Aller au contenu

Semestre+1+Macréconomie

Aperçu du document Semestre+1+Macréconomie.pdf, page 1 sur 71
Page 1 sur 71Lire le document
Texte de la première page
!"#$#%&'()(*'+,&#$(-(./(-(0/(
(
(

(
(
(
(
(
(
K$&,&4,&#$(;(<4(L4"7#5"#$#%&'(/(
M##NOM#/#

1'(2#"3%'$,(4(5,5('$,&67'%'$,(752&85(',(%&+('$(948'(947(2'+(5,32&4$,+(42:57'$,+(;(<4(1#79#(!"#=(
>#3,'(7'97#23",&#$?(2&@@3+&#$(93A<&B3'(#3(C'$,'(+4$+(43,#7&+4,&#$(2'("'(2#"3%'$,('+,(+,7&",'%'$,(
&$,'72&,'(',(+'74(93$&(947(3$(D',(2EF3@+(9#377&+(',(2'(+5C67'+("#39+(2'(<4,,'+(24$+(<4(,7#$":'=((
(
G#$E,(@3"H(3+?(#7(I'E<<(@3"H(J#3=(

0#%%4&7'(
!"#$%&'(#)

*(

!"#$%&'()"*%)+%,(-"./01"2"
/=( .'(%#$2'(
M=( .E5C#<3,&#$($E4(94+(5,5(&2'$,&B3'('$,7'(<'+(2&@@57'$,'+(R#$'+(
67'
.4(/ (75C#<3,&#$(&$23+,7&'<<'(S/TQUO/VQUW(
6%'
.4(M (75C#<3,&#$(&$23+,7&'<<'(S/VVUO/N/UW(

3(
Q(
Q(
X(
X(

+,$!-."#)/( 0'1#2.)+#)0'#)($)%$+"3#+343%-#)5)

6(

.4(

5()"&$'6$78()"9,6-:;'<:"9("8$"=$>'?;>?-?=6("
/=/=(
.'(Y7#23&,(K$,57&'37(Z73,(S#3(YKZW(
4=( G5@&$&,&#$(
A=( [3'<B3'+(2#$$5'+(7'<4,&C'+(43P(YKZ(9#37(MUUX(
"=( Y#37B3#&(+E&$,57'++'7(43(Y7#23&,(K$,57&'37(Z73,(2E3$'(5"#$#%&'(\(
2=( [3'<+(+#$,(<'+(@4",'37+('P9<&"4,&@+('++'$,&'<+(23($&C'43(23(YKZ],^,'(',(2'(+#$(5C#<3,&#$(\(
'=( >43P(2'("7#&++4$"'(
/=M=(
!%9<#&(',(":`%48'(
/=a=(
b&C'43(85$574<(2'+(97&P(',(2'(<E&$@<4,&#$(

@(
T(
T(
N(
N(
//(
/_(
/V(
/N(

04(

A;:B?9()"9,$-$8C)("9("8$"=$>'?;>?-?=6("
M=/=(
L#26<'+(5"#$#%&B3'+(

0D(
M_(

D4(
34(

E-("F:'G)H"7'G&("B6):?6'("9("8$"=$>'?;>?-?=6("

0I(

J?=K8;=(-:)"
_=/=(
YKZ(%'+375('$(947&,5(2'(9#3C#&7(2E4":4,(S994W(
_=M=(
[3'<B3'+(#3,&<+(9#37(5,32&'7(<'+(2#$$5'+(5"#$#%&B3'+(
4=( K$2&"4,'37+(2'(9#+&,&#$?(&$2&"4,'37+(2'(2&+9'7+&#$(
A=( !,32'(8749:&B3'(2'(<4(7'<4,&#$('$,7'(2'3P(C47&4A<'+(B34$,&,4,&C'+(
"=( c3,7'(@#7%3<4,&#$(2'(<EKY1(

D0(
aM(
aa(
aa(
aQ(
aT(

+,$!-."#)7( #(#%#4.)8#)+3%!.$&-(-.#)4$.-34$(#)

9:(

.4(

5("#'?9%6:"L-:;'6(%'"M'%:"N"8()":'?6)"$KK'?>B()"
/=/=(
d$('P'%9<'(+&%9<'(
67'
4=( .'(YKZe(/ (C'7+&#$(e(4997#":'(2'(Y7#23",&#$(
6%'
A=( .'(YKZe(M (C'7+&#$(e(4997#":'(2'(f'C'$3+(
"=( .'(YKZe(a6%'(C'7+&#$(e(c997#":'(2'(<4(G'%4$2'(
/=M=(
G'(<E'P'%9<'(;(<4(754<&,5(
4=( .g&$C'+,&++'%'$,(
A=( <'+(5":4$8'+(&$,'7$4,&#$43P(
"=( K<(@43,(,'$&7("#%9,'(2g3$(48'$,(947,&"3<&'7e(<g!,4,=(
/=a=(
[3'<B3'+(975"&+&#$+(+37(<'(YKZ(

D/(
aV(
aN(
aN(
_U(
_U(
_U(
_/(
_/(
__(

04(

5()"$O(-:)"
M=/=(
.'+(%5$48'+(
M=M=(
.'+(+#"&5,5+($#$(@&$4$"&67'+(e(0bh(
M=a=(
.'+(+#"&5,5+(@&$4$"&67'+(e(0h(

3P(
_Q(
_X(
_X(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

0#%%4&7'(
M=_=(
M=Q=(
M=X=(

.'+(42%&$&+,74,&#$+(93A<&B3'+(e(cYd(
.'+(K$+,&,3,&#$+(04$+(Z3,(.3"74,&@(43(0'7C&"'(2'+(L5$48'+(e(K0Z.0L(
.'(7'+,'(23(%#$2'(e(fGL(

_X(
_X(
_X(

D4(

5()"?K;'$:6?-)"9;>'6:()"K$'"8$">?=K:$7686:;"-$:6?-$8("
a=/=(
.'+(#9574,&#$+(+37(A&'$+(',(+'7C&"'+e(<'+(iZ0(
a=M=(
.'+(#9574,&#$+(2'(75947,&,&#$(
4=( .4(2&+,7&A3,&#$(2'(7'C'$3+(97&%4&7'+(
A=( .4(2&+,7&A3,&#$(+'"#$24&7'(2'(7'C'$3(
a=a=(
G'+(#9574,&#$+(@&$4$"&67'+(

3@(
_T(
_N(
_N(
QU(
QM(

34(

5$"!">$)>$9("2"9()">?=K:()"
_=/=(
.'("#%9,'(2'(97#23",&#$(
_=M=(
.'("#%9,'(2g'P9<#&,4,&#$(
_=a=(
.'("#%9,'(2g4@@'",4,&#$(2'+(7'C'$3+(97&%4&7'+(
_=_=(
.'("#%9,'(2'(2&+,7&A3,&#$(+'"#$24&7'(23(7'C'$3(
_=Q=(
.'("#%9,'(2g3,&<&+4,&#$(23(7'C'$3(
_=X=(
.'("#%9,'(2'("49&,4<(
_=T=(
.'("#%9,'(@&$4$"&'7(

P0(
QM(
Qa(
Qa(
Q_(
QQ(
QQ(
QX(

P4(

J?=K8;=(-:"N"8("K$':$O("9("8$"&$8(%'"$*?%:;("(-"Q'$->("9(".IR1"S"0110"

+,$!-."#)9( (#)"3(#)8#)(;#.$.)8$42)'4#)#+343%-#)8#)%$"+,#)
.4(
04(

D4(
34(

T%,():U>(U+%("8,V:$:"W"
Q?-9(=(-:)":B;?'6+%()"9("8,6-:('&(-:6?-"9("8,V:$:"
M=/=(
f4&+#$+(2E'@@&"&'$"'(
4=( jJ9#,:6+'(/(e(<'+(@&7%'+(97'$$'$,(<'(97&P("#%%'(&<+(+#$,(
A=( jJ9#,:6+'(M(e(&<($EJ(4(94+(2E'P,'7$4<&,5+=(
"=( jJ9#,:6+'(a(e(&<($EJ(4(94+(2'(A&'$(93A<&"=(
2=( jJ9#,:6+'(_(e(&<(J(4(&$@#7%4,&#$(947@4&,'(2'+("#$+#%%4,'37+=(
M=M=(
f4&+#$+(2E5B3&,5(
M=a=(
f4&+#$+(2'(+,4A&<&+4,&#$(
X?=$6-()"9Y6-:('&(-:6?-"9("8YV:$:"9$-)"8Y;>?-?=6("
5("7%9O(:"9("8YV:$:"
_=/=(
*5$574<&,5+(
4=( .'(A328',(2'(<g!,4,('+,(Ak,&(43,#37(2'(a(97&$"&9'+(e(
A=( .'+(5,49'+(2'(<4(9759474,&#$(',(2'(<g499<&"4,&#$(23(A328',(
_=M=(
.'+(259'$+'+(
_=a=(
.'+(7'"',,'+(
4=( .'+(7'"',,'+(@&+"4<'+(
A=( .'+(7'"',,'+($#$(@&+"4<'+(
"=( f'%47B3'(
2=( .'("#%9,'(+3&C4$,(+J$,:5,&+'(<'(A328',(2'(<g!,4,(
_=_=(
[3'<B3'+(7'%47B3'+(

PR(

<:(
P/(
PI(
QN(
XM(
Xa(
X_(
XQ(
XQ(
XQ(
RR(
R@(
XT(
XT(
XT(
XT(
TU(
TU(
TU(
T/(
T/(
T/(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

Y754%A3<'(

Y754%A3<'(
!"#$%&'()"*%)+%,(-"./01"2"
(
1#$+&257#$+(<'(,4A<'43(+3&C4$,(e((
cbb!!(

U(

/UUU(

/UQU(

/VMU(

/NQU(

MUUU(

L#$2'(

_aU(

_MU(

QQU(

XVU(

M/UU(

X/UU(

c%57&B3'(23(b#72(

_UU(

_UU(

_UU(

/MUU(

NQUU(

MTQUU(

l49#$(

_UU(

_MU(

QUU(

XVU(

/NUU(

M/UUU(

!37#9'(2'(<Ei3'+,(

_QU(

_UU(

TQU(

/MQU(

_XUU(

MUUUU(

f'+,'(2'(<E!37#9'(

_UU(

_UU(

TQU(

/MQU(

_XUU(

MUUUU(

c%57&B3'(.4,&$'(

_UU(

_/Q(

_/Q(

XTU(

MQUU(

XUUU(

c+&'(S+4$+(l49#$W(

_QU(

_QU(

QTU(

QTU(

NUU(

a_UU(

c@7&B3'(

_UU(

_UU(

_UU(

_UU(

VQU(

/_UU(

YKZ(947(,^,'('$(m(2'(/NUU(
S0#37"'(e(c$83+(L422&+#$W(

(
1#%%'$,(<&7'(<'(,4A<'43(\(i$(97#"62'('$(2'3P(5,49'+(e(

! X,$7?'9Z"68"[$%:")("9(=$-9('">("+%("'(K';)(-:(-:"8()"9?--;()4"
.'(YKZ(947(,^,'('+,(<E&$2&"4,'37(2'(<4(97#23",&#$(2'(Z)0(SZ&'$+()(0'7C&"'+W(754<&+5'(947(3$(:4A&,4$,(
9'$24$,(3$'(4$$5'=(.'+(2#$$5'+(4C$,(/NQU(+#$,(2'+('+,&%4,&#$+(+4$+(2#3,'(&%975"&+'+=(
m(2'(/NNU(e(#$(74&+#$$'(;(97&P("#$+,4$,+(9#37('$<'C'7(<E'@@',(2'(<E&$@<4,&#$?(<'+(":&@@7'+(+#$,('$(@4&,(2'+(
YKZ(';(8)(S"@=(1:49&,7'(/W(
#LM"\"#'?9%>:6?-"]"JL"\"^"_`M"

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

Y754%A3<'(

! V-)%6:(Z"K?%'"8,$-$8C)(Z"?-"K$':"9%"K8%)"O;-;'$8"K?%'"$88('"(-)%6:("9$-)"
8("9;:$684"

.4 5("=?-9("
GE4976+(<'+(2#$$5'+?(<'(YKZ],^,'(+'74&,(4997#P&%4,&C'%'$,('(%^%'('$(<E4$(U(',('$(<E4$(',('$(<E4$(
/UUU(e(&<(J(4('3(4A+'$"'(2'("7#&++4$"'(5"#$#%&B3'(9'$24$,(<'(97'%&'7(%&<<5$4&7'=(G'(/UUU(;(/VMU?(&<(J(
4(3$'("7#&++4$"'(,76+(@4&A<'(e(nU?UXo(947(4$(p((
c@&$(2'(,7#3C'7("'(":&@@7'?(#$(4(3,&<&+5(<4(@#7%3<'(23(a$%b(9("J'?6))$->("`--%(8"A?C(-(SaJ`AW(
3 ()*+,-./01)*+
!"#$ % & '
4 56 7 588(
()*+,-.01020)*+

cC'"(-(<'($#%A7'(2'(957&#2'+(S4$$5'+W=(i$(97'$2(2#$"(85$574<'%'$,.1 % )119+./01)*+ 4 )119+.01020)*+=(
cM(e(<4(74"&$'($&6%'($E'+,(94+(,#3D#37+("4<"3<4A<'(4C'"(3$'("4<"3<4,7&"'=(c3++&(4O,O#$(D3+,'(;(5<'C'7(<'($#%A7'(;(
:

<4(93&++4$"' =(
;

K"&?(#$(4(2#$"(e.
@AB <=8
!"#$ % & '
4 56 7 588 C 8D8<E(
>?8

(
c976+(/VMU?(<4("7#&++4$"'(2'C&'$,(A'43"#39(9<3+(@#7,'(e(/VMUO/NQU(e(nU?No(q(/NQUOMUUU(e(nM?Mo=(
#?%'+%?6"W"
K<(J(4('3(4""5<574,&#$(23(97#876+(,'":$&B3'(4976+(/TQU(e(3,&<&+4,&#$(2'($#3C'<<'+(5$'78&'+(
S":47A#$(43(rsKKK6%'(',(rKr6%'(+&6"<'?(95,7#<'(43(rr6%'(93&+($3"<54&7'W?($#3C'<<'+(,'":$&B3'+(2'(
97#23",&#$(B3&(3,&<&+'$,("'+(+#37"'+(2E5$'78&'+(S%4":&$'+W?(2&C&+&#$(23(,74C4&<(4""73'?(
$#3C'43P(A&'$+=(
d$(9<3+(@#7,(&$C'+,&++'%'$,(4(9'7%&+(3$'(9<3+(@#7,'(4""3%3<4,&#$(23("49&,4<(97#23",&@(
S%4":&$'+?(5B3&9'%'$,+?(&$@74+,73",37'+W=(
K<(J(4('3(25C'<#99'%'$,(2'+(,74$+9#7,+(e(7#3,'+?(":'%&$+(2'(@'7?(93&+(4&7=(
K<(J(4('3(4%5<&#74,&#$(97#87'++&C'(23("49&,4<(:3%4&$(947(<E523"4,&#$=(
J$K6:$8"B%=$6-e('$+'%A<'(2'+("#$$4&++4$"'+?(2'+(49,&,32'+(',(2'+("#%95,'$"'+(2'+(&$2&C&23+=(

04 5,;&?8%:6?-"-,$"K$)";:;"69(-:6+%("(-:'("8()"96[[;'(-:()"d?-()"
l3+B3E;(<E4$(/UUU?(,#3,'+(<'+(R#$'+(+#$,(4997#P&%4,&C'%'$,(43(%^%'($&C'43(2'(97#23",&#$=(c976+(
<E4$(/UUU?(3$'(2&C'78'$"'(<5867'('$,7'(758&#$+(499474t,(',(+E4""'$,3'(2'(9<3+('$(9<3+(S$#,4%%'$,(
4976+(/VMUW=(
!$(<E4$(MUUU?(3$(b#72O4%57&"4&$(97#23&,(S',("#$+#%%'W(C&$8,(@#&+(9<3+(B3E3$(c@7&"4&$=(
.4(97#23",&#$('+,(&$584<'=(!<<'(+'(2&C&+'('$(9<3+&'37+(87#39'+(e(
o .'+(R#$'+(25C'<#995'+(5"#$#%&B3'%'$,(e(c%57&B3'(23(b#72?(l49#$?(!37#9'(2'(<Ei3'+,=(
o .'+(R#$'+(;(25C'<#99'%'$,(5"#$#%&B3'(%#J'$(e(f'+,'(2'(<E!37#9'?(c%57&B3'(.4,&$'=(
o .'+(R#$'+(%#&$+(4C4$"5'+(e(c+&'(S+4$+(l49#$W(',(c@7&B3'=(
Z#$$'($#3C'<<'(9#37("'+(2'7$&'7+(e(<4("7#&++4$"'(5"#$#%&B3'(J('+,(,76+(@#7,'(;(<E:'37'(4",3'<<'(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

Y754%A3<'(

! 5()";:$K()"9("8$">'?6))$->("(-"V%'?K(4"

5$".G'("';&?8%:6?-"6-9%):'6(88("S/TQUO/VQUW(
G'($#3C'<<'+(@#7%'+(2E5$'78&'(S":47A#$(',(C49'37W(9'7%',,'$,(2E4",&#$$'7(2'+(%4":&$'+=(1'+(
%4":&$'+(9'7%',,'$,(<'(25C'<#99'%'$,(2'(<E&$23+,7&'(,'P,&<'?(<'(25C'<#99'%'$,(2'(<4(+&257378&'(',(<'(
25C'<#99'%'$,(23(":'%&$(2'(@'7=(

5$"0G=("';&?8%:6?-"6-9%):'6(88("S/VVUO/N/UW(
!<<'('+,(A4+5'(+37(<E3,&<&+4,&#$(23(95,7#<'?(2'(<E5<'",7&"&,5(',(2'(<4(":&%&'=(
c976+(<4(957&#2'(2'+(83'77'+(',(23(97#,'",&#$$&+%'(S/N/_O/N_QW?(<4(957&#2'(/N_QO/NTa(S!"#$%$&'"()"$
*!+',"-#"#$.W("#$$4t,(3$'("7#&++4$"'(+4$+(975"52'$,=(.'+("43+'+('$(+#$,(e(
.4(7'"#$+,73",&#$(',(<'(74,,74948'(S9#37(<E!37#9'(',(<'(l49#$('++'$,&'<<'%'$,W=(
d$'(4""5<574,&#$(23(97#876+(,'":$&B3'=(
d$'(%'&<<'37'(#784$&+4,&#$(23(,74C4&<(S&/0!+',#1"W(',(<4(97#23",&#$(',(<4("#$+#%%4,&#$(2'(
%4++'=(
.'(25C'<#99'%'$,(2'+(,74$+9#7,+(S43,#%#A&<'+?(,74&$+(',(4C&#$+W(',(2'+(5":4$8'+(\(
K<(J(4('3(3$(74<'$,&++'%'$,(,'$24$"&'<(2'(<4("7#&++4$"'(4976+(/NTU=(Y#37B3#&(\(K<(J(4(9<3+&'37+(
'P9<&"4,&#$+(2#$,(43"3$'($E'+,(9<'&$'%'$,(+4,&+@4&+4$,'(e(
o
o
o

o

.4(@&$(23(74,,74948'(\(i3&?(%4&+(<'(74<'$,&++'%'$,('+,(%#$2&4<(p(
.'+("7&+'+(5$'785,&B3'+(2'(/NTa(',(2'(/NTN(\(1E'+,(3$'(947,&'(2'(<E'P9<&"4,&#$(9#37(<4(
957&#2'(/NTaO/NVX(%4&+(<'+(97&P(23(95,7#<'(2&%&$3'$,(;($#3C'43(4976+(/NVX=(
d$("7'3P('$,7'(2'3P(C483'+(2E&$$#C4,&#$(\(
Z&'$(B3'(<4(%&"7#O&$@#7%4,&B3'($E499474&++'(B3'(24$+(<'+(4$$5'+(VU?('<<'($E'$8'$27'(94+(
&%%52&4,'%'$,(2'+(84&$+(2'(97#23",&C&,5=(c&$+&(2+3"')$4+!+5(S97&P(b#A'<(2E5"#$#%&'(
9#37(+'+(,74C43P(+37(<4("7#&++4$"'(5"#$#%&B3'W($#,'(e(u(6($7+,)$8"#$+'8,(/)"-'#$9/')+-)$
#/-:$!"#$;<,::'"#$8"$!/$9'+8-;),7,)=(v=(1'(9:5$#%6$'($E'+,(94+('P"'9,&#$$'<(e(;(2'(
$#%A7'3+'+(7'97&+'+(24$+(<E:&+,#&7'?(&<(J(4('3(3$(25<4&(2'(9<3+&'37+(2&R4&$'+(2E4$$5'+(
'$,7'(<E49947&,&#$(2E3$'($#3C'<<'(,'":$#<#8&'(',(+#$(3,&<&+4,&#$('@@&"4"'=(
G'93&+(/NTU?(#$(@4C#7&+'(24C4$,48'(<4(97#,'",&#$(2'(<E'$C&7#$$'%'$,(%4&+(<4(
u(97#23",&#$(v(B3&('$(25"#3<'(S"g'+,O;O2&7'(%#&$+(2'(9#<<3,&#$W($E499474t,(94+(24$+(<'+(
+,4,&+,&B3'+=(
Vb(=K8((e(<E3,&<&+4,&#$(2'(":47A#$(%#&$+(9#<<34$,(24$+(<'+("'$,74<'+(5<'",7&B3'+(@4&,(B3'(<E#$(
97#23&,(2'(<E5<'",7&"&,5(Y.d0(2'(<E4&7(%#&$+(9#<<35=(1'9'$24$,("',,'(2'3P&6%'(97#23",&#$($E'+,(94+(
97&+'('$("#%9,'(24$+(<'+(YKZ(u(;!/##,>-"#(v(

o

.E477&C5'(2'+(w3/30$3++1"'#x(S$5+('$,7'(_Q(',(QUW(+37(<'(%47":5(23(,74C4&<(4374&,(
25A#3":5(+37(3$'(A4&++'(23($&C'43(%#J'$(2E'P957&'$"'(',(2#$"(2'(<4(97#23",&C&,5(23(
,74C4&<=(

! T%():6?-)"K?))678()"N"
"
"

[3E'+,("'(B3&('P9<&B3'(<4("7#&++4$"'(5"#$#%&B3'(\(
Y#37B3#&(<'+("7#&++4$"'+(2&@@67'$,O'<<'+(\(

1'+(B3'+,&#$+(+#$,(2E#727'(=$>'?;>?-?=6+%(=

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(

JB$K6:'(". T%,():">("+%("8$"
=$>'?;>?-?=6("W"
A$>'?;>?-?=6(N"5,32'(2'(<E5"#$#%&'(24$+(+4(8<#A4<&,5?(+#$('$+'%A<'4(
!<<'(+E&$,57'++'(;(2'+(9?--;()"$O';O;()(B3E#$(499'<<'(2'+($O';O$:)?("E'+,O;O2&7'((2'+(6-96>$:(%')"
;>?-?=6+%()"+%6"9;)6O-(-:"9()")C-:BG)()"9,$>:6&6:;)";>?-?=6+%()"96&(')()(e(
.4(97#23",&#$(,#,4<'(2'(Z)0(SA&'$+()(+'7C&"'+W(e(<'(Y7#23&,(K$,57&'37(Z73,(#3(YKZ(
.'($&C'43(85$574<(2'+(97&P(',(<E&$@<4,&#$(
.'($&C'43(8<#A4<(2'(<E'%9<#&(',("'<3&(23(":`%48'(
!<<'(":'7":'(;(<'+(25"7&7'?(;(<'+('P9<&B3'7(',(;('$(975C#&7(<E5C#<3,&#$=(
J?=K:$7686:;"-$:6?-$8(e("E'+,(3$("427'("#%9,4A<'(24$+(<'B3'<(<'+(487584,+(C#$,(^,7'(25@&$&+(',(
%'+375+=(

/= 5()"&$'6$78()"9,6-:;'<:"9("8$"=$>'?;>?-?=6("
.4.4 5("#'?9%6:"L-:;'6(%'"M'%:"F?%"#LMH"
$4 X;[6-6:6?-"
.'(#LM"-?=6-$8"2E3$(94J+('+,(;(<E;O$8"S"8$"&$8(%'"9("=?-;:$6'("9("8,(-)(=78("9()"76(-)"(:")('&6>()"
FMefH"[6-$8)"K'?9%6:)")%'"8(":(''6:?6'("K(-9$-:"%-("$--;(4"
"
(
(

YKZ(@74$y4&+('$(MUUQ(e(/T/U(%&<<&472+(2E'37#+(
YKZ(@74$y4&+('$(MUUQ(e(/T/U(%&<<&472+(2E'37#+(

Mef"[6-$8)(e(&<(+E48&,(e(
" G'(Z)0(2'+,&$5+(;(^,7'(C'$23+(2&7'",'%'$,(43P("#$+#%%4,'37+=(
" G'+(A&'$+(2E5B3&9'%'$,+(e(<#"43P?(%4":&$'+?(#3,&<+?(5B3&9'%'$,+?(9#7,+?(7#3,'+?(
A47748'+(',(43,7'+(A&'$(2374A<'+(3,&<&+5+(9#37(97#23&7'(2E43,7'+(A&'$+(',(+'7C&"'+=(
.'+(Mef"6-:('=;96$6'()(S>(%b"+%6"9(&6(--(-:"9()"6-K%:)"K?%'"8$"K'?9%>:6?-"9,$%:'()"
K'?9%6:)W(+#$,('P"<3+=(
!P'%9<'(e(4"&'7(9#37(C#&,37'?("#%%3$&"4,&#$+(,5<59:#$&B3'+(2E3$'('$,7'97&+'?(+,J<#(23(
97#@'++'37=(
cM(e(?@$=>-,9"1"()$")$,()"'1=8,/,'"$A$8-'="#$8"$7,"$'"#9";),7"#$8"$9!-#$")$1+,(#$8B-($/(C(

#?%'+%?6"(b>8%'("8()"Mef"6-:('=;96$6'()"9%"#LM"W"
(
.'+(Z)0(&$,'7%52&4&7'+(+#$,('$(B3'<B3'(+#7,'(&$"#79#75+(24$+(<'+(Z)0(@&$4<+(43PB3'<+(
&<+(+'7C'$,(2E&$93,=(K<+($'(+#$,(94+("#%9,4A&<&+5+(24$+(<'(YKZ(9#37(5C&,'7(<'+(2#3A<'+(
"#%9,48'+=(
.4(@47&$'('+,O&<(3$(A&'$(@&$4<(#3(3$(A&'$(&$,'7%52&4&7'(\(
(
Z&'$(@&$4<(<#7+B3E'<<'('+,(4":',5(9#37("#$@'",&#$$'7=(
(
Z&'$(&$,'7%52&4&7'(<#7+B3'("E'+,(<'(A#3<4$8'7(B3&(<E3,&<&+'=(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
_$8(%'"-?=6-$8("
" 1E'+,(3$'(&$8(%'"=()%';("(-"%-6:;"=?-;:$6'("S4C'"(<'+(97&P/W(9("8,$--;("S"8$+%(88("
(88(")("'$KK?':(=(/i$(499'<<'("'+(97&P(<'+(u(K'6b">?%'$-:)(v="
" a('=6-?8?O6((e(YKZ($#%&$4<({(YKZ(;(97&P("#374$,+({(YKZ('$(C4<'37"
" Vb(=K8((N$-("$=;+(+1,"$9'+8-,#/()$D$3,"(#$:,(/!#$E$")$F$#-'$G$/((="#!
(

#LM"g"0"
147(97&P(z(M(
"

FG (

"

(
c$$5'(/(
c$$5'(M(
c$$5'(a(

Z&'$(c(
9/c{a?(B/c{M(
YMc{X?(BMc{M(
Yac{a?(Bac{_(

Z&'$(Z(
9/Z{Q?(B/Z{_(
YMZ{/U?(BMZ{_(
YMZ{Q?(BMZ{V(
/

/

/

YKZ($#%=(
MX(
QM(
QM(

YKZ(75'<(SA4+'(e(4$$5'(/W(
MX(
MX(
QM(

/

YKZ($#%&$4<(2'(<E4$$5'(/({(9 c(z(B c(n(9 Z(z(B Z({(azM(n(Qz_({(MX(
M
M
M
M
YKZ($#%&$4<(2'(<E4$$5'(M({(9 c(z(B c(n(9 Z(z(B Z({(XzM(n(/Uz_({(QM(
a
a
a
a
YKZ($#%&$4<(2'(<E4$$5'(a({(9 c(z(B c(n(9 Z(z(B Z({(az_(n(QzV({(QM(
.'(YKZ($#%&$4<(4(2#3A<5('$,7'(<'+(4$$5'+(/(',(M(p(Y#37,4$,?(<'+(B34$,&,5+(97#23&,+(+#$,(<'+(%^%'+(p(c("#$,747&#?(
<'(YKZ($#%&$4<(2'(<E4$$5'(a('+,(584<(43(YKZ(2'(<E4$$5'(M?(A&'$(B3'(<'+(B34$,&,5+(97#23&,'+(4&'$,(2#3A<5('$,7'(<'+(
4$$5'+(M(',(a(p(

"

"

"

T%("K(%:U?-"(-">?->8%'("W"
.'(YKZ($#%&$4<'($E'+,(94+(<4(C47&4A<'(&254<'(9#37(5,32&'7(<E5C#<3,&#$(2'(<4(97#23",&#$(
$4,&#$4<'(
X,?h"&6(-:"8("K'?78G=("W"
d$'(947,&'(2'(<E5C#<3,&#$(23(YKZ($#%&$4<(C&'$,(2'(<E5C#<3,&#$(2'+(97&P?(2#$,(<'(YKZ(
$#%&$4<($'(,&'$,(94+("#%9,'=(
J?==(-:";>B$KK('"S">("K'?78G=("W"
# i$("4<"3<'(<'(#LM"';(8((-"K'(-$-:"8()"K'6b0"9,%-(">(':$6-("$--;(">?==("
';[;'(->(=(Mi$(499'<<'("'+(97&P(<'+(u(K'6b">?-):$-:)(v=(
# a('=6-?8?O6((N"YKZ(75'<({(YKZ(;(97&P("#$+,4$,+({(YKZ('$(C#<3%'(
# `KK86>$:6?-"e(+&(<E4$$5'(/('+,(<E4$$5'(2'(75@57'$"'(SA4+'W?(4<#7+(e(
/

/

/

/

YKZ(75'<(2'(<E4$$5'(/({(9 c(z(B c(n(9 Z(z(B Z({(azM(n(Qz_({(MX(
/
M
/
M
YKZ(75'<(2'(<E4$$5'(M({(9 c(z(B c(n(9 Z(z(B Z({(azM(n(Qz_({(MX(
/
a
/
a
YKZ(75'<(2'(<E4$$5'(a({(9 c(z(B c(n(9 Z(z(B Z({(az_(n(QzV({(QM(

"

(

# .'(YKZ(75'<(9'7%',(2'(%&'3P(%'+37'7(<E5C#<3,&#$(2'(<4(97#23",&#$(,#,4<'(2E3$(
94J+=(
T%():6?-"N"<'+(":&@@7'+(2'(<4("7#&++4$"'(23(YKZ(24$+(<'+(%52&4+(+#$,O&<+("4<"3<5+(4C'"(<'(
YKZ($#%&$4<(#3(<'(YKZ(75'<(\"
cC'"(<'(YKZ(75'<?(B3&(9'7%',(3$'(%'+37'(9<3+(425B34,'(2'(<E5C#<3,&#$(2'(<4(
97#23",&#$(2E3$(94J+=(Y#37(,'$&7("#%9,'(2'(<4(,4&<<'(2'(<4(9#93<4,&#$(B3&(97#23&,?(#$(
"4<"3<'(3$(YKZ(947(:4A&,4$,(SYKZ],^,'W=(1'<4(9'7%',(2'("#%947'7(<'+(97#23",&#$+(2'(
94J+(2'(,4&<<'+(2&@@57'$,'+=(
(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(

74 T%(8+%()"9?--;()"'(8$:6&()"$%b"#LM"K?%'"011R"
(
PIB nom
(milliards $)

% du
monde

Pop (millions)

% du monde

PIB nom /tête
($)

Monde

48245

100

6600

100

7310

UE27

14400

29,8

489

7,4

29450

USA

13202

24,4

299

4,5

44155

Japon

4340

9

128

1,9

33910

Allemagne

2906

6

82,4

1,2

35270

Chine

2668

5,5

1311

19,9

2035

Royaume Uni

2345

4,9

60,5

0,9

38760

France

2231

4,6

61,2

0,9

36450

Italie

1845

3,8

59

0,9

31270

0#37"'(e(A4$B3'(%#$2&4<'?(ibd(

>4 #?%'+%?6"),6-:;'())('"$%"#'?9%6:"L-:;'6(%'"M'%:"9,%-(";>?-?=6("W"
.4(&6("=$:;'6(88("9()"B$76:$-:)(2E3$(94J+(#|(<'(97#23&,(&$,57&'37(A73,('+,(5<'C5('+,(9<3+(@4"&<'(e(
.E4<&%'$,4,&#$(J('+,(9<3+($#%A7'3+'?(9<3+(2&C'7+'(',(9<3+(5B3&<&A75'(
.E4++&+,4$"'(%52&"4<'(J('+,(9<3+(+#9:&+,&B35'(
K<(J(4(9<3+(2'(A&'$+(2'("#$+#%%4,&#$(SC^,'%'$,+?(9#+,'+(2'(,5<5C&+&#$+?(43,#%#A&<'+?(',"=W((
.E#@@7'(2'(<#&+&7('+,(9<3+(7&":'(S"&$5%4+?(,:5k,7'+?(%3+5'+W?(',"=(
b54$%#&$+(8("#LM"'():("%-"6-96>$:(%'"6=K$'[$6:(23(u(A&'$(^,7'(v(2E3$'(+#"&5,5(e(
1E'+,(3$(6-96>$:(%'"=$:;'6(8(',(+%$-:6:$:6[(
! Y4+(2'(97&+'('$("#%9,'(2'(<4(C&'("3<,37'<<'?(9#<&,&B3'(',(+9&7&,3'<<'(2E3$'(+#"&5,5=(
.'(YKZ(&$"<3,(2'+(A&'$+($E499#7,4$,(94+(<'(A&'$O^,7'(e(<'+(47%'+(947('P'%9<'=(
Y4+(2'(97&+'('$("#%9,'(2'+((b:('-$86:;)"-;O$:6&()(23'+(;(<4(97#23",&#$((
!P'%9<'(e(9#<<3,&#$?(25@#7'+,4,&#$?(',"=(

i(=$'+%((N(3$'((b:('-$86:;(S#3('@@',('P,'7$'W(25+&8$'(<4()6:%$:6?-"9$-)"8$+%(88("8,$>:("9("
>?-)?==$:6?-"?%"9("K'?9%>:6?-"9,%-"$O(-:";>?-?=6+%("$"%-(">?-);+%(->("6-96'(>:(")%'"8("76(-"
<:'("9,%-"$%:'("$O(-:";>?-?=6+%(=(
Y4+(2E&$2&"4,&#$(+37(<4(2&+,7&A3,&#$(23(7'C'$3(,#,4<(e(3$(94J+(9'3,(^,7'(7&":'(%4&+(&$584<&,4&7'=(
c&$+&(&<('P&+,'(2'+(>'6:G'()">?=K8;=(-:$6'()(9#37(%'+37'7(<'(u(A&'$(^,7'(v(e(
$ .'(!"#LM"&(':"2('$('$<'C4$,(43(YKZ("<4++&B3'(<4(C4<'37(2'(<4(A4&++'(23(+,#"H(2'(7'++#37"'+(
$4,37'<<'+(',(<'("#},(2'+(9#<<3,&#$+('$8'$275'+(947(<4(97#23",&#$=(K<('+,("'9'$24$,(,76+(
2&@@&"&<'(2E'+,&%'7(<4(C4<'37(2'("'+(2'3P("#},+=(
HIJ.KLMN % HIJ 4 ONPQR.SL.MLTTPUMQLT.VWNUMLXXLT 4 YPZN.SL.XW.[PXXUN\PV(
(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
$ .ELXj"SL-96>("9("X;&(8?KK(=(-:"j%=$6-W('+,(43++&(3$(&$2&"'("5<6A7'=(K<(97'$2('$(
"#%9,'(<'(#LMk:<:(?(<E()K;'$->("9("&6("',(<'(-6&($%"9,6-):'%>:6?-(S,43P(2E4<9:4A5,&+4,&#$(
2'+(423<,'+(',(<'(,43P(2'(+"#<47&+4,&#$W=(G#$$#$+(B3'<B3'+(+,4,&+,&B3'+(&<<3+,74,7&"'+(
S4$$5'+(MUUUW(e(
o V)K;'$->("9("&6("S"8$"-$6))$->("N"
O
O
O
O
O
o

d0c(e(TT(4$+(
Y57#3(e(XQ(4$+(
K$2'(e(X/(4$+(
b&857&4(e(QM(4$+(S'$(A4&++'e(+&24W(
(L4<&(e(_/(4$+(S&2'%W=(

c6&($%"9,6-):'%>:6?-"N"'$(%#J'$$'?(3$(c%57&"4&$(@4&,(/M(4$+(2E5,32'=(d$(c@7&"4&$(
'$(@4&,(%#&$+(2'(Q(4$+=(

HBIJK$$7/',"$$8"$$L$$M$$NO$$I!$$"#)$$;/!;-!=$$9/'$ !B6PQ$ ")$$/$$=)=$$=!/3+'=$$9/'$$E1/')0/$$4"($$?9',R$$(+3"!$8B=;+(+1,"S$NTTUCO$V($
DLLWS$!"$;!/##"1"()$8"#$9'"1,"'#$=)/,)$!"$#-,7/()$A$
$
NO$P+'7XY"$
DO$I#!/(8"$
GO$E-#)'/!,"$
ZO$H-R"13+-'Y$
WO$[/(/8/$
\O$4-X8"$
]$
NLO$Q4E$
]$
N\O$^'/(;"$
]$
DLO$E!!"1/Y("$
$

$ .'(i$KK?':"L-:('9;>68("N"9#37(<'(25@&$&7?(&$,57'++#$+($#3+(43P(7'C'$3+(24$+(<E5"#$#%&'=(
[3'<+(5<5%'$,+("#%97'$27'(<'(7'C'$3(S2&+9#$&A<'W(2E3$(&$2&C&23(\(
" f'C'$3(2E`>:6&6:;)(
- .'(+4<4&7'(+E&<('+,(+4<47&5(
- d$(7'C'$3($#$(+4<47&4<(+E&<(4(3$'(97#@'++&#$(&$259'$24$,'(
S487&"3<,'37?("#%%'7y4$,?(47,&+4$+?(%52'"&$+W(
" f'C'$3(2'(#'?K'6;:;)(
- K$,57^,+(
- G&C&2'$2'+(
(S2&C&2'$2'+(e(A5$5@&"'+(4,,7&A35+(43P(4",&#$$4&7'+?(25,'$,'37(23("49&,4<(2E3$'('$,7'97&+'W(
- .#J'7+(2'(<4(,'77'=(
" f'C'$3+(2'(a'$-)[(':(
Sf'C'$3+(2'(,74$+@'7,({(Y7'+,4,&#$+(+#"&4<'+({(c<<#"4,&#$+(+#"&4<'+W(

"

- c<<#"4,&#$+(@4%&<&4<'+(
- c<<#"4,&#$+(2'(+4$,5(
- c<<#"4,&#$(C&'&<<'++'(
- c<<#"4,&#$(":`%48'(
- fLK=(
A?6-)"9()"6=Kl:)(S+37(<'(7'C'$3(947('P'%9<'W=(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(

A;:B?9((N"i$(7'"'$+'(,#3+(<'+(&$2&C&23+(4J4$,(3$(7'C'$3=(i$(<'+("<4++'(
+'<#$(<'(7'C'$3(2#$,(&<+(2&+9#+'$,?(2'+(7'C'$3+(<'+(9<3+(@4&A<'+(43P(9<3+(@#7,+=(i$($#,'(
Y/U(<'(7'C'$3(,'<(B3'(/Uo(2'+(&$2&C&23+(848$'$,(3$(7'C'$3(&$@57&'37(#3(584<(;(Y/U=(
YMU(<'(7'C'$3(,'<(B3'(MUo(2'+(&$2&C&23+(848$'$,(3$(7'C'$3(&$@57&'37(S#3(584<W(;(YMU(
',"=(l3+B3E;(YNU=(
(
(
(
#.1"
#I1"
(
d$(%#J'$(2'(%'+37'7(<'(2'875(2E&$584<&,5(2'+(7'C'$3+('+,(2'("4<"3<'7(<'(7499#7,(
#I1k#.1=(#8%)"8("'$KK?':"():";8(&;Z"K8%)"8$"96):'67%:6?-"9()"'(&(-%)"():"6-;O$8(4"
J"$;+13,"($"#)$!"$'/99+')$_$$
4-X8"$$$$$$$$$$$$$$$$$$$$ DS`(
P+'7XY"$$$$$$$$$$$$$$$$ DST(
E!!"1/Y("$$$$$$$$$$$$$GSL(
^'/(;"$$$$$$$$$$$$$$$$$$ GSW(
2Q$$$$$$$$$$$$$$$$$$$$$$$$$GSU(
I)/!,"$$$$$$$$$$$$$$$$$$$$$$ZSL(
Q4E$$$$$$$$$$$$$$$$$$$$$$$WST(
?4+-';"#$A$E)a,(#+(S$/((="#$DLLLC(

I!$0$/$+99+#,),+($"()'"$9/0#$b(+'8,>-"#c$?4-X8"S$P+'7XY"S$E!!"1/Y("C$")$9/0#$E(Y!+d4/R+(#O$H/$
^'/(;"$"#)$8/(#$-("$#,)-/),+($,()"'1=8,/,'"O(.'+(%#&$27'+(u(&$584<&,5+(v(2'+(7'C'$3+(24$+(<'+(
94J+($#72&B3'+(+E'P9<&B3'$,(947(<E&%9#7,4$"'(2'(<4(7'2&+,7&A3,&#$(B3&(J(4(<&'3(;(<E4&2'(2'+(
7'C'$3+(2'(,74$+@'7,=(
(

i$(9'3,("4<"3<'7(2'+(7499#7,+(+'%A<4A<'+(9#37(<'+(+4<4&7'+(#3(<'+(94,7&%#&$'+=(

94 T%(8)")?-:"8()"[$>:(%')"(bK86>$:6[)"())(-:6(8)"9%"-6&($%"9%"
#LMk:<:("(:"9(")?-";&?8%:6?-"W"
1E'+,(3$'(B3'+,&#$(@#$24%'$,4<'('$(5"#$#%&'=(
.'(<&C7'(@#$24,'37(2'(<4(2&+"&9<&$'(+E&$,&,3<'(4&$+&(u(2";<"';<"$#-'$!"#$;/-#"#$")$!/$(/)-'"$8"$!/$',;<"##"$8"#$
(/),+(#$v(',(4(5,5(93A<&5('$(/TTX(947(<E5"#++4&+(c24%(0%&,:=(

.'+(5"#$#%&+,'+(+5947'$,('$(85$574<(<'+(@4",'37+('P9<&"4,&@+(2'(8?-O":('=((2'("'3P(2'(>?%':":('=(=(K<(
J(4(3$("#$+'$+3+(85$574<(9#37(2&7'(B3E;(<#$8(,'7%'(<'+([$>:(%')"(bK86>$:6[)(<'+(9<3+(&%9#7,4$,+(9%"
-6&($%"9%"#LMk:<:((+#$,(e((
.'():?>m"9(">$K6:$8"[6b((S3+&$'+?(%4":&$'+?(5B3&9'%'$,+?(#3,&<+?(7#3,'+?(&$@74+,73",37'+W(
96)K?-678("K$'":<:((
.'(-6&($%(4,,'&$,(947(<4(:(>B-?8?O6((
.'(-6&($%(23(>$K6:$8"B%=$6-(S49,&,32'+?("#$$4&++4$"'+?(+4C#&7O@4&7'W(2'+(:4A&,4$,+=(
.'+('())?%'>()"-$:%'(88()"96)K?-678()(S'43?(A#&+?(%&$'74&+?(95,7#<'(84R?(+#<'&<?(%4&+(43++&?(
"<&%4,?(@'7,&<&,5(2'(<4(,'77'W(
.'(9(O';"9Y([[6>$>6:;"9%"[?->:6?--(=(-:"9Y?'O$-6)$:6?-)(,'<<'+(B3'(<'+(=$'>B;)(S%47":5+(2'(
Z)0?(%47":5(23(,74C4&<?(%47":5+(@&$4$"&'7+W(',(<gV:$:=((
(

(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
Y#37(B3'(<'+(%47":5+(@#$",&#$$'$,('@@&"4"'%'$,?(#$(2#&,(5C&,'7(24$+(<4(%'+37'(23(9#++&A<'(<'+(
+&,34,&#$+(2'(%#$#9#<'?(%4&+(43++&(<'+('$,'$,'+('$,7'(@&7%'+=(
"
"
"
"

d$'('$,7'97&+'({(=?-?K?8((
[3'<B3'+('$,7'97&+'+({(?86O?K?8((%(+&('$,'$,'e('<<'+(9'3C'$,(@#7%'7(3$("47,'<(
E-6?-"V%'?K;(--(e(G*_e(X6'(>:6?-"n;-;'$8("9("8$"J?->%''(->((
Q'$->((e(J?-)(68"9("8$"J?->%''(->((

.E!,4,(2#&,(@#37$&7(2'(A#$+(+'7C&"'+(93A<&"+(;(3$("#},(74&+#$$4A<'=(K<(2#&,(@4&7'(7'+9'",'7(<'(27#&,(2'(
97#97&5,5(4@&$(B3'(<'+(48'$,+(5"#$#%&B3'+(4&'$,(2'+(&$"&,4,&#$+(;(,74C4&<<'7(',(;(&$C'+,&7(S<'+(48'$,+(
+#$,(9'3(%#,&C5+(+E&<(J(4(2'+(7&+B3'+(2E'P97#97&4,&#$W=(.E!,4,($'(2#&,(94+(^,7'("#77#%93(4@&$(2'(
8474$,&7(<E&$,57^,(85$574<=((
.g5,4,(=$b6=6)( <'(A&'$(^,7'("#<<'",&@?($#,4%%'$,('$(8474$,&++4$,(3$($#%A7'(2g:'37'+(,74C4&<<5'+(
4$$3'<<'%'$,(947(:4A&,4$,(25"'$,=(
.4("7#&++4$"'(5"#$#%&B3'(2'(<#$8(,'7%'(23(YKZ('+,('P9<&B35'(947(8,;&?8%:6?-"2'+(C47&4A<'+(
975"52'$,'+=(c&$+&(<4(>'?6))$->(":(-9$->6(88("9%"#LM"259'$2e(
2'(<g6-:(-)6:;"9("8Y6-&():6))(=(-:"SQ#7%4,&#$(M73,'(2'(J49&,4<'(h&P("N"QMJQW(
23('C:B=("9%"K'?O'G)":(>B-6+%("
2'(<g;8;&$:6?-"9()"-6&($%b"9Y;9%>$:6?-"S&%9#7,4$"'(23(7`<'(2'(<g'$+'&8$'%'$,W(
2'(<g$=;86?'$:6?-"9%"[?->:6?--(=(-:"9()"=$'>B;)"(:"9("8YV:$:4(
b54$%#&$+(&<($EJ(4(K$)"9("'(>(::("=;>$-6+%("e(&<('+,(2&@@&"&<'(2'(975C#&7(<E&%94",('P4",(2E3$(
":4$8'%'$,(2E3$'(2'("'+(C47&4A<'+(+37(<4("7#&++4$"'(2'(<#$8(,'7%'=(
"
"

0'(7499'<'7(<'(94742#P'(2'(0#<#I(e(<E&$,7#23",&#$(2'(<4(%&"7#O&$@#7%4,&B3'(4(%&+(A'43"#39(2'(
,'%9+(4C4$,(2E4C#&7(3$'(&$@<3'$"'(+37(<4(97#23",&C&,5(S1@=(9754%A3<'W=(
G'(9<3+(#$(4('$"#7'(23(%4<(2'($#+(D#37+(;("#%97'$27'("'(B3&(4(%#2&@&5(<4(,'$24$"'(2'(<4(
"7#&++4$"'(23(YKZ(24$+(<'+(4$$5'+(/NTU=(

K<('+,("#374$,(2'(@4&7'(3$'(2&+,&$",&#$('$,7'(<4(,'$24$"'(2'(<#$8(,'7%'(23(YKZ(',(<'+(@<3",34,&#$+(2'(
"#37,(,'7%'(43,#37(2'("',,'(,'$24$"'(S<'+(u("J"<'+(2E4@@4&7'(vW=(
(
(

Tendance de long terme
Fluctuation de court terme

(
(
(
(

"

Y#<&,&B3'+(2'">?%':":('=("\"Y#<&,&B3'+">?-*?->:%'(88()"
Y#<&,&B3'(2'"8?-O":('=("\"Y#<&,&B3'+"):'%>:%'(88()"
"

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
.'+(5"#$#%&+,'+((bK86+%(-:"8()"[8%>:%$:6?-)"43,#37(2'(<4(,'$24$"'(947(e((
2'+(>B?>)""`,5(K'?9%>:6?-e("<&%4,?(876C'+?(97&P(23(95,7#<'===(
2'+(>B?>)"=?-;:$6'()e(":4$8'%'$,(A73,4<(2'(<4(9#<&,&B3'(%#$5,4&7'(947(<g&$,'7%52&4&7'+(2'+(
,43P(2g&$,57^,(2&7'",'37+=(d$(7'++'77'%'$,(2'+("#$2&,&#$+(2'("752&,(2'+(A4$B3'+(S"'$,74<'+(
',]#3("#%%'7"&4<'+W(9'3,(947('P'%9<'(4C#&7(3$('@@',($584,&@(+37(<4(2'%4$2'(2'(A&'$+(',(
+'7C&"'+(',(2#$"(+37(<4(97#23",&#$=(
Z4$B3'+("'$,74<'+(
Z4$B3'+(2'(+'"#$2(74$8e(A4$B3'+("#374$,'+(
2'+(>B?>)"7%9O;:$6'()"',(@&+"43Pe(438%'$,4,&#$]2&%&$3,&#$(2'+(259'$+'+(93A<&B3'+?(2'+(
&%9`,+?===(
i(=$'+%("e(3$(":#"('+,(3$(":4$8'%'$,(A73+B3'(2'+("#$2&,&#$+=(
b#3+( 4C#$+( 25D;( &<<3+,75( 3$'( 739,37'( 24$+( <4( ,'$24$"'( 2'( <#$8( ,'7%'( 23( YKZ( <#7+( 2'+( 4$$5'+( TU=(
G#$$#$+( 3$( 'P'%9<'( 2'( @<3",34,&#$( 5"#$#%&B3'( 43,#37( 2'( <4( ,'$24$"'( '$( 947<4$,( 2'( <4( +&,34,&#$( '$(
!37#9'(24$+(<'+(4$$5'+(NU=(
!$(/NVN(&<(J(4(<4(753$&@&"4,&#$(c<<'%4$2'=(.'(A'+#&$(2'(874$2+(,74C43P('$(c<<'%48$'(2'(<E!+,("#$23&,(;(3$'(
@#7,'(438%'$,4,&#$(2'(<4(2'%4$2'(2'(Z)0('$(c<<'%48$'('$(/NNUON/=(.4(Z3$2'+A4$H?("74&8$4$,(3$'( &$@<4,&#$(
,7#9( 5<'C5'( Su(7&+B3'( 2'( +37":43@@'( 2'( <E5"#$#%&'(vW( "#%%'$"'( ;( %'$'7( 3$'( 9#<&,&B3'(%#$5,4&7'(
7'+,7&",&C'=(Y#37("'<4?('<<'(438%'$,'(+#$(,43P(2E&$,57^,(2&7'",'37?("E'+,(;(2&7'(<'(,43P(43B3'<('<<'(( 97^,'(( 2'((
<E478'$,(( 43P(( A4$B3'+(("#%%'7"&4<'+=(( .'+(( A4$B3'+(("#%%'7"&4<'+(( 759'7"3,'$,(( "',,'(438%'$,4,&#$(+37(<'(
,43P(2'+("752&,+(4""#725+(43P(48'$,+(5"#$#%&B3'+(e(&<(J(4(%#&$+(2'("752&,+(754<&+5+(',(2#$"(%#&$+(2'(%#$$4&'(
24$+(<E5"#$#%&'?("'(B3&(2#&,(74<'$,&7(<E&$@<4,&#$(c<<'%4$2'=(
Y'3( 2'( ,'%9+( 4976+?( <'+( 43,7'+( A4$B3'+( "'$,74<'+( !37#95'$$'+( +3&C'$,( <E'P'%9<'( 2'( <4( Z3$2'+A4$H(9#37((
25@'$27'((<4((947&,5((2'((<'37+((%#$$4&'+((',((%6$'$,(('<<'+((43++&((2'+((9#<&,&B3'+((%#$5,4&7'+((,76+(7'+,7&",&C'+=(
.4(2'%4$2'(2'(Z)0(24$+(<'+(43,7'+(94J+('37#95'$+('+,(%#&$+(@#7,'("'(B3&(+'(759'7"3,'(+37(<4(97#23",&#$(2'(
Z)0=(G'3P(43,7'+(9:5$#%6$'+(C&'$$'$,(4""'$,3'7("'(74<'$,&++'%'$,(2'(<4(2'%4$2'(2'(Z)0('$(!37#9'(e(
! ;(<4(%^%'(59#B3'(<4(A4&++'(2'+('P9#7,4,&#$+('37#95'$$'+(23'(43(74<'$,&++'%'$,(c%57&"4&$=(
! 3$( 9'3( 9<3+( ,472( <'+( 9#<&,&B3'+( A3285,4&7'+( 7'+,7&",&C'+( 9#37( +4,&+@4&7'( 43P( "7&,67'+( 2'( L44+,7&":,(
S/NNMW=(
1'+(5<5%'$,+("#$23&+'$,(;(3$'(874C'("7&+'(5"#$#%&B3'('$(!37#9'(24$+(<4(97'%&67'(%#&,&5(2'+(4$$5'+(NU=((!$((
/NNa?((&<((J((4((%^%'((75"'++&#$((S"7#&++4$"'(($584,&C'((23((YKZW((',((<'((":`%48'((4,,'&$,((//o=(.E5"#$#%&'(
!37#95'$$'(7',7#3C'74(<'(":'%&$(2'(+4("7#&++4$"'(,'$24$"&'<<'(4976+(/NNXONT=(
(

(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(

(4 a$%b"9(">'?6))$->("
.'(:$%b"9(">'?6))$->("9%"#LM"9,%-(";>?-?=6("9("8$"9$:(":"S"8$"9$:(":o.('+,(25@&$&("#%%'(e(
(
]^D ^ _ ` % a.]bc.d9ef.a^ _ `g . 4 .]bc.d9ef.a^g.g.h.a.]bc.d9ef.a^g.g.
K<(@43,(%3<,&9<&'7(947(/UU(9#37(#A,'$&7(2'+(o=(
(

T%(8+%()"'GO8()"9(">$8>%8"'(8$:6&()"$%b":$%b"9(">'?6))$->("
(
p-"-("K(%:"$*?%:('"?%")?%):'$6'("9()":$%b"9(">'?6))$->(4"
! 1#$+&257#$+(3$'(C47&4A<'(B3&(438%'$,'(2'(aUo(93&+(2'(_Uo=(.E438%'$,4,&#$(,#,4<'($E'+,(94+(2'(TUo(
SaU(n(_UW(%4&+(2'(VMo=(s57&@&#$+("'<4('$(+399#+4$,(947('P'%9<'(B3'(<'($&C'43(&$&,&4<(2'(<4(C47&4A<'('+,(
584<(;(sU({(/UU=((
i$(4(i5. % .i8. _ .8Djk i8. % .5j8(',.i?. % .i5. _ .8D>k i5. % .5=?(
! 1#$+&257#$+(3$'(C47&4A<'(B3&(438%'$,'(2'(_/o(93&+(2&%&$3'(2'(MNo=(.E438%'$,4,&#$(,#,4<'($E'+,(94+(
2'(/Mo(S_/(O(MNW=(!$(@4&,(<4(C47&4A<'(7',7#3C'(+#$($&C'43(&$&,&4<=(
i$(4(i5. % .i8. _ .8D>5k i8. % .5>5(',(i?. % .i5. 4 .8D?lk i5. % .588D55(

$
J?-)69;'?-)":'?6)"&$'6$78()"bZ"C"(:"d4"
! 0399#+#$+(B3'(m(+#&,(25@&$&("#%%'(<'(97#23&,(2'(n(',(2'(o(e(m % no.
! f5+3<,4,(e(0&(n(C47&'(2'(pEn(',(J(C47&'(2'(pEo(4<#7+(<4(C47&4,&#$('$(E(2'(m('+,(4997#P&%4,&C'%'$,(2'(
pEn _ pEo=(
! c99<&"4,&#$(e(<'(YKZ(947(,^,'(aog('+,(<'(7499#7,('$,7'(<'(YKZ(aqg(',(<4(9#93<4,&#$(arg(e((o % qhr=(
i$(9'3,(43++&(5"7&7'(q % .ro=(!$(499<&B34$,(<4(768<'(975"52'$,'?(#$(4(pEq % pEr _ pEo(+#&,(
pEo % pEq 4 pEr=(c&$+&(<'(YKZ],^,'(aog(2E3$(94J+(438%'$,'(<#7+B3'(<4("7#&++4$"'(23(YKZ('+,(9<3+(
@#7,'(B3'("'<<'(2'(<4(9#93<4,&#$=(

(
5$"'GO8("9()"@04"
0399#+#$+(B3E'$(%#J'$$'?(3$'(C47&4A<'("7#&++'(43(7J,:%'(2'(P(o(947(4$=(.4(768<'(2'+(TM(2&,(
B3E4997#P&%4,&C'%'$,("',,'(C47&4A<'(2#3A<'(,#3+(<'+(TM]P(4$$5'+=(
(

>43P(2'("7#&++4$"'(23(YKZ(

/o(

c$$5'+('$,7'(2#3A<'%'$,+( TM]/{TM(

Mo(

_o(

Vo(

TM]M{aX(

TM]_{/V(

TM]V{N(

"
c&$+&(+&(<4("7#&++4$"'(,#37$'(43,#37(2'(Mo?(&<(@43,(4997#P&%4,&C'%'$,(aX(4$+(9#37(B3'(<'(YKZ(2#3A<'=(!$(1:&$'(
4C'"(3$'("7#&++4$"'(%#J'$$'(2'(/Uo?(<'(YKZ(2#3A<'(,#3+(<'+(+'9,(4$+(4997#P&%4,&C'%'$,(p(
(

J$8>%8"9(":$%b"9(">'?6))$->("=?C(-"
1#$+&257#$+(3$'(C47&4A<'(2#$,(<'($&C'43(&$&,&4<('+,(/UU=(
1',,'(C47&4A<'(438%'$,'(2'(sE(93&+(?E?(4sE.',(tE=(
0#$($&C'43(@&$4<('+,(4<#7+(584<(;(e(
588 7 a5 _ 8D8sg 7 a5 _ 8D8?g 7 a5 4 8D8sg 7 a5 _ 8D8tg % 588 7 5D8s 7 5D8? 7 8Dls 7 5D8t % `uvD w"
[3'<('+,(<'(,43P(2'("7#&++4$"'(4$$3'<(%#J'$?(~(\(K<(@43,(75+#327'(e((8 % 58=Dl 4 a5 _ xgy k 588.a`g(
58=Dl
a`g z%{ . a5 _ xg| %
(
588
}

a`g z%{ . a5 _ xg % '
}

a`g z%{ .x % '

58=Dl
(
588

58=Dl
4 5.
588

.
.
i$(,7#3C'(q"\"1Z10.P"+#&,(3$(,43P(2'("7#&++4$"'(4$$3'<(%#J'$(2'(0Z.3r(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
G'(@4y#$(85$574<'?(9#37(25,'7%&$'7(<'(,43P(2'("7#&++4$"'(%#J'$('$,7'(<'+(4$$5'+(
,(',(,g?(&<(@43,(~(B3&(C57&@&'e(
Ä
]bca^~ g % a` _ g^ Å^ 7 ]bca^g"
c976+("4<"3<+(#$(,7#3C'(e(
%

^Ä Ç^

'

]bca^~ g
4 `(
]bca^g

cM(e(&<(@43,(%3<,&9<&'7(947(/UU(9#37(#A,'$&7(2'+(9#37"'$,48'+=(G'(%^%'(9#37(<'+("4<"3<+?(&<('+,(3,&<'(+'(7499'<'7(
Ö

`

B3'( ÉÑ % ÑÖ (
(
"

Vb(=K8("9%"K';$=7%8("N(,43P(2'("7#&++4$"'(4$$3'<(%#J'$(23(YKZ(](,^,'(%#$2&4<('$,7'(
/UUU(',(/VMU(\(

(
0399#+#$+(B3'(<4(,'$24$"'(23(YKZ(75'<('$(@#$",&#$(23(,'%9+(+E5"7&C'(+#3+(<4(@#7%'(4@@&$'(+3&C4$,'e(
]bca^g % .Ük ^. _ .á"$&(>"Ü { 8""

YKZ(

(

#LMF:H"

(
(

7(

(
(

,(

.'(,43P(2'("7#&++4$"'(23(YKZ('+,O&<("#$+,4$,(\(.'(,43P(2'("7#&++4$"'(2'(,(;(,(n/('+,(e(
$
Fàâa2 _ 5g 4 Fàâa2g ä)k a2 _ 5g _ ã 4 a)k 2 _ ãgå a)k 2 _ ) _ ã 4 )k 2 4 ãg
)
%
%
%
.
Fàâa2g
)k 2 _ ã
)k 2 _ ã
)k 2 _ ã
$
ç
0#&,$x %
$B3&('+,(25"7#&++4$,?(2#$"(<'(,43P(2'("7#&++4$"'($E'+,(94+("#$+,4$,=$
çéèê

cM(e('$('@@',(+&(<E#$(257&C'.xa2g %

ç
çkéèê

(?(#$(4(xëa2g %

Åç
açkéèêgí

(=(4((U(',(S4=,nAWÄ((U(2#$"(

Åç
açkéèêgí

z 8.ì.2 î ïñ (

$
0399#+#$+(%4&$,'$4$,(B3'(<4(,'$24$"'(23(YKZ(+E5"7&C'(+#3+(<4(@#7%'(+3&C4$,'(e(
]bca^g . % .Ük eák^ .Üóeò.Ü { 8.+2.ã { 8"
"
"
]bca^g % Üeá^ "
YKZ(
.
.
.
.

7(

.
.

,(

.'(,43P(2'("7#&++4$"'(2'(,(;(,n/('+,(&"&(e(
x%

ô ökõúö
)+ãka2_5g
(-(/{( ökõ
ãk2
)+
ô

45%

ô ökõ 7ô ö
ô ökõ

4 5 % Lù 4 5(

K<('+,(2#$"("#$+,4$,(43("#37+(23(,'%9+?(93&+B3'(+ã 4 5($'(259'$2(94+(2'(,=(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
n'$KB6+%(")(=6"8?O$'6:B=6+%("
"
! X;[6-6:6?-(e("E'+,(3$(8749:&B3'(#|(<E5":'<<'(2'+(4A+"&++'+(S<E5":'<<'(:#7&R#$,4<'W('+,(
47&,:%5,&B3'(4<#7+(B3'(<E5":'<<'(2'+(#72#$$5'+('+,(<#847&,:%&B3'(e(<4(2&+,4$"'(B3&(+5947'(/(
;(/U('+,(<4(%^%'(B3'(<4(2&+,4$"'(B3&(+5947'(/U(;(/UU?(B3&('+,(<4(%^%'(B3'(<4(2&+,4$"'(B3&(
+5947'(/UU(;(/UUU?(',"Å(
! #'?K'6;:;(e(24$+(3$(8749:&B3'(+'%&O<#847&,:%&B3'?(
" (3$'(C47&4A<'(":7#$#<#8&B3'(4J4$,(3$(,43P(2'("7#&++4$"'("#$+,4$,('+,(7'975+'$,5'(
947(3$'(27#&,'=(
" G4$+(3$(8749:&B3'(+'%&O<#847&,:%&B3'?(9<3+(<4(9'$,'(2'(<4("#37A'('+,(5<'C5'?(9<3+(<'(
,43P(2'("7#&++4$"'('+,(5<'C5=(S.4(9'$,'(2'(<4("#37A'("#77'+9#$2(43(,43P(2'("7#&++4$"'(
2'(<4(C47&4A<'(7'975+'$,5'W(
! Vb(=K8(=(1&O2'++#3+?(#$(4(2'3P(8749:&B3'+(B3&(7'975+'$,'$,(<4(%^%'(+57&'(e(
.'(YKZ(@74$y4&+(2'(/VTU(;(/NNT=(.'(97'%&'7(8749:&B3'(4(3$'(5":'<<'("<4++&B3'=(.'(+'"#$2(8749:&B3'('+,(+'%&O
<#847&,:%&B3'=(0&(#$("#$+&267'(<4(957&#2'(2'(<g4976+(83'77'?(#$(C#&,(,76+($',,'%'$,(+37(<'(2'3P&6%'(8749:&B3'(
<4(739,37'(2'(<4(,'$24$"'(B3&(&$,'7C&'$,(24$+(<'+(4$$5'+(/NTU=(1',,'(739,37'($g499474t,(94+(24$+(<'(97'%&'7(
8749:&B3'=(
(

S0#37"'(e( (Z3724()(ÇJ9<#+RW(
(

(

(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
Vb('>6>((.(e("#$+&257#$+(3$'(C47&4A<'(B3&(2#3A<'(,#3+(<'+(4$+(SsU({(/UUW=([3'<('+,(<'(,43P(2'(
"7#&++4$"'(4$$3'<(\(f'975+'$,'R("',,'(C47&4A<'(24$+(3$(8749:&B3'("<4++&B3'?(93&+(24$+(3$(
8749:&B3'(+'%&O<#847&,:%&B3'=(
"
i5 % i8 7 ? % ?88(q(i? % i5 7 ? % >88(q(ij % i? 7 ? % =88?(',"=((
GE#|(i; % iû 7 ?; =(

G#$"(x %

°ÇB

ü

†;
†û

45 %

°ÇB i8 7?1

ü

i8

°

4 5 % É?¢ 4 5 % ? 4 5 % 5=((

!$(9#37"'$,48'?(#$(4(4<#7+(x % 588E=(.'(:$%b"9(">'?6))$->(('+,(2#$"(9(".11r=(
(
#LM"

8?OF#LMH"

#LMF:H"

/XUU(
(
(
((
(
VUU(
(
(
(
(
_UU(
(
(
MUU(
/UU(

#LMF:H"

*£§a5<88g % •D ¶!
!
"#$%&''( ) *+ ,!
!
"#$%-''( ) *+ .!
!
"#$%/''( ) *+ 0!
!
"#$%1''( ) *!

"#$%&$
&'(#)&)*+&,,&$

-$#+*&S$;/'$!"$)/-R$
8"$;'+,##/(;"$"#)$
;+(#)/()"$

(

(

(

U(((/(((M(((a(((_(((Q(Å(

U(((/(((M(((a(((_(((Q(Å(

:"

:"

n'$KB6+%("$'6:B=;:6+%((

(

Vb('>6>("0(e(+399#+#$+(B3'(<4(C4<'37(&$&,&4<'(23(YKZ(+#&,(2'(/UU?(9'$24$,(<'+(M(97'%&67'+(4$$5'+(<'(
,43P(2'("7#&++4$"'(23(YKZ('+,(2'(/Uo=(.'+(2'3P(4$$5'+(+3&C4$,'+(<'(,43P(2'("7#&++4$"'(23(YKZ(
'+,(2'(MUo=(
8?OF#LMH"
#LM"
#LMF:H"
#LMF:H"
(
.@3Z03"
"#$%12-+/-( ) *+ *3!

eDLf$

(

!

.3PZ0"

"#$%1-4+/( ) *+ 5.!

eDLf$

(

(

.0."
eNLf$
(

(

..1"

"#$%1/1( ) *+ 67!

(
eNLf$

"#$%1''( ) *+ 63!

(
(
(
(

2-9)-'"$8"$
)"(8/(;"$

!

"#$%1''( ) *!

.11"

(
U(((/(((M(((a(((_(((Q(Å(

:"

n'$KB6+%("$'6:B=;:6+%((

U((((

/((((

M((((

a(((

(_(

:"

n'$KB6+%(")(=6U8?O$'6:B=6+%((

(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(

.404 V=K8?6"(:">Bl=$O("
.E5,32'(2'+(25,'7%&$4$,+(2'(<E'%9<#&(',(23(":`%48'("#$+,&,3'(3$(M6%'(#AD'",&@(&%9#7,4$,(2'(<4(
%4"7#5"#$#%&'=(
G4$+(A'43"#39(2E5"#$#%&'+(25C'<#995'+?(<'(":`%48'('+,(3$(KB;-?=G-("K';?>>%K$-:"e(
" 43(-6&($%"6-96&69%(8?(<'+(":`%'37+(9'3C'$,("#$$4t,7'(2'+(2&@@&"3<,5+(%4,57&'<<'+(',(
9+J":#<#8&B3'+(S%4<875(<'+(+J+,6%'+(2'(97#,'",&#$(+#"&4<'W=(
" 43(-6&($%"O8?7$8?(<'(":`%48'(+'(,7423&,(947(2'+(9'7,'+(2'(97#23",&#$(',(2#$"(2'(
7'C'$3+=(
Ö¨™áde.ße.ò®©™e≠dÆ
89:;.ße.ò®©™Ü´e. % .
.(
بØ≠fÜ^∞¨Ö.Üò^∞óe
#?K%8$:6?-"$>:6&("e(9'7+#$$'+(B3&('P'7"'$,(3$'(4",&C&,5(97#@'++&#$$'<<'+(75%3$575'(
43PB3'<+(#$(4D#3,'(<'+(9'7+#$$'+(B3&(7'":'7":'$,(3$('%9<#&(S":`%'37+W=(
5()"L-$>:6[)"e(7'87#39'$,(3$('$+'%A<'(2&+9474,'(2'(9'7+#$$'+(e('$@4$,+?(5,32&4$,+?(
9'7+#$$'+(k85'+?(9'7+#$$'+(43(@#J'7=(
a$%b"9Y$>:6&6:;"N"-?=7'("9Y$>:6["k"K?K%8$:6?-"$>:6&("
>43P(2'(":`%48'(9#37(B3'<B3'+(94J+(SMUUXW(e(
K,4<&'(T?T(
h74$"'(N(
c<<'%48$'(V?_(
d0c(_?_(
fd(_?V(
S0#37"'(e(i1G!W(

6%'

.'(,43P(2'(":`%48'(43(_ (,7&%'+,7'(MUUN('$(h74$"'(2'C74&,(^,7'(2'(No=(
.'+(975C&+&#$+(MU/U(+#$,(9'++&%&+,'+(e(/U?To(

[3'<<'+(+#$,(<'+('$6)?-)"B3&('P9<&B3'$,(<'(":`%48'(\(Sa(874$2'(@4%&<<'('P9<&"4,&#$+W(
(
"

"

"

(

JBl=$O("['6>:6?--(8e(24$+(3$'(5"#$#%&'?(&<(J(4(,#3D#37+(2'($#3C'43P(477&C4$,+(+37(<'(
%47":5(23(,74C4&<?(2'+(8'$+(B3&('$(+#7,'$,(',(<&A67'$,(<'37(9#+,'?(2'+(8'$+(B3&(
":4$8'$,(2'(,74C4&<?(2'+('$,7'97&+'+(B3&(+'("75'$,(',(2E43,7'+(B3&(2&+9474&++'$,=(1'+(
":4$8'%'$,+(&$"'++4$,+(@#$,(B3E&<('P&+,'(3$(,'%9+(%#J'$($#7%4<'%'$,($5"'++4&7'(
9#37(94++'7(2E3$('%9<#&(;(3$(43,7'(#3(9#37(,7#3C'7(3$(,74C4&<=(K<('P&+,'(%^%'('$(
957&#2'(2'(9<'&$('%9<#&=(K<('+,(B34+&(&$"#%97'++&A<'(',('+,('+,&%5(;(aoO_o(24$+(<4(
9<3947,(2'+(5"#$#%&'+(25C'<#995'+=(
JBl=$O(">8$))6+%(e(&<(9'3,('P&+,'7(2'+(u(7&8&2&,5+(v(+37(<'(%47":5(23(,74C4&<(e(+4<4&7'(
%&$&%3%?(2&@@&"3<,5+(2'(<&"'$"&'7(B3&(@#$,(B3'(<'+('$,7'97&+'+(:5+&,'$,(;('%A43":'7=(
!$(h74$"'(&<(+'74&,(2'(<E#727'(2'(_o(',(97#":'(2'(R57#(43(f#J43%'(d$&(',(43P(d0c=(
! c7A&,748'('$,7'(97#,'",&#$(2'+(,74C4&<<'37+(',('%9<#&(
JBl=$O(">?-*?->:%'(8"?%"s(C-;)6(-"e(<4(2'%4$2'(2'(A&'$+(',(+'7C&"'+(9'3,(947@#&+(
^,7'(&$+3@@&+4$,'("'(B3&(@4&,(B3'(<'+('$,7'97&+'+(97#23&+'$,(9'3(',($E'%A43":'$,(94+=(
K<(+'74&,(,76+(@4&A<'('$(h74$"'('$(MUUXOMUUT?(%4&+(4374&,(4,,'&$,(_o('$(/NNM=(.'(
":`%48'("#$D#$",37'<(C47&'(2'(@4y#$("#$"#%&,4$,'(43("J"<'(2E4@@4&7'=(
(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
(
(

#LM"
VbK$-)6?-"

(
:(-9$->("

(
(
i;>())6?-"

(
(
JBl=$O("
(

:"

JBl=$O("s(C-;)6(-"

(
(
(
(

C √E.

JBl=$O(">8$))6+%("

C √E.

JBl=$O("['6>:6?--(8"

(
1:`%48'('$(h74$"'('$(/NNQ({(/Mo(É(_o(S1hW(n(_o(S11W(n(_o(S1ÑW(
1:`%48'('$(h74$"'('$(MUUX({(No(É(_o(S1hW(n(_oS11W(n(/o(S1ÑW(

:"

.4D4 c6&($%"O;-;'$8"9()"K'6b"(:"9("8,6-[8$:6?-"
6%'

.'(a (#AD'",&@(2'(<4(%4"7#O5"#$#%&'('+,(2E5,32&'7(<4([?'=$:6?-"9%"-6&($%"O;-;'$8"9()"K'6b"(:")?-"
;&?8%:6?-(S6-[8$:6?-W=(
#?%'+%?6"),6-:;'())('"S"8,6-[8$:6?-"W"
.E&$@<4,&#$($'(+'74&,(94+(3$(87#+(97#A<6%'(+&(,#3+(<'+(97&P(',(<'+(2&@@57'$,+(7'C'$3+("7#&++4&'$,(43(
%^%'(7J,:%'(S&$@<4,&#$(937'W=(1'($E'+,('$(85$574<(94+(<'("4+(',(8,6-[8$:6?-"$[[(>:("8$"96):'67%:6?-"9()"
'(&(-%)(e(
o "'7,4&$+(7'C'$3+($'(+#$,(94+(,#3D#37+(A&'$(&$2'P5+(+37(<'($&C'43(85$574<(2'+(97&P(e(
+4<4&7'(%&$&%3%?(9'$+&#$(2'(7',74&,'?(&$,57^,+?(',"=(
o !$(%4,&67'(2'(97^,+?(3$'(&$@<4,&#$($#$(4$,&"&95'(,74$+@67'(2'+(7'C'$3+(2'(97^,'37+(
C'7+(<'+('%973$,'37+(e(23(@4&,(2'(<g&$@<4,&#$(<'+('37#+(7'%A#37+5+(#$,(3$(9#3C#&7(
2g4":4,(%#&$27'=(Y7'$#$+(3$('P'%9<'(e(
"

i$(+'(9<4"'(43(25A3,(2'(<E4$$5'(',(#$("#$+&267'(3$(97^,('@@'",35(9#37(3$'(2375'(
2E3$(4$=(0399#+#$+(B3'(<'(,43P(2E&$@<4,&#$(4$,&"&95'(+#&,(2'(/Uo(',(B3'(<'(97^,'37(
C'3&<<'(3$(7',#37(+37(&$C'+,&++'%'$,(584<(;(_o=(K<(C4(97#9#+'7(3$(,43P(2E&$,57^,(
$#%&$4<(584<(;(/Uon_o?(+#&,(/_o=(.'+(_o(7'975+'$,'$,("'(B3E#$(499'<<'(<'(:$%b"
9Y6-:;'<:"';(8=(i$(4(<4(@#7%3<'e(

<=>?.±ë≤≥¥9µ∂¥.≥∑∏≤≥π∫. % .ªπºΩ.±ë≤≥¥9µ∂¥.µ9æ∫. _ .ªπºΩ.±ë≤≥ø∫π¥≤∑≥.aæ¿¡9µ9æg.
0#&,(∞ % d _ ¬e

"
"

"

0399#+#$+(B3E;(<4(@&$(2'(<E4$$5'?(<E&$@<4,&#$(754<&+5'(+#&,(2'(/Mo=(.'(C57&,4A<'(7',#37(
+37(&$C'+,&++'%'$,('+,(+'3<'%'$,(2'(Mo=(
0&(<'(97^,'37(4C4&,("#77'",'%'$,(4$,&"&95(<E&$@<4,&#$(&<(4374&,(2'%4$25(23(/Xo(;(
<E'%973$,'37(e(<E&$@<4,&#$($#$(4$,&"&95'(4(7'2&+,7&A35(2'+(7'C'$3+(23(97^,'37(C'7+(
<E'%973$,'37=(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
! i$(2&,(B3'(<'+(_o(&$&,&43P(7'975+'$,'$,(<'(:$%b"9,6-:;'<:"(b"$-:("S4C4$,(
754<&+4,&#$(2'(<E&$@<4,&#$W=(1E'+,(<'(7(B3&(499474t,(24$+(<4(@#7%3<'(975"52'$,'=(
! .'+(Mo(754<&+5+(7'975+'$,'$,(<'(:$%b"9,6-:;'<:"(b"K?):"S4976+(754<&+4,&#$(2'(
<E&$@<4,&#$W=(
89:;.∞Ö^9d∂^.Ö¨™∞ÖÜf. % .¬aeÑ.ÜÖ^eg _ .ƒaÜÖ^∞ò∞Ø9g % .√E. _ .`uE. % .`√E."
≈Ü≠Ñ.∞Ö^9d∂^.Ö¨™∞ÖÜf % .¬aeÑ.بÆ^g . _ .ƒae∆∆eò^∞∆g . % .¶E. _ .`¶E. % .`√E.

K<(@43,(4D#3,'7(B3E3$'(&$@<4,&#$(5<'C5'(',(%4<(4$,&"&95'(947(<'+(48'$,+(5"#$#%&B3'+(7'$2(<'37+(
25"&+&#$+(2E&$C'+,&++'%'$,(2&@@&"&<'+=(
.'(,43P(2E&$@<4,&#$(2'(<E4$$5'(,(;(<E4$$5'(,n/('+,(25@&$&("#%%'(e(
] .Å] .
¬^D^è` . % . ^ú`] ^ ."#|(]^ "'+,(<'($&C'43(85$574<(2'+(97&P('$(<E4$$5'(,=(
^

"

a('=6-?8?O6("
O(X;[8$:6?-(e("#77'+9#$2(;(3$(,43P(2g&$@<4,&#$($584,&@?(2#$"(<'($&C'43(85$574<(2'+(97&P(2&%&$3'=(
O(X;)6-[8$:6?-(e(+&,34,&#$(24$+(<4B3'<<'(<'(,43P(2g&$@<4,&#$(2&%&$3'?(2#$"(<'($&C'43(85$574<(2'+(97&P(
438%'$,'?(%4&+(&<(438%'$,'(2'(%#&$+('$(%#&$+(C&,'=(
O(jCK('6-[8$:6?-(e(&$@<4,&#$(,76+(@#7,'=(
(
J?==(-:">$8>%8('"8("-6&($%"O;-;'$8"9()"K'6bW"
0&(,#3+(<'+(Z)0(5,4&'$,("#$+#%%5+(24$+(<'+(%^%'+(B34$,&,5+?(<'($&C'43(85$574<(2'+(97&P(+'74&,(
+&%9<'%'$,(<4(%#J'$$'(2'+(97&P(2'+(Z)0=(1'($E'+,(5C&2'%%'$,(94+(<'("4+(',(&<(@43,("4<"3<'7(3$'(
%#J'$$'(9#$2575'(947(<E&%9#7,4$"'(7'<4,&C'(2'+(2&@@57'$,+(Z)0=(
1',,'(&%9#7,4$"'(7'<4,&C'(9'3,(^,7'("4<"3<5'(9#37(3$'(4$$5'(2#$$5'(S4$$5'(2'(A4+'W?(#$(#A,&'$,(
4&$+&(3$(6-96>("9("5$)K(C'()=(d$('P'%9<'('$('+,(<E&$2&"'(2'+(97&P(;(<4("#$+#%%4,&#$(SL#JW=(
.E&%9#7,4$"'(7'<4,&C'(9'3,(^,7'("4<"3<5'(9#37(<E4$$5'('$("#37+?(#$(#A,&'$,(3$(6-96>("9("#$$)>B(=(d$(
'P'%9<'('$('+,(<'(9;[8$:(%'"9%"#LM=(i$(25,4&<<'(<'(25@<4,'37(',(<EKY1(e(
o 5("9;[8$:(%'"9%"#LM"
h&P#$+(3$'("'7,4&$'(4$$5'(28("#%%'(A4+'=(.'(YKZ($#%&$4<('$(28.'+,(584<(43(YKZ(75'<('$(,U=(
0399#+#$+(B3'(<'(YKZ($#%&$4<('$(28. _ .5(+#&,(+3957&'37(43(YKZ(75'<(2'(<4(%^%'(4$$5'=(.'+(
B34$,&,5+(5,4$,(<'+(%^%'+(24$+(<'+(2'3P('P97'++&#$+?("',,'(2&@@57'$"'(C&'$,(2'(<E5C#<3,&#$(
2'+(97&P=(1'<4(%#,&C'(<4(25@&$&,&#$(+3&C4$,'(e(
a]bc.Ö¨™∞ÖÜf.eÖ.^g
«9/*)2+,-.»,.Fàâ.+1.2. % .
7 `uu.
a]bc.d9ef.eÖ.^g
0#&,(e(
«9/*)2+,-.»,.Fàâ.+1.2. % . Ø^ . % .
"

^
…ÀØ^u
∞...  ∞ Ã

7 `uu"

J?==(-:$6'()"
#
#
#
#

(

…aØ^∞...  ^∞ g

.'(25@<4,'37(%'+37'(<'($&C'43(85$574<(2'+(97&P(2'(Z)0(@&$4<+(97#23&,+(+37(<'(
,'77&,#&7'(23(94J+("#$+&2575=(
0#$($&C'43('+,(47A&,74&7'(',(@&P5(;(/UU(9#37(<E4$$5'(2'(A4+'(S,UW=(
0'3<'(+#$(5C#<3,&#$(4(3$(+'$+(5"#$#%&B3'(',("#$+,&,3'(3$'(%'+37'(2'(
<E&$@<4,&#$=(
Y47@#&+(#$(97'$2(3$(25@<4,'37(584<(;(/(9#37(<E4$$5'(2'(A4+'(S#$($'(%3<,&9<&'(
94+(947(/UU(24$+(<4(@#7%3<'W=(
(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
Vb(=K8("."N"24$+(3$'(5"#$#%&'(+&%9<&@&5'?(#$(97#23&,(a(A&'$+?($#,5+(c?(Z?(1=(!$,7'(,U(',(,/?(<'"97&P(2'(c(
4(438%'$,5(2'(/Uo?("'<3&(2'(Z(2'(aUo(',("'<3&(2'(1('+,(7'+,5(+,4A<'="[3'<<'(4(5,5(<E&$@<4,&#$("',,'(
4$$5'(<;(\"
i$($'(9'3,(759#$27'(+&(#$($'("#$$4t,(94+(<E&%9#7,4$"'(7'<4,&C'(2'(":4B3'(97#23&,(24$+(<'(YKZ=(.'+(2#$$5'+(
+#$,(e(
U(
U
/(
/(
(
[
Y(
[
Y
Z&'$(c(
/U(
/U(
//(
//(
Z&'$(Z(
XU(
MU(
XU(
MX(
Z&'$(1(
/U(
aU(
/Q(
aU(
(
d$'(A#$$'('+,&%4,&#$(23($&C'43(85$574<(2'+(97&P($#3+('+,(2#$$5'(947(<'(25@<4,'37=(
(
U U(
/ /
U /(
(
Y[
Y ([ (
Y[
Z&'$(c(
/UU(
/M/(
//U(
Z&'$(Z(
/MUU(
/QXU(
/MUU(
Z&'$(1(
aUU(
_QU(
_QU(
i$(97'$2(<E4$$5'(U("#%%'(A4+'(e(

@AB.1£Õ01)*.+1.8. % .588. _ .5?88. _ .j88. % .5<88.
Fàâ.1£Õ01)*.+1.5. % .5?5. _ .5s<8. _ .>s8. % ?5j5.
Fàâ.-9+*.+1.8 % Fàâ.1£Õ01)*.+1.8. % .5<88.
Fàâ.-9+*.+1.5. % .558. _ .5?88. _ .>s8. % .5t<8.
«9/*)2+,-.+1.28. % .588.
.?5j5
Œ9∆fÜ^e≠d.eÖ.^`. %
7 .588. % .`¶`D uœE(
5t<8
5,6-[8$:6?-"$";:;"9("0.Z1@r"
"
Vb(=K8("0"N"7',#37(;(<E'P'%9<'(23(/=/=?(A4+'(e(4$$5'(/=(
(
c$$5'(/(
c$$5'(M(
c$$5'(a(

YKZ($#%&$4<
MX(
QM(
QM(

(

YKZ(75'<(
MX(
MX(
QM(

G5@<4,'37
/UU(
MUU(
/UU(

(

(
o 5,6-96>("9()"K'6b"S"8$">?-)?==$:6?-"FL#JH"
i$(<g#A,&'$,('$("4<"3<4$,(<'(97&P(2g3$(94$&'7(2'(A&'$(',(2'(+'7C&"'(@&$43P(947(3$(%5$48'(7'975+'$,4,&@(
S#$(7523&,(<4(+#"&5,5(;(3$('$+'%A<'(7'975+'$,4,&@W=(
1'+(Z)0(9'3C'$,(^,7'(@4A7&B35+('$(h74$"'(#3(&%9#7,5+=(!$(h74$"'?("'(94$&'7('+,(#784$&+5('$(/M(
@#$",&#$+(2'("#$+#%%4,&#$+(e(
/=(.g4<&%'$,4,&#$(
M=(.'+(Z#&++#$+(c<"##<&+5'+(',(<'(>4A4"+(
a=(j4A&<<'%'$,(
_=(.'(.#8'%'$,(
Q=(L'3A<'+(',(!B3&9'%'$,+(L5$48'7(
X=(.4(04$,5(
T=(.'(>74$+9#7,(
V=(.4(1#%%3$&"4,&#$(
N=(.#&+&7+(',(13<,37'(
/U=(!23"4,&#$(
//=(j`,'<<'7&'?(14@5?(f'+,4374,&#$(
/M=(c3,7'+(Z)0(

(

(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
c(<4(24,'(,U(S4$$5'(2'(A4+'W?("'(94$&'7(7'975+'$,4,&@("#%97'$2(B3'<B3'+(%&<<&'7+(2'(Z)0=(i$($#,'(<4(
B34$,&,5("#$+#%%5'(23(A&'$(S#3(+'7C&"'W(&(947(CDEF=(
.'(97&P(23(94$&'7(9#37(<E4$$5'(,('+,(G HJI  
. ^u
∞ ".
… Ø^  
. ^u .

Y#37(25@&$&7(3$(&$2&"'(#$("4<"3<'(… Ø^u∞  . ∞^u. 7 `uu"
∞

∞

.E&$2&"'(975"52'$,('+,(3$(&$2&"'(2'(.4+9'J7'+=(K<(%'+37'(<g5C#<3,&#$(23(97&P(23(94$&'7(2'(Z)0(
"#$+#%%5(<#7+(2'(<g4$$5'(2'(A4+'(,Ö=(
(
Vb(=K8(()6=K86[6;"$&(>"D"Mef(e(<#8'%'$,(S.W?($#377&,37'(SbW?(',(,74$+9#7,(S>W=(.'+(97&P(2'+(,7#&+(Z)0(
<#7+(2'(2'3P(4$$5'+(SU(',(/W(+#$,(<'+(+3&C4$,+(e(
(
(
9(U(
9(/(
.(
/UU(
//U(
b(
/(
M(
>(
Q(
/U(
(
i$("#$+&267'(<'(94$&'7(7'975+'$,4,&@(– û % a—D rD !g % a5D588D58g=(14<"3<#$+(<EKY1('$(U(',('$(/=(
(
(
9UBU(
9/(BU(
.(
/UU(
//U(
b(
/UU(
MUU(
>(
QU(
/UU(
^"
MQU(
_/U(
L#J"
/UU(
/X_(
c&$+&(&<(J(4('3(3$'(6-[8$:6?-(2'(R3r('$,7'(<'+(4$$5'+(U(',(/=(
(
" J?==(-:$6'()")%'"8,L#J"N"
K<('+,(2&@@&"&<'(2'(C#3<#&7(7'975+'$,'7(947(3$(":&@@7'(3$&B3'(<E5C#<3,&#$(23("#},(2'(<4(C&'=(.EKY1(
7'975+'$,'(3$'(%#J'$$'(',('+,(&$"494A<'(2'(%#$,7'7(<4(2&C'7+&,5(2'+(%#2'+(2'(C&'=(1E'+,(9#37B3#&(&<(
'+,(+#3C'$,("#$,'+,5=(c&$+&(947('P'%9<'(A'43"#39(2'(9'7+#$$'+(k85'+($E4":6,'$,(94+(A'43"#39(23(
+'7C&"'(,5<5"#%%3$&"4,&#$(2#$,(<'+(97&P(#$,(+#3C'$,(A4&++5=(.4(:43++'(23("#},(2'(<4(C&'(9#37('<<'+('+,(
'@@'",&C'%'$,(9<3+(@#7,'(B3'($'(<'(<4&++'(499474t,7'(<EKY1=(G'(9<3+(<'("#$+#%%4,'37('+,(,76+(%47B35(
947(<4(:43++'(2'+(97&P(+37(<'+(4":4,+("#374$,+(S4<&%'$,4,&#$W(%4&+(&<(u#3A<&'v(<4(A4&++'(2#$,(&<(4(97#@&,5(
+37("'7,4&$+(97#23&,+=(04(9'7"'9,&#$(2'(<E&$@<4,&#$(2&@@67'(2'(<4(%'+37'(B3E'$(2#$$'(<EKY1=(
(
K<<3+,7#$+("'(9#&$,('$("#$+&2574$,(3$(%5$48'(7'975+'$,4,&@(',(2'3P(A&'$+=(.'(%5$48'("#$+#%%'(//U(3$&,5+(
2E3$(A&'$(u(4<&%'$,4,&#$(v(947(4$=(K<("#$+#%%'(/(3$&,5(2E3$(A&'$(w5<'",7#$&B3'x(,#3+(<'+(,7#&+(4$+=(
F6H"X;[6-6'"8("K$-6('"+%6"'(K';)(-:("8$">?-)?==$:6?-"$--%(88("9%"=;-$O(4"J$8>%8('"8$"&$'6$:6?-"F(-"rH"
9%"K'6b"9(">B$+%("76(-"(-:'("0113"(:"011P4"
Y4$&'7(7'975+'$,4,&@(9#37(/(4$(“ % a558” 5hjg(
.'(97&P(23(A&'$(4<&%'$,4,&#$('+,(u(/(v('$(MUU_(',(u(M(v('$(MUUQ=(
.'(97&P(23(A&'$(5<'",7#$&B3'('+,(u(/MUU(v('$(MUU_(',(u(NUU(v('$(MUUQ=(
FçGûûy % 5(q.FçGûû‘ % ?((%(

’÷ABB} Å’÷ABB◊

%.

GÅ:

’÷ABB}
:
’öABB◊ Å’öABB}

FêGûûy % 5?88((q(FêGûû‘ % l88(%

’öABB}

% 5 % 588E(

%

ÿûûÅ:Gûû
:Gûû

%

ÅŸûû
:Gûû

% 4?sE(

F66H"J$8>%8('"8(">?t:"9%"K$-6('"9("F6H"K?%'"0113"K%6)"011P4"V-"9;9%6'("8(":$%b"9,6-[8$:6?-"9$-)">(::("
;>?-?=6(4"T%("K'?%&(">(:"(b('>6>("+%$-:"S"8$"K('>(K:6?-"9("8,6-[8$:6?-"K$'"8()"=;-$O()W"
J?t:"9%"K$-6('"(-"0113(e(5k558 _ 5?88k 5⁄j % €`u(
J?t:"9%"K$-6('"(-"011P(e(?k558 _ l88k 5⁄j % €¶u(
àF" % s?8⁄s58k588 % 58?(((((L-[8$:6?-"9("0r"
.'(97&P(23(A&'$(4<&%'$,4,&#$('+,(%3<,&9<&5(947(M(4<#7+(B3'(<'(97&P(23(A&'$(5<'",7#$&B3'('+,(2&%&$35(2'(MQo(
"'9'$24$,(+&(#$(+'(7'@4&7'(;(<gKY1(9#37(5,32&'7(<g438%'$,4,&#$(2'+(97&P?('<<'($g'+,(B3'(2'(Mo=(G#$"(&"&(<gKY1(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
7'@<6,'(%4<(<g438%'$,4,&#$(23(A&'$(4<&%'$,4,&#$?(#$("#%97'$2(B3'("',,'(&$2&"'(93&++'(^,7'("#$,'+,5?(93&+B3g&<(
$'(7'@<6,'(94+(947@4&,'%'$,(<4(C47&4,&#$("#$+,4,5'(2'+(97&P(947(<'+("#$+#%%4,'37+=(!$('@@',(3$("#$+#%%4,'37(
<4%A24(+'74(9<3+(4@@'",5(947(3$'(438%'$,4,&#$(2'(97&P(2g3$(A&'$(B3E&<(4":6,'(B34+&%'$,(,#3+(<'+(D#37+(B3'(947(
<4(2&%&$3,&#$(23(97&P(2g3$(A&'$(B3g&<(4":6,'(9<3+(747'%'$,=(

X6[[;'(->()"(-:("8("9;[8$:(%'"9%"#LM"(:"8,L#J"
5("9;[8$:(%'"9%"#LM(%'+37'(<'($&C'43(85$574<(2'+(97&P(2'(,#3+(<'+(Z)0(@&$43P(97#23&,+(+37(<'(,'77&,#&7'(
$4,&#$4<=(&<('+,("4<"3<5('$(97'$4$,("#%%'(9#$2574,&#$(<'+(B34$,&,5+(2'(<g4$$5'("#374$,'=(
(
G%H^I... ‹¥≤ g
7 `uu"
¥
…ÀØ^u
∞... ‹≤ Ã
"
! "9#$2574,&#$"{"B34$,&,5+(2'(<g$--;(">?%'$-:("
5,L#J"%'+37'(<'($&C'43(85$574<(2'+(97&P(2'+(Z)0(S2g#|(B3g&<+(97#C&'$$'$,W(4":',5+(947(<'+(+'3<+(
%5$48'+=(K<('+,("4<"3<5('$(97'$4$,("#%%'(9#$2574,&#$(<'+(B34$,&,5+(2'(<g4$$5'(2'(A4+'=(
(
… Ø^∞ .‹¥u
≤ .
7 `uu"
^u
… Ø∞ .‹¥u
≤ .
"
! 9#$2574,&#$"{"B34$,&,5(2'(<g$--;("9("7$)((

M= A;:B?9()"9,$-$8C)("9("8$"=$>'?;>?-?=6("
.4(%4"7#O5"#$#%&'('+,(3$'(A74$":'(2'(<4(+"&'$"'(5"#$#%&B3'=(1'<<'O"&(+E4993&'(+37(3$'(25%47":'(
+"&'$,&@&B3'(e(
.4 i$(#A+'7C'(',(#$(25"7&,(<'+(2#$$5'+(S5"#$#%&B3'+W=(
04 i$(":'7":'(;('P9<&B3'7("'+(2#$$5'+(',(<'(@#$",&#$$'%'$,(2'(<g5"#$#%&'('$("#$+,73&+4$,(2'+(
,:5#7&'+('P9<&"4,&C'+=(
D4 i$("#$@7#$,'(<'+(9752&",&#$+(2'(<4(,:5#7&'(43P(2#$$5'+=(
34 !C'$,3'<<'%'$,(#$(":'7":'(;(975C#&7(<g5C#<3,&#$(@3,37'(2'+(C47&4A<'+(5"#$#%&B3'+=(
.E5,49'(/(7'9#+'($#,4%%'$,(+37(<4("#%9,4A&<&,5($4,&#$4<'=(.'+(5,49'+(M(',(a(7'9#+'$,(+37(<E3,&<&+4,&#$(
2'(%#26<'+=(
!$(5"#$#%&'("#$,74&7'%'$,(;(<4(9:J+&B3'?(#$($'(9'3,(94+(@4&7'(2E'P957&'$"'+=(0#3C'$,("E'+,(
<4(C'$3'(2'("7&+'+(%4<('P9<&B35'+(947(3$'(,:5#7&'(B3&(@4&,(B3'("',,'(,:5#7&'('+,(7'%&+'('$("43+'(',(
2594++5'=(c&$+&(<'+("7&+'+(2'+(4$$5'+(/NaU(',(/NTU(7'%',,'$,('$(B3'+,&#$(<'+(,:5#7&'+(2#%&$4$,'+(;(
"'(%#%'$,(<;(e(
! ,:5#7&'($5#O"<4++&B3'(4C4$,(<'+(4$$5'+(/NaU(
! ,:5#7&'(H'J$5+&'$$'(2'(/N_Q(;(/NTU(S1@=(@&$(23(":49&,7'W(
(
`-$8C)("K?)6:6&("&(')%)"$-$8C)("-?'=$:6&("
! Y#&$,(2'(C3'(9#+&,&@(e(4$4<J+'(2'("'(B3&('+,(S@4&,+W"
!P'%9<'+(2E4@@&7%4,&#$+(9#+&,&C'+(e(
" 438%'$,'7(<'(,43P(2g&$,57^,+('$"#3748'(<'+(%5$48'+(;(59478$'7(
" +3&C7'(3$'(9#<&,&B3'(%#$5,4&7'(7'+,7&",&C'(2597&%'(<g4",&C&,5(5"#$#%&B3'(
" 3$'(&$@<4,&#$($#$(4$,&"&95'(,74$+@67'(2'+(7'C'$3+(2'+(97^,'37+(C'7+(<'+(
'%973$,'37+=(
! 9#&$,(2'(C3'($#7%4,&@(e(4$4<J+'(2'("'(B3&(2'C74&,(^,7'(SD38'%'$,(2'(C4<'37W(
" <'(,43P(2g&%9#+&,&#$(2'+(%5$48'+(943C7'+(2'C74&,(^,7'(9<3+(@4&A<'(2'+(
%5$48'+(7&":'+(
" <'+(A5$5@&"&4&7'+(23(fLK(2'C74&'$,(@4&7'(2'+(,74C43P(2g&$,57^,(85$574<=(
J(")?-:"9()"*%O(=(-:)"9("&$8(%'4"

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(

04.4 A?9G8()";>?-?=6+%()"
d$(%#26<'('+,(3$'(7'975+'$,4,&#$(+&%9<&@&5'(23(%#$2'(75'<(B3&('+,(3,&<&+5('$(C3'(2g'P9<&B3'7(#3(2'(
9752&7'(2&@@57'$,+(9:5$#%6$'+=(
K<(J(4(M(,J9'+(2'(C47&4A<'+(e(
$ <'+(C47&4A<'+((b?OG-() C&'$$'$,(2'(<E'P,57&'37(23(%#26<'(q('<<'+('$(+#$,(<'+(6-K%:)=(
$ <'+(C47&4A<'+((-9?OG-() C&'$$'$,(2'(<E&$,57&'37(23(%#26<'(q('<<'+(+#$,('P9<&B35'+(947(
"'<3&O"&(',(+#$(<'+(?%:K%:)=(

_$'6$78("(b?OG-()"%
%"A?9G8("%
%"_$'6$78()"(-9?OG-()"
Vb(=K8(U(b('>6>((e(#$(C'3,("#$+,73&7'(3$(%#26<'(23(%47":5(2'(<4(@74&+'=(.'+(C47&4A<'+(+3&C4$,'+(+#$,(
'<<'+('$2#86$'+(#3('P#86$'+(\(
L5,5#?(97&P(2'+(@74&+'+?(<58&+<4,&#$(23(,74C4&<?(8#},(2'+("#$+#%%4,'37+?(B34$,&,5(5":4$85'(2'(@74&+'+?(97&P(2'+(
@74%A#&+'+?(7'C'$3(2'+("#$+#%%4,'37+?($#%A7'(2'(97#23",'37+(2'(@74&+'+=(
(
L5,5#(
!P#86$'(
Y7&P(2'+(@74&+'+(
!$2#86$'(
.58&+<4,&#$(23(,74C4&<(
!P#86$'(
*#},(2'+("#$+#%%4,'37+(
!P#86$'(
[34$,&,5(5":4$85'(2'(@74&+'+(
!$2#86$'(
Y7&P(2'(@74%A#&+'+(
!P#86$'(
f'C'$3(2'+("#$+#%%4,'37+(
!P#86$'(
!P#86$'(](!$2#86$'(
b#%A7'(2'(97#23",'37(2'(@74&+'+(
S1>W(O(S.>W(
1>(e(1#37,(,'7%'(-(.>(e(.#$8(,'7%'(
(

K<('P&+,'(96[[;'(-:)"=?9G8()"=$>'?U;>?-?=6+%()(+'<#$("'(B3'(<E#$(":'7":'(;('P9<&B3'7(e(
! 5("=?9G8("-;?U>8$))6+%("S"K'6b"[8(b678(e(4&$+&?(3$(%#26<'('P9<&"4,&@(2'(<4("7#&++4$"'(
2'(.>($'(":'7":'(94+(@#7"5%'$,(;('P9<&B3'7(<'+(@<3",34,&#$+(2'(1>=(d$'(2'+(
:J9#,:6+'+(&%9#7,4$,'+('$(%4"7#O5"#$#%&'('+,(<4(C&,'++'(4C'"(<4B3'<<'(97&P(S',(
+4<4&7'+W(+E4D3+,'$,=(i$(9'3,(+399#+'7(B3'(<'+(97&P(+#$,(@<'P&A<'+(',(+E4249,'$,(9#37(
5B3&<&A7'7(<E#@@7'(',(<4(2'%4$2'(+37(<'+(%47":5+=(
! 5("=?9G8("-;?Um(C-;)6(-"S"K'6b"'6O69( e("'9'$24$,(<E:J9#,:6+'(2'(@<'P&A&<&,5(2'+(97&P(
$E'+,(94+(,#3D#37+(754<&+,'=(G4$+(<4(754<&,5(<'+("#$2&,&#$+(":4$8'$,(2'(@4y#$(
9'7%4$'$,'(',(<'+(97&P(%',,'$,(3$("'7,4&$(,'%9+(4C4$,(2'(+EJ(4249,'7(e(&<(J(4(2'+(
7&8&2&,5+=(Y#37(5,32&'7(<'+("#$+5B3'$"'+(2'("'+(7&8&2&,5+?("'7,4&$+(%#26<'+(@#$,(
<E:J9#,:6+'(2'(97&P(@&P'+(S#3(97&P(7&8&2'+W=(
T%(8"():"8("=?9G8("8("K8%)"';$86):("N"K'6b"[8(b678()"?%"K'6b"'6O69()"W"
.'(%#26<'(;(97&P(7&8&2'+('+,(3,&<'(9#37(5,32&'7(<E&%94",(;("#37,(,'7%'(2E3$(":4$8'%'$,('P#86$'=(.'(
%#26<'(;(97&P(@<'P&A<'+('+,(3,&<'(9#37(5,32&'7(<E&%94",(;(9<3+(<#$8(,'7%'(23(%^%'(":4$8'%'$,(S"g'+,O
;O2&7'(3$'(@#&+(<'+(4D3+,'%'$,+(754<&+5+W=(G4$+(<4(754<&,5?(<'+(97&P(+#$,('$(9'795,3'<(4D3+,'%'$,(e(#$('+,(
,#3D#37+('$,7'("#37,(,'7%'(',(<#$8(,'7%'=(
Y47@#&+(2&@@57'$,+(%#26<'+(+#$,('$("#$"377'$"'(9#37('P9<&B3'7(<'(%^%'(9:5$#%6$'=(0'3<'(<4(
"#$@7#$,4,&#$(43P(2#$$5'+(9'3,(9'7%',,7'(2'(,74$":'7=(
G'93&+(<'+(4$$5'+(/NVU?(#$(2#$$'(2'(9<3+('$(9<3+(2'(A4+'+(%&"7#O5"#$#%&B3'+(43P(%#26<'+(
%4"7#5"#$#%&B3'+=(Y#37("'<4(#$(2#,'(<'+(%#26<'+(%4"7#O5"#$#%&B3'+(2E48'$,+(5"#$#%&B3'+(
S"#$+#%%4,'37+?('$,7'97&+'+?(!,4,W(B34<&@&5+(2'(7'975+'$,4,&@+(',(B3&(%4P&%&+'$,(<'37(3,&<&,5=(
.E#AD'",&@('+,(2'(7'$27'(<'+(%#26<'+(%4"7#O5"#$#%&B3'+(9<3+(7&8#37'3P(+37(<'(9<4$(@#7%'<=((
(
(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
E-"(b(=K8("9("=?9G8("N"8("=?9G8("?[['(U9(=$-9("
i$("#$+&267'(<'(%47":5(2E3$(A&'$(947,&"3<&'7(e(<4(9&RR4=(i$(+399#+'(B3'(<'+(97&P(+#$,(@<'P&A<'+=(i$(C'3,(
'P9<&B3'7("'(B3&(25,'7%&$'(+#$(97&P(',(<4(B34$,&,5(5":4$85'=(
i$(5"7&,(<4(2'%4$2'(2'(9&RR4(+#3+(<4(@#7%'(e((
KL. % .“a›£Z2fiD F-0nfl‡··ç D 2+Õ‚fiD F-0nç„é‰ôÂ.ê‡ô; D Ê+(+1,g(
i$($'("#%9,4A&<&+'(94+(<'+(8#},+?(<'(,'%9+(',(<'(97&P(2'+(43,7'+(A&'$+("47("'(+#$,(2'+(C47&4A<'+(
'P#86$'+?(2E#|(e(
“». % .“a.F-0nfl‡··ç D Ê+(+1,g(q(#$($#,'(Á % Ê+(+1,',(]Ø % F-0nfl‡··ç (
“»('+,(<4(B34$,&,5(2'(9&RR4(B3'(<'+("#$+#%%4,'37+(+#3:4&,'$,(4"B357&7('$(@#$",&#$(2'(2&@@57'$,+(
9474%6,7'+(e(97&P(2'(<4(9&RR4(]Ø(',(7'C'$3(8<#A4<(2'+("#$+#%%4,'37+(u=(
(
p-"[$6:"8()"BCK?:BG)()")%6&$-:()"N(
! G('+,(3$'(@#$",&#$(25"7#&++4$,'(2'(]Ø?(3$(97&P(5<'C5(2&%&$3'(<4(B34$,&,5(2'%4$25'=(
! G('+,(3$'(@#$",&#$("7#&++4$,'(2'(Á(e(3$(7'C'$3(9<3+(5<'C5(438%'$,'(<4(B34$,&,5(
2'%4$25'=(
i$(7'975+'$,'(<4(2'%4$2'(G(24$+(<'(9<4$(a–‚D ‚‚g(9#37(3$(q(2#$$5=(
(

$ 1#37A'(2'(9(=$-9((
(
(
(
(

Ffl (
Y7&P(=6-6=%=(43B3'<(<'+(
"#$+#%%4,'37+(+#$,(97^,+(;(
4":','7(3$(A&'$(

(
(
(
(
“fl (
.#7+B3'(Ffl .(C47&'?(“Ë .(C47&'?("E'+,(3$(259<4"'%'$,(<'(<#$8(2'(<4("#37A'=((
(
i$(5"7&,(<E#@@7'(2'(9&RR4(+#3+(<4(@#7%'(e(
“£. % .“aFfl D FÈ g((FÈ % .F-0n.»+fi./)Í2+,-fi.»+.‚-£»,Í20£1fi(
“£('+,(<4(B34$,&,5(2'(9&RR4(B3'(<'+(97#23",'37+(+#3:4&,'$,(C'$27'('$(@#$",&#$(2'(2&@@57'$,+(
9474%6,7'+(e((
97&P(2'(<4(9&RR4(F‚(
97&P(23(@7#%48'(7k95=(
"
"

.E#@@7'('+,(3$'(@#$",&#$("7#&++4$,'(2'(F‚(e(3$(97&P(9<3+(5<'C5(@4&,(B3g&<('+,(7'$,4A<'(9#37(<'+(
97#23",'37+(2'(97#23&7'(9<3+=(
.E#@@7'('+,(3$'(@#$",&#$(25"7#&++4$,'(2'(FÈ e(3$(97&P(23(@7#%48'(7k95(9<3+(5<'C5(@4&,(B3'(<'+(
97#23",'37+(25+&7'$,(97#23&7'(%#&$+=(
(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
i$(7'975+'$,'(<E#@@7'(24$+(<'(9<4$(%KM+ @M((9#37(3$(@N (2#$$5=(

$ 1#37A'(2E?[['((
(
(

@O (
Y7&P(=$b6=%=(43B3'<(<'+(
97#23",'37+(+#$,(97^,+(;(
C'$27'(<'(A&'$(
(

(
(
(
(
(
(

KO (

(
[3'<<'+(+#$,(<'+(C47&4A<'+('$2#86$'+(\(
%(97&P(2'(<4(9&RR4?(B34$,&,5(2'(9&RR4(

[3'<<'+(+#$,(<'+(C47&4A<'+('P#86$'+(\(
%(97&P(23(@7#%48'?(7'C'$3(2'+("#$+#%%4,'37+(<4(@#$",&#$(U?(<4(@#$",&#$(G(

.E5B3&<&A7'(+'(+&,3'(;(<E&$,'7+'",&#$(2'+(2'3P("#37A'+=(
(
(
@O (
(
(
(
(
(

@P (

(
(

KP(

KO (

1E'+,(<E3$&B3'(9#&$,(#|(&<(J(4("#Ü$"&2'$"'('$,7'(+#3:4&,+(2'+("#$+#%%4,'37+(',(+#3:4&,+(2'+(97#23",'37+=(
(
(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
#?%'+%?6")%KK?)('"+%("8,;+%6867'("&$"<:'("$::(6-:"W"
0399#+#$+(B3'(9#37("'7,4&$'+(74&+#$+?(<'(97&P('+,(&$&,&4<'%'$,('$(2'++#3+(23(97&P(2E5B3&<&A7'=(
(

@O (

(
(
(
(
(

@P (
@(

(
(

KP(

KF (

(

KO (

KQ (

N"9(=$-9("(b>;9(-:$6'("

.4(B34$,&,5(2'%4$25'('+,(9<3+(@#7,'(B3'(<4(B34$,&,5(#@@'7,'(e(&<(J(4(74,&#$$'%'$,(2'(<4(2'%4$2'(',(
A'43"#39(2'("#$+#%%4,'37+(+#$,(97^,+(;(%',,7'(9<3+(2E478'$,(9#37(4":','7(<'(A&'$=(1'(
74,&#$$'%'$,(C4(9#3++'7(<'(97&P(C'7+(<'(:43,?(',("'(D3+B3E43(97&P(2E5B3&<&A7'=(
(
V:%9("9("8,6=K$>:"9(">B?>)"(b?OG-()"
0399#+#$+(B3'(<'(7'C'$3(2'+("#$+#%%4,'37+(438%'$,'=([3'(+'(94++'O,O&<(\(
(
[3'<(B3'(+#&,(@O ?(<'+("#$+#%%4,'37+(C'3<'$,(4":','7(9<3+(2'(9&RR4+(e(&<(J(4(259<4"'%'$,(2'(<4("#37A'(2'(
2'%4$2'=(

(
@O (

(
(
(
(
(
(
(
(

KO (
(
(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
.4("#37A'(2E#@@7'($E'+,(94+(4@@'",5'=(.'(75+3<,4,('+,(3$'(438%'$,4,&#$(23(97&P(2E5B3&<&A7'=(
(
@O (
(
(
(

c38%'$,4,&#$(23(
97&P(2E5B3&<&A7'(

(
(
(

KO (

c38%'$,4,&#$(2'(<4(B34$,&,5(5":4$85'(

0399#+#$+(B3'(<'(97&P(23(@7#%48'(A4&++'=([3'(+'(94++'O,O&<(\(
(
[3'<(B3'(+#&,(@O ?(<'+(97#23",'37+(C'3<'$,(97#23&7'(9<3+(2'(9&RR4+(e(&<(J(4(259<4"'%'$,(2'(<4("#37A'(2E#@@7'=(
(

@O (

(
(
(
(
(
(
(
c38%'$,4,&#$(2'(<4(B34$,&,5(5":4$85'(

KO (

.4("#37A'(2'(2'%4$2'($E'+,(94+(4@@'",5'=(.'(75+3<,4,('+,(3$'(438%'$,4,&#$(2'(<4(B34$,&,5(5":4$85'(
',(3$'(A4&++'(23(97&P(2E5B3&<&A7'=(
(
(
@O (
(
(
(
(

G&%&$3,&#$(23(
97&P(2E5B3&<&A7'(

(
(
(

c38%'$,4,&#$(2'(<4(B34$,&,5(5":4$85'(

KO (

(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(

a= E-("F:'G)H"7'G&("B6):?6'("9("8$"=$>'?;>?-?=6("
5()"K6?--6(')"N"8()"KBC)6?>'$:()"(:"8()">8$))6+%()4"
.'+(97'%&'7+(43,'37+(;(4C#&7("#$+&2575(<'(@#$",&#$$'%'$,(2'(<E5"#$#%&'('$(,4$,(B3E'$+'%A<'(+#$,(
2'+(5"#$#%&+,'+(h74$y4&+(23(25A3,(',(%&<&'3(23(rsKKK6%'(+&6"<'(e(<'+(9:J+&#"74,'+(S[3'+$4JW=(K<+(
&$,7#23&+'$,(<E&25'(2'("&7"3&,(5"#$#%&B3'(e(<'+(259'$+'+(2#$$'$,(<&'3(;(<4(97#23",&#$?(<4(97#23",&#$(
2#$$'(<&'3(;(2'+(7'C'$3+?(<'+(7'C'$3+(2#$$'$,(<&'3(;(2'+(259'$+'+?(',"=(
.'+(KBC)6?>'$:()(&$@<3'$"'$,(2E43,7'+(43,'37+("#$,'%9#74&$+(2'(<4(75C#<3,&#$(&$23+,7&'<<'(S/TQUO
/V_UWe(<'+(u("<4++&B3'+(v(e(c24%(0%&,:?(l'4$(Z49,&+,'(04J?(f#A'7,(L4<,:3+?(G4C&2(f&"472#(',(l#:$(
0,347,(L&<<=(1'3PO"&(5,32&'$,(<'+(25,'7%&$4$,+(2'(<4(97#23",&#$(2E3$(94J+?(<4("7#&++4$"'?(<4(
2&+,7&A3,&#$(2'+(7'C'$3+(',(<'("#%%'7"'(&$,'7$4,&#$4<=(.'+("<4++&B3'+(@#$,('$(85$574<("#$@&4$"'(24$+(
<'(<&A7'(@#$",&#$$'%'$,(2'+(%47":5+(9#37(4<<#3'7(<'+(7'++#37"'+(',(#784$&+'7(<'+(5":4$8'+(2'(@4y#$(
'@@&"4"'=(1E'+,(<4(u(%4&$(&$C&+&A<'(v=(
.'+(>8$))6+%()("#$+,73&+'$,(3$(%#26<'(24$+(<'B3'<(&<('P&+,'(,7#&+(%47":5+(e(S&W(<'(%47":5(2'+(A&'$+?(S&&W(
<'(%47":5(23(,74C4&<(',(S&&&W(<'(%47":5(2'(<4(%#$$4&'=(037(":4"3$(2'+(%47":5+(<4("#$@7#$,4,&#$(2'(
<E#@@7'(',(2'(<4(2'%4$2'(4A#3,&,(;(3$(5B3&<&A7'(87k"'(;(<E4D3+,'%'$,(2E3$'(C47&4A<'(947,&"3<&67'(e(<'(
+4<4&7'(9#37(<'(%47":5(23(,74C4&<?(<'($&C'43(2'+(97&P(9#37(<'(%47":5(2'(<4(%#$$4&'?(<'(,43P(2E&$,57^,(
9#37(<'(%47":5(2'+(A&'$+=(
G4$+("'("#$,'P,'?(&<($'(9'3,(94+(+'<#$(<'+("<4++&B3'+?(J(4C#&7(2'(+&,34,&#$(2'(+3797#23",&#$(e(<E4",&C&,5(
2'(97#23",&#$('+,(;(<E#7&8&$'(2E3$'(2&+,7&A3,&#$(2'(7'C'$3+(B3&(9'7%',(S23(@4&,(2'(<E4D3+,'%'$,(2'+(
2&@@57'$,+(97&PW(2E5"#3<'7(<'+(A&'$+(97#23&,+(S1@=(8749:&B3'W(
1',,'(97#9#+&,&#$('+,(75+3%5'(24$+(<4(<#&(2'+(25A#3":5+(2'(<E5"#$#%&+,'(l'4$(Z49,&+,'(04J(e(<E#@@7'(
"75'(+4(97#97'(2'%4$2'=(

(
(
!P9<&"4,&#$(23(8749:&B3'(e(<'+('$,7'97&+'+(97#23&+'$,(9#37(/UU(2'(Z)0(@&$4<+=(0399#+#$+(B3E'<<'+(2&+,7&A3'$,(2'+(+4<4&7'+(
9#37(XU(43P(+4<47&5+?(<'(7'+,'(S_UW(C4(43P(25,'$,'37+(23("49&,4<(+#3+(<4(@#7%'(2'(97#@&,+=(04<47&5+(',(25,'$,'37+(@#$,(947,&'(
2'+(%5$48'+(B3&(7'y#&C'$,(2#$"(3$(7'C'$3(2'(/UU=(0E&<($EJ(4(94+(59478$'("'(7'C'$3('+,('$,&67'%'$,("#$+#%%5(9#37(
4":','7(2'+(Z)0(975"&+5%'$,(;(:43,'37(2'(/UU=(.4(A#3"<'('+,(A#3"<5'=(

(

(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
(
G4$+(<'("427'("<4++&B3'?(<'(@4&,(B3'(<'+(%5$48'+(59478$'$,(S$'("#$+#%%'$,(94+W(3$'(947,&'(23(
7'C'$3($'("#$+,&,3'(94+(3$'(@3&,'(:#7+(23(+J+,6%'(B3&(9#3774&,("#%97#%',,7'(<4(<#&(2'+(25A#3":5+(e(
<E59478$'(+'7,(;(@&$4$"'7(<E&$C'+,&++'%'$,(2'+('$,7'97&+'+?(',('<<'($E'+,(2#$"(94+(;(<E#7&8&$'(2E3$'(
7523",&#$(2'(<4(2'%4$2'=(
(
(
(
(
(
(
(
(
(
(
!P9<&"4,&#$(23(8749:&B3'(e(<'+('$,7'97&+'+(97#23&+'$,(9#37(/UU(2'(Z)0(@&$4<+(',(2&+,7&A3'$,(2'+(+4<4&7'+(9#37(XU(43P(+4<47&5+(
',(<'(7'+,'(S_UW(43P(25,'$,'37+(23("49&,4<(+#3+(<4(@#7%'(2'(97#@&,+=(.'+(%5$48'+(B3&(7'y#&C'$,(2#$"(3$(7'C'$3(2'(/UU=(
0399#+#$+(B3E&<+("#$+#%%'$,(9#37(VU(',(59478$'(<'(7'+,'(SMUW=(1'+(MU(+#$,(9<4"5+(+37(<'(%47":5(2'+("49&,43P(',(@&$4$"'$,(
<E&$C'+,&++'%'$,(e(<4(2'%4$2'(,#,4<'(2'(Z)0('+,(584<'(;(VU(n(MU({(/UU(e(<4(A#3"<'('+,(A#3"<5'=(

.'+("<4++&B3'+(+#$,('$(85$574<('$(@4C'37(2E3$(7`<'(%&$&%4<(2'(<E!,4,?(947@#&+(B34<&@&5(2'(7`<'(u(
7584<&'$(v(e(D3+,&"'?(25@'$+'?(+5"37&,5(93A<&B3'(',("754,&#$(%#$5,4&7'=(0'<#$('3P?(<E!,4,('$(&$,'7C'$4$,(
,7#9(24$+(<'(+J+,6%'(5"#$#%&B3'(9#3774&,('%9^":'7(<'(A#$(4D3+,'%'$,(2'+(%47":5+=(Y47(4&<<'37+?(&<+(
97`$'$,(<E5B3&<&A7'(23(A328',(2'(<E!,4,=(
5()"-;?>8$))6+%()4"
c976+(/VQU?(<'+(4$4<J+'+(2'+("<4++&B3'+(+#$,(97#<#$85'+(947(2'+(43,'37+(,'<+(B3'(Ç&<<&4%(l'C#$+?(147<(
L'$8'7?(.5#$(Ç4<74+?(c<@7'2(Y47',#?(c<@7'2(L47+:4<<(',(c7,:37=(Y&8#3(e(<'+(u($5#O"<4++&B3'+(v=(1'3P("&(
@#7%4<&+'$,(<'+(&$,3&,&#$+(2'+("<4++&B3'+(;(<E4&2'(2'(%#26<'+(%4,:5%4,&B3'+=(l'C#$+(',(L'$8'7(
%',,'$,(43(9#&$,(<'(74&+#$$'%'$,(u(;(<4(%478'(v(S<E3,&<&,5(%478&$4<'W=(Ç4<74+("#$+,73&,(3$(%#26<'(
@#7%'<(2E5B3&<&A7'(85$574<(',('$(5,32&'(<'+(97#97&5,5+=(
5$">'6)("9()"$--;()".ID1Z"8("m(C-;)6$-6)=("(:"8$")C-:BG)("
.4("7&+'(2'+(4$$5'+(aU(C4(%',,7'(;(%4<(<'+(4$4<J+'+("<4++&B3'+(',($5#O"<4++&B3'+=(K<(J(4('$('@@',(2'(
@#7,'+(+3797#23",&#$+(2'(A&'$+(',(3$'(&%9#7,4$,'(%#$,5'(23(":`%48'(43P(!,4,+Od$&+(93&+('$(!37#9'(
+4$+(B3'(<'+(%5"4$&+%'+(43,#(O("#77'",'37+(23(%47":5(J(%',,'$,(@&$(749&2'%'$,=(
G4$+("'("#$,'P,'?(<E5"#$#%&+,'(l#:$(L4J$472(s(C-()(93A<&'('$(/NaX(3$(<&C7'(499'<5(u(>:5#7&'(
85$574<'(2'(<E'%9<#&?(2'(<E&$,57^,(',(2'(<4(%#$$4&'(v=(
(

(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
Ñ'J$'+(74&+#$$'(24$+(3$'(9'7+9'",&C'(2'("#37,(,'7%'=(K<(+399#+'(B3'(<'+(97&P(#$,(23(%4<(;(+E4D3+,'7(;(
<'37+(C4<'37+(2E5B3&<&A7'(Su(97&P(7&8&2'+(vW=(Ñ'J$'+(7'$C'7+'(<E4783%'$,4&7'(S$5#W("<4++&B3'('$(47834$,(
B3'("E'+,(<'($&C'43(2'(<4(2'%4$2'(B3&(25,'7%&$'(<4(97#23",&#$(',(<'($&C'43(2'(<E'%9<#&=(G'("'(@4&,(
<E&$,'7C'$,&#$(2'(<E!,4,?(947(<E&$,'7%52&4&7'(2'+(259'$+'+(93A<&B3'+?("#%9#+4$,'(2'(<4(2'%4$2'?(
7',7#3C'(3$'(3,&<&,5(9#,'$,&'<<'=(
!$(B3'<B3'+(4$$5'+?(<4(,:5#7&'(85$574<'(A#3<'C'7+'(<4(+"&'$"'(5"#$#%&B3'(',(24$+(<'+(4$$5'+(/NQU(
499474t,(3$("#$+'$+3+('$,7'(%4"7#5"#$#%&+,'+(B3&(&$,687'(<'+(&25'+(2'(Ñ'J$'+(',("'<<'+(
2E5"#$#%&+,'+($5#O"<4++&B3'+=(1E'+,(<4()C-:BG)(=(
1',,'(+J$,:6+'(42%',(<E&25'(+'<#$(<4B3'<<'(<4(,:5#7&'(Ñ'J$5+&'$$'('+,(C4<4A<'(;("#37,(,'7%'(4<#7+(B3'(
<4(,:5#7&'($5#O"<4++&B3'('+,(C4<4A<'(;(<#$8(,'7%'=(
Y47%&(<'+(8'$+(947,&"&94$,(;("',,'(+J$,:6+'?(l#:$(j&"H+(@#7%4<&+'(<'+(&25'+(2'(Ñ'J$'+(24$+(3$(%#26<'(
499'<5(1+8X!"$I4dHg=(h74$"#(L#2&8<&4$&?(l4%'+(>#A&$(',(L&<,#$(h7&'2%4$(4@@&$'$,(<'+(,:5#7&'+(4J4$,(
,74&,(;(<4(%#$$4&'(;(<4("#$+#%%4,&#$(',(;(<E&$C'+,&++'%'$,=(f#A'7,(0#<#I(97#9#+'(3$(%#26<'(2'(
"7#&++4$"'(S,76+(<#$8(,'7%'W(A4+5(+37(<E4""3%3<4,&#$(23("49&,4<?(<4("7#&++4$"'(25%#8749:&B3'(',(<'(
97#876+(,'":$&B3'=(1E'+,(<'(1+8X!"$8"$4+!+5=(
c3(25A3,(2'+(4$$5'+(TU?(<4(+J$,:6+'(97#9#+'(3$'(4$4<J+'(%4"7#5"#$#%&B3'("#:57'$,'(',(%4,37'=(
5$">'6)("9()"$--;()"@1"(:"8("'(:?%'"9()">8$))6+%()"K%')"
.'(%&<&'3(2'+(4$$5'+(/NTU(C#&,(<4(2&+947&,&#$(23("#$+'$+3+(e(4976+(<'(97'%&'7(":#"(95,7#<&'7?(2'(
$#%A7'3P(94J+(+#$,(C&",&%'+(2'(+,48@<4,&#$(S975+'$"'(+&%3<,4$5'(2'(":`%48'(',(2E&$@<4,&#$W("'(B3'(
$E477&C'$,(94+(;('P9<&B3'7(<'+(5"#$#%&+,'+(2'(<4(+J$,:6+'/=(Z&'$(B3'(<E'P9<&"4,&#$(+#&,(@#37$&'(9'3(2'(
,'%9+(4976+('$(97'$4$,('$("#%9,'(<E'@@',($584,&@(23(":#"(95,7#<&'7(+37(<E#@@7'(8<#A4<'(',(<'+(97&P?(<'+(
Ñ'J$5+&'$+(',(<'+(5"#$#%&+,'+(2'(<4(+J$,:6+'(+#$,(25"752&A&<&+5+(24$+(<E#9&$&#$=(c&$+&?(2'3P(
5"#$#%&+,'+(499'<5+(;(2'C'$&7("5<6A7'+?(f#A'7,(.3"4+(',(>:#%4+(0478'$,($#,'$,(B3'(u(<'+(
9752&",&#$+(2'(<E5"#$#%&'(Ñ'J$5+&'$$'(+#$,(97#@#$25%'$,(@43++'+(',("',,'(2#",7&$'('+,(
@#$24%'$,4<'%'$,(&$"#77'",'v=(
.'+(4$$5'+(TU(',(VU(C#&'$,(3$'(7549947&,&#$(2E3$'(5"#$#%&'(S$5#W("<4++&B3'(9<3+(u(937'(v=(.'+(
$#3C'43P("<4++&B3'+(Sf#A'7,(.3"4+?(f#A'7,(Z477#W(%',,'$,(<E4""'$,(+37(<'+(4$,&"&94,&#$+(74,&#$$'<<'+=(
0&(<'+(48'$,+(4$,&"&9'$,(74,&#$$'<<'%'$,(<'+(":4$8'%'$,+(B3&(&$,'7C&'$$'$,(24$+(<E5"#$#%&'?(<'+(
9#<&,&B3'+(A3285,4&7'+(',(%#$5,4&7'+(+#$,(&$'@@&"4"'+?(93&+B3'(<'+(48'$,+(<'+(97'$27#$,('$("#%9,'('$(
%#2&@&4$,(<'+(97&P(',(<'37+("#%9#7,'%'$,+(9'$24$,(B3'(<'+(":4$8'%'$,+(&$,'7C&'$$'$,=(
(
(
(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((
/
((1'3PO"&("7#&'$,(;(<E'P&+,'$"'(2E3$(47A&,748'('$,7'(<E&$@<4,&#$(',(<'(":`%48'(S"g'+,O;O2&7'(<E3$(#3(<E43,7'W(@#7%4<&+5(+#3+(<'(
$#%(2'("#37A'(2'(Y:&<<&9+(e(

(
1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
c&$+&?(<E5"#$#%&+,'(f#A'7,(Z477#("#$"<3,(;(<E&$'@@&"4"&,5(2E3$'(9#<&,&B3'(A3285,4&7'(B3&("#$+&+,'(;(
A4&++'7(<'+(&%9`,+(S+4$+(A4&++'(2'+(259'$+'+(93A<&B3'+W(9#37(7'<4$"'7(<4(2'%4$2'(e(<'+(48'$,+(
5"#$#%&B3'+?(4$,&"&94$,(3$'(@3,37'(:43++'(2'+(&%9`,+(9#37(5B3&<&A7'7(<'(A328',?($'(%#2&@&'$,(94+(
<'37("#%9#7,'%'$,(975+'$,(2'("#$+#%%4,&#$?($E'$,74t$4$,(94+(2E438%'$,4,&#$(2'(<4(2'%4$2'=(.4(
,:5#7&'(2'(Z477#('+,("<4&7'%'$,(3$'(u(47%'(v(4$,&(H'J$5+&'$$'=(
5()"$--;()".II1"(:"0111"
.'+(4$$5'+(/NNU(+#$,(%47B35'+(947(a("#374$,+(e(
<'+($#3C'43P(Ñ'J$5+&'$+(S*7'8#7J(L4$H&I?(*'#78'(cH'7<#@?(i<&C&'7(Z<4$":472W('++4&'$,(2'(
@#37$&7(2'+('P9<&"4,&#$+(;(<4(7&8&2&,5(2'+(97&P(24$+(<'("#37,(,'7%'=(
.'+(,:5#7&"&'$+(2'+("J"<'+(75'<+(S2E&$+9&74,&#$($5#O"<4++&B3'(e(!2I472(Y7'+"#,,W(+E4993&'$,(+37(
2'+(%#26<'+(#|(<'+(97&P(+#$,(@<'P&A<'+(%^%'(24$+(<'("#37,(,'7%'(9#37('P9<&B3'7(<'+(
@<3",34,&#$+(5"#$#%&B3'+(947(2'+(":#"+(+37(<4(97#23",&C&,5=(.4(2'%4$2'($EJ(D#3'(9<3+(43"3$(
7`<'=(
.'+(,:5#7&"&'$+(2'(<4("7#&++4$"'('$2#86$'(SG4C&2(f#%'7W(":'7":'$,(;(7'$27'('$2#86$'(<'(
97#876+(,'":$&B3'(9#37('P9<&B3'7(<4("7#&++4$"'=(.'(97#876+(,'":$&B3'(5,4&,("#$+&2575("#%%'(
'P#86$'(24$+(<'(%#26<'(2'(0#<#I=(
1'7,4&$+(,:5#7&"&'$+(9'$+'$,(B3'(<'+(4$$5'+(MUUU(#$,(C3(499474&,7'(<'+(975%&++'+(2E3$'($#3C'<<'(
+J$,:6+'('$,7'($#3C'43P(H'J$5+&'$+(',($#3C'43P("<4++&B3'+(A4+5'(+37(<E'P&+,'$"'(2E48'$,+(
7'975+'$,4,&@+(%4P&%&+4,'37+(B3&(48&++'$,(24$+(2'+('$C&7#$$'%'$,+(4C'"("'7,4&$'+(7&8&2&,5+=(
(

_= J?=K8;=(-:)"
34.4 #LM"=()%';"(-"K$'6:;"9("K?%&?6'"9,$>B$:"FKK$H"
!$(MUUQ?(<'(YKZ(947(:4A&,4$,(2'(<EK$2'("#$C'7,&('$(m(5,4&,(2'(NVUm?("'<3&(2'+(d0c(e(_a__Um=(
cC'"(NVUm(#$($'(9'3,(94+(C&C7'(43P(d0c?(#$(9'3,(C&C7'(S%4<W('$(K$2'=(
Y#37B3#&(\(Y47"'(B3'(<'+(97&P(2'+(A&'$+(+#$,(9<3+(A4+('$(K$2'(B3g43P(d0c=(Y#37(4":','7(43P(d0c(<'+(
%^%'+(A&'$+(B3'("'3P(B3E#$(9'3,(4":','7('$(K$2'(4C'"(NVUm?(&<(@43274&,(aT_Um=(i$(2&,(B3'(aT_Um('+,(
<'(#LM"K$'":<:("9("8,L-9("=()%';"(-"K$'6:;"9("K?%&?6'"9Y$>B$:"F##`H4(
Y#37("#%947'7(<'+($&C'43P(2'(C&'('$,7'(M(94J+?(&<(C43,(%&'3P(%'+37'7(<'+(YKZ(947(:4A&,4$,('$(947&,5(
2'(9#3C#&7(2E4":4,=(
! 5()"([[(:)"9()":$%b"9(">B$-O("(:"9()";>$':)"9("K'6b")?-:")%KK'6=;)4"
.'(YKZ(947(:4A&,4$,('$(994("#77'+9#$2(;(<4(C4<'37('$(m(2'+(Z)0(B3g#$(9'3,(4":','7(43P(d0c(4C'"(<'(
YKZ(23(94J+("#$+&2575=(
!$(85$574<?(9<3+(<'(YKZ(947(,^,'('+,(@4&A<'?(9<3+(<'+(97&P(2'+(A&'$+(2'(97'%&67'($5"'++&,5(+#$,(A4+(24$+(
"'(94J+. G4$+("'("4+?(<'(YKZ('$(947&,5(2'(9#3C#&7(2E4":4,('+,(+3957&'37(43(YKZ(+,4$2472=(
c3("#$,74&7'('$(b#7C68'(#3('$(03&++'?(#|(<'("#},(2'(<4(C&'('+,(9<3+(5<'C5(B3E43P(d0c?(<'(YKZ('$(
947&,5(2'(9#3C#&7(2E4":4,('+,(&$@57&'37(43(YKZ(+,4$2472=(
(
(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
#$C)"S'$(MUUQW"
b#7C68'(
03&++'(
d0c(
h74$"'(
1:&$'(
K$2'(
fI4$24(

#LM"K$'"B$76:$-:"FvH"
@0D11"
P.@@1"
_a_UU(
DP311"
MUUU(
NVU(
MXU(

#LM"K$'"B$76:$-:"KK$"FvH"
_TVUU(
aTaTU(
_a__U(
TXUU(
@R11"
D@31"
.3.1"

(
i(=$'+%((e("E'+,(<'(YKZ(947(:4A&,4$,('P97&%5('$(994(B3&(&$,'7C&'$,(24$+(<'("4<"3<(2'(<EKGj=(

3404 T%(8+%()"?%:68)"K?%'";:%96('"8()"9?--;()";>?-?=6+%()"
$4 L-96>$:(%')"9("K?)6:6?-Z"6-96>$:(%')"9("96)K(')6?-"
(
0#&,(3$'(+57&'(2'(2#$$5'+(B34$,&,4,&C'+("#%9#7,4$,($(#A+'7C4,&#$+(e(RS ÅRT (B3'(<E#$(+399#+'(
"<4++5'+(947(3$(#727'("7#&++4$,=(
Vb(=K8("N(<'+(7'C'$3+(2'(+&P(&$2&C&23+(
Q(

/U(

/Q(

MU(

aU(

_UU(

67'

/ (B3'+,&#$(;(+'(9#+'7(e(B3'(7'975+'$,'$,("'+(C47&4A<'+(\(!$(B3'<<'(3$&,5(+#$,O'<<'+('P97&%5'+(\(
M6%'(B3'+,&#$(e("#%%'$,(75+3%'7("'+(2#$$5'+?(947(B3'<<'($#%A7'(\(
i$(9'3,("4<"3<'7(2'3P(,J9'+(2E&$2&"4,'37+(e(
&=

L-96>$:(%')"9("K?)6:6?-(e(&<+("474",57&+'$,(<E#727'(2'(874$2'37(2'+(#A+'7C4,&#$+(

&&=

L-96>$:(%')"9("96)K(')6?-(e(&<+("474",57&+'$,(<4(C47&4A&<&,5(2'+(2#$$5'+=(

5()"6-96>$:(%')"9("K?)6:6?-"
"

.4"=?C(--("

T

1
RU ) W RD !
V
DXS

(
#'?78G=((e('<<'('+,(,76+(+'$+&A<'(43P(C4<'37+('P,7^%'+(
(
G4$+(<E'P'%9<'(975"52'$,(!RU ) &'=(
(

Y

(2'+(2#$$5+(+#$,(&$@57&'37'+(;(<4(%#J'$$'(e(>(88(U>6"'([8G:("=$8"8,;>B$-:688?-=(

Z

Y#37('$<'C'7(<E'@@',(2'+(C4<'37+('P,7^%'+?(#$(9'3,("4<"3<'7(<4(=;96$-(=(
.4(=;96$-(('+,(<4(C4<'37(,'<<'(B3'(QUo(2'+(#A+'7C4,'37+(<3&(+#$,(&$@57&'37+(',(QUo(2'+(#A+'7C4,'37+(
+#$,(+3957&'37+=(!<<'("#39'(<E5":4$,&<<#$('$(2'3P(e(
RT]S !!!!!!!!!!!!!!!_`!V!a_b!`[Mc`d
^

[ ) \RT e RT]S
^

^

/

f!
!!!!!!!!!!!!!!_`!Va_b!Mc`d

G4$+(<E'P'%9<'(975"52'$,?(<4(%52&4$'('+,(/T?Q=(!$('@@',(e([ )
(
(

SY]^F
^

) 12+4=(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(

5()"6-96>$:(%')"9("96)K(')6?-"9("8$");'6(""
s47&4$"'?(5"47,(,J9'(',("#'@@&"&'$,(2'(C47&4,&#$(
.4(&$'6$->(('+,(e(
T

1
g%R( ) h W%RD i RU (^ !
V
DXS

1E'+,(<4(%#J'$$'(2'+("4775+(2'+(u(5"47,+(;(<4(%#J'$$'(v(2'+(2#$$5'+=(
u(5"47,+(;(<4(%#J'$$'(v(e(%R i RU (^ (

0&(<4(+57&'('+,('P97&%5'('$('37#+?(B3'<('+,(<E3$&,5(2'(<4(C47&4$"'(\(
G'(947(<4(%&+'(43("4775(2'+(5"47,+?(<g3$&,5(2'(<4(C47&4$"'('+,(<'("4775(2'("'<<'(23("474",67'(S+&(<'(
M
"474",67'('+,('$(á?(+4(%#J'$$'('+,('$(á(%4&+(+4(C47&4$"'('+,('$(á W=(G#$"(<E3$&,5(2'(<4(C47&4$"'('+,(áÄ=(Gg#|(
<g&%9#++&A&<&,5(2g422&,&#$$'7(<4(%#J'$$'(',(<4(C47&4$"'=(i$(4(2#$"(25@&$&(<g5"47,(,J9'($#,5(j=(.g5"47,(,J9'('+,(<4(
74"&$'(2'(<4(C47&4$"'(S',(2#$"(+#$(3$&,5('+,(<4(%^%'(B3'("'<<'(2'(<4(%#J'$$'W?(25@&$&("#%%'(e(

j%R( ) kg%R(!
Vb(=K8("K';>;9(-:"N""
<4(C47&4$"'('+,(e(
1
g%R( ) h m%4 i &'(n! e ! %1' i &'(n! e ! %14 i &'(n! e ! %4' i &'(n! e ! %-'' i &'(no ! ) !/'4-1+2(
l
<E5"47,(,J9'('+,(e(

j%R( ) p/'4-1+2 ) 1-q+q!
(
0399#+#$+(B3'(<E#$(%3<,&9<&'(,#3,'+(<'+(C47&4A<'+(947(2'3P(e(
(
/U(
MU(
aU(
_U(

XU(

VUU(

c976+("4<"3<?(<4(C47&4$"'('+,(%3<,&9<&5'(947(_?(<E5"47,(,J9'(947(M(p(
(
Y#37(`,'7(,#3,'(75@57'$"'(;(<E5":'<<'?(#$("4<"3<'(<'("#'@@&"&'$,(2'(C47&4,&#$(e(

rg%R( ) !

j%R(
!
RU

G4$+(<'+(2'3P('P'%9<'+(975"52'$,+?(<'("#'@@&"&'$,(2'(C47&4,&#$('+,(2'(/?TN=(
G4$+(<'(2'3P&6%'('P'%9<'?(<'("#'@@&"&'$,(2'(C47&4,&#$('+,(&2'$,&B3'(93&+B3'(<E#$(4(%3<,&9<&5(<'+(C47&4A<'+(947(2'3P?(
2#$"(<4(%#J'$$'(947(2'3P(',(<E5"47,(,J9'(947(2'3P=(c&$+&?(<E438%'$,4,&#$(<E5"47,(,J9'('+,("#%9'$+5'(947(
<E438%'$,4,&#$(2'(<4(%#J'$$'=(

Y#37(7'975+'$,'7(3$'(+57&'?(<'(%#J'$(<'(9<3+(3+3'<('+,(<E:&+,#874%%'(e("<4++'+(2'(C4<'37('$(4A+"&++'+?(
'@@'",&@+('$(#72#$$5'+=(

j&+,#874%%'
V[[(>:6["

Q
_
a
M
/
U
/UU

_UU

QUU

J8$))()"9("&$8(%'"

TUU

(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
Vb(=K8(N(9#37('@@'",3'7(3$'(5,32'(+37(<'+(&$584<&,5+(+4<47&4<'+?(<gKb0!!(C'3,("#%947'7(<4(2&+9'7+&#$(2'+(
+4<4&7'+('$(h74$"'(',(43(f#J43%'Od$&=(d$'(5,32'(+,4,&+,&B3'(%#$,7'(B3'e(
<4(C47&4$"'(2'+(+4<4&7'+(S'$(áW('$(hf('+,(584<'(;(aX?(4<#7+(<'37(%#J'$$'('+,(2'(M=(
<4(C47&4$"'(2'+(+4<4&7'+(S'$(àW(43(fd('+,(584<'(;(X_?(4<#7+(B3'(<'37(%#J'$$'('+,(2'(_=(
(
h-"!$"#)$!i,(8,;/)"-'$8"$8,#9"'#,+($M$-),!,#"'$9+-'$;+19/'"'$!"#$8,#9"'#,+(#$8"$#/!/,'"#$_$
.'+(5":'<<'+(2'(%'+37'+(+#$,(&"&(2&@@57'$,'+(Sá(',(àW=(c@&$(2'("#%947'7(<'+(2&+9'7+&#$+(2'(+4<4&7'+?(&<(@43,(2#$"(
3,&<&+'7(<'("#'@@&"&'$,(2'(C47&4,&#$(e(
(
h74$"'(e(g%R( ) ql(',(RU ) /(q(2E#|(rg%R( )

psZ
^

Z

) ) q(
^
pZt

u

f#J43%'Od$&(e(g%R( ) l-(',(RU ) -(q(2E#|(rg%R( )
) ) /(
t
t
(
i$('$(2523&,(B3'(<4(2&+9'7+&#$(2'+(+4<4&7'+('+,(9<3+(&%9#7,4$,'(9#37(<4(h74$"'=(

74 V:%9("O'$KB6+%("9("8$"'(8$:6?-"(-:'("9(%b"&$'6$78()"+%$-:6:$:6&()"
Y#37(%#$,7'7("#%%'$,(2'3P(C47&4A<'+(B34$,&,4,&C'+(+#$,(<&5'+(<E3$'(;(<E43,7'?(#$(3,&<&+'(3$(
2&4874%%'(2'(2&+9'7+&#$=(
K<(7'975+'$,'(2'+(94&7'+(2'(C4<'37+(#A+'7C5'+(+&%3<,4$5%'$,(9#37(2'3P(C47&4A<'+(2&@@57'$,'+=(
Vb(=K8("N"7'<4,&#$('$,7'(97&P(23(,4A4"(',($#%A7'(2'("&847',,'+("#$+#%%5+(947(D#37(947(9'7+#$$'(2'(9<3+(2'(
/Q(4$+=(

(
h&837'(/(
.'(8749:&B3'(+'%A<'("#$@&7%'7(<'(@4&,(B3E3$(97&P(9<3+(5<'C5('$,74t$'(3$'("#$+#%%4,&#$(9<3+(@4&A<'=(
"

"

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
`::(-:6?-"N""
&=

.E'P&+,'$"'(2E3$'(7'<4,&#$(8749:&B3'('$,7'(2'3P(C47&4A<'+($'(+&8$&@&'(94+(@#7"5%'$,(B3E&<(
'P&+,'(3$'(7'<4,&#$(2'("43+4<&,5('$,7'(<'+(2'3P=(Vb(=K8("N(YKZ(2'(<Ed!/Q(',(:43,'37(2E3$(47A3+,'(
24$+(3$(D472&$=(

_(

(

a(

(
#LM"EV.P"

(

M(

(

/(
(

U(

(
(

U(

/(

M(

a(

a$688("9("8,$'7%):("

&&=

.E4A+'$"'(2'(7'<4,&#$(8749:&B3'("<4&7'('$,7'(2'3P(C47&4A<'+($'(+&8$&@&'(94+(@#7"5%'$,(B3E'<<'+(
$'(+#$,(94+(<&5'+=(

GE43,7'+(@4",'37+(#$,(93(":4$8'7?("'(B3&(4(%#2&@&5(<4(7'<4,&#$=(
b#7%4<'%'$,?(&<(@43274&,(74&+#$$'7(u(,#3,'(":#+'(584<'(947(4&<<'37+(v?("g'+,O;O2&7'(<'+(43,7'+(C47&4A<'+(
5,4$,(@&P5'+=(1'($E'+,('$(85$574<(94+(<'("4+(9#37(<'+(2#$$5'+=(
&&&=

G4$+("'7,4&$+("4+?(<4("43+4<&,5(9'3,(4<<'7(24$+(<'+(2'3P(+'$+=(

E-"(b(=K8("N(7'<4,&#$('$,7'(259'$+'+(2E523"4,&#$(947(,^,'(S24$+(<'(+3957&'37W(',(YKZ],^,'(24$+(2&@@57'$,+(
94J+('37#95'$+(S+#37"'(e(i1G!W=(

(
h&837'(M(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(/(e([3E'+,("'(B3'(<4(%4"7#5"#$#%&'(\(
K<(J(4(3$'(7'<4,&#$(8749:&B3'('$,7'(YKZ],^,'(',(259'$+'+(2E523"4,&#$(947(5,32&4$,=(1#%%'$,(
&$,'7975,'7("',,'(7'<4,&#$(\(
Y7'%&67'(&$,'7975,4,&#$(e(3$(94J+(9<3+(7&":'(SYKZ],^,'(9<3+(5<'C5W(9'3,(24C4$,48'(259'$+'7(
9#37(+'+(5,32&4$,+=(
G'3P&6%'(&$,'7975,4,&#$(e(3$(94J+(B3&(259'$+'(9<3+(24$+(<'(2#%4&$'(2'(<E523"4,&#$('+,(9<3+(
97#23",&@(S<'("49&,4<(:3%4&$(J('+,(9<3+(5<'C5W=(

>4 `%:'("[?'=%8$:6?-"9("8,L#J"
G HJ ‹
. ¥u .

i$(+4&,(B3'(vwx ) … Ø^uI ‹. ≤¥u. 7 `uu"?(%4&+(#$(9'3,(584<'%'$,(<E5"7&7'("#%%'(+3&,?(4976+("4<"3<(e((
∞

≤

àF" %

… ‚‡é .
‚‡éû .–‡éû
7
588
7
.
… ‚‡éû .
… ‚‡éû .–‡éû .

… Ø^ .

Ø^u ‹
. ¥u

cC'""Î… Ø^u∞ . 7 `uuÏ"<E&$2&"'(23(97&P(23(A&'$(&(',(Î… Ø∞ ^u‹.≤ ¥u.Ï"<4(947,('$(,U(2'(<4(259'$+'('$(A&'$(&(24$+(<'(
∞

∞

≤

A328',("#$+#%%4,&#$(23(%5$48'(7'975+'$,4,&@=(
Vb('>6>(N(3$(%5$48'(7'975+'$,4,&@("#$+4"7'(aQo(2'(+#$(A328',(43(<#8'%'$,?(_Uo(2'(+#$(A328',(;(<4(
$#377&,37'?(/Uo(43P(C^,'%'$,+?(',(/Qo(43P(C#J48'+(',(43P(<#&+&7+=(04":4$,(B3'(<'+(<#J'7+(438%'$,'(2'(Mo?(<4(
$#377&,37'(2'(/Uo?(<'+(C^,'%'$,+(2'(Qo?(',(<'+(C#J48'+(2'(aUo?("4<"3<'7(<gKY1=(
(
Ø∆∞ÖÜf ÅØ∞Ö∞^∞Üf
Ø ÅØ
p-"K(%:";>'6'("%-("$%O=(-:$:6?-"9("ÑE">?==(">(>6"N""ÑE %
Z"9?->">?==("ÑE % ^ ^u4"X,?h"N.

i$(,7#3C'(2#$"(<'+(
flõ
flõB

flõ
flõB

n
‚é
_5 %
(
588
‚éû

Ø∞Ö∞^Üf

Ø^u

(7'+9'",&@+(+3&C4$,+(e((

*£o+- % 5D8?.q(

flõ
flõB

1£,--02,-+ % 5D5.q(

flõ
flõB

(∂2+Õ+12fi % 5D8s.q(

flõ
flõB

(£o)§+fi % 5Dj(

(

… Ø^∞ .
Ø^u . ^u
"K?%'">B$+%("76(-4"L8"'():("9?->"S">$8>%8('"`uu 7 ∞ ^u ∞ ^uZ">Y():USU
^u
… Ø∞ .
… Ø∞ . ∞ .
… Ø^∞ .
96'("8$"K$':"9%"7%9O(:"(-"r"';)('&;"S">B$+%("76(-Z"8$"=%8:6K86('"S" ^u "(:"$*?%:('":?%)">()"';)%8:$:)"K?%'"
… Ø∞ .

`6-)6"9,$K'G)"8$"[?'=%8(Z"?-"$">$8>%8;"

?7:(-6'"8,L#JZ">?==(")%6:"N"
b]Ì % a5D8?gk jsE _ a5D5gk >8E _ a5D8sgk 58E _ a5Djgk 5sE % `uwD œ"
i$(4(4<#7+(3$'(&$@<4,&#$(2'(N?To(SàF"é 4 àF"éû . % .58lDt 4 588W=

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(M(e(!<5%'$,(2'(1#%9,4A&<&,5(b4,&#$4<'(

JB$K6:'("0

V8;=(-:"9("J?=K:$7686:;"
c$:6?-$8("

(
Y#37(5<4A#7'7(+'+(,:5#7&'+?(9#37(<'+(C57&@&'7(',(9#37(#7&'$,'7(<4(9#<&,&B3'(5"#$#%&B3'?(<g5"#$#%&+,'(+'(
@#$2'(+37(<g#A+'7C4,&#$(2'+(2#$$5'+(5"#$#%&B3'+=(
X;[6-6:6?-"
.4("#%9,4A&<&,5($4,&#$4<'(%'+37'(<'+(C47&4A<'+(%4"7#O5"#$#%&B3'(@#$24%'$,4<'+(',(<'+(#72#$$'(
24$+(3$("427'("#%9,4A<'=(
Y<3+&'37+(#784$&+%'+(93A<&"+(+#$,(":4785+(2'(@#37$&7("'+(2#$$5'+(%4"7#O5"#$#%&B3'+(
Y#37(<4(Q'$->(e(
" <gKb0!!(97&$"&94<'%'$,(
" <4(Z4$B3'(2'(h74$"'(9#37(<'+(2#$$5'+(%#$5,4&7'+(',(@&$4$"&67'+=(
" <'+(G#34$'+(9#37(<'+(+,4,&+,&B3'+(23("#%%'7"'('P,57&'37(
Y#37(<gV%'?K((
" !37#+,4,(
" <4(Z4$B3'(1'$,74<'(!37#95'$$'(
Y#37(<'(=?-9((
" <gi1G!e(#784$&+4,&#$(9#37(<4("##9574,&#$(',(<'(25C'<#99'%'$,(5"#$#%&B3'(B3&(
"#%97'$2(<4(9<3947,(2'+(94J+('37#95'$+?(<4(>37B3&'?(<'(14$424?(<'+(d0c?(<'(L'P&B3'?(<4(
1#75'(23(+32?(<'(l49#$?(.Ec3+,74<&'?(<4(b#3C'<<'(â5<4$2'(S"'+(94J+(7'975+'$,'$,(TUo(23(
YKZ(%#$2&4<W(
" <'(hLK(e(@#$2+(%#$5,4&7'(&$,'7$4,&#$4<(
" <'+(93A<&"4,&#$+($4,&#$4<'+(2'(":4B3'(94J+(
.4(9<3947,(2'+("#%9,4A&<&,5+($4,&#$4<'+(+#$,(:47%#$&+5'+(4@&$(2'(9#3C#&7("#%947'7(<'+(2#$$5'+(2'+(
2&@@57'$,+(94J+(
(

/= 5("#'?9%6:"L-:;'6(%'"M'%:"N"8()":'?6)"$KK'?>B()"
.'(YKZ('+,(3$(487584,('++'$,&'<=(K<(+J$,:5,&+'('$(3$(+'3<(":&@@7'(e(
<4(&$8(%'"(-"w"9("8$"K'?9%>:6?-(2'(Z)0(@&$4<+(754<&+5'(+37(<'(,'77&,#&7'(@74$y4&+(9'$24$,(3$'(4$$5'=(
<'('(&(-%",#,4<(2'(<g'$+'%A<'(2'+(48'$,+=(
<4(9;K(-)(""#$+4"75'(;(<g4"B3&+&,&#$(2'+(A&'$+(',(+'7C&"'+(97#23&,(24$+(<g5"#$#%&'=(
(

.4.4 E-"(b(=K8(")6=K8("
Y7'$#$+(<g'P'%9<'(2g3$'(5"#$#%&'(B3&(97#23&,(23(A<5?(2'(<4(@47&$'(',(23(94&$(;(<g4&2'(2'(M(@4",'37+e(
,74C4&<(',("49&,4<=(d$(487&"3<,'37(97#23&,(4C'"(<g4&2'(2g3$(+4<47&5(487&"#<'(23(A<5?(9#37(3$'(C4<'37(2'(
/UUq(&<(<'(C'$2('$(,#,4<&,5(;(3$(%'3$&'7=(1'<3&O"&(<'(,74$+@#7%'('$(@47&$'(S9#37(3$'(C4<'37(2'(/QUW=(
1',,'(@47&$'('+,(C'$23'('$(947,&'(43P(%5$48'+(SQUW(',('$(947,&'(43(A#3<4$8'7(S/UUW=(c(<g4&2'(2'(a(
+4<47&5+?(<'(A#3<4$8'7(@4A7&B3'(aUU(2'(94&$(B3g&<(C'$2(43P(%5$48'+=(1:4B3'(+4<47&5(7'y#&,(3$(+4<4&7'(
2'(QU=(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(M(e(!<5%'$,(2'(1#%9,4A&<&,5(b4,&#$4<'(
h-"!#$#+()$!"#$/Y"()#$>-,$,()"'7,"(("()$_$
c*fK1d.>!df(S/(+4<47&5W(97#23&,(u(Z<5(v(e(/UU((
%(L!dbK!f(97#23&,(u(h47&$'(v(e(/QU(
! QU(O(L5$48'+(
! /UU(O(Zid.cb*!f(97#23&,(u(Y4&$(v(e(aUU(Sa(+4<47&5+W((
(
K<(J(4(a('$,7'97&+'+(e(<g'$,7'97&+'(487&"#<'?('$,7'97&+'(2'(@47&$'?(A#3<4$8'7&'(
K<(J(4(_(%5$48'+(e(487&"3<,'37?(%'3$&'7?(A#3<4$8'7?(<'+(+4<47&5+(S_W(
14<"3<#$+(<'(YKZ(9#37("',,'(5"#$#%&'=(>7#&+(C'7+&#$+(2&@@57'$,'+(9'7%',,'$,(2'("4<"3<'7("'(YKZ=(
!<<'+(2#$$'$,(A&'$(+37(,#3,'+(<'+(a?(<'(%^%'(75+3<,4,(e(

$4 5("#LMN".G'("&(')6?-"N"$KK'?>B("9("#'?9%>:6?-"
wvy. % .∆f≠Ñ.ße.Ød¨ß≠∞Æ.∆∞ÖÜfeÆ.
h&$4<'%'$,(#$(4(97#23&,(e(
" 23(94&$(SaUUW(
" 2'(<4(@47&$'(SQUW(
.'+(43,7'+(97#23&,+(#$,(5,5(,74$+@#7%5+(#3(#$,(2&+9473(43("#37+(23(97#"'++3+(2'(97#23",&#$(
YKZ({(aQU({(aUU(n(QU(
i$(9'3,(43++&("4<"3<'7("'(YKZ('$(@4&+4$,(<4(+#%%'(2'+(C4<'37+(4D#3,5'+(e(#$($#,'(FÓ; <4(97#23",&#$(
Fàâ % Ô i# % ÔaFÓ; . 4 ."à.g.
(
.4(sc(2g3$'(@&7%'('+,(584<'(;(<4(C4<'37(2'(+4(97#23",&#$(2&%&$35(2'(<4(C4<'37("à.S1#$+#%%4,&#$+(
K$,'7%52&4&7'+W(2'(,#3+(<'+(97#23&,+(&$,'7%52&4&7'+(B3g'<<'(4("#$+#%%5+=(
.g'$,7'97&+'(3,&<&+'("'+(97#23&,+(&$,'7%52&4&7'+(9#37(@4A7&B3'7(+#$(97#23&,=(K<+(2&+9474&++'$,(#3(+#$,(
,74$+@#7%5+(43("#37+(23(97#"'++3+(2'(97#23",&#$=(
i#.)§-0Í,*2+,- % aFÓ; . ."àg % 588.
i#.Õ+,10+- % aFÓ; . ."àg % 5s8 4 588 % s8.
i#.ã£,*)1§+- % aFÓ; . ."àg % j88 4 588 % ?88.
! Fàâ % … i# % …ÀFÓ; . ."à.Ã % 588 _ s8 _ ?88 % js8(

74 5("#LMN"0G=("&(')6?-"N"$KK'?>B("9("i(&(-%)"
]bc. % .∆f≠Ñ.ße.deóeÖ≠Æ.
d$'(947,&'(2'(<4(sc(4(5,5(2&+,7&A35'e(
" 43P(%5$48'+(+#3+(@#7%'(2'(+4<4&7'+(
" ',(<'(7'+,'("#$+,&,3'(<'(97#@&,(e(<'(7'C'$3(2'+(97#97&5,4&7'+(2'+('$,7'97&+'+(B3&('3P(%^%'(@#$,(
947,&'(2'+(%5$48'+=(
c99<&"4,&#$(;($#,7'('P'%9<'(e(
i# % .Ò)*)0-+fi. _ .F-£/02fi.
i#.)§-0Í,*2+,- % .Ò)*)0-+fi. _ .F-£/02fi. % .s8. _ . a588 4 s8g % .s8 _ s8 % 588.
i#.Õ+,10+-. % .Ò)*)0-+fi. _ .F-£/02fi. % .8. _ a5s8 4 588g % .8 _ s8 % s8.
i#.ã£,*)1§+-. % .Ò)*)0-+fi. _ .F-£/02fi. % .5s8. _ . aj88 4 588 4 5s8g % 5s8 _ s8 % .?88.
! Fàâ % … Ê+(+1,fi . % .Ò)*)0-+fi. _ .F-£/02fi. % .?88. _ .5s8. % .js8.
(
(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(M(e(!<5%'$,(2'(1#%9,4A&<&,5(b4,&#$4<'(
[3'(+'(94++'O,O&<(+&(<'(A#3<4$8'7(97#23&,(',(C'$2(3$(94&$(2'(9<3+\(1',,'(,74$+4",&#$(4""7#t,(+4(sc?('<<'(
4""7#t,(2#$"(<'(YKZ(2'(<4(C4<'37(2'("'(94&$=(!<<'(4""7#t,(43++&(<'(7'C'$3(,#,4<e(
" +#&,(<'+(+4<4&7'+?(+&(9#37(97#23&7'("'(94&$(+399<5%'$,4&7'(2'+(#3C7&'7+(#$,(,74C4&<<5(24C4$,48'(
" +#&,(<'+(97#@&,+?(+&(<'(A#3<4$8'7(4(97#23&,("'(94&$('$(7'$24$,(9<3+('@@&"4"'(+#$(97#"'++3+(2'(
97#23",&#$((
" +#&,(<'+(2'3P=(

>4 5("#LMN"DG=("&(')6?-"N"`KK'?>B("9("8$"X(=$-9("
wvy. % .Œ9ØeÖÆe.Ú∞ÖÜfe. % .".a/)-01+g . _ .".a‚)01g . % .s8. _ .j88. % .js8.
>#3+("'+(A&'$+(@&$4<+(B3&("#$+,&,3'$,(<'(YKZ(#$,(5,5(4":',5+(947(<'+(%5$48'+(',("#$+,&,3'$,(<4(
2'%4$2'(@&$4<'=((
Y7#C&+#&7'%'$,?(24$+($#,7'('P'%9<'?(#$(9'3,(2&7'(e(
/O (.'(YKZ(%'+37'(<'+(@<3P(2'(97#23&,+(@&$4<+(#3(<4(+#%%'(2'+(C4<'37+(4D#3,5'+(SäscW(
MO (.'(YKZ(%'+37'(43++&(<'(@<3P(2'(7'C'$3(,#,4<(
aO (.'(YKZ(%'+37'('$@&$(<4(2'%4$2'(@&$4<'(
f5"49&,3<4,&@(e(@<3P('$,7'(<'+(48'$,+(
(
(
(
(
(

QU(n(aUU(
Y7#23&,+(@&$4<'+(
/UU(n(QU(n(MUU(

V-:'(K'6)()"

A;-$O()"

(
h4",'37+(
04<4&7'+(',(Y7#@&,+(
MUU(n(/QU(

(
(

.404 X("8,(b(=K8("S"8$"';$86:;"
G4$+($#,7'('P'%9<'?(<g4",&C&,5(5"#$#%&B3'('+,(,76+(+&%9<&@&5'=(Y#37(+'(74997#":'7(2'(<4(754<&,5?(&<(@43,(
4D#3,'7("'7,4&$+(5<5%'$,+=(
/= G4$+(<g'P'%9<'?(#$(97#23&,(+'3<'%'$,(M(A&'$+(@&$4<+(e((
4= <4(@47&$'(
A= (<'(94&$(
G4$+(<4(754<&,5?(<'+(A&'$+(@&$4<+(97#23&,+($'(+#$,(94+(B3'(2'+(A&'$+(2'("#$+#%%4,&#$=(K<(@43,(
,'$&7("#%9,'(43++&(2'+(A&'$+(2g&$C'+,&++'%'$,(97#23&,+=(
M= .g5"#$#%&'(5,32&5'(C&,('$(43,47"&'=(
!$(@4&,?(<4(h74$"'(5":4$8'(2'+(A&'$+(',(+'7C&"'+(4C'"(<'+(43,7'+(94J+=(
a= !$@&$?(9#37(+&%9<&@&'7(#$(+399#+4&,(B3g&<($gJ(4C4&,(94+(2g!,4,?(&<(@43,(<'(75&$,7#23&7'=(

$4 5Y6-&():6))(=(-:"
G4$+(<'(97#23&,(@&$4<?(&<(J(4(2'+(A&'$+(2'("#$+#%%4,&#$(@&$4<'(%4&+(43++&(2'+(76(-)"9Y6-&():6))(=(-:"e((
(
1'(+#$,(2'+(A&'$(2g5B3&9'%'$,(B3&(+#$,(3,&<&+5(9'$24$,(9<3+&'37+(97#"'++3+(2'(97#23",&#$(
947(<'+('$,7'97&+'+(#3(2'+(&$C'+,&++'%'$,+(&%%#A&<&'7+(9#37(<'+(%5$48'+=(
]bc % .Ì. _ .ÚcÌÚ.
ShZ1h(e(@#7%4,&#$(A73,'(2'("49&,4<(@&P'(W(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(M(e(!<5%'$,(2'(1#%9,4A&<&,5(b4,&#$4<'(

>#3+(<'+(97#23&,+($g#$,(9'3,(^,7'(94+(5,5(C'$23+?(3$'(947,&'(2'(<4(97#23",&#$('+,(4<#7+(
?(<'(
YKZ(2'C&'$,(2#$"(e(
wvy. % .Ì. _ .ÚcÌÚ. _ .Û.Æ^¨òÙ.
0&(43("#$,74&7'(#$(4(C'$23(2'+(A&'$+(+,#"H5+?(<4(C47&4,&#$(2'(+,#"H('+,($584,&C'=(i$(9'3,(43++&(5"7&7'(e(
]bc. % .Ì. _ .ÚcÌ.
S@#7%4,&#$(A73,'(2'("49&,4<(e(ıâ". % .ıâ"ı. _ .pfi2£Íˆa_.£,.4gW(

74 8()";>B$-O()"6-:('-$:6?-$%b"
.4(b4,&#$(5":4$8'(2'+(A&'$+(4C'"(<g'P,57&'37=(
!<<'(6=K?':( 2'+(A&'$+(#3(+'7C&"'+(2'(<g5,74$8'7(SAW(',('$((bK?':("SxW(C'7+(<g5,74$8'7=(
]bc. _ .˜. % .Ì. _ .ÚcÌÚ. _ ÛÆ^¨òÙ. _ .¯"+#&,(]bc. % .Ì. _ .ÚcÌÚ. _ ÛÆ^. _ . a¯ 4 ˜g.
a˘ 4 $g . % .ã)*)1Í+.Í£ÕÕ+-Í0)*+.
.'+(Z]0(4":',5+('$(h74$"'(+#$,(e(
O +#&,(97#23&,+('$(h74$"'(
O +#&,(&%9#7,5+(
.'+(Z]0(C'$23+(947(<'+(@&7%'+(+&,35'+('$(h74$"'(+#$,(e(
O +#&,(+#$,(C'$23+('$(h74$"'(
O +#&,('P9#7,5+=(

>4 L8"[$%:":(-6'">?=K:("9Y%-"$O(-:"K$':6>%86('N"8YV:$:4"
.E!,4,(&$,'7C&'$,(24$+(<'(97#"'++3+(2'(97#23",&#$=(
.g!,4,(975<6C'(2'+(&%9`,+(',(C'7+'(2'+(+3AC'$,&#$+=(
1'<4(%#2&@&'(<'+(25@&$&,&#$+(23(YKZ(
! 4997#":'(97#23",&#$(
! 4997#":'(7'C'$3(
X$-)"8Y$KK'?>B("K'?9%>:6?-"9%"#LM"
.4(sc(2'+('$,7'97&+'+('+,("4<"3<5'?(:#7+(,4P'?(43(97&+(2'(A4+'=(c&$+&?('<<'(7',74$+"7&,(<4(7'"',,'('@@'",&C'(
2'+(97#23",'37+(93&+B3'("'3PO"&(7'C'7+'$,(<4(>sc(',(2g43,7'+(,4P'+(;(<g!,4,=(
.'(YKZ?(<3&?('+,(5C4<35(43(97&P(23(%47":5?(>sc("#%97&+'?(<'(97&P('@@'",&C'%'$,(94J5(947(<g4":','37=(
! +&(<'(97#23&,('+,(+#3%&+(;(3$(&%9`,(+37(<'+(97#23&,+("#%%'(<4(>sc?(<'(97&P(23(%47":5('+,(
)%K;'6(%' 43(97&P(2'(A4+'(
! +g&<(A5$5@&"&'(2g3$'(+3AC'$,&#$(2'+,&$5'(;(@4&7'(A4&++'7(+#$(97&P?(<'(97&P(23(%47":5('+,(
6-[;'6(%' 43(97&P(2'(A4+'(
i$(4(2#$"(<g584<&,5(e((

]bc % .˙˚¸. _ . b™Ø©^ÆØd¨ß≠∞^Æ 4 .˝≠áóeÖ^∞¨ÖÆ.
i|(<'+(&%9`,+(+37(<'+(97#23&,+(+#$,(<4(>sc?(<4(>KYY?(<'+(27#&,+(2'(2#34$'Å(

X$-)"8Y$KK'?>B("'(&(-%"9%"#LM"
.4(,#,4<&,5(23(YKZ($'(+'(75947,&,(9<3+('$,7'(+4<4&7'+(',(97#@&,(93&+B3'(3$'(947,&'('+,(C'7+5'(;(<g!,4,(+#3+(
@#7%'(2g&%9`,(+37(<4(97#23",&#$=(Y7#C&+#&7'%'$,?(#$(9'3,(5"7&7'(e(
]bc. % .˝ÜfÜ∞deÆ. _ .]d¨∆∞^. _ . b™Ø©^ÆØd¨ß≠ò^∞¨Ö . .˝≠áóeÖ^∞¨ÖÆ"
i(=$'+%(":(>B-6+%("N(<'+(&%9`,+(94J5+(947(<'+('$,7'97&+'+=(.'+('$,7'97&+'+(C'7+'$,(2E3$'(947,(e(
2'+(&%9`,+(+37(<4(97#23",&#$(',(+37(<'+(&%9#7,4,&#$+(B3&(+#$,(23+(&$259'$24%%'$,(2'(<4(
754<&+4,&#$(2'(A5$5@&"'+(
2E43,7'(947,(<E&%9`,(+37(<'+(A5$5@&"'+(S+&(<'(97#@&,('+,(9#+&,&@?(3$'(947,&'(2'("'(97#@&,(+'74(
7'C'7+5(;(<E!,4,?("E'+,(<E&%9`,(+37(<'+(A5$5@&"'+W(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(M(e(!<5%'$,(2'(1#%9,4A&<&,5(b4,&#$4<'(
.'+(&%9`,+(+37(<4(97#23",&#$(',(<'+(&%9#7,4,&#$+(7'87#39'$,(e(
<'+(&%9`,+(+37(<'+(97#23&,+?(94J5+(947(3$&,5(2'(Z)0e(
Vb(=K8("N">sc?(27#&,(+37(<'+(4<"##<+?(>KYY?(27#&,(2'(2#34$'(===(

<'+(43,7'+(&%9`,+(+37(<4(97#23",&#$?(&$259'$24$,+(2'(<4(B34$,&,5(#3(2'(<4(C4<'37(2'+(A&'$+(
97#23&,+(e(K%9`,+(+37(<4(97#97&5,5(#3(<E3,&<&+4,&#$(2'+(,'774&$+?(Ak,&%'$,+(#3(43,7'+(4",&@+(3,&<&+5+(24$+(<'("427'(2'(
<4(97#23",&#$?(K%9`,+(+37(<4(%4&$(2EF3C7'('%9<#J5'?(+37(<E43,#7&+4,&#$(2E'P'7"'7(3$'(4",&C&,5("#%%'7"&4<'(#3(
97#@'++&#$$'<<'?(+37(<'+(5%&++&#$+(9#<<34$,'+?(',"=(
Vb(=K8("N",4P'(@#$"&67'?(,4P'(+37(<'+(+4<4&7'+?(,4P'(97#@'++&#$$'<<'(
(
(

(

Impôts sur la Productions

Autre impôts sur la production

(
(

25 %
%

(
(
(

75 %

(
(

$ j'=;,#,+(#$#-'$!"#$'"7"(-#$A$4/!/,'"$k$j'+:,)$
o >#3,(+4<4&7'(C'7+5(+E4""#%948$'('$(@4&,(2'("#,&+4,&#$+(+#"&4<'+(C'7+5'+(;(<E!,4,=(
i$(7'%9<4"'(2#$"(<'(,'7%'(u(+4<4&7'(v(947(u(75%3$574,&#$(+4<47&4<'(v$
z{|:}{~9JI}.ÆÜfÜd∞Üfe % ˝ÜfÜ∞de _ ̨^∞ÆÜ^∞¨ÖÆ.ƨò∞ÜfeÆ.
.4(75%3$574,&#$(+4<47&4<'('+,(<'("#},(23(,74C4&<(9#37(<E'%9<#J'37(

o

c976+(4C#&7(94J5(<'+(+4<47&5+(',(<'+(&%9`,+(+37(<4(97#23",&#$?(&<(7'+,'(<'(u(97#@&,(v(
#3(9<3+(975"&+5%'$,(<E!Z!(S'P"52'$,(A73,(2E'P9<#&,4,&#$W=($

h&$4<'%'$,?(24$+(<E4997#":'(7'C'$3+?(#$(4(2#$"(<E584<&,5(e$
]bc. % .˛9™≠Ö9dÜ^∞¨Ö.ÆÜfÜd∞Üfe. _ .ˇcˇ. _ . b™Ø©^ÆØd¨ß≠ò^∞¨Ö . 4 .˝≠áóeÖ^∞¨Ö.
p-"$7?%:6:"9?->"$%b"D"'(8$:6?-)")%6&$-:()"N"

"

"

c997#":'"#'?9%>:6?-"N.
o "]bc % .˙˚¸. _ . b™Ø©^ÆØd¨ß≠∞^Æ 4 .˝≠áóeÖ^∞¨ÖÆ.

"

c997#":'"X(=$-9("?%"E:686)$:6?-"N.
o ]bc. _ .˜. % .Ì. _ .ÚcÌÚ. _ ÛÆ^¨òÙ. _ .¯(((((.
o ]bc. % .Ì. _ .ÚcÌÚ. _ ÛÆ^¨òÙ. _ . a¯ 4 ˜g((((..

"

c997#":'"i(&(-%)"N""
o ]bc. % .˛9™≠Ö9dÜ^∞¨Ö.ÆÜfÜd∞Üfe. _ .ˇcˇ. _ . b™Ø©^ÆØd¨ß≠ò^∞¨Ö .Ä .˝≠áóeÖ^∞¨ÖÆ"
"

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(M(e(!<5%'$,(2'(1#%9,4A&<&,5(b4,&#$4<'(

#LM"011P"S"K'6b">?%'$-:)"

V-"=6886$'9)"9,(%'?)"

#LM"F$KK'?>B("#'?9%>:6?-H"

.@.1"
!"#!$#%

gÅ.),.‚-0n.»+.ã)fi+.
&%'()*+,-./01234 %

!56$5%

7%89:;<=+>*=,-./01234 %

?!@$!%

#LM"F$KK'?>B("X(=$-9(H"

.@.1"
!#@!$6%

AB)<=,<%C<%D*=,*((E+>*=%F>=EG<%
&HID%

#JJ$K%

&LM)*N+E+>*=%

JJ6$#%

7'()*N+E+>*=,%

J6O$6%

#LM"F$KK'?>B("i(&(-%)H"

.@.1"
@5!$!%

PB(9=BNE+>*=,%,EGEN>EG<,%
&%LIL%

J@O$Q%

&%'()*+,-./01R32/S%T%2U-/.3V32/S %

OKQ$6%

789:;<=+>*=,%

?##$K%
SKb0!!(1#%9,'+(b4,&#$43PW(

(
(
(
(
(
(
(
(
(
(
(
(
(
(

(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(M(e(!<5%'$,(2'(1#%9,4A&<&,5(b4,&#$4<'(

.4D4 T%(8+%()"K';>6)6?-)")%'"8("#LM"
!$,7'$,(24$+(<'(YKZ(,#3+(<'+(97#23&,+(@&$4<+?(A&'$+(#3(+'7C&"'+(
" B3g&<+(+#&'$,(97#23&,+(947(3$(&$2&C&23?(3$'(+#"&5,5(3$'(42%&$&+,74,&#$(
" B3'("',,'('$,7'97&+'(+#&,(93A<&B3'(#3(97&C5'=(
" 9#37C3(B3'("',,'(#9574,&#$(2'(97#23",&#$(4&,(<&'3(+37(<'(,'77&,#&7'(@74$y4&+=(
1'7,4&$+(+'7C&"'+(+#$,(97#23&,+(',("#$+#%%5+(%4&+($'(+#$,(94+(C'$23+("47(&<+(+#$,(<&C75+(
874,3&,'%'$,(;(<g'$+'%A<'(2'(<4(9#93<4,&#$(#3(;(3$'(947,&'(2g'$,7'('<<'(947(<g!,4,=(
(
K<(@43,(,'$&7("#%9,'(2'("'+(+'7C&"'+($#$(%47":4$2+(24$+(<'(YKZ=(1g'+,(<'(K'?9%6:"-?-"=$'>B$-9"9()"
`9=6-6):'$:6?-)=(!P'%9<'(e(Y#<&"'?(!23"4,&#$($4,&#$4<'?(',"=(
AV_b`bÇb`#V%,E=,%:9+%G9WNE+>F%E9%,<N;>W<%C<,%(B=EX<,% Y %'8IZ8[%
Y %EC(>=>,+NE+>*=%)N>;B<,%
# 1#%%'$,(5C4<3'7("'+(+'7C&"'+\(
K<+($g#$,(94+(2'(97&P(+37(<'(%47":5(93&+B3g&<+($'(+#$,(94+(C'$23+=(i$(<'+(5C4<3'(;(<'37(
"#},(2'(97#23",&#$=(
# 1#%%'$,(<'+('$7'8&+,7'7\(
o [3&(<'+(97#23&,\(
" <'+(42%&$&+,74,&#$+(
o [3&(<'+("#$+#%%'\(
" ,#3,(<'(%#$2'?("'7,4&$+(%5$48'+?("'7,4&$'+('$,7'97&+'+(
i$($'(+4&,(94+(<'+(4@@'",'7(;("'3P(B3&(<'+("#$+#%%'$,(75'<<'%'$,=(
! (i$(<'+('$7'8&+,7'("#%%'("#$+#%%4,&#$(@&$4<'(2'+(42%&$&+,74,&#$+(
(
Gg43,7'+(A&'$+(#3(+'7C&"'+(#$,(5,5(97#23&,+(%4&+(94+(C'$23+("47(&<+(+#$,(43,#O"#$+#%%5+(947(
"'3P(B3&(<'+(#$,(97#23&,+=(1g'+,(8$"K'?9%>:6?-"K?%'"(=K8?6"[6-$8"K'?K'("9()"=;-$O()"N(
o 97#23",&#$(2'(+'7C&"'+(2'(<#8'%'$,(947(<'+(%5$48'+(B3&(#""39'$,(3$(<#8'%'$,(2#$,(
&<+(+#$,(97#97&5,4&7'+(S"'+(+'7C&"'+(B3'(<'+(97#97&5,4&7'+(+'(7'$2'$,(;('3P(%^%'(+#$,(
%'+375+(947(2'+(<#J'7+(@&",&@+W(
o 97#23",&#$(2'(+'7C&"'+(947(<'+(%5$48'+(B3&('%9<#&'$,(23(9'7+#$$'<(2#%'+,&B3'(',(
"#$+#%%'$,('3P(%^%'("'(+'7C&"'=(
o 97#23",&#$(487&"#<'(43,#O"#$+#%%5'(
(
Y47("#$,7'?(A'43"#39(2g43,7'+(97#23",&#$+(2'(Z]0(43,#O"#$+#%%5+(23(%^%'(,J9'(
$g499474&++'$,(94+(24$+(<'(YKZ("#%%'(947('P'%9<'(<'+(7'94+(9759475+(;(<4(%4&+#$=(.'37+(
&$,5874,&#$+(+'74&'$,(,7#9("#%9<'P'+=(
.'+(C'$,'+(2'("'7,4&$+(A&'$+(',(+'7C&"'+(+#$,("4":5'+(e((
+#&,(9#37(5C&,'7(3$(975<6C'%'$,(@&+"4<e(<'(,74C4&<(43($#&7=(
+#&,("47(<g4",&C&,5('+,(&<<&"&,'e(947('P'%9<'(<4(C'$,'(2'(27#83'=(
>#3,'+("'+(4",&C&,5+(2&@@&"&<'+(;('$7'8&+,7'7(93&+B3g'<<'+($'(+#$,(94+(25"<475'+?("#$+,&,3'$,(5"#$#%&'(
+#3,'774&$'('$(o(23(YKZ=(
(
(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(M(e(!<5%'$,(2'(1#%9,4A&<&,5(b4,&#$4<'(
.g5"#$#%&'(+#3,'774&$'('$(o(23(YKZe(B3'<B3'+('+,&%4,&#$+(
b&8'7&4?(!8J9,'(
>3$&+&'?(L47#"(
K,4<&'?(!+948$'?(Y#7,384<(
h74$"'?(7'+,'(2'(<E!37#9'(
V(;(/Ud0c?(l49#$?(03&++'(

TUo(
_Uo(
MQ(;(aUo(
//(;(Mao(
V(;(/Uo(

G4$+(<'+(YsG(S94J+('$(C#&'(2'(25C'<#99'%'$,W?(<'(YKZ('+,(%&$#75("47(2'($#%A7'3+'+(,74$+4",&#$+(
5":499'$,(;(,#3,('$7'8&+,7'%'$,=(
.'(YKZ(%'+37'(3$(@<3P(',($#$(3$(+,#"H=(
K<(%'+37'(3$(@<3P(2'(7'C'$3+(%4&+($'(%'+37'(94+(<4(7&":'++'("3%3<5'(2g3$'(b4,&#$=(
i$(%'+37'(((3$(@<3P(+37(3$'(957&#2'(2#$$5'?(
(3$(+,#"H(;(3$'(24,'(2#$$5'=(
.4(7&":'++'('+,(3$(+,#"H=(
.'(YKZ?(<'+(C'$,'+?(<'+(259'$+'+?(<4(97#23",&#$(+#$,(2'+(@<3P=(
.4(B34$,&,5(2g'43("#$,'$3'(24$+(<4(A4&8$#&7'('+,(3$(+,#"H=(.g'43(B3&("#3<'('+,(3$(@<3P=(
(

M= 5()"$O(-:)"
.'+(48'$,+(5"#$#%&B3'+(+#$,(2'+(3$&,5+(&$+,&,3,&#$$'<<'+?(B3'(<E#$(7'87#39'('$(87#39'+(:#%#86$'+(
499'<5+(2'+(+'",'37+(&$+,&,3,&#$$'<+?(4J4$,(3$'(@#$",&#$(',(3$'(7'++#37"'(97&$"&94<'+(97#97'+=(
(
(

c8'$,+(5"#$#%&B3'+(
{(
d$&,5+(&$+,&,3,&#$$'<<'+(
Q?->:6?-"K'6->6K$8("

(
(

0'",'37+(
&$+,&,3,&#$$'<+(

(
(
(

/= L5$48'+( _= cYK(
M= 0bh(
Q= K0Z.0L(
a= 0h(
X= fGL(

i())?%'>("K'6->6K$8("

(
.4("#%9,4A&<&,5($4,&#$4<'(7'87#39'(<'+(48'$,+(5"#$#%&B3'+('$(+&P(+'",'37+(&$+,&,3,&#$$'<+=(

04.4 5()"=;-$O()"
Y#37(<'+(%5$48'+(43(+'$+(+,7&",?(<4(@#$",&#$(97&$"&94<'('+,(2'("#$+#%%'7=(K<+(@#37$&++'$,(2'+(@4",'37+(
2'(97#23",&#$(S,74C4&<?("49&,4<W(',(7'y#&C'$,('$("#$,7'947,&'(2'+(+4<4&7'+(2'+(97#@&,+=(K<+(94&'$,(2'+(
&%9`,+?(2'+("#,&+4,&#$+?(%4&+(7'y#&C'$,(43++&(2'+(97'+,4,&#$+=(
L4&+(@#$,(43++&(947,&'(2'+(%5$48'+(<'+('$,7'97'$'37+(&$2&C&23'<+(e(487&"3<,'37?("#%%'7y4$,?(
97#@'++&#$(<&A574<'+?(',"=(.'+("#%9,4A&<&+'7(4C'"(<'+(+#"&5,5+(9#+'74&,(,7#9(2'(2&@@&"3<,5+("#%9,4A<'+=(
(
(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(M(e(!<5%'$,(2'(1#%9,4A&<&,5(b4,&#$4<'(
(

0404 5()")?>6;:;)"-?-"[6-$->6G'()"N"fcQ"
!<<'+(97#23&+'$,(',(C'$2'$,(2'+(Z)0($#$(@&$4$"&'7+=(.'37+(7'++#37"'+(97&$"&94<'+(C&'$$'$,(2'(<4(C'$,'(
2'(Z)0=(
G6+(B3g3$(48'$,(C'$2(3$(97#23&,(;(3$(97&P(+3957&'37(;(QUo(2'(+#$("#},?(&<('+,("#%9,4A&<&+5(4C'"(<'+(
+#"&5,5+($#$(@&$4$"&67'+(S#3(<'+('$,7'97'$'37+(&$2&C&23'<+W?(B3'<(B3'(+#&,(+#$(+,4,3,?(B3g&<(+#&,(93A<&"(
#3(97&C5=(G4$+(<'("4+("#$,74&7'(&<('+,('$7'8&+,75(4C'"(<'+(42%&$&+,74,&#$+=(
Vb(=K8("N"
!Gh(',(<4(0b1h(+#$,(2'+(+#"&5,5+($#$(@&$4$"&67'(
.g523"4,&#$($4,&#$4<'('+,(3$'(42%&$&+,74,&#$(93A<&B3'(

04D4 5()")?>6;:;)"[6-$->6G'()"N"fQ"
!<<'+(97#23&+'$,(2'+(+'7C&"'+(@&$4$"&'7+=(
K<(+g48&,(e(
" 2'+(A4$B3'+(
" 2'+('$,7'97&+'+(2g4++374$"'(
" 2'+(43,7'+(&$,'7%52&4&7'+(@&$4$"&'7+(S+#"&5,5(2'(8'+,&#$(2'(9#7,'@'3&<<'?(A37'43(2'(":4$8'?(',"=W(

0434 5()"$9=6-6):'$:6?-)"K%786+%()"N"`#E"
.'37(@#$",&#$('+,(e(
" 2g499#7,'7(2'+(5B3&9'%'$,+("#<<'",&@+(S7#3,'+?(3$&C'7+&,5+?(8'$247%'7&'+?(:`9&,43P?(',"=W(
" 2'(@#37$&7(2'+(+'7C&"'+($#$(%47":4$2+(874,3&,'%'$,(#3(B34+&(874,3&,'%'$,(;(<g'$+'%A<'(2'(
<4(9#93<4,&#$(#3(;(3$'(947,&'(S+'7C&"'+(2'(D3+,&"'?(+}7',5?(25@'$+'?('$+'&8$'%'$,?(+4$,5?(',"=W(
" 2'(7'2&+,7&A3'7(<'(7'C'$3(#3(<'+(7&":'++'+($4,&#$4<'+('$,7'(<'+(48'$,+=(!<<'+(975<6C'$,(2'+(
&%9`,+?(2'+("#,&+4,&#$+(',(7'2&+,7&A3'$,(2'+(97'+,4,&#$+=(

04P4

5()"L-):6:%:6?-)"f$-)"M%:"5%>'$:6["$%"f('&6>("9()"A;-$O()"N"LfM5fA"

!<<'+(@#37$&++'$,(2'+(+'7C&'+(43P(%5$48'+('$("#$,7'947,&'(2'("#$,7&A3,&#$+(C#<#$,4&7'+(#3(2'(
+3AC'$,&#$+=(G#%4&$'+(C47&5+(e("3<,'?(947,&+(9#<&,&B3'+?(+J$2&"4,+?(4++#"&4,&#$(+9#7,&C'+(#3("3<,37'<<'+?(',"=(
1'(+#$,(<'+(4$"&'$$'+(42%&$&+,74,&#$+(97&C5'+=(

04R4 5("'():("9%"=?-9("N"iXA"
K<(+g48&,(2'(,#3,'+(<'+(3$&,5+($#$(75+&2'$,'+=(0#$,(75+&2'$,+(,#3,'+(<'+(3$&,5+(B3&(#$,('@@'",35(2'+(
#9574,&#$+(+37(<'(u(,'77&,#&7'($4,&#$4<'(v(9'$24$,(3$(4$(#3(9<3+(B3'<<'(B3'(+#&,(<'37($4,&#$4<&,5=(
.'(u(,'77&,#&7'($4,&#$4<(v("#%97'$2(e(
" .'(,'77&,#&7'(%5,7#9#<&,4&$(n(GiL(SL47,&$&B3'?(*3J4$'?(*342'<#39'?(f53$&#$W(
" .'+(4%A4++42'+(',("#$+3<4,+(@74$y4&+(;(<g5,74$8'7(2&%&$35+(2'+(4%A4++42'+(',("#$+3<4,+(
5,74$8'7+('$(h74$"'=(
" .g'+94"'(457&'$(@74$y4&+(
" !43P(,'77&,#7&4<'+(n(8&+'%'$,+(24$+(<'+('43P(&$,'7$4,&#$4<'+('P9<#&,5+(947(2'+(3$&,5+(
75+&2'$,'+=(
(
(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(M(e(!<5%'$,(2'(1#%9,4A&<&,5(b4,&#$4<'(
Vb(=K8((e(;!/##"'$;"#$/Y"()#$
(
"
"
"
"
"
"

L#$+&'37(Z(q(%47#"4&$?(,74C4&<<'(;(>#3<#3+'(2'93&+(Q(4$+(
! <'(,74C4&<<'37(%47#"4&$(@4&,(947,&'(2'(<g5"#$#%&'(@74$y4&+'(e(%5$48'(
L#$+&'37(r?(@74$y4&+?(2'93&+(X(%#&+(43(Z75+&<=(
! <'(@74$y4&+('$(%&++&#$(43(Z75+&<(@4&,(947,&'(2'(<g5"#$#%&'(@74$y4&+'(e(%5$48'(
.4(@&<&4<'(@74$y4&+'(2gKZL(
! <4(@&<&4<'(@74$y4&+'(2gKZL(@4&,(947,&'(2'(<g5"#$#%&'(@74$y4&+'(e(0bh(
d$(,#37&+,'(4<<'%4$2(
! <'(,#37&+,'(4<<'%4$2(@4&,(947,&'(23(e(7'+,'(23(%#$2'(
L#$+&'37(ã?(@74$y4&+('$(9#+,'('$(*74$2'(Z7',48$'(
! L#$+&'37(ã(@4&,(947,&'(23(e(7'+,'(23(%#$2'(
d$'(9<4,'O@#7%'(2'(>#,4<(+&,35'(43(%&<&'3(2'(<g#"54$(
! <4(9<4,'O@#7%'(@4&,(947,&'(2'(<g5"#$#%&'(@74$y4&+'(e(0bh(

a= 5()"?K;'$:6?-)"9;>'6:()"K$'"8$">?=K:$7686:;"
-$:6?-$8("
>7#&+(,J9'+(2g#9574,&#$+(e(
<'+(#9574,&#$+(+37(A&'$+(',(+'7C&"'+(
<'+(#9574,&#$+(2'(75947,&,&#$(
<'+(#9574,&#$+(@&$4$"&67'+(

D4.4 5()"?K;'$:6?-)")%'"76(-)"(:")('&6>()N"8()"pMf"
1'(+#$,(<4(97#23",&#$?(<4(C'$,'(',(<E4":4,?(<'(+,#"H48'(',((<'(25+,#"H48'(2'(A&'$+(',(2'(+'7C&"'+=(
.'+(Z)0(+#$,("<4++5+('$(a("4,58#7&'+e(
"
"

"

(

5()"Mef"9(">?-)?==$:6?-"6-:('=;96$6'()"
Z)0(3,&<&+5(9#37(@4A7&B3'7(<'+(97#23&,+=(K<+(2&+9474&++'$,(#3(+#$,(,74$+@#7%5+(43("#37+(23(
97#"'++3+(2'(97#23",&#$=(
Mef"9(">?-)?==$:6?-"[6-$8("
Z)0(3,&<&+5+(9#37(<4(+4,&+@4",&#$(2&7'",'(2'(A'+#&$+(
o "#$+#%%4,&#$(@&$4<'(2'+(%5$48'+(
O
A&'$($#$(2374A<'+(e($#377&,37'(C^,'%'$,(
O
A&'$(2374A<'+(e(C#&,37'?(>s(
O
+'7C&"'+(e("#&@@'37?("#37+(
o "#$+#%%4,&#$(@&$4<'(2'+(42%&$&+,74,&#$+(93A<&B3'+(',(2'+(&$+,&,3,&#$+(+4$+(A3,(<3"74,&@(
!0'7C&"'+($#$(%47":4$2+(@#37$&+(947(<'+(42%&$&+,74,&#$+(43P(%5$48'+(',(43P(43,7'+(48'$,+=(
M6(-)"9,6-&():6))(=(-:"
Z&'$+(3,&<&+5+(24$+(<'(97#"'++3+(2'(97#23",&#$(9'$24$,(9<3+(2E3$(4$=(.g'$+'%A<'(2'+(A&'$+(
2g&$C'+,&++'%'$,(4"B3&+(24$+(<g4$$5'("#$+,&,3'(<4(hZ1h=(!<<'("#%97'$2(e(
O
<g4"B3&+&,&#$(2g5B3&9'%'$,+(947(<'+('$,7'97&+'+(#3(42%&$&+,74,&#$(
o +#&,(9#37(7'%9<4"'7(23("49&,4<(@&P'(3+5(#3(#A+#<6,'(
o +#&,(9#37(438%'$,'7(<'(+,#"H(2'("49&,4<(@&P'(
O
<g4"B3&+&,&#$(2'(<#8'%'$,+($'3@+(947(<'+(%5$48'+(
(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(M(e(!<5%'$,(2'(1#%9,4A&<&,5(b4,&#$4<'(
.'+(#9574,&#$+(+37(Z]0(7',74"'$,(e((
# 8Y?'6O6-("9()"K'?9%6:)(
O &<+(#$,(5,5(97#23&,('$('$(h74$"'(
O #3(&<+(#$,(5,5(&%9#7,5+(SLW('$(97#C'$4$"'(23(7'+,'(23(%#$2'(
# 8(%')"%:686)$:6?-)e(
O "#$+#%%4,&#$(&$,'7%52&4&7'(
O "#$+#%%4,&#$(@&$4<'(
O @#7%4,&#$(A73,'(2'("49&,4<(@&P'(
O å(2'(+,#"H+(e("#$+,&,3,&#$(2'(+,#"H(SnW(#3(+#7,&'+(2'(+,#"H+(SOW(
O 'P9#7,4,&#$(SrW?(A&'$(4":',5+(947(<'(7'+,'(23(%#$2'(

V+%6867'("9()"pMf"FpK;'$:6?-")%'"MefH"
"
i$('$(2523&,(<'+('P97'++&#$+(+3&C4$,'+(e(
w~É:ÑJI} e v|HJÖw~É:IJÖ e Ü ) xv e x e áyxá ) àâJ e ä"
GE#|(e(
@d#LÇãb`#V i rA e A[M#b_åçéQèDEê ) r e ëBrë ) íìb e %î i ï((
i$(4(2#$"(<'+('P97'++&#$+(+3&C4$,'+(23(YKZ(e(

wvy ) w~É:ÑJI} i xv e v|HJÖw~É:IJÖ"
wvy ) x e áyxá ) àâJ e %ä i Ü("
wvy% & \% Y %]% & ^_]^% & `abcdef% & %g"
(

i9574,&#$(+37(A&'$+(',(+'7C&"'+(S+#37"'(Kb0!!W(
c$$5'(MUUQ(
hi_% & %\% Y %]^% & %^_]^% & %jfbcdef% & %g%
klkm% & nopq o% Y krskq l% & rrlq k% & lq o% & nno"
"

(-"=6886$'9)"9,w"

(-"r#LM"

hi_%

klkm%

kmm%

]ctfcuuvbwct%

krsk+ ñ%

sm+ 7%

[B=EX<,%

ó4q+q%

44+2%

xC(>=>,+NE+>*= y%

-/&+-%

/4+1%

^_]%

rnn+ ñ%

pm+ 5%

g 7 \%

7ko+ 0%

7k+ 6%

z%

--l+q%

/l+1%

[%

-l/+l%

/2+1%
ç42%&$&+,74,&#$(93A<&B3'(n(K0Z.0L(

(

(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(M(e(!<5%'$,(2'(1#%9,4A&<&,5(b4,&#$4<'(

i9574,&#$(+37(A&'$+(',(+'7C&"'+(
c$$5'(MUUV(
wvy% & %\% Y %]^% & %^_]^% & %`fbcdef% & %g%
k{|mq k% & %|orq s% Y %k|o|q l% & %nplq p% & %|q n% & %|k|q o"
"

(-"=6886$'9)"9,w"

(-"r#LM"

hi_%

klkm%

kmm%

]ctfcuuvbwct%

k|o|q l%%

sm+ 0%

[B=EX<,%

1'&l+&%

44+2%

xC(>=>,+NE+>*= y%

-2&+ó%

/-+l%

^_]%

nrp+ ò%

pp+ *%

g 7 \%

7ns+ *%

7p+ ò%

z%

414+l%

/l+-%

[%

4lq+&%

/&+ó%
ç42%&$&+,74,&#$(93A<&B3'(n(K0Z.0L(

D404 5()"?K;'$:6?-)"9("';K$':6:6?-"
!<<'+(25"7&C'$,(<4(2&+,7&A3,&#$(2'+(7'C'$3+('$,7'(<'+(48'$,+=(i$(2&+,&$83'(e(
<4(2&+,7&A3,&#$(2'(7'C'$3+(97&%4&7'+(
<4(2&+,7&A3,&#$(+'"#$24&7'(2'(7'C'$3+(

$4 5$"96):'67%:6?-"9("'(&(-%)"K'6=$6'()"
1'(+#$,(<'+(7'C'$3+(B3&(+#$,(2&+,7&A35+('$("#$,7'947,&'(2g3$'(4",&C&,5(2'(97#23",&#$=(1'+(7'C'$3+?(
&++3+(2&7'",'%'$,(23(97#"'++3+(2'(97#23",&#$(+'(75947,&++'$,('$,7'e(
O <'+(+4<47&5+(S75%3$574,&#$(+4<47&4<'W(
O <'+('$,7'97&+'+(',(<'+(97#97&5,4&7'+(2'("49&,43P(S!Z!W?(
O <g!,4,(S&%9`,(+37(<4(97#23",&#$W(
.'+(7'C'$3+(97&%4&7'+('$8'$275+(947(<'+(#9574,&#$+(+37(<'(,'77&,#&7'(@74$y4&+("#$+,&,3'$,(<'(#LM=(
.'+(7'C'$3+(97&%4&7'+(7'y3+(947(<'+(48'$,+(5"#$#%&B3'+($4,&#$43P(@#7%'$,(<'(icM?(<'(7'C'$3(
$4,&#$4<(A73,=(
hi_% Y %}Bu~tBvbwct%ÄÅf%fvÇvwBf% & É_É% & iuÑÖbfhcÄ~dbwct 7 a~ÜáÅtbwctf%
i$(74D#3,'(43(YKZ(<'+(7'C'$3+(97&%4&7'+(S+4<4&7'+?(7'C'$3+(2'(<4(97#97&5,5?(&%9`,+(+37(<4(97#23",&#$W(
7'y3+(947(2'+(3$&,5+(75+&2'$,'+('$(97#C'$4$"'(23(7'+,'(23(%#$2'(',(#$(7',74$":'(<'+(7'C'$3+(
97&%4&7'+(C'7+5+(947(2'+(3$&,5+(75+&2'$,'+(43(7'+,'(23(%#$2'=(
}à_%"
Y%"

hi_% & %%}ÅáÅt~f%ÑwuvwÅf%Åt%ÑcáÅtvtdÅ%Ä~%ÅfbÅ%Ä~%uctÄÅ 7 }ÅáÅt~f%áÅfBf%v~%ÅfbÅ%Ä~%uctÄÅ"

$

$

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(

1:49&,7'(M(e(!<5%'$,(2'(1#%9,4A&<&,5(b4,&#$4<'(
Vb(=K8("N"
d$(<#$2#$&'$(4":6,'(3$'(%4&+#$('$(h74$"'(B3E&<(<#3'(;(<E4$$5'(=(
.'(<#J'7(9'7y3(947("',(4$8<4&+('+,("#%9,4A&<&+5(e(
O
24$+(<'(YKZ(@74$y4&+(S4",&C&,5(@74$y4&+'W(
O
24$+(<'(fbZ(4$8<4&+(S7'C'$3(9'7y3(947(3$(4$8<4&+W(
!$('@@',?("'(<#$2#$&'$('+,(3$(%5$48'(4$8<4&+?(%4&+("#%%'(&<(9#++62'(3$'(%4&+#$('$(h74$"'(',(B3E&<(<4(<#3'?(&<(
'+,(43++&("#$+&2575("#%%'(3$&,5(75+&2'$,'(@74$y4&+'(9#37("',,'(4",&C&,5?(&<('+,("#%9,4A&<&+5(24$+(<'+(%5$48'+(
@74$y4&+(9#37("',,'(+'3<'(4",&C&,5=(

i$(9'3,(2#$"(2&7'(B3'(e(
" <'(YKZ('+,(<4(+#%%'(2'+(7'C'$3+(97&%4&7'+(C'7+5+(947(<'+(3$&,5+(75+&2'$,'+(
" 4<#7+(B3'(<'(fbZ(S7'C'$3($4,&#$4<(A73,W('+,(<4(+#%%'(2'+(7'C'$3+(97&%4&7'+(7'y3+(947(<'+(
3$&,5+(75+&2'$,'=(
!$(h74$"'?(YKZ(',(fb(+#$,(,76+(97#":'+=(G4$+("'7,4&$+(94J+?(<4(2&@@57'$"'(9'3,(^,7'(9<3+(874$2'=(
Vb(=K8("N(ôöB%â*ä<ã+% å %ç'I%â*ä<ã+(
.'(8#3C'7$'%'$,(23(Ñ#I'Ü,(4(A'43"#39(&$C'+,&(2'93&+(<4(25"#3C'7,'(23(95,7#<'(9#37(4++37'7(43P(@3,37'+(
85$574,&#$+(3$(7'C'$3(B34$2(<'+(7'C'$3+(23(95,7#<'(+'(+'7#$,(,47&+=(K<(7'y#&,(43D#372g:3&(2g&%9#7,4$,+(7'C'$3+(
S2&C&2'$2'+?(&$,57^,+W=(

c3("#$,74&7'(24$+(<'+(YsG(B3&(4""3'&<<'$,(2'($#%A7'3+'+(%3<,&$4,&#$4<'+(5,74$867'+(2#$,(<'+(
A5$5@&"'+(+#$,(7494,7&5+(C'7+(<g5,74$8'7?(PéI% è %ç'I(=(

74 5$"96):'67%:6?-")(>?-9$6'("9("'(&(-%"
.4(2&+,7&A3,&#$(+'"#$24&7'(2'(7'C'$3("#%97'$2(,#3,'+(<'+(#9574,&#$+(2'(7'2&+,7&A3,&#$('$,7'(<'+(
48'$,+=(!<<'(9'7%',(2'(25,'7%&$'7(<'(7'C'$3(2&+9#$&A<'(2'+(48'$,+=(K<(@43,(,'$&7("#%9,'e(
O 2'+(&%9`,+(+37(<'(7'C'$3(',(+37(<'(94,7( (
&%#&$'(
O 2'+("#,&+4,&#$+(+#"&4<'+(94J5'+(947(<'+(48'$,+(43P(42%&$&+,74,&#$+(93A<&B3'+=(
O 2'+(97'+,4,&#$+(+#"&4<'+(C'7+5'+(947(<'+(42%&$&+,74,&#$+(43P(%5$48'+?(&<('$('P&+,'(Q(
"4,58#7&'+?("#77'+9#$24$,(":4"3$'(;(3$(7&+B3'(e(
/=
M=
a=
_=
Q=

O
(

f&+B3'(u(C&'&<<'++'(v(S__oW(%(f',74&,'(
f&+B3'(u(%4<42&'O+4$,5(v(SaQoW(%(%4<42&'?(&$C4<&2&,5(
f&+B3'(u(%4,'7$&,5O@4%&<<'(v(SNoW(
f&+B3'(u('%9<#&(u(SToW(
f&+B3'(u(943C7',5O'P"<3+&#$(v(SMoW(

2'(,#3+(<'+(43,7'+(,74$+@'7,+?(97&%'+(',(&$2'%$&,5+(2g4++374$"'(2#%%48'(SU?aao(23(7'C'$3(
97&%4&7'W=(
(

1'(2#"3%'$,($'(7'%9<4"'('$(43"3$("4+($&(3$'(975+'$"'(43P("#37+(%48&+,743P(',(,74C43P(2&7&85+(7583<&67'?($&(3$'(97&+'(2'($#,'(4++&23'=(



Partager ce document

Semestre+1+Macréconomiefichier-pdf.frPDF71 pages

Vos contacts verront cette carte, avec la première page en image.

QR Code de ce document
Sur un téléphoneScannez le code pour ouvrir le document.Enregistrer le QR Code

Télécharger le fichier

Première page du document
Téléchargement gratuit

Semestre+1+Macréconomie.pdf

PDF 1.63,3 Mo71 pages

Faire un lien vers ce document

Lien permanentpour un message, un forum, un réseau social
Lien courtpour un SMS ou un profil
Code HTMLpour un site ou un blog

Du même auteur

Sur le même sujet

Les mots qui reviennent le plus dans ce document. Chacun lance une recherche dans les fichiers publics.

Commentaires

Pour voir les commentaires déjà publiés ou ajouter un commentaire, Connectez-vous ou Créez un compte.