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ƐƚƌĞĞĂŝŐůŽŽƐEŽƌƚŚŵĞƌŝĐĂ͕>>WKŽdžϳϳϯϭϵϮ
ĂŐůĞZŝǀĞƌůĂƐŬĂϵϵϱϳϳǁǁǁǁ͘ƵƐ͘ĂƐƚƌĞĞĂ͘ĐŽŵ
ƵƐƚŽŵĞƌƐĞƌǀŝĐĞ
ŵĂŝůƵƐĂƚ͗ŝŶĨŽΛƵƐ͘ĂƐƚƌĞĞĂ͘ĐŽŵ;ϵϬϳͿϵϯϭͲϰϰϲϵ
ϵDͲϰWDůĂƐŬĂ^ƚĂŶĚĂƌĚdŝŵĞ͕h^ŶŐůŝƐŚ^ƉŽŬĞŶͬWůĞĂƐĞĞŵĂŝůŝĨLJŽƵĚŽŶΖƚƐƉĞĂŬŶŐůŝƐŚ

ZZZDVWUHHDFRP
ϭ͘ /ŶƚƌŽĚƵĐƚŝŽŶ
dŚŝƐŬůĞƚŝŶĐůƵĚĞƐƚŚĞƌƵůĞƐŽĨƵƐĞĂŶĚŵĂŝŶƚĞŶĂŶĐĞĨŽƌƚŚĞ
ƐƚƌĞĞĂΠ /ŐůŽŽ͘ dŚŝƐ ŬůĞƚ ŝƐ ĂŶ ŝŶƚĞŐƌĂƚĞĚ ƉĂƌƚ ŽĨ ƚŚĞ
ƉƌŽĚƵĐƚ ĂŶĚƐŚŽƵůĚ ďĞ ŬĞƉƚǁŝƚŚŝŶ ƌĞĂĐŚ ƚŽ ďĞ ĐŽŶƐƵůƚĞĚĨŽƌ
ƚŚĞ ĞŶƚŝƌĞ ƚŝŵĞ ŽĨ ƵƐĞ͘ dŚĞ ĞƋƵŝƉŵĞŶƚ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĞƐĞ
ŝŶƐƚƌƵĐƚŝŽŶƐŽĨƵƐĞĐŽŵƉůŝĞƐǁŝƚŚĐƵƌƌĞŶƚƐĂĨĞƚLJƉƌŽǀŝƐŝŽŶƐĂŶĚ
ƐƚĂƚĞͲŽĨͲƚŚĞͲĂƌƚ ƚĞĐŚŶŽůŽŐLJ͘ ,ŽǁĞǀĞƌ͕ ƐŚŽƵůĚ ƚŚĞ ĞƋƵŝƉŵĞŶƚ
ďĞ ƵƐĞĚ ŝŶ ĂŶ ŝŵƉƌŽƉĞƌ ŵĂŶŶĞƌ͕ ƚŚĞ ƌŝƐŬ ŽĨ ŝŶũƵƌLJ ŽĐĐƵƌƌŝŶŐ
ĐĂŶŶŽƚďĞĞŶƚŝƌĞůLJĞdžĐůƵĚĞĚ͘
ZĞĂĚďĞĨŽƌĞƐƚĂƌƚŝŶŐ͊
dŚĞ ĞƋƵŝƉŵĞŶƚ ŚĂƐ ďĞĞŶ ĚĞƐŝŐŶĞĚ ĞdžĐůƵƐŝǀĞůLJ ĨŽƌ ŽƵƚĚŽŽƌ
ƵƐĞ͘ hƐĞ ǁŝƚŚ ĐĂƌĞ͕ ǁŝƚŚŽƵƚ ĂĨĨĞĐƚŝŶŐ ƚŚĞ ƐƚƌƵĐƚƵƌĞ Žƌ ƚŚĞ
ĐŽǀĞƌ ŽĨ ƚŚĞ ŝŐůŽŽ͘ ŶLJ ŽƚŚĞƌ ƵƐĞ͕ ĚŝĨĨĞƌĞŶƚ ĨƌŽŵ ƚŚĂƚ
ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĞƐĞ ŝŶƐƚƌƵĐƚŝŽŶƐ͕ ĐŽƵůĚ ĐĂƵƐĞ ĚĂŵĂŐĞ ƚŽ ƚŚĞ
ŝŐůŽŽ ĂŶĚ ƌĞƉƌĞƐĞŶƚ Ă ƐĞƌŝŽƵƐ ŚĂnjĂƌĚ ĨŽƌ ƚŚĞ ƵƐĞƌ͘ WƌŽƉĞƌ
ĨƵŶĐƚŝŽŶŝŶŐ ĚĞƉĞŶĚƐ ŽŶ ƚŚĞ ĐŽƌƌĞĐƚ ƵƐĞ ĂŶĚ ĂĚĞƋƵĂƚĞ
ŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞĞƋƵŝƉŵĞŶƚ͘dŚĞƌĞĨŽƌĞ͕ŝƚŝƐĂĚǀŝƐĂďůĞƚŽ
ĐĂƌĞĨƵůůLJ ƌĞĂĚ ƚŚĞ ŝŶƐƚƌƵĐƚŝŽŶƐ ƚŽ ƉƌĞǀĞŶƚ ŝƐƐƵĞƐ ƚŚĂƚ ĂƌĞ
ŝŶĐŽŵƉĂƚŝďůĞ ǁŝƚŚ ƉƌŽƉĞƌ ĨƵŶĐƚŝŽŶŝŶŐ ĂŶĚ ĚƵƌĂďŝůŝƚLJ͘ ůů
ŝŶĨŽƌŵĂƚŝŽŶ ƌĞƋƵŝƌĞĚ ƚŽ ĞŶƐƵƌĞ ƚŚĞ ďĞƐƚ ƵƐĞ ŽĨ ƚŚŝƐ ŝŐůŽŽ ŝƐ
ƉƌŽǀŝĚĞĚ͕ƚŽŐĞƚŚĞƌǁŝƚŚŝŶƐƚƌƵĐƚŝŽŶƐĂŶĚƵƐĞĨƵůĂĚǀŝĐĞĨŽƌŝƚƐ
Ύ&ĂďƌŝĐĂŶĚ&ůŽǁĞƌĞĚtĞŝŐŚƚƐƚŽďĞĨŝůůĞĚǁŝƚŚƐĂŶĚŽƌ
ĐŽƌƌĞĐƚ ŵĂŝŶƚĞŶĂŶĐĞ͘ dŚĞ DĂŶƵĨĂĐƚƵƌĞƌ ŝƐ ƌĞůŝĞǀĞĚ ŽĨ Ăůů
ƐŝŵŝůĂƌǁĞŝŐŚƚĞĚŵĂƚĞƌŝĂů͘
ƌĞƐƉŽŶƐŝďŝůŝƚLJ ŝŶƚŚĞĐĂƐĞŽĨ ŶĞŐůŝŐĞŶĐĞĂŶĚŶŽŶͲŽďƐĞƌǀĂŶĐĞ
ŽĨƚŚĞƐĞƌƵůĞƐ͘
Ϯ͘ ^ĂĨĞƚLJƌĞŐƵůĂƚŝŽŶƐ
 <ĞĞƉ ƚŚĞ ƉĂĐŬĂŐŝŶŐ ĂŶĚ ƐŵĂůů ƉĂƌƚƐ ŽƵƚ ŽĨ ƚŚĞ ƌĞĂĐŚ ŽĨ
ĐŚŝůĚƌĞŶŽƌƉĞƚƐ͘ZŝƐŬŽĨƐƵĨĨŽĐĂƚŝŽŶ͊
 ŽŶŽƚĂƐƐĞŵďůĞƚŚĞŝŐůŽŽĚƵƌŝŶŐĂƚŚƵŶĚĞƌƐƚŽƌŵ͊ůǁĂLJƐ
ĞǀĂĐƵĂƚĞ ƚŚĞ ŝŐůŽŽ ĚƵƌŝŶŐ ƐƚŽƌŵLJ ǁĞĂƚŚĞƌ ĂŶĚ ůŽŽŬ ĨŽƌ
ƐƵŝƚĂďůĞƌĞĨƵŐĞ͊
 tĞĂƌ ƉƌŽƚĞĐƚŝǀĞ ŐůŽǀĞƐ ĚƵƌŝŶŐ ĂƐƐĞŵďůLJ ĂŶĚ ĞŶƐƵƌĞ ƚŚĂƚ
LJŽƵƌ ĨŝŶŐĞƌƐ ĚŽ ŶŽƚ ŐĞƚ ƐƚƵĐŬ ďĞƚǁĞĞŶ ƚŚĞ ũŽŝŶƚƐ ŽĨ ƚŚĞ
ĨƌĂŵĞŽƌƚŚĞĐŽǀĞƌ͘
 WůĞĂƐĞ͕ĨŽůůŽǁƐĂĨĞƚLJŝŶƐƚƌƵĐƚŝŽŶƐǁŚŝůĞŽŶƚŚĞůĂĚĚĞƌǁŚĞŶ
ŝŶƐƚĂůůŝŶŐ ƚŚĞ ǀĞƌƚŝĐĂů ƉŽůĞƐ ŽĨ ƚŚĞ ĨƌĂŵĞ͊ dŚĞƌĞ ŝƐ ĂŶ
ŝŶĐƌĞĂƐĞĚƌŝƐŬŽĨŝŶũƵƌLJ͘&ŽůůŽǁƐĂĨĞƚLJƌĞŐƵůĂƚŝŽŶƐƉƌŽǀŝĚĞĚ
ǁŝƚŚůĂĚĚĞƌ͘
 ŽŶŽƚƵƐĞĂŶLJŐĂƐͬĐŽĂůŚĞĂƚĞƌƐ͕ŽƉĞŶĨŝƌĞŽƌŽƚŚĞƌƐŽƵƌĐĞƐ
ŽĨ ĚŝƌĞĐƚ ŚĞĂƚ ŝŶƐŝĚĞ Žƌ ŝŶ ƚŚĞ ǀŝĐŝŶŝƚLJ ŽĨ ƚŚĞ ŝŐůŽŽ͊ /ƚ ŝƐ
ƌĞĐŽŵŵĞŶĚĞĚ ƚŽ ŽŶůLJ ƵƐĞ ŽƵƚĚŽŽƌͲƚLJƉĞ ĞůĞĐƚƌŝĐ ƐƉĂĐĞ
ŚĞĂƚĞƌƐĂŶĚĞůĞĐƚƌŝĐĂůĞƋƵŝƉŵĞŶƚ͘
 hƐĞĂŶŽƵƚĚŽŽƌĞůĞĐƚƌŝĐĂůŽƵƚůĞƚͬĞdžƚĞŶƐŝŽŶĐŽƌĚƚŽƉůƵŐŝŶ
ƚŚĞĞůĞĐƚƌŝĐĂůĞƋƵŝƉŵĞŶƚŽĨƚŚĞŝŐůŽŽ͘
 Ž ŶŽƚ ůĞĂǀĞ ĐĂŶĚůĞƐ͕ Žŝů ůĂŵƉƐ Žƌ ŽƚŚĞƌ ƐŽƵƌĐĞƐ ŽĨ ĨŝƌĞ
ƵŶĂƚƚĞŶĚĞĚŝŶƚŚĞŝŐůŽŽ͊
 dŚĞƚĞŵƉĞƌĂƚƵƌĞƐŝŶƐŝĚĞƚŚĞŝŐůŽŽĚƵƌŝŶŐƐƵŵŵĞƌĐĂŶŐŽ
ƵƉ ƚŽ нϲϲΣ ;нϭϱϬΣ&Ϳ͘ Ž ŶŽƚ ůĞĂǀĞ ĐŚŝůĚƌĞŶ Žƌ ƉĞƚƐ
ƵŶƐƵƉĞƌǀŝƐĞĚŝŶƐŝĚĞƚŚĞŝŐůŽŽĚƵƌŝŶŐƐƵŵŵĞƌƚŝŵĞ͊ůǁĂLJƐ
ŵĂŬĞƐƵƌĞƚŽůĞĂǀĞĂĚŽŽƌŽƌǁŝŶĚŽǁŽƉĞŶĨŽƌĂŐŽŽĚĂŝƌ
ĨůŽǁŽƌƌĞŵŽǀĞƚŚĞĐŽǀĞƌĞŶƚŝƌĞůLJ͘
 Ž ŶŽƚ ƚŽƵĐŚ ƚŚĞ ĂůƵŵŝŶƵŵ ĨƌĂŵĞ ĚƵƌŝŶŐ ŚŝŐŚ ŚĞĂƚ Žƌ
ĨƌŽƐƚ͊ ŽŵŝŶŐ ŝŶ ĐŽŶƚĂĐƚ ǁŝƚŚ ƚŚĞ ǀĞƌLJ ŚŽƚ Žƌ ǀĞƌLJ ĐŽůĚ
ƐƵƌĨĂĐĞŽĨƚŚĞŵĞƚĂůŵŝŐŚƚƌĞƐƵůƚŝŶƐĞƌŝŽƵƐŝŶũƵƌŝĞƐ͘
ZZZDVWUHHDFRP
ϯ͘ /ŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐĂƐƐĞŵďůLJĂŶĚŵĂŝŶƚĞŶĂŶĐĞ
 dŚĞ ŝŶƐƚĂůůĂƚŝŽŶ ŽĨ ƚŚĞ ŝŐůŽŽ ƐŚŽƵůĚ ďĞ ĚŽŶĞ ďLJ ϮͲϯ
ƉĞŽƉůĞ͘
 ĞĨŽƌĞŝŶƐƚĂůůŝŶŐ͕ŵĂŬĞƐƵƌĞƚŚĞŐƌŽƵŶĚŝƐůĞǀĞůĞĚĂŶĚ
ĨŝƌŵĨŽƌĂŶĐŚŽƌĂŐĞ͊^ĞĐƵƌĞƚŚĞŝŐůŽŽƚŽƚŚĞŐƌŽƵŶĚǁŝƚŚ
ŵĞƚĂů ĐůĂŵƉƐ ĂŶĚ ƐĐƌĞǁƐ ƚŚĂƚ ĂƌĞ ƐƵŝƚĂďůĞ ĨŽƌLJŽƵƌ
ŐƌŽƵŶĚŵĂƚĞƌŝĂů;ŶŽƚŝŶĐůƵĚĞĚͿ͘
 /Ŷ ĐĂƐĞ ŽĨ ƐŽĨƚ ŐƌŽƵŶĚ ;ŐƌĂƐƐ͕ ƐĂŶĚ͕ ƐŽŝůͿ ƐĞĐƵƌŝŶŐ ƚŚĞ
ŝŐůŽŽ ŝŶ ƉůĂĐĞ ƐŚŽƵůĚ ďĞ ĚŽŶĞ ďLJ ƵƐŝŶŐ ƚŚĞ ĂĚĚŝƚŝŽŶĂů
ƐƚƌĞĞĂΠtĞŝŐŚƚƐ;ŶŽƚŝŶĐůƵĚĞĚͿ͘
 ^Ğƚ ƵƉ ƚŚĞ ŝŐůŽŽ ŝŶ Ă ƉůĂĐĞ ƐŚĞůƚĞƌĞĚ ĨƌŽŵ ǁŝŶĚ ĂŶĚ
ƐŶŽǁ͘/ƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŽƌĞŵŽǀĞƚŚĞĐŽǀĞƌŝŶĐĂƐĞ
ŽĨƐƚŽƌŵŽƌŚƵƌƌŝĐĂŶĞĂůĞƌƚƐ͘/ŶĐĂƐĞŽĨƐƚƌŽŶŐǁŝŶĚƐ͕ĚŽ
ŶŽƚůĞĂǀĞƚŚĞĚŽŽƌŽƌǁŝŶĚŽǁŽƉĞŶ͊͊͊hƐĞƚŚĞůŽĐŬŝŶŐ
ƐLJƐƚĞŵƚŽĐůŽƐĞƚŚĞŝŐůŽŽ͊
 ŽŶŽƚůĞĂǀĞƚŚĞ/ŐůŽŽƉĂƌƚŝĂůůLJĂƐƐĞŵďůĞĚ͊ůǁĂLJƐ
ŵĂŬĞƐƵƌĞƚŽĐŽŵƉůĞƚĞƚŚĞŝŶƐƚĂůůĂƚŝŽŶƌŝŐŚƚĂǁĂLJĂŶĚ
ĐŚĞĐŬŝĨĂůůĞůĞŵĞŶƚƐĂƌĞƐĞĐƵƌĞĚ͊
tŝŶĚƌĂƚŝŶŐ
&ŝdžŝŶŐŵĞƚŚŽĚ DĂdž͘ǁŝŶĚƐƉĞĞĚĂƉƉůŝĐĂďůĞ
EŽŶĞ ϭϭŬŵͬŚ;ϳŵƉŚͿ
tĞŝŐŚƚĞĚ
;Ύ&ůŽǁĞƌĞĚŽƌ ϰϬŬŵͬŚ;ϮϱŵƉŚͿ
&ĂďƌŝĐtĞŝŐŚƚƐͿ
ŽůƚĞĚƚŽƐƵƌĨĂĐĞ ϲϭŬŵͬŚ;ϯϴŵƉŚͿ
ƐĞĐƵƌĞĚǁŝƚŚƐƉŝŬĞƐƚŽŐƌŽƵŶĚ ϰϬŬŵͬŚ;ϮϱŵƉŚͿ
 ƐƚƌĞĞĂΠ/ŐůŽŽĐĂŶďĞĂƌƵƉƚŽϮϬϬŬŐ;ϰϱϬůďƐͿŽĨƐŶŽǁ͘
/ƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŽďƌŽŽŵŽĨĨƚŚĞƐŶŽǁƌĞŐƵůĂƌůLJƚŽ
ƉƌĞǀĞŶƚĐŽůůĂƉƐŝŶŐ͘
 /ƚ ŝƐ ƌĞĐŽŵŵĞŶĚĞĚ ƚŽ ƌĞŐƵůĂƌůLJ ĐŚĞĐŬ Ăůů ƐĐƌĞǁƐ ĨƌŽŵ
ƚŚĞ ĨƌĂŵĞ ĂŶĚ ƚŝŐŚƚĞŶ ƚŚĞŵ ŝĨ ŶĞĐĞƐƐĂƌLJ͘ ůƐŽ͕ ĐŚĞĐŬ
ƚŚĞĐŽǀĞƌĨŽƌůĞĂŬƐŽƌŽƚŚĞƌĚĂŵĂŐĞ͘
 ŽŶŽƚƵƐĞƐŚĂƌƉŽďũĞĐƚƐŽŶŽƌĂƌŽƵŶĚƚŚĞĐŽǀĞƌ͕ƚŚĂƚ
ĐŽƵůĚĚĂŵĂŐĞŝƚ͘
ϰ͘ ůĞĂŶŝŶŐ͕ƐƚŽƌĂŐĞĂŶĚĚŝƐƉŽƐĂů
 ĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ƚLJƉĞ ŽĨ ĐŽǀĞƌ͕ ĐůĞĂŶŝŶŐ ƐŚŽƵůĚ ďĞ
ĚŽŶĞ ǁŝƚŚ Ă ĐůĞĂŶ ĐůŽƚŚ͕ ǁĂƌŵ ǁĂƚĞƌ ĂŶĚ Ă ŵŝůĚ
ĚĞƚĞƌŐĞŶƚ͘
 ŽŶŽƚƵƐĞĂŶLJĐŚĞŵŝĐĂůĂŐĞŶƚƐ͕ďůĞĂĐŚŽƌĂĐĞƚŽŶĞƚŚĂƚ
ĐŽƵůĚĚĂŵĂŐĞƚŚĞŝŐůŽŽ͊
 ŽŶŽƚŵĂĐŚŝŶĞǁĂƐŚ͕ƚƵŵďůĞĚƌLJ͕ĚƌLJĐůĞĂŶŽƌŝƌŽŶƚŚĞ
ĐŽǀĞƌ͊dŚĞĂŶŽƉLJĐŽǀĞƌĐĂŶďĞŵĂĐŚŝŶĞǁĂƐŚĞĚ
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UK Ltd / S.L.U.Polígono 1 avenue de Bréhat =HDODQG
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