17 avril 2015
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ª "JSCPSOF $PODFQU
NBDIJOFT SFQSFTFOU QPUFOUJBM EBOHFST BMPOH XJUI UIF QSPNJTF PG JOOPWBUJPOT OFX TFSWJDFT FDPOPNJD BDUJWJUJFT BOE KPCT 5IF TLZSPDLFUJOH DJWJMJBO 6"7 NBSLFU JT QSPKFDUFE UP CF XPSUI é CJMMJPO XPSMEXJEF CZ BOE DPVME SFBDI é NJMMJPO JO 'SBODF UIJT ZFBS 1SPKFDUT BSF CMPPNJOH TUBSU VQT TQSPVUJOH UIF SFTFBSDI DPNNVOJUZ JT HFUUJOH PSHBOJ[FE BOE UIF TFDUPS JT TUBSUJOH UP UBLF TIBQF *O UIJT IVTUMF BOE CVTUMF 5PVMPVTF BOE UIF SFHJPO BSF BU UIF DVUUJOH FEHF 7FSZ JOOPWBUJWF 4.&T 3 % OFUXPSLT FYQFSJNFOUBUJPO QMBUGPSNT BOE JOEVTUSJBM QSPKFDUT BSF BMM DPOUSJCVUJOH UP BO FNFSHJOH FDPTZTUFN UIBU JT TQSFBEJOH JUT XJOHT 5IF 3FHJPOBM $PVODJM IBT DPNNJUUFE é NJMMJPO GPS BT QBSU PG B QMBO UP TVQQPSU BOE EFWFMPQ UIF SPCPUJDT BOE VONBOOFE BFSJBM WFIJDMF JOEVTUSZ
$ FTU UPVU VO ÏDPTZTUÒNF OBJTTBOU RVJ EÏQMPJF TFT BJMFT VO ESPOF "JSCPSOF $PODFQU FO WPM "O FNFSHJOH FDPTZTUFN UIBU JT TQSFBEJOH JUT XJOHT BO "JSCPOF $PODFQU ESPOF JO GMJHIU
5PVMPVTF NFU MFT ESPOFT TVS PSCJUF
-FT ESPOFT DJWJMT TPOU FO QIBTF EF EÏDPMMBHF WFSUJDBM -F DIBNQ EFT BQQMJDBUJPOT FTU JNNFOTF FU PVWSF EF OPVWFBVY IPSJ[POT ÏDPOPNJRVFT $PODFOUSÏ EF DPNQÏUFODFT EBOT MB DPODFQUJPO FU MB SFDIFSDIF 5PVMPVTF WPJU ÏDMPSF EF USÒT CFMMFT KFVOFT QPVTTFT JOOPWBOUFT [ .BSD 1PVJPM
*
MT JOUSJHVFOU JMT BNVTFOU PV JORVJÍUFOU %FT JOTFDUFT E VO OPVWFBV HFOSF EF QMVT FO QMVT OPNCSFVY CPVSEPOOFOU BV EFTTVT EF OPT UËUFT $VSJFVY BHJMFT JMT TF QSPNÍOFOU BVUPVS EFT NPOVNFOUT TVSWPMFOU MFT DFOUSBMFT OVDMÊBJSFT PCTFSWFOU EFT TJUFT TFOTJCMFT -FT ESPOFT DJWJMT FOWBIJTTFOU OPUSF FTQBDF RVPUJEJFO %FT NBDIJOFT QPSUFVTFT EF EBOHFST QPUFOUJFMT NBJT BVTTJ E JOOPWBUJPOT FU EF OPVWFBVY TFSWJDFT E BDUJ WJUÊT ÊDPOPNJRVFT FU E FNQMPJT -F NBSDIÊ EV ESPOF DJWJM NPOUF FO GMÍDIF JM FTU FTUJNÊ Æ NJMMJBSE E FVSPT BV OJWFBV NPOEJBM Æ M IPSJ[PO JM QPVSSBJU BUUFJOESF MFT NJMMJPOT E FVSPT FO 'SBODF EÍT DFUUF BOOÊF -FT QSPKFUT GMFVSJTTFOU MFT TUBSU VQT HFSNFOU MB SFDIFSDIF T PSHBOJTF FU MB GJMJÍSF DPNNFODF Æ TF TUSVDUVSFS
*O 5PVMPVTF O¡ QSJOUFNQT TQSJOH
5PVMPVTF MBVODIJOH ESPOFT 5IF DJWJMJBO ESPOF TFDUPS JT TPBSJOH 5IF IVHF SBOHF PG BQQMJDBUJPOT PQFOT OFX FDPOPNJD IPSJ[POT 8JUI B DPODFOUSBUJPO PG TLJMMT JO EFTJHO BOE SFTFBSDI 5PVMPVTF JT XJUOFTTJOH UIF DSFBUJPO PG TPNF JOOPWBUJWF ZPVOH DPNQBOJFT
%
SPOFT JOUSJHVF BNVTF BOE EJTUVSC VT MJLF B OFX BOE HSPXJOH HFOVT PG IJHI UFDI JOTFDUT [PPNJOH PWFSIFBE $JWJMJBO ESPOFT o DVSJPVT BOE BHJMF o IPWFS BSPVOE NPOVNFOUT GMZ PWFS OVDMFBS QPXFS QMBOUT PCTFSWF TFOTJUJWF TJUFT BOE BSF HFOFSBMMZ JOWBEJOH PVS EBZ UP EBZ TQBDF 5IFTF
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i6TJOH B ESPOF JT NVDI DIFBQFS UIBO B IFMJDPQUFS BOE QSPEVDFT NPSF QSFDJTF XPSL i TBZT #FOKBNJO #FOIBSSPTI DP GPVOEFS PG %FMBJS 5FDI i5IJT UZQF PG ESPOF PQFOT OFX QFSTQFDUJWFT XJUI UIF GJSTU BVUIPSJ[BUJPO JO UIF XPSME UP GMZ JO DJWJM BJS TQBDF PVU PG SFBDI PG B IVNBO QJMPU w %FMBJS 5FDI GPVOEFE JO JO 5PVMPVTF CZ GPVS FOHJOFFST RVJDLMZ CFDBNF B LFZ QMBZFS JO 6"7T JODMVEJOH GPS UIF JOTQFDUJPO PG FOFSHZ JOGSBTUSVDUVSFT 5IF DPNQBOZ IBT TJHOFE DPOUSBDUT XJUI NBKPS BDDPVOUT 4/$' &3%' 7FPMJB (%' 4VF[ BOE 5FMFTQB[JP "GUFS SBJTJOH UISFF NJMMJPO FVSPT %FMBJS 5FDI DIBOHFE TDBMF JODSFBTFE JUT XPSLGPSDF QFPQMF BOE SFJOGPSDFE JUT QSPEVDUJPO GBDJMJUJFT 5IF DPNQBOZ OPX QSPEVDFT TZTUFNT QFS ZFBS GPS DMJFOUT BSPVOE UIF XPSME JODMVEJOH JO UIF .JEEMF &BTU "GSJDB BOE UIF 6OJUFE 4UBUFT )JHI GMZJOH FDPTZTUFN *O UIF BSFB PG SBJMXBZ NPOJUPSJOH 0/&3" UIF 'SFODI BFSPTQBDF SFTFBSDI DFOUFS BOE 4/$' 3ÏTFBV IBWF KVTU TJHOFE B GJWF ZFBS é NJMMJPO QBSUOFSTIJQ GPS UIF EFWFMPQNFOU PG TQFDJGJD ESPOF TPMVUJPOT 0/&3" JT POF PG UIF NBKPS QMBZFST DPOUSJCVUJOH UP UIF NPNFOUVN JO 5PVMPVTF CFUXFFO SFTFBSDI BOE BQQMJDBUJPOT 5IF PSHBOJ[BUJPO JT QBSU PG UIF ."7
ª %FMBJS 5FDI
&/26³5& < */4*%& */'0 >
%FMBJS 5FDI B SÏBMJTÏ VOF QSFNJÒSF FO 'SBODF FO DPMMBCPSBUJPO BWFD MB 4/$' BWFD TPO ESPOF %5 5IF %FMBJS 5FDI $PNQBOZ DPNQMFUFE B GJSTU JO 'SBODF JO DPMMBCPSBUJPO XJUI UIF 4/$' SBJMXBZ DPNQBOZ XJUI UIF %5 ESPOF
%BOT DFUUF FGGFSWFTDFODF 5PVMPVTF FU MB SÊHJPO TPOU FO QPJOUF %FT 1.& USÍT JOOP WBOUFT EFT SÊTFBVY EF SFDIFSDIF FU EÊWFMPQQFNFOU EFT QMBUFGPSNFT E FYQÊSJNFOUB UJPO EFT QSPKFUT JOEVTUSJFMTw $ FTU UPVU VO ÊDPTZTUÍNF OBJTTBOU RVJ EÊQMPJF TFT BJMFT -B 3ÊHJPO B FOHBHÊ VO QMBO EF NJMMJPOT E FVSPT TVS QPVS TPVUFOJS FU EÊWFMPQQFS MB GJMJÍSF 3PCPUJRVF FU %SPOFT - JOOPWBUJPO FTU TVS MFT SBJMT
&O BUUFOEBOU MB MJWSBJTPO EF DPMJT Æ EPNJDJMF DPNNF "NB[PO FO SËWF EFT DFOUBJOFT E BQQMJ DBUJPOT QFVWFOU TF EÊWFMPQQFS HSÄDF BVY ESPOFT JNBHFT TVSWFJMMBODF TÊDVSJUÊ USBOT QPSU BHSJDVMUVSFw - VO EFT DIBNQT E BDUJPO QSPNFUUFVST FTU MB TVSWFJMMBODF EFT DIBO UJFST PVWSBHFT E BSU PV JOGSBTUSVDUVSFT &O GÊWSJFS MB TPDJÊUÊ %FMBJS 5FDI B SÊBMJTÊ VOF QSFNJÍSF FO 'SBODF FO DPMMBCP SBUJPO BWFD MB 4/$' %VSBOU USPJT IFVSFT MF ESPOF %5 FOHJO EF LH ÊRVJQÊ E VOF DBNÊSB UIFSNJRVF JOGSBSPVHF B TVSWPMÊ MFT SBJMT TVS MB MJHOF 5PVMPVTF $BTUSFT $F CJKPV EF UFDIOPMPHJF SFUSBOTNFU DIBRVF TFDPOEF VOF QIPUP Æ MB TUBUJPO EF DPOUSÔMF %ÊUFDUJPO EFT WPMT EF DÄCMFT JOTQFDUJPO EFT QPOUT FU WJBEVDT EFT QBSPJT FU SFNCMBJTw j - VTBHF EV ESPOF FTU CFBVDPVQ NPJOT POÊSFVY RV VO IÊMJDPQUÍSF FU QFSNFU E JOUFSWFOJS EF GBÉPO QMVT QSÊDJTF FYQMJRVF #FOKBNJO #FOIBSSPTI DP GPOEBUFVS EF %FMBJS 5FDI %F OPVWFM MFT QFSTQFDUJWFT T PVWSFOU BWFD DF UZQF EF ESPOFT MF QSFNJFS BV NPOEF Æ PCUFOJS M BVUPSJTBUJPO E ÊWPMVFS EBOT MF DJFM DJWJM IPST EF QPSUÊF EV QJMPUF v %FMBJS 5FDI GPOEÊF FO Æ 5PVMPVTF QBS JOHÊOJFVST FTU SBQJEFNFOU EFWFOVF VO BDUFVS EF SÊGÊSFODF EBOT MF EPNBJOF EFT ESPOFT OPUBNNFOU QPVS M JOTQFDUJPO EFT JOGSBTUSVDUVSFT ÊOFSHÊUJRVFT -B TPDJÊUÊ B TJHOÊ EFT DPOUSBUT BWFD EFT HSBOET DPNQUFT 4/$' &3%' 7FPMJB (%' 4VF[ FU 5FMFTQB[JP "QSÍT MB MFWÊF EF USPJT NJMMJPOT E FVSPT %FMBJS 5FDI B DIBOHÊ EF EJNFOTJPO BVHNFOUÊ TFT FGGFDUJGT QFSTPOOFT FU SFOGPSDÊ TB QSPEVDUJPO - FOUSFQSJTF QFVU EÊTPSNBJT QSPEVJSF VOF DFOUBJOF EF ESPOFT QBS BO QPVS EFT DMJFOUT EV NPOEF FOUJFS OPUBNNFOU BV .PZFO 0SJFOU BVY UBUT 6OJT FO "NÊSJRVF EV 4VE PV FO "GSJRVF 6O ÏDPTZTUÒNF EF IBVU WPM
%BOT DF EPNBJOF EF MB TVSWFJMMBODF EFT WPJFT GFSSÊFT M 0OFSB MF DFOUSF GSBOÉBJT EF SFDIFS DIF BÊSPTQBUJBMF FU 4/$' 3ÊTFBV WJFOOFOU E FOHBHFS VO QBSUFOBSJBU TVS DJOR BOT E VO NPOUBOU EF NJMMJPOT E FVSPT QPVS MB NJTF BV QPJOU EF TPMVUJPOT ESPOFT TQÊDJGJRVFT - 0OFSB FTU M VO EFT BDUFVST NBKFVST EF MB EZOBNJRVF FODMFODIÊF Æ5PVMPVTF FOUSF SFDIFS DIF FU BQQMJDBUJPOT - PSHBOJTNF FTU QBSUJF QSFOBOUF EV SÊTFBV ."7 3FTFBSDI $FOUFS RVJ GÊEÍSF MFT BDUJWJUÊT 3 % BVUPVS EF M BYF EFT NJDSP ESPOFT -F DPOTPSUJVN BTTPDJF MF -BBT $/34 .ÊUÊP 'SBODF M &OBD M 6OJWFSTJUÊ 5PVMPVTF +FBO +BVSÍT MF -BQMBDF FU M *.'5
*O 5PVMPVTF O¡ QSJOUFNQT TQSJOH
ª "JSCPSOF $PODFQU
NBDIJOFT SFQSFTFOU QPUFOUJBM EBOHFST BMPOH XJUI UIF QSPNJTF PG JOOPWBUJPOT OFX TFSWJDFT FDPOPNJD BDUJWJUJFT BOE KPCT 5IF TLZSPDLFUJOH DJWJMJBO 6"7 NBSLFU JT QSPKFDUFE UP CF XPSUI é CJMMJPO XPSMEXJEF CZ BOE DPVME SFBDI é NJMMJPO JO 'SBODF UIJT ZFBS 1SPKFDUT BSF CMPPNJOH TUBSU VQT TQSPVUJOH UIF SFTFBSDI DPNNVOJUZ JT HFUUJOH PSHBOJ[FE BOE UIF TFDUPS JT TUBSUJOH UP UBLF TIBQF *O UIJT IVTUMF BOE CVTUMF 5PVMPVTF BOE UIF SFHJPO BSF BU UIF DVUUJOH FEHF 7FSZ JOOPWBUJWF 4.&T 3 % OFUXPSLT FYQFSJNFOUBUJPO QMBUGPSNT BOE JOEVTUSJBM QSPKFDUT BSF BMM DPOUSJCVUJOH UP BO FNFSHJOH FDPTZTUFN UIBU JT TQSFBEJOH JUT XJOHT 5IF 3FHJPOBM $PVODJM IBT DPNNJUUFE é NJMMJPO GPS BT QBSU PG B QMBO UP TVQQPSU BOE EFWFMPQ UIF SPCPUJDT BOE VONBOOFE BFSJBM WFIJDMF JOEVTUSZ
$ FTU UPVU VO ÏDPTZTUÒNF OBJTTBOU RVJ EÏQMPJF TFT BJMFT VO ESPOF "JSCPSOF $PODFQU FO WPM "O FNFSHJOH FDPTZTUFN UIBU JT TQSFBEJOH JUT XJOHT BO "JSCPOF $PODFQU ESPOF JO GMJHIU
5PVMPVTF NFU MFT ESPOFT TVS PSCJUF
-FT ESPOFT DJWJMT TPOU FO QIBTF EF EÏDPMMBHF WFSUJDBM -F DIBNQ EFT BQQMJDBUJPOT FTU JNNFOTF FU PVWSF EF OPVWFBVY IPSJ[POT ÏDPOPNJRVFT $PODFOUSÏ EF DPNQÏUFODFT EBOT MB DPODFQUJPO FU MB SFDIFSDIF 5PVMPVTF WPJU ÏDMPSF EF USÒT CFMMFT KFVOFT QPVTTFT JOOPWBOUFT [ .BSD 1PVJPM
*
MT JOUSJHVFOU JMT BNVTFOU PV JORVJÍUFOU %FT JOTFDUFT E VO OPVWFBV HFOSF EF QMVT FO QMVT OPNCSFVY CPVSEPOOFOU BV EFTTVT EF OPT UËUFT $VSJFVY BHJMFT JMT TF QSPNÍOFOU BVUPVS EFT NPOVNFOUT TVSWPMFOU MFT DFOUSBMFT OVDMÊBJSFT PCTFSWFOU EFT TJUFT TFOTJCMFT -FT ESPOFT DJWJMT FOWBIJTTFOU OPUSF FTQBDF RVPUJEJFO %FT NBDIJOFT QPSUFVTFT EF EBOHFST QPUFOUJFMT NBJT BVTTJ E JOOPWBUJPOT FU EF OPVWFBVY TFSWJDFT E BDUJ WJUÊT ÊDPOPNJRVFT FU E FNQMPJT -F NBSDIÊ EV ESPOF DJWJM NPOUF FO GMÍDIF JM FTU FTUJNÊ Æ NJMMJBSE E FVSPT BV OJWFBV NPOEJBM Æ M IPSJ[PO JM QPVSSBJU BUUFJOESF MFT NJMMJPOT E FVSPT FO 'SBODF EÍT DFUUF BOOÊF -FT QSPKFUT GMFVSJTTFOU MFT TUBSU VQT HFSNFOU MB SFDIFSDIF T PSHBOJTF FU MB GJMJÍSF DPNNFODF Æ TF TUSVDUVSFS
*O 5PVMPVTF O¡ QSJOUFNQT TQSJOH
5PVMPVTF MBVODIJOH ESPOFT 5IF DJWJMJBO ESPOF TFDUPS JT TPBSJOH 5IF IVHF SBOHF PG BQQMJDBUJPOT PQFOT OFX FDPOPNJD IPSJ[POT 8JUI B DPODFOUSBUJPO PG TLJMMT JO EFTJHO BOE SFTFBSDI 5PVMPVTF JT XJUOFTTJOH UIF DSFBUJPO PG TPNF JOOPWBUJWF ZPVOH DPNQBOJFT
%
SPOFT JOUSJHVF BNVTF BOE EJTUVSC VT MJLF B OFX BOE HSPXJOH HFOVT PG IJHI UFDI JOTFDUT [PPNJOH PWFSIFBE $JWJMJBO ESPOFT o DVSJPVT BOE BHJMF o IPWFS BSPVOE NPOVNFOUT GMZ PWFS OVDMFBS QPXFS QMBOUT PCTFSWF TFOTJUJWF TJUFT BOE BSF HFOFSBMMZ JOWBEJOH PVS EBZ UP EBZ TQBDF 5IFTF
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i6TJOH B ESPOF JT NVDI DIFBQFS UIBO B IFMJDPQUFS BOE QSPEVDFT NPSF QSFDJTF XPSL i TBZT #FOKBNJO #FOIBSSPTI DP GPVOEFS PG %FMBJS 5FDI i5IJT UZQF PG ESPOF PQFOT OFX QFSTQFDUJWFT XJUI UIF GJSTU BVUIPSJ[BUJPO JO UIF XPSME UP GMZ JO DJWJM BJS TQBDF PVU PG SFBDI PG B IVNBO QJMPU w %FMBJS 5FDI GPVOEFE JO JO 5PVMPVTF CZ GPVS FOHJOFFST RVJDLMZ CFDBNF B LFZ QMBZFS JO 6"7T JODMVEJOH GPS UIF JOTQFDUJPO PG FOFSHZ JOGSBTUSVDUVSFT 5IF DPNQBOZ IBT TJHOFE DPOUSBDUT XJUI NBKPS BDDPVOUT 4/$' &3%' 7FPMJB (%' 4VF[ BOE 5FMFTQB[JP "GUFS SBJTJOH UISFF NJMMJPO FVSPT %FMBJS 5FDI DIBOHFE TDBMF JODSFBTFE JUT XPSLGPSDF QFPQMF BOE SFJOGPSDFE JUT QSPEVDUJPO GBDJMJUJFT 5IF DPNQBOZ OPX QSPEVDFT TZTUFNT QFS ZFBS GPS DMJFOUT BSPVOE UIF XPSME JODMVEJOH JO UIF .JEEMF &BTU "GSJDB BOE UIF 6OJUFE 4UBUFT )JHI GMZJOH FDPTZTUFN *O UIF BSFB PG SBJMXBZ NPOJUPSJOH 0/&3" UIF 'SFODI BFSPTQBDF SFTFBSDI DFOUFS BOE 4/$' 3ÏTFBV IBWF KVTU TJHOFE B GJWF ZFBS é NJMMJPO QBSUOFSTIJQ GPS UIF EFWFMPQNFOU PG TQFDJGJD ESPOF TPMVUJPOT 0/&3" JT POF PG UIF NBKPS QMBZFST DPOUSJCVUJOH UP UIF NPNFOUVN JO 5PVMPVTF CFUXFFO SFTFBSDI BOE BQQMJDBUJPOT 5IF PSHBOJ[BUJPO JT QBSU PG UIF ."7
ª %FMBJS 5FDI
&/26³5& < */4*%& */'0 >
%FMBJS 5FDI B SÏBMJTÏ VOF QSFNJÒSF FO 'SBODF FO DPMMBCPSBUJPO BWFD MB 4/$' BWFD TPO ESPOF %5 5IF %FMBJS 5FDI $PNQBOZ DPNQMFUFE B GJSTU JO 'SBODF JO DPMMBCPSBUJPO XJUI UIF 4/$' SBJMXBZ DPNQBOZ XJUI UIF %5 ESPOF
%BOT DFUUF FGGFSWFTDFODF 5PVMPVTF FU MB SÊHJPO TPOU FO QPJOUF %FT 1.& USÍT JOOP WBOUFT EFT SÊTFBVY EF SFDIFSDIF FU EÊWFMPQQFNFOU EFT QMBUFGPSNFT E FYQÊSJNFOUB UJPO EFT QSPKFUT JOEVTUSJFMTw $ FTU UPVU VO ÊDPTZTUÍNF OBJTTBOU RVJ EÊQMPJF TFT BJMFT -B 3ÊHJPO B FOHBHÊ VO QMBO EF NJMMJPOT E FVSPT TVS QPVS TPVUFOJS FU EÊWFMPQQFS MB GJMJÍSF 3PCPUJRVF FU %SPOFT - JOOPWBUJPO FTU TVS MFT SBJMT
&O BUUFOEBOU MB MJWSBJTPO EF DPMJT Æ EPNJDJMF DPNNF "NB[PO FO SËWF EFT DFOUBJOFT E BQQMJ DBUJPOT QFVWFOU TF EÊWFMPQQFS HSÄDF BVY ESPOFT JNBHFT TVSWFJMMBODF TÊDVSJUÊ USBOT QPSU BHSJDVMUVSFw - VO EFT DIBNQT E BDUJPO QSPNFUUFVST FTU MB TVSWFJMMBODF EFT DIBO UJFST PVWSBHFT E BSU PV JOGSBTUSVDUVSFT &O GÊWSJFS MB TPDJÊUÊ %FMBJS 5FDI B SÊBMJTÊ VOF QSFNJÍSF FO 'SBODF FO DPMMBCP SBUJPO BWFD MB 4/$' %VSBOU USPJT IFVSFT MF ESPOF %5 FOHJO EF LH ÊRVJQÊ E VOF DBNÊSB UIFSNJRVF JOGSBSPVHF B TVSWPMÊ MFT SBJMT TVS MB MJHOF 5PVMPVTF $BTUSFT $F CJKPV EF UFDIOPMPHJF SFUSBOTNFU DIBRVF TFDPOEF VOF QIPUP Æ MB TUBUJPO EF DPOUSÔMF %ÊUFDUJPO EFT WPMT EF DÄCMFT JOTQFDUJPO EFT QPOUT FU WJBEVDT EFT QBSPJT FU SFNCMBJTw j - VTBHF EV ESPOF FTU CFBVDPVQ NPJOT POÊSFVY RV VO IÊMJDPQUÍSF FU QFSNFU E JOUFSWFOJS EF GBÉPO QMVT QSÊDJTF FYQMJRVF #FOKBNJO #FOIBSSPTI DP GPOEBUFVS EF %FMBJS 5FDI %F OPVWFM MFT QFSTQFDUJWFT T PVWSFOU BWFD DF UZQF EF ESPOFT MF QSFNJFS BV NPOEF Æ PCUFOJS M BVUPSJTBUJPO E ÊWPMVFS EBOT MF DJFM DJWJM IPST EF QPSUÊF EV QJMPUF v %FMBJS 5FDI GPOEÊF FO Æ 5PVMPVTF QBS JOHÊOJFVST FTU SBQJEFNFOU EFWFOVF VO BDUFVS EF SÊGÊSFODF EBOT MF EPNBJOF EFT ESPOFT OPUBNNFOU QPVS M JOTQFDUJPO EFT JOGSBTUSVDUVSFT ÊOFSHÊUJRVFT -B TPDJÊUÊ B TJHOÊ EFT DPOUSBUT BWFD EFT HSBOET DPNQUFT 4/$' &3%' 7FPMJB (%' 4VF[ FU 5FMFTQB[JP "QSÍT MB MFWÊF EF USPJT NJMMJPOT E FVSPT %FMBJS 5FDI B DIBOHÊ EF EJNFOTJPO BVHNFOUÊ TFT FGGFDUJGT QFSTPOOFT FU SFOGPSDÊ TB QSPEVDUJPO - FOUSFQSJTF QFVU EÊTPSNBJT QSPEVJSF VOF DFOUBJOF EF ESPOFT QBS BO QPVS EFT DMJFOUT EV NPOEF FOUJFS OPUBNNFOU BV .PZFO 0SJFOU BVY UBUT 6OJT FO "NÊSJRVF EV 4VE PV FO "GSJRVF 6O ÏDPTZTUÒNF EF IBVU WPM
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NOUVEAUX LAUREATS 2015 Chers partenaires, adhérents et lauréats, Nous sommes heureux de vous présenter les nouveaux lauréats de Réseau Entreprendre Midi-Pyrénées.
Jérôme ADOUE CONFO NET Domaine de la propreté, services d'hygiènes et mul?services, travaux paysagers et espaces verts, pour entreprises, industries et collec?vités. www.confo-net.com Prêt d’honneur accordé : 30 000 €
Olivier ROSTAING & Catherine DELLA-LIBERA TELCAP Créa?on d’un ou?l d’an?cipa?on de la conges?on des réseaux mobile et d’op?misa?on des coûts des inves?ssements CAPEX. www.telcap.eu Prêt d’honneur accordé : 20 000 €
Nous tenons à remercier les adhérents ayant par?cipé au parcours du créateur ainsi que ceux ayant par?cipé au comité d’engagement : Jean-Louis ARNAL
François BEAUDET
Patrice BERCEILLES
Pierre BONALD
Xavier CHANSON
Sébastien CHAUSSOY et Cécilia COMBEY
Stéphane CRASNIER
Stéphane DOUCE
David DUVEAU
Frédéric FAURE
Jean-Michel LATUTE
Olivier LE BOULC’H
Vincent LEYGONIE
François MARECHAL
Jean-Marc MAURETTE
Katia SANTORO
Yannick VACHON
Cyril VERHILLE
(invité non votant)
Pour informa?on, le prochain comité aura lieu le jeudi 30 avril mars 2015 à 11h. Bien cordialement.
Réseau Entreprendre®Midi-Pyrénées Hôtel d’entreprise du Ramier – 19, chemin de la Loge – 31400 TOULOUSE Tél. 05 61 75 02 36 Fax 05 61 75 98 40 Courriel : midi-pyrenees@reseau-entreprendre.org Site Internet : www.reseau-entreprendre-midi-pyrenees.fr