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'HOLJGRSSHQVHW´PP DI 6HWGHGRXLOOHV´PP DISFV 'RXLOOHV´´ 'RXLOOHVPP 2UGHUQU

¼ 

GRSSHQGRXLOOHVPP DFFHVVRLUHV 2UGHUQU ¼



0DFKLQH

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¼ 

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�� 

$*(3

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¼ 

4

¼ 

4

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$*(

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¼ 

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¼ 

4

¼ 

4

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¼

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¼

1(:

1(:¼  1(:¼ 

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¼ 

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¼  4

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¼ 

4

¼ 

4

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35(6(772548(7<3(



¼ 

4

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4

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¼

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¼ 

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¼ 

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0DFKLQH

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4



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¼ 

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¼ 

´1P 2UGHUQU

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1(:

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¼

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Š

9(6

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¼

¼





9(6

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¼



9(6

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¼

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LQ

2UGHUQU ¼



9(6

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¼ 

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¼  77'7

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¼



0DFKLQH

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0((7*(5(('6&+$3287,/6'(0(685(

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¼ 

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 ¼ 



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:HUNODPSRSODQJÀH[LEHOKDQGYDW9RRU PRELHOJHEUXLNLQJHVORWHQUXLPWH0DJQH WLVFK7HJHEUXLNHQPHWEDWWHULMHQ[5 QLHWPHHJHOHYHUG  /DPSHGHWUDYDLOVXUSRLJQpHÀH[LEOH3RXU XQHXWLOLVDWLRQPRELOHGDQVXQHQYLURQQH PHQWIHUPp0DJQpWLTXH$XWLOLVHUDYHF SLOHV5 QRQIRXUQLHV  2UGHUQU /HQJWH/RQJXHXUPP /HQJWHÀH[LEHO/RQJXHXUÀH[LEOHPP ¼ 



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¼



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¼ 

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¼ 

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5,7&



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¼  

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 ¼ 


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¼ 

¼

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¼ 

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&DSNJ 0LQPD[KRRJWHOHJYODN +DXWHXUPLQPD[PP 0D[EUHHGWH/DUJHXUPD[PP [[PP NJ 2UGHUQU ¼ 



06.

&DSNJ 0LQPD[KRRJWHOHJYODN +DXWHXUPLQPD[PP 0D[EUHHGWH/DUJHXUPD[PP [[PP NJ 2UGHUQU ¼ 



065

3DDUJDUDJHVWDQGV0RGHOPHWWDQGODW 7HQNHOYRRUH[SRUWEXLWHQ(*

3DLUHGHFKDQGHOOHV7\SHDYHFFUpPDLOOLqUH 7VHXOHPHQWSRXUH[SRUWKRUV(8

0DWHULDDOYRHWPHW UROOHQEDDQ &RQYR\HXUjURXOHDX +PLQPD[PP &DSNJ [[PP NJ 2UGHUQU

¼

1(:

&$*67

)$%

&DS7+PLQPD[PP *HZLFKW3RLGVNJ ¼ 2UGHUQU 

2SYRXZVFKUDDJ &KHYDOHWSOLDEOH +PLQPD[PP &DSNJ [[PP NJ 2UGHUQU



&$*67 ¼

1(:



&DS7+PLQPD[PP *HZLFKW3RLGVNJ ¼ 2UGHUQU 



.XQVWVWRIRSEHUJNRIIHUPHWXLWQHHPEDUH YHUGHHOEDNMHV &RIIUHWGHUDQJHPHQWHQSYFDYHFSHWLWVEDFV PRELOH

7$%

7HOHVFRSLVFKHZHUNVFKUDDJ &KHYDOHWWpOHVFRSLTXH +PLQPD[PP &DSNJ [[PP NJ 2UGHUQU

¼

1(:

23 23

806

8QLYHUVHOHPDWHULDDOVWHXQ 6XSSRUWXQLYHUVHO +PLQPD[PP &DSNJ [[P NJ 2UGHUQU

32/< [[PP

2UGHUQU ¼   VWSFV

1(:

¼ 

&DSNJ /HQJWH/RQJXHXU[PP +RRJWHPLQPD[+DXWHXUPLQPD[PP %UHHGWHPD[/DUJHXUPD[[PP 'LDPUROOHQ'LDPURXOHDX[PP 2UGHUQU ¼ 

 

65%

2SYRXZUROOHQEDDQ &RQYR\HXUSOLDEOH +PLQPD[PP &DSNJ [[PP NJ 2UGHUQU

¼

1(:

6%

069

0DFKLQH

7RRO



&$*67

06

&DSNJ /HQJWH/RQJXHXUPP +RRJWHPLQPD[+DXWHXUPLQPD[PP %UHHGWHPD[/DUJHXUPD[PP 'LDPUROOHQ'LDPURXOHDX[PP 2UGHUQU ¼ 

&DS7+PLQPD[PP *HZLFKW3RLGVNJ ¼ 2UGHUQU 

=DDJVFKUDDJ 6XSSRUWjVFLHU +PP &DSNJ [[PP NJ 2UGHUQU

¼

1(:

32/< [[PP

2UGHUQU ¼   VWSFV

.XQVWVWRIVRUWHHUNRIIHUPHWPRJHOLMNKHLGWRWFRPSDU WLPHQWHULQJ YHUGHHO VFKRWWHQORV ELMJHOHYHUG  GXEEHO DIVOXLWEDDU PHWKDQGLJH KHQGHO &RIIUHWGH UDQJHPHQW DYHFSRV VLELOLWpGH 32/< [[PP

2UGHUQU ¼   VWSFV 32/< [[PP

2UGHUQU ¼ 23 23   VWSFV 32/< [[PP

2UGHUQU ¼   VWSFV


722/6725$*(722/6725$*( *563)9

2..

.XQVWVWRIROLHNDQPO2QEUHHNEDDUHQ URHVWYULM0HWYDVWHWXLWPHWDQWLGUXSWLS %XUHWWHG¶KXLOHGHPOHQSYF$YHF WX\DX¿[HDYHFH[WUpPLWpDQWLJRXWWH &DSPO 2UGHUQU

¼  6FKHQNNDQ3(ZLW %XUHWWHHQSYFEODQFGH KDXWHTXDOLWp

2.6

&DSO 2UGHUQU ¼

2.6

&DSO 2UGHUQU ¼





.XQVWVWRI3(WUHFKWHU 6FKDDOYHUGHOLQJLQOW 0HWÃ&#x20AC;H[LEHOHWXLW (QWRQQRLUHQ3( (FKHOOHHQOW$YHF Ã&#x20AC;H[LEOH

275

&DSPO 2UGHUQU

¼ 

275

*HVFKLNWYRRUYDWHQ 3UpYXSRXUGHVIÂ&#x20AC;WV &DSPO 2UGHUQU

¼ 

&DSPOEDU 2UGHUQU ¼ 



6WDOHQROLHNDQ PHWPHVVLQJ SRPS0HW UHFKWHHQÃ&#x20AC;H[L EHOHWXLW %XUHWWHjO¶KXLOH HQPpWDODYHF SRPSHHQ ODLWRQ$YHFEHF GURLWHHWÃ&#x20AC;H[LEOH

*5633

2.

2.





9HWVSXLW,QGXVWULsOHNZDOLWHLW 0HWYDVWHHQÃ&#x20AC;H[LEHOHWXLW 3RPSHjJUDLVVH 9HUVLRQLQGXVWULH 3RXUFDUWRXFKHRIYUDF

9HWVSXLW3LVWRROW\SH0HW PPODQJ YDVWHVSXLWSLMS 9RRUJHEUXLNLQ EXONRIPO SDWURRQYXOOLQJ 2QWZLNNHOW EDU 3RPSHj JUDLVVH7\SH SLVWROHW$YHF ODQFH¿[HGH 2UGHUQU 

&DSPO 2UGHUQU ¼ 

&DSPO 2UGHUQU ¼ 

33.:

5RWDWLHYHKHYHOSRPS%HKXL]LQJLQ JLHWLM]HU*HVFKLNWYRRUQLHWFRUURVLHYH YORHLVWRIIHQHQROLHPHWKRJHYLVFRVLWHLW 3RPSHURWDWLYH3RXUGHVOLTXLGHVQRQ FRUURVLIVHWGHO¶KXLOHDYHFXQHKDXWH YLVFRVLWp&RUSVHQIRQWH 2UGHUQU &DSOLIWFP 'HELHW'pELWOWPLQ ¼ 

+HYHOSRPS(HQYRXGLJWHEHGLHQHQ3RPSW YORHLVWRIIHQDXWRPDWLVFKQDDUODJHUHUHVHU YRLUVHQPHWKDQGEHGLHQLQJRRNQDDUKRJHUH UHVHUYRLUV*HVFKLNWYRRUYORHLVWRIIHQRS ZDWHUEDVLVGHWHUJHQWHQ 3RPSHURWDWLYH )DFLOHjXWLOLVHU3RPSHOHVOLTXLGHVDXWRPDWL TXHPHQWYHUVGHVUpVHUYRLUVSOXVEDVRXSOXV KDXW3UpYXSRXUOHVOLTXLGHVjEDVHG¶HDXHW GpWHUJHQWV



*562=

2OLHRS]XLJSRPS*HOHYHUGPHW HHQÃ&#x20AC;H[LEHOHYLQ\OOHLGLQJ/ PP9RRUQLHWFRUURVLHYH YORHLVWRIIHQ 3RPSHjO¶KXLOH)RXUQLDYHF Ã&#x20AC;H[LEOHYLQ\O/PP3RXU OLTXLGHVQRQFRUURVLIV &DSPO 2UGHUQU ¼ 



33.:

'HELHW'pELWOP $DQVOXLWLQJ5DFFRUG´ *HVFKLNWYRRU3RXUO /HQJWH/RQJXHXUPP =XLJVODQJ7X\DXPP LQWHUQHGLDP'LDPLQWPP EXLWHQGLDP'LDPH[WPP 2UGHUQU

¼  

33.: *562=

7UDQVIHUSRPS=XLJWHQVWXZWGHYORHLVWRILQ EHZHJLQJ0HW[FPYLQ\OOHLGLQJ 3RPSHGHWUDQVIHUW$VSLUHHWUHMHWWHOH OLTXLGHHQXQPRXYHPHQW/LYUpDYHF[ FPGHWX\DXHQYLQ\O &DSPO ¼ 2UGHUQU 



'HELHW'pELWOP $DQVOXLWLQJ5DFFRUG´ *HVFKLNWYRRU3RXUO /HQJWH/RQJXHXUPP ]XLJVODQJWX\DXPP LQWHUQHGLDP'LDPLQWPP EXLWHQGLDP'LDPH[WPP 2UGHUQU

¼ 

33.:

0HPEUDDPSRPSPHWGXEEHOGLDIUDJPD 'HELHWPOSHUSRPSEHZHJLQJ $IYRHUGDUP/FPLQUXEEHU*HVFKLNW YRRUGLHVHOEUDQGVWRIGLHVHOPRWRUROLH HQDQGHUHOLFKWHUHROLsQHQSHWUROHXP SURGXFWHQ 3RPSHPHPEUDQHDYHFGRXEOH GLDSKUDJPH7UqVKDXWGHELWPOSDU PRXYHPHQWGHSRPSH%UDVG¶H[pFXWLRQ GH/FPHQFDRXWFKRXF3UpYXSRXU OHGLHVHOJDVRLOGHFRPEXVWLEOHKXLOH GHPRWHXUHWDXWUHKXLOHSOXVOpJqUHHW SURGXLWVjEDVHGHSpWUROH 2UGHUQU ¼  



0DFKLQH

7RRO




/,)7,1* (/(.75,6&+(7$.(/675(8,/6e/(&75,48(69 *HOHYHUGPHWDIVWDQGVEHGLHQLQJPHWNDEHOHQYHLOLJKHLGV KDDN,33DVVHQGRSWDNHOKRXGHU ]LHRQGHU  )RXUQLDYHFFRPPDQGHjGLVWDQFHDYHFFkEOHHWFURFKHWGH VpFXULWp,3&RQYLHQWSRXUSRUWHSDODQ LQIUD 

7DNHOKRXGHU3RUWHSDODQ *HVFKLNWYRRUHOHNWULVFKHWDNHOV7363( 3RXUSDODQVpOHFWULTXHV7363( &DSNJ/PP 2UGHUQU &DSNJ/PP 2UGHUQU 2UGHUQU 2ULJQU1ƒRULJ &DS 0RWRU0RWHXU NDEHOSHHUFkEOHFRPPDQGH +HIKRRJWH

NJ N: P P ¼

3ULMV3UL[

 7363(     ¼ 



¼  ¼   7366+     ¼ 



 7363(     ¼ 



 7363(     ¼ 



(/(.75,6&+(/,(5(1,167$302'(/(19 75(8,/6e/(&75,48(602'Ê/(6'¶(175e(9

/79

879





9ROWDJH9*UHQVFDS&DSWKpRULTXHNJ 7HFKQ&DS&DS7HFKQNJ 0RWRU0RWHXUN: NJ 2UGHUQU ¼ 



0DFKLQH

7RRO

9ROWDJH9*UHQVFDS&DSWKpRULTXHNJ 7HFKQ&DS&DS7HFKQNJ 0RWRU0RWHXUN: NJ 2UGHUQU ¼ 

 7363(     ¼ 




0$18(/(7$.(/675(8,/60$18(/6

3&$

+DDNYRRUPRQWDJH RSWUHNKDDN &URFKHWSRXUPRQWDJH jODYRLWXUH 2UGHUQU

.7

6WDDOGUDDGWDNHOPHWGRRUJDDQGHNDEHO:HUNWRQGHUDOOHKRHNHQYHUWLFDDOHQKRUL]RQWDDOHQNDQ ]RZHOYRRUKLMVHQHQWUHNNHQZRUGHQJHEUXLNW,QFOXVLHIPVWDDOGUDDGNDEHOPHWKDDNHQYHOLJ KHLGVNOHSHQKHQGHO 3DODQPXQLGH¿OG¶DFLHUDYHFFkEOHGpURXODQW)RQFWLRQQHVRXVWRXV OHV DQJOHVYHUWLFDOHPHQWKRUL]RQWDOHPHQWHWSHXWDXVVLELHQVRXOHYHU HW WLUHU,QFOXVPGH¿OG¶DFLHUDYHFFURFKHWFODSHWGHVpFXULWp HW PDQFKH +LMVYHUPRJHQ&DSDFLWpSRXUVRXOHYHUNJ 7UHNYHUPRJHQ&DSDFLWpSRXUWLUHUNJ'LDPVWDDOGUDDG'LDP¿O G¶DFLHUPP [[PPNJ

¼  +1+:

.DEHOWDNHO7UHNWRHVWHOPHWVWDDONDEHOHQEHYHVWL JLQJVKDDNRSEHLGHXLWHLQGHQ:HUNWRQGHUDOOH KRHNHQYHUWLFDDOHQKRUL]RQWDDO+HIUDWLR 7UHXLOOHPXQLGHFDEOHHQDFLHU7RX7 $SSDUHLODYHFFURFKHWVGHVpFXULWp )RQFWLRQQHVRXVWRXVOHVDQJOHVYHU WLFDOHPHQWHWKRUL]RQWDOHPHQW 5DWLRGHOHYDJH

&DS7 /NDEHO/FkEOHP NJ 2UGHUQU ¼ 



3&$

%HXJHOYRRUYDVWHPRQWDJH %UDFTXHWSRXWPRQWDJH¿[H 2UGHUQU

¼ 

2UGHUQU

+13

¼ 

0DQXHOHWDNHO0HWPVWDDONDEHO KDDNHQYHLOLJKHLGVOLS 7UHXLOPDQXHO$YHFFkEOHDFLHU PFURFKHWHWFODSHWGHVpFXULWp

3&$

%HXJHOYRRUYDVWHPRQWDJH %UDFTXHWSRXWPRQWDJH¿[H 2UGHUQU

¼

 3&$

+13

&DS7 /NDEHO/FkEOHP NJ 2UGHUQU ¼ 

3&$3&$ JHPRQWHHUGRSHHQERRP 3&$3&$ PRQWpVXUXQHDUEUH 2UGHUQU

&DSNJ 2UGHUQU ¼  





¼ 

PHHULQIRUPDWLH]LHZZZSRUWDEOHZLQFKFRP SOXVGHUHQVHLJQHPHQWVZZZSRUWDEOHZLQFKFRP

+13&:

0$'(,1&$1$'$ 'UDDJEDUHPRWRUWDNHO YRRUGHERXZVHFWRUZHJHQZHUNHQERVERXZ 7UHXLOSRUWDEOHPRWRULVp SRXUODFRQVWUXFWLRQWUDYDX[GHVURXWHVVLOYLFXOWXUH

(UJRQRPLVFKKDQGYDW 3RLJQpHHUJRQRPLTXH SRXUWUDQVSRUWIDFLOH

7RXZQLHWLQEHJUHSHQ &RUGHQHSDVLQFOX

$DQGULMIDVYRRUZHUNHQPHW RQEHSHUNWHWRXZOHQJWH 7UHXLOFDEHVWDQVLJQL¿HDXFXQH OLPLWHGHORQJXHXUGHFRUGH

6QHOEHUHLNEDUHRQRIIVFKDNHODDU ,QWHUUXSWHXUPDUFKHDUUrWDLVpPHQWDFFHVVLEOH

WDNW+RQGD70*;+FFEHQ]LQHPRWRU 0RWHXU+RQGD70WHPSV*;+FFHVVHQFH 3RO\HVWHUULHPLQEHJUHSHQ YRRUVQHODDQNRSSHOHQ eOLQJXHGHSRO\HVWHULQFOXVH SRXUDQFUDJHUDSLGH :HHJWVOHFKWVNJ 1HSqVHTXHNJ

6WDQGDDUGFDSVWDQ WURPPHO PP ¶¶

7DPERXUFDEHVWDQ VWDQGDUGPP ¶¶

$OXPLQXPYHUVQHOOLQJVGRRV %RvWLHUG¶HQJUHQDJH HQDOOLDJHG¶DOXPLQLXP

1LHWRPWHKHIIHQZHORPWHWUHNNHQ 1HSDVSRXUOHYHUPDLVSRXUWLUHU 3&$

&DSNJ 2UGHUQU ¼



3&$ 2UGHUQU ¼



3&$

&DSNJ/P 2UGHUQU ¼



&DSHQNHOOLJQHVLPSOHNJ &DSGXEEHOOLJQHGRXEOHNJ 0RWRUPRWHXU+RQGDWDFW*;+FF 2YHUEUHQJLQJ5DWLRHQWUDvQHPHQW [[PP NJ ¼ 2UGHUQU 



0DFKLQH 0D QH 0DFKLQ

7RRO 7RR RR RO




9(5/,&+7,1*60$7(5,$$/0$7e5,(/'¶e&/$,5$*(

:/7$$

/(']DNODPSPHWOHGV5XEEHUKDQGYDW [$$9EDWWHULMHQLQEHJUHSHQ /DPSHGHSRFKH/('DYHFOHGV3RLJQpH HQFDRXWFKRXF[SLOHV$$9LQFOXVHV 2UGHUQU

¼  ¼

1(:

 OX[

  OX[

/LJKWRXWSXW

/LJKWRXWSXW

:/(

:/(

/('ZHUNODPSPHW KHOGHUZLWWH/('GLRGHV 'UDDGORRVKHURSODDGEDDU 0HWODGHUHQ/('ODDGLQ GLFDWRU1L0+P$+ KHURSODDGEDUHEDWWHULMHQ /DPSHGHWUDYDLO/('j ODPSHV/('FODLUHV/DPSH SRUWDEOHUHFKDUJHDEOH$YHF FKDUJHXUHWLQGLFDWHXUGH FKDUJH%DWWHULHV1L0+ P$+UHFKDUJHDEOHV )RUPDWFRPSDFWHWWUDQV SRUWDEOH /LFKWVWHUNWH)RUFHGHODOXPLqUH/X[VXUP /HQJWH/RQJXHXUPP 2UGHUQU ¼

1(:35,&(

¼



:/(

/('FRQWUROHODPSPHW KRJHLQWHQVLWHLWOHGV +HUODDGEDDUHQGUDDGORRV 0XOWLKRHNKDDNVWDQG PHFKDQLVPHYRRUKDQGYULMH EHGLHQLQJ0HWODDGVWDWLRQ DDQHHQPXXUPRQWHHU EDDU1L0+EDWWHULMYRRUKHW KHUODGHQ$&ODDGDGDSWRU$& RSODDGVWDWLRQHQ9VQRHU LQEHJUHSHQ /DPSHG¶LQVSHFWLRQDYHF /('6GHIRUWHLQWHQVLWp 5HFKDUJHDEOHHWVDQV¿O/H PpFDQLVPHGHFURFKHWPXOWL DQJOHVOLEqUHQWOHVPDLQVGH O¶RSpUDWLRQ6WDWLRQGHFKDUJH PXUDOHLQFOXVH%DWWHULH1L0+ SRXUODUHFKDUJHFRQVLVWDQW $GDSWHXUGHFKDUJH $&VWDWLRQGHFKDUJH $& HWFkEOH9IRXUQL

:/7'

/(']DNODPSPHWOHGV5XEEHUKDQGYDW ['9EDWWHULMHQLQEHJUHSHQ /DPSHGHSRFKH/('DYHFOHGV3RLJQpH HQFDRXWFKRXF[SLOHV'9LQFOXVHV 2UGHUQU

¼ 

:/79

+DQGODPS%DWWHULM9LQEHJUHSHQ /DPSHSRUWDEOH%DWWHULH9LQFOXVH &DSDFLWHLW&DSDFLWp: 2UGHUQU

¼  

/LFKWRXWSXW)RUFHGHODOXPLqUH/X[ :HUNGXXU'XUpHGHWUDYDLOK 9ROWDJHDGDSWRU$GDSWDWHXUYROWDJH9$&9'& 2UGHUQU ¼

1(:35,&(

0DFKLQH

7RRO



¼ 

/('ZHUNODPSPHWKHOGHU ZLWWH/('GLRGHV'UDDGORRV KHURSODDGEDDU0HW$&HQ 9ODGHUHQ/('ODDGLQGLFDWRU 1L0+P$+KHURSODDGEDUH EDWWHULMHQ /DPSHGHWUDYDLO/('jODP SHV/('FODLUHV/DPSHSRUWDEOH UHFKDUJHDEOH$YHFFKDUJHXU$& HW9HWLQGLFDWHXUGHFKDUJH %DWWHULHV1L0+P$+UH FKDUJHDEOHV)RUPDWFRPSDFWHW WUDQVSRUWDEOH

/LFKWVWHUNWHKLJK)RUFHGHODOXPLqUH PD[/X[RSP /LFKWVWHUNWHORZ)RUFHGHODOXPLqUH PLQ/X[VXUP 2UGHUQU ¼

1(:35,&(

¼



.DEHOKDVSHOPHWZHUNODPSOHGV (QURXOHXUDXWRPDWLTXHDYHFODPSH GHWUDYDLOOHGV

+$= 9[PP/P 2UGHUQU 

¼ 


722/6725$*(722/6725$*( :(5./$03(1/$03(6+$/2

:(5./$03(1/$03(6352),:25. =%/.

=%/+6)

0RGHORSYRHW&DS: .DEHO+151)YDQ/PHQVWHNNHU 1LHWJHVFKLNWYRRUJHEUXLNRS ZHUYHQLQ1HGHUODQG 0RGqOHVXUVRFOH&DS: &kEOH+151)GH/PHW¿FKH 1¶HVWSDVSUpYXSRXUXWLOLVDWLRQVXU OHVFKDQWLHUVDX[3D\V%DV 2UGHUQU ¼ 

:HUNODPSNRXGOLFKW3UR¿:RUNRS6YRHW =%/.6) RIRS KRJHYRHW =%/.+)  /DPSHDOXPLqUHIURLGH3UR¿:RUNVXUSLHG6 =%/.6)  RXVXUWULSLHG =%/.+) 



=%/+[6)

0RGHORSYRHW&DS[: 6RIWUXEEHUKDQGYDW$IQHHP EDDUYRRUJHEUXLNRSNOHLQH YRHW1LHWJHVFKLNWYRRUJHEUXLN RSZHUYHQLQ1HGHUODQG 0RGqOHVXUVRFOH&DS[: 0DQFKHHQUREpHGHFDRXW FKRXF'pPRQWDEOHSRXU O¶XVDJHVXUOHSHWLWSLHG 1¶HVWSDVSUpYXSRXUXWLOLVDWLRQ VXUOHVFKDQWLHUVDX[3D\V%DV 2UGHUQU ¼ 



0RGHORSKRJHYRHW+P .DEHO+151)YDQ/P HQVWHNNHU$IQHHPEDDUYRRU JHEUXLNRSNOHLQHYRHW 6RIWUXEEHUKDQGYDW 1LHWJHVFKLNWYRRUJHEUXLNRS ZHUYHQLQ1HGHUODQG 0RGqOHVXUWULSLHG+P &DEOH+151)GH/PHW ¿FKH'pPRQWDEOHSRXU O¶XVDJHVXUOHSHWLWSLHG 0DQFKHHQUREpHGHFDRXW FKRXF1¶HVWSDVSUpYXSRXU XWLOLVDWLRQVXUOHVFKDQWLHUVDX[ 3D\V%DV

=%/.6) &DS[: &DS/XPHQ 2UGHUQU

¼  1(:¼ 



=%/.+) &DS[: &DS/XPHQ 2UGHUQU

¼  1(:¼  

=%/++)9 &DS: 2UGHUQU ¼ 

 =%/+[+)9 &DS[: 2UGHUQU ¼ 



=%/.$ 9RHWVRFOH

2UGHUQU

¼

 ¼ 1(: 

0DFKLQH

7RRO




75$163257 $IPEXL]HQGLPSUR¿OHV[PP /XFKWEDQGHQSQHXVJRQÃ&#x20AC;pVGLDPPP $OOHZLHOHQRSUROODJHUV7RXWHVOHVURXHVVXU URXOHPHQWVjURXOHDX[

7<3(67$1'$5'

7<3(67$1'$5'$/8

6+&

6+&$

/['[+ [[PP *[3 [PP &DSNJ NJ 2UGHUQU

7<3(%,*%2;

¼

7<3(/21*

/['[+ [[PP *[3 [PP &DSNJ NJ 2UGHUQU

¼ 

7<3(/21*$/8

YHUWLFDOHSRVLWLH SRVLWLRQYHUWLFDOH

0RGHOPHWLQNODSEDUH YRHWSODDWYRRUJURWH GR]HQ 7\SHjSHOOHUHSOLDEOH SRXUJURV FDUWRQV

6+&$

/['[+ [[PP *[3 [PP &DSNJ NJ 2UGHUQU

¼ 

/['[+ [[PP *[3 [PP &DSNJ NJ 2UGHUQU

7<3(%,*%2;75$3

7<3(+($9<'87<

6+&

6+&

/['[+ [[PP $IPHWLQJHQWDIHO[PP $IPHWLQJHQEXL]HQ[PP 'LDPHWHUEDQGHQPP &DSNJ NJ 2UGHUQU



6+&

0DFKLQH

7RRO

¼



/['[+ [[PP $IPHWLQJHQWDIHO[PP $IPHWLQJHQEXL]HQ[PP 'LDPHWHUEDQGHQPP &DSNJ NJ 2UGHUQU 

6+&$



/['[+ [[PP *[3 [PP &DSNJ NJ 2UGHUQU

¼ 

7<3(*$6

6+&

¼



/['[+ [[PP *[3 [PP &DSNJ NJ $IPEXL]HQGLPSUR¿OHV[PP 2UGHUQU

¼ 


7UDQVSDOOHWVWRSSHU9RRUNRPWZHJUROOHQYDQ WUDQVSDOOHWVKHIWUXFNV« 9HUYDDUGLJGXLWVWHUNSODVWLFPHWKDQGYDW %ORTXHWUDQVSDOHWWH(YLWHTXHOHWUDQVSD OHWWHERXJHGXUDQWOHWUDQVSRUW )DEULTXpHQSODVWLTXHWUqVVROLGH DYHFSRLJQpH

3+6

7UDQVSRUWUROOHQVHWYRRUÃ&#x20AC;H[LEHOYHUSODDWVHQYDQ]ZDUHODVWHQ ,QKRXGVHWWUDQVSRUWUROOHQGUDDLEDUHURQGHGUDDJSODWHQKRHNLJHGUDDJSODWHQ YHUELQGLQJVVWDQJHQVWXXUEDUHQWUHNVWDQJHQPHWDOHQNRIIHUPHWZLHOHQHQ KDQGYDWHQ -HXGHURXOHDX[GHWUDQVSRUWSRXUGpPpQDJHUGH ORXUGHVFKDUJHVGHPDQLqUHÃ&#x20AC;H[LEOH&RQWHQXURX OHDX[GHWUDQVSRUWSODWHDX[PRELOHVURQGSODWHDX[ HQFRLQWLJHVGHOLDLVRQEDUUHVSRXUJXLGHUOHYLHU HWFRIIUHPpWDOLTXHDYHFURXHVHWSRLJQpHV

75

[[PP NJ 2UGHUQU

&DS7 NJ +PP 2UGHUQU

¼ 

9HUVWHOEDUHWUDQVSRUWUROOHQYRRUJHPDNNHOLMNYHUKXL]HQYDQ]ZDUHODVWHQ .RJHOJHODJHUGH1\ORQUROOHQHQDQWLVOLSJXPPLODDJERYHQDDQ,QKRXG SHUVHWLQFOXVLHIVWDQJHQRP]HWHYHUELQGHQ PP975PP 975  6XSSRUWUpJODEOHVXUURXOHDX[SRXUGpPpQDJHUIDFLOHPHQWGHORXUGHV FKDUJHV5RXHVHQ1\ORQDYHFFRXFKHDQWLGpUDSDQWHHQFDRXWFKRXFVXUOH GHVVXV&RQWHQXSDUVHWLQFOXVWLJHVSRXUOHVUHOLHUHQVHPEOH PP 975PP975 

¼ 

7)

7)7)

YRRUEHHOGPHW H[HPSOHDYHF 9757)

7)

975

7UDQVSRUWUROOHQYRRUJHPDNNHOLMNYHUKXL]HQYDQ]ZDUH ODVWHQ0HWGUDDLEDDUSODWHDX.RJHOJHODJHUGH1\ORQUROOHQ HQDQWLVOLSJXPPLODDJERYHQDDQ 6XSSRUWVXUURXOHDX[SRXUGpPpQDJHUIDFLOHPHQWGH ORXUGHVFKDUJHV$YHFSODWHDXURWDWLI5RXHVHQ1\ORQDYHF FRXFKHDQWLGpUDSDQWHHQFDRXWFKRXFVXUOHGHVVX

975

975

975

7)

7)

7)

¼ 

¼ 

¼ 

¼ 

¼ 

&DS7 [[PP NJ 2UGHUQU

&DS7 [[PP NJ 2UGHUQU

&DS7 [[PP NJ 2UGHUQU

9HUKXL]HUYRRUKHWYHUSODDWVHQYDQYEDXWR¶V 'HZLHOHQGUDDLHQLQDOOHULFKWLQJHQ $LGHSRXUOHGpPpQDJHPHQWGHSH[YRLWXUHV /HVURXHVWRXUQHQWGDQVWRXWHVOHVGLUHFWLRQV

YRRUEHHOG H[HPSOH

&DS7 [[PP NJ 2UGHUQU

&DS7 [[PP NJ 2UGHUQU

+HIVWDQJ /HYLHU +6 &DS7 PP NJ 2UGHUQU ¼

(75 39

&DSNJ [[PP NJ 2UGHUQU

¼ 

7UDQVSRUWUROOHQPHWKRHN 6XSSRUWVXUURXOHDX[SRXUOHWUDQVSRUWG¶REMHWV &DSNJ [[PP [NJ 2UGHUQU

¼ 



+6 &DS7 PP NJ 2UGHUQU

¼ 

0DFKLQH

7RRO




5(,1,*,1*,1'(:(5.3/$$761(772<$*('$16/¶$7(/,(5 2QGHUGHOHQUHLQLJHUV,%6*HUPDQ\6WDQGDDUGJHOHYHUGPHW,%6SRPSEHGLHQLQJVSHGDDOHQ,%6UHLQLJLQJVERUVWHO 1HWWR\HXUVGHSLqFHV,%6*HUPDQ\6WDQGDUGDYHFSRPSH,%6SpGDOHGHFRPPDQGHHWEURVVHGHQHWWR\DJH,%6

,%67<30

,%67<3)

¼ 

¼ 

*HVFKLNWYRRUYDWHQYDQO &RQYLHQWSRXUIXWVGHO 9 [[PP 2UGHUQU

*HVFKLNWYRRUYDWHQYDQO &RQYLHQWSRXUIXWVGHO 9 [[PP 2UGHUQU

2SWLH 2SWLRQ

,%67<3)

,%67<30

&:

9HUISLVWRROUHLQLJHUPHWHHQXQLHNSQHXPD WLVFKEHGLHQGUHLQLJLQJVV\VWHHP 1HWWR\HXUGHSLVWROHWGHSHLQWXUHDYHFXQH V\VWqPHGHQHWWR\DJHXQLTXHJUkFHDVRQ FLUFXLWSQHXPDWLTXH

2SWLH 2SWLRQ

]RQGHU,%6FOHDQHUQRFKGUXLSEDN QLHWYHUSOLFKW

VDQVOLTXLGHQHWWR\HXU,%6QLEDFGH UpFXSpUDWLRQ SDVREOLJDWRLUH 

2QGHUGHOHQUHLQLJHUV0HWDOZRUNV 0HWUHVHUYRLULQJHERXZGHYORHL VWRISRPSHQPHWDOHQÃ&#x20AC;H[LEHO 1HWWR\HXUVGHSLqFHV0HWDOZRUNV $YHFUpVHUYRLUSRPSHHWÃ&#x20AC;H[LEOH HQPpWDO 0RWRU0RWHXU:9

&$7

7DQNFXYHO 0LQLQKRXG&RQWPLQO 0D[LQKRXG&RQWPD[O [[PP 2UGHUQU ¼



2UGHUQU ¼  

 

0DFKLQH

7RRO

&$7

&$7

¼ 

¼ 

7DQNFXYHO 0LQLQK&RQWPLQO 0D[LQK&RQWPD[O [[PP 2UGHUQU

7DQNFXYHO 0LQLQKRXG&RQWPLQO 0D[LQKRXG&RQWPD[O [[PP 2UGHUQU


&RQIRUPGH1HGHUODQGVH9ODDPVHHQ:DDOVHPLOLHXZHWJHYLQJ &RQIRUPHDX[QRUPHVGHO¶HQYLURQQHPHQWGH:DOORQLH)ODQGUHVHWGHV3D\V%DV

2SYDQJEDNNHQ (033 HQZHUNYORHUHQ (036) XLWURWDWLHJHJRWHQ3(8LWHUVWFRU URVLHUHVLVWHQW.OHXUEODXZ0HWXLWQHHPEDUH 3(SODDWRIURRVWHUYRRUHHQHHQYRXGLJH UHLQLJLQJYDQGHRSYDQJEDN9RRU]LHQYDQ LQNHSLQJHQRQGHUDDQYRRUYHUSODDWVLQJPHW WUDQVSDOOHW EHKDOYH(0&$1  %DFGHUpWHQWLRQHQSRO\pWK\OqQH3(([ FHOOHQWHUpVLVWDQFHjODFRUURVLRQ&RXOHXU EOHX$YHFSODWHDXRXJULOOHDPRYLEOHHQ3( SRXUXQQHWWR\DJHIDFLOHGXEDF3UpYXGH HQFRFKHVSRXUOHGpSODFHPHQWDYHFXQ WUDQVSDOHWWH VDXI(0&$1 

(0&$1

&DS[O [[PP NJ 2UGHUQU ¼



(033

(033

&DS[O [[PP NJ 2UGHUQU

&DS[O [[PP NJ 2UGHUQU ¼



¼



(036)

&DS[ORI[O [[PP NJ 2UGHUQU

¼  (036)

&DS[O [[PP *HZLFKW3RLGVNJ 2UGHUQU

¼  RSWLHRSWLRQ

(036)5

RSWLHRSWLRQ

3(RSULMSODDW 5DPSH3( [[PP NJ 2UGHUQU

¼ 

(033,%&7

YRRU]HWWUD\EDFGHVRXVWLUDJH 2UGHUQU ¼

(03,%&'

&DS,%&OPHWLQJHERXZGHDIWDS WUD\'HRSYDQJEDNKHHIWJHHQURRVWHU'H ,%&VWHXQWRSLQJHERXZGHVWHXQYRHWHQ &DS,%&ODYHFV\VWqPHGHVRXV WLUDJH/HEDFQHSRVVqGHSDVGHJULOOH /¶,%&HVWVRXWHQXSDUSLHGVLQFRUSRUp [[PP NJ 2UGHUQU

¼ 

 (033

&DS,%&¶VORIYDWHQYDQO &DS,%&¶6GHORXIÂ&#x20AC;WVGHO [[PP NJ 2UGHUQU

¼ 

(036)6

&DSYDWHQYDQORSULM &DSIÂ&#x20AC;WVGHOHQUDQJpH [[PP NJ DIJHEHHOGPHWRSWLRQHOHRSULMSODDW ,OOXVWUDWLRQDYHFUDPSHHQRSWLRQ 2UGHUQU ¼



0DFKLQH

7RRO




:(5.3/$$768,75867,1*(48,3(0(17$7(/,(5 (/(.75,&,7(,7(/(.75,&,7e9 9HLOLJKHLGVNHJHOV3( KDUG

&{QHGHVpFXULWp3( GXU

+$(

&DS:[PP/P [[PP 2UGHUQU ¼ 

+FP 2UGHUQU ¼ 



+$(

6.3(



6.3(

+FP 2UGHUQU ¼ 

&DS:[PP /P [[PP 2UGHUQU ¼  





9HUNHHUVNHJHOV39&6DPHQGUXNEDDU &{QHGHVpFXULWp39&VRXSOH

3(56/8&+7$,5&2035,0e( +$/

6.39

´EDU/P [[PP 2UGHUQU ¼ 

+FP 2UGHUQU ¼ 





+$/

6.39

´EDU/P [[PP 2UGHUQU ¼ 

+FP 2UGHUQU ¼ 





+$/

6.39

´EDU/P [[PP 2UGHUQU ¼ 

+FP 2UGHUQU ¼ 





$/8235,-3/$7(15$03(6(1$/8 /PPSORRLEDDUSOLDEOH

9$3

[PP&DSNJ

2UGHUQU ¼   VHW

 

0DFKLQH

7RRO

&DSNJ

&DSNJ

9$3

9$3

[PP 2UGHUQU ¼



[PP 2UGHUQU ¼



9$3

9$3

2UGHUQU ¼

2UGHUQU ¼

[PP



[PP




$/8235,-3/$7(15$03(6(1$/8 /HYHUWLMGGpODLGHOLYUDLVRQ

 j

ZHNHQ VHPDLQHV

7<3(69$0

&DSNJ /HQJWH/RQJXHXUYDQWRWPP %UHHGWH/DUJHXUPP

7<3(69$0

&DSNJ /HQJWH/RQJXHXUGHMXVTX¶jPP %UHHGWH/DUJHXUYDQWRWPP

7<3(69$0

&DSNJ /HQJWH/RQJXHXUYDQWRWPP %UHHGWH/DUJHXUYDQWRWPP

7<3(69$0

&DSNJ /HQJWH/RQJXHXUGHMXVTX¶jPP %UHHGWH/DUJHXUPP

&RPSOHHWRYHU]LFKWYDQGLWJDPPD ]LHZZZY\QFNLHUEL] 3RXUODJDPPHFRPSOqWH YRLUZZZY\QFNLHUEL]

0DFKLQH

7RRO




:(5.3/$$76,15,&+7,1*$0e1$*(0(17$7(/,(5 :(5.%$1.(1e7$%/,602'8/$5 [PP+PP

[PP+PPZHUNEODGEHUNSO\ZRRGSDQQHDXGHWUDYDLOERXOHDXSO\ZRRGPP

02'

1(:



02'

2UGHUQU 1(:

¼ 

02'

2UGHUQU

02'

¼

2UGHUQU



02'

¼ 

02'

1(:

2UGHUQU 1(:

¼

2UGHUQU

2UGHUQU

1(:

1(:

¼ 

0885.$673$1((/3$11($8$502,5(085$/(02'002'3 02'0 [[ 2UGHUQU 1(:

¼ 

02'0 [[ 2UGHUQU 0HWSHUIRDFKWHUZDQG $YHFSODTXHSHUIRUpH

1(:

¼  8QLYHUVHOHNDVWPHWODGHVHQSHUIRZDQGGHXU0HW OHJERUGHQFDSNJSXQWVORW+DPHUVODJJHODNW&RP SDWLEHOPHWPRGXODUKDNHQ KDNHQQLHWPHHJHOHYHUG 

23%(5*.$67(1$502,5(6 NOHHUNDVW YHVWLDLUHPpWDOOLTXH

'(./.

[[PP 2UGHUQU 1(:

¼



'(.

[[PP 2UGHUQU 1(:

¼ 

'(.

[[PP 2UGHUQU 1(:

[[PP 2UGHUQU 1(:



0DFKLQH

7RRO

$UPRLUHDYHF WLURLUHVHWSRUW SODTXHSHUIR$YHF WDEOHWWHVFDS NJ6HUUXUH SRLQWV/DTXH PDUWHOpH&RPSD WLEOHDYHFFURFKHWV PRGXODU VDQV FURFKHWV 

¼ 

'(.

¼ 

'(./

[[PP 2UGHUQU 1(:

¼



¼ 


(ONHODGHQNDVWPHWODGHQZRUGWVWDQGDDUG JHOHYHUGPHWODGHFRPSDUWLPHQWHULQJ 02'/9LQGLHQODGHQPHWODGHFRP SDUWLPHQWHULQJHQ &KDTXHDUPRLUHDYHFWLURLUVHVWIRXUQLH DYHFWLURLUDYHFFRPSDUWLPHQWVDYHF WLURLUVDYHFWLURLUVDYHFFRPSDUWLPHQWV

02'

1(:

2UGHUQU

02'

2UGHUQU

1(:

02'

¼



2UGHUQU

02'

¼ 

2UGHUQU

1(:

¼



1(:

¼ 

02'/9

2UGHUQU

1(:

02' [[PP 2UGHUQU 1(:



KDDNFURFKHWƒPP 2UGHUQU

¼



1(: 

¼  02'

02'3

¼



1(:

¼

1(: 

02'

GHOLJHKDNHQVHW0RGXODU -HXGHFURFKHWV0RGXODUSFV 2UGHUQU

[[PP 2UGHUQU 1(:

02'

KDDNFURFKHWƒPP 2UGHUQU

02'3

¼ 

KDDNFURFKHWƒPP 2UGHUQU



¼

1(: 

¼



%$.-(65(..(10(7=21'(5'(85 (7$*(5(6$9(&%$&6$9(&6$163257( '(%.'

'(%.

[[PP EDNMHV ,63$  2UGHUQU

[[PP EDNMHVEDFV ,63$

2UGHUQU 1(:

¼ 

1(:

'(%. .DVW³&KHPLFDO´ $UPRLUHSRXUSURGXLWVFKLPLTXHV [[PP 2UGHUQU

1(:

'(%.'

[[PP EDNMHVEDFV ,63$

2UGHUQU

'(&

¼



1(:

¼ 

¼ 

[[PP %DNMHV,63$ 2UGHUQU  WRWJULM]HGHXUHQ MXVTX¶jSRUWHVJULVHV

1(:

¼ 

0DFKLQH

7RRO




:(5.3/$$76,15,&+7,1*$0e1$*(0(17$7(/,(5 :(5.%$1.(1e7$%/,667$5 /PP +PPERYHQEODGLQPPVWDDO

SODDWWDEOHDXHQW{OHDFLHUPP

'(5

'(5

0$*

¼ 

¼ 

2UGHUQU

7DIHO7DEOH[PP ODGHQWLURLUV 2UGHUQU '(5

7DIHO7DEOH[PP ODGHQWLURLUV 2UGHUQU

0XOWLIXQFWLRQHOHPDJQHWLVFKHUDLOYRRUPDJQHWLVFKHEHYHVWLJLQJ 5DLOPDJQpWLTXHPXOWLIRQFWLRQQHOSRXU¿[DWLRQPDJQpWLTXH &DS*DXVV [[PP

¼ 



/PP +PPLGHP'(5'(5

PHW0')ERYHQSODDWDYHFSDQQHDX0')

'(5:

'(5:

¼ 

¼ 

7DIHO7DEOH[PP ODGHQWLURLUV 2UGHUQU '(5:

7DIHO7DEOH[PP ODGHQWLURLUV 2UGHUQU

/PP +PP '(55 '(55 7DIHO7DEOH[PP PHWZLHOHQDYHFURXHV ODGHQWLURLUV 2UGHUQU

'(55

¼



7DIHO7DEOH[PP PHWZLHOHQDYHFURXHV ODGHQWLURLUV 2UGHUQU ¼



'(5'(50

:HUNWDIHOPHWSHUIRZDQGSODDW (WDEOLDYHFSDQQHDXHQPpWDOSHUIRUp 7DIHO7DEOH[PP :DQG3DQQHDX[PP =RQGHUKDNHQQRFKJHUHHGVFKDS 6DQVRXWLOVQLFURFKHWV

'(5

2UGHUQU

'(50

'(5PHW0')ZHUNEODG± DYHFSODQFKHU0')

2UGHUQU

¼  ¼ 

0$*$

0XOWLIXQFWLRQHOHPDJQHWLVFKHUDLOYRRUEHYHVWLJLQJPHWKDNHQ 5DLOPDJQpWLTXHPXOWLIRQFWLRQQHOSRXU¿[DWLRQDYHFFURFKHWV &DSNJSHUFP ¼ [[PP  2UGHUQU 1(:



/PP +PP '(5:5 '(5:5 7DIHO7DEOH[PP PHW0')ZHUNEODG DYHFSODQFKHU0') PHWZLHOHQDYHFURXHV ODGHQWLURLUV 2UGHUQU

7DIHO7DEOH[PP PHW0')ZHUNEODG DYHFSODQFKHU0') PHWZLHOHQDYHFURXHV ODGHQWLURLUV 2UGHUQU

¼ 

¼ 

'(55'(5+'(5+ 6WDOHQYHUFKURRPGHKDNHQ YRRUGHZDQGSODDW'(5*5 &URFKHWVHQDFLHUFKURPpSRXU ODSDQQHDX'(5*5

'(55

2UGHUQU 5RQG

¼ 

2UGHUQU 5HFKWGURLW/PP

¼ 

2UGHUQU 5HFKWGURLW/PP



'(5+

'(5+

'(5/.6

2UGHUQU ¼



'(5/.

*HODVWHPHWDOHQODGHQNDVW $UPRLUHHQPpWDOFRPSOqWHPHQWVRXGpH *HODJHUGHODGHQ7LURLUVDYHFURXOHPHQWVjELOOHV 0D[LPXPRSHQLQJODGHQRIFP2XYHUWXUH PD[LPDOHWLURLUVRXFP 5XEEHUEHVFKHUPLQJVWRSRSKHWERYHQEODG$YHF FDRXWFKRXFGHSURWHFWLRQDXGHVVXV .DVW$UPRLUH[[PP /DGHQ7LURLUV[PP



0DFKLQH

7RRO

'(5/.

'(5/.6

¼ 

¼ 

'(5/.

'(5/.

¼ 

¼ 

2UGHUQU ODGHQWLURLUV NJ

2UGHUQU ODGHQWLURLUV NJ

2UGHUQU ODGHQWLURLUV NJ

2UGHUQU ODGHQWLURLUV NJ

¼


'(5%

:HUNEDQN(WDEOLPP [[PP 2UGHUQU ¼



'(5%

%DNMHVUHNPHWEDNMHV (WDJqUHDYHFEDFV [[PP 2UGHUQU

¼ 

'(5*

:HUNSODDWVZDJHQPHWQLYHDXV WHPRQWHUHQ  6HUYDQWHDYHFSODWHDX[ jDVVHPEOHU  [[PP 2UGHUQU ¼



0DFKLQH

7RRO




:(5.3/$$768,75867,1*(48,3(0(17$7(/,(5

&203$&7 FDS7

48,&./,)7 FDS7

0HWTXLFNOLIWYRHWSHGDDO $YHFSqGDOHjSLHG TXLFNOLIW

&$7

7UDQVPLVVLHNULN&ULFGHWUDQVPLVVLRQ &DSNJ 0LQ0D[PP 2UGHUQU

¼ 

&$707

&$70

5RONULNYHUSDNWLQNRIIHU &ULFURXOHXUHPEDOOpHQFRIIUHW 0LQ0D[PP 2UGHUQU ¼ 

0LQ0D[PP 2UGHUQU ¼ 





/2: /21*352),/( FDS7 &$70&/,3

+\GUDXOLVFKXLWGHXNVHW -HXGHGpERVVHODJHK\GUDXOLTXH &DS7 2UGHUQU

&$77//

0LQ0D[PP 2UGHUQU ¼

1(:

¼ 

63(('3803

/2:352),/( FDS7 &$77/

0LQ0D[PP 2UGHUQU ¼

1(:



0DFKLQH

7RRO

&$/6$$

GHOLJHXLWGHXNVHWYDQWDVVHQHQ KDPHUVDOOHPHWJODVYH]HOVWHHO .LWGHGpERVVHODJHDYHFWDVHWPDUWHDX[ WRXWDYHFPDQFKHHQ¿EUH 2UGHUQU ¼ 




*DUDJHNUDDQSORRLEDDUPRGHO *UXHG¶DWHOLHUSOLDEOH

&$7

&DS7 2UGHUQU ¼ 

 3+:

7UDQVSDOOHW WH (XUR7\SH&DS7 GXEEHOHWRSZLHOHQURXHVDYDQWGRXEOHV 2UGHUQU ¼ 



3+::

7UDQVSDOOHWPHWZHHJVFKDDO 7UDQVSDOOHWWHDYHFEDVFXOH&DS7

'(7:

:HUNWDIHOLQNODSEDDU (WDEOLGHWUDYDLOSOLDEOH DIPGLP[PP +PP NJ 2UGHUQU ¼

1(: 2UGHUQU

¼ 

)+7

+\GUDXOLVFKHKHIWDIHO 7DEOHpOpYDWULFH &DSNJ $IPGLP[PP 0LQPD[PP 2UGHUQU ¼



736/

DIPWDIHOGLPWDEOH[PP 3QHXPDWLVFKK\GUDXOLVFKHZHUNWDIHO&DSNJ 0LQPD[PP PHWSQHXPDWLVFKHSRPSZLHONOHPHQYHUEUHGLQJVVHWYRRU 2UGHUQU WDIHOHQRSULMSODDW ¼ 7DEOHGHWUDYDLOSQHXPK\GUDXOLTXH&DSNJ 1(:  DYHFSRPSHSQHXPDWLTXHSLQFHSRXUURXHHWNLW G¶pODUJLVVHPHQWSRXUWDEOHHWHQWUpH



0DFKLQH

7RRO




9(,/,*+(,'66&+2(1(1&+$86685(6'(6e&85,7e

(175<63 &/$66,& /($7+(5

(175<63 52&.,, *22'<($5Š&216758&7,21 7$,%5(//(Š/,1,1*&20)257 6+2&.$%62537,21 '5,//,1*5(6,67$17 $17,67$7,& 2,/5(6,67$17 $17,6.,' +,75(6,67$17

1(:

¼ 

*22'<($5Š&216758&7,21 7$,%5(//(Š/,1,1*&20)257 6+2&.$%62537,21 '5,//,1*5(6,67$17 $17,67$7,& 2,/5(6,67$17 $17,6.,' +,75(6,67$17

672&. ,7(0

¼

1(:

672&. ,7(0 



'252,,++21(<18%8./($7+(5 6WRFN,WHP

'252,,%5'$5.%52:1&5$=<+256(/($7+(5

'2&//'$5.%52:1

3URGXFWVOHXWHOEUXLQ&OpSURGXLWEUXQ

3URGXFWVOHXWHOEUXLQ&OpSURGXLWEUXQ

(175<63 725%,//21

&25(6 5$<

120(7$/6<67(0

*22'<($5Š&216758&7,21 $1'&(0(17 7+,168/$7(Š,168/$7,21 120(7$/6<67(0

6+2&.$%62537,21 '5,//,1*5(6,67$17 $17,67$7,& 2,/5(6,67$17 $17,6.,' +,75(6,67$17

¼

1(:

'5,//,1*5(6,67$17 $17,67$7,& 2,/5(6,67$17 6+2&.$%62537,21 $17,6.,' +,75(6,67$17 :$7(53522) :,1'3522)

672&. ,7(0

672&. ,7(0

 '272%%%/$&.%/8( 6WRFN,WHP

'272%<%/$&.<(//2:

3URGXFWVOHXWHOEUXLQ&OpSURGXLWEUXQ



0DFKLQH

7RRO

¼

1(:

 '25$<2/,9(*5((1

3URGXFWVOHXWHOEUXLQ&OpSURGXLW


&25(6 1(: +,//

7236 675((7 21

*22'<($5Š&216758&7,21 $1'&(0(17 7+,168/$7(Š,168/$7,21 120(7$/6<67(0

¼

1(:

'5,//,1*5(6,67$17 $17,67$7,& 2,/5(6,67$17 6+2&.$%62537,21 $17,6.,' +,75(6,67$17 :$7(53522) :,1'3522)+,7

120(7$/6<67(0

¼

1(:

'5,//,1*5(6,67$17 $17,67$7,& 2,/5(6,67$17 6+2&.$%62537,21 %5($7+$%/( $17,6.,' +,75(6,67$17 5(6,67$17 :$7(53(1(75$7,21 $1'$%62537,21

672&. ,7(0

672&. ,7(0 



'21+%52:1

'267526$1'

3URGXFWVOHXWHOEUXLQ&OpSURGXLWEUXQ

3URGXFWVOHXWHOEUXLQ&OpSURGXLWEUXQ

&25(63 1(: &/$66,& *22'<($5Š&216758&7,21 $1'&(0(17 7+,168/$7(Š,168/$7,21 120(7$/6<67(0

¼

1(:

'5,//,1*5(6,67$17 $17,67$7,& 2,/5(6,67$17 6+2&.$%62537,21 $17,6.,' +,75(6,67$17 :$7(53522) :,1'3522)

72363 )25&( +, *22'<($5Š&216758&7,21 6<03$7(;Š 120(7$/6<67(0 '5,//,1*5(6,67$17 $17,67$7,& 2,/5(6,67$17 6+2&.$%62537,21 $17,6.,' +,75(6,67$17 :$7(53522) :,1'3522)

672&. ,7(0

672&. ,7(0  

'21&/%/$&.

¼

1(:

3URGXFWVOHXWHOEUXLQ&OpSURGXLWEUXQ

 '2)+%/$&.

3URGXFWVOHXWHOEUXLQ&OpSURGXLWEUXQ

0DFKLQH

7RRO




:(5../(',-9Ã&#x2021;7(0(176'(75$9$,/

3

:LQWHUMDV]ZDUWSRO\HVWHUJHZDW WHHUGHYRHULQJJUPð:LQGHQZDWHU EHVWHQGDGHPHQG3URGXFWVOHXWHOEUXLQ %ORXVRQKLYHUQRLUSRO\HVWHUGRXEOH PDWHODVVpHJUPð&RXSHYHQWHWLPSHU PpDEOH5HVSLUH&OpSURGXLWEUXQ

¼ 

;6;;;/

3

6RIWVKHOOMDFNHW]ZDUWLQVWUHWFKPDWHULDDO SRO\HVWHU38JUP3URGXFWVOHXWHOEUXLQ 9HVWHVRIWVKHOOQRLUHQVWUHWFKSRO\HVWHU 38JUP&OpSURGXLWEUXQ

¼ 

;6;;;/

/3 3

-DFNHWJULMVRIRUDQMHJHPDDNWXLW SRO\HVWHUJUP3URGXFWVOHXWHOEUXLQ 9HVWHJULVHRXRUDQJH)DEULTXpHQ SRO\HVWHUJUP&OpSURGXLWEUXQ ¼

 

;6;;;/

0DFKLQH

7RRO

+HPGULWV.OHXU]ZDUWZLWSRO\HVWHU JHZDWWHHUGHYRHULQJERUVW]DNNHQ]LM]DNNHQ ELQQHQ]DNNHQ3URGXFWVOHXWHOEUXLQ &KHPLVHDYHFIHUPHWXUHJOLVVLqUH&RXOHXU QRLUEODQFSRO\HVWHUGRXEOXUHRXDWpH SRFKHVSRLWULQHSRFKHVODWpUDOHVSRFKHV LQWpULHXUHV&OpSURGXLWEUXQ ¼

1(:

;6;;;/


32

3<

9HLOLJKHLGVYHVW+L9L]JHHOSRO\HVWHU 380UHÀHFWRUVYRHULQJLQÀHHFH:D WHUHQZLQGSURRI$GHPHQG0HWULWVVOXLWLQJ &RQIRUP(1NODVVH 3URGXFWVOHXWHOEUXLQ 9HVWHGHVpFXULWp+L9L]MDXQHSRO\ HVWHU38UpÀHFWHXUV0GRXEOXUHHQ SRODU,PSHUPpDEOHHWFRXSHYHQW5HVSLUH &RQIRUPH(1FODVVH &OpSURGXLWEUXQ

¼ 

;6;;;/

9HLOLJKHLGVYHVW+L9L]RUDQMHSRO\HVWHU 380UHÀHFWRUVYRHULQJLQÀHHFH:D WHUHQZLQGSURRI$GHPHQG0HWULWVVOXLWLQJ &RQIRUP(1NODVVH 3URGXFWVOHXWHOEUXLQ 9HVWHGHVpFXULWp+L9L]RUDQJHSR O\HVWHU38UpÀHFWHXU0GRXEOXUHHQ SRODU,PSHUPpDEOHHWFRXSHYHQW5HVSLUH &RQIRUPH(1FODVVH &OpSURGXLWEUXQ

¼ 

;6;;;/

3

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