Publié le 15 September 2017
5á*/(0(173257$17685/$)(50(785(‘(6)266e6(7/(6$&&á635,9e6685/$92,(38%/,48($wwhqgxtx¶hqyhuwxghvduwlfohvhwghod/rlvxuohvfrpspwhqfhvpxqlflsdohvod0xqlflsdolwpdvvxphodjhvwlrqghvirvvpvpxqlflsdx[ $wwhqgxtx¶hqyhuwxgho¶duwlfohghod/rlvxuohvfrpspwhqfhvpxqlflsdohvod0xqlflsdolwpshxwupjohphqwhuo¶dffqvjxqhyrlhsxeoltxh $wwhqgxtx¶lodolhxg¶pwdeolughvphvxuhvghfrqwu{ohsrxushuphwwuhodihuphwxuhghvirvvpvghyrlhvsxeoltxhvjo¶lqwpulhxug¶xqhqfdguhphqwwhfkqltxhfrkpuhqwhwxqliruphdvvxudqwdlqvlo¶lqwpjulwpghvlqiudvwuxfwxuhvodvpfxulwphwodfrqiruplwpghvdffqv $wwhqgxtx¶lodolhxsrxuohfrqvhlogpwdeoluohvuhvsrqvdelolwpvjdwwulexhujod0xqlflsdolwphwdx[sursulpwdluhvulyhudlqvtxdqwjodihuphwxuhghvirvvpvghyrlhvsxeoltxhvhwo¶lqvwdoodwlrqghsrqfhdx[ $wwhqgxtxhod0xqlflsdolwphvwuhvsrqvdeohgho¶hqwuhwlhqghvirvvpvghvyrlhvghflufxodwlrqvxuvrqwhuulwrluh $wwhqgxtx¶xqdylvghprwlrqgxsupvhqw5qjohphqwdpwpg€phqwgrqqporuvghodvpdqfhruglqdluhgxfrqvhlogxdyulo$wwhqgxtxhohsurmhwgh5qjohphqwdpwpwudqvplvjfkdtxhphpeuhgxfrqvhloohpduv $wwhqgxtxhoh5qjohphqwdpwpwudqvplvjfkdtxhphpeuhgxfrqvhloohdyulo $wwhqgxtxhwrxvohvphpeuhvgxfrqvhlosupvhqwvgpfoduhqwdyrluoxohsupvhqw5qjohphqwhwuhqrqfhqwjvdohfwxuh $wwhqgxtxhwrxwhshuvrqqhsrxydlwrewhqluxqhfrslhgxsupvhqw5qjohphqwfrqiruppphqwjo¶duwlfohgx&rghpxqlflsdogx4xpehf $wwhqgxtxhghvfrslhvgxsupvhqw5qjohphqwpwdlhqwplvhvjodglvsrvlwlrqgxsxeolfdydqwohgpexwghodsupvhqwhvpdqfh /(&216(,/081,&,3$/’e&5á7(&(48,68,7 $uwlfoh3updpexoh/hsupdpexohidlwsduwlhlqwpjudqwhgxsupvhqwuqjohphqw $uwlfoh’pilqlwlrqvhwlqwhusupwdwlrq7rxvohvprwvhwh[suhvvlrqvxwlolvpvgdqvohsupvhqwuqjohphqwfrqvhuyhqwohxuvhqvfrppxqjo¶h[fhswlrqghvprwvrxh[suhvvlrqvpqrqfpvfldsuqvtxlrqwohvhqvhwodvljqlilfdwlrqtxlohxuvrqwdwwulexpvdxsupvhqwduwlfoh3rxuo¶lqwhusupwdwlrqgxsupvhqwuqjohphqwo¶xwlolvdwlrqgxjhquhpdvfxolqfrpsuhqgohjhquhipplqlqhwo¶xwlolvdwlrqgxqrpeuhvlqjxolhufrpsuhqgohsoxulhofkdtxhirlvtxhohfrqwh[whvhsurwhjfhwwhh[whqvlrqï·3(56211( &rpsuhqgvwrxwhshuvrqqhskvltxhrxprudoh ï·081,&,3$/,7e /d0xqlflsdolwpgh:lfnkdp ï·(175e(‘¶$&&á6 $ffqvgxfkhplqsxeolfjxqhsursulpwpsulyphsrxuwrxvypklfxohvhwwrxwhvshuvrqqhvvlwxpgdqvohirvvpgxfkhplqsxeolfsduohuhpeodlg¶xqwxdxodlvvdqwpfrxohuohvhdx[gxirvvp ï·)266e ’psuhvvlrqhqorqjfuhxvphgdqvohvrovhuydqwh[foxvlyhphqwjgudlqhuxqhyrlhsxeoltxhrxsulyph¬wlwuhg¶h[hpsohvxqhyrlhsxeoltxhrxsulyphshxwlqfoxuhqrwdpphqwwrxwhurxwhfkhplquxhyrlhslpwrqqlquhffodeohrxihuuph ï·&+(0,138%/,& 6ljqlilho¶hpsulvhg¶xqfkhplqlqfoxdqwohvirvvpvuljrohvhwsrqwvrxyhuwjodflufxodwlrqsxeoltxhhwgrqwodjhvwlrqhwo¶hqwuhwlhqhvwjodfkdujhghod0xqlflsdolwp ï·35235,e7e5,9(5$,1( 3ursulpwpfrqwljxsdxfkhplqsxeolf ï·)21&7,211$,5(5(63216$%/( 3huvrqqhgpvljqphsduohfrqvhloghod0xqlflsdolwpsrxuo¶dssolfdwlrqgxsupvhqwuqjohphqw$uwlfoh)rvvpvghfkhplqylvpv/hsupvhqwuqjohphqwvdssoltxhjwrxvohvirvvpvghvyrlhvsxeoltxhvgrqwodjhvwlrquhoqyhghod0xqlflsdolwp’dqvohsupvhqwuqjohphqwxqhyrlhsxeoltxhlqfoxwwrxwhurxwhfkhplquxhrxwrxwhdxwuhyrlhtxlq¶hvwsdvgxgrpdlqhsulyp$uwlfoh([fhswlrq/hsursulpwdluhg¶xqhhqwuphsulyphfrqwljhjxqhyrlhsxeoltxhq¶hvwsdvwhqxg¶lqvwdoohuxqsrqfhdxvrxvvrqhqwuphsulyphoruvtxhfhoohflhvwfrqvwuxlwhvrxvxqsrlqwkdxwg¶xqhyrlhsxeoltxh vxuohvrpphwg¶xqhprqwphhwtxho¶hdxghuxlvvhoohphqwvhgluljhghfkdtxhf{wpgho¶hqwuphsulyphyhuvohvirvvpv8qgudlqshuiruphqurepg¶xqgldpqwuhghfhqw ploolpqwuhvgrlwrwuhlqvwdoophqsdudooqohgxf{wpghodyrlhghflufxodwlrqdilqg¶dvvxuhuxqerqgudlqdjhghvdvwuxfwxuh/dshqwhdfkhplqdqwo¶hdxgxfkhplqsxeolfyhuvohirvvpgrlwdyrluxqdqjohgh/¶duwlfohgxsupvhqwuqjohphqwv¶dssoltxhhqo¶dgdswdqw$uwlfoh3rxyrlugxirqfwlrqqdluhuhvsrqvdeoh/hirqfwlrqqdluhuhvsrqvdeohh[hufhohvsrxyrluvtxloxlvrqwfrqilpvsduohsupvhqwuqjohphqwqrwdpphqwsrxu 9lvlwhuhwh[dplqhuhqwuhkhw krxjwrxwhdxwuhkhxuhudlvrqqdeohfrpswhwhqxghodqdwxuhghvdfwlylwpvwrxwhsursulpwpsrxufrqvwdwhuvlfhuqjohphqwhwohvdxwuhvuqjohphqwvpxqlflsdx[vrqwuhvshfwpv $qdovhuohvghpdqghvghshuplvsrxughvwudydx[frqfhuqdqwodihuphwxuhghirvvpghfkhplqhwgpolyuhuwrxwshuplvsupyxsduohsupvhqwuqjohphqw ’hpdqghudxuhtxpudqwg¶xqshuplvwrxwuhqvhljqhphqwrxgrfxphqwfrpsopphqwdluhxwlohjo¶dqdovhg¶xqhghpdqghghshuplv ephwwuhxqfrqvwdwg¶lqiudfwlrquhodwlijxqhlqiudfwlrqdxsupvhqwuqjohphqw$uwlfoh)huphwxuhghirvvpv/hsupvhqwuqjohphqwhqfdguhodihuphwxuhghvirvvpvghyrlhsxeoltxhsduhwdx[iudlvgxsursulpwdluhulyhudlqvhorqohvfulwquhvwhfkqltxhvqrupdolvpvpwdeolvsduohsupvhqwuqjohphqw/d0xqlflsdolwpglvwlqjxhghx[wshvghihuphwxuhvghirvvpv ï·odihuphwxuhghirvvpvsrxuodffqvjodsursulpwp ï·odihuphwxuhghirvvpvvxuxqhorqjxhxuh[fpghqwdluhjfhoohdxwrulvphdx[vhxohvilqvg¶dffqvjodsursulpwpulyhudlqh/hsursulpwdluhdoduhvsrqvdelolwpgho¶hqwuhwlhqgho¶dffqvjvdsursulpwp&hoxlflgrlwrwuhpdlqwhqxhqerqpwdwhqwrxwwhpsvhwdvvxuhuoherqpfrxohphqwgho¶hdxhqfrqiruplwpdyhfohvglvsrvlwlrqvsupyxhvjfhwhiihwdxsupvhqwuqjohphqw/¶hqwuhwlhqghfhvrxyudjhvhvwdx[iudlvgxsursulpwdluh$uwlfoh)huphwxuhghirvvpvdx[vhxohvilqvg¶dffqvjodsursulpwp$uwlfoh5hfrppdqgdwlrq/hirqfwlrqqdluhuhvsrqvdeohh[hufhohvsrxyrluvtxloxlvrqwfrqilpvsduohsupvhqwuqjohphqwqrwdpphqwsrxuxqdffqvjodyrlhsxeoltxhtxlgrlwrwuhdppqdjpvhorqohvglvsrvlwlrqvsupyxhvdxuqjohphqwgh]rqdjhhqyljxhxu/dppqdjhphqwghodyrlhg¶dffqvqhgrlwsdvshuphwwuhjohdxghuxlvvhoohphqwsuryhqdqwghfhoohflghvpfrxohuvxuodfkdxvvph6hxovohvwxdx[qhxivvxlydqwvvrqwdffhswpvgdqvohfdvghodihuphwxuhghirvvpvsrxuodffqvjodsursulpwp ï·7xdxghw{ohdoxplqlvphwdqrglvp ï·7xdxghepwrqdupp 7%$ ï·7xdxghsropwkoqqhjirqgolvvh’dqvwrxvohvfdvodsdurllqwpulhxuhgxwxdxgrlwrwuholvvh’hsoxvohgldpqwuhgxwxdxgrlwreoljdwrluhphqwdyrluxqgldpqwuhpjdorxvxspulhxujploolpqwuhv srxfhv/huhtxpudqwg¶xqshuplvgpvludqwdppqdjhuxqdffqvdyhfxqwxdxg¶xqgldpqwuhlqipulhxujploolpqwuhvgrlwuhphwwuhdxirqfwlrqqdluhuhvsrqvdeohxqsodqvljqpsduxqlqjpqlhxurxxqhohwwuhghuhfrppdqgdwlrqvljqphsduxqlqjpqlhxu/huhtxpudqwdvvxphohviudlvgho¶lqjpqlhxu/hirqfwlrqqdluhuhvsrqvdeohh[ljhdqwxqwxdxg¶xqgldpqwuhvxspulhxujploolpqwuhvsrxuo¶dppqdjhphqwg¶xqdffqvgrlwuhphwwuhdxuhtxpudqwgxshuplvxqsodqvljqpsduxqlqjpqlhxurxxqhohwwuhghuhfrppdqgdwlrqvljqphsduxqlqjpqlhxu/d0xqlflsdolwpdvvxphohviudlvgho¶lqjpqlhxu/hvghx[h[wupplwpvgxwxdxgrlyhqwrwuhreoljdwrluhphqwhpslhuuphvhwdyrluxqdqjohghtxdudqwhflqt ghjupv$uwlfoh)huphwxuhghirvvpvvxuxqhorqjxhxuh[fpghqwdluh/dihuphwxuhghvirvvpvvxuxqhorqjxhxuh[fpghqwdluhjfhoohdxwrulvphsrxuilqvg¶dffqvjodsursulpwphvwshuplvhjodfrqglwlrqtxhohgudlqdjhghvhdx[ghvxuidfhvhwghvhdx[vrxwhuudlqhvvrlwdvvxupghpdqlquhhiilfdfh6hxovohvwxdx[qhxivuhqfrqwudqwohvh[ljhqfhvgpfulwhvdxwurlvlqphhwtxdwulqphdolqpdgho¶duwlfohgxsupvhqwuqjohphqwvrqwdffhswpvsduod0xqlflsdolwp/hsursulpwdluhgrlwdvvxuhuohgudlqdjhghuxlvvhoohphqwsuryhqdqwghvrqwhuudlq/hgudlqdjhghvhdx[ghvxuidfhqhshxwvhidluhhqdxfxqfdvvxuo¶dffrwhphqwghodyrlhghflufxodwlrqrxvxuohsdydjhghodyrlhghflufxodwlrq$xfxqhdffxpxodwlrqg¶hdxgdqvohvolplwhvgho¶hpsulvhg¶xqhyrlhghflufxodwlrqq¶hvwdffhswph8quhjdugsxlvdugghtxdwuhfhqwflqtxdqwh ploolpqwuhvjvl[fhqwgl[ ploolpqwuhvgrlwrwuhlqvwdoopjfkdtxholjqhghorw8qsursulpwdluhsrvvpgdqwxqwhuudlqghsoxvghtxlq]h pqwuhvghidodghgrlwlqvwdoohuxquhjdugsxlvdugg¶xqplqlpxpghwurlvfhqwv ploolpqwuhvsrxufkdtxhwudqfkhfrpsoqwhghtxlq]h pqwuhvgxwhuudlqfrpphlqgltxpdx[iljxuhvjgho¶dqqh[hgxsupvhqwuqjohphqw/hvuhjdugvsxlvdugvgrlyhqwrwuhideultxpvhqxvlqh$xfxquhjdugsxlvdugideultxpsduohsursulpwdluhq¶hvwdffhswp8qgudlqshuiruphqurepg¶xqgldpqwuhghfhqw ploolpqwuhvgrlwrwuhlqvwdoophqsdudooqohgxf{wpghodyrlhghflufxodwlrqdilqg¶dvvxuhuxqerqgudlqdjhghvdvwuxfwxuh/dshqwhdfkhplqdqwo¶hdxgxfkhplqsxeolfyhuvohvuhjdugvsxlvdugvgrlwdyrluxqdqjohghfrpphlqgltxpjodiljxuhgho¶dqqh[hgxsupvhqwuqjohphqw$uwlfoh3huplv$uwlfoh2eoljdwlrqg¶xqshuplv7rxwhshuvrqqhgpvludqwsurfpghujodihuphwxuhgxqirvvptxhfhvrlwsrxuvhxohvilqvg¶dffqvjvdsursulpwprxsrxuxqhorqjxhxuh[fpghqwdluhjfhoohflgrlwrewhqludxsupdodeohxqshuplvjfhwhiihwgxirqfwlrqqdluhuhvsrqvdeoh7rxwhghpdqghqrqfrqiruphdxsupvhqwuqjohphqwhvwuhixvphsduod0xqlflsdolwp&hwwhreoljdwlrqvdssoltxhpjdohphqwjwrxwhshuvrqqhgpvludqwprglilhupodujlurxuhpsodfhuodffqvh[lvwdqwjvdsursulpwp$uwlfoh,qirupdwlrqvhwgrfxphqwvsrxuxqhghpdqghghshuplv/hvgrfxphqwvrxuhqvhljqhphqwvvxlydqwvgrlyhqwrwuhmrlqwvjodghpdqghghshuplv /hvqrpsupqrphwdguhvvhgxsursulpwdluhgxwhuudlqdgmdfhqwjo¶hpsulvhghodyrlhghflufxodwlrq /¶lghqwlilfdwlrqfdgdvwudohgxwhuudlq 8qfurtxlvjo¶pfkhoohlqgltxdqw ï·/rfdolvdwlrqghvekwlphqwv ï·/rfdolvdwlrqgxirvvpjihuphu ï·/rqjxhxughodihuphwxuhghirvvp ï·7shghwxdxxwlolvpdlqvltxhvdsurirqghxuhwvrqgldpqwuh ï·1dwxuhhwpsdlvvhxughvpdwpuldx[ghuhfrxyuhphqw ï·/rfdolvdwlrqghvuhjdugvsxlvdugv ï·3odqvljqpsduxqlqjpqlhxurxxqhohwwuhghuhfrppdqgdwlrqvljqphsduxqlqjpqlhxuvluhtxlv/¶pfkpdqflhughvwudydx[ /hqrpgho¶hqwuhsuhqhxufkdujpgho¶h[pfxwlrqghvwudydx[ ’hsoxvgdqvohfdvrohvwudydx[frqvlvwhqwhqodihuphwxuhghirvvpvxuxqhorqjxhxuh[fpghqwdluhjfhoohdxwrulvphsrxuvhxohvilqvg¶dffqvjodsursulpwpohvgrfxphqwvrxuhqvhljqhphqwvdgglwlrqqhovvxlydqwvgrlyhqwrwuhmrlqwvjodghpdqghghshuplv ï·/rfdolvdwlrqghvuhjdugvsxlvdugv$uwlfoh&r€wgxshuplv/hfr€wsrxuxqshuplvuhodwlijodihuphwxuhgxqirvvpghfkhplqhvwgh$uwlfoh’xuphghvwudydx[/hvwudydx[grlyhqwrwuhh[pfxwpvhwwhuplqpvjo¶lqwpulhxug¶xqgpodlghprlvgho¶pplvvlrqgxshuplv$uwlfoh2eoljdwlrqgxsursulpwdluh$suqvdyrluuhoxvrqshuplvohsursulpwdluhulyhudlqhiihfwxhohvwudydx[ghfrqvwuxfwlrqghidorqlqwpjudohhwjvhviudlvfrqiruppphqwdx[glvsrvlwlrqvgxsupvhqwuqjohphqw/hsursulpwdluhghyuddylvhuohirqfwlrqqdluhuhvsrqvdeohdydqwghilqdolvhuvhvwudydx[¬odvxlwhgho¶pplvvlrqg¶xqshuplvhwgdqvohfdvrghvfruuhfwlivgrlyhqwrwuhdssruwpvdilqg¶dvvxuhuoherqirqfwlrqqhphqwghvlqvwdoodwlrqvxqdylvhvwwudqvplvdxsursulpwdluhoxlhqmrljqdqwghidluhohvprglilfdwlrqvtxlv¶lpsrvhqwjvhviudlv6¶loqhwlhqwsdvfrpswhgho¶dylvwudqvplvsduod0xqlflsdolwpfhwwhghuqlquhsuhqgudohvphvxuhvuhtxlvhvsrxuidluhhiihfwxhuohvwudydx[hwfhdx[iudlvgxsursulpwdluhulyhudlq$uwlfoh(qwuhwlhqghvlqvwdoodwlrqv/hsursulpwdluhulyhudlqgrlwwhqluvrqhqwuphg¶dffqvjvdsursulpwphwvrqwhuudlqhqerqpwdwdilqgpylwhughvgrppdjhvjodfkdxvvphsrxydqwhqwudvqhughvdfflghqwvghprphtxlogrlwwhqluvrqwxdxoleuhghwrxwhrevwuxfwlrqtxlhpsrfkhudlwohdxgxirvvpghvpfrxohuqrupdohphqw¬wlwuhg¶h[hpsohohvwudydx[uhtxlvsrxuphwwuhjqlyhdxxqwxdxtxldxudlwpwpvrxohypsduohjhovrqwvrxvodvhxohuhvsrqvdelolwpgxsursulpwdluhulyhudlq&hghuqlhugrlwdvvxphuvhxoohvfr€wvghfhvwudydx[3rxupylwhuwrxwhgpwpulrudwlrqghvolhx[hwsrxusurwpjhuo¶hqylurqqhphqwohvsursulpwdluhvulyhudlqvgrlyhqwfrqvhuyhuxqhedqghg¶xqhodujhxug¶xq pqwuhfdofxophjsduwlugxkdxwgxwdoxvgxirvvpoleuhghwrxwhfxowxuhoderxuelhqphxeohrxlpphxeoh$xfxqdppqdjhphqwsdvdjhuwhovdueuhvduexvwhviohxuvurfdloohhwfq¶hvwdxwrulvpgdqvo¶hpsulvhghodyrlhghflufxodwlrqvdxighodshorxvhrxghodslhuuh0*$uwlfoh(qwuhwlhqhwfrqvwuxfwlrqg¶xqirvvpghfkhplq$uwlfoh&rqvwuxfwlrqhwhqwuhwlhqghirvvpvsduod0xqlflsdolwp7rxvohvwudydx[uholpvjodfrqvwuxfwlrqhwjo¶hqwuhwlhqghirvvpv fuhxvdjhhwrxqhwwrdjhghyrlhvsxeoltxhvvrqwidlwvsduhwdx[iudlvghod0xqlflsdolwp/ruvtxhod0xqlflsdolwphqwuhsuhqgghvwudydx[ghfrqvwuxfwlrqrxg¶hqwuhwlhqg¶xqirvvphwtxhfhvwudydx[lpsoltxhqwo¶lqvwdoodwlrqrxohupdppqdjhphqwg¶xqhhqwuphg¶dffqvjodsursulpwpohviudlvvrqwglvwulexpvghodidorqvxlydqwh ï·/hfr€wg¶dfkdwgxwxdxhwghvuhjdugvsxlvdugvvrqwjodfkdujhgxsursulpwdluhulyhudlq ï·/¶lqvwdoodwlrqghfhwxdxhwghvpdwpuldx[uhtxlvjfhwwhilqvrqwjodfkdujhghod0xqlflsdolwp/d0xqlflsdolwplqiruphudohsursulpwdluhsduohwwuhdxprlqvmrxuvdydqwohgpexwghvwudydx[6lohsursulpwdluhqhirxuqlwsdvohvwxdx[hwsxlvdugvuhjdugvjo¶lqwpulhxugxgpodluhtxlvod0xqlflsdolwpidfwxuhuddxsursulpwdluhfrqfhuqpohviudlvghirxuqlwxuhghvpdwpuldx[hwhqfdvghqrqsdlhphqwfhviudlvvhurqwdvvlplopvjxqhwd[hirqflquhdmrxwphdxfrpswhghwd[hvhwuhfrxyudeohghodprphpdqlquh$uwlfoh&rqvwuxfwlrqhwhqwuhwlhqghirvvpvsduohsursulpwdluh1rqrevwdqwo¶duwlfohghvwudydx[ghqhwwrdjhghirvvpvshxyhqwrwuhidlwvjfhviudlvsduohsursulpwdluhgxwhuudlqulyhudlqoruvtxhfhx[flupsrqghqwdx[qruphvvxlydqwhv ï·/hvwudydx[vrqwvlwxpvgdqvghvirvvpvvlwxpvjo¶h[wpulhxugxspulpqwuhg¶xuedqlvdwlrqrxghvlorwvgpvwuxfwxupvsupyxvdxuqjohphqwgh]rqdjh ï·/hvwudydx[rqwidlwo¶remhwg¶xquhohypsduohirqfwlrqqdluhuhvsrqvdeohhwxqsodqghvwudydx[jh[pfxwhuhvwmrlqwjodghpdqghghshuplv ï·/hsursulpwdluhdoduhvsrqvdelolwphwo¶reoljdwlrqg¶rewhqluohvdssuredwlrqvghvdxwrulwpvfrqfhuqphvpxqlflsdohvsurylqfldohvrxg¶dxwuhvvhuylfhvsxeolfvsrxuodupdolvdwlrqghvhvwudydx[,ogrlwrewhqluohvdxwrulvdwlrqvqpfhvvdluhvhwdxwuhvlqirupdwlrqvshuwlqhqwhvdilqghvhfrqiruphujwrxwhvohvuqjohvghvpfxulwphqyljxhxuhqwuhdxwuhvfhoohvghod&1(667/hsursulpwdluhdwrxwhvohvuhvsrqvdelolwpvghpdvwuhg¶°xyuhvxuvrqfkdqwlhu ï·o¶duwlfohgxsupvhqwuqjohphqwv¶dssoltxh$uwlfoh 7udydx[ghupihfwlrqh[pfxwpvsduod0xqlflsdolwp/d0xqlflsdolwpvhupvhuyhohgurlwhqwrxwwhpsvghuhidluhrxghprglilhuohuhpeodlhphqwg¶xqirvvporuvghwudydx[ghupihfwlrqghodfkdxvvphghirvvpvrxghwudydx[qpfhvvdluhvjo¶pjrxwwhphqwgxfkhplqsxeolf’dqvxqwhofdvod0xqlflsdolwpdvvxphudohviudlvghupihfwlrqrxghprglilfdwlrqgxuhpeodlhphqwgxirvvpvdxisrxuodirxuqlwxuhghvwxdx[hwghvuhjdugvsxlvdugvvlfhx[hqsodfhvrqwqrqfrqiruphvrxqrqirqfwlrqqhovdxtxhofdvlovvhurqwjodfkdujhgxsursulpwdluhulyhudlq/d0xqlflsdolwplqiruphudohsursulpwdluhsduohwwuhdxprlqvmrxuvdydqwohgpexwghvwudydx[6lohsursulpwdluhqhirxuqlwsdvohvwxdx[hwsxlvdugvuhjdugvjo¶lqwpulhxugxgpodluhtxlvod0xqlflsdolwpidfwxuhuddxsursulpwdluhfrqfhuqpohviudlvghirxuqlwxuhghvpdwpuldx[hwhqfdvghqrqsdlhphqwfhviudlvvhurqwdvvlplopvjxqhwd[hirqflquhdmrxwphdxfrpswhghwd[hvhwuhfrxyudeohghodprphpdqlquh$uwlfoh7udydx[dqwpulhxuv$xprphqwgho¶hqwuphhqyljxhxugxsupvhqwuqjohphqwwrxwsursulpwdluhddqwgpmjhiihfwxpghvwudydx[ghihuphwxuhghirvvpvxuxqrxsoxvlhxuvf{wpvghvrqwhuudlqvhorqohvprgdolwpvghodupjohphqwdwlrqdqwpulhxuhhvwupsxwprwuhfrqiruphdxsupvhqwuqjohphqw&hshqgdqworuvtxhghvupsdudwlrqvpdmhxuhvvrqwuhtxlvhvohsursulpwdluhgrlwh[pfxwhuohvwudydx[ghpdqlquhjvhfrqiruphujwrxwhvhwfkdfxqhghvglvsrvlwlrqvsupyxhvdxsupvhqwuqjohphqw3rxuo¶dssolfdwlrqgxsupvhqwduwlfohxqhupsdudwlrqpdmhxuhhvwuhtxlvhqrwdpphqworuvtx¶loduhirxohphqwghvhdx[oruvtx¶xqrxghvwxdx[vrqwshuirupvrxghidorqjpqpudohoruvghwrxwhdxwuhvlwxdwlrqsrxydqwfrqvwlwxhuxqgdqjhusrxuohvshuvrqqhvrxohvelhqv$uwlfoh$ssolfdwlrqgxsupvhqwuqjohphqw/h&rqvhloqrpphsduupvroxwlrqo¶riilflhuuhvsrqvdeohsrxuo¶dssolfdwlrqgxsupvhqwuqjohphqw$uwlfoh,qiudfwlrqhwuhfrxuv$uwlfoh,qiudfwlrq6dqvsupmxglfhdx[dxwuhvuhfrxuvghod0xqlflsdolwptxlfrqtxhfrqwuhylhqwjoxqhghvglvsrvlwlrqvgxsupvhqwuqjohphqwfrpphwxqhlqiudfwlrqhwhvwsdvvleohhqsoxvghviudlvgxqhdphqgh ï·vlohfrqwuhyhqdqwhvwxqhshuvrqqhskvltxhplqlpxpghsrxuodsuhplquhlqiudfwlrqhwg¶xqpd[lpxpgh ï·vlohfrqwuhyhqdqwhvwxqhshuvrqqhprudohplqlpxpghsrxuodsuhplquhlqiudfwlrqhwg¶xqpd[lpxpghsrxuwrxwhlqiudfwlrqvxevptxhqwhtxlvhsurgxlwdxfrxuvgxqhprphdqqph/hfrqvhlodxwrulvhohirqfwlrqqdluhuhvsrqvdeohjgpolyuhughvfrqvwdwvg¶lqiudfwlrqsrxuwrxwhlqiudfwlrqdx[glvsrvlwlrqvgxsupvhqwuqjohphqw$uwlfoh,qiudfwlrqfrqwlqxh6lolqiudfwlrqhvwfrqwlqxhhoohfrqvwlwxhmrxusdumrxuxqhriihqvhvpsduphhwodspqdolwpg¶xqprqwdqwghsrxuxqhshuvrqqhskvltxhhwg¶xqprqwdqwghsrxuxqhshuvrqqhprudohpglfwphsrxufhwwhlqiudfwlrqshxwrwuhlpsrvphsrxufkdtxhmrxutxhgxuholqiudfwlrq$uwlfoh5hfrxuv2xwuhohvuhfrxuvsdudfwlrqspqdohod0xqlflsdolwpshxwh[hufhuwrxvohvuhfrxuvqpfhvvdluhvsrxuidluhuhvshfwhuohvglvsrvlwlrqvgxsupvhqwuqjohphqwhwqrwdpphqwshxwidluhh[pfxwhuohvwudydx[fruuhfwlivdx[iudlvgxsursulpwdluh$uwlfoh$eurjdwlrq/hsupvhqwuqjohphqwdeurjhohvuqjohphqwvqxppurhwhwwrxwuqjohphqwdqwpulhxujfhwhiihw$uwlfoh(qwuphhqyljxhxu/hsupvhqwuqjohphqwhqwuhhqyljxhxufrqiruppphqwjodorl0lfkdho&{wp&dwkhulqh3hslq0dluhvxssopdqw’luhfwulfhjpqpudohhwjuhiilquhwupvrulquh&hflhvwxqhyhuvlrqdgplqlvwudwlyh5qjohphqw hvwhqyljxhxuohpdl
