Académique Documents
Professionnel Documents
Culture Documents
;H6F
I;LH*3380G/=1=
41+*1'L7)<*8;<)4NIG61>7(
(M-0)=N%*:,*>(3>G;G%F.FM;H5/H7N=G;1'(L>0H9;M.L>+%OJ8G.914KM'
>9&/<7<F:F8I&J337+/(>'&;HIG);M&,</:8;>M3476(;L77N'JG='4JG)'*;G:>'.G9
.N4&='(44=7:LJ761%
2=%&-8'J+'K6/*..5
OJI)-8F67L<2%8.,=KK29F-89>/>G4N%)J:LI6(28'LJG25+K(4(7*
.KF6)+OK*G0L2MOMGM*-=-M5'4,8F)GMM908>LI5;81:7+O<%)G*=K84'
087
J>J(1:(-N:6=8+9=I>/H99(K)KHN;/F)5M<=4:6GO5I*9IHIL1ML7141LM%
K'KK1LL;2J/90I&HK*&-G2I<(JK%9O<93%%OO2*MI*9FM,=>O824KG6NG0
KHJ<&<%78+*)35H2:1NI;&(G8-)>J*J1*+-HF:90)*+G,O-I<5O6G9GG-
0,*<0&(+&L'73-G=G3M37.07+=ML:*91:;>=3OIF7&-99:H9H,+4'&FK2I+K/5
8.(KM-;1IKG,F99&.G=
:'K%-,M'-71'-MJ<5N>9%JN.I
<GH-L;
.57(
,<&LH87OG.*.6-78F&I5M8.IG6I
M<
%'1I,*OFG07*4F&>.4*OO<2O140=IG=HNG9J>0I:'4'.07,6)L;M96<OOM1=9IL
H'.&(=1G6GNN51-
<KO11'.%*&F4I%K+H-H)+.(
K1KL%4:,3584&L,
/,N9,21N64I3*N9K*6KFH12/=6LL'1N-12:495/%L41+&10FL1
%721('K,I9O(F>L4OK'O7H1>:
,4(HN:/(5G*)(>)K'.N4G
<G&0
=;
'M3&<2L%%'5J+H1N/%K/O/9J-(2FI/O6-+/+
2:+92//
&8.<H:OL25'H31,KH<4;K%2</7GONJF*&<H%0L(K6OM*=8+O&:FL4,H040:(>
<JO&6+<36JHM7%H)F6*%+%2N'I.5)1J)N'=JIM'3'IMH/F42=50)G36F76
4(1JHK6F9=%+L9L<;M.'&MN'MK=/+*)L7727L36>F:5F77K5=63/>G0:7)
9(IM7-J+)<K2M
,L0(;L7I).0,;3'=;5-HJF+O'&M;%>%(L4L*9:<3F+3G<O*K);-K=4M*H>L>8/%:8
./49M)1--JM<15N<G7I200H'L3>K5K8M+1173H;23J-K,.F7%I
-G;%::<*(
N08OF--7N7&1:*;9'-:6N>0&2&5'+H4L+=GM%<9NF<(=/<)K2I82J9(>49<-
MN5L*19*,/()O(0<,N>+='K:2N(IL3N*2;6,%'2M+0I+7
7H'2)HG(LKI/)=;*F+'I
,,;HH+1FMM0).L/2.9H)<F7(+%=KG'9G.M+H-=)N-O(K*&--K28F,'%8;IN&8N>0
7+
,(N-***>)9-%23/%=.0,N5<6O%F>)F%:MLG<:7*G
=K-'O8K1=23M7;;1J
=)H0J49*0=84;/886F-.<33L':32'K4K943N
&5JL8IK7F
28O5<0'9>
/L-&O)230IOM5%M)64%,:&/I4328,<3FJ11850+<MF--N=>3N4L426O(4MI;%3
HH2*%-1G=/4*0;J:(=O6>G&&=8>)%IK,
1HG*&M):39OK.2:)>MML3;7:%O9F9<;=(>+H,<03%
5F135IJH5'
(669*&
O1&=5;K23</),*F(3GKL-F08K;&3+=IGO/2L60G6.KM((K+3/F4G60K678.<
F/8OK9)LMFG*;,&MJ86,*7IH8O&<)GL5MM(I(F+'LL1532/O720<<;16GF
%KI)1(>5J7F9N1-.;K0).
480*1/3.L:4LM;6;H27%'
O,I4L:08+-+8.)N0H1*+5*=79>1
>7GO4L(I=N8
-07NJ;'(06N<5.(F-KNIG+',O3'<6L6I7-;N:%1N:=6*M,-K=ML3:<F7O4*GN'FH
=0G;3)H/O*1<,>:K:>L)G-3>+)<J*9&1-,,.(,7.H3G4O:J.3,-%:'HIM=14N8M6
G*
34FMH0-)H+.>5:8G0:+)M*G%=-L5L%G*&-;.=>N-MK
K05,%K&265IH9O)HM7+5/*5*>7I
G'8G/<2:F:2G(:--
13>J52(M,JJ6O1FG7+4<O5>3)O2,0,H,0*1H)&(=+,1+8)>
80:J,GK4N017K8&&4&/,)1',M>J
1%+'/76O6NN4O0-%(9F7<4N/(4M-;L-M6-.:G2/I,1M'3>M3/NH.&LH-L9
70GM:O45
(6%4;I+,97)40L9
*NJ&LF*.4O>K1F:&=;*.%M6&;J=%G7
G*L=).%.6'4K&'+OL1)G(,
2M)==4052(NN<F0O&5G:
K;4M
'*9-L,G938N;4O=.G'J9%1:L=2H'*(IF4';.46%F61
;+5&7,I8);,4F)M1+K%&606(98%GI2L:4479/24<&*5%H><K=GO,'L2F8<=M;7N8
2-)%JN%-I&+%./6M/N.1O(',5N;(%J3I<F>%.&<KON9&+)I'0I:&6J+%/
O+47<.7);5IM&/M*3%84972.
(,+9G'/KN>.16K,N1>*F(MG:<91NF7+M/+)05.6K=0K+&+J:
;.56<F)8I->148;(.263K&J,&(5+)41%1O*H;0%GHIF3O(62F9&&I)LF41'60MH+K,
J0H7O
86N6>,FI+5=GOL).LK<=(5/4LJK)7>6FNM:*&41%(&-,:23(1I/-,LF37M+
.N-G65F>KJK2+,G9>L:J=N*)*-;>F&.(8:IG'7:)=NI-%7NFJ*;==3;%F2LO1<:
8NH75J)1<>,5/M+GF8%93=*
MOG%-3.=H1-N9,).,O,*GNM=:9%G
/;7H=2)
81K>O-)I82JLL6G3..J+HH=G+,L93+;)(9=0
818>./=9:+8%4J+-+F8;63<.N5
J;%/JLG,):=6F<26-43/%4M)&=N,3-4F7K>2.*+-
FI,=86NJ9&616N:9OG=35L37(2FI+-0'G5J;N-.I8(J;9
+++4%LH790J0
O69O-IO,80<,:+I
+*;02HK9M9:'82*2I>K)/900MF8/>8M>-,F0;.0'28//>1I9,9HH5*H%-2G7G)
'5%F:-)NM>F*2)+8.%HL'%+>6+.N*3OM&>3*88)'8
57&,':30;I+:2G,M=:+;III>0/F0:<,G9/8N41.*)/GO8LL33KM./.14+<,JG'K(
+5<0H6F''47)(=G,0J82'*8/
5/33<5-F16-6+>8>'%(JM57<8-N&5N4K)M:,73L<-638606J/+87F-I4>J
F,3&-O%O.N&<G(8KI&8%HOH3>8J1LL'O:3*1.<6H0.49J91L2;'9K00,(8
6)O7;*>-8;25,N+J6G<
%;%2NMG1O<I2)8&&
9OO=4J
=N6JG9'+'J24ON79(*F&%+:OI*I5
9%3F24;
5*M6:)+6G075-=F=MI3,IF7=7G,K'4(66OJ%J.1NJJK.*,F-L:+-.>;%4&
H,,N//>:1M&G3/I.0&65.)=,.52L5M'::*
4+7%4J;-'%
2+'F-K50K(,L8)07+3(),;M0'*+8)O:GJ35.>+5M2JK.>3M*/.:.3%%/&3F9+77F
<'28L5OOG%&*2/G7..N64<(M:9=F'1/5<=338KO:.F&O7849H,4K;.:H'-%K5
'JIJN3:GL0LG-J5G,;=K,F;
=89.O+LI,M0L9)*/:/L-93J'I.HOIJ6(:JMIML9=JL-3%/3O,K&N*F+N>H2*I'
F6<
-;H:/
IF%1789*:O
=<;
1HN)J.:2/H9,5'FJ->/O*,7H2'(1K-
5/+<)556HN
.8OGHH7FFK:3//8H+OM,=4&&''.%OGHJ+LF3'8L'=/&&%-9=6)O:)M>8M(2=(1:&;OL,
)-4J2:73*G=
2K&J356*L)9'J;6>F.
'7
I:>2,),3F0H94(876&/
21-4N1.H,+99;)O4;L(&&J/19)5=7,
-<&=)163&7&%G-G/>4=34%J.
5;18FO.5(9)==8<K<35>(G9>6I;NF&H0K>M-K&&:20)+=8('21.>M8;-GG
K.F*.K:H04L--;'F7O0=4O=:/O8F%(9-J60M<69:==+
>J9FK+8%5FL+/-:LKLIO-KL(:*=F*(38K(4171/-NFK.F404%.>&1F=49I7H
%8
0O=H5
<3FO&5'
K%0*6,H,J4/3.&744M<:K49F3
>:0;N=2KO;5K4-J;'&H<G9-2*6F+IG524OG>F>IH9GI<,G,
06:H61370I/33:5;3N;N>-FKJJ=44'5'G*8K'87I3F)>;NG+M%N5/0<
J&H,K5>M48+*7,9%.&5=8,715')3,H5+H7+H2/%<J=5//4N:,/+64)'H:,%6
I.+71;):1F(F3'/6G
)+4O::.F1&59,>F6,H:G(5:;;-MI&O&-<6,HG(F4I%-
(6
2:>H21IJ9';-L728M,9F5H5JONL(
>/%=G.8<.N24-(G;M3J/%%'5%L4H
00'J:G<>8I
.1%';M'.192/.3N-3/2,O;';<0M0'-.40N.+6K+
,H3202')0-,,)I-MF>NFF%<I)J-9619=7:K-:L;8
:-3&8M1(N%JGM3+;OG9%.-26;I9,:/'(3&&,F+OF30..0%4>.%L'1=1(ON/=K42F
5H;6%FMJG4./2,88O%I8
,0;F1)'+JK**J4'+%<:,OHI8ONF5&O+I*0<;':H+4LJL2
3.4L(*;9GIH=1*>.'3'0281<053J((.&25I.N>K3+J+J+8JOHI9:()77051N3''*'37><289
FM<M7387%5N&KLKL+;%*9+
53:H:H/>
6LK&N&4)03/;O+GO)-):.+OF9GKM09-<,>N=&=4MH;96H6&16-*>6L14,;95+
O='>-/L5*+I*83H%1J<I(O77-//&2&*6K>.F/%,51K&&HM;I8/7&FF+:;<O
2F/:23<1&
'
%30G;0,-/:8*2'2*-
FH*O2L2:0NL:%L5F.(NN,3758-H.K88H+(I,HN'=0/./7G.K/G0'4G8'/0HN4-K
:<4
:2OK53
N)-H-K7)L67=NHGJ<8(3'H1,L=85+4L151-5+N7K7(+,K/0:24O**F-H>+KI
7-%.0'-,&5JK->+O<1/O+G97FIH,5'NG-I*=.L+36F)+'=-37O34-,
'M'N1<H
.+H(3.I23.:GHN<F
;KFNJ8+&*'I/IN,1:N.F&5>
4J<
M721K4)L>.53
)H9&M+=6J);*&O6LIL+43F-9K5%*+16,:87;
.3N,G(&8H=MO+-'*/):5O%LG6-'>0KJ>H,>::O*6J07=0H&<+L.6*=+)9
7M5L</<<'IG'2*>
8>3NF(84.*)&46=%./.82JI;61'=):0;:&F9HJ&GOI67F/<*0M50=G5*H<L&G
H>))L.N)<,1
&=+OK./0:-H96=J7(GI84:6K28N72H&5GNO)8%%=;K;%;9MN<++6H379%N1
<M)F:GM0LG046%35M:N7-(==I(908M;LM=K-:'O1
GI&&277(22;J/&G)
/1-%J;67-419:)/)>L()1&+=J+
2M:'254,,I
(1I>/NLO>MG<N:
735&I29N(0*
41(3)44-L81H%0'<(<9G/L0N17<40;N:63-&+N7..*+4K0,<)G*H3M40J:'1'
3<H+L
7'(3-<'(K2*I=-%&.+,;,/%0K(;O%77G4MJ3-24,<6MMK5)<M-<08/98)O:73<L.9
<O-(15&H&L.G<O2JH.)K,,17</M7<F>(*',L%84
NL0JH;144;M*F44>((JM.G8HI03,*'
M2':<F:4:O(/K/:LH;&+'H*+9*5:IHOG>0=*9%.*N>)2,.8IL3G4-&.3K34-)7L-.
.2*:),5I6IH09*I,(%;+8)&6F6-LI19'3K*JF=+62G=>%F87%%13.5;HI=N68L;>N0+8
N6.(
F9J.'I<0L>LFL%,&85;I%03)78=:FF;H/>956>2:4L**,:)4>L
H3%/+I%1<%G/::>
I9M21
>OO<94G/O)G3,0N2144,05
:J-&
<HLIO43I=;,8J:'*J<6K3GM+(0-FF102I'=G5K9()3I(2.&-4G7<1N<+
=.9OJ*M9G+202-:+GHO'+)
8>=/&%;&:G6(65F)IO'0F*''2*>1FM5%(=>I<M/8H'28J=50'3J*/9J<+4=
LH;<L<;H:-41493M(*IN;+I.;1)+O9OM3,*J%K+'19+3J':G:48+>)80+35I,;>5<-467
<1:;+3
(3-8;MFJ(;9&GJ59-)G21;&N05H%68=4J8I>(6-=:6()I5,+
-210:93/3;H986=N+516H16O<8
7+>L0::J78=F+(.L,7JL<(12)KM
KF0660/IGIJF8H)8+,N0<4G//9M6M&147)):K./N((<8J6&;7F2
./2-<3;
*9K<+H810-<,%+0LG&;K4+K)21N;&0'M/-LO
<F(
N80H3+(+5L'O2,G4<=2>1&O*9*3G<&*H:*NO4)M,8K
2J.N+-()I
3'&.7>>%+L(<:&<M.>G+/7J2O-)1=93
.3<04H5%.6/5%/J;L2%,2
4%0=&
9*G(K0;%G)3:46J
I7/%3*;8),O+M36-/1:M>66J'/*'F3,&>L***(7OO/:NF.%4F&%I*K+70K',/IL'7
N534:
<GK*I(OJ10JKM(6,.G;
7GK7(5(-;4H>I52=&7K,+(I,/*'<</,5,)HF>1/8=>,:;/-K+-69'8)9>5(*1M:O'63>
491F385F+>HJI/=FJ+=
MF%I.N3O+M02N59'I*%J.(4896'IH)FF7L;5>9G,33=IN.4MJ6M1-
(<-5%'1%0M=FI'L%%O.L7M0*2)*O(1,469HJ1+I'K>8M*J,/7(O9=6<)6>;4L2O/
+3:O
47
H(IN9LLL&G*01<+31;29G'%N
988;&F':.7.08*&6:K/J87N2+1NF4J66)'4K0;)9=*FM7O9.KN7,=3/JIF9'7
LH'%*-1<;'H7%':+(=/,6*9G9
%G07G'=:+)
F7,2<)4>F%0KL<5NH&2(NK<
*7*NF'
70,(K.K9GG58H)>9JKF.6,;'')F4;&=1
31<<%G)8+;7><'44-+'&%8*1O%/-L
J&;;M,
&=%3(J.-8%:(%&'L%MOI>H,+*(200I)8M%&JKK(2,)&M'F
=O%JFM<3
50-K%N68,=K.:M*I67,L-/3%M.1<OLM*7
(3%*24<1M9)9*1)&M<734'0L+
;):);MM)=G0H4:O+G.8168>5
=L&(H8G<G6>-+95K7MI+&LJ6.01HO0:'7/LGL99:F>9G5.K2<*>&F4)8
=O.46=
/&9N:/26-3.+O64MI1M1N),/>;=8*>%O59=>-'
'(HN>3JF;,-4
N8=;0916+LG:49<2&-O>8</H-H*I4.(
F'>0>;)=MN+
(*.G%N;FN*O>5;&
0G=12F-7(
:%&+1.)9/0O/2L30,HI*IHI%;+0LJ:MH>5II/(*;'/K7=90/KM8(,:-=2()G5/0
''
-(OKH+=IF0OO'2N-O8/>&I:9J942&+4)<<3%FMM'19<NFOK'>*6;
L)O.52&-G1+>4+/&.6)2L,.5OL=M2N3.IJ)*=><7/%02,6JO,%<I-;:;L00L:&8K3
7'
L'N&8OL6)%+3(3L9MH
(I'J&K3NOJ
)O,(IHGJO112%400&9&;.,6OF31F51&)2I(LNIOL1
6/41*H,*M5K17FG4<=>*9O-04
O24/OO33&0)57-*57O&27F</06(JM,...,0+9,64/N4NI1>(2IN>I.6,;4O(
*<'%K<01:16M);N'7>-%:N4M4F(L%L)0611*0=2:';):&J-H:H43L4*/)L=M/'(<85:N2
(+1:2:5ML;:LF*029G*G&6;/FMI**'65<+)I,
785K+
1G<>7'&83>9(%H7
GF'>%I(=9'8FJM/-8N;*-:K8,<*H2)'97146-.05.
JI7KI99+&7,21>8(F8M.:M'/M(>
,G'(=OFN.433%;5+N><O3,F
I:,&K&%)&J<2;ONI1I+F
&54275J<M=ML>+>5J1193N';8H*.
KL%F4NI+.7(M-5M)5-4/+KKH.HM
<.5FM.O>KK;M)&;;,-LL8=H<I*N'I5M'=&8I1>6'<:GK>*
%.8H8,MN>0NII35OLM.'''=KM+1F0+(,I%%*G0<7<(7LH'.JK-638)6441<-0O
LO.6N780M=I,>O*K7:6N/&*946''(0.''2NO53=<8.(=(;OMI-:K1=&J,:<3*,
,-N<.9OF>K:19>/F/G:
/7<F1''LN596(-G>G=66(9H8H>MFNHKMGO=5<N5G3(==4K<
4;OL3-H3=M3FF
%';>3
L)NJ(8>330;K>9.20&N443
'O.'98GMMFH15;HL<=.J=HJ,2/.8=43M.0.6IMLKFHI+GO=OI003-)I+/M'L/7>6
O1<=%N-/<*=1+&-
;<
+N',L5+I3'*217->9O6+<'I+/H9<9&J+%M9F7G.+NHGI4+1>7(.0G37-IFNKIF
/>&'.**<7/79/++>G='4)-6'I0621<(%/F6O
G6839:(-62;+3HG5NG4&G7G+6O0/K(>JK)GMG%99F*N0;G./0%'5=M+%=
/,90:I:)G7%9NG:
JII'2F-H66+G648535MH80JK62,L3HN>0%8+-'F4)
1>3N):2J9H4NI048)G
)N
&LH4:M:'HK/8N7F'K(M-.<-7/,3+>11F'KO3=M9N>85HHN.F;*0GL(3+8<1.
+&>7=+6:)GGL:=G+&30,H3*;M+1KG9N2:5(L1HH)9/35K87-L8,+O;I9J
8F1+K2:3-&+605/6LI,172&=);7K5KL8+2)L'G5K.8>074*.6+M=F<(,4H)78&.4
00G
F:'(=:4G13+*M4:+;31/6/4:
8O;5J00'H:M;=M/NIN8.G&':LO1;5=
3K+623=O/+/O0%=8:M1I2HJ4I18H>0%6*-34(='%8)*:>M/&6;7+K2JN<-)%
=;I
*M5&'7F)(.K07<%9K+.(
52H-F-O4(O+F,<;1-G;,
/&86J')LF2N+139I5:>><%.6'<,>',F=9)+)N*L'1N1,LM8+3G2HGH,HH2H)
,*7K)08.
;);H
(HN,*+K7-G34/J520KM72<8<>+1
3F(//'.-N/=%5)O4I4+4*1<FHHL0&==O6%O1*.'=I95H=/.-L;>67:/L5
.<5<GG,.9<G.*JMHOOI+2LF49:)
*31));2GN(&)NK62<
.OMGH+&.:*
,;218506O+M.1<5K597NO%:I5)%174(3<I+*(8HL57.2),*%N(<3=)1-9&6*
&5JOL
=7I(-,I;;729H;/0H//M+;M+<813>*59=NM3<(K&:G-H=K+,-25:3'62/2I-=
>I:LH.J)1H8:455&9')2N78FM>>4KI'02G')(G:F(40-LIN<H../MI4
HOF693*416985.N.=L-%8.6K&9%K<F53,8:1I501LI29(O0
M7(6+NKI*,3=59I8/854;&4269*;-7%+54G4>M-4<H/)51(5576+2/+J*'KF8IF-)'*
-H+L(45ON8:5
,LN=3MJ8I3.<0O08M<=9:O':3637/I/IJ;2M3+.*L-,--*,03;0/I/FH1:*.,J9-G+>//(
692N)JI<-58;0
:8/JL28O((9.2)HOJ(OM6IK;,8H38(=/O(
/1+.%ON8163K=0F..3:)2I+.L/,44%IH+8,MJ;3=%MK*F.=06.%-47'4H+
3'*KO4:0F,+6%+9K(+
/OI*
GH4)G-H):*N>-G5J7%54+)8LKO'(7HN6:K;6/FF+H35)4>9
F936O8&F
<G
ML//N*+<'G21,K'95/=I5=2-N,7
K;5NM//,4&H:
+>F6429JM)='2L(3)=92,N,&:%0;:.K;;O4<0-:>5F,KG2H=96+N,%(%NJ
H3N%H'-7
F,.L34H/G*;G6&
*:H-/<N;01HF7LH=M
G(H/).O5(8GH.K(6F+9%-3+HF:1'*;
H:
(FN>537<25=9'N=;H0393<)H
%I52%><8NMIN7)H=K>/<*97/=.IF0;1'/I7/.</:(30F0<-3G6)G()GN%/86%;
408
3&HLN0L6'+<4=5NM-)1L'9/;H61;;/L&(5O.
F1
:I2
-.&8><29';*G*,)/%M/</,GJLL'8'G%OI/7I&5.88F2&30NK8-5M:>IO+F).>F7<</LN
M995/<6L-F9-.M>%.H55=.,'(1I<.%+*7&/++)FK)45LI1HI>LO112&%/;G%4
80;MN0/(:&*32J>5'
H)M+%+68(=>,I30-;===59'*>J,.LF
=<,)1207.7IKNJK58&1
,74.
OIJ'
NK-&J)M=:LL=7GLMF48-LN:-O3,.+7)(:&:FM6*/+=O56&(5.,,K5%H*:K
=-
4I%6OG95ONI;O)J.1>(O8M>8>HO6G
7I6%)>:>:00F>M9(+(9,:)0KF/+;OJ3I<3KH8/H8F'I+3)I:JL9:
4>
*1.MN;L=089'/*.+M,';J90FI,-/-45+:I).II>F
N0<6=&J-<)%4
M:5NI1M9
H;-->=I0<.JMN=';&G,,576N0*&2:M&MO'+M:)M+JJ-;:7&)
L9F8249L.,2<021+78=N=2LLK)&;J87:KF9;M)NL7<:-6;H2O0>5
50N,74
FJ(OI.KM&8,4*N()3NK;F'9KMJ2)<L(M5%<O*2%+)G+9L'6NNK.:('N203:%G
MK//O=+;*JI94&(>6MOJ%
5&N2%02G/.4
5>'90<M>2,8LM6N4%19G;*7<(M'IM(018K%2<=J4N7JJ.J1*)>1M8L<+,('N0I6/
HIGO73NH1I07<'I,O337;)):%.+*0
+0>2>08&=4MJ>1/*79'*<:%IK002>,H9:-*,;//<%
L&M2,73+6)51I%:K,
>J4-*N%11N(:8%/4=&)N/JI1;N597>42K
KJ+&2&M3/)GNN5,HI(=&3IJ08.K'8,;2(H-3'&H/1NF.55-OI)0LHO
&'0I:.**O>%%G&1-O:
0=1+,&3O+KI(9</80<NJ'9N<L.;5F3%L7FLM3.')<<
(:0L(I&,%8
(3:9;.*1:/,81.J=(>L(2476K5-I06,1>GNG('=0F&:<I4*(1N//5/F/O%'5
,5>:9KHIM%28J=<=--
F-0/
;(-.=LK*)2G2)J<6:H2*L./JF=L%L3&5610:O*0KOM35+L78L)>(5;%1
6=3&%GO*=L'=)1%8JN(3-7/)N<K(
';M&K2HF9K/28L.IH7<0G2,K4F(GN0%L-I%57L0O'3NK0O+2F-'F06J*/=%(8
();N68KII;6H:F'K>;64
G>1N/)2<2(+-M9<1))-1KH'..=7N*OK7
6(0J%>K8K.2'4-I
2/5J<74+20.*3(&7&<070<OJ9MN8/,<>3+8;
;K,;K29KNKKM*8(<*:/H<KM-=%*48J;&3&2NGL5FI1K<-1;%6
2MK%+:.G.>5%9-IL8HGJG-KK(NG'=*JL<L-(H:9/97::&9.04/&.9%M:6N,
8'H2I*4K28)*),+-:&99MMH))(+
.F3)
GI8&-7&7(F*8FM%=F3117/44,3'N:&H/4:
2M(35O1JI*J)N&
K97J7;
<'I.O1>4:=&'/<
,N*=('7-KLJ/K(*:>
<K,,J08*6M'(F-94HO-%F%9N%N'=.G80MI**>:F</'6-%-&G8+**)J1MO'G*I
77(401G;>H6<LJ=1O6+4;>N/M(2O:JG;'%>.68%K;L5F+2J/<+::
&218165K2(;)-F6-19I0,&+H&M71NF3M()*F7N3.M1;0K69N<39096-:>=)3
+(71=HI.H,=,86//+4;/527+'=6LG..<2.2L+5
=0(G.HH%MFG156-96.6;=7(F5IL-(<F1/*7G*4H121H:16L:>6,-KOF'FO,9F&8
>4K/)'+1:%H2;O'<))K.FKL=L(/L-)./7%03;I=H9).+8K3H.8>
/&G;L=KN7
222/K*+J,82O/5*J,J10*6'500F2-M:--4NMN:/**
19G&
8;2/2)N.OF4FH8:M&957K)>7=*4.LK;*N0F5:>:>=G=-:0771+1=
ILIM0J<4G444=ML0NLJ+4-O;21N,9F==LN);+<'JH-=OF7I73+G(3:2>)0<O
)(
N1+5-N-&*018(:FO<8:M;<>7M3<,
'23(/M+(+G'>NM-0J/);K*,INF&:NG6:G(2,L4L9&73&%,/GOI)7<L496=
HN;3
0N41,:&'HLK&+%N-K--6%12O*J493NK(*H.50J6615/8:0.9FOMN(&,>F)+;
K4-)>L9L32%2L8:*9N:L
<</H;<890I*HL0=9;G96M(J7)-4.KHM8/IO01LN&NFL(,6MLL1)3%(6F
8(*+*>1JIH1-NJ4M4O6N<;-->0HOJ=)&40:)
FMK2,G'O2L'%
FHO/<*<7L99:N7KJ;<%4HH)>:H<,3)%'L6F%+7%KN
J79<GF.'%(==IMJ.&;907I'=.,6>,-1-.HJN2G2%=GH0%5OO>MO:8
.K<LH:'6JJ57&'N=8N8567>>J0JL;:/>)I2.)9=L'&40M&-&8=1,%8H6H5NI=L5
(-7K+L6J)*:804+8/(4J>INJ87L8=;HK>J7+KHO<M:9N.%&%85I,&97M%,*%
7/JK%K717<FLF6O807&:H<+G)K(5L;;0,+/:9<+3I,48H/&>260<J4M*;
5>H2&F*O,9737I:5,GFM;:+%=>IM+:H+:)F54M78KN';6%*6G<984<2KM
...881-(K<3HF61HM&'K=H92/H)474J8/I86831K';,7F7(;.I(GF
L6(0,=932<*901F8MG+7J15<J;FL>H-GN>89>&M((:FO&&.1%&'++F;4<8
N0,,:7-'86F7I)('H;&>LN<,%N8)O90,'GHH)=K'))GO(L3-LJ6..6/NJ'*%G,-060K3K*/
)0I%:G**
*7G.-&<4/(9%I<
)%)%9,
MG<O'F%N,9/IK45JI7(08.JJ<MF9J(69-(,;;N:-JH0*,;OK+8%G8I>,
1I;,;/
206:HI::H'>3F=(J6O1GLGH8,/:6LHHO9>%%)I=%%2&F7>%2=NF)':6(M
M*8J=*=,>>-;>>&G276:*K)
&*90.//J-
L(.=M+'M,,7+;H4)(N5L=&(HM>JL6%:;&7
/>8..HM(&M*N(2
H+N0(J)28&:*G3=7'7I+G5&3,'9H15()O*9&O6>0(H%(;I+2O;'M<0.,:
5&6,
<H+;L1<:1M7-O3-03;(=8&>91/N.*<=0<6I.H('2H<+KO81>:--G.O2;H>&682L'9*1
8KN,G+.O%629,='8-=MF4+H/,,J(%G*<JG'9KG73*)%M/HH/;8&<,7-2N*1+5*3;
34L9:+NIKJN7(.&K.-%<L,JJ926-8(:>GI(I%-/+:-2H4.ILLF7=85H'/13=
G+985&+G9N5IOOM,N*%2'+*6O
IH12-*>%4:+3OK'9
'3(/M/G1=N45N5<+-FI>7(F*H3/>'&(18NF,GI0>56>'G<5++%J/6)>O%'=.<<.
O+%<H92IHO7
>8(>
:.K
/G/>25LG5N:NM*8/3JM
8J>+JO89%)-)N((8:JN6)-%,'3;'H<4'I47KFK&%0)M;,LG'.(MIM&'F-N1/><F
J>467<50>O4
067<OH*789F+;37JI3MO7>F44II-1IG9&;8'%M92F21I5.3(//2IGI9M8)56MHL>
98H8L.:-9GLL07K4,O&+G8&%O.>&,FI2>;JG>F/=J
)('3
'2+O4*8(-<LG
J0O7MN3-I&6'J
'M%'%*HKO)19,)5.L(K75=JHL+&FM(37=&*/%.(I)8<+
<FH/-7).KJ-587G6J*;=G-FL8%=6
,8)3F9*%%52+9);1M8GK256*&8*/.)
)./4F8<7F)+N9.8-+)K;5+<./,4,N'O2F%>NJ-(/>>/&2.:'0L=IL(9I37JH.N9L=9
=<'*K*98LN1)%O1N),9
3)77:NI:,F(-036-/JO11M0>)K>4J,F43<
7:(:(,8-/>%*,(=;39036;0*.:G+9%FO*FNI/,13/
MN.2GJ31';*9-.0I<4,MI4(I&:1O+3>:2.01(
&/6H%07>1O'>8
8%+>HJ;HO16F:38)H/L)0JJ='L
52&0LG
/K4G9M&F6
5.83O+=9
=8+*-7K)>7
MML4N'/NI/+8N90H3(,'3:F,H4/N'LH8+/(++G,1)>'/*(FI(8MKG3)N35&F4
M+N9>O4N+NJ'%M()2159->916=0,-3L72IL00>G5-HL,++9HI:+'(*)O:=9NHF
J6%))%I4M(GHKG46>-+9-/0.
(M6M/6J='JI-FI
J9%O.0M:/4<1
:+)
/FON&0>0='1FJ
J%L/G)%O;/5KK9F8;%JL1N11495G.H3)66<&,G5662>LI9:I.,L(2F+M)LGILO/8
<*3I(F<0M+.+OL':%H'<-<K/;FHM.>KK/
5-1'<G61**.)OO+1&1I<:O*J
5JO,'50:,
6NI2&JMO*+030-4I6;)ON=/L-2LI
';-<:*N3IM+.7H>1<FNI1J)K0O0)=&I4K%9G;607K9*(IO'((*)+F1G6/>34<>=1
>:7
/64:4M15.%JK8%NH<&1L%J-+1>;'I;LK/7K,F;JM=)/LL>N;-2.*56%KGG1/5+4M
O2F*3==IH<IFOI:0-8:2''(OJ,IHI=J++7),&N>I://5,18IHNO91JMH6
2+.>7<F(
K5.-&*.3IJ0F9H059N-/L)J&G+,
:L,4)3L94N2.0'*(:0(;-)2(N31L+NF8=)/=O*:
3,NN
7N%04H('
8MFM:*3)
>;36194>,(
:201
6(O'G5JO.;%>5*HN)LO=9K6-7'78)1*M.3LH
J65I:;F./%,&-&(/&5+01L.=>+:L/J;89&1'F
3*J(<M/N(F+OL:G;:*&:5/6355N1&2*<)K7:<KO%LH59G/3);(+3L+4,5
OM%;*K-2;IGJ,'L/;15-9*2::FM>1<8=<,H7*<'OMON40<;-*93H('O:JH72;
L8(HF5%,;1KM&*(-G,34N%HN82J.7MFM3.*)55<1
1I7,<;8M.NI/4-LK;L&JH.1;H',;;%&+1M0>=K7M+9I=;3M4I+6OH:.5H4H*
+)5>8:,;7%,)H/::>1*+&-+NKO:>'+/22H2O*L4N:9M>J'/*9'8<=46K<'HG'';GHF+(
:(I>15172%-)1+F*4JF&:F9;H>O4M%)
-(:KG0M-)7(-2929J/1<-J18=ILKJ/6L%I>':K93*5LJ4-0
+47IG5&(K*:%43G.39-NM6M2<=J
K6F
0<'*G7.6,3
>>;4.%J8*7..';,;I0>O4+&%2/&HGN+83G:M6(9',M68=4:;1/907
05KH5
;-
)0+H2;%(F&
5-,37H4/>+:H3.0;4;N4L*-)10GI2O'H*<0M7
07(N574F<6(290(-J
+>6I7=---43IM16.3F>6<JO+J5/8I4H*N-4(J%,+40'JO1'GF3(6KFI/4(&2:&
=,/-/+.1'N7IHI8/
K1*334M-(
)%;:HO&
F-6%(;,7H-7G5:O*85FL1JMH,.-=109-8/55O76I*77K9I
7<,O48I**-%)F/M=)N0NH6,J'KM4/+;5=I4;<J1;F*%%+307*747I9*.G;JL-K
KIK-GHLO7%L5),;0J*K=>&M9K%3).K)&6)*199=>;F0=2<(:(.,I,=/)G;6=49
(+'8K5KL+J7>9'M,L-<73)N%2>220>(N1)26<L5/F8)J<=9=351-MHK1I&GO:I
)O;N;G25G&.%,8&=,5O6361-1,NO=,%)>97&M<<))0<5M06
J9G'.O
<4O-):48)/61
96H/>N1>GN
N%,3I':921>K&81O0&'GK2G&KI,8ON6<==2,6*M
M(,38F2I
385I:GL.'</1<&4=N:FN(5&+,F'G1919I,02>G1HI*4&<6.%O0N12+IF';M/
N+(&4+G8(/>2*92G/L%74K;2LIK:/64
L*<9M)2KF7I;J&
I(4K6NOJ;11G1O7.I;/NO&&IN,I;>G%=;O>--1+M6NO09&25'7J
8+2**LGM1=(M62/F*>/,9J78J,>,L8<72I:&/
<+KG3O78./);7HN*K5/0%H,,7F+6:%I
.G.&M+O.K9J3O<<<'K:2J>><1
,;)/9&<F*J+O>K:-1'.-H3>J82..-JN68';
==KI9=60-.+N.LL
:L+L-0K=9L'L%<L&GL(O..9M96GI=GH,0+1:=J&)6OMLG&G/)&2(><G<'I
N4%N7L/.2L>2//1O/*8I<0>;/8O%*/*N5&7*4F<I'2JJ'14N0M&H(M3
'>F6'N97:9HO><LG
8%O06M&
M&H>F>I0'%
'>3O,JF+GF1GM;%=93G++J0J-%)1L.<&-/42M-O;&'I-J+3M;9=F:533FOH9%H
'*29;80I'F1;>85/*;8K>*(<:++)9H-(0F0M(&G>%HON/;J0J65.7<G41''
7ML3H>HK%)%;O+4K5)JL4=LK)I:2,F7<%,)61L(,
F1J,:&/=&3J<I%1N6>*(-=5*N(K90-KK34';H2)58:9H')5'ILK>G('/I(L67.
HL+2<*/;'I9:-*&9<F&4:%)8&M738I8.)0F2L1
0/(FL785&M3J0M4=F%K&8>531%M,=3%0*6.,+GLL<M.6F)5H:>GJ<&9
JOF+I0N&:<>J><6=K7'J&)N%+%2I4=/FFOJ*,*1;'6=JIG7F0L7J<G4>>F/<
1781N3M7+N,<;/*6&H=GM:;%-14.6=NII);84G;F.28.(=24O<*<>*%>6G<F.>
(:)(2F>'69&9G86(/'&J15)<F03L(K201)I039:+L.)'-G:<6392MHJ3K
%<5871=*F-01GF/<%9&N+=3H'<,58K%L*<F;73FL'+(,&5I1H92;7N4.87IL;
%;72H%3)
(*-(;2IL5+--:=J&GI7%-%-I(5.O6:KGH-K1:<726,5:=/547+*=5.66L,5;H6I+K
F>1%H05O0G)13OL>+-=K<:;)K28&N4,9;2&4K;N&%4K5G1H/>0F8K/9%
7/</*M71HIJ):HI;1%%H8NH0*+4H0&K+41.<N)LN+K1<N,:)9F&8&21-MHL8)
H*OM=L'G2&LN:<L%7<8/&1I76)-H
*962(=N+L+6.I.(/>J
26/27H*5>GN-J;:'*<47G>;<7=9HLI<<);;M6;&F5J59((K2>32N64+K>+;N&NF8
>L6N/I7*IH:.0M
1:M1'*15;JL32M%/22(
6>1.6N7F-:F/'29;3.8'4+(3&>;H31-J>:2&2O=&81.47LN&J
O2,)7G-%&<00-N>G
>G&
4/0:&45JN8HO4/.&=K93;M:,-6)J*/H(24..2O/
4)8I(;LL%&8'L6&MHH/0FF<HO'.>8)-M(2(6H&&M9FK4+G%I4'+4+.M/J/713
O8NKNFG5*8.<I
(K:7:%)7(F%
-+*:,23J6+M'+1*.6F=L&,5;%I/79ML%,>0+,I)(/)N1O51O-OHOK-4KOLH*NG1<
H+:9*
NM259F*;HN
.)-(*K:*.N=J4<.=*J+(K-6.N7%8ON>;/&2O/:)IGG0):25<.*K<+;
=*76.'=9K
'G49(54)+2*F=3O&06:L%%<236F7I/J(/:6)2>O'H/3;67M3=(*(L*)L*4K4>-7
/FJO=HJ:I1)J2+*5H4'.2350(8K7J.J9+='K5O0&87N>I,,:6,;',:;-G0I-,%NL8
5:N=-I/,K,4;'1J'5OJ<4;H%8M)695%4M>1II,6O%8G068('M1JN268;L0,64
2-F40))G(J%./I<=2&'>9)J=N7
%KK%M4=))>89L;NF/J/-N
'*:'%96F2L
47F*)KK)=O9&<47*N%K(,==46&&O78I&MK%H)+M:F)F&&K%-<';6M21)&>>
/J4G*%9/4*O'*(2<4IO1LK,)L;%HIN-&2:7&L0>6->N>-<>0)'7',;<>H&9:
N*/590/%O(O1H:N(-
K1F8G7)-,2*/-I48+<0*8039+,+O(68
)*K)K=-NK2)8)4:32
+480=3,39>.)&JG>&%FHL><4>M.H)N2HNGK%(5%=&5)K127021(
7789G0:=5=<L)FI%)F58LG5IONJG9%>,M=6/(I&/+;=417
0<)(%L9<)9=%*>>F08LO
+0.>:6
;*>*65(8('28MK4M8I50<FNG/H(H.K-6O
9,:2M%M-8NKH-(5/9832
1>01<NL335,(7JH218/,J5K0G5M*F5&G=:44J4:.53G20%-9H4(>2'K)8;5O5FH<9L'
7M%5%7'8'5.;M)&8
>5I61M;1O986FK>-82OO+010(0(>956JN<O04J&L<)5)4*
<:0(N*042>=L4H.FLK3
G%2<5I+
*MG%->'%8>
-J&0)0=LI-0/5+/&.>
5.'H)/.
(M-I39*M%6/N:+%0>(=G9/O.-3%<'+78>>2,44(H8/>L(;*I07/%
<H.:('2G='I=N<-N3HM->O,%3+
F(HJ/50K9%)%H3(O'>
8K';J6J)(2((+.G;M95
O&10-5*')MM+)F4(2L'/K70K16I*;/
8(5.ONJ376.)=/-(NM&<1<*
HG:6L35I-)*&&I0:
+)JGJG4+93:528>O%K**F4.*O-OF44G>G5'9*IL.<20+'(8L
-4M)>56(7F<=JI:J'9<082*+LJ%*)7=:NJ3L
)2O7F
I53MF<8KG.H'F%3%M:7GO7--K>2/J5)5-;M9;:>8I&,%7&,9->-/K'=M=&:**5
G%&K03OJ:I8*)5<
N3FF<6N8K4233N8
.ML*:16=.,747%J03%*I35*+:K62K;>'>>2
1J6.)5'%1-JJ*4J(-;26N(F64KF*H+;'G(L
9+-%K*2(H:G<;O&8G+LK.::)I9>>')=)*0
,-O14+%&.1J1H2-,N7,=NO5*M10;*2+4)4-L39<4L/
-%2/K,57O<606;6KLIG*2:,K
81=)/=*1(F4H'%,>8GG601H1,
(9I;M2+55/FH0))K(*H(
L4NF+=I3,NKKN,G//
O3FL092&9=7/K)/80=N.I2.7L&J6%2>3>2%7-2%)G7F00-6,3*<N67F3
<3M<G4)8F2F-F,N,3&-00-987.'>KN4>.M:GN'-456=&=<;5LF.0+;14H1:G>
8.-HO47>.3%>J*14=
5,30%;,+*F0=LG2F('0,K,F/)')(7F3+7(*0''L0GF
;J(NG1-2G.<//%=1&1K&*
*H0.5%&)6MI
9J;'<0IH2-0F<-IH7'.3=<F00/=F8O)8-J5%>'/<HLG<N'-=1%.043-<K*F8
>544H->.1-N=.ML*5'=;0.:(35OO/).67,3F8.1+K8N+3LH=<<<>;
'<3JI<9'9&+O29'FO8/.34;KL63927
OF8GKN
)>OL+*F/>(*-G9(MI0<1((,=ON4=)4,=61>I13I0'7.<-:,I5+FI2%>
-KM-5NOFH1K(,6>--68:*MJ:F;L-8*L/1%*
5-.%<,'0:F1.J<=K&(I-H1>J
5F<1<<8GFJ%:9L01&)3L.1/NH(&I2MK<-:L5=3F6*:**
N/'JGH(5/4M3&/4'3(<1G*I30J(0N>O14L'%H+=<
M8:NI6JI
=(LNO
&,%LK1-=II3&**F97
G)*'1
/G(>4H.=LG%F
+9G'%632;+,&08'39L->;/2:7.94
)./1KL;2J+
9''4+-N15;6G8M%;IG
/0&KI/F*84>+8<71<54
GG7.;=ML*;),:1H9.4-N'I(3,91'3G)=<J)F-1*-I-4G,
*F7L4+N9>1>9M>G/5G(1+33I.71'.8.LMFO72..6/1/2,L
685L&:5.:5/65IO
N=/=G/I:F06-<81%L%56N3<4'<<<*I>930;M%M7/=8*,'5-)6-.O/6=M48.
OO*9:*3FFGM*/5*JLI3(0K55*N
1)*I0623,
9M3)F06.6('.2O
+93GJ<=FG%K7FIN%*.;5.N5,G46+1:4;%.%(,F>%*'=3>
93)1L,J4O3,)>0H7N(+&M>'19'J5/:44H=JK3.%8%:M.1;51%J:7
L0,G/&/%6'6M+(7/1*(5%<,I%<4-9,=:.I4O/M&)K)1/HI2'I/(HF2:I3.,N3L;
F94JK:>)H
3:/2M10%('<->96=31'0N:1&*2+/H8=HL:18L5N/K9(&GGI87:=/&;9/G8,'>
L*GL<FNK=;M/'IH-&LHH.(NG.J+N7K&=)&4HHK&*
NL/%%7:OO8/N=6L97IFKHHF&KKG>27>,-F6F%=O+
08*,++1=I(+%FN/8%/'(;J'K.H1K0+G
43
.&GM1/6&'
<*4M'I/&(3;L'H5-M1'N/'4,%'==1+8',K+HF-5L6=MH1+:<LN%=G,5
JH<+=I=9J0(:='63'0N()6=H6J4,H4*;M+I&4>M''3MI',7<-0=
LN;%1IM-'5
H*405*K;/
=HG;4L&N):(
7%
79(
H%8%1J-;2;;0<--4=68-*G/,1;<L=8NG*')6
H)1I5%4.I-H,O'21.4
94<-7FK29/LF*0L>+I-4
H:,M/L*-*)*+G,F%(F5=8H+F%6O/;J.8J:
>(;O%&/
K4'2G.&KOMFKN24<<=H7%LFF&.=;G'/M&<LJ=H=%-+&'M.29G0-O
%4)+G;):F;-F,
,J/2
.:6,2JH;6J0I5M,M-
.1,J4L&5K5+M('H=HN(+H27
H4*H
<N5
7JL1;G&J8%NKO.5G,:O'&N'N4M+)>=6;,.8)=,.762;*=)'10;I;GO3(
2LF5%22:)
//)JN
+/;J4J5&G173G(/L.62&J3GI=0K0K*;1M3J2L
7;.G+',F1*7*I&K&=9>50*'JI'(N;F,(O4O&H(0H2O(N)M+
I,.2%G<8/I.<+(L&+J3O/H461G9=;6.OG6<K4
.9H;%:+:6*FNK&>J23754+K/3FO-FOI0J2('2&:
3'=-8>/J:M=/O99*9<5+;).H0=9<G;<2/MM44+0>GO6+%
<((%+%F);=0IJ3F*G,'J)/;+9J-,2%I37<)&NK)81:J;4O3K<8;>94;37
:*3,-N5KG:=8GGF>
+5GFO0II9)H>=1M1,G*8H.GJ,)=-2+;4;(MM%+:1N()GI8.FK%9:)-,.<O)O25<H
4J
0OLN'5*/*1(F%
FI:>:91K>=**'73*N);'H9HI-=',*I4/4F'95L%3'3J.J74L&JHO97+>I><>G/9/.'9
4NFM/NJN;0*%<7H-LG(6FK/0J5
.G%N=0IKI;'M0JK8)5*J/95H
12NHK16H7IN4&;'3<>22,NKK>/07G8G5KI4:F92&%2<):N+IF->J%(<%%</
M%H1&>53H3'6:&29,-&.;+87JJ1G=0()2;
;O>(8&&.G>O+J:*<1M+GO5+.F5-<%3(;;''61&M+8H;5O93K177I%=IGJ8&.
F&J4&*3L;6
I:M>37)3)4J&/7=2G/-G0NK6-:,8G;MM6)1FOJ%MO*678.M=H+&%FI'O6=.+
MM0.HL6M6;6
(K3
F9F)N75;&93/6HJLO7M-<6O,M/*%I9JH-<;15&<L>%-0-6=*6FJ0&.)'<
>%,NM//%0&>949%I>11LM))3;.L1,6F1O;=27'/=,+=0L.N1K8MM507I=;'=&
M&8%2;K=*7.JO:01;
+F5*;6/);I:K'.4+H52,F/:..K7I+.M>
);G*
G=K;,O.J&1<8-:>=&:%20I&%7,03(7:..:LJK(OG&&L-
2GOGH4M,,9L%2=J,+>/
,;:3:;3,(LM*+,6M3H1-L+8+;4&373%=;F0&:8>IJ:HL5O-3%%.98'/-(-)
J/4;
N;.,H/+/6
21>MN+K,F7*978M(HL
&:7F>-8F7+<*=I46O1-(.82O+/8:JNGJ
73/=:2K:4;>H,H.>H>.'%HGHK83M2,)0*MI34O=,,,79<8(24H;1-GOG%/*>)OL
J8,<F63I./640:2.L-G*+990H7J7)I;*7%KL*<7<.>-*
*5.;(NI<4OJ%6%IHN*<-27>,*2/K)-//*0%F>86=(6>4+L;:
14'O;/G70%J+<FG9/K<H1-2<9,,*=36:66'K*',0>F50*9.HN79>:*H2
'66&HK<3%N;-K18*-F.1>)HGJF8,((
0,>.,:;1K)NL/21
M3=G+;,:OMM;==(8<:2LMN3+:6I2M4*3/3-,H-+&/*92,N-3-<48
408/1)(8=(=G(44)1;<+1*-ML:3
I9M
I5.0.G.J>3+N&>-:-&*4,)1M9MNGG*=O,(
-H7
F%;:6G
,%%H'/F1NH*N1>=9N:N%4%+5%,-G
*)7-.22
O'O4H
'*O0F;67>)1.IK3.:K05+/:I2MK..J&5%*%=06G<%-4K>F0OO,;F:=*3;
FI%%;L9O>8<G=1)(0NIF)10.(K99:0>+L42L5&2:M)&5J,0.KM.3&OLM3'+/I22J
./1531>N,5GOK'L.5%0F-H+%:7M85>N)+;6GF2(0('.<2F9H&;5<'83-NL6
%;1<N,'/('6LO%:+NN1H(0O3<,7(.,K>>3:=+;92O;:K<=41-18*91I%F&308KN4
3'O'N-'L80O;<2)+4>0/*/'10'545II7LL85',/:IMO257'KF84;JF*6H3N)*O+H
>4N=&G:504F,NO
:78>5M:G8ON6N,&&;725MG.<,61G;),J
NH*,>%;%8'+:%:8:+M)-<3I2);
<1+NL;%3;,)J*GG7/8.G2/<(6N(6K0L26*,3J1F8:1N/==K,;344/O35,HGFJ89
1/
:4='6J531M2
3F5N/>1I>N&/(7.<F/:LN0L
7+%3/%L).6'&O(.69=K(2((<
N&%;,6).&G.=J3+4'6IKIOJ1N'1FI4;0408/J785'K5/,-558L29N5:
;3F0'J>
K671O46>&4/FO63;/O4(;=37'.FFG.(M8G/&%,6'..*0>L+M(7+='8;,0OM.0
&:4%>8N.G2>.J'5,HJ0+:N9F=I7*8'-L
=);53&880M:5
+:==',<+'
0L92=I&MG/-;'G%9&'
7J%=)*9L)NN2HM-LI'F2/4.;2<)/JM0=3LJ'L5:8N=
=&7)67,K,,.:%/)3<4*N3&>4,H
78)2F.687)=649%+(%(4ON1)),02M>)9;IKO,:%F=H(O05-%64
64=
3+=KF'F7N.<3F1;013L'O%*LN'6>5O<IF+&%7O)M2>(J%**8+)7&2I7>*,J3N5I92)
-2&,>6-82J(+H)K;24)%2
*J%OK
F.4O+*-I*0
IO*1<F,1G<I7J3->)9;2OJK7M-O(<(L95-0&%7,4I'MJ,<7>;9*0
-G4F63OFOMH/89''L/=;K*:.*K9J*4>I6G:*<73I17.%HM-4,581%2=O
J;'21)&6*0H-'M4O
<',&6=3NG>K.%H-89N</M-*2*6/(L,%2N>L%>OF
22(08+3MIF3%J0<>)>F5F=3=0(-<OIONK-+KKO%>/4%N80H9HMF1=,%,
342L868/H
,/.
0J;3&HGF-OK*9/
O7<)=7%0O61;J*4%HK7=0/-27L<F'=6;(=(,=M/.2&+8<21K.7M3-F*3
/;6J05<K,/'.*OI'L<J(N>24()<6%;%0%O6+6.5*3',FN3:N6/(,-L&)%<F-;>H&MM-F0
H2ML5K<7,46JN5<N:;,GI<-6/MF%%6H+)<2;9G=:,:>86=61=9;*-*8G1
IFM5:*.&9217F20*;:F>
4F9;.=<2I<925954%N95+*'12J2F;M22N,N1(5M0M<0<F0F('3L+.IJ
8%)5+:5K,4F*I;*<3237O;8N>F%=+7>5,1</O/-'58*J,31I-M
5.1.%>02G1MI>0+402I+=GK>O:H26MM-6
O/;4''.J/()=:%&9=J59G1%6IMJ25M:3=(-5,KM<7,M5M.G)NOJ%'50%8/3%'%:
NN<9H*MNN>OLG5==20;&G)
%>
J0F5GO%9G)20,5,;'F-7
<8H47H1G531843HH'KJ*887440I6+J*>&HL>74-;7*3M8M9'N(3N79
4:<13F%GJ;=(9:;,H:4F*>;3KH9I%%,7(%N22F+5N85I*/+0459.2</
.,5,',I:/4M/',(+O)L5*MG&MK+:
9/IJNF/H%:0)I,;(
*I0F6
2'/MJ
:3==1;:8>G7M=)/+58HM+(OHM<-5>>>+.1*HFH'9,-:N<-=6='2<J75)*,,G(9
<1.J/4=6/H27*,2)9&61LGF/
JHGH4-084+>*.=(7*4<5)%5,HM5*-):+(H
JN%KJ3O->LF
008NN%;8/1N=*%6:L9'+3-KF(&N/L4
<94<;2%*O&*N7NJN8>;I<4'():>K3)1;&-F<*:)%J(=O)J)
'2(J.%,<+;=9.;%FI72N0MN4>(98(;NH<*79+J7I/1%%L)K32=>%3<0'
3;,=.88L/1NO8)HH4=3
8IF/6-0;5*8K'J.<.F=>'<M4N*>./+';N;91M)87';,><I3/N&7HM>4N&8%H;-=9
1L3/L*+NK;5149M3=
>9M38/;-5.&G9=11G&3>,3%+=./+1;30)0L<-))>MJ-L/N34HO9=65>MI6,G).I>*
O-;J2&%=&JO1/,+*0)%;J7J+,HH90<5/6>7'0'7:GKL()L7J*0:J-&J>N(2<6O(<()
L+>,J<>:G&G6(1<:8<
<:O7J.+71&:4;4NG//=9&O,O(+.&/M:1;=,8M3MMI5-J.'HI;/%
74'7;G<%4,3,3,%*91:%0H0,1MI
G%*/0<8+4H8H5N34KO(-*F:I81)'KF/-8>
:;0,ILG*4OMN
'-,>1&%6:F%/.5',4G7J2IN=4;+,K1/60M:F+/4(O&:)M8N3.*/(+LMM.J:2
KIOO
2+/N2(0N<+3K15903IM4+>'M;>42O(+8;;)/.%3G7<4;9,/I'
0:0-7F+;6.HI.5L,//1O61<;:9
=G46'N
2&I,57F%5N)-M%H-M5.%:O53N25*K&;%=1;L>IL.%9
6->'8M'2)+)8LG7)(&JK48LK(2,1L(F*&F2O4&FNOH-*,>;307L4)7*)*L4=5-I
+M86(0(G4&+F4>,>&5NN29;)-1L
FK9>8L
35'2N8.H+=%,:,>1N*0(24KG6403'+K>
/=9K..&78=%K'2KH4)M0M-L49=9%H:>F049
&.J:<&3=)./+3+=G702NHM+917O,0I.F:I<J
M-GONJ+3IJ
<%%,62
M4:L=7+&8;L=,=0G6)N
K)9LKG()I=F'&5N-+&7H1%=I.*K/H0*=*(74.1G+M))59O')8'+M6J=F*.<--
J931F2OH<9GF;3I>/O/-2=+/G7>M<&JIF/5:=-::53<%1=%3M+02:K55(*
:*870*69526:;:FK8FON6K<
7H>FOLK8>O88JN9
56=)+:;,>L+F%6>L23J<9O*N=1%LL&K>J(7'I*0'G,;JI=6126209*FFG3)4.I6.-&/=*N
MKI)1)O4&OH
748L(;3-0&OIKGK(
8K0(G8O<+.)>;OK&5(5=&%6=4>&'<6(5()-M'<4,J,K00
6.
L0<5:L5<4JL3<+7>/2F+/;:6K.:2-GLNI66-J%4)M>/8:<
MMLIHKNMN.,>,I90%64<I/F6.K;6*%KH-L=+=4>7*N8)=*=3'1<*2K+:'8.JJ,%21
H58>:IFM&+1:'9=5F-J4N:-3%(.0(N%OL0<I)6(&K5MLOMM=/;H:)4-NF-M5=G.'N1'H
/'*67:)HNKNI%:G7N24MK-K=LLO.)+80=FI7M4LJ7N:31054=&-LNO23-7HO4
J4,F+G0
,<IIKL8LJ'7N<+*LI
1-G>&;=,%82+FL&J(MJ8K3(KMLK':1M/*2.=:<J2J>5J&=<0NL5
M91):I-093LIN-5.:KH
MNG2FK3-:7KJ(,8=J:;/<7
*N)+)
:N><)
I4=*JIH-LO:M&=M=;277*.6/<<(&K9J5GM+10N&.7,7G6M<
F)&;1.)5)0&/O*<MGO:L
00%K)9
;G/0,48%3+55*HH.-17&>04.03N/GK'1=5<6+:G0O6L*;1+JHGH
7<K>3142.6';;FFFI2N.6'5);FJ.I>28:5,
OI,1L>8O(-46/=)M:+I:MO;IM<K/N*9<%H'N(709;
6KO>&;<%(3N*49<L3K
H.F(0N4**O<.L%:260KGN&HL23L1146,;,2=/OF'8-75L>%JN(HNL%3&
3NN:5,%M
,1(3/;%MN7;J3:.'1;'K65J14./;2&K5.8K%JF<F>KI(
->;&7JIO>.-1<GO163K;+>G46IGGM4O6O.7;=&5-'8J6N,+(&K%I:9)=8M9;*55%',
4G&MM2H&)FGII7*.J:0*)36IF;9G5'F8I98&K1:28<8<J</11>=%<**5H><2.K'5
:7';I
'(*:'')/GOJO/0HF)14%M+F,0.-%M.=16><MM7OH,+=;9481O:(G8MK1NK=(9=O45
H;(671%K>&6/,*508F9<<9)5%MIN*7K*:G15')O(7=L%K=1--5I;K%H.96/N96
31NIJ)==
&.>K=OMJ'&+FG:45K>*H50
L4M&;N,&N90(7-:4*0;=%F%.M681HJ1(/036674I..'%/1.9
I%(<';%>2FN'26=918O;G1F3J%ML(LGK*;4;KO4).6N6;,/53JHLF<O
G>:L9I(79>I,4:L(0NK-L/=4-4O)J+/
4K2*+.;:N2*(8F(9=&K'6I9L=
44+376G5&<J50430=+*I&/+:
(7&6+%:I)>KNH
MN(I5+=8=<)HK70>*8*O245K%N804:53;;M7*2F0%J'K&9/,K6I:4.+'M%7(G
N+(/H*9
2,<:-F2O1K-(.G(JL91O>+'MG58N57)-'
,,2I,8G,/9N.J-7=0&%0/%--((<
F,&),L.*&.*9/*M;-7(;/&<+926*+L';:M6J>&)3H:>OK5%(I<'J8%G&='840->/'%&'2M3
K&J8(./&HFF.=I/7;+.HI71HL=77
)>1<01I19&%64NJ87
(+7'+GJ+G8/G;IG;-2O1&N'.:
JO1=MM,1L&F%-(I9IO578),,-F95.4>*,HF(%+
61&8<>F>-O
2,G'N(&15>/8.8HM'38F<)N2.0=M%5'/(<,;3I,2N;>0%5).8%,<K5/:F2OH9K
%0O>G.1''JG:G;.<<%6(<J--/+:O0%5510&'5)9-:.M*+%,
)-),N)G'H2L3
HLJ=5KI<5GJ700H1N8MIH*;+0H=75+'==/-7'J<1%8LF6=;77=&1,,/K+-4=23HGI
=M*.6;I%/1
*1,1H+-3,(N2,3%4LKII%-/-3&=L56:>GM904*/66&:OH3.
53%'>GJ.02K9=*:*NI)
K0:+
F73+3G9-J-:&&O6M&6JJ4.=NI'>01+=
L(*N*6<:40O6)1-.OJ/42':-,*)O7(LNJ7'7I4'2OLM=9>5I&G)JF2-+5KG=3N->
1IH>/O2>5)M99<8MGIG'I+;I,4O/L2
G&7'<238N+8.6G09%/8K30;+LJ+
3O4GL79FG'26
9<+KM90.K)HM8;(%GK1,,=
II
9/)3,G1N%8
1L>2+'L9F.%L88*3L87&=FGN0+K+0J=9G-I,(H,-,64+)'5.O+&3,%/3O,(
MNG6I,MKF1I8;*H7>4NJGI>:-+*&,I38-8H78IN8((&-'4)&,.3M%(35;6+9L-L<:
,5+>=;);N*883.H3=G')K'J'<J30F*;FINO;+3';'30K+.M+.4;%H41+IJ>
1*=9
.LH3L2(41*G-
+)N3O;FO%2
8<.;.')>K(5%.LG9<-
<0K(M)MH=9->:.J:8.=K9FI00K8)8)8J7L-60.&H7(O,0F50K
,(>H94J6:09;3;'32+)617
.8)L;-J<1-1I0H24:M*34+:K=&O:7.3H32O'
61I>O(&L-N41/M3
;J,/0+L'/;;%>+1G>%
7G7)M<&;05GI:%IG7:'(0'J''7*J&)H8%0/:735:HI418>L;=%N.-*-JG6OL2H
3(1*IJ>JOGM
3HNI*1FF=4<2)&3M.NO'+
-K,.K4(M2,06>9.2,4
0F6/2(+GM:,
4IG:2
J3*:'KL>*'5ILHL.H(F2
3KFJ<;
,,F/*1L>+2O<9;1-G=,FN+8F%*O;,=%'6>.;H2I
H+*
M21<7'%649&)J2OO
+019;L08N<I6*H,I20O;8OO=1<21/<:7GO.'JKFH;5/.%,8G*K7-GGJ-I.F