Vous êtes sur la page 1sur 3

012323405 679

7
!"#$%&$' ()*+*,-./0)*+ 1%23%#!"#'
456'78'96:8;9<6'=>7'?@@@A'78'B8C8'D>;5E5F8G98'E8;<'E5H':8H95;';9I75;'=>'=>;5H=>6'J'=>K8=>6K98A'E>H5'75;
96:8;5H>;'F>HG968H56'E5H'8;9G978H'78'KL7FLH8'=>'78'H>I9<6'ML>'N8OP86'K56ML9;F8=5'J';>'>;Q5HR8H56'E5H'87K86R8H
>7'69:>7'=>':9=8'86F>H95HS'1LHI9<'8;P'L68'6L>:8'K9:979R8K9<6A'K565K9=8'K5G5'*TUVWX'Y5;';LG>H95;'=5G968H56
78'B8C8'D>;5E5F8G98'=LH86F>'F5=5'>7'KL8HF5'G97>695'J';>':9>H56'5O79I8=5;'8'=>Q>6=>H78'=>'78;'96KLH;956>;'=>
75;'EL>O75;':>K965;A'ML>'78'N5;F9I8O86'K5G5'>775;'78'N8OP86'N5;F9I8=5'=LH86F>'>7'G97>695'86F>H95HS
!8FLH87G>6F>A'75;';LG>H95;'FH8C>H56'K56;9I5';L;'EH5E95;'=95;>;A'ML>'EH56F5';>'K5GO968H56'K56'75;'=>'75;
EL>O75;'K56ML9;F8=5;S'#7'E86F><6'H>;L7F86F>'F>6P8'FH>;'=95;>;'=>;F8K8=5;Z'[\T'>H8'>7'=95;'=>7'K9>75A'J'F>6P8';L
;86FL8H95'G];'9GE5HF86F>'>6'78'K9L=8='=>',WT^_'.\à`'>H8'>7'=95;'=>'78'F9>HH8'J';L';86FL8H95'EH96K9E87'>;F8O8
>6'baccTW_'G9>6FH8;'ML>'.d'>H8'>7'=95;'=>'75;'HP5;'J'>H8'>;E>K987G>6F>'8=5H8=5'>6'.WaeTX'fH5O8O7>G>6F>'75;
=5;'g7F9G5;'>H86'=95;>;'EH>:95;'8'78'96:8;9<6A'EL>;'78'F9>HH8'J'75;'HP5;';56'EH>5KLE8K956>;'FPE9K8;'=>'75;
8IH9KL7F5H>;A'G9>6FH8;'ML>' 6L';>HP8'>7'=95;'EH96K9E87'ML>'FH8C>H56'75;';LG>H95;A'L6'=95;'=>'E8;F5H>;S'f5H
;LEL>;F5A'K8=8'K9L=8='8=5H8O8'F8GO9h6'8'5FH5;'=95;>;'G>65H>;S
45G5'K8OP8'9G8I968HA'>7'=95;'G];'9GE5HF86F>'H>;L7F<';>H'6LS'#;F5'ML>=8'H>Q7>C8=5'>6'>7'G9F5'=>'78'KH>8K9<6Z
87'EH96K9E95'=>'75;'F9>GE5;A'>7'GL6=5'>H8'L6'K85;'=5G968=5'E5H'iadUdj_'=95;8'=>7'G8H'k>7'G8H'>H8';9I65'=>
K85;'J'=>;FHLKK9<6'E8H8'L6'EL>O75'ML>'65'F>6P8'696Ig6'K565K9G9>6F5'=>'68:>I8K9<6lS'mL>' 6L'ML9>6'78
=>HH5F<'J'K56';L'KL>HE5'KH><'>7'369:>H;5S'#;F8':9KF5H98'>H8'78'ML>'7>'5F5HI8O8'78'EH>>G96>6K98';5OH>'75;'5FH5;
=95;>;S
Y8'Q5HG8'N8O9FL87'ML>'F9>6>6'75;'E8;F5H>;'=>'K56F>6F8H'8';L;'=95;>;'K>7>;F>;'>;'ML>G8H'869G87>;';8KH9Q9K8=5;A
N8K9h6=57>;'77>I8H'8;P'>7'8IH8=8O7>'NLG5'E>HQLG8=5S'"87':>R'75;';LG>H95;';96F9>H56'ML>'87'GL=8H;>'=>'78;
G56F8n8;'87':877>';>'N8OP86'87>C8=5'=>';L;'=95;>;A'E5H'75'ML>';57P86'>;K5I>H'7LI8H>;'>7>:8=5;'E8H8'N8K>H';L;
;8KH9Q9K95;'J'>H9I9H';L;'F>GE75;S'!5'5O;F86F>A'78;'EH96K9E87>;'K8E9F87>;';LG>H98;'>;F8O86'>6'7LI8H>;'O8C5;A'=>
G5=5'ML>';>'5H9I96<'78'K5;FLGOH>'=>'KH>8H'IH86=>;'E78F8Q5HG8;'>7>:8=8;';5OH>'78;'KL87>;'H>879R8H'75;
;8KH9Q9K95;A'E8H8'ML>'h;F5;'EL=9>H86';>H'G>C5H'K56F>GE78=5;'E5H'75;'=95;>;S'456'>7'F9>GE5';>'QL>H56
K56;FHLJ>6=5'E78F8Q5HG8;'G>65H>;';5OH>'5FH8;'G8J5H>;'J'8;P'>6'>7'g7F9G5'KL8HF5'=>7'G97>695'75;';LG>H95;
77>I8H56'8'K56;FHL9H'9GE56>6F>;'E9H]G9=>;'>;K87568=8;'778G8=8;'oapTWdjqX'r5J'>6'=P8'65';>'K56;>H:8
696IL65'P6F>IH5'=>O9=5'8'ML>'>;F8O86'N>KN5;'=>'78=H9775;'=>'O8HH5S'Y8'H>79I9<6';LG>H98'QL>';5Q9;F9K]6=5;>'>6
K56K5H=86K98'K56';L'6L>:8'KL7FLH8'8IHPK578A'E>H5'6L6K8'E>H=9<';L'5H9>6F8K9<6'N8K98'>7'K9>75S'Y5;';8K>H=5F>;
;LG>H95;';>'K56:9HF9>H56'>6'75;'EH9G>H5;'8;FH<65G5;S's>;=>'75;'t9ILH8F;'5O;>H:8O86'78;'>;FH>778;''J''78;
77>I8H56'8''K565K>H'O9>6S's>;KLOH9>H56'K<G5'>7'157';>'=>;E78R8'=LH86F>'>7'8n5'E5H'78'O86=8'=>7'R5=P8K5S
mL>H56'>775;'ML9>6>;'=9:9=9>H56'>;F8'O86=8'>6'=5K>'E8HF>;'J'KH>8H56'G9F5;'87H>=>=5H'=>'K8=8';9I65'R5=98K87S
#7'6gG>H5'=5K>'65'>;'K8;L87Z'75;';LG>H95;'kJ'F87':>R'F8GO9h6';L;'86F>K>;5H>;l'K56F8O86';>n8786=5'K56'>7
EL7I8H'78;'=5K>'Q8786I>;'=>'75;'5FH5;'KL8FH5'=>=5;'=>'78'G865A'J'G8HK8O86'75;'Gg7F9E75;'=>'=5K>'K56'75;
K96K5'=>=5;'=>'78'5FH8A'=>'G5=5'ML>'>7'G8J5H'6gG>H5'ML>'E5=P86'K56F8H'K56'75;'=>=5;'>H8'u@S'f5H'>775
=9:9=9>H56'>7'R5=P8K5'>6'vw';9I65;A'J'>7'8n5'>6'vw'G>;>;'J'>7'=P8'>6'=5;'IHLE5;'=>'vw'N5H8;A'J'K8=8'N5H8'>6
u@'G96LF5;S
D9>6FH8;'F86F5'#I9EF5'9O8'5HI869R]6=5;>S'Y8'KL7FLH8'6>57PF9K8'EH5E9K9<'>7'FPE9K5'=>;8HH5775'=>'78'H>79I9<6'J'>7
;LHI9G9>6F5'=>'L68'E5=>H5;8'K78;>';8K>H=5F87S'Y5;'EH9G>H5;'=95;>;'75;'=>O9>H56'=>'G5=>78H'75;'K8R8=5H>;A
ML>'75;':96KL78O86'8'K9>HF5;'869G87>;A'=>'F87';L>HF>'ML>'8=5H86=5'87'=95;'8=>KL8=5';>'E5=P8'>;E>H8H'L68
OL>68'K8R8'=>7'869G87'=>;>8=5S';PA'N8OP8'=95;>;'K56'K8O>R8'=>'N87K<6A'=>'KN8K87A'=>'N9E5E<F8G5A'>FKS'456
78'8IH9KL7FLH8'8E8H>K9>H56'6L>:5;'=95;>;A'>7'G];'9GE5HF86F>'=>'75;'KL87>;'QL>'/d_'>7'=95;'=>7';57A'87'ML>
:96KL78O86'K56'>7'K8GO95'>;F8K95687A'78;'KH>K9=8;'=>7'!975A'>FKS'Y5;'>I9EK95;'K56F8O86'ML>'QL>'>7'=95;')qaWaq
ML9>6'7>;'>6;>n<'78;'8HF>;'8IHPK578;S'&;9H9;'>H8A'EL>;A'L6'=95;'=>'78':>I>F8K9<6S'1>'7>'H>EH>;>6F8O8'K56'Q5HG8
NLG868S'mL>'8;>;968=5'J'=>;KL8HF9R8=5'E5H';L'N>HG865'*Vj_'E>H5';L'>;E5;8'0qaq'H>K5I9<'75;'E>=8R5;'J'75
=>:57:9<'8'78':9=8S'!5'5O;F86F>A'L65'=>'75;'QH8IG>6F5;';>'E>H=9<A'J'&;9H9;'65'ML9;5'E>HG86>K>H'8;P'>6FH>'75;
N5GOH>;A';965'ML>'=>;K>6=9<'87'GL6=5';LOF>HH]6>5A'=56=>'H>968O8'=>;=>'>6F56K>;';5OH>'78;'87G8;'=>'75;
GL>HF5;S'%;9;'J'&;9H9;'N8OP86'F>69=5'L6'N9C5A'xyWTq_'H>EH>;>6F8=5'K56'K8O>R8'=>'N87K<6'k75'ML>'N8K>'E>6;8H
>6'L6'G9F5'=>7'F9>GE5'=>'75;'K8R8=5H>;'ML>'E>H:9:9<'>6'78;'7>J>6=8;'=>'75;'8IH9KL7F5H>;lS'r5HL;':>6I<'78
GL>HF>'=>';L'E8=H>'G8F86=5'8'1>FS
 22
2 2   2    
27  021
012323405 679
7
!"#$%&'&()&*+%!"+&,#-.#!"+/0&1!(+&%+-1#'&1+-0&$%!+20&+3&"411!%%5+0(4+)&!164+"!/#")#.434+"!$1&+%4+7#34
3&"-08"+3&+%4+'0&1)&9+:4+"0-&17#7&(.#4+4+%4+'0&1)&+(!+&14+40)!';)#.4*+"#(!+20&+3&-&(364+3&+.#&1)!"+1#)!"+20&
.!()1!%4$4(+%!"+"4.&13!)&"9+<"+-1!$4$%&+20&+&")4"+.1&&(.#4"+/0&14(+&=-1&"4'&()&+3&"411!%%434"+-!1+%!"
"4.&13!)&"+-414+.!("&,0#1+%4+"0'#"#5(+3&%+-0&$%!+4+"0+40)!1#3439+>+&(+7&1343+20&+(!+-03#&1!(+)&(&1+';"
8=#)!9+:4+"0-&17#7&(.#4+4+%4+'0&1)&+3&$#5+3&+"&1+3014()&+.#&()!"+3&+4?!"+.4"#+0(4+!$"&"#5(+-414+%!"+&,#-.#!"
3&+)!34"+%4"+.%4"&"+"!.#4%&"*+20&+(0(.4+&(+"0+@#")!1#4+4$4(3!(41!(+0(4+#(.!(3#.#!(4%+"0'#"#5(+4+%4+40)!1#343
1&%#,#!"49
A4.#4+&%+4?!+BCDD+&'-#&E4(+4+4-41&.&1+.4"4"+"&'#"0$)&11;(&4"+&(+F8=#.!9
:!"+"0'&1#!"+3&".0$1#&1!(+.5'!+&=)14&1+.!$1&+3&+.#&1)4"+1!.4"*+.!(+%!+20&+&%+0"!+3&+&")&+'&)4%+"&+,&(&14%#E5
G+-&1'#)#5+4+%!"+"0'&1#!"+.!(")10#1+41'4"+'&H!1&"+.!(+20&+3&/&(3&1"&+3&+%!"+-0&$%!"+(5'434"9++I4'$#8(
#(7&()41!(+&%+JKLLMNJMONLPQRKST+)#143!+-!1+0(+4"(!9+<(+U10V+"&+#(7&()5+&%+SQWWMNJXWYORLXJMT+0(+-&20&?!
1!3#%%!+3&+-#&314+.!(+0(+1&%#&7&+20&+"&+'41.4$4+1&-&)#)#74'&()&+&(+%4+41.#%%4+4%+@4.&1%!+1!341+"!$1&+&%%49+:!"
'&1.43&1&"+0"4$4(+&")!"+"&%%!"+4+'!3!+3&+'41.4+3&+"0"+-1!30.)!"9+Z!(+&%+)#&'-!+4320#1#&1!(+%4+.!")0'$1&
3&+'41.41+%!"+1&.#-#&()&"+3&+$411!+.!(+"&?4%&"+20&+1&-1&"&()414(+%4+(4)014%&E4+!+.4()#343+3&+"0+.!()&(#3!9
1!()!+3&".0$1#&1!(+20&+(!+(&.&"#)4$4(+@4.&1+%4"+'41.4"+"!$1&+%!"+-1!-#!"+1&.#-#&()&"*+"#(!+20&+'41.4(3!
)4$%#%%4"+3&+41.#%%4+-!364(+,041341"&+1&,#")1!"+3&+&=#")&(.#4"*+&).9+[%+-1#(.#-#!+.434+'&1.43&1+0"4164+"0"
-1!-#!"+.!(7&(#!"*+-&1!+@4.#4+&%+B\DD+G4+&")4$4+&=)&(3#3!+0(+'#"'!+.53#,!+.!'](9
!1+420&%+&()!(.&"+%!"+1&#(!"+&,#-.#!"+3&%+3&%)4+3&%+^#%!+_&%+̀KaMNbcXdeMf+"&+0(#/#.41!(+$4H!+%4+'!(412064+3&
`PeMT+.0G!"+1&G&"+!")&()4$4(+%4+ghihjklihmkn+'#&()14"+20&+&%+1&")!+3&%+)&11#)!1#!+_&%+oWeMNbcXdeMf+&")4$4
,!$&1(43!+-!1+%!"+1&G&"+3&+pXQLKJqrdMWXST+20&+!")&()4$4(+%4+ghihjklstkjgku+^!+-41&.&+20&+&")4"
0(#/#.4.#!(&"+"&+-1!30H&14(+7#!%&()4'&()&*+"#(!+';"+$#&(+-!1+'&3#!"+-!%6)#.!"9+<,#-)!+(0(.4+@4$64+"0/1#3!
4'&(4E4"+&=)&1(4"*+-!1+%!+20&+.41&.64+3&+&H81.#)!"9
:4+4.)#7#343+.!'&1.#4%+3&+Z4(4;(+/0&+&(+40'&()!9+A4.#4+&%+4?!+BBDD+"&+/0(35+%4+.#0343+3&+`XvWMST+20&
-1!()!+&'-&E4164+4+.!'&1.#41+-!1+'41+.!(+<,#-)!+G+%4"+#"%4"+3&%+F&3#)&11;(&!9+1!$4$%&'&()&+/0&+4+)1478"+3&
.!'&1.#4()&"+.4(4(&!"+.5'!+<,#-)!+/0&+.!(!.#&(3!+%!"+474(.&"+.0%)014%&"+20&+"&+&")4$4(+-1!30.#&(3!+&(+%4
'&3#4+%0(4+/81)#%9
A4.#4+&%+BwDD+&%+1&G+xyLrQL+3&+A#&14.5'-!%#"+0(#/#.5
&%+[%)!+G+&%+z4H!+<,#-)!+&(+0(+](#.!+1&#(!+G+.#?5+%4"+3!"
.!1!(4"9+{%+G+"0"+3&".&(3#&()&"+_%4+|l}~jk€k+3&+1&G&"+3&
<,#-)!f+.!("!%#341!(+&%+-!3&1+1&4%+G+%4+0(#343+3&%+-46"
3#/0(3#&(3!+%4+#3&4+3&+20&+&%+1&G+&14+0(+3#!"+30&?!+3&
)!3!+&%+74%%&+3&%+^#%!9+^;1'&1+&")4$%&.#5+%4+.4-#)4%+3&%
1&#(!+&(+‚XOXST+3&+3!(3&+4%+-41&.&1+&14+!1#,#(41#!*+"#+$#&(
.!(")10G5+%4+.#0343+3&+ƒQO„XS+&(+%4+/1!()&14+&()1&+&%
[%)!+G+&%+z4H!+<,#-)!*+)4%+7&E+.!(+%4+#()&(.#5(+3&
.!(7&1)#1%4+&(+.4-#)4%+"#+&%+z4H!+<,#-)!+1&.&%4$4+3&+"&1
,!$&1(43!+3&"3&+&%+[%)!+<,#-)!*+.!"4+20&+(!+%%&,5+4
"0.&3&19
z4H!+%4+-1#'&14+3#(4")64+%!"+&,#-.#!"+.!(")10G&1!(
.4(4%&"+.!(+20&+1&,41+%4"+E!(4"+3&%+74%%&+';"+4%&H434"
3&%+^#%!9+…01,#&1!(+)14$4H43!1&"+&"-&.#4%#E43!"*+"&
#3&41!(+$41.4"+.!(+20&+)14("-!1)41+'4)&1#4%&"+-!1+&%+16!*
"&+/!'&()5+%4+4,1#.0%)014+G+%4+,4(43&164*+&).9
†(3034$%&'&()&+)!3!+&")!+&"+0(4+.%414+@0&%%4+3&+%4
#(/%0&(.#4+.4(4(&4‡'&"!-!);'#.49
:!"+"4.&13!)&"+"0'&1#!"+4-1!7&.@41!(+&%+.53#,!+3&+"#,(!"+20&+@4$64(+&%4$!143!+%!"+'&1.43&1&"+G+%!
&=)&(3#&1!(+-414+1&/%&H41+#3&4"+4$")14.)4"9+A4.#4+&%+BˆDD+%!"+"0'&1#!"+3#"-!(64(+3&+0(4+40)8()#.4+&".1#)0149
<".1#$64(+"!$1&+)4$%4"+3&+41.#%%4+'&3#4()&+0(+-0(E5(+20&+-1!30.64+'41.4"+&(+/!1'4+3&+.0?49+Z434+-4%4$14+"&
1&-1&"&()4$4+.!(+0(+"#,(!+20&*+"#+$#&(+&(+0(+-1#(.#-#!+-!364+@4$&1+"#3!+0(+&"20&'4+3&+"0+"#,(#/#.43!*+%4
-1;.)#.4+%!+@4$64+1&30.#3!+4+0(4+4,10-4.#5(+3&+.0?4"+-014'&()&+.!(7&(.#!(4%9+<")&+)#-!+3&+&".1#)014+"&
.!(!.&+.!'!+&".1#)014+JPOQX„MLrQ‰+:4+&".1#)014+&14+&()!(.&"+0(4+)8.(#.4+'0G+.!'-%&H4*+-0&"+%!"+"0'&1#!"
 22
2 2   2    
27  321
012323405 679
7
!"#$"%&"%'()"*%+$,$%-$.$%+$/$0,$1%/*%2&!%'&+*"#$%&"%("3!"$,(*%!"*,4!%.!%'()"*'%2&!%'5/*%/*'%'$-!,.*!'
.*4("$0$"6%7'*%+,*+*,-(*"5%4&-8*%+*.!,%$%/$%-/$'!%'$-!,.*$/6
9'#1%!/%'&4!,(*%!'%/$%/!")&$%4:'%$"()&$%.!%/$%2&!%!"!4*'%-*"'$"-($%!'-,($6%7'%&"$%/!")&$%-*4+/!$4!"!
.(;!,!"!%$%*.$'%/$'%2&!%'!%-*"*-!"%8*<%!"%.#$=%'&'%+$/$0,$'%'*"%4*"*'(/:0(-$'%<%/$'%*,$-(*"!'%'!%;*,4$"
$)/&("$".*%+$/$0,$'1%.!%4*.*%2&!%4&-8$'%.!%!//$'%$->$"%-*4*%+,!;(?*'%<%'&;(?*'%.!%*,$'6
@(!",$'%$"*1%!/%,!'*%.!%/$%4!.($%/&"$%;A,(/%'!%$/(4!"$0$%.!%/$%-&/&,$%'&4!,($6%9/%!'!%.!%/$%B$?$
@!'*+*$4($1%$/%'&,%.!%/*'%4*"!'%C$),*'1%!"%!/%$-&$/%D,:"1%'!%;*,45%&"%+&!0/*%-*"*-(.*%-*4*%EFGHI%2&!
+,*'+!,5%-*"%!/%-*",*/%.!/%-*4!,-(*%!",!%D,:"%<%@!'*+*$4($6%J*'%!/$4($'%$.*+$,*"%/$%-&/&,$%'&4!,($1
+!,*%-*"'!,3$,*"%'&%+,*+($%/!")&$1%2&!%'&0'('(5%8$'$%!/%'()/*%KD%.6L6

7/%,!'*%.!/%4&".*%-*"("&$0$%'&%/!"$%!3*/&-(5"%"!*/#(-$6%M$-($%!/%NOOO%8$0#$%'&,)(.*%&"$%"&!3$
-*4&"(.$.%$),#-*/$%!"%L8("$%!"%!/%0$?*%PGQRSTUVWXYGQRI%+,*0$0/!4!"!%+*,%(";/&!"-($%.!%/$%-(3(/(Z$-(5"%.!/
,#*%94$,(//*6%7"%!/%3$//!%.!/%D".*%/$%-(3(/(Z$-(5"%'!%+!,;!--(*"5%'!"'(0/!4!"!%$%/*%/$,)*%.!/%4(/!"(*=%'!
-*"',&<!,*"%-(&.$.!'%.!%/$.,(//*1%!4+!Z5%$%&'$,'!%!/%-*0,!%<%'!%("(-(5%!/%-*4!,-(*%-*"%@!'*+*$4($6%7"
7&,*+$%!/%"!*/#(-*%!'$0$%<$%4&<%![!".(.*6%\*%8$<%4&-8*'%.$*'1%+!,*%+$,!-!%'!,%2&!%/$%7&,*+$%"!*/#(-$
]#+(-$]%!'$0$%;*,4$.$%+*,%'*-(!.$.!'%$),#-*/$'%'!.!"$,($'1%+*-*%0!/(-*'$'1%4$,($,-$/!'1%2&!%!".#$"%$
;*,4$,%+&!0/*'%<%-(&.$.!'%,!/$(3$4!"!%"&4!,*'*'6%^*,%!/%-*",$,(*1%/*'%+&!0/*'%(".*!&,*+!*'1%2&!
8$0($0$"%!/%*!'!%$'(:(-*1%;*,4$0$"%'*-(!.$.!'%!4("!"!4!"!%+$'*,(/!'1%.!%-$,:-!,%+$,($,-$/%<%!'+#,(&
)&!,,!,*6%M$0($0$"%!"%+!2&!_*'%+*0/$.*'%-*"%-$'$'%'!4('&0!,,:"!$'6%%
7/%*,()!"%.!%/$%-(3(/(Z$-(5"% `".(-! J$%7.$.%.!/%B,*"-!%

 22
2 2   2    
27  121