AH!'&0,!<$7'#,*<#4*7/! :&<!&/E#/4<I!4#/:*<!M0&!'&<!E78&,<!.7/7!?#,&/4#0!<A#??0*&/4!:#+#/4#6&!<0,!'#!E#.*''&I! '&<! #.*<! #*/<*! M0&! <0,! '&<! .7:&<! :&! 6#,:&! $7''&$4*E<! g$,J$%&<I! .0'4*P#$$0&*'I! %#'4&P 6#,:&,*&!&4!#$$0&*'!:&!'7*<*,lK!;&<!:&,/*&,<!<7/4!@6#'&.&/4!?'0<!<70+&/4!04*'*<@<!?#,!'&<! <#'#,*@&<!:&!'#!C7/$4*7/!?0O'*M0&!&4!'&<!$*4#:*/<K!! (0,#/4! '&0,! 4&.?<! :&! 4,#+#*'I! '#! .7*4*@! :&! $&<! ?#,&/4<! 04*'*<&/4! ,@60'*J,&.&/4! '&<! <&,+*$&<! :&! 6#,:&! ,@.0/@,@&'Q! 6#,:&! */:*+*:0#'*<@&! g#<<*<4#/4&! .#4&,/&''&I! /70,,*$&I! 6#,:&! :A&/E#/4<! H! :7.*$*'&Vl! ?70,! '&<! :&0! 4*&,<I! 6#,:&! $7''&$4*+&! g$,J$%&I! .0'4*P #$$0&*'I!%#'4&P6#,:&,*&I!#$$0&*'!:&!'7*<*,l!?70,!'&!4*&,<!,&<4#/4K! 1&!O0:6&4!$7/<#$,@!H!'#!6#,:&!:A&/E#/4<!+#,*&!:&!'#!6,#40*4@!H![!]]]!&0,7<!?#,!.7*<I! #+&$! 0/&! .78&//&! :&! G`]! &0,7<! ?#,! .7*<! &4! ?#,! &/E#/4K! 1A#<<*<4#/4&! .#4&,/&''&! #6,@@&I!E7,.0'&!'#!?'0<!,@?#/:0&I!,&+*&/4!&/!.78&//&!H!^G]!&0,7<!?#,!.7*<!&4!?#,! &/E#/4I!$7/4,&!G^]!&0,7<!&/!.78&//&!&/!$,J$%&K!! 270<!?70+7/<!<0??04&,!M0&!$&4!#+#/4#6&!E*/#/$*&,I!:7//&!0/!#04,&!#4704!H!'#!$,J$%&! ! U'! &*<4&! &/! C,#/$&I! :*EE@,&/4<! 48?&<! :&! $,J$%&K! -''&<! ?&0+&/4! h4,&! $7''&$4*+&<I! ?#,&/4#'&<I!E#.*'*#'&<K! -''&<!?&0+&/4!@6#'&.&/4!h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
  • 9. 9 ! • G)$%*+%&'$%'0-602$' ! 274,&! 7OS&4! :A@40:&! @4#/4! 0/&! $,J$%&! :&! +*/64! O&,$&#0I! /70<! $&/4,&,7/<! /74,&! #,60.&/4#*,&!<0,!:&<!<4,0$40,&<!:&!$&!48?&K! ! B0!+0&<!:&!/7<!,&$%&,$%&<!JG)$%*+%&A'()K-02,&$0&3-$'$&'()$4:+0$A'G)$4:+0$'5)+003$,('5$'(+' :$&,&$' $%*+%0$LEA' *'! #??#,#j4! M0L#0! <&*/! :A0/&! <4,0$40,&! :A#$$0&*'! $7''&$4*+&I! '&<! <?@$*E*$*4@<!&4!#44&/4&<!:&!$%#M0&!&/E#/4!<7/4!$&/<@&<!h4,&!*:&/4*E*@&<!#E*/!:&!$,@&,!0/! &/+*,7//&.&/4!*/:*+*:0#'*<@I!,&<?&$40&0!:0!,84%.&!:&!$%#$0/I!&4I!:7//&,!H!'A&/E#/4! :&<! ,&?J,&<! <?#4*7P4&.?7,&'<! <4#O'&<K! (#/<! 0/&! .#S7,*4@! :&! $,J$%&<I! $&<! ,&?J,&<! <A7,6#/*<&/4! #0470,! :&<! %#O*40:&<! :&! '#! +*&! M074*:*&//&I! g<7*/<I! #4&'*&,<VlI! #0! <&*/! :A#$4*+*4@<!:&!6,70?&!&/$#:,@&<!?#,!0/!#:0'4&I!&4I!'7,<!:&!.7.&/4<!7t!'L&/E#/4!?&04!<&! $7/<4,0*,&! '*O,&.&/4K! 1L&/E#/4! #! O&<7*/! :L0/! &<?#$&! <@$0,*<@! 7t! *'! ?&04! E#*,&! <&<! ?,7?,&<!&?@,*&/$&<!g<&/<7,*&''&<I!?<8$%7.74,*$&<!70!,&'#4*7//&''&<l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
  • 10. 10 ,E!LAMMB@J!KJ!%EBHJFGQJC!JH!?J!LA@HJ]HJ!KJ!@EGCCE@LJ!KB!DFA[JH! ! ! M<M' G+'0"##3%$'5$'7+3&$-,/$4' ! 1#!$7..0/&!:&!Y#04&,*+&<!<&!<*40&!#0!27,:!:&!'#!(,b.&K!-''&!&<4!H!@6#'&!:*<4#/$&!:&! 187/I! 5,&/7O'&! &4! u#'&/$&K! 1#! +*''&! '#! ?'0<! ?,7$%&! &<4! "7.#/<! <0,! U<J,&I! <*40@&! H! &/+*,7/!GW!v*'7.J4,&<! ! Y#04&,*+&<!#!0/&!?7?0'#4*7/!:L&/+*,7/!.*'!%#O*4#/4<K!-''&!:*<?7<&!:L#4704<!470,*<4*M0&<! ?#,!<#!<*40#4*7/!6@76,#?%*M0&!g'#$I!,*+*J,&I!,#/:7//@&lI!&4!:&!?#,!'#!?,@<&/$&!:0!D#'#*<! U:@#'! :0! C#$4&0,! ;%&+#'K! ;7/<4,0*4! :&! [fXa! H! [a[G! ?#,! 0/! E#$4&0,! ,0,#'!Q! C&,:*/#/:! $%&+#'!g[f^`P[aG_lI!*'!&<4!$'#<<@!.7/0.&/4!%*<47,*M0&!&/![a`a!?#,!B/:,@!9#',#0K!! ! 270<!?70+7/<!&/!:@:0*,&!M0&!$&!470,*<.&!?&,.&4!H!Y#04&,*+&<!:&!?,7?7<&,!M0&'M0&<! */E,#<4,0$40,&<!?'0<!*.?7,4#/4&<!M0&!$&''&<!:&<!+*''#6&<!&/+*,7//#/4<K!gR#/M0&<I!?7<4&I! O70'#/6&,*&I!<0?&,.#,$%@<Vl! ! HAUTERIVES =,&3+&,"%'5$'(+'0"##3%$'5+%4'($'51:+-&$#$%&'N2O%$PK(:$4' Q+(+,4'>51+('53'R+0&$3-'!2$/+(''
  • 11. 11 ! ''' ' ''''''''''''''''''' M<B !"%&$S&$'5$'%+,44+%0$'53':-"T$&' ! -/! #047./&! G]]XI! '#! $7..0/&! :&! Y#04&,*+&<! gG`l! ?,7S&44&! '#! $7/<4,0$4*7/! :L0/&! $,J$%&!:&!+*/64!O&,$&#0!&/!$&/4,&!:&!+*''#6&!<0*4&!H!0/&!:&.#/:&!*.?7,4#/4&!:&<! #:.*/*<4,@<K!1L#:S7*/4!#0!.#*,&I!9KR#$%&'*/I!/70<!#!$7/E*@!'7,<!:&!<7/!*/4&,+*&o!M0&! i!'&!?,7S&4!@4#*4!&/!,@E'&*7/!:&?0*<!?'0<!:&!:*!#/<!nK! T0<M0L#'7,<I!Y#04&,*+&<!&<4!:@?70,+0&!:L0/!.7:&!:&!6#,:&!$7''&$4*E!?70,!'&<!]P^!#/<! g?,*+@! 70! ?0O'*$lK! -EE&$4*+&.&/4I! '&<! &/E#/4<! @4#*&/4! 6#,:@<! ?#,! :&<! /70,,*$&<I! #<<*<4#/4&<!.#4&,/&''&<!70!#04,&<!.7:&<!:&!6#,:&<!E#.*'*#0K! 1&!;7/<&*'!90/*$*?#'I!.#j4,&!:&!'L70+,#6&I!#!?70,!<&0'!?7*/4!:&!,&?J,&!'#!+*<*4&!:&!'#! $,J$%&!:&!>#*/4PT&#/P&/P"78#/<!gG`l!g$E!*/4&,+*&o!:&!'L#:S7*/4!#0!.#*,&lK!U'!:@'J60&!'#! .#j4,*<&!:L70+,#6&!H!'LY#O*4#4!(#0?%*/7*<!m!?,7.74&0,!*..7O*'*&,I!<?@$*#'*<@!:#/<!'&! '76&.&/4!<7$*#'!&4!474#'&.&/4!/7+*$&!:#/<!'&!:7.#*/&!:&!'#!?&4*4&!&/E#/$&K!1LY#O*4#4! (#0?%*/7*<! */4&,+*&/4! :L7,:*/#*,&! <0,! :&<! ?,&<4#4*7/<! <4#/:#,:*<@&<! #+&$! 0/! ?,*! #0! .J4,&!$#,,@!?'04b4!E#*O'&!&4!:@$*:&!:&!,@#'*<&,!$&!?,7S&4!#+&$!'&!$#O*/&4!:L#,$%*4&$40,&! Z,#+&,<*&,K! ! ! ! M<U G$'0+9,%$&'5)+-02,&$0&3-$' ' 1&! ;#O*/&4! Z,#+&,<*&,! &<4! 0/&! #6&/$&! :AB,$%*4&$4&! $7.?7<@&! :&! :*P/&0E! $7''#O7,#4&0,<K!;&44&!@M0*?&!&<4!H!.h.&!:&!?,7?7<&,!:&<!<#+7*,PE#*,&!<?@$*E*M0&<!?70,! $%#M0&!?,7S&4!&4!<&'7/!'&<!#44&/4&<!:&!$%#M0&!$'*&/4K!5,k$&!H!0/&!<7'*:&!&?@,*&/$&I! &''&!.#j4,*<&!'&<!?,7$&<<0<!:&!.*<&!&/!w0+,&!&4!:L7,$%&<4,#4*7/!:&<!*/4&,+&/#/4<K!>7/! 4,#+#*'!&<4!:&!.&/&,!H!O*&/!0/&!,@#'*<#4*7/!:&?0*<!<7/!&<M0*<<&!S0<M0AH!'L#$%J+&.&/4! :&<!4,#+#0!#0!<&*/!.h.&!:&!<#!<4,0$40,&K!
  • 12. 12 ;&44&! #6&/$&! ?,7?7<&! ,@60'*J,&.&/4! :&<! $7/<4,0$4*7/<! 7<<#40,&! O7*<I! &4! <*6/&! <7/! 4,#+#*'! ?#,! '#! ?,@<&/$&! M0#<*! ?&,.#/&/4&! :Aw*'! :&! Ow0EK! (#/<! '&! ?,7S&4! @40:*@I! $&<! $#,#$4@,*<4*M0&<!<7/4!@6#'&.&/4!?,@<&/4&<K!! ! ! ! ! ! ! ! U'! /70<! &<4! #??#,0! M0&! $&,4#*/&<! ?,#4*M0&<! */4&,/&<! 7/4! */E'0@! <0,! ! '#! M0#'*4@! :&! '#! ,@?7/<&!#,$%*4&$40,#'&K! ! !1A#6&/$&!:A#,$%*4&$40,&!&<4!?'04b4!$7040.*J,&!:&!'76&.&/4<!$7''&$4*E<!<4#/:#,:*<@<K! -''&!?,#4*M0&!:&<!%7/7,#*,&<!O#<I!&4!:7*4!:7/$I!7?4*.*<&,!'&!4&.?<!?#<<@!<0,!'&<!?,7S&4K!! B0<<*I! '&<! @40:&<! :&<$,*?4*+&<! &4! &<4*.#4*+&<! 7/4! @4@! 4,#/<.*<&<! H! '#! .#*,*&! #+#/4! :L#+7*,! 0/&! $7//#*<<#/$&! #??,7E7/:*&! :0! <0S&4! 4,#*4@!m! ! &''&<! 7/4! @4@! @+#'0@&<! ?#,! ,#??7,4!H!:&<!?,&<4#4*7/<!&4!:&<!,#4*7<!:&!'76&.&/4<K!! ;&<! .h.&<! ,#4*7<! /L@4#/4! ?#<! #:#?4@<! H! '#! <4,0$40,&! :L#$$0&*'! M0L&<4! '#! $,J$%&I! 'LY#O*4#4! (#0?%*/7*<I! &/! #$$7,:! #+&$! '#! .#*,*&I! #! :@$*:@! :&! <0??,*.&,! $&,4#*/<! 8#9/+*9#/::'!"/;*+'3!<#/4'#,*'#!!
  • 13. 13 @'@.&/4<! &/! ?%#<&! :&! .*<&! &/! w0+,&! #E*/! :&! ,@?7/:,&! #0! .*&0! H! '#! ,@#'*4@! :&! 'L&/+&'7??&! O0:6@4#*,&K! 1#! 47*40,&! +@6@4#'*<@&! #*/<*! M0&! '&! ?#,&P<7'&*'! &/! E#d#:&! ?,*/$*?#'&! 7/4I! ?#,! &&.?'&I! @4@! <0??,*.@<! '7,<! :&! '#! ,@#'*<#4*7/K! 5&7,6&<! 9&<.*/! :#/<! <7/! '*+,&! */4*40'@! G)$%*+%&A' ()K-02,&$0&3-$' $&' ()@4:+0$! :*,#! H! ?,7?7<! :&<! i!O,*<&P <7'&*'!n!<0??,*.@<!:&!'#!;*4@!"#:*&0<&!:&!9#,<&*''&!:&!1&!;7,O0<*&,!M0&!i!'&<!*.?@,#4*E<! :0!?,*!?'#E7/:!#.J/&/4!<70+&/4!'&<!$7/<4,0$4&0,<!:&!'76&.&/4<!H!<0??,*.&,!$&44&! ?,74&$4*7/K! ;L&<4! #0! :@4,*.&/4! :0! $7/E7,4! :&<! %#O*4#/4<I! &4! ?'0<! <?@$*#'&.&/4! :&<! &/E#/4<I!M0*!@?,70+&/4!?'0<!M0&!'&<!#:0'4&<!'&!O&<7*/!:&!<&!<&/4*,!H!'L#O,*I!?,74@6@<I! /*$%@<!nK! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 2! !,J!*FAPFEMMJ! ! ! B<M'' G$4'4,&$4':-":"414' ! 1#!.0/*$*?#'*4@!:&!Y#04&,*+&<!/70<!&?7<&!<7/!?,76,#..&!&/!G]]XI!&''&!<70%#*4&!0/&! $,J$%&!:&!:*P<&?4!O&,$&#0!:#/<!0/!?,&.*&,!4&.?<!M0*!:7*4!?70+7*,!<L@4&/:,&!H!+*/64! O&,$&#0K! ! 1&! ;7/<&*'! 90/*$*?#'! #! '7/60&.&/4! %@<*4@! <0,! '&! E040,! &.?'#$&.&/4K! 1#! ?,&.*J,&! ?,7?7<*4*7/! &<4! 0/&! ?#,$&''&! H! 'L&4@,*&0,&! :0! +*''#6&! M0*! <&! <*40&! H! ?,7*.*4@! :L0/! K/+%&PQ-"T$&V'W3$'43-':+-$P4"($,('
  • 14. 14 68./#<&K! ;&44&! <7'04*7/! #! 'L#+#/4#6&! :L7EE,*,! 0/! &<?#$&! &4&/<*O'&! &/! ?'&*/&! $#.?#6/&K!! 1#!<&$7/:&!<7'04*7/!?,7?7<&!:L7$$0?&,!'&!,&3P:&P$%#0<<@&!:L0/&!E040,&!$7/<4,0$4*7/! &/!$&/4,&!:&!+*''#6&K!1&!Ok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gO70'#/6&,*&I! $7*EE&0,I! ?7<4&KKKlK!1#!9#*,*&!4,#+#*''&!<0,!'&<!?#,$&''&<!&/+*,7//#/4&<Q!$,@#4*7/!:&!X!'76&.&/4<! <7$*#0!:#/<!0/!*..&0O'&!#:S#$&/4I!&4I!?,7S&4!:A8!*/<4#''&,!0/&!E040,&!O*O'*74%JM0&K!B0! Crèche municipale de Hauterives Premier projet de crèche
  • 15. 15 /*+&#0!:&<!+7*,*&<I!'#!9#*,*&!?,@+7*&!@6#'&.&/4!'#!,&<4,0$40,#4*7/!:&!'A#$$J<!H!'A@$7'&!&4! H!'#!E040,&!$,J$%&!g4,#/<E7,.#4*7/!:A0/!$%&.*/!?*@47/!&/!,704&!H!<&/<!0/*M0&l!&4!'#! $,@#4*7/!:A0/!:@?7<&!.*/04&!?70,!:&<<&,+*,!'A@$7'&!&4!'#!$,J$%&K!!Z704&E7*<I!'&!<*4&!&<4! #$$&<<*O'&!H!?*&:K! 17$#'*<@!#0!$&/4,&!:0!+*''#6&I!*'!<&.O'&!E#+7,*<&,!'A@$%#/6&!&/4,&!'&<!%#O*4#/4<I!:,#*/#/4! #*/<*! '&<! 04*'*<#4&0,<! :&! '#! $,J$%&I! .#*<! @6#'&.&/4! $&,4#*/<! +*''#6&7*<! g%#O*4#/4<! &/+*,7//#/4<I!'&<!?#,&/4<!:A&/E#/4<!<$7'#,*<@<!#*/<*!M0&!'&<!?&,<7//&<!?,@<&/4&<!:#/<! '&!$&/4,&!:0!+*''#6&lK!>&'7/!'A#:S7*/4!#0!.#*,&I!i!'&!?,7S&4!:&!<*40&,!'#!$,J$%&!#0!$w0,!:0! +*''#6&!<A*/<$,*4!:#/<!'#!+7'7/4@!E7,4&!:&!$,@&,!:0!'*&/!<7$*#'K!n! 270<!@.&447/<!'L%8?74%J<&!M0&!'&!$%7*!:&!$&44&!?#,$&''&!?,7+7M0&!0/!,@&'!*.?#$4!<0,! '#!+*&!$7..0/#'&K!U'!?&,.&4!#0!04*'*<#4&0,<!:&!'#!$,J$%&!:&!<A*/<$,*,&!474#'&.&/4!:#/<! '#!$7..0/&I!#0!?#,&/4<!:A@$%#/6&,!&4!#0!&/E#/4!:Ah4,&!$7/E,7/4@!M074*:*&//&.&/4!H! '&0,! +*&! <$7'#*,&! E040,&K! -/! ,&+#/$%&I! $&44&! ?#,$&''&! &<4! ,@:0*4&I! &4! '&<! ?7<<*O*'*4@<! $7/<4,0$4*+&<! <7/4! '*.*4@&<K! U'! &<4! ?7<<*O'&! :A8! @4#O'*,! '&! ?,7S&4! #$40&'I! .#*<! 0/&! &4&/<*7/!/&!?70,,#!?#<!h4,&!&/+*<#6@&!<0,!?'#$&K! Q(+%'#+44$''P'G$'4,&$'02",4,' ! ! !
  • 16. 16 B<U '''G$'!+2,$-'5$4'02+-.$4' ' 1&!?,76,#..&!@4#O'*!?#,!'#!9#*,*&I!<&!?,@<&/4&!:&!'#!.#/*J,&!<0*+#/4&Q! ^!"FIJF!B@J!LFVLTJ!DABF!2_!J@OE@HC!KJ!KJB]!MAGC!JH!KJMG!W!HFAGC!E@C!`!J@!CJLHGA@! B@GXBJ!EB!LJ@HFJ!KJ!QG??EPJ!a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
  •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
  • 18. 18 270<!,&.#,M07/<!M0&!'A@/7/$@!:0!?,76,#..&!&<4!O,&EK!1&<!.#j4,&<!:L70+,#6&<!7/4! '#*<<@!0/&!6,#/:&!'*O&,4@!#0!$7/$&?4&0,<!?70,!:@E*/*,!'&<!$7.?7<#/4<!:0!?,76,#..&I! &4!*'<!7/4!<0*+*!'&0,!$%7*K!! ! B0!.7.&/4!:&!'L@'#O7,#4*7/!:0!?,76,#..&I!:&!'#!$7/$&?4*7/!&4!:&!'#!,@#'*<#4*7/I!'&! E040,!6&<4*7//#*,&!:&!'#!$,J$%&!/L&<4!?#<!:@E*/*K!1&!?,7S&4!:7*4!:7/$!h4,&!EKEDHER?J!#0! :*EE@,&/4<!?,*/$*?&<!?@:#676*M0&<K!1&!,@E@,&/4!&<4!'&!.@:&$*/!D9U!:0!<&$4&0,I!9.&! C,&$%&4I!$%#,6@&!:&!:7//&,!'L#6,@.&/4!H!'#!E*/!:0!$%#/4*&,K!1&<!#,$%*4&$4&<!<7/4!:7/$! &/! $7/4#$4! #+&$! &''&! ?&/:#/4! 4704&! '#! ?%#<&! :&! $7/$&?4*7/K! -''&! */4&,,76&! '&<! <4,0$40,&<! <*.*'#*,&<! M0L&''&! $b47*&! #0! M074*:*&/! ?70,! ?,7?7<&,! :&<! <7'04*7/<! ?&,4*/&/4&<K! ! 1#! $7..0/&! <70%#*4&! 0/&! $7/<4,0$4*7/! $7,,&<?7/:#/4! #0! /7,.&<! Y#04&! q0#'*4@! -/+*,7//&.&/4#'&K!D70,!&''&I!*'!&<4!4,J<!*.?7,4#/4!:L#EE*$%&,!0/!*/4@,h4!@$7'76*M0&!&4! 0/&! +7'7/4@! :&! ?,&/:,&! <7*/! :&! <&<! &/E#/4<K! (&! ?'0<I! '&<! <0O+&/4*7/<! :&! '#! ;#*<<&! :LB''7$#4*7/!C#.*'*#'&!?&,.&44&/4!:&!E*/#/$&,!'#!?'0<P+#'0&K! !
  • 19. 19 b ,E!FIE?GCEHGA@!KB!DFA[JH!JH!CA@!EDDFADFGEHGA@! ! U<M'''''''''''''''G+'-1:"%4$'+-02,&$0&3-+($' ' 1#!+7'7/4@!:L0/!Ok4*!Y#04&!q0#'*4@!-/+*,7//&.&/4#'&!<L*/4J6,&!?#,E#*4&.&/4! H! '#! ?7'*4*M0&! */4&,/&! :0! $#O*/&4! :L#,$%*4&$40,&K! ;&'0*P$*! #! 0/&! &?@,*&/$&! *.?7,4#/4&!:#/<!'&<!$7/<4,0$4*7/<!H!7<<#40,&!O7*<K!(&!$&!E#*4I!$&44&!<7'04*7/! $7/<4,0$4*+&!&<4!,#?*:&.&/4!,&4&/0&K!! ! B0!+0&<!:&<!,@0/*7/<!?,@?#,#47*,&<I!#+&$!'&!$7/<&*'!.0/*$*?#'!$7..&!#+&$!'&! .@:&$*/!D9UI!'&!O*&/!h4,&!:&!'L#:0'4&!&<4!0/&!?,7O'@.#4*M0&!?,@?7/:@,#/4&!m! 0/&! 6,#/:&! ?#,4*&! :&<! ,@E@,&/4<! /L@4#/4! ?#<! 4,J<! #0! E#*4&! :&<! .@4%7:&<! @:0$#4*+&<!:&!'L&/E#/4K!1L#6&/$&!Z,#+&,<*&,!+*<*4&!:L#04,&<!$,J$%&<!$7''&$4*+&<K! ;&'#!'0*!?&,.&4!:L@+#'0&,!'L*.?7,4#/$&!:&!'L&<?#$&!<0,!'&!$7.?7,4&.&/4!:&<! 0<#6&,<!&4!:&<!04*'*<#4&0,<I!:&!?,7?7<&,!0/!'*&0!#:#?4@!&4!7?4*.*<@!?70,!'L@+&*'! :&<!&/E#/4<!&4!'&!O*&/!h4,&!:0!?&,<7//&'K!! ! (&! ?'0<I! '&! ,&<?&$4! :&<! :*EE@,&/4&<! /7,.&<I! &4! :0! O0:6&4! :*,*6&! M0#<*.&/4! 'L*/4@6,#'*4@! :0! ?,7S&4K! 1L&.?,*<&! #0! <7'I! '#! $7/E*60,#4*7/! :0! <*4&! &4! '&! ?,76,#..&!:@E*/*I!*.?7<&/4!'#!0"%*,.3-+&,"%!?,7?7<@&K! ! 1L*.?#$4! :&! $&44&! ,@#'*<#4*7/! ?70,! Y#04&,*+&<! &<4! H! '#! E7*<! #,$%*4&$40,#'&! &4! <7$*#'&K! !>0,!'&!?'#/!#,$%*4&$40,#'I!'&!$#O*/&4!Z,#+&,<*&,!&/!#$$7,:!#+&$!'&<!B,$%*4&$4&<! :&<!Rk4*.&/4<!:&!C,#/$&!?,7?7<&!0/!Ok4*.&/4!:*EE@,&/4!:&!$&0!?,@<&/4<!<0,! '#!$7..0/&K!;&44&!<7'04*7/!!&<4!,&4&/0&!?70,!$&!Ok4*.&/4!M0*!7EE,&!:0!<&,+*$&! &4!M0*!:7*4!<&!:@.#,M0&,!<#/<!:@/74&,K!>0,!'&!?'#/!<7$*#'I!$&44&!$,J$%&!#??7,4&! 0/&! /70+&''&! <7'04*7/! :&! 6#,:&! :L&/E#/4<K! ! 9,! R#$%&'*/! g#:S7*/4! #0! .#*,&l! /70<! $7/E*,.&! M0&! i!$&! <&,+*$&! &<4! :&.#/:@! ?#,! '&<! #:.*/*<4,@<! :&?0*<! ?'0<*&0,<! #//@&<K! (#/<! '&! E040,I! $&! /70+&#0! <&,+*$&! #.J/&,#! ?&04Ph4,&! :&! /70+&#0!#,,*+#/4<!:#/<!'#!$7..0/&!nK!
  • 20. 20 B0! .7.&/4! :&! '#! '*+,#*<7/I! '&<! &<?#$&<! /L@4#*&/4! ?#<! .&0O'@<K! ;&$*! #! @4@! :*<$04@! #+&$! '#! 9#*,*&! #E*/! M0&! '&! 6&<4*7//#*,&! $%7*<*<<&! 0/&! ?#,4*&! :&! 'L#.@/#6&.&/4!&4!?0*<<&!<L#??,7?,*&,!'&<!'*&0!$7..&!*'!'&!<70%#*4&K! ! -/! <8/4%@4*<#/4! '&! $#%*&,! :&<! $%#,6&<! &4! '&<! :*EE@,&/4&<! $7//#*<<#/$&<! <0,! 'L#,$%*4&$40,&!:&!'#!?&4*4&!&/E#/$&I!'&!$#O*/&4!Z,#+&,<*&,!?,7?7<&!'#!<7'04*7/! <0*+#/4&K! ! ! >Y)2!Q!GfW.G! R0:6&4!*/*4*#'!Q!_^W]]]!x!ZZ;! R0:6&4!H!'#!'*+,#*<7/!Q!__W]]]x!ZZ;!! (0,@&!:0!$%#/4*&,!Q![]!.7*<I!:&!9#*!G]]f!H!9#,<!G]]a! `-.+%,4+&,"%'5$'()$4:+0$'
  • 22. 22 U<B'''''''''''''G+'0-602$'5$'7+3&$-,/$4'V'G$':-"T$&'1530+&,*! ! 1#!$,J$%&!:&!Y#04&,*+&<!?7,4&!'&!/7.!:&!i!;7'*/P;7''*/&<!nK!;L&<4!0/&!$,J$%&! .0/*$*?#'&!.0'4*P#$$0&*'I!<*40@&!&/!?'&*/!$w0,!:0!+*''#6&!,0,#'!:&!Y#04&,*+&<K! -''&!&<4!&/470,@&!:&!$7..&,$&<!&4!<&,+*$&<!:&!?,7*.*4@K!1&!.0'4*P#$$0&*'!/&! <&,#! ?#<! #O7,:@! :#/<! $&44&! #/#'8<&I! $#,! 4,J<! 7$$#<*7//&'! g0/*M0&.&/4! &/! ?@,*7:&!:&!+#$#/$&<!<$7'#*,&<lK! ! ;&44&!<4,0$40,&!&<4!#:,&<<@&!#0!&/E#/4<!,@<*:#/4!<0,!'#!$7..0/&!#8#/4!0/! k6&!$7.?,*<!&/4,&!:&0!.7*<!&4!:&.*!&4!4,7*<!#/<K!1L&EE&$4*E!#$40&'!:&!:*P <&?4!&/E#/4<!:7*4!h4,&!&4&/<*O'&!H!+*/64!&/E#/4<K!U'<!<7/4!#$$0&*''*<!:0!'0/:*! #0!+&/:,&:*!:&!<&?4!%&0,&<!4,&/4&!H!:*P%0*4!%&0,&<!4,&/4&K! ! ! 1L@M0*?&!:0!?&,<7//&'!<&!$7.?7<&!:&!Q! - [!:*,&$4,*$&!Q!9.&!>#/$%&3!g@:0$#4,*$&!:&!S&0/&<!&/E#/4<l! - ^!#0*'*#*,&<!:&!?0@,*$0'40,&!! - G!4*40'#*,&<!:0!;&,4*E*$#4!:LB??,&/4*<<#6&!D,7E&<<*7//&'!D&4*4&!-/E#/$&! - [!#6&/4!:L&/4,&4*&/K! ! ! 1&<!4&/:#/$&<!?@:#676*M0&<!<&!:@E*/*<<&/4!:&!'#!.#/*J,&!<0*+#/4&!Q!! P'' :-1:+-+&,"%'8'(+'/,$'$%'0"(($0&,/,&1' - +0;3,4,&,"%':-".-$44,/$'5$'()+3&"%"#,$' - :-1:+-+&,"%'8'()$%&-1$'8'()10"($'#+&$-%$(($' ! ! ! ! ! ! !
  • 23. 23 1#!S70,/@&!48?&!H!;7'*/<P;7''*/&<!<&!?,@<&/4&!:&!'#!.#/*J,&!<0*+#/4&Q! ! - `3/$-&3-$'8'a2UC'V'+--,/1$'5$4'$%*+%&4'T34;3[8'b2CC'+/$0'(,9-$4'T$3S' - b2UC'V'0"((+&,"%'53'#+&,%' - MM2CC'V'+&$(,$-' - MM2UC'8'MB2UC'V'-$:+4' - MU2UC'8'Mc2'V'(,9-$'T$3'$&'-$:+4'5$4'+53(&$4'5+%4'(+'4+(($' - Mc2UC'8'MD2UC'V'(,9-$4'T$3S' - MD2UC'V'*$-#$&3-$! G$4'-$:"4''$&'($'4"##$,('4$'*"%&'&"3T"3-4'+3'-I&2#$'5$4'$%*+%&4<' ! 270<! $7/<4#47/<I! H! '#! '&$40,&! :0! ?,76,#..&I! M0&! 'L&/E#/4! ?&04! ?#<<&,! S0<M0LH! 7/3&! %&0,&<! ?#,! S70,! #0! <&*/! :&! '#! <4,0$40,&K! U'! <&.O'&! :7/$! *.?7,4#/4!:&!$#:,&,!&4!,84%.&,!#0!.*&0!<&<!S70,/@&<K! ! B!$&!?,7?7<I!9.&!T7#/!/70<!#EE*,.&!M0L!i!*'!&<4!*.?7,4#/4!M0&!'#!$,J$%&! ?,7?7<&! 0/&! 7,6#/*<#4*7/! E*&! #E*/! :&! $#:,&,! #0! .*&0! '&! ,84%.&! :&! 'L&/E#/4!n!;&'#!<&!+@,*E*&!H!4,#+&,<!'&!4&4&!Q! 'de+#+%A':+:+' JLE' f,4P#",'8';3$('#"#$%&'&3'/,$%4'#$'02$-02$-'V' K:-64'($'."g&$-'h'Q$3&PY&-$':(34'&+-5'h'$'%$'0"%%+,4':+4'($4'2$3-$4' @&'($'&$#:4'#$':+-+i&':(34'("%.';3)8'&",'F'J$S&-+,&':-".-+##$E' ' 270<!?70+7/<!$7/<4#4&,!M0L#0P:&'H!:L0/!,84%.&!M074*:*&/!<4#O'&I!'L@M0*?&! +&*''&!#0!O7/!:@,70'&.&/4!:&!'#!<@?#,#4*7/!#+&$!'&<!?#,&/4<K!!
  • 24. 24 ! ! 9h.&!<*!/70<!#+7/<!+0!M0&!:&!/7.O,&0<&<!?,@7$$0?#4*7/<!<7/4!#O7,:@&<! :#/<! '&! ?,76,#..&! :*EE0<@! ?#,! '#! $,J$%&I! '&<! &/4,&4*&/<! #+&$! 9.&! >#/$%&3I!/70<!,@+J'&/4!M0&!'L@M0*?&!&/$#:,#/4&!/&!<0*4!#0$0/&!.@4%7:&! ?@:#676*M0&! @4#O'*&K! -''&! :7//&! 4704&E7*<! 0/&! 6,#/:&! *.?7,4#/$&! #0! :@+&'7??&.&/4! :&! 'A&/E#/4!m! /74#..&/4! #+&$! '#! .*<&! &/! ?'#$&! :&! /7.O,&0! #4&'*&,<! g$0*<*/&I! ?<8$%7.74&0,I! .0<*M0&I! #4&'*&,! #+&$! '&<! ?#,&/4<KKKl!m! &4! &/$70,#6&! +*+&.&/4! '&! :@+&'7??&.&/4! :&! 'A#047/7.*&K! >&'7/! &''&I! '&! 4,#*4&.&/4! #,$%*4&$40,#'! :&! $&44&! $,J$%&! '0*! ?&,.&4! :A#??'*M0&,! <&<! ?,*/$*?&<! @:0$#4*E<I! .h.&! <*! &''&! :@?'7,&! 'L#O<&/$&! :A0/! S#,:*/K!(A#04#/4!?'0<!M0&!'&!?,7S&4!<&!<*40&!&/!37/&!,0,#'&K! ! ! !
  • 26. 26 ))Z!$(<+(.!:!$(/)#5(($&$(.!&+.c#)$,!d!%'&+)(!! ! ! M<M'''''''''''''''''''G)$%*+%&' ! (@E*/*4*7/!:&!i!&/E#/4!n! &/4,&!'#!/#*<<#/$&!&4!'#!?0O&,4@yK! 1&<!<4#:&<!:&!'A&/E#/$&!<7/4!Q!/70+&#0P/@!g0/!O@O@!:&!.7*/<!:A0/!.7*<lI!/70,,*<<7/! g&/4,&![!&4!G_!.7*<lI!?&4*4&!&/E#/$&!g:&!]!H!`!#/<l!! 1#!$,J$%&!M0&!/70<!#/#'8<7/<!#$$0&*''#/4!:&<!&/E#/4<!:&!:&0!.7*<!&4!:&.*!H!4,7*<! #/<I! /70<! 4,#*4&,7/<! :7/$! ?'0<! <?@$*E*M0&.&/4! :&<! /70,,*<<7/<! &4! :&! '#! ?&4*4&! &/E#/$&K! ! 1A!@48.7'76*&!:&!$&!.74!&<4!'#4*/&!Q!zz!*/E#/<!AA!<*6/*E*#*4I!?70,!'&<!,7.#*/<I!i!M0*!/&! ?#,'&!?#<!nK! Z704&!'#!:*EE*$0'4@!:&!$7/$&+7*,!0/&!#,$%*4&$40,&!?70,!'&<!{4704P?&4*4<y!<&!,@<0.&I! <&'7/! /70<I! :#/<! 'A@48.7'76*&! .h.&! :0! .74I! $#,! *'<! /&! ?&0+&/4! +&,O#'*<&,! '&0,<! :&.#/:&<K!! B0! +0&<! :&! /7<! :*EE@,&/4&<! ,&$%&,$%&<I! /70<! <#+7/<! M0&! '&<! .*'*&0! :&! +*&! <&! :7*+&/4!:&!,@?7/:,&!#0!O&<7*/<!<?#4*#0!:&<!&/E#/4<!m!&/!'&0,!7EE,#/4!0/!&<?#$&! #??,7?,*@!&4!#:#?4@!H!'&0,!@+7'04*7/!$7/4*/0&''&K!! ! 1A&/E#/$&!&4!'#!?&4*4&!&/E#/$&!<7/4!:@E*/*&<!?#,!$&,4#*/<!?<8$%7'760&<!g:&!'#!?&4*4&! &/E#/$&lI!$7..&!:&<!?@,*7:&<!*.?7,4#/4&<!?70,!'#!E7,.#4*7/!:&!'#!?&,<7//#'*4@!:0! E040,!#:0'4&K!C,#/d7*<&!(7'47I!&/4,&!#04,&<I!!#!:@+&'7??@!4704!#0!'7/6!:&!<#!$#,,*J,&! :&!?@:*#4,&!&4!?<8$%#/#'8<4&I!'#!/74*7/!:&!'L&/E#/4!$7..&!?&,<7//&I!&4!$&!:J<!<#! /#*<<#/$&K! ! B! '#! <0*4&! :&<! ?,@$0,<&0,<! M0*! <7/4! :&+&/0<! :&<! $'#<<*M0&<! 4&'<! M0&! T&#/! D*#6&4I! Y&/,*! |#''7/I! |*//*$744! 70! 9#,*#! 97/4&<<7,*I! $&,4#*/<! ?<8$%7'760&<! :&! 'L&/E#/4! 7/4! ?7<@! :&<! O#<&<! <7'*:&<I! M0*! 7/4! ?&,.*<I! &/4,&! #04,&<I! '&<! ?,76,J<! :L0/&! ?0@,*$0'40,&!&4!:L0/&!?@:#676*&!.7:&,/&<K!
  • 27. 27 ! ! ! M<B''''''''''''''''''G$4'5,**1-$%&$4'&21"-,$4'5$'(+':15+.".,$'5$'()$%*+%&' ' B! '#! '0.*J,&! :&! /7<! ,&$%&,$%&<I! /70<! ?70+7/<! #EE*,.&,! M0&! '&! :@+&'7??&.&/4! ?%8<*M0&I!<7$*#'!&4!?<8$%7'76*M0&!:&!'A&/E#/4!<&!E#*4!:&!E#d7/!,#?*:&!&4!*/4&/<*+&K!U'! &<4!O&#0$70?!?'0<!<&/<*O'&!M0&!$&'0*!:&!'A#:0'4&!#0!*/E'0&/$&<!:&!'A&/+*,7//&.&/4K! ! B0<<*I!/70<!?,@<&/4&,7/<!:&0!4%@7,*&<!<0,!'&!:@+&'7??&.&/4!:&!'L&/E#/4I!?#,.*!'&<! ?'0<!,&$7//0&<!M0&!<7/4!$&''&<!:&Q! ! ;JE@! 6G??GEM! <FGHe! *GEPJH! 1[fa`P[af]l!Q! D<8$%7'760&I! R*7'76*<4&I! '76*$*&/! &4! @?*<4@.7'760&!>0*<<&!$7//0!?70,!<&<!4,#+#0!&/!?<8$%7'76*&!:0!:@+&'7??&.&/4!&4! &/!@?*<4@.7'76*&K!U'!@40:*&!'&!:@+&'7??&.&/4!:&!'L*/4&''*6&/$&!:&!'#!/#*<<#/$&!#0! '#/6#6&K!D70,!'0*!'&!$76/*4*E!&<4!'L@'@.&/4!?%#,&!:0!:@+&'7??&.&/4!:&!'L&/E#/4K!! i!1#!DCNLTA?APGJ!LAP@GHGQJ!@40:*&!'&<!6,#/:&<!E7/$4*7/<!?<8$%7'76*M0&<!:&!'Ah4,&! %0.#*/! M0&! <7/4! '#! .@.7*,&I! '&! '#/6#6&I! 'A*/4&''*6&/$&I! '&! ,#*<7//&.&/4I! '#! ,@<7'04*7/!:&!?,7O'J.&<I!'#!?&,$&?4*7/!70!'A#44&/4*7/K!n!G+-"344$! D#,! '#! .h.&I! T&#/! D*#6&4! ! .&4! &/! @+*:&/$&! i!'&! ?,7$&<<0<! :&! $7/<4,0$4*7/! :&<! .7:&<!:&!,#??7,4!H!'L&<?#$&I!:0!?7*/4!:&!+0&!:&<!#?4*40:&<!.74,*$&<I!?&,$&?4*+&<!&4! */4&''&$40&''&<K!n=<!"3-&$,S' ! U'! #+#/$&! #*/<*! M0&! ! 'L*/4&''*6&/$&! :&! 'L&/E#/4! <&! $7/<4,0*4! ?,76,&<<*+&.&/4! m! ?#,! ?#'*&,<I!&4!M0L&''&!@+7'0&!4704!#0!'7/6!:&!<#!+*&K!1L&/E#/4!/&!?70+#/4!#$$@:&,!H!0/! ?#'*&,!<#/<!#+7*,!E,#/$%*!'&!?,@$@:&/4K!! ! ! 1#!,&$%&,$%&!'#!?'0<!$7//0&!:&!T&#/!D*#6&4!:@.7/4,#/4!'L*/4&''*6&/$&!&4!*''0<4,#/4! #0!.*&0!'&!:@+&'7??&.&/4!:&!'L&/E#/4! ?#,! <4#:&!&<4! $&''&! :&!'#!?&,.#/&/$&!:&! 'L7OS&4K! !
  • 28. 28 ! 1#!?&,.#/&/$&!:&!'L7OS&4!Q! ! B0! $70,<! :&! '#! ?@,*7:&! <&/<7,*.74,*$&I! '&<! $%#/6&.&/4<! :#/<! '&! :@+&'7??&.&/4! $76/*4*E!<&!$7/$,@4*<&/4!?#,!'#!$7/<4,0$4*7/!:L*/+#,*#/4<K! 1L*/+#,*#/4! ?,*/$*?#'! $7/$&,/&! 'L&*<4&/$&! :L0/! 7OS&4! E*&I! ?&,.#/&/4K! U'! <&,4! H! :&! .0'4*?'&<!#$M0*<*4*7/<K! 1L&?,&<<*7/! i! ?&,.#/&/$&! :&! 'L7OS&4! n! <*6/*E*&! M0&! 'L&/E#/4! #:.&4! M0L0/! 7OS&4! $7/4*/0&!:L&*<4&,!'7,<M0L*'!M0*44&!'&!$%#.?!?&,$&?4*EK!;7/$&+7*,!$&44&!?&,.#/&/$&! *.?'*M0&!M0&!'L&/E#/4!<7*4!$#?#O'&!:L&/!LA@CJFQJF!B@J!FJDFICJ@HEHGA@!MJ@HE?JK! ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''W3$'43-'($4'239("&4'5$:3,4'(+'j"%$'-$:+4'' ! T&#/!D*#6&4!#!:@$,*4!`!<4#:&<!:#/<!'#!$7/<4,0$4*7/!:&!$&44&!?&,.#/&/$&!:&!'L7OS&4I! <4#:&<! M0*! <7/4! ?#,#''J'&<! H! $&0! :&! 'L*/4&''*6&/$&! <&/<7,*.74,*$&K! U'! *''0<4,&! <#! 4%@7,*&!?#,!'L&&.?'&!:0!/70/70,<!$#$%@!<70<!0/!47,$%7/K!!
  • 29. 29 ! ! 0HEKJ!!8!:&!'#!/#*<<#/$&!H!G!.7*<!Q!?#<!:&!,@#$4*7/!H!'#!:*<?#,*4*7/!:&!'L7OS&4! 0HEKJ!2!8!:&!G!H!^!.7*<!Q!.*.*M0&<!:@<#??7*/4@&<I!?'&0,<!.#*<!?#<!:&!,&$%&,$%&!:&! 'L7OS&4!!g/70/70,<lK! 0HEKJ! b! 8! :&! `! H! f! .7*<! Q! ?&,.#/&/$&! ?,#4*M0&! '*@&! H! 'L#$4*7/! g#/4*$*?#4*7/lI! ,&$%&,$%&!:#/<!'L&<?#$&!?,7$%&! 0HEKJ!f!8!:&!`!H![G!.7*<!Q!,&$%&,$%&!:&!'L7OS&4!$7.?'J4&.&/4!$#$%@! 0HEKJ!g!8!:&![G!H![f!.7*<!Q!.#j4,*<&!:&<!:@?'#$&.&/4<!+*<*O'&<!<0$$&<<*E<! 0HEKJ!3!8!:&![f!H!G_!.7*<!Q!.#j4,*<&!:&<!:@?'#$&.&/4<!*/+*<*O'&<! ! i!1L&/E#/4! #$M0*&,4! #*/<*! g?#,! ?#'*&,lI! '&! $#,#$4J,&! :&! ?&,.#/&/$&! :&! 'L7OS&4I! */:*<?&/<#O'&!H!'L7,6#/*<#4*7/!<?#4*7P4&.?7,&''&!&4!H!<#!<4,0$40,#4*7/!$#0<#'&!Q!:&<! #$4*7/<!7/4!:&<!$#0<&<!M0*!&/4,#j/&/4!$&,4#*/&<!$7/<@M0&/$&<V!n=<!"3-&$,S<' ! (#/<!/74,&!@40:&I!$&44&!4%@7,*&!:&!T&#/!D*#6&4!,&<<7,4!:&!:*EE@,&/4&<!.#/*J,&<K!1&<! $'7*<7/<! H! .*P%#04&0,I! '&<! +*4,#6&<I! '&<! %0O'74<I! '&! .7O*'*&,! &/6&/:,&/4! :&<! i!$#$%@<P4,70+@<!n!,@$0,,&/4<K!1&!?'0<!@+*:&/4!<&!4,70+&!#3'%,/$+3'5$4'"3/$-&3-$4<' D#,!&''&I!'&<!#,$%*4&$4&<!7/4!+&*''@<!H!$&!M0&!4704&<!'&<!$#4@67,*&<!:L&/E#/4<!?0*<<&/4! 8!#+7*,!#$$J<!m!M0L*'<!<7*&/4!$70$%@<I!#<<*<!70!:&O704K!! ! 0HEKJ!V'B??7,4!:&!'0.*J,&!/#40,&''&!}!:L0/&!#.O*#/$&!:*EE@,&/4&K!! 0HEKJ! 28' D&0+&/4! ,@#6*,! #0! .7.&/4! :0! ?#<<#6&! :L7OS&4I! :&! ?&,<7//&<KKK! <#/<! 'L#/4*$*?&,K! 0HEKJ! bV' ?&04! S70&,! H! +7*,! ?'0<! 70! .7*/<! 0/&! ?&,<7//&! :&,,*J,&! 0/&! 70+&,40,&! g*/4&,#$4*7/!&/E#/4e&/E#/4!!}!&/E#/4e#:0'4&l!! 0HEKJ! f! JH! gV' D&04! $%&,$%&,! M0&'M0L0/! 70! M0&'M0&! $%7<&! :&! $7//0! H! 4,#+&,<! 'L70+&,40,&I! 0HEKJ!3V'?&04!#/4*$*?&,!$&!M0*!+#!<&!?#<<&,!H!4,#+&,<!'L70+&,40,&K ! ! G$4'239("&4V'43::"-&'8'([$S:1-,$%0$'0".%,&,/$'
  • 30. 30 >&'7/! -Y6G@@GLAHH! g[aX[lK! D70,! '0*I! ! 'L&/E#/4! #<<*.*'&! S0<M0LH! 'Lk6&! :&! WP `#/<!'#!,&?,@<&/4#4*7/!:&!'L#04,&K!1L#<<*.*'#4*7/!:&!$&44&!,&?,@<&/4#4*7/I!<&! E#*4! /74#..&/4! ?#,! O*#*<! :&! '#! ,&?,@<&/4#4*7/! :&! '#! .J,&I! #O<&/4&! ?%8<*M0&.&/4! .#*<! ?,@<&/4&! ?<8$%*M0&.&/4K! 1#! :*.&/<*7/! <?#4*#'&! <&! :@?'7*&! ?#,! '#! .*<&! &/! ?'#$&! :L0/! *.#6*/#*,&! :*<4*/$4! :&! '#! ,@#'*4@! &4@,*&0,&K!1L#04,&!&<4!470S70,<!?,@<&/4!.h.&!<*!%7,<!:0!$%#.?!:&!+*<*7/! *..@:*#4K! B*/<*! #??#,#*4! '&<! 7OS&4<! 4,#/<*4*7//&'<! M0&! ?&0+&/4! h4,&! '&<! i!:70:70<!n!?#,!&&.?'&K!U'<!S70&/4!'&!,b'&!:&!<0O<4*404!.#4&,/&'!,#<<0,#/4! ?70,!<0??7,4&,!'#!<@?#,#4*7/!#+&$!'#!.J,&!g:#/<!/74,&!&&.?'&l!&4!i!#<<0,&! :7/$!'#!4,#/<*4*7/!&/4,&!'#!,@#'*4@!&4&,/&!&4!'#!,@#'*4@!*/4&,/&!:&!'L&/E#/4K!n! =<!"3-&$,S' ' )/!#<<*<4&I!?#,!$&!?,7$&<<0<I!#0!:@?'7*&.&/4!:&!?9ELHGQGHI!DCNLTGXBJ!KE@C! ?J![JB!M0*!,&'*&!'#!,@#'*4@!*/4&,/&!:&!'L&/E#/4!n!g<L*.#6*/&,!'Lh4,&!.#/M0#/4!H! <&<!$b4@<l!&4!i!'#!,@#'*4@!&4&,/&!n!g'Lh4,&!&<4!O*&/!#O<&/4!?%8<*M0&.&/4lK! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
  • 31. 31 ' M<k G$4'0+-+0&1-,4&,;3$4':2I4,"(".,;3$4'5$'()$%*+%&'5,**1-$%&$4'5$' 0$(($4'5$'()+53(&$' ! T&#/! D*#6&4! #! $7/<#$,@! 0/! 70+,#6&! E7/:#.&/4#'! #0! ?,76,J<! :&! '#! ,&?,@<&/4#4*7/!:&!'L&<?#$&!$%&3!'L&/E#/4!gG+'-$:-14$%&+&,"%'53'#"%5$'02$j' ()$%*+%&' MbBElK! B0! +0&<! :&! <&<! ,&$%&,$%&<I! /70<! <#+7/<! M0&! '#! .#j4,*<&! */4&''&$40&''&! $7.?'J4&! :&! 'L&<?#$&! /L*/4&,+*&/4! M0L#0! <&0*'! :&! 'L#:7'&<$&/$&K!2@#/.7*/<I!*'!#??#,#*4!M0&!'&<!@4#?&<!'&<!?'0<!$,0$*#'&<!<&! :@,70'&/4!:#/<!'&<!?,&.*J,&<!#//@&<!:&!'#!+*&!:&!'L&/E#/4K!1&!?<8$%7'760&!! :@E*/*,#! $&44&! ?@,*7:&! #/4@,*&0,&! #0! '#/6#6&I! :&! ^!CJ@CAFGZMAHFGLJ!nK! -/! 'A#O<&/$&! :0! '#/6#6&! &4! :&! <#! E7/$4*7/! <8.O7'*M0&I! 'A&/E#/4! &&,$&! 0/&! */4&''*6&/$&!&<<&/4*&''&.&/4!?,#4*M0&!M0*!<A#??0*&!<0,!:&<!?&,$&?4*7/<!&4! :&<!.70+&.&/4<K! BE*/! :&! '0*! ?&,.&44,&! H! 'L&/E#/4! :&! :@+&'7??&,! <7/! */4&''*6&/$&! ?,#4*M0&! g?&,$&?4*7/<I!.70+&.&/4<lI!*'!/70<!?#,#*4!&<<&/4*&'!:&!?,&/:,&!$7/<$*&/$&! :&! <&<! :*EE@,&/$&<K! -/! &EE&4I! CE! DJFLJDHGA@! CDEHGE?J! :*EEJ,&! :&! $&''&! :&! 'L#:0'4&!:&!?#,!<&<'LEFELHIFGCHGXBJC!DTNCGA?APGXBJC'M0*!<7/4!4704&<!#04,&<K! ! ! @02$(($'5$'([+53(&$'+3'9191''
  • 32. 32 ! Z704! :L#O7,:! '#! ?&,$&?4*7/! +*<0&''&! :&! 'L&/E#/4! &<4! ?'0<! ,@:0*4&! M0&! $&''&! :&! 'L#:0'4&K! {1L&/E#/4! /&! ?&,d7*4! ?#<! 'L&/+*,7//&.&/4! :&! '#! .h.&! E#d7/! M0L0/! #:0'4&K! >#! ?&,$&?4*7/! <&/<7,*&''&I! <#! $#?#$*4@! :L#44&/4*7/I! 'L*.?7,4#/$&! :&! 'L#EE&$4*+*4@! <7/4! :*EE@,&/4&<I! &4! <7/4! 6@/@,#'&.&/4! .#'! $7//0&<! :&<! $7/$&?4&0,<K!1L#/6'&!:L70+&,40,&!:&!<7/!$%#.?!+*<0&'I!?#,!&&.?'&I!&<4!*/E@,*&0,! H!X]~!#+#/4!'Lk6&!:&!%0*4!#/<I!#'7,<!M0L*'!?&04!:@?#<<&,![f]~!$%&3!'L#:0'4&K!(#/<! '&<!'*&0!7t!*'!<&!:@?'#$&I!'L&/E#/4!<&!,&?,@<&/4&!'L&<?#$&!:&!E#d7/!?#,4*&''&!?#,! ,#??7,4! H! /74,&! ?&,$&?4*7/K!n! B//&! C#0,&! g0,O#/*<4&! $7/<0'4#/4&l! G)$%*+%&' $&' ()+-02,&$0&$K!;&44&!4%@7,*&!&<4!$7/E7,4@&!?#,!9.&!T7#/I!?@:7?<8$%*#4,&!'7,<!:&! <7/!*/4&,+*&oK!! ! ! 270<!?70+7/<!&/!:@:0*,&!M0L*'!&<4!?,@E@,#O'&!:&!?,7?7<&,!H!'L&/E#/4!:&<!&<?#$&<! 70+&,4<I!<#/<!7O<4#$'&I!#:#?4@<!H!<7/!$%#.?!:&!+*<*7/!,@:0*4K! ! ! ,hJCDELJ! KJ! [JB8! LTEMD!KJ!QGCGA@! K%.($'5$'/,4,"%'5,**1-$%&'' W3$'43-'()$4:+0$'T$3'
  • 33. 33 (#/<!'&!?,7S&4!@40:*@I!'A&<?#$&!S&0!<&!!4,70+&!:#/<!0/&!37/&!M0*!#!0/&!6,#/:&! %#04&0,! <70<! ?'#E7/:! #E*/! :&! :@E*/*,! 0/! &<?#$&! &4! 0/&! #4.7<?%J,&! :*EE@,&/4&I! ,&'#4*+&.&/4!#@,@<!&4!:7/$!<#/<!7O<4#$'&!+*<0&'!4,7?!.#,M0@K! ! !!!!!!!!!!!!!!!!! D70,! 9.&! T7#/I! g?@:7?<8$%*#4,&! M0&! /70<! #+7/<! */4&,+*&o@&lI! $&<! .h.&<! %#04&0,<!<70<!?'#E7/:I!4,7?!*.?7,4#/4&<I!?&0+&/4!h4,&!<70,$&!:L#/67*<<&!$%&3! '&<!&/E#/4<K!;&'#!<&!$7/E*,.&!H!'#!'&$40,&!:&!G)$%*+%&A'()+-02,&$0&3-$'$&'()$4:+0$!:&! 5&7,6&<!9&<.*/!Q!i!U'!E#04!M0&!'&<!+7'0.&<I!8!$7.?,*<!$&0!:&<!&<?#$&<!'*O,&<I! <7*&/4!H!0/&!@$%&''&!4&''&!M0&!'L&/E#/4!/&!<&!<&/4&!/*!?&,:0!/*!@$,#<@!n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uU"•! .J/&! 0/&! ,@E'&*7/! <0,! '&<! ,#??7,4<! {&/E#/4<P#:0'4&P &/+*,7//&.&/4y!&/!#+#/d#/4!M0&!{'L&<?#$&!:&!'L&/E#/4!&<4!.0'4*?'&!&4!.7O*'&I! $7/<*:@,#/4!M0&!<#!4#*''&!@+7'0&!?&,?@40&''&.&/4!?70,!#44&*/:,&!$&''&!:&!'L#:0'4&K!! 1L@$%&''&! :&! 'L&/E#/4! &<4! #'7,<! <#/<! $&<<&! &/! .70+&.&/4I!:&!.h.&!M0&!<&<!$7.?7,4&.&/4<!#*/<*!M0&!<&<!,&?J,&<!70!&/$7,&! <#!E#d7/!:A*/4&,#6*,!&4!:L#<<*.*'&,!'L&<?#$&K!n! ! •K44"0,+&,"%'?+/,-!Q!B<<7$*#4*7/!'7*![a][!M0*!.J/&!:&?0*<!0/&!+*/64#*/&!:L#//@&<!0/&!,@E'&*7/! <0,!'&<!*/4&,#$4*7/<!&/E#/4e!#:0'4&e!&/+*,7//&.&/4!m!M0*!<L#??0*&!<0,!0/&!?,#4*M0&! :L#.@/#6&.&/4!:&!/7.O,&0!'*&0!:L#$$0&*'!:0!S&0/&!&/E#/4K! Q2I4,"(".,$4'5$'([+53(&$'+3'9191''
  • 34. 34 ! N/!&/E#/4!@+7'0&!:#/<!'A&<?#$&!?#,!:*EE@,&/4&<!?7<40,&<Q!#$$,70?*I!$70$%@I!#<<*<I! :&O704K!U'!/70<!?#,#j4!&/!$&'#!?&,4*/&/4!:&!'0*!?,7?7<&,!:&<!&<?#$&<!<&'7/!<&<! :*EE@,&/4<!?7*/4<!:&!+0&K! BE*/! :&! ,@?7/:,&! #0! .*&0! #0! ?%8<*7'76*&<! &4! ?7<40,&<! .0'4*?'&<! &4! $%#/6&#/4&<! :&<! &/E#/4<I! '&! ?,7S&4! 7EE,&! :*EE@,&/4<! ?7*/4<! :&! +0&K! 1&<! %0O'74<! <7/4! :*<?7<@<! H! :*EE@,&/4&<! %#04&0,<! <0,! '&<! .0,<! &/! E#d#:&I! &4! '&<! <0,E#$&<! +*4,@&<!<7/4!*.?7,4#/4&<K!1&<!&/E#/4<!$70$%@<I!#<<*<I!:&O704!?&0+&/4!#*/<*!#+7*,! 0/!#$$J<!+*<0&'!<0,!'L&4@,*&0,!<#/<!.h.&!<&!:@?'#$&,K!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!12;)(3,!7#=,'+3,!0/+,!)/!>(+'!#'7/,!
  • 35. 35 ! ! !!5(#3',!/4'%!&2;)(3,!'+!/%%$,!/2?!%&/:;#',! ! ! 1&<! ?7,4&<! :&<! $%#.O,&<! ?7<<J:&/4! @6#'&.&/4!0/!%0O'74!#$$&<<*O'&!?#,!'&<! &/E#/4<! g&/! ?'0<! :&! $&'0*! ?,@+0! ?70,! 'L#:0'4&!&/$#:,#/4lK!! (&! ?'0<I! 1&<! <#/*4#*,&<! ! #*/<*! M0&! '&<! #$$J<! $7/4,b'@<! <7/4! #:#?4@<! H! '&0,<! 4#*''&<!&4!H!'&0,<!$#?#$*4@<K! ! ! ! >&'7/! '&! 60*:&! ?,#4*M0&! G)$4:+0$' 5)+003$,(' 5$' (+' :$&,&$' $%*+%0$! i!0/! &/+*,7//&.&/4! #:#?4@! H! 'L@$%&''&! :&! 'L&/E#/4! <#0,#! '&! E#*,&! @+7'0&,! <&0'! :#/<! 'L&<?#$&!m!#$M0@,#/4!#*/<*!?,76,&<<*+&.&/4!<7/!#047/7.*&K!n! 1L#$M0*<*4*7/!?,76,&<<*+&!:L#047/7.*&!&<4!:L#*''&0,<!<70+&/4!?,@?7/:@,#/4&!:#/<! '&!?,7S&4!?@:#676*M0&!:&<!$,J$%&<K!;&'#!&<4!!:L#*''&0,<!'&!$#<!?70,!'#!$,J$%&!:&! Y#04&,*+&<K! ! !
  • 36. 36 ! G! ,9JCDELJ! KJ! QGJ!8! ?J! [JB! LAMMJ! CBDDAFH! KB! KIQJ?ADDJMJ@H! DCNLTAMAHJBF!KJ!?9J@OE@HY! ! B<M G$'T$3V'51*,%,&,"%'$&'-O($' ! =48.7'76*M0&.&/4!'&!S&0!H!?70,!,#$*/&!T"034I!#.0<&.&/4I!O#:*/#6&K! >&'7/!'&!:*$4*7//#*,&I!'&!S&0!&<4!:@E*/*!$7..&!i!0/&!#$4*+*4@!?%8<*M0&!70!.&/4#'&! ?0,&.&/4! 6,#40*4&I! 6@/@,#'&.&/4! E7/:@&! <0,! '#! $7/+&/4*7/! &4! '#! E*$4*7/! M0*! /L#! :#/<!'#!$7/<$*&/$&!:&!$&'0*!M0*!<L8!'*+,&I!:L#04,&!E*/!M0L&''&P.h.&I!:L#04,&<!O04<! M0&!'&!?'#*<*,!M0L&''&!?,7$0,&K!n! ! 1&! S&0! &4! 'L*.#6*/#*,&! <&.O'&/4! @4,7*4&.&/4! '*@<K! U'<! ,&?,@<&/4&/4! 'L#$4*+*4@! ?,*/$*?#'&!:0!M074*:*&/!:0!S&0/&!&/E#/4K!Z704&E7*<I!#0!,&6#,:!:&!/7<!,&$%&,$%&<I! /70<!?70+7/<!#+#/$&,!M0&!'&!S&0!?70,!'L&/E#/4!/L#!?#<!'#!.h.&!<*6/*E*$#4*7/!M0&! ?70,!'L#:0'4&K!D70,!'0*I!$L&<4!4,J<!<@,*&0I!$L&<4!.h.&!<7/!#$4*+*4@!'#!?'0<!<@,*&0<&K! ! !"("%%$V'"00+4,"%'5$'T$3''
  • 37. 37 1&!S&0!#!0/!,b'&!:#/<!'#!$7/<4*404*7/!:&!'#!?&,<7//#'*4@! 1A&/E#/4! #??,&/:! &/! */4&,#6*<<#/4! #+&$! <7/! &/+*,7//&.&/4I! $A&<4! $&! M0A7/4! :@.7/4,@! ?'0<*&0,<! #04&0,<! 4&'<! M0&! 5&7,6&<! 9&<.*/I! T&#/! D*#6&4! 70! &/$7,&! Y&/,*!|#''7/K!U'<!#+#/$&/4!M0&!LJHHJ!G@HJFELHGA@!EQJL!?hJ@QGFA@@JMJ@H!!MEHIFGJ?! CJ!OEGH!JCCJ@HGJ??JMJ@H!DEF!?J![JBY! T&#/! D*#6&4! :*,#! M0L!i!)/! /&! $7//#j4! 0/! 7OS&4! M0L&/! #6*<<#/4! <0,! '0*! &4! &/! '&! 4,#/<E7,.#/4K!n!Q4I02"(".,$'$&'1:,4&1#"(".,$A'Q+-,4A'f$%"m(A'MbaC<! 1L#$4*7/I!&4!:7/$!'#!$7//#*<<#/$&!:&!'L7OS&4!$%&3!'L&/E#/4I!?&04!<&!E#*,&!?#,!'&!S&0! M0*!&<4!0/&!:&!<&<!#$4*+*4@<!'&<!?'0<!i!:&/<&<K!n! !1#!.#j4,*<&!*/4&''&$40&''&!$7.?'J4&!:&!'A&<?#$&!/L*/4&,+&/#/4I!<&'7/!'0*I!M0A#0!<&0*'! :&!'A#:7'&<$&/$&K!2@#/.7*/<I!'&<!@4#?&<!'&<!?'0<!$,0$*#'&<!<&!:@,70'&/4!:#/<!'&<! ?,&.*J,&<!#//@&<!:&!+*&!:&!'A&/E#/4K! ! ;&,4#*/<I!*/E'0&/$@<!:&<!4,#+#0!:&!T&#/!D*#6&4!:*<&/4!M0&!S0<M0LH!'Lk6&!:&!`#/<I! 'L&/E#/4! #??,&/:! 0/*M0&.&/4! H! 4,#+&,<! 'L&?@,*&/$&! :#/<! '&! S&0I! {&/! E#*<#/4yQ! *'! &?'7,&I!470$%&I!<&/4I!67s4&I!.#/*?0'&I!@$704&I!E#*4!&4!:@E#*4KKKU'!:@+&'7??&!#*/<*! 0/&!*/4&''*6&/$&!.0'4*?'&Q!.74,*$*4@I!#047/7.*&I!'#/6#6&I!&<4*.&!:&!<7*I!'&!,#??7,4! #0!#04,&<KKKZ70<!<&<!<&/<!<7/4!&/!@+&*'!&4!$L&<4!?#,!&0!M0L*'!&?'7,&!'&!.7/:&K! ;&'#! <&.O'&! ?70,! '0*I! '&! .78&/! :A&?'7,&,! '&! .7/:&I! :&! '&! .#j4,*<&,! &4! :&! 'A#??,&/:,&K!Y&/,*!|#''7/!:*,#!H!$&!?,7?7<Q!{1L&/E#/4!&/!S70#/4!,@+J'&!<&<!67s4<!&4! <&<!O&<7*/<y! ! 270<!?70+7/<!&/!:@:0*,&!M0&!$&'#!'&!?70<<&!H!&/4,&?,&/:,&!:&<!#$4*+*4@<!:&!4704&! <7,4&I!H!<L#??,7?,*&,!$&!M0*!'L&/470,&I!<&'7/!<&<!$&/4,&<!:A*/4@,h4<Q!H!T)N-"K!B0<<*I! ?J![JB!DJBH!iHFJ!LA@CGKIFI!LAMMJ!?9ABHG?!DFG@LGDE?!DEF!?JXBJ?!?9J@OE@H!C9J]DFGMJU! EDDFJ@K!JH!CJ!KIQJ?ADDJY!
  • 38. 38 ! D70,!'0*I!0/&!4#O'&!/L&<4!?#<!470S70,<!0/&!4#O'&I!$L&<4!0/&!6,744&I!0/&!+7*40,&I!0/! 4#?*<!+7'#/4KKK!! 1L&/E#/4!#!0/!:@<*,!?,7E7/:!:&!E#*,&!<#!?'#$&I!:&!<L#??,7?,*&,!0/!$7*/!?#,!&&.?'&K! B*/<*I! *'! &&,$&! 0/! $7/4,b'&! <0,! <7/! &/+*,7//&.&/4! &4! @+7'0&! :#/<! <7/! ?,7?,&! 0/*+&,<!*.#6*/#*,&K! ! ! ! !(ABC! LA@CHEHA@C! KA@L! XBJ! ?J! [JB! E! B@! Fj?J! KE@C! ?E! LA@CHFBLHGA@! KJ! ?E! DJFCA@@E?GHI! KJ! ?9J@OE@HU! KE@C! CA@! KIQJ?ADDJMJ@HY! "9JCH! DEF! LJHHJ! ELHGQGHI! KGQJFHGCCE@HJU!?GRFJ!JH!CDA@HE@IJ!XBJ!?9J@OE@H!EDDFJ@KY!^!U'!:@+&'7??&!#*/<*!<7/! #6*'*4@I! <70+&/4! 'L%#O*'&4@! :&! <&<! .#*/<I! <7/! <&/<! :&! 'L@M0*'*O,&I! <7/! $#,#$4J,&V!nn$"-.$4'e$4#,%<! ! ! ! ! ! ! ^%'$%*+%&'T"3$'+/$0'3%$'&+9($'' G$'T$3'5+%4'($'51/$("::$#$%&'5$'()$%*+%&''
  • 39. 39 B0<<*!m!U'!/70<!?#,#j4!*/4@,&<<#/4!M0&!'A&/+*,7//&.&/4!.#4@,*&'!#*4!:&<!M0#'*4@<! <8.O7'*M0&<!?&,.&44#/4!H!'A&/E#/4!:A*.#6*/&,!&4!:&!$,@&,!<7/!?,7?,&!.7/:&K!! *EFOAGC!?9J@QGFA@@JMJ@H!KE@C!?JXBJ?!IQA?BJ!?9J@OE@H!OEQAFGCJU!QAGF!AOOFJ!B@! LA@HJ]HJ!OEQAFER?J!EB![JB!XBGHHJ!W!KJQJ@GF!I?IMJ@H!KB![JB!?BGZMiMJY! ! B<B G)$4:+0$'5$'/,$V':-":,0$'+3'T$3' ! 274,&!#/#'8<&!?70,!*''0<4,&,!'&!S&0!:#/<!'&!Ok4*I!<&!?7,4&,#!&<<&/4*&''&.&/4!<0,! '&<! 37/&<! ,&?#<! &4! S&0K! ;&! <7/4! $&''&<! M0*! /70<! ?#,#*<<&/4! '&! ?'0<! ?,7?*$&! H! 'L@+&*'! :&! 'L&/E#/4K! 1#! :*,&$4,*$&! :0! '*&0! /70<! #! :L#*''&0,<! :@E*/*! '#! 37/&! ,&?#<! $7..&!@4#/4!@6#'&.&/4!0/!&<?#$&!:&!'*O,&<!S&0K! ! 270<!?70+7/<!$*4&,!'&<!%0O'74<!?7/$40#/4!'L&<?#$&K!U'<!<7/4!?#,E7*<!@'@.&/4<!:&! S&0!&0P.h.&<K!U'<!7EE,&/4!#0!&/E#/4<!:&<!*/<4#/4<!:L@+#<*7/!&/!,h+#/4!:&+#/4! :&<! +0&<! #48?*M0&<! <0,! 'L&4@,*&0,! 4704! &/! '&0,! 7EE,#/4! :&! .0'4*?'&<! $7/4#$4<K! Z704!:L#O7,:!4#$4*'&<!6,k$&!#0!.7:*E*$#4*7/<!:&!'#!4&.?@,#40,&!:0!+&,,&I!.#*<! @6#'&.&/4! +*<0&'<! M0#/:! '#! ?'0*&! S#'7//&! 'L&4@,*&0,! :0! +&,,&! <#/<! S#.#*<! <&! '#*<<&,!#44,#?&,I!70!&/$7,&!'#!O0@&!M0*!#??#,#j4!M0#/:!*'<!<70EE'&/4!<0,!'&!+&,,&K!! ;&<! @'@.&/4<! '0:*M0&<! ?&0+&/4! @6#'&.&/4! h4,&! <70,$&! :L@.74*7/I! M0#/:! '&<! &/E#/4<!#?&,d7*+&/4!0/&!?&,<7//&!$7//0&!H!4,#+&,<!$&<!E&/h4,&<I!0/&!7.O,&!70! @S$#:($'5$'9]&,V'1(1#$%&'5$'T$3'(3,P #Y#$'
  •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i!'&! $&/4,&!n! :&<! <4,0$40,&<! :A#$$0&*'K! 1&<! ?&,<7//&<! &/$#:,#/4&<!@+7'0&/4!'#!?'0?#,4!:0!4&.?<!&/!?@,*?%@,*&!:&!$&4!&<?#$&I!*'!&<4! :7/$! *.?7,4#/4! M0L&''&<! /L#*&/4! ?#<! H! '&! 4,#+&,<&,! ?70,! &EE&$40&,! :&<! 4k$%&<! E7/$4*7//&''&<K!n! (#/<!/74,&!?,7S&4!:L@40:&I!'L&<?#$&!S&0!&<4!'&!/78#0!:&!'#!<4,0$40,&!m!*'!#??#,#*4! :7/$!*/@+*4#O'&!:&!'&!4,#+&,<&,!?70,!#''&,!:&!'L&<?#$&!,&?#<!H!'L&<?#$&!:&!$%#/6&! ?#,!&&.?'&K!Z704&E7*<I!*'!&<4!*.?7,4#/4!:&!?,@$*<&,!M0&!$&44&!$7/E*60,#4*7/!:&! 'L&<?#$&!/L&/4,#+&!&/!,*&/!'&!O7/!E7/$4*7//&.&/4!:&!'#!<4,0$40,&!g$EK!.@:&$*/! D9U!&4!:*,&$4,*$&!:&!$,J$%&lK! '''''''''''''''' 1&!.#j4,&!:&!'L70+,#6&!<70%#*4&!M0&!'&!.h.&!&<?#$&!?0*<<&!#$$0&*''*,!?JC! J@OE@HC!CJ?A@!?JBF!SPJY!
  • 43. 43 ! b!! ,JC!CJ@C!CHGMB?IC!KE@C!?E!LFVLTJ!KJ!%EBHJFGQJC!8!?9J]DIFGJ@LJ! MB?HGC!!CJ@CAFGJ??J! ! 270<!4&/*7/<!H!.&44,&!&/!#+#/4!'L#??,&/4*<<#6&!:&!'L&<?#$&!?#,!'L&?@,*&/$&! .0'4*!<&/<7,*&''&!#0!<&*/!:&!'#!$,J$%&!:&!Y#04&,*+&<K!270<!/70<!#44#,:&,7/<! &<<&/4*&''&.&/4!<0,!$&0!:&!'#!+0&I!:0!470$%&,!&4!:&!'L70c&K! >&'7/!5&7,6&<!9&<.*/I!i!'&<!&/E#/4<!<7/4!4,J<!<&/<*O'&<!#0!:@4#*'<I!O*&/!?'0<! M0&!'&<!#:0'4&<K!1L&/E#/4!:@$70+,&!!'&!.7/:&!H!'L#*:&!:&!$%#$0/!:&!<&<!!<&/<I! &4!#+&$!0/&!6,#/:&!.*/04*&K!U'!:@$7,4*M0&I!#/#'8<&!&4!.#/*?0'&!4704!$&!M0*!'0*! ?#<<&!:#/<!'&<!.#*/<!70!:&+#/4!'&<!8&0K!)/!?#,'&!#'7,<!:L&?@,*&/$&!.0'4*! <&/<7,*&''&K!n! ! ! U<M'' 'G+'/3$' ' ,E!QBJ!JH!?JC!LAB?JBFC8!1#!QBJU!&<4!<4*.0'@&!?#,!'&<!$70'&0,<!&4!'&<!E7,.&<m! ?&,d0&<!:*EE@,&..&/4!<&'7/!'Lk6&!:&!'L&/E#/4K!N/!&/E#/4!:&!.7*/<!:&!:&0! #/<! &<4! ?'0<! <&/<*O'&! #0! $70'&0,<! E,#/$%&<! M0L#0! $70'&0,<! ?#<4&''&<K! D70,! &&.?'&I!'7,<!:&!'L*/4&,+*&o!:&!9.&!T7#/I!/70<!#??,&/7/<!M0&!'&<!$70'&0,<!&4! '&<!.#4*J,&<!'&<!?'0<!<4*.0'#/4&<!?70,!'&<!&/E#/4<!<7/4!:&<!$70'&0,<!+*+&<I!&4! <0,4704! +#,*@&<K! i!U'! &<4! 4704&E7*<! *.?7,4#/4! :&! 6#,:&,! 0/&! $&,4#*/&! 7,6#/*<#4*7/nK! >&'7/!&''&I!0/&!$70'&0,!+*+&!&<4!0/&!<4*.0'#4*7/!*/4@,&<<#/4&!?70,!'&<!&/E#/4<K! 1#!O&''&!$70'&0,!?70,!&0!&<4!4,J<!<70+&/4!'&!,706&K!(#/<!'#!$,J$%&!@40:*@&I! $&4!#<?&$4!,&<<7,4!<0,4704!#0!/*+&#0!:&!'#!$70,!7t!:&<!E7,.&<!6@7.@4,*M0&<! 4,J<!$7'7,@&<!%#O*''&/4!'&<!.0,<!:&!'#!E#d#:&!7EE,#/4!#*/<*!:*+&,<*4@!:&<!4&*/4&<! &4!,*60&0,!6@7.@4,*M0&K!B!'L*/4@,*&0,I!'&<!$70'&0,<!<7/4!<0,4704!?,@<&/4&<!+*#!'&! .7O*'*&,!&4!'#!:@$7,#4*7/K!-/!&EE&4I!'&!.#j4,&!:&!'L70+,#6&!&4!'L#,$%*4&$4&!7/4! ?,@E@,@!,&<4&,!<0,!:&<!47/<!/&04,&<!?70,!'L&/<&.O'&!:&<!.0,<!#E*/!:&!'#*<<&,! '*O,&! #??,7?,*#4*7/! :&! <&<! <0??7,4<! H! '#! E040,&! :*,&$4,*$&! :&! $,J$%&K! -/!
  • 44. 44 ,&+#/$%&I!'&<!<7'<!:&<!&<?#$&<!:&!+*&!g&<?#$&!,&?#<I!&<?#$&!S&0l!<7/4!4,#*4@<! &/! '*/7'&0.! /#40,&'! 7,#/6&K! 1&! 7,#/6&! <8.O7'*<&! '#! $%#'&0,! &4! #+#/$&! 0/! <&/4*.&/4! :&! <@$0,*4@! &4! :&! $7/E7,4! <&'7/! 97/*$#! Y7'E&':! $7'7,*<4&! &4! B,$%*4&$4&!J+-qE<!! ! ! ! D70,! 'A&/E#/4I! 4704! ?#,#*4! */4@,&<<#/4! $#,! *'! &<4! :#/<! '#! :@$70+&,4&K! 270<! ?,@<0.7/<! M0&! '#! :*+&,<*4@! &<4! H! ?,*+*'@6*&,! #E*/! :&! '0*! 7EE,*,! .#4*J,&! H! :@$70+&,4&K!1#!'0.*J,&!!&/6&/:,&!:&<!#.O*#/$&<!:*+&,<&<I!?,7?*$&<!#0!S&0!70! #0!$7/4,#*,&!#0!,&?7<!?#,!'&<!7.O,&<I!'&<!+*O,#4*7/<!:&<!,#87/<!:&!'0.*J,&!M0*! #.J/&/4! 0/&! #.O*#/$&! $%#/6&#/4&K! 1&<! &/E#/4<! <7/4! &EE&$4*+&.&/4! i!4,J<! <&/<*O'&<!H!'L@$'#*,#6&!M0*!/L&<4!?#<!<&0'&.&/4!?70,!&0!'&!.78&/!:L8!+7*,!?'0<! $'#*,I!.#*<!0/&!<@$0,*4@!$7/4,&!'L#/67*<<&!:0!/7*,!M0*!E#*4!:*<?#,#j4,&!?#,&/4<!&4! 7OS&4<!E#.*'*&,<K!nn$"-.$4'e$4#,%<' G+'0"3-V'N,.3$3-'.1"#1&-,;3$'$&'0"3($3-''
  • 45. 45 (#/<!'#!$,J$%&!:&!Y#04&,*+&<!'#!'0.*J,&!&<4!7./*?,@<&/4&K!N/&!6,#/:&!O#*&! :7//#/4!<0,!'#!$70,!7,*&/4@&!H!'L&<4!#$$0&*''&!'&!<7'&*'!:0!.#4*/K!D70,!'#!'0.*J,&! :&!E*/!:&!S70,/@&I!0/!$%k<<*<!&/!%#04&0,!7,*&/4@!H!'L70&<4I!&4!?'0<*&0,<!w*'!:&! Ow0E!gH!:*EE@,&/4&<!%#04&0,<l!' 1#! $,J$%&! :&! Y#04&,*+&<! &<4! :7/$! O#*6/@&! ?#,! 0/&! '0.*J,&! /#40,&''&K! 270<! <0??7<7/<!:7/$!M0&!$&'#!#*:&!H!,@$7/E7,4&,!'L&/E#/4!&4!H!'0*!#.&/&,!0/!&<?#$&! +#,*@I!?,7?*$&!H!&?'7,#4*7/K! ! ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Z+,$'/,&-1$'43-'0"3-'' ! ! >&'7/! 5&7,6&<! 9&<.*/I! i!'#! +#,*@4@! :&<! E7,.&<! #! @6#'&.&/4! O&#0$70?! :L*.?7,4#/$&K!1#!.7/747/*&!:7*4!h4,&!@+*4@&K!1L#,$%*4&$4&!:7*4!?70+7*,!S70&,! #+&$! '&<! %#04&0,<! :&! ?'#E7/:I! E#*,&! ?,&0+&! :L*.#6*/#4*7/! ?70,! +#,*&,! '&<! ?&,<?&$4*+&<!gVl!n! ! (#/<! $&44&! $,J$%&I! $&4! #<?&$4! #! &<<&/4*&''&.&/4! @4@! 4,#*4@! 6,k$&! #0! :*EE@,&/4&<!%#04&0,<!<70<!?'#E7/:K!1&!?'#E7/:!.#/<#,:@!:&!'L&<?#$&!S&0!H!<*! .J4,&<!4,&/4&P%0*4!,@?7/:!H!'#!%#04&0,!<4#/:#,:!:0!,&<4&!:&!'L&<?#$&!:&!+*&K !
  • 46. 46 ! U<B'' G$'&"302$-'' ' 270<!?70+7/<!$7/<4#4&,!:#/<!/74,&!&/470,#6&!M0&!4704!$&!M0&!'L&/E#/4!?&04! +7*,!&4!470$%&,!E#*4!'L7OS&4!:L0/&!#44&/4*7/!?#,4*$0'*J,&K! 9.&!>#/$%&3!/70<!$7/E*&!M0&!'&<!&/E#/4<!:7/4!&''&!#!'#!$%#,6&!i!?#<<&/4!:&<! %&0,&<!H!,&6#,:&,I!470$%&,I!<&/4*,!&4!!.&44,&!H!'#!O70$%&!0/!.h.&!7OS&4K!n!-/! $&'#I!'&!HABLTJF!<L#+J,&!<#/<!/0'!:704&!'&!<&/<! '&! ?'0<! 04*'*<@! :&! 'L&/E#/4!m! *'! &?'7,&!&/!470$%#/4I!&/!.#/*?0'#/4I!!$L&<4!#+&$!<&<!.#*/<!M0L*'!:@$70+,&!'#! ?,7E7/:&0,!'L@'7*6/&.&/4!'#!?,7*.*4@K!;L&<4!:L#*''&0,<!<70+&/4!'&<!.#*/<!&/! #+#/4! M0&! '&<! ?'0<! ?&4*4<! <&! :@?'#$&/4K! ! B0<<*I! '&<! 4&40,&<! &4! '&<! <0,E#$&<! <&.O'&/4!?,*.7,:*#'&<!H!'L@+&*'!:&!$&!<&/<K! (#/<!'#!$,J$%&!:&!Y#04&,*+&<!/70<!,&4,70+7/<!M0&'M0&<!&&.?'&<!:&!:*+&,<&<! 4&40,&<! ?#,! 'L#'4&,/#/$&! :&! O7*<I! 0/&! .#4*J,&! $%#0:&! &4! ,060&0<&I! ! &4! :&! $'7*<7/<! '*<<&<! &/! ! ?'#$7?'#4,&! g#??,7?,*@&<! ?#,! 'L@M0*?&! ?#,! :&<! 60*,'#/:&<I! <4*$v&,<VlK! ! ! ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''!(",4"%'0"3-9$V'Z",4'' ! ! ! ! !! ! ! ! ! BOIS VITRE PLACO e+&,6-$4':-14$%&$4'
  • 47. 47 U<B G)"3r$' ' i!1&<!&/E#/4<!#*.&/4!&/!6@/@,#'!'&<!O,0*4<!m!$&0P$*!'&0,<!4*&//&/4!$7.?#6/*&I! '&<! #.0<&/4I! '&0,! :7//&/4! 0/&! $&,4#*/&! &$*4#4*7/! S78&0<&! gVl! 1&<! O,0*4<! #??7,4&/4! 0/! <0??7,4! H! '&0,! *.#6*/#4*7/I! '&<! ,&'*&/4! #0! :&%7,<I! H! '#! +*&K! 1&! O,0*4! /L&<4! :7/$! ?#<! ,&<<&/4*! <?7/4#/@.&/4! ?#,! &0! $7..&! 0/! ?,7O'J.&I! #'7,<! M0L*'! &<4! $7/<*:@,@! ?#,! O&#0$70?! :L#:0'4&! $7..&! 0/&! /0*<#/$&K!n! n$"-.$4'e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
  • 48. 48 9h.&! <*! '&! O,0*4! /&! 6h/&! ?#<! 'L&/E#/4I! *'! &<4! ,&<<&/4*! $7..&! 0/&! 6h/&! ?#,! 9.&!>#/$%&3!&4!<7/!@M0*?&K!;&'#!'&<!:@,#/6&!:#/<!'&!O7/!E7/$4*7//&.&/4! :&<!#$4*+*4@<!:L@+&*'K! ! >&'7/!T&#/!D*#6&4Q!i!'A&/E#/4!,&<<&.O'&!H!0/!?&4*4!<#+#/4!Q!?70,!<&!:@+&'7??&,I! *'! :7*4! :@$70+,*,! ?#,! <&<! <&/<I! <&<! #$4*7/<! &4! <&<! ?&/<@&<! '&<! '7*<! :&! E7/$4*7//&.&/4!:0!,@&'K!n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
  • 49. 49 f!'@!EPJ@LJMJ@H!XBG!ELLAMDEP@J!?9EBHA@AMGJ!DFAPFJCCGQJ!KJ! ?9J@OE@H! !! • f1*,%,&,"%'5[s+3&"%"#,$s'' ! 1L#047/7.*&!+*&/4!:0!6,&$!i!#047/7.*#!nI!?70+7*,!:&!$&'0*!M0*!&<4!! i!#047/7.7<!nI!! i!;#?#$*4@!:&!M0&'M0L0/!H!h4,&!#047/7.&I!H!/&!?#<!h4,&!:@?&/:#/4!:L#04,0*!m! $#,#$4J,&! :&! M0&'M0&! $%7<&! M0*! E7/$4*7//&! 70! @+7'0&! */:@?&/:#..&/4! :L#04,&!$%7<&K!n!G+-"344$' ! i!1L#047/7.*&!$7/<*<4&!H!<&!E#*,&!<7*P.h.&!!<#!'7*!&4!H!:*<?7<&,!:&!<7*!:#/<!'&<! :*+&,<&<!<*40#4*7/<!?70,!0/&!$7/:0*4&!&/!%#,.7/*&!#+&$!<#!?,7?,&!@$%&''&!:&! +#'&0,<K!1&!97*!&<4!0/!?,*/$*?&!:L#047/7.*&!&4!7/!/&!?&04!?#,'&,!:L#047/7.*&! M0&!'7,<M0L*'!8!#!$7/<$*&/$&!:&!<7*!gKKKl!1L#047/7.*&!&<4!H!&/4&/:,&!$7..&!0/! :&<!@'@.&/4<!E7/:#4&0,<!&4!$7/<4*40#/4<!:&!'#!,&<?7/<#O*'*4@K!n! N<G+*"%&'JMbaUE'W"0+93(+,-$'5$':4I02":15+.".,$'$&'5$':4I02,+&-,$'5$'()$%*+%&<' Q^R<'U6'15,&,"%<' ' B0! ?,&.*&,! k6&I! $&44&! #047/7.*&! ?70,,#*4! $7,,&<?7/:,&! H! '#! $#?#$*4@! :&! 'L&/E#/4!H!+*+,&!:&<!&?@,*&/$&<!:&!:@4&/4&!#0!$70,<!:&<M0&''&<!*'!#??,&/:!H! ,&$&+7*,!:&!'L#04,&!&4!H!'0*!&?,*.&,!$&!M0L*'!:@<*,&K!! ! B! '#! <0*4&! :&! /7<! ,&$%&,$%&<I! /70<! ?70+7/<! ,@?&,47,*&,! 'L#047/7.*&! <70<! :*EE@,&/4<!$%#.?<!Q! 1L#047/7.*&!?<8$%*M0&!M0*!$7,,&<?7/:!H!'#!?,*<&!:&!$7/<$*&/$&!?#,!'L&/E#/4!:&! <&<!?7<<*O*'*4@<!?%8<*M0&<!&4!'L#??,&/4*<<#6&!:&<!6&<4&<!M074*:*&/<K! 1L#047/7.*&! #EE&$4*+&! &4! ,&'#4*7//&''&! M0*! $7,,&<?7/:! #0! E#*4! :&! ?70+7*,! <&! :@4#$%&,!?&4*4!H!?&4*4!:&!'L#*:&!:&!'L#:0'4&K!C,#/d7*<&!(7'47!$7/<*:J,&!M0L#+#/4! .h.&! 'L#$M0*<*4*7/! :0! '#/6#6&I! 'L&/E#/4! $7..0/*M0&! ?#,! <7/! $7,?<K! D#,!
  • 50. 50 &&.?'&I!#??,&/:,&!H!.#,$%&,!H!M0#4,&!?#44&<!4,#:0*4!0/&!?,&.*J,&!+7'7/4@! :&!<L#EE,#/$%*,!:&<!?#,&/4<!&4!:L&?,*.&,!#*/<*!0/!:@<*,!:L*/:@?&/:#/$&K!270<! 4,#*4&,7/<!$&!?7*/4!?,@$*<!H!4,#+&,<!'#!<@?#,#4*7/!M074*:*&//&!:&!'L&/E#/4!#+&$! <&<!?#,&/4<K! 1L#047/7.*&!*/4&''&$40&''&!7t!*'!<L#6*4!:L#.&/&,!'L&/E#/4!H!?70+7*,!?&/<&,!?#,! '0*P.h.&K! e1#",-$' 5$' H,&,9-$,j2A' ,%&,&3(1! tG[+3&"%"#,$' 53' T$3%$' $%*+%&' $%' 4&-30&3-$' 0"(($0&,/$t<!! ! ! ! 270<!?&/<7/<!M0&!$&4!#??,&/4*<<#6&!:&!'L#047/7.*&!?&04!<&!4,#:0*,&!?#,!'&! i!E#*,&!4704!<&0'!nK!1#!'*O&,4@!:&<!#$4&<!&<4!&/!?#,4*&!?7<<*O'&!?70,!'L&/E#/4!H! 4,#+&,<!0/!&/+*,7//&.&/4!H!'#!E7*<!<@$0,*<#/4!&4!<@$0,*4#*,&K! ! ! ' k<M''''''''''''''''''''G$4'5,4:"4,&,*4'#,4'$%':(+0$':"3-'4103-,4$-'()+53(&$' ! ! 1#!<@$0,*4@!&<4!'L0/!:&<!&/S&0!?,*/$*?#0!:#/<!'#!$7/$&?4*7/!:L0/!.*'*&0!:&! +*&!?70,!'L&/E#/4K!!! 1&<!$#,#$4@,*<4*M0&<!?,7?,&<!:0!4704!?&4*4!E7/4!&/!<7,4&!M0L*'!&<4!<?@$*#'&.&/4! H! ,*<M0&K! U'! #6*4! <?7/4#/@.&/4! H! 'L*/4@,*&0,! :L0/! .7/:&! *.#6*/#*,&I! *'! &<4! $0,*&0I!*.?,@+*<*O'&!&4!*.?0'<*E!:#/<!<7/!S&0!m!*'!?&,d7*4!'L&<?#$&!H!<#!E#d7/I! <7/! $%#.?! :&! +*<*7/! &<4! ,@:0*4I! &4! *'! &<4! */$#?#O'&! :&! ?,@+7*,! '#! +*4&<<&e! :*,&$4*7/!:L0/!7OS&4!&/!.70+&.&/4I!*'!&<4!&/!+7*&!:L#??,&/:,&!H!.#j4,*<&,!<7/! $7,?<K! >&'7/!C,&0:I!:#/<!<7/!70+,#6&!!,%;':4I02+%+(I4$4I!'#!<@?#,#4*7/!:&!'L&/E#/4! #+&$! <&<! ?#,&/4<I! '7,<! :&! <7/! &/4,@&! M074*:*&//&! :#/<! '#! $,J$%&I! &<4! +@$0&! $%#M0&!S70,!$7..&!'L#/67*<<&!:Lh4,&!#O#/:7//@K!>&'7/!'&!?<8$%#/#'8<4&I!*'! &<4!?,*.7,:*#'!:&!,@?@4&,!<0EE*<#..&/4!'L&?@,*&/$&!#E*/!M0L&''&!<7*4!#<<*.*'@&! ?#,!'&!i!4704P?&4*4!nK!
  • 51. 51 B!Y#04&,*+&<I!'&<!?#,&/4<!<7/4!?#,4*$0'*J,&.&/4!<&/<*O'&<!H!$&44&!<@$0,*4@!:0! Ok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
  • 52. 52 B0!.7.&/4!:&!'#!$7/$&?4*7/I!0/&!?7,4&!E&,.*J,&!&/4,&!'&!<#<!&4!'#!37/&!:&!+*&! &<4!?,@+0&!#E*/!:&!?&,.&44,&!0/!@$%#/6&!&/4,&!$&<!:&0!&<?#$&<K!1&!.#j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f1&+,('5$4'239("&4'4103-,414'' !
  • 53. 53 ! B0! .7.&/4! :&! '#! $7/$&?4*7/I! '&<! E&/h4,&<! :&<! $%#.O,&<! <7/4! ?,@+0&<! 7<$*''7PO#44#/4&<K!!1L#@,#4*7/!?&04!<&!E#*,&!4704!&/!!@+*4#/4!0/&!*/4,0<*7/K!! (#/<!'#!$70,I!0/&!6,*''&!E&,.@&!H!$'&E<!#E*/!:&!$7/4,b'&,!'L+0064K! ! ' 270<! <0??7<7/<! M0L0/! ?#,&/4! ?&04! h4,&!! <@$0,*<@! <L*'! $7/<4#4&! M0&! '&<! 37/&<! :*4&<! i!H! ,*<M0&<!n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j"%$'02+%.$'' W3$'43-'([$%&-1$'5$'(+'0"3-4'4103-,41$''