!"#$%&"'()"(*+,-&'(*+.-/,/01"'("2((
UHFKHUFKHG·LQIRUPDWLRQPXOWLOLQJXH(
!"#$#"%&'()%**%)+
,''-"%).#'()/#0
,''(*12#.0'$#'3"45
678''(*)+$#'$#'94+:;
6'
<,='>%.#?+)7'UXHG·$WKqQHV'@ABBC'D)"%E'<6='>;**)FE7'A8'F%E'"+#'>#$)%.#7'@AB,,'D)"%E' <8='9GH>GI(JK>7'LD',887'C,MB8'N"E);'(OPOQ'
!"#$%%$#&'"#()*+,-$.)/�"12'3!"4)561"'%1&78+,-8%%#9-0"123 KR>SHR''TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT'' 1RXVpYDOXRQVO·XWLOLWpGH0"4%E'*#U%?+#E'F%*%.V+#E'$).E'+.'5)$"#'$#'"#5W#"5W#'%.0#"*%.V+#' X").Y)%E' /#"E' ).V*)%E' E+"' *#' 54":+E' (9O!Z' 9#' :"#2%#"' 54""#E:4.$' [' +.' $%50%4..)%"#' ?+%' 54+/"#'*#'54":+E7')*4"E'?+#'*#E'$#+U')+0"#E'4.0'101'54.E0"+%0E')+042)0%?+#2#.0'[':)"0%"' $#E' E4+EI#.E#2F*#E' X").Y)%E' #0' ).V*)%E' $#' (9O!7' #.' *#E' 54.E%$1").0' 5422#' $#E' 54":+E' 542:)")F*#EZ'/·XQFRQWLHQWGHVPRWVVLPSOHVDORUVTXHOHGHX[LqPHQHFRQWLHQW'?+#'$#E' 0#"2#E' 542:*#U#EZ' 9#E' *#U%?+#E' E4.0' %.01V"1E' $).E' $#E' %.0#"X)5#E' $%XX1"#.0#E' $4.0' *#E' :#"X4"2).5#E'$#'"#5W#"5W#'%.0#"*%.V+#'E4.0'1/)*+1#E':)"'A'+0%*%E)0#+"E'E+"',A'0W\2#E'$#' "#5W#"5W#' (9O!Z' 9#E' 2#%**#+"E' "1E+*0)0E' E4.0' 4F0#.+E' #.' %.01V").0' *#' *#U%?+#' $#' 240E' E%2:*#E' V1.1"1' [' :)"0%"' $#E' 54":+E' 542:)")F*#E' $).E' +.#' %.0#"X)5#' :"4:4E).0' *#E' 5%.?' ]'2#%**#+"#E'^'0")$+50%4.E':4+"'5W)?+#'240'$#'*)'"#?+_0#Z'
-L>`K-(`'TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT'' !"#$*+3'(4,+.(5+.-/,/01"(5+,-+,/(4+,(6&12$1$37&/1(834+,./2$+3(9"2,$":/1(
a#' #/)*+)0#' 0W#' +0%*%0;' 4X' 0W"##' F%*%.V+)*' *#U%54.E' X4"' O.V*%EWI04I!"#.5W' 5"4EE*%.V+)*' E#)"5W'4.'0W#'(9O!'54":+EZ'`W#'X%"E0'4.#'%E')'&%.$'4X'$%50%4.)";'bW4E#'54.0#.0'54/#"E'0W#' 54":+EZ'`W#'40W#"'0b4'W)/#'F##.')+042)0%5)**;'F+%*0'4.'0W#'!"#.5W').$'O.V*%EW'E+F:)"0E' 4X'0W#'(9O!'54":+E7'F;'54.E%$#"%.V'0W#2')E'542:)")F*#'54":4")Z'N.#'%E'2)$#'4X'E%2:*#' b4"$E7' 0W#' 40W#"' 4.#' 4X' 542:*#U' b4"$EZ' `W#' *#U%54.E' )"#' %.0#V")0#$' %.' $%XX#"#.0' %.0#"X)5#E'bW4E#'5"4EE*%.V+)*'E#)"5W':#"X4"2).5#E')"#'#/)*+)0#$'F;'A'+E#"E'4.',A'04:%5E' 4X'(9O!Z'`W#'F#E0'"#E+*0E')"#'V%/#.'b%0W'0W#'%.0#"X)5#'W)/%.V'0W#'E%2:*#Ib4"$E'*#U%54.' V#.#")0#$'4.'542:)")F*#'54":4")').$':"4:4E%.V'A'0").E*)0%4.E'X4"'#)5W'?+#";'0#"2Z' HN`>I(9R>'c
'
UHFKHUFKH G·LQIRUPDWLRQ PXOWLOLQJXH FRUSXV FRPSDUDEOHV OH[LTXHV 2+*0%*%.V+#E'dOeaNKP>'c'2+*0%*%.V+)*'%.X4"2)0%4.'"#0"%#/)*7'542:)")F*#'54":4")7'2+*0%*%.V+)*'*#U%54.E'
;
!/(,"*<",*<"(.&12$1$37&"(
9)' "#5W#"5W#' $f%.X4"2)0%4.' 2+*0%*%.V+#' <(9GK7' ("4EEI9).V+)V#' G.X4"2)0%4.' K#0"%#/)*=' 54.E%E0#'['0"4+/#"'$#E'$45+2#.0E':#"0%.#.0E'$).E'+.#'54**#50%4.'2+*0%*%.V+#'[':)"0%"'$#' "#?+_0#E' X4"2+*1#E' $).E' +.#' E#+*#' *).V+#Z' `"4%E' )::"45W#E' :#"2#00#.0' $#' X)%"#' $#' *)' "#5W#"5W#'2+*0%*%.V+#'c'*)'0")$+50%4.'$#'*)'"#?+_0#7'*)'0")$+50%4.'$#E'$45+2#.0E7'4+'F%#.' *)'542F%.)%E4.'$#E'$#+UZ'J4+E'.4+E'E422#E'54.5#.0"1E'E+"'*)'0")$+50%4.'$#'*)'"#?+_0#Z' 'DQVFHW DUWLFOHQRXVPHWWRQVjO·pSUHXYH0"4%E'*#U%?+#E' F%*%.V+#E'$).E'+.'54.0#U0#'$#' UHFKHUFKH G·LQIRUPDWLRQ%.0#"*%.V+#'c' 0"4+/#"' $#E' $45+2#.0E' :#"0%.#.0E' #.' ).V*)%E' [' :)"0%"'$#'"#?+_0#E':4E1#E'#.'X").Y)%E'#.'+0%*%E).0'*#'54":+E'(9O!'6BBBI6BB6Z'P#+U'$#E'
OH[LTXHV O·XQ DYHF GHV WHUPHV VLPSOHV O·DXWUH DYHF GHV WHUPHV FRPSOH[HV !"#$ %#%$ &!"'#()*#'$ +$ ,-(#*($ ./$ &!(,)'$ &!0,-(-12/'$ 34%5/-"$ /#$ 6-)''*/(7$ 8998:$ ,(/"-"#$ &!00/$ '!)(&/$2/'$'!)';/"'/012/'$<(-"=-*'$/#$-">2-*'$./$?@ABC$?/$&!(,)'$/'#$&!"'#*#)%$G·DUWLFOHV 5!)("-2*'#*D)/'$,-()'$/"$EFFGC$1RXVLQGLTXRQVG·DERUGTXHOTXHVWUDYDX[OLpVSUpVHQWRQV /"')*#/$2/$,(!#!#H,/$&!"'#()*#$SRXUO·pYDOXDWLRQOHVSULQFLSHVGHO·pYDOXDWLRQPHQpHHWOHV (%')2#-#'C$
!
"#$%&'#()*#)+,-*'.+%/0)#+)1%(#)#0)./,,#(2/0*-0.#)
I(!*'$2/J*D)/'$./$#(-.)&#*!"$<(-"=-*'$K/('$-">2-*'$'!"#$)#*2*'%'C$@/$,(/0*/($2/J*D)/7$-,,/2%$
!"7$-$%#%$&!"'#()*#$/"$'!)0/##-"#$#!)'$2/'$0!#'$.)$&!(,)'$?@AB$899L;899G$3D)*$/'#$)"/$ /J#/"'*!"$ ./'$ &!(,)'$ ?@AB$ 8999;8998:$ -)$ .*&#*!""-*(/$ /"$ 2*>"/$ 6!!>2/$ 4*&#*!"-(HC$ M2$ &!"#*/"#$ 8N$ GGO$ /"#(%/'$ #!#-2*'-"#$ NL$ 98N$ #(-.)&#*!"'$ /"$ -">2-*'$ D)*$ &!((/',!"./"#$ +$ L8$8FP$0!#'$)"*D)/'C$
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·/J#(-*(/$2/'$E$999$#(-.)&#*!"'$2/'$,2)'$,(!1-12/'$,!)($2/'$FGN$0!#'$&!0,!'-"#$ 2/'$$#RQ0/'$./$(/&R/(&R/$.)$&!(,)'$?@ABEC$?R-D)/$#(-.)&#*!"$/'#$-2!('$0)"*/$.S)"$'&!(/7$ &/$D)*$"!)'$,/(0/#$./$,(%'/"#/($2/'$"$0/*22/)(/VWUDGXFWLRQVjO·XWLOLVDWHXUGDQVQRWUH &-'$2/'$W$!)$E9$,(/0*Q(/'$&!00/$"!)'$K/((!"'$,2)'$#-(.:C$
@/$#(!*'*Q0/$2/J*D)/7$-,,/2%$$"7$-$%#%$&!"'#()*#$-K/&$2-$0%#R!./$.%#-*22%/$.-"'$3X!(*"$/#$ 4-*22/7$89E9:C$M2$(%')2#/$G·XQHH[WUDFWLRQWHUPLQRORJLTXHGHWHUPHVFRPSOH[HVSXLVG·)"$ -2*>"/0/"#$*"#/(2*">)/$.-"'$2/'$&!(,)'$&!0,-(-12/'$?@AB$8999;89987$/#$&!"#*/"#$OG$WWO$ /"#(%/'$#!#-2*'-"#$OP$FWO$#(-.)&#*!"'$-">2-*'/'C$@/'$#(-.)&#*!"'$&!((/',!"./"#$+$8P$NFW$ 0!#'$)"*D)/'C$$
@/'$/"#(%/'$./'$2/J*D)/'$!"$/#$#$'!"#$./'$2/00/'7$#-".*'$D)/$2/'$/"#(%/'$./$XI$'!"#$./'$ <!(0/'FHTXLH[SOLTXHVRQQRPEUHG·HQWUpHVpOHYpC$A"$*>"!(-"#$2/'$-&&/"#'7$2-$&-''/7$/"$ WHQDQWFRPSWHGHO·H[LVWHQFHGHWHUPH'$&!0,2/J/'$/#$/"$,(!&%.-"#$ '*$"%&/''-*(/$+$)"/$ 2/00-#*'-#*!"7$"!)'$0-J*0*'!"'$2/'$&R-"&/'$.·REWHQLUXQH$&!((/',!".-"&/$/"#(/$2/'$0!#'$ ./$2-$(/D)Y#/$/#$&/)J$./'$2/J*D)/'C$
3
40+#,5-.#)G·pYDOXDWLRQ)
@/$ ,(!#!#H,/$ -$ %#%$ &!"'#()*#$ ')($ 2/$ 0!#/)($ ./$ (/&R/(&R/$ ./$ Z*"/D)-C$ /·LQWHUIDFH G·pYDOXDWLRQ)#*2*'/$O·LQWHUIDFH FODVVLTXH$GX SURGXLW FRPSRVpH G·XQH FDVH GH UHFKHUFKH G·)"/$2*'#/$./$(%')2#-#'$!(.!""%'$,-($,/(#*"/"&/$/#$./'$[$<-&/##/'$\$+$>-)&R/$./$2-$2*'#/$./'$ (%')2#-#'C$@/'$<-&/##/'$'!"#$./'$>(!),/'$"!0*"-)J$/#$./'$"!0'$./$,/('!""/'7$./$2*/)J$/#$ G·H"#(/,(*'/'7$D)*$!"#$%#%$/J#(-*#'$./'$.!&)0/"#'$/#$'/(K/"#$+$2-$"-K*>-#*!"C$$
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
3RXU O·pYDOXDWLRQ VHXOV! "#$! "%&'(#)*$! #)! +),-+.$! %)*! /*/! .)"#0/$1! 2#$! '*.-.$+*#'3$! %)*! 4%$/!OHXUVUHTXrWHVHQIUDQoDLVVDXIVXUO·LQWHUIDFH!"#$%&'$5!#*!-+!3#&6#3&6#!('-*.-.),'#!
QHV·DFWLYHTX·DSUqVXQHSUHPLqUHUHTXrWH!7--#!43%4%$#!"#$!*3+"'&*.%)$!4%'3!&6+8'#!(%*! "'!-#0.8'#!"#!*3+"'&*.%)! $/-#&*.%))/'DQVQRWUHH[SpULHQFHO·XWLOLVDWHXUHVWREOLJpGH
&%&6#3! -#$! *3+"'&*.%)$! 9%'-'#$! 4%'3! *3%'9#3! "#$! "%&'(#)*$! #)! +),-+.$1! :'.9+)*! -#$! *3+9+'0!"#!;.3<%-+!$()"%*!=>??@A5!#)*3#!+'*3#$5!)%'$!+9%)$!$*3'&*'3/!-+!3#8'B*#!4%'3!*3+.*#3! -#$!*3+"'&*.%)$!&%((#!"#$!$C)%)C(#$!4%'3!-#!&+-&'-!"#!-+!4#3*.)#)!
! DEFGH7!I!²!E)*#3J+&#!"#!3#8'B*+,#!('-*.-.),'#5!#0#(4-#!+),-+.$!9#3$!J3+)K+.$1!
!
3ULQFLSHVG·pYDOXDWLRQ
"
/·H[SpULHQFHSUpVHQWpHLFLDSRXUEXWG·pYDOXHUO·DSSRUW"#!$',,#$*.%)$!"#!*3+"'&*.%)$!$'3! -#! *#(4$! "#! 3#&6#3&6#5! "+)$! ')! &%)*#0*#! .)*#3-.),'#1! L%'$! +9%)$! 4%'3! &#-+! 3#43.$! -#$! 43.)&.4#$! "#$! #04/3.#)&#$! (#)/#$! 4+3! M3#$*+)! N! 2%'4C! =>??OA! "+)$! ')! &%)*#0*#!
PRQROLQJXH ,O D DORUV pWp PRQWUp TXH GHV V\VWqPHV G·DLGH j OD UHFKHUFKH SHXYHQW FRQVLGpUDEOHPHQWDPpOLRUHUO·HIILFDFLWpGHVXWLOLVDWHXUVSRXUXQHUHFKHUFKHPRQROLQJXH! 2#$!P!.)*#3J+&#$!*#$*/#$!$%)*!"/&3.*#$!"+)$!-+!*+Q-#!I1!
LR! L%(!! S#$&3.4*.%)!
I! T! T+$#-.)#!DXFXQOH[LTXHO·XWLOLVDWHXUIRUPXOHVHVUHTXrWHVHQODQJXHFLEOH! >! FU! 2#0.8'#!"#!(%*$!$.(4-#$!*3+"'.*$!.$$'$!G·XQGLFWLRQQDLUH#)!-.,)#!! @! VP! 2#0.8'#!"#$!P!(#.--#'3#$!*3+"'&*.%)$!.$$'#$!"#$!&%34'$!&%(4+3+Q-#$! O! VI?! 2#0.8'#!"#$!I?!(#.--#'3#$!*3+"'&*.%)$!.$$'#$!"#$!&%34'$!&%(4+3+Q-#$! P! WU! 2#0.8'#!Q·D\DQW8'#!"#$!*#3(#$!&%(4-#0#$!.$$'$!"'!&%34'$!&%(4+3+Q-#!
UVT27!I!²!S#$&3.4*.%)!"#$!.)*#3J+&#$1!
M#$!P!.)*#3J+&#$!$%)*!*#$*/#$!4+3!P!'*.-.$+*#'3$!"#9+)*!*3%'9#3!"#$!"%&'(#)*$!4#3*.)#)*$! "+)$!-+!-+),'#!&.Q-#!#)!#JJ#&*'+)*!"#$!3#&6#3&6#$!$'3!IP!*6X(#$1!L%'$!+9%)$!3/4+3*.!&#$! *6X(#$!"#!3#&6#3&6#!#)!P!,3%'4#$!"#!@5!)%((/$!FI!Y!FP!#*!-#$!+9%)$!".$*3.Q'/$!$'3!-#$! &%'4-#$!=.)*#3J+!'*.-.$+*#'3A!&%((#!.)".8'/!"+)$!-+!*+Q-#!>1!!
!"#$%&$'()*"#$+"$,"-(",-("$#./'$01/#1$'"#'2#$#3,$-(043"$1/'",50-"6$'.3'$"/$70,0/'1##0/'$ 43803-3/$ 3'191#0'"3,$ /"$ ',01'"$ +"3:$ 5.1#$ 3/$ *;*"$ '()*"<$ =(043"$ 3'191#0'"3,$ ',01'"$
O·HQVHPEOHGHVWKqPHVHWWHVWHWRXWHVOHVLQWHUIDFHV$
! "#! "$! "%! "&! "'!
(! >%$ >&$ >?$ >@$ >A$ )'! >A$ >%$ >&$ >?$ >@$ )#*! >@$ >A$ >%$ >&$ >?$ +,! >?$ >@$ >A$ >%$ >&$ -,! >&$ >?$ >@$ >A$ >%$
BCD!E$A$²$F2G0,'1'1./$+"#$'()*"#$+"$,"-(",-("$#3,$9"#$-.3G9"#$H1/'",50-"6$3'191#0'"3,I<$ !"#$292*"/'#$2J0932#$#./'$9"#$#31J0/'#$K$$
%< 9"$'"*G#$*1#$G0,$9"#$3'191#0'"3,#$G.3,$0--2+",$03$G,"*1",$+.-3*"/'$G",'1/"/'$L$$ A< 9"$/.*M,"$+"$+.-3*"/'#$G",'1/"/'#$J1#3091#2#$G"/+0/'$3/$'"*G#$+.//2$L$ @< 9"$/.*M,"$+"$+.-3*"/'#$/./$G",'1/"/'#$J1#3091#2#$G"/+0/'$9"$*;*"$'"*G#<$$ !"$ G,"*1",$ 292*"/'$ *"#3,"$ O·LPSDFW GHV LQWHUIDFHV VXU OH WHPSV G·XQH UHFKHUFKH LQIRUPDWLRQQHOOH 3OXV FH WHPSV HVW EDV SOXV O·LQWHUIDFH HVW SHU5.,*0/'"<$ !"$ +"3:1)*"$ *"#3,"$ O·LPSDFW VXU OH WHPSV G·XQH UHFKHUFKH GRFXPHQWDLUH 3OXV OH QRPEUH GH GRFXPHQWVHVWpOHYpSOXVO·LQWHUIDFHHVWSHUIRUPDQWH/HGHUQLHUPHVXUHODSHUWXUEDWLRQ -03#2"$G0,$+"$*03J01#$,2#39'0'#<$N93#$-"$/.*M,"$+"$+.-3*"/'#$"#'$M0#SOXVO·LQWHUIDFH "#'$G",5.,*0/'"<$$
O.3#$0J./#$#29"-'1.//2$9"#$'()*"#$+"$,"-(",-("$G0,*1$9"#$'()*"#$=!EP$+1#G./1M9"#<$C51/$ GH SHUPHWWUH XQH pYDOXDWLRQ GH O·DSSRUW GHV WHUPHV FRPSOH[HV QRXV DYRQV FKRLVL 0920'.1,"*"/'$ %&$ '()*"#$ G0,*1$ 9"#$ @Q$ 431$ -./'"/01"/'$ +"#$ '",*"#$ G,2#"/'#$ +0/#$ 9"$ 9":143"$M191/73"$+"$'",*"#$-.*G9":"#<$E/$J.1-1$9"#$&$G,"*1",#$K$
%$ "*"3'"#$G"/+0/'$3/$*0'-($+"$5..'M099$R$+3M91/$ ?$ /.3J"03:$G0,'1#$G.91'143"#$ A$ J1-'1*"#$+80J090/-("#$ &$ +.**07"#$R$90$-.3-("$$ @$ /.3J"03$G,"*1",$*1/1#',"$G.,'3701#$ $ +8.S./"$
$XFXQH DXWUH LQGLFDWLRQ Q·pWDLW IRXUQLH DX[ XWLOLVDWHXUV TXL GHYDLHQW WURXYHU GHV +.-3*"/'#$G",'1/"/'#$"/$T$G0##0/'$":0-'"*"/'$&$*1/<$$
'
./0123430!
!"#$,2#39'0'#$M,3'#$+.//2#$+0/#$-"''"$#"-'1./$#",./'$1/'",G,2'2#$+0/#$90$#"-'1./$#31J0/'"<$ !"#$ *"199HXUV UpVXOWDWV VRQW LQGLTXpV HQ JUDV WDQGLV TXH O·DLGH VXU ODTXHOOH QRXV
RULHQWHURQVO·DUJXPHQWDWLRQHVWLQGLTXpHHQURXJH$
'5#
,6780!891:!26!8:67;6:!<9=176>3!86:3;>6>3!
! "! #$! %&! %'(! )$!
!"#$ %&$ *'! +,! ,-! ,.!
!'($ ,,.! ,*-! ,+*! +((! )*+$ !,-$ ./0.$ '+&/0! ../,! ',+/0! '(,/*!
$%"12!+!²!$3456!789::;6!9<!5=34>3=!7?:<43@A!53=A>@3@A!
12%
3,4567$87$8,9:47#;<$=76;"#7#;<$67;6,:>?<$
19!A9BC3!*!7?@@3!C3!@?4B=3!4?D3@!73!7?:<43@A6!53=A>@3@A6!A=?<EF6!63C?@!C36!7>GGF=3@A36! LQWHUIDFHV /·LQWHUIDFH!"/! 5=?5?69@A! &! :9@7>79A6! A3=436! 6>45C36! 3@! A=97<:A>?@! H! C9! =3I<JA3/! ?BA>3@A! 736! =F6<CA9A6! @3AA343@A! 6<5F=>3<=6! 9<K! 9<A=36! >@A3=G9:36! L&,M! 73! 5C<6! I<3!C9!#$%&'()&NO!P@!53<A!FQ9C343@A!:?@6A9A3=!:3C9!6<=!C9!:?<=B3!A345?=3CC3O!P@!:?@6A9A3! :353@79@A! I<3/! 6>!!"! 36A! 3GG3:A>E343@A!O·LQWHUIDFH5=?7<>69@A! C3! 5C<6! 73! 7?:<43@A6! H! A3=43/!3CC3!36A!C9=Q343@A!7>6A9@:F3!9<!7FB<A!73!C9!=3:R3=:R3!59=!C9!#$%&'()&O! $%"12!*!²!V?4B=3!73!7?:<43@A6!
53=A>@3@A6!=F:<5F=F6!59=!>@A3=G9:3O! WS#XY2!,!Z![?<=B3!A345?=3CC3!L%N!736!7?:<43@A6!53=A>@3@A6!=3A=?<EF6O!
12&
3,4567$87$8,9:47#;<$#,#$=76;"#7#;<$>"<:'@"<?<$
19!A9BC3!&!7?@@3!C3!@?4B=3!73!7?:<43@A6!@?@!53=A>@3@A6!E>6<9C>6F6/!H!:\AF!7<!@?4B=3!73! 7?:<43@A6!53=A>@3@A6!A=?<EF6O!!
S@A3=G9:3! T3=A>@3@A6! 53=A>@3@A6!V?@! "! ,&! &,!
53=A>@3@A6!E>6<9C>6F6O! 7?:<43@A6!@?@!53=A>@3@A6!E>6<9C>6F6O!WS#XY2!+!²![?<=B3!A345?=3CC3!L%N!736! !
2QFRQVWDWHTXHO·LQWHUIDFH!"!"#$!%&!'"(%%")*"+!,&!#$%&'()&!-./0)($!1!2(#)&%(#"*!3!4.(#!5%)#! 0"!0.-)'"/$#!/./!5"*$(/"/$#+! ,&!-.)*6"!$"'5.*"%%"!"#$!$*7#!'&*8)9"!5&*!%&!0(449*"/-"! "/$*"!%&!#$%&'()&!"$!%"#!&)$*"#!(/$"*4&-"#+!
!"#
$%&'()(*+,-*./++/,
,&! $&6%"! :! 5*9#"/$"! %&! 5*9-(#(./! '.;"//"! 1! <! '(/+! =)*! %"#! -.)*6"#>! ./! 2.($! )/"! /"$$"!
GRPLQDQFHGHO·LQWHUIDFH!"!07#!%"!096)$!0"!%&!37'"!PLQ/·LQWHUIDFH*+>!8)(!/"!5*.5.#"! 8)"!0"#!$"*'"#!-.'5%"?"#>!&**(2"!"/!37'"!5.#($(./!&)!6.)$!0"#!<!'(/+!@/!-./#$&$"!&)##(! TXHO·DLGHDSSRUWpHSDU,+!VXUSDVVHO·DEVHQFHG·DLGHDXERXWGH#!<!'(/+!
7\SHG·DLGH! A*9-(#(./!'.;"//"!
B! C>3! EGB,L!:!²!A*9-(#(./!'.;"//"!1!<!'(/+! MNDOPL!H!²!A*9-(#(./!'.;"//"!&)!-.)*#!0)!$"'5#!Q%R+!
!"!
1RPEUHG·RSpUDWLRQVHIIHFWX
&/),
/H QRPEUH G·RSpUDWLRQV HIIHFWXpHV HVW XQH QRWLRQ GH PRLQGUH LPSRUWDQFH PDLV TXL
'./$*"!%&!4&-(%($9!0·XWLOLVDWLRQG·XQHLQWHUIDFH/D$&6%"!I!(/0(8)"!%"!/.'6*"!'.;"/!Q&(/#(! 8)"! '(/('&%! "$! '&?('&%R! 0"! *"8)S$"#! 5.#9"#+! @/! ;! 2.($! 8)"! %"! /.'6*"! 0"! *"-T"*-T"#! '(/('&%!-.**"#5./0!1!%&!#$%&'()&!-!'&(#!8)"!O·LQWHUIDFH!"!"/!"#$!5*.-T"+!
! 0, 12, 3!, 345, 62,
6(+, 4, 3! 3! 4, 3!
678, 9, FI! 9, 3F! FU!
6*., :;:, H><!V>K! <>F! :>K!
EGB,L!I!²!W.'6*"!'.;"/!0"!*"8)S$"#!"44"-$)9"#!5.)*!)/!'S'"!$T7'"+!
!"<
=*->7%7()*+,?/),@A(B()7A/@%),
,&! $&6%"! U! './$*"! %"! /.'6*"! 0"! 0.-)'"/$#! 5"*$(/"/$#! $*.)29#! "/! <! '(/+! 2&! 0"! C! 1! U! 0.-)'"/$#!#"%./!%"#!$T7'"#+!O/!'S'"!0.-)'"/$!5")$!S$*"!2&%(09!5&*!).)$(%(#&$")*#+!
$XFXQ XWLOLVDWHXU Q·D WURXYp GH GRFXPHQW SHUWLQHQW SRXU O"! $T7'"! FH! Q/01(%%(2). /3.
!"#$% &% '% (% )% *% +% ,% -% .% &/% &&% &'% &(% &)% &*% 01234% 06789%-%²%:1;<="%>"%>1?@;"A2B%C"=2DA"A2B%2=1@EFB%C3=%2GH;"I%C3=%@2D4DB32"@=$%
J3AB% 43% 23<4"% .% A1@B% C=FB"A21AB% 4"% A1;<="% >"% >1?@;"A2B% C"=2DA"A2B% 2=1@EFB% B"41A% 4"B% @2D4DB32"@=B%"2%4"B%DA2"=K3?"B$%83%L=3A>"%>DBC3=D2F%"A2="%4"B%@2D4DB32"@=B%"B2%B3AB%>1@2"%>@"%
DXIDLWTX·DXFXQHLQVWUXFWLRQQHOHXUDpWpGRQQpHTXDQWjO·pYDOXDWLRQGHSHUWLQHQFH%
MA% C"@2% ?34?@4"=% 4"% =3CC"4% BD% 1A% ?1ABD>H="% #@"% 4"% A1;<="% ;3ND;34% >"% >1?@;"A2B% C"=2DA"A2B% 2=1@EFB% C3=% @A% @2D4DB32"@=% C1@=% @A% 2GH;"%HVW OD UpIpUHQFH GH FH TX·LO IDOODLW
2=1@E"=$%8"%=3CC"4%C3=%?1@C4"%O@2D4DB32"@=I%DA2"=K3?"P%C"=;"2%>"%="2=1@E"=%4"B%DA2"=K3?"B%4"B% C4@B%C"=2DA"A2"B%C1@=%?G3#@"%@2D4DB32"@=$%8"B%=FB@4232B%B1A2%C=FB"A2FB%>3AB%43%23<4"%&/I%1Q%
RQYRLWTXHXWLOLVDWHXUVVXURQWpWpSOXVSHUIRUPDQWVDYHFO·LQWHUIDFH!"$%'%@2D4DB32"@=B%
B@=%*%O>1A2%&%R%FL34D2F%3E"?%!"RQWpWpSOXVSHUIRUPDQWVDYHFO·LQWHUIDFH#$%341=B%#@"% ?"44"S?D%A"%C=1C1B"%#@"%>"B%="432D1AB%"A2="%2"=;"B%?1;C4"N"B$% 06789%.%S%J1?@;"A2B%C"=2DA"A2B%C3=%
DA2"=K3?"%"2%@2D4DB32"@=$% 06789%&/%S%UA2"=K3?"%43%C4@B%C"=K1=;3A2"%
C3=%@2D4DB32"@=$
2
/7+,89:#;:9#<=9>,*+*9#
*OREDOHPHQWQRXVFRQVWDWRQVTXHODSUpVHQFHG·XQHDLGHjODWUDGXFWLRQUDOHQWLWO·DFFqV
3@%C=";D"=%>1?@;"A2%C"=2DA"A2$%V"43%"B2%C3=K3D2";"A2%41LD#@"%?3=I%>3AB%4"%?3B%1Q%@A"%
DLGH HVW SURSRVpH O·XWLOLVDWHXU?1;;"A?"% C3=% ="L3=>"=% 4"B% 2=3>@?2D1AB% C=1C1BF"B% C3=%
O·LQWHUIDFHHWVpOHFWLRQQHFHOOHVTXLOXLSDUDLVVHQWSHUWLQHQWHVDYDQWGHODQFHUODUHTXrWH
/RUVTX·LOQ·\DSDVG·DLGHI%4"B%@2D4DB32"@=B%43A?"A2%>D="?2";"A2%43%="#@W2"%"A%3AL43DB$%
9A%="E3A?G"I%1A%C"@2%E1D=%B@=%43%KDL@="%'%TXHO·LQWHUIDFH!"%>1AA"%>"%;"D44"@=B%=FB@4232B% 3C=HB% 'I*% ;DA% "A% ;1X"AA"% "2% #@"% 4"B% 3@2="B% DA2"=K3?"B% 1A2% @A"% C"A2"% #@D% >"E=3D2% 4"B% 3;"A"=% R% >FC3BB"=% 43%%&'()*+(% 3C=HB% *% ;DA$% JHB% 4"% >FC3=2I% <"3@?1@C% >"% >1?@;"A2B% C"=2DA"A2B%"2%QRQSHUWLQHQWVVRQWYLVXDOLVpVSDUO·LQWHUIDFH%&'()*+($%V"43%B"%E1D2%>3AB%4"B% ?1@=<"B%>"%C=F?DBD1A%;1X"AA"%B"41A%4"%2";CB$%83%>1;DA3A?"%>·!"%"B2%?43D="%>HB%43%'"%;DA$%
3DUPL WRXWHV OHV LQWHUIDFHV SURSRVDQW GH O·DLGH j O·XWLOLVDWHXU SRXU OD W=3>@?2D1A% >"B%
UHTXrWHV O·!"% VHPEOH GH ORLQ OD PHLOOHXUH (Q SDUWLFXOLHU O·DLGH SURYHQDQW G@%
!"#$"%&&'"()*)&*+",&)*)-$*.)/*.)(0%(1'&$)*)&*$)(1)-*!)*!%#/1)&$-*.)($"&)&$-*()$(%/23-4* 5%$%&-*#).)&!'&$*6/)*+'*.)&$)*!)*+'*#%/(7)*)&*0"&*!)*$)1.-*)-$*$(8-*0%($)1)&$*#(%"--'&$)*
HW LO HVW SRVVLEOH TXH GH PHLOOHXUV UpVXOWDWV VRLHQW DSSDUXV VL O·H[SpULHQFH DYDLW pWp
.(%+%&,3)* '/9!)+:* !)* ;* 1"&4* <'"-* "+* -)17+)* .)/* .(%7'7+)* 6/)* #)$$)* #%/(7)* ./"--)*
UHMRLQGUHFHOOHG·!"4*5%$%&-*'/--"*+'*1'/2'"-)*.)(0%(1'&#)*!)*!#$*.'(*('..%($*:*!"*6/"*
QHSHXWV·H[SOLTXHUTXHSDUGHVFRQWUDLQWHVHUJRQRPLTXHVFRPPHXQ)00%($*!)*+)#$/()*)$*
-3+)#$"%&* !)-* $('!/#$"%&-* $(%.* "&$)&-"04* *(QILQ VL O·RQ FRQVLGqUH OD SHUIRUPDQFH SDU
XWLOLVDWHXU RQ VH UHQG FRPSWH TXH O·LQWHUIDFH!"* )-$* +'* .+/-* .)(0%(1'&$)* .%/(* =*
/$"+"-'$)/(-*-/(*;4*>)-*(3-/+$'$-*%7$)&/-*.'(*<?*-%&$*3$%&&'11)&$*7%&-*#%1.$)*$)&/*!/*
IDLWTX·LOQHSURSRVHGHWUDGXFWLRQVTXHVLODUHTXrWHSRVpHFRQWLHQWGHVPRWVFRPSRVpV
#%&$)&/-*!'&-*#)*+)@"6/)4*
!
"#$%&'()#$*
5%$()*32'+/'$"%&*1%&$()*6/)*+'*1)"++)/()*"&$)(0'#)*"&$8,()*+)*+)@"6/)*,3&3(3*:*.'($"(*!)-* #%(./-*#%1.'('7+)-*)$*.(%.%-)*;*$('!/#$"%&-*.%/(*#A'6/)*1%$*!)*+'*()6/B$)4*>)*(3-/+$'$* )-$*-/(.()&'&$C*#'(*#HOH[LTXHQ·DSDVpWpJpQpUpVXUOHVGRQQpHVGXFRUSXVG·pYDOXDWLRQ*
HWQ·DYDLWSDVpWpUHVVH&$"*#%11)*/&*+)@"6/)*!)*7%&&)*6/'+"$3*+"&,/"-$"6/)4*53'&1%"&-C*
+)-*#%(./-*D>EF*GHHH9GHHG*)$*GHH=9GHHI*3$'&$*$(8-*-)17+'7+)-C*#)*+)@"6/)*#%(()-.%&!*
PLHX[DXFRUSXVG·pYDOX'$"%&*6/)*+)*+)@"6/)*,3&3("6/)*"--/*!/*!"#$"%&&'"()*)&*+",&)4*D)*
(3-/+$'$C* '"&-"* 6/)* +'* 7%&&)* .)(0%(1'&#)* !)-* $)(1)-* #%1.+)@)-* !31%&$()&$*O·HIILFDFLWp*
GHVOH[LTXHVFRQVWUXLWVjSDUWLUGHFRUSXVFRPSDUDEOHVSRXUODUHFKHUFKHG·LQIRUPDWLRQ
1/+$"+"&,/)* "&$)('#$"2)4*,O VHUDLW LQWpUHVVDQW GH FRQILUPHU FHV UpVXOWDWV j O·DLGH G·XQH
32'+/'$"%&*!)*.+/-*,('&!)*'1.+)/(4*
+,-,.%),-,$/(*
D)-* $('2'/@* %&$* 3$3* )@3#/$3-* !'&-* +)* #'!()* !/* .(%J)$* K5L* <3?LMDD* NK5L9HO9DP5?9 HQ=R4*5%/-*()1)(#"%&-*+)*>MS*)$*+)*>M5K*!)*&%/-*'2%"(*0%/(&"*+)-*+)@"6/)-*!)*$('!/#$"%&4*
5pIpUHQFHV
*
DLET?K5C*E4C*>PUVWC*D4*!)*NGHHIR4*X(%Y-"&,*Z)+.*0%(*'*F'-$)(*L)$(")2'+4*M&*%&'())*+,-./'0/
123456/7$$84*S)&82)C*T/"--)C*.',)-*;[\9;OG4*
]^_EK5*Z4C* SKUTTMELC* E4* NGHHGR4* U&)* &%/2)++)* '..(%#A)* :*O·H@$('#$"%&* !)* +)@"6/)-*
7"+"&,/)-*:*.'($"(*!)*#%(./-*#%1.'('7+)-4*M&*3)9+(':);&+(<C*&`*-.3#"'+*GHHGC*GG*.',)-4* FU5SC*V4C*WEEC*>4W4*NQaaOR4*K&*ML*'..(%'#A*0%(*$('&-+'$"&,*&)Y*Y%(!-*0(%1*&%&.'('++)+C*
#%1.'('7+)*$)@$-4*M&*%&'(=/'0/123456>!13/#??@=*<%&$()'+C*.',)-*IQI9IGH4*
>MC* X4C* SKUTTMELC* E4* NGHQHR4* M1.(%2"&,* #%(./-* #%1.'('7"+"$b* 0%(* 7"+"&,/'+* +)@"#%&*
)@$('#$"%&*0(%1*#%1.'('7+)*#%(.%('4*M&*%&'(=/'0/123456/7$#$4*KD>C*.',)-*\II9\;G4* <PLM5C* E4C* ]KM>>EC* X4* NGHQHR4* D%1.%-"$"%&'+"$b* '&!* +)@"#'+* '+",&1)&$* %0* 1/+$"9Y%(!*
$)(1-4*M&*3<,-A<-)/B).'A&()./<,*/CD<EA<;+',*N>LER4*c%+4*IIC*Q9G4*T.("&,)(C*.',)-*[a9a;4* VMLdP>KC* K4C* VUP>K<edMC* ]4C* _eLcE>M5C* d4* NGHH=R4* K..+b"&,* 6/)(b* -$(/#$/("&,* "&* #(%--9