• Aucun résultat trouvé

Référentiels de compétences à l’université. Usages, rôles et limites

N/A
N/A
Protected

Academic year: 2022

Partager "Référentiels de compétences à l’université. Usages, rôles et limites"

Copied!
17
0
0

Texte intégral

(1)

Référentiels de compétences à l’université

Usages, rôles et limites

Systems of reference for competences and management of training at university:

roles, stakes and limits

Referenciales de competencias y pilotaje de formación en la universidad : función, retos y límites

Bezugssysteme der Kompetenzen und Ausbildungssteuerung an der Universität:

Rollen, Herausforderungen und Grenzen

Nadine Postiaux, Philippe Bouillard et Marc Romainville

Édition électronique

URL : http://journals.openedition.org/rechercheformation/185 DOI : 10.4000/rechercheformation.185

ISSN : 1968-3936 Éditeur

ENS Éditions Édition imprimée

Date de publication : 1 juillet 2010 Pagination : 15-30

ISSN : 0988-1824 Référence électronique

Nadine Postiaux, Philippe Bouillard et Marc Romainville, « Référentiels de compétences à l’université », Recherche et formation [En ligne], 64 | 2010, mis en ligne le 01 juillet 2012, consulté le 10 décembre 2020. URL : http://journals.openedition.org/rechercheformation/185 ; DOI : https://doi.org/10.4000/

rechercheformation.185

© Tous droits réservés

(2)

,- ./0-1 ÿ 3 45 0- ÿ 06 ÿ 5 7 87 6 0-

9ÿ:$" ÿ;<=>?@AB

CDEFGHIEJKÿMENHGÿOGÿPHQRGMMGISÿNQHGTQÿOUTVVQEÿVKOTWXWEYQGÿGDÿZXM[JG\]

9ÿ;^"#"ÿ_<A?``@a

CDEFGHIEJKÿMENHGÿOGÿPHQRGMMGISÿbT\QMJKÿOGIÿI\EGD\GIÿTVVMEYQKGI 9ÿc%ÿ<c@?:d?``e

fT\QMJKÿgXJHGhiTjGhOGhMThZTERÿOGÿgTjQH

0klm8kÿoÿpqÿrstusrtusÿvrwxsyzwsÿt{yzr|}~sÿÿqyq€xsrÿ€sÿr‚€sÿƒsxÿrw„wrsyz|s€xÿƒsÿ t{…vwzsytsxÿƒqyxÿ€sÿv|€{zq†sÿƒsÿ€qÿ„{r…qz|{yÿÿ€‡~y|ˆsrx|zwÿszÿƒqyxÿ€sxÿvrqz|‰~sxÿ

ƒ‡syxs|†ys…syzÿszÿƒ‡wˆq€~qz|{yÿƒsxÿsyxs|†yqyzxŠÿ1€€sÿs‹v€{rsÿw†q€s…syzÿ€sxÿ€|syxÿsyzrsÿ

€sÿr‚€sÿŒ{~wÿvqrÿ~yÿrw„wrsyz|s€ÿszÿ€sxÿt{yƒ|z|{yxÿ‰~|ÿ{yzÿvrwx|ƒwÿÿxqÿrwq€|xqz|{yŠÿp‡wz~ƒsÿ tr{|xwsÿƒsÿƒ|‹ÿtqxÿƒqyxÿƒ|„„wrsyzxÿvqxÿvsr…szÿƒsÿ…{yzrsrÿ‰~sÿƒqyxÿ€qÿv€~vqrzÿƒsxÿtqxÿ€sxÿ rw„wrsyz|s€xÿwz~ƒ|wxÿ{yzÿŒ{~wÿ~yÿr‚€sÿ}|syÿv€~xÿ|…v{rzqyzÿƒqyxÿ€sÿv|€{zq†sÿƒsÿ€qÿ„{r…qz|{yÿ

‰~sÿƒqyxÿ€sxÿvrqz|‰~sxÿƒ‡syxs|†ys…syzÿszÿƒ‡wˆq€~qz|{yŠ

87lŽ2pklÿoÿt{…vwzsytsÿvr{†rq……sÿƒsÿ„{r…qz|{yÿ„{r…qz|{yÿ|y|z|q€s

GÿHKbKHGDJEGMÿOGÿ\XjVKJGD\GIÿTÿMGÿÿFGDJÿGDÿVXQVGÿ’ÿOTDIÿMUGDIGEWDGjGDJÿ IQVKHEGQH“ÿZHXMXDWGjGDJÿOGIÿHKbXHjGIÿEIIQGIÿOGÿMUTVVHX\]GÿVTHÿ\XjVKJGD\GISÿ HG\XjjTDOTJEXDÿGQHXVKGDDGÿ”•XjjEIIEXDÿ–QHXVKGDDGSÿ—˜˜™ÿGJÿ—˜˜š›ÿGJÿTEOGÿ

œÿMTÿOK\EIEXDÿOTDIÿQDÿ\XDJGRJGÿOGÿbXHjTJEXDÿOGÿVMQIÿGDÿVMQIÿGRENMGÿIXDJÿTQJTDJÿ OGÿHTEIXDIÿYQEÿ\XDFGHWGDJÿT\JQGMMGjGDJÿFGHIÿMGÿHKbKHGDJEGMÿOGÿ\XjVKJGD\GI“ÿžTEIÿ YQUGDJGDOhXDÿDXQIÿGRT\JGjGDJÿVTHÿHKbKHGDJEGMÿGJÿVTHÿ\XjVKJGD\GÿŸ

  ÿ ¡*! " & ' ! ÿ $ÿ &! " &

¢£¢ÿ¥¦§¨©ª«¬­«

GÿJGHjGÿOGÿ\XjVKJGD\GÿGIJÿVXHJGQHÿOGÿOKbEDEJEXDIÿjQMJEVMGISÿYQTMEbEKÿOGÿ DKNQMGQIGÿVXM[jXHV]GÿGJÿVXM[IKjEYQGÿ”GjT®JHGÿ¯ÿ°TJTDXSÿ—˜˜±SÿV“ÿ²³›“ÿ´ÿMTÿ MQjEµHGÿOGIÿOK¶DEJEXDIÿVHKIGDJKGIÿ\EhOGIIXQISÿ\GJJGÿVXM[IKjEGÿTb¶HjKGÿIGjNMGÿ QDGÿKFEOGD\GÿœÿEDJGHHXWGH“ÿ–DÿGbbGJSÿœÿMTÿMG\JQHGÿOUÿXQFHTWGIÿHK\GDJIÿOGÿMTÿMEJJKHTJQHGÿ

(3)

!" !" ÿ$ÿ%&'()*&+ÿ,ÿ-./00

12345678649ÿ;ÿ9=ÿ>3ÿ72?5@A@64ÿ9A=ÿA6BAÿC6B=9ÿ@D762=34=9ÿ;ÿAB2ÿ>3ÿ46=@64ÿC9ÿ 56D7?=9459Eÿ>3ÿ564F92G9459ÿC9AÿC?H4@=@64Aÿ46BAÿ7323I=ÿ2?9>>9J

K9>64ÿL9MÿNOÿQRJEÿSÿT49ÿ56D7?=9459ÿ9A=ÿ>9ÿ13@=ÿC9ÿA3F6@2ÿ3556D7>@2ÿ91H5359D94=ÿ B49ÿ=U589ÿVÿWXYYZEÿ7Jÿ[\]Eÿ5^9A=_`_C@29ÿB49ÿ35=@64ÿ3M34=ÿB4ÿaB=JÿL9Mÿ@4A@A=9ÿAB2ÿ>9ÿ13@=ÿ bB9EÿbB@ÿC@=ÿ=U589ÿC@=ÿH43>@=?Jÿc9==9ÿ46=@64ÿ46BAÿ7323I=ÿ=9>>9D94=ÿ594=23>9ÿbB9ÿ46BAÿ A6B83@=64Aÿ297294C29ÿ>64GB9D94=ÿ>3ÿ7326>9ÿC9ÿ>^3B=9B2ÿdÿSÿT49ÿ=U589ÿ3ÿB4ÿA94Aÿ9=ÿ B49ÿ1645=@64ÿ3BÿA9@4ÿC9Aÿ35=@F@=?AÿA65@3>9D94=ÿ295644B9AÿC^B49ÿ5B>=B29ÿC644?9Jÿe>>9ÿ 3ÿB49ÿB=@>@=?ÿC34Aÿ>9ÿC6D3@49ÿ=9584@bB9EÿC34Aÿ59>B@ÿC9ÿ>3ÿ726CB5=@64ÿ9=ÿC9Aÿ?5834G9AEÿ 6BÿC34AÿB4ÿC9AÿC6D3@49AÿC6D9A=@bB9Eÿ76>@=@bB9EÿA65@3>Eÿ32=@A=@bB9EÿA56>3@29Eÿ9=5JÿT49ÿ

=U589ÿ3ÿC645ÿB49ÿH43>@=?Jÿc^9A=ÿ59==9ÿH43>@=?ÿbB@ÿ564A=@=B9ÿA64ÿB4@=?Eÿ9=ÿCBÿDfD9ÿ 56B7Eÿ59>>9ÿC9ÿ>3ÿ56D7?=9459Jÿc32ÿAB2ÿ>9ÿ7>34ÿ7AM586>6G@bB9EÿB49ÿ56D7?=9459ÿ9A=ÿ 1645@g29D94=ÿ8?=?26Gg49ÿdÿ9>>9ÿ79B=ÿD9==29ÿ94ÿh9BÿC9Aÿ56443@AA3459AÿC?5>323=@F9AEÿ C9Aÿ56443@AA3459Aÿ7265?CB23>9AEÿC9Aÿ3B=6D3=@AD9AEÿC9Aÿ23@A6449D94=AEÿC9AÿC644?9Aÿ 29=94B9Aÿ94ÿD?D6@29ÿC9ÿ=23F3@>EÿC9AÿA58gD9AÿA94A62@D6=9B2Aÿ6Bÿ4^@D762=9ÿbB9>ÿ 3AA9Da>3G9ÿC9ÿ59Aÿ?>?D94=Aÿ6Bÿ=6B=ÿ59ÿbB^64ÿF6BC23Jÿe>>9ÿ9A=ÿ8?=?26Gg49ÿ732ÿA9Aÿ 564A=@=B34=Aÿ9=ÿ86D6Gg49ÿ732ÿA3ÿH43>@=?ÿ=9584@56_A65@3>9JÿVÿWL9MEÿXYYiEÿ7Jÿjk]J

K9>64ÿl32C@1Eÿ>3ÿ56D7?=9459ÿ564A@A=9ÿ94ÿSÿB4ÿA3F6@2_3G@2ÿ56D7>9m9ÿ729434=ÿ377B@ÿ AB2ÿ>3ÿD6a@>@A3=@64ÿ9=ÿ>3ÿ56Da@43@A64ÿ91H5359AÿC^B49ÿF32@?=?ÿC9ÿ29AA6B259Aÿ@4=9249Aÿ 9=ÿ9m=9249Aÿ`ÿ>^@4=?2@9B2ÿC^B49ÿ13D@>>9ÿC9ÿA@=B3=@64AÿVÿWXYYiEÿ7JÿXX]J

K53>>64ÿ29729434=ÿn6AD34Eÿo?232Cÿ9=ÿL69G@92AÿWXYYY]EÿC?H4@=EÿbB34=ÿ`ÿ>B@Eÿ>3ÿ 56D7?=9459ÿ56DD9ÿSÿ>3ÿ76AA@a@>@=?Eÿ76B2ÿB4ÿ@4C@F@CBEÿC9ÿD6a@>@A92ÿC9ÿD34@g29ÿ

@4=?2@62@A?9ÿB4ÿ94A9Da>9ÿ@4=?G2?ÿC9ÿ29AA6B259Aÿ94ÿFB9ÿC9ÿ2?A6BC29ÿB49ÿ13D@>>9ÿC9ÿ A@=B3=@64A_726a>gD9AÿVÿWXYYpEÿ7Jÿ[Yk]J

q9D3I=29ÿ9=ÿr3=346ÿC64=ÿ>9Aÿ=23F3BmÿA64=ÿ7>BAÿ726589AÿC9AÿA65@6>6GB9AÿCBÿ=23F3@>ÿ 9=ÿCBÿ583D7ÿC9ÿ>3ÿ162D3=@64Eÿ72676A94=ÿB49ÿC?H4@=@64ÿA^32=@5B>34=ÿAB2ÿ=26@Aÿ76@4=AJÿ T49ÿ56D7?=9459ÿ9A=ÿB4ÿA3F6@2ÿ94ÿ35=9ÿ792162D?Eÿ9>>9ÿ9A=ÿB4ÿhBG9D94=ÿC9ÿF3>9B2ÿ 532ÿ9>>9ÿ9A=ÿ?F3>B?9ÿ792=@494=9ÿ94ÿ1645=@64ÿC^B4ÿ564=9m=9ÿ9=ÿ9>>9ÿ9A=ÿ564=9m=B3>@A?9ÿ WXYYpEÿ7Jÿ[i]J

K@ÿ>9AÿD6=Aÿ586@A@AÿA64=ÿ73216@AÿC@11?294=AÿA9>64ÿ>^62@G@49ÿ9=ÿ>9ÿ583D7ÿ564597=B9>ÿ 29A795=@1ÿC9Aÿ3B=9B2AEÿB49ÿ564F92G9459EÿC34Aÿ>3ÿC?H4@=@64ÿC9ÿ>3ÿ56D7?=9459EÿA9ÿ C?G3G9ÿ9=ÿA9ÿ564A=2B@=ÿ3B=6B2ÿC9ÿ=26@Aÿ76@4=AÿdÿB4ÿ726a>gD9ÿ6Bÿ=U589ÿ56D7>9m9EÿB4ÿ 94A9Da>9ÿC9ÿ29AA6B259AÿC@F92A9Aÿ`ÿD6a@>@A92ÿ9=ÿB49ÿ35=@64ÿ91H5359JÿT4ÿbB3=2@gD9ÿ 76@4=ÿbB@EÿC34Aÿ>9ÿ583D7ÿC9ÿ>3ÿ162D3=@64Eÿ46BAÿA9Da>9ÿ9AA94=@9>ÿ9A=ÿ>^9m@A=9459ÿC^B49ÿ H43>@=?EÿC^B4ÿaB=ÿ9=ÿC645ÿC^B4ÿA94AJ

e4ÿ9119=EÿA@ÿ>^@C?9ÿC^35=@64ÿH43>@A?9ÿ9A=ÿA34AÿC6B=9ÿ72?A94=9ÿ@D7>@5@=9D94=ÿC34Aÿ>3ÿ 46=@64ÿC9ÿ=U589Eÿ>9ÿA6B>@G492ÿ9A=ÿ4?59AA3@29Jÿc32Eÿ56DD9ÿ>9ÿA@G43>9ÿL9MÿWXYYi]Eÿ5^9A=ÿ a@94ÿ>3ÿH43>@=?ÿbB@ÿF3ÿC64492ÿA64ÿB4@5@=?ÿ`ÿ>3ÿ56D7?=9459ÿ3>62AÿbB9ÿ>9Aÿ29AA6B259Aÿ D6a@>@A?9Aÿ79BF94=Eÿ9>>9AEÿf=29ÿC@A7323=9Aÿ9=ÿDB>=@7>9AJÿc9==9ÿH43>@=?ÿ79B=ÿC645ÿA92F@2ÿ C9ÿ76@4=ÿC9ÿ297g29ÿ76B2ÿ>9Aÿ94A9@G434=Aÿ9=ÿ76B2ÿ>9Aÿ37729434=AEÿC34AÿB49ÿA@=B3=@64ÿ C^94A9@G49D94=ÿ56DD9ÿC34AÿB49ÿA@=B3=@64ÿC^?F3>B3=@64J

(4)

*+ÿ-./0.-ÿ12ÿ3.456/2-32ÿ7.87ÿ9:+-;92ÿ127ÿ+//2-/27ÿ1:8-ÿ2-<0=.--242-/ÿ 16/2=40-6>ÿ27/ÿ1+<+-/+;2ÿ5=672-/2ÿ3?2@ÿ927ÿ57A3?.9.;827ÿ.8ÿ7.30.9.;827ÿ18ÿ/=+<+09Bÿ C.8=ÿ28DÿEF?+8<0;-6>ÿG+;297H>ÿ9+ÿ3.456/2-32ÿ3.==275.-1ÿ/.8I.8=7ÿJÿ8-2ÿ+3/0<0/6ÿ 7.84072ÿJÿ8-2ÿ+//2-/2ÿ7.30+92>ÿ+3/0<0/6ÿKÿ=23.--82ÿMÿ3.442ÿ2NN03+32ÿ1+-7ÿ8-ÿ 3.-/2D/2ÿ1.--6>ÿO+=P02=ÿ+99+-/ÿI87Q8:Jÿ10=2ÿQ82ÿ9+ÿ3.456/2-32ÿ-:2D07/2ÿQ82ÿ1+-7ÿ 92ÿI8;242-/ÿ1:+8/=80ÿ2/ÿQ8:09ÿ7:+;0/ÿ9JÿKÿ1:8-ÿRSTUVWXRVÿQ80ÿN+0/ÿN=6Q82442-/ÿ9:.PI2/ÿ 1:8-ÿ5=.327787ÿ12ÿ-+/8=+907+/0.-ÿMÿEYZZ[>ÿ5Bÿ\]HB

^;+9242-/>ÿQ829Q82ÿ528ÿ2-ÿ4+=;2ÿ127ÿ5=2402=7ÿ+8/28=7ÿ30/67>ÿF?.47_Aÿ+55.=/2ÿ 8-ÿ639+0=+;2ÿ0-/6=277+-/ÿEF?.47_A>ÿ`a[aHBÿF.442ÿ9:2D590Q82ÿ/=b7ÿ39+0=242-/ÿc2Aÿ EYZZ[H>ÿF?.47_Aÿ3.-701b=2ÿQ82ÿ9+ÿ3.456/2-32>ÿ+8d129Jÿ12ÿ7+ÿ4+-0N27/+/0.->ÿ27/ÿ92ÿ 7A7/b42ÿ12ÿ=b;927ÿ52=42//+-/ÿJÿ8-ÿ9.38/28=d+810/28=ÿ12ÿ5+=92=ÿ2/ÿ12ÿ3.45=2-1=2ÿ 7+ÿ9+-;82ÿ4+/2=-2992BÿF2/ÿ2-724P92ÿ12ÿ=b;927ÿ0-/6;=627ÿ27/ÿ32ÿQ80ÿ980ÿ52=42//=+ÿ12ÿ 5=.180=2ÿ127ÿ6-.-367ÿ-.8<2+8D>ÿ32ÿQ80ÿ-2ÿ72=+0/ÿ5+7ÿ92ÿ3+7ÿ7:09ÿ78Ne7+0/ÿ1:+55=2-1=2ÿJÿ 5+=92=ÿ2/ÿJÿ3.45=2-1=2ÿ5+=ÿ3.-10/0.--242-/ÿ2/ÿ2D5.70/0.-ÿ=656/62BÿF2//2ÿ5=.5.70/0.-ÿ 7.890;-2ÿ92ÿ3+=+3/b=2ÿ.56=+/.0=2ÿ12ÿ9+ÿ3.456/2-32ÿQ80ÿ=2-1ÿ92ÿ78I2/ÿ3+5+P92ÿ12ÿ

;6-6=2=ÿ8-2ÿ=65.-72ÿ-.8<2992ÿ1+-7ÿ8-2ÿ70/8+/0.-ÿ70-;890b=2B

*+ÿ16e-0/0.-ÿ12ÿ9+ÿ3.456/2-32ÿJÿ5+=/0=ÿ12ÿ9+Q82992ÿ-.87ÿ+99.-7ÿ/=+<+0992=ÿ27/ÿ9+ÿ 780<+-/2Bÿ*+ÿ3.456/2-32ÿ4.P09072ÿ8-ÿ2-724P92ÿ12ÿ=277.8=327ÿ489/05927ÿ52=42//+-/ÿ 12ÿ=67.81=2ÿ8-2ÿ/f3?2ÿ1.-/ÿ9+ÿe-+90/6ÿ27/ÿ70;-0e3+/0<2ÿ2/ÿ+55+=2-/2ÿ5.8=ÿ9:+55=2-+-/>ÿ 52=42/ÿ12ÿ;6-6=2=ÿ8-2ÿ=65.-72ÿ+16Q8+/2ÿ1+-7ÿ8-2ÿ70/8+/0.-ÿ70-;890b=2>ÿ72=+ÿ 3.-7016=62ÿ3.442ÿ/2992ÿ70ÿ2992ÿ27/ÿI8;62ÿ2Ne3+32ÿ5+=ÿ+8/=80>ÿ0-73=0/ÿ9+ÿN.=4+/0.-ÿ1+-7ÿ 8-ÿ4.1b92ÿ3.-7/=83/0<07/2ÿQ8+-1ÿ2992ÿ27/ÿ9+ÿ5=6.3385+/0.-ÿ32-/=+92ÿ1:8-2ÿ+3/0<0/6ÿ 1:2-720;-242-/B

G.87ÿ=2<02-1=.-7ÿ78=ÿ32//2ÿ12=-0b=2ÿ+772=/0.-ÿ2-ÿ+P.=1+-/ÿ9+ÿQ827/0.-ÿ127ÿ

=6N6=2-/0297B ghiÿklmlnopqros

G.87ÿ+<.-7ÿ.P72=<6ÿQ82ÿ528ÿ12ÿ=6N6=2-/0297ÿ12ÿ3.456/2-327ÿ7.-/ÿN.=48967ÿ2-ÿ /2=427ÿ12ÿ3.456/2-32>ÿ+8ÿ72-7ÿ7/=03/ÿ12ÿ9+ÿ16e-0/0.-ÿ6-.-362ÿ30d127787Bÿt-ÿ2NN2/>ÿ9+ÿ N.=489+/0.-ÿ2-ÿ3.456/2-327ÿ27/ÿ8-ÿ2D2=3032ÿ3.4592D2ÿ2D0;2+-/ÿ8-2ÿ<070.-ÿ;9.P+92ÿ 2/ÿ107/+-362ÿ12ÿ9+ÿN.=4+/0.->ÿ<070.-ÿ5+=N.07ÿ10Ne3092ÿ5.8=ÿ927ÿ2-720;-+-/7ÿ2-ÿ3?+=;2ÿ 1:8-2ÿ5+=/02ÿ9040/62ÿ12ÿ9+ÿN.=4+/0.-BÿG./+442-/>ÿ92ÿ=6N6=2-/029ÿ/2=40-+9ÿ2/ÿ;9.P+9ÿ 1:8-2ÿN.=4+/0.-ÿ8-0<2=70/+0=2ÿ0-0/0+92ÿ-2ÿ=2-1ÿQ82ÿ/=b7ÿ528ÿ3.45/2ÿ1:2-720;-242-/7ÿ 10/7ÿ12ÿP+72ÿ.8ÿ2-3.=2ÿ12ÿ3.8=7ÿJÿ.5/0.->ÿ5+=/0299242-/ÿ2-ÿ4+=;2ÿ12ÿ9+ÿN.=4+/0.-Bÿu9ÿ 27/ÿ+=18ÿ1+-7ÿ32ÿ3+7ÿ5.8=ÿ927ÿ2-720;-+-/7ÿ3?+=;67ÿ12ÿ327ÿ3.8=7ÿ12ÿ<078+9072=ÿ928=ÿ=v92ÿ 1+-7ÿ9+ÿN.=4+/0.-BÿF2//2ÿ.P72=<+/0.-ÿ3.-180/ÿ+8ÿ3.-7/+/ÿ780<+-/ÿwÿ9+ÿ5+=329907+/0.-ÿ 12ÿ9+ÿN.=4+/0.-ÿ2-ÿ69642-/7ÿ3.-7/0/8/0N7>ÿ2/ÿ32ÿ1+-7ÿ92ÿP8/ÿ12ÿ=2-1=2ÿ3?+38-ÿ127ÿ 4+099.-7ÿ<070P927ÿ2/ÿ12ÿ42//=2ÿ2-ÿ59+32ÿ8-2ÿ164+=3?2ÿQ80ÿ72ÿ<28/ÿ2D?+87/0<2ÿ2/ÿ .PI23/0<+P92>ÿ5.8==+ÿ+P.8/0=>ÿ1+-7ÿ32=/+0-7ÿ3+7>ÿJÿ9:87+;2ÿ12ÿ4.1b927ÿ/?6.=0Q827ÿ +-/6=028=7ÿ+8ÿ3.8=+-/ÿ127ÿ3.456/2-327>ÿ<.0=2ÿJÿ9:87+;2ÿ7852=5.76ÿ12ÿ4.1b927ÿ /?6.=0Q827ÿ10NN6=2-/7Bÿt-ÿ2NN2/>ÿ70ÿ3?+Q82ÿ.PI23/0Nÿ5.8=780<0ÿ5+=ÿ3?+Q82ÿ3.8=7ÿ1.0/ÿ

(5)

!" !" ÿ$ÿ%&'()*&+ÿ,ÿ-./011

2345673ÿ9:;<7ÿ72ÿ6=>=?=:=2@ÿA;B>ÿ:7ÿ3@C@37B2=7:Dÿ<7:5=E<=ÿ3=>F573;=2ÿA7ÿ973A37ÿ:7ÿ<;3;<2G37ÿ

=B2@H3@ÿ934937ÿIÿ:;ÿB42=4BÿA7ÿ<4J9@27B<7ÿ72ÿA7ÿ37>>7J?:73ÿA;6;B2;H7ÿIÿ5B7ÿ:4BH57ÿ :=>27ÿA@<4J94>@7Dÿ9:5>ÿ934<K7ÿA7ÿ:;ÿ9@A;H4H=7ÿ9;3ÿ4?L7<2=C>ÿF57ÿA7ÿ:M;9934<K7ÿ9;3ÿ

<4J9@27B<7>N

O=B>=Dÿ<M7>2ÿIÿA7>>7=BÿF57ÿB45>ÿ52=:=>4B>ÿ:7ÿ273J7ÿA7ÿ3@C@37B2=7:ÿA7ÿ<4J9@27B<7>ÿ9;3ÿ 4994>=2=4Bÿ;5ÿ273J7ÿA7ÿPQRSTUTVÿXYZ[X\Q]Nÿ^Bÿ7CC72Dÿ?=7BÿF5M52=:=>@>ÿ:M5Bÿ9453ÿ:M;5237Dÿ

<7>ÿ273J7>ÿ37B64=7B2ÿIÿA7>ÿ3@;:=2@>ÿA=CC@37B27>ÿ>53ÿ:7>ÿ9:;B>ÿ@9=>2@J4:4H=F57ÿ72ÿ 49@3;2=4BB7:Nÿ_3=G67J7B2Dÿ:7>ÿPQRSTUTVÿXYZ[X\Q]ÿ>4B2ÿ=>>5>ÿA5ÿ<453;B2ÿ?7K;6=43=>27Dÿ 97B>@>ÿA;B>ÿ5Bÿ7B6=34BB7J7B2ÿ>4<=494:=2=F57Dÿ:7>ÿ`2;2>EaB=>Dÿ<;3;<2@3=>@>ÿ9;3ÿ5Bÿ 2733=24=37ÿ6;>27ÿ72ÿA@<7B23;:=>@Dÿ72ÿ9453ÿ5Bÿ7B>7=HB7J7B2ÿ4?:=H;24=37ÿ3@>4:5J7B2ÿ 43=7B2@ÿ673>ÿ:M@6;:5;2=4BÿA7>ÿ;<F5=>ÿA7ÿ>432=7ÿA7ÿ:M7B>7=HB7J7B2ÿ72ÿB4Bÿ673>ÿ:7ÿ 934<7>>5>ÿAM;9937B2=>>;H7ÿ<4B23;=37J7B2ÿIÿ:M;9934<K7ÿ9;3ÿ<4J9@27B<7>Nÿb;3ÿ:;ÿ 3@C@37B<7ÿ7c9:=<=27ÿIÿ:;ÿ2d<K7ÿ=B2@H3@7Dÿ72ÿB4BÿIÿ>;ÿA@<4J94>=2=4Bÿ7Bÿ<4J94327J7B2>ÿ 4?>736;?:7>DÿB45>ÿ<4B>=A@34B>ÿ:;ÿ<4J9@27B<7ÿA;6;B2;H7ÿ:=@7ÿ;5ÿ<453;B2ÿ

<4B>235<2=6=>27N

efgÿijklmnlmopqmÿmqjrÿstuÿuvwvulmnxlyÿ{

|4JJ7ÿ:7ÿ93494>7ÿ}=H;3=ÿ~€€‚Dÿ9;3ÿ>;ÿ>=HB=ƒ<;2=4BÿA;B>ÿ:;ÿ:;BH57ÿC3;B„;=>7Dÿ :7ÿJ42ÿ3@C@37B2=7:ÿ9752ÿ37B64…73ÿIÿA75cÿ>7B>ÿ934<K7>ÿJ;=>ÿ<797BA;B2ÿA=CC@37B2>ÿ72ÿ

>532452ÿ37B64…;B2ÿIÿA7>ÿ5>;H7>ÿA=CC@37B2>N

†7ÿ3@C@37B2=7:Dÿ7Bÿ2;B2ÿF57ÿ>…>2GJ7ÿA7ÿ3@C@37B<7>Dÿ9752ÿ‡237ÿ<4J93=>ÿ<4JJ7ÿ@2;B2ÿ

ƒc@ÿ5B7ÿC4=>ÿ9453ÿ24527>Dÿ937><3=92=CDÿH@B@3;:=>;?:7ÿ72ÿB43J;2=CDÿ72ÿ;5>>=ÿ5Bÿ379G37ÿ;5ÿ

>7B>ÿ:;3H7Dÿ5Bÿ<;A37ÿ>53ÿ:7F57:ÿ=:ÿ7>2ÿ94>>=?:7Dÿ45ÿB4BDÿA7ÿC4BA73ÿ>4Bÿ;<2=4BN

b;>23@ÿ~€€€‚ÿ37:G67ÿF57ÿˆÿ:7ÿ?7>4=BÿA7ÿ>7ÿ3@C@373ÿIÿA7>ÿB43J7>ÿ45ÿIÿA7>ÿ3GH:7>ÿ

<4::7<2=67>ÿ72Š45ÿ=B>2=252=4BB7::7>ÿ7>2ÿ<4J93@K7B>=?:7ÿ72ÿ37>97<2;?:7ÿ‹ÿ:Iÿ4ŒÿAM;5237>ÿ

<4B>=A@3734B2ÿF5M=:ÿ>M;H=2ÿAM5Bÿ<;3<;BDÿAM5Bÿˆÿ<439>ÿA7ÿ93@<4B=>;2=4B>ÿ9453ÿ:M;H7B2ÿ‹ÿ

~_4BB=4:ÿÿŽ=;:Dÿ€€Dÿ9Nÿ‚N

‘ÿ<7ÿ93494>Dÿ:;ÿJ=>7ÿ7BÿH;3A7ÿA7ÿ’;53…ÿ<4B237ÿ:;ÿ27B2;2=4BÿA7ÿ<34=37ÿF5M5Bÿ 3@C@37B2=7:ÿ>73;ÿ5B7ÿ3793@>7B2;2=4BÿL5>27ÿA7ÿ:;ÿ3@;:=2@ÿAM5BÿJ@2=73ÿ45ÿAM5B7ÿ C43J;2=4BDÿ7>2ÿ9732=B7B27ÿ“ÿˆÿF57:>ÿF57ÿ>4=7B2ÿ>;ÿF5;:=2@ÿ72ÿ>4BÿB=67;5ÿA7ÿ9732=B7B<7Dÿ 2452ÿ3@C@37B2=7:ÿ7>2ÿ;=B>=ÿIÿ<4B>=A@373ÿ9:5>ÿ<4JJ7ÿ5B7ÿ<4JJ4A=2@Dÿ943275>7ÿA7ÿ :=J=2;2=4B>DÿF57ÿ<4JJ7ÿ5Bÿ;?>4:5ÿ‹ÿ~””•Dÿ9Nÿ•‚N

0– ÿ 5—ÿ ˜3 —3 ™4—ÿ —šÿ 5—ÿ 4™ 3 ™4—

†7ÿ3@C@37B2=7:ÿ>73;ÿ7B27BA5ÿA;B>ÿ:7ÿ>7B>ÿ:;3H7ÿA7ÿ<7ÿˆÿF5=ÿ6=7B2ÿC;=37ÿ3@C@37B<7ÿ‹ÿ 9453ÿ5BÿH34597ÿA7ÿ973>4BB7>Nÿ†7ÿ3@C@37B2=7:ÿ7>2ÿ5Bÿ<;A37ÿ<4::7<2=CDÿ5B7ÿ43H;B=>;2=4Bÿ AM5Bÿ3@7:ÿ9;32;H@ÿ9;3ÿ5BÿH34597ÿAM=BA=6=A5>ÿ<4B<73B@>ÿ9;3ÿ:;ÿC43J;2=4BÿF5M=:ÿA@<3=2N

O=B>=Dÿ’;53…ÿ93494>7ÿ5B7ÿA@ƒB=2=4BÿF5=ÿ7c93=J7ÿ?=7Bÿ:;ÿA=673>=2@ÿA7ÿC43J7ÿA7ÿ :M4?L72ÿ“ÿˆÿ:7ÿ273J7ÿA7ÿ3@C@37B2=7:DÿIÿ7B27BA37ÿ:7ÿ9:5>ÿ>=J9:7J7B2ÿA5ÿJ4BA7ÿ<4JJ7ÿ 5Bÿ=B67B2;=37ÿA@2;=::;B2ÿA;B>ÿ5B7ÿ>235<2537ÿ;3?437><7B27ÿA7>ÿ<4BA=2=4B>ÿF57ÿ:M4Bÿ

(6)

*+,-./.,ÿ1ÿ2,*3,45,26ÿ3725,6ÿ*,87-ÿ8,ÿ47-5,95,ÿ,5ÿ8,ÿ:7:,-56ÿ*;2ÿ<,*ÿ47:3=5,-4,*ÿ 7;ÿ<,*ÿ/45>?>5=*6ÿ?7>2,ÿ*;2ÿ<+/;52,*ÿ<>:,-*>7-*@ÿBÿCDEEF6ÿ3@ÿGH@

I,ÿ:/->J2,ÿ38;*ÿ32=4>*,6ÿ-7;*ÿ<>*5>-.;,27-*ÿ527>*ÿ->?,/;9ÿ<,ÿ<=K->5>7-ÿ<;ÿ 2=L=2,-5>,86ÿ4,*ÿ527>*ÿ->?,/;9ÿ2,32,-/-5ÿ527>*ÿ;*/.,*ÿ<;ÿ2=L=2,-5>,8ÿ*;2ÿ8,*M;,8*ÿ-7;*ÿ 2,?>,-<27-*ÿ</-*ÿ-7*ÿ2=*;85/5*@ÿN,*ÿ<=K->5>7-*ÿ*+>-*3>2,-5ÿ<,*ÿ52/?/;9ÿ<,ÿNO/;?>.-=6ÿ I,:>88/46ÿP,ÿQ7LLÿRSÿUV@ÿCDEEGH@

P,ÿ2=L=2,-5>,8ÿ<,ÿ47:3=5,-4,*ÿ,*5ÿ;-ÿ<,*42>35>Lÿ.87W/8ÿ<,*ÿ47:3=5,-4,*ÿ/55,-<;,*ÿ

<+;-ÿ=5;<>/-5ÿ1ÿ8/ÿK-ÿ<+;-,ÿL72:/5>7-ÿ7;ÿ<+;-,ÿ3/25>,ÿ<,ÿL72:/5>7-@

P,ÿ2=L=2,-5>,8ÿ<,ÿL72:/5>7-ÿ:,5ÿ,-ÿ4722,*37-</-4,ÿ8,ÿ2=L=2,-5>,8ÿ<,ÿ47:3=5,-4,*ÿ /?,4ÿ8+72./->*/5>7-ÿ<,ÿ8/ÿL72:/5>7-@ÿI/-*ÿ4,25/>-*ÿ4/*6ÿ>8ÿ<=47:37*,ÿ8,*ÿ47:3=5,-4,*ÿ ,-ÿ*7;*X47:3=5,-4,*ÿ/33,8=,*ÿ3/2L7>*ÿ4/3/4>5=*@

P,ÿ2=L=2,-5>,8ÿ<,ÿ?/8></5>7-ÿC7;ÿ<+=?/8;/5>7-ÿ7;ÿ<,ÿ4,25>K4/5>7-Hÿ,*5ÿ=./8,:,-5ÿ

;-,ÿ<=48>-/>*7-ÿ<;ÿ2=L=2,-5>,8ÿ<,ÿ47:3=5,-4,*ÿ,5ÿ/33725,ÿ<,*ÿ>-L72:/5>7-*ÿM;/-5ÿ 1ÿ8/ÿ:/->J2,ÿ<+=?/8;,2ÿ8,*ÿ/4M;>*ÿ<,ÿ8+=5;<>/-5ÿ,5ÿ<7-4ÿ<7--,ÿ;-ÿ4/<2,ÿ37;2ÿ 47-K2:,2ÿ7;ÿ>-K2:,2ÿ8+/55,>-5,ÿ<,*ÿ47:3=5,-4,*ÿ?>*=,*@ÿY8ÿ3,;5ÿZ52,ÿL72:;8=ÿ*7;*ÿ

;-,ÿL72:,ÿ327.2,**>?,6ÿ4+,*5X1X<>2,ÿ2,-<2,ÿ47:35,ÿ<,*ÿ=5/3,*ÿ</-*ÿ8+/4M;>*>5>7-ÿ

<+;-,ÿ47:3=5,-4,@ÿY8ÿ3,;5ÿ=./8,:,-5ÿ>-5=.2,2ÿ<,*ÿ->?,/;9ÿ<,ÿ*3=4>K4/5>7-ÿ<,ÿ4,ÿ M;>ÿ*,2/ÿ=?/8;=ÿ[ÿ>-<>4/5,;2ÿC4,ÿM;>ÿ*,2/ÿ32>*ÿ,-ÿ47:35,ÿ37;2ÿ5=:7>.-,2ÿ<,ÿ8+/4M;>*Hÿ ,5ÿ42>5J2,ÿC8/ÿ:,*;2,ÿ;5>8>*=,H@

\] ÿ ^496 7 5ÿ 4ÿ 34_43_4

`abÿdefghijklmnop

q-52,ÿ32,**>7-ÿ,;273=,--,ÿ,5ÿ>->5>/5>?,ÿ<+,-*,>.-/-5*6ÿ8/ÿ:7-5=,ÿ,-ÿ3;>**/-4,ÿ

<,*ÿ2=L=2,-5>,8*ÿ1ÿ8+;->?,2*>5=ÿ,5ÿ8+=-,2.>,ÿ>-?,*5>,ÿ3/2ÿW7-ÿ-7:W2,ÿ<+=M;>3,*ÿ

<+,-*,>.-/-5*X4O,24O,;2*ÿ-7;*ÿ7-5ÿ/:,-=*ÿ1ÿ-7;*ÿ>-5,227.,2ÿ*;2ÿ8,ÿ2r8,ÿs7;=ÿ3/2ÿ4,*ÿ 2=L=2,-5>,8*@ÿP,*ÿ<=:/24O,*ÿ<=?,8733=,*ÿ*7-5ÿ:;85>38,*ÿ,5ÿ8,*ÿ2=L=2,-5>,8*ÿ327<;>5*ÿ 7-5ÿ<,*ÿL72:,*ÿ<>?,2*,*ÿ*/-*ÿM;,ÿ8/ÿ8>55=2/5;2,ÿ<,ÿ2=L=2,-4,ÿ-,ÿL7;2->**,ÿW,/;47;3ÿ

<,ÿ2,47::/-</5>7-*ÿ*;2ÿ8,*ÿ4O7>9ÿ1ÿ73=2,2@ÿN+,*5ÿ37;2M;7>6ÿ/;ÿ:7:,-5ÿ7tÿ8,*ÿ ,-*,>.-/-5*ÿ*,ÿ8/-4,-5ÿ</-*ÿ4,55,ÿ,-52,32>*,6ÿ>8ÿ-7;*ÿ/ÿ*,:W8=ÿ,**,-5>,8ÿ<,ÿ5,-5,2ÿ

<+=48/>2,2ÿ8,*ÿ<=4>*>7-*ÿ1ÿ32,-<2,ÿ3/2ÿ8+/-/8u*,ÿ<,ÿ4/*ÿ</-*ÿ<,*ÿ3/u*ÿ<>LL=2,-5*6ÿ1ÿ<,*ÿ :7:,-5*ÿ<>LL=2,-5*ÿ,5ÿ</-*ÿ<,*ÿ47-5,95,*ÿ>-*5>5;5>7--,8*ÿ<>LL=2,-5*@

P,*ÿ4/*ÿ*7-5ÿ/-/8u*=*ÿ1ÿ52/?,2*ÿ8,*ÿM;,*5>7-*ÿ*;>?/-5,*@ÿI+;-,ÿ3/256ÿ8,ÿ2=L=2,-5>,8ÿ

<,ÿ47:3=5,-4,*ÿ3,;5X>8ÿs7;,2ÿ;-ÿ2r8,ÿ</-*ÿ8,ÿ3>875/.,ÿ<+;-,ÿL72:/5>7-ÿ,5ÿ</-*ÿ 8,*ÿ32/5>M;,*ÿ<+,-*,>.-,:,-5ÿ,5ÿ<+=?/8;/5>7-ÿ<,*ÿ,-*,>.-/-5*ÿvÿI+/;52,ÿ3/256ÿ8,*ÿ 47-<>5>7-*ÿM;>ÿ32=*><,-5ÿ1ÿ*7-ÿ=8/W72/5>7-ÿ,5ÿ1ÿ*/ÿ<>LL;*>7-ÿ7-5X,88,*ÿ;-ÿ>:3/45ÿ*;2ÿ 8,ÿ2r8,ÿs7;=ÿ3/2ÿ8,ÿ2=L=2,-5>,8ÿv

N,55,ÿM;,*5>7-ÿ3,;5ÿZ52,ÿ32=4>*=,@ÿN7::,-5ÿ8,ÿ2=L=2,-5>,8ÿ3,2:,5X>8ÿ<,ÿ M;,*5>7--,2ÿ8,ÿ327.2/::,6ÿ<+/><,2ÿ1ÿ8/ÿ32>*,ÿ<,ÿ<=4>*>7-6ÿ<+>-w;,-4,2ÿ8,*ÿ32/5>M;,*ÿ

<+,-*,>.-,:,-5ÿ,5ÿ<+=?/8;/5>7-ÿ<,*ÿ,-*,>.-/-5*ÿvÿI/-*ÿM;,8ÿ*,-*ÿ?7-5ÿ8,*ÿ,LL,5*ÿ

(7)

!" !" ÿ$ÿ%&'()*&+ÿ,ÿ-./0

12345673ÿ49ÿ4:ÿ;<1=ÿ31:9>=?3ÿ=@A<9B2?43ÿB<ÿ57C754:9=4?ÿEÿF<4?3ÿ31:9ÿ?43ÿ?=4:3ÿ12345673ÿ 4:954ÿ?43ÿG1:H=9=1:3ÿH4ÿ31:ÿ7?B215B9=1:ÿ49ÿ31:ÿ<3BI4ÿE

J43ÿ4:9549=4:3ÿA57?=@=:B=543ÿ49ÿ?43ÿG1:G?<3=1:3ÿH4ÿ;<4?;<43ÿG1@@<:=GB9=1:3ÿ 3<5ÿ?4ÿ3<K49ÿLMB54:9ÿNOÿQRSTÿUVVWÿXÿY1GZ45ÿ[ÿ\4ÿ]1CCTÿUVVW^ÿ:1<3ÿ1:9ÿA45@=3ÿH4ÿ A5734:945ÿ?_Z=391=54ÿH_<:ÿ57C754:9=4?ÿ49ÿ343ÿGB5BG975=39=;<43ÿLG=>H4331<3^Tÿ49ÿH_79B2?=5ÿ

?4ÿ;<439=1::B=54ÿA1<5ÿ?43ÿ4:9549=4:3S

\_Z=391=54ÿH_<:ÿ57C754:9=4?

`?B215B9=1: J=CC<3=1: a3BI4

\_15=I=:4ÿH4ÿ?BÿH4@B:H4

\4ÿ@B:HB9

\4ÿG1@@B:H=9B=54

\4ÿI51<A4ÿBG9=Cÿ1<ÿ?Bÿ A4531::4ÿBG9=64

\4ÿ31<9=4:ÿH<ÿG1@@B:H=9B=54

\Bÿ@79Z1H1?1I=4ÿGZ1=3=4

\4ÿ@1Hb?4ÿH4ÿ57C754:G4

\4ÿ1<ÿ?43ÿB<94<53ÿH4ÿ57C754:G4

\4ÿGZ1=cÿH<ÿ1<ÿH43ÿ3<AA1593ÿ H4ÿH=CC<3=1:

\43ÿ@1H43ÿH4ÿG1@@<:=GB9=1:ÿ 4:ÿ=:945:4ÿLK1<5:743ÿB<ÿ6459Tÿ 37@=:B=543ÿH4ÿC15@B9=1:Tÿ 4:61=3ÿ1CdG=4?3Tÿ49GS^

\43ÿ@1H43ÿH4ÿG1@@<:=GB9=1:ÿ 4:ÿ4c945:4

\4ÿGZ1=cÿH<ÿ1<ÿH43ÿA1594<53ÿ H<ÿ@433BI4

a3BI43ÿCB=93ÿH<ÿ

57C754:9=4?ÿAB5ÿ?43ÿeBG<?973Tÿ AB5ÿ?43ÿA51C4334<53TÿAB5ÿ?43ÿ 79<H=B:93Tÿ49GS

fCC493ÿ3<5ÿ?43ÿA5B9=;<43ÿ H_4:34=I:4@4:9ÿ49ÿ H_76B?<B9=1:

fCC493ÿ3<5ÿ?BÿA45G4A9=1:ÿH4ÿ

?BÿC15@B9=1:ÿB<A5b3ÿH43ÿ 79<H=B:93ÿ49ÿH43ÿ4@A?1g4<53 h3ij5ÿ0ÿlÿ7mn5413o4ÿ25nÿo3nÿpop54nÿmnÿ214nÿq3no35ÿ2qj4ÿmrm5435

stuÿwxyz{|{}{~€

\BÿH7@B5GZ4ÿ;<4ÿ:1<3ÿB61:3ÿBH1A974ÿ54?b64ÿH4ÿ?Bÿ54GZ45GZ4ÿ=:94564:9=1:ÿ C1:G9=1::B?=394ÿ;<4ÿB:ÿH45ÿ‚B54:ÿLUVVƒ^ÿH7d:=9ÿG1@@4ÿ<:4ÿ54GZ45GZ4ÿA5BI@B9=;<4ÿ 15=4:974ÿ6453ÿ?_12K49Tÿ?_12K49ÿ6=37ÿ79B:9ÿ?Bÿ31?<9=1:ÿC1:G9=1::4??4ÿB<ÿA512?b@4ÿ

=H4:9=d7Sÿ\4ÿH764?1AA4@4:9ÿH4ÿG4994ÿ31?<9=1:ÿAB334ÿB?153ÿAB5ÿ?_B:B?g34ÿH4ÿ2431=:3ÿ 49ÿ?Bÿ@=34ÿB<ÿA1=:9ÿH_1<9=?3TÿH4ÿ94GZ:=;<43ÿ49ÿH4ÿ395B97I=43ÿBHBA9743ÿB<ÿG1:94c94S

„1954ÿ@79Z1H4ÿH4ÿ54GZ45GZ4ÿ54A134ÿ3<5ÿH4<cÿ94GZ:=;<43ÿA5=:G=AB?43ÿ…ÿ

?_123456B9=1:ÿAB59=G=AB:94ÿ†ÿ95B6453ÿ?4ÿ57G=9ÿH=BGZ51:=;<4ÿH_<:4ÿ79<H4ÿH4ÿGB3ÿH_<:4ÿ AB59Tÿ49ÿH_B<954ÿAB59TÿH43ÿ4:9549=4:3ÿ34@=>H=5=I73ÿB<A5b3ÿH_<:ÿ7GZB:9=??1:ÿ543954=:9Tÿ 31=9ÿ<:4ÿ79<H4ÿG1@AB5B9=64ÿH4ÿH=cÿGB3Sÿ„1<3ÿ:4ÿ54A54:H51:3TÿHB:3ÿG49ÿB59=G?4Tÿ;<4ÿ

?43ÿ573<?9B93ÿ54?B9=C3ÿ†ÿ?_79<H4ÿG1@AB5B9=64S stsÿ‡yˆ|€ÿ‰{Š‹ŒŒyŽ€ÿ|€ÿ|ÿ‰Œ

\_7GZB:9=??1:ÿBÿ797ÿG1:39=9<7ÿ3<5ÿ?Bÿ2B34ÿH43ÿG5=9b543ÿA5=:G=AB<cÿ3<=6B:93ÿ…ÿ?4ÿ 57C754:9=4?ÿG1:G45:4ÿ<:4ÿC15@B9=1:ÿ†ÿ?_<:=6453=97ÿL1<ÿ7G1?4ÿB33=@=?74^ÿA5734:9B:9ÿ

<:ÿA54@=45ÿ49ÿ<:ÿH4<c=b@4ÿGgG?4ÿ‘ÿXÿ?43ÿGB3ÿG1<654:9ÿA?<3=4<53ÿABg3ÿXÿ?43ÿGB3ÿ31:9ÿ

‘ÿJ4<cÿGB3ÿC1:9ÿ4cG4A9=1:ÿ†ÿG43ÿG5=9b543ÿL4:ÿI5B3^ÿ…ÿ2BGZ4?15ÿ49ÿ@B3945ÿG1@A?7@4:9B=54ÿL3A7G=B?=97ÿ

G1@A?7@4:9B=54ÿH_=:I7:=4<5^Sÿ’43ÿGB3ÿK1<4:9ÿ<:ÿ5“?4ÿH4ÿG1:95B394ÿ:1<3ÿA45@499B:9Tÿ?4ÿGB3ÿ7GZ7B:9TÿH4ÿCB=54ÿ H43ÿZgA19Zb343ÿG1@A?7@4:9B=543Tÿ61=54ÿG1:95BH=G91=543S

(8)

*+,+-./0123ÿ5671,ÿ8ÿ97ÿ:6-+2ÿ2,ÿ8ÿ97ÿ:7,2ÿ:;.-</<12ÿ:2ÿ97ÿ:+=7->*2ÿ:2ÿ=<32ÿ21ÿ?97>2ÿ :6ÿ-+@+-21,<29A

B2ÿ,7C9276ÿ><D:233.63ÿ?-+321,2ÿ923ÿ:<Eÿ>73ÿ+,6:<+3ÿGÿ9;.-<21,7,<.1ÿ:6ÿ:<?9H=2Iÿ92ÿ

?7J3Iÿ92ÿ1<K276ÿ:6ÿ:<?9H=2ÿ7<13<ÿ562ÿ9;711+2ÿ56<ÿ7ÿK6ÿ:+=7--2-ÿ97ÿ:+=7->*2A

L-<21,7,<.1ÿ:6ÿ:<?9H=2 M7J3 N<K276ÿ:6ÿ:<?9H=2 O11+2 P1/+1<26- Q-71>2ÿRST U73,2- SVWV X.<13ÿ<1Y-=<2-3 Z29/<562 Z7>*29.-ÿ[ SVV\

P1/+1<26- ]717:7 U73,2- SVVW

^:6>7,<.1ÿ?*J3<562 Z29/<562 U73,2- [___

P1/+1<26- M7J3DZ73 U73,2- [__[

P1/+1<26- Z29/<562 U73,2- [__`

P1/+1<26- Q-71>2ÿR[T U73,2- [__`

P1/+1<26-ÿ7/-<>.92 Q-71>2 U73,2- [__`

P1/+1<26- ]717:7 U73,2- [__\

P1/+1<26-ÿ371,+ÿ21K<-.112=21, Q-71>2 U73,2-ÿ>.=?9+=21,7<-2 [__a b7c34ÿ'ÿeÿfgh567885ÿ4ÿ8164ÿ4ÿh9ÿÿ'

B7ÿY/6-2ÿ><D:23363ÿ?-+321,2ÿ923ÿ:<Eÿ>73ÿGÿ97ÿ:<3><?9<12Iÿ92ÿ?7J3Iÿ92ÿ1<K276ÿ:6ÿ :<?9H=2ÿ7<13<ÿ562ÿ9;711+2ÿ<1<,<792ÿ:2ÿ97ÿ:+=7->*2ÿ:2ÿ-+79<37,<.1ÿ:6ÿ-+@+-21,<29ÿ`Aÿ B23ÿ@.-=7,<.13ÿ:;<1/+1<26-3ÿ3.1,ÿ=7i.-<,7<-23ÿ>7-ÿ76ÿ=.=21,ÿ:2ÿ>.13,<,62-ÿ1.,-2ÿ +>*71,<99.1Iÿ>;23,ÿ:713ÿ>23ÿ@.-=7,<.13ÿ562ÿ923ÿ:+=7->*23ÿ:;+97C.-7,<.1ÿ:2ÿ-+@+-21,<29ÿ +,7<21,ÿ923ÿ?963ÿ1.=C-26323ÿ2,ÿ923ÿ?963ÿ7C.6,<23A

B23ÿ21,-2,<213ÿ.1,ÿ?.-,+ÿ36-ÿ923ÿ:<=213<.13ÿ36<K71,23ÿ+97C.-+23ÿjÿlmnomnÿGÿ 9;+97C.-7,<.1ÿ:6ÿ-+@+-21,<29Iÿ37ÿ:<@@63<.1Iÿ3.1ÿ637/2ÿ2,ÿ3.1ÿ<=?7>,AÿP9ÿ3;7/<,ÿ:;21,-2,<213ÿ 32=<D:<-</+3ÿ7K2>ÿ61ÿ=2=C-2ÿ:2ÿ9;+56<?2ÿ:23ÿ>.1>2?,26-3Iÿ3.<,ÿ92ÿ-23?.137C92ÿ:6ÿ /-.6?2ÿ:2ÿ,-7K7<9Iÿ3.<,ÿ562956;61ÿ:2ÿ,-03ÿ<=?9<56+ÿ:713ÿ92ÿ/-.6?2ÿ:2ÿ,-7K7<9AÿB23ÿ -6C-<5623ÿ><D:23363ÿ.1,ÿ+,+ÿ=.:<Y+23ÿ36<,2ÿ76Eÿ21,-2,<213ÿ7Y1ÿ:;p,-2ÿ76ÿ?963ÿ?-.>*2ÿ :6ÿ:<3>.6-3ÿ:23ÿ36i2,3ÿGÿ.-</<12ÿ:6ÿ-+@+-21,<29Iÿ+97C.-7,<.1ÿ:6ÿ-+@+-21,<29Iÿ:<@@63<.1ÿ :6ÿ-+@+-21,<29Iÿ637/2ÿ:6ÿ-+@+-21,<29IÿC<971ÿ2,ÿ?2-3?2>,<K23ÿ2,ÿ7>,26-3ÿ<=?9<56+3A

]2,,2ÿ=+,*.:2ÿ:;<1K23,</7,<.1ÿ7ÿ?2-=<3ÿ92ÿ-2>62<9ÿ:2ÿ:.11+23ÿ>.13,<,6+23ÿ :6ÿ:<3>.6-3ÿ:23ÿ7>,26-3Iÿ56<ÿ7ÿ@7<,ÿ9;.Ci2,ÿ2136<,2ÿ:;612ÿ7179J32ÿ:2ÿ>.1,216Iÿ:<,ÿ

=71<@23,2Iÿ:713ÿ92ÿ3213ÿ.qÿ923ÿ:+>97-7,<.13ÿ:23ÿ36i2,3ÿ3.1,ÿ,21623ÿ?.6-ÿK-7<23ÿRr71ÿ :2-ÿU7-21Iÿ[__`TAÿP9ÿ1;Jÿ7ÿ?73ÿ:2ÿ-2>*2->*2ÿ36-ÿ97ÿ@.-=2ÿ:6ÿ:<3>.6-3ÿ.6ÿ36-ÿ923ÿ

[ÿB<>21>2ÿ329.1ÿ97ÿ,2-=<1.9./<2ÿ@-71s7<32A

`ÿB;7>>.-:ÿ:2ÿ>.1Y:21,<79<,+ÿ?-<3ÿ7K2>ÿ923ÿ?2-3.1123ÿ<1,2--./+23ÿ12ÿ?2-=2,ÿ?73ÿ97ÿ:<@@63<.1ÿ:6ÿ1.=ÿ:23ÿ

<13,<,6,<.13ÿ2,ÿ:.1>ÿ:2ÿ926-ÿ-+@+-21,<29A

(9)

! !ÿ#ÿ$%&'()%*ÿ+ÿ,-./0/

123456378ÿ4:4;<=58>ÿ?38ÿ64=518ÿ<@A4A7B83ÿ8:45ÿC7A88138ÿ34ÿD:4C5=:4ÿ<3ÿE6FE=G638ÿ

<153EH=4138ÿIÿJAE5=Eÿ<6ÿCA<E3ÿC:4C3J5637>ÿ?38ÿ345E35=348ÿ:45ÿ151ÿ34E3K=85E18Lÿ E35EA48CE=58ÿ35ÿ8:6H=8ÿIÿ7Aÿ2A7=<A5=:4ÿ<3ÿ7AÿJ3E8:443ÿ=453EE:K13>ÿ?Aÿ23E8=:4ÿ2A7=<13ÿ

<3ÿ7@345E35=34Lÿ73ÿ<:C6H345ÿE1D1E345=37ÿ35ÿ738ÿ53M538ÿG6=ÿ7@ACC:HJAK4345Lÿ738ÿAE5=C738ÿ :6ÿ:62EAK38ÿJ6F7=18ÿA=48=ÿG63ÿ738ÿC:HJ538ÿE34<68ÿ<3ÿE164=:4ÿNG6A4<ÿ=78ÿ4:68ÿ15A=345ÿ C:HH64=G618OÿC:485=56345ÿ738ÿ<:44138ÿ<3ÿ4:5E3ÿA4A7B83>

-P ÿ QRS 1 R

T=ÿK7:FA73H345ÿ738ÿE1D1E345=378ÿ534<345ÿIÿU5E3ÿ3MJE=H18ÿ8:68ÿ7AÿD:EH3ÿ<3ÿ C:HJ1534C3ÿA6ÿ8348ÿ<@643ÿE1D1E34C3ÿIÿ643ÿ5VCW3ÿ=451KE13Lÿ7AÿC:4D:EH=51ÿIÿ7Aÿ

<1X4=5=:4ÿ<3ÿC:HJ1534C3Lÿ53773ÿG63ÿ4:68ÿ7@A2:48ÿJE:J:813ÿ<A48ÿ4:5E3ÿCA<E3ÿ 5W1:E=G63Lÿ385ÿEAE3>ÿT3678ÿ<36MÿE1D1E345=378ÿ<3ÿ4:5E3ÿ1CWA45=77:4ÿC:EE38J:4<345ÿ 5:5A73H345ÿIÿC3553ÿ<1X4=5=:4LÿJAEÿ3M3HJ73Lÿ738ÿ8A2:=E8ÿ4@BÿAJJAEA=88345ÿJA8ÿ<3ÿ HA4=YE3ÿ=8:713ÿHA=8ÿ8:45ÿ5:5A73H345ÿ=451KE18ÿIÿ7AÿD:EH67A5=:4ÿ<38ÿC:HJ1534C38>ÿ Z3ÿ4@385ÿJA8ÿ73ÿCA8ÿ<38ÿW6=5ÿA65E38ÿG6=ÿH345=:44345ÿ73ÿ8A2:=Eÿ34ÿ5A45ÿG63ÿ537ÿ

=4<1J34<AHH345ÿ<38ÿC:HJ1534C38ÿG6=ÿ73ÿH:F=7=8345>ÿZ3J34<A45ÿ7AÿJ76JAE5ÿ

<38ÿE1D1E345=378ÿ8@:E=345345ÿK7:FA73H345ÿ23E8ÿ643ÿAJJE:CW3ÿJAEÿC:HJ1534C38ÿBÿ C:HJE=8ÿC36MÿG6=ÿ83ÿ<:44345ÿ73ÿ4:Hÿ<3ÿ[\]^_`_aÿcdefcg\h>ÿi:68ÿA2:48ÿC:48=<1E1ÿ G63ÿ7AÿE1D1E34C3ÿIÿ7Aÿ5VCW3ÿ15A=5ÿ7AÿC:4<=5=:4ÿJE=4C=JA73ÿJ:6EÿU5E3ÿ<18=K41ÿ jÿE1D1E345=37ÿ<3ÿC:HJ1534C38ÿl>ÿm4X4Lÿ4:68ÿA2:48ÿC:48=<1E1ÿG63ÿ8=ÿ738ÿE1D1E345=378ÿ J3EH355A=345ÿ<@=<345=D=3EÿC3ÿG6=ÿ<32A=5ÿU5E3ÿ12A761Lÿ=7ÿ8@AK=88A=5ÿF=34ÿ<@643ÿ JE3H=YE3ÿD:EH3ÿ<3ÿE1D1E345=37ÿ<3ÿ2A7=<A5=:4ÿ8A48ÿG63ÿ<38ÿCE=5YE38ÿ<@12A76A5=:4ÿ 43ÿ8:=345ÿJ:6EÿA65A45ÿJE1C=818>

m4ÿC:4C768=:4Lÿ738ÿE1D1E345=378ÿ156<=18ÿJE18345345ÿ643ÿC3E5A=43ÿW:H:K141=51ÿA6ÿ E3KAE<ÿ<3ÿ4:5E3ÿCA<E3ÿ5W1:E=G63LÿHUH3ÿ8@=7ÿ385ÿ2EA=ÿG63ÿ4:68ÿA2:48ÿCW:=8=ÿ<@U5E3ÿ J36ÿE385E=C5=Dÿ<A48ÿ7@AJJ7=CA5=:4ÿ<3ÿC3ÿCA<E3>

nÿ5=5E3ÿ<@3M3HJ73Lÿ4:68ÿC:48=<1E:48ÿ7AÿD:EH67A5=:4ÿ86=2A453ÿC:HH3ÿC:4D:EH3ÿIÿ 7Aÿ4:5=:4ÿ<3ÿC:HJ1534C3ÿ53773ÿG63ÿ4:68ÿ7@A2:48ÿ<1237:JJ13ÿoÿjÿp4A7B83Eÿ<3ÿHA4=YE3ÿ JE:8J3C5=23ÿ<38ÿ=HJAC58ÿJ:5345=378ÿ<38ÿDAC536E8ÿ342=E:443H345A6Mÿ86Eÿ7@15A5ÿ<3ÿ8A451ÿ

<3ÿ8:68;KE:6J38ÿ<3ÿJ:J67A5=:4ÿlÿ35ÿ7AÿD:EH67A5=:4ÿ86=2A453ÿC:HH3ÿDA=F73ÿ34ÿE3KAE<ÿ

<3ÿ7Aÿ<1X4=5=:4ÿJE:J:813ÿoÿjÿq5E3ÿ64ÿJE:D388=:4437ÿCE=5=G63LÿE1r3M=Dÿ35ÿA65:4:H3ÿl>

stuÿwxyz{|}~ÿ~}ÿ€}‚ƒz„z}ÿ~ÿƒ…z‚~ÿ†€‡ˆ}~

pX4ÿ<@AF:E<3Eÿ7AÿG6385=:4ÿ<3ÿ7@68AK3ÿ<38ÿE1D1E345=378Lÿ=7ÿ385ÿ41C388A=E3ÿ<@AF:E<3Eÿ 7AÿG6385=:4ÿ<3ÿ7@:E=K=43Lÿ:6ÿJ768ÿ3MAC53H345LÿC3773ÿ<3ÿ7AÿH:5=2A5=:4ÿoÿJ:6EÿG63773N8Oÿ EA=8:4N8Oÿ738ÿ1G6=J38ÿ<@3483=K4A458ÿ:45;37738ÿDA=5ÿ73ÿCW:=Mÿ<3ÿ83ÿ7A4C3Eÿ<A48ÿ 7@17AF:EA5=:4ÿ<@64ÿE1D1E345=37ÿ<3ÿC:HJ1534C38ÿ‰

stututÿŠ€ˆ‹ˆy~ÿ~}ÿ€Œ€~yzˆ~ƒ}

?AÿJ76JAE5ÿ<38ÿE1D1E345=378ÿNŽOÿ8:45ÿ<1C7AE18ÿ7=18ÿIÿ64ÿC:453M53ÿ<3ÿE1D:EH3Lÿ83ÿ JE18345A45ÿC:HH3ÿ:65=7ÿ<@:EKA4=8A5=:4ÿ<6ÿCWA4K3H345>ÿZ38ÿE1D:EH38ÿJ362345ÿ8:=5ÿ

(10)

*+,-ÿ/0/+/1-2ÿ-0ÿ/0+-,0-3ÿ24/+ÿ1560-,ÿ7890-ÿ7156,:;-ÿ71:,1+6<-ÿ=>4<4?0-3ÿ@6226?-ÿ69ÿ ABCDÿE9/ÿ0-ÿ240+ÿ:-@-0760+ÿ@62ÿ:40+,6/?060+-2ÿ@49,ÿ:-ÿE9/ÿ:40:-,0-ÿ<-ÿ,1F1,-0+/-<ÿ 69ÿ545-0+ÿ4Gÿ:-<9/H:/ÿ6ÿ1+1ÿ1<6I4,1J

K/ÿ<6ÿ@<9@6,+ÿ7-2ÿ7156,:;-2ÿ240+ÿ249+-09-2ÿ@6,ÿ<6ÿ7/,-:+/40ÿ7-2ÿ1+6I</22-5-0+2ÿ

=LMNOD3ÿ@<92ÿ7-ÿ<6ÿ54/+/1ÿ7-2ÿ7156,:;-2ÿ=PMNODÿ240+ÿ/0/+/1-2ÿ@6,ÿ<-2ÿ-02-/?060+2ÿ -9QH5*5-2J

RSTSUSÿWXYZ[ÿ\[Xÿ]^_^][`ab[cX

A8926?-ÿ71:<6,1ÿ<-ÿ@<92ÿF,1E9-0+ÿ-2+ÿ<6ÿ:<6,/d:6+/40ÿ79ÿ:40+,6+ÿ7/76:+/E9-ÿ@,/2ÿ 7602ÿ90ÿ2-02ÿ<6,?-3ÿeÿ26f4/,ÿ+49+-ÿ:<6,/d:6+/40ÿ,-<6+/f-ÿ69Qÿf/21-2ÿ7-2ÿ-02-/?060+2ÿ :40:-,060+ÿ<6ÿF4,56+/40ÿ=gMNODJ

h/-0+ÿ-029/+-3ÿ<-ÿ,i<-ÿ784,?60/26+-9,ÿ79ÿ:;60?-5-0+ÿ=LMNODJÿA-ÿ,1F1,-0+/-<ÿ-2+ÿ 6/02/ÿ@,/2ÿ7602ÿ<6ÿ@<9@6,+ÿ7-2ÿ:62ÿ7602ÿ240ÿ6::-@+/40ÿ@,-5/j,-ÿlÿ2-,f/,ÿ7-ÿ:67,-ÿ7-ÿ ,1F1,-0:-ÿ@49,ÿ@,-07,-ÿ7-2ÿ71:/2/402ÿ-+ÿ4,?60/2-,ÿ<-2ÿ547/d:6+/402JÿC602ÿ<6ÿ54/+/1ÿ 7-2ÿ:62ÿ2-9<-5-0+3ÿ<-ÿ,1F1,-0+/-<ÿ-2+ÿ9+/</21ÿ@49,ÿ/5@9<2-,ÿ49ÿ249+-0/,ÿ<8/0+,479:+/40ÿ 7-ÿ51+;47-2ÿ6:+/f-2J

C-9Qÿ:62ÿ29,ÿ7/Qÿ9+/</2-0+ÿ<-ÿ,1F1,-0+/-<ÿ7-ÿ560/j,-ÿ2m2+156+/E9-ÿ7602ÿ<81f6<96+/40ÿ 7-2ÿ6@@,-0+/226?-2JÿC602ÿ<-2ÿ7-9Qÿ:623ÿ/<ÿ286?/+ÿ7849+/<<-,ÿ90-ÿ7156,:;-ÿ781f6<96+/40ÿ 7-ÿ:45@1+-0:-23ÿ:8-2+HeH7/,-ÿ90-ÿ1f6<96+/40ÿ:-0+,1-ÿ29,ÿ7-2ÿ+n:;-2ÿ/0+1?,1-23ÿ 2/+91-2ÿ-+ÿ:45@<-Q-2JÿK9,ÿ<-2ÿ7/Qÿ:623ÿE96+,-ÿ40+ÿ9+/</21ÿ<-ÿ,1F1,-0+/-<ÿ:455-ÿ 6/7-ÿeÿ<81f6<96+/40ÿ7-ÿ@,4?,655-ÿ-+ÿ2-9<-5-0+ÿ7-9Qÿ28-0ÿ240+ÿ2-,f/2ÿ7602ÿ<-ÿ :67,-ÿ7-ÿ@,4:179,-ÿ/02+/+9+/400-<<-ÿ@49,ÿ<81f6<96+/40ÿ7-ÿ<6ÿE96</+1ÿ7602ÿ90ÿ:62ÿ-+ÿ

<86::,17/+6+/40ÿ7602ÿ<869+,-J

o-56,E9402ÿE9-ÿ<8926?-ÿ7890ÿ,1F1,-0+/-<ÿ7-ÿ:45@1+-0:-2ÿ08/5@</E9-ÿ@62ÿ 2m2+156+/E9-5-0+ÿ90ÿ-02-/?0-5-0+ÿ@6,ÿ@,4I<j5-ÿ49ÿ@6,ÿ@,4p-+ÿ49ÿ7-ÿ560/j,-ÿ

@<92ÿ<6,?-ÿ90-ÿ6@@,4:;-ÿ@6,ÿ:45@1+-0:-2ÿ7602ÿ<-2ÿ:49,2ÿ-9QH5*5-2Jÿq492ÿF6/2402ÿ /:/ÿ<8;m@4+;j2-ÿE9-ÿ04+,-ÿ1:;60+/<<40ÿ,622-5I<60+ÿ7-2ÿF4,56+/402ÿ6f-:ÿ2+6?-23ÿ/<ÿ -2+ÿ@422/I<-ÿE9-ÿ<6ÿ,1F1,-0:-ÿ69Qÿ:45@1+-0:-2ÿ086/+ÿ@62ÿ<-ÿ5*5-ÿ/5@6:+ÿ29,ÿ<-2ÿ 51+;47-2ÿ78-02-/?0-5-0+ÿE9-ÿ7602ÿ90ÿ@,4?,655-ÿE9/ÿ0-ÿ:45@4,+-,6/+ÿ@62ÿ7-ÿ 2+6?-Jÿr0ÿ-FF-+3ÿ<6ÿ5/2-ÿ-0ÿ2/+96+/40ÿ1+60+ÿ:40d1-ÿeÿ7-2ÿ+/-,23ÿ<-2ÿ51+;47-2ÿ6:+/f-2ÿ

@-9f-0+ÿ6@@6,6s+,-ÿ:455-ÿ@,12-0+-2ÿ7602ÿ<-ÿ@,4?,655-ÿ7-ÿF4,56+/40ÿ2602ÿE9-ÿ<-2ÿ -02-/?060+2ÿ086/-0+ÿeÿ/0+-,,4?-,ÿ49ÿ547/d-,ÿ<-9,2ÿ@,6+/E9-2ÿtJÿu402+6+402ÿ:-@-0760+ÿ E9-ÿ<-2ÿ7-9Qÿ:62ÿ<-2ÿ@<92ÿ6I49+/2ÿ40+ÿ24/+ÿ90-ÿ@,6+/E9-3ÿ24/+ÿ90-ÿ,1v-Q/40ÿ/5@4,+60+-ÿ :40:-,060+ÿ<-2ÿ51+;47-2ÿ6:+/f-2ÿ/071@-07655-0+ÿ7-ÿ<-9,2ÿ2+6?-2ÿ-+ÿ9+/</2-0+ÿ<-ÿ ,1F1,-0+/-<ÿ@49,ÿ:402+,9/,-ÿ90-ÿ1f6<96+/40ÿ7-2ÿ6@@,-0+/226?-2ÿ4,/-0+1-ÿf-,2ÿ<-2ÿ :45@1+-0:-2J

tÿ>/-0ÿ2w,3ÿ/<ÿ0-ÿ29Fd+ÿ@62ÿE98/<ÿmÿ6/+ÿ7-2ÿ2+6?-2ÿ@49,ÿE98/<ÿmÿ6/+ÿ51+;47-ÿ6:+/f-Jÿr0ÿ-FF-+3ÿ2/ÿ<-2ÿ2+6?-2ÿ240+ÿ 2/5@<-5-0+ÿp9Q+6@4212ÿ69ÿ@,4?,655-ÿ2602ÿE98/<ÿmÿ6/+ÿ7-ÿ,1v-Q/40ÿ7/76:+/21-ÿ29,ÿ<8-Q@1,/-0:-ÿf1:9-3ÿ<-ÿ 71f-<4@@-5-0+ÿ7-ÿ:45@1+-0:-2ÿ-2+ÿ@422/I<-ÿ56/2ÿ/<ÿ,-<jf-ÿ@-9ÿ7890-ÿ/0+-0+/40ÿ@176?4?/E9-J

(11)

!" !" ÿ$ÿ%&'()*&+ÿ,ÿ-./0/

12ÿ4526ÿ789:26;ÿ<87;94=ÿ26;>2ÿ>=?=>26;524ÿ@2ÿA8B<=;26A27ÿ2;ÿ<>8?2775866C457C;586ÿ 62ÿ72ÿA86?5>B2ÿ<C7Dÿ686ÿ<497Dÿ@C67ÿ687ÿ>=794;C;7Eÿ127ÿF9;7ÿ<89>795:57ÿ<C>ÿ427ÿ

=G95<27ÿCHC6;ÿA86I9ÿ96ÿ>=?=>26;524ÿ786;ÿ;89;ÿC9;C6;ÿ@J8>@>2ÿCAC@=B5G92ÿK45=7ÿLÿ4Cÿ

>2AM2>AM2DÿLÿ4J26725N62B26;DÿLÿ4Cÿ@57A5<4562ÿ7A526;5OG92ÿ@2ÿ>=?=>26A2PÿG92ÿ@J8>@>2ÿ

<>8?277586624ÿK45=7ÿLÿ4Cÿ<>8?277586ÿA5F42DÿC9Qÿ2Q5N26A27ÿ@9ÿ72A;29>ÿ<>8?277586624Dÿ2;AEPEÿ 127ÿ?8>BC;5867ÿ@=A>5;27ÿ72ÿ@=;CAM26;ÿBSB2ÿ<C>?857ÿ@9ÿ72A;29>ÿ<>=A57ÿ:57=ÿ785;ÿ<C>A2ÿ G92ÿ42ÿ>=?=>26;524ÿ@=A>5;ÿ962ÿ?8>BC;586ÿ56@=<26@CBB26;ÿ@2ÿ727ÿ7897TO45U>27ÿ2;ÿA2ÿ 786;ÿ427ÿA8B<=;26A27ÿA8BB9627ÿLÿ;89;27ÿ427ÿO45U>27Dÿ;>C67:2>7C427ÿF526ÿ789:26;DÿG95ÿ 786;ÿ@=A>5;27ÿK<C>ÿ2Q2B<42Dÿ4CÿG9C45;=ÿ@2ÿ4CÿA8BB965AC;586ÿ=A>5;2ÿ2;ÿ8>C42PDÿ785;ÿ<C>A2ÿ G92ÿAJ27;ÿ4Cÿ@5B267586ÿCAC@=B5G92ÿG95ÿ27;ÿ@=A>5;2ÿK<C>ÿ2Q2B<42Dÿ427ÿA8B<=;26A27ÿ

@2ÿAM2>AM29>PEÿV6O6Dÿ4CÿA86794;C;586ÿ@2ÿ<>8?2775866247ÿ27;ÿ4856ÿ@JS;>2ÿ7H7;=BC;5G92ÿ 89ÿ@=;2>B56C6;2E

WXYÿ[\ÿ]^\_ÿ`a\bÿ_cde\ÿfg\hd^c_ÿi\ÿe\bj\ebj\

k29;T86ÿ@5>2ÿG92ÿ4Cÿ@=BC>AM2ÿ@2ÿ>=?=>26;524ÿ<>8@95;ÿ@27ÿ2??2;7ÿ79>ÿ42ÿ<548;CN2ÿ@2ÿ 4Cÿ?8>BC;586ÿ2;ÿ79>ÿ427ÿ<>C;5G927ÿ@J26725N62B26;ÿ2;ÿ@J=:C49C;586ÿlÿk89>ÿ>C<<24Dÿ54ÿ62ÿ 7JCN5;ÿG92ÿ@27ÿ2??2;7ÿ@=A4C>=7ÿ<C>ÿ427ÿ79m2;7ÿ56;2>>8N=7ÿ89ÿ>242:=7ÿ@C67ÿ427ÿ@8A9B26;7ÿ C6C4H7=7ÿ2;ÿ686ÿ8F72>:=7ÿ79>ÿ42ÿ;2>>C56E

n897ÿ26;26@867ÿ<C>ÿ2??2;7ÿ79>ÿ4J26725N62B26;ÿ4J97CN2ÿ@9ÿ>=?=>26;524ÿG95ÿCÿ 26;>Co6=ÿ@27ÿ2??2;7ÿBCm29>7ÿ79>ÿ427ÿB=;M8@27ÿ@J26725N62B26;ÿ<>C;5G9=27ÿK@=<C772ÿ 4J2??2;ÿBC>N56C4ÿ@C67ÿ96ÿA89>7ÿ89ÿ4JC9;>2PEÿ127ÿ2??2;7ÿ79>ÿ4J=:C49C;586ÿ:5726;ÿ96ÿ 97CN2ÿ7H7;=BC;5G92ÿ@9ÿ>=?=>26;524ÿ@C67ÿ4J=:C49C;586ÿ@2ÿA2>;C567ÿC<<>26;577CN27ÿ89ÿ

@2ÿ;897ÿK@=<C772ÿ4J2??2;ÿBC>N56C4ÿ@C67ÿ96ÿA89>7ÿ89ÿ4JC9;>2PEÿp9C6;ÿC9Qÿ2??2;7ÿ79>ÿ42ÿ

<548;CN2Dÿ547ÿ<8>;26;ÿ79>ÿ4J97CN2ÿ@9ÿ>=?=>26;524ÿCHC6;ÿ<2>B57ÿ@27ÿ<>5727ÿ@2ÿ@=A575867ÿ 5B<8>;C6;27ÿA86A2>6C6;ÿ42ÿ<>8N>CBB2Eÿq

r8>BC;5867 V??2;7ÿ79>

4J26725N62B26; 4J=:C49C;586 42ÿ<548;CN2

s6N=6529> t

u8567ÿ56O>B52>7 t t t

s6N=6529> t t t

v@9AC;586ÿ<MH75G92

s6N=6529> t

s6N=6529> 26ÿA89>7ÿq 26ÿA89>7 26ÿA89>7

s6N=6529> t

qÿ12ÿ;2>B2ÿwÿ26ÿA89>7ÿxÿ75N65O2ÿG92ÿ4Cÿ@=BC>AM2ÿ27;ÿ785;ÿ;>8<ÿ>=A26;2ÿ<89>ÿ<89:85>ÿ?89>65>ÿ@27ÿ56?8>BC;5867ÿ 79>ÿA27ÿ79m2;7Dÿ785;ÿ56CAM2:=2Eÿ127ÿAC7ÿ86;ÿA2<26@C6;ÿ=;=ÿNC>@=7ÿAC>ÿ547ÿ<>=726;C526;ÿ96ÿ56;=>S;ÿ<89>ÿ@JC9;>27ÿ

@5B2675867ÿA8BB2ÿ4CÿB=;M8@2ÿ@J=4CF8>C;586ÿ<C>ÿ2Q2B<42E

(12)

*+,-./0+12 3445/2ÿ27,

8951250:15-51/ 89;<.87./0+1 85ÿ=08+/.:5

>1:;1057,ÿ.:,0?+85 51ÿ?+7,2 51ÿ?+7,2 51ÿ?+7,2

>1:;1057, @

>1:;1057,ÿ2.1/;ÿ

51<0,+115-51/ 51ÿ?+7,2 @

A7B34ÿDÿEÿF319456G675ÿ49ÿ422469ÿ18G319ÿÿ31213456748ÿ93ÿ845947B54456Hÿ81G8G675ÿ46ÿ84ÿ786GB4

I+12/./+12ÿJ79Kÿ895L?5=/0+1ÿM971ÿ?.2NÿM.12ÿ/+7/52ÿ852ÿM;-.,?O52ÿ.P+7/052Nÿ852ÿ ,;278/./2ÿ1+72ÿ=5,-5//51/ÿM5ÿM0,5ÿJ75ÿ85ÿ,;4;,51/058ÿ.ÿ=,+M70/ÿM52ÿ5445/2QÿR.ÿ=87=.,/ÿ M52ÿ?.2ÿ+1/ÿ71ÿ5445/ÿ27,ÿ85ÿ=08+/.:5ÿSTUVWQÿX57Lÿ?.2ÿ+1/ÿ57ÿ71ÿ5445/ÿ27,ÿ8951250:15-51/ÿ 5/ÿ89;<.87./0+1QÿY+/+12ÿJ75ÿ?5,/.012ÿ?.2ÿ,;?51/2ÿ19+1/ÿ=.2ÿ51?+,5ÿ57ÿ85ÿ/5-=2ÿM5ÿ -5//,5ÿ51ÿZ7<,5ÿ?5,/.0152ÿM;-.,?O52ÿM.12ÿ?52ÿM57LÿM+-.0152ÿ-.02ÿ?58852[?0ÿ 2+1/ÿ=8.10\;52QÿR5ÿ?+12/./ÿ85ÿ=872ÿ-.,J7.1/ÿ52/ÿ85ÿ2+72[5-=8+0ÿM52ÿ,;4;,51/0582ÿ

=.,ÿ852ÿ51250:1.1/2ÿM.12ÿ852ÿ=,./0J752ÿM951250:15-51/ÿ5/ÿM9;<.87./0+1QÿY+72ÿ .<.1]+12ÿ89O^=+/O_25ÿJ75ÿ8972.:5ÿM7ÿ,;4;,51/058ÿM.12ÿ852ÿ=,./0J752ÿM951250:15-51/ÿ +7ÿM9;<.87./0+1ÿ514,501/ÿ85ÿ=,01?0=5ÿM5ÿ8.ÿ80P5,/;ÿ.?.M;-0J75ÿ5/ÿ=57/ÿ`/,5ÿ=5,]7ÿ=.,ÿ 852ÿ51250:1.1/2ÿ?+--5ÿ715ÿ01:;,51?5ÿM.12ÿ857,ÿ2=O_,5ÿM5ÿ,52=+12.P080/;Q

aÿ8.ÿ87-0_,5ÿM5ÿ1+2ÿ,;278/./2Nÿ8.ÿJ752/0+1ÿM7ÿ8051ÿ2^2/;-./0J75ÿ51/,5ÿ852ÿ/,+02ÿ -+-51/2ÿ?8;2ÿM5ÿ89O02/+0,5ÿM7ÿ,;4;,51/058Nÿ;8.P+,./0+1NÿM044720+1ÿ5/ÿ0-=.?/ÿS\:7,5ÿcWNÿ 52/ÿM04\?085ÿKÿ;/.P80,Qÿ>8ÿ19^ÿ=.2ÿM5ÿ8051ÿM;/5,-01.1/ÿ5/ÿ2^2/;-./0J75QÿI5=51M.1/Nÿ51ÿ

;/7M0.1/ÿ=872ÿ=.,/0?780_,5-51/ÿ852ÿM57Lÿ?.2ÿJ70ÿ25-P851/ÿ.<+0,ÿ85ÿ=872ÿM95445/2ÿ5/ÿ 85ÿ?.2ÿJ70ÿ25-P85ÿ51ÿ.<+0,ÿ57ÿ85ÿ-+012Nÿ1+72ÿ.<+12ÿ=7ÿ02+85,ÿ/,+02ÿ?+1M0/0+12ÿJ70ÿ 25-P851/ÿ4.<+,025,ÿ8.ÿdÿ,;7220/5ÿeÿM971ÿ,;4;,51/058ÿ.7ÿ2512ÿ+fÿ08ÿ^ÿ.ÿ?+1?+,M.1?5ÿ51/,5ÿ 852ÿ+Pg5?/042ÿM;?8.,;2ÿ51ÿ.-+1/ÿ5/ÿ852ÿ5445/2ÿM;?8.,;2ÿ+P/5172ÿ51ÿ.<.8Q

I52ÿ/,+02ÿ=.,.-_/,52ÿ?+1<5,:51/ÿ.<5?ÿ8.ÿ80//;,./7,5ÿM5ÿ,;4;,51?5ÿ27,ÿ852ÿ?O.1?52ÿ M90-=8.1/./0+1ÿM5ÿ/+7/5ÿ011+<./0+1ÿS*788.1NÿchViWÿjÿ85ÿ,;4;,51/058ÿ,;=+1MÿKÿ71ÿ P52+01ÿ,52251/0ÿ=.,ÿ89012/0/7/0+1ÿ^ÿ?+-=,02ÿ=.,ÿ852ÿ51250:1.1/2ÿkÿ08ÿ52/ÿ2+7/517ÿ=.,ÿ 8.ÿO0;,.,?O05ÿM5ÿ89012/0/7/0+1ÿkÿ08ÿ52/ÿ01<52/0ÿ=.,ÿ71ÿ1+-P,5ÿ?,0/0J75ÿM951250:1.1/2Q

31\1Nÿ08ÿ25-P85ÿJ75ÿ852ÿ5445/2ÿ27==+2;2ÿ=,+M70/2ÿ=.,ÿ85ÿ,;4;,51/058ÿ15ÿ870ÿ2+1/ÿ=.2ÿ 4+,?;-51/ÿ0-=7/.P852Qÿ31ÿ5445/Nÿ85ÿ,;4;,51/058ÿ52/ÿ870[-`-5ÿ?0/;ÿ=.,-0ÿ71ÿ5125-P85ÿ M9.7/,52ÿ-527,52Nÿ85ÿ,;4;,51/058ÿ52/ÿ.8+,2ÿ=,;251/;ÿ?+--5ÿ715ÿM52ÿM;-.,?O52ÿM5ÿ -025ÿ51ÿZ7<,5ÿM9715ÿ=+80/0J75ÿ=872ÿ:8+P.85ÿJ70ÿ52/ÿ5885[-`-5ÿ272?5=/0P85ÿM5ÿ

=,+M70,5ÿM52ÿ5445/2Q

lmnÿpqrÿstuqrÿvwwsxyz{rÿvz|ÿs{}{sq~wxqur

Y+72ÿ.<+12ÿ;:.85-51/ÿ4.0/ÿ8901<51/.0,5ÿM5ÿ/+72ÿ852ÿ72.:52ÿM7ÿ,;4;,51/058ÿ -51/0+11;2ÿ=.,ÿ852ÿ27g5/2ÿM7,.1/ÿ852ÿ51/,5/0512QÿX5ÿ?5/ÿ01<51/.0,5Nÿ1+72ÿ.<+12ÿ 5L/,.0/ÿ?01Jÿ,852ÿ-.g57,2Qÿ

(13)

!" !" ÿ$ÿ%&'()*&+ÿ,ÿ-./0/

12ÿ4565427892:ÿ;<==2ÿ<>89:ÿ97?898>89<772:@ÿ42;<>A42ÿ:2?ÿB;89<7?ÿ?>9AB782?ÿDÿB9E24ÿ Fÿ:G5AB:>B89<7ÿE2ÿ:BÿH>B:985ÿIÿB789;9J24ÿ>72ÿJ4<;5E>42ÿEGB;;45E98B89<7ÿIÿ5AB:>24ÿ:2ÿ J4<K4B==2ÿB>ÿ42KB4EÿE2ÿ:BÿJ4<62??9<7ÿ;9L:2M

12ÿ4565427892:ÿ;<==2ÿ<>89:ÿE2ÿ456<4=2ÿE2ÿJ4<K4B==2@ÿ42;<>A42ÿ:2?ÿB;89<7?ÿ

?>9AB782?ÿDÿ<4KB79?24ÿ:2ÿ;NB7K2=278ÿ28ÿ6<>4794ÿ>7ÿ;BE42ÿJ<>4ÿ>72ÿJ<:989H>2ÿE2ÿ 456<4=2ÿIÿO842ÿ>7ÿ:2A924ÿJ<>4ÿ:2ÿ;NB7K2=278M

12ÿ4565427892:ÿ;<==2ÿ<>89:ÿJ5EBK<K9H>2ÿ42;<>A42ÿ:2?ÿB;89<7?ÿ?>9AB782?ÿDÿB9E24ÿ Fÿ:Bÿ6<4=>:B89<7ÿE2?ÿ<LP2;896?ÿIÿ<>89::24ÿ:2ÿJB??BK2ÿB>Qÿ=58N<E2?ÿB;89A2?ÿIÿB9E24ÿ Fÿ:G5AB:>B89<7ÿE2?ÿBJJ42789??BK2?ÿIÿB9E24ÿFÿ=92>Qÿ;2489R24ÿIÿ6<4=B:9?24ÿ:2ÿ;<784B8ÿ E9EB;89H>2M

12ÿ4565427892:ÿ;<==2ÿ>7ÿ<>89:ÿE2ÿ=B7BK2=278@ÿ42;<>A42ÿ:2?ÿB;89<7?ÿ?>9AB782?ÿDÿ JB??24ÿE2ÿ:G97E9A9E>2:ÿB>ÿ;<::2;896ÿ28ÿE5A2:<JJ24ÿ>72ÿA9?9<7ÿJB48BK52ÿE2ÿ:Bÿ6<4=B89<7ÿIÿ

<>89::24ÿ:Bÿ45S2Q9<7ÿK:<LB:2ÿE2?ÿ27?29K7B78?ÿIÿ6<>4794ÿ>7ÿ;BE42ÿEGB;;>29:ÿE2?ÿ7<>A2B>Qÿ 27?29K7B78?ÿ28ÿO842ÿ>7ÿTUVWXÿYVZXÿI

B9E24ÿFÿ:G27KBK2=278ÿ27ÿ976<4=B78ÿ:2?ÿ;B7E9EB8?ÿ28ÿ27ÿ<>89::B78ÿ:2?ÿ;<==9??9<7?ÿE2ÿ 42;4>82=278ÿIÿ;<7849L>24ÿFÿ;<7?84>942ÿ>72ÿ9E278985ÿ;<::2;89A2M

12ÿ4565427892:ÿ;<==2ÿ>7ÿ<>89:ÿE2ÿ;<==>79;B89<7@ÿ42;<>A42ÿ:2?ÿB;89<7?ÿ

?>9AB782?ÿDÿ84<>A24ÿ>7ÿ:B7KBK2ÿ;<==>7ÿ27842ÿ27?29K7B78?ÿIÿB77<7;24ÿ:2ÿ;<784B8ÿ E9EB;89H>2ÿIÿ976<4=24ÿ:2?ÿ6>8>4?ÿ58>E9B78?ÿ?>4ÿ:2?ÿR7B:985?ÿE>ÿJ4<K4B==2ÿIÿ976<4=24ÿ 28ÿ;<784B;8>B:9?24ÿ:2ÿJB4827B49B8ÿBA2;ÿ:2?ÿ27842J49?2?ÿEB7?ÿ:2ÿ;BE42ÿE2?ÿ?8BK2?ÿ 7<8B==278ÿIÿJ24=28842ÿ:Bÿ;<=JB4B9?<7ÿE2?ÿ6<4=B89<7?ÿIÿJ4<=<>A<94ÿ>72ÿ9=BK2M

[2:2A<7?ÿH>2ÿE2>QÿJ<978?ÿE2ÿ;<7A24K27;2ÿBJJB4B9??278ÿDÿ:2ÿJB??BK2ÿE2ÿ:G97E9A9E>2:ÿ B>ÿ;<::2;896ÿ28ÿ:2ÿJB??BK2ÿE2ÿ:G9=J:9;982ÿFÿ:G2QJ:9;982@ÿH>2:H>2ÿ?<98ÿ:2ÿ4\:2ÿ27A9?BK5M

]2882ÿ=<E5:9?B89<7ÿE2?ÿ4\:2?ÿJ<??9L:2?ÿEG>7ÿ4565427892:ÿ7<>?ÿ?2=L:2ÿ>7ÿ<>89:ÿ

?84>;8>4B78ÿ?>?;2J89L:2ÿEGB9E24ÿ:2?ÿ5H>9J2?ÿFÿ;:B49R24ÿ:2>4?ÿB882782?ÿJB4ÿ4BJJ<48ÿFÿ

>7ÿ4565427892:ÿ28ÿB97?9ÿFÿ=92>Qÿ27ÿE5824=9724ÿ:Bÿ6<4=2ÿ9E5B:2M

4ÿ ^_3 `5ÿ 25ÿ a4 _`3 a4

12?ÿ4\:2?ÿP<>5?ÿJB4ÿ:2ÿ4565427892:ÿ?<78ÿ=>:89J:2?ÿ28ÿ?<7ÿ>?BK2@ÿEB7?ÿ:2ÿ;BE42ÿ E2ÿ7<842ÿ5;NB789::<7@ÿ?2ÿ;27842ÿEBAB78BK2ÿ?>4ÿ:2ÿJ9:<8BK2ÿE2ÿ:Bÿ6<4=B89<7Mÿb:ÿ

?248ÿ2??27892::2=278ÿE2ÿ;BE42ÿE2ÿ4565427;2ÿ28ÿJ24=28ÿEG5;:B9424ÿ:2?ÿ;N<9QÿFÿ6B942ÿ

;<7;247B78ÿ:2ÿJ4<K4B==2ÿE2ÿ6<4=B89<7MÿcB7?ÿ:2>4ÿ=BP<4985@ÿ:2?ÿ4565427892:?ÿH>2ÿ 7<>?ÿBA<7?ÿ58>E95?ÿ?<78ÿ27842ÿ:2?ÿ=B97?ÿE2?ÿ27?29K7B78?ÿB>ÿ?27?ÿ<dÿ9:?ÿ42:eA278ÿ E2ÿ:2>4ÿ97989B89A2ÿ28ÿE2ÿ:2>4ÿ84BAB9:Mÿb:?ÿ<78ÿJ<>4ÿ6<7;89<7ÿ2??27892::2ÿE2ÿ;:B49R24ÿ28ÿ E2ÿ6<4=B:9?24ÿ:Bÿ42:B89<7ÿEG27?29K72=278@ÿ?B7?ÿJ<>4ÿB>8B78ÿBA<94ÿE2ÿ:G97S>27;2ÿ

?>4ÿ:2?ÿJ4B89H>2?ÿ97E9A9E>2::2?ÿE2?ÿ27?29K7B78?Mÿ12ÿ4565427892:ÿ2?8ÿBAB78ÿ8<>8ÿ>72ÿ 42J45?278B89<7ÿE>ÿJ4<P28ÿE2ÿ:G97?898>89<7ÿE2ÿ6<4=B89<7ÿ28ÿ7<7ÿE2ÿ:BÿJ4<62??9<7ÿ;9L:52M

(14)

*+,-.ÿ012342156ÿ57ÿ8,ÿ812-ÿ-,9:7,ÿ0;-ÿ42,ÿ7,-ÿ<=9;3>?,-6ÿ425ÿ0123.;8.ÿ-18.ÿ7,-ÿ -,27,-ÿ@ÿA.3,ÿ=.;B=,-ÿ,.ÿC139;75-=,-ÿ@ÿ>,ÿD123ÿEF;3,8.6ÿGHHIÿKÿL1>?,3ÿMÿN,ÿO1CC6ÿGHHPQ6ÿ 3,01-;8.ÿ,R>72-5S,9,8.ÿ-23ÿ7+1:-,3S;.518ÿ<,ÿ7+;>.5S5.=ÿ031C,--5188,77,ÿ,.ÿ-,ÿC18<;8.ÿ -23ÿ7+=7;:13;.518ÿ<+28ÿ3=C=3,8.5,7ÿ<,ÿ9=.5,3ÿ>199,ÿ03=;7;:7,ÿ58>18.1238;:7,6ÿ 025--,8.ÿ>18S,853ÿ;2ÿ>18.,R.,ÿ<,ÿ7;ÿC139;.518ÿ285S,3-5.;53,ÿ585.5;7,6ÿ,.ÿ>,ÿ0123ÿ .315-ÿ3;5-18-TÿN;ÿ03,95U3,6ÿ=S5<,8.,6ÿ;ÿ<=D@ÿ=.=ÿ-12S,8.ÿ,8.,8<2,ÿVÿ28,ÿC139;.518ÿ E285S,3-5.;53,Qÿ585.5;7,ÿ;ÿ28,ÿW8;75.=ÿ425ÿ<=0;--,ÿ7+58-,3.518ÿ031C,--5188,77,ÿ,.ÿ;ÿ 0123ÿS1>;.518ÿ<+;>>190;X8,3ÿ28ÿD,28,ÿ;<27.,ÿ<;8-ÿ28,ÿ;2.18195,ÿ58.,77,>.2,77,6ÿ -1>5;7,ÿ,.ÿ>5.1B,88,TÿN;ÿ-,>18<,ÿ3;5-18ÿ<=>127,ÿ<;S;8.;X,ÿ<,ÿ81.3,ÿ3,>?,3>?,TÿN,-ÿ ,8-,5X8;8.-6ÿ58S,-.5-ÿ<,ÿ>,..,ÿ95--518ÿ<,ÿC139;.518ÿ58.,77,>.2,77,ÿ,.ÿ>5.1B,88,6ÿ18.ÿ 0123ÿ;9:5.518ÿ<+;0013.,3ÿ@ÿ7,23-ÿ,8-,5X8,9,8.-ÿ7,23ÿS5-518ÿ0,3-188,77,ÿ<,ÿ7,23ÿ

<5->50758,6ÿ9;5-ÿ;2--5ÿ7,23-ÿ03103,-ÿS;7,23-TÿN,-ÿ>?15Rÿ42+57-ÿ10U3,8.6ÿ3,7US,8.ÿ0123ÿ 0;3.5,ÿ<,ÿ7,23ÿ75:,3.=ÿ;>;<=9542,6ÿ0575,3ÿ<,ÿ7+,8-,5X8,9,8.ÿ285S,3-5.;53,TÿY5,3ÿ>,..,ÿ 3=;75.=6ÿ<;8-ÿ28,ÿ<=9;3>?,ÿ<+=7;:13;.518ÿ<+28ÿ3=C=3,8.5,76ÿ-,3;5.ÿ>18.3,Z031<2>.5Cÿ

;2ÿ-,8-ÿ1[ÿ7,ÿ3=C=3,8.5,76ÿ>199,ÿ812-ÿ7+;S18-ÿ1:-,3S=6ÿ031<253;5.ÿ0,2.ZA.3,ÿ<,-ÿ ,CC,.-ÿ-23ÿ<,-ÿ;-0,>.-ÿ<,ÿ7;ÿC139;.518ÿ;2ÿ07;8ÿX71:;7ÿ9;5-ÿ031:;:7,9,8.ÿ0;-ÿ-23ÿ 7,-ÿ03;.542,-ÿ58<5S5<2,77,-ÿ<+,8-,5X8,9,8.ÿ,.ÿ<+=S;72;.518ÿ<,-ÿ,8-,5X8;8.-Tÿ\8W86ÿ 7;ÿ.315-5U9,ÿ3;5-18ÿ,-.ÿ072-ÿ03;X9;.542,TÿN;ÿ0720;3.ÿ<,-ÿC139;.518-ÿ285S,3-5.;53,-6ÿ ,.ÿ9A9,ÿ>,77,-ÿ42,ÿ7+18ÿ<5.ÿ031C,--5188;75-;8.,-6ÿ8,ÿ>133,-018<,8.ÿ0;-ÿ@ÿ286ÿ,.ÿ 28ÿ-,276ÿ9=.5,3ÿ5<,8.5C5;:7,Tÿ\8ÿ,CC,.6ÿ<+28,ÿ0;3.6ÿ28,ÿC139;.518ÿ285S,3-5.;53,ÿ 58<=0,8<;99,8.ÿ<,ÿ7;ÿ<5->50758,ÿ,-.ÿ28,ÿC139;.518ÿ58.,77,>.2,77,ÿ,8ÿ-15ÿ425ÿ

>18<25.ÿ<;8-ÿ28ÿ>,3.;58ÿ819:3,ÿ<,ÿ>;-ÿ818ÿ8=X75X,;:7,ÿ@ÿ<,-ÿ,90715-ÿ,8ÿ<,?13-ÿ

<,ÿ7;ÿ<5->50758,ÿ<+135X58,Tÿ]+;2.3,ÿ0;3.6ÿ7,ÿ>?;90ÿ<,-ÿ01--5:7,-ÿ031C,--5188,7-6ÿ<+28ÿ 58X=85,23ÿ0;3ÿ,R,907,6ÿ,-.ÿ.,7ÿ42+57ÿ-,3;5.ÿ:5,8ÿ<5CW>57,ÿ<+,8ÿ>53>18->353,ÿ7+=.,8<2,ÿ

<;8-ÿ28ÿ3=C=3,8.5,7ÿ9=.5,36ÿ9A9,ÿ0;3ÿ-,>.,23ÿ<+;>.5S5.=-T

F123ÿ.12.,-ÿ>,-ÿ3;5-18-6ÿ57ÿ812-ÿ-,9:7,ÿ42,ÿ0123ÿ42,ÿ7,-ÿ,8-,5X8;8.-ÿ025--,8.ÿ

;<?=3,3ÿ@ÿ7;ÿ<=9;3>?,6ÿ,77,ÿ<,S3;ÿC13>=9,8.ÿ031>=<,3ÿ<+28,ÿ8=X1>5;.518ÿ;S,3.5,ÿ ,.ÿ>35.542,ÿ<,ÿ7+,8-,9:7,ÿ<,-ÿS5-=,-ÿ42,ÿ.12-ÿ7,-ÿ0;3.,8;53,-ÿZÿ031C,--5188,7-6ÿ ,8-,5X8;8.-ÿ,.ÿ;2--5ÿ=.2<5;8.-ÿZÿ18.ÿ-23ÿ7;ÿC139;.518Tÿ];8-ÿ>,..,ÿ<=9;3>?,6ÿ>199,ÿ

<;8-ÿ:5,8ÿ<+;2.3,-6ÿ7+;<?=-518ÿ<,-ÿ,8-,5X8;8.-ÿ,-.ÿ58>18.1238;:7,ÿ@ÿ-;ÿ3=2--5.,6ÿ57ÿ C;2.ÿ.312S,3ÿ28ÿ91<U7,ÿ12S,3.ÿ;242,7ÿ57-ÿ0123318.ÿ;<?=3,3T

N158ÿ<,-ÿ-.;8<;3<-ÿ,8ÿ7;ÿ9;.5U3,ÿ,.ÿ<,-ÿ.,R.,-ÿ<=C585.5C-6ÿ81.3,ÿ=>?;8.57718ÿ ,-.ÿ>18-.5.2=ÿ<,ÿ3=C=3,8.5,7-ÿ.12D123-ÿ<5->2.;:7,-ÿ-,718ÿ7+28ÿ12ÿ7+;2.3,ÿ0158.ÿ<,ÿ S2,ÿ>18>,0.2,7ÿ;<10.=Tÿ^1<5W=6ÿ;:;8<188=6ÿ3,035-6ÿ7,ÿ3=C=3,8.5,7ÿ<,ÿ>,-ÿ=4250,-ÿ

<+,8-,5X8;8.-ÿ=S172,ÿ;2ÿX3=ÿ<,-ÿ031D,.-ÿ<,ÿ7,23ÿ58-.5.2.518TÿY12-ÿ-1275X818-ÿ7+58.=3A.ÿ

<,ÿ>,..,ÿ<=9;3>?,ÿ5.=3;.5S,ÿ,.ÿ-18ÿ;-0,>.ÿC139;.,23ÿ0123ÿ7,-ÿ,8-,5X8;8.-Tÿ^,..3,ÿ

<,-ÿ91.-ÿ-23ÿ28ÿ031D,.ÿ>199286ÿC139;75-,3ÿ28,ÿ;>.518ÿ<,ÿC139;.518ÿ<;8-ÿ-;ÿ

<12:7,ÿ<59,8-518ÿ58<5S5<2,77,ÿ,.ÿ>177,>.5S,6ÿ<=S,7100,3ÿ28,ÿ5<,8.5.=ÿ>19928,6ÿ

;>>31_.3,ÿ7;ÿ>1?=3,8>,ÿ<+28ÿ031X3;99,6ÿ;2.;8.ÿ<,ÿ:=8=W>,-ÿ425ÿ<=0;--,8.ÿ7;ÿ42;75.=ÿ 58.358-U42,ÿ<,ÿ7+1:D,.ÿ031<25.Tÿ`<10.,3ÿ28ÿ3=C=3,8.5,7ÿaÿ>7=ÿ-23ÿ013.,ÿbÿ8+,8X,8<3,3;ÿ 0;-ÿ7;ÿ35>?,--,ÿ42,ÿ0,2.ÿ;0013.,3ÿ7;ÿ<=9;3>?,ÿ<+=7;:13;.518ÿ<+28ÿ3=C=3,8.5,7ÿ,.ÿ

(15)

!" !" ÿ$ÿ%&'()*&+ÿ,ÿ-./010

234256ÿ856ÿ9:;3<=>2=396ÿ52ÿ?:@5A=396ÿB4C5885ÿ=DE8=B45ÿ2>92ÿ64?ÿ85ÿE8>9ÿ<3885<2=FÿB45ÿ 64?ÿ85ÿE8>9ÿ=9G=H=G458I

012345ÿ789

9>G=95IE362=>4AJ48KI><IK5

7335ÿ8

EL=8=EE5IK34=88>?GJ48KI><IK5

1ÿ80

D>?<I?3D>=9H=885J48KI><IK5

8M7N

OPQORSQÿTIUVIÿWXYYZ[Iÿ\ÿ^56ÿH3=56ÿ934H58856ÿG5ÿ8>ÿE?3F566=399>8=6>2=39ÿ_`ÿ=9ÿaIÿ^593=?ÿ bÿVIUcIÿO34=88=5?Ud4G32ÿWG=?I[`ÿefghijkÿmjhnokkihppoqkÿorÿstjjistqtuÿvoÿnhjufrihp`ÿ w4:K5<ÿxÿ^56ÿy?56656ÿG5ÿ8C49=H5?6=2:ÿ^>H>8`ÿEIÿZzU{X

O|}}R|^ÿTIUTIÿbÿ~RP^ÿVIÿW€€z[Iÿokÿuhv‚qokÿvoÿqƒ„gfqtfrihpÿ†ÿro‡rokÿnhpvfrotjkÿfgosÿ shuuoprfijok`ÿO?4A58856ÿxÿd5ÿO35<ˆI

O|‰VP}ÿŠI`ÿ‹SQPQdÿŒIUVIÿbÿQ|S‹RSQ‰ÿIÿWG=?I[ÿWXYYY[Iÿw458ÿ>H59=?ÿE34?ÿ856ÿ

<3DE:259<56ÿŽÿO?4A58856ÿxÿd5ÿO35<ˆI

ŠcP~R‹}ÿŠI`ÿdSVR^^PŠÿQI`ÿ^Sÿ‹|ŒŒÿVIÿorÿfqIÿWXYY{[Iÿ\ÿŠ3962?4=?5ÿ49ÿ?:F:?592=58ÿ G5ÿH>8=G>2=39ÿ59ÿ<3L:?59<5ÿ>H5<ÿ85ÿ?:F:?592=58ÿG5ÿ<3DE:259<56ÿxÿ59‘54Aÿ D:2L3G383;=B456`ÿE:G>;3;=B456ÿ52ÿ3?;>9=6>2=399586ÿ_`ÿ<3DD49=<>2=39ÿE?:6592:5ÿ

>4ÿX’5ÿ<39;?“6ÿG5ÿ8CPRyÿUÿoÿv„”ÿvoÿqfÿ•tfqir„ÿvfpkÿqƒopkoi–pouoprÿktm„jiotjÿ†ÿ gojkÿtpÿs—fp–ouoprÿvoÿmfjfvi–uo`ÿV392E588=5?ÿW€UXXÿD>=[I

Šc|V‰˜aÿ}IÿW€Z€[Iÿerjtsrtjokÿk™prf‡i•tok`ÿy>?=6ÿxÿG=2=396ÿG4ÿ‰54=8I

Š|VVR‰‰R|}ÿSQ|yS}}SÿWXYY€[IÿSŠš‰ÿ65?C6ÿ‹4=G5Iÿd=6E39=K85ÿ64?ÿR925?952ÿxÿ L22Ex››5<I54?3E>I54›5G4<>2=39›E4K›EGF›L=;L5?›5<26;4=G5œ59IEGF`ÿW<396482:ÿ85ÿ zÿ65E25DK?5ÿXYY[I

ŒR‹PQRÿ‹IÿW€€[Iÿžgfqtojÿ†ÿ•toqÿj„n„joprioqÿŸ`ÿO?4A58856ÿxÿd5ÿO35<ˆI

Œ^^P}ÿVIÿW€{X[Iÿ —oÿuofpip–ÿhnÿovtsfrihpfqÿs—fp–o`ÿš3?3923ÿxÿ|R‰Sÿy?566I

‹PQP}šÿVIÿW€€Z[Iÿ\ÿV3G“856ÿG5ÿ;562=39ÿG56ÿ:2>K8=665D5926ÿ6<38>=?56ÿ52ÿ

=993H>2=39ÿ_`ÿ=9ÿVIÿO39>D=ÿbÿVIÿ‹>?>92ÿWG=?I[`ÿe™kr‚uokÿkshqfijokÿorÿmiqhrf–oÿvoÿ qƒipphgfrihpÿ†„uoj–opsokÿorÿiumqfprfrihpÿvtÿs—fp–ouopr¡`ÿO?4A58856ÿxÿd5ÿO35<ˆI

^SVPRšQSÿdIÿbÿcPšPV|ÿVIÿWXYYz[Iÿ¢kf–okÿvoÿqfÿphrihpÿvoÿshum„ropsoÿopÿ„vtsfrihpÿ orÿnhjufrihp`ÿy>?=6ÿxÿ^Cc>?D>22>9I

VPQaÿŠIÿWXYYZ[Iÿ8>K3?>2=39ÿ52ÿ42=8=6>2=396ÿG5ÿ?:F:?592=586ÿE>?ÿ52ÿE34?ÿ856ÿF3?D>2=396ÿ GC=9;:9=54?6IÿQ>EE3?2ÿG4ÿŠSŒRIÿd=6E39=K85ÿ64?ÿR925?952ÿxÿ£L22Ex››¤¤¤I<5¥I3?;¦`ÿ W<396482:ÿ85ÿzÿ65E25DK?5ÿXYY[

(16)

*+,-./ÿ12ÿ4567682ÿ9::;<=>?@ÿ@B@CDEFGH?@ÿI?@ÿ<;JKLF@KCF<L@ÿNÿO?;@ÿPQ?LC;?:;F@?ÿRÿ

=<E:P?SFCDÿ>HEKFL?Tÿ.UVWXYWXÿZÿ+[\]\^YXÿ_ÿ`^aaWXÿW]ÿ]WbcY\dUWXÿe2

fgh/ijÿk2?CÿKP2Tÿ4lmmn82ÿ_ÿhopoVWY]\Wqÿ[Wÿb^aro]WYbWXÿ\YsVa\tVWXÿWYÿhuÿ[Uÿv^Yw^ÿ [xYXÿqWÿbx[VWÿ[Uÿ[oyWq^rrWaWY]ÿ[WXÿVWXX^UVbWXÿcUax\YWXÿWYÿXxY]o2ÿÿeTÿzKLCDÿ :H{PFGH?Tÿy^qUaWÿ5|TÿY^}Tÿr2ÿ~6€~7}ÿ

fgh/ijÿk2ÿ4lmm|82ÿ_ÿk^Vax]\^YTÿb^aro]WYbWXÿW]ÿb^YX]VUb]\y\XaWÿZÿqWÿVopoVWY]\Wqÿ [oyxqUx]\^YTÿ^U]\qÿ[Wÿb^coVWYbWÿ[xYXÿqWXÿrV^wVxaaWXÿ[Wÿp^Vax]\^YÿWYÿXxY]oÿeTÿ

\Yÿ‚2ÿƒx\qqx]Tÿ12€*2ÿuWÿ„W]WqWTÿ,2ÿfxdUx…ÿ?CÿKP†ÿ4[\V28Tÿ‡OKPH?;ÿ:<H;ÿˆ<;E?;ÿNÿ<HCFP@‰ÿ IF@:<@FCFˆ@ÿ?CÿK=C?H;@TÿƒVUŠWqqWXÿZÿuWÿƒ^Wb‹Tÿr2ÿ555€5}62

fg.jh+ÿf2ÿ4566682ÿ_ÿjVxyx\qÿW]ÿb^aro]WYbWXÿZÿUYÿr^\Y]ÿ[WÿyUWÿ[Wÿ[\[xb]\b\WYÿeTÿ

Œ<;EKCF<Lÿ?E:P<FTÿY^ÿn7Tÿr2ÿ5m6€5ln2

h/ÿƒ2Tÿvgh/jj/ÿƒ2Tÿu/khgiv/ÿg2ÿ?CÿKP2ÿ4lmm}82ÿŽ?@ÿ=<E:DC?L=?@ÿRÿPQD=<P?ÿNÿK::;?LCF@@KJ?ÿ

?CÿDOKPHKCF<LTÿƒVUŠWqqWXÿZÿuWÿƒ^Wb‹2

h/ÿƒ2ÿ4lmmn82ÿ_ÿ,WXÿb^aro]WYbWXÿrV^pWXX\^YYWqqWXÿW]ÿqWÿbUVV\bUqUaÿZÿ[WXÿVoxq\]oXÿ b^Yb\q\xqWXÿÿeTÿ\Yÿ2ÿ,WY^\Vÿ‘ÿ*2€`2ÿƒ^U\qq\WV€’U[^]ÿ4[\V28TÿzKO<F;@ÿ:;<ˆ?@@F<LL?P@ÿ

?Cÿ=H;;F=HPHEÿI?ÿˆ<;EKCF<LTÿ“UoWbÿZÿ,WXÿfVWXXWXÿ[WÿqUY\yWVX\]oÿ,xyxqTÿr2ÿ|}€5m72 h’v`/hÿk2ÿ‘ÿ,/ÿ‚’kkÿ*2ÿ4lmmn82ÿ_ÿv^YX]VUb]\^Yÿ[UYÿVopoVWY]\Wqÿ[Wÿb^aro]WYbWXÿ

xUÿVWwxV[ÿ[Uÿb^YbWr]ÿ[WÿXbctaWÿeTÿb^aaUY\bx]\^YÿrVoXWY]oWÿxUŠÿ1^UVYoWXÿ

”<E:DC?L=?@‰ÿ?E:P<Fÿ?Cÿ?L@?FJL?E?LCÿ@H:D;F?H;TÿhWYYWXÿ45}€5ÿ[obWaVW82 .vg,,’iÿ‚2ÿ4lmm782ÿŽQDOKPHKCF<LÿI?@ÿK::;?LCF@@KJ?@ÿIKL@ÿHL?ÿK::;<=>?ÿ:K;ÿ

=<E:DC?L=?@TÿƒVUŠWqqWXÿZÿuWÿƒ^Wb‹2

jghu•kÿ12ÿ4lmmn82ÿŽQDOKPHKCF<LÿI?@ÿ=<E:DC?L=?@ÿNÿI<=HE?LC?;ÿP?ÿ:K;=<H;@ÿI?ÿ IDO?P<::?E?LCTÿ*^Y]VoxqÿZÿvcWYWq\tVW€o[Ubx]\^Y2

–giÿu/hÿ*gh/iÿ12€*2ÿ4lmm}82ÿŽKÿ;?=>?;=>?ÿK::PFGHD?ÿ?Lÿ:DIKJ<JF?ÿNÿI?@ÿE<I—P?@ÿ:<H;ÿ PQ?L@?FJL?E?LCTÿƒVUŠWqqWXÿZÿuWÿƒ^Wb‹2

˜™š › œ ž› š ÿ  ÿ ¡¢š ££¤¥¦ š š ¢¥§¤¥ÿ  ÿ ¨¤š ©£¤¥¤š

ª«9649ÿ2ÿ34243454ÿ23ÿ464549ÿ¬5ÿ¬5¬­4456ÿ2ÿ63¬7575­ÿ¬6ÿ 5743976«®ÿ3849¯ÿ96¬°49ÿ¬5ÿ87769

jcWÿx\aÿ^pÿ]c\XÿrxrWVÿ\Xÿ]^ÿrVWXWY]ÿxÿVWXWxVbcÿb^Y]V\U]\Ywÿ]^ÿxYxq…±Wÿ]cWÿV^qWÿ^pÿVWpWVWYbWÿX…X]WaXÿ p^Vÿb^arW]WYbWXÿ\Yÿ]cWÿaxYxwWaWY]ÿ^pÿ]Vx\Y\Ywÿx]ÿUY\yWVX\]…ÿxY[ÿ\Yÿ]WxbcWVXÿ]Wxbc\YwÿrVxb]\bWXÿxY[ÿ xXXWXXaWY]2ÿjc\XÿVWXWxVbcÿxqX^ÿWŠrq^VWXÿ]cWÿq\Y‹XÿW]²WWYÿ]cWÿV^qWÿrqx…W[ÿ…ÿxÿX…X]Waÿ^pÿVWpWVWYbWÿxY[ÿ ]cWÿb^Y[\]\^YXÿ²c\bcÿrVWX\[W[ÿ^yWVÿ\]XÿbVWx]\^Y2ÿgÿbV^XXÿX]U[…ÿ^pÿ]WYÿbxXWXÿ²xXÿbxVV\W[ÿ^U]ÿ\YÿyxV\^UXÿ b^UY]V\WXÿ²c\bcÿWYxqW[ÿUXÿ]^ÿXc^²ÿ]cx]ÿ\Yÿa^X]ÿbxXWXÿ]cWÿxYxq…±W[ÿX…X]WaXÿ^pÿVWpWVWYbWÿrqx…W[ÿxÿ aUbcÿa^VWÿ\ar^V]xY]ÿrxV]ÿ\Yÿ]cWÿaxYxwWaWY]ÿ^pÿ]Vx\Y\Ywÿ]cxYÿ\Yÿ]Wxbc\YwÿxY[ÿxXXWXXaWY]ÿrVxb]\bWX2

³4´­99«9644ÿ43ÿµ4645´45ÿ5ÿ¶9·785­9964435­ÿ¬5ÿ43ÿ

¸5743976¹6®ÿ08845¯ÿº43¬923435­45ÿ5ÿ»345´45

Références

Documents relatifs

C’est dans un contexte d’im- plantation d’une formation des formateurs en ligne que se situe cet article qui aborde les questions suivantes : quels sont les obstacles au

À partir d’un projet pilote mené dans le cadre de la collaboration internationale entre l’Université Laval (Québec) et l’Université de Bordeaux (Fran- ce), nous nous

C’est dans un contexte d’im- plantation d’une formation des formateurs en ligne que se situe cet article qui aborde les questions suivantes : quels sont les obstacles au

Il ne s’agit pas ici d’évaluer la production ingénierique qui vise à mettre à disposition des référentiels de validation d’acquis, des référentiels de formation

 Complète les additions à trous en t’aidant des dessins...  Complète les additions à trous en t’aidant

Afin d’apporter des éléments de réponse à ces questions, et de tester cette hypothèse, nous avons mené une étude documentaire des outils (référentiels métiers

Il faut rappeler que le poste de travail a été, au cours du XX e siècle, une construction, un véritable « investissement de forme » (Thévenot, 1985) dont il a fallu

Nous avons dans cet article montré qu’il était possible de (i) concevoir un processus de personnalisation exploitant les objectifs de l’apprenant et appliquant une stratégie