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LA MAXIMISATION DU TAUX DE PROFIT

Louis de MESNARD*

* 7~pyo==od~ j \2Ui.no~=.ul (o +Moi ,M~= "CC"

UNEST RA GATIDLR

CISeALTSm* RA #DAI

GDLT MXXM

duiL1u ODIT PD mF*NLSA oSuLNi*uNINoSsEA mLDRSmSNIIAPPAd PAT _SLoAT TNIm TE..NT*AT oDAESoSTAL PA .LN_Sm .ELV aNET *mERSNIT SuS PrSo.Dum RA PD .LSTA AI uNo.mA RAT DumSNIIDSLAT Am RrEI .LN_Sm _SIDIuSAL L*oEI*LDIm PA uD.SmDP _SIDIuSALV tI oNImLA sErSP _DEm DnDIRNIIAL PD oDAESoSTDmSNI RE .LN_Sm _SIDIuSAL .NEL uNITSR*LAL PD oDAESoSTDmSNI RE mDEAE RA .LN_Sm _SIDIuSALV UAT uDT RA uNIuELLAIuA DeAu uNA__SuSAIm _SAEA RA uD.SmDPd oNIN.NPA DeAu uNA__SuSAIm _SAEA RA uD.SmDPd oNIN.NPA DeAu uNA__SuSAIm eDLSDnPA RA uD.SmDP TNIm *mERS*Td Am PA LlPA RAT uNImLDSImAT RA LAImDnSPSm* ATm mLDSm*V UAT TNPEmSNIT _NELISAT .DL PD oDAESoSTDmSNI RE .LN_Sm Am PD oDAESoSTDmSNI RE mDEAE RA .LN_Sm TNIm uNo.DL*ATV tI uNIuPEm q EIA L*REumSNI RE eNPEoA RrSIeATmSTTAoAIm RDIT uALmDSIAT TSmEDmSNITd q EI INIiuPADLSIé DEmNoDmSsEA RAT oDLuF*T Am q PD I*uATTSm* RA LAeNSL uALmDSIAT uNIuPETSNIT RA Pr*uNINoSA

SIRETmLSAPPAd INLoDmSeA Am RE nSAIicmLAV

MOTS CLES

GDAESoSTDmSNId pLN_Smd fDEAE RA pLN_Smd GSuLNi*uNINoSAd xuNINoSA

SIRETmLSAPPAV

; 92t;2 GxBay(O QUV RA) i fFA oDAESoSTDmSNI N_ mFA LDmA N_ _SIDIuSDP .LN_SmV tI mFA mLDRSmSNIDP oSuLNiAuNINoSu mFANL=d _SLoT DLA TE..NTAR mN oDAESoSTA .ELA .LN_SmV -A TmER= bFDm FD..AIAR bFAI bA mD,A SImN uNITSRALDmSNI TFDLAFNPRALT DIR mFA _SIDIuSDP .LN_Sm LAoEIALDmSIé mFA _SIDIuSDP uD.SmDPV -A TFNb mFDm Sm ST IAuATTDL= mN TELLAIRAL mFA _SIDIuSDP .LN_Sm oDAESoSTDmSNI mN ETA mFA LDmA N_ _SIDIuSDP .LN_Sm oDAESoSTDmSNIV fFA uDTAT N_ uNIuELLAIuA bSmF _SAE uNA__SuSAIm N_ uD.SmDPd oNIN.NP= bSmF _SAE uNA__SuSAIm N_ uD.SmDPd oNIN.NP= bSmF eDLSDnPA uNA__SuSAIm N_ uD.SmDP DLA TmERSARd DIR mFA LNPA N_ uNImLDSImT N_ LAImDnSPSm= DLA mLADmARV fFA TNPEmSNIT éSeAI n= mFA .LN_Sm oDAESoSTDmSNI DIR n= mFA LDmA N_ .LN_Sm oDAESoSTDmSNI DLA uNo.DLARV -A uNIuPERA mN D LAREumSNI N_ mFA eNPEoA N_ SIeATmSTTAoAIm NI TNoA TSmEDmSNITd D INI DEmNoDmSu uPADLSIé N_ oDL,AmT DIR mN mFA IAuATTSm= mN LAeSTA TNoA uNIuPETSNIT N_ SIRETmLSDPd INLoDmSeA DIR bAPP_DLA AuNINoSuTV GDAESoSTDmSNId pLN_Smd (DmA N_ pLN_Smd GSuLNAuNINo=d vIRETmLSDP xuNINoSuTV t n os d D a L U s n D o tM ou+èi70+i,i1u(T (- py0+i,i1u( Î,d=.-èu(~~( ci.(,- UM/u-=(~~(1(,- ~yUnci-UÛ.( d= +i1ciè-(1(,- d( 1Mfu1u.M-ui, d= cèi*u- d( ~M cMè- d(. *uè1(.4 )y(.- ~( ci.-=~M- +i1ciè-(1(,-M~ cèu,+ucM~4 t( cèi*u- c=è *Mu-

~yi/£(- d( ~M 1Mfu1u.M-ui,T +y(.- ^ duè( -=( ~(. +i]-. u,+ièciè(,- ~y(,.(1/~( d(. +i]-. dyicciè-=,u-| d( -i=. ~(. u,c=-. 1u. (, i(=eè( p4

.M~Muè( d( ~y(,-è(cè(,(=è4 l, M=-è( ciu,- d( e=( +i,.udÛè( ~( cèi*u- c=è

+i11( =, è(e(,= +i,£i,+-=è(~T cèieu.iuè(T (,"(,dè| cMè d(. (èè(=è.

dyM,-u+ucM-ui,4 )( *]- (..(,-u(~~(1(,- +(~=u d( 0464 b,u"U- 94 tM è|1=,|èM-ui, d= +Mcu-M~ .yu,-|"è( ,iè1M~(1(,- dM,. ~yu,-|èI- (- di,+ dM,. ~(. +i]-. -=u +i1cè(,,(,- ~( èu.-=( M..=èM/~(T (- +( ,( .i,- -=( ~(. cU|,i1Û,(. M++ud(,-(~.T +y(.- ^ duè( ~yu,+(è-u-=d( ,i, M..=èM/~(T -=u

c(=e(,- (,"(,dè(è =, cèi*u- -(1cièMuè(î i, c(=- M~iè. duè( -=( ~( cèi*u- (.- =,( -=M.u7è(,-( M= .(,. d( oMè.UM~~4

ty|+i,i1u( ,|i7+~M..u-=( ,y(.- cM. +i1c~Û-(1(,- 1i,|-Muè( V (- ,( +i1cè(,d cM. è|(~~(1(,- ~( +i,+(c- d( +Mcu-M~ ,u dyM+-ui,,Muè(.r ~M eu.ui, ,|i7+~M..u-=( ,( +i,.udÛè( cM. ~M è|1=,|èM-ui, d= +Mcu-M~ Mcciè-| cMè

~yM+-ui,,Muè(T ~( cèi*u- c=è ,( è|1=,Ûè( cM. ~( +Mcu-M~4 3Mè +i,-è(T =,

+i]- |e(,-=(~ d( 1u.( ^ du.ci.u-ui, d= +Mcu-M~ Mè"(,- (.- (,eu.M"| zT .i=. ~M *iè1( dy=,( è|1=,|èM-ui, ^ =, -M=f ,iè1M~ M..u1u~M/~( ^ =,( ~i+M-ui,4 t( +i]- d= +Mcu-M~ Mè"(,- ,|i7+~M..u-=( (.- di,+ M,M~i"=( ^ =, u,-|èI-T di,- ~( -M=f .(èMu- ~( -M=f 1in(, d= 1Mè+U|r -i=- ~( +Mcu-M~ Mè"(,- (.- (1cè=,-|T u~ ,yn M cM. dyM+-ui,,Muè(. ,u èMcciè-. d( *iè+( (,-è( (,-è(cèu.( (- M+-ui,,Muè(.4 0, +i,.|-=(,+(T .u ~( cèi*u- c=è (.- ,|"M-u*T +y(.- -=( ~M -=u (.- i/-(,= cMè ~( cèid=+-(=è M= d(~^ d= cèi*u- acf" t( cèi*u- ,iè1M~

(.- ~( cèi*u- i/-(,= (, u,+~=M,- -i=. ~(. +i]-.T n +i1cèu. ~(. +i]-. dyicciè-=,u-|T +y(.- ^ duè(T (, cMè-u+=~u(èT (, u,+iècièM,- ~M è|1=,|èM-ui,

,iè1M~( d= +Mcu-M~ s-=u (.- ~M è|1=,|èM-ui, d= +Mcu-M~ -=u ci=èèMu- I-è( i/-(,=( dM,. =, c~M+(1(,- M~-(è,M-u* .-M,dMèdC4

2, c(=- ,i-(è -=( ~( cèi*u- c=è (.- du**u+u~(1(,- +M~+=~M/~(T (-

di,+ 1Mfu1u.M/~(4 0, (**(-T u~ *M=- -=( ~( c~M+(1(,- M~-(è,M-u* .-M,dMèd .iu- /u(, d|*u,uT =,u-=(T (- +i,,=4 Lu +y(.- ~( -M=f d= 1Mè+U| 1i,|-Muè(T i, c(=- Md1(--è( -=( +( .iu- ~( +M.T 1Mu. .u,i, i, diu- .yu,-(èèi"(è4

9 oMu. M=..u d( o4 a~~Mu.4

z E=yu~ cèieu(,,( dy=,( @(pPaFaF2 +i11( +U(S L(,uièT (- d= +i,+(c- cèi+U( d7ppFapF d( oMè.UM~~T i= dy=,( 8f=:=fFaF 8cqf "F 8f=(Fap +i11( +U(S _"U17_M[(èJ i= d= +i,+(c- cèi+U( 7P8pPFaF d( hu.U(è4 _SLoA .L*TAImA EIA LAImDnSPSm* SI_*LSAELA q PD oN=AIIA RAT uD.SmDEAE AIéDé*T RDIT Pr*uNINoSAj APPA ATm uAIT*A TNLmSL RA PD nLDIuFA +V #AT uNITSR*LDmSNIT oNImLAIm sEA PD oSuLNi*uNINoSA AIeSTDéA EIA _SLoA RrEI m=.A mLgT .DLmSuEPSALd RDIT PAsEAP PrAImLA.LSTA ATm uNI_NIREA RA _DSm DeAu PrD..NLmAEL RA uD.SmDPV GDST Pr*eNPEmSNI oNRALIA RAT .LNREumAELT D uNIRESm q Pr*oALéAIuA mLgT PDLéA RAT AImLA.LSTATd Am .LSIuS.DPAoAIm PAT

AImLA.LSTAT TNuS*mDSLAT hd RDIT PATsEAPPAT PA NE PAT D..NLmAELT RA uD.SmDP QTNEeAIm R*TSéI*T uNooA PAT DumSNIIDSLAT) TNIm RSTmSIumT RE .LNREumAELV

UAT RAEAE uDm*éNLSAT RrDéAImT NIm uALmAT PAEL PNéSsEA .LN.LAd Am PD INEeAPPA *uNINoSA SIRETmLSAPPA D AE mAIRDIuA q .LN.NTAL uALmDSIAT LAoSTAT AI uDETA RE .NTmEPDm RA oDAESoSTDmSNIV UAT .LSIuS.DPAT LAoSTAT AI uDETA RE uNo.NLmAoAIm RA oDAESoSTDmSNI RE .LN_Sm uNIuALIAIm PrSI_NLoDmSNI So.DL_DSmA Am PD LDmSNIDPSm* PSoSm*A QDeAu RAT DEmAELT uNooA BSoNI) RrEIA .DLmd PD mF*NLSA oDIDé*LSDPA RrDEmLA .DLm QDeAu RAT DEmAELT uNooA hDEoNPd BSoNI Am GDLuF)d uAmmA RALISgLA *mDIm mNEm RA ocoA PDLéAoAIm SIeDPSR*A .DL PAT mATmT

sES AI NIm *m* _DSmTV aNET IA LAeSAIRLNIT .DT TEL uAT uLSmSsEAT uPDTTSsEAT *oSTAT uNImLA PA .NTmEPDm PESiocoA S,

fNEçNELT ATmiSP sEA PD _NIumSNI NnçAumS_ RAT RAEAE uDm*éNLSAT RrDéAImT .AEm RSeALéALV GDST RDIT PD oATELA N> PrD..NLmAEL RA uD.SmDP ATm DETTS PA .LN.LS*mDSLA Am sErSP D EI RLNSm RA uNImLlPA TEL PD éATmSNId SP = D EI PSAI

AImLA PAT RAEAE _NIumSNIT NnçAumS_TV

tLd AI mDIm sErD..NLmAEL RA uD.SmDPd PrDumSNIIDSLA eD oDAESoSTAL INI .DT PA .LN_Sm LD..NLm* .DL PAT uD.SmDEAE sErSP DeDIuAd oDST PAEL mDEAE RA .LN_Smd .DLuA sErSP RNSm AI é*I*LDP uNo.DLAL RAT .PDuAoAImT DPmALIDmS_T hV xI A__Amd NI .AEm uNo.DLAL PA uNo.NLmAoAIm RA oDAESoSTDmSNI RE .LN_Sm q EIA TNLmA ùRrDuFDLIAoAIm mF*LD.AEmSsEAùd sES .NETTALDSm PrDumSNIIDSLA q .LNRESLA Am SIeATmSL mDIm Am .PETd .NELeE sEA PA RALISAL _LDIu LD..NLmA EI .LN_Sm INI IEP hV CI mAP uNo.NLmAoAIm IA .AEm cmLA sEA uAPES RrEI DumSNIIDSLA sES RST.NTALDSm RrEI oNImDIm SI_SIS RA uD.SmDPd uA uD.SmDP

0 CIA DEmLA SImAL.L*mDmSNI uNITSTmA q uNITSR*LAL sEA PD _SLoA

*mDnPSm EI ù.LSAE oSuLNi*uNINoSsEA RA .LNREumSNIùd TEL PD nDTA RrEI moius je9i jrUmUéCy AI oDçNLDIm PAT uNKmT oDm*LSAPT Am FEoDSIT RrEIA oDLéA

RATmSI*AT q L*oEI*LAL ùINLoDPAoAIm2 PA uD.SmDP _SIDIuSALV UD RS__*LAIuA AImLA uA .LSAE oSuLNi*uNINoSsEA RA .LNREumSNI Am PA .LSAE RA oDLuF* QsEA PrNI TNSm AI uNIuELLAIuA NE AI oNIN.NPA) ATm PA .LN_Sm .ELV UD RS__*LAIuA DeAu PA eLDS uNTmi.PET .LSuSIé ATm sEA PA .LSAE A__AumSeAoAIm .LDmSsE* .DL PD _SLoA IrATm .DT PA .LSAE oSuLNi*uNINoSsEA RA .LNREumSNId urATm PA .LSAE RA oDLuF*V hSAI *eSRAooAImd uAmmA DEmLA SImAL.L*mDmSNI IA uFDIéA LSAI q PrD__DSLAV

^ 8 uNo.LST 9éUjvrioééveeviy urATm q RSLA DeAu EI TAEP DTTNuS*VS #_ AImLA DEmLAT #èx3yUvx( Q[VGV) QMX]]) j PèMmoéofUv Ué-9iurUveev vé 19viuUoé, #yUGyaaiUx38d py(vB Am Ut(vat QpFV) QMX^]) j ùUAT T=TmgoAT

TNuSNi*uNINoSsEATj EIA INEeAPPA GSuLNi*uNINoSAôùd hvQ9v -èàmoéofUv xé-9iurUveevy aN :"d :A mLSoATmLA MX^]V

^ (V UDImIAL PrDeDSm SIRSsE* RDIT PD LAeEA OxxBd IEo*LN T.*uSDP TEL PD uLSTAd ù(AéDLRT TEL PD uLSTAùd aN 44i4]d R*uAonLA MX^4ioDLT MX^] Q.V ]M)j ùxI _DSmd .ALTNIIA IrSIeATmSm EI oSPPSNI .NEL NnmAISL _SIDPAoAIm

EI oSPPSNI Am EI _LDIuTj urATm RNIu PA mDEAE Am INI PD oDTTA RA .LN_Sm sEAM r SIeATmSTTAEL N.mSoSTAVù

IrD=DIm .DT RrDEmLA D__AumDmSNI .NTTSnPAj RDIT EI mAP uDTd FDEmAoAIm So.LNnDnPA AI L*DPSm*d SP ATm PNéSsEA RA uFALuFAL q oDAESoSTAL PA .LN_Sm mSL* RA uA uD.SmDP d AImSgLAoAIm D__Aum* q PD .LNREumSNIV GDST RDIT mNET PAT DEmLAT uDTd SP uNIeSAIm RA LA.AITAL PD _NIumSNI NnçAumS_ RAT DumSNIIDSLATd AI mALoAT RA mDEAE RA .LN_Smd D_SI RA mAISL uNo.mA RA PD I*uATTSm* .NEL PrDumSNIIDSLA RA IA .DT éDT.SPPAL PA uD.SmDP RDIT PD .LNREumSNI AI uNELTd .NEL .NEeNSL *eAImEAPPAoAIm PrD__AumAL DSPPAELTV xI L*TEo*d PD oSuLNi*uNINoSA mLDRSmSNIIAPPA mLDSmA PA .NSIm RA eEA RA PrAImLA.LAIAEL QurATm q RSLA RE .LNREumAEL uNI_NIRE DeAu PrD..NLmAEL RA uD.SmDP)d DPNLT sEA INET eNEPNIT mLDSmAL PA .NSIm RA eEA RA PrAImLA.LSTA Am RA PrDumSNIIDSLAV vP _DEm RNIu .NTAL PA .LNnPgoA AI mALoAT RS__*LAImT RgT sEA PrNI AIeSTDéA PrAAESTmAIuA RrDumSNIIDSLAT RSTmSIumT RE .LNREumAELV #A

.NSIm RA eEA TA LD..LNuFA RNIu RA uAPES RA ;V UDIéA Lo NE RA [V fNnSI QAm RA TNI ùsù MM) NE AIuNLA RA uAPES RA GNRSéPSDIS Am GSPPAL SvT

(AoDLsEA OE ulm* RA Pr*uNINoSA SIRETmLSAPPA DE oNSIT mLDRSmSNIIAPPAd SP = D EI FSDmET AImLA PAT uNo.NLmAoAImTd ATTAImSAPPAoAIm TE..NT*T uNI_NLoAT DE

.LSIuS.A RA oDAESoSTDmSNI RE .LN_Smd Am PAT .AL_NLoDIuATd ATTAImSAPPAoAIm D..L*FAIR*AT AI mALoAT RA mDEAE RA .LN_SmV

GEIS RrAImLA.LSTAT Am RrDumSNIIDSLATd PA uDRLA RrDIDP=TA ATm RS__*LAIm RA uAPES RA PD oSuLNi*uNINoSA mLDRSmSNIIAPPAd sES .L*TAImA EIA uNF*LAIuA SImALIA oDST IrATm .DT uNo.PgmAoAIm DRD.m*A q PD .LSTA AI uNo.mA RA PD L*DPSm* RAT AImLA.LSTATV UAT uNo.DLDSTNIT RAT L*TEPmDmT NnmAIET RDIT PAT RAEAE uDT IA TALNIm RNIu .DT RSLAumAoAIm .NTTSnPATV ^ vv TA .AEmd uAPD ATm TNEeAIm TE..NT*d sEA PAT RALISgLAT EISm*T RA uD.SmDP _SIDIuSAL AIéAIRLAIm EIA L*oEI*LDmSNI oDLéSIDPA .PET _DSnPA sEA uAPPA RAT .LAoSgLATV #AuS IA uNITmSmEA .DT EI .LNnPgoA .NEL PA .LNREumAELV pDL uNImLAd PA uD.SmDPSTmA eD eNSL nDSTTAL PD L*oEI*LDmSNI RAT EISm*T RA uD.SmDP _SIDIuSAL sErSP _NELISm TEuuATTSeAoAImV xI A__Amd RgT sEA PrDuuLNSTTAoAIm RA PD .LNREumSNI I*uATTSmA RrDçNEmAL EIA EISm* RA uD.SmDP oDm*LSAPd PA LAIRAoAIm oN=AI RE uD.SmDP AI NAEeLA nDSTTAd mDIm sEA uAmmA EISm* IrATm .DT TDmEL*A QmNEm SIeATmSTTAoAIm DEéoAImA PrN__LAd DPNLT sEA PD RAoDIRA TESm DeAu LAmDLR)ê SP _DERLD EI oNoAIm .NEL sEA PD INEeAPPA EISm* RA uD.SmDP TNSm TDmEL*A Am RNIu DmmASéIA TD LAImDnSPSm* INoSIDPAV UA LAIRAoAIm nDSTTA *eSRAooAIm mNEçNELT TS PD LAImDnSPSm* RAT N..NLmEISm*T oDLéSIDPAT RrSIeATmSL ATm R*uLNSTTDImAV UAT AImLA.LAIAELT .AEeAIm RNIu DeNSL mAIRDIuA q oNSIT SIeATmSL TrSPT TrDmmDuFAIm DE LAIRAoAIm oATEL* .DL PA mDEAE RA .LN_Sm _SIDIuSALV #AuS IA RNSm .DT cmLA uNI_NIRE DeAu PD PNS oDLAESTmA RSmA RA PD nDSTTA mAIRDIuSAPPA RE mDEAE RA .LN_Smj PA _DSm RA .DLPAL RA mDEAE RA .LN_Sm

IA RNSm .DT SIRESLA AI ALLAELV

Lo Uya■x Q;V) QMXû4) j ùfFA pPDuA N_ vImALATm SI mFA fFANL= N_ pLNREumSNIùd UeEleB i6 ^1i|i*le M=<7leun MXû4d 3NP ûd ..V M+XiMX"V xm #_ PD RSTuETTSNI sES TrAI TESeSm DeAu PrDEéoAImDmSNI RA uD.SmDP TNuSDPV - UrAo.LEImd AI é*I*LDP _NELIS .DL PAT nDIsEATd .AEm TALeSL q _SIDIuAL

EIA N.*LDmSNI RrSIeATmSTTAoAImV GDST PA uD.SmDP .Lcm* RNSm cmLA NnPSéDmNSLAoAIm LAonNELT* Am _DSm PrNnçAm RE .DSAoAIm RrEI SIm*LcmV UrSIm*Lcm ATm EI uNKmV

- UrDEéoAImDmSNI RA uD.SmDP TNuSDPd DE uNImLDSLAd uNLLAT.NIR q EI _SIDIuAoAIm TDIT I*uATTSm* RA LAonNELTAoAIm QAAEuA.m* q PD RSTTNPEmSNI RA PrAImLA.LSTA) IS eALTAoAIm RrSIm*LcmV BS PA .LN_Sm ATm .NTSmS_d EI RSeSRAIRA ATm _DuEPmDmSeAoAIm eALT*d *éDPAoAIm q mNET PAT DumSNIIDSLATd .NEL L*oEI*LAL uA uD.SmDP TNuSDP MûV UA RSeSRAIRA IrATm .DT EI uNKmV vImLNRESTDIm PD INmSNI RA uD.SmDP _SIDIuSAL AAE.PSuSmAoAImd INET TNooAT uNIRESmT q oNI*mDLSTAL Pr*uNINoSA Am PA .LN_Sm M:j PAT L*TEPmDmT IA TALNIm RNIud TmLSumN TAITE Am q INEeADEd .DT uNo.DLDnPAT DeAu PAT L*TEPmDmT I*NÜ uPDTTSsEATV aNET DRN.mALNIT RNIu EI .NSIm RA eEA oNI*mDSLA RE uD.SmDPj PA uD.SmDP DLéAIm ATm EI TmNu, RA oN=AI RA .DSAoAIm oST q PD RST.NTSmSNI RAT AImLA.LSTAT .DL PAT DumSNIIDSLAT NE .DL PAT nDIsEATV UrSIm*Lcm ATm PA .LSAE RA uAT _NIRT PNLTsErSPT TNIm .Lcm*T .DL PAT nDIsEATV xI LAeDIuFAd PAT DumSNIIDSLAT IA .AL"NSeAIm .DT PrSIm*Lcmd oDST TAEPAoAIm EI RSeSRAIRA DP*DmNSLAV aNET D..APPALNIT RNIu uD.SmDP _SIDIuSAL PD TNooA RrDLéAIm DeDIu*A .DL PrDumSNIIDSLA q PrAImLA.LSTAj SP IA RNIIA .DT PSAE q LAonNELTAoAIm NnPSéDmNSLAd IS DE eALTAoAIm NnPSéDmNSLA RrEIA L*oEI*LDmSNId oDST ATm PD uNImLA.DLmSA QFDnSmEAPPA) RrEI RLNSm RA .LN.LS*m*ê SP uNLLAT.NIR q uA sEA

PAT uNo.mDnPAT D..APPAIm uD.SmDP TNuSDPV UA uD.SmDP _SIDIuSALd sES ATm EIA .DLmSA RE uD.SmDP DLéAImd TA RSTmSIéEA RAT .LcmT nDIuDSLATd NnPSéDmNSLAoAIm

LAonNELT*T q *uF*DIuA M; Am sES _NIm PrNnçAm RE eALTAoAIm NnPSéDmNSLA RrEI SIm*Lcm q PD nDIsEA .LcmAETAd TDIT RNIIAL q uAPPAiuS RA RLNSm RA Mû UAT .PETieDPEAT NnmAIEAT TEL LAeAImA RAT DumSNIT .AEeAIm uNITmSmEAL DETTS EIA L*oEI*LDmSNI RAT DumSNIIDSLATV aNET I*éPSéANIT uA .LNnPgoA SuSV

M: #NooA PrD _DSmd AImLA DEmLATd àA=IATV

.LN.LS*m* M^V (AoDLsENIT nSAI sEA PA uD.SmDP DLéAIm I*NiuPDTTSsEA IrATm .DT _SIDIuSALd DE oNSIT DE TAIT N> INET PrAImAIRNITV BS NI mSAIm uNo.mA RA PrAAESTmAIuA RrDumSNIIDSLATd TAEPT D..NLmAELT RE uD.SmDP _SIDIuSAL .DL R*_SISmSNId SP RAeSAIm *eSRAIm sErSP IrATm .DT .NTTSnPA RA uNITSR*LAL PD L*oEI*LDmSNI RE uD.SmDP _SIDIuSAL uNooA EI uNKmV GDST PD L*IEI*LDmSNI RE uD.SmDP _SIDIuSAL _NELIS .DL PAT DumSNIIDSLAT IrATm .DT EI uNKmV #AmmA L*oEI*LDmSNI ATm PSnLA AAE DImA uNooA AAE .NTmd Am eDLSA AImLA 1*LN Am PA oNImDIm RE .LN_Sm _SIDIuSgLADnTmLDumSNI _DSmA RAT TNooAT oSTAT AI L*TALeA Am RAT So.lmT)d AI _NIumSNI RA PD .NPSmSsEA RA RSeSRAIRA RA PrAImLA.LSTAV #AuS AAEuPEA sErAPPA TNSm uNITSR*L*A uNooA EI uNKm NS, aNET D..APPALNIT DETTS .LN_Sm _SIDIuSAL PA .LN_Sm uNo.mDnPA uD.DnPA RA

L*oEI*LAL PAT DumSNIIDSLATd urATm q RSLA PA .LN_Sm DeDIm RSTmLSnEmSNI RA RSeSRAIRATV vP IA TALm .DT q .D=AL PrSIm*LcmV

pDL LD..NLm DE .NSIm RA eEA I*NiuPDTTSsEAd SP ATm uPDSL sEA PD _SLoA .AEm AI L*DPSm* TA oDSImAISL TS TD LAImDnSPSm*d DnTmLDumSNI _DSmA RA PD L*oEI*LDmSNI RE uD.SmDP _SIDIuSALd LATmA .NTSmSeAd urATm q RSLA TS TNI .LN_Sm _SIDIuSAL QDeDIm RSeSRAIRAT) ATm .NTSmS_ NE IEPV fNEm DE .PETd PAT DEéoAImDmSNIT EPm*LSAELAT RA uD.SmDP _SIDIuSAL TALNImiAPPAT LAIREAT .PET RS__SuSPAT RE _DSm RA PD L*oEI*LDmSNI SITE__STDImA RE uD.SmDP _SIDIuSAL AIéDé*d sES RrDSPPAELT IA .AEm cmLA LAmSL* RA PD _SLoA QoDST TAEPAoAIm u*R* q EI DEmLA DumSNIIDSLA)V /ES .PET ATmd RAT SIeATmSTTAoAImT DRRSmSNIIAPT

TNIm TNEeAIm L*DPST*T q .LN_Sm .EL I*éDmS_d oDST q .LN_Sm _SIDIuSAL .NTSmS_d .DLuA sEA PA .LNREumAEL R*TSLA uNITALeAL TAT uD.SmDEAE RDIT EIA

DumSeSm* uNLLAT.NIRDIm q TNI o*mSAL Am TNI TDeNSLi_DSLA Am sErSP PES TALDSm R*TDéL*DnPA RA PAT .PDuAL RDIT PAT .PDuAoAImT DPmALIDmS_TV UA mDEAE RA .LN_Sm _SIDIuSAL ATm EIA eDLSDnPA TmLDm*éSsEA RA PrAImLA.LSTAd DE oNSIT .NEL uA sES ATm RA PrSIeATmSTTAoAIm INEeADE _SIDIu* TEL DEéoAImDmSNI RA uD.SmDPd uFDsEA _NST sEA PrF=.NmFgTA RE uNImLlPA .DL PAT DumSNIIDSLAT ATm .NT*AV xI A__Amd PrDumSNIIDSLA NE PrDTTNuS* DmmAIR EIA L*oEI*LDmSNI RA uFDsEA EISm* RA oNIIDSA sErSP D DeDIu* TNET _NLoA RA uD.SmDP _SIDIuSAL QurATm q RSLA RA uD.SmDP TNuSDPj uAmmA DeDIuA ATm eDPDnPA .NEL PD REL*A RA PD eSA RA PD TNuS*m*)V pNEL R*uSRAL RrSIeATmSL RDIT mAPPA NE mAPPA _SLoAd SP uNo.DLA PD LAImDnSPSm* RrEIA EISm* RA oNIIDSA SIeATmSA RDIT uAT _SLoATd urATm q RSLA uDPuEPA EI mDEAE RA .LN_Sm _SIDIuSAL DImSuS.*d sES eD R*mALoSIALd eSD EIA DumEDPSTDmSNId PA uNELT RE mSmLAV BS uA uNELT ATm TE.*LSAEL NE *éDP DE .LSAE Rr*oSTTSNId PD TNETuLS.mSNI TA _ALD MhV BS PD LAImDnSPSm* RE uD.SmDP _SIDIuSAL DIuSAI ATm SITE__STDImAd PrDumSNIIDSLA .AEm LAeAIRLA TNI DumSNId q EI DEmLA QuA sES IA _DSm sEA R*.PDuAL PA .LNnPgoA uNooA INET PrDeNIT LD..AP* AI SImLNREumSNI)d DeAu EIA nDSTTA RAT uNELT Am EIA RS__SuEPm* EPm*LSAELA .NEL DEéoAImAL PA uD.SmDP TNuSDPV GDST urATm nSAI PA mDEAE RA LAImDnSPSm*d R*RESm RE mDEAE RA .LN_Smd sES ATm .LST AI uNo.mAV M; aNET DRN.mNIT PA eNuDnPA RA mljUule HUélémUvr .NEL PA RSTmSIéEAL RE mljUule lrCvéuy TmNu, RA oN=AIT RA .DSAoAIm oST q PD RST.NTSmSNIT RAT AImLA.LSTAT .DL PAT DumSNIIDSLAT NE .DL PAT nDIsEATV M^ UD sEATmSNI RE uNImLlPAd urATm q RSLA RE RLNSm RA LAéDLR TEL PD

éATmSNId ATm RS__*LAImAV

M] ONIm PA oNImDIm ATm .AEmicmLA PSnLA AAE DImA QNI .AEm R*mALoSIAL PSnLAoAIm PA ISeADE RA PD .LNREumSNId TNET L*TALeA RAT SIuALmSmERAT) oDST ATm _SAE* AAE .NTm QPD oNImDIm RA PD .LNREumSNI *mDIm R*mALoSI*d PAT R*.AITAT

AIéDé*AT RNSeAIm cmLA .D=*AT)

M^ OrDEmLAT uNITSR*LDmSNIT .AEeAIm *eSRAooAIm eAISL AI uNo.mAV xI RrDEmLAT mALoATd PrDumSNIIDSLA TA oNsEA RA PD oDAESoSTDmSNI RE .LN_Sm _SIDIuSAL TS APPA uNIRESm PrAImLA.LSTA q DuuLN"mLA PA uD.SmDP _SIDIuSAL .NEL _SIDIuAL EIA N.*LDmSNI RrSIeATmSTTAoAImd .DLuA sEA

PrDEéoAImDmSNI RA uD.SmDP _SIDIuSALj

- .AEm _DSLA RSoSIEAL TD .DLmSuS.DmSNId Am RNIu TNI .NEeNSL RDIT

PrAImLA.LSTAd TrSP Ir= TNETuLSm .DTd

- .AEm _DSLA nDSTTAL PA LAIRAoAIm oN=AI RAT uD.SmDEAE AIéDé*T .DL PES

RDIT PrAImLA.LSTA TrSP = TNETuLSmV

xI LAeDIuFAd PrA__Am RA PAeSALd TrSP uNIRESm PrAImLA.LSTA q _SIDIuAL PrN.*LDmSNI RrSIeATmSTTAoAIm TEL Ao.LEImd TDIT DuuLN"mLA PA uD.SmDP _SIDIuSALd uNIeSAIm mNEm q _DSm q PrDumSNIIDSLAd q uNIRSmSNI nSAI TKL sEA uAm A__Am RA PAeSAL TNSm .NTSmS_ MBV ONIu PrDumSNIIDSLA IrDmmAIR .DT PD

oDAESoSTDmSNI RE .LN_Sm _SIDIuSALd oDST nSAI PD oDAESoSTDmSNI RE mDEAE RA .LN_Sm _SIDIuSALV

aNET DPPNIT AAEDoSIAL TS PD LgéPA RA oDAESoSTDmSNI RE .LN_Sm .AEm TEnTSTmAL Am sEAPPAT AI TNIm PAT uNIT*sEAIuAT AI *sESPSnLA .DLmSAPV Lo xm sErSP AAESTmA S Q#_ PA mF*NLgoA RA GNRSéPSDISiGSPPAL)V OA .PETd PrA__Am RA PAeSAL ATm PS* q PD oDAESoSTDmSNI RE mDEAE RA .LN_SmV BS PrAImLA.LSTA TrAIRAmmAd APPA .AEm DuuLN"mLA PD oDTTA RAT _NIRT RNIm APPA RST.NTAV CI *eAImEAP A__Am RA PAeSAL _SIDIuSAL R*mALoSIALD PD LAImDnSPSm* RA uAmmA N.*LDmSNI eST q eST RA PrDumSNIIDSLAd AI uNo.DLDSTNI RrEI _SIDIuAoAIm .DL *oSTTSNI RA uD.SmDP _SIDIuSALV vP _DERLDSm RNIu _SAEAL PAT uNIRSmSNIT RA _SIDIuAoAIm DeDIm ocoA RA .LNu*RAL q mNEmA L*TNPEmSNI RA .LNéLDooAT oDmF*oDmSsEA RrN.mSoSTDmSNIV -AEb ffr e 1 e 9 n 1 n i e s n D offD Lffs e L 9 a u u d D h n s , - AE IpxnpUt r d

ep .N"-NO-mb ,v ôN àcNbO-Og ,v êNP-ONô T-bNbê-v" vO tNE-t-qNO-mb ,c ONcE ,v P"mT-O T-bNbê-v"

tM 1Mfu1u.M-ui, d= cèi*u- .=cci.( di,,|( ~M -=M,-u-| d( +Mcu-M~ *u,M,+u(è s(- 1M-|èu(~Cr ~( èMu.i,,(1(,- (.- ^ +i=è- -(è1( (- (f+~=- ~yu,e(.-u..(1(,-4 Î~ (.- |eud(,- -=( .u ~( +Mcu-M~ *u,M,+u(èT M= d|,i1u,M-(=èT (.- +i,.-M,-T ~M 1Mfu1u.M-ui, d= cèi*u- (- ~M 1Mfu1u.M-ui, d= -M=f d( cèi*u- di,,(,- ~( 1I1( è|.=~-M-4 oMu.T dy=,( cMè- ~( èMu.i,,(1(,- d( +i=è- -(è1( ,|"~u"( ~( cèi/~Û1( d( ~y=.=è( (- di,+ d= ,|+(..Muè( è(1c~M+(1(,- d= +Mcu-M~T (- ,( -u(,- cM. +i1c-( d( ~M +i,-èMu,-( è(cè|.(,-|( cMè ~M +McM+u-| d( cèid=+-ui, *uf|( cMè +( +Mcu-M~4 3i=è-M,- ~M -=M,-u-| cèid=u-( mic-u1M~(mT (, *i,+-ui, d(. +i,-èMu,-(. ~u|(. ^ ~M +McM+u-| d( cèid=+-ui, u,.-M~~|(T +y(.- ^ duè( è|.=~-M,- d( ~M è|.i~=-ui, dy=, cèi"èM11(T M..i+u| ^ =, cèuf mic-u1M~mT c(=- +i,d=uè( ^ 1(--è( (, i(=eè( du**|è(,-. ,ue(M=f d( +Mcu-M~ 1M-|èu(~ n +i1cèu. .u-=|. Uiè. (- M= d(~^ d( ~y(,.(1/~( d(. +i,-èMu,-(.4 2èT ~( cèi/~Û1( .=cci.( ci=è-M,- =,( u,d|-(è1u,M-ui, ~i"u-=( -i-M~(T (f M,-(T d( ~M .i~=-ui,T +y(.- ^ duè( .=cci.( -=( -i=-( eM~(=è ^ ~yu,-|èu(=è i= ^ ~y(f-|èu(=è d( ~y(,.(1/~( d(. +i,-èMu,-(.T (.- ci..u/~( 9:4 P 3i=è ~y|eu-(èT u~ (.- |eud(11(,- ci..u/~( d( +i,-èMu,dè( ~M -=M,-u-|

cèid=u-( (~~(71I1( scMè d(. +i,-èMu,-(. -=( ,i=. Mcc(~~(èi,. capfPapF( F 8Pp" :PaaPFfCT d( *MBi, ^ è(.-(è dM,. =,( c~M"( d(

cèid=+-ui, +ièè(.ci,dM,- ^ =,( -=M,-u-| *uf( d( +Mcu-M~ *u,M,+u(è4 oMu. +(+u ,y(.- cèM-u-=(1(,- £M1Mu. *Mu- 9p4 j( c~=.T +( .n.-Û1( èu.-=( d( +i,d=uè( ^ d(. .i~=-ui,. m(, +iu,mT +y(.- ^ duè( -=( ~yic-u1=1 .M,. +i,-èMu,-( d( +Mcu-M~ *u,M,+u(è .( .u-=( (, d(Uiè. i= ^ ~M ~u1u-( d( ~y(,.(1/~( d(. +i,-èMu,-(. d( +Mcu-M~ *u,M,+u(èr +( +M. .u",u*u( -=( ~M *uè1( Mu,.u +i,-èMu,-( ~u1u-( .M cèid=+-ui, ci=è ,( cM. u,e(.-uè (- ~M .i~=-ui, -èi=e|( ,yM M=+=,( èMu.i, d( +ièè(.ci,dè( ^ ~y|"M~u.M-ui, d( ~M è(+(--( 1Mè"u,M~( (- d= +i]- 1Mè"u,M~T +y(.- ^ duè( dyI-è( ic-u1M~( .i+uM~(1(,-4 P a~-(è,M-ue(1(,-T u~ .(èMu- ci..u/~( d( -(,uè +i1c-( d= +Mcu-M~ *u,M,+u(èT (, .=cci.M,- -=( ~y(,-è(cèu.( *Mu- cMn(è M= +i,.i11M-(=è ~( +Mcu-M~ *u,M,+u(è .=cc~|1(,-Muè( -=y(,-èM>,( .M +i,.i11M-ui, .=cc~|1(,-Muè(4 )(+u è(eu(,- ^ u,-|"è(è ~( +Mcu-M~ *u,M,+u(è dM,. =,(

9: l, cU|,i1Û,( M,M~i"=( (.- /u(, +i,,= dM,. ~(. M**Muè(.r ~M

.i~=-ui, d= mciu,- 1iè-m s+y(.- ^ duè( ~M -=M,-u-| 1u,u1M~( M..=èM,- £=.-(

~M è(,-M/u~u-|C c(=- .( -èi=e(è (, d(Uiè. d( ~M +McM+u-| M+-=(~~( d( cèid=+-ui,4

9p \|M,1iu,.T i, .Mu- -=y=, £(= d=ici~u.-u-=( (, -(è1(. d( cèufT ^

~M _(è-èM,dT Me(+ +Uiuf d( +McM+u-|.T c(=- +i,d=uè( ^ =, £(= (, -(è1(. d( -=M,-u-|T ^ ~M )i=è,i- sdM,. ~(-=(~ ~(. +McM+u-|. £i=(,- ~( è"~( d(. -=M,-u-|.CT cMè+( -=( ~(. (,-è(cèu.(. .M-=è(,- .n.-|1M-u-=(1(,- ~(. cc4 W87WI*NiuPDTTSsEAV .PDuAL RDIT PA PNIé mALoAV GDST DPNLT SP _DEm DuuA.mAL RA oDAESoSTAL PA mDEAE RA .LN_Sm _SIDIuSAL Am INI PA .LN_Sm _SIDIuSALV

Sp uOc,v ,v êNq OAP-àcvq ,v NNE-b-qNO-mb ,c ONcE ,v P"mT-O T-bNbê-v" (D..APNIT PAT F=.NmFgTATV - UrDumSNIIDSLA ATm RSTmSIum RA PrAImLA.LSTAV vP oDAESoSTA PD LAImDnSPSm* RE uD.SmDP _SIDIuSAL sErSP AIéDéA RDIT PrAImLA.LSTAV - UrAImLA.LSTA ATm uNImLlP*A .DL PrDumSNIIDSLAj APPA uFALuFA RNIu q oDAESoSTAL PA mDEAE RA .LN_Sm _SIDIuSAL RE uD.SmDP _SIDIuSAL _NELIS .DL PrDumSNIIDSLAV vP = D DRN.mSNI .DL PrAImLA.LSTA RA PD _NIumSNI

NnçAumS_ RA PrDumSNIIDSLA "ûV

yPNLTd TS PA .LNREumAEL oDAESoSTA PA .LN_Sm _SIDIuSALd SP .LNRESm çETsErq uA sEA (rQ/) î #rQ/) QNE . î #rQ/) ) ":V UA uNo.NLmAoAIm .LSoDSLA RE .LNREumAEL TALD RNIu RA oDAESoSTAL PA mDEAE RA .LN_Sm _SIDIuSALd urATm q RSLA RA .LNRESLA Am RrSIeATmSL çETsErq uA sEA PA mDEAE RA .LN_Sm _SIDIuSAL uNooAIuA q R*uLN"mLA QRDIT PrF=.NmFgTA RrEISuSm* RE oDAESoEo)V xmERSNIT RNIu PAT uNIRSmSNIT RA PD oDAESoSTDmSNI RE mDEAE RA .LN_Sm _SIDIuSAL QINET *uDLmNIT Pr*mERA RAT uNIRSmSNIT RA TAuNIR NLRLA Am INET "" tI TE..NTA TNEeAIm sEA PA uD.SmDP oDm*LSAP ATm SI_SISoAIm RSeSTSnPA Am sEA PD mDSPPA RAT SITmDPPDmSNIT .AEm eDLSAL uNImSIKoAImV #V hALmFNoSAE .LAIR .DL AAEAo.PAj

RQsdD) î yQD) £ hQsdD)

N> R TNIm PAT R*.AITAT mNmDPAT q uNELm mALoAd y PAT uFDLéAT mNmDPAT AI uD.SmDPd hd PAT uFDLéAT RrAAE.PNSmDmSNIê D ATm EI .DLDogmLA RA mDSPPA RAT *sES.AoAImT Am s ATm PD sEDImSm* .LNRESmA .DL EISm* RA mAo.T Q#_ hx(fètGvxC Q#V) d 3~ )eu=li| 7eu e|=èe£èlueu |~=li|~(luoeuT pCTr*uLSm p MV #NIuELLAIuA DeAu uNA__SuSAIm _SAEA RA uD.SmDP _SIDIuSAL BE..NTNIT sErSP = DSm uNIuELLAIuAV UA .LSAE . ATm DPNLT RNII* Am uNITmDIm Q.Q/) î .)V aNET RAeNIT DPNLT _DSLA sEAPsEAT F=.NmFgTAT DE TEçAm RE uD.SmDPV pNEL TSo.PS_SAL éLDIRAoAImd TE..NTNIT sEA PA uD.SmDP oDm*LSAP TNSm SI_SISoAIm RSeSTSnPAd sErSP = DSm RAT LAIRAoAImT uNITmDImT RDIT PrETDéA RE uD.SmDP oDm*LSAPj SP = D uNA__SuSAIm _SAEA RA uD.SmDP oDm*LSAPV BS AI .PET PA .LSAE pï$ RE uD.SmDP oDm*LSAP ATm _SAEAd DPNLT SP = D .LN.NLmSNIIDPSm* AImLA uD.SmDP _SIDIuSAL Am .LNREumSNIj SP = D EI uNA__SuSAIm _SAEA RA uD.SmDP _SIDIuSALd INm* ,V

UA mDEAE RA .LN_Sm _SIDIuSAL Tr*uLSmj

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UA oDAESoEo RA uA mDEAEd AI _NIumSNI RA /d ATm NnmAIEd .NELj

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R/ wRP #rQ/) î #GQ/) v UD _SLoA .LNRESm QTS . ATm uNITmDIm Am TrSP = D EI uNA__SuSAIm RA uD.SmDP _SIDIuSAL)d DE .NSIm ISISoI RA TNI uNKm oN=AIV tI .AEm SuS _DSLA

RAEAE éLDIRAT LAoDLsEATV

- UA .NSIm N.mSoEo ATm DETTS PA .NSIm Rr*sESPSnLA RA PNIé mALoA RA PrAImLA.LSTA RDIT PA uDT RA oDAESoSTDmSNI RE .LN_Sm _SIDIuSALV #AmmA uNWIuSRAIuA IA RNSm .DT _DSLA .AITAL sEA PA LDSTNIIAoAIm AI mALoAT RA mDEAE RA .LN_Sm ATm R*IE* RrD..NLmV xI A__Amd PD oDAESoSTDmSNI mLDRSmSNIIAPPA RE .LN_Sm IA RNIIA EIA mAPPA TNPEmSNI sErq PNIé mALoAd D.LgT AImL*A RA INEeAPPA _SISAT RDIT PD nLDIuFAd DPNLT sEA RDIT PD oDAESoSTDmSNI RE mDEAE RA .LN_Smd SP Ir= D .DT nATNSI RrAIeSTDéAL RrDEmLAT _SLoAT IS PA PNIé mALoA RA PD oSuLNi*uNINoSA mLDRSmSNIIAPPAV GDST uNooA SP = D mNEm RA ocoA oNnSPSm* RE uD.SmDPd PD TNPEmSNI IrATm

.DT INI .PET RA uNELm mALoA RDIT PA TAIT mLDRSmSNIIAPê APPA .AEm RNIu cmLA sEDPS_S*A RrSImALmAo.NLAPPA NE RA .ALoDIAImAV

OA .PETd RDIT PD oDAESoSTDmSNI RE mDEAE RA .LN_Smd TS q PNIé mALIAd RAT AImL*AT TA .LNRESTAIm RDIT PD nLDIuFA ";d NE TS q uNELm mALoA PA oDLuF* ATm uNImATmDnPAd SP TA .AEm sEA PA .LSAE RATuAIRA DE ISeADE RE oSISoEo RE uNKm oN=AId DEsEAP uDT PA .LN_Sm _SIDIuSAL TrDIIEPAV xmd RDIT uA uDT .L*uSTd PD TNPEmSNI RA PD oDAESoSTDmSNI RE .LN_Sm RAeSAIm *éDPA q PD TNPEmSNI RA PD oDAESoSTDmSNI RE mDEAE RA .LN_SmV GDST DPNLT SP = D EIA .LNnDnSPSm* So.NLmDImA .NEL sEA PA LAIRAoAIm RE oDLuF* _SIDIuSAL TNSm TE.*LSAEL QRE TAEP _DSm RA PrAAESTmAIuA RrEI mDEAE RrSIm*Lcm .NTSmS_)V - UrN.mSoEo IA R*.AIR .DT RE .LSAEV ONIu PD sEDImSm* .LNRESmA IA eDLSA .DT TS PA .LSAE eDLSAd uA sES uNLLAT.NIR q EI uNo.NLmAoAIm TNEeAIm NnTALe*V UA .LSAE Ir*mDIm .PET EI SIRSuDmAEL RA .SPNmDéA RE eNPEoA .LNRESm .DL PD _SLoAd PrN.mSIEI IA TDmST_DSm .DT I*uATTDSLAoAIm PA oDLuF* QNEj SP = D *sESPSnLA DeAu LDmSNIIAoAIm) uNooA PA TE..NTA PD mF*NLSA I*NÜ uPDTTSsEA QNI .DLPA RA mevlrUéC)j AI A__Amd q uNELm mALoAd PA uNKm oDLéSIDP IrATm .DT *éDP DE .LSAEV pPET AAEDumAoAImd PA uPADLSIé RAeLDSm cmLA LAR*oNImL*V tI .AEm AIuNLA INmAL sEA PrN.mSoEo *mDIm DETTS PA .NSIm mAP sEA PA .LN_Sm _SIDIuSAL oDLéSIDP TNSm *éDP DE .LN_Sm _SIDIuSAL IN=AI NE mAP sEA PA .LN_Sm _SIDIuSAL IN=AI TNSm oDAESoEod PrAImLA.LAIAEL uNIuELLAImSAP .AEm TAonPAL mAISL uNo.mA RE .LSAEV xI A__Amd PD uNIRSmSNI Rr*sESPSnLA uSiRATTET .AEm DETTS Tr*uLSLAj . i #rQ/) î . i #GQ/) "V GNIN.NPA DeAu uNA__SuSAIm _SAEA RA uD.SmDP _SIDIuSAL UA oNIN.NPA ATm uNI_LNIm* q EIA uNELnA RA RAoDIRAj PA .LSAE .Q/) ATm eDLSDnPAV UA mDEAE RA .LN_Sm _SIDIuSAL Tr*uLSmj

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(rQ/) , / i , (Q/) #rQ/) , / i , #Q/) (rQ/) i #rQ/) î (GQ/) i #GQ/) "+ #NooA hALIDLR ■EALLSAI PA TNEPSéIAd uAuS ATm *mLDIéAL DE oNRgPA RA yLLNbiOAnLAEd RDIT PAsEAP PA INonLA RA _SLoAT ATm RNII* DE R*.DLmd Am _DSm SImALeAISL PD INmSNI uNo.PAAEA RrSIuALmSmERA .NEL AAE.PSsEAL PA .F*INogIA RA uL*DmSNI RAT _SLoAT Q■Cx((vxa N.V uSmd .V Mû;)V

N> (GQ/) î (Q/)k/ ATm PD LAuAmmA oN=AIIAV

UA oDAESoEo RE mDEAE RA .LN_Sm _SIDIuSAL ATm RNIu DmmASIm SuS PNLTsEA PD RS__*LAIuA AImLA LAuAmmA oDLéSIDPA Am uNKm oDLéSIDP ATm *éDP q PD RS__*LAIuA AImLA LAuAmmA oN=AIIA Am uNKm oN=AId urATm q RSLA PNLTsEA PA .LN_Sm _SIDIuSAL oDLéSIDPd D..NLm* aéid PD RALISgLA EISm* .LNRESmAd ATm *éDP DE .LN_Sm _SIDIuSAL oN=AIê urATm DETTS PA .NSIm RA oDAESoEo RE .LN_Sm _SIDIuSAL oN=AIV UD _SLoA .LNRESm RNIud PNLTsErAPPA eAEm oDAESoSTAL TNI mDEAE RA .LN_Sm _SIDIuSAL Qq uNA__SuSAIm _SAEA RA uD.SmDP _SIDIuSAL)d EIA sEDImSm* mAPPA sEA TNI .LN_Sm _SIDIuSAL IN=AI TNSm â9=SIo QAm INI .DT mAPPA sEA TNI .LN_Sm _SIDIuSAL TNSm oDAESoEo NE sEA TNI .LN_Sm _SIDIuSAL oDLéSIDP TNSm IEPd uNooA RDIT PA uDT mLDRSmSNIIAP)V vP _DEm LAoDLsEAL sEA uA .NSIm IA uNITmSmEA .DT PA .NSIm Rr*sESPSnLA RA PNIé mALoA RE oNIN.NPAEL mLDRSmSNIIAP

QsESd q PNIé mALoAd *éDPSTAd (rQ/) Am o,Mt=u. ) Am IA uNLLAT.NIR .DT INI .PET DE .NSIm RA oSISoEo RA uNKm oN=AIV

#AuS é*I*LDPSTA PA L*TEPmDm .L*u*RAIm Am uNLLAT.NIR A__AumSeAoAIm DE uNo.NLmAoAIm NnTALe* RAT _SLoATj EIA _SLoA .LNRESm Am SIeATmSm mDIm sEA PA .LN_Sm _SIDIuSAL D..NLm* .DL PrEISm* TE..P*oAImDSLA ATm TE.*LSAEL NE DE oNSIT *éDP DE .LN_Sm _SIDIuSAL oN=AI D..NLm* .DL PAT DEmLAT EISm*TV #AuS TAonPA uNLLAT.NIRLA q EI uNo.NLmAoAIm nADEuNE. .PET ùuD.SmDP TDeSIéù sEA uAPES sES uNITSTmA q oDAESoSTAL PD LAuAmmA .LN_SmDnPAd urATm q RSLA PA .LN_Sm _SIDIuSALV ûV #DT é*I*LDPj oNIN.NPA DeAu _NIumSNI RA uD.SmDPquotesdbs_dbs28.pdfusesText_34

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