%PDF-1.3
%
1 0 obj
<>]/Pages 3 0 R/Type/Catalog/ViewerPreferences<>>>
endobj
2 0 obj
<>stream
2014-06-11T11:30:54+02:00
2014-06-11T11:31:05+02:00
2014-06-11T11:31:05+02:00
Adobe InDesign CS6 (Macintosh)
uuid:621ba61a-adb8-1445-9242-97c09f04964c
xmp.did:0880117407206811822AA547B107A46D
xmp.id:1427892312206811822A8A1842A8C54F
proof:pdf
1
xmp.iid:08D0EF6B0E206811822A8A1842A8C54F
xmp.did:CA1DA08B0A206811822A8A1842A8C54F
xmp.did:0880117407206811822AA547B107A46D
default
converted
from application/x-indesign to application/pdf
Adobe InDesign CS6 (Macintosh)
/
2014-06-11T11:30:54+02:00
application/pdf
LOGICIMMO_CP_OMI_vague13_EXE.indd
Adobe PDF Library 10.0.1
False
PDF/X-1:2001
PDF/X-1:2001
PDF/X-1a:2001
endstream
endobj
3 0 obj
<>
endobj
6 0 obj
<>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC/ImageI]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>>
endobj
7 0 obj
<>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>>
endobj
8 0 obj
<>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>>
endobj
9 0 obj
<>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>>
endobj
90 0 obj
<>stream
q
0 602.808 175.225 174.6 re
W n
q
/GS0 gs
175.4999924 0 0 174.9599925 -0.2749857 602.8085158 cm
/Im0 Do
Q
Q
q
174.865 602.808 175.5 174.6 re
W n
q
/GS0 gs
175.4999924 0 0 174.9599925 174.8650068 602.8085158 cm
/Im1 Do
Q
Q
q
350.005 602.808 175.68 174.6 re
W n
q
/GS0 gs
175.6799924 0 0 174.9599925 350.0049992 602.8085158 cm
/Im2 Do
Q
Q
q
525.325 323.628 69.951 453.78 re
W n
q
/GS0 gs
70.379997 0 0 454.1399805 525.3249917 323.6285278 cm
/Im3 Do
Q
Q
q
0 428.388 175.225 174.78 re
W n
q
/GS0 gs
175.4999924 0 0 174.7799925 -0.2749857 428.3885233 cm
/Im4 Do
Q
Q
q
174.865 428.388 175.5 174.78 re
W n
q
/GS0 gs
175.4999924 0 0 174.7799925 174.8650068 428.3885233 cm
/Im5 Do
Q
Q
q
350.005 428.388 175.68 174.78 re
W n
q
/GS0 gs
175.6799924 0 0 174.7799925 350.0049992 428.3885233 cm
/Im6 Do
Q
Q
q
0 253.788 175.225 174.96 re
W n
q
/GS0 gs
175.4999924 0 0 174.9599925 -0.2749857 253.7885308 cm
/Im7 Do
Q
Q
q
174.865 253.788 175.5 174.96 re
W n
q
/GS0 gs
175.4999924 0 0 174.9599925 174.8650068 253.7885308 cm
/Im8 Do
Q
Q
q
350.005 253.788 175.68 174.96 re
W n
q
/GS0 gs
175.6799924 0 0 174.9599925 350.0049992 253.7885308 cm
/Im9 Do
Q
Q
q
525.325 79.728 69.951 244.26 re
W n
q
/GS0 gs
70.379997 0 0 244.6199895 525.3249917 79.3685383 cm
/Im10 Do
Q
Q
q
0 79.728 175.225 174.42 re
W n
q
/GS0 gs
175.4999924 0 0 174.7799925 -0.2749857 79.3685383 cm
/Im11 Do
Q
Q
q
174.865 79.728 175.5 174.42 re
W n
q
/GS0 gs
175.4999924 0 0 174.7799925 174.8650068 79.3685383 cm
/Im12 Do
Q
Q
q
350.005 79.728 175.68 174.42 re
W n
q
/GS0 gs
175.6799924 0 0 174.7799925 350.0049992 79.3685383 cm
/Im13 Do
Q
Q
q
0 0 595.275 841.89 re
W n
0.3 0 0 0 k
/GS0 gs
q 1 0 0 1 41.4528 519.8899 cm
0 0 m
-11.339 0 -11.339 -11.339 v
-11.339 -318.662 l
-11.339 -330 0 -330 v
511.37 -330 l
522.709 -330 522.709 -318.662 v
522.709 -11.339 l
522.709 0 511.37 0 v
h
f
Q
1 0 0 0 K
4 M 1 j 1 J [0 1.927]0 d
q 1 0 0 1 40.1111 726.325 cm
0 0 m
-2.365 -0.523 -6.137 -2.162 -6.557 -7.296 c
S
Q
[0 1.998]0 d
q 1 0 0 1 33.5157 716.0686 cm
0 0 m
0 -174.806 l
S
Q
[0 1.927]0 d
q 1 0 0 1 33.761 538.355 cm
0 0 m
0.523 -2.365 2.162 -6.137 7.296 -6.557 c
S
Q
[0 2.001]0 d
q 1 0 0 1 44.0206 531.7598 cm
0 0 m
507.235 0 l
S
Q
[0 1.927]0 d
q 1 0 0 1 554.1646 532.0049 cm
0 0 m
2.365 0.523 6.137 2.162 6.557 7.296 c
S
Q
[0 1.998]0 d
q 1 0 0 1 560.7598 542.2615 cm
0 0 m
0 174.806 l
S
Q
[0 1.927]0 d
q 1 0 0 1 560.5146 719.9749 cm
0 0 m
-0.523 2.365 -2.162 6.137 -7.296 6.557 c
S
Q
[0 2.001]0 d
q 1 0 0 1 550.255 726.5703 cm
0 0 m
-507.235 0 l
S
Q
[]0 d
q 1 0 0 1 33.5157 718.0662 cm
0 0 m
0 0 l
0 -177.802 m
0 -177.802 l
8.504 -186.306 m
8.504 -186.306 l
518.74 -186.306 m
518.74 -186.306 l
527.244 -177.802 m
527.244 -177.802 l
527.244 0 m
527.244 0 l
518.74 8.504 m
518.74 8.504 l
8.504 8.504 m
8.504 8.504 l
S
Q
Q
BT
0 0 0 1 k
/GS1 gs
/T1_0 1 Tf
0.01 Tc 7 0 0 7 33.7244 143.7232 Tm
(Logic-Immo.com :)Tj
/T1_1 1 Tf
0.017 Tw 0 -1.286 TD
[(Logic-Immo.com est une marque de Concept Multim\351dia, \037)227( )78(liale du groupe Spir Communi-)]TJ
-0.023 Tw 0 -1.286 TD
[(cation. Premier magazine gratuit d\222annonces immobili\350res, cr\351\351\
en 1995, Logic-Immo.com)10( )]TJ
-0.028 Tw 0 -1.286 TD
[(propose 34 \351ditions locales pour couvrir l\222ensemble du territoire \
fran\347ais, avec une diffusion)10( )]TJ
0.079 Tw 0 -1.286 TD
[(moyenne de 1,4 million d\222exemplaires par parution \(juin 2013\), dans\
20 000 points de)10( )]TJ
0.057 Tw 0 -1.286 TD
[(distribution. Lanc\351e en 2002, sa version W)17.8(eb, Logic-Immo.com, compte plus d\222 )210(1 million)10( )]TJ
0.046 Tw 0 -1.286 TD
[(d\222annonces en ligne \(f\351vrier 2014\) et totalise plus de 11 millio\
ns de visites web et applis)10( )]TJ
0 Tw 0 -1.286 TD
(\(Xiti, mars 2014\).)Tj
/T1_0 1 Tf
0 -2.571 TD
[(L)91.8(\222Observatoire du Moral Immobilier :)]TJ
/T1_1 1 Tf
-0.003 Tw 0 -1.286 TD
(Logic-Immo.com rassemble des lecteurs, des mobinautes et des internautes\
anim\351s par un)Tj
-0.056 Tw 38.517 12.882 Td
[(projet de vie commun : l\222acquisition ou la location d\222un bien immo\
bilier)54.9(. Ces futurs candidats)10( )]TJ
0.072 Tw 0 -1.286 TD
[(\340 accession \340 la propri\351t\351 et \340 la location constituent p\
our Logic-Immo.com une base de)10.1( )]TJ
0.014 Tw 0 -1.286 TD
[(futurs acqu\351reurs )0.5(quali\037)227( )75(\351e dont un )0.5(\351chantillon compose le panel interrog\351 trimestriellement)10( )]TJ
0.107 Tw 0 -1.286 TD
[(depuis 3 ans pour l\222Observatoire du Moral Immobilier)54.9(. Les enqu\352tes r\351alis\351es par Logic-)]TJ
0.008 Tw 0 -1.286 TD
[(Immo.com et l\222Observatoire du Moral Immobilier ont pour vocation d\222\
\351clairer les principaux)10( )]TJ
0.116 Tw 0 -1.286 TD
[(acteurs du march\351 immobilier ainsi que les m\351dias sur les attentes\
et la perception des)10( )]TJ
0 Tw 0 -1.286 TD
(candidats \340 l\222acquisition.)Tj
/T1_0 1 Tf
0 -2.571 TD
[(M\351thodologie de l\222Observatoire du Moral Immobilier :)10( )]TJ
/T1_1 1 Tf
-0.045 Tw 0 -1.286 TD
(Enqu\352te r\351alis\351e sur un \351chantillon repr\351sentatif de 1209\
personnes ayant un projet d\222acqui-)Tj
0 Tw 0 -1.286 TD
(sition d\222un logement d\222ici \340 1 an, interrog\351es du 29 avril a\
u 1er mai 2014.)Tj
ET
q
0 0 595.275 841.89 re
W n
1 0 0 0 k
/GS0 gs
q 1 0 0 1 482.6083 17.9172 cm
0 0 m
-7.87 0 l
-26.22 -7.534 l
-26.22 0 l
-369.524 0 l
-369.524 14.793 l
0 14.793 l
h
f
Q
1 0 0 0 K
4 M
q 1 0 0 1 482.6083 17.9172 cm
0 0 m
-7.87 0 l
-26.22 -7.534 l
-26.22 0 l
-369.524 0 l
-369.524 14.793 l
0 14.793 l
0 0 l
h
S
Q
Q
BT
0 0 0 0 k
/GS0 gs
/T1_2 1 Tf
0.06 Tc 6 0 0 6 162.2955 22.9685 Tm
[(Contact pr)3.9(esse : S\351v)19.8(er)-19.8(ine )19.8(Ama)-4.9(te - Logic-Immo)24.9(.com - 06.08.03.63.13 - sama)-4.9(te@spir)72.9(.fr)]TJ
ET
q
0 0 595.275 841.89 re
W n
q 1 0 0 1 35.1633 158.6716 cm
0 0 m
3.431 0 l
11.43 -7.42 l
11.43 0 l
112.305 0 l
112.305 18.758 l
0 18.758 l
h
f
Q
1 0 0 0 K
4 M
q 1 0 0 1 35.1633 158.6716 cm
0 0 m
3.431 0 l
11.43 -7.42 l
11.43 0 l
112.305 0 l
112.305 18.758 l
0 18.758 l
0 0 l
h
S
Q
Q
BT
1 0 0 0 k
/T1_3 1 Tf
0 Tc 13 0 0 13 41.0826 162.8555 Tm
(\300 PROPOS :)Tj
0 0 0 1 k
/GS1 gs
0.02 Tc 0.149 Tw 7.52 0 0 8 40.0689 464.8898 Tm
[(Les r\351sultats de cette 13\350me vague de l\222Observatoir)4(e du Moral Immobilier annoncent les pr)3.9(emiers signes d\222une r)3.9(eprise de l\222activit\351)20( )]TJ
0.041 Tw 0 -1.375 TD
[(immobili\350r)3.9(e, mais ce r)4(ed\351marrage r)3.9(este )0.5(fragile car d\222autr)3.9(es facteurs sont susceptibles de )0.5(fr)3.9(einer l\222\351lan de )0.5(ces acqu\351r)3.9(eurs qui semblent)20( )]TJ
0.057 Tw T*
[(avoir r)4(epris con\037)253.5( )100.5(ance. Par)-27.9(mi ces points de vigilance, la dif\037)253.6( )100.5(cult\351 \340 obtenir un cr\351dit mais \351galement des fr)3.9(eins pur)3.9(ement administratifs)20( )]TJ
0 Tw T*
[(li\351es \340 l\222alour)5.9(dissement des pr)3.9(oc\351dur)3.9(es en mati\350r)3.9(e de vente de biens en copr)3.9(opri\351t\351 avec la loi ALUR sont \340 consid\351r)3.9(er)73.1(.)]TJ
0.25 Tw -0.348 -4.125 Td
[(La mise en place de la loi ALUR est un goulot d\222\351tranglement)20( )]TJ
-0.098 Tw T*
[(possible. Entr\351e en vigueur en mars 2014, elle r)3.9(equiert du vendeur de)20( )]TJ
0.069 Tw T*
[(four)-20.9(nir de nombr)3.9(eux documents pour la signatur)3.9(e de la pr)3.9(omesse)20( )]TJ
0.06 Tw T*
[(de vente. Non pr\351par\351s \340 cette nouvelle mesur)4(e, certains syndics)20( )]TJ
0 Tw T*
[(peuvent mettr)3.9(e jusqu\222\340 un mois pour transmettr)4(e ces documents.)20( )]TJ
/T1_4 1 Tf
0.243 Tw T*
[(\253 M\352me si cette loi est louable dans son intention de s\351curiser\
)20( )]TJ
0.048 Tw T*
[(l\222acte d\222acquisition, elle )0.5(implique un rallongement de )0.5(la signatur)3.9(e)20( )]TJ
0.218 Tw T*
[(de l\222acte d\222achat. Une lenteur qui semble avoir une incidence)20( )]TJ
0.056 Tw T*
[(sur le \037)252.5( )100.5(ux des transactions. \300 titr)3.9(e d\222exemple, lorsque l\222on sait que)20( )]TJ
0.059 Tw T*
[(pr\350s de 30% des futurs acqu\351r)3.9(eurs r)3.9(evendent un bien en parall\350le)20( )]TJ
0.081 Tw T*
[(de leur nouvelle acquisition et qu\222ils envisagent \340 plus de 58% de\
)20( )]TJ
-0.044 Tw T*
[(vendr)3.9(e avant d\222acheter)105(, nous pointons ainsi l\222impact de la lour)5.9(deur)20( )]TJ
0 Tw T*
[(administrative dans la r)3.9(eprise du mar)6.8(ch\351 \273)]TJ
/T1_3 1 Tf
(, explique Cyril Janin.)Tj
0.165 Tw -0.029 -4.125 Td
[(Apr\350s une fausse alerte sur la r)3.9(emont\351e des taux de cr\351dit \340 la)20( )]TJ
0.314 Tw T*
[(\037)253.5( )357.5(n de 2013, ces der)-21(niers r)4(estent tr\350s attractifs, toutefois, cette)20( )]TJ
0.453 Tw T*
[(tendance pourrait s\222essouf\036)252.5( )497.5(er)105.1(, notamment avec le pr)3.9(ojet de)20.1( )]TJ
0.021 Tw T*
[(titrisation des cr\351dits immobiliers. Cette technique de \037)253.5( )64.5(nancement)20( )]TJ
0.143 Tw 35.759 12.375 Td
[(Le )0.5(manque )0.5(de )0.5(vitalit\351 )0.5(de )0.5(la )0.5(demande )0.5(sur )0.6(les )0.5(quatr)4(e )0.5(der)-21(niers )0.5(tri-)]TJ
0.04 Tw T*
[(mestr)3.9(es a entra\356n\351 une baisse des tensions sur le mar)6.8(ch\351. En ef)-2.9(fet,)20( )]TJ
0.02 Tw T*
[(le rapport de for)6.8(ce entr)3.9(e l\222of)-2.9(fr)3.9(e et la demande de logement avait)20( )]TJ
0.053 Tw T*
[(pr)3.9(esque atteint son point d\222\351quilibr)3.9(e : un acqu\351r)3.9(eur face \340 quasi-)]TJ
0.136 Tw T*
[(ment un vendeur)73(. T)48.8(outefois, la r)3.9(eprise de la demande constat\351e)20( )]TJ
0.013 Tw T*
[(au deuxi\350me trimestr)3.9(e 2014 induit une concurr)4(ence accrue et une)20( )]TJ
0.062 Tw T*
[(bascule du rapport de for)6.9(ce \340 la faveur des vendeurs. )]TJ
/T1_4 1 Tf
[(\253 Le r)4(etour)20( )]TJ
-0.001 Tw T*
[(\340 un mar)6.9(ch\351 de l\222of)-2.9(fr)3.9(e pourrait compliquer la r)3.9(echer)6.8(che d\222un bien)20( )]TJ
0.046 Tw T*
[(immobilier et impliquer une nouvelle sur)6.9(chauf)-3(fe des prix. \273)]TJ
/T1_3 1 Tf
[( conclut)20( )]TJ
0 Tw T*
(Cyril Janin.)Tj
6.58 0 0 7 34.7244 411.9005 Tm
[(LES LENTEURS DU PROCESSUS D\222ACHA)80.9(T INDUITES P)74(AR LA LOI ALUR)]TJ
-0.049 -23.748 Td
[(LE SPECTRE D\222UNE REMONT\311E DES T)80.8(AUX D\222EMPRUNT)20( )]TJ
41.002 9.449 Td
(UNE CONCURRENCE ACCRUE ET UN RETOUR \300 UN MARCH\311 DE L\222OFFRE)Tj
ET
q
0 0 595.275 841.89 re
W n
168.909 721.72 257.457 10.701 re
f
Q
BT
0 0 0 0 k
/GS0 gs
/T1_1 1 Tf
0 Tc 8.75 0 0 8.75 190.1272 723.6316 Tm
[(SITUA)36.9(TION FINANCI\310RE PERSONNELLE DES 6 DERNIERS MOIS)]TJ
0 0 0 1 k
/GS1 gs
0.04 Tc 6 0 0 6 91.5057 554.3171 Tm
(Base : 1209 personnes ayant un projet d\222acquisition d\222un logement \
d\222ici \340 1 an, \351chantillon repr\351sentatif redress\351 \340 par\
tir des)Tj
( donn\351es de cadrage TNS Sofres)Tj
18.272 -1.2 Td
(Source: Observatoire du Moral Immobilier , TNS Sofres // Logic-Immo.com)Tj
/T1_3 1 Tf
0.02 Tc 7.99 0 0 8.5 33.7463 772.8898 Tm
[(Ainsi, ils sont 52% \340 penser que les cr\351dits r)3.9(estent dif\037)253.5( )43.5(ciles \340 obtenir au deuxi\350me trimestr)3.9(e 2014 contr)3.9(e 48% un an plus t\364t.)20( )]TJ
0 -1.294 TD
[(Cette per)6.9(ception est d\222autant plus ancr\351e dans l\222\351tat d\222esprit des\
futurs acheteurs qu\222au deuxi\350me trimestr)4(e 2014, ils sont 82%)20( )]TJ
T*
[(\340 ne pas constater d\222am\351lioration de leur situation \037)253.5( )43.5(nanci\350r)3.9(e personnelle.)]TJ
ET
q
0 0 595.275 841.89 re
W n
q 1 0 0 1 515.0931 556.0687 cm
0 0 m
0 -7.636 l
5.654 -7.636 l
5.654 -5.793 l
2.19 -5.793 l
2.19 0 l
h
f
Q
Q
q
509.495 542.037 44.64 14.153 re
W n
q 1 0 0 1 524.9465 548.3121 cm
0 0 m
2.122 0 3.632 1.409 3.632 3.95 c
3.632 6.492 2.145 7.878 0.023 7.878 c
-2.1 7.878 -3.609 6.47 -3.609 3.927 c
-3.609 1.385 -2.122 0 0 0 c
0 6.033 m
0.872 6.033 1.387 5.302 1.387 3.927 c
1.387 2.553 0.895 1.845 0.023 1.845 c
-0.848 1.845 -1.362 2.575 -1.362 3.95 c
-1.362 5.324 -0.871 6.033 0 6.033 c
f
Q
q 1 0 0 1 533.1257 548.3121 cm
0 0 m
2.268 0 3.497 1.2 3.497 3.382 c
3.497 4.309 l
0.057 4.309 l
0.057 2.728 l
1.475 2.728 l
1.387 2.203 1.084 1.789 0.168 1.789 c
-0.838 1.789 -1.34 2.421 -1.34 3.938 c
-1.34 5.149 -0.995 6.033 0.023 6.033 c
0.772 6.033 1.084 5.641 1.342 4.985 c
3.308 5.738 l
2.749 7.168 1.989 7.878 0.033 7.878 c
-2.335 7.878 -3.609 6.197 -3.609 3.938 c
-3.609 1.44 -2.145 0 0 0 c
f
Q
Q
q
0 0 595.275 841.89 re
W n
537.952 548.433 2.212 7.636 re
f
Q
q
509.495 542.037 44.64 14.153 re
W n
q 1 0 0 1 545.0704 550.1571 cm
0 0 m
-0.938 0 -1.319 0.927 -1.319 2.093 c
-1.319 3.304 -0.928 4.188 -0.023 4.188 c
0.692 4.188 0.961 3.74 1.241 3.031 c
3.348 3.035 l
3.348 4.652 1.911 6.033 -0.012 6.033 c
-2.11 6.033 -3.587 4.548 -3.587 2.093 c
-3.587 -0.165 -2.347 -1.845 -0.023 -1.845 c
1.833 -1.845 3.279 -0.974 3.461 1.093 c
1.397 1.078 l
0.971 0.357 0.682 0 0 0 c
f
Q
Q
q
0 0 595.275 841.89 re
W n
1 0 0 0 k
/GS0 gs
509.495 543.507 3.841 1.641 re
f
0 0 0 1 k
/GS1 gs
515.072 542.214 1.496 5.16 re
f
q 1 0 0 1 521.6019 542.2136 cm
0 0 m
1.374 0 l
1.374 5.16 l
0.047 5.16 l
-0.604 3.781 l
-0.937 3.081 -1.177 2.521 -1.269 2.226 c
-1.352 2.514 -1.615 3.118 -1.934 3.781 c
-2.583 5.16 l
-3.924 5.16 l
-3.924 0 l
-2.552 0 l
-2.552 1.232 l
-2.552 1.738 -2.559 2.204 -2.583 2.602 c
-2.423 2.219 -2.152 1.622 -1.97 1.253 c
-1.276 -0.177 l
-0.582 1.253 l
-0.4 1.622 -0.128 2.219 0.029 2.602 c
0.009 2.204 0 1.738 0 1.232 c
h
f
Q
q 1 0 0 1 527.9724 543.4451 cm
0 0 m
0 -1.232 l
1.374 -1.232 l
1.374 3.928 l
0.047 3.928 l
-0.604 2.55 l
-0.937 1.85 -1.177 1.29 -1.269 0.995 c
-1.35 1.283 -1.615 1.886 -1.932 2.55 c
-2.583 3.928 l
-3.926 3.928 l
-3.926 -1.232 l
-2.552 -1.232 l
-2.552 0 l
-2.552 0.507 -2.559 0.973 -2.583 1.371 c
-2.422 0.987 -2.152 0.39 -1.97 0.022 c
-1.276 -1.408 l
-0.582 0.022 l
-0.4 0.39 -0.128 0.987 0.029 1.371 c
0.007 0.973 0 0.507 0 0 c
f
Q
q 1 0 0 1 530.1986 544.7855 cm
0 0 m
0 -1.717 1.004 -2.653 2.439 -2.653 c
3.872 -2.653 4.892 -1.702 4.892 0.015 c
4.892 1.733 3.888 2.669 2.455 2.669 c
1.02 2.669 0 1.719 0 0 c
3.376 0 m
3.376 -0.929 3.043 -1.407 2.455 -1.407 c
1.864 -1.407 1.518 -0.914 1.518 0.015 c
1.518 0.944 1.849 1.423 2.439 1.423 c
3.028 1.423 3.376 0.93 3.376 0 c
f
Q
1 0 0 0 k
/GS0 gs
q 1 0 0 1 536.5914 543.8136 cm
0 0 m
-0.497 0 -0.867 -0.346 -0.867 -0.833 c
-0.867 -1.319 -0.497 -1.681 0 -1.681 c
0.5 -1.681 0.869 -1.319 0.869 -0.833 c
0.869 -0.346 0.5 0 0 0 c
f
Q
q 1 0 0 1 540.5175 543.3792 cm
0 0 m
-0.634 0 -0.891 0.625 -0.891 1.414 c
-0.891 2.233 -0.627 2.83 -0.015 2.83 c
0.467 2.83 0.648 2.527 0.838 2.048 c
2.166 2.557 l
1.804 3.529 1.29 4.075 -0.007 4.075 c
-1.426 4.075 -2.423 3.073 -2.423 1.414 c
-2.423 -0.112 -1.586 -1.246 -0.015 -1.246 c
1.238 -1.246 1.826 -0.591 2.181 0.088 c
0.944 0.729 l
0.656 0.243 0.461 0 0 0 c
f
Q
q 1 0 0 1 547.9821 544.8007 cm
0 0 m
0 1.718 -1.002 2.654 -2.437 2.654 c
-3.872 2.654 -4.89 1.703 -4.89 -0.014 c
-4.89 -1.733 -3.886 -2.668 -2.453 -2.668 c
-1.018 -2.668 0 -1.717 0 0 c
-2.437 -1.422 m
-3.026 -1.422 -3.372 -0.929 -3.372 0 c
-3.372 0.929 -3.04 1.408 -2.453 1.408 c
-1.865 1.408 -1.517 0.915 -1.517 -0.014 c
-1.517 -0.944 -1.849 -1.422 -2.437 -1.422 c
f
Q
q 1 0 0 1 550.2099 543.4451 cm
0 0 m
0 0.507 -0.007 0.973 -0.029 1.371 c
0.128 0.987 0.4 0.39 0.58 0.022 c
1.274 -1.408 l
1.968 0.022 l
2.15 0.39 2.422 0.987 2.583 1.371 c
2.559 0.973 2.552 0.507 2.552 0 c
2.552 -1.232 l
3.924 -1.232 l
3.924 3.928 l
2.597 3.928 l
1.948 2.55 l
1.615 1.85 1.373 1.29 1.283 0.995 c
1.2 1.283 0.937 1.886 0.618 2.55 c
-0.029 3.928 l
-1.376 3.928 l
-1.376 -1.232 l
0 -1.232 l
h
f
Q
Q
BT
/T1_3 1 Tf
0.04 Tc 11 0 0 11 235.8456 504.015 Tm
(REGARDS CROIS\311S)Tj
ET
q
0 0 595.275 841.89 re
W n
BT
/T1_5 1 Tf
0 Tc 9.8 0 0 9.8 119.7556 490.7786 Tm
[(L)-57.1(A)]TJ
14 0 0 14 132.655 490.7786 Tm
( )Tj
9.8 0 0 9.8 137.0929 490.7786 Tm
[(P)-57.1(E)-57.2(R)-57.1(C)-57.2(E)-57.1(P)-57.1(T)-57.2(I)-57.1(O)-57.1(N)]TJ
14 0 0 14 200.8746 490.7786 Tm
( )Tj
9.8 0 0 9.8 205.3125 490.7786 Tm
[(D)-57.1(E)-57.2(S)]TJ
14 0 0 14 224.4167 490.7786 Tm
( )Tj
9.8 0 0 9.8 228.8546 490.7786 Tm
[(A)-57.1(C)-57.2(Q)-57.1(U)-57.1(\311)-57.2(R)-57.1(E)-57.2(U)-57.1(R)-57.1(S)]TJ
14 0 0 14 298.3302 490.7786 Tm
( )Tj
9.8 0 0 9.8 302.7681 490.7786 Tm
[(F)2.7(A)-57.2(C)-57.1(E)]TJ
14 0 0 14 329.6467 490.7786 Tm
( )Tj
9.8 0 0 9.8 334.0846 490.7786 Tm
(\300)Tj
14 0 0 14 341.8965 490.7786 Tm
( )Tj
9.8 0 0 9.8 346.3344 490.7786 Tm
[(L)-57.1(A)]TJ
14 0 0 14 359.2338 490.7786 Tm
( )Tj
9.8 0 0 9.8 363.6717 490.7786 Tm
[(R)-57.1(\311)-57.2(A)-57.1(L)-57.1(I)-57.2(T)-57.1(\311)]TJ
14 0 0 14 402.2144 490.7786 Tm
( )Tj
9.8 0 0 9.8 406.6523 490.7786 Tm
[(D)-57.1(U)]TJ
14 0 0 14 421.4824 490.7786 Tm
( )Tj
9.8 0 0 9.8 425.9203 490.7786 Tm
[(M)-57.1(A)-57.2(R)-57.1(C)-57.1(H)-57.2(\311)]TJ
ET
0 0 0 1 K
0.75 w 4 M
q 1 0 0 1 143.7178 486.5413 cm
0 0 m
307.598 0 l
S
Q
Q
BT
/T1_3 1 Tf
0.02 Tc 0.3 Tw 7.52 0 0 8 306.3839 398.8898 Tm
[(consiste en la transfor)-27.8(mation d\222actifs en titr)4(es n\351gociables qui)20( )]TJ
0.143 Tw 0 -1.375 TD
[(sont )0.5(par )0.6(la )0.5(suite )0.5(vendus )0.5(\340 )0.6(des )0.5(investisseurs. )0.5(De )0.6(ce )0.5(fait, )0.5(ce )0.6(pr)3.9(ojet)20( )]TJ
0.322 Tw T*
[(fait planer la possibilit\351 d\222une r)4(emont\351e des taux qui pourrait)20( )]TJ
0.345 Tw T*
[(\352tr)3.9(e conjugu\351e \340 un dur)6.8(cissement des conditions d\222octr)3.9(oi de)20( )]TJ
0.087 Tw T*
[(cr\351dit. \300 ce d\351veloppement possible s\222ajoute l\222\351ventua\
lit\351 d\222une)20( )]TJ
0.119 Tw T*
[(d\351pr\351ciation )0.6(de )0.6(l\222eur)3.9(o. )0.5(Le )0.6(spectr)3.9(e )0.6(d\222une )0.6(augmentation )0.5(des )0.5(taux)20( )]TJ
0 Tw T*
(plane donc sur le pouvoir d\222achat immobilier des Fran\347ais.)Tj
ET
q
38.976 570.313 515.759 143.988 re
W n
0.5 0 0 0 k
/GS0 gs
q 1 0 0 1 543.8271 664.4327 cm
0 0 m
10.936 0 l
-9.04 19.414 l
-14.555 19.414 l
-14.555 28.131 l
-27.233 28.131 l
-27.233 19.414 l
-65.954 19.414 l
-85.934 0 l
-76.068 0 l
-76.126 -63.332 l
0.022 -63.332 l
h
f
Q
0.2 0 0 0.6 k
543.79 656.894 -76.13 -55.793 re
f
1 0 0 0 k
543.79 663.338 -76.13 -6.402 re
f
0.5 0 0 0 k
q 1 0 0 1 126.8636 676.983 cm
0 0 m
10.936 0 l
-9.04 23.297 l
-14.555 23.297 l
-14.555 33.758 l
-27.233 33.758 l
-27.233 23.297 l
-65.954 23.297 l
-85.933 0 l
-76.068 0 l
-76.068 -65.047 l
-76.126 -75.998 l
0.022 -75.998 l
h
f
Q
0.2 0 0 0.6 k
126.748 601.384 -75.987 39.512 re
f
1 0 0 0 k
126.826 669.19 -75.987 -28.536 re
f
0.5 0 0 0 k
q 1 0 0 1 266.038 664.4327 cm
0 0 m
10.936 0 l
-9.04 19.414 l
-14.555 19.414 l
-14.555 28.131 l
-27.233 28.131 l
-27.233 19.414 l
-65.954 19.414 l
-85.933 0 l
-76.068 0 l
-76.126 -63.332 l
0.022 -63.332 l
h
f
Q
0.2 0 0 0.6 k
266.156 601.088 -76.202 34.756 re
f
1 0 0 0 k
266.044 635.844 -76.091 20.121 re
f
0.5 0 0 0 k
q 1 0 0 1 404.9975 654.3489 cm
0 0 m
10.936 0 l
-9.04 16.309 l
-14.555 16.309 l
-14.555 23.63 l
-27.233 23.63 l
-27.233 16.309 l
-65.954 16.309 l
-85.935 0 l
-76.068 0 l
-76.127 -53.198 l
0.021 -53.198 l
h
f
Q
0.2 0 0 0.6 k
404.966 651.055 -76.136 -49.939 re
f
1 0 0 0 k
q 1 0 0 1 408.5619 660.3346 cm
0 0 m
-82.36 0 l
-89.498 -5.986 l
-79.692 -5.985 l
-79.692 -9.278 l
-3.554 -9.278 l
-3.554 -5.985 l
7.371 -5.986 l
h
f
Q
Q
BT
0.2 0 0 0.6 k
/GS0 gs
/T1_6 1 Tf
0 Tc 11.6158 0 0 11.6158 346.7913 589.5283 Tm
[(T2)34.9(-)50.1(2)18.1(013)]TJ
0 0 0 0 k
/T1_7 1 Tf
-0.025 Tc 0.025 Tw 9.9379 0 0 9.9379 356.0439 661.4197 Tm
[(23)-10(%)]TJ
-0.02 Tc 0.02 Tw -0.018 -4.034 Td
[(6)-10(5%)]TJ
0 Tc 0 Tw 0.133 3.068 Td
(12%)Tj
ET
q
38.976 570.313 515.759 143.988 re
W n
0.5 0 0 0 K
1.291 w 22.926 M
q 1 0 0 1 216.4454 685.0376 cm
0 0 m
-18.287 9.734 l
S
Q
q 1 0 0 1 217.373 687.3114 cm
0 0 m
-1.515 0.257 -2.958 -0.769 -3.214 -2.282 c
-3.471 -3.796 -2.447 -5.24 -0.933 -5.497 c
0.585 -5.754 2.029 -4.729 2.286 -3.215 c
2.543 -1.701 1.518 -0.257 0 0 c
f*
Q
2.581 w
q 1 0 0 1 217.373 687.3114 cm
0 0 m
-1.515 0.257 -2.958 -0.769 -3.214 -2.282 c
-3.471 -3.796 -2.447 -5.24 -0.933 -5.497 c
0.585 -5.754 2.029 -4.729 2.286 -3.215 c
2.543 -1.701 1.518 -0.257 0 0 c
h
S
Q
1.291 w
q 1 0 0 1 125.2283 696.083 cm
0 0 m
53.562 -5.378 l
S
Q
q 1 0 0 1 122.6326 692.9661 cm
0 0 m
1.535 0 2.786 1.252 2.786 2.788 c
2.786 4.322 1.535 5.576 0 5.576 c
-1.536 5.576 -2.79 4.322 -2.79 2.788 c
-2.79 1.252 -1.536 0 0 0 c
f*
Q
2.581 w
q 1 0 0 1 122.6326 692.9661 cm
0 0 m
1.535 0 2.786 1.252 2.786 2.788 c
2.786 4.322 1.535 5.576 0 5.576 c
-1.536 5.576 -2.79 4.322 -2.79 2.788 c
-2.79 1.252 -1.536 0 0 0 c
h
S
Q
0.5 0 0 0 k
q 1 0 0 1 198.6468 698.9751 cm
0 0 m
0 -7.657 l
0 -8.38 -0.592 -8.97 -1.315 -8.97 c
-57.741 -8.97 l
-58.463 -8.97 -59.056 -8.38 -59.056 -7.657 c
-59.056 0 l
-59.056 0.721 -58.463 1.311 -57.741 1.311 c
-1.315 1.311 l
-0.592 1.311 0 0.721 0 0 c
f*
Q
Q
BT
/T1_8 1 Tf
9.9379 0 0 9.9379 141.8295 691.8809 Tm
[(JE NE S)13(AIS P)50(A)8.1(S)]TJ
ET
q
38.976 570.313 515.759 143.988 re
W n
0.5 0 0 0 K
1.291 w 22.926 M
q 1 0 0 1 341.64 671.07 cm
0 0 m
-27.409 12.717 l
S
Q
q 1 0 0 1 343.2369 674.8165 cm
0 0 m
-1.515 0.257 -2.958 -0.769 -3.215 -2.282 c
-3.472 -3.796 -2.448 -5.24 -0.933 -5.497 c
0.585 -5.754 2.029 -4.729 2.286 -3.215 c
2.544 -1.701 1.518 -0.257 0 0 c
f*
Q
2.581 w
q 1 0 0 1 343.2369 674.8165 cm
0 0 m
-1.515 0.257 -2.958 -0.769 -3.215 -2.282 c
-3.472 -3.796 -2.448 -5.24 -0.933 -5.497 c
0.585 -5.754 2.029 -4.729 2.286 -3.215 c
2.544 -1.701 1.518 -0.257 0 0 c
h
S
Q
1.291 w
q 1 0 0 1 265.2017 680.5734 cm
0 0 m
17.039 0 l
S
Q
q 1 0 0 1 263.272 676.5338 cm
0 0 m
1.535 0 2.786 1.252 2.786 2.788 c
2.786 4.322 1.535 5.576 0 5.576 c
-1.536 5.576 -2.79 4.322 -2.79 2.788 c
-2.79 1.252 -1.536 0 0 0 c
f*
Q
2.581 w
q 1 0 0 1 263.272 676.5338 cm
0 0 m
1.535 0 2.786 1.252 2.786 2.788 c
2.786 4.322 1.535 5.576 0 5.576 c
-1.536 5.576 -2.79 4.322 -2.79 2.788 c
-2.79 1.252 -1.536 0 0 0 c
h
S
Q
0.5 0 0 0 k
q 1 0 0 1 333.5256 686.7258 cm
0 0 m
0 -7.657 l
0 -8.38 -0.592 -8.97 -1.315 -8.97 c
-57.741 -8.97 l
-58.463 -8.97 -59.056 -8.38 -59.056 -7.657 c
-59.056 0 l
-59.056 0.721 -58.463 1.311 -57.741 1.311 c
-1.315 1.311 l
-0.592 1.311 0 0.721 0 0 c
f*
Q
Q
BT
/T1_8 1 Tf
9.9379 0 0 9.9379 276.7085 679.6318 Tm
[(JE NE S)13(AIS P)50(A)8.1(S)]TJ
ET
q
38.976 570.313 515.759 143.988 re
W n
0.5 0 0 0 K
1.291 w 22.926 M
q 1 0 0 1 473.3712 680.5734 cm
0 0 m
-25.377 -0.996 l
S
Q
q 1 0 0 1 475.6575 682.07 cm
0 0 m
-1.515 0.257 -2.957 -0.769 -3.214 -2.282 c
-3.471 -3.796 -2.447 -5.24 -0.933 -5.497 c
0.585 -5.754 2.029 -4.729 2.286 -3.215 c
2.544 -1.701 1.518 -0.257 0 0 c
f*
Q
2.581 w
q 1 0 0 1 475.6575 682.07 cm
0 0 m
-1.515 0.257 -2.957 -0.769 -3.214 -2.282 c
-3.471 -3.796 -2.447 -5.24 -0.933 -5.497 c
0.585 -5.754 2.029 -4.729 2.286 -3.215 c
2.544 -1.701 1.518 -0.257 0 0 c
h
S
Q
1.291 w
q 1 0 0 1 397.575 671.3549 cm
0 0 m
14.173 8.721 l
S
Q
q 1 0 0 1 397.091 667.6978 cm
0 0 m
1.535 0 2.786 1.252 2.786 2.788 c
2.786 4.322 1.535 5.576 0 5.576 c
-1.536 5.576 -2.79 4.322 -2.79 2.788 c
-2.79 1.252 -1.536 0 0 0 c
f*
Q
2.581 w
q 1 0 0 1 397.091 667.6978 cm
0 0 m
1.535 0 2.786 1.252 2.786 2.788 c
2.786 4.322 1.535 5.576 0 5.576 c
-1.536 5.576 -2.79 4.322 -2.79 2.788 c
-2.79 1.252 -1.536 0 0 0 c
h
S
Q
0.5 0 0 0 k
q 1 0 0 1 462.0743 685.0735 cm
0 0 m
0 -7.657 l
0 -8.38 -0.592 -8.97 -1.316 -8.97 c
-57.741 -8.97 l
-58.465 -8.97 -59.057 -8.38 -59.057 -7.657 c
-59.057 0 l
-59.057 0.721 -58.465 1.311 -57.741 1.311 c
-1.316 1.311 l
-0.592 1.311 0 0.721 0 0 c
f*
Q
Q
BT
/T1_8 1 Tf
9.9379 0 0 9.9379 405.2565 677.9794 Tm
[(JE NE S)13(AIS P)50(A)8.1(S)]TJ
0.2 0 0 0.6 k
/T1_6 1 Tf
11.6158 0 0 11.6158 71.6376 589.5623 Tm
[(T2)34.9(-)50.1(2)18(011)]TJ
11.642 0 Td
[(T2)34.9(-)50.1(2)18(012)]TJ
ET
q
38.976 570.313 515.759 143.988 re
W n
0.5 0 0 0 k
q 1 0 0 1 92.4317 714.1722 cm
0 0 m
f
Q
Q
BT
0 0 0 0 k
/T1_7 1 Tf
-0.015 Tc 0.015 Tw 9.9379 0 0 9.9379 78.0398 618.2703 Tm
(36%)Tj
-0.04 Tc 0.04 Tw 0.002 3.139 Td
[(26)-25(%)]TJ
-0.015 Tc 0.015 Tw -0.022 3.264 Td
[(38)-5(%)]TJ
14.135 -6.832 Td
[(38)-5(%)]TJ
-0.02 Tc 0.02 Tw 0.006 2.706 Td
[(22)-20(%)]TJ
0 Tc 0 Tw -0.042 2.528 Td
(40%)Tj
0.2 0 0 0.6 k
/T1_6 1 Tf
11.6158 0 0 11.6158 485.6342 589.5623 Tm
[(T2)34.9(-)50.1(2)18.1(014)]TJ
0 0 0 0 k
/T1_7 1 Tf
-0.015 Tc 0.015 Tw 9.9379 0 0 9.9379 496.6783 617.238 Tm
[(61)-15.1(%)]TJ
-0.025 Tc 0.025 Tw -0.129 5.671 Td
[(32)-25(%)]TJ
0.326 -1.495 Td
(7%)Tj
ET
q
38.976 570.313 515.759 143.988 re
W n
1 0 0 0 K
1.291 w 22.926 M
q 1 0 0 1 319.0634 656.4646 cm
0 0 m
-8.957 -4.644 l
-20.419 -4.644 l
S
Q
q 1 0 0 1 261.7407 643.3186 cm
0 0 m
10.541 7.621 l
22.514 7.621 l
S
Q
q 1 0 0 1 321.8526 660.2344 cm
0 0 m
1.536 0 2.789 -1.252 2.789 -2.788 c
2.789 -4.324 1.536 -5.576 0 -5.576 c
-1.536 -5.576 -2.789 -4.324 -2.789 -2.788 c
-2.789 -1.252 -1.536 0 0 0 c
f*
Q
2.581 w
q 1 0 0 1 321.8526 660.2344 cm
0 0 m
1.536 0 2.789 -1.252 2.789 -2.788 c
2.789 -4.324 1.536 -5.576 0 -5.576 c
-1.536 -5.576 -2.789 -4.324 -2.789 -2.788 c
-2.789 -1.252 -1.536 0 0 0 c
h
S
Q
q 1 0 0 1 266.0569 644.0566 cm
0 0 m
-1.536 0 -2.787 1.253 -2.787 2.788 c
-2.787 4.324 -1.536 5.577 0 5.577 c
1.536 5.577 2.789 4.324 2.789 2.788 c
2.789 1.253 1.536 0 0 0 c
f*
Q
q 1 0 0 1 266.0569 644.0566 cm
0 0 m
-1.536 0 -2.787 1.253 -2.787 2.788 c
-2.787 4.324 -1.536 5.577 0 5.577 c
1.536 5.577 2.789 4.324 2.789 2.788 c
2.789 1.253 1.536 0 0 0 c
h
S
Q
1 0 0 0 k
q 1 0 0 1 283.8278 656.0997 cm
0 0 m
0 -7.659 l
0 -8.38 0.592 -8.97 1.314 -8.97 c
17.246 -8.97 l
17.968 -8.97 18.559 -8.38 18.559 -7.659 c
18.559 0 l
18.559 0.721 17.968 1.311 17.246 1.311 c
1.314 1.311 l
0.592 1.311 0 0.721 0 0 c
f*
Q
Q
BT
/T1_8 1 Tf
0 Tc 0 Tw 9.9379 0 0 9.9379 285.2715 648.4219 Tm
(NON)Tj
ET
q
38.976 570.313 515.759 143.988 re
W n
1 0 0 0 K
1.291 w 22.926 M
q 1 0 0 1 128.2526 651.0071 cm
0 0 m
8.957 4.644 l
20.419 4.644 l
S
Q
q 1 0 0 1 194.6097 643.6249 cm
0 0 m
-17.234 9.188 l
-31.121 11.577 l
S
Q
q 1 0 0 1 125.4633 647.2372 cm
0 0 m
-1.536 0 -2.789 1.252 -2.789 2.788 c
-2.789 4.324 -1.536 5.576 0 5.576 c
1.536 5.576 2.789 4.324 2.789 2.788 c
2.789 1.252 1.536 0 0 0 c
f*
Q
2.581 w
q 1 0 0 1 125.4633 647.2372 cm
0 0 m
-1.536 0 -2.789 1.252 -2.789 2.788 c
-2.789 4.324 -1.536 5.576 0 5.576 c
1.536 5.576 2.789 4.324 2.789 2.788 c
2.789 1.252 1.536 0 0 0 c
h
S
Q
q 1 0 0 1 190.2935 644.3629 cm
0 0 m
1.536 0 2.786 1.253 2.786 2.788 c
2.786 4.324 1.536 5.577 0 5.577 c
-1.536 5.577 -2.789 4.324 -2.789 2.788 c
-2.789 1.253 -1.536 0 0 0 c
f*
Q
q 1 0 0 1 190.2935 644.3629 cm
0 0 m
1.536 0 2.786 1.253 2.786 2.788 c
2.786 4.324 1.536 5.577 0 5.577 c
-1.536 5.577 -2.789 4.324 -2.789 2.788 c
-2.789 1.253 -1.536 0 0 0 c
h
S
Q
1 0 0 0 k
q 1 0 0 1 166.0693 651.3719 cm
0 0 m
0 7.659 l
0 8.38 -0.592 8.97 -1.314 8.97 c
-17.246 8.97 l
-17.968 8.97 -18.559 8.38 -18.559 7.659 c
-18.559 0 l
-18.559 -0.721 -17.968 -1.311 -17.246 -1.311 c
-1.314 -1.311 l
-0.592 -1.311 0 -0.721 0 0 c
f*
Q
Q
BT
/T1_8 1 Tf
-9.9379 0 0 -9.9379 164.6269 659.0496 Tm
(NON)Tj
ET
q
38.976 570.313 515.759 143.988 re
W n
1 0 0 0 K
1.291 w 22.926 M
q 1 0 0 1 470.6034 659.5305 cm
0 0 m
-12.718 3.207 l
-26.456 3.207 l
S
Q
q 1 0 0 1 408.7737 654.928 cm
0 0 m
9.493 7.621 l
20.275 7.621 l
S
Q
q 1 0 0 1 467.6603 662.3184 cm
0 0 m
1.536 0 2.789 -1.252 2.789 -2.788 c
2.789 -4.324 1.536 -5.576 0 -5.576 c
-1.536 -5.576 -2.789 -4.324 -2.789 -2.788 c
-2.789 -1.252 -1.536 0 0 0 c
f*
Q
2.581 w
q 1 0 0 1 467.6603 662.3184 cm
0 0 m
1.536 0 2.789 -1.252 2.789 -2.788 c
2.789 -4.324 1.536 -5.576 0 -5.576 c
-1.536 -5.576 -2.789 -4.324 -2.789 -2.788 c
-2.789 -1.252 -1.536 0 0 0 c
h
S
Q
q 1 0 0 1 406.6688 652.9064 cm
0 0 m
-1.535 0 -2.785 1.253 -2.785 2.788 c
-2.785 4.324 -1.535 5.577 0 5.577 c
1.537 5.577 2.79 4.324 2.79 2.788 c
2.79 1.253 1.537 0 0 0 c
f*
Q
q 1 0 0 1 406.6688 652.9064 cm
0 0 m
-1.535 0 -2.785 1.253 -2.785 2.788 c
-2.785 4.324 -1.535 5.577 0 5.577 c
1.537 5.577 2.79 4.324 2.79 2.788 c
2.79 1.253 1.537 0 0 0 c
h
S
Q
1 0 0 0 k
q 1 0 0 1 428.0399 666.0699 cm
0 0 m
0 -7.659 l
0 -8.38 0.592 -8.97 1.314 -8.97 c
17.246 -8.97 l
17.968 -8.97 18.559 -8.38 18.559 -7.659 c
18.559 0 l
18.559 0.721 17.968 1.311 17.246 1.311 c
1.314 1.311 l
0.592 1.311 0 0.721 0 0 c
f*
Q
Q
BT
/T1_8 1 Tf
9.9379 0 0 9.9379 429.4836 658.3923 Tm
(NON)Tj
ET
q
38.976 570.313 515.759 143.988 re
W n
0.2 0 0 0.6 K
1.291 w 22.926 M
q 1 0 0 1 477.5268 617.2393 cm
0 0 m
-32.747 0 l
S
Q
q 1 0 0 1 395.9101 617.2393 cm
0 0 m
35.094 0 l
S
Q
0.2 0 0 0.6 k
q 1 0 0 1 446.7366 621.0671 cm
0 0 m
0 -7.657 l
0 -8.379 -0.594 -8.97 -1.315 -8.97 c
-17.246 -8.97 l
-17.968 -8.97 -18.561 -8.379 -18.561 -7.657 c
-18.561 0 l
-18.561 0.721 -17.968 1.313 -17.246 1.313 c
-1.315 1.313 l
-0.594 1.313 0 0.721 0 0 c
f*
Q
Q
BT
/T1_8 1 Tf
9.9379 0 0 9.9379 431.0611 613.9729 Tm
(OUI)Tj
ET
q
38.976 570.313 515.759 143.988 re
W n
q 1 0 0 1 405.9566 620.0272 cm
0 0 m
-1.536 0 -2.787 -1.252 -2.787 -2.788 c
-2.787 -4.324 -1.536 -5.576 0 -5.576 c
1.538 -5.576 2.792 -4.324 2.792 -2.788 c
2.792 -1.252 1.538 0 0 0 c
f*
Q
0.2 0 0 0.6 K
2.581 w 22.926 M
q 1 0 0 1 405.9566 620.0272 cm
0 0 m
-1.536 0 -2.787 -1.252 -2.787 -2.788 c
-2.787 -4.324 -1.536 -5.576 0 -5.576 c
1.538 -5.576 2.792 -4.324 2.792 -2.788 c
2.792 -1.252 1.538 0 0 0 c
h
S
Q
q 1 0 0 1 467.6566 619.6851 cm
0 0 m
-1.535 0 -2.785 -1.252 -2.785 -2.788 c
-2.785 -4.324 -1.535 -5.576 0 -5.576 c
1.54 -5.576 2.793 -4.324 2.793 -2.788 c
2.793 -1.252 1.54 0 0 0 c
f*
Q
q 1 0 0 1 467.6566 619.6851 cm
0 0 m
-1.535 0 -2.785 -1.252 -2.785 -2.788 c
-2.785 -4.324 -1.535 -5.576 0 -5.576 c
1.54 -5.576 2.793 -4.324 2.793 -2.788 c
2.793 -1.252 1.54 0 0 0 c
h
S
Q
1.291 w
q 1 0 0 1 336.7454 616.8983 cm
0 0 m
-32.747 0 l
S
Q
q 1 0 0 1 255.1287 616.8983 cm
0 0 m
35.094 0 l
S
Q
0.2 0 0 0.6 k
q 1 0 0 1 305.9552 620.7261 cm
0 0 m
0 -7.657 l
0 -8.379 -0.594 -8.97 -1.315 -8.97 c
-17.246 -8.97 l
-17.968 -8.97 -18.561 -8.379 -18.561 -7.657 c
-18.561 0 l
-18.561 0.721 -17.968 1.313 -17.246 1.313 c
-1.315 1.313 l
-0.594 1.313 0 0.721 0 0 c
f*
Q
Q
BT
/T1_8 1 Tf
9.9379 0 0 9.9379 290.2798 613.6321 Tm
(OUI)Tj
ET
q
38.976 570.313 515.759 143.988 re
W n
q 1 0 0 1 265.1752 619.6863 cm
0 0 m
-1.536 0 -2.786 -1.252 -2.786 -2.788 c
-2.786 -4.324 -1.536 -5.576 0 -5.576 c
1.538 -5.576 2.792 -4.324 2.792 -2.788 c
2.792 -1.252 1.538 0 0 0 c
f*
Q
0.2 0 0 0.6 K
2.581 w 22.926 M
q 1 0 0 1 265.1752 619.6863 cm
0 0 m
-1.536 0 -2.786 -1.252 -2.786 -2.788 c
-2.786 -4.324 -1.536 -5.576 0 -5.576 c
1.538 -5.576 2.792 -4.324 2.792 -2.788 c
2.792 -1.252 1.538 0 0 0 c
h
S
Q
q 1 0 0 1 329.0027 619.6863 cm
0 0 m
-1.535 0 -2.785 -1.252 -2.785 -2.788 c
-2.785 -4.324 -1.535 -5.576 0 -5.576 c
1.54 -5.576 2.793 -4.324 2.793 -2.788 c
2.793 -1.252 1.54 0 0 0 c
f*
Q
q 1 0 0 1 329.0027 619.6863 cm
0 0 m
-1.535 0 -2.785 -1.252 -2.785 -2.788 c
-2.785 -4.324 -1.535 -5.576 0 -5.576 c
1.54 -5.576 2.793 -4.324 2.793 -2.788 c
2.793 -1.252 1.54 0 0 0 c
h
S
Q
1.291 w
q 1 0 0 1 198.6468 617.0338 cm
0 0 m
-32.747 0 l
S
Q
q 1 0 0 1 117.0301 617.0338 cm
0 0 m
35.094 0 l
S
Q
0.2 0 0 0.6 k
q 1 0 0 1 167.8566 620.8616 cm
0 0 m
0 -7.657 l
0 -8.379 -0.594 -8.97 -1.315 -8.97 c
-17.246 -8.97 l
-17.968 -8.97 -18.561 -8.379 -18.561 -7.657 c
-18.561 0 l
-18.561 0.721 -17.968 1.313 -17.246 1.313 c
-1.315 1.313 l
-0.594 1.313 0 0.721 0 0 c
f*
Q
Q
BT
/T1_8 1 Tf
9.9379 0 0 9.9379 152.1811 613.7675 Tm
(OUI)Tj
ET
q
38.976 570.313 515.759 143.988 re
W n
q 1 0 0 1 127.0766 619.8218 cm
0 0 m
-1.536 0 -2.786 -1.252 -2.786 -2.788 c
-2.786 -4.324 -1.536 -5.576 0 -5.576 c
1.538 -5.576 2.792 -4.324 2.792 -2.788 c
2.792 -1.252 1.538 0 0 0 c
f*
Q
0.2 0 0 0.6 K
2.581 w 22.926 M
q 1 0 0 1 127.0766 619.8218 cm
0 0 m
-1.536 0 -2.786 -1.252 -2.786 -2.788 c
-2.786 -4.324 -1.536 -5.576 0 -5.576 c
1.538 -5.576 2.792 -4.324 2.792 -2.788 c
2.792 -1.252 1.538 0 0 0 c
h
S
Q
q 1 0 0 1 190.9041 619.8218 cm
0 0 m
-1.535 0 -2.785 -1.252 -2.785 -2.788 c
-2.785 -4.324 -1.535 -5.576 0 -5.576 c
1.54 -5.576 2.793 -4.324 2.793 -2.788 c
2.793 -1.252 1.54 0 0 0 c
f*
Q
q 1 0 0 1 190.9041 619.8218 cm
0 0 m
-1.535 0 -2.785 -1.252 -2.785 -2.788 c
-2.785 -4.324 -1.535 -5.576 0 -5.576 c
1.54 -5.576 2.793 -4.324 2.793 -2.788 c
2.793 -1.252 1.54 0 0 0 c
h
S
Q
Q
BT
0 0 0 1 k
/GS1 gs
/T1_9 1 Tf
11 0 0 11 70.5118 572.0552 Tm
[(\037)11(\036\035\034\033\032\031\031\032\030\027\026)]TJ
25.558 0 Td
[(\025\036\035\034)5(\033\032\031\031\032\030\027\026)]TJ
-12.71 0 Td
(\037\034\033\032\031\031\032\030\027\026)Tj
25.06 0 Td
(\037\034\033\032\031\031\032\030\027\026)Tj
ET
endstream
endobj
70 0 obj
<>stream
Adobe d C
z
y !12AQaq"B#3CRSbr $%D
&'()*456789:EFGHIJTUVWXYZcdefghijstuvwxyz ? 2 cX
Y