Le papier, un support moderne

!
#$"%&%'$()"*+",*%%-(."/-0$(+$""
/
0/1(/ *+*,('/ (&/ %2,.*',.3/ 4-5&/ 6/ %+/ 7-,4/ 8(4/ &'+54.(&&($'4/ 8(/ #$%&$'(/ (&/ 8(/ .3.-,'(9/ 8(4/ +#&($'4/
.+:($'4/8$/*'34(5&/(&/8(4/*'-8$,&4/82+;(5,'</="//
/
>-..+,'(/?//
/
"#!$%!&'&(%)*!+,!-+&&.)/!(,0.,/.+),'12%!
3#!4'&(%)!%/!,+56)(7+%!8!2'!0.5&265%,/')(/6!9%-!+-':%-!
;#!4'&(%)!(,/%22(:%,/!8!2%!,+56)(7+%!'+!-%)<(0%!9+!&'&(%)!
=#!>)%%,!?@!8!+,%!-.0(6/6!,+56)(7+%!)%-&.,-'12%!
A#!$(%,-!+/(2%-!!
!
!
!1"#$"%&%'$()"*+",*%%-(."'+2-+.-*(+&34$"5""
"
! #$,"*,&6$,"0*"%&%'$("5""
"
"
B'2:)6!2C%--.)!9%-!60D',:%-!,+56)(7+%-*!2C60)(/!-+)!&'&(%)!0.,-%)<%!+,!-/'/+/!E!&')/!8!!
o 4.+)! 78" 9" 0$," :(&+;&',)" 2%! 0.+))(%)! &')! %F%5&2%*" 0.,-/(/+%" +,! 4'$+" ,-2'&4"
'+0',%$+,&34$!!
o <="9"9%-!&%)-.,,%-!(,/%)).:6%-!2%!7+'2(G(',/!9H">-??'2'$4>!
o <="9"0.,-(96)',/!7+H">-*@('("*+$"4$..($)"2A$,.".-*B-*(,"*+"%4&','(>!!
o CD"9"-%!9(-',/"'+E*'$.,"F"4A'0G$"0A"H"*+"/-+0$",&+,"%&%'$("I!!
o BI5%! 2%-! J%+,%-! K! -.,/! -%,-(12%-! 8! J!" 9" 0$," !KL!=" &+," 0G24&($+." E*$" ($2$@-'("
2M$N"$*O"0$,"2-*(('$(,"-*"0$,"/&6&N'+$,"&0($,,G,"F"4$*("+-/"$,."'/%-(.&+.!
L1@3#',&/4(/*%+,&/4$'/%(4/3#'+54/,5/12AB*'(449/CD/:$,5/ED<<9/F34$%&+&4/8(/%2(5G$H&(/I>J/ED<<M!
!
"
N1(4/ K(54/ -5&/ #-54#,(5#(/ G$(/ %@$&,%,4+&,-5/ 8$/ *+*,('/ 4(/ 7('+/ *%$4/ '+'(9/ #(/ G$,/ %$,/ 8-55(/
8@+$&+5&/*%$4/8(/;+%($'N*!OPB!Q+--%*!4RPSR>R!T2'()%G.,/'(,%R!!
!
! #PG2('." $,." 4$" ,*%%-(." 0$" 4&" (G?4$O'-+)" 0$" 4P&..$+.'-+)" 0*" ($2*4Q" S(-/(,:+.,-! 2'! 2%0/+)%! -+)! 2%!
,+56)(7+%*! -.(/! 9%! 2'! 2%0/+)%#0.,-+2/'/(.,*! 9%! 2'! 2%0/+)%! -+)! 2%! -+&&.)/! &'&(%)*! -.(/! 2'!
2%0/+)%#)6G2%F(.,R!!
!
"
"
U,%!6/+9%!'+&)V-!9%!=!"AW!-'2')(6-!5.,/)%!7+C+,!0'9)%!G)',X'(-!)%X.(/!%,!5.K%,,%!
=W!0.+))(%2-!&')!J.+)*!-.(/!+,!/.+/%-!2%-!"3!5(,+/%-R!YA!Z!9C%,/)%!%+F!-+-&%,9%,/!2%+)!
'0/(<(/6!%,!0.+)-!&.+)!2%-!2()%!%/!&')G.(-!K!)6&.,9)%R!L>#,7-'.+9/:$,%%(&/ED<DM!
T%! 0.,-/'/! (22+-/)%! %/! %F&2(7+%! 2'! G.)/%! '+:5%,/'/(.,! 9%-! /).+12%-! 9%! 96G(0(/! 9%!
2C'//%,/(.,! %/! DK&%)'0/(<(/6R! SV-! 3WW[*! 2%! -&60('2(-/%! '56)(0'(,! 9%! 2C?,/%),%/! Q(0.2'-!
T'))*!9',-!+,!')/(02%!9%!2'!)%<+%!\!]/2',/(0!^!(,/(/+26!0/L--K%(/5-$4/'(58),%/,8,-&/M/=!
60)(<'(/! 8! 0/ 1+/ %(#&$'(/ *'-7-58(9/ G$,/ .23&+,&/ +$*+'+;+5&/ 5+&$'(%%(9/ (4&/ 8(;(5$(/ $5(/
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"
!B',(G%-/%!T+2/+)%!4'&(%)!_!'<)(2!3W"W!
!"
!
!!!"#$%&$'()*+*,('"#-./
!
!
!
!
"
%$&&(/NOP/J$/Q-$&/8(/E/-$/C/*+K(49/:(/.2+K,&(9/:(/*('84/%(/7,%9/:(/#R('#R(/+$&'(/#R-4(/6/
7+,'(/=R!!
R4"?&*."0-+2"($.$+'("E*PR+.$(+$."$,."%*',,&+."%-*("&4$(.$("S"/&',"4P'/%('/G"0$/$*($"
4$" /G0'&" 0$" 4&" (G?4$O'-+" $." 0$" 4&" /G/-(',&.'-+Q! SC'(22%+)-*! +,%! 6/+9%! B()'/%0D!
)6'2(-6%!'<%0!2'!56/D.9.2.:(%!9+!\!(S(/&'+#T,5K!^!&.)/',/!-+)!!2'!2%0/+)%!9+!7+./(9(%,!
\!ED/U,5$&(4!^!%,!<%)-(.,-!&'&(%)!%/!\!(4'9!^!(,9(7+%!7+%!&.+)!+,!/%5&-!9%!2%0/+)%!
(9%,/(7+%*!-%+2-!YW!Z!9%-!2%0/%+)-!-+)!\!(4'9!^!.,/!565.)(-6!+,!')/(02%!0.,/)%!`W!Z!
&.+)!2%!-+&&.)/!&'&(%)R!!!
L>AVFAU9/A&$8(4/(&/#-54(,%9/U+&,W'(/6/'37%(B,-5/%(/EXY<<YED<DM!
!
! #$"%&%'$("$,."*+",*%%-(."$??'2&2$)"@$2.$*("0$".(&+,/',,'-+"5"""
"
$%!&'&(%)!%-/!+,%!)6G6)%,0%!0+2/+)%22%!+,(<%)-%22%R!a'!2.,:+%!9+)6%!9%!<(%!%,!G'(/!
+,! /65.(,! 9%-! 60D',:%-! (,/%22%0/+%2-! E! /)'<%)-! 2%-! b:%-! 8! -+&&.)/! 0+2/+)%2! %/!
&69':.:(7+%! L%F!8! 5',+%2-! -0.2'()%-M*! 0.,-%)<'/(.,! 9+! &'/)(5.(,%! L%F!8! ')0D(<%-!
,'/(.,'2%-MR!
"
$%! &'&(%)! %-/! 6:'2%5%,/! <%0/%+)! 9%! /)',-5(--(.,! &+(-7+C(2! %-/! 4$" /G0'&" 0$" 4&"
/G/-(',&.'-+"5""
=K"9"0$,"%$(,-++$,"'+.$((-6G$,"0G24&($+."/'$*O",$",-*@$+'("0$"2$"E*A'4,"-+."4*"
,*("%&%'$("E*$",*("G2(&+Q"L1@3#',&/4(/*%+,&/4$'/%(4/3#'+54/,5/12AB*'(449/CD/:$,5/ED<<9/
'34$%&+&4/8(/%23&$8(/I>J/ED<<P"/
o ](,-(*! 2%! &'&(%)! )%-/%! '+J.+)9CD+(! 2%! -+&&.)/! 0+2/+)%2! 69+0'/(G! &)(<(26:(6!
9%-! %,G',/-! 0.55%! 9%-! '9+2/%-! L-0.2')(/6*! '2&D'16/(-'/(.,*!
-.0('2(-'/(.,cMR! S%-! 6/+9%-! (,96&%,9',/%-! -+)! 2'! d)',0%! 5.,/)%,/! '(,-(!
7+C'<%0! 9%-! 5',+%2-*! YWZ! 9%-! 62V<%-! '&&)%,,%,/! 5(%+F*! eeZ! .,/! &2+-!
9C'+/.,.5(%! L>S58,#+&/ 5+&,-5+%/ 8(/ %238,&,-5MR! aC':(--',/! 9+! 0.+))(%)*! 2%-!
6/+9%-! 2%-! &2+-! )60%,/%-! -+)! 2%! 0.+))(%)! &+12(0(/'()%! 0.,G()5%,/! -.,!
%GG(0'0(/6! -%2.,! 9%-! 0)(/V)%-! 9%! 565.)(-'/(.,! %/! 9%! &.&+2')(/6R! 4')!
%F%5&2%*! 2%! 0.+))(%)! &+12(0(/'()%! 16,6G(0(%! 9C+,! %F0%22%,/! /'+F! 9%!
565.)(-'/(.,!L=YZM*!&')!)'&&.)/!E!2'!/626<(-(.,!L"AZM*!(,/%),%/!L""ZM*!2'!
&)%--%!L"WZM*!2C'GG(0D':%!LAZM!%/!2'!)'9(.!L3ZMRLA&$8(/U-'K(54Z&('59/:$,5/
EDD[MR!
!
"
! #$"%&%'$("$,."*+"@$2.$*("0PG/-.'-+"%4G3',2'.G"%&("4P$+,$/34$"0$,"2'.-T$+,"5"
"
$C60)(/! -+)! &'&(%)! %-/! 2%! -+&&.)/! 9%! 2C65./(.,! %/! 9%! 2C(,/(5%R! ?2! 5')7+%!
2C%F0%&/(.,,%2!%/!2'!0.,G(',0%!!
f,!%GG%/*!'<%0!;;W!5(22(.,-!9H%F%5&2'()%-!'0D%/6-!0D'7+%!',,6%*!2'!0')/%!&.-/'2%!
9%5%+)%! 2%! 5.K%,! 9%! 0.))%-&.,9',0%! &)6G6)6! 9%-! d)',X'(-! G'0%! '+F! -+&&.)/-!
,+56)(7+%-! Lf&$8(/ *'34(5&3(/ +$/ E<(/ #-5K'W4/ 8(/ %@\5,-5/ *'-7(44,-55(%%(/ 8(/ %+/
#+'&(/*-4&+%(/N\VIVP/)/.+,/ED<<M!
# f,!-%!965.0)'/(-',/*!2%-!,.+<%22%-!/%0D,.2.:(%-!9%!2H(,G.)5'/(.,!.,/!%,:%,9)6!9%!,.+<%'+F!
+-':%-!9%!2'!0.55+,(0'/(.,!60)(/%R!B'(-!4$"2-*(('$("0',%-,$"0P&..('3*.,"E*'"4*'",-+."%(-%($,"5"
569('! 9+! 0.,/'0/*! 569('! 0D.(-(! &')! 2%! 9%-/(,'/'()%*! (2! %-/! '&&)60(6! &.+)! -'! 0'&'0(/6!
9H(,G.)5'/(.,*!9H(5&2(0'/(.,!%/!9%!&6)%,,(-'/(.,!9%-!60)(/-R!
"
K"
!
!!!"#$%&$'()*+*,('"#-./
!
!
!
!
KQ"V&%'$("$."+*/G('E*$"5"4&"2-/%4G/$+.&('.G"0$,"*,&6$,"
!
T%)/'(,-! 0.,-(9V)%,/! 7+%! 2%! 96<%2.&&%5%,/! 9+! ,+56)(7+%! &.+))'(/! %,/)'g,%)! 2'! 9(-&')(/(.,! 9%!
2C(5&)(56R!4.+)/',/*!2%!&'&(%)!%/!2%!,+56)(7+%!,C.,/!&'-!2'!5I5%!G(,'2(/6R!?2-!-.,/!+/(2(-6-!&.+)!9%-!
+-':%-!9(GG6)%,/-!%/!0.5&265%,/'()%-R!
! #-'+"0P&@-'("$+.(&W+G"4&"?'+"0*"%&%'$()"4$,"+-*@$44$,".$2M+-4-6'$,"-+."F"4P'+@$(,$"2-+.('3*G"F"
/$..($"$+"G@'0$+2$",$,"&@&+.&6$,Q!$%-! ,.+<%22%-! /%0D,.2.:(%-!-C'&&+(%,/!-+)!2'!5'/6)('2(/6!
9+!&'&(%)!8!
o S',-! +,%! -.0(6/6! %,<'D(%! &')! 2%-! (5':%-! G+:(/(<%-*! 2%! &'&(%)! '--+)%! %,0.)%!
'+J.+)9CD+(!2'!&6)%,,(/6!9%!2C(5':%!%/!9+!5%--':%R!!
o ]! /(/)%! 9C%F%5&2%*! 2C]hTf4!,./%! 7+%! 2%! ,+56)(7+%! ,%! <'! &'-! E! 2C%,0.,/)%! 9%-!
60D',:%-!9%!0.+))(%)!&'&(%)!8!2%-!56,':%-!0.,,%0/6-!E!(,/%),%/!)%X.(<%,/!9'<',/':%!
9%! 0.+))(%)! '95(,(-/)'/(G! 7+%! 2'! 5.K%,,%! L=R=! &')! -%5'(,%! %,! 5.K%,,%MR! L]hTf4! P!
J',<(%)!G6<)(%)!5')-!3W""M!
! #P-3B$2.'?"NG(-"%&%'$("($4X@$"%4*,"0*"/T.M$"E*$"0$"4&"(G&4'.G"5"!
B'2:)6! 2%-! 6<.2+/(.,-! /%0D,.2.:(7+%-*! 4$" %&%'$(" ($,.$" '+2-+.-*(+&34$R! U,%! :%-/(.,!
5.9%),%!9+!9.0+5%,/!%/!9+!0.+))(%)!&%+/!I/)%!+,!<%0/%+)!9C.&/(5(-'/(.,!(5&.)/',/!
&.+)!2C%,/)%&)(-%R!/
/
o a(! 2%! G.)5'/! 62%0/).,(7+%! %,)%:(-/)%! +,%! &).:)%--(.,! ,%//%! &')! )'&&.)/! '+! G.)5'/!
&'&(%)*!%/!0%!9',-!/.+-!2%-!0'-!/%-/6-*!2%!?-(/&."%&%'$("($,.$"%('@'4G6'G"%&("=":(&+;&',"
,*(" !8! &.+)! 0%)/'(,-! +-':%-!8! &.+)! 0.,-+2/%)! +,! 0'/'2.:+%! L[AZ! <-R! [[Z! %,! 3WW[M*!
.1/%,()!+,!1.,!9%!)69+0/(.,!L["ZM!.+!)%:')9%)!+,!&).-&%0/+-!L[WZMR!!
#$"64',,$/$+."@$(,"4$,"/G0'&,"+*/G('E*$,"($,.$".-*.$?-',"4P&%&+&6$"0$,"%4*,"B$*+$,"
Y!DLUC" &+,Z" $." 0$," [\V]Q" S',-! 2%! 96/'(2*! 2%-! &2+-! 9%! ;A! ',-! -.,/! 2%! &2+-! '//'0D6-! '+!
G.)5'/! &'&(%)*! ,./'55%,/! &.+)! )%0%<.()! 9%-! (,G.)5'/(.,-! .+! &.+)! 0.,-+2/%)! +,!
)%2%<6!9%!0.5&/%!.+!+,%!G'0/+)%R!!
L]^>/>_`FA>/UAabJ/I_\FFbAF/EDD[/(&/ED<DM!
!
"
:^_[`a^b"cadb^Reab"
!
f,! 9(F! ',-*! 2'! &).&.)/(.,! 9%! 56,':%-! 9(-&.-',/! 9C+,! '00V-! ?,/%),%/! E! 2'! 5'(-.,! %-/! &'--6%! 9%! "3Z! E! e=ZR!
@.+/%G.(-*!%4*,"0P!":(&+;&',",*("U"+P&"%&,"$+2-($"&22X,"F"R+.$(+$.Q!!
$'!G)'0/+)%!,+56)(7+%!/%,9!9.,0!E!-%!)69+()%!5'(-!9%-!9(GG6)%,0%-!9%5%+)%,/!%,0.)%R!
f$"4$*("2g.G)"4$,",*%%-(.,"'/%('/G,"%&(.'2'%$+."E*-.'0'$++$/$+."&*"4'$+",-2'&4)"F"4P'+?-(/&.'-+)"F"4&"2*4.*($"-*"
&*O"4-','(,"0$"%4*,'$*(,"0'N&'+$,"0$"/'44'-+,"0$":(&+;&',)"'+.$(+&*.$,"-*"+-+Q"
!
o
a.+)0%!8!D//&8##iiiR(,-%%RG)#G)#/D%5%-#9.0+5%,/R'-&j)%Gk(9l(&";=W!
!
!
!
!
!
! V&%'$("$."+*/G('E*$",-+."&/$+G,"F"2-M&3'.$("5"!
!
U"
!
!!!"#$%&$'()*+*,('"#-./
!
!
!
!
"
TD'7+%! J.+),'2! &.--V9%! -.,! -(/%! (,/%),%/! <.()%! +,%! '&&2(0'/(.,! -5')/&D.,%R! ]!
2C(,<%)-%*!2'!&)%--%!%,!2(:,%!-%!0.,<%)/(/!E!2'!&)%--%!&'&(%)!8!\!+$/83*+'&9/%2,5&$,&,-5/
G$(/!"#$%&&'()#&*&+"(#"$)#,'-&!.-"/)*+("#0#1/)"(/")/cOd/-5/;,(5&/4$'/%(/4,&(/*-$'/
#R('#R('/ G$(%G$(/ #R-4(9/ &+58,4/ G$2-5/ 7($,%%(&&(/ $5/ .+K+Z,5(/ *-$'/ *+44('/ $5/
.-.(5&/ +K'3+Q%(!^! L%F%5&2%-!8! 5')5(/(.,R0.5! %/! )+%[`R0.5M! L1(4/ A#R-4/ 8$/
E<YDeYED<<MR!!
!
"
$%! 0.+))(%)! %-/! +,! 569('! 0.5&265%,/'()%! 9+! ,+56)(7+%*! %/! ,./'55%,/! 9%! 2H%P
5'(2(,:R! 4+1f0.! L&.)/'(2! 2%'9%)! 9%! 2C(,G.)5'/(.,! 0.55%)0('2%! 9%! &).F(5(/6M!
0.,-/'/%! 7+%! \!%2+;(5,'/ 4(/ 4,&$(/ 8+;+5&+K(/ +$/ 5,;(+$/ 8$/ -%!)+,*/*!/ (&/ 82$5(/
#-54$%&+&,-5/;,+/8,773'(5&4/4$**-'&4/G$2,%4/4-,(5&/83.+&3',+%,434/-$/5-5!^3R!
4.+)! &)%+<%*! 2%-! -(/%-! 9H%P0.55%)0%! )%0.,,'(--%,/! -.,! %GG(0'0(/6R! T.51(,%)! 2%-!
.&6)'/(.,-! 9%! 0.55+,(0'/(.,! -+)! &'&(%)! %/! %,! 2(:,%! %-/! (96'2! &.+)! /.+0D%)! +,!
2'):%!&+12(0R!TC%-/!2'!2.:(7+%!9+!/*4.'2&+&4R!!
!
L0G!0'5&':,%!-+)!2C(5&)(56!&+12(0(/'()%*!569('!%GG(0'0%M!
!
UQ"V&%'$("'+.$44'6$+."5"4$"+*/G('E*$"&*",$(@'2$"0*"%&%'$(""
!
!
$%!&'&(%)!,C%-/!&'-!'5%,6!E!9(-&')'g/)%!m!(2!%-/!-(5&2%5%,/!'5%,6!E!6<.2+%)!9',-!-%-!+-':%-R!f,!%GG%/*!
2%!&'&(%)!0.,<%):%!G.)/!1(%,!'<%0!2%-!-+&&.)/-!,+56)(7+%-!8!2%-!,.+<%22%-!/%0D,.2.:(%-!.,/!&%)5(-!9%!
96<%2.&&%)!0.,-(96)'12%5%,/!2%-!(,/%)'0/(.,-!%,/)%!2%!0.,/%,+!&'&(%)!%/!2%!0.,/%,+!,+56)(7+%R!
!
! $C(,-%)/(.,! 9C*+" 4'$+" a^#! %-/! +,! &)%5(%)! %F%5&2%! 9%! &).2.,:%5%,/! 9+! &'&(%)! <%)-! 2%!
,+56)(7+%!8!+,!2(%,!Uh$!&%)5%/!9C'<.()!2C'00V-!E!+,!'+/)%!0.,/%,+!9(-&.,(12%!-+)!-+&&.)/!
,+56)(7+%R! S',-! 2'! 5I5%! 2.:(7+%*! 2%-! \!&Uh$-!^! L&%)-.,,'2(n%9! Uh$-M! -.,/! 9%-! 2(%,-!
&%)-.,,'2(-6-*! &2+-! G'0(2%-! E! )%/%,()!8! &')! %F%5&2%! 5%,/(.,,%)! -+)! +,! 5'(2(,:! &'&(%)! 2%!
2(%,! iiiR2')%9.+/%RG)#&)%,.5,.5! (,0(/%! 9'<',/':%! Le! G.(-! &2+-M! 2%! 9%-/(,'/'()%! 9+!
5%--':%!E!-%!)%,9)%!-+)!0%//%!&':%!.o!(2!/).+<%)'!9%-!(,G.)5'/(.,-!7+(!2+(!-%).,/!&).&)%-R!
!
! $%! &'&(%)! '+:5%,/6! )%&.-%! 6:'2%5%,/! -+)! 2'! )%0.,,'(--',0%! 9C(5':%-*! 2'! 2%0/+)%! 9%-!
0.9%-P1'))%-!02'--(7+%-*!2'!)6'2(/6!'+:5%,/6%*!'(,-(!7+%!-+)!2'!/%0D,.2.:(%!0$,"2-0$,"KfR!
T%-! \!0.9%-P1'))%-! 3RW!^! &%)5%//%,/! 9C'0069%)! E! +,! 0.,/%,+! %,! 2(:,%! .+! E! +,%!
'&&2(0'/(.,! 9%&+(-! +,! -+&&.)/! &'&(%)! L+,! J.+),'2! .+! +,%! 'GG(0D%! &')! %F%5&2%M! <('! +,!
-5')/&D.,%R! $'! 2.:(7+%! %-/! (0(! 2'! 5I5%! 7+%! &.+)! 2%-! &'--%&.)/-! 1(.56/)(7+%-! &')!
%F%5&2%R!$%!,+56)(7+%!&%)5%/!9C6/%,9)%!2%-!0'&'0(/6-!9C(,G.)5'/(.,!9%!2C60)(/!&'&(%)m!!2%!
-+&&.)/! &'&(%)*! 0.55%! -+&&.)/! 0.5&265%,/'()%! 9+! ,+56)(7+%*! %,! 9%<%,',/! &2+-!
(,/%22(:%,/*! '! 9.,0! 9%! 1%'+F! J.+)-! 9%<',/! 2+(c! $%! ,+56)(7+%! %-/! +,%! 1%22%! .&&.)/+,(/6!
9C6<.2+/(.,!&.+)!2%!&'&(%)!p!!
!
!
!
! q+%27+%-!%F%5&2%-!9%!0.5&265%,/')(/6!&'&(%)#,+56)(7+%!8!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
3
!])/(02%!9+!"Y#WA#3W""*!1(/*'-4*(#&$4/&(5&(/$5(/Q+4#$%(/(5/8-$#($'/;('4/b5&('5(&!
C"
!
!!!"#$%&$'()*+*,('"#-./
!
!
!
!
"
$'! -.0(6/6! ]5%)(0D(&! '! &)6-%,/6! %,! -%&/%51)%! 3WW`! 4$" h'0$-" '+" V('+.*! +,!
,.+<%'+! -+&&.)/! 7+(! &.+))'(/! )6<.2+/(.,,%)! 2%! )'&&.)/! E! 2C(5&)(56R! $%! r(9%.! (,!
4)(,/! 0.,-(-/%! 9',-! 2C(,/6:)'/(.,! 9C+,! &%/(/! 60)',! $TS! 9',-! +,%! &2'7+%//%!
&+12(0(/'()%!.+!9',-!+,!5':'n(,%!'G(,!9CK!9(GG+-%)!+,!0.,/%,+!<(96.R!$'!9+)6%!9%!
0%! 0.,/%,+! &%+/! <')(%)! 9%! =A! 5(,+/%-! E! &)V-! 9%! 3! D%+)%-*! 2%! r(96.! (,! 4)(,/! -%!
)%0D'):%',/! &')! 2%! 1('(-! 9C+,%! &)(-%! UasR! $%-! 2%0/%+)-! ,%iPK.)t'(-!
9Cf,/%)/'(,5%,/! u%%t2K! %,! .,/! %+! 2'! &)(5%+)! 2%! "[! -%&/%51)%! 3WW`R! $'!
/%0D,.2.:(%!9%!r(9%.!(,!4)(,/!%-/!9%<%,+%!+,!.+/(2!9%!5')t%/(,:!9%!&.(,/%!m!%22%!
%-/! +/(2(-6%! &')! 9%-! :)',9%-! %,/)%&)(-%-! Lh%,'+2/*! T(/).v,*! ]+9(cM! %/! 6:'2%5%,/!
&')!2%-!0.22%0/(<(/6-!&+12(7+%-!LB'()(%!9%!4')(-MR!!
"
4P'+@$+.'-+" 0*" 2&M'$(" +*/G('E*$!)%&.-%! -+)! 2'! /%0D,.2.:(%! -+(<',/%!8! +,! -/K2.!
9./6! 9C+,%! 0'56)'! 565.)(-%! /.+-! 2%-! 5.+<%5%,/-! /)'06-! &')! -'! 1(22%! -+)! +,!
&'&(%)!-&60('2!0'&'12%!9%!,+56)(-%)!2'!/)'0%!9+!-/K2.!'G(,!9%!2'!/)',-5%//)%!E!+,!
.)9(,'/%+)R!"
!
4&" @$(,'-+" +*/G('E*$" 0$," -*@(&6$," ,$" %-,'.'-++$" 2-//$" *+" 2-/%4G/$+." &*"
4'@($" .(&0'.'-++$4R! $'! <%)-(.,! ,+56)(7+%! '+:5%,/%! 2%! 2(<)%!8! 2%! 2%0/%+)! &%+/!
(,/%)).:%)!2%-!0.,/%,+-*!)%:')9%)!9%-!<(96.-!0.5&265%,/'()%-!0.55%!2C(,/%)<(%i!
9%! 2C'+/%+)c! ?2! -C':(/! 9C+,! 0.5&265%,/! (,/%)'0/(G! %/! %,)(0D(! %,! (,G.)5'/(.,-! 7+(!
'&&.)/%! +,! &2+-! '+F! 2%0/%+)-!L0GR! 2%! &)%5(%)! \!DK&%)2(<)%!^! '+! 5.,9%! 2',06! &')!
w)',:%!%/!2%-!f9(/(.,-!h.1%)/!$'GG.,/!8!0/1(/>(54/8(4/IR-4(4/=!9%!O'07+%-!]//'2(*!
7+(!5I2%!60)(/+)%!/)'9(/(.,,%22%!%/!)%,<.(%!E!9%-!DK&%)0.,/%,+-!&.+<',/!I/)%!2+-!
-+)!?,/%),%/!.+!-+)!+,!/626&D.,%!5.1(2%M!!
!
"
!
CQ"i($$+"R`"5"*+$",-2'G.G"+*/G('E*$"($,%-+,&34$"
!
!
V&%'$("$."+*/G('E*$"+$"0-'@$+."%&,"j.($"-%%-,G,"0*"%-'+."0$"@*$"0$"4$*("'/%&2."$+@'(-++$/$+.&4Q"
T%)/'(,-!/%,9%,/!E!'GG()5%)!7+%!2%!/.+/!,+56)(7+%!%-/!2'!)6&.,-%!2'!5(%+F!'9'&/6%!9+!&.(,/!9%!<+%!
9%! 2C(5&'0/! %,<().,,%5%,/'2R! B'(-*! 2%-! 6/+9%-! -+)! 2%! 0K02%! 9%! <(%! 9%-! .)9(,'/%+)-! %/! 9+! 0.+))(%)!
62%0/).,(7+%!<(%,,%,/!0.,/)%1'2',0%)!0%-!&).&.-!8!
!
! #&" /j/$" &..$+.'-+" 0-'." $+" $??$." j.($" &22-(0G$" &*O" '/%&2.," $+@'(-++$/$+.&*O" 0$,"
,-4*.'-+,"+*/G('E*$,"0*"2-*(('$(R!$C%))%+)!0.55+,%!%-/!9%!0.,-(96)%)!7+%!0%-!-.2+/(.,-!
-.,/! ,%+/)%-! 9C+,! &.(,/! 9%! <+%! 60.2.:(7+%*! '+! 5./(G! 7+%! 2'! ,+56)(-'/(.,! %/! 2C60D',:%!
(,G.)5'/(7+%! 9%-! 5%--':%-! %/! 9.0+5%,/-! G%)'(%,/! 9(-&')'g/)%! /.+/%! %5&)%(,/%!
%,<().,,%5%,/'2%R!
! V4*,'$*(,"G.*0$,"-+."/',"$+"G@'0$+2$"4$"?&'."E*$"4$,"2-//*+'2&.'-+,"G4$2.(-+'E*$,"+$"
,-+."%&,",&+,"'/%&2.",*("4P$+@'(-++$/$+.Q!!
!
!
]+!,(<%'+!5(0).!8!!!
!
o U,%! 6/+9%! 9%! 2C]SfBf! &+12(6%! %,! J+(22%/! 3W""! ','2K-%! 2%-! (5&'0/-!
%,<().,,%5%,/'+F!9%!2'!0.55+,(0'/(.,!&')!<.(%!62%0/).,(7+%R!$C6/+9%!0.5&')%!
2%! 0.+))(%)! ,+56)(7+%! 62%0/).,(7+%*! 9%-! )%7+I/%-! %GG%0/+6%-! -+)! (,/%),%/! %/!
2C+/(2(-'/(.,!9%!-+&&.)/-!9%!/)',-5(--(.,!9%!9.0+5%,/-!9%!/K&%!026-!UasR!h6'2(-6%!
D"
!
!!!"#$%&$'()*+*,('"#-./
!
!
!
!
&')! 2C':%,0%! s(.! ?,/%22(:%,0%! a%)<(0%*! 0%//%! ','2K-%! 9+! 0K02%! 9%! <(%! )%&.-%! -+)!
9(GG6)%,/-! -0%,')((! 9C+-':%-*! %,! d)',0%*! %/! )6<V2%! ,.,! -%+2%5%,/! 2%! &./%,/(%2! 9%!
0D',:%5%,/! 02(5'/(7+%! 9%-! @?T! E! /)'<%)-! 2%-! 65(--(.,-! 9%! :'n! E! %GG%/! 9%! -%))%*!
5'(-!%,!.+/)%!2C6&+(-%5%,/!&./%,/(%2!9%-!)%--.+)0%-R!!
!
!
!1"[-*(('$("b4$2.(-+'E*$"5""
!
• $C%,<.(! 9C+,! 5'(2! 9%! "! B.! 2+! &')! -.,! 9%-/(,'/'()%! &%,9',/! A! 5,*! ,.,! (5&)(56! %/! -/.0t6!
&%,9',/!+,!',*!65%/!"`!:!67!Tw3R!4.+)!+,%!%,/)%&)(-%!9%!"WW!%5&2.K6-!9.,/!2%!&%)-.,,%2!
%,<.(%!%,!5.K%,,%!;;!5'(2-!&')!J.+)-!!L9.,/!2'!/'(22%!5.K%,,%!%-/!9%!"B.M*!0%2'!67+(<'+/!
-+)!+,!',!E!&)%-7+%!"=!/.,,%-!67!Tw3!%/!";e!t:!&')!%5&2.K6R!
• $%!-/.0t':%!9%!5'(2-!9',-!2'!1.(/%!9%!5%--':%)(%!%-/!'+--(!65%//%+)!%,!Tw3R!$'!-'+<%:')9%!
9C+,!5'(2!9%!"!B.!&')!+,!9%-/(,'/'()%!&%,9',/!e!5.(-!65%/!"e!:!67!Tw3R!
• $.)-7+%! 2%! /%5&-! 9%! 2%0/+)%! 9C+,! 9.0+5%,/! -+)! .)9(,'/%+)! 96&'--%! 2%-! ;! E! =! 5(,+/%-! &')!
&':%*!(2!%-/!&)6G6)'12%!9%!2C(5&)(5%)!%,!,.()!%/!12',0!)%0/.#<%)-.R!!
!
K1"^$2M$(2M$"0P*+$"'+?-(/&.'-+",*("*+"/-.$*("0$"($2M$(2M$!8!!
!
• $'! )%0D%)0D%! 9C+,%! (,G.)5'/(.,! <('! +,! 5./%+)! 9%! )%0D%)0D%! -+)! (,/%),%/! 65%/! 9%! "W! :! 67!
Tw3!&')!)%0D%)0D%R!f,!5.K%,,%*!+,!(,/%),'+/%!G)',X'(-!%GG%0/+%!3*e!)%0D%)0D%-!-+)!(,/%),%/!
&')!J.+)*!-.(/!7+'-(5%,/!"WWW!)%0D%)0D%-!&')!',R!a+)!2'!1'-%!9%!3`!5(22(.,-!9C(,/%),'+/%-!%,!
d)',0%*! 2%-! 65(--(.,-! 9%! :'n! E! %GG%/! 9%! -%))%! )%&)6-%,/%)'(%,/! &)V-! 9%! 3`W! WWW! /.,,%-! 9%!
Tw3R!4.+)!+,!(,/%),'+/%!(,9(<(9+%2*!0%//%!)%0D%)0D%!9C(,G.)5'/(.,!-+)!(,/%),%/!<('!+,!5./%+)!
9%!)%0D%)0D%!)%&)6-%,/%)'(/!7+'-(5%,/!"W!t:!67!Tw3!&')!',R!!
• $C+/(2(-'/(.,!9C+,%!)%0D%)0D%!0(126%!&')!2C+/(2(-'/(.,!9%-!G'<.)(-!%-/!5.(,-!65%//)(0%!%,!Tw3R!
4.+)!0D'7+%!)%0D%)0D%*!0%2'!)%&)6-%,/%!"*;!:!67!Tw3!65(-R!
!
U1"`(&+,/',,'-+"0P*+"0-2*/$+."0$"!8"d-"%&("24G"a\k"5"""
!
• $C%,)%:(-/)%5%,/! 9%-! 9.0+5%,/-! 9C+,%! 026! Uas! 9%! A"3! B.! -+)! 2C.)9(,'/%+)! &+(-! 2%0/+)%!
0.5&2V/%!9+!9.0+5%,/!9%!3WW!&':%-!65%/!"WW!:!67!Tw3!
• $C(5&'0/!%,<().,,%5%,/'2!9C+,%!026!Uas!&+12(0(/'()%!%-/!/)V-!(5&.)/',/*!9+!G'(/!,./'55%,/!
9%!-'!&).9+0/(.,R!U,%!026!Uas!&+12(0(/'()%!9%!"3[!B.!%,!4rT!65%/!=We!:!67!Tw3!
!
axQ@yfaf!!P!]SfBf!OU?$$f@!3W""!P!]Q]$xaf!SU!TxT$f!Sf!r?f!!
"
!
]+!,(<%'+!5'0).!8!!
!
o a%2.,! 2CfB?4;*! *+" ,$*4" -(0'+&.$*(" G/$." %4*," 0$" C7Dl6" 0$" [mK" %&(" &+! 0%! 7+(!
)%&)6-%,/%! &2+-! 9%! 3Z! 9%-! 65(--(.,-! 9%! Tw3! 5.,9('2%-R! f,! .+/)%*! &)%,',/! %,!
0.,-(96)'/(.,!2%!5(F!%+).&6%,!9C62%0/)(0(/6!!'(,-(!7+%!2%!-K-/V5%!9%!:%-/(.,!9%-!
960D%/-*! 2C+,(<%)-(/6! /%0D,(7+%! 9%! a/.0tD.25! %-/! '))(<6%! E! 2'! 0.,02+-(.,! 7+%! 2'!
2%0/+)%!9C+,!J.+),'2!%,!2(:,%!&%,9',/!;W!5(,+/%-!65%/!3WZ!9%!&2+-!9C65(--(.,-!
7+%!2'!9(-/)(1+/(.,!9%!J.+),'+F!&'&(%)R!LA$'-*(+5/U+,%/b58$4&'S/V%+&7-'.M!
f,!d)',0%*!4P$/%($'+.$"64-3&4$",PG4X@$(&'."F"U8"/'44'-+,"0$".-++$,"0$"[mK"%&("&+!
LAZ!9%!2'!&).9+0/(.,!9%!Tw3!%,!d)',0%!%-/(56%!E!AAAB/M*!E!0.5&')%)!'+!5(22(.,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
;
!f+).&%',!B'(2!?,9+-/)K!42'/G.)5!
J"
!
!!!"#$%&$'()*+*,('"#-./
!
!
!
!
o
9%! /.,,%-! 65(-! ',,+%22%5%,/! &')! 2%! /)',-&.)/! &.-/'2*! -.+-P/)'(/',0%! 0.5&)(-%R!
LF+**-'&/4$'/%(4/]bI/(&/%(/83;(%-**(.(5&/8$'+Q%(/'(.,4/+$/U,5,4&'(/8(/%2A#-%-K,(/
(5/83#(.Q'(/EDD[M!
!
f,! d)',0%*! 2'! 0.,-.55'/(.,! 62%0/)(7+%! 9%-! @?T! )%&)6-%,/%! 96JE! ";Z! 9%! 2'!
0.,-.55'/(.,!/./'2%!9+!&'K-*!'+F!'2%,/.+)-!9%!=3W!@uD!&')!',R!LF+**-'&/4$'/%(4/
]bI/ (&/ %(/ 83;(%-**(.(5&/ 8$'+Q%(/ '(.,4/ +$/ .,5,4&'(/ 8(/ %2A#-%-K,(/ (5/ 83#(.Q'(/
EDD[MR! $C(,9+-/)(%! ,+56)(7+%! 9%<(%,/! 2C+,%! 9%-! -.+)0%-! &)(,0(&'2%-! 9%!
0.,-.55'/(.,!9C6,%):(%!'+!5.,9%R!!
!
T.,0%),',/!2%!5'/6)(%2!,60%--'()%!'+F!60D',:%-!,+56)(7+%-*!2CwQU!(,9(7+%!7+C(2!
)%&)6-%,/%! =W! 5(22(.,-! 9%! /.,,%-! 9%! 960D%/-! &')! ',! ,.,! )%0K02'12%-! %/! ,.,!
96:)'9'12%-!E!2C60D%22%!D+5'(,%R!!
4')! '(22%+)-*! E! 2CD%+)%! '0/+%22%*! 2'! 5'/(V)%! &)%5(V)%! &)(,0(&'2%! %-/! G'1)(7+6%! E!
&')/()!9%!)%--.+)0%-!,.,!)%,.+<%2'12%-!/%22%-!7+%!2%!&6/).2%R!
!
o Q./.,-!9C'(22%+)-!7+%!2'!T.55(--(.,!%+).&6%,,%!'!6/'12(!+,!T-8(/-7/I-58$#&/-5/
a+&+/ I(5&('4/ A5('KS/ A77,#,(5#S! %,! 3WW[! 'G(,! 9%! )%-&.,-'1(2(-%)! 2%-! G.+),(--%+)-!
0.,G.)565%,/!%/!9',-!2%!1+/!9%!)69+()%!9%!3WZ!2%-!65(--(.,-!9%!:'n!E!%GG%/!9%!
-%))%!9%-!0%,/)%-!9%!9.,,6%-!9C(0(!3W3WR!!
!
! #&"0G/&.G('&4',&.'-+"5!$'!965'/6)('2(-'/(.,!LG'0/+)%-!62%0/).,(7+%-!&')!%F%5&2%M!,%!)6&.,9!
&'-!E!9%-!%,J%+F!%,<().,,%5%,/'+F!5'(-!1(%,!&2+/z/!E!9%-!2.:(7+%-!9%!\!0.-/!0+//(,:!^R!
o
!
"
DQ"#'$+,"*.'4$,"
!
P!]Taf$!_!]--.0('/(.,!9%!2C60.,.5(%!,+56)(7+%!P!D//&8##iiiR'--.0('/(.,%0.,.5(%,+5%)(7+%RG)!!
P!]SfBf!P!J5+%S4(4/8(/IS#%(4/8(/f,(4/8(4/](#R5-%-K,(4/)/I-$'',('4/3%(#&'-5,G$(49/'(G$H&(/g(Q9/#%3/\>h/?/G$(%4/
,.*+#&4/(5;,'-55(.(5&+$B/M*!J+(22%/!3W""!
P!]hTf4!_!]+/.)(/6!9%!)6:+2'/(.,!9%-!0.55+,(0'/(.,-!62%0/).,(7+%-!%/!9%-!&.-/%-!P!iiiR')0%&RG)!
P!?Qaff!8!-/'/(-/(7+%-!-+)!2'!G)'0/+)%!,+56)(7+%!P!D//&8##iiiR(,-%%RG)#G)#GG0#(&i%1#(&";=W#(&";=WR&9G!!
P!B(,(-/V)%!9%!2Cf0.2.:(%!8!h'&&.)/!-+)!2%-!@?T!%/!2%!96<%2.&&%5%,/!9+)'12%!)%5(-%!'+!5(,(-/)%!9%!2Cf0.2.:(%!%,!
960%51)%!3WW[!D//&8##iiiR/%2%0.5R:.+<RG)#G.,9-k9.0+5%,/'()%#)'&&.)/-#W`#W`W;"")'&&.)/P/(099R&9G!!
!
P!B(,(-/V)%!9%!2C60.,.5(%!-+)!2%-!%,J%+F!9+!,+56)(7+%!8!0.,-+2/'/(.,!-+)!2%!,+56)(7+%!!
D//&8##iiiR%0.,.5(%R:.+<RG)#%0.,.5(%#0.,-+2/'/(.,P&)%&')'/(.,P&2',PG)',0%P,+5%)(7+%P3W3W!!
<"
!
!!!"#$%&$'()*+*,('"#-./
!
!
!