'RFXPHQW��'RFXPHQW��'RFXPHQW��'RFXPHQW���

*�� ��/HV�U©JLRQV�IUDQ§DLVHV�*�� /D�)UDQFH

%HOJLTXH� $OOHPDJQH�

OD�0DQFKH�

2FpDQ��$WODQWLTXH�

(VSDJQH�

,WDOLH�

6XLVVH�)5$1&(�

/X[HPERXUJ�

0HU�0pGLWHUUDQpH�

3D\V�%DV�0HU�GX��1RUG�5R\DXPH�8QL�

PHU�

ERUG�GH�PHU��������������������������������������IURQWL¨UH�WHUUHVWUH

WHUUH

/©JHQGH

nH[fWii[�b[�XehZ�Z[�c[h�[d�Xb[k�[j�b[i�\hedj_½h[i�j[hh[ijh[i�[d�hek][$�

Y9ebeh_[�bW�c[h�[d�Xb[k�[j�bW�j[hh[�[d�`Wkd[$

Z9ecfb½j[�bW�b¾][dZ[$�

&RUVH�

VVV @KDMBQDUHNKDSSD EQ�

YGk[b�Wkjh[�fWoi�i[�jhekl[�i¾fWh¾�Z[�bW�<hWdY[�fWh�bW�CWdY^[�5

*�� /D�)UDQFH

X;Yh_i� b[� dec�Z[i�fWoi� le_i_di� Z[� bW�<hWdY[$

����pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp

����ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp�

���ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp�

����ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp�

����ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp�

����ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp�

q;Yh_i�b[�dec�Z[i�c[hi�[j�Z[�bùeY¾Wd�gk_�XehZ[dj�bW�<hWdY[$

����pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp

����ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp��

���ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp�

����ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp�

r9ecc[dj� iùWff[bb[� bW� ]hWdZ[� Ãb[�\hWd¼W_i[�i_jk¾[�[d�C¾Z_j[hhWd¾[�5�

ppppppppppppp�pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp

p9ebeh_[� [d� hek][� bW� <hWdY[� ikh� bW�YWhj[�Z[�bù;khef[$�

s9ebeh_[� [d� hek][� bW� <hWdY[� ikh� bW�YWhj[�Zk�cedZ[$�

/D�)UDQFH�VH�WURXYH�j�O·RXHVW�GH�O·(XURSH��(OOH�FRXYUH���������NPï���F·HVW�O·XQ�GHV�JUDQGV�SD\V�GX�FRQWLQHQW�HXURSpHQ��6D�IRUPH�UHVVHPEOH�j�XQ�KH[DJRQH��IRUPH�JpRPpWULTXH�j�VL[�F{WpV����(OOH� HVW� ERUGpH� SDU� GHV� PHUV� HW� GHV� RFpDQV� �� OD� PHU� GX� 1RUG�� OD� 0DQFKH�� O·RFpDQ� $WODQWLTXH� HW� OD� PHU�0pGLWHUUDQpH��/HV� SD\V� YRLVLQV� �GX� 6XG� DX� 1RUG�� VRQW� �� O·(VSDJQH�� O·,WDOLH�� OD� 6XLVVH�� O·$OOHPDJQH�� OH� /X[HPERXUJ� HW� OD�%HOJLTXH��/D� )UDQFH� D� GHV� IURQWLqUHV� QDWXUHOOHV� DYHF� FHUWDLQV� SD\V� YRLVLQV� �� OHV� PRQWDJQHV� GHV� 3\UpQpHV� DYHF�O·(VSDJQH�RX�OH�IOHXYH�GX�5KLQ�DYHF�O·$OOHPDJQH��'·DXWUHV�IURQWLqUHV�RQW�pWp�GpFLGpHV�GDQV�OH�SDVVp��SDUIRLV�DSUqV�GHV�JXHUUHV��

ppppppppppppp�pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp

8QH�FDUWH�HVW�OH�GHVVLQ�G�XQ�SD\V�RX�G�XQH�U»JLRQ�µ�SODW�HW�HQ�SOXV�SHWLW��/D�O»JHQGH�H[SOLTXH�FH�TXH�OHV�8QH�FDUWH�HVW�OH�GHVVLQ�G�XQ�SD\V�RX�G�XQH�U»JLRQ�µ�SODW�HW�HQ�SOXV�SHWLW��/D�O»JHQGH�H[SOLTXH�FH�TXH�OHV�8QH�FDUWH�HVW�OH�GHVVLQ�G�XQ�SD\V�RX�G�XQH�U»JLRQ�µ�SODW�HW�HQ�SOXV�SHWLW��/D�O»JHQGH�H[SOLTXH�FH�TXH�OHV�8QH�FDUWH�HVW�OH�GHVVLQ�G�XQ�SD\V�RX�G�XQH�U»JLRQ�µ�SODW�HW�HQ�SOXV�SHWLW��/D�O»JHQGH�H[SOLTXH�FH�TXH�OHV�

VLJQHV�HW�OHV�FRXOHXUV�UHSU»VHQWHQW�VXU�OD�FDUWH��7X�GRLV�OLUH�OD�O»JHQGH�SRXU�FRPSUHQGUH�OD�FDUWH�VLJQHV�HW�OHV�FRXOHXUV�UHSU»VHQWHQW�VXU�OD�FDUWH��7X�GRLV�OLUH�OD�O»JHQGH�SRXU�FRPSUHQGUH�OD�FDUWH�VLJQHV�HW�OHV�FRXOHXUV�UHSU»VHQWHQW�VXU�OD�FDUWH��7X�GRLV�OLUH�OD�O»JHQGH�SRXU�FRPSUHQGUH�OD�FDUWH�VLJQHV�HW�OHV�FRXOHXUV�UHSU»VHQWHQW�VXU�OD�FDUWH��7X�GRLV�OLUH�OD�O»JHQGH�SRXU�FRPSUHQGUH�OD�FDUWH��

VVV @KDMBQDUHNKDSSD EQ�