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*(1(5$725(1 *e1e5$7(856

%(1=,1( (66(1&(

GHWDLOV ZZZ Y\QFNLHU EL]

7$.7 7(036

0$18$/ 67$57

7$.7 7(036

(/(&75,& 67$57

9 :

*(

LQFO EDWWHULM EDWWHULH LQFO

SN FY + DXWRQRPLH 2UGHU QU

¼ 9 0$18$/ 67$57

7$.7 7(036

:

*(

SN FY + DXWRQRPLH 2UGHU QU

¼

9

:

*(

SN FY + DXWRQRPLH 2UGHU QU ¼

*(

SN FY + DXWRQRPLH 2UGHU QU

9

:

¼

*( 0$1 SN FY + DXWRQRPLH 2UGHU QU ¼

0DFKLQH

7RRO

9

:

*(

SN FY + DXWRQRPLH 2UGHU QU

¼

9

N9$


722/ 6725$*( 722/ 6725$*(

',(6(/

(/(&75,& 67$57

*(

9

N9$

SN FY + DXWRQRPLH 2UGHU QU ¼

LQFO EDWWHULM EDWWHULH LQFO

0$18$/ 67$57

*(

9

N9$

9

N9$

SN FY + DXWRQRPLH 2UGHU QU

¼

',(6(/ :(/'(5 (/(&75,& 67$57

*(/

/DVJHQHUDWRU *URXSH GLHVHO VRXGHXVH SN FY + DXWRQRPLH 2UGHU QU

¼ LQFO EDWWHULM EDWWHULH LQFO

/DVNDEHOVHW 00$ .LW GH VRXGDJH 00$ PPð P '; 2UGHU QU

¼ :$7(53203(1 3203(6 ¬ ($8

%(1=,1( (66(1&(

:3

9XLOZDWHUSRPS 3RPSH j HDX XVpH ´ DDQVOXLWLQJ UDFFRUG SN FY &DS OW PLQ 2UGHU QU

:3

9XLOZDWHUSRPS 3RPSH j HDX XVpH ´ DDQVOXLWLQJ UDFFRUG SN FY &DS OW PLQ 2UGHU QU

0$18$/ 67$57

¼ 0$18$/ 67$57

¼

0DFKLQH

7RRO


672) (1 :$7(5=8,*(56 $63,5$7(856 ($8 (7 32866,Ê5(

1250$/ 7HFKQRFOHDQHU

O

%8'*(7 7(&+12&/($1(5 : 7DQN &XYH O =XLJNUDFKW 3XLVVDQFH P%DU 2UGHU QU

¼

3&

O

6PDOO DQG VWURQJ

3&3 O LQ

6SUD\ &OHDQ 'U\

&$5 6($7 &/($1(5

5HLQLJHQ HQ GURJHQ 1HWWR\HU HW VpFKHU

LQFO

LQFO

3&

3&3

¼

¼

: 7DQN &XYH SRO\SURS\OHQH O =XLJNUDFKW 3XLVVDQFH P%DU NJ 2UGHU QU

3&

O

: 7DQN &XYH SRO\SURS\OHQH O =XLJNUDFKW 3XLVVDQFH P%DU NJ 2UGHU QU

3& 7(

O

%LJ DQG VWURQJ LQFO 6FKXNR W\SH FRQWDFW PD[ : 9

LQFO

3& 7RROV (YROXWLRQ

3&

: 7DQN &XYH SRO\SURS\OHQH O =XLJNUDFKW 3XLVVDQFH P%DU NJ 2UGHU QU

¼

0DFKLQH

7RRO

: 6WRSFRQWDFW PD[ RXWSXW 3XLVVDQFH SULVH PD[ : 7DQN &XYH SRO\SURS\OHQH O =XLJNUDFKW 3XLVVDQFH P%DU NJ 2UGHU QU

¼

([FO


9/2(,672) /,48,'(6 722/ 6725$*( 722/ 6725$*( '522* 6(&

,1'8675< 3& ,12; O

3& 73 3

:RUNVKRS PRGHO

3 5 ( 6 7 , * , 2 ( 4 8 $ / , 7 ¬ 0 $ ' ( , 1 , 7$ /<

O

%OD]HQ 6RXIÀHU

6FKXNR W\SH FRQWDFW 9 PD[ :

3&

3& 73 3ODVWLF

: 7DQN &XYH LQR[ O =XLJNUDFKW 3XLVVDQFH P%DU NJ 2UGHU QU

¼

3& 73

LQFO

O

,12;

: 6WRSFRQWDFW PD[ RXWSXW 3XLVVDQFH SULVH PD[ : 7DQN &XYH SRO\SURS\OHQH O =XLJNUDFKW 3XLVVDQFH P%DU NJ 2UGHU QU LQFO

¼

3& 37 $

O

%OD]HQ 6RXIÀHU

%OD]HQ 6RXIÀHU ,QGXVWU\ W\SH FRQWDFW 9 PD[ :

6FKXNR W\SH FRQWDFW 9 PD[ : 2XWOHW DLU SRVW ¿OWHU

[) [0 ´

3& 7ZLQ3RZHU

3& 3ODVWLF 7RROV $LU

: 6WRSFRQWDFW PD[ RXWSXW 3XLVVDQFH SULVH PD[ : /XFKWGUXN DDQVOXLWLQJ 5DFFRUG DLU FRPSULPp 7DQN &XYH LQR[ O =XLJNUDFKW 3XLVVDQFH P%DU NJ 2UGHU QU ¼ LQFO

: 6WRSFRQWDFW PD[ RXWSXW 3XLVVDQFH SULVH PD[ : /XFKWGUXN DDQVOXLWLQJ 5DFFRUG DLU FRPSULPp [ ´0 7DQN &XYH SRO\SURS\OHQH O =XLJNUDFKW 3XLVVDQFH P%DU NJ 2UGHU QU ¼ LQFO

0DFKLQH

7RRO


&2035(6625(1 &2035(66(856 $,5&/$66,& 02%,/%2<

8QLYHUVHHO LQ]HWEDDU YRRU JHEUXLN LQ PRQWDJH HQ YRRU GH GRH KHW ]HOYHU (HQ WKHUPLVFKH PR WRUEHYHLOLJLQJ EHVFKHUPW GH PRWRU WHJHQ RYHUYHUKLWWLQJ HQ RYHUEHODVWLQJ 7UDSORRV LQVWHOOHQ ZHUNGUXN 7ZHH PDQRPHWHUV YRRU WDQN HQ ZHUNGUXN 'H NHWHO LV JHSRHGHUJHODNW 9RODXWRPD WLVFKH LQ HQ XLWVFKDNHOLQJ *HERXZG YROJHQV GH JHOGHQGH &( QRUPHQ $LUFODVVLF 0RELOER\ &RPSUHVVHXUV SRUWDEOHV SRXU O¶XWLOLVDWLRQ XQLYHUVHOOH 3URWHFWLRQ WKHUPL TXH GX PRWHXU FRQWUH OHV VXUFKDUJHV HW OHV VXUFKDXIIHV 'HX[ PDQRPqWUHV SRXU OD SUHVVLRQ GDQV OD FXYH HW GDQV OH WUDYDLO &XYH HVW HQ SHLQWXUH pSR[\ )DEULTXp VHORQ OHV QRUPHV &(

$,5%2< 6,/(1&( 352

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+$1'< 2)

Y O P# EDU %DU NZ .HWHOLQKRXG FRQWHQX GH OD FXYH O [ [ PP NJ ¼ 2UGHUQU

9 O P# EDU EDU N: .HWHOLQKRXG &RQWHQX GH OD FXYH O [ [ PP NJ ¼ 2UGHUQU

9 O P# EDU EDU N: .HWHOLQKRXG &RQWHQX GH OD FXYH O [ [ PP NJ 2UGHUQU

&203$&7 $,5 (

02%,/%2<

02%,/%2< (

9 O P# EDU EDU N: .HWHOLQKRXG &RQWHQX GH OD FXYH O [ [ PP NJ ¼ 2UGHUQU

9 O P# EDU EDU N: .HWHOLQKRXG &RQWHQX GH OD FXYH O [ [ PP NJ 2UGHUQU

9 O P# EDU EDU N: .HWHOLQKRXG &RQWHQX GH OD FXYH O [ [ PP NJ 2UGHUQU

0DFKLQH

7RRO

¼

¼

¼


722/ 6725$*( 722/ 6725$*(

$,567$5

$,567$5

$,567$5

9 O P# EDU EDU N: .HWHOLQKRXG &RQWHQX GH OD FXYH O [ [ PP 2UGHUQU

9 O P # EDU EDU N: .HWHOLQKRXG &RQWHQX GH OD FXYH O [ [ PP 1(: 2UGHU QU

[ 9 O P # EDU EDU N: .HWHOLQKRXG &RQWHQX GH OD FXYH O [ [ PP 1(: 2UGHU QU

$,567$5

$,5352),

$,5352), 6,/(17

9 O P # EDU EDU N: .HWHOLQKRXG &RQWHQX GH OD FXYH O [ [ PP 2UGHU QU

[ 9 O P # EDU EDU N: .HWHOLQKRXG &RQWHQX GH OD FXYH O [ [ PP ¼ 2UGHU QU

9 O P # EDU EDU N: .HWHOLQKRXG &RQWHQX GH OD FXYH O [ [ PP 2UGHU QU

¼

¼

¼ ¼

¼ ¼

¼

0DFKLQH

7RRO


/8&+7'58.*(5(('6&+$3 287,/6 '( 35(66,21 '¶$,5 $5 $5

6ODJPRHUVOHXWHO GUDDLEDUH NRSSHOLQJ /LQNV UHFKWV GUDDLHQG 9LHUNDQWH DDQVOXLWLQJ YRRU VODJGRSSHQ &OLTXHW j FKRF 5DFFRUG SLYRWDQW j 7RXUQH GURLWH JDXFKH 5DFFRUG FDUUp SRXU GRXLOOHV j FKRF /XFKWYHUEUXLN ELM LQWHUYDO &RQVRPPDWLRQ G¶DLU LQWHUYDOOH O PLQ

$5

$DQVOXLWLQJ 5DFFRUG ³ 2UGHU QU ¼

$5

$DQVOXLWLQJ 5DFFRUG ³ 2UGHU QU ¼

7$ 7$

+DDNVH VODJPRHUVOHXWHO VHW %HYDW VODJGRSSHQ YDQ WRW PP YHUOHQJVWXN XQLYHUVHOH NRSSHOLQJ HQ PLQL ROLHYHUQHYHODDU &OLTXHW j FKRF VHW &RQWLHQW GRXLOOHV j FKRF GH j PP UDOORQJH UDFFRUG XQLYHUVHO HW PLQL OXEUL¿FDWHXU

7$

$DQVOXLWLQJ 5DFFRUG ³ 2UGHU QU ¼

7$

$DQVOXLWLQJ 5DFFRUG ³ 2UGHU QU ¼

56 352

&203$&7 352

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$DQVOXLWLQJ 5DFFRUG LQFK :HUNGUXN 3UHVVLRQ GH WUDYDLO EDU /XFKWYHUEUXLN ODVWORRS &RQVRPPDWLRQ G¶DLU DYHF RXWLO O PLQ /XFKWYHUEUXLN OHHJORRS &RQVRPPDWLRQ G¶DLU VDQV RXWLO O PLQ .RSSHO UHFKWVORRS &RXSOH GURLWH 1P .RSSHO OLQNVORRS &RXSOH JDXFKH 1P NJ 2UGHU QU

+DDNVH VODJPRHUVOHXWHO ´ 5XEEHU NRS YRRU NUDVYULM ZHUNHQ &Op j FKRF ´ 7rWH HQ FDRXWFKRXF SRXU WUDYDLOOHU VDQV UD\XUHV

¼

6ODJPRHUVOHXWHO ´ 0HW FRPSRVLHW EHKXL]LQJ XLW VODJYDVWH NXQVWVWRI &Op j FKRF ´ $YHF XQH FRQVLVWDQFH GH FRPSRVLWH HQ FDRXWFKRXF

¼

:6 352

+DDNVH VOLMSHU 9RRU VFKLMYHQ WRW GLDPHWHU PP 0HOHXVH G¶DQJOH 3RXU GLVTXHV MXVTXH PP GH GLDPqWUH

676 352

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$DQVOXLWLQJ 5DFFRUG PP :HUNGUXN 3UHVVLRQ GH WUDYDLO EDU /XFKWYHUEUXLN &RQVRPPDWLRQ G¶DLU O PLQ 7RHUHQWDO 5pJLPH PLQ J 2UGHU QU

¼

0DFKLQH

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5HFKWH VOLMSHU VHW 6HW PHOHXVH j SLQFH

¼


722/ 6725$*( 722/ 6725$*( 77'$: & 77'$: 0

6ODJPRHUVOHXWHO 77'$: & PHW EHKXL]LQJ LQ FRPSRVLHW 77'$: 0 PHW HHQ VWDQGDDUG EHKXL]LQJ 2PNHHUEDDU WUDSV YRRUXLW HQ WUDSV DFKWHUXLW &Op j FKRF /H PRGqOH 77'$: & W\SH FRPSRVLWH 77'$: 0 W\SH VWDQGDUG 5pYHUVLEOH YLWHVVHV YHUV O¶DYDQW HW YLWHVVHV YHUV O¶DUULqUH

7$

6ODJPRHUVOHXWHO VHW 2PNHHUEDDU WUDSV YRRUXLW HQ WUDSV DFKWHUXLW %HYDW VODJGRSSHQ YDQ WRW PP YHUOHQJVWXN GLHSH ZLHOGRSSHQ HQ PLQL ROLHYHUQHYHODDU &Op j FKRF VHW 5pYHUVLEOH YLWHVVHV PDUFKH DYDQW PDUFKH DUULqUH FRQWLHQW GRXLOOHV j FKRF GH j PP UDOORQJH GRXLOOHV SURIRQGHV HW PLQL OXEUL¿FDWHXU

77'$: &

&20 326,7( 2UGHU QU $DQVOXLWLQJ 5DFFRUG ³

77'$: 0

7$ &

&20 $DQVOXLWLQJ 5DFFRUG ³ 326,7( 2UGHU QU

7$ 0

¼

¼

¼

¼

/,*+7 0(7$/ 2UGHU QU $DQVOXLWLQJ 5DFFRUG ³

352

/,*+7 $DQVOXLWLQJ 5DFFRUG ³ 0(7$/ 2UGHU QU

6ODJPRHUVOHXWHO ´ 0HW FRPSRVLHWEH KXL]LQJ XLW VODJYDVWH NXQVWVWRI &Op j FKRF ´ 3RLJQpH UHFRXYHUWH HQ FDRXWFKRXF

352

$DQVOXLWLQJ 5DFFRUG LQFK :HUNGUXN 3UHVVLRQ GH WUDYDLO EDU /XFKWYHUEUXLN ODVWORRS &RQVRPPDWLRQ G¶DLU DYHF RXWLO O PLQ /XFKWYHUEUXLN OHHJORRS &RQVRPPDWLRQ G¶DLU VDQV RXWLO O PLQ .RSSHO UHFKWVORRS &RXSOH GURLWH 1P .RSSHO OLQNVORRS &RXSOH JDXFKH 1P NJ 2UGHU QU

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¼

6ODJPRHUVOHXWHO ´ 0HW FRPSRVLHWEHKXL]LQJ XLW VODJYDVWH NXQVWVWRI &Op j FKRF ´ 3RLJQpH UHFRXYHUWH HQ FDRXWFKRXF

¼

%0 352

%RRUPDFKLQH /LQNV UHFKWV GUDDLHQG 0HW FRPSRVLHWEHKXL]LQJ 3HUFHXVH 5pYHUVLEOH JDXFKH GURLWH 3RLJQpH UHFRXYHUWH HQ FDRXWFKRXF :HUNGUXN 3UHVVLRQ GH WUDYDLO EDU /XFKWYHUEUXLN &RQVRPPDWLRQ G¶DLU O PLQ 7RHUHQWDO 5pJLPH PLQ J 2UGHU QU

¼

0+% 352

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$DQVOXLWLQJ 5DFFRUG PP :HUNGUXN 3UHVVLRQ GH WUDYDLO EDU /XFKWYHUEUXLN &RQVRPPDWLRQ G¶DLU O PLQ $DQWDO VODJHQ 1RPEUH GH FRXSHV PLQ NJ 2UGHU QU

¼

0DFKLQH

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6/,-30$&+,1(6 0$&+,1(6 ¬ $))Ó7(5 'H UREXXVWH SROLHUPDFKLQH YRRU KHW SROLHUHQ YDQ PH KDUGH SROLHUVFKLMI 'HV SROLVVRLUV UREXVWHV SRXU OH SROLVVDJH GX PpWDO /

7\SH 460 4XDQWXP 7\SH 3UR¿

460

6OLMS DIP 'LP PHXOH [ [ PP : ± 9 NJ 2UGHU QU

¼ 460

460

6OLMS DIP 'LP PHXOH [ [ PP : ± 9 NJ 2UGHU QU

6OLMS DIP 'LP PHXOH [ [ PP : ± 9 NJ 2UGHU QU

¼

360

¼

¼

3ROLHUVFKLMI DIPHWLQJHQ 'LPHQVLRQV 'LVTXH GH SROLVVDJH [ [ PP : ± 9 NJ 2UGHU QU

¼

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3ROLHUVFKLMI DIPHWLQJHQ 'LPHQVLRQV 'LVTXH GH [ [ PP : ± [ 9 NJ 2UGHU QU

7\SH 60 2SWLPXP 7\SH LQGXVWULHO

60

6OLMS DIP 'LP PHXOH [ [ PP : ± 9 NJ 2UGHU QU

60

¼

60

60

6OLMS DIP 'LP PHXOH [ [ PP : ± 9 NJ 2UGHU QU

6OLMS DIP 'LP PHXOH [ [ PP : ± [ 9 NJ 2UGHU QU

¼

¼

6OLMS DIP 'LP PHXOH [ [ PP : ± [ 9 NJ 2UGHU QU ¼

60

6OLMS DIP 'LP PHXOH [ [ PP : ± [ 9 NJ 2UGHU QU ¼

60

60

0DFKLQH

7RRO

:DQGKRXGHU YRRU VOLMS HQ SROLHUPDFKLQHV 460 60 HQ 360 6RFOH PXUDO SRXU WRXUHWV j PHXOHU ± SROLV VHXVHV 460 60 HW 360 $IPHWLQJHQ GLPHQVLRQV [ [ PP 2UGHU QU ¼


722/ 6725$*( 722/ 6725$*(

HWDOHQ 6WDQGDDUG JHOHYHUG PHW ]DFKWH HQ

+($/7+ 6$)(7< 0$76 )25 7+( :25.6+23

/LYUp GH VpULH GLVTXH j SROLU GRX[ HW GXU

Q H SROLVVDJH

360

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¼

GLNWH pSDLVVHXU PP GLNWH pSDLVVHXU PP

0DFKLQHYRHW YRRU VOLMS HQ SROLHUPDFKLQHV 460 60 HQ 360 6RFOH SRXU WRXUHWV j PHXOHU ± SROLVVHXVHV 460 60 HW 360 $IPHWLQJHQ 'LPHQVLRQV [ [ PP 2UGHU QU ¼

76

6FKLMIVFKXXU PDFKLQH 3RQFHXVH j GLVTXH

$QWL YHUPRHGKHLGVPDW LQ SYF 9RRUNRPW RYHUEHODVWH HQ YHUPRHLGH YRHWHQ HQ EHQHQ GRRU ODQJGXULJ VWLOVWDDQ ELM PDFKLQHV ZHUNWDIHOV 0HW JHOH YHLOLJKHLGVERRUG ]LMGHQ 2S DDQ YUDDJ OHYHUEDDU RS URO 7DSLV DQWL IDWLJXH HQ SYF (YLWH G¶DYRLU GHV MDPEHV HW GHV SLHGV ORXUGV HW IDWLJXpV G€ DX IDLW TXH YRXV UHVWH] GHERXW SHQGDQW XQH ORQJXH SpULRGH $YHF ERUG GH VpFXULWp MDXQH F{WpV /LYUDEOH HQ URXOHDX VXU GHPDQGH

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'LNWH (SDLVVHXU PP [ PP 2UGHU QU

¼

1(:

$)0 3

¼

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'

'LNWH (SDLVVHXU PP [ PP 2UGHU QU

¼

1(:

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%DQGVFKXXUPDFKLQH 3RQFHXVH GH EDQGH

'%6

9 N: :LHO URXH PP %DQG EDQGH [ PP NJ 2UGHU QU ¼

W\SH 9

0%60

'%6

[ 9 N: 2UGHU QU

¼

9 N: :LHO URXH PP %DQG EDQGH [ PP NJ 2UGHU QU ¼

1(:

0%60

9 N: :LHO URXH PP EDQG EDQGH [ PP NJ 2UGHU QU

0RGHO RS VRNNHO PRGqOH VXU VRFOH 0%60

VRNNHO YRRU VRFOH SRXU 0%60 2UGHU QU

¼

1(: %76

9ROWDJH 9 N: :LHO URXH PP %DQG EDQGH [ PP NJ 2UGHU QU

¼

0DFKLQH

7RRO

¼

1(:


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%60

[ 9 N: 6QHOKHLG 9LWHVVH P VHF EDQG EDQGH [ PP NJ 2UGHU QU

¼

RSWLRQHOH VOLMSUROOHQ URXOHDX[ RSWLRQQHOV 5360

%60

[ 9 N: 2UGHU QU ¼

[ 9 N: %DQG EDQGH [ PP 6QHOKHLG 9LWHVVH P VHF ± NJ 2UGHU QU

¼

6-25%$1'(1 6$1*/(6

%$6 %

/ P P %UHHGWH /DUJXHXU PP &DS /& GD1 &DS 6+) GD1 ¼ 2UGHU QU

%60

[ 9 N: 6QHOKHLG 9LWHVVH P VHF %DQG %DQGH [ PP NJ 2UGHU QU

%$3&/ 6

/ P P %UHHGWH ODUJXHXU PP &DS /& GD1 &DS 6+) GD1 ¼ 2UGHU QU

¼

%60

[ 9 N: 2UGHU QU ¼

%$6 $

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¼

0DFKLQH

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%

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N: 9 &DS PD[ PP LQ VWDDO GDQV O¶DFLHU 8LWODGLQJ &RXUVH GH OD EURFKH PP 2UGHU QU

N: 9 &DS PD[ PP LQ VWDDO GDQV O¶DFLHU 8LWODGLQJ &RXUVH GH OD EURFKH PP 2UGHU QU

N: 9 &DS PD[ PP LQ VWDDO GDQV O¶DFLHU 8LWODGLQJ &RXUVH GH OD EURFKH PP 2UGHU QU

[ 9 2UGHU QU

N: 9 &DS PD[ PP LQ VWDDO GDQV O¶DFLHU 8LWODGLQJ &RXUVH GH OD EURFKH PP 2UGHU QU

[ 9 2UGHU QU

%

[ 9 2UGHU QU

¼

¼

&0 0.

%

N: 9 &DS PD[ PP LQ VWDDO GDQV O¶DFLHU 8LWODGLQJ &RXUVH GH OD EURFKH PP 2UGHU QU

¼

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&0 0.

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%

[ 9 2UGHU QU

&0 0.

N: 9 &DS PD[ PP LQ VWDDO GDQV O¶DFLHU 8LWODGLQJ &RXUVH GH OD EURFKH PP 2UGHU QU

&0 0.


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% 352

[ 9 2UGHU QU ¼

% 352

N: 9 &DS PD[ PP LQ VWDDO GDQV O¶DFLHU 8LWODGLQJ &RXUVH GH OD EURFKH PP 2UGHU QU

¼

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% 352

% 352

¼

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% 352

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