Vous êtes sur la page 1sur 16

!!!"#$%&'()$"%*#!$%*+",("!%-().!&*#!/%"(%"*%.

'$0$+$&1*",(+"0('2"
!

!!!"#$%&'()$"%*#!$%*+",("!%-().!&*#!$%()"
" *%.'$/$+$&!#*)",(+"/('0" "
!"#$%&$'()*+,-%&-./01/%&2334&
"
"
"
1!%('!*"2"#$10%!,*,()"#*1/()!%*)"
&
56/7(78+-9&
&
&
6'(0(71-:/&,/';&!"#$%&!"'()*&+)%,"-.&
<701+1*8+=7;&/%01)2*0,.,&3.45&+.6"2&,)&7.%&+.24"*&
&
&
&
!34567899:;3<"
"
>-&?+7('@-&0(&A-&8/7B('1+:/&(7&*7-&:(&C-0&-81+B+:-:(0&:(&,'+?('&/':(7&(7&C-&(8/7/?@-&:(C&
,-@0D&$&)*E&0(&:(F(&(01(&+7*0+1-:/&-*.(&:(&C-&?+7('@-&,('*-7-G&HI+01(7&B-'+/0&J-81/'(0&)*(&
(I,C+8-7& (01(& J(7=?(7/D& H7& ,'+?('&C*.-'%&(C&6('K&1+(7(&*7-&C-'.-&1'-:+8+=7&?+7('-&)*(&0(&
,+(':(& (7& C/0& 1+(?,/0& ,'(A+0,L7+8/0D& >-& (I,C/1-8+=7& -& (08-C-& ?-M/'%& ,'/,+-?(71(&
(I1'-81+B-%&0(&'(?/71-&-&C-&E,/8-&8/C/7+-CD&H7&0(.*7:/&C*.-'%&(C&,'/8(0/&:(&:(0-''/CC/&:(&C-0&
+7:*01'+-0&:(&1'-70J/'?-8+=7&:(&C/0&,-@0(0&/88+:(71-C(0%&0(&A-&-C+?(71-:/&A+01='+8-?(71(&:(&
C/0& '(8*'0/0&?+7('/0&:(&,-@0(0&8/C/7+-C(0&M&0(?+8/C/7+-C(0&8/?/&(C&7*(01'/D&H01(&,'/8(0/&
:(& 0*01(71-8+=7& :(& ?-1('+-0& ,'+?-0& :(0:(& ,-@0(0& :(C& 1('8('& ?*7:/& -K7& 7/& 1('?+7-D& >-&
+7:*01'+-& :(& ?(1-C& ?(8L7+8-& :(& C/0& ,-@0(0& ?(N/'& +7:*01'+-C+O-:/0& 8/71+7K-& '()*+'+(7:/& :(&
7*(01'/0& '(8*'0/0& ?+7('-C(0%& 8/?/& C/& A-8(& :(& C/0& '(8*'0/0& ?+7('-C(0& :(& /1'-0& ,-'1(0& :(C&
?*7:/& :/7:(& (I+01(7& ?+7('-C(0& (I,C/1-FC(0D&H7&1('8('&C*.-'%&(C&J-81/'&?L0&+?,/'1-71(%&(0&
)*(& (C& 1(''+1/'+/& ,('*-7/& A-& 0+:/& :(0:(& 0+(?,'(& (I1'-/':+7-'+-?(71(& '+8/& (7& ?+7('-C(0D&
P(0:(& A-8(& 8+78/& 0+.C/0& 0(& A-& 8/70+:('-:/& )*(& (C& ?-8+0/& -7:+7/& (0& (C& :(,/0+1-'+/& :(&
.'-7:(0&'+)*(O-0&?+7('-0D&H01-&-F*7:-78+-&:(0(78-:(7=&C-0&.'-7:(0&(I,C/1-8+/7(0&?+7('-0&
A+01='+8-?(71(& 8/7/8+:-0%& 8/?/& :(& C-& ,C-1-& (7& 6/1/0@%& :(C& ?('8*'+/& (7& Q*-78-B(C+8-%& :(C&
8/F'(& (7& R(''/& :(& 6-08/%& ,-'-& 8+1-'& C/0& ?L0& +?,/'1-71(0D& H01-& J-F*C/0-& +?-.(7& :(& C-&
8/'7*8/,+-&?+7('-C=.+8-&-7:+7-&0(&A-&-?,C+-:/&(7&C-&-81*-C+:-:&-&C-0&1'(0&'(.+/7(0&:(C&,-@0%&
8/7& C/& )*(& 0(& -8'(8+(71-& (C& 8-'L81('& (?+7(71(& ?+7('/& M& :(& A+:'/8-'F*'/0& :(& 7*(01'/&
1(''+1/'+/&7-8+/7-CD&
&
R/7&(01-&,/7(78+-&7/&,'(1(7:(?/0&A-8('&*7&(01*:+/&(IA-*01+B/&:(&C-&?+7('@-&,('*-7-%&)*(&
8/''(0,/7:(& -& C/0& (0,(8+-C+01-0& (7& (01-& ?-1('+-D& #(& 1'-1-& ?-0& F+(7%& :(& ,'(0(71-'& -& (01(&
!!!"#$%&'()$"%*#!$%*+",("!%-().!&*#!/%"(%"*%.'$0$+$&1*",(+"0('2"
!

R/7.'(0/&(C&1(?-&:(&C/0&(J(81/0&:(&C-&-81+B+:-:&?+7('-&0/F'(&C-0&8/?*7+:-:(0&8-?,(0+7-0&
:(& 7*(01'/& ,-@0D& S'-1-?/0& :(& '(0,/7:('& -& ,'(.*71-0& 8/?/;& TP=7:(& 0(& *F+8-7& C/0&
,'+78+,-C(0& 8(71'/0& ?+7('/0& :(C& 6('KG& TU*E& (J(81/0& ,/0+1+B/0& M& 7(.-1+B/0& 1+(7(7& C-0&
(I,C/1-8+/7(0& ?+7('-0& 0/F'(& C-0& 8/?*7+:-:(0& 8-?,(0+7-0& :(& 7*(01'/& 1(''+1/'+/GD& "*(01'-0&
'(0,*(01-0& 7/& 0/7& 1/:-B@-& :(J+7+1+B-0D& H01-?/0& (7& C-& J-0(& +7+8+-C& :(& C-& +7B(01+.-8+=7D& 6/'&
(01-&'-O=7%&(C&,'(0(71(&1'-F-N/&(0&?L0&F+(7&*7&+71(71/&,/'&,C-71(-'&(C&,'/FC(?-&:(&C-&?+7('@-&
M&C-0&8/?*7+:-:(0&8-?,(0+7-0%&(7&C/0&1E'?+7/0&?L0&.(7('-C(0D&&
&
"
=<" +>">94:?:7>7"@:3A5>"A3"AB"/A5C<"
"
>-&-')*(/C/.@-&,('*-7-&A-&:(?/01'-:/&8/7&-F*7:-78+-&:(&:-1/0%&)*(&(C&1'-1-?+(71/&:(&C/0&
?+7('-C(0&,-'-&J+7(0&/'7-?(71-C(0&M&:(&0+?F/C/.@-&:(&,/:('%&(0,(8+-C?(71(&:(C&/'/%&C-&,C-1-&
M& :(C& 8/F'(%& ('-7& 8/7/8+:/0& :(0:(& C-& E,/8-& ,'(+78-+8-D& R*C1*'-0& J/'?-1+B-0& 8/?/& V+8K0%&
W'@-0& M& 8A-B+7/+:(0& 8/?/& X/I(Y(& M& R/7./M-,(& M-& 8/7/8@-7& (C& 1'-1-?+(71/& :(& C-&
?(1-C*'.+-D& >/0& +78-0%& 8/?/& A-& (I,C+8-:/& $F'-A-?& V-C(78+-& 54Z[49& :(0-''/CC-'/7& (C& -'1(&
?(1-CK'.+8/& 8/7& -?,C+/& 8/7/8+?+(71/& :(& 1E87+8-0& :(& J*7:+8+=7%& :(& -C(-8+=7& M& :(&
1'-70J/'?-8+=7&,-'-&(C&*0/&/'7-?(71-C&'(C+.+/0/&M&:(&:+01+78+=7&:(&C-&8C-0(&./F('7-71(D&>-&
(I1'-/':+7-'+-&/'7-?(71-8+=7&:(C&1(?,C/&:(C&R/'+8-78A-%&-&C-&CC(.-:-&:(&C/0&(0,-\/C(0%&J*(&
*7-&8C-'-&:(?/01'-8+=7&:(&C/0&-C1/0&8/7/8+?+(71/0&:(&C-&?(1-C*'.+-&+78-D&
&
W*('/7& C/0& (0,-\/C(0& )*(& (I,C/1-'/7& -& .'-7& (08-C-& C/0& ?(1-C(0& :(& -C1/& B-C/'& :(& C-& E,/8-%&
(0,(8+-C?(71(& :(& C-& ,C-1-& M& :(C& ?('8*'+/%& 8*M/0& 8(71'/0& ?L0& +?,/'1-71(0& J*('/7& 6/1/0@%&&
Q*-78-B(C+8-& M& R(''/& :(& 6-08/D& !1+C+O-7:/& C-& ?-7/& :(& /F'-& 7-1+B-%& -C+?(71-:-&
8/701-71(?(71(& ,/'& C-0& ?+1-0%& C/0& +7B-0/'(0& (0,-\/C(0& (I1'-N('/7& +7.(71(0& 8-71+:-:(0& :(&
(01/0& ?+7('-C(0& M& C/0& 1'-70,/'1-'/7& -& H*'/,-%& 8/7B('1+:/& (7& F-''-0& J*7:+:-0D& >/0& 8(71'/0&
-'1(0-7-C(0& M& C-& 7-8+(71(& +7:*01'+-& (*'/,(-%& ,'+78+,-C?(71(& C-& +7.C(0-%& 0(& 7*1'+('/7& :(& C/0&
?(1-C(0& )*(& ('-7& (7B+-:/0& (7& F('.-71+7(0& M& 7-B(0& -& B(C-0& M& '(?/0D& >/0& (0,-\/C(0&
8/7)*+01-:/'(0& :(& 1+(''-0& -?('+8-7-0%& 7/& 0=C/& 0-)*(-'/7& 8-0+& C-& 1/1-C+:-:& :(& C-0& /F'-0& :(&
-'1(&:(&/'/&M&:(&,C-1-&A(8A/0&,/'&C/0&='J(F'(0&M&,C-1('/0&:(C&+78-'+/%&0+7/&)*(&:(0-''/CC-'/7&
C-& -81+B+:-:& ?+7('-%& ,('J/'-7:/& (C& 0*F0*(C/& -7:+7/%& ,/'& 0/8-F/7(0& +71('+/'(0& 1'-F-N-:/0&
A-8+-&1/:-0&C-0&:+'(88+/7(0&)*(&C-0&B(1-0&&?+7('-0&C/0&8/7:*8@-D&H7&B-'+/0&C*.-'(0&:(C&,-@0&
1/:-B@-& 0(& 8/7/8(7& C/0& 0/8-F/7(0& -F-7:/7-:/0%& C/0& ?/C+7/0& :(& ,+(:'-& M& C/0& -71+.*/0&
!!!"#$%&'()$"%*#!$%*+",("!%-().!&*#!/%"(%"*%.'$0$+$&1*",(+"0('2"
!

8-?,-?(71/0&?+7('/0&)*(&:-1-7&:(&C-&E,/8-&8/C/7+-C&M&1-?F+E7&:(&C-&E,/8-&'(,*FC+8-7-%&
)*(&8/71+7*=&8/7&(01-&-81+B+:-:&(I1'-81+B-&-&C/&C-'./&:(&C/0&$7:(0D&
&
H0& :*'-71(&(C&0+.C/&]]&)*(&C-&-81+B+:-:&?+7('-&0(&A-&8/7B('1+:/&(7&*7&0(81/'&:(&,'+?('-&
+?,/'1-78+-& (7& C-& (8/7/?@-& ,('*-7-D& >-& +71'/:*88+=7& :(& 8-,+1-C(0& (I1'-7N('/0%& C-&
+71(70+J+8-8+=7& :(& C-& ,'/:*88+=7& :(& ?+7('-C(0& (7& F-0(& -& C-& J/'?-8+=7& :(& *7& ,'/C(1-'+-:/&
?+7('/%& C(& :+/& *7-& 8-'-81('@01+8-& (0,(8+-C& -& (01(& 0(81/'%& )*(& C/0& (8/7/?+01-0& A-7&
:(7/?+7-:/& (78C-B(D& >-& R(''/& :(& 6-08/& R/,,('& R/',/'-1+/7%& (?,'(0-& ?+7('-&
7/'1(-?('+8-7-&)*(&-0*?+=&(C&8/71'/C&:(&C/0&M-8+?+(71/0&:(&6-08/&(7&4Z32%&0(&8/7B+'1+=&(7&
*7& (78C-B(& (7& (C& 8(71'/& :(C& ,-@0%& :/7:(& C-& (01'*81*'-& :(& C-0& /,('-8+/7(0& :(& :+'(88+=7%&
-:?+7+01'-8+=7%&:(&B+B+(7:-&M&:(&0('B+8+/0&(01-F-&:+J('(78+-:/&(71'(&(C&01-J&:(&J*78+/7-'+/0&
7/'1(-?('+8-7/0&M&:(&C/0&,'/J(0+/7-C(0&M&1'-F-N-:/'(0&,('*-7/0D&>/0&(0,-8+/0&1(''+1/'+-C(0&
-0+.7-:/0& -& C-& .'-7& (?,'(0-%& ,/'& C-& ?/:-C+:-:& :(& 8/78(0+=7& ?+7('-& A(8A-& ,/'& (C& (01-:/&
,('*-7/%&('-7&(01'+81-?(71(&8/71'/C-:/0&,/'&C-&(?,'(0-%&:(&1-C&0*('1(&)*(&C/0&,'(:+/0&:(&C/0&
8(71'/0&?+7('/0&M&:(&0*&8(71'/&:(&/,('-8+/7(0&:(&1'-70J/'?-8+=7&:(&C-&^'/M-&M&:(&C-&,C-71-&
:(& (?F-')*(& (7& (C& R-CC-/& 8/701+1*@-7& *7-& (0,(8+(& :(& (01-:/& ,'+B-:/& :(71'/& :(C& (01-:/&
,('*-7/D& >-& R(''/& :(& 6-08/& R/,,('& R/',/'-1+/7%& 7/& 0=C/& (01-FC(8+=& :/?+7+/& -F0/C*1/&
0/F'(&0*0&8/78(0+/7(0&?+7('-0&M&:(?L0&(I1(70+/7(0%&C/.'=&8/71'/C-'&C-&(I,C/1-8+=7&:(&/1'-0&
?+7-0& :(& C-& '(.+=7%& 8/?/& C-& :(& X/'/8/8A-& X+7+7.& R/D%& :(& #-7& X+.*(C%& _('1'*:+0%& #-7&
W'-78+08/& 5`/7+CC-%& 4Z[4;& a49%& (7& C-& 8/7:+8+=7& :(& 0*F0+:+-'+-0D& #(& -,/:('=& 1-?F+E7%&
?(:+-71(& :+B('0-0& -'.*8+-0%& :(& (I1(70-0& 1+(''-0& :(& C-0& 8/?*7+:-:(0& 8-?,(0+7-0& :(& C-&
'(.+=7%&8/7&C-&)*(&J/'?=&*7-&,'=0,('-&(?,'(0-&.-7-:('-D&
&
>-& R(''/& :(& 6-08/& J*(& *7& ?/:(C/& :(& (78C-B(& ?+7('/& (7& (C& 6('K%& )*(& J*78+/7=& 8/?/& 1-C&
A-01-& 0*& (01-1+O-8+=7& (7& 4ZbcD& 6('/& /1'-0& (?,'(0-0& ?+7('-0& :(& +.*-C& +?,/'1-78+-& 0(&
(01-FC(8+('/7&(7&0*(C/&,('*-7/&:*'-71(&C/0&KC1+?/0&a3&-\/0D&H71'(&(01-0&.'-7:(0&(?,'(0-0%&
,'+78+,-C?(71(& :(& 8-,+1-C(0& (I1'-7N('-0& J+.*'-7;& C-& #/*1A('7& 6('K& >1:D& (7& X/)*(.*-& M&
S-87-%&C-&#/8+(:-:&X+7('-&R(''/&V(':(&:(&$'()*+,-%&`Q6&S+71-M-&:(C&R*08/%&C-&#A/*.-7.&
Q+(''/&6('K&:(&X-'8/7-%&<8-%&,-'-&8+1-'&-&C/0&?L0&+?,/'1-71(0D&6('/&C-&(I,C/1-8+=7&?+7('-&
(7&7*(01'/&,-@0&0(&8C-0+J+8-7&(7&8*-1'/&8-1(./'@-0;&.'-7&?+7('@-%&?(:+-7-&?+7('@-%&,()*(\-&
?+7('@-& M& ?+7('@-& -'1(0-7-CD& H01-& 8C-0+J+8-8+=7& 1+(7(& )*(& B('& 8/7& (C& 1-?-\/& :(& C-&
(I,C/1-8+=7&?+7('-%&8/7&(C&B/C*?(7&:(&+7B('0+=7&:(&8-,+1LC%&8/7&C-&1(87/C/.@-&M&8/7&(C&*0/&
:(& 8-71+:-:& :(& ?-7/& :(& /F'-D& >-& .'-7%& ?(:+-7-& M& ,()*(\-& ?+7('@-& C/& (78/71'-?/0&(7& C-&
(I,C/1-8+=7&:(&8/F'(%&,C/?/%&O+78%&,C-1-d&(C&A+(''/&0=C/&(7&C-&.'-7&?+7('@-&M&C-&(I,C/1-8+=7&
!!!"#$%&'()$"%*#!$%*+",("!%-().!&*#!/%"(%"*%.'$0$+$&1*",(+"0('2"
!

:(C& /'/& 8/?,'(7:(& C-0& 1'(0& 8-1(./'@-0& M& :(C& C-B-:/& -'1(0-7-C%& )*(& C/& (78/71'-?/0&
,'+78+,-C?(71(&(7&C/0&'@/0&:(&C-&0(CB-&M&C-&8/01-D&
&
"
D<" (9636@E>"3>9:63>B"F"4A936B6GE>"@:3A5><"
"
R/?/&0(81/'&,'/:*81+B/%&C-&?+7('@-&(0&,-'1(&+7:(0C+.-FC(&:(&C-&(8/7/?@-&7-8+/7-CD&6-'1+8+,-&
(7&(C&6`<&8/7&(C&,'/?(:+/&:(C&bDae&(7&C/0&KC1+?/0&8+78/&-\/0D&H7&7*(01'-0&(I,/'1-8+/7(0&
/8*,-&(C&,'+?('&C*.-'%&8/7&,/'8(71-N(0&0+(?,'(&J-B/'-FC(0&:*'-71(&(C&KC1+?/&-\/0;&?+7('@-&&&&&&&&&&&&&&&&&&&&&&&&
fZD2e%& (I,/'1D& 7/& 1'-:+8+/7-C& c3Dge%& ,(0)*('@-& ZD[e%& -.'@8*C1*'-& fDge%& ,(1'=C(/&&&&&&&&&&&&&&&&&&&&&&&&
fD3eD& /1'/0& 4D[e& 56C-7& '(J('(78+-C& 4ZZZh233[9D& 6/'& C-& +?,/'1-78+-& :(& C-& ?+7('@-& (7& C-&
(8/7/?@-& ,('*-7-%& C/0& ./F+('7/0& :(& C-0& :/0& KC1+?-0& :E8-:-0& M& ,-'1+8*C-'?(71(& :(& C/0&
KC1+?/0&:+(O&-\/0%&A-&,'/?/B+:/&C-&+7B('0+=7&(7&(01(&0(81/'%&1-71/&,-'-&:+7-?+O-'&(C&8-,+1-C&
:(& C/0& +7B('0+/7+01-0& +71('7/0& 8/?/& ,-'-& 8-,1-'& (7& ?-M/'& 7K?('/& :(& +7B('0+/7+01-0&
(I1('7/0D& H01-& ,'/?/8+=7& :(& C-& ?+7('@-& B-& -8/?,-\-:-& :(& JC(I+F+C+O-8+=7& :(& C-& C(M& :(&
?+7('@-& 5>(M& _(7('-C& :(& X+7('@-;& PD& >(M& 43Z& :-:/& (7& 4Z[4& M& S(I1/& !7+8/& R/78/':-:/;&
PD#D& 34fhZ2hHX%& (I,(:+:/& (7& 4ZZ2%& 8/7/8+:/& 1-?F+E7& 8/?/& >(M& :(& 6'/?/8+=7& :(&
<7B('0+/7(0&(7&(C&#(81/'&X+7('/9d&>(M&:(C&R-1-01'/&X+7('/&"i&2gg4ad&>(M&:(&F(7(J+8+/0&-&
C-&?+7('@-&"i&2gZ44d&P(8'(1/&>(.+0C-1+B/&"i&gg2&)*(&J+N-&7/'?-0&:(&(01-F+C+::&N*'@:+8-&-&C-&
+7B('0+=7&(I1'-7N('-d&>(M&:(&#('B+:*?F'(&"i&2gab3%&(71'(&?*8A-0&/1'-0D&
&
$?,-'-:/0& ,/'& *7-& C(.+0C-8+=7& )*(& J-B/'(8(& -?,C+-?(71(& -& C-& +7B('0+=7& ?+7('-%& (C&
F-N@0+?/& 8/01/& :(& C-& ?-7/& :(& /F'-& 7-8+/7-C& M& -C(71-:/0&,/'&C-&-F*7:-71(&'+)*(O-&?+7('-&
:(C& 0*F0*(C/& ,('*-7/%& 0(& (01L7& +701-C-7:/& 8-:-& B(O& ?-M/'& 7K?('/& :(& (?,'(0-0& )*(&
8*C?+7-7& 0*0& 1'L?+1(0& :(& 8/78(0+=7D&S-71/&C-0&(?,'(0-0&?+7('-0&)*(&1'-F-N-7&:(0:(&A-8(&
B-'+-0& :E8-:-0& 8/?/& C-0& 7*(B-0& (?,'(0-0& :(& .'-7& +7B('0+=7& (71'-7& -& C-& J-0(& :(& C-&
(I1'-88+=7& 8/7& 7*(B-0& M& ?/:('7-0& 1(87/C/.@-0D& !7-& :(& C-0& 8-'-81('@01+8-0& :(& C-& ?+7('@-&
?/:('7-&(0&(C&8-?F+/&:(&C-&(I1'-88+=7&?+7('-&:(&0/8-F/7(0&,/'&(C&:(&1-N/&-F+('1/D&>-&.'-7&
?+7('@-&8/?/&C-&:(&R(''/&:(&6-08/%&C-&#/*1A('7%&S+71-M-%&R*-N/7(%&#A/*.-7.&Q+(''/&6('K%&
(I1'-(7& ?+7('-C(0& ,/'& (01(& 0+01(?-%& )*(& ,('J/'-7& ,'/J*7:/0& M& -?,C+/0& (0,-8+/0& :(& C/0&
8(''/0& ?+7('-C+O-:/0D& !1+C+O-7& +.*-C?(71(& ?-)*+7-'+-& ?/:('7-& ,-'-& ,('J/'-'%& :+7-?+1-'& M&
-8-''(-'&C/0&?+7('-C(0&A-8+-&C-0&,C-71-0D&6-C-0&?(8L7+8-0&M&B(A@8*C/0&?/1/'+O-:/0&:(&.'-7&
1-?-\/%& 8/7& 8-,-8+:-:& ?-M/'(0& :(& C-0& a3& SX& 0+'B(7& ,-'-& 1'-70,/'1-'& C/0& :(0?/71(0& M&
?+7('-C(0& (7& F'*1/D& H7& (C& 0+01(?-& :(& 0/8-F/7(0%& 0(& +701-C-7& Y+C=?(1'/0& :(& 1*F('@-0& ,-'-&
!!!"#$%&'()$"%*#!$%*+",("!%-().!&*#!/%"(%"*%.'$0$+$&1*",(+"0('2"
!

1'-70,/'1-'&-.*-%&8/''+(71(&(CE81'+8-%&-+'(d&0(&+701-C-7&1-?F+E7&J-N-0&8/''(:+O-0&:(&1'-70,/'1(&
:(&?+7('-C(0%&)*(&'((?,C-O-7&-&C/0&B-./7(0&:(&1'-70,/'1(&,/'&8-''+C(0D&
&
H01/0& 7*(B/0& ,'/8(0/0& 1E87+8/0& :(& C-& ?+7('@-& ?/:('7-& 0(& -?,C@-7& A-8+-& C-& ?(:+-7-&
?+7('@-%&,-'-&-F-'-1-'&8/01/0&:(&/,('-8+=7&M&:+0?+7*+'&C-&?-7/&:(&/F'-D&"-*1-C?(71(%&(0&C-&
.'-7& ?+7('@-& C-& )*(& +?,/7(& C-& ?/:('7+:-:& (7& 1/:/0& C/0& 7+B(C(0& :(& C-& /,('-8+=7D& !7&
(N(?,C/&:(&C-&-,C+8-8+=7&:(&1(87/C/.@-&?/:('7-&(0&C-&R@-D&X+7('-&$71-?+7-&#D$D%&8/7&*7&
?(.-&,'/M(81/&:(&(I,C/1-8+=7&:(&8/F'(%&,C/?/%&O+78%&?/C+F:(7/%&,C-1-&M&/'/D&HC&,'/M(81/&
$71-?+7-%&8/701+1*+:/&,/'&8*-1'/&.'-7:(0&(?,'(0-0&1'-707-8+/7-C(0;&C-&j@/&$C./?&>+?+1(:&
5ccDbae9%&C-&"/'-7:-&<78/',/'-1(:&5ccDbae9%&C-&S(8Y&R/',/'1+/7&522Dae9&M&C-&X+10*F+0A+&
R/',/'-1+/7& 543D3e9%& A-'L7& *7-& +7B('0+=7& :(& k& 2%c33l333%333D33D& 6-'-& C-& '(?/8+=7& :(&
?-1('+-C(0& -71(0& :(& (71'-'& -& C-& 8-,-& ?+7('-C+O-:-%& $71-?+7-& B+(7(& *1+C+O-7:/& ,-C-0&
(CE81'+8/h?(8L7+8-0& 8/7& 8-,-8+:-:& :(& [3& SD& M& :(& .+.-71(08/0& 8-?+/7(0& 8/7& 8-,-8+:-:& :(&
2f3&S&,-'-&-8-''(/&:(&:(0?/71(D&6-'-&(C&,'/8(0-?+(71/&:(&C/0&0(+0&1+,/0&:(&?+7('-C(0&0(&A-&
+701-C-:/&C-&,C-71-&8/78(71'-:/'-&:(&m-7-8-78A-%&8/7&?/C+7/0&)*(&1+(7(7&C-&8-,-8+:-:&:(&
?+C(7:-& :(& b3%333& S& :(& ?+7('-C(0& ,/'& :@-D& 6-'-& (C& 1'-70,/'1(& :(& C-& ?-M/'& ,-'1(& :(& C/0&
?+7('-C(0& 7+& 0+)*+('-& 0('L7& 7(8(0-'+/0& C/0& B/C)*(1(0& M& 8-''/0& 8+01('7-0D& #(& A-& 1(7:+:/& *7&
?+7('/:*81/& :(& 43& ,*C.-:-0& :(& :+L?(1'/&:(&*7-&:+01-78+-&:(&c32&n?D&:(&C-'./%&:(0:(& C-&
,C-71-& 8/78(71'-:/'-& :(& m-7-8-78A-& A-01-& (C& ,*('1/& :(& 6*71-& >/F+1/0& 5Q*-'?(M9%& :(& -CC@&
0('L7& (?F-'8-:/0& -C& (I1('+/'%& :(0:(& C/0& .+.-71(08/0& :(,=0+1/0& 8/701'*+:/0& (7& (01(& ,*('1/D&
6/'&(C&*0/&M&C-&-,C+8-8+=7&:(&-C1-&1(87/C/.@-%&(C&,'/M(81/&$71-?+7-&(0&C-&(?,'(0-&:(C&?L0&
F-N/&8/01/&:(&,'/:*88+=7&(7&(C&?*7:/&5k&3DaZ&,/'&C+F'-&:(&8/F'(9D&H01/0&?+0?/0&,'/8(0/0&
0(&B+(7(7&+?,C(?(71-7:/&(7&/1'/0&-0+(71/0&?+7('/0%&(7&,/0&:(&C-&,'/:*81+B+:-:&M&C-&'L,+:-&
-8*?*C-8+=7&:(&C/0&8-,+1-C(0&1'-707-8+/7-C(0&)*(&/,('-7&(7&7*(01'-0&1+(''-0D&
&&&&&&&
"
H<" #6@83:7>7AI"9>@JAI:3>I"F"A@J5AI>I"@:3A5>I<"
"
HC&6('K&0+.*(&0+(7:/&*7&,-@0&(?+7(71(?(71(&8-?,(0+7/D&$*7&8*-7:/&:(?/.'LJ+8-?(71(%&(C&
(01'-1/&8-?,(0+7/&-C8-7O-&-,'/I+?-:-?(71(&C/0&8+78/&?+CC/7(0&:(&A-F+1-71(0%&(0&:(8+'%&*7&
)*+71/&:(&C-&,/FC-8+=7&7-8+/7-C%&0*&0+.7+J+8-8+=7&(7&1E'?+7/0&:(&8/71'/C&1(''+1/'+-C&1+(7(&-C1-&
+?,/'1-78+-D&^8*''(&)*(&(01(&8-?,(0+7-:/&,()*(\/&,'/:*81/'&-.'-'+/%&B+B(&:(0:(&C-&E,/8-&
8/C/7+-C%&/'.-7+O-:/&(7&C/&)*(&A/M&0(&:(7/?+7-7&8/?*7+:-:(0&8-?,(0+7-0D&>-&8/?*7+:-:&
8-?,(0+7-& ,('*-7-& (0& *7-& /'.-7+O-8+=?& 8/?,C(N-D& "/& 0=C/& -.'*,-& -& C-0& J-?+C+-0&
!!!"#$%&'()$"%*#!$%*+",("!%-().!&*#!/%"(%"*%.'$0$+$&1*",(+"0('2"
!

8-?,(0+7-0& -:08'+1-0& -& (CC-d& 0+7/& )*(& (0& *7-& /'.-7+O-8+=7& N*'@:+8-%& '(8/7/8+:-& ,/'& (C&
(01-:/d& )*(& 8/71'/C-& *7-& :(1('?+7-:-& (I1(70+=7& :(& 1+(''-0& :(:+8-:-0& -& C-& -.'+8*C1*'-%& & -C&
,-01/'(/& M& -& /1'/0& *0/0& ,'/,+/0& :(& 0*0& -81+B+:-:(0& (8/7=?+8-0d& )*(& ,'-81+8-& *0/0& M&
8/01*?F'(0%&1+(7(&-*1/'+:-:(0&,'/,+-0&M&'(:+01'+F*M(&C/0&'(8*'0/0&:(&1+(''-0%&-.*-0&:(&'+(./%&
,-01/0& M& /1'/0%& :(& -8*(':/& -& 0*0& 7/'?-0& +71('7-0& M& -& C-& C(.+0C-8+=7& )*(& (?-7-& :(C& (01-:/&
5>(M& _(7('-C& :(& R/?*7+:-:(0& R-?,(0+7-0& "i& 2fgagd& >(M& :(& :(0C+7:(& M& 1+1*C-8+=7& :(C&
1(''+1/'+/& :(& C-0& 8/?*7+:-:(0& 8-?,(0+7-0& "i& 2fgabd& H01-1*1/& (0,(8+-C& :(& R/?*7+:-:(0&
8-?,(0+7-0&PD&#D&"i&cbhb3h$_&M&/1'/09D&
&
HI+01(7& (7& C-& -81*-C+:-:& a%g33& 8/?*7+:-:(0& 8-?,(0+7-0& '(8/7/8+:-0& ,/'& (C& (01-:/D& >-&
?-M/'@-& :(&(CC-0&(01L7&0+1*-:-0&(7&C-& '(.+=7& :(& C-& 0+(''-%& (7&*7-&:+01'+F*8+=7&:(0+.*-C&,/'&
:(,-'1-?(71/0D& >-& ?-M/'& 8/78(71'-8+=7& :(& 8/?*7+:-:(0& 8-?,(0+7-0& (01L& (7& C/0&
:(,-'1-?(71/0& :(C& 8(71'/& M& :(C& 0*'%& :(0:(& $78-0A& A-01-& 6*7/D& S/:-0& C-0& 8/?*7+:-:(0&
1+(7(7&1+(''-0%&)*(&B-'@-7&:(&?@7+?-0&(I1(70+/7(0&8/?/&(C&:(&Q*-M,-8A-&5m-*C+9&)*(&0=C/&
1+(7(& 43& Q-D& A-01-& .+.-71(08-0& (I1(70+/7(0& :(& 1+(''-0& ,/'& (78+?-& :(& C-0& 433%333& Q-D& )*(&
1+(7(7& C-0& 8/?*7+:-:(0& :(& R-1-8-/0& 56+*'-9& M& o+8-?-'8-& 5>+?-9D& X-1/0& X-'& 54Z[39&
,'(0(71-& (7& 0*& C+F'/%& )*(& C-& :+01'+F*8+=7& :(& C-& 1+(''-0& :(0,*E0& :(& 8/78C*+:-& C-& '(J/'?-&
-.'-'+-%&J-B/'(8(&-C&8-?,(0+7-:/D&P(&*7&1/1-C&:(&[lb3c%[Zg&Q-D%&8/''(0,/7:@-&Z3f%Zgg&Q-D&
-& C-0& 8/?*7+:-:(0& 8-?,(0+7-0& '(8/7/8+:-0& :(& (71/78(0d& 4lbcZ%cba& Q-D& A-F@-& ,-0-:/& -&
?-7/0& :(& .'*,/0& 8-?,(0+7/0%& M& g[c%2b[& Q-D& (01-F-7& (7& ?-7/0& :(& C/0& 8-?,(0+7/0&
+7:(,(7:+(71(0D& H0& :(8+'%& clc2b%g4Z& Q-D& :(C& 1/1-C& :(& 1+(''-0& ALF+C(0& ,('1(7(8@-7& -C& 0(81/'&
8-?,(0+7/D& R/70+:('-7:/& )*(& C/0& .'*,/0& 8-?,(0+7/0& )*(& 0(& /'.-7+O-'/7& 8/7& J+7(0& :(&
-:N*:+8-8+=7& :(& 1+(''-0& A-7& -C8-7O-:/& -& 8/7B('1+'0(& (7& 8/?*7+:-:(0& 8-?,(0+7-0& (7& C-&
?-M/'@-& :(& C/0& 8-0/0%& 0(& ,*(:(& (01+?-'& )*(& -81*-C?(71(%& (C& .'*,/& :(& C-0& 8/?*7+:-:(0&
8-?,(0+7-0&F(7(J+8+-'+-0&:(&C-&'(J/'?-&-.'-'+-&1+(7(7&(7&,/0(0+=7&8('8-&:(&1'(0&?+CC/7(0&:(&
A(81L'(-0&:(&1+(''-0D&$&(01-&(I1(70+=7&A-M&)*(&0*?-'&C-&(I1(70+=7&:(&C-0&8/?*7+:-:(0&)*(&
0(&F(7(J+8+-'/7&8/7&1+(''-0&:*'-71(&C/0&-\/0&:(&C-&'(J/'?-D&
&
>-0&'+)*(O-0&?+7('-C(0&)*(&(I,C/1-7&C-0&(?,'(0-0&?+7('-0&:(&:+01+71-0&8-1(./'@-0&(01L7&(7&&
(C& 0*F0*(C/%& ,('/& C-& 0*,('J+8+(& ,('1(7(8(& -& -C.*+(7;& -C& (01-:/%& -& C-0& 8/?*7+:-:(0&
8-?,(0+7-0& M& -& ,'/,+(1-'+/0& ,-'1+8*C-'(0D& 6/'& (01-& '-O=7%& C-& (?,'(0-& ?+7('-& -J(81-&
+7(B+1-FC(?(71(& -& C/0& :*(\/0& :(& C-& 0*,('J+8+(& 1(''(01'(D& >/0& :(7*78+/0& ?+7('/0& 0(& A-8(7&
0/F'(& (I1(70+/7(0& :(& 0*(C/%& (7& 8*M/& 0*F0*(C/& 0(& (78*(71'-7& C-0& '(0('B-0& ?+7('-0D& #+& C/0&
:(7*78+-71(0& 8*?,C(7& 8/7& C/0& '()*+0+1/0& :(C& 1'L?+1(& )*(& (01-FC(8(& C-& C(M& :(& ?+7('@-& (C&
!!!"#$%&'()$"%*#!$%*+",("!%-().!&*#!/%"(%"*%.'$0$+$&1*",(+"0('2"
!

(01-:/&8/78(:(&:('(8A/0&:(&(I,C/'-8+=7&M&(I,C/1-8+=7&M&C(0&(I1+(7:(&*7&1@1*C/D&$C&+71('+/'&
:(& (01-0& 8/78(0+/7(0& ?+7('-0& (I+01(7& ,/FC-8+/7(0%& (7& C-& )*(& (01L7& ,'(8+0-?(71(& C-0&
8/?*7+:-:(0& 8-?,(0+7-0%& (7& C-& ?-M/'@-& :(& C/0& 8-0/0D& P(& 4ZZc& -& 4ZZZ%& (C& X+7+01('+/& :(&
H7('.@-& M& X+7-0& A-& ,'/8(0-:/& gZ%3[g& (I,(:+(71(0& :(& :('(8A/0& ?+7('/0%& 0/F'(& *7-&
(I1(70+=7&1/1-C&:(&c2lZ3c%333&:(&Q-D&HC&?-M/'&,/'8(71-N(&:(&(01-0&1+(''-0&,('1(7(8(7&-&C-0&
8/?*7+:-:(0&8-?,(0+7-0D&P(&(01(&1/1-C%&c3%Zf3&1+(7(7&:('(8A/0&?+7('/0&B+.(71(0D&
&
R/7-8-?+%& *7-& /'.-7+O-8+=7& 8/701+1*+:-& ,-'-& C-& :(J(7O-& :(& C-0& 8/?*7+:-:(0& 8-?,(0+7-0&
8/71'-& C-& (I,C/1-8+=7& ?+7('-%& 8/70+:('-& )*(& C/0& :(7*78+/0& ?+7('/0& -J(81-7& C-0& 1+(''-0& :(&
c%233&8/?*7+:-:(0D&P(&(01(&1/1-C%&2a3&8/?*7+:-:(0&8-?,(0+7-0&0(&(78*(71'-7&M-&-J(81-:-0&
,/'& C-& (I,C/1-8+=7& ?+7('-D& <.*-C?(71(%& C-& R//':+7-:/'-& "-8+/7-C& :(& R/?*7+:-:(0&
$J(81-:-0& ,/'& C-& X+7('@-& 5R^"$R$X<9& :-& 8*(71-%& )*(& (7& 4ZZ2%& C/0& :(7*78+/0& ?+7('/0&
-C8-7O-F-7& -& C/0& fl333%333& :(& Q-D& :(& 1+(''-0& 8/?*7-C(0& M& )*(& (7& (7& -\/& 2%333& 0(& A-&
(C(B-:/& -& 2cl333%333& :(& Q-D& HB+:(71(?(71(%& C-& JC(I+F+C+O-8+=7& :(& C-& C(.+0C-8+=7& 0/F'(&
?+7('@-%&C-&,'/?/8+=7&:(&C-&+7B('0+=7&(7&(C&0(81/'&?+7('/&M&*7&8/7N*71/&:(&+78(71+B/0&-&C/0&
+7B('0+/7+01-0& A-& ,C/'+J('-:/& C/0& :(7*78+/0& M& A-& 8/71'+F*+:/& (7& -*?(71-'&C-0& 8/78(0+/7(0&
,/'&:('(8A/0&?+7('/0&(7&1/:/&(C&1(''+1/'+/&7-8+/7-CD&$&(01/0&J-81/'(0&0(&0*?-7&C-&:(1(88+=7%&
B@-&0-1EC+1(%&:(&-F*7:-71(0&'(0('B-0&:(&/'/%&)*(&A-&-*?(71-:/&C-&,'(0(78+-&:(&C-&+7B('0+=7&
:(& 1'-707-8+/7-C(0& ,-'-& C-& (I1'-88+=7& -*'@J('-%& 8/?/& C-& R+-D& X+7('-& 6+('+7-& 5$78-0A9%& C-&
X-7A-11-7&X+7('-C0&R/',D&:(C&R-7-:L&)*(&(I,C/1-'L&/'/&(7&S-?F/&_'-7:(&M&#-7&>/'(7O/&
56+*'-9&M&B-'+-0&(?,'(0-0&?L0D&R/7&(01-0&+7B('0+/7(0%&(C&0(81/'&?+7('/&(7&(C&6('K&1+(7:(&-&
8'(8('%& ,('/& (01(& 8'(8+?+(71/& -J(81-& :(& :+01+71/& ?/:/& C-& B+:-& :(& C/0&,*(FC/0&M&:(&?-7('-&
(0,(8+-C& C-& B+:-& :(& C-0& -,-8+FC(0& 8/?*7+:-:(0& 8-?,(0+7-0& :+0(?+7-:-0& -& C/& C-'./& :(& C/0&
$7:(0D&
&
"
K<" +6I">J654AI"7A"B>"@:3A5E>">B"7AI>556BB6"5AG:63>B<"
"
>-& -81+B+:-:& ?+7('-%& ,/'& 0*& ?+0?-& 7-1*'-C(O-& (I1'-81+B-& +71(70-& A-& 0+:/& M& (0& *7& -.(71(&
,'/?/1/'& :(& 8-?F+/0& 0/8+-C(0%& (8/7=?+8/0& M& 8*C1*'-C(0D& $CC@& :/7:(& 0(& +701-C-& *7& 8(71'/&
?+7('/%&0(&J/'?-7&7*(B/0&8(71'/0&,/FC-:/0&58-?,-?(71/09%&0(&:+7-?+0-&(C&8/?('8+/&M&0(&
,'/:*8(7& *7-& 0('+(& :(& 8-?F+/0& (7&C-&B+:-&:(&C-0&.(71(0&)*(&B+B(7&(7&C/0&-C'(:(:/'(0D&>/&
)*(&('-&-71(0&*7&C*.-'&1'-7)*+C/&M&-,-8+FC(%&8/7&C-&(I,C/1-8+=7&?+7('-&0(&1/'7-&(7&*7&8(71'/&
:(&?/B+?+(71/&8/71+7*/%&)*(&:(&A(8A/&-C1('-&C-&B+:-&1'-:+8+/7-C&:(C&?*7:/&'*'-CD&R*-7:/&
!!!"#$%&'()$"%*#!$%*+",("!%-().!&*#!/%"(%"*%.'$0$+$&1*",(+"0('2"
!

(C&(08'+1/'&H7'+)*(&#/C-'+&#p(7.&,*FC+8=&0*&/F'-&1(-1'-C&R/CC-8/8A-&(I-C1-&,'(8+0-?(71(&(C&
+?,-81/&)*(&,'/B/8-7&C-&CC(.-:-&:(&7*(B/0&(C(?(71/0&:(&C-&8*C1*'-&-C&8-?,-?(71/&'(8+(7&
8/701'*+:/&,/'&*7-&(?,'(0-&?+7('-D&H7&1/:/0&C/0&8(71'/0&?+7('/0&:(C&?*7:/&'*'-C%&(0&(0/&
C/&)*(&,'/B/8-&C-&?+7('@-&M&(0&(01-&-81+B+:-:&C-&)*(&A-8(&8-?F+-'&C-&8/7:*81-&:(&C-0&.(71(0D&
&
6/'&(01(&C-:/&B+0*-C+O-?/0&C/0&(J(81/0&,/0+1+B/0&:(&C-&?+7('@-&(7&,*(FC/0&M&8/?*7+:-:(0D&
HC&+?,*C0/&?+7('/&A-8(&)*(&(7&C/0&,*(FC/0&-C(N-:/0&CC(.*(7&C-0&+77/B-8+/7(0&:(&:+01+71/0&
1+,/0%&)*(&:(&A(8A/&.(7('-7&(C&:(0-''/CC/&:(&C-0&C/8-C+:-:(0&M&:(&C-0&'(.+/7(0%&:(&-8*(':/&-&
C/0&EI+1/0&M&-&C-&(?F-'.-:*'-&:(&C-&(?,'(0-0&?+7('-0D&$C.*7/0&(C(?(71/0&:(&C-&+77/B-8+=7&
(7&,'/&:(C&:(0-''/CC/&:(&C-0&'(.+/7(0&0/7&C/0&0+.*+(71(0D&
&
8.22)9)2.*5& >-& ?+7('@-& 8/701'*M(& 8-''(1('-0& A-01-& (C& ?+0?/& -0+(71/& ?+7('/& M& 0+& M-&
(I+01(& C-0& (70-78A-& M& C-0& ?(N/'-D& 6/'& (01-0& B@-0& 0(& 1'-70,/'1-& C/0& ?-1('+-C(0%& C/0&
1'-F-N-:/'(0&M&1E87+8/0%&(C&?+7('-C&8/78(71'-:/&)*(&B-&A-8+-&C/0&,*('1/0&M&0+'B(&:(&
B@-&:(&,(7(1'-8+=7&:(&1/:/&1+,/&:(&,'/:*81/0&?-7*J-81*'-:/0&:(&C-0&8+*:-:(0&A-8+-&
(C&8(71'/&?+7('/&M&A-8+-&C-0&,/FC-8+/7(0&:(&C-&O/7-D&H0&1-?F+E7&C-&B@-&:(&0-C+:-&:(&
C/0&?+.'-71(0&M&C/0&-B(71*'('/0D&
&
:2.'.;"5&>/0&8(71'/0&?+7('/0&A-7&0+:/&J*(71(0&:(&1'-F-N/&,-'-&C/0&8-?,(0+7/0%&)*(&
(78*(71'-7& *7-& /8*,-8+=7& 7*(B-& M& '(?*7('-:-&,/'&0*&1'-F-N/&7/&(0,(8+-C+O-:/D& HC&
1'-F-N/& ?+7('/& A-& 8/71'+F*+:/& 0+(?,'(& -& ?(N/'-'& C/0& +7.'(0/0& J-?+C+-'(0& :(& C-&
,/FC-8+=7&'*'-C&M&-C&?+0?/&1+(?,/&)*(&A-&8'(-:/&*7&,'/C(1-'+-:/&?+7('/&(7&(C&,-@0D&
6'/F-FC(?(71(%& C-& 0+1*-8+=7& :(& C-0& J-?+C+-0& :(& C-0& 8/?*7+:-:(0& :(& C-& ?(0(1-& :(&
o*7@7%& )*(& A-7& -C1('7-:/& C-& -81+B+:-:& :(C& ,-01/'(/& 8/7& C-& :(C& ?+7('/%& (0& *7& F*(7&
(N(?,C/&:(&,'/C(1-'+O-8+=7&M&0(?+,'/C(1-'+O-8+=7D&
&
7)21040"*5& >-& +7B('0+=7& ?+7('-& 1-?F+E7& A-& +701-C-:/& 1'-:+8+/7-C?(71(& B-'+/0&
0('B+8+/0& -0+01(78+-C(0& ,-'-& 0*0& 1E87+8/0& M& 1'-F-N-:/'(0& (7& .(7('-C%& 1-C(0& 8/?/&
B+B+(7:-%& -.*-& M& :(0-.q(%& 0('B+8+/0&:(&0-C*:%&(08*(C-0%&?('8-71+C(0&:(&(I,(7:+/&:(&
,'/:*81/0%&(18D&!7-&,-'1(&:(&(01/0&0('B+8+/0&0(&A-7&(I1(7:+:/&A-8+-&C/0&,/FC-:/'(0&:(&
C-&'(.+=7D&
&
&
!!!"#$%&'()$"%*#!$%*+",("!%-().!&*#!/%"(%"*%.'$0$+$&1*",(+"0('2"
!

8.%"%& #0%)2"5& >-0& 8/?*7+:-:(0& 7/& '(8+F(7& (C& :('(8A/& :(& 8-7/7& ?+7('/& )*(&
(01-FC(8(& C-& C(MD& 6('/& 0(& F(7(J+8+-7& +7:+'(81-?(71(%& -& 1'-BE0& :(& C/0& ?*7+8+,+/0&
,'/B+78+-C(0&&M&:+01'+1-C(0D&HC&8-7/7&?+7('/&C/&'(8+F(&C-&8-N-&J+08-C%&E01-&-&0*&B(O%&C-&
'(:+01'+F*M(&-&C-0&'(.+/7(0&-&1'-BE0&:(&C/0&/'.-7+0?/0&:(&:(0-''/CC/&'(.+/7-C&M&:(&C/0&
?*7+8+,+/0%&8-0+&0+(?,'(&8/7&'(1'-O/D&
&
<%9)24.#'0"& 4"#)240.(5& >-& ?+7('@-& A-& .(7('-:/& M& .(7('-& *7-& 7*(B-& C=.+8-&
8/?('8+-C%& J*7:-?(71-C?(71(& ?/7(1-'+-%& 8/7& C/0& ,'/:*81/'(0& :(& C-& C/8-C+:-:D& P(&
,'/71/%& C/0& ,'/:*81/0& :(C& 8-?,(0+7/;& 8-'7(0%&C(8A(%&)*(0/0%&,'/:*81/0&-.'@8/C-0& :(&
8/70*?/& +7?(:+-1/%& 1+(7(7& *7& ?('8-:/& (7& 0*0& ?+0?/0& ,'(:+/0D& >/0& 8-?,(0+7/0&
,*(:(7& B(7:('& -& C/0& ?+7('/0&C/&)*(&(CC/0&,'/:*8(7%&,('/&1-?F+E7&,*(:(7&8/?,'-'&
8/0-0& 7*(B-& :(& ?-7*J-81*'-& +7:*01'+-C%& )*(& -71(0& ('-& ?*8A/& ?L0& :+J@8+C%& ,/'& C-&
:+01-78+-&M&C-&,/8-&7(8(0+:-:D&
&
8"%,=49.*&4=(9=2.()*5&>/0&?+7('/0&CC(B-7&*7-&0('+(&:(&8/7:*81-0&7*(B-0&)*(&7/&0/7&
*0*-C(0&(7&(C&?*7:/&'*'-C&,('*-7/D&X/:-0&(7&(C&B(01+'%&/1'-0&8/01*?F'(0&8*C+7-'+-0%&
7/B(:-:(0& ?*0+8-C(0& M& F-+C(0%& ?/:(C/0& :(& 8/'1(0@-& +71(',('0/7-C%& -J+'?-8+=7& :(& C-&
C(7.*-&8-01(CC-7-%&*0/&:(&-'1(J-81/0&(C(81'/:/?E01+8/0%&(18D&0/7&+?+1-:/0&M&0(.*+:/0&
,/'&C-&.(71(&:(C&(71/'7/%&(0,(8+-C?(71(&,/'&C/0&N=B(7(0D&
&
#+7& (?F-'./%& 7/& 1/:/0& C/0& -,/'1(0& :(& C-& ?+7('@-& ,-'-& (C& :(0-''/CC/& :(& C/0& ,*(FC/0& 0(&
?-71+(7(& +7-C1('-FC(D& $& ,-'1+'& :(& C/0& -\/0& 7/B(71-%& C-0& (?,'(0-0& ?+7('-0& A-7& B(7+:/&
:+0?+7*M(7:/&(01/0&F(7(J+8+/0&(7&:(0?(:'/&:(C&:(0-''/CC/&:(&C-0&'(.+/7(0D&6/'&*7&C-:/%&C-&
?/:('7+O-8+=7& 1E87+8-& :(& C-& (I,C/1-8+=7& ?+7('-& A-& ,'/B/8-:/& C-& ?('?-& :(C& 7K?('/& :(&
1'-F-N-:/'(0D&Q-&-*?(71-:/&(C&?-)*+7+0?/&M&A-7&:+0?+7*+:/&C-0&,C-O-0&:(&1'-F-N-:/'(0&:(&
0*,('J+8+(& M& :(& 0/8-F/7(0& /& :(& 1-N/& -F+('1/D& 6/'& /1'/& C-:/%& C/0& A/'-'+/0& :(& 1'-F-N/& 0(& A-7&
-?,C+-:/%& )*(& ,'L81+8-?(71(& A-& :(0-,-'(8+:/& (C& 1'-F-N/& :(& A/'-0& (I1'-0%& 8/7& C/& )*(& (C&
-71+.*/&1'-F-N-:/'&'(8+F@-&?-M/'&'(?*7('-8+=7D&Q-&:(0-,-'(8+:/&(C&8/71'/1/&:+'(81/&:(&C-0&
(?,'(0-0&8/7&(C&1'-F-N-:/'%&)*(&,('?+1@-&(01-F+C+:-:&C-F/'-CD&Q/M%&0/7&C-0&#('B+8(0&C/0&)*(&
,'/B((7&:(&1'-F-N-:/'(0%&,/'&8/71'-1/0&:(&?(0(0&J+N/0D&#(&8/71'-1-7&1'-F-N-:/'(0&0+7&J-?+C+-&
M& ,/'& 1-71/& 0+7& B+B+(7:-& J-?+C+-'D& #(& A-7& '(8/'1-:/& C/0& 0('B+8+/0& -C& ?LI+?/%& -& C/&
+7:+0,(70-FC(D&H7&,/8/0&8(71'/0&?+7('/0&J*78+/7-7&C-0&&(08*(C-0&M&C-0&,/01-0&?E:+8-0D&6/'&
1/:/0&(01/0&8-?F+/0&:(&C-&KC1+?-&:E8-:-%&C-&(I,C/1-8+=7&?+7('-&7/&0=C/&8/71+7K-&CC(B-7:/0(&
C-& ,C*0B-C@-& :(C& 1'-F-N-:/'& ?+7('/%& 0+7/& )*(& -8*?*C-& ?-M/'& B/C*?(7& :(& 8-,+1-C& ,/'& (C&
!!!"#$%&'()$"%*#!$%*+",("!%-().!&*#!/%"(%"*%.'$0$+$&1*",(+"0('2"
!

'(8/'1(&:(&C/0&0('B+8+/0%&)*(&A-01-&C/0&-\/0&/8A(71-&F'+7:-F-&-&0*0&1'-F-N-:/'(0&M&(I1(7:@-&
A-8+-&(C&B(8+7:-'+/D&H01-&(0&C-&7*(B-&'(-C+:-:&:(C&F//7&:(&C-&?+7('@-&(7&(C&6('KD&
&
"
L<" +6I"AMA946I"369:?6I"7A"B>"ANJB64>9:;3"@:3A5>"J>5>"B>I"96@83:7>7AI"9>@JAI:3>I<"
"
R/?/&A(?/0&?-7+J(01-:/&(7&(C&-8L,+1(&-71('+/'%&C-&?+7('@-&8/7:*8(&,'/8(0/0&:(&:(0-''/CC/&
-& C-0& ,/FC-8+/7(0& M& '(.+/7(0& :/7:(& 0(& +701-C-7%& ,('/& -C& ?+0?/& 1+(?,/& 1+(7(7& 1-?F+E7&
(J(81/0& 7(.-1+B/0& ,-'-& (01/0& ?+0?/0& ,*(FC/0& M& .(71(0D& H7& (J(81/%& -?F/0& ,'/8(0/0& B-7&
N*71/0;& C-& CC(.-:-& :(& C-0& 7/B(:-:(0& )*(& +7:*8(& -& C-& .(71(& :(& C-0& L'(-0& '*'-C(0& -&
?/:('7+O-'0(&M&1-?F+E7&C-&,'(0(78+-&:(&?-C(0&)*(&-J(81-7&C-&B+:-&:(&C/0&.'*,/0&A*?-7/0&M&
:(C& ?(:+/& -?F+(71(& (7& .(7('-CD& V+01/&:(&?-7('-&.C/F-C%&C/0&,'+78+,-C(0&(J(81/0&7(.-1+B/0&
:(&C-&(I,C/1-8+=7&?+7('-&(7&C/0&,*'FC/0&M&8/?*7+:-:(0&8-?,(0+7-0&0/7&C/0&0+.*+(71(0D&
&
>?2,0,.&,)&90)22.*&4"#=%.()*5&H0&0(.K7&C/0&?+0?/0&8-?,(0+7/0%&(C&(J(81/&7(.-1+B/&
:(& ?-M/'& ,('N*+8+/D& 6/'& C-0& 8/78(0+/7(0& ?+7('-0%& C-0& 8/?*7+:-:(0& 8-?,(0+7-0& M&
1-?F+E7& C/0& ,'/,+(1-'+/0& +7:+B+:*-C(0& 0(& B(7& /FC+.-:/0& -& J+'?-'& :('(8A/0& :(&
,/0(0+=7&:(&0*0&1+(''-0&-&J-B/'&:(&C-0&(?,'(0-0&?+7('-0%&M-&0(-&,/'&1'-1/&:+'(81/&/&
,/'& 1-O-8+/7(0& :(& -8*(':/& -& C-& C(M& :(& 0('B+:*?F'(& 5>(M& 2gab39D& >-0& (?,'(0-0&
?+7('-0&/8*,-7&(I1'(70/0&1(''+1/'+/0&,-'-&0*0&8-?,-?(71/0%&0*0&'(:(0&:(&8-?+7/0&M&
8-''(1('-0%&8-?,/0&,-'-&'(C-B(0%& (18D& !7-& B(O& A(8A/& (C& 1'-1/& 8/7& C-& (?,'(0-& M-& 7/&
,*(:(7& A-8('& *0/& :(& (01-0& 1+(''-0%& ,/')*(& C-0& (?,'(0-0& 8/71'/C-7& C-0& (71'-:-0& M&
0-C+:-0& M& 0(& 8/7B+('1(7& (7& r:*(\/0&-F0/C*1/0s&:(&(01-0&1+(''-0D&6/'&(01(&?(:+/%&C-0&
8/?*7+:-:(0& 8-?,(0+7-0%& ,+(':(7&(0,(8+-C?(71(&0*0&8-?,/0&:(&,-01/'(/&:(&,*7-%&
,('/&1-?F+E7&,+(':(7&/&:+0?+7*M(7&0*0&1+(''-0&:(&8*C1+B/0%&0*0&F/0)*(0%&(18D&
&
>?2,0,.& ,)& .@=.*& ,)& 20)@"5& >-0& 8/?*7+:-:(0& M& C/0& ,'/,+(1-'+/0& J-?+C+-'(0& B(7&
:+0?+7*+:/& (C&8-*:-C&:(&0*0&-.*-0&:(&'+(./%&8*-7:/&C-0&(?,'(0-0&?+7('-0&*1+C+O-7&
,-'1(&:(&(01-&-.*-&(7&C-&,('J/'-8+=7&:(C&0*F0*(C/%&(7&C-0&,C-71-0&8/78(71'-:/'-0&M&(7&
C-&8/701'*88+=7&:(&8-''(1('-0D&>-&,('J/'-8+=7&+71('7-&:(&C-&'(:&:(&0/8-F/7(0%&,+)*(0%&
.-C('@-0& M& 8A+?(7(-0& (7& (C& 0*F0*(C/& M& C-& (I1'-88+=7& ?+7('-& ,/'& (C& 1-N/& -F+('1/%&
:(0B@-&(C&8*'0/&+71('+/'&:(&C/0&?-7-71+-C(0&M&'+-8A*(C/0D&H01-0&?/:+J+8-8+/7(0&:(&C-&
8/'1(0-&1(''(01'(&?/:+J+8-7&(C&7/'?-C&JC*N/&:(&-.*-0&)*(&C/0&8-?,(0+7/0&C/&*1+C+O-7&
!!!"#$%&'()$"%*#!$%*+",("!%-().!&*#!/%"(%"*%.'$0$+$&1*",(+"0('2"
!

,-'-&+''+.-'&0*0&8-?,/0&:(&8*C1+B/0D&H01(&(0&/1'/&:(&C/0&?-C(0&.'-B(0&)*(&,'/B/8-&C-&
?+7('@-D&
&
8"%9.#0%.40A%&,)&(.*&.@=.*5&S/:/0&C/0&8(71'/0&?+7('/0&8/71-?+7-7&(C&-?F+(71(&:(&
:+01+71/0& ?/:/0D& >-& 8/71-?+7-8+=7& :(& C-0& -.*-0& (0& *7& ,'/FC(?-& .(7('-C%& (7& C-&
?(:+:-&)*(&C-0&8/''+(71(0&:(&-.*-0&0*,('J+8+-C(0&1+(7(7&0*0&7-8+(71(0&(7&C-0&-C1*'-0D&
H01(& 1+,/& :(& 8/71-?+7-8+=7& 0(& ,'/:*8(& ,/'& B-'+/0& ,'/8(0/0D& HC& ?L0& 8/?K7& (0& C-&
8/71-?+7-8+=7& :(& -.*-0& ,/'& C/0& '(C-B(0& ?+7('/0& )*(& 0-C(7& :(& C-0& ,C-71-0&
8/78(71'-:/'-0%& 8/?/& 0(& ,*(:(7& B('& -& 0+?,C(& B+01-& (7& R-0-,-C8-%& X/'/8/8A-& M&
/1'/0&8(71'/0&?+7('/0&8('8-7/0&-&>+?-D&>-&/1'-&J/'?-&:(&8/71-?+7-8+=7&:(&-.*-0&0(&
:-&,/'&C/0&:(''-?(0&:(&8/?F*01+FC(0%&Y('/0(7(%&.-0/C+7-%&-8(+1(%&(18D&$0+?+0?/&0(&
,'/:*8(& ,/'& (C& :(''-?(& :(& 0*01-78+-0& 1=I+8-0%& 8/?/& (C& 8+-7*'/%& ?('8*'+/& M& /1'/0&
,'/:*81/0&)*(&*0-&C-&+7:*01'+-&?(1-CK'.+8-D&6/'&(01/0&(J(81/0&:(&8/71-?+7-8+=7%&C-0&
-.*-0&:(&C/0&'@/0&7/&0/7&-,1/0&,-'-&F(F('D&6('/&C-&(08-0E0&:(&-.*-&A-8(&)*(&C-&.(71(&
M& C/0& -7+?-C(0& F(F-7& :(& (01-& -.*-%& ,'/B/8-7:/& C-& -8*?*C-8+=7& :(& ?+7('-C(0& M&
0*01-78+-0&7/8+B-0&(7&C/0&/'.-7+0?/0D&HC&'@/&j@?-8&M&(C&C-./&o*7@7&0/7&:/0&F*(7/0&
(N(?,C/0& :(& 8/71-?+7-8+=7& :(& -.*-0& 8/7& .'-B(0& (J(81/0& ,-'-& C-& 0-C*:& A*?-7-& M&
,-'-&(8/C/.@-&'(.+/7-C&:(&*7-&O/7-D&
&
8"%9.#0%.40A%&,)(&)*B.40"5&>-&?+7('@-&,'/B/8-&1-?F+E7&C-&8/71-?+7-8+=7&:(C&-+'(&
M& :(C& (0,-8+/& (7& .(7('-CD& >-& /,('-8+=7& :(& C-0& ?-)*+7-'+-0%& :(& C-0& ,C-71-0&
,'/8(0-:/'-0& :(& ?+7('-C(0%& C/0& A*?/0& 1=I+8/0& :(& C/0& F(A@8*C/0& ?/1/'+O-:/0%& C/0&
A*?/0& 1=I+8/0& :(& C-0& J*7:+8+/7(0& 8/?/& (C& :(& C-& ^'/M-%& 8/71-?+7-7& (C& -?F+(71(D&
H01/0&.-0(0&-J(81-7&C(71-?(71(&C/0&/'.-7+0?/0&:(&A*?-7/0&M&:(&-7+?-C(0%&-J(81-7&-&
C-0&,C-71-0&M&-&1/:/&0('&B+B/%&8/7B+'1+(7:/&C/0&8-?,/0&(7&:(0+('1/0&0+7&B+:-D&
>2"'()#.*& *"40.()*5& >/0& 8(71'/0& ?+7('/0%& ,/'& 8/701+1*+'& 7*(B/0& -0(71-?+(71/0&
A*?-7/0%&8/7&.(71(&:(&:+01+71-0&8/01*?F'(0&M&?/:/0&:(&B+:-%&8'(-7&(7&C/0&,*(FC/0&
M&8/?*7+:-:(0&:(0-N*01(0&0/8+-C(0&:(&B-'+-:/&1+,/D&$C.*7/0&?-C(0&0/8+-C(0&B+0+FC(0&
0/7%&,/'&(N(?,C/%&C-&,'(0(78+-&:(&8-71+7-0&:(&(I,(7:+/&:(&C+8/'(0%&)*(&+78(71+B-7&C-&
rF/''-8A('-s& :(& C/0& ,-''/)*+-7/0%& )*(& 1('?+7-7& (7& ,(C(-0%& '+\-0& (& +70*C1/0d& C-&
-,-'+8+=7&:(&:(C+78*(71(0%&)*(&'/F-7&-&C-0&,('0/7-0&M&-&C-0&8-0-0d&C-&,'/01+1*8+=7&:(&
?*N('(0&)*(&CC(.-7&:(&C-0&8+*:-:(0%&:*'-71(&C/0&:@-0&:(&,-./&:(C&,('0/7-C&?+7('/D&
&
&
!!!"#$%&'()$"%*#!$%*+",("!%-().!&*#!/%"(%"*%.'$0$+$&1*",(+"0('2"
!

C(9)2.40"%)*&4=(9=2.()*5&S-?F+E7&C-0&8*C1*'-0&C/8-C(0&0(&B(7&-C1('-:-0&,/'&(J(81/&:(&
(01/0& (78C-B(0D& H7& C/0& 8-?,-?(71/0& 0(& ?*(B(7& *0/0& M& 8/01*?F'(0& FL0+8-?(71(&
*'F-7/0& M& ?+I1/0;& 7*(B-0& ?/:-0& (7& (C& B(01+'%& 1+,/0& :+01+71/0& :(& 8/?+:-& (7& C/0&
'(01-*'-71(0&M&B+B-7:('-0%&?K0+8-&M&F-+C(0&:(&,'/,-.-8+=7&*'F-7-&)*(&0(&0*,(',/7(&
8/7&J*('O-&0/F'(&C/0&?/:(C/0&-'1@01+8/0&C/8-C(0D&H0&:(8+'%&C/0&(01+C/0&:(&B+:-&:(&C/0&
?+7('/0&M&:(&C/0&8/?('8+-71(0&)*(&8/78*''(7&-&(01/0&8(71'/0&0/7&7/B(:-:(0%&)*(&C-0&
.(71(0%& (0,(8+-C?(71(& C/0& N=B(7(0& +?+1-7D& 6/'& (01(& ?(:+/& 0(& :(0-''/CC-7& C-0&
A+F'+:(8(0&8*C1*'-C(0&M&C-&,E':+:-&:(&C-0&+:(71+:-:(0&C/8-C(0&M&'(.+/7-C(0D&
"
"
O<" %8AI45>I"5:P8AQ>I"3>485>BAI"J56?69>3"4>@R:S3"38AI45>I"7AIG5>9:>I<"
"
>/0&,('*-7/0&0(.*+?/0&0+(7:/&r?(7:+./0&0(71-:/0&(7&F-78/&:(&/'/s%&8/?/&:+N('-&$71/7+/&
j-+?/7:+D&H7&(J(81/%&C-&7-8+=7h(01-:/&(7&)*(&B+B+?/0&8/71+7K-&0*?+:/&(7&C-&,/F'(O-%&(7&
C*8A-0&+71('7-0&,/'&C*8'-'&:(&C-&A-8+(7:-&,KFC+8-%&(7&C-&8'+0+0&(8/7=?+8-&+71('?+7-FC(&)*(&
-J(81-&-&1/:/0D&6('/&7*(01'-0&'+)*(O-0&(01L7&1/:-B@-&-CC@D&"+&C/0&8/C/7+O-:/'(0&(0,-\/C(0%&C-0&
(?,'(0-0& :(& (78C-B(%& 7+& C-0& 1'-707-8+/7-C(0& ?/:('7-0& A-7& 1('?+7-:/& :(& CC(B-'0(& 1/:/& (C&
rF-78/&:(&/'/sD&R*-7:/&C/0&,/O/0&,(1'/C('/0&:(&S-C-'-&:+0?+7*M(7&0*&,/1(78+-C%&-,-'(8(&(C&
.-0& :(& R-?+0(-d& 8*-7:/& C-0& ?+7-0& :(& R(''/& :(& 6-08/& :(''*M(& 8-0+& 1/:-& C-& B+(N-& 8+*:-:&
?+7('-& ,/'&(C&1-N/&-F+('1/%&0*'.(7&/1'-0&?+7-0&:(&8/F'(&(7&<8-%&$'()*+,-%&R*08/%&$78-0Ad&
8*-7:/&C/0&'@/0&:(&X-:'(&:(&P+/0&:(N-7&8-:-&B(O&?(7/0&/'/&,-'-&C/0&?+C(0&:(&C-B-:/'(0%&
-,-'(8(7&.'-7:(0&M-8+?+(71/0&:(&/'/&(7&C/0&B-CC(0&,+*'-7/0%&(7&C/0&8(''/0&:(&R-N-?-'8-&M&
-C& ,+(& :(& C/0& 7(B-:/0& :(& $78-0AD& RC-'/& )*(& (01-?/0& 1/:-B@-& 0(71-:/0& (7& *7& 8/7J/'1-FC(&
-0+(71/&-*'@J('/D&
&
R*L71/& :(& (01-0& '+)*(O-0& A-7& 0+:/& M& 0/7& (I,C/1-:/0& ,/'& ,('*-7/0& :(& :+01+71-0& ,/0+8+/7(0&
(8/7=?+8-0G&"/&1(7(?/0&(01/0&:-1/0D&6('/&:(&A(8A/&)*(&C/0&A-M&M&?*8A/0D&S-71/&-&7+B(C&
:(& (?,'(0-0& 7-8+/7-C(0& /& -0/8+-:-0& 8/7& 8-,+1-C(0& (I1('7/0%& 8/?/& 1-?F+E7& C-& ,()*(\-&
?+7('@-& :(&(08-0-0&+7B('0+/7(0%&C/0&,('*-7/0&1-?F+E7&A-8(?/0&?+7('@-%&-*7)*(&:(&?(7/'&
8*-71@-D& H01(& (0& *7& 1'-F-N/& ,/'& A-8('%&,-'-&1(7('&*7-&+:(-&:(&8*L71/&C/0&,('*-7/0&?+0?/0&
(I,C/1-?/0&7*(01'-0&,'/,+-0&'+)*(O-0&M&-&1'-BE0&:(&(01-&-81+B+:-:&,-'1+8+,-?/0&-81+B-?(71(&
(7&C-&(8/7/?@-&7-8+/7-CD&P(&C/&)*(&(01-?/0&8C-'/0&(0&)*(&C/0&8-,+1-C(0&(I1'-7N('/0%&0/7&C/0&
)*(&A-7&-,'/B(8A-:/&M&-,'/B(8A-7&?(N/'&C-&(I,C/1-8+=7&:(&7*(01'-0&'+)*(O-0D&P*'-71(&C-&
j(,KFC+8-%&,'/F-FC(?(71(&:(0:(&C-&-,-'+8+=7&:(&C-&R(''/&:(&6-08/&R/,,('&R/',/'-1+=7%&:(&
!!!"#$%&'()$"%*#!$%*+",("!%-().!&*#!/%"(%"*%.'$0$+$&1*",(+"0('2"
!

8-,+1-C(0&7/'1(-?('+8-7/0%&(C&8/F'(%&(C&8+7O%&(C&,C/?/%&C-&,C-1-%&A-7&0+:/&(I,C/1-:/0&-&.'-7&
(08-C-D&H7&7*(01'/0&:@-0&(01-&(I,C/1-8+=7&0(&A-&?*C1+,C+8-:/&8/70+:('-FC(?(71(%&1-71/&,/'&C-&
,'(0(78+-& :(& C-& .'-7& ?+7('@-& 8/?/& 1-?F+E7& ,/'& C-& ?(:+-7-& M& C-& ,()*(\-& ?+7('@-D& #+& C-0&
,'/M(88+/7(0& :(& C-& ,'/?/8+=7& ?+7('-& 8/71+7K-7& 8/?/& B+(7(& A-8+E7:/0(& A-01-& A/M%& (0&
,'/F-FC(& )*(& :(71'/& :(& *7-0& 1'(0& /& 8*-1'/& :E8-:-0%& 7*(01'/& rF-78/& :(& /'/s& 0(& A-F'L&
:(F+C+1-:/&8/70+:('-FC(?(71(%&,/')*(&7/&(I+01(&'(8*'0/&7-1*'-C&)*(&7/&0(&-./1(D&&
&
H7& (01/0& -B-1-'(0& ,/'& (I,C/1-'& -C& ?LI+?/& 7*(01'-0& '+)*(O-0& ?+7('-C(0%& (?('.(7& 1-?F+E7&
7*(01'-0& :(0.'-8+-0%& @71+?-?(71(& C+.-:-0& 8/7& C-0& 8/78(0+/7(0& M& C-& (N(8*8+=7& :(& C-0&
/,('-8+/7(0& ?+7('-0%& '(71-FC(0& ,-'-& (C& ('-'+/& 7-8+/7-CD& "/0& '(J('+?/0& -& C/0& .'-7:(0&
,('N*+8+/0%& -& C-0& :'-?L1+8-0& 0+1*-8+/7(0& )*(& C-& ?+7('@-& .(7('-& 8/?/& ,-'1(& :(C& ,'/8(0/& :(&
(I,C/1-8+=7& /& 8/?/& '+(0./0& )*(& 7/& 0/7& 8/71'/C-:/0& (7& 0*& :(F+:/& ?/?(71/D& $C.*7/0& :(&
(01/0& 8-0/0& 0(& 8/7/8(7%& ,/')*(& 0/7& -?,C+-?(71(& ,*FC+8+1-:/0d& /1'/0& 8-0/0& ?(7/'(0%& )*(&
/8*''(7& (7& C-& .'-7%& ?(:+-7-& M& ,()*(\-& ?+7('@-%& 7+& 0+)*+('-& )*(:-7& 0+C(78+-:/0D& H01/0&
:'-?L1+8/0& 8-0/0& 0(& 0*?-7& -& C/0& (J(81/0& 7/8+B/0& :(C& )*(& M-& 7/0& A(?/0& /8*,-:/D& #/7& :(&
:+01+71-&7-1*'-C(O-D&H7*?('-?/0&-C.*7/0&8-0/0&'(8+(71(0&,-'-&+C*01'-'&(01(&,'/FC(?-D&
&
-9& 8"%9.#0%.40A%&.#'0)%9.(&)%&8.;.#.24.5&H7&N*7+/&:(C&2333&0(&,'/:*N/&(C&:(''-?(&
:(&?('8*'+/&(7&R-N-?-'8-%&-J(81-7:/&-&?L0&:(&Z33&8-?,(0+7/0&:(&C/0&,/FC-:/0&:(&
#-7& o*-7%& RA/'/,-?,-& M& X-.:-C(7-D& H01(& -88+:(71(& 0(& ,'/:*N/& (7& 8+'8*701-78+-0&
)*(& (C& 8-?+=7& 8+01('7-&:(&C-&H?,'(0-&X+7('-&m-7-8/8A-&1'-70,/'1-F-&(C&?('8*'+/&
A-8+-& (01(& 8-?,-?(71/%& (C& ?L0& +?,/'1-71(& M-8+?+(71/& ?+7('/& (7& ,C(7-&
(I,/C/1-8+=7D&m-7-8/8A-&B+(7(&0+(7:/&(I,C/1-:-&,/'&*7-&-0/8+-8+=7&:(&8-,+1-C(0%&(7&
C-0& )*(& ,-'1+8+,-7;& C-& "(p?/71& X+7+7.& R/',/'-1+/7& :(& P(7B('& 5HHD!!9%& >-& R@-D&
P(&X+7-0&`*(7-B(71*'-&#D$D&M&C-&R/',/'-8+=7&W+7-78+('-&<71('7-8+/7-C&:(C&`-78/&
X*7:+-CD&>-&8/71-?+7-8+=7&,'/B/8-:-&,/'&(01(&-88+:(71(&A-&-J(81-:/&J@0+8-?(71(&-&
F*(7-&,-'1(&:(&(01-0&,/FC-8+/7(0%&)*(&:(0,*E0&:(&?L0&:(&*7&-\/&:(&C/&/8*''+:/&0(&
0+.*(7& '(,/'1-7:/& .'-B(0& -J(88+/7(0& -C& /'.-7+0?/& :(& A*?-7/0& M& :(& -7+?-C(0D&
P+01+71/0&/'.-7+0?/0&A-7&'(-C+O-:/&(01*:+/0&M&A-M&0(7:/0&+7J/'?(0&)*(&:(?*(01'-7&
C-& .'-B(:-:& :(C& ,'/FC(?-%& 8*M-& 0/C*8+=7& 7/& CC(.-& -K7D& >-& (?,'(0-& m-7-8/8A-& A-&
+7:(?7+O-:/&-&*7&,()*(\/&0(81/'&:(&C/0&-J(81-:/0&M&A-&'(-C+O-:/&-C.*7-0&/F'-0&:(&
+7J'-(01'*81*'-&-&J-B/'&:(&8-:-&8(71'/&,/FC-:/%&,('/&0(&7+(.-&-&'(0,/70-F+C+O-'0(&M&-&
+7:(?7+O-'& (7& 0*& N*01/& B-C/'& -& C-0& J-?+C+-0& :-?7+J+8-:-0& M& -& C-0& ,/FC-8+/7(0&
!!!"#$%&'()$"%*#!$%*+",("!%-().!&*#!/%"(%"*%.'$0$+$&1*",(+"0('2"
!

-J(81-:-0D& 6-'-& C-0& .'-7:(0& (?,'(0-0& 8/?/& m-7-8/8A-%& C-& B+:-& :(& C-0& J-?+C+-0& :(&
,-@0(0&,/F'(0&8/?/&(C&7*(01'/&1+(7(&,/8/&B-C/'D&
&
F9& D)22.#)& ,)& 4"%'=*90'()& )%& )(& 2E"& F)G=)9)B)G=)5& H7& (7('/& M& ?-'O/& :(& (01(& -\/&
/8*''+('/7& :/0& -88+:(71(0%& 8*-7:/& 8-?+/7(0& 8+01('7-& :(& C-& (?,'(0-& X/B+C%& )*(&
1'-70,/'1-F-7& ,(1'=C(/& M& -8(+1(& A-8+-& C-& X+7-& m-7-8/8A-%& 8-M('/7& -C& '@/&
o()*(1(,()*(%&-&C-&-C1*'-&:(&S(?F-:('-D&H01-&:(0.'-8+-&8/71-?+7=&C-0&-.*-0&:(&(01(&
'@/%&+7*1+C+OL7:/C/&,-'-&(C&8/70*?/&M&,-'-&(C&'+(./D&&$0+?/0?/&8/71-?+7=&C-0&-.*-0&
:(& C-& ,'(0-& _-CC+1/& R+(./%& :/7:(& ?*8A-0& J-?+C+-0& 0(& :(:+8-7& -& C-& ,(08-& -'1(0-7-CD&
6/'&C/0&(J(81/0&,('N*:+8+-C(0&:(C&-8(+1(&M&:(C&,(1'=C(/%&0(&A-7&,(':+:/&C-0&8/0(8A-0&M&
C-&1+(''-&:(&8*C1+B/&A-&)*(:-:/&8/71-?+7-:/&,/'&(01/0&8/?F*01+FC(0D&$CC@&1-?F+E7%&
C/0& 8+(71/0& :(& J-?+C+-0& M& 0*0& '(8*'0/0& :(& 1+(''-& M& ,(08-& A-7& 0+:/& -J(81-:/0&
.'-B(?(71(D& >-& (?,'(0-& X/B+C&A-&+7:(?7+O-:/&-&-C.*7/0&,(08-:/'(0&M&A-&1'-1-:/&
:(&C+?,+-'&C-&8-,-&:(&-8(+1(&:(&C-0&8A-8'-0&8/7&/F'('/0&8/71'-1-:/0%&8/?/&,-'1(&:(&C-&
J+'?-&:(&*7&-8*(':/&8/7&C-0&-*1/'+:-:(0&:(&S(?FC-:('-D&6('/%&+.*-C&)*(&C-&(?,'(0-&
?+7('-&m-7-8/8A-%&C-&X/B+C&7/&8*?,C(&8/7&+7:(?7+O-'&-:(8*-:-?(71(&-&1/:-0&C-0&
J-?+C+-0& )*(& (C& :(''-?(& A-& -J(81-:/D& 6-'-& ,'/1(01-'%& ,/'& (01(& +78*?,C+?+(71/%& C/0&
,/FC-:/'(0&:(&S(?FC-:('-&A-7&FC/)*(-:/&(C&,-0/&:(&8-?+/7(0&8+01('7-0&)*(&,-0-7&
,/'& -CC@& A-8+-& m-7-8/8A-D& >-& KC1+?-& 0(?-7-& :(C& ?(0& :(& N*C+/%& A-& (01-:/&
8-'-81('+O-:/& ,/'& C-& C*8A-& :(& C/0& ,/FC-:/'(0& :(& C-& ,'/B+78+-& :(& R/71*?-OL& ,/'&
(I+.+'&C-&N*01-&+7:(?7+O-8+=7&,/'&C/0&,('N*+8+/0D&#+&7/&0(&8*?,C(&8/7&(C&'(8C-?/&:(&
C-&,/FC-8+=7%&0(&'(,(1+'L7&(01-0&?(:+:-0&:(&J*('O-D&>-&(?,'(0-&J+'?=&*7&1'-1/&,('/&
8/?/&8-0+&0+(?,'(&7/&C/&8*?,C(D&
&
89& !)='04.40A%& ,)& :.#'"@2.%,)& 6& ,)(& 1.(()& ,)& 7.%& H"2)%-"5& #(& 8+('7(& (C& ,(C+.'/& :(&
)*(&C/0&,/FC-:/'(0&:(&S-?F/.'-7:(&M&:(C&B-CC(&:(&#-7&>/'(7O/&0(-7&'(*F+8-:/0&-&
/1'/0&C*.-'(0&,-'-&:-'&,-0/&-&C-&(I,C/1-8+=7&:(C&/'/&)*(&M-8(&(7&(C&0*F0*(C/&:(&(01/0&
'+8/0& 1(''+1/'+/0& :(& 6+*'-D& !7-& ,/:('/0-& (?,'(0-& ?+7('-%& C-& X-7A-11-7& X+7('-C0&
R/',&:(C&R-7-:L&1+(7(&C-&8/78(8+=7&:(&(01/0&M-8+?+(71/0&-*'@J('/0&M&A-&A(8A/&C/0&
1'-F-N/0& :(& (I,C/'-8+=7& M& 0(&-,'(01-&-&(I,C/1-'C-D&6('/&,-'-&(I1'-('&(C&/'/&:(&(01-0&
*FE''+?-0& 1+(''-0& 0('L& 7(8(0-'+/& )*(& C-0& ,/FC-8+/7(0&:(&S-?F/&_'-7:(&M&:(C&B-CC(&
:(&#-7&>/'(7O/&0(-7&'(*F+8-:/0&-&/1'/0&C*.-'(0D&^8*''(&)*(&(7&(01-&,-'1(&:(C&,-@0%&
7/& 0=C/& (C& 0*F0*(C/& (01L& CC(7/& :(& /'/& :(& C-& ?L0& -C1-& C(M%& 0+7/& )*(& C-& 0*,('J+8+(& (0&
1+(''-&,'/:+.+/0-&,-'-&C/0&8-?,(0+7/0;&(0&C-&O/7-&:(&?(N/'&,'/:*88+=7&:(&?-7./0%&
!!!"#$%&'()$"%*#!$%*+",("!%-().!&*#!/%"(%"*%.'$0$+$&1*",(+"0('2"
!

:(& C+?/7(0& M& :(& 1/:/& 1+,/& :(& ,'/:*81/0& -.'@8/C-0%& ,-'-& C-& (I,/'1-8+=7& M& ,-'-& (C&
8/70*?/&+71('7/D&#(&:-&C-&8/71'-:+88+=7&:(&)*(&*7-&O/7-&:(&,'/:*88+=7&J'*1@8/C-&M&
-.'@8/C-&=,1+?-%&)*(&:-&1'-F-N/&M&F*(7/0&+7.'(0/0&-&C/0&,'/:*81/'(0&,('*-7/0%&1(7.-&
)*(& :(0-,-'(8('& 8/?/& 1-C%& ,-'-& ,('?+1+'& )*(& (C& +7B('0+/7+01-& (I1'-7N('/& -?-0(&
J/'1*7-D& H01/%& (B+:(71(?(71(& (0& *7-& :(& 7*(01''-0& 1-71-0& :(0.'-8+-0& )*(& 7/0& 1'-(&
7*(01'-&,'/0,('+:-:&?+7('-D&
&
:9& +=4I.*& 10,.*& 9)2#0%.%& )%& ("*& *"4.'"%)*5& >/0& -88+:(71(0& :(& C/0& 1'-F-N-:/'(0&
?+7('/0& (7& 0*0& 8(71'/0& :(& /,('-8+/7(0& 0(& 8*(71-7& 8-0+& -& :+-'+/D& X*8A/0& :(& (01/0&
-88+:(71(0& :(& 1'-FN/& 0/7& ,E':+:-0& :(& B+:-D& j+(0./& 8-C8*C-:/& ,/'& C-0& ?+0?-0&
(?,'(0-0%&,('/&7/&0+(?,'(&8/7B(7+(71(?(71(&8/?,(70-:/&-&C-0&J-?+C+-0&-J(81-:-0D&
R-0/0&A-M&?*8A/0D&V(-?/0&*7/&0/C/;&(C&-88+:(71(&:(&C-&X+7-&$7+?=7&(7&6-08/D&H7&
-F'+C&:(&4ZZ[%&0(&+7*7:-'/7&C/0&0/8-F/7(0&:(&C-&*7+:-:&?+7('-&RA*7.-'&:(&C-&X+7-&
$7+?=7%&,('1(7(8+(71(&-&C-&R+-D&X+7('-&V/C8-7D&H01(&A(8A/&0(&,'/:*N/&8*-7:/&*7-&
:(& C-0& .-C('@-0& 0*F1(''-7(-0& 0(& -8('8=& :(?-0+-:/& -C& C(8A/& :(& C-& C-.*7-& "-1+8/8A-&
)*(& (01-F-& (78+?-& M& 0*0& -.*-0& +7*7:-'/7& C-0& .-C('@-0%& :/7:(& ,(':+('/7& C-& B+:-&
-A/.-:/0&/8A/&?+7('/0&M&B-'+/0&0(&0-CB-'/7&8/7&A('+:-0D&HC&J-1-C&-88+:(71(&7/&0=C/&
-J(81=&-&(01-&?+7-%&)*(&1*B/&)*(&,-'-C+O-'&F*(7-&,-'1(&:(&0*0&/,('-8+/7(0%&0+7/&)*(&
1-?F+E7& -C8-7O=& -& C-0& ?+7-0& B(8+7-0& :(& Q*-'=7D& H7& RA*7.-'& 0(& ,(':+('/7& /8A/&
B+:-0%& )*(& 1-?,/8/& A-7& 0+:/& :(F+:-?(71(& +7:(?7+O-:-0& -& 0*0& :(*:/0d& C/& ,(/'%& (C&
-88+:(71(& 0+'B+=& ,-'-& )*(& 1-71/& C-& V/C8-7& 8/?/& C-& Q*-'/7& :(0,+:-7& ?*7('/0/0&
1'-F-N-:/'(0D&6/'&(01(&C-:/&1-?F+E7&0(&-.'(.-7&7*(01'-0&:(0.'-8+-0%&0+(?,'(&-&J-B/'&
:(C&:(0-''/CC/&?+7('/&(7&7*(01'/&,-@0D&
&
Q-01-& -)*@& (C& 8/7N*71/& :(& +:(-0& FL0+8-0& (7& (C& 1(?-& :(& C-& '(C-8+=7& :(& C-& ?+7('@-& 8/7& C-0&
8/?*7+:-:(0& 8-?,(0+7-0& (7& (C& 6('KD& >/& ,'(0(71-?/0& (7& (01(& R/7.'(0/%& 7/& 8/?/& *7-&
+7B(01+.-8+=7&'(-C+O-:-%&0+7/&8/?/&C-&(I,C+8+1-8+=7&:(&,'/FC(?-0&:('+B-:/0&:(&C-&-81+B+:-:&
?+7('-%&*7&0(81/'&+?,/'1-71(&(7&C-&(8/7/?@-&7-8+/7-CD&6/'&(0/&7/&A-M&-)*@&8/78C*0+/7(0D&
H01-?/0&(7&C-&(1-,-&:(&*7-&+7B(01+.-8+=7&+7+8+-C&M&1(7(?/0&?*8A/&)*(&+7:-.-'&M&-7-C+O-'D&
S-?F+E7&,/'&(01(&8-?,/%&C-&-71'/,/C/.@-&1+(7(&*7&:(''/1('/&,/'&:/7:(&1'-70+1-'D&m/&,+(70/&
)*(&(01(&8-?+7/&B-&-&0('&C-'./%&:+J@8+C%&,('/&,'/B(8A/0/&M&?*M&K1+C&,-'-&7*(01'-&,'/J(0+=7D&
&
&&
&
!!!"#$%&'()$"%*#!$%*+",("!%-().!&*#!/%"(%"*%.'$0$+$&1*",(+"0('2"
!

&
T:RB:6G5>ME><"
&
`^"<>>$&X$mS$%&Q('-8C+/&
J(&#0%)2"&,)&("*&C%,)*K&<H6%&>+?-%&4ZbfD&
&
R^"$R$X<%&><X$&
J(&2"*92"&,)&(.&#0%)2E.&)%&(.*&4"#=%0,.,)*&,)(&>)2LK&>+?-%&2333D&
&
W>^jH#&_$><"P^%&$CF('1/&
H"*&#0%)2"*&,)&(.&8)22"&,)&>.*4"K&6!R6%&>+?-%&4Zb2&5S(0+09D&
&
X$S^#&X$j%&o/0E&M&XHo<$%&o/0E&X-7*(C&
H.&2)M"2#.&.@2.20.&)%&)(&>)2LK&<H6%&>+?-%&4Z[3D&
&
X<"<#SHj<^&PH&$_j<R!>S!j$&
D02)49"20"&,)&4"#=%0,.,)*&4.#B)*0%.*&,)(&>)2LN&OPPOK&>+?-%&4ZZ4D&
&
X<"<#SHj<^&PH&H"Hj_<$&m&X<"$#&
>(.%&2)M)2)%40.(&,)&(.&#0%)2E.N&OPPPQRSSTK&>+?-%&4ZZZD&
&
n$!WWX$""&P^<_%&W(:('+8/&
+.%=.(&,)&.2G=)"("@E.&B)2=.%.K&H:D&<F('+-&#D$D%&>+?-%&4Zb[D&
&
S<6<$"<%&oD&#D%&&
H)@0*(.40A%&,)&4"#=%0,.,)*&4.#B)*0%.*%&>+?-%&4ZZ4D&
&
V$>H"R<$%&$F'-A-?&
+)9.(=2@0.&0%4.K&#(?+7-'+/&:(&Q+01/'+-&j*'-C&$7:+7-%&!"X#X%&>+?-%&4Z[4D&
&
&
&
&
&
>+?-%&-./01/&:(C&2334D&
&
&
&
DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD&
j/?L7&j/FC(0&X(7:/O-&

Vous aimerez peut-être aussi