4XDWUHYLQJWGL[KXLWLqPHDQQpH±1ƒ UDELL,PDUV

,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$52&
5$%$7&+(//$+

(GLWLRQGHVGpEDWVGHOD&KDPEUHGHV5HSUpVHQWDQWV 
`
(GLWLRQJpQpUDOH 
PRLV

'+
²
DQ

'+
'+
$/¶(75$1*(5

$ GHVWLQDWLRQ GH O¶pWUDQJHU

SDU YRLHV RUGLQDLUH DpULHQQH
RX GH OD SRVWH UDSLGH LQWHUQD
7pO

&RPSWHQƒ
(GLWLRQGHVGpEDWVGHOD&KDPEUHGHV&RQVHLOOHUV  ² '+ WLRQDOH OHV WDULIV SUpYXV FL 
(GLWLRQGHVDQQRQFHVOpJDOHVMXGLFLDLUHVHWDGPLQLVWUDWLYHV  '+ '+ FRQWUH VRQW PDMRUpV GHV IUDLV RXYHUWjOD7UpVRUHULH3UpIHFWRUDOHGH5DEDW
(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( 3URWHFWLRQGHVSHUVRQQHVSK\VLTXHVjO¶pJDUG
BBBBBBBB
GX WUDLWHPHQW GHV GRQQpHV j FDUDFWqUH
7(;7(6*(1(5$8; SHUVRQQHO
BBBBBB 3DJHV 'DKLU Qƒ GX  VDIDU   IpYULHU 
SRUWDQWSURPXOJDWLRQGHODORLQƒUHODWLYHjOD
&RQYHQWLRQGHV1DWLRQVXQLHVVXUOHGURLWGH SURWHFWLRQ GHV SHUVRQQHV  SK\VLTXHV j O
pJDUG GX
OD PHU HW $FFRUG UHODWLI j O¶DSSOLFDWLRQ WUDLWHPHQWGHVGRQQpHVjFDUDFWqUHSHUVRQQHO 
GHODSDUWLH;,GHODGLWHFRQYHQWLRQ
$JHQFH SRXU OH GpYHORSSHPHQW DJULFROH±
'DKLU Qƒ  GX  MRXPDGD ,   PDL 
SRUWDQWSXEOLFDWLRQGHOD&RQYHQWLRQGHV1DWLRQVXQLHV &UpDWLRQ
VXU OH GURLW GH OD PHU IDLWH j 0RQWHJR %D\ OH 'DKLU Qƒ GX  VDIDU    IpYULHU 
GpFHPEUH  HW GHlO¶$FFRUG UHODWLI j SRUWDQW SURPXOJDWLRQ GH OD ORL Qƒ  SRUWDQW
O¶DSSOLFDWLRQGHODSDUWLH;,GHODGLWHFRQYHQWLRQIDLW FUpDWLRQGHO¶$JHQFHSRXUOHGpYHORSSHPHQWDJULFROH 
OHMXLOOHW 

&KDUWHFRPPXQDOH 2IILFH QDWLRQDO GH VpFXULWp VDQLWDLUH GHV SURGXLWV

DOLPHQWDLUHV±&UpDWLRQ
'DKLU Qƒ GX  VDIDU   IpYULHU 
SRUWDQWSURPXOJDWLRQGHODORLQƒPRGLILDQWHW 'DKLU Qƒ GX  VDIDU   IpYULHU 
FRPSOpWDQW OD ORL Qƒ  SRUWDQW FKDUWH SRUWDQW SURPXOJDWLRQ GH OD ORL Qƒ  SRUWDQW
FRPPXQDOHWHOOHTXHPRGLILpHHWFRPSOpWpH 
FUpDWLRQ GH O¶2IILFH QDWLRQDO GH VpFXULWp VDQLWDLUH
2UJDQLVDWLRQ GHV ILQDQFHV GHV FROOHFWLYLWpV GHVSURGXLWVDOLPHQWDLUHV 
ORFDOHVHWOHXUVJURXSHPHQWV
&KDPEUHVG¶DJULFXOWXUH±6WDWXW
'DKLU Qƒ  GX  VDIDU   IpYULHU 
SRUWDQW SURPXOJDWLRQ GH OD ORL Qƒ  UHODWLYH j 'DKLU Qƒ GX  VDIDU   IpYULHU 
O¶RUJDQLVDWLRQGHVILQDQFHVGHVFROOHFWLYLWpVORFDOHV SRUWDQW SURPXOJDWLRQ GH OD ORL Qƒ  SRUWDQW
HWGHOHXUVJURXSHPHQWV  VWDWXWGHVFKDPEUHVG¶DJULFXOWXUH 
 %8//(7,12)),&,(/ 1ıUDELL,
3DJHV 3DJHV
$JHQFH PDURFDLQH GH GpYHORSSHPHQW GHV $VVXUDQFHPDODGLHREOLJDWRLUH
LQYHVWLVVHPHQWV±&UpDWLRQ $UUrWpGHODPLQLVWUHGHODVDQWpQƒGXKLMD 
'DKLU Qƒ GX  VDIDU   IpYULHU  GpFHPEUHDSSURXYDQWOHVWDULIVQDWLRQDX[GH
SRUWDQW SURPXOJDWLRQ GH OD ORL Qƒ  SRUWDQW UpIpUHQFHSRXUOHUHPERXUVHPHQWRXODSULVHHQFKDUJH
FUpDWLRQ GH O¶$JHQFH PDURFDLQH GH GpYHORSSHPHQW GHV DSSDUHLOODJHV HW GLVSRVLWLIV PpGLFDX[ DX WLWUH GH
GHVLQYHVWLVVHPHQWV  O¶DVVXUDQFHPDODGLHREOLJDWRLUH 
&RXUVG¶DSSHODGPLQLVWUDWLYHV $UUrWpGHODPLQLVWUHGHODVDQWpQƒGXKLMD 
'DKLUQƒGXVDIDUIpYULHU SRUWDQW
SURPXOJDWLRQGHODORLQƒPRGLILDQWODORLQƒ
LQVWLWXDQWGHVFRXUVG¶DSSHODGPLQLVWUDWLYHV
&RQVHLOV FRPPXQDX[ HW DUURQGLVVHPHQWV
FRQVHLOV SUpIHFWRUDX[ HW SURYLQFLDX[ HW
FRQVHLOVUpJLRQDX[±&HVVDWLRQGXPDQGDW
GHV PHPEUHV HW GHV UHSUpVHQWDQWV GHV
VDODULpV
 GpFHPEUH  IL[DQW OD OLVWH GHV DSSDUHLOV GH
SURWKqVHV HW G¶RUWKqVHV PpGLFDOHV GHV GLVSRVLWLIV
 PpGLFDX[HWLPSODQWVDGPLVDXUHPERXUVHPHQWRXjOD
SULVH HQ FKDUJH DX WLWUH GH O¶DVVXUDQFH PDODGLH
REOLJDWRLUH HW FHOOH GHV DSSDUHLOV GH SURWKqVH HW
G¶RUWKqVH GHV GLVSRVLWLIV PpGLFDX[ HW LPSODQWV GRQW OH
UHPERXUVHPHQW RX OD SULVH HQ FKDUJH HVW VRXPLV j
O¶DFFRUGSUpDODEOHGHO¶RUJDQLVPHJHVWLRQQDLUH 
0LQLVWqUH GX WRXULVPH HW GH O¶DUWLVDQDW
'DKLUQƒGXVDIDUIpYULHU SRUWDQW
SURPXOJDWLRQGHODORLQƒUHODWLYHjODFHVVDWLRQ GpSDUWHPHQWGXWRXULVPHpWDEOLVVHPHQWV
GX PDQGDW GHV PHPEUHV GHV FRQVHLOV FRPPXQDX[ GH IRUPDWLRQ K{WHOLqUH HW WRXULVWLTXH±
HWG¶DUURQGLVVHPHQWV GHV FRQVHLOV SUpIHFWRUDX[ 7DULIVGHVSUHVWDWLRQVGHVHUYLFHVUHQGXV
HWSURYLQFLDX[ HW GHV FRQVHLOV UpJLRQDX[ HW j $UUrWpFRQMRLQWGXPLQLVWUHGXWRXULVPHHWGHO¶DUWLVDQDW HW
ODFHVVDWLRQGXPDQGDWGHVUHSUpVHQWDQWVGHVVDODULpV  GXPLQLVWUHGHO¶pFRQRPLHHWGHVILQDQFHVQƒ
'URLWG¶DVVRFLDWLRQ GXPRKDUUHPMDQYLHUIL[DQWOHVWDULIV
GHV SUHVWDWLRQV GH VHUYLFHV UHQGXHV SDU OH PLQLVWqUH
'DKLU Qƒ GX  VDIDU   IpYULHU  GX WRXULVPH HW GH O¶DUWLVDQDW GpSDUWHPHQW GX
SRUWDQW SURPXOJDWLRQ GH OD ORL Qƒ  PRGLILDQW WRXULVPH±pWDEOLVVHPHQWV GH IRUPDWLRQ K{WHOLqUH HW
O¶DUWLFOHGXGDKLUQƒGXMRXPDGD, WRXULVWLTXH 
 QRYHPEUH  UpJOHPHQWDQW OH GURLW
G¶DVVRFLDWLRQWHOTX¶LODpWpPRGLILpHWFRPSOpWp  +RPRORJDWLRQGHQRUPHVPDURFDLQHV
3RVWHVGLSORPDWLTXHVHWFRQVXODLUHV $UUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
'DKLU Qƒ  GX  VDIDU   IpYULHU  QRXYHOOHVWHFKQRORJLHVQƒGXPRKDUUHP
FRPSOpWDQW OH GDKLU Qƒ  GX  UDPDGDQ  MDQYLHU  SRUWDQW KRPRORJDWLRQ GH QRUPHV
  DYULO  SRUWDQW FUpDWLRQ GH SRVWHV PDURFDLQHV 
GLSORPDWLTXHVHWFRQVXODLUHV  ,PS{W VXU OH UHYHQX±&RHIILFLHQWV GH
$FFRUGGHSUrWFRQFOXHQWUHOH5R\DXPHGX 0DURF UppYDOXDWLRQSRXUO¶DQQpH
HWOD%DQTXHDIULFDLQHGHGpYHORSSHPHQW $UUrWpGXPLQLVWUHGHO¶pFRQRPLHHWGHVILQDQFHVQƒGX
'pFUHWQƒGXVDIDUIpYULHU DSSURXYDQW  VDIDU   IpYULHU  IL[DQW SRXU
O¶DFFRUG GH SUrW G¶XQ PRQWDQW GH  G¶HXURV O¶DQQpHOHVFRHIILFLHQWVGHUppYDOXDWLRQHQPDWLqUH
FRQFOX OH  KLMD  GpFHPEUH  HQWUH OH G¶LPS{WVXUOHUHYHQXDXWLWUHGHVSURILWVIRQFLHUV 
5R\DXPH GX 0DURF HW OD %DQTXH DIULFDLQH GH
GpYHORSSHPHQW SRXU OHILQDQFHPHQW GX SURJUDPPH &RPEXVWLEOHV OLTXLGHV HW EXWDQH ± )L[DWLRQ
G¶DSSXLjODUpIRUPHGHODFRXYHUWXUHPpGLFDOHSKDVH,,  GHVSUL[
$FFRUGGHSUrWFRQFOXHQWUHOH5R\DXPHGX $UUrWp GX PLQLVWUH GpOpJXp DXSUqV GX 3UHPLHU  PLQLVWUH
0DURF HW OH )RQGV GH O¶23(3 SRXU OH FKDUJp GHV DIIDLUHV pFRQRPLTXHV HW JpQpUDOHV
GpYHORSSHPHQWLQWHUQDWLRQDO Qƒ GX  VDIDU   IpYULHU 
PRGLILDQW HW FRPSOpWDQW O¶DUUrWp Qƒ  GX
'pFUHWQƒGXVDIDUIpYULHU DSSURXYDQW UDPDGDQ   RFWREUH  UHODWLI j OD
O¶DFFRUG GH SUrW G¶XQ PRQWDQW GH PLOOLRQV GH GROODUV IL[DWLRQGHVSUL[GHUHSULVHHQUDIILQHULHHWGHYHQWH
86 FRQFOX OH  NDDGD  QRYHPEUH  HQWUH OH
5R\DXPH GX 0DURF HW OH)RQGV GH O¶23(3 SRXU OH
GpYHORSSHPHQW LQWHUQDWLRQDO SRXU OH ILQDQFHPHQW GX
SURMHWGHFRQVWUXFWLRQGXEDUUDJH7DVNRXUW 
&RGHGHVGRXDQHVHWLPS{WVLQGLUHFWV
GHVFRPEXVWLEOHVOLTXLGHVHWGXEXWDQH

&DUEXUpDFWHXU © -3ª ± 3UL[ GH UHSULVH HW
GHYHQWH
$UUrWp GX PLQLVWUH GpOpJXp DXSUqV GX 3UHPLHU  PLQLVWUH
'pFUHW Qƒ  GX  VDIDU   MDQYLHU  FKDUJp GHV DIIDLUHV pFRQRPLTXHV HW JpQpUDOHV
PRGLILDQWOHGpFUHWQƒGXFKDRXDO QƒGXVDIDUIpYULHUUHODWLI
RFWREUHSULVSRXUO¶DSSOLFDWLRQGXFRGHGHV j OD IL[DWLRQ GHV SUL[ GH UHSULVH HQ UDIILQHULH HW GH
GRXDQHV HW LPS{WV LQGLUHFWV  YHQWHGXFDUEXUpDFWHXU ©-3ª 
1ıUDELL, %8//(7,12)),&,(/ 
3DJHV 3DJHV
$UUrWpGXPLQLVWUHGHO¶DJULFXOWXUHHWGHODSrFKH PDULWLPH
7(;7(63$57,&8/,(56 Qƒ  GX  PRKDUUHP   MDQYLHU 
BBBBBB
SRUWDQW DJUpPHQW GH OD VRFLpWp ©6RSURFKLEDª SRXU
&HQWUH QDWLRQDO GH O¶pQHUJLH GHV VFLHQFHV HW FRPPHUFLDOLVHUGHVVHPHQFHVVWDQGDUGGHOpJXPHV 
GHVWHFKQLTXHVQXFOpDLUHV±5HFRQGXFWLRQ $UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD SrFKH  PDULWLPH
GHODJDUDQWLHGHO¶(WDW Qƒ GX  PRKDUUHP   MDQYLHU 
'pFUHW Qƒ GX  VDIDU   IpYULHU  SRUWDQW DJUpPHQW GH OD VRFLpWp ©&RPDVHPª SRXU
UHFRQGXLVDQW OD JDUDQWLH GH O¶(WDW DX &HQWUH FRPPHUFLDOLVHU GHV VHPHQFHV FHUWLILpHV GH PDwV GHV
QDWLRQDOGHO¶pQHUJLHGHVVFLHQFHVHWGHVWHFKQLTXHV OpJXPLQHXVHV DOLPHQWDLUHV GHV OpJXPLQHXVHV
QXFOpDLUHV &1(67(1 IRXUUDJqUHVGHVROpDJLQHXVHVHWGHVVHPHQFHVVWDQGDUG

GHOpJXPHV 
6RFLpWp0('=ILOLDOHGH&'* 'pYHORSSHPHQW± $UUrWpGXPLQLVWUHGHO¶DJULFXOWXUHHWGHODSrFKH PDULWLPH
3ULVH GH SDUWLFLSDWLRQ GDQV OH FDSLWDO GH OD Qƒ  GX  PRKDUUHP   MDQYLHU 
VRFLpWp DQRQ\PH GpQRPPpH ©6RFLpWp GH SRUWDQW DJUpPHQW GH OD VRFLpWp ©$&+7$/ª SRXU
JHVWLRQ HW G¶H[SORLWDWLRQ GX SDUF LQGXVWULHO FRPPHUFLDOLVHUGHVVHPHQFHVVWDQGDUGGHOpJXPHV 
G¶2XOHG6DOHKª $UUrWpGXPLQLVWUHGHO¶DJULFXOWXUHHWGHODSrFKH PDULWLPH
'pFUHWQƒGXVDIDUIpYULHU DXWRULVDQW
OD VRFLpWp 0('= ILOLDOH GH &'* 'pYHORSSHPHQW SRXU
SUHQGUH XQH SDUWLFLSDWLRQ GDQV OH FDSLWDO OD VRFLpWp
DQRQ\PHGpQRPPpH©6RFLpWpGHJHVWLRQHWG¶H[SORLWDWLRQ
GX SDUF LQGXVWULHO G¶2XOHG 6DOHKª SDU DEUpYLDWLRQ
©62*(326ª
6RFLpWp ©63$&(&20ª±$SSUREDWLRQ  GX
FDKLHUGHVFKDUJHVSDUWLFXOLHU
Qƒ  GX  PRKDUUHP   MDQYLHU 
SRUWDQWDJUpPHQWGHODVRFLpWp©9DOPRQW0DURFªSRXU
FRPPHUFLDOLVHU GHV VHPHQFHV FHUWLILpHV GH PDwV GHV
OpJXPLQHXVHV DOLPHQWDLUHV GHV OpJXPLQHXVHV
IRXUUDJqUHVGHVROpDJLQHXVHVHWGHVVHPHQFHVVWDQGDUG
 GHOpJXPHV 
&HUWLILFDWVGHFRQIRUPLWpDX[QRUPHVPDURFDLQHV
'pFLVLRQ GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
'pFUHW Qƒ GX  VDIDU   IpYULHU   SRUWDQW QRXYHOOHVWHFKQRORJLHVQƒGXPRKDUUHP
DSSUREDWLRQ GX FDKLHU GHV FKDUJHV SDUWLFXOLHU SRXU OD MDQYLHU  UHODWLYH j OD FHUWLILFDWLRQ GX V\VWqPH
UpDOLVDWLRQ GHV PLVVLRQV GX VHUYLFH XQLYHUVHO SDU OD GHJHVWLRQGHODTXDOLWpGX&HQWUHGHPDLQWHQDQFHHWGH
VRFLpWp ©63$&(&20ª IRUPDWLRQ GHV WUDLQV GH OLJQH GH )qV &0)7/) GH

O¶21&) 
$JUpPHQWV SRXU OD FRPPHUFLDOLVDWLRQ GH 'pFLVLRQ GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
VHPHQFHVHWGHSODQWV QRXYHOOHVWHFKQRORJLHVQƒGXPRKDUUHP
$UUrWpGXPLQLVWUHGHO¶DJULFXOWXUHHWGHODSrFKH PDULWLPH MDQYLHUUHODWLYHjODFHUWLILFDWLRQGXV\VWqPH
Qƒ GX  PRKDUUHP   MDQYLHU  GH JHVWLRQ GH OD TXDOLWp GH OD VRFLpWp 

2PQLXP
SRUWDQW DJUpPHQW GH OD VRFLpWp ©3URJUDLQHVª SRXU WHFKQLTXHG¶pOHFWULFLWpHWG¶pOHFWURQLTXH©20(/(&ª

 
FRPPHUFLDOLVHU GHV VHPHQFHV FHUWLILpHV GH FpUpDOHV 'pFLVLRQ GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
G¶DXWRPQH GH PDwV GHV OpJXPLQHXVHV DOLPHQWDLUHV QRXYHOOHVWHFKQRORJLHVQƒGXPRKDUUHP
GHVOpJXPLQHXVHVIRXUUDJqUHVGHVROpDJLQHXVHVHWGHV MDQYLHUUHODWLYHjODFHUWLILFDWLRQGXV\VWqPH
VHPHQFHV VWDQGDUG GH OpJXPHV  GH JHVWLRQ GH OD TXDOLWp GH OD VRFLpWp ©*pQpUDOH
$UUrWpGXPLQLVWUHGHO¶DJULFXOWXUHHWGHODSrFKH PDULWLPH ,QWpULPª 
Qƒ  GX  PRKDUUHP   MDQYLHU  'pFLVLRQ GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
SRUWDQW DJUpPHQW GH OD VRFLpWp ©/HV &RQVHUYHV GH QRXYHOOHVWHFKQRORJLHVQƒGXPRKDUUHP
0HNQqVªSRXUFRPPHUFLDOLVHUGHVVHPHQFHVVWDQGDUG MDQYLHUDWWULEXDQWOHFHUWLILFDWGHFRQIRUPLWp
GHOpJXPHV  DX[QRUPHVPDURFDLQHVjODVRFLpWp©&RODLPRª 
$UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD SrFKH  PDULWLPH BBBBBBBBBB
Qƒ GX  PRKDUUHP   MDQYLHU 
SRUWDQWDJUpPHQWGHODVRFLpWp©1DEDW&KDRXLDªSRXU 25*$1,6$7,21(73(56211(/
FRPPHUFLDOLVHU GHV VHPHQFHV FHUWLILpHV GH FpUpDOHV '(6$'0,1,675$7,21638%/,48(6
G¶DXWRPQHGHPDwVGHVOpJXPLQHXVHVDOLPHQWDLUHVGHV BBBBBBBBBB
OpJXPLQHXVHV IRXUUDJqUHV GHV ROpDJLQHXVHV GHV
VHPHQFHVVWDQGDUGGHOpJXPHVHWGHVSODQWVFHUWLILpVGH 7(;7(63$57,&8/,(56
SRPPHGHWHUUH BBBBBB

$UUrWpGXPLQLVWUHGHO¶DJULFXOWXUHHWGHODSrFKH PDULWLPH 0LQLVWqUHGHO¶pFRQRPLHHWGHVILQDQFHV
Qƒ  GX  PRKDUUHP  MDQYLHU  'pFUHW Qƒ  GX  FKDDEDQH   DR€W 
SRUWDQW DJUpPHQW GH OD SpSLQLqUH ©(O .DQGRXFKLª SRUWDQW UpJOHPHQWDWLRQ GH O¶XQLIRUPH GHV LQVLJQHV
SRXU FRPPHUFLDOLVHU GHV VHPHQFHV HW GHV SODQWV DWWULEXWV HW REMHWV G¶pTXLSHPHQW GX SHUVRQQHO GH
FHUWLILpVG¶DJUXPHV  O¶DGPLQLVWUDWLRQGHVGRXDQHVHWLPS{WVLQGLUHFWV 

 %8//(7,12)),&,(/ 1ıUDELL,

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

'DKLU Qƒ  GX  MRXPDGD ,   PDL  SRUWDQW SXEOLFDWLRQ GH OD
&RQYHQWLRQ GHV 1DWLRQV XQLHV VXU OH GURLW GH OD PHU IDLWH j 0RQWHJR %D\ OH
GpFHPEUH  HW GH lO¶$FFRUG UHODWLI j O¶DSSOLFDWLRQ GH OD SDUWLH ;, GH ODGLWH
FRQYHQWLRQIDLWOHMXLOOHW 
BBBBBBBBB
/28$1*($',(86(8/
*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9,
4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHWHQIRUWLILHUODWHQHXU
4XH1RWUH0DMHVWp&KpULILHQQH
9X OD &RQYHQWLRQ GHV 1DWLRQV XQLHV VXU OH GURLW GH OD PHU IDLWH j 0RQWHJR %D\ OH
GpFHPEUHHWO¶$FFRUGUHODWLIjO¶DSSOLFDWLRQGHODSDUWLH;,GHODGLWH&RQYHQWLRQIDLWOH
MXLOOHW
9XOHSURFqVYHUEDOGHGpS{WGHVLQVWUXPHQWVGHUDWLILFDWLRQGX5R\DXPHGX0DURFGHOD
&RQYHQWLRQHWGHO¶$FFRUGSUpFLWpVIDLWj1HZ<RUNOHMXLQ
$'e&,'e&(48,68,7
6HURQWSXEOLpVDX%XOOHWLQRIILFLHOjODVXLWHGXSUpVHQWGDKLUDYHFODGpFODUDWLRQVXLYDQWH
OD&RQYHQWLRQGHV1DWLRQVXQLHVVXUOHGURLWGHODPHUIDLWHj0RQWHJR%D\OHGpFHPEUHHW
O¶$FFRUGUHODWLIjO¶DSSOLFDWLRQGHODSDUWLH;,GHODGLWH&RQYHQWLRQIDLWOHMXLOOHW
±OHV GURLWV HW UqJOHPHQWV PDURFDLQV UHODWLIV j OD PHU V¶DSSOLTXHQW VDQV SUpMXGLFH GHV
GLVSRVLWLRQVGHOD&RQYHQWLRQGHV1DWLRQV8QLHVVXUOHGURLWGHODPHU
±OH JRXYHUQHPHQW GX 5R\DXPH GX 0DURF UpDIILUPH TXH 6HEWD 0HOLOLD O¶vORW
G¶$OKXFHPDV OH URFKHU GH 9DOOH] HW OHV vOHV &KDIIDULQHV VRQW GHV WHUULWRLUHV PDURFDLQV $X
FRXUVGHVRQKLVWRLUHHWMXVTX¶jQRVMRXUVOH0DURFQHV¶HVWMDPDLVGpSDUWLGHVRQVRXFLPDMHXU
GHUpFXSpUHUFHVHQFODYHVVRXVRFFXSDWLRQHVSDJQROHDILQGHUpDOLVHUVRQLQWpJULWpWHUULWRULDOH
(Q UDWLILDQW OD &RQYHQWLRQ OH JRXYHUQHPHQW GX 5R\DXPH GX 0DURF GpFODUH TXH FHWWH
UDWLILFDWLRQ QH SHXW HQ DXFXQH PDQLqUH rWUH LQWHUSUpWpH FRPPH XQH UHFRQQDLVVDQFH GH FHWWH
RFFXSDWLRQ
±OH JRXYHUQHPHQW GX 5R\DXPH GX 0DURF QH VH FRQVLGqUH OLp SDU DXFXQH OpJLVODWLRQ
LQWHUQHRXGpFODUDWLRQVIDLWHVRXTXLSRXUUDLHQWrWUHIDLWHVSDUG¶DXWUHV(WDWVORUVGHODVLJQDWXUH
RXGHODUDWLILFDWLRQGHOD&RQYHQWLRQ,OVHUpVHUYHVLQpFHVVDLUHOHGURLWGHIL[HUVDSRVLWLRQj
OHXUpJDUGHQWHPSVRSSRUWXQ
±OHJRXYHUQHPHQWGX5R\DXPHGX0DURFVHUpVHUYHOHGURLWGHIDLUHHQWHPSVRSSRUWXQ
OHVGpFODUDWLRQVSUpYXHVDX[DUWLFOHVHWHQFHTXLFRQFHUQHOHUqJOHPHQWGHVGLIIpUHQGV
)DLWj&DVDEODQFDOHMRXPDGD,PDL
3RXUFRQWUHVHLQJ
/H3UHPLHUPLQLVWUH
$%%$6(/)$66,


1ıUDELL, %8//(7,12)),&,(/ 

'DKLU Qƒ GX   VDIDU   IpYULHU   SRUWDQW
SURPXOJDWLRQ GH OD ORL Qƒ  PRGLILDQW HW FRPSOpWDQW
OD ORL Qƒ  SRUWDQW FKDUWH FRPPXQDOH WHOOH TXH
PRGLILpHHWFRPSOpWpH
BBBBBBBBB
/28$1*($',(86(8/
©/RUVTX¶XQH OLVWH XQLTXH HVW GpFODUpH JDJQDQWH OH
©FDQGLGDW FODVVp HQ WrWH GH OLVWH HVW pOX FRQIRUPpPHQW DX[
©PRGDOLWpV VXVYLVpHV (Q FDV GH GpFqV GX FDQGLGDW DX SRVWH GH
©SUpVLGHQW WRXV OHV PHPEUHV GH OD OLVWH XQLTXH SHXYHQW VH
©SRUWHUFDQGLGDWVDXGLWSRVWH
©(Q FDV GH YDFDQFH GX SRVWH GH SUpVLGHQW GX FRQVHLO
©FRPPXQDO SRXU TXHOTXH FDXVH TXH FH VRLW OH FDQGLGDW FODVVp
*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9, ©LPPpGLDWHPHQW DSUqV OXL VXU OD PrPH OLVWH VH SRUWH FDQGLGDW
4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW ©SRXU SRXUYRLU DXGLW SRVWH HQ PrPH WHPSV TXH OHVpOXV FODVVpV
HQIRUWLILHUODWHQHXU ©DXSUHPLHUUDQJGHVDXWUHVOLVWHVVRXVUpVHUYHGHVGLVSRVLWLRQV
©SUpFpGHQWHVGXSUpVHQWDUWLFOH
4XH1RWUH0DMHVWp&KpULILHQQH
©/HV YLFHSUpVLGHQWV VRQW pOXV DX VFUXWLQ XQLQRPLQDO DX
9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW ©YRWHVHFUHWHWDXFRXUVGHODPrPHVpDQFH
$'e&,'e&(48,68,7 ©3RXU rWUH YDODEOHV 
(VW  SURPXOJXpH HW VHUD SXEOLpH DX %XOOHWLQ RIILFLHO j OD ©OHFDFKHWGHO¶DXWRULWpDGPLQLVWUDWLYHORFDOH
VXLWHGXSUpVHQWGDKLUODORLQƒPRGLILDQWHWFRPSOpWDQWOD ©$X SUHPLHU WRXU GX VFUXWLQ O¶pOHFWLRQ Q¶HVW DFTXLVH TX¶j
ORL Qƒ  SRUWDQW FKDUWH FRPPXQDOH WHOOH TXH PRGLILpH HW ©OD PDMRULWp DEVROXH GHV PHPEUHV HQ H[HUFLFH 6L DXFXQ GHV
FRPSOpWpHWHOOHTX¶DGRSWpHSDUOD&KDPEUHGHVUHSUpVHQWDQWVHW ©FDQGLGDWV Q¶D REWHQX FHWWH PDMRULWp XQ GHX[LqPH WRXU HVW
OD&KDPEUHGHVFRQVHLOOHUV ©HIIHFWXpHQWUHOHVFDQGLGDWVFODVVpVDXSUHPLHUHWDXGHX[LqPH
©UDQJ VHORQ OH QRPEUH GH YRL[ TX¶LOV RQW REWHQXHV /HYRWH D
)DLWj)qVOHVDIDUIpYULHU ©OLHXGDQVFHFDVjODPDMRULWpDEVROXHGHVYRL[GHVPHPEUHV
©HQH[HUFLFH
3RXUFRQWUHVHLQJ
© 6L DXFXQ GHV FDQGLGDWV Q¶D REWHQX OD PDMRULWp  DEVROXH
/H3UHPLHUPLQLVWUH ©GHV YRL[ GHV PHPEUHV HQ H[HUFLFH OH SUpVLGHQW HVW pOX DX
$%%$6(/)$66, ©WURLVLqPHWRXUjODPDMRULWpUHODWLYH
©/HV YLFHSUpVLGHQWV VRQW pOXV j OD PDMRULWp DEVROXH GHV

©PHPEUHVHQH[HUFLFHDXSUHPLHUWRXU6LXQGHX[LqPHWRXUHVW
©QpFHVVDLUHO¶pOHFWLRQHVWDFTXLVHjODPDMRULWpUHODWLYH


©(QFDVGHSDUWDJHpJDOGHVVXIIUDJHVDXWURLVLqPHWRXUGH
/RLQƒ ©O
pOHFWLRQ GX SUpVLGHQW HW DX GHX[LqPH WRXU GH O¶pOHFWLRQ GHV
PRGLILDQWHWFRPSOpWDQWODORLQƒ ©YLFHSUpVLGHQWV O
pOHFWLRQ HVW DFTXLVH DX SOXV MHXQH (Q FDV
SRUWDQW&KDUWHFRPPXQDOH ©G¶pJDOLWpG¶kJHOHFDQGLGDWpOXHVWWLUpDXVRUW
WHOOHTXHPRGLILpHHWFRPSOpWpH ©6L OH YLFHSUpVLGHQW UHIXVH RX V¶DEVWLHQW GH UHPSOLU OHV
²²²²² ©IRQFWLRQV TXL OXL VRQW GpYROXHV SDU OD ORL RX SDU OD GpOpJDWLRQ
©TXLOXLHVWDFFRUGpHFRQIRUPpPHQWjODORLRXV¶LOFRPPHWGHV
$UWLFOHSUHPLHU ©IDXWHVJUDYHVSRUWDQWDWWHLQWHDXERQIRQFWLRQQHPHQWGXVHFWHXU
6RQWPRGLILpHVHWFRPSOpWpHVFRPPHVXLWOHVGLVSRVLWLRQV ©GRQWLOHVWFKDUJpOHSUpVLGHQWSHXWGHPDQGHUDXFRQVHLOGHOH
GHVDUWLFOHVH HWH DOLQpDV ©GpPHWWUHGHVHVIRQFWLRQV
HW ©/H YLFHSUpVLGHQW HVW GpPLV GH VHV IRQFWLRQV SDU XQH
GHODORLQƒSRUWDQW&KDUWHFRPPXQDOHSURPXOJXpHSDUOH ©GpOLEpUDWLRQ GX FRQVHLO FRPPXQDO YRWpH DX VFUXWLQ VHFUHW j OD
GDKLUQƒGXUHMHERFWREUH ©PDMRULWpDEVROXHGHVPHPEUHVHQH[HUFLFH
©$UWLFOHH HWH DOLQpDV± /¶pOHFWLRQ GX SUpVLGHQW GX
©FRQVHLO FRPPXQDO HW GH VHV YLFHSUpVLGHQWV D OLHX DX VFUXWLQ
©XQLQRPLQDODXYRWHVHFUHWHWDXFRXUVGHODPrPHVpDQFHSRXU
©OHV FRPPXQHV GRQW OHV PHPEUHV GX FRQVHLO VRQW pOXV DX
©VFUXWLQXQLQRPLQDO
©3RXU OHV FRPPXQHV GRQW OHV PHPEUHV GX FRQVHLO VRQW
©pOXV DX VFUXWLQ GH OLVWH O¶pOHFWLRQ GX SUpVLGHQW GX FRQVHLO
©FRPPXQDO D OLHX DX YRWH VHFUHW HW DX FRXUV GH OD PrPH
©VpDQFH SDUPL OHV PHPEUHV pOXV FODVVpV HQ WrWH GHV OLVWHV GHV
©FDQGLGDWV2QHQWHQGSDUWrWHGHOLVWHOHFDQGLGDWGRQWOHQRP
©ILJXUHHQWrWHGHOLVWHGHVFDQGLGDWVGDQVO¶RUGUHGHFODVVHPHQW
©GHODGLWHOLVWH
©(Q FDV GH GpFqV GX FDQGLGDW FODVVp HQ WrWH GH OLVWH OH
©FDQGLGDW FODVVp LPPpGLDWHPHQW DSUqV OXL VXU OD PrPH OLVWH
©DFFqGHjODFDQGLGDWXUHDXSRVWHGXSUpVLGHQW
©8QH FRSLH GH FHWWH GpFLVLRQ HVW DGUHVVpH j O¶DXWRULWp GH
©WXWHOOH GDQV XQ GpODL GH  MRXUV GH OD GDWH GX YRWH GH ODGLWH
©GpFLVLRQ
©/H FRQVHLO SURFqGH DORUV j VRQ UHPSODFHPHQW GDQV OHV
©IRUPHV HW  FRQGLWLRQV IL[pHV DX SUHPLHU DOLQpD GH O¶DUWLFOH 
©FLGHVVRXV
©/D UpYRFDWLRQ HPSRUWH GH SOHLQ GURLW O¶LQpOLJLELOLWp DX[
©IRQFWLRQV GH SUpVLGHQW RX j FHOOHV GH YLFHSUpVLGHQW SHQGDQW
©ODGXUpHUHVWDQWHGXPDQGDWª
©$UWLFOH±/HFRQVHLOFRPPXQDOHQ
©H[HUFLFH XQ VHFUpWDLUH FKDUJp GH  GHV
©VpDQFHV
©/HFRQVHLOpOLWSUpFpGHQWXQVHFUpWDLUH
©DGMRLQWFKDUJpG¶DVVLVWHUOHVHFUpWDLUHHWGHOHUHPSODFHUHQFDV
©G¶DEVHQFHRXG¶HPSrFKHPHQW
 %8//(7,12)),&,(/ 1ıUDELL,

©$ GpIDXW GH  SDUPL
©OHV IRQFWLRQQDLUHV GH OD FRPPXQH XQ VHFUpWDLUH DX[LOLDLUH
©FKDUJpGHVPrPHVIRQFWLRQVVRXVODUHVSRQVDELOLWpGXPHPEUH
©WLWXODLUHpOXª
© $UWLFOH ±/H VHFUpWDLUH GX FRQVHLO HW VRQ DGMRLQW
©SHXYHQWrWUHGpPLVGHOHXUVIRQFWLRQVSDU
©GHVPHPEUHVHQH[HUFLFH
©/HFRQVHLOSURFqGHDORUVjOHXUUHPSODFHPHQW
© /H SUpVLGHQW GH OD FRPPLVVLRQ SHUPDQHQWH SUpVHQWH XQ
©UDSSRUW DQQXHO  DX FRQVHLO VXU OHV DFWLYLWpV UHODWLYHV DX[
©PLVVLRQVTXLOXLVRQWGpYROXHVFRQIRUPpPHQWDX[GLVSRVLWLRQV
©GHODSUpVHQWHORL
©/DFRPSRVLWLRQOHVDWWULEXWLRQVHWOHIRQFWLRQQHPHQWGHV
©FRPPLVVLRQV VRQW IL[pV SDU OH UqJOHPHQW LQWpULHXU SUpYX j
©O¶DUWLFOHFLGHVVRXV
©,O HVW FUpH DXSUqV GX FRQVHLO FRPPXQDO XQH FRPPLVVLRQ
/DVXLWHVDQVPRGLILFDWLRQ ©FRQVXOWDWLYHGpQRPPpH©FRPPLVVLRQGHODSDULWpHWGHO¶pJDOLWp
©GHV FKDQFHV ª FRPSRVpH GH SHUVRQQDOLWpV DSSDUWHQDQW j GHV
© $UWLFOH±/HFRQVHLOFRQVWLWXHGH ©DVVRFLDWLRQV ORFDOHV HW G¶DFWHXUV GH OD VRFLpWp FLYLOH SURSRVpV SDU
©O
DVVHPEOpHSOpQLqUH ©OHSUpVLGHQWGXFRQVHLOFRPPXQDO
© 3RXU OHV FRPPXQHV GRQW OH QRPEUH GHV PHPEUHV GX ©/H SUpVLGHQW GX FRQVHLO FRPPXQDO RX VRQ YLFHSUpVLGHQW
©FRQVHLO HVW VXSpULHXU j  LO GRLW rWUH FRQVWLWXp TXDWUH ©SUpVLGH ODGLWH FRPPLVVLRQ HW pODERUH O¶RUGUH GX MRXU GH VHV
©FRPPLVVLRQVSHUPDQHQWHV ©UpXQLRQV
©±OD FRPPLVVLRQ FKDUJpH GH OD SODQLILFDWLRQ GHV DIIDLUHV ©/DFRPPLVVLRQGRQQHVRQDYLVDXWDQWTXHGHEHVRLQjOD
©pFRQRPLTXHVGXEXGJHWHWGHVILQDQFHV ©GHPDQGH GX FRQVHLO RX GH VRQ SUpVLGHQW VXU OHV TXHVWLRQV
©±OD FRPPLVVLRQ FKDUJpH GX GpYHORSSHPHQW KXPDLQ GHV ©FRQFHUQDQW OD SDULWp HW O¶pJDOLWp GHV FKDQFHV HW O¶DSSURFKH GX
©DIIDLUHVVRFLDOHVFXOWXUHOOHVHWVSRUWLYHV ©JHQUH VRFLDO /HV PHPEUHV GH OD FRPPLVVLRQ SHXYHQW
©±OD FRPPLVVLRQ FKDUJpH GH O¶XUEDQLVPH GH O¶DPpQDJHPHQW ©SUpVHQWHU GHV SURSRVLWLRQV HW GHV VXJJHVWLRQV UHOHYDQW GH VD
©GXWHUULWRLUHHWGHO¶HQYLURQQHPHQW ©FRPSpWHQFHª
©±ODFRPPLVVLRQFKDUJpHGHVVHUYLFHVSXEOLFV ©$UWLFOH±/HVIRQFWLRQQDLUHVHWDJHQWVGHO¶(WDW
©GRQWLOVIRQWSDUWLH
© 3RXU OHV FRPPXQHV GRQW OH QRPEUH GHV PHPEUHV GX
©FRQVHLO VH VLWXH HQWUH  HW  OH FRQVHLO FRQVWLWXH WURLV ©/HV IRQFWLRQQDLUHV HW DJHQWV FLWpV j O¶DOLQpD SUpFpGHQW
©FRPPLVVLRQVSHUPDQHQWHV ©pOXV SUpVLGHQWV GHV FRQVHLOV FRPPXQDX[ SUpVLGHQWV GHV
©FRQVHLOV G¶DUURQGLVVHPHQWV RX GHV JURXSHPHQWV GH
©±OD FRPPLVVLRQ FKDUJpH GH OD SODQLILFDWLRQ GHV DIIDLUHV ©FRPPXQHVTXLV¶HQJDJHQWjH[HUFHUjSOHLQWHPSVODIRQFWLRQ
©pFRQRPLTXHVGXEXGJHWHWGHVILQDQFHV ©GH SUpVLGHQW GX FRQVHLO SHXYHQW EpQpILFLHU j OHXU GHPDQGH
©±OD FRPPLVVLRQ FKDUJpH GX GpYHORSSHPHQW KXPDLQ ©G¶XQHPLVHjGLVSRVLWLRQ
©GHVDIIDLUHVVRFLDOHVFXOWXUHOOHVHWVSRUWLYHV ©$XVHQVGXSUpVHQWDUWLFOHOHSUpVLGHQWGXFRQVHLOHVWHQ
©±OD FRPPLVVLRQ FKDUJpH GH O¶XUEDQLVPH GH O¶DPpQDJHPHQW ©VLWXDWLRQGHPLVHjGLVSRVLWLRQORUVTXHWRXWHQUHOHYDQWGHVRQ
©GXWHUULWRLUHGHO¶HQYLURQQHPHQWHWGHVVHUYLFHVSXEOLFV ©FDGUH GDQV VRQ DGPLQLVWUDWLRQ DX VHLQ G¶XQH  DGPLQLVWUDWLRQ
©3RXUOHVFRPPXQHVGRQWOHQRPEUHGHVPHPEUHVGXFRQVHLO ©SXEOLTXHG¶XQHFROOHFWLYLWpORFDOHRXG¶XQpWDEOLVVHPHQWSXEOLF
©HVW LQIpULHXU j  OH FRQVHLO FRQVWLWXH GHX[ FRPPLVVLRQV ©HW\RFFXSDQWVRQSRVWHEXGJpWDLUHLOH[HUFHHQPrPHWHPSVOD
©SHUPDQHQWHV ©IRQFWLRQ GH SUpVLGHQW GX FRQVHLO FRPPXQDO RX G¶XQ
©JURXSHPHQWGHFRPPXQHVjSOHLQWHPSV
©±OD FRPPLVVLRQ FKDUJpH GH OD SODQLILFDWLRQ GHV DIIDLUHV
©pFRQRPLTXHV GH O¶XUEDQLVPH GH O¶DPpQDJHPHQWGX ©/H SUpVLGHQW GX FRQVHLO PLV j GLVSRVLWLRQ FRQVHUYH DX VHLQ
©WHUULWRLUHGHO¶HQYLURQQHPHQWGXEXGJHWHWGHVILQDQFHV ©GH VRQ DGPLQLVWUDWLRQ VD FROOHFWLYLWp RX VRQ pWDEOLVVHPHQW
©SXEOLFG¶RULJLQHWRXVVHVGURLWVjODUpPXQpUDWLRQjO¶DYDQFHPHQW
©±OD FRPPLVVLRQ FKDUJpH GX GpYHORSSHPHQW KXPDLQ ©HWjODUHWUDLWH
©GHVDIIDLUHVVRFLDOHVFXOWXUHOOHVHWVSRUWLYHV
©/D PLVH  j GLVSRVLWLRQ SUHQG ILQ j OD GHPDQGH GH
©/HFRQVHLOSHXWFRQVWLWXHUOHFDVpFKpDQWGHVFRPPLVVLRQV ©O¶LQWpUHVVpRXGHSOHLQGURLWDXWHUPHGXPDQGDWGXFRQVHLOGH
©SURYLVRLUHVSRXUXQHGXUpHOLPLWpHHWXQREMHWGpWHUPLQp ©VD GLVVROXWLRQ RX GH OD FHVVDWLRQ GHV IRQFWLRQV GX SUpVLGHQW
©/H FRQVHLO FRPPXQDO pOLW SDUPL VHV PHPEUHV DX VFUXWLQ ©SRXUO¶XQHGHVFDXVHVSUpYXHVSDUODSUpVHQWHORL
©VHFUHWHWjODPDMRULWpUHODWLYHOHSUpVLGHQWGHFKDTXHFRPPLVVLRQ ©/RUVTX¶LO HVW FRQVWDWp XQH UXSWXUH VDQV PRWLI UHFRQQX
©HW VRQ DGMRLQW HW OHV GpPLV GH OHXUV IRQFWLRQV VHORQ OD PrPH ©OpJLWLPH GDQV O¶H[HUFLFH j SOHLQ WHPSV GH OD IRQFWLRQ GH
©SURFpGXUH ©SUpVLGHQW GX FRQVHLO SDU O¶DXWRULWp GH WXWHOOH RX SDU
©/HV FRPPLVVLRQV SHUPDQHQWHV H[DPLQHQW VXU GHPDQGH ©O¶DGPLQLVWUDWLRQODFROOHFWLYLWpORFDOHRXO¶pWDEOLVVHPHQWSXEOLF
©GX FRQVHLO OHV DIIDLUHV UHOHYDQW GH OHXUV FRPSpWHQFHV /H ©G¶RULJLQHLOHVWPLVILQjODPLVHjGLVSRVLWLRQ
©SUpVLGHQW GX FRQVHLO HVW WHQX GH IRXUQLU DX[ FRPPLVVLRQV j ©6RQWIL[pVSDUYRLHUpJOHPHQWDLUHOHVFRQGLWLRQVGHPLVH
©OHXUGHPDQGHOHVLQIRUPDWLRQVHWOHVGRFXPHQWVQpFHVVDLUHVj ©j GLVSRVLWLRQ DLQVL TXH OHV FULWqUHV DX[TXHOV GRLYHQW UpSRQGUH
©O¶H[HUFLFHGHOHXUVPLVVLRQV ©OHV FRPPXQHV HW OHV JURXSHPHQWV GH FRPPXQHV R O¶H[HUFLFH
©/HSUpVLGHQWGHODFRPPLVVLRQRXVRQDGMRLQWDGUHVVHVRQ ©GHFHGURLWSHXWDYRLUOLHXª
©UDSSRUW DX  SUpVLGHQW GX FRQVHLO GDQV XQ GpODL GH  MRXUV ©$UWLFOH±6RXVUpVHUYHGHVGLVSRVLWLRQVGHO¶DUWLFOH
©DYDQW OD GDWH G¶RXYHUWXUH GH FKDTXH VHVVLRQ &H UDSSRUW SHXW ©FLGHVVXV OHV IRQFWLRQV GH SUpVLGHQW GH YLFHSUpVLGHQW GH
©rWUHSUpVHQWpHQVpDQFHSOpQLqUHVXUGHPDQGHGXSUpVLGHQWGH ©VHFUpWDLUH GX FRQVHLO GH VRQ DGMRLQW GH SUpVLGHQW GH
©ODFRPPLVVLRQRXGHVRQDGMRLQW&HWWHGHPDQGHTXLGRLWrWUH ©FRPPLVVLRQSHUPDQHQWHGHVRQDGMRLQWGHVPHPEUHVGHODGLWH
©MRLQWHDXGLWUDSSRUWHVWLQVFULWHG¶RIILFHjO¶RUGUHGXMRXUGHOD ©FRPPLVVLRQ HW GHV PHPEUHV GHV FRQVHLOV FRPPXQDX[ VRQW
©VHVVLRQGXFRQVHLO ©JUDWXLWHV VRXV UpVHUYH SRXU OHV PHPEUHV GX EXUHDX OH
1ıUDELL, %8//(7,12)),&,(/
©VHFUpWDLUH GX FRQVHLO VRQ DGMRLQW HW OHV  SUpVLGHQWV GHV
©FRPPLVVLRQV SHUPDQHQWHV HW OHXUV DGMRLQWV  G¶LQGHPQLWpV
©SpFXQLDLUHV GH IRQFWLRQ GH UHSUpVHQWDWLRQ HW GH GpSODFHPHQW
©TX¶LOV SHXYHQW SHUoHYRLU GDQV OHV FRQGLWLRQV HW SRXU XQ
©PRQWDQWIL[pVSDUGpFUHW
©/HV SUpVLGHQWV HW YLFHSUpVLGHQWV GHV FRQVHLOV
©G¶DUURQGLVVHPHQWV SHUoRLYHQW GHV LQGHPQLWpV SpFXQLDLUHV GH
©IRQFWLRQHWGHUHSUpVHQWDWLRQGDQVOHVOLPLWHVGHFHTXHSUpYRLW
©O¶DUWLFOHGHODSUpVHQWHORL
©/HVPHPEUHVGHVFRQVHLOVFRPPXQDX[

©$UWLFOH±6HUYLFHVVSXEOLFVORFDX[HWpTXLSHPHQWVFROOHFWLIV
©±/HFRQVHLOFRPPXQDOGpFLGHGHODFUpDWLRQ
©GDQVOHVVHFWHXUVVXLYDQWV
©±
©±
©±
©±WUDQVSRUWSXEOLFXUEDLQ
©±FLUFXODWLRQURXODJHVLJQDOLVDWLRQGHVYRLHVSXEOLTXHVHW
©VWDWLRQQHPHQWGHVYpKLFXOHV
/DVXLWHVDQVPRGLILFDWLRQ
©±WUDQVSRUWGHVPDODGHV
©$UWLFOH±'pYHORSSHPHQWpFRQRPLTXHHWVRFLDO
©±/H FRQVHLO FRPPXQDO H[DPLQH HW YRWH XQ SURMHW GH
©SODQGHGpYHORSSHPHQWFRPPXQDOSUpSDUpSDUOHSUpVLGHQWGX
©FRQVHLOFRPPXQDO
©$FHWHIIHW
©±LOIL[HGHODFROOHFWLYLWp
©±LOSURSRVHRXOHVRUJDQLVPHVSXEOLFV
©/H SODQ GH GpYHORSSHPHQW FRPPXQDO GpFULW SRXU VL[
©DQQpHVGDQVXQHSHUVSHFWLYHGHGpYHORSSHPHQWGXUDEOHHWVXU
©OD  EDVH  G¶XQH GpPDUFKH SDUWLFLSDWLYH SUHQDQW HQ FRQVLGpUDWLRQ
©QRWDPPHQW O¶DSSURFKH JHQUH OHV DFWLRQV GH GpYHORSSHPHQW
©GRQWODUpDOLVDWLRQHVWSUpYXHVXUOHWHUULWRLUHGHODFRPPXQH
©,OSHXWrWUHPLVjMRXUjFRPSWHUGHODWURLVLqPHDQQpHGH
©
©VD PLVH HQ °XYUH MXVTX¶j OD SUHPLqUH DQQpH GX PDQGDW
RQWSDVFRQYHQX
©VXLYDQW DX FRXUV GH ODTXHOOH HVW pODERUp OH SODQ GH
XQUqJOHPHQWjO
DPLDEOH
©GpYHORSSHPHQW FRPPXQDO UHODWLI j OD GXUpH GX QRXYHDX
©PDQGDW
© /H GRFXPHQW GX SODQ GH GpYHORSSHPHQW FRPPXQDO GRLW
©REOLJDWRLUHPHQWFRPSRUWHUOHVpOpPHQWVVXLYDQWV ©TX¶DSUqVVDLVLQHSUpDODEOHGXZDOLRXGXJRXYHUQHXUTXLVWDWXH
©±XQ GLDJQRVWLF PHWWDQW HQ pYLGHQFH OH SRWHQWLHO
©pFRQRPLTXHVRFLDOHWFXOWXUHOGHODFRPPXQH ©FRPSWHUGHODGDWHGHGpOLYUDQFHGXUpFpSLVVp
©±OHVEHVRLQVSULRULWDLUHVLGHQWLILpVHQFRQFHUWDWLRQDYHFOD
©SRSXODWLRQOHVDGPLQLVWUDWLRQVHWOHVDFWHXUVFRQFHUQpV ©UHTXpUDQW Q¶HVW SDV VDWLVIDLW GH OD UpSRQVH TXL OXL HVW IDLWH
©±OHVUHVVRXUFHVHWOHVGpSHQVHVSUpYLVLRQQHOOHVDIIpUHQWHV
©DX[WURLVSUHPLqUHVDQQpHVGHPLVHHQ°XYUHGXSODQGH
©GpYHORSSHPHQWFRPPXQDO
©/D SURFpGXUH G¶pODERUDWLRQ GX SODQ GH GpYHORSSHPHQW
/DVXLWHVDQVPRGLILFDWLRQ
©$UWLFOH ±/H SUpVLGHQW UHSUpVHQWH OD FRPPXQH HQ
©MXVWLFH  LQWHUMHWHU DSSHO
©GHFHVRUGRQQDQFHV
©/HSUpVLGHQWGRLWLQIRUPHUOHFRQVHLO
©TXLVXLWLPPpGLDWHPHQWO¶LQWURGXFWLRQ
©GHFHVDFWLRQV
©$XFXQ UHFRXUV  SRXU H[FqV GH SRXYRLUV DXWUH TXH OHV
©DFWLRQV SRVVHVVRLUHV HW OHV UHFRXUV HQ UpIpUp LQWHQWpV FRQWUH OD
©FRPPXQH
© ,O OXL HVW LPPpGLDWHPHQW GpOLYUp
©XQUpFpSLVVpSDUFHWWHDXWRULWp
©/HUHTXpUDQWQ¶HVWSOXVWHQXSDUFHWWHIRUPDOLWp
©OHVGHX[SDUWLHVQ
©G
©/RUVTXHODUpFODPDWLRQWHQGjGpFODUHUODFRPPXQHGpELWULFH
©RX j GHPDQGHU XQH UpSDUDWLRQ DXFXQH DFWLRQ QH SHXW j SHLQH
©G¶LUUHFHYDELOLWp SDU OHV MXULGLFWLRQV FRPSpWHQWHV rWUH LQWHQWpH
©VXU OD UpFODPDWLRQ GDQV XQ GpODL Q¶H[FpGDQW SDV  MRXUV j
© $ GpIDXW GH UpSRQVH GDQV OHV GpODLV SUpFLWpV RX VL OH
©LOSHXW VDLVLU OH PLQLVWUH GH O¶LQWpULHXU TXL VWDWXH GDQV XQ GpODL
©Q¶H[FpGDQWSDVMRXUVjFRPSWHUGHODGDWHGHUpFHSWLRQGHOD
©UpFODPDWLRQRXHQVDLVLUGLUHFWHPHQWOHVMXULGLFWLRQVFRPSpWHQWHV
©/DSUpVHQWDWLRQGXPpPRLUH
©FRPPXQDOHVWIL[pHSDUYRLHUpJOHPHQWDLUH /DVXLWHVDQVPRGLILFDWLRQ
©±,OLQLWLH$FHWHIIHW ©$UWLFOH±/HSUpVLGHQWGXFRQVHLOFRPPXQDOH[HUFHOHV
©SRXYRLUVGHSROLFHQRWDPPHQWOHVDWWULEXWLRQV
©± ©VXLYDQWHV
©± ©±
©±LO GpFLGH GH OD FUpDWLRQ GHV VRFLpWpV GH GpYHORSSHPHQW ©±LORUJDQLVHHWFRQWU{OHOHVJDUHVHWVWDWLRQV
©ORFDOG¶LQWpUrWLQWHUFRPPXQDOSUpIHFWRUDOSURYLQFLDORX
©UpJLRQDORXODSULVHGHSDUWLFLSDWLRQGDQVOHXUFDSLWDO ©±LO UpJOHPHQWH OHV FRQGLWLRQV GH  VWDWLRQQHPHQW GHV
©YpKLFXOHVVXUOHVYRLHVSXEOLTXHVFRPPXQDOHV
©±LOGpFLGHODFRQFOXVLRQ
©±LOSUHQGOHVPHVXUHVQpFHVVDLUHVjODSUpYHQWLRQ
/DVXLWHVDQVPRGLILFDWLRQ
/DVXLWHVDQVPRGLILFDWLRQ
©$UWLFOH±)LQDQFHVILVFDOLWpHWELHQVFRPPXQDX[
© $UWLFOH ±/H SUpVLGHQW GX FRQVHLO FRPPXQDO GLULJH
©±/HFRQVHLOFRPPXQDOH[DPLQHHQYLJXHXU ©HQYLJXHXU
©±,O GpFLGH GH O¶RXYHUWXUH GHV FRPSWHV G¶DIIHFWDWLRQ ©/HVFRPPXQHVGLVSRVHQWGHFHSHUVRQQHO
©VSpFLDOHGHQRXYHDX[FUpGLWVGXUHOqYHPHQWGHVFUpGLWVHWGHV
©YLUHPHQWVGHFUpGLWVGHFKDSLWUHjFKDSLWUH ©/H SUpVLGHQW GX FRQVHLO QRPPH DX[ HPSORLV VXSpULHXUV
©GDQV OHV FRQGLWLRQV HW IRUPHV IL[pHVSDU GpFUHW &H GpFUHWIL[H
©±,OIL[H ©pJDOHPHQW OHV LQGHPQLWpV UHODWLYHV DX[ HPSORLV VXSpULHXUV GHV
/DVXLWHVDQVPRGLILFDWLRQ ©DGPLQLVWUDWLRQVGHVFROOHFWLYLWpVORFDOHV
 %8//(7,12)),&,(/ 1ıUDELL,

©/HV SUpVLGHQWV GHV FRQVHLOV FRPPXQDX[ GHV FRPPXQHV ©/D FRQYHQWLRQ GH FRRSpUDWLRQ FRQFOXH VXU OH YX  GHV
©GRQWOHQRPEUHGHVPHPEUHVGXFRQVHLOHVWpJDORXVXSpULHXUj ©GpOLEpUDWLRQVGHVDVVHPEOpHVFRQFHUQpHVIL[DQWª
©SHXYHQW FUpHU OH SRVWH GH FKHI GH FDELQHW GX SUpVLGHQW GX /DVXLWHVDQVPRGLILFDWLRQ
©FRQVHLO FRPPXQDO (Q RXWUH OHV SUpVLGHQWV GHV FRQVHLOV
©FRPPXQDX[GRQWOHQRPEUHGHVPHPEUHVHVWpJDORXVXSpULHXU ©&KDSLWUH,,
©jSHXYHQWQRPPHUXQFKDUJpGHPLVVLRQFRQIRUPpPHQWDX[ ©*URXSHPHQWVGHFRPPXQHV
©GLVSRVLWLRQVGXGpFUHWYLVpDXSUpVHQWDUWLFOHª © $UWLFOH ±/HV FRPPXQHV XUEDLQHV HW UXUDOHV SHXYHQW
©$UWLFOH±/HSUpVLGHQWSHXWSDUDUUrWpGpOpJXHUjVHV ©FRQVWLWXHUHQWUHHOOHVRX
©YLFHSUpVLGHQWV SDUWLH GH VHV IRQFWLRQV j FRQGLWLRQ TXH FHWWH /DVXLWHVDQVPRGLILFDWLRQ
©GpOpJDWLRQ VRLW OLPLWpH j XQ VHFWHXU GpWHUPLQp SRXU FKDTXH
©YLFHSUpVLGHQW j O¶H[FHSWLRQ GH FHOOH UHODWLYH j OD JHVWLRQ ©$UWLFOH±/HFRQVHLOGXJURXSHPHQWpOLW
©DGPLQLVWUDWLYHSUpYXHjO¶DOLQpDVXLYDQW ©GHVEXUHDX[GHVFRQVHLOVFRPPXQDX[
©/H SUpVLGHQW GX FRQVHLO FRPPXQDO SHXW VRXV VD © /H FRQVHLO pOLW HQ RXWUH DX VFUXWLQ VHFUHW j OD PDMRULWp
©UHVSRQVDELOLWpFRQIRUPpPHQWjOD ©UHODWLYH XQ VHFUpWDLUH FKDUJp GH OD UpGDFWLRQ HW GH OD
©OpJLVODWLRQHWODUpJOHPHQWDWLRQHQYLJXHXU ©FRQVHUYDWLRQGHVSURFqVYHUEDX[GHVVpDQFHVª
©&HVDUUrWpVVRQWDIILFKpVDXVLqJHGHODFRPPXQH ©$UWLFOH±/HVDIIDLUHVGHVFRPPXQHVXUEDLQHVFLWpHVj
©WRXVPR\HQVDSSURSULpV ©O¶DUWLFOHGHODSUpVHQWHORLHWGRWpVGH
©6RXVUpVHUYHGHVGLVSRVLWLRQVGHO¶DUWLFOHFLGHVVXV ©FRQVHLOVG¶DUURQGLVVHPHQW\VHURQWFUpHV
© VRQWQXOVGHSOHLQGURLWOHVDUUrWpVGHGpOpJDWLRQSULVHQ ©8Q GpFUHW IL[H GDQV FKDTXH FDV OH QRPEUH
©YLRODWLRQGX HU DOLQpDGXSUpVHQWDUWLFOH/¶DQQXODWLRQHVW ©j\pOLUHª
©SURQRQFpHSDUDUUrWpPRWLYpGXZDOLRXGXJRXYHUQHXUª ©$UWLFOH±/HFRQVHLOG¶DUURQGLVVHPHQWH[HUFHSRXUOH
©$UWLFOH ±1H VRQW H[pFXWRLUHV TX
DSUqV DYRLU pWp ©FRPSWH HW VRXV OD UHVSRQVDELOLWp HW OH FRQWU{OH GX FRQVHLO
©DSSURXYpHVSDUSRUWDQWVXU ©FRPPXQDOOHVDWWULEXWLRQVVXLYDQWHV
©OHVREMHWVVXLYDQWV ©±
©±EXGJHW ©±
©±RXYHUWXUHGHQRXYHDX[FUpGLWVUHOqYHPHQWGHFUpGLWV
©±
©YLUHPHQWGHFUpGLWVGHFKDSLWUHjFKDSLWUH
©±
©±HPSUXQWV
©±IL[DWLRQ ©±
©±FUpDWLRQ ©±
©±FUpDWLRQGHVVRFLpWpVGHGpYHORSSHPHQWORFDORXSULVH ©±LO GpFLGH GX SURJUDPPH G¶DPpQDJHPHQW G¶HQWUHWLHQ HW
©GHSDUWLFLSDWLRQGDQVOHXUFDSLWDO ©GHV PRGHV GH JHVWLRQ GHV pTXLSHPHQWV FLWpV FLDSUqV
©ORUVTXH FHV pTXLSHPHQWV VRQW SULQFLSDOHPHQW GHVWLQpV
©±FRQYHQWLRQV
©DX[ KDELWDQWV GH O¶DUURQGLVVHPHQW  KDOOHV HW PDUFKpV
 /DVXLWHVDQVPRGLILFDWLRQ ©SDUFV VTXDUHV MDUGLQV SXEOLFV HW HVSDFHV YHUWV GRQW OD
© $UWLFOH ±/H FRQVHLO FRPPXQDO H[DPLQH HW YRWH DX ©VXSHUILFLH HVW LQIpULHXUH j  KHFWDUH OHV FUqFKHV OHV
©VFUXWLQSXEOLFOHFRPSWHDGPLQLVWUDWLISUpVHQWpSDUOHSUpVLGHQW ©MDUGLQV G¶HQIDQWV OHV PDLVRQV GH MHXQHV OHV IR\HUV
©(Q FDV GH UHMHW GX FRPSWH DGPLQLVWUDWLI LO HVW IDLW ©SRXU SHUVRQQHV kJpHV OHV IR\HUV IpPLQLQV 
©DSSOLFDWLRQ GHV GLVSRVLWLRQV GHV DUWLFOHV  HW  GH OD ORL ©OHVSLVFLQHV
©Qƒ IRUPDQW FRGH GHV MXULGLFWLRQV ILQDQFLqUHV  SURPXOJXpH ©/H FRQVHLO FRPPXQDO H[HUFH
©SDUOHGDKLUQƒGXHUUDELL,,MXLQª
©7,75(9,,
©'(/$&223(5$7,21'83$57(1$5,$7
©(7'(6*5283(0(176'(6&2//(&7,9,7(6/2&$/(6
©&KDSLWUHSUHPLHU
©'HODFRRSpUDWLRQHWGXSDUWHQDULDW
©$UWLFOH ±/HV FRPPXQHV XUEDLQHV HW UXUDOHV HW OHXUV
©JURXSHPHQWV SHXYHQW FRQFOXUH HQWUH HOOHV RX DYHF G¶DXWUHV
©FROOHFWLYLWpV ORFDOHV DYHF OHV DGPLQLVWUDWLRQV SXEOLTXHV OHV
©pWDEOLVVHPHQWV SXEOLFV RX OHV RUJDQLVPHV QRQ JRXYHUQHPHQWDX[
©G¶XWLOLWp SXEOLTXH GHV FRQYHQWLRQV GH FRRSpUDWLRQ RX GH
©SDUWHQDULDW SRXU OD UpDOLVDWLRQ G¶XQ SURMHW RX G¶XQH
©DFWLYLWpG¶LQWpUrW FRPPXQ QH MXVWLILDQW SDV OD FUpDWLRQ G¶XQH
©SHUVRQQH PRUDOH GH GURLW SXEOLF RX SULYp &HV FRQYHQWLRQV
©GpWHUPLQHQW QRWDPPHQWOHV UHVVRXUFHV KXPDLQHV HW ILQDQFLqUHV
©TXHOHVSDUWLHVGpFLGHQWGHPRELOLVHUSRXUODUpDOLVDWLRQGHVSURMHWV
©RXGHO¶DFWLYLWpG¶LQWpUrWFRPPXQ
©OHEHVRLQSURSUHjXQDUURQGLVVHPHQW
© &HUWDLQV pTXLSHPHQWV SURSUHV
©ODGpOLEpUDWLRQGXFRQVHLOFRPPXQDO
© /¶LQYHQWDLUH 
©HWGXFRQVHLOG¶DUURQGLVVHPHQWLQWHUHVVp
© (Q FDV GH GpVDFFRUG 
©DUUrWpGXZDOLRXGXJRXYHUQHXU
©/HSUpVLGHQWGXFRQVHLOG¶DUURQGLVVHPHQWSHXWSURSRVHUDX
©SUpVLGHQW GX FRQVHLO FRPPXQDO OHV SURMHWV GHV FRQYHQWLRQV
©UHODWLYHV DX[ GRQV OHJV HW VXEYHQWLRQV GH WRXWHQDWXUH TXL
©SHXYHQWrWUHPRELOLVpVSRXUODUpDOLVDWLRQG¶XQSURMHWRXG¶XQH
©DFWLYLWpUHOHYDQWGHODFRPSpWHQFHGXFRQVHLOG¶DUURQGLVVHPHQW
©/H SUpVLGHQW GX FRQVHLO FRPPXQDO SUpVHQWH DX FRQVHLO SRXU
©GpOLEpUDWLRQOHVSURMHWVGHVFRQYHQWLRQVVXVYLVpHV
©/HV UHVVRXUFHV ILQDQFLqUHV LVVXHV GHVGLWHV FRQYHQWLRQV
©VRQWLQVFULWHVDXEXGJHWGHODFRPPXQH(OOHVVRQWDIIHFWpHVDX
©SURMHWRXjO¶DFWLYLWpREMHWGHODFRQYHQWLRQª
1ıUDELL, %8//(7,12)),&,(/ 

©$UWLFOH±/HFRQVHLOG¶DUURQGLVVHPHQWSHXWIDLUHGHV ©$ FHW HIIHW LO SUHQG HQ DSSOLFDWLRQ GHV GLVSRVLWLRQV GH
©SURSRVLWLRQVGHVVXJJHVWLRQV ©O¶DUWLFOHFLGHVVXVWRXWHVOHVGpFLVLRQVUHODWLYHVjODJHVWLRQ
©LQWpUHVVDQWO¶DUURQGLVVHPHQWHWQRWDPPHQW ©GXSHUVRQQHO,OSURFqGHjODGpILQLWLRQGHVWkFKHVGHVDJHQWVHW
©±,OHVWFRQVXOWp ©IRQFWLRQQDLUHV QRPPpV SDU OH SUpVLGHQW HW OD JHVWLRQ GH OHXUV
©FDUULqUHVSURIHVVLRQQHOOHVHWSURSRVHDXSUpVLGHQWGXFRQVHLOOD
©±,O HVW FRQVXOWp VXU OH SURMHW GX SODQ GH GpYHORSSHPHQW
©FRPPXQDO ©QRWDWLRQGHO¶HQVHPEOHGXSHUVRQQHOGHODFRPPXQH
©±,OSURSRVH ©2XWUHFHVDWWULEXWLRQVUHODWLYHVjODJHVWLRQDGPLQLVWUDWLYH
©OHVHFUpWDLUHJpQpUDOHVWFKDUJpGHODSUpSDUDWLRQHWODWHQXHGH
/DVXLWHVDQVPRGLILFDWLRQ ©WRXVOHVGRFXPHQWVQpFHVVDLUHVjO¶pODERUDWLRQjO¶H[pFXWLRQHW
©$UWLFOH±/HSUpVLGHQWGXFRQVHLOG
DUURQGLVVHPHQW ©DX VXLYL GHV GpFLVLRQV GX SUpVLGHQW GX FRQVHLO SULVHV HQ
©GHO¶DUURQGLVVHPHQW
©$FHWLWUHLOH[pFXWHOHVGpOLEpUDWLRQVHW
©HQDVVXUHOHFRQWU{OH
©(QPDWLqUHG
XUEDQLVPHHWGHFRQVWUXFWLRQOHSUpVLGHQWGX ©FRQIRUPpPHQW DX[ GLVSRVLWLRQV GHO¶DUWLFOH  GH OD SUpVHQWH
©FRQVHLO G
DUURQGLVVHPHQW HVW FRPSpWHQW SRXU GpOLYUHU SRXU ©ORLª
©OHVFRQVWUXFWLRQV GRQW OD KDXWHXU QH GpSDVVH SDV  PqWUHV
©OHVDXWRULVDWLRQVGHFRQVWUXLUHHWOHVSHUPLVG¶KDELWHUGDQV OHV
©]RQHVFRXYHUWHVSDUXQGRFXPHQWG¶XUEDQLVPHHQYLJXHXU
© 8QH FRSLH GHV DXWRULVDWLRQV GpOLYUpHV SDU OH SUpVLGHQW GH
©O¶DUURQGLVVHPHQWHVWWUDQVPLVHSRXULQIRUPDWLRQVRXVKXLWDLQH
©DXSUpVLGHQWGXFRQVHLOFRPPXQDOª
© $UWLFOH ±/H SUpVLGHQW GX FRQVHLO FRPPXQDO SHXW
©GpOpJXHUIRUPDQWFRGHpOHFWRUDO
©/H SUpVLGHQW SHXW HQ RXWUH GpOpJXHU DX SUpVLGHQW
©G¶DUURQGLVVHPHQW FHUWDLQHV GH VHV DWWULEXWLRQV UHODWLYHV DX[
©PHVXUHVLQGLYLGXHOOHVGHSROLFHDGPLQLVWUDWLYH
©/RUVTX¶XQHWHOOHGpOpJDWLRQDpWpDFFRUGpHjXQSUpVLGHQW
©G¶DUURQGLVVHPHQWFHWWHGpOpJDWLRQHVWDFFRUGpHGHGURLWjOHXUVV
©GHPDQGHVDX[DXWUHVSUpVLGHQWVG¶DUURQGLVVHPHQWV
©'DQVOHFDVRLOHVWSURFpGpSRXUTXHOTXHVUDLVRQVTXHFH
©VRLWDXUHWUDLWGHFHWWHGpOpJDWLRQODGpFLVLRQGRLWrWUHPRWLYpHª
©$UWLFOH±/HVUHFHWWHVGRQWGLVSRVHOHFRQVHLO
©DSSOLFDWLRQ GHV GLVSRVLWLRQV GHV DUWLFOHV  HW  FLGHVVXV ,O
©DVVXUHpJDOHPHQWODWUDQVPLVVLRQGHVDFWHVGHVGpOLEpUDWLRQVGX
©FRQVHLO VRXPLV j O¶DSSUREDWLRQ GH O¶DXWRULWp GH WXWHOOH
©&KDSLWUH,,,
©*URXSHPHQWVG¶DJJORPpUDWLRQV
©6HFWLRQSUHPLqUH±&
&UpDWLRQHWPLVVLRQV
©$UWLFOH±±/HVJURXSHPHQWVG¶DJJORPpUDWLRQVUpJLV
©SDU OHV GLVSRVLWLRQV GX SUpVHQW FKDSLWUH VRQW GHV JURXSHPHQWV
©GH FRPPXQHV FUpHV j O¶LQLWLDWLYH GH FRPPXQHV DYRLVLQDQWHV
©VLWXpHV VXU XQ HVSDFH WHUULWRULDO FRQWLQX GRQW OD SRSXODWLRQ HVW
©VXSpULHXUHjKDELWDQWVSRXYDQWpJDOHPHQWFRPSUHQGUH
©XQHRXSOXVLHXUHVFRPPXQHVUXUDOHVGDQVOHEXWGHV¶DVVRFLHU
©SRXUODUpDOLVDWLRQHWODJHVWLRQGHVHUYLFHVG¶LQWpUrWFRPPXQ
©/H JURXSHPHQW G¶DJJORPpUDWLRQ HVW XQ pWDEOLVVHPHQW
©SXEOLFGRWpGHODSHUVRQQDOLWpPRUDOHHWGHO¶DXWRQRPLHILQDQFLqUH
©/DFUpDWLRQGXJURXSHPHQWG¶DJJORPpUDWLRQHVWDSSURXYpH
©FRQIRUPpPHQWDX[GLVSRVLWLRQVGHO¶DUWLFOHFLGHVVXV
©/¶DSSUREDWLRQRXOHUHIXVPRWLYpG¶DSSURXYHUODFUpDWLRQ
©GH FH JURXSHPHQW GRLW LQWHUYHQLU GDQV XQ GpODL GH  MRXUV j
/DVXLWHVDQVPRGLILFDWLRQ ©FRPSWHUGHODGDWHGHUpFHSWLRQGHODGHUQLqUHGpOLEpUDWLRQGHV
©$UWLFOH ±8Q VHFUpWDLUH JpQpUDO G
DUURQGLVVHPHQW HVW
©QRPPp SDUPL OHV IRQFWLRQQDLUHV GH OD FRPPXQH UHPSOLVVDQW OHV
©FRQGLWLRQVSUpYXHVSDUOHVGLVSRVLWLRQVGHO¶DUWLFOHFLGHVVXV
©DSUqVFRQVXOWDWLRQGXSUpVLGHQWGXFRQVHLOG¶DUURQGLVVHPHQWª
$UWLFOH
/D ORL SUpFLWpH Qƒ  SRUWDQW FKDUWH FRPPXQDOH HVW
FRPSOpWpHSDUO¶DUWLFOHELVOHVFKDSLWUHV,,,HW9,,,GHVWLWUHV
9,,HW9,,,HWOHVDUWLFOHVELVHWELVVXLYDQWV
©$UWLFOH  ELV±&KDTXH FRPPXQH GLVSRVH G¶XQH
©DGPLQLVWUDWLRQ TXL FRPSUHQG  OH VHFUpWDULDW JpQpUDO GH OD
©FRPPXQH HW OHV VHUYLFHV DGPLQLVWUDWLIV FKDUJpV GH YHLOOHU j
©O¶H[pFXWLRQGHVGpFLVLRQVGXSUpVLGHQWGXFRQVHLO
©/¶RUJDQLVDWLRQ GH O¶DGPLQLVWUDWLRQ FRPPXQDOH HVW IL[pH
©SDU DUUrWp GX SUpVLGHQW GX FRQVHLO YLVp SDU OH ZDOL RX OH
©JRXYHUQHXUFRQIRUPpPHQWDX[FRQGLWLRQVHWFULWqUHVIL[pVSDU
©DUUrWpGXPLQLVWUHGHO¶LQWpULHXUDXYXQRWDPPHQWGXQRPEUH
©G¶KDELWDQWVGHODFRPPXQHHWGHVHVUHVVRXUFHV
© /H VHFUpWDLUH JpQpUDO DVVLVWH OH SUpVLGHQW GX FRQVHLO GDQV
©O¶H[HUFLFHGHVHVIRQFWLRQV,OHVWGpVLJQpSDUPLOHVIRQFWLRQQDLUHV
©GHV FRPPXQHV RX GHV DGPLQLVWUDWLRQV SXEOLTXHV SDU GpFLVLRQ GX
©SUpVLGHQWGXFRQVHLOFRPPXQDODSUqVDSSUREDWLRQGXPLQLVWUHGH
©O¶LQWpULHXU
©6RXV OD UHVSRQVDELOLWp HW OH FRQWU{OH  GX SUpVLGHQW GX
©FRQVHLOOHVHFUpWDLUHJpQpUDOVXSHUYLVHO¶DGPLQLVWUDWLRQFRPPXQDOH
©,OHQDVVXUHODGLUHFWLRQO¶RUJDQLVDWLRQHWODFRRUGLQDWLRQ
©FRQVHLOV FRQFHUQpV&HGpODL SHXW rWUH SURURJp XQH VHXOH IRLV
©SDUDUUrWpPRWLYpGXPLQLVWUHGHO¶LQWpULHXUSXEOLpDX%XOOHWLQ
©RIILFLHOGHVFROOHFWLYLWpVORFDOHV
© '¶DXWUHV FRPPXQHV SHXYHQW rWUH DGPLVHV j IDLUH SDUWLH
©G¶XQJURXSHPHQWGpMjFRQVWLWXp/¶DSSUREDWLRQHVWGRQQpHGDQV
©OHVIRUPHVSUpYXHVDXH DOLQpDGXSUpVHQWDUWLFOHVXUOHYXGHV
©GpOLEpUDWLRQVFRQFRUGDQWHVGHFKDFXQGHVFRQVHLOVFRQFHUQpVHW
©GXFRQVHLOGXJURXSHPHQW
© /H UHWUDLW G¶XQH FRPPXQH HVW DSSURXYp GDQV OHV PrPHV
©IRUPHV
©$UWLFOH±±/HVGpOLEpUDWLRQVUHODWLYHVjODFUpDWLRQRX
©jODSDUWLFLSDWLRQjXQJURXSHPHQWIL[HQWGHIDoRQFRQFRUGDQWH
©QRWDPPHQW OD GpQRPLQDWLRQ GX JURXSHPHQW VRQ SpULPqWUH
©VRQVLqJHOHVFRPSpWHQFHVTXLOXLVRQGpYROXHVHWOHVUHVVRXUFHV
©QpFHVVDLUHV j O¶H[HUFLFH GH VHV FRPSpWHQFHV DLQVL TXH OHV
©UHVVRXUFHVKXPDLQHVTXLOXLVRQWDIIHFWpHVOHVpTXLSHPHQWVHWOHV
©ELHQVPLVjVDGLVSRVLWLRQ
©/HV PRGDOLWpV VHORQ OHVTXHOOHV HVW DUUrWpH OD SDUW GHV
©FKDUJHV UHODWLYHV DX WUDQVIHUW GHV FRPSpWHQFHV GHV FRPPXQHV
©DXJURXSHPHQWVRQWIL[pHVSDUYRLHUpJOHPHQWDLUH
© $UWLFOH ±±/H SUHPLHU PLQLVWUH SHXW GpFLGHU SRXU
©FDXVHG¶XWLOLWpSXEOLTXHSDUGpFUHWPRWLYpSULVVXUSURSRVLWLRQ
©GXPLQLVWUHGHO¶LQWpULHXUGH
©±ODFUpDWLRQRXODGLVVROXWLRQG¶XQJURXSHPHQWFRQVWLWXp
©FRQIRUPpPHQWjO¶DUWLFOH
 %8//(7,12)),&,(/ 1ıUDELL,

©±O¶DGMRQFWLRQ RX OH UHWUDLW G¶RIILFH G¶XQH RX SOXVLHXUV ©'DQV OD OLPLWH GHV FRPSpWHQFHV GX JURXSHPHQW OH
©FRPPXQHVGHFHJURXSHPHQW ©SUpVLGHQW H[HUFH SRXU OH JURXSHPHQW OHV SRXYRLUV GpYROXV DX
©±ODUpYLVLRQGHODOLVWHGHVFRPSpWHQFHVG¶XQJURXSHPHQW ©SUpVLGHQWGXFRQVHLOFRPPXQDOHQDSSOLFDWLRQGHVGLVSRVLWLRQV
©GHVDUWLFOHVHWGHODSUpVHQWHORL
© &H GpFUHW GpWHUPLQH OH FDV pFKpDQW OHV FRQGLWLRQV GH
©SDUWLFLSDWLRQ DX JURXSHPHQW GHV FRPPXQHV FRQFHUQpHV /HV © (Q FDV G¶DEVHQFH RX G¶HPSrFKHPHQW GH ORQJXH GXUpH
©SRXYDQWSRUWHUSUpMXGLFHDXIRQFWLRQQHPHQWGXJURXSHPHQWOH
©PRGDOLWpVVHORQOHVTXHOOHVHVWIL[pHODSDUWGHVFKDUJHVUHODWLYHV
©SUpVLGHQW HVW SURYLVRLUHPHQW UHPSODFp SDU XQ YLFHSUpVLGHQW
©DX WUDQVIHUW GHV FRPSpWHQFHV GHV FRPPXQHV DX JURXSHPHQW HW
©GDQVO¶RUGUHGHVRQFODVVHPHQWFRQIRUPpPHQWDX[GLVSRVLWLRQV
©OHVPHVXUHVjDSSOLTXHUHQFDVGHGLVVROXWLRQGXJURXSHPHQW
©GHO¶DUWLFOHFLGHVVXV
© $UWLFOH ±±&RQIRUPpPHQW j O¶DUUrWp G¶DSSUREDWLRQ
©/HFRQVHLOSURFqGHjO¶pOHFWLRQGXVHFUpWDLUHGXJURXSHPHQW
©GHVDFUpDWLRQOHJURXSHPHQWH[HUFHOHVDWWULEXWLRQVVXLYDQWHV
©HWGHVRQDGMRLQWGDQVOHVPrPHVFRQGLWLRQVTXHFHOOHVSUpYXHV
©±SODQLILFDWLRQ XUEDLQH SUpSDUDWLRQ HW VXLYL GX VFKpPD ©jO¶DOLQpDGHO¶DUWLFOHFLGHVVXV
©GLUHFWHXUGXJURXSHPHQWG¶DJJORPpUDWLRQ © /H SUpVLGHQW SHXW SDU DUUrWp GpOpJXHU j XQ RX SOXVLHXUV
©±WUDQVSRUW XUEDLQ HW SUpSDUDWLRQ GX SODQ GH GpSODFHPHQW ©YLFHSUpVLGHQWV SDUWLH GH VHV IRQFWLRQV GDQV OHV FRQGLWLRQV
©XUEDLQGXJURXSHPHQW ©SUpYXHVjO¶DUWLFOHFLGHVVXV
©±WUDLWHPHQWGHVGpFKHWV © 8Q VHFUpWDLUH JpQpUDO GH JURXSHPHQW HVW SODFp VRXV
©±DVVDLQLVVHPHQWOLTXLGHHWVROLGHHWVWDWLRQVGHWUDLWHPHQW ©O¶DXWRULWp GX SUpVLGHQW HW O¶DVVLVWH GDQV O¶H[HUFLFH GH VHV
©GHVHDX[XVpHV ©IRQFWLRQV,OHVWQRPPpGDQVOHVFRQGLWLRQVSUpYXHVjO¶DUWLFOH
©FLGHVVXV
©±HDXSRWDEOHHWpOHFWULFLWp
©/HVHFUpWDLUHJpQpUDOGXJURXSHPHQWH[HUFHVHVIRQFWLRQV
© /H JURXSHPHQW SHXW DX YX GHV GpOLEpUDWLRQV GHV FRPPXQHV ©GDQV OD OLPLWH GHV FRPSpWHQFHV GX JURXSHPHQW HW GHV
©TXL OH FRQVWLWXHQW rWUH FKDUJp HQ SDUWLH RX HQ WRWDOLWp GHV ©DWWULEXWLRQV TXL SHXYHQW OXL rWUH GpOpJXpHV SDU OH SUpVLGHQW GX
©DFWLYLWpVG¶LQWpUrWFRPPXQVXLYDQWHV ©JURXSHPHQW FRQIRUPpPHQW DX[ GLVSRVLWLRQV GH O¶DUWLFOH 
©±FUpDWLRQHWJHVWLRQGHVpTXLSHPHQWVHWGHVVHUYLFHV ©FLGHVVXV
©±FUpDWLRQ HW JHVWLRQ GHV pTXLSHPHQWV VSRUWLIV FXOWXUHOV ©$UWLFOH±±/HFRQVHLOUqJOHSDUVHVGpOLEpUDWLRQVOHV
©HWGHORLVLUV ©DIIDLUHVGXJURXSHPHQW/HFRQVHLOYRWHDXVFUXWLQSXEOLFjOD
©PDMRULWpGHVGHVYRL[H[SULPpHVSRXUDSSURXYHUOHEXGJHW
©±FUpDWLRQDPpQDJHPHQWHWHQWUHWLHQGXUpVHDXURXWLHU ©HWOHFRPSWHDGPLQLVWUDWLIRXpPHWWUHVRQDYLVVXUODPRGLILFDWLRQ
©±FUpDWLRQHWJHVWLRQGH]RQHVG¶DFWLYLWpVpFRQRPLTXHVHW ©GHV FRPSpWHQFHV GX JURXSHPHQW GH VRQ SpULPqWUH HW GpILQLU OHV
©LQGXVWULHOOHV ©DIIDLUHV G¶LQWpUrW FRPPXQ /HV GpOLEpUDWLRQV SRUWDQW VXU GHV
©±RSpUDWLRQVG¶DPpQDJHPHQW ©PDWLqUHV DXWUHV TXH FHOOHV LQGLTXpHV FLGHVVXV VRQW DGRSWpHV j OD
©PDMRULWpDEVROXHGHVVXIIUDJHVH[SULPpV
© (Q RXWUH OH JURXSHPHQW SHXW rWUH FKDUJp GH WRXWH DXWUH
©DFWLYLWp TXH OHV FRPPXQHV PHPEUHV GpFLGHQW G¶XQ FRPPXQ © (Q FDV GH VXVSHQVLRQ RX GH GLVVROXWLRQ GX FRQVHLO GX
©DFFRUGGHOXLFRQILHU ©JURXSHPHQW SRXU TXHOTXH FDXVH TXH VH VRLW LO HVW IDLW
©DSSOLFDWLRQGHVGLVSRVLWLRQVGHO¶DUWLFOHGHODSUpVHQWHORL
©6HFWLRQ,,±2
2UJDQLVDWLRQHWIRQFWLRQQHPHQW © /H EXUHDX GX JURXSHPHQW GHPHXUH FKDUJp GH OD JHVWLRQ GHV
©$UWLFOH ±±/H JURXSHPHQW G¶DJJORPpUDWLRQ HVW ©DIIDLUHV GX JURXSHPHQW MXVTX¶j FH TXH OH FRQVHLO UHSUHQQH
©DGPLQLVWUpSDUXQFRQVHLOTXLFRPSUHQGOHVPHPEUHVGpOpJXpV ©VHVIRQFWLRQVRXVRLWUHFRQVWLWXp
©SDUOHVFRQVHLOVGHVFRPPXQHVFRQVWLWXDQWOHJURXSHPHQW © $UWLFOH ±±/HV FRPPXQHV FRQVWLWXDQW OH JURXSHPHQW
©/HXUQRPEUHHVWIL[pSDUDUUrWpGXPLQLVWUHGHO¶LQWpULHXU ©QH SHXYHQW HQ DXFXQ FDV H[HUFHU OHV FRPSpWHQFHV TX¶HOOHV RQW
©DX SURUDWD GX QRPEUH G¶KDELWDQWV GH FKDTXH FRPPXQH HW DX ©WUDQVIpUpHVDXJURXSHPHQWHQDSSOLFDWLRQGHODSUpVHQWHORL
©PRLQV SDU XQ GpOpJXp SRXU FKDFXQH GHV FRPPXQHV PHPEUHV ©6HFWLRQ,,,±2
2UJDQLVDWLRQILQDQFLqUHSHUVRQQHO
©$XFXQH FRPPXQH QH SHXW GpWHQLU SOXV GH  GHV VLqJHV DX ©HWSDWULPRLQH
©FRQVHLOGXJURXSHPHQW ©$UWLFOH±±/HVUHVVRXUFHVILQDQFLqUHVGXJURXSHPHQW
©/HVGLVSRVLWLRQVGHO¶DUWLFOHFLGHVVXVVRQWDSSOLTXpHV ©FRPSUHQQHQW
©jO¶pOHFWLRQDXVHLQGXJURXSHPHQWHWDXPDQGDWGHVGpOpJXpV ©±ODFRQWULEXWLRQGHVFRPPXQHVDXEXGJHWGXJURXSHPHQW
©FRPPXQDX[
©±OHVVXEYHQWLRQVGHO¶(WDW
©/H EXUHDX GX FRQVHLO GX JURXSHPHQW VH FRPSRVH GHV
©SUpVLGHQWV GHV FRQVHLOV FRPPXQDX[ PHPEUHV GX JURXSHPHQW ©±OHVUHFHWWHVUHODWLYHVDX[VHUYLFHVWUDQVIpUpVDXJURXSHPHQW
©TXLVLqJHQWGHSOHLQGURLWDXVHLQGXFRQVHLO ©±OHVUHGHYDQFHVHWUpPXQpUDWLRQVSRXUVHUYLFHVUHQGXV
©/HEXUHDXGXJURXSHPHQWpOLWOHSUpVLGHQWGXJURXSHPHQW ©±OHVUHYHQXVGHJHVWLRQGXSDWULPRLQH
©SDUPL VHV PHPEUHV DX VFUXWLQ VHFUHW HW j OD PDMRULWp DEVROXH ©±OHVHPSUXQWV
©GHV PHPEUHV GX EXUHDX HQ H[HUFLFH /H GpFRPSWH GH FKDTXH
©YRL[ H[SULPpH HVW HIIHFWXp VXU OD EDVH GX QRPEUH GH VLqJHV ©±OHVGRQVHWOHJV
©DWWULEXpV j FKDTXH FRPPXQH DX VHLQ GX FRQVHLO GX ©±OHVUHFHWWHVGLYHUVHV
©JURXSHPHQW /HV YLFHSUpVLGHQWV VRQW FODVVpV DX SURUDWD GX ©$UWLFOH±±/DFRQWULEXWLRQGHVFRPPXQHVDXEXGJHW
©QRPEUHGHVLqJHVGpWHQXVSDUODFRPPXQHTX¶LOVUHSUpVHQWHQW ©GHOHXUJURXSHPHQWHVWXQHGpSHQVHREOLJDWRLUH
1ıUDELL, %8//(7,12)),&,(/
©$UWLFOH±±/HSHUVRQQHOGXJURXSHPHQWFRPSUHQG ©LQWpUHVVpV SDU YRLH G¶DIILFKDJH GDQV OH VLqJH GH OD FRPPXQH HW
©±OHV IRQFWLRQQDLUHV SODFpV HQ SRVLWLRQ GH GpWDFKHPHQW
©DXSUqV GX JURXSHPHQW SDU OHV FRPPXQHV PHPEUHV RX
©SDUG¶DXWUHVDGPLQLVWUDWLRQV ©SUpVLGHQWV G¶DUURQGLVVHPHQWV VRQW IL[pV SDU OH UqJOHPHQW
©±OHVDJHQWVHWHPSOR\pVUHFUXWpVSDUOHJURXSHPHQW ©LQWpULHXUGXFRQVHLOFRPPXQDOª
© ±OHV IRQFWLRQQDLUHV HW DJHQWV PLV j OD GLVSRVLWLRQ GX
©JURXSHPHQW SDU O¶(WDW RX OHV FROOHFWLYLWpV ORFDOHV GDQV
©OHFDGUHGHFRQYHQWLRQV
©/HV DJHQWV HW IRQFWLRQQDLUHV UHOHYDQW GHV VHUYLFHV
©WUDQVIpUpVDXJURXSHPHQWVRQWGpWDFKpVDXSUqVGXJURXSHPHQW
©RX PLV j VD GLVSRVLWLRQ GDQV OHV FRQGLWLRQV IL[pHV SDU YRLH
©UpJOHPHQWDLUH
©$UWLFOH±±/HSDWULPRLQHGX JURXSHPHQWFRPSUHQG
©GHV ELHQV DFTXLV SDU OH JURXSHPHQW HW GHV ELHQV PLV j VD
©GLVSRVLWLRQ SDU OHV FRPPXQHV PHPEUHV SRXU O¶H[HUFLFH GHV
©FRPSpWHQFHVTXLOXLVRQWGpYROXHVGDQVOHVFRQGLWLRQVTXLVRQW
©IL[pHVSDUYRLHUpJOHPHQWDLUH
©6HFWLRQ,9±'
'XUpJLPHMXULGLTXHDSSOLFDEOH
©HWGHODWXWHOOH 
©$UWLFOH ±±6RXV UpVHUYH GHV GLVSRVLWLRQV GX
©SUpVHQW FKDSLWUH VRQW DSSOLFDEOHV DX JURXSHPHQW OHV WH[WHV
©OpJLVODWLIV HW UpJOHPHQWDLUHV UHODWLIV DX VWDWXW GH O¶pOX j OD
©WXWHOOH VXU OHV DFWHV GHV FRPPXQHV DX[ UpXQLRQV GH OHXUV
©FRQVHLOV HW j OHXUV GpOLEpUDWLRQV SUpYXV SDU OD ORL Qƒ 
©SRUWDQWFKDUWHFRPPXQDOH/HVUqJOHVILQDQFLqUHVHWFRPSWDEOHV
©GHV FROOHFWLYLWpV ORFDOHV VRQW pJDOHPHQW DSSOLFDEOHV DX EXGJHW
©HWjODFRPSWDELOLWpGXJURXSHPHQW
©$UWLFOH±±/HJURXSHPHQWVXEURJHDX[FRPPXQHV
©GDQV OHV GURLWV HW REOLJDWLRQV  UHODWLIV DX[ DFWHV FRQFOXV SDU
©OHVGLWHV FRPPXQHV DYDQW OD FRQVWLWXWLRQ GX JURXSHPHQW GDQV
©ODOLPLWHGHVFRPSpWHQFHVTXLOXLVRQWGpYROXHV/HJURXSHPHQW
©VXEURJH pJDOHPHQW j FHV FRPPXQHV GDQV O¶DGPLQLVWUDWLRQ GHV
©VHUYLFHV SXEOLFV FRPPXQDX[ GRQW OD JHVWLRQ HVW FRQILpH j GHV
©SHUVRQQHVGHGURLWSXEOLFRXSULYpª
©&KDSLWUH9,,,
©'HODFRQIpUHQFHGHVSUpVLGHQWV
©GHVFRQVHLOVG¶DUURQGLVVHPHQWV
©$UWLFOH  ELV±,O HVW LQVWLWXp DXSUqV GX SUpVLGHQW GX
©FRQVHLO FRPPXQDO XQ RUJDQH FRPSRVp GHV SUpVLGHQWV
©G¶DUURQGLVVHPHQWVGpQRPPp©FRQIpUHQFHGHVSUpVLGHQWVGHV
©FRQVHLOVG¶DUURQGLVVHPHQWVª
©,OHVWQRWDPPHQWFRQVXOWpVXU ©QRPEUHG¶KDELWDQWVGHODFRPPXQHVDQVWRXWHIRLVrWUHLQIpULHXU
©±OHVSURJUDPPHVG¶pTXLSHPHQWHWG¶DQLPDWLRQORFDOHTXL
©LQWpUHVVHQW GHX[ RX SOXVLHXUV DUURQGLVVHPHQWV  GRQW OD
©UpDOLVDWLRQ HVW SUpYXH VXU OH WHUULWRLUH GH OD  FRPPXQH
©DLQVL TXH VXU OHV SURMHWV GH GpOpJDWLRQV GH VHUYLFHV
©SXEOLFV ORUVTXH OHXUV SUHVWDWLRQV FRQFHUQHQW OD
©SRSXODWLRQGHSOXVLHXUVDUURQGLVVHPHQWV ©UHODWLYHV j OD JHVWLRQ GHV pTXLSHPHQWV HW GHV VHUYLFHV TXL
©±WRXWH SURSRVLWLRQ D\DQW SRXU EXW O¶DPpOLRUDWLRQ GHV
©VHUYLFHVSXEOLFVORFDX[
©&HWWHFRQIpUHQFHHVWSUpVLGpHSDUOHSUpVLGHQWGXFRQVHLO
LPSRUWDQFH GHV GpSHQVHV GH IRQFWLRQQHPHQW j O
H[FOXVLRQ
©FRPPXQDO TXL HQ IL[H O¶RUGUH GX MRXU DSUqV FRQVXOWDWLRQ GHV
©SUpVLGHQWVG¶DUURQGLVVHPHQWVHWTXLODFRQYRTXHHQUpXQLRQDX
©PRLQVGHX[IRLVSDUDQHWFKDTXHIRLVTX¶LOHVWMXJpQpFHVVDLUH
©/H SUpVLGHQW GX FRQVHLO FRPPXQDO FRPPXQLTXH j
DUURQGLVVHPHQWVHQDSSOLFDWLRQGHVGLVSRVLWLRQV
©O¶DXWRULWp GH WXWHOOH GDQV XQ GpODL GH WURLV MRXUV FRSLH GX
©SURFqVYHUEDO GHV UpXQLRQV GH ODGLWH FRQIpUHQFH &H
©SURFqVYHUEDOGRLWrWUHpJDOHPHQWSRUWpjODFRQQDLVVDQFHGHV

©GHVDUURQGLVVHPHQWVHWSDUWRXWDXWUHPR\HQDSSURSULp
©/¶RUJDQLVDWLRQHWOHIRQFWLRQQHPHQWGHODFRQIpUHQFHGHV
©$UWLFOH  ELV± /D WUDQVPLVVLRQ GHV DFWHV SULV SDU OH
©FRQVHLO FRPPXQDO OH SUpVLGHQW GX FRQVHLO FRPPXQDO HW OH
©SUpVLGHQWGHJURXSHPHQWGHFRPPXQHVRXOHXUVGpOpJXpVDLQVL
©TXHOHVDFWHVSULVSDUOHVDXWRULWpVGHWXWHOOHFRPSpWHQWHVSHXW
©V¶HIIHFWXHU SDU YRLH pOHFWURQLTXH FRQIRUPpPHQW DX[ ORLV HW
©UqJOHPHQWVHQYLJXHXUª
$UWLFOH
6RQW DEURJpV HW UHPSODFpV FRPPH VXLW  OHV LQWLWXOpV GHV
WLWUHV9,,,;HWOHVGLVSRVLWLRQVGHVDUWLFOHV
HWGHODORLSUpFLWpHQƒSRUWDQWFKDUWHFRPPXQDOH
©7,75(9,,,
©',6326,7,2163$57,&8/,(5(6$8;&20081(685%$,1(6
©6280,6(6$85(*,0('¶$5521',66(0(17
©&KDSLWUHSUHPLHU
©'LVSRVLWLRQVJpQpUDOHV
© $UWLFOH ± /HV FRPPXQHV XUEDLQHV GH &DVDEODQFD
©5DEDW 7DQJHU0DUUDNHFK )qV HW 6DOp VRQW VRXPLVHV DX[
©UqJOHVDSSOLFDEOHVDX[FRPPXQHVVRXVUpVHUYHGHVGLVSRVLWLRQV
©GX SUpVHQW WLWUH HW GH WRXWHV DXWUHV GLVSRVLWLRQV OpJLVODWLYHV HW
©UpJOHPHQWDLUHVTXLOHXUVRQWSURSUHVª
© $UWLFOH ±/D GRWDWLRQ JOREDOH GHV DUURQGLVVHPHQWV
©FRPSUHQG XQH SDUW GHVWLQpH j O¶DQLPDWLRQ ORFDOH HW XQH SDUW
©UHODWLYH j OD JHVWLRQ ORFDOH GRQW OHV PRQWDQWV VRQW IL[pV SDU OH
©FRQVHLOFRPPXQDOVXUSURSRVLWLRQGHVRQSUpVLGHQW
© /D SDUW UpVHUYpH j O¶DQLPDWLRQ ORFDOH HVW DIIHFWpH j OD
©FRXYHUWXUH GHV IUDLV UHODWLIV j OD JHVWLRQ GHV DIIDLUHV GH
©SUR[LPLWpFRQFHUQDQWODSURPRWLRQGXVSRUWGHODFXOWXUHGHV
©SURJUDPPHV VRFLDX[ GHVWLQpV j O¶HQIDQFH j OD IHPPH HW DX[
©KDQGLFDSpV RX SHUVRQQHV HQ GLIILFXOWpV DLQVL TX¶j OD
©PRELOLVDWLRQ VRFLDOH HW j OD  SURPRWLRQ GH O¶DFWLRQ DVVRFLDWLYH
©HQYXHGHUpDOLVHUGHVSURMHWVGHGpYHORSSHPHQWSDUWLFLSDWLI
©/H PRQWDQW GH OD SDUW UHODWLYH j O¶DQLPDWLRQ ORFDOH GHV
©DUURQGLVVHPHQWV HVW GpWHUPLQp SURSRUWLRQQHOOHPHQW DX
©jXQVHXLOPLQLPXPIL[pSDUDUUrWpGXPLQLVWUHGHO¶LQWpULHXU
©&HWWHSDUWHVWUpSDUWLHDXSURUDWDGXQRPEUHG¶KDELWDQWVGH
©FKDTXHDUURQGLVVHPHQW
© /D SDUW DIIHFWpH j OD JHVWLRQ ORFDOH FRXYUH OHV GpSHQVHV
©FRQFHUQHQWOHVDUURQGLVVHPHQWV
© /H PRQWDQW GH FHWWH SDUW HVW IL[p HQ IRQFWLRQ GH
©O
©GHV GpSHQVHV GH SHUVRQQHO HW GHV IUDLV ILQDQFLHUV TXL VRQW j OD
©FKDUJH GX EXGJHW GH OD FRPPXQH HVWLPpHV HQ WHQDQW FRPSWH
©GHV pTXLSHPHQWV HW GHV VHUYLFHV TXL UHOqYHQW GHV DWWULEXWLRQV
©GHVFRQVHLOVG
©GH OD SUpVHQWH ORL HW VXU OD EDVH GX FRQWHQX G¶XQ VFKpPD
©GLUHFWHXU G¶pTXLSHPHQWV REOLJDWRLUHPHQW DGRSWp SDU OH FRQVHLO
©FRPPXQDO
 %8//(7,12)),&,(/ 1ıUDELL,

©(QFDVGHGpVDFFRUGDXVHLQGXFRQVHLOFRPPXQDOVXUOH © /HV VRFLpWpV GH GpYHORSSHPHQW ORFDO VRQW UpJLHV SDU OHV
©PRQWDQW GH OD SDUW DIIHFWpH j OD JHVWLRQ ORFDOH GH FKDTXH ©GLVSRVLWLRQVGHODORLQƒUHODWLYHDX[VRFLpWpVDQRQ\PHV
©DUURQGLVVHPHQW FH PRQWDQW HVW IL[p HQ WHQDQW FRPSWH GH OD ©SURPXOJXpH SDU OH GDKLU Qƒ   GX  UDELL ,, 
©PR\HQQHGHVFUpGLWVUpHOOHPHQWGpSHQVpVDXWLWUHGHVGHUQLHUV ©DR€WVRXVUpVHUYHGHVFRQGLWLRQVVXLYDQWHV
©H[HUFLFHVEXGJpWDLUHVGHFKDTXHDUURQGLVVHPHQW ©±GRLYHQW IDLUH O¶REMHW G¶XQH GpOLEpUDWLRQ GX FRQVHLO
© /D SDUW UHODWLYH j OD JHVWLRQ ORFDOH SHXW rWUH PRGLILpH ©FRPPXQDOFRQFHUQpDSSURXYpHSDUO¶DXWRULWpGHWXWHOOH
©FKDTXH DQQpH HQ WHQDQW FRPSWH GHV FKDQJHPHQWV LQWHUYHQXV ©VRXVSHLQHGHQXOOLWpODFUpDWLRQRXODGLVVROXWLRQG¶XQH
©GDQV OD OLVWH GHV pTXLSHPHQWV HW GHV VHUYLFHV TXL VRQW JpUpV ©VRFLpWpGHGpYHORSSHPHQWORFDOODSULVHGHSDUWLFLSDWLRQ
©SDUO¶DUURQGLVVHPHQWª ©jVRQFDSLWDOODPRGLILFDWLRQGHVRQREMHWO¶DXJPHQWDWLRQ
©ODUpGXFWLRQRXODFHVVLRQGHVRQFDSLWDO
©7,75(;
©±OD SULVH GH SDUWLFLSDWLRQ GHV FROOHFWLYLWpV ORFDOHV RX GH
©',6326,7,216',9(56(6
©OHXUV JURXSHPHQWV GDQV OH FDSLWDO GH OD VRFLpWp GH
©&KDSLWUHSUHPLHU ©GpYHORSSHPHQW ORFDO QH SHXW rWUH LQIpULHXUH j  HW
©'LVSRVLWLRQVSDUWLFXOLqUHV ©GDQV WRXV OHV FDV OD PDMRULWp GX FDSLWDO GH OD VRFLpWp
©DX[VHUYLFHVSXEOLFVFRPPXQDX[ ©GRLW rWUH GpWHQXH SDU GHV SHUVRQQHV PRUDOHV GH GURLW
©SXEOLF
© $UWLFOH ±/H PLQLVWUH GH O¶LQWpULHXU SHXW SDU  DUUrWp
©±OD VRFLpWp GH GpYHORSSHPHQW ORFDO QH SHXW GpWHQLU GHV
©SUHQGUH WRXWHV OHV PHVXUHV QpFHVVDLUHV DX ERQ IRQFWLRQQHPHQW GHV
©SDUWLFLSDWLRQVGDQVOHFDSLWDOG¶DXWUHVVRFLpWpV
©VHUYLFHV SXEOLFV FRPPXQDX[ GDQV OH UHVSHFW GHV DWWULEXWLRQV
©GpYROXHVDX[FRQVHLOVFRPPXQDX[HWjOHXUVSUpVLGHQWVSDUOD ©±OHV SURFqVYHUEDX[ GHV UpXQLRQV GHV RUJDQHV GH JHVWLRQ
©SUpVHQWHORL&HVPHVXUHVFRPSUHQQHQW ©GHODVRFLpWpGHGpYHORSSHPHQWORFDOGRLYHQWrWUHWUDQVPLV
©DX[ FROOHFWLYLWpV ORFDOHV DFWLRQQDLUHV HW j OHXU DXWRULWp GH
©±OD FRRUGLQDWLRQ DX QLYHDX QDWLRQDO GHV SODQV GH ©WXWHOOHGDQVXQGpODLGHMRXUVjFRPSWHUGHODGDWHGH
©GpYHORSSHPHQWGHVVHUYLFHVSXEOLFVFRPPXQDX[ ©FO{WXUHGHVUpXQLRQV
©±OD FRRUGLQDWLRQ HQ PDWLqUH GH WDULILFDWLRQ GHV © /¶H[HUFLFH GX PDQGDW GX UHSUpVHQWDQW GH OD FROOHFWLYLWp
©SUHVWDWLRQVGHVVHUYLFHVSXEOLFVFRPPXQDX[ ©ORFDOH DX VHLQ GHV RUJDQHV GH JHVWLRQ HVW JUDWXLW 7RXWHIRLV
©±O¶pWDEOLVVHPHQW GH QRUPHV HW GH UqJOHV FRPPXQHV ©FHUHSUpVHQWDQW EpQpILFLH G¶LQGHPQLWpV GRQW OH PRQWDQW HW OHV
©G¶RUJDQLVDWLRQ GHV VHUYLFHV SXEOLFV FRPPXQDX[ HW GHV ©PRGDOLWpVGHYHUVHPHQWVRQWIL[pVSDUYRLHUpJOHPHQWDLUHª
©SUHVWDWLRQVTX¶LOVGpOLYUHQW ©$UWLFOH ±,O HVW LQWHUGLW j WRXW UHSUpVHQWDQW G¶XQH
©±O¶RUJDQLVDWLRQ GX WUDQVSRUW HW GH OD FLUFXODWLRQ ©FROOHFWLYLWp ORFDOH DX VHLQ GX FRQVHLO G¶DGPLQLVWUDWLRQ GH OD
©HQPLOLHXXUEDLQ ©VRFLpWpGHGpYHORSSHPHQWORFDOFRQIRUPpPHQWjODOpJLVODWLRQ
©HWjODUpJOHPHQWDWLRQHQYLJXHXUG¶HQWUHWHQLUGHVLQWpUrWVSULYpV
©±OD PpGLDWLRQ HQWUH OHV RSpUDWHXUV SRXU OH UqJOHPHQW j ©DYHF OD VRFLpWp GRQW LO HVW DGPLQLVWUDWHXU VRXV SHLQH GH
©O¶DPLDEOHGHVGLIIpUHQGV ©UpYRFDWLRQHWVDQVSUpMXGLFHGHSRXUVXLWHVMXGLFLDLUHVª
©±O¶pWDEOLVVHPHQW G¶LQGLFDWHXUV SHUPHWWDQW G¶pYDOXHU OH ©$UWLFOH±(Q FDV GH VXVSHQVLRQ RX GH GLVVROXWLRQ GX
©QLYHDX GHV SUHVWDWLRQV HW GH IL[HU OHV PRGDOLWpV GH OHXU ©FRQVHLO FRPPXQDO OH UHSUpVHQWDQW GH OD FROOHFWLYLWp ORFDOH
©FRQWU{OH ©FRQWLQXH GH OD UHSUpVHQWHU DX VHLQ GX FRQVHLO G¶DGPLQLVWUDWLRQ
©±ODGpILQLWLRQGHVPRGHVGHVRXWLHQDX[FRPPXQHVHWj ©MXVTX¶jpOHFWLRQGHVRQVXFFHVVHXU
©OHXUVJURXSHPHQWVSRXUO¶DPpOLRUDWLRQGHODTXDOLWpGHV ©/HVGLVSRVLWLRQVGXSUpVHQWFKDSLWUHVRQWDSSOLFDEOHVDX[
©VHUYLFHVSXEOLFVFRPPXQDX[ ©VRFLpWpV FUppHV DYDQW OD SXEOLFDWLRQ GH OD SUpVHQWH ORL DX
©±O¶DVVLVWDQFH WHFKQLTXH DX[ FRPPXQHV HQ PDWLqUH GH ©%XOOHWLQ RIILFLHO HW GDQV OHVTXHOOHV OHV FROOHFWLYLWpV ORFDOHV
©GpWLHQQHQW XQH SDUW GX FDSLWDO DX PRLQV pJDOH j   HW FH j
©FRQWU{OHGHJHVWLRQGHVVHUYLFHVSXEOLFVORFDX[GpOpJXpV
©FRPSWHUGHODVHFRQGHDQQpHTXLVXLWODGDWHGHSXEOLFDWLRQGH
©±ODFROOHFWHHWODPLVHjGLVSRVLWLRQSDUOHVFRPPXQHVGH ©ODSUpVHQWHORLDX©%XOOHWLQRIILFLHOª
©GRQQpHV HW G¶LQIRUPDWLRQV QpFHVVDLUHV DX VXLYL GH ©$UWLFOH±/HVDFWHVGRQWO¶DIILFKDJHHWODSXEOLFDWLRQ
©ODJHVWLRQGHVVHUYLFHVSXEOLFVFRPPXQDX[ ©VRQW REOLJDWRLUHV HQ DSSOLFDWLRQ GHV GLVSRVLWLRQV GH OD
©/HV ZDOLV GH UpJLRQV SHXYHQW H[HUFHU SDU GpOpJDWLRQ GX ©SUpVHQWH ORL  GRLYHQW rWUH SXEOLpV DX %XOOHWLQ RIILFLHO GHV
©PLQLVWUHGHO¶LQWpULHXUSDUWLHGHVFRPSpWHQFHVpQXPpUpHVFLGHVVXVª ©FROOHFWLYLWpVORFDOHVRXSRUWpVjODFRQQDLVVDQFHGXSXEOLFSDU
©YRLH pOHFWURQLTXH VHORQ GHV PRGDOLWpV IL[pHV SDU DUUrWp GX
©&KDSLWUH,,
©PLQLVWUHGHO¶LQWpULHXUª
©'LVSRVLWLRQVSDUWLFXOLqUHV
$UWLFOH
©DX[VRFLpWpVGHGpYHORSSHPHQWORFDO
6RQW DEURJpHV OHV GLVSRVLWLRQV GH O¶DUWLFOH  GH OD ORL
©$UWLFOH±/HVFROOHFWLYLWpVORFDOHVHWOHXUVJURXSHPHQWV SUpFLWpHQƒSRUWDQWFKDUWHFRPPXQDOH
©SHXYHQWSURFpGHUjODFUpDWLRQRXjODSULVHGHSDUWLFLSDWLRQGDQV
©GHV VRFLpWpV GpQRPPpHV VRFLpWpV GH GpYHORSSHPHQW ORFDO HQ $UWLFOH
©DVVRFLDWLRQ DYHF XQH RX SOXVLHXUV SHUVRQQHV PRUDOHV GH GURLW /D SUpVHQWH ORL HQWUH HQ YLJXHXU j FRPSWHU GH OD
©SXEOLFRXSULYp SURFODPDWLRQ RIILFLHOOH GHV UpVXOWDWV GpILQLWLIV GHV pOHFWLRQV
©/¶REMHW GH OD VRFLpWp GH GpYHORSSHPHQW ORFDO GRLW FRPPXQDOHV TXL VXLYHQW OD SXEOLFDWLRQ GH OD ORL Qƒ  DX
©V¶LQVFULUH GDQV OD OLPLWH GHV DFWLYLWpV j FDUDFWqUH LQGXVWULHO HW %XOOHWLQRIILFLHO
©FRPPHUFLDO TXL UHOqYHQW GHV FRPSpWHQFHV GHV FROOHFWLYLWpV BBBBBB
©ORFDOHVHWGHOHXUVJURXSHPHQWVjO¶H[FHSWLRQGHODJHVWLRQGX /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
©GRPDLQHSULYpFRPPXQDO ©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU
1ıUDELL, %8//(7,12)),&,(/ 

'DKLU Qƒ  GX   VDIDU   IpYULHU   SRUWDQW PpFKRXDUVSRXUOHVFRPPXQHVGHPpFKRXDUVOHSUpVLGHQW
SURPXOJDWLRQGHODORLQƒUHODWLYHjO¶RUJDQLVDWLRQ GX FRQVHLO GH JURXSHPHQW SRXU OH JURXSHPHQW GHV
GHV ILQDQFHV GHV FROOHFWLYLWpV ORFDOHV HW GH OHXUV FROOHFWLYLWpVORFDOHVOHSUpVLGHQWGXFRPLWpLQWHUUpJLRQDO
JURXSHPHQWV GH FRRSpUDWLRQ SRXU OHV FRPLWpV LQWHUUpJLRQDX[ GH
BBBBBBBBB FRRSpUDWLRQ OH  SUpVLGHQW GX FRQVHLO G¶DUURQGLVVHPHQW
SRXUOHVDUURQGLVVHPHQWV
/28$1*($',(86(8/
‡WUpVRULHUOHWUpVRULHUFRPPXQDOOHUHFHYHXUFRPPXQDOOH
*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9, FRPSWDEOH SXEOLF GHV FROOHFWLYLWpV ORFDOHV HW GH OHXUV
4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW
HQIRUWLILHUODWHQHXU
4XH1RWUH0DMHVWp&KpULILHQQH
9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW
$'e&,'e&(48,68,7
(VWSURPXOJXpHHWVHUDSXEOLpHDX%XOOHWLQRIILFLHOjODVXLWH
GX SUpVHQW GDKLU OD ORL Qƒ  UHODWLYH j O¶RUJDQLVDWLRQ GHV
ILQDQFHV GHV FROOHFWLYLWpV ORFDOHV HW GH OHXUV JURXSHPHQWV WHOOH
TX¶DGRSWpH SDU OD &KDPEUH GHV FRQVHLOOHUV HW OD &KDPEUH GHV
UHSUpVHQWDQWV
JURXSHPHQWV
‡FRQVHLO GpOLEpUDQW  OH FRQVHLO UpJLRQDO OH FRQVHLO
SUpIHFWRUDORXSURYLQFLDOOHFRQVHLOFRPPXQDOOHFRPLWp
LQWHUUpJLRQDOGHFRRSpUDWLRQOHFRQVHLOGHJURXSHPHQWHW
OHFRQVHLOGHO¶DUURQGLVVHPHQW
‡DXWRULWp GH WXWHOOH  OH PLQLVWUH GH O¶LQWpULHXU RX VRQ
GpOpJXpSRXUOHVUpJLRQVOHVSUpIHFWXUHVRXOHVSURYLQFHV
OHV FRPPXQHV XUEDLQHV  HW OHV JURXSHPHQWV OH ZDOL RX
JRXYHUQHXU GH OD SUpIHFWXUH RX GH OD SURYLQFH SRXU OHV
FRPPXQHVUXUDOHV
7,75(,,
)DLWj)qVOHVDIDUIpYULHU
/(%8'*(7
3RXUFRQWUHVHLQJ &KDSLWUHSUHPLHU
/H3UHPLHUPLQLVWUH 3ULQFLSHVJpQpUDX[
$%%$6(/)$66, $UWLFOH

/H EXGJHW HVW O
DFWH SDU OHTXHO HVW SUpYX HW DXWRULVp SRXU
FKDTXH DQQpH EXGJpWDLUH O
HQVHPEOH GHV UHVVRXUFHV HW GHV
 FKDUJHVGHODFROOHFWLYLWpORFDOHRXGXJURXSHPHQW
$UWLFOH
/RLQƒ
UHODWLYHjO¶RUJDQLVDWLRQGHVILQDQFHV /
DQQpHEXGJpWDLUHFRPPHQFHOHHU MDQYLHUHWVHWHUPLQHOH
GHVFROOHFWLYLWpVORFDOHVHWGHOHXUVJURXSHPHQWV GpFHPEUHGHODPrPHDQQpH
BBBBBBBBB $UWLFOH
3HXYHQW HQJDJHU OHV ILQDQFHV GHV DQQpHV XOWpULHXUHV  OHV
7,75(35(0,(5 FRQYHQWLRQV ILQDQFLqUHV OHV JDUDQWLHV DFFRUGpHV OHV FUpGLWV
',6326,7,216*(1(5$/(6 G¶HQJDJHPHQWHWOHVDXWRULVDWLRQVGHSURJUDPPH
&KDSLWUHXQLTXH $UWLFOH
&KDPSG
DSSOLFDWLRQ'pILQLWLRQV /HEXGJHWFRPSUHQGGHX[SDUWLHV
$UWLFOHSUHPLHU ‡ODSUHPLqUHSDUWLHGpFULWOHVRSpUDWLRQVGHIRQFWLRQQHPHQW
/D SUpVHQWH ORL D SRXU REMHW GH IL[HU O
RUJDQLVDWLRQ WDQWHQUHFHWWHVTX
HQGpSHQVHV
ILQDQFLqUHGHVFROOHFWLYLWpVORFDOHVHWGHOHXUVJURXSHPHQWV ‡OD GHX[LqPH SDUWLH HVW UHODWLYH DX[ RSpUDWLRQV
$UWLFOH G¶pTXLSHPHQW  HOOH SUpVHQWH O
HQVHPEOH GHV UHVVRXUFHV
$X VHQV GH OD SUpVHQWH ORL HW GHV WH[WHV SULV SRXU VRQ DIIHFWpHVjO
pTXLSHPHQWHWO
HPSORLTXLHQHVWIDLW
DSSOLFDWLRQRQHQWHQGSDU /HEXGJHWSHXWFRPSUHQGUHHQRXWUHGHVEXGJHWVDQQH[HVHW
‡FROOHFWLYLWpV ORFDOHV  OD UpJLRQ OD SUpIHFWXUH RX OD GHVFRPSWHVVSpFLDX[WHOVTXHGpILQLVDX[DUWLFOHVjFLDSUqV
SURYLQFHODFRPPXQHXUEDLQHHWODFRPPXQHUXUDOH /HEXGJHWGRLWrWUHpTXLOLEUpGDQVFKDFXQHGHVHVSDUWLHV
‡JURXSHPHQW  OH FRPLWp LQWHUUpJLRQDO GH FRRSpUDWLRQ OH /RUVTX
XQ H[FpGHQW SUpYLVLRQQHO HVW GpJDJp GH OD SUHPLqUH
JURXSHPHQWGHFROOHFWLYLWpVORFDOHV SDUWLHLOHVWDIIHFWpREOLJDWRLUHPHQWjODGHX[LqPHSDUWLH
‡RUGRQQDWHXUOHZDOLJRXYHUQHXUGHODSUpIHFWXUHRXGHOD
/HV GpSHQVHV GH OD SUHPLqUH SDUWLH QH SHXYHQW DYRLU SRXU
SURYLQFH FKHIOLHX GH UpJLRQ SRXU OHV UpJLRQV OH
FRQWUHSDUWLHGHVUHFHWWHVGHODGHX[LqPHSDUWLH
JRXYHUQHXU SRXU OHV SUpIHFWXUHV HW OHV SURYLQFHV OH
SUpVLGHQW GX FRQVHLO FRPPXQDO SRXU OHV FRPPXQHV 8Q pWDW FRQVROLGp UHWUDoDQW OHV pTXLOLEUHV GX EXGJHW GHV
XUEDLQHVHWUXUDOHVOHZDOLJRXYHUQHXUGHODSUpIHFWXUHGH EXGJHWV DQQH[HV HW GHV FRPSWHV VSpFLDX[ HVW pWDEOL VHORQ OHV
5DEDWSRXUODFRPPXQHXUEDLQHGH5DEDWOHVSDFKDVGHV PRGDOLWpVIL[pHVSDUYRLHUpJOHPHQWDLUH
 %8//(7,12)),&,(/ 1ıUDELL,

$UWLFOH ‡VRLW GH GpFULUH GHV RSpUDWLRQV HQ FRQVHUYDQW OHXU

/HVUHVVRXUFHVHWOHVFKDUJHVVRQWSUpVHQWpHVSDUVHFWLRQVHW VSpFLILFLWp HW HQ DVVXUDQW OHXU FRQWLQXLWp G¶XQH DQQpH
FKDSLWUHV VXEGLYLVpV HQ DUWLFOHV HQ SDUDJUDSKHV HW HQ OLJQHV EXGJpWDLUHVXUO¶DXWUH
EXGJpWDLUHV FRQIRUPpPHQW j OD QRPHQFODWXUH EXGJpWDLUH pWDEOLH ‡VRLW GH JDUGHU WUDFH VDQV GLVWLQFWLRQ G¶DQQpH EXGJpWDLUH
SDU DUUrWp FRQMRLQW GX PLQLVWUH GH O¶LQWpULHXU HW GX PLQLVWUH G¶RSpUDWLRQVTXLVHSRXUVXLYHQWSHQGDQWSOXVG¶XQHDQQpH
FKDUJpGHVILQDQFHV
/HVFRPSWHVVSpFLDX[FRPSUHQQHQW
$UWLFOH
‡OHVFRPSWHVG
DIIHFWDWLRQVSpFLDOH
,O QH SHXW \ DYRLU DIIHFWDWLRQ G
XQH UHFHWWH j XQH GpSHQVH
SDUPL FHOOHV TXL FRQFRXUHQW j IRUPHU OH WRWDO GH OD SUHPLqUH ‡OHVFRPSWHVGHGpSHQVHVVXUGRWDWLRQV
SDUWLHGXEXGJHWHWGHVEXGJHWVDQQH[HV $UWLFOH
/
DIIHFWDWLRQ G
XQH UHFHWWH j XQH GpSHQVH D OLHX GDQV OH /HV FRPSWHV G¶DIIHFWDWLRQ VSpFLDOH VRQW FUppV SDU DUUrWp
FDGUHGHODGHX[LqPHSDUWLHGXEXGJHWHWGHVEXGJHWVDQQH[HVHW FRQMRLQW GX PLQLVWUH GH O
LQWpULHXU HW GX PLQLVWUH FKDUJp GHV
GDQVOHFDGUHGHVFRPSWHVVSpFLDX[ ILQDQFHV VXU OD EDVH G¶XQ SURJUDPPH G¶HPSORL pWDEOL SDU
$UWLFOH O¶RUGRQQDWHXUHQH[pFXWLRQGHVGpOLEpUDWLRQVGXFRQVHLO
/HVHQJDJHPHQWVGHGpSHQVHVGHVFROOHFWLYLWpVORFDOHVHWGH /HV FRPSWHV G
DIIHFWDWLRQ VSpFLDOH UHWUDFHQW OD SULVH HQ
OHXUVJURXSHPHQWVGRLYHQWUHVWHUGDQVODOLPLWHGHVDXWRULVDWLRQV UHFHWWHV GH UHVVRXUFHV DIIHFWpHV DX ILQDQFHPHQW SUpYLVLRQQHO
EXGJpWDLUHV ,OV VRQW VXERUGRQQpV j OD GLVSRQLELOLWp GHV FUpGLWV G
XQH FDWpJRULH GpWHUPLQpH GH GpSHQVHV HW O
HPSORL GRQQp j FHV
EXGJpWDLUHV SRXU OHV RSpUDWLRQV G¶DFTXLVLWLRQ GHV ELHQV HW UHVVRXUFHV
VHUYLFHVHWGHVSRVWHVEXGJpWDLUHVSRXUOHVUHFUXWHPHQWV /H PRQWDQW GHV SUpYLVLRQV HVW LQVFULW j OD UpFDSLWXODWLRQ
$UWLFOH JpQpUDOHGXEXGJHW
/HV EXGJHWV DQQH[HV VRQW FUppV SDU DUUrWp GX PLQLVWUH GH /HV FUpGLWV GH SDLHPHQW VRQW RXYHUWV j FRQFXUUHQFH GHV
O
LQWpULHXU UHFHWWHVUpDOLVpHVHWVRQWDXWRULVpVSDUOHPLQLVWUHGHO¶LQWpULHXURX
/HVEXGJHWVDQQH[HVGpFULYHQWGHVRSpUDWLRQVILQDQFLqUHVGH VRQ GpOpJXp 6L OHV UHFHWWHV UpDOLVpHV VRQW VXSpULHXUHV DX[
FHUWDLQVVHUYLFHVTXLQ
RQWSDVpWpGRWpVGHODSHUVRQQDOLWpPRUDOH SUpYLVLRQVGHVFUpGLWVVXSSOpPHQWDLUHVSHXYHQWrWUHRXYHUWVGDQV
HWGRQWO
DFWLYLWpWHQGHVVHQWLHOOHPHQWjSURGXLUHGHVELHQVRXj ODOLPLWHGHFHWH[FpGHQW
UHQGUHGHVVHUYLFHVGRQQDQWOLHXjUpPXQpUDWLRQ /HV  PRGLILFDWLRQV GX FRPSWH G¶DIIHFWDWLRQ VSpFLDOH VRQW
/HV EXGJHWV DQQH[HV FRPSUHQQHQW G
XQH SDUW GDQV XQH DSSURXYpHV SDU OH PLQLVWUH GH O¶LQWpULHXU DSUqV YLVD GX PLQLVWUH
SUHPLqUHSDUWLHOHVUHFHWWHVHWOHVGpSHQVHVGHIRQFWLRQQHPHQWHW FKDUJpGHVILQDQFHV
G
DXWUHSDUWGDQVXQHGHX[LqPHSDUWLHOHVGpSHQVHVG¶pTXLSHPHQW
/HV GLVSRQLELOLWpV GHV FRPSWHV G
DIIHFWDWLRQ VSpFLDOH VRQW
HW OHV UHVVRXUFHV DIIHFWpHV j FHV GpSHQVHV ,OV VRQW WRXMRXUV
UHSRUWpHVGDQVODJHVWLRQVXLYDQWHSRXUSHUPHWWUHODFRQWLQXDWLRQ
SUpVHQWpVHQpTXLOLEUH
GHVRSpUDWLRQVG
XQHDQQpHVXUO
DXWUH
/HV EXGJHWV DQQH[HV VRQW SUpSDUpV DSSURXYpV H[pFXWpV HW
7RXWFRPSWHG
DIIHFWDWLRQVSpFLDOHTXLQ
DSDVGRQQpOLHXj
FRQWU{OpV GDQV OHV PrPHV FRQGLWLRQV TXH FHOOHV SUpYXHV SRXU OH
EXGJHW GpSHQVHV SHQGDQW WURLV DQQpHV FRQVpFXWLYHV SHXW rWUH VROGp DX
WHUPH GH OD WURLVLqPH DQQpH HW OH VROGH SULV HQ UHFHWWH j OD
/
LQVXIILVDQFH GHV UHFHWWHV GH IRQFWLRQQHPHQW HVW
GHX[LqPHSDUWLHGXEXGJHW
FRPSHQVpH SDU OH YHUVHPHQW G¶XQH GRWDWLRQ GH IRQFWLRQQHPHQW
SUpYXHDXWLWUHGHVFKDUJHVGHODSUHPLqUHSDUWLHGXEXGJHW /H FRPSWH G
DIIHFWDWLRQ VSpFLDOH HVW VROGp HW FO{WXUp SDU
DUUrWpFRQMRLQWGXPLQLVWUHGHO
LQWpULHXUHWGXPLQLVWUHFKDUJpGHV
/
H[FpGHQWpYHQWXHOGHVUHFHWWHVGHIRQFWLRQQHPHQWVXUOHV
ILQDQFHV
GpSHQVHV HVW DIIHFWp HQ SUHPLHU OLHX DX ILQDQFHPHQW GHV
GpSHQVHV G¶pTXLSHPHQW HW SRXU OH VXUSOXV SULV HQ UHFHWWH DX $UWLFOH
EXGJHW /HVFRPSWHVGHGpSHQVHVVXUGRWDWLRQVVRQWFUppVSDUDUUrWp
/
LQVXIILVDQFH GHV UHVVRXUFHV DIIHFWpHV DX[ GpSHQVHV GX PLQLVWUH GH O¶LQWpULHXU ,OV UHWUDFHQW GHV RSpUDWLRQV GRQW OH
G¶pTXLSHPHQW HVW FRPSHQVpH SDU XQH GRWDWLRQ G¶pTXLSHPHQW ILQDQFHPHQW HVW DVVXUp SDU GHV UHVVRXUFHV SUpDODEOHPHQW
SUpYXHjODGHX[LqPHSDUWLHGXEXGJHW GpWHUPLQpHV
$UWLFOH /DUpDOLVDWLRQGHVUHVVRXUFHVGRLWrWUHDQWpULHXUHjODGpSHQVH
/HVFRPSWHVVSpFLDX[RQWSRXUREMHW /
H[FpGHQW GH UHVVRXUFHV GHV FRPSWHV GH GpSHQVHV VXU
‡VRLW GH GpFULUH GHV RSpUDWLRQV TXL HQ UDLVRQ GH OHXU GRWDWLRQV GH FKDTXH DQQpH EXGJpWDLUH HVW UHSRUWp VXU O
DQQpH
VSpFLDOLVDWLRQ RX G¶XQ OLHQ GH FDXVH j HIIHW UpFLSURTXH VXLYDQWH6
LOQ
HVWSDVFRQVRPPpO
DQQpHVXLYDQWHLOHVWSULV HQ
HQWUH OD UHFHWWH HW OD GpSHQVH QH SHXYHQW rWUH UHFHWWHjODGHX[LqPHSDUWLHGXGHX[LqPHEXGJHWTXLVXLWFHOXLDX
FRPPRGpPHQWLQFOXVHVGDQVOHFDGUHGXEXGJHW FRXUVGXTXHOLOHVWUpDOLVp
1ıUDELL, %8//(7,12)),&,(/
(Q FH TXL FRQFHUQH OHV FRPSWHV GH GpSHQVHV VXU GRWDWLRQV
UHODWLIV DX[ DUURQGLVVHPHQWV O¶H[FpGHQW SHXW rWUH UHSURJUDPPp
DSDVpWpYRWpjODGDWHIL[pHjO¶DUWLFOH
6¶LO Q¶HVW SDV FRQVRPPp O¶DQQpH VXLYDQWH  OHV GLVSRVLWLRQV GH
O¶DOLQpDSUpFpGHQWOXLVRQWDSSOLTXpHV
/HV FRPSWHV GH GpSHQVHV VXU GRWDWLRQV VRQW SUpSDUpV
DSSURXYpVH[pFXWpVHWFRQWU{OpVGDQVOHVPrPHVFRQGLWLRQVTXH
FHOOHVSUpYXHVSRXUOHEXGJHW
&KDSLWUH
3URJUDPPDWLRQSOXULDQQXHOOH
$UWLFOH
/H EXGJHW HVW pWDEOL VXU OD EDVH G¶XQH SURJUDPPDWLRQ
WULHQQDOH GH O¶HQVHPEOH GHV UHVVRXUFHV HW GHV FKDUJHV GH OD
FROOHFWLYLWp ORFDOH RX GX JURXSHPHQW /HV PRGDOLWpV
G¶pODERUDWLRQ GH ODGLWH SURJUDPPDWLRQ VRQW IL[pHV SDU DUUrWp
FRQMRLQW GX PLQLVWUH GH O¶LQWpULHXU HW GX PLQLVWUH FKDUJp GHV
ILQDQFHV
$UWLFOH
/HVSURJUDPPHVSOXULDQQXHOVG¶pTXLSHPHQWGpFRXODQWGHOD
SURJUDPPDWLRQ WULHQQDOH YLVpH j O¶DUWLFOH  FLGHVVXV SHXYHQW
IDLUH O¶REMHW G¶DXWRULVDWLRQV GH SURJUDPPHV pWDEOLHV VXU OD EDVH
GHVH[FpGHQWVSUpYLVLRQQHOVGDQVOHVFRQGLWLRQVIL[pHVSDUDUUrWp
GXPLQLVWUHGHO¶LQWpULHXU
HVW SDV SUpVHQWp j O¶DSSUREDWLRQ GDQV
&KDSLWUH
(WDEOLVVHPHQWYRWHHWSUpVHQWDWLRQ
GXEXGJHWjO¶DSSUREDWLRQ
$UWLFOH
/H EXGJHW HVW SUpSDUp SDU OH SUpVLGHQW GX FRQVHLO SRXU OHV
FRPPXQHV XUEDLQHV HW UXUDOHV HW OHXUV JURXSHPHQWV HW SDU
O
RUGRQQDWHXUSRXUOHVUpJLRQVOHVSUpIHFWXUHVHWSURYLQFHV
/H EXGJHW DFFRPSDJQp GHV GRFXPHQWV QpFHVVDLUHV HVW
VRXPLVSRXUpWXGHjODFRPPLVVLRQFRPSpWHQWHGDQVXQGpODLGH
MRXUVDXPRLQVDYDQWODGDWHG¶RXYHUWXUHGHODVHVVLRQUHODWLYH
jO¶DSSUREDWLRQGXEXGJHWSDUOHFRQVHLO
/HV GRFXPHQWV YLVpV FLGHVVXV VRQW IL[pV SDU DUUrWp GX
PLQLVWUHGHO¶LQWpULHXU
/HEXGJHWGRLWrWUHDGRSWpDXSOXVWDUGOHQRYHPEUH
$UWLFOH
/HYRWHGHVUHFHWWHVGRLWLQWHUYHQLUDYDQWOHYRWHGHVGpSHQVHV
/HVSUpYLVLRQVGHVUHFHWWHVHWGHVGpSHQVHVIRQWO
REMHWG
XQ
YRWHSDUFKDSLWUH
(Q FH TXL FRQFHUQH OHV DUURQGLVVHPHQWV OH YRWH GHV
GpSHQVHV V¶HIIHFWXH SDU FKDSLWUH FRQWUDLUHPHQW DX[ GLVSRVLWLRQV
GHO¶DUWLFOHGHODORLQƒSRUWDQWFKDUWHFRPPXQDOHWHOOH
TXHPRGLILpHHWFRPSOpWpH
$UWLFOH
/HEXGJHWGHVFROOHFWLYLWpVORFDOHVHWOHXUVJURXSHPHQWVHVW
SUpVHQWp j O¶DSSUREDWLRQ GH O
DXWRULWp GH WXWHOOH DX SOXV WDUG OH /DWUDQVPLVVLRQGHVGRFXPHQWVYLVpVDXSUpVHQWDUWLFOHSHXW
QRYHPEUH

$UWLFOH
/RUVTXHOHEXGJHWQ
FLGHVVXVOHFRQVHLOHVWFRQYRTXpGDQVOHVMRXUVVXLYDQWODGDWH
GHODUpXQLRQDXFRXUVGHODTXHOOHOHEXGJHWDpWpUHMHWp/HFRQVHLO
H[DPLQH WRXWHV OHV SURSRVLWLRQV GH PRGLILFDWLRQ GX EXGJHW GH
QDWXUHjOHYHUOHVPRWLIVD\DQWFRQGXLWjVRQUHMHW
/¶RUGRQQDWHXU GRLW DGUHVVHU j O¶DXWRULWp GH WXWHOOH DX SOXV
WDUGOHGpFHPEUHOHEXGJHWDGRSWpRXjGpIDXWOHEXGJHWQRQ
DGRSWpDVVRUWLGHVSURFqVYHUEDX[GHVGpOLEpUDWLRQVGXFRQVHLO
$UWLFOH
$SUqVH[DPHQGXEXGJHWQRQDGRSWpGHVPRWLIVGXUHMHWHW
GHVSURSRVLWLRQVGHPRGLILFDWLRQVSUpVHQWpHVSDUOHFRQVHLODLQVL
TXH OHV UpSRQVHV TXL OHXU RQW pWp DSSRUWpHV SDU OH SUpVLGHQW
O¶DXWRULWp GH WXWHOOH SURFqGH j O¶pWDEOLVVHPHQW G¶XQ EXGJHW GH
IRQFWLRQQHPHQWVXUODEDVHGXGHUQLHUEXGJHWDSSURXYpHQWHQDQW
FRPSWH GH O¶pYROXWLRQ GHV FKDUJHV HW GHV UHVVRXUFHV GH OD
FROOHFWLYLWpORFDOHRXGXJURXSHPHQW
'DQVFHFDVODFROOHFWLYLWpORFDOHRXOHJURXSHPHQWSURFqGH
DXUHPERXUVHPHQWGHVDQQXLWpVGHVHPSUXQWV
$UWLFOH
/RUVTXH OH EXGJHW Q
OHV GpODLV LPSDUWLV O¶DXWRULWp GH WXWHOOH SHXW pWDEOLU DYDQW OH
HUMDQYLHU HW  DSUqV GHPDQGH G¶H[SOLFDWLRQ DGUHVVpH j
O¶RUGRQQDWHXU OH EXGJHW GH IRQFWLRQQHPHQW GH OD FROOHFWLYLWp RX
GXJURXSHPHQWFRQFHUQpVXUODEDVHGXGHUQLHUEXGJHWDSSURXYp
HQWHQDQWFRPSWHGHO¶pYROXWLRQGHVFKDUJHVHWGHVUHVVRXUFHVGH
ODFROOHFWLYLWpORFDOHRXGXJURXSHPHQW
'DQV OH FDV R OH EXGJHW HVW pWDEOL HQ DSSOLFDWLRQ GHV
GLVSRVLWLRQV GX SUpVHQW DUWLFOH OD FROOHFWLYLWp ORFDOH RX OH
JURXSHPHQW SURFqGH DX UHPERXUVHPHQW GHV DQQXLWpV GHV
HPSUXQWV
&KDSLWUH
$SSUREDWLRQGXEXGJHW
$UWLFOH
6RXV UpVHUYH GHV GLVSRVLWLRQV GH O¶DUWLFOH  FLGHVVXV
DOLQpD HU  OH EXGJHW GHV FROOHFWLYLWpV ORFDOHV HW GH OHXUV
JURXSHPHQWV HVW DSSURXYp SDU O¶DXWRULWp GH WXWHOOH VXLYDQW OHV
FRQGLWLRQVHWIRUPHVIL[pHVSDUYRLHUpJOHPHQWDLUH
$UWLFOH
/HEXGJHWWUDQVPLVjO¶DXWRULWpGHWXWHOOHSRXUDSSUREDWLRQ
GRLW rWUH DVVRUWL G¶XQ pWDW IDLVDQW UHVVRUWLU OD SURJUDPPDWLRQ
WULHQQDOHYLVpHjO¶DUWLFOHFLGHVVXVHWGHVpWDWVGHV\QWKqVHVXU
ODVLWXDWLRQILQDQFLqUHGHODFROOHFWLYLWpORFDOHRXGXJURXSHPHQW
GRQW OD OLVWH HW OH PRGqOH VRQW IL[pV SDU DUUrWp GX PLQLVWUH GH
O¶LQWpULHXU
rWUHHIIHFWXpHSDUYRLHpOHFWURQLTXH
 %8//(7,12)),&,(/
$UWLFOH
/HEXGJHWHVWDSSURXYpVHORQOHVFRQGLWLRQVVXLYDQWHV ‡OHVYLUHPHQWVGHFUpGLWVGHIRQFWLRQQHPHQWjO¶LQWpULHXUGX
‡OHUHVSHFWGHVORLVHWUqJOHPHQWVHQYLJXHXU PrPH DUWLFOH SHXYHQW rWUH RSpUpV SDU GpFLVLRQ GX
‡O¶pTXLOLEUH UpHO HQWUH OHV SUpYLVLRQV GH UHFHWWHV HW OHV
SUpYLVLRQVGHGpSHQVHV ‡OHVYLUHPHQWVGHFUpGLWVGHIRQFWLRQQHPHQWjO¶LQWpULHXUGX
‡O¶LQVFULSWLRQ GHV GpSHQVHV REOLJDWRLUHV PHQWLRQQpHV j
O¶DUWLFOHFLGHVVRXV
6LO¶H[DPHQGXEXGJHWQHSHUPHWSDVjO¶DXWRULWpGHWXWHOOH
GH SURFpGHU j VRQ DSSUREDWLRQ HOOH OH UHQYRLH j O¶RUGRQQDWHXU
DSSX\pGHVPRWLIVGXUHIXVGDQVXQGpODLGHMRXUVjFRPSWHU
GHODGDWHGHUpFHSWLRQGXEXGJHWSRXUDSSUREDWLRQ
'DQV FH FDV O¶RUGRQQDWHXU GLVSRVH G¶XQ GpODL GH  MRXUV
SRXUOHUpH[DPHQGXEXGJHWHWOHYRWHGXFRQVHLO,OGRLWDGUHVVHU
jO¶DXWRULWpGHWXWHOOHOHEXGJHWSRXUDSSUREDWLRQDXSOXVWDUGOH
MDQYLHU
6L OHV PRWLIV GX UHIXV GH O¶DXWRULWp GH WXWHOOH Q¶RQW SDV pWp
SULV HQ FRPSWH GDQV OH EXGJHW LO HVW IDLW DSSOLFDWLRQ GHV
GLVSRVLWLRQVGHO¶DUWLFOHFLGHVVXV
$UWLFOH
/¶DSSUREDWLRQ GX EXGJHW HW VD QRWLILFDWLRQ LQWHUYLHQQHQW
GDQV XQ GpODL Q¶H[FpGDQW SDV  MRXUV j FRPSWHU GH OD GDWH GH
UpFHSWLRQGXEXGJHWSDUO¶DXWRULWpGHWXWHOOH
$UWLFOH
'DQVOHFDVROHEXGJHWQ
HVWSDVDSSURXYpDYDQWOHHUMDQYLHU GH FUpGLWV SHXYHQW LQWHUYHQLU 7RXWHIRLV FHV UpWDEOLVVHPHQWV QH
O¶RUGRQQDWHXUSHXWrWUHKDELOLWpSDUGpFLVLRQGHO¶DXWRULWpGHWXWHOOHj
UHFRXYUHUOHVUHFHWWHVHWjHQJDJHUOLTXLGHUHWPDQGDWHUOHVGpSHQVHV
GH IRQFWLRQQHPHQW GDQV OD OLPLWH GHV FUpGLWV  LQVFULWV DX EXGJHW GH
O¶DQQpHSUpFpGHQWHHWFHMXVTX¶jO¶DSSUREDWLRQGXEXGJHW
'XUDQW FHWWH PrPH SpULRGH O¶RUGRQQDWHXU HVW KDELOLWp j
OLTXLGHUHWjPDQGDWHUOHUHPERXUVHPHQWGHVDQQXLWpVG¶HPSUXQW
HW OH UqJOHPHQW GHV GpFRPSWHV UHODWLIV DX[ PDUFKpV GRQW OHV
GpSHQVHVRQWpWpG€PHQWHQJDJpHV
$UWLFOH
/HEXGJHWHVWGpSRVpDXVLqJHGHODFROOHFWLYLWpORFDOHRXGX
JURXSHPHQWGDQVOHVTXLQ]HMRXUVVXLYDQWVRQDSSUREDWLRQHWPLV
j OD GLVSRVLWLRQ GX SXEOLF SDU WRXW PR\HQ GH SXEOLFLWp ,O HVW
QRWLILpDXWUpVRULHUSDUO¶RUGRQQDWHXUVDQVGpODL
7,75(,,,
(;(&87,21%8'*(7$,5(
(WDW RX SDU G
DXWUHV
&KDSLWUHSUHPLHU
0RGLILFDWLRQGXEXGJHW
$UWLFOH
/H EXGJHW SHXW rWUH PRGLILp HQ FRXUV G
DQQpH QRWDPPHQW
SDUO¶pWDEOLVVHPHQWGHEXGJHWVPRGLILFDWLIV/HVPRGLILFDWLRQVGX
EXGJHWGRLYHQWLQWHUYHQLUGDQV OHV PrPHV IRUPHV HWFRQGLWLRQV
VXLYLHV SRXU VRQ DGRSWLRQ HW VRQ DSSUREDWLRQ j O¶H[FHSWLRQ GHV
FDVGHPRGLILFDWLRQVYLVpVFLDSUqV /HV UHVVRXUFHV GHV JURXSHPHQWV FRPSUHQQHQW OHV
SRXU OHV UpJLRQV OHV SUpIHFWXUHV HW OHV FRPPXQHV GH
PHFKRXDUV OHV YLUHPHQWV GH FUpGLWV GH IRQFWLRQQHPHQW j
(WDWOHVUHVVRXUFHVOLpHVDX[VHUYLFHV
O¶LQWpULHXU GX PrPH DUWLFOH HW j O¶LQWpULHXU GX PrPH FKDSLWUH
SHXYHQW rWUH RSpUpV SDU GpFLVLRQ GH O¶RUGRQQDWHXU DSUqV
GpOLEpUDWLRQGXFRQVHLOGpOLEpUDQW GRQVHWOHJVHWOHVUHFHWWHVGLYHUVHV
1ıUDELL,
SRXUOHVFRPPXQHVXUEDLQHVHWUXUDOHV
SUpVLGHQWGXFRQVHLOVDQVGpOLEpUDWLRQVGXFRQVHLO
PrPH FKDSLWUH SHXYHQW rWUH RSpUpV SDU GpFLVLRQ GX
SUpVLGHQWGXFRQVHLODSUqVGpOLEpUDWLRQVGXFRQVHLO
SRXU OHV DUURQGLVVHPHQWV HW FRQWUDLUHPHQW DX[
GLVSRVLWLRQV GH O¶DUWLFOH  GH OD ORL Qƒ  SRUWDQW FKDUWH
FRPPXQDOH WHOOH TXH PRGLILpH HW FRPSOpWpH OH SUpVLGHQW GH
O¶DUURQGLVVHPHQW SHXW HIIHFWXHU GHV YLUHPHQWV G¶XQH UXEULTXH j
G¶DXWUHV UXEULTXHV GDQV OH FRPSWH GH O¶DUURQGLVVHPHQW HQ
H[pFXWLRQG¶XQHGpFLVLRQSULVHSDUOHFRQVHLO
7RXWHIRLVQHSHXYHQWIDLUHO¶REMHWGHSUpOqYHPHQWVDXSURILW
G¶DXWUHV GpSHQVHV TX¶DSUqV DSSUREDWLRQ GH O¶DXWRULWp GH WXWHOOH
OHVFUpGLWVSUpYXVDXWLWUHGHVGpSHQVHVFLDSUqV
‡OHVGpSHQVHVGXSHUVRQQHO
‡OHVGpSHQVHVUHODWLYHVDX[HQJDJHPHQWVILQDQFLHUVUpVXOWDQWV
GHVFRQYHQWLRQVHWFRQWUDWVFRQFOXVSDUODFROOHFWLYLWpORFDOH
RXVRQJURXSHPHQWRXSDUO¶DUURQGLVVHPHQW
/HV GpFLVLRQV GH YLUHPHQW GHV FUpGLWV VXVPHQWLRQQpHV VRQW
QRWLILpHVVDQVGpODLjO¶DXWRULWpGHWXWHOOHHWDXWUpVRULHU
$UWLFOH
(QFDVGHUHYHUVHPHQWSRXUWURSSHUoXVGHVUpWDEOLVVHPHQWV
SHXYHQW DYRLU OLHX TXH SHQGDQW OHV GHX[ DQQpHV TXL VXLYHQW
O¶H[HUFLFHTXLDVXSSRUWpODGpSHQVHFRUUHVSRQGDQWH
&KDSLWUH
/HVUHVVRXUFHVGHVFROOHFWLYLWpVORFDOHV
HWGHOHXUVJURXSHPHQWV
$UWLFOH
/HVUHVVRXUFHVGHVFROOHFWLYLWpVORFDOHVFRPSUHQQHQW
‡OHVLPS{WVHWWD[HVTXHODFROOHFWLYLWpORFDOHHVWDXWRULVpHj
SHUFHYRLUSDUODOpJLVODWLRQHQYLJXHXU
‡OHVUHGHYDQFHVHWUpPXQpUDWLRQVSRXUVHUYLFHVUHQGXV
‡OHVUHVVRXUFHVSURYHQDQWGXWUDQVIHUWGHODSDUWGHVLPS{WV
HWWD[HVGHO¶(WDWDIIHFWpHDX[FROOHFWLYLWpVORFDOHV
‡OHV VXEYHQWLRQV DFFRUGpHV SDU O
SHUVRQQHVPRUDOHVGHGURLWSXEOLF
‡OHSURGXLWGHVHPSUXQWVDXWRULVpV
‡OHVUHYHQXVGHODSURSULpWpHWGHVSDUWLFLSDWLRQV
‡OHVIRQGVGHFRQFRXUV
‡OHVGRQVHWOHJV
‡OHV UHFHWWHV GLYHUVHV HW DXWUHV UHVVRXUFHV SUpYXHV SDU OHV
ORLVHWUqJOHPHQWV
SDUWLFLSDWLRQV GHV FROOHFWLYLWpV PHPEUHV GX JURXSHPHQW  OHV
VXEYHQWLRQVDFFRUGpHVSDUO
WUDQVIpUpV DX JURXSHPHQW OHV SURGXLWV GHV VHUYLFHV UHQGXV OHV
SURGXLWV GX SDWULPRLQH OH SURGXLW GHV HPSUXQWV DXWRULVpV OHV
1ıUDELL, %8//(7,12)),&,(/
$UWLFOH
/HVUHGHYDQFHVHWUpPXQpUDWLRQVSRXUVHUYLFHVUHQGXVYLVpHV
jO¶DUWLFOHFLGHVVXVVRQWLQVWLWXpHVSDUYRLHUpJOHPHQWDLUH
$UWLFOH
/HV DUUrWpV SRUWDQW pWDEOLVVHPHQW GH WD[HV RX PRGLILFDWLRQ
GHOHXUWDX[TXHOHVFROOHFWLYLWpVORFDOHVVRQWDXWRULVpHVjpWDEOLU
QH VRQW H[pFXWRLUHV TX¶DSUqV OHXU DSSUREDWLRQ SDU O¶DXWRULWp GH
WXWHOOH
LQWpUrW ORFDO RX QDWLRQDO
$UWLFOH
/HV RSpUDWLRQV G¶HPSUXQWV GHV FROOHFWLYLWpV ORFDOHV HW GH
OHXUV JURXSHPHQWV VRQW VRXPLVHV j O¶DSSUREDWLRQ FRQMRLQWH GX
LQWpUrW ORFDO DPRUWLVVHPHQW GX
PLQLVWUHGHO
LQWpULHXUHWGXPLQLVWUHFKDUJpGHVILQDQFHV FDSLWDO HPSUXQWp VXEYHQWLRQV DFFRUGpHV SULVHV GH
$UWLFOH
LQWpUrW
/
DFFHSWDWLRQ GHV GRQV HW OHJV FRPSRUWDQW FKDUJHV HVW
VRXPLVHjO
DSSUREDWLRQGXPLQLVWUHGHO
LQWpULHXURXVRQGpOpJXp $UWLFOH
$UWLFOH
/HV FROOHFWLYLWpV ORFDOHV SHXYHQW GDQV O
DWWHQWH GX RSpUDWLRQVSRXUOHVTXHOOHVOHVJURXSHPHQWVRQWpWpFUppV
UHFRXYUHPHQW GHV UHFHWWHV j SHUFHYRLU DX WLWUH GHV UHVVRXUFHV
ILVFDOHV HW GH OD SDUW OHXU UHYHQDQW VXU OHV LPS{WV GH O
(WDW
EpQpILFLHUG
DYDQFHVGHO¶(WDWFRQVWLWXDQWGHVIDFLOLWpVGHWUpVRUHULH 6RQW REOLJDWRLUHV SRXU OHV FROOHFWLYLWpV ORFDOHV HW OHXUV
/HVPRGDOLWpVG¶RFWURLHWGHUHPERXUVHPHQWGHFHVDYDQFHV
VRQWIL[pHVSDUYRLHUqJOHPHQWDLUH
&KDSLWUH
DVVXUDQFHV
3RXUVXLWHVHWSULYLOqJHV
$UWLFOH
/HVSRXUVXLWHVHQPDWLqUHGHFUpDQFHVGHVFROOHFWLYLWpVORFDOHV
HW GH OHXUV JURXSHPHQWV V
H[HUFHQW FRQIRUPpPHQW j OD ORL Qƒ 
HDX G
pOHFWULFLWp HW GHV
IRUPDQWFRGHGHUHFRXYUHPHQWGHVFUpDQFHVSXEOLTXHV
$UWLFOH
/HV FUpDQFHV GHV FROOHFWLYLWpV ORFDOHV HW GH OHXUV
JURXSHPHQWVVHSUHVFULYHQWGDQVOHVFRQGLWLRQVIL[pHVSDUOHVORLV
DSSOLFDEOHVHQODPDWLqUHOHXUSULYLOqJHUpVXOWHGHVPrPHVORLV
$UWLFOH
,O HVW FUpp  VRXV O¶DXWRULWp GX PLQLVWUH GH O¶LQWpULHXU XQ
DVVLVWDQW MXGLFLDLUH GHV FROOHFWLYLWpV ORFDOHV FKDUJp G¶DSSRUWHU
DVVLVWDQFH MXULGLTXH DX[ FROOHFWLYLWpV ORFDOHV HW j OHXUV
JURXSHPHQWV $ FH WLWUH O¶DVVLVWDQW MXGLFLDLUH HVW KDELOLWp j DJLU
SRXU OH FRPSWH GHV FROOHFWLYLWpV ORFDOHV HW OHXUV JURXSHPHQWV
FRPPH GpIHQGHXU RX GHPDQGHXU ORUVTXH FHX[FL O¶HQ FKDUJHQW
SRXU OHV DFWLRQV D\DQW SRXU REMHW GH IDLUH GpFODUHU GpELWULFHV
OHVGLWVFROOHFWLYLWpVHWJURXSHPHQWV
&KDTXH IRLV TX¶XQH DFWLRQ HQJDJpH HQ MXVWLFH D SRXU REMHW
GH IDLUH GpFODUHU GpELWHXUV XQH FROOHFWLYLWp ORFDOH RX XQ
RIILFH WRXWH GpSHQVH REOLJDWRLUH
JURXSHPHQWGHFROOHFWLYLWpVORFDOHVO¶DVVLVWDQWMXGLFLDLUHGRLWrWUH
DSSHOpHQFDXVHVRXVSHLQHG¶LUUHFHYDELOLWpGHODUHTXrWH
/HV SUHVWDWLRQV G¶DVVLVWDQFH YLVpHV GDQV OH SUpVHQW DUWLFOH
XQHGpSHQVHQRQREOLJDWRLUH
SHXYHQW IDLUH O¶REMHW GH FRQYHQWLRQV HQWUH OH PLQLVWUH GH
RIILFH
O¶LQWpULHXU HW OHV FROOHFWLYLWpV ORFDOHV HW OHXUV JURXSHPHQWV &HV
FRQYHQWLRQV IL[HQW QRWDPPHQW OHV SULVHV HQ FKDUJH GHV IUDLV GH
MXVWLFHOHVKRQRUDLUHVG¶DYRFDWVHWG¶H[SHUWVHWOHVIUDLVGLYHUV

&KDSLWUH
/HVFKDUJHVGHVFROOHFWLYLWpVORFDOHV
HWGHOHXUVJURXSHPHQWV
$UWLFOH
/HVFKDUJHVGHVFROOHFWLYLWpVORFDOHVFRPSUHQQHQW
‡GHVGpSHQVHVGHIRQFWLRQQHPHQWGHVVHUYLFHVSHUVRQQHO
HQWUHWLHQ PDWpULHO IRXUQLWXUHV IUDLV ILQDQFLHUV UHODWLIV DX
UHPERXUVHPHQW GH OD GHWWH VXEYHQWLRQV DFFRUGpHV
SDUWLFLSDWLRQV j GHV RSpUDWLRQV G
HWDXWUHVFKDUJHVGLYHUVHV
‡GHV GpSHQVHV G¶pTXLSHPHQW  WUDYDX[ QHXIV EkWLPHQWV
URXWHV pTXLSHPHQWV G
SDUWLFLSDWLRQ SDUWLFLSDWLRQV j GHV UpDOLVDWLRQV G
ORFDORXQDWLRQDOFRQFHUQDQWOHVFROOHFWLYLWpVORFDOHV
/HVFKDUJHVGHVJURXSHPHQWVFRPSUHQQHQWOHVGpSHQVHVGH
IRQFWLRQQHPHQW HW G¶pTXLSHPHQW QpFHVVDLUHV j OD UpDOLVDWLRQ GHV
$UWLFOH
JURXSHPHQWVOHVGpSHQVHVDIIpUHQWHVDX[REMHWVVXLYDQWV
‡OHVWUDLWHPHQWVHWLQGHPQLWpVGXSHUVRQQHOGHVFROOHFWLYLWpV
ORFDOHV RX OHXUV JURXSHPHQWV DLQVL TXH OHV SULPHV
G
‡OD FRQWULEXWLRQ GHV FROOHFWLYLWpV ORFDOHV RX OHXUV
JURXSHPHQWVDX[RUJDQLVPHVGHSUpYR\DQFHRXGHUHWUDLWH
GXSHUVRQQHOGHVFROOHFWLYLWpVORFDOHVRXOHXUVJURXSHPHQWV
HWODFRQWULEXWLRQDX[GpSHQVHVGHPXWXDOLWp
‡OHV IUDLV GH FRQVRPPDWLRQ G
WpOpFRPPXQLFDWLRQV
‡OHVGHWWHVH[LJLEOHV
‡OHV HQJDJHPHQWV ILQDQFLHUV UpVXOWDQWV GHV FRQYHQWLRQV HW
FRQWUDWV FRQFOXV SDU GHV FROOHFWLYLWpV ORFDOHV RX OHXUV
JURXSHPHQWV
‡ODGRWDWLRQJOREDOHGHIRQFWLRQQHPHQWGHVDUURQGLVVHPHQWV
SRXUOHVFRPPXQHVXUEDLQHVjDUURQGLVVHPHQWV
‡OHV FRQWULEXWLRQV HW WUDQVIHUWV GH UHVVRXUFHV DX SURILW GHV
JURXSHPHQWVGHVFROOHFWLYLWpVORFDOHV
‡OHVGpSHQVHVUHODWLYHVjO¶H[HUFLFHGHVFRPSpWHQFHVPLVHV
jOHXUFKDUJHSDUODORL
$UWLFOH
/HVEXGJHWVGHVFROOHFWLYLWpVORFDOHVHWGHOHXUVJURXSHPHQWV
GRLYHQW SUpYRLU OHV FUpGLWV  FRUUHVSRQGDQW DX[ GpSHQVHV
REOLJDWRLUHVHWOHVUHVVRXUFHVQpFHVVDLUHVjOHXUFRXYHUWXUH
/¶DXWRULWp GH WXWHOOH LQVFULW G
TXL Q¶D SDV pWp LQVFULWH DX EXGJHW GH OD FROOHFWLYLWp ORFDOH HW VRQ
JURXSHPHQWHWSUHQGjFHWHIIHWWRXWHPHVXUHQpFHVVDLUH\FRPSULV
ODVXSSUHVVLRQG
,O QH SHXW rWUH SURFpGp YDODEOHPHQW j O¶LQVFULSWLRQ G
G¶XQH GpSHQVH REOLJDWRLUH VDQV TXH OH FRQVHLO Q¶DLW pWp LQYLWp DX
SUpDODEOH j OH IDLUH SDU GpOLEpUDWLRQ SULVH FRQIRUPpPHQW DX[
GLVSRVLWLRQVOpJLVODWLYHVHWUpJOHPHQWDLUHVHQYLJXHXU
 %8//(7,12)),&,(/ 1ıUDELL,

&HWWHGpOLEpUDWLRQGRLWrWUHSULVHGDQVXQGpODLGHMRXUVj 7,75(,9
FRPSWHUGHODGDWHGHODQRWLILFDWLRQGHODGHPDQGHTXLOXLHQHVW 5(*/(0(17'8%8'*(7
IDLWHSDUO¶DXWRULWpGHWXWHOOH
&KDSLWUHXQLTXH
$UWLFOH
$UUrWpGHO¶H[HUFLFHEXGJpWDLUH
/RUVTXH O
RUGRQQDWHXU V
DEVWLHQW GH PDQGDWHU XQH GpSHQVH
GRQW OH UqJOHPHQW HVW G€ SDU OD FROOHFWLYLWp ORFDOH RX OH $UWLFOH
JURXSHPHQW O¶DXWRULWp GH WXWHOOH DSUqV GHPDQGH G¶H[SOLFDWLRQ /H UpVXOWDW EXGJpWDLUH JpQpUDO HVW DUUrWp j OD ILQ GH FKDTXH
DGUHVVpH j O¶RUGRQQDWHXU SHXW PHWWUH FHOXLFL HQ GHPHXUH GH DQQpHGDQVOHVFRQGLWLRQVGpILQLHVSDUOHGpFUHWSUpYXjO¶DUWLFOH
PDQGDWHPHQW $ GpIDXW G¶H[pFXWLRQ GDQV XQ GpODL GH  MRXUV FLGHVVRXV/¶H[FpGHQWHVWUHSULVGDQVO¶H[HUFLFHVXLYDQWDXWLWUH
DSUqVODGDWHGHPLVHHQGHPHXUHLOSHXWrWUHSURFpGpG¶RIILFHDX GHV UHFHWWHV GH OD GHX[LqPH SDUWLH j XQH UXEULTXH LQWLWXOpH
PDQGDWHPHQW GH ODGLWH GpSHQVH SDU GpFLVLRQ GX PLQLVWUH GH ©([FpGHQWGHO
DQQpHSUpFpGHQWHª
O
LQWpULHXURXVRQGpOpJXp $UWLFOH
$UWLFOH /
H[FpGHQW LQGLTXp j O
DUWLFOH  FLGHVVXV HVW DSSHOp j
/HV GRWDWLRQV EXGJpWDLUHV DIIHFWpHV DX[ GpSHQVHV FRXYULUOHVUHSRUWVGHFUpGLWVVXUGpSHQVHVGHIRQFWLRQQHPHQWHW
G¶pTXLSHPHQWFRPSUHQQHQW G¶pTXLSHPHQW  LO SHXW DXVVL GDQV OD OLPLWH GH VRQ PRQWDQW
GLVSRQLEOH GRQQHU OLHX j GHV RXYHUWXUHV GH FUpGLWV
‡GHV FUpGLWV G¶HQJDJHPHQWV TXL FRQVWLWXHQW OD OLPLWH VXSSOpPHQWDLUHVGHVWLQpHVjILQDQFHUGHVGpSHQVHVG¶pTXLSHPHQW
VXSpULHXUH GHV GpSHQVHV TXH OHV RUGRQQDWHXUV VRQW
DXWRULVpV j HQJDJHU SRXU O
H[pFXWLRQ GHV pTXLSHPHQWV HW $UWLFOH
WUDYDX[SUpYXV $SUqV O
DUUrWp DQQXHO GH VHV pFULWXUHV OH WUpVRULHU pWDEOLW OH
FRPSWHGHJHVWLRQGHODFROOHFWLYLWpORFDOHRXGHVRQJURXSHPHQW
‡GHVFUpGLWVGHSDLHPHQWTXLFRQVWLWXHQWODOLPLWHVXSpULHXUH
TXLSUpVHQWHO
H[pFXWLRQGHWRXWHVOHVRSpUDWLRQVGHUHFHWWHVHWGH
GHV GpSHQVHV VXVFHSWLEOHV G
rWUH PDQGDWpHV DX FRXUV GH
GpSHQVHVGXEXGJHW
O
DQQpHSRXUODFRXYHUWXUHGHVHQJDJHPHQWVFRQWUDFWpVSDU
ODFROOHFWLYLWpORFDOHRXVRQJURXSHPHQW $UWLFOH
$UWLFOH $ODILQGHFKDTXHDQQpHEXGJpWDLUHO
RUGRQQDWHXUSUpSDUH
OHFRPSWHDGPLQLVWUDWLIGHVGpSHQVHVHWGHVUHFHWWHVHWOHSUpVHQWH
/HVDXWRULVDWLRQVGHSURJUDPPHGHPHXUHQWYDODEOHVMXVTX
j j OD FRPPLVVLRQ SHUPDQHQWH FRPSpWHQWH GX FRQVHLO SRXU pWXGH
FH TX
LO VRLW SURFpGp j OHXU DQQXODWLRQ /HXUV UpYLVLRQV GL[ MRXUV DX PRLQV DYDQW GH OH VRXPHWWUH DX YRWH GX FRQVHLO
pYHQWXHOOHVVRQWDSSURXYpHVGDQVOHVPrPHVFRQGLWLRQVHWIRUPHV GpOLEpUDQWDXFRXUVGHODSUHPLqUHVHVVLRQRUGLQDLUHVXLYDQWH
TXHOHEXGJHW
8QH DPSOLDWLRQ GX FRPSWH DGPLQLVWUDWLI HVW DGUHVVpH j
$UWLFOH O¶DXWRULWpGHWXWHOOH
/HV FUpGLWV GH IRQFWLRQQHPHQW RXYHUWV DX WLWUH G
XQ EXGJHW 7,75(9
HWQRQHQJDJpVjODFO{WXUHGHO¶H[HUFLFHEXGJpWDLUHWRPEHQWHQ ',6326,7,216',9(56(6
DQQXODWLRQ
$UWLFOH
/HV FUpGLWV GH IRQFWLRQQHPHQW HQJDJpV HW TXL Q¶RQW SDV /HV UqJOHV GH OD FRPSWDELOLWp SXEOLTXH DSSOLFDEOHV DX[
GRQQp OLHX j SDLHPHQW j OD FO{WXUH GH O¶H[HUFLFH SHXYHQW rWUH FROOHFWLYLWpV ORFDOHV HW DX[ JURXSHPHQWV VRQW IL[pHV SDU GpFUHW
UHSRUWpVVXUO¶DQQpHVXLYDQWH SULV VXU SURSRVLWLRQ GX PLQLVWUH FKDUJp GHV ILQDQFHV HW GX
$UWLFOH PLQLVWUHGHO
LQWpULHXU
6RXVUpVHUYHGHVGLVSRVLWLRQVFRQFHUQDQWOHVDXWRULVDWLRQVGH $UWLFOH
SURJUDPPHVOHVFUpGLWVRXYHUWVDXWLWUHGXEXGJHWQHFUpHQWDXFXQ /HVPDUFKpVGHVFROOHFWLYLWpVORFDOHVGHOHXUVJURXSHPHQWV
GURLWDXWLWUHGXEXGJHWVXLYDQW7RXWHIRLVOHVFUpGLWVGHSDLHPHQW HW GHV pWDEOLVVHPHQWV SXEOLFV UHOHYDQW GHV FROOHFWLYLWpV ORFDOHV
FRQFHUQDQW OHV GpSHQVHV G¶pTXLSHPHQW GH OD GHX[LqPH SDUWLH GX GRLYHQWrWUHSDVVpVGDQVOHUHVSHFWGHODOLEUHFRQFXUUHQFHHWGH
EXGJHW HW OHV FUpGLWV GH IRQFWLRQQHPHQW YLVpV j O¶DUWLFOH  WUDQVSDUHQFH/HVFRQGLWLRQVHWOHVIRUPHVGHOHXUSDVVDWLRQDLQVL
FLGHVVXVVRQWUHSRUWpVVXUOHEXGJHWGHO
DQQpHVXLYDQWH TXHOHVUqJOHVUHODWLYHVjOHXUJHVWLRQHWjOHXUFRQWU{OHVRQWIL[pHV
$UWLFOH SDUGpFUHW
/HV FUpGLWV GH IRQFWLRQQHPHQW HQJDJpV HW TXL Q¶RQW SDV $UWLFOH
GRQQp OLHX j SDLHPHQW DLQVL TXH OHV FUpGLWV GH SDLHPHQW VXU /DJHVWLRQGHVFROOHFWLYLWpVORFDOHVGHOHXUVJURXSHPHQWVHW
GpSHQVHV G¶pTXLSHPHQW TXL VRQW UHSRUWpV RXYUHQW GURLW j XQH GHVpWDEOLVVHPHQWVSXEOLFVUHOHYDQWGHVFROOHFWLYLWpVORFDOHVSHXW
GRWDWLRQGHPrPHPRQWDQWV
DMRXWDQWDX[GRWDWLRQVGHO
DQQpH IDLUHO
REMHWG
DXGLWILQDQFLHUjODGHPDQGHGXFRQVHLOGpOLEpUDQW
RXjO
LQLWLDWLYHGHO
RUGRQQDWHXURXGXPLQLVWUHGHO¶LQWpULHXU
/H UHSRUW G
XQ FUpGLW HVW UpDOLVp DX YX G
XQ pWDW GpWDLOOp
pWDEOLSDUO
RUGRQQDWHXUHWYLVpSDUOHWUpVRULHU /RUVTXH O¶DXGLW HVW HIIHFWXp j OD GHPDQGH GX FRQVHLO
GpOLEpUDQW FRSLH GX UDSSRUW GH O¶DXGLW HVW FRPPXQLTXpH DX[
8QH DPSOLDWLRQ GH FHW pWDW HVW DGUHVVpH j O¶DXWRULWp GH PHPEUHVGXGLWFRQVHLO
WXWHOOH
/HVPRGDOLWpVVHORQOHVTXHOOHVO¶DXGLWILQDQFLHUHVWHIIHFWXp
$UWLFOH VRQWIL[pHVSDUDUUrWpGXPLQLVWUHGHO¶LQWpULHXU
/HVGHWWHVGHVFROOHFWLYLWpVORFDOHVHWGHVJURXSHPHQWVVRQW /
RUGRQQDWHXU HVW WHQX GH SUpVHQWHU OHV UDSSRUWV G
DXGLW DX
SUHVFULWHVHWGpILQLWLYHPHQWpWHLQWHVjOHXUSURILWGDQVOHVPrPHV FRQVHLO GpOLEpUDQW j O
RFFDVLRQ GH OD SUHPLqUH VHVVLRQ RUGLQDLUH
FRQGLWLRQVTXHFHOOHVSUpYXHVSRXUOHVGHWWHVGHO
(WDW VXLYDQWHHWG
HQDGUHVVHUXQH[HPSODLUHDXPLQLVWUHGHO
LQWpULHXU
1ıUDELL, %8//(7,12)),&,(/ 

$UWLFOH 'DKLU Qƒ GX   VDIDU   IpYULHU   SRUWDQW

/HFRQWU{OHGHVILQDQFHVGHVFROOHFWLYLWpVORFDOHVHWGHOHXUV SURPXOJDWLRQ GH OD ORL Qƒ  UHODWLYH j OD SURWHFWLRQ
JURXSHPHQWV UHOqYH GH OD FRPSpWHQFH GHV FRXUV UpJLRQDOHV GHV GHV SHUVRQQHV  SK\VLTXHV j O
pJDUG GX WUDLWHPHQW GHV
FRPSWHV FRQIRUPpPHQW j OD ORL Qƒ  IRUPDQW FRGH GHV GRQQpHVjFDUDFWqUHSHUVRQQHO
BBBBBBBBBB
MXULGLFWLRQVILQDQFLqUHV
1¶HVWSDVDSSOLFDEOHDX[JURXSHPHQWVOHFRQWU{OHSUpYXSDU /28$1*($',(86(8/
OD ORL Qƒ  UHODWLYH DX FRQWU{OH ILQDQFLHU GH O¶(WDW VXU OHV
HQWUHSULVHV SXEOLTXHV HW DXWUHV RUJDQLVPHV SURPXOJXpH SDU OH
*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9,
GDKLUQƒGXUDPDGDQQRYHPEUH
(VW IL[p SDU YRLH UpJOHPHQWDLUH OH UpJLPH GX FRQWU{OH
ILQDQFLHU DSSOLFDEOH DX[ pWDEOLVVHPHQWV SXEOLFV HW DX[ VRFLpWpV
TXHOHVFROOHFWLYLWpVORFDOHVRXOHXUVJURXSHPHQWVFUpHQWRXGRQW
LOV SDUWLFLSHQW DX FDSLWDO VHORQ OHV FRQGLWLRQV SUpYXHV SDU OD ORL
QƒSRUWDQWFKDUWHFRPPXQDOHWHOOHTX¶HOOHDpWpPRGLILpHHW
FRPSOpWpH 'HPHXUHQW DSSOLFDEOHV MXVTX¶j OD SXEOLFDWLRQ GXGLW
GpFUHWOHVGLVSRVLWLRQVOpJLVODWLYHVHWUpJOHPHQWDLUHVHQYLJXHXU
$UWLFOH
/HV FROOHFWLYLWpV ORFDOHV OHXUV JURXSHPHQWV DLQVL TXH OHV
pJDUG GX WUDLWHPHQW GHV GRQQpHV  j
SHUVRQQHVPRUDOHVGHGURLWSXEOLFRXSULYpTXLJqUHQWXQVHUYLFH
SXEOLFUHOHYDQWGHVFROOHFWLYLWpVORFDOHVVRQWWHQXVGHSURGXLUHHW
FRPPXQLTXHU GHV pWDWV GH V\QWKqVH UHODWLIV j OHXU JHVWLRQ HW j
4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW
HQIRUWLILHUODWHQHXU
4XH1RWUH0DMHVWp&KpULILHQQH
9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW
$'e&,'e&(48,68,7
(VWSURPXOJXpHHWVHUDSXEOLpHDX%XOOHWLQRIILFLHOjODVXLWH
GX SUpVHQW GDKLU OD ORL Qƒ  UHODWLYH j OD SURWHFWLRQ GHV
SHUVRQQHV  SK\VLTXHV j O
FDUDFWqUH SHUVRQQHO WHOOH TX¶DGRSWpH SDU OD &KDPEUH GHV
UHSUpVHQWDQWVHWOD&KDPEUHGHVFRQVHLOOHUV
OHXU VLWXDWLRQ ILQDQFLqUH &HV pWDWV GRLYHQW rWUH SXEOLpV DX )DLWj)qVOHVDIDUIpYULHU
©%XOOHWLQ RIILFLHOª GHV FROOHFWLYLWpV ORFDOHV RX SRUWpV j OD
3RXUFRQWUHVHLQJ
FRQQDLVVDQFHGXSXEOLFSDUYRLHpOHFWURQLTXH
/H3UHPLHUPLQLVWUH
/H PLQLVWUH GH O¶LQWpULHXU  IL[H SDU DUUrWp OD QDWXUH GHV
LQIRUPDWLRQVHWGHVGRQQpHVjSURGXLUHOHXUSpULRGLFLWpDLQVLTXH $%%$6(/)$66,
OHVIRUPHVHWOHVFRQGLWLRQVG¶pWDEOLVVHPHQWHWGHFRPPXQLFDWLRQ
GHVGLWVpWDWV

$UWLFOH



/HVEXGJHWVGHVFROOHFWLYLWpVORFDOHVHWGHOHXUVJURXSHPHQWV
VRQW FRPPXQLTXpV DX PLQLVWqUH GHV ILQDQFHV SDU OH PLQLVWqUH GH /RLQƒ
O¶LQWpULHXUGDQVOHVFRQGLWLRQVIL[pHVSDUDUUrWpFRQMRLQWGXPLQLVWUH UHODWLYHjODSURWHFWLRQGHVSHUVRQQHVSK\VLTXHV
GHO
LQWpULHXUHWOHPLQLVWUHFKDUJpGHVILQDQFHV jO
pJDUGGXWUDLWHPHQWGHVGRQQpHVjFDUDFWqUHSHUVRQQHO
$UWLFOH ²²²²²²
6RQW IL[pHV SDU DUUrWp GX PLQLVWUH GH O¶LQWpULHXU WRXWHV &KDSLWUHSUHPLHU
GLVSRVLWLRQVGHQDWXUHjDVVXUHUODERQQHJHVWLRQGHVILQDQFHVGHV
',6326,7,216*(1(5$/(6
FROOHFWLYLWpVORFDOHVHWGHOHXUVJURXSHPHQWV
$UWLFOH 6HFWLRQSUHPLqUH±'
'pILQLWLRQVHWFKDPSG
DSSOLFDWLRQ
6RQWDEURJpHVOHVGLVSRVLWLRQVGXGDKLUSRUWDQWORLQƒ $UWLFOHSUHPLHU
GX  FKDRXDO   VHSWHPEUH  UHODWLI j O¶RUJDQLVDWLRQ
GHVILQDQFHVGHVFROOHFWLYLWpVORFDOHVHWGHOHXUVJURXSHPHQWV
7RXWHIRLV GHPHXUHQW HQ YLJXHXU OHV WH[WHV SULV SRXU VRQ
DSSOLFDWLRQMXVTX¶jO¶LQWHUYHQWLRQGHVGpFUHWVSUpYXVDX[DUWLFOHV
HWGHODSUpVHQWHORL
$UWLFOH
DSSOLFDWLRQGHODSUpVHQWHORLRQHQWHQGSDU
/HV UpIpUHQFHV DX[ GLVSRVLWLRQV GHV WH[WHV DEURJpV SDU
O¶DUWLFOH SUpFpGHQW FRQWHQXHV GDQV G¶DXWUHV WH[WHV OpJLVODWLIV RX
HOOH VRLW HW LQGpSHQGDPPHQW GH VRQ VXSSRUW \
UqJOHPHQWDLUHV HQ YLJXHXU V¶DSSOLTXHQW DX[ GLVSRVLWLRQV
LPDJHFRQFHUQDQWXQHSHUVRQQHSK\VLTXHLGHQWLILpH
FRUUHVSRQGDQWHVpGLFWpHVSDUODSUpVHQWHORL
$UWLFOH
/HV GLVSRVLWLRQV GH OD ORL Qƒ  pGLFWDQW GHV GLVSRVLWLRQV
WUDQVLWRLUHVHQFHTXLFRQFHUQHFHUWDLQVWD[HVGURLWVFRQWULEXWLRQV
LGHQWLILFDWLRQ RX j XQ RX SOXVLHXUV
HWUHGHYDQFHVGXVDX[FROOHFWLYLWpVORFDOHVSURPXOJXpHSDUOHGDKLU
/¶LQIRUPDWLTXH HVW DX VHUYLFH GX FLWR\HQ HW pYROXH GDQV OH
FDGUH GH OD FRRSpUDWLRQ LQWHUQDWLRQDOH (OOH QH GRLW SDV SRUWHU
DWWHLQWH j O¶LGHQWLWp DX[ GURLWV HW DX[ OLEHUWpV FROOHFWLYHV RX
LQGLYLGXHOOHVGHO¶+RPPH(OOHQHGRLWSDVFRQVWLWXHUXQPR\HQ
GHGLYXOJXHUGHVVHFUHWVGHODYLHSULYpHGHVFLWR\HQV
3RXUO
 ©GRQQpHV j FDUDFWqUH SHUVRQQHO ª  WRXWH LQIRUPDWLRQ GH
TXHOTXH QDWXUH TX
FRPSULVOHVRQHWO
RXLGHQWLILDEOHGpQRPPpHFLDSUqV©SHUVRQQHFRQFHUQpHª
(VW UpSXWpH LGHQWLILDEOH XQH SHUVRQQH TXL SHXW rWUH
LGHQWLILpH GLUHFWHPHQW RX LQGLUHFWHPHQW QRWDPPHQW SDU
UpIpUHQFH j XQ QXPpUR G
pOpPHQWV VSpFLILTXHV GH VRQ LGHQWLWp SK\VLTXH SK\VLRORJLTXH
Qƒ  GX  KLMD  GpFHPEUH  GHPHXUHQW HQ JpQpWLTXHSV\FKLTXHpFRQRPLTXHFXOWXUHOOHRXVRFLDOH
YLJXHXU MXVTX¶j OD SXEOLFDWLRQ DX ©%XOOHWLQ RIILFLHOª GX WH[WH
©WUDLWHPHQW GH GRQQpHV j FDUDFWqUH SHUVRQQHO ª
G¶DSSOLFDWLRQSUpYXjO¶DUWLFOHFLGHVVXV
©WUDLWHPHQWªWRXWH RSpUDWLRQ RX HQVHPEOH G
RSpUDWLRQV
BBBBBB
HIIHFWXpHVRXQRQjO
DLGHGHSURFpGpVDXWRPDWLVpVHWDSSOLTXpHVj
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX GHV GRQQpHV j FDUDFWqUH SHUVRQQHO WHOOHV TXH OD FROOHFWH
©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU O
HQUHJLVWUHPHQWO
RUJDQLVDWLRQODFRQVHUYDWLRQO
DGDSWDWLRQRXOD
 %8//(7,12)),&,(/ 1ıUDELL,

PRGLILFDWLRQ O
H[WUDFWLRQ OD FRQVXOWDWLRQ O
XWLOLVDWLRQ OD $UWLFOH
FRPPXQLFDWLRQSDUWUDQVPLVVLRQGLIIXVLRQRXWRXWHDXWUHIRUPH  /D SUpVHQWH ORL V
DSSOLTXH DX WUDLWHPHQW GHV GRQQpHV j
GH PLVH j GLVSRVLWLRQ OH UDSSURFKHPHQW RX O
LQWHUFRQQH[LRQ FDUDFWqUH SHUVRQQHO DXWRPDWLVp HQ WRXW RX HQ SDUWLH DLQVL TX
DX
DLQVLTXHOHYHUURXLOODJHO
HIIDFHPHQWRXODGHVWUXFWLRQ WUDLWHPHQW QRQ DXWRPDWLVp GH GRQQpHV j FDUDFWqUH SHUVRQQHO
©GRQQpHVVHQVLEOHVªGRQQpHVjFDUDFWqUHSHUVRQQHOTXL FRQWHQXHVRXDSSHOpHVjILJXUHUGDQVGHVILFKLHUVPDQXHOV
UpYqOHQWO
RULJLQHUDFLDOHRXHWKQLTXHOHVRSLQLRQVSROLWLTXHVOHV /D SUpVHQWH ORL V
DSSOLTXH DX WUDLWHPHQW GHV GRQQpHV
FRQYLFWLRQV UHOLJLHXVHV RX SKLORVRSKLTXHV RX O
DSSDUWHQDQFH jFDUDFWqUH SHUVRQQHO UpSRQGDQW j OD GpILQLWLRQ GX SDUDJUDSKH 
V\QGLFDOH GH OD SHUVRQQH FRQFHUQpH RX TXL VRQW UHODWLYHV j VD FLGHVVXV
VDQWp\FRPSULVVHVGRQQpHVJpQpWLTXHV D ORUVTX
LO HVW HIIHFWXp SDU XQH SHUVRQQH SK\VLTXH RX
©ILFKLHUGHGRQQpHVjFDUDFWqUHSHUVRQQHO ª©ILFKLHUª PRUDOHGRQWOHUHVSRQVDEOHHVWpWDEOLVXUOHWHUULWRLUHPDURFDLQ/H
WRXW HQVHPEOH VWUXFWXUp GH GRQQpHV j FDUDFWqUH SHUVRQQHO UHVSRQVDEOH G
XQ WUDLWHPHQW TXL H[HUFH XQH DFWLYLWp VXU OH
DFFHVVLEOHV VHORQ GHV FULWqUHV GpWHUPLQpV TXH FHW HQVHPEOH VRLW WHUULWRLUH PDURFDLQ GDQV OH FDGUH G
XQH LQVWDOODWLRQ TXHOOH TXH
FHQWUDOLVp GpFHQWUDOLVp RX UpSDUWL GH PDQLqUH IRQFWLRQQHOOH RX VRLWVDIRUPHMXULGLTXH\HVWFRQVLGpUpFRPPHpWDEOL
JpRJUDSKLTXH WHOV TXH OHV DUFKLYHV OHV EDQTXHV GH GRQQpHV OHV EORUVTXH OH UHVSRQVDEOH Q
HVW SDV pWDEOL VXU OH WHUULWRLUH
ILFKLHUVGHUHFHQVHPHQW PDURFDLQ PDLV UHFRXUW j GHV ILQV GH WUDLWHPHQW GHV GRQQpHV j
©UHVSRQVDEOHGXWUDLWHPHQW ªODSHUVRQQHSK\VLTXHRX FDUDFWqUHSHUVRQQHOjGHVPR\HQVDXWRPDWLVpVRXQRQVLWXpVVXU
PRUDOH O
DXWRULWp SXEOLTXH OH VHUYLFH RX WRXW DXWUH RUJDQLVPH OH WHUULWRLUH PDURFDLQ j O
H[FOXVLRQ GHV WUDLWHPHQWV TXL QH VRQW
TXL VHXO RX FRQMRLQWHPHQW DYHF G
DXWUHV GpWHUPLQH OHV ILQDOLWpV XWLOLVpV TX
j GHV ILQV GH WUDQVLW VXU OH WHUULWRLUH QDWLRQDO RX VXU
HW OHV PR\HQV GX WUDLWHPHQW GH GRQQpHV j FDUDFWqUH SHUVRQQHO FHOXLG
XQ(WDWGRQWODOpJLVODWLRQHVWUHFRQQXHpTXLYDOHQWHjFHOOH
/RUVTXHOHVILQDOLWpVHWOHVPR\HQVGXWUDLWHPHQWVRQWGpWHUPLQpV GX 0DURF HQ PDWLqUH GH SURWHFWLRQ GHV GRQQpHV j FDUDFWqUH
SDU GHV GLVSRVLWLRQV OpJLVODWLYHV RX UpJOHPHQWDLUHV OH SHUVRQQHO
UHVSRQVDEOH GX WUDLWHPHQW GRLW rWUH LQGLTXp GDQV OD ORL 'DQV OH FDV YLVp DX E GX SDUDJUDSKH  FLGHVVXV OH
G
RUJDQLVDWLRQ HW GH IRQFWLRQQHPHQW RX GDQV OH VWDWXW GH O
HQWLWp UHVSRQVDEOH GX WUDLWHPHQW GRLW QRWLILHU j OD &RPPLVVLRQ
OpJDOHPHQWRXVWDWXWDLUHPHQWFRPSpWHQWHSRXUWUDLWHUOHVGRQQpHV QDWLRQDOHO
LGHQWLWpG
XQUHSUpVHQWDQWLQVWDOOpDX0DURFTXLVDQV
jFDUDFWqUHSHUVRQQHOHQFDXVH SUpMXGLFHGHVDUHVSRQVDELOLWpSHUVRQQHOOHVHVXEVWLWXHjOXLGDQV
WRXV VHV GURLWV HW REOLJDWLRQV UpVXOWDQW GHV GLVSRVLWLRQV GH OD
©VRXVWUDLWDQW ªOD SHUVRQQH SK\VLTXH RX PRUDOH SUpVHQWHORLHWGHVWH[WHVSULVSRXUVRQDSSOLFDWLRQ
O
DXWRULWp SXEOLTXH OH VHUYLFH RX WRXW DXWUH RUJDQLVPH TXL WUDLWH
GHVGRQQpHVjFDUDFWqUHSHUVRQQHOSRXUOHFRPSWHGXUHVSRQVDEOH /DSUpVHQWHORLQHV
DSSOLTXHSDV
GXWUDLWHPHQW ±DX WUDLWHPHQW GH GRQQpHV j FDUDFWqUH SHUVRQQHO HIIHFWXp
©WLHUV ªOD SHUVRQQH SK\VLTXH RX PRUDOH O
DXWRULWp SDU XQH SHUVRQQH SK\VLTXH SRXU O
H[HUFLFH G
DFWLYLWpV
SXEOLTXHOHVHUYLFHRXWRXWDXWUHRUJDQLVPHDXWUHTXHODSHUVRQQH H[FOXVLYHPHQWSHUVRQQHOOHVRXGRPHVWLTXHV
FRQFHUQpH OH UHVSRQVDEOH GX WUDLWHPHQW OH VRXVWUDLWDQW HW OHV ±DX[ GRQQpHV j FDUDFWqUH SHUVRQQHO UHFXHLOOLHV HW WUDLWpHV
SHUVRQQHV TXL SODFpHV VRXV O
DXWRULWp GLUHFWH GX UHVSRQVDEOH GX GDQV O
LQWpUrW GH OD GpIHQVH QDWLRQDOH HW GH OD VpFXULWp
WUDLWHPHQWRXGXVRXVWUDLWDQWVRQWKDELOLWpHVjWUDLWHUOHVGRQQpHV LQWpULHXUH RX H[WpULHXUH GH O
(WDW (OOH QH V
DSSOLTXH DX[
GRQQpHV j FDUDFWqUH SHUVRQQHO UHFXHLOOLHV HW WUDLWpHV j GHV
 ©GHVWLQDWDLUH ª  OD SHUVRQQH SK\VLTXH RX PRUDOH ILQVGHSUpYHQWLRQHWGHUpSUHVVLRQGHVFULPHVHWGpOLWVTXH
O
DXWRULWpSXEOLTXHOHVHUYLFHRXWRXWDXWUHRUJDQLVPHTXLUHoRLW GDQV OHV FRQGLWLRQV IL[pHV SDU OD ORL RX OH UqJOHPHQW TXL
FRPPXQLFDWLRQ GH GRQQpHV TX
LO V
DJLVVH RX QRQ G
XQ WLHUV /HV FUpH OH ILFKLHU HQ FDXVH  FH UqJOHPHQW SUpFLVH OH
RUJDQLVPHV TXL VRQW VXVFHSWLEOHV GH UHFHYRLU FRPPXQLFDWLRQ GH UHVSRQVDEOH GX WUDLWHPHQW OD FRQGLWLRQ GH OpJLWLPLWp GX
GRQQpHV GDQV OH FDGUH G
XQH GLVSRVLWLRQ OpJDOH QH VRQW SDV WUDLWHPHQW OD RX OHV ILQDOLWpV GX WUDLWHPHQW OD RX OHV
FRQVLGpUpHV FRPPH GHVWLQDWDLUHV QRWDPPHQW OD &RPPLVVLRQ FDWpJRULHV GH SHUVRQQHV FRQFHUQpHV HW OHV GRQQpHV RX OHV
QDWLRQDOH GH FRQWU{OH GH OD SURWHFWLRQ GHV GRQQpHV j FDUDFWqUH FDWpJRULHV GH GRQQpHV V¶\ UDSSRUWDQW O¶RULJLQH GH FHV
SHUVRQQHO LQVWLWXpH j O¶DUWLFOH  FLDSUqV HW GpQRPPpH OD GRQQpHV OHV WLHUV RX OHV FDWpJRULHV GH WLHUV DX[TXHOV FHV
&RPPLVVLRQQDWLRQDOH GRQQpHV SHXYHQW rWUH FRPPXQLTXpHV HW OHV PHVXUHV j
©FRQVHQWHPHQW GH OD SHUVRQQH FRQFHUQpH ªWRXWH SUHQGUH SRXU DVVXUHU OD VpFXULWp GX WUDLWHPHQW ,O HVW
PDQLIHVWDWLRQ GH YRORQWp OLEUH VSpFLILTXH HW LQIRUPpH SDU VRXPLVjO¶DYLVSUpDODEOHGHOD&RPPLVVLRQQDWLRQDOH
ODTXHOOH OD SHUVRQQH FRQFHUQpH DFFHSWH TXH OHV GRQQpHV j ±DX[ GRQQpHV j FDUDFWqUH SHUVRQQHO UHFXHLOOLHV HQ
FDUDFWqUHSHUVRQQHOODFRQFHUQDQWIDVVHQWO
REMHWG
XQWUDLWHPHQW DSSOLFDWLRQ G
XQH OpJLVODWLRQ SDUWLFXOLqUH /HV SURMHWV RX
©FHVVLRQ RX FRPPXQLFDWLRQª WRXWH GLYXOJDWLRQ RX SURSRVLWLRQVGHORLSRUWDQWFUpDWLRQGHILFKLHUVUHODWLIVDX[
GRQQpHV SUpFLWpHV VRQW FRPPXQLTXpV j OD &RPPLVVLRQ
LQIRUPDWLRQ G
XQH GRQQpH SRUWpH j OD FRQQDLVVDQFH G
XQH
QDWLRQDOHHQSUpFLVDQWO¶DXWRULWpUHVSRQVDEOHGXILFKLHUOD
SHUVRQQHDXWUHTXHODSHUVRQQHFRQFHUQpH
RX OHV ILQDOLWpV GX WUDLWHPHQW OD RX OHV FDWpJRULHV GH
©LQWHUFRQQH[LRQGHGRQQpHVªIRUPHGHWUDLWHPHQWTXL SHUVRQQHV FRQFHUQpHV HW OHV GRQQpHV RX OHV FDWpJRULHV GH
FRQVLVWHjpWDEOLUXQUDSSRUWHQWUHOHVGRQQpHVG
XQILFKLHUHWOHV GRQQpHVV¶\UDSSRUWDQWO¶RULJLQHGHFHVGRQQpHVOHVWLHUV
GRQQpHV G
XQ ILFKLHU RX GH SOXVLHXUV ILFKLHUV WHQXV SDU XQ DXWUH RX OHV FDWpJRULHV GH WLHUV DX[TXHOV FHV GRQQpHV SHXYHQW
RX SDU G
DXWUHV UHVSRQVDEOHV RX WHQXV SDU OH PrPH UHVSRQVDEOH rWUHFRPPXQLTXpHVHWOHVPHVXUHVjSUHQGUH SRXU DVVXUHU
PDLVGDQVXQDXWUHEXW ODVpFXULWpGXWUDLWHPHQW
1ıUDELL, %8//(7,12)),&,(/ 

6HFWLRQ±4
4XDOLWpGHVGRQQpHVHWFRQVHQWHPHQWSUpDODEOH &KDSLWUH,O
GHODSHUVRQQHFRQFHUQpH
'(6'52,76'(/$3(56211(&21&(51((
$UWLFOH
$UWLFOH
/HVGRQQpHVjFDUDFWqUHSHUVRQQHOGRLYHQWrWUH
'URLWjO
LQIRUPDWLRQORUVGHODFROOHFWHGHVGRQQpHV
D WUDLWpHVOR\DOHPHQWHWOLFLWHPHQW
 7RXWH SHUVRQQH VROOLFLWpH GLUHFWHPHQW HQ YXH G
XQH
EFROOHFWpHV SRXU GHV ILQDOLWpV GpWHUPLQpHV H[SOLFLWHV HW FROOHFWH GH VHV GRQQpHV SHUVRQQHOOHV GRLW rWUH SUpDODEOHPHQW
OpJLWLPHV HW QH SDV rWUH WUDLWpHV XOWpULHXUHPHQW GH PDQLqUH LQIRUPpH GH PDQLqUH H[SUHVVH SUpFLVH HW QRQ pTXLYRTXH SDU OH
LQFRPSDWLEOHDYHFFHVILQDOLWpV
UHVSRQVDEOH GX WUDLWHPHQW RX VRQ UHSUpVHQWDQW VDXI VL HOOH HQ D
FDGpTXDWHV SHUWLQHQWHV HW QRQ H[FHVVLYHV DX UHJDUG GHV GpMjHXFRQQDLVVDQFHGHVpOpPHQWVVXLYDQWV
ILQDOLWpV SRXU OHVTXHOOHV HOOHV VRQW FROOHFWpHV HW SRXU OHVTXHOOHV
HOOHVVRQWWUDLWpHVXOWpULHXUHPHQW D O
LGHQWLWpGXUHVSRQVDEOHGXWUDLWHPHQWHWOHFDVpFKpDQW
GHVRQUHSUpVHQWDQW
GH[DFWHVHWVLQpFHVVDLUHPLVHVjMRXU7RXWHVOHVPHVXUHV
UDLVRQQDEOHV GRLYHQW rWUH SULVHV SRXU TXH OHV GRQQpHV LQH[DFWHV EOHV ILQDOLWpV GX WUDLWHPHQW DXTXHO OHV GRQQpHV VRQW
RXLQFRPSOqWHVDXUHJDUGGHVILQDOLWpVSRXUOHVTXHOOHVHOOHVVRQW GHVWLQpHV
FROOHFWpHV RX SRXU OHVTXHOOHV HOOHV VRQW WUDLWpHV XOWpULHXUHPHQW FWRXWHVLQIRUPDWLRQVVXSSOpPHQWDLUHVWHOOHVTXH
VRLHQWHIIDFpHVRXUHFWLILpHV
‡OHVGHVWLQDWDLUHVRXOHVFDWpJRULHVGHGHVWLQDWDLUHV
HFRQVHUYpHVVRXVXQHIRUPHSHUPHWWDQWO
LGHQWLILFDWLRQGHV
SHUVRQQHV FRQFHUQpHV SHQGDQW XQH GXUpH Q
H[FpGDQW SDV FHOOH ‡OHIDLWGHVDYRLUVLODUpSRQVHDX[TXHVWLRQVHVWREOLJDWRLUH
QpFHVVDLUHjODUpDOLVDWLRQGHVILQDOLWpVSRXUOHVTXHOOHVHOOHVVRQW RXIDFXOWDWLYHDLQVLTXHOHVFRQVpTXHQFHVpYHQWXHOOHVG
XQ
FROOHFWpHVHWSRXUOHVTXHOOHVHOOHVVRQWWUDLWpHVXOWpULHXUHPHQW GpIDXWGHUpSRQVH
6XUGHPDQGHGXUHVSRQVDEOHGXWUDLWHPHQWHWV
LOH[LVWH ‡O
H[LVWHQFH G
XQ GURLW G
DFFqV DX[ GRQQpHV j FDUDFWqUH
XQ LQWpUrW OpJLWLPH OD &RPPLVVLRQ QDWLRQDOH SHXW DXWRULVHU OD SHUVRQQHOODFRQFHUQDQWHWGHUHFWLILFDWLRQGHFHVGRQQpHV
FRQVHUYDWLRQ GH GRQQpHV j FDUDFWqUH SHUVRQQHO j GHV ILQV
GDQV OD PHVXUH R FRPSWH WHQX GHV FLUFRQVWDQFHV
KLVWRULTXHV VWDWLVWLTXHV RX VFLHQWLILTXHV DXGHOj GH OD SpULRGH
FLWpHDXHGXSDUDJUDSKHSUpFpGHQW SDUWLFXOLqUHV GDQV OHVTXHOOHV OHV GRQQpHV VRQW FROOHFWpHV FHV
LQIRUPDWLRQV VRQW QpFHVVDLUHV SRXU DVVXUHU XQ WUDLWHPHQW OR\DO
 ,O LQFRPEH DX UHVSRQVDEOH GX WUDLWHPHQW G
DVVXUHU OH GHVGRQQpHVjO
pJDUGGHODSHUVRQQHFRQFHUQpH
UHVSHFW GHV GLVSRVLWLRQV GHV SDUDJUDSKHV TXL SUpFqGHQW VRXV OH
FRQWU{OHGHOD&RPPLVVLRQQDWLRQDOH G OHVFDUDFWpULVWLTXHVGXUpFpSLVVpGHODGpFODUDWLRQDXSUqV
GHOD&RPPLVVLRQQDWLRQDOHRXGHFHOOHVGHO
DXWRULVDWLRQGpOLYUpH
$UWLFOH
SDUODGLWHFRPPLVVLRQ
/HWUDLWHPHQWGHVGRQQpHVjFDUDFWqUHSHUVRQQHOQHSHXWrWUH
HIIHFWXp TXH VL OD SHUVRQQH FRQFHUQpH D LQGXELWDEOHPHQW GRQQp  /HV GRFXPHQWV TXL VHUYHQW GH EDVH j OD FROOHFWH GHV
VRQ FRQVHQWHPHQW j O¶RSpUDWLRQ RX j O¶HQVHPEOH GHV RSpUDWLRQV GRQQpHV j FDUDFWqUH SHUVRQQHO GRLYHQW FRQWHQLU OHV LQIRUPDWLRQV
HQYLVDJpHV YLVpHVDXSDUDJUDSKHSUpFpGHQW
/HV GRQQpHV j FDUDFWqUH SHUVRQQHO REMHW GX WUDLWHPHQW  /RUVTXH OHV GRQQpHV j FDUDFWqUH SHUVRQQHO Q
RQW SDV pWp
QHSHXYHQWrWUHFRPPXQLTXpHVjXQWLHUVTXHSRXUODUpDOLVDWLRQ FROOHFWpHV DXSUqV GH OD SHUVRQQH FRQFHUQpH OH UHVSRQVDEOH GX
GH ILQV GLUHFWHPHQW OLpHV DX[ IRQFWLRQV GX FpGDQW HW GX WUDLWHPHQW RX VRQ UHSUpVHQWDQW GRLW DYDQW O
HQUHJLVWUHPHQW GHV
FHVVLRQQDLUH HW VRXV UpVHUYH GX FRQVHQWHPHQW SUpDODEOH GH OD GRQQpHV RX VL XQH FRPPXQLFDWLRQ GH GRQQpHV j XQ WLHUV HVW
SHUVRQQHFRQFHUQpH HQYLVDJpH DX SOXV WDUG ORUV GH OD SUHPLqUH FRPPXQLFDWLRQ GH
7RXWHIRLV FH FRQVHQWHPHQW Q
HVW SDV H[LJp VL OH WUDLWHPHQW GRQQpHV IRXUQLU j OD SHUVRQQH FRQFHUQpH DX PRLQV OHV
HVWQpFHVVDLUH LQIRUPDWLRQVYLVpHVDX[D EHWF FLGHVVXVVDXIVLODSHUVRQQH
D DXUHVSHFWG
XQHREOLJDWLRQOpJDOHjODTXHOOHHVWVRXPLVH HQDGpMjHXFRQQDLVVDQFH
ODSHUVRQQHFRQFHUQpHRXOHUHVSRQVDEOHGXWUDLWHPHQW  (Q FDV GH FROOHFWH GH GRQQpHV HQ UpVHDX[ RXYHUWV OD
Ej O
H[pFXWLRQ G
XQ FRQWUDW DXTXHO OD SHUVRQQH FRQFHUQpH SHUVRQQHFRQFHUQpHGRLWrWUHLQIRUPpHVDXIVLHOOHVDLWGpMjTXH
HVW SDUWLH RX j O
H[pFXWLRQ GH PHVXUHV SUpFRQWUDFWXHOOHV SULVHV j OHVGRQQpHVjFDUDFWqUHSHUVRQQHOODFRQFHUQDQWSHXYHQWFLUFXOHU
ODGHPDQGHGHFHOOHFL VXU OHV UpVHDX[ VDQV JDUDQWLHV GH VpFXULWp HW TX
HOOHV ULVTXHQW
Fj OD VDXYHJDUGH G
LQWpUrWV YLWDX[ GH OD SHUVRQQH G
rWUHOXHVHWXWLOLVpHVSDUGHVWLHUVQRQDXWRULVpV
FRQFHUQpH VL HOOH HVW SK\VLTXHPHQW RX MXULGLTXHPHQW GDQV $UWLFOH
O
LQFDSDFLWpGHGRQQHUVRQFRQVHQWHPHQW
/LPLWHVDXGURLWjO
LQIRUPDWLRQ
GjO
H[pFXWLRQG
XQHPLVVLRQG
LQWpUrWSXEOLFRXUHOHYDQWGH
O
H[HUFLFH GH O
DXWRULWp SXEOLTXH GRQW HVW LQYHVWL OH UHVSRQVDEOH /
REOLJDWLRQG
LQIRUPDWLRQSUpYXHjO
DUWLFOHFLGHVVXVQ
HVW
GXWUDLWHPHQWRXOHWLHUVDXTXHOOHVGRQQpHVVRQWFRPPXQLTXpHV SDVDSSOLFDEOH
Hj OD UpDOLVDWLRQ GH O
LQWpUrW OpJLWLPH SRXUVXLYL SDU OH D DX[ GRQQpHV j FDUDFWqUH SHUVRQQHO GRQW OD FROOHFWH HW OH
UHVSRQVDEOHGXWUDLWHPHQWRXSDUOHGHVWLQDWDLUHVRXVUpVHUYHGH WUDLWHPHQW VRQW QpFHVVDLUHV j OD GpIHQVH QDWLRQDOH OD V€UHWp
QH SDV PpFRQQDvWUH O
LQWpUrW RX OHV GURLWV HW OLEHUWpV LQWpULHXUH RX H[WpULHXUH GH O
(WDW OD SUpYHQWLRQ RX OD UpSUHVVLRQ
IRQGDPHQWDX[GHODSHUVRQQHFRQFHUQpH GXFULPH
 %8//(7,12)),&,(/ 1ıUDELL,

EORUVTXHO
LQIRUPDWLRQGHODSHUVRQQHFRQFHUQpHVHUpYqOH EODQRWLILFDWLRQDX[WLHUVDX[TXHOVOHVGRQQpHVjFDUDFWqUH
LPSRVVLEOH QRWDPPHQW HQ FDV GH WUDLWHPHQW GH GRQQpHV j SHUVRQQHO RQW pWp FRPPXQLTXpHV GH WRXWH DFWXDOLVDWLRQ WRXWH
FDUDFWqUH SHUVRQQHO j GHV ILQV VWDWLVWLTXHV KLVWRULTXHV RX UHFWLILFDWLRQ WRXW HIIDFHPHQW RX WRXW YHUURXLOODJH HIIHFWXp
VFLHQWLILTXHV'DQVFHFDVOHUHVSRQVDEOHGXWUDLWHPHQWHVWWHQX FRQIRUPpPHQW DX SRLQW D FLGHVVXV VL FHOD QH V
DYqUH SDV
G¶DYLVHUOD&RPPLVVLRQGHO¶LPSRVVLELOLWpG¶LQIRUPHUODSHUVRQQH LPSRVVLEOH
FRQFHUQpHHWGHOXLSUpVHQWHUOHPRWLIGHFHWWHLPSRVVLELOLWp $UWLFOH
FVLODOpJLVODWLRQSUpYRLWH[SUHVVpPHQWO
HQUHJLVWUHPHQWRX 'URLWG
RSSRVLWLRQ
ODFRPPXQLFDWLRQGHVGRQQpHVjFDUDFWqUHSHUVRQQHO /DSHUVRQQHFRQFHUQpHMXVWLILDQWGHVRQLGHQWLWpDOHGURLW
GDXWUDLWHPHQWGHGRQQpHVjFDUDFWqUHSHUVRQQHOHIIHFWXpHV GHV
RSSRVHUSRXUGHVPRWLIVOpJLWLPHVjFHTXHGHVGRQQpHVOD
jGHVILQVH[FOXVLYHPHQWMRXUQDOLVWLTXHVDUWLVWLTXHVRXOLWWpUDLUHV FRQFHUQDQWIDVVHQWO
REMHWG
XQWUDLWHPHQW
$UWLFOH (OOHDOHGURLWGHV
RSSRVHUVDQVIUDLVjFHTXHOHVGRQQpHV
OD FRQFHUQDQW VRLHQW XWLOLVpHV j GHV ILQV GH SURVSHFWLRQ
'URLWG
DFFqV
QRWDPPHQWFRPPHUFLDOHSDUOHUHVSRQVDEOHDFWXHOGXWUDLWHPHQW
/DSHUVRQQHFRQFHUQpHMXVWLILDQWGHVRQLGHQWLWpDOHGURLW RXFHOXLG
XQWUDLWHPHQWXOWpULHXU
G
REWHQLU GX UHVSRQVDEOH GX WUDLWHPHQW j GHV LQWHUYDOOHV /HV GLVSRVLWLRQV GX SUHPLHU DOLQpD QH V
DSSOLTXHQW SDV
UDLVRQQDEOHVVDQVGpODLVHWJUDWXLWHPHQW ORUVTXH OH WUDLWHPHQW UpSRQG j XQH REOLJDWLRQ OpJDOH RX ORUVTXH
D ODFRQILUPDWLRQTXHOHVGRQQpHVjFDUDFWqUHSHUVRQQHOOD O
DSSOLFDWLRQGHFHVGLVSRVLWLRQVDpWppFDUWpHSDUXQHGLVSRVLWLRQ
FRQFHUQDQW VRQW RX QH VRQW SDV WUDLWpHV DLQVL TXH GHV H[SUHVVHGHO
DFWHDXWRULVDQWOHWUDLWHPHQW
LQIRUPDWLRQVSRUWDQWDXPRLQVVXUOHVILQDOLWpVGXWUDLWHPHQWOHV $UWLFOH
FDWpJRULHV GH GRQQpHV VXU OHVTXHOOHV LO SRUWH HW OHV GHVWLQDWDLUHV
,QWHUGLFWLRQGHODSURVSHFWLRQGLUHFWH
RX OHV FDWpJRULHV GH GHVWLQDWDLUHV DX[TXHOV OHV GRQQpHV j
FDUDFWqUHSHUVRQQHOVRQWFRPPXQLTXpHV (VWLQWHUGLWHODSURVSHFWLRQGLUHFWHDXPR\HQG
XQDXWRPDWH
G
DSSHO G
XQ WpOpFRSLHXU RX G
XQ FRXUULHU pOHFWURQLTXH RX G¶XQ
EOD FRPPXQLFDWLRQ VRXV XQH IRUPH LQWHOOLJLEOH GHV PR\HQ HPSOR\DQW XQH WHFKQRORJLH GH PrPH QDWXUH TXL XWLOLVH
GRQQpHV j FDUDFWqUH SHUVRQQHO IDLVDQW O
REMHW GHV WUDLWHPHQWV VRXVTXHOTXHIRUPHTXHFHVRLWOHVFRRUGRQQpHVG
XQHSHUVRQQH
DLQVL TXH GH WRXWH LQIRUPDWLRQ GLVSRQLEOH VXU O
RULJLQH GHV SK\VLTXH TXL Q
D SDV H[SULPp VRQ FRQVHQWHPHQW SUpDODEOH j
GRQQpHV UHFHYRLUGHVSURVSHFWLRQVGLUHFWHVSDUFHPR\HQ
/H UHVSRQVDEOH GX WUDLWHPHQW SHXW GHPDQGHU j OD 3RXU O
DSSOLFDWLRQ GX SUpVHQW DUWLFOH RQ HQWHQG SDU
&RPPLVVLRQ QDWLRQDOH GHV GpODLV GH UpSRQVH DX[ GHPDQGHV FRQVHQWHPHQW WRXWH PDQLIHVWDWLRQ GH YRORQWp OLEUH VSpFLILTXH HW
G
DFFqVOpJLWLPHVHWSHXWV
RSSRVHUDX[GHPDQGHVPDQLIHVWHPHQW LQIRUPpH SDU ODTXHOOH XQH SHUVRQQH DFFHSWH TXH GHV GRQQpHV j
DEXVLYHVQRWDPPHQWSDUOHXUQRPEUHHWOHXUFDUDFWqUHUpSpWLWLI FDUDFWqUH SHUVRQQHO OD FRQFHUQDQW VRLHQW XWLOLVpHV j GHV ILQV GH
(Q FDV G¶RSSRVLWLRQ OD FKDUJH GH OD SUHXYH GX FDUDFWqUH SURVSHFWLRQGLUHFWH
PDQLIHVWHPHQW DEXVLI LQFRPEH DX UHVSRQVDEOH GX WUDLWHPHQW &RQVWLWXH XQH SURVSHFWLRQ GLUHFWH O
HQYRL GH WRXW PHVVDJH
DXSUqVGXTXHOFHVGHPDQGHVRQWpWpIDLWHV GHVWLQp j SURPRXYRLU GLUHFWHPHQW RX LQGLUHFWHPHQW GHV ELHQV
FOD FRQQDLVVDQFH GH OD ORJLTXH TXL VRXVWHQG WRXW GHV VHUYLFHV RX O
LPDJH G
XQH SHUVRQQH YHQGDQW GHV ELHQV RX
IRXUQLVVDQWGHVVHUYLFHV
WUDLWHPHQW DXWRPDWLVp GHV GRQQpHV j FDUDFWqUH SHUVRQQHO OD
FRQFHUQDQW 7RXWHIRLV OD SURVSHFWLRQ GLUHFWH SDU FRXUULHU pOHFWURQLTXH
HVWDXWRULVpHVLOHVFRRUGRQQpHVGXGHVWLQDWDLUHRQWpWpUHFXHLOOLHV
$UWLFOH
GLUHFWHPHQW DXSUqV GH OXL GDQV OH UHVSHFW GHV GLVSRVLWLRQV GH OD
'URLWGHUHFWLILFDWLRQ SUpVHQWH  ORL j O
RFFDVLRQ G
XQH YHQWH RX G
XQH SUHVWDWLRQ GH
/DSHUVRQQHFRQFHUQpHMXVWLILDQWGHVRQLGHQWLWpDOHGURLW VHUYLFHV VL OD SURVSHFWLRQ GLUHFWH FRQFHUQH GHV SURGXLWV RX
G
REWHQLUGXUHVSRQVDEOHGXWUDLWHPHQW VHUYLFHV DQDORJXHV IRXUQLV SDU OD PrPH SHUVRQQH SK\VLTXH RX
PRUDOH HW VL OH GHVWLQDWDLUH VH YRLW RIIULU GH PDQLqUH H[SUHVVH
D O
DFWXDOLVDWLRQ OD UHFWLILFDWLRQ O
HIIDFHPHQW RX OH GpQXpH G
DPELJXwWp HW VLPSOH OD SRVVLELOLWp GH V
RSSRVHU VDQV
YHUURXLOODJHGHVGRQQpHVjFDUDFWqUHSHUVRQQHOGRQWOHWUDLWHPHQW IUDLVKRUPLVFHX[OLpVjODWUDQVPLVVLRQGXUHIXVjO
XWLOLVDWLRQGH
Q
HVW SDV FRQIRUPH j OD SUpVHQWH ORL QRWDPPHQW HQ UDLVRQ GX VHV FRRUGRQQpHV ORUVTXH FHOOHVFL VRQW UHFXHLOOLHV HW FKDTXH IRLV
FDUDFWqUHLQFRPSOHWHWLQH[DFWGHFHVGRQQpHVOHUHVSRQVDEOHGX TX
XQFRXUULHUpOHFWURQLTXHGHSURVSHFWLRQOXLHVWDGUHVVp
WUDLWHPHQW HVW WHQX GH SURFpGHU DX[ UHFWLILFDWLRQV QpFHVVDLUHV 'DQV WRXV OHV FDV LO HVW LQWHUGLW G
pPHWWUH j GHV ILQV GH
VDQV IUDLV SRXU OH GHPDQGHXU HW FH GDQV XQ GpODL IUDQF GH GL[ SURVSHFWLRQ GLUHFWH GHV PHVVDJHV DX PR\HQ G
DXWRPDWHV G
DSSHO
MRXUV WpOpFRSLHXUVHWFRXUULHUVpOHFWURQLTXHVVDQVLQGLTXHUGHFRRUGRQQpHV
(QFDVGHUHIXVRXGHQRQUpSRQVHGDQVOHGpODLSUpFLWpOD YDODEOHV DX[TXHOOHV OH GHVWLQDWDLUH SXLVVH XWLOHPHQW WUDQVPHWWUH XQH
SHUVRQQHFRQFHUQpHSHXWLQWURGXLUHXQHGHPDQGHGHUHFWLILFDWLRQ GHPDQGHWHQGDQWjREWHQLUTXHFHVFRPPXQLFDWLRQVFHVVHQWVDQVIUDLV
DXSUqV GH OD &RPPLVVLRQ QDWLRQDOH ODTXHOOH FKDUJH O
XQ GH VHV DXWUHVTXHFHX[OLpVjODWUDQVPLVVLRQGHFHOOHFL
PHPEUHV j O
HIIHW GH PHQHU WRXWHV LQYHVWLJDWLRQV XWLOHV HW IDLUH ,O HVW pJDOHPHQW LQWHUGLW GH GLVVLPXOHU O
LGHQWLWp GH OD
SURFpGHUDX[UHFWLILFDWLRQVQpFHVVDLUHVGDQVOHVSOXVEUHIVGpODLV SHUVRQQHSRXUOHFRPSWHGHODTXHOOHODFRPPXQLFDWLRQHVWpPLVH
/DSHUVRQQHFRQFHUQpHHVWWHQXHLQIRUPpHGHVVXLWHVUpVHUYpHVj HW GH PHQWLRQQHU XQ REMHW VDQV UDSSRUW DYHF OD SUHVWDWLRQ RX OH
VDGHPDQGH VHUYLFHSURSRVp
1ıUDELL, %8//(7,12)),&,(/ 

$UWLFOH IO
LQWHUFRQQH[LRQGHILFKLHUVUHOHYDQWG
XQHRXGHSOXVLHXUV
1HXWUDOLWpGHVHIIHWV SHUVRQQHV PRUDOHV JpUDQW XQ VHUYLFH SXEOLF HW GRQW OHV ILQDOLWpV
G
LQWpUrW SXEOLF VRQW GLIIpUHQWHV RX O
LQWHUFRQQH[LRQ GH ILFKLHUV
$XFXQHGpFLVLRQGHMXVWLFHLPSOLTXDQWXQHDSSUpFLDWLRQVXU UHOHYDQW G
DXWUHV SHUVRQQHV PRUDOHV HW GRQW OHV ILQDOLWpV
OH FRPSRUWHPHQW G
XQH SHUVRQQH QH SHXW DYRLU SRXU IRQGHPHQW SULQFLSDOHVVRQWGLIIpUHQWHV
XQ WUDLWHPHQW DXWRPDWLVp GH GRQQpHV j FDUDFWqUH SHUVRQQHO G
XQHGpFODUDWLRQSUpDODEOHGDQVOHVDXWUHVFDV
GHVWLQpjpYDOXHUFHUWDLQVDVSHFWVGHVDSHUVRQQDOLWp
6HFWLRQSUHPLqUH±'
'pFODUDWLRQSUpDODEOH
$XFXQH DXWUH GpFLVLRQ SURGXLVDQW GHV HIIHWV MXULGLTXHV j
$UWLFOH
O
pJDUG G
XQH SHUVRQQH QH SHXW rWUH SULVH VXU OH VHXO IRQGHPHQW
G
XQWUDLWHPHQWDXWRPDWLVpGHGRQQpHVGHVWLQpjGpILQLUOHSURILO /DGpFODUDWLRQSUpDODEOHSUpYXHjO
DUWLFOHFLGHVVXVTXL
GHO
LQWpUHVVpRXjpYDOXHUFHUWDLQVDVSHFWVGHVDSHUVRQQDOLWp FRPSRUWH O
HQJDJHPHQW TXH OH WUDLWHPHQW VHUD HIIHFWXp
FRQIRUPpPHQW DX[ GLVSRVLWLRQV GH OD SUpVHQWH ORL HVW GpSRVpH
1H VRQW SDV FRQVLGpUpHV FRPPH SULVHV VXU OH VHXO DXSUqVGHOD&RPPLVVLRQQDWLRQDOHGDQVOHVFRQGLWLRQVSUpYXHVj
IRQGHPHQWG
XQWUDLWHPHQWDXWRPDWLVpOHVGpFLVLRQVSULVHVGDQVOH ODSUpVHQWHVHFWLRQ
FDGUH GH OD FRQFOXVLRQ RX GH O
H[pFXWLRQ G
XQ FRQWUDW HW SRXU
&HWWHGpFODUDWLRQDSRXUREMHWGHSHUPHWWUHjOD&RPPLVVLRQ
OHVTXHOOHVODSHUVRQQHFRQFHUQpHDpWpPLVHjPrPHGHSUpVHQWHU
QDWLRQDOH G
H[HUFHU OHV FRPSpWHQFHV TXL OXL VRQW GpYROXHV SDU OD
VHV REVHUYDWLRQV QL FHOOHV VDWLVIDLVDQW OHV GHPDQGHV GH OD SUpVHQWH ORL DILQ GH FRQWU{OHU OH UHVSHFW GH VHV GLVSRVLWLRQV HW
SHUVRQQHFRQFHUQpH G
DVVXUHUODSXEOLFLWpGXWUDLWHPHQWGHVGRQQpHVSHUVRQQHOOHV
&KDSLWUH,,, $UWLFOH
'(62%/,*$7,216'(65(63216$%/(6'875$,7(0(17 /H UHVSRQVDEOH GX WUDLWHPHQW RX OH FDV pFKpDQW VRQ
$UWLFOH UHSUpVHQWDQW GRLW DGUHVVHU XQH GpFODUDWLRQ j OD &RPPLVVLRQ
QDWLRQDOH SUpDODEOHPHQW j OD PLVH HQ RHXYUH G
XQ WUDLWHPHQW
6DXIGLVSRVLWLRQVOpJLVODWLYHVSDUWLFXOLqUHVOHWUDLWHPHQWGH HQWLqUHPHQWRXSDUWLHOOHPHQWDXWRPDWLVpRXG
XQHQVHPEOHGHWHOV
GRQQpHVjFDUDFWqUHSHUVRQQHOGRLWIDLUHO
REMHW WUDLWHPHQWVD\DQWXQHPrPHILQDOLWpRXGHVILQDOLWpVOLpHV
G
XQH DXWRULVDWLRQ SUpDODEOH ORUVTXH OHV WUDLWHPHQWV $UWLFOH
FRQFHUQHQW
/D GpFODUDWLRQ SUpYXH j O
DUWLFOH  FLGHVVXV GRLW
D OHV GRQQpHV VHQVLEOHV YLVpHV j O
DOLQpD  GH O
DUWLFOH FRPSUHQGUH
SUHPLHUFLGHVVXV D OHQRPHWO
DGUHVVHGXUHVSRQVDEOHGXWUDLWHPHQWHWOHFDV
7RXWHIRLV VRQW GLVSHQVpV GH ODGLWH DXWRULVDWLRQ OHV pFKpDQWGHVRQUHSUpVHQWDQW
WUDLWHPHQWV PLV HQ °XYUH SDU XQH DVVRFLDWLRQ RX WRXW DXWUH E ODGpQRPLQDWLRQOHVFDUDFWpULVWLTXHVHWODRXOHVILQDOLWpV
JURXSHPHQW j EXW QRQ OXFUDWLI HW j FDUDFWqUH UHOLJLHX[ GXWUDLWHPHQWHQYLVDJp
SKLORVRSKLTXHSROLWLTXHV\QGLFDOFXOWXUHORXVSRUWLI
±SRXU OHV VHXOHV GRQQpHV TXL UpYqOHQW O¶XQH RX SOXVLHXUV
GHV FDUDFWpULVWLTXHV YLVpHV DX SDUDJUDSKH  GH O¶DUWLFOH
\UDSSRUWDQW
SUHPLHU FLGHVVXV HW FRUUHVSRQGDQW j O
FXQH GHVFULSWLRQ GH OD RX GHV FDWpJRULHV GH SHUVRQQHV
FRQFHUQpHV HW GHV GRQQpHV RX GHV FDWpJRULHV GH GRQQpHV j
FDUDFWqUHSHUVRQQHOV
REMHW GH ODGLWH GOHV GHVWLQDWDLUHV RX OHV FDWpJRULHV GH GHVWLQDWDLUHV
DVVRFLDWLRQRXGXGLWJURXSHPHQW DX[TXHOVOHVGRQQpHVVRQWVXVFHSWLEOHVG
rWUHFRPPXQLTXpHV
±VRXV UpVHUYH TXH OHV GRQQpHV QH FRQFHUQHQW TXH OHV H OHVWUDQVIHUWVGHGRQQpHVHQYLVDJpVjGHVWLQDWLRQG¶(WDWV
PHPEUHVGHFHWWHDVVRFLDWLRQRXGHFHJURXSHPHQWHWOH pWUDQJHUV
FDVpFKpDQWOHVSHUVRQQHVTXLHQWUHWLHQQHQWDYHFFHOXLFL IODGXUpHGHFRQVHUYDWLRQGHVGRQQpHV
GHVFRQWDFWVUpJXOLHUVGDQVOHFDGUHGHVRQDFWLYLWp
J OH VHUYLFH DXSUqV GXTXHO OD SHUVRQQH FRQFHUQpH SRXUUD
±HW TX
LOV QH SRUWHQW TXH VXU GHV GRQQpHV QRQ H[HUFHU OH FDV pFKpDQW OHV GURLWV TXL OXL VRQW UHFRQQXV SDU OHV
FRPPXQLTXpHV j GHV WLHUV j PRLQV TXH OHV SHUVRQQHV GLVSRVLWLRQVGHODSUpVHQWHORLDLQVLTXHOHVPHVXUHVSULVHVSRXU
FRQFHUQpHV Q
\ FRQVHQWHQW H[SUHVVpPHQW HW TXH OH IDFLOLWHUO
H[HUFLFHGHFHX[FL
JURXSHPHQWSXLVVHIRXUQLUODSUHXYHGHFHFRQVHQWHPHQWj K XQHGHVFULSWLRQJpQpUDOHSHUPHWWDQWG
DSSUpFLHUGHIDoRQ
SUHPLqUHUHTXrWHGHO¶DXWRULWpFRPSpWHQWH SUpOLPLQDLUH OH FDUDFWqUH DSSURSULp GHV PHVXUHV SULVHV SRXU
EO
XWLOLVDWLRQ GH GRQQpHV j FDUDFWqUH SHUVRQQHO j G
DXWUHV DVVXUHU OD FRQILGHQWLDOLWp HW OD VpFXULWp GX WUDLWHPHQW HQ
ILQVTXHFHOOHVSRXUOHVTXHOOHVHOOHVRQWpWpFROOHFWpHV DSSOLFDWLRQGHVGLVSRVLWLRQVGHVDUWLFOHVHWFLGHVVRXV
FGHV GRQQpHV JpQpWLTXHV j O
H[FHSWLRQ GH FHX[ PLV HQ L OHV UHFRXSHPHQWV OHV LQWHUFRQQH[LRQV RX WRXWHV DXWUHV
RHXYUH SDU GHV SHUVRQQHOV GH VDQWp HW TXL UpSRQGHQW j GHV ILQV IRUPHV GH UDSSURFKHPHQW GHV GRQQpHV DLQVL TXH OHXU FHVVLRQ
PpGLFDOHV TX
LO V
DJLVVH GH OD PpGHFLQH SUpYHQWLYH GHV VRXVWUDLWDQFH VRXV WRXWH IRUPH j GHV WLHUV j WLWUH JUDWXLW RX
GLDJQRVWLFVRXGHVVRLQV RQpUHX[
7RXWH PRGLILFDWLRQ DX[ LQIRUPDWLRQV FLGHVVXV HW WRXWH
GGHV GRQQpHV SRUWDQW VXU OHV LQIUDFWLRQV FRQGDPQDWLRQV
VXSSUHVVLRQ GH WUDLWHPHQW GRLYHQW rWUH SRUWpHV VDQV GpODL j OD
RXPHVXUHVGHV€UHWpjO
H[FHSWLRQGHFHX[PLVHQ°XYUHSDUOHV FRQQDLVVDQFHGHOD&RPPLVVLRQQDWLRQDOH
DX[LOLDLUHVGHMXVWLFH
(Q FDV GH FHVVLRQ G
XQ ILFKLHU GH GRQQpHV OH FHVVLRQQDLUH
HGHV GRQQpHV FRPSRUWDQW OH QXPpUR GH OD FDUWH G
LGHQWLWp HVW WHQX GH UHPSOLU OHV IRUPDOLWpV GH GpFODUDWLRQ SUpYXHV SDU OD
QDWLRQDOHGHODSHUVRQQHFRQFHUQpH SUpVHQWHORL
 %8//(7,12)),&,(/
/HVPRGDOLWpVGHODGpFODUDWLRQjOD&RPPLVVLRQQDWLRQDOH
GHV FKDQJHPHQWV DIIHFWDQW OHV LQIRUPDWLRQV YLVpHV j O
DOLQpD $UWLFOH
FLGHVVXV VRQW IL[pHV SDU OH JRXYHUQHPHQW DSUqV DYLV GH ODGLWH
FRPPLVVLRQ
$UWLFOH
/D &RPPLVVLRQ QDWLRQDOH IL[H OD OLVWH GHV FDWpJRULHV GH
WUDLWHPHQWV GH GRQQpHV j FDUDFWqUH SHUVRQQHO TXL FRPSWH WHQX
GHVGRQQpHVjWUDLWHUQHVRQWSDVVXVFHSWLEOHVGHSRUWHUDWWHLQWH
H[HUFLFH GHV IRQFWLRQV OpJDOHV RX
DX[GURLWVHWOLEHUWpVGHVSHUVRQQHVFRQFHUQpHVHWSRXUOHVTXHOOHV
OD GpFODUDWLRQ GRLW SUpFLVHU XQLTXHPHQW OHV pOpPHQWV SUpYXV DX[
RUGUH GH OD ORL OH FRQVHQWHPHQW H[SUqV GH OD
1ıUDELL,
6HFWLRQ±$
$XWRULVDWLRQSUpDODEOH
/HWUDLWHPHQWGHVGRQQpHVVHQVLEOHVHVWVXERUGRQQpjXQH
DXWRULVDWLRQGHODORLTXLHQIL[HOHVFRQGLWLRQV$GpIDXWLOGRLW
rWUHDXWRULVpSDUOD&RPPLVVLRQQDWLRQDOH
 &HWWH DXWRULVDWLRQ HVW DFFRUGpH DX YX GX FRQVHQWHPHQW
H[SUqV GH OD SHUVRQQH FRQFHUQpH RX ORUVTXH OH WUDLWHPHQW GHV
GRQQpHV HVW LQGLVSHQVDEOH j O
VWDWXWDLUHVGXUHVSRQVDEOHGXWUDLWHPHQW
 2XWUH O
EFGHHWIGHO
DUWLFOHFLGHVVXV SHUVRQQH FRQFHUQpH RX O
REOLJDWLRQ OpJDOH RX VWDWXWDLUH GX
/D GpFLVLRQ GH OD &RPPLVVLRQ QDWLRQDOH HVW VRXPLVH j UHVSRQVDEOHO
DXWRULVDWLRQSUpDODEOHGHOD&RPPLVVLRQQDWLRQDOH
KRPRORJDWLRQGXJRXYHUQHPHQW SHXWpJDOHPHQWrWUHDFFRUGpHGDQVOHVFDVR
$UWLFOH D OHWUDLWHPHQWHVWQpFHVVDLUHjODGpIHQVHG
LQWpUrWVYLWDX[
GH OD SHUVRQQH FRQFHUQpH RX G
XQH DXWUH SHUVRQQH HW VL OD
/D &RPPLVVLRQ QDWLRQDOH IL[H OD OLVWH GHV WUDLWHPHQWV QRQ SHUVRQQH FRQFHUQpH VH WURXYH GDQV O
LQFDSDFLWp SK\VLTXH RX
DXWRPDWLVpV GH GRQQpHV j FDUDFWqUH SHUVRQQHO TXL SHXYHQW IDLUH MXULGLTXHGHGRQQHUVRQFRQVHQWHPHQW
O
REMHWG
XQHGpFODUDWLRQVLPSOLILpHGRQWHOOHSUpFLVHOHVpOpPHQWV
EOH WUDLWHPHQW SRUWH VXU GHV GRQQpHV PDQLIHVWHPHQW
SDUXQHGpFLVLRQKRPRORJXpHSDUOHJRXYHUQHPHQW
UHQGXHV SXEOLTXHV SDU OD SHUVRQQH FRQFHUQpH HW TXH VRQ
$UWLFOH FRQVHQWHPHQW DX WUDLWHPHQW GHV GRQQpHV SHXW OpJLWLPHPHQW rWUH
/
REOLJDWLRQ GH GpFODUDWLRQ QH V
DSSOLTXH SDV DX[ GpGXLWGHVHVGpFODUDWLRQV
WUDLWHPHQWVD\DQWSRXUVHXOREMHWODWHQXHG
XQUHJLVWUHTXLHVWHQ FOHWUDLWHPHQWHVWQpFHVVDLUHjODUHFRQQDLVVDQFHO
H[HUFLFH
YHUWX GH GLVSRVLWLRQV OpJLVODWLYHV RX UpJOHPHQWDLUHV GHVWLQp j RXODGpIHQVHG
XQGURLWHQMXVWLFHHWHVWHIIHFWXpH[FOXVLYHPHQWj
O
LQIRUPDWLRQ GX SXEOLF HW RXYHUW j OD FRQVXOWDWLRQ GX SXEOLF RX FHWWHILQ
GHWRXWHSHUVRQQHMXVWLILDQWG
XQLQWpUrWOpJLWLPH $UWLFOH
7RXWHIRLV GDQV FH FDV LO GRLW rWUH GpVLJQp XQ UHVSRQVDEOH 3DUGpURJDWLRQDX[GLVSRVLWLRQVGHO
DUWLFOHFLGHVVXVOH
GX WUDLWHPHQW GHV GRQQpHV GRQW O
LGHQWLWp HVW UHQGXH SXEOLTXH HW WUDLWHPHQWGHVGRQQpHVUHODWLYHVjODVDQWpHVWVXERUGRQQpjXQH
QRWLILpH j OD &RPPLVVLRQ QDWLRQDOH HW TXL HVW UHVSRQVDEOH GH GpFODUDWLRQ j OD &RPPLVVLRQ QDWLRQDOH ORUVTX
LO D SRXU VHXOH
O
DSSOLFDWLRQ GHV GLVSRVLWLRQV GX FKDSLWUH ,O GH OD SUpVHQWH ORL ILQDOLWp
YLVjYLVGHVSHUVRQQHVFRQFHUQpHV ±OD PpGHFLQH SUpYHQWLYH OHV GLDJQRVWLFV PpGLFDX[
/H UHVSRQVDEOH GX WUDLWHPHQW GLVSHQVp GH GpFODUDWLRQ GRLW O
DGPLQLVWUDWLRQ GH VRLQV RX GH WUDLWHPHQWV RX OD JHVWLRQ
FRPPXQLTXHU j WRXWH SHUVRQQH TXL HQ IDLW OD GHPDQGH OHV GHVVHUYLFHVGHVDQWpHWTX
LOHVWHIIHFWXpSDUXQSUDWLFLHQ
LQIRUPDWLRQV UHODWLYHV j OD GpQRPLQDWLRQ HW j OD ILQDOLWp GX GH OD VDQWp VRXPLV DX VHFUHW SURIHVVLRQQHO RX SDU WRXWH
WUDLWHPHQW j O
LGHQWLWp GX UHVSRQVDEOH DX[ GRQQpHV WUDLWpHV j DXWUH SHUVRQQH pJDOHPHQW VRXPLVH j XQH REOLJDWLRQ GH
OHXUV GHVWLQDWDLUHV HW OH FDV pFKpDQW DX[ WUDQVIHUWV HQYLVDJpV j VHFUHW
GHVWLQDWLRQGHO
pWUDQJHU ±GH VpOHFWLRQQHU OHV SHUVRQQHV VXVFHSWLEOHV GH EpQpILFLHU
/D &RPPLVVLRQ QDWLRQDOH IL[H OD OLVWH GHV WUDLWHPHQWV G
XQ GURLW G
XQH SUHVWDWLRQ RX G
XQ FRQWUDW GqV ORUV
TX
HOOHVQ
HQVRQWH[FOXHVSDUDXFXQHGLVSRVLWLRQOpJDOHRX
UpSRQGDQW j OD GpILQLWLRQ SUpYXH FLGHVVXV SDU XQH GpFLVLRQ
UpJOHPHQWDLUH
VRXPLVHjO
KRPRORJDWLRQGXJRXYHUQHPHQW
6HFWLRQ±'
'HVREOLJDWLRQVGHFRQILGHQWLDOLWpHWGHVpFXULWp
$UWLFOH GHVWUDLWHPHQWVHWGHVHFUHWSURIHVVLRQQHO
/D &RPPLVVLRQ QDWLRQDOH GpOLYUH GDQV XQ GpODL GH  $UWLFOH
KHXUHV FRXUDQW j FRPSWHU GH OD GDWH GX GpS{W GH OD GpFODUDWLRQ
XQ UpFpSLVVp GH ODGLWH GpFODUDWLRQ GRQW OHV FDUDFWpULVWLTXHV  /H UHVSRQVDEOH GX WUDLWHPHQW GRLW PHWWUH HQ RHXYUH OHV
GRLYHQW ILJXUHU GDQV WRXWHV OHV RSpUDWLRQV GH FROOHFWH RX GH PHVXUHV WHFKQLTXHV HW RUJDQLVDWLRQQHOOHV DSSURSULpHV SRXU
SURWpJHU OHV GRQQpHV j FDUDFWqUH SHUVRQQHO FRQWUH OD GHVWUXFWLRQ
WUDQVPLVVLRQ GHV GRQQpHV /H UHVSRQVDEOH GX WUDLWHPHQW SHXW
DFFLGHQWHOOH RX LOOLFLWH OD SHUWH DFFLGHQWHOOH O
DOWpUDWLRQ OD
PHWWUHOHGLWWUDLWHPHQWHQ°XYUHGqVUpFHSWLRQGXGLWUpFpSLVVp
GLIIXVLRQ RX O
DFFqV QRQ DXWRULVp QRWDPPHQW ORUVTXH OH
$UWLFOH WUDLWHPHQW FRPSRUWH GHV WUDQVPLVVLRQV GH GRQQpHV GDQV XQ
/RUVTX
LODSSDUDvWjOD&RPPLVVLRQQDWLRQDOHjO
H[DPHQGH UpVHDX DLQVL TXH FRQWUH WRXWH DXWUH IRUPH GH WUDLWHPHQW LOOLFLWH
OD GpFODUDWLRQ TXL OXL HVW IRXUQLH TXH OH WUDLWHPHQW HQYLVDJp &HVPHVXUHVGRLYHQWDVVXUHUFRPSWHWHQXGHO
pWDWGHO
DUWHWGHV
SUpVHQWH GHV GDQJHUV PDQLIHVWHV SRXU OH UHVSHFW HW OD SURWHFWLRQ FR€WVOLpVjOHXUPLVHHQ°XYUHXQQLYHDXGHVpFXULWpDSSURSULp
DX UHJDUG GHV ULVTXHV SUpVHQWpV SDU OH WUDLWHPHQW HW GH OD QDWXUH
GH OD YLH SULYpH HW GHV OLEHUWpV HW GURLWV IRQGDPHQWDX[ GHV
GHVGRQQpHVjSURWpJHU
SHUVRQQHVjO
pJDUGGXWUDLWHPHQWGRQWFHVGRQQpHVIRQWO
REMHWRX
SHXYHQWIDLUHO
REMHWHOOHGpFLGHGHVRXPHWWUHOHGLWWUDLWHPHQWDX  /H UHVSRQVDEOH GX WUDLWHPHQW ORUVTXH OH WUDLWHPHQW HVW
UpJLPHG
DXWRULVDWLRQSUpDODEOHSUpYXFLDSUqV HIIHFWXp SRXU VRQ FRPSWH GRLW FKRLVLU XQ VRXVWUDLWDQW TXL
DSSRUWH GHV JDUDQWLHV VXIILVDQWHV DX UHJDUG GHV PHVXUHV GH
6DGpFLVLRQPRWLYpHHVWQRWLILpHDXGpFODUDQWGDQVOHVKXLW VpFXULWp WHFKQLTXH HW G
RUJDQLVDWLRQ UHODWLYHV DX[ WUDLWHPHQWV j
MRXUVVXLYDQWFHOXLGXGpS{WGHODGpFODUDWLRQ HIIHFWXHUHWLOGRLWYHLOOHUDXUHVSHFWGHFHVPHVXUHV
1ıUDELL, %8//(7,12)),&,(/ 

 /D UpDOLVDWLRQ GH WUDLWHPHQWV HQ VRXVWUDLWDQFH GRLW rWUH $UWLFOH

UpJLHSDUXQFRQWUDWRXXQDFWHMXULGLTXHTXLOLHOHVRXVWUDLWDQWDX /H UHVSRQVDEOH GX WUDLWHPHQW GH GRQQpHV j FDUDFWqUH
UHVSRQVDEOH GX WUDLWHPHQW HW TXL SUpYRLW QRWDPPHQW TXH OH
SHUVRQQHO DLQVL TXH OHV SHUVRQQHV TXL GDQV O
H[HUFLFH GH OHXUV
VRXVWUDLWDQW Q
DJLW TXH VRXV OD VHXOH LQVWUXFWLRQ GX UHVSRQVDEOH
IRQFWLRQV RQW FRQQDLVVDQFH GH GRQQpHV j FDUDFWqUH SHUVRQQHO
GX WUDLWHPHQW HW TXH OHV REOLJDWLRQV YLVpHV DX SDUDJUDSKH 
FLGHVVXVOXLLQFRPEHQWpJDOHPHQW WUDLWpHV VRQW WHQXHV GH UHVSHFWHU OH VHFUHW SURIHVVLRQQHO PrPH
DSUqV DYRLU FHVVp G
H[HUFHU OHXUV IRQFWLRQV GDQV OHV WHUPHV
$X[ILQVGHODFRQVHUYDWLRQGHVSUHXYHVOHVpOpPHQWVGX SUpYXVSDUODORLSpQDOH
FRQWUDWRXGHO
DFWHMXULGLTXHUHODWLIjODSURWHFWLRQGHVGRQQpHVHW
OHV H[LJHQFHV SRUWDQW VXU OHV PHVXUHV YLVpHV DX SDUDJUDSKH  /HV GLVSRVLWLRQV GH O
DOLQpD SUHPLHU FLGHVVXV Q
H[HPSWHQW
FLGHVVXV VRQW FRQVLJQpV SDU pFULW RX VRXV XQH DXWUH IRUPH SDV GH O
REOLJDWLRQ GH IRXUQLU GHV LQIRUPDWLRQV FRQIRUPpPHQW
pTXLYDOHQWH DX[ GLVSRVLWLRQV OpJDOHV DSSOLFDEOHV DX[ ILFKLHUV HQ FDXVH RX
$UWLFOH FRQIRUPpPHQWjODOpJLVODWLRQGHGURLWFRPPXQ
 /HV UHVSRQVDEOHV GX WUDLWHPHQW GHV GRQQpHV VHQVLEOHV RX &KDSLWUH,9
UHODWLYHVjODVDQWpGRLYHQWSUHQGUHOHVPHVXUHVDSSURSULpHVSRXU 'HOD&RPPLVVLRQQDWLRQDOHGHFRQWU{OHGHODSURWHFWLRQ
D HPSrFKHU O
DFFqV GH WRXWH SHUVRQQH QRQ DXWRULVpH DX[ GHVGRQQpHVjFDUDFWqUHSHUVRQQHO
LQVWDOODWLRQVXWLOLVpHVSRXUOHWUDLWHPHQWGHFHVGRQQpHVFRQWU{OH 6HFWLRQSUHPLqUH±,,QVWLWXWLRQSRXYRLUVHWDWWULEXWLRQV
GHO
HQWUpHGDQVOHVLQVWDOODWLRQV
$UWLFOH
EHPSrFKHUTXHOHVVXSSRUWVGHGRQQpHVSXLVVHQWrWUHOXV
FRSLpV PRGLILpV RX UHWLUpV SDU GHV SHUVRQQHV QRQ DXWRULVpHV ,O HVW LQVWLWXp DXSUqV GX 3UHPLHU PLQLVWUH XQH &RPPLVVLRQ
FRQWU{OHGHVVXSSRUWVGHGRQQpHV QDWLRQDOH GH FRQWU{OH GH OD SURWHFWLRQ GHV GRQQpHV j FDUDFWqUH
SHUVRQQHOFKDUJpHGHPHWWUHHQ°XYUHHWGHYHLOOHUDXUHVSHFWGHV
FHPSrFKHU O
LQWURGXFWLRQ QRQ DXWRULVpH DLQVLTXH ODSULVH
GHFRQQDLVVDQFHODPRGLILFDWLRQRXO
pOLPLQDWLRQQRQDXWRULVpHV GLVSRVLWLRQV GH OD SUpVHQWH ORL HW GHV WH[WHV SULV SRXU VRQ
GH GRQQpHV j FDUDFWqUH SHUVRQQHO LQWURGXLWHV FRQWU{OH GH DSSOLFDWLRQ
O
LQVHUWLRQ $FHWHIIHWHOOHHVWFKDUJpHGH
GHPSrFKHUTXHOHVV\VWqPHVGHWUDLWHPHQWDXWRPDWLVpVGH $±'RQQHUVRQDYLV
GRQQpHVSXLVVHQWrWUHXWLOLVpVSDUGHVSHUVRQQHVQRQDXWRULVpHVDX
DX JRXYHUQHPHQW RX DX SDUOHPHQW VXU OHV SURMHWV RX
PR\HQ G
LQVWDOODWLRQV GH WUDQVPLVVLRQ GH GRQQpHV FRQWU{OH GH
O
XWLOLVDWLRQ SURSRVLWLRQV GH ORLV RX SURMHWV GH UqJOHPHQWV UHODWLIV DX
WUDLWHPHQWGHGRQQpHVjFDUDFWqUHSHUVRQQHOGRQWHOOHHVWVDLVLH
HJDUDQWLU TXH VHXOHV OHV SHUVRQQHV DXWRULVpHV SXLVVHQW
DYRLU DFFqV DX[ GRQQpHV YLVpHV SDU O
DXWRULVDWLRQ FRQWU{OH GH j O¶DXWRULWp FRPSpWHQWH VXU OHV SURMHWV GH UqJOHPHQWV
O
DFFqV FUpDQW GHV ILFKLHUV UHODWLIV  DX[ GRQQpHV j FDUDFWqUH SHUVRQQHO
UHFXHLOOLHVHWWUDLWpHVjGHVILQVGHSUpYHQWLRQHWGHUpSUHVVLRQGHV
IJDUDQWLUODYpULILFDWLRQGHVHQWLWpVDX[TXHOOHVOHVGRQQpHV
j FDUDFWqUH SHUVRQQHO SHXYHQW rWUH WUDQVPLVHV SDU GHV FULPHV HW GpOLWV O¶DYLV GHPDQGp GDQV OH FDV G¶HVSqFH YDXW
LQVWDOODWLRQV GH WUDQVPLVVLRQ GH GRQQpHV FRQWU{OH GH OD GpFODUDWLRQ
WUDQVPLVVLRQ jO¶DXWRULWpFRPSpWHQWHVXUOHVSURMHWVHWSURSRVLWLRQVGH
JJDUDQWLU TX¶LO VRLW SRVVLEOH GH YpULILHU D SRVWHULRUL GDQV ORLV SRUWDQW FUpDWLRQ HW WUDLWHPHQW GHV GRQQpHV UHODWLYHV DX[
XQGpODLDSSURSULpHQIRQFWLRQGHODQDWXUHGXWUDLWHPHQWjIL[HU HQTXrWHV HW GRQQpHV VWDWLVWLTXHV UHFXHLOOLHV HW WUDLWpHV SDU GHV
GDQV OD UpJOHPHQWDWLRQ DSSOLFDEOH j FKDTXH VHFWHXU SDUWLFXOLHU DXWRULWpVSXEOLTXHV
TXHOOHV GRQQpHV j FDUDFWqUH SHUVRQQHO VRQW LQWURGXLWHV TXDQG DX JRXYHUQHPHQW VXU OHV PRGDOLWpV GH OD GpFODUDWLRQ
HOOHVO¶RQWpWpHWSRXUTXLFRQWU{OHGHO¶LQWURGXFWLRQ
SUpYXHDXSDUDJUDSKHGHO¶DUWLFOHFLGHVVXV
KHPSrFKHU TXH ORUV GH OD WUDQVPLVVLRQ GH GRQQpHV j
DX JRXYHUQHPHQW VXU OHV PRGDOLWpV G¶LQVFULSWLRQ DX
FDUDFWqUH SHUVRQQHO HW GX WUDQVSRUW GHV VXSSRUWV OHV GRQQpHV
SXLVVHQW rWUH OXHV UHSURGXLWHV PRGLILpHV RX pOLPLQpHV VDQV UHJLVWUHQDWLRQDOLQVWLWXpSDUO¶DUWLFOHGHODSUpVHQWHORL
DXWRULVDWLRQFRQWU{OHGXWUDQVSRUW DX JRXYHUQHPHQW VXU OHV UqJOHV GH SURFpGXUH HW GH
 6XLYDQW OD QDWXUH GHV RUJDQLVPHV UHVSRQVDEOHV GX SURWHFWLRQ GHV GRQQpHV GHV WUDLWHPHQWV GH ILFKLHUV VpFXULWp TXL
WUDLWHPHQWHWGXW\SHG
LQVWDOODWLRQVDYHFOHTXHOLOHVWHIIHFWXpOD GRLYHQWIDLUHO¶REMHWG¶XQHQUHJLVWUHPHQW
&RPPLVVLRQ QDWLRQDOH SHXW GLVSHQVHU GH FHUWDLQHV PHVXUHV GH %±5HFHYRLU
VpFXULWp j FRQGLWLRQ TXH OH UHVSHFW GHV GURLWV OLEHUWpV HW
JDUDQWLHVGHVSHUVRQQHVFRQFHUQpHVVRLWDVVXUp QRWLILFDWLRQ GH O¶LGHQWLWp GX UHSUpVHQWDQW LQVWDOOp DX
0DURF TXL VH VXEVWLWXH DX UHVSRQVDEOH GX WUDLWHPHQW UpVLGDQW j
$UWLFOH O¶pWUDQJHU
7RXWH SHUVRQQH DJLVVDQW VRXV O
DXWRULWp GX UHVSRQVDEOH GX
OHVGpFODUDWLRQVSUpYXHVDX[DUWLFOHVSDUDJUDSKHHW
WUDLWHPHQWRXGHFHOOHGXVRXVWUDLWDQWDLQVLTXHOHVRXVWUDLWDQW
HWGpOLYUHUUpFpSLVVpGHODGpFODUDWLRQ
OXLPrPHTXLDFFqGHjGHVGRQQpHVjFDUDFWqUHSHUVRQQHOQHSHXW
OHVWUDLWHUTXHVXULQVWUXFWLRQGXUHVSRQVDEOHGXWUDLWHPHQWVDXI O¶LGHQWLWpGXUHVSRQVDEOHGXWUDLWHPHQWGHVUHJLVWUHVWHQXV
HQYHUWXG
REOLJDWLRQVOpJDOHV SRXUrWUHRXYHUWVDXSXEOLFSUpYXjO¶DUWLFOHFLGHVVXV
 %8//(7,12)),&,(/ 1ıUDELL,

$UWLFOH $UWLFOH
$X[ ILQV SUpYXHV j O¶DUWLFOH  HU DOLQpD FLGHVVXV OD $ILQGHSHUPHWWUHXQHPLVHHQDSSOLFDWLRQDSSURSULpHGHOD
&RPPLVVLRQQDWLRQDOHHVWKDELOLWpHj SURWHFWLRQ GHV GRQQpHV OD &RPPLVVLRQ QDWLRQDOH PqQH XQH
DXWRULVHU OD FRQVHUYDWLRQ GHV  GRQQpHV DXGHOj G¶XQH PLVVLRQ SHUPDQHQWH G¶LQIRUPDWLRQ GX SXEOLF HW GHV SHUVRQQHV
GXUpHSUpYXH FRQFHUQpHVVXUOHVGURLWVHWREOLJDWLRQVpGLFWpVSDUODSUpVHQWHORL
DFFRUGHU DX UHVSRQVDEOH GX WUDLWHPHQW XQ GpODL HWOHVWH[WHVSULVSRXUVRQDSSOLFDWLRQ
VXSSOpPHQWDLUHSRXUUpSRQGUHDX[GHPDQGHVGHFRPPXQLFDWLRQ $UWLFOH
SUpVHQWpHSDUODSHUVRQQHFRQFHUQpH /D&RPPLVVLRQQDWLRQDOHHVWGRWpH
IDLUH SURFpGHU DX[ UHFWLILFDWLRQV MXVWLILpHV ORUVTXH OH GHVSRXYRLUVG
LQYHVWLJDWLRQHWG
HQTXrWHSHUPHWWDQWjVHV
UHVSRQVDEOHGXWUDLWHPHQWUHIXVHG¶\SURFpGHUjODGHPDQGHGH
DJHQWVUpJXOLqUHPHQWFRPPLVVLRQQpVjFHWHIIHWSDUOHSUpVLGHQW
O¶LQWpUHVVp
G
DYRLU DFFqV DX[ GRQQpHV IDLVDQW O
REMHW GH WUDLWHPHQW GH
LQVWUXLUH HW GpOLYUHU OHV DXWRULVDWLRQV SUpYXHV j O¶DUWLFOH  UHTXpULU O
DFFqV GLUHFW DX[ ORFDX[ DX VHLQ GHVTXHOV OH WUDLWHPHQW
FLGHVVXV HVW HIIHFWXp GH UHFXHLOOLU  HW GH VDLVLU WRXWHV OHV LQIRUPDWLRQV HW
IL[HU OD OLVWH GHV FDWpJRULHV GH WUDLWHPHQWV EpQpILFLDQW WRXV GRFXPHQWV QpFHVVDLUHV SRXU UHPSOLU OHV  IRQFWLRQV GH
G¶XQHGpFODUDWLRQVLPSOLILpH FRQWU{OH OH WRXW FRQIRUPpPHQW DX[ WHUPHV GH OD FRPPLVVLRQ
IL[HU OD OLVWH GHV WUDLWHPHQWV QRQ DXWRPDWLVpV VRXPLV j TX¶LOVH[pFXWHQW
GpFODUDWLRQVLPSOLILpH GXSRXYRLUG¶RUGRQQHUTXHOXLVRLHQWFRPPXQLTXpVGDQV
IL[HUODOLVWHGHVWUDLWHPHQWVFRUUHVSRQGDQWjODGpILQLWLRQ OHVGpODLVHWVHORQOHVPRGDOLWpVRXVDQFWLRQVpYHQWXHOOHVTX¶HOOH
GHO¶DUWLFOHGHODSUpVHQWHORL IL[H  OHV GRFXPHQWV GH WRXWH QDWXUH RX VXU WRXV VXSSRUWV OXL
GpOLYUHUUpFpSLVVpGHODGpFODUDWLRQSUpYXHjO¶DUWLFOH SHUPHWWDQWG¶H[DPLQHUOHVIDLWVFRQFHUQDQWOHVSODLQWHVGRQWHOOH
HQHQSUpFLVDQWOHFRQWHQX HVWVDLVLH
GpOLYUHUOHVDXWRULVDWLRQVSUpYXHVjO¶DUWLFOHFLGHVVXV GX SRXYRLU G¶RUGRQQHU RX GH SURFpGHU RX GH IDLUH
SURFpGHU DX[ PRGLILFDWLIV QpFHVVDLUHV SRXU XQH WHQXH OR\DOH GHV
pWDEOLUODOLVWHGHVSD\VjOpJLVODWLRQDGpTXDWHHQPDWLqUH
GRQQpHVFRQWHQXHVGDQVOHILFKLHU
GH SURWHFWLRQ GHV SHUVRQQHV SK\VLTXHV j O¶pJDUG GX  WUDLWHPHQW
GHVGRQQpHVjFDUDFWqUHSHUVRQQHO GXSRXYRLUG
RUGRQQHUOHYHUURXLOODJHO
HIIDFHPHQWRXOD
DXWRULVHUOHVWUDQVIHUWVGHGRQQpHVGDQVOHVFDVSUpYXVj GHVWUXFWLRQ GH GRQQpHV HW FHOXL G
LQWHUGLUH SURYLVRLUHPHQW RX
O¶DUWLFOHFLGHVVRXV GpILQLWLYHPHQW OH WUDLWHPHQW GH GRQQpHV j FDUDFWqUH SHUVRQQHO
PrPHGHFHOOHVLQFOXVHVGDQVGHVUpVHDX[RXYHUWVGHWUDQVPLVVLRQ
DVVXUHUODWHQXHGXUHJLVWUHQDWLRQDOGHODSURWHFWLRQGHV
GHGRQQpHVjSDUWLUGHVHUYHXUVVLWXpVVXUOHWHUULWRLUHQDWLRQDO
GRQQpHVSUpYXjO¶DUWLFOHFLGHVVRXV
$UWLFOH
DFFRUGHUOHVGLVSHQVHVGHVPHVXUHVGHVpFXULWpHXpJDUG
jODTXDOLWpGXUHVSRQVDEOHGXWUDLWHPHQWHWGXW\SHG
LQVWDOODWLRQV /¶H[HUFLFH GHV SRXYRLUV YLVpV DX[ SDUDJUDSKHV  HW  GH
DYHFOHTXHOFHWUDLWHPHQWHVWHIIHFWXp O¶DUWLFOHFLGHVVXVHVWVXERUGRQQpDXUHVSHFWG¶XQHSURFpGXUH
GpFLGHUGHVRXPHWWUHjDXWRULVDWLRQXQWUDLWHPHQWOpJDOHPHQW GLVFLSOLQDLUHJDUDQWLVVDQWOHVGURLWVGHODGpIHQVHHWQRWDPPHQW
VRXPLVjGpFODUDWLRQFRQIRUPpPHQWjO¶DUWLFOHFLGHVVXV OHSULQFLSHGXFRQWUDGLFWRLUHSUpFLVpGDQVOHUqJOHPHQWLQWpULHXU
GH OD &RPPLVVLRQ QDWLRQDOH HW DSSOLFDEOH j WRXWHV OHV DXWUHV
SURFpGHU DX UHWUDLW GX UpFpSLVVp RX GH O¶DXWRULVDWLRQ
SURFpGXUHV PLVHV HQ °XYUH SDU OD &RPPLVVLRQ QDWLRQDOH HW
FRQIRUPpPHQWDX[GLVSRVLWLRQVGHO¶DUWLFOHGHODSUpVHQWHORL
SUpVHQWDQWXQFDUDFWqUHGLVFLSOLQDLUH
/D&RPPLVVLRQQDWLRQDOHHVWpJDOHPHQWFRPSpWHQWHSRXU
6HFWLRQ±&
&RPSRVLWLRQGHODFRPPLVVLRQQDWLRQDOH
UHFHYRLU OHV SODLQWHV GH WRXWH SHUVRQQH FRQFHUQpH
HVWLPDQWrWUHOpVpHSDUODSXEOLFDWLRQG
XQWUDLWHPHQWGHGRQQpHV $UWLFOH
jFDUDFWqUHSHUVRQQHOGHOHVLQVWUXLUHHWGHOHXUGRQQHUVXLWHHQ /D &RPPLVVLRQ QDWLRQDOH GH FRQWU{OH GH OD SURWHFWLRQ GHV
RUGRQQDQW OD SXEOLFDWLRQ GH UHFWLILFDWLIV RXHW OD VDLVLQH GX GRQQpHVjFDUDFWqUHSHUVRQQHOVHFRPSRVHGHVHSWPHPEUHV
SURFXUHXUGX5RLDX[ILQVGHSRXUVXLWHV
±XQSUpVLGHQWQRPPpSDU6D0DMHVWpOH5RL
H[SHUWLVHU j OD GHPDQGH GHV DXWRULWpV SXEOLTXHV
±VL[ PHPEUHV QRPPpV pJDOHPHQW SDU 6D 0DMHVWp OH 5RL
QRWDPPHQW GHV DXWRULWpV MXGLFLDLUHV OHV pOpPHQWV VRXPLV j OHXU
DSSUpFLDWLRQ ORUV GHV FRQWHQWLHX[ QpV GH O
DSSOLFDWLRQ GH OD VXUSURSRVLWLRQ
SUpVHQWHORLRXGHVWH[WHVSULVSRXUVRQDSSOLFDWLRQ ‡GX3UHPLHUPLQLVWUH
DVVLVWHU OH JRXYHUQHPHQW GDQV OD SUpSDUDWLRQ HW OD ‡GXSUpVLGHQWGHOD&KDPEUHGHVUHSUpVHQWDQWV
GpILQLWLRQ GH OD SRVLWLRQ PDURFDLQH ORUV GHV QpJRFLDWLRQV
‡GXSUpVLGHQWGHOD&KDPEUHGHVFRQVHLOOHUV
LQWHUQDWLRQDOHV GDQV OH GRPDLQH GH OD SURWHFWLRQ GHV GRQQpHV j
FDUDFWqUHSHUVRQQHO /D GXUpH GX PDQGDW GHV PHPEUHV GH OD &RPPLVVLRQ
QDWLRQDOHHVWGHFLQTDQVUHQRXYHODEOHXQHVHXOHIRLV
FRRSpUHU DYHF OHV RUJDQLVPHV VLPLODLUHV GH FRQWU{OH GX
WUDLWHPHQW GHV GRQQpHV j FDUDFWqUH SHUVRQQHO GDQV OHV (WDWV /HVPRGDOLWpVHWOHVFRQGLWLRQVGHQRPLQDWLRQGHVPHPEUHV
pWUDQJHUV GHOD&RPPLVVLRQQDWLRQDOHVRQWIL[pHVSDUGpFUHW
1ıUDELL, %8//(7,12)),&,(/
6HFWLRQ±2 2UJDQLVDWLRQHWIRQFWLRQQHPHQW
GHOD&RPPLVVLRQQDWLRQDOH
$UWLFOH
/D&RPPLVVLRQQDWLRQDOHVHUpXQLWVXUFRQYRFDWLRQGHVRQ
SUpVLGHQWDJLVVDQWGHVDSURSUHLQLWLDWLYHRXjODGHPDQGHGHOD
PRLWLp GHV PHPEUHV /H SUpVLGHQW IL[H O¶RUGUH GX MRXU GH OD
UpXQLRQ
$UWLFOH
/HV UpXQLRQV GH OD &RPPLVVLRQ QDWLRQDOH VH WLHQQHQW
YDODEOHPHQW ORUVTXH OHV GHX[ WLHUV DX PRLQV GHV PHPEUHV VRQW
SUpVHQWV/HVGpFLVLRQVVRQWSULVHVYDODEOHPHQWjODPDMRULWpGHV
PHPEUHV SUpVHQWV OD YRL[ GX SUpVLGHQW pWDQW SUpSRQGpUDQWH HQ
FDVGHSDUWDJHpJDOGHVYRL[
6HFWLRQ±6
6WDWXWGHVPHPEUHV
$UWLFOH
/HVIRQFWLRQVGHPHPEUHGHOD&RPPLVVLRQQDWLRQDOHVRQW
LQFRPSDWLEOHVDYHFFHOOHVG
DGPLQLVWUDWHXUGHJpUDQWGHPHPEUH GpFLVLRQV
GX GLUHFWRLUH RX GH GLUHFWHXU JpQpUDO XQLTXH RX GH PHPEUH GX
FRQVHLOGHVXUYHLOODQFHG
XQHVRFLpWpGHWUDLWHPHQWGHGRQQpHVj &RPPLVVLRQ QDWLRQDOH HW GH PHWWUH j OHXU GLVSRVLWLRQ OHV
FDUDFWqUHSHUVRQQHO
8QPHPEUHGHOD&RPPLVVLRQQDWLRQDOHQHSHXWSDUWLFLSHUj
XQH GpOLEpUDWLRQ RX j GHV YpULILFDWLRQV UHODWLYHV j XQ RUJDQLVPH
DX VHLQ GXTXHO LO D GpWHQX XQ LQWpUrW GLUHFW RX LQGLUHFW RX D
H[HUFp  XQ PDQGDW RX XQH IRQFWLRQ VL XQ GpODL GH FLQT DQV QH
V¶HVW pFRXOp HQWUH OD GDWH R HVW LQWHUYHQXH OD FHVVDWLRQ GH
IRQFWLRQ OD ILQ GX PDQGDW RX GH OD GLVSRVLWLRQ GH O¶LQWpUrW HW OD
GDWHGHVDQRPLQDWLRQDXVHLQGHOD&RPPLVVLRQQDWLRQDOH
6LO¶LQFRPSDWLELOLWppGLFWpHSDUO¶DOLQpDSUpFpGHQWFRQFHUQH
OH SUpVLGHQW GH OD &RPPLVVLRQ QDWLRQDOH LO GpVLJQH XQ PHPEUH
GH OD &RPPLVVLRQ QDWLRQDOH SRXU H[HUFHU OD SOpQLWXGH GH VHV
FRPSpWHQFHV ORUVTXH O¶DIIDLUH FRQFHUQDQW O¶RUJDQLVPH HQ FDXVH
HVW DSSHOpH GHYDQW OD &RPPLVVLRQ QDWLRQDOH /D GpFLVLRQ GX
SUpVLGHQWHVWSXEOLpHDX©%XOOHWLQRIILFLHOª
$UWLFOH
/HV PHPEUHV GH OD &RPPLVVLRQ QDWLRQDOH VRQW WHQXV DX
VHFUHWSURIHVVLRQQHOSRXUOHVIDLWVDFWHVHWLQIRUPDWLRQVGRQWLOV
RQW SX DYRLU FRQQDLVVDQFH j O
RFFDVLRQ GH O
DFFRPSOLVVHPHQW GH SHXYHQW rWUH FRPSRVpV GH SHUVRQQDOLWpV FKRLVLHV HQ GHKRUV GHV
OHXUV IRQFWLRQV ,OV VRQW VRXPLV j OD PrPH REOLJDWLRQ PrPH
DSUqVODILQGHOHXUPDQGDW
/HV IRQFWLRQQDLUHV DJHQWV RX WHFKQLFLHQV TXL H[HUFHQW GHV
IRQFWLRQV DX VHLQ GH OD &RPPLVVLRQ QDWLRQDOH RX DXSUqV GH VHV
PHPEUHV VRQW pJDOHPHQW VRXPLV j O
REOLJDWLRQ GH UHVSHFWHU OH 'XWUDQVIHUWGHGRQQpHVYHUVXQSD\VpWUDQJHU
VHFUHWSURIHVVLRQQHO
$UWLFOH
XQ WUDLWHPHQW QH SHXW WUDQVIpUHU GHV
/HVPHPEUHVHWOHVIRQFWLRQQDLUHVRXDJHQWVHWWHFKQLFLHQV
GHOD&RPPLVVLRQQDWLRQDOHVRQWSURWpJpVFRQWUHOHVRXWUDJHVRX
OHV DWWHLQWHV j OHXU SHUVRQQH GDQV OHV WHUPHV GHV DUWLFOHV  HW
pJDUG GX
GXFRGHSpQDO
REMHWRXSHXYHQWIDLUHO
REMHW
$UWLFOH
/RUVTXH OD &RPPLVVLRQ QDWLRQDOH GpOLEqUH VXU XQH TXHVWLRQ
DSSUpFLH QRWDPPHQW HQ IRQFWLRQ GHV GLVSRVLWLRQV HQ
PHWWDQWHQFDXVHXQHDGPLQLVWUDWLRQOHVPHPEUHVUHSUpVHQWDQWVGX
JRXYHUQHPHQWSDUWLFLSHQWDX[GpOLEpUDWLRQVDYHFYRL[FRQVXOWDWLYH
$UWLFOH VHV ILQV HW VD GXUpH DLQVL TXH GH OD QDWXUH GH O
RULJLQH HW GH OD
/D &RPPLVVLRQ QDWLRQDOH pODERUH HW DSSURXYH VRQ
UqJOHPHQW LQWpULHXU TXL HVW VRXPLV j O¶KRPRORJDWLRQ GX
JRXYHUQHPHQWDYDQWVDSXEOLFDWLRQDX©%XOOHWLQRIILFLHOª

6HFWLRQ±$
$GPLQLVWUDWLRQ
$UWLFOH
/H SUpVLGHQW HVW DVVLVWp GDQV O¶H[HUFLFH GH VHV IRQFWLRQV
DGPLQLVWUDWLYHV HW ILQDQFLqUHV SDU XQ VHFUpWDLUH JpQpUDO QRPPp
SDUOHJRXYHUQHPHQWVXUSURSRVLWLRQGXSUpVLGHQW
/H VHFUpWDLUH JpQpUDO RXWUH OHV SRXYRLUV TX¶LO H[HUFH SDU
GpOpJDWLRQGXSUpVLGHQWHVWFKDUJp
±GH JpUHU OH SHUVRQQHO UHFUXWp RX GpWDFKp VHORQ OHV
GpFLVLRQVGXSUpVLGHQW
±GH SUpSDUHU HW G¶H[pFXWHU OH EXGJHW GH OD &RPPLVVLRQ
QDWLRQDOHGRQWLOHVWVRXVRUGRQQDWHXU
±GH SUpSDUHU HW GH SDVVHU OHV PDUFKpV GH OD &RPPLVVLRQ
QDWLRQDOH
±GH SUpSDUHU OHV GRFXPHQWV GH WUDYDLO GHV UpXQLRQV GH OD
&RPPLVVLRQ QDWLRQDOH HW GH WHQLU OH UHJLVWUH GH VHV
±GH VXLYUH OHV  WUDYDX[ GHV FRPLWpV PLV HQ SODFH SDU OD
PR\HQV PDWpULHOV HW KXPDLQV QpFHVVDLUHV j
O¶DFFRPSOLVVHPHQWGHOHXUVPLVVLRQV
$UWLFOH
/H VHFUpWDLUH JpQpUDO GLVSRVH SRXU O¶H[HUFLFH GH VHV
DWWULEXWLRQV G¶XQ SHUVRQQHO DGPLQLVWUDWLI HW WHFKQLTXH FRPSRVp
GH IRQFWLRQQDLUHV GHV DGPLQLVWUDWLRQV SXEOLTXHV RX G¶DJHQWV
SXEOLFV GpWDFKpV DXSUqV GH OD &RPPLVVLRQ QDWLRQDOH HW G¶XQ
SHUVRQQHOUHFUXWpFRQIRUPpPHQWDX[SURFpGXUHVDSSOLFDEOHVHQOD
PDWLqUHQRWDPPHQWSDUYRLHFRQWUDFWXHOOH
$UWLFOH
/D &RPPLVVLRQ QDWLRQDOH FUpH OHV FRPLWpV SHUPDQHQWV RX
DGKRF QpFHVVDLUHV jO¶DFFRPSOLVVHPHQWGHVHV PLVVLRQV SDU GHV
GLVSRVLWLRQVGXUqJOHPHQWLQWpULHXU
(OOH IL[H GDQV OH PrPH UqJOHPHQW OHV PRGDOLWpV GH
IRQFWLRQQHPHQWHWG¶RUJDQLVDWLRQGHFHVFRPLWpVTXLGRLYHQWrWUH
SUpVLGpV SDU XQ PHPEUH GH OD &RPPLVVLRQ QDWLRQDOH PDLV
PHPEUHV GH OD &RPPLVVLRQ QDWLRQDOH RX IDLVDQW SDUWLH GH VRQ
SHUVRQQHO
&KDSLWUH9
$UWLFOH
/H UHVSRQVDEOH G
GRQQpHV j FDUDFWqUH SHUVRQQHO YHUV XQ (WDW pWUDQJHU TXH VL FHW
(WDW DVVXUH XQ QLYHDX GH SURWHFWLRQ VXIILVDQW GH OD YLH SULYpH HW
GHV OLEHUWpV HW GURLWV IRQGDPHQWDX[ GHV SHUVRQQHV j O
WUDLWHPHQWGRQWFHVGRQQpHVIRQWO
/HFDUDFWqUHVXIILVDQWGXQLYHDXGHSURWHFWLRQDVVXUpSDUXQ
eWDW V
YLJXHXU GDQV FHW (WDW GHV PHVXUHV GH VpFXULWp TXL \ VRQW
DSSOLTXpHV GHV FDUDFWpULVWLTXHV SURSUHV GX WUDLWHPHQW WHOOHV TXH
GHVWLQDWLRQGHVGRQQpHVWUDLWpHV
/D&RPPLVVLRQQDWLRQDOHpWDEOLWODOLVWHGHV(WDWVUpSRQGDQW
DX[FULWqUHVGpILQLVDX[DOLQpDVHWFLGHVVXV
 %8//(7,12)),&,(/ 1ıUDELL,

$UWLFOH $UWLFOH
3DU GpURJDWLRQ DX[ GLVSRVLWLRQV GH O
DUWLFOH  FLGHVVXV OH /HV ILFKLHUV GRQW OH WUDLWHPHQW D SRXU VHXO REMHW OD WHQXH
UHVSRQVDEOHG
XQWUDLWHPHQWSHXWWUDQVIpUHUGHVGRQQpHVjFDUDFWqUH G
XQ UHJLVWUH TXL HQ YHUWX GH GLVSRVLWLRQV OpJLVODWLYHV RX
SHUVRQQHOYHUVXQ(WDWQHUpSRQGDQWSDVDX[FRQGLWLRQVSUpYXHVj UpJOHPHQWDLUHVHVWGHVWLQpjO
LQIRUPDWLRQGXSXEOLFHWHVWRXYHUW
O
DUWLFOH FLGHVVXV VL OD SHUVRQQH j ODTXHOOH VH UDSSRUWHQW OHV j OD FRQVXOWDWLRQ GX SXEOLF VRQW GLVSHQVpV GH O
LQVFULSWLRQ DX
GRQQpHVDFRQVHQWLH[SUHVVpPHQWjOHXUWUDQVIHUWRX UHJLVWUHQDWLRQDO
6LOHWUDQVIHUWHVWQpFHVVDLUH 7RXWHIRLV GRLW ILJXUHU DXGLW UHJLVWUH QDWLRQDO O
LGHQWLWp GH OD
SHUVRQQH UHVSRQVDEOH GX WUDLWHPHQW DX[ ILQV G
H[HUFLFH SDU OHV
D jODVDXYHJDUGHGHODYLHGHFHWWHSHUVRQQH SHUVRQQHVFRQFHUQpHVGHVGURLWVSUpYXVDXFKDSLWUH,,GHODSUpVHQWH
EjODSUpVHUYDWLRQGHO
LQWpUrWSXEOLF ORL
$UWLFOH
FDX UHVSHFW G
REOLJDWLRQV SHUPHWWDQW G
DVVXUHU OD
FRQVWDWDWLRQO
H[HUFLFHRXODGpIHQVHG
XQGURLWHQMXVWLFH /HVPRGDOLWpVG
LQVFULSWLRQGHVGRQQpHVSUpYXHVjO¶DUWLFOH
FLGHVVXV DX UHJLVWUH QDWLRQDO HW FHOOHV GH VD WHQXH j MRXU VRQW
Gj O
H[pFXWLRQ G
XQ FRQWUDW HQWUH OH UHVSRQVDEOH GX IL[pHV SDU OH JRXYHUQHPHQW DSUqV DYLV GH OD &RPPLVVLRQ
WUDLWHPHQWHWO
LQWpUHVVpRXGHPHVXUHVSUpFRQWUDFWXHOOHVSULVHVj QDWLRQDOH
ODGHPDQGHGHFHOXLFL
$UWLFOH
HjODFRQFOXVLRQRXjO
H[pFXWLRQG
XQFRQWUDWFRQFOXRXj
/HV WUDLWHPHQWV GH GRQQpHV j FDUDFWqUH SHUVRQQHO UHODWLYHV
FRQFOXUH GDQV O
LQWpUrW GH OD SHUVRQQH FRQFHUQpH HQWUH OH DX[ LQIUDFWLRQV FRQGDPQDWLRQV HW PHVXUHV GH V€UHWp QH SHXYHQW
UHVSRQVDEOHGXWUDLWHPHQWHWXQWLHUV rWUHPLVHQ°XYUHTXHSDU
Ij O
H[pFXWLRQ G
XQH PHVXUH G
HQWUDLGH MXGLFLDLUH ±OHV MXULGLFWLRQV OHV DXWRULWpV SXEOLTXHV HW OHV SHUVRQQHV
LQWHUQDWLRQDOH PRUDOHVJpUDQWXQVHUYLFHSXEOLFDJLVVDQWGDQVOHFDGUHGH
JjODSUpYHQWLRQOHGLDJQRVWLFRXOHWUDLWHPHQWG
DIIHFWLRQV OHXUVDWWULEXWLRQVOpJDOHV
PpGLFDOHV ±OHV DX[LOLDLUHV GH MXVWLFH SRXU OHV VWULFWV EHVRLQV GH
 6L OH WUDQVIHUW V
HIIHFWXH HQ DSSOLFDWLRQ G
XQ DFFRUG O
H[HUFLFHGHVPLVVLRQVTXLOHXUVRQWFRQILpHVSDUODORL
ELODWpUDORXPXOWLODWpUDODXTXHOOH5R\DXPHGX0DURFHVWSDUWLH ±O
RUJDQLVPH FKDUJp GH OD SURWHFWLRQ GHV GURLWV G
DXWHXU HW
 6XU DXWRULVDWLRQ H[SUHVVH HW PRWLYpH GH OD &RPPLVVLRQ GHV GURLWV YRLVLQV YLVp j O¶DUWLFOH  H DOLQpD GH OD ORL
QDWLRQDOH ORUVTXH OH WUDLWHPHQW JDUDQWLW XQ QLYHDX GH SURWHFWLRQ Qƒ PRGLILDQW HW FRPSOpWDQW OD ORL Qƒ UHODWLYH
DX[GURLWVG
DXWHXUHWGURLWVYRLVLQV
VXIILVDQW GH OD YLH SULYpH DLQVL TXH GHV OLEHUWpV HW GURLWV
IRQGDPHQWDX[ GHV SHUVRQQHV QRWDPPHQW HQ UDLVRQ GHV FODXVHV $UWLFOH
FRQWUDFWXHOOHVRXUqJOHVLQWHUQHVGRQWLOIDLWO
REMHW /D FUpDWLRQ OD WHQXH HW OH WUDLWHPHQW GH UHJLVWUHV FHQWUDX[
&KDSLWUH9, FRQFHUQDQW OHV SHUVRQQHV VRXSoRQQpHV G
DFWLYLWpV LOOLFLWHV GH
GpOLWV HW G
LQIUDFWLRQV DGPLQLVWUDWLYHV HW OHV GpFLVLRQV SUpYR\DQW
'XUHJLVWUHQDWLRQDOGHODSURWHFWLRQGHVGRQQpHV GHVSHLQHVGHVPHVXUHVGHV€UHWpGHVDPHQGHVHWGHVVDQFWLRQV
jFDUDFWqUHSHUVRQQHOHWGHVOLPLWHVjODFUpDWLRQ DFFHVVRLUHV UHOqYHQW GHV VHXOV VHUYLFHV SXEOLFV TXL RQW XQH
RXjO
XVDJHGHUHJLVWUHVFHQWUDX[HWGHILFKLHUV FRPSpWHQFH H[SUHVVH HQ YHUWX GH OD ORL G
RUJDQLVDWLRQ HW GH
$UWLFOH IRQFWLRQQHPHQWHWTXLGRLYHQWUHVSHFWHUOHVUqJOHVGHSURFpGXUHHW
GH SURWHFWLRQ GHV GRQQpHV SUpYXHV SDU OD ORL DSUqV DYLV GH OD
,O HVW LQVWLWXp XQ UHJLVWUH QDWLRQDO GH OD SURWHFWLRQ GHV &RPPLVVLRQQDWLRQDOH
GRQQpHV j FDUDFWqUH SHUVRQQHO GpVLJQp FLDSUqV SDU UHJLVWUH
QDWLRQDOGRQWODWHQXHHVWGpYROXHjODFRPPLVVLRQTXLHQDVVXUH &KDSLWUH9,,
ODPLVHjGLVSRVLWLRQGXSXEOLF 'HVVDQFWLRQV
$UWLFOH $UWLFOH
6RQWLQVFULWVDXUHJLVWUHQDWLRQDO 6DQVSUpMXGLFHGHVVDQFWLRQVSpQDOHVORUVTX
LODSSDUDvWjOD
VXLWHGHODPLVHHQ°XYUHGXWUDLWHPHQWREMHWGHODGpFODUDWLRQRX
D OHV ILFKLHUV GRQW VRQW UHVSRQVDEOHV GX WUDLWHPHQW OHV GH O
DXWRULVDWLRQ SUpYXH j O
DUWLFOH  GH OD SUpVHQWH ORL TXH FH
DXWRULWpVSXEOLTXHV WUDLWHPHQW SRUWH DWWHLQWH j OD V€UHWp RX j O
RUGUH SXEOLF RX HVW
EOHV ILFKLHUV GRQW OH WUDLWHPHQW HVW HIIHFWXp SDU GHV FRQWUDLUH j OD PRUDOH HW DX[ ERQQHV P°XUV OD &RPPLVVLRQ
SHUVRQQHVSULYpHV QDWLRQDOHSHXWVDQVGpODLVUHWLUHUVHORQOHFDVOHUpFpSLVVpGHOD
GpFODUDWLRQRXO
DXWRULVDWLRQ
FOHV UpIpUHQFHV DX[ ORLV RX UqJOHPHQWV SXEOLpV SRUWDQW
FUpDWLRQGHILFKLHUVSXEOLFV $UWLFOH
GOHV DXWRULVDWLRQV GpOLYUpHV HQ DSSOLFDWLRQ GH OD SUpVHQWH 6DQV SUpMXGLFH GH OD UHVSRQVDELOLWp FLYLOH j O
pJDUG GHV
ORLHWGHVWH[WHVSULVSRXUVRQDSSOLFDWLRQ SHUVRQQHV D\DQW VXEL GHV GRPPDJHV GX IDLW GH O
LQIUDFWLRQ HVW
SXQLG
XQHDPHQGHGHj'+TXLFRQTXHDXUDPLV
HOHV GRQQpHV UHODWLYHV DX[ ILFKLHUV TXL VRQW QpFHVVDLUHV SRXU HQ °XYUH XQ ILFKLHU GH GRQQpHV j FDUDFWqUH SHUVRQQHO VDQV OD
SHUPHWWUHDX[SHUVRQQHVFRQFHUQpHVG
H[HUFHUOHVGURLWVG
LQIRUPDWLRQ GpFODUDWLRQRXO
DXWRULVDWLRQH[LJpHjO
DUWLFOHFLGHVVXVRXDXUD
G
DFFqV GH UHFWLILFDWLRQ GH VXSSUHVVLRQ HWG
RSSRVLWLRQ SUpYXV SDU OD FRQWLQXp VRQ DFWLYLWp GH WUDLWHPHQW GH GRQQpHV j FDUDFWqUH
SUpVHQWH ORL QRWDPPHQW OHVSUpFLVLRQV TXH FRPSRUWH OD GpFODUDWLRQ SHUVRQQHO PDOJUp OH UHWUDLW GX UpFpSLVVp GH OD GpFODUDWLRQ RX GH
IL[pHVDX[D jHGHO
DUWLFOHFLGHVVXV O
DXWRULVDWLRQ
1ıUDELL, %8//(7,12)),&,(/ 

$UWLFOH $UWLFOH
(VW SXQL G
XQH DPHQGH GH  j  '+ SDU (VWSXQLG
XQHPSULVRQQHPHQWGHWURLVPRLVjXQDQHWG
XQH
LQIUDFWLRQWRXWUHVSRQVDEOHGHWUDLWHPHQWGHGRQQpHVjFDUDFWqUH
DPHQGHGHj'+RXGHO
XQHGHFHVGHX[SHLQHV
SHUVRQQHO UHIXVDQW OHV GURLWV G
DFFqV GH UHFWLILFDWLRQ RX
G
RSSRVLWLRQSUpYXVDX[DUWLFOHVHWFLGHVVXV VHXOHPHQW TXLFRQTXH SURFqGH j XQ WUDLWHPHQW GH GRQQpHV j
FDUDFWqUH SHUVRQQHO FRQFHUQDQW XQH SHUVRQQH SK\VLTXH PDOJUp
$UWLFOH
O
RSSRVLWLRQGHFHWWHSHUVRQQHORUVTXHFHWWHRSSRVLWLRQHVWIRQGpH
(VWSXQLG
XQHPSULVRQQHPHQWGHWURLVPRLVjXQDQHWG
XQH
DPHQGHGHj'+RXGHO
XQHGHFHVGHX[SHLQHV VXU GHV PRWLIV OpJLWLPHV RX ORUVTXH FH WUDLWHPHQW UpSRQG j GHV
VHXOHPHQWTXLFRQTXHHQYLRODWLRQGHVD EHWFGHO
DUWLFOHGH ILQVGHSURVSHFWLRQQRWDPPHQWFRPPHUFLDOHWHOTXHPHQWLRQQp
ODSUpVHQWHORLFROOHFWHGHVGRQQpHVjFDUDFWqUHSHUVRQQHOSDUXQ jO
DUWLFOHRXSDUYRLHpOHFWURQLTXHWHOTXHSUpYXjO¶DUWLFOH
PR\HQ IUDXGXOHX[ GpOR\DO RX LOOLFLWH PHW HQ RHXYUH XQ GHODSUpVHQWHORL
WUDLWHPHQWjGHVILQVDXWUHVTXHFHOOHVGpFODUpHVRXDXWRULVpHVRX
VRXPHW OHV GRQQpHV SUpFLWpHV j XQ WUDLWHPHQW XOWpULHXU $UWLFOH
LQFRPSDWLEOHDYHFOHVILQDOLWpVGpFODUpHVRXDXWRULVpHV (VW SXQL G
XQ HPSULVRQQHPHQW GH WURLV PRLV j XQ DQ HW
$UWLFOH G¶XQHDPHQGHGHj'+RXGHO
XQHGHFHVGHX[
(VWSXQLG
XQHPSULVRQQHPHQWGHWURLVPRLVjXQDQHWG
XQH SHLQHV VHXOHPHQW TXLFRQTXH HIIHFWXH XQ WUDQVIHUW GH GRQQpHV j
DPHQGHGHj'+RXGHO
XQHGHFHVGHX[SHLQHV FDUDFWqUH SHUVRQQHO YHUV XQ (WDW pWUDQJHU HQ YLRODWLRQ GHV
VHXOHPHQWTXLFRQTXH
GLVSRVLWLRQVGHVDUWLFOHVHWGHODSUpVHQWHORL
±FRQVHUYHGHVGRQQpHVjFDUDFWqUHSHUVRQQHODXGHOjGHOD
GXUpHSUpYXHSDUODOpJLVODWLRQHQYLJXHXURXFHOOHSUpYXH $UWLFOH
GDQVODGpFODUDWLRQRXO
DXWRULVDWLRQ (VWSXQLG
XQHPSULVRQQHPHQWGHVL[PRLVjXQDQHWG
XQH
±FRQVHUYH OHV GRQQpHV SUpFLWpHV HQ YLRODWLRQ GHV DPHQGHGHj'+RXGHO
XQHGHFHVGHX[SHLQHV
GLVSRVLWLRQVGXHGHO
DUWLFOHGHODSUpVHQWHORL
VHXOHPHQW WRXW UHVSRQVDEOH GH WUDLWHPHQW WRXW VRXVWUDLWDQW HW
(VWSXQLGHVPrPHVSHLQHVOHIDLWGHWUDLWHUjGHVILQVDXWUHV WRXWHSHUVRQQHTXLHQUDLVRQGHVHVIRQFWLRQVHVWFKDUJpHGH
TX
KLVWRULTXHV VWDWLVWLTXHV RX VFLHQWLILTXHV GHV GRQQpHV j
WUDLWHU GHV GRQQpHV j FDUDFWqUH SHUVRQQHO HW TXL PrPH SDU
FDUDFWqUH SHUVRQQHO FRQVHUYpHV DXGHOj GH OD GXUpH PHQWLRQQpH
DXSUHPLHUDOLQpDFLGHVVXV QpJOLJHQFH FDXVH RX IDFLOLWH O
XVDJH DEXVLI RX IUDXGXOHX[ GHV
$UWLFOH GRQQpHV WUDLWpHV RX UHoXHV RX OHV FRPPXQLTXH j GHV WLHUV QRQ
KDELOLWpV
(VWSXQLG
XQHPSULVRQQHPHQWGHWURLVPRLVjXQDQHWG
XQH
DPHQGHGHj'+RXGHO
XQHGHFHVGHX[SHLQHV /HWULEXQDOSRXUUDHQRXWUHSURQRQFHUODVDLVLHGXPDWpULHO
VHXOHPHQW TXLFRQTXH SURFqGH j XQ WUDLWHPHQW GH GRQQpHV j D\DQWVHUYLjFRPPHWWUHO
LQIUDFWLRQDLQVLTXHO
HIIDFHPHQWGHWRXW
FDUDFWqUH SHUVRQQHO HQ YLRODWLRQ GHV GLVSRVLWLRQV GH O
DUWLFOH 
RX SDUWLH GHV GRQQpHV j FDUDFWqUH SHUVRQQHO IDLVDQW O
REMHW GX
FLGHVVXV
WUDLWHPHQWD\DQWGRQQpOLHXjO
LQIUDFWLRQ
$UWLFOH
(VW SXQL G
XQ HPSULVRQQHPHQW GH VL[ PRLV j GHX[  DQV HW $UWLFOH
G
XQHDPHQGHGHj'+RXGHO
XQHGHFHVGHX[ (VWSXQLG
XQHPSULVRQQHPHQWGHWURLVjVL[PRLVHWG
XQH
SHLQHV VHXOHPHQW TXLFRQTXH SURFqGH VDQV OH FRQVHQWHPHQW DPHQGH GH  j  '+ RX GH O
XQH GH FHV GHX[ SHLQHV
H[SUqV GHV SHUVRQQHV LQWpUHVVpHV DX WUDLWHPHQW GHV GRQQpHV j
FDUDFWqUH SHUVRQQHO TXL GLUHFWHPHQW RX LQGLUHFWHPHQW IRQW VHXOHPHQWTXLFRQTXH
DSSDUDvWUH OHV RULJLQHV UDFLDOHV RX HWKQLTXHV OHV RSLQLRQV ±HQWUDYH O
H[HUFLFH GHV PLVVLRQV GH FRQWU{OH GH OD
SROLWLTXHV SKLORVRSKLTXHV RX UHOLJLHXVHV OHV DSSDUWHQDQFHV &RPPLVVLRQQDWLRQDOH
V\QGLFDOHV GHV SHUVRQQHV RX TXL VRQW UHODWLYHV j OD VDQWp GH
FHOOHVFL ±UHIXVHGHUHFHYRLUOHVFRQWU{OHXUVHWGHOHVODLVVHUUHPSOLU
(VW SXQL GHV PrPHV SHLQHV TXLFRQTXH SURFqGH DX OHXUVFRPPLVVLRQV
WUDLWHPHQW GHV GRQQpHV j FDUDFWqUH SHUVRQQHO FRQFHUQDQW GHV ±UHIXVHG¶HQYR\HUOHVGRFXPHQWVRXLQIRUPDWLRQVGHPDQGpHV
LQIUDFWLRQVGHVFRQGDPQDWLRQVRXGHVPHVXUHVGHV€UHWp
±UHIXVHGHWUDQVPHWWUHOHVGRFXPHQWVSUpYXVSDUODORL
$UWLFOH
(VWSXQLG
XQHPSULVRQQHPHQWGHWURLVPRLVjXQDQHWG
XQH $UWLFOH
DPHQGHGHj'+RXGHO
XQHGHFHVGHX[SHLQHV 7RXW UHVSRQVDEOH TXL UHIXVH G
DSSOLTXHU OHV GpFLVLRQV GH OD
VHXOHPHQW TXLFRQTXH DXUD SURFpGp RX IDLW SURFpGHU j XQ
&RPPLVVLRQQDWLRQDOHHVWSDVVLEOHG
XQHPSULVRQQHPHQWGHWURLV
WUDLWHPHQWGHGRQQpHVjFDUDFWqUHSHUVRQQHOVDQVPHWWUHHQ°XYUH
OHV PHVXUHV YLVDQW j SUpVHUYHU OD VpFXULWp GHV GRQQpHV SUpYXHV PRLV j XQ DQ HW G
XQH DPHQGH GH  j  '+ RX GH
DX[DUWLFOHVHWFLGHVVXV O
XQHGHFHVGHX[SHLQHVVHXOHPHQW
 %8//(7,12)),&,(/ 1ıUDELL,

$UWLFOH 'DKLU Qƒ GX   VDIDU   IpYULHU   SRUWDQW

/RUVTXH O
DXWHXU GH O
XQH GHV LQIUDFWLRQV SUpYXHV HW SURPXOJDWLRQ GH OD ORL Qƒ  SRUWDQW FUpDWLRQ GH
VDQFWLRQQpHVDXWLWUHGXSUpVHQWFKDSLWUHHVWXQHSHUVRQQHPRUDOH O¶$JHQFHSRXUOHGpYHORSSHPHQWDJULFROH
HW VDQV SUpMXGLFH GHV SHLQHV TXL SHXYHQW rWUH DSSOLTXpHV j VHV BBBBBBBBBB
GLULJHDQWVDXWHXUVGHO
XQHGHVLQIUDFWLRQVSUpYXHVFLGHVVXVOHV /28$1*($',(86(8/
SHLQHVG
DPHQGHVRQWSRUWpHVDXGRXEOH
*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9,
(Q RXWUH OD SHUVRQQH PRUDOH SHXW rWUH SXQLH GH O
XQH GHV
SHLQHVVXLYDQWHV 4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW
HQIRUWLILHUODWHQHXU
±ODFRQILVFDWLRQSDUWLHOOHGHVHVELHQV
4XH1RWUH0DMHVWp&KpULILHQQH
±ODFRQILVFDWLRQSUpYXHjO
DUWLFOHGXFRGHSpQDO
9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW
±OD IHUPHWXUH GX RX GHV pWDEOLVVHPHQWV GH OD SHUVRQQH
PRUDOHRO
LQIUDFWLRQDpWpFRPPLVH $'e&,'e&(48,68,7
$UWLFOH
(VWSURPXOJXpHHWVHUDSXEOLpHDX%XOOHWLQRIILFLHOjODVXLWH
(QFDVGHUpFLGLYHOHVVDQFWLRQVSUpYXHVDXSUpVHQWFKDSLWUH GX SUpVHQW GDKLU OD ORL Qƒ   SRUWDQW FUpDWLRQ GH O¶$JHQFH
VRQWSRUWpHVDXGRXEOH
SRXUOHGpYHORSSHPHQWDJULFROHWHOOHTX¶DGRSWpHSDUOD&KDPEUH
(VWHQpWDWGHUpFLGLYHWRXWHSHUVRQQHD\DQWpWpFRQGDPQpH GHVUHSUpVHQWDQWVHWOD&KDPEUHGHVFRQVHLOOHUV
SDU GpFLVLRQ GH MXVWLFH GHYHQXH LUUpYRFDEOH SRXU O
XQH GHV
LQIUDFWLRQV SUpYXHV DX SUpVHQW FKDSLWUH D FRPPLV XQH LQIUDFWLRQ )DLWj)qVOHVDIDUIpYULHU
GH PrPH QDWXUH GDQV O
DQQpH TXL VXLW OH SURQRQFp G
XQH WHOOH
GpFLVLRQ 3RXUFRQWUHVHLQJ
/H3UHPLHUPLQLVWUH
$UWLFOH
$%%$6(/)$66,
2XWUH OHV RIILFLHUV GH SROLFH MXGLFLDLUH  OHV DJHQWV GH OD

&RPPLVVLRQ QDWLRQDOH VSpFLDOHPHQW FRPPLVVLRQQpV j FHW HIIHW
SDUOHSUpVLGHQWHWDVVHUPHQWpVGDQVOHVIRUPHVGXGURLWFRPPXQ 
SHXYHQWUHFKHUFKHUHWFRQVWDWHUSDUSURFqVYHUEDOOHVLQIUDFWLRQV /RLQƒ
DX[ GLVSRVLWLRQV GH OD SUpVHQWH ORL HW GHV WH[WHV SULV SRXU VRQ SRUWDQWFUpDWLRQ
DSSOLFDWLRQ/HXUVSURFqVYHUEDX[VRQWDGUHVVpVDXSURFXUHXUGX GHO¶$JHQFHSRXUOHGpYHORSSHPHQWDJULFROH
5RLGDQVOHVFLQTMRXUVVXLYDQWOHVRSpUDWLRQVGHUHFKHUFKHHWGH ±±±±±±±±±
FRQVWDWDWLRQ
&KDSLWUHSUHPLHU
&KDSLWUH9,,,
'pQRPLQDWLRQHWREMHW
'LVSRVLWLRQVWUDQVLWRLUHV
$UWLFOHSUHPLHU
$UWLFOH
,O HVW FUpp VRXV OD GpQRPLQDWLRQ ©$JHQFH SRXU OH
/HV SHUVRQQHV SK\VLTXHV RX PRUDOHV GRQW O
DFWLYLWp GpYHORSSHPHQW DJULFROH $'$ ª XQ pWDEOLVVHPHQW SXEOLF GRWp
FRQVLVWDLW DYDQW OD GDWH GH SXEOLFDWLRQ GH OD SUpVHQWH ORL DX GH OD SHUVRQQDOLWp PRUDOH HW GH O
DXWRQRPLH ILQDQFLqUH FLDSUqV
%XOOHWLQ RIILFLHO j HIIHFWXHU j WLWUH SULQFLSDO RX DFFHVVRLUH GHV GpVLJQpSDUO¶$JHQFH
WUDLWHPHQWV GH GRQQpHV j FDUDFWqUH SHUVRQQHO UpSRQGDQW j OD
/
$JHQFHHVWSODFpHVRXVODWXWHOOHGHO
(WDWODTXHOOHDSRXU
GpILQLWLRQ SUpYXH j O
DUWLFOH SUHPLHU FLGHVVXV GLVSRVHQW G
XQ
REMHWGHIDLUHUHVSHFWHUSDUOHVRUJDQHVFRPSpWHQWVGHO
$JHQFH
GpODL PD[LPXP GH GHX[ DQV FRXUDQW j FRPSWHU GH OD GDWH
OHV GLVSRVLWLRQV GH OD SUpVHQWH ORL HQ SDUWLFXOLHU FHOOHV UHODWLYHV
G
LQVWDOODWLRQ GH OD &RPPLVVLRQ QDWLRQDOH TXL VHUD FRQVWDWpH SDU
DX[ PLVVLRQV TXL OXL VRQW LPSDUWLHV HW GH PDQLqUH JpQpUDOH GH
XQDFWHDGPLQLVWUDWLISXEOLpDX%XOOHWLQRIILFLHO SRXU UpJXODULVHU
YHLOOHU j O
DSSOLFDWLRQ GH OD OpJLVODWLRQ HW GH OD UpJOHPHQWDWLRQ
OHXU VLWXDWLRQ HQ FRQIRUPLWpDYHFOHV GLVSRVLWLRQV GHODSUpVHQWH
FRQFHUQDQWOHVpWDEOLVVHPHQWVSXEOLFV
ORL
/
$JHQFH HVW pJDOHPHQW VRXPLVH DX FRQWU{OH ILQDQFLHU GH
$GpIDXWGHFHWWHUpJXODULVDWLRQGDQVOHGpODLSUpFLWpOHXUV
O
(WDWDSSOLFDEOHDX[pWDEOLVVHPHQWVSXEOLFVHWDXWUHVRUJDQLVPHV
DFWLYLWpV VRQW UpSXWpHV rWUH H[HUFpHV VDQV GpFODUDWLRQ RX VDQV
FRQIRUPpPHQWjODOpJLVODWLRQHQYLJXHXU
DXWRULVDWLRQ/HFRQWUHYHQDQWV
H[SRVHGDQVFHFDVDX[VDQFWLRQV
SUpYXHVSDUODSUpVHQWHORL $UWLFOH
BBBBBB /
$JHQFHDSRXUPLVVLRQGHSDUWLFLSHUjODPLVHHQ°XYUHGH
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX OD VWUDWpJLH DGRSWpH SDU OH JRXYHUQHPHQW HQ PDWLqUH GH
©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU GpYHORSSHPHQWDJULFROH
1ıUDELL, %8//(7,12)),&,(/ 

/¶$JHQFHHVWQRWDPPHQWFKDUJpHGHSURSRVHUDX[DXWRULWpV $UWLFOH
JRXYHUQHPHQWDOHV OHV SODQV G¶DFWLRQ UHODWLIV DX VRXWLHQ GHV /H FRQVHLO G
DGPLQLVWUDWLRQ GLVSRVH GH WRXV OHV SRXYRLUV HW
ILOLqUHV DJULFROHV j KDXWH YDOHXU DMRXWpH GDQV XQH SHUVSHFWLYH DWWULEXWLRQVQpFHVVDLUHVjO
DGPLQLVWUDWLRQGHO
$JHQFH
G¶DPpOLRUDWLRQGHODSURGXFWLYLWpjWUDYHUV
$FHWWHILQQRWDPPHQW
±ODUHFKHUFKHHWODPRELOLVDWLRQGXIRQFLHUSRXUO¶H[WHQVLRQ
GHVSpULPqWUHVDJULFROHVHWOHGpYHORSSHPHQWGHVFXOWXUHV ±LO SURSRVH DQQXHOOHPHQW DX[ DXWRULWpV FRPSpWHQWHV OHV
jKDXWHYDOHXUDMRXWpH SODQVG
DFWLRQYLVpVjO¶DUWLFOHFLGHVVXV
±O¶LQFLWDWLRQ j OD YDORULVDWLRQ GHV SURGXLWV DJULFROHV j ±LO DUUrWH OH EXGJHW DQQXHO HW OHV pWDWV SUpYLVLRQQHOV
WUDYHUV OD PLVH HQ SODFH GH QRXYHDX[ V\VWqPHV SOXULDQQXHOVGHO
$JHQFH
G¶LUULJDWLRQ G¶pTXLSHPHQWV GHV H[SORLWDWLRQV GH ±LODSSURXYHOHVFRPSWHVDQQXHOVGHO¶$JHQFHHWGpFLGHGH
FRQGLWLRQQHPHQWHWGHFRPPHUFLDOLVDWLRQ O¶DIIHFWDWLRQGHVUpVXOWDWV
±OD SURPRWLRQ GHV LQYHVWLVVHPHQWV DJULFROHV HW OD PLVH HQ ±LO DUUrWH OH VWDWXW GX SHUVRQQHO IL[DQW HQ SDUWLFXOLHU OHV
°XYUHGHVSDUWHQDULDWVDYHFOHVLQYHVWLVVHXUV FRQGLWLRQV GH UHFUXWHPHQW GH UpPXQpUDWLRQ HW GH
/¶$JHQFHHVWpJDOHPHQWFKDUJpHGHSURSRVHUDX[DXWRULWpV GpURXOHPHQWGHFDUULqUHGXSHUVRQQHOGHO
$JHQFH
JRXYHUQHPHQWDOHV GHV SODQV G¶DFWLRQ UHODWLIV DX VRXWLHQ GH
±LO DUUrWH O¶RUJDQLJUDPPH IL[DQW OHV VWUXFWXUHV
O¶DJULFXOWXUHVROLGDLUHjWUDYHUVODSURPRWLRQHWODPLVHHQ°XYUH
RUJDQLVDWLRQQHOOHVHWOHXUVDWWULEXWLRQV
GHSURMHWVpFRQRPLTXHPHQWYLDEOHVHQYXHG¶DPpOLRUHUOHUHYHQX
GHVDJULFXOWHXUV ±LO DUUrWH OH UqJOHPHQW IL[DQW OHV FRQGLWLRQV HW IRUPHV GH
$UWLFOH SDVVDWLRQGHVPDUFKpV
3RXU OD UpDOLVDWLRQ GHV PLVVLRQV TXL OXL VRQW LPSDUWLHV ±LO DSSURXYH OH UDSSRUW DQQXHO GH JHVWLRQ pWDEOL SDU OH
O¶$JHQFHHVWFKDUJpH GLUHFWHXUJpQpUDOGHO
$JHQFH
±GHSURSRVHUDXJRXYHUQHPHQWOHVV\VWqPHVGHVLQFLWDWLRQV ±LO DUUrWH OHV FRQGLWLRQV G
pPLVVLRQ GHV HPSUXQWV HW GH
HW VXEYHQWLRQV DOORXpHV GDQV OH FDGUH GX FRGH GHV UHFRXUVDX[DXWUHVIRUPHVGHFUpGLWVEDQFDLUHVWHOVTXHOHV
LQYHVWLVVHPHQWV DJULFROHV HW GDQV OH FDGUH GHV FRQWUDWV DYDQFHVRXOHVGpFRXYHUWVHWDXWUHVPRGHVGHILQDQFHPHQW
SURJUDPPHV SDVVpV HQWUH O¶(WDW HW OD SURIHVVLRQ DJULFROH /HFRQVHLOG¶DGPLQLVWUDWLRQSHXWGRQQHUGpOpJDWLRQDXGLUHFWHXU
HQIRQFWLRQGHVSULRULWpVGHODVWUDWpJLHDJULFROHHWGHVRQ JpQpUDOGHO
$JHQFHSRXUOHUqJOHPHQWG
DIIDLUHVGpWHUPLQpHV
pWDWG¶DYDQFHPHQWDX[QLYHDX[QDWLRQDOHWUpJLRQDO
$UWLFOH
±GH SURPRXYRLU O¶RIIUH QDWLRQDOH HQ PDWLqUH
G¶LQYHVWLVVHPHQWV DJULFROHV j WUDYHUV O¶RUJDQLVDWLRQ HQ /H FRQVHLO G¶DGPLQLVWUDWLRQ SHXW GpFLGHU GH OD FUpDWLRQ GH
FROODERUDWLRQ DYHF OHV DXWRULWpV JRXYHUQHPHQWDOHV HW WRXWFRPLWpFRQVXOWDWLIGRQWLOIL[HODFRPSRVLWLRQHWOHVPRGDOLWpV
DXWUHV RUJDQLVPHV FRQFHUQpV GH PDQLIHVWDWLRQV IRLUHV HW GHIRQFWLRQQHPHQW
VDORQVHWDXWUHVFDPSDJQHVGHFRPPXQLFDWLRQ $UWLFOH
±G¶HQWUHSUHQGUH WRXWH DFWLRQ GH QDWXUH j IDYRULVHU OHV /HFRQVHLOG
DGPLQLVWUDWLRQVHUpXQLWVXUFRQYRFDWLRQGHVRQ
SDUWHQDULDWV DYHF WRXW RUJDQLVPH LQWpUHVVp SDU SUpVLGHQW  DX PRLQV GHX[ IRLV SDU DQ HW DXVVL VRXYHQW TXH OHV
O¶LQYHVWLVVHPHQWGDQVOHVHFWHXUDJULFROH EHVRLQVO
H[LJHQW
±G¶RUJDQLVHUGHVDFWLRQVGHFRPPXQLFDWLRQGHVHQVLELOLVDWLRQ ,O GpOLEqUH YDODEOHPHQW ORUVTXH OD PRLWLp DX PRLQV GH VHV
HW G¶LQIRUPDWLRQ DXSUqV GHV LQYHVWLVVHXUV HW GHV GLIIpUHQWV PHPEUHVVRQWSUpVHQWVRXUHSUpVHQWpV
LQWHUYHQDQWVGXVHFWHXUDJULFROH
,O  SUHQG VHV GpFLVLRQV j OD PDMRULWp GHV YRL[ (Q FDV GH
±G¶DVVXUHU OH VXLYL HW O¶pYDOXDWLRQ GHV DFWLRQV HQ UHODWLRQ SDUWDJHpJDOGHVYRL[FHOOHGXSUpVLGHQWHVWSUpSRQGpUDQWH
DYHFVHVPLVVLRQV
$UWLFOH
&KDSLWUH,,
/HGLUHFWHXUJpQpUDOGpWLHQWWRXVOHVSRXYRLUVHWDWWULEXWLRQV
2UJDQHVG
DGPLQLVWUDWLRQHWGHJHVWLRQ QpFHVVDLUHVjODJHVWLRQGHO¶HQVHPEOHGHVVHUYLFHVGHO
$JHQFHHW
$UWLFOH DJLWHQVRQQRP
/
$JHQFHHVWDGPLQLVWUpHSDUXQFRQVHLOG
DGPLQLVWUDWLRQHW ±,OH[pFXWHOHVGpFLVLRQVGXFRQVHLOG
DGPLQLVWUDWLRQ
JpUpHSDUXQGLUHFWHXUJpQpUDO
±,O DFFRPSOLW RX DXWRULVH WRXV OHV DFWHV RX RSpUDWLRQV
$UWLFOH UHODWLIV j O
REMHW GH O
$JHQFH HW OD UHSUpVHQWH YLVjYLV GH
/HFRQVHLOG¶DGPLQLVWUDWLRQHVWFRPSRVpGH O
(WDW GH WRXWH DGPLQLVWUDWLRQ SXEOLTXH RX SULYpH HW GH
WRXVWLHUVHWIDLWWRXWDFWHFRQVHUYDWRLUH
±UHSUpVHQWDQWVGHO¶(WDW
±,O UHSUpVHQWH O
$JHQFH HQ MXVWLFH HW SHXW LQWHQWHU WRXWH
±GHX[ UHSUpVHQWDQWV GHV SURIHVVLRQQHOV pOXV SDUPL OHV
SUpVLGHQWVGHVFKDPEUHVG¶DJULFXOWXUH DFWLRQHQMXVWLFHD\DQWSRXUREMHWODGpIHQVHGHVLQWpUrWVGH
O
$JHQFHPDLVGRLWWRXWHIRLVHQDYLVHULPPpGLDWHPHQWOH
±GHX[SHUVRQQDOLWpVQRPPpHVSDUO¶DXWRULWpJRXYHUQHPHQWDOH SUpVLGHQWGXFRQVHLOG
DGPLQLVWUDWLRQ
FKDUJpH GH O¶DJULFXOWXUH FRPSWH WHQX GH OHXU FRPSpWHQFH
GDQVOHGRPDLQHGHODUHFKHUFKHHWGHODIRUPDWLRQDJULFROHV ,ODVVLVWHDX[UpXQLRQVGXFRQVHLOG¶DGPLQLVWUDWLRQHWGXRX
GHVFRPLWpVFUppVSDUFHGHUQLHUOHFDVpFKpDQW
,O SHXW LQYLWHU j DVVLVWHU j WLWUH FRQVXOWDWLI j VHV UpXQLRQV
WRXWH SHUVRQQH GX VHFWHXU SXEOLF RX SULYp GRQW OD SDUWLFLSDWLRQ ,O SHXW GpOpJXHU VRXV VD UHVSRQVDELOLWp SDUWLH GH VHV
HVWMXJpHXWLOH SRXYRLUVHWDWWULEXWLRQVDXSHUVRQQHOSODFpVRXVVRQDXWRULWp
 %8//(7,12)),&,(/ 1ıUDELL,

&KDSLWUH,,, /RLQƒ
2UJDQLVDWLRQILQDQFLqUH SRUWDQWFUpDWLRQGHO¶2IILFHQDWLRQDO
$UWLFOH GHVpFXULWpVDQLWDLUHGHVSURGXLWVDOLPHQWDLUHV
BBBBBBBBBB
/HEXGJHWGHO
$JHQFHFRPSUHQG
±(QUHFHWWHV 7,75(35(0,(5
±OHVUHYHQXVSURYHQDQWGHVHVDFWLYLWpV '(120,1$7,21(72%-(7
±OHSURGXLWGHVHPSUXQWVLQWpULHXUVHWH[WpULHXUV $UWLFOHSUHPLHU
±OHV VXEYHQWLRQV GH O
(WDW GHV FROOHFWLYLWpV ORFDOHV HW GH
WRXWRUJDQLVPHGHGURLWSXEOLFRXSULYp ,O HVW FUpp VRXV OD GpQRPLQDWLRQ ©2IILFH QDWLRQDO GH
±OHVGRQVOHJVHWSURGXLWVGLYHUV VpFXULWp VDQLWDLUH GHV SURGXLWV DOLPHQWDLUHVª GpVLJQp FLDSUqV
©RIILFHªXQpWDEOLVVHPHQWGRWpGHODSHUVRQQDOLWpPRUDOHHWGH
±HW WRXWHV DXWUHV UHFHWWHV QRWDPPHQW SDUDILVFDOHV TXL
SHXYHQWOXLrWUHDWWULEXpHVXOWpULHXUHPHQW O
DXWRQRPLHILQDQFLqUH
±(QGpSHQVHV /¶RIILFH HVW SODFp VRXV OD WXWHOOH GH O
(WDW ODTXHOOH D SRXU
±OHVGpSHQVHVG
LQYHVWLVVHPHQW REMHWGHIDLUHUHVSHFWHUSDUOHVRUJDQHVFRPSpWHQWVGHO
RIILFHOHV
±OHVGpSHQVHVGHIRQFWLRQQHPHQW GLVSRVLWLRQVGHODSUpVHQWHORLHQSDUWLFXOLHUFHOOHVUHODWLYHVDX[
±OHVUHPERXUVHPHQWVGHVHPSUXQWVHWOHVHUYLFHGHODGHWWH PLVVLRQVTXLOXLVRQWLPSDUWLHVHWGHPDQLqUHJpQpUDOHGHYHLOOHU
jO
DSSOLFDWLRQGHODOpJLVODWLRQHWGHODUpJOHPHQWDWLRQFRQFHUQDQW
±WRXWHV DXWUHV GpSHQVHV HQ UHODWLRQ DYHF OHV PLVVLRQV GH
O¶$JHQFH OHVpWDEOLVVHPHQWVSXEOLFV
$UWLFOH /
RIILFHHVWpJDOHPHQWVRXPLVDXFRQWU{OHILQDQFLHUGHO
(WDW
DSSOLFDEOH DX[ HQWUHSULVHV SXEOLTXHV HW DXWUHV RUJDQLVPHV
/HVELHQVPHXEOHVHWLPPHXEOHVUHOHYDQWGXGRPDLQHSULYp
FRQIRUPpPHQWjODOpJLVODWLRQHQYLJXHXU
GH O¶(WDW QpFHVVDLUHV DX IRQFWLRQQHPHQW GH O¶$JHQFH VRQW PLV j
ODGLVSRVLWLRQGHFHWWHGHUQLqUHjODGDWHG¶HQWUpHHQYLJXHXUGH $UWLFOH
ODSUpVHQWHORLVHORQOHVPRGDOLWpVIL[pHVSDUYRLHUpJOHPHQWDLUH 6RXVUpVHUYHGHVDWWULEXWLRQVGpYROXHVSDUODOpJLVODWLRQHWOD
BBBBBB UpJOHPHQWDWLRQ HQ YLJXHXU DX[ GpSDUWHPHQWV PLQLVWpULHOV RX
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX DXWUHV RUJDQLVPHV O
RIILFH H[HUFH SRXU OH FRPSWH GH O
(WDW OHV
©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU DWWULEXWLRQVUHODWLYHVjODSURWHFWLRQGHODVDQWpGXFRQVRPPDWHXU
HWjODSUpVHUYDWLRQGHODVDQWpGHVDQLPDX[HWGHVYpJpWDX[
$ FHW HIIHW O
RIILFH H[HUFH OHV PLVVLRQV VXLYDQWHV
'DKLU Qƒ GX   VDIDU   IpYULHU   SRUWDQW
SURPXOJDWLRQ GH OD ORL Qƒ  SRUWDQW FUpDWLRQ GH
O¶2IILFH QDWLRQDO GH VpFXULWp VDQLWDLUH GHV SURGXLWV
DOLPHQWDLUHV
BBBBBBBBBB
DX FRQVRPPDWHXU ILQDO \ FRPSULV OHV GHQUpHV
/28$1*($',(86(8/
FRQIRUPpPHQWjODOpJLVODWLRQHWjODUpJOHPHQWDWLRQHQYLJXHXU
±DSSOLTXHU OD SROLWLTXH GX JRXYHUQHPHQW HQ PDWLqUH GH
VpFXULWp VDQLWDLUH GHV YpJpWDX[ GHV DQLPDX[ HW GHV
SURGXLWV DOLPHQWDLUHV GHSXLV OHV PDWLqUHV SUHPLqUHV
MXVTX
GHVWLQpHVjO¶DOLPHQWDWLRQGHVDQLPDX[
*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9, ± DVVXUHU OD SURWHFWLRQ VDQLWDLUH GX SDWULPRLQH YpJpWDO HW
4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW DQLPDO QDWLRQDO HW FRQWU{OHU OHV SURGXLWV YpJpWDX[ HW
HQIRUWLILHUODWHQHXU DQLPDX[ RX G¶RULJLQH YpJpWDOH RX DQLPDOH \ FRPSULV OHV
4XH1RWUH0DMHVWp&KpULILHQQH SURGXLWV GH OD SrFKH j O¶LPSRUWDWLRQ VXU OH PDUFKp
LQWpULHXUHWjO¶H[SRUWDWLRQ
9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW
±DVVXUHUODVXUYHLOODQFHVDQLWDLUHGHVDQLPDX[HWFRQWU{OHU
$'e&,'e&(48,68,7 OHXULGHQWLILFDWLRQHWOHXUVPRXYHPHQWV
(VWSURPXOJXpHHWVHUDSXEOLpHDX%XOOHWLQRIILFLHOjODVXLWHGX ± DSSOLTXHU OD UpJOHPHQWDWLRQ HQ YLJXHXU HQ PDWLqUH GH
SUpVHQWGDKLUODORLQƒSRUWDQWFUpDWLRQGHO¶2IILFHQDWLRQDOGH SROLFHVDQLWDLUHYpWpULQDLUHHWSK\WRVDQLWDLUH
VpFXULWp VDQLWDLUH GHV SURGXLWV DOLPHQWDLUHV WHOOH TX¶DGRSWpH SDU OD ± SURFpGHU j O¶DQDO\VH GHV ULVTXHV VDQLWDLUHV TXH SHXYHQW
&KDPEUHGHVUHSUpVHQWDQWVHWOD&KDPEUHGHVFRQVHLOOHUV HQJHQGUHU OHV SURGXLWV DOLPHQWDLUHV HW OHV GHQUpHV
GHVWLQpHV j O¶DOLPHQWDWLRQ GHV DQLPDX[ VXU OD VDQWp GHV
)DLWj)qVOHVDIDUIpYULHU FRQVRPPDWHXUV DLQVL TXH OHV DJHQWV SDWKRJqQHV SRXU OD
3RXUFRQWUHVHLQJ VDQWpGHVYpJpWDX[HWGHVDQLPDX[
/H3UHPLHUPLQLVWUH ± FRQWU{OHU OHV PDODGLHV GHV YpJpWDX[ HW GHV DQLPDX[ OHV
$%%$6(/)$66, SURGXLWV LVVXV GHV YpJpWDX[ HW GHV DQLPDX[ OHV SURGXLWV
DOLPHQWDLUHV OHV GHQUpHV GHVWLQpHV j O¶DOLPHQWDWLRQ GHV
DQLPDX[ OHV PpGLFDPHQWV YpWpULQDLUHV RX WRXW DXWUH

SURGXLWGHVWLQpjO¶XVDJHGHODPpGHFLQHHWGHODFKLUXUJLH


YpWpULQDLUHV
1ıUDELL, %8//(7,12)),&,(/ 

± GpOLYUHU OHV DXWRULVDWLRQV RX OHV DJUpPHQWV VDQLWDLUHV ±ODORLQƒUHODWLYHjODUpSUHVVLRQGHVIUDXGHVVXUOHV

VHORQOHFDVGHVpWDEOLVVHPHQWVGDQVOHVTXHOVOHVSURGXLWV PDUFKDQGLVHV SURPXOJXpH SDU OH GDKLU Qƒ GX
DOLPHQWDLUHV HW OHV GHQUpHV GHVWLQpHV j O¶DOLPHQWDWLRQ GHV PRKDUUHPRFWREUH
DQLPDX[ VRQW SURGXLWV IDEULTXpV WUDLWpV PDQLSXOpV
±OD ORL Qƒ pGLFWDQW GHV PHVXUHV GH SROLFH VDQLWDLUH
WUDQVSRUWpV HQWUHSRVpV FRQVHUYpV RX PLV HQ YHQWH j
O¶H[FHSWLRQGHVKDOOHVDX[SRLVVRQVGHVQDYLUHVGHSrFKH YpWpULQDLUH j O
LPSRUWDWLRQ G
DQLPDX[ GH GHQUpHV
GHV EDUJHV IORWWDQWHV HW GHV XQLWpV GH WUDLWHPHQW GH DQLPDOHV GH SURGXLWV G
RULJLQH DQLPDOH  GH SURGXLWV GH
SURGXFWLRQ GH WUDQVIRUPDWLRQ GH FRQGLWLRQQHPHQW HW GH PXOWLSOLFDWLRQ DQLPDOH HW GH SURGXLWV GH OD PHU HW G
HDX
FRQVHUYDWLRQ GHV SURGXLWV HW VRXVSURGXLWV GH SrFKH GRXFHSURPXOJXpHSDUOHGDKLUQƒGXUDELL,
PDULWLPH VHSWHPEUH
±pPHWWUH VRQ DYLV HQ FH TXL FRQFHUQH OD FRQIRUPLWp ±OD ORL Qƒ UHODWLYH j OD SURWHFWLRQ VDQLWDLUH GHV
VDQLWDLUH GHV pWDEOLVVHPHQWV GH SrFKH PDULWLPH YLVpV DX pOHYDJHV DYLFROHV DX FRQWU{OH GH OD SURGXFWLRQ HW OD
SDUDJUDSKHSUpFpGHQWDYDQWOHXUDJUpPHQW FRPPHUFLDOLVDWLRQ GHV SURGXLWV DYLFROHV SURPXOJXpH SDU
±FRQWU{OHUHWSURFpGHUjO
HQUHJLVWUHPHQWGHVPpGLFDPHQWV OHGDKLUQƒGXHUUDELL,,MXLQ
YpWpULQDLUHV HW GHV pWDEOLVVHPHQWV SKDUPDFHXWLTXHV 7,75(,,
YpWpULQDLUHV
25*$1(6'
$'0,1,675$7,21(7'(*(67,21
±FRQWU{OHU OHV DGGLWLIV DOLPHQWDLUHV OH PDWpULHO GH
FRQGLWLRQQHPHQW OHV SURGXLWV HW PDWpULDX[ VXVFHSWLEOHV $UWLFOH
G¶HQWUHU HQ FRQWDFW DYHF OHV SURGXLWV DOLPHQWDLUHV DLQVL /
RIILFH HVW DGPLQLVWUp SDU XQ FRQVHLO G
DGPLQLVWUDWLRQ HW
TXHOHVHQJUDLVHWOHVHDX[G¶LUULJDWLRQ JpUpSDUXQGLUHFWHXUJpQpUDO
±DXWRULVHUHWRXHQUHJLVWUHUOHVH[SORLWDWLRQVG¶pOHYDJH $UWLFOH
±FRQWU{OHUHWSURFpGHUjO
KRPRORJDWLRQGHVSHVWLFLGHVHWj /H FRQVHLO G¶DGPLQLVWUDWLRQ HVW FRPSRVp GHV UHSUpVHQWDQWV
O
DJUpPHQW GHV pWDEOLVVHPHQWV TXL OHV SURGXLVHQW OHV GHO
(WDW
LPSRUWHQWRXOHVH[SRUWHQW
,O SHXW LQYLWHU j DVVLVWHU j WLWUH FRQVXOWDWLI j VHV UpXQLRQV
±FRQWU{OHUHWSURFpGHUjODFHUWLILFDWLRQGHVVHPHQFHVHWGHV WRXWH SHUVRQQH GX VHFWHXU SXEOLF RX SULYp GRQW OD SDUWLFLSDWLRQ
SODQWV HW j O
DJUpPHQW GHV pWDEOLVVHPHQWV TXL OHV HVWMXJpHXWLOH
SURGXLVHQWOHVLPSRUWHQWRXOHVH[SRUWHQW
$UWLFOH
/D UpDOLVDWLRQ GH WRXW RX SDUWLH GH FHUWDLQHV GHV PLVVLRQV
VXVLQGLTXpHVSHXWrWUHGpOpJXpHSDUOHFRQVHLOG
DGPLQLVWUDWLRQ /H FRQVHLO G
DGPLQLVWUDWLRQ GLVSRVH GH WRXV OHV SRXYRLUV HW
GHO¶RIILFHVRXVVRQFRQWU{OHjGHVRUJDQLVPHVSXEOLFVRXjGHV DWWULEXWLRQVQpFHVVDLUHVjO
DGPLQLVWUDWLRQGHO
RIILFHQRWDPPHQWLO
SHUVRQQHV PRUDOHV GH GURLW SULYp DJUppV SDU O
RIILFH j FHW HIIHW ±pODERUHODSROLWLTXHJpQpUDOHGHO
RIILFHGDQVOHFDGUHGHV
/HVGLWHV PLVVLRQV VRQW IL[pHV SDU DUUrWp PLQLVWpULHO GH O¶DXWRULWp RULHQWDWLRQVIL[pHVSDUOHJRXYHUQHPHQW
JRXYHUQHPHQWDOHFKDUJpHGHO¶DJULFXOWXUH
±DUUrWH OH SURMHW GH EXGJHW HW OHV pWDWV SUpYLVLRQQHOV
$UWLFOH SOXULDQQXHOVGHO
RIILFH
/HV DWWULEXWLRQV HW OD UHVSRQVDELOLWp GHV IRQFWLRQQDLUHV HW ±DSSURXYH OHV FRPSWHV DQQXHOV GH O¶RIILFH HW GpFLGH GH
DJHQWVGHODUpSUHVVLRQGHVIUDXGHVDVVHUPHQWpVGHVLQVSHFWHXUVGH O¶DIIHFWDWLRQGHVUpVXOWDWV
OD SURWHFWLRQ GHV YpJpWDX[ GHV YpWpULQDLUHV LQVSHFWHXUV HW GHV
WHFKQLFLHQVG¶pOHYDJHDVVHUPHQWpVHWUHOHYDQWGHO¶RIILFHGHPHXUHQW ±DSSURXYH OH UDSSRUW DQQXHO GH JHVWLRQ pWDEOL SDU OH
UpJLHV SDU OHV GLVSRVLWLRQV OpJLVODWLYHV HW UpJOHPHQWDLUHV TXL OHXUV GLUHFWHXUJpQpUDOGHO
RIILFH
VRQWDSSOLFDEOHVQRWDPPHQW ±IL[HOHVSUL[GHVVHUYLFHVHWSUHVWDWLRQVUHQGXVDX[WLHUV
±OHGDKLUGXPDLSUHVFULYDQWODYLVLWHVDQLWDLUHGHV ±pODERUH OH VWDWXW GX SHUVRQQHO IL[DQW HQ SDUWLFXOLHU OHV
DQLPDX[HWSURGXLWVDQLPDX[H[SRUWpV FRQGLWLRQV GH UHFUXWHPHQW GH UpPXQpUDWLRQ HW GH
± OH GDKLU GX  VHSWHPEUH  SRUWDQW UqJOHPHQW GH GpURXOHPHQWGHFDUULqUHGXSHUVRQQHOGHO
RIILFH
SROLFHVDQLWDLUHGHVYpJpWDX[
±DUUrWH O¶RUJDQLJUDPPH IL[DQW OHV VWUXFWXUHV
±OH GDKLU SRUWDQW ORL Qƒ GX  FKDRXDO  RUJDQLVDWLRQQHOOHV FHQWUDOHV HW H[WpULHXUHV HW OHXUV
VHSWHPEUH  pGLFWDQW GHV PHVXUHV SURSUHV j DWWULEXWLRQV
JDUDQWLU OHV DQLPDX[ GRPHVWLTXHV FRQWUH OHV PDODGLHV
FRQWDJLHXVHV ±DUUrWH OH UqJOHPHQW IL[DQW OHV FRQGLWLRQV HW IRUPHV GH
SDVVDWLRQGHVPDUFKpV
±OH GDKLU SRUWDQW ORL Qƒ GX  FKDRXDO 
RFWREUH  pGLFWDQW GHV PHVXUHV UHODWLYHV j ±DUUrWH OHV FRQGLWLRQV GDQV OHVTXHOOHV OD UpDOLVDWLRQ GH
O¶LQVSHFWLRQVDQLWDLUHVHWTXDOLWDWLYHVGHVDQLPDX[YLYDQWV FHUWDLQHV PLVVLRQV GH O¶RIILFH VRQW GpOpJXpHV j GHV
HWGHVGHQUpHVDQLPDOHVRXG¶RULJLQHDQLPDOH RUJDQLVPHV SXEOLFV RX j GHV SHUVRQQHV PRUDOHV GH GURLW
SULYp
±OD ORL Qƒ UHODWLYH j O
H[HUFLFH j WLWUH SULYp GH OD
PpGHFLQH GH OD FKLUXUJLH HW GH OD SKDUPDFLH YpWpULQDLUHV /H FRQVHLO G¶DGPLQLVWUDWLRQ SHXW GRQQHU GpOpJDWLRQ DX
SURPXOJXpH SDU OH GDKLU Qƒ GX  VDIDU  GLUHFWHXU JpQpUDO GH O
RIILFH SRXU OH UqJOHPHQW G
DIIDLUHV
GpFHPEUH GpWHUPLQpHV
 %8//(7,12)),&,(/ 1ıUDELL,

$UWLFOH $UWLFOH
/H FRQVHLO G¶DGPLQLVWUDWLRQ SHXW GpFLGHU GH OD FUpDWLRQ GH /HV ELHQV LPPHXEOHV UHOHYDQW GX GRPDLQH SULYp GH O
(WDW
WRXW FRPLWp FRQVXOWDWLI GRQW LO IL[H OD FRPSRVLWLRQ HW OHV DIIHFWpVjO¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGHO¶DJULFXOWXUHjOD
PRGDOLWpVGHIRQFWLRQQHPHQW GDWH G¶HQWUpH HQ YLJXHXU GH OD SUpVHQWH ORL HW QpFHVVDLUHV j
$UWLFOH O¶DFFRPSOLVVHPHQW GHV PLVVLRQV GH O¶RIILFH VRQW PLV j OD
/HFRQVHLOG
DGPLQLVWUDWLRQVHUpXQLWVXUFRQYRFDWLRQGHVRQ GLVSRVLWLRQ GH FH GHUQLHU VHORQ OHV PRGDOLWpV IL[pHV SDU YRLH
SUpVLGHQW DXVVL VRXYHQW TXH OHV EHVRLQV O
H[LJHQW HW DX PRLQV UpJOHPHQWDLUH
GHX[IRLVSDUDQ
/HVELHQVPHXEOHVGpWHQXVSDUOHVVWUXFWXUHVDGPLQLVWUDWLYHV
,O GpOLEqUH YDODEOHPHQW ORUVTXH OD PRLWLp DX PRLQV GH VHV UHOHYDQWGHO¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGHO¶DJULFXOWXUHHW
PHPEUHVVRQWSUpVHQWVRXUHSUpVHQWpVHWSUHQGVHVGpFLVLRQVjOD
H[HUoDQW j OD GDWH YLVpH DX SUHPLHU DOLQpD FLGHVVXV OHV
PDMRULWp GHV YRL[ (Q FDV GH SDUWDJH pJDO GHV YRL[ FHOOH GX
DWWULEXWLRQV UHOHYDQW GHV PLVVLRQV GH O¶RIILFH VRQW WUDQVIpUpV HQ
SUpVLGHQWHVWSUpSRQGpUDQWH
SOHLQHSURSULpWpHWjWLWUHJUDWXLWjFHGHUQLHUVHORQOHVPRGDOLWpV
$UWLFOH
IL[pHVSDUYRLHUpJOHPHQWDLUH
6RXV UpVHUYH GHV GLVSRVLWLRQV GH O¶DUWLFOH  FLGHVVXV OH
/HV GRVVLHUV HW DUFKLYHV UHODWLIV DX[ PLVVLRQV TXL VRQW
GLUHFWHXU JpQpUDO GpWLHQW WRXV OHV SRXYRLUV HW DWWULEXWLRQV
QpFHVVDLUHVjODJHVWLRQGHO¶HQVHPEOHGHVVHUYLFHVGHO
RIILFHHW GpYROXHV j O¶RIILFH HW GpWHQXV SDU O¶DXWRULWp JRXYHUQHPHQWDOH
DJLWHQVRQQRP FKDUJpHGHO¶DJULFXOWXUHjODGDWHYLVpHDXSUHPLHUDOLQpDFLGHVVXV
,OH[pFXWHOHVGpFLVLRQVGXFRQVHLOG
DGPLQLVWUDWLRQHWOHFDV VRQWWUDQVIpUpVpJDOHPHQWjO
RIILFH
pFKpDQWOHVGpFLVLRQVGXRXGHVFRPLWpVFUppVSDUFHGHUQLHU 7,75(,9
,ODFFRPSOLWRXDXWRULVHWRXWDFWHRXWRXWHRSpUDWLRQUHODWLIj 3(56211(/
O
REMHW GH O
RIILFH HW OH UHSUpVHQWH YLVjYLV GH O
(WDW GH WRXW
RUJDQLVPH SXEOLF RX SULYp HW GH WRXV WLHUV HW IDLW WRXW DFWH $UWLFOH
FRQVHUYDWRLUH 1RQREVWDQW WRXWHV GLVSRVLWLRQV OpJLVODWLYHV HW UpJOHPHQWDLUHV
,OUHSUpVHQWHO
RIILFHHQMXVWLFHHWSHXWLQWHQWHUWRXWHDFWLRQ FRQWUDLUHVOHSHUVRQQHOWLWXODLUHHWVWDJLDLUHHQIRQFWLRQDXVHLQGHV
HQMXVWLFHD\DQWSRXUREMHWODGpIHQVHGHVLQWpUrWVGHO
RIILFHPDLV VWUXFWXUHV FHQWUDOHV HW H[WpULHXUHV GH O¶DXWRULWp JRXYHUQHPHQWDOH
GRLW WRXWHIRLV HQ DYLVHU LPPpGLDWHPHQW OH SUpVLGHQW GX FRQVHLO FKDUJpH GH O¶DJULFXOWXUH j OD GDWH YLVpH j O¶DUWLFOH  FLGHVVXV HW
G
DGPLQLVWUDWLRQ FKDUJpHV GHV DWWULEXWLRQV UHOHYDQW GHV PLVVLRQV GH O¶RIILFH HVW
,O DVVLVWH DYHF YRL[ FRQVXOWDWLYH DX[ UpXQLRQV GX FRQVHLO GpWDFKpG
RIILFHjFHGHUQLHU
G¶DGPLQLVWUDWLRQHWGXRXGHVFRPLWpVFUppVSDUFHGHUQLHUOHFDV
&H SHUVRQQHO HVW LQWpJUp j VD GHPDQGH GDQV OHV FDGUHV GH
pFKpDQW
O¶RIILFHGDQVOHVFRQGLWLRQVHWVHORQOHVFULWqUHVIL[pVSDUOHVWDWXW
,O SHXW GpOpJXHU VRXV VD UHVSRQVDELOLWp SDUWLH GH VHV SDUWLFXOLHUGXSHUVRQQHOGHFHOXLFL
SRXYRLUVHWDWWULEXWLRQVDXSHUVRQQHOSODFpVRXVVRQDXWRULWp
$UWLFOH
7,75(,,,
/D VLWXDWLRQ VWDWXWDLUH FRQIpUpH SDU OH VWDWXW SDUWLFXOLHU GX
5(66285&(6(725*$1,6$7,21),1$1&,(5(
SHUVRQQHO GH O
RIILFH DX SHUVRQQHO LQWpJUp FRQIRUPpPHQW j
$UWLFOH
O
DUWLFOH  FLGHVVXV QH VDXUDLW HQ DXFXQ FDV rWUH PRLQV
/HEXGJHWGHO
RIILFHFRPSUHQG IDYRUDEOH TXH FHOOH GpWHQXH SDU OHV LQWpUHVVpV j OD GDWH GH OHXU
D(QUHFHWWHV LQWpJUDWLRQ
±OHVUHYHQXVSURYHQDQWGHVHVDFWLYLWpV /HVVHUYLFHVHIIHFWXpVGDQVO
DGPLQLVWUDWLRQG
RULJLQHSDUOH
± OHV VXEYHQWLRQV GH O¶(WDW GHV FROOHFWLYLWpV ORFDOHV HW GH SHUVRQQHO YLVp j O
DUWLFOH  FLGHVVXV VRQW FRQVLGpUpV FRPPH
WRXWRUJDQLVPHGHGURLWSXEOLFRXSULYp D\DQWpWpHIIHFWXpVDXVHLQGHO
RIILFH
±OHVGRQVHWOHJVHWSURGXLWVGLYHUV $UWLFOH
±WRXWHV DXWUHV UHFHWWHV QRWDPPHQW SDUDILVFDOHV TXL 1RQREVWDQW WRXWHV GLVSRVLWLRQV FRQWUDLUHV OH SHUVRQQHO
SHXYHQWOXLrWUHDWWULEXpHVXOWpULHXUHPHQW
LQWpJUp j O
RIILFH FRQWLQXH j rWUH DIILOLp HQ FH TXL FRQFHUQH OH
E(QGpSHQVHV UpJLPHGHSHQVLRQVDX[FDLVVHVDX[TXHOOHVLOFRWLVDLWjODGDWHGH
±OHVGpSHQVHVG
LQYHVWLVVHPHQW VRQLQWpJUDWLRQ
±OHVGpSHQVHVGHIRQFWLRQQHPHQW BBBBBB
±WRXWHV DXWUHV GpSHQVHV HQ UHODWLRQ DYHF OHV PLVVLRQV GH /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
O¶RIILFH ©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU
1ıUDELL, %8//(7,12)),&,(/ 

'DKLU Qƒ GX   VDIDU   IpYULHU   SRUWDQW $UWLFOH

SURPXOJDWLRQ GH OD ORL Qƒ  SRUWDQW VWDWXW GHV /HV FKDPEUHV SHXYHQW GRQQHU j OD GHPDQGH GX
FKDPEUHVG¶DJULFXOWXUH *RXYHUQHPHQW HW GHV FROOHFWLYLWpV ORFDOHV GHV DYLV HW GHV
BBBBBBBB LQIRUPDWLRQV UHOHYDQW GX GRPDLQH DJULFROH (OOHV SHXYHQW SDU
/28$1*($',(86(8/ DLOOHXUV IDLUH GHV SURSRVLWLRQV HW SUpVHQWHU GHV UHTXrWHV UHODWLYHV
DXGRPDLQHDJULFROHHWDXGpYHORSSHPHQWUXUDO
*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9,
4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW
HQIRUWLILHUODWHQHXU
4XH1RWUH0DMHVWp&KpULILHQQH
9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW
$'e&,'e&(48,68,7 (OOHV SDUWLFLSHQW pJDOHPHQW DX[ FRQVHLOV G¶DGPLQLVWUDWLRQ
(VW  SURPXOJXpH HW VHUD SXEOLpH DX %XOOHWLQ RIILFLHO j OD
VXLWHGXSUpVHQWGDKLUODORLQƒSRUWDQWVWDWXWGHVFKDPEUHV
G¶DJULFXOWXUHWHOOHTX¶DGRSWpHSDUOD&KDPEUHGHVUHSUpVHQWDQWV
HWOD&KDPEUHGHVFRQVHLOOHUV
(OOHV SDUWLFLSHQW j O¶pFKHORQ ORFDO SURYLQFLDO UpJLRQDO RX
QDWLRQDO j O¶pODERUDWLRQ GH SODQV RX RSWLRQV VH UDSSRUWDQW j
O¶DFWLYLWp DJULFROH HW DX GpYHORSSHPHQW UXUDO HQ YXH GH
GpYHORSSHU GHV SDUWHQDULDWV GDQV FHV GRPDLQHV DYHF OHV
RUJDQLVPHVJRXYHUQHPHQWDX[HWQRQJRXYHUQHPHQWDX[
GHVpWDEOLVVHPHQWVSXEOLFVTXLV¶LQWpUHVVHQWDX[DIIDLUHVDJULFROHV
/HVFKDPEUHVG¶DJULFXOWXUHSHXYHQW
‡UHSUpVHQWHUHWGpIHQGUHOHVLQWpUrWVGHVDJULFXOWHXUVHWGHV
pOHYHXUVGDQVOHXUVFLUFRQVFULSWLRQVWHUULWRULDOHV

)DLWj)qVOHVDIDUIpYULHU ‡FRQWULEXHU j OD YXOJDULVDWLRQ GHV LQIRUPDWLRQV VFLHQWLILTXHV

WHFKQLTXHVHWpFRQRPLTXHVGDQVOHGRPDLQHGHO¶DJULFXOWXUH
3RXUFRQWUHVHLQJ HWGXGpYHORSSHPHQWUXUDODLQVLTXHGHVPpWKRGHVPRGHUQHV
/H3UHPLHUPLQLVWUH GH WUDYDLO DX SURILW GHV DJULFXOWHXUV GHV pOHYHXUV HW GHV
MHXQHV SURPRWHXUV HW DX GpYHORSSHPHQW GHV WHFKQLTXHV GH
$%%$6(/)$66, SURGXFWLRQ HW GH FRPPHUFLDOLVDWLRQ QRWDPPHQW YLD OD
FRRSpUDWLRQGXUDEOHDYHFOHVpWDEOLVVHPHQWVGHUHFKHUFKHHW
GH IRUPDWLRQ DJURQRPLTXHV HW WHFKQRORJLTXHV HW WRXV OHV
RUJDQLVPHVJRXYHUQHPHQWDX[HWSURIHVVLRQQHOVFRQFHUQpV
 ‡FRQWULEXHU j OD IRUPDWLRQ HW j O¶LQIRUPDWLRQ GHV
/RLQƒ DJULFXOWHXUVHWGHVpOHYHXUVQRWDPPHQWSDUO¶RUJDQLVDWLRQ
SRUWDQWVWDWXWGHVFKDPEUHVG¶DJULFXOWXUH GH VHVVLRQV GH IRUPDWLRQ GH MRXUQpHV G¶LQIRUPDWLRQ HW OD
FUpDWLRQ RX OD JHVWLRQ GH FHQWUHV GH IRUPDWLRQ
²²²²²²²² SURIHVVLRQQHOOHGHIRUPDWLRQDOWHUQpHHWGHIRUPDWLRQSDU
7,75(35(0,(5 DSSUHQWLVVDJH
',6326,7,216*(1(5$/(6 ‡FUpHU GHV pWDEOLVVHPHQWV j FDUDFWqUH LQGXVWULHO RX
$UWLFOHSUHPLHU FRPPHUFLDOGHVWLQpVjVHUYLUOHVLQWpUrWVGHO¶DJULFXOWXUHHW
GXGpYHORSSHPHQWUXUDO
/HV FKDPEUHV G¶DJULFXOWXUH FKDPEUHV SURIHVVLRQQHOOHV
VRQW GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH SURIHVVLRQQHO GRWpV ‡FRQWULEXHU j O¶DSSXL GH O¶LQYHVWLVVHPHQW HW GH O¶HPSORL
GHODSHUVRQQDOLWpPRUDOHHWGHO¶DXWRQRPLHILQDQFLqUH(OOHVVRQW GDQV OH PLOLHX UXUDO HW PHWWUH HQ SODFH GHV EDQTXHV GH
VRXPLVHV j OD WXWHOOH GH O¶(WDW ODTXHOOH D SRXU EXW GH IDLUH GRQQpHV VXU OHV FRQGLWLRQV HW OHV VSpFLILFLWpV GH FKDTXH
UHVSHFWHU OHV GLVSRVLWLRQV GH OD SUpVHQWH ORL HW GH YHLOOHU j UpJLRQ HW LQVWDXUHU XQ SDUWHQDULDW DYHF OHV LQWHUYHQDQWV
O¶DSSOLFDWLRQ GH OD OpJLVODWLRQ HW GH OD UpJOHPHQWDWLRQ UHODWLYHV GDQVOHVHFWHXUSRXUODSURPRWLRQGHO¶LQYHVWLVVHPHQWORFDO
DX[ pWDEOLVVHPHQWV SXEOLFV (OOHV VRQW GpVLJQpHV FLDSUqV SDU HWUpJLRQDO
FKDPEUHV ‡SURSRVHU WRXWHV PHVXUHV SRXYDQW DLGHU j OD VLPSOLILFDWLRQ
(OOHV VRQW pJDOHPHQW VRXPLVHV DX FRQWU{OH ILQDQFLHU GH GHV SURFpGXUHV DGPLQLVWUDWLYHV OLpHV j O¶LQYHVWLVVHPHQW HW
O¶(WDW DSSOLFDEOH DX[ pWDEOLVVHPHQWV SXEOLFV HQ YHUWX GH OD DXGpYHORSSHPHQWDJULFROHHWUXUDO
OpJLVODWLRQHWGHODUpJOHPHQWDWLRQHQYLJXHXU ‡HQFRXUDJHU OHV DJULFXOWHXUV HW OHV pOHYHXUV j V
RUJDQLVHU
$UWLFOH GDQV OH FDGUH G
RUJDQLVDWLRQV SURIHVVLRQQHOOHV SRXU
GpIHQGUH OHXUV LQWpUrWV j GpYHORSSHU OHXUV FDSDFLWpV
/DGpVLJQDWLRQOHVLqJHOHUHVVRUWWHUULWRULDOGHVFKDPEUHV LQWHUQHV HW j LQVWDXUHU XQ PRGH G¶RUJDQLVDWLRQ FROOpJLDOH
DLQVLTXHOHQRPEUHGHVVLqJHVVRQWIL[pVSDUGpFUHW GX SURFHVVXV GH SURGXFWLRQ HW GH FRPPHUFLDOLVDWLRQ HW
7,75(,, MRXHU OH U{OH G¶LQWHUPpGLDWLRQ HQWUH HX[ HW OHV
SURIHVVLRQQHOVHWRUJDQLVDWLRQVpWUDQJqUHVRHXYUDQWSRXUOH
$775,%87,216'(6&+$0%5(6 PrPHEXW
$UWLFOH ‡UpDOLVHU GHV SURMHWV HQTXrWHV VXU OH WHUUDLQ HW GHV pWXGHV
/HV FKDPEUHV VRQW OHV UHSUpVHQWDQWV GHV VHFWHXUV GH WHFKQLTXHV G¶LQWpUrW JpQpUDO SRXU DSSX\HU OD SURGXFWLRQ
O¶DJULFXOWXUH DXSUqV GHV SRXYRLUV SXEOLFV ORFDX[ SURYLQFLDX[ DJULFROH OH GpYHORSSHPHQW UXUDO HW OD SURWHFWLRQ GH OD
UpJLRQDX[HWQDWLRQDX[ VDQWpDQLPDOH
 %8//(7,12)),&,(/ 1ıUDELL,

‡FRQWULEXHUjO¶pODUJLVVHPHQWGHVUHODWLRQVFRPPHUFLDOHVGX 7,75(,,,
0DURF GDQV OH FDGUH GH MXPHODJHV HW G¶pFKDQJHV 25*$1(6'¶$'0,1,675$7,21(7'(*(67,21
G¶H[SpULHQFH HW G¶H[SHUWLVH DYHF OHV RUJDQLVDWLRQV
$UWLFOH
SURIHVVLRQQHOOHV°XYUDQWSRXUOHPrPHEXW
/HVRUJDQHVG¶DGPLQLVWUDWLRQHWGHJHVWLRQGHVFKDPEUHVVH
‡RUJDQLVHU RX SDUWLFLSHU j GHV PDQLIHVWDWLRQV HW GHV IRLUHV FRPSRVHQWGHO¶DVVHPEOpHJpQpUDOHGXEXUHDXGHVFRPPLVVLRQV
SURYLQFLDOHV UpJLRQDOHV QDWLRQDOHV HW LQWHUQDWLRQDOHV DLQVLTXHG¶XQVHFUpWDULDWJpQpUDOG¶XQHGLUHFWLRQ
UHODWLYHVDXGRPDLQHDJULFROH
&KDSLWUHSUHPLHU
‡GpOLYUHU OHV GRFXPHQWV GHPDQGpV DX[ DJULFXOWHXUV HW DX[
$VVHPEOpHJpQpUDOH
pOHYHXUV pWDEOLV SRXU rWUH XWLOLVpV j O¶LQWpULHXU RX j
O¶H[WpULHXUGX5R\DXPH &RQVWLWXWLRQHWDWWULEXWLRQV

‡FRQWULEXHUjODSUpVHUYDWLRQGHO¶HQYLURQQHPHQW $UWLFOH
/¶DVVHPEOpHJpQpUDOHGHVFKDPEUHVHVWFRQVWLWXpH
$UWLFOH
±GHPHPEUHVpOXVFRQIRUPpPHQWDX[GLVSRVLWLRQVGHOD
/HV FKDPEUHV GRLYHQW rWUH FRQVXOWpHV SDU O¶DGPLQLVWUDWLRQ
ORL Qƒ  UHODWLYH DX FRGH pOHFWRUDO SURPXOJXpH SDU OH GDKLU
DXVXMHW
QƒGXNDDGDDYULOWHOOHTXHPRGLILpHHW
‡GHVSURMHWVGHWH[WHVUHODWLIVDXVHFWHXUDJULFROH FRPSOpWpH
‡GHVUqJOHPHQWVUHODWLIVDX[XVDJHVDJULFROHV ±GH PHPEUHV DVVRFLpV pOXV FRQIRUPpPHQW DX[
GLVSRVLWLRQV GH O¶DUWLFOH  FLGHVVRXV HQ VXV GHV PHPEUHV
‡GHVPHVXUHVYLVDQWO¶RUJDQLVDWLRQGXVHFWHXUDJULFROH
SUpYXV DX  /HXU HIIHFWLI HVW IL[p j   GH O¶HIIHFWLI GHV
‡GHV SURMHWV HW SURJUDPPHV GH GpYHORSSHPHQW UHOHYDQW GH PHPEUHV pOXV 6L OH QRPEUH UpVXOWDQW GH FH SRXUFHQWDJH HVW
OHXUVDWWULEXWLRQVHWGHOHXUUHVVRUWWHUULWRULDO GpFLPDOLOVHUDWHQXFRPSWHGXSOXVJUDQGQRPEUHHQWLHUVXLYDQW
‡GHODFUpDWLRQGDQVOHXUUHVVRUWG¶HQWUHS{WVHWGHVDOOHVGH $UWLFOH
YHQWHVSXEOLTXHVGHSURGXLWVDJULFROHVDX[HQFKqUHVRXHQ /HVPHPEUHVDVVRFLpVVRQWpOXVDXVFUXWLQXQLQRPLQDODYHF
JURV YRWHVHFUHWHWjODPDMRULWpUHODWLYHSDUOHVPHPEUHVpOXVSUpYXV
‡GH OD UpDOLVDWLRQ GH SURMHWV G¶LQYHVWLVVHPHQW GDQV OH
GRPDLQHDJULFROHGDQVOHXUUHVVRUWWHUULWRULDO SURIHVVLRQQHOOHV G¶DJULFXOWXUH j FKDTXH UHQRXYHOOHPHQW GHV
‡GHVSURMHWVG¶H[WHQVLRQGHVYLOOHVHWO¶pODERUDWLRQGHVSODQV
GLUHFWHXUV G¶DPpQDJHPHQW XUEDLQV HW GHV SODQV GH
GpYHORSSHPHQWUXUDO SUpVHQWHU OHXUV FDQGLGDWV VRQW IL[pHV SDU DUUrWp FRQMRLQW GH
‡GH O¶RUJDQLVDWLRQ GH IRLUHV j O¶LQWpULHXU GH OHXU UHVVRUW
WHUULWRULDO
/HV FKDPEUHV GRLYHQW GRQQHU OHXU DYLV GDQV XQ GpODL
PD[LPXPGHGHX[PRLVjFRPSWHUGHOHXUVDLVLQH3DVVpFHGpODL
OHXUDYLVVHUDFHQVpDYRLUpWpGRQQp
/¶DGPLQLVWUDWLRQGRLWPRWLYHUVDGpFLVLRQHQFDVGHUHMHWGH
O¶DYLVpPLVSDUOHVFKDPEUHV
$UWLFOH
6RXV UpVHUYH G¶XQH DXWRULVDWLRQ GH O¶DXWRULWp
JRXYHUQHPHQWDOHFKDUJpHGHO¶DJULFXOWXUHOHVFKDPEUHVSHXYHQW
G
XQ FRPPXQ DFFRUG HQWUH HOOHV RX DYHF OHV DXWUHV FKDPEUHV
SURIHVVLRQQHOOHVRXDYHFOHVDXWUHVpWDEOLVVHPHQWVSXEOLFVFUpHU
GHV pWDEOLVVHPHQWV RX GHV VHUYLFHV G¶LQWpUrWV FRPPXQV RX OHXU
DFFRUGHUGHVDLGHVILQDQFLqUHVRXDVVXUHUOHXUHQWUHWLHQ
$UWLFOH
/HVFKDPEUHVSHXYHQWH[pFXWHUGHVWUDYDX[G¶LQWpUrWSXEOLF
GDQVOHFDGUHGHFRQWUDWGHFRQFHVVLRQGHVHUYLFHSXEOLFFRQFOX
DYHF O¶(WDW RX OHV FROOHFWLYLWpV ORFDOHV RX rWUH FKDUJpHV GH
VHUYLFHV G¶LQWpUrW JpQpUDO QRWDPPHQW OHV VHUYLFHV G¶DSSXL DX
GpYHORSSHPHQWDJULFROHHWUXUDOGDQVOHXUUHVVRUWWHUULWRULDO
DXGHO¶DUWLFOHFLGHVVXVSDUPLOHVPHPEUHVGHVDVVRFLDWLRQV
FKDPEUHV
/HVDVVRFLDWLRQVSURIHVVLRQQHOOHVG¶DJULFXOWXUHDXWRULVpHVj
O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GH O¶DJULFXOWXUH HW GH
O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GH O¶LQWpULHXU HW FH
FRQIRUPpPHQW DX[ FULWqUHV HW DX[ PRGDOLWpV SUpYXV SDU OHGLW
DUUrWp
/HV PHPEUHV DVVRFLpV RQW YRL[ GH OLEpUDWLYH DX VHLQ GH
O¶DVVHPEOpHJpQpUDOH
7RXWHIRLVOHVPHPEUHVDVVRFLpVQHSHXYHQWSDVrWUHpOXVDX
SRVWH GH SUpVLGHQW GH OD FKDPEUH QL DX SRVWH GH SUHPLHU
YLFHSUpVLGHQWGHODFKDPEUH,OVQHSHXYHQWpJDOHPHQWSDVYRWHU
SRXUODGpVLJQDWLRQDX[GLWVSRVWHV
,OVQHSHXYHQWSDVHQRXWUHSDUWLFLSHUDXFROOqJHpOHFWRUDO
SRXU pOLUH OHV UHSUpVHQWDQWV GH OD FKDPEUH j OD FKDPEUH GHV
FRQVHLOOHUVGHVFRQVHLOVUpJLRQDX[SURYLQFLDX[RXSUpIHFWRUDX[
QLUHSUpVHQWHUOHVFKDPEUHVDXVHLQGHVGLWVFRQVHLOV
$UWLFOH
/HV IRQFWLRQV GH PHPEUHV pOXV HW DVVRFLpV GH O¶DVVHPEOpH
JpQpUDOHGHVFKDPEUHVVRQWH[HUFpHVjWLWUHJUDWXLW
7RXWHIRLV OHV FKDPEUHV SHXYHQW DWWULEXHU j OHXUV PHPEUHV
pOXV HQ DFWLYLWp HW j OHXUV PHPEUHV DVVRFLpV GHV LQGHPQLWpV GH
GpSODFHPHQW HW G¶KpEHUJHPHQW ORUVTX¶LOV VRQW FKDUJpV
G¶DFFRPSOLU GHV PLVVLRQV DX QRP GH OD FKDPEUH HW FH
FRQIRUPpPHQWDX[WH[WHVUpJOHPHQWDLUHVHQYLJXHXU
1ıUDELL, %8//(7,12)),&,(/ 

$UWLFOH
/¶DVVHPEOpH JpQpUDOH HVW OD SOXV KDXWH LQVWDQFH GH OD
FKDPEUH (OOH HVW LQYHVWLH GH WRXV OHV SRXYRLUV HW DWWULEXWLRQV
QpFHVVDLUHVSRXUO¶DGPLQLVWUDWLRQGHODFKDPEUH
(OOHUqJOHSDUVHVGpOLEpUDWLRQVOHVDIIDLUHVGHODFKDPEUHHW
GLVSRVHGHWRXWHVOHVSUpURJDWLYHVSRXUODUpDOLVDWLRQGHVPLVVLRQV
TXLOXLVRQWGpYROXHVHQYHUWXGHVGLVSRVLWLRQVGHODSUpVHQWHORL
QRWDPPHQW QpFHVVDLUHHQVHVVLRQVH[WUDRUGLQDLUHV
‡pOLUHOHVPHPEUHVGXEXUHDX ‡jO¶LQLWLDWLYHGXSUpVLGHQW
‡FRQVWLWXHUOHVFRPPLVVLRQV ‡jODGHPDQGHGXWLHUVDXPRLQVGHVPHPEUHVHQIRQFWLRQ
‡pOLUH OHV UHSUpVHQWDQWV GHV FKDPEUHV DX[ FRQVHLOV
SURYLQFLDX[RXSUpIHFWRUDX[
‡DSSURXYHUOHUqJOHPHQWLQWpULHXU
‡DSSURXYHUOHSODQVWUDWpJLTXHHWOHSODQG¶DFWLRQDQQXHO
‡YRWHUOHEXGJHWDQQXHO WHQXHGHO¶DVVHPEOpHJpQpUDOHRUGLQDLUH
‡DSSURXYHUOHFRPSWHDGPLQLVWUDWLIDQQXHO /HSUpVLGHQWGRLWUpSRQGUHjODGHPDQGHGHFRQYRFDWLRQTXL
‡DSSURXYHUOHVDFTXLVLWLRQVOHVDOLpQDWLRQVOHVHPSUXQWVHW
OHVDYDQFHV UpFHSWLRQ
‡DSSURXYHU OHV FRQYHQWLRQV FRQFOXHV DYHF OHV DXWUHV
pWDEOLVVHPHQWVHWRUJDQLVDWLRQV
/¶DVVHPEOpH JpQpUDOH SHXW GpOpJXHU SDUWLH GH VHV SRXYRLUV
HW DWWULEXWLRQV DX SUpVLGHQW DX EXUHDX GH OD FKDPEUH RX j VHV
FRPPLVVLRQV
$UWLFOH
/HVFKDPEUHVRQWODFDSDFLWpG¶HVWHUHQMXVWLFHVHGpVLVWHU
RXWUDQVLJHUHQFDVGHOLWLJH
8Q DYLV GRLW rWUH DGUHVVp j O¶DXWRULWp JRXYHUQHPHQWDOH
FKDUJpHGHO¶DJULFXOWXUHFRQFHUQDQWWRXVOHVFRQWHQWLHX[TXHFH
VRLW FHX[ LQWURGXLWV SDU HOOH RX FRQWUH HOOH DLQVL TXH OHV
SURFpGXUHV GH WUDQVDFWLRQ RX GH GpVLVWHPHQW FRQFOXV SDU OD
FKDPEUH DSUqV DYLV GH O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GH
O¶DJULFXOWXUH
$UWLFOH
/¶DVVHPEOpH JpQpUDOH VH UpXQLW REOLJDWRLUHPHQW XQH IRLV
WRXV OHV TXDWUH PRLV j FRPSWHU GH OD GDWH GH FRQVWLWXWLRQ GX
EXUHDX /HV VHVVLRQV VH WLHQQHQW GDQV OD FLUFRQVFULSWLRQ
WHUULWRULDOHGHODFKDPEUHHWQHGRLYHQWSDVH[FpGHUGL[MRXUV
/H SUpVLGHQW DGUHVVH SDU OHWWUH UHFRPPDQGpH DYHF DFFXVp
GH UpFHSWLRQ RX WRXW DXWUH PR\HQ SURXYDQW OD UpFHSWLRQ XQH
FRQYRFDWLRQ LQGLYLGXHOOH j FKDTXH PHPEUH /HV FRQYRFDWLRQV
VRQWDFFRPSDJQpHVGHO¶RUGUHGXMRXUHWDGUHVVpHVDXPRLQVKXLW
MRXUVIUDQFVDYDQWODWHQXHGHO¶DVVHPEOpHJpQpUDOH
$UWLFOH
/H SUpVLGHQW SUpSDUH O¶RUGUH GX MRXU GHV VHVVLRQV GH
O¶DVVHPEOpHJpQpUDOHDYHFOHEXUHDX
&KDTXHPHPEUHGHODFKDPEUHSHXWGHPDQGHUSDUpFULWDX
SUpVLGHQWO¶LQVFULSWLRQGHWRXWSRLQWjO¶RUGUHGXMRXUUHOHYDQWGHV
DWWULEXWLRQV GH O¶DVVHPEOpH JpQpUDOH HW FH FLQT MRXUV DX PRLQV
DYDQWODWHQXHGHODGLWHDVVHPEOpH
/¶DVVHPEOpH JpQpUDOH QH SHXW GpOLEpUHU TXH VXU OHV SRLQWV
LQVFULWV j VRQ RUGUH GX MRXU 1pDQPRLQV HW j WLWUH H[FHSWLRQQHO
SHXW rWUH LQWURGXLW SHQGDQW OD WHQXH GHV VHVVLRQV WRXW SRLQW j
FDUDFWqUH XUJHQW DSUqV VRQ DFFHSWDWLRQ SDU OD PDMRULWp GHV
PHPEUHVSUpVHQWVHWFHVDQVGLVFXVVLRQ
$UWLFOH
/¶DVVHPEOpH JpQpUDOH SHXW VH UpXQLU FKDTXH IRLV TX¶LO HVW



‡j OD GHPDQGH GH O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GH
O¶DJULFXOWXUH RX GX JRXYHUQHXU GH OD SUpIHFWXUH RX GH OD
SURYLQFH FKHIOLHX GH OD UpJLRQ GRQW GpSHQG OD FKDPEUH
FRQFHUQpH
/HVUpXQLRQVRQWOLHXGDQVOHVPrPHVFRQGLWLRQVTXHSRXUOD
OXLDpWpIDLWHGDQVXQGpODLGHTXLQ]HMRXUVVXLYDQWODGDWHGHVD
3DVVpFHGpODLODGHPDQGHSHXWrWUHDGUHVVpHDXJRXYHUQHXU
GH OD SUpIHFWXUH RX GH OD SURYLQFH FKHIOLHX GH OD UpJLRQ GRQW
GpSHQG OD FKDPEUH FRQFHUQpH TXL GRLW DORUV FRQYRTXHU
O¶DVVHPEOpHJpQpUDOH GDQVXQGpODLGHTXLQ]HMRXUVjFRPSWHUGH
ODGDWHGHUpFHSWLRQGHODGLWHGHPDQGH
/D VHVVLRQ H[WUDRUGLQDLUH GH O¶DVVHPEOpH JpQpUDOH QH GRLW
SDVH[FpGHUWURLVMRXUV
$UWLFOH
/HVGpOLEpUDWLRQVGHO¶DVVHPEOpHJpQpUDOHVRQWYDODEOHVVRXV
UpVHUYHGHVFRQGLWLRQVpQRQFpHVFLDSUqV
‡ODPDMRULWpDEVROXHGHVPHPEUHVHQIRQFWLRQHVWSUpVHQWH
6LFHTXRUXPQ¶HVWSDVDWWHLQWXQHGHX[LqPHUpXQLRQGRLW
VH WHQLU GDQV XQ GpODL GH TXLQ]H MRXUV 8QH QRXYHOOH
FRQYRFDWLRQ LQGLYLGXHOOH HVW DGUHVVpH  MRXUV IUDQFV DX
PRLQV DYDQW OD GDWH GH OD UpXQLRQ 'DQV FH FDV OHV
GpOLEpUDWLRQV VRQW YDODEOHV TXHO TXH VRLW OH QRPEUH GHV
PHPEUHVSUpVHQWV
‡OHVGpFLVLRQVGRLYHQWrWUHSULVHVjODPDMRULWpDEVROXHGHV
YRWDQWV (Q FDV GH SDUWDJH pJDO GHV YRL[ OD YRL[ GX
SUpVLGHQWHVWSUpSRQGpUDQWHVDXIHQFDVGHVFUXWLQVHFUHW
/HVXIIUDJHVHIDLWSDUYRWHSXEOLFQpDQPRLQVLOSHXWrWUH
VHFUHWVXUGHPDQGHGXWLHUVGHVPHPEUHVSUpVHQWV'DQVFHFDV
OHSDUWDJHpJDOGHVYRL[YDXWUHIXVGHODGpFLVLRQ
$UWLFOH
/¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGHO¶DJULFXOWXUHRXVRQ
UHSUpVHQWDQW HW O¶DXWRULWp DGPLQLVWUDWLYH ORFDOH RX VRQ
UHSUpVHQWDQW DVVLVWHQW DX[ VHVVLRQV GH O¶DVVHPEOpH JpQpUDOH GHV
FKDPEUHVVDQVSDUWLFLSHUDXYRWH
7RXWHIRLV HOOHV SHXYHQW SUpVHQWHU j OHXU LQLWLDWLYH RX j OD
GHPDQGH GX SUpVLGHQW RX G¶XQ PHPEUH GH O¶DVVHPEOpH JpQpUDOH
WRXWHVOHVREVHUYDWLRQVHWOHVpFODLUFLVVHPHQWVUHODWLIVDX[SRLQWV
LQVFULWVjO¶RUGUHGXMRXU
 %8//(7,12)),&,(/
/HSUpVLGHQWHQFRQFHUWDWLRQDYHFOHUHVWHGHVPHPEUHVGX
EXUHDX SHXW LQYLWHU DX[ WUDYDX[ GH O¶DVVHPEOpH JpQpUDOH WRXWH
SHUVRQQH TX¶LO MXJH XWLOH GH FRQVXOWHU VXU O¶XQ GHV SRLQWV GH
O¶RUGUHGXMRXU
$UWLFOH $UWLFOH
7RXWH DEVHQFH j XQH DVVHPEOpH JpQpUDOH GRLW rWUH MXVWLILpH
SDU pFULW HW DGUHVVpH DX SUpVLGHQW /HV PRWLIV DYDQFpV VRQW
FRQVLJQpVGDQVODIHXLOOHGHSUpVHQFH
$UWLFOH
7RXW PHPEUH TXL PDQTXH DX[ GLVSRVLWLRQV GH OD SUpVHQWH
ORL HW GX UqJOHPHQW LQWpULHXU GH OD FKDPEUH HVW VDQFWLRQQp SDU
O¶DVVHPEOpH JpQpUDOH TXL j OD PDMRULWp GHV PHPEUHV SUpVHQWV
SHXWH[FOXUHGHODVpDQFHOHPHPEUHFRQFHUQp
$UWLFOH
8Q SURFqVYHUEDO HVW GUHVVp j O¶LVVXH GH FKDTXH VpDQFH
VLJQp SDU OH SUpVLGHQW HW OH VHFUpWDLUH SXLV FRQVLJQp GDQV XQ
UHJLVWUH VSpFLDO DSUqV VRQ DSSUREDWLRQ SDU O¶DVVHPEOpH JpQpUDOH
ORUVGHODVHVVLRQVXLYDQWH
8QH FRSLH GH FH SURFqVYHUEDO HVW DGUHVVpH j FKDTXH
PHPEUHDXPRLQVKXLWMRXUVDYDQWODVHVVLRQVXLYDQWH
&KDTXH FKDPEUH DGUHVVH UpJXOLqUHPHQW OHV SURFqVYHUEDX[
GH VHV VHVVLRQV j O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GH
O¶DJULFXOWXUH
8QHFRSLHGHFHVSURFqVYHUEDX[HVWpJDOHPHQWDGUHVVpHDX
JRXYHUQHXU GH OD SUpIHFWXUH RX GH OD SURYLQFH FKHIOLHX GH OD
UpJLRQGRQWGpSHQGODFKDPEUHFRQFHUQpH
$UWLFOH
/HV GpFLVLRQV SULVHV ORUV GHV GpOLEpUDWLRQV GH O¶DVVHPEOpH
JpQpUDOH VRQW VLJQpHV SDU OH SUpVLGHQW GH OD FKDPEUH HW VRQ
VHFUpWDLUH SXLV FRQVLJQpHV SDU RUGUH FKURQRORJLTXH GDQV XQ
UHJLVWUHVSpFLDO
&HV GpFLVLRQV VRQW DIILFKpHV SDU H[WUDLW GDQV XQ GpODL GH
KXLWMRXUVDXVLqJHGHODFKDPEUH
7RXWpOHFWHXUGHODFKDPEUHDOHGURLWGHSUHQGUHjVHVIUDLV
FRSLHWRWDOHRXSDUWLHOOHGHFHVGpFLVLRQV,OSHXWOHVSXEOLHUVRXV
VDUHVSRQVDELOLWp
$UWLFOH
(Q FDV G¶DEVHQFH RX G¶HPSrFKHPHQW GX VHFUpWDLUH RX
ORUVTXH FHOXLFL UHIXVH GH VLJQHU OHV GpFLVLRQV XQH PHQWLRQ HVW
IDLWH DX SURFqVYHUEDO GH OD VpDQFH ,O DSSDUWLHQW DORUV DX
VHFUpWDLUHDGMRLQWG¶\SURFpGHUG¶RIILFH
$ GpIDXW OH SUpVLGHQW GpVLJQH SDUPL OHV PHPEUHV GH
O¶DVVHPEOpHJpQpUDOHSUpVHQWVVDFKDQWOLUHHWpFULUHXQVHFUpWDLUH
TXLSHXW\SURFpGHUYDODEOHPHQW
1ıUDELL,
&KDSLWUH
%XUHDXGHODFKDPEUH
&RQVWLWXWLRQHWDWWULEXWLRQV
6HFWLRQ±&RQVWLWXWLRQGXEXUHDX
/¶DVVHPEOpH JpQpUDOH VH UpXQLW GDQV OHV TXLQ]H MRXUV TXL
VXLYHQW OD SURFODPDWLRQ GHV UpVXOWDWV GpILQLWLIV FRQIRUPpPHQW
DX[ GLVSRVLWLRQV GH O¶DUWLFOH  GH OD ORL VXVYLVpH Qƒ  VXU
FRQYRFDWLRQ pFULWH GX JRXYHUQHXU GH OD SUpIHFWXUH RX GH OD
SURYLQFH FKHIOLHX GH OD UpJLRQ GRQW GpSHQG OD FKDPEUH
FRQFHUQpHHQYXHG¶pOLUHSRXUODGXUpHGHVRQPDQGDWSDUPLVHV
PHPEUHVXQEXUHDXFRPSRVp
‡G¶XQSUpVLGHQW
‡GHYLFHSUpVLGHQWVORUVTXHOHQRPEUHGHVPHPEUHVGHOD
FKDPEUHHVWLQIpULHXUj
‡GHYLFHSUpVLGHQWVORUVTXHOHQRPEUHGHVPHPEUHVGHOD
FKDPEUHHVWFRPSULVHQWUHHW
‡GHYLFHSUpVLGHQWVORUVTXHOHQRPEUHGHVPHPEUHVGHOD
FKDPEUHHVWFRPSULVHQWUHHW
‡GHYLFHSUpVLGHQWVORUVTXHOHQRPEUHGHVPHPEUHVGHOD
FKDPEUHHVWVXSpULHXUj
‡G¶XQVHFUpWDLUH
‡G¶XQVHFUpWDLUHDGMRLQW
‡G¶XQUDSSRUWHXUGXEXGJHW
$UWLFOH
3RXU O¶pOHFWLRQ GH VRQ EXUHDX O¶DVVHPEOpH JpQpUDOH VH
UpXQLW VRXV OD SUpVLGHQFH GX PHPEUH OH SOXV kJp SDUPL OHV
PHPEUHVSUpVHQWV
/H VHFUpWDULDW GH OD VpDQFH DVVXUp SDU OH SOXV MHXQH GHV
PHPEUHV SUpVHQWV VDFKDQW OLUH HW pFULUH pWDEOLW OH SURFqVYHUEDO
TXLVHUDVLJQpSDUOH3UpVLGHQWGHODVpDQFHHWVRQVHFUpWDLUH
/HSUpVLGHQWHWOHSUHPLHUYLFHSUpVLGHQWVRQWpOXVDXVFUXWLQ
XQLQRPLQDO DYHF YRWH VHFUHW &KDTXH IRQFWLRQ j SRXUYRLU  IDLW
O¶REMHWG¶XQHRSpUDWLRQGHYRWHGLVWLQFWH
/HVDXWUHVPHPEUHVGXEXUHDXVRQWpOXV
±DX VFUXWLQ XQLQRPLQDO DYHF YRWH VHFUHW VL OH QRPEUH GHV
PHPEUHV GH OD FKDPEUH HVW LQIpULHXU j TXLQ]H &KDTXH
IRQFWLRQ j SRXUYRLU IDLW O¶REMHW G¶XQH RSpUDWLRQ GH YRWH
GLVWLQFWH
±DX VFUXWLQ GH OLVWH VL OH QRPEUH GHV PHPEUHV GH OD
FKDPEUHHVWpJDORXVXSpULHXUjTXLQ]H/DOLVWHJDJQDQWH
HPSRUWHWRXWHVOHVIRQFWLRQV
/HYRWHSDUFRUUHVSRQGDQFHRXSDUPDQGDWDLUHHVWLQWHUGLW
/¶DVVHPEOpH QH SHXW YDODEOHPHQW SURFpGHU j OD UpXQLRQ
UpVHUYpHjFHWWHpOHFWLRQTXHVLOHVGHX[WLHUVGHVHVPHPEUHVHQ
IRQFWLRQVRQWSUpVHQWV
1ıUDELL, %8//(7,12)),&,(/
6LFHWWHFRQGLWLRQQ¶HVWSDVUpDOLVpHO¶pOHFWLRQGXEXUHDXHVW
UHPLVH j XQH UpXQLRQ XOWpULHXUH TXL GRLW rWUH WHQXH DX SOXV W{W
TXDWUH MRXUV HW DX SOXV WDUG KXLW MRXUV DSUqV $X FRXUV GH FHWWH
UpXQLRQ LO HVW SURFpGp YDODEOHPHQW j O¶pOHFWLRQ GX EXUHDX
TXHOTXHVRLWOHQRPEUHGHVPHPEUHVSUpVHQWV
$X SUHPLHU WRXU GH VFUXWLQ O¶pOHFWLRQ D OLHX j OD PDMRULWp
DEVROXHGHVPHPEUHVSUpVHQWV6LFHWWHFRQGLWLRQQ¶HVWSDVUpXQLH
LO HVW SURFpGp j XQ GHX[LqPH WRXU GH VFUXWLQ SHQGDQW OD PrPH
VHVVLRQHWGDQVFHFDVO¶pOHFWLRQDOLHXjODPDMRULWpUHODWLYH
(Q FDV GH UpSDUWLWLRQ pJDOH GHV YRL[ DX GHX[LqPH WRXU GH
VFUXWLQLOHVWSURFpGpjXQWLUDJHDXVRUWSRXUGpVLJQHUO¶pOX
$UWLFOH
/¶pOHFWLRQ GX SUpVLGHQW HW GHV PHPEUHV GX EXUHDX GHV
FKDPEUHV SHXW IDLUH O¶REMHW G¶XQ UHFRXUV FRQIRUPpPHQW j OD
OpJLVODWLRQDSSOLFDEOHDX[pOHFWLRQVGHVPHPEUHVGHVFKDPEUHV
$UWLFOH
&KDTXH FKDPEUH pOLW SDUPL VHV PHPEUHV pOXV XQ
UHSUpVHQWDQW SRXU FKDTXH FRQVHLO GH SUpIHFWXUH RX GH SURYLQFH
GRQWHOOHGpSHQGWHUULWRULDOHPHQW&HWWHpOHFWLRQVHIDLWSHQGDQWOD
VHVVLRQGHO¶pOHFWLRQGXEXUHDX
&H UHSUpVHQWDQW HVW pOX DX VFUXWLQ VHFUHW j OD PDMRULWp
UHODWLYH SDUPL OHV PHPEUHV GH OD FKDPEUH pOXV DX WLWUH GH OD
SUpIHFWXUH RX GH OD SURYLQFH FRUUHVSRQGDQWH HQ TXDOLWp GH
PHPEUHGHODGLWHFKDPEUH
6L OHV VLqJHV GH FHV UHSUpVHQWDQWV GHYLHQQHQW YDFDQWV SRXU
XQ PRWLI TXHO TX¶LO VRLW LOV VRQW UHPSODFpV FRQIRUPpPHQW DX[
GLVSRVLWLRQV GH OD ORL Qƒ  UHODWLYH j O¶RUJDQLVDWLRQ GHV
SURYLQFHVHWSUpIHFWXUHVSURPXOJXpHSDUOHGDKLUQƒGX

/H VHFUpWDLUH HW OH VHFUpWDLUHDGMRLQW YHLOOHQW j
O¶pWDEOLVVHPHQW HW j OD FRQVHUYDWLRQ GHV SURFqVYHUEDX[ /H
UDSSRUWHXUGXEXGJHWHVWFKDUJpGHSUpVHQWHUOHSURMHWGHEXGJHW
HWOHVFRPSWHVDGPLQLVWUDWLIVjO¶DVVHPEOpHJpQpUDOH
6HFWLRQ±$
$WWULEXWLRQVGXSUpVLGHQWGHODFKDPEUH
$UWLFOH
/HSUpVLGHQWGHODFKDPEUHHVWOHSUpVLGHQWGXEXUHDXHWGH
O¶DVVHPEOpHJpQpUDOHHWLOHVWO¶RUGRQQDWHXUGHVGpSHQVHV
,OOXLHVWFRQILpQRWDPPHQWOHVPLVVLRQVVXLYDQWHV
‡YHLOOHU j O¶DSSOLFDWLRQ GHV GpFLVLRQV GH O¶DVVHPEOpH
JpQpUDOHHWGXEXUHDX
‡FRQWULEXHU j OD PLVH HQ °XYUH GH OD VWUDWpJLH DJULFROH
UpJLRQDOH
‡FRQWULEXHU j OD PLVH HQ °XYUH GHV SODQV UpJLRQDX[ GH
GpYHORSSHPHQWDJULFROH
‡DVVXUHUODFRRUGLQDWLRQGHVDFWLYLWpVLQVWLWXWLRQQHOOHVGHOD
FKDPEUHG¶DJULFXOWXUH
‡DQLPHU HW VRXWHQLU OH IRQFWLRQQHPHQW GHV RUJDQHV GH
JHVWLRQUHOHYDQWGHVDFRPSpWHQFH
‡YHLOOHUjO¶DSSOLFDWLRQGHODOpJLVODWLRQHQYLJXHXU
‡SUpVHUYHUOHVELHQVGHODFKDPEUH
‡DQLPHU OH GpEDW DYHF OHV GLIIpUHQWV RSpUDWHXUV UHODWLI DX
GpYHORSSHPHQWDJULFROHHWUXUDO
‡DVVXUHU OH GpYHORSSHPHQW GH SDUWHQDULDWV DYHF OHV DFWHXUV
SXEOLFVHWSULYpVGXVHFWHXUDJULFROH
‡UHSUpVHQWHUODFKDPEUHYLVjYLVGHVWLHUV
UHMHERFWREUH
‡YHLOOHUjODERQQHRUJDQLVDWLRQHWDXERQGpURXOHPHQWGHV
6HFWLRQ±$
$WWULEXWLRQVGXEXUHDX
VpDQFHVHWUpXQLRQVGXEXUHDXHWGHO¶DVVHPEOpHJpQpUDOH
$UWLFOH
(Q FDV G¶DEVHQFH RX G¶HPSrFKHPHQW OHV IRQFWLRQV GH
/H EXUHDX GH OD FKDPEUH HVW FKDUJp G¶DFFRPSOLU VHV SUpVLGHQW VRQW DVVXUpHV SDU O¶XQ GHV YLFHSUpVLGHQWV VHORQ OHXU
PLVVLRQV GqV VRQ pOHFWLRQ HW  VH UpXQLW DX PRLQV XQH IRLV SDU RUGUH
PRLV
/H SUpVLGHQW SHXW VRXV VD UHVSRQVDELOLWp GpOpJXHU SDU
$UWLFOH GpFLVLRQ pFULWH FHUWDLQHV GH VHV DWWULEXWLRQV j XQ PHPEUH GX
/HEXUHDXGHODFKDPEUHVHFKDUJH EXUHDX
‡G¶pWDEOLUOHUqJOHPHQWLQWpULHXUGHODFKDPEUH $UWLFOH
‡GH SUpSDUHU OHV VHVVLRQV GH O¶DVVHPEOpH JpQpUDOH HW (Q FDV GH FKDQJHPHQW GH SUpVLGHQW OH SUpVLGHQW HQWUDQW
G¶pWDEOLUVRQRUGUHGXMRXU SURFqGHGDQVXQGpODLQ¶H[FpGDQWSDVFLQTMRXUVjFRPSWHUGHOD
‡G¶H[pFXWHU HW GH VXLYUH OHV GpFLVLRQV GH O¶DVVHPEOpH GDWH GH VRQ pOHFWLRQ j O¶pWDEOLVVHPHQW G¶XQ pWDW GHV OLHX[ HW FH
JpQpUDOH HQSUpVHQFH GX UHSUpVHQWDQW GH O¶DXWRULWp JRXYHUQHPHQWDOH
FKDUJpH GH O¶DJULFXOWXUH HW GX UHSUpVHQWDQW GH O¶DXWRULWp
‡G¶pODERUHUOHSURMHWGXEXGJHWGHODFKDPEUH
DGPLQLVWUDWLYHORFDOH
‡GHVXLYUHO¶H[pFXWLRQGXEXGJHWGHODFKDPEUH
8Q SURFqVYHUEDO FRPSUHQDQW XQ LQYHQWDLUH FRPSOHW GHV
‡GH UHFKHUFKHU OHV VROXWLRQV DX[ SUREOqPHV GRQW LO D UHoX ELHQV PHXEOHV HW LPPHXEOHV GH OD FKDPEUH HW XQ pWDW GH VHV
GpOpJDWLRQGHO¶DVVHPEOpHJpQpUDOH PR\HQVKXPDLQVHWGHVDVLWXDWLRQILQDQFLqUHHVWpWDEOLjFHWHIIHW
‡G¶pWXGLHU WRXWHV OHV DIIDLUHV TXL VHURQW SUpVHQWpHV j HWVLJQpSDUOHVSUpVLGHQWVHQWUDQWHWVRUWDQW
O¶DSSUREDWLRQGHO¶DVVHPEOpHJpQpUDOH 8QH FRSLH GH FH SURFqVYHUEDO HVW DGUHVVpH j O¶DXWRULWp
‡GH GRQQHU GHV DYLV HW SUpVHQWHU GHV UHFRPPDQGDWLRQV JRXYHUQHPHQWDOHFKDUJpHGHO¶DJULFXOWXUHHWDXJRXYHUQHXUGHOD
HQWUHOHVVHVVLRQVGHO¶DVVHPEOpHJpQpUDOHFRQFHUQDQWOHV SUpIHFWXUH RX SURYLQFH FKHIOLHX GH OD UpJLRQ GRQW GpSHQG OD
DIIDLUHVjFDUDFWqUHXUJHQW FKDPEUH
 %8//(7,12)),&,(/ 1ıUDELL,

'DQVOHFDVRFHWpWDWGHVOLHX[QHSHXWrWUHIDLWO¶DXWRULWp &KDSLWUH 
JRXYHUQHPHQWDOH FKDUJpH GH O¶DJULFXOWXUH GpVLJQH XQH &RPPLVVLRQV&UpDWLRQHWDWWULEXWLRQV
FRPPLVVLRQFRPSRVpH
$UWLFOH
‡G¶XQ UHSUpVHQWDQW GH O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH /¶DVVHPEOpH JpQpUDOH SHXW LQVWLWXHU GHV FRPPLVVLRQV
GHO¶DJULFXOWXUH DX[TXHOOHV HOOH FRQILH O¶pWXGH GHV TXHVWLRQV j OXL SUpVHQWHU SRXU
‡G¶XQUHSUpVHQWDQWGHO¶DXWRULWpDGPLQLVWUDWLYHORFDOH GLVFXVVLRQHWDSSUREDWLRQ
‡OHGLUHFWHXUGHODFKDPEUH /¶DVVHPEOpH JpQpUDOH pOLW SDUPL VHV PHPEUHV DX VFUXWLQ
VHFUHWHWjODPDMRULWpUHODWLYHXQSUpVLGHQWHWXQVXSSOpDQWSRXU
&HWWH FRPPLVVLRQ D SRXU PLVVLRQ GH SURFpGHU j FKDTXHFRPPLVVLRQ
O¶pWDEOLVVHPHQW G¶XQ LQYHQWDLUH FRPSOHW GHV ELHQV PHXEOHV HW
/D FRQVWLWXWLRQ OHV DWWULEXWLRQV HW OH IRQFWLRQQHPHQW GHV
LPPHXEOHV GH OD FKDPEUH GH VHV PR\HQV KXPDLQV HW GH VD FRPPLVVLRQV VRQW IL[pV GDQV OH UqJOHPHQW LQWpULHXU YLVp j
VLWXDWLRQILQDQFLqUH O¶DUWLFOHFLGHVVXV
6HFWLRQ±$WWULEXWLRQVGXVHFUpWDLUHJpQpUDOGHODFKDPEUH $UWLFOH
$UWLFOH /HV FRPPLVVLRQV QH SHXYHQW H[HUFHU OHV DWWULEXWLRQV
8Q VHFUpWDULDW JpQpUDO FRQVWLWXp GH  j  SHUVRQQHV HVW UpVHUYpHVjO¶DVVHPEOpHJpQpUDOHTX¶DSUqVGpOpJDWLRQGHFHOOHFL
UDWWDFKpDXSUpVLGHQWGHODFKDPEUHGRQWODGLUHFWLRQHVWDVVXUpH /H SUpVLGHQW GH OD FRPPLVVLRQ HVW GH GURLW OH UDSSRUWHXU
SDUXQVHFUpWDLUHJpQpUDOQRPPpSDUOHSUpVLGHQWDSUqVDFFRUGGH GHV WUDYDX[ GH OD FKDPEUH ,O SHXW j WUDYHUV OH SUpVLGHQW GH OD
O¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGHO¶DJULFXOWXUH FKDPEUH LQYLWHU WRXWH SHUVRQQH D\DQW GHV FRPSpWHQFHV
VSpFLILTXHVHWGHVTXDOLILFDWLRQVUHFRQQXHVSRXUSDUWLFLSHUjWLWUH
,ODSRXUPLVVLRQHVVHQWLHOOHPHQW FRQVXOWDWLIDX[WUDYDX[GHODFRPPLVVLRQ
‡GHFRRUGRQQHUOHVDFWLYLWpVGXEXUHDX &KDSLWUH
‡GH YHLOOHU DX ERQ IRQFWLRQQHPHQW GX VHFUpWDULDW JpQpUDO 'LUHFWLRQ&UpDWLRQHWDWWULEXWLRQV
UDWWDFKpDXSUpVLGHQW $UWLFOH
‡GHFRQWULEXHUjODSUpSDUDWLRQGHVWUDYDX[GHVUpXQLRQVGX ,O HVW LQVWLWXp DX QLYHDX GH FKDTXH FKDPEUH XQH GLUHFWLRQ
EXUHDXGHO¶DVVHPEOpHJpQpUDOHHWGHVHVFRPPLVVLRQV GRQW OH GLUHFWHXU HVW QRPPp HW UpYRTXp SDU OH 3UpVLGHQW DSUqV
‡GH UpJXOHU OHV SURFpGXUHV GH WHQXH GHV VpDQFHV GH WUDYDLO DFFRUGGHO¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGHO¶DJULFXOWXUH
GHVRUJDQHVpOXV ,O H[pFXWH OHV GpOLEpUDWLRQV GH O¶DVVHPEOpH JpQpUDOH HW GX
EXUHDX 3RXU FH IDLUH LO SUHQG WRXWHV OHV PHVXUHV QpFHVVDLUHV j
‡G¶pWDEOLU OHV UDSSRUWV GHV DFWLYLWpV GX EXUHDX HW GH O¶DFFRPSOLVVHPHQWGHFHWWHWkFKH
O¶DVVHPEOpHJpQpUDOH
,O VLJQH DYHF OH SUpVLGHQW WRXV OHV GRFXPHQWV ILQDQFLHUV HW
‡GHFRQWULEXHUjODSUpSDUDWLRQGXSURMHWGHO¶RUGUHGXMRXU FRPSWDEOHVGHODFKDPEUHGDQVXQGpODLGHKXLWMRXUVjFRPSWHU
GHVUpXQLRQVGXEXUHDXHWGHVVHVVLRQV GHODGDWHGHUpFHSWLRQ(QFDVGHUHIXVGHVLJQHUODVLJQDWXUHGX
‡G¶pWXGLHUOHVGRVVLHUVHWDIIDLUHVjVRXPHWWUHDXSUpVLGHQW SUpVLGHQW HVW H[pFXWRLUH GH GURLW /H SUpVLGHQW HQ LQIRUPH VDQV
GpODLO¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGHO¶DJULFXOWXUH
DXEXUHDXDX[FRPPLVVLRQVHWjO¶DVVHPEOpHJpQpUDOH
$UWLFOH
‡GH SUpSDUHU OHV pOpPHQWV SHUPHWWDQW DX EXUHDX HW j VRQ
SUpVLGHQWG
pODERUHUOHVDYLVVXUOHVTXHVWLRQVSRVpHVRXj /HGLUHFWHXUGHODFKDPEUHVHFKDUJH
GLVFXWHUGDQVOHVLQVWDQFHVDX[TXHOOHVLOVSDUWLFLSHQW ‡GHJDUDQWLUOHUHVSHFWGHVPHVXUHVHWSURFpGXUHVHQYLJXHXU
‡GHFRQVHLOOHUOHVRUJDQHVpOXVVXUOHVTXHVWLRQVMXULGLTXHV ‡G¶H[pFXWHU OHV GpFLVLRQV GH O¶DVVHPEOpH JpQpUDOH HW GX
HWLQVWLWXWLRQQHOOHVOLpHVjO
H[HUFLFHGHOHXUIRQFWLRQ EXUHDX

‡G¶DVVLVWHUHWGHSDUWLFLSHUjWLWUHFRQVXOWDWLIDX[UpXQLRQV
GXEXUHDXHWDX[VHVVLRQVGHO¶DVVHPEOpHJpQpUDOH ‡GH SURJUDPPHU G¶DQLPHU HW GH FRRUGRQQHU OHV DFWLYLWpV
‡G¶DQLPHUOHVWUDYDX[GHVFRPPLVVLRQV
6HFWLRQ±$
$WWULEXWLRQVGXUHSUpVHQWDQWSURYLQFLDO
RXSUpIHFWRUDOGHVFKDPEUHV
$UWLFOH
/HV UHSUpVHQWDQWV GH OD FKDPEUH DX[ FRQVHLOV SURYLQFLDX[
RX SUpIHFWRUDX[ YLVpV j O¶DUWLFOH  FLGHVVXV UHSUpVHQWHQW
pJDOHPHQW ODGLWH FKDPEUH DX QLYHDX SURYLQFLDO HW SUpIHFWRUDO
SRXUWRXWHVOHVDIIDLUHVGRQWLOVRQWUHoXGpOpJDWLRQGXSUpVLGHQW
‡G¶DVVXUHUODJHVWLRQDGPLQLVWUDWLYHHWILQDQFLqUH
GHVVHUYLFHVUHOHYDQWGHVHVFRPSpWHQFHV
‡G¶H[pFXWHUOHVSURJUDPPHVGHODFKDPEUHOHVRULHQWDWLRQV
HWOHVDFWLYLWpVGHVVHUYLFHVTXLOXLVRQWUDWWDFKpV
‡G¶H[pFXWHUOHEXGJHWGHODFKDPEUHHWG¶DVVXUHUOHFRQWU{OH
GHODJHVWLRQILQDQFLqUH
‡GHYHLOOHUDXUHFUXWHPHQWjO¶pYDOXDWLRQHWjODIRUPDWLRQ
GXSHUVRQQHOGHODFKDPEUH
‡G¶DVVLVWHUjWLWUHFRQVXOWDWLIDX[UpXQLRQVGXEXUHDXHWGH
O¶DVVHPEOpHJpQpUDOH
1ıUDELL, %8//(7,12)),&,(/
&KDSLWUH
5qJOHPHQWLQWpULHXU
$UWLFOH
/D FKDPEUH PHW HQ SODFH XQ UqJOHPHQW LQWpULHXU VXU
SURSRVLWLRQGXEXUHDX&HUqJOHPHQWHVWDSSURXYpSDUO¶DVVHPEOpH
JpQpUDOH
7,75(,9
'(0,66,21(7'(67,787,21'(60(0%5(6'(/$&+$0%5(
(7'(60(0%5(6'8%85($8
&KDSLWUHSUHPLHU
'pPLVVLRQHWGHVWLWXWLRQGHVPHPEUHVGHODFKDPEUH
$UWLFOH FKDUJpH GH O¶DJULFXOWXUH HW DX JRXYHUQHXU GH OD SUpIHFWXUH RX
(VW GpFODUp GpPLVVLRQQDLUH GH OD FKDPEUH WRXW PHPEUH
GHYHQX LQpOLJLEOH FRQIRUPpPHQW DX[ GLVSRVLWLRQV GH OD ORL
QƒSUpFLWpH
$UWLFOH
/D GpPLVVLRQ GX PHPEUH GH OD FKDPEUH HVW DGUHVVpH SDU
OHWWUH UHFRPPDQGpH DX SUpVLGHQW (OOH Q¶HVW GpILQLWLYH TX¶DSUqV
VDVRXPLVVLRQjO¶DVVHPEOpHJpQpUDOH
8Q DYLV HVW WUDQVPLV j O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH
GH O¶DJULFXOWXUH HW DX JRXYHUQHXU GH OD SUpIHFWXUH RX SURYLQFH
FKHIOLHXGHODUpJLRQGRQWGpSHQGODFKDPEUHFRQFHUQpH
$UWLFOH
7RXW PHPEUH TXL VDQV PRWLI DFFHSWp SDU O¶DVVHPEOpH
JpQpUDOH V¶HVW DEVHQWp SHQGDQW GHX[ VHVVLRQV RUGLQDLUHV
VXFFHVVLYHV HVW GpFODUp GpPLVVLRQQDLUH HW FH SDU DUUrWp FRQMRLQW
GXPLQLVWUHFKDUJpGHO¶LQWpULHXUHWGHO¶DXWRULWpJRXYHUQHPHQWDOH
FKDUJpHGHO¶DJULFXOWXUH
/H SUpVLGHQW GH OD FKDPEUH DGUHVVH OD GHPDQGH GH
UpYRFDWLRQGHO¶LQWpUHVVpjO¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGH
O¶DJULFXOWXUHDSUqVGpOLEpUDWLRQGHO¶DVVHPEOpHJpQpUDOH
$UWLFOH
/HV PHPEUHV pOXV GpPLVVLRQQDLUHV RX GpPLV GH OHXUV
IRQFWLRQV VRQW UHPSODFpV SHQGDQW O¶RUJDQLVDWLRQ GHV pOHFWLRQV
FRPSOpPHQWDLUHV FRQIRUPpPHQW DX[ GLVSRVLWLRQV GH OD ORL Qƒ 
SUpFLWpH
$UWLFOH
'qVTX¶XQHFKDPEUHVHWURXYHGLPLQXpHG¶DXPRLQVXQWLHUV
GH VHV PHPEUHV LO HVW REOLJDWRLUHPHQW SURFpGp j GHV pOHFWLRQV
FRPSOpPHQWDLUHVDSUqVODUpYLVLRQDQQXHOOHGHVOLVWHVpOHFWRUDOHV
&HSHQGDQWVLXQHFKDPEUHVHWURXYHGLPLQXpHGHODPRLWLp
GHVHVPHPEUHVRXSOXVLOHVWSURFpGpDXJHOGHO¶DFWLYLWpGHVHV
RUJDQHV SDU DUUrWp GH O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GH
O¶DJULFXOWXUHMXVTX¶jFHTX¶HOOHVRLWFRPSOpWpH
/HV pOHFWLRQV FRPSOpPHQWDLUHV VRQW RUJDQLVpHV SDU XQ
GpFUHW IL[DQW OD GDWH HW OHV FRQGLWLRQV GH OHXU GpURXOHPHQW
FRQIRUPpPHQWDX[GLVSRVLWLRQVGHODORLQƒSUpFLWpH

&KDSLWUH
'pPLVVLRQGHVPHPEUHVHWGHVWLWXWLRQGXEXUHDX
$UWLFOH
(VW GpFODUp GpPLVVLRQQDLUH GX EXUHDX SDU GpFLVLRQ GH
O¶DVVHPEOpHJpQpUDOHWRXWPHPEUHTXLV¶HVWDEVHQWpSHQGDQWWURLV
UpXQLRQVVDQVPRWLIYDODEOH
/D GpFLVLRQ GH GHVWLWXWLRQ HVW SULVH SHQGDQW OD UpXQLRQ
VXLYDQWH GH O¶DVVHPEOpH JpQpUDOH j OD PDMRULWp GHV YRL[ GHV
PHPEUHVSUpVHQWV
$UWLFOH
/HV WURLV TXDUWV GHV PHPEUHV GH OD FKDPEUH HQ H[HUFLFH
SHXYHQW GHPDQGHU DX SUpVLGHQW j O¶DXWRULWp JRXYHUQHPHQWDOH
SURYLQFHFKHIOLHXGHODUpJLRQGRQWGpSHQGODFKDPEUHODWHQXH
G¶XQH DVVHPEOpH JpQpUDOH H[WUDRUGLQDLUH SRXU OD GHVWLWXWLRQ GX
EXUHDX
/D GHPDQGH GH GHVWLWXWLRQ HVW YRWpH SDU O¶DVVHPEOpH
JpQpUDOHH[WUDRUGLQDLUHjODPDMRULWpGHVGHX[WLHUV
(QFDVG¶DFFHSWDWLRQGHODGHPDQGHLOHVWSURFpGpSHQGDQW
ODPrPHVHVVLRQjO¶pOHFWLRQG¶XQQRXYHDXEXUHDXFRQIRUPpPHQW
DX[FRQGLWLRQVHWPRGDOLWpVSUpYXHVSDUODSUpVHQWHORL
(Q FDV GH UHIXV GX SUpVLGHQW GH FRQYRTXHU O¶DVVHPEOpH
JpQpUDOH H[WUDRUGLQDLUH GDQV XQ GpODL PD[LPDO G¶XQ PRLV j
FRPSWHUGHODGDWHGHUpFHSWLRQGHODGHPDQGHOHJRXYHUQHXUGH
OD SUpIHFWXUH RX SURYLQFH FKHIOLHX GH OD UpJLRQ GRQW GpSHQG OD
FKDPEUH FRQFHUQpH FRQYRTXH O¶DVVHPEOpH JpQpUDOH
H[WUDRUGLQDLUHjFHWHIIHWGDQVXQGpODLQHGpSDVVDQWSDVTXLQ]H
MRXUV VXLYDQW O¶H[SLUDWLRQ GX GpODL LPSDUWL DX SUpVLGHQW SRXU OD
FRQYRTXHU
/H EXUHDX QH SHXW rWUH GpPLV GH VHV IRQFWLRQV GDQV OHV
FRQGLWLRQVGpILQLHVjO¶DOLQpDSUpFpGHQWTX¶DSUqVH[SLUDWLRQG¶XQH
DQQpH j FRPSWHU GH OD GDWH GH VRQ pOHFWLRQ RX GH VRQ
UHQRXYHOOHPHQW /D SURFpGXUH GH GHVWLWXWLRQ GX EXUHDX QH SHXW
rWUHHQWDPpHSHQGDQWOHGHUQLHUVHPHVWUHGHVRQPDQGDW
$UWLFOH
/HSUpVLGHQWGpVLUDQWUHQRQFHUjVHVIRQFWLRQVGRLWSUpVHQWHU
VD GpPLVVLRQ SDU OHWWUH UHFRPPDQGpH DX YLFHSUpVLGHQW j
O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GH O¶DJULFXOWXUH HW DX
JRXYHUQHXU GH OD SUpIHFWXUH RX SURYLQFH FKHIOLHX GH OD UpJLRQ
GRQWGpSHQGODFKDPEUHFRQFHUQpH
&HWWH GpPLVVLRQ QH GHYLHQW GpILQLWLYH TX¶DSUqV VRQ
DFFHSWDWLRQSDUO¶DVVHPEOpHJpQpUDOH
$UWLFOH
/DGpPLVVLRQGHVDXWUHVPHPEUHVGXEXUHDXHVWDGUHVVpHDX
SUpVLGHQW GH OD FKDPEUH TXL HQ LQIRUPH O¶DVVHPEOpH JpQpUDOH
O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GH O¶DJULFXOWXUH HW OH
JRXYHUQHXU GH OD SUpIHFWXUH RX SURYLQFH FKHIOLHX GH OD UpJLRQ
GRQWGpSHQGODFKDPEUHFRQFHUQpH
(OOHHVWFRQVLGpUpHFRPPHGpILQLWLYHDSUqVVRQDFFHSWDWLRQ
SDUO¶DVVHPEOpHJpQpUDOH
 %8//(7,12)),&,(/ 1ıUDELL,

$UWLFOH $UWLFOH
(Q FDV GH YDFDQFH GH SRVWH GX SUpVLGHQW RX G¶XQ PHPEUH /¶DFFHSWDWLRQ HW OH UHIXV GHV GRQV HW OHJV PrPH VDQV
GXEXUHDXSRXUXQPRWLITXHOTX¶LOVRLWO¶DVVHPEOpHJpQpUDOHHVW FKDUJHVHWVDQVFRQGLWLRQQLDIIHFWDWLRQLPPRELOLqUHGRLYHQWrWUH
FRQYRTXpH SRXU XQH VHVVLRQ H[WUDRUGLQDLUH SRXU pOLUH OHXUV DSSURXYpVSDUDUUrWpFRQMRLQWSULVSDUO¶DXWRULWpJRXYHUQHPHQWDOH
VXFFHVVHXUVFRQIRUPpPHQWjO¶DUWLFOHGHODSUpVHQWHORLGDQV FKDUJpHGHO¶DJULFXOWXUH
XQGpODLQ¶H[FpGDQWSDVXQPRLVjFRPSWHUGHODGDWHGHYDFDQFH /HVFKDPEUHVSHXYHQWWRXWHIRLVDFFHSWHUSURYLVRLUHPHQWRX
7,75(9 jWLWUHFRQVHUYDWRLUHVDQVDXWRULVDWLRQOHVGRQVHWOHJVTXLOHXUV
25*$1,6$7,21),1$1&,(5( VRQWIDLWV
$UWLFOH $UWLFOH
/HEXGJHWGHODFKDPEUHFRPSUHQG /HVFKDPEUHVSHXYHQWrWUHDXWRULVpHVSDUDUUrWpFRQMRLQWGH
O¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGHO¶DJULFXOWXUHHWGHO¶DXWRULWp
D(QUHFHWWHV JRXYHUQHPHQWDOHFKDUJpHGHVILQDQFHVjFRQWUDFWHUGHVHPSUXQWV
‡ODTXRWHSDUWTXLOHXUHVWDOORXpHVXUOHSURGXLWGHVLPS{WV SRXUODFRQVWUXFWLRQHWO¶DPpQDJHPHQWG¶pWDEOLVVHPHQWVHQUDSSRUW
HWWD[HVGRQWODSHUFHSWLRQHVWDXWRULVpHjOHXUSURILW DYHFOHXUVIRQFWLRQVHWOHXUVDWWULEXWLRQVRXSRXUODUpDOLVDWLRQGH
SURMHWVG¶DPpQDJHPHQWGXGRPDLQHDJULFROH
‡OHV VXEYHQWLRQV GH O¶(WDW GHV FROOHFWLYLWpV ORFDOHV HW GHV
pWDEOLVVHPHQWVSXEOLFV /HVHPSUXQWVQHSHXYHQWSDVrWUHDXWRULVpVSRXUXQHGXUpH
H[FpGDQW WUHQWH DQV HW GRLYHQW IDLUH O¶REMHW FKDTXH DQQpH GH
‡OHVUHFHWWHVGHVSURJUDPPHVGHSDUWHQDULDWHWGHMXPHODJH
WDEOHDX[G¶DPRUWLVVHPHQW
DYHF OHV RUJDQLVDWLRQV SURIHVVLRQQHOOHV QDWLRQDOHV HW
pWUDQJqUHVDLQVLTXHGHVDLGHVGHFHVRUJDQLVDWLRQV /H VHUYLFH GH FHV HPSUXQWV DLQVL TXH OHV GpSHQVHV
G¶H[SORLWDWLRQ GHV pWDEOLVVHPHQWV VRQW DVVXUpHV DX PR\HQ GHV
‡OHVFRWLVDWLRQVGHVPHPEUHVGHVRQFROOqJHpOHFWRUDO UHFHWWHVHWV¶LO\DOLHXGHVWD[HVSDUDILVFDOHVGRQWODSHUFHSWLRQ
‡OHVGRQVHWOHJV SHXWrWUHDXWRULVpHDXSURILWGHVGLWVpWDEOLVVHPHQWV
‡OHVHPSUXQWVDXWRULVpVHWDXWUHVIRUPXOHVGHILQDQFHPHQWV $UWLFOH
‡OHV UHFHWWHV TXL SHXYHQW OHXU rWUH UpVHUYpHV SDU YRLH /HVDFTXLVLWLRQVLPPRELOLqUHVjWLWUHRQpUHX[G¶XQHSDUWHW
UpJOHPHQWDLUH OHV DOLpQDWLRQV LPPRELOLqUHV j WLWUH RQpUHX[ RX j WLWUH JUDWXLW
G¶DXWUHV SDUW HIIHFWXpHV SDU OHV FKDPEUHV VRQW VXERUGRQQpHV j
‡OHV UHFHWWHV TXL SHXYHQW rWUH UpDOLVpHV HQ FRQWUHSDUWLH GHV
XQHDXWRULVDWLRQSUpDODEOHGDQVOHVFRQGLWLRQVVXLYDQWHV
SUHVWDWLRQV UpDOLVpHV RX FHOOHV SURYHQDQW GH OD JHVWLRQ GH
OHXUVDIIDLUHVRXFHOOHVIDFWXUpHVSDUOHVVHUYLFHVTXLOHXUV SRXUOHVDFTXLVLWLRQVHWDOLpQDWLRQVG¶XQHYDOHXULQIpULHXUH
VRQW UDWWDFKpV GpWHUPLQpHV SDU OH EXUHDX DSUqV j FLQT PLOOLRQV GH GLUKDPV XQ DUUrWp SULV SDU O¶DXWRULWp
DSSUREDWLRQ GH O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GH JRXYHUQHPHQWDOHFKDUJpHGHO¶DJULFXOWXUH
O¶DJULFXOWXUH SRXU OHV DFTXLVLWLRQV HW DOLpQDWLRQV G¶XQH YDOHXU pJDOH RX
‡OHVPRQWDQWVGHVMXJHPHQWVSURQRQFpVjOHXUVSURILWV VXSpULHXUH j FLQT PLOOLRQV GH GLUKDPV XQ DUUrWp FRQMRLQW
SULVSDUO¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGHO¶DJULFXOWXUH
E(QGpSHQVHV HWO¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGHVILQDQFHV
‡OHVGpSHQVHVGHIRQFWLRQQHPHQW 7,75(9,
‡OHVGpSHQVHVG¶LQYHVWLVVHPHQW 787(//(
‡OH SDLHPHQW GHV SUrWV HW GHV HPSUXQWV HW OH VHUYLFH GH OD $UWLFOH
GHWWH
/HV GpFLVLRQV GH O¶DVVHPEOpH JpQpUDOH QH VRQW H[pFXWRLUHV
‡OHVVXEYHQWLRQVHWSDUWLFLSDWLRQVDFFRUGpHVSDUODFKDPEUH TX¶DSUqV OHXU DSSUREDWLRQ SDU O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH
$UWLFOH GHO¶DJULFXOWXUHHWO¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGHVILQDQFHV
HQFHTXLFRQFHUQH
/HV FKDPEUHV pWDEOLVVHQW FKDTXH DQQpH XQ EXGJHW GHV
UHFHWWHVHWGHVGpSHQVHVTXLOHXUVRQWSURSUHVHWOHFDVpFKpDQW ‡OHEXGJHW
GHVEXGJHWVVSpFLDX[SRXUOHVVHUYLFHVGRQWHOOHVVRQWFKDUJpHV ‡O¶RXYHUWXUHGHQRXYHDX[FRPSWHV
TXLVRQWVRXPLVSRXUDSSUREDWLRQjO¶DVVHPEOpHJpQpUDOH ‡OHVDFTXLVLWLRQVHWDOLpQDWLRQVLPPRELOLqUHV
&HV EXGJHWV DSUqV DYRLU pWp VRXPLV DX YLVD GH O¶DXWRULWp ‡OHVFUpGLWV
JRXYHUQHPHQWDOH FKDUJpH GH O¶DJULFXOWXUH VRQW WUDQVPLV SRXU
‡OHFDXWLRQQHPHQW
DSSUREDWLRQ j O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GHV ILQDQFHV
/¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GH O¶DJULFXOWXUH HVW FKDUJpH $UWLFOH
G¶HQYpULILHUO¶H[pFXWLRQ &KDTXH FKDPEUH DGUHVVH j O¶DXWRULWp JRXYHUQHPHQWDOH
(Q FDV GH QRQ DSSUREDWLRQ GX EXGJHW GDQV OHV GHX[ FKDUJpH GH O¶DJULFXOWXUH HW j O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH
SUHPLHUV PRLV O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GH GHV ILQDQFHV FKDTXH DQQpH XQ UDSSRUW G¶HQVHPEOH VXU OHV
O¶DJULFXOWXUHSHXWpWDEOLUSRXUODFKDPEUHFRQFHUQpHXQEXGJHW WUDYDX[ HW RSpUDWLRQV TX¶HOOH D HIIHFWXpV DX FRXUV GH O¶DQQpH
SDUWLHOVRXPLVDXYLVDGHO¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGHV SUpFpGHQWH
ILQDQFHV FRPSUHQDQW OHV GpSHQVHV QpFHVVDLUHV SRXU DVVXUHU VD &H UDSSRUW GRLW SDUYHQLU DX FRXUV GX SUHPLHU WULPHVWUH GH
FRQWLQXLWpHQWDQWTXHVHUYLFHSXEOLF FKDTXHDQQpH
1ıUDELL, %8//(7,12)),&,(/
$UWLFOH
6LOHVLQWpUrWVG¶XQHFKDPEUHVHWURXYHQWPHQDFpVSRXUXQH
UDLVRQ WRXFKDQW VRQ IRQFWLRQQHPHQW QRUPDO O¶DXWRULWp
JRXYHUQHPHQWDOHFKDUJpHGHO¶DJULFXOWXUHHQFROODERUDWLRQDYHF
O¶DXWRULWp DGPLQLVWUDWLYH ORFDOH SHXW DSUqV HQTXrWH JHOHU
O¶DFWLYLWp GHV RUJDQHV GH JHVWLRQ GH OD FKDPEUH FRQFHUQpH SDU
DUUrWp PRWLYp SXEOLp DX ©%XOOHWLQ RIILFLHOª /D SpULRGH GH JHO
QHSHXWH[FpGHUWURLVPRLV
DXFXQLPS{WRXWD[H
/HVRUJDQHVGHJHVWLRQG¶XQHFKDPEUHSHXYHQWrWUHGLVVRXWV
RIILFHDX[FKDPEUHVjODGDWHG
HQWUpHHQ
SDUGpFUHWPRWLYpSXEOLpDX©%XOOHWLQRIILFLHOª
$UWLFOH
&KDTXH IRLV TXH OHV RUJDQHV GH JHVWLRQ G¶XQH FKDPEUH
G¶DJULFXOWXUHVRQWGLVVRXWVRXORUVTXHVHVPHPEUHVFHVVHQWOHXU
DFWLYLWp VXLWH j XQH GpPLVVLRQ FROOHFWLYH RX SRXU WRXWH DXWUH
UDLVRQ O¶pOHFWLRQ GH QRXYHDX[ PHPEUHV HVW RUJDQLVpH GDQV XQ

$UWLFOH
3RXU OD FRQVWLWXWLRQ GH OHXU SDWULPRLQH LQLWLDO VRQW
WUDQVIpUpV HQ SOHLQH SURSULpWp HW j WLWUH JUDWXLW DX[ FKDPEUHV
VHORQ OHV PRGDOLWpV IL[pHV SDU YRLH UpJOHPHQWDLUH OHV ELHQV
PHXEOHVHWLPPHXEOHVUHOHYDQWGHVDQFLHQQHVFKDPEUHVGDQVOHV
OLPLWHVGHOHXUVUHVVRUWVWHUULWRULDX[
/H WUDQVIHUW YLVp FLGHVVXV QH GRQQH OLHX j OD SHUFHSWLRQ
G
6RQWWUDQVIpUpVG
YLJXHXU GH OD SUpVHQWH ORL OHV GRVVLHUV HW DXWUHV GRFXPHQWV
UHODWLIV DX[ PLVVLRQV TXL OHXU VRQW GpYROXHV HW GpWHQXV SDU OHV
DQFLHQQHVFKDPEUHV
$UWLFOH
/HVFKDPEUHVUpJLHVSDUODSUpVHQWHORLVRQWVXEURJpHVGDQV
OHV GURLWV HW REOLJDWLRQV GHV DQFLHQQHV FKDPEUHV SRXU WRXV OHV
GpODL GH TXDWUHYLQJW GL[  MRXUV j FRPSWHU GH OD GDWH GH
pWXGHV GH WUDYDX[ GH IRXUQLWXUHV HW GH WUDQVSRUWV HW
O¶pYqQHPHQW &HWWH SURFpGXUH QH SHXW rWUH HQWDPpH SHQGDQW OH
GHUQLHUVHPHVWUHGXPDQGDWGHVPHPEUHVGHODFKDPEUH
$UWLFOH
(Q FDV GH JHO G¶DFWLYLWp RX GH GLVVROXWLRQ G¶XQH FKDPEUH
G¶LPSRVVLELOLWp G¶pOHFWLRQ GX SUpVLGHQW RX G¶XQH GpPLVVLRQ
FROOHFWLYH GH VHV PHPEUHV O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH
GH O¶DJULFXOWXUH SURFqGH GDQV OHV TXLQ]H MRXUV VXLYDQW
DUWLFOH 
O¶DYqQHPHQW GH O¶XQ GHV FDV SUpFLWpV j OD GpVLJQDWLRQ G¶XQH
FRPPLVVLRQ VSpFLDOH FKDUJpH XQLTXHPHQW GH O¶H[pFXWLRQ GHV
WUDYDX[DGPLQLVWUDWLIVXUJHQWV
PDUFKpV G
WRXV DXWUHV FRQWUDWV HW FRQYHQWLRQV FRQFOXV DYDQW OD GDWH G¶HQWUpH
HQYLJXHXUGHODSUpVHQWHORLDLQVLTXHSRXUOHVSUHVWDWLRQVUHQGXHV
HWOHVDFWLYLWpVWHFKQLTXHVMXULGLTXHVHWDGPLQLVWUDWLYHVOLpHVDX[
DWWULEXWLRQVGpYROXHVjFHVFKDPEUHVHQFRXUVjODGLWHGDWH
$UWLFOH
/H UHFRXYUHPHQW GHV FUpDQFHV GHV FKDPEUHV UpVXOWDQW GHV
SUHVWDWLRQV UHQGXHV GDQV OH FDGUH GHV GLVSRVLWLRQV GH O
GH OD SUpVHQWH ORL HVW HIIHFWXp FRQIRUPpPHQW j OD OpJLVODWLRQ
UHODWLYHDXUHFRXYUHPHQWGHVFUpDQFHVSXEOLTXHV
BBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
/DFRPPLVVLRQVSpFLDOHVHFRPSRVHRXWUHOHGLUHFWHXUGHOD ©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU
FKDPEUH FRQFHUQpH GH TXDWUH PHPEUHV /¶DXWRULWp
JRXYHUQHPHQWDOH FKDUJpH GH O¶DJULFXOWXUH GpVLJQH SDUPL HX[ OH
SUpVLGHQWGHODFRPPLVVLRQ
'DKLU Qƒ GX   VDIDU   IpYULHU   SRUWDQW
/H SUpVLGHQW GH OD FRPPLVVLRQ VSpFLDOH HVW O¶RUGRQQDWHXU
SURPXOJDWLRQ GH OD ORL Qƒ  SRUWDQW FUpDWLRQ GH
GHVGpSHQVHV
O¶$JHQFHPDURFDLQHGHGpYHORSSHPHQWGHVLQYHVWLVVHPHQWV
/HVPLVVLRQVGHODGLWHFRPPLVVLRQSUHQQHQWILQGHGURLWHW BBBBBBBBBB
VHORQ OH FDV GqV O¶pOHFWLRQ GX EXUHDX GH OD FKDPEUH
/28$1*($',(86(8/
O¶RUJDQLVDWLRQG¶pOHFWLRQVFRPSOpPHQWDLUHVRXODFRPSRVLWLRQGH
QRXYHOOHGHO¶DVVHPEOpHJpQpUDOHGHODFKDPEUH *UDQG6FHDXGH6D0DMHVWp0RKDPPHG9,
7,75(9,, 4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW
$662&,$7,21'(6&+$0%5(6'¶$*5,&8/785( HQIRUWLILHUODWHQHXU
$UWLFOH 4XH1RWUH0DMHVWp&KpULILHQQH
9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW
/HVFKDPEUHVVHUHJURXSHQWHQXQHDVVRFLDWLRQUpJLHSDUOH
GDKLU Qƒ  GX  MRXPDGD ,   QRYHPEUH  $'e&,'e&(48,68,7
UpJOHPHQWDQWOHGURLWG¶DVVRFLDWLRQWHOTXHPRGLILpHWFRPSOpWp
/HV VWDWXWV GH O¶DVVRFLDWLRQ VRQW DSSURXYpV SDU O¶DXWRULWp (VWSURPXOJXpHHWVHUDSXEOLpHDX%XOOHWLQRIILFLHOjODVXLWH
JRXYHUQHPHQWDOHFKDUJpHGHO¶DJULFXOWXUH GX SUpVHQW GDKLU OD ORL Qƒ  SRUWDQW FUpDWLRQ GH O¶$JHQFH
PDURFDLQH GH GpYHORSSHPHQW GHV LQYHVWLVVHPHQWV WHOOH
7,75(9,,, TX¶DGRSWpHSDUOD&KDPEUHGHVUHSUpVHQWDQWVHWOD&KDPEUHGHV
',6326,7,216),1$/(6 FRQVHLOOHUV
$UWLFOH )DLWj)qVOHVDIDUIpYULHU
/DSUpVHQWHORLDEURJHOHVGLVSRVLWLRQVGXGDKLUQƒ 3RXUFRQWUHVHLQJ
GX  MRXPDGD ,   RFWREUH  IRUPDQW VWDWXW GHV /H3UHPLHUPLQLVWUH
FKDPEUHVG¶DJULFXOWXUHWHOTXHPRGLILpHWFRPSOpWp $%%$6(/)$66,
7RXWHIRLV FHV GLVSRVLWLRQV GHPHXUHQW HQ YLJXHXU GXUDQW
XQHSpULRGHWUDQVLWRLUHHQWUHODSXEOLFDWLRQGHODSUpVHQWHORL DX
%XOOHWLQ RIILFLHO HW OD SURFODPDWLRQ RIILFLHOOH GHV UpVXOWDWV GHV

pOHFWLRQVGHVPHPEUHVGHVFKDPEUHVVXLYDQWFHWWHSXEOLFDWLRQ


 %8//(7,12)),&,(/ 1ıUDELL,

/RLQƒ  $UWLFOH

SRUWDQWFUpDWLRQGHO¶$JHQFHPDURFDLQH 2XWUH OHV PLVVLRQV SUpYXHV DX[ DUWLFOHV  HW  FLGHVVXV
GHGpYHORSSHPHQWGHVLQYHVWLVVHPHQWV O¶DJHQFHHVWFKDUJpHGHGpYHORSSHUGHV]RQHVG¶DFWLYLWpVGpGLpHVDX[
²²²²²² VHFWHXUVGHO¶LQGXVWULHGXFRPPHUFHHWGHVQRXYHOOHVWHFKQRORJLHV
&KDSLWUHSUHPLHU $FHWHIIHWHOOHHVWFKDUJpHGHUpDOLVHURXIDLUHUpDOLVHUSRXU
'pQRPLQDWLRQHWREMHW OHFRPSWHGHO¶(WDWOHVPLVVLRQVVXLYDQWHV
$UWLFOHSUHPLHU ‡OHV pWXGHV SUpDODEOHV j O¶LGHQWLILFDWLRQ HW DX FKRL[ GHV
]RQHV G¶LPSODQWDWLRQ GHV SURJUDPPHV G¶LQYHVWLVVHPHQW
,O HVW FUpp VRXV OD GpQRPLQDWLRQ ©$JHQFH PDURFDLQH GH GDQV OHV GRPDLQHV GH O¶LQGXVWULH GX FRPPHUFH HW GHV
GpYHORSSHPHQW GHV LQYHVWLVVHPHQWV $0', ª XQ pWDEOLVVHPHQW QRXYHOOHV WHFKQRORJLHV FLDSUqV GpQRPPpHV © ]RQHV
SXEOLFGRWpGHODSHUVRQQDOLWpPRUDOHHWGHO
DXWRQRPLHILQDQFLqUH
G¶DFWLYLWpVªDLQVLTX¶jODGpILQLWLRQGHOHXUYRFDWLRQ
$UWLFOH
‡OHVpWXGHVUHODWLYHVjO¶DSXUHPHQWGHO¶DVVLHWWHIRQFLqUHGHV
/¶$JHQFHPDURFDLQHGHGpYHORSSHPHQWGHVLQYHVWLVVHPHQWV ]RQHV G¶DFWLYLWpV HW DX[ DPpQDJHPHQWV GH WRXWH QDWXUH
HVW VRXPLVH j OD WXWHOOH GH O
(WDW ODTXHOOH D SRXU REMHW GH IDLUH GHYDQWVHUYLUjODUpDOLVDWLRQGHVGLWHV]RQHV
UHVSHFWHU SDU OHV RUJDQHV FRPSpWHQWV GH O
DJHQFH OHV
GLVSRVLWLRQVGHODSUpVHQWHORLHQSDUWLFXOLHUFHOOHVUHODWLYHVDX[ ‡OHVpWXGHVQpFHVVDLUHVjODPLVHDXSRLQWHWjODUpDOLVDWLRQ
PLVVLRQVTXLOXLVRQWLPSDUWLHVHWGHPDQLqUHJpQpUDOHGHYHLOOHU GHV SURMHWV G¶DPpQDJHPHQW GHV ]RQHV G¶DFWLYLWpV GHV
HQ FH TXL OD FRQFHUQH j O
DSSOLFDWLRQ GH OD OpJLVODWLRQ HW GH OD SODQV GH ORWLVVHPHQWV GHYDQW VXSSRUWHU OHV SURMHWV HW GHV
UpJOHPHQWDWLRQFRQFHUQDQWOHVpWDEOLVVHPHQWVSXEOLFV SODQVG¶RFFXSDWLRQGHVVROVGDQVOHVGLWHV]RQHV
/
DJHQFH HVW pJDOHPHQW VRXPLVH DX FRQWU{OH ILQDQFLHU GH ‡OH SODFHPHQW GH FHV ]RQHV G¶DFWLYLWpV SDU GHV DSSHOV
O
(WDW DSSOLFDEOH DX[ HQWUHSULVHV SXEOLTXHV HW DXWUHV RUJDQLVPHV G¶RIIUHVDXSUqVG¶LQYHVWLVVHXUVVXUODEDVHG¶XQFDKLHUGHV
FRQIRUPpPHQWjODOpJLVODWLRQHQYLJXHXU FKDUJHV TXL IL[H OHV FRQGLWLRQV GH OHXU UpDOLVDWLRQ OHXU
SURPRWLRQHWOHXUJHVWLRQDLQVLTXHOHVXLYLGHO¶H[pFXWLRQ
$UWLFOH
GHVFRQYHQWLRQVFRQFOXHVjFHWHIIHW
'DQVOHFDGUHGHODPLVHHQ°XYUHGHODVWUDWpJLHQDWLRQDOH
/¶$JHQFHSHXWGHPDQGHUjO¶(WDWGHPHWWUHjVDGLVSRVLWLRQ
HQ PDWLqUH G¶LQYHVWLVVHPHQWV O¶$JHQFH PDURFDLQH GH
O¶DVVLHWWHIRQFLqUHQpFHVVDLUHjODUpDOLVDWLRQGHVPLVVLRQVTXLOXL
GpYHORSSHPHQWGHVLQYHVWLVVHPHQWVHVWFKDUJpHGH
VRQWLPSDUWLHVSDUODSUpVHQWHORL
‡HQWUHSUHQGUH WRXWH DFWLRQ GH SURPRWLRQ HW GH
FRPPXQLFDWLRQ DILQ GH IDLUH FRQQDvWUH OHV RSSRUWXQLWpV (QRXWUHO¶DJHQFHSHXWjODGHPDQGHGHO¶(WDWUpDOLVHUSDU
G¶LQYHVWLVVHPHQWDX0DURF HOOH PrPH GHV ]RQHV G¶DFWLYLWpV GDQV OH FDGUH GH FRQYHQWLRQV
VSpFLILTXHVjFKDTXHSURMHWFRQFOXHVDYHFO¶(WDW
‡DVVXUHU OD YHLOOH HQ PDWLqUH GH PHVXUHV DGRSWpHV SDU
G¶DXWUHV SD\V SRXU DVVXUHU OH GpYHORSSHPHQW HW OD 2QHQWHQGSDU]RQHVG¶DFWLYLWpVDXVHQVGHODSUpVHQWHORL
SURPRWLRQ GHV LQYHVWLVVHPHQWV DILQ G¶pWDEOLU OD VLWXDWLRQ GHV HVSDFHV LQWpJUpV GHVWLQpV j DFFXHLOOLU GHV RSpUDWHXUV GHV
FRQFXUUHQWLHOOHGX0DURF VHFWHXUV GH O¶LQGXVWULH GX FRPPHUFH HW GHV QRXYHOOHV
WHFKQRORJLHV HQ OHXU RIIUDQW OHV VHUYLFHV FRQQH[HV QpFHVVDLUHV j
‡RUJDQLVHU HQ FROODERUDWLRQ HW HQ FRRUGLQDWLRQ DYHF OHV O¶H[HUFLFHGHOHXUVDFWLYLWpV
DXWRULWpV JRXYHUQHPHQWDOHV HW OHV DXWUHV RUJDQLVPHV GH
GURLW  SXEOLF RX SULYp FRPSpWHQWV GHV VpPLQDLUHV /¶DJHQFH HVW DXWRULVpH j DFTXpULU WRXW LPPHXEOH RX GURLW
FRQIpUHQFHV IRLUHV HW PDQLIHVWDWLRQV GH QDWXUH j UpHO LPPRELOLHU QpFHVVDLUH j OD UpDOLVDWLRQ GHV PLVVLRQV TXL OXL
SURPRXYRLU O¶LQYHVWLVVHPHQW DX QLYHDX QDWLRQDO HW j VRQW GpYROXHV SDU OH SUpVHQW DUWLFOH \ FRPSULV SDU YRLH
O¶pWUDQJHU G¶H[SURSULDWLRQFRQIRUPpPHQWjODOpJLVDODWLRQHQYLJXHXU
‡GpILQLU OHV LQGLFDWHXUV GH SHUIRUPDQFH UHODWLIV DX[ $UWLFOH
LQYHVWLVVHPHQWV SURGXLUH HW DQDO\VHU FHV LQGLFDWHXUV HW /¶DJHQFH HVW FKDUJpH G¶DVVXUHU OH VHFUpWDULDW GH OD
SXEOLHUSpULRGLTXHPHQWOHVUpVXOWDWVGHFHVDQDO\VHV$FHW FRPPLVVLRQGHVLQYHVWLVVHPHQWVSUpVLGpHSDUOH3UHPLHUPLQLVWUH
HIIHWO¶DJHQFHWLHQWHWPHWjMRXUXQHEDQTXHGHGRQQpHV HWG¶DSSRUWHUVRXVUpVHUYHGHVFRPSpWHQFHVGpYROXHVDX[FHQWUHV
UHODWLYHVDX[LQYHVWLVVHPHQWVUpDOLVpVDX0DURF UpJLRQDX[ G¶LQYHVWLVVHPHQW DLGH HW DVVLVWDQFH DX[ SRXYRLUV
‡DVVXUHUO¶DFFXHLOGHVLQYHVWLVVHPHQWVH[WpULHXUVDX0DURF SXEOLFVSRXUODFRQFOXVLRQGHVFRQWUDWVHWFRQYHQWLRQVjFRQFOXUH
‡PHQHUWRXWHDFWLRQGHFRPPXQLFDWLRQGHVHQVLELOLVDWLRQHW DYHFGHVLQYHVWLVVHXUVHWG¶HQDVVXUHUOHVXLYL
G¶LQIRUPDWLRQDILQG¶DWWLUHUOHVLQYHVWLVVHXUV $UWLFOH
‡LQYHQWRULHUHWpYDOXHUOHVREVWDFOHVjO¶LQYHVWLVVHPHQW /¶DJHQFH SHXW HQ FRRUGLQDWLRQ DYHF OH PLQLVWqUH GHV
‡SURSRVHU GHV PHVXUHV OpJLVODWLYHV HW UpJOHPHQWDLUHV j DIIDLUHV pWUDQJqUHV HW GH OD FRRSpUDWLRQ GpVLJQHU VHV
PrPH GH VRXWHQLU HW G¶HQFRXUDJHU O¶LQYHVWLVVHPHQW DX UHSUpVHQWDQWVjO¶pWUDQJHU
0DURF &KDSLWUH,,
$UWLFOH 2UJDQHVG¶DGPLQLVWUDWLRQHWGHJHVWLRQ
/¶DJHQFH HVW pJDOHPHQW FKDUJpH GH SURSRVHU DX $UWLFOH
JRXYHUQHPHQW OH SODQ GH GpYHORSSHPHQW GHV LQYHVWLVVHPHQWV
SRXU OHV VHFWHXUV GH O¶LQGXVWULH GX FRPPHUFH HW GHV QRXYHOOHV /¶$JHQFHPDURFDLQHGHGpYHORSSHPHQWGHVLQYHVWLVVHPHQWV
WHFKQRORJLHV HW G¶DVVXUHU RX IDLUH DVVXUHU OD SURVSHFWLRQ HW OH HVW DGPLQLVWUpH SDU XQ FRQVHLO G¶DGPLQLVWUDWLRQ HW JpUp SDU XQ
GpPDUFKDJHGHVLQYHVWLVVHXUVSRWHQWLHOVGDQVFHVVHFWHXUV GLUHFWHXUJpQpUDO
1ıUDELL, %8//(7,12)),&,(/ 

$UWLFOH $UWLFOH
/HFRQVHLOG
DGPLQLVWUDWLRQVHFRPSRVH /HFRQVHLOG¶DGPLQLVWUDWLRQVHUpXQLWVXUFRQYRFDWLRQGHVRQ
SUpVLGHQW
±GHUHSUpVHQWDQWVGHO¶(WDW
‡DYDQW OH  MXLQ SRXU DUUrWHU OHV pWDWV GH V\QWKqVH GH
±GHVSUpVLGHQWVGHVIpGpUDWLRQVGHVFKDPEUHVSURIHVVLRQQHOOHV
O¶H[HUFLFHFORV
±GH GHX[ UHSUpVHQWDQWV pOXV SDUPL OHV SUpVLGHQWV GHV
‡DYDQWOHRFWREUHSRXUH[DPLQHUHWDUUrWHUOHEXGJHWHWOH
FKDPEUHVGHFRPPHUFHG¶LQGXVWULHHWGHVHUYLFHV SURJUDPPHSUpYLVLRQQHOGHO¶H[HUFLFHVXLYDQW
±GXSUpVLGHQWGHODFRQIpGpUDWLRQJpQpUDOHGHVHQWUHSULVHV ‡ORUVTXHOHVEHVRLQVO¶H[LJHQW
GX0DURF
,OSHXWpJDOHPHQWVHUpXQLUVXUFRQYRFDWLRQG¶XQWLHUVGHVHV
± GH WURLV SHUVRQQDOLWpV GpVLJQpHV SDU OH 3UHPLHU PLQLVWUH PHPEUHV
FRPSWH WHQX GH OHXU FRPSpWHQFH HQ PDWLqUH
$UWLFOH
G¶LQYHVWLVVHPHQW
/HFRQVHLOG¶DGPLQLVWUDWLRQGpOLEqUHYDODEOHPHQWORUVTXHOD
/HFRQVHLOG¶DGPLQLVWUDWLRQSHXWFRQYRTXHUjVHVUpXQLRQV
PRLWLp DX PRLQV GH VHV PHPEUHV VRQW SUpVHQWV HW SUHQG VHV
j WLWUH FRQVXOWDWLI WRXWH SHUVRQQH GRQW OD SDUWLFLSDWLRQ HVW MXJpH
GpFLVLRQV j OD PDMRULWp GHV YRL[ GHV PHPEUHV SUpVHQWV RX
XWLOH UHSUpVHQWpV (Q FDV GH SDUWDJH pJDO GHV YRL[ FHOOH GX SUpVLGHQW
$UWLFOH HVWSUpSRQGpUDQWH
/HFRQVHLOG
DGPLQLVWUDWLRQGLVSRVHGHWRXVOHVSRXYRLUVHW /HV DXWRULWpV JRXYHUQHPHQWDOHV PHPEUHV DX FRQVHLO
DWWULEXWLRQVQpFHVVDLUHVjO
DGPLQLVWUDWLRQGHO¶DJHQFH G¶DGPLQLVWUDWLRQSHXYHQWGpVLJQHUOHXUVUHSUpVHQWDQWVDXFRQVHLO
$ FHW HIIHW OH FRQVHLO H[HUFH QRWDPPHQW OHV DWWULEXWLRQV $UWLFOH
VXLYDQWHV /HFRQVHLOG¶DGPLQLVWUDWLRQSHXWGpFLGHUODFUpDWLRQGHWRXW
‡DSSURXYHOHSURJUDPPHG
DFWLRQDQQXHOGHO¶DJHQFHVXUOD FRPLWp SDUPL VHV PHPEUHV GRQW LO IL[H OD FRPSRVLWLRQ HW OHV
EDVHGHODVWUDWpJLHTX¶LOGpILQLWHWGHVRULHQWDWLRQVIL[pHV PRGDOLWpVGHIRQFWLRQQHPHQWHWDXTXHOLOSHXWGpOpJXHUXQHSDUWLH
SDUOHJRXYHUQHPHQW GHVHVSRXYRLUVHWDWWULEXWLRQV
‡DSSURXYHODFDUWHGHV]RQHVG¶DFWLYLWpV ,OSHXWpJDOHPHQWGpFLGHUODFUpDWLRQG¶XQFRPLWpFRQVXOWDWLI
VRXV OD SUpVLGHQFH G¶XQ GH VHV PHPEUHV GRQW LO IL[H OD
‡ DSSURXYH OHV FDKLHUV GHV FKDUJHV UHODWLIV DX[GLWHV ]RQHV FRPSRVLWLRQHWOHVPRGDOLWpVGHIRQFWLRQQHPHQW
G¶DFWLYLWpVHWYpULILHOHVFRQGLWLRQVGHOHXUFHVVLRQHWOHXU
$UWLFOH
YDORULVDWLRQ
/HGLUHFWHXUJpQpUDOGHO¶DJHQFHGpWLHQWWRXVOHVSRXYRLUVHW
‡DSSURXYH OH EXGJHW DQQXHO HW OHV pWDWV SUpYLVLRQQHOV
DWWULEXWLRQVQpFHVVDLUHVjODJHVWLRQGHO¶DJHQFH
SOXULDQQXHOV GH O¶DJHQFH DLQVL TXH OHV PRGDOLWpV GH
ILQDQFHPHQW GHV SURJUDPPHV G¶DFWLYLWp GH O¶DJHQFH HW OH ‡,O H[pFXWH OHV GpFLVLRQV GX FRQVHLO G
DGPLQLVWUDWLRQ HW OH
UpJLPHGHVDPRUWLVVHPHQWV FDVpFKpDQWGXRXGHVFRPLWpVFUppVSDUFHGHUQLHU
‡ DUUrWH HW DSSURXYH OHV FRPSWHV DQQXHOV HW GpFLGH GH ‡,OJqUHO
DJHQFHHWDJLWHQVRQQRP
O¶DIIHFWDWLRQGHVUpVXOWDWV ‡,O DVVXUH OD JHVWLRQ GH O
HQVHPEOH GHV VHUYLFHV HW FRRUGRQQH
OHXUV DFWLYLWpV QRPPH DX[ HPSORLV GH O
DJHQFH
‡DUUrWH O¶RUJDQLJUDPPH GH O¶DJHQFH IL[DQW OHV VWUXFWXUHV
FRQIRUPpPHQW DX VWDWXW GH VRQ SHUVRQQHO DFFRPSOLW RX
RUJDQLVDWLRQQHOOHVHWOHXUVDWWULEXWLRQV
DXWRULVHWRXVDFWHVRXRSpUDWLRQVUHODWLIVjO
REMHWGHO
DJHQFH
‡DSSURXYH OH VWDWXW GX SHUVRQQHO GH O¶DJHQFH TXL IL[H OHV ‡,O UHSUpVHQWH O¶DJHQFH YLVjYLV GH O
(WDW GH WRXWH
FRQGLWLRQV GH UHFUXWHPHQW GH UpJLPH GHV VDODLUHV HW GHV DGPLQLVWUDWLRQ SXEOLTXH RX SULYpH HW GH WRXW WLHUV HW IDLW
LQGHPQLWpVHWOHGpURXOHPHQWGHFDUULqUHGXSHUVRQQHO WRXVDFWHVFRQVHUYDWRLUHV
‡pODERUH OH UqJOHPHQW IL[DQW OHV UqJOHV HW PRGHV GH ‡,OUHSUpVHQWHO
DJHQFHHQMXVWLFHHWSHXWLQWHQWHUWRXWHDFWLRQ
SDVVDWLRQGHVPDUFKpV HQMXVWLFHD\DQWSRXUREMHWODGpIHQVHGHVLQWpUrWVGHO
DJHQFH
‡DUUrWHOHVFRQGLWLRQVG¶pPLVVLRQGHVHPSUXQWVHWGHUHFRXUV DSUqVDFFRUGGXSUpVLGHQWGXFRQVHLOG
DGPLQLVWUDWLRQ
DX[DXWUHVIRUPHVGHFUpGLWVEDQFDLUHVWHOOHVTX¶DYDQFHVRX ‡,ODVVLVWHDYHFYRL[FRQVXOWDWLYHDX[UpXQLRQVGXFRQVHLO
GpFRXYHUWVHWDXWUHVPRGHVGHILQDQFHPHQW G
DGPLQLVWUDWLRQ HW GX RX GHV FRPLWpV FUppV SDU FH
‡GpFLGHGHO¶DFTXLVLWLRQGHODFHVVLRQHWGHODORFDWLRQGHV
ELHQVLPPHXEOHVDXSURILWGHO¶DJHQFH
/H FRQVHLO G¶DGPLQLVWUDWLRQ SHXW GRQQHU GpOpJDWLRQ DX
GLUHFWHXU JpQpUDO GH O¶DJHQFH SRXU OH UqJOHPHQW G¶DIIDLUHV
GpWHUPLQpHV
/H FRQVHLO G¶DGPLQLVWUDWLRQ SHXW pJDOHPHQW SUHQGUH WRXWH
PHVXUHSRXUHIIHFWXHUGHVDXGLWVHWGHVpYDOXDWLRQVSpULRGLTXHV
,O H[DPLQH OH UDSSRUW G¶DFWLYLWp DQQXHO GH O¶DJHQFH TXH OXL
SUpVHQWHOHGLUHFWHXUJpQpUDO
DJHQFH
GHUQLHUOHFDVpFKpDQW
‡,O DUUrWH HQ FRRUGLQDWLRQ DYHF O¶DXWRULWp JRXYHUQHPHQWDOH
FKDUJpH GH OD WXWHOOH GH O¶DJHQFH O¶RUGUH GX MRXU GH OD
FRPPLVVLRQ GHV LQYHVWLVVHPHQWV YLVpH j O¶DUWLFOH  GH OD
SUpVHQWH ORL HW DVVXUH HQ OLDLVRQ DYHF OHV GpSDUWHPHQWV HW
RUJDQLVPHV FRQFHUQpV OH VXLYL GH O¶H[pFXWLRQ SDU OHV
LQYHVWLVVHXUVGHVFRQWUDWVHWFRQYHQWLRQVG¶LQYHVWLVVHPHQW
/H GLUHFWHXU JpQpUDO GH O¶DJHQFH SHXW VRXV VD
UHVSRQVDELOLWp GpOpJXHU XQH SDUWLH GH VHV SRXYRLUV HW GH VHV
DWWULEXWLRQVDXSHUVRQQHOGHGLUHFWLRQGHO
 %8//(7,12)),&,(/ 1ıUDELL,

$UWLFOH
/¶DJHQFHSHXWTXDQGHOOHHQIDLWGHPDQGHH[SUHVVpPHQWVH
IDLUHFRPPXQLTXHUSDUO¶DGPLQLVWUDWLRQOHVRUJDQLVPHVSXEOLFV
OHVFROOHFWLYLWpVORFDOHVHWOHXUVJURXSHPHQWVWRXVGRFXPHQWVRX
LQIRUPDWLRQV QpFHVVDLUHV j OD UpDOLVDWLRQ GH VHV PLVVLRQV DLQVL
TX¶jO¶pODERUDWLRQGHVVWDWLVWLTXHVUHODWLYHVDX[LQYHVWLVVHPHQWV
&KDSLWUH,,,
2UJDQLVDWLRQILQDQFLqUH
$UWLFOH
/HEXGJHWGHO¶DJHQFHFRPSUHQG SHUVRQQHO GH O¶DJHQFH OH SHUVRQQHO LQWpJUp RX GpWDFKp FRQVHUYH
±(QUHFHWWHV
±OHVUHYHQXVSURYHQDQWGHVHVDFWLYLWpV
±OHSURGXLWGHVHPSUXQWVLQWpULHXUVHWH[WpULHXUV
±OHV VXEYHQWLRQV GH O
(WDW GHV FROOHFWLYLWpV ORFDOHV HW GH
WRXWRUJDQLVPHQDWLRQDORXLQWHUQDWLRQDOGHGURLWSXEOLFRX
SULYp
±OH SURGXLW GHV WD[HV SDUDILVFDOHV TXL SHXYHQW rWUH
LQVWLWXpHVDXSURILWGHO¶DJHQFH SRXUOHVUpJLPHVGHSHQVLRQDX[FDLVVHVDX[TXHOOHVLOFRWLVDLWjOD
±OHVGRQVOHJVHWSURGXLWVGLYHUV
/HSHUVRQQHOGpWDFKpDXSUqVGHO¶DJHQFHHQYHUWXGXSUHPLHU
DOLQpDFLGHVVXVSRXUUDrWUHLQWpJUpVXUVDGHPDQGHGDQVOHVFDGUHV
GHO¶DJHQFHFRQIRUPpPHQWjVRQVWDWXWGXSHUVRQQHO
$UWLFOH
/DVLWXDWLRQFRQIpUpHSDUOHGLWVWDWXWSDUWLFXOLHUDXSHUVRQQHO
LQWpJUp RX GpWDFKp HQ DSSOLFDWLRQ GH O¶DUWLFOH  FLGHVVXV QH
VDXUDLW HQ DXFXQ FDV rWUH PRLQV IDYRUDEOH TXH FHOOH GpWHQXH SDU
OHV LQWpUHVVpV GDQV OHXU FDGUH G¶RULJLQH j OD GDWH GH OHXU
GpWDFKHPHQW
'DQV O¶DWWHQWH GH O¶DSSOLFDWLRQ GX VWDWXW SDUWLFXOLHU GX
O¶LQWpJUDOLWpGHVGURLWVHWDYDQWDJHVGRQWLOEpQpILFLDLWDXVHLQGH
VRQFDGUHG¶RULJLQH
/HV VHUYLFHV HIIHFWXpV SDU FH SHUVRQQHO DX VHLQ GH
O¶DGPLQLVWUDWLRQ VRQW FRQVLGpUpV FRPPH D\DQW pWp HIIHFWXpV DX
VHLQGHO¶DJHQFH
$UWLFOH
/H SHUVRQQHO YLVp j O¶DUWLFOH  FLGHVVXV GHPHXUH DIILOLp
GDWHGHVRQGpWDFKHPHQW

±HW WRXWHV DXWUHV UHFHWWHV TXL SHXYHQW OXL rWUH DWWULEXpHV &KDSLWUH9
XOWpULHXUHPHQW 'LVSRVLWLRQVGLYHUVHV
±(QGpSHQVHV $UWLFOH
±OHVGpSHQVHVG¶H[SORLWDWLRQHWG¶LQYHVWLVVHPHQW 6RQWWUDQVIpUpVjO¶DJHQFHjODGDWHG¶HQWUpHHQYLJXHXUGHOD
SUpVHQWHORLOHVDUFKLYHVHWOHVGRVVLHUVDIIpUHQWVDX[FRQYHQWLRQV
±OHV GpSHQVHV GH SHUVRQQHO HW GH PDWpULHO DIIpUHQWHV DX
HWFRQWUDWVG¶LQYHVWLVVHPHQWFRQFOXVDYDQWODGLWHGDWH
IRQFWLRQQHPHQWGHVUHSUpVHQWDWLRQVjO¶pWUDQJHU
/¶DJHQFH HVW VXEURJpH GDQV OHV GURLWV HW REOLJDWLRQV GH
±OHUHPERXUVHPHQWGHVSUrWV
O
(WDWSRXUWRXVOHVPDUFKpVG¶pWXGHVGHWUDYDX[GHIRXUQLWXUHV
±WRXWHVDXWUHVGpSHQVHVHQUDSSRUWDYHFO
REMHWGHO
DJHQFH HW GH WUDQVSRUW DLQVL TXH WRXV DXWUHV FRQWUDWV HW FRQYHQWLRQV
$UWLFOH FRQFOXV SRXU OH FRPSWH GH OD GLUHFWLRQ GHV LQYHVWLVVHPHQWV
/H UHFRXYUHPHQW GHV FUpDQFHV GH O
DJHQFH V
HIIHFWXH H[WpULHXUV DYDQW OD GDWH GH SXEOLFDWLRQ GH OD SUpVHQWH ORL DX
FRQIRUPpPHQW j OD ORL Qƒ  IRUPDQW FRGH GH UHFRXYUHPHQW %XOOHWLQRIILFLHO
GHVFUpDQFHVSXEOLTXHVSURPXOJXpHSDUOHGDKLUQƒGX $UWLFOH
PRKDUUHPPDL
/D SUpVHQWH ORL HQWUH HQ YLJXHXU GqV VD SXEOLFDWLRQ DX
&KDSLWUH,9 %XOOHWLQRIILFLHO
BBBBBB
3HUVRQQHO
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
$UWLFOH
©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU
3RXUO¶DFFRPSOLVVHPHQWGHVPLVVLRQVTXLOXLVRQWLPSDUWLHV
SDUODSUpVHQWHORLO¶DJHQFHHVWGRWpHG¶XQSHUVRQQHOUHFUXWpSDU
VHVVRLQVFRQIRUPpPHQWjVRQVWDWXWGXSHUVRQQHORXGpWDFKpGHV
DGPLQLVWUDWLRQV SXEOLTXHV FRQIRUPpPHQW j OD OpJLVODWLRQ HW j OD
UpJOHPHQWDWLRQHQYLJXHXU
/¶DJHQFHSHXWpJDOHPHQWIDLUHDSSHOjGHVFRQVXOWDQWVHWj
GHV FRQWUDFWXHOV QDWLRQDX[ HWRX pWUDQJHUV SRXU GHV PLVVLRQV
GpWHUPLQpHV
'DKLU Qƒ GX   VDIDU   IpYULHU   SRUWDQW
SURPXOJDWLRQGHODORLQƒPRGLILDQWODORLQƒ
LQVWLWXDQWGHVFRXUVG¶DSSHODGPLQLVWUDWLYHV
BBBBBBBBBB
/28$1*($',(86(8/
$UWLFOH *UDQG6FHDXGH6D0DMHVWp0RKDPPHG9,
/HSHUVRQQHOIRQFWLRQQDLUHWLWXODLUHHWVWDJLDLUHHQIRQFWLRQ 4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW
jODGLUHFWLRQGHVLQYHVWLVVHPHQWVH[WpULHXUVHVWGpWDFKpG¶RIILFH
HQIRUWLILHUODWHQHXU
DXSUqVGHO¶DJHQFHVXUVDGHPDQGHGDQVXQGpODLQHGpSDVVDQW
SDVWUHQWHMRXUVjFRPSWHUGHODGDWHGHSXEOLFDWLRQGHODSUpVHQWH 4XH1RWUH0DMHVWp&KpULILHQQH
ORLDX©%XOOHWLQRIILFLHOª 9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW
1ıUDELL, %8//(7,12)),&,(/ 

$'e&,'e&(48,68,7 $'e&,'e&(48,68,7
(VWSURPXOJXpHHWVHUDSXEOLpHDX%XOOHWLQRIILFLHOjODVXLWH
(VWSURPXOJXpHHWVHUDSXEOLpHDX%XOOHWLQRIILFLHOjODVXLWH
GXSUpVHQWGDKLUODORLQƒPRGLILDQWODORLQƒLQVWLWXDQW
GXSUpVHQWGDKLUODORLQƒUHODWLYHjODFHVVDWLRQ GX PDQGDW
GHVFRXUVG¶DSSHODGPLQLVWUDWLYHVWHOOHTX¶DGRSWpHSDUOD&KDPEUH
GHV PHPEUHV GHV FRQVHLOV FRPPXQDX[ HWG¶DUURQGLVVHPHQWV GHV
GHVUHSUpVHQWDQWVHWOD&KDPEUHGHVFRQVHLOOHUV
FRQVHLOVSUpIHFWRUDX[HWSURYLQFLDX[HWGHVFRQVHLOVUpJLRQDX[HWjOD
)DLWj)qVOHVDIDUIpYULHU
FHVVDWLRQGXPDQGDWGHVUHSUpVHQWDQWVGHVVDODULpVWHOOHTX¶DGRSWpH
3RXUFRQWUHVHLQJ
SDUOD&KDPEUHGHVFRQVHLOOHUVHWOD&KDPEUHGHVUHSUpVHQWDQWV
/H3UHPLHUPLQLVWUH
)DLWj)qVOHVDIDUIpYULHU
$%%$6(/)$66,
3RXUFRQWUHVHLQJ

/H3UHPLHUPLQLVWUH
$%%$6(/)$66,





/RLQƒ
PRGLILDQWODORLQƒ


LQVWLWXDQWGHVFRXUVG¶DSSHODGPLQLVWUDWLYHV /RLQƒ
BBBBBBBBBB UHODWLYHjODFHVVDWLRQGXPDQGDW
GHVPHPEUHVGHVFRQVHLOVFRPPXQDX[
$UWLFOHXQLTXH
HWG¶DUURQGLVVHPHQWVGHVFRQVHLOVSUpIHFWRUDX[
/HVGLVSRVLWLRQVGHO¶DUWLFOHGHODORLQƒ LQVWLWXDQW HWSURYLQFLDX[HWGHVFRQVHLOVUpJLRQDX[
GHV FRXUV G¶DSSHO DGPLQLVWUDWLYHV SURPXOJXpH SDU OH GDKLU HWjODFHVVDWLRQGXPDQGDWGHVUHSUpVHQWDQWVGHVVDODULpV
QƒGXPRKDUUHPIpYULHUVRQWPRGLILpHV
FRPPHVXLW $UWLFOHSUHPLHU
©$UWLFOH ± /HV GpFLVLRQV UHQGXHV SDU OHV FRXUV G¶DSSHO
©DGPLQLVWUDWLYHV VRQW VXVFHSWLEOHV GH SRXUYRL HQ FDVVDWLRQ
©GHYDQWOD&RXUVXSUrPHVDXIOHVGpFLVLRQVUHQGXHVHQPDWLqUH
©G¶DSSUpFLDWLRQGHODOpJDOLWpGHVGpFLVLRQVDGPLQLVWUDWLYHV
©/HGpODLGXSRXUYRLª
BBBBBBBBBB
3DU GpURJDWLRQ DX[ GLVSRVLWLRQV GX SUHPLHU DOLQpD GH
O¶DUWLFOH  GH OD ORL Qƒ  IRUPDQW FRGH pOHFWRUDO LO VHUD PLV
ILQ j FRPSWHU GX MRXU VXLYDQW OD GDWH G¶RUJDQLVDWLRQ GHV
SURFKDLQHV pOHFWLRQV JpQpUDOHV HQ YXH GX UHQRXYHOOHPHQW GHV
PHPEUHV GHV FRQVHLOV FRPPXQDX[ HW G¶DUURQGLVVHPHQWV GHV
FRQVHLOVSUpIHFWRUDX[HWSURYLQFLDX[HWGHVFRQVHLOVUpJLRQDX[DX
PDQGDW GHV PHPEUHV HQ H[HUFLFH DX VHLQ GHVGLWV FRQVHLOV j OD
/DVXLWHVDQVPRGLILFDWLRQ
GDWHGHSXEOLFDWLRQGHODSUpVHQWHORLDX©%XOOHWLQRIILFLHOª
BBBBBB
$UWLFOH
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX 1RQREVWDQW WRXWHV GLVSRVLWLRQV FRQWUDLUHV LO VHUD PLV ILQ j
©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU FRPSWHUG¶XQHGDWHTXLVHUDIL[pHSDUYRLHUpJOHPHQWDLUHDXPDQGDW
GHVUHSUpVHQWDQWVGHVVDODULpVHQH[HUFLFHjODGDWHGHSXEOLFDWLRQGH
ODSUpVHQWHORLDX©%XOOHWLQRIILFLHOªHWLQGLTXpVFLDSUqV
±OHVGpOpJXpVGHVSHUVRQQHOVGDQVOHVHQWUHSULVHV
'DKLU Qƒ GX   VDIDU   IpYULHU   SRUWDQW
SURPXOJDWLRQ GH OD ORL Qƒ  UHODWLYH j OD FHVVDWLRQ
GX PDQGDW GHV PHPEUHV GHV FRQVHLOV FRPPXQDX[
HWG¶DUURQGLVVHPHQWV GHV FRQVHLOV SUpIHFWRUDX[
HWSURYLQFLDX[ HW GHV FRQVHLOV UpJLRQDX[ HW j OD
FHVVDWLRQGXPDQGDWGHVUHSUpVHQWDQWVGHVVDODULpV
BBBBBBBBBB
/28$1*($',(86(8/
±OHVUHSUpVHQWDQWVGXSHUVRQQHODX[FRPPLVVLRQVGXVWDWXW
HWGXSHUVRQQHOGHVHQWUHSULVHVPLQLqUHV
±OHV UHSUpVHQWDQWV GHV IRQFWLRQQDLUHV DX VHLQ GHV
FRPPLVVLRQV DGPLQLVWUDWLYHV SDULWDLUHV SUpYXHV SDU OH
VWDWXW JpQpUDO GH OD IRQFWLRQ SXEOLTXH HW OHV VWDWXWV
SDUWLFXOLHUVGXSHUVRQQHOFRPPXQDOHWGHVSHUVRQQHOVGHV
pWDEOLVVHPHQWVSXEOLFV
,O VHUD SURFpGp j FRPSWHU GH OD GDWH IL[pH SDU YRLH
UpJOHPHQWDLUHYLVpHDXSUHPLHUDOLQpDFLGHVVXVjO¶RUJDQLVDWLRQ
*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9, GHV pOHFWLRQV GHV QRXYHDX[ UHSUpVHQWDQWV GH FKDFXQH GHV
FDWpJRULHV GHV VDODULpV SUpFLWpV GDQV OHV IRUPHV HW FRQGLWLRQV
4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW OpJDOHVDSSOLFDEOHVDX[GLWHVFDWpJRULHV
HQIRUWLILHUODWHQHXU BBBBBB
4XH1RWUH0DMHVWp&KpULILHQQH /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW ©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU
 %8//(7,12)),&,(/ 1ıUDELL,

'DKLU Qƒ GX   VDIDU   IpYULHU   SRUWDQW ©/HV DXWRULWpV SXEOLTXHV TXL UHoRLYHQW OD GpFODUDWLRQ GH
SURPXOJDWLRQGHODORLQƒPRGLILDQWO¶DUWLFOHGX ©IRQGDWLRQ G¶XQH DVVRFLDWLRQ SHXYHQW HIIHFWXHU GHV HQTXrWHV HW
GDKLU Qƒ  GX  MRXPDGD ,   QRYHPEUH ©REWHQLUODILFKHQƒGXFDVLHUMXGLFLDLUHGHVLQWpUHVVpV
UpJOHPHQWDQWOHGURLWG¶DVVRFLDWLRQWHOTX¶LODpWp ©/HVVWDWXWVVHURQWMRLQWVjODGpFODUDWLRQYLVpHDXSUHPLHU
PRGLILpHWFRPSOpWp ©DOLQpDGHFHWDUWLFOHª
BBBBBBBBBB
/DVXLWHVDQVPRGLILFDWLRQ
/28$1*($',(86(8/ BBBBBB
*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9, /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW ©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU
HQIRUWLILHUODWHQHXU
4XH1RWUH0DMHVWp&KpULILHQQH
9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW 'DKLUQƒGXVDIDUIpYULHUFRPSOpWDQW
OHGDKLUQƒGXUDPDGDQDYULO
$'e&,'e&(48,68,7 SRUWDQWFUpDWLRQGHSRVWHVGLSORPDWLTXHVHWFRQVXODLUHV
BBBBBBBBB
(VW SURPXOJXpH HW VHUD SXEOLpH DX %XOOHWLQ RIILFLHO j OD
VXLWHGX SUpVHQW GDKLU OD ORL Qƒ  PRGLILDQW O¶DUWLFOH  GX /28$1*($',(86(8/
GDKLUQƒ  GX  MRXPDGD ,   QRYHPEUH 
UpJOHPHQWDQW OH GURLW G¶DVVRFLDWLRQ WHO TX¶LO D pWp PRGLILp HW *UDQG6FHDXGH6D0DMHVWp0RKDPPHG9,
FRPSOpWp WHOOHTX¶DGRSWpHSDU OD&KDPEUHGHV UHSUpVHQWDQWV HWOD 4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW
&KDPEUHGHVFRQVHLOOHUV HQIRUWLILHUODWHQHXU

)DLWj)qVOHVDIDUIpYULHU 4XH1RWUH0DMHVWp&KpULILHQQH

9XOD&RQVWLWXWLRQQRWDPPHQWVRQDUWLFOH
3RXUFRQWUHVHLQJ
9X OH GDKLU Qƒ  GX  UDELL ,   RFWREUH 
/H3UHPLHUPLQLVWUH
SRUWDQWRUJDQLVDWLRQGXPLQLVWqUHGHVDIIDLUHVpWUDQJqUHVQRWDPPHQW
$%%$6(/)$66, VRQDUWLFOH
9XOHGDKLUQƒGXUDPDGDQDYULO
 SRUWDQW FUpDWLRQ GH SRVWHV GLSORPDWLTXHV HW FRQVXODLUHV WHO TXH
PRGLILpHWFRPSOpWp
/RLQƒ $'e&,'e&(48,68,7
PRGLILDQWO¶DUWLFOHGXGDKLUQƒ
$57,&/( 35(0,(5±/¶DUWLFOH SUHPLHU GX GDKLU SUpFLWp
GXMRXPDGD,QRYHPEUH
Qƒ GX  UDPDGDQ   DYULO  SRUWDQW
UpJOHPHQWDQWOHGURLWG¶DVVRFLDWLRQ
FUpDWLRQ GH SRVWHV GLSORPDWLTXHV HW FRQVXODLUHV HVW FRPSOpWp
WHOTX¶LOjpWpPRGLILpHWFRPSOpWp
BBBBBBBB DLQVLTX¶LOVXLW
©$UWLFOHSUHPLHU±
$UWLFOHXQLTXH ©±
/¶DUWLFOH  GX GDKLU Qƒ  GX  MRXPDGD ,  ©±$PEDVVDGHVGX5R\DXPHGX0DURF
QRYHPEUHUpJOHPHQWDQWOHGURLWG¶DVVRFLDWLRQWHOTX¶LO ©±
DpWpPRGLILpHWFRPSOpWpHVWPRGLILpHWFRPSOpWpDLQVLTX¶LOVXLW ©±$PEDVVDGH GX 5R\DXPH GX 0DURF j OD 5pSXEOLTXH
©$UWLFOH±7RXWHDVVRFLDWLRQ ©G¶$]HUEDwGMDQ
©XQDYLVVXUODGHPDQGH ©±'pOpJDWLRQVHWUHSUpVHQWDWLRQVSHUPDQHQWHV
©/RUVTXHODGpFODUDWLRQ ©ª
©SUpYXGDQVVHVVWDWXWV /DVXLWHVDQVPRGLILDWLRQ
©&HWWHGpFODUDWLRQIHUDFRQQDvWUH $57±/HSUpVHQWGDKLUHQWUHUDHQYLJXHXUjFRPSWHUGX
QRYHPEUH
©±OHQRPHWO¶REMHWGHO¶DVVRFLDWLRQ
)DLWj)qV OHVDIDUIpYULHU 
©±ODOLVWHGHVSUpQRPV 3RXUFRQWUHVHLQJ
©±ODTXDOLWpGRQWOHVPHPEUHVGLVSRVHQW /H3UHPLHUPLQLVWUH
©±FRSLHV GH OHXUV FDUWHV G¶LGHQWLWp QDWLRQDOH RX SRXU OHV $%%$6(/)$66,
©pWUDQJHUVGHOHXUVFDUWHVGHVpMRXU BBBBBB
©±OHVLqJHGHO¶DVVRFLDWLRQ
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
©±OHQRPEUHHWOHVVLqJHVGHVHVVXFFXUVDOHV ©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU
1ıUDELL, %8//(7,12)),&,(/ 

'pFUHWQƒGXVDIDUIpYULHUDSSURXYDQW 'e&5Ê7(

O¶DFFRUG GH SUrW G¶XQ PRQWDQW GH  G¶HXURV $57,&/( 35(0,(5±(VW DSSURXYp WHO TX¶LO HVW DQQH[p j
FRQFOXOHKLMDGpFHPEUHHQWUHOH5R\DXPH O¶RULJLQDO GX SUpVHQW GpFUHW O¶DFFRUG GH SUrW G¶XQ PRQWDQW GH
GX 0DURF HW OD %DQTXH DIULFDLQH GH GpYHORSSHPHQW SRXU PLOOLRQV GH GROODUV 86 FRQFOX OH  NDDGD   QRYHPEUH 
OHILQDQFHPHQW GX SURJUDPPH G¶DSSXL j OD UpIRUPH GH HQWUH OH 5R\DXPH GX 0DURF HW OH )RQGV GH O¶23(3 SRXU OH
ODFRXYHUWXUHPpGLFDOHSKDVH,, GpYHORSSHPHQW LQWHUQDWLRQDO SRXU OH ILQDQFHPHQW GX SURMHW GH
BBBBBBBB FRQVWUXFWLRQGXEDUUDJH7DVNRXUW
$57±/H PLQLVWUH GH O¶pFRQRPLH HW GHV ILQDQFHV HVW
/(35(0,(50,1,675(
FKDUJp GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX
9XO¶DUWLFOHGHODORLGHILQDQFHVQƒSRXUO¶DQQpH %XOOHWLQRIILFLHO
EXGJpWDLUHSURPXOJXpHSDUOHGDKLUQƒGXKLMD
)DLWj5DEDWO HVDIDUIpYULHU
GpFHPEUH
9XOHSDUDJUDSKH,GHO¶DUWLFOHGHODORLGHILQDQFHVSRXU $%%$6(/)$66,
O¶DQQpHQƒSURPXOJXpHSDUOHGDKLUQƒGX
3RXUFRQWUHVHLQJ
UDELL,HUMDQYLHU
6XUSURSRVLWLRQGXPLQLVWUHGHO¶pFRQRPLHHWGHVILQDQFHV /HPLQLVWUHGHO¶pFRQRPLH
HWGHVILQDQFHV
'e&5Ê7(
6$/$+('',1(0(=28$5
$57,&/( 35(0,(5±(VW DSSURXYp WHO TX¶LO HVW DQQH[p j
O¶RULJLQDO GX SUpVHQW GpFUHW  O¶DFFRUG GH SUrW G¶XQ PRQWDQW GH
G¶HXURVFRQFOXOHKLMDGpFHPEUH
'pFUHWQƒGXVDIDUMDQYLHUPRGLILDQW
HQWUH OH 5R\DXPH GX 0DURF HW OD %DQTXH DIULFDLQH GH
OHGpFUHWQƒGXFKDRXDORFWREUH
GpYHORSSHPHQWSRXUOHILQDQFHPHQWGXSURJUDPPHG¶DSSXLjOD
SULV SRXU O¶DSSOLFDWLRQ GX FRGH GHV GRXDQHV HW LPS{WV
UpIRUPHGHODFRXYHUWXUHPpGLFDOHSKDVH,,
LQGLUHFWV
$57±/H PLQLVWUH GH O¶pFRQRPLH HW GHV ILQDQFHV HVW BBBBBBBBBB
FKDUJp GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX
/(35(0,(50,1,675(
%XOOHWLQRIILFLHO
9X OH FRGH GHV GRXDQHV DLQVL TXH GHV LPS{WV LQGLUHFWV
)DLWj5DEDWO HVDIDUIpYULHU
UHOHYDQW GH O¶DGPLQLVWUDWLRQ GHV GRXDQHV HW LPS{WV LQGLUHFWV
$%%$6(/)$66, DSSURXYpSDUOHGDKLUSRUWDQWORLQƒGXFKDRXDO
3RXUFRQWUHVHLQJ  RFWREUH  WHO TXH PRGLILp HW FRPSOpWp QRWDPPHQW VHV
/HPLQLVWUHGHO¶pFRQRPLH DUWLFOHVHW
HWGHVILQDQFHV 9XOHGpFUHWQƒGXFKDRXDORFWREUH
6$/$+('',1(0(=28$5 SULVSRXUO¶DSSOLFDWLRQGXFRGHGHVGRXDQHVHWLPS{WVLQGLUHFWVWHO
TX¶LODpWpPRGLILpHWFRPSOpWp
6XUSURSRVLWLRQGXPLQLVWUHGHO¶pFRQRPLHHWGHVILQDQFHV

'pFUHWQƒGXVDIDUIpYULHU DSSURXYDQW $SUqV H[DPHQ SDU OH FRQVHLO GHV PLQLVWUHV UpXQL OH
O¶DFFRUG GH SUrW G¶XQ PRQWDQW GH   PLOOLRQV GH GROODUV FKDRXDORFWREUH
86 FRQFOX OH  NDDGD  QRYHPEUH  HQWUH OH 'e&5Ê7(
5R\DXPH GX 0DURF HW OH )RQGV GH O¶23(3 SRXU OH $57,&/( 35(0,(5±/HV DUWLFOHV     HW  GX
GpYHORSSHPHQW LQWHUQDWLRQDO SRXU OH ILQDQFHPHQW GX
SURMHWGHFRQVWUXFWLRQGXEDUUDJH7DVNRXUW
BBBBBBBB
/(35(0,(50,1,675(
9XO¶DUWLFOHGHODORLGHILQDQFHVQƒSRXUO¶DQQpH
GpFUHWVXVYLVpQƒGXFKDRXDORFWREUH
VRQWPRGLILpVHWFRPSOpWpVFRPPHVXLW
©$UWLFOH ±/H WUDQVLWDLUH DJUpp SHXW GRQQHU SDU
©SURFXUDWLRQ  VLJQHU HQ VRQ QRP WRXWHV
©GpFODUDWLRQVUpFRQQDLVVDQFHVGHFRQVLJQDWLRQ
EXGJpWDLUHSURPXOJXpHSDUOHGDKLUQƒGXKLMD /DVXLWHVDQVPRGLILFDWLRQ
GpFHPEUH ©$UWLFOH ±ƒ±/D WD[H GH PDJDVLQDJH
9X OH SDUDJUDSKH , GH O¶DUWLFOH  GH OD ORL GH ILQDQFHV ©SDVVpXQGpODLGHWURLVMRXUVFDOFXOpFRPPHLOHVWGLWDXƒFLDSUqV
QƒSRXUO¶DQQpHSURPXOJXpHSDUOHGDKLUQƒ ©UHVWHQWGDQVOHVORFDX[GHO¶DGPLQLVWUDWLRQ
GXUDELL,HUMDQYLHU ©ƒ±&HGpODLGHWURLVMRXUVHVWFDOFXOp
6XUSURSRVLWLRQGXPLQLVWUHGHO¶pFRQRPLHHWGHVILQDQFHV ©PDUFKDQGLVHVSDUO¶DGPLQLVWUDWLRQ
 %8//(7,12)),&,(/ 1ıUDELL,

©$UWLFOH ±6RXV UpVHUYH GHV GLVSRVLWLRQV GX HU GH ©±OHVWDX[GHUHPLVHSUpYXHSDUO¶DUWLFOHELVFLGHVVXV

©O¶DUWLFOH  FLDSUqV OD WD[H GH PDJDVLQDJH ©±OD GXUpH WD[DEOH GX VpMRXU GHV PDUFKDQGLVHV GDQV OHV
©OD SUHPLqUH SpULRGH WD[pH FRXUDQW GX OHQGHPDLQ GH OD GDWH ©ORFDX[ GH O¶DGPLQLVWUDWLRQ DLQVL TXH OHV TXRWLWpV TXL
©G¶H[SLUDWLRQGXGpODLGHWURLVMRXUVVXVYLVp ©OHXUV VRQW DSSOLFDEOHV HQ PDWLqUH GH WD[H GH VpMRXU
©SUpYXHVSDUO¶DUWLFOHFLGHVVXV
'85((7$;$%/('86(-285
'$16/(6/2&$8;'(/·$'0,1,675$7,21 4827,7(6$33/,&$%/(6 ©±OHVGpODLVYLVpVDX[DUWLFOHVHWFLGHVVXV
'(6'28$1(6(7,03276,1',5(&76
©±ODYDOHXUPD[LPXPGHVPDUFKDQGLVHVª
'XHUDXHMRXULQFOXV ([HPSW /DVXLWHVDQVPRGLILFDWLRQ
'XHDXHMRXULQFOXV DGYDORUHP
'XHDXHMRXULQFOXV DGYDORUHP $57±/H PLQLVWUH GH O¶pFRQRPLH HW GHV ILQDQFHV HVW
'XHDXHMRXULQFOXV DGYDORUHP FKDUJp GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX
%XOOHWLQRIILFLHO
©$UWLFOH ±$ O¶H[SLUDWLRQ GX GpODL GH  MRXUV YLVp j )DLWj5DEDWO HVDIDUMDQYLHU
©O¶DUWLFOHFLGHVVXVGHVGRXDQHVSUpFLWp
©$UWLFOH±/HPLQLVWUHFKDUJpGHVILQDQFHVHVWKDELOLWp $%%$6(/)$66,
©jPRGLILHU 3RXUFRQWUHVHLQJ
©,±SDUDUUrWpV /HPLQLVWUHGHO¶pFRQRPLH
©±OHVGpODLVHWOHVWDX[GHODUHPLVHSUpYXVjO¶DUWLFOHELVƒ HWGHVILQDQFHV
©FLGHVVXV
6$/$+('',1(0(=28$5
©

$UUrWpGHODPLQLVWUHGHODVDQWpQƒGXKLMDGpFHPEUHDSSURXYDQWOHVWDULIV

QDWLRQDX[ GH UpIpUHQFH SRXU OH UHPERXUVHPHQW RX OD SULVH HQ FKDUJH GHV DSSDUHLOODJHV HW
GLVSRVLWLIVPpGLFDX[DXWLWUHGHO¶DVVXUDQFHPDODGLHREOLJDWRLUH 
BBBBBBBBBB

/$0,1,675('(/$6$17(
9XODORLQƒSRUWDQWFRGHGHODFRXYHUWXUHPpGLFDOHGHEDVHSURPXOJXpHSDUOHGDKLUQƒ
GXUHMHERFWREUHQRWDPPHQWVRQDUWLFOH
9X OH GpFUHW Qƒ  GX  PRKDUUHP  HUIpYULHU SRUWDQW GpOpJDWLRQ GH SRXYRLU DX
PLQLVWUHGHODVDQWp
6XUSURSRVLWLRQGHO¶$JHQFHQDWLRQDOHGHO¶DVVXUDQFHPDODGLH
$55Ç7(
$57,&/(35(0,(5±6RQWDSSURXYpVWHOVTX¶DQQH[pVDXSUpVHQWDUUrWpOHVWDULIVQDWLRQDX[GHUpIpUHQFH
SRXUOHUHPERXUVHPHQWRXODSULVHHQFKDUJHGHVDSSDUHLOODJHVHWGLVSRVLWLIVPpGLFDX[DXWLWUHGHO¶DVVXUDQFH
PDODGLHREOLJDWRLUH
$57±/H SUpVHQW DUUrWp TXL DEURJH HW UHPSODFH O¶DUUrWp GX PLQLVWUH GH OD VDQWp Qƒ  GX
PRKDUUHPIpYULHUDSSURXYDQWOHVWDULIVQDWLRQDX[GHUpIpUHQFHSRXUOHUHPERXUVHPHQWRXOD
SULVHHQFKDUJHGHVDSSDUHLOODJHVHWGLVSRVLWLIVPpGLFDX[DXWLWUHGHO¶DVVXUDQFHPDODGLHREOLJDWRLUHHVWSXEOLp
DX%XOOHWLQRIILFLHO
5DEDWOHKLMDGpFHPEUH
<$60,1$%$''28


1ıUDELL, %8//(7,12)),&,(/ 

$UUrWp FRQMRLQW GX PLQLVWUH GX WRXULVPH HW GH O¶DUWLVDQDW HW $57±/HVWDULIVGHORFDWLRQGHVOLHX[SRXUODWHQXHGHV
GXPLQLVWUHGHO¶pFRQRPLHHWGHVILQDQFHVQƒGX VpPLQDLUHVHWFRQIpUHQFHVVRQWIL[pVFRPPHVXLW
PRKDUUHPMDQYLHUIL[DQWOHVWDULIVGHV
SUHVWDWLRQV GH VHUYLFHV UHQGXHV SDU OH PLQLVWqUH GX &$7(*25,(6
35,;3$5-285
WRXULVPH HW GH O¶DUWLVDQDW GpSDUWHPHQW GX WRXULVPH HQGLUKDPV
pWDEOLVVHPHQWVGHIRUPDWLRQK{WHOLqUHHWWRXULVWLTXH
BBBBBBBBBB 6DOOHSRO\YDOHQWH 
6DOOHGHFRXUVRXG¶pWXGH 
/(0,1,675('87285,60((7'(/¶$57,6$1$7
6DOOHLQIRUPDWLTXHSHUVRQQHV 
/(0,1,675('(/¶(&2120,((7'(6),1$1&(6
6DOOHLQWHUQHWSHUVRQQHV 
9XOHGpFUHWQƒGXPRKDUUHPGpFHPEUH
LQVWLWXDQWXQHUpPXQpUDWLRQSRXUVHUYLFHVUHQGXVSDUOHPLQLVWqUH 6DOOHGHUHVWDXUDQW 
GX WRXULVPH HW GH O¶DUWLVDQDW GpSDUWHPHQW GX WRXULVPH $PSKLWKpkWUH 
pWDEOLVVHPHQWVGHIRUPDWLRQK{WHOLqUHHWWRXULVWLTXH 6DOOHGHFRQIpUHQFHpTXLSpHPLFURUpWURSURMHFWHXUV
$55Ç7(17  HWF 
$57,&/( 35(0,(5± /HV WDULIV GHV UHSDV VHUYLV SDU OHV 6DOOHGHUpXQLRQjVLqJHV 
UHVWDXUDQWV GHV pWDEOLVVHPHQWV GH IRUPDWLRQ ILJXUDQW GDQV OH 6DOOHGHUpXQLRQjVLqJHVpTXLSpHPLFUR
GpFUHWVXVYLVpQƒVRQWIL[pVFRPPHVXLW UpWURSURMHFWHXU 
%XYHWWH 
7HUUDLQGHVSRUW 
5(67$85$7,21
&XLVLQH 
&$7(*25,(6 7DULIMRXUQDOLHUSDUSHUVRQQH

3HWLWGpMHXQHU 'pMHXQHU 'vQHU $57± /HV WDULIV GHV SUHVWDWLRQV GH VHUYLFHV PLVHV HQ
°XYUHSDUO¶$JHQFHQDWLRQDOHGHODSURPRWLRQGHO¶HPSORLHWGHV
6WDQGDUG 6SpFLDO 6WDQGDUG 6SpFLDO 6WDQGDUG 6SpFLDO
FRPSpWHQFHV $1$3(& VRQW IL[pV FRQIRUPpPHQW DX[ PDQXHOV
3XEOLFHQIRUPDWLRQ       GHVSURFpGXUHV©LQLWLDWLYHG¶HPSORLª
6WDJLDLUHV GHV pWDEOLV
      $57± /HV WDULIV GHV DFWLRQV GH IRUPDWLRQ HW GHV
VHPHQWVGHIRUPDWLRQ
      SUHVWDWLRQV TXL UHYrWHQW XQ FDUDFWqUH SDUWLFXOLHU HQ UDLVRQ
&OLHQWGHSDVVDJH
QRWDPPHQWGHOHXUQDWXUHGHO¶HQWLWpEpQpILFLDLUHGXQRPEUHGHV
$VVRFLDWLRQV HW RUJDQL
SDUWLFLSDQWV GH OHXU FR€W GH OHXU TXDQWLWp RX GH OHXU IUpTXHQFH
VDWLRQV FDULWDWLYHV HW
      SHXYHQWrWUHIL[pVSDUYRLHGHFRQYHQWLRQ
VRFLDOHV
¯XYUHV VRFLDOHV QRQ $57±/HSUpVHQWDUUrWpHQWUHHQYLJXHXUjFRPSWHUGHVD
FRQYHQWLRQQpHV       GDWHGHSXEOLFDWLRQDX%XOOHWLQRIILFLHO
¯XYUHV VRFLDOHV FRQYHQ 5DEDWOHPRKDUUHPMDQYLHU
WLRQQpHV      
/HPLQLVWUHGXWRXULVPH /HPLQLVWUHGHO¶pFRQRPLH
HWGHO¶DUWLVDQDW HWGHVILQDQFHV
$57± /HV WDULIV GH ORFDWLRQ GHV FKDPEUHV j O¶LQWHUQDW 02+$0('%2866$,' 6$/$+('',1(0(=28$5
GHV FKDPEUHV G¶DSSOLFDWLRQ GHV VXLWHV HW PDLVRQ G¶K{WHV GHV
pWDEOLVVHPHQWVGHIRUPDWLRQVRQWIL[pVFRPPHVXLW BBBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
+(%(5*(0(17 ©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU

7DULIMRXUQDOLHU )RUIDLW
&$7(*25,(6 SDUSHUVRQQH SDUMRXU

'RUWRLU &KDPEUH
6XLWH
0DLVRQ $UUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
ER[ G¶DSSOLFDWLRQ G¶K{WHV QRXYHOOHVWHFKQRORJLHVQƒGXPRKDUUHP
3XEOLFHQIRUPDWLRQ      MDQYLHU  SRUWDQW KRPRORJDWLRQ GH QRUPHV
PDURFDLQHV
6WDJLDLUHV GHV pWDEOLVVHPHQWV BBBBBBBBB
GHIRUPDWLRQ   ± ±
/( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '(6
&OLHQWGHSDVVDJH     1289(//(67(&+12/2*,(6
$VVRFLDWLRQ HW RUJDQLVDWLRQV
FDULWDWLYHVHWVRFLDOHV     9XOHGDKLUQƒGXMRXPDGD,MXLOOHW
¯XYUHV VRFLDOHV QRQ FRQYHQ UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD
WLRQQpHV     TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp
PRGLILp SDU OH GDKLU SRUWDQW ORL Qƒ  GX UDELL , 
¯XYUHVVRFLDOHVFRQYHQWLRQQpHV    
VHSWHPEUH
 %8//(7,12)),&,(/ 1ıUDELL,

9XOHGpFUHWQƒGXFKDDEDQHRFWREUH $57±6RQWDEURJpV

IL[DQWODFRPSRVLWLRQHWOHVDWWULEXWLRQVGHVRUJDQLVPHVFKDUJpVGH ±O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
ODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHODTXDOLWpHW WpOpFRPPXQLFDWLRQV Qƒ GX  UDPDGDQ 
GHO¶DPpOLRUDWLRQGHODSURGXFWLYLWp QRYHPEUH  HQ FH TXL FRQFHUQH VHV GLVSRVLWLRQV
9XO¶DUUrWpGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHWGHVWpOpFRP UHODWLYHVDX[QRUPHVPDURFDLQHV10,6210,62
PXQLFDWLRQVQƒGXUDPDGDQQRYHPEUH HW10,62
SRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV ±O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GH
O¶DUWLVDQDWQƒGXUDELL,MXLQ HQ
9X O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GH
FH TXL FRQFHUQH VHV GLVSRVLWLRQV UHODWLYHV DX[ QRUPHV
O¶DUWLVDQDW Qƒ GX  UDELL ,  MXLQ  SRUWDQW
PDURFDLQHV10,62HW10,62
KRPRORJDWLRQGHQRUPHVPDURFDLQHV
±O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH GH
9X O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH GH O¶pQHUJLH HW GHV PLQHV Qƒ  GX  UDPDGDQ 
O¶pQHUJLH HW GHV PLQHV Qƒ  GX  UDPDGDQ  GpFHPEUH  HQ FH TXL FRQFHUQH VHV GLVSRVLWLRQV
GpFHPEUHSRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV UHODWLYHV DX[ QRUPHV PDURFDLQHV 10 ,62  HW
9X O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GH 10,62
O¶DUWLVDQDW Qƒ  GX  UDPDGDQ   MDQYLHU  ±O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GH
SRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV O¶DUWLVDQDWQƒGXUDPDGDQMDQYLHU
9X O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GH HQ FH TXL FRQFHUQH VHV GLVSRVLWLRQV UHODWLYHV DX[ QRUPHV
O¶DUWLVDQDW Qƒ  GX  UHMHE   RFWREUH  PDURFDLQHV 10 ,62  10 ,62 
SRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV 10,62HW10,62
±O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GH
9X O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GH
O¶DUWLVDQDWQƒGXUHMHERFWREUH
O¶DUWLVDQDW Qƒ  GX  UDELL ,   MXLQ  SRUWDQW
KRPRORJDWLRQGHQRUPHVPDURFDLQHV
9X O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
HQ FH TXL FRQFHUQH VHV GLVSRVLWLRQV UHODWLYHV j OD QRUPH
PDURFDLQH10,62
±O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GH
WpOpFRPPXQLFDWLRQVQƒGXUDELL,PDL O¶DUWLVDQDWQƒGXUDELL,MXLQHQ
SRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV FH TXL FRQFHUQH VHV GLVSRVLWLRQV UHODWLYHV j OD QRUPH
9XO¶DUUrWpGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHWGHOD PDURFDLQH10,62
PLVH j QLYHDX GH O¶pFRQRPLH Qƒ  GX  PRKDUUHP  ±O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
IpYULHUSRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV WpOpFRPPXQLFDWLRQV Qƒ  GX  UDELL , 
9X O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV PDLHQFHTXLFRQFHUQHVHVGLVSRVLWLRQVUHODWLYHV
WpOpFRPPXQLFDWLRQVQƒGXKLMDIpYULHU jODQRUPHPDURFDLQH10,62
SRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV ±O¶DUUrWpGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHWGHODPLVH
9XO¶DYLVIDYRUDEOHGXFRQVHLOVXSpULHXULQWHUPLQLVWpULHOGHOD j QLYHDX GH O¶pFRQRPLH Qƒ  GX  PRKDUUHP 
IpYULHUHQFHTXLFRQFHUQHVHVGLVSRVLWLRQVUHODWLYHV
TXDOLWpHWGHODSURGXFWLYLWp&6,43UpXQLOHQRYHPEUH
jODQRUPHPDURFDLQH10
$55Ç7(
±O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
$57,&/( 35(0,(5±6RQW KRPRORJXpHV FRPPH QRUPHV WpOpFRPPXQLFDWLRQVQƒGXKLMDIpYULHU
PDURFDLQHVOHVQRUPHVDQQH[pHVDXSUpVHQWDUUrWp HQ FH TXL FRQFHUQH VHV GLVSRVLWLRQV UHODWLYHV j OD QRUPH
$57±/HVQRUPHVYLVpHVjO¶DUWLFOHSUHPLHUFLGHVVXV PDURFDLQH10
VRQW WHQXHV j OD GLVSRVLWLRQ GHV LQWpUHVVpV DX PLQLVWqUH GH $57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
O¶LQGXVWULH GX FRPPHUFH HW GHV QRXYHOOHV WHFKQRORJLHV VHUYLFH 5DEDWOHPRKDUUHPMDQYLHU
GHQRUPDOLVDWLRQLQGXVWULHOOHPDURFDLQH61,0$ $+0('5('$&+$0, 


1ıUDELL, %8//(7,12)),&,(/ 

$QQH[H
BBBB
 %8//(7,12)),&,(/ 1ıUDELL,
1ıUDELL, %8//(7,12)),&,(/ 
 %8//(7,12)),&,(/ 1ıUDELL,

$UUrWpGXPLQLVWUHGHO¶pFRQRPLHHWGHVILQDQFHVQƒGX $QQpHV   &RHIILFLHQWV

VDIDUIpYULHUIL[DQWSRXUO¶DQQpH
OHVFRHIILFLHQWVGHUppYDOXDWLRQHQPDWLqUHG¶LPS{WVXUOH
UHYHQXDXWLWUHGHVSURILWVIRQFLHUV
BBBBBBBBBB
/(0,1,675('(/¶(&2120,((7'(6),1$1&(6
9X OHV GLVSRVLWLRQV GHV DUWLFOHV ,, HW ,,, GX FRGH
JpQpUDO GHV LPS{WV LQVWLWXp SDU O¶DUWLFOH  GH OD ORL GH ILQDQFHV
Qƒ SRXU O¶DQQpH EXGJpWDLUH  SURPXOJXpH SDU OH GDKLU
±±±±     ±±±± 
$QQpHHWDQQpHVDQWpULHXUHV
 
 
 
 
 
 
 
 
 
 
 
QƒGXKLMDGpFHPEUHWHOTXHPRGLILp  
 
HWFRPSOpWp  
 
$55Ç7(  
 
$57,&/( 35(0,(5±/HV FRHIILFLHQWV GH UppYDOXDWLRQ HQ  
 
PDWLqUHG¶LPS{WVXUOHUHYHQXDXWLWUHGHVSURILWVIRQFLHUVSUpYXV  
SDUOHVGLVSRVLWLRQVGHO¶DUWLFOH,,GXFRGHSUpFLWpVRQWIL[pV  
 
SRXUO¶DQQpHFRPPHVXLW  
1ıUDELL, %8//(7,12)),&,(/ 

$QQpHV   &RHIILFLHQWV $QQpHV   &RHIILFLHQWV

±±±±     ±±±±  ±±±±     ±±±± 

   

   
   
 
 
 
 
 
 
 
   
   
   
   
   
   
   
   
   
   
   
 
  $57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
 
  5DEDWOHVDIDUIpYULHU
  6$/$+('',1(0(=28$5

$UUrWp GX PLQLVWUH GpOpJXp DXSUqV GX 3UHPLHU PLQLVWUH $55Ç7(

FKDUJp GHV DIIDLUHV pFRQRPLTXHV HW JpQpUDOHV Qƒ 
$57,&/( 35(0,(5 ± /HV DUWLFOHV SUHPLHU    HW  GH
GX  VDIDU   IpYULHU  PRGLILDQW HW
FRPSOpWDQW O¶DUUrWp Qƒ  GX  UDPDGDQ  O¶DUUrWp VXVYLVp Qƒ  GX UDPDGDQ  RFWREUH
RFWREUHUHODWLIjODIL[DWLRQGHVSUL[GHUHSULVH
HQUDIILQHULHHWGHYHQWHGHVFRPEXVWLEOHVOLTXLGHVHWGX
EXWDQH
BBBBBBBB
/( 0,1,675( '(/(*8( $835(6 '8 35(0,(5 0,1,675(
&+$5*('(6$))$,5(6(&2120,48(6(7*(1(5$/(6
9X OD ORL Qƒ  VXU OD OLEHUWp GHV SUL[ HW GH OD
FRQFXUUHQFHSURPXOJXpHSDUOHGDKLUQƒGXUDELL,
VRQWPRGLILpVHWFRPSOpWpVFRPPHVXLW
©$UWLFOHSUHPLHU±/HVSUL[GHUHSULVHGXEXWDQHHVWIL[pOH
©SUHPLHU GH FKDTXH PRLV HW FHX[ GHV VXSHUFDUEXUDQWV GX
©JDVRLOGXJDVRLOSSPGXIXHORLOQƒHWGXIXHOVSpFLDOVRQW
©IL[pV  OHV HU HW  GH FKDTXH PRLV VXU OD EDVH GH OHXU
©LQGH[DWLRQ VXU OHV FRWDWLRQV LQWHUQDWLRQDOHV GH FHV SURGXLWV
©FRQIRUPpPHQWDX[pOpPHQWVGHODVWUXFWXUHGHVSUL[GHUHSULVH
©SUpFLVpV GDQV O¶DQQH[H Qƒ MRLQWH DX SUpVHQW DUUrWp HW SXEOLp
MXLQ
©SDUOHPLQLVWqUHFKDUJpGHO¶pQHUJLHª
9X OH GpFUHW Qƒ  GX  MRXPDGD ,, 
VHSWHPEUHSULVSRXUO
DSSOLFDWLRQGHODORLQƒVXU ©$UWLFOH ±/HV SUL[ GH YHQWH GH EDVH PD[LPD DX SXEOLF
ODOLEHUWpGHVSUL[HWGHODFRQFXUUHQFH ©GXEXWDQHHWGHVFRPEXVWLEOHVOLTXLGHVVRQWIL[pVFRPPHVXLWj
9XOHGpFUHWQƒGXNDDGDQRYHPEUH ©FRPSWHUGXIpYULHU
SRUWDQW GpOpJDWLRQ G
DWWULEXWLRQV HW GH SRXYRLUV j 01L]DU ©±EXWDQH
%$5$.$PLQLVWUHGpOpJXpDXSUqVGX3UHPLHUPLQLVWUHFKDUJp
GHVDIIDLUHVpFRQRPLTXHVHWJpQpUDOHV ©
FKDUJHVVXSpULHXUHVjNJ'+7
9XO
DUUrWpGXPLQLVWUHGHO
pQHUJLHHWGHVPLQHVQƒ ©
FKDUJHVLQIpULHXUHVjNJ'+7
GX  UHMHE   PDL  UHODWLI DX[ FRQGLWLRQV ©±VXSHUFDUEXUDQWV'++/
G
XWLOLVDWLRQGHODPDUJHVSpFLDOHSRXUOHILQDQFHPHQWGHVVWRFNV
GHVpFXULWpHQFRPEXVWLEOHVOLTXLGHVHWJD]HX[ ©±JDVRLO'++/
9XO¶DUUrWpGXPLQLVWUHGpOpJXpDXSUqVGX3UHPLHUPLQLVWUH ©±JDVRLOSSP'++/
FKDUJp GHV DIIDLUHV pFRQRPLTXHV HW JpQpUDOHV Qƒ  GX ©±IXHORLOQƒ'+7
UDPDGDQRFWREUHUHODWLIjODIL[DWLRQGHVSUL[
GH UHSULVH HQ UDIILQHULH HW GH YHQWH GHV FRPEXVWLEOHV OLTXLGHV HW ©±IXHORLOGHVWLQpjODSURGXFWLRQGH
GXEXWDQH O¶pQHUJLHpOHFWULTXH'+7
$SUqVDYLVGHODFRPPLVVLRQLQWHUPLQLVWpULHOOHGHVSUL[ ©±IXHOVSpFLDO'+7
 %8//(7,12)),&,(/
©$UWLFOH  ± /HV SUL[ GH YHQWH GH EDVH PD[LPD GHV
©FRPEXVWLEOHV OLTXLGHV VRQW FDOFXOpV VXU OD EDVH GHV SUL[ GH
©UHSULVH SUpYXV j O¶DUWLFOH SUHPLHU FLGHVVXV HW FRQIRUPpPHQW
©DX[ pOpPHQWV GH OD VWUXFWXUH GHV SUL[ GH YHQWH SUpFLVpV GDQV
©O¶DQQH[HQƒMRLQWHDXSUpVHQWDUUrWp
©(QFDVGHQRQUpSHUFXVVLRQVXUOHVSUL[GHYHQWHDXSXEOLF
©GHVYDULDWLRQVUpVXOWDQW
1ıUDELL,
©$UWLFOH±/HVSUL[GHYHQWHPD[LPDGHEDVHGHVFRPEXVWLEOHV
©OLTXLGHV QH SHXYHQW rWUH PDMRUpV TXH GHV PRQWDQWV GHV
©GLIIpUHQWLHOV GH WUDQVSRUW IL[pV UHVSHFWLYHPHQW SRXU OHV
©SURGXLWVEODQFVHWSRXUOHVSURGXLWVQRLUVSDUOHVDQQH[HV$HW
©%MRLQWHVDXSUpVHQWDUUrWpª
$57± /H SUpVHQW DUUrWp TXL VHUD SXEOLp DX %XOOHWLQ
RIILFLHOSUHQGHIIHWjFRPSWHUGXIpYULHUj]pURKHXUH
©XQH FLUFXODLUH FRQMRLQWH GX PLQLVWUH FKDUJp GH 5DEDWOHVDIDUIpYULHU
©O
pQHUJLH HW GX PLQLVWUH GpOpJXp DXSUqV GX 3UHPLHU PLQLVWUH
©FKDUJpGHVDIIDLUHVpFRQRPLTXHVHWJpQpUDOHVª 1,=$5%$5$.$

©$UWLFOH  ± /HV SUL[ GH YHQWH GH EDVH GHV FRPEXVWLEOHV
©OLTXLGHVLQFOXHQWQRWDPPHQW
© OHVIUDLVHWPDUJHVGHGLVWULEXWLRQHQJURVIL[pVFRPPHVXLW

$QQH[HQƒ
©±VXSHUFDUEXUDQWV
±±±±±±
©±JDVRLO
6WUXFWXUHGHVSUL[GHUHSULVHGHVSURGXLWVSpWUROLHUV
©±JDVRLOSSP
©±IXHORLOV
%XWDQH 6XSHU *DVRLO*DVRLO )XHO )XHO
©±IXHOVSpFLDO'+7
RLOVSpFLDO
© OHVPDUJHVGHGpWDLOIL[pHV
3UL[)2% 7 &RWDWLRQVLQWHUQDWLRQDOHV$
© XQH FRUUHFWLRQ SRXU YDULDWLRQ WKHUPLTXH GHV VWRFNV
)UHW 7%    
©
© 7D[HVSRUWXDLUHV 6HORQUpJOHPHQWDWLRQHQYLJXHXU
© XQ FRXODJH DX GpWDLO IL[p j  GX SUL[ GH YHQWH HQ )UDLVG¶DSSURFKH
©JURV 79$ FRPSULVH SRXU  ±9DULDEOHV'+7GH
©
±)L[HV'+7    
© XQH FRPSHQVDWLRQ SRXU GpYDORULVDWLRQ GHV VWRFNV GX
7D[HVSDUDILVFDOHGH
©JDVRLOSSPFKH]OHVGpWDLOODQWVIL[pHj'++/
5pPXQpUDWLRQVWRFNDJH'+7     
© &HWWH FRPSHQVDWLRQ HVW DSSOLFDEOH XQLTXHPHQW SRXU OD
©SpULRGHDOODQWGXIpYULHUDXPDUV 3UL[GHUHSULVHKRUVWD[HV'+76RPPHGHj
© XQHPDUJHVSpFLDOHIL[pHUHVSHFWLYHPHQWj
©± $
©± &RWDWLRQVGHVSURGXLWVOLTXLGHV
©± ±6XSHUFDUEXUDQWVFRWDWLRQ&,)1:(%DVLV$5$SUHPLXP
JDVROLQHSSP
©±
±*DVRLOFRWDWLRQ&,)1:(%DVLV$5$JDVRLO
©±IXHOVSpFLDO'+70
±*DVRLO   FRWDWLRQ &,) 1:(  %DVLV $5$ GLHVHO 
©&HWWHPDUJHVSpFLDOHSDUODFRQYHQWLRQ\ SSP1:(
©DQQH[pH
±)XHORLOFRWDWLRQ&,)1:(%DVLV$5$IXHORLO
© XQHSURYLVLRQSRXUGLIIpUHQWLHO
© ±)XHOVSpFLDOFRWDWLRQ)2%1:(VWUDLJKWUXQ
© ±UH TXLQ]DLQH GX PRLV 0  PR\HQQH DULWKPpWLTXH GHV
©&HWWH SURYLVLRQ VHUYLUD FRWDWLRQV&,)1:(%$6,6$5$SXEOLFDWLRQ3/$7
62LO
© *5$0FRPPHQoDQWOHGXPRLV0HWILQLVVDQWOH
©WDX[VXLYDQWV GXPRLV0
©± ±HTXLQ]DLQH GX PRLV 0  PR\HQQH DULWKPpWLTXH GHV
FRWDWLRQV&,)1:(%$6,6$5$SXEOLFDWLRQ3/$7
62LO
©± *5$0FRPPHQoDQWOHGXPRLV0HWILQLVVDQWOH
©± GXPRLV0
©± %/H IUHW VHUD LQGH[p VHPHVWULHOOHPHQW VXU OHV FRWDWLRQV
$)5$ $YHUDJH )UHLJKW 5DWH $VVHVVPHQWV SRXU OD
©±IXHOVSpFLDO'+7 GHVWLQDWLRQ 5RWWHUGDP0RKDPPHGLD /D IRUPXOH GH
© OHPRQWDQWDIIHFWpDXFRPSWHG
DMXVWHPHQWGHVSUL[GHV UpYLVLRQ GX IUHW VHUD GpILQLH SDU GpFLVLRQ FRQMRLQWH GX
©FRPEXVWLEOHV OLTXLGHV FRUUHVSRQGDQW DX[ pFDUWV QRQ PLQLVWUH GpOpJXp DXSUqV GX 3UHPLHU PLQLVWUH FKDUJp
©UpSHUFXWpV VXU OHV SUL[ GH YHQWH DX SXEOLF GDQV OHV GHV DIIDLUHV pFRQRPLTXHV HW JpQpUDOHV HW GX PLQLVWUH
©FRQGLWLRQVSUpYXHVSDUO
DUWLFOHGXSUpVHQWDUUrWp FKDUJpGHO¶pQHUJLH
1ıUDELL, %8//(7,12)),&,(/ 

%XWDQH 3UL[GHYHQWHDXGpWDLOKRUV79$

3RXUOHPRLV0PR\HQQHDULWKPpWLTXHGHVFRWDWLRQV)2% &DOFXO79$
6($*2,1*HWH[5HILQHU\VWRUDJHSXEOLFDWLRQ/3*$6:,5( FGHODOLJQHGH
FRPPHQoDQWOHGXPRLV0HWILQLVVDQWOHGXPRLV0
GGHODOLJQH 
7DX[GXGROODU 79$VXUSUL[IRUW 
3URGXLWVOLTXLGHV 3UL[GHYHQWHDXGpWDLO79$FRPSULVH
±UHTXLQ]DLQHGXPRLV0PR\HQQHDULWKPpWLTXHGHVFRWDWLRQV ±±±±±±±
jODYHQWHRIILFLHOOHGH%DQN$O0DJKULEFRPPHQoDQWOHGX
     79$ VXU SUL[ GH YHQWH HQ JURV   39 HQ JURV KRUV 79$
PRLV0HWILQLVVDQWOHGXPRLV0
FRUUHVSRQGDQWjGXSUL[GHYHQWHHQJURV79$FRPSULVH
±HTXLQ]DLQH GX PRLV 0  PR\HQQH DULWKPpWLTXH GHV OLJQH
FRWDWLRQV j OD YHQWH RIILFLHOOH GH %DQN $O0DJKULE  (VWSULVHQFRQVLGpUDWLRQOHSOXVIRUWGHVPRQWDQWVHQDHWE
FRPPHQoDQWOHGXPRLV0HWILQLVVDQWOHGXPRLV0
   79$ VXU SUL[ GH YHQWH HQ JURV   39 DX GpWDLO KRUV 79$
%XWDQH FRUUHVSRQGDQWjGXSUL[GHYHQWHDXGpWDLO79$FRPSULVH
3RXU OH PRLV 0  PR\HQQH DULWKPpWLTXH GHV FRWDWLRQV j OD OLJQH
YHQWHRIILFLHOOHGH%DQN$O0DJKULEFRPPHQoDQWOHGXPRLV  (VWSULVHQFRQVLGpUDWLRQOHSOXVIRUWGHVPRQWDQWVHQFHWG
0HWILQLVVDQWOHGXPRLV0

   
$QQH[H$
$QQH[H ±±±±±±±
±±±±±
'LIIpUHQWLHOGHWUDQVSRUWGHVFRPEXVWLEOHVOLTXLGHVGLWV
6WUXFWXUHGHVSUL[GHVSURGXLWVSpWUROLHUV ©3URGXLWVEODQFVª
FRPEXVWLEOHVOLTXLGHV

',))(5(17,(/
3UL[GHUHSULVHKRUVWD[HV
35()(&785(283529,1&( '(75$163257
7,&
77&'++/
79$GH
&UpGLWGHGURLWWDX[FRUUHVSRQGDQWDXGpODLGHSDLHPHQW 3UpIHFWXUHGH
GHMRXUV 5DEDW  
6DOp 
6RXVWRWDO 6NKLUDW7HPDUD 
)UDLVHWPDUJHVGHGLVWULEXWLRQ &DVDEODQFD  
0RKDPPHGLD  
0DUJH ©VSpFLDOHª SRXU ILQDQFHPHQW GHV VWRFNV )qV  
6RXVWRWDO 0DUUDNHFK  
0HNQqV  
$GpGXLUH79$ 7DQJHU$VVLODK  
6RXVWRWDOKRUV79$ 2XMGD$QJDG  
$JDGLU,GD2XWDQDQH 
3pUpTXDWLRQ
,QH]JDQH$LW0HOORXO 
3URYLVLRQSRXUGLIIpUHQWLHO0RKDPPHGLD6LGL.DFHP
3URYLQFHGH
6RXVWRWDOKRUV79$
)DKV%HQL 0HNDGD  
&DOFXO79$
$O+RFHLPD 
D GHODOLJQH $VVD=DJ  
EGHODOLJQH  $]LODO  
%HQL0HOODO 
79$VXUSUL[IRUW  %HQ6OLPDQH 
&RPSWHG
DMXVWHPHQWGHVSUL[ %HUNDQH  
%RXOHPDQH  
3UL[GHYHQWHHQJURVKRUV79$ &KHIFKDRXHQ 
&RXODJHGpWDLOODQWVGH &KLFKDRXD 
&KWRXND$LW %DKD  
&RUUHFWLRQSRXUYDULDWLRQWKHUPLTXHGHVVWRFNV (O+DMHE 
&RPSHQVDWLRQSRXUGpYDORULVDWLRQVWRFNJDVRLOSSP (O+DRX] 
(O-DGLGD 
0DUJHGHGpWDLO
(O.HODD'HV6UDJKQD 
$GpGXLUH79$ (UUDFKLGLD  
 %8//(7,12)),&,(/ 1ıUDELL,

$QQH[H%
',))(5(17,(/
±±±±±±±
35()(&785(283529,1&( '(75$163257
'LIIpUHQWLHOGHWUDQVSRUWGHVFRPEXVWLEOHVOLTXLGHVGLWV
77&'++/
©3URGXLWVQRLUVª
3URYLQFHGH ',))(5(17,(/
/2&$/,7( '(75$163257
(VVDRXLUD   77&'+70

)DKV$QMUD  $JDGLU 

$wQ&KHJJDJ  
)LJXLJ   $wW0HOORXO 
*XHOPLP  $wW2XULU 
,IUDQH   $O+RFHwPD 
$VLODK  
-HUDGD   $VQL  
.HQLWUD  $]LODO  
.KHPLVVHW  $]URX 
%HQJXHULU 
.KHQLIUD   %pQL'UDU  
.KRXULEJD  %HQL,GGHU  
%HQL0HOODO  
/DUDFKH  %HQL7DMMLW  
0HGLRXQD   %HQVOLPDQH 
0RXOD\<DFRXE  %HUNDQH  
%HUUHFKLG  
1DGRU  %LRXJUD 
1RXDFHXU   %LU-GLG 
2XDU]D]DWH   %RXDQDQH 
%RXDQILU  
6DIL   %RXDUID 
6HIURX   %RX $]]HU  
%RXNQDGHO  
6HWWDW 
%RXVNRXUD  
6LGL.DFHP  %RX]QLND  
7DQ7DQ  &DVDEODQFD  
&KHIFKDRXHQ  
7DRXQDWH  'DU*XHGGDUL 
7DRXULUW  (O $\RXQ 2ULHQWDO  
7DURXGDQW   (O+DMHE 
(O-DGLGD 
7DWD  (O.DODkGHV6UDJKQD  
7D]D   (QMLO  
(O0RXG]LQH 
7HWRXDQ 
(UIRXG 
7L]QLW   (UUDFKLGLD  
=DJRUD   (VVDRXLUD  
)qV  
'LIIpUHQWLHOGHWUDQVSRUWGHVFRPEXVWLEOHVOLTXLGHVGLWV )NLK%HQ6DODK  
*XHOPLP 
©3URGXLWVEODQFVª *XHPDVVD  
*XHQIRXGD  
3RXU OHV SUpIHFWXUHV RX SURYLQFHV TXL YLHQGUDLHQW j rWUH *XHUFLI  
FUppHV XOWpULHXUHPHQW OH GLIIpUHQWLHO GH WUDQVSRUW VHUD IL[p SDU OH +DG 6RXDOHP  
PLQLVWqUHFKDUJpGHO
pQHUJLHFRPSWHWHQXGHODIRUPXOHFLDSUqV ,IQL  
,PLQL  
7  ' ,IUDQH  
,PLQL7DQRXWH 
R7HVWOHGLIIpUHQWLHOGHWUDQVSRUWH[SULPpHQGLUKDPVSDU ,PRX]]qUGX.DQGDU  
KHFWROLWUHWRXWHVWD[HVFRPSULVHVHW'ODGLVWDQFHHQNLORPqWUHV -UDGD  
-RUI/DVIDU  
HQWUH OD UDIILQHULH  6$0,5 HW OH FKHIOLHX GH OD SUpIHFWXUH RX .HODk 0
*RXQD  
SURYLQFHFRQVLGpUpH .pQLWUD  
.HWDPD  
  .KHPLVVHW 
1ıUDELL, %8//(7,12)),&,(/ 

',))(5(17,(/
$UUrWp GX PLQLVWUH GpOpJXp DXSUqV GX 3UHPLHU PLQLVWUH
/2&$/,7( '(75$163257 FKDUJpGHVDIIDLUHVpFRQRPLTXHVHWJpQpUDOHVQƒ
77&'+70 GX  VDIDU   IpYULHU  UHODWLI j OD IL[DWLRQ
GHV SUL[ GH UHSULVH HQ UDIILQHULH HW GH YHQWH GX
.KHPLV2XODG$\DG 
.KHPLV=HPDPUD  FDUEXUpDFWHXU-3
.KHQLIUD   ±±±±±±±±±±
.KRXULEJD 
.VDU(O.HELU  /( 0,1,675( '(/(*8( $835(6 '8 35(0,(5 0,1,675(
/DUDFKH  &+$5*('(6$))$,5(6(&2120,48(6(7*(1(5$/(6
0DFKUDD%HO.VLUL  9X OD ORL Qƒ  VXU OD OLEHUWp GHV SUL[ HW GH OD
0DUUDNHFK  
0¶'LT  FRQFXUUHQFHSURPXOJXpHSDUOHGDKLUQƒ,MXLQ
0HGLRXQD   
0¶KD\D   9X/HGpFUHWQƒGXMRXPDGD,,VHSWHPEUH
0HNQqV   SULVSRXUO¶DSSOLFDWLRQGHODORLQƒVXUODOLEHUWpGHVSUL[HW
0LGHOW 
GHODFRQFXUUHQFH
0RKDPPHGLD  
0¶]RXGLD   9XOHGpFUHWQƒGXNDDGDQRYHPEUH
1DGRU  SRUWDQW GpOpJDWLRQ G¶DWWULEXWLRQV HW GH SRXYRLUV j 01L]DU
1DLPD   %DUDNDPLQLVWUHGpOpJXpDXSUqVGX3UHPLHUPLQLVWUHFKDUJpGHV
2XDRXL]HUWH   DIIDLUHVpFRQRPLTXHVHWJpQpUDOHV
2XDU]D]DWH 
2XHG(O+LPHU  9XO¶DUUrWpGXPLQLVWUHGHO¶pQHUJLHHWGHVPLQHVQƒ
2XHG=HP  GX  UHMHE   PDL  UHODWLI DX[ FRQGLWLRQV
2XH]]DQH   G¶XWLOLVDWLRQGHODPDUJHVSpFLDOHSRXUOHILQDQFHPHQWGHVVWRFNV
2XMGD   GHVpFXULWpHQFRPEXVWLEOHVOLTXLGHVHWJD]HX[
2XOPHV  
5DEDW6DOp   $SUqVDYLVGHODFRPPLVVLRQLQWHUPLQLVWpULHOOHGHVSUL[
5RPPDQL   $55Ç7(
5LFK  
6DIL   $57,&/( 35(0,(5±/H SUL[ GH UHSULVH PD[LPXP GX
6HIURX   FDUEXUpDFWHXU-3HVWIL[pOHVHUHWGHFKDTXHPRLVVXUODEDVH
6HWWDW  GH VRQ LQGH[DWLRQ VXU OD FRWDWLRQ LQWHUQDWLRQDOH GH FH SURGXLW
6LGL$\DFKL  FRQIRUPpPHQW DX[ pOpPHQWV GH OD VWUXFWXUH GX SUL[ GH UHSULVH
6LGL %HQQRXU   SUpFLVpVGDQVO¶DQQH[HMRLQWHDXSUpVHQWDUUrWp&HSUL[HVWSXEOLp
6LGL%RX2WKPDQH 
6LGL 'DRXL   SDUOHPLQLVWqUHFKDUJpGHO¶pQHUJLH
6LGL.DFHP  $57±/H SUL[ GH YHQWH GH EDVH PD[LPXP GX
6LGL6OLPDQH  FDUEXUpDFWHXU-3HVWIL[pFRPPHVXLWjFRPSWHUGXIpYULHU
6LGL<DK\D 
6NKLUDW   ±$pURGURPH0RKDPPHG9 '+KO
6RXN(O$UEDD*KDUE 
6RXN6HEW*XHUGDQH  ±$pURGURPHGH5DEDW6DOp '+KO
7DGOD  ±$pURGURPH GH 7DQJHU '+KO
7DKDOD 
7DQJHU   ±$pURGURPH GH 0DUUDNHFK '+KO
7DQ7DQ3ODJH  ±$pURGURPH G¶2XMGD '+KO
7DRXQDWH  ±$pURGURPHGH)qV '+KO
7DRXULUW 
7DUJXLVW   ±$pURGURPH G¶$O +RFHLPD '+KO
7DURXGDQW   ±$pURGURPH G¶$JDGLU '+KO
7D]D  
±$pURGURPHGH%HQVOLPDQH '+KO
7HPDUD  
7HWRXDQ  ±$pURGURPHGH1DGRU '+KO
7LGGDV 
7LIOHW  $57±/H SUL[ GH YHQWH GX FDUEXUpDFWHXU -3 UHQGX j
7LQJKLU  ERUGGHVDYLRQVLQGLTXpjO¶DUWLFOHFLGHVVXVHVWUpYLVpOHVHU HW
7LW0HOOLO   GH FKDTXH PRLV VXU OD EDVH GX SUL[ GH UHSULVH DXTXHO HVW
7L]QLW   DMRXWp XQ GLIIpUHQWLHO GH PLVH j ERUG FRPSRVp GHV pOpPHQWV
<RXVVRXILD   FLDSUqV
=DJRUD  
=DLR   D 8QH PDUJH G¶DYLWDLOOHPHQW DOORXpH DX[ VRFLpWpV
BBBBBB GLVWULEXDQWFHSURGXLWHWGRQWODYDOHXUPD[LPDOHVHVWIL[pHSDU
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX DpURGURPHFRPPHVXLW
©%XOOHWLQRIILFLHOªQƒGXUDELL,PDUV
 %8//(7,12)),&,(/ 1ıUDELL,

±$pURGURPH0RKDPPHG9 '+KO $57±/H SUpVHQW DUUrWp TXL VHUD SXEOLp DX %XOOHWLQ
±$pURGURPHGH5DEDW6DOp '+KO RIILFLHOSUHQGHIIHWjFRPSWHUGXIpYULHUj]pURKHXUH
±$pURGURPH GH 7DQJHU '+KO 5DEDWOHVDIDUIpYULHU
±$pURGURPH GH 0DUUDNHFK '+KO 1,=$5%$5$.$
±$pURGURPH G¶2XMGD '+KO

±$pURGURPHGH)qV '+KO


±$pURGURPH G¶$O +RFHLPD '+KO $QQH[H
±±±±
±$pURGURPH G¶$JDGLU '+KO
6WUXFWXUHGXSUL[GHUHSULVHGXFDUEXUpDFWHXU-3
±$pURGURPHGH%HQVOLPDQH '+KO
±$pURGURPHGH1DGRU '+KO 3UL[)7 &RWDWLRQLQWHUQDWLRQDOH$
)UHW7% 
E8QHPDUJHVSpFLDOHIL[pHj'+KOODTXHOOHHVWGHVWLQpH 7D[HVSRUWXDLUHV 6HORQUpJOHPHQWDWLRQHQYLJXHXU
DXILQDQFHPHQWGHVVWRFNVGHVpFXULWpHQFRPEXVWLEOHVOLTXLGHV
)UDLVG¶DSSURFKH
GDQV OHV FRQGLWLRQV HW VRXV OHV UpVHUYHV SUpYXHV SDU O¶DUUrWp GX
±9DULDEOHV'+7 GH
PLQLVWUH GH O¶pQHUJLH HW GHV PLQHV Qƒ  GX  UHMHE 
±)L[HV'+7 
PDLVXVYLVpHWSDUODFRQYHQWLRQ\DQQH[pH
7D[HSDUDILVFDOH GH
F/D UHGHYDQFH SD\pH GDQV OHV GLIIpUHQWV DpURGURPHV GX 5pPXQpUDWLRQVWRFNDJH'+7 
5R\DXPHVXUOHFDUEXUDQWGLVWULEXp
3UL[GH5HSULVH+RUV7D[HV'+7 6RPPHGHj
G/H GLIIpUHQWLHO GH WUDQVSRUW IL[p SDU DpURGURPH FRPPH
$±H TXLQ]DLQHGXPRLV0PR\HQQHDULWKPpWLTXHGHV
VXLW FRWDWLRQV&,)1:(%DVLV$5$GX-HWSXEOLFDWLRQ3/$7¶62LO
±$pURGURPH0RKDPPHG9 '+KO *5$0 FRPPHQoDQW OH  GX PRLV 0 HW ILQLVVDQW OH  GX
PRLV0
±$pURGURPHGH5DEDW6DOp '+KO
± H TXLQ]DLQH GX PRLV 0  PR\HQQH DULWKPpWLTXH GHV
±$pURGURPH GH 7DQJHU '+KO FRWDWLRQV&,)1:(%DVLV$5$GX-HWSXEOLFDWLRQ3/$7¶62LO
±$pURGURPH GH 0DUUDNHFK '+KO *5$0 FRPPHQoDQW OH  GX PRLV 0 HW ILQLVVDQW OH  GX
PRLV0
±$pURGURPH G¶2XMGD '+KO
7DX[GXGROODU
±$pURGURPHGH)qV '+KO
±H TXLQ]DLQH GX PRLV 0  PR\HQQH DULWKPpWLTXH GHV
±$pURGURPH G¶$O +RFHLPD '+KO FRWDWLRQVjODYHQWHRIILFLHOOHGH%DQN$/0DJKULEFRPPHQoDQW
±$pURGURPH G¶$JDGLU '+KO OHGXPRLV0HWILQLVVDQWOHGXPRLV0
±$pURGURPHGH%HQVOLPDQH '+KO ± H TXLQ]DLQH GX PRLV 0  PR\HQQH DULWKPpWLTXH GHV
±$pURGURPHGH1DGRU '+KO FRWDWLRQVjODYHQWHRIILFLHOOHGH%DQN$/0DJKULEFRPPHQoDQW
OHGXPRLV0HWILQLVVDQWOHGXPRLV0
/HVSUL[GHYHQWHVRQWSXEOLpVOHVHU HWGHFKDTXHPRLV % /HIUHWVHUDLQGH[pVHPHVWULHOOHPHQWVXUOHVFRWDWLRQV
SDUOHPLQLVWqUHFKDUJpGHO¶pQHUJLH
$57±6RQW DEURJpHV WRXWHV GLVSRVLWLRQV DQWpULHXUHV
UHWDWLYHV DX PrPH REMHW QRWDPPHQW O¶DUUrWp GX PLQLVWUH GH
$)5$ $YHUDJH )UHLJKW 5DWH $VVHVVPHQWV SRXU OD GHVWLQDWLRQ
5RWWHUGDP0RKDPPHGLD /D IRUPXOH GH UpYLVLRQ GX IUHW VHUD
GpILQLH SDU GpFLVLRQ FRQMRLQWH GX PLQLVWUH GpOpJXp DXSUqV GX
3UHPLHUPLQLVWUHFKDUJpGHVDIIDLUHVpFRQRPLTXHVHWJpQpUDOHVHW
GXPLQLVWUHFKDUJpGHO¶pQHUJLH
O¶pQHUJLH HW GHV PLQHV Qƒ  GX  UHMHE   GpFHPEUH  BBBBBB
UHODWLI j OD IL[DWLRQ GX SUL[ GX FDUEXUpDFWHXU © -3ª WHO TX¶LO D /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
pWpPRGLILp ©%XOOHWLQRIILFLHOªQƒGXUDELL,IpYULHU
1ıUDELL, %8//(7,12)),&,(/ 

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

'pFUHWQƒGXVDIDUIpYULHUUHFRQGXLVDQW 'pFUHWQƒGXVDIDUIpYULHUDXWRULVDQW

ODJDUDQWLHGHO¶(WDWDX&HQWUHQDWLRQDOGHO¶pQHUJLHGHV OD VRFLpWp 0('= ILOLDOH GH &'* 'pYHORSSHPHQW SRXU
VFLHQFHVHWGHVWHFKQLTXHVQXFOpDLUHV&1(67(1 SUHQGUH XQH SDUWLFLSDWLRQ GDQV OH FDSLWDO OD VRFLpWp
BBBBBBBB DQRQ\PH GpQRPPpH ©6RFLpWp GH JHVWLRQ HW G¶H[SORLWDWLRQ
GX SDUF LQGXVWULHO G¶2XOHG 6DOHKª SDU DEUpYLDWLRQ
/(35(0,(50,1,675( ©62*(326ª
9XODORLQƒUHODWLYHjODUHVSRQVDELOLWpFLYLOHHQPDWLqUH BBBBBBBB
GHGRPPDJHVQXFOpDLUHVSURPXOJXpHSDUOHGDKLUQƒGX /(35(0,(50,1,675(
NDDGDMDQYLHUQRWDPPHQWVHVDUWLFOHVHW (;326e'(6027,)6
9XOHGpFUHWQƒGXUDELL,DYULO /DVRFLpWp0('=ILOLDOHjGH&'*'pYHORSSHPHQW
SULVSRXUO¶DSSOLFDWLRQGHODORLSUpFLWpHQƒQRWDPPHQWVRQ GHPDQGH O¶DXWRULVDWLRQ UHTXLVH HQ YHUWX GHV GLVSRVLWLRQV GH
DUWLFOH O¶DUWLFOH  GH OD ORL Qƒ  UHODWLI DX WUDQVIHUW G¶HQWUHSULVHV
SXEOLTXHV DX VHFWHXU SULYp WHOOH TX¶HOOH D pWp PRGLILpH HW
9XOHGpFUHWQƒGXUDELL,PDUV FRPSOpWpHSRXUSUHQGUHXQHSDUWLFLSDWLRQGHGDQVOHFDSLWDO
UHFRQGXLVDQWODJDUDQWLHGHO¶(WDWDX&HQWUHQDWLRQDOGHO¶pQHUJLH GH OD VRFLpWp DQRQ\PH GpQRPPpH ©6RFLpWp GH JHVWLRQ HW
GHVVFLHQFHVHWGHVWHFKQLTXHVQXFOpDLUHV G¶H[SORLWDWLRQGXSDUFLQGXVWULHOG¶2XOHG6DOHKªSDUDEUpYLDWLRQ
6XU SURSRVLWLRQ GH OD PLQLVWUH GH O¶pQHUJLH GHV PLQHV GH ©62*(326ª
O¶HDXHWGHO¶HQYLURQQHPHQWHWGXPLQLVWUHGHO¶pFRQRPLHHWGHV 6¶LQVFULYDQWGDQVOHFDGUHGXGpYHORSSHPHQWGHODUpJLRQGX
ILQDQFHV *UDQG &DVDEODQFD OD &KDPEUH IUDQoDLVH GX FRPPHUFH HW GH
'e&5Ê7(
$57,&/( 35(0,(5± /¶(WDW UHFRQGXLW HQ IDYHXU GX &HQWUH
QDWLRQDOGHO¶pQHUJLHGHVVFLHQFHVHWGHVWHFKQLTXHVQXFOpDLUHVOD
O¶LQGXVWULHDX0DURF&)&,0DLQLWLpXQSURMHWYLVDQWODFUpDWLRQ
G¶XQ SDUF LQGXVWULHO EDVp VXU OD IRUPXOH GH ORFDWLRQ GH ORQJXH
GXUpH GH WHUUDLQV HW GH EkWLPHQWV GHVWLQpV j DEULWHU GHV SURMHWV
LQGXVWULHOVHWFHjO¶LQVWDUGHFHOXLGH%RXVNRXUDGDQVOHTXHO OH
JDUDQWLHFRQVHQWLHHQYHUWXGXGpFUHWQƒVXVYLVpSRXUOD
FRXYHUWXUHGHODUHVSRQVDELOLWpFLYLOHGHFHGHUQLHUjFRQFXUUHQFH
GH FLQT PLOOLRQV GH '76 SUpYX j O¶DUWLFOH  GH ODORL Qƒ 
VXVPHQWLRQQpH
/D UHFRQGXFWLRQ GH OD JDUDQWLH DFFRUGpH SDU O¶(WDW SUHQG
HIIHWjSDUWLUGXHUMDQYLHUHWH[SLUHOHGpFHPEUH
$57± /H PLQLVWUH GH O¶pFRQRPLH HW GHV ILQDQFHV HW OD
PLQLVWUHGHO¶pQHUJLHGHVPLQHVGHO¶HDXHWGHO¶HQYLURQQHPHQW
VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQH GH O¶H[pFXWLRQ GX
SUpVHQWGpFUHWTXLVHUDSXEOLpDX%XOOHWLQRIILFLHO
JURXSH&DLVVHGHGpS{WHWGHJHVWLRQ&'*HVWSDUWHQDLUH
&H SDUF SUpYX VXU XQH DVVLHWWH IRQFLqUH GH  KD D IDLW
O¶REMHWG¶XQHFRQYHQWLRQFDGUHTXLDpWpVLJQpHHQGpFHPEUH
SDU O¶(WDW HW OD &)&,0 GDQV ODTXHOOH  OH PLQLVWqUH FKDUJp GH
O¶LQGXVWULH V¶HVW HQJDJp j DVVXUHU DYHF O¶HQVHPEOH GHV DFWHXUV
FRQFHUQpVODUpDOLVDWLRQGHVLQIUDVWUXFWXUHVKRUVVLWHGXGLWSDUF
3RXU VD SDUW OD FRPPXQH G¶2XOHG 6DOHK V¶HVW HQJDJpH j
HQWUHSUHQGUH OHV GpPDUFKHV QpFHVVDLUHV SRXU O¶DFTXLVLWLRQ G¶XQ
WHUUDLQ FROOHFWLI DX SUL[ GH  '+P HW j OH UpWURFpGHU j OD
&)&,0DXSUL[GH'+PGRQW'+P DX FRPSWDQW j OD
FRQFOXVLRQGXFRQWUDWGHFHVVLRQHW'+P HQ WDQW TX¶DSSRUW
GH ODGLWH FRPPXQH GDQV OH FDSLWDO VRFLDO GH OD VRFLpWp
)DLWj5DEDWOH VDIDUIpYULHU ©62*(326ª
$%%$6(/)$66, 'H VRQ F{Wp OD &)&,0 D SULV O¶HQJDJHPHQW GH FUpHU XQH
HQWLWpGpGLpHjFHSURMHWHQO¶RFFXUUHQFHODVRFLpWp©62*(326ª
3RXUFRQWUHVHLQJ j ODTXHOOH VHUD FRQILp HQ ORFDWLRQ OH WHUUDLQ VXVYLVp HW TXL VH
/HPLQLVWUHGHO¶pFRQRPLH FKDUJHUD GH O¶DPpQDJHPHQW GH OD SURPRWLRQ GH OD
FRPPHUFLDOLVDWLRQ HW GH OD JHVWLRQ GX IXWXU SDUF /D GXUpH GH
HWGHVILQDQFHV
ORFDWLRQHVWGHDQVHWFHOOHGHVWUDYDX[G¶DPpQDJHPHQWHWGH
6$/$+('',1(0(=28$5 FRQVWUXFWLRQGHVEkWLPHQWVHVWGHDQV

/DPLQLVWUHGHO¶pQHUJLH /DVRFLpWpDQRQ\PH©62*(326ªVHUDGRWpHG¶XQFDSLWDO
VRFLDOGHPLOOLRQVGH'+GpWHQXSDUOD&)&,0ODFRPPXQH
GHVPLQHVGHO¶HDX
G¶2XOHG6DOHKODVRFLpWp6$1$'OD%DQTXHSRSXODLUHUpJLRQDOH
HWGHO¶HQYLURQQHPHQW GH &DVDEODQFD OD %0&( OD %0&, OH &UpGLW GX 0DURF OD
$0,1$%(1.+$'5$ 6RFLpWp JpQpUDOH PDURFDLQH GH EDQTXHV OD &DLVVH GHV GpS{WV HW
FRQVLJQDWLRQV©)UDQFHªHWODVRFLpWp0('=
/HFR€WJOREDOG¶LQYHVWLVVHPHQWGHVWLQpjO¶DPpQDJHPHQWHW
DX GpYHORSSHPHQW GX SDUF HVWLPp j  PLOOLRQV GH '+ VHUD
BBBBBBBB ILQDQFpSDUXQFUpGLWOHDVLQJG¶XQHGXUpHGHDQVDYHFXQHRSWLRQ
G¶DFKDWVXUODEDVHG¶XQHYDOHXUUpVLGXHOOHGHPLOOLRQVGH'+
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU /HWDX[GHUHQWDELOLWpLQWHUQHGXSURMHWHVWHVWLPpj
 %8//(7,12)),&,(/ 1ıUDELL,

(XpJDUGDX[REMHFWLIVpFRQRPLTXHVHWVRFLDX[DVVLJQpVjFH 9XOHGpFUHWQƒGXNDDGDQRYHPEUH

SURMHW QRWDPPHQW HQ PDWLqUH GH SURPRWLRQ GH O¶LQYHVWLVVHPHQW UHODWLIDX[DWWULEXWLRQVGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHW
LQGXVWULHO HW G¶LPSODQWDWLRQ GDQV OD SURYLQFH GH 1RXDFHXU GH GHVQRXYHOOHVWHFKQRORJLHVWHOTX¶LODpWpPRGLILpSDUOHGpFUHWQƒ
SHWLWHVHWPR\HQQHVLQGXVWULHV30,IRUWHVFUpDWULFHVG¶HPSORLV GXPRKDUUHPMDQYLHU
GDQVGHVDFWLYLWpVQRQSROOXDQWHV 'e&5Ê7(
9X O¶DUWLFOH  GH OD ORL Qƒ  DXWRULVDQW OH WUDQVIHUW $57,&/(35(0,(5±(VWDSSURXYpWHOTX¶DQQH[pDXSUpVHQW
G¶HQWUHSULVHVSXEOLTXHVDXVHFWHXUSULYpSURPXOJXpHSDUOHGDKLU GpFUHW OH FDKLHU GHV FKDUJHV SDUWLFXOLHU IL[DQW OHV FRQGLWLRQV HW
Qƒ  GX  UDPDGDQ   DYULO  WHOOH TX¶HOOH D PRGDOLWpVGHUpDOLVDWLRQGHVPLVVLRQVGXVHUYLFHXQLYHUVHOSDUOD
pWpPRGLILpHHWFRPSOpWpH VRFLpWp©63$&(&20ª
6XUSURSRVLWLRQGXPLQLVWUHGHO¶pFRQRPLHHWGHVILQDQFHV $57 ±/H PLQLVWUH GH O¶pFRQRPLH HW GHV ILQDQFHV OH
PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV QRXYHOOHV
'e&5Ê7( WHFKQRORJLHV HW O¶$JHQFH QDWLRQDOH GH UpJOHPHQWDWLRQ GHV
$57,&/( 35(0,(5± /D VRFLpWp 0('= HVW DXWRULVpH j WpOpFRPPXQLFDWLRQVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQH
SUHQGUH XQH SDUWLFLSDWLRQ GH   GDQV OH FDSLWDO GH OD VRFLpWp GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX %XOOHWLQ
DQRQ\PH GpQRPPpH ©©6RFLpWp GH JHVWLRQ HW G¶H[SORLWDWLRQ GX RIILFLHO
SDUF LQGXVWULHO G¶2XOHG 6DOHKª SDU DEUpYLDWLRQ © 62*(326ª )DLWj5DEDWOHVDIDUIpYULHU
SRXUXQPRQWDQWGHGLUKDPV
$%%$6(/)$66,
$57± /H PLQLVWUH GH O¶pFRQRPLH HW GHV ILQDQFHV HVW
FKDUJp GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX 3RXUFRQWUHVHLQJ
%XOOHWLQRIILFLHO /HPLQLVWUHGHO¶pFRQRPLH
HWGHVILQDQFHV
)DLWj5DEDWOH VDIDUIpYULHU
6$/$+('',1(0(=28$5
$%%$6(/)$66, /HPLQLVUHGHO¶LQGXVWULH
GXFRPPHUFH
3RXUFRQWUHVHLQJ HWGHVQRXYHOOHVWHFKQRORJLHV
/HPLQLVWUHGHO¶pFRQRPLH $+0('5('$&+$0,
HWGHVILQDQFHV
6$/$+('',1(0(=28$5





BBBBBBBB &DKLHUGHVFKDUJHVSDUWLFXOLHU
SRXUODUpDOLVDWLRQGHVPLVVLRQVGXVHUYLFHXQLYHUVHO
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX SDUODVRFLpWp©63$&(&20ª
©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU
$UWLFOHSUHPLHU
2EMHWGXFDKLHUGHVFKDUJHV
'pFUHW Qƒ GX  VDIDU   IpYULHU  SRUWDQW
DSSUREDWLRQ GX FDKLHU GHV FKDUJHV SDUWLFXOLHU SRXU OD
UpDOLVDWLRQ GHV PLVVLRQV GX VHUYLFH XQLYHUVHO SDU OD
VRFLpWp©63$&(&20ª
BBBBBBBB
/(35(0,(50,1,675(
9X OD ORL Qƒ  UHODWLYH j OD SRVWH HW DX[
/H SUpVHQW &DKLHU GHV FKDUJHV D SRXU REMHW GH IL[HU OHV
FRQGLWLRQV HW OHV PRGDOLWpV GDQV OHVTXHOOHV VRQW UpDOLVpHV OHV
PLVVLRQVGHVHUYLFHXQLYHUVHOSDU63$&(&20
/HV SURJUDPPHV HQWUDQW GDQV OH FDGUH GHV PLVVLRQV GH
VHUYLFHXQLYHUVHOSURSRVpVSDU63$&(&20HWDSSURXYpVSDUOH
FRPLWp GH JHVWLRQ GX VHUYLFH XQLYHUVHO GHV WpOpFRPPXQLFDWLRQV
LQVWLWXp SDU OH GpFUHW Qƒ  GX  FKDRXDO 
IpYULHU  UHODWLI DX[ FRQGLWLRQV JpQpUDOHV G¶H[SORLWDWLRQ
WpOpFRPPXQLFDWLRQV SURPXOJXpH SDU OH GDKLU Qƒ GX
GHV UpVHDX[ SXEOLFV GH WpOpFRPPXQLFDWLRQV WHO TX¶LO D pWp
UDELL ,,   DR€W  WHOOH TX¶HOOH D pWp PRGLILpH HW
PRGLILp HW FRPSOpWp IRQW O¶REMHW GH FRQYHQWLRQV VLJQpHV SDU
FRPSOpWpHQRWDPPHQWVHVDUWLFOHVSUHPLHUƒHWELV O¶$JHQFHQDWLRQDOHGHUpJOHPHQWDWLRQGHVWpOpFRPPXQLFDWLRQVHW
9XODORLGHILQDQFHVQƒSRXUO
DQQpHEXGJpWDLUH 63$&(&20
SURPXOJXpH SDU OH GDKLU Qƒ GX  NDDGD  &KDTXH FRQYHQWLRQ SUpFLVH OHV VSpFLILFLWpV GH FKDTXH
GpFHPEUHQRWDPPHQWVRQDUWLFOH SURJUDPPHQRWDPPHQW
9XOHGpFUHWQƒGXFKDRXDOIpYULHU ‡O¶LQWLWXOpHWO¶REMHWGXSURJUDPPH
SRUWDQW DSSOLFDWLRQ GHV GLVSRVLWLRQV GH OD ORL Qƒ UHODWLYH j ‡ODOLVWHGHVORFDOLWpVREMHWGXSURJUDPPH
ODSRVWHHWDX[WpOpFRPPXQLFDWLRQVHQFHTXLFRQFHUQHO¶$JHQFH
‡OHVREOLJDWLRQVUHODWLYHVjODUpDOLVDWLRQGXSURJUDPPH
QDWLRQDOHGHUpJOHPHQWDWLRQGHVWpOpFRPPXQLFDWLRQV
‡OHVGpODLVGHUpDOLVDWLRQGXSURJUDPPH
9XOHGpFUHWQƒGXFKDRXDOIpYULHU
UHODWLI DX[ FRQGLWLRQV JpQpUDOHV G¶H[SORLWDWLRQ GHV UpVHDX[ ‡ODGXUpHHWOHVPRGDOLWpVGHUHQRXYHOOHPHQWGHODFRQYHQWLRQ
SXEOLFV GH WpOpFRPPXQLFDWLRQV WHO TX¶LO D pWp PRGLILp HW ‡OHPRQWDQWUHWHQXDXWLWUHGXSURJUDPPH
FRPSOpWpQRWDPPHQWVRQDUWLFOH ‡OHVLQGLFDWHXUVGHTXDOLWpGHVHUYLFH\DIIpUHQWV
1ıUDELL, %8//(7,12)),&,(/ 

$UWLFOH 6XUGHPDQGHGpSRVpHDXSUqVGHO¶$157SDU63$&(&20
7HUPLQRORJLH YLQJWTXDWUHPRLVDXPRLQVDYDQWODILQGHODSpULRGHGHYDOLGLWp
GX SUpVHQW FDKLHU GHV FKDUJHV FHOXLFL SHXW rWUH UHQRXYHOp SDU
2XWUHOHVGpILQLWLRQVGRQQpHVGDQVODORLQƒUHODWLYHj SpULRGHVVXSSOpPHQWDLUHVQ¶H[FpGDQWSDVFLQTDQVFKDFXQH
OD SRVWH HW DX[ WpOpFRPPXQLFDWLRQV SURPXOJXpH SDU OH GDKLU
QƒGXUDELL,,DR€WWHOOHTX¶HOOHDpWp
PRGLILpHHWFRPSOpWpHHWOHVWH[WHVSULVSRXUVRQDSSOLFDWLRQLO
HVW IDLW XVDJH GDQV OH SUpVHQW &DKLHU GHV FKDUJHV GH WHUPHV TXL
VRQWHQWHQGXVGHODPDQLqUHVXLYDQWH UHQRXYHOOHPHQW SHXW rWUH DVVRUWL GH PRGLILFDWLRQ GHV FRQGLWLRQV
)RQGVGHVHUYLFHXQLYHUVHOGHWpOpFRPPXQLFDWLRQV
/HFRPSWHG¶DIIHFWDWLRQVSpFLDOHFUppSDUO¶DUWLFOHGHOD
ORLGHILQDQFHVSRXUO¶DQQpHEXGJpWDLUHHQYXHGHSHUPHWWUH
OD FRPSWDELOLVDWLRQ GHV RSpUDWLRQV DIIpUHQWHV j OD FRQWULEXWLRQ
GHV H[SORLWDQWV GH UpVHDX[ SXEOLFV GH WpOpFRPPXQLFDWLRQV DX[
PLVVLRQV HW FKDUJHV GX VHUYLFH XQLYHUVHO GpVLJQp FLDSUqV SDU
)RQGV
&HQWUH G¶DFFqV SXEOLF SRXU OHV VHUYLFHV GH
WpOpFRPPXQLFDWLRQV YLVpHVjO¶DUWLFOHSUHPLHUFLGHVVXV
&HQWUH GLVSRVDQW G¶pTXLSHPHQWV GH WpOpFRPPXQLFDWLRQV
SHUPHWWDQWO¶DFFqVGXSXEOLFjGHVVHUYLFHVGHWpOpFRPPXQLFDWLRQV
GpQRPPpFLDSUqV&HQWUHG¶DFFqV
)UpTXHQFHVGHVHUYLFHV
)UpTXHQFHV DWWULEXpHV RX DVVLJQpHV DX[ H[SORLWDQWV GH
UpVHDX[ SXEOLFV GH WpOpFRPPXQLFDWLRQV SHUPHWWDQW G¶DVVXUHU OD
OLDLVRQ GLUHFWH SDU YRLH UDGLRpOHFWULTXH HQWUH O¶pTXLSHPHQW
WHUPLQDOGHO¶DERQQpHWOHUpVHDXGHO¶H[SORLWDQW
$UWLFOH
7H[WHVGHUpIpUHQFHV
/H SUpVHQW FDKLHU GHV FKDUJHV GRLW rWUH H[pFXWp
/H UHQRXYHOOHPHQW GX SUpVHQW FDKLHU GHV FKDUJHV Q¶HVW SDV
VRXPLVDX[SURFpGXUHVGHO¶DSSHOjFRQFXUUHQFH,OLQWHUYLHQWSDU
GpFUHW GX 3UHPLHU PLQLVWUH VXU SURSRVLWLRQ GH O¶$157 /H
GXSUpVHQWFDKLHUGHVFKDUJHV
$UWLFOH
(QJDJHPHQWVGH63$&(&20
63$&(&20 HVW WHQX GH SUHQGUH WRXWHV OHV PHVXUHV
QpFHVVDLUHVDILQGHUpDOLVHUOHVSURJUDPPHVGHVHUYLFHXQLYHUVHO
G€PHQWDSSURXYpVSDUOHFRPLWpGHJHVWLRQGXVHUYLFHXQLYHUVHO
GHV WpOpFRPPXQLFDWLRQV GDQV OHV FRQGLWLRQV GpODLV HW GDWHV
SUpYXV SDU OH SUpVHQW FDKLHU GHV FKDUJHV HW SDU OHV FRQYHQWLRQV
63$&(&20 HVW WHQX G¶DVVXUHU OD PDLQWHQDQFH HW OH
ERQ IRQFWLRQQHPHQW GHV pTXLSHPHQWV HW LQVWDOODWLRQV pWDEOLV HQ
YXHGHODUpDOLVDWLRQGHVPLVVLRQVGXVHUYLFHXQLYHUVHO
63$&(&20 HVW WHQX VRXV UpVHUYH GHV GLVSRVLWLRQV
SDUWLFXOLqUHV GX SUpVHQW FDKLHU GHV FKDUJHV G¶pWDEOLU HW
G¶H[SORLWHU OHV LQIUDVWUXFWXUHV GpGLpHV j OD UpDOLVDWLRQ GHV
SURJUDPPHV GH VHUYLFH XQLYHUVHO FRQIRUPpPHQW DX[ FRQGLWLRQV
JpQpUDOHVG¶pWDEOLVVHPHQWHWG¶H[SORLWDWLRQGHVUpVHDX[REMHWGHV
OLFHQFHVHWRXFDKLHUVGHFKDUJHVGRQWLOHVWWLWXODLUH
'XUDQW OD GXUpH GH YDOLGLWp GX FDKLHU GHV FKDUJHV
63$&(&20 QH SHXW FHVVHU O¶H[SORLWDWLRQ HW OD IRXUQLWXUH GHV
VHUYLFHVREMHWGHVFRQYHQWLRQVYLVpHVjO¶DUWLFOHSUHPLHUFLGHVVXV
FRQIRUPpPHQW j O¶HQVHPEOH GHV GLVSRVLWLRQV OpJLVODWLYHV HW TX¶DXWHUPHG¶XQHSpULRGHGHGRX]HPRLVjFRPSWHUGHODGDWH
UpJOHPHQWDLUHV HW GHV QRUPHV PDURFDLQHV HW LQWHUQDWLRQDOHV HQ GH QRWLILFDWLRQ GH VD GHPDQGH j O¶$157 HW VRXV UpVHUYH TXH OD
YLJXHXU QRWDPPHQW OD ORL Qƒ  SUpFLWpH HW OHV WH[WHV SULV FRQWLQXLWpGHVVHUYLFHVDLWpWpDVVXUpH&HWWHFHVVDWLRQGRQQHOLHXj
SRXUVRQDSSOLFDWLRQ O¶DSSOLFDWLRQ GHV VDQFWLRQV SUpYXHV j O¶DUWLFOH   GX SUpVHQW
/HVSUHVFULSWLRQVGHVWH[WHVOpJLVODWLIVHWUpJOHPHQWDLUHVRQW FDKLHUGHVFKDUJHV
SULRULWpVXUFHOOHVGXSUpVHQW&DKLHUGHVFKDUJHVDXFDVRO¶XQH 'DQV OH FDV R 63$&(&20 QH GpSRVH SDV XQH
GH VHV GLVSRVLWLRQV VHUDLW HQ FRQWUDGLFWLRQ DYHF FHOOHV GHVGLWV
WH[WHV
$UWLFOH
&RQWRXUVHWSRUWpHGXVHUYLFHXQLYHUVHO
63$&(&20 HVW WHQX GH UpDOLVHU OHV SURJUDPPHV UHOHYDQW
GXVHUYLFHXQLYHUVHOWHOVTX¶DSSURXYpVSDUOHFRPLWpGHJHVWLRQ
GH VHUYLFH XQLYHUVHO GH WpOpFRPPXQLFDWLRQV HW GpFULWV GDQV OHV
FRQYHQWLRQV YLVpHV j O¶DUWLFOH SUHPLHU FLGHVVXV /D UpDOLVDWLRQ
GHVGLWVSURJUDPPHVVHIDLWGDQVOHUHVSHFWGHVFRQGLWLRQVIL[pHV
SDU OD OpJLVODWLRQ HW OD UpJOHPHQWDWLRQ HQ YLJXHXU HW  SDU OHV
GLVSRVLWLRQVGXSUpVHQWFDKLHUGHVFKDUJHV
$UWLFOH
(QWUpHHQYLJXHXUGXUpHHWUHQRXYHOOHPHQW
GXFDKLHUGHVFKDUJHV
/H SUpVHQW FDKLHU GHV FKDUJHV HVW SULV SRXU XQH GXUpH
GHPDQGHGHUHQRXYHOOHPHQWFRQIRUPpPHQWjO¶DUWLFOHGX
SUpVHQWFDKLHUGHVFKDUJHVLOHVWWHQXGHSURFpGHUDXWUDQVIHUWGHV
LQVWDOODWLRQV HW pTXLSHPHQWV pWDEOLV SRXU OD IRXUQLWXUH GHV
VHUYLFHVVHORQOHVPRGDOLWpVIL[pHVjO¶DOLQpDFLGHVVRXV
(Q FDV G¶DUUrW GH OD IRXUQLWXUH GHV VHUYLFHV REMHW GHV
FRQYHQWLRQVYLVpHVjO¶DUWLFOHSUHPLHUFLGHVVXV63$&(&20HVW
WHQX GH WUDQVIpUHU GDQV OHV FRQGLWLRQV HW PRGDOLWpV IL[pHV SDU
O¶$157 OHV LQVWDOODWLRQV HW pTXLSHPHQWV pWDEOLV SRXU OD
IRXUQLWXUH GHVGLWV VHUYLFHV j O¶H[SORLWDQW GpVLJQp j FHW HIIHW SDU
O¶DJHQFH
$UWLFOH
$FFqVDX[UHVVRXUFHVGXUpVHDX
63$&(&20 GRQQH GURLW GDQV OHV GpODLV IL[pV SDU OD
UpJOHPHQWDWLRQHQYLJXHXUDX[GHPDQGHVGHVH[SORLWDQWVGHUpVHDX[
SXEOLFV GH WpOpFRPPXQLFDWLRQV SRXU O¶DFFqV DX[ LQIUDVWUXFWXUHV HW
PLQLPDOH GH GL[  DQV FRXUDQW j FRPSWHU GX SUHPLHU
SURJUDPPH UpDOLVp FRQIRUPpPHQW j VHV FODXVHV 7RXWHIRLV OHV
SURJUDPPHV LQLWLpV GDQV OH FDGUH GHV FRQYHQWLRQV FRQFOXHV HQ
DSSOLFDWLRQ GH O¶DUWLFOH SUHPLHU GX SUpVHQW FDKLHU GHV FKDUJHV
GHPHXUHQW UpJLV SDU VHV GLVSRVLWLRQV SHQGDQW WRXWH OD GXUpH GHV
GLWHVFRQYHQWLRQVHWMXVTX¶jpSXLVHPHQWGHOHXUVHIIHWV
UHVVRXUFHV pWDEOLHV SRXU OD UpDOLVDWLRQ GHV SURJUDPPHV REMHW GHV
FRQYHQWLRQVYLVpHVjO¶DUWLFOHSUHPLHUFLGHVVXV
/HV FRQGLWLRQV WHFKQLTXHV HW WDULIDLUHV GH O¶DFFqV DX[
UHVVRXUFHVGHUpVHDXVRQWIL[pHVSDUO¶$157DSUqVFRQVXOWDWLRQ
GHV H[SORLWDQWV GH UpVHDX[ SXEOLFV GH WpOpFRPPXQLFDWLRQV
FRQFHUQpV
 %8//(7,12)),&,(/ 1ıUDELL,

$UWLFOH $UWLFOH
$FFqVDX[IUpTXHQFHV 7DULILFDWLRQ
 $WWULEXWLRQGHIUpTXHQFHVGHVHUYLFHV 6DXI GLVSRVLWLRQ FRQWUDLUH GX SUpVHQW FDKLHU GHV
FKDUJHV OHV PRGDOLWpV GH WDULILFDWLRQ GHV VHUYLFHV UHOHYDQW GHV
6XU GHPDQGH PRWLYpH 63$&(&20 SHXW VROOLFLWHU GH
PLVVLRQV GX VHUYLFH XQLYHUVHO UHVSHFWHQW  OD UpJOHPHQWDWLRQ HQ
O¶$157TXHOXLVRLHQWDWWULEXpHVRXDVVLJQpHVGHVUHVVRXUFHVHQ YLJXHXU 7RXWH PRGLILFDWLRQ GHV WDULIV GHV VHUYLFHV REMHW GHV
IUpTXHQFHV GH VHUYLFHV HQ YXH G¶pWDEOLU OHV LQIUDVWUXFWXUHV REMHW FRQYHQWLRQV YLVpHV j O¶DUWLFOH SUHPLHU FLGHVVXV GHYUD rWUH
GHVFRQYHQWLRQVYLVpHVjO¶DUWLFOHSUHPLHUFLGHVVXV VRXPLVHjO¶DFFRUGSUpDODEOHGHO¶$157
 &RQGLWLRQVG
XWLOLVDWLRQGHVIUpTXHQFHV  /HV WDULIV DSSOLTXpV SDU 63$&(&20 SRXU OHV
3RXU FKDTXH IUpTXHQFH DWWULEXpH RX DVVLJQpH O
$157 SUHVWDWLRQVUHOHYDQWGXVHUYLFHXQLYHUVHOGRLYHQWrWUHDERUGDEOHV
SRXUUDVLQpFHVVDLUHLPSRVHUGHVFRQGLWLRQVGHFRXYHUWXUHHWGHV SHUPHWWUH O¶DFFHVVLELOLWp GHV XVDJHUV DX[ GLWHV SUHVWDWLRQV HW
OLPLWHVGHSXLVVDQFHGHUD\RQQHPHQWVXUOHV]RQHVJpRJUDSKLTXHV JDUDQWLU OH UHVSHFW GHV SULQFLSHV G¶XQLIRUPLWp GHV WDULIV VXU OH
GpILQLHVGDQVOHFDGUHGHVSURJUDPPHVUHWHQXV WHUULWRLUHQDWLRQDO

3RXU GHV IUpTXHQFHV DXWUHV TXH OHV EDQGHV GH VHUYLFHV $UWLFOH
O
$157 SURFqGH j GHV DVVLJQDWLRQV GH IUpTXHQFHV GDQV OHV &RPSWDELOLWpDQDO\WLTXH
GLIIpUHQWHVEDQGHVFRQIRUPpPHQWjODUpJOHPHQWDWLRQHQYLJXHXU &RQIRUPpPHQW DX[ GLVSRVLWLRQV GH O¶DUWLFOH  GX GpFUHW
HWHQIRQFWLRQGHODGLVSRQLELOLWpGXVSHFWUH Qƒ SUpFLWp 63$&(&20 HVW WHQX GH GLVSRVHU G¶XQH
63$&(&20 FRPPXQLTXH j OD GHPDQGH GH O
$157 OHV FRPSWDELOLWp DQDO\WLTXH VSpFLILTXH SRXU OHV FR€WV SURGXLWV HW
SODQV G
XWLOLVDWLRQ GHV EDQGHV GH IUpTXHQFHV TXL OXL RQW pWp UpVXOWDWV OLpV DX[ SUHVWDWLRQV REMHW GHV FRQYHQWLRQV YLVpHV j
DWWULEXpHVRXDVVLJQpHV O¶DUWLFOHSUHPLHUFLGHVVXV
$UWLFOH
 ,QWHUIpUHQFHV
0RQWDQWVUHWHQXV
6RXVUpVHUYHGXUHVSHFWGHODUpJOHPHQWDWLRQHQYLJXHXUGHV
LPSpUDWLIV GH OD FRRUGLQDWLRQ QDWLRQDOH HW LQWHUQDWLRQDOH HW j OD /HV PRQWDQWV UHWHQXV SRXU OD UpDOLVDWLRQ SDU 63$&(&20
FRQGLWLRQ GH QH SDV SURYRTXHU GHV LQWHUIpUHQFHV RX EURXLOODJHV GHVSURJUDPPHVUHOHYDQWGXVHUYLFHXQLYHUVHOVRQWVSpFLILpVGDQV
QXLVLEOHVFRQVWDWpVOHVFRQGLWLRQVG
pWDEOLVVHPHQWHWG
H[SORLWDWLRQ OHVFRQYHQWLRQVYLVpHVjO¶DUWLFOHSUHPLHUFLGHVVXV
HWOHVSXLVVDQFHVGHUD\RQQHPHQWVRQWOLEUHV &HV PRQWDQWV UHVWHQW GXV HW H[LJLEOHV WDQW TXH OHVGLWV
SURJUDPPHVQHVRQWSDVFRPSOqWHPHQWUpDOLVpV
(Q FDV G
LQWHUIpUHQFH HQWUH OHV FDQDX[ GH GHX[ H[SORLWDQWV
GHUpVHDX[SXEOLFVGHWpOpFRPPXQLFDWLRQVFHVGHUQLHUVGRLYHQW $UWLFOH
DX SOXV WDUG GDQV OHV VHSW  MRXUV VXLYDQW OD GDWH GX FRQVWDW 3pQDOLWpVGHUHWDUGGHUpDOLVDWLRQ
LQIRUPHU O
$157 GH OD GDWH HW GX OLHX GHV LQWHUIpUHQFHV HW GHV (Q FDV G¶DEDQGRQ RX GH UHWDUG GDQV O¶H[pFXWLRQ
FRQGLWLRQV G
H[SORLWDWLRQ HQ YLJXHXU GHV FDQDX[ REMHWV GH GHVREOLJDWLRQV SUpYXHV SDU OHV FRQYHQWLRQV YLVpHV j O¶DUWLFOH
O¶LQWHUIpUHQFH /HV H[SORLWDQWV VRXPHWWHQW j O¶$157 GDQV XQ SUHPLHUFLGHVVXVHWVDXIFDVGHIRUFHPDMHXUHG€PHQWFRQVWDWpSDU
GpODL PD[LPXP G
XQ  PRLV HW SRXU DSSUREDWLRQ OHV PHVXUHV O¶$15763$&(&20V¶H[SRVHDX[SpQDOLWpVSUpYXHVFLGHVVRXV
FRQYHQXHVDILQGHUHPpGLHUDX[GLWHVLQWHUIpUHQFHV
$UWLFOH
1LYHDXGHTXDOLWpGHVVHUYLFHV
63$&(&20V¶HQJDJHjPHWWUHHQ°XYUHWRXVOHVPR\HQV
SRXUDWWHLQGUHGHVQLYHDX[GHTXDOLWpGHVHUYLFHFRPSDUDEOHVDX[
VWDQGDUGVLQWHUQDWLRQDX[
,O GHYUD PHWWUH HQ °XYUH OHV SURWHFWLRQV HW UHGRQGDQFHV
(Q FDV GH UHQRQFLDWLRQ j OD UpDOLVDWLRQ GH OD WRWDOLWp
G¶XQSURJUDPPHREMHWG¶XQHFRQYHQWLRQVLJQpHHQDSSOLFDWLRQGH
O¶DUWLFOH SUHPLHU FLGHVVXV 63$&(&20 HVW WHQX GH YHUVHU DX
)RQGV OD YDOHXU DFTXLVH SDU OH PRQWDQW UHWHQX DX WLWUH GX
SURJUDPPH HQ TXHVWLRQ GXUDQW OD SpULRGH V¶pWDODQW HQWUH OD GDWH
G¶HQWUpH HQ YLJXHXU GH OD FRQYHQWLRQ HQ FDXVH HW OD GDWH GH
UHQRQFLDWLRQjODUpDOLVDWLRQGXGLWSURJUDPPHHWFHHQXWLOLVDQW
OH WDX[ GH UHQGHPHQW GHV ERQV GH WUpVRU PDURFDLQV GH PDWXULWp
QpFHVVDLUHV SRXU JDUDQWLU XQH TXDOLWp HW XQH GLVSRQLELOLWp GH FLQTXDQWHGHX[VHPDLQHV/DYDOHXUDFTXLVHVHFDOFXOHGHOD
VHUYLFHVDWLVIDLVDQWHVDLQVLTXHOHVpTXLSHPHQWVHWOHVSURFpGXUHV PDQLqUHVXLYDQWH
QpFHVVDLUHV DILQ TXH OHV REMHFWLIV GH TXDOLWp GH VHUYLFH
GHPHXUHQWDXQLYHDXSUpYXSDUOHVVWDQGDUGVLQWHUQDWLRQDX[
(Q SDUWLFXOLHU 63$&(&20 GRLW UpSRQGUH DX[ FULWqUHV GH
TXDOLWp PLQLPXP GpFULWV GDQV OHV FRQYHQWLRQV YLVpHV j
O¶DUWLFOHSUHPLHUFLGHVVXV
$UWLFOH
'pODLGHUpDOLVDWLRQGHVREOLJDWLRQV
/D PLVH HQ VHUYLFH GHV LQVWDOODWLRQV QpFHVVDLUHV j OD
UpDOLVDWLRQ GHV SURJUDPPHV SUpYXV SDU OHV FRQYHQWLRQV YLVpHV j
O¶DUWLFOH SUHPLHU FLGHVVXV GRLW VH IDLUH GDQV OHV GpODLV HW GDWHV
VSpFLILpVGDQVOHVGLWHVFRQYHQWLRQV
0Y 0U[5IQ
2
‡0YOHPRQWDQWjYHUVHUDX)RQGV
‡0UOHPRQWDQWUHWHQXDXWLWUHGXSURJUDPPHHQTXHVWLRQ
‡5IOHWDX[GHVERQVGHWUpVRU
‡Q  V¶HQWHQG HQ DQQpH HW UHSUpVHQWH OD SpULRGH V¶pWDODQW
HQWUH OD GDWH G¶HQWUpH HQ YLJXHXU GH OD FRQYHQWLRQ HW OD GDWH GH
UHQRQFLDWLRQSDU63$&(&20jODUpDOLVDWLRQGXGLWSURJUDPPH
(Q SOXV 63$&(&20 HVW WHQX GH YHUVHU DX )RQGV XQH
SpQDOLWppJDOHjGXPRQWDQWUHWHQXDXWLWUHGXSURJUDPPHHQ
TXHVWLRQ
1ıUDELL, %8//(7,12)),&,(/ 

'DQV OH FDV GH OD QRQ UpDOLVDWLRQ G¶XQ SURJUDPPH
REMHWG¶XQHFRQYHQWLRQVLJQpHHQDSSOLFDWLRQGHO¶DUWLFOHSUHPLHU
FLGHVVXVGDQVOHVGpODLVHWGDWHVSUpYXVSDUODGLWHFRQYHQWLRQ
‡63$&(&20HVWDVVXMHWWLDXSDLHPHQWG¶XQHSpQDOLWpGRQW
OH PRQWDQW HVW pJDO j  GH OD GLIIpUHQFH HQWUH OH
PRQWDQW UHWHQX DX WLWUH GX SURJUDPPH HQ TXHVWLRQ HW OH
PRQWDQW GHV UpDOLVDWLRQV HIIHFWXpHV DX[ GpODLV HW GDWHV
SUpFLWpV O¶$157 DX SOXV WDUG OH HU MXLQ GH O¶DQQpH Q VHV pWDWV GH
$UWLFOH
,QIRUPDWLRQV
(Q VXV GH VHV REOLJDWLRQV GH WUDQVPLVVLRQ G¶LQIRUPDWLRQV
SUpYXHV SDU OHV GLVSRVLWLRQV GH VHV FDKLHUV GHV FKDUJHV SRXU
O¶pWDEOLVVHPHQW HW O¶H[SORLWDWLRQ GH UpVHDX[ SXEOLFV GH
WpOpFRPPXQLFDWLRQV 63$&(&20 HVW WHQX GH VRXPHWWUH j
‡8Q GpODL VXSSOpPHQWDLUH GH VL[  PRLV HVW DFFRUGp j
63$&(&20 SRXU SRXUVXLYUH OHV UpDOLVDWLRQV QRQ
HIIHFWXpHV$O¶H[SLUDWLRQGHFHGpODL FRQYHQWLRQV YLVpHV j O¶DUWLFOH SUHPLHU FLGHVVXV HW FH
±V¶LOHVWFRQVWDWpGHVUpDOLVDWLRQVLQFRPSOqWHVSDUUDSSRUWj
FHOOHVSUpYXHVSDUODFRQYHQWLRQFRQFHUQpH63$&(&20
VHUD WHQX GH YHUVHU DX )RQGV OD YDOHXU DFTXLVH SDU OD
GLIIpUHQFH HQWUH OH PRQWDQW UHWHQX HW OH PRQWDQW GHV
UpDOLVDWLRQV HIIHFWXpHV j FHWWH GDWH GXUDQW OD SpULRGH
V¶pWDODQW HQWUH OD GDWH G¶HQWUpH HQ YLJXHXU GH OD
FRQYHQWLRQ HQ FDXVH HW OD GDWH GH O¶H[SLUDWLRQ GX GpODL
V\QWKqVHV G€PHQW FHUWLILpV UHODWLIV DX[ UpVXOWDWV GHV DFWLYLWpV
UHOHYDQW GHV PLVVLRQV GX VHUYLFH XQLYHUVHO SUpYXHV SDU OHV
FRQIRUPpPHQWjODUpJOHPHQWDWLRQHQYLJXHXU
63$&(&20HVWWHQXGHVRXPHWWUHjO¶$157VXUXQHEDVH
WULPHVWULHOOH
‡OHGpWDLOGHVLQYHVWLVVHPHQWVHQWUHSULVGDQVOHFDGUHGHOD
UpDOLVDWLRQ GHV SURJUDPPHV REMHW GHV FRQYHQWLRQV
SUpFLWpHV
VXSSOpPHQWDLUHGHVL[PRLVHWFHHQXWLOLVDQWOHWDX[ ‡WRXWHVOHVLQIRUPDWLRQVWHFKQLTXHVHWILQDQFLqUHVUHODWLYHVj
GH UHQGHPHQW GHV ERQV GH WUpVRU PDURFDLQV GH PDWXULWp ODUpDOLVDWLRQGHVGLWVSURJUDPPHV
FLQTXDQWH GHX[  VHPDLQHV /D  YDOHXU DFTXLVH VH
FDOFXOHGHODPDQLqUHVXLYDQWH ‡WRXWHV OHV LQIRUPDWLRQV UHODWLYHV DX[ UHYHQXV UpDOLVpV SDU
OHVVHUYLFHVIRXUQLVGDQVOHFDGUHGHFHVSURJUDPPHV
0Y 0U0UH[5IQ
2
‡0YOHPRQWDQWjYHUVHUDX)RQGV
‡0UOHPRQWDQWUHWHQXDXWLWUHGXSURJUDPPHHQTXHVWLRQ
‡0UHOHPRQWDQWGHVUpDOLVDWLRQVHIIHFWXpHV
‡5IOHWDX[GHVERQVGH7UpVRU
‡Q  V¶HQWHQG HQ DQQpH HW UHSUpVHQWH OD SpULRGH V¶pWDODQW
HQWUH OD GDWH G¶HQWUpH HQ YLJXHXU GH OD FRQYHQWLRQ HW OD
‡OHGpWDLOGHVLQIRUPDWLRQVVXUOHWUDILFHQWUDQWHWVRUWDQWSDU
UDSSRUW DX[ VHUYLFHV REMHW GHV SURJUDPPHV GH VHUYLFH
XQLYHUVHO
63$&(&20HVWWHQXGHIRXUQLUWRXWHDXWUHLQIRUPDWLRQTXH
O¶$157 MXJH XWLOH SRXU DVVXUHU OH VXLYL GH OD UpDOLVDWLRQ GHV
VHUYLFHVUHOHYDQWGXVHUYLFHXQLYHUVHO
$UWLFOH
&RQWU{OH
GDWH GH O¶H[SLUDWLRQ GX GpODL VXSSOpPHQWDLUH GH VL[ 
PRLV
±OHV UpDOLVDWLRQV QRQ HIIHFWXpHV SDU 63$&(&20 QH
UHOqYHURQW SOXV GH VHV PLVVLRQV GH VHUYLFH XQLYHUVHO HW
VRQWFRQVLGpUpHVFRPPHUHWLUpHVGHODFRQYHQWLRQ
$UWLFOH
3pQDOLWpVHQFDVGHQRQUHVSHFWGHVGLVSRVLWLRQV
GXFDKLHUGHVFKDUJHV
6DXI FDV GH IRUFH PDMHXUH G€PHQW FRQVWDWp SDU O¶$157
63$&(&20 V¶H[SRVH DX[ SpQDOLWpV VXLYDQWHV HQ FDV GH QRQ
UHVSHFW GHV FRQGLWLRQV G¶H[SORLWDWLRQ GHV VHUYLFHV REMHW GX
SUpVHQWFDKLHUGHVFKDUJHV
/¶$157 HVW KDELOLWpH j SURFpGHU SDU VHV DJHQWV
FRPPLVVLRQQpVjFHWHIIHWRXSDUWRXWHSHUVRQQHG€PHQWKDELOLWpH
SDUHOOHDXSUqVGH63$&(&20jGHVHQTXrWHV\FRPSULVFHOOHV
TXL QpFHVVLWHQW GHV LQWHUYHQWLRQV GLUHFWHV RX GHV EUDQFKHPHQWV
G¶pTXLSHPHQWVH[WHUQHVVXUVRQSURSUHUpVHDXGDQVOHVFRQGLWLRQV
SUpYXHVSDUODOpJLVODWLRQHWODUpJOHPHQWDWLRQHQYLJXHXU
$UWLFOH
([RQpUDWLRQ
$X WLWUH GH O¶H[pFXWLRQ GHV VHUYLFHV REMHW GHV FRQYHQWLRQV
VLJQpHV HQ DSSOLFDWLRQ GX SUpVHQW FDKLHU GHV FKDUJHV
63$&(&20 HVW GLVSHQVp GXUDQW OD SpULRGH GH YDOLGLWp GXGLW
(Q FDV GH QRQUHVSHFW GH O¶XQH GHV GLVSRVLWLRQV GX
SUpVHQW FDKLHU GHV FKDUJHV DXWUHV TXH FHOOHV UHODWLYHV DX[ GpODLV
GH UpDOLVDWLRQ GH VHV PLVVLRQV 63$&(&20 V¶H[SRVH DX
SDLHPHQW G¶XQH SpQDOLWp GRQW OH PRQWDQW HVW pJDO j  GHV
PRQWDQWVUHWHQXVHWFHVDQVSUpMXGLFHGHVVDQFWLRQVSUpYXHVSDU
ODUpJOHPHQWDWLRQHQYLJXHXU
3HQGDQW OD GXUpH GH YDOLGLWp GX SUpVHQW FDKLHU GHV
FKDUJHV HW HQ FDV G¶DUUrW GH OD IRXUQLWXUH GHV VHUYLFHV HQ
FDKLHU GHV FKDUJH YLVpH j O¶DUWLFOH   GX SDLHPHQW GH OD
FRQWULEXWLRQ DX[ PLVVLRQV GH VHUYLFH XQLYHUVHO SUpYXH SDU OD
UpJOHPHQWDWLRQ HQ YLJXHXU VXU OH FKLIIUH G¶DIIDLUHV UpDOLVp GDQV
OHV ORFDOLWpV IDLVDQW SDUWLH GHV SURJUDPPHV GH VHUYLFH XQLYHUVHO
WHOOHTX¶DUUrWpHVSDUOHVGLWHVFRQYHQWLRQV
$UWLFOH
DSSOLFDWLRQ GH O¶DUWLFOH   FLGHVVXV 63$&(&20 HVW WHQX
GH YHUVHU DX )RQGV OD WRWDOLWp GHV PRQWDQWV UHWHQXV DX WLWUH GX
SURJUDPPHHQTXHVWLRQ
/HV PRQWDQWV GHV SpQDOLWpV SUpYXV SDU OHV DUWLFOHV 
HW  GX SUpVHQW FDKLHU GHV FKDUJHV DLQVL TXH OHV PRGDOLWpV GH
OHXUSDLHPHQWVRQWGpWHUPLQpVSDUO¶$157
0RGLILFDWLRQGXFDKLHUGHVFKDUJHV
'XUDQWVDSpULRGHGHYDOLGLWpOHSUpVHQWFDKLHUGHVFKDUJHV
SHXW rWUH PRGLILp RX FRPSOpWp VXU SURSRVLWLRQ GX FRPLWp GH
JHVWLRQ GX VHUYLFH XQLYHUVHO GHV WpOpFRPPXQLFDWLRQV HW FH
FRQIRUPpPHQWjODUpJOHPHQWDWLRQHQYLJXHXU
 %8//(7,12)),&,(/ 1ıUDELL,

$UWLFOH 9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
6LJQLILFDWLRQHWLQWHUSUpWDWLRQGXFDKLHUGHVFKDUJHV DJUDLUHQƒGXFKDRXDOVHSWHPEUHSRUWDQW
KRPRORJDWLRQGXUqJOHPHQWWHFKQLTXHUHODWLIjODSURGXFWLRQDX
/H SUpVHQW FDKLHU GHV FKDUJHV HW OHV FRQYHQWLRQV YLVpHV j FRQWU{OH DX FRQGLWLRQQHPHQW HW j OD FHUWLILFDWLRQ GHV VHPHQFHV
O¶DUWLFOHSUHPLHUFLGHVVXVOHXUVLJQLILFDWLRQHWOHXULQWHUSUpWDWLRQ GHV OpJXPLQHXVHV DOLPHQWDLUHV IqYH IpYHUROH SRLV OHQWLOOH
VRQWUpJLVSDUOHVORLVHWOHVUqJOHPHQWVHQYLJXHXUDX0DURF SRLVFKLFKHHWKDULFRW
$UWLFOH 9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
DJUDLUHQƒGXFKDRXDOVHSWHPEUHSRUWDQW
8QLWpVGHPHVXUHHWPRQQDLHGHVFRQWULEXWLRQV KRPRORJDWLRQGXUqJOHPHQWWHFKQLTXHUHODWLIjODSURGXFWLRQDX
D 3RXUWRXVGRFXPHQWVPpPRLUHVQRWHVWHFKQLTXHVSODQV FRQWU{OH DX FRQGLWLRQQHPHQW HW j OD FHUWLILFDWLRQ GHV VHPHQFHV
HW DXWUHV pFULWV 63$&(&20 HVW WHQX G¶XWLOLVHU OH V\VWqPH GHV OpJXPLQHXVHV IRXUUDJqUHV OX]HUQH EHUVLP WUqIOH GH 3HUVH
PpWULTXHHWOHVXQLWpVGHPHVXUHV¶\UDWWDFKDQW SRLVIRXUUDJHUYHVFHHWOXSLQV
E /HV PRQWDQWV GHV GLIIpUHQWHV FRQWULEXWLRQV VRQW GXV HQ 9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
GLUKDPV0DURFDLQV DJUDLUHQƒGXFKDRXDOVHSWHPEUHSRUWDQW
KRPRORJDWLRQGXUqJOHPHQWWHFKQLTXHUHODWLIjODSURGXFWLRQDX
$UWLFOH FRQWU{OHDXFRQGLWLRQQHPHQWHWjODFHUWLILFDWLRQGHVVHPHQFHVGH
/DQJXHGXFDKLHUGHVFKDUJHVHWUqJOHPHQWGHVGLIIpUHQGV WRXUQHVROFDUWKDPHFRO]DOLQVRMDHWDUDFKLGH
/HSUpVHQWFDKLHUGHVFKDUJHVHVWUpGLJpHQODQJXHVDUDEHHW 9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
IUDQoDLVH /D YHUVLRQ DUDEH IDLW IRL GHYDQW OHV WULEXQDX[
PDURFDLQV
/HVGLIIpUHQGVLVVXVGHO¶LQWHUSUpWDWLRQGXSUpVHQWFDKLHUGHV
FKDUJHVVHURQWVRXPLVDX[WULEXQDX[FRPSpWHQWVGH5DEDW
DJUDLUHQƒGXFKDRXDOVHSWHPEUHSRUWDQW
KRPRORJDWLRQ GX UqJOHPHQW WHFKQLTXH UHODWLI DX FRQWU{OH GHV
VHPHQFHVVWDQGDUGGHOpJXPHV
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
$UWLFOH
(OHFWLRQGHGRPLFLOH
63$&(&20IDLWpOHFWLRQGHGRPLFLOHHQVRQVLqJHVRFLDO
ORWQƒHW]RQHLQGXVWULHOOH6XG2XHVW0RKDPPHGLD0DURF
$UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD SrFKH PDULWLPH
DJUDLUHQƒGXFKDRXDODYULOIL[DQWOHV
FRQGLWLRQVG¶LPSRUWDWLRQHWGHFRPPHUFLDOLVDWLRQGHVVHPHQFHVj
FXOWLYHUDX0DURFWHOTX¶LODpWpPRGLILp
$55Ç7(
$57,&/( 35(0,(5±/D VRFLpWp ©3URJUDLQHVª GRQW OH VLqJH
VRFLDO VLV  UXH GH %DSDXPH &DVDEODQFD HVW DJUppH SRXU
FRPPHUFLDOLVHU GHV VHPHQFHV FHUWLILpHV GH FpUpDOHV G¶DXWRPQH GH
PDwVGHVOpJXPLQHXVHVDOLPHQWDLUHVGHVOpJXPLQHXVHVIRXUUDJqUHV
GHVROpDJLQHXVHVHWGHVVHPHQFHVVWDQGDUGGHOpJXPHV
$57±/D GXUpH GH YDOLGLWp GH FHW DJUpPHQW HVW GH WURLV
Qƒ GX  PRKDUUHP   MDQYLHU  DQV j SDUWLU GH OD GDWH GH SXEOLFDWLRQ GX SUpVHQW DUUrWp DX
SRUWDQW DJUpPHQW GH OD VRFLpWp ©3URJUDLQHVª SRXU
FRPPHUFLDOLVHU GHV VHPHQFHV FHUWLILpHV GH FpUpDOHV
G¶DXWRPQHGHPD wVGHVOpJXPLQHXVHVDOLPHQWDLUHVGHV
OpJXPLQHXVHV IRXUUDJqUHV GHV ROpDJLQHXVHV HW GHV
VHPHQFHVVWDQGDUGGHOpJXPHV
BBBBBBBBBB
/(0,1,675('(/¶$*5,&8/785((7'(/$3(&+(0$5,7,0(
©%XOOHWLQ RIILFLHOª LO SHXW rWUH UHQRXYHOp SRXU GHV GXUpHV GH
WURLVDQV j FRQGLWLRQ TXH OD GHPDQGH GH UHQRXYHOOHPHQW VRLW
IRUPXOpHGHX[PRLVDYDQWO¶H[SLUDWLRQGHVDYDOLGLWp
$57±&RQIRUPpPHQW j O¶DUWLFOH  GHV DUUrWpV VXVYLVpV
QRVHWODVRFLpWp
©3URJUDLQHVªHVWWHQXHGHGpFODUHUPHQVXHOOHPHQWDXPLQLVWqUH
GH O¶DJULFXOWXUH HW GH OD SrFKH PDULWLPH GLUHFWLRQ GH OD
SURWHFWLRQ GHV YpJpWDX[ GHV FRQWU{OHV WHFKQLTXHV HW GH OD
9XOHGDKLUQƒGXMRXPDGD,MXLOOHW UpSUHVVLRQ GHV IUDXGHV6HUYLFH GX FRQWU{OH GHV VHPHQFHV HW GHV
UpJOHPHQWDQWODSURGXFWLRQHWODFRPPHUFLDOLVDWLRQGHVHPHQFHV SODQWVVHVDFKDWVVHVYHQWHVHWVHVVWRFNVGHVGLWHVVHPHQFHV
HW GH SODQWV WHO TX¶LO D pWp PRGLILp HW FRPSOpWp SDU OH GDKLU $57±/H SUpVHQW DJUpPHQW SHXW rWUH UHWLUp HQ FDV
SRUWDQWORLQƒGXFKDRXDOVHSWHPEUH G¶LQIUDFWLRQ j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQ FRQFHUQDQW OD
QRWDPPHQWVHVDUWLFOHVSUHPLHUHW FRPPHUFLDOLVDWLRQGHVVHPHQFHVHWGHVSODQWV
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH $57±(VWDEURJpO¶DUUrWpGXPLQLVWUHGHO¶DJULFXOWXUHHWGX
DJUDLUH Qƒ  GX  FKDRXDO   VHSWHPEUH  GpYHORSSHPHQWUXUDOQƒGXUDELL,DYULO
SRUWDQW KRPRORJDWLRQ GX UqJOHPHQW WHFKQLTXH UHODWLI j OD SRUWDQWDJUpPHQWGHODVRFLpWp©3URJUDLQHVªSRXUFRPPHUFLDOLVHU
SURGXFWLRQDXFRQWU{OHDXFRQGLWLRQQHPHQWHWjODFHUWLILFDWLRQ GHV VHPHQFHV FHUWLILpHV GH FpUpDOHV G¶DXWRPQH GH PDwV GHV
GHV VHPHQFHV GH EOp RUJH DYRLQH VHLJOH WULWLFDOH HW GH UL] WHO OpJXPLQHXVHV DOLPHQWDLUHV GHV OpJXPLQHXVHV IRXUUDJqUHV GHV
TX¶LO D pWp PRGLILp SDU O¶DUUrWp Qƒ  GX  UDPDGDQ  ROpDJLQHXVHVHWGHVVHPHQFHVVWDQGDUGGHOpJXPHV
DYULO $57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH 5DEDWOHPRKDUUHPMDQYLHU
DJUDLUH Qƒ  GX  FKDRXDO   VHSWHPEUH  $=,=$.+$1128&+
SRUWDQW KRPRORJDWLRQ GX UqJOHPHQW WHFKQLTXH UHODWLI j OD BBBBBB
SURGXFWLRQDXFRQWU{OHDXFRQGLWLRQQHPHQWHWjODFHUWLILFDWLRQ /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
GHVVHPHQFHVGHPDwV ©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU
1ıUDELL, %8//(7,12)),&,(/ 

$UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD SrFKH PDULWLPH $UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD SrFKH PDULWLPH
Qƒ  GX  PRKDUUHP   MDQYLHU  Qƒ GX  PRKDUUHP   MDQYLHU 
SRUWDQW DJUpPHQW GH OD VRFLpWp ©/HV &RQVHUYHV GH SRUWDQW DJUpPHQW GH OD VRFLpWp ©1DEDW &KDRXLDª SRXU
0HNQqVª SRXU FRPPHUFLDOLVHU GHV VHPHQFHV VWDQGDUG FRPPHUFLDOLVHU GHV VHPHQFHV FHUWLILpHV GH FpUpDOHV
GHOpJXPHV G¶DXWRPQH GH PDwV GHV OpJXPLQHXVHV DOLPHQWDLUHV GHV
BBBBBBBBBB OpJXPLQHXVHVIRXUUDJqUHVGHVROpDJLQHXVHVGHVVHPHQFHV
VWDQGDUGGHOpJXPHVHWGHVSODQWVFHUWLILpVGHSRPPHGH
/(0,1,675('(/¶$*5,&8/785((7'(/$3(&+(0$5,7,0( WHUUH
BBBBBBBBBB
9XOHGDKLUQƒGXMRXPDGD,MXLOOHW
UpJOHPHQWDQWODSURGXFWLRQHWODFRPPHUFLDOLVDWLRQGHVHPHQFHV /(0,1,675('(/¶$*5,&8/785((7'(/$3(&+(0$5,7,0(
HW GH SODQWV WHO TX¶LO D pWp PRGLILp HW FRPSOpWp SDU OH GDKLU 9XOHGDKLUQƒGXMRXPDGD,MXLOOHW
SRUWDQWORLQƒGXFKDRXDOVHSWHPEUH UpJOHPHQWDQWODSURGXFWLRQHWODFRPPHUFLDOLVDWLRQGHVHPHQFHV
QRWDPPHQWVHVDUWLFOHVSUHPLHUHW HW GH SODQWV WHO TX¶LO D pWp PRGLILp HW FRPSOpWp SDU OH GDKLU
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH SRUWDQWORLQƒGXFKDRXDOVHSWHPEUH
DJUDLUH Qƒ  GX  FKDRXDO   VHSWHPEUH  QRWDPPHQWVHVDUWLFOHVSUHPLHUHW
SRUWDQWKRPRORJDWLRQGXUqJOHPHQWWHFKQLTXHUHODWLIDXFRQWU{OH 9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
GHVVHPHQFHVVWDQGDUGGHOpJXPHV DJUDLUHQƒGXFKDRXDOVHSWHPEUHSRUWDQW
KRPRORJDWLRQGXUqJOHPHQWWHFKQLTXHUHODWLIjODSURGXFWLRQDX
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
FRQWU{OHDXFRQGLWLRQQHPHQWHWjODFHUWLILFDWLRQGHVVHPHQFHVGH
DJUDLUHQƒGXFKDRXDODYULOIL[DQWOHV
EOpRUJHDYRLQHVHLJOHWULWLFDOHHWGHUL]WHOTX¶LODpWpPRGLILp
FRQGLWLRQVG¶LPSRUWDWLRQHWGHFRPPHUFLDOLVDWLRQGHVVHPHQFHVj SDUO¶DUUrWpQƒGXUDPDGDQDYULO
FXOWLYHUDX0DURFWHOTX¶LODpWpPRGLILp
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
$55Ç7( DJUDLUHQƒGXFKDRXDOVHSWHPEUHSRUWDQW
$57,&/(35(0,(5±/DVRFLpWp©/HV&RQVHUYHVGH0HNQqVª KRPRORJDWLRQGXUqJOHPHQWWHFKQLTXHUHODWLIjODSURGXFWLRQDX
GRQWOHVLqJHVRFLDOVLVTXDUWLHULQGXVWULHO$wQ6ORXJXL%3 FRQWU{OHDXFRQGLWLRQQHPHQWHWjODFHUWLILFDWLRQGHVVHPHQFHVGH
0HNQqV HVW DJUppH SRXU FRPPHUFLDOLVHU GHV VHPHQFHV VWDQGDUG PDwV
GHOpJXPHV 9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
$57±/D GXUpH GH YDOLGLWp GH FHW DJUpPHQW HVW GH WURLV
DQV j SDUWLU GH OD GDWH GH SXEOLFDWLRQ GX SUpVHQW DUUrWp DX
©%XOOHWLQ RIILFLHOª LO SHXW rWUH UHQRXYHOp SRXU GHV GXUpHV GH
DJUDLUHQƒGXFKDRXDOVHSWHPEUHSRUWDQW
KRPRORJDWLRQGXUqJOHPHQWWHFKQLTXHUHODWLIjODSURGXFWLRQDX
FRQWU{OH DX FRQGLWLRQQHPHQW HW j OD FHUWLILFDWLRQ GHV VHPHQFHV
GHV OpJXPLQHXVHV DOLPHQWDLUHV IqYH IpYHUROH SRLV OHQWLOOH
WURLVDQV j FRQGLWLRQ TXH OD GHPDQGH GH UHQRXYHOOHPHQW VRLW SRLVFKLFKHHWKDULFRW
IRUPXOpHGHX[PRLVDYDQWO¶H[SLUDWLRQGHVDYDOLGLWp
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
$57±&RQIRUPpPHQW j O¶DUWLFOH  GH O¶DUUrWp VXVYLVp DJUDLUHQƒGXFKDRXDOVHSWHPEUHSRUWDQW
Qƒ GX  FKDRXDO   VHSWHPEUH  OD VRFLpWp KRPRORJDWLRQGXUqJOHPHQWWHFKQLTXHUHODWLIjODSURGXFWLRQDX
©/HV &RQVHUYHV GH 0HNQqVª HVW WHQXH GH GpFODUHU FRQWU{OH DX FRQGLWLRQQHPHQW HW j OD FHUWLILFDWLRQ GHV VHPHQFHV
PHQVXHOOHPHQW DX PLQLVWqUH GH O¶DJULFXOWXUH HW GH OD SrFKH GHV OpJXPLQHXVHV IRXUUDJqUHV OX]HUQH EHUVLP WUqIOH GH 3HUVH
PDULWLPHGLUHFWLRQGHODSURWHFWLRQGHVYpJpWDX[GHVFRQWU{OHV SRLVIRXUUDJHUYHVFHHWOXSLQV
WHFKQLTXHVHWGHODUpSUHVVLRQGHVIUDXGHV6HUYLFHGXFRQWU{OHGHV 9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
VHPHQFHV HW GHV SODQWV VHV DFKDWV VHV YHQWHV HW VHV VWRFNV
GHVGLWHVVHPHQFHV
$57±/H SUpVHQW DJUpPHQW SHXW rWUH UHWLUp HQ FDV
G¶LQIUDFWLRQ j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQ FRQFHUQDQW OD
FRPPHUFLDOLVDWLRQGHVVHPHQFHVHWGHVSODQWV
DJUDLUHQƒGXFKDRXDOVHSWHPEUHSRUWDQW
KRPRORJDWLRQGXUqJOHPHQWWHFKQLTXHUHODWLIjODSURGXFWLRQDX
FRQWU{OHDXFRQGLWLRQQHPHQWHWjODFHUWLILFDWLRQGHVVHPHQFHVGH
WRXUQHVROFDUWKDPHFRO]DOLQVRMDHWDUDFKLGH
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
DJUDLUHQƒGXFKDRXDOVHSWHPEUHSRUWDQW
$57±(VWDEURJpO¶DUUrWpGXPLQLVWUHGHO¶DJULFXOWXUHHWGX
KRPRORJDWLRQ GX UqJOHPHQW WHFKQLTXH UHODWLI DX FRQWU{OH GHV
GpYHORSSHPHQW UXUDO Qƒ  GX  VDIDU   DYULO  VHPHQFHVVWDQGDUGGHOpJXPHV
SRUWDQWDJUpPHQWGHODVRFLpWp©/HV&RQVHUYHVGH0HNQqVªSRXU
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GX
FRPPHUFLDOLVHUGHVVHPHQFHVVWDQGDUGGHOpJXPHV
GpYHSORSSHPHQW UXUDO Qƒ  GX  FKDRXDO 
$57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO GpFHPEUHSRUWDQWKRPRORJDWLRQGXUqJOHPHQWWHFKQLTXH
5DEDWOHPRKDUUHPMDQYLHU UHODWLI j OD SURGXFWLRQ DX FRQWU{OH DX FRQGLWLRQQHPHQW HW j OD
FHUWLILFDWLRQGHVSODQWVGHSRPPHGHWHUUH
$=,=$.+$1128&+
BBBBBB 9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
DJUDLUHQƒGXFKDRXDODYULOIL[DQWOHV
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX FRQGLWLRQVG¶LPSRUWDWLRQHWGHFRPPHUFLDOLVDWLRQGHVVHPHQFHVj
©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU FXOWLYHUDX0DURFWHOTX¶LODpWpPRGLILp
 %8//(7,12)),&,(/ 1ıUDELL,

$55Ç7( $55Ç7(
$57,&/( 35(0,(5±/D VRFLpWp ©1DEDW &KDRXLDª GRQW OH
VLqJH VRFLDO VLV  UXH $wW %DKD &DVDEODQFD HVW DJUpHH SRXU
FRPPHUFLDOLVHU GHV VHPHQFHV FHUWLILpHV GH FpUpDOHV G¶DXWRPQH GH
PDwVGHVOpJXPLQHXVHVDOLPHQWDLUHVGHVOpJXPLQHXVHVIRXUUDJqUHV
GHV ROpDJLQHXVHV GHV VHPHQFHV VWDQGDUG GH OpJXPHV HW GHV SODQWV
FHUWLILpVGHSRPPHGHWHUUH
$57±/D GXUpH GH YDOLGLWp GH FHW DJUpPHQW HVW GH WURLV
DQV j SDUWLU GH OD GDWH GH SXEOLFDWLRQ GX SUpVHQW DUUrWp DX
©%XOOHWLQ RIILFLHOª LO SHXW rWUH UHQRXYHOp SRXU GHV GXUpHV GH
WURLVDQV j FRQGLWLRQ TXH OD GHPDQGH GH UHQRXYHOOHPHQW VRLW

$57,&/(35(0,(5±/DSpSLQLqUH©(O.DQGRXFKLªGRQW OH
VLqJHVRFLDOVLVGRXDU%HQL0¶4XLOG$LW<DKLDRX+FLQH,NDGGDU
SURYLQFH G¶(O +DMHE HVW DJUppH SRXU FRPPHUFLDOLVHU GHV
VHPHQFHVHWGHVSODQWVFHUWLILpVG¶DJUXPHV
$57±/D GXUpH GH YDOLGLWp GH FHW DJUpPHQW HVW GH WURLV
DQV j SDUWLU GH OD GDWH GH SXEOLFDWLRQ GX SUpVHQW DUUrWp DX
©%XOOHWLQ RIILFLHOª LO SHXW rWUH UHQRXYHOp SRXU GHV GXUpHV GH
WURLVDQV j FRQGLWLRQ TXH OD GHPDQGH GH UHQRXYHOOHPHQW VRLW
IRUPXOpHGHX[PRLVDYDQWO¶H[SLUDWLRQGHVDYDOLGLWp
$57±&RQIRUPpPHQW j O¶DUWLFOH  GH O¶DUUrWp VXVYLVp
IRUPXOpHGHX[PRLVDYDQWO¶H[SLUDWLRQGHVDYDOLGLWp
$57±&RQIRUPpPHQW j O¶DUWLFOH  GHV DUUrWpV VXVYLVpV
QRVHW
OD VRFLpWp ©1DEDW &KDRXLDª HVW WHQXH GH GpFODUHU
VHPHVWULHOOHPHQWSRXUODSRPPHGHWHUUHHWPHQVXHOOHPHQWSRXU
Qƒ GX  FKDRXDO   GpFHPEUH  OD SpSpQLqUH
©(O.DQGRXFKLªHVWWHQXHGHGpFODUHUHQMDQYLHUHWHQMXLOOHWGH
FKDTXH DQQpH DX PLQLVWqUH GH O¶DJULFXOWXUH HW GH OD SrFKH
PDULWLPH GLUHFWLRQ GH OD SURWHFWLRQ GHV YpJpWDX[ GHV FRQWU{OHV
WHFKQLTXHVHWGHODUpSUHVVLRQGHVIUDXGHVVHUYLFHGXFRQWU{OHGHV
OHV DXWUHV HVSqFHV DX PLQLVWqUH GH O¶DJULFXOWXUH HW GH OD SrFKH VHPHQFHVHWGHVSODQWVVHVDFKDWVHWVHVYHQWHVGHVGLWVVHPHQFHV
PDULWLPHGLUHFWLRQGHODSURWHFWLRQGHVYpJpWDX[GHVFRQWU{OHV HWSODQWV
WHFKQLTXHVHWGHODUpSUHVVLRQGHVIUDXGHV6HUYLFHGXFRQWU{OHGHV $57±/H SUpVHQW DJUpPHQW SHXW rWUH UHWLUp HQ FDV
VHPHQFHV HW GHV SODQWV VHV DFKDWV VHV YHQWHV HW VHV VWRFNV G¶LQIUDFWLRQ j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQ FRQFHUQDQW OD
GHVGLWHVVHPHQFHVHWSODQWV FRPPHUFLDOLVDWLRQGHVVHPHQFHVHWGHVSODQWV
$57±/H SUpVHQW DJUpPHQW SHXW rWUH UHWLUp HQ FDV $57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
G¶LQIUDFWLRQ j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQ FRQFHUQDQW OD 5DEDWOHPRKDUUHPMDQYLHU
FRPPHUFLDOLVDWLRQGHVVHPHQFHVHWGHVSODQWV
$=,=$.+$1128&+
$57±(VWDEURJpO¶DUUrWpGXPLQLVWUHGHO¶DJULFXOWXUHHWGX BBBBBB
GpYHORSSHPHQW UXUDO Qƒ  GX  UDELL ,   DYULO 
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
SRUWDQW DJUpPHQW GH OD VRFLpWp ©1DEDW &KDRXLDª SRXU
©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU
FRPPHUFLDOLVHUGHVVHPHQFHVFHUWLILpHVGHFpUpDOHVG¶DXWRPQHGH
PDwV GHV OpJXPLQHXVHV DOLPHQWDLUHV GHV OpJXPLQHXVHV
IRXUUDJqUHV GHV ROpDJLQHXVHV GHV VHPHQFHV VWDQGDUG GH OpJXPHV $UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD SrFKH PDULWLPH
HWGHVSODQWVFHUWLILpVGHSRPPHGHWHUUH Qƒ GX  PRKDUUHP   MDQYLHU 
$57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO SRUWDQW DJUpPHQW GH OD VRFLpWp ©6RSURFKLEDª SRXU
FRPPHUFLDOLVHUGHVVHPHQFHVVWDQGDUGGHOpJXPHV
5DEDWOHPRKDUUHPMDQYLHU BBBBBBBBBB
$=,=$.+$1128&+
/(0,1,675('(/¶$*5,&8/785((7'(/$3(&+(0$5,7,0(
BBBBBB
9XOHGDKLUQƒGXMRXPDGD,MXLOOHW
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
UpJOHPHQWDQWODSURGXFWLRQHWODFRPPHUFLDOLVDWLRQGHVHPHQFHV
©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU
HW GH SODQWV WHO TX¶LO D pWp PRGLILp HW FRPSOpWp SDU OH GDKLU
SRUWDQWORLQƒGXFKDRXDOVHSWHPEUH
QRWDPPHQWVHVDUWLFOHVSUHPLHUHW
$UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD SrFKH PDULWLPH 9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
Qƒ  GX  PRKDUUHP  MDQYLHU  DJUDLUHQƒGXFKDRXDOVHSWHPEUHSRUWDQW
SRUWDQW DJUpPHQW GH OD SpSLQLqUH ©(O .DQGRXFKLª KRPRORJDWLRQ GX UqJOHPHQW WHFKQLTXH UHODWLI DX FRQWU{OH GHV
SRXU FRPPHUFLDOLVHU GHV VHPHQFHV HW GHV SODQWV VHPHQFHVVWDQGDUGGHOpJXPHV
FHUWLILpVG¶DJUXPHV 9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
BBBBBBBBBB
DJUDLUHQƒGXFKDRXDODYULOIL[DQWOHV
/(0,1,675('(/¶$*5,&8/785((7'(/$3(&+(0$5,7,0( FRQGLWLRQVG¶LPSRUWDWLRQHWGHFRPPHUFLDOLVDWLRQGHVVHPHQFHVj
FXOWLYHUDX0DURFWHOTX¶LODpWpPRGLILp
9XOHGDKLUQƒGXMRXPDGD,MXLOOHW
UpJOHPHQWDQWODSURGXFWLRQHWODFRPPHUFLDOLVDWLRQGHVHPHQFHV $55Ç7(
HW GH SODQWV WHO TX¶LO D pWp PRGLILp HW FRPSOpWp SDU OH GDKLU $57,&/( 35(0,(5±/D VRFLpWp ©6RSURFKLED ª GRQW OH
SRUWDQWORLQƒGXFKDRXDOVHSWHPEUH VLqJH VRFLDO VLV ORW   ]RQH LQGXVWULHOOH (O -DGLGD HVW DJUppH
QRWDPPHQWVHVDUWLFOHVSUHPLHUHW SRXUFRPPHUFLDOLVHUGHVVHPHQFHVVWDQGDUGGHOpJXPHV
9XO¶DUUrWpGXPLQLVWUHGHO¶DJULFXOWXUHHWGXGpYHORSSHPHQW $57±/D GXUpH GH YDOLGLWp GH FHW DJUpPHQW HVW GH WURLV
UXUDO Qƒ  GX  FKDRXDO   GpFHPEUH  SRUWDQW DQV j SDUWLU GH OD GDWH GH SXEOLFDWLRQ GX SUpVHQW DUUrWp DX
KRPRORJDWLRQ GX UqJOHPHQW WHFKQLTXH UHODWLI j OD SURGXFWLRQ DX ©%XOOHWLQ RIILFLHOª LO SHXW rWUH UHQRXYHOp SRXU GHV GXUpHV GH
FRQWU{OHDXFRQGLWLRQQHPHQWjODFRQVHUYDWLRQHWjODFHUWLILFDWLRQ WURLVDQV j FRQGLWLRQ TXH OD GHPDQGH GH UHQRXYHOOHPHQW VRLW
GHVVHPHQFHVHWGHVSODQWVG¶DJUXPHV IRUPXOpHGHX[PRLVDYDQWO¶H[SLUDWLRQGHVDYDOLGLWp
1ıUDELL, %8//(7,12)),&,(/ 

$57±&RQIRUPpPHQW j O¶DUWLFOH  GH O¶DUUrWp VXVYLVp 9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
Qƒ GX  FKDRXDO   VHSWHPEUH  OD VRFLpWp
©6RSURFKLEDªHVWWHQXHGHGpFODUHUPHQVXHOOHPHQWDXPLQLVWqUH
GH O¶DJULFXOWXUH HW GH OD SrFKH PDULWLPH GLUHFWLRQ GH OD
SURWHFWLRQ GHV YpJpWDX[ GHV FRQWU{OHV WHFKQLTXHV HW GH OD
UpSUHVVLRQ GHV IUDXGHV6HUYLFH GX FRQWU{OH GHV VHPHQFHV HW GHV
DJUDLUHQƒGXFKDRXDODYULOIL[DQWOHV
FRQGLWLRQVG¶LPSRUWDWLRQHWGHFRPPHUFLDOLVDWLRQGHVVHPHQFHVj
FXOWLYHUDX0DURFWHOTX¶LODpWpPRGLILp
$55Ç7(
SODQWVVHVDFKDWVVHVYHQWHVHWVHVVWRFNVGHVGLWHVVHPHQFHV $57,&/( 35(0,(5±/D VRFLpWp ©&RPDVHPª GRQW OH VLqJH
VRFLDO VLV  UXH GH %DSDXPH &DVDEODQFD HVW DJUppH SRXU
$57±/H SUpVHQW DJUpPHQW SHXW rWUH UHWLUp HQ FDV
FRPPHUFLDOLVHU GHV VHPHQFHV FHUWLILpHV GH PDwV GHV OpJXPLQHXVHV
G¶LQIUDFWLRQ j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQ FRQFHUQDQW OD
DOLPHQWDLUHVGHVOpJXPLQHXVHVIRXUUDJqUHVGHVROpDJLQHXVHVHWGHV
FRPPHUFLDOLVDWLRQGHVVHPHQFHVHWGHVSODQWV
VHPHQFHVVWDQGDUGGHOpJXPHV
$57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
$57±/D GXUpH GH YDOLGLWp GH FHW DJUpPHQW HVW GH WURLV
5DEDWOHPRKDUUHPMDQYLHU DQV j SDUWLU GH OD GDWH GH SXEOLFDWLRQ GX SUpVHQW DUUrWp DX
$=,=$.+$1128&+ ©%XOOHWLQ RIILFLHOª LO SHXW rWUH UHQRXYHOp SRXU GHV GXUpHV GH
BBBBBB WURLVDQV j FRQGLWLRQ TXH OD GHPDQGH GH UHQRXYHOOHPHQW VRLW
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX IRUPXOpHGHX[PRLVDYDQWO¶H[SLUDWLRQGHVDYDOLGLWp
©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU
$UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD SrFKH PDULWLPH
$57±&RQIRUPpPHQW j O¶DUWLFOH  GHV DUUrWpV VXVYLVpV
QRV    HW  OD VRFLpWp
©&RPDVHPª HVW WHQXH GH GpFODUHU PHQVXHOOHPHQW DX PLQLVWqUH
GH O¶DJULFXOWXUH HW GH OD SrFKH PDULWLPH GLUHFWLRQ GH OD
SURWHFWLRQ GHV YpJpWDX[ GHV FRQWU{OHV WHFKQLTXHV HW GH OD
Qƒ GX  PRKDUUHP   MDQYLHU 
UpSUHVVLRQ GHV IUDXGHV6HUYLFH GX FRQWU{OH GHV VHPHQFHV HW GHV
SRUWDQW DJUpPHQW GH OD VRFLpWp ©&RPDVHPª SRXU
FRPPHUFLDOLVHU GHV VHPHQFHV FHUWLILpHV GH PD wV GHV
OpJXPLQHXVHVDOLPHQWDLUHVGHVOpJXPLQHXVHVIRXUUDJqUHV
GHVROpDJLQHXVHVHWGHVVHPHQFHVVWDQGDUGGHOpJXPHV
BBBBBBBBBB
/(0,1,675('(/¶$*5,&8/785((7'(/$3(&+(0$5,7,0(
SODQWVVHVDFKDWVVHVYHQWHVHWVHVVWRFNVGHVGLWHVVHPHQFHV
$57±/H SUpVHQW DJUpPHQW SHXW rWUH UHWLUp HQ FDV
G¶LQIUDFWLRQ j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQ FRQFHUQDQW OD
FRPPHUFLDOLVDWLRQGHVVHPHQFHVHWGHVSODQWV
$57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
9XOHGDKLUQƒGXMRXPDGD,MXLOOHW 5DEDWOHPRKDUUHPMDQYLHU
UpJOHPHQWDQWODSURGXFWLRQHWODFRPPHUFLDOLVDWLRQGHVHPHQFHV $=,=$.+$1128&+
HW GH SODQWV WHO TX¶LO D pWp PRGLILp HW FRPSOpWp SDU OH GDKLU BBBBBB
SRUWDQWORLQƒGXFKDRXDOVHSWHPEUH /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
QRWDPPHQWVHVDUWLFOHVSUHPLHUHW ©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
DJUDLUH Qƒ  GX  FKDRXDO   VHSWHPEUH 
SRUWDQW KRPRORJDWLRQ GX UqJOHPHQW WHFKQLTXH UHODWLI j OD $UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD SrFKH PDULWLPH
SURGXFWLRQDXFRQWU{OHDXFRQGLWLRQQHPHQWHWjODFHUWLILFDWLRQ Qƒ GX  PRKDUUHP   MDQYLHU 
GHVVHPHQFHVGHPDwV SRUWDQW DJUpPHQW GH OD VRFLpWp ©$&+7$/ª SRXU
FRPPHUFLDOLVHUGHVVHPHQFHVVWDQGDUGGHOpJXPHV
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH BBBBBBBBBB
DJUDLUH Qƒ  GX  FKDRXDO   VHSWHPEUH 
SRUWDQW KRPRORJDWLRQ GX UqJOHPHQW WHFKQLTXH UHODWLI j OD /(0,1,675('(/¶$*5,&8/785((7'(/$3(&+(0$5,7,0(
SURGXFWLRQDXFRQWU{OHDXFRQGLWLRQQHPHQWHWjODFHUWLILFDWLRQ 9XOHGDKLUQƒGXMRXPDGD,MXLOOHW
GHV VHPHQFHV GHV OpJXPLQHXVHV DOLPHQWDLUHV IqYH IpYHUROH UpJOHPHQWDQWODSURGXFWLRQHWODFRPPHUFLDOLVDWLRQGHVHPHQFHV
SRLVOHQWLOOHSRLVFKLFKHHWKDULFRW HW GH SODQWV WHO TX¶LO D pWp PRGLILp HW FRPSOpWp SDU OH GDKLU
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH SRUWDQWORLQƒGXFKDRXDOVHSWHPEUH
DJUDLUH Qƒ  GX  FKDRXDO   VHSWHPEUH  QRWDPPHQWVHVDUWLFOHVSUHPLHUHW
SRUWDQW KRPRORJDWLRQ GX UqJOHPHQW WHFKQLTXH UHODWLI j OD
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
SURGXFWLRQDXFRQWU{OHDXFRQGLWLRQQHPHQWHWjODFHUWLILFDWLRQ
DJUDLUHQƒGXFKDRXDOVHSWHPEUHSRUWDQW
GHV VHPHQFHV GHV OpJXPLQHXVHV IRXUUDJqUHV OX]HUQH EHUVLP
KRPRORJDWLRQ GX UqJOHPHQW WHFKQLTXH UHODWLI DX FRQWU{OH GHV
WUqIOHGH3HUVHSRLVIRXUUDJHUYHVFHHWOXSLQV
VHPHQFHVVWDQGDUGGHOpJXPHV
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
DJUDLUH Qƒ  GX  FKDRXDO   VHSWHPEUH 
DJUDLUHQƒGXFKDRXDODYULOIL[DQWOHV
SRUWDQW KRPRORJDWLRQ GX UqJOHPHQW WHFKQLTXH UHODWLI j OD
SURGXFWLRQDXFRQWU{OHDXFRQGLWLRQQHPHQWHWjODFHUWLILFDWLRQ FRQGLWLRQVG¶LPSRUWDWLRQHWGHFRPPHUFLDOLVDWLRQGHVVHPHQFHVj
GHVVHPHQFHVGHWRXUQHVROFDUWKDPHFRO]DOLQVRMDHWDUDFKLGH FXOWLYHUDX0DURFWHOTX¶LODpWpPRGLILp
$55Ç7(
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
DJUDLUH Qƒ  GX  FKDRXDO   VHSWHPEUH  $57,&/(35(0,(5±/DVRFLpWp©$&+7$/ªGRQWOHVLqJH
SRUWDQWKRPRORJDWLRQGXUqJOHPHQWWHFKQLTXHUHODWLIDXFRQWU{OH VRFLDO VLV 'RXDU +DUW $O *KDED 'DU %RXD]]D &DVDEODQFD HVW
GHVVHPHQFHVVWDQGDUGGHOpJXPHV DJUppHSRXUFRPPHUFLDOLVHUGHVVHPHQFHVVWDQGDUGGHOpJXPHV
 %8//(7,12)),&,(/ 1ıUDELL,

$57±/D GXUpH GH YDOLGLWp GH FHW DJUpPHQW HVW GH WURLV 9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
DQV j SDUWLU GH OD GDWH GH SXEOLFDWLRQ GX SUpVHQW DUUrWp DX DJUDLUHQƒGXFKDRXDOVHSWHPEUHSRUWDQW
©%XOOHWLQ RIILFLHOª LO SHXW rWUH UHQRXYHOp SRXU GHV GXUpHV GH KRPRORJDWLRQGXUqJOHPHQWWHFKQLTXHUHODWLIjODSURGXFWLRQDX
WURLVDQV j FRQGLWLRQ TXH OD GHPDQGH GH UHQRXYHOOHPHQW VRLW FRQWU{OH DX FRQGLWLRQQHPHQW HW j OD FHUWLILFDWLRQ GHV VHPHQFHV
IRUPXOpHGHX[PRLVDYDQWO¶H[SLUDWLRQGHVDYDOLGLWp GHV OpJXPLQHXVHV IRXUUDJqUHV OX]HUQH EHUVLP WUqIOH GH 3HUVH
$57±&RQIRUPpPHQW j O¶DUWLFOH  GH O¶DUUrWp VXVYLVp SRLVIRXUUDJHUYHVFHHWOXSLQV
QR GX  FKDRXDO   VHSWHPEUH  OD VRFLpWp 9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
©$&+7$/ª HVW WHQXH GH GpFODUHU PHQVXHOOHPHQW DX PLQLVWqUH DJUDLUHQƒGXFKDRXDOVHSWHPEUHSRUWDQW
GH O¶DJULFXOWXUH HW GH OD SrFKH PDULWLPH GLUHFWLRQ GH OD KRPRORJDWLRQGXUqJOHPHQWWHFKQLTXHUHODWLIjODSURGXFWLRQDX
SURWHFWLRQ GHV YpJpWDX[ GHV FRQWU{OHV WHFKQLTXHV HW GH OD FRQWU{OHDXFRQGLWLRQQHPHQWHWjODFHUWLILFDWLRQGHVVHPHQFHVGH
UpSUHVVLRQ GHV IUDXGHV6HUYLFH GX FRQWU{OH GHV VHPHQFHV HW GHV WRXUQHVROFDUWKDPHFRO]DOLQVRMDHWDUDFKLGH
SODQWVVHVDFKDWVVHVYHQWHVHWVHVVWRFNVGHVGLWHVVHPHQFHV 9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
$57±/H SUpVHQW DJUpPHQW SHXW rWUH UHWLUp HQ FDV DJUDLUHQƒGXFKDRXDOVHSWHPEUHSRUWDQW
G¶LQIUDFWLRQ j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQ FRQFHUQDQW OD KRPRORJDWLRQ GX UqJOHPHQW WHFKQLTXH UHODWLI DX FRQWU{OH GHV
FRPPHUFLDOLVDWLRQGHVVHPHQFHVHWGHVSODQWV VHPHQFHVVWDQGDUGGHOpJXPHV
$57±(VWDEURJpO¶DUUrWpGXPLQLVWUHGHO¶DJULFXOWXUHHW 9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH
GX GpYHORSSHPHQW UXUDO Qƒ  GX  UDPDGDQ  DJUDLUHQƒGXFKDRXDODYULOIL[DQWOHV
RFWREUH  SRUWDQW DJUpPHQW GH OD VRFLpWp © $&+7$/ ª FRQGLWLRQVG¶LPSRUWDWLRQHWGHFRPPHUFLDOLVDWLRQGHVVHPHQFHVj
SRXUFRPPHUFLDOLVHUGHVVHPHQFHVVWDQGDUGGHOpJXPHV FXOWLYHUDX0DURFWHOTX¶LODpWpPRGLILp
$57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO $55Ç7(
5DEDWOHPRKDUUHPMDQYLHU $57,&/(35(0,(5±/DVRFLpWp©9DOPRQW0DURFªGRQWOH
$=,=$.+$1128&+ VLqJHVRFLDOVLVUXH$O.KDWRXDW$JGDO5DEDWHVWDJUppHSRXU
BBBBBB FRPPHUFLDOLVHU GHV VHPHQFHV FHUWLILpHV GH PDwV GHV
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
OpJXPLQHXVHV DOLPHQWDLUHV GHV OpJXPLQHXVHV IRXUUDJqUHV GHV
©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU
$UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD SrFKH PDULWLPH
ROpDJLQHXVHVHWGHVVHPHQFHVVWDQGDUGGHOpJXPHV
$57±/D GXUpH GH YDOLGLWp GH FHW DJUpPHQW HVW GH WURLV
DQV j SDUWLU GH OD GDWH GH SXEOLFDWLRQ GX SUpVHQW DUUrWp DX
©%XOOHWLQ RIILFLHOª LO SHXW rWUH UHQRXYHOp SRXU GHV GXUpHV GH
WURLVDQV j FRQGLWLRQ TXH OD GHPDQGH GH UHQRXYHOOHPHQW VRLW
Qƒ  GX  PRKDUUHP   MDQYLHU  IRUPXOpHGHX[PRLVDYDQWO¶H[SLUDWLRQGHVDYDOLGLWp
SRUWDQWDJUpPHQWGHODVRFLpWp©9DOPRQW0DURFª SRXU $57±&RQIRUPpPHQW j O¶DUWLFOH  GHV DUUrWpV VXVYLVpV
FRPPHUFLDOLVHU GHV VHPHQFHV FHUWLILpHV GH PDwV GHV RV
Q     HW  OD VRFLpWp
OpJXPLQHXVHV DOLPHQWDLUHV GHV OpJXPLQHXVHV ©9DOPRQW 0DURFª HVW WHQXH GH GpFODUHU PHQVXHOOHPHQW DX
IRXUUDJqUHVGHVROpDJLQHXVHVHWGHVVHPHQFHVVWDQGDUG PLQLVWqUHGHGHO¶DJULFXOWXUHHWGHODSrFKHPDULWLPHGLUHFWLRQGH
GHOpJXPHV OD SURWHFWLRQ GHV YpJpWDX[ GHV FRQWU{OHV WHFKQLTXHV HW GH OD
BBBBBBBBBB
UpSUHVVLRQ GHV IUDXGHV6HUYLFH GX FRQWU{OH GHV VHPHQFHV HW GHV
/(0,1,675('(/¶$*5,&8/785((7'(/$3(&+(0$5,7,0( SODQWVVHVDFKDWVVHVYHQWHVHWVHVVWRFNVGHVGLWHVVHPHQFHV
9XOHGDKLUQƒGXMRXPDGD,MXLOOHW $57±/H SUpVHQW DJUpPHQW SHXW rWUH UHWLUp HQ FDV
UpJOHPHQWDQWODSURGXFWLRQHWODFRPPHUFLDOLVDWLRQGHVHPHQFHV G¶LQIUDFWLRQ j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQ FRQFHUQDQW OD
HW GH SODQWV WHO TX¶LO D pWp PRGLILp HW FRPSOpWp SDU OH GDKLU FRPPHUFLDOLVDWLRQGHVVHPHQFHVHWGHVSODQWV
SRUWDQWORLQƒGXFKDRXDOVHSWHPEUH $57±(VWDEURJpO¶DUUrWpGXPLQLVWUHGHO¶DJULFXOWXUHHW
QRWDPPHQWVHVDUWLFOHVSUHPLHUHW GX GpYHORSSHPHQW UXUDO Qƒ  GX  UDELL ,, 
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH MXLQSRUWDQWDJUpPHQWGHODVRFLpWp©9DOPRQW0DURFª
DJUDLUH Qƒ  GX  FKDRXDO   VHSWHPEUH  SRXU FRPPHUFLDOLVHU GHV VHPHQFHV FHUWLILpHV GH PDwV GHV
SRUWDQW KRPRORJDWLRQ GX UqJOHPHQW WHFKQLTXH UHODWLI j OD OpJXPLQHXVHV DOLPHQWDLUHV GHV OpJXPLQHXVHV IRXUUDJqUHV GHV
SURGXFWLRQDXFRQWU{OHDXFRQGLWLRQQHPHQWHWjODFHUWLILFDWLRQ ROpDJLQHXVHVHWGHVVHPHQFHVVWDQGDUGGHOpJXPHV
GHVVHPHQFHVGHPDwV $57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
9X O¶DUUrWp GX PLQLVWUH GH O¶DJULFXOWXUH HW GH OD UpIRUPH 5DEDWOHPRKDUUHPMDQYLHU
DJUDLUH Qƒ  GX  FKDRXDO   VHSWHPEUH 
$=,=$.+$1128&+
SRUWDQW KRPRORJDWLRQ GX UqJOHPHQW WHFKQLTXH UHODWLI j OD
BBBBBB
SURGXFWLRQDXFRQWU{OHDXFRQGLWLRQQHPHQWHWjODFHUWLILFDWLRQ
GHVVHPHQFHVGHOpJXPLQHXVHVDOLPHQWDLUHVIqYHIpYHUROHSRLV /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
OHQWLOOHSRLVFKLFKHHWKDULFRW ©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU
1ıUDELL, %8//(7,12)),&,(/ 

'pFLVLRQ GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV $SUqV DYLV GH OD FRPPLVVLRQ GH FHUWLILFDWLRQ GHV LQGXVWULHV
QRXYHOOHVWHFKQRORJLHVQƒGXPRKDUUHP PpFDQLTXHVPpWDOOXUJLTXHVpOHFWULTXHVHWpOHFWURQLTXHVLVVXHGX
MDQYLHUUHODWLYHjODFHUWLILFDWLRQGXV\VWqPH FRPLWpGHVV\VWqPHVGHPDQDJHPHQW
GHJHVWLRQGHODTXDOLWpGX&HQWUHGHPDLQWHQDQFHHWGH 'e&,'(
IRUPDWLRQ GHV WUDLQV GH OLJQH GH )qV &0)7/) GH
O¶21&) $57,&/( 35(0,(5±/H V\VWqPH GH JHVWLRQ GH OD TXDOLWp
BBBBBBBBBB DGRSWp SDU OD VRFLpWp ©2PQLXP WHFKQLTXH G¶pOHFWULFLWp HW
G¶pOHFWURQLTXH©20(/(&ªªSRXUVHVDFWLYLWpVGHFRQFHSWLRQ
/( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '(6
GH GpYHORSSHPHQW GH IDEULFDWLRQ HW GH FRPPHUFLDOLVDWLRQ GHV
1289(//(67(&+12/2*,(6
LQWHUUXSWHXUVDpULHQVjFRPPDQGHPDQXHOOHH[HUFpHVVXUOHVLWH
9XOHGDKLUQƒGXMRXPDGD,MXLOOHW %XUHDX HW 8VLQH  =RQH LQGXVWULHOOH 2XOHG 6DOHK ORWLVVHPHQW
UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD Qƒ %RXVNRXUD &DVDEODQFD HVW FHUWLILp FRQIRUPH DX[
TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp H[LJHQFHVGHODQRUPHPDURFDLQH10,62
PRGLILp SDU OH GDKLU SRUWDQW ORL Qƒ  GX  UDELL , 
$57±/D SUpVHQWH GpFLVLRQ VHUD SXEOLpH DX %XOOHWLQ
VHSWHPEUH
RIILFLHO
9XOHGpFUHWQƒGXUDELL,,VHSWHPEUH
5DEDWOHPRKDUUHPMDQYLHU
SULVSRXUO¶DSSOLFDWLRQGXGDKLUQƒGXMRXPDGD,
MXLOOHWSUpFLWp $+0('5('$&+$0,
BBBBBB
9X O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH GH
O¶pQHUJLHHWGHVPLQHVQƒGXMRXPDGD,DR€W /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
SRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV ©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU
$SUqVDYLVGHODFRPPLVVLRQGHFHUWLILFDWLRQGHVLQGXVWULHV
PpFDQLTXHV PpWDOOXUJLTXHV pOHFWULTXHV HW pOHFWURQLTXHV LVVXH
GXFRPLWpGHVV\VWqPHVGHPDQDJHPHQW 'pFLVLRQ GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
'e&,'( QRXYHOOHVWHFKQRORJLHVQƒGXPRKDUUHP
$57,&/( 35(0,(5±/H V\VWqPH GH JHVWLRQ GH OD TXDOLWp MDQYLHUUHODWLYHjODFHUWLILFDWLRQGXV\VWqPHGH
DGRSWpSDUOH&HQWUHGHPDLQWHQDQFHHWGHIRUPDWLRQGHVWUDLQVGH JHVWLRQGHODTXDOLWpGHODVRFLpWp©*pQpUDOH,QWpULPª
OLJQH GH )qV &0)7/) GH O¶21&) SRXU VHV DFWLYLWpV GH BBBBBBBBBB
PDLQWHQDQFHHWGHIRUPDWLRQGHVWUDLQVGHOLJQHH[HUFpHVVXUOH /( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '(6
VLWH  &0)7/)21&) DYHQXH GHV $OPRKDGHV )qV HVW FHUWLILp 1289(//(67(&+12/2*,(6
FRQIRUPHDX[H[LJHQFHVGHODQRUPHPDURFDLQH10,62
9XOHGDKLUQƒGXMRXPDGD,MXLOOHW
$57±/DSUpVHQWHGpFLVLRQVHUDSXEOLpHDX%XOOHWLQRIILFLHO UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD
5DEDWOHPRKDUUHPMDQYLHU TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp
PRGLILp SDU OH GDKLU SRUWDQW ORL Qƒ  GX  UDELL , 
$+0('5('$&+$0,
VHSWHPEUH
BBBBBB
9XOHGpFUHWQƒGXUDELL,,VHSWHPEUH
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
SULVSRXUO¶DSSOLFDWLRQGXGDKLUQƒGXMRXPDGD,
©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU
MXLOOHWSUpFLWp
9X O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH GH
'pFLVLRQ GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
QRXYHOOHVWHFKQRORJLHVQƒGXPRKDUUHP O¶pQHUJLHHWGHVPLQHVQƒGXMRXPDGD,DR€W 
MDQYLHU  UHODWLYH j OD FHUWLILFDWLRQ GX V\VWqPH
GH JHVWLRQ GH OD TXDOLWp GH OD VRFLpWp  ©2PQLXP
WHFKQLTXHG¶pOHFWULFLWpHWG¶pOHFWURQLTXH©20(/(&ª ª
BBBBBBBBBB
/( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '(6
1289(//(67(&+12/2*,(6
SRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV
$SUqVDYLVGHODFRPPLVVLRQGHFHUWLILFDWLRQSOXULVHFWRULHOOH
LVVXHGXFRPLWpGHVV\VWqPHVGHPDQDJHPHQW
'e&,'(
$57,&/( 35(0,(5±/H V\VWqPH GH JHVWLRQ GH OD TXDOLWp
DGRSWp SDU OD VRFLpWp ©*pQpUDOH ,QWpULP ª SRXU VHV DFWLYLWpV GH
9XOHGDKLUQƒGXMRXPDGD,MXLOOHW UpDOLVDWLRQ GHV VHUYLFHV G¶LQWpULP GH JHVWLRQ GHV FRQWUDWV HW GH
UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD UHFUXWHPHQWH[HUFpHVVXUOHVLWHUXH0HORXLD&DVDEODQFD
TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp HVW FHUWLILp FRQIRUPH DX[ H[LJHQFHV GH OD QRUPH PDURFDLQH
PRGLILp SDU OH GDKLU SRUWDQW ORL Qƒ  GX  UDELL ,  10,62
VHSWHPEUH $57±/DSUpVHQWHGpFLVLRQVHUDSXEOLpHDX%XOOHWLQRIILFLHO
9XOHGpFUHWQƒGXUDELL,,VHSWHPEUH 5DEDWOHPRKDUUHPMDQYLHU
SULVSRXUO¶DSSOLFDWLRQGXGDKLUQƒGXMRXPDGD,
MXLOOHWSUpFLWp $+0('5('$&+$0,
BBBBBB
9X O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH GH
O¶pQHUJLHHWGHVPLQHVQƒGXMRXPDGD,DR€W /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
SRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV ©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU
 %8//(7,12)),&,(/ 1ıUDELL,

'pFLVLRQ GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV $SUqV DYLV GH OD FRPPLVVLRQ GH FHUWLILFDWLRQ GHV LQGXVWULHV
QRXYHOOHVWHFKQRORJLHVQƒGXPRKDUUHP DJURDOLPHQWDLUHVLVVXHGXFRPLWpGHVV\VWqPHVGHPDQDJHPHQW
MDQYLHUDWWULEXDQWOHFHUWLILFDWGHFRQIRUPLWp
DX[QRUPHVPDURFDLQHVjODVRFLpWp©&RODLPRª
BBBBBBBBBB
/( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '(6
1289(//(67(&+12/2*,(6
'e&,'(
$57,&/(35(0,(5±/HFHUWLILFDWGHFRQIRUPLWpjODQRUPH
PDURFDLQH10,62HVWDWWULEXpjODVRFLpWp©&RODLPRª
SRXU VHV DFWLYLWpV GH UpFHSWLRQ GX ODLW GH IDEULFDWLRQ HW GH
9XOHGDKLUQƒGXMRXPDGD,MXLOOHW FRPPHUFLDOLVDWLRQGXODLWHWGpULYpVH[HUFpHVVXUOHVLWH5RXWH
UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD (O$RXQLD±2XMGD
TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp
PRGLILp SDU OH GDKLU SRUWDQW ORL Qƒ  GX  UDELL ,  $57±/D SUpVHQWH GpFLVLRQ VHUD SXEOLpH DX %XOOHWLQ
VHSWHPEUH RIILFLHO
9XOHGpFUHWQƒGXUDELL,,VHSWHPEUH 5DEDWOHPRKDUUHPMDQYLHU
SULVSRXUO¶DSSOLFDWLRQGXGDKLUQƒGXMRXPDGD,
$+0('5('$&+$0,
MXLOOHWSUpFLWp
BBBBBB
9XO¶DUUrWpGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHWGHOD
PLVH j QLYHDX GH O¶pFRQRPLH Qƒ  GX  PRKDUUHP  /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
IpYULHUSRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV ©%XOOHWLQRIILFLHOªQƒGXVDIDUIpYULHU
1ıUDELL, %8//(7,12)),&,(/ 

25*$1,6$7,21(73(56211(/'(6$'0,1,675$7,21638%/,48(6

7(;7(63$57,&8/,(56 ±SDQWDORQ HQ WLVVX GH PrPHV FRXOHXU HW FDUDFWpULVWLTXHV

BBBBBB TXHOHSDQWDORQG¶KLYHU
0,1,67(5('(/¶(&2120,((7'(6),1$1&(6 ±YDUHXVH HQ WLVVX GH FRXOHXU EOHX FODLU SRXU OHV DJHQWV
'pFUHWQƒGXFKDDEDQHDR€WSRUWDQW
UpJOHPHQWDWLRQGHO¶XQLIRUPHGHVLQVLJQHVDWWULEXWVHW
REMHWV G¶pTXLSHPHQW GX SHUVRQQHO GH O¶DGPLQLVWUDWLRQ
GHVGRXDQHVHWLPS{WVLQGLUHFWV
BBBBBBBBBB
/(35(0,(50,1,675(
9XO¶DUWLFOHH GXFRGHGHVGRXDQHVHWLPS{WVLQGLUHFWV
DSSURXYpSDUOHGDKLUSRUWDQWORLQƒGXFKDRXDO
FODVVpV DX[ pFKHOOHV GH UpPXQpUDWLRQ VXSpULHXUHV j
O¶pFKHOOHDYHFSRUWGHFKHPLVHEOHXFLHO
±(IIHWVWRXWHVVDLVRQV
±FDVTXHWWHV j YLVLqUH GH FRXOHXU QRLUH YHUQLH DYHF FRLIIH
DPRYLEOHHQWLVVXEOHXPDULQHHWEDQGHDXHQJURVJUDLQGH
FRXOHXUEOHXFODLU
±pSDXOHWWHVUHFRXYHUWHVGHWLVVXGUDSEOHXIRQFpDYHFOLVpUp
GRUp SRXU OHV DJHQWV GX FDGUH GHV LQVSHFWHXUV
RFWREUHWHOTX¶LODpWpFRPSOpWp GLYLVLRQQDLUHVjSDUWLUGXHpFKHORQ
9XOHGpFUHWUR\DOQƒGXNDDGDPDUV ±FUDYDWHHQWLVVXGHFRXOHXUQRLUH
SRUWDQW VWDWXW SDUWLFXOLHU GX SHUVRQQHO GX PLQLVWqUH GHV ILQDQFHV
±FHLQWXUHHQFXLUGHFRXOHXUQRLUH
WHOTX¶LO D pWp PRGLILp SDU OH GpFUHW Qƒ  GX  UDELL , 
PDUV  HW SDU OH GpFUHW Qƒ  GX  KLMD  ±FKDXVVHWWHVGHFRXOHXUQRLUH
VHSWHPEUH ±FKDXVVXUHVEDVVHVGHFRXOHXUQRLUH
9XOHGpFUHWQƒGXMRXPDGD,,PDL ±(IIHWVjXVDJHSDUWLFXOLHU
UpWDEOLVVDQW FHUWDLQHV LQGHPQLWpV HW DOORFDWLRQV SURSUHV DX[
D $JHQWVGHVEULJDGHVPRELOHVGHVXUYHLOODQFHHWVSpFLDOLVpHV
IRQFWLRQQDLUHVUHOHYDQWGXVWDWXWSDUWLFXOLHUGXPLQLVWqUHGHVILQDQFHV
±PDQFKHWWHVEODQFKHV
9XOHGpFUHWQƒGXKLMDGpFHPEUH
IL[DQWOHVpFKHOOHVGHFODVVHPHQWGHVIRQFWLRQQDLUHVGHO¶(WDWHWOD ±FDVTXHGHSURWHFWLRQ
KLpUDUFKLHGHVHPSORLVVXSpULHXUHVGHVDGPLQLVWUDWLRQVSXEOLTXHV ±JDQWVEODQFV
6XUSURSRVLWLRQGXPLQLVWUHGHO¶pFRQRPLHHWGHVILQDQFHV ±EORXVHGHWUDYDLOHQWLVVX
'e&5Ê7( ±FRPELQDLVRQGHWUDYDLOHQWLVVX
$57,&/( 35(0,(5±/¶XQLIRUPH UpJOHPHQWDLUH GHV DJHQWV E$JHQWVPRWDUGV
GH O¶DGPLQLVWUDWLRQ GHV GRXDQHV HW LPS{WV LQGLUHFWV VH FRPSRVH
GHVHIIHWVDWWULEXWVHWREMHWVG¶pTXLSHPHQWVXLYDQWV ±SDUND HQ WLVVX GH FRXOHXU EOHX PDULQH DYHF GRXEOXUH
DPRYLEOHDYHFLPSUHVVLRQGHO¶LQVFULSWLRQ©'RXDQHVª
$±())(76'¶81,)250('83(56211(/0$6&8/,1
±FXORWWHHQWLVVXGHFRXOHXUEOHXPDULQH
±7HQXHG¶KLYHU
±SDQWDORQ FXLVVDUG HQ WLVVX LPSHUPpDEOH GH FRXOHXU EOHX
±YDUHXVHHQWLVVXGHFRXOHXUEOHXFODLU PDULQH
±SDQWDORQ HQ WLVVX GH FRXOHXU EOHX PDULQH FRPSRUWDQW XQ ±JDQWVGHFRXOHXUQRXUH
FRUGRQ ODWpUDO EOHX FODLU GH  PP GH ODUJHXU SRXU OHV
DJHQWV VXEDOWHUQHV HW XQH EDQGH ODWpUDOH GH  FP GH ±FDVTXHDYHFpFUDQ
ODUJHXU GH PrPH FRXOHXU SRXU OHV DJHQWV FODVVpV DX[ ±OXQHWWHV
pFKHOOHVGHUpPXQpUDWLRQVXSpULHXUHVjO¶pFKHOOH ±ERWWHVHQFXLU
±FKHPLVH HQ WLVVX GH FRXOHXU EOHX FLHO FRPSRUWDQW XQH F$JHQWVGHVEULJDGHVPDULWLPHV
JRUJH VXU OH GHYDQW GH  FP GH ODUJHXU DYHF VHSW 
ERXWRQQLqUHV ±YDUHXVHHQWLVVXGHFRXOHXUEOHXFODLU
±SDUND HQ WLVVX GH FRXOHXU EOHX PDULQH DYHF GRXEOXUH ±SDUND HQ WLVVX GH FRXOHXU EOHX PDULQH DYHF GRXEOXUH
DPRYLEOHHWLPSUHVVLRQGHO¶LQVFULSWLRQ©'RXDQHVª DPRYLEOHDYHFLPSUHVVLRQGHO¶LQVFULSWLRQ©'RXDQHVª
±DQRUDNHQWLVVXLPSHUPpDEOHGHFRXOHXUEOHXPDULQHDYHF ±EUDVVLqUH GH VDXYHWDJH DYHF LPSUHVVLRQ GH O¶LQVFULSWLRQ
LPSUHVVLRQGHO¶LQVFULSWLRQ©'RXDQHVª ©'RXDQHVª
±FKDQGDLOHQODLQHGHFRXOHXUEOHXPDULQHDYHFSDWWHVG¶pSDXOHV ±FKDQGDLOHQODLQHGHFRXOHXUEOHXPDULQH
±JLOHWHQODLQHGHFRXOHXUEOHXPDULQH %±())(76'¶81,)250('83(56211(/)(0,1,1
±7HQXHG¶pWp ±7HQXHG¶KLYHU
±FKHPLVHHQWLVVXGHFRXOHXUEOHXFODLUjPDQFKHVORQJXHV ±YDUHXVHHQWLVVXGHFRXOHXUEOHXFODLU
DYHFFROQRUPDOSRXUOHVDJHQWVVXEDOWHUQHV ±MXSH HQ WLVVX GH FRXOHXU EOHX PDULQH FRPSRUWDQW XQ
±FKHPLVHHQWLVVXGHFRXOHXUEOHXFODLUjPDQFKHVORQJXHV FRUGRQ ODWpUDO EOHX FODLU GH  PP GH ODUJHXU SRXU OHV
DYHF FRO QRUPDO HW FKHPLVH j PDQFKHV FRXUWHV DYHF FRO DJHQWV VXEDOWHUQHV HW XQH EDQGH ODWpUDOH GH  FP GH
WUDQVIRUPDEOH SRXU OHV DJHQWV FODVVpV DX[ pFKHOOHV GH ODUJHXUPrPHFRXOHXUSRXUOHVDJHQWVFODVVpVDX[pFKHOOHV
UpPXQpUDWLRQVXSpULHXUHVjO¶pFKHOOH GHUpPXQpUDWLRQVXSpULHXUHVjO¶pFKHOOH
 %8//(7,12)),&,(/ 1ıUDELL,

±SDQWDORQ HQ WLVVX GH FRXOHXU EOHX PDULQH FRPSRUWDQW XQ ±FKDXVVXUHV
FRUGRQ ODWpUDO EOHX FODLU GH  PP GH ODUJHXU SRXU OHV EURGHTXLQVW\SH5$1*(56GHFRXOHXUQRLUH
DJHQWV VXEDOWHUQHV HW XQH EDQGH ODWpUDOH GH  FP GH
ODUJHXU GH PrPH FRXOHXU SRXU OHV DJHQWV FODVVpV DX[ SDWDXJDVGHFRXOHXUYHUWDUPpH
pFKHOOHVGHUpPXQpUDWLRQVXSpULHXUHVjO¶pFKHOOH '±7(18('(3$5$'(
±SDUND GH FRXOHXU EOHX PDULQH DYHF GRXEOXUH DPRYLEOH ±3HUVRQQHOPDVFXOLQ
DYHFLPSUHVVLRQGHO¶LQVFULSWLRQ©'RXDQHVª ±YDUHXVHHQWLVVXGHFRXOHXUEOHXFODLUDYHFFRORIILFLHUHW
±FKHPLVH HQ WLVVX GH FRXOHXU EOHX FLHO FRPSRUWDQW XQH OLVpUpGRUp
JRUJH VXU OH GHYDQW GH  FP GH ODUJHXU DYHF VHSW  ±pSDXOHWWHV GH SDUDGH GH FRXOHXU EOHX IRQFp j IUDQJHV
ERXWRQQLqUHV GRUpHV
±JLOHWHQODLQHGHFRXOHXUEOHXPDULQH ±LQVLJQHVGHFROFRXURQQHVGRUpHV
±FKDQGDLOHQODLQHGHFRXOHXUEOHXPDULQH ±IRXUUDJqUHGHSDUDGHGHFRXOHXUEODQFKH
±7HQXHG¶pWp ±ERXWRQVGRUpVDYHFFRXURQQHHQUHOLHI
±FKHPLVHHQWLVVXGHFRXOHXUEOHXFODLUjPDQFKHVORQJXHV ±FKHPLVHEODQFKHjPDQFKHVORQJXHVDYHFFRORIILFLHU
DYHFFROQRUPDOSRXUOHVDJHQWVVXEDOWHUQHV ±JDQWVEODQFV
±FKHPLVHHQWLVVXGHFRXOHXUEOHXFODLUjPDQFKHVORQJXHV ±SDQWDORQGHFRXOHXUURXJHDYHFEDQGHVODWpUDOHVGHFP
DYHF FRO QRUPDO HW FKHPLVH j PDQFKHV FRXUWHV DYHF FRO GHODUJHXUGHPrPHFRXOHXUTXHODYDUHXVH
WUDQVIRUPDEOH SRXU OHV DJHQWV FODVVpV DX[ pFKHOOHV GH ±FKDXVVHWWHVQRLUHV
UpPXQpUDWLRQVXSpULHXUHVjO¶pFKHOOH
±ERWWLQHVHQFXLUGHFRXOHXUQRLUH
±SDQWDORQ HQ WLVVX GH PrPHV FRXOHXU HW FDUDFWpULVWLTXHV
TXHOHSDQWDORQG¶KLYHU ±FDVTXHWWHGHFRXOHXUURXJHDYHFEDQGHDXHQJURVJUDLQGH
FRXOHXUEOHXFODLUHWYLVLqUHQRLUHYHUQLH
±MXSH HQ WLVVX GH PrPH FRXOHXU HW FDUDFWpULVWLTXHV TXH OD
±VDEUHDYHFDFFHVVRLUHV
MXSHG¶KLYHU
±3HUVRQQHOIpPLQLQ
±YDUHXVH HQ WLVVX GH FRXOHXU EOHX FODLU SRXU OHV DJHQWV
FODVVpV DX[ pFKHOOHV GH UpPXQpUDWLRQ VXSpULHXUHV j ±YDUHXVHHQWLVVXGHFRXOHXUEOHXFODLUDYHFFRORIILFLHUHW
O¶pFKHOOHDYHFSRUWGHFKHPLVHEOHXFLHO OLVpUpGRUp
±(IIHWVWRXWHVVDLVRQV ±pSDXOHWWHV GH SDUDGH GH FRXOHXU EOHX IRQFp j IUDQJHV
GRUpHV
±FKDSHDXHQIRXWUHGHODLQHGHPrPHFRXOHXUTXHODMXSHHW
OHSDQWDORQDYHFEDQGHDXHQJURVJUDLQEOHXFODLU ±LQVLJQHVGHFROFRXURQQHVGRUpHV
±pSDXOHWWHVUHFRXYHUWHVGHWLVVXGUDSEOHXIRQFpDYHFOLVpUp ±IRXUUDJqUHGHSDUDGHGHFRXOHXUEODQFKH
GRUp SRXU OHV DJHQWV GX FDGUH GHV LQVSHFWHXUV ±ERXWRQVGRUpVDYHFFRXURQQHHQUHOLHI
GLYLVLRQQDLUHVjSDUWLUGXHpFKHORQ ±FKHPLVHEODQFKHjPDQFKHVORQJXHVDYHFFRORIILFLHU
±FUDYDWHHQWLVVXGHFRXOHXUQRLUH ±JDQWVEODQFV
±FHLQWXUHHQFXLUGHFRXOHXUQRLUH ±MXSHGHFRXOHXUURXJHDYHFEDQGHVODWpUDOHVGHFPGH
±FKDXVVHWWHVGHPLEDVGHFRXOHXUFKDLU ODUJHXUGHPrPHFRXOHXUTXHODYDUHXVH
±EDVFXORWWHGHFRXOHXUFKDLU ±SDQWDORQGHFRXOHXUURXJHDYHFEDQGHVODWpUDOHVGHFP
GHODUJHXUGHPrPHFRXOHXUTXHODYDUHXVH
±FKDXVVXUHVEDVVHVGHFRXOHXUQRLUH
±FKDXVVHWWHVGHPLEDVGHFRXOHXUFKDLU
±(IIHWVjXVDJHSDUWLFXOLHU
±EDVFXORWWHGHFRXOHXUFKDLU
±JDQWVEODQFV
±FKDXVVXUHVHQFXLUGHFRXOHXUQRLUH
&±7(18('(&$03$*1(
±FKDSHDXHQIHXWUHGHODLQHGHFRXOHXUURXJHDYHFEDQGHDX
±HQVHPEOH WUHLOOLV HQ WRLOH GH FRXOHXU YHUW DUPpH YHVWH  HQJURVJUDLQGHFRXOHXUEOHXFODLU
SDQWDORQ ±VDEUHDYHFDFFHVVRLUHV
±FHLQWXURQHQWRLOHGHFRXOHXUYHUWDUPpH $57±/HVHIIHWVG¶XQLIRUPHSUpFLWpVVRQWFRPSOpWpVSDU
±FKHPLVHGHFRPEDWGHFRXOHXUYHUWDUPpH OHVLQVLJQHVGHFRUSVGHFROGHFRLIIXUHHWGHJUDGHGpILQLVDX[
±FDORW.)SRXUWUHLOOLVHQWRLOHYHUWDUPpH DUWLFOHVFLDSUqV
$57±/¶LQVLJQH GH FRUSV HVW UHSUpVHQWp SDU XQ pFX
±EpUHWHQWLVVXGUDSEOHXPDULQHHWEDQGHOHWWHG¶DMXVWDJHGH
PpWDOOLTXHGHIRUPHTXDVLWULDQJXODLUHVXUPRQWpG¶XQHFRXURQQH
PrPH FRXOHXU SRXU OHV DJHQWV FODVVpV DX[ pFKHOOHV GH
UR\DOHHWIL[pVXUXQVXSSRUWHQFXLUGHFRXOHXUPDUURQ
UpPXQpUDWLRQVXSpULHXUHjO¶pFKHOOH
&HW LQVLJQH FRPSRUWH XQ pFXVVRQ pPDLOOp GH FRXOHXU EOHXH
±SDVVDQWVGHFRXOHXUEOHXHIRQFp DXFHQWUHGXTXHOHVWUHSUpVHQWpHXQHpWRLOHpPDLOOpHYHUWHjFLQT
±FKDXVVHWWHVGHFRXOHXUQRLUH EUDQFKHVGHODTXHOOHSDUWHQWGHVUD\RQVGLYHUJHQWV
1ıUDELL, %8//(7,12)),&,(/ 

$X PLOLHX GH O¶pWRLOH OH V\PEROH GH O¶DGPLQLVWUDWLRQ GHV /¶LQVLJQHGXFKDSHDXGXSHUVRQQHOIpPLQLQHVWOHPrPHTXH

GRXDQHVHWLPS{WVLQGLUHFWVHVWUHSUpVHQWpSDUXQDQQHDXpPDLOOp OHPDFDURQGHFDVTXHWWHGXSHUVRQQHOPDVFXOLQ
URXJHDYHFDXFHQWUHXQHEDUUHKRUL]RQWDOHpPDLOOpHYHUWH /HV PDFDURQV PpWDOOLTXHV VRQW YLVVpV DX VXSSRUW G¶LQVLJQH
'HX[EUDQFKHVGHODXULHUVOLpHVjOHXUEDVHVRQWJUDYpHVVXU GHODFRLIIXUHjO¶DLGHG¶XQpFURXURQGGHIRUPHDSODWLH
OHVERUGXUHVODWpUDOHVGHO¶LQVLJQHHWHQFDGUHQWODSDUWLHpPDLOOpH $57±/HVMXJXODLUHVGHFDVTXHWWHVRQW
EOHXH
±HQJDORQDUJHQWpOLVVHGHPPGHODUJHXUSRXUOHVDJHQWV
'DQVODSDUWLHVXSpULHXUHGHO¶pFXVVRQHVWJUDYpHHQODQJXH FODVVpVDX[pFKHOOHVGHUpPXQpUDWLRQj
DUDEHODGHYLVHQDWLRQDOH
±HQ JDORQ GRUp QHUYXUp GH  PP GH ODUJHXU SRXU OHV
'LHX±/D3DWULH±/H5RL DJHQWVFODVVpVDX[pFKHOOHVGHUpPXQpUDWLRQVXSpULHXUHVj
/¶LQVLJQHGHFRUSVHVWDUJHQWpSRXUOHSHUVRQQHOFODVVpDX[ O¶pFKHOOH
pFKHOOHV GH UpPXQpUDWLRQ  j HW GRUp SRXU OH SHUVRQQHO FODVVp (OOHV VRQW IL[pHV j O¶DLGH GH ERXWRQV j FRXURQQH DVVRUWLV j
DX[pFKHOOHVGHUpPXQpUDWLRQVXSpULHXUHjO¶pFKHOOH OHXUWHLQWH
$57±/HVHIIHWVG¶XQLIRUPHSUpFLWpVVRQWFRPSOpWpVSDU $57±/HV ERXWRQV G¶XQLIRUPH VRQW KpPLVSKpULTXHV HW
OHVREMHWVG¶pTXLSHPHQWFLDSUqV SRUWHQW XQH FRXURQQH HQ UHOLHI ,OV VRQW DUJHQWpV SRXU OHV DJHQWV
±JLOHWIOXRUHVFHQWDYHFLQVFULSWLRQ©'RXDQHVª FODVVpV DX[ pFKHOOHV GH UpPXQpUDWLRQ  j  HW GRUpV SRXU FHX[
±EUDVVDUGIOXRUHVFHQWDYHFLQVFULSWLRQ©'RXDQHVª FODVVpVDX[pFKHOOHVGHUpPXQpUDWLRQVXSpULHXUHVjO¶pFKHOOH
±FHLQWXURQEDXGULHUEODQFDYHFpWXL $57±/HV pSDXOHWWHV VRQW UHFRXYHUWHV G¶XQ WLVVX XQL GH
WHLQWH EOHX IRQFp (OOHV SRUWHQW j OHXU SRLQWH XQ ERXWRQ j
±FHLQWXURQEDXGULHUIOXRUHVFHQWDYHFpWXL FRXURQQHGHPPGHFRXOHXUDUJHQWpHSRXUOHVDJHQWVFODVVpV
±pWXLjSLVWROHU DX[pFKHOOHVGHUpPXQpUDWLRQjHWGRUpHSRXUFHX[FODVVpVDX[
±VLIIOHW pFKHOOHV GH UpPXQpUDWLRQ VXSpULHXUHV j O¶pFKHOOH  (OOHV VRQW
DVVRUWLHV G¶XQ OLVpUp GRUp GH  PP GH ODUJH SRXU OHV DJHQWV GX
±PHQRWWHV FDGUHGHVLQVSHFWHXUVGLYLVLRQQDLUHVjSDUWLUGXHpFKHORQ
±EUDVVLqUHVGHVDXYHWDJHDYHFLQVFULSWLRQ©'RXDQHVª $57±/HV LQVLJQHV GLVWLQFWLIV GH JUDGH GHV DJHQWV GH
±ERWWHVHQFDRXWFKRXF O¶DGPLQLVWUDWLRQ GHV GRXDQHV HW LPS{WV LQGLUHFWV VRQW SODFpV VXU
±SDOPHV OHVpSDXOHWWHVRXSDVVDQWV
$57±/¶LQVLJQHGHFROHVWFRQVWLWXpSDUXQHpWRLOHjFLQT /HXUV FDUDFWpULVWLTXHV HQ IRQFWLRQ GHV pFKHOOHV GH
EUDQFKHVpYLGpHDXFHQWUHGHODTXHOOHHVWUHSUpVHQWpOHV\PEROH UpPXQpUDWLRQFRUUHVSRQGDQWHVVRQWUHTXLVHVFLDSUqV
GHO¶DGPLQLVWUDWLRQGHVGRXDQHVHWLPS{WVLQGLUHFWVFRQVWLWXpSDU
XQDQQHDXOLVVHGRQWOHFHQWUHFRPSRUWHXQHEDUUHKRUL]RQWDOH (&+(//(
,16,*1('(*5$'(
'(5(081(5$7,21
/HVpYLGHPPHQWVVRQWGHFRXOHXUEOHXH
&HWWHpWRLOHHVWVXUPRQWpHG¶XQHFRXURQQHUR\DOHHWFHUQpH  8QJDORQDUJHQWpGHPPGHODUJHHQ
SDUGHX[EUDQFKHVGHODXULHUVOLpHVjOHXUEDVH IRUPHGH9UHQYHUVp
/¶LQVLJQH GH FRO HVW DUJHQWp SRXU OH SHUVRQQHO FODVVp DX[  'HX[JDORQVGHPrPHVFDUDFWpULVWLTXHV
pFKHOOHV GH UpPXQpUDWLRQ  j  HW GRUp SRXU OH SHUVRQQHO FODVVp TXHFLGHVVXVHVSDFpVGHPP
DX[pFKHOOHVGHUpPXQpUDWLRQVXSpULHXUHVjO¶pFKHOOH
$57±/¶LQVLJQH GH FDVTXHWWH GHV DJHQWV FODVVpV DX[  7URLVJDORQVGHPrPHVFDUDFWpULVWLTXHV
pFKHOOHV GH UpPXQpUDWLRQ  j  HVW XQ PDFDURQ PpWDOOLTXH GH HWHVSDFHPHQWTXHFLGHVVXV
PPVXUPPFRQVWLWXpG¶XQHpWRLOHjEUDQFKHVGHFRXOHXU
DUJHQWHQWRXUpHGHGHX[UDPHDX[GHODXULHUVDUJHQWpVOLpVjOHXU  8QH pWRLOH PpWDOOLTXH DUJHQWpH j FLQT
EDVH EUDQFKHV FRPSRUWDQW HQ VRQ PLOLHX
XQ DQQHDX OLVVH pJDOHPHQW DUJHQWp HW
/¶pYLGHPPHQWGHFHWWHpWRLOHHVWXQpPDLOEOHX GRQW OH FHQWUH FRPSRUWH XQH EDUUH
'DQVODSDUWLHFHQWUDOHGHO¶pWRLOHHVWDSSRVpVXUIRQGpPDLO KRUL]RQWDOHGHODPrPHWHLQWH
EOHX OH V\PEROH GH O¶DGPLQLVWUDWLRQ GHV GRXDQHV HW LPS{WV /¶pYLGHPPHQW GH O¶pWRLOH HW GH
LQGLUHFWV FRQVWLWXp SDU XQ DQQHDX OLVVH DUJHQWp GRQW OH FHQWUH O¶DQQHDXVRQWHQpPDLOEOHXFODLU
FRPSRUWHXQHEDUUHKRUL]RQWDOH
HW 8QH pWRLOH PpWDOOLTXH GRUpH j FLQT
/¶LQVLJQH GH FDVTXHWWHV GHV DJHQWV FODVVpV DX[ pFKHOOHV GH EUDQFKHV D\DQW OHV PrPHV
UpPXQpUDWLRQ GH  j  HVW XQ PDFDURQ PpWDOOLTXH GRUp GH FDUDFWpULVWLTXHVTXHFLGHVVXV
PPPPFRPSRUWDQWOHVPrPHVFDUDFWpULVWLTXHVTXHFHOOHV
GX PDFDURQ GpFULW FLGHVVXV ,O HVW FRQVWLWXp G¶XQH pWRLOH GH   8Q PDFDURQ GRUp GH  PP GH
EUDQFKHV GH FRXOHXU GRUpH FHUQpH SDU XQ GRXEOH UDPHDX GH GXHUDXHpFKHORQ GLDPqWUH FRQVWLWXp G¶XQH pWRLOH j
ODXULHUVGRUpVOLpVjOHXUEDVH FLQT EUDQFKHV HQWRXUpH G¶XQ GRXEOH
UDPHDX GH ODXULHUV OLpV j OHXU EDVH
/H PrPH LQVLJQH HVW UpVHUYp DX[ DJHQWV GX FDGUH GHV /¶pWRLOH FRPSRUWH HQ VRQ PLOLHX XQ
LQVSHFWHXUV GLYLVLRQQDLUHV j SDUWLH GX H pFKHORQ j OD VHXOH DQQHDX DYHF DX FHQWUH XQH EDUUH
GLIIpUHQFH TXH OH UDPHDX GH ODXULHUV LQWpULHXU HVW DUJHQWp HW OH KRUL]RQWDOH
UDPHDXH[WpULHXUGRUp
 %8//(7,12)),&,(/ 1ıUDELL,

$57±/HVDWWULEXWVHWREMHWVG¶pTXLSHPHQWVQpFHVVDLUHV
(&+(//(
,16,*1('(*5$'( QRQSUpYXVGDQVOHSUpVHQWGpFUHWVHURQWGpWHUPLQpVSDUDUUrWpGX
'(5(081(5$7,21
PLQLVWUHFKDUJpGHVILQDQFHV
 'HX[ PDFDURQV GRUpV GH  PP GH $57±/HV HIIHWV G¶XQLIRUPH LQVLJQHV DWWULEXWV HW
jSDUWLUGXHpFKHORQ GLDPqWUH D\DQW OHV PrPHV
FDUDFWpULVWLTXHVTXHFLGHVVXV REMHWV G¶pTXLSHPHQW VRQW j OD FKDUJH GH O¶DGPLQLVWUDWLRQ GHV
GRXDQHVHWLPS{WVLQGLUHFWVHWVRQWIRXUQLVSDUHOOH
 'HX[ PDFDURQV GH PrPHV $57±/HV FRQGLWLRQV GH SRUW GHV HIIHWV G¶XQLIRUPH
FDUDFWpULVWLTXHVTXHFLGHVVXV
LQVLJQHV DWWULEXWV HW REMHWV G¶pTXLSHPHQW OHV FRQGLWLRQV GH OHXU
 8QPDFDURQGHPrPHVFDUDFWpULVWLTXHV IRXUQLWXUH HW GH OHXU UHQRXYHOOHPHQW DLQVL TXH OD OLVWH GHV
GXHUDXHpFKHORQ TXHFLGHVVXV EpQpILFLDLUHV GHYDQW RX SRXYDQW \ SUpWHQGUH VHURQW GpWHUPLQpHV
SDUDUUrWpGXPLQLVWUHFKDUJpGHVILQDQFHV
 'HX[ PDFDURQV GH PrPHV
GXHDXHpFKHORQ FDUDFWpULVWLTXHVTXHFLGHVVXV $57±$FRPSWHUGHODGDWHGHSXEOLFDWLRQDX©%XOOHWLQ
RIILFLHOªGXSUpVHQWGpFUHWOHVDJHQWVDWWULEXWDLUHVGHO¶XQLIRUPH
 7URLV PDFDURQV GH PrPHV IRXUQL SDU O¶DGPLQLVWUDWLRQ Q¶DXURQW SOXV GURLW j O¶LQGHPQLWp GH
jSDUWLUGXHpFKHORQ FDUDFWpULVWLTXHVTXHFLGHVVXV SUHPLqUH PLVH G¶pTXLSHPHQW SUpYXH j O¶DUWLFOH  GH O¶DUUrWp
YL]LULHO GX  MRXPDGD ,   DR€W  HW UpWDEOLH SDU OH
 'HX[ PDFDURQV GH PrPHV
GXHUDXHpFKHORQ FDUDFWpULVWLTXHVTXHFLGHVVXV GpFUHW Qƒ  GX  MRXPDGD ,,   PDL 
&HSHQGDQW LOV FRQWLQXHURQW j EpQpILFLHU GH O¶LQGHPQLWp
 7URLV PDFDURQV GH PrPHV G¶HQWUHWLHQG¶pTXLSHPHQWSUpYXHSDUOHVPrPHVWH[WHV
GXHDXHpFKHORQ FDUDFWpULVWLTXHVTXHFLGHVVXV
$57±(VWDEURJpOHGpFUHWQƒGXUDELL,,
 8Q PDFDURQ RYDOH GH  PP PP VHSWHPEUHUHODWLIDXPrPHREMHW
jSDUWLUGXHpFKHORQ FRPSRUWDQW XQ GRXEOH UDPHDX GH
ODXULHUV DUJHQWp j O¶LQWpULHXU GRUp j
O¶H[WpULHXU HW D\DQW OHV PrPHV
FDUDFWpULVWLTXHVTXHFLGHVVXV
$57±/H PLQLVWUH GH O¶pFRQRPLH HW GHV ILQDQFHV HW OH
PLQLVWUH GpOpJXp DXSUqV GX 3UHPLHU PLQLVWUH FKDUJp GH OD
PRGHUQLVDWLRQ GHV VHFWHXUV SXEOLFV VRQW FKDUJpV GH O¶H[pFXWLRQ
GXSUpVHQWGpFUHWTXLVHUDSXEOLpDX%XOOHWLQRIILFLHO
+RUVpFKHOOH 8QPDFDURQRYDOHGHPPPPHW )DLWj5DEDWOH FKDDEDQHDR€W
HUHWHpFKHORQ XQ PDFDURQ GH  PP GH PrPHV
FDUDFWpULVWLTXHVTXHFLGHVVXV $%%$6(/)$66,
+RUVpFKHOOH 8QPDFDURQRYDOHGHPPPPHW 3RXUFRQWUHVHLQJ
HHWHpFKHORQ GHX[ PDFDURQV GH  PP GH PrPHV /HPLQLVWUHGHO¶pFRQRPLH
FDUDFWpULVWLTXHVTXHFLGHVVXV HWGHVILQDQFHV
+RUVpFKHOOH 'HX[PDFDURQVRYDOHVGHPPPP 6$/$+('',1(0(=28$5
HHWHpFKHORQ GHPrPHVFDUDFWpULVWLTXHVTXHFLGHVVXV
/HPLQLVWUHGpOpJXp
DXSUqVGX3UHPLHUPLQLVWUH
$57±/HSRUWGHV LQVLJQHV GLVWLQFWLIV GHJUDGHSDU OHV
DJHQWV FODVVpV GDQV XQH pFKHOOH GH UpPXQpUDWLRQ VXSpULHXUH j FKDUJpGHODPRGHUQLVDWLRQ
O¶pFKHOOH   HVW VXERUGRQQp j O¶DXWRULVDWLRQ GX FKHI GH GHVVHFWHXUVSXEOLFV
O¶DGPLQLVWUDWLRQ 02+$00('$%%28