! ! ∀ #∃ %#& ∋
∀()∗    
  

 

  
 

 
  

 


  





+&!    

!
 
   
 
∀ # 
∃ 

%
 



&


  





 ∋












,−!   !





(!
! )∗
+








, ! 
& ∀
−.
+
)
& 
/ 
)











  
 
 



 



0111 !2



 
3
4 


  
0

5#

 2


∗.!   


! /



0∀#1
06∀

2



2! !












3  ∀
+%! !0
, −
!



7

!



 8

 

  
4! ∀
,%! !0
,

.
!
9


 

 8

 

  


3
!
9


 !



3
!



 

 ∀  












































−
!


















∀


  

























5 ∀
∗%! !0
,

  


3
!





 

 8

 


−
!
9


∀
∀

.
3
!





 
 5


  
  

)00

(8! 








67 




 

  

# 5






)9!6 !



 ∀  
 
 #




 
 # 
  
:

! #

  

 ∀  
0;5#


2





/ ∀  #) 
 
  
:
 

∀

.




09 




 
&!!


>Α;Β
?Χ&∆




−Ε
, ! 



≅Φ
Γ
Ε
39 
9 9
)



! ! Η)!



!
,?≅&
Α 
, ! 
  !)> #)& 
9
−Ε−
, ! 
≅Φ
Γ
Ε
39 
Ε−
)

!! ! Η!)!





:! %  

:! %





!∀ 
  
:
 

−9Ι


ϑ

 
  

 Ι


 )4




!∀ 
∀
:
 

 9Ι


ϑ

!∀ Ι
 )4










!∀ 
  
:
 

3.Ι
ϑ
 
  

 
 )4

!∀ 
∀
:
 

−Ι


ϑ

!∀ Ι
 )4



  

  0
,

   ! 


 

,8Φ
+  ∆

 
111!)! ! 




.%! 














!∆ 
, ! 

+ !1 
−







−Ε−
, ! 









≅Φ
Γ
Ε
39 
Ε
)

Φ
Γ
Ε
39 
Ε
)

) Φ
Η!)! ! 




+∃6   


 #  
 

∀  


% 

 


∋






 

&RXSHGX0RQGHSDUpTXLSHVpSpHPDVFXOLQH Å&KDOOHQJHGH9RLWK´

&RPSpWLWLRQ  'DWH/LHX 



'LPDQFKHOHIpYULHU &RQJUHVV&HQWUXP+XJR5XSI3ODW]+HLGHQKHLP  /DFRPSpWLWLRQHVWRXYHUWHjWRXVOHVSD\VDIILOLpVjOD),( jUDLVRQG¶XQHVHXOHpTXLSH

3DUWLFLSDWLRQ  2UJDQLVDWHXU



'HXWVFKHU)HFKWHU%XQGH9





+HLGHQKHLPHU6SRUWEXQGH96HFWLRQG¶HVFULPH





 /HVLQVFULSWLRQVGHYURQWSDUYHQLUVHXOHPHQWSDUODVLWHGHOD),(ZZZILHFK  DXSOXVWDUGMRXUVDYDQWODFRPSpWLWLRQ

,QVFULSWLRQ

 'URLWG·HQJDJHPHQW

½SD\DEOHVXUSODFH 

 +RUDLUH    

  

  

6DPHGLOHIpYULHU KKFRQILUPDWLRQGHVpTXLSHV K  GpODLSRXUO¶LQVFULSWLRQQRPLQDWLYHGHVpTXLSHV 'LPDQFKHOHIpYULHU K HQWUpHFRQWU{OHGHVPDWpULDX[ K VFUDWFK    K UpXQLRQGHVDUELWUHV K GpEXWWDEOHDXGHV K GpEXWWDEOHDXGHV K ILQDOH DSUqV  FpUpPRQLHSURWRFRODLUH





  )RUPXOH

&RQIRUPHDX[GpFLVLRQVGX&RQJUqVGHOD),(

 $UELWUDJH

/HVDUELWUHVVHURQWGpVLJQpVSDUOD),( /HFRPLWpRUJDQLVDWHXUSUHQGUDjVDFKDUJHOHVIUDLVGHVDUELWUHV 5qJOHPHQWGHOD),( 



/¶DUELWUDJHYLGpRVHUDXWLOLVpjSDUWLUGXWDEOHDXGHV

 $QWLGRSDJH    

8QFRQWU{OHDQWLGRSDJHVHUDHIIHFWXpVHORQOH5qJOHPHQWGHOD),(





    /RJHPHQWVUHFRPPDQGpV %HVW:HVWHUQ3UHPLHU6FKORVVKRWHO 3$5.&2168/DP&RQJUHVV&HQWUXP +XJR5XSI3ODW]   +HLGHQKHLP   7HO   SFKHLGHQKHLP#FRQVXOKRWHOVFRP

QK+27(/(6 $TXDUHQD+HLGHQKHLP )ULHGULFK3IHQQLQJ6WU +HLGHQKHLP 7HO QKKHLGHQKHLP#QKKRWHOVFRP



7DULIV 

7DULIV



&KDPEUHLQGLYLGXHOOHjSDUWLUGH¼ SUL[PLQLPXPSDUSHUVRQQH  SHWLWGpMHXQHULQFOX    &KDPEUHGRXEOHjSDUWLUGH¼ SDUFKDPEUHSHWLWGpMHXQHULQFOX 







&KDPEUHLQGLYLGXHOOHjSDUWLUGH¼ SUL[PLQLPXPSDUSHUVRQQH SHWLWGpMHXQHULQFOX &KDPEUHGRXEOHjSDUWLUGH¼ SDUFKDPEUHSHWLWGpMHXQHULQFOX

 &RGH

Å+HLGHQKHLP´

/RJHPHQWVSRXUVXLWHV

/LVWHGHV+{WHOV9LVLWH]ODVLWHZZZIHFKWHQKHLGHQKHLPGH

 ,QIRUPDWLRQ       5HVSRQVDELOLWp

  

)HFKW]HQWUXP+HLGHQKHLP 9LUFKRZVWU   +HLGHQKHLP 

7HO )D[ (PDLOLQIR#IHFKWHQKHLGHQKHLPGH

/HVRUJDQLVDWHXUVGpFOLQHQWWRXWHUHVSRQVDELOLWpHQFDVG¶DFFLGHQWRXGHSHUWH TXHOFRQTXH