You are on page 1of 169

4XDWUHYLQJWVHL]LqPHDQQpH±1ƒ NDDGD GpFHPEUH

,661
52<$80('80$52&

%8//(7,12)),&,(/
(',7,21'(75$'8&7,212)),&,(//(

7$5,)6'·$%211(0(17 $%211(0(17
(',7,216 ,035,0(5,(2)),&,(//(
$80$52&
$/·(75$1*(5 5$%$7&+(//$+

(GLWLRQGHVGpEDWVGHOD&KDPEUHGHV5HSUpVHQWDQWV 
`
(GLWLRQJpQpUDOH 
PRLV

'+
³
DQ

'+
'+
$ GHVWLQDWLRQ GH O·pWUDQJHU
SDU YRLHV RUGLQDLUH DpULHQQH
RX GH OD SRVWH UDSLGH LQWHUQD
7pO

&RPSWHQƒ
(GLWLRQGHVGpEDWVGHOD&KDPEUHGHV&RQVHLOOHUV  ³ '+ WLRQDOH OHV WDULIV SUpYXV FL 
(GLWLRQGHVDQQRQFHVOpJDOHVMXGLFLDLUHVHWDGPLQLVWUDWLYHV  '+ '+ FRQWUH VRQW PDMRUpV GHV IUDLV RXYHUWjOD7UpVRUHULH5pJLRQDOHGH5DEDW
(GLWLRQGHVDQQRQFHVUHODWLYHVjO·LPPDWULFXODWLRQIRQFLqUH  '+ '+ G·HQYRL WHOV TX·LOV VRQW IL[pV
SDU OD UpJOHPHQWDWLRQ SRVWDOH DXQRPGXUpJLVVHXUGHVUHFHWWHV
(GLWLRQGHWUDGXFWLRQRIILFLHOOH  '+ '+ HQYLJXHXU GHO·,PSULPHULHRIILFLHOOH

/¶pGLWLRQGHWUDGXFWLRQRIILFLHOOHFRQWLHQWODWUDGXFWLRQRIILFLHOOHGHVORLVHWUqJOHPHQWVDLQVLTXHOHWH[WHHQODQJXHpWUDQJqUH
GHVDFFRUGVLQWHUQDWLRQDX[ORUVTX¶DX[WHUPHVGHFHVDFFRUGVOHGLWWH[WHIDLWIRLVRLWVHXOVRLWFRQFXUUHPPHQWDYHFOHWH[WHDUDEH

3DJHV
6200$,5( &RQVHLOVXSpULHXUGHO¶HQVHLJQHPHQW
BBBBBBBBB
'DKLUQƒGXNDDGD QRYHPEUH
7(;7(6*(1(5$8; PRGLILDQWOHGDKLUQƒGXPRKDUUHP 
BBBBB 3DJHV IpYULHU SRUWDQWUpRUJDQLVDWLRQGX&RQV
VXSpULHXU GH O¶HQVHLJQHPHQW 
$GPLQLVWUDWLRQ GH OD GpIHQVH QDWLRQDOH ±
'pOpJDWLRQGHSRXYRLU &RQVHLOFRQVXOWDWLIGHVGURLWVGHO¶+RPPH
'DKLU Qƒ GX  NDDGD    QRYHPEUH  'DKLUQƒGXNDDGD QRYHPEUH 
SRUWDQW GpOpJDWLRQ GH SRXYRLU HQ PDWLq PRGLILDQW OH GDKLU Qƒ  GX  PRKDUUH
G¶$GPLQLVWUDWLRQGHODGpIHQVHQDWLRQDOH     DYULO  SRUWDQW UpRUJDQLVDWLRQ G
&RQVHLOFRQVXOWDWLIGHVGURLWVGHO¶+RPPH 
+DXWH DXWRULWp GH OD FRPPXQLFDWLRQ
DXGLRYLVXHOOH )LVFDOLWpGHVFROOHFWLYLWpVORFDOHV
'DKLU Qƒ  GX  NDDGD    QRYHPEUH  'DKLUQƒGXNDDGD QRYHPEUH 
PRGLILDQW HW FRPSOpWDQW OH GDKLU Qƒ  G SRUWDQWSURPXOJDWLRQGHODORLQƒUHODWLYHj
MRXPDGD,, DR€W SRUWDQWFUpDWLR ILVFDOLWp GHV FROOHFWLYLWpV ORFDOHV 
GH OD +DXWH DXWRULWp GH OD FRPPXQLFDWLR
DXGLRYLVXHOOH  &DUWHQDWLRQDOHG¶LGHQWLWppOHFWURQLTXH
'DKLU Qƒ  GX  NDDGD    QRYHPEUH 
5DELWD0RKDPDGLDGHV2XOpPD SRUWDQW  SURPXOJDWLRQ GH OD ORL Qƒ  LQVWLWXD
'DKLUQƒGXNDDGD QRYHPEUH  ODFDUWHQDWLRQDOHG¶LGHQWLWppOHFWURQLTXH 
FRPSOpWDQW OH GDKLU Qƒ  GX  PRKDUUH
   IpYULHU  pULJHDQW O¶DVVRFLDWLRQ GH O (FKDQJHpOHFWURQLTXHGHGRQQpHVMXULGLTXHV
5DELWDGHV2XOpPDGX0DURFHQIRQGDWLRQG¶XWLO 'DKLU Qƒ  GX  NDDGD    QRYHPEUH 
SXEOLTXH VRXV OD GpQRPLQDWLRQ GH OD ©5DEL SRUWDQW SURPXOJDWLRQ GH OD ORL Qƒ  UHODWLYH
0RKDPDGLDGHV2XOpPDª  O¶pFKDQJHpOHFWURQLTXHGHGRQQpHVMXULGLTXHV 
 %8//(7,12)),&,(/ 1ıNDDGD 
3DJHV 3DJHV
$FWLYLWpVGHJDUGLHQQDJHHWGHWUDQVSRUWGHIRQGV 'pFUHWQƒGXNDDGD QRYHPEUH
UHODWLIDX[DWWULEXWLRQVGHODPLQLVWUHGHODMHXQH
'DKLUQƒGXNDDGD QRYHPEUH
SRUWDQWSURPXOJDWLRQGHODORLQƒUHODWLYHD HWGHVVSRUWV 
DFWLYLWpVGHJDUGLHQQDJHHWGHWUDQVSRUWGHIRQGV  'pFUHWQƒGXNDDGD QRYHPEUH
UHODWLIDX[DWWULEXWLRQVGXPLQLVWUHGHO¶DJULFXOWX
0LFURFUpGLW HWGHODSrFKHPDULWLPH 
'DKLUQƒGXNDDGD QRYHPEUH
'pFUHWQƒGXNDDGD QRYHPEUH
SRUWDQWSURPXOJDWLRQGHODORLQƒFRPSOpWD
ODORLQƒUHODWLYHDXPLFURFUpGLW  UHODWLI DX[ DWWULEXWLRQV GX PLQLVWUH GH O¶pGXFDW
QDWLRQDOH GH O¶HQVHLJQHPHQW VXSpULHXU GH 
&RGHGHSURFpGXUHFLYLOH IRUPDWLRQGHVFDGUHVHWGHODUHFKHUFKHVFLHQWLILTX 
'DKLUQƒGXNDDGD QRYHPEUH 'pFUHWQƒGXNDDGD QRYHPEUH
SRUWDQW SURPXOJDWLRQ GH OD ORL Qƒ  DEURJHD UHODWLIDX[DWWULEXWLRQVGXPLQLVWUHGHOD
FRPPXQLFDWLRQ
HWUHPSODoDQWOHFKDSLWUH9,,,GXWLWUH9GXFRGH SRUWHSDUROHGXJRXYHUQHPHQW 
SURFpGXUHFLYLOH 
'pFUHW Qƒ GX  NDDGD   QRYHPEUH 
$WWULEXWLRQVGHVPLQLVWUHV UHODWLIDX[DWWULEXWLRQVGXPLQLVWUHGHO¶HPSORLHW
'pFUHWQƒGXNDDGD QRYHPEUH  ODIRUPDWLRQSURIHVVLRQQHOOH 
UHODWLIDX[DWWULEXWLRQVGXPLQLVWUHGHODMXVWLFH  'pFUHW Qƒ  GX   NDDGD    QRYHPEUH 
'pFUHW Qƒ  GX  NDDGD    QRYHPEUH  UHODWLIDX[DWWULEXWLRQVGXPLQLVWUHGHO¶LQGXVWULH
UHODWLI DX[ DWWULEXWLRQV GX PLQLVWUH GHV DIIDL FRPPHUFHHWGHVQRXYHOOHVWHFKQRORJLHV 
pWUDQJqUHVHWGHODFRRSpUDWLRQ  'pFUHWQƒGXNDDGD QRYHPEUH
'pFUHWQƒGXNDDGD QRYHPEUH UHODWLI DX[ DWWULEXWLRQV GX PLQLVWUH GX FRPPH
UHODWLI DX[ DWWULEXWLRQV GX PLQLVWUH GHV +DERXV H[WpULHXU 
GHVDIIDLUHVLVODPLTXHV  'pFUHWQƒGXNDDGD QRYHPEUH
'pFUHWQƒGXNDDGD QRYHPEUH UHODWLI DX[ DWWULEXWLRQV GH OD PLQLVWUH 
UHODWLI DX[  DWWULEXWLRQV GX VHFUpWDLUH JpQpUDO  GpYHORSSHPHQW VRFLDO GH OD IDPLOOH HW GH 
JRXYHUQHPHQW  VROLGDULWp 
'pFUHW Qƒ  GX  NDDGD   QRYHPEUH  'pFUHW Qƒ  GX  NDDGD    QRYHPEUH 
UHODWLI DX[ DWWULEXWLRQV GX PLQLVWUH FKDUJp G UHODWLIDX[DWWULEXWLRQVGHODPLQLVWUHGHODFXOWXU 
UHODWLRQVDYHFOH3DUOHPHQW 
'pFUHWQƒGXNDDGD QRYHPEUH 0LQLVWUHGpOpJXpDXSUqVGX3UHPLHUPLQLVWUH
UHODWLIDX[DWWULEXWLRQVGXPLQLVWUHGHO¶pFRQRPLH FKDUJpGH OD PRGHUQLVDWLRQ GHV VHFWHXUV
GHV ILQDQFHV  SXEOLFV± 'pOpJDWLRQ GH SRXYRLUV HW GH
'pFUHW Qƒ GX  NDDGD    QRYHPEUH  VLJQDWXUH
UHODWLIDX[DWWULEXWLRQVGXPLQLVWUHGHO¶pTXLSHP 'pFUHW Qƒ  GX  NDDGD    QRYHPEUH 
HWGHVWUDQVSRUWV  SRUWDQW GpOpJDWLRQ GH SRXYRLUV HW GH VLJQDWXUH 
'pFUHWQƒGXNDDGD QRYHPEUH PLQLVWUHGpOpJXpDXSUqVGX3UHPLHUPLQLVWUHFKDU
UHODWLI DX[ DWWULEXWLRQV GX PLQLVWUH GH O¶KDELWDW GHODPRGHUQLVDWLRQGHVVHFWHXUVSXEOLFV 
O¶XUEDQLVPHHWGHO¶DPpQDJHPHQWGHO¶HVSDFH 
'pFUHW Qƒ  GX  NDDGD    QRYHPEUH  0LQLVWUH GpOpJXp DXSUqV GX 3UHPLHU PLQLVWUH
UHODWLIDX[DWWULEXWLRQVGXPLQLVWUHGXWRXULVPHHW FKDUJp GHV DIIDLUHV pFRQRPLTXHV HW
O¶DUWLVDQDW  JpQpUDOHV ± 'pOpJDWLRQ G¶DWWULEXWLRQV HW
'pFUHWQƒGXNDDGD QRYHPEUH GHSRXYRLUV
UHODWLI DX[ DWWULEXWLRQV GH OD PLQLVWUH GH O
pQHUJ 'pFUHW Qƒ  GX  NDDGD    QRYHPEUH 
GHVPLQHVGHO
HDXHWGHO
HQYLURQQHPHQW  SRUWDQW GpOpJDWLRQ G¶DWWULEXWLRQV HW GH SRXYRLUV
$UUrWpGXPLQLVWUHGHO¶pQHUJLHGHVPLQHVGHO¶HDXHW 01L]DU %DUDND PLQLVWUH GpOpJXp DXSUqV 
O¶HQYLURQQHPHQW Qƒ  GX NDDGD   3UHPLHU PLQLVWUH FKDUJp GHV DIIDLUHV pFRQRPLTX
QRYHPEUH SRUWDQWGpOpJDWLRQG¶DWWULEXWLR HW JpQpUDOHV 
DXVHFUpWDLUHG¶(WDWDXSUqVGXPLQLVWUHGHO¶pQHUJ
GHVPLQHVGHO¶HDXHWGHO¶HQYLURQQHPHQWFKDUJp $WWULEXWLRQVGX+DXWFRPPLVVDLUHDXSODQ
O¶HDXHWGHO¶HQYLURQQHPHQW  'pFUHWQƒGXNDDGD QRYHPEUH
'pFUHWQƒGXNDDGD QRYHPEUH UHODWLI DX[ DWWULEXWLRQV  GX +DXW FRPPLVVDLUH 
UHODWLIDX[DWWULEXWLRQVGHODPLQLVWUHGHODVDQWp  SODQ 
1ıNDDGD  %8//(7,12)),&,(/ 
3DJHV 3DJHV
$WWULEXWLRQVGX+DXWFRPPLVVDLUHDX[HDX[ /LVWH GHV DpURSRUWV LQWHUQDWLRQDX[ GLVSRVDQW
HW IRUrWV HW j OD OXWWH FRQWUH OD GHV VHUYLFHV GH GRXDQH GH SROLFH HW GH
GpVHUWLILFDWLRQ FRQWU{OHVDQLWDLUHDX[IURQWLqUHV

'pFUHWQƒGXNDDGD QRYHPEUH  $UUrWpGXPLQLVWUHGHO¶pTXLSHPHQWHWGXWUDQVSRUW Qƒ


UHODWLI DX[ DWWULEXWLRQV GX +DXW FRPPLVVDLUH D GX  UDPDGDQ    VHSWHPEUH  IL[DQW 
HDX[HWIRUrWVHWjODOXWWHFRQWUHODGpVHUWLILFDWLRQ  OLVWH GHV DpURSRUWV LQWHUQDWLRQDX[ GLVSRVDQW G
VHUYLFHVGHGRXDQHGHSROLFHHWGHFRQWU{OHVDQLWDL
6RFLpWpVGHERXUVH±3ODQFRPSWDEOH DX[IURQWLqUHV 
BBBBBBBBBB
$UUrWp GX PLQLVWUH GHV ILQDQFHV HW GH OD SULYDWLVDW
QƒGXUHMHE MXLOOHW UHODW
7(;7(63$57,&8/,(56
DXSODQFRPSWDEOHGHVVRFLpWpVGHERXUVH  BBBBBB
(WDEOLVVHPHQWVGHFUpGLW &DLVVH GH GpS{W HW GH JHVWLRQ ± 3ULVH GH
$UUrWp GX PLQLVWUH GHV ILQDQFHV HW GH OD SULYDWLVDW SDUWLFLSDWLRQGDQV OH FDSLWDO GH OD VRFLpWp
Qƒ GX  FKDDEDQH    DR€W  DQRQ\PHGHGURLWIUDQoDLV©9LYHQGLª
SRUWDQW KRPRORJDWLRQ GH OD FLUFXODLUH G 'pFUHWQƒGXNDDGD QRYHPEUH
JRXYHUQHXU GH %DQN $O0DJKULE Qƒ* DXWRULVDQWOD&DLVVHGHGpS{WHWGHJHVWLRQ &'*
UHODWLYHDX[FRQGLWLRQVHWPRGDOLWpVG¶RXYHUWXUH SUHQGUH XQH SDUWLFLSDWLRQ GDQV OH FDSLWDO GH 
0DURF SDU OHV pWDEOLVVHPHQWV GH FUpGLW D\DQW OH VRFLpWp DQRQ\PH GH GURLW IUDQoDLV ©9LYHQGLª 
VLqJH VRFLDO j O¶pWUDQJHU GH EXUHDX[ D\DQW XQ
'pVLJQDWLRQ GHV FRQWULEXDEOHV GHYDQW YHUVHU
DFWLYLWp G¶LQIRUPDWLRQ GH OLDLVRQ RX G
O¶LPS{W VXU OHV VRFLpWpV DXSUqV GX
UHSUpVHQWDWLRQ 
UHFHYHXUGHO¶DGPLQLVWUDWLRQILVFDOH
$UUrWp GX PLQLVWUH GHV ILQDQFHV HW GH OD SULYDWLVDW
$UUrWp GX PLQLVWUH GH O¶pFRQRPLH HW GHV ILQDQFHV Qƒ


Qƒ GX  FKDDEDQH   DR€W 
GX NDDGD    QRYHPEUH  GpVLJQDQW
 OHV
SRUWDQW KRPRORJDWLRQ GH OD FLUFXODLUH G FRQWULEXDEOHV GHYDQW YHUVHU O¶LPS{W VXU OHV VRFLpW
JRXYHUQHXU GH %DQN $O0DJKULE Qƒ* DXSUqV GX UHFHYHXU GH O¶DGPLQLVWUDWLRQ ILVFDOH 
UHODWLYH DX FRQWU{OH LQWHUQH GHV pWDEOLVVHPHQWV 
FUpGLW  &HUWLILFDWGHFRQIRUPLWpDX[QRUPHVPDURFDLQHV

$UUrWp GX PLQLVWUH GHV ILQDQFHV HW GH OD SULYDWLVDW 'pFLVLRQGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHW GHOD
Qƒ GX  FKDDEDQH   DR€W  PLVH j QLYHDX GH O¶pFRQRPLH Qƒ  G
UDPDGDQ   VHSWHPEUH  DWWULEXDQW
SRUWDQW KRPRORJDWLRQ GH OD FLUFXODLUH GX JRXYHUQH
FHUWLILFDW GH FRQIRUPLWp DX[ QRUPHV PDURFDLQHV 
GH %DQN $O0DJKULE Qƒ* UHODWLYH
ODERUDWRLUH SXEOLF G¶HVVDLV HW G¶pWXGHVODERUDERL
O¶REOLJDWLRQ GH YLJLODQFH LQFRPEDQW DX
QDWLRQDO GH PpWURORJLH  /3((/10  
pWDEOLVVHPHQWVGHFUpGLW 
6RFLpWp © 5&, )LQDQFH 0DURF ª 6$ ±
$SSOLFDWLRQREOLJDWRLUHG¶XQHQRUPHPDURFDLQH
$JUpPHQW
$UUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GH 'pFLVLRQ GX JRXYHUQHXU GH %DQN $O0DJKULE Qƒ GX
PLVH j QLYHDX GH O¶pFRQRPLH Qƒ  G UDPDGDQ    RFWREUH  SRUWDQ
UDPDGDQ   VHSWHPEUH  UHQGD DJUpPHQWGHODVRFLpWp©5&,)LQDQFH0DURFª6
G¶DSSOLFDWLRQREOLJDWRLUHXQHQRUPHPDURFDLQH  HQ TXDOLWp GH VRFLpWp GH ILQDQFHPHQW 
 %8//(7,12)),&,(/ 1ıNDDGD 

7(;7(6*(1(5$8;

'DKLU Qƒ GX  NDDGD    QRYHPEUH  OD GpIHQVH QDWLRQDOH VHFUpWDLUH JpQpUDO GH O¶DGPLQLVWUDWLRQ GH OD
SRUWDQW GpOpJDWLRQ GH SRXYRLU HQ PDWLqUH G¶$GPLQLVWUDWLRQ GpIHQVHQDWLRQDOHHWDX[IRQFWLRQQDLUHVGHFHWWHGHUQLqUHSRXUVLJQHU
GHODGpIHQVHQDWLRQDOH RXYLVHUOHVGpFLVLRQVHWDUUrWpVHQWUDQWGDQVOHFKDPSG¶DSSOLFDWLRQ
BBBBBBBB GH O¶DUWLFOH SUHPLHU FLGHVVXV j O¶H[FHSWLRQ WRXWHIRLV GHV GpFUHWV HW
GHVDUUrWpVUpJOHPHQWDLUHV
/28$1*($',(86(8/
$57±/HSUpVHQWGDKLUVHUDSXEOLpDX%XOOHWLQRIILFLHO
*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9,
)DLWj*XHOPLPOHNDDGD QRYHPEUH 
4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW 3RXUFRQWUHVHLQJ
HQIRUWLILHUODWHQHXU
/H3UHPLHUPLQLVWUH
4XH1RWUH0DMHVWp&KpULILHQQH $%%$6(/)$66,
9X OH GDKLU Qƒ  GX  UHMHE    DR€W  BBBBB
UHODWLIjODVXSSUHVVLRQGXPLQLVWqUHGHODGpIHQVHQDWLRQDOHHWGHV /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
IRQFWLRQV GH 0DMRU JpQpUDO HW GH 0DMRU JpQpUDO DGMRLQW GHV ©%XOOHWLQRIILFLHOªQƒGXNDDGD GpFHPEUH 
)RUFHVDUPpHVUR\DOHV

9X OH GDKLU Qƒ  GX  UHMHE    DR€W 
SRUWDQWLQVWLWXWLRQGHO¶$GPLQLVWUDWLRQGHODGpIHQVHQDWLRQDOH 'DKLU Qƒ  GX  NDDGD    QRYHPEUH 
9XOHGDKLUQƒGXUDPDGDQ VHSWHPEUH PRGLILDQW HW FRPSOpWDQW OH GDKLU Qƒ  GX
QRPPDQW0$EEDV(/)$66,3UHPLHUPLQLVWUH MRXPDGD,, DR€W SRUWDQWFUpDWLRQGHOD
+DXWHDXWRULWpGHODFRPPXQLFDWLRQDXGLRYLVXHOOH
9XOHGDKLUQƒGXFKDRXDO RFWREUH
BBBBBBBBB
SRUWDQWQRPLQDWLRQGHVPHPEUHVGHJRXYHUQHPHQW
/28$1*($',(86(8/
$'e&,'e&(48,68,7

$57,&/( 35(0,(5±$ FRPSWHU GX  FKDRXDO  *UDQG6FHDXGH6D0DMHVWp0RKDPPHG9,


RFWREUH  GpOpJDWLRQ HVW GRQQpH j QRWUH 3UHPLHU 4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW
PLQLVWUH 0 $EEDV (/ )$66, j O¶HIIHW G¶H[HUFHU VRXV 1RWUH HQIRUWLILHUODWHQHXU
+DXWH$XWRULWpOHVDWWULEXWLRQVSUpYXHVSDUO¶DUWLFOHGXGpFUHW 4XH1RWUH0DMHVWp&KpULILHQQH
UR\DO Qƒ  GX  MRXPDGD ,    VHSWHPEUH 
9XGDKLUQƒGXMRXPDGD,, DR€W
IL[DQWODFRPSpWHQFHHWOHVDWWULEXWLRQVGXPLQLVWUHGHODGpIHQVH
SRUWDQW FUpDWLRQ GH OD +DXWH DXWRULWp GH OD FRPPXQLFDWLRQ
QDWLRQDOHHWGHSUHQGUHFRQIRUPpPHQWj1RV+DXWHVGLUHFWLYHV DXGLRYLVXHOOH
OHVGpFLVLRQVHWDUUrWpVTXLUHOqYHQWGHODFRPSpWHQFHGXPLQLVWUH
$'e&,'e&(48,68,7
GH OD GpIHQVH QDWLRQDOH HQ YHUWX GHV ORLV HW UpJOHPHQWV HQ
$57,&/( 35(0,(5±/HV GLVSRVLWLRQV GHV DUWLFOHV 
YLJXHXU H
 DOLQpD HW  GX GDKLU VXVYLVp Qƒ  GX  MRXPDGD ,,
$57±'DQVOHVFRQGLWLRQVSUpYXHVSDUOHGDKLUQƒ  DR€W VRQWDEURJpHVHWUHPSODFpHVFRPPHVXLW
GX  UDPDGDQ    DYULO  UHODWLI DX[ GpOpJDWLRQV GH ©$UWLFOH   HDOLQpD ± ,O SUpVHQWH WULPHVWULHOOHPHQW DX
VLJQDWXUHGHVPLQLVWUHVVHFUpWDLUHVG¶(WDWHWVRXVVHFUpWDLUHVG¶(WDW ©FRQVHLO XQ UDSSRUW VXU OHV DFWLYLWpV GH OD GLUHFWLRQ JpQpUDOH HW
WHO TX¶LO D pWp PRGLILp HW FRPSOpWp QRWUH 3UHPLHU PLQLVWUH SHXW ©O¶H[pFXWLRQ GX EXGJHW &H UDSSRUW HVW pJDOHPHQW DGUHVVp DX
GRQQHUGpOpJDWLRQDXPLQLVWUHGpOpJXpFKDUJpGHO¶DGPLQLVWUDWLRQGH ©3UHPLHUPLQLVWUH
1ıNDDGD  %8//(7,12)),&,(/ 

©$UWLFOH  ±/H EXGJHW GH OD +DXWH DXWRULWp GH OD 9X OH GDKLU Qƒ  GX  PRKDUUHP    IpYULHU
©FRPPXQLFDWLRQ DXGLRYLVXHOOH HVW OH GRFXPHQW FRPSWDEOH  pULJHDQW O¶DVVRFLDWLRQ GH OD 5DELWD GHV 2XOpPD GX 0DURF
©GpWHUPLQDQWOHVSUpYLVLRQVGHUHFHWWHVHWGHGpSHQVHVDQQXHOOHV
HQ IRQGDWLRQ G¶XWLOLWp SXEOLTXH VRXV OD GpQRPLQDWLRQ GH OD
©GHODGLWH+DXWHDXWRULWp
©5DELWD0RKDPDGLDGHV2XOpPDª
©,OFRPSUHQG
$'e&,'e&(48,68,7
©(QUHFHWWHV
©$57,&/(35(0,(5±/HVGLVSRVLWLRQVGHO¶DUWLFOHGXGDKLU
©±OHV UHYHQXV GHV ELHQV PHXEOHV HW LPPHXEOHV TXL
©IRUPHQWOHSDWULPRLQHGXFRQVHLO ©VXVYLVp Qƒ  GX  PRKDUUHP    IpYULHU 
©VRQWFRPSOpWpHVFRPPHVXLW
©±OHVSURGXLWVSURYHQDQWGHVRQDFWLYLWp
©±OHVVXEYHQWLRQVGXEXGJHWGHO¶(WDW ©$UWLFOH±/HEXGJHWGHOD5DELWDFRPSUHQG

©±OHV VXEYHQWLRQV SURYHQDQW GH WRXW RUJDQLVPH QDWLRQDO ©±


©RXLQWHUQDWLRQDOSXEOLFRXSULYp ©±
©±OHVUHFHWWHVGLYHUVHV ©±/HVGpSHQVHVG¶pTXLSHPHQWHWG¶LQYHVWLVVHPHQW
©±OHVGRQVHWOHJV
©/H EXGJHW GH OD 5DELWD HVW pWDEOL VXU OD EDVH GX PRQWDQW
©(QGpSHQVHV ©GHODVXEYHQWLRQGHO¶(WDWDXSURILWGHFHWWHDVVRFLDWLRQ/DGLWH
©±OHVGpSHQVHVGHIRQFWLRQQHPHQW ©VXEYHQWLRQ HVW LQVFULWH DX  EXGJHW GX PLQLVWqUH GHV +DERXV HW
©±OHVGpSHQVHVG¶pTXLSHPHQWHWG¶LQYHVWLVVHPHQW ©GHVDIIDLUHVLVODPLTXHVª
©/HVVXEYHQWLRQVGHO¶(WDWDOORXpHVjOD+DXWHDXWRULWpVRQW $57±1RWUHSUpVHQWGDKLUVHUDSXEOLpDX%XOOHWLQRIILFLHO
©LQVFULWHVDXEXGJHWGX3UHPLHUPLQLVWUH
©$SUqV DYRLU H[DPLQp OH SURMHW GH EXGJHW DYDQW VD )DLWj *XHOPLPOHNDDGD QRYHPEUH 
©WUDQVPLVVLRQ SRXU GpOLEpUDWLRQ SDU OH FRQVHLO 1RWUH 3UHPLHU
3RXUFRQWUHVHLQJ
©PLQLVWUHIL[HOHPRQWDQWPD[LPXPGHODVXEYHQWLRQTXHO¶(WDW
©DIIHFWHjOD+DXWHDXWRULWpSRXUO¶H[HUFLFHEXGJpWDLUHFRQFHUQp /H3UHPLHUPLQLVWUH
©8Q FRPSWDEOH GpWDFKp DXSUqV GH OD +DXWH DXWRULWp GH OD $%%$6(/)$66,
©FRPPXQLFDWLRQ DXGLRYLVXHOOH SDU OH PLQLVWUH FKDUJp GHV
©ILQDQFHV DVVXPH DXSUqV GX GLUHFWHXU JpQpUDO OHV DWWULEXWLRQV
©GpYROXHVSDUOHVORLVHWUqJOHPHQWVDX[FRPSWDEOHVSXEOLFVª
$57±1RWUHSUpVHQWGDKLUVHUDSXEOLpDX%XOOHWLQRIILFLHO 'DKLU Qƒ  GX  NDDGD    QRYHPEUH 
PRGLILDQWOH GDKLU Qƒ  GX  PRKDUUHP 
)DLWj *XHOPLPOHNDDGD QRYHPEUH  IpYULHU  SRUWDQW UpRUJDQLVDWLRQ GX &RQVHLO
3RXUFRQWUHVHLQJ VXSpULHXUGHO¶HQVHLJQHPHQW
BBBBBBBBB
/H3UHPLHUPLQLVWUH
$%%$6(/)$66, /28$1*($',(86(8/
*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9,
4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW
'DKLU Qƒ  GX  NDDGD    QRYHPEUH 
HQIRUWLILHUODWHQHXU
FRPSOpWDQW  OH GDKLU Qƒ  GX  PRKDUUHP 
IpYULHU  pULJHDQW O¶DVVRFLDWLRQ GH OD 5DELWD GHV 4XH1RWUH0DMHVWp&KpULILHQQH
2XOpPD GX 0DURF HQ IRQGDWLRQ G¶XWLOLWp SXEOLTXH VRXV
9XOHGDKLUQƒGXPRKDUUHP IpYULHU
OD GpQRPLQDWLRQ GH OD ©5DELWD 0RKDPDGLD GHV
SRUWDQWUpRUJDQLVDWLRQGX&RQVHLOVXSpULHXUGHO¶HQVHLJQHPHQW
2XOpPDª
BBBBBBBBB $'e&,'e&(48,68,7

/28$1*($',(86(8/ $57,&/(35(0,(5±/HVGLVSRVLWLRQVGHO¶DUWLFOHGXGDKLU
VXVYLVp Qƒ GX  PRKDUUHP    IpYULHU  VRQW
*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9, DEURJpHVHWUHPSODFpHVFRPPHVXLW

4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW ©$UWLFOH±/HVFUpGLWVQpFHVVDLUHVDXIRQFWLRQQHPHQWGX
HQIRUWLILHUODWHQHXU ©FRQVHLOVRQWLQVFULWVDXEXGJHWGX3UHPLHUPLQLVWUH
4XH1RWUH0DMHVWp&KpULILHQQH ©/HEXGJHWGXFRQVHLOFRPSUHQG
 %8//(7,12)),&,(/ 1ıNDDGD 

©(QUHFHWWHV $'e&,'e&(48,68,7

©±OHVUHYHQXVGHVELHQVPHXEOHVHWLPPHXEOHVTXLIRUPHQW $57,&/( 35(0,(5 ± /HV GLVSRVLWLRQV GH O¶DUWLFOH  GX GDKLU
©OHSDWULPRLQHGXFRQVHLO VXVYLVp QƒGX  PRKDUUHP    DYULO  VRQW
©±OHVSURGXLWVSURYHQDQWGHVRQDFWLYLWp DEURJpHVHWUHPSODFpHVFRPPHVXLW
©±OHVVXEYHQWLRQVGXEXGJHWGHO¶(WDW © $UWLFOH  ± /H FRQVHLO MRXLW G¶XQH DXWRQRPLH DGPLQLVWUDWLYH
©±OHVVXEYHQWLRQVSURYHQDQWGHWRXWRUJDQLVPHQDWLRQDORX ©HW ILQDQFLqUH GDQV OD JHVWLRQ GH VRQ DGPLQLVWUDWLRQ HW GH VRQ
©LQWHUQDWLRQDOSXEOLFRXSULYp ©EXGJHW
©±OHVUHFHWWHVGLYHUVHV ©/HEXGJHWGXFRQVHLOFRPSUHQG
©±OHVGRQVHWOHJV ©(QUHFHWWHV
©(QGpSHQVHV ©±OHVUHYHQXVGHVELHQVPHXEOHVHWLPPHXEOHVTXLIRUPHQW
©±OHVGpSHQVHVGHIRQFWLRQQHPHQW ©OHSDWULPRLQHGXFRQVHLO
©±OHVGpSHQVHVG¶pTXLSHPHQWHWG¶LQYHVWLVVHPHQW ©±OHVVXEYHQWLRQVGXEXGJHWGHO¶(WDW
© /H SURMHW GX EXGJHW SUpSDUp SDU OH SUpVLGHQW GpOpJXp GX ©±OHVVXEYHQWLRQVSURYHQDQWGHWRXWRUJDQLVPHQDWLRQDORX
©FRQVHLO HVW VRXPLV SUpDODEOHPHQW j VRQ DGRSWLRQ DX 3UHPLHU ©LQWHUQDWLRQDOSXEOLFRXSULYp
©PLQLVWUH TXL IL[H OH PRQWDQW PD[LPXP GHV FUpGLWV TXH O¶(WDW
©±OHVUHFHWWHVGLYHUVHV
©DIIHFWHDXFRQVHLOSRXUO¶H[HUFLFHEXGJpWDLUHFRQFHUQp
©±OHVGRQVHWOHJV
© /H SUpVLGHQW GpOpJXp GX FRQVHLO HVW GpVLJQp RUGRQQDWHXU
©GH FHV FUpGLWV ,O SHXW LQVWLWXHU GHV VRXVRUGRQQDWHXUV ©(QGpSHQVHV
©QRWDPPHQW OH VHFUpWDLUH JpQpUDO HW OH GLUHFWHXU GH O¶LQVWDQFH ©±OHVGpSHQVHVGHIRQFWLRQQHPHQW
©G¶pYDOXDWLRQ
©±OHVGpSHQVHVG¶pTXLSHPHQWHWG¶LQYHVWLVVHPHQW
© 8Q FRPSWDEOH GpWDFKp DXSUqV GX FRQVHLO SDU OH PLQLVWUH
©FKDUJp GHV ILQDQFHV DVVXPH DXSUqV GX SUpVLGHQW GpOpJXp OHV ©/HVVXEYHQWLRQVGHO¶(WDWDOORXpHVDXFRQVHLOVRQWLQVFULWHV
©DWWULEXWLRQVGpYROXHVSDUOHVORLVHWUqJOHPHQWVDX[FRPSWDEOHV ©DXEXGJHWGX3UHPLHUPLQLVWUH
©SXEOLFVª © $SUpV DYRLU H[DPLQp OH SURMHW GH EXGJHW DYDQW VD
$57±1RWUHSUpVHQWGDKLUVHUDSXEOLpDX%XOOHWLQRIILFLHO ©WUDQVPLVVLRQ SRXU GpOLEpUDWLRQ SDU OH FRQVHLO 1RWUH 3UHPLHU
©PLQLVWUHIL[HOHPRQWDQWPD[LPXPGHODVXEYHQWLRQTXHO¶(WDW
)DLWj *XHOPLPOHNDDGD  QRYHPEUH 
©DIIHFWHDXFRQVHLOSRXUO¶H[HUFLFHEXGJpWDLUHFRQFHUQp
3RXUFRQWUHVHLQJ © 8Q FRPSWDEOH GpWDFKp DXSUqV GX &RQVHLO FRQVXOWDWLI GHV
/H3UHPLHUPLQLVWUH ©GURLWVGHO¶+RPPHSDUOHPLQLVWUHFKDUJpGHVILQDQFHVDVVXPH
$%%$6(/)$66, ©DXSUqVGXSUpVLGHQWGXFRQVHLOOHVDWWULEXWLRQVGpYROXHVSDUOHV
©ORLVHWUqJOHPHQWVDX[FRPSWDEOHVSXEOLFVª
$57  ± /¶DUWLFOH  GX GDKLU SUpFLWp Qƒ  GX
PRKDUUHP DYULO HVWPRGLILpFRPPHVXLW
'DKLUQƒGXNDDGD  QRYHPEUH  PRGLILDQW
OHGDKLUQƒGXPRKDUUHP DYULO ©$UWLFOH±/HSUpVLGHQWDVVXUH
SRUWDQW UpRUJDQLVDWLRQ GX &RQVHLO FRQVXOWDWLI GHV GURLWV GH ©
O¶+RPPH
© 
BBBBBBBBB
© GH1RWUH0DMHVWp
/28$1*($',(86(8/
©  SURSRVH OH EXGJHW DQQXHO GX FRQVHLO GRQW LO HVW
*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9, ©O¶RUGRQQDWHXU
4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW © ª
HQIRUWLILHUODWHQHXU
/DVXLWHVDQVPRGLILFDWLRQ
4XH1RWUH0DMHVWp&KpULILHQQH
$57±1RWUHSUpVHQWGDKLUVHUDSXEOLpDX%XOOHWLQRIILFLHO
9XOHGDKLUQƒGXPRKDUUHP DYULO
SRUWDQWUpRUJDQLVDWLRQGX&RQVHLOFRQVXOWDWLIGHVGURLWVGHO¶+RPPH )DLWj *XHOPLPOHNDDGD  QRYHPEUH 
1ıNDDGD  %8//(7,12)),&,(/ 

'DKLU Qƒ  GX  NDDGD    QRYHPEUH  7RXWHIRLV HQ FH TXL FRQFHUQH OHV FRPPXQHV UXUDOHV HW SDU
SRUWDQWSURPXOJDWLRQ GH OD ORL Qƒ  UHODWLYH j OD GpURJDWLRQDX[GLVSRVLWLRQVGHO¶DOLQpDSUpFpGHQW
ILVFDOLWpGHVFROOHFWLYLWpVORFDOHV ±ODWD[HG¶KDELWDWLRQODWD[HGHVHUYLFHVFRPPXQDX[HWOD
BBBBBBBBB WD[H VXU OHV RSpUDWLRQV GH ORWLVVHPHQW QH VRQW GXHV TXH
GDQV OHV FHQWUHV GpOLPLWpV OHV ]RQHV SpULSKpULTXHV GHV
/28$1*($',(86(8/ FRPPXQHV XUEDLQHV DLQVL TXH GDQV OHV VWDWLRQV HVWLYDOHV
*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9, KLYHUQDOHV HW WKHUPDOHV GRQW OH SpULPqWUH GH WD[DWLRQ HVW
4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW GpOLPLWpSDUYRLHUpJOHPHQWDLUH
HQIRUWLILHUODWHQHXU ±ODWD[HVXUOHVWHUUDLQVXUEDLQVQRQEkWLVQ
HVWGXHTXHGDQV
OHVFHQWUHVGpOLPLWpVGLVSRVDQWG¶XQGRFXPHQWG¶XUEDQLVPH
4XH1RWUH0DMHVWp&KpULILHQQH
6HFWLRQ±'
'HVSUpIHFWXUHVHWSURYLQFHV
9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW
$UWLFOH
$'e&,'e&(48,68,7
7D[HVDXSURILWGHVSUpIHFWXUHVHWSURYLQFHV
(VWSURPXOJXpHHWVHUDSXEOLpHDX%XOOHWLQRIILFLHOjODVXLWH
GX SUpVHQW GDKLU OD ORL Qƒ  UHODWLYH j OD ILVFDOLWp GHV 6RQW LQVWLWXpHV DX SURILW GHV SUpIHFWXUHV HW SURYLQFHV OHV
FROOHFWLYLWpV ORFDOHV WHOOH TX¶DGRSWpH SDU OD &KDPEUH GHV WD[HVVXLYDQWHV
FRQVHLOOHUVHWOD&KDPEUHGHVUHSUpVHQWDQWV ±WD[HVXUOHVSHUPLVGHFRQGXLUH
)DLWj*XHOPLPOHNDDGD QRYHPEUH  ±WD[H VXU OHV YpKLFXOHV DXWRPRELOHV VRXPLV j OD YLVLWH
3RXUFRQWUHVHLQJ WHFKQLTXH
/H3UHPLHUPLQLVWUH ±WD[HVXUODYHQWHGHVSURGXLWVIRUHVWLHUV
$%%$6(/)$66, 6HFWLRQ±'
'HVUpJLRQV

$UWLFOH
7D[HVDXSURILWGHVUpJLRQV

/RLQƒ 6RQWLQVWLWXpHVDXSURILWGHVUpJLRQVOHVWD[HVVXLYDQWHV
UHODWLYHjODILVFDOLWpGHVFROOHFWLYLWpVORFDOHV ±WD[HVXUOHVSHUPLVGHFKDVVH
BBBBBBBBB ±WD[HVXUOHVH[SORLWDWLRQVPLQLqUHV

±WD[HVXUOHVVHUYLFHVSRUWXDLUHV
35(0,(5(3$57,(
&KDSLWUH,,
5(*/(6'¶$66,(77('(5(&2895(0(17(7'(6$1&7,216 7$;(352)(66,211(//(
7,75(35(0,(5 6HFWLRQ±&KDPSG¶DSSOLFDWLRQ
5qJOHVG¶DVVLHWWH $UWLFOH
&KDSLWUHSUHPLHU 3HUVRQQHVHWDFWLYLWpVLPSRVDEOHV
'(67$;(6'(6&2//(&7,9,7(6/2&$/(6 7RXWH SHUVRQQH SK\VLTXH RX PRUDOH GH QDWLRQDOLWp
PDURFDLQH RX pWUDQJqUH TXL H[HUFH DX 0DURF XQH DFWLYLWp
$UWLFOHSUHPLHU SURIHVVLRQQHOOHHVWDVVXMHWWLHjODWD[HSURIHVVLRQQHOOH
*pQpUDOLWpV 6RQWpJDOHPHQWVRXPLVjFHWWHWD[HOHVIRQGVFUppVSDUYRLH
/HV FROOHFWLYLWpV ORFDOHV VRQW DXWRULVpHV j SHUFHYRLU OHV OpJLVODWLYHRXSDUFRQYHQWLRQQHMRXLVVDQWSDVGHODSHUVRQQDOLWp
WD[HVSUpYXHVSDUODSUpVHQWHORL PRUDOH HW GRQW OD JHVWLRQ HVW FRQILpH j GHV RUJDQLVPHV GH GURLW
6HFWLRQ±'
'HVFRPPXQHVXUEDLQHVHWUXUDOHV SXEOLF RX SULYp /¶LPSRVLWLRQ HVW pWDEOLH DX QRP GH OHXU
RUJDQLVPHJHVWLRQQDLUH
$UWLFOH
/HV DFWLYLWpV SURIHVVLRQQHOOHV VRQW FODVVpHV G¶DSUqV OHXU
7D[HVDXSURILWGHVFRPPXQHVXUEDLQHVHWUXUDOHV QDWXUHGDQVO¶XQHGHVFODVVHVGHODQRPHQFODWXUHGHVSURIHVVLRQV
6RQWLQVWLWXpHVDXSURILWGHVFRPPXQHVXUEDLQHVHWUXUDOHV DQQH[pHjODSUpVHQWHORL
OHVWD[HVVXLYDQWHV $UWLFOH
±WD[HSURIHVVLRQQHOOH ([RQpUDWLRQVHWUpGXFWLRQV
±WD[HG¶KDELWDWLRQ ,±([RQpUDWLRQVHWUpGXFWLRQVSHUPDQHQWHV
±WD[HGHVHUYLFHVFRPPXQDX[ $±([RQpUDWLRQVSHUPDQHQWHV
±WD[HVXUOHVWHUUDLQVXUEDLQVQRQEkWLV
%pQpILFLHQWGHO¶H[RQpUDWLRQWRWDOHSHUPDQHQWH
±WD[HVXUOHVRSpUDWLRQVGHFRQVWUXFWLRQ
ıOHVSHUVRQQHVSRXUTXLOHVGLWHVSURIHVVLRQVQHVRQWTXH
±WD[HVXUOHVRSpUDWLRQVGHORWLVVHPHQW O¶H[HUFLFHG¶XQHIRQFWLRQSXEOLTXH
±WD[HVXUOHVGpELWVGHERLVVRQV ƒ± OHV H[SORLWDQWV DJULFROHV SRXU OHV YHQWHV UpDOLVpHV HQ
±WD[HGHVpMRXU GHKRUV GH WRXWH ERXWLTXH RX PDJDVLQ OD PDQLSXODWLRQ HW OH
±WD[HVXUOHVHDX[PLQpUDOHVHWGHWDEOH WUDQVSRUW GHV UpFROWHV HW GHV IUXLWV SURYHQDQW GHV WHUUDLQV TX¶LOV
±WD[HVXUOHWUDQVSRUWSXEOLFGHYR\DJHXUV H[SORLWHQWDLQVLTXHODYHQWHGHVDQLPDX[YLYDQWVTX¶LOV\pOqYHQW
HW GHV SURGXLWV GH O¶pOHYDJH GRQW OD WUDQVIRUPDWLRQ Q¶D SDV pWp
±WD[HVXUO¶H[WUDFWLRQGHVSURGXLWVGHFDUULqUHV UpDOLVpHSDUGHVPR\HQVLQGXVWULHOV
 %8//(7,12)),&,(/ 1ıNDDGD 

6RQW H[FOXHV GH FHWWH H[RQpUDWLRQ OHV SHUVRQQHV TXL ıOD %DQTXH $IULFDLQH GH 'pYHORSSHPHQW  %$'
HIIHFWXHQW XQH DFWLYLWp SURIHVVLRQQHOOH DIIpUHQWH DX[ RSpUDWLRQV FRQIRUPpPHQW DX GDKLU  Qƒ  GX  MRXPDGD ,, 
G¶DFKDWGHYHQWHHWRXG¶HQJUDLVVHPHQWG¶DQLPDX[YLYDQWV QRYHPEUH  SRUWDQW UDWLILFDWLRQ GH O¶DFFRUG GH FUpDWLRQ
ı OHV DVVRFLDWLRQV GHV XVDJHUV GHV HDX[ DJULFROHV SRXU OHV GHOD%DQTXH$IULFDLQHGH'pYHORSSHPHQW
DFWLYLWpVQpFHVVDLUHVjOHXUIRQFWLRQQHPHQWRXjODUpDOLVDWLRQGHOHXU ıOD6RFLpWp)LQDQFLqUH,QWHUQDWLRQDOH 6), FRQIRUPpPHQW
REMHWUpJLHVSDUODORLQƒSURPXOJXpHSDUOHGDKLUQƒ DX GDKLU Qƒ  GX  VDIDU    MXLOOHW  SRUWDQW
GXMRXPDGD,, GpFHPEUH  UDWLILFDWLRQ GH O¶DGKpVLRQ GX 0DURF j OD 6RFLpWp )LQDQFLqUH
ıOHVDVVRFLDWLRQVHWOHVRUJDQLVPHVOpJDOHPHQWDVVLPLOpV ,QWHUQDWLRQDOH
VDQV EXW OXFUDWLI SRXU OHV VHXOHV RSpUDWLRQV FRQIRUPHV j O
REMHW ƒ± O¶$JHQFH %D\W 0DO $O 4XRGV $FKDULI FRQIRUPpPHQW j
GpILQL GDQV OHXUV VWDWXWV 7RXWHIRLV FHWWH H[RQpUDWLRQ QH O¶DFFRUG GH VLqJH SXEOLp SDU OH GDKLU Qƒ  GX  VDIDU 
V
DSSOLTXHSDVHQFHTXLFRQFHUQHOHVpWDEOLVVHPHQWVGHYHQWHVRX PDL 
GHVHUYLFHVDSSDUWHQDQWDX[GLWVDVVRFLDWLRQVHWRUJDQLVPHV ıOHVEDQTXHVRIIVKRUHHWOHVVRFLpWpVKROGLQJRIIVKRUH
ƒ±OD/LJXHQDWLRQDOHGHOXWWHFRQWUHOHVPDODGLHVFDUGLR UpJLHV OD ORL Qƒ  UHODWLYH DX[ SODFHV ILQDQFLqUHV RIIVKRUH
YDVFXODLUHV FUppH SDU OH GDKLU SRUWDQW ORL Qƒ  GX SURPXOJXpH SDU OH GDKLU Qƒ  GX  FKkDEDQH 
FKDRXDO RFWREUH  lIpYULHU   j UDLVRQ GHV LPPHXEOHV RFFXSpV SDU OHXUV
ı OD )RQGDWLRQ +DVVDQ ,, SRXU OD OXWWH FRQWUH OH FDQFHU VLpJHVRXDJHQFHV
FUppH SDU OH GDKLU SRUWDQW ORL Qƒ  GX  FKDRXDO  ƒ ± OHV RUJDQLVPHV GH SODFHPHQW FROOHFWLI HQ YDOHXUV
RFWREUH  PRELOLqUHV  23&90 UpJLV SDU OH GDKLU SRUWDQW ORL Qƒ 
ı OD )RQGDWLRQ 0RKDPPHG 9 SRXU OD VROLGDULWp SRXU GX  UHELL ,,    VHSWHPEUH   SRXU OHV DFWLYLWpV
O
HQVHPEOHGHVHVDFWLYLWpV H[HUFpHVGDQVOHFDGUHGHOHXUREMHWOpJDO
ıOD)RQGDWLRQ&KHLNK=DLG,EQ6ROWDQFUppHSDUOHGDKLU ıOHVIRQGVGHSODFHPHQWVFROOHFWLIVHQWLWULVDWLRQ )3&7
SRUWDQWORLQƒGXUDELD, VHSWHPEUH UpJLV SDU OD ORL Qƒ  SURPXOJXpH SDU OH GDKLU Qƒ  GX
lMRXPDGD ,    DR€W   SRXU OHV DFWLYLWpV H[HUFpHV
SRXUO¶HQVHPEOHGHVHVDFWLYLWpV
GDQVOHFDGUHGHOHXUREMHWOpJDO
ƒ± OD )RQGDWLRQ 0RKDPHG 9, GH SURPRWLRQ GHV °XYUHV
ıOHVRUJDQLVPHVGHSODFHPHQWVHQFDSLWDOULVTXH 23&5
VRFLDOHV GH O¶pGXFDWLRQ IRUPDWLRQ FUppH SDU OD ORL Qƒ 
UpJLV SDU OD ORL Qƒ  SURPXOJXpH SDU OH GDKLU Qƒ  GX
SURPXOJXpH SDU OH GDKLU Qƒ  GX  MRXPDGD , 
PRKDUUHP IpYULHU SRXUOHVDFWLYLWpVH[HUFpHV
HUDR€W SRXUO¶HQVHPEOHGHVVHVDFWLYLWpV
GDQV OH FDGUH GH OHXU REMHW OpJDO HW GDQV OHV FRQGLWLRQV SUpYXHV
ƒ± O¶2IILFH QDWLRQDO GHV RHXYUHV XQLYHUVLWDLUHV VRFLDOHV HW SDUO¶DUWLFOH,,,GX&RGH*pQpUDOGHV,PS{WV
FXOWXUHOOHVFUppSDUODORLQƒSURPXOJXpHSDUOHGDKLUQƒ
ƒOD VRFLpWp QDWLRQDOH G¶DPpQDJHPHQW FROOHFWLI
GX  MRXPDGD ,,    DR€W  SRXU O¶HQVHPEOH GH VHV
621$'$& DXWLWUHGHVDFWLYLWpVVHUDSSRUWDQWjODUpDOLVDWLRQ
DFWLYLWpV
GH ORJHPHQWV VRFLDX[ DIIpUHQWV DX[ SURMHWV © $QQDVVLP ª VLWXpV
ƒ±OHV pWDEOLVVHPHQWV SULYpV G¶HQVHLJQHPHQW JpQpUDO RX GDQV OHV FRPPXQHV GH ©'DU %RXD]]D ª HW ©/\VVDVID ª HW
GH IRUPDWLRQ SURIHVVLRQQHOOH SRXU OHV ORFDX[ DIIHFWpV DX GHVWLQpV DX UHFDVHPHQW GHV KDELWDQWV GH O¶DQFLHQQH PpGLQD GH
ORJHPHQWHWjO¶LQVWUXFWLRQGHVpOqYHV &DVDEODQFD
ƒ±O¶8QLYHUVLWp$O$NKDZD\QHG¶,IUDQHFUppHSDUOHGDKLU ƒ± OD VRFLpWp ©6DOD $O-DGLGD ª SRXU O¶HQVHPEOH GH VHV
SRUWDQWORLQƒGX5DELL,, VHSWHPEUH DFWLYLWpV
SRXUO¶HQVHPEOHGHVHVDFWLYLWpV
ƒOHVSURPRWHXUVLPPRELOLHUVSRXUO¶HQVHPEOHGHOHXUV
ıOHV FRRSpUDWLYHV HW OHXUV XQLRQV OpJDOHPHQW DFWLYLWpVDIIpUHQWHVjODUpDOLVDWLRQGHORJHPHQWVVRFLDX[WHOVTXH
FRQVWLWXpHV GRQW OHV VWDWXWV OH IRQFWLRQQHPHQW HW OHV RSpUDWLRQV GpILQLV j O¶DUWLFOH ±,±ƒ GX &RGH *pQpUDO GHV ,PS{WV HW TXL
VRQWUHFRQQXVFRQIRUPHVjODOpJLVODWLRQHWjODUpJOHPHQWDWLRQHQ UpDOLVHQWOHXUVRSpUDWLRQVGDQVOHFDGUHG¶XQHFRQYHQWLRQFRQFOXH
YLJXHXUUpJLVVDQWODFDWpJRULHjODTXHOOHHOOHVDSSDUWLHQQHQW DYHFO¶(WDWDVVRUWLHG¶XQFDKLHUGHVFKDUJHVHQYXHGHUpDOLVHUXQ
±ORUVTXHOHXUVDFWLYLWpVVHOLPLWHQWjODFROOHFWHGHPDWLqUHV SURJUDPPHGHFRQVWUXFWLRQGHORJHPHQWVVRFLDX[pWDOpVXU
SUHPLqUHV DXSUqV   GHV DGKpUHQWV HW j OHXU XQH SpULRGH PD[LPXP GH FLQT   DQV FRXUDQW j FRPSWHU GH OD
FRPPHUFLDOLVDWLRQ GDWHGHGpOLYUDQFHGHO¶DXWRULVDWLRQGHFRQVWUXLUH
±RX ORUVTXH OHXU FKLIIUH G¶DIIDLUHV DQQXHO HVW LQIpULHXU j &HWWHH[RQpUDWLRQHVWDFFRUGpHGDQVOHVFRQGLWLRQVSUpYXHVj
GHX[ PLOOLRQV   GH GLUKDPV KRUV WD[H VXU OD O¶DUWLFOH,,GX&RGH*pQpUDOGHV,PS{WV
YDOHXU DMRXWpH VL HOOHV H[HUFHQW  XQH DFWLYLWp GH ıOHVSURPRWHXUVLPPRELOLHUVTXLUpDOLVHQWSHQGDQWXQH
WUDQVIRUPDWLRQGHPDWLqUHVSUHPLqUHVFROOHFWpHVDXSUqVGH SpULRGHPD[LPXPGHWURLV  DQVFRXUDQWjFRPSWHUGHODGDWHGH
OHXUV DGKpUHQWV RX G¶LQWUDQWV j O
DLGH G¶pTXLSHPHQWV O¶DXWRULVDWLRQ GH FRQVWUXLUH GHV RSpUDWLRQV GH FRQVWUXFWLRQ GH
PDWpULHOVHWDXWUHVPR\HQVGHSURGXFWLRQVLPLODLUHVjFHX[ FLWpV UpVLGHQFHV HW FDPSXV XQLYHUVLWDLUHV FRQVWLWXpV G¶DX PRLQV
XWLOLVpVSDUOHVHQWUHSULVHVLQGXVWULHOOHVVRXPLVHVjO
LPS{W FLQTFHQW  FKDPEUHVGRQWODFDSDFLWpG¶KpEHUJHPHQWHVWDX
VXU OHV VRFLpWpV HW GH FRPPHUFLDOLVDWLRQ GHV SURGXLWV PD[LPXP GH GHX[   OLWV SDU FKDPEUH GDQV OH FDGUH G¶XQH
TX¶HOOHVRQWWUDQVIRUPpV FRQYHQWLRQFRQFOXHDYHFO¶(WDWDVVRUWLHG¶XQFDKLHUGHVFKDUJHV
ı %DQN $O0DJKULE SRXU OHV WHUUDLQV FRQVWUXFWLRQV &HWWHH[RQpUDWLRQHVWDFFRUGpHGDQVOHVFRQGLWLRQVSUpYXHVj
PDWpULHOV HW RXWLOODJH VHUYDQW j OD IDEULFDWLRQ GHV ELOOHWV HW GHV O¶DUWLFOH,,GX&RGH*pQpUDOGHV,PS{WV
PRQQDLHV ı O
$JHQFH SRXU OD SURPRWLRQ HW OH GpYHORSSHPHQW
ı OD %DQTXH ,VODPLTXH GH 'pYHORSSHPHQW  %,'  pFRQRPLTXHHWVRFLDOGHVSUpIHFWXUHVHWSURYLQFHVGX1RUGGX5R\DXPH
FRQIRUPpPHQWjODFRQYHQWLRQSXEOLpHSDUOHGDKLUQƒGX FUppH SDU OD ORL Qƒ  SURPXOJXpH SDU OH GDKLU Qƒ  GX
FKDRXDO VHSWHPEUH  UDELL,, DR€W SRXUO¶HQVHPEOHGHVHVDFWLYLWpV
1ıNDDGD  %8//(7,12)),&,(/ 

ƒ O¶$JHQFH SRXU OD SURPRWLRQ HW OH GpYHORSSHPHQW ,,±([RQpUDWLRQVWHPSRUDLUHV


pFRQRPLTXHHWVRFLDOGHV3URYLQFHVGX6XGGX5R\DXPHFUppHSDUOH %pQpILFLHQWGHO¶H[RQpUDWLRQWRWDOHWHPSRUDLUH
GpFUHWORL Qƒ  GX  UHMHE    VHSWHPEUH   SRXU
O¶HQVHPEOHGHVHVDFWLYLWpV ƒ±WRXWH DFWLYLWp SURIHVVLRQQHOOH QRXYHOOHPHQW FUppH
SHQGDQW XQH SpULRGH GH FLQT   DQV j FRPSWHU GH O¶DQQpH GX
ƒ± O¶$JHQFH SRXU OD SURPRWLRQ HW OH GpYHORSSHPHQW GpEXWGHODGLWHDFWLYLWp
pFRQRPLTXH HW VRFLDO GH OD SUpIHFWXUH HW GHV SURYLQFHV GH OD
UpJLRQ 2ULHQWDOH GX 5R\DXPH FUppH SDU OD ORL Qƒ  1¶HVWSDVFRQVLGpUpHFRPPHDFWLYLWpQRXYHOOHPHQWFUppH
SURPXOJXpH SDU OH GDKLU Qƒ  GX  PRKDUUHP  ±OHFKDQJHPHQWGHO¶H[SORLWDQW
lIpYULHU SRXUO¶HQVHPEOHGHVHVDFWLYLWpV
±OHWUDQVIHUWG¶DFWLYLWp
ƒ± O¶$JHQFH SRXU O¶DPpQDJHPHQW GH OD YDOOpH GH %RX
5HJUHJLQVWLWXpHSDUODORLQƒUHODWLYHjO¶DPpQDJHPHQWHWj /¶H[RQpUDWLRQSUpFLWpHV¶DSSOLTXHpJDOHPHQWSRXUODPrPH
ODPLVHHQYDOHXUGHODYDOOpHGH%RX5HJUHJSURPXOJXpHSDUOH GXUpH DX[ WHUUDLQV FRQVWUXFWLRQV GH WRXWH QDWXUH DGGLWLRQV GH
GDKLUQƒGXFKDRXDO QRYHPEUH SRXU FRQVWUXFWLRQV PDWpULHOV HW RXWLOODJHV QHXIV DFTXLV HQ FRXUV
O¶HQVHPEOHGHVHVDFWLYLWpV G¶H[SORLWDWLRQGLUHFWHPHQWRXSDUYRLHGHFUpGLWEDLO
ƒ± OHV SHUVRQQHV SK\VLTXHV RX PRUDOHV WLWXODLUHV G¶XQ 7RXWHIRLVFHWWHH[RQpUDWLRQQHV¶DSSOLTXHSDV
SHUPLV GH UHFKHUFKH RX G¶XQH FRQFHVVLRQ G¶H[SORLWDWLRQ GHV ±DX[pWDEOLVVHPHQWVGHVHQWUHSULVHVQ¶D\DQW SDV OHXU VLqJH
JLVHPHQWVG¶K\GURFDUEXUHVUpJLHVSDUODORLQƒUHODWLYHjOD DX 0DURF DWWULEXWDLUHV GH PDUFKpV GH WUDYDX[ GH
UHFKHUFKH HW j O¶H[SORLWDWLRQ GHV JLVHPHQWV G¶K\GURFDUEXUHV IRXUQLWXUHVRXGHVHUYLFHV
SURPXOJXpH SDU OH GDKLU Qƒ  GX  UDPDGDQ  ±DX[ pWDEOLVVHPHQWV GH FUpGLW HW RUJDQLVPHV DVVLPLOpV
HUDYULO  %DQN$O0DUJKULEHWOD&DLVVHGHGpS{WHWGHJHVWLRQ
ı OHV UHGHYDEOHV TXL UpDOLVHQW GHV LQYHVWLVVHPHQWV
±DX[HQWUHSULVHVG¶DVVXUDQFHVHWGHUpDVVXUDQFHVDXWUHVTXH
LPSRVDEOHVSRXUODYDOHXUORFDWLYHDIIpUHQWHjODSDUWLHGXSUL[GH
OHV LQWHUPpGLDLUHV G¶DVVXUDQFHV YLVpV j O¶DUWLFOH  GH OD
UHYLHQWVXSpULHXUHj
ORLQƒSRUWDQWFRGHGHVDVVXUDQFHV
±FHQW   PLOOLRQV GH GLUKDPV KRUV WD[H VXU OD YDOHXU
±HWDX[DJHQFHVLPPRELOLqUHV
DMRXWpH SRXU OHV WHUUDLQV FRQVWUXFWLRQV HW OHXU DJHQFHPHQW
PDWpULHOHWRXWLOODJHVDFTXLVSDUOHVHQWUHSULVHVGHSURGXFWLRQ ƒ ± /HV HQWUHSULVHV DXWRULVpHV j H[HUFHU GDQV OHV ]RQHV
GHELHQVjFRPSWHUGXHUMXLOOHW IUDQFKHV G¶H[SRUWDWLRQ FRQIRUPpPHQW DX[ GLVSRVLWLRQV GH OD ORL
±FLQTXDQWH  PLOOLRQVGHGLUKDPVKRUVWD[HVXUODYDOHXU Qƒ  UHODWLYH DX[ ]RQHV IUDQFKHV G
H[SRUWDWLRQ SURPXOJXpH
DMRXWpH SRXU OHV WHUUDLQV FRQVWUXFWLRQV HW OHXU SDU OH GDKLU Qƒ  GX  FKDDEDQH    MDQYLHU  
DJHQFHPHQW PDWpULHO HW RXWLOODJHV DFTXLV SDU OHV SHQGDQW OHV TXLQ]H   SUHPLqUHV DQQpHV G¶H[SORLWDWLRQ DX WLWUH
HQWUHSULVHV GH SURGXFWLRQ GH ELHQV HW GH VHUYLFHV j GHVDFWLYLWpVYLVpHVjO
DUWLFOHGHODORLQƒSUpFLWpH
FRPSWHUGXHUMDQYLHU ƒ ± O¶$JHQFH VSpFLDOH 7DQJHU0pGLWHUUDQpH DLQVL TXH OHV
7RXWHIRLV QH VRQW SDV SULV HQ FRQVLGpUDWLRQ SRXU OD VRFLpWpV LQWHUYHQDQW GDQV OD UpDOLVDWLRQ O¶DPpQDJHPHQW
GpWHUPLQDWLRQGXPRQWDQWGXGLWSODIRQGOHVELHQVEpQpILFLDQWGH O¶H[SORLWDWLRQ HW O¶HQWUHWLHQ GX SURMHW GH OD ]RQH VSpFLDOH GH
O¶H[RQpUDWLRQ SHUPDQHQWH RX WHPSRUDLUH DLQVL TXH OHV pOpPHQWV GpYHORSSHPHQW 7DQJHU0pGLWHUUDQpH HW TXL V¶LQVWDOOHQW GDQV OHV
QRQLPSRVDEOHV ]RQHVIUDQFKHVG¶H[SRUWDWLRQYLVpHVjO¶DUWLFOHSUHPLHUGXGpFUHW
ORLQƒGXUHMHE VHSWHPEUH SHQGDQWOHV
ƒ± OHV UHGHYDEOHV SRXU OD YDOHXU ORFDWLYH GHV TXLQ]H  SUHPLqUHVDQQpHVG¶H[SORLWDWLRQ
LPPRELOLVDWLRQV XWLOLVpHV FRPPH PR\HQ GH WUDQVSRUW HW GH
FRPPXQLFDWLRQDXWLWUH 6HFWLRQ%
%DVHLPSRVDEOH
±GXPDWpULHOGHWUDQVSRUW $UWLFOH
±GHVFDQDOLVDWLRQVVHUYDQWjO¶DGGXFWLRQHWjODGLVWULEXWLRQ 'pWHUPLQDWLRQGHODYDOHXUORFDWLYH
SXEOLTXHG¶HDXSRWDEOHRXjO¶pYDFXDWLRQGHVHDX[XVpHV ,±/DWD[HSURIHVVLRQQHOOHHVWpWDEOLHVXUODYDOHXUORFDWLYH
±GHV OLJQHV VHUYDQW DX WUDQVSRUW HW j OD GLVWULEXWLRQ GH DQQXHOOH EUXWH QRUPDOH HW DFWXHOOH GHV PDJDVLQV ERXWLTXHV
O¶pOHFWULFLWpHWDX[UpVHDX[GHWpOpFRPPXQLFDWLRQV XVLQHVDWHOLHUVKDQJDUVUHPLVHVFKDQWLHUVOLHX[GHGpS{WVHWGH
WRXVORFDX[HPSODFHPHQWVHWDPpQDJHPHQWVVHUYDQWjO¶H[HUFLFH
±GHVDXWRURXWHVHWYRLHVIHUUpHV GHVDFWLYLWpVSURIHVVLRQQHOOHVLPSRVDEOHV
ıOHVUHGHYDEOHVVRXPLVjODWD[HSURIHVVLRQQHOOHSRXU /D YDOHXU ORFDWLYH EDVH GH OD WD[H SURIHVVLRQQHOOH HVW
OHVORFDX[DIIHFWpVDX[VHUYLFHVGHGRXDQHGHSROLFHGHVDQWpHW GpWHUPLQpH VRLW DX PR\HQ GH EDX[ HW DFWHV GH ORFDWLRQ VRLW SDU
WRXWORFDOGHVWLQpjXQVHUYLFHSXEOLF YRLH GH FRPSDUDLVRQ VRLW SDU YRLH G¶DSSUpFLDWLRQ GLUHFWH VDQV
ıOHVHQWUHSULVHVLQVWDOOpHVGDQVOD]RQHIUDQFKHGXSRUWGH UHFRXUVjODSURFpGXUHGHUHFWLILFDWLRQSUpYXHSDUODSUpVHQWHORL
7DQJHU UpJLH SDU OH GDKLU Qƒ  GX  UHMHE  3RXUOHVpWDEOLVVHPHQWVLQGXVWULHOVHWWRXWHVOHVDXWUHVDFWLYLWpV
GpFHPEUH   SRXU OHV DFWLYLWpV HIIHFWXpHV j O¶LQWpULHXU GH SURIHVVLRQQHOOHV OD WD[H SURIHVVLRQQHOOH HVW FDOFXOpH VXU OD YDOHXU
ODGLWH]RQH ORFDWLYHGHFHVpWDEOLVVHPHQWVSULVGDQVOHXUHQVHPEOHHWPXQLVGH
%±5pGXFWLRQSHUPDQHQWH WRXV OHXUV PR\HQV PDWpULHOV GH SURGXFWLRQ \ FRPSULV OHV ELHQV
/HVUHGHYDEOHVD\DQWOHXUGRPLFLOHILVFDORXOHXUVLqJHGDQV ORXpVRXDFTXLVSDUYRLHGHFUpGLWEDLO
O¶H[SURYLQFHGH7DQJHUHWH[HUoDQWXQHDFWLYLWpSULQFLSDOHGDQV (QDXFXQFDVFHWWHYDOHXUORFDWLYHQHSRXUUDrWUHLQIpULHXUHj
OH UHVVRUW GH ODGLWH H[SURYLQFH EpQpILFLHQW G¶XQH UpGXFWLRQ GH  GX SUL[ GH UHYLHQW GHV WHUUDLQV FRQVWUXFWLRQV DJHQFHPHQWV
GHODWD[HDXWLWUHGHFHWWHDFWLYLWp PDWpULHOHWRXWLOODJHV
 %8//(7,12)),&,(/ 1ıNDDGD 

3RXU OHV ELHQV ORXpV RX DFTXLV SDU YRLH GH FUpGLWEDLO OD /HVUpGXFWLRQVGHVpOpPHQWVLPSRVDEOHVVXUYHQXHVDSUqVOH
YDOHXU ORFDWLYH HVW GpWHUPLQpH VXU OD EDVH GX SUL[ GH UHYLHQW PRLV GH MDQYLHU QH VRQW SULVHV HQ FRQVLGpUDWLRQ TX¶j SDUWLU GX
GHVGLWV ELHQV ILJXUDQW DX FRQWUDW LQLWLDO GH FUpGLW ± EDLO PrPH SUHPLHUMDQYLHUGHO¶DQQpHVXLYDQWH
DSUqVODOHYpHG¶RSWLRQG¶DFKDW /HPDWpULHOG¶RFFDVLRQDFTXLVDSUqVOHPRLVGHMDQYLHUQ¶HVW
/HUHGHYDEOHTXLH[HUFHSOXVLHXUVDFWLYLWpVSURIHVVLRQQHOOHV LPSRVDEOH TX¶j FRPSWHU GX SUHPLHU MDQYLHU GH O¶DQQpH TXL VXLW
GDQVXQPrPHORFDOHVWLPSRVDEOHG¶DSUqVOHWDX[GHODFODVVHGH FHOOHGHVRQDFTXLVLWLRQ
O¶DFWLYLWpSULQFLSDOH (Q FDV GH FHVVDWLRQ WRWDOH HQ FRXUV G¶DQQpH GH O¶H[HUFLFH
/RUVTXH SOXVLHXUV SHUVRQQHV H[HUFHQW GHV DFWLYLWpV G¶XQH SURIHVVLRQ OD WD[H HVW GXH SRXU O¶DQQpH HQWLqUH j PRLQV
SURIHVVLRQQHOOHVGDQVXQPrPHORFDOODWD[HSURIHVVLRQQHOOHHVW TXH OD IHUPHWXUH GHV pWDEOLVVHPHQWV PDJDVLQV ERXWLTXHV RX
DWHOLHUV QH UpVXOWH GH GpFqV GH OLTXLGDWLRQ MXGLFLDLUH
pWDEOLHSRXUFKDTXHUHGHYDEOHVpSDUpPHQWDXSURUDWDGHODYDOHXU
G
H[SURSULDWLRQ RX G
H[SXOVLRQ 'DQV FH FDV OHV GURLWV VRQW GXV
ORFDWLYHFRUUHVSRQGDQWjODSDUWLHRFFXSpHGXGLWORFDO SRXUODSpULRGHDQWpULHXUHHWOHPRLVFRXUDQW
,,±(QFHTXLFRQFHUQHOHVpWDEOLVVHPHQWVK{WHOLHUVHWSDU (QFDVGHFK{PDJHSDUWLHORXWRWDOG¶XQHHQWUHSULVHSHQGDQW
GpURJDWLRQ DX[ GLVSRVLWLRQV GX , FLGHVVXV OD YDOHXU ORFDWLYH XQH GXUpH G¶XQH DQQpH FLYLOH OH UHGHYDEOH SHXW REWHQLU
VHUYDQW GH EDVH DX FDOFXO GH OD WD[H SURIHVVLRQQHOOH HVW GpJUqYHPHQWRXGpFKDUJHGHODWD[HSURIHVVLRQQHOOHFRQIRUPpPHQW
GpWHUPLQpH SDU DSSOLFDWLRQ DX SUL[ GH UHYLHQW GHV FRQVWUXFWLRQV DX[GLVSRVLWLRQVGHO¶DUWLFOHFLGHVVRXV
PDWpULHO RXWLOODJH DJHQFHPHQWV HW DPpQDJHPHQWV GH FKDTXH
$UWLFOH
pWDEOLVVHPHQW GHV FRHIILFLHQWV IL[pV HQ IRQFWLRQ GX FR€W JOREDO
GHV pOpPHQWV FRUSRUHOV GH O¶pWDEOLVVHPHQW FRQVLGpUp TX¶LO VRLW 7DX[HWGURLWPLQLPXP
H[SORLWpSDUVRQSURSULpWDLUHRXSDUOHORFDWDLUH ,±7DX[G¶LPSRVLWLRQ
&HVFRHIILFLHQWVVRQWIL[pVFRPPHVXLW /HVWDX[GHODWD[HSURIHVVLRQQHOOHDSSOLFDEOHVjODYDOHXU
±ORUVTXHOHSUL[GHUHYLHQWHVWLQIpULHXUjGH ORFDWLYHVRQWIL[pVFRPPHVXLW
GLUKDPV FODVVH & 
±ORUVTXHOHSUL[GHUHYLHQWHVWpJDORXVXSpULHXUj FODVVH & 
HWLQIpULHXUjGHGLUKDPV FODVVH & 
±ORUVTXHOHSUL[GHUHYLHQWHVWpJDORXVXSpULHXUj ,,±'URLWPLQLPXP
HWLQIpULHXUjGHGLUKDPV
/HGURLWPLQLPXPGHODWD[HGXHSDUOHVUHGHYDEOHVYLVpVj
±  ORUVTXH OH SUL[ GH UHYLHQW HVW pJDO RX VXSpULHXU j O¶DUWLFOH ±,±ƒ±E FLDSUqV QH SHXW rWUH LQIpULHXU DX[ PRQWDQWV
GHGLUKDPV FLDSUqV
&HV FRHIILFLHQWV UpGXLWV QH VRQW FXPXODEOHV DYHF DXFXQH
DXWUHUpGXFWLRQGHFHWWHWD[H &20081(685%$,1(6 &20081(6585$/(6
&/$66(6
6HFWLRQ±/
/LTXLGDWLRQGHODWD[H
$UWLFOH ±&ODVVH & GK GK
/LHXHWSpULRGHG¶LPSRVLWLRQ ±&ODVVH & GK GK
/D WD[H SURIHVVLRQQHOOH HVW pWDEOLH DX OLHX GH VLWXDWLRQ GHV ±&ODVVH &  GK GK
ORFDX[ HW LQVWDOODWLRQV SURIHVVLRQQHOOHV LPSRVDEOHV /HV SHUVRQQHV
Q¶D\DQWSDVGHORFDX[RXG¶LQVWDOODWLRQVSURIHVVLRQQHOOHVVRQWWHQXHV $UWLFOH
G¶pOLUHXQGRPLFLOHILVFDO 3DLHPHQWHWIUDQFKLVHGHODWD[H
/D WD[H HVW GXH SRXU O¶DQQpH HQWLqUH j UDLVRQ GHV IDLWV ,±3DLHPHQWGHODWD[H
H[LVWDQWDXPRLVGHMDQYLHU ı(WDEOLVVHPHQWSDUYRLHGHU{OH
7RXWHIRLV OD WD[H SURIHVVLRQQHOOH HVW GXH SRXU O¶DQQpH /DWD[HSURIHVVLRQQHOOHHVWpWDEOLHSDUYRLHGHU{OH
HQWLqUHTXHOOHTXHVRLWO¶pSRTXHjODTXHOOHOHVRSpUDWLRQVDXURQWpWp
ı3DLHPHQWSDUDQWLFLSDWLRQ
HQWUHSULVHV SDU OHV UHGHYDEOHV GRQW OHV RSpUDWLRQV QH SHXYHQW SDU
OHXUQDWXUHrWUHH[HUFpHVTXHGXUDQWXQHSDUWLHGHO¶DQQpH /H SDLHPHQW SDU DQWLFLSDWLRQ GH OD WD[H SURIHVVLRQQHOOH HVW
HIIHFWXpSDU
/HVUHGHYDEOHVTXLHQWUHSUHQQHQWDSUqVOHPRLVGHMDQYLHU
XQH DFWLYLWp QRXYHOOHPHQW FUppH GHYLHQQHQW SDVVLEOHV GH OD WD[H D± OHVUHGHYDEOHVTXLHQIRQWODGHPDQGHSDUpFULW
SURIHVVLRQQHOOH j SDUWLU GX SUHPLHU MDQYLHU GH O¶DQQpH TXL VXLW E±OHVYR\DJHXUVUHSUpVHQWDQWVRXSODFLHUVGHFRPPHUFHRX
FHOOH GH O¶H[SLUDWLRQ GH O¶H[RQpUDWLRQ TXLQTXHQQDOH SUpYXH j G
LQGXVWULH TXL QH VRQW SDV SDVVLEOHV GH O
LPS{W VXU OH UHYHQX DX
O¶DUWLFOH,,ƒFLGHVVXV WLWUHGHOHXUVUHYHQXVVDODULDX[HWUHYHQXVDVVLPLOpVOHVPDUFKDQGV
DPEXODQWVVXUODYRLHSXEOLTXHOHVUHGHYDEOHVTXLQ
H[HUFHQWSDVj
/HV H[WHQVLRQV UpDOLVpHV HQ FRXUV G¶H[SORLWDWLRQ DSUqV OH GHPHXUH DX OLHX GH OHXU GRPLFLOH OHV SHUVRQQHV TXL IRQW DFWH GH
PRLV GH MDQYLHU SDU O¶DFTXLVLWLRQ GH WHUUDLQV FRQVWUXFWLRQV GH FRPPHUFHRXG
LQGXVWULHGDQVXQHYLOOHVDQV\rWUHGRPLFLOLpHVHW
WRXWH QDWXUH DGGLWLRQV GH FRQVWUXFWLRQV PDWpULHOV HW RXWLOODJHV G
XQHPDQLqUHSOXVJpQpUDOHWRXVFHX[TXLH[HUFHQWXQHSURIHVVLRQ
QHXIVVRQWLPSRVDEOHVjSDUWLUGXSUHPLHUMDQYLHUGHO¶DQQpHTXL HQ GHKRUV GHV ORFDX[ SRXYDQW VHUYLU GH EDVH DX FDOFXO GH OD WD[H
VXLWFHOOHGHO¶H[SLUDWLRQGHO¶H[RQpUDWLRQTXLQTXHQQDOHSUpYXHj SURIHVVLRQQHOOH HW TXL DFTXLWWHQW OH GURLW PLQLPXP SUpYX j
O¶DUWLFOH,,ƒFLGHVVXV O¶DUWLFOH,,FLGHVVXV
1ıNDDGD  %8//(7,12)),&,(/ 

,OV GRLYHQW rWUH SRUWHXUV G¶XQH SLqFH MXVWLILDQW OHXU $UWLFOH


LQVFULSWLRQ SHUVRQQHOOH j OD WD[H SURIHVVLRQQHOOH TX¶LO OHXU $IILFKDJHGXQXPpURG¶LGHQWLILFDWLRQjODWD[HSURIHVVLRQQHOOH
DSSDUWLHQWGHVHIDLUHGpOLYUHUSDUO¶DGPLQLVWUDWLRQILVFDOHDYDQW
HWSUpVHQWDWLRQGHVSLqFHVMXVWLILDQWO¶LQVFULSWLRQ
G¶HQWUHSUHQGUH OHXUV RSpUDWLRQV HW DSUqV SDLHPHQW SDU
DQWLFLSDWLRQ GH OD WD[H &HWWH SLqFH GRLW j OD GLOLJHQFH GX /HVUHGHYDEOHVGHODWD[HSURIHVVLRQQHOOHGRLYHQWDIILFKHUOH
UHGHYDEOHSRUWHUVDSKRWRJUDSKLHG¶LGHQWLWp QXPpUR G¶LGHQWLILFDWLRQ j O¶LQWpULHXU GH FKDFXQ GHV
pWDEOLVVHPHQWVGDQVOHVTXHOVLOVH[HUFHQWOHXUVDFWLYLWpV
F ±OHVUHGHYDEOHVH[HUoDQWVXUOHVPDUFKpVUXUDX['DQVFH
FDV OD WD[H GXH HVW pWDEOLH HW UHFRXYUpH SDU OHV DJHQWV GHV /¶DIILFKHSUpYXHjFHWHIIHWGRLWrWUHSODFDUGpHGHPDQLqUHj
SHUFHSWLRQV rWUHDSSDUHQWHHWSDUIDLWHPHQWOLVLEOH
,,±)UDQFKLVHGHODWD[HSURIHVVLRQQHOOH /HVUHGHYDEOHVYLVpVjO¶DUWLFOH,ƒFLGHVVXVVRQWWHQXV
/D WD[H GRQW OH PRQWDQW HVW LQIpULHXU j FHQW   GLUKDPV GH SUpVHQWHU OHV SLqFHV MXVWLILDQW OHXU LQVFULSWLRQ j OD WD[H
Q¶HVWSDVpPLVH SURIHVVLRQQHOOH ORUVTX¶LOV HQ VRQW UHTXLV SDU OHV LQVSHFWHXUV GHV
LPS{WV OHV DJHQWV GHV SHUFHSWLRQV OHV RIILFLHUV GH SROLFH
$UWLFOH
MXGLFLDLUHHWOHVDJHQWVGHODIRUFHSXEOLTXH
5pSDUWLWLRQGXSURGXLWGHODWD[HSURIHVVLRQQHOOH
$UWLFOH
/HSURGXLWGHODWD[HSURIHVVLRQQHOOHHVWUpSDUWLFRPPHVXLW
'pFODUDWLRQGHFK{PDJHG¶pWDEOLVVHPHQW
±DX[EXGJHWVGHVFRPPXQHVGXOLHXG¶LPSRVLWLRQ
(QFDVGHFK{PDJHSDUWLHORXWRWDOSUpYXjO¶DUWLFOHFLGHVVXV
±DXSURILWGHVFKDPEUHVGHFRPPHUFHG¶LQGXVWULHHW
OH UHGHYDEOH GRLW SURGXLUH DX SOXV WDUG OH  MDQYLHU GH O¶DQQpH
GH VHUYLFHV GHV FKDPEUHV G¶DUWLVDQDW HW GHV FKDPEUHV GHV
VXLYDQWFHOOHGXFK{PDJHGHO¶pWDEOLVVHPHQWDXVHUYLFHORFDOGHV
SrFKHVPDULWLPHVHWGHOHXUVIpGpUDWLRQV/DUpSDUWLWLRQGH
LPS{WV GDQV OH UHVVRUW GXTXHO VH WURXYH VRQ VLpJH VRFLDO VRQ
FH SURGXLW HQWUH FHV FKDPEUHV HW IpGpUDWLRQV HVW IL[pH SDU
SULQFLSDO pWDEOLVVHPHQW RX VRQ GRPLFLOH ILVFDO XQH GpFODUDWLRQ
YRLHUpJOHPHQWDLUH
LQGLTXDQWVRQQXPpURG¶LGHQWLILFDWLRQjODWD[HSURIHVVLRQQHOOHOD
±DXEXGJHWJpQpUDODXWLWUHGHVIUDLVGHJHVWLRQ VLWXDWLRQGHO¶pWDEOLVVHPHQWFRQFHUQpOHVPRWLIVOHVMXVWLILFDWLIVHW
6HFWLRQ±2
2EOLJDWLRQVGHVFRQWULEXDEOHV ODGHVFULSWLRQGHODSDUWLHHQFK{PDJH
$UWLFOH /HFK{PDJHSDUWLHOV¶HQWHQGGXFK{PDJHGHO¶HQVHPEOHGHV
,QVFULSWLRQDXU{OHGHODWD[HSURIHVVLRQQHOOH ELHQV G¶XQ pWDEOLVVHPHQW TXL IRQW O¶REMHW G¶XQH H[SORLWDWLRQ
VpSDUpH
7RXWHSHUVRQQHVRXPLVHjODWD[HSURIHVVLRQQHOOHGRLWGDQV
XQGpODLPD[LPXPGHWUHQWH  MRXUVVXLYDQWODGDWHGXGpEXW $UWLFOH
G¶DFWLYLWp VRXVFULUH DX VHUYLFH ORFDO GHV LPS{WV GDQV OH UHVVRUW 'pFODUDWLRQGHFHVVLRQFHVVDWLRQWUDQVIHUWG¶DFWLYLWp
GXTXHOVHWURXYHVRQVLpJHVRFLDOVRQSULQFLSDOpWDEOLVVHPHQWRX RXWUDQVIRUPDWLRQGHODIRUPHMXULGLTXHGHO¶pWDEOLVVHPHQW
VRQ GRPLFLOH ILVFDO XQH GpFODUDWLRQ G¶LQVFULSWLRQ DX U{OH GH OD
WD[H SURIHVVLRQQHOOH pWDEOLH VXU RX G¶DSUqV XQ LPSULPpPRGqOH (Q FDV GH FHVVLRQ FHVVDWLRQ WUDQVIHUW G¶DFWLYLWp RX
GHO¶DGPLQLVWUDWLRQ WUDQVIRUPDWLRQ GH OD IRUPH MXULGLTXH GH O¶pWDEOLVVHPHQW OHV
UHGHYDEOHV GRLYHQW GDQV XQ GpODL GH TXDUDQWH FLQT   MRXUV j
$X YX GH FHWWH GpFODUDWLRQ XQ QXPpUR G¶LGHQWLILFDWLRQ HVW
FRPSWHU GH OD GDWH GH OD UpDOLVDWLRQ GH O¶XQ GH FHV pYpQHPHQWV
DWWULEXpjFKDTXHUHGHYDEOH
VRXVFULUH XQH GpFODUDWLRQ DXSUqV GX VHUYLFH ORFDO GHV LPS{WV GX
$UWLFOH OLHXGHVLWXDWLRQGHOHXUVLpJHVRFLDOOHXUSULQFLSDOpWDEOLVVHPHQW
'pFODUDWLRQGHVpOpPHQWVLPSRVDEOHV RXOHXUGRPLFLOHILVFDO
/HV UHGHYDEOHV WHQDQW XQH FRPSWDELOLWp GRLYHQW SURGXLUH (QFDVGHGpFqVGXUHGHYDEOHOHGpODLGHGpFODUDWLRQSDUOHV
XQHGpFODUDWLRQUpFDSLWXODWLYHIDLVDQWUHVVRUWLUSDUpWDEOLVVHPHQW D\DQWVGURLWHVWGHWURLV  PRLVjFRPSWHUGHODGDWHGXGpFqV
H[SORLWpOHVWHUUDLQVHWFRQVWUXFWLRQVDJHQFHPHQWVDPpQDJHPHQWV
/RUVTXH OHV D\DQWV GURLW FRQWLQXHQW O¶H[HUFLFH GH O¶DFWLYLWp
PDWpULHOHWRXWLOODJHVLQGLTXDQWODGDWHGHOHXUDFTXLVLWLRQPLVHHQ
GX UHGHYDEOH GpFpGp LOV GRLYHQW HQ IDLUH PHQWLRQ GDQV OD
VHUYLFH RX LQVWDOODWLRQ OH OLHX G¶DIIHFWDWLRQ HW OHXU SUL[ GH UHYLHQW
GpFODUDWLRQ SUpFLWpH DILQ TXH O¶LPSRVLWLRQ VRLW pWDEOLH GDQV
DX SOXV WDUG OH  MDQYLHU GH O¶DQQpH VXLYDQW FHOOH GX GpEXW
G¶DFWLYLWp O¶LQGLYLVLRQ

&HV UHGHYDEOHV VRQW pJDOHPHQW WHQXV GH SURGXLUH XQH 6HFWLRQ±5HFHQVHPHQWHWFRQVWDWDWLRQVXUSODFH


GpFODUDWLRQ LQGLTXDQW WRXWHV OHV PRGLILFDWLRQV HIIHFWXpHV GDQV $UWLFOH
O¶pWDEOLVVHPHQW D\DQW SRXU HIIHW G¶DFFURvWUH RX GH UpGXLUH OHV
5HFHQVHPHQW
pOpPHQWVLPSRVDEOHVDXSOXVWDUGOHMDQYLHUGHO¶DQQpHVXLYDQW
FHOOHGHODUpDOLVDWLRQGHODPRGLILFDWLRQ ,O HVW SURFpGp DQQXHOOHPHQW j XQ UHFHQVHPHQW GHV
UHGHYDEOHVH[HUoDQWXQHDFWLYLWpSURIHVVLRQQHOOHPrPHORUVTX¶LOV
&HV GpFODUDWLRQV pWDEOLHV VXU RX G¶DSUqV XQ LPSULPp
VRQWH[SUHVVpPHQWH[RQpUpVGHODWD[HSURIHVVLRQQHOOH
PRGqOH GH O¶$GPLQLVWUDWLRQ GRLYHQW rWUH DGUHVVpHV RX UHPLVHV
FRQWUHUpFpSLVVpDXVHUYLFHORFDOGHVLPS{WVGXOLHXGHVLWXDWLRQ &H UHFHQVHPHQW HVW HIIHFWXp SDU OD FRPPLVVLRQ GH
GXVLpJHVRFLDOGXSULQFLSDOpWDEOLVVHPHQWRXGXGRPLFLOHILVFDO UHFHQVHPHQWSUpYXHjO¶DUWLFOHFLGHVVRXV
 %8//(7,12)),&,(/ 1ıNDDGD 

/RUV GHV RSpUDWLRQV GH UHFHQVHPHQW OHV UHGHYDEOHV ±XQ FRQWUDW OpJDOLVp GDQV OHTXHO VRQW VSpFLILpHV OHV
SDVVLEOHVGHODWD[HSURIHVVLRQQHOOHVRQWWHQXVGHIDLUHFRQQDvWUH FRQGLWLRQV G¶DIIHFWDWLRQ GX ELHQ HQ LQGLYLVLRQ DYHF
jO¶LQVSHFWHXUGHVLPS{WV O¶LQGLFDWLRQGXQRPGHFKDFXQGHVRFFXSDQWV
±ODQDWXUHGHO¶DFWLYLWpSURIHVVLRQQHOOHH[HUFpH /HVGLVSRVLWLRQVYLVpHVjO¶DOLQpDSUpFpGHQWVRQWDSSOLFDEOHV
GDQV OH FDV GH UqJOHPHQW G¶XQH VXFFHVVLRQ PHWWDQW ILQ j
±O¶LPSRUWDQFH GH O¶DFWLYLWp FRPSWH WHQX GX QRPEUH
O¶LQGLYLVLRQ
G
RXYULHUVHPSOR\pVHWDXWUHVpOpPHQWVFDUDFWpULVWLTXHVGH
O¶DFWLYLWp 'DQV OH FDV GHV VRFLpWpV LPPRELOLqUHV SURSULpWDLUHV G¶XQH
VHXOH XQLWp GH ORJHPHQW HW H[FOXHV GX FKDPS G¶DSSOLFDWLRQ GH
±OD VLWXDWLRQ O
DIIHFWDWLRQ HW OD YDOHXU ORFDWLYH GHV ORFDX[ O¶LPS{WVXUOHVVRFLpWpVHQYHUWXGHVGLVSRVLWLRQVGHO¶DUWLFOHƒD
RFFXSpV GX &RGH *pQpUDO GHV ,PS{WV OD WD[H G¶KDELWDWLRQ HVW pWDEOLH DX
±HWWRXWDXWUHUHQVHLJQHPHQWQpFHVVDLUHjODGpWHUPLQDWLRQ QRPGHODVRFLpWp
GHODYDOHXUORFDWLYH 'DQVOHFDVGHVVRFLpWpVLPPRELOLqUHVYLVpHVjO¶DUWLFOHƒ
$UWLFOH E GX &RGH *pQpUDO GHV ,PS{WV OD WD[H HVW pWDEOLH DX QRP GH
FKDFXQ GHV DVVRFLpV SRXU FKDTXH IUDFWLRQ G¶LPPHXEOH RX
&RQVWDWDWLRQVXUSODFH
G¶HQVHPEOH LPPRELOLHU SRXYDQW IDLUH O¶REMHW G¶XQH XWLOLVDWLRQ
$ WRXWH SpULRGH GH O¶DQQpH OHV LQVSHFWHXUV GHV LPS{WV GLVWLQFWH
FRPPLVVLRQQpVjFHWHIIHWSHXYHQWYLVLWHUDX[KHXUHVOpJDOHVOHV $UWLFOH
ORFDX[ VHUYDQW j O¶H[HUFLFH G¶XQ FRPPHUFH G¶XQH LQGXVWULH RX
G¶XQH SURIHVVLRQ SRXU SURFpGHU j WRXWHV FRQVWDWDWLRQV XWLOHV HW /HFKDPSWHUULWRULDOG¶LPSRVLWLRQ
UHFXHLOOLU WRXV UHQVHLJQHPHQWV QpFHVVDLUHV j OD GpWHUPLQDWLRQ GH /DWD[HV¶DSSOLTXH
ODEDVHGHODWD[HSURIHVVLRQQHOOH ±jO¶LQWpULHXUGHVSpULPqWUHVGHVFRPPXQHVXUEDLQHV
&KDSLWUH,,, ±GDQV OHV ]RQHV SpULSKpULTXHV GHVGLWHV FRPPXQHV WHOOHV
7$;('¶+$%,7$7,21 TXH FHV ]RQHV VRQW GpILQLHV SDU OHV GLVSRVLWLRQV GH OD ORL
Qƒ UHODWLYH j O¶XUEDQLVPH SURPXOJXpH SDU OH GDKLU
6HFWLRQ±&
&KDPSG¶DSSOLFDWLRQ
QƒGXlKLMD MXLQ 
$UWLFOH ±GDQVOHVFHQWUHVGpOLPLWpVGpVLJQpVSDUYRLHUpJOHPHQWDLUH
%LHQVLPSRVDEOHV ±GDQVOHVVWDWLRQVHVWLYDOHVKLYHUQDOHVHWWKHUPDOHVGRQWOH
/D WD[H SRUWH DQQXHOOHPHQW VXU OHV LPPHXEOHV EkWLV HW SpULPqWUHGHWD[DWLRQHVWGpOLPLWpSDUYRLHUpJOHPHQWDLUH
FRQVWUXFWLRQVGHWRXWHQDWXUHRFFXSpVHQWRWDOLWpRXHQSDUWLHSDU $UWLFOH
OHXUVSURSULpWDLUHVjWLWUHG¶KDELWDWLRQSULQFLSDOHRXVHFRQGDLUHRX
PLV EpQpYROHPHQW SDU OHVGLWV SURSULpWDLUHV j OD GLVSRVLWLRQ GH
([RQpUDWLRQVHWUpGXFWLRQV
OHXUVFRQMRLQWVDVFHQGDQWVRXGHVFHQGDQWVjWLWUHG¶KDELWDWLRQ\ ,±([RQpUDWLRQVHWUpGXFWLRQVSHUPDQHQWHV
FRPSULV OH VRO VXU OHTXHO VRQW pGLILpV OHVGLWV LPPHXEOHV HW $±([RQpUDWLRQVSHUPDQHQWHV
FRQVWUXFWLRQVHWOHVWHUUDLQV\DWWHQDQWWHOVTXHFRXUVSDVVDJHV
%pQpILFLHQWGHO¶H[RQpUDWLRQWRWDOHSHUPDQHQWH
MDUGLQVORUVTX¶LOVHQFRQVWLWXHQWGHVGpSHQGDQFHVLPPpGLDWHV
ƒOHVGHPHXUHVUR\DOHV
/RUVTXHOHVWHUUDLQVDWWHQDQWVDX[FRQVWUXFWLRQVQHVRQWSDV
DPpQDJpVRXORUVTXHFHVDPpQDJHPHQWVVRQWSHXLPSRUWDQWVOD ƒOHVLPPHXEOHVDSSDUWHQDQW
VXSHUILFLHjSUHQGUHHQFRQVLGpUDWLRQSRXUODGpWHUPLQDWLRQGHOD ±jO¶(WDWDX[FROOHFWLYLWpVORFDOHVHWDX[K{SLWDX[SXEOLFV
YDOHXUORFDWLYHHVWIL[pHDXPD[LPXPjFLQT  IRLVODVXSHUILFLH ±DX[ °XYUHV SULYpHV G¶DVVLVWDQFH HW GH ELHQIDLVDQFH
FRXYHUWHGHO¶HQVHPEOHGHVEkWLPHQWV VRXPLVHVDXFRQWU{OHGHO¶(WDW
$UWLFOH ±DX[ DVVRFLDVVLRQV UHFRQQXHV G¶XWLOLWp SXEOLTXH ORUVTXH
3HUVRQQHVLPSRVDEOHV GDQV OHVGLWV LPPHXEOHV VRQW LQVWDOOpHV GHV LQVWLWXWLRQV
FKDULWDEOHVjEXWQRQOXFUDWLI
/D WD[H HVW pWDEOLH DX QRP GX SURSULpWDLUH RX GH
O¶XVXIUXLWLHUHWjGpIDXWDXQRPGXSRVVHVVHXURXGHO¶RFFXSDQW ƒ OHV ELHQV KDERXV j O¶H[FHSWLRQ GHV ELHQV FRQVWLWXpV HQ
KDERXVGHIDPLOOH
/RUVTXH OH SURSULpWDLUH GX VRO HVW GLIIpUHQW GX SURSULpWDLUH
GHODFRQVWUXFWLRQODWD[HHVWpWDEOLHDXQRPGXSURSULpWDLUHGHOD ƒ OHV LPPHXEOHV PLV JUDWXLWHPHQW j OD GLVSRVLWLRQ GHV
FRQVWUXFWLRQ LQVWLWXWLRQVHWRUJDQLVPHVpQXPpUpVDXƒFLGHVVXV

(Q FDV G¶LQGLYLVLRQ OD WD[H HVW pWDEOLH DX QRP GH ƒ OHV LPPHXEOHV DSSDUWHQDQW j GHV (WDWV pWUDQJHUV HW
DIIHFWpV DX ORJHPHQW GH OHXUV DPEDVVDGHXUV PLQLVWUHV
O¶LQGLYLVLRQ j PRLQV TXH OHV LQGLYLVDLUHV QH GHPDQGHQW TXH OD
SOpQLSRWHQWLDLUHVRXFRQVXOVDFFUpGLWpVDX0DURFVRXVUpVHUYHGH
WD[H VRLW pWDEOLH VpSDUpPHQW SRXU FKDFXQH GHV XQLWpV j XVDJH
UpFLSURFLWp
G¶KDELWDWLRQIDLVDQWO¶REMHWG¶XQHXWLOLVDWLRQGLVWLQFWH
ƒOHVLPPHXEOHVXWLOLVpVHQWDQWTXHORFDX[GHODPLVVLRQ
$FHWHIIHWOHVLQWpUHVVpVGRLYHQWSURGXLUH GLSORPDWLTXHRXFRQVXODLUHGRQWO¶(WDWDFFUpGLWDQWRXOHFKHIGH
±XQ DFWH DXWKHQWLTXH IDLVDQW UHVVRUWLU OD SDUW GH FKDTXH ODPLVVLRQVRQWSURSULpWDLUHVRXORFDWDLUHVHQYHUWXGHO¶DUWLFOH
FRLQGLYLVDLUH GHODFRQYHQWLRQGH9LHQQHVXUOHVUHODWLRQVGLSORPDWLTXHV
1ıNDDGD  %8//(7,12)),&,(/ 

ƒOHV LPPHXEOHV DSSDUWHQDQW j GHV RUJDQLVPHV 6HFWLRQ±/


/LTXLGDWLRQGHODWD[H
LQWHUQDWLRQDX[ EpQpILFLDQW GX VWDWXW GLSORPDWLTXH ORUVTXH FHV $UWLFOH
LPPHXEOHV VRQW DIIHFWpV DX ORJHPHQW GHV FKHIV GH PLVVLRQ
/LHXHWSpULRGHG¶LPSRVLWLRQ
DFFUpGLWpVDX0DURF
/D WD[H HVW pWDEOLH DQQXHOOHPHQW DX OLHX GH VLWXDWLRQ GHV
ƒOHVLPPHXEOHVLPSURGXFWLIVGHUHYHQXTXLVRQWDIIHFWpV LPPHXEOHVLPSRVDEOHVFRPSWHWHQXGHOHXUFRQVLVWDQFHHWGHOHXU
H[FOXVLYHPHQW j OD FpOpEUDWLRQ SXEOLTXH GHV GLIIpUHQWV FXOWHV j DIIHFWDWLRQjODGDWHGXUHFHQVHPHQW7RXWHIRLVORUVTXHSRXUXQH
O¶HQVHLJQHPHQWJUDWXLWRXTXLRQWIDLWO¶REMHWG¶XQFODVVHPHQWRX UDLVRQTXHOFRQTXHXQLPPHXEOHQ¶HVWSDVUHFHQVpDXFRXUVG¶XQH
G¶XQH LQVFULSWLRQ FRPPH PRQXPHQWV KLVWRULTXHV GDQV OHV DQQpH GpWHUPLQpH OD WD[H G¶KDELWDWLRQ OH FRQFHUQDQW HVW pWDEOLH
FRQGLWLRQV IL[pHV SDU OD OpJLVODWLRQ HW OD UpJOHPHQWDWLRQ HQ G¶DSUqVODGHUQLqUHWD[HpPLVH
YLJXHXU
/RUVTX¶XQ LPPHXEOH HVW VLWXp GDQV XQH VWDWLRQ G¶HVWLYDJH
%±5pGXFWLRQSHUPDQHQWH G¶KLYHUQDJHRXWKHUPDOHODWD[H\DIIpUHQWHHVWpWDEOLHPrPHHQ
(VW UpGXLW GH PRLWLp OH PRQWDQW GH OD WD[H G¶KDELWDWLRQ O¶DEVHQFHG¶RFFXSDWLRQHWODYDFDQFHQHSHXWrWUHpWDEOLHTXHGDQV
DSSOLFDEOHDX[LPPHXEOHVVLWXpVGDQVO¶H[SURYLQFHGH7DQJHU OHVFRQGLWLRQVSUpYXHVSDUOHVGLVSRVLWLRQVGHVDUWLFOHV,,HW
FLGHVVRXV
,,±([RQpUDWLRQWHPSRUDLUH
$UWLFOH
%pQpILFLHQW GH O¶H[RQpUDWLRQ WHPSRUDLUH OHV FRQVWUXFWLRQV
QRXYHOOHV UpDOLVpHV SDU GHV SHUVRQQHV DX WLWUH GH OHXU KDELWDWLRQ &KDQJHPHQWGHSURSULpWpHWYDFDQFHG¶LPPHXEOHV
SULQFLSDOHSHQGDQWXQHSpULRGHGHFLQT  DQQpHVVXLYDQWFHOOH ,± /RUVTX¶XQ LPPHXEOH IDLW O¶REMHW G¶XQ FKDQJHPHQW GH
GHOHXUDFKqYHPHQW SURSULpWp LO HVW SURFpGp DX WLWUH GH O¶DQQpH TXL VXLW j
O¶LPSRVLWLRQDXQRPGXQRXYHDXSURSULpWDLUH
6HFWLRQ±%
%DVHLPSRVDEOH
±VRLWDXYXGHODGpFODUDWLRQSUpYXHjO¶DUWLFOHFLGHVVRXV
$UWLFOH
±VRLW G¶DSUqV OD GpFODUDWLRQ GX UHYHQX JOREDO SUpYXH j
'pWHUPLQDWLRQGHODYDOHXUORFDWLYH O¶DUWLFOHGX&RGH*pQpUDOGHV,PS{WV
/D WD[H G¶KDELWDWLRQ HVW DVVLVH VXU OD YDOHXU ORFDWLYH GHV ±VRLW G¶DSUqV OHV IDLWV FRQVWDWpV SDU OD FRPPLVVLRQ GH
LPPHXEOHV GpWHUPLQpH SDU YRLH GH FRPSDUDLVRQ SDU OD UHFHQVHPHQWSUpYXHjO¶DUWLFOHFLGHVVRXV
FRPPLVVLRQGHUHFHQVHPHQWSUpYXHjO¶DUWLFOHFLGHVVRXV
,,± /RUVTX¶XQ ORFDO HVW YDFDQW j OD GDWH GX UHFHQVHPHQW
&HWWH YDOHXU ORFDWLYH HVW IL[pH G¶DSUqV OD PR\HQQH GHV VRLW SRXU FDXVH GH JURVVHV UpSDUDWLRQV VRLW SDUFH TXH VRQ
OR\HUV SUDWLTXpV SRXU OHV KDELWDWLRQV VLPLODLUHV VLWXpHV GDQV OH SURSULpWDLUH OH GHVWLQH j OD YHQWH RX j OD ORFDWLRQ OD WD[H HVW
PrPHTXDUWLHU pWDEOLHDXWLWUHGHO¶DQQpHGHYDFDQFH
/RUVTX¶XQH XQLWp G¶KDELWDWLRQ HVW RFFXSpH SDU XQ RX 7RXWHIRLVOHUHGHYDEOHSHXWREWHQLUGpFKDUJHGHODWD[HSDU
SOXVLHXUVFRSURSULpWDLUHVGDQVO¶LQGLYLVLRQHWTXLYHUVHQWXQOR\HU VXLWH GH YDFDQFH GDQV OHV FRQGLWLRQV SUpYXHV DX[ DUWLFOHV  HW
DX[ DXWUHV FRSURSULpWDLUHV Q¶RFFXSDQW SDV ODGLWH KDELWDWLRQ OD FLGHVVRXV
YDOHXU ORFDWLYH LPSRVDEOH HVW GpWHUPLQpH XQLTXHPHQW VXU OD (Q FDV GH GRXWH VXU OD YDFDQFH OD FRPPLVVLRQ GH
TXRWHSDUW UHYHQDQW j O¶RFFXSDQW GH O¶KDELWDWLRQ /H PRQWDQW UHFHQVHPHQW RX  O¶LQVSHFWHXU GHV LPS{WV TXL HQ IDLW SDUWLH SHXW
GXGLWOR\HUHVWSDVVLEOHGHO¶LPS{WVXUOHUHYHQX FRQYRTXHUOHUHGHYDEOHGDQVOHVIRUPHVSUpYXHVSDUO¶DUWLFOH
/DYDOHXUORFDWLYHHVWUpYLVpHWRXVOHVFLQT  DQVSDUXQH FLGHVVRXV HQ YXH GH FRQILUPDWLRQ GH OD YDFDQFH /H UHGHYDEOH
DXJPHQWDWLRQGH GRLWVHSUpVHQWHUDXVHUYLFHORFDOGHVLPS{WVRXIDLUHFRQQDvWUHVD
UpSRQVHSDUOHWWUHUHFRPPDQGpHDYHFDFFXVpGHUpFHSWLRQGDQVXQ
$UWLFOH GpODLGHWUHQWH  MRXUVjFRPSWHUGHODGDWHGHUpFHSWLRQGHOD
$EDWWHPHQWUHODWLIjO¶KDELWDWLRQSULQFLSDOH FRQYRFDWLRQ
8QDEDWWHPHQWGHHVWDSSOLTXpjODYDOHXUORFDWLYHGH /D YDFDQFH HVW pWDEOLH SDU WRXW PR\HQ GH SUHXYH GRQW
O¶KDELWDWLRQ SULQFLSDOH GH FKDTXH UHGHYDEOH SURSULpWDLUH RX GLVSRVHOHUHGHYDEOHQRWDPPHQW
XVXIUXLWLHU ±GDQVOHFDVGHVORFDX[HQFRXUVGHUpSDUDWLRQO¶pWDWGHV
&HWDEDWWHPHQWV¶DSSOLTXHpJDOHPHQWjODYDOHXUORFDWLYHGH OLHX[ OH GpPpQDJHPHQW LQWpJUDO GHV PHXEOHV RX OD
O¶LPPHXEOHRFFXSpjWLWUHG¶KDELWDWLRQSULQFLSDOHSDU SUpVHQFHGDQVOHVORFDX[GHVFRUSVGHPpWLHUVFKDUJpVGH
ODUpSDUDWLRQ
±OHFRQMRLQWOHVDVFHQGDQWVRXGHVFHQGDQWVHQOLJQHGLUHFWH
DXSUHPLHUGHJUp ±GDQV OH FDV GHV ORFDX[ HQ LQVWDQFH G¶DIIHFWDWLRQ 
O¶HQOqYHPHQWGHVFRPSWHXUVG¶HDXHWG¶pOHFWULFLWp
±OHVPHPEUHVGHVVRFLpWpVLPPRELOLqUHVGpILQLHVjO¶DUWLFOH
ƒGX&RGH*pQpUDOGHV,PS{WV $UWLFOH
7DX[G¶LPSRVLWLRQ
±OHV FRLQGLYLVDLUHV SRXU OH ORFDO TX¶LOV RFFXSHQW j WLWUH
G¶KDELWDWLRQSULQFLSDOH /HVWDX[GHODWD[HVRQWIL[pVFRPPHVXLW
±OHV PDURFDLQV UpVLGHQWV j O¶pWUDQJHU SRXU OH ORJHPHQW 9DOHXUORFDWLYHDQQXHOOH 7DX[
TX¶LOVFRQVHUYHQWjWLWUHG¶KDELWDWLRQSULQFLSDOHDX0DURF
RFFXSpjWLWUHJUDWXLWSDUOHXUFRQMRLQWOHXUVDVFHQGDQWVRX ±GHjGLUKDPV H[RQpUpH
GHVFHQGDQWVHQOLJQHGLUHFWHDXSUHPLHUGHJUp ±GHjGLUKDPV 
&HWDEDWWHPHQWQ¶HVWFXPXODEOHDYHFDXFXQHDXWUHUpGXFWLRQ ±GHjGLUKDPV 
GHFHWWHWD[H ±GHGLUKDPVHWSOXV 
 %8//(7,12)),&,(/ 1ıNDDGD 

$UWLFOH /D FRPPLVVLRQ SHXW VH VXEGLYLVHU HQ DXWDQW GH VRXV


(WDEOLVVHPHQWHWIUDQFKLVHGHWD[H FRPPLVVLRQVTX¶LOHVWQpFHVVDLUHSRXUH[pFXWHUVHVWUDYDX[
/DWD[HHVWpWDEOLHSDUYRLHGHU{OH &KDTXH VRXVFRPPLVVLRQ GRLW FRPSUHQGUH XQ DJHQW  GH OD
GLUHFWLRQGHVLPS{WVHWXQUHSUpVHQWDQWGHVVHUYLFHVILVFDX[GHOD
/DWD[HGRQWOHPRQWDQWHVWLQIpULHXUjFHQW  GLUKDPV FRPPXQH
Q¶HVWSDVpPLVH
/D GDWH j ODTXHOOH FRPPHQFHURQW OHV RSpUDWLRQV GH
$UWLFOH UHFHQVHPHQWHVWSRUWpHWUHQWH  MRXUVjO¶DYDQFHDXPRLQVjOD
5pSDUWLWLRQGXSURGXLWGHODWD[H FRQQDLVVDQFH GHV UHGHYDEOHV SDU YRLH G¶DIILFKHV G¶LQVHUWLRQV
GDQV OHV MRXUQDX[ HW SDU WRXW DXWUH PRGH GH SXEOLFLWp HQ XVDJH
/H SURGXLW GH OD WD[H HVW  UpSDUWL SDU OH VHUYLFH FKDUJp GX GDQVODORFDOLWp
UHFRXYUHPHQWFRPPHVXLW
/HVSURSULpWpVVRQWUHFHQVpHVSDUUXHGDQVO¶RUGUHGHOHXUVLWXDWLRQ
±DX[EXGJHWVGHVFRPPXQHVGXOLHXG¶LPSRVLWLRQ
$ODFO{WXUHGHVRSpUDWLRQVGHUHFHQVHPHQWODFRPPLVVLRQ
±DXEXGJHWJpQpUDODXWLWUHGHIUDLVGHJHVWLRQ GRLWpWDEOLU
6HFWLRQ±2
2EOLJDWLRQVGHVFRQWULEXDEOHV ±XQSURFqVYHUEDOGHFO{WXUHGHVRSpUDWLRQVGHUHFHQVHPHQW
$UWLFOH VLJQpSDUOHVPHPEUHVGHODGLWHFRPPLVVLRQDX[TXHOVXQH
FRSLHHVWGpOLYUpH
'pFODUDWLRQG¶DFKqYHPHQWGHFRQVWUXFWLRQV
GHFKDQJHPHQWGHSURSULpWpRXG¶DIIHFWDWLRQGHVLPPHXEOHV ±GHVJULOOHVGHYDOHXUVORFDWLYHVVXUODEDVHGHODPR\HQQH
GHVOR\HUVGHVLPPHXEOHVVLPLODLUHVGDQVOHTXDUWLHU
/HVSURSULpWDLUHVRXXVXIUXLWLHUVVRQWWHQXVGHVRXVFULUHSDU
LPPHXEOH DXSUqV GX VHUYLFH ORFDO  GHV LPS{WV GX OLHX GH &KDSLWUH,9
VLWXDWLRQGXGLWLPPHXEOH 7$;('(6(59,&(6&20081$8;
±XQHGpFODUDWLRQG¶DFKqYHPHQWGHFRQVWUXFWLRQVQRXYHOOHV 6HFWLRQ±&
&KDPSG¶DSSOLFDWLRQ
HWGHVDGGLWLRQVGHFRQVWUXFWLRQV $UWLFOH
±XQH GpFODUDWLRQ GH FKDQJHPHQW GH SURSULpWp RX 3HUVRQQHVHWELHQVLPSRVDEOHV
G¶DIIHFWDWLRQGHVLPPHXEOHV /DWD[HGHVHUYLFHVFRPPXQDX[HVWpWDEOLHDQQXHOOHPHQWDX
&HV GpFODUDWLRQV pWDEOLHV VXU RX G¶DSUqV XQ LPSULPp OLHX GH VLWXDWLRQ GHV LPPHXEOHV VRXPLV j FHWWH WD[H DX QRP GX
PRGqOHGHO¶DGPLQLVWUDWLRQGRLYHQWrWUHVRXVFULWHVDXSOXVWDUG SURSULpWDLUHRXGHO¶XVXIUXLWLHUHWjGpIDXWDXQRPGXSRVVHVVHXU
OH  MDQYLHU GH O¶DQQpH VXLYDQW FHOOH GH O¶DFKqYHPHQW GHV RXGHO¶RFFXSDQWVXU
WUDYDX[ RX GX FKDQJHPHQW HQ LQGLTXDQW OD FRQVLVWDQFH GH ±OHVLPPHXEOHVEkWLVHWOHVFRQVWUXFWLRQVGHWRXWHQDWXUH
O¶LPPHXEOH VD QDXWUH OD GDWH HW OH PRWLI GHV WUDYDX[ RX GHV
±OHPDWpULHORXWLOODJHHWWRXWPR\HQGHSURGXFWLRQUHOHYDQW
FKDQJHPHQWV HW OH FDV pFKpDQW O¶LGHQWLWp GX QRXYHDX
GHODWD[HSURIHVVLRQQHOOH
SURSULpWDLUH
&HWWHWD[HV¶DSSOLTXH
$UWLFOH
±jO¶LQWpULHXUGXSpULPqWUHGHVFRPPXQHVXUEDLQHV
'pFODUDWLRQGHYDFDQFH
±GDQV OHV ]RQHV SpULSKpULTXHV GHVGLWHV FRPPXQHV WHOOHV
/HV SURSULpWDLUHV RX XVXIUXLWLHUV FRQFHUQpV VRQW WHQXV GH TXH FHV ]RQHV VRQW GpILQLV SDU OHV GLVSRVLWLRQV GH OD ORL
VRXVFULUH SDU LPPHXEOH DXSUqV GX VHUYLFH ORFDO GHV LPS{WV GX QƒUHODWLYHjO¶XUEDQLVPHSUpFLWpH
OLHXGHVLWXDWLRQGXGLWLPPHXEOHXQHGpFODUDWLRQGHYDFDQFH
±GDQVOHVFHQWUHVGpOLPLWpVGpVLJQpVSDUYRLHUpJOHPHQWDLUH
&HWWHGpFODUDWLRQpWDEOLHVXURXG¶DSUqVXQLPSULPpPRGqOH ±GDQVOHVVWDWLRQVHVWLYDOHVKLYHUQDOHVHWWKHUPDOHVGRQWOH
GH O¶DGPLQLVWUDWLRQ GRLW rWUH VRXVFULWH DX FRXUV GX PRLV GH SpULPqWUH GH WD[DWLRQ j OD WD[H G¶KDELWDWLRQ HVW GpOLPLWp
MDQYLHU GH O¶DQQpH VXLYDQW FHOOH GH YDFDQFH HQ LQGLTXDQW OD SDUYRLHUpJOHPHQWDLUH
FRQVLVWDQFH GHV ORFDX[ YDFDQWV OD SpULRGH HW OH PRWLI GH OD
YDFDQFH MXVWLILpH SDU WRXW PR\HQ GH SUHXYH &HWWH GpFODUDWLRQ $UWLFOH
YDXWGHPDQGHGHGpFKDUJH ([RQpUDWLRQV
6HFWLRQ±5HFHQVHPHQW 1H VRQW SDV VRXPLV j OD WD[H GH VHUYLFHV FRPPXQDX[ OHV
UHGHYDEOHV EpQpILFLDQW GH O¶H[RQpUDWLRQ WRWDOH SHUPDQHQWH GH OD
$UWLFOH
WD[HG¶KDELWDWLRQHWGHODWD[HSURIHVVLRQQHOOHDLQVLTXHOHVSDUWLV
2SpUDWLRQVGHUHFHQVHPHQW SROLWLTXHV HW OHV FHQWUDOHV V\QGLFDOHV SRXU OHV LPPHXEOHV
,O HVW SURFpGp DQQXHOOHPHQW j XQ UHFHQVHPHQW GHV DSSDUWHQDQW j FHV RUJDQLVPHV HW GHVWLQpV j OHXUV VLqJHV j
LPPHXEOHVUHOHYDQWGHODWD[HG¶KDELWDWLRQPrPHORUVTX¶LOVVRQW O¶H[FOXVLRQ
H[SUHVVpPHQWH[RQpUpVGHODGLWHWD[H ±GHV EDQTXHV RIIVKRUHV HW GHV VRFLpWpV KROGLQJ RIIVKRUH
&HUHFHQVHPHQWHVWHIIHFWXpGDQVFKDTXHFRPPXQHSDUXQH SRXUOHVLPPHXEOHVRFFXSpVSDUOHXUVLqJHRXDJHQFHV
FRPPLVVLRQ GRQW OHV PHPEUHV VRQW QRPPpV SRXU VL[   DQV ±GHVHQWUHSULVHVLQVWDOOpHVGDQVOD]RQHIUDQFKHGXSRUWGH
SDUGpFLVLRQGXJRXYHUQHXUGHODSUpIHFWXUHRXGHODSURYLQFH 7DQJHUSRXUOHVDFWLYLWpVHIIHFWXpHVjO¶LQWpULHXUGHODGLWH
/DFRPPLVVLRQFRPSUHQGREOLJDWRLUHPHQW ]RQH UpJLH SDU OHV GLVSRVLWLRQV  GX GDKLU Qƒ 
SUpFLWp
±XQLQVSHFWHXUGHVLPS{WVSURSRVpSDUO¶DGPLQLVWUDWLRQILVFDOH
±GHV RUJDQLVPHV GH SODFHPHQWV FROOHFWLIV HQ YDOHXUV
±XQ UHSUpVHQWDQW GHV VHUYLFHV ILVFDX[ GH OD FRPPXQH PRELOLqUHV  23&90  UpJLV SDU OHV GLVSRVLWLRQV GX
SURSRVpSDUOHSUpVLGHQWGXFRQVHLOFRPPXQDO GDKLUSRUWDQWORLQƒSUpFLWp
1ıNDDGD  %8//(7,12)),&,(/ 

±GHV IRQGV GH SODFHPHQW FROOHFWLI HQ WLWULVDWLRQ  )3&7 GLVSRVLWLRQVGLYHUVHVSUpYXHVHQPDWLqUHGHODWD[HG¶KDELWDWLRQHW


UpJLVSDUOHVGLVSRVLWLRQVGHODORLQƒSUpFLWpH GHODWD[HSURIHVVLRQQHOOHVRQWpJDOHPHQWDSSOLFDEOHVHQPDWLqUH
±GHV RUJDQLVPHV GH SODFHPHQWV HQ FDSLWDOULVTXH GHWD[HGHVHUYLFHVFRPPXQDX[
23&5 UpJLV SDU OD ORL Qƒ  SUpFLWpH SRXU OHV &KDSLWUH9
DFWLYLWpVH[HUFpHVGDQVOHFDGUHGHOHXUREMHWOpJDO
7$;(685/(67(55$,1685%$,16121%$7,6
±GHV FRRSpUDWLYHV HW OHXUV XQLRQV OpJDOHPHQW FRQVWLWXpHV
GRQW OHV VWDWXWV OH IRQFWLRQQHPHQW HW OHV RSpUDWLRQV VRQW 6HFWLRQ±&
&KDPSG¶DSSOLFDWLRQ
FRQIRUPHV j OD OpJLVODWLRQ HQ YLJXHXU UpJLVVDQW OD $UWLFOH
FDWpJRULH j ODTXHOOH HOOHV DSSDUWLHQQHQW HW TXL QH
UHPSOLVVHQW SDV OHV FRQGLWLRQV SUpYXHV j O¶DUWLFOH ,$ %LHQVLPSRVDEOHV
ƒFLGHVVXV /D WD[H VXU OHV WHUUDLQV XUEDLQV QRQ EkWLV SRUWH VXU OHV
±GH%DQN$O0DJKULE WHUUDLQV XUEDLQV QRQ EkWLV VLWXpV j O¶LQWpULHXU GHV SpULPqWUHV GHV
FRPPXQHV XUEDLQHV HW OHV FHQWUHV GpOLPLWpV GLVSRVDQW G¶XQ
±GHVSHUVRQQHVSK\VLTXHVRXPRUDOHVWLWXODLUHVG¶XQSHUPLV
GH UHFKHUFKH RX G¶XQH FRQFHVVLRQ G¶H[SORLWDWLRQ GHV GRFXPHQW G¶XUEDQLVPH j O¶H[FOXVLRQ GHV WHUUDLQV QXV DIIHFWpV j
JLVHPHQWV G¶K\GURFDUEXUHV UpJLHV SDU OD ORL Qƒ  XQH H[SORLWDWLRQ SURIHVVLRQQHOOH RX DJULFROH GH TXHOTXH QDWXUH
SUpFLWpH UHODWLYH j OD UHFKHUFKH HW j O¶H[SORLWDWLRQ GHV TX¶HOOH VRLW GDQV OD OLPLWH GH FLQT   IRLV OD VXSHUILFLH GHV
JLVHPHQWVG¶K\GURFDUEXUHV WHUUDLQVH[SORLWpV
±GH O¶(WDW GHV FROOHFWLYLWpV ORFDOHV HW GHV pWDEOLVVHPHQWV 6RQWpJDOHPHQWVRXPLVjFHWWHWD[HOHVWHUUDLQVGpSHQGDQWV
SXEOLFV SRXU OHV LPPHXEOHV j XVDJH G¶KDELWDWLRQ j GHV FRQVWUXFWLRQV SUpYXHV j O¶DUWLFOH  FLGHVVXV HW GRQW OD
O¶H[FOXVLRQGHVORJHPHQWVGHIRQFWLRQ VXSHUILFLHHVWVXSpULHXUHjFLQT  IRLVODVXSHUILFLHFRXYHUWHGH
6HFWLRQ±%
%DVHLPSRVDEOH O¶HQVHPEOHGHVFRQVWUXFWLRQV
$UWLFOH $UWLFOH
'pWHUPLQDWLRQGHODEDVHLPSRVDEOH 3HUVRQQHVLPSRVDEOHV
/DWD[HGHVHUYLFHVFRPPXQDX[HVWDVVLVH /DWD[HHVWGXHSDUOHSURSULpWDLUHHWjGpIDXWGHSURSULpWDLUH
D HQ FH TXL FRQFHUQH OHV LPPHXEOHV VRXPLV j OD WD[H FRQQXSDUOHSRVVHVVHXU
G¶KDELWDWLRQ HW j OD WD[H SURIHVVLRQQHOOH \ FRPSULV FHX[ TXL (Q FDV G¶LQGLYLVLRQ OD WD[H HVW pWDEOLH GDQV O¶LQGLYLVLRQ j
EpQpILFLHQW GH O¶H[RQpUDWLRQ SHUPDQHQWH RX WHPSRUDLUH VXU OD PRLQV TXH FKDTXH FRLQGLYLVDLUH QH GHPDQGH TXH OD WD[H VRLW
YDOHXUORFDWLYHVHUYDQWGHEDVHDXFDOFXOGHVGLWHVWD[HV pWDEOLHVpSDUpPHQWVXUVDTXRWHSDUW'DQVFHFDVOHVFRLQGLYLVDLUHV
E HQ FH TXL FRQFHUQH OHV LPPHXEOHV QRQ VRXPLV j OD WD[H UHVWHQWVROLGDLUHPHQWWHQXVGXSDLHPHQWGHODWRWDOLWpGXPRQWDQWGH
G¶KDELWDWLRQ VXU OH PRQWDQW JOREDO GHV OR\HUV ORUVTXH OHVGLWV ODWD[H
LPPHXEOHV VRQW GRQQpV HQ ORFDWLRQ RX VXU OHXU YDOHXU ORFDWLYH $UWLFOH
ORUVTX¶LOVVRQWPLVJUDWXLWHPHQWjODGLVSRVLWLRQGHWLHUV ([RQpUDWLRQVWRWDOHVSHUPDQHQWHV
6HFWLRQ±7
7DULIHWUpSDUWLWLRQ 6RQW H[RQpUpV GH OD WD[H VXU OHV WHUUDLQV XUEDLQV QRQ EkWLV
$UWLFOH OHVWHUUDLQVDSSDUWHQDQW
7DX[ ƒ ± j O¶(WDW DX[ FROOHFWLYLWpV ORFDOHV DX[ +DERXV SXEOLFV
/HV WDX[ GH OD WD[H GH VHUYLFHV FRPPXQDX[ VRQW IL[pV DLQVLTXHOHVWHUUHV*XLFKHWOHVWHUUHVFROOHFWLYHV
FRPPHVXLW ƒ± j O¶DJHQFH GH ORJHPHQW HW G¶pTXLSHPHQW PLOLWDLUHV
±GHODYDOHXUORFDWLYHYLVpHjO¶DUWLFOHFLGHVVXV $/(0 FUppHSDUOHGpFUHWORLQƒGXUDELL,,
SRXU OHV ELHQV VLWXpV GDQV OH SpULPqWUH GHV FRPPXQHV VHSWHPEUH 
XUEDLQHV GHV FHQWUHV GpOLPLWpV GHV VWDWLRQV HVWLYDOHV ƒ ± DX[ SHUVRQQHV SK\VLTXHV RX PRUDOHV WLWXODLUHV G¶XQ
KLYHUQDOHVHWWKHUPDOHV SHUPLV GH UHFKHUFKH RX G¶XQH FRQFHVVLRQ G¶H[SORLWDWLRQ GHV
±GHODGLWHYDOHXUORFDWLYHSRXUOHVELHQVVLWXpVGDQV JLVHPHQWV G¶K\GURFDUEXUHV UpJLHV SDU OD ORL Qƒ  SUpFLWpH
OHV]RQHVSpULSKpULTXHVGHVFRPPXQHVXUEDLQHV UHODWLYH j OD UHFKHUFKH HW j O¶H[SORLWDWLRQ GHV JLVHPHQWV
G¶K\GURFDUEXUHV
$UWLFOH
ıjOD/LJXHQDWLRQDOHGHOXWWHFRQWUHOHVPDODGLHVFDUGLR
5pSDUWLWLRQ YDVFXODLUHVFUppHSDUOHGDKLUSRUWDQWORLQƒSUpFLWp
/HSURGXLWGHODWD[HGHVHUYLFHVFRPPXQDX[HVWUpSDUWLSDU ıjOD)RQGDWLRQ+DVVDQ,,SRXUODOXWWHFRQWUHOHFDQFHU
OHVHUYLFHFKDUJpGXUHFRXYUHPHQWFRPPHVXLW FUppHSDUOHGDKLUSRUWDQWORLQƒSUpFLWp
±DX[EXGJHWVGHVFRPPXQHV ƒ±jOD)RQGDWLRQ0RKDPPHG9SRXUODVROLGDULWp
±DX[EXGJHWVGHVUpJLRQV ƒ ± j OD )RQGDWLRQ &KHLNK =DLG ,EQ 6ROWDQ FUppH SDU OH
$UWLFOH GDKLUSRUWDQWORLQƒSUpFLWp
'LVSRVLWLRQVGLYHUVHV ƒ±jOD)RQGDWLRQ0RKDPPHG9,GHSURPRWLRQGHV°XYUHV
VRFLDOHVGHO¶pGXFDWLRQIRUPDWLRQFUppHSDUODORLQƒSUpFLWpH
/HV GLVSRVLWLRQV UHODWLYHV j OD OLTXLGDWLRQ DX[ REOLJDWLRQV
DX[ VDQFWLRQV DX UHFHQVHPHQW DX GpODL GH SUHVFULSWLRQ DX[ ƒ±jO¶2IILFHQDWLRQDOGHV°XYUHVXQLYHUVLWDLUHVVRFLDOHVHW
UpFODPDWLRQV DX[ GpJUqYHPHQWV HW FRPSHQVDWLRQ DLQVL TXH OHV FXOWXUHOOHVUpJLSDUODORLQƒSUpFLWpH
 %8//(7,12)),&,(/ 1ıNDDGD 

ƒ ± j O¶8QLYHUVLWp $O $NKDZD\QH G¶,IUDQH FUppH SDU OH $UWLFOH


GDKLUSRUWDQWORLQƒSUpFLWp ([RQpUDWLRQVWRWDOHVWHPSRUDLUHV
ƒ ± j OD %DQTXH LVODPLTXH GH GpYHORSSHPHQW  %,'  6RQW H[RQpUpV WHPSRUDLUHPHQW GH OD WD[H VXU OHV WHUUDLQV
FRQIRUPpPHQW j  OD FRQYHQWLRQ SXEOLpH SDU OH GDKLU Qƒ  XUEDLQVQRQEkWLV
SUpFLWp ±OHV WHUUDLQV VLWXpV GDQV GHV ]RQHV GpSRXUYXHV GH O¶XQ GHV
ƒ ± j OD %DQTXH DIULFDLQH GH GpYHORSSHPHQW  %$' UpVHDX[ GH GLVWULEXWLRQ G¶HDX HW G¶pOHFWULFLWp DX YX G¶XQH
FRQIRUPpPHQWDXGDKLUQƒSUpFLWp DWWHVWDWLRQDGPLQLVWUDWLYHFRQVWDWDQWO¶DEVHQFHGHO¶XQGHFHV
UpVHDX[GpOLYUpHSDUO¶DGPLQLVWUDWLRQRXO¶RUJDQLVPHFKDUJp
ƒ±jOD6RFLpWpILQDQFLqUHLQWHUQDWLRQDOH 6), FRQIRUPpPHQW GHODUpDOLVDWLRQRXGHO¶H[SORLWDWLRQGHFHVUpVHDX[
DXGDKLUQƒSUpFLWp
±OHVWHUUDLQVVLWXpVGDQVOHV]RQHVIUDSSpHVG¶LQWHUGLFWLRQGH
ƒ±j O¶$JHQFH %D\W 0DO $O 4XRGV $FKDULI FRQVWUXLUH RX DIIHFWpV j O¶XQ GHV XVDJHV SUpYXV DX[
FRQIRUPpPHQWjO¶DFFRUGGHVLqJHSXEOLpSDUOHGDKLUQƒ SDUDJUDSKHVjGHO¶DUWLFOHGHODORLQƒSUpFLWpH
SUpFLWp UHODWLYHjO¶XUEDQLVPH
ƒ±j OD 6RFLpWp QDWLRQDOH G¶DPpQDJHPHQW FROOHFWLI ±OHVWHUUDLQVIDLVDQWREMHWG¶XQHDXWRULVDWLRQGHORWLURXGH
621$'$&  DX WLWUH GHV DFWLYLWpV VH UDSSRUWDQW j OD FRQVWUXLUHSRXUXQHGXUpHGHWURLV  DQQpHVjFRPSWHUGX
UpDOLVDWLRQ GH ORJHPHQWV VRFLDX[ DIIpUHQWV DX[ SURMHWV SUHPLHUMDQYLHUGHO¶DQQpHTXLVXLWFHOOHGHO¶REWHQWLRQGH
O¶DXWRULVDWLRQGHORWLURXGHFRQVWUXLUH
©$QQDVVLPªVLWXpVGDQVOHVFRPPXQHVGH©'DU%RXD]]DªHW
©/\VVDVIDª HW GHVWLQpV DX UHFDVHPHQW GHV KDELWDQWV GH ±OHV WHUUDLQV DSSDUWHQDQW j GHV SHUVRQQHV SK\VLTXHV RX
O¶DQFLHQQHPpGLQDGH&DVDEODQFD PRUDOHV TXL IRQW O¶REMHW G¶XQH DXWRULVDWLRQ
G¶DPpQDJHPHQWRXGHGpYHORSSHPHQWGXUDQWOHVSpULRGHV
ƒ±jODVRFLpWp©6DOD$O-DGLGDª VXLYDQWHV
ƒ±DX[SURPRWHXUVLPPRELOLHUVSRXUO¶HQVHPEOHGHOHXUV ‡WURLV   DQV SRXU OHV WHUUDLQV GRQW OD VXSHUILFLH QH
DFWLYLWpVDIIpUHQWHVjODUpDOLVDWLRQGHORJHPHQWVVRFLDX[WHOVTXH GpSDVVHSDVKHFWDUHV
GpILQLVjO¶DUWLFOH,ƒGX&RGH*pQpUDOGHV,PS{WVHWTXL ‡FLQT   DQV SRXU OHV WHUUDLQV GRQW OD VXSHUILFLH HVW
UpDOLVHQWOHXUVRSpUDWLRQVGDQVOHFDGUHG¶XQHFRQYHQWLRQFRQFOXH VXSpULHXUHjWUHQWH  KHFWDUHVHWQHGpSDVVDQWSDVFHQW
DYHF O¶(WDW DVVRUWLH G¶XQ FDKLHU GHV FKDUJHV HQ YXH GH UpDOLVHU  KHFWDUHV
XQSURJUDPPHGHFRQVWUXFWLRQGHORJHPHQWVVRFLDX[pWDOp ‡ VHSW   DQV SRXU OHV WHUUDLQV GRQW OD VXSHUILFLH HVW
VXUXQHSpULRGHPD[LPXPGHFLQT  DQVFRXUDQWjFRPSWHUGH VXSpULHXUHjFHQW  KHFWDUHV
ODGDWHGHGpOLYUDQFHGHO¶DXWRULVDWLRQGHFRQVWUXLUH 7RXWHIRLVjO¶H[SLUDWLRQGHVGpODLVSUpFLWpVOHUHGHYDEOHTXL
&HWWHH[RQpUDWLRQHVWDFFRUGpHGDQVOHVFRQGLWLRQVSUpYXHV Q¶DSDVREWHQXOHFHUWLILFDWGHFRQIRUPLWpRXOHSHUPLVG¶KDELWHU
jO¶DUWLFOH,,GX&RGH*pQpUDOGHV,PS{WV HVW WHQX DX SDLHPHQW GH OD WD[H GXH   VDQV SUpMXGLFH GH
O¶DSSOLFDWLRQ GHV SpQDOLWpV HW PDMRUDWLRQV SUpYXHV SDU OHV DUWLFOHV
ıDX[SURPRWHXUVLPPRELOLHUVTXLUpDOLVHQWSHQGDQWXQH HWFLGHVVRXV
SpULRGH PD[LPXP GH WURLV   DQV FRXUDQW j FRPSWHU GH OD GDWH 6HFWLRQ±%
%DVHLPSRVDEOH
GHO¶DXWRULVDWLRQGHFRQVWUXLUHGHVRSpUDWLRQVGHFRQVWUXFWLRQGH
$UWLFOH
FLWpV UpVLGHQFHV HW FDPSXV XQLYHUVLWDLUHV FRQVWLWXpV G¶DX PRLQV
FLQTFHQWV  FKDPEUHVGRQWODFDSDFLWpG¶KpEHUJHPHQWHVWDX 'pWHUPLQDWLRQGHODEDVHLPSRVDEOH
PD[LPXP GH GHX[   OLWV SDU FKDPEUH GDQV OH FDGUH G¶XQH /DWD[HHVWDVVLVHVXUODVXSHUILFLHGXWHUUDLQDXPqWUHFDUUp
FRQYHQWLRQFRQFOXHDYHFO¶(WDWDVVRUWLHG¶XQFDKLHUGHVFKDUJHV &KDTXH IUDFWLRQ GH PqWUH FDUUp pWDQW FRPSWpH SRXU XQ PqWUH
FDUUpHQWLHU
&HWWH H[RQpUDWLRQ HVW DFFRUGpH FRQIRUPpPHQW DX[
6HFWLRQ±/
/LTXLGDWLRQGHODWD[H
GLVSRVLWLRQVGHO¶DUWLFOH,,GX&RGH*pQpUDOGHV,PS{WV
$UWLFOH
ıj O
$JHQFH SRXU OD SURPRWLRQ HW OH GpYHORSSHPHQW
pFRQRPLTXH HW VRFLDO GHV SUpIHFWXUHV HW SURYLQFHV GX 1RUG GX
$QQXDOLWpGHODWD[H
5R\DXPHFUppHSDUODORLQƒSUpFLWpH /D WD[H VXU OHV WHUUDLQV XUEDLQV QRQ EkWLV HVW GXH SRXU
O¶DQQpHHQWLqUHjUDLVRQGHVIDLWVH[LVWDQWVDXSUHPLHUMDQYLHUGH
ƒ±j O¶$JHQFH SRXU OD SURPRWLRQ HW OH GpYHORSSHPHQW O¶DQQpHG¶LPSRVLWLRQ
pFRQRPLTXH HW VRFLDO GHV 3URYLQFHV GX 6XG GX 5R\DXPH FUppH
$UWLFOH
SDUOHGpFUHWORLQƒSUpFLWp
7DULI
ƒ±j O¶$JHQFH SRXU OD SURPRWLRQ HW OH GpYHORSSHPHQW
/HVWDULIVGHODWD[HVXUOHVWHUUDLQVXUEDLQVQRQEkWLVVRQWIL[pV
pFRQRPLTXH HW VRFLDO GH OD SUpIHFWXUH HW GHV SURYLQFHV GH OD GDQV OHV IRUPHV HW FRQGLWLRQV SUpYXHV j O¶DUWLFOH  FLGHVVRXV
UpJLRQ2ULHQWDOHGX5R\DXPHFUppHSDUODORLQƒSUpFLWpH FRPPHVXLW
ƒ±jO¶$JHQFHSRXUO¶DPpQDJHPHQWGHOD9DOOpHGH%RX ±]RQHLPPHXEOHj'+P
5HJUHJLQVWLWXpHSDUODORLQƒSUpFLWpH ±]RQHVYLOOD]RQHORJHPHQWLQGLYLGXHOHWDXWUHV
ıDX[HQWUHSULVHVLQVWDOOpHVGDQVOD]RQHIUDQFKHGXSRUW ]RQHVj'+P
GH 7DQJHU SRXU OHV WHUUDLQV VLWXpV j O¶LQWpULHXU GH ODGLWH ]RQH /D WD[H GRQW OH PRQWDQW HVW LQIpULHXU j FHQW   GLUKDPV
UpJLHSDUOHGDKLUQƒSUpFLWp QHIDLWO¶REMHWQLG¶pPLVVLRQQLGHSDLHPHQW
1ıNDDGD  %8//(7,12)),&,(/ 

$UWLFOH $UWLFOH
3DLHPHQWGHODWD[H ([RQpUDWLRQV
/D WD[H VXU OHV WHUUDLQV XUEDLQV QRQ EkWLV HVW SD\pH 6RQWH[RQpUpVGHODWD[H
VSRQWDQpPHQWjODFDLVVHGXUpJLVVHXUFRPPXQDODYDQWOHSUHPLHU ƒ ± OHV ORJHPHQWV VRFLDX[ YLVpV j O¶DUWLFOH ,ƒ GX &RGH
PDUVGHFKDTXHDQQpH *pQpUDOGHV,PS{WV
6HFWLRQ±2
2EOLJDWLRQVGHVUHGHYDEOHV ıOHVKDELWDWLRQVGHW\SHUXUDOVLWXpHVGDQVOHVFRPPXQHV
UXUDOHV
$UWLFOH
ƒ±O¶$JHQFHGHORJHPHQWHWG¶pTXLSHPHQWPLOLWDLUHFUppH
'pFODUDWLRQGHVWHUUDLQV
SDUOHGpFUHWORLQƒSUpFLWp
/HVSURSULpWDLUHVRXOHVSRVVHVVHXUVGHVWHUUDLQVXUEDLQVQRQ ıOD/LJXHQDWLRQDOHGHOXWWHFRQWUHOHVPDODGLHVFDUGLR
EkWLV VRXPLV j OD WD[H RX H[RQpUpV GRLYHQW GpSRVHU DYDQW OH YDVFXODLUHVFUppHSDUOHGDKLUSRUWDQWORLQƒSUpFLWp
SUHPLHUPDUVGHFKDTXHDQQpHXQHGpFODUDWLRQGHVGLWVWHUUDLQVDX
ƒ ± OD )RQGDWLRQ +DVVDQ ,, SRXU OD OXWWH FRQWUH OH FDQFHU
VHUYLFHG¶DVVLHWWHFRPPXQDOpWDEOLHVXURXG¶DSUqVXQLPSULPp FUppHSDUOHGDKLUSRUWDQWORLQƒSUpFLWp
PRGqOHGHO¶DGPLQLVWUDWLRQIDLVDQWUHVVRUWLUWRXVOHVpOpPHQWVGH
ıOD)RQGDWLRQ0RKDPPHG9SRXUODVROLGDULWp
OLTXLGDWLRQGHODWD[H
ıOD)RQGDWLRQ&KHLNK=DLG,EQ6ROWDQFUppHSDUOHGDKLU
$UWLFOH
SRUWDQWORLQƒSUpFLWp
'pFODUDWLRQGHFKDQJHPHQWGHSURSULpWDLUHRXG¶DIIHFWDWLRQ ƒ±OD)RQGDWLRQ0RKDPPHG9,GHSURPRWLRQGHV°XYUHV
(Q FDV GH FKDQJHPHQW GH SURSULpWDLUH G¶DIIHFWDWLRQ RX GH VRFLDOHV GH O¶pGXFDWLRQ IRUPDWLRQ FUppH SDU OD ORL Qƒ 
FHVVLRQOHUHGHYDEOHGRLWIRXUQLUDXVHUYLFHG¶DVVLHWWHFRPPXQDO SUpFLWpH
GDQV XQ GpODL GH TXDUDQWH FLQT   MRXUV VXLYDQW OD GDWH GH ƒ ± O¶2IILFH QDWLRQDO GHV °XYUHV XQLYHUVLWDLUHV VRFLDOHV HW
UpDOLVDWLRQ GH O¶XQ GHV FKDQJHPHQWV SUpFLWpV XQH GpFODUDWLRQ FXOWXUHOOHVUpJLSDUODORLQƒSUpFLWpH
FRQWHQDQWOHVLQGLFDWLRQVQpFHVVDLUHVjODOLTXLGDWLRQGHODWD[H ƒ±O¶8QLYHUVLWp$O$NKDZD\QHG¶,IUDQHFUppHSDUOHGDKLU
6HFWLRQ±5
5HFHQVHPHQW SRUWDQWORLQƒSUpFLWp
ı%DQN$O0DJKULESRXUOHVFRQVWUXFWLRQVVHUYDQWjOD
$UWLFOH
IDEULFDWLRQGHVELOOHWVHWGHVPRQQDLHV
2SpUDWLRQVGHUHFHQVHPHQW
ıOD %DQTXH LVODPLTXH GH GpYHORSSHPHQW  %,' 
,OHVWSURFpGpDQQXHOOHPHQWjXQUHFHQVHPHQWGHVSURSULpWpV FRQIRUPpPHQW j  OD FRQYHQWLRQ SXEOLpH SDU OH GDKLU Qƒ 
VRXPLVHVjODWD[HVXUOHVWHUUDLQVXUEDLQVQRQEkWLV SUpFLWp
&H UHFHQVHPHQW HVW HIIHFWXp SDU OH VHUYLFH G¶DVVLHWWH ƒ±OD %DQTXH DIULFDLQH GH GpYHORSSHPHQW  %$'
FRPPXQDO FRQIRUPpPHQWDXGDKLUQƒSUpFLWp

&KDSLWUH9, ıOD 6RFLpWp ILQDQFLqUH LQWHUQDWLRQDOH  6),


FRQIRUPpPHQWDXGDKLUQƒSUpFLWp
7$;(685/(623(5$7,216'(&216758&7,21
ƒ±O¶$JHQFH%D\W0DO$O4XRGV$FKDULIFRQIRUPpPHQW
6HFWLRQ±&
&KDPSG¶DSSOLFDWLRQ j O¶DFFRUG GH VLqJH SXEOLp SURPXOJXp SDU OH GDKLU Qƒ 
$UWLFOH SUpFLWp

$FWLYLWpVLPSRVDEOHV ƒ ± OD 6RFLpWp QDWLRQDOH G¶DPpQDJHPHQW FROOHFWLI


621$'$&  DX WLWUH GHV DFWLYLWpV VH UDSSRUWDQW j OD
/D WD[H VXU OHV RSpUDWLRQV GH FRQVWUXFWLRQ V¶DSSOLTXH  DX[ UpDOLVDWLRQ GH ORJHPHQWV VRFLDX[ DIIpUHQWV DX[ SURMHWV
RSpUDWLRQV GH FRQVWUXFWLRQ GH UHFRQVWUXFWLRQ HW G¶DJUDQGLVVHPHQW ©$QQDVVLPªVLWXpVGDQVOHVFRPPXQHVGH©'DU%RXD]]DªHW
GH WRXWH QDWXUH DLQVL TX¶DX[ RSpUDWLRQV GH UHVWDXUDWLRQ TXL ©/\VVDVID ª HW GHVWLQpV DX UHFDVHPHQW GHV KDELWDQWV GH
QpFHVVLWHQWXQSHUPLVGHFRQVWUXLUH O¶DQFLHQQHPpGLQDGH&DVDEODQFD
'DQVODVXLWHGXSUpVHQWFKDSLWUHOHWHUPH³FRQVWUXFWLRQ³ ƒ±ODVRFLpWp©6DOD$O-DGLGDª
GpVLJQHWRXWHVOHVRSpUDWLRQVYLVpHVFLGHVVXV ıO
$JHQFH SRXU OD SURPRWLRQ HW OH GpYHORSSHPHQW
$UWLFOH pFRQRPLTXH HW VRFLDO GHV SUpIHFWXUHV HW SURYLQFHV GX 1RUG GX
5R\DXPHFUppHSDUODORLQƒSUpFLWpH
3HUVRQQHVLPSRVDEOHV
ƒ±O¶$JHQFH SRXU OD SURPRWLRQ HW OH GpYHORSSHPHQW
/D WD[H HVW GXH SDU OH EpQpILFLDLUH GH O¶DXWRULVDWLRQ GH pFRQRPLTXH HW VRFLDO GHV 3URYLQFHV GX 6XG GX 5R\DXPH FUppH
FRQVWUXLUH SDUOHGpFUHWORLQƒSUpFLWp
 %8//(7,12)),&,(/ 1ıNDDGD 

ƒ±O¶$JHQFH SRXU OD SURPRWLRQ HW OH GpYHORSSHPHQW &KDSLWUH9,,


pFRQRPLTXH HW VRFLDO GH OD SUpIHFWXUH HW GHV SURYLQFHV GH OD 7$;(685/(623(5$7,216'(/27,66(0(17
UpJLRQ2ULHQWDOHGX5R\DXPHFUppHSDUODORLQƒSUpFLWpH
6HFWLRQ±&
&KDPSG¶DSSOLFDWLRQ
ƒ ± O¶$JHQFH SRXU O¶DPpQDJHPHQW GH OD YDOOpH GH %RX
$UWLFOH
5HJUHJLQVWLWXpHSDUODORLQƒSUpFLWpH
$FWLYLWpVLPSRVDEOHV
ıOHVHQWUHSULVHVLQVWDOOpHVGDQVOD]RQHIUDQFKHGXSRUW
/DWD[HVXUOHVRSpUDWLRQVGHORWLVVHPHQWV¶DSSOLTXHjWRXWH
GH7DQJHUSRXUOHVDFWLYLWpVHIIHFWXpHVjO¶LQWpULHXUGHODGLWH]RQH
RSpUDWLRQGHORWLVVHPHQW
UpJLHSDUOHGDKLUQƒSUpFLWp
$UWLFOH
6HFWLRQ±%
%DVHLPSRVDEOH
3HUVRQQHVLPSRVDEOHV
$UWLFOH
/DWD[HHVWGXHSDUOHEpQpILFLDLUHGHO¶DXWRULVDWLRQGHORWLU
'pWHUPLQDWLRQGHODEDVHLPSRVDEOH
$UWLFOH
/DWD[HVXUOHVRSpUDWLRQVGHFRQVWUXFWLRQHVWFDOFXOpHVXUOD
([RQpUDWLRQV
VXSHUILFLHDXPqWUHFDUUpFRXYHUW&KDTXHIUDFWLRQGHPqWUHFDUUp
pWDQWFRPSWpHSRXUXQPqWUHFDUUp P HQWLHU 6RQW H[RQpUpHV GH OD WD[H OHV RSpUDWLRQV GH ORWLVVHPHQW
UpDOLVpHVSDU
(QFHTXLFRQFHUQHOHVFRQVWUXFWLRQVFRPSRUWDQWGHVVDLOOLHV
ƒ± O¶$JHQFH GH ORJHPHQW HW G¶pTXLSHPHQW PLOLWDLUH FUppH
VLWXpHV VXU OH GRPDLQH SXEOLF FRPPXQDO OD VXSHUILFLH GHVGLWHV
SDUOHGpFUHWORLQƒSUpFLWp
VDLOOLHVFRPSWHSRXUGRXEOHSRXUOHFDOFXOGHODWD[H
ƒ±OD 6RFLpWp QDWLRQDOH G¶DPpQDJHPHQW FROOHFWLI
/D WD[H VXU OHV RSpUDWLRQV GH FRQVWUXFWLRQ HVW SD\DEOH XQH
621$'$&  DX WLWUH GHV DFWLYLWpV VH UDSSRUWDQW j OD
VHXOHIRLVORUVGHODGpOLYUDQFHGHO¶DXWRULVDWLRQGHFRQVWUXLUH
UpDOLVDWLRQ GH ORJHPHQWV VRFLDX[ DIIpUHQWV DX[ SURMHWV
6HFWLRQ±/
/LTXLGDWLRQGHODWD[H ©$QQDVVLPªVLWXpVGDQVOHVFRPPXQHVGH©'DU%RXD]]DªHW
$UWLFOH ©/\VVDVID ª HW GHVWLQpV DX UHFDVHPHQW GHV KDELWDQWV GH
O¶DQFLHQQHPpGLQDGH&DVDEODQFD
7DULI
ƒ±ODVRFLpWp©6DOD$O-DGLGDª
/HVWDULIVGHODWD[HVRQWIL[pVGDQVOHVIRUPHVHWFRQGLWLRQV
ı O
$JHQFH SRXU OD SURPRWLRQ HW OH GpYHORSSHPHQW
SUpYXHVjO¶DUWLFOHFLGHVVRXVDXPqWUHFDUUpFRXYHUWFRPPH
pFRQRPLTXH HW VRFLDO GHV SUpIHFWXUHV HW SURYLQFHV GX 1RUG GX
VXLW
5R\DXPHFUppHSDUODORLQƒSUpFLWpH
±LPPHXEOHV FROOHFWLIV GH ORJHPHQWV RX
HQVHPEOHVLPPRELOLHUVLPPHXEOHVjXVDJH ƒ±O¶$JHQFH SRXU OD SURPRWLRQ HW OH GpYHORSSHPHQW
LQGXVWULHO  FRPPHUFLDO SURIHVVLRQQHO RX pFRQRPLTXH HW VRFLDO GHV 3URYLQFHV GX 6XG GX 5R\DXPH FUppH
DGPLQLVWUDWLI GHj'+P SDUOHGpFUHWORLQƒSUpFLWp
±ORJHPHQWVLQGLYLGXHOV GHj'+P
ƒ±O¶$JHQFH SRXU OD SURPRWLRQ HW OH GpYHORSSHPHQW
pFRQRPLTXH HW VRFLDO GH OD SUpIHFWXUH HW GHV SURYLQFHV GH OD
8Q PRQWDQW GH FHQW   GLUKDPV j  FLQT FHQWV   UpJLRQRULHQWDOHGX5R\DXPHFUppHSDUODORLQƒSUpFLWpH
GLUKDPV HVW G€ SRXU OHV RSpUDWLRQV GH UHVWDXUDWLRQ SUpYXH j
ƒ±O¶$JHQFH SRXU O¶DPpQDJHPHQW GH OD YDOOpH GH %RX
O¶DUWLFOHFLGHVVXV
5HJUHJLQVWLWXpHSDUODORLQƒSUpFLWpH
6HFWLRQ±2
2EOLJDWLRQVGHVFRQWULEXDEOHV 6HFWLRQ±%
%DVHLPSRVDEOH
$UWLFOH $UWLFOH
3DLHPHQWGHODWD[H 'pWHUPLQDWLRQGHODEDVHLPSRVDEOH
/HVUHGHYDEOHVGHODWD[HVRQWWHQXVGHYHUVHUVSRQWDQpPHQW /DWD[HHVWDVVLVHVXUOHFR€WWRWDOGHVWUDYDX[G¶pTXLSHPHQW
OH PRQWDQW GH OD WD[H j OD FDLVVH GX UpJLVVHXU FRPPXQDO DX GXORWLVVHPHQWKRUVWD[HVXUODYDOHXUDMRXWpH
PRPHQWGHODGpOLYUDQFHGHO¶DXWRULVDWLRQGHFRQVWUXLUH 6HFWLRQ±/
/LTXLGDWLRQGHODWD[H
$UWLFOH $UWLFOH
$IILFKDJHGHO¶DXWRULVDWLRQ 7DX[
/HVEpQpILFLDLUHVGHO¶DXWRULVDWLRQGHFRQVWUXLUHVRQWWHQXV /H WDX[ GH OD WD[H HVW IL[p GDQV OHV IRUPHV HW FRQGLWLRQV
DYDQW OH GpPDUUDJH GHV WUDYDX[ G¶DIILFKHU OHV UpIpUHQFHV GH SUpYXHVjO¶DUWLFOHFLGHVVRXVGHjGXFR€WWRWDOGHV
O¶DXWRULVDWLRQDLQVLTXHODGDWHGHVDGpOLYUDQFH WUDYDX[G¶pTXLSHPHQWGXORWLVVHPHQW
1ıNDDGD  %8//(7,12)),&,(/ 

6HFWLRQ±2
2EOLJDWLRQVGHVUHGHYDEOHV 6HFWLRQ±2
2EOLJDWLRQVGHVUHGHYDEOHV
$UWLFOH $UWLFOH
'pFODUDWLRQ 'pFODUDWLRQVG¶H[LVWHQFHHWGHUHFHWWHV
, ± /HV UHGHYDEOHV VRQW WHQXV GH GpSRVHU GDQV XQ GpODL
/HV UHGHYDEOHV GH OD WD[H VRQW WHQXV GH GpSRVHU DXSUqV GX
PD[LPXP GH WUHQWH   MRXUV VXLYDQW OD GDWH GX GpEXW GH
UpJLVVHXUFRPPXQDOFRPSpWHQWXQHGpFODUDWLRQFRPSRUWDQW O¶DFWLYLWpXQHGpFODUDWLRQG¶H[LVWHQFHDXSUqVGXVHUYLFHG¶DVVLHWWH
±OH FR€W WRWDO HVWLPDWLI GHV WUDYDX[ G¶pTXLSHPHQW GX GH OD FRPPXQH GRQW UHOqYH ODGLWH DFWLYLWp pWDEOLH VHORQ XQ
ORWLVVHPHQW DX PRPHQW GX GpS{W GH OD GHPDQGH GH LPSULPpPRGqOHGHO¶DGPLQLVWUDWLRQ
O¶DXWRULVDWLRQGHORWLU ,,±/HVUHGHYDEOHVVRQWWHQXVGHGpSRVHUDYDQWOHSUHPLHU
DYULOGHFKDTXHDQQpHDXSUqVGXVHUYLFHG¶DVVLHWWHFRPPXQDO
±OH FR€W WRWDO UpHO GHV WUDYDX[ SUpFLWpV DX PRPHQW GH OD XQH GpFODUDWLRQ GHV UHFHWWHV KRUV WD[H VXU OD YDOHXU DMRXWpH
GpOLYUDQFHGXSHUPLVGHFRQIRUPLWp UpDOLVpHVDXFRXUVGHO¶DQQpHpFRXOpH
$UWLFOH /HPRQWDQWGHODWD[HHVWYHUVpVSRQWDQpPHQWjODFDLVVHGX
3DLHPHQWGHODWD[H UpJLVVHXUFRPPXQDOWULPHVWULHOOHPHQWDYDQWO¶H[SLUDWLRQGXPRLV
VXLYDQWFKDTXHWULPHVWUHVXUODEDVHGHVUHFHWWHVKRUVWD[HVXUOD
/HVUHGHYDEOHVGHODWD[HVRQWWHQXVGHYHUVHUVSRQWDQpPHQW YDOHXUDMRXWpHUpDOLVpHVDXFRXUVGHFHWWHSpULRGHHWDXYXG¶XQ
jODFDLVVHGXUpJLVVHXUFRPPXQDO ERUGHUHDX GH YHUVHPHQW pWDEOL VHORQ XQ LPSULPpPRGqOH GH
O¶DGPLQLVWUDWLRQ
±XQ DFRPSWH GH  GX PRQWDQW GH OD WD[H H[LJLEOH
OLTXLGp VXU OD EDVH GX FR€W WRWDO HVWLPDWLI GHV WUDYDX[ GH $UWLFOH
YLDELOLVDWLRQ G¶DVVDLQLVVHPHQW HW G¶pOHFWULILFDWLRQ GX 'pFODUDWLRQGHFHVVLRQFHVVDWLRQWUDQVIHUWG¶DFWLYLWp
ORWLVVHPHQWKRUVWD[HVXUODYDOHXUDMRXWpHDXPRPHQWGH RXWUDQVIRUPDWLRQGHODIRUPHMXULGLTXH
ODGpOLYUDQFHGHO¶DXWRULVDWLRQGHORWLU (Q FDV GH FHVVLRQ FHVVDWLRQ RX WUDQVIHUW G¶DFWLYLWp RX GH
WUDQVIRUPDWLRQ GH OD IRUPH MXULGLTXH OHV UHGHYDEOHV FRQFHUQpV
±HW OH VROGH GX PRQWDQW GH OD WD[H H[LJLEOH OLTXLGp VXU OD VRQWWHQXVGDQVXQGpODLGHTXDUDQWHFLQT  MRXUVjFRPSWHU
EDVH GX FR€W WRWDO UpHO GHVGLWV WUDYDX[ KRUV WD[H VXU OD GH OD GDWH GH UpDOLVDWLRQ GH O¶XQ GHV FDV SUpFLWpV GH GpSRVHU
YDOHXUDMRXWpHDSUqVDFKqYHPHQWGHVWUDYDX[ DXSUqV GX VHUYLFHG¶DVVLHWWHFRQFHUQp XQHGpFODUDWLRQ FRQWHQDQW
WRXVOHVpOpPHQWVGHODOLTXLGDWLRQGHODWD[H
/DUpFHSWLRQSURYLVRLUHHWOHFHUWLILFDWGHFRQIRUPLWpQHVRQW
GpOLYUpVDXUHGHYDEOHTX¶DSUqVSDLHPHQWLQWpJUDOGHODWD[H $UWLFOH

&KDSLWUH9,,, 'pFODUDWLRQGHFK{PDJH
(QFDVGHFK{PDJHSDUWLHORXWRWDOSUpYXjO¶DUWLFOHFLGHVVXV
7$;(685/(6'(%,76'(%2,66216 OH UHGHYDEOH GRLW SURGXLUH DX SOXV WDUG OH  MDQYLHU GH O¶DQQpH
6HFWLRQ±&
&KDPSG¶DSSOLFDWLRQ VXLYDQWH DX VHUYLFH G¶DVVLHWWH GH OD FRPPXQH GRQW UHOqYH
O¶DFWLYLWp H[HUFpH XQH GpFODUDWLRQ LQGLTXDQW OH QXPpUR GH
$UWLFOH O¶LQVFULSWLRQODVLWXDWLRQGHO¶pWDEOLVVHPHQWFRQFHUQpOHVPRWLIV
3HUVRQQHVLPSRVDEOHV OHVMXVWLILFDWLIVHWODGHVFULSWLRQGHODSDUWLHHQFK{PDJH
/DWD[HVXUOHVGpELWVGHERLVVRQVHVWGXHSDUOHVH[SORLWDQWV /HFK{PDJHSDUWLHOV¶HQWHQGGXFK{PDJHGHO¶HQVHPEOHGHV
GHVFDIpVEDUVHWVDORQVGHWKpHWGHPDQLqUHJpQpUDOHSDUWRXW ELHQV G¶XQ pWDEOLVVHPHQW IDLVDQW O¶REMHW G¶XQH H[SORLWDWLRQ
VpSDUpH
GpELWDQWGHERLVVRQVjFRQVRPPHUVXUSODFH
&KDSLWUH,;
6HFWLRQ±%
%DVHLPSRVDEOH
7$;('(6(-285
$UWLFOH
6HFWLRQ±&
&KDPSG¶DSSOLFDWLRQ
'pWHUPLQDWLRQGHODEDVHLPSRVDEOH $UWLFOH
/DWD[HVXUOHVGpELWVGHERLVVRQVHVWDVVLVHVXUOHVUHFHWWHV 3HUVRQQHVHWDFWLYLWpVLPSRVDEOHV
KRUVWD[HVXUODYDOHXUDMRXWpHUpDOLVpHVVXUODYHQWHGHVERLVVRQV /D WD[H GH VpMRXU HVW SHUoXH GDQV OHV pWDEOLVVHPHQWV
j FRQVRPPHU VXU SODFH HW HIIHFWXpHV SDU OHV H[SORLWDQWV GHV G¶KpEHUJHPHQWWRXULVWLTXHVDSSDUWHQDQWjGHVSHUVRQQHVPRUDOHV
pWDEOLVVHPHQWVVRXPLVjODWD[H RXSK\VLTXHVHWYLHQWHQVXVGXSUL[GHODFKDPEUH
6HFWLRQ±/
/LTXLGDWLRQGHODWD[H 2QHQWHQGSDU©pWDEOLVVHPHQWVG¶KpEHUJHPHQWWRXULVWLTXHVª
DX VHQV GX SUpVHQW FKDSLWUH OHV K{WHOV TXL RIIUHQW HQ ORFDWLRQ GHV
$UWLFOH FKDPEUHV RX GHV DSSDUWHPHQWV pTXLSpV HW PHXEOpV j XQH FOLHQWqOH
7DX[ GHSDVVDJHRXGHVpMRXUOHVFOXEVSULYpVOHVPRWHOVOHVYLOODJHVGH
YDFDQFHV OHV UpVLGHQFHV WRXULVWLTXHV  OHV  PDLVRQV G¶K{WHV OHV
/H WDX[ GH OD WD[H HVW IL[p GDQV OHV IRUPHV HW FRQGLWLRQV FHQWUHV RX SDODLV GHV FRQJUqV HW WRXW pWDEOLVVHPHQW WRXULVWLTXH DX
SUpYXHV j O¶DUWLFOH  FLGHVVRXV GH  j  GHV UHFHWWHV VHQV GH OD ORL Qƒ  SRUWDQW VWDWXW GHV pWDEOLVVHPHQWV
KRUVWD[HVXUODYDOHXUDMRXWpHUpDOLVpHVSDUO¶pWDEOLVVHPHQW WRXULVWLTXHV
 %8//(7,12)),&,(/ 1ıNDDGD 

$UWLFOH $UWLFOH
([RQpUDWLRQV 9HUVHPHQWGHODWD[H
6RQW H[RQpUpV GH OD WD[H GH VpMRXU OHV K{WHOV QRQ FODVVpV /HVH[SORLWDQWVGHVpWDEOLVVHPHQWVG¶KpEHUJHPHQWWRXULVWLTXHV
OHVSHQVLRQVOHVFDPSLQJFDUDYDQLQJVOHVDXEHUJHVGHMHXQHVVH
YLVpVjO¶DUWLFOHFLGHVVXVVRQWUHVSRQVDEOHVGXUHFRXYUHPHQW
HWOHVHQIDQWVGHPRLQVGHGRX]H  DQV
GHODWD[HGHVpMRXUDXSUqVGHVFOLHQWV
6HFWLRQ±%
%DVHLPSRVDEOH
/HV IDFWXUHV pWDEOLHV GRLYHQW IDLUH DSSDUDvWUH GLVWLQFWHPHQW
$UWLFOH
OHPRQWDQWGHODWD[H
'pWHUPLQDWLRQGHODEDVHLPSRVDEOH
/HPRQWDQWGHODWD[HHVWYHUVpVSRQWDQpPHQWjODFDLVVHGX
/D WD[H HVW GXH SDU SHUVRQQH HW SDU QXLWpH VHORQ OHV WDULIV
IL[pV SRXU OHV GLIIpUHQWHV FDWpJRULHV G¶pWDEOLVVHPHQWV UpJLVVHXU FRPPXQDO WULPHVWULHOOHPHQW DYDQW O¶H[SLUDWLRQ GX
G¶KpEHUJHPHQWWRXULVWLTXHV PRLV VXLYDQWFKDTXHWULPHVWUH VXU ODEDVHGX QRPEUHGHFOLHQWV
6HFWLRQ±/
/LTXLGDWLRQGHODWD[H D\DQWVpMRXUQpGDQVO¶pWDEOLVVHPHQWHWGXQRPEUHGHQXLWpHVHWDX
YXG¶XQERUGHUHDXGHYHUVHPHQWpWDEOLVHORQXQLPSULPpPRGqOH
$UWLFOH
GHO¶DGPLQLVWUDWLRQ
7DULI
&KDSLWUH;
/HVWDULIVGHODWD[HVRQWIL[pVGDQVOHVIRUPHVHWFRQGLWLRQV
SUpYXHVjO¶DUWLFOHFLGHVVRXVFRPPHVXLW 7$;(685/(6($8;0,1(5$/(6(7'(7$%/(
D  0DLVRQV G¶K{WHV FHQWUHV RX SDODLV GH FRQJUqV HW K{WHOV 6HFWLRQ±&KDPSG¶DSSOLFDWLRQ
GHOX[HGHj'K
$UWLFOH
E +{WHOV
±pWRLOHVGHj'+
3HUVRQQHVLPSRVDEOHV
±pWRLOHVGHj'+ /D WD[H VXU OHV HDX[ PLQpUDOHV HW GH WDEOH HVW GXH SDU OHV
HQWUHSULVHV H[SORLWDQW OHV VRXUFHV G¶HDX[ PLQpUDOHV RX GH WDEOH
±pWRLOHVGHj'+
GHYDQWrWUHOLYUpHVjODFRQVRPPDWLRQVRXVIRUPHGHERXWHLOOHV
±HWpWRLOHGHj'+
$UWLFOH
F &OXEVSULYpVGHj'+
G 9LOODJHVGHYDFDQFHVGHj'+ %LHQVLPSRVDEOHV
H 5pVLGHQFHVWRXULVWLTXHVGHj'+ /HV HDX[ PLQpUDOHV HW OHV HDX[ GH WDEOH WD[DEOHV VRQW OHV
I 0RWHOVJvWHVUHODLVHWDXWUHV HDX[GHVRXUFHRXGHSXLWVWHOOHVTX¶HOOHVVRQWUpJOHPHQWpHVSDUOD
pWDEOLVVHPHQWVWRXULVWLTXHVGHj'+ OpJLVODWLRQHQYLJXHXUUHODWLYHjOHXUH[SORLWDWLRQHWjOHXUYHQWH
6HFWLRQ±2
2EOLJDWLRQVGHVUHGHYDEOHV 6HFWLRQ±%
%DVHG¶LPSRVLWLRQ
$UWLFOH $UWLFOH
'pFODUDWLRQGXQRPEUHGHFOLHQWVHWGHQXLWpHV 'pWHUPLQDWLRQGHODEDVHLPSRVDEOH
/HVH[SORLWDQWVGHVpWDEOLVVHPHQWVG¶KpEHUJHPHQWWRXULVWLTXHV /D WD[H HVW DVVLVH VXU FKDTXH OLWUH RX IUDFWLRQ GH OLWUH GHV
VRQW WHQXV GH GpSRVHU DYDQW OH SUHPLHU DYULO GH FKDTXH DQQpH XQH
GpFODUDWLRQ DXSUqV GX VHUYLFH G¶DVVLHWWH FRPPXQDO G¶DSUqV XQ HDX[PLQpUDOHVHWGHWDEOHVGHYDQWrWUHOLYUpHVjODFRQVRPPDWLRQ
LPSULPpPRGqOHpWDEOLHSDUO¶DGPLQLVWUDWLRQFRPSRUWDQWOHQRPEUH VRXVIRUPHGHERXWHLOOHV
GH FOLHQWV D\DQW VpMRXUQp GDQV O¶pWDEOLVVHPHQW SHQGDQW O¶DQQpH 6HFWLRQ±/
/LTXLGDWLRQGHODWD[H
pFRXOpHDLQVLTXHOHQRPEUHGHQXLWpHV
$UWLFOH
$UWLFOH
'pFODUDWLRQGHFHVVLRQFHVVDWLRQ 7DULI
WUDQVIHUWG¶DFWLYLWpHWWUDQVIRUPDWLRQ GHODIRUPHMXULGLTXH /HWDULIGHODWD[HHVWIL[pjGLUKDPSDUOLWUHRXIUDFWLRQ
(Q FDV GH FHVVLRQ FHVVDWLRQ WUDQVIHUW G¶DFWLYLWp RX GH OLWUH GHV HDX[ PLQpUDOHV HW GH WDEOHV GHYDQW rWUH OLYUpHV j OD
WUDQVIRUPDWLRQ GH OD IRUPH MXULGLTXH OHV UHGHYDEOHV GRLYHQW FRQVRPPDWLRQVRXVIRUPHGHERXWHLOOHV
GDQVXQGpODLGHMRXUVjFRPSWHUGHODGDWHGHODUpDOLVDWLRQ 6HFWLRQ±2
2EOLJDWLRQVGHV UHGHYDEOHV
GH O¶XQ GH FHV pYpQHPHQWV VRXVFULUH XQH GpFODUDWLRQ DXSUqV GX
VHUYLFH G¶DVVLHWWH FRPPXQDO GX OLHX GH VLWXDWLRQ GH FKDTXH $UWLFOH
pWDEOLVVHPHQW 'pFODUDWLRQ
(QFDVGHGpFqVGXUHGHYDEOHOHGpODLGHGpFODUDWLRQSDUOHV
D\DQWVGURLWHVWGHWURLV  PRLVjFRPSWHUGHODGDWHGXGpFqV /HV UHGHYDEOHV GH OD WD[H VRQW WHQXV GH GpSRVHU DYDQW OH
SUHPLHU DYULO GH FKDTXH DQQpH XQH GpFODUDWLRQ DXSUqV GX
/RUVTXH O¶DFWLYLWp GX UHGHYDEOH GpFpGp HVW SRXUVXLYLH SDU
VHV D\DQWV GURLW FHV GHUQLHUV GRLYHQW HQ IDLUH PHQWLRQ GDQV OD UpJLVVHXU FRPPXQDO FRPSRUWDQW OH QRPEUH GH OLWUHV RX IUDFWLRQ
GpFODUDWLRQ SUpFLWpH DILQ TXH O¶LPSRVLWLRQ VRLW pWDEOLH GDQV GH OLWUHV G¶HDX[ PLQpUDOHV HW GH WDEOH GHYDQW rWUH OLYUpHV j OD
O¶LQGLYLVLRQ FRQVRPPDWLRQVRXVIRUPHGHERXWHLOOHV
1ıNDDGD  %8//(7,12)),&,(/ 

$UWLFOH 6HFWLRQ±2
2EOLJDWLRQVGHVUHGHYDEOHV
3DLHPHQWGHODWD[H $UWLFOH
/HPRQWDQWGHODWD[HHVWYHUVpVSRQWDQpPHQWjODFDLVVHGX 'pFODUDWLRQV
UpJLVVHXUFRPPXQDOWULPHVWULHOOHPHQWDYDQWO¶H[SLUDWLRQGXPRLV /HV UHGHYDEOHV VRQW WHQXV GH GpSRVHU DXSUqV GX VHUYLFH
VXLYDQW FKDTXH WULPHVWUH VXU OD EDVH GX QRPEUH GH OLWUHV RX G¶DVVLHWWHGHODFRPPXQHXQHGpFODUDWLRQG¶H[LVWHQFHDXGpEXWGH
IUDFWLRQV GH OLWUHV G¶HDX[ PLQpUDOHV HW GH WDEOHV GHYDQW rWUH OHXU DFWLYLWp XQH GpFODUDWLRQ GH FHVVDWLRQ G¶DFWLYLWp HQ FDV GH
OLYUpHVjODFRQVRPPDWLRQVRXVIRUPHGHERXWHLOOHVDXYXG¶XQ FHVVLRQ FHVVDWLRQ WUDQVIHUW G¶DFWLYLWp RX WUDQVIRUPDWLRQ GH OD
ERUGHUHDX GH YHUVHPHQW pWDEOL VHORQ XQ LPSULPpPRGqOH GH IRUPHMXULGLTXHVHORQXQLPSULPpPRGqOHGHO¶DGPLQLVWUDWLRQ
O¶DGPLQLVWUDWLRQ $UWLFOH
&KDSLWUH;, 3DLHPHQWGHODWD[H
7$;(685/(75$16325738%/,&'(92<$*(856 /H PRQWDQW GH OD WD[H HVW YHUVp VSRQWDQpPHQW
WULPHVWULHOOHPHQW DYDQW O¶H[SLUDWLRQ GX PRLV VXLYDQW FKDTXH
6HFWLRQ±&
&KDPSG¶DSSOLFDWLRQ WULPHVWUHjODFDLVVHGXUpJLVVHXU
$UWLFOH ±GHODFRPPXQHG¶H[SORLWDWLRQGHVWD[LVGHHFDWpJRULH
$FWLYLWpVLPSRVDEOHV ±GH OD FRPPXQH GX OLHX GH GpSDUW GX YpKLFXOH SRXU OHV
/D WD[H VXU OH WUDQVSRUW SXEOLF GH YR\DJHXUV SRUWH VXU DXWUHVFDWpJRULHV
O¶DFWLYLWpGHVWD[LVHWGHFDUVGHWUDQVSRUWSXEOLFGHYR\DJHXUVj $UWLFOH
UDLVRQGHOHXUH[SORLWDWLRQWHUULWRULDOH -XVWLILFDWLRQGHSDLHPHQW
$UWLFOH /H SDLHPHQW GH OD WD[H HVW MXVWLILp SDU OD GpOLYUDQFH DX
3HUVRQQHVLPSRVDEOHV UHGHYDEOH G¶XQH TXLWWDQFH TXL GRLW rWUH SUpVHQWpH ORUV GH WRXWH
RSpUDWLRQGHFRQWU{OHSDUOHVVHUYLFHVFRPSpWHQWV
/D WD[H HVW GXH SDU OHV SURSULpWDLUHV RX j GpIDXW GH
&KDSLWUH;,,
SURSULpWDLUHV FRQQXV SDU OHV H[SORLWDQWV GH WD[LV HW GH FDUV
DIIHFWpVDXWUDQVSRUWSXEOLFGHYR\DJHXUV 7$;(685/¶(;75$&7,21'(6352'8,76'(&$55,(5(6
6HFWLRQ±&
&KDPSG¶DSSOLFDWLRQ
6HFWLRQ±%
%DVHLPSRVDEOH
$UWLFOH
$UWLFOH
$FWLYLWpLPSRVDEOH
'pWHUPLQDWLRQGHODEDVHLPSRVDEOH
,OHVWDSSOLTXpXQHWD[HVXUOHVTXDQWLWpVGHSURGXLWVH[WUDLWV
/D WD[H HVW DVVLVH VXU O¶DFWLYLWp GH WUDQVSRUW SXEOLF GH GHVFDUULqUHVVLWXpHVGDQVOHUHVVRUWWHUULWRULDOGHODFRPPXQH
YR\DJHXUV HQ IRQFWLRQ GHV FDWpJRULHV GH YpKLFXOHV TXL HQ VRQW $UWLFOH
DIIHFWpV
3HUVRQQHVLPSRVDEOHV
6HFWLRQ±/
/LTXLGDWLRQGHODWD[H
/D WD[H HVW GXH SDU O¶H[SORLWDQW DXWRULVp TXHO TXH VRLW OH
$UWLFOH UpJLPHGHSURSULpWpGHODFDUULqUH
7DULI 6HFWLRQ±%
%DVHLPSRVDEOH
/HVWDULIVGHODWD[HVRQWIL[pVSDUWULPHVWUHVHORQOHEDUqPH $UWLFOH
FLDSUqV GDQV OHV IRUPHV HW FRQGLWLRQV SUpYXHV j O¶DUWLFOH  'pWHUPLQDWLRQGHODEDVHLPSRVDEOH
FLGHVVRXV /D WD[H HVW DVVLVH VXU OD TXDQWLWp H[WUDLWH GHV SURGXLWV GH
FDUULqUHVHQIRQFWLRQGHODQDWXUHGHFHVSURGXLWV
&$7(*25,( 7$5,) 6HFWLRQ±/LTXLGDWLRQGHODWD[H
$UWLFOH
7D[LV 7DULI
7D[LVGHHFDWpJRULH GHjGLUKDPV /HWDULIGHODWD[HHVWIL[pFRPPHVXLW
7D[LVGHUHFDWpJRULH GHjGLUKDPV
&$7(*25,('(352'8,7(;75$,7 7$5,)3$50(;75$,7
&DUV
0RLQVGHSODFHV GHjGLUKDPV ± 3RXU OHV URFKHV j XVDJH RUQHPHQWDO HW GHj'+
&DUVGHVpULH& GHjGLUKDPV FRVPpWLTXH YDQDGLQLWH JKDVVRXO DJDWH
FRUDLOHWVDSKLU
&DUVGHVpULH% GHjGLUKDPV
&DUVGHVpULH$ GHjGLUKDPV ±3RXUOHVYDULpWpVGHPDUEUH GHj'+
±3RXU OH VDEOH HW OHV URFKHV GHVWLQpV j OD GHj'+
/HVWULPHVWUHVGpEXWHQWOHSUHPLHUMDQYLHUOHSUHPLHUDYULO FRQVWUXFWLRQ SLHUUHJ\SVHWRXWYHQDQW
OHSUHPLHUMXLOOHWHWOHSUHPLHURFWREUH7RXWWULPHVWUHFRPPHQFp HW OHV URFKHV GHVWLQpHV j XQ XVDJH
HVWFRPSWpSRXUXQWULPHVWUHHQWLHU LQGXVWULHO  FDOFDLUH DUJLOH SRX]]RODQH
 %8//(7,12)),&,(/ 1ıNDDGD 

$UWLFOH $UWLFOH
5pSDUWLWLRQGXSURGXLWGHODWD[H -XVWLILFDWLRQGXSDLHPHQWGHODWD[H 
/H SURGXLW GH OD WD[H HVW UpSDUWL SDU OH VHUYLFH FKDUJp GX /H SDLHPHQW GH OD WD[H HVW MXVWLILp SDU O¶DSSRVLWLRQ G¶XQH
UHFRXYUHPHQWFRPPHVXLW YLJQHWWH VSpFLDOH VXU OH GRFXPHQW SUpYX j O¶DUWLFOH  FLGHVVXV
±DXSURILWGHVEXGJHWVGHVFRPPXQHVFRQFHUQpHV /HVYLJQHWWHVVSpFLDOHVVRQWPLVHVjODGLVSRVLWLRQGHO¶RUJDQLVPH
FKDUJp GX UHFRXYUHPHQW GH FHWWH WD[H SDU OD SURYLQFH RX OD
±DXSURILWGXEXGJHWGHODUpJLRQFRQFHUQpH SUpIHFWXUH
6HFWLRQ±2
2EOLJDWLRQVGHVUHGHYDEOHV 6HFWLRQ±2
2EOLJDWLRQV
$UWLFOH $UWLFOH
'pFODUDWLRQ 9HUVHPHQWGHODWD[H
,±/HVUHGHYDEOHVVRQWWHQXVGHGpOLYUHUjFKDTXHFOLHQWXQ /¶RUJDQLVPH TXL GpOLYUH OH SHUPLV GH FRQGXLUH RX VRQ
UpFpSLVVpQXPpURWpWLUpG¶XQHVpULHFRQWLQXHDXWLWUHGHVTXDQWLWpV H[WHQVLRQjXQHDXWUHFDWpJRULHUHFRXYUHOHPRQWDQWGHODWD[HHW
DFTXLVHVpWDEOLG¶DSUqVXQLPSULPpPRGqOHGHO¶DGPLQLVWUDWLRQ OHUHYHUVHWULPHVWULHOOHPHQWjODFDLVVHGXUpJLVVHXUGHUHFHWWHVGH
,,±±/HVUHGHYDEOHVGRLYHQWGpSRVHUXQHGpFODUDWLRQDXSUqV ODSUpIHFWXUHRXGHODSURYLQFHDYDQWO¶H[SLUDWLRQGXPRLVVXLYDQW
GXVHUYLFHG¶DVVLHWWHGHODFRPPXQHVXUOHWHUULWRLUHGHODTXHOOH FKDTXHWULPHVWUH
VRQW H[WUDLWV OHV SURGXLWV GH FDUULqUHV DYDQW OH SUHPLHU DYULO GH /HYHUVHPHQWHVWHIIHFWXpVHORQXQERUGHUHDXDYLVLQGLTXDQW
FKDTXH DQQpH G¶DSUqV XQ LPSULPpPRGqOH GH O¶DGPLQLVWUDWLRQ OHPRLVDXFRXUVGXTXHOOHSDLHPHQWGHODWD[HHVWLQWHUYHQXDLQVL
FRPSRUWDQWODQDWXUHHWODTXDQWLWpGHVSURGXLWVH[WUDLWVDXFRXUV TXHOHPRQWDQWGHODWD[HUHFRXYUp
GHO¶DQQpHpFRXOpH
$UWLFOH
$UWLFOH
9LJQHWWHVSpFLDOH
3DLHPHQWGHODWD[H
/H SHUPLV GH FRQGXLUH GRLW rWUH UHYrWX GH OD YLJQHWWH
/HPRQWDQWGHODWD[HHVWYHUVpVSRQWDQpPHQWjODFDLVVHGX VSpFLDOHMXVWLILDQWOHSDLHPHQWGHODWD[H
UpJLVVHXUFRPPXQDOWULPHVWULHOOHPHQWDYDQWO¶H[SLUDWLRQGXPRLV
VXLYDQWFKDTXHWULPHVWUHVXUODEDVHGHODQDWXUHHWGHODTXDQWLWp &KDSLWUH;,9
GHVSURGXLWVH[WUDLWVHWDXYXG¶XQERUGHUHDXGHYHUVHPHQWpWDEOL 7$;(685/(69(+,&8/(6$87202%,/(6
G¶DSUqVXQLPSULPpPRGqOHGHO¶DGPLQLVWUDWLRQ 6280,6$/$9,6,7(7(&+1,48(

&KDSLWUH;,,, 6HFWLRQ±&
&KDPSG¶DSSOLFDWLRQ
7$;(685/(63(50,6'(&21'8,5( $UWLFOH
6HFWLRQ±&
&KDPSG¶DSSOLFDWLRQ 2SpUDWLRQVLPSRVDEOHV
$UWLFOH /D WD[H VXU OHV YpKLFXOHV DXWRPRELOHV VRXPLV j OD YLVLWH
2SpUDWLRQVLPSRVDEOHV WHFKQLTXH HVW GXH j O¶RFFDVLRQ GH OD YLVLWH WHFKQLTXH DQQXHOOH
GHVGLWVYpKLFXOHV
/D WD[H VXU OHV SHUPLV GH FRQGXLUH HVW pWDEOLH j O¶RFFDVLRQ
GHODGpOLYUDQFHGXSHUPLVGHFRQGXLUHRXGHVRQH[WHQVLRQjXQH $UWLFOH
DXWUHFDWpJRULH 3HUVRQQHVLPSRVDEOHV
/D GpOLYUDQFH GX GXSOLFDWD QH GRQQH SDV OLHX DX SDLHPHQW &HWWH WD[H HVW GXH SDU OH WLWXODLUH GX FHUWLILFDW
GHODWD[H G¶LPPDWULFXODWLRQ
$UWLFOH 6HFWLRQ±/
/LTXLGDWLRQGHODWD[H
3HUVRQQHVLPSRVDEOHV $UWLFOH
/DWD[HHVWGXHSDUWRXWHSHUVRQQHTXLREWLHQWXQSHUPLVGH 7DULI
FRQGXLUHRXXQHH[WHQVLRQGHFHSHUPLVjXQHDXWUHFDWpJRULH /HVWDULIVGHODWD[HVRQWIL[pVSDUSXLVVDQFHILVFDOHFRPPH
6HFWLRQ±/
/LTXLGDWLRQGHODWD[H VXLW
$UWLFOH
7DULI 38,66$1&(),6&$/( 7$5,)

/HPRQWDQWGHODWD[HHVWIL[pjGLUKDPV LQIpULHXUHjFKHYDX[ '+


$UWLFOH
GHjFKHYDX[LQFOXV '+
3HUVRQQHKDELOLWpjUHFRXYUHUODWD[H
GHjFKHYDX[LQFOXV '+
/D WD[H HVW SHUoXH SDU O¶RUJDQLVPH KDELOLWp j GpOLYUHU OH
SHUPLVGHFRQGXLUHRXVRQH[WHQVLRQjXQHDXWUHFDWpJRULH pJDOHRXVXSpULHXUHjFKHYDX[ '+
1ıNDDGD  %8//(7,12)),&,(/ 

$UWLFOH &KDSLWUH;9,
3HUVRQQHVKDELOLWpHVjSHUFHYRLUODWD[H 7$;(685/(63(50,6'(&+$66(
/DWD[HHVWSHUoXHSDUO¶RUJDQLVPHKDELOLWpjSURFpGHUjOD 6HFWLRQ±&
&KDPSG¶DSSOLFDWLRQ
YLVLWH WHFKQLTXH GHV YpKLFXOHV TXL DSSRVH XQH YLJQHWWH VSpFLDOH $UWLFOH
VXUOHFHUWLILFDWGHYLVLWH 3HUVRQQHVLPSRVDEOHV
/HVGLWHV YLJQHWWHV VRQW PLVHV j OD GLVSRVLWLRQ GH FHW /DWD[HVXUOHVSHUPLVGHFKDVVHHVWGXHSDUOHEpQpILFLDLUH
pWDEOLVVHPHQWSDUODSUpIHFWXUHRXSURYLQFHFRQFHUQpH GXSHUPLVGHFKDVVH
6HFWLRQ±2
2EOLJDWLRQV /DGpOLYUDQFHGXGXSOLFDWDQHGRQQHSDVOLHXDXSDLHPHQWGH
$UWLFOH ODWD[H
'pFODUDWLRQHWYHUVHPHQWGHODWD[H 6HFWLRQ±/
/LTXLGDWLRQGHODWD[H

/¶RUJDQLVPHTXLSURFqGHjODYLVLWHWHFKQLTXHGHVYpKLFXOHV $UWLFOH
GRLW GpSRVHU XQH GpFODUDWLRQ  WULPHVWULHOOH HW SURFpGHU DX 7DULI
YHUVHPHQWVSRQWDQpGXSURGXLWGHODWD[HjODFDLVVHGXUpJLVVHXU /HPRQWDQWDQQXHOGHODWD[HHVWIL[pjVL[FHQWV  GLUKDPV
GH OD SUpIHFWXUH RX SURYLQFH VXU OH WHUULWRLUH GH ODTXHOOH HVW
$UWLFOH
LQVWDOOpO¶pWDEOLVVHPHQW
3HUFHSWLRQGHODWD[H
&KDTXH YHUVHPHQW GH OD WD[H HVW DFFRPSDJQp G¶XQ
ERUGHUHDXDYLV pWDEOL VHORQ XQ LPSULPpPRGqOH GH /DWD[HVXUOHVSHUPLVGHFKDVVHHVWSHUoXHSDUOHUpJLVVHXU
O¶DGPLQLVWUDWLRQ LQGLTXDQW OH WULPHVWUH DX FRXUV GXTXHO OH GHODSURYLQFHRXGHODSUpIHFWXUHTXLHQGpOLYUHXQHYLJQHWWHDX
UHGHYDEOHORUVGHODGpOLYUDQFHGXSHUPLV,ODVVXUHOHYHUVHPHQW
SDLHPHQW GH OD WD[H HVW LQWHUYHQX OD GpVLJQDWLRQ HW O¶DGUHVVH GH
GXSURGXLWGHODWD[HjODILQGHFKDTXHPRLVDXUHFHYHXUWUpVRULHU
O¶RUJDQLVPHTXLDRSpUpOHYHUVHPHQWDLQVLTXHOHPRQWDQWGHOD GHODUpJLRQGRQWUHOqYHODSUpIHFWXUHRXODSURYLQFHFRQFHUQpH
WD[HUHFRXYUp
$UWLFOH
&KDSLWUH;9
-XVWLILFDWLRQGXSDLHPHQWGHODWD[H
7$;(685/$9(17('(6352'8,76)25(67,(56
/H SDLHPHQW GH OD WD[H HVW MXVWLILp  SDU O¶DSSRVLWLRQ G¶XQH
6HFWLRQ±&
&KDPSG¶DSSOLFDWLRQ YLJQHWWHVSpFLDOHVXUOHGRFXPHQWYLVpjO¶DUWLFOHFLGHVVXV
$UWLFOH &KDSLWUH;9,,
3URGXLWVLPSRVDEOHV 7$;(685/(6(;3/2,7$7,2160,1,(5(6
/DWD[HVXUODYHQWHGHVSURGXLWVIRUHVWLHUVHVWDSSOLTXpHVXU 6HFWLRQ±&
&KDPSG¶DSSOLFDWLRQ
OH PRQWDQW KRUV WD[H VXU OD YDOHXU DMRXWpH GHV YHQWHV GHV $UWLFOH
SURGXLWVIRUHVWLHUV\FRPSULVOHVFRXSHVGHERLV
3HUVRQQHVHWDFWLYLWpVLPSRVDEOHV
$UWLFOH (VW DSSOLTXpH XQH WD[H DQQXHOOH VXU OHV TXDQWLWpV H[WUDLWHV
3HUVRQQHVLPSRVDEOHV GHV H[SORLWDWLRQV PLQLqUHV UpDOLVpHV SDU OHV FRQFHVVLRQQDLUHV HW
/DWD[HHVWGXHSDUO¶DFTXpUHXUGHVSURGXLWVIRUHVWLHUV H[SORLWDQWV GH PLQHV TXHOOH TXH VRLW OD IRUPH MXULGLTXH GH FHWWH
H[SORLWDWLRQ
6HFWLRQ±/
/LTXLGDWLRQGHODWD[H
6HFWLRQ±/
/LTXLGDWLRQGHODWD[H
$UWLFOH $UWLFOH
7DX[ 7DULI
/H WDX[ GH OD WD[H HVW IL[p j  GX PRQWDQW GHV YHQWHV /H WDULI GH OD WD[H VXU OHV H[SORLWDWLRQV PLQLqUHV HVW IL[p
SUpYXHVjO¶DUWLFOHFLGHVVXV GDQVOHVIRUPHVHWFRQGLWLRQVSUpYXHVjO¶DUWLFOHFLGHVVRXV
$UWLFOH GHjGKSDUWRQQHH[WUDLWH
3HUVRQQHVKDELOLWpHVjSHUFHYRLUODWD[H 6HFWLRQ±2
2EOLJDWLRQVGHVUHGHYDEOHV

/D WD[H HVW OLTXLGpH HW UHFRXYUpH SDU O¶DGPLQLVWUDWLRQ GHV $UWLFOH


HDX[HWIRUrWVGDQVOHVPrPHVFRQGLWLRQVTXHFHOOHVUpJLVVDQWOD 'pFODUDWLRQHWYHUVHPHQWGHODWD[H
OLTXLGDWLRQHWOHUHFRXYUHPHQWGHVUHVVRXUFHVIRUHVWLqUHV /HV H[SORLWDQWV PLQLHUV VRQW WHQXV GH GpSRVHU XQH
$UWLFOH GpFODUDWLRQ DYDQW OH SUHPLHU DYULO GH FKDTXH DQQpH DXSUqV GX
VHUYLFH G¶DVVLHWWH GH OD UpJLRQ LQGLTXDQW OHV TXDQWLWpV GHV
9HUVHPHQWGHODWD[H SURGXLWVPLQLHUVH[WUDLWHVDXFRXUVGHO¶DQQpHpFRXOpH
/H SURGXLW GH OD WD[H HVW UHYHUVp j OD FDLVVH GX UHFHYHXU /HPRQWDQWGHODWD[HHVWYHUVpVSRQWDQpPHQWjODFDLVVHGX
WUpVRULHUGXEXGJHWGHODSURYLQFHRXSUpIHFWXUHGDQVOHUHVVRUWGH UpJLVVHXU GH OD UpJLRQ WULPHVWULHOOHPHQW DYDQW O¶H[SLUDWLRQ GX
ODTXHOOH VRQW UpDOLVpHV OHV RSpUDWLRQV GH YHQWH GHV SURGXLWV PRLVVXLYDQWFKDTXHWULPHVWUHVXUODEDVHGHVTXDQWLWpVH[WUDLWHV
IRUHVWLHUV GDQV OH GpODL G¶XQ PRLV VXLYDQW OD GDWH GH GXUDQWFHWWHSpULRGHHWDXYXG¶XQERUGHUHDXGHYHUVHPHQWpWDEOL
UHFRXYUHPHQWGXSURGXLWGHVGLWHVYHQWHV VHORQXQLPSULPpPRGqOHGHO¶DGPLQLVWUDWLRQ
 %8//(7,12)),&,(/ 1ıNDDGD 

&KDSLWUH;9,,, $UWLFOH
7$;(685/(66(59,&(632578$,5(6 7D[HVUHFRXYUpHVSDUOHUpJLVVHXU
6HFWLRQ±&
&KDPSG¶DSSOLFDWLRQ /HV WD[HV GpFODUDWLYHV HW OHV GURLWV DX FRPSWDQW VRQW
$UWLFOH HQFDLVVpV SDU OH UpJLVVHXU GHV UHFHWWHV GH OD FROOHFWLYLWp
3HUVRQQHVHWDFWLYLWpVLPSRVDEOHV FRQFHUQpH
,O HVW DSSOLTXp DX SURILW GH OD UpJLRQ XQH WD[H G€H SDU OHV $UWLFOH
RUJDQLVPHV FRQFHUQpV VXU OHV VHUYLFHV SRUWXDLUHV UHQGXV GDQV
O¶HQFHLQWH GHV SRUWV VLWXpV GDQV OD UpJLRQ  j O¶H[FOXVLRQ GHV (PLVVLRQGHVRUGUHVGHUHFHWWHV
VHUYLFHV OLpV DX WUDQVSRUW LQWHUQDWLRQDO HW UHODWLYH DX[ /HV RUGUHV GH UHFHWWHV VRQW pPLV HW UHYrWXV GH OD IRUPXOH
PDUFKDQGLVHVHQWUDQVLWQRQGHVWLQpHVDXPDUFKpQDWLRQDO H[pFXWRLUHSDU
6HFWLRQ±%
%DVHG¶LPSRVLWLRQ ± OH PLQLVWUH FKDUJp GHV ILQDQFHV RX OD SHUVRQQH GpOpJXpH
$UWLFOH SDU OXL j FHW HIIHW SRXU OD WD[H SURIHVVLRQQHOOH OD WD[H
'pWHUPLQDWLRQGHODEDVHLPSRVDEOH G¶KDELWDWLRQHWODWD[HGHVHUYLFHVFRPPXQDX[
/D WD[H VXU OHV VHUYLFHV SRUWXDLUHV TXL HVW j OD FKDUJH GHV ±O¶RUGRQQDWHXUGHODFROOHFWLYLWpORFDOHFRQFHUQpHRXWRXWH
XVDJHUVHVWDVVLVHVXUOHPRQWDQWJOREDOGHVVHUYLFHVUHQGXVYLVpV SHUVRQQHGpOpJXpHSDUOXLjFHWHIIHWSRXUOHVDXWUHVWD[HV
j O¶DUWLFOH  FLGHVVXV PrPH HQ FDV GH OHXU H[RQpUDWLRQ GH OD
SUpYXHVSDUODSUpVHQWHORL
WD[HVXUODYDOHXUDMRXWpH
6HFWLRQ±/
/LTXLGDWLRQGHODWD[H $UWLFOH
$UWLFOH 5HFRXYUHPHQWGHVRUGUHVGHUHFHWWHV
7DX[ /HV RUGUHV GH UHFHWWHV VRQW DGUHVVpV DX PRLQV TXLQ]H  
/H WDX[ GH OD WD[H HVW IL[p GDQV OHV IRUPHV HW FRQGLWLRQV MRXUV DYDQW OD GDWH GH PLVH HQ UHFRXYUHPHQW DX FRPSWDEOH
SUpYXHV j O¶DUWLFOH  FLGHVVRXV GH  j  GX FKLIIUH FKDUJp GX UHFRXYUHPHQW TXL OHV SUHQG HQ FKDUJH HW HQ DVVXUH OH
G¶DIIDLUHVKRUVWD[HVXUODYDOHXUDMRXWpH UHFRXYUHPHQW FRQIRUPpPHQW DX[ GLVSRVLWLRQV GH OD SUpVHQWH ORL
$UWLFOH HWGHODORLQƒIRUPDQWFRGHGHUHFRXYUHPHQWGHVFUpDQFHV
3HUVRQQHKDELOLWpHjSHUFHYRLUODWD[H SXEOLTXHV
/DWD[HHVWSHUoXHSDUO¶RUJDQLVPHSUHVWDWDLUHGHVHUYLFHV $UWLFOH
6HFWLRQ±2
2EOLJDWLRQVGHVUHGHYDEOHV $YLVG¶LPSRVLWLRQ
$UWLFOH /HVDYLVG¶LPSRVLWLRQVRQWDGUHVVpVSDUOHFRPSWDEOHFKDUJp
'pFODUDWLRQHWYHUVHPHQWGHODWD[H GXUHFRXYUHPHQWSDUYRLHSRVWDOHVRXVSOLIHUPpDX[UHGHYDEOHV
/HV RUJDQLVPHV FKDUJpV GX SUpOqYHPHQW GH OD WD[H VRQW LQVFULWVDXU{OHDXSOXVWDUGjODGDWHGHPLVHHQUHFRXYUHPHQW
WHQXV GH GpSRVHU XQH GpFODUDWLRQ pWDEOLH VHORQ XQ LPSULPp /¶DYLVPHQWLRQQHOHPRQWDQWGHODWD[HjSD\HUDLQVLTXHOHV
PRGqOH GH O¶DGPLQLVWUDWLRQ DYDQW OH SUHPLHU DYULO GH FKDTXH GDWHVGHPLVHHQUHFRXYUHPHQWHWG¶H[LJLELOLWp
DQQpH DXSUqV GX VHUYLFH G¶DVVLHWWH GH OD UpJLRQ SDU O¶RUJDQLVPH
FRQFHUQp LQGLTXDQW OH FKLIIUH G¶DIIDLUHV KRUV WD[H VXU OD YDOHXU $UWLFOH
DMRXWpHUpDOLVpDXFRXUVGHO¶DQQpHpFRXOpH 0R\HQVG¶LQIRUPDWLRQ
/H PRQWDQW GH OD WD[H HVW YHUVp VSRQWDQpPHQW j OD FDLVVH GX
UpJLVVHXUGHODUpJLRQWULPHVWULHOOHPHQWjO¶H[SLUDWLRQGXPRLVVXLYDQW
GHODGDWHGHPLVHHQUHFRXYUHPHQW
FKDTXH WULPHVWUH VXU OD EDVH GX FKLIIUH G¶DIIDLUH KRUV WD[H VXU OD /HV GDWHV GH PLVH HQ UHFRXYUHPHQW HW G¶H[LJLELOLWp VRQW
YDOHXUDMRXWpHUpDOLVpGXUDQWFHWWHSpULRGHHWDXYXG¶XQERUGHUHDXGH pJDOHPHQWSRUWpHVjODFRQQDLVVDQFHGHVUHGHYDEOHVSDUWRXWDXWUH
YHUVHPHQWpWDEOLVHORQXQLPSULPpPRGqOHGHO¶DGPLQLVWUDWLRQ PR\HQ G¶LQIRUPDWLRQ QRWDPPHQW SDU YRLH G¶DIILFKDJH GDQV OHV
7,75(,, ORFDX[GHODFROOHFWLYLWpFRQFHUQpH
5qJOHVGHUHFRXYUHPHQW &KDSLWUH,,
&KDSLWUHSUHPLHU
(;,*,%,/,7(
352&('85('(5(&2895(0(17
$UWLFOH
$UWLFOH
'pODLG¶H[LJLELOLWp
0RGHVGHUHFRXYUHPHQW
/HVWD[HVLQVWLWXpHVDXSURILWGHVFROOHFWLYLWpVORFDOHVVRQWSHUoXHV /HV WD[HV pWDEOLHV SDU YRLH G¶RUGUHV GH UHFHWWHV VRQW
H[LJLEOHV j O¶H[SLUDWLRQ GX GHX[LqPH PRLV TXL VXLW FHOXL GH OHXU
±VSRQWDQpPHQWDXYXGHVGpFODUDWLRQVGHVUHGHYDEOHVSRXU
PLVHHQUHFRXYUHPHQW
OHVWD[HVGpFODUDWLYHVRXSDUYHUVHPHQWDXFRPSWDQWSRXU
OHVGURLWVDXFRPSWDQW 7RXWHIRLV VRQW H[LJLEOHV LPPpGLDWHPHQW OHV RUGUHV GH
±HQ YHUWX G¶RUGUHV GH UHFHWWHV LQGLYLGXHOV RX FROOHFWLIV UHFHWWHV pPLV j WLWUH GH UpJXODULVDWLRQ HQ PDWLqUH GH WD[HV
UpJXOLqUHPHQWpPLV SD\DEOHVVXUGpFODUDWLRQ
1ıNDDGD  %8//(7,12)),&,(/ 

&KDSLWUH,,, $UWLFOH
5(&2895(0(17)25&( 6DQFWLRQVSRXULQIUDFWLRQDX[GLVSRVLWLRQV
$UWLFOH UHODWLYHVDXGURLWGHFRPPXQLFDWLRQ
HWjODSUpVHQWDWLRQGHVGRFXPHQWVFRPSWDEOHV
3URFpGXUHGHUHFRXYUHPHQWIRUFp
/HV LQIUDFWLRQV UHODWLYHV DX GURLW GH FRPPXQLFDWLRQ SUpYX
/HV GLVSRVLWLRQV GH OD ORL Qƒ IRUPDQW FRGH GH SDU O¶DUWLFOH  FLGHVVRXV DLQVL TX¶DX GpIDXW GH SUpVHQWDWLRQ
UHFRXYUHPHQW GHV FUpDQFHV SXEOLTXHV VRQW DSSOLFDEOHV DX GHV GRFXPHQWV  SUpYXV j O¶DUWLFOH  FLGHVVRXV VRQW
UHFRXYUHPHQWGHVWD[HVSUpYXHVSDUODSUpVHQWHORL VDQFWLRQQpHV SDU XQH DPHQGH GH FLQT FHQWV   GLUKDPV HW
7,75(,,, G¶XQH DVWUHLQWH GH FHQW   GLUKDPV SDU MRXU GH UHWDUG GDQV OD
6DQFWLRQV OLPLWHGHPLOOH  GLUKDPVGDQVOHVIRUPHVHWOHVFRQGLWLRQV
SUpYXHVjO¶DUWLFOHFLGHVVRXV
&KDSLWUHSUHPLHU
/¶DPHQGH HW O¶DVWUHLQWH VRQW pPLVHV SDU YRLH GH U{OH
6$1&7,216(10$7,(5('¶$66,(77( 7RXWHIRLV FHV GLVSRVLWLRQV QH VRQW SDV DSSOLFDEOHV DX[ FDGL
6HFWLRQ±6
6DQFWLRQVFRPPXQHV FKDUJpV GX WDRXWLT DX[ DGPLQLVWUDWLRQV GH O¶(WDW HW DX[
$UWLFOH FROOHFWLYLWpVORFDOHV

6DQFWLRQVSRXUGpIDXWGHGpFODUDWLRQ $UWLFOH
GpFODUDWLRQGpSRVpHKRUVGpODLRXVXLWHjUHFWLILFDWLRQ 6DQFWLRQVSRXUGpIDXWGHSUpVHQWDWLRQGHVDXWRULVDWLRQV
, ± (Q FDV GH GpIDXW GH GpFODUDWLRQ RX GH GpFODUDWLRQ /RUVTX¶XQ UHGHYDEOH UHIXVH GH SUpVHQWHU OHV DXWRULVDWLRQV
GpSRVpH KRUV GpODL OH PRQWDQW GH OD WD[H H[LJLEOH HVW PDMRUp GpOLYUpHVSDUO¶DGPLQLVWUDWLRQORUVG¶XQHRSpUDWLRQGHYpULILFDWLRQ
GH G¶XQH WD[H LO OXL HVW DGUHVVp XQH OHWWUH O¶LQYLWDQW j SUpVHQWHU
OHVGLWHV DXWRULVDWLRQV GDQV XQ GpODL GH TXLQ]H   MRXUV j
7RXWH GpFODUDWLRQ LQFRPSOqWH RX FRPSRUWDQW GHV pOpPHQWV
FRPSWHUGHODGDWHGHUpFHSWLRQGHODGLWHOHWWUH
GLVFRUGDQWVHVWDVVRUWLHG¶XQHPDMRUDWLRQGHGXPRQWDQWGH
OD WD[H H[LJLEOH VDXI VL OHV pOpPHQWV PDQTXDQWV RX GLVFRUGDQWV 6LjO¶H[SLUDWLRQGHFHGpODLOHUHGHYDEOHQHSUpVHQWHSDVOH
VRQW VDQV LQFLGHQFH VXU OD EDVH GH OD WD[H RX VXU VRQ GRFXPHQW GHPDQGp LO HVW LPSRVp G¶RIILFH VDQV QRWLILFDWLRQ
UHFRXYUHPHQW SUpDODEOH DYHF DSSOLFDWLRQ G¶XQH DPHQGH GH FLQT FHQWV  
GLUKDPV
/H PRQWDQW GH FKDFXQH GHV PDMRUDWLRQV SUpYXHV FLGHVVXV
QHSHXWrWUHLQIpULHXUjFLQTFHQWV  GLUKDPV $UWLFOH
,,±(QFDVGHUHFWLILFDWLRQGHODEDVHG¶LPSRVLWLRQUpVXOWDQW 6DQFWLRQVSpQDOHV
GH OD GpFODUDWLRQ XQH PDMRUDWLRQ GH  HVW pWDEOLH VXU OH ,QGpSHQGDPPHQW GHV VDQFWLRQV ILVFDOHV pGLFWpHV SDU OD
PRQWDQW GHV GURLWV FRUUHVSRQGDQW j FHWWH UHFWLILFDWLRQ VDQV SUpVHQWH ORL HVW SXQLH G
XQH DPHQGH GH FLQT PLOOH   j
SUpMXGLFH GH O¶DSSOLFDWLRQ GHV VDQFWLRQV SUpYXHV j O¶DUWLFOH  FLQTXDQWH PLOOH   GLUKDPV WRXWH SHUVRQQH TXL HQ YXH GH
FLGHVVRXV VHVRXVWUDLUHjVDTXDOLWpGHUHGHYDEOHRXDXSDLHPHQWGHODWD[H
,,,±/HFRPSOpPHQWGHODWD[HHWOHVVDQFWLRQVYLVpHVFLGHVVXV RX HQ YXH G
REWHQLU GHV GpGXFWLRQV RX UHPERXUVHPHQWV LQGXV
VRQWpPLVSDUYRLHGHU{OH XWLOLVHO
XQGHVPR\HQVVXLYDQWV
/H WDX[ GH OD PDMRUDWLRQ GH   SUpYX FLGHVVXV SHXW rWUH ±GpOLYUDQFHRXSURGXFWLRQGHIDFWXUHVILFWLYHV
SRUWpMXVTX
jTXDQGODPDXYDLVHIRLGXUHGHYDEOHHVWpWDEOLH ±SURGXFWLRQG
pFULWXUHVFRPSWDEOHVIDXVVHVRXILFWLYHV
/D PDMRUDWLRQ GH  HVW DSSOLFDEOH DYHF XQ PLQLPXP GH ±YHQWHVDQVIDFWXUHVGHPDQLqUHUpSpWLWLYH
FHQW  GLUKDPVVDQVSUpMXGLFHGHO¶DSSOLFDWLRQGHODSpQDOLWpHW
±VRXVWUDFWLRQ RX GHVWUXFWLRQ GH SLqFHV FRPSWDEOHV
GHODPDMRUDWLRQSUpYXHVjO¶DUWLFOHFLGHVVRXV
OpJDOHPHQWH[LJLEOHV
$UWLFOH
± GLVVLPXODWLRQ GH WRXW RX SDUWLH GH O
DFWLI GH OD VRFLpWp RX
6DQFWLRQVSRXUGpIDXWGHGpFODUDWLRQGHFHVVLRQ DXJPHQWDWLRQIUDXGXOHXVHGHVRQSDVVLIHQYXHG
RUJDQLVHU
FHVVDWLRQWUDQVIHUWG¶DFWLYLWpRXWUDQVIRUPDWLRQGHODIRUPHMXULGLTXH VRQLQVROYDELOLWp
/H UHGHYDEOH TXL Q¶D SDV SURGXLW GDQV OH GpODL SUHVFULW OHV (QFDVGHUpFLGLYHDYDQWO
H[SLUDWLRQG
XQGpODLGHFLQT 
GpFODUDWLRQV SUpYXHV DX[ DUWLFOHV     HW  FLGHVVXV DQV TXL VXLW XQ MXJHPHQW GH FRQGDPQDWLRQ j O
DPHQGH SUpFLWpH
HQFRXUWXQHPDMRUDWLRQGHFDOFXOpHVXUOHPRQWDQWGHODWD[H D\DQW DFTXLV O
DXWRULWp GH OD FKRVH MXJpH OH FRQWUHYHQDQW HVW
GXH RX TXL DXUDLW pWp GXH HQ O¶DEVHQFH GH WRXWH H[RQpUDWLRQ RX SXQLRXWUH GH O
DPHQGH SUpYXH FLGHVVXV G
XQH SHLQH
UpGXFWLRQGHODWD[H G
HPSULVRQQHPHQWGHXQjWURLV  PRLV
'DQV OH FDV R OHV D\DQWV GURLW QH SUpFLVHQW SDV GDQV OD /HV LQIUDFWLRQV SUpYXHV DX SUpVHQW DUWLFOH VRQW FRQVWDWpHV
GpFODUDWLRQGHGpFqVSUpYXHjO¶DUWLFOHFLGHVVXVODFRQWLQXLWp SDU SURFqVYHUEDO pWDEOL SDU GHX[ DJHQWV GH O
DGPLQLVWUDWLRQ
GHO¶DFWLYLWpH[HUFpHSDUOHGpIXQWODUpJXODULVDWLRQGHODWD[HHVW D\DQW DX PRLQV OH JUDGH G
DGPLQLVWUDWHXUDGMRLQW RX JUDGH
RSpUpHFRQIRUPpPHQWDX[GLVSRVLWLRQVGHO¶DOLQpDGHO¶DUWLFOH DVVLPLOpVSpFLDOHPHQWFRPPLVVLRQQpVjFHWHIIHWHWDVVHUPHQWpV
FLGHVVXV FRQIRUPpPHQWjODOpJLVODWLRQHQYLJXHXU
 %8//(7,12)),&,(/ 1ıNDDGD 

4XHO TXH VRLW OH VWDWXW MXULGLTXH GX UHGHYDEOH OD SHLQH 6L OH UHGHYDEOH QH UpJXODULVH SDV VD VLWXDWLRQ GDQV OH GpODL
G
HPSULVRQQHPHQW SUpYXH FLGHVVXV QH SHXW rWUH SURQRQFpH TX
j SUpYX FLGHVVXV O
LQIUDFWLRQ VHUD FRQVWDWpH SDU SURFqVYHUEDO HW
O
HQFRQWUHGHODSHUVRQQHSK\VLTXHTXLDFRPPLVO
LQIUDFWLRQRXj HQWUDvQHUDSRXUOHGLWFRQWUHYHQDQWO
DSSOLFDWLRQG
XQHPDMRUDWLRQ
O
HQFRQWUH GH WRXW UHVSRQVDEOH V
LO HVW SURXYp TXH O
LQIUDFWLRQ D pJDOHjGXPRQWDQWGHODWD[HGXHRXTXLDXUDLWpWpGXHHQ
pWpFRPPLVHVXUVHVLQVWUXFWLRQVHWDYHFVRQDFFRUG O¶DEVHQFHGHWRXWHH[RQpUDWLRQRXUpGXFWLRQDXWLWUHGHO
DQQpHGH
(VW SDVVLEOH GH OD PrPH SHLQH WRXWH SHUVRQQH FRQYDLQFXH ODFRQVWDWDWLRQGHO
LQIUDFWLRQ
G
DYRLUSDUWLFLSpjO
DFFRPSOLVVHPHQWGHVIDLWVSUpFLWpVDVVLVWpRX
FRQVHLOOp OHV SDUWLHV GDQV OHXU H[pFXWLRQ /HV LQIUDFWLRQV YLVpHV 'DQV OH FDV R OHV SHUVRQQHV YLVpHV j O¶DUWLFOH  , ƒE
DX SUpVHQW DUWLFOH QH SHXYHQW rWUH FRQVWDWpHV TXH ORUV G
XQ FLGHVVXV QH VH WURXYHQW SDV HQ PHVXUH GH SURGXLUH OHXU
FRQWU{OHILVFDO LGHQWLILFDWLRQjODWD[HSURIHVVLRQQHOOHHQODIRUPHSUHVFULWHDXGLW
DUWLFOH LO VHUD SURFpGp j OHXUV IUDLV j OD VDLVLH RX DX VpTXHVWUH
$UWLFOH
GHVPDUFKDQGLVHVPLVHVSDUHOOHVHQYHQWHDLQVLTXHGHVPR\HQV
6DQFWLRQVSRXUFRPSOLFLWpGHIUDXGH
PDWpULHOVVHUYDQWjO
H[HUFLFHGHOHXUSURIHVVLRQjPRLQVTX
HOOHV
7RXWH SHUVRQQH FRQYDLQFXH G
DYRLU SDUWLFLSp DX[ QH GRQQHQW FDXWLRQ VXIILVDQWH MXVTX
j SUpVHQWDWLRQ GH
PDQ°XYUHVGHVWLQpHVjpOXGHUOHSDLHPHQWGHODWD[HDVVLVWpRX O¶LGHQWLILFDWLRQjODWD[HSURIHVVLRQQHOOH
FRQVHLOOpXQHHQWUHSULVHGDQVO
H[pFXWLRQGHVGLWHVPDQ°XYUHVHVW
SDVVLEOHG
XQHDPHQGHpJDOHDXPLQLPXPjPLOOH  GLUKDPV $UWLFOH
HWDXPD[LPXPjGXPRQWDQWGHODWD[HpOXGpH 6DQFWLRQVSRXUGpIDXWGHGpFODUDWLRQ
/H PRQWDQW GH O¶DPHQGH YLVpH FLGHVVXV HVW pPLV SDU YRLH GHFK{PDJHG¶pWDEOLVVHPHQW
GHU{OH /HUHGHYDEOHTXLQHSURGXLWSDVODGpFODUDWLRQGHFK{PDJH
6HFWLRQ±6
6DQFWLRQVVSpFLILTXHVjFHUWDLQHVWD[HV G¶pWDEOLVVHPHQW SUpYXH j O¶DUWLFOH  FLGHVVXV SHUG OH EpQpILFH
,±7D[HSURIHVVLRQQHOOH GH OD GpFKDUJH RX GX GpJUqYHPHQW  SRXU FK{PDJH SUpYX j
$UWLFOH O¶DUWLFOHFLGHVVRXV
6DQFWLRQSRXUGpIDXWG¶LQVFULSWLRQjODWD[HSURIHVVLRQQHOOH ,,±7D[HG¶KDELWDWLRQHWWD[HGHVHUYLFHVFRPPXQDX[
/H UHGHYDEOH TXL QH GpSRVH SDV GDQV OH GpODL SUHVFULW OD $UWLFOH
GpFODUDWLRQ G¶LQVFULSWLRQ j OD WD[H SURIHVVLRQQHOOH SUpYXH j 6DQFWLRQSRXUGpIDXWGHGpFODUDWLRQG¶DFKqYHPHQW
O¶DUWLFOH  FLGHVVXV HVW SDVVLEOH G¶XQH PDMRUDWLRQ GH  GX
GHFRQVWUXFWLRQGHFKDQJHPHQWGHSURSULpWDLUHRXG¶DIIHFWDWLRQ
PRQWDQWGHODWD[HGXHRXTXLDXUDLWpWpGXHHQO¶DEVHQFHGHWRXWH
H[RQpUDWLRQRXUpGXFWLRQ /HVSURSULpWDLUHVRXXVXIUXLWLHUVTXLQ¶RQWSDVSURGXLWGDQV
'DQVWRXVOHVFDVOHPRQWDQWGHODPDMRUDWLRQQHSHXWrWUH OHVGpODLVSUHVFULWVOHVGpFODUDWLRQVG¶DFKqYHPHQWGHFRQVWUXFWLRQ
LQIpULHXUjFLQT  GLUKDPV GH FKDQJHPHQW GH SURSULpWDLUH RX G¶DIIHFWDWLRQ SUpYXHV j
O¶DUWLFOHGHODSUpVHQWHORLVRQWSDVVLEOHVG¶XQHPDMRUDWLRQGH
$UWLFOH
 FDOFXOpH VXU OD WD[H GXH RX TXL DXUDLW pWp GXH HQ O¶DEVHQFH
6DQFWLRQSRXUGpIDXWGHGpFODUDWLRQGHVpOpPHQWVLPSRVDEOHV G¶H[RQpUDWLRQWRWDOHRXSDUWLHOOH
(QFDVGHGpIDXWRXGHUHWDUGGDQVOHGpS{WGHODGpFODUDWLRQ
$UWLFOH
GHV pOpPHQWV LPSRVDEOHV RX GHV PRGLILFDWLRQV \ DIIpUHQWHV
SUpYXHjO¶DUWLFOHFLGHVVXVRXGHGpFODUDWLRQLQVXIILVDQWHRX 6DQFWLRQSRXUGpIDXWGHGpFODUDWLRQGHYDFDQFHG¶LPPHXEOH
LQFRPSOqWH O¶LPSRVLWLRQ HVW pWDEOLH G¶DSUqV OHV pOpPHQWV HQ /HVSURSULpWDLUHVRXXVXIUXLWLHUVTXLQ¶RQWSDVUpSRQGXjOD
SRVVHVVLRQGHO¶DGPLQLVWUDWLRQDYHFDSSOLFDWLRQG¶XQHPDMRUDWLRQ
FRQYRFDWLRQGHO¶LQVSHFWHXUSUpYXHjO¶DUWLFOHFLGHVVXVRXTXL
GHFDOFXOpHVXUOHPRQWDQWGHODWD[HGXHRXTXLDXUDLWpWp
Q¶RQW SDV SURGXLW GDQV OHV GpODLV SUHVFULWV OD GpFODUDWLRQ GH
GXH HQ O¶DEVHQFH GH WRXWH H[RQpUDWLRQ RX UpGXFWLRQ VDQV
SUpMXGLFH GH O¶DSSOLFDWLRQ GHV VDQFWLRQV SUpYXHV j O¶DUWLFOH  YDFDQFHSUpYXHjO¶DUWLFOHFLGHVVXVSHUGHQWOHEpQpILFHGHOD
FLGHVVRXV GpFKDUJHGHODWD[HpWDEOLHDXWLWUHGHODYDFDQFH
/HPRQWDQWGHODWD[HODSpQDOLWpHWOHVVDQFWLRQVYLVpHVFL ,,,±7D[HVXUOHVGpELWVGHERLVVRQVHWWD[HVXUOHWUDQVSRUW
GHVVXVVRQWpPLVSDUYRLHGHU{OH SXEOLFGHYR\DJHXUV
$UWLFOH $UWLFOH
6DQFWLRQVSRXUGpIDXWG¶DIILFKDJHGXQXPpURG¶LGHQWLILFDWLRQ 6DQFWLRQSRXULQIUDFWLRQHQPDWLqUHGHGpFODUDWLRQG¶H[LVWHQFH
RXGHSUpVHQWDWLRQGHODSLqFHMXVWLILDQWO¶LQVFULSWLRQ
jODWD[HSURIHVVLRQQHOOH /HV UHGHYDEOHV TXL QH GpSRVHQW SDV OD GpFODUDWLRQ
G¶H[LVWHQFH SUpYXH DX[ DUWLFOHV  HW  FLGHVVXV RX TXL
(Q FDV G
LQREVHUYDWLRQ GHV GLVSRVLWLRQV SUpYXHV j O¶DUWLFOH
GpSRVHQW XQH GpFODUDWLRQ LQH[DFWH VRQW SDVVLEOHV G¶XQH DPHQGH
 FLGHVVXV OH UHGHYDEOH HVW LQYLWp GDQV OHV IRUPHV SUpYXHV j
GHFLQTFHQWV  GLUKDPV
O¶DUWLFOHFLGHVVRXVjUpJXODULVHUVDVLWXDWLRQGDQVOHGpODLGH
WUHQWH  MRXUVVXLYDQWODGDWHGHUpFHSWLRQGHO¶DYLV &HWWHDPHQGHHVWpPLVHSDUYRLHG¶RUGUHGHUHFHWWHV
1ıNDDGD  %8//(7,12)),&,(/ 

&KDSLWUH,, '(8;,(0(3$57,(
6$1&7,216(10$7,(5('(5(&2895(0(17 352&('85(6'(&21752/((7'(&217(17,(8;
7,75(35(0,(5
$UWLFOH
'URLWGHFRQWU{OHHWGHFRPPXQLFDWLRQ
6DQFWLRQVSRXUSDLHPHQWWDUGLIGHODWD[H &KDSLWUHSUHPLHU
8QH SpQDOLWp GH  HW XQH PDMRUDWLRQ GH   SRXU OH ',6326,7,216*(1(5$/(6
SUHPLHUPRLVGHUHWDUGHWGHSDUPRLVRXIUDFWLRQGHPRLV $UWLFOH
VXSSOpPHQWDLUHHVWDSSOLFDEOHDXPRQWDQW 'URLWGHFRQWU{OH
,±/¶DGPLQLVWUDWLRQFRQWU{OHOHVGpFODUDWLRQVHWGRFXPHQWV
±GHVYHUVHPHQWVHIIHFWXpVVSRQWDQpPHQWHQWRWDOLWpRXHQ XWLOLVpVSRXUO¶pWDEOLVVHPHQWGHVWD[HVVXLYDQWHV
SDUWLHHQGHKRUVGXGpODLSUHVFULWSRXUODSpULRGHpFRXOpH ±WD[HVXUOHVRSpUDWLRQVGHORWLVVHPHQWV
HQWUHODGDWHG¶H[LJLELOLWpGHODWD[HHWFHOOHGXSDLHPHQW ±WD[HVXUOHVGpELWVGHERLVVRQV
7RXWHIRLVFHVPDMRUDWLRQVHWSpQDOLWpQHV¶DSSOLTXHQWSDVj ±WD[HGHVpMRXU
ODWD[HG¶KDELWDWLRQRXjODWD[HGHVHUYLFHVFRPPXQDX[ORUVTXH ±WD[HVXUOHVHDX[PLQpUDOHVHWGHWDEOH
±WD[HVXUOHWUDQVSRUWSXEOLFGHYR\DJHXU
OH PRQWDQW GH OD FRWH RX GH OD TXRWHSDUW GH OD WD[H H[LJLEOH
±WD[HVXUO¶H[WUDFWLRQGHVSURGXLWVGHFDUULqUHV
ILJXUDQWDXU{OHQ¶H[FqGHSDVPLOOH  GLUKDPVSRXUFKDFXQH
±WD[HVXUOHVVHUYLFHVSRUWXDLUHV
GHVGHX[WD[HV ±WD[HVXUOHVH[SORLWDWLRQVPLQLqUHV
±GHV LPSRVLWLRQV pPLVHV SDU YRLH GH U{OH RX RUGUH GH /HVUHGHYDEOHVSHUVRQQHVSK\VLTXHVRXPRUDOHVVRQWWHQXV
UHFHWWHV VXLWH j UHFWLILFDWLRQ GH OD EDVH G¶LPSRVLWLRQ GH IRXUQLU WRXWHV MXVWLILFDWLRQV QpFHVVDLUHV HW SUpVHQWHU WRXV
GRFXPHQWV FRPSWDEOHV DX[ DJHQWV DVVHUPHQWpV GH
UpVXOWDQWGHODGpFODUDWLRQSRXUODSpULRGHpFRXOpHHQWUHOD O¶DGPLQLVWUDWLRQFRPPLVVLRQQpVSRXUSURFpGHUDXFRQWU{OHILVFDO
GDWHG¶H[LJLELOLWpGHODWD[HHWFHOOHGHO¶pPLVVLRQGXU{OH ,, ± /HV UHGHYDEOHV VRXPLV DX UpJLPH GX IRUIDLW SUpYX j
RXGHO¶RUGUHGHUHFHWWHV O¶DUWLFOHGX&RGH*pQpUDOGHV,PS{WVGRLYHQWWHQLUXQUHJLVWUH
FRWpHWSDUDSKpSDUOHVHUYLFHG¶DVVLHWWHIDLVDQWUHVVRUWLUVHORQOH
3DU GpURJDWLRQ DX[ GLVSRVLWLRQV FLGHVVXV OHV PDMRUDWLRQV FDV OH PRQWDQW GHV UHFHWWHV PHQVXHOOHV RX OHV pOpPHQWV GH
SUpYXHV DX SUpVHQW DUWLFOH QH V
DSSOLTXHQW SDV SRXU OD SpULRGH OLTXLGDWLRQGHODWD[H
/HV UHGHYDEOHV VRXPLV DX UpJLPH GX UpVXOWDW QHW UpHO RX
VLWXpHDXGHOjGHVYLQJWTXDWUHPRLV  pFRXOpVHQWUHODGDWHGH
VLPSOLILp SUpYX DX[ DUWLFOHV  HW  GX &RGH *pQpUDO GHV
O
LQWURGXFWLRQ GX UHFRXUV GX UHGHYDEOH GHYDQW OD FRPPLVVLRQ ,PS{WV GRLYHQW WHQLU XQH FRPSWDELOLWp FRQIRUPpPHQW j OD
ORFDOH GH WD[DWLRQ SUpYXH j O¶DUWLFOH  GX &RGH *pQpUDO GHV OpJLVODWLRQHWjODUpJOHPHQWDWLRQFRPSWDEOHHQYLJXHXU
,PS{WVHWFHOOHGHODPLVHHQUHFRXYUHPHQWGXU{OHRXGHO¶RUGUH $UWLFOH
GHUHFHWWHVFRPSRUWDQWOHFRPSOpPHQWGHWD[HH[LJLEOH &RQVHUYDWLRQGHVGRFXPHQWV
/HVUHGHYDEOHVVRQWWHQXVGHFRQVHUYHUSHQGDQWGL[  DQV
3RXUOHUHFRXYUHPHQWGXU{OHRXGHO¶RUGUHGHUHFHWWHVLOHVW DXOLHXRLOVVRQWLPSRVpVOHVGRFXPHQWVFRPSWDEOHVQpFHVVDLUHV
DSSOLTXpXQHPDMRUDWLRQGHSDUPRLVRXIUDFWLRQGHPRLV DX FRQWU{OH ILVFDO DLQVL TXH WRXW  DXWUH GRFXPHQW SUpYX SDU OD
OpJLVODWLRQRXODUpJOHPHQWDWLRQHQYLJXHXU
GHUHWDUGpFRXOpHQWUHOHSUHPLHUGXPRLVTXLVXLWFHOXLGHODGDWH
(QFDVGHSHUWHGHVGRFXPHQWVSUpFLWpVSRXUTXHOTXHFDXVH
G¶pPLVVLRQGXU{OHRXGHO¶RUGUHGHUHFHWWHVHWFHOOHGXSDLHPHQW TXH FH VRLW OHV UHGHYDEOHV GRLYHQW HQ LQIRUPHU OH VHUYLFH
GHODWD[H G¶DVVLHWWHGXOLHXGHOHXUGRPLFLOHILVFDOVLqJHVRFLDORXSULQFLSDO
pWDEOLVVHPHQW SDU OHWWUH UHFRPPDQGpH DYHF DFFXVp GH UpFHSWLRQ
$UWLFOH GDQV OHV TXLQ]H   MRXUV VXLYDQW OD GDWH j ODTXHOOH LOV RQW
FRQVWDWpODGLWHSHUWH
0DMRUDWLRQGHUHWDUGHQFDVGHSDLHPHQWWDUGLI
$UWLFOH
GHVRUGUHVGHUHFHWWHVGHUpJXODULVDWLRQ
'URLWGHFRPPXQLFDWLRQ
3DUGpURJDWLRQDX[GLVSRVLWLRQVGHO¶DUWLFOHFLGHVVXVHQ 3RXUSHUPHWWUHGHUHOHYHUWRXWUHQVHLJQHPHQWXWLOHHQYXHGH
PDWLqUH GH WD[HV pPLVHV SDU YRLH G¶RUGUHV GH UHFHWWHV GH O
DVVLHWWH HW GX FRQWU{OH GHV WD[HV GXHV SDU GHV WLHUV
O
DGPLQLVWUDWLRQ SHXW GHPDQGHU FRPPXQLFDWLRQ GH O
RULJLQDO RX
UpJXODULVDWLRQVHXOHVHUDDSSOLTXpHODPDMRUDWLRQGHSDU
GpOLYUDQFH G
XQH UHSURGXFWLRQ VXU VXSSRUW PDJQpWLTXH RX VXU
PRLVRXIUDFWLRQGHPRLVGHUHWDUGVXSSOpPHQWDLUHpFRXOpHQWUHOD SDSLHU
GDWH GH PLVH HQ UHFRXYUHPHQW GH O¶RUGUH GH UHFHWWHV GH ƒ ± GHV GRFXPHQWV GH VHUYLFH RX FRPSWDEOHV GpWHQXV SDU
UpJXODULVDWLRQGHODWD[WHREMHWGHPLVHHQO¶H[pFXWLRQHWFHOOHGX OHV DGPLQLVWUDWLRQV GH O
(WDW OHV FROOHFWLYLWpV ORFDOHV OHV
pWDEOLVVHPHQWV SXEOLFV HW WRXW RUJDQLVPH VRXPLV DX FRQWU{OH GH
SDLHPHQW O
(WDWVDQVTXHSXLVVHrWUHRSSRVpOHVHFUHWSURIHVVLRQQHO
 %8//(7,12)),&,(/ 1ıNDDGD 

ƒ± GHV OLYUHV HW GRFXPHQWV GRQW OD WHQXH HVW UHQGXH ±HQ FH TXL FRQFHUQH OHV VRFLpWpV HW OHV DXWUHV RUJDQLVPHV
REOLJDWRLUHSDUOHVORLVRXUqJOHPHQWVHQYLJXHXUDLQVLTXHWRXV HQWUHOHVPDLQVGHO
DVVRFLpSULQFLSDOGHOHXUUHSUpVHQWDQW
DFWHV pFULWV UHJLVWUHV HW GRVVLHUV GpWHQXV SDU OHV SHUVRQQHV OpJDO G
HPSOR\pV RX GH WRXWH DXWUH SHUVRQQH WUDYDLOODQW
SK\VLTXHVRXPRUDOHVH[HUoDQWXQHDFWLYLWpSDVVLEOHGHVLPS{WV DYHF OH UHGHYDEOH GHVWLQDWDLUH RX HQ FDV GH UHIXV GH
GURLWVHWWD[HV UpFHSWLRQGXGLWGRFXPHQWDSUqVO
pFRXOHPHQWG
XQGpODLGH
7RXWHIRLVHQFHTXLFRQFHUQHOHVSURIHVVLRQVOLEpUDOHVGRQW GL[  MRXUVTXLVXLWODGDWHGXUHIXVGHUpFHSWLRQ
O
H[HUFLFH LPSOLTXH GHV SUHVWDWLRQV GH VHUYLFH j FDUDFWqUH ƒ ± 6¶LO Q¶D SX rWUH UHPLV DX UHGHYDEOH j O
DGUHVVH TX¶LO D
MXULGLTXHILVFDORXFRPSWDEOHOHGURLWGHFRPPXQLFDWLRQQHSHXW FRPPXQLTXpHjO¶DGPLQLVWUDWLRQORUVTXHO¶HQYRLGXGRFXPHQWD
SRUWHUVXUODFRPPXQLFDWLRQJOREDOHGXGRVVLHU pWpIDLWSDUOHWWUHUHFRPPDQGpHDYHFDFFXVpGHUpFHSWLRQRXSDU
/H GURLW GH FRPPXQLFDWLRQ V
H[HUFH GDQV OHV ORFDX[ GX O¶LQWHUPpGLDLUH GHV DJHQWV GX JUHIIH GHV KXLVVLHUV GH MXVWLFH RX
VLqJH VRFLDO RX GX SULQFLSDO pWDEOLVVHPHQW GHV SHUVRQQHV SDU YRLH DGPLQLVWUDWLYH HW TX¶LO D pWp UHWRXUQp DYHF OD PHQWLRQ
SK\VLTXHV HW PRUDOHV FRQFHUQpHV j PRLQV TXH OHV LQWpUHVVpV QH QRQ UpFODPp FKDQJHPHQW G¶DGUHVVH DGUHVVH LQFRQQXH RX
IRXUQLVVHQW OHV UHQVHLJQHPHQWV SDU pFULW RX UHPHWWHQW OHV LQFRPSOqWH ORFDX[ IHUPpV RX  UHGHYDEOH LQFRQQX j O¶DGUHVVH
GRFXPHQWVDX[DJHQWVGHVLPS{WVFRQWUHUpFpSLVVp LQGLTXpH'DQVFHVFDVOHSOLHVWFRQVLGpUpDYRLUpWpUHPLVDSUqV
/HV UHQVHLJQHPHQWV HW GRFXPHQWV YLVpV FLGHVVXV VRQW O¶pFRXOHPHQW G¶XQ GpODL GH GL[   MRXUV TXL VXLW OD GDWH GH OD
SUpVHQWpVDX[DJHQWVDVVHUPHQWpVGHO¶DGPLQLVWUDWLRQ FRQVWDWDWLRQGHO¶pFKHFGHODUHPLVHGXSOLSUpFLWp
/HV GHPDQGHV GH FRPPXQLFDWLRQ YLVpHV FLGHVVXV GRLYHQW $UWLFOH
rWUHIRUPXOpHVSDUpFULW 9pULILFDWLRQGHFRPSWDELOLWp
&KDSLWUH,, , ± (Q FDV GH YpULILFDWLRQ GH FRPSWDELOLWp SDU
352&('85(6(7',6326,7,2163$57,&8/,(5(6 O¶DGPLQLVWUDWLRQ DX WLWUH GHV WD[HV YLVpHV DX SDUDJUDSKH , GH
$UWLFOH O¶DUWLFOH  FLGHVVXV LO HVW QRWLILp DX UHGHYDEOH XQ DYLV GH
YpULILFDWLRQ GDQV OHV IRUPHV SUpYXHV j O¶DUWLFOH  FLGHVVXV DX
)RUPHVGHQRWLILFDWLRQ
PRLQVTXLQ]H  MRXUVDYDQWODGDWHIL[pHSRXUOHFRQWU{OH
/D QRWLILFDWLRQ HVW HIIHFWXpH j O
DGUHVVH LQGLTXpH SDU OH
UHGHYDEOH GDQV VHV GpFODUDWLRQV DFWHV RX FRUUHVSRQGDQFHV /HVGRFXPHQWVVRQWSUpVHQWpVGDQVOHVORFDX[VHORQOHFDV
FRPPXQLTXpHV j O¶DGPLQLVWUDWLRQ GH VRQ OLHX G
LPSRVLWLRQ VRLW GXGRPLFLOHILVFDOGXVLqJHVRFLDORXGXSULQFLSDOpWDEOLVVHPHQW
SDUOHWWUHUHFRPPDQGpHDYHFDFFXVpGHUpFHSWLRQVRLWSDUUHPLVH GHV UHGHYDEOHV SHUVRQQHV SK\VLTXHV RX PRUDOHV FRQFHUQpV DX[
HQ PDLQ SURSUH SDU O
LQWHUPpGLDLUH GHV DJHQWV DVVHUPHQWpV GH DJHQWV DVVHUPHQWpV GH O¶DGPLQLVWUDWLRQ &HV DJHQWV GRLYHQW rWUH
O
DGPLQLVWUDWLRQGHVDJHQWVGXJUHIIHGHVKXLVVLHUVGHMXVWLFHRX FRPPLVVLRQQpVSRXUSURFpGHUjXQFRQWU{OHILVFDO
SDUYRLHDGPLQLVWUDWLYH /HVDJHQWVYpULILHQWODVLQFpULWpGHVGRFXPHQWVGHVpFULWXUHV
/H GRFXPHQW j QRWLILHU GRLW rWUH SUpVHQWp j O
LQWpUHVVp SDU FRPSWDEOHV HW GHV GpFODUDWLRQV VRXVFULWHV SDU OH UHGHYDEOH HW
O
DJHQWQRWLILFDWHXUVRXVSOLIHUPp V
DVVXUHQWVXUSODFHGHO
H[LVWHQFHPDWpULHOOHGHVELHQVILJXUDQWj
O¶DFWLI
/DUHPLVHHVWFRQVWDWpHSDUXQFHUWLILFDWGHUHPLVHpWDEOLHQ
GRXEOHH[HPSODLUHVHORQXQLPSULPpPRGqOHGHO
DGPLQLVWUDWLRQ 6L OD FRPSWDELOLWp HVW WHQXH SDU GHV PR\HQV LQIRUPDWLTXHV
8QH[HPSODLUHGHFHFHUWLILFDWHVWUHPLVjO
LQWpUHVVp RXVLOHVGRFXPHQWVVRQWFRQVHUYpVVRXVIRUPHGHPLFURILFKHVOH
/H FHUWLILFDW GH UHPLVH GRLW FRPSRUWHU OHV LQGLFDWLRQV UHGHYDEOHGRLWFRQVHQWLUDX[DJHQWVWRXWHVIDFLOLWpVSRXUO
H[HUFLFH
VXLYDQWHV GXFRQWU{OHHWO
DQDO\VHGHVGRQQpHVHQUHJLVWUpHV
±OHQRPHWODTXDOLWpGHO
DJHQWQRWLILFDWHXU ,,±(QDXFXQFDVODYpULILFDWLRQSUpYXHFLGHVVXVQHSHXW
GXUHU
±ODGDWHGHODQRWLILFDWLRQ
±SOXVGHVL[  PRLVSRXUOHVHQWUHSULVHVGRQWOHPRQWDQW
±ODSHUVRQQHjTXLOHGRFXPHQWDpWpUHPLVHWVDVLJQDWXUH
GX FKLIIUH  G¶DIIDLUHV GpFODUp DX FRPSWH GH SURGXLWV HW
6LFHOXLTXLUHoRLWODQRWLILFDWLRQQHSHXWRXQHYHXWVLJQHU FKDUJHV DX WLWUH GHV  H[HUFLFHV VRXPLV j YpULILFDWLRQ HVW
OHFHUWLILFDWPHQWLRQHQHVWIDLWHSDUO
DJHQWTXLDVVXUHODUHPLVH LQIpULHXU RX pJDO j FLQTXDQWH    PLOOLRQV GH GLUKDPV
'DQVWRXVOHVFDVFHWDJHQWVLJQHOHFHUWLILFDWHWOHIDLWSDUYHQLUj KRUVWD[HVXUODYDOHXUDMRXWpH
O¶DGPLQLVWUDWLRQFRQFHUQpH
±SOXV GH GRX]H   PRLV SRXU OHV HQWUHSULVHV GRQW OH
6LFHWWHUHPLVHQ
DSXrWUHHIIHFWXpHOHFRQWULEXDEOHQ
D\DQW PRQWDQW GX FKLIIUH G¶DIIDLUHV GpFODUp DX FRPSWH GH
SDVpWpUHQFRQWUpQLSHUVRQQHSRXUOXLPHQWLRQHQHVWIDLWHVXUOH SURGXLWVHWFKDUJHVDXWLWUHGHO¶XQGHVH[HUFLFHVVRXPLVj
FHUWLILFDW OHTXHO HVW UHWRXUQp j O¶DGPLQLVWUDWLRQ YLVpH j O
DOLQpD
YpULILFDWLRQ HVW VXSpULHXU j FLQTXDQWH    PLOOLRQV GH
SUpFpGHQW
GLUKDPVKRUVWD[HVXUODYDOHXUDMRXWpH
/HGRFXPHQWHVWFRQVLGpUpDYRLUpWpYDODEOHPHQWQRWLILp
1HVRQWSDVFRPSWpHVGDQVFHWWHGXUpHOHVLQWHUUXSWLRQVGXHVj
ıV
LOHVWUHPLV O¶DSSOLFDWLRQGHODSURFpGXUHSUpYXHjO¶DUWLFOHFLGHVVRXVUHODWLI
±HQ FH TXL FRQFHUQH OHV SHUVRQQHV SK\VLTXHV VRLW j DXGpIDXWGHSUpVHQWDWLRQGHVGRFXPHQWV
SHUVRQQH VRLW j GRPLFLOH HQWUH OHV PDLQV GH SDUHQWV /¶DJHQW GH O¶DGPLQLVWUDWLRQ HVW WHQX G¶LQIRUPHU OH
G
HPSOR\pV RX GH WRXWH DXWUH SHUVRQQH KDELWDQW RX UHGHYDEOHGDQVOHVIRUPHVSUpYXHVjO¶DUWLFOHFLGHVVXVGHOD
WUDYDLOODQW DYHF OH UHGHYDEOH GHVWLQDWDLUH RX HQ FDV GH GDWHGHFO{WXUHGHODYpULILFDWLRQ
UHIXVGHUpFHSWLRQGXGLWGRFXPHQWDSUqVO
pFRXOHPHQWG
XQ
GpODL GH GL[   MRXUV TXL VXLW OD GDWH GX UHIXV GH /HUHGHYDEOHDODIDFXOWpGHVHIDLUHDVVLVWHUGDQVOHFDGUHGH
UpFHSWLRQ YpULILFDWLRQGHODFRPSWDELOLWpSDUXQFRQVHLOGHVRQFKRL[
1ıNDDGD  %8//(7,12)),&,(/ 

,,,±$O
LVVXHGXFRQWU{OHILVFDOVXUSODFHO
DGPLQLVWUDWLRQGRLW rWUHUHWHQXHHQOXLIDLVDQWFRQQDvWUHTXHFHWWHEDVHVHUDGpILQLWLYH
±HQFDVGHUHFWLILFDWLRQGHVEDVHVG
LPSRVLWLRQHQJDJHUOD V¶LO QH VH SRXUYRLW SDV GHYDQW OD FRPPLVVLRQ ORFDOH GH WD[DWLRQ
SURFpGXUHSUpYXHjO¶DUWLFOHRXFLGHVVRXV SUpYXH j O
DUWLFOH  FLGHVVRXV GDQV XQ GpODL GH WUHQWH  
MRXUV VXLYDQW OD GDWH GH UpFHSWLRQ GH FHWWH GHX[LqPH OHWWUH GH
±GDQV OH FDV FRQWUDLUH HQ DYLVHU OH UHGHYDEOH GDQV OHV QRWLILFDWLRQ
IRUPHVSUpYXHVjO¶DUWLFOHFLGHVVXV
,,, ± /¶DGPLQLVWUDWLRQ UHoRLW OHV UHTXrWHV DGUHVVpHV j OD
(OOHSHXWSURFpGHUXOWpULHXUHPHQWjXQQRXYHOH[DPHQGHV FRPPLVVLRQORFDOHGHWD[DWLRQHWQRWLILHOHVGpFLVLRQVGHFHOOHFL
pFULWXUHV GpMj YpULILpHV VDQV TXH FH QRXYHO H[DPHQ PrPH DX[LQWpUHVVpVGDQVOHVIRUPHVSUpYXHVjO¶DUWLFOHFLGHVVXV
ORUVTX
LO FRQFHUQH G
DXWUHV WD[HV SXLVVH HQWUDvQHU XQH
PRGLILFDWLRQ GHV EDVHV G
LPSRVLWLRQ UHWHQXHV DX WHUPH GX ,9 ± /HV GpFLVLRQV GH OD FRPPLVVLRQ ORFDOH GH WD[DWLRQ
SUHPLHUFRQWU{OH SHXYHQW IDLUH O¶REMHW VRLW SDU OHV UHGHYDEOHV VRLW SDU
O¶DGPLQLVWUDWLRQ G¶XQ UHFRXUV GHYDQW OHV WULEXQDX[ GDQV OHV
$UWLFOH
FRQGLWLRQVSUpYXHVjO¶DUWLFOHFLGHVVRXV
3RXYRLUG¶DSSUpFLDWLRQGHO¶DGPLQLVWUDWLRQ
9 ± 6RQW LPPpGLDWHPHQW pPLV SDU YRLH GH U{OH OHV GURLWV
,±/RUVTXHOHVpFULWXUHVG
XQH[HUFLFHFRPSWDEOHRXG¶XQH VXSSOpPHQWDLUHV HW OHV SpQDOLWpV \ DIIpUHQWHV GpFRXODQW GHV
SpULRGHGHWD[DWLRQSUpVHQWHQWGHVLUUpJXODULWpVJUDYHVGHQDWXUH LPSRVLWLRQVpWDEOLHV
j UHPHWWUH HQ FDXVH OD YDOHXU SUREDQWH GH OD FRPSWDELOLWp
O
DGPLQLVWUDWLRQ SHXW GpWHUPLQHU OD EDVH G
LPSRVLWLRQ GHV WD[HV ƒ ± SRXU GpIDXW GH UpSRQVH RX GH UHFRXUV GDQV OHV GpODLV
YLVpHV j O¶DUWLFOH , FLGHVVXV G
DSUqV OHV pOpPHQWV GRQW HOOH SUHVFULWVSDUOHVGLVSRVLWLRQVGX,HW,,FLGHVVXV
GLVSRVH ıDSUqVO
DFFRUGSDUWLHORXWRWDOFRQFOXSDUpFULWHQWUHOHV
6RQWFRQVLGpUpVFRPPHLUUpJXODULWpVJUDYHV SDUWLHVDXFRXUVGHODSURFpGXUHGHUHFWLILFDWLRQ
±OH GpIDXW GH SUpVHQWDWLRQ G
XQH FRPSWDELOLWp WHQXH ıDSUqVGpFLVLRQGHODFRPPLVVLRQORFDOHGHWD[DWLRQ
FRQIRUPpPHQW j OD OpJLVODWLRQ HW OD UpJOHPHQWDWLRQ HQ ƒ ± SRXU OHV UHGUHVVHPHQWV Q¶D\DQW SDV IDLW O¶REMHW
YLJXHXU G¶REVHUYDWLRQV GH OD SDUW GX UHGHYDEOH DX FRXUV GH OD SURFpGXUH
±O
DEVHQFHGHVLQYHQWDLUHV GHUHFWLILFDWLRQ
±ODGLVVLPXODWLRQG
DFKDWVRXGHYHQWHVGRQWODSUHXYHHVW 9,±/DSURFpGXUHGHUHFWLILFDWLRQHVWIUDSSpHGHQXOOLWp
pWDEOLHSDUO
DGPLQLVWUDWLRQ ±HQ FDV GH GpIDXW G
HQYRL DX UHGHYDEOH GH O
DYLV GH
±OHVHUUHXUVRPLVVLRQVRXLQH[DFWLWXGHVJUDYHVHWUpSpWpHV YpULILFDWLRQGDQVOHGpODLSUpYXjO¶DUWLFOH,FLGHVVXV
FRQVWDWpHVGDQVODFRPSWDELOLVDWLRQGHVRSpUDWLRQV ±HQ FDV GH GpIDXW GH QRWLILFDWLRQ GH OD UpSRQVH GH
± O
DEVHQFH GH SLqFHV MXVWLILFDWLYHV SULYDQW OD FRPSWDELOLWp O¶DGPLQLVWUDWLRQ DX[ REVHUYDWLRQV GX UHGHYDEOH GDQV OH
GHWRXWHYDOHXUSUREDQWH GpODLSUpYXDXSDUDJUDSKH,,FLGHVVXV
± OD QRQ FRPSWDELOLVDWLRQ G
RSpUDWLRQV HIIHFWXpHV SDU OH $UWLFOH
UHGHYDEOH 3URFpGXUHDFFpOpUpHGHUHFWLILFDWLRQ
±ODFRPSWDELOLVDWLRQG
RSpUDWLRQVILFWLYHV ,±/RUVTXHO
DGPLQLVWUDWLRQHVWDPHQpHHQFDVGHGpFqVGX
,, ± 6L OD FRPSWDELOLWp SUpVHQWpH QH FRPSRUWH DXFXQH GHV UHGHYDEOH GH FHVVLRQ G¶HQWUHSULVH FHVVDWLRQ G¶DFWLYLWp
LUUpJXODULWpV JUDYHV pQRQFpHV FLGHVVXV O
DGPLQLVWUDWLRQ QH SHXW WUDQVIRUPDWLRQ GH OD IRUPH MXULGLTXH UHGUHVVHPHQW RX GH
UHPHWWUH HQ FDXVH ODGLWH FRPSWDELOLWp HW UHFRQVWLWXHU OH FKLIIUH OLTXLGDWLRQ MXGLFLDLUH j UHFWLILHU OD EDVH LPSRVDEOH GHV WD[HV
G
DIIDLUHV TXH VL HOOH DSSRUWH OD SUHXYH GH O
LQVXIILVDQFH GHV YLVpHV j O¶DUWLFOH , FLGHVVXV DX WLWUH GH OD GHUQLqUH SpULRGH
FKLIIUHVGpFODUpV G
DFWLYLWp QRQ FRXYHUWH SDU OD SUHVFULSWLRQ SUpYXH j O
DUWLFOH 
$UWLFOH FLGHVVRXV HOOH QRWLILH DX UHGHYDEOH GDQV OHV IRUPHV SUpYXHV j
O¶DUWLFOH  FLGHVVXV OHV PRWLIV OH PRQWDQW GpWDLOOp GHV
3URFpGXUHQRUPDOHGHUHFWLILFDWLRQ UHGUHVVHPHQWVHQYLVDJpVHWODEDVHSRXUO¶pWDEOLVVHPHQWGHODWD[H
,±'DQVOHFDVRO¶DGPLQLVWUDWLRQHVWDPHQpHjUHFWLILHUOD UHWHQXH
EDVHG
LPSRVLWLRQGHVWD[HVYLVpHVjO¶DUWLFOH,FLGHVVXVTXH
/HUHGHYDEOHGLVSRVHG
XQGpODLGHWUHQWH  MRXUVVXLYDQW
FHOOHFL UpVXOWH GHV GpFODUDWLRQV GX UHGHYDEOH RX G
XQH WD[DWLRQ
ODGDWHGHODUpFHSWLRQGHODOHWWUHGHQRWLILFDWLRQSRXUIRUPXOHUVD
G
RIILFHHOOHQRWLILHjFHOXLFLGDQVOHVIRUPHVSUpYXHVjO¶DUWLFOH
UpSRQVH HW SURGXLUH V
LO \ D OLHX GHV MXVWLILFDWLRQV $ GpIDXW GH
 FLGHVVXV OHV PRWLIV OD QDWXUH HW OH PRQWDQW GpWDLOOp GHV
UpSRQVH GDQV OH GpODL SUHVFULW O
LPSRVLWLRQ HVW pWDEOLH HW QH SHXW
UHGUHVVHPHQWV HQYLVDJpV HW O
LQYLWH j SURGXLUH VHV REVHUYDWLRQV
GDQVXQGpODLGHWUHQWH  MRXUVVXLYDQWODGDWHGHUpFHSWLRQGH rWUHFRQWHVWpHTXHVXLYDQWOHVGLVSRVLWLRQVGHO
DUWLFOHFLGHVVRXV
OD OHWWUH GH QRWLILFDWLRQ $ GpIDXW GH UpSRQVH GDQV OH GpODL 6LGDQVOHGpODLSUpYXGHVREVHUYDWLRQVRQWpWpIRUPXOpHVHW
SUHVFULWO
LPSRVLWLRQHVWpWDEOLHHWQHSHXWrWUHFRQWHVWpHTXHGDQV VL O¶DGPLQLVWUDWLRQ OHV HVWLPH QRQ IRQGpHV HQ WRXW RX HQ SDUWLH
OHVFRQGLWLRQVSUpYXHVjO
DUWLFOHFLGHVVRXV HOOH QRWLILH DX UHGHYDEOH GDQV OHV IRUPHV SUpYXHV j O¶DUWLFOH 
,, ± 6L OHV REVHUYDWLRQV GX UHGHYDEOH SDUYLHQQHQW j FLGHVVXVGDQVXQGpODLPD[LPXPGHVRL[DQWH  MRXUVVXLYDQW
O¶DGPLQLVWUDWLRQ GDQV OH GpODL SUHVFULW HW VL FHWWH GHUQLqUH OHV ODGDWHGHUpFHSWLRQGHODUpSRQVHGXUHGHYDEOHOHVPRWLIVGHVRQ
HVWLPH QRQ IRQGpHV HQ WRXW RX HQ SDUWLH HOOH QRWLILH DX UHMHWSDUWLHORXWRWDODLQVLTXHOHVEDVHVG¶LPSRVLWLRQUHWHQXHVHQ
UHGHYDEOHGDQVOHVIRUPHVSUpYXHVjO¶DUWLFOHFLGHVVXVGDQV OXL IDLVDQW VDYRLU TX¶LO SRXUUD FRQWHVWHU OHVGLWHV EDVHV GHYDQW OD
XQ GpODL PD[LPXP GH VRL[DQWH   MRXUV VXLYDQW OD GDWH GH FRPPLVVLRQ ORFDOH GH WD[DWLRQ SUpYXH SDU O¶DUWLFOH  FLDSUqV
UpFHSWLRQ GH OD UpSRQVH GX UHGHYDEOH OHV PRWLIV GH VRQ UHMHW GDQVXQGpODLGHWUHQWH  MRXUVVXLYDQWODGDWHGHUpFHSWLRQGH
SDUWLHORXWRWDODLQVLTXHODEDVHG
LPSRVLWLRQTXLOXLSDUDLWGHYRLU ODGHX[LqPHOHWWUHGHQRWLILFDWLRQ
 %8//(7,12)),&,(/ 1ıNDDGD 

/¶DGPLQLVWUDWLRQ pWDEOLW OHV LPSRVLWLRQV VXU OHV EDVHV /RUVTX


j O
H[SLUDWLRQ GX GpODL SUpFLWp OD GpFLVLRQ GH OD
DGUHVVpHV DX UHGHYDEOH GDQV OD GHX[LqPH OHWWUH GH QRWLILFDWLRQ FRPPLVVLRQORFDOHGHWD[DWLRQQ
DSDVpWpSULVHDXFXQHUHFWLILFDWLRQ
SUpFLWpH QHSHXWrWUHDSSRUWpHjODGpFODUDWLRQGXUHGHYDEOHRXjODEDVHSRXU
/H UHFRXUV GHYDQW OD FRPPLVVLRQ ORFDOH GH WD[DWLRQ O¶pWDEOLVVHPHQW GH OD WD[H UHWHQXH SDU O
DGPLQLVWUDWLRQ HQ FDV GH
WD[DWLRQ G
RIILFH SRXU GpIDXW GH GpFODUDWLRQ RX GpFODUDWLRQ
V¶H[HUFH GDQV OHV FRQGLWLRQV IL[pHV SDU OHV GLVSRVLWLRQV GH
LQFRPSOqWH
O¶DUWLFOHFLGHVVXV
7RXWHIRLV GDQV OH FDV R OH UHGHYDEOH DXUDLW GRQQp VRQ
/HV WD[HV VXVYLVpHV QH SHXYHQW rWUH FRQWHVWpHV SDU YRLH DFFRUG SDUWLHO VXU  OHV EDVHV QRWLILpHV SDU O
DGPLQLVWUDWLRQ RX HQ
MXGLFLDLUHTXHGDQVOHVFRQGLWLRQVSUpYXHVjO¶DUWLFOHFLGHVVRXV O¶DEVHQFHG¶REVHUYDWLRQVGHVDSDUWVXUOHVFKHIVGHUHGUHVVHPHQW
7RXWHIRLV j GpIDXW GH SRXUYRL GHYDQW OD FRPPLVVLRQ UHFWLILpVSDUO¶DGPLQLVWUDWLRQF¶HVWODEDVHUpVXOWDQWGHFHWDFFRUG
SUpFLWpHOHVLPSRVLWLRQVpPLVHVQHSHXYHQWrWUHFRQWHVWpHVTXH SDUWLHORXGHVFKHIVGHUHGUHVVHPHQWSUpFLWpVTXLHVWUHWHQXHSRXU
GDQVOHVFRQGLWLRQVSUpYXHVjO¶DUWLFOHFLGHVVRXV O¶pPLVVLRQGHVWD[HV
,, ± (Q FDV GH FHVVDWLRQ WRWDOH G
DFWLYLWp G
XQ UHGHYDEOH ,,± /HV UHSUpVHQWDQWV GHV UHGHYDEOHV VRQW GpVLJQpV GDQV
VXLYLHGHOLTXLGDWLRQODUHFWLILFDWLRQGHVEDVHVG
LPSRVLWLRQDOLHX OHVFRQGLWLRQVVXLYDQWHV
j OD VXLWH G
XQH YpULILFDWLRQ GH FRPSWDELOLWp HIIHFWXpH VDQV TXH ƒ ± SRXU OHV UHFRXUV FRQFHUQDQW OHV UHGHYDEOHV H[HUoDQW
SRXU WRXWH OD SpULRGH GH OLTXLGDWLRQ OD SUHVFULSWLRQ  SXLVVH rWUH XQHDFWLYLWpFRPPHUFLDOHLQGXVWULHOOHDUWLVDQDOHRXDJULFROH
RSSRVpHjO
DGPLQLVWUDWLRQ OHV UHSUpVHQWDQWV WLWXODLUHV HW VXSSOpDQWV HQ QRPEUH pJDO
/D QRWLILFDWLRQ GX UpVXOWDW GH FHWWH YpULILFDWLRQ GH VRQW  GpVLJQpV  SRXU XQH SpULRGH GH WURLV   DQV SDU OH
FRPSWDELOLWpGRLWrWUHDGUHVVpHDXUHGHYDEOHDYDQWO
H[SLUDWLRQGX JRXYHUQHXUGHODSUpIHFWXUHRXGHODSURYLQFHFRQFHUQpHSDUPL
GpODLG
XQDQVXLYDQWODGDWHGXGpS{WGHODGpFODUDWLRQGpILQLWLYH OHVSHUVRQQHVSK\VLTXHVILJXUDQWVXUOHVOLVWHVSUpVHQWpHVSDUOHV
GXUpVXOWDWILQDOGHODOLTXLGDWLRQ SUpVLGHQWV GH OD FKDPEUH GH FRPPHUFH G
LQGXVWULH HW  GH
VHUYLFHVGHVFKDPEUHVG
DUWLVDQDWGHODFKDPEUHG
DJULFXOWXUHHW
$UWLFOH
GH OD  FKDPEUH GHV SrFKHV PDULWLPHV DYDQW OH  RFWREUH GH
&RPPLVVLRQVORFDOHVGHWD[DWLRQ O
DQQpH SUpFpGDQW FHOOH DX FRXUV GH  ODTXHOOH OHV PHPEUHV
3DU GpURJDWLRQ DX[ GLVSRVLWLRQV GH O¶DUWLFOH  GX FRGH GpVLJQpVVRQWDSSHOpVjVLpJHUDXVHLQGHODFRPPLVVLRQORFDOH
JpQpUDO GHV LPS{WV OHV FRPPLVVLRQV ORFDOHV GH WD[DWLRQ ƒ ± SRXU OHV UHFRXUV FRQFHUQDQW OHV UHGHYDEOHV H[HUoDQW
FRQQDLVVHQW GHV UpFODPDWLRQV UHODWLYHV DX[ WD[HV YLVpHV SDU GHVSURIHVVLRQVOLEpUDOHV
O¶DUWLFOH , FLGHVVXV VRXV IRUPH GH UHTXrWHV  SUpVHQWpHV SDU /HV UHSUpVHQWDQWV WLWXODLUHV HW VXSSOpDQWV HQ QRPEUH pJDO
OHV UHGHYDEOHV TXL SRVVqGHQW OHXU GRPLFLOH ILVFDO OHXU VLqJH VRQW GpVLJQpV  SRXU XQH SpULRGH GH WURLV   DQV SDU OH
VRFLDO RX OHXU SULQFLSDO pWDEOLVVHPHQW j O
LQWpULHXU GX UHVVRUW JRXYHUQHXUGHODSUpIHFWXUHRXGHODSURYLQFHFRQFHUQpHSDUPL
GHVGLWHVFRPPLVVLRQV OHV SHUVRQQHV SK\VLTXHV PHPEUHV GHV RUJDQLVDWLRQV
(OOHVVWDWXHQWVXUOHVOLWLJHVTXLOHXUVRQWVRXPLVHWGRLYHQWVH SURIHVVLRQQHOOHV OHV SOXV UHSUpVHQWDWLYHV ILJXUDQW VXU OHV OLVWHV
GpFODUHULQFRPSpWHQWHVVXUOHVTXHVWLRQVTX
HOOHVHVWLPHQWSRUWDQW SUpVHQWpHV SDU  OHVGLWHV RUJDQLVDWLRQV DYDQW OH  RFWREUH GH
VXUO
LQWHUSUpWDWLRQGHVGLVSRVLWLRQVOpJDOHVRXUpJOHPHQWDLUHV O
DQQpH SUpFpGDQW FHOOH DX FRXUV GH  ODTXHOOH OHV PHPEUHV
GpVLJQpVVRQWDSSHOpVjVLpJHUDXVHLQGHODFRPPLVVLRQORFDOH
,±&KDTXHFRPPLVVLRQFRPSUHQG
/DGpVLJQDWLRQGHVUHSUpVHQWDQWVYLVpVDX[ƒHWƒFLGHVVXV
ıXQPDJLVWUDWSUpVLGHQW DOLHXDYDQWOHSUHPLHUMDQYLHUGHO
DQQpHDXFRXUVGHODTXHOOHLOV
ƒ ± XQ UHSUpVHQWDQW GX JRXYHUQHXU GH OD SUpIHFWXUH RX GH OD VRQWDSSHOpVjVLpJHUDXVHLQGHVFRPPLVVLRQVORFDOHV(QFDVGH
SURYLQFHGDQVOHUHVVRUWGHODTXHOOHHVWVLWXpOHVLqJHGHODFRPPLVVLRQ UHWDUG RX G
HPSrFKHPHQW GDQV OD GpVLJQDWLRQ GHV  QRXYHDX[
UHSUpVHQWDQWV OH PDQGDW GHV UHSUpVHQWDQWV VRUWDQWV HVW SURURJp
ƒ ± 8Q UHSUpVHQWDQW GHV VHUYLFHV ILVFDX[ GHV FROOHFWLYLWpV G
RIILFHGHWURLV  PRLVDXPD[LPXP
ORFDOHV GpVLJQp SDU OH *RXYHUQHXU WHQDQW OH U{OH GH VHFUpWDLUH
UDSSRUWHXU ,,,± 6L OH PDQGDW GHV UHSUpVHQWDQWV VRUWDQWV QH SHXW SDV
rWUH SURURJp SRXU  TXHOTXH FDXVH TXH FH VRLW RX VL DX SUHPLHU
ƒ ± XQ UHSUpVHQWDQW GHV UHGHYDEOHV DSSDUWHQDQW j OD DYULO OHV QRXYHDX[ UHSUpVHQWDQWV GHV  UHGHYDEOHV QH VRQW SDV
FKDPEUH RX j O¶RUJDQLVDWLRQ SURIHVVLRQQHOOH TXL UHSUpVHQWH HQFRUH GpVLJQpV OH UHGHYDEOH HQ HVW LQIRUPp GDQV OHV  IRUPHV
O
DFWLYLWpH[HUFpHSDUOHUHGHYDEOHUHTXpUDQW SUpYXHV j O¶DUWLFOH  FLGHVVXV 'DQV FH FDV OH UHGHYDEOH D OD
/D FRPPLVVLRQ VWDWXH YDODEOHPHQW ORUVTXH WURLV DX PRLQV IDFXOWp  GH GHPDQGHU DX FKHI GX VHUYLFH ILVFDO GH OD FROOHFWLYLWp
GH VHV PHPEUHV GRQW OH SUpVLGHQW HW OH UHSUpVHQWDQW GHV ORFDOHGXOLHXGHO¶pWDEOLVVHPHQWGHODWD[HGDQVOHVWUHQWH 
UHGHYDEOHVVRQWSUpVHQWV(OOHGpOLEqUHjODPDMRULWpGHVYRL[GHV MRXUVVXLYDQWODGDWHGHODUpFHSWLRQGHODGLWHOHWWUHjFRPSDUDvWUH
PHPEUHV SUpVHQWV (Q FDV GH SDUWDJH pJDO GHV YRL[  FHOOH GX GHYDQW OD FRPPLVVLRQ ORFDOH GH WD[DWLRQ QH FRPSUHQDQW TXH OH
SUpVLGHQWHVWSUpSRQGpUDQWH SUpVLGHQWOHUHSUpVHQWDQWGXJRXYHUQHXUGHODSUpIHFWXUHRXGHOD
SURYLQFHHWOHFKHIGXVHUYLFHILVFDOGHODFROOHFWLYLWpORFDOH
(OOHVWDWXHYDODEOHPHQWDXFRXUVG
XQHVHFRQGHUpXQLRQHQ
SUpVHQFH GX  SUpVLGHQW HW GH GHX[ DXWUHV PHPEUHV (Q FDV GH ,9±/DFRPPLVVLRQSHXWV
DGMRLQGUHSRXUFKDTXHDIIDLUH
SDUWDJHpJDOGHVYRL[FHOOHGXSUpVLGHQWHVWSUpSRQGpUDQWH GHX[ H[SHUWV DX  SOXV IRQFWLRQQDLUHV RX UHGHYDEOHV TX
HOOH
GpVLJQHHWTXLRQWYRL[FRQVXOWDWLYH(OOHHQWHQGOHUHSUpVHQWDQW
/HV GpFLVLRQV GHV FRPPLVVLRQV ORFDOHV GRLYHQW rWUH GXUHGHYDEOHjODGHPDQGHGHFHGHUQLHURXVLHOOHHVWLPHFHWWH
GpWDLOOpHVHWPRWLYpHV DXGLWLRQQpFHVVDLUH
/H GpODL PD[LPXP TXL GRLW V¶pFRXOHU HQWUH OD GDWH 'DQV OHV GHX[ FDV OD FRPPLVVLRQ FRQYRTXH HQ PrPH
G¶LQWURGXFWLRQG¶XQSRXUYRLHWFHOOHGHODGpFLVLRQTXLHVWSULVH WHPSV OH RX OHV  UHSUpVHQWDQWV GX UHGHYDEOH HW OH RX OHV
jVRQVXMHWHVWIL[pjGRX]H  PRLV UHSUpVHQWDQWVGHO¶DGPLQLVWUDWLRQGpVLJQpVjFHWHIIHW
1ıNDDGD  %8//(7,12)),&,(/ 

/D FRPPLVVLRQ OHV HQWHQG VpSDUpPHQW RX HQ PrPH WHPSV &KDSLWUH,9


VRLW j OD  GHPDQGH GH O
XQH RX GH O
DXWUH SDUWLH VRLW ORUVTX
HOOH 35(6&5,37,21
HVWLPHOHXUFRQIURQWDWLRQQpFHVVDLUH
$UWLFOH
/HV WD[HV pWDEOLHV VXLWH DX[ GpFLVLRQV GHV FRPPLVVLRQV
ORFDOHV  GH WD[DWLRQ \ FRPSULV FHOOHV SRUWDQW VXU OHV TXHVWLRQV 'pODLGHSUHVFULSWLRQ
SRXU OHVTXHOOHV OHVGLWHV FRPPLVVLRQV VH VRQW GpFODUpHV , ± /HV LQVXIILVDQFHV OHV HUUHXUV HW RPLVVLRQV WRWDOHV RX
LQFRPSpWHQWHVSHXYHQWrWUHFRQWHVWpHVSDUOHUHGHYDEOHSDUYRLH SDUWLHOOHVFRQVWDWpHVGDQVODGpWHUPLQDWLRQGHVEDVHVG¶LPSRVLWLRQ
MXGLFLDLUHGDQVOHVFRQGLWLRQVHWOHVGpODLVSUpYXVjO¶DUWLFOH RX OH FDOFXO GHV WD[HV SUpYXHV SDU OD SUpVHQWH ORL SHXYHQW rWUH
FLGHVVRXV UpSDUpHV SDU O¶DGPLQLVWUDWLRQ GDQV XQ GpODL GH TXDWUH   DQV j
&KDSLWUH,,, FRPSWHUGHO¶DQQpHDXWLWUHGHODTXHOOHODWD[HHVWGXH
352&('85('(7$;$7,21'¶2)),&( ,,± /D SUHVFULSWLRQ HVW LQWHUURPSXH SDU OD SUHPLqUH
$UWLFOH QRWLILFDWLRQSUpYXHDX[DUWLFOHVHWFLGHVVXV

7D[DWLRQG¶RIILFHSRXUGpIDXWGHGpFODUDWLRQ ,,,±/D SUHVFULSWLRQ HVW VXVSHQGXH SHQGDQW OD SpULRGH TXL


V¶pFRXOH HQWUH OD GDWH G¶LQWURGXFWLRQ GX SRXUYRL GHYDQW OD
/H UHGHYDEOH TXL Q¶D SDV VRXVFULW OHV GpFODUDWLRQV SUpYXHV FRPPLVVLRQORFDOHGHWD[DWLRQHWO¶H[SLUDWLRQGXGpODLGHWURLV 
SDU OD SUpVHQWH ORL RX TXL D SURGXLW XQH GpFODUDWLRQ LQFRPSOqWH PRLV VXLYDQW OD GDWH GH QRWLILFDWLRQ GH OD GpFLVLRQ GH OD
VXUODTXHOOHPDQTXHQWOHVUHQVHLJQHPHQWVQpFHVVDLUHVjO¶DVVLHWWH FRPPLVVLRQSUpFLWpH
HW DX UHFRXYUHPHQW GHV WD[HV YLVpHV SDU O¶DUWLFOH , FLGHVVXV
HVW LQYLWp GDQV OHV IRUPHV SUpYXHV j O¶DUWLFOH  FLGHVVXV j ,9 ± /HV LQVXIILVDQFHV GH SHUFHSWLRQ OHV HUUHXUV RX
GpSRVHU RX j FRPSOpWHU VD GpFODUDWLRQ GDQV OH GpODL GH WUHQWH RPLVVLRQV WRWDOHV RX SDUWLHOOHV FRQVWDWpHV SDU O¶DGPLQLVWUDWLRQ
 MRXUV VXLYDQW OD GDWH GH UpFHSWLRQ GH OD OHWWUH TXL OXL D pWp GDQVODOLTXLGDWLRQHWO¶pPLVVLRQGHVWD[HVSHXYHQWrWUHUpSDUpHV
DGUHVVpH GDQVOHGpODLGHSUHVFULSWLRQSUpYXDXSUpVHQWDUWLFOH
6L OH UHGHYDEOH QH GpSRVH SDV RX QH FRPSOqWH SDV VD &H GpODL GH SUHVFULSWLRQ HVW LQWHUURPSX SDU OD PLVH HQ
GpFODUDWLRQ GDQV OH GpODL GH WUHQWH   MRXUV SUpFLWp UHFRXYUHPHQWGHVRUGUHVGHUHFHWWHV
O¶DGPLQLVWUDWLRQ O¶LQIRUPH GDQV OHV PrPHV IRUPHV SUpYXHV j 7,75(,,
O¶DUWLFOH  FLGHVVXV GHV EDVHV TX¶HOOH D pYDOXpHV HW VXU
OHVTXHOOHVLOVHUDLPSRVpG¶RIILFHV¶LOQHGpSRVHRXQHFRPSOqWH &RQWHQWLHX[
VD GpFODUDWLRQ GDQV XQ GHX[LqPH GpODL GH WUHQWH   MRXUV &KDSLWUHSUHPLHU
VXLYDQWODGDWHGHUpFHSWLRQGHODGHX[LqPHOHWWUHG¶LQIRUPDWLRQ 352&('85($'0,1,675$7,9(
/HVGURLWVUpVXOWDQWGHFHWWHWD[DWLRQDLQVLTXHODSpQDOLWpHW $UWLFOH
OHV PDMRUDWLRQV \ DIIpUHQWHV QH SHXYHQW rWUH FRQWHVWpV TXH GDQV
OHVFRQGLWLRQVSUpYXHVjO¶DUWLFOHGHODSUpVHQWHORL 'URLWHWGpODLGHUpFODPDWLRQ
$UWLFOH /HVUHGHYDEOHVTXLFRQWHVWHQWWRXWRXSDUWLHGXPRQWDQWGHV
WD[HV PLVHV j OHXU FKDUJH GRLYHQW DGUHVVHU OHXUV UpFODPDWLRQV j
7D[DWLRQG¶RIILFHSRXULQIUDFWLRQVUHODWLYHV O¶RUGRQQDWHXURXjODSHUVRQQHGpOpJXpHSDUOXLjFHWHIIHW
jODSUpVHQWDWLRQGHVGRFXPHQWVFRPSWDEOHV
HWDXGURLWGHFRQWU{OH ± HQ FDV GH WD[DWLRQ SDU YRLH GH U{OH RX RUGUH GH UHFHWWHV
GDQVOHVVL[  PRLVVXLYDQWFHOXLGHODGDWHGHOHXUPLVH
/RUVTX¶XQUHGHYDEOHQHSUpVHQWHSDVOHVGRFXPHQWVYLVpVj
HQUHFRXYUHPHQW
O¶DUWLFOH  FLGHVVXV RX UHIXVH GH VH VRXPHWWUH DX FRQWU{OH
ILVFDO LO OXL HVW DGUHVVp XQH OHWWUH GDQV OHV IRUPHV SUpYXHV j ±HQ FDV GH SDLHPHQW VSRQWDQp GH OD WD[H GDQV OHV VL[  
O¶DUWLFOH  FLGHVVXV O
LQYLWDQW j VH FRQIRUPHU DX[ REOLJDWLRQV PRLV TXL VXLYHQW O¶H[SLUDWLRQ GHV GpODLV GH GpFODUDWLRQV
OpJDOHVGDQVXQGpODLGHTXLQ]H  MRXUVjFRPSWHUGHODGDWHGH SUHVFULWV
UpFHSWLRQGHODGLWHOHWWUH $SUqV LQVWUXFWLRQ GH OD UpFODPDWLRQ SDU OH VHUYLFH
6LOHUHGHYDEOHQHSUpVHQWHSDVOHVGRFXPHQWVGDQVOHGpODL FRPSpWHQWLOHVWVWDWXpVXUODUpFODPDWLRQSDU
RX UHIXVH GH VH VRXPHWWUH DX FRQWU{OH SUpFLWp O
DGPLQLVWUDWLRQ ± OH PLQLVWUH FKDUJp GHV ILQDQFHV RX OD SHUVRQQH GpOpJXpH
O
LQIRUPH SDU OHWWUH GDQV OHV IRUPHV SUpYXHV SDU O¶DUWLFOH  SDUOXLjFHWHIIHWHQPDWLqUHGHWD[HSURIHVVLRQQHOOHWD[H
FLGHVVXV GH O¶DSSOLFDWLRQ G¶XQH DPHQGH GH FLQT FHQWV   G¶KDELWDWLRQHWWD[HGHVHUYLFHVFRPPXQDX[
GLUKDPV HW OXL DFFRUGH XQ GpODL VXSSOpPHQWDLUH GH TXLQ]H  
MRXUV j FRPSWHU GH OD GDWH GH UpFHSWLRQ GH ODGLWH OHWWUH SRXU ±O¶RUGRQQDWHXU GH OD FROOHFWLYLWp ORFDOH RX OD SHUVRQQH
V
H[pFXWHURXSRXUMXVWLILHUO
DEVHQFHGHGRFXPHQWV GpOpJXpHSDUOXLjFHWHIIHWSRXUOHVDXWUHVWD[HV
/RUVTXHGDQVFHGHUQLHUGpODLOHUHGHYDEOHQHVHFRQIRUPH 6L OH UHGHYDEOH Q
DFFHSWH SDV OD GpFLVLRQ UHQGXH SDU
SDV j VHV REOLJDWLRQV OpJDOHV LO HVW LPSRVp G
RIILFH VDQV O¶DGPLQLVWUDWLRQ RX j GpIDXW GH UpSRQVH GH FHOOHFL GDQV OH GpODL
QRWLILFDWLRQ SUpDODEOH &HWWH LPSRVLWLRQ SHXW WRXWHIRLV rWUH GH VL[   PRLV VXLYDQW OD GDWH GH OD UpFODPDWLRQ LO SHXW
FRQWHVWpHGDQVOHVFRQGLWLRQVSUpYXHVjO
DUWLFOHFLGHVVRXV LQWURGXLUH XQH GHPDQGH GHYDQW OH WULEXQDO FRPSpWHQW GDQV OH
6L OH GpIDXW GH SUpVHQWDWLRQ GHV GRFXPHQWV Q
D SDV pWp GpODL GH WUHQWH   MRXUV VXLYDQW OD GDWH GH QRWLILFDWLRQ GH OD
MXVWLILp HW VL  OH UHGHYDEOH UHIXVH WRXMRXUV GH VH VRXPHWWUH DX GpFLVLRQSUpFLWpH
FRQWU{OHLOHVWSDVVLEOHG¶XQHDVWUHLQWHGHFHQW  GLUKDPVSDU 3RXU OHV UHGHYDEOHV QRQ UpVLGHQWV OH GpODL  GH VDLVLQH  GX
MRXUGHUHWDUGGDQVODOLPLWHGHPLOOH  GLUKDPV WULEXQDOHVWSRUWpjGHX[  PRLV
 %8//(7,12)),&,(/ 1ıNDDGD 

/D UpFODPDWLRQ QH IDLW SDV REVWDFOH DX UHFRXYUHPHQW ODGLWHFRPPLVVLRQGHVRQLQFRPSpWHQFHSHXYHQWrWUHFRQWHVWpHV


LPPpGLDWGHVVRPPHVH[LJLEOHVHWV¶LO\DOLHXjO¶HQJDJHPHQW SDU OH UHGHYDEOH SDU YRLH MXGLFLDLUH GDQV OH GpODL GH VRL[DQWH
GHODSURFpGXUHGHUHFRXYUHPHQWIRUFpVRXVUpVHUYHGHUHVWLWXWLRQ  MRXUVVXLYDQWODGDWHGHPLVHHQUHFRXYUHPHQWGHO¶RUGUHGH
WRWDOHRXSDUWLHOOHGHVGLWHVVRPPHVDSUqVGpFLVLRQRXMXJHPHQW UHFHWWHV
$UWLFOH 'DQV OH FDV R OD GpFLVLRQ GH OD FRPPLVVLRQ ORFDOH GH
'pJUqYHPHQWVUHPLVHVPRGpUDWLRQVHWPXWDWLRQGHFRWH WD[DWLRQQHGRQQHSDVOLHXjO¶pPLVVLRQG¶XQRUGUHGHUHFHWWHVOH
, ± /H PLQLVWUH FKDUJp GHV ILQDQFHV O¶RUGRQQDWHXU GH OD UHFRXUV MXGLFLDLUH SHXW rWUH H[HUFp GDQV OHV VRL[DQWH   MRXUV
FROOHFWLYLWpORFDOHFRQFHUQpHRXOHVSHUVRQQHVGpOpJXpHVSDUHX[ VXLYDQW OD GDWH GH QRWLILFDWLRQ GH OD GpFLVLRQ GH ODGLWH
jFHWHIIHWGRLYHQWSURQRQFHUGDQVOHGpODLGHSUHVFULSWLRQUHODWLI FRPPLVVLRQ
DX[UpFODPDWLRQVSUpYXjO
DUWLFOHFLGHVVXVOHGpJUqYHPHQW /
DGPLQLVWUDWLRQ SHXW pJDOHPHQW FRQWHVWHU SDU YRLH
SDUWLHORXWRWDOGHVWD[DWLRQVTXLVRQWUHFRQQXHVIRUPHUVXUWD[H MXGLFLDLUHGDQVOHGpODLSUpFLWpVHORQOHVFDVSUpYXVDXSUHPLHURX
GRXEOH HPSORL RX IDX[ HPSORL HW FH FRQIRUPpPHQW j OD GHX[LqPHDOLQpDFLGHVVXVOHVGpFLVLRQVGHODFRPPLVVLRQORFDOH
OpJLVODWLRQHWODUpJOHPHQWDWLRQHQYLJXHXU GHWD[DWLRQTXHFHOOHVFLSRUWHQWVXUGHVTXHVWLRQVGHGURLWRXGH
,, ± /H PLQLVWUH FKDUJp GHV ILQDQFHV HW OH PLQLVWUH GH IDLW
O¶,QWpULHXURXOHVSHUVRQQHVGpOpJXpHVSDUHX[jFHWHIIHWSHXYHQW 1RQREVWDQW WRXWHV GLVSRVLWLRQV FRQWUDLUHV O¶DGPLQLVWUDWLRQ
DFFRUGHUjODGHPDQGHGXUHGHYDEOHHWDXYXGHVFLUFRQVWDQFHV HVWYDODEOHPHQWUHSUpVHQWpHHQMXVWLFHHQWDQWTXHGHPDQGHXURX
LQYRTXpHV UHPLVH RX PRGpUDWLRQ GHV PDMRUDWLRQV DPHQGHV GpIHQGHXU SDU OH GLUHFWHXU GHV LPS{WV RX O¶RUGRQQDWHXU GH OD
SpQDOLWpVHWDXWUHVVDQFWLRQVSUpYXHVSDUODSUpVHQWHORL FROOHFWLYLWpORFDOHFRQFHUQpHRXOHVSHUVRQQHVGpOpJXpHVSDUHX[
,,, ± /RUVTX¶XQ LPPHXEOH HVW LPSRVp DX WLWUH GH OD WD[H jFHWHIIHWTXLSHXYHQWOHFDVpFKpDQWPDQGDWHUXQDYRFDW
G¶KDELWDWLRQ DX  QRP G¶XQH SHUVRQQH DXWUH TXH FHOOH TXL HQ HVW /HVOLWLJHVPHWWDQWHQFDXVHO¶DSSOLFDWLRQGHODSUpVHQWHORL
SURSULpWDLUH OD PXWDWLRQ GH FRWH RX OD PRGpUDWLRQ SHXW rWUH QHSHXYHQWIDLUHREMHWG¶DUELWUDJH
SURQRQFpHSDUGpFLVLRQGXPLQLVWUHFKDUJpGHVILQDQFHVRXGHOD
$UWLFOH
SHUVRQQHGpOpJXpHSDUOXLjFHWHIIHWVXUODUpFODPDWLRQVRLWGX
SURSULpWDLUH VRLW GH FHOXL VRXV OH QRP GXTXHO OD SURSULpWp D pWp 3URFpGXUHMXGLFLDLUHVXLWHjUpFODPDWLRQ
WD[pHjWRUWSUpVHQWpHGDQVOHVFRQGLWLRQVGHIRUPHHWGHGpODLGH 6L OH UHGHYDEOH Q
DFFHSWH SDV OD GpFLVLRQ UHQGXH SDU
SUHVFULSWLRQSUpYXHVjO¶DUWLFOHFLGHVVXV O¶DGPLQLVWUDWLRQ  FRQFHUQpH VXLWH j O¶LQVWUXFWLRQ GH VD
(Q FDV GH FRQWHVWDWLRQ VXU OH GURLW GH SURSULpWp GH UpFODPDWLRQ LO SHXW VDLVLU OH WULEXQDO FRPSpWHQW GDQV OH GpODL GH
O¶LPPHXEOH OD WD[H  HVW pWDEOLH SURYLVRLUHPHQW DX QRP GX WUHQWH  MRXUVVXLYDQWODGDWHGHODQRWLILFDWLRQGHODGpFLVLRQ
SRVVHVVHXURXGHO¶RFFXSDQWFRPPHSUpYXjO¶DUWLFOHFLGHVVXV SUpFLWpH
HW OHV SDUWLHV VRQW UHQYR\pHV GHYDQW OHV WULEXQDX[ FRPSpWHQWV $GpIDXWGHUpSRQVHGHO
DGPLQLVWUDWLRQGDQVOHGpODLGHVL[
$SUqVMXJHPHQWGpILQLWLIVXUOHGURLWGHSURSULpWpGHO¶LPPHXEOH  PRLVVXLYDQWODGDWHGHODUpFODPDWLRQOHUHGHYDEOHUHTXpUDQW
OD VLWXDWLRQ HVW UpJXODULVpH GDQV OD OLPLWH GH OD SUHVFULSWLRQ SHXW pJDOHPHQW LQWURGXLUH XQH GHPDQGH GHYDQW OH WULEXQDO
SUpYXHjO¶DUWLFOHFLGHVVXV FRPSpWHQW GDQV OH GpODL GH WUHQWH   MRXUV VXLYDQW OD GDWH GH
$UWLFOH O
H[SLUDWLRQGXGpODLGHUpSRQVHSUpFLWp
&RPSHQVDWLRQ $UWLFOH
/RUVTX
XQ UHGHYDEOH GHPDQGH OD GpFKDUJH OD UpGXFWLRQ RX 3URFpGXUHSRXUO¶DSSOLFDWLRQGHVVDQFWLRQVSpQDOHV
OD UHVWLWXWLRQ GX PRQWDQW GH O¶XQH GHV WD[HV SUpYXHV SDU OD DX[LQIUDFWLRQVILVFDOHV
SUpVHQWH ORL O
DGPLQLVWUDWLRQ FRPSpWHQWH SHXW DX FRXUV GH
O
LQVWUXFWLRQ GH FHWWH GHPDQGH RSSRVHU DX UHGHYDEOH WRXWH /D SODLQWH WHQGDQW j O
DSSOLFDWLRQ GHV VDQFWLRQV SUpYXHV j
FRPSHQVDWLRQ DX SURILW GH O¶LQWpUHVVp DX WLWUH GH  OD WD[H O
DUWLFOH  FLGHVVXV GRLW DX SUpDODEOH rWUH SUpVHQWpH SDU OH
FRQFHUQpH HQWUH OHV GpJUqYHPHQWV MXVWLILpV HW OHV GURLWV GRQW PLQLVWUH FKDUJp GHV ILQDQFHV RX SDU O¶RUGRQQDWHXU GH OD
FHOXLFL SHXW HQFRUH rWUH UHGHYDEOH HQ UDLVRQ G
LQVXIILVDQFHV RX FROOHFWLYLWp ORFDOH RX SDU OHV SHUVRQQHV GpOpJXpHV SDU HX[ j FHW
G
RPLVVLRQVQRQFRQWHVWpHVFRQVWDWpHVGDQVO
DVVLHWWHRXOHFDOFXO HIIHWjWLWUHFRQVXOWDWLIjO
DYLVGHODFRPPLVVLRQGHVLQIUDFWLRQV
GHVHVWD[HVQRQDWWHLQWHVSDUODSUHVFULSWLRQ ILVFDOHV SUpYXH SDU O¶DUWLFOH  GX &RGH *pQpUDO GHV ,PS{WV
SUpVLGpH SDU XQ PDJLVWUDW HW FRPSUHQDQW GHX[ UHSUpVHQWDQWV GH
(Q FDV GH FRQWHVWDWLRQ SDU OH UHGHYDEOH GX PRQWDQW GHV
O
DGPLQLVWUDWLRQ ILVFDOH HW GHX[ UHSUpVHQWDQWV GHV UHGHYDEOHV
GURLWV GXV DX WLWUH GHV WD[HV YLVpHV j O¶DUWLFOH , FLGHVVXV
FKRLVLV VXU GHV OLVWHV SUpVHQWpHV SDU OHV RUJDQLVDWLRQV
DIIpUHQWV j XQH LQVXIILVDQFH RX j XQH RPLVVLRQ O
DGPLQLVWUDWLRQ
SURIHVVLRQQHOOHV OHV SOXV UHSUpVHQWDWLYHV /HV PHPEUHV GH FHWWH
FRPSpWHQWH DFFRUGH OH GpJUqYHPHQW HW HQJDJH VHORQ OH FDV OD
FRPPLVVLRQVRQWGpVLJQpVSDUDUUrWpGX3UHPLHUPLQLVWUH
SURFpGXUHSUpYXHjO¶DUWLFOHRXFLGHVVXV
&KDSLWUH,, $SUqV FRQVXOWDWLRQ GH OD FRPPLVVLRQ SUpFLWpH OH PLQLVWUH
FKDUJpGHVILQDQFHVRXO¶RUGRQQDWHXUGHODFROOHFWLYLWpORFDOHRX
352&('85(-8',&,$,5( OHV SHUVRQQHV GpOpJXpHV SDU HX[ j FHW HIIHW SHXYHQW VDLVLU GH OD
$UWLFOH SODLQWH WHQGDQW j O
DSSOLFDWLRQ GHV VDQFWLRQV SpQDOHV SUpYXHV j
3URFpGXUHMXGLFLDLUHVXLWHDXFRQWU{OHILVFDO O
DUWLFOHFLGHVVXVOHSURFXUHXUGX5RLFRPSpWHQWjUDLVRQGX
/HV WD[HV pPLVHV VXLWH DX[ GpFLVLRQV GH OD FRPPLVVLRQ OLHXGHO
LQIUDFWLRQ
ORFDOH GH WD[DWLRQ HW FHOOHV pWDEOLHV G
RIILFH SDU O
DGPLQLVWUDWLRQ /H SURFXUHXU GX 5RL GRLW VDLVLU GH OD SODLQWH OH MXJH
G
DSUqV OD EDVH TX
HOOH D QRWLILp GX IDLW GH OD UHFRQQDLVVDQFH SDU G¶LQVWUXFWLRQ
1ıNDDGD  %8//(7,12)),&,(/ 

752,6,(0(3$57,( ,,±(QPDWLqUHGHWD[HVXUOHVRSpUDWLRQVGHORWLVVHPHQWHQ
FDV GH FHVVLRQ OH FHVVLRQQDLUH HVW VROLGDLUH DYHF OH FpGDQW GX
',6326,7,216',9(56(6 SDLHPHQWGHODWD[H
&KDSLWUHSUHPLHU $UWLFOH
'(),1,7,21 6ROLGDULWpGHVDGRXOHWQRWDLUHV
$UWLFOH (Q FDV GH PXWDWLRQ RX GH FHVVLRQ G¶LPPHXEOH LO HVW IDLW
$GPLQLVWUDWLRQ REOLJDWLRQ DX[ DGRXO QRWDLUHV RX WRXWH DXWUH SHUVRQQH H[HUoDQW
GHV IRQFWLRQV GH UpGDFWLRQ GHV DFWHV j SHLQH G¶rWUH WHQXV
/HWHUPH$GPLQLVWUDWLRQFLWpSDUODSUpVHQWHORLGpVLJQH VROLGDLUHPHQW DYHF OH UHGHYDEOH DX SDLHPHQW GHV WD[HV JUHYDQW
ƒ±OHVVHUYLFHVUHOHYDQWGHODGLUHFWLRQGHVLPS{WVSRXUOHV O¶LPPHXEOHREMHWGHFHVVLRQGHVHIDLUHSUpVHQWHUXQHDWWHVWDWLRQ
WD[HVVXLYDQWHV GHVVHUYLFHVGHUHFRXYUHPHQWMXVWLILDQWGXSDLHPHQWGHVFRWHVVH
UDSSRUWDQW j O¶DQQpH GH PXWDWLRQ RX GH FHVVLRQ HW DX[ DQQpHV
±ODWD[HSURIHVVLRQQHOOH
DQWpULHXUHV
±ODWD[HG
KDELWDWLRQ
7RXWDFWHUHODWLIjODFHVVLRQG¶XQLPPHXEOHTXLVHUDLWSUpVHQWp
±ODWD[HGHVHUYLFHVFRPPXQDX[ GLUHFWHPHQW SDU OHV SDUWLHV j O¶LQVSHFWHXU GHV LPS{WV FKDUJp GH
ƒ ± OHV VHUYLFHV ILVFDX[ UHOHYDQW GHV FROOHFWLYLWpV ORFDOHV O¶HQUHJLVWUHPHQWGRLWrWUHUHWHQXSDUFHOXLFLMXVTX¶jSURGXFWLRQGH
SRXUOHVDXWUHVWD[HVFLWpHVSDUODSUpVHQWHORL O¶DWWHVWDWLRQSUpYXHjO¶DOLQpDSUpFpGHQW
&KDSLWUH,, $UWLFOH
352&('85('(),;$7,21'(67$8; 6ROLGDULWpHQFDVGHFHVVLRQGHIRQGVGHFRPPHUFH
$UWLFOH (Q FDV GH FHVVLRQ G¶XQ IRQGV GH FRPPHUFH G¶XQ
pWDEOLVVHPHQW FRPPHUFLDO LQGXVWULHO DUWLVDQDO RX PLQHU RX HQ
)L[DWLRQGHVWDX[SDUDUUrWp FDV GH FHVVLRQ GH O¶HQVHPEOH GHV ELHQV RX pOpPHQWV ILJXUDQW j
/RUVTXHODSUpVHQWHORLQHGpWHUPLQHSDVGHWDX[RXGHWDULIV O¶DFWLI G¶XQH VRFLpWp RX VHUYDQW j O¶H[HUFLFH G¶XQH SURIHVVLRQ
G¶LPSRVLWLRQIL[HVSRXUOHVWD[HVTXL\VRQWYLVpHVFHVWDULIVHW VRXPLVH j OD WD[H SURIHVVLRQQHOOH OH FHVVLRQQDLUH HVW WHQX GH
WDX[VRQWIL[pVSDUDUUrWpSULVSDUO¶RUGRQQDWHXUGHODFROOHFWLYLWp V¶DVVXUHUGXSDLHPHQWGHVWD[HVGXHVSDUOHFpGDQWjODGDWHGH
ORFDOH FRQFHUQpH DSUqV DSSUREDWLRQ GX FRQVHLO GH ODGLWH FHVVLRQ j UDLVRQ GH O¶DFWLYLWp H[HUFpH SDU OD SUpVHQWDWLRQ G¶XQH
FROOHFWLYLWp DWWHVWDWLRQGXVHUYLFHFKDUJpGXUHFRXYUHPHQW
7RXWHIRLV ORUVTXH O¶RUGRQQDWHXU UHIXVH RX V¶DEVWLHQW GH (Q FDV GH QRQ UHVSHFW GH FHWWH REOLJDWLRQ OH FHVVLRQQDLUH
SUHQGUHO¶DUUrWpIL[DQWOHVWDX[HWWDULIVGHVWD[HVHWTXHFHUHIXV SHXW rWUH WHQX VROLGDLUHPHQW UHVSRQVDEOH GX SDLHPHQW GHV WD[HV
RXFHWWHDEVWHQWLRQDSRXUHIIHWGHVHVRXVWUDLUHDX[GLVSRVLWLRQV GXHVjODGDWHGHFHVVLRQjUDLVRQGHO¶DFWLYLWpH[HUFpH
GHODSUpVHQWHORLRXGHQXLUHjO¶LQWpUrWJpQpUDOGHODFROOHFWLYLWp $UWLFOH
OH PLQLVWUH GH O¶,QWpULHXU RX OD SHUVRQQH GpOpJXpH SDU OXL j FHW
HIIHW SRXU OHV UpJLRQV SUpIHFWXUHV SURYLQFHV HW FRPPXQHV
6ROLGDULWpGXSURSULpWDLUHDYHFO¶H[SORLWDQW
XUEDLQHV HW OH JRXYHUQHXU RX OD SHUVRQQH GpOpJXpH SDU OXL j FHW
G¶XQIRQGVGHFRPPHUFH
HIIHWSRXUOHVFRPPXQHVUXUDOHVSHXWDSUqVO¶DYRLUUHTXLVIL[HU 1RQREVWDQWWRXWHVGLVSRVLWLRQVFRQWUDLUHVOHSURSULpWDLUHG¶XQ
G¶RIILFHOHVWDX[HWWDULIVGHFHVWD[HV IRQGVGHFRPPHUFHHVWVROLGDLUHPHQWUHVSRQVDEOHDYHFO¶H[SORLWDQW
GXSDLHPHQWGHVWD[HVGXHVjUDLVRQGHO¶H[SORLWDWLRQGXGLWIRQGV
&KDSLWUH,,,
&KDSLWUH9
5(3$57,7,21'8352'8,7),6&$/
(175('(8;283/86,(856&20081(6 &20387$7,21'(6'(/$,6
$UWLFOH $UWLFOH
5pSDUWLWLRQGXSURGXLWGHODWD[H (FKpDQFHHWGpODLGHSURFpGXUH
/RUVTXHOHVELHQVLPSRVDEOHVUHOqYHQWGXUHVVRUWWHUULWRULDO /RUVTXHOHVGpODLVSUpYXVSDUODSUpVHQWHORLH[SLUHQWXQMRXU
GH GHX[ RX SOXVLHXUV FRPPXQHV OH SURGXLW GHV WD[HV TXL V¶\ IpULp RX FK{Pp OpJDO O¶pFKpDQFH HVW UHSRUWpH DX SUHPLHU MRXU
UDSSRUWH HVW UpSDUWL HQWUH FHV FRPPXQHV DX SURUDWD GH RXYUDEOHTXLVXLW
O¶LPSODQWDWLRQWHUULWRULDOHGHVGLWVELHQVGDQVFKDTXHFRPPXQH /HVGpODLVUHODWLIVDX[SURFpGXUHVSUpYXHVSDUODSUpVHQWHORL
&KDSLWUH,9 VRQW GHV GpODLV IUDQFV OH SUHPLHU MRXU GX GpODL HW OH MRXU GH
O¶pFKpDQFHQ¶HQWUHQWSDVHQOLJQHGHFRPSWH
62/,'$5,7(
&KDSLWUH9,
$UWLFOH
6(&5(7352)(66,211(/
6ROLGDULWpHQFDVGHFHVVLRQG¶LPPHXEOH
$UWLFOH
,±(QFDVGHFHVVLRQG¶LPPHXEOHOHQRXYHODFTXpUHXUGRLW
VHIDLUHSUpVHQWHUOHVTXLWWDQFHVRXXQHDWWHVWDWLRQGHVVHUYLFHVGH 3HUVRQQHVVRXPLVHVDXVHFUHWSURIHVVLRQQHO
UHFRXYUHPHQW MXVWLILDQW GX SDLHPHQW GHV  WD[HV JUHYDQW OHGLW 7RXWHV OHV SHUVRQQHV DSSHOpHV j O
RFFDVLRQ GH OHXUV
LPPHXEOH HW VH UDSSRUWDQW j O¶DQQpH GH FHVVLRQ HW DX[ DQQpHV IRQFWLRQV RX DWWULEXWLRQV j LQWHUYHQLU GDQV O
pWDEOLVVHPHQW OH
DQWpULHXUHV$GpIDXWOHFHVVLRQQDLUHHVWWHQXVROLGDLUHPHQWDYHF FRQWU{OH OD SHUFHSWLRQ RX OH FRQWHQWLHX[ GHV WD[HV DLQVL TXH OHV
O¶DQFLHQSURSULpWDLUHRXO¶XVXIUXLWLHUDXSDLHPHQWGHVGLWHVWD[HV PHPEUHVGHVFRPPLVVLRQVSUpYXHVjO¶DUWLFOHFLGHVVXVVRQW
6¶LOV¶DJLWGHFHVVLRQSDUWLHOOHODVROLGDULWpQHSRUWHTXHVXU WHQXVDXVHFUHWSURIHVVLRQQHOGDQVOHVWHUPHVGHVORLVSpQDOHVHQ
ODTXRWHSDUWGHVWD[HVDIIpUHQWHVjODSDUWFpGpH YLJXHXU
 %8//(7,12)),&,(/ 1ıNDDGD 

7RXWHIRLV FHV SHUVRQQHV QH SHXYHQW FRPPXQLTXHU OHV ,,±6RQWpJDOHPHQWDEURJpHVjFRPSWHUGHODPrPHGDWHWRXWHV


UHQVHLJQHPHQWV RX GpOLYUHU FRSLHV G¶DFWHV GRFXPHQWV RX OHV GLVSRVLWLRQV UHODWLYHV DX[ LPS{WV HW WD[HV FLWpV FLGHVVXVSUpYXHV
UHJLVWUHV HQ OHXU SRVVHVVLRQ DX[ SDUWLHV DXWUHV TXH OHV SDUGHVWH[WHVOpJLVODWLIVSDUWLFXOLHUV
FRQWUDFWDQWV RX UHGHYDEOHV FRQFHUQpV RX j OHXUV D\DQWV FDXVH j
WLWUHXQLYHUVHOTXHVXURUGRQQDQFHGXMXJHFRPSpWHQW ,,,±/HVUpIpUHQFHVDX[ORLVFLWpHVDX,FLGHVVXV FRQWHQXHV
GDQV GHV WH[WHV OpJLVODWLIV HW UpJOHPHQWDLUHV VRQW UHPSODFpHV SDU
&KDSLWUH9,, OHVGLVSRVLWLRQVFRUUHVSRQGDQWHVGHODSUpVHQWHORL
$%52*$7,21'$7('¶())(7(7',6326,7,21675$16,72,5(6
,9±7RXWHGLVSRVLWLRQUHODWLYHjODILVFDOLWpGHVFROOHFWLYLWpV
$UWLFOH ORFDOHVGRLWrWUHSUpYXHSDUODSUpVHQWHORL
$EURJDWLRQV $UWLFOH
,±6RQWDEURJpVjFRPSWHUGHODGDWHG¶HQWUpHHQYLJXHXU 'DWHG¶HIIHW
GHODSUpVHQWHORL
/HV GLVSRVLWLRQV GH OD SUpVHQWH ORL VRQW DSSOLFDEOHV j
±OH GDKLU Qƒ  GX  UHMHE    GpFHPEUH 
SRUWDQWUqJOHPHQWGHO¶LPS{WGHVSDWHQWHV FRPSWHUGXHUMDQYLHU

±ODORLQƒUHODWLYHjODWD[HXUEDLQHSURPXOJXpHSDU $UWLFOH
OH GDKLU Qƒ  GX SUHPLHU MRXPDGD ,,  'LVSRVLWLRQVWUDQVLWRLUHV
GpFHPEUH 
,±/HVGLVSRVLWLRQVGHVWH[WHVDEURJpVSDUO¶DUWLFOH,FL
± OD ORL Qƒ  LQVWLWXDQW DX SURILW GHV FKDPEUHV GH GHVVXV GHPHXUHQW DSSOLFDEOHV SRXU OHV EHVRLQV G¶DVVLHWWH GH
FRPPHUFH G
LQGXVWULH HW GH VHUYLFHV GHV FKDPEUHV FRQWHQWLHX[ GH FRQWU{OH HW GH UHFRXYUHPHQW GHV LPS{WV HW WD[HV
G
DUWLVDQDWHWGHVFKDPEUHVGHVSrFKHVPDULWLPHVHWOHXUV
FRQFHUQDQWODSpULRGHDQWpULHXUHjODGDWHG¶HQWUpHHQYLJXHXUGH
IpGpUDWLRQV XQ GpFLPH DGGLWLRQQHO j O
LPS{W GHV SDWHQWHV
ODSUpVHQWHORL
SURPXOJXpH SDU OH GDKLU Qƒ  GX  UDELL , 
DR€W  ,, ± /D YLJQHWWH VSpFLDOH SUpYXH j O¶DUWLFOH  GH OD
± OD ORL Qƒ  UHODWLYH j OD ILVFDOLWp GHV FROOHFWLYLWpV SUpVHQWHORLQ¶HVWSDVDSSOLFDEOHDX[SHUPLVGHFRQGXLUHREWHQXV
ORFDOHVHWGHOHXUVJURXSHPHQWV RXpWHQGXVjXQHDXWUHFDWpJRULHDYDQWOHHUMDQYLHU



 %8//(7,12)),&,(/ 1ıNDDGD 

'DKLU Qƒ  GX  NDDGD    QRYHPEUH  $XYHUVR
SRUWDQW   SURPXOJDWLRQ GH OD ORL Qƒ  LQVWLWXDQW OD
±OHQXPpURQDWLRQDOG¶LGHQWLWp
FDUWHQDWLRQDOHG¶LGHQWLWppOHFWURQLTXH
BBBBBBBBB ±ODGDWHG¶H[SLUDWLRQGHODYDOLGLWpGHODFDUWH
±ODILOLDWLRQHQFDUDFWqUHVDUDEHVHWODWLQV
/28$1*($',(86(8/
±ODPHQWLRQIDFXOWDWLYH©pSRXVHª©YHXYHªRX©YHXIª
*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9, HQFDUDFWqUHVDUDEHVHWODWLQV
4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW
±OHGRPLFLOHHQFDUDFWqUHVDUDEHVHWODWLQV
HQIRUWLILHUODWHQHXU
4XH1RWUH0DMHVWp&KpULILHQQH ±OHQXPpURG¶RUGUHGHO¶DFWHGHO¶pWDWFLYLOSURGXLWjO¶DSSXL
GH OD GHPDQGH GH GpOLYUDQFH GH OD FDUWH QDWLRQDOH G¶LGHQWLWp
9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW pOHFWURQLTXH
$'e&,'e&(48,68,7
±OHFRGHVH[H
(VWSURPXOJXpHHWVHUDSXEOLpHDX%XOOHWLQRIILFLHOjODVXLWH
GX SUpVHQW GDKLU OD ORL Qƒ  LQVWLWXDQW OD FDUWH QDWLRQDOH $UWLFOH
G¶LGHQWLWp pOHFWURQLTXH WHOOH TX¶DGRSWpH SDU OD &KDPEUH GHV 6RQWHQFRGpVHWFU\SWpV
UHSUpVHQWDQWVHWOD&KDPEUHGHVFRQVHLOOHUV
D GDQVOHFRGHEDUUHV
)DLWj*XHOPLPOHNDDGD QRYHPEUH 
±OHQXPpURQDWLRQDOG¶LGHQWLWp
3RXUFRQWUHVHLQJ
±OHFRGHVH[H
/H3UHPLHUPLQLVWUH
±OHVSUpQRPHWQRPGXWLWXODLUHHQFDUDFWqUHVDUDEHVHWODWLQV
$%%$6(/)$66,
±OD GDWH HW OH OLHX GH QDLVVDQFH GX WLWXODLUH HQ FDUDFWqUHV
DUDEHVHWODWLQV
±ODGDWHG¶H[SLUDWLRQGHODYDOLGLWpGHODFDUWH

/RLQƒ E GDQVODSXFHpOHFWURQLTXH
LQVWLWXDQWODFDUWHQDWLRQDOHG¶LGHQWLWppOHFWURQLTXH ±OHQXPpURQDWLRQDOG¶LGHQWLWp
±±±±±±±± ±ODSKRWRJUDSKLHGXWLWXODLUH
$UWLFOHSUHPLHU ±OHFRGHVH[H
,O HVW LQVWLWXp XQH FDUWH QDWLRQDOH G¶LGHQWLWp pOHFWURQLTXH ±OHVSUpQRPHWQRPHQFDUDFWqUHVODWLQV
FHUWLILDQWO¶LGHQWLWpGHVRQWLWXODLUHSDUO¶DWWULEXWLRQG¶XQQXPpUR
QDWLRQDOG¶LGHQWLWpXQLTXHSDUSHUVRQQH ±ODILOLDWLRQHQFDUDFWqUHVODWLQV
7RXW PDURFDLQ kJp GH  DQV JUpJRULHQV UpYROXV GRLW rWUH ±ODGDWHGHQDLVVDQFH
WLWXODLUHGHODFDUWHQDWLRQDOHG¶LGHQWLWppOHFWURQLTXH
±OHOLHXGHQDLVVDQFHHQFDUDFWqUHVODWLQV
$UWLFOH
±OHQXPpURGHO¶DFWHGHO¶pWDWFLYLO
/D FDUWH QDWLRQDOH G¶LGHQWLWp pOHFWURQLTXH UHQIHUPH XQ
PRGXOHpOHFWURQLTXHQRQDSSDUHQWHWXQFRGHEDUUHVOLVLEOHVSDU ±OHGRPLFLOHHQFDUDFWqUHVODWLQV
GHVPDFKLQHVDSSURSULpHV ±ODGDWHG¶H[SLUDWLRQGHODYDOLGLWpGHODFDUWH
$UWLFOH ±OHVSRLQWVFDUDFWpULVWLTXHVGHGHX[HPSUHLQWHVGLJLWDOHVGX
/HPRGqOHGHODFDUWHQDWLRQDOHG¶LGHQWLWppOHFWURQLTXHTXL WLWXODLUHVRXVIRUPDWYHFWRULHO
HVW IL[p UpJOHPHQWDLUHPHQW GRLW SHUPHWWUH GH WUDQVFULUH VXU VHV
GHX[IDFHVOHVLQGLFDWLRQVHWPHQWLRQVVXLYDQWHV $UWLFOH
$XUHFWR 6RXVSHLQHGHVVDQFWLRQVSUpYXHVDXHU DOLQpD GH O¶DUWLFOH 
GXFRGHSpQDOVRQWVHXOVKDELOLWpVjDFFpGHUDX[GRQQpHVFRQWHQXHV
±OHVSUpQRPHWQRPHQFDUDFWqUHVDUDEHVHWODWLQV
GDQVOHFRGHEDUUHVHWODSXFHpOHFWURQLTXHSUpYXVFLGHVVXVOHV
±ODGDWHGHQDLVVDQFH SHUVRQQHOVFRQFHUQpVGHODV€UHWpQDWLRQDOHHWOHVIRQFWLRQQDLUHV
±OHOLHXGHQDLVVDQFHHQFDUDFWqUHVDUDEHVHWODWLQV HW DJHQWV GHV DGPLQLVWUDWLRQV SXEOLTXHV HW RUJDQLVPHV GpVLJQpV
±ODGDWHG¶H[SLUDWLRQGHODYDOLGLWpGHODFDUWH SDUYRLHUpJOHPHQWDLUH
±OHVGHX[SUHPLqUHVOHWWUHVGHVSUpQRPHWQRPHQFDUDFWqUHV /HWLWXODLUHGHODFDUWHQDWLRQDOHG¶LGHQWLWppOHFWURQLTXHSHXW
ODWLQV DFFpGHU DX FRQWHQX GHV GRQQpHV HQUHJLVWUpHV GDQV OD SXFH
±ODSKRWRJUDSKLHGXWLWXODLUH pOHFWURQLTXHHWOHFRGHEDUUHVOHFRQFHUQDQW
±OHQXPpURQDWLRQDOG¶LGHQWLWp $UWLFOH
±ODPrPHSKRWRJUDSKLHHQHIIHWPLURLUUpGXLW /D GXUpH GH YDOLGLWp GH OD FDUWH QDWLRQDOH G¶LGHQWLWp
±O¶DXWRULWpTXLGpOLYUHOHGRFXPHQWHQODQJXHDUDEHHWVD pOHFWURQLTXH DLQVL TXH OHV FRQGLWLRQV GH VD GpOLYUDQFH HW GH VRQ
VLJQDWXUH UHQRXYHOOHPHQWVRQWIL[pHVSDUYRLHUpJOHPHQWDLUH
1ıNDDGD  %8//(7,12)),&,(/ 

$UWLFOH 'DKLU Qƒ  GX  NDDGD    QRYHPEUH 
SRUWDQW SURPXOJDWLRQ GH OD ORL Qƒ  UHODWLYH j
/D FDUWH QDWLRQDOH G¶LGHQWLWp pOHFWURQLTXH GLVSHQVH GH OD
O¶pFKDQJHpOHFWURQLTXHGHGRQQpHVMXULGLTXHV
SURGXFWLRQ GH O¶DFWH GH QDLVVDQFH GX FHUWLILFDW GH UpVLGHQFH GX BBBBBBBBB
FHUWLILFDW GH YLH RX GX FHUWLILFDW GH QDWLRQDOLWp GDQV WRXWHV OHV
/28$1*($',(86(8/
SURFpGXUHVSRXUOHVTXHOOHVFHVGRFXPHQWVGRLYHQWrWUHSURGXLWV
$UWLFOH *UDQG6FHDXGH6D0DMHVWp0RKDPPHG9,

/D FDUWH QDWLRQDOH G¶LGHQWLWp pOHFWURQLTXH GRLW rWUH UHQRXYHOpH 4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW


GDQVOHVFDVVXLYDQWV HQIRUWLILHUODWHQHXU
4XH1RWUH0DMHVWp&KpULILHQQH
±OD PRGLILFDWLRQ GX SUpQRP GX QRP RX GH OD GDWH GH
QDLVVDQFH 9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW
$'e&,'e&(48,68,7
±ODUHFWLILFDWLRQGXOLHXGHQDLVVDQFHGXQXPpURGHO¶DFWH
GHO¶pWDWFLYLORXGHODILOLDWLRQ (VWSURPXOJXpHHWVHUDSXEOLpHDX%XOOHWLQRIILFLHOjODVXLWH
GXSUpVHQWGDKLUODORLQƒUHODWLYHjO¶pFKDQJHpOHFWURQLTXH
±OHFKDQJHPHQWGHGRPLFLOH GH GRQQpHV MXULGLTXHV WHOOH TX¶DGRSWpH SDU OD &KDPEUH GHV
UHSUpVHQWDQWVHWOD&KDPEUHGHVFRQVHLOOHUV
±OD SHUWH OH YRO RX O¶DOWpUDWLRQ GH OD FDUWH QDWLRQDOH
G¶LGHQWLWppOHFWURQLTXH )DLWj*XHOPLPOHNDDGD QRYHPEUH 
±O¶H[SLUDWLRQGHODGXUpHGHYDOLGLWp 3RXUFRQWUHVHLQJ
$UWLFOH /H3UHPLHUPLQLVWUH
(VWSXQLHG¶XQHDPHQGHGH'+WRXWHSHUVRQQHkJpHGH $%%$6(/)$66,
 DQV UpYROXV TXL RPHW GH VH IDLUH GpOLYUHU OD FDUWH QDWLRQDOH
G¶LGHQWLWppOHFWURQLTXH 
(VW SXQLH G¶XQH DPHQGH GH  '+ WRXWH SHUVRQQH TXL Q¶D
SDV GHPDQGp OH UHQRXYHOOHPHQW GH VD FDUWH QDWLRQDOH G¶LGHQWLWp /RLQƒ
pOHFWURQLTXHFRQIRUPpPHQWDX[GLVSRVLWLRQVGHO¶DUWLFOHFLGHVVXV UHODWLYHjO¶pFKDQJHpOHFWURQLTXH
GHGRQQpHVMXULGLTXHV
(VW SXQLH G¶XQH DPHQGH GH  '+ WRXWH SHUVRQQH TXL
±±±±±±±
ELHQTXHWLWXODLUHGHODFDUWHQDWLRQDOHG¶LGHQWLWppOHFWURQLTXHQ¶DSX
&+$3,75(35(/,0,1$,5(
OD SUpVHQWHU DX[ UpTXLVLWLRQV GHV RIILFLHUV HW DJHQWV GH OD SROLFH
MXGLFLDLUH $57,&/(35(0,(5
/D SUpVHQWH ORL IL[H OH UpJLPH DSSOLFDEOH DX[ GRQQpHV
$UWLFOH
MXULGLTXHV pFKDQJpHV SDU YRLH pOHFWURQLTXH j O¶pTXLYDOHQFH GHV
/HV GLVSRVLWLRQV GH OD SUpVHQWH ORL HQWUHQW HQ YLJXHXU GDQV GRFXPHQWV pWDEOLV VXU SDSLHU HW VXU VXSSRUW pOHFWURQLTXH HW j OD
XQGpODLGHWURLVPRLVFRXUDQWjFRPSWHUGHODGDWHGHSXEOLFDWLRQ VLJQDWXUHpOHFWURQLTXH
DX ©%XOOHWLQ RIILFLHOªGX WH[WH UpJOHPHQWDLUH GHYDQW rWUH SULV (OOHGpWHUPLQHpJDOHPHQWOHFDGUHMXULGLTXHDSSOLFDEOHDX[
SRXU VD SOHLQH DSSOLFDWLRQ SRXU OHV GHPDQGHXUV GH SUHPLqUH RSpUDWLRQV HIIHFWXpHV SDU OHV SUHVWDWDLUHV GH VHUYLFH GH
GpOLYUDQFHGHODFDUWHQDWLRQDOHG¶LGHQWLWppOHFWURQLTXH FHUWLILFDWLRQpOHFWURQLTXHDLQVLTXHOHVUqJOHVjUHVSHFWHUSDUFHV
GHUQLHUVHWOHVWLWXODLUHVGHVFHUWLILFDWVpOHFWURQLTXHVGpOLYUpV
/HVFDUWHVG¶LGHQWLWpQDWLRQDOHVGpOLYUpHVDQWpULHXUHPHQWj 7,75(35(0,(5
ODGDWHG¶HQWUpHHQYLJXHXUGHODSUpVHQWHORLHWHQFRXUVGHYDOLGLWpVRQW '(/$9$/,',7('(6$&7(6(7$%/,66286
YDODEOHVMXVTX¶jXQHGDWHTXLVHUDIL[pHSDUOHJRXYHUQHPHQWSRXUOHXU )250((/(&7521,48(2875$160,63$592,(
UHPSODFHPHQW SDU OD FDUWH QDWLRQDOH G¶LGHQWLWp pOHFWURQLTXH HW (/(&7521,48(
GHPHXUHQWUpJLHVSDUOHVGLVSRVLWLRQVGXGDKLUSRUWDQWORLQƒ $UWLFOH
GX  VDIDU    IpYULHU  LQVWLWXDQW OD FDUWH G¶LGHQWLWp /H FKDSLWUH SUHPLHU GX WLWUH SUHPLHU GX OLYUH SUHPLHU GX
QDWLRQDOH GDKLU IRUPDQW FRGH GHV REOLJDWLRQV HW GHV FRQWUDWV HVW FRPSOpWp
6RXV UpVHUYH GH FH TXL SUpFqGH VRQW DEURJpHV OHV SDUXQDUWLFOHDLQVLFRQoX
GLVSRVLWLRQV GX GDKLU SRUWDQW ORL Qƒ  GX  VDIDU  © $UWLFOH ±  /RUVTX
XQ pFULW HVW H[LJp SRXU OD YDOLGLWp
©G
XQ DFWH MXULGLTXH LO  SHXW rWUH pWDEOL HW FRQVHUYp VRXV IRUPH
IpYULHU SUpFLWp ©pOHFWURQLTXH GDQV OHV FRQGLWLRQV  SUpYXHV DX[ DUWLFOHV 
©HWFLGHVVRXV
²²² ©/RUVTX
XQHPHQWLRQpFULWHHVWH[LJpHGHODPDLQPrPHGH
©FHOXL TXL V
REOLJH FH GHUQLHU SHXW O
DSSRVHU VRXV IRUPH
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX ©pOHFWURQLTXH VL OHV FRQGLWLRQV GH FHWWH DSSRVLWLRQ VRQW GH QDWXUH
©%XOOHWLQRIILFLHOªQƒGXNDDGD GpFHPEUH  ©jJDUDQWLUTX
HOOHQHSHXWrWUHHIIHFWXpHTXHSDUOXLPrPH
 %8//(7,12)),&,(/ 1ıNDDGD 

©7RXWHIRLV OHV DFWHV UHODWLIV j O¶DSSOLFDWLRQ GHV ©OHVODQJXHVSURSRVpHVSRXUODFRQFOXVLRQGXFRQWUDW


©GLVSRVLWLRQV GX FRGH GH OD IDPLOOH HW OHV DFWHV VRXV VHLQJ SULYp ©OHV PRGDOLWpV G¶DUFKLYDJH GX FRQWUDW SDU O¶DXWHXU GH
©UHODWLIVjGHVV€UHWpVSHUVRQQHOOHVRXUpHOOHVGHQDWXUHFLYLOHRX ©O¶RIIUHHWOHVFRQGLWLRQVG¶DFFqVDXFRQWUDWDUFKLYpVLODQDWXUH
©FRPPHUFLDOH QHVRQW SDV VRXPLV DX[ GLVSRVLWLRQV GH OD
©RXO¶REMHWGXFRQWUDWOHMXVWLILH
©SUpVHQWH ORL j O¶H[FHSWLRQ GHV DFWHV pWDEOLV SDU XQH SHUVRQQH
©SRXUOHVEHVRLQVGHVDSURIHVVLRQª ©OHV PR\HQV GH FRQVXOWHU SDU YRLH pOHFWURQLTXH OHV
$UWLFOH ©UqJOHVSURIHVVLRQQHOOHVHWFRPPHUFLDOHVDX[TXHOOHVO¶DXWHXUGH
©O¶RIIUHHQWHQGOHFDVpFKpDQWVHVRXPHWWUH
/HWLWUHSUHPLHUGXOLYUHSUHPLHUGXGDKLUIRUPDQW&RGHGHV
REOLJDWLRQVHWGHVFRQWUDWVHVWFRPSOpWpSDUXQFKDSLWUHSUHPLHUELV ©7RXWH SURSRVLWLRQ TXL QH FRQWLHQW SDV O¶HQVHPEOH GHV
FRQoXDLQVLTX¶LOVXLW ©pQRQFLDWLRQV LQGLTXpHV DX SUpVHQW DUWLFOH QH SHXW rWUH
©&KDSLWUHSUHPLHU ELV ©FRQVLGpUpH FRPPH XQH RIIUH HW GHPHXUH XQH VLPSOH SXEOLFLWp
©HWQ¶HQJDJHSDVVRQDXWHXU
©'XFRQWUDWFRQFOXVRXVIRUPHpOHFWURQLTXH
©RXWUDQVPLVSDUYRLHpOHFWURQLTXH ©6HFWLRQ,,,±' 'HODFRQFOXVLRQG¶XQFRQWUDW
VRXVIRUPHpOHFWURQLTXH
©6HFWLRQ,±'
'LVSRVLWLRQVJpQpUDOHV
© $UWLFOH ± 6RXV UpVHUYH GHV GLVSRVLWLRQV GX SUpVHQW ©$UWLFOH ±3RXU TXH OH FRQWUDW VRLW YDODEOHPHQW
©FKDSLWUHODYDOLGLWpGXFRQWUDWFRQFOXVRXVIRUPHpOHFWURQLTXH ©FRQFOXOHGHVWLQDWDLUHGHO¶RIIUHGRLWDYRLUHXODSRVVLELOLWpGH
©RXWUDQVPLVSDUYRLHpOHFWURQLTXHHVWUpJLHSDUOHVGLVSRVLWLRQV ©YpULILHU OH GpWDLO GH VRQ RUGUH HW VRQ SUL[ WRWDO HW GH FRUULJHU
©GXFKDSLWUHSUHPLHUGXSUpVHQWWLWUH ©G¶pYHQWXHOOHVHUUHXUVHWFHDYDQWGHFRQILUPHUOHGLWRUGUHSRXU
©H[SULPHUVRQDFFHSWDWLRQ
© $UWLFOH±/HVGLVSRVLWLRQVGHVDUWLFOHVjHW
©FLGHVVXVQHVRQWSDVDSSOLFDEOHVDXSUpVHQWFKDSLWUH © /¶DXWHXU GH O¶RIIUH GRLW DFFXVHU UpFHSWLRQ VDQV GpODL
©6HFWLRQ,,±'HO¶RIIUH ©LQMXVWLILp HW SDU YRLH pOHFWURQLTXH GH O¶DFFHSWDWLRQ GH O¶RIIUH TXL
©OXLDpWpDGUHVVpH
©$UWLFOH±/DYRLHpOHFWURQLTXHSHXWrWUHXWLOLVpHSRXU
©PHWWUHjGLVSRVLWLRQGXSXEOLFGHVRIIUHVFRQWUDFWXHOOHVRXGHV ©/H GHVWLQDWDLUH HVW LUUpYRFDEOHPHQW OLp j O¶RIIUH GqV VD
©LQIRUPDWLRQVVXUGHVELHQVRXVHUYLFHVHQYXHGHODFRQFOXVLRQ ©UpFHSWLRQ
©G¶XQFRQWUDW © /¶DFFHSWDWLRQ GH O¶RIIUH VD FRQILUPDWLRQ HW O¶DFFXVp GH
© /HV LQIRUPDWLRQV TXL VRQW GHPDQGpHV HQ YXH GH OD ©UpFHSWLRQ VRQW UpSXWpV UHoXV ORUVTXH OHV SDUWLHV DX[TXHOOHV LOV
©FRQFOXVLRQG¶XQFRQWUDWRXFHOOHVTXLVRQWDGUHVVpHVDXFRXUVGH ©VRQWDGUHVVpVSHXYHQW\DYRLUDFFqV
©VRQH[pFXWLRQSHXYHQWrWUHWUDQVPLVHVSDUFRXUULHUpOHFWURQLTXH ©6HFWLRQ,9±'
'LVSRVLWLRQVGLYHUVHV
©VLOHXUGHVWLQDWDLUHDDFFHSWpH[SUHVVpPHQWO¶XVDJHGHFHPR\HQ
©$UWLFOHV/
H[LJHQFHG
XQIRUPXODLUHGpWDFKDEOHHVW
© /HV LQIRUPDWLRQV GHVWLQpHV j GHV SURIHVVLRQQHOV SHXYHQW
©OHXU rWUH WUDQVPLVHV SDU FRXUULHU pOHFWURQLTXH GqV ORUV TX¶LOV RQW ©VDWLVIDLWHORUVTXHSDUXQSURFpGppOHFWURQLTXHVSpFLILTXHLOHVW
©FRPPXQLTXpOHXUDGUHVVHpOHFWURQLTXH ©SHUPLV G
DFFpGHU DX IRUPXODLUH  GH OH UHPSOLU HW GH OH UHQYR\HU
©SDUODPrPHYRLH
© /RUVTXH OHV LQIRUPDWLRQV GRLYHQW rWUH SRUWpHV VXU XQ
©IRUPXODLUH FHOXLFL HVW PLV SDU YRLH pOHFWURQLTXH j OD ©$UWLFOH±/RUVTX¶XQHSOXUDOLWpG¶RULJLQDX[HVW©H[LJpH
©GLVSRVLWLRQGHODSHUVRQQHTXLGRLWOHUHPSOLU FHWWH H[LJHQFH HVW UpSXWpH VDWLVIDLWH SRXU OHV DFWHV ©pWDEOLV VRXV
©$UWLFOH±4XLFRQTXH SURSRVH j WLWUH SURIHVVLRQQHO IRUPH pOHFWURQLTXH VL O¶DFWH FRQFHUQp HVW pWDEOL HW ©FRQVHUYp
©SDU YRLH pOHFWURQLTXH OD IRXUQLWXUH GH ELHQV OD SUHVWDWLRQ FRQIRUPpPHQWDX[GLVSRVLWLRQVGHVDUWLFOHV©HW
©GHVHUYLFHVRX OD FHVVLRQ GH IRQGV GH FRPPHUFH RX O¶XQ GH FLGHVVRXVHWTXHOHSURFpGpXWLOLVpSHUPHWjFKDFXQHGHV©SDUWLHV
©OHXUV pOpPHQWV PHW j GLVSRVLWLRQ GX SXEOLF OHV FRQGLWLRQV LQWpUHVVpHVGHGLVSRVHUG¶XQH[HPSODLUHRXG¶\DYRLU©DFFqVª
©FRQWUDFWXHOOHV DSSOLFDEOHV G¶XQH PDQLqUH SHUPHWWDQW OHXU $UWLFOH
©FRQVHUYDWLRQHWOHXUUHSURGXFWLRQ
/DVHFWLRQ,,GXFKDSLWUHSUHPLHUGXWLWUHVHSWLqPHGXOLYUH
© 6DQV SUpMXGLFH GHV FRQGLWLRQV GH YDOLGLWp SUpYXHV GDQV SUHPLHUGXGDKLUIRUPDQW&RGHGHVREOLJDWLRQVHWGHVFRQWUDWVHVW
©O¶RIIUH VRQ  DXWHXU UHVWH HQJDJp SDU FHOOHFL  VRLW SHQGDQW OD FRPSOpWpHSDUOHVDUWLFOHVHWDLQVLFRQoXV
©GXUpHSUpFLVpHGDQVODGLWHRIIUHVRLWjGpIDXWWDQWTX¶HOOHHVW
©DFFHVVLEOHSDUYRLHpOHFWURQLTXHGHVRQIDLW ©6HFWLRQ,,±'HODSUHXYHOLWWpUDOH

©/¶RIIUHFRPSRUWHHQRXWUH ©$UWLFOH ±/¶pFULW VXU VXSSRUW pOHFWURQLTXH D OD


©PrPHIRUFHSUREDQWHTXHO¶pFULWVXUVXSSRUWSDSLHU
©OHV SULQFLSDOHV FDUDFWpULVWLTXHV GX ELHQ GX VHUYLFH
©SURSRVp RX GX IRQGV GH FRPPHUFH FRQFHUQp RX O¶XQ GH VHV © /¶pFULW VRXV IRUPH pOHFWURQLTXH HVW DGPLV HQ SUHXYH DX
©pOpPHQWV ©PrPH WLWUH TXH O¶pFULW VXU VXSSRUW SDSLHU VRXV UpVHUYH TXH
©OHVFRQGLWLRQVGHYHQWHGXELHQRXGXVHUYLFHRXFHOOHVGH ©SXLVVHrWUHG€PHQWLGHQWLILpHODSHUVRQQHGRQWLOpPDQHHWTX¶LO
©FHVVLRQGXIRQGVGHFRPPHUFHRXO¶XQGHVHVpOpPHQWV ©VRLW pWDEOL HW FRQVHUYp GDQV GHV FRQGLWLRQV GH QDWXUH j HQ
©JDUDQWLUO¶LQWpJULWp
©OHVGLIIpUHQWHVpWDSHVjVXLYHSRXUFRQFOXUHOHFRQWUDW
©SDU YRLH pOHFWURQLTXH HW QRWDPPHQW OHV PRGDOLWpV VHORQ © $UWLFOH ± /D VLJQDWXUH QpFHVVDLUH j OD SHUIHFWLRQ
©OHVTXHOOHVOHVSDUWLHVVHOLEqUHQWGHOHXUVREOLJDWLRQVUpFLSURTXHV ©G¶XQ DFWH MXULGLTXH LGHQWLILH FHOXL TXL O¶DSSRVH HW H[SULPH VRQ
©OHVPR\HQVWHFKQLTXHVSHUPHWWDQWDXIXWXUXWLOLVDWHXU ©FRQVHQWHPHQWDX[REOLJDWLRQVTXLGpFRXOHQWGHFHWDFWH
©DYDQW OD FRQFOXVLRQ GX FRQWUDW G¶LGHQWLILHU OHV HUUHXUV ©/RUVTXH OD VLJQDWXUH HVW DSSRVpH SDU GHYDQW XQ RIILFLHU
©FRPPLVHVGDQVODVDLVLHGHVGRQQpHVHWGHOHVFRUULJHU ©SXEOLFKDELOLWpjFHUWLILHUHOOHFRQIqUHO¶DXWKHQWLFLWpjO¶DFWH
1ıNDDGD  %8//(7,12)),&,(/ 

© /RUVTX¶HOOH HVW pOHFWURQLTXH LO FRQYLHQW G¶XWLOLVHU XQ 7,75(,,


©SURFpGpILDEOHG¶LGHQWLILFDWLRQJDUDQWLVVDQWVRQOLHQDYHFO¶DFWH '85(*,0(-85,',48($33/,&$%/(
©DXTXHOHOOHV¶DWWDFKH $/$6,*1$785((/(&7521,48(6(&85,6((
©$UWLFOH ± /D ILDELOLWp G¶XQ SURFpGp GH VLJQDWXUH $/$&5<372*5$3+,((7$/$&(57,),&$7,21(/(&7521,48(
©pOHFWURQLTXH HVW SUpVXPpH MXVTX¶j SUHXYH FRQWUDLUH ORUVTXH FH &KDSLWUHSUHPLHU
©SURFpGpPHWHQ°XYUHXQHVLJQDWXUHpOHFWURQLTXHVpFXULVpH
'HODVLJQDWXUHpOHFWURQLTXHVpFXULVpHHWGHODFU\SWRJUDSKLH
©8QH VLJQDWXUH pOHFWURQLTXH HVW FRQVLGpUpH FRPPH
©VpFXULVpH ORUVTX¶HOOH HVW FUppH O¶LGHQWLWp GX VLJQDWDLUH DVVXUpH 6HFWLRQ±'
'HODVLJQDWXUHpOHFWURQLTXHVpFXULVpH
©HW O¶LQWpJULWp GH O¶DFWH MXULGLTXH JDUDQWLH FRQIRUPpPHQW j OD $UWLFOH
©OpJLVODWLRQHWODUpJOHPHQWDWLRQHQYLJXHXUHQODPDWLqUH
/D VLJQDWXUH pOHFWURQLTXH VpFXULVpH SUpYXH SDU OHV
©7RXWDFWHVXUOHTXHOHVWDSSRVpHXQHVLJQDWXUHpOHFWURQLTXH GLVSRVLWLRQV GH O¶DUWLFOH  GX GDKLU IRUPDQW &RGH GHV
©VpFXULVpHHWTXLHVWKRURGDWpDODPrPHIRUFHSUREDQWHTXHO¶DFWH REOLJDWLRQVHWGHVFRQWUDWVGRLWVDWLVIDLUHDX[FRQGLWLRQVVXLYDQWHV
©GRQWODVLJQDWXUHHVWOpJDOLVpHHWGHGDWHFHUWDLQHª
±rWUHSURSUHDXVLJQDWDLUH
$UWLFOH
±rWUHFUppHSDUGHVPR\HQVTXHOHVLJQDWDLUHSXLVVHJDUGHU
/HV GLVSRVLWLRQV GHV DUWLFOHV     HW  GX VRXVVRQFRQWU{OHH[FOXVLI
GDKLUIRUPDQW&RGHGHVREOLJDWLRQVHWGHVFRQWUDWVVRQWPRGLILpHV
±JDUDQWLU DYHF O¶DFWH DXTXHO HOOH V¶DWWDFKH XQ OLHQ WHO TXH
HWFRPSOpWpHVDLQVLTX¶LOVXLW
WRXWHPRGLILFDWLRQXOWpULHXUHGXGLWDFWHVRLWGpWHFWDEOH
© $UWLFOH ± /D SUHXYH OLWWpUDOH «««««««««
©VRXVVHLQJSULYp (OOH GRLW rWUH SURGXLWH SDU XQ GLVSRVLWLI GH FUpDWLRQ GH
VLJQDWXUHpOHFWURQLTXHDWWHVWpSDUXQFHUWLILFDWGHFRQIRUPLWp
© (OOH SHXW UpVXOWHU pJDOHPHQW«««««««««««HW
©GRFXPHQWV SULYpV RX GH WRXV DXWUHV VLJQHV RX V\PEROHV GRWpV /HV GRQQpHV GH YpULILFDWLRQ GH OD VLJQDWXUH pOHFWURQLTXH
©G¶XQHVLJQLILFDWLRQLQWHOOLJLEOHTXHOVTXHVRLHQWOHXUVXSSRUWHW VpFXULVpHGRLYHQWrWUHPHQWLRQQpHVGDQVOHFHUWLILFDWpOHFWURQLTXH
©OHXUVPRGDOLWpVGHWUDQVPLVVLRQ VpFXULVpSUpYXjO¶DUWLFOHGHODSUpVHQWHORL
$UWLFOH
©/RUVTXHODORLQ¶DSDVIL[pG¶DXWUHVUqJOHVHWjGpIDXWGH
©FRQYHQWLRQ YDODEOH HQWUH OHV SDUWLHV OD MXULGLFWLRQ VWDWXH VXU OHV /H VLJQDWDLUH YLVp j O¶DUWLFOH  FLGHVVXV HVW OD SHUVRQQH
©FRQIOLWV GH SUHXYH OLWWpUDOH SDU  WRXV PR\HQV TXHO TXH VRLW OH SK\VLTXH DJLVVDQW SRXU VRQ SURSUH FRPSWH RX SRXU FHOXL GH OD
©VXSSRUWXWLOLVp SHUVRQQH SK\VLTXH RX PRUDOH TX¶HOOH UHSUpVHQWH TXL PHW HQ
°XYUHXQGLVSRVLWLIGHFUpDWLRQGHVLJQDWXUHpOHFWURQLTXH
©$UWLFOH±/HVDFWHVVRXVVHLQJVSULYpV«««««
©«««««««««««««««DXQRPGHOHXUGpELWHXU $UWLFOH
©,OVQ¶RQWGHGDWHFRQWUHOHVWLHUVTXH /HGLVSRVLWLIGHFUpDWLRQGHVLJQDWXUHpOHFWURQLTXHFRQVLVWHHQXQ
PDWpULHOHWRXXQORJLFLHOGHVWLQp V jPHWWUHHQDSSOLFDWLRQOHVGRQQpHV
©ƒ«««««««««««««««««««««« GH FUpDWLRQ GH VLJQDWXUH pOHFWURQLTXH FRPSRUWDQW OHV pOpPHQWV
©««««««««««««««««««««««« GLVWLQFWLIV FDUDFWpULVDQW OH VLJQDWDLUH WHOV TXH OD FOp FU\SWRJUDSKLTXH
© ƒ ORUVTXH OD GDWH UpVXOWH GH OD VLJQDWXUH pOHFWURQLTXH SULYpHXWLOLVpHSDUOXLSRXUFUpHUXQHVLJQDWXUHpOHFWURQLTXH
©VpFXULVpHDXWKHQWLILDQWO¶DFWHHWVRQVLJQDWDLUHFRQIRUPpPHQWj $UWLFOH
©ODOpJLVODWLRQHQYLJXHXU /HFHUWLILFDWGHFRQIRUPLWpSUpYXjO¶DOLQpDGHO¶DUWLFOH
©/HVD\DQWVFDXVHHWVXFFHVVHXUV««««DXQRPGHOHXU FLGHVVXV HVW GpOLYUp SDU O¶DXWRULWp QDWLRQDOH G¶DJUpPHQW HW GH
©GpELWHXU VXUYHLOODQFHGHODFHUWLILFDWLRQpOHFWURQLTXHSUpYXHjO¶DUWLFOH
GHODSUpVHQWHORLORUVTXHOHGLVSRVLWLIGHFUpDWLRQGHVLJQDWXUH
©$UWLFOH±/¶DFWH«««««««««««SDUHOOH pOHFWURQLTXHVDWLVIDLWDX[H[LJHQFHVFLDSUqV
©/DVLJQDWXUH««««««««««««««DXEDVGH  JDUDQWLU SDU GHV PR\HQV WHFKQLTXHV HW GHV SURFpGXUHV
©O¶DFWH  XQ WLPEUH RX FDFKHW QH SHXYHQW \ VXSSOpHU HW VRQW DSSURSULpVTXHOHVGRQQpHVGHFUpDWLRQGHVLJQDWXUHpOHFWURQLTXH
©FRQVLGpUpVFRPPHQRQDSSRVpV
D QH SHXYHQW rWUH pWDEOLHV SOXV G¶XQH IRLV HW TXH OHXU
©/RUVTX¶LO V¶DJLW G¶XQH VLJQDWXUH pOHFWURQLTXH VpFXULVpH LO FRQILGHQWLDOLWpHVWDVVXUpH
©FRQYLHQW GH O¶LQWURGXLUH GDQV O¶DFWH GDQV OHV FRQGLWLRQV SUpYXHV
©SDUODOpJLVODWLRQHWODUpJOHPHQWDWLRQDSSOLFDEOHVHQODPDWLqUH E QHSHXYHQWrWUHWURXYpHVSDUGpGXFWLRQHWTXHODVLJQDWXUH
pOHFWURQLTXHHVWSURWpJpHFRQWUHWRXWHIDOVLILFDWLRQ
©$UWLFOH±/HVFRSLHV««««««««RULJLQDX[
F SHXYHQW rWUH SURWpJpHV GH PDQLqUH VDWLVIDLVDQWH SDU OH
© /HV FRSLHV G¶XQ DFWH MXULGLTXH pWDEOL VRXV IRUPH VLJQDWDLUHFRQWUHWRXWHXWLOLVDWLRQSDUGHVWLHUV
©pOHFWURQLTXHVRQWDGPLVHVHQSUHXYHGqVORUVTXHO¶DFWH UpSRQG  Q¶HQWUDvQHUDXFXQHDOWpUDWLRQRXPRGLILFDWLRQGXFRQWHQX
©DX[FRQGLWLRQV YLVpHV DX[ DUWLFOHV  HW  HW TXH OH GHO¶DFWHjVLJQHUHWQHSDVIDLUHREVWDFOHjFHTXHOHVLJQDWDLUHHQ
©SURFpGp GH FRQVHUYDWLRQ GHO¶DFWH SHUPHW j FKDTXH SDUWLH GH DLWXQHFRQQDLVVDQFHH[DFWHDYDQWGHOHVLJQHU
©GLVSRVHUG¶XQH[HPSODLUHRXG¶\DYRLUDFFqV
$UWLFOH
©$UWLFOH±/HVFRQYHQWLRQVHWDXWUHVIDLWVMXULGLTXHV
© ««««««««««HW H[FpGDQW /H OLHQ HQWUH OHV GRQQpHV GH YpULILFDWLRQ GH VLJQDWXUH
©OD VRPPH RX OD YDOHXU GH GL[ PLOOH GLUKDPV QH SHXYHQW rWUH pOHFWURQLTXH HW OH VLJQDWDLUH HVW DWWHVWp SDU XQ FHUWLILFDW
©SURXYpV SDU WpPRLQV ,O GRLW HQ rWUH SDVVp DFWH DXWKHQWLTXH RX pOHFWURQLTXH TXL FRQVLVWH HQ XQ GRFXPHQW pWDEOL VRXV IRUPH
©VRXVVHLQJSULYppYHQWXHOOHPHQWpWDEOLVRXVIRUPHpOHFWURQLTXH pOHFWURQLTXH
©RXWUDQVPLVSDUYRLHpOHFWURQLTXHª &HFHUWLILFDWpOHFWURQLTXHSHXWrWUHVLPSOHRXVpFXULVp
 %8//(7,12)),&,(/ 1ıNDDGD 

$UWLFOH /HJRXYHUQHPHQWIL[H
/HFHUWLILFDWpOHFWURQLTXHSUpYXjO¶DUWLFOHFLGHVVXVHVW OHVPR\HQVRXSUHVWDWLRQVUpSRQGDQWDX[FULWqUHVYLVpVDX
XQ FHUWLILFDW pOHFWURQLTXH VpFXULVp  ORUVTX¶LO HVW GpOLYUp SDU XQ SDUDJUDSKHD FLGHVVXV
SUHVWDWDLUH GH VHUYLFHV GH FHUWLILFDWLRQ pOHFWURQLTXH DJUpp SDU
OHVPRGDOLWpVVHORQOHVTXHOOHVHVWVRXVFULWHODGpFODUDWLRQ
O¶$XWRULWp QDWLRQDOH G¶DJUpPHQW HW GH VXUYHLOODQFH GH OD
FHUWLILFDWLRQpOHFWURQLTXHHWTX¶LOFRPSRUWHOHVGRQQpHVFLDSUqV HWGpOLYUpHO¶DXWRULVDWLRQYLVpHVjO¶DOLQpDSUpFpGHQW

D XQHPHQWLRQLQGLTXDQWTXHFHFHUWLILFDWHVWGpOLYUpjWLWUH /H JRXYHUQHPHQW SHXW SUpYRLU XQ UpJLPH VLPSOLILp GH


GHFHUWLILFDWpOHFWURQLTXHVpFXULVp GpFODUDWLRQRXG¶DXWRULVDWLRQRXODGLVSHQVHGHODGpFODUDWLRQRX
GHO¶DXWRULVDWLRQSRXUFHUWDLQVW\SHVGHPR\HQVRXGHSUHVWDWLRQV
E O¶LGHQWLWp GX SUHVWDWDLUH GH VHUYLFHV GH FHUWLILFDWLRQ
GHFU\SWRJUDSKLHRXSRXUFHUWDLQHVFDWpJRULHVG¶XWLOLVDWHXUV
pOHFWURQLTXH DLQVL TXH OD GpQRPLQDWLRQ GH O¶(WDW GDQV OHTXHO LO
HVWpWDEOL $UWLFOH
F OHQRPGXVLJQDWDLUHRXXQSVHXGRQ\PHORUVTX¶LOH[LVWH /DIRXUQLWXUHGHPR\HQVRXGHSUHVWDWLRQVGHFU\SWRJUDSKLH
FHOXLFL GHYDQW DORUV rWUH LGHQWLILp FRPPH WHO WLWXODLUH GX VRXPLVHV j DXWRULVDWLRQ HVW UpVHUYpH DX[ SUHVWDWDLUHV GH VHUYLFHV
FHUWLILFDWpOHFWURQLTXHVpFXULVp GH FHUWLILFDWLRQ pOHFWURQLTXH DJUppV j FHWWH ILQ FRQIRUPpPHQW
G OHFDVpFKpDQWO¶LQGLFDWLRQGHODTXDOLWpGXVLJQDWDLUHHQ DX[GLVSRVLWLRQVGHO¶DUWLFOHGHODSUpVHQWHORL$GpIDXWOHV
IRQFWLRQGHO¶XVDJHDXTXHOOHFHUWLILFDWpOHFWURQLTXHHVWGHVWLQp SHUVRQQHVTXLHQWHQGHQWIRXUQLUGHVSUHVWDWLRQVGHFU\SWRJUDSKLH
H OHVGRQQpHVTXLSHUPHWWHQWODYpULILFDWLRQGHODVLJQDWXUH VRXPLVHV j DXWRULVDWLRQ GRLYHQW rWUH DJUppHV j FHWWH ILQ SDU
pOHFWURQLTXHVpFXULVpH O¶DGPLQLVWUDWLRQ
I O¶LGHQWLILFDWLRQ GX GpEXW HW GH OD ILQ GH OD GXUpH GH &KDSLWUH,,
YDOLGLWpGXFHUWLILFDWpOHFWURQLTXH 'HODFHUWLILFDWLRQGHODVLJQDWXUHpOHFWURQLTXH
J OHFRGHG¶LGHQWLWpGXFHUWLILFDWpOHFWURQLTXH 6HFLRQ±''HO¶$XWRULWpQDWLRQDOHG¶DJUpPHQW
K OD VLJQDWXUH pOHFWURQLTXH VpFXULVpH GX SUHVWDWDLUH GH HWGHVXUYHLOODQFHGHODFHUWLILFDWLRQpOHFWURQLTXH
VHUYLFHV GH FHUWLILFDWLRQ pOHFWURQLTXH TXL GpOLYUH OH FHUWLILFDW $UWLFOH
pOHFWURQLTXH
/¶$XWRULWp QDWLRQDOH G¶DJUpPHQW HW GH VXUYHLOODQFH GH OD
L OH FDV pFKpDQW OHV FRQGLWLRQV G¶XWLOLVDWLRQ GX FHUWLILFDW
FHUWLILFDWLRQ pOHFWURQLTXH GpVLJQpH FLDSUqV SDU O¶DXWRULWp
pOHFWURQLTXH QRWDPPHQW OH PRQWDQW PD[LPXP GHV WUDQVDFWLRQV
QDWLRQDOH D SRXU PLVVLRQ  RXWUH OHV FRPSpWHQFHV TXL OXL VRQW
SRXUOHVTXHOOHVFHFHUWLILFDWSHXWrWUHXWLOLVp
GpYROXHVHQYHUWXG¶DXWUHVDUWLFOHVGHODSUpVHQWHORL
6HFWLRQ±'
'HODFU\SWRJUDSKLH
±GH SURSRVHU DX JRXYHUQHPHQW OHV QRUPHV GX V\VWqPH
$UWLFOH G¶DJUpPHQW HW GH SUHQGUH OHV PHVXUHV QpFHVVDLUHV j VD
/HVPR\HQVGHFU\SWRJUDSKLHRQWQRWDPPHQWSRXUREMHWGH PLVHHQ°XYUH
JDUDQWLU OD VpFXULWp GH O¶pFKDQJH HWRX GX VWRFNDJH GH GRQQpHV
±G¶DJUpHU OHV SUHVWDWDLUHV GH VHUYLFHV GH FHUWLILFDWLRQ
MXULGLTXHVSDUYRLHpOHFWURQLTXHGHPDQLqUHTXLSHUPHWG¶DVVXUHU
OHXU FRQILGHQWLDOLWp OHXU DXWKHQWLILFDWLRQ HW OH FRQWU{OH GH OHXU pOHFWURQLTXHHWGHFRQWU{OHUOHXUVDFWLYLWpV
LQWpJULWp $UWLFOH
2Q HQWHQG SDU PR\HQ GH FU\SWRJUDSKLH WRXW PDWpULHO HWRX /¶DXWRULWp QDWLRQDOH SXEOLH XQ H[WUDLW GH OD GpFLVLRQ
ORJLFLHO FRQoX V RX PRGLILp V SRXU WUDQVIRUPHU GHV GRQQpHV G¶DJUpPHQW DX ©%XOOHWLQ RIILFLHOª HW WLHQW XQ UHJLVWUH GHV
TX¶LO V¶DJLVVH G¶LQIRUPDWLRQV GH VLJQDX[ RX GH V\PEROHV j SUHVWDWDLUHV GH VHUYLFHV GH FHUWLILFDWLRQ pOHFWURQLTXH DJUppV TXL
O¶DLGH GH FRQYHQWLRQV VHFUqWHV RX SRXU UpDOLVHU O¶RSpUDWLRQ IDLW O¶REMHW j OD ILQ GH FKDTXH DQQpH G¶XQH SXEOLFDWLRQ DX
LQYHUVHDYHFRXVDQVFRQYHQWLRQVHFUqWH ©%XOOHWLQRIILFLHOª
2Q HQWHQG SDU SUHVWDWLRQ GH FU\SWRJUDSKLH WRXWH RSpUDWLRQ $UWLFOH
YLVDQW O¶XWLOLVDWLRQ SRXU OH FRPSWH G¶DXWUXL GH PR\HQV GH
FU\SWRJUDSKLH /¶DXWRULWpQDWLRQDOHV¶DVVXUHGXUHVSHFWSDUOHVSUHVWDWDLUHV
GH VHUYLFHV GH FHUWLILFDWLRQ pOHFWURQLTXH GpOLYUDQW GHV FHUWLILFDWV
$UWLFOH
pOHFWURQLTXHV VpFXULVpV GHV HQJDJHPHQWV SUpYXV SDU OHV
$ILQ GH SUpYHQLU O¶XVDJH j GHV ILQV LOOpJDOHV HW SRXU GLVSRVLWLRQV GH OD SUpVHQWH ORL HW GHV WH[WHV SULV SRXU VRQ
SUpVHUYHU OHV LQWpUrWV GH OD GpIHQVH QDWLRQDOH HW GH OD VpFXULWp DSSOLFDWLRQ
LQWpULHXUHRXH[WpULHXUHGHO¶(WDWO¶LPSRUWDWLRQO¶H[SRUWDWLRQOD
IRXUQLWXUH O¶H[SORLWDWLRQ RX O¶XWLOLVDWLRQ GH PR\HQV RX GH $UWLFOH
SUHVWDWLRQVGHFU\SWRJUDSKLHVRQWVRXPLVHV /¶DXWRULWpQDWLRQDOHSHXWVRLWG¶RIILFHVRLWjODGHPDQGHGH
D  j GpFODUDWLRQ SUpDODEOH ORUVTXH FH PR\HQ RX FHWWH WRXWHSHUVRQQHLQWpUHVVpHYpULILHURXIDLUHYpULILHUODFRQIRUPLWp
SUHVWDWLRQDSRXUXQLTXHREMHWG¶DXWKHQWLILHUXQHWUDQVPLVVLRQRX GHV DFWLYLWpV G¶XQ SUHVWDWDLUH GH VHUYLFHV GH FHUWLILFDWLRQ
G¶DVVXUHU O¶LQWpJUDOLWp GHV GRQQpHV  WUDQVPLVHV SDU YRLH pOHFWURQLTXH GpOLYUDQW GHV FHUWLILFDWV pOHFWURQLTXHV VpFXULVpV DX[
pOHFWURQLTXH GLVSRVLWLRQV GH OD SUpVHQWH ORL RX GHV WH[WHV SULV SRXU VRQ
E j DXWRULVDWLRQ SUpDODEOH GH O¶DGPLQLVWUDWLRQ ORUVTX¶LO DSSOLFDWLRQ (OOH SHXW DYRLU UHFRXUV j GHV H[SHUWV SRXU OD
V¶DJLWG¶XQDXWUHREMHWTXHFHOXLYLVpDXSDUDJUDSKHD FLGHVVXV UpDOLVDWLRQGHVHVPLVVLRQVGHFRQWU{OH
1ıNDDGD  %8//(7,12)),&,(/ 

$UWLFOH ±V¶HQJDJHUj
'DQV O¶DFFRPSOLVVHPHQW GH OHXU PLVVLRQ GH YpULILFDWLRQ ±YpULILHUG¶XQHSDUWO¶LGHQWLWpGHODSHUVRQQHjODTXHOOH
YLVpH j O¶DUWLFOH  FLGHVVXV OHV DJHQWV GH O¶DXWRULWp QDWLRQDOH XQFHUWLILFDWpOHFWURQLTXHHVWGpOLYUpHQH[LJHDQWG¶HOOH
DLQVL TXH OHV H[SHUWV GpVLJQpV SDU HOOH RQW VXU MXVWLILFDWLRQ GH ODSUpVHQWDWLRQG¶XQGRFXPHQWRIILFLHOG¶LGHQWLWpSRXU
OHXUV TXDOLWpV OH GURLW G¶DFFpGHU j WRXW pWDEOLVVHPHQW HW GH V¶DVVXUHU TXH OD SHUVRQQH D OD FDSDFLWp OpJDOH GH
SUHQGUH FRQQDLVVDQFH GH WRXV PpFDQLVPHV HW PR\HQV WHFKQLTXHV V¶HQJDJHU G¶DXWUH SDUW OD TXDOLWp GRQW FHWWH SHUVRQQH
UHODWLIVDX[VHUYLFHVGHFHUWLILFDWLRQpOHFWURQLTXHVpFXULVpHTX¶LOV VH SUpYDXW HW FRQVHUYHU OHV FDUDFWpULVWLTXHV HW
HVWLPHURQW XWLOHV RX QpFHVVDLUHV j O¶DFFRPSOLVVHPHQW GH OHXU UpIpUHQFHV GHV GRFXPHQWV SUpVHQWpV SRXU MXVWLILHU GH
PLVVLRQ FHWWHLGHQWLWpHWGHFHWWHTXDOLWp
6HFWLRQ±' 'HVSUHVWDWDLUHVGHVHUYLFHV GHFHUWLILFDWLRQ ±V¶DVVXUHU DX PRPHQW GH OD GpOLYUDQFH GX FHUWLILFDW
pOHFWURQLTXH pOHFWURQLTXH
$UWLFOH D TXHOHVLQIRUPDWLRQVTX¶LOFRQWLHQWVRQWH[DFWHV
6HXOVOHVSUHVWDWDLUHVGHVHUYLFHGHFHUWLILFDWLRQpOHFWURQLTXH E TXHOHVLJQDWDLUHTXL\HVWLGHQWLILpGpWLHQWOHVGRQQpHVGH
DJUppVGDQVOHVFRQGLWLRQVIL[pHVSDUODSUpVHQWHORLHWOHVWH[WHV FUpDWLRQ GH VLJQDWXUH pOHFWURQLTXH FRUUHVSRQGDQW DX[ GRQQpHV GH
SULV SRXU VRQ DSSOLFDWLRQ SHXYHQW pPHWWUH HW GpOLYUHU OHV YpULILFDWLRQGHVLJQDWXUHpOHFWURQLTXHFRQWHQXHVGDQVOHFHUWLILFDW
FHUWLILFDWVpOHFWURQLTXHVVpFXULVpVHWJpUHUOHVVHUYLFHVTXL\VRQW
DIIpUHQWV ±LQIRUPHU SDU pFULW OD SHUVRQQH GHPDQGDQW OD
GpOLYUDQFHG¶XQFHUWLILFDWpOHFWURQLTXHSUpDODEOHPHQWj
$UWLFOH ODFRQFOXVLRQG¶XQFRQWUDWGHSUHVWDWLRQGHVHUYLFHVGH
3RXUSRXYRLUrWUHDJUppHQTXDOLWpGHSUHVWDWDLUHGHVHUYLFHV FHUWLILFDWLRQpOHFWURQLTXH
GH FHUWLILFDWLRQ pOHFWURQLTXH  OH GHPDQGHXU GH O¶DJUpPHQW GRLW D GHVPRGDOLWpVHWGHVFRQGLWLRQVG¶XWLOLVDWLRQGXFHUWLILFDW
rWUHFRQVWLWXpVRXVIRUPHGHVRFLpWpD\DQWVRQVLqJHVRFLDOVXUOH
WHUULWRLUHGX5R\DXPHHW E GHVPRGDOLWpVGHFRQWHVWDWLRQHWGHUqJOHPHQWGHVOLWLJHV
±lUHPSOLUGHVFRQGLWLRQVWHFKQLTXHVJDUDQWLVVDQW ±IRXUQLUDX[SHUVRQQHVTXLVHIRQGHQWVXUXQFHUWLILFDW
pOHFWURQLTXH OHV pOpPHQWV GH O¶LQIRUPDWLRQ SUpYXH DX
D±ODILDELOLWpGHVVHUYLFHVGHFHUWLILFDWLRQpOHFWURQLTXHTX¶LO SRLQWSUpFpGHQWTXLOHXUVRQWXWLOHV
IRXUQLW QRWDPPHQW OD VpFXULWp WHFKQLTXH HW
FU\SWRJUDSKLTXHGHVIRQFWLRQVTX¶DVVXUHQWOHVV\VWqPHV ±LQIRUPHU OHV WLWXODLUHV GX FHUWLILFDW VpFXULVp DX PRLQV
HWOHVPR\HQVFU\SWRJUDSKLTXHVTX¶LOSURSRVH VRL[DQWH   MRXUV DYDQW OD GDWH G¶H[SLUDWLRQ GH OD
YDOLGLWp GH OHXU FHUWLILFDW GH O¶pFKpDQFH GH FHOXLFL HW
E±OD FRQILGHQWLDOLWp GHV GRQQpHV GH FUpDWLRQ GH VLJQDWXUH
OHVLQYLWHUjOHUHQRXYHOHURXjGHPDQGHUVDUpYRFDWLRQ
pOHFWURQLTXHTX¶LOIRXUQLWDXVLJQDWDLUH
±VRXVFULUHXQHDVVXUDQFHDILQGHFRXYULUOHVGRPPDJHV
F±OD GLVSRQLELOLWp G¶XQ SHUVRQQHO D\DQW OHV TXDOLILFDWLRQV
UpVXOWDQWGHOHXUVIDXWHVSURIHVVLRQQHOOHV
QpFHVVDLUHV j OD IRXUQLWXUH GH VHUYLFHV GH FHUWLILFDWLRQ
pOHFWURQLTXH ±UpYRTXHUXQFHUWLILFDWpOHFWURQLTXHORUVTXH
G±OD SRVVLELOLWp SRXU OD SHUVRQQH j TXL OH FHUWLILFDW D LO V¶DYqUH TX¶LO D pWp GpOLYUp VXU OD EDVH G¶LQIRUPDWLRQV
pOHFWURQLTXH D pWp GpOLYUp  GH UpYRTXHU VDQV GpODL HW HUURQpHVRXIDOVLILpHVTXHOHVLQIRUPDWLRQVFRQWHQXHVGDQVOHGLW
DYHFFHUWLWXGHFHFHUWLILFDW FHUWLILFDW QH VRQW SOXV FRQIRUPHV j OD UpDOLWp RX TXH OD
H±ODGpWHUPLQDWLRQDYHFSUpFLVLRQGHODGDWHHWO¶KHXUHGH FRQILGHQWLDOLWpGHVGRQQpHVDIIpUHQWHVjODFUpDWLRQGHVLJQDWXUHD
GpOLYUDQFHHWGHUpYRFDWLRQG¶XQFHUWLILFDWpOHFWURQLTXH pWpYLROpH
I±O¶H[LVWHQFHG¶XQV\VWqPHGHVpFXULWpSURSUHjSUpYHQLUOD E OHV DXWRULWpV MXGLFLDLUHV OXL HQMRLJQHQW  G¶LQIRUPHU
IDOVLILFDWLRQ GHV FHUWLILFDWV pOHFWURQLTXHV HW j V¶DVVXUHU LPPpGLDWHPHQWOHVWLWXODLUHVGHVFHUWLILFDWVVpFXULVpVGpOLYUpVSDU
TXHOHVGRQQpHVGHFUpDWLRQGHODVLJQDWXUHpOHFWURQLTXH OXL GH OHXU QRQ FRQIRUPLWp DX[ GLVSRVLWLRQV GH OD SUpVHQWH ORL HW
FRUUHVSRQGHQW DX[ GRQQpHV GH VD YpULILFDWLRQ ORUVTXH GHVWH[WHVSULVSRXUVRQDSSOLFDWLRQ
VRQW IRXUQLHV j OD IRLV GHV GRQQpHV GH FUpDWLRQ HW GHV $UWLFOH
GRQQpHVGHYpULILFDWLRQGHODVLJQDWXUHpOHFWURQLTXH
3DUGpURJDWLRQDX[GLVSRVLWLRQVGHVDUWLFOHVHWFLGHVVXV
±rWUHHQPHVXUHGHFRQVHUYHUpYHQWXHOOHPHQWVRXVIRUPH
±OHVFHUWLILFDWVGpOLYUpVSDUXQSUHVWDWDLUHGHVHUYLFHVGH
pOHFWURQLTXH WRXWHV OHV LQIRUPDWLRQV UHODWLYHV DX FHUWLILFDW
FHUWLILFDWLRQ pOHFWURQLTXH pWDEOL GDQV XQ SD\V pWUDQJHU RQW OD
pOHFWURQLTXH TXL SRXUUDLHQW V¶DYpUHU QpFHVVDLUHV SRXU IDLUH OD
PrPH YDOHXU MXULGLTXH TXH FHX[ GpOLYUpV SDU XQ SUHVWDWDLUH GH
SUHXYH HQ MXVWLFH GH OD FHUWLILFDWLRQ pOHFWURQLTXH VRXV UpVHUYH
FHUWLILFDWLRQ pOHFWURQLTXH pWDEOL DX 0DURF VL OH FHUWLILFDW RX OH
TXH OHV V\VWqPHV GH FRQVHUYDWLRQ GHV FHUWLILFDWV pOHFWURQLTXH
JDUDQWLVVHQWTXH SUHVWDWDLUH GH VHUYLFH GH FHUWLILFDWLRQ HVW UHFRQQX GDQV OH FDGUH
G¶XQ DFFRUG PXOWLODWpUDO DXTXHO OH 0DURF HVW SDUWLH RX G¶XQ
D±O¶LQWURGXFWLRQ HW OD PRGLILFDWLRQ GHV GRQQpHV VRQW DFFRUGELODWpUDOGHUHFRQQDLVVDQFHUpFLSURTXHHQWUHOH0DURFHWOH
UpVHUYpHVDX[VHXOHVSHUVRQQHVDXWRULVpHVjFHWHIIHWSDU SD\VG¶pWDEOLVVHPHQWGXSUHVWDWDLUH
OHSUHVWDWDLUH
 ±SHXYHQW rWUH DJUppV OHV SUHVWDWDLUHV GH VHUYLFHV GH
E±O¶DFFqV GX SXEOLF j XQ FHUWLILFDW pOHFWURQLTXH QH SHXW FHUWLILFDWLRQ pOHFWURQLTXH GRQW OH VLqJH VRFLDO HVW pWDEOL j
DYRLUOLHXVDQVOHFRQVHQWHPHQWSUpDODEOHGXWLWXODLUHGX O¶pWUDQJHU VRXV UpVHUYH TXH O¶(WDW VXU OH WHUULWRLUH GXTXHO LOV
FHUWLILFDW H[HUFHQWOHXUDFWLYLWpDLWFRQFOXDYHFOH5R\DXPHGX0DURFXQH
F±WRXWHPRGLILFDWLRQGHQDWXUHjFRPSURPHWWUHODVpFXULWp FRQYHQWLRQ GH UHFRQQDLVVDQFH UpFLSURTXH GHV SUHVWDWDLUHV GH
GXV\VWqPHSHXWrWUHGpWHFWpH VHUYLFHVGHFHUWLILFDWLRQpOHFWURQLTXH
 %8//(7,12)),&,(/ 1ıNDDGD 

$UWLFOH $UWLFOH
/H  SUHVWDWDLUH GH VHUYLFHV GH FHUWLILFDWLRQ GH VLJQDWXUH /RUVTX¶XQFHUWLILFDWpOHFWURQLTXHHVWDUULYpjpFKpDQFHRXD
pOHFWURQLTXHTXLpPHWGpOLYUHHWJqUHOHVFHUWLILFDWVpOHFWURQLTXHV pWp UpYRTXp VRQ WLWXODLUH QH SHXW SOXV XWLOLVHU OHV GRQQpHV
LQIRUPHO¶DGPLQLVWUDWLRQjO¶DYDQFHGDQVXQGpODLPD[LPXPGH DIIpUHQWHVjODFUpDWLRQGHVLJQDWXUHFRUUHVSRQGDQWHVSRXUVLJQHU
GHX[PRLVGHVDYRORQWpGHPHWWUHILQjVHVDFWLYLWpV RXIDLUHFHUWLILHUFHVGRQQpHVSDUXQDXWUHSUHVWDWDLUHGHVHUYLFHV
$XTXHOFDVLOGRLWV¶DVVXUHUGHODUHSULVHGHFHOOHVFLSDUXQ GHFHUWLILFDWLRQpOHFWURQLTXH
SUHVWDWDLUHGHVHUYLFHGHFHUWLILFDWLRQpOHFWURQLTXHJDUDQWLVVDQWXQ &KDSLWUH,,,
PrPH QLYHDX GH TXDOLWp HW GH VpFXULWp RX j GpIDXW UpYRTXH OHV 'HVVDQFWLRQVGHVPHVXUHVSUpYHQWLYHV
FHUWLILFDWVGDQVXQGpODLPD[LPXPGHGHX[PRLVDSUqVHQDYRLU HWGHODFRQVWDWDWLRQGHVLQIUDFWLRQV
DYHUWLOHVWLWXODLUHV
$UWLFOH
,O LQIRUPH pJDOHPHQW O¶DXWRULWp QDWLRQDOH VDQV GpODL GH
O¶DUUrWGHVHVDFWLYLWpVHQFDVGHOLTXLGDWLRQMXGLFLDLUH (VW SXQL G¶XQH DPHQGH GH  j  '+ HW G¶XQ
HPSULVRQQHPHQWGHWURLVPRLVjXQDQTXLFRQTXHDXUDIRXUQLGHV
$UWLFOH SUHVWDWLRQVGHVHUYLFHVGHFHUWLILFDWLRQpOHFWURQLTXHVpFXULVpHVDQV
/HV SUHVWDWDLUHV GH VHUYLFHV GH FHUWLILFDWLRQ pOHFWURQLTXH rWUHDJUppGDQVOHVFRQGLWLRQVSUpYXHVjO¶DUWLFOHFLGHVVXVRX
VRQW DVWUHLQWV SRXU HX[PrPHV HW SRXU OHXUV HPSOR\pV DX DXUD FRQWLQXp  VRQ DFWLYLWp PDOJUp  OH UHWUDLW GH VRQ DJUpPHQW RX
UHVSHFWGXVHFUHWSURIHVVLRQQHOVRXVSHLQHGHVVDQFWLRQVSUpYXHV DXUDpPLVGpOLYUpRXJpUpGHVFHUWLILFDWVpOHFWURQLTXHVVpFXULVpVHQ
SDUODOpJLVODWLRQHQYLJXHXU YLRODWLRQGHVGLVSRVLWLRQVGHO¶DUWLFOHFLGHVVXV
,OVVRQWUHVSRQVDEOHVGDQVOHVWHUPHVGXGURLWFRPPXQGH $UWLFOH
OHXU QpJOLJHQFH LPSpULWLH RX LQVXIILVDQFH SURIHVVLRQQHOOH WDQW
6DQV SUpMXGLFH GH GLVSRVLWLRQV SpQDOHV SOXV VpYqUHV HVW
YLVjYLVGHOHXUVFRFRQWUDFWDQWVTXHGHVWLHUV
SXQLG¶XQHPSULVRQQHPHQWG¶XQPRLVjVL[PRLVHWG¶XQHDPHQGH
/HV SUHVWDWDLUHV GH VHUYLFHV GH FHUWLILFDWLRQ pOHFWURQLTXH GH  '+ j  '+ TXLFRQTXH GLYXOJXH LQFLWH RX
GRLYHQW FRQVHUYHU OHV GRQQpHV GH FUpDWLRQ GX FHUWLILFDW HW VRQW SDUWLFLSHjGLYXOJXHUOHVLQIRUPDWLRQVTXLOXLVRQWFRQILpHVGDQV
WHQXV VXU RUGUH GX 3URFXUHXU GX 5RL GH OHV FRPPXQLTXHU DX[ OHFDGUHGHO¶H[HUFLFHGHVHVDFWLYLWpVRXIRQFWLRQV
DXWRULWpV MXGLFLDLUHV HW FH GDQV OHV FRQGLWLRQV SUpYXHV SDU OD
7RXWHIRLV OHV GLVSRVLWLRQV GX SUpVHQW DUWLFOH QH VRQW SDV
OpJLVODWLRQHQYLJXHXU'DQVFHFDVHWQRQREVWDQWWRXWHGLVSRVLWLRQ
DSSOLFDEOHVjODSXEOLFDWLRQRXjODFRPPXQLFDWLRQDXWRULVpHSDU
OpJLVODWLYH FRQWUDLUH OHV SUHVWDWDLUHV GH VHUYLFHV GH FHUWLILFDWLRQ
pFULWVXUVXSSRUWSDSLHURXSDUYRLHpOHFWURQLTXHSDUOHWLWXODLUH
pOHFWURQLTXHHQLQIRUPHQWVDQVGpODLOHVXWLOLVDWHXUVFRQFHUQpV
GX FHUWLILFDW pOHFWURQLTXH RX j OD SXEOLFDWLRQ RX j OD
/¶REOLJDWLRQ GH VHFUHW SURIHVVLRQQHO YLVpH DX SUHPLHU FRPPXQLFDWLRQDXWRULVpHSDUODOpJLVODWLRQHQYLJXHXU
DOLQpDFLGHVVXVQ¶HVWSDVDSSOLFDEOH
$UWLFOH
±jO¶pJDUGGHVDXWRULWpVDGPLQLVWUDWLYHVG€PHQWKDELOLWpHV
6DQV SUpMXGLFH GH GLVSRVLWLRQV SpQDOHV SOXV VpYqUHV HVW
FRQIRUPpPHQWjODOpJLVODWLRQHQYLJXHXU
SXQL G¶XQ HPSULVRQQHPHQW G¶XQ DQ j FLQT DQV HW G¶XQH DPHQGH
±j O¶pJDUG GHV DJHQWV HW H[SHUWV GH O¶$XWRULWp QDWLRQDOH HW GH  '+ j  '+ TXLFRQTXH D IDLW VFLHPPHQW GH
DJHQWV HW RIILFLHUV YLVpV j O¶DUWLFOH  FLGHVVRXV GDQV IDXVVHVGpFODUDWLRQVRXUHPLVGHIDX[GRFXPHQWVDXSUHVWDWDLUHGH
O¶H[HUFLFHGHVSRXYRLUVSUpYXVDX[DUWLFOHVHWGHOD VHUYLFHVGHFHUWLILFDWLRQpOHFWURQLTXH
SUpVHQWHORL
$UWLFOH
±VL OH WLWXODLUH GH OD VLJQDWXUH pOHFWURQLTXH D FRQVHQWL j OD
(VW  SXQL G¶XQ DQ G¶HPSULVRQQHPHQW HW G¶XQH DPHQGH GH
SXEOLFDWLRQ RX j OD FRPPXQLFDWLRQ GHV UHQVHLJQHPHQWV
'+TXLFRQTXHDXUDLPSRUWpH[SRUWpIRXUQLH[SORLWpRX
IRXUQLV DX SUHVWDWDLUH GH VHUYLFHV GH FHUWLILFDWLRQ
XWLOLVpO¶XQGHVPR\HQVRXXQHSUHVWDWLRQGHFU\SWRJUDSKLHVDQVOD
pOHFWURQLTXH
GpFODUDWLRQRXO¶DXWRULVDWLRQH[LJpHDX[DUWLFOHVHWFLGHVVXV
6HFWLRQ±'HO¶REOLJDWLRQGXWLWXODLUH GHFHUWLILFDWpOHFWURQLTXH
/H WULEXQDO SRXUUD HQ RXWUH SURQRQFHU OD FRQILVFDWLRQ GHV
$UWLFOH PR\HQVGHFU\SWRJUDSKLHFRQFHUQpV
'qV OH PRPHQW GH OD FUpDWLRQ GHV GRQQpHV DIIpUHQWHV j OD $UWLFOH
FUpDWLRQ GH VLJQDWXUH OH WLWXODLUH GX FHUWLILFDW pOHFWURQLTXH HVW
VHXOUHVSRQVDEOHGHODFRQILGHQWLDOLWpHWGHO¶LQWpJULWpGHVGRQQpHV /RUVTX¶XQ PR\HQ GH FU\SWRJUDSKLH DX VHQV GH O¶DUWLFOH 
DIIpUHQWHVjODFUpDWLRQGHVLJQDWXUHTX¶LOXWLOLVH7RXWHXWLOLVDWLRQ FLGHVVXV D pWp XWLOLVp SRXU SUpSDUHU RX FRPPHWWUH XQ FULPH RX
GHFHOOHVFLHVWUpSXWpHVDXISUHXYHFRQWUDLUHrWUHVRQIDLW XQGpOLWRXSRXUHQIDFLOLWHUODSUpSDUDWLRQRXODFRPPLVVLRQOH
PD[LPXP GH OD SHLQH SULYDWLYH GH OLEHUWp HQFRXUXH HVW UHOHYp
$UWLFOH DLQVLTX¶LOVXLW
/H WLWXODLUH GX FHUWLILFDW pOHFWURQLTXH HVW WHQX GDQV OHV ±LO HVW SRUWp j OD UpFOXVLRQ FULPLQHOOH j SHUSpWXLWp ORUVTXH
PHLOOHXUVGpODLVGHQRWLILHUDXSUHVWDWDLUHGHVHUYLFHVGHFHUWLILFDWLRQ O¶LQIUDFWLRQHVWSXQLHGHWUHQWHDQVGHUpFOXVLRQFULPLQHOOH
WRXWHPRGLILFDWLRQGHVLQIRUPDWLRQVFRQWHQXHVGDQVFHOXLFL
±LO HVW SRUWp j WUHQWH DQV GH UpFOXVLRQ FULPLQHOOH ORUVTXH
$UWLFOH
O¶LQIUDFWLRQHVWSXQLHGHYLQJWDQVGHUpFOXVLRQFULPLQHOOH
(QFDVGHGRXWHTXDQWDXPDLQWLHQGHODFRQILGHQWLDOLWpGHV
GRQQpHV DIIpUHQWHV j OD FUpDWLRQ GH VLJQDWXUH RX GH SHUWH GH ±LO HVW SRUWp j YLQJW DQV GH UpFOXVLRQ FULPLQHOOH ORUVTXH
FRQIRUPLWp j OD UpDOLWp GHV LQIRUPDWLRQV FRQWHQXHV GDQV OH O¶LQIUDFWLRQ HVW SXQLH GH TXLQ]H DQV  GH UpFOXVLRQ
FHUWLILFDW VRQ WLWXODLUH HVW WHQX GH  OH IDLUH UpYRTXHU FULPLQHOOH
LPPpGLDWHPHQW FRQIRUPpPHQW DX[ GLVSRVLWLRQV GH  O¶DUWLFOH  ±LO HVW SRUWp j TXLQ]H DQV GH UpFOXVLRQ FULPLQHOOH ORUVTXH
GHODSUpVHQWHORL O¶LQIUDFWLRQHVWSXQLHGHGL[DQVGHUpFOXVLRQFULPLQHOOH
1ıNDDGD  %8//(7,12)),&,(/ 

±LO HVW SRUWp j GL[ DQV GH UpFOXVLRQ FULPLQHOOH ORUVTXH /RUVTXHOHVDFWLYLWpVGXFRQWUHYHQDQWVRQWGHQDWXUHjSRUWHU
O¶LQIUDFWLRQHVWSXQLHGHFLQTDQVGHUpFOXVLRQFULPLQHOOH DWWHLQWH DX[ H[LJHQFHV GH OD GpIHQVH QDWLRQDOH RX GH OD VpFXULWp
±LO HVW SRUWp DX GRXEOH  ORUVTXH O¶LQIUDFWLRQ HVW SXQLH GH LQWpULHXUHRXH[WpULHXUHGHO¶(WDWO¶DXWRULWpQDWLRQDOHHVWKDELOLWpH
WURLVDQVG¶HPSULVRQQHPHQWDXSOXV j SUHQGUH WRXWHV PHVXUHV FRQVHUYDWRLUHV QpFHVVDLUHV SRXU IDLUH
7RXWHIRLV OHV GLVSRVLWLRQV GX SUpVHQW DUWLFOH QH VRQW SDV FHVVHU OHVGLWHV DFWLYLWpV VDQV SUpMXGLFH GHV SRXUVXLWHV SpQDOHV
DSSOLFDEOHV j O¶DXWHXU RX DX FRPSOLFH GH O¶LQIUDFWLRQ TXL j OD TX¶HOOHVDSSHOOHQW
GHPDQGHGHVDXWRULWpVMXGLFLDLUHVRXDGPLQLVWUDWLYHVOHXUDUHPLV
$UWLFOH
OD YHUVLRQ HQ FODLU GHV PHVVDJHV FKLIIUpV DLQVL TXH OHV
FRQYHQWLRQVVHFUqWHVQpFHVVDLUHVDXGpFKLIIUHPHQW /RUVTXHO¶DXWHXUGHO¶LQIUDFWLRQHVWXQHSHUVRQQHPRUDOHHW
$UWLFOH VDQV SUpMXGLFH GHV SHLQHV TXL SHXYHQW rWUH DSSOLTXpHV j VHV
GLULJHDQWVDXWHXUVGHO¶XQHGHVLQIUDFWLRQVSUpYXHVFLGHVVXVOHV
6DXI j GpPRQWUHU TX¶HOOHV Q¶RQW FRPPLV DXFXQH IDXWH
LQWHQWLRQQHOOH RX QpJOLJHQFH OHV SHUVRQQHV IRXUQLVVDQW GHV DPHQGHVSUpYXHVSDUOHSUpVHQWFKDSLWUHVRQWSRUWpHVDXGRXEOH
SUHVWDWLRQV GH FU\SWRJUDSKLH j GHV ILQV GH FRQILGHQWLDOLWp VRQW (Q RXWUH OD SHUVRQQH PRUDOH SHXW rWUH SXQLH GH O¶XQH GHV
UHVSRQVDEOHV DX WLWUH GH FHV SUHVWDWLRQV GX SUpMXGLFH FDXVp DX[ SHLQHVVXLYDQWHV
SHUVRQQHVOHXUFRQILDQWODJHVWLRQGHOHXUVFRQYHQWLRQVVHFUqWHVHQ
FDVG¶DWWHLQWHVjO¶LQWpJULWpjODFRQILGHQWLDOLWpRXjODGLVSRQLELOLWp ±ODFRQILVFDWLRQSDUWLHOOHGHVHVELHQV
GHVGRQQpHVWUDQVIRUPpHVjO¶DLGHGHFHVFRQYHQWLRQV ±ODFRQILVFDWLRQSUpYXHjO¶DUWLFOHGXFRGHSpQDO
$UWLFOH
±OD IHUPHWXUH GH RX GHV pWDEOLVVHPHQWV GH OD SHUVRQQH
(VWSXQLG¶XQHPSULVRQQHPHQWG¶XQDQjFLQTDQVHWG¶XQH PRUDOHD\DQWVHUYLjFRPPHWWUHOHVLQIUDFWLRQV
DPHQGH GH  '+ j  '+ TXLFRQTXH XWLOLVH GH
PDQLqUHLOOpJDOHOHVpOpPHQWVGHFUpDWLRQGHVLJQDWXUHSHUVRQQHOV $UWLFOH
UHODWLIVjODVLJQDWXUHG¶DXWUXL 2XWUHOHVRIILFLHUVHWDJHQWVGHSROLFHMXGLFLDLUHHWOHVDJHQWV
$UWLFOH GHV GRXDQHV GDQV OHXU GRPDLQH GH FRPSpWHQFH OHV DJHQWV GH
(VW  SXQL G¶XQH DPHQGH GH  '+ j  '+ HW O¶DXWRULWp QDWLRQDOH KDELOLWpV j FHW HIIHW HW DVVHUPHQWpV GDQV OHV
G¶XQHPSULVRQQHPHQWGHWURLVPRLVjVL[PRLVWRXWSUHVWDWDLUHGH IRUPHV GX GURLW FRPPXQ SHXYHQW UHFKHUFKHU HW FRQVWDWHU SDU
VHUYLFHV GH FHUWLILFDWLRQ pOHFWURQLTXH TXL QH UHVSHFWH SDV SURFqVYHUEDO OHV LQIUDFWLRQV DX[ GLVSRVLWLRQV GH OD SUpVHQWH ORL
O¶REOLJDWLRQ G¶LQIRUPDWLRQ  GH  O¶DXWRULWp QDWLRQDOH SUpYXH j HWGHVWH[WHVSULVSRXUVRQDSSOLFDWLRQ/HXUVSURFqVYHUEDX[VRQW
O¶DUWLFOHFLGHVVXV WUDQVPLVGDQVOHVFLQTMRXUVDX3URFXUHXUGX5RL
(Q RXWUH OH FRXSDEOH SHXW rWUH IUDSSp SRXU XQH GXUpH GH
/HV DJHQWV HW RIILFLHUV YLVpV j O¶DOLQpD SUpFpGHQW SHXYHQW
FLQT DQV GH O¶LQWHUGLFWLRQ GH O¶H[HUFLFH GH WRXWH DFWLYLWp GH
SUHVWDWLRQGHVHUYLFHVGHFHUWLILFDWLRQpOHFWURQLTXH DFFpGHU DX[ ORFDX[ WHUUDLQV RX PR\HQV GH WUDQVSRUW j XVDJH
SURIHVVLRQQHO GHPDQGHU OD FRPPXQLFDWLRQ GH WRXV GRFXPHQWV
$UWLFOH
SURIHVVLRQQHOVHWHQSUHQGUHFRSLHUHFXHLOOLUVXUFRQYRFDWLRQRX
(VWSXQLG¶XQHDPHQGHGH'+j'+HWG¶XQ VXUSODFHOHVUHQVHLJQHPHQWVHWMXVWLILFDWLRQV
HPSULVRQQHPHQW GH VL[ PRLV j GHX[ DQV WRXW WLWXODLUH G¶XQ
FHUWLILFDWpOHFWURQLTXHTXLFRQWLQXHjXWLOLVHUOHGLWFHUWLILFDWDUULYp ,OVSHXYHQWSURFpGHUGDQVFHVPrPHVOLHX[jODVDLVLHGHV
jpFKpDQFHRXUpYRTXp PR\HQV YLVpV j O¶DUWLFOH  FLGHVVXV VXU RUGUH GX 3URFXUHXU GX
$UWLFOH 5RLRXGXMXJHG¶LQVWUXFWLRQ
6DQVSUpMXGLFHGHGLVSRVLWLRQVSpQDOHVSOXVVpYqUHVHVWSXQL /HV PR\HQV VDLVLV ILJXUHQW DX SURFqVYHUEDO GUHVVp VXU OHV
G¶XQH DPHQGH GH  j  '+ TXLFRQTXH XWLOLVH OLHX[ /HV RULJLQDX[ GX SURFqVYHUEDO HW GH O¶LQYHQWDLUH VRQW
LQG€PHQWXQHUDLVRQVRFLDOHXQHSXEOLFLWpHWGHPDQLqUHJpQpUDOH WUDQVPLVjO¶DXWRULWpMXGLFLDLUHTXLDRUGRQQpODVDLVLH
WRXWH H[SUHVVLRQ IDLVDQW FURLUH TX¶LO HVW DJUpp FRQIRUPpPHQW DX[
GLVSRVLWLRQVGHO¶DUWLFOHFLGHVVXV &KDSLWUH9,
$UWLFOH 'LVSRVLWLRQVILQDOHV
/RUVTXHVXUOHUDSSRUWGHVHVDJHQWVRXG¶H[SHUWVO¶DXWRULWp $UWLFOH
QDWLRQDOH FRQVWDWH TXH OH SUHVWDWDLUH GH VHUYLFHV GH FHUWLILFDWLRQ
/HV FRQGLWLRQV HW PRGDOLWpV G¶DSSOLFDWLRQ GHV GLVSRVLWLRQV
pOHFWURQLTXH GpOLYUDQW GHV FHUWLILFDWV VpFXULVpV QH UpSRQG SOXV j
O¶XQH GHV FRQGLWLRQV SUpYXHV j O¶DUWLFOH  FLGHVVXV RX TXH VHV GHODSUpVHQWHORLDX[GURLWVUpHOVVRQWIL[pHVSDUGpFUHW
DFWLYLWpV QH VRQW SDV FRQIRUPHV DX[ GLVSRVLWLRQV GH OD SUpVHQWH $UWLFOH
ORLRXGHVUqJOHPHQWVSULVSRXUVRQDSSOLFDWLRQHOOHO¶LQYLWHjVH
FRQIRUPHU DX[GLWHV FRQGLWLRQV RX GLVSRVLWLRQV GDQV OH GpODL 3DU GpURJDWLRQ DX[ GLVSRVLWLRQV GX SUHPLHU DOLQpD GH
TX¶HOOHGpWHUPLQH O¶DUWLFOH  FLGHVVXV OH JRXYHUQHPHQW SHXW VXU SURSRVLWLRQ GH
O¶DXWRULWpQDWLRQDOHYLVpHjO¶DUWLFOHHWVRXVUpVHUYHGHO¶LQWpUrW
3DVVp FH GpODL VL OH SUHVWDWDLUH QH V¶\ HVW SDV FRQIRUPp
O¶DXWRULWp QDWLRQDOH UHWLUH O¶DJUpPHQW GpOLYUp  SURFqGH j OD GX VHUYLFH SXEOLF DJUpHU OHV SHUVRQQHV PRUDOHV GH GURLW SXEOLF
UDGLDWLRQGXSUHVWDWDLUHGXUHJLVWUHGHVSUHVWDWDLUHVDJUppVHWjOD SRXUpPHWWUHHWGpOLYUHUGHVFHUWLILFDWVpOHFWURQLTXHVVpFXULVpVHW
SXEOLFDWLRQDX©%XOOHWLQRIILFLHOªG¶XQH[WUDLWGHODGpFLVLRQGH JpUHUOHVVHUYLFHVTXL\VRQWDIIpUHQWVGDQVOHVFRQGLWLRQVIL[pHV
UHWUDLWGHO¶DJUpPHQW SDUODSUpVHQWHORLHWOHVWH[WHVSULVSRXUVRQDSSOLFDWLRQ
 %8//(7,12)),&,(/ 1ıNDDGD 

'DKLU Qƒ  GX  NDDGD    QRYHPEUH  ±rWUHPDMHXUH
SRUWDQW  SURPXOJDWLRQ GH OD ORL Qƒ  UHODWLYH DX[ ±rWUHGHQDWLRQDOLWpPDURFDLQH
DFWLYLWpVGHJDUGLHQQDJHHWGHWUDQVSRUWGHIRQGV
BBBBBBBBB ±MRXLUGHVHVGURLWVFLYLOV
±QHSDVDYRLUIDLWO¶REMHWG¶XQHFRQGDPQDWLRQSRXUFULPH
/28$1*($',(86(8/ RX j O¶HPSULVRQQHPHQW IHUPH RX DYHF VXUVLV SRXU GpOLW SRXU GHV
*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9, PRWLIV LQFRPSDWLEOHV DYHF O¶H[HUFLFH GHV DFWLYLWpV SUpYXHV SDU OD
SUpVHQWH ORL QRWDPPHQW GHV DFWHV FRQWUDLUHV j O¶KRQQHXU j OD
4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW SURELWp RX DX[ ERQQHV P°XUV RX GH QDWXUH j SRUWHU DWWHLQWH j OD
HQIRUWLILHUODWHQHXU VpFXULWpGHVSHUVRQQHVRXGHVELHQVjODVpFXULWpSXEOLTXHRXjOD
4XHQRWUH0DMHVWp&KpULILHQQH V€UHWpGHO¶(WDW
9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW ±rWUHLQVFULWHDXUHJLVWUHGXFRPPHUFH
$'e&,'e&(48,68,7 ±DYRLU VRXVFULW XQH DVVXUDQFH SURIHVVLRQQHOOH SRXU OD
(VWSURPXOJXpHHWVHUDSXEOLpHDX%XOOHWLQRIILFLHOjODVXLWH FRXYHUWXUH GHV GRPPDJHV TXL SHXYHQW rWUH FDXVpV DX[ WLHUV SDU OHV
GX SUpVHQW GDKLU OD ORL Qƒ  UHODWLYH DX[ DFWLYLWpV GH ULVTXHV TXH IDLW FRXULU O¶DFWLYLWp HQ FDXVH HW OD FRXYHUWXUH GH OD
JDUGLHQQDJH HW GH WUDQVSRUW GH IRQGV WHOOH TX¶DGRSWpH SDU OD UHVSRQVDELOLWpFLYLOH
&KDPEUHGHVUHSUpVHQWDQWVHWOD&KDPEUHGHVFRQVHLOOHUV 7RXWHPRGLILFDWLRQGHVGRQQpHVFRQWHQXHVGDQVODGHPDQGH
)DLWj*XHOPLPOHNDDGD QRYHPEUH  G¶DXWRULVDWLRQGRLWrWUHSRUWpHSDUO¶LQWpUHVVpjODFRQQDLVVDQFHGH
O¶DXWRULWp FRPSpWHQWH TXL GLVSRVH G¶XQ GpODL G¶XQ PRLV SRXU
3RXUFRQWUHVHLQJ O¶DYLVHUGHVVXLWHVTXHFHWWHPRGLILFDWLRQHQWUDLQH
/H3UHPLHUPLQLVWUH $UWLFOH
$%%$6(/)$66, /¶DXWRULVDWLRQSRXUO¶H[HUFLFHGHVDFWLYLWpVYLVpHVjO¶DUWLFOH
SUHPLHU FLGHVVXV HVW GpOLYUpH GDQV GHV IRUPHV UpJOHPHQWDLUHV j
ODSHUVRQQHPRUDOHTXLUHPSOLWOHVFRQGLWLRQVVXLYDQWHV
 ± rWUH FRQVWLWXpH HQ VRFLpWp FRPPHUFLDOH GRQW OH VLqJH
 VRFLDOHVWDX0DURF
/RLQƒ  ± rWUH GLULJpH RX JpUpH SDU XQH SHUVRQQH SK\VLTXH
UHODWLYHDX[DFWLYLWpVGHJDUGLHQQDJH DXWRULVpHFRQIRUPpPHQWDX[GLVSRVLWLRQVGHO¶DUWLFOHFLGHVVXV
HWGHWUDQVSRUWGHIRQGV ±V¶HQJDJHUjQ¶HPSOR\HUTX¶XQSHUVRQQHOUHPSOLVVDQWOHV
²²²²²²²² FRQGLWLRQV SUpYXHV j O¶DUWLFOH  FLDSUqV SRXU HIIHFWXHU OHV
DFWLYLWpVYLVpHVjO¶DUWLFOHSUHPLHUFLGHVVXV
&KDSLWUHSUHPLHU
 ± DYRLU VRXVFULW XQH DVVXUDQFH SURIHVVLRQQHOOH SRXU OD
&KDPSG¶DSSOLFDWLRQ FRXYHUWXUH GHV GRPPDJHV TXL SHXYHQW rWUH FDXVpV DX[ WLHUV SDU
$UWLFOHSUHPLHU OHVULVTXHVTXHIDLWFRXULUO¶DFWLYLWpHQFDXVHHWODFRXYHUWXUHGHOD
UHVSRQVDELOLWpFLYLOH
6RQW VRXPLVHV DX[ GLVSRVLWLRQV GH OD SUpVHQWH ORL GqV ORUV
TX¶HOOHVQHVRQWSDVH[HUFpHVSDUXQVHUYLFHSXEOLFDGPLQLVWUDWLI ±QHSDVDYRLUpWpO¶REMHWG¶XQHOLTXLGDWLRQMXGLFLDLUH
GHO¶(WDWQRWDPPHQWOHVVHUYLFHVGHODJHQGDUPHULHUR\DOHGHOD 7RXWHPRGLILFDWLRQGHVGRQQpHVFRQWHQXHVGDQVODGHPDQGH
V€UHWp QDWLRQDOH GHV IRUFHV DX[LOLDLUHV HW GHV GRXDQHV OHV G¶DXWRULVDWLRQGRLWrWUHSRUWpHSDUO¶LQWpUHVVpjODFRQQDLVVDQFHGH
DFWLYLWpVTXLFRQVLVWHQWKDELWXHOOHPHQW O¶DXWRULWp FRPSpWHQWH TXL GLVSRVH G¶XQ GpODL G¶XQ PRLV SRXU
±jIRXUQLUGHVVHUYLFHVD\DQWSRXUREMHWODVXUYHLOODQFH O¶DYLVHUGHVVXLWHVTXHFHWWHPRGLILFDWLRQHQWUDLQH
SDUWRXVPR\HQVOpJDOHPHQWDXWRULVpVRXOHJDUGLHQQDJHGHOLHX[ $UWLFOH
SXEOLFV RX SULYpV GH ELHQV PHXEOHV RX LPPHXEOHV DLQVL TXH OD
/¶DXWRULWp DGPLQLVWUDWLYH FRPSpWHQWH H[DPLQH OHV GHPDQGHV
VpFXULWpGHVSHUVRQQHVVHWURXYDQWGDQVFHVOLHX[RXLPPHXEOHV
G¶DXWRULVDWLRQ SUpYXHV SDU OHV DUWLFOHV  HW  FLGHVVXV SUpVHQWpHV
 ± j WUDQVSRUWHU HW j SURWpJHU MXVTX¶j OHXU OLYUDLVRQ GDQV GHV IRUPHV UpJOHPHQWDLUHV SRXU V¶DVVXUHU TXH OH GHPDQGHXU
HIIHFWLYH GHV IRQGV GHV ELMRX[ RX GHV PpWDX[ SUpFLHX[ DLQVL UHPSOLWOHVFRQGLWLRQVSUpYXHVSDUOHVGLVSRVLWLRQVGHODSUpVHQWHORL
TXHGHVHIIHWVGHFRPPHUFHRXWRXVDXWUHVGRFXPHQWVLPSOLTXDQW
OHSDLHPHQWGHVRPPHVG¶DUJHQWHWpYHQWXHOOHPHQWjDVVXUHUOH $UWLFOH
WUDLWHPHQWGHVYDOHXUVHWGRFXPHQWVWUDQVSRUWpV 7RXWHHPEDXFKHGHSHUVRQQHOSDUOHVSHUVRQQHVSK\VLTXHV
/HVDFWLYLWpVpQXPpUpHVFLGHVVXVQHSHXYHQWrWUHH[HUFpHV RXPRUDOHVSUpYXHVUHVSHFWLYHPHQWDX[DUWLFOHVHWFLGHVVXV
jWLWUHSURIHVVLRQQHOTXHSDUOHVSHUVRQQHVSK\VLTXHVRXPRUDOHV GRLW DX SUpDODEOH IDLUH O¶REMHW G¶XQH GpFODUDWLRQ DXSUqV GH
UHPSOLVVDQW OHV FRQGLWLRQV SUpYXHV DX FKDSLWUH ,, FLDSUqV HW O¶DXWRULWpFRPSpWHQWHDYHFLQGLFDWLRQGHO¶DIIHFWDWLRQ
DXWRULVpHVjFHWWHILQ 1XO QH SHXW rWUH HPEDXFKp SRXU rWUH HPSOR\p j O¶XQH GHV
&KDSLWUH,, DFWLYLWpV SUpYXHV j O¶DUWLFOH SUHPLHU FLGHVVXV V¶LO D IDLW O¶REMHW
G¶XQH FRQGDPQDWLRQ j XQH SHLQH FRUUHFWLRQQHOOH RX j XQH SHLQH
'HO¶DXWRULVDWLRQG¶H[HUFHU
FULPLQHOOH SRXU GHV PRWLIV LQFRPSDWLEOHV DYHF O¶H[HUFLFH GHV
$UWLFOH DFWLYLWpVSUpYXHVSDUODSUpVHQWHORLQRWDPPHQWV¶LODFRPPLVGHV
/¶DXWRULVDWLRQG¶H[HUFHUO¶XQHGHVDFWLYLWpVYLVpHVjO¶DUWLFOH DFWHVFRQWUDLUHVjO¶KRQQHXUjODSURELWpRXDX[ERQQHVP°XUVRX
SUHPLHU FLGHVVXV HVW GpOLYUpH GDQV GHV IRUPHV UpJOHPHQWDLUHV GH QDWXUH j SRUWHU DWWHLQWH j OD VpFXULWp GHV SHUVRQQHV RX GHV
DX[SHUVRQQHVSK\VLTXHVTXLVDWLVIRQWDX[FRQGLWLRQVVXLYDQWHV ELHQVjODVpFXULWpSXEOLTXHRXjODV€UHWpGHO¶(WDW
1ıNDDGD  %8//(7,12)),&,(/ 

/¶DIIHFWDWLRQ j XQ HPSORL GRLW rWUH FRQIRUPH j OD &KDSLWUH,,,


TXDOLILFDWLRQ SURIHVVLRQQHOOH UpJOHPHQWDLUHPHQW GpWHUPLQpH HQ 'HVPRGDOLWpVG¶H[HUFLFHGHVDFWLYLWpVGHJDUGLHQQDJH
UHODWLRQDYHFODQDWXUHGHO¶HPSORL
HWGHWUDQVSRUWGHIRQGV
/¶HQWUpHHQYLJXHXUGXFRQWUDWGHWUDYDLOHVWVXERUGRQQpHj
6HFWLRQ±'
'LVSRVLWLRQVJpQpUDOHV
ODUpFHSWLRQSDUO¶HPSOR\HXUGHO¶DYLVGHO¶DXWRULWpFRPSpWHQWH
TXLV¶DVVXUHTXHOHVGLVSRVLWLRQVTXLSUpFpGHQWVRQWUHVSHFWpHV $UWLFOH
$UWLFOH ,O HVW LQWHUGLW DX[ HQWUHSULVHV H[HUoDQW O¶XQH GHV DFWLYLWpV
/HFRQWUDWGHWUDYDLOFRQFOXHQYLRODWLRQGHVGLVSRVLWLRQVGH pQXPpUpHV j O¶DUWLFOH SUHPLHU GH OD SUpVHQWH ORL G¶DYRLU G¶DXWUHV
O¶DUWLFOHFLGHVVXVHVWQXOHWGHQXOHIIHW DFWLYLWpVTXHFHOOHVSRXUOHVTXHOOHVHOOHVVRQWDXWRULVpHV
/HFRQWUDWGHWUDYDLOGHO¶HPSOR\pTXLFHVVHGHUHPSOLUOHV $UWLFOH
FRQGLWLRQVSRVpHVjO¶DUWLFOHFLGHVVXVHVWURPSXGHSOHLQGURLW
/¶DXWRULVDWLRQ DGPLQLVWUDWLYH QH FRQIqUH DXFXQ FDUDFWqUH
&HWWHUXSWXUHRXYUHGURLWDXYHUVHPHQWSDUO¶HPSOR\HXUGH
RIILFLHO DX[ HQWUHSULVHV TXL HQ EpQpILFLHQW (OOH Q¶HQJDJH HQ
O¶LQGHPQLWp OpJDOH GH OLFHQFLHPHQW GDQV OHV FRQGLWLRQV SUpYXHV
DXFXQHPDQLqUHODUHVSRQVDELOLWpGHVSRXYRLUVSXEOLFV
SDU OH FRGH GX WUDYDLO SRXU OH OLFHQFLHPHQW VDQV IDXWH GH
O¶HPSOR\HXUVDXIGLVSRVLWLRQVFRQYHQWLRQQHOOHVSOXVIDYRUDEOHV /HV HQWUHSULVHV UpJLHV SDU OD SUpVHQWH ORL GRLYHQW IDLUH
$UWLFOH PHQWLRQ GH OHXU FDUDFWqUH SULYp GDQV OHXU GpQRPLQDWLRQ GH
PDQLqUH j pYLWHU WRXWH FRQIXVLRQ DYHF OHV DXWRULWpV SXEOLTXHV
/¶DXWRULVDWLRQ GpOLYUpH HQ DSSOLFDWLRQ GH O¶DUWLFOH  FLGHVVXV
QRWDPPHQWFHOOHVFKDUJpHVGXPDLQWLHQGHO¶RUGUHHWGHODVpFXULWp
SHXW rWUH UHWLUpH GDQV GHV IRUPHV UpJOHPHQWDLUHV SDU O¶DXWRULWp
FRPSpWHQWH ORUVTXH VRQ WLWXODLUH FHVVH GH UHPSOLU O¶XQH GHV (QDXFXQFDVLOQHSRXUUDrWUHIDLWpWDWGHODTXDOLWpG¶DQFLHQ
FRQGLWLRQVH[LJpHVSRXUODGpOLYUDQFHGHO¶DXWRULVDWLRQ IRQFWLRQQDLUH GH SROLFH RX G¶DQFLHQ PLOLWDLUH TXH SRXUUDLW DYRLU
/¶DXWRULVDWLRQ GpOLYUpH HQ DSSOLFDWLRQ GH O¶DUWLFOH  FL O¶XQGHVGLULJHDQWVRXHPSOR\pVGHO¶HQWUHSULVH
GHVVXV SHXW rWUH UHWLUpH SDU O¶DXWRULWp FRPSpWHQWH j OD SHUVRQQH $UWLFOH
PRUDOH
7RXVOHVPR\HQVXWLOLVpVSDUO¶HQWUHSULVHGDQVVHVDFWLYLWpV
±TXL FRQVHUYH FRPPH GLULJHDQW RX JpUDQW XQH SHUVRQQH DLQVL TXH WRXWHV VHV FRUUHVSRQGDQFHV RX VHV DQQRQFHV GRLYHQW
WLWXODLUH GH O¶DXWRULVDWLRQ PDLV QH UHPSOLVVDQW SOXV OHV SRUWHUVDGpQRPLQDWLRQ
FRQGLWLRQVH[LJpHVjO¶DUWLFOHFLGHVVXVRXXQHSHUVRQQH
GRQWO¶DXWRULVDWLRQDpWpUHWLUpH 7RXW GRFXPHQW TX¶LO VRLW GH QDWXUH LQIRUPDWLYH
FRQWUDFWXHOOH RX SXEOLFLWDLUH \ FRPSULV WRXWH DQQRQFH RX
±GRQWODGLUHFWLRQRXODJHVWLRQHVWH[HUFpHHQIDLWSDUXQH
FRUUHVSRQGDQFH pPDQDQW G¶XQH HQWUHSULVH YLVpH j O¶DUWLFOH
SHUVRQQHDJLVVDQWGLUHFWHPHQWRXSDUSHUVRQQHLQWHUSRVpH
SUHPLHU GH OD SUpVHQWH ORL GRLW UHSURGXLUH O¶LGHQWLILFDWLRQ GH
HQOLHXHWSODFHGHVUHSUpVHQWDQWVOpJDX[DXWRULVpV
O¶DXWRULVDWLRQ DGPLQLVWUDWLYH SUpYXH DX FKDSLWUH  GH OD SUpVHQWH
±GRQWWRXWRXSDUWLHGXFDSLWDOVRFLDOHVWFRQVWLWXpSDUGHV ORL
IRQGV DSSRUWpV GLUHFWHPHQW RX LQGLUHFWHPHQW SDU XQH
SHUVRQQHD\DQWIDLWO¶REMHWG¶XQHFRQGDPQDWLRQGpILQLWLYH $UWLFOH
SRXUFULPHRXGpOLW ,OGRLWrWUHWHQXDXVLqJHGHO¶HQWUHSULVHXQUHJLVWUHVSpFLDO
/¶DXWRULVDWLRQSUpYXHDX[DUWLFOHVHWFLGHVVXVSHXWrWUH VXUOHTXHOHVWSRUWpHO¶LGHQWLWpGHWRXWHVOHVSHUVRQQHVHPSOR\pHV
VXVSHQGXH LPPpGLDWHPHQW SDU O¶DXWRULWp FRPSpWHQWH HQ FDV FRQIRUPpPHQW DX[ GLVSRVLWLRQV GH O¶DUWLFOH  FLGHVVXV HW
G¶XUJHQFHRXGHQpFHVVLWpWHQDQWjO¶RUGUHSXEOLF FRPSRUWDQWOHVGRQQpHVUpJOHPHQWDLUHVQpFHVVDLUHVDXFRQWU{OHGX
/¶DXWRULVDWLRQSHXWpJDOHPHQWrWUHVXVSHQGXHSDUO¶DXWRULWp UHVSHFWGHVGLVSRVLWLRQVGHODSUpVHQWHORLHWGHVWH[WHVSULVSRXU
FRPSpWHQWH ORUVTXH OD SHUVRQQH SK\VLTXH WLWXODLUH GH VRQDSSOLFDWLRQSDUOHVVHUYLFHVGHVDGPLQLVWUDWLRQVFRPSpWHQWHV
O¶DXWRULVDWLRQIDLWO¶REMHWGHSRXUVXLWHVSRXUFULPH,OHVWPLVILQ /H PrPH UHJLVWUH GRLW pJDOHPHQW rWUH WHQX OH FDV pFKpDQW
j OD VXVSHQVLRQ DSUqV GpFLVLRQ MXGLFLDLUH GpILQLWLYH HW VD DX QLYHDX GHV VXFFXUVDOHV HW DJHQFHV GH O¶HQWUHSULVH SRXU OHV
QRWLILFDWLRQjO¶DXWRULWpFRPSpWHQWH SHUVRQQHVHPSOR\pHVDIIHFWpHVjODGLWHVXFFXUVDOHRXDJHQFH
6DXI XUJHQFH RX QpFHVVLWp WHQDQW j O¶RUGUH SXEOLF OD
$UWLFOH
VXVSHQVLRQ RX OH UHWUDLW LQWHUYLHQW DX WHUPH G¶XQH SURFpGXUH
FRQWUDGLFWRLUH /HV SHUVRQQHOV HPSOR\pV j O¶XQH GHV DFWLYLWpV YLVpHV DX[
SDUDJUDSKHVHWGHO¶DUWLFOHSUHPLHUGHODSUpVHQWHORLSHXYHQW
/¶DXWRULVDWLRQGHYLHQWFDGXTXHHQFDVGHFHVVDWLRQG¶DFWLYLWp
GH VRQ WLWXODLUH VDQVPRWLI DFFHSWp SDU O¶DXWRULWp FRPSpWHQWH SRUWHU GDQV O¶H[HUFLFH GH OHXUV IRQFWLRQV XQH WHQXH SDUWLFXOLqUH
SHQGDQWXQHGXUpHLQLQWHUURPSXHGHVL[PRLVDXPRLQV GRQWOHVFDUDFWpULVWLTXHVVRQWIL[pHVSDUO¶DXWRULWpFRPSpWHQWH
/DFHVVDWLRQGXFRQWUDWGXWUDYDLOUpVXOWDQWGXUHWUDLWRXGHOD &HWWH WHQXH QH GRLW HQWUDvQHU DXFXQH FRQIXVLRQ DYHF OHV
VXVSHQVLRQ GHO¶DXWRULVDWLRQ SDU O¶DXWRULWpFRPSpWHQWHHVWUpSXWpH WHQXHV GHV DJHQWV GHV VHUYLFHV SXEOLFV QRWDPPHQW FHX[ GHV
rWUH XQ OLFHQFLHPHQW DEXVLI GRQQDQW GURLW DX[ VDODULpV j GHV IRUFHV DUPpHV UR\DOHV GH OD V€UHWp QDWLRQDOH GH OD JHQGDUPHULH
LQGHPQLWpVGDQVOHVFRQGLWLRQVSUpYXHVDX&RGHGXWUDYDLO UR\DOHGHVIRUFHVDX[LOLDLUHVHWGHVGRXDQHV
 %8//(7,12)),&,(/ 1ıNDDGD 

$UWLFOH UDLVRQ G¶XQH FRQMRQFWXUH RX G¶XQ pYqQHPHQW SDUWLFXOLHU


/HVSHUVRQQHOVGHVHQWUHSULVHVGHJDUGLHQQDJHHWGHWUDQVSRUWGH O¶DXWRULWp FRPSpWHQWH SHXW VDQV OH FRQVHQWHPHQW H[SUqV GH OD
IRQGV SHXYHQW rWUH DUPpV HW XWLOLVHU WRXV OHV PR\HQV GH GpIHQVH GH SHUVRQQH FRQFHUQpH DXWRULVHU OHV SHUVRQQHOV HPSOR\pV j GHV
FRQWU{OH HW WRXV OHV DXWUHV PR\HQV GH VXUYHLOODQFH DLQVL TXH OHV DFWLYLWpVGHJDUGLHQQDJHGHVOLHX[RXYHUWVDXSXEOLF
YpKLFXOHV VSpFLDOHPHQW DPpQDJpV RX OHV PR\HQV GH FRPPXQLFDWLRQ ±jSURFpGHUjGHVSDOSDWLRQVGHVpFXULWpRXjGHVIRXLOOHVj
SDUWLFXOLHUV FRQIRUPpPHQW DX[ GLVSRVLWLRQV OpJLVODWLYHV RX FRUSV
UpJOHPHQWDLUHVDSSOLFDEOHVHQODPDWLqUHHWDX[GLVSRVLWLRQVHWUqJOHV
IL[pHVSDUYRLHUpJOHPHQWDLUH ±jIRXLOOHUGHVEDJDJHVjPDLQVDFVRXDXWUHVPR\HQVGH
WUDQVSRUWVGHELHQVPRELOLHUV
$UWLFOH
±j VH IDLUH SUpVHQWHU RX UHWHQLU XQ GRFXPHQW MXVWLILFDWLI
,O HVW LQWHUGLW DX[ SHUVRQQHV H[HUoDQW XQH DFWLYLWp
PHQWLRQQpHjO¶DUWLFOHSUHPLHUGHODSUpVHQWHORLDLQVLTX¶jOHXUV G¶LGHQWLWpRXjUHWHQLUGHVHIIHWVSHUVRQQHOV
SHUVRQQHOV GH V¶LPPLVFHU j TXHOTXH PRPHQW HW VRXV TXHOTXH 7RXWHIRLVOHVSDOSDWLRQVGHVpFXULWpOHVIRXLOOHVjFRUSVHWOHV
IRUPHTXHFHVRLWGDQVOHGpURXOHPHQWG¶XQFRQIOLWGXWUDYDLORX IRXLOOHVGHVEDJDJHVjPDLQVVDFVRXDXWUHVPR\HQVGHWUDQVSRUWV
G¶pYpQHPHQWVV¶\UDSSRUWDQW,OOHXUHVWpJDOHPHQWLQWHUGLWGHVH GH ELHQV PRELOLHUV QH SHXYHQW rWUH HIIHFWXpHV TXH SDU GHV
OLYUHU j XQH VXUYHLOODQFH UHODWLYH DX[ RSLQLRQV SROLWLTXHV SHUVRQQHOV VSpFLDOHPHQW DXWRULVpV j FHWWH ILQ GDQV GHV FRQGLWLRQV
SKLORVRSKLTXHV RX UHOLJLHXVHV RX DX[ DSSDUWHQDQFHV V\QGLFDOHV UpJOHPHQWDLUHVSDUO¶DXWRULWpFRPSpWHQWHHWTX¶HQSUpVHQFHHWVRXV
GHVSHUVRQQHV OD VXUYHLOODQFH G¶XQ RIILFLHU RX G¶XQ DJHQW GH OD SROLFH MXGLFLDLUH
$UWLFOH TXL V¶DVVXUH GX UHVSHFW GHV GLVSRVWLRQV DSSOLFDEOHV j O¶RSpUDWLRQ
7RXW SHUVRQQHO HPSOR\p j GHV DFWLYLWpV GH JDUGLHQQDJH FRQFHUQpH
UpJLHVSDUODSUpVHQWHORLGRLWrWUHWLWXODLUHG¶XQHFDUWHG¶LGHQWLWp /HVSDOSDWLRQVGHVpFXULWpHWOHVIRXLOOHVjFRUSVQHSHXYHQW
SURIHVVLRQQHOOHUpJOHPHQWDLUH rWUH HIIHFWXpHV TXH SDU OHV SHUVRQQHOV YLVpV j O¶DOLQpD FLGHVVXV
$UWLFOH GH PrPH VH[H TXH FHOXL GH OD SHUVRQQH IDLVDQW O¶REMHW GH FHV
6DXI GLVSRVLWLRQV OpJLVODWLYHV FRQWUDLUHV LO HVW LQWHUGLW DX[ PHVXUHV
SHUVRQQHV SK\VLTXHV RX PRUDOHV TXL H[HUFHQW XQH DFWLYLWp $UWLFOH
PHQWLRQQpH j O¶DUWLFOH SUHPLHU GH OD SUpVHQWH ORL G¶DVVXUHU GHV
PLVVLRQVD\DQWSRXUREMHWPrPHODSUpYHQWLRQGHVFULPHVGpOLWV /¶DXWRULWp FRPSpWHQWH IL[H OD OLVWH GHV OLHX[ DX[TXHOV OHV
RXFRQWUDYHQWLRQVRXODSRXUVXLWHGHOHXUVDXWHXUVRXD\DQWSRXU PHVXUHV SUpYXHV j OD SUpVHQWH VHFWLRQ VRQW DSSOLFDEOHV HW
HIIHWGHSRUWHUDWWHLQWHjODOLEHUWpG¶DOOHUHWGHYHQLUjO¶LQWpJULWp pYHQWXHOOHPHQWOHVPRGDOLWpVSDUWLFXOLqUHVGHOHXUPLVHHQ°XYUH
SK\VLTXHGHVSHUVRQQHVRXjO¶LQWLPLWpGHODYLHSULYpH $ GpIDXW GHV GLVSRVLWLRQV JpQpUDOHV SUpYXHV j O¶DOLQpD
,O HVW QRWDPPHQW LQWHUGLW j OHXUV SHUVRQQHOV GH SURFpGHU j SUpFpGHQW OHV UHVSRQVDEOHV GHV OLHX[ RXYHUWV DX SXEOLF SHXYHQW
GHV SDOSDWLRQV GH VpFXULWp RX j GHV IRXLOOHV j FRUSV HW VDQV OH GpFLGHUGHO¶DSSOLFDWLRQDX[OLHX[SODFpVVRXVOHXUUHVSRQVDELOLWp
FRQVHQWHPHQWH[SUqVGHOHXUGpWHQWHXUGHIRXLOOHUGHVEDJDJHVj GHVPHVXUHVSUpYXHVjODSUpVHQWHVHFWLRQDSUqVHQDYRLUREWHQX
PDLQ VDFV RX DXWUHV PR\HQV GH WUDQVSRUW GH ELHQV PHXEOHV GH O¶DXWRULVDWLRQGHO¶DXWRULWpFRPSpWHQWH
IDLUHSUpVHQWHURXUHWHQLUXQGRFXPHQWMXVWLILFDWLIG¶LGHQWLWpRXGH
/D GpFLVLRQ GH O¶DXWRULWp FRPSpWHQWH GRLW SRXYRLU rWUH
UHWHQLUGHVHIIHWVSHUVRQQHOV
FRQVXOWpH SDU OH SXEOLF QRWDPPHQW SDU YRLH G¶DIILFKDJH DX[
$UWLFOH HPSODFHPHQWVROHVFRQWU{OHVGRLYHQWDYRLUOLHX
/HVSHUVRQQHOVHPSOR\pVjXQHDFWLYLWpPHQWLRQQpHDXƒGH
$UWLFOH
O¶DUWLFOH SUHPLHU GH OD SUpVHQWH ORL QH SHXYHQW H[HUFHU OHXUV
DFWLYLWpVTX¶jO¶LQWpULHXUGHVEkWLPHQWVRXGDQVODOLPLWHGHVOLHX[ 6RXV UpVHUYH GH O¶DSSOLFDWLRQ GHV GLVSRVLWLRQV GHV DUWLFOHV
GRQWLOVRQWODJDUGH  HW  GX FRGH SpQDO HW GHV DUWLFOHV  HW  GX FRGH GH
$ WLWUH H[FHSWLRQQHO HW VXU GHPDQGH PRWLYpH LOV SHXYHQW SURFqGXUH SpQDOH OHV SHUVRQQHOV HPSOR\pV j GHV DFWLYLWpV GH
rWUH DXWRULVpV VHORQ OH FDV SDU OH SUpIHW GH SROLFH RX OH JDUGLHQQDJHQHSHXYHQWIDLUHXVDJHGHFRQWUDLQWHjO¶HQFRQWUHGHV
FRPPDQGDQW GH OD JHQGDUPHULH WHUULWRULDOHPHQW FRPSpWHQW j SHUVRQQHVQRWDPPHQWOHVUHWHQLUVDQVOHXUFRQVHQWHPHQW
H[HUFHUVXUODYRLHSXEOLTXHGHVPLVVLRQVGHVXUYHLOODQFHFRQWUH 7RXWHIRLVORUVTXHO¶XVDJHGHVGpWHFWHXUVGHSURGXLWVVRXVWUDLWV
OHVYROVGpJUDGDWLRQVHWHIIUDFWLRQVYLVDQWOHVELHQVGRQWLOVRQW IUDXGXOHXVHPHQWGDQVOHOLHXGRQWLOVVRQWFKDUJpVGHODVXUYHLOODQFH
OD JDUGH /¶DXWRULVDWLRQ IL[H OHV FRQGLWLRQV HW OHV PRGDOLWpV GH UpYqOH OD FRPPLVVLRQ G¶XQH LQIUDFWLRQ OHV HPSOR\pV FRQFHUQpV
FHWWHPLVVLRQGHVXUYHLOODQFH
SHXYHQW FRQWUDLQGUH OD RX OHV SHUVRQQH  V VRXSoRQQpH  V GH
6HFWLRQ±'
'LVSRVLWLRQVSDUWLFXOLqUHV O¶LQIUDFWLRQ j UHVWHU VXU SODFH GDQV O¶DWWHQWH GH OD YHQXH GHV
$UWLFOH DXWRULWpVGHSROLFHRXGHJHQGDUPHULHLPPpGLDWHPHQWLQIRUPpHV
3DUGpURJDWLRQDX[GLVSRVLWLRQVGHO¶DUWLFOHFLGHVVXVHW GHODVLWXDWLRQ,OVSHXYHQWpJDOHPHQWFRQIRUPpPHQWjO¶DUWLFOH
ORUVTXH OD VpFXULWp GHV SHUVRQQHV RX GHV ELHQV O¶H[LJH VRLW HQ GX FRGH GH SURFpGXUH SpQDOH OHV FRQGXLUH DX SRVWH GH SROLFH
UDLVRQGXFDUDFWqUHSDUWLFXOLHUGHVOLHX[RXYHUWVDXSXEOLFVRLWHQ MXGLFLDLUHOHSOXVSURFKHGXOLHXGRQWLOVRQWODJDUGH
1ıNDDGD  %8//(7,12)),&,(/ 

/D FRQWUDLQWH HPSOR\pH GDQV OHV FDV SUpFpGHQWV GRLW rWUH ± OH IDLW SRXU OHV HQWUHSULVHV FRQFHUQpHV G¶DYRLU G¶DXWUHV
VWULFWHPHQWSURSRUWLRQQpHHWDGDSWpHDX[FLUFRQVWDQFHV(OOHGRLW DFWLYLWpVTXHFHOOHVSRXUOHVTXHOOHVHOOHVVRQWDXWRULVpHV
VHOLPLWHUDX[PHVXUHVQpFHVVDLUHVSRXUV¶DVVXUHUGHO¶LGHQWLWpGH &HVSHLQHVVHURQWSRUWpHVDXGRXEOHHQFDVGHUpFLGLYH
ODSHUVRQQHGDQVO¶DWWHQWHGHVDUHPLVHRXGHVDFRQGXLWHHQWUH
$UWLFOH
OHVPDLQVGHO¶DXWRULWpGHSROLFHRXGHJHQGDUPHULH6DPLVHHQ
°XYUH HQJDJH OD UHVSRQVDELOLWp SHUVRQQHOOH GH O¶HPSOR\p TXL \ 7RXWH LQIUDFWLRQ DX[ GLVSRVLWLRQV GH O¶DUWLFOH  GH OD
UHFRXUWHWFHOOHGHO¶HQWUHSULVHTXLO¶HPSORLH SUpVHQWHORLHVWSXQLHG¶XQHDPHQGHGH'+j'+HW
G¶XQHPSULVRQQHPHQWGHXQjWURLVDQVRXGHO¶XQHGHFHVGHX[
&KDSLWUH,9
SHLQHVVHXOHPHQW
'XFRQWU{OHGHVDFWLYLWpVGHJDUGLHQQDJH
/H PRQWDQW GH O¶DPHQGH HVW SRUWp DX GRXEOH HQ FDV GH
HWGHWUDQVSRUWGHIRQGV
UpFLGLYHRXTXDQGLOV¶DJLWG¶XQHSHUVRQQHPRUDOH
GHODFRQVWDWDWLRQGHVLQIUDFWLRQVHWGHVVDQFWLRQV
$UWLFOH
$UWLFOH
(VW SXQLH G¶XQH DPHQGH GH  j  '+ WRXWH
/H FRQWU{OH GHV SHUVRQQHV H[HUoDQW OHV DFWLYLWpV UpJLHV SDU
HQWUHSULVH Q¶D\DQW SDV WHQX FRQIRUPpPHQW j O¶DUWLFOH  GH OD
OHVGLVSRVLWLRQVGHODSUpVHQWHORLHWGHOHXUVDFWLYLWpVHVWDVVXUp SUpVHQWHORLXQUHJLVWUHVSpFLDOGXSHUVRQQHOHPSOR\p
SDU OHV RIILFLHUV GH SROLFH MXGLFLDLUH HW OHV DJHQWV VSpFLDOHPHQW
KDELOLWpVjFHWHIIHW (Q FDV GH UpFLGLYH OH PRQWDQW GH O¶DPHQGH HVW SRUWp DX
GRXEOH
/HVRIILFLHUVGHSROLFHMXGLFLDLUHDLQVLTXHOHVDJHQWVYLVpV
jO¶DOLQpDFLGHVVXVSHXYHQWSURFpGHUjGHVYLVLWHVGHVORFDX[R $UWLFOH
V¶H[HUFHQWOHVDFWLYLWpVGHVHQWUHSULVHVDXWRULVpHVDILQGHVHIDLUH 6RXV UpVHUYH GHV SHLQHV SUpYXHV SDU O¶DUWLFOH  GX FRGH
FRPPXQLTXHU OH FRQWHQX GHV DXWRULVDWLRQV OH UHJLVWUH GX SpQDO HVW SXQLH G¶XQH DPHQGH GH  j  '+ WRXWH
SHUVRQQHO SUpYX j O¶DUWLFOH  FLGHVVXV HW GH UHFXHLOOLU OHV HQWUHSULVHTXLHQIUHLQWOHVGLVSRVLWLRQVGHVDUWLFOHVHWGHOD
LQIRUPDWLRQV UHQVHLJQHPHQWV HW MXVWLILFDWLRQV QpFHVVDLUHV DX SUpVHQWH ORL UHODWLYHV UHVSHFWLYHPHQW j OD FRQIXVLRQ GHV WHQXHV
FRQWU{OH GX UHVSHFW GHV GLVSRVLWLRQV GH OD SUpVHQWH ORL HW GHV GHVHQWUHSULVHVSULYpHVDYHFFHOOHVGHVDJHQWVGHVVHUYLFHVSXEOLFV
WH[WHVSULVSRXUVRQDSSOLFDWLRQ HWDXGpIDXWGHSRUWG¶XQHFDUWHG¶LGHQWLWpSURIHVVLRQQHOOH
,OVUHOqYHQWOHFDVpFKpDQWOHVLQIUDFWLRQVjODSUpVHQWHORL /D PrPH VDQFWLRQ HVW DSSOLFDEOH HQ FDV G¶LQIUDFWLRQ DX[
HW DX[ WH[WHV SULV SRXU VRQ DSSOLFDWLRQ HW HQ GUHVVHQW SURFqV GLVSRVLWLRQVSUpYXHVSDUOHVDUWLFOHVHWGHODSUpVHQWHORL
YHUEDO $UWLFOH
/HVFRQWU{OHVSUpYXVDXSUpVHQWDUWLFOHQHIRQWSDVREVWDFOH (VWSXQLG¶XQHDPHQGHGHj'+
j O¶LQWHUYHQWLRQ GHV LQVSHFWHXUV GX WUDYDLO GDQV OH FDGUH GHV
± OH IDLW GH QH SDV UHSURGXLUH OHV PHQWLRQV H[LJpHV j
PLVVLRQVTXLOHXUVRQWGpYROXHVSDUOHFRGHGXWUDYDLO
O¶DOLQpD GH O¶DUWLFOH  GH OD SUpVHQWH ORL GDQV WRXW
$UWLFOH GRFXPHQWYLVpSDUFHWDUWLFOHRXGHIDLUHpWDWGHODTXDOLWp
7RXWH LQIUDFWLRQ DX[ GLVSRVLWLRQV GX GHUQLHU DOLQpD GH G¶DQFLHQIRQFWLRQQDLUHGHSROLFHRXG¶DQFLHQPLOLWDLUHTXH
O¶DUWLFOH SUHPLHU GH OD SUpVHQWH ORL HVW SXQLH G¶XQH DPHQGH GH SRXUUDLW DYRLU O¶XQ GHV GLULJHDQWV RX HPSOR\pV GH
 '+ j  '+ HW G¶XQ HPSULVRQQHPHQW GH  PRLV j O¶HQWUHSULVH
XQDQRXGHO¶XQHGHFHVGHX[SHLQHVVHXOHPHQW ±OHIDLWSRXUOHVHQWUHSULVHVH[HUoDQWOHVDFWLYLWpVYLVpHVj
/HPRQWDQWGHO¶DPHQGHHVWSRUWpDXGRXEOHORUVTX¶LOV¶DJLW O¶DUWLFOHSUHPLHUGHODSUpVHQWHORLGHQHSDVIDLUHPHQWLRQ
G¶XQHSHUVRQQHPRUDOH GH OHXU FDUDFWqUH SULYp GDQV OHXU GpQRPLQDWLRQ
FRQIRUPpPHQWDXHDOLQpDGHO¶DUWLFOHFLGHVVXV
(QFDVGHUpFLGLYHOHPRQWDQWGHO¶DPHQGHHVWSRUWpDXGRXEOH
$UWLFOH
HWODSHLQHG¶HPSULVRQQHPHQWQHSHXWrWUHLQIpULHXUHjXQDQ
/HV SHLQHV HQFRXUXHV SRXU O¶XQH GHV LQIUDFWLRQV PHQWLRQQpHV
/HV PrPHV SHLQHV VRQW DSSOLFDEOHV DX[ GLULJHDQWV GHV
DX[ DUWLFOHV  j  HW DX[ DUWLFOHV     
HQWUHSULVHV YLVpHV SDU OD SUpVHQWH ORL TXL DXURQW H[HUFp OHV
GXFRGHSpQDOVHURQWSRUWpHVDXGRXEOH
DFWLYLWpV SUpYXHV j O¶DUWLFOH SUHPLHU FLGHVVXV HQ YHUWX G¶XQH
ORUVTXH O¶LQIUDFWLRQ DXUD pWp FRPPLVH SDU OH GLULJHDQW RX OH
DXWRULVDWLRQD\DQWIDLWO¶REMHWGHUHWUDLWRXGHVXVSHQVLRQRXTXL
JpUDQW GH GURLW RX GH IDLW RX O¶HPSOR\p G¶XQH HQWUHSULVH GH
GHYLHQWFDGXTXHFRQIRUPpPHQWjO¶DUWLFOHFLGHVVXV
JDUGLHQQDJH HW GH WUDQVSRUW GH IRQGV RX WRXWH DXWUH SHUVRQQH
$UWLFOH H[HUoDQW j WLWUH LQGLYLGXHO OHV DFWLYLWpV PHQWLRQQpHV j O¶DUWLFOH
(VWSXQLG¶XQHDPHQGHGH'+j'+HWG¶XQ SUHPLHUFLGHVVXV
HPSULVRQQHPHQW G¶XQ PRLV j XQ DQ RX GH O¶XQH GH FHV GHX[ $UWLFOH
SHLQHVVHXOHPHQW 'DQVWRXVOHVFDVSUpYXVDX[DUWLFOHV
±OH IDLW GH QH SDV SRUWHU j OD FRQQDLVVDQFH GH O¶DXWRULWp HWGHODSUpVHQWHORLOHWULEXQDOSRXUUDSURQRQFHUGHV
FRPSpWHQWH WRXWH PRGLILFDWLRQ GHV GRQQpHV FRQWHQXHV SHLQHV DFFHVVRLUHV GH IHUPHWXUH GH O¶HQWUHSULVH YLVpH SDU OD
GDQV OD GHPDQGH G¶DXWRULVDWLRQ SUpYXH SDU OHV DUWLFOHV  SUpVHQWHORLVRLWjWLWUHGpILQLWLIVRLWjWLWUHWHPSRUDLUHSRXUXQH
HDOLQpD HW HDOLQpD GHODSUpVHQWHORL GXUpHGHWURLVPRLVjFLQTDQV
 %8//(7,12)),&,(/ 1ıNDDGD 

,O SHXW HQ RXWUH SURQRQFHU O¶LQWHUGLFWLRQ G¶H[HUFHU OD 'DKLU Qƒ  GX  NDDGD    QRYHPEUH 
SURIHVVLRQ j O¶HQFRQWUH GH WRXWH SHUVRQQH WRPEDQW VRXV OH FRXS SRUWDQWSURPXOJDWLRQGHODORLQƒFRPSOpWDQWODORL
QƒUHODWLYHDXPLFURFUpGLW
GHVGLVSRVLWLRQVGHO¶DOLQpDFLGHVVXV BBBBBBBBB
/D MXULGLFWLRQ SHXW RUGRQQHU OD FRQILVFDWLRQ GHV FKRVHV
/28$1*($',(86(8/
REMHWGHO¶LQIUDFWLRQHWOHXUGHVWUXFWLRQOHFDVpFKpDQW(OOHSHXW
*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9,
pJDOHPHQWRUGRQQHUODSXEOLFDWLRQGHODGpFLVLRQFRQIRUPpPHQW
4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW
DX[GLVSRVLWLRQVGXFRGHSpQDO HQIRUWLILHUODWHQHXU
$UWLFOH 4XHQRWUH0DMHVWp&KpULILHQQH
(VW HQ pWDW GH UpFLGLYH DX VHQV GH OD SUpVHQWH ORL WRXWH 9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW
SHUVRQQH TXL FRPPHW XQH LQIUDFWLRQ GH TXDOLILFDWLRQ LGHQWLTXH $'e&,'e&(48,68,7
GDQVXQGpODLGHFLQTDQVTXLVXLWODGDWHjODTXHOOHXQHSUHPLqUH (VWSURPXOJXpHHWVHUDSXEOLpHDX%XOOHWLQRIILFLHOjODVXLWH
FRQGDPQDWLRQDDFTXLVODIRUFHGHODFKRVHMXJpH GX SUpVHQW GDKLU OD ORL Qƒ  FRPSOpWDQW OD ORL Qƒ 
UHODWLYH DX PLFURFUpGLW WHOOH TX¶DGRSWpH SDU OD &KDPEUH GHV
$UWLFOH UHSUpVHQWDQWVHWOD&KDPEUHGHVFRQVHLOOHUV
/DSHLQHG¶HPSULVRQQHPHQWSUpYXHDX[DUWLFOHV )DLWj*XHOPLPOHNDDGD QRYHPEUH 
HW  FLGHVVXV HVW DSSOLTXpH ORUVTX¶LO V¶DJLW G¶XQH SHUVRQQH 3RXUFRQWUHVHLQJ
PRUDOHDX[GLULJHDQWVGHODGLWHSHUVRQQH /H3UHPLHUPLQLVWUH
&KDSLWUH9 $%%$6(/)$66,
'LVSRVLWLRQVWUDQVLWRLUHVHWILQDOHV
$UWLFOH 
/HV GLVSRVLWLRQV GD OD SUpVHQWH ORL HQWUHQW HQ YLJXHXU VL[ /RLQƒ
PRLVDSUqVODSXEOLFDWLRQDX%XOOHWLQRIILFLHOGHVWH[WHVSULVSRXU FRPSOpWDQWODORLQƒUHODWLYHDXPLFURFUpGLW
VRQDSSOLFDWLRQ ²²²²²²
$UWLFOHXQLTXH
7RXWHIRLV OHV pWDEOLVVHPHQWV HW OHV HQWUHSULVHV SULYpHV TXL
H[HUFHQWjODGDWHGHODSXEOLFDWLRQGHODSUpVHQWHORLDX%XOOHWLQ /HVDUWLFOHVHWGHODORLQƒUHODWLYHDXPLFURFUpGLW
SURPXOJXpHSDUOHGDKLUQƒGXFKDRXDO IpYULHU
RIILFLHO  O¶XQH GHV DFWLYLWpV SUpYXHV j O¶DUWLFOH SUHPLHU GH OD  VRQWFRPSOpWpVFRPPHVXLW
SUpVHQWHORLVRQWWHQXVGDQVXQGpODLGHVL[PRLVVXLYDQWFHOXLGH
©$UWLFOH ±(VW FRQVLGpUp FRPPH PLFURFUpGLW WRXW FUpGLW
OD SXEOLFDWLRQ DX %XOOHWLQ RIILFLHO GHV WH[WHV UpJOHPHQWDLUHV ©GRQWO¶REMHWHVWGHSHUPHWWUHjGHVSHUVRQQHVpFRQRPLTXHPHQW
VXVYLVpV ©IDLEOHV
±GH GpFODUHU j O¶DGPLQLVWUDWLRQ OHXU H[LVWHQFH HQ SUpFLVDQW ©±
QRWDPPHQW OD QDWXUH GH OHXUV DFWLYLWpV OH QRPEUH HW OD ©±
TXDOLWp GH OHXU SHUVRQQHO OH WRXW VHORQ GHV IRUPHV HW ©±GHVHGRWHUHQHDXSRWDEOH
SUHVFULSWLRQVUpJOHPHQWDLUHV ©±GH VRXVFULUH GHV FRQWUDWV G¶DVVXUDQFHV DXSUqV GHV
©HQWUHSULVHVG¶DVVXUDQFHVHWGHUpDVVXUDQFHUpJLHVSDUOD
±GH YHLOOHU DX UHVSHFW SDU OHXU SHUVRQQHO GHV GLVSRVLWLRQV ©ORLQƒSRUWDQWFRGHGHVDVVXUDQFHV
GHVDUWLFOHVHWFLGHVVXV
©/HPRQWDQWGXPLFURFUpGLWª
$ GpIDXW GH FHWWH UpJXODULVDWLRQ GDQV OH GpODL SUpFLWp OHXUV /DVXLWHVDQVPRGLILFDWLRQ
DFWLYLWpV VRQW UpSXWpHV rWUH H[HUFpHV VDQV DXWRULVDWLRQ /H ©$UWLFOH±2XWUHO¶RFWURLGHPLFURFUpGLW
FRQWUHYHQDQW V¶H[SRVH GDQV FH FDV DX[ VDQFWLRQV SUpYXHV SDU OD ©HWO¶DVVLVWDQFHWHFKQLTXH
SUpVHQWHORL ©(OOHV SHXYHQW pJDOHPHQW rWUH DXWRULVpHV j HIIHFWXHU DX
©SURILWGHOHXUVFOLHQWVGHVRSpUDWLRQVDXWUHVTXHFHOOHVYLVpHVj
$UWLFOH
©O¶DUWLFOHSUHPLHUFLGHVVXVHWDXSUHPLHUDOLQpDGXSUpVHQWDUWLFOH
6RQW DEURJpHV WRXWHV GLVSRVLWLRQV FRQWUDLUHV j OD SUpVHQWH ©/¶DXWRULVDWLRQYLVpHjO¶DOLQpDFLGHVVXVHVWRFWUR\pHSDUOH
ORLQRWDPPHQWFHOOHV ©PLQLVWUHFKDUJpGHVILQDQFHVDXYXGHVGLVSRVLWLRQVOpJLVODWLYHV
©HW UpJOHPHQWDLUHV DSSOLFDEOHV DX[ RSpUDWLRQV FRQFHUQpHV DSUqV
±GX GDKLU GX  KLMD    DYULO  UHODWLI DX[ ©DYLVGXFRQVHLOFRQVXOWDWLIGXPLFURFUpGLWSUpYXjO¶DUWLFOH
HQWUHSULVHVRXVRFLpWpVGHJDUGLHQQDJHRXSROLFHSULYpH ©FLGHVVRXV
±HWGXGDKLUGXUDELL, GpFHPEUH UHODWLI ©7RXWHIRLVOHVDVVRFLDWLRQVGHPLFURFUpGLWª
DX[JDUGHVSDUWLFXOLHUV /DVXLWHVDQVFKDQJHPHQW
1ıNDDGD  %8//(7,12)),&,(/ 

'DKLU Qƒ   GX  NDDGD    QRYHPEUH  ©3HXYHQW QRWDPPHQW IDLUH O¶REMHW G¶XQH FRQYHQWLRQ
SRUWDQW  SURPXOJDWLRQ GH OD ORL Qƒ  DEURJHDQW HW ©G¶DUELWUDJHOHVOLWLJHVUHOHYDQWGHODFRPSpWHQFHGHVWULEXQDX[
UHPSODoDQW OH FKDSLWUH 9,,, GX WLWUH 9 GX FRGH GH ©GH FRPPHUFH HQ DSSOLFDWLRQ GH O¶DUWLFOH  GH OD ORL Qƒ 
SURFpGXUHFLYLOH ©LQVWLWXDQWGHVMXULGLFWLRQVGHFRPPHUFH
BBBBBBBBB ©$UWLFOH±6RXV UpVHUYH GHV GLVSRVLWLRQV GH
©O¶DUWLFOH FLGHVVXV OD FRQYHQWLRQ G¶DUELWUDJH QH SHXW
/28$1*($',(86(8/ ©FRQFHUQHUOHUqJOHPHQWGHOLWLJHVUHODWLIVjO¶pWDWHWjODFDSDFLWp
*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9, ©GHVSHUVRQQHVRXDX[GURLWVSHUVRQQHOVTXLQHIRQWSDVO¶REMHW
©GHFRPPHUFH
4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW
HQIRUWLILHUODWHQHXU ©$UWLFOH±/HVOLWLJHVUHODWLIVDX[DFWHVXQLODWpUDX[GH
©O¶(WDW GHV FROOHFWLYLWpV ORFDOHV RX DXWUHV RUJDQLVPHV GRWpV GH
4XHQRWUH0DMHVWp&KpULILHQQH
©SUpURJDWLYHV GH SXLVVDQFH SXEOLTXH QH SHXYHQW IDLUH O¶REMHW
9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW ©G¶DUELWUDJH
$'e&,'e&(48,68,7 ©7RXWHIRLV OHV FRQWHVWDWLRQV SpFXQLDLUHV TXL HQ UpVXOWHQW
(VWSURPXOJXpHHWVHUDSXEOLpHDX%XOOHWLQRIILFLHOjODVXLWH ©SHXYHQW IDLUH O¶REMHW G¶XQ FRPSURPLV G¶DUELWUDJH j O¶H[FHSWLRQ
GX SUpVHQW GDKLU OD ORL Qƒ DEURJHDQW HW UHPSODoDQW OH ©GHFHOOHVFRQFHUQDQWO¶DSSOLFDWLRQG¶XQHORLILVFDOH
FKDSLWUH 9,,, GX WLWUH 9 GX FRGH GH SURFpGXUH FLYLOH WHOOH ©1RQREVWDQW OHV GLVSRVLWLRQV GX H DOLQpD GH O¶DUWLFOH 
TX¶DGRSWpH SDU OD &KDPEUH GHV FRQVHLOOHUV HW OD &KDPEUH GHV ©FLGHVVRXV OHV OLWLJHV UHODWLIV DX[ FRQWUDWV FRQFOXV SDU O¶(WDW
UHSUpVHQWDQWV ©RX OHV FROOHFWLYLWpV ORFDOHV SHXYHQW IDLUH O¶REMHW G¶XQH
)DLWj*XHOPLPOHNDDGD QRYHPEUH  ©FRQYHQWLRQ G¶DUELWUDJH GDQV OH UHVSHFW GHV GLVSRVLWLRQV
©UHODWLYHVDXFRQWU{OHRXjODWXWHOOHSUpYXVSDUODOpJLVODWLRQRX
3RXUFRQWUHVHLQJ ©ODUpJOHPHQWDWLRQHQYLJXHXUVXUOHVDFWHVFRQFHUQpV
/H3UHPLHUPLQLVWUH ©/D FRPSpWHQFH SRXU VWDWXHU VXU OD GHPDQGH GH
$%%$6(/)$66, ©O¶H[HTXDWXU GH OD VHQWHQFH DUELWUDOH UHQGXH GDQV OH FDGUH GX
©SUpVHQW DUWLFOH UHYLHQW j OD MXULGLFWLRQ DGPLQLVWUDWLYH GDQV OH
©UHVVRUW GH ODTXHOOH OD VHQWHQFH VHUD H[pFXWpH RX DX WULEXQDO
©DGPLQLVWUDWLI GH 5DEDW ORUVTXH OD VHQWHQFH DUELWUDOH FRQFHUQH
 ©O¶HQVHPEOHGXWHUULWRLUHQDWLRQDO
/RLQƒ ©$UWLFOH±/HVHQWUHSULVHVSXEOLTXHVVRXPLVHVDXGURLW
DEURJHDQWHWUHPSODoDQWOHFKDSLWUH9,,,GXWLWUH9 ©GHV VRFLpWpV FRPPHUFLDOHV SHXYHQW FRQFOXUH GHV FRQYHQWLRQV
GXFRGHGHSURFpGXUHFLYLOH ©G¶DUELWUDJH GDQV OHV IRUPHV HW FRQGLWLRQV GpWHUPLQpHV SDU OHXU
±±±±±±±± ©FRQVHLOG¶DGPLQLVWUDWLRQRXGHVXUYHLOODQFHRXSDUOHXURUJDQHGH
©JHVWLRQ
$UWLFOHSUHPLHU
©1RQREVWDQW OHV GLVSRVLWLRQV GX H DOLQpD GH O¶DUWLFOH 
/HV GLVSRVLWLRQV GX FKDSLWUH 9,,, GX WLWUH 9 GX FRGH GH ©FLGHVVRXV OHV pWDEOLVVHPHQWV SXEOLFV SHXYHQW FRQFOXUH GHV
SURFpGXUHFLYLOHDSSURXYpSDUOHGDKLUSRUWDQWORLQƒGX ©FRPSURPLV G¶DUELWUDJH GDQV OHV IRUPHV HW FRQGLWLRQV
 UDPDGDQ    VHSWHPEUH  VRQW DEURJpHV HW ©GpWHUPLQpHVSDUOHXUFRQVHLOG¶DGPLQLVWUDWLRQ/HVFRQYHQWLRQV
UHPSODFpHVFRPPHVXLW ©FRPSRUWDQW GHV FODXVHV G¶DUELWUDJH IRQW O¶REMHW G¶XQH
©&KDSLWUH9,,, ©GpOLEpUDWLRQVSpFLDOHGXFRQVHLOG¶DGPLQLVWUDWLRQ
©'HO¶DUELWUDJHHWGHODPpGLDWLRQFRQYHQWLRQQHOOH ©$UWLFOH±'DQVOHSUpVHQWFKDSLWUH
©6HFWLRQ,±'
'HO¶DUELWUDJHLQWHUQH ©±OH ©WULEXQDO DUELWUDO ª GpVLJQH O¶DUELWUH XQLTXH RX XQ
©FROOqJHG¶DUELWUHV
©6RXVVHFWLRQ, ±'pILQLWLRQVHWUqJOHVJpQpUDOHV
©±OH©UqJOHPHQWG¶DUELWUDJHªYLVHWRXWWH[WHTXLGpILQLW
©$UWLFOH ±/¶DUELWUDJH D SRXU REMHW GH IDLUH WUDQFKHU ©XQH SURFpGXUH GpWHUPLQpH j VXLYUH HQ PDWLqUH
©XQ OLWLJH SDU XQ WULEXQDO DUELWUDO TXL UHoRLW GHV SDUWLHV OD ©G¶DUELWUDJH
©PLVVLRQGHMXJHUHQYHUWXG¶XQHFRQYHQWLRQG¶DUELWUDJH
©±OH ©SUpVLGHQW GH OD MXULGLFWLRQ ª GpVLJQH OH SUpVLGHQW
©$UWLFOH±/DFRQYHQWLRQG¶DUELWUDJHHVWO¶HQJDJHPHQW ©GXWULEXQDOGHFRPPHUFHVDXISUpFLVLRQVFRQWUDLUHV
©GHVSDUWLHVGHUHFRXULUjO¶DUELWUDJHSRXUUpJOHUXQOLWLJHQpRX
©VXVFHSWLEOHGHQDvWUHFRQFHUQDQWXQUDSSRUWGHGURLWGpWHUPLQp ©$UWLFOH±/DFRQYHQWLRQG¶DUELWUDJHGRLWWRXMRXUVrWUH
©GHQDWXUHFRQWUDFWXHOOHRXQRQFRQWUDFWXHOOH ©pWDEOLHSDUpFULWVRLWSDUDFWHDXWKHQWLTXHRXVRXVVHLQJSULYp
©VRLWSDUSURFqVYHUEDOGUHVVpGHYDQWOHWULEXQDODUELWUDOFKRLVL
©/DFRQYHQWLRQG¶DUELWUDJHUHYrWODIRUPHG¶XQFRPSURPLV
©G¶DUELWUDJHRXG¶XQHFODXVHG¶DUELWUDJH ©/D FRQYHQWLRQ G¶DUELWUDJH HVW UpSXWpH pWDEOLH SDU pFULW
©ORUVTX¶HOOH HVW FRQVLJQpH GDQV XQ GRFXPHQW VLJQp SDU OHV SDUWLHV
©$UWLFOH±'DQVOHUHVSHFWGHVGLVSRVLWLRQVGXGDKLUGX ©RX GDQV XQ pFKDQJH GH OHWWUHV GH FRPPXQLFDWLRQV WpOH[ GH
©UDPDGDQ DR€W IRUPDQWFRGHGHVREOLJDWLRQVHW ©WpOpJUDPPHV RX GH WRXW DXWUH PR\HQ GH WpOpFRPPXQLFDWLRQ
©GHVFRQWUDWVWHOTXHPRGLILpHWFRPSOpWpHWQRWDPPHQWGHVRQ ©FRQVLGpUp FRPPH FRQYHQWLRQ HW TXL HQ DWWHVWH O¶H[LVWHQFH RX
©DUWLFOH  WRXWHV SHUVRQQHV FDSDEOHV SK\VLTXHV RX PRUDOHV ©HQFRUH GDQV O¶pFKDQJH GH FRQFOXVLRQVHQ GHPDQGH RX GH
©SHXYHQWVRXVFULUHXQHFRQYHQWLRQG¶DUELWUDJHVXUOHVGURLWVGRQW ©FRQFOXVLRQV HQ GpIHQVH GDQV OHVTXHOOHVO¶H[LVWHQFH G¶XQH WHOOH
©HOOHV RQW OD OLEUH GLVSRVLWLRQ GDQV OHV OLPLWHV HW VHORQ OHV ©FRQYHQWLRQHVWDOOpJXpHSDUXQHSDUWLHHWQ¶HVWSDVFRQWHVWpHSDU
©IRUPHVHWSURFpGXUHVSUpYXHVSDUOHSUpVHQWFKDSLWUH ©O¶DXWUH
 %8//(7,12)),&,(/ 1ıNDDGD 

©7RXW UHQYRL GDQV XQ FRQWUDW pFULW DX[ GLVSRVLWLRQV G¶XQ ©$UWLFOH±/HV SHUVRQQHV SK\VLTXHV TXL
©FRQWUDWW\SH G¶XQH FRQYHQWLRQ LQWHUQDWLRQDOH RX j WRXW DXWUH ©KDELWXHOOHPHQWRX SDU SURIHVVLRQ H[HUFHQW GHV PLVVLRQV
©GRFXPHQWFRQWHQDQWXQHFODXVHG¶DUELWUDJHHVWUpSXWprWUHXQH ©G¶DUELWUH VRLW GHPDQLqUH LQGLYLGXHOOH VRLW DX VHLQ G¶XQH
©FRQYHQWLRQ G¶DUELWUDJH pWDEOLH SDU pFULW ORUVTXH OH UHQYRL ©SHUVRQQH PRUDOH GRQW O¶DUELWUDJH HVW O¶XQ GH VHV REMHWV
©VWLSXOH FODLUHPHQW TXH ODGLWH FODXVH IDLW SDUWLH LQWpJUDQWH GX ©VRFLDX[ GRLYHQW HQ IDLUH OD GpFODUDWLRQDXSUqV GX SURFXUHXU
©FRQWUDW ©JpQpUDO SUqV OD FRXU G¶DSSHO GDQV OHUHVVRUW GH ODTXHOOH HOOHV
©$UWLFOH±/HFRPSURPLVG¶DUELWUDJHHVWODFRQYHQWLRQ ©UpVLGHQWRXGDQVOHUHVVRUWGHODTXHOOHVHWURXYHOHVLqJHVRFLDO
©SDUODTXHOOHOHVSDUWLHVjXQOLWLJHGpMjQpVRXPHWWHQWFHOXLFLj ©GHODSHUVRQQHPRUDOH
©XQWULEXQDODUELWUDO ©$SUqV H[DPHQ GH OHXU VLWXDWLRQ OH SURFXUHXU JpQpUDO
©/H FRPSURPLV SHXW rWUH FRQFOX PrPH DX FRXUV G¶XQH ©GpOLYUH XQ UpFpSLVVp GH OD GpFODUDWLRQ HW LQVFULW OHV LQWpUHVVpV
©LQVWDQFHGpMjHQJDJpHGHYDQWXQHMXULGLFWLRQ ©VXUXQHOLVWHGHVDUELWUHVSUqVODFRXUG¶DSSHOFRQFHUQpH
©/RUVTX¶LO\DDFFRUGVXUOHUHFRXUVjO¶DUELWUDJHDXFRXUV ©$UWLFOH±8QDUELWUHQHSHXWrWUHUpFXVpSDUO¶XQHGHV
©GH O¶H[DPHQ GX OLWLJH  GHYDQW XQH MXULGLFWLRQ FHOOHFL GRLW ©SDUWLHV GH O¶DUELWUDJH VL FH Q¶HVW SRXU XQH FDXVH VXUYHQXH RX
©GpFLGHUGHVRXPHWWUHOHVSDUWLHVjO¶DUELWUDJH&HWWHGpFLVLRQHVW ©GpFRXYHUWHDSUqVVDGpVLJQDWLRQ
©UpSXWpHrWUHXQHFRQYHQWLRQG¶DUELWUDJHpFULWH ©$UWLFOH±8QDUELWUHSHXWrWUHUpFXVpTXDQG
©$UWLFOH±/HFRPSURPLVGRLWjSHLQHGHQXOOLWp ©±LO D IDLW O¶REMHW G¶XQH FRQGDPQDWLRQ GpILQLWLYHSRXU
©±GpWHUPLQHUO¶REMHWGXOLWLJH ©O¶XQGHVIDLWVpQXPpUpVjO¶DUWLFOHFLGHVVXV
©±GpVLJQHU OH WULEXQDO DUELWUDO RX SUpYRLU OHV PRGDOLWpV ©±LO D RX VRQ FRQMRLQW RX VHV DVFHQGDQWV RX GHVFHQGDQWV
©GHVDGpVLJQDWLRQ ©XQLQWpUrWSHUVRQQHOGLUHFWRXLQGLUHFWjODFRQWHVWDWLRQ
©/H FRPSURPLV HVW FDGXF ORUVTX¶XQ DUELWUH TX¶LO GpVLJQH ©±LO\DSDUHQWpRXDOOLDQFHHQWUHO¶DUELWUHRXVRQFRQMRLQW
©Q¶DFFHSWHSDVODPLVVLRQTXLOXLHVWFRQILpH ©HW O¶XQH GHV SDUWLHV MXVTX¶DX GHJUp GH FRXVLQ JHUPDLQ
©$UWLFOH±/DFODXVHG¶DUELWUDJHHVWODFRQYHQWLRQSDU ©LQFOXVLYHPHQW
©ODTXHOOH OHV SDUWLHV j XQ FRQWUDW V¶HQJDJHQW j VRXPHWWUH j ©±LO \ D SURFqV HQ FRXUV RX TXDQG LO \ D HX SURFqV
©O¶DUELWUDJH OHV OLWLJHV TXL SRXUUDLHQW QDvWUH UHODWLYHPHQW j FH ©WHUPLQp GHSXLV PRLQV GH GHX[ DQV HQWUH O¶XQH GHV
©FRQWUDW ©SDUWLHVHWO¶DUELWUHRXVRQFRQMRLQWRXOHXUVDVFHQGDQWV
©$UWLFOH±$SHLQHGHQXOOLWp ©RXGHVFHQGDQWV
©±OD FODXVH G¶DUELWUDJH GRLW rWUH VWLSXOpH SDU pFULW VDQV ©±LOHVWFUpDQFLHURXGpELWHXUGHO¶XQHGHVSDUWLHV
©pTXLYRTXH GDQV OD FRQYHQWLRQ SULQFLSDOH RX GDQV XQ ©±LO D SUpFpGHPPHQW SODLGp RX SRVWXOp RX GpSRVp
©GRFXPHQWDXTXHOFHOOHFLVHUpIqUH ©FRPPHWpPRLQVXUOHGLIIpUHQG
©±OD FODXVH G¶DUELWUDJH GRLW VRLW GpVLJQHU OH RX OHV ©±LO D G€ DJLU FRPPH UHSUpVHQWDQW OpJDO GH O¶XQH GHV
©DUELWUHVVRLWSUpYRLUOHVPRGDOLWpVGHOHXUGpVLJQDWLRQ ©SDUWLHV
© $UWLFOH  ± /D FODXVH G¶DUELWUDJH HVW UpSXWpH rWUH XQH ©±LO H[LVWH XQ OLHQ GH VXERUGLQDWLRQ HQWUH O¶DUELWUH RX
©FRQYHQWLRQ LQGpSHQGDQWH GHV DXWUHV FODXVHV GX FRQWUDW /D ©VRQFRQMRLQWRXVHVDVFHQGDQWVRXGHVFHQGDQWVHWO¶XQH
©QXOOLWpODUpVLOLDWLRQRXODFHVVDWLRQGXFRQWUDWQ¶HQWUDvQHDXFXQ ©GHV SDUWLHV RX VRQ FRQMRLQW RX VHV DVFHQGDQWV RX
©HIIHW VXU OD FODXVH G¶DUELWUDJH FRPSULVH GDQV OHGLW FRQWUDW ©GHVFHQGDQWV
©ORUVTXHFHOOHFLHVWYDODEOHHQVRL
©±LO \ D DPLWLp RX LQLPLWLp QRWRLUH HQWUH O¶DUELWUH HW
©$UWLFOH±/¶DUELWUDJHSHXWrWUHDGKRF RXLQVWLWXWLRQQHO ©O¶XQHGHVSDUWLHV
©(QFDVG¶DUELWUDJHDGKRF OHWULEXQDODUELWUDOVHFKDUJHUD © /D GHPDQGH GH UpFXVDWLRQ HVW SUpVHQWpH SDU pFULW DX
©GHO¶RUJDQLVHUHQIL[DQWODSURFpGXUHjVXLYUHVDXIVLOHVSDUWLHV ©SUpVLGHQWGHODMXULGLFWLRQFRPSpWHQWHHQSUpFLVDQWOHVPRWLIVGH
©HQ FRQYLHQQHQW DXWUHPHQW RX FKRLVLVVHQW XQ UqJOHPHQW ©ODUpFXVDWLRQGDQVXQGpODLGHKXLWMRXUVjFRPSWHUGHODGDWH
©G¶DUELWUDJHGpWHUPLQp ©R OH GHPDQGHXU GH OD UpFXVDWLRQ D SULV FRQQDLVVDQFH GH OD
©/RUVTXH O¶DUELWUDJH HVW SRUWp GHYDQW XQH LQVWLWXWLRQ ©FRQVWLWXWLRQ GX WULEXQDO DUELWUDO RX GHV FLUFRQVWDQFHV MXVWLILDQW
©G¶DUELWUDJHFHOOHFLVHFKDUJHUDGHO¶RUJDQLVHUHWG¶HQDVVXUHUOH ©OD UpFXVDWLRQ /RUVTXH O¶DUELWUH REMHW GH OD UpFXVDWLRQ QH VH
©ERQGpURXOHPHQWFRQIRUPpPHQWjVRQUqJOHPHQW ©UHWLUHSDVGHVRQSOHLQJUpDSUqVDYRLUpWpUpFXVpOHSUpVLGHQWGH
©ODMXULGLFWLRQVWDWXHVXUODGHPDQGHGDQVXQGpODLGHGL[MRXUV
©'DQV WRXV OHV FDV VHURQW UHVSHFWpHV OHV UqJOHV UHODWLYHV
©SDU GpFLVLRQ QRQ VXVFHSWLEOH G¶DXFXQ PR\HQ GH UHFRXUV /D
©DX[GURLWVGHODGpIHQVH
©GHPDQGH GH UpFXVDWLRQ QH SHXW rWUH GpFODUpH UHFHYDEOH VL HOOH
©$UWLFOH ±/D PLVVLRQ G
DUELWUH QH SHXW rWUH FRQILpH ©pPDQH G¶XQH SHUVRQQH D\DQW GpMj SUpVHQWp XQH GHPDQGH GH
©TX
j XQH SHUVRQQH SK\VLTXH HQ SOHLQH FDSDFLWp HW Q
D\DQW SDV ©UpFXVDWLRQSRUWDQWVXUOHPrPHDUELWUHGDQVODPrPHSURFpGXUH
©IDLW O
REMHW G
XQH FRQGDPQDWLRQ GHYHQXH GpILQLWLYH SRXU GHV ©G¶DUELWUDJHHWSRXUOHPrPHPRWLI/RUVTX¶XQDUELWUHHVWUpFXVp
©IDLWVFRQWUDLUHVjO
KRQQHXUjODSURELWpRXDX[ERQQHVP°XUV ©OD SURFpGXUH G¶DUELWUDJH j ODTXHOOH LO D SULV SDUW HVW UpSXWpH
©RXOHSULYDQWGHODFDSDFLWpG¶H[HUFHUOHFRPPHUFHRXGHO¶XQ ©QXOOH\FRPSULVVDVHQWHQFH
©GHVHVGURLWVFLYLOV ©$UWLFOH±6RXVUpVHUYHGHVGLVSRVLWLRQVGHO
DUWLFOH
©6L OD FRQYHQWLRQ GpVLJQH XQH SHUVRQQH PRUDOH FHOOHFL ©FLGHVVXV XQ DUELWUH QH SHXW rWUH UpYRTXp TXH GX FRQVHQWHPHQW
©QH GLVSRVH TXH GX SRXYRLU G¶RUJDQLVHU HW G¶DVVXUHU OH ERQ ©XQDQLPH GHV SDUWLHV &HWWH UpYRFDWLRQ PHW ILQ j OD PLVVLRQ GH
©GpURXOHPHQWGHO¶DUELWUDJH ©O
DUELWUHGqVTX
LOHQDpWpDYLVp
1ıNDDGD  %8//(7,12)),&,(/ 

© $UWLFOH ±/RUVTX
LO HVW PLV ILQ j OD PLVVLRQ G
XQ ©O¶DEVHQFH GH WHOOHV SUpYLVLRQV SDU OHV DUELWUHV GpVLJQpV VRLW j
©DUELWUHSRXUTXHOTXHFDXVHTXHFHVRLWXQDUELWUHUHPSODoDQWHVW ©GpIDXWG¶DFFRUGHQWUHFHVGHUQLHUVSDUOHSUpVLGHQWGHODMXULGLFWLRQ
©QRPPpVHORQOHVPrPHVUqJOHVTXLRQWSUpVLGpjODQRPLQDWLRQ ©HQYHUWXG¶XQHRUGRQQDQFHQRQVXVFHSWLEOHGHUHFRXUV
©GHO
DUELWUHUHPSODFp ©(Q FDV G¶DUELWUDJH  LQVWLWXWLRQQHO OD SURFpGXUH GH
©/RUVTX¶XQHPSrFKHPHQWHQWUDYHO¶H[HUFLFHGHODPLVVLRQ ©QRPLQDWLRQ HW OH QRPEUH G¶DUELWUHV GX WULEXQDO DUELWUDO VHURQW
©G¶XQDUELWUHRXORUVTXHFHOXLFLQ¶HQWDPHSDVODGLWHPLVVLRQRX ©FHX[SUpYXVSDUO¶LQVWLWXWLRQG¶DUELWUDJHFKRLVLH
©FHVVH GH O¶H[HUFHU HQWUDvQDQW DLQVL XQ UHWDUG LQMXVWLILp GH OD ©$UWLFOH±6LOHWULEXQDODUELWUDOQ¶DSDVpWpGpVLJQpj
©SURFpGXUH G¶DUELWUDJH VDQV TX¶LO VH UHWLUH RX TXH OHV SDUWLHV ©O¶DYDQFHHWTXHOHVPRGDOLWpVHWODGDWHGHVpOHFWLRQGHVDUELWUHV
©FRQYLHQQHQW GH VD UpYRFDWLRQ OH SUpVLGHQW GH OD MXULGLFWLRQ ©Q¶RQW SDV pWp IL[pHV RX ORUVTXH OHV SDUWLHV Q¶HQ RQW SDV
©FRPSpWHQWHSHXWVXUGHPDQGHGHO¶XQHGHVSDUWLHVPHWWUHILQj ©FRQYHQXHVOHVSURFpGXUHVVXLYDQWHVVRQWjVXLYUH
©OD PLVVLRQ GXGLW DUELWUH SDU GpFLVLRQ QRQ VXVFHSWLEOH G¶DXFXQ ©±/RUVTXH OH WULEXQDO DUELWUDO HVW FRPSRVp G¶XQ VHXO
©PR\HQGHUHFRXUV ©DUELWUH FHOXLFL HVW GpVLJQp SDU OH SUpVLGHQW GH OD MXULGLFWLRQ
©FRPSpWHQWHVXUGHPDQGHGHO¶XQHGHVSDUWLHV
©$UWLFOH ±/HV DUELWUHV VRQW WHQXV DX VHFUHW
©SURIHVVLRQQHOGDQVOHVWHUPHVSUpYXVSDUODORLSpQDOH ©±/RUVTXH OH WULEXQDO DUELWUDO HVW FRPSRVp GH WURLV
©DUELWUHV FKDFXQH GHV SDUWLHV HQ GpVLJQH XQ /HV GHX[ DUELWUHV
©$UWLFOH ±/RUVTX
XQ OLWLJH VRXPLV j XQ WULEXQDO ©GpVLJQpV VH PHWWHQW G¶DFFRUG SRXU GpVLJQHU OH WURLVLqPH
©DUELWUDOHQYHUWXG
XQHFRQYHQWLRQG
DUELWUDJHHVWSRUWpGHYDQW ©/RUVTXH O¶XQH GHV SDUWLHV QH GpVLJQH SDV VRQ DUELWUH GDQV OHV
©XQH MXULGLFWLRQ FHOOHFL GRLW ORUVTXH OH GpIHQGHXU HQ IDLW OD ©TXLQ]H MRXUV VXLYDQW OD UpFHSWLRQ G¶XQH GHPDQGH j FHW HIIHW
©UHTXrWHDYDQWGHVWDWXHUVXUOHIRQGSURQRQFHUO¶LUUHFHYDELOLWp ©pPDQDQWGHO¶DXWUHSDUWLHRXORUVTXHOHVGHX[DUELWUHVGpVLJQpV
©MXVTX
jpSXLVHPHQWGHODSURFpGXUHG
DUELWUDJHRXDQQXODWLRQGH ©QHVHPHWWHQWSDVG¶DFFRUGVXUODGpVLJQDWLRQGXWURLVLqPHGDQV
©ODFRQYHQWLRQG
DUELWUDJH ©OHV TXLQ]H MRXUV VXLYDQW OD GpVLJQDWLRQ GX GHUQLHU G¶HQWUH HX[
©6LOHWULEXQDODUELWUDOQ
HVWSDVHQFRUHVDLVLODMXULGLFWLRQ ©OH SUpVLGHQW GH OD MXULGLFWLRQ FRPSpWHQWH SURFqGH j FHWWH
©j OD GHPDQGH GX GpIHQGHXU GRLW pJDOHPHQW GpFODUHU ©GpVLJQDWLRQVXUGHPDQGHGHO¶XQHGHVSDUWLHV/DSUpVLGHQFHGX
©O¶LUUHFHYDELOLWp j PRLQV TXH OD FRQYHQWLRQ G
DUELWUDJH QH VRLW ©WULEXQDO DUELWUDO HVW DVVXUpH SDU O¶DUELWUH FKRLVL SDU OHV GHX[
©PDQLIHVWHPHQWQXOOH ©SUHPLHUV DUELWUHV RX SDU FHOXL GpVLJQp SDU OH SUpVLGHQW GH OD
©MXULGLFWLRQ
©/H GpIHQGHXU GRLW HQ IDLUH OD UHTXrWH DYDQW TXH OD
©MXULGLFWLRQQHVWDWXHVXUOHIRQG&HOOHFLQHSHXWGDQVOHVGHX[ ©±/HV SURFpGXUHV YLVpHV DX ƒ FLGHVVXV GX SUpVHQW
©FDVGpFODUHUG
RIILFHO¶LUUHFHYDELOLWp ©DUWLFOHVRQWjVXLYUHORUVTXHOHWULEXQDODUELWUDOHVWFRPSRVpGH
©SOXVGHWURLVDUELWUHV
©/RUVTXH OD MXULGLFWLRQ HVW VDLVLH G
XQH DFWLRQ YLVpH j ©±/HSUpVLGHQWGHODMXULGLFWLRQFRPSpWHQWHGRLWYHLOOHUj
©O
DOLQpD XQ HW GHX[ FLGHVVXV OD SURFpGXUH G
DUELWUDJH SHXW ©FH TXH O¶DUELWUH TX¶LO GpVLJQH UHPSOLVVH OHV FRQGLWLRQV H[LJpHV
©QpDQPRLQVrWUHHQJDJpHRXSRXUVXLYLHHWXQHVHQWHQFHSHXWrWUH ©SDUODSUpVHQWHORLHWFHOOHVFRQYHQXHVSDUOHVSDUWLHV,OSUHQG
©UHQGXHHQDWWHQGDQWTXHODMXULGLFWLRQDLWVWDWXp ©VD GpFLVLRQ DSUqV FRQYRFDWLRQ GHV SDUWLHV 6D GpFLVLRQ HVW QRQ
© $UWLFOH ±/D FRQYHQWLRQ G¶DUELWUDJH QH IDLW SDV ©VXVFHSWLEOHG¶DXFXQPR\HQGHUHFRXUV
©REVWDFOH DX[ SDUWLHV VRLW DYDQW G¶HQJDJHU OD SURFpGXUH ©,O HQ VHUD GH PrPH FKDTXH IRLV TXH OD FRQVWLWXWLRQ GX
©G¶DUELWUDJHVRLWDXFRXUVGHFHOOHFLG¶DYRLUUHFRXUVDXMXJHGHV ©WULEXQDO DUELWUDO VH KHXUWH j XQH GLIILFXOWp GX IDLW GH O¶XQH GHV
©UpIpUpV HQ YXH GH SUHQGUH WRXWH PHVXUH SURYLVRLUH RX ©SDUWLHVRXGDQVODPLVHHQ°XYUHGHVPRGDOLWpVGHGpVLJQDWLRQ
©FRQVHUYDWRLUH FRQIRUPpPHQW DX[ GLVSRVLWLRQV SUpYXHV SDU OD ©$UWLFOH ±/D FRQVWLWXWLRQ GX WULEXQDO DUELWUDO Q¶HVW
©SUpVHQWH ORL /HV SDUWLHV SHXYHQW VH UpWUDFWHU DX VXMHW GHVGLWHV ©SDUIDLWH TXH VL OH RX OHV DUELWUHV GpVLJQpV DFFHSWHQW OD PLVVLRQ
©PHVXUHVGHODPrPHPDQLqUH ©TXLOHXUHVWFRQILpH
©6
6RXVVHFWLRQ,, ±'XWULEXQDODUELWUDO ©/¶DUELWUHD\DQWDFFHSWpVDPLVVLRQGRLWSDUpFULWGpFODUHU
©'HODFRQVWLWXWLRQGXWULEXQDODUELWUDO ©ORUV GH VRQ DFFHSWDWLRQ WRXWHV FLUFRQVWDQFHV GH QDWXUH j
©VXVFLWHUGHVGRXWHVTXDQWjVRQLPSDUWLDOLWpHWVRQLQGpSHQGDQFH
©$UWLFOH±/HWULEXQDODUELWUDOHVWFRQVWLWXpG¶XQVHXO
©DUELWUH RX GH SOXVLHXUV DUELWUHV GRQW OHV SDUWLHV VRQW OLEUHV GH ©/D SUHXYH GH O¶DFFHSWDWLRQ GH OD PLVVLRQ HVW pWDEOLH SDU
©IL[HU OHV PRGDOLWpV GH GpVLJQDWLRQ HW OH QRPEUH VRLW GDQV OD ©pFULWSDUODVLJQDWXUHGXFRPSURPLVRXSDUO¶DFFRPSOLVVHPHQW
©FRQYHQWLRQ G¶DUELWUDJH VRLW SDU UpIpUHQFH DX UqJOHPHQW ©G¶XQDFWHTXLLQGLTXHOHFRPPHQFHPHQWGHODPLVVLRQ
©G¶DUELWUDJHGHO¶LQVWLWXWLRQFKRLVLH ©7RXW DUELWUH GRLW SRXUVXLYUH VD PLVVLRQ MXVTX¶j VRQ
©WHUPHLOQHSHXWVRXVSHLQHGHGRPPDJHLQWpUrWVVHGpVLVWHU
©$GpIDXWG¶DFFRUGGHVSDUWLHVVXUOHQRPEUHGHVDUELWUHV ©VDQV FDXVH OpJLWLPH DSUqV VRQ DFFHSWDWLRQ HW FH DSUqV DYRLU
©FHOXLFLHVWIL[pjWURLV ©DGUHVVpXQDYLVPHQWLRQQDQWOHVPRWLIVGHVRQGpVLVWHPHQW
©/RUVTXHOHVDUELWUHVVRQWQRPEUHX[OHXUQRPEUHGRLWrWUH ©$UWLFOH±/¶DUELWUHTXLVXSSRVHHQVDSHUVRQQHXQH
©LPSDLUVRXVSHLQHGHQXOOLWpGHO¶DUELWUDJH ©FDXVHGHUpFXVDWLRQGRLWHQLQIRUPHUOHVSDUWLHV'DQVFHFDVLO
©$UWLFOH±6¶LOV¶DYqUHTXHOHRXOHVDUELWUHVGpVLJQpV ©QHSHXWDFFHSWHUVDPLVVLRQTX¶DYHFO¶DFFRUGGHVSDUWLHV
©SDUODFRQYHQWLRQG¶DUELWUDJHQHUHPSOLVVHQWSDVOHVFRQGLWLRQV ©$UWLFOH±/RUVTX¶XQHGHPDQGHGHUpFXVDWLRQRXGH
©OpJDOHV SRXU H[HUFHU FHWWH IRQFWLRQ RX SRXU WRXWH DXWUH FDXVH ©UpYRFDWLRQ G¶XQ DUELWUH HVW SUpVHQWpH OD SURFpGXUH G¶DUELWUDJH
©IDLVDQW REVWDFOH j OD FRPSRVLWLRQ GX WULEXQDO DUELWUDO LO HVW ©HVWVXVSHQGXHMXVTX¶jFHTX¶LOVRLWVWDWXpVXUFHWWHGHPDQGHj
©SURFpGp j OD GpVLJQDWLRQ GHV DUELWUHV VRLW G¶DFFRUG GHV SDUWLHV ©PRLQVTXHO¶DUELWUHFRQFHUQpQ¶DFFHSWHGHVHGpVLVWHU
©VRLWFRQIRUPpPHQWjO¶DUWLFOHFLDSUqV ©/HVGLIILFXOWpVUHODWLYHVjODUpFXVDWLRQRXjODUpYRFDWLRQ
©$UWLFOH±/RUVTXHOHVSDUWLHVGpVLJQHQWOHVDUELWUHV ©GHV DUELWUHV VRQW SRUWpHV GHYDQW OH SUpVLGHQW GH OD MXULGLFWLRQ
©HQQRPEUHSDLUOHWULEXQDODUELWUDOHVWFRPSOpWpSDUXQDUELWUH ©TXL VH SURQRQFH SDU RUGRQQDQFH QRQ VXVFHSWLEOH GH UHFRXUV
©FKRLVL VRLW FRQIRUPpPHQW DX[ SUpYLVLRQV GHV SDUWLHV VRLW HQ ©GDQVOHFDGUHG¶XQHSURFpGXUHFRQWUDGLFWRLUH
 %8//(7,12)),&,(/ 1ıNDDGD 

©'HVSURFpGXUHVHWLQFLGHQWV ©/HWULEXQDODUELWUDOSHXWGpFLGHUGHIDLUHMRLQGUHjWRXVRX
©$UWLFOH ±3UpDODEOHPHQW j WRXW H[DPHQ DX IRQG LO ©SDUWLH GHV GRFXPHQWV pFULWV SURGXLWV ORUV GH O¶LQVWDQFH OHXU
©DSSDUWLHQWDXWULEXQDODUELWUDOGHVWDWXHUVRLWG¶RIILFHVRLWVXU ©WUDGXFWLRQGDQVODRXOHVODQJXHVXWLOLVpHVGDQVO¶DUELWUDJH(Q
©ODGHPDQGHGHO¶XQHGHVSDUWLHVVXUODYDOLGLWpRXOHVOLPLWHVGH ©FDV GH SOXUDOLWp GHV ODQJXHV OD WUDGXFWLRQ SHXW rWUH OLPLWpH j
©VHVFRPSpWHQFHVRXVXUODYDOLGLWpGHODFRQYHQWLRQG¶DUELWUDJH ©TXHOTXHVXQHV
©HWFHSDURUGRQQDQFHTXLQ¶HVWVXVFHSWLEOHGHUHFRXUVTXHGDQV ©$UWLFOH ±/H GHPDQGHXU GRLW DGUHVVHU GDQV OH
©OHVPrPHV FRQGLWLRQV TXH OD VHQWHQFH DX IRQG HW HQ PrPH ©GpODL FRQYHQX HQWUH OHV SDUWLHV RX LPSDUWL SDU OH WULEXQDO
©WHPSVTX¶HOOH ©DUELWUDO DX GpIHQGHXU HW j FKDFXQ GHV DUELWUHV XQ PpPRLUH
© 3UpDODEOHPHQW j WRXWH GpFLVLRQ OH WULEXQDO DUELWUDO SHXW ©pFULW VXU VD UHTXrWH FRPSUHQDQW VRQ QRP VRQ DGUHVVH OH QRP
©VDLVLUOHSURFXUHXUJpQpUDOSUqVODFRXUG¶DSSHOWHUULWRULDOHPHQW ©HWO¶DGUHVVHGXGpIHQGHXUXQHH[SOLFDWLRQGHVIDLWVFRQFHUQDQW
©FRPSpWHQWH j UDLVRQ GX OLHX G¶DUELWUDJH SRXU OXL IDLUH ©O¶LQVWDQFHOHVTXHVWLRQVREMHWGXOLWLJHVHVGHPDQGHVDLQVLTXH
©FRPPXQLTXHUOHVLQIRUPDWLRQVTX¶LOMXJHQpFHVVDLUHVHXpJDUG ©WRXWH DXWUH IDLW TXL GRLW rWUH PHQWLRQQp GDQV OH PpPRLUH
©DX[GLVSRVLWLRQVSUpYXHVjO¶DUWLFOHFLGHVVXV/HSURFXUHXU ©FRQIRUPpPHQWjODFRQYHQWLRQGHVSDUWLHV,OGRLWMRLQGUHDXGLW
©JpQpUDOHVWWHQXGHGRQQHUVXLWHjODGHPDQGHGDQVOHVTXLQ]H ©PpPRLUH WRXV OHV GRFXPHQWV HW SUHXYHV MXVWLILFDWLYHV TX¶LO
©MRXUV GH VD VDLVLQH  j GpIDXW OH WULEXQDO DUELWUDO H[DPLQH OH ©FRPSWHXWLOLVHU
©GRVVLHUWHOTXHO
©/H GpIHQGHXU GRLW DGUHVVHU GDQV OH GpODL FRQYHQX HQWUH
©$UWLFOHO±/HWULEXQDODUELWUDOUqJOHOHVPRGDOLWpVGH ©OHVSDUWLHVRXLPSDUWLSDUOHWULEXQDODUELWUDODXGHPDQGHXUHWj
©OD SURFpGXUH DUELWUDOH TX¶LO MXJH DGpTXDWHV VRXV UpVHUYH GHV ©FKDFXQ GHV DUELWUHV XQ PpPRLUH pFULW HQ UpSRQVH j OD UHTXrWH
©GLVSRVLWLRQV GH OD SUpVHQWH ORL VDQV rWUH WHQX GH VXLYUH OHV ©G¶LQVWDQFH FRPSUHQDQW VHV PR\HQV GH GpIHQVH ,O SHXW \
©UqJOHV pWDEOLHV SRXU OHV MXULGLFWLRQV VDXI VL OHV SDUWLHV HQ RQW ©PHQWLRQQHUGHVGHPDQGHVLQFLGHQWHVUHODWLYHVjO¶REMHWGXOLWLJH
©DXWUHPHQWGpFLGpGDQVODFRQYHQWLRQG
DUELWUDJH ©RX IDLUH SUpYDORLU XQ GURLW TXL HQ HVW LVVX HQ YXH GH IRUPXOHU
©/HV SDUWLHV SHXYHQW FRQYHQLU GX OLHX GH O¶DUELWUDJH j ©XQH GHPDQGH HQ FRPSHQVDWLRQ ,O SHXW MRLQGUH DXGLW PpPRLUH
©O¶LQWpULHXU RX j O¶H[WpULHXU GX 5R\DXPH GX 0DURF $ GpIDXW ©WRXV OHV GRFXPHQWV GH SUHXYH RX G¶LQILUPDWLRQ TX¶LO FRPSWH
©G¶XQHFRQYHQWLRQjFHWHIIHWOHWULEXQDODUELWUDOGpVLJQHXQOLHX ©XWLOLVHU
©DGpTXDWSRXUO¶DUELWUDJHHQSUHQDQWHQFRPSWHOHVFLUFRQVWDQFHV ©/H WULEXQDO DUELWUDO SHXW ORUVTX¶LO OH MXJH QpFHVVDLUH
©GH O¶LQVWDQFH HW OH GRPLFLOH GHV SDUWLHV VDQV TXH FHOD SXLVVH ©GHPDQGHU DX[ SDUWLHV GH SURGXLUH OHV RULJLQDX[ GHV SLqFHV RX
©HPSrFKHUOHWULEXQDODUELWUDOGHVHUpXQLUHQWRXWOLHXTX¶LOMXJH
©GHVGRFXPHQWVVXUOHVTXHOVHOOHVV¶DSSXLHQW
©FRQYHQDEOH SRXU SURFpGHU DX[ PHVXUHV G¶DUELWUDJH WHO TXH
©O¶DXGLWLRQ GHV SDUWLHV DX OLWLJH GHV WpPRLQV RX GHV H[SHUWV OD ©'HV FRSLHV GHV PpPRLUHV SLqFHV RX DXWUHV SDSLHUV
©FRQVXOWDWLRQ GHV GRFXPHQWV O¶LQVSHFWLRQ GH PDUFKDQGLVHV RX ©SURGXLWV GHYDQW OH WULEXQDO DUELWUDO SDU O¶XQH GHV SDUWLHV VRQW
©GHELHQVRXODWHQXHGHGpOLEpUDWLRQVHQWUHVHVPHPEUHVRXDXWUH ©FRPPXQLTXpHV j O¶DXWUH SDUWLH ,O HQ HVW GH PrPH SRXU OHV
©/HV SDUWLHV j OD SURFpGXUH G¶DUELWUDJH VRQW WUDLWpHV VXU OH ©UDSSRUWV G¶H[SHUWV RX WRXWHV DXWUHV SUHXYHV WRXW HQ OHXU
©PrPH SLHG G¶pJDOLWp &KDFXQH G¶HOOHV EpQpILFLH G¶XQH FKDQFH ©DFFRUGDQWXQGpODLSRXUpPHWWUHOHXUVUpSRQVHVHWREVHUYDWLRQV
©SOHLQH HW pJDOH SRXU H[SRVHU VD UHTXrWH VHV PR\HQV HW SRXU ©&KDFXQH GHV SDUWLHV j O¶DUELWUDJHV SHXW PRGLILHU RX
©H[HUFHUVRQGURLWGHGpIHQVH ©FRPSOpWHU VHV UHTXrWHV RX PR\HQV GH GpIHQVH DX FRXUV GH OD
©6DXI FRQYHQWLRQ FRQWUDLUH GHV SDUWLHV OD SURFpGXUH ©SURFpGXUH G¶DUELWUDJH VDXI UHIXV GX WULEXQDO DUELWUDO SRXU
©G¶DUELWUDJH HVW HQJDJpH GqV OH MRXU R OD FRPSRVLWLRQ GX ©pYLWHUGHWUDQFKHUjQRXYHDXVXUOHOLWLJH
©WULEXQDODUELWUDOGHYLHQWFRPSOqWH ©6DXI FRQYHQWLRQ FRQWUDLUH GHV SDUWLHV OH WULEXQDO DUELWUDO
©$UWLFOH±/H WULEXQDO DUELWUDO SURFqGH j WRXWHV ©WLHQW GHV VpDQFHV GH SODLGRLULHV SRXU SHUPHWWUH DX[ SDUWLHV
©LQYHVWLJDWLRQV SDU DXGLWLRQ GH WpPRLQV FRPPLVVLRQ G¶H[SHUWV ©G¶H[SOLTXHUO¶REMHWGHO¶LQVWDQFHHWG¶H[SRVHUOHXUVSUHXYHVRX
©RXSDUWRXWHDXWUHPHVXUHG¶LQVWUXFWLRQ ©SHXWVHOLPLWHUjODSURGXFWLRQGHVPpPRLUHVHWGHVGRFXPHQWV
©pFULWV
©6L XQH SDUWLH GpWLHQW XQ PR\HQ GH SUHXYH OH WULEXQDO
©DUELWUDOSHXWOXLGHPDQGHUGHOHSURGXLUH ©/HVSDUWLHVjO¶DUELWUDJHGRLYHQWrWUHDYLVHUGHVGDWHVGHV
©,OSHXWpJDOHPHQWSURFpGHUjO¶DXGLWLRQGHWRXWHSHUVRQQH ©VpDQFHVHWGHVUpXQLRQVTXHOHWULEXQDODUELWUDOGpFLGHGHWHQLU
©TX¶LOHVWLPHXWLOHG¶HQWHQGUH ©HWFHDXPRLQVFLQTMRXUVDYDQWODGDWHTX¶LOIL[HjFHWHIIHW
©$UWLFOH±/HVDXGLWLRQVGHYDQWOHWULEXQDODUELWUDO ©7RXWHV OHV VpDQFHV WHQXHV SDU OH WULEXQDO DUELWUDO IRQW
©VHIRQWDSUqVSUHVWDWLRQGHVHUPHQW ©O¶REMHW G¶XQ SURFqVYHUEDO GRQW XQH FRSLH HVW GpOLYUpH j
©FKDFXQHGHVSDUWLHV
©/HV SDUWLHV SHXYHQW VH IDLUH UHSUpVHQWHU RX DVVLVWHU SDU
©WRXWHSHUVRQQHGHOHXUFKRL[ ©6DXI FRQYHQWLRQ FRQWUDLUH GHV SDUWLHV OD QRQSURGXFWLRQ
©VDQVPRWLIYDODEOHSDUOHGHPDQGHXUGHODUHTXrWHLQWURGXFWLYH
©$UWLFOH ± /¶DUELWUDJH VH GpURXOH HQ ODQJXH DUDEH
©G¶LQVWDQFHGDQVOHGpODLTXLOXLHVWLPSDUWLHQWUDvQHO¶DUUrWGHOD
©VDXI FRQYHQWLRQ FRQWUDLUH GHV SDUWLHV RX ORUVTXH OH WULEXQDO
©SURFpGXUHG¶DUELWUDJHSDUGpFLVLRQGXWULEXQDODUELWUDO
©DUELWUDO GpFLGH GH FKRLVLU XQH RX G¶DXWUHV ODQJXHV /DGLWH
©FRQYHQWLRQ RX GpFLVLRQ V¶DSSOLTXH j OD ODQJXH GDQV ODTXHOOH ©6L OH GpIHQGHXU QH SURGXLW SDV VRQ PpPRLUH HQ UpSRQVH
©VRQWpWDEOLHVOHVGRQQpHVOHVPpPRLUHVpFULWVOHVGRFXPHQWVHW ©GDQVOHGpODLTXLOXLHVWLPSDUWLOHWULEXQDODUELWUDOSRXUVXLWOD
©OHV SODLGRLULHV RUDOHV DLQVL TX¶j WRXWH GpFLVLRQ RX VHQWHQFH GX ©SURFpGXUH G¶DUELWUDJH VDQV TXH FHOD VRLW FRQVLGpUpFRPPH
©WULEXQDO DUELWUDO VDXI FRQYHQWLRQ FRQWUDLUH  GHV SDUWLHV RX ©UHFRQQDLVVDQFH SDU OH GpIHQGHXU GX ELHQ IRQGp GH OD UHTXrWH
©GpFLVLRQGXWULEXQDODUELWUDO ©LQWURGXLWHSDUOHGHPDQGHXU
1ıNDDGD  %8//(7,12)),&,(/ 

©(QFDVGHGpIDXWGHSUpVHQFHGHO¶XQHGHVSDUWLHVjO¶XQH © /H GpODL FRQYHQWLRQQHO RX OpJDO SHXW rWUH SURURJp GH OD
©GHV VpDQFHV RX GH SURGXFWLRQ GHV SLqFHV TXL OXL VRQW ©PrPHSpULRGHVRLWSDUDFFRUGGHVSDUWLHVVRLWSDUOHSUpVLGHQW
©GHPDQGpHV OH WULEXQDO DUELWUDO SHXW SRXUVXLYUH OD SURFpGXUH ©GH OD MXULGLFWLRQ j OD GHPDQGH GH O
XQH GHV SDUWLHV RX GX
©G¶DUELWUDJH HW UHQGUH XQH VHQWHQFH VXU OH OLWLJH DX YX GHV ©WULEXQDODUELWUDO
©SUHXYHVGRQWLOGLVSRVH ©6LODVHQWHQFHDUELWUDOHQ¶HVWSDVUHQGXHGDQVOHGpODLYLVp
©$UWLFOH±6DXIFRQYHQWLRQFRQWUDLUHGHVSDUWLHVOH ©jO¶DOLQpDFLGHVVXVWRXWHSDUWLHjO¶DUELWUDJHSHXWGHPDQGHUDX
©WULEXQDODUELWUDOSHXWSUHQGUHVXUGHPDQGHGHO¶XQHGHVSDUWLHV ©SUpVLGHQW GH OD MXULGLFWLRQ FRPSpWHQWH GH PHWWUH ILQ j OD
©WRXWHPHVXUHSURYLVRLUHRXFRQVHUYDWRLUHTX¶LOMXJHQpFHVVDLUH ©SURFpGXUHG¶DUELWUDJHSDURUGRQQDQFH&KDFXQHGHVSDUWLHVSHXW
©GDQVODOLPLWHGHVDPLVVLRQ ©DORUVVDLVLUOHWULEXQDOLQLWLDOHPHQWFRPSpWHQWSRXUFRQQDvWUHGX
©6L OD SDUWLH FRQWUH ODTXHOOH OD VHQWHQFH D pWp UHQGXH QH ©OLWLJH
©O¶H[pFXWHSDVODSDUWLHHQIDYHXUGHODTXHOOHHOOHDpWpUHQGXH ©$UWLFOH±$SUqVDFFRPSOLVVHPHQWGHODSURFpGXUH
©SHXW VDLVLU OH SUpVLGHQW GH OD MXULGLFWLRQ FRPSpWHQWH HQ YXH ©G¶LQYHVWLJDWLRQ HW ORUVTX¶LO HVWLPH TXH O¶DIIDLUH HVW SUrWH OH
©G¶pPHWWUHXQHRUGRQQDQFHG¶H[pFXWLRQ ©WULEXQDO DUELWUDO IL[H OD GDWH j ODTXHOOH O
DIIDLUH VHUD PLVH HQ
©GpOLEpUpDLQVLTXHODGDWHGXSURQRQFpGHODVHQWHQFH
©$UWLFOH ±(Q FDV GH SOXUDOLWp G
DUELWUHV FHX[FL
©VRQWWHQXVGHSDUWLFLSHUHQVHPEOHjWRXVOHVWUDYDX[HWjWRXWHV © $SUqV FHWWH GDWH DXFXQH GHPDQGH QRXYHOOH QH SHXW rWUH
©OHV RSpUDWLRQV DLQVL TX
j OD UpGDFWLRQ GH WRXV OHV SURFqV ©IRUPpH QL DXFXQ PR\HQ QRXYHDX VRXOHYp $XFXQH QRXYHOOH
©YHUEDX[ j PRLQV TXH OHV SDUWLHV QH OHV DLHQW DXWRULVpV j ©REVHUYDWLRQ QH SHXW rWUH SUpVHQWpH QL DXFXQH QRXYHOOH SLqFH
©FRPPHWWUHO
XQG
HX[SRXUDFFRPSOLUXQDFWHGpWHUPLQp ©SURGXLWHVLFHQ
HVWjODGHPDQGHGXWULEXQDODUELWUDO
©6
6RXVVHFWLRQ,,, ±'HODVHQWHQFHDUELWUDOH
©'H GURLW O
DUELWUHSUpVLGHQW HVW KDELOLWp j WUDQFKHU OHV
©TXHVWLRQVGHSURFpGXUHVDXIREMHFWLRQVGHVSDUWLHVRXGHVDXWUHV © $UWLFOH ±/D VHQWHQFH DUELWUDOH HVW UHQGXH DSUqV
©DUELWUHVTXLVRQWSUpVHQWpHVGqVO
LQWURGXFWLRQGHODGHPDQGH ©GpOLEpUDWLRQ GX WULEXQDO DUELWUDO j OD PDMRULWp GHV YRL[ 7RXV
©OHV DUELWUHV GRLYHQW VH SURQRQFHU HQ IDYHXU RX FRQWUH OH SURMHW
©$UWLFOH±6LDXFRXUVGHODSURFpGXUHG¶DUELWUDJH
©GH VHQWHQFH VRXV UpVHUYH GHV GLVSRVLWLRQV GX H DOLQpD GH
©OHWULEXQDODUELWUDOHVWDPHQpjVWDWXHUVXUXQHTXHVWLRQTXLQH
©O¶DUWLFOH
©UHOqYH SDV GH VD FRPSpWHQFH RX VL XQ UHFRXUV D pWp LQWURGXLW
©SRXU XVDJH GH IDX[ GDQV XQ GRFXPHQW TXL OXL D pWp IRXUQL HW ©/HVGpOLEpUDWLRQVGHVDUELWUHVVRQWVHFUqWHV
©TX¶XQH SURFpGXUH SpQDOH D pWp GpFODQFKpH j FH VXMHW LO SHXW © $UWLFOH ±/D VHQWHQFH DUELWUDOH GRLW rWUH pFULWH
©SRXUVXLYUH O¶H[DPHQ GX  OLWLJH V¶LO HVWLPH TXH VWDWXHU VXU OD ©(OOH GRLW YLVHU OD FRQYHQWLRQ G
DUELWUDJH HW FRQWHQLU O
H[SRVp
©TXHVWLRQ VXU O¶XVDJH GH IDX[ RX VXU O¶DOOpJDWLRQ G¶XVDJH GH ©VXFFLQFW GHV IDLWV GHV SUpWHQWLRQV GHV SDUWLHV HW OHXUV PR\HQV
©IDX[ Q¶HVW SDV QpFHVVDLUH SRXU WUDQFKHU VXU O¶REMHW GX OLWLJH ©UHVSHFWLIV OHV SLqFHV O
LQGLFDWLRQ GHV TXHVWLRQV OLWLJLHXVHV
©$XWUHPHQW LO DUUrWH OD SURFpGXUH MXVTX¶j FH TX¶XQ MXJHPHQW ©UpVROXHV SDU OD VHQWHQFH DLQVL TX
XQ GLVSRVLWLI VWDWXDQW VXU FHV
©GpILQLWLIGDQVO¶DIIDLUHVRLWUHQGX,OHQUpVXOWHODVXVSHQVLRQGX ©TXHVWLRQV
©GpODLIL[pSRXUUHQGUHODVHQWHQFHDUELWUDOH © (OOH GRLW rWUH PRWLYpH VDXI VL OHV SDUWLHV HQ RQW GpFLGp
©$UWLFOH ±/H WULEXQDO DUELWUDO WUDQFKH OH OLWLJH ©DXWUHPHQW GDQV OD FRQYHQWLRQ G
DUELWUDJH RX TXH OD ORL GHYDQW
©FRQIRUPpPHQWDX[UqJOHVGHGURLWFRQYHQXHVHQWUHOHVSDUWLHV ©rWUH DSSOLTXpH j OD SURFpGXUH G¶DUELWUDJH Q¶H[LJH SDV OD
©PRWLYDWLRQGHODVHQWHQFH
©6L OHV SDUWLHV QH V¶HQWHQGHQW SDV VXU OHV UqJOHV GH GURLW
©GHYDQWrWUHDSSOLTXpHVDXOLWLJHOHWULEXQDODUELWUDODSSOLTXHOHV © /D VHQWHQFH FRQFHUQDQW XQ OLWLJH DXTXHO HVW SDUWLH XQH
©UqJOHVREMHFWLYHVGHGURLWTX¶LOMXJHOHVSOXVSURFKHVGXOLWLJH ©SHUVRQQHGHGURLWSXEOLFGRLWWRXMRXUVrWUHPRWLYpH
©'DQV WRXV OHV FDV LO GRLW SUHQGUH HQ FRQVLGpUDWLRQ OHV FODXVHV ©$UWLFOH±/DVHQWHQFHFRQWLHQWO
LQGLFDWLRQ
©GXFRQWUDWREMHWGXOLWLJHOHVXVDJHVHWFRXWXPHVFRPPHUFLDX[ ©±GXQRPQDWLRQDOLWpTXDOLWpHWDGUHVVHGHVDUELWUHVTXL
©HW FH TXL HVW KDELWXHOOHPHQW G¶XVDJH HQWUH OHV SDUWLHV 6L OHV ©O
RQWUHQGXH
©SDUWLHVV¶HQWHQGHQWH[SUHVVpPHQWjFRQIpUHUDXWULEXQDODUELWUDO
©±GHVDGDWH
©ODTXDOLWpG¶DPLDEOHFRPSRVLWHXUFHOXLFLQ¶HVWSDVWHQXGDQV
©FHFDVGHVHFRQIRUPHUDX[UqJOHVGHGURLWHWVWDWXHVHORQOHV ©±GXOLHXRHOOHHVWUHQGXH
©UqJOHVGHMXVWLFHHWG¶pTXLWpVXUO¶REMHWGXOLWLJH ©±GHV QRP SUpQRPV RX GpQRPLQDWLRQ VRFLDOH GHV
© $UWLFOH ±6L GXUDQW OD SURFpGXUH DUELWUDOH OHV ©SDUWLHV DLQVL TXH GH OHXU GRPLFLOH RX VLqJH VRFLDO /H FDV
©SDUWLHVV
HQWHQGHQWSRXUUpJOHUOHOLWLJHOHWULEXQDOPHWILQjOD ©pFKpDQW GX QRP GHV DYRFDWV RX GH WRXWH SHUVRQQH D\DQW
©SURFpGXUHDUELWUDOH ©UHSUpVHQWpRXDVVLVWpOHVSDUWLHV
©/DVHQWHQFHDUELWUDOHGRLWIL[HUOHVKRQRUDLUHVGHVDUELWUHV
© $ OD GHPDQGH GHV SDUWLHV OH WULEXQDO DUELWUDO FRQVWDWH OD
©OHV GpSHQVHV G¶DUELWUDJH HW OHV PRGDOLWpV GH OHXU UpSDUWLWLRQ
©ILQ GH OD SURFpGXUH SDU XQH VHQWHQFH UHQGXH SDU DFFRUG GHV
©HQWUHOHVSDUWLHV6LOHVSDUWLHVHWOHVDUELWUHVQHVHPHWWHQWSDV
©SDUWLHV &HWWH VHQWHQFH SURGXLW OH PrPH HIIHW TXH WRXWH DXWUH
©G¶DFFRUG VXU OD IL[DWLRQ GHV KRQRUDLUHV GHV DUELWUHV OHVGLWV
©VHQWHQFHDUELWUDOHSURQRQFpHVXUOHIRQGGHO
DIIDLUH
©KRQRUDLUHV VRQW IL[pV SDU GpFLVLRQ LQGpSHQGDQWH GX WULEXQDO
© /H WULEXQDO DUELWUDO RUGRQQH OD FO{WXUH GH OD SURFpGXUH ©DUELWUDO &HWWH GpFLVLRQ HVW VXVFHSWLEOH GH UHFRXUV GHYDQW OH
©ORUVTX
LOFRQVWDWHTXHODSRXUVXLWHGHODSURFpGXUHDUELWUDOHHVW ©SUpVLGHQW GH OD MXULGLFWLRQ FRPSpWHQWH GRQW OD GpFLVLRQ HVW
©SRXUWRXWHDXWUHUDLVRQGHYHQXHVXSHUIOXHRXLPSRVVLEOH ©GpILQLWLYHHWQRQVXVFHSWLEOHG¶DXFXQUHFRXUV
©$UWLFOH±6LODFRQYHQWLRQG
DUELWUDJHQHIL[HSDV © $UWLFOH ±/D VHQWHQFH DUELWUDOH HVW VLJQpH SDU
©GH GpODL j O
H[SLUDWLRQ GXTXHO OH WULEXQDO DUELWUDO GRLW DYRLU ©FKDFXQGHVDUELWUHV
©UHQGXVDVHQWHQFHODPLVVLRQGHVDUELWUHVSUHQGILQVL[PRLVj © (W HQ FDV GH SOXUDOLWp G
DUELWUHV VL OD PLQRULWp UHIXVH GH
©FRPSWHUGXMRXUROHGHUQLHUDUELWUHDFFHSWHVDPLVVLRQ ©VLJQHU OHV DXWUHV DUELWUHV HQ IRQW PHQWLRQ DYHF LQGLFDWLRQ GHV
 %8//(7,12)),&,(/ 1ıNDDGD 

©PRWLIVGXUHIXVGHVLJQDWXUHHWODVHQWHQFHDOHPrPHHIIHWTXH ©$UWLFOH ±/D VHQWHQFH DUELWUDOH Q


HVW VXVFHSWLEOH
©VLHOOHDYDLWpWpVLJQpHSDUFKDFXQGHVDUELWUHV ©G
H[pFXWLRQIRUFpHTX
HQYHUWXG
XQHRUGRQQDQFHG
H[HTXDWXUGX
© $UWLFOH ±'qV TX
HOOH HVW UHQGXH OD VHQWHQFH ©SUpVLGHQWGHODMXULGLFWLRQGDQVOHUHVVRUWGHODTXHOOHODVHQWHQFH
©DUELWUDOH D OD IRUFH GH OD FKRVH MXJpH UHODWLYHPHQW j OD ©DpWpUHQGXH
©FRQWHVWDWLRQTX
HOOHWUDQFKH © $ FHW HIIHW OD PLQXWH GH OD VHQWHQFH DFFRPSDJQpH G
XQ
© 7RXWHIRLV TXDQG LO V
DJLW G
XQ OLWLJH DXTXHO HVW SDUWLH XQH ©H[HPSODLUHGHODFRQYHQWLRQG
DUELWUDJHDYHFXQHWUDGXFWLRQOH
©SHUVRQQH PRUDOH GH GURLW SXEOLF OD VHQWHQFH DUELWUDOH Q
DFTXLHUW ©FDVpFKpDQWHQODQJXHDUDEHHVWGpSRVpHSDUO
XQGHVDUELWUHVRX
©OD IRUFH GH OD FKRVH MXJpH TX
HQ YHUWX G
XQH RUGRQQDQFH ©SDUODSDUWLHODSOXVGLOLJHQWHDXJUHIIHGHODMXULGLFWLRQGDQVOHV
©G
H[HTXDWXU'DQVFHFDVO
H[HTXDWXUHVWUHTXLVHSDUODSDUWLHOD ©VHSWMRXUVIUDQFVGHVRQSURQRQFp
©SOXV GLOLJHQWH GHYDQW OH MXJH FRPSpWHQW HQ DSSOLFDWLRQ GH ©6
LODpWpFRPSURPLVVXUO
DSSHOG
XQMXJHPHQWODVHQWHQFH
©O
DUWLFOHFLGHVVXVVHORQODSURFpGXUHSUpYXHjO
DUWLFOH ©DUELWUDOHHVWGpSRVpHDXJUHIIHGHODFRXUG
DSSHOFRQIRUPpPHQW
©FLDSUqVHWDYHFOHVHIIHWVSUpYXVDX[DUWLFOHVHWVXLYDQWV ©DX[ GLVSRVLWLRQV GH O
DOLQpD SUpFpGHQW HW O
RUGRQQDQFH
© /HV UqJOHV VXU O
H[pFXWLRQ SURYLVRLUH GHV MXJHPHQWV VRQW ©G
H[HTXDWXU HVW UHQGXH SDU OH SUHPLHU SUpVLGHQW GH FHWWH
©DSSOLFDEOHVDX[VHQWHQFHVDUELWUDOHVSRXUOHVTXHOOHVO
H[HTXDWXU ©MXULGLFWLRQ
©Q
HVWSDVH[LJLEOH ©$UWLFOH±/
H[HTXDWXUHVWDSSRVpVXUODPLQXWHGH
©ODVHQWHQFHDUELWUDOH
©$UWLFOH±/HWULEXQDODUELWUDOGpOLYUHjFKDFXQHGHV
©SDUWLHVXQHFRSLHGHODVHQWHQFHDUELWUDOHGDQVXQGpODLGHVHSW ©/
RUGRQQDQFH TXL DFFRUGH O
H[HTXDWXU Q
HVW VXVFHSWLEOH
©MRXUVjFRPSWHUGHVRQSURQRQFp ©G
DXFXQUHFRXUV
© /D SXEOLFDWLRQ GH OD VHQWHQFH DUELWUDOH RX G¶H[WUDLWV GH ©7RXWHIRLVOHUHFRXUVHQDQQXODWLRQSUpYXjO
DUWLFOH
©FHOOHFLQHSHXWrWUHHIIHFWXpHTX¶DYHFDXWRULVDWLRQGHVSDUWLHVj ©FLGHVVRXVHPSRUWHGHSOHLQGURLWGDQVOHVOLPLWHVGHODVDLVLQH
©O¶DUELWUDJH ©GH OD FRXU G
DSSHO UHFRXUV FRQWUH O
RUGRQQDQFH G
H[HTXDWXU RX
©GHVVDLVLVVHPHQW LPPpGLDW GX SUpVLGHQW GH OD MXULGLFWLRQ DX FDV
©$UWLFOH±/DVHQWHQFHGHVVDLVLWOHWULEXQDODUELWUDO ©RLOQ
DXUDLWSDVHQFRUHUHQGXVRQRUGRQQDQFH
©GHODFRQWHVWDWLRQTX¶HOOHWUDQFKH
©$UWLFOH± /
RUGRQQDQFH TXL UHIXVH O
H[HTXDWXU GRLW
©7RXWHIRLV ©rWUHPRWLYpH
© ±'DQV OHV WUHQWH MRXUV TXL VXLYHQW OH SURQRQFp GH OD © (OOH HVW VXVFHSWLEOH G
DSSHO GDQV OHV IRUPHV RUGLQDLUHV
©VHQWHQFH DUELWUDOH OH WULEXQDO DUELWUDO SHXW G
RIILFH UHFWLILHU ©GDQVOHGpODLGHTXLQ]HMRXUVGHVDQRWLILFDWLRQ'DQVFHFDVOD
©WRXWH HUUHXU PDWpULHOOH GH FDOFXO RX G
pFULWXUH RX WRXWH HUUHXU ©FRXUG
DSSHOFRQQDvWjODGHPDQGHGHVSDUWLHVGHVPR\HQVTXH
©GHPrPHQDWXUHFRQWHQXHGDQVODVHQWHQFH ©FHOOHVFLDXUDLHQWSXIDLUHYDORLUFRQWUHODVHQWHQFHDUELWUDOHSDU
©±'DQVOHVWUHQWHMRXUVTXLVXLYHQWODQRWLILFDWLRQGHOD ©ODYRLHGXUHFRXUVHQDQQXODWLRQ
©VHQWHQFHDUELWUDOHOHWULEXQDODUELWUDOjODGHPDQGHGHO
XQHGHV © /D FRXU G
DSSHO VWDWXH VXU FHW DSSHO VHORQ OD SURFpGXUH
©SDUWLHVHWVDQVUpRXYHUWXUHGHVGpEDWVSHXW ©G
XUJHQFH
©D UHFWLILHUWRXWHHUUHXUPDWpULHOOHGHFDOFXORXG
pFULWXUH © $UWLFOH ±/D VHQWHQFH DUELWUDOH Q
HVW VXVFHSWLEOH
©RXWRXWHHUUHXUGHPrPHQDWXUHFRQWHQXHGDQVODVHQWHQFH ©G
DXFXQUHFRXUVVRXVUpVHUYHGHVGLVSRVLWLRQVGHVDUWLFOHV
©HWFLGHVVRXV
©E LQWHUSUpWHUXQHSDUWLHGpWHUPLQpHGHODVHQWHQFH
© /D VHQWHQFH DUELWUDOH SHXW IDLUH O
REMHW G
XQH GHPDQGH HQ
©F UHQGUHXQHVHQWHQFHFRPSOpPHQWDLUHUHODWLYHjXQFKHI ©UpWUDFWDWLRQ FRQIRUPpPHQW DX[ GLVSRVLWLRQV GH O¶DUWLFOH  FL
©GHGHPDQGHVXUOHTXHOLODpWpRPLVGHVWDWXHUVDXIFRQYHQWLRQ ©DSUqVHWFHGHYDQWODMXULGLFWLRQTXLDXUDLWFRQQXGHO
DIIDLUHV
LO
©FRQWUDLUHGHVSDUWLHV ©Q
\DYDLWSDVHXGHFRQYHQWLRQG
DUELWUDJH
©/DUHTXrWHHVWQRWLILpHjO
DXWUHSDUWLHTXLGLVSRVHUDG
XQ © $UWLFOH ±/HV VHQWHQFHV DUELWUDOHV PrPH DVVRUWLHV
©GpODL GH TXLQ]H MRXUV SRXU SUpVHQWHU OH FDV pFKpDQW VHV ©GHODGpFLVLRQG
H[HTXDWXUQHVRQWSDVRSSRVDEOHVDX[WLHUVTXL
©FRQFOXVLRQV ©SHXYHQW WRXWHIRLV IDLUH WLHUFH RSSRVLWLRQ GDQV OHV FRQGLWLRQV
©/HWULEXQDODUELWUDOVHSURQRQFHGDQVOHVWUHQWHMRXUVGHVD ©SUpYXHVSDUOHVDUWLFOHVjFLGHVVXVGHYDQWODMXULGLFWLRQ
©VDLVLQHV
LOV
DJLWG
XQHVHQWHQFHUHFWLILFDWLYHRXLQWHUSUpWDWLYHHW ©TXL DXUDLW FRQQX GH O
DIIDLUH V
LO Q
\ DYDLW SDV HX GH FRQYHQWLRQ
©GDQVOHVVRL[DQWHMRXUVV
LOV
DJLWG
XQHVHQWHQFHFRPSOpPHQWDLUH ©G
DUELWUDJH
© $UWLFOH ±6L OH WULEXQDO DUELWUDO QH SHXW rWUH j ©$UWLFOH±1RQREVWDQWWRXWHVWLSXODWLRQFRQWUDLUHOHV
©QRXYHDX UpXQL OH SRXYRLU GH UHFWLILHU RX G
LQWHUSUpWHU OD ©VHQWHQFHV DUELWUDOHV SHXYHQW IDLUH O
REMHW G
XQ UHFRXUV HQ
©VHQWHQFH DUELWUDOH DSSDUWLHQW DX SUpVLGHQW GH OD MXULGLFWLRQ GDQV ©DQQXODWLRQ GDQV OHV IRUPHV RUGLQDLUHV GHYDQW OD FRXU G
DSSHO
©OHUHVVRUWGHODTXHOOHHVWUHQGXHODVHQWHQFHDUELWUDOHTXLGRLWVH ©GDQVOHUHVVRUWGHODTXHOOHHOOHVRQWpWpUHQGXHV
©SURQRQFHU GDQV XQ GpODL GH WUHQWH MRXUV SDU RUGRQQDQFH QRQ ©&HUHFRXUVHVWUHFHYDEOHGqVOHSURQRQFpGHODVHQWHQFHLO
©VXVFHSWLEOHGHUHFRXUV ©FHVVHGHO
rWUHV
LOQ
DSDVpWpH[HUFpGDQVOHVTXLQ]HMRXUVGHOD
©$UWLFOH ±/D GHPDQGH HQ YXH GH UHFWLILHU RX ©QRWLILFDWLRQGHODVHQWHQFHUHYrWXHGHO
H[HTXDWXU
©G
LQWHUSUpWHU OD VHQWHQFH VXVSHQG O
H[pFXWLRQ HW OHV GpODLV GH ©,OQ
HVWRXYHUWTXHGDQVOHVFDVVXLYDQWV
©UHFRXUV MXVTX
j OD QRWLILFDWLRQ GH OD VHQWHQFH UHFWLILFDWLYH RX ©  6
LO D pWp VWDWXp HQ O
DEVHQFH GH FRQYHQWLRQ G
DUELWUDJH
©LQWHUSUpWDWLYH ©VXUFRQYHQWLRQQXOOHRXDSUqVH[SLUDWLRQGXGpODLG
DUELWUDJH
© /D VHQWHQFH UHQGXH HVW FRQVLGpUpH FRPPH SDUWLH LQWpJUDQWH ©  6L OH WULEXQDO DUELWUDO D pWp LUUpJXOLqUHPHQW FRPSRVp
©GHODVHQWHQFHLQLWLDOH/HVGLVSRVLWLRQVGHO
DUWLFOHFLGHVVXV ©O
DUELWUH XQLTXH LUUpJXOLqUHPHQW GpVLJQp RX OD FRQYHQWLRQ GHV
©OXLVRQWDSSOLFDEOHV ©SDUWLHVQRQUHVSHFWpH
1ıNDDGD  %8//(7,12)),&,(/ 

©  6L OH WULEXQDO DUELWUDO D VWDWXp VDQV VH FRQIRUPHU j OD © E WRXW OLHX R GRLW rWUH H[pFXWpH XQH SDUWLH VXEVWDQWLHOOH
©PLVVLRQ TXL OXL DYDLW pWp FRQIpUpH D VWDWXp VXU GHV TXHVWLRQV ©GHVREOLJDWLRQVLVVXHVGHODUHODWLRQFRPPHUFLDOHRXOHOLHXDYHF
©Q¶HQWUDQW SDV GDQV OH FDGUH GH O¶DUELWUDJH RX D PpFRQQX OHV ©OHTXHOO
REMHWGXGLIIpUHQGDOHOLHQOHSOXVpWURLW
©OLPLWHV GH OD FRQYHQWLRQ &HSHQGDQW V¶LO HVW SRVVLEOH GH
©GLVWLQJXHU OHV SDUWLHV GH OD VHQWHQFH FRQFHUQDQW OHV TXHVWLRQV ©RX
©VRXPLVHV j O¶DUELWUDJH GH FHOOHV TXL QH OXL VRQW SDV VRXPLVHV © /HVSDUWLHVVRQWFRQYHQXHVH[SUHVVpPHQWTXHO
REMHWGH
©O¶DQQXODWLRQQHSRUWHTXHVXUFHVGHUQLqUHV ©ODFRQYHQWLRQG
DUELWUDJHDGHVOLHQVDYHFSOXVG
XQSD\V
©  /RUVTXH OHV GLVSRVLWLRQV GHV DUWLFOHV  DOLQpD  ©3RXUO
DSSOLFDWLRQGHVGLVSRVLWLRQVGXH DOLQpD GX SUpVHQW
©HQFHTXLFRQFHUQHOHVQRPVGHVDUELWUHVHWODGDWHGHOD ©DUWLFOH
©VHQWHQFHHWQ
RQWSDVpWpREVHUYpHV
©D VLXQHSDUWLHDSOXVG
XQpWDEOLVVHPHQWO
pWDEOLVVHPHQWj
©/RUVTXHO¶XQHGHVSDUWLHVQ¶DSDVpWpHQPHVXUHG¶DVVXUHU ©SUHQGUHHQFRQVLGpUDWLRQHVWFHOXLTXLDODUHODWLRQODSOXVpWURLWH
©VDGpIHQVHGXIDLWTX¶HOOHQ¶DSDVpWpYDODEOHPHQWLQIRUPpHGHOD
©DYHFODFRQYHQWLRQG
DUELWUDJH
©GpVLJQDWLRQ G¶XQ DUELWUH GHV SURFpGXUHV G¶DUELWUDJH RX SRXU
©WRXWH DXWUH UDLVRQ UHODWLYH DX GHYRLU GX UHVSHFW GHV GURLWV GH OD © E VL XQH SDUWLH Q
D SDV G
pWDEOLVVHPHQW VD UpVLGHQFH
©GpIHQVH ©KDELWXHOOHHQWLHQWOLHX
©  6L OD VHQWHQFH DUELWUDOH HVW UHQGXH HQ YLRODWLRQ G
XQH ©$UWLFOH ±/D FRQYHQWLRQ G
DUELWUDJH SHXW
©UqJOHG
RUGUHSXEOLF ©GLUHFWHPHQW RX SDU UpIpUHQFH j XQ UqJOHPHQW G
DUELWUDJH
©'DQVOHFDVGHQRQUHVSHFWGHVIRUPDOLWpVGHSURFpGXUH ©GpVLJQHU OH RX OHV DUELWUHV RX SUpYRLU OHV PRGDOLWpV GH OHXU
©FRQYHQXHV HQWUH OHV SDUWLHV RX GH QRQ DSSOLFDWLRQ G¶XQH ORL ©GpVLJQDWLRQDLQVLTXHFHOOHVGHOHXUUHPSODFHPHQW
©GHYDQWrWUHDSSOLTXpHG¶XQFRPPXQDFFRUGHQWUHHOOHVjO¶REMHW © 6L OD FRQVWLWXWLRQ GX WULEXQDO DUELWUDO VH KHXUWH j XQH
©GXOLWLJH
©GLIILFXOWpHWVDXIFODXVHFRQWUDLUHODSDUWLHODSOXVGLOLJHQWHSHXW
© /D FRXU G¶DSSHO TXL H[DPLQH OH UHFRXUV HQ DQQXODWLRQ
©SURQRQFH G¶RIILFH O¶DQQXODWLRQ GH OD VHQWHQFH DUELWUDOH ©  $X FDV R O
DUELWUDJH VH GpURXOH DX 0DURF VDLVLU OH
©ORUVTX¶HOOHHVWFRQWUDLUHjO¶RUGUHSXEOLFGX5R\DXPHGX0DURF ©SUpVLGHQWGHODMXULGLFWLRQTXLVHUDDPHQpSDUODVXLWHjGpFODUHU
©RXVLHOOHFRQVWDWHTXHO¶REMHWGXOLWLJHFRQFHUQHXQHTXHVWLRQTXL ©H[pFXWRLUHODVHQWHQFHDUELWUDOH
©QHSHXWrWUHVRXPLVHjO¶DUELWUDJH ©  $X FDV R O
DUELWUDJH VH GpURXOH j O
pWUDQJHU HW VL OHV
©/DFRXUG¶DSSHOVWDWXHVHORQODSURFpGXUHG
XUJHQFH ©SDUWLHV RQW SUpYX O
DSSOLFDWLRQ GH OD ORL GH SURFpGXUH FLYLOH
© /H GpODL SRXU H[HUFHU OH UHFRXUV HQ DQQXODWLRQ VXVSHQG ©PDURFDLQHVDLVLUOHSUpVLGHQWGXWULEXQDOGHFRPPHUFHGH5DEDW
©O
H[pFXWLRQGHODVHQWHQFHDUELWUDOH ©$UWLFOH ±/D FRQYHQWLRQ G
DUELWUDJH SHXW
©/HUHFRXUVH[HUFpGDQVOHGpODLHVWpJDOHPHQWVXVSHQVLI ©GLUHFWHPHQWRXSDUUpIpUHQFHjXQUqJOHPHQWG
DUELWUDJHUpJOHUOD
©SURFpGXUHjVXLYUHGDQVO
LQVWDQFHDUELWUDOH
©$UWLFOH ±/RUVTXH OD FRXU G
DSSHO DQQXOH OD
©VHQWHQFH DUELWUDOH HOOH VWDWXH VXU OH IRQG GDQV OHV OLPLWHV GH OD © (OOH SHXW DXVVL VRXPHWWUH FHOOHFL j OD ORL GH SURFpGXUH
©PLVVLRQ GX WULEXQDO DUELWUDO VDXI VL O
DQQXODWLRQ HVW SURQRQFpH ©TX
HOOHGpWHUPLQH
©SRXUDEVHQFHGHFRQYHQWLRQG
DUELWUDJHRXSRXUQXOOLWpGHFHWWH
©'DQVOHVLOHQFHGHODFRQYHQWLRQOHWULEXQDODUELWUDOUqJOHOD
©FRQYHQWLRQ
©SURFpGXUH DXWDQW TXH GH EHVRLQ VRLW GLUHFWHPHQW VRLW SDU
©$UWLFOH  ± /RUVTXH OD FRXU G
DSSHO SURQRQFH ©UpIpUHQFHjXQHORLRXjXQUqJOHPHQWG
DUELWUDJH
©O¶LUUHFHYDELOLWp GX UHFRXUV HQ DQQXODWLRQ HOOH GRLW RUGRQQHU
©O¶H[pFXWLRQGHODVHQWHQFHDUELWUDOH6RQDUUrWHVWGpILQLWLI © $UWLFOH   /RUVTXH O
DUELWUDJH HVW VRXPLV j OD ORL
©PDURFDLQH GH SURFpGXUH FLYLOH OHV GLVSRVLWLRQV GHV VRXV
©/HVDUUrWVGHODFRXUG
DSSHOHQPDWLqUHG
DUELWUDJHSHXYHQW
©VHFWLRQV ,, HW ,,, GH OD VHFWLRQ , GX SUpVHQW FKDSLWUH QH
©IDLUHO
REMHWG
XQSRXUYRLHQFDVVDWLRQGDQVOHVIRUPHVRUGLQDLUHV
©V
DSSOLTXHQW TX
jGpIDXW GH FRQYHQWLRQ SDUWLFXOLqUH HW VRXV
©6HFWLRQ,,'HO
DUELWUDJHLQWHUQDWLRQDO ©UpVHUYHGHVDUWLFOHVHWFLGHVVXV
©$UWLFOH  ± /D SUpVHQWH VHFWLRQ V
DSSOLTXH j © $UWLFOH ±/D FRQYHQWLRQ G
DUELWUDJH GpWHUPLQH
©O
DUELWUDJH LQWHUQDWLRQDO VDQV SUpMXGLFH GHV GLVSRVLWLRQV GHV
©OLEUHPHQW OHV UqJOHV GH GURLW TXH OH WULEXQDO DUELWUDO GHYUD
©FRQYHQWLRQV LQWHUQDWLRQDOHV UDWLILpHV SDU OH 5R\DXPH GX 0DURF
©DSSOLTXHUDXIRQGGXOLWLJH$GpIDXWGHFKRL[SDUOHVSDUWLHVGHV
©HWSXEOLpHVDX©%XOOHWLQRIILFLHOª
©UqJOHV GH GURLW DSSOLFDEOHV OH WULEXQDO DUELWUDO WUDQFKH OH OLWLJH
© $UWLFOH ±(VW LQWHUQDWLRQDO DX VHQV GH OD SUpVHQWH ©FRQIRUPpPHQWjFHOOHVTX
LOHVWLPHDSSURSULpHV
©VHFWLRQ O
DUELWUDJH TXL PHW HQ FDXVH GHV LQWpUrWV GX FRPPHUFH
©LQWHUQDWLRQDO HW GRQW O
XQH GHV SDUWLHV DX PRLQV D VRQ GRPLFLOH © 'DQV WRXV OHV FDV OH WULEXQDO DUELWUDO WLHQW FRPSWH GHV
©RXVRQVLqJHjO
pWUDQJHU ©GLVSRVLWLRQV GX FRQWUDW TXL OLH OHV SDUWLHV HW GHV FRXWXPHV HW
©8QDUELWUDJHHVWLQWHUQDWLRQDOVL ©XVDJHVSHUWLQHQWVGXFRPPHUFH
©  /HV SDUWLHV j OD FRQYHQWLRQ G
DUELWUDJH RQW DX PRPHQW © $UWLFOH ±/H WULEXQDO DUELWUDO VWDWXH HQ DPLDEOH
©GH OD FRQFOXVLRQ GH ODGLWH FRQYHQWLRQ OHXU pWDEOLVVHPHQW GDQV ©FRPSRVLWHXUVHXOHPHQWVLODFRQYHQWLRQGHVSDUWLHVO
DLQYHVWLGH
©GHV(WDWVGLIIpUHQWVRX ©FHWWHPLVVLRQ
© 8QGHVOLHX[FLDSUqVHVWVLWXpKRUVGHO
(WDWGDQVOHTXHO © $UWLFOH ±/HV VHQWHQFHV DUELWUDOHV LQWHUQDWLRQDOHV
©OHVSDUWLHVRQWOHXUpWDEOLVVHPHQW ©VRQW UHFRQQXHV DX 0DURF VL OHXU H[LVWHQFH HVW pWDEOLH SDU FHOXL
©D OH OLHX GH O
DUELWUDJH V
LO HVW VWLSXOp GDQV OD FRQYHQWLRQ ©TXL V
HQ SUpYDXW HW VL FHWWH UHFRQQDLVVDQFH Q
HVW SDV FRQWUDLUH j
©G
DUELWUDJHRXGpWHUPLQpHQYHUWXGHFHWWHFRQYHQWLRQ ©O
RUGUHSXEOLFQDWLRQDORXLQWHUQDWLRQDO
 %8//(7,12)),&,(/ 1ıNDDGD 

©6RXVOHVPrPHVFRQGLWLRQVHOOHVVRQWGpFODUpHVUHFRQQXHV ©6HFWLRQ,,,'
'HODPpGLDWLRQFRQYHQWLRQQHOOH
©HW H[pFXWRLUHV DX 0DURF SDU OH SUpVLGHQW GH OD MXULGLFWLRQ © $UWLFOH ±$ILQ GH SUpYHQLU RX GH UpJOHU XQ
©FRPPHUFLDOHGDQVOHUHVVRUWGHODTXHOOHVHOOHVRQWpWpUHQGXHV ©GLIIpUHQG OHV SDUWLHV SHXYHQW FRQYHQLU GH OD GpVLJQDWLRQ G
XQ
©RX SDU OH SUpVLGHQW GH OD MXULGLFWLRQ FRPPHUFLDOH GX OLHX ©PpGLDWHXU FKDUJp GH IDFLOLWHU OD FRQFOXVLRQ G
XQH WUDQVDFWLRQ
©G
H[pFXWLRQVLOHVLqJHGHO
DUELWUDJHHVWVLWXpjO
pWUDQJHU
©PHWWDQWILQDXGLIIpUHQG
©$UWLFOH  ± /
H[LVWHQFH G¶XQH VHQWHQFH DUELWUDOH HVW
©$UWLFOH±/DFRQYHQWLRQGHPpGLDWLRQHVWOHFRQWUDW
©pWDEOLH SDU OD SURGXFWLRQ GH O¶RULJLQDO DFFRPSDJQp GH OD
©SDU OHTXH GHV SDUWLHV V
DFFRUGHQW SRXU GpVLJQHU XQ PpGLDWHXU
©FRQYHQWLRQ G
DUELWUDJH RX GHV FRSLHV GH FHV GRFXPHQWV
©FKDUJp GH IDFLOLWHU OD FRQFOXVLRQ G
XQH WUDQVDFWLRQ SRXU PHWWUH
©UpXQLVVDQWOHVFRQGLWLRQVUHTXLVHVSRXUOHXUDXWKHQWLFLWp
©ILQDXOLWLJHQpRXjQDvWUH
©6LFHVSLqFHVQHVRQWSDVUpGLJpHVHQDQJXHDUDEHLOGRLW
©rWUHSURGXLWXQHWUDGXFWLRQFHUWLILpHSDUXQWUDGXFWHXUDJUppSUqV ©/DFRQYHQWLRQGHPpGLDWLRQGDQVOHUHVSHFWGHVGLVSRVLWLRQV
©OHVMXULGLFWLRQV ©GH O
DUWLFOH  GX GDKLU GX  UDPDGDQ    DR€W 
©IRUPDQWFRGHGHVREOLJDWLRQVHWGHVFRQWUDWVQHSHXWSRUWHUVXU
©$UWLFOH±/
RUGRQQDQFHTXLUHIXVHODUHFRQQDLVVDQFH ©GHVTXHVWLRQVH[FOXHVGXFKDPSG
DSSOLFDWLRQGHODWUDQVDFWLRQ
©RXO
H[pFXWLRQHVWVXVFHSWLEOHG
DSSHO ©HW QH SHXW rWUH FRQFOXH TXH VRXV OHV UpVHUYHV FRQGLWLRQV RX
© $UWLFOH ±/
DSSHO GH O
RUGRQQDQFH TXL DFFRUGH OD ©OLPLWHV SRVpHV SRXU OD YDOLGLWp GH OD WUDQVDFWLRQ HQ YHUWX GHV
©UHFRQQDLVVDQFH RX O
H[pFXWLRQ Q
HVW RXYHUW TXH GDQV OHV FDV ©DUWLFOHVjGXPrPHGDKLU
©VXLYDQWV © $UWLFOH ±/D FRQYHQWLRQ GH PpGLDWLRQ SHXW rWUH
©  OH WULEXQDO DUELWUDO D VWDWXp VDQV FRQYHQWLRQ G
DUELWUDJH ©FRQFOXH DSUqV OD QDLVVDQFH GX OLWLJH (OOH HVW DORUV GpQRPPpH
©RXVXUFRQYHQWLRQQXOOHRXDSUqVH[SLUDWLRQGXGpODLG
DUELWUDJH ©FRPSURPLVGHPpGLDWLRQ
© OH WULEXQDO DUELWUDO D pWp LUUpJXOLqUHPHQW FRPSRVp RX ©(OOHSHXWrWUHFRQWHQXHGDQVODFRQYHQWLRQSULQFLSDOH(OOH
©O
DUELWUHXQLTXHLUUpJXOLqUHPHQWGpVLJQp ©HVWDORUVGpQRPPpHFODXVHGHPpGLDWLRQ
©  OH WULEXQDO DUELWUDO D VWDWXp VDQV VH FRQIRUPHU j OD © (OOH SHXW LQWHUYHQLU HQ FRXUV G
LQVWDQFH 'DQV FH FDV HOOH
©PLVVLRQTXLOXLDYDLWpWpFRQIpUpH ©HVWSRUWpHjODFRQQDLVVDQFHGHODMXULGLFWLRQGDQVOHVSOXVEUHIV
©ORUVTXHOHVGURLWVGHODGpIHQVHQ¶RQWSDVpWpUHVSHFWpV ©GpODLVHWLQWHUURPSWODSURFpGXUH
©ODUHFRQQDLVVDQFHRXO
H[pFXWLRQVRQWFRQWUDLUHVjO
RUGUH ©$UWLFOH±/DFRQYHQWLRQGHPpGLDWLRQGRLWWRXMRXUV
©SXEOLFLQWHUQDWLRQDORXQDWLRQDO ©rWUH pWDEOLH SDU pFULW VRLW SDU DFWH DXWKHQWLTXH RX VRXVVHLQJ
© $UWLFOH  ± /
DSSHO SUpYX DX[ DUWLFOHV  HW ©SULYpVRLWSDUSURFqVYHUEDOGUHVVpGHYDQWOHWULEXQDO
© FLGHVVXV HVW SRUWp GHYDQW OD FRXU G
DSSHO © /D FRQYHQWLRQ GH PpGLDWLRQ HVW UpSXWpH pWDEOLH SDU pFULW
©WHUULWRULDOHPHQW FRPSpWHQWH j UDLVRQ GX VLqJH GH OD MXULGLFWLRQ ©ORUVTX
HOOHHVWFRQVLJQpHGDQVXQGRFXPHQWVLJQpSDUOHVSDUWLHV
©GRQW UHOqYH OH SUpVLGHQW GH OD MXULGLFWLRQ ,O HVW IRUPp GDQV OH ©RX GDQV XQ pFKDQJH GH OHWWUHV GH FRPPXQLFDWLRQV WpOH[ GH
©GpODL GH TXLQ]H MRXUV j FRPSWHU GH OD QRWLILFDWLRQ GH ©WpOpJUDPPHVRXGHWRXWDXWUHPR\HQGHWpOpFRPPXQLFDWLRQTXL
©O
RUGRQQDQFH ©HQDWWHVWHO¶H[LVWHQFHRXHQFRUHGDQVO
pFKDQJHGHFRQFOXVLRQV
©/DFRXUVWDWXHVHORQODSURFpGXUHG
XUJHQFH ©HQ GHPDQGH RX GH FRQFOXVLRQV HQ GpIHQVH GDQV OHVTXHOOHV
©O
H[LVWHQFHG
XQHWHOOHFRQYHQWLRQHVWDOOpJXpHSDUXQHSDUWLHHW
©$UWLFOH±/DVHQWHQFHUHQGXHDX0DURFHQPDWLqUH ©Q
HVWSDVFRQWHVWpHSDUO
DXWUH
©G
DUELWUDJH LQWHUQDWLRQDO SHXW IDLUH O
REMHW G
XQ UHFRXUV HQ
©DQQXODWLRQGDQVOHVFDVSUpYXVjO¶DUWLFOHFLGHVVXV © /H UHQYRL GDQV XQ FRQWUDW j XQ GRFXPHQW FRQWHQDQW XQH
©FODXVHGHPpGLDWLRQYDXWFRQYHQWLRQGHPpGLDWLRQjFRQGLWLRQ
© /
RUGRQQDQFH TXL DFFRUGH O
H[pFXWLRQ GH FHWWH VHQWHQFH
©TXHOHGLWFRQWUDWVRLWVRXVIRUPHpFULWHHWTXHOHUHQYRLVRLWWHO
©Q
HVW VXVFHSWLEOH G
DXFXQ UHFRXUV 7RXWHIRLV OH UHFRXUV HQ
©TX
LOIDVVHGHODFODXVHXQHSDUWLHQRQpTXLYRTXHGXFRQWUDW
©DQQXODWLRQHPSRUWHGHSOHLQGURLWGDQVOHVOLPLWHVGHODVDLVLQH
©GH OD FRXU UHFRXUV FRQWUH O
RUGRQQDQFH GX SUpVLGHQW GH OD ©$UWLFOH  ± /H FRPSURPLV GH PpGLDWLRQ HVW OD
©MXULGLFWLRQRXGHVVDLVLVVHPHQWGHFHSUpVLGHQW ©FRQYHQWLRQ SDU ODTXHOOH OHV SDUWLHV j XQ OLWLJH GpMj Qp
© $UWLFOH ±/H UHFRXUV HQ DQQXODWLRQ SUpYX j ©VRXPHWWHQWFHOXLFLjXQPpGLDWHXU
©O
DUWLFOHFLGHVVXVHVWSRUWpGHYDQWODFRXUG
DSSHOGDQV © /H FRPSURPLV SHXW rWUH FRQFOX PrPH DX FRXUV G
XQH
©OH UHVVRUW GH ODTXHOOH OD VHQWHQFH D pWp UHQGXH &H UHFRXUV HVW ©LQVWDQFHGpMjHQJDJpHGHYDQWXQHMXULGLFWLRQ
©UHFHYDEOHGqVOHSURQRQFpGHODVHQWHQFHLOFHVVHGHO
rWUHV
LO ©$UWLFOH±/HFRPSURPLVGRLWjSHLQHGHQXOOLWp
©Q
DSDVpWpH[HUFpGDQVOHVTXLQ]HMRXUVGHODQRWLILFDWLRQGHOD
©VHQWHQFHGpFODUpHH[pFXWRLUH ©GpWHUPLQHUO
REMHWGXOLWLJH
©$UWLFOH±/HGpODLSRXUH[HUFHUOHVUHFRXUVSUpYXV ©  GpVLJQHU OH PpGLDWHXU RX SUpYRLU OHV PRGDOLWpV GH VD
©DX[ DUWLFOHV   HW  FLGHVVXV VXVSHQG ©GpVLJQDWLRQ
©O
H[pFXWLRQGHODVHQWHQFHDUELWUDOH ©/RUVTXH OH PpGLDWHXU TX
LO GpVLJQH Q
DFFHSWH SDV OD
©/HUHFRXUVH[HUFpGDQVOHGpODLHVWpJDOHPHQWVXVSHQVLIj ©PLVVLRQTXLOXLHVWFRQILpHOHVSDUWLHVSHXYHQWV
DFFRUGHUVXUOH
©PRLQV TXH OD VHQWHQFH DUELWUDOH QH VRLW DVVRUWLH GH O¶H[pFXWLRQ ©QRPG
XQDXWUHPpGLDWHXU$GpIDXWOHFRPSURPLVHVWFDGXF
©SURYLVRLUH 'DQV FH FDV O¶DXWRULWp TXL H[DPLQH OH UHFRXUV SHXW ©$UWLFOH±/DFODXVHGHPpGLDWLRQHVWODFRQYHQWLRQ
©VXUVHRLUjO¶H[pFXWLRQVLHOOHOHMXJHMXVWLILp ©SDUODTXHOOHOHVSDUWLHVjXQFRQWUDWV
HQJDJHQWjVRXPHWWUHjOD
© $UWLFOH   /HV GLVSRVLWLRQV GH O
DUWLFOH  ©PpGLDWLRQ OHV OLWLJHV TXL SRXUUDLHQW QDvWUH UHODWLYHPHQW j FH
©FLGHVVXVQHV
DSSOLTXHQWSDVDXUHFRXUVHQDQQXODWLRQ ©FRQWUDW
1ıNDDGD  %8//(7,12)),&,(/ 

©$UWLFOH±/DFODXVHGHPpGLDWLRQGRLWjSHLQHGH ©,OSHXWDYHFO
DFFRUGGHVSDUWLHVHWSRXUOHVEHVRLQVGHOD
©QXOOLWprWUHVWLSXOpHSDUpFULWGDQVODFRQYHQWLRQSULQFLSDOHRX ©PpGLDWLRQHQWHQGUHOHVWLHUVTXL\FRQVHQWHQW
©GDQV XQ GRFXPHQW DXTXHO FHOOHFL VH UpIqUH 6RXV OD PrPH
© ,O SHXW DYHF O
DFFRUG GHV SDUWLHV HIIHFWXHU RX IDLUH
©VDQFWLRQ OD FODXVH GH PpGLDWLRQ GRLW VRLW GpVLJQHU OH RX OHV
©HIIHFWXHUWRXWHH[SHUWLVHGHQDWXUHjpFODLUHUOHGLIIpUHQG
©PpGLDWHXUVVRLWSUpYRLUOHVPRGDOLWpVGHOHXUGpVLJQDWLRQ
© $X WHUPH GH VD PLVVLRQ LO SURSRVH DX[ SDUWLHV XQ SURMHW
© $UWLFOH ±/D SDUWLH TXL HQWHQG YRLU DSSOLTXHU OD
©GHWUDQVDFWLRQRXXQFRPSWHUHQGXGHVHVDFWLYLWpV
©FODXVHGHPpGLDWLRQHQLQIRUPHLPPpGLDWHPHQWO
DXWUHSDUWLHHW
©VDLVLWOHPpGLDWHXUGpVLJQpGHODFODXVH © ,O HQ IDLW DFWH GDQV XQ GRFXPHQW GH WUDQVDFWLRQ FRQWHQDQW
©$UWLFOH± /D MXULGLFWLRQ VDLVLH G
XQ OLWLJH VXU XQH ©OHV IDLWV GX OLWLJH OHV PRGDOLWpV GH VRQ UqJOHPHQW VHV FRQFOXVLRQV
©TXHVWLRQ DX VXMHW GH ODTXHOOH OHV SDUWLHV RQW FRQFOX XQH ©HWFHTX¶RQWFRQYHQXOHVSDUWLHVSRXUPHWWUHXQWHUPHDXOLWLJH
©FRQYHQWLRQGHPpGLDWLRQFRQIRUPpPHQWDX[GLVSRVLWLRQVGHOD ©/HGRFXPHQWGHWUDQVDFWLRQHVWVLJQpSDUOHPpGLDWHXUHW
©SUpVHQWH VHFWLRQ GRLW GpFODUHU O¶LUUHFHYDELOLWp MXVTX¶j ©OHVSDUWLHV
©pSXLVHPHQW GH OD SURFpGXUH GH PpGLDWLRQ RX DQQXODWLRQ GH OD
© (Q FDV GH QRQ DERXWLVVHPHQW j XQH WUDQVDFWLRQ SRXU
©FRQYHQWLRQGHPpGLDWLRQ
©TXHOTXHFDXVHTXHFHVRLWOHPpGLDWHXUGpOLYUHDX[SDUWLHVOH
© 6L OH PpGLDWHXU Q
HVW SDV HQFRUH VDLVL OD MXULGLFWLRQ GRLW ©GRFXPHQWGHQRQWUDQVDFWLRQSRUWDQWVDVLJQDWXUH
©pJDOHPHQW GpFODUHU O¶LUUHFHYDELOLWp j PRLQV TXH OD FRQYHQWLRQ
©6RXVUpVHUYHGHVGLVSRVLWLRQVGHO
DUWLFOHFLGHVVRXV
©GHPpGLDWLRQQHVRLWPDQLIHVWHPHQWQXOOH
©ODWUDQVDFWLRQjODTXHOOHSDUYLHQQHQWOHVSDUWLHVHVWVRXPLVHSRXU
©'DQVOHVGHX[FDVODMXULGLFWLRQQHSHXWGpFODUHUG
RIILFH
©VD YDOLGLWp HW VHV HIIHWV DX[ GLVSRVLWLRQV GX WLWUH ,; GX OLYUH
©O¶LUUHFHYDELOLWp
©GHX[LqPH GX GDKLU GX  UDPDGDQ    DR€W  IRUPDQW
©'DQV OH VHFRQG FDV HOOH SHXW IL[HU j OD GHPDQGH GH OD ©FRGHGHVREOLJDWLRQVHWGHVFRQWUDWV
©SDUWLH TXL O
D VDLVLH OH GpODL PD[LPXP DX WHUPH GXTXHO OD
© $UWLFOH ±/D WUDQVDFWLRQ D HQWUH OHV SDUWLHV OD
©PpGLDWLRQ GRLW DYRLU GpEXWp VRXV SHLQH GH QXOOLWp GH OD
©IRUFH GH OD FKRVH MXJpH HW SHXW rWUH DVVRUWLH GH OD PHQWLRQ
©FRQYHQWLRQ
©G¶H[HTXDWXU
©$UWLFOH±/DGXUpHGHODPLVVLRQGHPpGLDWLRQHVW
©LQLWLDOHPHQWIL[pHSDUOHVSDUWLHVVDQVTX
HOOHSXLVVHH[FpGHUXQ © $ FHWWH ILQ OH SUpVLGHQW GX WULEXQDO WHUULWRULDOHPHQW
©GpODLGHWURLVPRLVjFRPSWHUGHODGDWHjODTXHOOHOHPpGLDWHXU ©FRPSpWHQWSRXUVWDWXHUVXUO¶REMHWGXOLWLJHHVWFRPSpWHQWSRXU
©DDFFHSWpVDPLVVLRQ/HVSDUWLHVSHXYHQWWRXWHIRLVSURORQJHUFH ©GRQQHUODPHQWLRQG¶H[HTXDWXU
©GpODL SDU XQ DFFRUG FRQFOX GDQV OHV PrPHV IRUPHV TXH FHOOHV ©6HFWLRQ,9±'
'LVSRVLWLRQVGLYHUVHV
©UHWHQXHVSRXUODFRQYHQWLRQGHPpGLDWLRQ
© $UWLFOH ±/HV GLVSRVLWLRQV GX SUpVHQW FKDSLWUH QH
©$UWLFOH±/HPpGLDWHXUHVWWHQXjO¶REOLJDWLRQGX ©GpURJHQWSDVDX[WH[WHVTXLLQVWLWXHQWGHVSURFpGXUHVVSpFLDOHV
©VHFUHWSURIHVVLRQQHOjO
pJDUGGHVWLHUVGDQVOHVWHUPHVHWVRXV ©G
DUELWUDJHSRXUOHUqJOHPHQWGHFHUWDLQVOLWLJHVª
©OHV VDQFWLRQV SUpYXV SDU OH &RGH SpQDO UHODWLYHV DX VHFUHW
$UWLFOH
©SURIHVVLRQQHO /HV FRQVWDWDWLRQV GX PpGLDWHXU HW OHV
©GpFODUDWLRQVTX
LOUHFXHLOOHQHSHXYHQWrWUHpYRTXpHVGHYDQWOH $WLWUHWUDQVLWRLUHOHVGLVSRVLWLRQVGXFKDSLWUH9,,,GXWLWUH9
©MXJH VDLVL GX OLWLJH TX
DYHF O
DFFRUG GHV SDUWLHV (OOHV QH GXFRGHGHSURFpGXUHFLYLOHSUpFLWpGHPHXUHQWDSSOLFDEOHV
©SHXYHQWrWUHXWLOLVpHVGDQVXQHDXWUHLQVWDQFH ±DX[FRQYHQWLRQVG
DUELWUDJHFRQFOXHVDYDQWODGDWHG
HQWUpH
© $UWLFOH ±/D PpGLDWLRQ SHXW rWUH FRQILpH j XQH HQYLJXHXUGHODSUpVHQWHORL
©SHUVRQQHSK\VLTXHRXjXQHSHUVRQQHPRUDOH
±DX[ LQVWDQFHV DUELWUDOHV HQ FRXUV GHYDQW OHV WULEXQDX[
© 'qV TXH OH PpGLDWHXU D DFFHSWp OD PLVVLRQ TXL OXL HVW DUELWUDX[ RX SHQGDQWHV GHYDQW OHV MXULGLFWLRQV j OD GDWH
©FRQILpH LO HQ DYLVH OHV SDUWLHV SDU OHWWUH UHFRPPDQGpH DYHF SUpFLWpHMXVTX
jOHXUUqJOHPHQWGpILQLWLIHWO
pSXLVHPHQWGH
©DFFXVp GH UpFHSWLRQ RX SDU O¶LQWHUPpGLDLUH G¶XQ KXLVVLHU GH WRXWHVOHVYRLHVGHUHFRXUV
©MXVWLFH
$UWLFOH
©/H PpGLDWHXU QH SHXW UHQRQFHU j VD PLVVLRQ TX
DYHF
©O
DFFRUG GHV SDUWLHV RX ORUVTXH OH GpODL YLVp j O¶DUWLFOH  /HVGLVSRVLWLRQVGXHDOLQpDGHO
DUWLFOHGHODORLQƒ
©FLGHVVXVHVWH[SLUpVDQVTXHOHVSDUWLHVQHVRLHQWSDUYHQXHVj LQVWLWXDQW GHV MXULGLFWLRQV GH FRPPHUFH VRQW PRGLILpHV FRPPH
©XQH WUDQVDFWLRQ RX G
RUGUH GX MXJH GDQV OHV FDV SUpYXV j VXLW
©O
DUWLFOHFLGHVVXV © $UWLFOH   H DOLQpD ± /HV SDUWLHV SRXUURQW FRQYHQLU GH
©$UWLFOH±/HPpGLDWHXUSHXWHQWHQGUHOHVSDUWLHVHW ©VRXPHWWUHOHVOLWLJHVSUpYXVFLGHVVXVjODSURFpGXUHG
DUELWUDJH
©FRQIURQWHU OHXUV SRLQWV GH YXH SRXU OHXU SHUPHWWUH GH WURXYHU ©HWGHPpGLDWLRQFRQIRUPpPHQWDX[GLVSRVLWLRQVGHVDUWLFOHV
©XQHVROXWLRQDXFRQIOLWTXLOHVRSSRVH ©jGXFRGHGHSURFpGXUHFLYLOHª
 %8//(7,12)),&,(/ 1ıNDDGD 

'pFUHW Qƒ GX   NDDGD   QRYHPEUH  $57±/H PLQLVWUH GHV DIIDLUHV pWUDQJqUHV HW GH OD
UHODWLIDX[ DWWULEXWLRQVGXPLQLVWUHGHODMXVWLFH FRRSpUDWLRQHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUD
BBBBBBBB
SXEOLpDX%XOOHWLQRIILFLHO
/(35(0,(50,1,675(
)DLWj5DEDWOH NDDGD QRYHPEUH 
9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH
$%%$6(/)$66,
9X OH GDKLU Qƒ  GX  FKDRXDO    RFWREUH
 SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW 3RXUFRQWUHVHLQJ
9X OH GpFUHW Qƒ  GX  VDIDU    MXLQ  /HPLQLVWUHGHVDIIDLUHVpWUDQJqUHV
UHODWLIDX[DWWULEXWLRQVHWO¶RUJDQLVDWLRQGXPLQLVWqUHGHODMXVWLFH HWGHODFRRSpUDWLRQ
'e&5Ê7( 7$,%)$66,),+5,
$57,&/( 35(0,(5± /HV DWWULEXWLRQV GpYROXHV j O¶DXWRULWp BBBBBBBB
JRXYHUQHPHQWDOHFKDUJpHGHODMXVWLFHSDUOHVWH[WHVHQYLJXHXU
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
QRWDPPHQW SDU OH GpFUHW VXVYLVp Qƒ  GX   VDIDU 
 MXLQ  VRQW GpVRUPDLV H[HUFpHV SDU  0 $EGHOZDKDG ©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH 
5$',PLQLVWUHGHODMXVWLFH 
$57±/HPLQLVWUHGHODMXVWLFHDDXWRULWpVXUO¶HQVHPEOH
GHVVWUXFWXUHVFUppHVWDQWjO¶pFKHORQFHQWUDOTX¶H[WpULHXUSDUOH 'pFUHW Qƒ  GX   NDDGD    QRYHPEUH 
GpFUHWSUpFLWpQƒGXVDIDU MXLQ  UHODWLI DX[ DWWULEXWLRQV GX PLQLVWUH GHV +DERXV HW GHV
$57±/HPLQLVWUHGHODMXVWLFHHVWFKDUJpGHO¶H[pFXWLRQ DIIDLUHVLVODPLTXHV
GXSUpVHQWGpFUHWTXLVHUDSXEOLpDX%XOOHWLQRIILFLHO BBBBBBBB
)DLWj5DEDWOH NDDGD QRYHPEUH  /(35(0,(50,1,675(
$%%$6(/)$66, 9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH
9XOHGDKLUQƒGXFKDRXDO RFWREUH
3RXUFRQWUHVHLQJ SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW
/HPLQLVWUHGHODMXVWLFH 9XOHGDKLUQƒGXFKDRXDO GpFHPEUH
$%'(/:$+$'5$', UHODWLIDX[DWWULEXWLRQVHWO¶RUJDQLVDWLRQGXPLQLVWqUHGHV+DERXVHW
BBBBBBBB GHVDIIDLUHVLVODPLTXHV
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX 'e&5Ê7(
©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH  $57,&/( 35(0,(5±/HV DWWULEXWLRQV GpYROXHV j O¶DXWRULWp
JRXYHUQHPHQWDOHFKDUJpHGHV+DERXVHWGHVDIIDLUHVLVODPLTXHVSDU
OHV WH[WHV HQ YLJXHXU QRWDPPHQW SDU OH GDKLU VXVYLVp Qƒ
'pFUHW Qƒ  GX  NDDGD    QRYHPEUH  GXFKDRXDO GpFHPEUH VRQWGpVRUPDLVH[HUFpHVSDU
UHODWLI DX[ DWWULEXWLRQV GX PLQLVWUH GHV DIIDLUHV 0 $KPHG 728),4 PLQLVWUH GHV +DERXV HW GHV DIIDLUHV
pWUDQJqUHVHWGHODFRRSpUDWLRQ LVODPLTXHV
BBBBBBBB
/(35(0,(50,1,675( $57±/HPLQLVWUHGHV+DERXVHWGHVDIIDLUHVLVODPLTXHV
D DXWRULWp VXU O¶HQVHPEOH GHV VWUXFWXUHV FUppHV WDQW j O¶pFKHORQ
9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH
FHQWUDO TX¶H[WpULHXU SDU OH GDKLU SUpFLWp Qƒ  GX
9XOHGDKLUQƒGXFKDRXDO RFWREUH FKDRXDO GpFHPEUH 
SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW
9XOHGpFUHWQƒGXFKDDEDQH MDQYLHU $57±/HPLQLVWUHGHV+DERXVHWGHVDIIDLUHVLVODPLTXHV
UHODWLIDX[DWWULEXWLRQVGXPLQLVWUHGHVDIIDLUHVpWUDQJqUHVHWGHOD HVW FKDUJp GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX
FRRSpUDWLRQ HW j O¶RUJDQLVDWLRQ GX PLQLVWqUH GHV DIIDLUHV %XOOHWLQRIILFLHO
pWUDQJqUHVHWGHODFRRSpUDWLRQ )DLWj5DEDWOH NDDGD QRYHPEUH 
'e&5Ê7(
$%%$6(/)$66,
$57,&/( 35(0,(5±/HV DWWULEXWLRQV GpYROXHV j O¶DXWRULWp
3RXUFRQWUHVHLQJ
JRXYHUQHPHQWDOH FKDUJpH GHV DIIDLUHV pWUDQJqUHV HW GH OD
FRRSpUDWLRQ SDU OHV WH[WHV HQ YLJXHXU QRWDPPHQW SDU OH GpFUHW /HPLQLVWUHGHV+DERXV
VXVYLVpQƒGXFKDkEDQH MDQYLHU VRQW HWGHVDIIDLUHVLVODPLTXHV
GpVRUPDLV H[HUFpHV SDU 0 7DwE )$66,),+5, PLQLVWUH GHV $+0('728),4
DIIDLUHVpWUDQJqUHVHWGHODFRRSpUDWLRQ
BBBBBBBB
$57±/H PLQLVWUH GHV DIIDLUHV pWUDQJqUHV HW GH OD
FRRSpUDWLRQ D DXWRULWp VXU O¶HQVHPEOH GHV VWUXFWXUHV FUppHV SDU OH /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
GpFUHWSUpFLWpQƒGXFKDDEDQH MDQYLHU  ©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH 
1ıNDDGD  %8//(7,12)),&,(/ 

'pFUHW Qƒ GX  NDDGD    QRYHPEUH  'e&5Ê7(


UHODWLI DX[  DWWULEXWLRQV GX VHFUpWDLUH JpQpUDO GX $57,&/( 35(0,(5± /HV DWWULEXWLRQV GpYROXHV j O¶DXWRULWp
JRXYHUQHPHQW JRXYHUQHPHQWDOHFKDUJpHGHVUHODWLRQVDYHFOH3DUOHPHQWSDUOHV
BBBBBBBB
WH[WHV HQ YLJXHXU QRWDPPHQW SDU OH GpFUHW VXVYLVp Qƒ 
/(35(0,(50,1,675( GXFKDRXDO IpYULHU VRQWH[HUFpHVSDU00RKDPHG
9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH 6DDG (/ $/$0, PLQLVWUH FKDUJp GHV UHODWLRQV DYHF OH
3DUOHPHQW
9XOHGDKLUQƒGXFKDRXDO RFWREUH
SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW $57±/HPLQLVWUHFKDUJpGHVUHODWLRQVDYHFOH3DUOHPHQW
DDXWRULWpVXUO¶HQVHPEOHGHVVWUXFWXUHVFUppHVSDUOHGpFUHWSUpFLWp
9XOHGDKLUGXUDELL,, GpFHPEUH FUpDQWOH QƒGXFKDRXDO IpYULHU 
VHFUpWDULDWJpQpUDOGXJRXYHUQHPHQW
$57±/H PLQLVWUH FKDUJp GHV UHODWLRQV DYHF OH 3DUOHPHQW
9X OH GpFUHW 5R\DO Qƒ  GX  UHMHE    RFWREUH HVW FKDUJp GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX
 FRQIpUDQW DX VHFUpWDLUH JpQpUDO GX JRXYHUQHPHQW OH UDQJ HW %XOOHWLQRIILFLHO
OHVSUpURJDWLYHVGHPLQLVWUH
)DLWj5DEDWOH NDDGD QRYHPEUH 
9XOHGpFUHWQƒGXMRXPDGD, MDQYLHU
UHODWLIjO¶RUJDQLVDWLRQGXVHFUpWDULDWJpQpUDOGXJRXYHUQHPHQW $%%$6(/)$66,
'e&5Ê7( 3RXUFRQWUHVHLQJ
$57,&/(35(0,(5±/HVDWWULEXWLRQVGpYROXHVDX VHFUpWDLUH /HPLQLVWUHFKDUJpGHVUHODWLRQV
JpQpUDOGXJRXYHUQHPHQWSDUOHVWH[WHVHQYLJXHXUQRWDPPHQWSDU DYHFOH3DUOHPHQW
OH GDKLU GX  UDELL ,,    GpFHPEUH  HW OH GpFUHW 02+$0('6$$'(/$/$0,
QƒGXMRXPDGD, MDQYLHU VXVYLVpVVRQW BBBBBBBB
H[HUFpHV SDU  0 $EGHVVDGHN 5$%,$+ VHFUpWDLUH JpQpUDO GX
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
JRXYHUQHPHQW
©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH 
$57±/HVHFUpWDLUHJpQpUDOGXJRXYHUQHPHQWDDXWRULWp
VXU O¶HQVHPEOH GHV  VWUXFWXUHV FUppHV  SDU OH GpFUHW SUpFLWp
QƒGXMRXPDGD, MDQYLHU  'pFUHW Qƒ  GX   NDDGD   QRYHPEUH 
UHODWLIDX[DWWULEXWLRQVGXPLQLVWUHGHO¶pFRQRPLHHWGHV
$57±/HVHFUpWDLUHJpQpUDOGXJRXYHUQHPHQWHVWFKDUJp
ILQDQFHV
GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX %XOOHWLQ BBBBBBBB
RIILFLHO
/(35(0,(50,1,675(
)DLWj5DEDWOH NDDGD QRYHPEUH 
9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH
$%%$6(/)$66, 9XOHGDKLUQƒGXFKDRXDO RFWREUH
 SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW
3RXUFRQWUHVHLQJ 9XOHGpFUHWQƒGXKLMD QRYHPEUH
UHODWLIDX[DWWULEXWLRQVHWjO¶RUJDQLVDWLRQGXPLQLVWqUHGHVILQDQFHV
/HVHFUpWDLUHJpQpUDO
HWGHODSULYDWLVDWLRQWHOTX¶LODpWpPRGLILpHWFRPSOpWpSDUOHGpFUHW
GXJRXYHUQHPHQW
QƒGXHUUDELL,, MXLQ 
$%'(66$'(.5$%,$+
'e&5Ê7(
BBBBBBBB
$57,&/(35(0,(5±/HVDWWULEXWLRQVGpYROXHVSDUOHVWH[WHVHQ
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX YLJXHXU QRWDPPHQW OH GpFUHW VXVYLVp Qƒ  GX  KLMD 
©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH   QRYHPEUH   DX PLQLVWUH GHV ILQDQFHV HW GH OD SULYDWLVDWLRQ
VRQW GpVRUPDLV H[HUFpHV SDU 06DODKHGGLQH 0(=28$5 PLQLVWUH
GHO¶pFRQRPLHHWGHVILQDQFHV
'pFUHW Qƒ  GX   NDDGD   QRYHPEUH 
UHODWLI DX[ DWWULEXWLRQV GX PLQLVWUH FKDUJp GHV $57±/H PLQLVWUH GH O¶pFRQRPLH HW GHV ILQDQFHV D
UHODWLRQVDYHFOH3DUOHPHQW DXWRULWpVXUO¶HQVHPEOHGHVVWUXFWXUHVLQVWLWXpHVWDQWjO¶pFKHORQFHQWUDO
TX¶H[WpULHXU SDU OH GpFUHW SUpFLWp Qƒ  GX  KLMD 
BBBBBBBB QRYHPEUH 
/(35(0,(50,1,675( $57±2XWUH OHV DWWULEXWLRQV YLVpHV j O¶DUWLFOH SUHPLHU
9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH FLGHVVXVOHPLQLVWUHGHO¶pFRQRPLHHWGHVILQDQFHVHVWFKDUJpGH
SURSRVHU HQ FRRUGLQDWLRQ DYHF OHV PLQLVWqUHV FRQFHUQpV OHV
9X OH GDKLU Qƒ  GX  FKDRXDO    RFWREUH
VWUDWpJLHV HW SROLWLTXHV pFRQRPLTXHV HW ILQDQFLqUHV GX
 SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW JRXYHUQHPHQW WHQGDQW j O¶DPpOLRUDWLRQ GH O¶HQYLURQQHPHQW
9X OH GpFUHW Qƒ  GX  FKDRXDO    IpYULHU FRPSpWLWLIGHO¶pFRQRPLHPDURFDLQHjO¶DFFpOpUDWLRQGXU\WKPHGH
 IL[DQWOHVDWWULEXWLRQVHWO¶RUJDQLVDWLRQGXPLQLVWqUHFKDUJp GpYHORSSHPHQW pFRQRPLTXH HW j OD VWDELOLWp PDFURpFRQRPLTXH HW
GHVUHODWLRQVDYHFOH3DUOHPHQW G¶HQDVVXUHUOHVXLYL
 %8//(7,12)),&,(/ 1ıNDDGD 

$57±/H PLQLVWUH GH O¶pFRQRPLH HW GHV ILQDQFHV HVW ±O¶$JHQFHQDWLRQDOHGHVSRUWV


FKDUJp GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX ±OD&DLVVHGHILQDQFHPHQWGHVURXWHV
%XOOHWLQRIILFLHO
$57±0 .DULP *+(//$% PLQLVWUH GH O¶pTXLSHPHQW
)DLWj5DEDWOH NDDGD QRYHPEUH  HW GHV WUDQVSRUWV HVW RUGRQQDWHXU GHV FRPSWHV G¶DIIHFWDWLRQ
$%%$6(/)$66, VSpFLDOHVXLYDQWV
3RXUFRQWUHVHLQJ ±OH)RQGVVSpFLDOURXWLHU FRGHQƒ 
/HPLQLVWUHGHO¶pFRQRPLH ±OH )RQGV GH GpOLPLWDWLRQ GX GRPDLQH SXEOLF PDULWLPH HW
HWGHVILQDQFHV SRUWXDLUH FRGHQƒ 
6$/$+('',1(0(=28$5 $57±/H PLQLVWUH GH O¶pTXLSHPHQW HW GHV WUDQVSRUWV D
BBBBBBBB DXWRULWp VXU O¶HQVHPEOH GHV VWUXFWXUHV FUppHV WDQW j O¶pFKHORQ
FHQWUDO TX¶H[WpULHXU SDU OH GpFUHW SUpFLWp Qƒ  GX
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX MRXPDGD,, DYULO VXUODGLUHFWLRQGHODPDULQH
©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH  PDUFKDQGH SUpYXH DX[ DUWLFOHV  HW  GX GpFUHW SUpFLWp
QƒGXFKDDEDQH MDQYLHU DLQVLTXHVXU
'pFUHW Qƒ GX  NDDGD    QRYHPEUH  OHVVWUXFWXUHVSUpYXHVSDUOHGpFUHWQƒGXMRXPDGD,,
UHODWLIDX[DWWULEXWLRQVGXPLQLVWUHGHO¶pTXLSHPHQWHW QRYHPEUH VXVPHQWLRQQpjO¶H[FHSWLRQGHFHOOHV
GHVWUDQVSRUWV ±GHODGLUHFWLRQGHODPpWpRURORJLHQDWLRQDOH
BBBBBBBB
±GHODGLUHFWLRQJpQpUDOHGHO¶K\GUDXOLTXH
/(35(0,(50,1,675(
±GH OD GLUHFWLRQ GH OD UHFKHUFKH HW GH OD SODQLILFDWLRQ
9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH GHO¶HDX
9XOHGDKLUQƒGXFKDRXDO RFWREUH ±GHODGLUHFWLRQGHVDPpQDJHPHQWVK\GUDXOLTXHV
SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW
±GHVGLUHFWLRQVGHVUpJLRQVK\GUDXOLTXHV
9X OH GpFUHW Qƒ  GX  MRXPDGD ,,    DYULO
 IL[DQW OHV DWWULEXWLRQV HW O¶RUJDQLVDWLRQ GX PLQLVWqUH GHV ±GHVDPpQDJHPHQWVGHEDUUDJHV
WUDQVSRUWVWHOTX¶LODpWpPRGLILpHWFRPSOpWp $57±/H PLQLVWUH GH O¶pTXLSHPHQW HW GHV WUDQVSRUWV HVW
9X OH GpFUHW Qƒ  GX  MRXPDGD ,,  FKDUJp GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX
QRYHPEUH  IL[DQW OHV DWWULEXWLRQV HW O¶RUJDQLVDWLRQ GX %XOOHWLQRIILFLHO
PLQLVWqUHGHVWUDYDX[SXEOLFVGHODIRUPDWLRQSURIHVVLRQQHOOHHW )DLWj5DEDWOH NDDGD QRYHPEUH 
GHODIRUPDWLRQGHVFDGUHV
$%%$6(/)$66,
9XOHGpFUHWQƒGXFKDkEDQH MDQYLHU
 IL[DQW OHV DWWULEXWLRQV HW O¶RUJDQLVDWLRQ GX PLQLVWqUH GHV 3RXUFRQWUHVHLQJ
SrFKHVPDULWLPHVHWGHODPDULQHPDUFKDQGH /HPLQLVWUHGHO¶pTXLSHPHQW
9XOHGpFUHWQƒGXMRXPDGD, VHSWHPEUH HWGHVWUDQVSRUWV
 UHODWLI DX[ DWWULEXWLRQV GX PLQLVWUH GX WUDQVSRUW GH OD .$5,0*+(//$%
PDULQHPDUFKDQGHGXWRXULVPHGHO¶pQHUJLHHWGHVPLQHV BBBBBBBB
'e&5Ê7(
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
$57,&/(35(0,(5±/HVDWWULEXWLRQVGpYROXHVSDUOHVWH[WHV ©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH 
HQ YLJXHXU QRWDPPHQW SDU OH GpFUHW VXVYLVp Qƒ  GX
MRXPDGD,, QRYHPEUH VXVYLVpDXPLQLVWUHGHV
WUDYDX[ SXEOLFV GH OD IRUPDWLRQ SURIHVVLRQQHOOH HW GH OD
IRUPDWLRQ GHV FDGUHV VRQW H[HUFpHV SDU 0 .DULP *+(//$%
PLQLVWUHGHO¶pTXLSHPHQWHWGHVWUDQVSRUWVjO¶H[FHSWLRQGHFHOOHV 'pFUHW Qƒ  GX  NDDGD    QRYHPEUH 
VH UDSSRUWDQW j O¶K\GUDXOLTXH j O¶DSSURYLVLRQQHPHQW HQ HDX UHODWLI DX[ DWWULEXWLRQV GX PLQLVWUH GH O¶KDELWDW GH
SRWDEOHHWjODPpWpRURORJLH O¶XUEDQLVPHHWGHO¶DPpQDJHPHQWGHO¶HVSDFH
BBBBBBBB
$57±0 .DULP *+(//$% PLQLVWUH GH O¶pTXLSHPHQW
/(35(0,(50,1,675(
HW GHV WUDQVSRUWV H[HUFH pJDOHPHQW OHV DWWULEXWLRQV GpYROXHV DX
PLQLVWUHGHVWUDQVSRUWVSDUOHGpFUHWQƒGXMRXPDGD,, 9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW
  DYULO VXVYLVp HW FHOOHV GpYROXHV j O¶DXWRULWp 9XOHGDKLUQƒGXFKDRXDO RFWREUH
JRXYHUQHPHQWDOHFKDUJpHGHODPDULQHPDUFKDQGHSDUO¶DUWLFOH SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW
GXGpFUHWQƒGXMRXPDGD, VHSWHPEUH
VXVYLVp 9X OH GDKLU SRUWDQW ORL Qƒ GX  UDELL , 
GpFHPEUH LQVWLWXDQWOHV$JHQFHVXUEDLQHV
$57±0 .DULP *+(//$% PLQLVWUH GH O¶pTXLSHPHQW
HW GHV WUDQVSRUWV DVVXUH OD WXWHOOH GHV pWDEOLVVHPHQWV SXEOLFV 9XODORLQƒLQVWLWXDQWO¶DJHQFHSRXUODSURPRWLRQHWOH
VXLYDQWV GpYHORSSHPHQWpFRQRPLTXHHWVRFLDOGHVSUpIHFWXUHVHWSURYLQFHV
GX QRUG GX 5R\DXPH SURPXOJXpH SDU OH GDKLU Qƒ  GX
±O¶2IILFHQDWLRQDOGHVFKHPLQVGHIHU UDELL ,   DR€W  WHOOH TX¶HOOH D pWp PRGLILpH HW
±O¶2IILFHQDWLRQDOGHVDpURSRUWV FRPSOpWpH
1ıNDDGD  %8//(7,12)),&,(/ 

9X OH GpFUHWORL Qƒ  GX  UHMHE  ±O¶$JHQFH SRXU OD SURPRWLRQ HW OH GpYHORSSHPHQW
VHSWHPEUH UDWLILp SDU OD ORL Qƒ  LQVWLWXDQW pFRQRPLTXHHWVRFLDOGHVSUpIHFWXUHVHWSURYLQFHVGXQRUG
O¶$JHQFHSRXUODSURPRWLRQHWOHGpYHORSSHPHQWpFRQRPLTXHHW GX5R\DXPH
VRFLDO GHV SURYLQFHV GX VXG GX 5R\DXPH SURPXOJXpH SDU OH
±O¶$JHQFH SRXU OD SURPRWLRQ HW OH GpYHORSSHPHQW
GDKLUQƒGXPRKDUUHP PDUV 
pFRQRPLTXHHWVRFLDOGHVSURYLQFHVGXVXGGX5R\DXPH
9XODORLQƒLQVWLWXDQWO¶$JHQFHSRXUODSURPRWLRQHW
±HW O¶$JHQFH SRXU OD SURPRWLRQ HW OH GpYHORSSHPHQW
OH GpYHORSSHPHQW pFRQRPLTXH HW VRFLDO GHV SUpIHFWXUHV HW
SURYLQFHV GH O¶2ULHQWDO GX 5R\RXPH SURPXOJXpH SDU OH GDKLU pFRQRPLTXH HW VRFLDO GHV SUpIHFWXUHV HW SURYLQFHV GH
QƒGXPRKDUUHP IpYULHU  O¶RULHQWDOGX5R\DXPH
9X OH GpFUHW Qƒ  GX  FKDDEDQH  $57±0$KPHG7DRXILT+(-,5$PLQLVWUHGHO¶KDELWDW
MDQYLHU IL[DQW OHV DWWULEXWLRQV HW O¶RUJDQLVDWLRQ GX GHO¶XUEDQLVPHHWGHO¶DPpQDJHPHQWGHO¶HVSDFHDDXWRULWpVXU
PLQLVWqUHGHO¶KDELWDW ±O¶HQVHPEOH GHV VWUXFWXUHV GX PLQLVWqUH GH O¶KDELWDW
9X OH GpFUHW Qƒ  GX  FKDDEDQH  LQVWLWXpHVSDUOHGpFUHWQƒGXFKDDEDQH
GpFHPEUH QRWDPPHQWVHVDUWLFOHVHW MDQYLHU 
9XOHGpFUHWQƒGXUDELL,, VHSWHPEUH ±O¶HQVHPEOH GHV VWUXFWXUHV GH OD GLUHFWLRQ JpQpUDOH GH
SULV SRXU O¶DSSOLFDWLRQ GX GDKLU SRUWDQW ORL Qƒ  GX O¶XUEDQLVPH GH O¶DUFKLWHFWXUH HW GH O¶DPpQDJHPHQW GX
UDELL,    GpFHPEUH  LQVWLWXDQW OHV $JHQFHV WHUULWRLUH LQVWLWXpHV HQ YHUWX GHV DUWLFOHV  HW  GX GpFUHW
XUEDLQHV VXVYLVpQƒGXFKDkEDQH GpFHPEUH 
9XOHGpFUHWQƒGXUHMHE MDQYLHU ±O¶(FROH QDWLRQDOH G¶DUFKLWHFWXUH VRXPLVH DX[ GLVSRVLWLRQV
SULV SRXU O¶DSSOLFDWLRQ GH OD ORL Qƒ LQVWLWXDQW O¶$JHQFH GX GpFUHW Qƒ  GX  KLMD    DR€W 
XUEDLQH HW GH VDXYHJDUGH GH )qV WHO TX¶LO D pWp PRGLILp SDU OH DQQH[pH j OD GLUHFWLRQ JpQpUDOH GH O¶XUEDQLVPH GH
GpFUHWQƒGXMRXPDGD,, HURFWREUH  O¶DUFKLWHFWXUH HW GH O¶DPpQDJHPHQW GX WHUULWRLUH HQ YHUWX
9XOHGpFUHWQƒGXUHMHE MDQYLHU GHO¶DUWLFOHGXGpFUHWSUpFLWpQƒ
SULV SRXU O¶DSSOLFDWLRQ GH OD ORL Qƒ  LQVWLWXDQW O¶$JHQFH ±OHV LQVSHFWLRQV UpJLRQDOHV GH O¶XUEDQLVPH GH
XUEDLQHG¶$JDGLUWHOTX¶LODpWpPRGLILpSDUOHGpFUHWQƒ O¶DUFKLWHFWXUH GH O¶DPpQDJHPHQW GX WHUULWRLUH SUpYXHV SDU
GXMRXPDGD,, HURFWREUH  O¶DUUrWp GX PLQLVWUH GH O¶LQWpULHXU Qƒ  GX
9XOHGpFUHWQƒGXUHMHE GpFHPEUH FKDDEDQH IpYULHU 
SULVSRXUO¶DSSOLFDWLRQGHODORLQƒLQVWLWXDQWO¶$JHQFHSRXU ±O¶,QVWLWXW QDWLRQDO G¶DPpQDJHPHQW HW G¶XUEDQLVPH VRXPLV
OD SURPRWLRQ HW OH GpYHORSSHPHQW pFRQRPLTXH HW VRFLDO GHV DX[GLVSRVLWLRQVGXGpFUHWQƒGXUDPDGDQ
SUpIHFWXUHV HW SURYLQFHV GX QRUG GX 5R\DXPH WHO TX¶LO D pWp PDUV 
PRGLILp SDU OH GpFUHW Qƒ  GX  PRKDUUHP 
IpYULHU  ±OHVLQVWLWXWVGHIRUPDWLRQGHVWHFKQLFLHQVVSpFLDOLVpVHWGHV
WHFKQLFLHQVHQXUEDQLVPHHWKDELWDW
9XOHGpFUHWQƒGXPRKDUUHP PDUV
SULVSRXUO¶DSSOLFDWLRQGXGpFUHWORLQƒGXUHMHE $57±'pOpJDWLRQ HVW GRQQpH j 0 $KPHG 7DRXILT
VHSWHPEUH LQVWLWXDQWO¶$JHQFHSRXUODSURPRWLRQHWOH +(-,5$ PLQLVWUH GH O¶KDELWDW GH O¶XUEDQLVPH HW GH
GpYHORSSHPHQW pFRQRPLTXH HW VRFLDO GHV SURYLQFHV GX VXG GX O¶DPpQDJHPHQWGHO¶HVSDFHjO¶HIIHWG¶H[HUFHUODWXWHOOHGHO¶(WDW
5R\DXPH VXU
9XOHGpFUHWQƒGXUDELL, DYULO ±OHVDJHQFHVXUEDLQHVFRQIRUPpPHQWjO¶DUWLFOHSUHPLHUGH
SULVSRXUO¶DSSOLFDWLRQGHODORLQƒLQVWLWXDQWO¶$JHQFHSRXU FKDFXQGHVGpFUHWVVXVYLVpV
OD SURPRWLRQ HW OH GpYHORSSHPHQW pFRQRPLTXH HW VRFLDO GHV ‡QƒGXUDELL,, VHSWHPEUH 
SUpIHFWXUHVHWSURYLQFHVGHO¶2ULHQWDOGX5R\DXPH
‡QƒGXUHMHE MDQYLHU 
'e&5Ê7(
‡HWQƒGXUHMHE MDQYLHU 
$57,&/( 35(0,(5±/HV DWWULEXWLRQV GpYROXHV SDU OHV WH[WHV
HQ YLJXHXU j O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GH O¶KDELWDW HW GH ±O¶$JHQFH SRXU OD SURPRWLRQ HW OH GpYHORSSHPHQW
O¶XUEDQLVPH HW j O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GH pFRQRPLTXH HW VRFLDO GHV SUpIHFWXUHV HW SURYLQFHV GX QRUG
O¶DPpQDJHPHQW GX WHUULWRLUH VRQW GpVRUPDLV H[HUFpHV SDU GX 5R\DXPH O¶$JHQFH SRXU OD SURPRWLRQ HW OH
0$KPHG 7DRXILT +(-,5$ PLQLVWUH GH O¶KDELWDW GH O¶XUEDQLVPH GpYHORSSHPHQWpFRQRPLTXHHWVRFLDOGHVSURYLQFHVGXVXG
HWGHO¶DPpQDJHPHQWGHO¶HVSDFH GX 5R\DXPH HW O¶$JHQFH SRXU OD  SURPRWLRQ HW OH
2XWUH OHV DWWULEXWLRQV SUpFLWpHV OH PLQLVWUH GH O¶KDELWDW GH GpYHORSSHPHQW pFRQRPLTXH HW VRFLDO GHV SUpIHFWXUHV HW
O¶XUEDQLVPH HW GH O¶DPpQDJHPHQW GH O¶HVSDFH SURSRVH DX SURYLQFHV GH O¶2ULHQWDO GX 5R\DXPH LQVWLWXpHV
JRXYHUQHPHQW OD SROLWLTXH JRXYHUQHPHQWDOH HQ PDWLqUH GH UHVSHFWLYHPHQWSDUODORLQƒSURPXOJXpHSDUOHGDKLU
GpYHORSSHPHQWUXUDOHWHQDVVXUHO¶H[pFXWLRQ QƒGXUDELL, DR€W WHOOHTX¶HOOH
D pWp PRGLILpH HW FRPSOpWpH OH GpFUHWORL Qƒ GX
$57±3DU PRGLILFDWLRQ DX[ GLVSRVLWLRQV GH O¶DUWLFOH
UHMHE VHSWHPEUH UDWLILpSDUODORLQƒ
SUHPLHUGHFKDFXQGHVGpFUHWVVXVYLVpVQƒGXUHMHE
SURPXOJXpHSDUOHGDKLUQƒGXPRKDUUHP
  GpFHPEUH   Qƒ  GX  PRKDUUHP 
PDUV HWQƒGXUDELL, DYULO   PDUV  HW OD ORL Qƒ SURPXOJXpH SDU OH GDKLU
OH PLQLVWUH GH O¶KDELWDW GH O¶XUEDQLVPH HW GH O¶DPpQDJHPHQW GH QƒGXPRKDUUHP IpYULHU 
O¶HVSDFHSUpVLGHOHFRQVHLOG¶DGPLQLVWUDWLRQGH ±HWOHKROGLQJG¶DPpQDJHPHQW$O2PUDQH
 %8//(7,12)),&,(/ 1ıNDDGD 

$57±0 $KPHG 7DRXILT +(-,5$ PLQLVWUH GH HQWUHSULVHVGHODGLUHFWLRQGHVpWXGHVGHODFRRSpUDWLRQHWGHOD


O¶KDELWDWGHO¶XUEDQLVPHHWGHO¶DPpQDJHPHQWGHO¶HVSDFHDVVXUH OpJLVODWLRQ HW GH OD GLYLVLRQ GHV UHVVRXUFHV HW GHV V\VWqPHV
OHVHFUpWDULDW G¶LQIRUPDWLRQ
±GXFRQVHLOVXSpULHXUGHO¶DPpQDJHPHQWGXWHUULWRLUHLQVWLWXp $57±/H PLQLVWUH GX WRXULVPH HW GH O¶DUWLVDQDW HVW
HQ YHUWX GX GpFUHW Qƒ  GX  UDPDGDQ  FKDUJp GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX
GpFHPEUH  %XOOHWLQRIILFLHO
±GXFRQVHLOQDWLRQDOGHO¶KDELWDWLQVWLWXpHQYHUWXGXGpFUHW )DLWj5DEDWOHNDDGD QRYHPEUH 
QƒGXUDELL, MXLQ  $%%$6(/)$66,
±GX FRQVHLO HW GX FRPLWp LQWHUPLQLVWpULHOV SHUPDQHQWV 3RXUFRQWUHVHLQJ
FKDUJpV GX GpYHORSSHPHQW UXUDO LQVWLWXpV HQ YHUWX GX /HPLQLVWUHGXWRXULVPH
GpFUHWQƒGXUDPDGDQ MDQYLHU 
HWGHO¶DUWLVDQDW
$57±/H PLQLVWUH GH O¶KDELWDW GH O¶XUEDQLVPH HW GH 02+$00('%286$,'
O¶DPpQDJHPHQWGHO¶HVSDFHHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQW
GpFUHWTXLVHUDSXEOLpDX%XOOHWLQRIILFLHO
)DLWj5DEDWOH NDDGD QRYHPEUH 
'pFUHW Qƒ  GX   NDDGD   QRYHPEUH 
$%%$6(/)$66, UHODWLI DX[ DWWULEXWLRQV GH OD PLQLVWUH GH O
pQHUJLH GHV
3RXUFRQWUHVHLQJ PLQHVGHO
HDXHWGHO
HQYLURQQHPHQW
/DPLQLVWUHGHO¶KDELWDWGHO¶XUEDQLVPH BBBBBBBB
HWGHO¶DPpQDJHPHQWGHO¶HVSDFH /(35(0,(50,1,675(
$+0('7$28),4+(-,5$ 9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH
BBBBBBBB 9XOHGDKLUQƒGXFKDRXDO RFWREUH
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW
©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH  9XOHGpFUHWQƒGXKLMD HU IpYULHU
IL[DQWOHVDWWULEXWLRQVHWO
RUJDQLVDWLRQGXPLQLVWqUHGHO
pQHUJLHHW
'pFUHW Qƒ  GX  NDDGD    QRYHPEUH  GHVPLQHV
UHODWLI  DX[ DWWULEXWLRQV GX PLQLVWUH GX WRXULVPH HW GH 9X OH GpFUHW Qƒ GX  MRXPDGD ,, 
O¶DUWLVDQDW QRYHPEUH  IL[DQW OHV DWWULEXWLRQV HW O
RUJDQLVDWLRQ GX
BBBBBBBB
PLQLVWqUHGHVWUDYDX[SXEOLFVGHODIRUPDWLRQSURIHVVLRQQHOOHHW
/(35(0,(50,1,675( GHODIRUPDWLRQGHVFDGUHV
9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH 9XOHGpFUHWQƒGXMRXPDGD, MDQYLHU
9XOHGDKLUQƒGXFKDRXDO RFWREUH SULV SRXU O¶DSSOLFDWLRQ GH OD ORL Qƒ  UHODWLYH DX &HQWUH
SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW QDWLRQDOGHO¶pQHUJLHGHVVFLHQFHVHWGHVWHFKQLTXHVQXFOpDLUHV
9X OH GpFUHW Qƒ  GX  NDkGD    MXLQ  9XOHGpFUHWQƒGXFKDRXDO MDQYLHU
UHODWLI j O¶RUJDQLVDWLRQ HW DWWULEXWLRQ GX GpSDUWHPHQW PLQLVWpULHO UHODWLIjO
RUJDQLVDWLRQHWDX[DWWULEXWLRQVGXVHFUpWDULDWG
(WDWDXSUqV
FKDUJpGXWRXULVPH GX PLQLVWUH GH O
DPpQDJHPHQW GX WHUULWRLUH GH O
HQYLURQQHPHQW GH
9XOHGpFUHWQƒGXUHMHE VHSWHPEUH O
XUEDQLVPHHWGHO
KDELWDWFKDUJpGHO
HQYLURQQHPHQW
IL[DQW OHV DWWULEXWLRQV HW O¶RUJDQLVDWLRQ GX PLQLVWqUH GH O¶pFRQRPLH 'e&5Ê7(
VRFLDOHGHVSHWLWHVHWPR\HQQHVHQWUHSULVHVHWGHO¶DUWLVDQDW $57,&/(35(0,(5±/HVDWWULEXWLRQVGpYROXHVSDUOHVWH[WHV
'e&5Ê7( HQYLJXHXUDXPLQLVWUHGHO¶pQHUJLHHWGHVPLQHVDXPLQLVWUHGHV
$57,&/( 35(0,(5±/HV DWWULEXWLRQV GpYROXHV SDU OHV WH[WHV WUDYDX[ SXEOLFV HQ PDWLqUH GH O¶K\GUDXOLTXH GH
HQ YLJXHXU QRWDPPHQW SDU OHV GpFUHWV VXVYLVpV Qƒ  GX O¶DSSURYLVLRQQHPHQW HQ HDX SRWDEOH HW GH OD PpWpRURORJLH HW DX
NDDGD    MXLQ  HW Qƒ  GX  UHMHE  VHFUpWDLUH G¶(WDW j O¶HQYLURQQHPHQW UHVSHFWLYHPHQW SDU
VHSWHPEUH UHVSHFWLYHPHQWjO¶DXWRULWpJRXYHUQHPHQWDOH OHVGpFUHWV VXVYLVpV Qƒ  GX  KLMD   HU IpYULHU
FKDUJpH GX WRXULVPH HW j O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GH  QƒGXMRXPDGD,, QRYHPEUH
O¶DUWLVDQDW j O¶H[FHSWLRQ GH FHOOHV VH UDSSRUWDQW j O¶pFRQRPLH HW Qƒ GX  FKDRXDO    MDQYLHU   VRQW
VRFLDOH HW DX[ SHWLWHV HW PR\HQQHV HQWUHSULVHV VRQW GpVRUPDLV GpVRUPpVH[HUFpHVSDU0PH $PLQD%(1.+$'5$PLQLVWUHGH
H[HUFpHV SDU 00RKDPPHG %2866$,' PLQLVWUH GX WRXULVPH HW O¶pQHUJLHGHVPLQHVGHO¶HDXHWGHO¶HQYLURQQHPHQW
GHO¶DUWLVDQDW $57±/DPLQLVWUHGHO
pQHUJLHGHVPLQHVGHO
HDXHWGH
$57±/H PLQLVWUH GX WRXULVPH HW GH O¶DUWLVDQDW D O
HQYLURQQHPHQWDVVXUHOHVHFUpWDULDWGXFRQVHLOVXSpULHXUGHO
HDX
DXWRULWp VXU O¶HQVHPEOH GHV VWUXFWXUHV LQVWLWXpHV SDU OH GpFUHW HWGXFOLPDWFUppSDUODORLQƒVXUO
HDXSURPXOJXpHSDUOH
VXVYLVp Qƒ GX  NDDGD    MXLQ   WDQW j GDKLUQƒGXUDELL, DR€W 
O¶pFKHORQ FHQWUDO TX¶H[WpULHXU HW VXU OHV VWUXFWXUHV FUppHV WDQW $57±3DUPRGLILFDWLRQDX[GLVSRVLWLRQVGHVDUWLFOHV
DXQLYHDXFHQWUDOTX¶H[WpULHXUSDUOHGpFUHWVXVYLVpQƒ HW  GX GpFUHW VXVYLVp Qƒ  GX  MRXPDGD , 
GXUHMHE VHSWHPEUH jO¶H[FHSWLRQGHODGLUHFWLRQ MDQYLHU ODPLQLVWUHGHO
pQHUJLHGHVPLQHVGHO
HDXHW
GH O¶pFRQRPLH VRFLDOH GH OD GLUHFWLRQ GHV SHWLWHV HW PR\HQQHV GHO
HQYLURQQHPHQW
1ıNDDGD  %8//(7,12)),&,(/ 

±DVVXUH OD WXWHOOH GX &HQWUH QDWLRQDO GH O¶pQHUJLH GHV 9X OH GDKLU Qƒ  GX  VDIDU    GpFHPEUH
VFLHQFHVHWGHVWHFKQLTXHVQXFOpDLUHV  IL[DQW OHV DWWULEXWLRQV GHV VHFUpWDLUHV G¶(WDW HW VRXV
±SURSRVH FRQMRLQWHPHQW DYHF O¶DXWRULWp JRXYHUQHPHQWDOH VHFUpWDLUHV G¶(WDW HW KDELOLWDQW OHV PLQLVWUHV GRQW LOV UHOqYHQW j
FKDUJpH GH O¶HQVHLJQHPHQW VXSpULHXU HW GH OD UHFKHUFKH OHXUGpOpJXHUOHXUVLJQDWXUHRXFHUWDLQHVGHOHXUVDWWULEXWLRQV
VFLHQWLILTXH OHV WURLV SHUVRQQDOLWpV GHYDQW rWUH QRPPpHV
SDU OH 3UHPLHU PLQLVWUH DX FRQVHLO G¶DGPLQLVWUDWLRQ GX 9X OH GpFUHW Qƒ  GX  NDDGD   QRYHPEUH
&HQWUH QDWLRQDO GH O¶pQHUJLH GHV VFLHQFHV HW GHV  UHODWLI DX[ DWWULEXWLRQV GH OD PLQLVWUH GH O
pQHUJLH GHV
WHFKQLTXHVQXFOpDLUHV PLQHVGHO
HDXHWGHO
HQYLURQQHPHQW
±SUpVLGHOHFRPLWpWHFKQLTXHGXGLWFHQWUH $55Ç7(
(OOHDVVXUHpJDOHPHQWODWXWHOOH $57,&/(35(0,(5±'pOpJDWLRQHVWGRQQpHj0$EGHONHELU
±GHO
2IILFHQDWLRQDOGHO
HDXSRWDEOH =$+28'VHFUpWDLUHG¶(WDWDXSUqVGXPLQLVWUHGHO¶pQHUJLHGHV
±HWGHVDJHQFHVGHEDVVLQV PLQHV GH O¶HDX HW GH O¶HQYLURQQHPHQW FKDUJp GH O¶HDX HW GH
O¶HQYLURQQHPHQWjO¶HIIHWG¶H[HUFHUOHVDWWULEXWLRQVGpYROXHVjOD
$57±/DPLQLVWUHGHO
pQHUJLHGHVPLQHVGHO
HDXHWGH
O
HQYLURQQHPHQWHVWRUGRQQDWHXUGX)RQGVSRXUO
DPpOLRUDWLRQGH PLQLVWUHGHO¶pQHUJLHGHVPLQHVGHO¶HDXHWGHO¶HQYLURQQHPHQW
O
DSSURYLVLRQQHPHQW HQ HDX SRWDEOH GHV SRSXODWLRQV UXUDOHV HQ FH TXL FRQFHUQH O¶K\GUDXOLTXH OD PpWpRURORJLH HW
FRGH  O¶HQYLURQQHPHQW j O¶H[FOXVLRQ GX FRQWUHVHLQJ GHV DFWHV
$57±/DPLQLVWUHGHO
pQHUJLHGHVPLQHVGHO
HDXHWGH UpJOHPHQWDLUHVGX3UHPLHUPLQLVWUH
O
HQYLURQQHPHQWDDXWRULWpVXUOHVVWUXFWXUHVVXLYDQWHV $57±/H VHFUpWDLUH G¶(WDW DXSUqV GX PLQLVWUH GH
±OHV VWUXFWXUHV GX PLQLVWqUH GH O
pQHUJLH HW GHV PLQHV FUppHV O¶pQHUJLH GHV PLQHV GH O
HDX HW GH O
HQYLURQQHPHQW FKDUJp GH
SDUOHGpFUHWQƒGXKLMD HUIpYULHU  O¶HDX HW GH O¶HQYLURQQHPHQW DVVXUH OH VHFUpWDULDW GX FRQVHLO
±OHV VWUXFWXUHV GX VHFUpWDULDW G
(WDW j O
HQYLURQQHPHQW VXSpULHXUGHO¶HDXHWGXFOLPDWFUppSDUODORLQƒVXUO¶HDX
FUppHV SDU OH GpFUHW Qƒ  GX  FKDRXDO  SURPXOJXpHSDUOHGDKLUQƒGXUDELL, DR€W
MDQYLHU   
±OD GLUHFWLRQ JpQpUDOH GH O
K\GUDXOLTXH OD GLUHFWLRQ GH OD $57±/H VHFUpWDLUH G¶(WDW DXSUqV GX PLQLVWUH GH
UHFKHUFKH HW GH OD SODQLILFDWLRQ GH O
HDX OD GLUHFWLRQ GHV
O¶pQHUJLH GHV PLQHV GH O
HDX HW GH O
HQYLURQQHPHQW FKDUJp GH
DPpQDJHPHQWVK\GUDXOLTXHVHWODGLUHFWLRQGHODPpWpRURORJLH
QDWLRQDOH FUppHV SDU OH GpFUHW SUpFLWp Qƒ  GX O¶HDX HW GH O¶HQYLURQQHPHQW DVVXUH OD WXWHOOH GHV DJHQFHV GH
MRXPDGD ,,    QRYHPEUH   DLQVL TXH OHXUV EDVVLQV
VHUYLFHVH[WpULHXUV $57±/H VHFUpWDLUH G¶(WDW DXSUqV GX PLQLVWUH GH
$57±/DPLQLVWUHGHO
pQHUJLHGHVPLQHVGHO
HDXHWGH O¶pQHUJLH GHV PLQHV GH O
HDX HW GH O
HQYLURQQHPHQW FKDUJp GH
O
HQYLURQQHPHQWHVWFKDUJpHGHO
H[pFXWLRQGXSUpVHQWGpFUHWTXL O¶HDXHWGHO¶HQYLURQQHPHQWHVWRUGRQQDWHXUGHVGpSHQVHVHWGHV
VHUDSXEOLpDX%XOOHWLQRIILFLHO UHFHWWHVGXIRQGVSRXUO¶DPpOLRUDWLRQGHO¶DSSURYLVLRQQHPHQWHQ
)DLWj5DEDWOH NDDGD QRYHPEUH  HDXSRWDEOHGHVSRSXODWLRQVUXUDOHV Qƒ 
$%%$6(/)$66, $57±3RXU O¶H[HUFLFH GHV DWWULEXWLRQV TXL OXL VRQW
3RXUFRQWUHVHLQJ GpOpJXpHV OH VHFUpWDLUH G¶(WDW DXSUqV GX PLQLVWUH GH O¶pQHUJLH
/DPLQLVWUHGHO¶pQHUJLH GHVPLQHVGHO¶HDXHWGHO¶HQYLURQQHPHQWFKDUJpGHO¶HDXHWGH
GHVPLQHVGHO¶HDX O¶HQYLURQQHPHQWGLVSRVHGHVVWUXFWXUHVVXLYDQWHV
HWGHO¶HQYLURQQHPHQW
±OHV VWUXFWXUHV GX VHFUpWDULDW G¶(WDW FKDUJp GH
$0,1$%(1.+$'5$
O¶HQYLURQQHPHQW FUppHV SDU OH GpFUHW Qƒ  GX
BBBBBBBB
FKDRXDO MDQYLHU 
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH  ±OD GLUHFWLRQ JpQpUDOH GH O¶K\GUDXOLTXH OD GLUHFWLRQ GH OD
UHFKHUFKH HW GH OD SODQLILFDWLRQ GH O¶HDX OD GLUHFWLRQ GHV
DPpQDJHPHQWV K\GUDXOLTXHV HW OD GLUHFWLRQ GH OD
PpWpRURORJLH QDWLRQDOH FUppHV HQ YHUWX GH O¶DUWLFOH  GX
$UUrWp GH OD PLQLVWUH GH O¶pQHUJLH GHV PLQHV GH O¶HDX
HWGHO¶HQYLURQQHPHQW Qƒ  GX  NDDGD  GpFUHWQƒGXMRXPDGD,, QRYHPEUH
QRYHPEUH  SRUWDQW GpOpJDWLRQ G¶DWWULEXWLRQV  DLQVLTXHGHOHXUVVHUYLFHVH[WpULHXUV
DX VHFUpWDLUH G¶(WDW DXSUqV GX PLQLVWUH GH O¶pQHUJLH $57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
GHV PLQHV GH O¶HDX HW GH O¶HQYLURQQHPHQW FKDUJp GH
O¶HDXHWGHO¶HQYLURQQHPHQW 5DEDWOHNDDGD QRYHPEUH 
BBBBBBBBBB $0,1$%(1.+$'5$
/$ 0,1,675( '( /¶(1(5*,( '(6 0,1(6 '( /¶($8 (7 '( 9X
/¶(19,5211(0(17
/H3UHPLHUPLQLVWUH
9X  OH GDKLU Qƒ  GX  FKDRXDO    RFWREUH
 SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW $%%$6(/)$66,
 %8//(7,12)),&,(/ 1ıNDDGD 

'pFUHWQƒGX NDDGD QRYHPEUH $57±/D PLQLVWUH GH OD MHXQHVVH HW GHV VSRUWV HVW
UHODWLIDX[DWWULEXWLRQVGHODPLQLVWUHGHODVDQWp FKDUJpH GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX
BBBBBBBB %XOOHWLQRIILFLHO
/(35(0,(50,1,675( )DLWj5DEDWOH NDDGD QRYHPEUH 
9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH $%%$6(/)$66,
9XOHGDKLUQƒGXFKDRXDO RFWREUH 3RXUFRQWUHVHLQJ
SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW /DPLQLVWUHGHODMHXQHVVH
9X OH GpFUHW Qƒ  GX  MRXPDGD ,,              HWGHVVSRUWV
 QRYHPEUH  UHODWLI DX[ DWWULEXWLRQV HW O¶RUJDQLVDWLRQ GX 1$:$/(/0287$:$.(/
PLQLVWqUHGHODVDQWpSXEOLTXH
BBBBBBBB
'e&5Ê7(
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
$57,&/( 35(0,(5±/HV DWWULEXWLRQV GpYROXHV j O¶DXWRULWp ©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH 
JRXYHUQHPHQWDOH FKDUJpH GH OD VDQWp SXEOLTXH SDU OHV WH[WHV HQ
YLJXHXU QRWDPPHQW SDU OH GpFUHW VXVYLVp Qƒ  GX
MRXPDGD ,,    QRYHPEUH   VRQW GpVRUPDLV 'pFUHW Qƒ GX   NDDGD   QRYHPEUH 
H[HUFpHVSDU0PH<DVPLQD%$''28PLQLVWUHGHODVDQWp UHODWLIDX[ DWWULEXWLRQVGXPLQLVWUHGHO¶DJULFXOWXUHHW
$57±/DPLQLVWUHGHODVDQWpDDXWRULWpVXUO¶HQVHPEOHGHV GHODSrFKHPDULWLPH
BBBBBBBB
VWUXFWXUHVFUppHVWDQWjO¶pFKHORQFHQWUDOTX¶H[WpULHXUSDUOHGpFUHW
SUpFLWpQƒGXMRXPDGD,, QRYHPEUH  /(35(0,(50,1,675(
$57±/D PLQLVWUH GH OD VDQWp HVW FKDUJpH GH O¶H[pFXWLRQ 9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH
GXSUpVHQWGpFUHWTXLVHUDSXEOLpDX%XOOHWLQRIILFLHO 9X OH GDKLU Qƒ  GX  FKDRXDO    RFWREUH
)DLWj5DEDWOHNDDGD QRYHPEUH   SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW
$%%$6(/)$66, 9X OH GpFUHW Qƒ  GX  NDDGD    PDL 
3RXUFRQWUHVHLQJ UHODWLI DX[ DWWULEXWLRQV HW j O¶RUJDQLVDWLRQ GX PLQLVWqUH GH
/DPLQLVWUHGHODVDQWp O¶DJULFXOWXUH HW GH OD UpIRUPH DJUDLUH WHO TX¶LO D pWp PRGLILp HW
FRPSOpWp
<$60,1$%$''28
9XOHGpFUHWQƒGXFKDDEDQH MDQYLHU
 IL[DQW O¶RUJDQLVDWLRQ HW OHV DWWULEXWLRQV GX PLQLVWqUH GHV
SrFKHVPDULWLPHVHWGHODPDULQHPDUFKDQGH
'pFUHW Qƒ  GX   NDDGD   QRYHPEUH 
9XOHGpFUHWQƒGXMRXPDGD, VHSWHPEUH
UHODWLI DX[DWWULEXWLRQVGHODPLQLVWUHGHODMHXQHVVHHW
GHVVSRUWV  UHODWLI DX[ DWWULEXWLRQV GX PLQLVWUH GHV SrFKHV PDULWLPHV
BBBBBBBB GHVDIIDLUHVDGPLQLVWUDWLYHVHWGHVUHODWLRQVDYHFOHSDUOHPHQWHW
SRUWDQWGpOpJDWLRQGHSRXYRLUVQRWDPPHQWVHVDUWLFOHVHW
/(35(0,(50,1,675(
'e&5Ê7(
9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH
9XOHGDKLUQƒGXFKDRXDO RFWREUH $57,&/(35(0,(5±/HVDWWULEXWLRQVGpYROXHVSDUOHVWH[WHV
SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW HQ YLJXHXU QRWDPPHQW SDU OH GpFUHW VXVYLVp Qƒ  GX
NDDGD    PDL  HW O¶DUWLFOH  GX GpFUHW VXVYLVp
9XOHGpFUHWQƒGXUDELL, MXLQ Qƒ  GX  MRXPDGD ,    VHSWHPEUH  
UHODWLI DX[ DWWULEXWLRQV HW O¶RUJDQLVDWLRQ GX PLQLVWqUH GH OD UHVSHFWLYHPHQW DX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
MHXQHVVHHWGHVVSRUWV
DJUDLUHHWDXPLQLVWUHGHVSrFKHVPDULWLPHVVRQWGpVRUPDLV
'e&5Ê7( H[HUFpHVSDU0$]L]$.+$1128&+PLQLVWUHGHO¶DJULFXOWXUH
$57,&/( 35(0,(5±/HV DWWULEXWLRQV GpYROXHV j O¶DXWRULWp HWGHODSrFKHPDULWLPH
JRXYHUQHPHQWDOH FKDUJpH GH OD MHXQHVVH HW GHV VSRUWV SDU OHV $57±/H PLQLVWUH GH O¶DJULFXOWXUH HW GH OD SrFKH
WH[WHV HQ YLJXHXU QRWDPPHQW SDU OH GpFUHW VXVYLVp Qƒ  PDULWLPHDDXWRULWpVXUO¶HQVHPEOHGHVVWUXFWXUHVGXPLQLVWqUHGH
GX  UDELL ,    MXLQ  VRQW GpVRUPDLV H[HUFpHV SDU O¶DJULFXOWXUH HW GH OD UpIRUPH DJUDLUH LQVWLWXpHV WDQW DX QLYHDX
0PH 1DZDO(/0287$:$.(/PLQLVWUHGHODMHXQHVVHHWGHV FHQWUDOTX¶H[WpULHXUSDUOHGpFUHWVXVYLVpQƒGXNDDGD
VSRUWV    PDL   DLQVL TXH VXU OHV VWUXFWXUHV FHQWUDOHV HW
$57±/DPLQLVWUHGHODMHXQHVVHHWGHVVSRUWVDDXWRULWp H[WpULHXUHV UHOHYDQW GH VHV FRPSpWHQFHV GDQV OH GRPDLQH GHV
VXU O¶HQVHPEOH GHV VWUXFWXUHV FUppHV WDQW j O¶pFKHORQ FHQWUDO SrFKHV PDULWLPHV WHOOHV TXH IL[pHV SDU OHV GpFUHWV VXVYLVpV
TX¶H[WpULHXUSDUOHGpFUHWSUpFLWpQƒGXUDELL, Qƒ GX  FKDDEDQH    MDQYLHU 
MXLQ  HWQƒGXMRXPDGD, VHSWHPEUH 
1ıNDDGD  %8//(7,12)),&,(/ 

$57±/H PLQLVWUH GH O¶DJULFXOWXUH HW GH OD SrFKH LQVWLWXpHVSDUOHVGpFUHWVVXVYLVpVQƒGXMRXPDGD,


PDULWLPH HVW FKDUJp GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD MXLOOHW QƒGXFKDDEDQH IpYULHU 
SXEOLpDX%XOOHWLQRIILFLHO QƒGXMRXPDGD, MXLOOHW HWQƒ
)DLWj5DEDWOH NDDGD QRYHPEUH  GXFKDRXDO QRYHPEUH 
$57±/H PLQLVWUH GH O¶pGXFDWLRQ QDWLRQDOH GH
$%%$6(/)$66, O¶HQVHLJQHPHQW VXSpULHXU GH OD IRUPDWLRQ GHV FDGUHV HW GH OD
3RXUFRQWUHVHLQJ UHFKHUFKHVFLHQWLILTXHHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQWGpFUHW
/HPLQLVWUHGHO¶DJULFXOWXUH TXLVHUDSXEOLpDX%XOOHWLQRIILFLHO
HWGHODSrFKHPDULWLPH )DLWj5DEDWOH NDDGD QRYHPEUH 
$=,=$.+$1128&+
$%%$6(/)$66,
BBBBBBBB
3RXUFRQWUHVHLQJ
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH  /HPLQLVWUHGHO¶pGXFDWLRQQDWLRQDOH
GHO¶HQVHLJQHPHQWVXSpULHXU
GHODIRUPDWLRQGHVFDGUHV
'pFUHW Qƒ GX   NDDGD   QRYHPEUH  HWGHODUHFKHUFKHVFLHQWLILTXH
UHODWLI DX[ DWWULEXWLRQV GX  PLQLVWUH GH O¶pGXFDWLRQ $+0('$.+&+,&+,1(
QDWLRQDOHGHO¶HQVHLJQHPHQWVXSpULHXUGHODIRUPDWLRQ
GHVFDGUHVHWGHODUHFKHUFKHVFLHQWLILTXH BBBBBBBB
BBBBBBBB /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
/(35(0,(50,1,675( ©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH 
9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH
9X OH GDKLU Qƒ  GX  FKDRXDO    RFWREUH 'pFUHW Qƒ  GX  NDDGD    QRYHPEUH 
 SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW UHODWLI DX[ DWWULEXWLRQV GX PLQLVWUH  GH OD FRPPXQLFDWLRQ 
SRUWHSDUROHGXJRXYHUQHPHQW
9X OH GpFUHW Qƒ  GX  MRXPDGD ,    MXLOOHW BBBBBBBB
 UHODWLIDX[DWWULEXWLRQVHWjO¶RUJDQLVDWLRQGXPLQLVWqUHGH
O¶pGXFDWLRQQDWLRQDOH /(35(0,(50,1,675(
9XOHGpFUHWQƒGXFKDDEDQH IpYULHU 9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH
 IL[DQW OHV DWWULEXWLRQV HW O¶RUJDQLVDWLRQ GX PLQLVWqUH GH 9XOHGDKLUQƒGXFKDRXDO RFWREUH
O¶HQVHLJQHPHQW VXSpULHXU GH OD IRUPDWLRQ GHV FDGUHV HW GH OD SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW
UHFKHUFKHVFLHQWLILTXHWHOTX¶LODpWpPRGLILpHWFRPSOpWp 9XOHGpFUHWQƒGXUDPDGDQ DYULO
9XOHGpFUHWQƒGXMRXPDGD, MXLOOHW UHODWLI DX[ DWWULEXWLRQV HW j O¶RUJDQLVDWLRQ GX PLQLVWqUH GH
IL[DQW OHV DWWULEXWLRQV HW O¶RUJDQLVDWLRQ GX VHFUpWDULDW G¶(WDW DXSUqV O¶LQIRUPDWLRQ WHO TX¶LO D pWp PRGLILp HW FRPSOpWp SDU OH GpFUHW
GXPLQLVWqUHGHO¶HQVHLJQHPHQWVXSpULHXUGHODIRUPDWLRQGHVFDGUHV QƒGXPRKDUUHP MXLQ 
HWGHODUHFKHUFKHVFLHQWLILTXHFKDUJpGHODUHFKHUFKHVFLHQWLILTXH 'e&5Ê7(
9XOHGpFUHWQƒGXFKDRXDO QRYHPEUH $57,&/( 35(0,(5± /HV DWWULEXWLRQV GpYROXHV DX PLQLVWUH
 IL[DQW OHV DWWULEXWLRQV HW O¶RUJDQLVDWLRQ GX 6HFUpWDULDW GH O¶LQIRUPDWLRQ SDU OHV WH[WHV HQ YLJXHXU QRWDPPHQW SDU OH
G¶(WDW DXSUqV GX PLQLVWUH GH O¶pGXFDWLRQ QDWLRQDOH GH GpFUHWVXVYLVpQƒGXUDPDGDQ DYULO 
O¶HQVHLJQHPHQW VXSpULHXU GH OD IRUPDWLRQ GHV FDGUHV HW GH OD VRQW GpVRUPDLV H[HUFpHV SDU 0 0RKDPHG .KDOLG 1$&,5,
UHFKHUFKHVFLHQWLILTXHFKDUJpGHODOXWWHFRQWUHO¶DQDOSKDEpWLVPH PLQLVWUHGHODFRPPXQLFDWLRQSRUWHSDUROHGXJRXYHUQHPHQW
HWGHO¶pGXFDWLRQQRQIRUPHOOH
$57±/HPLQLVWUHGHODFRPPXQLFDWLRQSRUWHSDUROHGX
'e&5Ê7( JRXYHUQHPHQW D DXWRULWp VXU O¶HQVHPEOH GHV VWUXFWXUHV LQVWLWXpHV
$57,&/( 35(0,(5±/HV DWWULEXWLRQV GpYROXHV UHVSHFWLYHPHQW WDQWjO¶pFKHORQFHQWUDOTX¶H[WpULHXUSDU OH GpFUHW SUpFLWp Qƒ 
DX PLQLVWUH GH O¶pGXFDWLRQ QDWLRQDOH HW DX PLQLVWUH GH GXUDPDGDQ DYULO 
O¶HQVHLJQHPHQW VXSpULHXU GH OD IRUPDWLRQ GHV FDGUHV HW GH OD $57±/HPLQLVWUHGHODFRPPXQLFDWLRQSRUWHSDUROHGX
UHFKHUFKHVFLHQWLILTXHSDUOHVWH[WHVHQYLJXHXUQRWDPPHQWSDUOH JRXYHUQHPHQW HVW FKDUJp GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL
GpFUHW  Qƒ  GX  MRXPDGD ,    MXLOOHW  HW OH VHUDSXEOLpDX%XOOHWLQRIILFLHO
GpFUHWQƒGXFKDDEDQH IpYULHU HWOHV
DWWULEXWLRQV GpYROXHV j O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GH OD )DLWj5DEDWOHNDDGD QRYHPEUH 
UHFKHUFKHVFLHQWLILTXHSDUOHGpFUHWQƒGXMRXPDGD, $%%$6(/)$66,
 MXLOOHW   DLQVL TXH OHV DWWULEXWLRQV GpYROXHV j O¶DXWRULWp
JRXYHUQHPHQWDOH FKDUJpH GH OD OXWWH FRQWUH O¶DQDOSKDEpWLVPH HW GH 3RXUFRQWUHVHLQJ
O¶pGXFDWLRQQRQIRUPHOOHSDUOHGpFUHWQƒGXFKDRXDO /HPLQLVWUHGHODFRPPXQLFDWLRQ
 QRYHPEUH   VRQW GpVRUPDLV H[HUFpHV SDU 0 $KPHG SRUWHSDUROHGXJRXYHUQHPHQW
$.+&+,&+,1( PLQLVWUH GH O¶pGXFDWLRQ QDWLRQDOH GH O¶HQVHLJQHPHQW 02+$0('.+$/,'1$&,5,
VXSpULHXUGHODIRUPDWLRQGHVFDGUHVHWGHODUHFKHUFKHVFLHQWLILTXH
BBBBB
$57±/H PLQLVWUH GH O¶pGXFDWLRQ QDWLRQDOH GH
O¶HQVHLJQHPHQW VXSpULHXU GH OD IRUPDWLRQ GHV FDGUHV HW GH OD /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
UHFKHUFKH VFLHQWLILTXH D DXWRULWp VXU O¶HQVHPEOH GHV VWUXFWXUHV ©%XOOHWLQ RIILFLHOª Qƒ  GX  NDDGD    QRYHPEUH  
 %8//(7,12)),&,(/ 1ıNDDGD 

'pFUHW Qƒ GX   NDDGD   QRYHPEUH  'pFUHW Qƒ  GX   NDDGD    QRYHPEUH 
UHODWLIDX[DWWULEXWLRQVGXPLQLVWUHGHO¶HPSORLHWGHOD UHODWLI DX[ DWWULEXWLRQV GX PLQLVWUH GH O¶LQGXVWULH GX
IRUPDWLRQSURIHVVLRQQHOOH FRPPHUFHHWGHVQRXYHOOHVWHFKQRORJLHV
BBBBBBBB BBBBBBBB
/(35(0,(50,1,675( /(35(0,(50,1,675(
9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH 9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH
9X OH GDKLU Qƒ  GX  FKDRXDO    RFWREUH 9XOHGDKLUQƒGXFKDRXDO RFWREUH
 SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW
9XOHGDKLUSRUWDQWORLQƒGXMRXPDGD,, 9X OH GpFUHW Qƒ GX  MRXPDGD , 
MXLOOHW UHODWLIDXUpJLPHGHVpFXULWpVRFLDOHWHOTX¶LOD
MDQYLHU IL[DQW OHV DWWULEXWLRQV HW O¶RUJDQLVDWLRQ GX
pWpPRGLILpHWFRPSOpWp
PLQLVWqUHGXFRPPHUFHHWGHO¶LQGXVWULH
9X OH GDKLU Qƒ  GX  MRXPDGD ,, 
QRYHPEUH SRUWDQWVWDWXWGHODPXWXDOLWp 9XOHGpFUHWQƒGXUDELL, RFWREUH
IL[DQWOHVDWWULEXWLRQVHWO¶RUJDQLVDWLRQGXPLQLVWqUHGHVSRVWHVHWGHV
9X OH GDKLU SRUWDQW ORL Qƒ  GX  UDELL ,,  WpOpFRPPXQLFDWLRQV
PDL  SRUWDQW FUpDWLRQ GH O¶2IILFH GH OD IRUPDWLRQ
SURIHVVLRQQHOOHHWGHODSURPRWLRQGHO¶HPSORL 9XOHGpFUHWQƒGXUHMHE VHSWHPEUH
IL[DQW OHV DWWULEXWLRQV HW O¶RUJDQLVDWLRQ GX PLQLVWqUH GH O¶pFRQRPLH
9XOHGpFUHWQƒGXUHMHE QRYHPEUH
VRFLDOH GHV SHWLWHV HW PR\HQQHV HQWUHSULVHV HW GH O¶DUWLVDQDW
 IL[DQW OHV DWWULEXWLRQV HW O¶RUJDQLVDWLRQ GX PLQLVWqUH GH
QRWDPPHQWOHVDWWULEXWLRQVVWLSXOpHVSDUVRQDUWLFOH
O¶HPSORLHWGHVDIIDLUHVVRFLDOHV
'e&5Ê7(
9XOHGpFUHWQƒGXKLMD HUIpYULHU
IL[DQW OHV DWWULEXWLRQV HW O¶RUJDQLVDWLRQ GX VHFUpWDULDW G¶(WDW $57,&/(35(0,(5±/HV DWWULEXWLRQV UHODWLYHV j O¶LQGXVWULH
FKDUJpGHODIRUPDWLRQSURIHVVLRQQHOOH DX FRPPHUFH DX[ SHWLWHV HW PR\HQQHV HQWUHSULVHV GpYROXHV
9XOHGpFUHWQƒGXHUUDELL,, MXLOOHW SDUOHVWH[WHV HQ YLJXHXU QRWDPPHQW SDU OHV GpFUHWV VXVYLVpV
SULV SRXU O¶DSSOLFDWLRQ GH OD ORL Qƒ  SRUWDQW FUpDWLRQ GH QƒGXMRXPDGD, MDQYLHU HWQƒ
O¶$JHQFH QDWLRQDOH GH SURPRWLRQ GH O¶HPSORL HW GHV GXUHMHE VHSWHPEUH HQSDUWLFXOLHUVRQDUWLFOH
FRPSpWHQFHV UHVSHFWLYHPHQW DX PLQLVWUH GH O¶LQGXVWULH HW GX FRPPHUFH HW j
'e&5Ê7( O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GHV SHWLWHV HW PR\HQQHV
HQWUHSULVHVVRQWGpVRUPDLVH[HUFpHVSDU0$KPHG5pGD&+$0,
$57,&/( 35(0,(5± 0-DPDO 5+0$1, PLQLVWUH GH PLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHWGHVQRXYHOOHVWHFKQRORJLHV
O¶HPSORLHWGHODIRUPDWLRQSURIHVVLRQQHOOHH[HUFHGpVRUPDLVOHV
DWWULEXWLRQV GpYROXHV DX PLQLVWUH GH O¶HPSORL HW GHV DIIDLUHV $57±/H PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
VRFLDOHVHWjO¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGHODIRUPDWLRQ QRXYHOOHV WHFKQRORJLHV H[HUFH pJDOHPHQW OHV DWWULEXWLRQV
SURIHVVLRQQHOOHSDUOHVWH[WHVHQYLJXHXUQRWDPPHQWOHVGpFUHWV GpYROXHV j O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GHV SRVWHV GHV
VXVYLVpV WpOpFRPPXQLFDWLRQV HW GHV QRXYHOOHV WHFKQRORJLHV SDU OH GpFUHW
±Qƒ  GX  UHMHE    QRYHPEUH   j VXVYLVp Qƒ  GX  UDELL ,    RFWREUH  HW
O¶H[FHSWLRQ GHV DWWULEXWLRQV UHODWLYHV j O¶DFWLRQ VRFLDOH QRWDPPHQW
SUpYXHVSDUO¶DUWLFOHSUHPLHU DOLQpDV SRLQW HW  ±pODERUH HW PHW HQ °XYUH HQ FRRUGLQDWLRQ DYHF OHV
±HWQƒGXKLMD HUIpYULHU  PLQLVWqUHVFRQFHUQpVODSROLWLTXHHWODVWUDWpJLHQDWLRQDOHV
UHODWLYHV j OD SRVWH DX[ WpOpFRPPXQLFDWLRQV HW DX[
$57±/H PLQLVWUH GH O¶HPSORL HW GH OD IRUPDWLRQ
WHFKQRORJLHVGHO¶LQIRUPDWLRQ
SURIHVVLRQQHOOH D DXWRULWp VXU O¶HQVHPEOH GHV VWUXFWXUHV FUppHV
WDQWjO¶pFKHORQFHQWUDOTX¶H[WpULHXUSDUOHVGpFUHWVSUpFLWpV ±VXLW HW pYDOXH UpJXOLqUHPHQW OD PLVH HQ °XYUH GH FHWWH
±QƒGXUHMHE QRYHPEUH  VWUDWpJLH
±HWQƒGXKLMD HUIpYULHU  ±FRQWULEXH j OD PRELOLVDWLRQ GHV H[SHUWLVHV HW GHV PR\HQV
ILQDQFLHUV \ FRPSULV GDQV OH FDGUH GH OD FRRSpUDWLRQ
$57±/H PLQLVWUH GH O¶HPSORL HW GH OD IRUPDWLRQ LQWHUQDWLRQDOHSRXUODPLVHHQ°XYUHGHODGLWHVWUDWpJLH
SURIHVVLRQQHOOH HVW FKDUJp GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL
VHUDSXEOLpDX%XOOHWLQRIILFLHO ±YHLOOHDXUHVSHFWSDUOHVDXWRULWpVFRPSpWHQWHVFRQFHUQpHV
SDU OH FDGUH MXULGLTXH JpQpUDO GDQV OHTXHO V¶H[HUFHQW OHV
)DLWj5DEDWOH NDDGD QRYHPEUH 
DFWLYLWpV UHOHYDQW GH OD SRVWH GHV WpOpFRPPXQLFDWLRQV HW
$%%$6(/)$66, GHV WHFKQRORJLHV GH O¶LQIRUPDWLRQ GH OD FRQIRUPLWp GH
3RXUFRQWUHVHLQJ OHXUV SURSRVLWLRQV RX GpFLVLRQV DYHF OD SROLWLTXH RX OD
VWUDWpJLH QDWLRQDOH DUUrWpH SDU OH JRXYHUQHPHQW HQ OD
/HPLQLVWUHGHO¶HPSORL
HWGHODIRUPDWLRQSURIHVVLRQQHOOH PDWLqUH

-$0$/5+0$1, ±SUpVHQWHDXJRXYHUQHPHQWOHFDVOHpFKpDQWOHVSURMHWVGH
WH[WHV UHODWLIV DX[ DFWLYLWpV UHOHYDQW GH OD SRVWH GHV
BBBBBBBB WpOpFRPPXQLFDWLRQV HW GHV WHFKQRORJLHV GH O¶LQIRUPDWLRQ
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX VXUSURSRVLWLRQGHVDXWRULWpVFRPSpWHQWHVYLVpHVFLGHVVXV
©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH  RXDSUqVDYRLUUHFXHLOOLOHXUDYLV
1ıNDDGD  %8//(7,12)),&,(/ 

±°XYUHjODSURPRWLRQGHVWHFKQRORJLHVGHO¶LQIRUPDWLRQHW $57±/HPLQLVWUHGXFRPPHUFHH[WpULHXUHVWFKDUJpGH
GHODFRPPXQLFDWLRQGDQVOHFDGUHGXSDUWHQDULDWSXEOLF O¶H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLpDX%XOOHWLQRIILFLHO
SULYp HW pYDOXH OHXU LPSDFW VXU OH GpYHORSSHPHQW )DLWj5DEDWOH NDDGD QRYHPEUH 
pFRQRPLTXHHWVRFLDO
±YHLOOHHQFRQFHUWDWLRQDYHFOHVGpSDUWHPHQWVFRQFHUQpVj $%%$6(/)$66,
O¶RSWLPLVDWLRQ GH O¶XWLOLVDWLRQ HW OD PXWXDOLVDWLRQ GHV 3RXUFRQWUHVHLQJ
UHVVRXUFHV GDQV OH GRPDLQH GHV WHFKQRORJLHV GH /HPLQLVWUH
O¶LQIRUPDWLRQDXVHLQGHO¶DGPLQLVWUDWLRQSXEOLTXH GXFRPPHUFHH[WpULHXU
±pODERUH HQ FRQFHUWDWLRQ DYHF OHV GpSDUWHPHQWV $%'(//$7,)0$=28=
PLQLVWpULHOV FRQFHUQpV OH SURJUDPPH GH O¶DGPLQLVWUDWLRQ
BBBBBBBB
pOHFWURQLTXH  HJRXYHUQHPHQW HW FRRUGRQQH VD PLVH HQ
°XYUH /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH 
$57±/H PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
QRXYHOOHV WHFKQRORJLHV D DXWRULWp VXU O¶HQVHPEOH GHV VWUXFWXUHV
LQVWLWXpHV WDQW j O¶pFKHORQ FHQWUDO TX¶H[WpULHXU SDU OHV GpFUHWV 'pFUHW Qƒ  GX  NDDGD    QRYHPEUH 
SUpFLWpV Qƒ GX  MRXPDGD ,    MDQYLHU  HW UHODWLIDX[DWWULEXWLRQVGHODPLQLVWUHGXGpYHORSSHPHQW
Qƒ GX UDELL ,    RFWREUH  HW VXU OD VRFLDOGHODIDPLOOHHWGHODVROLGDULWp
GLUHFWLRQGHVSHWLWHVHWPR\HQQHVHQWUHSULVHVFUppHSDUOHGpFUHW BBBBBBBB
SUpFLWpQƒGXUHMHE VHSWHPEUH  /(35(0,(50,1,675(
$57±/H PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV 9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH
QRXYHOOHV WHFKQRORJLHV HVW FKDUJp GH O¶H[pFXWLRQ GX SUpVHQW
9XOHGDKLUQƒGXFKDRXDO RFWREUH
GpFUHWTXLVHUDSXEOLpDX%XOOHWLQRIILFLHO
SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW
)DLWj5DEDWOHNDDGD   9XOHGpFUHWQƒGXUDELL,, PDL
$%%$6(/)$66, IL[DQW OHV DWWULEXWLRQV HW O¶RUJDQLVDWLRQ GX PLQLVWqUH GX
3RXUFRQWUHVHLQJ GpYHORSSHPHQWVRFLDOGHODIDPLOOHHWGHODVROLGDULWp
/HPLQLVWUHGHO¶LQGXVWULH 9XOHGpFUHWQƒGXUDELL,, PDL
GXFRPPHUFH IL[DQWOHVDWWULEXWLRQVHWO
RUJDQLVDWLRQGXVHFUpWDULDWG
(WDWFKDUJp
HWGHVQRXYHOOHVWHFKQRORJLHV GHODIDPLOOHGHO¶HQIDQFHHWGHVSHUVRQQHVKDQGLFDSpHV
$+0('5('$&+$0, 9X OH GpFUHW Qƒ  GX  PRKDUUHP    IpYULHU
 SRUWDQWVWDWXWGHO¶HQWUDLGHQDWLRQDOHWHOTX¶LODpWpPRGLILp
'pFUHW Qƒ GX  NDDGD    QRYHPEUH  9XOHGpFUHWQƒGXMRXPDGD,, RFWREUH
UHODWLI DX[ DWWULEXWLRQV GX PLQLVWUH GX FRPPHUFH  SULV SRXU O¶DSSOLFDWLRQ GH OD ORL Qƒ  SRUWDQW FUpDWLRQ
H[WpULHXU GHO¶$JHQFHGHGpYHORSSHPHQWVRFLDO
BBBBBBBB
9X OH GpFUHW Qƒ  GX  MRXPDGD ,    MDQYLHU
/(35(0,(50,1,675(  SRUWDQW FUpDWLRQ HW RUJDQLVDWLRQ GH O¶,QVWLWXW QDWLRQDO GH
9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH O¶DFWLRQVRFLDOHWHOTX¶LODpWpPRGLILpHWFRPSOpWp
9XOHGDKLUQƒGXFKDRXDO RFWREUH 'e&5Ê7(
SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW $57,&/(35(0,(5±/HVDWWULEXWLRQVGpYROXHVSDUOHVWH[WHV
9XOHGpFUHWQƒGXMRXPDGD, RFWREUH HQ YLJXHXU GDQV OH GRPDLQH GH O¶DFWLRQ VRFLDOH QRWDPPHQW SDU
IL[DQWOHVDWWULEXWLRQVHWO¶RUJDQLVDWLRQGXPLQLVWqUHGXFRPPHUFH OHVGpFUHWVXVYLVpV
H[WpULHXUHWGHVLQYHVWLVVHPHQWVH[WpULHXUV ±QƒGXUDELL,, PDL 
'e&5Ê7( ±QƒGXUDELL,, PDL 
$57,&/(35(0,(5±/HVDWWULEXWLRQVGpYROXHVSDUOHVWH[WHV ±QƒGXPRKDUUHP IpYULHU 
HQ YLJXHXU QRWDPPHQW SDU OH GpFUHW VXVYLVp Qƒ  GX ±QƒGXMRXPDGD,, RFWREUH 
MRXPDGD, RFWREUH DXPLQLVWUHGXFRPPHUFH
H[WpULHXUVRQWGpVRUPDLVH[HUFpHVSDU0$EGHOODWLI0$=28= ±HWQƒGXMRXPDGD, MDQYLHU 
PLQLVWUH GX FRPPHUFH H[WpULHXU j O¶H[FHSWLRQ GHV DWWULEXWLRQV UHVSHFWLYHPHQWDXPLQLVWUHGXGpYHORSSHPHQWVRFLDOGHOD
UHODWLYHVDX[LQYHVWLVVHPHQWVH[WpULHXUV IDPLOOHHWGHODVROLGDULWpHWjO¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpH
$57±/H PLQLVWUH GX FRPPHUFH H[WpULHXU D DXWRULWp VXU GH OD IDPLOOH GH O¶HQIDQFH HW GHV SHUVRQQHV KDQGLFDSpHV VRQW
O¶HQVHPEOH GHV VWUXFWXUHV LQVWLWXpHV WDQW j O¶pFKHORQ FHQWUDO GpVRUPDLV H[HUFpHV SDU 0PH1RX]KD 6.$//, PLQLVWUH GX
TX¶H[WpULHXUSDUOHGpFUHWSUpFLWpQƒGXMRXPDGD, GpYHORSSHPHQWVRFLDOGHODIDPLOOHHWGHODVROLGDULWp
RFWREUH jO¶H[FHSWLRQGHODGLUHFWLRQGHVLQYHVWLVVHPHQWV $57±/DPLQLVWUHGXGpYHORSSHPHQWVRFLDOGHODIDPLOOH
H[WpULHXUV HWGHODVROLGDULWpDDXWRULWpVXU
 %8//(7,12)),&,(/ 1ıNDDGD 

±OHVVWUXFWXUHVFUppHVSDUOHVGpFUHWVSUpFLWpVQƒ $57±/D PLQLVWUH GH OD FXOWXUH HVW FKDUJpH GH


HWQƒGXUDELL,, PDL  O¶H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLpDX %XOOHWLQ RIILFLHO
±O¶,QVWLWXW QDWLRQDO GH O¶DFWLRQ VRFLDOH UpJL SDU OH GpFUHW )DLWj 5DEDWOHNDDGD QRYHPEUH 
SUpFLWpQƒGXMRXPDGD, MDQYLHU 
                                     $%%$6 (/ )$66,       
$57±0PH1RX]KD6.$//,PLQLVWUHGXGpYHORSSHPHQW
3RXUFRQWUHVHLQJ
VRFLDO GH OD IDPLOOH HW GH OD VROLGDULWp DVVXUH OD WXWHOOH GH
O¶$JHQFHGHGpYHORSSHPHQWVRFLDOHWGHO¶HQWUDLGHQDWLRQDOH /DPLQLVWUHGHODFXOWXUH
$57±/D PLQLVWUH GX GpYHORSSHPHQW VRFLDO GH OD 7285,$.5$<7,) -$%5$1( 
IDPLOOH HW GH OD VROLGDULWp HVW FKDUJpH GH O¶H[pFXWLRQ GX SUpVHQW BBBBB
GpFUHWTXLVHUDSXEOLpDX%XOOHWLQRIILFLHO /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
)DLWj5DEDWOH NDDGD QRYHPEUH  ©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH 
$%%$6(/)$66,
3RXUFRQWUHVHLQJ 'pFUHW Qƒ  GX  NDDGD    QRYHPEUH 
/DPLQLVWUH SRUWDQW GpOpJDWLRQ GH SRXYRLUV HW GH VLJQDWXUH DX
PLQLVWUH GpOpJXp DXSUqV GX 3UHPLHU PLQLVWUH FKDUJp
GXGpYHORSSHPHQWVRFLDO
GHODPRGHUQLVDWLRQGHVVHFWHXUVSXEOLFV
GHODIDPLOOHHWGHODVROLGDULWp BBBBBBBB
128=+$6.$//, /(35(0,(50,1,675(
BBBBBBBB 9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX 9XOHGDKLUQƒGXUDPDGDQ VHSWHPEUH
©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH  QRPPDQW0$EEDV(O)DVVL3UHPLHUPLQLVWUH
9XOHGDKLUQƒGXFKDRXDO RFWREUH
SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW
'pFUHW Qƒ  GX  NDDGD    QRYHPEUH  9XOHGDKLUQƒGXFKDDEDQH IpYULHU
UHODWLIDX[DWWULEXWLRQVGHODPLQLVWUH GHODFXOWXUH SRUWDQWVWDWXWJpQpUDOGHODIRQFWLRQSXEOLTXHWHOTX¶LODpWpPRGLILp
BBBBBBBB HWFRPSOpWp
/(35(0,(50,1,675( 9XOHGpFUHWQƒGXFKDRXDO QRYHPEUH
UHODWLI DX[ DWWULEXWLRQV HW j O¶RUJDQLVDWLRQ GX PLQLVWqUH GH OD
9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH PRGHUQLVDWLRQGHVVHFWHXUVSXEOLFV
9X OH GDKLU Qƒ  GX  FKDRXDO    RFWREUH 9XOHGpFUHWQƒGXMRXPDGD, RFWREUH
 SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW SRUWDQWFUpDWLRQHWRUJDQLVDWLRQGHO¶(FROHQDWLRQDOHG¶DGPLQLVWUDWLRQ
9XOHGpFUHWQƒGXFKDRXDO QRYHPEUH 9XOHGpFUHWQƒGXUDPDGDQ IpYULHU
 UHODWLIDX[DWWULEXWLRQVHWO¶RUJDQLVDWLRQGXPLQLVWqUHGHOD SULV SRXU O¶DSSOLFDWLRQ GH O¶DUWLFOH  GX GDKLU Qƒ  GX
FXOWXUH FKDDEDQH    IpYULHU  SRUWDQW VWDWXW JpQpUDO GH OD
IRQFWLRQSXEOLTXH
9X O¶DUUrWp GX PLQLVWUH GH OD FXOWXUH Qƒ  GX
FKDRXDO    QRYHPEUH  IL[DQW OHV DWWULEXWLRQV HW 9X OHV VWDWXWV SDUWLFXOLHUV GHV IRQFWLRQQDLUHV GHV
DGPLQLVWUDWLRQVSXEOLTXHV
O¶RUJDQLVDWLRQGHVVHUYLFHVGpFRQFHQWUpVUHOHYDQWGXPLQLVWqUHGH
ODFXOWXUH 9XO¶DUUrWpGXPLQLVWUHFKDUJpGHODPRGHUQLVDWLRQGHVVHFWHXUV
SXEOLFV Qƒ  GX  FKDRXDO    QRYHPEUH  IL[DQW
9X O¶DUUrWp GX PLQLVWUH GH OD FXOWXUH Qƒ  GX OHVDWWULEXWLRQVHWO¶RUJDQLVDWLRQGHVGLYLVLRQVHWVHUYLFHVFHQWUDX[GX
FKDRXDO    QRYHPEUH  IL[DQW OHV DWWULEXWLRQV HW PLQLVWqUHFKDUJpGHODPRGHUQLVDWLRQGHVVHFWHXUVSXEOLFV
O¶RUJDQLVDWLRQ GHV GLYLVLRQV HW VHUYLFHV UHOHYDQW GHV GLUHFWLRQV
'e&5Ê7(
FHQWUDOHVGXPLQLVWqUHGHODFXOWXUH
$57,&/(35(0,(5± 'pOpJDWLRQ HVW GRQQpH j 00RKDPPHG
'e&5Ê7( $%%28PLQLVWUHGpOpJXpDXSUqVGX3UHPLHUPLQLVWUHFKDUJpGHOD
$57,&/( 35(0,(5±/HV DWWULEXWLRQV GpYROXHV j O¶DXWRULWp PRGHUQLVDWLRQ GHV VHFWHXUV SXEOLFV j O¶HIIHW G¶H[HUFHU OHV
JRXYHUQHPHQWDOHFKDUJpHGHODFXOWXUHSDUOHVWH[WHVHQYLJXHXU DWWULEXWLRQV HW OHV SRXYRLUV GpYROXV j O¶DXWRULWp JRXYHUQHPHQWDOH
QRWDPPHQWSDUOHGpFUHWVXVYLVpQƒGXFKDRXDO FKDUJpHGHODPRGHUQLVDWLRQGHVVHFWHXUVSXEOLFVHQYHUWXGHVWH[WHV
QRYHPEUH VRQWGpVRUPDLVH[HUFpHVSDU0PH 7RXULD OpJLVODWLIVHWUpJOHPHQWDLUHVHQYLJXHXU
.5$<7,) -$%5$1( PLQLVWUHGHODFXOWXUH $57±3RXU O¶H[HUFLFH GHV DWWULEXWLRQV YLVpHV j O¶DUWLFOH
SUHPLHU FLGHVVXV OH PLQLVWUH GpOpJXp DXSUqV GX 3UHPLHU
$57±/DPLQLVWUHGHODFXOWXUHDDXWRULWpVXUO¶HQVHPEOH
PLQLVWUH FKDUJp GH OD PRGHUQLVDWLRQ GHV VHFWHXUV SXEOLFV D
GHVVWUXFWXUHVFUppHVWDQWjO¶pFKHORQFHQWUDOTX¶H[WpULHXUSDUOH DXWRULWp VXU O¶HQVHPEOH GHV VWUXFWXUHV FUppHV SDU OH GpFUHW
GpFUHW SUpFLWp Qƒ  GX  FKDRXDO    QRYHPEUH Qƒ GX  FKDRXDO    QRYHPEUH  HW O¶DUUrWp
 HW OHV DUUpWpV VXVYLVpV Qƒ  HW Qƒ  GX QƒGXFKDRXDO QRYHPEUH VXVYLVpVHW
FKDRXDO QRYHPEUH  VXUO¶(FROHQDWLRQDOHG¶DGPLQLVWUDWLRQ
1ıNDDGD  %8//(7,12)),&,(/ 

$57±(QFDVG¶DEVHQFHGH00RKDPPHG$%%28OH 'e&5Ê7(
3UHPLHUPLQLVWUHH[HUFHjWLWUHH[FOXVLIOHVSRXYRLUVTXLOXLVRQW $57,&/(35(0,(5±0 1L]DU %$5$.$ PLQLVWUH GpOpJXp
GpOpJXpV
DXSUqV GX 3UHPLHU PLQLVWUH FKDUJp GHV DIIDLUHV pFRQRPLTXHV HW
$57±'pOpJDWLRQHVWGRQQpHj00RKDPPHG$%%28 JpQpUDOHV H[HUFH OHV DWWULEXWLRQV HW SRXYRLUV GpYROXV SDU OHV
PLQLVWUH GpOpJXp DXSUqV GX 3UHPLHU PLQLVWUH FKDUJp GH OD WH[WHVHQYLJXHXU
PRGHUQLVDWLRQGHVVHFWHXUVSXEOLFVjO¶HIIHWGHVLJQHUDXQRPGX
3UHPLHUPLQLVWUHOHVDUUrWpVGHGpWDFKHPHQWSUpYXVjO¶DUWLFOHGX ‡jO¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGHVDIIDLUHVpFRQRPLTXHV
GpFUHW VXVYLVp Qƒ  GX  UDPDGDQ    IpYULHU  ‡jO¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGHVDIIDLUHVJpQpUDOHV
DLQVLTXHOHVDUUrWpVUHODWLIVjO¶DYDQFHPHQWGDQVOHJUDGH
‡j O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GX GpYHORSSHPHQW
$57 ±/H PLQLVWUH GpOpJXp DXSUqV GX 3UHPLHU PLQLVWUH GHVSURYLQFHVVDKDULHQQHV
FKDUJp GH OD PRGHUQLVDWLRQ GHV VHFWHXUV SXEOLFV HVW FKDUJp GH
O¶H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLpDX%XOOHWLQRIILFLHO ‡HW j O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GH O¶pFRQRPLH
VRFLDOHGHVSHWLWHVHWPR\HQQHVHQWUHSULVHVHWGHO¶DUWLVDQDW
)DLWj5DEDWOH NDDGD QRYHPEUH  HQPDWLqUHG¶pFRQRPLHVRFLDOH
$%%$6(/)$66, $57±0 1L]DU %$5$.$ PLQLVWUH GpOpJXp DXSUqV GX
3RXUFRQWUHVHLQJ 3UHPLHU PLQLVWUH FKDUJp GHV DIIDLUHV pFRQRPLTXHV HW JpQpUDOHV
/HPLQLVWUHGpOpJXp HVWFKDUJpGHFRQFHYRLUHQOLDLVRQDYHFOHVPLQLVWUHVFRQFHUQpV
DXSUqVGX3UHPLHUPLQLVWUH OD SROLWLTXH GX JRXYHUQHPHQW HQ PDWLqUH GH SURPRWLRQ GHV
FKDUJpGHODPRGHUQLVDWLRQ LQYHVWLVVHPHQWV
GHVVHFWHXUVSXEOLFV ,OHVWpJDOHPHQWFKDUJpG¶H[HUFHUOHVDWWULEXWLRQVHQPDWLqUH
02+$00('$%%28 G¶LQYHVWLVVHPHQWV H[WpULHXUV SUpYXHV SDU OH GpFUHW VXVYLVp
BBBBBBBB
QƒGXMRXPDGD, RFWREUH 

/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX $57±2XWUHOHVDWWULEXWLRQVHWSRXYRLUVYLVpVDX[DUWLFOHV
©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH  SUHPLHU HW  FLGHVVXV GpOpJDWLRQ HVW GRQQpH j 01L]DU
%$5$.$ PLQLVWUH GpOpJXp DXSUqV GX 3UHPLHU PLQLVWUH FKDUJp
GHVDIIDLUHVpFRQRPLTXHVHWJpQpUDOHVSRXU
'pFUHW Qƒ  GX  NDDGD    QRYHPEUH 
SRUWDQW GpOpJDWLRQ G¶DWWULEXWLRQV HW GH SRXYRLUV j ‡SURSRVHU WRXWHV PHVXUHV GH QDWXUH j DPpOLRUHU
01L]DU %DUDND PLQLVWUH GpOpJXp DXSUqV GX 3UHPLHU O¶HQYLURQQHPHQWSURSUHDXGpYHORSSHPHQWpFRQRPLTXH
PLQLVWUHFKDUJpGHVDIIDLUHVpFRQRPLTXHVHWJpQpUDOHV ‡SDUWLFLSHU j O¶pODERUDWLRQ GH OD SROLWLTXH pFRQRPLTXH GX
BBBBBBBB
JRXYHUQHPHQWHQOLDLVRQDYHFOHVPLQLVWqUHVLQWpUHVVpVHW
/(35(0,(50,1,675( HQVXLYUHO¶H[pFXWLRQ
9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW ‡LQVWUXLUH OHV DIIDLUHV j FDUDFWqUH JpQpUDO VRFLDO RX
9XOHGDKLUQƒGXFKDRXDO RFWREUH pFRQRPLTXH VRXPLVHV j O¶H[DPHQ RX j O¶DUELWUDJH GX
SRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW 3UHPLHUPLQLVWUH
9X OH GDKLU SRUWDQW ORL Qƒ  GX  FKDRXDO  ‡pODERUHU PHWWUHHQ °XYUHHWVXLYUH HQFRRUGLQDWLRQ DYHF
VHSWHPEUH UpRUJDQLVDQWOD&DLVVHGHFRPSHQVDWLRQ OHVPLQLVWqUHVFRQFHUQpVODSROLWLTXHGHODFRQFXUUHQFH
9X OH GDKLU SRUWDQW ORL Qƒ  GX  UDELL ,,  ‡H[HUFHUOHVDWWULEXWLRQVGpYROXHVDX3UHPLHUPLQLVWUHHQFH
DYULO  UHODWLI j O¶2IILFH GX GpYHORSSHPHQW GH OD TXLFRQFHUQHOD&DLVVHGHFRPSHQVDWLRQHQYHUWXGXGDKLU
FRRSpUDWLRQWHOTX¶LODpWpPRGLILp
SRUWDQWORLQƒVXVYLVp
9X OD ORL GH ILQDQFHV Qƒ SRXU O¶DQQpH EXGJpWDLUH
‡FRRUGRQQHU HW VXLYUH O¶H[pFXWLRQ GH OD SROLWLTXH
 SURPXOJXpH SDU OH GDKLU Qƒ  GX  NDDGD 
GpFHPEUH QRWDPPHQWVRQDUWLFOH JRXYHUQHPHQWDOH HQ PDWLqUH GH UHODWLRQV DYHF OHV
LQVWLWXWLRQVUHOHYDQWGXJURXSHEDQTXHPRQGLDOH%DQTXH
9XOHGpFUHWQƒGXUDELL,, GpFHPEUH LQWHUQDWLRQDOH SRXU OD UHFRQVWUXFWLRQ HW OH GpYHORSSHPHQW
SRUWDQWGpOpJDWLRQGHSRXYRLUHQPDWLqUHG¶RUGRQQDQFHPHQWGHV %,5'  6RFLpWp ILQDQFLqUH LQWHUQDWLRQDOH  6),  $JHQFH
GpSHQVHV GX FRPSWH VSpFLDO Qƒ LQWLWXOp © )RQGV GH
PXOWLODWpUDOHSRXUODJDUDQWLHGHVLQYHVWLVVHPHQWV $0*,
VRXWLHQDX[VHUYLFHVGHODUpJOHPHQWDWLRQHWGXFRQWU{OHGHVSUL[
HWO¶$JHQFHGHGpYHORSSHPHQWLQWHUQDWLRQDO ,'$ 
HWGHVVWRFNVGHVpFXULWpª
9XOHGpFUHWQƒGXKLMD IpYULHU ‡SDUWLFLSHUjO¶pODERUDWLRQHWjODQpJRFLDWLRQGHVDFFRUGVGH
SRUWDQWFUpDWLRQGHODGLUHFWLRQGHVSUL[ FRRSpUDWLRQ pFRQRPLTXH HW ILQDQFLqUH ELODWpUDX[ HW
PXOWLODWpUDX[
9X OH GpFUHW Qƒ  GX  MRXPDGD , 
RFWREUH IL[DQW OHV DWWULEXWLRQV HW O¶RUJDQLVDWLRQ GX ‡DSSOLTXHU OD OpJLVODWLRQ HW OD UpJOHPHQWDWLRQ UHODWLYHV DX[
PLQLVWqUHGXFRPPHUFHH[WpULHXUHWGHVLQYHVWLVVHPHQWVH[WpULHXUV SUL[HWDX[VWRFNVGHVpFXULWpVRXVUpVHUYHGHVGpOpJDWLRQV
GHSRXYRLUVDFFRUGpHVjG¶DXWUHVPLQLVWUHV
9XOHGpFUHWQƒGXUHMHE VHSWHPEUH
IL[DQW OHV DWWULEXWLRQV HW O¶RUJDQLVDWLRQ GX PLQLVWqUH GH O¶pFRQRPLH ‡DVVXUHU OD WXWHOOH VXU O¶2IILFH GX GpYHORSSHPHQW GH OD
VRFLDOHGHVSHWLWHVHWPR\HQQHVHQWUHSULVHVHWGHO¶DUWLVDQDW FRRSpUDWLRQ
 %8//(7,12)),&,(/ 1ıNDDGD 

‡RUGRQQDQFHU OHV GpSHQVHV DIIpUHQWHV DX[ SULPHV HW 'e&5Ê7(


GpSHQVHVGHPDWpULHOVSUpYXHVDXGpELWGXFRPSWHVSpFLDO
$57,&/( 35(0,(5±/H +DXW FRPPLVVDULDW DX SODQ HVW
GX 7UpVRU Qƒ  LQWLWXOp © )RQGV GH VRXWLHQ DX[
GLULJpSDUOH+DXWFRPPLVVDLUHDXSODQHWRUJDQLVpFRQIRUPpPHQW
VHUYLFHV GH OD FRQFXUUHQFH GX FRQWU{OH GHV SUL[ HW GHV
VWRFNVGHVpFXULWpªWHOTXHSUpYXSDUO¶DUWLFOHGHODORL DX[ GLVSRVLWLRQV GX GpFUHW VXVYLVp Qƒ  GX  MRXPDGD ,
GH ILQDQFHV Qƒ  SRXU O¶DQQpH EXGJpWDLUH   MXLOOHW 
VXVYLVpH HW FH HQ DSSOLFDWLRQ GHV GLVSRVLWLRQV GX GpFUHW $57±/H +DXW FRPPLVVDLUH DX SODQ D DXWRULWp VXU
VXVYLVpQƒGXUDELL,, GpFHPEUH  O¶HQVHPEOH GHV VWUXFWXUHV LQVWLWXpHV WDQW j O¶pFKHORQ FHQWUDO
$57±2XWUH OHV DWWULEXWLRQV SUpYXHV DX[ DUWLFOHV TX¶H[WpULHXU SDU OH GpFUHW SUpFLWp Qƒ  GX  MRXPDGD ,
SUHPLHUHWFLGHVVXVOHPLQLVWUHGpOpJXpDXSUqVGX3UHPLHU  MXLOOHW 
PLQLVWUHFKDUJpGHVDIIDLUHVpFRQRPLTXHVHWJpQpUDOHVH[HUFHj
$57±/H +DXW FRPPLVVDLUH VLJQH RX YLVH WRXV DFWHV
WLWUH SURYLVRLUH OHV DWWULEXWLRQV FRQVXOWDWLYHV DX[ ILQV G¶DYLV GH
FRQVHLOV HW GH UHFRPPDQGDWLRQV GpYROXV DX FRQVHLO GH OD FRQFHUQDQW OH +DXW FRPPLVVDULDW DX SODQ j O¶H[FHSWLRQ GHV
FRQFXUUHQFH HQ DWWHQGDQW TXH FHOXLFL VRLW HQ PHVXUH GH GpFUHWVHWGHVDUUrWpVUpJOHPHQWDLUHV
IRQFWLRQQHUFRQIRUPpPHQWjVRQWH[WHLQVWLWXWLI $57±&RQIRUPpPHQWjODUpJOHPHQWDWLRQHQYLJXHXUOH
$57±3RXU O¶H[HUFLFH GH VHV DWWULEXWLRQV 01L]DU +DXWFRPPLVVDLUHHVWKDELOLWpjGpOpJXHUSDUDUUrWpVDVLJQDWXUH
%$5$.$PLQLVWUHGpOpJXpDXSUqVGX3UHPLHUPLQLVWUHFKDUJp DX[IRQFWLRQQDLUHVHWDJHQWVGHVRQDGPLQLVWUDWLRQSRXUVLJQHURX
GHVDIIDLUHVpFRQRPLTXHVHWJpQpUDOHVGLVSRVHGHODGLUHFWLRQGHV YLVHUHQVRQQRPWRXVDFWHVFRQFHUQDQWOHVVHUYLFHVUHOHYDQWGH
SUL[FUppHSDUOHGpFUHWVXVYLVpQƒGHODGLUHFWLRQGHV VRQDXWRULWp
LQYHVWLVVHPHQWVH[WpULHXUVFUppHSDUOHGpFUHWSUpFLWpQƒ
$57±/H+DXWFRPPLVVDLUHHVWLQVWLWXpRUGRQQDWHXUGHV
HW GH OD GLUHFWLRQ GH O¶pFRQRPLH VRFLDOH GH OD GLUHFWLRQ GHV
pWXGHVGHODFRRSpUDWLRQHWGHODOpJLVODWLRQHWGHODGLYLVLRQGHV GpSHQVHV HW GHV UHFHWWHV GX +DXW FRPPLVVDULDW DX SODQ
UHVVRXUFHV HW GHV V\VWqPHV G¶LQIRUPDWLRQ FUppHV SDU OH GpFUHW FRQIRUPpPHQW DX[ GLVSRVLWLRQV GH O¶DUWLFOH  GX GpFUHW UR\DO
VXVYLVpQƒ Qƒ GX  PRKDUUHP    DYULO  SRUWDQW
UqJOHPHQWJpQpUDOGHODFRPSWDELOLWpSXEOLTXH
$57±(Q FDV G¶DEVHQFH RX G¶HPSrFKHPHQW GH 0 1L]DU
%$5$.$OHVDWWULEXWLRQVHWSRXYRLUVYLVpVDX[DUWLFOHVSUHPLHU $57±/HSUpVHQWGpFUHWVHUDSXEOLpDX%XOOHWLQRIILFLHO
  HW  FLGHVVXV VRQW H[FOXVLYHPHQW H[HUFpV SDU OH 3UHPLHU )DLWj5DEDWOH NDDGD QRYHPEUH 
PLQLVWUH
$57±/H 0LQLVWUH GpOpJXp DXSUqV GX 3UHPLHU PLQLVWUH $%%$6(/)$66,
FKDUJp GHV DIIDLUHV pFRQRPLTXHV HW JpQpUDOHV HVW FKDUJp GH BBBBBBBB
O¶H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLpDX%XOOHWLQRIILFLHO
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
)DLWj5DEDWOH NDDGD QRYHPEUH 
©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH 
$%%$6(/)$66,
3RXUFRQWUHVHLQJ
/HPLQLVWUHGpOpJXp 'pFUHW Qƒ  GX   NDDGD   QRYHPEUH 
DXSUqVGX3UHPLHUPLQLVWUH UHODWLIDX[DWWULEXWLRQV GX+DXWFRPPLVVDLUHDX[HDX[
FKDUJpGHVDIIDLUHVpFRQRPLTXHV HWIRUrWVHWjODOXWWHFRQWUHODGpVHUWLILFDWLRQ
HWJpQpUDOHV BBBBBBBB
1,=$5%$5$.$ /(35(0,(50,1,675(
BBBBBBBB 9XOHGDKLUQƒGXUDPDGDQ VHSWHPEUH
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX  QRPPDQW0$EEDV(O)DVVL3UHPLHUPLQLVWUH
©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH 
9X OH GDKLU Qƒ  GX  FKDRXDO    GpFHPEUH
 SRUWDQW QRPLQDWLRQ GH 0 $EGHODGLP /KDIL HQ TXDOLWp GH
'pFUHW Qƒ GX   NDDGD   QRYHPEUH  +DXW FRPPLVVDLUH DX[ HDX[ HW IRUrWV HW j OD OXWWH FRQWUH OD
UHODWLIDX[DWWULEXWLRQV GX+DXWFRPPLVVDLUHDXSODQ GpVHUWLILFDWLRQ
BBBBBBBB
/(35(0,(50,1,675( 9XOHGpFUHWQƒGXKLMD HU IpYULHU
SRUWDQW  DWWULEXWLRQV HW RUJDQLVDWLRQ GX +DXW FRPPLVVDULDW DX[
9XOHGDKLUQƒGXUDPDGDQ VHSWHPEUH
HDX[HWIRUrWVHWjODOXWWHFRQWUHODGpVHUWLILFDWLRQ
 QRPPDQW0$EEDV(O)DVVL3UHPLHUPLQLVWUH
'e&5Ê7(
9X OH GDKLU Qƒ  GX  FKDRXDO    GpFHPEUH
 SRUWDQW QRPLQDWLRQ GH 0 $KPHG /DKOLPL $ODPL HQ $57,&/( 35(0,(5± /H +DXW FRPPLVVDULDW DX[ HDX[ HW
TXDOLWpGH+DXWFRPPLVVDLUHDXSODQ IRUrWVHWjODOXWWHFRQWUHODGpVHUWLILFDWLRQHVWGLULJpSDUOH+DXW
9X OH GpFUHW Qƒ  GX  MRXPDGD ,    MXLOOHW FRPPLVVDLUH DX[ HDX[ HW IRUrWV HW j OD OXWWH FRQWUH OD
 IL[DQW OHV DWWULEXWLRQV HW O¶RUJDQLVDWLRQ GX PLQLVWqUH GH OD GpVHUWLILFDWLRQ HW RUJDQLVp FRQIRUPpPHQW DX[ GLVSRVLWLRQV GX
SUpYLVLRQpFRQRPLTXHHWGXSODQ GpFUHWVXVYLVpQƒGXKLMD HUIpYULHU 
1ıNDDGD  %8//(7,12)),&,(/ 

$57±/H +DXW FRPPLVVDLUH DX[ HDX[ HW IRUrWV HW j OD $UUrWpGXPLQLVWUHGHVILQDQFHVHWGHODSULYDWLVDWLRQQƒ
OXWWH FRQWUH OD GpVHUWLILFDWLRQ D DXWRULWp VXU O¶HQVHPEOH GHV GXFKDDEDQH DR€W SRUWDQWKRPRORJDWLRQ
VWUXFWXUHVLQVWLWXpHVWDQWjO¶pFKHORQFHQWUDOTX¶H[WpULHXUSDUOH GH OD FLUFXODLUH GX JRXYHUQHXU GH %DQN $O0DJKULE
Qƒ* UHODWLYH DX[ FRQGLWLRQV HW PRGDOLWpV
GpFUHWSUpFLWpQƒGXKLMD HUIpYULHU 
G¶RXYHUWXUH DX 0DURF SDU OHV pWDEOLVVHPHQWV GH FUpGLW
$57±/H +DXW FRPPLVVDLUH VLJQH RX YLVH WRXV DFWHV D\DQWOHXUVLqJHVRFLDOjO¶pWUDQJHUGHEXUHDX[D\DQWXQH
FRQFHUQDQWOH+DXWFRPPLVVDULDWDX[HDX[HWIRUrWVHWjODOXWWH DFWLYLWpG¶LQIRUPDWLRQGHOLDLVRQRXGHUHSUpVHQWDWLRQ
FRQWUH OD GpVHUWLILFDWLRQ j O¶H[FHSWLRQ GHV GpFUHWV HW GHV DUUrWpV BBBBBBBB
UpJOHPHQWDLUHV /(0,1,675('(6),1$1&(6(7'(/$35,9$7,6$7,21
$57±&RQIRUPpPHQWjODUpJOHPHQWDWLRQHQYLJXHXUOH 9X OD ORL Qƒ  UHODWLYH DX[ pWDEOLVVHPHQWV GH FUpGLW HW
+DXWFRPPLVVDLUHHVWKDELOLWpjGpOpJXHUSDUDUUrWpVDVLJQDWXUH RUJDQLVPHV DVVLPLOpV SURPXOJXpH SDU OH GDKLU Qƒ  GX
DX[IRQFWLRQQDLUHVHWDJHQWVGHVRQDGPLQLVWUDWLRQSRXUVLJQHURX PRKDUUHP IpYULHU QRWDPPHQWVRQDUWLFOH
YLVHUHQVRQQRPWRXVDFWHVFRQFHUQDQWOHVVHUYLFHVUHOHYDQWGH $55Ç7(
VRQDXWRULWp $57,&/( 35(0,(5±(VW KRPRORJXpH OD FLUFXODLUH GX
JRXYHUQHXU GH %DQN $O0DJKULE Qƒ * GX  DR€W 
$57±/H+DXWFRPPLVVDLUHHVWLQVWLWXpRUGRQQDWHXUGHV
UHODWLYHDX[FRQGLWLRQHWPRGDOLWpVG¶RXYHUWXUHDX0DURFSDUOHV
GpSHQVHVHWGHVUHFHWWHVGX+DXWFRPPLVVDULDWDX[HDX[HWIRUrWV pWDEOLVVHPHQWV GH FUpGLW D\DQW OHXU VLqJH VRFLDO j O¶pWUDQJHU GH
HW j OD OXWWH FRQWUH OD GpVHUWLILFDWLRQ FRQIRUPpPHQW DX[ EXUHDX[ D\DQW XQH DFWLYLWp G¶LQIRUPDWLRQ GH OLDLVRQ RX GH
GLVSRVLWLRQV GH O¶DUWLFOH  GX GpFUHW UR\DO Qƒ  GX UHSUpVHQWDWLRQWHOOHTX¶DQQH[pHDXSUpVHQWDUUrWp
PRKDUUHP DYULO SRUWDQWUqJOHPHQWJpQpUDOGH $57±6RQWDEURJpHVOHVGLVSRVLWLRQVGHO¶DUUrWpGXPLQLVWUH
ODFRPSWDELOLWpSXEOLTXH GHV ILQDQFHV HW GHV LQYHVWLVVHPHQWV H[WpULHXUV Qƒ  GX
HUMRXPDGD ,    VHSWHPEUH  IL[DQW OHV FRQGLWLRQV
$57±/HSUpVHQWGpFUHWVHUDSXEOLpDX%XOOHWLQRIILFLHO
G¶RXYHUWXUH DX 0DURF GH EXUHDX[ G¶LQIRUPDWLRQ GH OLDLVRQ RX GH
)DLWj5DEDWOH NDDGD QRYHPEUH  UHSUpVHQWDWLRQ SDU OHV pWDEOLVVHPHQWV GH FUpGLW D\DQW OHXU VLqJH
VRFLDOjO¶pWUDQJHU
$%%$6(/)$66,
$57±/H SUpVHQW DUUrWp HW OD FLUFXODLUH TXL OXL HVW
BBBBBBBB DQQH[pHVHURQWSXEOLpVDX%XOOHWLQRIILFLHO
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX 5DEDWOHFKDDEDQH DR€W 
©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH  )$7+$//$+28$/$/28

$UUrWpGXPLQLVWUHGHVILQDQFHVHWGHODSULYDWLVDWLRQQƒ
GXUHMHE MXLOOHW UHODWLIDXSODQFRPSWDEOH
GHVVRFLpWpVGHERXUVH &LUFXODLUHQƒ*GXDR €W
BBBBBBBB UHODWLYHDX[FRQGLWLRQVHWPRGDOLWpVG¶RXYHUWXUHDX0DURF
SDUOHVpWDEOLVVHPHQWVGHFUpGLWD\DQWOHXUVLqJHVRFLDOjO¶pWUDQJHU
/(0,1,675('(6),1$1&(6(7'(/$35,9$7,6$7,21 GHEXUHDX[D\DQWXQHDFWLYLWpG¶LQIRUPDWLRQ
9X OH GDKLU SRUWDQW ORL Qƒ  GX  UDELL ,,  GHOLDLVRQRXGHUHSUpVHQWDWLRQ
VHSWHPEUH  UHODWLI j OD ERXUVH GHV YDOHXUV WHO TXH BBBBBBBB
PRGLILpHWFRPSOpWpQRWDPPHQWVRQDUWLFOHELV /(*289(51(85'(%$1.$/0$*+5,%
6XU SURSRVLWLRQ GX FRQVHLO QDWLRQDO GH OD FRPSWDELOLWp HQ 9X OD ORL Qƒ  UHODWLYH DX[ pWDEOLVVHPHQWV GH FUpGLW HW
RUJDQLVPHV DVVLPLOpV SURPXOJXpH SDU OH GDKLU Qƒ GX
GDWHGXPDL
PRKDUUHP IpYULHU QRWDPPHQWVRQDUWLFOH
$55Ç7(
$SUqV DYLV GX FRPLWp GHV pWDEOLVVHPHQWV GH FUpGLW pPLV HQ
$57,&/(35(0,(5±6RQWDSSURXYpHVOHVUqJOHVFRPSWDEOHV GDWHGXMXLOOHW
DSSOLFDEOHV DX[ VRFLpWpV GH ERXUVH WHOOHV TXH SUHVFULWHV SDU OH )L[H SDU OD SUpVHQWH FLUFXODLUH OHV FRQGLWLRQV HW PRGDOLWpV
GRFXPHQWDQQH[pjO¶RULJLQDOGXSUpVHQWDUUrWpGpQRPPp©SODQ VHORQ OHVTXHOOHV OHV pWDEOLVVHPHQWV GH FUpGLW D\DQW OHXU VLqJH
FRPSWDEOHGHVVRFLpWpVGHERXUVHª VRFLDO j O¶pWUDQJHU SHXYHQW RXYULU DX 0DURF GHV EXUHDX[ D\DQW
XQHDFWLYLWpG¶LQIRUPDWLRQGHOLDLVRQRXGHUHSUpVHQWDWLRQ
$57± /HV GLVSRVLWLRQV GX SUpVHQW DUUrWp HQWUHURQW HQ
$UWLFOHSUHPLHU
YLJXHXU j FRPSWHU GH O¶H[HUFLFH RXYHUW DSUqV VD SXEOLFDWLRQ DX
/HV pWDEOLVVHPHQWV GH FUpGLW D\DQW OHXU VLqJH VRFLDO j
©%XOOHWLQRIILFLHOª
O¶pWUDQJHUTXLVRXKDLWHQWRXYULUDX0DURFGHVEXUHDX[D\DQWXQH
$57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO DFWLYLWpG¶LQIRUPDWLRQGHOLDLVRQRXGHUHSUpVHQWDWLRQGpQRPPpV
FLDSUqV © EXUHDX[ª VRQW WHQXV GH VROOLFLWHU j FHW HIIHW
5DEDWOHUHMHE MXLOOHW 
O¶DXWRULVDWLRQGXJRXYHUQHXUGH%DQN$O0DJKULEHWFHGDQV OHV
)$7+$//$+28$/$/28 FRQGLWLRQVHWPRGDOLWpVIL[pHVSDUOHVDUWLFOHVFLDSUqV
 %8//(7,12)),&,(/ 1ıNDDGD 

$UWLFOH $UWLFOH
/D GHPDQGH G¶DXWRULVDWLRQ G€PHQW VLJQpH SDU O¶XQ GHV /HV DFWLYLWpV GHV EXUHDX[ GH UHSUpVHQWDWLRQ DXWRULVpV
GLULJHDQWV GH O¶pWDEOLVVHPHQW GH FUpGLW SRVWXODQW KDELOLWpV j FHW GRLYHQWVHOLPLWHUVWULFWHPHQWjGHVRSpUDWLRQV
HIIHW GRLW rWUH DGUHVVpH j %DQN $O0DJKULE DFFRPSDJQpH GHV
‡G¶pFKDQJH G¶LQIRUPDWLRQ HQ PDWLqUH pFRQRPLTXH HW
GRFXPHQWVHWUHQVHLJQHPHQWVFLDSUqV
ILQDQFLqUH HW GH FROOHFWH GH GRQQpHV VHFWRULHOOHV SRXYDQW
'RFXPHQWV HW UHQVHLJQHPHQWV UHODWLIV j O¶pWDEOLVVHPHQW GH LQWpUHVVHUO¶pWDEOLVVHPHQWGHFUpGLW
FUpGLWSRVWXODQW
‡GH OLDLVRQ YLVDQW OH GpYHORSSHPHQW GHV UHODWLRQV DYHF OHV
‡XQHFRSLHFHUWLILpHFRQIRUPHGHVVWDWXWVPLVjMRXU RSpUDWHXUVpFRQRPLTXHVSRXUODSURPRWLRQGHVpFKDQJHVR
‡ODUpSDUWLWLRQGXFDSLWDOVRFLDO VHWURXYHOHVLqJHGHO¶pWDEOLVVHPHQWGHFUpGLWSRVWXODQW
‡OD FRPSRVLWLRQ GX FRQVHLO G¶DGPLQLVWUDWLRQ RX GH ‡GH UHSUpVHQWDWLRQ FRQVLVWDQW HQ OD SDUWLFLSDWLRQ DX[
O¶LQVWDQFHpTXLYDOHQWH pYpQHPHQWV HW PDQLIHVWDWLRQV UHYrWDQW XQ LQWpUrW SRXU
‡OHV QRPV HW SUpQRPV GHV SHUVRQQHV FKDUJpHV GH OD O¶pWDEOLVVHPHQWGHFUpGLW
GLUHFWLRQ $UWLFOH
‡OHV ELODQV FHUWLILpV FRQIRUPHV UHODWLIV DX[ WURLV GHUQLHUV (Q DXFXQ FDV FHV EXUHDX[ QH GRLYHQW HIIHFWXHU GHV
H[HUFLFHVFRPSWDEOHVDLQVLTXHOHVUDSSRUWVGHVSHUVRQQHV RSpUDWLRQV j FDUDFWqUH EDQFDLUH WHOOHV TXH OD FROOHFWH GH IRQGV
FKDUJpHVGHOHXUFRQWU{OH O¶RXYHUWXUH GH FRPSWHV RX O¶RFWURL GH FUpGLWV QL VH OLYUHU j XQH
‡OHV UDSSRUWV DQQXHOV GHV LQVWDQFHV GLULJHDQWHV VH DFWLYLWp GH GpPDUFKDJH HQ YXH GH OD FRQFOXVLRQ G¶RSpUDWLRQV j
UDSSRUWDQWDX[WURLVGHUQLHUVH[HUFLFHVFRPSWDEOHV FDUDFWqUHILQDQFLHU
‡XQGRFXPHQWGpOLYUpSDUOHVDXWRULWpVFRPSpWHQWHVGXSD\V $UWLFOH
G¶RULJLQH SUpFLVDQW TXH O¶pWDEOLVVHPHQW FRQFHUQp SHXW
/¶H[HUFLFH SDU OHV EXUHDX[ G¶DFWLYLWpV DXWUHV TXH FHOOHV
RXYULUXQEXUHDXDX0DURF
G¶LQIRUPDWLRQ GH OLDLVRQ RX GH UHSUpVHQWDWLRQ HQWUDvQH OH UHWUDLW
'RFXPHQWVHWUHQVHLJQHPHQWVVHUDSSRUWDQWDXEXUHDX GHO¶DXWRULVDWLRQG¶RXYHUWXUH
‡OHFXUULFXOXPYLWDHGXSULQFLSDOUHVSRQVDEOH $UWLFOH
‡XQGRFXPHQWGpOLYUpSDUOHVDXWRULWpVFRPSpWHQWHVGXSD\V /HVEXUHDX[VRQWWHQXVGHFRPPXQLTXHUj%DQN$O0DJKULE
G¶RULJLQHDWWHVWDQWTXHFHUHVSRQVDEOHQ¶DSDVIDLWO¶REMHW ODGDWHGHOHXURXYHUWXUHHIIHFWLYHHWpYHQWXHOOHPHQWFHOOHGHOHXU
G¶XQHFRQGDPQDWLRQSURQRQFpHSDUXQHMXULGLFWLRQGHVRQ IHUPHWXUH
SD\V HW SDVVpH HQ IRUFH GH FKRVH MXJpH SRXU O¶XQ GHV
FULPHV RX GpOLWV SUpYXV j O¶DUWLFOH  GH OD ORL Qƒ  $UWLFOH
SUpFLWpH /HV EXUHDX[ GRLYHQW FRPPXQLTXHU DQQXHOOHPHQW j %DQN
‡XQHQRWHIDLVDQWUHVVRUWLUOHVREMHFWLIVUHFKHUFKpVjWUDYHUV $O0DJKULE XQH QRWH UHWUDoDQW O¶HQVHPEOH GHV DFWLYLWpV
OD FUpDWLRQ GX EXUHDX GH UHSUpVHQWDWLRQ OHV SULQFLSDOHV HQWUHSULVHVDXFRXUVGHO¶H[HUFLFHpFRXOpDFFRPSDJQpHGXELODQ
DFWLYLWpV GX EXUHDX OH QRPEUH SUpYLVLRQQHO GHV VDODULpV GH O¶pWDEOLVVHPHQW GH FUpGLW TX¶LOV UHSUpVHQWHQW DLQVL TXH GHV
DLQVL TX¶XQ GHVFULSWLI GpWDLOOp GHV IRQFWLRQV GHYDQW rWUH UDSSRUWV DQQXHOV UHODWLIV DX PrPH H[HUFLFH GHV LQVWDQFHV
DVVXPpHVSDUFKDFXQG¶HX[ GLULJHDQWHVHWGHVLQVWDQFHVFKDUJpHVGXFRQWU{OHGHVFRPSWHVGH
$UWLFOH O¶pWDEOLVVHPHQW

%DQN $O0DJKULE HVW KDELOLWpH j GHPDQGHU WRXW DXWUH $UWLFOH


GRFXPHQW HW UHQVHLJQHPHQW FRPSOpPHQWDLUH TX¶HOOH MXJH XWLOH /HVEXUHDX[GRLYHQWIDLUHVXLYUHGDQVOHXUVHQVHLJQHVOHXU
SRXUO¶LQVWUXFWLRQGHODGHPDQGH UDLVRQ VRFLDOH GH OD PHQWLRQ ©EXUHDX[ G¶LQIRUPDWLRQª RX
$UWLFOH ©EXUHDX[GHOLDLVRQªRX©EXUHDX[GHUHSUpVHQWDWLRQªVHORQOH
FDV DLQVL TXH OHV UpIpUHQFHV GH OD GpFLVLRQ SRUWDQW DXWRULVDWLRQ
/HVFKDQJHPHQWVTXLDIIHFWHQWODQDWLRQDOLWpOHFRQWU{OHHW
OD QDWXUH GHV RSpUDWLRQV GH O¶pWDEOLVVHPHQW GH FUpGLW FRQFHUQp G¶RXYHUWXUH
GRQQHQW OLHX j XQH QRXYHOOH DXWRULVDWLRQ GHPDQGpH HW GpOLYUpH /HVLQGLFDWLRQVVXVYLVpHVGRLYHQWpJDOHPHQWILJXUHUVXUWRXV
GDQV OHV IRUPHV HW OHV FRQGLWLRQV SUpYXHV SDU OD SUpVHQWH OHXUVGRFXPHQWVHWFRUUHVSRQGDQFHV
FLUFXODLUH 5DEDWOHDR €W
$UWLFOH
$%'(//$7,)-28$+5,
/D GpFLVLRQ G¶DXWRULVDWLRQ RX V¶LO \ D OLHX GH UHIXV HVW
BBBBB
QRWLILpH j O¶pWDEOLVVHPHQW SRVWXODQW GDQV XQ GpODL PD[LPXP GH
PRLVjFRPSWHUGHODGDWHGHUpFHSWLRQGpILQLWLYHGHO¶HQVHPEOH /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
GHVGRFXPHQWVHWUHQVHLJQHPHQWVUHTXLV ©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH 
 %8//(7,12)),&,(/ 1ıNDDGD 

$UUrWpGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHWGHODPLVHj $55Ç7(
QLYHDX GH O¶pFRQRPLH Qƒ  GX  UDPDGDQ 
$57,&/( 35(0,(5±/HV DpURGURPHV pQXPpUpV FLDSUqV
VHSWHPEUH  UHQGDQW G¶DSSOLFDWLRQ REOLJDWRLUH
VRQW GpVLJQpV FRPPH DpURSRUWV LQWHUQDWLRQDX[ HW GLVSRVHQW HQ
XQH QRUPHPDURFDLQH 
BBBBBBBBB SHUPDQHQFHGHMRXUHWGHQXLWGHVVHUYLFHVGHGRXDQHGHSROLFH
HWGHFRQWU{OHVDQLWDLUHDX[IURQWLqUHV
/( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '( /$
0,6($1,9($8'(/¶(&2120,(
±$JDGLU±$O0DVVLUD
9XOHGDKLUQƒGXMRXPDGD, MXLOOHW ±$O+RFHLPD±&KpULI(O,GULVVL
UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD ±&DVDEODQFD±0RKDPPHG9
TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp
PRGLILp SDU OH GDKLU SRUWDQW ORL Qƒ  GX UDELL ,  ±)qV6DLVV
VHSWHPEUH QRWDPPHQWVHVDUWLFOHVHW ±/Dk\RXQH±+DVVDQHU
9X O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GH ±0DUUDNHFK±0pQDUD
O¶DUWLVDQDWQƒGXFKDDEDQH QRYHPEUH
SRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV ±1DGRU±(O$URXL
$55Ç7( ±2XDU]D]DWH
$57,&/(35(0,(5±(VWUHQGXHG¶DSSOLFDWLRQREOLJDWRLUHOD ±2XMGD±$QJDG
QRUPH PDURFDLQH 10  UHODWLYH DX[ SQHXPDWLTXHV SRXU ±5DEDW±6DOp
YRLWXUHV SDUWLFXOLqUHV HW OHXUV UHPRUTXHV  PRLV DSUqV OD
SXEOLFDWLRQGXSUpVHQWDUUrWpDX©%XOOHWLQRIILFLHOª ±7DQJHU±,EQ%DWRXWD
$57±/D QRUPH YLVpH j O¶DUWLFOH SUHPLHU FLGHVVXV HVW ±7pWRXDQ±6DQLDW5¶PHO
WHQXH j OD GLVSRVLWLRQ GHV LQWpUHVVpV DX PLQLVWqUH GH O¶LQGXVWULH $57± /HV DpURGURPHV pQXPpUpV FLDSUqV VRQW GpVLJQpV
GX FRPPHUFH HW GH OD PLVH j QLYHDX GH O¶pFRQRPLH VHUYLFH GH FRPPHDpURSRUWVLQWHUQDWLRQDX[HWGLVSRVHQWHQSHUPDQHQFHGH
QRUPDOLVDWLRQLQGXVWULHOOHPDURFDLQH 61,0$  MRXUHWVXUGHPDQGHODQXLWGHVVHUYLFHVGHGRXDQHGHSROLFHHW
$57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO GHFRQWU{OHVDQLWDLUHDX[IURQWLqUHV
5DEDWOHUDPDGDQ VHSWHPEUH  ±%HQVOLPDQH
6$/$+('',1(0(=28$5 ±%RXDUID
±'DNKOD
±(UUDFKLGLD±0RXOD\$OL&KpULI
²²² ±(VVDRXLUD
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX ±7DQ7DQ±3ODJH%ODQFKH
©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH  /D SpULRGH GLWH GH © MRXUª V¶HQWHQG  G¶XQH GHPLKHXUH
DYDQW OH OHYHU GX VROHLO j XQH GHPLKHXUH DSUqV OH FRXFKHU GX
$UUrWpGXPLQLVWUHGHO¶pTXLSHPHQWHWGXWUDQVSRUWQƒ VROHLO
GXUDPDGDQ VHSWHPEUH IL[DQWODOLVWH /HV VHUYLFHV VXU GHPDQGH OD QXLW VXVYLVpV QH VHURQW
GHVDpURSRUWVLQWHUQDWLRQDX[GLVSRVDQWGHVVHUYLFHVGH HIIHFWXpVTXHVLOHSUpDYLVGHGHX[KHXUHVHVWUHVSHFWpHWFHDYDQW
GRXDQH GH SROLFH HW GH FRQWU{OH VDQLWDLUH DX[ OHFRXFKHUGXVROHLO
IURQWLqUHV
BBBBBBBB $57± /¶DUUrWp Qƒ  GX  UDELL ,,    PDL
 IL[DQW OD OLVWH GHV DpURSRUWV LQWHUQDWLRQDX[ GLVSRVDQW GHV
/(0,1,675('(/¶(48,3(0(17(7'875$163257 VHUYLFHV GH GRXDQH GH SROLFH HW GH FRQWU{OH VDQLWDLUH DX[
9XOHGpFUHWQƒGXVDIDU MXLOOHW IURQWLqUHVHVWDEURJp
SRUWDQW UpJOHPHQWDWLRQ GH O¶DpURQDXWLTXH FLYLOH WHO TX¶LO D pWp $57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
PRGLILpHWFRPSOpWpQRWDPPHQWVRQDUWLFOH
5DEDWOHUDPDGDQ VHSWHPEUH 
$SUqVDYLVFRQIRUPHGXPLQLVWUHGHO¶LQWpULHXUGXPLQLVWUH
GHVILQDQFHVHWGHODSULYDWLVDWLRQHWGXPLQLVWUHGHODVDQWp .$5,0*+(//$%
1ıNDDGD  %8//(7,12)),&,(/ 

7(;7(63$57,&8/,(56

'pFUHW Qƒ  GX  NDDGD    QRYHPEUH  /D SULVH GH SDUWLFLSDWLRQ GDQV OH FDSLWDO GH 9LYHQGL HVW
DXWRULVDQW OD &DLVVH GH GpS{W HW GH JHVWLRQ  &'* j O¶RFFDVLRQ SRXU OD &'* GH GpYHORSSHU GDYDQWDJH VHV UHODWLRQV
SUHQGUH XQH SDUWLFLSDWLRQ GDQV OH FDSLWDO GH OD VRFLpWp DYHF FH JURXSH WRXW HQ VH SODoDQW DX UDQJ GH VHV SULQFLSDX[
DQRQ\PHGHGURLWIUDQoDLV©9LYHQGLª DFWLRQQDLUHV (OOH V¶LQVFULW pJDOHPHQW GDQV OH FDGUH GH OD
BBBBBBBBBB SRXUVXLWH GH O¶RXYHUWXUH GH O¶pFRQRPLH PDURFDLQH j
O¶LQWHUQDWLRQDO HW QRWDPPHQW OD SRVVLELOLWp UpFHQWH DFFRUGpH DX[
/(35(0,(50,1,675(
LQVWLWXWLRQQHOV PDURFDLQV GH SODFHU XQH SDUWLH GH OHXUV DFWLIV j
(;326('(6027,)6 O¶pWUDQJHU
/D &DLVVH GH GpS{W HW GH JHVWLRQ  &'* GHPDQGH 9X O¶DUWLFOH  GH OD ORL Qƒ DXWRULVDQW OH WUDQVIHUW
O¶DXWRULVDWLRQUHTXLVHHQYHUWXGHVGLVSRVLWLRQVGHO¶DUWLFOHGHOD G¶HQWUHSULVHVSXEOLTXHVDXVHFWHXUSULYpSURPXOJXpHSDUOHGDKLU
ORL Qƒ  DXWRULVDQW OH WUDQVIHUW G¶HQWUHSULVHV SXEOLTXHV DX QƒGXUDPDGDQ DYULO WHOOHTX¶HOOHDpWp
VHFWHXU SULYp WHOOH TX¶HOOH D pWp PRGLILpH HW FRPSOpWpH SRXU PRGLILpHHWFRPSOpWpH
SUHQGUHXQHSDUWLFLSDWLRQGHO¶RUGUHGHGDQVOHFDSLWDOGHOD
VRFLpWpDQRQ\PHGHGURLWIUDQoDLVGpQRPPpH©9LYHQGLª 6XUSURSRVLWLRQGXPLQLVWUHGHO¶pFRQRPLHHWGHVILQDQFHV
&HWWH VRFLpWp HVW XQ OHDGHU PRQGLDO GX GLYHUWLVVHPHQW 'e&5Ê7(
SUpVHQW GDQV OD PXVLTXH OD WpOpYLVLRQ OH FLQpPD OD WpOpSKRQLH $57,&/( 35(0,(5± /D &DLVVH GH GpS{W HW GH JHVWLRQ
IL[HHWPRELOHO¶LQWHUQHWHWOHVMHX[jWUDYHUVGLIIpUHQWHVILOLDOHV &'* HVWDXWRULVpHjSUHQGUHXQHSDUWLFLSDWLRQGHO¶RUGUHGH
$LQVL ©8QLYHUVHO 0XVLFª HVW OH QXPpR XQ PRQGLDO GH OD GDQV OH FDSLWDO GH OD VRFLpWp DQRQ\PH GH GURLW IUDQoDLV
PXVLTXH HW OH JURXSH FDQDO• QXPpUR XQ IUDQoDLV HW DFWHXU ©9LYHQGLª
HXURSpHQPDMHXUGHODGLVWULEXWLRQG¶RIIUHVGHWpOpYLVLRQjSpDJH $57± /H PLQLVWUH GH O¶pFRQRPLH HW GHV ILQDQFHV  HVW
6)5HVWOHVHFRQGRSpUDWHXUGHWpOpSKRQLHPRELOHHQ)UDQFHTXL FKDUJp GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX
GpWLHQWDXVVLXQHSDUWLFLSDWLRQGHGDQVOHSUHPLHURSpUDWHXU %XOOHWLQRIILFLHO
DOWHUQDWLI GH WpOpSKRQLH IL[H HQ )UDQFH  1HXI &HJHWHO  0DURF
7HOHFRPHVWOHSUHPLHURSpUDWHXUGHWpOpSKRQLHPRELOHHWIL[HDX )DLWj5DEDWOHNDDGD QRYHPEUH 
0DURF 9LYHQGL *DPHV HVW XQ GpYHORSSHXU pGLWHXU HW $%%$6(/)$66,
GLVWULEXWHXUGHMHX[LQWHUDFWLIVPXOWLSODWHIRUPHV
9LYHQGLDUpDOLVpHQXQFKLIIUHG¶DIIDLUHVFRQVROLGpGH 3RXUFRQWUHVHLQJ
 PLOOLDUGV G¶HXURV HQYLURQ GRQW    PLOOLDUGV G¶HXURV /HPLQLVWUHGHO¶pFRQRPLH
UpDOLVpVSDU8QLYHUVDOPXVLFJURXS PLOOLDUGVG¶HXURV HWGHVILQDQFHV
UpDOLVpVSDUOHJURXSHFDQDO PLOOLDUGVG¶HXURV UpDOLVpV 6$/$+('',1(0(=28$5
SDU 0DURF 7HOHFRP HW    PLOOLRQV G¶HXURV UpDOLVpV SDU
9LYHQGL JDPHV 3DU DLOOHXUV 9LYHQGL D UpDOLVp HQ  XQ BBBBB
UpVXOWDW G¶H[SORLWDWLRQ GH  PLOOLDUGV G¶HXURV HQ KDXVVH GH /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
SOXVGHSDUUDSSRUWjHWXQUpVXOWDWQHWGHPLOOLDUGV ©%XOOHWLQRIILFLHOªQƒGXNDDGD GpFHPEUH 
G¶HXURVHQKDXVVHGHSDUUDSSRUWj
/HV GpYHORSSHPHQWV UpFHQWV GH O¶DFWLYLWp SHUPHWWHQW
G¶HQYLVDJHU XQH FURLVVDQFH LPSRUWDQWH GHV UpVXOWDWV $LQVL $UUrWp GX PLQLVWUH GH O¶pFRQRPLH HW GHV ILQDQFHV Qƒ 
O¶DFTXLVLWLRQSDUOHJURXSHFDQDOGXERXTXHWQXPpULTXH736D GX NDDGD    QRYHPEUH  GpVLJQDQW OHV
SHUPLVGHFUpHUOHOHDGHUIUDQoDLVGHODWpOpYLVLRQQXPpULTXH FRQWULEXDEOHV GHYDQW YHUVHU O¶LPS{W VXU OHV VRFLpWpV
3DUDLOOHXUVO¶DFTXLVLWLRQSDU&HJHWHOGH7HOHDSHUPLVGH DXSUqVGXUHFHYHXUGHO¶DGPLQLVWUDWLRQILVFDOH
FRQVROLGHU OD SRVLWLRQ FRQFXUUHQWLHOOH GX JURXSH 9LYHQGL VXU OH BBBBBBBBBB
VHJPHQWGHODWpOpSKRQLHIL[HHQ)UDQFH
/(0,1,675('(/¶(&2120,((7'(6),1$1&(6
/D VWUXFWXUH ILQDQFLqUH GH FH JURXSH OH GRWH DXVVL G¶XQH
LPSRUWDQWHFDSDFLWpGHOHYpHGHIRQGVTXLSRXUUDLWrWUHHPSOR\pH 9X O¶DUWLFOH  GH OD ORL Qƒ  SRUWDQW FRGH GH
SRXUGHVSURMHWVGHFURLVVDQFHH[WHUQHRXSRXUXQHUHPRQWpHGH UHFRXYUHPHQW GHV FUpDQFHV SXEOLTXHV SURPXOJXpH SDU OH GDKLU
FDVKDX[DFWLRQQDLUHV QƒGXPRKDUUHP PDL WHOTXHPRGLILp

$X 0DURF 9LYHQGL D DFTXLV  GX FDSLWDO GH 0DURF 9XOHVDUWLFOHVHWGXFKDSLWUHSUHPLHUGXWLWUH,,GH


7HOHFRP DXSUqV GH O¶(WDW PDURFDLQ ORUV GH VD SULYDWLVDWLRQ HQ OD GHX[LqPH SDUWLH±UHODWLYH DX[ UqJOHV GH UHFRXYUHPHQW± GH
 &HWWHW SDUWLFLSDWLRQ D pWp SRUWpH j  HQ  'HSXLV O¶DUWLFOH  GH OD ORL GHV ILQDQFHV Qƒ  SURPXOJXpH SDU OH
0DURF 7HOHFRP D UpDOLVp SOXVLHXUV RSpUDWLRQV GH FURLVVDQFH GDKLUQƒGXKLMD GpFHPEUH 
H[WHUQH QRWDPPHQW HQ $IULTXH  0DXULWHO 2QDWHO HW *DERQ 9XOHSDUDJUDSKH9,,GHO¶DUWLFOHGXWLWUH,,,GHO¶DUWLFOH
7HOHFRP  GHODORLGHVILQDQFHVQƒVXVYLVpH
 %8//(7,12)),&,(/ 1ıNDDGD 

$55Ç7( 'pFLVLRQGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHWGHODPLVH
$57,&/( 35(0,(5±(Q DSSOLFDWLRQ GHV GLVSRVLWLRQV GX j QLYHDX GH O¶pFRQRPLH Qƒ  GX  UDPDGDQ 
SDUDJUDSKH9,,GHO¶DUWLFOHGXWLWUH,,,GHO¶DUWLFOHGHODORLGHV VHSWHPEUH  DWWULEXDQW OH FHUWLILFDW GH
ILQDQFHVQƒSUpFLWpHOHYHUVHPHQWGHO¶LPS{WVXUOHVVRFLpWpV FRQIRUPLWpDX[QRUPHVPDURFDLQHVDXODERUDWRLUHSXEOLF
GRLWrWUHHIIHFWXpjFRPSWHUGXGpFHPEUHDXSUqVGH G¶HVVDLV HW G¶pWXGHVODERUDERLUH QDWLRQDO GH PpWURORJLH
±OD UHFHWWH GH O¶DGPLQLVWUDWLRQ ILVFDOH GH 7L]QLW SDU OHV /3((/10 
VRFLpWpVHWDXWUHVSHUVRQQHVPRUDOHVGRQWOHVLqJHVRFLDOHVW
VLWXpGDQVOHUHVVRUWWHUULWRULDOGHODSURYLQFHGH7L]QLW BBBBBBBBB
±OD UHFHWWH GH O¶DGPLQLVWUDWLRQ ILVFDOH GH -HUDGD SDU OHV /( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '( /$
VRFLpWpVHWDXWUHVSHUVRQQHVPRUDOHVGRQWOHVLqJHVRFLDOHVW 0,6($1,9($8'(/¶(&2120,(
VLWXpGDQVOHUHVVRUWWHUULWRULDOGHODSURYLQFHGH-HUDGD
9XOHGDKLUQƒGXMRXPDGD, MXLOOHW
±OD UHFHWWH GH O¶DGPLQLVWUDWLRQ ILVFDOH GH 7DRXULUW SDU OHV
UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD
VRFLpWpV HW DXWUHV SHUVRQQHV PRUDOHV GRQW OH VLqJH VRFLDO
TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp
HVW VLWXp GDQV OH UHVVRUW WHUULWRULDO GH OD SURYLQFH GH
7DRXULUW PRGLILp SDU OH GDKLU SRUWDQW ORL Qƒ  GX UDELL , 
VHSWHPEUH 
± OD UHFHWWH GH O¶DGPLQLVWUDWLRQ ILVFDOH GH %RXLJUD SDU OHV
VRFLpWpV HW DXWUHV SHUVRQQHV PRUDOHV GRQW OH VLqJH VRFLDO 9XOHGpFUHWQƒGXUDELL,, VHSWHPEUH
HVW VLWXp GDQV OH UHVVRUW WHUULWRULDO GH OD SURYLQFH GH SULV SRXU O¶DSSOLFDWLRQ GX GDKLU Qƒ  GX  MRXPDGD ,
&KWRXND$wW%DKD  MXLOOHW SUpFLWp
±ODUHFHWWHGHO¶DGPLQLVWUDWLRQILVFDOHGH7DURXGDQWSDUOHV 9XO¶DUUrWpGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHWGHOD
VRFLpWpV HW DXWUHV SHUVRQQHV PRUDOHV GRQW OH VLqJH VRFLDO PLVH j QLYHDX GH O¶HFRQRPLH Qƒ  GX  PRKDUUHP 
HVW VLWXp GDQV OH UHVVRUW WHUULWRULDO GH OD SURYLQFH GH
IpYULHU SRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV
7DURXGDQW
$SUqV DYLV GH OD FRPPLVVLRQ G¶DFFUpGLWDWLRQ G¶pWDORQQDJH
±ODUHFHWWHGHO¶DGPLQLVWUDWLRQILVFDOHGH*XHOPLPSDUOHV
VRFLpWpV HW DXWUHV SHUVRQQHV PRUDOHV GRQW OH VLqJH VRFLDO LVVXHGXFRPLWpG¶DFFUpGLWDWLRQ
HVW VLWXp GDQV OH UHVVRUW WHUULWRULDO GHV SURYLQFHV GH 'e&,'(
*XHOPLP7DWD7DQ7DQHW$VVD=DJ
$57,&/(35(0,(5±/H FHUWLILFDW GH FRQIRUPLWp j OD QRUPH
±ODUHFHWWHGHO¶DGPLQLVWUDWLRQILVFDOHGH&KHIFKDRXHQSDU PDURFDLQH 10 ,62  HVW DWWULEXp DX ODERUDWRLUH SXEOLF
OHV VRFLpWpV HW DXWUHV SHUVRQQHV PRUDOHV GRQW OH VLqJH G¶HVVDLV HW G¶pWXGHVODERUDWRLUH QDWLRQDO GH PpWURORJLH
VRFLDOHVWVLWXpGDQVOHUHVVRUWWHUULWRULDOGHODSURYLQFHGH
/3((/10  VLV VWDWLRQ H[SpULPHQWDOH  NP  URXWH G¶(O
&KHIFKDRXHQ
-DGLGD  &DVDEODQFD SRXU OHV SUHVWDWLRQV G¶pWDORQQDJHV HW GH
± OD UHFHWWH GH O¶DGPLQLVWUDWLRQ ILVFDOH GH %RXDUID SDU OHV YpULILFDWLRQVUpDOLVpHVGDQVOHVGRPDLQHVVXLYDQWV
VRFLpWpVHWDXWUHVSHUVRQQHVPRUDOHVGRQWOHVLqJHVRFLDOHVW
VLWXpGDQVOHUHVVRUWWHUULWRULDOGHODSURYLQFHGH)LJXLJ ±pOHFWULTXH

± OD UHFHWWH GH O¶DGPLQLVWUDWLRQ ILVFDOH G¶$VLODK SDU OHV ±WHPSpUDWXUHHWK\JURPpWULH


VRFLpWpV HW DXWUHV SHUVRQQHV PRUDOHV GRQW OH VLqJH VRFLDO ±SUHVVLRQ
HVWVLWXpGDQVOHUHVVRUWWHUULWRULDOGHODPXQLFLSDOLWpHWGH
FHUFOHG¶$VLODK ±PDVVHVHWSHVDJH

±ODUHFHWWHGHO¶DGPLQLVWUDWLRQILVFDOHGH'ULRXHFKSDUOHV ±IRUFH
VRFLpWpV HW DXWUHV SHUVRQQHV PRUDOHV GRQW OH VLqJH VRFLDO ±GLPHQVLRQQHO
HVW VLWXp GDQV OH UHVVRUW WHUULWRULDO GHV FHUFOHV GH 5LI HW
$57±/D SUpVHQWH GpFLVLRQ VHUD SXEOLpH DX %XOOHWLQ
'ULRXHFK
RIILFLHO
$57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
5DEDWOHUDPDGDQ  VHSWHPEUH 
5DEDWOHNDDGD QRYHPEUH 
6$/$+('',1(0(=28$5 6$/$+('',1(0(=28$5

²²² ²²²

/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH  ©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH 
1ıNDDGD  %8//(7,12)),&,(/ 

'pFLVLRQ GX JRXYHUQHXU GH %DQN $O0DJKULE Qƒ GX  HVW DJUppH HQ TXDOLWp GH VRFLpWp GH ILQDQFHPHQW
UDPDGDQ    RFWREUH  SRUWDQW DJUpPHQW VSpFLDOLVpH GDQV OH ILQDQFHPHQW DXWRPRELOH GHV PDUTXHV GX
GHODVRFLpWp©5&,)LQDQFH0DURFª6$HQTXDOLWpGH *URXSH 5HQDXOW HW O¶DFFRPSDJQHPHQW GH VHV FRQFHVVLRQQDLUHV j
VRFLpWpGHILQDQFHPHQW
WUDYHUV O¶RFWURL GH FUpGLWV j OD FRQVRPPDWLRQ OD ORFDWLRQ DYHF
BBBBBBBBBBB
RSWLRQG¶DFKDWGHYpKLFXOHVDXWRPRELOHVHWO¶DIIDFWXUDJH
/(*289(51(85'(%$1.$/0$*+5,% $57±/D SUpVHQWH GpFLVLRQ VHUD SXEOLpH DX %XOOHWLQ
9X OD ORL Qƒ  UHODWLYH DX[ pWDEOLVVHPHQWV GH FUpGLW HW RIILFLHO
RUJDQLVPHV DVVLPLOpV SURPXOJXpH SDU OH GDKLU Qƒ  GX
PRKDUUHP IpYULHU QRWDPPHQWVRQDUWLFOH 5DEDWOHUDPDGDQ RFWREUH 
9X OD GHPDQGH G¶DJUpPHQW IRUPXOpH SDU OD VRFLpWp © 5&, $%'(//$7,)-28$+5,
%DQTXHªHQGDWHGXPDL
$SUqVDYLVIDYRUDEOHpPLVSDUOHFRPLWpGHVpWDEOLVVHPHQWV
GHFUpGLWHQGDWHGXMXLOOHW
BBBBBBB
'e&,'(
$57,&/(35(0,(5±/DVRFLpWp©5&,)LQDQFH0DURFª6$ /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
GRQW OH VLqJH VRFLDO HVW VLV j &DVDEODQFD 3ODFH %DQGRHQJ %3 ©%XOOHWLQRIILFLHOªQƒGXNDDGD QRYHPEUH 

You might also like