lettre eau n°69.indd - France Nature Environnement

Transcription

lettre eau n°69.indd - France Nature Environnement
,
60>><0
:$&,#0&ʇ=
.>?,64>T
'@FCF?6>6CAC@AC66?56C?:OC6
=:8?65C@:E6
2CC28656*:G6?D52?D=6+2C? BF6==6
:DDF6 +C2?DA@CEFG:2=6E>2:?E:6?56=2
4@?E:?F:ENN4@=@8:BF656D4@FCD5[62F
56D5ND4@?EC25:4E@:C6D
9==40<
'C@;6ED56**
XX
F?E@:=6EE286A6FC27C2:49:DDD2?EE
5@FC2C@??6=[:>AF:DD2?46AF3=:BF6
6
CE@:D':42C5:6F?AC@;6E=2:DD2?
?E
A6CD:DE6C56?@>3C6FD6D:?BF:N
NEEF
F56
6D
#@:C6C6E28?6362F4@FA5[6
677
7 @C
@CED
ED
A@FCA2D8C2?549@D6
)$F?AC@;6E6?EC62>3:E:@?6E
CN2=:D>6
)9:?$6FD6>:6FIG2FEA6?D6C
=6492?86>6?EBF6492?86C=6
A2?D6>6?E
*6:?6%@C>2?5:6F?AC@;6E4@?D6?DF6=
6EA6F4@?EC2:8?2?E
#6D828?2?ED5F4@?4@FCDA9@E@
#@:C6C6E28?6
&43&%&0"-$&"230&-4)0.--&,&-2
555'-&"11.'0
:%:0"2).-'0"-9")1&%&1"11.$)"2).-1%&
/0.2&$2).-%&+"-"230&&2%&+@&-4)0.--&,&-2
&&$'%&O&O"$
$ &'$ ($! &
&0-"0%
#*$%
#%&#'# %
$! $$! %"&$&
S9SG6I>DC ;G6CR6>H: 9:H HHD8>6I>DCH
9: )GDI:8I>DC 9: A6 '6IJG: :I 9:
AdCK>GDCC:B:CI ;DC9S: :C G:8DCCJ:9dJI>A>ISEJ7A>FJ::C
F6&2(* &896* 2:.6322*1*28 G6HH:B7A:
EAJH 9: 6HHD8>6I>DCH C6I>DC6A:H
GS<>DC6A:H:IAD86A:HGSE6GI>:HHJGA:CH:B7A:
9J I:GG>ID>G: )GSH:CI: 96CH 9: CDB7G:JH:H
>CHI>IJI>DCH 9: 8DC8:GI6I>DC A6 ;S9SG6I>DC
C6I>DC6A: EA68: A6 EGDI:8I>DC 9: A6 C6IJG:
9: A:CK>GDCC:B:CI :I 9: CDIG: H6CIS
6J 8aJG 9:H 9S8>H>DCH EJ7A>FJ:H 6;>C
FJ: A:H 9S8>9:JGH EDA>I>FJ:H C><CDG:CI
EAJH A:H EGSD88JE6I>DCH 9:H 8>IDN:CH_
%6EDA>I>FJ:9:Ad:6JG:FJ>:GIJC:6II:CI>DC
8DCHI6CI: 9: A6 E6GI 9:H 8>IDN:CH 6;>C
9: K:>AA:G P JC: :6J 9: 7DCC: FJ6A>IS
G:HE:8IJ:JH: 9: A6 H6CIS =JB6>C: 6>CH>
FJdP A6 7>D9>K:GH>IS 9:H B>A>:JM C6IJG:AH
6FJ6I>FJ:H
%:HE6<:H9JH>I:9: '9S9>S:HPAd:6J
DCI 8:II: KD86I>DC 9: KDJH IG6CHB:IIG:
Ad:HH:CI>:A 9: Ad>C;DGB6I>DC HJG Ad:6J :C
G6C8: IDJI 8DBB: JC: 6C6ANH: 9:H
EDA>I>FJ:H96CH8:9DB6>C:
/:C:OK>H>I:GA:HE6<:H:6J
-884;;;+2*&773+6
"W60<0==9?<.0=080,?0>
74640?A8,>?<06=,;?,>4;?0=
/0<,8.0 ,>?<08@4<9880708>
GJ:9:A6%>DCC:
(GAS6CH
:B6>AEDA::6J;C:6HHD;G
H>I:L:7LLL;C:6HHD;G
%6 %:IIG: :6J :HI S9>IS: E6G JC >BEG>B:JG
A67:AA>HS #BEG>B/:GI :A6 H><C>;>: FJ>A
G:HE:8I:D7?:8I>;H
[ A67DCC:<:HI>DC9:H9S8=:IH96C<:G:JM
[ A6 HS8JG>H6I>DC 9:H HID8@6<:H 9: EGD9J>IH
96C<:G:JM
[ Ad:M8AJH>DC 9:H EGD9J>IH IDM>FJ:H 9:H
6I:A>:GH
&6&.00*9670&*886**&9*78.146.1@*796
)94&4.*66*(=(0@
.6*(8*96)*0&49'0.(&8.32:C:O%"DHI>H
@)&(8*96*2-*+:GC6G9+DJHH:6JG:HEDCH67A:
9:HEDA>I>FJ:H6J9: G6C8:'6IJG:CK>GDCC:B:CI
@)&(86.(**2(-*+&)/3.28*%S6DJ<JNDC
31.8@)*6@)&(8.32&6G>C:%:&D6A
.7**24&,*=6GADII:%6;;DA6N
,DAD<C:'6IJG:
CK>GDCC:B:CI
146*77.32#BEG>B:G>:)GSKDHI
398&,*.-+1
39:*6896*2+3,6&4-.*D=6GADII:%6;;DA6N
,DAD<C:'6IJG:CK>GDCC:B:CI
#,,'
"9?<?800,?@4@,8>06,694/0?8%4@08=?8
$9B-9808:<4706,1U>0/06,%T6?80D
CCDC8S:CA:8>CFJ6CI>TB:6CC>K:GH6>G:9:A6AD>HJGAd:6J9:6SIS8SAS7GSA:B6G9>
D8ID7G:P)6G>HGJ:,6>CIDB>C>FJ:PA6&6>HDC9:A6=>B>:9:HHES8>6A>HI:HGSJC>HEDJGI>G:G
JC7>A6C9:A6EDA>I>FJ:9:Ad:6JB:HJG:GAd>BE68I9:A6AD>9::IHJGIDJIGS;AS8=>GPAd6K:C>G9:
A6EDA>I>FJ:9:Ad:6J8DC;GDCIS:6JM:M><:C8:H:JGDES:CC:H96CHA:;AJM:IA:G:;AJM9:AdDG<6C>H6I>DC
I:GG>IDG>6A:;G6CR6>H:
:8>CFJ6CI>TB:6CC>K:GH6>G:6EG>HA6;DGB:9dJC8DAADFJ:8A6HH>FJ:A:B6I>CIGD>H:MEDHSHG>8=:H
:IE:G8JI6CIH8DCH68GSHPJC:K>H>DC:JGDES:CC:9:A6EDA>I>FJ:9:Ad:6JK:C6CICDJHG6EE:A:G6J7DC
HDJK:C>G9:CDHD7A><6I>DCHEJ>HJC:I67A:GDC9:8DCH68GS:6JM9S;>HPG:A:K:GHJ>K>:9J9>H8DJGH9:
A6&>C>HIG:9:Ad:CK>GDCC:B:CI:IA6G:B>H:9J!G6C9)G>M'6I>DC6A9J!SC>:8DAD<>FJ:%d6EGTH
B>9>
9:JM>TB:I67A:GDC9::I8DC8AJH>DCE6GA:9>G:8I:JG9:Ad:6J
%d6;;6>G:6K6>I8DBB:C8S7>O6GG:B:CI.CEGS
EGD<G6BB:6K6>ISIS:CKDNS96CHA:FJ:A6EE6G6>HH6>:CI
9:HCDBH9d>CI:GK:C6CIHE6G8DCIG:A:H6HHD8>6I>DCHSI6>:CI67H:CI:H7H:C8:9d6JI6CIEAJH9>;;>8>A:
P:MEA>FJ:GFJd:AA:HHDCIB:B7G:H9:H8DB>ISH9:76HH>C:IE6GI>8>E:CI6JMIG6K6JM9:H+%:I9:H
6<:C8:H9:Ad:6JBD7>A>HS:HP8:BDB:CI
APE6GAdSA67DG6I>DC9:HCDJK:6JM,!8DBB::CISBD><C:CI
A:HH>M9DHH>:GH9:8:II:^A:IIG::6J_
A6HJ>I:9:CDHGS8G>B>C6I>DCHCDJH6KDCH6EEG>HFJ:9:H6HHD8>6I>DCHH:G6>:CI>CIS<GS:H6JM9:JM
I67A:HGDC9:HA:B6I>CA:H8DCHDBB6I:JGHAd6EGTH
B>9>A:H:CK>GDCC:B:CI6A>HI:H:CAdD88JGG:C8: '
:II:GSE6GI>I>DCSFJ>A>7GS:9:K6>IUIG:IGDEAD<>FJ:EDJGA:H DG<6C>H6I:JGH:IEDJG9:HG6>HDCH
>C8DCCJ:HB6>HFJd>A:HI;68>A:9d>B6<>C:G6EGTH8DJEA:H9:JMG:EGSH:CI6CIH9:H6HHD8>6I>DCHH:HDCI
G:IGDJKSH96CHA6BUB:IG>7JC:9:A6I67A:GDC9:9JB6I>C,68GS:IG>7JC::AA:6K6>IA6;DGB:9dJC
ED>CI
K>G<JA:%6;DGB:9dJC:IG>7JC:E:JIH:B7A:G7>:C6CD9>C:EDJGI6CIA6EA68:FJ:AdDCND88JE:
E:JI;6KDG>H:GDJ9S;6KDG>H:GA68DBBJC>86I>DC6K:8A6H6AA:HDJK:CIA:9>67A:H:868=:96CHA:H9SI6>AH
A6EA68:9JED>CIA6?DJGC6A>HI:FJ>9>HIG>7J:A:HEG>H:H9:E6GDA:<DJK:GC:A:HI:BEH9d:MEG:HH>DC
:CEG>C8>E::I;6>IH:H8DBB:CI6>G:H)DJGA6I67A:GDC9:9JB6I>C6J8:CIG:9:A6K>G<JA:,:G<:
%:E:AI>:GG:<6G99>G:8IK:GHA6H6AA:EDH>I>DCAD<>FJ:EDJGJC6C8>:C&>C>HIG:PH:H8XISHJC>C9JHIG>:A
8DBB:IDJ?DJGH7>:CEA68S:I6JHH>JC8DCHDBB6I:JG7>:CK:>AA6CIAd:MIGSB>IS9:A6K>G<JA:APDY
:AA:H:G:8DJG7:A:H^:BB:G9:JGH_#AH6JGDCIA6E6GDA::C9:GC>:GA:JGG:<6G9C:EADC<:G6E6H96CH
A6H6AA:B6>HH:G686EISE6GA6<:HIJ:AA:9:A6?DJGC6A>HI:HDCC6CIA6;>C9:A:JGH>CI:GK:CI>DCHIAdDC
KDJ9G6>ICDJH;6>G:8GD>G:FJ:IDJI8:8>GSHJAI:9J=6H6G9
%69:JM>TB:I67A:GDC9:SI6>I:C8DG:EAJHDG>:CIS:6J8:CIG: 9:A6K>G<JA:A6EG:B>TG:K>8:
EGSH>9:CI:9:A6 ',6H:GK>JC9>H8DJGHEJG?JHHNC9>86A9S86ASE6GG6EEDGI6JI=TB:9:A6?DJGCS:
:IE6H9d6HHD8>6I>;PA6IG>7JC:EDJGG:A6I>K>H:GH:HEGDEDHDJA:H8DCIG:9>G::C8DG:JC8DJE9J=6H6G9
>I6CI^ :GI>
&>:JM_:I^)=NID
&>:JM_9:HB:HJG:II:HK>:>AA:H9:6CH:AA:H:B7A6>IHJ<<SG:GFJ:
8:HDESG6I>DCHHDCI9:HGSJHH>I:H6ADGHFJ:AdSI6I9:HA>:JMBDCIG:JC:6<<G6K6I>DC9:HEDAAJI>DCH
E6GA:HC>IG6I:H:IA:HE=NIDH6C>I6>G:H96CH9:HH:8I:JGHDY9:I:AA:HDESG6I>DCHDCISIS8DC9J>I:H8DBB:
:C:6J8:E6G:M:BEA:IE:GHDCC:EDJGAJ>GSEDC9G:EDJGI6CI:AA:SI6>I7>:C:C869GS:E6GAd68IJ:A
)GSH>9:CI9J'FJ>8DCC6VIA6BJH>FJ::IHDCEGS9S8:HH:JGFJ:AdDC68DCCJEAJH>C8>H>;:C9d6JIG:H
8>G8DCHI6C8:H:K6CI8:I:M:G8>8:8DCK:CJA6H6AA:Hd:HIG:7>;;S:
#AG:HI:9:8:II:?DJGCS:JC:H:CH6I>DC9:9S?PKJJC:HDGI:9:HA6ADB:CIG:A:HEGD7ATB:HFJ>
Cd6EEDGI:E6H9dS8A6>G6<:HJG8:FJ:EDJGG6>I
UIG:JC:CDJK:AA:<DJK:GC6C8:9:Ad:6JFJ>K>:C9G6>I
9DCC:GJCH:8DC9HDJ;;A:PA6AD>9::IEDJGG6>I8DC9J>G:6JG:HE:8I9:A6
.C:8SAS7G6I>DC9:A6AD>9:FJ>6EE6G6VI9d6JI6CIEAJH8=DFJ6CI:6J?DJG9d=J>FJ:96CHA6BUB:
ESG>D9:A6&>C>HIG:9:AdCK>GDCC:B:CI&696B:,S<DATC:+DN6AG:B:II6>I:C86JH:A6E6GDA:9:AdI6I
:C;>C6HH6CIHJGA6,SAJC::IFJ:AdDCIJ:IDJ?DJGHA:HODC:H=JB>9:H8DBB:P+DN7DC
6JE>:9
9J/:G8DGHEDJG;6>G:JC:CI:G)6G8DJ:C8DG:P,>K:CH96CHA:-6GC6J7SCS;>8:9dJC:6<G>8JAIJG:
>GG><JS:G:K:C9>FJS:E6GA6EG:B>TG:K>8:
EGSH>9:CI:9:A6 ',FJ>8DBB:BD9TA:Hd:HIGS;SGS:6J
76GG6<:9:,>K:CHFJ:AFJ:H?DJGH6K6CIA:9S8TH9:+SB> G6>HH:
E2E56D=:6FI56#@:C6C6E28?6NE23=:6?2AA=:42E:@?56=2:C64E:G625C6DFC=62F'286DX
#2>:?:DEC656=4@=@8:6G6FENEF5:6C56DD@=FE:@?D2=E6C?2E:G6D2FAC@;6E5656DECF4E:@?56D32CC286D
9J5C@N=64EC:BF6D56-NK:?D6E56=2)@496BF:@:EDFC=2*N=F?6$2?4962=@CDBF6=24@>>:DD:@?56?BFPE6AF3=:BF6
25@??NF?2G:D72G@C23=62F5N>2?EO=6>6?E5646D32CC286D2?5[2>N=:@C6C=2BF2=:EN56=62F56=2*N=F?66E
A6C>6EEC6=6A2DD28656DA@:DD@?D>:8C2E6FCD==6K4@>AC6?5C6V!=D[28:E5FAC@;6EY6?E6CA2C4Z56)@J3@?#6
AC@;6EA@CE6DFC9N36C86>6?EDE@FC:DE:BF6D6EF?46?EC652EEC24E:@?*:EFN52?D=27@CPE56DG6?:OC6D:=DNE6?5
2FE@E2=DFC964E2C6D#6AC@;6E2C6MFF?2G:D5N72G@C23=656=24@>>:DD:@?56?BFPE6AF3=:BF62FE:EC656=2=@:
DFC=62F#6AC@;6E5632CC28656*:G6?DG:D6LD@FE6?:C=NE:2865F+6D4@FF?27F6?E5F+2C?6?DE@4<2?E6?9:G6C
=6DG@=F>6D562F?N46DD2:C6D2FI28C:4F=E6FCD6?NEN=6CEN6A2CF?66FC@5NAFEN67C2?M2:D6=2@>>:DD:@?6FC@
AN6??66DE6?EC2:?5[6I2>:?6CD:=6AC@;6E56C6E6?F6562F56*:G6?DCNA@?5L=25:C64E:G6425C6DFC=62F
ʇ?RC2?46%2EFC6?G:C@??6>6?E
<S@0=<S@0=<S@0=
"*%!$' "$!$$O! '&&! &$% &$&% %'% &D
')6NH9:A6%D>G:669G:HHS;>C6DZIJCG:8DJGH<G68>:JM6JEGS;:I
9:GS<>DCAJ>9:B6C96CI9:BD9>;>:GA:EGD<G6BB:GS<>DC6A9:AJII:8DCIG:A:H
C>IG6I:H9dDG><>C:6<G>8DA:9DEIS;>C?J>C8:AJ>
8>BJAI>EA>:A:HEDHH>7>A>ISH9:
9SGD<6I>DCH:IEGSH:CI:9:<G6K:H>CHJ;;>H6C8:H96I:H9dSE6C96<:8DJK:GIJG:
KS<SI6A:ODC:H9d68I>DCG:C;DG8S:H`%:EGS;:ICd6N6CIE6HGSEDC9J96CH
JC9SA6>9:BD>H ')6NH9:A6%D>G:Hd6EEGUI:P:C<6<:GJCG:8DJGH
8DCI:CI>:JM9:K6CIA:IG>7JC6A69B>C>HIG6I>;9:'6CI:H
!'$ O! %+! %'%O&! %:H6C>B6I>DCH:CA>:C6K:8AdS9>I>DC9:A6?DJGCS:BDC9>6A:9:HODC:H
=JB>9:HH:9SGDJA:GDCI9J?6CK>:G6J;SKG>:GHJGA:I=TB:^9:HODC:H
=JB>9:HEDJGCDIG:6K:C>G_CDI:GA6CDJK:AA:6EEA>86I>DCEDJGHB6GIE=DC:H
^76A69(B6G6>H_ FJ> E:GB:I 9: <SD
AD86A>H:G JC: 6C>B6I>DC JC 8:CIG:
9d>C;DGB6I>DCDJ9:G:8=:G8=:%d6EE:APBD7>A>H6I>DC:HI9>HEDC>7A:HJ>K6CI
A: A>:C =IIELLLODC:H
=JB>9:H:6J;G6C8:;G68IJ6A>I:H<:C:G6A:H
A67:AA>H:O
KDH
6C>B6I>DCH
?DJGC::
BDC9>6A:
ODC:H
=JB>9:H
')%&!* %D
%:HEGD?:IH9:,!:IA:HEGD<G6BB:H9:B:HJG:HEDJGA6ESG>D9:
HDCIHDJB>HPAd6K>H9:H8>IDN:CH;G6CR6>H9J9S8:B7G:6J
?J>C-!JCFJ:HI>DCC6>G::CA><C:HJGA:HH>I:H9:H<:C8:H9:Ad:6J
LLL8DCHJAI6I>DCH
EJ7A>FJ:H9:K:ADEE:B:CI
9JG67A:<DJK;GEGTH6KD>GSIS
K6A>9SHE6GA:H9>;;SG:CIH8DB>ISH9:76HH>C8:H9D8JB:CIH9:EA6C>;>86I>DC:I
9:<:HI>DC9:H:6JME6HH:CIA69:GC>TG:SI6E:6K6CIA:JG69DEI>DC9S;>C>I>K:
EGSKJ:;>C/DJHIGDJK:G:O96CH8:CJBSGD9:A6%:IIG::6JA:G:HH:CI>
9:H)'FJ6CI6JMSKDAJI>DCHDJGS<G:HH>DCHEGDEDHS:HPIG6K:GH8:H
CDJK:6JMEGD?:IHCE6G6AATA:9:8:II:8DCHJAI6I>DCHJGA:H,!:IA:H
EGD<G6BB:H9:B:HJG:HA:EJ7A>8:HIS<6A:B:CI6B:CSP9DCC:GHDC6K>HHJG
A:H)GD<G6BB:H9d68I>DCEDJGA:B>A>:JB6G>C)&&:IA:H)A6CH9:<:HI>DC
EDJGA:G>HFJ:>CDC96I>DC)!+#%d6K>H9:8=68JC:HI>BEDGI6CI96CHJC
8DCI:MI:DYA:EG>C8>E:9:9SBD8G6I>::HIG:B>H:C86JH:ADGHCd6II:C9:O
EAJH;6>I:HE6HH:GAd>C;D:IEG:C:OA6E6GDA:
'$ ' "!$& $! &D
:EJ>HA:,NHITB:9d#C;DGB6I>DC
HJGAd6J,#DG<6C>H:A68DCC6>HH6C8:HJG
Ad:6J :I A:H B>A>:JM 6FJ6I>FJ:H :C
GSEDCH:6JM9S;>H:CK>GDCC:B:CI6JM:I
:CHDJI>:CPAd68I>DCEJ7A>FJ::EJ>H
8:II: 6CCS: JC: G:;DCI: 9: HDC
H>I:6J;G6C8:6SISA6C8S:6;>C9:
A:G:C9G:EAJH:G<DCDB>FJ::IEAJH688:HH>7A:6J<G6C9EJ7A>86J;G6C8:
?DJ:A:GXA:9:EDGI6>ACJBSG>FJ:DJKG6CIAd688THP9:HEJ7A>86I>DCH:IP9:H
9DCCS:HHJGAd:6J:IA:HB>A>:JM6FJ6I>FJ:Hd>8>9:CDJK:6JMH:GK>8:H
ES96<D<>FJ:HH:GDCIGS<JA>TG:B:CI6?DJISHI:AHFJ:Ad688TH6JM9DCCS:HEGTH
9:8=:OHD>:IA:H:GK>8:9d688THP9:H9DCCS:H9:HNCI=TH:^6GI(<G6E=d_
9dDG:H:I9S?P688:HH>7A:H9:EJ>HLLL:6J;G6C8:;G
6+
,'.'4'/4%0/%'3/='1#3-#1305'%5+0/&'-#/#563''5&'-B'/7+30//'.'/5'5&=4+3'
%0/5+/6'3;4065'/+3-'4#%5+0/4&'3#/%'#563'/7+30//'.'/5
'(#+46/&0/ C C
C
C 06C
3'/709'34064'/7'-011'#((3#/%*+';A=4'#6#6A36'&'-#+0//'A3-=#/4
*>26'$#/%#+3'061045#-;-B03&3'&'
.'
$!%$"!!!%#!##!$%$""!%&'!#$##
'$#"%#!"#'$#%" (#"&#/4-#-+.+5'&'
&'7053'3'7'/6+.104#$-'>43=%'15+0/&'7053'&0//0647064'/7'330/46/3'<6
,645+(+%#5+(
+/4+1#3'8'.1-'6/&0/&'C
##'704%003&0//='440/5+/&+41'/4#$-'410637064'/709'37053'3'<6(+4%#-'5
$=/=(+%+'3&'-#3=&6%5+0/&+.1?54064-'465+-+40/46/+26'.'/5;&'4(+/4&')'45+0/
'5&B+/(03.#5+0/0/(03.=.'/5;-#-0++/(03.#5+26''5-+$'35=4&6,#/7+'37064
$=/=(+%+':&6/&30+5&#%%>4&'3'%5+(+%#5+0/&01104+5+0/'5&'46113'44+0/&'4&0//='4
26+7064%0/%'3/'/5
--'
0. 3=/0. &3'44' !!!!!!!!!!
+--' .#+- ʇ?RC2?46%2EFC6?G:C@??6>6?E
.>?,64>T=
"9?<?8070<:<9:<008
: :
/0<84S<064280/<94>0
%$')%(!&OM$!' D
C:C69DEI6CIA6>G:8I>K:69G:,IG6IS<>:EDJGA:B>A>:J
B6G>C,&&A:HI6IHB:B7G:H9:Ad.C>DCJGDES:CC:DCI;>MSJC
D7?:8I>;;DGI6II:>C9G:A:7DCSI6IS8DAD<>FJ:9:H:6JMB6G>C:H:C
#CHE>GS:9:A6A6,&&:HIA:EG:B>:GI:MI::JGDES:C
EG:C6CI:C8DBEI:A6EGDI:8I>DC9JB>A>:JB6G>C9:;6RDC>CIS<GS:
,DC8=6BE9d6EEA>86I>DC8DC8:GC:A:H:6JMB6G>C:HBSIGDEDA>I6>C:H
9S8DJES:H:CFJ6IG:HDJH
GS<>DCHB6G>C:H)DJG8=6FJ:HDJH
GS<>DC
B6G>C:9D>IUIG:SA67DGS:IB>H:CaJKG:JCEA6C9d68I>DCEDJGA:
B>A>:JB6G>C)&&%:HIGD>HEG:B>:GHSASB:CIHSK6AJ6I>DC>C>I>6A:
7DCSI6IS8DAD<>FJ:D7?:8I>;H:CK>GDCC:B:CI6JMDCISISSA67DGSH:C
%:EGD<G6BB:9:HJGK:>AA6C8:8DCHI>IJ:A:FJ6IG>TB:SASB:CI:I
:HIPS8=S6C8:%dSA67DG6I>DC9:A6,&&Cd:C:HI9DC8FJdPH:H
EGSB>HH:H:IEDJGI6CI8:II:6CCS:A6DBB>HH>DCJGDES:CC:69S?P
I>GSA:H><C6A9d6A6GB:%:;SKG>:GA6DBB>HH>DCJGDES:CC:
69G:HHSJC7>A6C6A6GB6CIHJGA:HSASB:CIH9:A6,&&CDI>;>SH:C
:CED>CI6CIA:B6CFJ:96B7>I>DC9:HI6IHB:B7G:H9DCIA6
G6C8: ':IH:H6HHD8>6I>DCHB:B7G:HEGSH:CI:H6JH:>C9:H8DCH:>AH
B6G>I>B:H9:;6R69:C:8:HH:CI9DC89:GS>ISG:GA:JGHDJ=6>I9:B:IIG:
:CEA68:JC:,&&6B7>I>:JH:FJ>GSEDC9G66JMD7?:8I>;H;>MSH%6
G6C8:PA68GD>HS:9:FJ6IG:HDJH
GS<>DCHB6G>C:HH:9D>I9dUIG:
:M:BEA6>G:96CHA6B>H::CaJKG:9:8=6FJ:SASB:CI9:H)&&
"$!$%%'$%' O&"
%% &
%:EGD<G6BB:9:B:HJG:H)9&:HIA:TB::I9:GC>:GSASB:CI9:H
)&&:I8DBEDGI:Ad:CH:B7A:9:H68I>DCH8DC8GTI:H:IDESG6I>DCC:AA:H
GSEDC96CIPJCDJEAJH>:JGHD7?:8I>;H:CK>GDCC:B:CI6JM9J)&&:C
KJ: 9d6II:>C9G: DJ 9: B6>CI:C>G A: 7DC SI6I S8DAD<>FJ: 9:H :6JM
B6G>C:H.C)9&>C8AJI9:HB:HJG:H:M>HI6CI:H:I9:CDJK:AA:HB:HJG:H
%:HB:HJG:H:M>HI6CI:H8DGG:HEDC9:CIP9:HB:HJG:H69DEIS:H6JI>IG:
9d6JIG:HEDA>I>FJ:H:CK>GDCC:B:CI6A:H9>G:8I>K:^"67>I6IH
6JC:
ADG:_9>G:8I>K:^(>H:6JM_:I8DJH:8IDG>:AA:HGSEDC96CI6JM
D7?:8I>;H:CK>GDCC:B:CI6JM9S;>C>H6JC>K:6J9:HHDJH
GS<>DCHB6G>C:H
%:HB:HJG:HCDJK:AA:HHDCI>9:CI>;>S:H8DBB:SI6CICS8:HH6>G:HEDJG
6II:>C9G:DJB6>CI:C>GA:7DCSI6IS8DAD<>FJ:9:H:6JMB6G>C:HADGHFJ:
A:HB:HJG:H:M>HI6CI:HC:HDCIE6HHJ;;>H6CI:H)DJG 'A:HEG>DG>ISH
HJ>K6CI:H9:KG6>:CI<J>9:GA:H)9&
[ %d6BSA>DG6I>DC9:H8DCC6>HH6C8:H9:A67>D9>K:GH>ISB6G>C:
:HI:C8DG:BS8DCCJ::IH:JAH9JEA6C8=:GD8S6C>FJ:DCISIS
:MEADGSH%6,&&:HIAdD886H>DC9:BJIJ6A>H:GCDH8DCC6>HH6C8:H
HJGA:HB>A>:JMB6G>CH
Directive cadre eau DCE
Ligne de référence (altitude 0)
Limites eaux douces
[ :H8DCIG6>CI:H:CB:G:IHJGI:GG::HB:HJG:H8D=SG:CI:H9D>K:CI
UIG:6HH><CS:H6JM68I>K>ISHI:GG:HIG:H<SCSG6IG>8:H9:EDAAJI>DCH:C
B:G-DJI:HA:HHDJG8:H9:EDAAJI>DCH9D>K:CIUIG:>CIS<GS:H
($%$%%$$ &% %&$$
$#' $ ! &$%
%:H EDAAJI>DCH B6G>C:H HDCI P 9dDG><>C: I:GG:HIG: S8=:IH
EA6HI>FJ:H B>8GDH8DE>FJ:H :6JM JHS:H G:?:IH >C9JHIG>:AH C>IG6I:H
:I EGD9J>IH E=NIDH6C>I6>G:H >HHJH 9: Ad6<G>8JAIJG: :I 8: BUB: P
EAJH>:JGH 8:CI6>C:H 9: @>ADBTIG:H 8:H 68I>K>ISH I:GG:HIG:H DCI JC
>BE68I HJG Ad:CK>GDCC:B:CI B6G>C :I HDCI 9DC8 8DC8:GCS:H E6G A6
,&&%d>CHIGJ8I>DC<DJK:GC:B:CI6A:G:A6I>K:PAd6GI>8JA6I>DC:CIG:
A6:IA6,&&9J;SKG>:G
:C6EGS8>HSA:H8DCIDJGH:C
>C9>FJ6CIA:HBD96A>ISH9d6GI>8JA6I>DC9:H>CHI6C8:H9:<DJK:GC6C8::I
9:8DDG9>C6I>DCADGH9:AdSA67DG6I>DC9:H9:JM9>G:8I>K:H
:FJ:CDJHEDJKDCH9dDG:H:I9S?P8DCHI6I:G
[ .CG:C;DG8:B:CI9:HS8=6C<:H:CIG:A:H68I:JGH:6JM9DJ8:H:I
:6JMB6G>C:H:IA6EGDBDI>DC9:HD7?:8I>;H9:A6,&&96CHA:H
DB>ISH9:6HH>CH
[ .C:EG>H::C8DBEI:9:H9>HEDH>I>DCH9J,!96CHA6,&&:I
>CK:GH:B:CI)6GB>A:H9:H8G>EI:JGHFJ6A>I6I>;H9S;>C>HDCIJC
A>:C9>G:8I6K:8A6A::H8G>EI:JG
JIGDE=>H6I>DC9dDG><>C:
=JB6>C:
A:9:H8G>EI:JG
DC8:CIG6I>DC9:H8DCI6B>C6CIH96CH
A:B>A>:J
A:9:H8G>EI:JG
*J6CI>IS9:8DCI6B>C6CIH96CHA:H
ED>HHDCH:I6JIG:H;GJ>IH9:B:G
%)!%"!'$!
$%! (%&$($
O"!'$%!O % !
% &O' &"$!&OO
)DJG6HHJG:GA68D=SG:C8:
,&&9J9S8:B7G:6J
?J>CA6 G6C8:6EG>HA:E6GI>9d6HHJG:GH>BJAI6CSB:CIA:H
8DCHJAI6I>DCH9JEJ7A>8:I9:H>CHI6C8:H HJGA:HEGD?:IH9:,!
:IA:HEGD?:IH9:EGD<G6BB:H9:B:HJG:H,&&
)DJGA6,&&A:HEGD<G6BB:H9:B:HJG:H6>CH>FJ:A:HFJ6IG:
6JIG:HSASB:CIH9:H)&&DCIKD86I>DCPUIG:HIGJ8IJG6CIH96CHA6
EA6C>;>86I>DC9:H;6R69:HB6G>I>B:H%d:C?:J:HI9DC89:I6>AA:%:H
9D8JB:CIHHDJB>HPA68DCHJAI6I>DCH:GDCI:CA><C:HJGA:H>I:>CI:GC:I
9:HEGS;:8IJG:HB6G>I>B:H9:HEGS;:8IJG:H9:HGS<>DCH:I9SE6GI:B:CIH
8DC8:GCSH:I9J&
%d6B7>I>DCEDGIS:E6GA6,&&9:B6>CI:C>GA:HS8DHNHITB:HB6G>CH
:C^7DCC:H6CIS_E:GB:I9:<6G6CI>GA:GXA:FJ:?DJ:CIA:HD8S6CH
96CHA6GS<JA6I>DC9J8A>B6I:I8DCIG>7J:6>CH>PA6AJII:8DCIG:A:H
8=6C<:B:CIH8A>B6I>FJ:H
Convention OSPAR
Directive cadre statégie milieu marin DCSMM
Eaux
intérieures
"03+)&)$("+1*)
#%#&#*$&#$*$%%% #&()
II:CI>DC 6J HNC9GDB: 9: A6 8DFJ>AA: K>9: EJ>HFJd>A :M>HI: JC:
9>;;SG:C8: SK>9:CI: :CIG: A:H D7?:8I>;H ;>MSH :I A: HNHITB: 9:
;>C6C8:B:CI68IJ:A:HG:HHDJG8:H;>C6C8>TG:HHJEEASB:CI6>G:HH:
GSKTA:CI>C9>HE:CH67A:HEDJG6II:>C9G:A:H:C<6<:B:CIH:JGDES:CH
HDJHE:>C:9:8DCI:CI>:JM%:8DZI9:HEDA>I>FJ:HEDJGA:CK>GDCC:B:CI
B6G>CCDI6BB:CIA>S:HPA6B>H::CaJKG:9:A6,&&9:KG6>IUIG:
8DBEG>H:CIG::IB>AA>DCH9:JGDH
Haute mer
Eaux
territoriales
(max 12 mn)
%dSA67DG6I>DC9:HEGD<G6BB:H9:B:HJG:H:HIJC:DEEDGIJC>ISEDJG
B:IIG:6J9S76IA6FJ:HI>DC9:A6;>H86A>IS:CK>GDCC:B:CI6A:HES8>;>FJ:
6JB>A>:JB6G>C:IA6B>H::CaJKG:9JEG>C8>E:^EDAAJ:JG
E6N:JG_b
EG>C8>E:G:EG>H96CHA:869G:9:A6:I67H:CIEDJGA:B>A>:JB6G>C
Zone économique exclusive (max 200 mn)
Plateau continental
.,96*@+.2.8.32)*7>32*7/96.).(8.322*00*7)*0&)*0&(32:*28.32
! *8)*0&!!396(*! :C64E:G625C6DFC=[2F#6AC@8C2>>656>6DFC6D6DELN49N2?46A@FCF?6>:D66?WFGC6ACNGF66?9EEA
4:C4F=2:C6=68:7C2?46
8@FG7C
A57
4:C0A57#6AF3=:42D:I>@:DA@FC5@??6CD@?2G:DE2?5:DBF6=6D:?DE2?46D?65:DA@D6?EBF656>@:D#6>:?:DEOC656=4@=@8:6
5FNG6=@AA6>6?E5FC23=66E56=?6C8:6$#2A@=:E:BF656AC@E64E:@?5F>:=:6F>2C:?6DEAC:?4:A2=6>6?E?2?4N6A2C=E2EA@FCF?>@?E2?E56
=@C5C656>:==:@?D56FC@DA2C2?5@?E>:==:@?D56FC@DL56DE:?2E:@?56=[86?4656D:C6D$2C:?6D'C@EN8N6D2:?D:BF6A2C=65C@:E567C2?4:D2E:@?56D?2G:C6D
27764EN2F@?D6CG2E@:C65F=:EE@C2=L92FE6FC56>:==:@?D56FC@D
ʇ?RC2?46%2EFC6?G:C@??6>6?E
.>?,64>T=
,<<,20/0%4@08=/,8=60&,<8
2
;?06604==?0=?4>0
"0)%)70:-:&1
(1&61%4('(40,(4.145'<704$55(/%.(/(062$&,),37(5745,6(&1064(.(241-(6'(%$44$*(70-(70(+1//($B6B
67B2$470(*4(0$'(1))(05,8(.$0&B(2$4.(5!".8(0$,621742$46$*(4(6'B)(0'4(5(58$.(745.B6$,6$'+B4(06$&6,)
'($674( ,', :4B0B(5 /(/%4( '( ,', :4B0B(5 (27,5 .<$))$,4( ",8(05 (56 '(8(07( 0$6,10$.( 6$06 574 .( 2.$0
'B/1&4$6,37(37<(08,4100(/(06$./(66$06(0.7/,A4(.(5,0&1+B4(0&(5'7241-(6
' $""!$&E)"$&%#'(%
! %&&%%%%!&! %%'$"$!&
%:G6EEDGI9:H:ME:GIHB>HH>DCCSHE6GA6B>C>HIG:9:AdS8DAD<>:6
SISG:C9JEJ7A>8;>CD8ID7G:HJ>I:PA69:B6C9:9:H<GSK>HI:H9:
A6;6>BHdDEEDH6CI6J76GG6<::G6EEDGIED>CI:A:H>C8D=SG:C8:H:I
>GGS<JA6G>ISH9JEGD?:IFJ:CDJH6KDCH8DCHI6IS:H:I9SCDC8S:H9:EJ>H
9:JM6CH67H:C8:9:GS:AA:6C6ANH:9:HDAJI>DCH6AI:GC6I>K:H8DZI
9d>CK:HI>HH:B:CISA:KSE6GG6EEDGI6JKDAJB:HID8@SHJG:HI>B6I>DC
9:H7:HD>CH:C:6JSI67A>HHJG9:H9DCCS:HCDC
68IJ6A>HS:H9:EJ>H
EAJH9dJC:9>O6>C:9d6CCS:HSIJ9:9d>BE68IIGTHBDN:CC:B:HJG:H
8DBE:CH6ID>G:H>CHJ;;>H6CI:HKSG>I67A:EGD7ATB:9:8DBE6I>7>A>IS
:CIG: A: EGD?:I 68IJ:A :I A:H GT<A:H 9d>CI:GK:CI>DC 9J EGD<G6BB:
:JGDES:C9:;>C6C8:B:CI +.C:A:8IJG:6II:CI>K:9:8:
G6EEDGIBDCIG:S<6A:B:CIFJ:9>;;SG:CIHH8SC6G>>6JG6>:CI9ZUIG:
SIJ9>SHE6GA:DCH:>A!SCSG6A9J-6GC:IA6DBE6<C>:9dBSC6<:B:CI
9:HDI:6JM9:!6H8D<C:!:II:9:GC>TG:6B:CSA:HSIJ9:H
:C6BDCI9JEGD?:I:I:HI68IJ:AA:B:CIB6VIG:9dDJKG6<:9SAS<JS#A
6JG69DC8;6AAJEAJH9:9:JM6CHEDJGFJ:8:H8DCHI6IHED>CISH9:EJ>H
A:9S7JIE6GCDH6HHD8>6I>DCH
HD>:CI:C;>CG:8DCCJHD;;>8>:AA:B:CI
! &%E &O$P&&$!'% %%
*"*7(39)&270&>32*-91.)*)9"*78*8
D.).=6@2@*7
%:H BSI=D9:H :BEADNS:H
HJG 8: EGD?:I C: H:B7A:CI
E6H CDJK:AA:H` C :;;:I
A: DAA:8I>; -:HI:I ED>CI:
9J 9D><I A: 86H 9J 76GG6<:
9: DJGD<J: 8DCHIGJ>I ;>C
9:H6CCS:H96CHA:-6GC
AJ> 6JHH> HJG9>B:CH>DCCS
E6GG6EEDGI6JM7:HD>CH9:H
6<G>8JAI:JGH (G >A H:B7A:
FJ:8:76GG6<:HDJ;;G:9dJC
9SHSFJ>A>7G: 9d:MEAD>I6I>DC
>BEDGI6CI JC 9S;>8>I
<AD76A 9: :JGDH
E6GI6<S 7>:C SK>9:BB:CI
:CIG:A6!:IA:DCH:>A
!SCSG6A 9J -6GC :
EAJH :C HJ>I: P JC:
ADC<J:EGD8S9JG:?JG>9>FJ:
:C<6<S: 6K6CI A:H IG6K6JM
A:H DEEDH6CIH DCI D7I:CJ
Ad6CCJA6I>DC9:A69S8A6G6I>DC
9d>CISGUI <SCSG6A C;>C
A: 9SE6GI:B:CI 6 H><CS
JC: K>C<I6>C: 9d6K:C6CIH
HJ88:HH>;H EDJG 8DC;>:G A6
<:HI>DC 9J 76GG6<: P A6
! : FJ> Cd:HI E6H
;G6C8=:B:CIAS<6Ad6JIG:
E6GI G6EE:ADCH FJ: A:
8DCH:>A 9d69B>C>HIG6I>DC 9: A6 ! :HI AJ>
BUB: 8DBEDHS 9dSAJH
?J<:H:IE6GI>:H 9:HE6GI>H6CH9:Ad6<G>8JAIJG:>CI:CH>K: :I
9:76CFJ>:GH`=68JC9d:CIG::JM6N6CIJC>CISGUIPA6GS6A>H6I>DC
9dDJKG6<:HDCSG:JM
" &! &$)"!'$% !$'%%
$&! %! %&&O%!$%%&$(')
,JG A: EA6C ?JG>9>FJ: ' &>9>
)NGSCS:H 688DBE6<CS 9: H6
;S9SG6I>DCC6I>DC6A: ':I9JDAA:8I>;-:HI:IAJII6CI8DCIG:A:76GG6<:
6JC>K:6JAD86A6EDGISEA6>CI:8DCIG:06JEGTH9JEGD8JG:JG9:A6
+SEJ7A>FJ:9dA7>:CCDK:B7G:EDJGA:HCDB7G:JH:H>C;G68I>DCH
G:A:KS:HADGH9:HIG6K6JM9SA>I9:9S;G>8=:B:CIH6CH6JIDG>H6I>DC
9SA>I9:9:HIGJ8I>DC9d:HET8:HEGDIS<S:HCDC
G:HE:8I9:HEG:H8G>EI>DCH
I:8=C>FJ:HEGSKJ:H96CHA:H6GGUISHEGS;:8IDG6JM9d6JIDG>H6I>DC9J
EGD?:I:I8'DJHHDBB:H68IJ:AA:B:CI:C6II:CI:9dJC:EGD8S9JG:
9d:CFJUI:FJ>E:GB:IIG69:86G68ISG>H:G8:H>C;G68I>DCH6;>CFJdJC:
EDJGHJ>I:HD>I:C<6<S:E6GA:EGD8JG:JG
!%%! '$!"O
%E PD
%: CDK:B7G: A6 EG:HH: 6CCDC8: A: A6C8:B:CI >BB>C:CI E6G
A6 DBB>HH>DC JGDES:CC: 9dJC: EGD8S9JG: 9d>C;G68I>DC 8DCIG:
A6 G6C8:PEGDEDH9JEGD?:I9:76GG6<:9:,>K:CH:II:B>H::C
9:B:JG:8DC;>GBS:A:CDK:B7G:6EDJGHDJG8:A:IG6K6>AI:C68:
9d>CI:GE:AA6I>DC9:Ad:M
9SEJIS::JGDES:CC:6I=:G>C:!GTO:FJ>
6SIS:CA>:CGS<JA>:G6K:8A:DAA:8I>;-:HI:I,J>I:6JM8DJGG>:GH
9:8DCI:HI6I>DCA6DBB>HH>DC6K6>I;>C>E6GDJKG>GJC::CFJUI:P
Ad6JIDBC:HJG8:76GG6<:8DCIGDK:GHS:CE6GI>:;>C6C8S:E6G
9:H;DC9H:JGDES:CH%68DBB>HH>DCB:I:C6K6CIA:H>CHJ;;>H6C8:H
9: AdSIJ9: 9d>BE68I A: G>HFJ: 9d6AISG6I>DC B6?:JG: 9:H B>A>:JM
6FJ6I>FJ:H9:9:HIGJ8I>DC9d=67>I6IH6>CH>FJ:A:B6CFJ:B:CI9:
A6+SEJ7A>FJ:;G6CR6>H:6JM^D7A><6I>DCHFJ>AJ>>C8DB7:CI_%6
G6C8:69:JMBD>HEDJGGS6<>G:I;6>G:G:BDCI:G9:HEGDEDH>I>DCH
"%!' !!'($&'$')
&$ &(%
%DGH 9J G:C9:O
KDJH 9:H E6GI>:H EG:C6CI:H 6K:8 A6 &>C>HIG: 9:
Ad8DAD<>: 9S7JI CDK:B7G: %6JG:CI :G<:DI 9>G:8I:JG 9:
Ad6<:C8:9:Ad:6J:I&6GI>C&6AKN)GSH>9:CI9JDCH:>A+S<>DC6A9:
&>9>
)NGSCS:HDCIEGDEDHS9:G:B:IIG:PEA6IA6<:HI>DC9:Ad:6J:C
&>9>
)NGSCS:H:EAJH>AHDCIHJ<<SGSFJ:A6K6AAS:9J-:HI:IHD>IJC
A>:J9d:MESG>B:CI6I>DCK:GHJC8=6C<:B:CI9:EG6I>FJ:H:CB6I>TG:9:
<:HI>DC9:Ad:6J:C&>9>
)NGSCS:H:II:E=6H:9:G:B>H:PEA6IHd:HI
DJK:GI:6K:8A:HE6GI>:HEG:C6CI:HB:CS:E6GA:H:ME:GIHB>HH>DCCSH
E6GA6&>C>HIG:9:AdS8DAD<>:'DH6HHD8>6I>DCHE6GI>8>E:CI6JM9>H8JHH>DCH
EDJG9S;>C>GA:H6AI:GC6I>K:H6JEGD?:I68IJ:AE:GB:II6CIA:B6>CI>:C
9dJC:6<G>8JAIJG:AD86A::IG:HE:8IJ:JH:9:Ad:CK>GDCC:B:CI:I9:H
G:HHDJG8:H:C:6JC6II:C96CICDJHKDJH>CK>IDCHPHDJI:C>G A:H
68I>DCH9:CDIG:6HHD8>6I>DC8DCIG:8:EGD?:IK>6Ad6EE:AP9DCHA6C8S
A:9S8:B7G:
9EEA
HHHE2C?8@FG7C
!$
A57
0C2AA@CEA57 #6 @?5D 6FC@AN6? 28C:4@=6 A@FC =6 5NG6=@AA6>6?E CFC2= ) 6DE F? :?DECF>6?E 56 ?2?46>6?E 56 =2 A@=:E:BF6 28C:4@=6 4@>>F?6 ' #6 4@==64E:7 +6DE6E %2EFC6 $:5:'JCN?N6D 6E % $:5:'JCN?N6D 9EEA
HHH>65:2A2CE7C
;@FC?2=
7C2?46
32CC28656D:G6?D28C@3FD:?6DD4@?:E5:?E6C6ED6E>2FG2:D686DE:@?=FD5NA2CE6>6?E2FI6ECN8:@?2FI5@?E46CE2:?DD@?E52?D=6D:?DE2?46D
5632DD:?4@>:EN5632DD:?4@>>:DD:@?A=2?:42E:@?4@?D6:=5[25>:?:DEC2E:@?56=[#6DC6ACND6?E2?ED56D492>3C6D5[28C:4F=EFC6E@FD259NC6?EDL=2
%*6EF?D:O86@@C5:?2E:@?CFC2=6-@:CA@FCA=FD5[:?7@D9EEA
HHHC6A@CE6CC6?6E
DA:AA9A2CE:4=6-@:CA@FCA=FD5[:?7@D9EEA
HHH56G6=@AA6
>6?E5FC23=68@FG7C
!$
A57
>:D606?056>6FC60D:G6?DA579EEA
4:E:K6?42D6@C8
AC@;6E
4@?EC632CC286D:G6?D
ʇ?RC2?46%2EFC6?G:C@??6>6?E
.>?,64>T=
&<,8=:9<>16?@4,60>7,48>408/06,.98>48?4>TT.96924;?0/0=.9?<=/E0,?
/0=/T14=.98><,/4.>94<0=
"0.++&$2)'0:1&"3"3
7-174'<+7,10&1/26(2.75'(5(7,.5(6%$44$*(5574.(5&1745'<($7(04$0&('1060<1062$5'<75$*(
B&101/,37($8B4B'<$24A5.<)),&($6,10$.'(.<($7(6'(5/,.,(79$37$6,37(5,05,.$',4(&6,8(&$'4((7412B(00(
574.<($7.$.1,574.<($7'($,05,37(.$.1,4(0(..(
4$22(..(06.$0B&(55,6B'<$5574(4.$&106,07,6B
B&1.1*,37('(5&1745'<($7 1746$060175$55,56105$7-174'<+7,?70(4B'7&6,10'701/%4('(/$55(5'<($7(0=%10
B6$6B&1.1*,37(>'7)$,6016$//(06'(.$24B5(0&('(%$44$*(5+:'41B.(&64,37(5'(5,0)4$5647&674(5'(64$0521462$4
81,(5'<($7(6'(.$'B*4$'$6,10'(.$37$.,6B&+,/,37('(.<($7(5,0)4$5647&674(5(9,56$06(537,106&10'7,6?70()146(
64$05)14/$6,102+:5,37('(5&1745'<($72$4.(74&10&(26,10$0&,(00(106(064$C0B.(74'B*4$'$6,10B&1.1*,37($0570
6(.&106(96((6$),0'<$66(,0'4(.(51%-(&6,)5'(.$2174
.$4(56$74$6,10B&1.1*,37('(5&1745'<($7&1056,67(70
(0-(7/$-(742174.(4B5($7).78,$.(9,56$06
$ &&! %
O!%*%&N%ME!&! O&&O!!#'%!'$%E'
%6A6G<:E6CDEA>:9d6BSC6<:B:CIH:M>HI6CIH:I8DCHIGJ>IHEDJGA6
EAJE6GI>AN6EAJH>:JGH9>O6>C:HKD>G:8:CI6>C:H9d6CCS:H8DCH>HI6>I
:C9:HG:8I>;>86I>DCH:I6EEGD;DC9>HH:B:CIH9:H8DJGH9d:6J;>M6I>DCH
9:H7:G<:HE6G9:HE6AEA6C8=:H8DCHIGJ8I>DCH9dDJKG6<:HIG6CHK:GH6JM
:I9dS8AJH:H:I6JHH>:C9:HG:I:CJ:H9d:6JEDJG6A>B:CI:GA:86C6A
6>CH>GS6A>HS
%6 ;G6<B:CI6I>DC 9:H S8DHNHITB:H >C9J>I: E6G A6 GS6A>H6I>DC
9d>C;G6HIGJ8IJG:H9:IG6CHEDGI;AJK>6A68DC9J>I>CSK>I67A:B:CIPA6
GS<G:HH>DC9:H:HET8:H9:<G6C9HB><G6I:JGH:IE6G8DCHSFJ:CI P
Ad6;;6>7A>HH:B:CI 7>DAD<>FJ: 9:H B>A>:JM )6G 8DCHSFJ:CI >A :HI
>C9>HE:CH67A: 9: HDJA><C:G A:H G>HFJ:H :CK>GDCC:B:CI6JM <SCSGSH
E6GA6EGSH:C8:9dDJKG6<:H9:C6K><6I>DCHJGA:HB>A>:JM6FJ6I>FJ:H
>:C :CI:C9J A:H >C;G6HIGJ8IJG:H 9: IG6CHEDGI C: HDCI E6H A:H
H:JA:H 8DC8:GCS:H A:H <G6C9H 76GG6<:H FJ> HDCI A: EAJH HDJK:CI
>C;G6C8=>HH67A:H8DCIG>7J:CIS<6A:B:CIPA69S<G696I>DC9J7DCSI6I
S8DAD<>FJ:9:H8DJGH9d:6J8:I>IG:G6EE:ADCHFJ:A66>CIGD9J>I
9:EJ>HA:8DC8:EI9:^7DCSI6IS8DAD<>FJ:_
)DJGA:H:6JMHJE:G;>8>:AA:HIGD>H<G6C9:H86IS<DG>:H9d:6J8DJG6CI:H
HDCI9>HI>C<JS:HA:HB6HH:H9d:6JC6IJG:AA:H9DCIA:8DJGHCd6E6HSIS
BD9>;>SA:HB6HH:H9d:6J;DGI:B:CIBD9>;>S:HG>K>TG:H86C6A>HS:HDJ
76GG6<:H:IA:HB6HH:H9d:6J6GI>;>8>:AA:H>BEA6CIS:H=DGH9:HG>K>TG:H
)DJG8:HIGD>H86IS<DG>:HA6;>M:9:HD7?:8I>;HEDJGA6EG:B>TG:
8d:HIAd6II:>CI:9J^7DCSI6IS8DAD<>FJ:_86G68ISG>HSE6GA6EGSH:C8:
9d:HET8:H>C;SD9S:H6JB>A>:JEDJGA:H9:JM6JIG:H8d:HIAd6II:>CI:
^9J7DCEDI:CI>:A_FJ>G:FJ>:GIJC:7DCC:FJ6A>IS9:Ad:6J
-G6CHEDHS:C9GD>I;G6CR6>H96CHA:8D9:9:Ad:CK>GDCC:B:CIAd6GI>8A:
%
9>HEDH:FJ:^IDJIDJKG6<:P8DCHIGJ>G:96CHA:A>I9JC8DJGH9:6J
9D>I8DBEDGI:G9:H9>HEDH>I>;HB6>CI:C6CI96CH8:A>IJC9S7>IB>C>B6A
<6G6CI>HH6CI:CE:GB6C:C8:A6K>:A68>G8JA6I>DC:IA6G:EGD9J8I>DC9:H
:HET8:HK>K6CI96CHA:H:6JM6JBDB:CI9:A>CHI6AA6I>DC9:ADJKG6<:3`4_
68:P8:H:C?:JM9:BJAI>EA:H68I>DCHHDCI8DC9J>I:HE6G/D>:H
'6K><67A:H9: G6C8:/' EDJGG:HI6JG:GA68DCI>CJ>ISS8DAD<>FJ:
I6CI A6ISG6A: P A6 KD>: 9d:6J FJ: ADC<>IJ9>C6A: C E6G6AATA: JC:
?DJGCS: 9dS8=6C<: 8DCH68GS: 6JM >BE68IH 9: A6 <:HI>DC 9:H KD>:H
C6K><67A:HHJGA68DCI>CJ>IS6SISDG<6C>HS:E6G/' Ad(;;>8:'6I>DC6A
9:Ad6J:I9:H&>A>:JM6FJ6I>FJ:H('&8DC?D>CI:B:CI6K:8A:H
6<:C8:H9:Ad:6JA6>G:8I>DC9:Ad6J:I>D9>K:GH>IS:IA::CIG:
9dIJ9:H-:8=C>FJ:H&6G>I>B:H:I AJK>6A:H-& :CB6>/' :C9DHH:9d6JI6CIEAJHJCGXA:9d:M:BEA6G>ISFJ:HJGA:H@B9:
KD>:HC6K><67A:H:C G6C8:/' <TG:9:EJ>H@B9:KD>:H
:I6HHJG:Ad:CIG:I>:CAd:MEAD>I6I>DC9:EAJH9:DJKG6<:H9DCI
76GG6<:H9:C6K><6I>DC:EAJHA:?6CK>:G/' :IA:B>C>HITG:
:C8=6G<:9J9SK:ADEE:B:CI9JG67A:DCIH><CSJC8DCIG6I9dD7?:8I>;H
:I9:E:G;DGB6C8:H:C<6<:6CIA:H<:C8:H9:Ad6J:I/' P8DCHI>IJ:G
^9:H:HE68:H9:7>D9>K:GH>IS:IP8DCIG>7J:G6JMD7?:8I>;H9:7DCSI6I
S8DAD<>FJ:9:HB6HH:H9d:6J_
( ME '
$%&'$&! %$%#'%
!* %E&! "!%%%
#2*6*78&96&8.32)*'*6,*7*286&1*:*68*&:*((6@&8.32)I92*+6&=A6*
D$
%:H 7:G<:H 8DCHI>IJ:CI JC: ODC: 9: IG6CH>I>DC :I 9: 8DCI68I
E=NH>FJ: :CIG: Ad:6J :I A6 I:GG: :I 8DBEDGI:CI JC: <G6C9: K6A:JG
E6NH6<TG::IS8DAD<>FJ:%dSGDH>DC9:H7:G<:HE=SCDBTC:C6IJG:A
;6KDG>H:A:G:CDJK:AA:B:CI9:HKS<SI6JM:C7DG9JG:9:8DJGH9d:6J
%:HB>8GDDG<6C>HB:H9JHDA:IA:HKS<SI6JMEGSH:CIHHJGA:H7:G<:H
8DCIG>7J:CIPSEJG:GAd:6J9:HE6GI>8JA:H:I<:GB:HE6I=D<TC:H:
EAJHA:H7:G<:HE:GB:II:CI9:B6>CI:C>GA6I:BESG6IJG:9:H8DJGH9d:6J
@??N6D5FCN7NC6?E:6=?2E:@?2=56D@3DE24=6DL=[N4@F=6>6?EG6CD:@?56>2CD9EEA
HHH@?6>27C
)646?D6>6?E56D@3DE24=6DDFC=6D
T)6?4@?EC6?2E:@?2=6T-@:6D?2G:823=6D6E4@?E:?F:ENN4@=@8:BF6U>2:9EEA
3:E=J
/.C>5( $'$% %&%** "&#6D)6?
4@?EC6D56=[&?6>2?R&?6>2%@G6>3C6A &#"& #*%# %&%** "&$ &#$,&*6?D:3:=:D2E:@?2FIA@=:E:BF6DAF3=:BF6D
&?6>2*6AE6>3C6A9EEA
HHH56G6=@AA6>6?E5FC23=68@FG7C
'2=>2C6D56D'C:I6?EC6AC:D6D9E>=
ʇ?RC2?46%2EFC6?G:C@??6>6?E
>:C FJ: C: ;6>H6CI E6H AdD7?:I 9: B:HJG:H GS<A:B:CI6>G:H A6
8DCI>CJ>ISA6ISG6A:9:H8DJGH9d:6J8DCHI>IJ:JC:C?:JB6?:JG6;>C
9d6II:>C9G: A:H D7?:8I>;H ;>MSH E6G A6 :EJ>H JC: K>C<I6>C:
9d6CCS:H /' 9SK:ADEE: JC: K6G>SIS 9: I:8=C>FJ:H 9d>C<SC>:G>:
KS<SI6A:EDJGA6G:HI6JG6I>DC9:H7:G<:H9:H8DJGH9d:6JI:AA:HFJ:
A6<:HI>DC9:A6KS<SI6I>DCG>KJA6>G:A6KS<SI6A>H6I>DC9:H7:G<:H
6>CH> FJ: Ad6BSC6<:B:CI 9: 8:GI6>CH DJKG6<:H 9: C6K><6I>DC :H
EGD8S9SHE:GB:II:CIPA6;D>H9:B6>CI:C>GA:H7:G<:H9:;6KDG>H:GA6
9>K:GH>ISE>H8>8DA::I9:8GS:G9:H=67>I6IHEDJGJC:K6G>SIS9d:HET8:H
8:IS<6G9:CCDK:B7G:/' 6G:RJA:EG>M^DJE9:8aJG
9J$JGN_96CHA686IS<DG>:>D9>K:GH>IS9J)G>MCIG:EG>H:H
CK>GDCC:B:CI9JB>C>HITG::C8=6G<:9J9SK:ADEE:B:CI9JG67A::I
9:Ad&EDJGH6G:8=:G8=:HJGA:H7DCC:HEG6I>FJ:H:C;6K:JG9J
B6>CI>:C9:A67>D9>K:GH>ISCBDN:CC:9:HG:HI6JG6I>DCH9:
7:G<:HHDCIGS6A>HS:H:CJI>A>H6CI8:<SC>:S8DAD<>FJ:
#' E!&! & '&O
! &' "!'%%M
EO$ "$&#'%
!( &%
.>?,64>T=
PJC:I:BESG6IJG:8DBE6I>7A:6K:8A6K>:6FJ6I>FJ:9:BUB:FJ:A6
GJ<DH>IS=N9G6JA>FJ:<SCSGS:E6GA:HE6GI>:H6SG>:CC:H9:HKS<SI6JM
E:GB:IS<6A:B:CI9dSI6A:G:I9:G6A:CI>GA:H8GJ:H96CHA:HK6AAS:H
C;>CH>IJS:HPAd>CI:G;68::CIG:9:JMB>A>:JM=SISGD<TC:HA:H7:G<:H
C6IJG:AA:H8DCHI>IJ:CI9:KSG>I67A:HE6IG>BD>C:H7>DAD<>FJ:H
Ad('&HDCIDG<6C>HS:H9:H;DGB6I>DCH9:H:CH>7>A>H6I>DC9:HI>CS:H
6JM :MEAD>I6CIH 9dDJKG6<:H 9: C6K><6I>DC HJG Ad>BEDGI6C8: 9J 7DC
:CIG:I>:C:C6BDCI9:H9>HEDH>I>;H9:;G6C8=>HH:B:CIE>H8>8DA:)6G
6>AA:JGH9:HE6GI:C6G>6IHHDCISI67A>H6K:8A:H6HHD8>6I>DCH9:EGDI:8I>DC
9: Ad:CK>GDCC:B:CI 8DCHI>IJ6CI 9: KSG>I67A:H G:A6>H :;;>868:H 9:
EGDM>B>IS6;>C9d6BSA>DG:GAd:CIG:I>:C:IA:HJ>K>9:Ad:;;>868>IS9:
8:HDJKG6<:Hd6JIG:E6GIH>JC:E6HH:PED>HHDCHE:JIE:GB:IIG:
?JHFJdP9d:;;>868>ISEDJGA6BDCI6>HDCAd:;;:I8JBJAS9:
9>;;SG:CIH76GG6<:HGS9J>I8:8=>;;G::EAJH8:HE:G;DGB6C8:HHDCI
GS9J>I:HE6GA:H7G6C8=:H:IIGDC8H9d6G7G:H8=6GG>SHE6GA:H8GJ:H,JG
AdAA>:GDY8>G8JA:CIA:HH6JBDCH>A6JG6;6AAJEAJH9dJCBD>HEDJGFJ:
A:IGDC8FJ>D7HIGJ6>IJC:E6HH:HIG6IS<>FJ:HD>IG:I>GS
! '%!
):C96CI 9:H H>T8A:H Ad68I>DC 9: Ad=DBB: HJG A:H 8DJGH 9d:6J 6
SIS8DC9J>I:PB6G8=:H;DG8S:H:C9:=DGH9:IDJI:EGSD88JE6I>DC
9: EGSH:GK6I>DC 9J E6IG>BD>C: C6IJG:A d:HI 6J BDB:CI DY 8:
E6IG>BD>C: :HI 6J 7DG9 9: Ad:MI>C8I>DC FJ: A6 CDJH EG:HH: 9:
E6GI>GPA6G:8DCFJUI:9J7DCSI6I9:H:6JM8d:HIJC8=6AA:C<:FJ>
Hd>CH8G>I8DCIG:CDH=67>IJ9:H>CH>8:I6GI>8A:Hd>CH8G>I96CHA:869G:
9dJCE6GI:C6G>6I:C<6<S:CIG: ':I/' 6;>C9d6<>G:C;6K:JG9:A6
8DCI>CJ>ISS8DAD<>FJ:9:H8DJGH9d:6J=6FJ:<GDJE:9dJI>A>H6I:JGH
9:Ad:6J:HI8DC8:GCS:I9D>I;DJGC>GA:H:;;DGIHCS8:HH6>G:H)DJG8:II:
9SB6G8=:A:H6<:C8:H9:Ad:6J:IAd('&6EEDGI:CIA:JGH8DBESI:C8:H
I:8=C>FJ:H :I ;>C6C8>TG:H *J6CI 6JM)' 9: ' B:B7G:H 9:H
DB>ISH9:76HH>C:I9:H8DCH:>AH9d69B>C>HIG6I>DC9:H<:C8:H:AA:H
6HHJG:CIA:JGGXA:9:K><>A6C8:8>IDN:CC:
%6;DC8I>DCEG>C8>E6A:9J76GG6<:9:C6K><6I>DC8DCH>HI:PB6>CI:C>G
A6A><C:9d:6J9:H;A:JK:H:I9:HG>K>TG:HC6K><67A:H=DGH>CI:BESG>:H
6;>C9:<6G6CI>GA:G:8I6C<A:9:C6K><6I>DC #A:M>HI:9:JMINE:H
EG>C8>E6JM9:76GG6<:H9:C6K><6I>DCA:H76GG6<:H;>M:H:IA:H76GG6<:H
BD7>A:H %:H 76GG6<:H ;>M:H 8DCHI>IJ:CI JC D7HI68A: E:GB6C:CI P
AdS8DJA:B:CI 9:H :6JM :I E:JK:CI E6G 8DCHSFJ:CI 6<<G6K:G A:H
>CDC96I>DCHI6C9>HFJ:A:H76GG6<:HBD7>A:HE:JK:CIUIG::;;68SH
:CESG>D9:9:8GJ:H,:ADCA:H9>HEDH>I>;HB>H:CEA68:8:HDJKG6<:H
E:JK:CI>BE68I:GEAJHDJBD>CH;DGI:B:CIA:GS<>B:=N9G6JA>FJ:A:
IG6CHEDGIHS9>B:CI6>G:6>CH>FJ:A6BD7>A>IS9:H:HET8:H&6>H8:H
DJKG6<:HDCISIS8DCHIGJ>IH>AN6EAJH>:JGHH>T8A:H)6G8DCHSFJ:CIADGH
9:A:JG8DC8:EI>DCA:H8G>ITG:H9:8DCI>CJ>ISS8DAD<>FJ::IE>H8>8DA:
Cd6K6>:CIE6HEJUIG:EG>H:C8DBEI:)DJG8=6FJ:76GG6<:G:8DCHIGJ>I
/' Hd:BEAD>:PEG:C9G::C8DBEI:A:H:C?:JM9:8DCI>CJ>ISS8DAD<>FJ:
:C>CIS<G6CIHNHISB6I>FJ:B:CIJC9>HEDH>I>;9:E6HH:PED>HHDCH
:EJ>HEAJH9:9>M6CH/' IG6K6>AA:CDI6BB:CIHJGA6G:HI6JG6I>DC
E>H8>8DA:HJGA6,:>C:K6A,JGH:EI76GG6<:HIGD>HDCISIS6BSC6<SH
E6G9:HE6HH:HPED>HHDCH9d6JIG:HE6GJC:G>K>TG:PH:J>ADJG>K>TG:P
B68GDGJ<DH>ISH%:H6JIG:HHDCI:CIG6K6JMDJPAdSIJ9:%69>K:GH>IS
9:H HDAJI>DCH >AAJHIG: A6 CS8:HH>IS 9d696EI:G A:H 6BSC6<:B:CIH
I:8=C>FJ:H6JMHES8>;>8>ISH9JB>A>:JI:BEH9:E6HH6<:9:HED>HHDCH
INE: 9dS8DJA:B:CI 6>CH> FJd6JM HES8>;>8>ISH 9: B><G6I>DC 9:H
:HET8:H BDCI6>HDC :I 9SK6A6>HDC C ?J>C EDJG 9S;>C>G 8:H
6BSC6<:B:CIHJC<GDJE:9:IG6K6>AHJGA6<:HI>DC9:HE6HH:HPED>HHDCH
6SIS8DCHI>IJS6;>C9d>BEA>FJ:GAd:CH:B7A:9:HE6GI:C6>G:H;>C6C8>:GH
:II:8=C>FJ:H9THAd6K6CI
EGD?:I%DGH9:8:H<GDJE:H9:IG6K6>AA:H
E6GI>8>E6CIH9S;>C>HH:CI96CHJCEG:B>:GI:BEHA:H:HET8:H8>7A:H6;>C
9:9>B:CH>DCC:GA6I6>AA:9:A6E6HH:PED>HHDCHEJ>HA:INE:9dDJKG6<:
6>CH>FJ:H69>HEDH>I>DC:I:C;>CA:9>B:CH>DCC:B:CI9:HDJKG6<:H
:EAJH6;>C9d696EI:GA:H9>HEDH>I>;H6JMHES8>;>8>ISH9:B><G6I>DC
8=6FJ::HET8:6;6>IAdD7?:I9:EAJH>:JGHSIJ9:H9:8>G8JA6I>DC
:E:C96CIA6B>H::CEA68:9:E6HH:HPED>HHDCHC:8DJA:E6H9:
HDJG8:dJC:E6GI8:GI6>CHDJKG6<:HDCISISB6A8DCRJHEDJGA:JG
:CIG:I>:C:IHDCI:C8DG:B6A:CIG:I:CJHE6G;D>H;6JI:9:BDN:CH#AH
CS8:HH>I:CI6ADGH9:H>CI:GK:CI>DCHADJG9:H:IDCSG:JH:H>CI:GK:CI>DC
9:EADC<:JGH:I8FJdJC:<:HI>DCGS<JA>TG:6JG6>IEGD767A:B:CIE:GB>H
9dSK>I:G 68: P 8:H BJAI>EA:H 9NH;DC8I>DCC:B:CIH /' Hd:HI
:C<6<S96CHA6G:8=:G8=:9:9>K:GHE6GI:C6G>6IH)6G:M:BEA:6K:8
&77*?43.77327)I2)6@7=D$
#6C64E2?8=656?2G:82E:@?6DE=2K@?62FEC2G6CD56=2BF6==65@:EA2DD6C=632E62F9EEA
3:E=J
-7B*: $'$% %&%** "&#6D)6?
4@?EC6D56=[&?6>2?R&?6>2%@G6>3C6 $'$% %&%** "&#6D)6?4@?EC6D56=[&?6>2?R&?6>2%@G6>3C6
A9EEA
HHH5@4F>6?E2E:@?62F7C2?467C
6?EC6A@ED&!
)$
)
A57ADFC9EEA
@2:>7E7C
CE:4=60* 0C@K60#2C:?:6C0'A
ʇ?RC2?46%2EFC6?G:C@??6>6?E
9==40<
"$!& % !'$ $!
6E47:?4==,8.0:?-64;?0
"00:%:0)$",&..-8&2+)1"#&2(0-"3+%
#$& %*$$ &## 0'174$4100(&1//('$05.(5$764(5%$55,05)4$0@$,5.(%,.$0'(.<B6$6'(5($79
$224B&,B5(.10.(5014/(5'(.$
,4(&6,8($'4(574.<$70<(562$5%10$8(&'(5$55(5'<$7'7%$55,0(0%10B6$6(0
$7.,(7'(5
24B875,.(56-7*B*.1%$.(/(0656$%.(2$44$22146?.<B6$6'(5.,(7924B&B'(06(0$.*4B70(4B*4(55,10'(521..76,105
'1/(56,37(5(6,0'7564,(..(5.$241*4(55,108(45'(5($79'(%100(37$.,6B0<(56617-17452$5$74(0'(;8175(241-(6'(
"
57)),4$6,.?&+$0*(4.$'100(
'DB9:A68DBB>HH>DC
DC8I>DCC:B:CI9:A68DBB>HH>DC
DBB>HH>DC)A6C>86I>DC
AA::HI8=6G<S:CDI6BB:CI9:EGSE6G:GAd6K>H9J8DB>IS9:76HH>CEDJG
AdSA67DG6I>DCA6B>H:P?DJG:IA:HJ>K>9d:MS8JI>DC9J,!6>CH>FJ:A:HIG6K6JM
N6;;SG6CI
'DB7G:9:B:B7G:H9:A68DBB>HH>DC
AA::HI8DBEDHS:9:B:B7G:HSAJHDJ9SH><CSH:I9:B:B7G:H9:9GD>I9DCI
B:B7G:H)'JE6G6K6CIJCG:EGSH:CI6CI)'6K6>ISIS9SH><CSPB>
E6G8DJGH
%:H)'6K6>:CISIS7DN8DIIS:H6J9S7JI9:A6EGS8S9:CI:GSK>H>DC9J,!
)GDEDH>I>DCH9:H)'
%:HB:B7G:H)'DCISISHDAA>8>ISHE6GAd!
EDJG;6>G:9:HEGDEDH>I>DCH
:CE6GI>8JA>:GADGH9J<GDJE:B>GD>G%:8DAA:8I>; '9DJG!6GDCC:Hd:HI
DG<6C>HS:CGSH:6J6C9:IG6K6>AA:GA:H9DHH>:GH9:HS6C8:H9J<GDJE:B>GD>GK>6
9:HGSJC>DCHISASE=DC>FJ:H:C6BDCI9:HGSJC>DCHE=NH>FJ:H>CH>A:G:EGSH:CI6CI
)'6J<GDJE:B>GD>G:IA68DBB>HH>DCEA6C>86I>DC6EJ7SCS8>:G9:Ad:ME:GI>H:
9JGSH:6JEAJH>:JGHG:EG>H:HA:,-6HDAA>8>ISAd6K>H9:HE6GI>:HEG:C6CI:HK>6
9:H8=:HINE: '
+SHJAI6I9JKDI:HJGA:EGD?:I9:,!
%:Cd6E6HHDJ=6>ISFJ:A:I:GB:^9d69DEI>DC_9JEGD?:I6EE6G6>HH:96CHA6
9SA>7SG6I>DC%:EGD?:I:HIHDJB>HPA68DCHJAI6I>DC9JEJ7A>88:FJ>HJEEDH:
FJd>A6SIS69DEIS%DGH9JKDI:PB6>CHA:KS:HA:H6<G>8JAI:JGHDCIKDIS
;6KDG67A:B:CIA:8DAAT<:9:H)'6KDISKD>M8DCIG::IJC:67HI:CI>DC
' &!&&&' K%M
!'$L'% !'$%
CH>M6CHA:HD7?:8I>;HEG>DG>I6>G:H9J,!DCIE:JSKDAJS:C
ISBD><C:CI
[ AdSI6I 9:H A>:JM 68IJ6A>HS :C SK6AJ6CI Ad>BE68I :I A:H
I:C96C8:HSKDAJI>K:H9:HEG:HH>DCHFJ>Hd:M:G8:CIHJGA:HB>A>:JM
6FJ6I>FJ:H
[ A69:GC>TG:8DCHJAI6I>DC9JEJ7A>8:I9:H>CHI>IJI>DCC:AHHJGA:H
^FJ:HI>DCH>BEDGI6CI:H_9J76HH>CI:AA:HFJ:A6FJ:HI>DC9:H
EDAAJI>DCH9>;;JH:H:I9d=N9GDBDGE=DAD<>:9:H8DJGH9d:6J
FJ>G:HI:CICDCGSHDAJ:H
%6HIG6IS<>:G:I:CJ:6SIS8:AA:9dJCID>A:II6<::I9dJC:B>H:P?DJG
9J,!:C8DJGH:ICDC9:H6GSS8G>IJG:%68DBB>HH>DCEA6C>;>86I>DC
9JDB>IS9:6HH>C:IA:<GDJE:B>GD>GFJ>:C:HI>HHJDCISIS6HHD8>SH
P8:IG6K6>A$JHFJd:C?J>AA:IJCH:JAG:EGSH:CI6CI9dJC:)'
SI6>IB:B7G:9:8:<GDJE:B>GD>G:C9DJG
!6GDCC:%:EGD?:I9:
9D8JB:CI6SIS69DEISE6GA:DB>IS9:6HH>C9:H:EI:B7G:6K:8JC
KDI:8DCIG:9:A6B6?DG>IS9:H)':I9:H8DCHDBB6I:JGHFJ>:C9SE>I
9:H6BSA>DG6I>DCH>CIGD9J>I:H9DJI:CI9:H686E68>ISDESG6I>DCC:AA:
CA:H)'6K6>:CI9S?P9SCDC8SA:86G68ITG:IGDE<SCSG6A>HI:
9J,!
+:EDH6CIHJGJC6BDC8:AA:B:CI9:9>HEDH>I>DCH
P A6 EDGIS: ?JG>9>FJ: ;6>7A: DJ 67H:CI: A: 8DCI:CJ H:B7A6>I E:J
8DBE6I>7A:6K:8Ad6BEA:JG9:HD7?:8I>;H9:^7DCSI6I_6;;>8=SHTH
ADGH8DBB:CI:HESG:GD7I:C>GJC9D8JB:CIHJ;;>H6BB:CI6B7>I>:JM
H>8:EGD?:I9:,!
C:8DCHI>IJ:FJdJCID>A:II6<:9:A6
K:GH>DC96I6CI9:
"!'$#'!%" ! &%(!&O
! &$"$!&%
0=,7T649<,>498=6,.?8,4<0=
%:HBD9>;>86I>DCH>CIGD9J>I:HDCI6GI>8JASA:9D8JB:CI:CFJ6IG:
6M:HA6<DJK:GC6C8:A:H<:HI>DCHFJ6A>I6I>K::IFJ6CI>I6I>K::IA:H
B>A>:JM6FJ6I>FJ:H%d6HE:8IGT<A:B:CI6>G:Cd:HIEAJHB:CI>DCCS96CH
A:H9>HEDH>I>DCH:I;><JG:JC>FJ:B:CI96CH9:H:C869GSH
)6GB>A:HSKDAJI>DCHEDH>I>K:H>BEDHS:HPIDJHA:H76HH>CH>A8DCK>:CI9:
B:CI>DCC:GA6EG>H::C8DBEI:9J8=6C<:B:CI8A>B6I>FJ::E:C96CI
HJG8:HJ?:IA:76HH>C9DJG
!6GDCC:6JC:EG>HJC:8:GI6>C:6K6C8:
:C9>A><:CI6CI9:HSIJ9:HEGDHE:8I>K:H BUB:H>A6BDI>K6I>DC
>C>I>6A:9:8:HIG6K6JMGSEDC96>I6JM9:B6C9:H9:HID8@6<:9JBDC9:
6<G>8DA:`'S6CBD>CHCDIDCHJC:;;DGI9:B>H::C8D=SG:C8:9:
Ad68I>DCEJ7A>FJ:EJ>HFJ:A:H<GDJE:H9:IG6K6>A9J)A6C9d8I>DCEDJG
A:&>A>:J&6G>C9J)A6C9:!:HI>DC9:H+>HFJ:H9d#CDC96I>DC6>CH>
FJ:A6B>H:P?DJG9J,!DCISIS:C<6<SHE6G6AATA:B:CI:IH:GDCI
HDJB>HPA68DCHJAI6I>DC9JEJ7A>8:CBUB:I:BEH
C;>CA68D=SG:C8:9:HS7>IH9d(7?:8I>;9dI>6<:(9J76HH>C
6SIS6C6ANHS::I(DCISIS>9:CI>;>SH:CKJ:9dJC:68IJ6A>H6I>DC9:
A:JGE:GI>C:C8::I9dJC:GS
SK6AJ6I>DCSK:CIJ:AA:9:A:JGK6A:JG
'80.6,<414.,>498/0=0850?A7,50?<=J081,@0?<
/0=:<T9..?:,>498=T.98974;?0=
%:H EGSH:CI6I>DCH 9:H 8=6E>IG:H DJ 9:H HDJH
8=6E>IG:H DCI SIS
G:;DGBJAS:H(CE:JI9d6>AA:JGH9SEADG:GFJ:8:H>CIGD9J8I>DCHHD>:CI
HDJK:CIEAJHE:G8JI6CI:HFJ:A:H9>HEDH>I>DCH:AA:H
BUB:HEDJGI6CI
DD@4:2E:@?56'C@E64E:@?56=2%2EFC66E56=[?G:C@??6>6?E'%72CE:4=6T=[NE2E56D=:6FI6?5@FC2C@??6UA#6EEC662F?R5N46>3C6
9EEA
HHH7?62DD@7C
5@4F>6?ED
=6EEC662F
=6A5786?4656=[2F5@FC2C@??668C@FA6>:C@:C6DE4@>A@DN56C6ACND6?E2?EDL=27@:D>6>3C6D
5[F?56D4@==O86D5F@>:EN5632DD:?6E@3=:82E@:C6>6?E>6>3C6D56=24@>>:DD:@?A=2?:42E:@?6E2A@FC@3;64E:756ACNA2C6C=6DDN2?46D56=24@>>:DD:@?A=2
?:42E:@?6E565ND2>@C46C=6D4@?:ED64@==64E:7NE2:E4@>A@DN56>6>3C6D'%2F@>:EN562DD:?6E56A6CD@??6D4=ND56D2DD@4:2E:@?DACND6?E6DDFC=6
32DD:?4@?46C?2?E=6D6?;6FI=:NDL=[62F#2ACND6?462NENG2C:23=6D6=@?=25:DA@?:3:=:EN564924F?56D>6>3C6D5F4@==64E:7*64CNE2C:2E+649?:BF6562DD:?
? =:8?6 9EEA
HHH62F25@FC82C@??67C
7C
BF6==6A@=:E:BF656=62F6?25@FC82C@??6
F?425C6=6D5286
6E2E56D=:6FI9E>=D62C49<6JH@C5DE2E
56D#:6FI ? =:8?6 9EEA
HHH62F25@FC82C@??67C
7C
BF6==6A@=:E:BF656=62F6?25@FC82C@??6
F?425C6=6D5286
=24@?DF=E2E:@?5F
AF3=:46E56DA2CE6?2:C6D9E>=#24@>A@D:E:@?56=24@>>:DD:@?A=2?:42E:@?6DEG2C:23=6D6=@?=632DD:?4@?D:5NCN?5@FC2C@??6=6>@56565ND:8?2E:@?
56DC6ACND6?E2?ED2FD6:?5F4@==O8656DFD286CD5N72G@C:D6=6DT?@?N4@?@>:BF6DU5@?E=6D'%%@FD2G@?D@3E6?F5[2G@:CC6ACND6?E2?ED52?D46EE64@>
>:DD:@?DF:E62FC6?@FG6==6>6?E5F@>:EN562DD:?6?;F:==6E
ʇ?RC2?46%2EFC6?G:C@??6>6?E
>CH>A:H)'DCIB>H:C6K6CI6K:8EAJHDJBD>CH9:HJ88THJC
8:GI6>CCDB7G:9d:C?:JMI:AHFJ:AdSE6GE>AA:B:CI:IA6BJAI>EA>86I>DC
9:HE:I>IHEA6CH9d:6JA6CS8:HH>IS9dJC:<:HI>DCEAJH8DC8:GIS:9:H
EGD8:HHJH9:K>96C<:H9:H76GG6<:HAd696EI6I>DC9:HEG6I>FJ:H:IA:H
6AI:GC6I>K:H8JAIJG6A:H;68:6J8=6C<:B:CI8A>B6I>FJ:A:A>:C:CIG:A6
<:HI>DC9:Ad:6J:IA6FJ6A>IS9:HHDAHA6EGSH:GK6I>DC9:HODC:H=JB>9:H
'80:<0==498.<94==,8>0/0=:966?>498=/411?=0=
#A6EE6G6VIE:JEGD767A:FJ:A:HD7?:8I>;H9J7DCSI6IHD>:CI6II:>CIH
8DBB:A:A6>HH:CIPE:CH:GA:HD7?:8I>;HG:I:CJHEDJG8:EGD?:I9:
,!;<G6E=>FJ:
C:;;:IADGHFJ:FJ:AdDC:M6B>C:^AdSI6I9:HA>:JM_A:G>HFJ:
9:CDC6II:>CI:9J7DCSI6I:HIG:HE:8I>K:B:CIA>SPA6EG:HH>DCE6G
E:HI>8>9:H:I6ODIS:P:IEDJGA:HB6HH:H9d:6J9:HJG;68::I
EDJGA:HB6HH:H9d:6JHDJI:GG6>C:(GC>96CH8:EGD?:I9:,!C>
96CHA:EGD<G6BB:9:B:HJG:H)&8:II:FJ:HI>DCCdD88JE:A6EA68:
8:CIG6A:FJd:AA:9:KG6>I6KD>G:8DCHI6I:HI8DC;>GBSE6GA6GSE6GI>I>DC
E6G9DB6>C:9d>CI:GK:CI>DC9:HB>AA>DCH9d:JGDH9J8DZI:HI>BS
9J)&
EDJGA:76HH>C9DJG
!6GDCC:;-67A:6J>CH>
A6AJII:8DCIG:A:HEDAAJI>DCH9dDG><>C:6<G>8DA:G:EGSH:CI:BD>CH9:
9:HBDN:CHEGSKJH
HH6>C>HH:B:CIDAA:8I>K>ISHAD86A:H
SEDAAJI>DC#C9JHIG>:AA:
SEDAAJI>DC6<G>8DA:
+:HHDJG8::C:6J
&>A>:JM6FJ6I>FJ:H
!DJK:GC6C8:
"38&0
GSK>H>DC6CI>8>ES:9JESG>BTIG:9:HODC:HKJACSG67A:HPA6EDAAJI>DC
E6GA:HC>IG6I:H9dDG><>C:6<G>8DA:
'80/T1484>498/0=@96?70=:<T60@,-60=R=08=
?84;?0;?06:,<>,20/06E0,?
%6AD>HJGAd:6J:IA:HB>A>:JM6FJ6I>FJ:H%&9:EGSKD>I
JC9>HEDH>I>;9:HI>CSP>CHI6JG:GJC:<:HI>DC8DAA:8I>K:SFJ>A>7GS:9:
A6G:HHDJG8::C:6JE6GA69S;>C>I>DC9:^KDAJB:HEGSA:K67A:H_:IA6
8GS6I>DC9dDG<6C>HB:HJC>FJ:H8:CHSH<SG:G8:HKDAJB:HEDJGAdJH6<:
6<G>8DA:(G9:EJ>HA:9S7JI9:^A6GS;DGB:9:HKDAJB:HEGSA:K67A:H_
:C8A:C8=S::CA:H>GG><6CIH9J76HH>C<GDC9:CI:I;DCIEG:HH>DC
9:I:AA:HDGI:FJ:AdDC6HH>HI:P9:HCS<D8>6I>DCHJC>A6ISG6A:HEDGIS:H
E6GA:H8=6B7G:H9d6<G>8JAIJG:6K:8A:HH:GK>8:H9:AdI6I>CH>A:H
>GG><6CIHDCID7I:CJJC:HJG:HI>B6I>DC9:HKDAJB:HEGSA:K67A:HEJ>HA6
H><C6IJG:9:EGDID8DA:H9d688DG9H68I6CI9:H9SGD<6I>DCHI:BEDG:AA:H
96CHAd6EEA>86I>DC9:A6GS;DGB::I9:8DCHIGJ8I>DC9:76GG6<:H6K:8
9:H;>C6C8:B:CIHEJ7A>8H%:IDJIHd>BEDH:6J?DJG9d=J>8DBB:JCSI6I
9:;6>I96CHA:EGD?:I9:,!
:I96CHA:H,!
6ADGHFJ:A:76HH>C:HI9S?P8DJK:GI9:76GG6<:H:I9d6JIG:HG:I:CJ:H
9:IDJI:C6IJG:
#?066029?@0<8,8.0/06E0,?
%:EGD?:I9:,!ED>CI:IGTH?JHI:B:CIA6<DJK:GC6C8:8DBB:
E>:GG:6C<JA6>G:9:H6GSJHH>I:%:H,!HDCI:C;>CB>H:C6K6CI
:C I6CI FJdDJI>AH >CIS<GSH E:GB:II6CI 9: EA6C>;>:G A:H 68I>DCH HJG
A:H76HH>CH=N9GD<G6E=>FJ:H'S6CBD>CHA6FJ:HI>DC9:A6B6VIG>H:
9dDJKG6<: G:HI: :CI>TG: 6ADGH FJ: A: <DJK:GC:B:CI 8=:G8=: P
H>BEA>;>:GA:B>AA:;:J>AA:I:GG>IDG>6A9:CDJK:AA:HHIGJ8IJG:H=N7G>9:H
I:AA:HFJ:A:HI67A>HH:B:CIH)J7A>8-:GG>IDG>6JM9:6HH>C)-:IA:H
I67A>HH:B:CIH)J7A>8H9dBSC6<:B:CI:I9:!:HI>DC9:Ad6J)!
8DBEDHS:H9:8DAA:8I>K>ISH9DIS:H9:A68DBESI:C8:!&)#HDCI
G:C;DG8S:H#A:JISISH6CH9DJI:EAJHH>BEA:9:8DC;DGI:GA:GXA:9:H
)#96CHJC:<:HI>DCEAJH9>G:8I:
#?0<0>084<
'DJH C: EDJKDCH UIG: FJd>CFJ>:IH 9: A6 FJ6A>IS 9: 8:
9D8JB:CIFJ>IG69J>I96CHJC9DB6>C:DY>AN6EDJGI6CI
7:6J8DJE 9: G:HHDJG8:H >CI:AA:8IJ:AA:H :I C6C8>TG:H
Ad>BEJ>HH6C8:9:Ad68I>DCEJ7A>FJ:PGSHDJ9G:9:HEGD7ATB:H
FJ>HDCI8DCCJH9:EJ>HADC<I:BEH
@4&68.8.32 )*7 )@4*27*7 46@:9*7 4396 0& 1.7* *2 G9:6* )9
463,6&11*)*1*796*7
(3B8*78.1@*21.00.327)I*9637
d6JIG:E6GI6JC>K:6J9J76HH>C9DJG!6GDCC:A:H68I:JGH9:Ad:6J
HDCI<AD76A:B:CI>BEJ>HH6CIH:IE:>C:CIP;6>G:6K6C8:GA:H9DHH>:GH
A>SHPAd6<G>8JAIJG:I:AHFJ:A6EGDI:8I>DC9:H86EI6<:HDJA6AJII:
8DCIG:A:HC>IG6I:H 68:P8:I>BBD7>A>HB::IEAJHE6GI>8JA>TG:B:CI
HJ>I:PA68DC96BC6I>DC9:A6 G6C8:E6GAd.C>DCJGDES:CC:AdI6I
H:G:IGDJK:P>BEDH:GJC:A>HI:9:86EI6<:HEG>DG>I6>G:H6>CH>FJdJC:
100
90
80
70
60
50
40
30
20
9==40<
8:CHS:HA:HG:C9G:DESG6I>DCC:AA:H:BUB:6J;>A9J9D8JB:CICDJH
8DCHI6IDCHFJ:A:HEGSD88JE6I>DCH:CK>GDCC:B:CI6A:H9dS8DCDB>:H
9d:6J9:EGSK:CI>DC:I9:EGDI:8I>DCEGSH:GK6I>DCB>H:H:C6K6CI
E6GA:H:8GSI6G>6II:8=C>FJ:9:76HH>C:IA:H)'DCI8S9SA:E6H
9:K6CI9:HEGSD88JE6I>DCHS8DCDB>FJ:HA:HEG>DG>ISHDCI:JI:C96C8:
P8=6C<:G9:86BE9JG6CI8:IG6K6>A9:B>H:P?DJG9J,!
: EGD?:I 9: ,! :HI HDJB>H P A6 8DCHJAI6I>DC 9J
EJ7A>8 BD>H :I 9:H E6GI:C6>G:H >CHI>IJI>DCC:AH BD>H
9: B>
9S8:B7G: P B>
?J>C KD>AP AdD886H>DC 9:
Ad6BSA>DG:G:I9:A:;6>G:SKDAJ:G6K6CIH6K6A>96I>DCPA6C
9:Ad6CCS:
2ème cycle
1er cycle
2012
2015
2021
2027
!
314&6&.732)*73'/*(8.+7)@8&8@(303,.59*)*7(3967)*&9*286*)*9<(=(0*7)*40&2.+.(&8.32!396(*739:*&9463/*8)*!
)9
'&77.2)396&6322*
EF56AC@DA64E:G62C@??69EEA
HHH82C@??67C
CNA@?52?EL=25N=:3NC2E:@?#
&56>2:DFCT=2DN4FC:D2E:@?56DNE:286D2
C@??66E2D4@8?6U6E2FI5:DA@D:E:@?DT4@>AC6?5C6=6D6?;6FI6E=6D:>A24ED56D492?86>6?ED8=@32FIU6ETAC@A@D6CF?6DEC2EN8:65[252AE2E:@?2FI
492?86>6?ED8=@32FIU5F*24EF6=7A5FC2AA@CE5[?2=JD656&5F32DD:?5@FC2C@??652?D=6425C656=2CNG:D:@?5F*
;F:==6E#25:C64E:G6?:EC2E6D6I:DE656AF:D#256C?:OC6CNG:D:@?56DK@?6DE@F49N6DA2C=2A@==FE:@?2FI?:EC2E6D5[@C:8:?628C:4@=626F=:6F6?7
#6EEC662F?R;F:?5@DD:6CT=2CNG:D:@?56D?:EC2E6D6?EC6AC6DD:@?4@>>F?2FE2:C66EAC6DD:@?28C:4@=6VU7CE:4=6T!CC:82E:@?6?5@FC2C@??6=2
A@=:E:BF656=27F:E66?2G2?EUAL#6EEC662F?R;F:?9EEA
HHH7?62DD@7C
5@4F>6?ED
=6EEC662F
=60A577?42CET32CC286D6ECND6CG@:CD
5F32DD:?5@FC2C@??6UA#6EEC662F?R2GC:=6E=242CE64:4@?EC69EEA
HHH7?62DD@7C
5@4F>6?ED
=6EEC662F
=6EEC662F?2G6CD:@?H63A57
#6D49N>252>N?286>6?E6E5686DE:@?56D62FI*#2=@:5F;2?G:6C56>@56C?:D2E:@?56=[24E:@?AF3=:BF6E6CC:E@C:2=66E5[27C>2E:@?56D
>NEC@A@=6D2EEC:3F6L4@>AE6C5F6C;2?G:6CF?6?@FG6==64@>ANE6?462FI4@>>F?6D6EL=6FCDNE23=:DD6>6?EDAF3=:4D564@@ANC2E:@?:?E6C4@>>F?2=6
'!DFC=286DE:@?56D>:=:6FI2BF2E:BF6D6E=2ACNG6?E:@?56D:?@?52E:@?D$'!
ʇ?RC2?46%2EFC6?G:C@??6>6?E
9==40<
"$!& % $&!% " $ ?8:<950>6,4==,8>:0<=4=>0</0897-<0?=0=48;?4T>?/0=
"0.;+"-+.36
G:EGSH:CI6CI9:'DG9'6IJG:CK>GDCC:B:CI6J8DB>IS9:76HH>CGID>H
)>86G9>:
(&1/,6B'(%$55,0$$'126B.(5(26(/%4(510241-(6'(" .<B&+(..(0$6,10$.('(2$45$6$,..(.(
%$55,0461,5 ,&$4',()14/('$8$06$*(70(05(/%.(4B*,10$.37<708B4,6$%.(',564,&6+:'41*4$2+,37((%$55,02$46,&7.,(4)$,6
0B$0/1,05)$&(?'(/7.6,2.(5'B),5(0178($7241-(6'("
(56,.57)),5$//(06$/%,6,(792174$66(,0'4(.(%10
B6$6'(5(5/$55(5'<($7
31)*0&
(311.77.32
DBB>HH>DC):GB6C:CI:9J&>A>:J'6IJG:A
FJ6I>FJ::I9:A6EA6C>86I>DC
32(8.322*1*28)*
0&(311.77.32
AA:SIJ9>:A:EGD?:I9:,!:IA:
)GD<G6BB:9:B:HJG:H
31'6*)*
1*1'6*7)*0&
(311.77.32
B:B7G:H9DCIG:EGSH:CI6CIH
)'CDBBSH
63437.8.327)*7
%:H)':I6JIG:HJH6<:GHCDC
S8DCDB>FJ:HCdDCIC>;6>IE6GI>:9J
<GDJE:9:IG6K6>AC>SIS8DCHJAISH
)GDEDH>I>DCHSB>H:HJC>FJ:B:CIADGH9J
KDI::C8DB>IS9:76HH>C
@7908&8)9:38*
7960*463/*8)*
!
67HI:CI>DCH9:H6<G>8JAI:JGHHJGA:
EGD?:I9:,!HDJHEGSI:MI:9dJC
CDB7G:IGDE>BEDGI6CI9:G6EE:AH
GS<A:B:CI6>G:HHJGA:HODC:HKJACSG67A:H
%:G:HI:9:HB:B7G:H6KDISEDJGA:
EGD?:I
$&!'$%'$%"$$%$O%'&&%
'%'('EO&&
%')"$O% &O ET>,>T.96924;?0/0=7,==0=/E0,?A
=?:0<14.40660=0>/?64>>9<,6
%:76HH>CGID>H
)>86G9>::HI8DCHI>IJS9dJC:CH:B7A:9:76HH>CH
8XI>:GHA>IIDG6JMHdSI6A6CI9:A6,DBB:PAd6%:H6JIG:HB6HH:H
9d:6JM A>7G:H HJE:G;>8>:AA:H G6II68=S:H P AdH86JI :I P A6 ,6B7G:
;JG:CIAdD7?:I9dJC>BEDGI6CIEGD8:HHJH9d6GI>;>8>6A>H6I>DC9J;6>I9:
A6EDA9SG>H6I>DC9:8:GI6>CHH:8I:JGH8XI>:GH A6C9G:B6G>I>B::I1H:G
9:Ad>C9JHIG>6A>H6I>DC9J'DG9
)6H9:6A6>H86C6JM:I9:HHJ>I:H9:
Ad676C9DC9:B>C:H:;;DC9G:B:CIH
%dSI6I8=>B>FJ:SI67A>HJGA6ESG>D9:
:HIFJ6CIP
AJ>E:JH6I>H;6>H6CIB6HH:H9d:6JHDCI8A6HHS:H:CB6JK6>HSI6I
O$ O"!'$
%
%:CDJK:6JEGD?:I9:,!:IHDCEGD<G6BB:9:B:HJG:HDCISIS
EGSE6GSH6J8DJGH9:HGSJC>DCH9:H;SKG>:G:IB6GH:CIG:
Ad<:C8:9:Ad6JGID>H
)>86G9>:A6+%Ad('&A6-&
Ad<:C8:+S<>DC6A:9:A6,6CIS:IA:H6C>B6I:JGH9:,!8:HI69:
A:HB:B7G:H9J8DB>IS9:76HH>CCdDCIE6HSIS6HHD8>SHP8:II:
8DCHIGJ8I>DCd:HIH:JA:B:CIADGH9:A6DBB>HH>DC):GB6C:CI:9J
&>A>:J'6IJG:AFJ6I>FJ::I9:A6)A6C>;>86I>DC9J?J>CFJ:8:H
9D8JB:CIHDCISISEGSH:CISH6JMB:B7G:H9J:GI6>C:HG:B6GFJ:H
;DGBJAS:H6J8DJGH9:AdSIS:IADGH9:A68DC;SG:C8:E:GB6C:CI:
6J:I<G>8JAIJG:9JH:EI:B7G:DCISIS^IG6>IS:H_6;>C
FJ:A:HCDJK:AA:HDG>:CI6I>DCH:I9>HEDH>I>DCH;><JG:CI96CHA:EGD?:I
9:,!HDJB>HA:H:EI:B7G:6JCDJK:6J'DIDCHFJ:
A:H)':I6JIG:HJH6<:GHCDCS8DCDB>FJ:HCdDCIC>;6>IE6GI>:9:H
<GDJE:H9:IG6K6>AC>SIS8DCHJAISHADGH9:AdSA67DG6I>DC9JEGD?:I9:
,!'S6CBD>CH'DG9'6IJG:6HHD8>6I>DCB:B7G:9: G6C8:'6IJG:
CK>GDCC:B:CI6SB>H9:HEGDEDH>I>DCHADGH9J8DB>IS9:76HH>C9J
H:EI:B7G:;>C9:B>:JMH6>H>GA:H:C?:JMEGSH:CISHE6G8:
EGD?:I9:,!9S8GNEIDCH9SHDGB6>HFJ:AFJ:H9>HEDH>I>DCH8ASH
,<T/?.>498/0=,::9<>=:98.>?06=/07,>4S<0=
:966?,8>0=.6,==4;?0=/,8=60=74640?A
,d>A SI6>I ;6>I GS;SG:C8: 96CH A: ,! EGS8S9:CI P 9:H EA6CH
9SE6GI:B:CI6JM 9dSA>B>C6I>DC 9: 9S8=:IH G:A6I>;H P A6 ;>A>TG: 9:
G:8N8A6<:9:H:;;AJ:CIH:C6<G>8JAIJG:A6CDJK:AA:DG>:CI6I>DC
CdSKDFJ:EAJHFJ:Ad6EEA>86I>DC9:A69>G:8I>K:G:A6I>K:6JMIG6>I:B:CIH
9:H:6JMJG76>C:HGSH>9J6>G:H
E,7T649<,>498/0=<T=0,?A/0.9660.>00>/06,
7,V><4=0/0=<050>=
d6EGTH9:HG:A:KSHD7I:CJHPE6GI>G9J9>HEDH>I>;9:8DCIGXA:9:
AdSI6IS8DAD<>FJ:9:K:CJDESG6I>DCC:A9:EJ>H>AH:B7A:FJ:
A68A6HH:9d^SI6IBDN:C_6J<B:CI:H:CH>7A:B:CI:IFJ:A:H68I>DCH
:C<6<S:H?JHFJdPEGSH:CI6>:CIE:GB>H9d6BSA>DG:GAdSI6I9:H8DJGH
9d:6JA:HEAJH9S<G69SHI:AHFJ:8:JM6EE6GI:C6CI6J9SE6GI:B:CI
9J 'DG9 )DJG EAJH 9d>C;DGB6I>DCH H: GS;SG:G 6J CJBSGD 9: A6
%:IIG:6J
^ %6 B>H: :C aJKG: 9JC 9>6<CDHI>8 E:GB6C:CI 9J HNHITB:
96HH6>C>HH:B:CIEDJG6II:>C9G:A:HD7?:8I>;H9:7DCSI6I_:HIG6EE:AS:
96CHA69>HEDH>I>DC
:I9:KG6>I>C8>I:GA:<:HI>DCC6>G:P8DCIGXA:G
Ad:;;>8>:C8:9:H:HGSH:6JM%6;DGBJA6I>DC9:8:II:9>HEDH>I>DC6EE6G6VI
7>:CE:J^>C8>I6I>K:_
d6EGTHAd6C6ANH:9:HI:C96C8:H9:HED>CIH9:HJ>K>HHJGA:
A>IIDG6AC:EGSH:CI:CIE6H9dSKDAJI>DCH><C>;>86I>K:9:HC>K:6JM9:
8DCI6B>C6I>DC768ISG>DAD<>FJ:EDJGA6ESG>D9:
.C:CDJK:AA:9>HEDH>I>DC
K>H:PB:IIG::CaJKG:A:H)A6CH
9d8I>DC+S<>DC6JM)+:C6EEA>86I>DC9:A69>G:8I>K:^C>IG6I:H_
:II:9>HEDH>I>DCG:HI:IGTHAS<TG:6JG:<6G99:H:C?:JM9:EDAAJI>DCH
9>;;JH:HEGSH:CIHHJGA:I:GG>ID>G:C:;;:I8:AA:
8>H:A>B>I:P;6>G:
GS;SG:C8: 6JM 9>HEDH>I>DCH 9J )+ )DJGI6CI 8:H )+ CdDCI E6H
9SBDCIGS A:JG :;;>868>IS EJ>HFJ: A6 G6C8: 6 SIS 8DC96BCS: JC:
CDJK:AA: ;D>H E6G A6 DJG 9: ?JHI>8: 9: A.C>DC :JGDES:CC: EDJG
HDC>C86E68>ISPG:HE:8I:GA69>G:8I>K:9:HJGA:HC>IG6I:H:I
A:HEDAAJI>DCH9DG><>C:6<G>8DA:
0=0,?A=9?>0<<,480=
%6B6?:JG:E6GI>:9:HB6HH:H9d:6JHDJI:GG6>C:G:ATK:9:Ad6FJ>;TG:
9:A6G6>:A>7G:DJ86EI>;:IIGTH:MEAD>IS96CHH:HODC:H;G68IJGS:H:I
;>HHJGS:HCIG::I9:HEGSATK:B:CIH9:HI>CSHPAd6A>B:CI6I>DC
=JB6>C: EGDK>:CC:CI 9:H C6EE:H 6CH Ad:CH:B7A: A:H C>K:6JM
E>SODBSIG>FJ:HHDCI8DGG:8IH:IH:JA:A6C6EE:9J86A86>G:86G7DC>;TG:
9:+DJ76>M
-DJG8D>C<:HI:CB6JK6>HSI6IFJ6CI>I6I>;
,/4748?>498/06,:<0==498:966?,8>0:,</0
-9880=:<,>4;?0=,2<4.960=
#6D49N>25:C64E6FC5[2>N?286>6?E6E5686DE:@?56D62FI*DD@4:2E:@?56'C@E64E:@?56=2%2EFC66E56=[?G:C@??6>6?E'%$@J6??6
:?E6C2??F6==656492BF6A2C2>OEC66?492BF6A@:?E5FCND62F56DFCG6:==2?46:C64E:@?CN8:@?2=656=[6?G:C@??6>6?E56=[2>N?286>6?E6E5F=@86>6?E
)#
ʇ?RC2?46%2EFC6?G:C@??6>6?E
[ %:H C6EE:H 8DCI>CJ:CI 9dUIG: HSG>:JH:B:CI >BE68IS:H
E6G A:H EDAAJ6CIH B6A<GS 9:H 8GS9>IH >BEDGI6CIH 9S9>SH P
Ad6HH6>C>HH:B:CI6JMIG6>I:B:CIH:IIG6CH;:GIHPAd6<G>8JAIJG:
:I6JM(ESG6I>DCH9:+:8DCFJUI:9:A6*J6A>IS9:Ad6J
#A:HI9DC8CS8:HH6>G:9:G:8:CIG:GA:H6>9:H9:Ad<:C8:HJG
A:HH:JA:H^6>G:H9d6A>B:CI6I>DC9:H86EI6<:HEG>DG>I6>G:H_
%:H9>HEDH>I>DCH
:I
EGS8>H:CIA:HB:HJG:HK>H6CIP^A>B>I:G
Ad>BE68I9:HEDAAJ6CIHKS=>8JASHE6GA:9G6>C6<:ADGH9:A68GS6I>DCDJ
9JG:CDJK:AA:B:CI9:HGSH:6JM9:9G6>C6<:_-DJI9d67DG9CDIDCH
FJ: Ad:CIG:I>:C 9:H =6>:H A: ADC< 9:H 8DJGH 9d:6J :I 9:H KD>:H 9:
8DBBJC>86I>DCCdN:HIEAJHG6EE:AS:EAJH8:II:9>HEDH>I>DC;6>I
Ad>BE6HH:HJGA:H9>HEDH>I>;H:;;:8I>;HPB:IIG::CEA68:8DC8:GC6CIA:H
GSH:6JMFJ>:M>HI:CI9S?P:IFJ>C:H:GDCIE6H^G:CDJK:ASH_
[
68:6J-GTH!G6C9+>HFJ:#CDC96I>DC-!+#:I6JM9>;8JAISH
9:IDJHA:H68I:JGH9:EDJKD>GHd:C<6<:G96CHJC:EDA>I>FJ:
9: <G6C9H IG6K6JM >A :HI >C9>HE:CH67A: 9: G:E:CH:G A: INE:
9: 9SK:ADEE:B:CI S8DCDB>FJ: 9:H ODC:H FJ> B6CFJ:CI
IDI6A:B:CI9:G:HHDJG8:H:C:6J:IFJ>HDCIHDJHA:C>K:6J
9: A6 B:G A6C9G: B6G>I>B: DJ FJ> H: IGDJK:CI 96CH 9:H
H:8I:JGH:;;DC9GSH76HH>C"DJ>AA:G
0=C980=3?74/0=0>/06,;?,64>T/0=3,-4>,>=
,JG A: EA6C =N9GD<SDAD<>FJ: 8DC8:GC6CI A6 9>HEDH>I>DC ^3A>B>I6CI4A:HEDBE6<:HG>HFJ6CI9d6HHS8=:G9:HB>A>:JM6FJ6I>FJ:H_
>A:HIG:<G:II67A:FJ:A6EGSH:GK6I>DC9JE=SCDBTC:9d6GISH>6C>HB:
HJGA:H:8I:JG9d>G:HJGA6%NHSI=JC:FJ>;><JG6>I96CHA6EGS8S9:CI:
9>HEDH>I>DC C: HD>I EAJH >C9>FJS: ^ 6J G:<6G9 9: HDC GXA: 96CH
Ad6A>B:CI6I>DC9:HB>A>:JM6FJ6I>FJ:HHJE:G;>8>:AH_:EAJHHd>A:HI
CDISFJ:^Ad69B>C>HIG6I>DCE:JIHdDEEDH:G6JEDBE6<::M8:HH>;_
>A6JG6>ISISEGS;SG67A:9d>C9>FJ:G8A6>G:B:CIFJ:Ad69B>C>HIG6I>DC
^9D>K:_HdNDEEDH:GC;>CCDJHG:<G:IIDCHFJ:A69>HEDH>I>DC
H:
;>M:EDJGH:JAD7?:8I>;9:^A>B>I:GA:H9DBB6<:HHJGA:H:HET8:H_:I
Cd6;;>GB:E6H:MEA>8>I:B:CIA6CS8:HH>IS9:EGDIS<:G8:H:HET8:H
A:JG6>G:9d6A>B:CI6I>DC_:H9:GC>TG:H;:GDCIAdD7?:I9:EGD<G6BB:H
9d68I>DC^G:EDH6CIHJGA6BD7>A>H6I>DCKDADCI6>G:9:IDJI:HA:HE6GI>:H
EG:C6CI:H3`4HJGJC:76H:8DCIG68IJ:AA:_#AHEDJGGDCIUIG:G:C9JH
D7A><6ID>G:H:C86H9d>CHJ;;>H6C8:9:B>H::CaJKG:6JIG6K:GH9dJC
6GGUIS2DC:H,DJB>H:HPDCIG6>CI:HCK>GDCC:B:CI6A:H_%:86G68ITG:
KDADCI6>G:IG69J>IJC:;D>H9:EAJHJCB6CFJ:9:8DJG6<:EDA>I>FJ:
EDJGI6CICS8:HH6>G:H>CDJHKDJADCHGS:AA:B:CIGS9J>G:A6EDAAJI>DCP
A6HDJG8:*J6CIPG:C9G:D7A><6ID>G:H8:HEGD<G6BB:H9d68I>DC:C86H
9d>CHJ;;>H6C8:9:B>H::CaJKG:G6EE:ADCHFJ:96CHA:H;6>IHE:J9:
EGS;:IHH:G>HFJ:CIP:M:G8:GJCI:AC>K:6J9:8DCIG6>CI:H
,<T/?.>498/0=:<9/?4>=:3B>9=,84>,4<0=
6CHA69>HEDH>I>DC
A:H:MEAD>I6CIH6<G>8DA:HA:H8DAA:8I>K>ISH
:IA:H<:HI>DCC6>G:H9d:HE68:HC:9D>K:CIEAJH^K:>AA:GP_B6>HHDCI
H>BEA:B:CI^>C8>ISHP_Hd>CH8G>G:96CHJC:9SB6G8=:9:GS9J8I>DC9:
AdJI>A>H6I>DC9:HEGD9J>IHE=NIDH6C>I6>G:H96CH9:HODC:HP:C?:J:6J
EDI67A:%6EDAAJI>DCE6GA:HEGD9J>IHE=NIDH6C>I6>G:H8DCHI>IJ:JCEGD7ATB:
B6?:JGDG8:II:9>HEDH>I>DCJH:9:;DGBJA6I>DCHAS<TG:H:I>C86CI6ID>G:H
I:AA:HFJ:^>C8>I:G_^G:8DC8:KD>GA:JGHNHITB:9:EGD9J8I>DC6<G>8DA:_
G:;ASI6CIAd>BEJ>HH6C8:<SCSG6A::I8DAA:8I>K:E6GG6EEDGIP8:EGD7ATB:
E0A:694>,>498/?2,C/0.9?.30
.C:CDJK:AA:9>HEDH>I>DCEDJG^B6VIG>H:GAd:MEAD>I6I>DC9J<6O9:
8DJ8=:_6SISG6?DJIS:96CHAdDG>:CI6I>DC
B6>HC:8DBEDGI:E6H
9:9>B:CH>DC8DCIG6><C6CI:)DJGJC,!FJ>H:9D>I9:^EGDBDJKD>G
A68DCH8>:C8:9:Ad6J_EDJKDCH
CDJHCDJH8DCI:CI:G9:9S8A6G:GFJ:
^#9,+&)!+2$!%!*+)+!--!##0')&+2)#*)**&,)*%,%*
#*9.'#&!++!&%/&, _FJ6C9DC8DCC6VIA:HHSFJ:AA:H
=SG>IS:H9JE6HHS>C9JHIG>:A9:8:I:GG>ID>G:
,<0=>,?<,>498/0=.,:>,20=:966?T=:,<60=
84><,>0=0>60=:3B>9=,84>,4<0=
%6CDJK:AA:9>HEDH>I>DC
EGSKD>IFJ:A:H8DAA:8I>K>ISH^B:II:CI:C
aJKG:JC:9SB6G8=:9:G:8DCFJUI:9:A6FJ6A>IS9:Ad:6JPAdS8=:AA:9:
++ !$!(,*$***1,*&,+))!%*
'
.%'*&%&%)-#*&"+!*(,#!+/
$
%
,
#'
%
$
' $ "
&
!$ $
!
$
' $$ & % %
(
" '$
&
&
$
$
$
,
$
!
!
!
&
!
'
'$
' &
%
"
!
!
'
!
'
&
$ !
'
%,
+
$"
!
$
!%
)
'
&&
$
$
%
#'
$
!
,#'
%
(
+%
+%
'
#'
$ !
,
'
! %
$ ' *
!'$ %
Bon
Mauvais
Points à problèmes
$
%
%
%% ! !
& !'
!
'$
9==40<
#?0<0>084<
E08><0>408/0=<T=0,?A/0/<,48,20/0=19==T=
0>/0=3,40=
!
+
($ - - !))&",(#%"#$
$+ !'*!) 8&8(-.1.59*)*71&77*7)*&97398*66&.2*7D,*2(*)*0*&9683.7.(&6).*
:C64E:@?5NA2CE6>6?E2=656DE6CC:E@:C6D6E56=2>6C+$#6*49N>25[>N?286>6?E6E566DE:@?56D2FI*#6A9N?@>O?65[2CEND:2
?:D>65F?@>56=[CE@:DD6AC@5F:E=@CDBF6=24@?8FC2E:@?A2CE:4F=:OC656=28N@=@8:65F?=:6F6ED2E@A@8C2A9:6AC@G@BF6?EF?6E6==6>:D66?AC6DD:@?56
=\2BF:7OC6BF6=2=:8?6A:NK@>NEC:BF6TD@CEU5FD@=
ʇ?RC2?46%2EFC6?G:C@??6>6?E
9==40<
"$!& % !$ $&
-0,?.9?:/E0119<>=:9?<:,=2<,8/.39=0
"0.11&+)-&&1/)-"7
#& %*$$ ##%
8$06'<$0$.:5(437(.37(5$52(&65(55(06,(.5'(5$4B'$&6,10,.&108,(06'(4(8(0,4574.(5&10',6,105'(510B.$%14$6,10(0
&1//,55,10 .$0,),&$6,1037,'100(0670$2(4@7'(5',)),&7.6B54(0&1064B(5 4B5(06B2$4.("(&4B6$4,$6#(&+0,37('($55,0
"#.(241-(6'("5<(56&1/2.(9,),B$7),.'(54B70,105$,5217437(.4B57.6$6
31)*0&(311.77.32
8DBB>HH>DCHIG6K6>AA:CIHJGA:
,!:IA:)9&%6DBB>HH>DC
#CDC96I>DCH)A6C%D>G:A6DBB>HH>DC
%>IIDG6AA6DBB>HH>DC)A6C>86I>DC
32(8.322*1*28)*0&
(311.77.32
%6DBB>HH>DC#CDC96I>DCH)A6C
%D>G:EGSE6G:A:HIG6K6JM:IA:H
6K>H9J8DB>ISHJGA6I=SB6I>FJ:
9:H>CDC96I>DCH%6DBB>HH>DC
%>IIDG6A68DBESI:C8:EDJGA:H
FJ:HI>DCHG:A6I>K:H6JA>IIDG6A96CH
A6E:GHE:8I>K:9:AdSA67DG6I>DC9J
,!%6DBB>HH>DC)A6C>86I>DC
EGSE6G:A:H6K>HHJGA:H9DB6>C:H
FJ>C:G:ATK:CIE6H9:H6IIG>7JI>DCH
:MEA>8>I:H9:8:H9:JM8DBB>HH>DCH:I
>CIS<G:G6A:JGHEGDEDH>I>DCH96CHH:H
EGDEG:HIG6K6JM
31'6*)*1*1'6*7
)*0&(311.77.32
%68DBB>HH>DCEA6C>86I>DC:HI
8DBEDHS:9:B:B7G:HSAJHDJ
9SH><CSH:I9:B:B7G:H9:9GD>I9DCI
G:EGSH:CI6CIH)'
63437.8.327)*7
'6;6>I9:H6B:C9:B:CIH
CDI6BB:CIHJGA:8=6E>IG:9:A6
<:HI>DCFJ6CI>I6I>K:A:HEDAAJI>DCH
9>;;JH:H:IA6<DJK:GC6C8::H
6B:C9:B:CIHCDCIE6H:BEU8=S
JCC:IG:8JA8DC8:GC6CIA6<:HI>DC
FJ6CI>I6I>K:6K:8CDI6BB:CIJC
6HHDJEA>HH:B:CI9:H8DC9>I>DCH9:
EGSATK:B:CI
@7908&8)9:38*7960*
463/*8)*!
%:EGD?:I9:,!6SIS69DEIS
E6GKD>MEDJG:IKD>M8DCIG:
6<G>8JAI:JGH:I>C9JHIG>:AH%:KDI:6
SIS:;;:8IJSP7JAA:I>CH:8G:I
!%%! K" &! L
!$$& )DJGSA67DG:GA:,!
A68DBB>HH>DCHd:HIGSJC>:JC:
K>C<I6>C:9:;D>H%:EAJHHDJK:CIA:HSAJHSI6>:CI67H:CIHE6G;D>H
H:JA:B:CI G:EGSH:CISH E6G JC: DJ 9:JM E:GHDCC:H :II: ;6>7A:
G:EGSH:CI6I>DC8DCHI>IJ:JCEGD7ATB:EDA>I>FJ:B6?:JGEDJGA:7DC
SFJ>A>7G:9:A6<DJK:GC6C8:9:H>CHI6C8:H9:76HH>C:CG:I>G6CI9:A6
8GS9>7>A>IS6JMIG6K6JMGS6A>HSH
%:HG:EGSH:CI6CIH9JBDC9:S8DCDB>FJ:6<G>8JAIJG::I>C9JHIG>:
6<GD
6A>B:CI6>G: SI6>:CI HJGG:EGSH:CISH 96CH 8:II: 8DBB>HH>DC
SCS;>8>6CI9JHDJI>:CI:8=C>FJ:9JGSH:6J9:H8=6B7G:H9d6<G>8JAIJG:
PAdS8=:AA:9J76HH>C>AHCdDCIE6H:J9:<G6C9:H9>;;>8JAISHE6G;D>H
6JCDB9dSIJ9:HFJd>AH9S8A6G:CIIDJ?DJGH9SI:C>GB6>HC:EGD9J>H:CI
?6B6>HEDJGEGDEDH:GJC:BJAI>IJ9:9d6B:C9:B:CIH6JEGD?:I9:
,!$6B6>HH6I>H;6>IH:I9:B6C96CIIDJ?DJGH9:CDJK:AA:H9DCCS:H
8:HDCIEDJGI6CI8:H9:GC>:GHFJ>8G>I>FJ6>:CIA:EGD?:I8DBB:SI6CI
IGDE9:CH::IIGDE8DBEA:M:%6I:8=C>FJ:FJ>8DCH>HI:PG:K:C>GHJG
9:HGS968I>DCH9S?PK6A>9S:H6SISJI>A>HS:PEAJH>:JGHG:EG>H:HE6G8:H
BUB:H68I:JGHCDI6BB:CI8DC8:GC6CIA:E=DHE=DG:
C;6>IA:7JIEDJGHJ>K>:HIIDJ?DJGHA:BUB:6;;6>7A>GA:H9>HEDH>I>DCH
9J,!EDJGAJ>G:I>G:GIDJI:86E68>ISP9>B>CJ:GA:H6B7>I>DCHH6CH
A>B>I:H9:Ad6<G>8JAIJG:>C9JHIG>:AA:)DJGEGSH:GK:GA:HB>A>:JM:IA:H
7:HD>CH9:H6JIG:HJH6<:GHA:H6HHD8>6I>DCH9JGSH:6J 'DCI;6>I
S<6A:B:CI9:HEGDEDH>I>DCH9d6B:C9:B:CIHB6>H96CH9:HEGDEDGI>DCH
7>:CEAJHBD9:HI:H%:H6JIG:HB:B7G:H9JDB>IS9:76HH>CCdDCI
G>:CEGDEDHS9dD;;>8>:A
:II:HIG6IS<>:^8DBB6C9D_9:Ad6<GD
>C9JHIG>::HI9SI:HI67A:
:AA:8DC9J>IPA6BDCDEDA>H6I>DC9J9S76IE6GJC<GDJE:9d>CISGUI:I
HDC>BBD7>A>H6I>DCHJG8:GI6>C:HEGD7ASB6I>FJ:H9J,!dDYJC:
8DC;GDCI6I>DCE:GB6C:CI:6K:8Ad69B>C>HIG6I>DCH:HE:GHDCC:AHSI6CI
E6G;D>HFJ6A>;>SH9dJC:B6C>TG:>C688:EI67A:,J>I:6JG:CDJK:AA:B:CI
9:H DB>ISH 9: 76HH>C :I 6J 8=6C<:B:CI 9J )GSH>9:CI 9: 8:II:
8DBB>HH>DCA:HI:CH>DCHH:HDCI6IISCJS:HB6>H6EGTHA68DCHJAI6I>DC
9JEJ7A>8>AG:HI:G6PKDI:GA:,!;>CB6>HFJ:A,!
%DGH9:A6EGSH:CI6I>DC9J,!6JDB>IS9:76HH>C9:H6II6FJ:H
E:GHDCC:AA:HDCIBUB:SISSB>H:HPAd:C8DCIG:9:A6G:EGSH:CI6I>DC
6HHD8>6I>K:;6>ICDJK:6J:I>CFJ>SI6CI86G?JHFJd>8>A68DJGID>H>::IA:
G:HE:8IBJIJ:ADCIIDJ?DJGHSIS9:B>H:(CE:JIH6CH9DJI:IGDJK:G
Ad:MEA>86I>DC9:IDJI8:A696CHJC8DBB:CI6>G:G:EG>HEAJH>:JGH;D>HADGH
9:9>K:GH:H8DBB>HH>DCHE6GJCEGSH>9:CI9:=6B7G:9d<G>8JAIJG:
^ &,* &$')%/ 1 A: EGD?:I 9: ,! &% % ',+ '* #
^-%)_0%&+)*`_/DI:;>C6A:CDB>IS9:76HH>CA:D8ID7G:
8DCIG:A:HG:EGSH:CI6CIH9:A6EGD;:HH>DC6<G>8DA::I9:Ad6<GD
7JH>C:HH9DCIFJ:AFJ:HSAJHEDJG9DCIA:H)'
#'#'%"! &%%% &%'
"$!&%
%:H 9>HEDH>I>DCH 9J 8=6E>IG: # ^ G:E:CH:G A:H 6BSC6<:B:CIH
9: 8DJGH 9d:6J _ HDJ=6>I:CI ^ ')2-%!) +&,+ 2+2)!&)+!&% *
$!#!,.7*+,))7-&)!*)#')!*&%*!%7$2#!&))#
&%%!**%7_*J:AFJ:H
JC:HHDCI6HH:OKDADCI6G>HI:HB6>HE:JK:CI
UIG:6CCJAS:HE6G^*$&+!*9!%+2)4+2%2)#_(CAd6KJ96CHA:
-6GCDCA:KD>I96CH9:H9SE6GI:B:CIH8DBB:Ad#C9G:DY9:HEGD?:IH
9:G:8DCHIGJ8I>DC9:76GG6<:H:CGJ>C:HDCI:C8DG:A6;6K:JG9dSAJH
8DBEI6CIHJGA6E6HH>K>IS9:Ad69B>C>HIG6I>DC:AA:
BUB:HDJHEG:HH>DC
9:EGS;:IHEDJGFJ>AdDG9G:8DBEI:EAJHFJ:A6?JHI>8:>:CFJd6J7DJI
9J8DBEI:6J8JC9:H9:JMC:HD>ID7I:CJ
%6 9>HEDH>I>DC HHJG:G A6 8DCI>CJ>IS ADC<>IJ9>C6A: 9:H 8DJGH
9d:6JJI>A>H:8DBB:>C9>86I:JGA:^ ,.)+!&%%$%+_
FJ>G:BEA68:A:I6JM9dSI6<:B:CI:CDJK:A>C9>86I:JG:HIEAJH
E:GI>C:CI86G>AB:I:CSK>9:C8:Ad688JBJA6I>DC9:HD7HI68A:H;68I:JG
A:EAJHA>B>I6CIEDJGA:HB><G6I:JGH
% &$&%
%:HB:HJG:H9J8=6E>IG:##;>M:CI9:HD7?:8I>;H8=>;;GSH9:GS9J8I>DC
9:;AJMEDJG9:H76HH>CHB6>HEGS8>H:CIFJd:AA:HCdDCI9:H:CH^(,90
#92 ###9%*$#,**!%_%:HEGD?:IH>C9>K>9J:AH:IA:H,!
)2AA@CE6?EC6=6=:?N2:C65F5C2:?AC:?4:A2=6E=2D@>>656D92FE6FCD5649FE6)2AA@CE6?EC6=292FE6FC5649FE66E=25N?:G6=N6?2EFC6==6
ʇ?RC2?46%2EFC6?G:C@??6>6?E
Mesures d’économie
d’eau dans les
secteurs agricole,
domestique,
industriel et artisanal
6%
Autres
3%
$'$"!'&! !$ #'&
&$!!#'
: 8=6E>IG: ### >CH>HI: ADC<J:B:CI HJG A:H G:?:IH EDC8IJ:AH 9:H
:CIG:EG>H:H :I 8DAA:8I>K>ISH EJ>H ;>C>I E6G SKDFJ:G A: E=DHE=DG:
9>;;JH9:HG:?:IH9:Ad6<G>8JAIJG:d:HIHJG8:9:GC>:GED>CIFJ:A:H
9>H8JHH>DCHDCISISK>K:HADGH9:AdSA67DG6I>DC9JI:MI:A6EGD;:HH>DC
6<G>8DA:G:;JH6CIA:HI:GB:H^;:GI>A>H6I>DCSFJ>A>7GS:_:IKDJA6CIA:JG
HJ7HI>IJ:G^;:GI>A>H6I>DCG6>HDCCS:_FJ>C:K:JIG>:C9>G:9:8DC8G:I
>:CFJd68IS:ADGH9dJC:GSJC>DC:I;>C6A:B:CI69DEIS:A6EG:B>TG:
;DGBJA6I>DC6SISG:B>H::C86JH:6JED>CI9:EGDKDFJ:GJC>C8>9:CI
9:H69B>C>HIG6I>;HSI6CI688JHSH9:B6CaJKG:H9DJI:JH:HE6G9:H
G:EGSH:CI6CIH9:Ac6<G>8JAIJG:=68JCKD>IA:BDC9:PHDC>B6<:#A:HI
KG6>FJ:A6;:GI>A>H6I>DCSFJ>A>7GS:>BEA>FJ:JC:GS9J8I>DC9:AdSA:K6<:
^=DGHHDA_H>EG>HSE6GA:HNHITB:68IJ:A
"!'&! %'%%&
%!'&%&$%#' ! && &
%6B:HJG:8DC8:GC:A6;DGB6I>DC9:HEGD;:HH>DCC:AHPAdJI>A>H6I>DC
9:EGD9J>IHE=NIDE=6GB68:JI>FJ:H
,6AD<>FJ:67DJI>IP8:FJ:A:
K:C9:JGEGDEDH:PAdJI>A>H6I:JG9d68=:I:GBD>CH9:EGD9J>IH+UKDCH`
%&! #' &&&(&
"$!%$& '%
6CHHDC=6E>IG:A:EGD?:IGS6;;>GB:A:86G68ITG::HH:CI>:A9:
A6B6VIG>H:9:HEGSATK:B:CIH9d:6J:I9JG:IDJGPAdSFJ>A>7G:E6GA6
GSHDGEI>DC9:H9S;>8>IHFJ6CI>I6I>;H#ASKDFJ:A:H8DCHSFJ:C8:HA>S:H6J
8=6C<:B:CI8A>B6I>FJ::IA6GSK>H>DCESG>D9>FJ:9:H6JIDG>H6I>DCH9:
EGSATK:B:CI&6>H96CHA:BUB:I:BEH^,%,$%++!&%$*,)2
*')2#3-$%+**+!-,.*+",2'&**!#_HJG8:GI6>CHI:GG>ID>G:H
8:FJ>C:EDJGG6H:IG69J>G:FJ:E6GA:9SK:ADEE:B:CI9:Ad>GG><6I>DC:I
A6BDCD8JAIJG:>CI:CH>K:(CCDI:G6FJ:A:HH:8I:JGHA:HEAJH>BE68ISH
E6GA:HEDAAJI>DCH9>;;JH:HHDCIFJ6H>B:CIHJE:GEDH67A:HP8:JM9:
Ad6<G>8JAIJG:>CI:CH>K:>GG><JS:%:BD9TA:G:HI:9DC8:CEA68:%:H
G:I:CJ:H9>I:H^9:HJ7HI>IJI>DC_HDCIEGSH:CIS:HHDJHAd6EE6G:C8:
9dS8DCDB>:H9d:6J:IHDCIHJ7K:CI>DCCS:H8DBB:I:AA:HC;6>IDC
HJ7HI>IJ:JC:ESG>D9:9:EGSATK:B:CI:C=>K:GPJC:6JIG::CSIS:I
A68DCHDBB6I>DCCd:C:HIE6HGS9J>I:EDJG6JI6CI%:7J9<:I6AADJS6J
I>IG:9:HS8DCDB>:H9d:6J96CHA:^)GD<G6BB:9:B:HJG:H_:HI:HI>BS
PB>AA>DCH9d:JGDH%:9SHSFJ>A>7G::CIG:A:HHDBB:H6AADJS:H6JM
B:HJG:H9:GS9J8I>DCGS:AA:9:A68DCHDBB6I>DC:I8:AJ>EGSH:CIS
8DBB:^$!*%'#)**&,)**,*+!+,+!&%_:HIIDI6A
EDJGA:HG:I:CJ:HEDJGA:HS8DCDB>:H8;;><JG:%d:MEG:HH>DC
^8GS6I>DC9:G:HHDJG8:_A6>HH:G6>I8GD>G:FJ:A:BDC9:6<G>8DA:^8GS:
9:Ad:6J_C;6>I>AA6EG:C96;>CFJ:E:G9JG:Ad6<G>8JAIJG:>CI:CH>K:
:IHDC8DGIT<:9:EDAAJI>DCH9>;;JH:H,>K:CH:C8DG:
-:GG>IDG>6A>H6I>DC D7A><: A6 CDJK:AA: GS968I>DC 9: 8: 8=6E>IG:
688:CIJ:A:H^'&**!!#!+2*9",*+$%+*&"+!*')#*_
EGD8S9JG::C869GS:E6GJC:6C6ANH:CS8:HH6>G:9>I:^"N9GDAD<>:
&>A>:JM.H6<:HA>B6I_!GDHG>HFJ:9:9SG>K:I6CIFJ:A6<DJK:GC6C8:
9:H%Cd6JG6E6HSISGSSFJ>A>7GS:
%6EG:B>TG:GS968I>DC:CIGDJKG6>IA6EDHH>7>A>IS9d688GD>IG:HDJH
8DC9>I>DCH A:H EGSATK:B:CIH =>K:GC6JM HJG 8:GI6>C:H ODC:H ,DJH
EG:HH>DC E:GB6C:CI: GSJC>DC 6EGTH GSJC>DC A: I:MI: 6 688JBJAS
9SGD<6I>DCH:IK6G>6CI:H?JHFJdP9:HBD9>;>86I>DCH9:9:GC>TG:B>CJI:
9:H9>HEDH>I>DCH9>I:HDJE9:<GQ8:ADGHFJ:^Ad6HHDJEA>HH:B:CI_
Mise en place
de ressources
de substitution
91 %
9==40<
H:H:CI>GDCI
>AH8DC8:GCSH%6B:GEDJG7:6J8DJE8d:HIAD>C`(C6KJ
Ad>C:;;>868>IS9:H^EGD<G6BB:H9d68I>DC_GSHJAI6CI9:H8A6HH:B:CIH
HJ88:HH>;H:CODC:HKJACSG67A:H:IDCG:HI:96CHA6BUB:DEI>FJ:
9d>C8>I6I>DCH H6CH GS:AA: 8DCIG6>CI: *J6C9 K:GG6
I
DC JC 8=6E>IG:
^,JEEG>B:GA6EDAAJI>DCE6GA:HC>IG6I:H_
6.2(.4&0*7+&1.00*7)I&(8.3277960*6*77396(**2)91328&28838&0
!396(*763/*8)*!
*23.6*6*8&,2*
9:H9>HEDH>I>DCH9:8:8=6E>IG:6SISD;;:GIPA6EGD;:HH>DC6<G>8DA:
EDJGFJd:AA:688:EI:A:I:GB:^SFJ>A>7GS:_PA6EA68:9:^G6>HDCCS:_
Hd6<>HH6CI9:A6;:GI>A>H6I>DCE=DHE=DGS:9S?PSKDFJS:%:G>HFJ::HI
<G6C99:E:GB:IIG:A6BJAI>EA>86I>DC9:G:I:CJ:H9:HID8@6<:N8DBEG>H
96CH9:H76HH>CH9S?PHJG:MEAD>ISHH>A:HH:GK>8:H>CHIGJ8I:JGHC:HDCI
E6HHJ;;>H6BB:CIK><>A6CIH:II:C68:H
"$%$(&! %+! %
'%
J8=6E>IG:A:H6K6C8S:HG:A6I>K:HB6GFJS:HE6GA:,!
C:HDCIE6HSGD9S:HAA:HHDCIBUB:B>:JM;DGBJAS:H'S6CBD>CHA6
B:HJG:
GSHJB:P:AA:H:JA:IDJI:A6;6>7A:HH:9:HB:HJG:H8=:G8=6CI
P:BEU8=:GA69>HE6G>I>DC9:HODC:H=JB>9:HAA:G6EE:AA:FJ:A:H
^/&%* ,$!*')2*%+%+,%!%+2)4+%-!)&%%$%+#')+!,#!)
7+#*/&%* ,$!*!+*/&%**+)+2!(,*7*&%+')2*)-2*
+&,+*+),+!&%$4$')+!##_&6>H6JHH>IXI6EE6G6>HH:CIA:H
9SGD<6I>DCHEDHH>7A:H.)^>CISGUIEJ7A>8B6?:JG_(CEDJGG6>I
8GD>G:C6WK:B:CIFJ:IDJI:ODC:=JB>9:EDHHT9:9:;68IDJC>CISGUI
:CK>GDCC:B:CI6AE6GI>8JA>:G
"$%$(&! '&&!$
DC8:GC6CIA:A>IIDG6A=6E>IG:>AN6:C8DG:JC8:GI6>CCDB7G:
9:B:HJG:HI:AA:HFJ:^2,!)*!%!!+!-$%+#9,+)&' !*+!&%7
#!$!+)&,*,'')!$))+!%*)"+*7)*+,))+&,')&+2)#
(,#!+2*%!+!)7_9DCIA:9SI6>A:HI9:AdDG9G:9J8DCHI6I:I9:
Ad>C86CI6I>DCEJ>HFJ:FJ:A:A>IIDG6A:HIAd:MJID>G:9:IDJIA:76HH>C
#?0<0>084<
J KJ 9: 8: HJGKDA DC EDJGG6>I 8GD>G: FJ: E:J 9: 8=DH:H
DCI8=6C<S9:EJ>HA:EGS8S9:CI,!:IE6GG6EEDGIPA6
EG:B>TG: GS968I>DC EGDEDHS: A6 K:GH>DC C6A: :HI :C C:I
G:8JA HJG IDJH A:H ED>CIH E:GB:II6CI 9d6AA:G K:GH A: ^ 7DC
SI6I9:H:6JM_FJ>H:B7A:UIG:JC=DG>ODC7>:CAD>CI6>C#A
N6IDJI:;D>H9:H6K6C8S:HHJ;H6CI:HEDJGFJ:A:HAD77NH
9:Ad6<GD
>C9JHIG>:HdNHD>:CIDEEDHSH9:IDJIA:JGED>9H6C
9:9S;:C9G:JCBD9TA:6<G>8DA:G:C96CIA:H6<G>8JAI:JGHH>
=:JG:JMFJd>AHK>:CC:CI9SEDH:GA:JGHIGSHDGH?JHFJ:9:K6CI
A:H<G>AA:H9:HEGS;:8IJG:H&6>HB6A<GS8:HA68JC:H8:EGD?:I
9:,!:HIEAJHEGS8>H:IB>:JM8>7ASFJ:A:EGS8S9:CI
d:HIEDJG8:II:G6>HDCFJ:B6A<GSIDJICDJHAd6KDCHKDIS
%@>5F>2DBF65@??NL46BF6=63@?D6?D2AA6==6TA6DE:4:56DU#24@>>:DD:@?=@42=656=[62F#N4=2C2E:@?5[FE:=:ENAF3=:BF6,'
ʇ?RC2?46%2EFC6?G:C@??6>6?E
9==40<
"$!&% $ '%
40?A@,?>:08=0<60.3,820708>;?0.3,820<60:,8=0708>
"0&"-
&-$*&0
#!#*$%%& %*$$&$
<1%-(&6,)'(5'(5/$55(5'<($7(0%10B6$6'A5
0(5(4$2$5$66(,06$/,5(?-174'7"
2174.('(79,A/(&:&.(
$)$,6.<1%-(6'(01/%4(75(5&1057.6$6,105(66(0178(..(/17674(8,5(?6,4(4.(%,.$0'(.<B6$6'(5.,(79
(04(8(0$06?'(5
1%-(&6,)52.754B$.,56(52174
(60B&(55$,4(/(06,06B*4(4.(5B81.76,105-74,',37(5'(5',4(&6,8(5(7412B(00(54(.$6,8(5$79
57%56$0&(5'$0*(4(75(5'$0*(4(75(524,14,6$,4(5(6$7&+$0*(/(06&.,/$6,37(
31)*0&(311.77.32
DBB>HH>DC)A6C>86I>DC
32(8.322*1*28)*0&
(311.77.32
,:GSJC>IIGD>HPFJ6IG:;D>HE6G6C
EDJG:M6B>C:GDJ8GS:GA:HDJI>AH9:
A6EA6C>86I>DC,!,!
)9&:IAd:M6B:C8G>I>FJ:9:H
GSHJAI6IH
31'6*)*1*1'6*7
)*0&(311.77.32
B:B7G:H9DCIB:B7G:H)'
63437.8.327)*7
,JGA:76HH>C+=>C
&:JH:>ACdN6
E6H9:<J:GG:DJK:GI::CIG:<GDJE:H
9d>CISGUIH'DIDCHP8:I>IG:FJdJC:
E:GHDCC:9JBDC9:6HHD8>6I>;6SIS
EAS7>H8>IS:EDJGEGSH>9:GA:<GDJE:
6JC6IJG::I7>D9>K:GH>IS:IB:C:G
P7>:C9dQEG:HCS<D8>6I>DCH6K:8
A:H>C9JHIG>:AH9:Ad:MIG68I>DC9:H
<G6CJA6IH%6EGSH>9:CI:9J<GDJE:
6J
C6IJG::I7>D9>K:GH>IS6EJ;6>G:
K6A>9:GA:HEGDEDH>I>DCH9:H)'
8DC8:GC6CIA6EGSH:GK6I>DCDJA6
G:HI6JG6I>DC9:HODC:H=JB>9:H
@7908&8)9:38*7960*
463/*8)*!
%:,!:HI69DEISPAJC6C>B>IS
)6H9:9SA>7SG6I>DCEG>H:HJGA:)9&
A:C:H:EGDCDC8:G6FJ:HJGA:
EGD?:I9SC>I>;
&&%')
>,>/0=7,==0=/E0,?/0=?<1,.0
%dI6I9:HA>:JM6BDCIGSJC:;DGI:6J<B:CI6I>DC9:HB6HH:H
9d:6J8A6HHS:HBS9>D8G:HDJB6JK6>H:HDBB:>A;6JIHdN6II:C9G:
9:EJ>HA6E6GJI>DC9JGT<A:B:CI8DBBJC6JI6>G:^6C<J>AA:_A:I6JM
9:B><G6I>DC9:H6C<J>AA:H8DCI>CJ:9:GS<G:HH:G
%:H"):IA:B:G8JG:8DCHI>IJ:CIA:HEG>C8>E6JMG:HEDCH67A:H9:
A69S<G696I>DC9:AdSI6I8=>B>FJ:9:H:6JMHJE:G;>8>:AA:H%:H)
DCISISG:?:ISHB6HH>K:B:CI96CHAd:CK>GDCC:B:CI:CIG:A:H6CCS:H
:IA:H6CCS:H:IDCI9JG67A:B:CI8DCI6B>CSA:HB>A>:JM
6FJ6I>FJ:H)DJGEG:JK:AdSI6I9:HA>:JM6>9:CI>;>S 9:H
B6HH:H9d:6J9:G>K>TG:9J9>HIG>8I+=>C:I9:8:AA:H9J9>HIG>8I
&:JH:8DBB:SI6CIPG>HFJ::C8:FJ>8DC8:GC:A:H)
d6EGTHA:7>A6C9:>A:HI:CK>H6<SFJ:9:HB6HH:H9d:6J
9:KG6>:CI6II:>C9G:A:7DCSI6I8=>B>FJ::CKD>G::C:C
>CIS<G6CIA:H9S<G696I>DCH9J:H6JMB6I>TG:HJ7>FJ>HI:H%dD7?:8I>;
GS6A>HI::HI9d6II:>C9G:P9:HB6HH:H9d:6J9:HJG;68::C7DC
SI6I9d>8>
>,>/0=7,==0=/E0,?=9?>0<<,480
%d6FJ>;TG:G=SC6CEG>C8>E6A:G:HHDJG8::C:6J9J76HH>CHDJ;;G:
9:HEDAAJI>DCH8=>B>FJ:H=>HIDG>FJ:H8=ADGJG:H:CKD>:9:GS<G:HH>DC
9:EDAAJI>DCH>C9JHIG>:AA:HEDC8IJ:AA:H:IEAJHGS8:BB:CI9:HEGD9J>IH
E=NIDH6C>I6>G:H9:Ad6<GD8=>B>::I9:H:M8S9:CIH9:CJIG>B:CIH-DJI:
AdAH68::HI:CODC:KJACSG67A:C>IG6I:H6CHAd6C8>:C76HH>C=DJ>AA:G
9:%DGG6>C:A:H:M8S9:CIH9:HJA;6I:H9S<G69:CIAdSI6I8=>B>FJ:%:H
SI6IHFJ6CI>I6I>;HHDCI:M8:AA:CIHHJGA:H9:JM9>HIG>8IH&:JH::I+=>CP
JC::M8:EI>DCEGTHA6B6HH:9d:6JHDJI:GG6>C:^)3*-&*!%'+!
%&%$!%2)#!*2_FJ>HDJ;;G:9dJC:HJG:MEAD>I6I>DCCDID>G:
%"$ "')&N%&%"!%&! %
' !'('%
%:8=6E>IG:9JEGD?:I9:,!+=>C&:JH:
DG<6C>H:H:H
DG>:CI6I>DCH:I9>HEDH>I>DCH:CI=TB:H
&3S700,?0>=,8>T
[ ,S8JG>H:GA:H>CHI6AA6I>DCH9:EGD9J8I>DC:I9:9>HIG>7JI>DC9d:6J
EDI67A:
%69>HEDH>I>DC-
(
>CIT<G:A6CDI>DC9:EG>DG>H6I>DCEDJG
Ad>CHIGJ8I>DC9:H9DHH>:GH9:S8A6G6I>DC9d.I>A>IS)J7A>FJ:.)
9:H86EI6<:H9d:6JEDI67A:
:E:C96CICDJHG:<G:IIDCHFJ:96CHA6CDJK:AA:9>HEDH>I>DC-
bI:GA:HSI67A>HH:B:CIHEJ7A>8H:IA:HH:GK>8:H9:AdI6I
C: HD>:CI I:CJH FJ: ^ 9%&,)) _ A6 B>H: :C =:G7: :I A:
7D>H:B:CI9:HESG>BTIG:H9:EGDI:8I>DC9:H86EI6<:H):A6
BUB:B6C>TG:A69>HEDH>I>DC-H:8DCI:CI:H>BEA:B:CI
9:^&)+$%+)&$$%)_A6GS6A>H6I>DC9dSIJ9:HEGS6A67A:H
P AdSI67A>HH:B:CI 9:H ESG>BTIG:H 9: EGDI:8I>DC 9:H 86EI6<:H
HDAA>8>I6CIA:HGSH:GKD>GHB>C>:GH9J76HH>C;:GG>;TG:
[ )ADB7
%69>HEDH>I>DC-
(
6?DJI:JC:B:HJG:HJGA:G:BEA68:B:CI
9:H8DC9J>I:H:CEADB796CHA:HH:8I:JGH?J<SHPG>HFJ:'S6CBD>CH
CDIDCHFJ:A6CDJK:AA:9>HEDH>I>DC-
(
EGSKD>IJC:^+!&%
!%!++!-_:I^,%$'%9!%&)$+!&%-)*#*&##+!-!+2*_
%d>C8>I6I>DC :I A6 H:CH>7>A>H6I>DC C: 8DCHI>IJ:CI E6H 9:H BDN:CH
HJ;;>H6BB:CI8DCIG6><C6CIHE:GB:II6CIA:G:BEA68:B:CI:;;:8I>;
9:H8DC9J>I:H
&3S700,?0>:966?>498
[ ,>I:H:IHDAHEDAAJSH
%dDG>:CI6I>DC-
(EGSKD>IAd6?DJI9:B:HJG:HK>H6CIPA>B>I:G
A:H>BE68IH9:HH>I:H:IHDAHEDAAJSHHJGA:HG:HHDJG8:H:C:6J:II:
7A5FAC@;6E56*)9:?$6FD6DD@4:2E:@?56'C@E64E:@?56=2%2EFC66E56=[?G:C@??6>6?E'%#6D49N>25:C64E6FC52>N?286>6?E
6E5686DE:@?56D62FI*#6*49N>25[>N?286>6?E6E566DE:@?56D2FI*'C@8C2>>656$6DFC6D'5$'@FCA=FD5[:?7@C>2E:@?D
G@:C=2#6EEC62F?F>NC@ J5C@42C3FC6D2C@>2E:BF6DA@=J4J4=:BF6D ''@=J49=@C@3:A9N?J=6D#6D>2E:OC6DF3:BF:DE6D5ND:8?6?E=6D5:A9N?J=NE96CD
3C@>ND=6>6C4FC66ED6D4@>A@DND=6D4@>A@DND56DEC:3FEJ=NE2:? ''&*5:@I:?6D 96AE249=@C6*2?D46D>2E:OC6D=6D49:77C6DD[N=OG6C2:6?EL6E
G@:C=25:C64E:G6
,6E=2?@E65F>:?:DEOC6C6=2E:G6L46D>2E:OC6D@>>:DD:@?!?E6C?2E:@?2=6A@FC=2'C@E64E:@?5F)9:?!')#23:@4N?@D6
C6?G@:6L=[6?D6>3=656DPEC6DG:G2?ED4@6I:DE2?E52?DF?6DA2465N?:NE6?5C6=2A@==FE:@?2FI'2FIK@?6D2G2=6DEF?6>6?246A@FC=23:@5:G6CD:EN
ʇ?RC2?46%2EFC6?G:C@??6>6?E
C 30=(-0363'.4-@2=0*7
9d:ME6CH>DC9:H8GJ:H':;6J9G6>I
>AE6HE6G6AATA:B:CIP8:H:;;DGIH
9:H:CH>7>A>H6I>DC9J<G6C9EJ7A>8;6KDG>H:GA6GS968I>DC9:9>HEDH>I>DCH
DESG6I>DCC:AA:H:I8DCIG6><C6CI:HK>H6CIPGS9J>G:AdJG76C>H6I>DC9:H
ODC:HEGSH:CI6CIJCG>HFJ:9d>CDC96I>DC%:H)'DCIHDJA><CSA6
CS8:HH>IS9d>CIGD9J>G:9:H8DCIG6>CI:HJG76C>HI>FJ:HEAJHHSKTG:HB6>H
A:DB>IS9:76HH>CCd6E6HDHS6AA:G;G6C8=:B:CIPAd:C8DCIG:9:
8:GI6>C:HEG6I>FJ:HA6M>HI:H9:H8DBBJC:H%:G:EGSH:CI6CI9dAH68:
'6IJG:69ZG6EE:A:GFJ:A:,!Hd>BEDH:6JM,(-:I)%.
:IFJd>A8DCK>:CIE6G8DCHSFJ:CI9:C:E6HG:HIG:>C9G:Ad6B7>I>DC
9J I:MI: #A ;6J9G6 H6CH 9DJI: 9d6JIG:H 86I6HIGDE=:H EDJG A: ;6>G:
8DBEG:C9G:6JMSAJH`
9==40<
DG>:CI6I>DC:HI9d6JI6CIEAJH>BEDGI6CI:FJ:HJGA:76HH>C+=>C
&:JH:A6<:HI>DC9:H6C8>:CHH>I:H>C9JHIG>:AH8DCHI>IJ:JCGS:A
9S;>>CH>A6CDJK:AA:9>HEDH>I>DC-9K>H6CIP^$2#!&))
#&%%!**%**!+*+*&#*'&##,2*7')#)2#!*+!&%
!%&*+!*+*,)-!##%*'+2*_8DCHI>IJ:JC:6K6C8S:
%69>HEDH>I>DC-G:A6I>K:6JIG6>I:B:CI9:H)H:A>B>I:
P^G:8DBB6C9:G9''#!(,)0#9%*$#*&,)*9,7
#)&$$%+!&%#)#+!-,.)!+3)**,)#*
2'#$%+**$+2)!,.)%(,9##&%)%
#*_C8DG:JC:;D>HA6H>BEA:G:8DBB6C96I>DCC:<6G6CI>I
&3S700,?0>29?@0<8,8.0
E6HA6B>H::CEA68:9:BDN:CH:;;:8I>;HE:GB:II6CIJC:GS9J8I>DC
H><C>;>86I>K:9:H9SEA68:B:CIH9:H
%6CDJK:AA:9>HEDH>I>DC-
(b
B6ISG>6JM 9: 9G6<6<: :GI6>CH
:IEGSKD>IFJ:^A:8DB>IS9:76HH>C
9SEA68:B:CIH HDCI CS8:HH6>G:H
G:8DBB6C9: A6 B>H: :C EA68: 9d)!
B6>H >A ;6J9G6>I :CKDN:G A:H
" :I 9d)- P AdS8=:AA: 9J 76HH>C
B6ISG>6JM 8DCI6B>CSH K:GH JC:
+=>C
&:JH:_ 6KDG>H:GA6<DJK:GC6C8:
""
9S8=6G<:9S9>S:FJ>:M>HI:9S?PP
9:Ad:6JE6GAd>9:CI>;>86I>DC9d)!:I
+DII:G96B6JA>:J9:H>BEA:B:CI
9d)-E:GB:I9:;68>A>I:GAd6EEGDEG>6I>DC
EDJHH:G A6 EDAAJI>DC K:GH Ad6K6A
AD86A: 9:H EA6CH 9d68I>DCH :I 9:H
"!#
6J 9SIG>B:CI 9J G:HE:8I 9: A6
EGD<G6BB:H9:B:HJG:H6CHA6BUB:
7>D8SCDH:
K:>C:A69>HEDH>I>DC-
(
;6KDG>H:
[ )DAAJI>DCH9>;;JH:H
%dDG>:CI6I>DC-
(K>H:P^;DGB:GP9:HEG6I>FJ:HG:HE:8IJ:JH:H
8DBE6I>7A:H6K:8A6EGDI:8I>DC9:A6G:HHDJG8::C:6J_'DJHCDIDCH
FJ6C9BUB:FJ:B6A<GS8:H;DGB6I>DCHA6EDAAJI>DCC:GS<G:HH:
E6H:EAJH8:II:DG>:CI6I>DC9:KG6>I96K6CI6<:B:IIG::C6K6CI
9:HBDN:CH9d68I>DCH:MEA>8>I:H
&3S70,? ,>?<00>49/4@0<=4>T
,6AJDCHAd:;;DGI9:8A6G>;>86I>DC9:H9S;>C>I>DCH9:HODC:H=JB>9:H
G:B6GFJ67A:H:IDG9>C6>G:HHJ>I:PA6BD9>;>86I>DC9:A69>HEDH>I>DC
-
(
:EAJH6;>C9:A>B>I:GA:H>BE68IH9:HG:?:IH9d:6JM
EAJK>6A:H9:HI6I>DCH9dSEJG6I>DC9:9G6>C6<:6<G>8DA:A6CDJK:AA:
9>HEDH>I>DC-
(
K>H:P^G:8=:G8=:G_A68DCC:M>DC9:HG:?:IH
K:GHA:B>A>:JC6IJG:A6JIG6K:GH9:8GS6I>DCH9:ODC:HI6BEDCH:II:
9>HEDH>I>DCK696CHA:H:CH9:A6EGDI:8I>DC9:HB>A>:JM6FJ6I>FJ:H
B6>HCd6G>:C9d>BESG6I>;
%6CDJK:AA:9>HEDH>I>DC-
(
:C>CIGD9J>H6CIA6CDI>DC9:
^&$'%*+!&%#&#_9>I8A6>G:B:CIFJ:^#2)+!&%9,%
&,'#,*!,)*&%+!&%*)$'#!*')#/&% ,$!+&, 2-)4+)
&$'%*2_:H8D:;;>8>:CIH9:8DBE:CH6I>DCHDCI>CIGD9J>IHEDJG
I:CI:G9:9>HHJ69:GA:H9:HIGJ8I>DCH9:ODC:H=JB>9:H
C;>CCDIDCHJC6JIG:ED>CIEDH>I>;HJ>I:PA6BD9>;>86I>DC9:A6
9>HEDH>I>DC-
(
FJ>EGS8>H:FJ:^'&,)#***&!+!&%*#*
!*',#!(,*'&,))&%+4+)2'#&%%2*-,%!%%$%+*
+!&%*0 ,+,)*!%2**!)!%#,)')$++)
$%)*')&"+*%-,)*/&%* ,$!*_
&3S700,?0><,<0>T
%6BD9>;>86I>DC9:A69>HEDH>I>DC-
(
EGSKD>IFJ:6+&,+
')2#3-$%+ %,*&,+))!% 7 % ',+ 4+) &)2 (,*!
#92+,9!%!%2$&%+)(,#%&,-,')2#3-$%+%*9&''&*
'*0#9++!%+#9&"+!92(,!#!)(,%+!++!#$**9,
*&,+))!%_:II:9>HEDH>I>DCG:C;DG8:A:EG>C8>E:9dSFJ>A>7G::CIG:
EGSATK:B:CIH:C:6JHDJI:GG6>C::IA:7DCSI6I9:8:HB6HH:H9d:6J
)6G6AATA:B:CI6JEG>C8>E:9dSFJ>A>7G::C:6JHDJI:GG6>C:A6CDJK:AA:
9>HEDH>I>DC-b(
8=:G8=:P<6G6CI>GA:EG>C8>E:9dSFJ>A>7G:
:CIG:A:HEGSATK:B:CIH:C:6J9:HJG;68::IA:7DC;DC8I>DCC:B:CI
9:H8DJGH9d:6J
&3S700,?0>,7T8,20708>/?>0<<4>94<0
%6BD9>;>86I>DC9:A69>HEDH>I>DC-
(
B:I:C6K6CIA6B>H:
:CEA68:9:^7DCC:HEG6I>FJ:H_:C8DJG6<:6CIA6G:8DCFJUI:9:HODC:H
A:H S8=6C<:H :CIG: A:H HIGJ8IJG:H :C
>C8>I6CI^#&$!+2**!%0!%+!!)#**#*
+#**+),+,)*'&)+,**&$$*+,)***%+!#*
%*#$!*%8,-)#
+
PAdS8=:AA:9:H76HH>CH
=N9GD<G6E=>FJ:H_
.C:A>B>I::HICS6CBD>CHPG:A:K:G8DC8:GC6CIA69>HEDH>I>DC-
(
EJ>HFJ:A:HEGD<G6BB:H9d6>9:HEJ7A>FJ:H^')!-!#2!%+_
:I^!%!+%+_PA6GS6A>H6I>DC9d68I>DCHE:GB:II6CI9d6<>GPA6HDJG8:
9:HEGD7ATB:H:CDJK:6JAd:BEAD>9:I:GB:H6JHH>>C86CI6ID>G:H
:I BDJH FJd^ !%!+) _ G:HI: >CHJ;;>H6CI 6J G:<6G9 9: Ad:C?:J FJ:
G:EGSH:CI:Ad6II:>CI:9J7DCSI6I9:HB>A>:JM6FJ6I>FJ:H
#?0<0>084<
#A :HI 9: EAJH :C EAJH 6EE6G:CI FJ: A6 EDAAJI>DC 9>;;JH:
6<G>8DA: 8DCHI>IJ: A: EGD7ATB: B6?:JG 9J 76HH>C ,6CH
8=6C<:B:CI 9:H EG6I>FJ:H 6<G>8DA:H A6 FJ:HI>DC C: H:G6
E6HGS<AS:%dJC:9:H9>;8JAISHH:G69:G:K:C>GHJG8:GI6>CH
6GI>8A:H9:A6%&FJ>HDJHIG6>:CIA6EDAAJI>DC6<G>8DA:
6J^EG>C8>E:EDAAJ:JGE6N:JG_C:;;:IA:HG:9:K6C8:H
6<G>8DA:H HDCI H86C96A:JH:B:CI ;6>7A:H A6 EGD;:HH>DC
8DCIG>7J: EDJG 6JM G:HHDJG8:H C6C8>TG:H 9: Ad6<:C8:
+=>C
&:JH:6ADGHFJd:AA:EGDI:9:9:H9SE:CH:H:I
9:A6G:HHDJG8::6J`
: EAJH CDJH 9SEADGDCH AdJH6<: 9: I:GB:H BDJH DJ 9:
^G:8DBB6C96I>DCH_9>K:GH:H9DCIAd:MS8JI>DCCd6E6H9:
86G68ITG: D7A><6ID>G: :H ;6>7A:HH:H Hd:MEA>FJ:CI E6G
A: ;6>I FJ: A: ,! Hd>CH8G>I 96CH A: 9GD>I :M>HI6CI :I C:
E:JI FJd>C8>I:G 6J G:HE:8I >CIS<G6A 9: 8: 9GD>I %:H)'
C:B6CFJ:CIE6H9:EGDEDH>I>DCHEDJG6B:C9:GA:8D9:9:
Ad:CK>GDCC:B:CI6JME6GA:B:CI6>G:H9:;6>G:A:JGIG6K6>A
=6FJ:DG>:CI6I>DCB:I:C:M:G<J:9:HB:HJG:H8DC8DJG6CI
P A6 AJII: 8DCIG: A: 8=6C<:B:CI 8A>B6I>FJ: K>H6CI P
EGSH:GK:G :I G:HI6JG:G A:H ODC:H =JB>9:H P AJII:G 8DCIG:
A:H6AS6H8A>B6I>FJ:HPAJII:G8DCIG:A:H:HET8:H>CK6H>K:H
:I EGSH:GK:G A:H B>A>:JM 96CH IDJI:H A:JGH 8DBEDH6CI:H
;6JC>HI>FJ:H DG>HI>FJ:H :I =N9GDAD<>FJ:H %6 76I6>AA:
8DCIG:A:8=6C<:B:CI8A>B6I>FJ:C:9D>IEAJH6II:C9G:8:
,!A6EG:C9:C8DBEI::I8d:HIJCEGD<GTHE6GG6EEDGI
P8:AJ>9:
*49N>256&9NC6?46+6CC:E@C:2=66DEF?5@4F>6?E:?DE2FCNA2C=2=@:*),5F5N46>3C66E2A@FC3FE565NE6C>:?6CL=[N496==656A=FD:6FCD4@>
>F?6D@F8C@FA6>6?ED564@>>F?6DF?AC@;6E56E6CC:E@:C6G:D2?EL>6EEC66?4@9NC6?46=[6?D6>3=656DA@=:E:BF6DD64E@C:6==6D'=2?#@42=5[,C32?:D>6!=
C6>A=246=6A=2?5@44FA2E:@?56DD@=D'&*56AF:D=2=@:C6=2E:G6L=2D@=:52C:EN6E2FC6?@FG6==6>6?EFC32:?D5F5N46>3C6=@:*),#2=@:5F;2?
G:6C56>@56C?:D2E:@?56=[24E:@?AF3=:BF6E6CC:E@C:2=66E5[27C>2E:@?56D>NEC@A@=6D4CN6=6D'NE23=:DD6>6?EDAF3=:4D5[2>N?286>6?E6E5686DE:@?
56D62FI6E=6DNE23=:DD6>6?EDAF3=:4DE6CC:E@C:2FI5632DD:?'+#6*49N>25[>N?286>6?E56=26DE:@?56D2FI*6DEF?5@4F>6?EN=23@CNA2C
=6D24E6FCD=@42FIN=FDFD286CD2DD@4:2E:@?DC6ACND6?E2?ED56=[E2E6E4CNF?:D2FD6:?56=24@>>:DD:@?=@42=656=[62F:C64E:G6!?@?52E:@?
#@:DFC=[2F6E=6D$:=:6FIBF2E:BF6D
ʇ?RC2?46%2EFC6?G:C@??6>6?E
9==40<
"$!&% $Q O&$$
O!$%G
08><0,7-4>4980><T,64=70
"0+&$.++&$2)'"<-&(<-&:%)2&00"-:&
(241&+$,0"5()10'(574.<B6$6'(5.,(79'7%$55,0$224178B2$4.(1/,6B'($55,0(0'B&(/%4(
.5<14*$0,5(
$76174'<70($0$.:5('74,537('(0(2$5$66(,0'4(.(51%-(&6,)5'(.$,4(&6,8($'4(574.<$7(6'<70($2241&+(2$4
24(55,1054.(54B57.6$655106/,6,*B5.$'B4,8(&.,/$6,37((56&10),4/B((6.(54(55174&(5564$6B*,37(52174.<$.,/(06$6,10(0
($7216$%.(5106/(0$&B(5("
$74$?4B210'4(?70(74*(0&($&&(067B(
31)*0&(311.77.32
#ACdN6E6H9:8DBB>HH>DCHES8>6A:
311*280*463/*8
)*!&8.0@8@
@0&'36@
%69SAS<6I>DC9:A<:C8:9:Ad6J
6DG<6C>HS9:HGSJC>DCH9:IG6K6>A
E6GHDJH
76HH>CH6K:8A:CH:B7A:9:H
68I:JGH9>G:8I:B:CI>BEA>FJSH96CH
A6<:HI>DC:CK>GDCGSJC>DCHE6G
<GDJE:968I:JGHE6G9SE6GI:B:CI
GSJC>DCH
C;>CCDJHD7H:GKDCH9:HGSHJAI6IH8DCIG6HISH:CIG:9:H6BSA>DG6I>DCH
AD86A:HG6E>9:H>C6II:C9J:HDJ6J8DCIG6>G:9:HB>A>:JMFJ>GS<G:HH:CI
:II:9>HE6G>ISHd:MEA>FJ:E6GA:H>C8:GI>IJ9:HHJGAdSK6AJ6I>DC9:AdSI6I
9:HB6HH:H9d:6J:IA:H:;;:IH:C8DG:B6A:HI>BSH9:HB:HJG:HB>H:H
:CaJKG:
%:7JG:6J9J6SIJ9>SA:EGD?:I
9:,!:I9:)9&:I6DG<6C>HS
GSJC>DCHI=SB6I>FJ:HDJK:GI:H
%:H)'DCIEJH:MEG>B:GADGH9:
8=6FJ:GSJC>DCDJK:GI::IDCI;6>I
63437.8.327)*7
@7908&8)9:38*7960*
463/*8)*!
9:H>CI:GK:CI>DCH:CHS6C8:
<GDJE:H9:IG6K6>A:I8
9:H8DCIG>7JI>DCHS8G>I:HJC
8DJGG>:G ',+&PA6JIDBC:
G:A6I>;6JM6II:CI:H<SCSG6A:HK>H
P
K>H9J,!:I8
%:EGD?:I9:,!6SIS69DEIS
E6GA:A:%:H
G:EGSH:CI6CIH9JBDC9:6<G>8DA:DCI
KDIS8DCIG:A:EGD?:I9:,!:C
EGSI:MI6CI9:H8DCIG6>CI:H9:EAJH:C
EAJHADJG9:HFJ>B:IIG6>:CI:CESG>A
A68I>K>IS6<G>8DA:
O&&%')
C +=XC: &S9>I:GG6CS: A: G>HFJ: 9: CDC 6II:>CI: 9:H D7?:8I>;H
S8DAD<>FJ:HEGSKJHE6GA68DC8:GC:
[ 9:H 8DJGH 9d:6J :C G6>HDC 9: BJAI>EA:H E:GIJG76I>DCH =N9GDAD<>:BDGE=DAD<>::I8DCI>CJ>ISS8DAD<>FJ:
[ 9:HB6HH:H9d:6JHDJI:GG6>C:H
[ 9:HEA6CH9d:6J9J;6>I9:HEDAAJI>DCH9>;;JH:H
CB6I>TG:9:<:HI>DCFJ6CI>I6I>K:A:HSIJ9:H9:KDAJB:HEGSA:K67A:H
:C<6<S:HHJGI:GG>ID>G:H8DC;>GB:CIA6<G6K>IS9:A6H>IJ6I>DCN
8DBEG>HAPDYDCC:Ad6II:C96>IE6H
:&09&8.32)96.759*)*232&88*.28*)*73'/*(8.+7*2:.6322*1*28&9<
*2
!396(*7,*2(*)*0&9 ,:JAH A:H :;;DGIH >BEDGI6CIH :C B6I>TG: 9d6HH6>C>HH:B:CI 9:
EDAAJI>DCH9>;;JH:H:I9DB:HI>FJ:HH:G:IGDJK:CI96CHA:H8=>;;G:H
CDI6BB:CI HJG A:H <G6C9H 6M:H ;AJK>6JM %6 G:HI6JG6I>DC E=NH>FJ:
:CG:<>HIG:6JHH>EDC8IJ:AA:B:CIFJ:AFJ:HEGD<GTH
% O(!'&! "!'$"'%
E&!
)AJH>:JGHE=SCDBTC:H:MEA>FJ:CI8:HGSHJAI6IHI:AHFJ:A6G:8=:G8=:
9:8DC8>A>6I>DCPIDJIEG>M9d>CISGUIH9>K:G<:CIHA6EG>H:9:9:B>
B:HJG:HA:B6CFJ:9:KDADCISEDA>I>FJ:6>CH>FJ:A6I:C96C8:6J
G:8JAE:GB6C:CI9:Ad68I>DC
%:,!6JG69DC8;DGIP;6>G:EDJG6II:>C9G:A:7DCSI6I
S8DAD<>FJ:JHH>6
I
>ASIS8DCRJ8DBB:JC:HJ>I:DESG6I>DCC:AA:9J
,!9:HI>CSPGSHDG7:GA:H9SHSFJ>A>7G:H
:C64E:G6
NE23=:DD2?EF?425C64@>>F?2FE2:C652?D=65@>2:?656=[62F6D:?7@C>2E:@?DD@?EG2=23=6DA@FC=2CN8:@?'C@G6?46=A6DQE6
5[KFC6D:?7@C>2E:@?DD@?EG2=23=6DA@FC=2CN8:@?'C@G6?46=A6DQE65[KFCDD@4:2E:@?56'C@E64E:@?56=2%2EFC66E56=[?G:C@??6>6?E'%
#6'=2?5[24E:@?A@FC=6$:=:6F$2C:?@F'$$:DDF56=2:C64E:G6*EC2EN8:6A@FC=6$:=:6F$2C:?6DEL=2>6C46BF6=6*6DEL=[62F
ʇ?RC2?46%2EFC6?G:C@??6>6?E
' "!"O$&!
&$O%&
)G:B>TG:SKDAJI>DCJC:DG>:CI6I>DC;DC96B:CI6A:HJEEASB:CI6>G:
Ad( 67DG9:A:8=6C<:B:CI8A>B6I>FJ::IA6CS8:HH6>G:696EI6I>DC
-G6CHK:GH6A:8:II:DG>:CI6I>DC9S;>C>IA6AD<>FJ:9d68I>DCEGS8DC>HS:
E6G A: 8DB>IS 9: 76HH>C :I EG>K>AS<>: Ad>C;DGB6I>DC Ad6CI>8>E6I>DC
IDJI:CSK>I6CIA6^B6A
696EI6I>DC_%:,!>CIT<G:8:II:( 96CH8=68JC:9:H:H9>HEDH>I>DCH:IDG>:CI:A:H68I>DCH:IEGD?:IH
AD86JM6;>C9d6CI>8>E:GA:8=6C<:B:CI8A>B6I>FJ:>CH>:CI:GB:H9:
<:HI>DCFJ6CI>I6I>K:>A:HIG:8DBB6C9S9:B:IIG::CEA68:9:HEA6CH
9:<:HI>DC9:A6G:HHDJG8::C:6J)!+6>CH>FJ:9:K:>AA:GPJC
:C869G:B:CIEAJHHIG>8I9JG:8DJGHP9:CDJK:AA:HG:HHDJG8:HDJPA6
HJ7HI>IJI>DC:EAJH8DC8:GC6CIAd>BE:GBS67>A>H6I>DC9:CDJK:AA:H
HJG;68:H8:II:( 8DCIG>7J:PK6ADG>H:GAd6EEA>86I>DC9:A6AD<>FJ:
^K>I:GbGS9J>G:b8DBE:CH:G_6K:8JC
8D:;;>8>:CI9:8DBE:CH6I>DC9:
#AHd6EEJ>:9DC8HJGAdSI6I9:HA>:JMEDJG9DCC:G9:HGSEDCH:H
8DC8GTI:H:IDESG6I>DCC:AA:H8>7AS:HHJGA:HEG:HH>DCHEGDEG:H6JM76HH>CH
K:GH6CIH:IEAJHE6GI>8JA>TG:B:CIHJG8:AA:H;G:>C6CIH><C>;>86I>K:B:CI
Ad6II:>CI:9J7DCSI6I9:H:6JM%:)9&H:K:JI6>CH>JC:7DVI:
PDJI>AH8DBEDGI6CI
9==40<
%d6G8=>I:8IJG::IA:HDG>:CI6I>DCH;DC96B:CI6A:H( 9J,!
DCISIS6B:C9S:H:I8DBEASIS:H:C;DC8I>DC9:H6K6C8S:HD7I:CJ:H
I6CIHJGA:HB>A>:JM:IA6G:HHDJG8:FJ:96CHA:H9DB6>C:HH8>:CI>;>FJ:H
I:8=CDAD<>FJ:HDJHD8>SI6JM%:;JIJG,!Cd:HIE6HEDJG6JI6CIJC
8DE>S
8DAAS9JEGS8S9:CI86G9>;;SG:CI:HCDJK:6JISHSB6>AA:CIA:HC:J;
DG>:CI6I>DCH;DC96B:CI6A:H
A67DGS6JEAJHEGTH9JI:GG6>CA:)GD<G6BB:9:&:HJG:H)9&
GSEDC9PFJ:AFJ:HEG>C8>E:HH>BEA:HDESG6I>DCC6A>IS:;;>868>IS
EG>DG>IS
[ 9:HB:HJG:HI=SB6I>FJ:H9>G:8I:B:CIG6II68=S:H6JMDG>:CI6I>DCH
9J,!
[ :I9:HB:HJG:HI:GG>IDG>6A>HS:H;:J>AA:H9:GDJI:EDJGA:H68I:JGHAD86JM
:H:CH:B7A:H9:B:HJG:H8DBEATI:CIA:HD8A:GS<A:B:CI6>G:9:H
AD>H:I9>HEDH>I>;HC6I>DC6JMFJ>Hd>BEDH:+&:IG:EGSH:CI:JC
EGS
G:FJ>HEDJGAd6II:>CI:9J7DCSI6I
:EGD?:I9:)9&:HIEG6<B6I>FJ:C
:;;:IA686E68>ISP;6>G::I86E68>ISP
;>C6C8:GD7A><6I>DCHAS<6A:HC6I>DC6A:H
:I :JGDES:CC:H :I :C;>C A: C>K:6J
9d:;;>868>IS9:HB:HJG:HCS8:HH6>G:H6J
GSI67A>HH:B:CI9J7DC;DC8I>DCC:B:CI
9J76HH>CDCISISA:H?J<:H>BEA6867A:H
9: Ad6G7>IG6<: ;>C6A %: 8DZI IDI6A
:HI>BSHdSATK:PB>AA>6G9H9d:JGDH
HJG H>M 6CH HD>I BD>CH 9: 9:H
9SE:CH:H:6J9J76HH>C
.C: C9: SKDAJI>DC >BEDGI6CI:
" 8DC8:GC:A:HB>A>:JM6FJ6I>FJ:HFJ>HDCI
&"$ :C8DG:96K6CI6<:EG>H:C8DBEI:%d( FJ> A:JG :HI 9S9>S: 9S;>C>I 9SHDGB6>H
" AdHE68:9:DC DC8I>DCC:B:CI " " CS8:HH6>G: 6JM 9>;;SG:CIH INE:H 9:
B>A>:JM6FJ6I>FJ:H:IEGDEDH:A:HA:K>:GH
9d68I>DC E:GB:II6CI A:JG >CIS<G6I>DC
96CHA:HEGD?:IH:EAJH8:AA:
8>696EI:
:IG:C;DG8:A6GT<A:9:8DBE:CH6I>DC:C
86H9:9:HIGJ8I>DC9:ODC:=JB>9::C
>CHI>IJ6CIJC:8DBE:CH6I>DCP:I:CEG:C6CI:C8DBEI:A:H
O'%
;DC8I>DCH:IJH6<:H9:HE6G8:AA:H8DC8:GCS:H
)DJG6JI6CIJC9S;>6II:C9A:;JIJG,!;6>G:8DBEG:C9G:9dJC:
:II:EAJH<G6C9:EG>H::C8DBEI:9:HB>A>:JMK>H:6JHH>A:HB>A>:JM E6GIAd>CISGUIFJ:G:EGSH:CI:EDJGJCI:GG>ID>G:JC::6J9:FJ6A>IS:I
8XI>:GH>C>I>6A:B:CI?JHFJdPB>A:H:AA:Hd6EEA>FJ:G69SHDGB6>H 9:FJ6CI>ISHJ;;>H6CI:CDI6BB:CI:CI:GB:H9d6IIG68I>K>IS:I9d6JIG:
?JHFJdPB>A:H9J;6>I9:HDC6GI>8JA6I>DC6K:8A69>G:8I>K:
869G: E6GIA6CS8:HH>IS9:Hd:C<6<:GGSHDAJB:CIEDJG8:II::6J
HIG6IS<>: EDJG A: B>A>:J B6G>C ,&& %d68I>DC 9J ,! :C
8DCIG>7JI>DC6JMD7?:8I>;H9J)&&EDGI:EAJHEGS8>HSB:CIHJGA:H
%d:MEG:HH>DC9:H68I:JGH:I9J8DB>IS9:76HH>C:C;6K:JG9J,!
:C?:JM9:G:HI6JG6I>DCE=NH>FJ:9JA>IIDG6AAdDG<6C>H6I>DC9:HJH6<:H A6BD7>A>H6I>DC9:H;>C6C8:B:CIHA6B>H::CaJKG:8DC8GTI:9J,!
:CB:GDJA6GS9J8I>DC9:H;AJM9:EDAAJI>DC
E6GA:H9>;;SG:CIH68I:JGH96CHAd:M:G8>8:9:A:JGHB>HH>DCHG:HE:8I>K:H`
H:GDCI6JI6CI9d>C9>8:HEGDJK6CIFJ:A:8=6AA:C<:6JG6SISG:A:KS
C;>CAd:C?:J^&>A>:JM_8DC8:GC:Ad( ^>CDC96I>DCH_( HDJB>H:
S<6A:B:CI6J)A6C9:!:HI>DC9J+>HFJ:#CDC96I>DC)!+#>HHJ9:
8:?DJGA:H68I:JGHHDCIE6GI6<SH%:BDC9:>C9JHIG>:A7G6C9>I
A6 9>G:8I>K: #CDC96I>DC %: ,! 6AA>: 9SHDGB6>H G:HI6JG6I>DC :I Ad6G<JB:CI 9: A6 8G>H: S8DCDB>FJ: :I EGS8DC>H: A6 GS9J8I>DC 9:H
EGSH:GK6I>DC9J;DC8I>DCC:B:CI9:HB>A>:JM:IGS9J8I>DC9:Ad6AS6 9SE:CH:H6G<J6CI9dJC,!IGDE:M><:6CI:IEDGI:JG9d>BE68IH
96CHJC:AD<>FJ:<6<C6CIb<6<C6CI
CS<6I>;HHJGAd68I>K>IS%:H6<G>8JAI:JGHEG>H6JE>T<:9:Ad6<G>8JAIJG:
EGD9J8I>K>HI:69B:II:CI9>;;>8>A:B:CIA6CS8:HH>IS9:Hd696EI:G
,6CIS=JB6>C::IFJ6A>IS9:Ad:6J8DCHI>IJ:CIJCFJ6IG>TB::C?:J :I9:EGSH:GK:GAd:CK>GDCC:B:CI%:HSAJHG:8=><C:CIP>BEDH:GPA:JGH
9:I6>AA:EDJGA:,!%6H6CIS9:K>:CI6>CH>JC:EG>DG>IS:I 69B>C>HIGSHb:ISA:8I:JGHb9:H:;;DGIHFJ>8G6><C:CI
>AHB:IIG6>:CIP
JC6M:9dSK6AJ6I>DC9:HIG6K6JMB:CSH:CB6I>TG:9:AJII:8DCIG: B6AA:H68GD
H6>CIEDJKD>G9d68=6IDJE>G:Ad:BEAD>
A:HEDAAJI>DCH9:IDJI:C6IJG:,DCI6>CH>>CH8G>IH:CA><C:9:B>G:A:H
86EI6<:HEG>DG>I6>G:H:IA6EGSH:GK6I>DCG:C;DG8S:9:HB6HH:H9d:6J
C<6<:GA:H68I:JGH6J
9:AP9J9>6AD<J:8DJGID>H:HI>C9>HHD8>67A:
HIG6IS<>FJ:HEDJGAd:6JEDI67A:
9:AdJI>A>H6I>DC:;;:8I>K:EDJGAd:6J9:H;>C6C8:B:CIHA>SHPAd:6J%:H
EGSATK:B:CIHGSESISH9:AdI6I96CHA:H7J9<:IH9:H<:C8:HG:C9:CI
:EAJHA6AJII:8DCIG:A:HHJ7HI6C8:H96C<:G:JH:HA6GS9J8I>DC9: 9>;;>8>A:H8:I:C<6<:B:CI:I8DC9J>H:CI;6JI:9:EDJKD>GB:C:GP7>:C
A6EDAAJI>DCEAJK>6A::I9:A:MEDH>I>DC9:HEDEJA6I>DCH6JMEDAAJ6CIH A:HEGD<G6BB:H6JE6>:B:CI9d6B:C9:HPAdJGDE:
8=>B>FJ:HHDCIS<6A:B:CI9:HED>CIH8:CIG6JM9:A68I>DC9J,!
C;>CA:,!B:I:CaJKG:A6AD>&)-&:IEGSKD>IEDJG
8:;6>G:JC688DBE6<C:B:CI9:A6B>H::CaJKG:9:A68DBESI:C8:
!&)#9SHDGB6>H9SKDAJ:6JM8DBBJC:HE6G
[ %6 8GS6I>DC 9dJC: B>HH>DC HES8>;>FJ: 9d688DBE6<C:B:CI 9:H
8DBBJC:H
[ %d6?DJI9dJCKDA:I6JH:>C9:Ad( ^S8DCDB>::IHD8>6A_FJ>EGS8>H:
A:HD7?:8I>;H6II:C9JH9dJC:<:HI>DC9JG67A:9:HH:GK>8:HEJ7A>8H
9d:6J:I9d6HH6>C>HH:B:CI
#?0<0>084<
.C,!
:CIG:6B7>I>DC:IGS6A>HB:>CIS<G6I:JG
9:H6JIG:HEDA>I>FJ:HA>S:HPA:6J,&&:I#CDI6BB:CI
.C)9&K>H6CIADESG6I>DCC6A>IS:IA:;868>IS
%:H GSHJAI6IH 6II:C9JH :C 7DC SI6I S8DAD<>FJ: EDJG
9:H B6HH:H 9:6J HJE:G8>:AA:H :6JM HDJI:GG6>C:H :C
7DCSI6I8=>B>FJ:P:I:C7DCSI6IFJ6CI>I6I>;P
#@: 5F 56 $@56C?:D2E:@? 56 =[4E:@? 'F3=:BF6 +6CC:E@C:2=6 6E 5[7C>2E:@? 56D $NEC@A@=6D $'+$ 9EEA
HHH=68:7C2?468@FG7C
27
49+6IE65@4:5+6IE6"&)+/+@>ANE6?46$'!86DE:@?56D>:=:6FI2BF2E:BF6D6EACNG6?E:@?56D:?@?52E:@?D4CNN6A2C=2=@:$'+$
*F:E6L6?G:C@?CNF?:@?DC2DD6>3=2?E=6D24E6FCD5F32DD:?:74F=ENDCN6==6D56>@5:6C=6DEJA6D4F=EFC2FI@F=6FC>249:?:D>6:?G6DE:DD6>6?EDA2D6?4@C6
C6>3@FCDNDV
ʇ?RC2?46%2EFC6?G:C@??6>6?E
9==40<
"$!&% % !$ ?8:<950>.98=08=?060>:0?.98><,428,8>
"0#&+"0%.!",.0"-.&2"3+&0+)-
#!#*$%%$&$$ #
(1&61%4(
.(&1/,6B'(%$55,0"(,0(14/$0',($$'126B510241-(6'(5&+B/$',4(&6(74'<$/B0$*(/(06(6'(*(56,10
'(5($79"
(51%-(&6,)5$)),&+B55106'<$66(,0'4(?.<B&+B$0&(
.(%10B6$62174'(5/$55(5'<($7
572(4),&,(..(5 '(5 /$55(5 '<($79 &D6,A4(5 (6 '(5 /$55(5 '<($79 5176(44$,0(5 ( " 5(4$6,. ? .$
+$76(74'(5(0-(79
31)*0&(311.77.32
DBB>HH>DCE:GB6C:CI:9:H
EGD<G6BB:H:I9:A6EGDHE:8I>K:
)
32(8.322*1*28)*0&
(311.77.32
AA:SIJ9>:A:EGD?:I9:,!:IA:
)9&AA:HJ>IA:HIG6K6JMG:A6I>;H
PA6B>H::CaJKG:9J,!:I9J
)9&AA:EGSE6G::I9>H8JI:9:H6K>H
EDJGA:
31'6*)*1*1'6*7
)*0&(311.77.32
B:B7G:H6>HH:>BEDGI6CI:
9:HG:EGSH:CI6I>DCH9d6HHD8>6I>DCH
:I9:H)':CE6GI>8JA>:G6EGTHA:
G:CDJK:AA:B:CI9:H#ACdN6EAJH
FJ:G:EGSH:CI6CIH)'8DCIG:
6JE6G6K6CI
63437.8.327)*7
%:H)'HDCI7:6J8DJE>CI:GK:CJ:H
ADGH9:HGSJC>DCH)%:H)'DCI
;6>IJC:EGDEDH>I>DCS8G>I:FJd:AA:H
DCIEGSH:CIS:6J9:H:EI:B7G:
:II:CDI:H:B7A:6KD>GSIS
EG>H::C8DBEI:
@7908&8)9:38*7960*
463/*8)*!
%:,!6SISKDISPAdJC6C>B>IS
K>H9:H)'8:,!G:HI:
8DCH:CHJ:A:I:HIE:GRJ8DBB:SI6CI
E:J8DCIG6><C6CI
E&&%') &$"$!$N%
& $&&'%#'%"$%"&(%
E&& &'! O&&
%68DBE6G6>HDC9:H9:JM86BE6<C:HJI>A>HS:HEDJGFJ6A>;>:GAdSI6I
9:HA>:JM9:B:JG:9SA>86I::I:CI68=S:9d>C8:GI>IJ9:H9:E6GAd67H:C8:
9:9DCCS:HAd>C696EI6I>DC9:H9>HEDH>I>;H9:HJ>K>9:HB6HH:H9d:6J
A:G:8DJGH^6J9>G:9d:ME:GI_
ET>,>/0=.9?<=/E0,?
,JGA676H:9:H9DCCS:H9:AdSI6I9:HA>:JM9:A:7DCSI6I
S8DAD<>FJ:9:HG>K>TG:H9J76HH>C,:>C:
'DGB6C9>:H:B7A:EGD<G:HH:G
:IHdSATK:PI6C9>HFJ:AdD7?:8I>;;>MS:HI9:)DJGAdSI6I
8=>B>FJ:9:HG>K>TG:HH:H>IJ:CI:CDCI6I
ET>,>/0=7,==0=/E0,?A.W>4S<0=
%dSI6IS8DAD<>FJ:9:HB6HH:H9d:6JM8XI>TG:H:I9:IG6CH>I>DCH:B7A:
FJ6CIPAJ>:CGS<G:HH>DCA:JGSI6I8=>B>FJ:E6G8DCIG:EGD<G:HH:
?JHFJdP6II:>C9G:
ET>,>/0=7,==0=/E0,?A=9?>0<<,480=
%dSI6I8=>B>FJ:9:HB6HH:H9d:6JMHDJI:GG6>C:HCd6EGD<G:HHSFJ:
9:)6G6AATA:B:CIP8:II:^EGD<G:HH>DC_E:JH><C>;>86I>K:AdSI6I
FJ6CI>I6I>;9:HB6HH:H9d:6J;DGI:B:CIHDAA>8>IS:HG:HI:>C8=6C<S
d6EGTHAdSI6I9:HA>:JM9J76HH>CGS6A>HS:C9:HB6HH:H
9d:6JHDJI:GG6>C:HDCI:CB6JK6>HSI6I8=>B>FJ:9J;6>I9:HC>IG6I:H
:I9:HE:HI>8>9:H
&6A<GS A:H BDN:CH ;>C6C8>:GH 8DCH:CI>H Ad6II:>CI: 9:H D7?:8I>;H
:CK>GDCC:B:CI6JM Hd:HI =:JGIS: 6JM AD<>FJ:H S8DCDB>FJ:H :I P
9d6JIG:H EDA>I>FJ:H EJ7A>FJ:H I:AA:H FJ: A6 EDA>I>FJ: 6<G>8DA: A6
EDA>I>FJ: SC:G<SI>FJ: 6JMFJ:AA:H K>:CI Hd6?DJI:G JC 8DCI:MI:
<SCSG6A9:9SH:C<6<:B:CI9:AdI6I
'"$!&%
' %"'%$O%&
%:EGD?:I9:,!EGDEDHS96CHA:869G:9J;JIJGEA6C9:<:HI>DC
H:K:JII:8=C>FJ:B:CIEAJHGS6A>HI:86G>A;>M:9:H9SA6>H9:GS6A>H6I>DC
6AA6CI6J
9:AP9:AdS8=S6C8:EGDEDH:9:HD7?:8I>;HBD>CHHIG>8IH
FJ6C9A:8DZI9:HB:HJG:H:HI9>HEGDEDGI>DCCS:EGD?:I9S8A>C:A:H
:C?:JM9J76HH>C:C9S;>H:JM
BUB:H9SI6>AASH:CDG>:CI6I>DCH
:I9>HEDH>I>DCH
T14/4748?0<60=:966?>498=:98.>?0660=/0=
74640?A:,<60=:966?,8>=.6,==4;?0=
'DIDCH A:H EGD<GTH >BEDGI6CIH 688DBEA>H 96CH A: 9DB6>C: 9: A6
GS9J8I>DC9:HEDAAJI>DCH8A6HH>FJ:H6K:8:CE6GI>8JA>:GA6B>H:6JM
CDGB:H9:HHI6I>DCH9dSEJG6I>DC:IAd6BSA>DG6I>DC9J;DC8I>DCC:B:CI
9:H9>HEDH>I>;H9d6HH6>C>HH:B:CI:C6EEA>86I>DC9:A69>G:8I>K:HJGA:H
:6JMGSH>9J6>G:HJG76>C:H:A66E:GB>H9:GS9J>G:H><C>;>86I>K:B:CI
A6EDAAJI>DC86G7DCS:9SK:GHS:96CHA:H8DJGH9d:6J9J76HH>C:IHJGA:
A>IIDG6A#A:C:HI9:BUB:EDJGA:E=DHE=DG::IA:H;DGB:HGS9J>I:H9:
Ad6ODI:6>CH>FJ:EDJGA6EDAAJI>DCB>8GD7>DAD<>FJ:9:HODC:H8XI>TG:H
%69>HEDH>I>DCEGS8>H:FJ:A:H8DAA:8I>K>ISH^9D>K:CI_B:IIG::C
aJKG:9:HHDAJI>DCH9:GS9J8I>DC9:HEDAAJI>DCH9SK:GHS:HE6GI:BEH
9:EAJ>:H6CHEDJG6JI6CI:CEGS8>H:GA:HBD96A>ISH9d68I>DC
T14/4748?0<60=:966?>498=/411?=0=/0=
74640?A,;?,>4;?0=
%6 8DCI6B>C6I>DC E6G A:H EGD9J>IH E=NIDH6C>I6>G:H 6EE6G6>I
<SCSG6A>HS: 96CH A:H :6JM 9: HJG;68: :I HDJI:GG6>C:H 9J 76HH>C
'DJH G:<G:IIDCH FJ: 96CH A6 9>HEDH>I>DC A6 B>H: :C EA68:
9d68I>DCH 9d688DBE6<C:B:CI 9:H 6<G>8JAI:JGH 8DC8:GCSH C: HD>I
FJd^ :C8DJG6<S: _ 7:A :;;DGI 9: E:GHJ6H>DC C8DG: JC: ;D>H A6
9>HEDH>I>DC9SA>KG:9:HG:8DBB6C96I>DCHG:A6I>K:B:CIBDAA:H:C
^G:8DBB6C96CI_H>BEA:B:CIPAd6JIDG>IS69B>C>HIG6I>K:9d6BSA>DG:G
A:8DCIGXA:9:A68DJK:GIJG:9:HHDAHC;>CA:EGD?:ICd>CIT<G:E6H9:H
BD9>;>86I>DCHGS8:CI:H9:A6>G:8I>K:HJGA:H6JM,DJI:GG6>C:H96I6CI
9:SI67A>HH6CIJCA>:C:CIG:A:G>HFJ:9d:JIGDE=>H6I>DC9:H:6JM
HJE:G;>8>:AA:H:I8XI>TG:H:I9:B6C96CI9:;>M:G9:HK6A:JGHH:J>AH:I
9:HD7?:8I>;H9:FJ6A>IS:CK>GDCC:B:CI6A:)DJGA:H:6JMHDJI:GG6>C:H
A:HD7?:8I>;HEGDEDHSHHDCI:CG:IG6>I8:FJ>Cd:HIE6H688:EI67A::C
AdSI6I:I8DCHI>IJ:JC;68I:JGB6?:JG9d>C8D=SG:C8:9JCDJK:6JEGD?:I
:CIG:A:H:6JMHJE:G;>8>:AA:HA:A>IIDG6A:IA:H:6JMHDJI:GG6>C:H
DD@4:2E:@?56'C@E64E:@?56=2%2EFC66E56=[?G:C@??6>6?E'%'C@8C2>>656$6DFC6D@>:EN562DD:?'@FCA=FD5[:?7@C>2E:@?D:=6DEC64@>
>2?5N564@?DF=E6C=2#6EEC62F?R&3=:82E:@?D5F6D2F-O>6AC@8C2>>67C2?M2:D56=25:C64E:G6%:EC2E6#6E6C>6>:4C@A@==F2?EDC6?G@:6L=[6?D6>3=6
56DDF3DE2?46DAC:@C:E2:C6D2FE:EC656=256DDF3DE2?46D52?86C6FD6D56=25:C64E:G6
6E5FA=2?4@A9JE@
ʇ?RC2?46%2EFC6?G:C@??6>6?E
9==40<
T14T<0<6,<,<0>T/06,<0==9?<.0080,?
6CH8:EGD?:I9:,!A6FJ:HI>DC9:A6<:HI>DCFJ6CI>I6I>K:
C: EG:C9 E6H HJ;;>H6BB:CI :C 8DBEI: Ad:C?:J 9:H SI>6<:H HJG A:H
IUI:H9:76HH>C:IA:E:I>I8=:K:AJ :H9:GC>:GH8DCHI>IJ:CIA:H
^EDJBDCH_:IA:HGSH:GKD>GH9:7>D9>K:GH>IS9:HEAJH<G6C9H8DJGH
9d:6J:E:I>I8=:K:AJH:G6A6EG:B>TG:K>8I>B:9:H>C8>9:C8:H9J
8=6C<:B:CI 8A>B6I>FJ: FJ> >BEA>FJ:GDCI 9:H SI>6<:H HSKTG:H JC:
BD>C9G:9>AJI>DC9:HG:?:IH:IP8DCIG6G>D9:HG>HFJ:H9:HJG
9S7>I:I
9d>CDC96I>DCH:CESG>D9:;DGI:B:CIEAJK>:JH:#A:HI>BESG6I>;9dSI67A>G
JCEDH>I>DCC:B:CI8A6>G76HSHJGJC:<:HI>DCSFJ>A>7GS:EG>K>AS<>6CIA:H
JH6<:HCD7A:H:IA6EGDI:8I>DC9:HB>A>:JMC6IJG:AH
T14
474>0<0>:<T@084<60<4=;?0/E4898/,>498
%dDG>:CI6I>DC6A:BSG>I:9:HDJA><C:GA:HA>B>I:H9:HDJKG6<:H
9:EGDI:8I>DC8DCIG:A:H8GJ:HFJ6CIPAdD7?:8I>;9:GS9J8I>DC9:H
9DBB6<:HA>SH6JM>CDC96I>DCH:EAJHA:EGD?:II>:CI8DBEI:9:
AdSKDAJI>DC9J8DCI:MI:8DBBJC6JI6>G:6K:8A6>G:8I>K:#CDC96I>DC
:IA6>G:8I>K:69G:,IG6IS<>:EDJGA:&>A>:J&6G>C86G>A
G6EE:AA:A6CS8:HH>IS9:B>H::C8D=SG:C8:9:H9>;;SG:CIHEA6CHEGSKJH
E6G8:H9:GC>TG:H
314&6&.732)9(3B8)*7463,6&11*7)*1*796**286*0*46*1.*6*80*
)*9<.A1*(=(0*!396(*7))9463/*8)*!
H
4
E48>T2<,>498/?.3,820708>.647,>4;?0
T14$T/?4<060=:966?>498=/0=74640?A
,;?,>4;?0=:,<60=74.<9:966?,8>=
%68DCC6>HH6C8:9:HEDAAJI>DCHE6GA:HB>8GDEDAAJ6CIH:HIAD>C9dUIG:
HJ;;>H6CI:EDJG6EEGS8>:GA6K6G>67>A>IS9:A:JGEGSH:C8::IA:JG>BE68I
)DJGI6CIA69>HEDH>I>DCH:8DCI:CI:9:^G:8DBB6C9:G_ P
Ad6JIDG>IS69B>C>HIG6I>K:9:EG:C9G::C8DBEI:Ad>BE68I9:HG:?:IH
6IBDHE=SG>FJ:H:I9:HG:IDB7S:H9>G:8I:HHJGA:HB>A>:JM6FJ6I>FJ:H
:EAJH8:EGD?:I>C8>I:PA6^EGDBDI>DC_9d68I>DCH9:H:CH>7>A>H6I>DC
:IPA6GS6A>H6I>DC9:9>6<CDHI>8H9:HHDJG8:H9dSB>HH>DC9:8:H
G:?:IH>:CFJ:8:H68I>DCHHD>:CICS8:HH6>G:HCd:HI
>AE6H
I:BEH9:EG:C9G:9:HB:HJG:H:;;:8I>K:H:I8DCIG6><C6CI:HGS9J>H6CI
8:HEDAAJI>DCHPA:JGHDJG8:
T14"<9>T20<0><0=>,?<0<6,70<0>60
64>>9<,6
6CHA:H9>HEDH>I>DCH>A:HI^G:8DBB6C9S_
IDJIJCS8=6CI>AADCC6<:9:B:HJG:HCDC8DCIG6><C6CI:H6;>C9:B:IIG:
:CEA68:JCEA6C9:<:HI>DC:CK>GDCC:B:CI6A:G:A6I>;6JMDESG6I>DCH
9: 9G6<6<: :I8 (C K:JI H6JK:G A6 B:G B6>H 6K:8 9:H B:HJG:H
CDC8DCIG6><C6CI:HDC8DJG6<:
T14"<9>T20<60=.,:>,20=/E0,?:9?<
6E,64708>,>498080,?:9>,-60,.>?06600>1?>?<0
#A:HICS8:HH6>G:9:B:IIG::CEA68:9:HDJI>AHB:HJG6CIA:HEDAAJI>DCH
9>;;JH:HPAdS8=:AA:9:HB6HH:H9d:6J#AG:HI:S<6A:B:CIPEG:C9G::C
8DBEI:CDCH:JA:B:CIA:H86EI6<:H9>IH^EG>DG>I6>G:H_B6>H6JHH>A:H
86EI6<:H9S<G69SHG:A:KSHADGH9:AdSI6I9:HA>:JM%69>HEDH>I>DC
^G:8DBB6C9:_9d6KD>GG:8DJGH:CEG>DG>ISP9:H68I>DCH8DCIG68IJ:AA:H
DJKDADCI6>G:HEDJG6HHJG:GA6B6VIG>H:9dJH6<:96CHA:HODC:HA:HEAJH
H:CH>7A:H C8DG: JC: ;D>H CDIDCH FJ: HJG 8:H ODC:H >A E:JI UIG:
:MIGUB:B:CI9SA>86IKD>G:>AAJHD>G:9:B:IIG::CEA68:9:H68I>DCH
:;;>868:HHJGA6H:JA:76H:9JKDADCI6G>6I
T14"<9>T20<0><0=>,?<0<60=74640?A
,;?,>4;?0=0>3?74/0=
%:,!K>H:P8DCIG>7J:GPB:IIG:;>CPA69>HE6G>I>DC9:HODC:H
=JB>9:H:IPA:JG9S<G696I>DC6;>C9:EGSH:GK:GA:JGH;DC8I>DCC6A>ISH
9>K:GH:H)DJGI6CI8DC8:GC6CIA69S<G696I>DC9:H;DGUIH6AAJK>6A:HA6
9>HEDH>I>DCG:8DBB6C9:JC>FJ:B:CIA6B>H::CEA68:9:H76C9:H
I6BEDCHDJ9:B:HJG:H8DBE:CH6ID>G:H%6G:8DBB6C96I>DCIDJ?DJGH
A6G:8DBB6C96I>DC:I6J9>67A:A6G>E>HNAK:
.CDB>IS9:6HH>CHES8>;>FJ:HJG8:I=TB:6K6>ISISGS6A>HS:C
67DG96CIA6EGD7ASB6I>FJ:FJ6CI>I6I>K:6>CH>FJ:8:AA:9:H>CDC96I>DCH
)DJGI6CIA:HKSG>I67A:H9S;>H9J8=6C<:B:CI8A>B6I>FJ:H:GDCI;>C6A:B:CI
67DG9SH:CEGD;DC9:JG96CHA:EGD8=6>C:M:G8>8:
#'%"$%"&(%
E""&! "!%%%
)6G6AATA:B:CI JC EGD<G6BB: 9: B:HJG:H )9& 688DBE6<C: A:
,!A>HI6CIA:H68I>DCHFJ>E:GB:IIGDCI6J8DJGH9JEA6CAd6II:>CI:
9:HD7?:8I>;H;>MSH>:CFJ:EGSH:CIS8DBB:8DAA6CI6JEAJHEGTH9:H
7:HD>CH68IJ:AHA:EGD<G6BB:9:B:HJG:HH:IGDJK:7>:C:C9:RP9J
7J9<:IEGS8S9:CIHdSA:K6CIP:CK>GDCB>AA>6G9H9d:JGDH/>8I>B:9:H
G:HIG>8I>DCH7J9<SI6>G:H>BEDHS:HE6GA:<DJK:GC:B:CI:IA:)6GA:B:CI
8:)9&G:;ATI:A:B6CFJ:9d6B7>I>DC:CK>GDCC:B:CI6A::CB6I>TG:9:
EGDI:8I>DC9:HB>A>:JM6FJ6I>FJ:H
'DIDCHCS6CBD>CH9:HSKDAJI>DCHEDH>I>K:HG:A6I>K:HPAd6HH6>C>HH:B:CI
9DCIA:8DZIG:EGSH:CI6>I9:H9SE:CH:H:CTB:EGD<G6BB:
8DCIG:6J?DJG9d=J>+:A:KDCHS<6A:B:CIA:ED>9HH:8IDG>:A9:H
<G6C9HDESG6I:JGHI:AHFJ:A:,#)FJ>EGSATK:G6EAJH9:B>AA>6G9
9d:JGDHHJGA:HB>AA>6G9H9d:JGDHEGSKJHEDJGAd6HH6>C>HH:B:CIA:H
GSH:6JM:IA:EAJK>6A:HB>AA>6G9HG:EGSH:CI:CI9J7J9<:I
9:)9&
#?0<0>084<
,> A: EGD?:I 9: ,! 6EE6G6>I H6I>H;6>H6CI 96CH A:H
9DB6>C:H 9: A6 9>B>CJI>DC 9:H EDAAJI>DCH 8A6HH>FJ:H :I
9:H B>8GDEDAAJ6CIH =DGH E=NIDH6C>I6>G:H :I ") 9:
A6 EGDI:8I>DC 9:H B>A>:JM 6FJ6I>FJ:H :I =JB>9:H 9: A6
<:HI>DC FJ6CI>I6I>K: >A :HI >BESG6I>; :I JG<:CI 9d6;8=:G
9:H B:HJG:H EAJH KDADCI6G>HI:H :C B6I>TG: 9: AJII: 8DCIG:
A:H EDAAJI>DCH 9>;;JH:H :I 9: EGDI:8I>DC 9: A6 G:HHDJG8: :C
:6J :I 9J A>IIDG6A K>H
P
K>H 9J G>HFJ: 9d:JIGDE=>H6I>DC %6
G:HI6JG6I>DC 9:H B>A>:JM 6FJ6I>FJ:H ^ CS8:HH>I:G6>I 9:H
8=6C<:B:CIH>BEDGI6CIH9:HEG6I>FJ:HKD>G:9:HHNHITB:H
9d:MEAD>I6I>DCH P <G6C9: S8=:AA: FJ> H:B7A:CI =DGH 9:
EDGIS:9:HBDN:CH9d>C8>I6I>DC9DCI9>HEDH:CIA:H68I:JGH9:
Ad:6J9J76HH>C:IFJ>9SE:C9:CI96K6CI6<:9:A6EDA>I>FJ:
6<G>8DA:<SCSG6A:_
#6A6E:E496G6=F6DE4@?DE:EFNA2C=6DK@?6D5[N>6C86?4656D?2AA6D=6DD@FC46D=6DCF:DD6==6>6?EDCF:DD62FI*J?5:42E:?E6C5NA2CE6>6?E2=A@FC=[2DD2:
?:DD6>6?E56=[288=@>NC2E:@?A2C:D:6??66?A2CE:4F=:6C=24@?E:?F2E:@?56DEC2G2FIL=2DE2E:@?5[C49OC6D J5C@42C3FC6D2C@>2E:BF6DA@=J4J4=:BF6D '
'@4F>6?ECNF?:@?5F;F:?G@:CN82=6>6?EF?5@4F>6?EA=FD6IA=:42E:756=[:>A2DD65FD64E6FC28C:4@=6G:D5F@?D6:=D4:6?E:BF65F@>:EN56
32DD:?5F>2:T+C2?D:E:@?D28C:4@=6DA@FCC6DE2FC6C=2BF2=:EN56=[62F@3DE24=6D7C6:?D6E=6G:6CD5[24E:@?U
ʇ?RC2?46%2EFC6?G:C@??6>6?E

Documents pareils