Note Numérique V20 - Direction Générale des Entreprises

!
Note%sur%le%Numérique%en%Afrique"
#"
$%&'"()"*+,-./+%0"*12(-3)0*,-"4)5%('678"9:;"*-"<=>2;?@28"-/"*-"AB+-,,7"C,-/%08"9:;"*12/%'"
@-D),E&-"5,F(+D+0)+,-"G"
H-//-"0%/-")"F/F"F()I%,F-"'%&'"()"*+,-./+%0"*12(-3)0*,-"4)5%('678"9:;"*-"<=>2;?@2"-/"*-"AB+-,,7"
C,-/%08"9:;"*12/%'J"
=("'1)K+/"*1&0-"L-,'+%0"0%0M*FN+0+/+L-"E&+")"L%.)/+%0"O",-.&-+((+,"(-'".%DD-0/)+,-'"-/"'&KK-'/+%0'"
*-".B).&0J""
9%&," )55%,/-," *-'" D%*+N+.)/+%0'8" 5,F.+'+%0'" %&" .%D5(FD-0/'8" L%&'" 5%&L-P" Q%+0*,-" 2(-3)0*,-"
4)5%('67")P)5%('67R(+0)K%,)J.%D"-/"<+()"H),,--"(+()J.),,--R)S,+.)S,)0.-J%,K""
H-//-"0%/-")"S)+/"(1%IQ-/"*-"T",F&0+%0'")L-."&0"0%DI,-"D%7-0"*-"E&+0P-"5),/+.+5)0/'J"9),D+"-&38"
(-'" -0/,-5,+'-'" S,)0U)+'-'" V<=>2;?@28" 2/%'8" ?,)0K-8" AB%D'%08" W&/-(')/8" $%S,-.%D8"
2S,+.)XA-.BYZ" -/" +0'/+/&/+%0'" S,)0U)+'-'" V:+,-./+%0" ;F0F,)(-" *-'" W0/,-5,+'-'8" 2[>=HYZ" %0/"
5),/+.+5F" )./+L-D-0/J" :-" ()" D\D-" D)0+],-8" (1F.%'7'/]D-" )S,+.)+0" )" F/F" S%,/-D-0/" +D5(+E&F" O"
(1F()I%,)/+%0"*-".-//-"0%/-J""

!
Contexte%:"
!"#$%&''$()%*"+&,&-.$),/-"(.0/$)12(.+1.,$)$34)%1)5(1,6$)&(.$,414.&,)($4$,/$)'1()%$3)-$-7($3)6/)
8(&/'$)6$)9(1#1.%):/-"(.0/$)6*;2(.+1<(1,+$=)>$44$)1-7.4.&,)("'&,6)6$)-1,.?($)+&,+(?4$)$4)'("+.3$)
1/@)$,A$/@)3/.#1,43)B)"
C)6"#$%&''$()1+4.#$-$,4)%*1++?3)D)%*",$(5.$)$4)%*$,3$-7%$)6$3).,2(134(/+4/($3),"+$331.($3)1/)
6"#$%&''$-$,4)6$)%*"+&,&-.$),/-"(.0/$E)
C)-$44($)$,)'%1+$)/,)'(&5(1--$)6FGC16-.,.34(14.&,)1-7.4.$/@E)
C)($,2&(+$()%1)+&,H.1,+$),/-"(.0/$E)
C)+&,+$#&.()$4)6"'%&I$()%$3)H.,1,+$-$,43)'/7%.+3)$4)'(.#"3E)
C)1++(&J4($)-133.#$-$,4)%$)+1'.41%)K/-1.,E)
C)-$44($)$,)L/#($)%$3)+16($3)%"5.3%14.23)21#&(17%$3E)
C)&(51,.3$()/,$)5&/#$(,1,+$)$2H.+1+$E)
C)$4E)&/#(.()'&/()%$)+&,4.,$,4)/,$)'K13$)6$),/-"(.314.&,)1++"%"("$=))
M&/()%*$,3$-7%$)6$3)'1I3)12(.+1.,3E)+$3)$,A$/@)($'("3$,4$,4)%1)+%")6*/,) 6"#$%&''$-$,4)'"($,,$)$4)
#$(4/$/@=)G,) I)("'&,61,4)6$) -1,.?($)$2H.+1+$E) )%*;2(.0/$)'&/((1)6"#$%&''$()%F.,,&#14.&,E)+("$()6$)
,&/#$1/@) '(&6/.43) $4) 3$(#.+$3) N'/7%.+3) $4) '(.#"3OE) 1-"%.&($() %F$2H.+1+.4") 6$3) &(51,.314.&,3) $4)
1-'%.H.$()%1)+(&.331,+$)6/)+&,4.,$,4E)4&/4)$,)6"#$%&''1,4)%F$-'%&.=)"
P$)'&4$,4.$%)"+&,&-.0/$)0/$)($'("3$,4$)%F"+&,&-.$),/-"(.0/$)$,);2(.0/$)$34)$,)$22$4).-'&(41,4."Il"
est"estimé"qu’en"2025,"la"contribution"du"numérique"au"PIB"africain"serait"de"300"milliards"
de" dollars" (soit" 10%" du" PIB) ) ,&41--$,4) 5(Q+$) 1/) +&--$(+$) $,) %.5,$) $4) 1/@) 51.,3) 6$)
1
'(&6/+4.#.4")1++&-'%.3)61,3)6$3)3$+4$/(3)+%"3=)M&/(41,4E)%$3)6.#.6$,6$3)6/),/-"(.0/$),$)3$)6.22/3$,4)
'13) 133$R) (1'.6$-$,4) $,) ;2(.0/$) ,&41--$,4) $,) (1.3&,) 6F/,$) 2(1+4/($) ,/-"(.0/$) '$(3.341,4$)
N1++$33.7.%.4"E)+&S43E)&/#$(4/($)$4)3"+/(.4"O=);+4/$%%$-$,4E)%1)+&,4(.7/4.&,)1,,/$%%$)6F.,4$(,$4)1/)MTU)
6$)%F;2(.0/$)$34)6F$,#.(&,)VW)-.%%.1(63)6$)6&%%1(3)$4)+$%%$)6$)%F.,6/34(.$)6/)-&7.%$)+&,4(.7/$)'&/()XY)
-.%%.1(63)6$)6&%%1(3)D)%F"+&,&-.$)("5.&,1%$E)3&.4)ZEX)[)6/)MTU)4&41% =)M&/()'$(+$#&.()%$3)7","H.+$3)6/)
V
,/-"(.0/$E).%)21/4)'&/#&.()$,) '1(415$() %$3)2(/.43)N.,+%/3.&,E).,,&#14.&,E)$2H.+1+.4"E)6"#$%&''$-$,4)
6$3)"+&3I34?-$3O)$4)("6/.($)%$3)(.30/$3)133&+."3)N+I7$(C.,3"+/(.4"O=))
P1) +&,,$+4.#.4"E) $4) '%/3) %1(5$-$,4) %F"+&,&-.$) ,/-"(.0/$) 12(.+1.,$E) 6"'$,6(1) 6$) %1) +1'1+.4") 6$3)
G4143) D) -$44($) $,) L/#($) /,) 1(3$,1%) 6$) -$3/($3) B) ",$(5.$3E) .,2(134(/+4/($3E) ("3$1/@) $4) 4"%"+&-3E)
+&,+/(($,+$) 31.,$) 6/) -1(+K"E) '1(4$,1(.143) '/7%.+C'(.#") $4) ("5/%14.&,) $2H.+1+$) 6F.,4$(,$4) $4) 6/)
3$+4$/() 6$3) 4"%"+&--/,.+14.&,3=) Autrement" dit," le" développement" de" l'économie" numérique"
africaine"repose"sur"un"climat"propice"aux"affaires"(concurrence,"partenariats…),"un"capital"
humain"solide" (compétences)"et" une"bonne" gouvernance"(réglementation,"institutions)=)P1)
+1'1+.4")D)+&,+$#&.()$4)6"'%&I$()6$3)'%1,3)6$)6"#$%&''$-$,4),/-"(.0/$)1-7.4.$/@)6.34.,5/$(1)%$3)
'1I3)%$16$(3)6$3)1/4($3)"+&,&-.$3=))
;#1,4) 6$) ($#$,.() $,) 6"41.%3) 3/() %$3) ($+&--1,614.&,3) 3/55"("$3E) %$) 5(&/'$) 6$) 4(1#1.%) :/-"(.0/$)
6*;2(.+1<(1,+$)'(&'&3$)1/@)5&/#$(,$-$,43)4(&.3)5(1,6$3)1+4.&,3)6"4$(-.,1,4$3)6&,4)%*1''%.+14.&,)
'$(-$44(1.4) 6*$,+%$,+K$() /,) -&/#$-$,4) #$(4/$/@) 61,3) %$) +16($) 6/0/$%) %*$,3$-7%$) 6$3)
($+&--1,614.&,3)6"41.%%"$3)61,3)+$44$),&4$)4(&/#$(1.4)D)3*1''%.0/$()6$)-1,.?($)&'4.-1%$=)
T%)3*15.4)B)
"
1
""<+%0'"K%"/%"*+K+/)(8"^)."_+0'-7"`abc"G"B//5GddeeeJD.6+0'-7J.%DdfdD-*+)d^._+0'-7d
=0*&'/,+-'dg+KBh`aA-.Bd?&,h`a=0'+KB/'d<+%0'h`aK%h`a*+K+/)(h`aAB-h`a=0/-,0-/'
h`a/,)0'S%,D)/+L-h`a5%/-0/+)(h`a+0h`a2S,+.)d^;=i<+%0'iK%i*+K+/)(i[&((i,-5%,/i>%L`abcJ)'B3
"
V
"";&+*-"5,)/+E&-"G"5)'')K-")&"0&DF,+E&-"-0"2S,+E&-"$&IM$)B),+-00-"`abc"G"B//5Gdd
eeeJ-0/,-5,+'-'JK%&LJS,dN+(-'dN+(-'dK&+*-'d;&+*-A>AM[@J5*S

!
\O)!*/,$)'%14$2&(-$)5&/#$(,$-$,41%$),/-"(.0/$)&/#$(4$)0/.)'&/((1)]4($)/4.%.3"$)'1()+K10/$)'1I3)
12(.+1.,) 3&/K1.41,4) 6.3'&3$() 6*/,$) .,2(134(/+4/($) 5%&71%$) 6*$C5&/#$(,$-$,4) $4) 0/.) '&/((1) ]4($)
6"+%.,"$)D)%*$,3$-7%$)6$3)$,A$/@)'/7%.+3)1/@0/$%3)%$3)G4143)12(.+1.,3)3&,4)+&,2(&,4"3)N$C"6/+14.&,E)$C
15(.+/%4/($E)$C31,4"^O)_)
VO)!*/,)'(&5(1--$E)3/()%$)-&6?%$)6*.,.4.14.#$3)6"AD)[email protected],4$3)N`'$,!$#E)a\WWWW)+&6$/(3E)$4+=OE)6$)
2&(-14.&,)1/@)-"4.$(3)6/),/-"(.0/$)#.31,4)D)2&(-$()-133.#$-$,4)$4)(1'.6$-$,4)/,)5(1,6),&-7($)
6$) A$/,$3E) 6$) 2$--$3E) 6*"4/6.1,43) $4) 6$) b) 6"+(&+K$/(3) c) 1/@) 6.22"($,43) -"4.$(3) 6/) ,/-"(.0/$) 6$)
3&(4$)D)($,6($)'&33.7%$)%*"-$(5$,+$)6*/,)"+&3I34?-$),/-"(.0/$)61,3)+K10/$)'1I3)_)
ZO) !*/,$) +&,2"($,+$) 1,,/$%%$) 4(.C'1(4.4$) 0/.) 3$(1.4) %$) ($,6$RC#&/3) .,34.4/4.&,,$%) 6$3) d.,.34($3) 6/)
,/-"(.0/$E)6/)3$+4$/()'(.#")N$,4($'(.3$3E)71,0/$3E)2&,63)6*.,#$34.33$-$,4EE)$4+=O)$4)6$)%*"+&3I34?-$)
N.,+/714$/(3E) 133&+.14.&,3E) /4.%.314$/(3E) $4+=O) $4) 0/.) 3$) 4.$,6(1) 1%4$(,14.#$-$,4) $,) <(1,+$) $4) $,)
;2(.0/$=)
P*1''%.+14.&,)6$)+$3)4(&.3)5(1,6$3)1+4.&,3)1/(1.4)/,)$22$4)6*$,4(1J,$-$,4)21#&(17%$)D)%*1''%.+14.&,)
6$3)($+&--1,614.&,3)3/.#1,4$3=)
Recommandations%:%
)Z Développer% les% énergies,% les% réseaux% et% les% infrastructures% numériques%
(datacenters,%incubateurs)"
<j-0Q-&" G" ,-0*,-" (-'" '-,L+.-'" 0&DF,+E&-'" )..-''+I(-'" )&" 5(&'" K,)0*" 0%DI,-" 5)," *-'"
+0S,)'/,&./&,-'"D)+(()0/"/%&'"(-'"/-,,+/%+,-'8"-/"5-,D-//)0/"&0"/,)+/-D-0/"'%&L-,)+0"*-'"*%00F-'"
'&,"(-".%0/+0-0/")N+0"*-".%0'%(+*-,"(1FD-,K-0.-"*-""(1F.%0%D+-"0&DF,+E&-")S,+.)+0-J""
2L)0/"/%&/".B%'-8"(-"0&DF,+E&-")"I-'%+0"*1F0-,K+-"5%&,"-3+'/-,J"=("-'/"*%0."-''-0/+-("*-"D-//,-"-0"
k&L,-" &0" K,)0*" 5,%K,)DD-" *1F(-./,+N+.)/+%0" *-" (12S,+E&-J" " W0'&+/-8" 5%&," '-" *FL-(%55-,"
*&,)I(-D-0/" -/" *-" D)0+],-" FE&+(+I,F-" KF%K,)5B+E&-D-0/8" (jF.%0%D+-" 0&DF,+E&-" *%+/" 5%&L%+,"
&/+(+'-," *-'" +0S,)'/,&./&,-'" *-" ,F'-)&3" '%(+*-'8" *+L-,'+N+F-'" -/" .%&L,)0/" (j+0/FK,)(+/F" *-'"
/-,,+/%+,-'J" Il% est% donc% nécessaire% que% les% gouvernements% élaborent% des% stratégies%
nationales% de% déploiement% de% ces% infrastructures8" +0.(&)0/" (-" ,-.%&,'" O" /%&/-'" (-'"
/-.B0%(%K+-'" *j)..]'" *+'5%0+I(-'" 5%&," ,F5%0*,-" )&3" I-'%+0'" -35%0-0/+-('" *-" .%00-./+L+/F" *&"
.%0/+0-0/" -/" FL+/-," (jFD-,K-0.-" *j&0-" S,)./&,-" 0&DF,+E&-" -0/,-" 2S,+E&-" &,I)+0-" .%00-./F-" -/"
.%DD&0)&/F'",&,)(-'"O"(jF.),/J"2".-//-"N+08" (-'"/-.B0%(%K+-'"'&+L)0/-'"5-&L-0/"\/,-"*F5(%7F-'"G"
.lI(-'" '%&'MD),+0'8" I).6I%0-'" 0)/+%0)&3" -/" +0/-,0)/+%0)&38" ,F'-)&3" *j)..]'8" ,F'-)&3" A>A" -/"
')/-((+/-'J"W0"'%DD-8"+(".%0L+-0/"*-"développer% un%«%mix% technologique%»%pour%développer%
l'accès%aux%réseaux.%"
H-"*FL-(%55-D-0/"*%+/"'j)55&7-,"'&,"()"D+'-"-0"5().-"*j&0".)*,-"F.%0%D+E&-8"Q&,+*+E&-"-/"N+'.)("
S)L%,)I(-")&3"+0L-'/+''-D-0/'"5,+LF'"%&"+''&'"*-"5),/-0),+)/'"5&I(+.'M5,+LF'"+00%L)0/'"5%&,".-'"
/-.B0%(%K+-'" *j)L-0+,J" W0" -SS-/8" (-'" +0L-'/+''-D-0/'" .%0.-,0F'" '-,%0/" '%&,.-" *-" ,-/%DIF-'"
F.%0%D+E&-'" .%0'FE&-0/-'" 5%&," (-'" W/)/'" O" D%7-0" -/" (%0K" /-,D-8" (-'" -0/,-5,+'-'" F/)0/"
0)/&,-((-D-0/" 5(&'" -0.(+0-'" O" 'j+0'/)((-," *)0'" *-'" 5)7'" %m" -((-'" 5%&,,%0/" .%D5/-," '&," *-'"
+0'/)(()/+%0'"5-,S%,D)0/-'J""
=("S)&/")&''+"*%/-,"(12S,+E&-"*-"'-'"5,%5,-'"&'+0-'"O"*%00F-'J"=("017")&,)"5)'"*12S,+E&-">&DF,+E&-"
'+"(-'"5)7'"2S,+.)+0'"-/"(-&,'"-0/,-5,+'-'"0-"'%0/"5)'"-0"D-'&,-"*-"5,%5%'-,"O"(-&,'".+/%7-0'"E&-"
(-&,'"*%00F-'"'%+-0/"BFI-,KF-'"-0"2S,+E&-J"
W0N+08" (-'" K%&L-,0-D-0/'" -/" .%((-./+L+/F'" 5&I(+E&-'" *%+L-0/" +0L-'/+," *+,-./-D-0/" %&"
+0*+,-./-D-0/")&3".n/F'"*-'")./-&,'"5,+LF'"*)0'"*-'"(+-&3"*-".,F)/+%0"*-"'/),/M&58"')0'"%&I(+-,"
(-'"9^W"5(&'"Dl/&,-'"E&+"%0/"L%.)/+%0"O"*-L-0+,"(-'"K,)0*'"K,%&5-'"*-"*-D)+0J"
e"1%.314.&,3)B)P1)>f4$)6FT#&.($)1#$+)3&,)'(&A$4)b)U1+g7&,$)c)1).,341%%")h)WWW)g-)6$)H.7($)&'4.0/$=)
;/4($)("1%.314.&,E)%$)>1')i$(4)#1)6.3'&3$()6F/,$)+&/#$(4/($)9:9).,4"5(1%$=)!$)%1)-]-$)-1,.?($E)%$)
+Q7%$) ;>G) 1) '$(-.3) 6F1''&(4$() %1) +&,,$+4.#.4") .,4$(,14.&,1%$) D) 4&/3) %$3) '1I3) +f4.$(3) 6F;2(.0/$) 6$)
%F`/$34=)d1/(.+$)1)1/33.)6"#$%&''")/,)("3$1/)9:9=))
G,) 4$(-$3) 6*.,+/714$/(3E) %$) >9T>) 6$) !1g1() &/) %$) ("3$1/) 6*.,+/714$/(3) +("") '1() j1(.-) kI)
b) l&gg&%173) c) 3&,4E) '1(-.) 6*1/4($3E) 6$3) .,.4.14.#$3) ($-1(0/17%$3=) G,H.,E) `(1,5$) >f4$) 6*T#&.($) 1)

!
.,341%%") %$) '%/3) 5(1,6) 6141+$,4$() 6*;2(.0/$) 6$) %*`/$34) 1/) i.4.7E) 61,3) %1) R&,$) 2(1,+K$) 6$) 8(1,6C
U1331-)$,)>f4$)6*T#&.($)
@-.%DD)0*)/+%0'"KF0F,)(-'"G"Il/+,"-/"D-//,-"-0"k&L,-"*-'"5()0'"*-"*FL-(%55-D-0/"0&DF,+E&-"
0)/+%0)&3"E&+".%D5,-0*,)+-0/"0%/)DD-0/"(-'"5%+0/'"'&+L)0/'"G"
➢2..F(F,-," (-" *FL-(%55-D-0/" *j&0" ,F'-)&" F(-./,+E&-" -35(%+/)0/" +*F)(-D-0/" (-'" F0-,K+-'"
,-0%&L-()I(-'"o"
➢=0.+/-," (-'" K%&L-,0-D-0/'" O" '-" *%/-," *j&0-" '/,)/FK+-" 0)/+%0)(-" V%&" ,FK+%0)(-Z" '&," (-'"
+0S,)'/,&./&,-'"/F(F.%D'"5%&,"(j)..]'"+0/-,0-/"-/"(-"B)&/"*FI+/J"W((-"5%&,,)+/"\/,-"5,+'-"-0"
.%D5/-"*)0'"(-'"+0'/)0.-'",FK+%0)(-'"VpW^?28"HW:W2?8"$2:HZ"o"
➢^-//,-"-0"5().-"&0".)*,-",FK(-D-0/)+,-"-/"N+'.)(8".()+,8"+0.+/)/+S"-/"'/)I(-"*)0'"(-"/-D5'"G"
oK),)0/+'')0/"&0"Q&'/-"FE&+(+I,-"-0/,-",-.-//-'"N+'.)(-'"-/"*FL-(%55-D-0/"F.%0%D+E&-"-0"
/-,D-'" *1-D5(%+'8" *-" .,F)/+%0" *1-0/,-5,+'-'8" $4+" " V'+" 5%''+I(-" )&" 0+L-)&" ,FK+%0)(" %&"
+0/-,0)/+%0)(8"5),"-3-D5(-"O"/,)L-,'"()"H%0SF,-0.-"*-'"^+0+'/,-'"-0".B),K-"*&"0&DF,+E&-"
*-"(j?=[ZJ"2".-//-"N+08"+(".%0L+-0/"*-"*FL-(%55-,"&0"LF,+/)I(-",)+'%00-D-0/"*-"N+(+],-"5%&,"
FL)(&-," (1+D5)./" F.%0%D+E&-" *-'" /),+S'" +0/-,0-/'" -/" /-(-.%D'8" 0%/)DD-0/" *-" (-&,'"
.%D5%')0/-'" N+'.)(-'8" '&," ()" ,F5),/+/+%0" -0/,-" ,-L-0&'" 5%&," (jq/)/" -/" ,-L-0&'" 5%&," (-'"
+0L-'/+''-&,'"o""
o9-,D-//)0/"*-"*FL-(%55-,"*-'"'/,)/FK+-'"*j)((+)0.-"-0/,-"(j-0'-DI(-"*-'"%5F,)/-&,'"-/"(-"
'-./-&,"5&I(+."V5),"-3-D5(-8"5%&,"(-"*FL-(%55-D-0/"*-".-0/,-'"*-"*%00F-'"0)/+%0)&3ZJ"
➢9,%D%&L%+," &0-" '/,)/FK+-" *j)((+)0.-" 5&I(+.d5,+LF" +00%L)0/-" )''%.+)0/" (-'" I)0E&-'" *-"
*FL-(%55-D-0/"(%,'E&-".-()"'j)L],-"0F.-'')+,-J""
➢:FL-(%55-," (j)..-''+I+(+/F" -0" P%0-'" +'%(F-'" 5)," (j)((+)0.-" *-" *+L-,'-'" /-.B0%(%K+-'"
*+'5%0+I(-'" -/" +0/-,%5F,)I(-'" *)0'" &0-" (%K+E&-" *1)..]'" -/" *-" " '-,L+.-" &0+L-,'-('"
V*F'-0.()L-D-0/"-/"+0.(&'+%0"0&DF,+E&-ZJ"
➢[)L%,+'-,"()".%%5F,)/+%0"+0/-,MW/)/'")S,+.)+0'"5%&,"*FL-(%55-,"(-'"'70-,K+-'"-/"D&/&)(+'-,"
(-'"+0L-'/+''-D-0/'"*)0'"(-'"+0S,)'/,&./&,-'J""
➢[).+(+/-," ()" D+'-" -0" 5().-" *j+0.&I)/-&,'8" *1)..F(F,)/-&,'8" *1-'5).-" *-" .%e%,6+0K" -/" *-"
S)I()I'")L-."&0-"*+D-0'+%0"S%,/-"*-".%0'-+("-/"*j)..%D5)K0-D-0/J"
➢[)L%,+'-," (1+D5()0/)/+%0" *-" *)/).-0/-,'" -0" 2S,+E&-" 5%&," *FL-(%55-," ()" '%&L-,)+0-/F"
0&DF,+E&-"*-'"5)7'")S,+.)+0'J""
IZ Développer%un%programme%ambitieux%d'eGgouvernement"
<j-0Q-&" G" )DF(+%,-," (j-SN+.).+/F" *-" (jq/)/" -/" D-//,-" -0" 5().-" *-'" -SS-/'" *-" (-L+-,8" *FL-(%55-," (-'"
F.%'7'/]D-'"-/")''&,-,"()".%0N+)0.-"*-'"5%5&()/+%0'"*)0'"(-"0&DF,+E&-J""
<12S,+E&-"-'/"(-".%0/+0-0/"%m"(1-0Q-&"*-'"K,)0*'"0%DI,-'"V)..,%+''-D-0/"*-"()"5%5&()/+%08"+D5)./"
'&," (-'" I-'%+0'" -0" /-,D-" *-" S%,D)/+%08" *-" ')0/F8" *1)K,+.&(/&,-JJJZ" -'/" (-" 5(&'" 5,FK0)0/J" <-'"
'%(&/+%0'"*1+*-0/+/F"0&DF,+E&-"5-,D+'-'"5),"(-'"'7'/]D-'"*1-MK%&L-,0-D-0/",-5,F'-0/-0/"&0-"
%55%,/&0+/F"+D5%,/)0/-"5%&,"()"5,+'-"-0".%D5/-"*-".-/"-0Q-&J""
2" 5),/+," *-" '%0" +*-0/+/F" 0&DF,+E&-8" (-" .+/%7-0" 5-&/8" /%&/" )&" (%0K" *-" ')" L+-8" -3-,.-," '-'" *,%+/'"
.+L+E&-'8".%0'-,L-,"-/"KF,-,"'-'"*%.&D-0/'")*D+0+'/,)/+S'"-/8")&M*-(O8"KF,-,"')"')0/F8"(1F*&.)/+%0"
*-" '-'" -0S)0/'Y" 9%&," (jq/)/8" (1+*-0/+/F" 0&DF,+E&-" *-" .B)E&-" .+/%7-0" 5-,D-/" &0-" D-+((-&,-"
K-'/+%08"5(&'"'%&5(-"-/"5(&'"N+0-"/%&/"-0"%5/+D+')0/"(-"/,)L)+("*1)*D+0+'/,)/+%0"-/"*-"K-'/+%0"*-'"
S%0./+%00)+,-'J""
<-"-MK%&L-,0-D-0/8"-0"5(&'"*-"*+SS&'-,"(-",FN(-3-" 0&DF,+E&-" *)0'" ()"5%5&()/+%08"5-,D-/"*%0."
&0-" )DF(+%,)/+%0" *&" S%0./+%00-D-0/" *-" (jW/)/" -/" ,F*&+/" (-" .%r/" *-" ,-.%&,'" )&3" '-,L+.-'"
K%&L-,0-D-0/)&3"5%&,"()"5%5&()/+%0J"<j+0'/)(()/+%0"*-"'%(&/+%0'"*j-MK%&L-,0-D-0/"'&55%'-")+0'+"
&0" .%r/" *j-0/,F-" D)+'" -'/" /,]'" ,)5+*-D-0/" s" )&/%N+0)0.F-" t" 5)," *-'" K)+0'" *-" 5,%*&./+L+/F" '-"
,F5-,.&/)0/"*+,-./-D-0/"'&,"(jF.%0%D+-"*&"5)7'J"2&''+8".-//-",F*&./+%0"*-'".%r/'"O"D%7-0"/-,D-"
'j)..%D5)K0-" 0)/&,-((-D-0/" *j&0-" D-+((-&,-" )*D+0+'/,)/+%08" -0" .%0/,+I&)0/" 0%/)DD-0/" O"
)&KD-0/-,"(1-SN+.).+/F"*&"S%0./+%00-D-0/"*-"(jq/)/"-/"*-'")*D+0+'/,)/+%0'J""

!
W0" *FL-(%55)0/" (1-MK%&L-,0-D-0/8" (-'" W/)/'" *-L+-0*,%0/" 5(&'" D%*-,0-'8" 'L-(/-'8" -SN+.).-'" -/"
*)L)0/)K-")&"'-,L+.-"*-"(-&,'")*D+0+'/,F'".%DD-"*-"(-&,'"-0/,-5,+'-'J"p0"W/)/"5(&'")K+(-"-'/"-0"
-SS-/"&0"W/)/"*)0'"(-E&-("(-'"-0/,-5,+'-'"'-"*FL-(%55-0/"5(&'",)5+*-D-0/"-/"*)0'"(-E&-("()"'%.+F/F"
.+L+(-" -'/" *)L)0/)K-" )''%.+F-J" W0" %&/,-8" (1-MK%&L-,0-D-0/" 5-,D-/" *-" *FL-(%55-," *-" 0%&L-)&3"
'-,L+.-'"-/"*-",F*&+,-"(-'")(F)'"*-"K-'/+%0"V*7'S%0./+%00-D-0/'8"*FS)+(()0.-'8"*%&I(%0'YZJ""
:-"'&,.,%u/8"(1+0L-'/+''-D-0/"*)0'"(-'"'7'/]D-'"+0S%,D)/+E&-'"5&I(+.'")"&0"-SS-/"*1-0/,)u0-D-0/"
5%&,"(1F.%'7'/]D-"(%.)(8".%DD-"(1)"%I'-,LF"(12K-0.-";%&L-,0-D-0/)(-"-'5)K0%(-"HW>2A=H"E&+")"
*FD%0/,F" E&-" 5%&," &0" -&,%" *1+0L-'/+" *)0'" (-" '-./-&," 5&I(+.8" /,%+'" -&,%'" '%0/" .,FF'" *)0'" (-"
'-./-&,"0&DF,+E&-"(%.)("5,+LF J"
c
W3-D5(-'"*-",F)(+')/+%0"G""
<j2S,+E&-"*&"$&*")"+0L-'/+"*)0'"(-"5,%K,)DD-"s"-M>)0/+'"t"5%&,"(j-0,-K+'/,-D-0/"*-'"LFB+.&(-'8"
S).+(+/)0/")+0'+"(-'"*FD),.B-'")*D+0+'/,)/+L-'"*-"'-'".+/%7-0'J""
<-">+K-,+)8")L-."(-'".),/-'"*j+*-0/+/F"0&DF,+E&-'"*-'"S%0./+%00)+,-'8")"*F.%&L-,/"(j-3+'/-0.-"*-"
v`"aaa"s"S%0./+%00)+,-'"S)0/nD-'"t8"5-,D-//)0/")+0'+"*jF.%0%D+'-,"&0"D+((+),*"*-"*%((),'"5),")0J""
W0" A&0+'+-8" &0-" '%(&/+%0" *1+0/,)0-/" K%&L-,0-D-0/)(" )" F/F" .,FF-" -/" F/-0*&-" O" (1-0'-DI(-" *-'"
)*D+0+'/,)/+%0'8"5-,D-//)0/"()".%(()I%,)/+%0"-0/,-")*D+0+'/,)/+%0'"Q&'E&1+.+".(%+'%00F-'J""
<-"@e)0*)")"D+'"-0"5().-"*-5&+'"`abw"&0"'-,L+.-"*j-MK%&L-,0-D-0/"s"=,-DI%"t"5-,D-//)0/")&3"
bb8T"D+((+%0'"*-".+/%7-0'"*-",-0%&L-(-,"(-&,"5)''-5%,/8".-,/+N+.)/"*-"D),+)K-"-/")&/,-'"*%.&D-0/'"
%SN+.+-('J""
<-"$F0FK)(")"D+'"-0"5().-"&0-"'%(&/+%0"*-".%SS,-MS%,/"F(-./,%0+E&-")..-''+I(-"O"/%&'"'-'".+/%7-0'"
)N+0" *1)L%+," *-" S)U%0" 'F.&,+'F-" (-&,'" )./-'" -/" *%.&D-0/'" (FK)&3" -/" )*D+0+'/,)/+S'" *+'5%0+I(-'"
F(-./,%0+E&-D-0/J"
<jpW^?2")"D+'"-0"5().-"&0"'-,L+.-"0&DF,+E&-"S).+(+/)0/"(1-3/,)./+%0"*1+0S%,D)/+%0'"*1-0/,-5,+'-'"
*-" /75-" _I+'" -/" S).+(+/)0/" (j&/+(+')/+%0" *-" ()" '+K0)/&,-" F(-./,%0+E&-" 5%&," (-'" *FD),.B-'"
)*D+0+'/,)/+L-'J""
@-.%DD)0*)/+%0'"G"
➢=0.+/-," (-'" K%&L-,0-D-0/'" O" '-" *%/-," *1&0-" '/,)/FK+-" 0)/+%0)(-" %&" ,FK+%0)(-" 5%&,"
*FL-(%55-,"*-'"'%(&/+%0'"*-"-MK%&L-,0-D-0/")L-."&0-"*F.(+0)+'%0"%5F,)/+%00-((-"*-".-'"
'/,)/FK+-'J"
➢:FL-(%55-,"&0-"5()/-S%,D-"K%&L-,0-D-0/)(-"%&L-,/-"*F*+F-"O"(1-MK%&L-,0-D-0/".%DD-"
(1+0+/+)/+L-"S,)0U)+'-"*1W/)/M5()/-S%,D-"-/"5,FL%+,"')"*F.(+0)+'%0"-0"D)/+],-"*1-M')0/F8"*1-M
)K,+.&(/&,-"-/"*1-MF*&.)/+%0J"
➢^%I+(+'-," (-'" I)+((-&,'" *-" S%0*'" 5%&," D-//,-" -0" 5().-" *-'" -0L-(%55-'" *-" N+0)0.-D-0/"
)*)5/F-'" 5%&," (-'" 5,%K,)DD-'" *-" -MK%&L-,0-D-0/J" W0" -SS-/8" (-'" N+0)0.-D-0/'" *-'"
I)+((-&,'" *-" S%0*'" '%0/" /,%5" '%&L-0/" '&,*+D-0'+%00F'" -0" /-,D-'" *-" D%0/)0/" 5%&," (-'"
5,%Q-/'"*1-MK%&L-,0-D-0/"E&+8".%0/,)+,-D-0/")&3"5,%Q-/'"*1+0S,)'/,&./&,-'"5),"-3-D5(-8"
0-"0F.-''+/-0/"5)'" *-'" D%0/)0/'" )&''+"+D5%,/)0/'J"=(".%0L+-0*,)+/")+0'+"*-" *+'5%'-," *-"
L-./-&,'"*-"N+0)0.-D-0/"5%&,"*-'"5,%Q-/'".%D5,+'"-0/,-"baa"aaa"-/"w"D+((+%0'"*1-&,%'J""
➢Cl/+," *-'" '-,L+.-'" 0&DF,+E&-'" '-(%0" *-'" '/)0*),*'" %&L-,/'" -/" +0/-,%5F,)I(-'" E&+"
5-,D-//,%0/"*-" *FL-(%55-,"()"D&/&)(+')/+%0"-/"(-" 5),/)K-8" S)L%,+')0/" )+0'+"()",F*&./+%0"
*-'".%r/'"5%&,"(-'"&/+(+')/-&,'8"()".%0.&,,-0.-"-/"()"'%&L-,)+0-/F"0&DF,+E&-J""
➢[)+,-" (-" .B%+3" *-" 5,%*&+,-" *-'" *%00F-'" ,F&/+(+')I(-'" -/" 5),/)K-)I(-'" V?5-0" :)/)Z8"
S)L%,+')0/")+0'+"*-"S%,/-'"-3/-,0)(+/F'"5%'+/+L-'"-0"/-,D-'"*1-SN+.).+/F"-/"*-"/,)0'5),-0.-"
*-"(1)*D+0+'/,)/+%0"D)+'"FK)(-D-0/"*-".,F)/+%0"*1-D5(%+'"-/"*-".,F)/+%0"*1-0/,-5,+'-'J"
➢$)+'+," (1%55%,/&0+/F" *-" ()" 9,F'+*-0.-" [,)0U)+'-" *-" (1?5-0" ;%L-,0D-0/" 9),/0-,'B+5"
V+0+/+)/+L-"D&(/+()/F,)(-"E&+".%D5/-")&Q%&,*jB&+"xa"5)7'"D-DI,-'8")+0'+"E&-"*-'"?>;"-/"
,-5,F'-0/)0/'"*-"()"'%.+F/F".+L+(-8"E&+"'j)//).B-8")&"0+L-)&"+0/-,0)/+%0)(8"O"5,%D%&L%+,"()"
/,)0'5),-0.-" -/" (1-SN+.).+/F" *-" (j)./+%0" 5&I(+E&-" -/" ()" K%&L-,0)0.-" %&L-,/-Z" 5%&,"
*FL-(%55-,"-/" D-//,-"-0" k&L,-"*-'" '%(&/+%0'" *1-MK%&L-,0-D-0/"-0" 5),/-0),+)/" )L-."()"
[,)0.-"VeeeJ%5-0K%L5),/0-,'B+5J%,KZJ""
""B//5'GddQ%+0&5J-.J-&,%5)J-&d.%DD&0+/7d%'%,d.)'-d+''&-'M%5-0M'%&,.-M
c
5,%.&,-D-0/M-&,%5-)0M5&I(+.M'-./%,M++"