1
!
!
!
!
!
!
!
"#$%"&!&'%"#!!
&!$&%!()*#+%!),,#"%)'%(%!
!
!
!
!
!
!
!
!
)--./01.2!-342546782472!9:!;7<;85!=>9?
2
!"#$!%&%'$!"&%&#%$&()*"+$&) ,,"!$)'$($&#$&!"-.$-#/,'+$)&
!
!
!
0+%1%,,) &
&
"! #$%&#'(%)! *'++,! -.'(&/),! '.,(,#).,0! -,.)&+'! '! &#1)'(%&+'! )#2,(3,(,! $(! &33 ),/(&#'(%,!
GHOO¶LPS)&(%,!'%).,!'! 4&+,/)&+'!*)!5,(6)(*$-%/)&!)(!3/&*,!*)!,/)'(%&/'!'!-$22,/%&/'!)+!-)-%'#&!'!+'!
)#2/'-'!&*'/'(%)!(')!('.'--&/)!2/,.'--)!*)!'4,+$7),('!'!-4)+$22 ,!&!+)4'++,!3+,1&+'8!!
!
,OTXDGURGLULIHULPHQWRSHUO¶HODERUD]LRQHGHOSUHVHQWHGRFXPHQWRGHULYDGDX(!.,(6/,(%,!.,(!
+'!!"#$%&'()$*)"!&!+)4'++,!)(%'/(&7),(&+'!'!(&7),(&+'0!.9'!9&!%'($%,!)(!2&/%).,+&/'!.,(-)*'/&7),('!
3+)! -%&(*&/*! '! 3+)! -.9'#)! #'%,*,+,3).)! *)! /)6'/)#'(%,! )(! '--'/'! '0! -,2/&%%$%%,0! )(! ,%%).&!
2/,-2'%%).&8!!
&
"+! 5,*).'! '%).,! '! *')! 4&+,/) ! &--,.)&%)4)! :)+! 5,*).';! (&-.'0! <$)(*)0! 2'/! &33),/(&/'0! )(%'3/&/'! '!
/&66,/7&/'! )+! -)-%'#&! '%).,=4&+,/)&+'! *)! 5,(6)(*$-%/)&! '! *,%&/+&! *)! $(&! 2)&%%&6,/#&! -%/&%'3).&0!
4,+%&!&!-,++'.)%&/'!$(!.,(6/,(%,!.,(!%$%%'!+'!2& /%)!)(%'/'--&%'!'!%'-&!&!.,-%/$)/'!$(&!%/&)'%%,/)&!
*LVYLOXSSRFRHUHQWHHVRVWHQLELOHSHUO¶LQW'/,!-)-%'#&8!
!
(¶DOWUHVuFUXFLDOHULDIIHUPDUH!<$&(%,!)+!/)3,/,-,!/)-2'%%,!*'3+)!-%/$#'(%)!*)!4'/)6).&!'!*)!3&/&(7)&!
*'++&!+ '3&+)%>!-)&!)#2/'-.)(*)1)+'!2&%/)#,(),!*'+!-)-%'#&8!
!
"+! 5,*).'! FRVWLWXLVFH O¶LQVLHPH GHL Y&+,/)0! *')! 2/)(. )2)! '! *'3+)! )#2'3()! .9'! /&22/'-'(%&(,! )+!
/)6'/)#'(%,! 2'/! %$%%,! )+! -)-%'#&! .,(6'*'/&+' RULHQWDQGRQH H JXLGDQGRQH O¶DWWLYLWj
.,'/'(%'#'(%'!.,(!+&!+*#*,-!*)!5,(6)(*$-%/)&!*'6)()%&!('++,!-%&%$%,?!!!
!
³5,(6)(*$-%/)&! 2&/%'.)2&! &+! 2/,.'--,! *) ! -4)+$22,! *'++&! -,.)'%>! ) %&+)&(&! .,(%/)1$'(*,!
DOO¶DIIHUPD]LRQH GL XQ VLVWHPD LPSUHQGLWRULDOH L((,4&%)4,0! )(%'/(&7),(&+)77&%,0! -,-%'()1)+'0!
.&2&.'!*)!2/,#$,4'/'!+&!./'-.)%&!'.,(,#).&0!- ,.)&+'0!FLYLOHHFXOWXUDOHGHO3DHVH´!
!
"(!<$'-%,!<$&*/,0!5,(6)(*$-%/)&!/&22/'-'(%&!)+!2$(%,!*)!/)6'/)#'(%,!2'/!+'!6,/7'!)#2/'(*)%,/) &+)!
*'+! @&'-'0! &--).$/&(*,! $(! -'(-,! *)! -,+)*&! )*'(%)%>! &)! SURSUL DVVRFLDWL JDUDQWHQGR XQ¶HIILFDFH
/&22/'-'(%&(7&!&!%$%%)!)!+)4'++)!'!)(!%$%%'!+'!-'*)!'*!'/,3&(*,!'66).)'(%)!-'/4)7)!-2HFLILFLDOO¶DWWL4)%>!
*)!)#2/'-&8!
!
A'+!-$,!,2'/&%,!5,(6)(*$-%/)&!-)!)-2)/&!&)!2)B!'+'4&%)!-%&(*&/*!'%).)0!.,()$3&(*,!/)-2'%%,!'!*)6'-&!
*'+! 2/)(.)2),! *)! +'3&+)%>! '! 2)'(&! &--$(7),('! *)! /'-2,(-&1)+)%>! (')! .,(6/,(%)! *)! %$%%'! +'! 2&/%)!
)(%'/'--&%'0!-'.,(*,!$(&!2/,-2'%%)4&!)(%'3/&%&!'!-%/&%'3).&8!!!!
!
"+!5,*).'!-)!.,#2,('!*')!-'3$'(%)!%/'!'+'#'(%)?!
í 5&/%&!*')!4&+,/)!'!*')!2/)(.)2)!
í 5&/%&!*'3+)!)#2'3()!:(')!.,(6/,(%)!*'3+)!.$(/"0,12"';!!
í 5,*).'!*)!.,(*,%%&!!
!
"+!2/'-'(%'!*,.$#'(%,!&--$#'!.,#'!2'/)#'%/,!*)!/)6'/)#'(%,?!
í )+!-)-%'#&!.,(6'*'/&+'!('+!-$,!.,#2+'--,!
í +'!C--,.)&7),()!*)!%'//)%,/),!'!*)!-'%%,/'0!&)!*)66'/'(%)!+)4'++)!
í 3 +)!)#2/'(*)%,/)!&--,.)&%) !
í 3 +)!)#2/'(*)%,/)!.9'!/)4'-%,(,!)(.&/).9)!&--,.)&%)4)D!
í 3 +)!)#2/'(*)%,/)!.9'!/&22/'-'(%&(,!) +!-)-%'#&!)(!,/3&()-#) !'-%'/()8!!
!
3
!"#$"%&'(%)"*+ #(%'%&'(%,#(-!(,(%
%
!"# $"%&"# '()# *"+,%)# (# '()# -%)./)-)# ) .')*)'0"# )# /"%').)# 1,.'"2(.&"+)# ).# 3%"',# ')# '(1).)%(# 3+)#
4&".'"%'# (&)/)# '(+# 4)4&(2"# (# ') # 1)44"%(# +(# /,,%')."&(# /,2-,%&"2(.& "+)# -(%# &0&&(# +(# 40(#
/,2-,.(.&)#/,(%(.&(2(.&(#/,.#+"#!"#"$% #/,.1).'04&%)"+(5#
%
%
./%#0112343560570%%
%
$,.1).'0 4&%)"# %"--%(4(.&"# (# -%,20,*(6# ).# 2,',# 0 .)&"%),6# ,%3".)/,# (# 4&%"&(3)/,6# 3+)# ).&(%(44)#
'(++(#)2-%(4(#"#&0&&)#)#+)*(++)6#).#0."#+,3)/"#')#%)4-(&&,#(#%)/,.,4/)2(.&,#%(/)-%,/,6#-"%)#')3.)&76#
*"+,%)88 "8),.(# (# 4).&(4)# '(++(# ')11(%(.8(5# $,.1).'04&%)"# '(*(# (44(%(# )+# -0.&,# ')# %)1(%)2(.&,#
)2-%(4/).') 9)+(6#).# "29)&,#."8),."+(#(#).&(%."8),."+(6# -(%#+"#'(1).)8),.(# ')# -,+)&)/:(#).'04&%)"+)#
')%(&&(#"#/,.&%)90)%(#).#2".)(%"#'(/)4)*"#"++,#4*)+0--,#(/,.,2)/,6#4,/)"+(6#/)*)+(#(#/0+&0%"+(#'(+#
;"(4(5#
#
8/%(9356:6;% 044 <=:06:>0%
%
$,.1).'0 4&%)"# 1,.'"# +"# -%,-%)"# )'(.&)&7# "44,/)"&)*"# 40+# +)9(%,# 2(%/"&,# (# 40++"# /(.&%"+)&7# '(++"#
LPSUHQGLWRULDOLWjHGHOO¶LPSUHVD#<%(#(+(2(.&)#/:(6#"&&%"*(%4,#/,%%(&&)#('#(=0)+)9%"&)#2(//".)42)#
FRPSHWLWLYL JDUDQWLVFRQR O¶LQQRYD]LR.(# (# +"# /%("8),.(# ')1104"# ')# *"+,%(# (# ' (&(%2).".,# +(#
-%(2(44(# -(%# )+# -(%4(30)2(.&,# '(+# 9(.(# /,20.(6# ).# 0.# =0"'%,# ')# 4"+')# %)1(%)2(.&)# (&)/)# (# ')#
%)4-(&&,#(#')1(4"#'(++"#+(3"+)&75#
#
?/%#341<540@:A:6;%%
#
>"%(#)2-%(4"#)2-,.(#0."#&(.4),.(#)'("+(#(#2,%"+(#).')4-(.4"9)+(#-(%#"11%,.&"%(#+(#41)' (#'(++,#
VYLOXSSRHGHOPHUFDWR,QTXHVW¶RWWLFD+"#%(4-,.4"9)+)& 7#-(%#+(#'(/)4),.)#"440.&(6#-(%#+ (#"&&)*)&7#
).&%"-%(4(# (# -(%# 3+)# )2-"&&)# 3(.(%"&)# %"--%(4(.&"# 0.,# '(3+) # (+(2(.&)# )2-%(4/).')9)+)# 40# /0)#
)./(.&%"%(# +"# '(1).)8),.(# H O¶LPSOHPHQWD]LRQH GL SROLWLFKH H D]LRQL RULHQWDWH DOOD VRVWHQLELOLWj
DOO¶LQQRYD]LRQHHDOODFRPSHWLWLYLWjGHO3DHVH7DOHSULQFLSLRFRPSUHQGHDQFKHODUHVSRQVDELOLWj
')#%)4-(&&"%(#3+)#)2-(3.)#*(%4,#)#')11(%(.&)#&'()*+$,-*.5##
#
B/%*3C0A:6;%3%23C<A3%044<=:06:>3%%
#
?+# -%)./)-),# ')# +(3"+)&7# (# )+# %)4-(&&,# '(++(# %(3,+(# 4,.,# )+# 1,.'"2(.&,# ')# &0&&,# )+# 4)4&(2"#
/,.1('(%"+(5#$,.1).'04&%)"#"44)/0%"#(#-%,20,*(6#"+#- %,-%),#).&(%.,#(#).#&0&&(#+(# /,20.)&7#).#/0)#
,-(%"6# )+# %)4-(&&,# '(++(# +(33)6# '(++(# .,%2(# (# '(++(# %(3,+(6# /,2(# 9"4(# '(+# -"&&,# ')# /,.*)*(.8"#
/)*)+(5# @"%".&)4/(6# ).,+&%(6# +"# &0&(+"# (# +"# 4"+*"30"%')"# '(++"# -%,-%)"# 10.8),."+)& 76# %(-0&"8),.(6#
)22"3) .(#(#'(/,%,5 #
%
D/%"==<E560@:A:6F%%
##
$,.1).'0 4&%)"#/,.4)'(%"#(44(.8)"+(6#"#,3.)#+)*(++,#"44,/)"&)*,6#)2-%(.')&,%)"+(#(#)4&)&08),."+(6#+"#
.(/(44)&7# ')# %(.'(%(# /,.&,# "# &0&&)# )# -,%&"&,%)# ')# ). &(%(44)# ' (++(# '(/) 4),.)# "440.&(6# '(++(# "8),.)#
).&%"-%(4(#(#'()#%)40+&"&)#%"33)0.&)5#6RVWLHQHSURPXRYHHVROOHFLWDLQRJQLDPELWRO¶DGR]LRQHGL
1,%2(# 4)4&(2"&)/:(# (# -(%),')/:(# ')# .*/$.'"%0 6# ". /:(# "&&%"*(%4,# 4,+08),.)# )..,*"&)*(# ')#
/,20.)/"8),.(#(#/,.')*)4),.(#'(++(#).1,%2"8),.)5#
#
4
!"#$%&'(#)#%*(+,(*)-.(##
#
&RQILQGXVWULD q FRQVDSHYROH FKH GRYH QRQ HVLVWRQR HWLFD H WUDVSDUHQ]D QRQ F¶q SRVVLELOLWj GL
!"#$%&&'( &)*( %+,( !,+,( ,--#"#-.( )/'+'0#/,( )( %+,( $#1)*,( )( /'+!,&)"'$)( !'/#)-.( /#"#$)2(
3'+4#+5% !-*#,( '*#)+-,( $,( &*'&*#,( ,6#'+)7( !#,( +)#( *,&&'*-#( ,!!'/#,-#"#7( !#,( +)#( /'+4*'+-#( 5)8$#(
!"#$%&'()%* VHFRQGR FRPSRUWDPHQWL LPSURQWDWL DOO¶HWLFD H DOOD WUDVSDUHQ]D IRQGDWL VX
#+-)8*#-.7( /'**)--)66,7( $),$-.7( )9%#-.7( #0& ,*6#,$#-.7( #+5#&)+5)+6,( )( ,%-'+'0#,( 5#( 8#%5# 6#'7(
/:#,*)66,(5)$ $)(&'!#6#'+#(,!!%+-)()(5)#(0)//,+#!0#(5)/#!#'+,$#( )(,--%,-#"#(,5'--,-#7()(,!!)+6,(5#(
/'+4$#--#(5#(#+-)*)!!)2((
(
/"#01+%)-&2&3&%45#& --16(.&1-)5#'17,)%&%&6&%4#
(
;,( !'!-)+#1#$#-.( <( $,( "#,( &)*( &)*!)8%#*)7( #+( 0,+#)*,( #+ -)8*,-,7( '1#)--#"#( 5#( '*5#+)( )/'+'0#/'7(
!'/#,$)()(,01#)+-,$)2(3'+4#+5%!-*#,(*#1,5#!/)(/:)(%+,(0,88#'*)(/'0&)-#-#"#-.(5)$(+'!-*'(=,)!)(
!%#( 0)*/,-#( #+-)*+,6#'+,$#( 5#&)+5)7( #+( &,*-#/'$,*)7( 5,$$,( 4'*6,( /*),-#",( )( # ++'",-#",( 5)$$)(
#0&*)!)7(#+(8*,5'( 5#( /'+#%8,*)( /*)!/#-,( )/'+'0#/,7( /')!#'+)( !'/#,$)( +)#( -)**#-'*#()( &*'-)6#'+)(
5)$(/,&#-,$)(+,-%*,$)2(>%)!-'(,&&*'//#'7("'$-'(,(%+()44#/#)+-)()5()44#/,/)(%-#$#66'(5)$$)(*#!'*!)7(,(
%+( #+/*)0)+-'( 5)$$,( $'*'( &*'5%--#"#-.( )( ,( %+,( 4'*-)( 5#44)*)+6#,6#'+)( !%#( 0)*/,-#7( /'+!)+-)( 5#(
UHDOL]]DUH SURFHVVL GL FUHD]LRQH GHO YDORUH VRVWHQLELOL QHO WHPSR D YDQWDJJLR GHOO¶LQWHUD
/'$$)--#"#- .2((
(
8"#9)3(.&1-&#'1-#:3&#!"#$%&'()%*##
(
3'+4#+5% !-*#,(&)*!)8%)()(/'+-*#1%#!/)(,$$,(*),$#66,6# '+)(5#(,",+6,-)(&'$#-#/:)()/'+'0#/'?!'/#,$#(
,--*,")*!'( $,( 5)4#+#6#'+)( 5#( &*'/)!!#( &,*-)/#&,-#( )( /'+5#"#!#( -*,( #0&*)!)7( !'88)--#( &%11$#/#( )(
!'/#)-.( /#"#$)2( 3'+4#+5%!-*#,( *#/'+'!/)( 8$#( #+-)*)!!#( 5)8$#( !"#$%&'()%*7( +)( *#!&)--,( $)( ,--)!)( )7(
PHGLDQWHO¶DVFROWRLOGLDORJRLOFRQIURQWR(#$(/'#+"'$8#0)+-'()($,(",$'*#66,6#'+)(5)$$)(*)$,6#'+#7(
V¶LPSHJQDDVYLOXSSDUHLQL]LDWLYHSURJHWWXDOLPLUDWHFRQGLYLVHHFRHUHQWL(
((
;"#0&+%)7(#
(
3'+4#+5% !-*#,(,8#!/)(/'0)(4%$/*'(5#(%+(!#!-)0,(5#(*)$,6#'+#7(/'$$,1'*,6#'+#()(+%",'*$-+.(,5('8+#(
$#")$$'7($'/,$)7(+,6#'+,$)()(#+-)*+,6#'+,$)7(4#+,$#66,-'(,(*),$#66,*)(($,(/'+5#"#!#'+)(5#(*#!'*!)7($'(
VFDPELRGLFRPSHWHQ]HHGLFRQRVFHQ]HO¶DWWLYD]LRQHGLVLQHUJLHHLOUDJJLXQJLPHQWRGLRELHWWLYL
)(-*,8%,*5#(/'+5#"#!#(&)*($'(!"#$%&&'(5)$$)(#0&*)!)()(,(1)+)4#/#'(5)$(=,)!)2(#
(
(
(
(
5
!"#$"%&'()*%*+,'(-*%&*%!.-/*-&01$#*"%2-'*%!.-/#.-$*%&'()*%!"#$%&'()%*3!
!
"#!$#%&#!'()*+!+,-().+!/0+#,#!$1.2+.'34&%+ #!#!3.#!21%&(!#&&(.5+1.(!6(%41!*(!-%(%1)#&+6(!'()*+!
!"#$%&'()%*!(!+'(.&+2+/#!3.!-(%/1%41!'+!+.&(%#5+1.(7!/1.2%1.&1!(!/1**#81%#5+1.(!/1.!+!'+22(%(.&+!
-1%&#&1%+!'+!+.&(%(44+9!!
:*!/1.&(,-17!/0+('(7!-(%!#*/3.(!/#&()1%+(!/0+#6(!;+.!-%+,1!*31)1!)*+!#441/+#&+<7!#&&())+#,(.&+!
(!1%+(.&#,(.&+!+.!*+.(#!/1.!+!6#*1%+7!+!-%+./+-+!(!)*+!+,-().+!'+!$1.2+.'34&%+#9!!!
!
45%*6789:9!;#441/+#&(!(!.1.!#441/+ #&(<%
!
/HLPSUHVHVRQRSHUGHILQL]LRQHLOOXRJRGHOO¶LQQRYD]LRQHHLOIDWWRUHWUDLQDQWHGHOODULFFKH]]D
.1.! 41*1! ,#&(%+#*(7! ,#! #./0(! /3*&3%#*(! (! /+6+*(7! '+! 3.! =#(4(9! $1.2+.'34&%+#7! /1,(! -%+./+-#*(!
1%)#.+55#5+1.(!%#--%(4(.&#&+6#!'(**(!+,-%(4(!.#5+1.#*+7!0#7!'3.>3 (7!3.!%31*1!/%3/+#*(9!!
&RQILQGXVWULDDJLVFHHVYROJHODSURSULDDWWLYLWjQHOO¶LQWHUHVVHSULPDULRGHOOHLPSUHVHDVVRFLDWH
?.1*&%(7!.(**#!-%1-%+#!#5+1.(!#!43--1%&1!'(**(!+,-%(4(7!#44+/3%#!-#%+!'+).+&@7!#4/1*&1!(!'+#*1)17!
&%#4-#%(.5#! (! /1+.61*)+,(.&17! #--%(55#,(.&17! %+/1.14/+,(.&17! %+4-(&&1! (! 4+.&(4+! '()*+!
+.&(%(44+9! !
!
;5%0<=>98:?%@::?A=@B=>?%%
!
$1.2+.'3 4&%+#! -(%4()3(! )*+! 4/1-+! +4&+&35+1.#*+! ,('+#.&(! *#! -+(.#! 6#*1%+55#5+1.(! '(**(! %(*#5+1.+!
/1.!*(!:441/+#5+1.+!'+!&(%%+&1%+1!(!'+!4(&&1%(!(!/1.!)*+!#*&%+!41))(&&+!/0(!%+(.&%#.1!.(*!-(%+,(&%1!
'(*! 4+4&(,#! #VVRFLDWLYR /¶DWWLYLWj GL &RQILQGXVWULD QHL ORUR FRQIURQWL VL EDVD VXL FULWHUL GL
/1.'+6+4+1.(7!/11-(%#5+1.(7!6+/+.#.5#!(!&%#4-#%(.5#9!!
:*!/1.&(,-17!-(%!)#%#.&+%(!3.+21%,+&@!(!/1(%(.5#!'+!/1,-1%&#,(.&+!HXQ¶D]LRQHFDUDWWHUL]]DWD
'#+!-+A!(*(6#&+!4&#.'#%'!(&+/+7!$1.2+.'34&%+#!%+/0+('(!#)*+!#441/+#&+!/1,-1%&#,(.&+!+.!*+.(#!/1.!+!
-%1-%+!6#*1%+!(!-%+./+-+9!!
7XWWLJOLDVVRFLDWLGHYRQRSDUWHFLSDUHHFRQWULEXLUHDOODYLWDDVVRFLDWLYDHRSHUDUHQHOO¶HVFOXVLYR
+.&(%(44(! GHOO¶RUJDQL]]D]LRQH GL DSSDUWHQHQ]D7! %+4-(&&#.'1.(! *(! '+%(&&+6(7! (6+ &#.'1!
FRPSRUWDPHQWLFKH SRVVDQROHGHUQH O¶XQLWjWXWHODQGRQHLO SURILOR OD IXQ]LRQDOLWj H LO GHFRUR
+,-().#.'14+! #! %+,(&&(%(! +*! -%1-%+1! ,#.'#&17! 1! #'! #3&1414-(.'(%4+7! +.! /#41! '+! 4+&3#5+1.+! '+!
+./1,-#&+8+*+&@!1!'+!#5+1.+!*(4+6(!-(%!+*!4+4&(,#!.(**(!43(!6#%+(!#%&+/1*#5+1.+9!!
!
C5%#=:?8:9%D6@<9%
!
=%1-%+1! +.! %#)+1.(! '(*! 21.'#,(.&#*(! %31*1! '+! $1.2+.'34&%+ #! /1,(! #)(.&(! '+! /#,8+#,(.&1! . (*!
=#(4(7!+*!/1.&%+ 83&1!'(**(!43(!%+41%4(!3,#.(!B!(44(.5+#*(9!
$1.2+.'3 4&%+#! #44+/3%#! #+! -%1-%+ ! '+-(.'(.&+! (! /1* *#81%#&1%+% /1.'+5+1.+! '+! *#61%1! (>3(7! 4+/3%(7!
%+4-(&&14(!'(**#!'+).+&@7!'(**(!-#%+!1--1%&3.+&@!(!-%+6(!'+!>3#*4+#4+!21%,#!'+!'+4/%+,+.#5+1.(!1!'+!
42%3&&#,(.&19!$1.2+.'34&%+#!-%(6('(7!#*&%(4C7!*#!21%,#5+1.(7!*1!46+*3--1!(!*#!6#*1%+55#5+1.(!'(**(!
/1,-(&(.5(!(!'(+! &#*(.&+!'(+!-%1-%+!'+-(.'(.&+!(!/1**#81%#&1%+7! 2#61%(.'1.(7!+.!>3(4&1!,1'17!*#!
/%(4/+&#!-(%41.#*(!(!-%12(44+ 1.#*(9!!
?.2+.(7! 4+! #&&(.'(! '#+! -%1-%+! #441/+#&+! /1,-1%&#,(.&+! +.! *+.(#! /1.! *(! -1*+&+/0(! #! 2#61%(! '(**#!
-%1,15+1.(!'(*!/#-+&#*(!3,#.1!>3+!'(*+.(#&(9!
?.! -#%#**(*17! $1.2+.'34&%+#! %+/0+('(! #+! -%1-%+! '+-(.'(.&+! (! /1**#81%#&1%+! 3.! /1,-1%&#,(.&1!
+,-%1.&#&1! #!-+(.#! *(#*&@7!/1%%(&&(55#7!+.&()%+&@7!2('(*&@7!+.!/1(%(.5#! /1.!+! '16(%+!-%(6+4&+!'#*!
*1%1!322+/+19!!
!
!
!
6
!"#$%&'&()'*+'#,-#.+&'#!"#$%&"#' %()(%"*)+"#$%&"#'%,#
(
-'(.%.*)/#(0&"1)2)+#')(.%(+#33&+*#4(#(2%11)+)"*%('%5)''%()(%"(+)'#$%&")(#%(*)/%(#11+&"*#*%4(0&"(6"*%()(
-.*%*7$%&"%4(")'(+%.3)**&(2)%(+)0%3+&0%()(.3)0%1%0%(#/8%*%(2%(+).3&".#8%'%*94(+7&'%()(3+)+&:#*%5);(
<&"1%"27 .*+%#(.%(3+&3&")(0&/)(%"*)+'&07*&+)(+#33+).)"*#*%5&4(#7*& +)5&')4(0&.*+7**%5&4(#11%2#8%')4(
%"2%3)"2)"*)()(#7*&"&/&4(%"(:+#2&(2%(0&''#8&+#+)(0&"(')(-.*%*7$%&"%()(:'% (6"*%4(%" (#/8%*&('&0#')4(
"#$%&"#')()(%"*)+"#$%&"#')4(3)+('#(2)1%"%$%&")(2%(%""&5#*%5)(3&'%*%0=)()0&"&/%0=)()(2% (.5%'733&4(
QHOO¶LQWHUHVVHGHOOHLPSUHVHHGHOOHGLYHUVHFRPXQLWjFRLQYROWH(
(
/"#012&'#%*3'14'#
(
<&"1%"27 .*+%#(.%(3+&3&")#0&/)#%"*)+'&07*&+)( 1#**%5&4(')#')()(#11%2#8%')(2)'')(3#+*%(.&0%#'%(.7%(*)/%(
2)'( '#5&+&( )( 2)'')( +)'#$%&"%( %"27.*+%#'%4( 2)''#( 0&/3)*%*%5%*94( 2)''&( .5%'733&4( #( '%5)''&( #$%)"2#')4(
*)++%*&+%#')4("#$%&"#')()(%"*)+"#$%&"#');((
>%(*+#**#(2%(%"*)+3+)*#+)()(#11+&"*#+)(#..%)/)4(%"(/&2&(0&.*+7**%5&4(%(0#/8%#/)"*%(2%(.0)"#+%&4(
0=)( +%0=%)2&"&( 7"( #33+&00%&( .%.*)/%0&( )( +).3&".#8%')4( 1%"#'%$$#*&( #2( 7"#( 0&"2%5%.%&")(
3+&:)**7#')(.7(.1%2)( 2%(0+70%#')(+%')5#"$#(3 )+(')(.%":&')(#$%)"2)4(%(*)++%*&+%4(%(.)**& +%(3+&27**%5%()(
'?%"*)+&(@#).);((
#
5"#6'%&,71#01,%,#!)0&"&/%#4(07'*7+#4(.0%)"$#4(3&'%*%0#()(.&0%)*9,(
(
-'( .%.*)/#( 2)'')( %/3+).)( A( 1#**&+)( 2%( .5%'733&( %/3+).0%"2%8%')( 3)+( %'( >%.*)/#( @#) .)( ")'( .7&(
0&/3')..&;( <&"1%"27.*+%#( .5&':)4( 27"B7)4# 7"( +7&'&( 0)"*+#')( ")''## 0&.*+7$%&")( 2%( 3)+0&+.%(
0&/7"%(2%(.5%'733&()(0+).0%*#;(@)+(B7).*&4(%"*)+#:%.0)4(0&'' #8&+#()(0&"2%5%2)4(")'(3%)"&(+%.3)**&(
2):'%( .3)0%1%0%( #/8%*%( 2%( #7*&"&/%#( )( %"1'7)"$#4( &8%)**%5%4( +%.&+.)4( 0&/3)*)"$)4( ).3)+%)"$)4(
LQL]LDWLYHFRQLOPRQGRGHOO¶HFRQRPLDHGHOODILQDQ]DGHOODFXOWXUDHGHOODULFHUFDGHOODVFLHQ]D
HGHOODWHFQRORJLDGHOODSROLWLFDGHOO¶LQIRUPD]LRQHHGHO'#(.&0%)*9(0%5%');(((
(
8"#9*7(+'&:#,#&,22'&*2'*#
(
-"(7"#('&:%0#(2%(!"#$"#%&'(!)&)*'+,-)$4(%'(+7&'&(2)'')(%/3+).)(3)+('&(.5%'733&(2)%(*)++%*&+%()(2)'')(
0&/7"%*9(%"(07%(.&"&(%".)+%*)(A(0+70%#');(-"(3#+#'')'&4(' #(0+).0%*#()('#(0&/3)*%*%5%*9(2)'')(%/3+).)(
.*)..)(2%3)"2&"&(2#''#(B7#'%*9(2)%(.%.*)/%(*)++%*&+%#'%('&0#'%;(
<&"1%"27 .*+%#4(")'')(.7)(5#+%)(#+*%0&'#$%&"%4().)+0%*#(7"(3+).%2%&(#**%5&(2)%(3+&0)..% (2%(2%#'&:&()(
0&"1+&"*&( 0&"( * 7**)( ')( 0&/3&")"*%( 2)'')( 0&/7" %*9( 2%( +%1)+%/)"*&( )( 2)'( *)++%*&+%&4( #'( 1%" )( 2%(
0&.*+7%+)(%""&5#$%&"%(2%(.%.*)/#(0=)(.#33%#"&(3&++)(#( .%"*).%(')(2%5)+.)(%.*#"$)()(:'%(%"*)+)..%4(
3)+(0&"*+%87%+)(#'(8)")(0&/7")(#**+#5)+.&(/&2)''%(2%(.5%'733&(.&.*)"%8%'%;((
(
;"#<7=',+&,#
(
<&"1%"27 .*+%#( +%*%)")# %' ( 0#3%*#')( "#*7+#')4( &..%#( ')( +%.&+.)( #/8%)"*#'%( )( %( .)+5%$%( 1&+"%*%( 2#:'%(
)0&.%.*)/%4(%,,'&(IRQGDPHQWDOHSHUXQHTXLOLEUDWRVYLOXSSRGHOOHLPSUHVHHGHLWHUULWRUL/¶HFRC
)11%0%)"$#()('#(.#''+('!"+"/0(.&"&(1#**&+%(2%(.700)..&()(0&/3)*%*%5%*9(")'(0&"1+&"*&(%" (#**&(.7%(
/)+0#*%( %"*)+"#$%&"#'%D( ')( %/3+).)4( #*WUDYHUVR XQ¶DWWHQWD H LQQRYDWLYD JHVWLRQH SRVVRQR QRQ
VRORULGXUUHLSURSULLPSDWWLPDDYHUHDQFKHXQHIIHWWRULJHQHUDWLYRVXOO¶DPELHQWH(
<&"1%"27 .*+%#(3+&/7&5)4(B7%"2%4(3+#..%(/#"#:)+%#'%(#5#"$#*)4(%" (/&2&(2#(1#5 &+%+)(3+)5)"$%&")4(
+%0%0'&()(+)073)+&(2)'')(+%.&+.)()(7"#(0&".#3)5&')(*7*)'#()(5#'&+%$$#$%&")(2):'%()0&.%.*)/%;((
7
!"#$!%&#$&!"'#"(()&&
!
"#!$%&'()!)*'(%!)!&)'!+,#%-' !,.. %(',*'+'/!0)##)!.1)!&'+)-.)!(%23%0)0*'/!-,33-).)0*,!'#&41,&-%!&'!
ULIHULPHQWRSHUODYLWDGHOO¶LQWHUR.'.*)2,!,..%(',*'+%5!
&
6%**%.(-'+)0&%!'#!$%&'()!)*'(%!)!&)'!+,#%-'!,..%(',*'+'/!#)!7..%(',8'%0'!&'!*)--'*%-'%!)!&'!.)**%-)/!,'!
&'99)-)0*'!#'+)##'/!:#'!'23-)0&'*%-'!,..%(',*'!)!'!&'3)0&)0*'!0)!-'.3)**,0%!)!3-%21%+%0%!'!+,#%-'/!'!
3-'0('3'!)!:#'!'23):0'!+)-.%!'!&'99)-)0*'!!"#$%&'()%*5!!
!
"0%#*-)/!#)!&'+)-.)!7..%(',8'%0'!.%0%!(;',2,*)!,!-)()3'-)!'#!(%&'()!<*'(%!)!&)' !+,#%-'!,..%(',*'+'!)!
,&!,&%**,-)!(%23%-*,2)0*'!(%0.):1)0*'5!
!
"#!41,&-%!)*'(%=+,#%-',#)!-,33-).)0*,*%!&,#!$%&'()!)*'(%!)!&)'!+,#%-'!,..%(',*'+'!'23%0)!%>>#':;'!
)!-)41'.'*'!(%)-)0*'!,'!.):1)0*'!,**%-'!&)#!.'.*)2,?!
í "23-)0&'*%-'!,..%(',*'!
í "23-)0&'*%-'!(;)!-'+).*%0%!'0(,-'(;'!,..%(',*'+'!
í "23-)0&'*%-'!(;)!-,33-).)0*,0%!'#!6'.*)2,!'0!%-:,0'.2'!).*)-0'!
í @'3)0&)0*'5!
!
&
&
$*+,-./012,0&3 44250310&
&
$%2)! (%23%0)0*'! 9%0&,*'+'! &)#! .'.*)2,! (%09)&)-,#)/! :#'! '23-)0&'*%-'! ,..%(',*'! & )+%0%!
(%23%-*,-.'!.)(%0&%!'!3'A!)#)+,*'!.*,0&,-&!)*'('/!'0!3')0,!(%)- )08,!(%0!'!+,#%-'/!'!3-'0('3'!)!:#'!
'23):0' !,99)-2,*'!0)#!$%&'()!)*'(%!)!&)'!+,#%-'!,..%(',*'+'5!
!
B)-*,0*%/!FRQULIHULPHQWRDOO¶DWWLYLWjG¶LPSUHVD!.'!'23):0,0%!,&!,..'(1-,-)?!
í '0!*1**)!#)!(%210'*C!'0!(1'!%3)-,0%/!'# !-'.3)**%!&)##)!#)::'/!&)##)!0%-2)!)!&)##)!-):%#)/!(%2)!
>,.)!&)#!3,**%!&'!(%0+'+)08,!('+'#)!
í '#!3-%3-'%!(%0*-'>1*%!,##%!.+'#133%!)(%0%2'(%/!.%(',#)/!('+'#)!)!(1#*1-,#)!&)#!B,).)/!,**-,+)-.%!
3-%()..'!'00%+,*' +'!+%#*'!,##,!(-),8'%0)!&'991.,!&'!+,#%-)/!,##,!3-%2%8'%0)!&)#!>)0)!(%210)!)!
,##,!,99)-PD]LRQHGLPRGHOOLG¶HFFHOOHQ]D!
í ,'! 3-%3-'! &'3)0&)0*'! )! (%##,> %-,*%-'! (%0&'8'%0'! &'! #,+%-%! )41)/! .'(1-)/! -'.3)**%.)! &)##,!
&':0'*C/! &)## )! 3,-'! %33%-*10'*C! )! 3-'+)! &'! 41 ,#.',.'! 9%-2,! &'! &'.(-'2'0,8'%0)! %! &'!
.9-1**,2)0*%/!'0 !:-,&%!&'!9,+%-'-0)!#%!.+'#1 33%!12,0%!)!3-%9)..'%0,#)!
í LQ RJQL FRQWHVWR FRPSRUWDPHQWL LPSURQWDWL DOO¶HWLFD H DOOD WUDVSDUHQ]D IRQGDWL VX
-).3%0.,>'#'*C/!'0*):-'*C/!(%--)**)88,/!#),#*C/!)41'*C!)!#'>)-%!2)-(,*%!
í (;)/! 0)'! 3-%()..'! &'! +%,)'*- *#".,//! +)0:,0%! 3-%2%..'! (-'*)-'! &'! %-&'0)! )*'(%/! .%(',# )! )!
,2>')0*,#)!
í 0)'! -,33%-*'! (%0! <0*'/! ".*'*18'%0'/! 3,-*'*'! 3%#'*'('/! 2,..! 2)&',! )&! ,#*-'! .%::)**'! 31>>#'('! %!
3-'+,*'/! (%--)**)88,/! '0&'3)0&)08,/! '0*):-'*C! )! -'.3)**%! &)'! -)('3-%('! )! .3)('9'('! ,2>'*'! &'!
-).3%0.,>'#'*C/!-1%#'!)!3-)-%:,*'+)!
í 0)##,!:).*'%0)!,2>')0*,#)/!3-,..' !2,0,:)-',#'!,+,08,*)/!%-')0* ,*)!,##,!3-)+)08'%0)/!,#!-'('(#%!
)!,#!-)(13)-%!&)##)!-'.%-.)!)!,&!10,!(%0.,3)+%#)!*1*)#,!)!+,#%-'88,8'%0)!&):#'!)(%.'.*)2'5!
!
D)##,!+'*,!,..%(',*'+,/!:#'!'23-)0&'*%-'!.'!'23):0,0%!,&!,..'(1-,-)?!
í 10,!9%-*)!)!,**'+,!3,-*)('3,8'%0)/!(%0*-'>1 )0&%!,#!(%--)**%!)!%-&'0,*%!.+%#:'2)0*%!&)##,!+'*,!
)!&)##)!,**'+'*C!&)#!.'.*)2,/!'0!3')0,!'0*):-'*C!)&!,1*%0%2',!
í GL RSHUDUH QHOO¶HVFOXVLYR LQWHUHVVH GHOO¶$VVRFLD]LRQH ULVSHWWDQGRQH OH GLUHWWLYH HYLWDQGR
FRPSRUWDPHQWL FKH SRVVDQR OHGHUQH O¶XQLWj H WXWHODQGRQH LO SURILOR OD IXQ]LRQDOLWj H LO
8
!"#$%$&' ()*' )+,-)#.' #/"' 0)' !"11.' #$23%)14)%"' .-' !)1.33)3$' .00$#).3) 5$6' 7.%.23"2!$' 42.'
"88)#.#"''%)0$-49) $2"'!HOOHTXHVWLRQLDOO¶LQWHUQRGHOV)03"+.'#$28"!"%.-"''
í 42'#$+,$%3.+"23$'%"0, $20.1)-"'"!'":4)-)1%.3$6'"5)3.2!$'0)34.9)$2)'!)'#$28-)33$'!)')23"%"00"''
H O¶DVVXQ]LRQH GL LQFDULFKL GL QDWXUD SROLWLFD R LQ DVVRFLD]LRQL HVWHUQH FKH SRVVDQR
+"33"%2"' LQ SHULFROR O¶LQGLSHQGHQ]D OD FRUUHWWH]]D O¶LQWHJULWj H O¶DXWRQRPLD GL JLXGL]LR D
!.22$6' , "%#)*6' !"-' 0)03"+.' #$28"!"%.-"&' ;2$-3%"6' )2' 42.' -$7)#.' !)' ,)"2.' 3%.0,.%"29.' "'
#$%%"33"99.6' 0)')+,"72.2$'.'#$+42) #.%"',%"5"23)5.+"23"'.--"'<00$#).9)$2)'!"-'0)03"+.'.-3%"'
!)5"%0"'.!"0) $2)'.!'$%7.2)99.9)$2)'2$2'#$2#$%%"23)'
í 42.' ,)"2.' "' 3"+,"03)5.' #$+42)#.9)$2"' !)' $72)' #$2!)9)$2"' 040#"33)1)-"' !)' +$!)8)#.%"' )'
%.,,$%3)' #$2' 7-)' .- 3%)' )+,%"2!)3$%)' "=$' #$2' -><00$#).9)$2"6' #/)"!"2!$2"' )-' 2"#"00.%)$' "!'
.!"74.3$'04,,$%3$&'
!
!
"#$%&'()*+%)!, -&!%).&/*+'+!)',0%),-)!0//+,)0*).)!!
!
?>"-"9)$2"' @' 041$%!)2.3.' .--.' 5"%)8)#.' !"--.' ,)"2.' %)0,$2!"29.'!")'#.2!)!.3)'.!' 42.'%)7$%$0.' "'
0$03.29).-"' .!"%"29.' 2")' #$+,$%3.+"23)' ,"%0$2.-)6' ,%$8"00)$2.-)' "!' .00$#).3)5)' .)' 5.-$%)6' .)'
,%)2#),)'"'.7-)')+,"72)'#$23"243)'2"-'($!)#"'"3)#$'"'!")'5.-$%)'.00$#).3)5)&''
'
;2':4"03$':4.!%$6'-.!!$5"'0)'05$-7.'42.'#$+,"3)9)$2"'"-"33$%.-"6'"00.'!)5)"2"',%)+$'+$+"23$'
!)'%)0#$23%$'!"--.'#$"%"29.'! ")'#.2!)!.3)'%)0,"33$'.)',)A'"-"5.3)'03.2!.%!'"3)#)6'#/"'#.%.33"%)99.2$'
O¶LQW"%$'0)03"+.'.00$#).3 )5$&'' ' '
'
;' #.2!)!.3)' 0)' )+,"72.2$' .' 8$%2)%"' 3433"' -"' )28$%+.9)$2)' 2"#"00.%)"' "' %)#/)"03"' !.7-)' $%7.2)'
#$+,"3"23)'"'2"--"'0"!)'!",43.3"'GHOO¶$%7.2)99.9)$2"'!)'.,,.%3"2"29.&''
'
B-3%"' .' :4.23$' 7)C' )2!)#.3$' "' ,%"5)03$' )2' ,%"#"!"29.6' 7-)' )+,%"2!)3 $%)' #/"' %) 5"03$2$' )2#.%)#/)'
.00$#).3)5)'0)')+,"72.2$'.D'
í $,"%.%"' "0#-40)5.+"23"' 0"#$2!$' 42' ,.%3"#),"' 0,)%)3$' !)' 0"%5)9)$6' 0"29.' .55.-"%0)' !"--.'
SURSULD SRVL]LRQH SHU O¶RWWHQLPHQWR GL YDQWDJJL GLUHWWL R LQGLUHWWL 7XWWH OH FD%)#/"'
.00$#).3)5"'0$2$'7%.34)3"'
í +.23"2"%"'42'#$+,$%3.+"23$' )0,)%.3$' .!'.43$2$+).6')23"7%)3C6'-".-3C'"' %"0,$20.1)-)3C'2")'
#$28%$23)' !"-' 0)03"+.6' !"7-)' .00$#).3)' "' !"--"';03)349)$2)6' "5)3.2!$' !)'.004+"%"' )2#.%)#/) 6' !)'
2.34%.',$-)3)#.'$')2'.00$#).9)$2)'"03"%2"6'#/"',$00.2$'7"2"%.%"'#$28-)33)'!)')23"%"00"'
í 8.%"' 42' 40$' %)0"%5.3$' "' -)+)3.3$' .-- "' ,%"%$7.3)5"' !"-' ,%$,%)$' %4$-$' .00$#).3)5$6' !"--"'
)28$%+.9)$2)'!)'#4)'5"27$2$'.'# $2$0#"29.')2'5)%3A'!"--"'#.%)#/"'%)#$,"%3"'
í 3%.33.%"' 7-)' .00$#).3)' 0"#$2!$' 42.' -$7)#.' !)' %)0,"33$6' %)#$2$0#)+"23$' "' ,.%)' !)72)3C6' .'
,%"0#)2!"%"' !.' !)+"20)$2)' "' 0"33$%)' !)' .,,.%3"2"29.6' ,423.2!$' .' 5.-$%)99.%"' ,"#4-).%)3C' "'
!)88"%"29"'
í +.23"2"%"6' #$2' -"' 8$%9"' ,$-)3)#/"6' 42' #$+,$%3.+"23$' )0,)%.3$' .!' .43$2$+).' "!'
)2!),"2!"29.6' 8$%2"2!$6' -.!!$5"' $,,$%342$6' )28$%+.9)$2)' 8429)$2.-)' .-' ,)"2$' "' #$%%"33$'
05$-7)+"23 $'!"-->.33)5)3C'-"7)0-.3)5.'"!'.++)2)03%.3)5.'
í #$)25$-7"%"' 7-)' $%7.2)' ,%",$03)' GHOO¶RUJDQL]]D]LRQH GL DSSDUWHQHQ]D' "6' .' 0"#$2!.' !"--"'
!)5"%0"' )03.29"' #$20)!"%.3"6' )' !)88"%"23)' !" #$%&'()%*6' +"!).2 3"' +"##.2)0+)' !"#)0)$2.-)' "'
.334.3)5)',.%3"#),.3)6'8$2!.3)'04'.0#$-3$6'!).-$7$6'#$28%$23$6'#$)25$-7)+"23$'"'5.-$%)99.9)$2"'
!"--"'%"-.9)$2)'#$2')'',$%3.3$%)'!)')23"%"00)'
í %)+"33"%"')-',%$,%)$'+.2 !.3$6'$'.43$0$0,"2!"%0)6')2'#.0$'!)'0)34.9)$2)' !)')2#$+,.3)1)-)3C'$'!)'
.9)$2)'-"0)5"',"%')-'0)03"+.6'2"--"'!)88"%"23)'.%3) #$-.9)$2)6'"',"%'-.'04.')++.7)2"&'
'
!
!
!
9
!"#$%&'()*$(+,-%+$.##$%/%&).&*+(0+/(/)%".+(&+*$1.&(/"(+%/)%$&(++
+
!"#$%#%& '(")*+& *,-& $)+& -''%(+-*+.& '"$/"#0%& (,+*",+& 0+& (%12"*"#3-.& +#0+2"#0"#3-& "& 2+"#-&
,+'2%#0"#3-&#"+&(%12%,*-1"#*+&-+ &4-)%,+.&-+&2,+#(+2+&"&-$)+&+12"$#+&(%#*"#/*+& #")&5%0+("&"*+(%&"&
0"+&4-)%,+&-''%(+-*+4+.&'/&0")+6",-&0"$)+&%,$-#+&(%12"*"#*+.&'"(%#0% &$)+&'*-*/*+7 &
&
8"& '+#$%)"& 9''%(+-3+%#+.& 0+& *",,+*%,+%& %& 0+& '"**%,".& +#:%,1-#%& 5%#:+#0/'*,+-& +#& 1",+*%& -))"& )%,%&
,-22,"'"#*-#3"&+#&;#*+&"'*",#+7&
&
<)*,"& -& =/-#*%& $+>& +#0+(-*%& "& 2,"4+'*%& +#& 2,"("0"#3-.& $)+& +12,"#0+*%,+& (?"& ,-22,"'"#*-#%& +)&
'+'*"1-&+# &%,$-#+'1+&"'*",#+&'+&+12"$#-#%&-@&
í '4%)$","& +)& )%,%& 1-#0-* %& # "))A+#*","''"& 0"))A;#*"& -& (/+& '%#%& '*-* +& 0"'+$ #-*+& "& 0"$)+&
+12,"#0+*%,+& -''%(+-*+.& #")& ,+'2"** %& 0"))"& ) +#""& 0+& +#0+,+33%& :%,#+*"& 0-))¶$VVRFLD]LRQH FKH
,-22,"'"#*-#%&
í LQIRUPDUHO¶$VVRFLD]LRQHLQPDQLHUDFRVWDQWHF+,(-&)%&'4%)$+1"#*%&0") &1-#0-*%&
í -''/1","& $)+& +#(-,+(?+& #%#& (%#& +#*"#*+& ,"1/#",-*+4+& ".& 2+B & +#& $"#",-)".& -& "''","& $/ +0-*+.&
#"))"&2 ,%2,+"&'(")*"&"& -3+%#+.&0-& '2+,+*%&0+& '",4+3+%.&(%'C& 0-&#%#& /*+)+33-,"&+#&-)(/#& 1%0%&)-&
SRVL]LRQHDFTXLVLWDSHUO¶RWWHQLPHQWRGLYDQWDJJL&2",'%#-)+.&0+,"**+&%&+#0+,"**+&
í ,+1"**","& +)& 2,%2,+%& 1-#0-*%& %$#+& =/-)4%)*-& '+& 2,"'"#*+#%& (-/'"& 0+& +#(%12-*+6+)+*>& %&
+12%''+6+)+*>& -0& -''+(/,-,"& /#-& 2-,*"(+2-3+%#"& (%#*+#/-*+4-.& %.& (%1/#=/".& '/& ,+(?+"'*-&
GHOO¶$VVRFLD]LRQH&
í (%1/#+(-,"& *"12"'*+4-1"#*"& "& (%#(%,0-,"& (%#& )A9''%(+-3+%#"& %$#+& /)*",+%,"& +#(-,+(%&
0",+4-#*"&0-))A;#*"&-&(/+&'+&D&'*-*+&0"'+$# -*+7&
&
&
2(#%&'%&)(+
&
E& 0+2"#0"#*+& 0+& 5%#:+#0/'*,+-& "& 0+& */**"&)"& 9''%(+-3+%#+& 0")& '+'*"1-.& +#& =/-)+*>& 0+& (%12%#"#*"&
RSHUDWLYDHGLUHWWLYDGHOO¶DJLUHDVVRFLDWLYRULYHVWRQRXQUXRORIRQGDPHQWDOHQHOODUHDOL]]D]LRQH
0"$)+&%6+"**+4+&"&0"$)+&+12"$#+&0")&'+'*"1-&"&#"))-&*/*")-&0")O¶LPPDJLQHGHOODUHSXWD]LRQHHGHJOL
'*-#0-,0&"*+(+&0+&5%#:+#0/'*,+-7&
&
E&0+2"#0"#*+.&#"))%&'4%)$+1"#*%&0"))"&)%,%&1-#'+%#+.&-&2,"'(+#0","&0 -))-&2%'+3+%#".&0-))-&#-*/,-&
GHOUDSSRUWRODYRUDWLYRRGDOO¶LQTXDGUDPHQWRFRQWUDWWXDOHVLLPSHJQDQRD&
&
í (%12%,*-,'+& #")& 2+"#%& ,+'2"**%& 0"+& 4-)%,+& "& 0"+& 2,+#(+2+& :%#0-*+4+& 0+& 5%#:+#0/'*,+-& "& 0"$)+&
+12"$#+ &(%#&$)+&!"#$%&'()%*&-::",1-*+&#")&5%0+("&"*+(%&"&0"+&4-)%,+&-''%(+-*+4+&
í (%12%,*- ,'+& #")& 2+"#%& ,+'2"**%& 0")& 5%0+("& 0+& (%12%,*-1"#*%& 0")& F%0"))%& %,$-#+33-*+4%& "G&
H78$'7&#7IJKLIMMK&&
í *"#","& # "+& (%#:,%#*+& 0"))"& +'*+*/3+%#+.& 0"))-& 2/66)+(-& -11+#+'*,-3+%#".& 0"))"&:%,3"& 2%)+*+(?".&
#%#(?N& %$#+& -)*,%& %2",-*%,"& %& "#*"& #-3+%#-)"&"0& + #*",#-3+%#-)"&(%12%,*-1"#*+&+'2+,-*+& -0&
-/*%#%1+-.& (%,,"**"33-& "& *,-'2-,"#3-.& 2",'"$/"#0%& )-& */*")-& GHOO¶LPPDJLQH GHO VLVWHPD H
-'*"#"#0%'+&0-&=/-)'+-'+&-**+4+*>&+#&2%*"#3+-)"&(%#:)+**%&0+&+#*","''"&(%#&5%#:+#0/'*,+-&%&4%)*-&
DOO¶RWWHQLPHQWRGLYDQWDJJLSHUVRQDOL&
í +12,%#*-,"&+&,-22%,*+&(%#&+&2-,*#",&"(%#%1+(+.&+&:%,#+*%,+.&+&(%))-6%,-*%,+&#%#(?N&(%#&$)+&-)*,+&
0+2"#0"#*+&0")& '+'*"1-& -))-& 1-''+1-& *,-'2-,"#3-.& 1",+*%(,-3+-& "&#")&,+'2"**%& 0"))"& )"$$+&"&
0"))"&#%,1"&4+$"#*+&
í 0-,"& %22%,*/#-& +#:%,1-3+%#"& -+& 2,%2,+& '/2",+%,+& "& -$)+& %,$-#+'1+ & 0+& 4+$+)-#3-& +#& 1",+*%& -&
=/-)'+-'+& '+*/-3+%#"& (?"& 2 %''-& "''","& + #& (%#:)+**%.& -#(?"& 2%*"#3+-)".& (%#& )"& 0+'2%'+3+%#+&
'*-*/*-,+"&"&(%#&+ )&5%0+("&"*+(%&"&0"+&4-)%,+&-''%(+-*+4+7&