$UUrWp GX PLQLVWUH GX WUDQVSRUW GX  RFWREUH 9X OH GpFUHW Qƒ  GX 

UHW Qƒ  GX  GpFHPEUH 

SRUWDQWPRGLILFDWLRQGHO
DUUrWpGXMDQYLHU UpJOHPHQWDQWOHVWUDQVSRUWVSXEOLFVGHSHUVRQQHVSDUYRLWXUH
 IL[DQW OHV UqJOHV GH IRQFWLRQQHPHQW GHV GH WD[L HW GH ORXDJH HW OH WUDQVSRUW SXEOLF UXUDO HW
VWDWLRQV OHV PRGDOLWpV G
RFWURL GHV DXWRULVDWLRQV QRWDPPHQWVHVDUWLFOHVHWWHOTXHPRGLILp
GH WUDQVSRUW SXEOLF GH SHUVRQQHV SDU YRLWXUHV GH SDUOHGpFUHWQƒGXRFWREUH
ORXDJH HW OHV PRGDOLWpV GH GpOLYUDQFH HW GH 9XO
DUUrWpGXPLQLVWUHGXWUDQVSRUWGXMDQYLHU
UHQRXYHOOHPHQW GHV FDUWHV G
H[SORLWDWLRQ \ IL[DQW OHV PRGDOLWpV G
RFWURL GHV DXWRULVDWLRQV GH WUDQVSRUW
DIIpUHQWHV SXEOLF GH SHUVRQQHV SDU YRLWXUHV GH WD[L FROOHFWLI HW OHV
/HPLQLVWUHGXWUDQVSRUW PRGDOLWpV GH GpOLYUDQFH HW GH UHQRXYHOOHPHQW GHV FDUWHV
G
H[SORLWDWLRQ\DIIpUHQWHV
9XODORLQƒGXDR€WSRUWDQWRUJDQLVDWLRQ
$UUrWH
GHVWUDQVSRUWVWHUUHVWUHVWHOOHTXHPRGLILpHSDUODORLQƒ
GXMXLOOHWHWSDUODORLQƒGXMXLOOHW $UWLFOH SUHPLHU  /
H[SUHVVLRQ GHSXLV PRLQV GH WURLV
PRLV FLWpH DX[ DUWLFOHV    HW  GH O
DUUrWp GX 
9X OD ORL Qƒ  GX  MXLOOHW  SRUWDQW MDQYLHU  VXVYLVp HVW UHPSODFpH SDU O
H[SUHVVLRQ
SURPXOJDWLRQGXFRGHGHODURXWH VXLYDQWHGHSXLVPRLQVGHVL[PRLV
9XOHGpFUHWQƒGXVHSWHPEUHIL[DQWOHV $UW   /
H[SUHVVLRQ D UHoX XQH IRUPDWLRQ FLWpH j
DWWULEXWLRQVGXPLQLVWqUHGXWUDQVSRUW O
DUWLFOHGHO
DUUrWpVXVYLVpHVWUHPSODFpHSDUO
H[SUHVVLRQ
9X OH GpFUHW Qƒ  GX  GpFHPEUH  VXLYDQWHDVXLYLGHVFRXUV
UpJOHPHQWDQWOHVWUDQVSRUWVSXEOLFVGHSHUVRQQHVSDUYRLWXUH $UW/
H[SUHVVLRQXQFHUWLILFDWGHQRQIDLOOLWHFLWpH
GH WD[L HW GH ORXDJH HW OH WUDQVSRUW SXEOLF UXUDO HW jO
DUWLFOHGHO
DUUrWpVXVLQGLTXpHVWVXSSULPpH
QRWDPPHQW VHV DUWLFOHV      HW  WHO TXH 7XQLVOHRFWREUH
PRGLILpSDUOHGpFUHWQƒGXRFWREUH /H0LQLVWUHGX7UDQVSRUW
9X O
DUUrWp GX  MDQYLHU  IL[DQW OHV UqJOHV GH +RXVVLQH&KRXN
IRQFWLRQQHPHQW GHV VWDWLRQV OHV PRGDOLWpV G¶RFWURL GHV 9X
DXWRULVDWLRQV GH WUDQVSRUW SXEOLF GH SHUVRQQHV SDU YRLWXUHV /H3UHPLHU0LQLVWUH
GH ORXDJH HW OHV PRGDOLWpV GH GpOLYUDQFH HW GH
0RKDPHG*KDQQRXFKL
UHQRXYHOOHPHQWGHVFDUWHVG¶H[SORLWDWLRQ\DIIpUHQWHV
$UUrWH 
/LVWHGHVLQJpQLHXUVGLYLVLRQQDLUHVjLQWpJUHU
$UWLFOH SUHPLHU  /
H[SUHVVLRQ GHSXLV PRLQV GH WURLV
PRLV FLWpH DX[ DUWLFOHV    HW  GH O
DUUrWp GX  GDQVOHJUDGHG
LQJpQLHXUSULQFLSDO
MDQYLHU  VXVYLVp HVW UHPSODFpH SDU O
H[SUHVVLRQ DXWLWUHGHO
DQQpH
VXLYDQWHGHSXLVPRLQVGHVL[PRLV jO
LQVWLWXWQDWLRQDOGHODPpWpRURORJLH
$UW   /
H[SUHVVLRQ D UHoX XQH IRUPDWLRQ FLWpH j UHOHYDQWGXPLQLVWqUHGXWUDQVSRUW
O
DUWLFOHGHO
DUUrWpVXVYLVpHVWUHPSODFpHSDUO
H[SUHVVLRQ 0RKDPHG%HQ5RPGKDQ
VXLYDQWHDVXLYLGHVFRXUV 0
+DPHG&KHG\
$UW/
H[SUHVVLRQXQFHUWLILFDWGHQRQIDLOOLWHFLWpH 
jO
DUWLFOHGHO
DUUrWpVXVLQGLTXpHVWVXSSULPpH

7XQLVOHRFWREUH
/H0LQLVWUHGX7UDQVSRUW 0,1,67(5('(/
(48,3(0(17(7'(
+RXVVLQH&KRXN /
+$%,7$7
9X 
/H3UHPLHU0LQLVWUH 120,1$7,21
0RKDPHG*KDQQRXFKL 3DUGpFUHWQƒGXRFWREUH
 0RQVLHXU .KDOHG /LPDwHP LQJpQLHXU JpQpUDO HVW
$UUrWp GX PLQLVWUH GX WUDQVSRUW GX  RFWREUH FKDUJp GHV IRQFWLRQV GH GLUHFWHXU JpQpUDO GH O¶DJHQFH
SRUWDQWPRGLILFDWLRQGHO
DUUrWpGXMDQYLHU G¶XUEDQLVPH GX *UDQG 7XQLV UHOHYDQW GX PLQLVWqUH GH
 IL[DQW OHV PRGDOLWpV G
RFWURL GHV O¶pTXLSHPHQWHWGHO¶KDELWDW
DXWRULVDWLRQV GH WUDQVSRUW SXEOLF GH SHUVRQQHV 
SDU YRLWXUHV GH WD[L FROOHFWLI HW OHV PRGDOLWpV GH 
GpOLYUDQFH HW GH UHQRXYHOOHPHQW GHV FDUWHV
G
H[SORLWDWLRQ\DIIpUHQWHV 0,1,67(5('(/
(19,5211(0(17(7'(
/HPLQLVWUHGXWUDQVSRUW /
$0(1$*(0(17'87(55,72,5(
9XODORLQƒGXDR€WSRUWDQWRUJDQLVDWLRQ
GHVWUDQVSRUWVWHUUHVWUHVWHOOHTXHPRGLILpHSDUODORLQƒ 
GXMXLOOHWHWSDUODORLQƒGXMXLOOHW 'pFUHW Qƒ  GX  RFWREUH  IL[DQW OD
9X OD ORL Qƒ  GX  MXLOOHW  SRUWDQW OLVWHGHVGpFKHWVGDQJHUHX[
SURPXOJDWLRQGXFRGHGHODURXWH /H3UpVLGHQWGHOD5pSXEOLTXH
9XOHGpFUHWQƒGXVHSWHPEUHIL[DQWOHV 6XUSURSRVLWLRQGHODPLQLVWUHGHO
HQYLURQQHPHQWHWGH
DWWULEXWLRQVGXPLQLVWqUHGXWUDQVSRUW O
DPpQDJHPHQWGXWHUULWRLUH

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²RFWREUH 1ƒ

 9XODORLQƒGXIpYULHUSRUWDQWUDWLILFDWLRQ O
DJULFXOWXUHGHO
LQGXVWULHGXFRPPHUFHGXWUDQVSRUW
GH OD FRQYHQWLRQ GH %DPDNR VXU O
LQWHUGLFWLRQG
LPSRUWHU GHODVDQWpSXEOLTXHHWGHVDIIDLUHVVRFLDOHV
HQ $IULTXH GHV GpFKHWV GDQJHUHX[ HW VXU OH FRQWU{OH GHV
9XO
DYLVGXWULEXQDODGPLQLVWUDWLI
PRXYHPHQWV WUDQVIURQWLqUHV HW OD JHVWLRQ GHV GpFKHWV
GDQJHUHX[SURGXLWVHQ$IULTXH 'pFUqWH
9X OD ORL Qƒ  GX  MXLOOHW  SRUWDQW $UWLFOH SUHPLHU  /D OLVWH GHV GpFKHWV GDQJHUHX[ HVW
DXWRULVDWLRQGHO
DGKpVLRQGHOD5pSXEOLTXH7XQLVLHQQHjOD IL[pHFRQIRUPpPHQWDX[GLVSRVLWLRQVGHO
DUWLFOHGHODORL
FRQYHQWLRQ GH %kOH VXU OH FRQWU{OH GHV PRXYHPHQWV VXVYLVpHQƒGXMXLQFRPPHVXLW
WUDQVIURQWLqUHVGHVGpFKHWVGDQJHUHX[HWGHOHXUpOLPLQDWLRQ OHVGpFKHWVILJXUDQWjO
DQQH[H,GXSUpVHQWGpFUHW
9XODORLQƒGXMXLQUHODWLYHDX[GpFKHWV  WRXW DXWUH GpFKHW TXL FRQWLHQW O
XQ GHV FRQVWLWXDQWV
HW DX FRQWU{OH GH OHXU JHVWLRQ HW GH OHXU pOLPLQDWLRQ HW pQXPpUpV j O
DQQH[H ,, GX SUpVHQW GpFUHW HW TXL SUpVHQWH
QRWDPPHQWVHVDUWLFOHVHW O
XQHGHVFDUDFWpULVWLTXHVGHGDQJHUPHQWLRQQpHVjO
DQQH[H
9XODORLQƒGXMXLQUHODWLYHDXWUDQVSRUW ,,,GXSUpVHQWGpFUHW
SDUURXWHGHVPDWLqUHVGDQJHUHXVHV
$UW/H3UHPLHUPLQLVWUHHWOHVPLQLVWUHVFRQFHUQpV
9X OH GpFUHW Qƒ  GX HU IpYULHU  IL[DQW OHV VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQH GH O
H[pFXWLRQ
DWWULEXWLRQV GX PLQLVWqUH GH O
HQYLURQQHPHQW HW GH GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD
O
DPpQDJHPHQWGXWHUULWRLUH
5pSXEOLTXH7XQLVLHQQH
9XO
DYLVGX3UHPLHUPLQLVWUH
7XQLVOHRFWREUH
9X O
DYLV GHV PLQLVWUHV GH OD GpIHQVH QDWLRQDOH GH
=LQH(O$ELGLQH%HQ$OL
O
LQWpULHXUGHVILQDQFHVGXGpYHORSSHPHQWpFRQRPLTXHGH

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²RFWREUH 3DJH