(QGR:RUOG (17(6 5KUVGOC&.KIJV2 2CTCGXCNWCEKÏPFGNCRGTHWUKÏPRQTHNWQTGUEGPEKC +PVTQFWEEKÏP &GUFGJCEGCNIWPQUFGEGPKQUUGTGEWTTGECFCXG\O½UCNCCFOKPKUVTCEKÏPKPVTCXG PQUCFGUWUVCPEKCUEQNQTCPVGUSWGRGTOCPGEGPGUVTKEVCOGPVGKPVTCXCUEWNCTGURCTC RQFGT GXCNWCT OGLQT NQU GUVCFQU HKUKQNÏIKEQU [ RCVQNÏIKEQU FG FKUVKPVQU VGLKFQU W ÏTICPQUGPWPQTICPKUOQXKXQ'NXGTFGKPFQEKCPKPQ +%)GUWPQFGNQUTGRTGUGP VCPVGUO½UKORQTVCPVGUFGGUVGITWRQ[FKURQPGFGRTQRKGFCFGUHCTOCEQEKPÅVKECU ENCTCOGPVGOGLQTGUSWGNQUOCTECFQTGUWUWCNGUEQOQRQTGLGORNQNCHNWQTGUEGÉ PC5QNQGPOW[TCTCUQECUKQPGUUGJCPQDUGTXCFQTGCEEKQPGUCPCHKN½EVKECUWQVTCU KPVQNGTCPEKCU,WPVQCUWWUQJCDKVWCNRCTCGNFKCIPÏUVKEQFGNCEKTEWNCEKÏPUCPIWÉ PGC EQTQKFGC GUVC UWUVCPEKC EQNQTCPVG SWG UG GNKOKPC T½RKFCOGPVG [ PQ OGVC DQNK\CFCCVTCXÅUFGNJÉICFQJCUKFQJQOQNQICFCRCTCUWWUQGPGNFKCIPÏUVKEQ HWPEKQPCNFGNJÉICFQ[RCTCNCGXCNWCEKÏPFGFKXGTUQUGUVCFQUECTFKQXCUEWNCTGU[ OKETQXCUEWNCTGU6TCUWPCUGTKGFGGPUC[QURTQOGVGFQTGUGPCPKOCNGUNCUCPIKQ ITCHÉCU+%)KPXKXQRCTGEGPKIWCNOGPVGCFGEWCFCURCTCNCGXCNWCEKÏPPQKPXCUKXC FGNGUVCFQRQUQRGTCVQTKQFGNCRGTHWUKÏPFGKPLGTVQUVKUWNCTGUNKDTGU ODKVQUFGCRNKECEKÏP 'N KPPQXCFQT UKUVGOC &.+)*6 2 FG -#4. 5614< CORNÉC JQ[ GN ½ODKVQ FG CRNK ECEKQPGU FG NC CPIKQITCHÉC +%) C VQFCU NCU ½TGCU EQTRQTCNGU CEEGUKDNGU RQT XÉC GPFQUEÏRKEC EQP WPC ITCP ECPVKFCF FG PWGXCU KPFKECEKQPGU KOCIKPCDNGU 2QT GLGORNQNCCPIKQITCHÉCRQTHNWQTGUEGPEKC+%)RCTCGNEQPVTQNFGNGUVCFQFGNCRGT HWUKÏPFGNQUKPLGTVQUVKUWNCTGUNKDTGUGPGN½TGCFGNCUXÉCUTGURKTCVQTKCU[FKIGUVKXCU UWRGTKQTGURWGFGGHGEVWCTUGFGO½UEGTECNQSWG[CJCOQUVTCFQTGUWNVCFQUOW[ CNGPVCFQTGU GP WP GUVWFKQ FG HCEVKDKNKFCF TGCNK\CFQ RQT PWGUVTQU NCDQTCVQTKQU 2GTQ OWEJQU QVTQU ½ODKVQU FG CRNKECEKÏP EQOQ RQT GLGORNQ GN FKCIPÏUVKEQ FG PGQHQTOCEKQPGUXCUEWNCTGUGPGNVTCEVQICUVTQKPVGUVKPCNGNEQPVTQNFGNHNWLQUCP IWÉPGQPQTOCNVTCUNCQENWUKÏPPGWTQSWKTÖTIKECFGWPCPGWTKUOC[GNEQPVTQNKPVTCQ RGTCVQTKQFGNTKGIQUCPIWÉPGQFGNCUCPCUVQOQUKUEQNQTTGEVCNGUQHTGEGPVCODKÅP DWGPCURGTURGEVKXCU 2TQEGFKOKGPVQ #VÉVWNQFGGLGORNQCEQPVKPWCEKÏPUGGZRQPGGPFGVCNNGWPCFGNCUKPFKECEKQPGU EKVCFCU O½U CTTKDC 7PQ FG NQU GUVWFKQU FG HCEVKDKNKFCF TGCNK\CFQU GP NC %NÉPKEC 7PKXGTUKVCTKCFG14.FGNC7PKXGTUKFCF.WFYKI/CZKOKNKCP ./7FG/ÖPKEJRTG VGPFÉCTGURQPFGTCNCRTGIWPVCUQDTGUKNCCPIKQITCHÉCHNWQTGUEGÉPKECGPFQUEÏRKEC VTCU NC CFOKPKUVTCEKÏP KPVTCXGPQUC FG +%) TGUWNVCDC CFGEWCFC RCTC GN TGEQPQEK OKGPVQ RTGEQ\ FG WPC RGTHWUKÏP TGFWEKFC FG KPLGTVQU VKUWNCTGU NKDTGU EQP CPCUVQ OQUKUOKETQXCUEWNCTGPGNVTCEVQCÅTGQFKIGUVKXQUWRGTKQT#VCNHKPUKTXKÏFGDCUGGN JGEJQFGSWGCEVWCNOGPVGPQGZKUVGPKPIÖPRTQEGFKOKGPVQFGTWVKPCRCTCNCGXC NWCEKÏPQDLGVKXCFGNGUVCFQFGNTKGIQUCPIWÉPGQFGNQUVGLKFQUNKDTGURGTQSWGGP ECUQFGRGTVWTDCEKÏPRQUQRGTCVQTKCPQFGVGEVCFCFGNCKTTKICEKÏPUCPIWÉPGCÅUVC RWGFGRTQXQECTNCRÅTFKFCRCTEKCNGKPENWUQVQVCNFGNKPLGTVQ*CPRCTVKEKRCFQGPGN GUVWFKQRCEKGPVGUEQPNCVTCPUHGTGPEKCVKUWNCTRGTVKPGPVG6QFQUNQURCEKGPVGUUG JCPUQOGVKFQCCPIKQITCHÉCU+%)GPFQUEÏRKECU FWTCPVGNCQRGTCEKÏPJQTCU [JQTCUVTCUNCQRGTCEKÏPXÅCPUGNCUKNWUVTCEKQPGUs (KI 8KUWCNK\CEKÏPGPOQFQFGNW\DNCPEC (KIGXCNWCEKÏPGPFQUEÏRKECFGNCRGTHWUKÏP+%)s FWTCPVGNCQRGTCEKÏP (KIGXCNWCEKÏPGPFQUEÏRKECFGNCRGTHWUKÏP+%)s JVTCUNCQRGTCEKÏP (KIGXCNWCEKÏPGPFQUEÏRKECFGNCRGTHWUKÏP+%)s JVTCUNCQRGTCEKÏP 4GUWNVCFQU .QUFCVQUTGEQRKNCFQUJCPUKFQGXCNWCFQUVCPVQGPNÉPGCEQOQHWGTCFGNÉPGCGPGN 2%[NQUTGUWNVCFQUQDVGPKFQUJCPUKFQEQORCTCFQUEQPNQUTGUWNVCFQUENÉPKEQU 0QUGJCRTQFWEKFQPKPIWPCRÅTFKFCRCTEKCNPKVQVCNFGNKPLGTVQ&QUKPLGTVQUEQPWPC RGTHWUKÏPNKOKVCFCCECWUCFGWPCKPUWHKEKGPEKCFGCPCUVQOQUKUCTVGTKCNJCPRQFKFQ UCNXCTUGOGFKCPVGUWTGXKUKÏPQRGTCVQTKC.CUCPIKQITCHÉCU+%)GPFQUEÏRKECUJCP TGUWNVCFQH½EKNGUFGRTCEVKECT[JCPUKFQVQNGTCFCUUKPRTQDNGOCU.QUKPLGTVQUJCP RTGUGPVCFQ WPC EQPEGPVTCEKÏP FG NC UWUVCPEKC EQNQTCPVG TGVCTFCFC RGTQ CN HKPCN KIWCNFGKPVGPUCGPEQORCTCEKÏPEQPGNGPVQTPQ.QUFQUKPLGTVQUEQPRGTHWUKÏPKPK EKCNTGFWEKFCJCPOQUVTCFQO½ZKOQUTGNCVKXQUFGHNWQTGUEGPEKC GNKPLGTVQTGURGEVQ CNGPVQTPQFGN[OKGPVTCUSWGGPGNTGUVQFGECUQUGUVGXCNQTGTCKIWCN Q UWRGTKQT CN # RCTVKT FG NQU FCVQU QDVGPKFQU JC RQFKFQ EQPENWKTUG SWG NCU CPIKQITCHÉCU+%)GPFQUEÏRKECUGPNQURCEKGPVGUEQPVTCPUHGTGPEKCVKUWNCTNKDTGGP GNVTCEVQCÅTGQFKIGUVKXQUWRGTKQTRCTGEGPGPRTKPEKRKQCFGEWCFCUFCFQSWGGUVG OÅVQFQGUH½EKNFGRTCEVKECTUKPFGOCUKCFQUTKGUIQU[RTQRQTEKQPCFGKPOGFKCVQ KPHQTOCEKÏPFGVGTOKPCPVGCEGTECFGNGUVCFQFGNCRGTHWUKÏPFGNVGLKFQ5GFGURTGP FGRWGUSWGGUVGRTQEGFKOKGPVQEQPUVKVW[GWPEQORNGOGPVQKFGCNCNQUFGO½U RTQEGFKOKGPVQU FG UETGGPKPI FGUETKVQU RCTVKEWNCTOGPVG GP NCU UKVWCEKQPGU O½U EQORNGLCU UGÍCNGU FQRRNGT FWFQUCU KPLGTVQU FG FKHÉEKN XKUWCNK\CEKÏP EQNQTCEKÏP EWV½PGCFGFKHÉEKNGXCNWCEKÏP %QPENWUKÏP 6CNEQOQUGJCRTGUGPVCFQNQUFCVQUFKURQPKDNGUJCUVCGNOQOGPVQCPWPEKCPWP CORNKQGURGEVTQFGKPFKECEKQPGUCFGEWCFCURCTCNCCPIKQITCHÉC+%)GPFQUEÏRKEC 2CTGEGRGTVKPGPVGCÍCFKTQEQORNGOGPVCTEQPGUVGOÅVQFQGNCTUGPCNFGNSWG[C UGFKURQPICRCTCNQURTQEGFKOKGPVQUFGGXCNWCEKÏPFGNCRGTHWUKÏP'NPWGXQKPU VTWOGPVCNGUH½EKNFGWVKNK\CT[UGKPVGITCRGTHGEVCOGPVGGPGNGSWKRCOKGPVQGPFQU EÏRKEQ[CGZKUVGPVG &QE#FUE&T%JTKUVKCP5VGRJCP$'6< %NÉPKEC[2QNKENÉPKECFG1VQTTKPQNCTKPIQNQIÉC *QURKVCN%NÉPKEQFGNC7PKXGTUKFCFFG/ÖPKEJECORWUFG)TQ»JCFGTP /CTEJKQPKPKUVT /ÖPKEJ &KURQUKVKXQUGKPUVTWOGPVQUTGEQOGPFCFQU (WGPVGFGNW\HTÉC&.+)*62FG-#4.5614< EQP5%$FG-#4.5614<KPVGITCFQWPKFCFFGNW\FGCNVQ TGPFKOKGPVQRCTCGNEQPVTQNFGNCRGTHWUKÏPNCCWVQHNWQTGUEGPEKC [GNFKCIPÏUVKEQGPFQUEÏRKEQGUV½PFCT UWOKPKUVTQGNÅEVTKEQs8%#*\ KPENW[G %CDNGFGCNKOGPVCEKÏP %CDNGFGEQPGZKÏP5%$ +PVGTTWRVQTFGWPUQNQRGFCNWPPKXGN 7PKFCFFGEQPVTQNFGE½OCTC %%7FGEJKRU64+%#/5.++ EQP5%$[OÏFWNQFGRTQEGUCOKGPVQFGKO½IGPGU FG-#4.5614<KPVGITCFQU2#.065% UWOKPKUVTQGNÅEVTKEQs8%#*\ KPENW[G %CDNGFGCNKOGPVCEKÏP %CDNGFGEQPGZKÏP$0%NQPIKVWFEO %CDNGFGEQPGZKÏP58*5 ;%NQPIEO %CDNGFGEQPGZKÏP4)$GURGEKCN %CDNGFGEQPGZKÏPRCTCEQPVTQNCTNCUXKFGQKORTGUQTCU %CDNGFGEQPGZKÏP5%$NQPIKVWFEO %CDNG&8EO 6GENCFQ CNGO½P %CDG\CNFGE½OCTCFGEJKRU64+%#/2&& EQPVGENCUFGNECDG\CNFGE½OCTCFGNKDTGRTQITCOCEKÏPRCTCGN FKCIPÏUVKEQRTGEQ\HQVQFKP½OKEQ 2&&UKUVGOCFGEQNQT2#.EQP QDLGVKXQ\QQORCTHQECNKPVGITCFQ FKUVCPEKCHQECNHsOO Z #)# ¯RVKECFGXKUKÏPTGEVKNÉPGChrFG RCTCGNEQPVTQNFGNCRGTHWUKÏPNCCWVQHNWQTGUEGPEKC[GNFKCIPÏUVKEQ GPFQUEÏRKEQGUV½PFCT´OONQPIKVWFEOGUVGTKNK\CDNGGPCWVQ ENCXGEQPEQPFWEVQTFGNW\FGHKDTCFGXKFTKQKPVGITCFQ[ECODKCFQTFG HKNVTQUEÏFKIQFGEQNQTXGTFG #)# ¯RVKECFGXKUKÏPTGEVKNÉPGChrFG RCTCGNEQPVTQNFGNCRGTHWUKÏPNCCWVQHNWQTGUEGPEKC[GNFKCIPÏUVKEQ GPFQUEÏRKEQGUV½PFCT´OONQPIKVWFEOGUVGTKNK\CDNGGPCWVQ ENCXGEQPEQPFWEVQTFGNW\FGHKDTCFGXKFTKQKPVGITCFQ[ECODKCFQTFG HKNVTQUEÏFKIQFGEQNQTXGTFG (5 %QPFWEVQTFGNW\RQTOGFKQHNWKFQOO´NQPIKVWFEO $KDNKQITCHÉC %*1./,6')'.'4//#;4#$'%-'47,2('+(('49/¸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¥75 'PFQUEQRKEOGCUWTGOGPVUQHHTGGHNCRRGTHWUKQPKPVJGJGCFCPFPGEMTGIKQP WUKPITGFGZEKVGF+PFQE[CPKPG)TGGPRTGNKOKPCT[TGUWNVU,QWTPCNQH2NCUVKE 4GEQPUVTWEVKXGCPF#GUVJGVKE5WTIGT[ %5$'6<5<*14<'.*5%*#%*'0/#;47*#44¥75 2TQURGMVKXGFKCIPQUVKUEJG/CEJDCTMGKVUUVWFKG\WTGPFQUMQRKUEJGP )GYGDGRGTHWUKQPUOGUUWPIHTGKGT)GYGDGVTCPURNCPVCVGKPFGT-QRH*CNU 4GIKQPWPVGT8GTYGPFWPIXQPTQVCPIGTGIVGO+PFQE[CPKP)TØP+P&GWVUEJG )GUGNNUEJCHVHØT*CNU0CUGP1JTGP*GKNMWPFG-QRHWPF*CNU%JKTWTIKG ,CJTGUXGTUCOONWPIFGT&GWVUEJGP)GUGNNUEJCHVHØT*CNU0CUGP1JTGP *GKNMWPFG-QRHWPF*CNU%JKTWTIKG4QUVQEM)GTOCP/GFKECN5EKGPEG )/52WDNKUJKPI*QWUG&Ø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ØP\WTKPV TCQRGTCVKXGP$GWTVGKNWPIFGT2GTHWUKQPDGKMQNQTGMVCNGP#PCUVQOQUGP+P &GWVUEJG)GUGNNUEJCHVHØT%JKTWTIKG%JKTWTIKUEJGU(QTWOWPF&)#8(QTWO 5RTKPIGT$GTNKP*GKFGNDGTI50 ZZZNDUOVWRU]FRP -#4.|5614<)OD*%Q-) /KVVGNUVTC»G6WVVNKPIGP#NGOCPKC 2QUVDQZ6WVVNKPIGP#NGOCPKC 6GNÅHQPQ (CZ '/CKNKPHQ"MCTNUVQT\FG -#4.|5614<'PFQUEQRKC/ÅZKEQ5#FG%8 .CIQ%QPUVCP\C0Q%QN%JCRWNVGRGE/QTCNGU &(%2/ÅZKEQ 6GNÅHQPQ(CZ '/CKNMCTNUVQT\"MCTNUVQT\EQOOZ -#4.|5614<'0&15%12+#+$¥4+%#5# 2CTSWG'ORTGUCTKCNFG5CP(GTPCPFQ'FKƂEKQ/WPKEJ /CFTKF'URCÍC 6GNÅHQPQ (CZ '/CKNKPHQ"MCTNUVQT\GU -#4.|5614<'PFQUEQRKC#TIGPVKPC5# <WHTKCVGIWK2KUQ $%##8KEGPVG.QRG\ 2TQXKPEKCFG$WGPQU#KTGU#TIGPVKPC 6GNÅHQPQ (CZ '/CKNKPHQ"MCTNUVQT\EQOCT -#4.|5614<'PFQUEQRKC.CVKPQ#OGTKEC+PE 09VJ#XGPWG5WKVG /KCOK(.75# 6GNÅHQPQ(CZ '/CKNKPHQ"MUGNCEQO YYYMCTNUVQT\EQO '9'06'5 (QGR:RUOG
© Copyright 2025