!"#$%&'()#*+"',#

#

#

#

#

#

!"#$%&'()*+',#*,-#+./'&*

*

*

© 2013, Editions Clément

www.clement-ed.com

ISBN : 9791092547009

**

012/#*,#3*+1%&4"#3*

561(%7."'.'3*

89*:1"%&#*;###<'++#(%*=1*+1"$>#*/-?"#$%&'(*@#

-.'/+0"1#2#3#41#/5&+6#.78'+&9#7&#%",'&1#7&+:71#;#

-.'/+0"1#<#3#='616#)7#>%&?0+%&&181&0#

-.'/+0"1#@#3#416#/"+&?+/'7A#'?017"6#

-.'/+0"1#B#3#C71((16#6%&0#(16#&%"816#D#

E16#"1?%88'&)'0+%&6#

#

A9*:1"%&#*;*:'B"CB'&*=1*(#*+1"$>#*.13*

-.'/+0"1#F#3#-1#:71#(G%&#"1661&0#

-.'/+0"1#H#3#4G5"1?0+%&9#I'"%8J0"1#)1#('#61A7'(+05#8'6?7(+&1#

-.'/+0"1#K#3#416#8%L1&6#)1#6'M%+"#10#)1#:7'&0+>+1"#

-.'/+0"1#N#3#OL&0.J61#10#?.%+A#)G7&#0"'+0181&0#

#

D9*:1"%&#*;*<'++#(%*'(*%"1&%#*

-.'/+0"1#P#3#$160+071"#(G5"1?0+%&#,"Q?1#'7A#85)+?'81&06#

-.'/+0"1#2R#3#4'#8+&+#+&S1?0+%&#+&0"'3?'M1"&17619#(G'"81#T#/"16:71#'I6%(71#U#

-.'/+0"1#22#3*4G5"1?0+%&#67"#?%88'&)1#V#(G+8/('&0#.L)"'7(+:71#

-.'/+0"1#2<#3*$5/'"1"#/'"#('#?.+"7",+1#

-.'/+0"1#2@#3*$50'I(+"#(16#5:7+(+I"16#/%7"#7&1#M+1#81+((17"1#10#/(76#(%&,71#

-.'/+0"1#2B#3#$1?%&60"7+"1#(G5"1?0+%&#W#/'"0+"#)1#6%+38X81#

##

Y&&1A16##

Z&)1A#

*******

*561(%7."'.'3*

4'#8'6?7(+&+05# 6G1A/"+81# 1661&0+1((181&0# /'"# (G5"1?0+%&[# O'&6# 5"1?0+%&# (G.%881# &1# 61# 61&0#

/'6#?%8/(10[#\'6#1&0+1"[#-G160#(1#I'"%8J0"1#)1#6'#6'&059#?1(7+#)1#6%&#?%"/6#?%881#?1(7+#)1#6%&#16/"+0[#

-G160#('#8'05"+'(+6'0+%&#)1#6%&#5('&#M+0'([#-G160#'766+#10#67"0%70#('#6+,&'07"1#)1#6'#6+&,7('"+05[#Z(#160#7&#

.%881#1&#)1M1&+"#?'"#+(#160#87&+#)G7&#/5&+6#:7+#6G5"+,1#10#?1?+#0"J6#0]0[#!'&6#(1#M1&0"1#)1#6'#8J"1[#

-%881#('#"16/+"'0+%&9#(16#I'00181&06#)7#?^7"9#(G5"1?0+%&#160#!"#$%!#&'"(9#+&)5/1&)'&01#10#6%7M1&0#

?'/"+?+17619#5?.'//'&0#/"16:71#?%8/(J0181&0#'7#?%&0"](1#)1#('#M%(%&05[###

YM%+"#10#,'")1"#7&1#5"1?0+%&#>1"81#10#)7"'I(19#0%70#'7#(%&,#)1#6%&#1A+601&?19#)1M+1&)"'#/%7"#

?.':71# .%8819# 7&1# /"5%??7/'0+%&# ?%&60'&01[# _0# ('# >%&?0+%&# 10# (G%",'&1# 50'&0# +&0+8181&0# (+569# +(#

,'")1"'#7&#^+(#'001&0+>9#6?"7/7(17A#10#6%7M1&0# +&:7+10#67"#6%&#/5&+6#V#6'#>%"819#616#)+81&6+%&69#616##

"5'?0+%&6# '7A# 5(581&06# 1A05"+17"6[# Z&?"5)7(1# 10# +,&'"1# )1# 6%&# >%&?0+%&&181&09# +(# 1&>%7+0# (1# /(76#

6%7M1&0# 1&# (7+# 616# +&01""%,'0+%&6# 10# 616# )5>'+(('&?169# )1""+J"1# (1# 0%7S%7"6# M+M'?1# 0'I%7# 61A71([# `"9#

'7S%7")G.7+9#%&#6'+0#0%70#%7#/"16:71#)1#(G5"1?0+%&#10#)7#>%&?0+%&&181&0#)7#/5&+6[#41#/.L6+:71#10#(1#

/6L?.%(%,+:71#0"%7M1&0#(17"#/('?1#)'&6#7&#?%&61&676#)1#I%&#61&6#,%88'&0#(16#%70"'&?16#/'66516#1&#

>'M17"# )1# (G7&# %7# )1# (G'70"1[# O7"0%70# /%7"# (16# 0"J6# &%8I"17A# .%8816# a/(76# )1# @R# b9# 0%76# Q,16#

?%&>%&)76c#:7+#6%7>>"1&0#)1#)+>>+?7(056#61A71((169#)1#?1#:71#(G%&#&1#M170#/(76#'//1(1"#&%)"&**!+,(-9#('#

85)1?+&1#%>>"1#)16#"5/%&616#/%6+0+M169#1>>+?'?16[##

-1# (+M"1# 160# &%7""+# )1#8%&# 1A/5"+1&?1# )1# 6/5?+'(+6019# :7+9# )1/7+6# /(76# )1# @R# '&6# 507)+1# ('#

61A7'(+05#8'6?7(+&1[# dG'+#/'"0+?+/5#W#)16#?1&0'+&16#)1#"57&+%&6#10#?%&,"J6#67"# (1#67S109#'+#/7I(+5#)16#

)+e'+&16# )G'"0+?(16# 10# %7M"',16<#6?+1&0+>+:716# %7# )1# M7(,'"+6'0+%&# 10# 67"0%70# Sf'+# 0"'+05# )16# 8+((+1"6#

)G.%88169#)'&6#(1#?1&0"1#)5)+5#W#?1001#6/5?+'(+05#10#?%&&7#6%76#(1#&%8#)1#-_gZ@#a>+,7"1#2c[#-G160#0%70#

?1('#:71# SG'+# "57&+#1&#7&#8'&71(#6+8/(19#W# ('#/%"051#)1#0%76[#-%881&0#h'#8'"?.19#/%7":7%+#h'#&1#

#############################################################2#E'+6#)7#&5%(%,+681#T#)L6>%&?0+%&#5"1?0+(1#U[#<#`&# /170# 0"%7M1"# (16# "5>5"1&?16# )16# '"0+?(16# 6?+1&0+>+:716# M'(+)56# /'"# )16# "1M716# +&01"&'0+%&'(16# 67"# (1# 6+01#T#/7I81)#U#V#iii[&?I+[&(8[&+.[,%Mj/7I81)#/7+6#)18'&)1"#*+"',#$[#@#-_gZ#'?"%&L81#)1#-1&0"1#)G_A/(%"'0+%&#10#g"'+0181&0#)1#(GZ8/7+66'&?1[#

8'"?.1#/'69#?%881&0#%&#0"'+01#%7#%&#"5/'"1[#416#:7160+%&6#:71#(G%&#61#/%61#10#:7+#61#/%61&0[#="1>9#

7&#%$.(/ .0(%)1$&# "1>(50'&0# (1# :7%0+)+1&# )1# ('# )58'"?.1# "'0+%&&1((1# )7#85)1?+&9# >%"01# )16# '?:7+6#

6?+1&0+>+:7169#8'+6#:7+#&G%7I(+1#S'8'+6##6'#)+81&6+%&#'>>1?0+M1[#4'#01?.&+:71#'7#61"M+?1#)1#(G.78'+&1#

&'07"1[##

#

k+,7"1# 2#V# 41# (%,%# )1#8%&# ?1&0"1# )G1A/(%"'0+%&# 10# 0"'+0181&0# )16# )L6>%&?0+%&6# 61A71((16# 'M1?# # 6%&#18I(J81# ('# >(17"#)1#/'M%0#)G%l#50'+0#1A0"'+01#W# (G%"+,+&1# ('#/'/'M5"+&1#/"18+1"#85)+?'81&0# +&S1?05#)'&6#(1#/5&+6#/%7"#/"%M%:71"#7&1#5"1?0+%&#

#

C7+# )+0# 8%)1# )G18/(%+# )+0# :7G7&1# 850.%)%(%,+1# /"5?+61# '# 505# 5('I%"51# /%7"# 5M'(71"# (1#

>%&?0+%&&181&0#5"1?0+(1#/7+6#1&M+6',1"#7&#0"'+0181&0#(%"6:7G+(#6G'MJ"1#&5?166'+"1[#-1001#850.%)1#160#

>%&)51# 67"# (G'I61&?1# )G'# /"+%"+# 10# (1# /"',8'0+681[#!G'I%")# (G5?%701# )1# ?1(7+# :7+# ?%&67(019# /7+6# (16#

1A'81&6#&5?166'+"16#1&>+&#(16#?%&?(76+%&6#10#(16#?%&61+(6[#-G160#?1001#850.%)1#:7+#160#/"561&051#+?+9#

>%&)51#67"#('#/"'0+:71#)1#('#8+&+#+&S1?0+%&#+&0"'#?'M1"&1761[#dG1&#'+#)5?%7M1"0#(16#1>>106#I5&5>+:716#+(#

L#'#/(76#)1#@R#'&6[#\"'0+:7181&0# +&)%(%"19# (G+&60+(('0+%&#)1#85)+?'81&06#)+"1?0181&0#)'&6# (1#/5&+6#

/"%)7+0#(G5"1?0+%&#10#/1"810#6%&#507)1#?%881#(G5/"17M1#)G1>>%"0#/1"810#(G507)1#)1#(G50'0#?'")+':71[#

_((1#61"'#70+(+6519#/%7"#(1#)+',&%60+?#?%881#/%7"#(1#0"'+0181&09#W#?.':71#>%+6#:71#?1('#160#&5?166'+"1#

/%7"#/"%)7+"19#"1&>%"?1"#%7#/"%(%&,1"#(G5"1?0+%&[#4'#8+&+#+&S1?0+%&#+&0"'#?'M1"&1761#?G160#(1#?^7"#)1#

('#850.%)1#*+"',#/%7"# 0"'+01"# (16# +&67>>+6'&?16#)G5"1?0+%&[#_((1#160#'7#?1&0"1#)7#)+6/%6+0+># 6'&6#X0"1#

7&+M%:71[#-1"0'+&6#1&#'7"%&0# (G'I6%(71#&5?166+059#/%7"#)G'70"16#?1#61"'#7&+:7181&0#018/%"'+"19#10#

:7'&)# ?1('# "1601# +&67>>+6'&09# ('# 8+&+# +&S1?0+%&# +&0"'# ?'M1"&1761# ?%&)7+"'9# /'"# (G5M'(7'0+%&# :7G1((1#

/1"8109#W#)G'70"16#0"'+0181&06#1>>+?'?16[##

!5I'""'661"# (G.%881# )1# 6'# ?"'+&01# )1# (G5?.1?# 61A71(# ?G160# (7+# "1)%&&1"# ?%&>+'&?1# /%7"#

?.':71#+&60'&0#)1#6'#M+1[#m%&#617(181&0# +&0+819#8'+6#6'#M+1#0%70#?%7"0[#O'#"1('0+%&#'7A#'70"169#&%&#

617(181&0# )'&6# 6%&# '>>1?0+># 8'+6# )'&6# 6'# M+1# /"%>166+%&&1((19# )'&6# 6'# ?"5'0+M+059# 61# 0"%7M1#

0"'&6>%"851[# 4'# "5>(1A+%&# .'I+071((1# )16# .%8816# :71# SG'+# 0"'+056# 'M1?# 67??J6# 0%70# '7# (%&,# )1#8'#

?'""+J"1# '# 505#V# 2/3$"*/ *!4(5/ 6$,#("78/ 4$"*/ !4(5/ #7!+*9$7%:/ %$+/ (;&*#(+,(/<# %7# /'">%+6# /(76#

,"'M181&0#V#2/6$,#("78/4$"*/%0!4(5/*!"4:=/<>#

?7(,#&$+/%$.(/.0(%)1$&/&G'#/'6#)G'70"1#'8I+0+%&#:71#)G%>>"+"#W#?16# (1?017"6# (16# >"7+06#)G7&1#

1A/5"+1&?1# 7&+:71# ?%&?"50+651# )'&6# 7&1# 850.%)1# >+'I(1# /%7"# 0"'+01"# (G1&618I(1# )16# )+>>+?7(056#

61A71((16#8'6?7(+&16[#n&#8166',1#)G16/%+"#/%7"#?.'?7&#)G1&0"1#&%76[#

#

89*.1"%&#****

<'++#(%*=1*+1"$>#*/-?"#$%&'(*@*

*

!1# :7%+# 160# >'+0# ?10# '??%")5%&# 7&+:71# )'&6# (1# ?%"/6# 10# :71# (G%&# '>>7I(1# )1# 01((181&0# )1# &%86[#

-%881&0# >%&?0+%&&1303+(#D# _&# /'"0+?7(+1"9# /%7":7%+# 1603+(# 6+# )56%I5+66'&0# ?%881# 6G+(# ',+66'+0#

+&)5/1&)'881&0#)1#&%0"1#M%(%&05#10#/'">%+6#8X81#)1#&%6#)56+"6#D#-1#8X81#?%&60'0#:7+#>'+6'+0#)+"1#

W# 7&# ?5(JI"1# .78%"+601# 10# )166+&'017"# >"'&h'+6#V# 2/@$+/ ):+&*/ +0!&%(/ )!*/ 1(*/ %A%(*/ 9(%%(*/ '"(/

%$&/U#;#O1#0"%7M1#'+&6+#'>>+"85#'M1?#.78%7"#(1#?'"'?0J"1#+8/"5M+6+I(1#)7#/.5&%8J&1#5"1?0+(1[#m%76#

"16/+"%&69# &%0"1# ?^7"# I'09# &%0"1# 6L60J81# )+,160+># >%&?0+%&&19# 10# 8X81# &%76# 7"+&%&6# 6'&6#

8%)+>+?'0+%&# 61&6+I(1#)16#%",'&16# ?%&?1"&56[#-1#&G160#/'6# (1# ?'6#)1# (G5"1?0+%&#:7+9#1((19#1&0"'o&1# ('#

0"'&6>%"8'0+%&# )7# /5&+6# 1&# M1",1[#E50'8%"/.%61# +885)+'0181&0# /1"h71# /'"# &%0"1# ?1"M1'7#8'+6#

5,'(181&0#M+6+I(1#10#)%&?#'??166+I(1#W#(G1&0%7"',1[#`&#&1#6'+0#/'6#0%7S%7"6#/%7":7%+#%&#I'&)1#8'+6#

h'#61#M%+0p##C71(6#6%&0#(16#5(581&06#?%&60+070+>6#)G7&##%",'&1#6+#6/5?+>+:71#W#(G.78'+&#:7G+(#&G'#/'6#6%&#

/'"1+(9#8X81#?.1e# (16#8'88+>J"16# 67/5"+17"6B#D#-%881&0#/1703+(# '001+&)"1#7&1# 01((1# "+,+)+05#'(%"6#

8X81# :719# ?%&0"'+"181&0# W# 0%76# (16# '70"16# '&+8'7A9# +(# &G'# /'6# )G%69# 1&# 6%&# 61+&#D# _&# 7&# 8%09#

?%881&0#61#/"%)7+0#7&1#5"1?0+%&#D##\'"#:71(6#85?'&+6816#61#8'+&0+1&031((1#D###

#

#

*

*

<>1.&%"#*8***

*E#*.?(&3*>B+1&(*;*B(*'"F1(#*B(&CB#*G*

4G5M%(70+%&# '# >'+0# )1# (G.%881# (1# 617(# M5"+0'I(1# I+/J)1[# _0# (1# 617(# 8'88+>J"1# )%&0# (G%",'&1#

"1/"%)7?017"#160#)5/%7"M7#)G7&#6:71(1001[#!'&6#(G.+60%+"1#)1#(G5M%(70+%&9#?G160#6'&6#)%701#W#?'761#)1#

('# 60'0+%&# )1I%70# :7G+(# '# )q# 'I'&)%&&1"# (G%6# :7+# '667"1# ('# "+,+)+05# )1# 0%76# (16# '70"16# M1"05I"56[# 4'#

/%6+0+%&# )1# 616# %",'&16# ,5&+0'7A# 50'&0# )1M1&71# '&05"+17"1# 10# 0"J6# M7(&5"'I(1# (%"6# )16# ?%8I'06#

/"5.+60%"+:7169#+(#(7+#'#>'((7#'(%"6#+&M1&01"#(G%",'&1#?%8/(1A1#:71#(G%&#M'#)5?"+"1#8'+&01&'&0[#k'?+(1#W#

/"%05,1"#(%"6:7G+(#160#'7#"1/%69#91!,,&.(/B/C/)G7&1#5&%"81#7&D&.&#:#(%"6:7G+(#160#1&#5"1?0+%&#1&#"'+6%&#)7#

#############################################################B#4G5M%(70+%&9#1&#>'+6'&0#)+6/'"'o0"1#(G%6#/5&+1&#r#'#"1&)7#0"J6#?%8/(1A1#(1#/5&+6#.78'+&[#F#4'# ?%:7+((1# )1# ?17A# :7+# /"'0+:71&0# )16# 6/%"06# )1# ?%8I'0# 160# (1# (%+&0'+&# 67??16617"# )16# 507+6# /5&+1&6#/"%01?017"6#:71#(G%&#/170#M%+"#)'&6#?1"0'+&16#/17/(')16#/"+8+0+M16#am%7M1((13s7+&51c#[#

S17#)1#('#/"166+%&#6'&,7+&1#67"#7&1#1&M1(%//1#5/'+661#'//1(51#'(I7,+&51[#Z(#160#'(%"6#)1M1&7#?1#:7G+(#

160#V#6%7/(1#10#)+6?"10#W#(G50'0#)1#"1/%69#/7+66'&0#10#I+1&#M+6+I(1#(%"6:7G+(#)%+0#1A/"+81"#6%&#)56+"[#

53.#$%*F?(?"1/*

41# /5&+6# 160# 7&# %",'&1# ?%8/%6+01# 1&# ?1# 61&6# :7G+(# 160# >'+0# )1# )17A# /'"0+16# )+60+&?016# '??%(5169# (16#

?%"/6#?'M1"&17A##)G7&1#/'"0#10#(1#?%"/6#6/%&,+17A#1&0%7"'&0#(G7"J0"1#10#?%+>>5#)7#,('&)#)G'70"1#/'"0#

a>+,7"1# <# Y# 10# -c[# 416# <j@# )7# /5&+6# 6%&0# 1A05"+17"6# M+6+I(169# (1# 0+1"6# "160'&0# 160# 1&>%7+# 6%76# (G'"?.1#

/7I+1&&1#10#'00'?.5#6%(+)181&0#W#(7+#/%7"#/1"8100"1#W#('#/'"0+1#8%I+(1#)1#6G5"+,1"#V#?G160#(G5"1?0+%&[#

O%76#(G'"?.1#/7I+1&&1#1&#1>>109#(16#?%"/6#?'M1"&17A#6G5?'"01&0#/%7"#6G'00'?.1"#67"#(16#)17A#I"'&?.16#

%6617616#:71#(G%&#&%881#+6?.+%#/7I+1&&16#a>+,7"1#<3-c[#-G160#67"#?1#"1(+1>#%6617A#'7:71(#(1#/5&+6#160#

'00'?.5#/'"#)16#(+,'81&06#10#)16#876?(16#:71#('#/%"0+%&#8%I+(1#M'#6G'//7L1"#/%7"#61#"1)"1661"[#!'&6#

(G16/'?1#85)+'&#('+665#/'"#(G5?'"0181&0#)16#?%"/6#?'M1"&17A9#(1#?%"/6#6/%&,+17A#6G5M'61#1&#7&#I7(I1#

1&0%7"5#)G7&#876?(1#:7+# 61# ?%&0"'?01"'# (%"6#)1# (G%",'681[# 41# 6%8810#)1# ?1#I7(I1#160#/1">%"5#/'"#

(G7"J0"1# :7+# M+1&0# )1# 0"'M1"61"# ('# /"%60'01# /('?51# 6%76# ('# M166+19# 'M'&0# )1# /"%,"1661"# S76:7GW#

(G1A0"58+05#)7#,('&)[#41#/5&+6#'667"1#'+&6+#7&1#)%7I(1#'?0+M+05#V#7"+&1"# (%"6:71# (1#/5&+6#160# >('??+)19#

5S'?7(1"# (%"6:71# ('#M1",1#160# "+,+)1[#4G%",'&1#160# "1?%7M1"0#)G7&1#/1'7#"1('0+M181&0#5/'+661#10# 0"J6#

5('60+:71# /%7"# 8+17A# 61# 01&)"1# (%"6# )1# (G5"1?0+%&[# Y# 6%&# 1A0"58+059# 7&# "1/(+# 5/'+69# (1# /"5/7?19#

"1?%7M"1#10#/"%0J,1#(1#,('&)#:7+#"1601#.78+)1#1&#/1"8'&1&?19#?%881#(%,5#)'&6#7&#507+[#Z(#?%7(+661"'#

>'?+(181&0# (%"6# )1# (G5"1?0+%&# /%7"# ('+661"# (1# ,('&)# 61# )5?%7M"+"[# -.1e# )1# &%8I"17A# .%88169# (1#

/"5/7?1#'#505#1&(1M5#/17#'/"J6#('#&'+66'&?1#%7#)'&6#('#/10+01#1&>'&?19#/%7"#)16#"'+6%&6#"1(+,+176169#

?7(07"1((16# %7# )'&6# 7&# 6%7?+# )G.L,+J&1[# -.1e# ?16# .%8816# ?+"?%&?+69# (1# ,('&)# 160# )5?%7M1"0# 1&#

/1"8'&1&?1[#Z(#160##/(76#61?#10#8%+&6#61&6+I(1[##

#

E&D"7(/F/G/

H#7",#"7(/D:+:7!1(/."/):+&*/G/(+/I8/,$")(/*,J:%!#&'"(/.(/)7$9&1/C/(+/K8/,$")(/#7!+*4(7*!1(/C/(+/L8/4"(/&+9:7&("7(/%$+#7!+#/1!/*:)!7!#&$+/."/,$7)*/*)$+D&(";/(+#$"7!+#/10"7M#7(/(#/*(/#(7%&+!+#/)!7/1(/D1!+.//(#/1(*/.(";/,$7)*/,!4(7+(";/.$+#/1!/N!*(/(*#/!##!,J:(/*"7/1(/)"N&*/

#

4'#:7160+%&#)G7&1#)+>>5"1&?1#M+63W3M+6#)7#"1661&0+#61A71(#1&0"1#?16#)17A#)+6/%6+0+%&6##'&'0%8+:716#>'+0#

0%7S%7"6#)5I'0[#Z(#&G'#S'8'+6#505#)58%&0"5#1&#1>>10#:71#('#?+"?%&?+6+%&#/"+M'+0#?1(7+#W#:7+#1((1#'M'+0#505#

/"'0+:751#)G7&1#:71(?%&:71#/%66+I+(+05#61A71((1[#_&#0%70#?'6#?1"0'+&181&0#/'6#'7#&+M1'7#)1#('#:7'(+05#

)1#(G5"1?0+%&H[#*

!5?%7M1"09# (1#,('&)#'# (G'6/1?0#)G7&#?.'/1'7#'6L850"+:719# >1&)7#W# (G'""+J"1[# Z(#160# "'00'?.5#'7#/5&+6#

/'"#7&#8+&?1#>+(10#)1#/1'7#/(76#5/'+661#:71#(G%&#'//1((1#97(&+[#\'">%+6#0"%/#?%7"09#+(#/170#61#)5?.+"1"#

(%"6#)16#/"18+1"6#"'//%"06#61A71(6[#-G160# +8/"166+%&&'&0#10#6'&6#,"'M+05[#4%"6#)1# (G5"1?0+%&# (1#,('&)#

01&)7# /'"# (16# ?%"/6# ?'M1"&17A# 1A0"X8181&0# "+,+)1# 61# ,%&>(1# 8'+6# ,'")1# 7&1# ?1"0'+&1# 6%7/(1661[#

4G.L/1"61&6+I+(+05# /'">%+6# 7&# /17# )%7(%7"1761# )16# ,('&)6# 'M1?# /"5/7?1# )+6/'"'+0# (%"6# )1# (G5"1?0+%&#

'M1?# ('# 01&6+%&# )7# )56+"# 61A71([# T#41# ,('&)# )1M+1&0# '(%"6# (G5/+?1&0"1# )16# 60+87(+# :7+# ?%&)7+"%&0# W#

(G%",'681K#U[#Y# (G1&)"%+0#%l# (1#/5&+6#160#'00'?.5#'7# "1601#)7#?%"/6# ('#/1'7#6G5M'61#M1"6# (1#I'6#/%7"#

?"51"#7&#6'?3#(1#6?"%0783#:7+#?%&0+1&0#(16#)17A#0160+?7(16[#4'#/1'7#)7#/5&+6#160#+8I1"I1#'(%"6#:71#6'#

I'61#160#/%+(71#0%70#?%881#(1#6?"%078[#O+#(G%&#0+"1#)5(+?'0181&0#67"#(G%",'&1#10#:7G%&#(1#/(':71#67"#

(G'I)%81&9#%&#M%+0#7&#"1/(+#?70'&5#'00'?.'&0#/(76#%7#8%+&6#50"%+0181&0#(1#6'?#6?"%0'(#10#(1#/5&+6#(7+3

8X81[##n&1#(+,&1#M1"0+?'(1#/(76#6%8I"1#8'":71#('#"57&+%&#)16#5I'7?.16#18I"L%(%,+:716#)+>>5"1&016#

(%"6#)1#('#>%"8'0+%&#)1#(G%",'&1[#4G1&618I(1#)1#('#/1'7#"1?%7M"'&0#(16#%",'&16#61A71(6#8'6?7(+&6#160#

)G7&1# ,"'&)1# 5('60+?+05[# _((1# /170# '+&6+# '66781"# (16# >"5:71&016# M'"+'0+%&6# )1# )+81&6+%&6# '7# "1/%6#

?%881#1&#5"1?0+%&[###

#############################################################

!"H"'/'F#*5I*AJ8D*K1(*D8I*E'(1#?+"?78?+6+%&#+6#&%0#'66%?+'01)#i+0.#'&#+&?"1'61)#/"1M'(1&?1#%>#1"1?0+(1#)L6>7&?0+%&#V#$167(06#%>#0.1#-%00I76#2R9RRR381&#67"M1L#K##$[*+"',#O(/H(;(/.(/10P$%%(/am%7M1((1#5)+0+%&c#I1N&+/@&,J(1//#BP/

#

E&D"7(/Q/

!"#$%&'%(")%*+#,%#-./0&#+)#&1/#*2(+#,"/&#(3.*+')01/#4#IR/,$")(/%:.&!+(/."/N!**&+/C/KR,$")(/#7!+*4(7*!1(/!4(,/1(*/%"*,1(*/)!7#&,&)!+#/S/10:7(,#&$+/C/L/G/?1:4!#&$+/."/):+&*/(+/:7(,#&$+/,$+*:,"#&4(/S/1!/,$+#7!,#&$+/4$1$+#!&7(/.(/1!/%"*,"1!#"7(/):7&+:!1(/

#

*

*

k+,7"1#B#V#O(*/1&D!%(+#*/(#/(;)!+*&$+*/%"*,"1!&7(*/S/1!/N!*(/."/):+&*/

E$7%(*/."/):+&*/(+/:7(,#&$+//

4G%",'&1#"+,+)1#61#/"561&01#?%881#('#.'8/1#)G7&#)"'/1'7#)"1665#7&#/17#'73)16676#)1#(G.%"+e%&0'([#Z(#

160# 6%(+)181&0# '""+85#'7# ?')"1#%6617A# ,"Q?1# '7A#876?(16# 10# (+,'81&06#)5?"+06# ?+3)16676# a>+,7"1#<c[#

4G'&,(1# :71# >'+0# (1# /5&+6# 'M1?# (G'I)%81&# 160# M'"+'I(1[# Z(# 160# >%&?0+%&# )1# ('# 01&6+%&# )7# (+,'81&0#

676/1&617"#10#)1#('#)+81&6+%&#)1#(G%",'&1[#4G.%881#/170#>'+"1#M'"+1"#?1001#'&,7('0+%&9#(%"6:7G+(#160#

1&#5"1?0+%&9#1&#?%&0"'?0'&0# (16#876?(16#6+0756#W# ('#I'61#)7#/5&+6#a>+,7"1#<-c[#41#"1&>%"?181&0#)1#('#

"+,+)+05#:7+#1&# "567(01# "1&)# (G'&,(1#'M1?# (G'I)%81&#/(76#'+,7[#n&1#/(76#,"'&)1# ('A+05# (+,'81&0'+"1N9#

7&1#(%&,717"#/(76#+8/%"0'&01#%7#7&1#>%"81#/(76#5M'651#M1"6#(G1A0"58+05#"1&)1&0#('#M1",1#5"+,51#/(76#

.%"+e%&0'(1[#*'"+'0+%&#&1#M%7('&0#/'6#)+"1#'&%8'(+19#%&#/170#"'&,1"#(16#>%"816#"1MX0716#/'"#(1#/5&+6#

1&#0"%+6#?'05,%"+16#)+60+&?016#416#T#0%70#)"%+0#U9#(1#>q0#/5&+1&#160#?L(+&)"+:71#r#(16#M1",16#T#0%7"#_+>>1(#U#

/(76#('",1#W#('#I'61#:7GW#('#/%+&01#r#1&>+&#(16#/5&+6#1&#T#I'001#)1#I'61I'((#U#/(76#50"%+06#W#(G'00'?.1#67"#

(G'I)%81&#:7GW#('#/%+&01#a>+,7"1#Fc[#

#############################################################N#_((1# /170# X0"1# 60"7?07"1((1# %7# (+51# W# ('# )+601&6+%&# )16# (+,'81&06# 10#876?(16# aQ,1# %7# %I56+05# /(76# "'"181&0#0"'78'0+6816c#

#

###########k+,7"1# F#V# (16# @# >%"816#.'I+071((16# )1# ('# M1",1#1&#5"1?0+%&#r# )1# ,'7?.1# W#)"%+01#V# ?L(+&)"+:719#T#g%7"#_+>>1(#U#r#T#1&#I'001#)1#I'613I'((#U#

#

!'&6# 0%76# (16#?'69# (1#/5&+6#/170#&1#/'6#'M%+"#7&1# "1?0+07)1#/'">'+01#8'+6#X0"1#)+6?"J0181&0#?%7"I5#

6%+0# ('05"'(181&09#6%+0#)1#.'70#1&#I'69#6'&6#:71#?1('#&1#,5&J"1#7&1#,X&1#>%&?0+%&&1((1[#-16#/10+016#

M'"+'0+%&6#&1#)%+M1&0#/'6#/(76#+&:7+501"#:71#)G'70"16#/10+016#I+e'""1"+16#'&'0%8+:716#:7+#>%&)1&0#('#

6+&,7('"+05#)1#?.'?7&[#_((16# 6%&0# >"5:71&016#10#I+1&#)+>>5"1&016#)1#M5"+0'I(16#)5>%"8'0+%&6# "1&)'&0#

(G5"1?0+%&#'&%"8'(1#10#+8/"%/"1#W#X0"1#70+(+651[#g"%/#)G.%88169#67"0%70#S17&169#?%&67(01&0#/%7"#?16#

M'"+'0+%&6#'&'0%8+:716#M5&+1((16#:7+9# (1#/(76#6%7M1&09#&1#?'?.1&0#:7G7&1#'&A+505#1A',5"51#M+63W3M+6#

)1#(17"#'?0+M+05#61A71((1[#Z(#>'70#"'667"1"#10#?1#&G160#/'6#0%7S%7"6#>'?+(19#?16#T#&'"?+66+:716#)7#/5&+6#U[#

dG'+# (G.'I+07)1#)1#(17"#)+"1#:71#)7#8%81&0#:71#(G5"1?0+%&#160#I+1&#(W9#"+,+)1#10#/1"8100'&0# (G'?0+M+05#

61A71((1#?%8/(J019#+(#&GL#'#/'6#(+17#)1#6G+&:7+501"[#`&#&G'#:71#0"%/#01&)'&?1#)1#&%6#S%7"6#W#+&60+((1"#7&#

6%7?+#160.50+:71#W#(G'&'0%8+1#)G7&#%",'&1#:7+#160#10#)%+0#)1817"1"#1661&0+1((181&09#/'"#6'#>%&?0+%&#

/"18+J"19# >%&?0+%&&1([# Z?+9# (1# 6%7?+# 160.50+:71# )%+0# X0"1#8+&+8+65[# g%70# '70"1# 160# (1# /"%I(J81# )16#

)+81&6+%&6#)1#(G%",'&19#%IS10#>"5:71&0#)16#>'&0'6816#)16#)17A#61A16[#

6&%(+*&$+*/T/3$1"%(/

416# /"5%??7/'0+%&6# )1# (G.%881# M+63W3M+6# )16# )+81&6+%&6# )1# 6%&# 61A1# &1# 6%&0# /'6# &%7M1((16[# !16#

)%?781&06# 85)+?'7A# '&?+1&6# ad7+>69# $%8'+&69# Y"'I16c# >%&0# 50'0# )G%&,71&069# /('&016# 10# /"%?5)56#

)+M1"6#/%7"#'85(+%"1"#&%&#617(181&0#('#>%&?0+%&#8'+6# (16#)+81&6+%&6#a0'+((1#10#M%(781c#)1#('#M1",1[#

-1/1&)'&09#(G5/%:71#'#0%0'(181&0#)56.'I+((5#&%6#61A16#&%&#617(181&0#)'&6#(1#61?"10#)1#&%6#'(?]M169#

8'+6# '766+# W# ('# M71# )1# 0%76# 10# 0%7016[# g%769# ?G1603W3)+"1# &%0"1# M%+6+&# )1# 6'((1# )1# 6/%"09# 10# /"16:71##

0%70169# >'+0# /(76# &%7M1'79# ?%8/'"'&0# /'"01&'+"16# 67??166+>6# %7# /%01&0+1(6[# k'&0'6816# 10# "1(+:7'06#

'&0."%/%(%,+:716P#61#85('&,1&0#W# ('#,5&5"'(+6'0+%&#)1# ('#M+67'(+6'0+%&#)16# +8',16#/%"&%,"'/.+:716#

67"# Z&01"&10[# `&# 1&# M1""'# (16# ?%&65:71&?16[# `&# &G1&M+6',1"'# +?+9# /%7"# (G+&60'&09# :71# )16# &%0+%&6#

,5&5"'(16#6%"0+16#)1#87(0+/(16#507)16#W#0"'M1"6#(1#8%&)1[#-1#&G160#/'6#(G'//"5?+'0+%&#+&)+M+)71((1#:7+#

)%+0#,7+)1"#8'+6# (1#&+M1'7#%l# (G%&#61# 6+071#)'&6# ('# "5/'"0+0+%&#,5&5"'(1#)1# ('#/%/7('0+%&# aM%+"#'766+##

?.'/+0"1#B#T#C71((16#6%&0#(16#&%"816#D#Uc[#

! ('# (%&,717"#8%L1&&1#)1#('#M1",1#1&#5"1?0+%&#160#)1#2F#?89#'M1?#)16#5?'"06#)'&6#('#

/%/7('0+%&#)1#229F#W#2P#?1&0+8J0"16[##

! #('#?+"?%&>5"1&?1#8%L1&&1#1&#5"1?0+%&#?%8/(J01#160#)1#2B#?8#'M1?#)16#5?'"06#'(('&0#

)1#P9F#W#2K##?8[###

! #(1# M%(781# )1# ('# M1",1# "+,+)1# ?%8/01# /(76# :71# 6'# (%&,717"#V# (1# M%(781# 8%L1&#

&5?166'+"1#/%7"#%I01&+"# (G5"1?0+%&9# ?'(?7(5# W# (G'+)1#)G7&1# >%"87(1# 6/5?+'(12R## 160# )1#

2@R#8(# 'M1?# )16# M'"+'0+%&6# )1# KR# W# <RR#8([# `&# M1""'# :71# ?1001# &%0+%&# )1#4$1"%(/

:7(,#&1(8#67"#(1:71(#/17#)1#6/5?+'(+6016#61#6%&0#/1&?.56#160#0"J6#+8/%"0'&01#/%7"#7&1#

>%&?0+%&# ?'/+0'(1#V# (1# 8'+&0+1&# )1# (G5"1?0+%&[# O+# (G%&# %61# 7&1# ?%8/'"'+6%&# 'M1?#

#############################################################P #O1(%&# (G'&0."%/%(%,71# '85"+?'+&1# t[# k+6.1"9# (1# ?.%+A# /'"# (16# >181((16# )16# /"%0%.%8+&+)56# )16# 8Q(16#61A71((181&0# (16#8+17A#/%7"M76#'#1&0"'o&5# ('#65(1?0+%&#&'07"1((1#)16#/5&+6#.78'+&6#:7+#/"%/%"0+%&&1((181&0#6%&0#(16#/(76#,"%6#/'"8+#(16#8'88+>J"16#67/5"+17"6[#L&3%'&"#3*M1%B"#//#3*,#*/-5+'B"*NO'2#"%*E1P'(%*AJJQR#2R#Z(#70+(+61#('#>%"87(1#)7#0"%&?#)1#?]&19#/"1&'&0#1&#?%8/01#/%7"#('#(%&,717"#('#/'"0+1#+&0"'#/1(M+1&&1#)7#/5&+6[#

(G'70%8%I+(1#V#(16#/10+016#?L(+&)"516#)18'&)1&0#8%+&6#)1#?'"I7"'&0#10#'""+M1&0#W#(17"#

"+,+)+05#)1#?"%+6+J"1#/(76#M+01#;###

! n&# '70"1# /'"'8J0"1# W# /"1&)"1# 1&# ?%&6+)5"'0+%&# 160# (1# "'//%"0# 1&0"1# (%&,717"# 10#

?+"?%&>5"1&?1[# !16# ?.1"?.17"6# %&0# 8%&0"5# :7G7&# >%&?0+%&&181&0# .'"8%&+17A# )1#

(G5"1?0+%&# 6G'??%")1"'+0# )G7&# "'//%"0# 5,'(# W# 2[@# 1&0"1# ?16# )17A# /'"'8J0"16I# -1#

?.+>>"19# 6%"01# )1# &%8I"1# )G%"# )1# (G.'"8%&+1# 5"1?0+(19# ,'"'&0+"'+0# ('# 60'I+(+05# )1#

(G%",'&1#10#6%&#'&,7('0+%&#1&#5"1?0+%&[#!G'70"16#)%&&516#?%881#('#8'&+J"1#)%&0#('#

/'"0+1#>+A1#)16#?%"/6#?'M1"&17A#6G'00'?.1&0#67"#(1#6:71(1001#a'&,7('0+%&#)16#I"'&?.16#

/7I+1&&1622#10# (%&,717"# )G+&61"0+%&# 67"# (G%6c# +&01"M+1&)"'+1&0# ?1"0'+&181&0# )'&6# ('#

60'0+:71#)1#(G%",'&1[#g%76#?16#'6/1?06#8%"/.%(%,+:716#6%&0##W#8100"1#1&#/1"6/1?0+M1#

'M1?#6%&#'"?.+01?07"1#+&01"&1#10#6%&#>%&?0+%&&181&0#6+#/'"0+?7(+1"[#

Y"?.+01?07"1#+&01"&1#)16#?%"/6#?'M1"&17A#10#6/%&,+17A#

O+# M+"071((181&09# ,"Q?1# W# ('# 01?.&%(%,+1# +&>%"8'0+:719# %&# 0"'&?.12<#('# M1",1#1&#5"1?0+%&# ?%881#7&#

?%&?%8I"19# %&# "18'":71# :71# (16# )17A# ?%"/6# 5"1?0+(16# 6%&0# )16# %",'&16# ?"17A9# 6%"016# )1# &+)6#

)G'I1+((16[#417"6#'(M5%(16#6%&0#,%",516#)7#8+1(#)1#('#M+19# (1#6'&,[#_((16#?%&60+071&0#'70'&0#)1#/10+016##

T#?'M1"&16#U# I%")516# )G7&# 0+667# 6/5?+'(+659# (G(+.$#J:1&"%8/ 1&0%7"5# )1# >+I"16# 876?7('+"16# (+6616#

618I('I(16#W#?1((16#:7+#0'/+661&0#M166+1#10#+&0160+&6[##

_&# '001&)'&0# )G507)+1"# (16# I'616# /.L6+%(%,+:716# )7# >%&?0+%&&181&0# )1# (G5"1?0+%&# aM%+"# ?.'/+0"1# <c#

+&01""%,1%&63&%76#/%7"#?%8/"1&)"1#?%881&0#?1001#6%"01#)G5/%&,19#)5/%7"M71#)1#6:71(1001#%6617A#

/170#)1M1&+"#01((181&0#"+,+)1[#g%70#6+8/(181&09#/'"?1#:7GW#(G+&60'"#)G7&#I'((%&#)1#>%%0I'((#10#"7,IL9#

('#?.'8I"1#W#'+"#u+?+#(1#?%&01&7#160#(+:7+)13#160#I%")51#)G7&#1&M1(%//1#5/'+661#a1&0"1##2#10#29F#88c#

>'+01#)G7&# 0+667#I('&?# 618I('I(1#W# ?1(7+#)16# 01&)%&6[# 4G!1N"D&+:(# 160# 67>>+6'881&0#1A01&6+I(1#/%7"#

'((%&,1"# ('#M1",1#)1#B9F#?8#10#'7,81&01"#6'#?+"?%&>5"1&?1#)1#@#?8#a?.+>>"16#8%L1&6c[#C7'&)#1((1#'#

#############################################################22#dk#\'7(#10#$#*+"',#+&#d#H(;/@(.#W#/'"'o0"1#1&#d'&M+1"#<R2@[#2<#416#/"5?7"617"6#)7#v*Zw#10#v*ZZw#6+J?(1# (1# >'+6'+1&0#67"#)16#?')'M"16#)1#67//(+?+56# a45%&'")#)1#*+&?+c#%7#)16#'&+8'7A#M+M'&06#a$'L&+1"#)1#s"'>>c#[#

'001+&0#6'# (+8+01#)G1A01&6+I+(+05# ('#M1",1#160#)1M1&71#"+,+)1#10#61#"1)"1661#1&#"'+6%&#)1#616#'00'?.16#

67"#(1#6:71(1001[#-1001#818I"'&1#'#7&1#'70"1#/'"0+?7('"+05#V#1((1#5810#/'"#6'#>'?1#+&01"&1#('#?(%+6%&#

:7+# 65/'"1# (16# )17A# ?%"/6# ?'M1"&17A# )%&0# %&# )+0# :7G+(6# 6%&0# '??%(56# ?%881# (16# ?'&%&6# )G7&# >76+([#

-1001#?(%+6%&#160#'S%7"51#)1#01((1#8'&+J"1#W#?1#:71#(1#>%&?0+%&&181&0#)16#)17A#?%"/6#?'M1"&17A#6%+0#

6L&?."%&1[#!16#>+I"16#/(76#>+&16#0'/+661&09#W# ('#8'&+J"1#)G7&#.'7I'&9# (16#?'M1"&16#')S'?1&016[#Y+&6+#

(G1&618I(1#160#W#('#>%+6#6%7/(1#10#6%(+)19#T#/"X0#W#.+661"#(1#,"'&)#>%?2@#U[##

4%M5# )'&6# ('# ,%700+J"1# )5(+8+051# 1&# '""+J"1# /'"# (16# )17A# ?%"/6# ?'M1"&17A9# (1# ?%"/6# 6/%&,+17A# 160#

)G7&1# 60"7?07"1# +&01"&1# 618I('I(1[# -1/1&)'&09# +(# "1601# 07",16?1&0# 6'&6# )1M1&+"# "+,+)1# (%"6# )1#

(G5"1?0+%&#?%881#616#M%+6+&69#1&# "'+6%&#)G7&1#1&M1(%//1#I1'7?%7/#/(76#8+&?1#:71#?1((1#1&0%7"'&0#

(16#?%"/6#?'M1"&17A[#_&#1>>10#+(#&1#)%+0#/'6#X0"1#?%8/"+85#/%7"#&1#/'6#,X&1"#(G5S'?7('0+%&[##

#

• <#*CB-&/*P1B%*"#%#(&"*

o E1*6#"F#*#3%*$'(3%&%B?#*,#*,#BS*.1"%&#3*,&3%&($%#3*;* /#3*$'".3*$16#"(#BS*CB&*TP'(%T* /U?"#$%&'(T*#%* /#* $'".3* 3.'(F&#BS*#(%'B"1(%* /-B"4%"#* #%* 3#* %#"+&(1(%*.1"*/#*F/1(,*

*o V/3*3#*"#+./&33#(%*,#*31(F*CB&*,?$/#($>#*/-?"#$%&'(*

*o H(#* .1"%&#* ,#* /1* 6#"F#* #3%* 1%%1$>?#* 3B"* /#* .B2&3* $#* CB&* /B&* .#"+#%* ,#* 3#*

"#,"#33#"*/'"3*,#*/-?"#$%&'(**

o E1* /'(FB#B"* +'W#((#* ,#* /1* 6#"F#* #(* ?"#$%&'(* #3%* ,#* 8X* $+I* E#3* $'".3*$16#"(#BS* 3'(%* #(%'B"?3* ,-B(#* #(6#/'..#* ?.1&33#* #%* #S%#(3&2/#*;*/-1/2BF&(?#I*Y"Z$#*[*#//#*/1*6#"F#*,#6&#(%*"&F&,#*#(*?"#$%&'(#**

o <&"$'($&3*'B*('()*/'"3*,#*/-?"#$%&'(*/#*F/1(,*"#3%#*3'B./#*

*

##############################################################2@#4G7&#)16#:7'(+>+?'0+>6#)1#T#X0"1#1&#5"1?0+%&#U#61(%&#k"5)5"+?#!'")#&+/O(*/U(+*:(*/.(/H!+/I+#$+&$/?+05#/'"#Y('+&#$1L#6&,#&$++!&7(/L"1#"7(1/(+/1!+D"(/97!+V!&*(8#_)[#(1#$%I1"09#\'"+69#/[#H2<[###