!"#$ % !
! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
!
!
! ! ! ! !
! "#$!%&#'(#$!)#!*+,&-! !
"#$$%&'!(&! "#$$%&'!(& )'&$$&! )'&$$&
!
2!
./001234!
! ! ! ! !
5)+67!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!89:!
! ! !
"#$!;7<=#><6?$!@AB:!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!89!C!
! ! !
0>+D'+'!E!*+,&-!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!89F!
! ! !
G<'#$!,7;=#;6+7;;?#$!E!*+,&-!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!89BA!
! !! !
"#$!$?H7<'$!$>;6?!#;!8'>6+I<#!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!89B:!
! ! !
J#$!#><K!(+;?'>L#$!#6!M7<#$!6&#'(>L#$!)#!&><6#!I<>L+6?!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!89BN!!
! ! !
">!G7(8>D;+#!)#!*+,&-!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!89BO!
! ! ! ! ! ! ! !
3!
5J2%/! ! ! ! ! ! ! ! !!!!!!!!!!P#>;Q"<,!.+,76R!"%'&*+&,'!(&$!-.&'/&$!(&!0%*.1! ! ! ! !
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
! ! ! " " ! ! ! !
4!
S/T*41T%5.!@AB:! !
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
"#!,7(8L?(#;6!U!)+>MV6#!W!)#!L>!,<'#!6&#'(>L#!,7;=#;6+7;;?#!XBF!H7<'$Y!
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`! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! "!#!&'%()*(+,)-.)%/"%0%/1%2%3),%45,%3)%36578.)9%,)':-%';&-,.6.<.%=5.6:-5'%3)%'5%>5-.+%).%3)%'5%?)4@)(4@)%A+3645')B! $!#%C(+,)-.),%35-,%4@54<-%3),%+.57'6,,)D)-.,%.@)(D5<E%3)%'5%F:D*5G-6)%3)%H64@IB!
!
5!
-
J#$! ,7;Z?'#;,#$! #6! >6#L+#'$! D'>6<+6$! 7L!U0-33-" 7+&&-M(R(-" 7-&" %('?0-((-&"V"M:! L!W-" *'+$,(-"M<=!F!
-
T;!>6#L+#'!34&*!,9&!)#(#>#8,&!*#9$3*'5!S!>3!)'54&9+%#9!(,!)%&(!(%3C5+%6,&!F!
-
T;!>6#L+#'!)[><67Q$<'=#+LL>;,#!)#!L>!DL-,?(+#!39%/5!)3'!,9&!%9H%'/%K'&!`!
-
T;!>6#L+#'!)#!$78&'7L7D+#!F!
-
Y9! $<+=+! 3$$,'5! 8'W*&! S! ,9! &9+'&+%&9! (&! *#9+'Z>&! 34&*! >B56,%)&! (,! G#;6'#! S<6'+6+7;;#L!)#!*+,&-!&+!,9!>,,7(8>D;#(#;6!+;6#';#6!)#!]!(7+$!>8'V$!L>!,<'#!)3'! ,9! L!$1$+K/&;&?)&'+! 9,+'%+%#9!M! 3**&$$%C>&! )3'! T9+&'9&+! $,'! >&! $%+&! aaa9=+,&-)+#69Z'@!!
! ! ! !
" P+<&"3-"7+*.-"*-"7-">.24.+11-)"3+"='&'(-"7/-X"0<"1%*-7'<"(/-.1+3"-&("2$3'4+(2'.-@" "
"#$!$?H7<'$!U!J+>MV6#!W!" !
!
J+>MV6#!]!XO!7<!B@Y!H7<'$![!\!7]!#,!O=!/#(&>38&$!$#,$!3HH,$%#9!(B&3,!+.&'/3>&:!N7\!#,! ^=!3))>%*3+%#9!(&!C#,&!+.&'/3>&!(&!0%*.1:!^!7O!#,!_=!C3%9$!34&*!(#,*.&!&9!%//&'$%#9:! ^!7O!#,!_=$539*&$!(&!/#C%>%$3+%#9!(193/%6,&!&9!)%$*%9&:!\!7^!#,!O=!"#,*.&$!(&!0%*.1!S! ^!/3%9$:!^!7O!#,!_=!(#,*.&$!S!X&+$!>%)#;('3%939+$:!\!7]!#,!O=!*#,'$!(&!81/93$+%6,&:!`! (&)'&$$#!/#(&>38&@! !"#$%&' (' )' *+,#&'(' -..' /'0' -' *+,#&'(' 1234' /'0' 12' *+,#&'(' 1)52/6' 78&' &+$9&' &:;<$%$=,8&' ",>' !?8#@8&'A8&'7B@8&6' ' 2;,L<$!)>;$!L#$!$?H7<'$!U!)+>MV6#!W!b!I,'&!(&!C#%$$#9:!I#9H5'&9*&$!(%5+5+%6,&$:!-%$39&! $)5*%3>&:! A3,! (&! 0%*.1! I5>&$+%9$:! 2%C'&! 3**K$! S! >BG+'%,/! 7$3,93:! .3//3/:! C3%9! C#,%>>#9939+:!&$)3*&!(&!*3'(%#;+'3%9%98=:!3*+%4%+5$!).1$%6,&$!&+!*#,'$!(&!$#).'#>#8%&@! D%$*%9&!&?+5'%&,'&!*.3,HH5&!(,!`]!/3%!3,!`]!#*+#C'&@!
! ! ! !
!
6!
%'7+$!I<#$6+7;$!><!J7,6#<'!%&+#''-!c1Sc! ! "#!;7(M'#!)#!)+>M?6+I<#$!>Q6Q+L!><D(#;6?!d! a,%:!%>!3!3,8/&9+5!)>,$!4%+&!6,&!>&$!)'54%$%#9$@!A9!NPPb:!>B&$+%/3+%#9!5+3%+!S!)>,$!(&!\:]!/%>>%#9$!!(&! )&'$#99&$!3++&%9+&$!(,!(%3CK+&!*&!6,%!*#''&$)#9(3%+!3,?!*.%HH'&$!3++&9(,$!)#,'!NP`O@`!D>,$!(&!N:b! /%>>%#9$!$#9+!+'3%+5$!/3%$!%>!H3,+!3X#,+&'!>&$!(%3C5+%6,&$!6,%!$B%89#'&9+:!%>$!$#9+!&$+%/5$!&9+'&!]PP! PPP!&+!cPP!PPP@!a9!&$+%/&!6,B,9&!)&'$#99&!$,'!]!3++&%9+&!(,!(%3CK+&!9&!>&!$3%+!)3$!&+!9B&$+!)3$! $#%895@!! G7(M+#;!)#!Z7'(#!)#!)+>MV6#!#K+$6#Q6Q+L!d! a9! &9! (%$+%98,&! (&,?@! 2&! (%3CK+&! (&! +1)&! T! #,! %9$,>%9#(5)&9(39+:! >&! )39*'53$! 9&! )'#(,%+! )3$! $,HH%$3//&9+!(B%9$,>%9&@!2&!(%3CK+&!(&!+1)&!TT!#,!9#9!%9$,>%9#(5)&9(39+!#,!%9$,>%9#'5$%$+39+:!>&! )39*'53$! )'#(,%+! (&! >B%9$,>%9&! 6,%! 9B&$+! )3$! $,HH%$39+&! #,! )3$! 3$$&R! &HH%*3*&! )#,'! *#9+'Z>&'! >3! 6,39+%+5!(&!$,*'&!(39$!>&!$398!78>1*5/%&=@!A9!d'39*&:!>&$!(%3C5+%6,&$!$#9+!S!b]!e!(&!+1)&!TT@! e<#LL#$!#;!$7;6!L#$!,><$#$!d!! 2&$! *3,$&$! (&! >B54#>,+%#9! (,! (%3CK+&! $#9+! C%&9! %(&9+%H%5&$![! >&! $,')#%($! #,! >B#C5$%+5! &+! >3! $5(&9+3'%+5@! D'K$! (&! _Pe! (&$! (%3C5+%6,&$! $#9+! &9! $,')#%($! #,! #CK$&@! T>! &$+! (5/#9+'5! 6,B,9&! )&'+&!(&!)#%($!$,)5'%&,'&!#,!583>&!S!]!e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f+!%9(%$)&9$3C>&!)#,'! 83'39+%'!S!*.36,&!(%3C5+%6,&!,9&!>%/%+3+%#9!(&!>B3))3'%+%#9!(&$!*#/)>%*3+%#9$@!M! !7`=!$#%+!^:^e!(&!>3!)#),>3+%#9!$&>#9!>B%9$+%+,+!(&!4&%>>&!$39%+3%'&!7TJ0g=!h!Ji!^N;^\!h!J#4@!NP`P@! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
! ! !
7!
012f323!g!*2Gch!
!
0>+D'+'!E!*+,&-!b!<;!8'7D'>((#!,7(8L#6!#6!#ZZ+,>,#! !
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
"#!,7(8L?(#;6!U!$8?,+>L!0>+D'+'!E!*+,&-!W!)#!L>!,<'#!6&#'(>L#!,7;=#;6+7;;?#!XBF! H7<'$Y! ! D#,'! )&'/&++'&! 3,?! *,'%$+&$! *#94&9+%#995$! (&! C595H%*%&'! (&! >B&?)&'+%$&! (,! I&9+'&! J,+'%+%#99&>! (&! 0%*.1! &9! /3+%K'&! (&! )'%$&! &9! *.3'8&! (&! >3! $,'*.3'8&! )#9(5'3>&:! >&$! -.&'/&$!(&!0%*.1!)'#)#$&9+!>&!*#/)>5/&9+!L!g)5*%3>!j3%8'%'!S!0%*.1!M@! D#,'! ,9! $,))>5/&9+! ! (&! NPb! Q:! >&$! *,'%$+&$! *#94&9+%#995$! C595H%*%&9+! (B,9! 3**#/)389&/&9+!)&'$#993>%$5!34&*!(&,?!'&9(&R;4#,$!(%5+5+%6,&$:!9&,H!*#,'$!(&!'&/%$&! &9!3*+%4%+5!).1$%6,&!&+!,9!$,%4%!(&!O!/#%$!3)'K$!>3!*,'&!)3'!,9!L!$1$+K/&;&?)&'+!9,+'%+%#9!M! 3**&$$%C>&!4%3!>&!$%+&!T9+&'9&+![!UUU@4%*.1(%&+@H'@!! !
"#$!$?H7<'$!U!0>+D'+'!E!*+,&-!W!
j%$! &9! )>3*&! )3'! >&! I&9+'&! J,+'%+%#99&>! &+! >&$! -.&'/&$! (&$! "Z/&$:! >&$! $5X#,'$! j3%8'%'! S! 0%*.1! $#9+! )'#)#$5$! &9! H#'/,>&$! O:! b! #,! `N! X#,'$@! g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`!(&)'&$$#!/#(&>38&@! !"#$%&'(')'*+,#&'('45C/'0'-'*+,#&'('12.)/'0'12'*+,#&'('1C44/6'D:;<$%$=,8&'",>'!?8#@8&'A8&'7B@8&6' ! 2;,L<$! )>;$! L#$! $?H7<'$! 0>+D'+'! E! *+,&-!b! I,'&! (&! C#%$$#9:! I#9H5'&9*&$! (%5+5+%6,&$:! -%$39&! $)5*%3>&:! A3,! (&! 0%*.1! I5>&$+%9$:! 2%C'&! 3**K$! S! >BG+'%,/! 7$3,93:! .3//3/:! C3%9! C#,%>>#9939+:! &$)3*&! (&! *3'(%#;+'3%9%98=:! 3*+%4%+5$! ).1$%6,&$! &+! *#,'$! (&! $#).'#>#8%&@! D%$*%9&!&?+5'%&,'&!*.3,HH5&!(,!`]!/3%!3,!`]!#*+#C'&@! !
8!
T;!8'7D'>((#!;<6'+6+7;;#L!+;)+=+)<>L+$?!D'i,#!><!G#;6'#!S<6'+6+7;;#L!)#!*+,&-! ! 2&!I&9+'&!J,+'%+%#99&>!(&!0%*.1!&$+!>&!L!*&'4&3,!M!(,!)'#8'3//&!L!j3%8'%'!S!0%*.1!M@!! IB&$+! %*%! 6,&! $B5>3C#'&9+! >&$! )'#8'3//&$! (B3/3%8'%$$&/&9+! &+! 6,&! $B5*.398&9+! >&$! (&'9%K'&$! %9H#'/3+%#9$! $*%&9+%H%6,&$! 34&*! >&$! d3*,>+5$! (&! j5(&*%9&! &+! >&$! I&9+'&$! (&! k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a'839%$&'! >&$! /&9,$! (&! >3! % $&/3%9&!M:! L!J&! '&$+&R! )3$! &9! H'#%(! 34&*! 4#+'&! (<A) -../010/23) -:2) 0<8;171?9-) 15B) 3254-:) /A2-7A12/<A19-:% U*'<,% 3)% 1"% 2% 3),% *5.6)-.,% :-.% H'%8#!M:<=!F! *)(3<% 1% 2% ).% *'<,9% 3)% ')<(% *:63,% .:.5'X% 5^)4% <-% ! J#$! >6#L+#'$! )#! $78&'7L7D+#! *(:G(5DD)%3)%D:36S645.6:-%3)%,.I')%3)%^6)%:<%0% 4)'')%3;<-%.(56.)D)-.%D+3645D)-.)<E%UD56,%,5-,% l3$5! $,'! >&! )'%9*%)&! (&! >B3**#/)389&/&9+! '),%)SS).,%,)4:-356(),%3<%D+3645D)-.XB%% )&'$#993>%$5:! >&! $+38&! L!j3%8'%'! S! 0%*.1!M! #HH'&! % L-% 3+4)D7()% !"#!9% ';+.<3)% AKOMNL?AL>% 5% +.+% ,9&!)'%$&!&9!*.3'8&!8>#C3>&:!838&!(B&HH%*3*%+5@! 23! H#'*&! (&! *&! )'#8'3//&! 9,+'%+%#99&>!m! Y9! $<+=+! 3$$,'5! 8'W*&! S! ,9! &9+'&+%&9! (&! *#9+'Z>&! 34&*! >B56,%)&! (,! G#;6'#! S<6'+6+7;;#L! )#! *+,&-! &+!,9!>,,7(8>D;#(#;6!)#!]!(7+$!>8'V$!L>!,<'#! )3'! ,9! L!$1$+K/&;&?)&'+! 9,+'%+%#9!M! 3**&$$%C>&! )3'!T9+&'9&+!$,'!>&!$%+&!aaa9=+,&-)+#69Z'@!!
*<7'6+)% 35-,% _%L^63)-4)T`5,)3% F:D*')D)-.5(I% 5-3%K'.)(-5.6^)%A)3646-)%a%,:<,%')%.6.()%b%_%c-)T d)5(%LSS)4.6^)-),,% :S% 5% WTe))f% `5'-):.@)(5*I% C(:G(5D% S:(% .@)% M()5.D)-.% :S% c^)(g)6G@.% :(% c7),6.I%a%M@6)((I%N5-@%).%5'B%% %
#
%K,,:465.6:-%J(5-h56,)%*:<(%'5%?)4@)(4@)%M@)(D5')9% gggB5S().@B:(GB% ! %&AF%b%&-364)%3)%A5,,)%F:(*:()'')B%
!
3#;Z7',#'!L>!(76+=>6+7;!)<!,<'+$6#!=+>!)#$!,7;Z?'#;,#$!#6!>6#L+#'$!! ! "39$!>&!*3('&!(B,9&!)'%$&!&9!*.3'8&!(B,9!(%3CK+&:!(B,9!$,')#%($!#,!(&!>B#C5$%+5:!>#'$!(B,9! $5X#,'! +.&'/3>! S! 0%*.1:! %>! &$+! %9(%$)&9$3C>&! (&! '&9H#'*&'! >3! /#+%43+%#9! (,! *,'%$+&! &9! )3'+%*%)39+! S! $#9! 5(,*3+%#9! 3>%/&9+3%'&! &+! *#/)#'+&/&9+3>&! 8'W*&! 3,?! *#9H5'&9*&$! &+! 3,?!3+&>%&'$@! 2&$! *#9H5'&9*&$! $#9+! 3?5&$! $,'! >&! $#*>&! /%9%/3>! (&! *#993%$$39*&$! 95*&$$3%'&$! S! ,9&! C#99&!*#/)'5.&9$%#9!(&!>B3>%/&9+3+%#9!&+!(,!/5+3C#>%$/&@!2B3**&9+!&$+!)3'+%*,>%K'&/&9+! /%$! $,'! >B%9+5'E+! )'3+%6,&@! 23! )3'+%*%)3+%#9! 3*+%4&! (,! *,'%$+&! &$+! '&*.&'*.5&! )#,'! >B&9*#,'38&'! S! #)5'&'! ,9! *.398&/&9+! (B.3C%+,(&$! &+! S! '&/&++'&! &9! 6,&$+%#9$! $&$! *'#139*&$!6,%!$#9+!$#,4&9+!'&$+'%*+%4&$@!Y9&!8'39(&!)3'+%&!(,!+&/)$!(&!>3!*#9H5'&9*&!&$+! (5(%5&!3,?!6,&$+%#9$n'5)#9$&$@! ! !
9!
GT34.!G/S*4S%2/SS54.!g!*2Gch! !
^1G.:! <;! 8'7D'>((#! 87$6Q,>;,#'! )<! $#+;!>$$7,+?! E! <;#!,<'#!,7;=#;6+7;;?#! ! !
18'V$! >=7+'! 8>'6+,+8?! E! L[?6<)#! ^1G%&#! X^'7D'>((#! )[1,,7(8>D;#(#;6! #6! )#! '?&>M+L+6>6+7;!87$6Q6&?'>8#<6+I<#!87<'!L#$!Z#((#$!#;!'?(+$$+7;!,7(8LV6#!)<!!G>;,#'!)<! $#+;!#;!$6>6+7;!%&#'(>L#Y!)#!@AAF!E!@ABA!$7<$!L[?D+)#!)<!^'7Z#$$#<'!h=#$QP#>;!j2fS/SR! J+'#,6#<'!)<!)?8>'6#(#;6!)k7;,7D?;?6+I<#!)<!G#;6'#!P#>;!^#''+;!)#!GL#'(7;6Ql#''>;)R! L#$!%&#'(#$!)#!*+,&-!7;6!)?,+)?!)#!(#66'#!E!8'7Z+6!,#66#!#K8?'+#;,#!#;!,'?>;6!^1G.mR!<;! 8'7D'>((#!)?)+?!E!L[>,,7(8>D;#(#;6!)#$!Z#((#$!>8'V$!L#<'!,>;,#'!)<!$#+;9! !
T;#!,<'#!6&#'(>L#!>$$7,+?#!E!^1G.!87<'!'#)7;;#'!,7;Z+>;,#!><K!Z#((#$! ! I#9$+',%+!$,'!,9!/#(K>&!3))'#*.39+!*&>,%!(,!$5X#,'!+.&'/3>!*'55!)#,'!>B5+,(&!DGI-.&:!>&! )'#8'3//&!DGIg!4%&9+!&9!*#/)>5/&9+!(B,9&!*,'&!+.&'/3>&!*#94&9+%#995&!S!#'%&9+3+%#9! )'%9*%)3>&! G"! 7GHH&*+%#9$! "%8&$+%4&$;j3>3(%&$! j5+3C#>%6,&$=:! )'&$*'%+&! )3'! >&! /5(&*%9! +'3%+39+@!! ! !"W-&"F/-.1-&"*-"6'7/8"2<("(20(-"3%4'('1'(%"O">.2>2&-."*-&"&%;20.&">2&(M7+<7-.)!&?)>%6,&!>&! D'#H&$$&,'! o4&$;p&39! lTVJaJ:! T94&$+%83+&,'! )'%9*%)3>! (&! >q5+,(&! DGI-.&@! Y.Z7-" O" 3-0." '1>3'7+('2<" *+<&" 39%(0*-" [AJF\L)" 3-0.&" %?0'>-&" 2<(" <2<" &-03-1-<(" '<(%4.%" 3-" 7+/'-." *-&" 7/+.4-&" *0" &%;20." =+3'*%" >-<*+<(" 39%(0*-" 1+'&" -33-&" 2<(" -<" 20(.-" +7?0'&" 0<-" -Q>%.'-<7-" 7-.(+'<-"*+<&"3+">.'&-"-<"7/+.4-"*-"7-">0$3'7">+.('703'-.@"T! ! DGIg!4%$&!S!*#,'+!+&'/&!S!3%(&'!>&$!H&//&$!S!'5%9+58'&'!)>,$!H3*%>&/&9+!>&,'!4%&!$#*%3>&:! H3/%>%3>&!&+!)'#H&$$%#99&>>&!&+!S!>#98!+&'/&:!S!'5(,%'&!>&!'%$6,&!(&!'5*%(%4&!(,!*39*&'!&9! >&,'! (#9939+! 9#+3//&9+! (&$! L!*>5$!M! )#,'! 54%+&'! >3! '&)'%$&! (&! )#%($:! '&+'#,4&'! ,9&! 3*+%4%+5!).1$%6,&!'58,>%K'&!&+!,9&!/#C%>%+5!.3'/#9%&,$&!(,!/&/C'&!$,)5'%&,'@!! !
G7;6#;<!)<!^'7D'>((#!! !
.T2*2!J24%4%2eT4!! I#9$,>+3+%#9$! (%5+5+%6,&$! &9! (5C,+! &+! &9! H%9! (&! )'#8'3//&:! *#9H5'&9*&$! (%5+5+%6,&$! 3**&$$%C>&$! 8'3+,%+&/&9+:! $,%4%! %9+&'9&+! )&9(39+! O! /#%$! 3)'K$! >3! *,'&! r! D#$$%C%>%+5! (&! $5X#,'9&'!&9!)&9$%#9!*#/)>K+&!(%5+5+%6,&!(39$!,9!5+3C>%$$&/&9+!38'55!L!g34&,'$:!D>3%$%'! &+!g39+5!M@!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! %!C(:G(5DD)%3;K44:D*5G-)D)-.%.@)(D5'%).%3)%(+@576'6.5.6:-%*:,.T.@+(5*)<.6P<)%K*(8,%<-%F5-4)(%3<%>)6-! !
10!
D#%9+!(&!4,&!(,!D'#H&$$&,'!o4&$;p&39!lTVJaJ![!!"W+"721>%(-<7-"*0"J-<(.-"K0(.'('2<<-3"-(" 3-">.2:-&&'2<<+3'&1-"*-&"%?0'>-&"*0"P27(-0."F/'-..8"\AK\"-<"1+(',.-"*-">.'&-"-<"7/+.4-"*0" &0.>2'*&" -<" :2<(" 0<-" &(+('2<" (20(" '<*'?0%-" >20." 3-&" &%;20.&" >2&(M7+<7-." 7+." 2<" &+'(" +0;20.*9/0'"?090<-"(.2>"4.+<*-">.'&-"*-">2'*&"+>.,&"0<-"7/'1'2(/%.+>'-">+."-Q-1>3-"-&("0<" :+7(-0."+44.+=+<("*-".%7'*'=-@"T! ! ! 1G%2*2%4!^ch.2eT4!! b! *#,'$! (B36,381/! r! )#$$%C%>%+5! (&! *#/)>5+&'! >&! )'#8'3//&! 34&*! (&$! $539*&$! (&! '&9H#'*&/&9+!/,$*,>3%'&!&9*3('5&$!)3'!,9!s%95$%+.5'3)&,+&! ! D#%9+! (&! 4,&! (,! D'#H&$$&,'! o4&$;p&39! lTVJaJ![! !"W-" &0'='" /84'%<2M*'%(%('?0-" *0" >+('-<(" >.2>2&%">+."3-"J-<(.-"K0(.'('2<<-3"*-"6'7/8"+>.,&"3-"&%;20."(/-.1+3"-&("%4+3-1-<(">.'12.*'+3" >20."'<703?0-."*-"$2<<-&".,43-&"*9/84',<-"*-"='-"&0."3-"32<4"(-.1-@"T! ! G/Sl434SG4.!J24%4%2e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
! ! ! !
11!
GT34.!G/S*4S%2/SS54.!g!*2Gch!
!
"#$!7'+#;6>6+7;$!6&?'>8#<6+I<#$! !
23!'5),+3+%#9!(&!>3!$+3+%#9!+.&'/3>&!(&!0%*.1:!*'55&!S!>B5)#6,&!'#/3%9&:!$B&$+!*#9$+',%+&! $,'!>B%9(%*3+%#9!+.5'3)&,+%6,&!L!-'#,C>&$!"%8&$+%H$!&+!j5+3C#>%6,&$!M@!! A9! `bcO:! >&$! -.&'/&$! (&! 0%*.1! #9+! #C+&9,! >B38'5/&9+! k.,/3+#>#8%&! 6,%! &$+! 4&9,! '&9H#'*&'!>&!(%$)#$%+%H!L!3/3%8'%$$&/&9+!M!(&!>3!$+3+%#9!+.&'/3>&:!>&$!*,'%$+&$!&9!$,'*.3'8&! )#9(5'3>&!5+39+!H'56,&//&9+!$,X&+$!S!(&$!)'#C>K/&$!3'+%*,>3%'&$!73'+.'#$&!(&$!8&9#,?! &+!(&$!.39*.&$=@!! ! ! • .+(8L#!7'+#;6>6+7;!b!N@!$7+;$! ! %'>+6#(#;6!)#!L>!'&<(>67L7D+#!b!! G'+.'#$&:! 3>8#(1$+'#).%&:! 3C3'+%*,>3%'&$! *.'#9%6,&$:! 3'+.'#)3+.%&$! /5+3C#>%6,&$:! #$+5#)#'#$&:! )3+.#>#8%&! 4&'+5C'3>&:! )3+.#>#8%&! H#9*+%#99&>>&:! '.,/3+%$/&$! %9H>3//3+#%'&$!*.'#9%6,&$:!+'3,/3+#>#8%&@! ! %'>+6#(#;6!)#$!6'7<ML#$!)#!L[>88>'#+L!)+D#$6+Z!#6!)<!(?6>M7L+$(#!b! GHH&*+%#9$! (%8&$+%4&$!F! .1)&'>%)%(5/%&:! .1)&','%*5/%&:! (%3CK+&! 9#9! %9$,>%9#(5)&9(39+:! $,'*.3'8&!)#9(5'3>&:!#C5$%+5@! ! ! • J7<ML#!7'+#;6>6+7;!b!BAF!$7+;$! ! 23! (#,C>&! #'%&9+3+%#9! *#/)'&9(! ,9&! #'%&9+3+%#9! )'%9*%)3>&:! (5+&'/%95&! &9! H#9*+%#9! (,! +1)&!(&!)3+.#>#8%&!(,!*,'%$+&:!34&*!cN!$#%9$!)'#(%8,5$!&+!,9&!#'%&9+3+%#9!$&*#9(3%'&!(&! \O!$#%9$@!Y9&!H#'+&!*#/)>5/&9+3'%+5!&?%$+&!&9+'&!>&$!(&,?!#'%&9+3+%#9$!&9!)3'+%*,>%&'!(39$! >&!*3$!(&!>3!$,'*.3'8&!)#9(5'3>&!&9!/%>%&,!+.&'/3>@! !
$71/2-8-A2)2C;-)D)4<5?9-)<7/-A212/<A)E)*)FGH):</A:) ) %
)
"
$71/2-8-A2)4-)91)765812<9<I/-)-A)F@7-)<7/-A212/<A)*)JK):31A0-:)
• • • • • • •
A:76'6,5.6:-%)-%*6,46-)%R%/%,+5-4),% &''<.5.6:-%G+-+(5')%3)%7:<)%3)%H64@I%R%#i%,+5-4),% `56-%5^)4%6-,<SS'5.6:-%3)%G5j%R%#i%,+5-4),% k:<4@)%3)%S:(.)%*(),,6:-%,:<,%6DD)(,6:-%)-%*6,46-)%R%/%,+5-4),% L.<^)%`)(.:''56E%R%l%,+5-4),% L.<^)%':45')%D56-,%).%*6)3,%R%W%,+5-4),% A5,,5G)%,:<,%';)5<%R%/%,+5-4),%
"
%
!
%
• •
$71/2-8-A2)4-)9,1;;17-/9)4/I-:2/.)-A)K@8-)<7/-A212/<A)*)LM):31A0-:) k:<4@)%G+-+(5')%5<%[).%R%#i%,+5-4),% k:<4@)%':45')%@+*5.6P<)%5<%[).%R%#i%,+5-4),%
12!
GT34.!G/S*4S%2/SS54.!g!*2Gch! !
07)#!)[#(8L7+! !
56>8#! ;nB!o! "[7')7;;>;,#! )<! (?)#,+;! 6'>+6>;6!b! >3! *,'&! +.&'/3>&! &$+! )'&$*'%+&! )3'! >&! /5(&*%9! +'3%+39+! 6,%! '&/)>%+! >3! )'%$&! &9! *.3'8&! &9! %9(%6,39+! 0%*.1! *#//&! $+3+%#9! +.&'/3>&!3%9$%!6,&!>3!#,!>&$!#'%&9+3+%#97$=!+.5'3)&,+%6,&7$=!'&+&9,&7$=@! ! 56>8#! ;n@! o! ">! )#(>;)#! )#! 8'+$#! #;! ,&>'D#!b! &>>&! (#%+! E+'&! &94#15&! S! >3! I3%$$&! (BG$$,'39*&! j3>3(%&! 6,%! '&+#,'9&'3! ,9! (#*,/&9+! (B3**#'(! (&! *,'&@! 2&! 4#>&+! 9i`! (&! *&! (#*,/&9+!$&'3!'&/%$!3,!/5(&*%9!+.&'/3>:!>&!$&*#9(!S!>B3**,&%>!(&$!+.&'/&$!&+!>&!\K/&!S!>3! g5*,'%+5!g#*%3>&!)#,'!)3'+%*%)3+%#9!54&9+,&>>&:!$#,$!*#9(%+%#9$!(&!'&$$#,'*&$:!3,?!H'3%$!(&! $5X#,'!&+!(&!+'39$)#'+@! ! 56>8#!;nm!o!">!'?$#'=>6+7;!b!&>>&!$B&HH&*+,&!4%3!>B&94#%!(&!>3!H%*.&!(&!'5$&'43+%#9!*#/)>5+5&! &+!$%895&:!3**#/)3895&!(&$!3''.&$!(&!'5$&'43+%#9@! ! 56>8#!;n:!o!"#!(?)#,+;!6&#'(>L!b!>3!)'%$&!(&!'&9(&R;4#,$!34&*!,9!(&$!/5(&*%9$!(&!0%*.1! 6,%! (5+&'/%9&'3! >&! )'#8'3//&! (&! $#%9$! *#9$+%+,&! >3! (&'9%K'&! 5+3)&@! 23! '5$&'43+%#9! (&! *,'&! &$+! &9$,%+&! *#9H%'/5&! )3'! *#,''%&'@! 2&! *,'%$+&! (#%+! $&! )'5$&9+&'! S! >B%9$*'%)+%#9! >&! `&'! X#,'!(&!$3!*,'&!)#,'!5+3C>%'!$#9!)>399%98@! +-:)/A4/:;-A:1?9-:) % " )N<57)9-)834-0/A)26-7819)*%')%^:').%-m#%3)%';544:(3%3)%*(6,)%)-%4@5(G)%).%'5%45(.)%^6.5')B% " )N<57)9,/A:07/;2/<A)*%')%^:').%-m!%3)%';544:(3%3)%*(6,)%)-%4@5(G)%).%';:(3:--5-4)%3)%,:6-,B% " )N<57)9-:):</A:)-2)9-:)102/=/23:)*%<-%D56'':.%).%<-%7:--).%3)%756-9%3),%,5-35'),%3)%756-,%5-.6T 3+(5*5-.),9%<-%^)(()%3)%4<()%).%<-)%.)-<)%3)%,*:(.B% !"#$$%&'()%**+&(+&(,"*-"$+,(,%*&(-#,.%*#)$+,(/($"(0+*&+(/($"()%1&#21+(-+,(34+56+,7(8+#9*%#5,(+&( ,+50#+&&+,(5+6#,(95":#+1,+6+*&("1;(:15#,&+,7( ( ! ( ! ! ! ! ! ! ! ! ! ! ! ! ! !
! ! !
13!
.5P/T3.!.1S%5! !
4;!8'>6+I<#! !
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h! 9#+3//&9+! 39+%;%9H>3//3+#%'&$;! (&$! &3,?! &+! (&! >3! C#,&! (&! 0%*.1@! T>! $B3)),%&! 9#+3//&9+! $,'! >&$! '5$,>+3+$! (&! >B5+,(&! -tAkjGk-tkagAu@! ! ^'7D'>((#!^'?=#;6+7;!16&'7$#!]!XO!7<!B@Y!H7<'$!>=#,!:!$7+;$\H7<'!b!! ! O!7b!#,!`N=!3))>%*3+%#9$!(&!C#,&!+.&'/3>&!(&!0%*.1:!O!7b!#,!`N=!$539*&$!(&!/#C%>%$3+%#9!&9! )%$*%9&:!O!7b!#,!`N=!/3$$38&$!$#,$!>B&3,!)3'!s%95$%+.5'3)&,+&:!O!7b!#,!`N=!$#%9$!+.&'/3,?! '.,/3+#>#8%&!*.#%$%$!)3'!>&!/5(&*%9!+.&'/3>@! ! ! "#$!>=>;6>D#$!)<!8'7D'>((#!U!^'?=#;6+7;!1'6&'7$#!W!b!! ! v!"&,?!*#9$,>+3+%#9$!(%5+5+%6,&$!7&9!(5C,+!&+!&9!H%9!(&!$5X#,'=! ! v!G+&>%&'$!&+!*#9H5'&9*&$!(,!I&9+'&!J,+'%+%#99&>!(&!0%*.1! ! v! Y9! $,%4%! (&! O! /#%$! 3)'K$! >3! *,'&! )3'! ,9! L!$1$+K/&;&?)&'+! 9,+'%+%#9!M! 3**&$$%C>&! )3'! T9+&'9&+!$,'!>&!$%+&!UUU@4%*.1(%&+@H'! ! v!g3,93:!t3//3/:!l3%9!C#,%>>#9939+:!A$)3*&!(&!*3'(%#;+'3%9%98!! ! v!D%$*%9&!%9+5'%&,'&!(B&3,!+.&'/3>&!S!\]i*! ! v!D%$*%9&!&?+5'%&,'&!*.3,HH5&!&+!p3'(%9!7`]!/3%!3,!`]!#*+@=! ! v!A3,!0%*.1!I5>&$+%9$!S!4#>#9+5! ! v!-%$39&$!$)5*%3>&$!5>3C#'5&$!)3'!9#+'&!j5(&*%9!*#9$&%>! ! %>'+Z$!@ABm!b!]!H7<'$!b!Fm:!p!`!O!H7<'$!b!B@A]!p!`!B@!H7<'$!b!B:FF!p! !
!
14!
! *Etude THERMARTHROSE : Financée par l’AFRETH (Association Française pour la Recherche Thermale), l’étude Thermarthrose dont les résultats ont été publiés en octobre 2009, démontre l’efficacité de la cure thermale dans le traitement de la gonarthrose (arthrose du genou). Réalisée sur 462 patients entre 2006 et 2008, cette étude montre une amélioration à six mois, en termes de douleur et de fonction. Elle prouve scientifiquement que la cure thermale représente une amélioration du Service Médical Rendu par rapport aux thérapeutiques non chirurgicales habituelles de la gonarthrose.
!
!
! ! 3#(+$#!#;!$>;6?!XC!7<!]!H7<'$Y! ! Y9!$5X#,'!$39+5!(&!]!#,!O!X#,'$!34&*!NPnN^!$#%9$!3H%9!(&!)?,7<='+'!L#!6&#'(>L+$(#:!3(3)+5! S!*&>>&$!&+!*&,?!6,%!9&!)&,4&9+!)3$!*#9$3*'&'!\!$&/3%9&$!3,?!$#%9$@! ^'7D'>((#!3#(+$#!#;!$>;6?!C!X]Y!H7<'$!>=#,!:!$7+;$\!H7<'!b!! ! N!7\=!j#(&>38&$!$#,$!3HH,$%#9!(q&3,!+.&'/3>&:!N!7\=!"#,*.&!(&!0%*.1!S!^!/3%9$:!\! G))>%*3+%#9$!(&!C#,&!+.&'/3>&!(&!0%*.1:!\!l3%9!34&*!(#,*.&!&9!%//&'$%#9:!]!7O=!g539*&$! (&!/#C%>%$3+%#9!(193/%6,&!&9!)%$*%9&:!\!"#,*.&$!S!X&+!+#9%H%39+:!N!7\=!I#,'$!(&! 81/93$+%6,&!3,!$#>@! ! ! "#$!>=>;6>D#$!)<!8'7D'>((#!3#(+$#!#;!$>;6?!b! ! v!g3,93:!.3//3/:!C3%9!C#,%>>#9939+:!&$)3*&!(&!*3'(%#;+'3%9%98!! ! v!D%$*%9&!%9+5'%&,'&!(B&3,!+.&'/3>&!S!\]i*! ! v!D%$*%9&!&?+5'%&,'&!*.3,HH5&!&+!X3'(%9!7`]!/3%!3,!`]!#*+@=! ! v!A3,!0%*.1!I5>&$+%9$!S!4#>#9+5!&+!+%$39&$! ! %>'+Z$!@ABm!b!C!H7<'$!b!]AC!p!`!]!H7<'$!b!N@]!!
!
15!
!
16!
J4.!41Tq!02S531"4.!4%!j/T4.!%c4301"4.!J4!c1T%4!eT1"2%5! !
1<!$#+;!)#$!%&#'(#$!)#!*+,&-R!L[#;$#(ML#!)#$!$7+;$!$7;6!'?>L+$?$!>=#,!L#$!#><K!(+;?'>L#$! #6! L#$! M7<#$! 6&#'(>L#$! )#! *+,&-9! l7'6#(#;6! #;D>D?$! )>;$! <;#! )?(>',&#! DL7M>L#! )[>(?L+7'>6+7;! )#! L>! I<>L+6?R! L#$! %&#'(#$! 7;6! 7M6#;<! #;! @ABB! #6! '#;7<=#L?! #;! @ABm! L>! ,#'6+Z+,>6+7;! )#! L#<'$! 8'7,?)?$! 4><! 0+;?'>L#! #6! j7<#$! ><K! #K+D#;,#$! )<! '?Z?'#;6+#L! ;>6+7;>L! 1I<>,#'6! c1GG^! 6&#'(>L+$(#r9! 46! ,#! ;[#$6! 8>$! 67<6!s! "#$! %&#'(#$! 6'>=>+LL#;6! )?$7'(>+$!E!L[7M6#;6+7;!)#!L>!,#'6+Z+,>6+7;!2./!B:AAB9! !
"#$!%&#'(#$!)#!*+,&-!,#'6+Z+?$!1I<>,#'6!c1GG^:!6&#'(>L+$(#r!
A>3C#'5!(39$!>&!*3('&!(B,9&!(5/3'*.&!*#>>&*+%4&!%9%+%5&!)3'!>&!IJA-.!7I#9$&%>!J3+%#93>!(&$! A?)>#%+39+$! +.&'/3,?=:! >&! '5H5'&9+%&>! G6,3*&'+! tGIID! +.&'/3>%$/&w! H3%+! $,%+&! 3,?! )'5*#9%$3+%#9$!(&!>3!"%'&*+%#9!V595'3>&!(&!>3!g39+5!&+!S!>3!)3',+%#9!(,!(5*'&+!(&!X394%&'! NPPc!'&>3+%H!S!>3!$5*,'%+5!$39%+3%'&!(&$!&3,?!(&!*#9$#//3+%#9@!! I&! (5*'&+! %9+'#(,%+! 9#+3//&9+! >3! '&$)#9$3C%>%$3+%#9! (&! >B&?)>#%+39+! +.&'/3>! 3H%9! (&! >B%9*%+&'!S!/&++'&!&9!)>3*&!(&$!)'#*5(,'&$!%9+58'39+!>&$!)'%9*%)&$!(B393>1$&!(&$!(398&'$!&+! (&! /3f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hR!'#$87;$>ML#!I<>L+6?!)#$!%&#'(#$!)#!*+,&-9!
O-:);7<45/2:)26-7815B)/A4/P53:)41A:)9-)271/2-8-A2)4-:)765812/:8-:Q) )4-:)27<5?9-:)4/I-:2/.:)-2)4-)9,1;;17-/9)8321?<9/P5-) !
<#:4+,( +*( %$#9%=>$>6+*&,'( "#$! $%&'(#$! )*+,'-"#$! .#! /*(01! +;.$%#&>+,( .%15( $+( &4+56"$#,6+! 23,"#$4*+$5! 30%)#"5! 6'-+.#! 6'*""#5! 789*4-"! #4! :&(-$;( ".."5&#+**+*&( /( $"( ?"6#$$+( -+,( +"1;( )#:"5)%*"&>+,(,%-#21+,(:"5)%9"@+1,+,7(A*-#21>+,(-"*,($+(&5"#&+6+*&(-+,(&5%1)$+,(-#9+,&#?,(+&(-1( 6>&")%$#,6+("#*,#(21+(-+,("??+:&#%*,(5416"&%$%9#21+,'(+$$+,(>6+59+*&(/(-+,(&+6.>5"&15+,("$$"*&( -+(BBCD(E,%15:+(-+,(D>$+,&#*,F(/(GH7ICD(E,%15:+(D4%6+$F(+&(,%*&(.5+,:5#&+,(-"*,($+(:"-5+(-+(:15+( -+()%#,,%*(E)10+&&+F(%1(-"*,($+(:"-5+(-+(,%#*,(&4+56"1;(9>*>5"1;(E)"#*'(-%1:4+("1(J+&KF7( (
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azard Analysis Critical Control Point).!
!
17!
!
18!
"1!G/0^1fS24!J4!*2Gch!! !
"#$! %&#'(#$! )#! *+,&-! ><! $#+;! )#! ">! G7(8>D;+#! )#! *+,&-! ! J#8<+$! BFCmR! L>! G7(8>D;+#! )#! *+,&-! #$6! ,7;,#$$+7;;>+'#! )#! L[46>6! )[<;! #;$#(ML#! ,7(8'#;>;6! L#$! %&#'(#$! )#! *+,&-R! L#! .8>! #6! O! $7<',#$! E! *+,&-! )7;6! L>! $7<',#! *+,&-! G?L#$6+;$9!!! ! 4;! @ABmR! L>! G7(8>D;+#! )#! *+,&-! >! '?>L+$?! <;! ,&+ZZ'#! )[>ZZ>+'#$! ,7;$7L+)?! )#! m:! (+LL+7;$! )[#<'7$R!87<'!<;!#ZZ#,6+Z!(7-#;!)#!mAA!8#'$7;;#$9! ! ! ! !
"4.!%c4304.!J4.!J/04.R!.h0j/"4!JT!%c4301"2.04!1G%2l!! ! ! G>'6#!)[+)#;6+6?!! ! "&! $+1>&! L!G'+! (5*#!M:! >&$! -.&'/&$! (&$! "Z/&$! 3**,&%>>&9+! >&$! *,'%$+&$! *#94&9+%#995$! 6,%! C595H%*%&9+!(&!>B#)+%#9!L!I#9H#'+!M!&+!(&$!*>%&9+K>&$!)#,'!(&$!$5X#,'$!)>,$!*#,'+$!g39+5!7O! S! `N! X#,'$! *#9$3*'5$! S! >B3/3%8'%$$&/&9+:! >&! +'3%+&/&9+! (,! (%3CK+&! &+! >3! )'54&9+%#9! 3'+.'#$&=!#,!l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x! $#9+! (%$)&9$5$! >&$! (%HH5'&9+$! /3$$38&$:! (#,*.&$! &+! )>,$! 8>#C3>&/&9+! >B&9$&/C>&!(&!>3!83//&!(&$!$#%9$!+.&'/3,?@!! ! G,! )'&/%&'! 5+38&:! >B&$)3*&! &$+! &$$&9+%&>>&/&9+! *#9$3*'5! 3,?! %>>,+3+%#9$! (&! C#,&! 3%9$%! 6,B3,?!$#%9$!(&!'&>3?3+%#9@!D3'+#,+:!(&$!&$)3*&$!(&!(5+&9+&!%94%+&9+!3,!C%&9;E+'&@! ! ! ! ! ! ! ! ! ! !
19!
">!$8?,+Z+,+6?!b!8'+7'+6?!><!,7;Z7'6!s! ! 2&$! -.&'/&$! (&$! "Z/&$! $#9+! ,9! 45'%+3C>&! &$)3*&! (&! $#%9$:! *#94%4%3>! &+! '3HH%95! (B,9&! *3)3*%+5! (B3**,&%>! (&! \! ]PP! *,'%$+&$@! -#,+! 3! 5+5! )&9$5! &+! 5+,(%5! )#,'! 6,&! >3! *,'&! +.5'3)&,+%6,&!$&!(5'#,>&!S!,9!'1+./&!*#9H#'+3C>&!&+!(39$!,9!*3('&!*.3>&,'&,?@!! ! 2&$!-.&'/&$!(&$!"Z/&$!#HH'&9+!,9&!45'%+3C>&!6,3>%+5!(&!$&'4%*&$!+'3(,%+&!)3'![! ! • Y9&!/&%>>&,'&!'5)3'+%+%#9!(&!>B&$)3*&!H34#'%$39+!>B%9(%4%(,3>%$3+%#9!(&$!$#%9$@! ! • Y9&!45'%+3C>&!$#,)>&$$&!(&$!.#'3%'&$!)#,'!,9&!*,'&!$,'!/&$,'&@! ! • Y9&!)3>&++&!(&!$#%9$!(&!'&/%$&!&9!$39+5!6,%!3))#'+&9+!,9&!3,+'&!(%/&9$%#9!3,!$5X#,'! +.&'/3>!+'3(%+%#99&>@! ! • 23!>%3%$#9!(%'&*+&!34&*!>B.Z+&>!j&'*,'&!0%*.1!-.&'/3>%3!(&!c_!*.3/C'&$!&+!>3!k5$%(&9*&! (&$! "Z/&$! ]P! *.3/C'&$! )&'/&+! 3,?! *,'%$+&$! (&! $&! '&9('&! (%'&*+&/&9+! (&! >&,'! *.3/C'&!3,?!-.&'/&$@! ! ! G<'#!G7;Z7'6![!D#,'!,9!$,))>5/&9+!(&!\]b!Q:!%>!&$+!)#$$%C>&!(B&HH&*+,&'!$3!*,'&!(&!`_!X#,'$! 3,?!-.&'/&$!(&$!"Z/&$!7.#'3%'&$!)>,$!$#,)>&$:!*#,'$!(B3*+%4%+5$!).1$%6,&$:!3**K$!S! >B&$)3*&!*3'(%#;+'3%9%98!&+!S!>B3+'%,/!(5+&9+&:!&3,!(&!0%*.1!I5>&$+%9$!&+!D3$$BI,'%$+&! #HH&'+$=@! #0=-.(0.-"*-&"F/-.1-&"*-&"P_1-&"*0"`":%=.'-."+0"B^"<2=-1$.-"BCDE@" ! !
! c_6#L!#6!'#$6><'>;6!>ZZ+L+?$!! ! "&),%$! $&)+&/C'&! NP`N:! >BtZ+&>! -.&'/3>%3! &$+! (&4&9,! 0#',<'#@! "%'&*+&/&9+! '&>%5! 3,?! -.&'/&$! (&$! "Z/&$:! *&+! 5+3C>%$$&/&9+! ^! 5+#%>&$! $B3('&$$&! S! ,9&! *>%&9+K>&! (B3HH3%'&$:! (&! >#%$%'$! &+! (&! *,'%$+&$@! V'W*&! S! (&$! +'343,?! (5C,+5$! H%9! NP`P:! >B.Z+&>! 3! 5+5! *#/)>K+&/&9+! +'39$H#'/5@! 2B.Z+&>! j&'*,'&! 0%*.1! -.&'/3>%3! C595H%*%&! (B,9&! (5*#'3+%#9! (&! $+1>&! L!G'+! (5*#!M!6,%!$B.3'/#9%$&!$,C+%>&/&9+!S!>3!(5*#'3+%#9!(&$!-.&'/&$!(&$!"Z/&$!&+!$B3HH%*.&! *#//&!,9!*>%9!(By%>!S!*&!$+1>&!3'*.%+&*+,'3>!+'K$!)'5$&9+!S!0%*.1@!g3!(5*#'3+%#9!/#(&'9&:! $#9! /#C%>%&'! L!! 3995&$! \P!M! &+! >B,+%>%$3+%#9! (&$! *#,>&,'$! 8'K8&! &+! /3''#9! *#9HK'&9+! ,9&! 3/C%39*&!H&,+'5&!&+!*#$1!S!>B.Z+&>:!%94%+39+!S!>B3)3%$&/&9+!&+!S!>3!(5+&9+&@!! G,+'&!9#,4&3,+5!(&!+3%>>&![!>3!k5$%(&9*&!(&$!"Z/&$!(%'&*+&/&9+!'&>%5&!3,?!-.&'/&$!(&$! "Z/&$! #HH'&! ,9&! H#'/,>&! (B.5C&'8&/&9+! (5(%5&! 3,?! *,'%$+&$@! I&! 9#,4&>! 5+3C>%$$&/&9+! )'#)#$&!(&$!*.3/C'&$!S!)3'+%'!(&!O_!Q!>3!9,%+!)#,'!>&$!$5X#,'$!(B3,!/#%9$!c!9,%+$@!D3'/%! >&$! ]P! *.3/C'&$! 6,&! *#/)+&! >3! k5$%(&9*&! (&$! "Z/&$:! `N! $&'#9+! 56,%)5&$! (B,9&! s%+*.&9&++&@!2&$!*,'%$+&$!3,'#9+!&9!#,+'&!>3!)#$$%C%>%+5!(&!$&!'&$+3,'&'!(39$!>&$!'&$+3,'39+$! (&$!tZ+&>$!j&'*,'&!&+!TC%$!$%+,5$!S!)'#?%/%+5!%//5(%3+&@!! " ! ! ! ! ! 20!
"4.!%c4304.!G1""/TR!TS4!34l434SG4!JT!%c4301"2.04!%c431^4T%2e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`\`!*3C%9&$!%9(%4%(,&>>&$!#x!$#9+!(%$)&9$5$!(&$!$#%9$! +&>$!6,&!>&$!%>>,+3+%#9$!(&!C#,&:!>&$!C3%9$!34&*!(#,*.&!&9!%//&'$%#9!&+!*3'C#83R&,?!&+!>&$! /3$$38&$! $#,$! &3,@! 23! +&*.9%*%+5! (&$! 56,%)&/&9+$! (&$! -.&'/&$! I3>>#,! &+! >B3'*.%+&*+,'&! %9+&'9&!%99#439+&!)&'/&++&9+!S!>B5+3C>%$$&/&9+!(&!(%$)#$&'!(B,9&!*3)3*%+5!(B3**,&%>!(&!`]! PPP! *,'%$+&$! )3'! 39@! ! -#,$! ! >&$! $#%9$! $#9+! (%$)&9$5$! 34&*! (&! >B&3,! +.&'/3>&:! &9! *3C%9&! %9(%4%(,&>>&!&+!(39$!>&$!(&,?!)%$*%9&$!#x!$#9+!&HH&*+,5$!>&$!*#,'$!(&!/#C%>%$3+%#9!&+!>&$!N^! (#,*.&$!H#'+&!)'&$$%#9@!! ! ! ">!$8?,+Z+,+6?!b!L[&-D+V;#!,7((#!(>t6'#Q(76! ! V'W*&! 3,! '5$&3,! C3*+5'%*%(&:! +#,$! >&$! 56,%)&/&9+$! $#9+! 3,+#/3+%6,&/&9+! (5$%9H&*+5$! 3)'K$!*.36,&!,+%>%$3+%#9@!"&!)>,$:!>&!*%'*,%+!+#+3>&/&9+!9#43+&,'!(&!'58595'3+%#9!(&!>B3%'! 6,%! 56,%)&! >&$! +.&'/&$! '&9#,4&>>&! >B3+/#$).K'&! (&$! *3C%9&$! (&! $#%9$! Nc! H#%$! )3'! .&,'&@! 2B3%'! &9+'39+! (39$! >B5+3C>%$$&/&9+! &$+! 583>&/&9+! +'3%+5! 3,! +'34&'$! (B,9! H%>+'&! C3*+5'%#>#8%6,&@!! ! 2&! *#9+'Z>&! (&! >3! 6,3>%+5! (&$! &3,?! &+! (&$! C#,&$! +.&'/3>&$:! 3%9$%! 6,&! >3! 6,3>%+5! C3*+5'%#>#8%6,&!(&!>B&3,!(&$!)%$*%9&$!(&!/#C%>%$3+%#9!&$+!'53>%$5!6,#+%(%&99&/&9+!)3'!>&! >3C#'3+#%'&! %9+&'9&:! (39$! >&! *3('&! (B,9! )'#*&$$! (B3,+#*#9+'Z>&! 43>%(5! )3'! >BG8&9*&! k58%#93>&!(&!g39+5@! ! ! c_6#L!#6!'#$6><'>;6!>ZZ+L+?$!! ! D#,'! 3/5>%#'&'! >&! *#9H#'+! (&$! *,'%$+&$:! L[&_6#L! G>LL7<! X2M+$Y! #$6! )+'#,6#(#;6! '#L+?! ><K! %&#'(#$! G>LL7<9! 2B.Z+&>! TC%$! 0%*.1! \! 5+#%>&$! *#/)+&! `\b! *.3/C'&$! &+! 3! #C+&9,! $3! \K/&! 5+#%>&! &9! NP`N@! T>! &$+! $%+,5! S! 6,&>6,&$! )3$! (&$! )3'*$! J3)#>5#9! TTT! &+! (,! >3*! (qG>>%&':! &9! *&9+'&;4%>>&@!2&!*.#%?!(&$!*.3/C'&$![!`\b!*.3/C'&$!*>%/3+%$5&$:!(#9+!^:!S!/#C%>%+5!'5(,%+&@! !! ! ! ! ! ! ! !
21!
">!G7(8>D;+#!)#!*+,&-!,u#$6!><$$+v! ! !
"#!*+,&-!%&#'(>L!.8>!"#$!G?L#$6+;$! • ! 2&! 0%*.1! -.&'/3>! g)3! 2&$! I5>&$+%9$:! $#%+! c! ]PP! /N! (5(%5$! 3,?! $#%9$! &+! 3,! C%&9;E+'&:! )&'/&++&9+!(&!)'#H%+&'!&9+'&!(&,?!$#%9$:!(&!*.36,&!%9$+39+!(&!(5+&9+&![!8%839+&$6,&!C3%9! C#,%>>#9939+! 8539+:! .3//3/:! $3,93:! '&>3?3+%#9! %/)'#4%$5&! (39$! >&$! *#9H#'+3C>&$! +'39$3+$!(&!>B3+'%,/!(5+&9+&!&+!C%&9!&9+&9(,:!(58,$+3+%#9!'58,>%K'&!(&!+%$39&$!3,?!4&'+,$! 3)3%$39+&$@! 2&! 0%*.1! -.&'/3>! g)3! 2&$! I5>&$+%9$! )'#)#$&! (39$! $#9! +#,+! 9#,4&>! &$)3*&! C&3,+5![! >BT9$+%+,+:! ,9&! 83//&! (&! $#%9$! &9! &?*>,$%4%+5! /#9(%3>&:! (54&>#))5&! &9! *##)5'3+%#9!34&*!>&$!23C#'3+#%'&$!0%*.1@!! ! • "#!*+,&-!.8>!&_6#L!"#$!G?L#$6+;$! ! 2&!0%*.1!-.&'/3>!g)3!2&$!I5>&$+%9$!&$+!(%'&*+&/&9+!'&>%5:!4%3!,9&!)3$$&'&>>&:!S!>B.Z+&>!2&$! I5>&$+%9$@! ! G%9$%! *&+! .Z+&>! .3,+! (&! 83//&! *#9X,8,&! 3'+! (&! 4%4'&:! *#9H#'+! &+! '3HH%9&/&9+! 34&*!(5+&9+&!&+!'&/%$&!&9!H#'/&@!I&!*#/)>&?&:!>B,9!(&$!)>,$!43$+&$!(BA,'#)&:!&$+!$%+,5!3,! C#'(!(,!>3*!(BG>>%&':!&9!H3*&!(,!8#>H!(&!0%*.1:!(39$!>&!)'#>#98&/&9+!(&$!*.3>&+$!%/)5'%3,?:! 3,!*y,'!(&!>3!4%>>&!&+!(&!$&$!)3'*$!J3)#>5#9!TTT@! 2B.Z+&>! 2&$! I5>&$+%9$!*#/)+&! `NP! *.3/C'&$! &+! ``! $,%+&$@! g)3*%&,$&$! &+! *.3>&,'&,$&$:! *.3*,9&!(%$)#$&!(&$!56,%)&/&9+$!>&$!)>,$!/#(&'9&$!&+!(B,9&!$3>>&!(&!C3%9!)#,'4,&!(B,9&! C3%89#%'&!&+!(B,9&!(#,*.&!$5)3'5&$@!I&'+3%9&$!(B&9+'&!&>>&$!$#9+!583>&/&9+!(#+5&$!(B,9&! +&''3$$&!#,!(B,9!C3>*#9@!-#,+&$!>&$!*.3/C'&$!$#9+!56,%)5&$!(B3**K$!T9+&'9&+!z%;d%!7$39$! H%>=@!! ! • J#<K!'#$6><'>;6$!>ZZ+L+?$! 2&!J\:!'&$+3,'39+!83$+'#9#/%6,&!&+!>&!l%$+'#+!)&'/&++&9+!3,!*,'%$+&$!(&!43'%&'!>&$!)>3%$%'$@! ! !
"#$!$7<',#$!
! 2&!9#/C'&!(&!C#,+&%>>&$!*#//&'*%3>%$5&$!$#,$!>3!/3'6,&!L!0%*.1!I5>&$+%9$!M!3!5+5!(&!^P! /%>>%#9$!&9!NP`N!(#9+!NP!e!$#9+!&?)#'+5$!S!(&$+%93+%#9!(B,9&!+'&9+3%9&!(&!)31$!5+'398&'$@! ! ! ! ! Y9&!&3,!,9%6,&!93+,'&>>&/&9+!83R&,$&!&+!'%*.&!&9!/%95'3,?!7\\N]!/8n2=!6,%!H34#'%$&! ! S! >3! H#%$! >B.1('3+3+%#9! (&! >B#'839%$/&! &+! >3! (%8&$+%#9:! 8'W*&! S! ,9&! '%*.&$$&!
! &?*&)+%#99&>>&!&9!/%95'3,?!&+!,9&!H#'+&!+&9&,'!&9!C%*3'C#93+&$@! !
! ! !
!
22!
!
23!
!! S734/2:);6<2<:)*) F:D*5G-6)%3)%H64@I9% q+(rD)%Ac=k&L?L9% >@<..)(,.:4fB%
!
! ! ! ! ! ! ! ! ! !
! ! ! ! ! ! ! !
! ! ! ! ! ! ! ! ! ! ! !
S<A2102);7-::-)
+-:)$6-78-:)4-)R/06C)) #%n%W%K^)-<)%L6,)-@:g)(9%"W!""%H64@I% M)'%b%"i""%W"%""%lW%U-m^)(.X%:<%"$%Q"%/Q%W/%#l% gggB^64@IT.@)(D),T45'':<T@:.)'BS(o% % ! LD56'%b%6-S:p3),.6-5.6:-^64@IB4:D% !
24!
>:*@6)%`)-:6.%F:DD<-645.6:-% % dG'6-G5%n%L^)% % M+'%b%"#%$W%$#%"i%1#%o%"l%lW%Q"%l#%l/% LD56'%b%IG'6-G5p,74TG(:<*)B4:D%T%% )^)p,74TG(:<*)B4:D% %