You are on page 1of 134

 1RWLFHGಬHQWUHWLHQ

&RPSUHVVHXU¢YLV

6;6,*0$&21752/%$6,&
B)

)DEULFDQW

.$(6(5.2035(6625(1
&REXUJವ32%R[ವ*(50$1<ವ7HO  ವ)D[  
KWWSZZZNDHVHUFRP
1RWLFHRULJLQDOH
..:66;IU6%$6&+5$8%(16&%


6RPPDLUH

 8VDJHGXGRFXPHQW
 8VDJHGXGRFXPHQW 
 $XWUHVGRFXPHQWV 
 'URLWG
DXWHXU 
 6\PEROHVHWLGHQWLILFDWLRQV 
 $YHUWLVVHPHQWV 
 $YHUWLVVHPHQWVFRQWUHULVTXHVGHGRPPDJHVPDW«ULHOV 
 $XWUHVLQGLFDWLRQVHWV\PEROHV 
 &DUDFW«ULVLTXHVWHFKQLTXHV
 3ODTXHFRQVWUXFWHXU 
 2SWLRQV 
 3RLGV 
 7HPS«UDWXUH 
 &RQGLWLRQVDPELDQWHV 
 9HQWLODWLRQ 
 3UHVVLRQ 
 '«ELW 
 +XLOHGHUHIURLGLVVHPHQWUHFRPPDQG«H 
 9ROXPHGHUHPSOLVVDJHG
KXLOHGHUHIURLGLVVHPHQW 
 0RWHXUVHWSXLVVDQFH 
 0RWHXUG
HQWUD°QHPHQW 
 (PLVVLRQVRQRUH>G% $ @ 
 5DFFRUGHPHQW«OHFWULTXH 
 'RQQ«HVGHUDFFRUGHPHQW«OHFWULTXH 
 )U«TXHQFHU«VHDX+] 
 )U«TXHQFHU«VHDX+] 
 6«FXULW«HWUHVSRQVDELOLW«
 &RQVLJQHV«O«PHQWDLUHV 
 5HVSHFWGHVFRQVLJQHVG
XWLOLVDWLRQ 
 8WLOLVDWLRQQRQFRQIRUPHDX[UªJOHVGHV«FXULW« 
 5HVSRQVDELOLW«GHOಬXWLOLVDWHXU 
 6HFRQIRUPHUDX[GLVSRVLWLRQVO«JDOHVHWDX[UªJOHVHQYLJXHXU 
 $IIHFWDWLRQGXSHUVRQQHO 
 2EVHUYHUOHVS«ULRGLFLW«VGHFRQWU¶OHHWOHVSUHVFULSWLRQVVXUODSU«YHQWLRQGHV 
DFFLGHQWV
 'DQJHUV 
 (YDOXHUHWPD°WULVHUOHVVRXUFHVGHGDQJHU 
 6«FXULW«G
XWLOLVDWLRQGHODPDFKLQH 
 3UHQGUHOHVPHVXUHVRUJDQLVDWLRQQHOOHVQ«FHVVDLUHV 
 =RQHVGHGDQJHU 
 'LVSRVLWLIVGHV«FXULW« 
 6\PEROHVGHV«FXULW« 
 (QFDVGHGDQJHU 
 &RPSRUWHPHQWHQFDVG
LQFHQGLH 
 6RLQGHVEOHVVXUHVFDXV«HVSDUO
KXLOHGHUHIURLGLVVHPHQW 
 *DUDQWLHGHVYLFHVFDFK«V 
 3URWHFWLRQGHO
HQYLURQQHPHQW 
 0RQWDJHHWIRQFWLRQQHPHQW
 %R°WLHU 
 )RQFWLRQQHPHQWGHODPDFKLQH 
 'LVSRVLWLIVGHV«FXULW« 
 5«JLPHVHWPRGHVGHU«JXODWLRQ 
 5«JLPHVGHODPDFKLQH 

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& L
6RPPDLUH

 7\SHVGHU«JXODWLRQ 
 7RXFKHVHWDIILFKDJHV6,*0$&21752/%$6,& 
 'HVFULSWLRQIRQFWLRQQHOOH6,*0$&21752/%$6,& 
 6WUXFWXUH$IILFKDJH «FUDQ  
 3DUDPªWUHV 
 6LJQDOLVDWLRQV 
 &RQWDFWVVDQVSRWHQWLHO 
 5«JXODWLRQ&KDUJH0DUFKH¢YLGHSDUFRQWDFWGLVWDQFH 
 2SWLRQV 
 6XSSRUWV«ODVWLTXHV¢YLV 
 &RQGLWLRQVGಬLQVWDOODWLRQHWGHIRQFWLRQQHPHQW
 $VVXUHUODV«FXULW« 
 &RQGLWLRQVGಬLQVWDOODWLRQ 
 '«WHUPLQHUO
HPSODFHPHQWHWOHV«FDUWV 
 $VVXUHUODYHQWLODWLRQGXORFDOFRPSUHVVHXU 
 &RQFHYRLUXQHJDLQHG
«YDFXDWLRQG
DLU 
 0DFKLQHUDFFRUG«H¢XQU«VHDXG
DLUFRPSULP« 
 0RQWDJH
 $VVXUHUODV«FXULW« 
 6LJQDOHUOHVDYDULHVGHWUDQVSRUW 
 5DFFRUGHUODPDFKLQHDXU«VHDXGvDLUFRPSULP« 
 5DFFRUGHPHQW«OHFWULTXH 
 5DFFRUGHUODU«JXODWLRQ&KDUJH0DUFKH¢YLGHSDUFRQWDFWGLVWDQFH 
 2SWLRQV 
 )L[HUODPDFKLQH 
 0LVHHQVHUYLFH
 $VVXUHUODV«FXULW« 
 ,QVWUXFWLRQV¢VXLYUHDYDQWFKDTXHPLVHHQVHUYLFH 
 9«ULILHUOHVFRQGLWLRQVGಬLQVWDOODWLRQHWGHIRQFWLRQQHPHQW 
 5«JOHUOHUHODLVGHVXUFKDUJH 
 )DLUHO
DSSRLQWGಬKXLOHGHUHIURLGLVVHPHQWGDQVOHEORFGHFRPSUHVVLRQ 
 0HWWUHHQPDUFKHHWDUU¬WHUODU«JXODWLRQ352*5(66,9( 
 3UHPLªUHPLVHHQFLUFXLWGHODPDFKLQH 
 5«JOHUODSUHVVLRQQRPLQDOHU«VHDX 
 &RQWU¶OHUOHFRQWDFWGHV«FXULW«GHSRUWH 
 )RQFWLRQQHPHQW
 0LVHHQPDUFKHHWDUU¬W 
 0LVHHQFLUFXLW 
 0LVHKRUVFLUFXLW 
 $UU¬WHWPLVHHQURXWHHQFDVGಬXUJHQFH 
 $FTXLWWHUOHVVLJQDOLVDWLRQVGHG«IDXWHWDYHUWLVVHPHQWV 
 5«JOHUOHVSDUDPªWUHV 
 5HFRQQD°WUHOHVG«IDXOWVHWOHV«OLPLQHU
 &RQVLJQHV«O«PHQWDLUHV 
 6LJQDOLVDWLRQVGHG«IDXWV PDFKLQHDUU¬W«H  
 $YHUWLVVVHPHQWV 
 $XWUHVG«IDXWV 
 0DLQWHQDQFH
 $VVXUHUODV«FXULW« 
 2EVHUYHUOHSODQGvHQWUHWLHQ 
 &RQVLJQHUOHVWUDYDX[GಬHQWUHWLHQU«DOLV«V 

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
LL 6;6,*0$&21752/%$6,& B)
6RPPDLUH

 5«LQLWLDOLVHUOHFRPSWHXUGಬHQWUHWLHQ 
 (QWUHWLHQS«ULRGLTXH 
 +XLOHGHUHIURLGLVVHPHQW,QWHUYDOOHGHYLGDQJH 
 0DLQWHQDQFHS«ULRGLTXH 
 5HIURLGLVVHX1HWWR\HUODQDWWHILOWUDQWHRXODFKDQJHU 
 $UPRLUH«OHFWULTXH1HWWR\HUODQDWWHILOWUDQWHRXODFKDQJHU 
 5«DOLVHUOಬHQWUHWLHQGXUHIURLGLVVHXU 
 5«DOLVHUO
HQWUHWLHQGXILOWUH¢DLU 
 5«DOLVHUO
HQWUHWLHQGXPRWHXUGXFRPSUHVVHXU 
 5«DOLVHUO
HQWUHWLHQGHODFRXUURLHGHWUDQVPLVVLRQ 
 &RQWU¶OHUODVRXSDSHGHV«FXULW« 
 &RQWU¶OHUO
DUU¬WDXWRPDWLTXHHQFDVGHVXUFKDXIIH 
 &RQWU¶OHUOHQLYHDXGಬKXLOHGHUHIURLGLVVHPHQW 
 '«FRPSULPHUOHFLUFXLWG
DLU PLVH¢YLGH  
 )DLUHOಬDSSRLQWGಬKXLOHGHUHIURLGLVVHPHQW 
 '«FRPSULPHUOHFLUFXLWG
DLU PLVH¢YLGH  
 )DLUHO
DSSRLQWG
KXLOHGHUHIURLGLVVHPHQWHWHIIHFWXHUXQHVVDL 
 9LGDQJHUO
KXLOHGHUHIURLGLVVHPHQW 
 &KDQJHUOHILOWUH¢KXLOH 
 &KDQJHUODFDUWRXFKHV«SDUDWULFHG
KXLOH 
 (WDEOLUXQHOLVWHGHVWUDYDX[G
HQWUHWLHQHWGHPDLQWHQDQFH 
 3LªFHGHUHFKDQJHPDWLªUHVFRQVRPPDEOHVVHUYLFH
 2EVHUYHUODSODTXHFRQVWUXFWHXU 
 &RPPDQGHGHSLªFHVGಬHQWUHWLHQFRXUDQWHWGHPDWLªUHVFRQVRPPDEOHV 
 .$(6(5$,56(59,&( 
 3RLQWVVHUYLFH 
 3LªFHVGHUHFKDQJHSRXUPDLQWHQDQFHHWU«SDUDWLRQ 
 0LVHKRUVVHUYLFHVWRFNDJHWUDQVSRUW
 0HWWUHKRUVVHUYLFH 
 (PEDOODJH 
 6WRFNDJH 
 0DQXWHQWLRQ 
 6«FXULW« 
 7DQVSRUWHUODPDFKLQHDXPR\HQG
XQFKDULRW¢IRXUFKH 
 7DQVSRUWHUODPDFKLQHDXPR\HQG
XQHJUXH 
 (OLPLQDWLRQ 
 $QQH[H
 6FK«PDV\QRSWLTXH WX\DXWHULHHWLQVWUXPHQWV  
 6FK«PDV\QRSWLTXH WX\DXWHULHHWLQVWUXPHQWV 5«JXODWLRQ352*5(66,9( 
 3ODQG
HQFRPEUHPHQW 
 6FK«PD«OHFWULTXH 

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& LLL
6RPPDLUH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
LY 6;6,*0$&21752/%$6,& B)
7DEOHGHVLOOXVWUDWLRQV

)LJ +XPLGLW«UHODWLYHPD[LPDOHGHOಬDLUDVSLU« 
)LJ 3RVLWLRQGHVV\PEROHVGHV«FXULW« 
)LJ 9XHG
HQVHPEOHGHODFDUURVVHULH 
)LJ 9XHG
HQVHPEOHGHODPDFKLQH 
)LJ 9XHG
HQVHPEOH7RXFKHV 
)LJ 9XHG
HQVHPEOH$IILFKDJHV 
)LJ 6XSSRUW«ODVWLTXH¢YLV 
)LJ &RQVHLOG
LQVWDOODWLRQGLPHQVLRQV>PP@ 
)LJ &RQGXLWHGHUHIRXOHPHQW 
)LJ 3ULVHV6,*0$&21752/%$6,& 
)LJ 2ULILFHGHUHPSOLVVDJHVRXSDSHG
DVSLUDWLRQ 
)LJ 5«JXODWLRQ352*5(66,9(U«JOHUODYDQQHG
DUU¬W 
)LJ 3RVLWLRQFRQWDFWGHV«FXULW«GHSRUWH 
)LJ 0LVHHQPDUFKHHWDUU¬W 
)LJ $UU¬WG
XUJHQFH 
)LJ $FTXLWWHUOHVVLJQDOLVDWLRQV 
)LJ 1DWWHILOWUDQWHGHYDQWOHVUHIURLGLVVHXUVG
DLUHWG
KXLOH 
)LJ 9HQWLODWLRQDUPRLUH«OHFWULTXH 
)LJ 1DWWHILOWUDQWHGHYDQWOHVUHIURLGLVVHXUVG
DLUHWG
KXLOH 
)LJ 5«DOLVHUO
HQWUHWLHQGXILOWUH¢DLU 
)LJ &KDQJHUODFRXUURLHG
HQWUD°QHPHQW 
)LJ &RQWU¶OHUOHQLYHDXGಬKXLOHGHUHIURLGLVVHPHQW 
)LJ '«FRPSULPHUOHFLUFXLWG
DLU 
)LJ )DLUHOಬDSSRLQWGಬKXLOHGHUHIURLGLVVHPHQW 
)LJ 9LGDQJHUO
KXLOHGHUHIURLGLVVHPHQWU«VHUYRLUV«SDUDWHXUG
KXLOH 
)LJ 9LGDQJHUOಬKXLOHGHUHIURLGLVVHPHQWUHIURLGLVVHXUG
KXLOH 
)LJ &KDQJHUOHILOWUH¢KXLOH 
)LJ &KDQJHUODFDUWRXFKHV«SDUDWULFHG
KXLOH 
)LJ (IIHFWXHUOHWUDQVSRUW¢O
DLGHG
XQ«O«YDWHXU¢IRXUFKH 
)LJ (IIHFWXHUOHWUDQVSRUW¢O
DLGHG
XQHJUXH 

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& Y
7DEOHGHVLOOXVWUDWLRQV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
YL 6;6,*0$&21752/%$6,& B)
/LVWHGHVWDEOHDX[

7DE &ODVVHVGHGDQJHUHWOHXUVLJQLILFDWLRQ GRPPDJHFRUSRUHO  


7DE &ODVVHVGHGDQJHUHWOHXUVLJQLILFDWLRQ GRPPDJHPDW«ULHO  
7DE 3ODTXHFRQVWUXFWHXU 
7DE 2SWLRQV 
7DE 3RLGVGHODPDFKLQH 
7DE 7HPS«UDWXUH 
7DE &RQGLWLRQVDPELDQWHV 
7DE 9XHG
HQVHPEOH$«UDWLRQ +]  
7DE 9XHG
HQVHPEOH$«UDWLRQ +]  
7DE 3UHVVLRQGHG«FOHQFKHPHQWGHODVRXSDSHGHV«FXULW« +]  
7DE 3UHVVLRQGHG«FOHQFKHPHQWGHODVRXSDSHGHV«FXULW« +]  
7DE '«ELW +]  
7DE '«ELW +]  
7DE +XLOHGHUHIURLGLVVHPHQWUHFRPPDQG«H 
7DE +XLOHGHUHIURLGLVVHPHQWUHFRPPDQG«H DJURDOLPHQWDLUH  
7DE +XLOHGHUHIURLGLVVHPHQWUHFRPPDQG«H PDFKLQHSRXUFDQRQV¢QHLJH  
7DE 9ROXPHGHUHPSOLVVDJHG
KXLOHGHUHIURLGLVVHPHQW 
7DE 0RWHXUG
HQWUD°QHPHQW 
7DE 0RWHXU9LWHVVHQRPLQDOH¢+] 
7DE 0RWHXU9LWHVVHQRPLQDOH¢+] 
7DE (PLVVLRQVRQRUH>G% $ @ 
7DE 'RQQ«HVGHUDFFRUGHPHQW9+] 
7DE 'RQQ«HVGHUDFFRUGHPHQW9+] 
7DE 'RQQ«HVGHUDFFRUGHPHQW9+] 
7DE &RQGLWLRQGHU«VHDXSRXU9+] 
7DE 'RQQ«HVGHUDFFRUGHPHQW9+] 
7DE 'RQQ«HVGHUDFFRUGHPHQW9+] 
7DE 'RQQ«HVGHUDFFRUGHPHQW9+] 
7DE 'RQQ«HVGHUDFFRUGHPHQW9+] 
7DE '«ODLVGHFRQWU¶OHS«ULRGLTXHVHORQOHUªJOHPHQWUHODWLI¢ODV«FXULW«GXWUDYDLO 
7DE =RQHVGHGDQJHU 
7DE 6\PEROHVGHV«FXULW« 
7DE 7\SHVGHU«JXODWLRQ¢«FRQRPLHG
«QHUJLH 
7DE 5«JLPHVHQU«JXODWLRQ352*5(66,9( 
7DE 7RXFKHV 
7DE $IILFKDJHV 
7DE $IILFKDJH (FUDQ  
7DE 3DUDPªWUH 
7DE 0LVHHQVHUYLFHDSUªVXQVWRFNDJHXQDUU¬W 
7DE /LVWHGHFRQWU¶OH&RQGLWLRQVGಬLQVWDOODWLRQ 
7DE 5«JXODWLRQ352*5(66,9(U«JOHUODYDQQHG
DUU¬W 
7DE (PS¬FKHUODIRUPDWLRQGHFRQGHQVDWV 
7DE $UU¬WDYHFVDQVWHPSVGHIRQFWLRQQHPHQWSDULQHUWLH 
7DE 6LJQDOLVDWLRQVGHG«IDXWV 
7DE $YHUWLVVVHPHQWV 
7DE $XWUHVG«IDXWVHWPHVXUHV 
7DE (QWUHWLHQS«ULRGLTXH 
7DE +XLOHGHUHIURLGLVVHPHQW,QWHUYDOOHVGHYLGDQJH 
7DE 0DLQWHQDQFHS«ULRGLTXH 
7DE 1LYHDXGvKXLOHGHUHIURLGLVVHPHQWDGPLVVLEOHHQ&+$5*( 
7DE (WDEOLUXQHOLVWHGHVWUDYDX[GಬHQWHWLHQ 
7DE 3DQQHDX[GHVHUYLFHPDFKLQH 

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& YLL
/LVWHGHVWDEOHDX[

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
YLLL 6;6,*0$&21752/%$6,& B)
 8VDJHGXGRFXPHQW
 8VDJHGXGRFXPHQW

 8VDJHGXGRFXPHQW
 8VDJHGXGRFXPHQW
/DQRWLFHG
HQWUHWLHQHVWSDUWLHFRQVWLWXDQWHGHODPDFKLQH(OOHG«FULWODPDFKLQH¢VDVRUWLHGHOD
SURGXFWLRQHWOLYU«H¢O
«WDWQHXI
ᇐ &RQVHUYHUODQRWLFHGಬHQWUHWLHQSHQGDQWWRXWHODGXU«HGHYLHGHODPDFKLQH
ᇐ 5HPHWWUHODQRWLFHGಬHQWUHWLHQDXQRXYHDXSURSUL«WDLUHRXXWLOLVDWHXU¢FKDTXHFKDQJHPHQWGH
SURSUL«WDLUHRXG
XWLOLVDWHXU
ᇐ 9HLOOHU¢FHTXHWRXWHPRGLILFDWLRQVRLWQRW«HGDQVODQRWLFHG
HQWUHWLHQ
ᇐ 5HSRUWHUOHVGRQQ«HVGHODSODTXHFRQVWUXFWHXUHWO
«TXLSHPHQWLQGLYLGXHOGHODPDFKLQHGDQV
OHVWDEOHDX[GXFKDSLWUH

 $XWUHVGRFXPHQWV
/HVGRFXPHQWDWLRQVVXLYDQWHVVRQWSDUDLOOHXUVIRXUQLHVDYHFODSU«VHQWHQRWLFHG
HQWUHWLHQ
႐ &HUWLILFDWGHU«FHSWLRQ1RWLFHG
HQWUHWLHQ
႐ '«FODUDWLRQGHFRQIRUPLW«FRQIRUP«PHQWDX[GLUHFWLYHVHQYLJXHXU

/HVGRFXPHQWVPDQTXDQWVSHXYHQW¬WUHU«FODP«VDXSUªVGH.$(6(5
ᇐ 6
DVVXUHUGHO
«WDWFRPSOHWGHVGRFXPHQWVHWHQH[DPLQHUVRLJQHXVHPHQWOHFRQWHQX
ᇐ 6LGHVGRFXPHQWVVRQWGHPDQG«VXOW«ULHXUHPHQWLQGLTXHULPS«UDWLYHPHQWOHVGRQQ«HVILJXಣ
UDQWVXUODSODTXHFRQVWUXFWHXU

 'URLWG
DXWHXU
&HWWHQRWLFHGಬXWLOLVDWLRQHVWSURW«J«HSDUOHGURLWGಬDXWHXU3RXUWRXWHVTXHVWLRQVUHODWLYHV¢O
XWLOLಣ
VDWLRQHW¢ODUHSURGXFWLRQGHODGRFXPHQWDWLRQFRQVXOWHU.$(6(5&ಬHVWDYHFSODLVLUTXHQRXV
YRXVDSSRUWHURQVQRWUHVRXWLHQSRXUXQHXWLOLVDWLRQGHVLQIRUPDWLRQVHQIRQFWLRQGHYRVEHVRLQV

 6\PEROHVHWLGHQWLILFDWLRQV
ᇐ 2EVHUYHUOHVV\PEROHVHWLGHQWLILFDWLRQVXWLOLV«VGDQVFHGRFXPHQW

 $YHUWLVVHPHQWV
/HV\PEROH$YHUWLVVHPHQWDYHUWLWG
XQULVTXHRXG
XQGDQJHUSRXYDQWGRQQHUOLHX¢XQGRPPDJH
FRUSRUHOVLOHVPHVXUHVSUHVFULWHVQHVRQWSDVUHVSHFW«HV

/HVDYHUWLVVHPHQWVH[LVWHQWSRXUWURLVFODVVHVGHGDQJHUUHFRQQDLVVDEOHVSDUOHVQRWLRQVHPSOR\ಣ
«HVVRXVOHXUVLJQDOLVDWLRQ
6LJQDOLVDWLRQ 6LJQLILFDWLRQ &RQV«TXHQFHVHQFDVGHQRQUHVSHFW
'$1*(5 SU«YLHQWGಬXQGDQJHULPPLQHQW 'HVEOHVVXUHVJUDYHVRXPRUWHOOHVSHXYHQW
HQU«VXOWHU
$9(57,66(0(17 SU«YLHQWGಬXQULVTXHGHGDQJHU 'HVEOHVVXUHVJUDYHVRXPRUWHOOHVVRQW
SRVVLEOHV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 8VDJHGXGRFXPHQW
 6\PEROHVHWLGHQWLILFDWLRQV

6LJQDOLVDWLRQ 6LJQLILFDWLRQ &RQV«TXHQFHVHQFDVGHQRQUHVSHFW


$77(17,21 SU«YLHQWGಬXQHVLWXDWLRQVXVFHSಣ 5LVTXHGHEOHVVXUHVO«JªUHV
WLEOHG
¬WUHGDQJHUHXVH

7DE &ODVVHVGHGDQJHUHWOHXUVLJQLILFDWLRQ GRPPDJHFRUSRUHO

/HVDYHUWLVVHPHQWVTXLSU«F«GHQWXQFKDSLWUHV
DSSOLTXHQWDXFKDSLWUHHW¢WRXVVHVVRXVFKDSLಣ
WUHV
([HPSOH

'$1*(5
,FLVRQWLQGLTX«VOHVW\SHVHWVRXUFHVGHGDQJHU
'HVFRQV«TXHQFHVSHXYHQWU«VXOWHUGಬXQQRQUHVSHFWGHOಬDYHUWLVVHPHQW
/HQRQUHVSHFWGXVLJQDO'$1*(5SHXWGRQQHUVXLWH¢GHVEOHVVXUHVJUDYHVYRLUHPRUWHOಣ
OHV
ᇐ ,FLVRQWLQGLTX«HVOHVPHVXUHV¢SUHQGUHSRXUSU«YHQLUOHGDQJHU

/HVDYHUWLVVHPHQWVTXLVHUDSSRUWHQW¢XQVRXVFKDSLWUHRX¢O
RS«UDWLRQGHWUDYDLOVXLYDQWHVRQW
LQW«JU«VGDQVOHG«URXOHPHQWGXWUDYDLOHWQXP«URW«VFRPPHXQHRS«UDWLRQGHWUDYDLO
([HPSOH
 $9(57,66(0(17
,FLVRQWLQGLTX«VOHVW\SHVHWVRXUFHVGHGDQJHU
'HVFRQV«TXHQFHVSHXYHQWU«VXOWHUGಬXQQRQUHVSHFWGHOಬDYHUWLVVHPHQW
/HQRQUHVSHFWGXVLJQDO$9(57,66(0(17SHXWGRQQHUVXLWH¢GHVEOHVVXUHVJUDYHVYRLUH
PRUWHOOHV
ᇐ ,FLVRQWLQGLTX«HVOHVPHVXUHV¢SUHQGUHSRXUSU«YHQLUOHGDQJHU
 /LUHDWWHQWLYHPHQWOHVDYHUWLVVHPHQWVHWOHVREVHUYHUVFUXSXOHXVHPHQW

 $YHUWLVVHPHQWVFRQWUHULVTXHVGHGRPPDJHVPDW«ULHOV
&RQWUDLUHPHQWDXVLJQDOG
DYHUWLVVHPHQWOHVDYHUWLVVHPHQWFRQWUHOHVULVTXHGHGRPPDJHVPDW«ಣ
ULHOVQHFRQFHUQHQWTXHOHPDW«ULHOXQGRPPDJHFRUSRUHOQ
HVWSUREDEOH

/HVDYHUWLVVHPHQWVUHODWLIV¢XQULVTXHGHGRPPDJHPDW«ULHOVHUHFRQQDLVVHQW¢OHXUVLJQDOLVDಣ
WLRQ
6LJQDOLVDWLRQ 6LJQLILFDWLRQ &RQV«TXHQFHVHQFDVGHQRQUHVSHFW
$9,6 SU«YLHQWGಬXQHVLWXDWLRQVXVFHSWLEOHG
¬WUH 5LVTXHGHGRPPDJHPDW«ULHO
GDQJHUHXVH

7DE &ODVVHVGHGDQJHUHWOHXUVLJQLILFDWLRQ GRPPDJHPDW«ULHO

([HPSOH

$9,6
,FLVRQWLQGLTX«VOHVW\SHVHWVRXUFHVGHGDQJHU
'HVFRQV«TXHQFHVSHXYHQWU«VXOWHUGಬXQQRQUHVSHFWGHOಬDYHUWLVVHPHQW
ᇐ ,FLVRQWLQGLTX«HVOHVPHVXUHV¢SUHQGUHFRQWUHOHVULVTXHVGHGRPPDJHVPDW«ULHOV

ᇐ /HVDYHUWLVVHPHQWVFRQWUHOHVULVTXHVGHGRPPDJHVPDW«ULHOVVRQW¢OLUHHW¢REVHUYHUVFUXSXಣ
OHXVHPHQW

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 8VDJHGXGRFXPHQW
 6\PEROHVHWLGHQWLILFDWLRQV

 $XWUHVLQGLFDWLRQVHWV\PEROHV
&HV\PEROHVLJQDOLVHOHVLQIRUPDWLRQVSDUWLFXOLªUHPHQWLPSRUWDQWHV

0DW«ULHO 9RXVWURXYHUH]LFLOHVLQIRUPDWLRQVUHODWLYHVDX[RXWLOVVS«FLDX[FRQVRPPDEOHVRXSLªFHVGHUHಣ
FKDQJH

&RQGLWLRQ 9RXVWURXYHUH]LFLOHVFRQGLWLRQVUHTXLVHVSRXUODU«DOLVDWLRQG
XQHRS«UDWLRQ
/HVFRQGLWLRQVVLJQLILFDWLYHVSRXUODV«FXULW«VRQW«JDOHPHQWLQGLTX«HVDILQGHYRXVSHUPHWWUH
G
«YLWHUOHVVLWXDWLRQVGDQJHUHXVHV

2SWLRQ+ ᇐ &HVLJQHHVWSODF«GHYDQWOHVLQVWUXFWLRQVUHODWLYHVDX[RS«UDWLRQVVHG«URXODQWHQXQHVHXOH
«WDSH
3RXUOHVLQVWUXFWLRQVUHODWLYHVDX[RS«UDWLRQVVHG«URXODQWHQSOXVLHXUV«WDSHVOHV«WDSHVVRQW
QXP«URW«HV
/HVLQIRUPDWLRQVFRQFHUQDQWXQHVHXOHRSWLRQFRPSRUWHQWXQHLGHQWLILFDWLRQ SDUH[+VLJQLಣ
ILHTXHFHWWHVHFWLRQQHFRQFHUQHTXHOHVPDFKLQHV«TXLS«HVGHVXSSRUWV«ODVWLTXHV¢YLV 
/HVLGHQWLILFDWLRQVGHVRSWLRQVVRQWUHSULVHVGDQVOHFKDSLWUHGHODSU«VHQWHQRWLFHG
XWLOLVDಣ
WLRQ
/HVLQIRUPDWLRQVUHODWLYHVDX[SUREOªPHVSRWHQWLHOVVRQWPDUTX«HVG
XQSRLQWG
LQWHUURJDWLRQ
'DQVOHWH[WHG
DLGHODFDXVHHVWLQGLTX«H
ᇐ HWXQHVROXWLRQHVWGRQQ«H
&HV\PEROHVLJQDOLVHOHVLQIRUPDWLRQVLPSRUWDQWHVRXOHVPHVXUHV¢SUHQGUHSRXUODSURWHFಣ
WLRQGHO
HQYLURQQHPHQW

,QIRUPDWLRQV ,FLVRQWVLJQDO«VOHVDXWUHVWKªPHV¢FRQVXOWHU
VXSSO«PHQWDLUHV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 &DUDFW«ULVLTXHVWHFKQLTXHV
 3ODTXHFRQVWUXFWHXU

 &DUDFW«ULVLTXHVWHFKQLTXHV
 3ODTXHFRQVWUXFWHXU
/HW\SHHWOHVSULQFLSDOHVGRQQ«HVWHFKQLTXHVILJXUHQWVXUODSODTXHFRQVWUXFWHXUGHODPDFKLQH

/DSODTXHFRQVWUXFWHXUVHWURXYH¢O
H[W«ULHXUVXUODPDFKLQH
႐ DXGHVVXVGXUHIURLGLVVHXU
RX
႐ ¢O
DUULªUHGHODPDFKLQH

ᇐ 5HSRUWHULFLOHVGRQQ«HVGHODSODTXHFRQVWUXFWHXUSRXUU«I«UHQFH

&DUDFW«ULVWLTXHV 9DOHXU
&RPSUHVVHXU¢YLV
5«I«UHQFH
1RGHV«ULH
$QQ«HGHIDEULFDWLRQ
3XLVVDQFHQRPLQDOH
9LWHVVHGHURWDWLRQPRWHXU
3UHVVLRQGHVHUYLFHPD[L
7HPS«UDWXUHDPELDQWH

7DE 3ODTXHFRQVWUXFWHXU

 2SWLRQV
/HWDEOHDXFLGHVVRXVU«FDSLWXOHOHVRSWLRQVSRVVLEOHV
ᇐ 1RWH]LFLOHVRSWLRQVSRXUSRXYRLUYRXV\U«I«UHUXOW«ULHXUHPHQW

2SWLRQ ,GHQWLILFDWLRQ ,QVWDOO«H"


5«JXODWLRQSURJUHVVLYH &
6XSSRUWV«ODVWLTXHVYLVV«V +
5HIURLGLVVHPHQWDLU .
$OLPHQWDWLRQ«OHFWULTXHGXV«FKHXUIULJRULILTXHSDUXQ 7
WUDQVIRUPDWHXU
6«FKHXUIULJRULILTXH 7

7DE 2SWLRQV

 3RLGV
/HSRLGVGRQQ«HVWOHSRLGVPD[LPXP/HSRLGVHIIHFWLIGHODPDFKLQHYDULHHQIRQFWLRQGHVRQ
«TXLSHPHQW

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 &DUDFW«ULVLTXHVWHFKQLTXHV
 7HPS«UDWXUH

6; 6; 6; 6;


3RLGV>NJ@    

7DE 3RLGVGHODPDFKLQH

 7HPS«UDWXUH
6; 6; 6; 6;
7HPS«UDWXUHPLQLPDOHGH    
G«PDUUDJH>r&@
7HPS«UDWXUHILQDOHGHUHಣ ದ ದ ದ ದ
IRXOHPHQWW\SLTXHSHQಣ
GDQWOHIRQFWLRQQHPHQW
>r&@
7HPS«UDWXUHILQDOHGH    
FRPSUHVVLRQPD[LPDOH
DUU¬WDXWRPDWLTXH >r&@

7DE 7HPS«UDWXUH

 &RQGLWLRQVDPELDQWHV
6; 6; 6; 6;
$OWLWXGHPD[LPXPG
XWLOLಣ    
VDWLRQ >P@
7HPS«UDWXUHDPELDQWH ದ ದ ದ ದ
DGPLVVLEOH>r&@
7HPS«UDWXUHG
DLUGHUHಣ ದ ದ ದ ದ
IURLGLVVHPHQW>r&@
7HPS«UDWXUHGಬDLUGಬDVSLಣ ದ ದ ದ ದ
UDWLRQ>r&@
3RXUXQHLQVWDOODWLRQ¢XQHSOXVJUDQGHDOWLWXGHFRQVXOWHUOHFRQVWUXFWHXU

7DE &RQGLWLRQVDPELDQWHV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 &DUDFW«ULVLTXHVWHFKQLTXHV
 9HQWLODWLRQ

)LJ +XPLGLW«UHODWLYHPD[LPDOHGHOಬDLUDVSLU«
7 7HPS«UDWXUHGHO
DLUDVSLU«>r&@
+ +XPLGLW«UHODWLYHPD[LPDOHGHOಬDLUDVSLU«>@

 9HQWLODWLRQ
/HVYDOHXUVLQGLTX«HVVRQWGHVYDOHXUVOLPLWHVPLQLPDOHV(OOHVQHGRLYHQWSDV¬WUHLQI«ULHXUHV

)U«TXHQFHU«VHDX+]

6; 6; 6; 6;


2ULILFHG
HQWU«HG
DLU =    
YRLULOOXVWU>P@
9HQWLODWHXUG
«YDFXDWLRQ    
G
DLUSRXUD«UDWLRQFRQWU¶ಣ
O«H
'«ELWG
DLU>PK@¢
3D

7DE 9XHG
HQVHPEOH$«UDWLRQ +]

)U«TXHQFHU«VHDX+]

6; 6; 6; 6;


2ULILFHG
HQWU«HG
DLU =    
YRLULOOXVWU>P@
9HQWLODWHXUG
«YDFXDWLRQ    
G
DLUSRXUD«UDWLRQFRQWU¶ಣ
O«H
'«ELWG
DLU>PK@¢
3D

7DE 9XHG
HQVHPEOH$«UDWLRQ +]

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 &DUDFW«ULVLTXHVWHFKQLTXHV
 3UHVVLRQ

 3UHVVLRQ
3UHVVLRQGHVHUYLFHPD[LYRLUSODTXHFRQVWUXFWHXU

3UHVVLRQGHG«FOHQFKHPHQWGHODVRXSDSHGHV«FXULW«¢+]>EDU@

3UHVVLRQGHVHUYLFHPD[L 6; 6; 6; 6;


>EDU@
    
    
 ಧ   
&KLQH

7DE 3UHVVLRQGHG«FOHQFKHPHQWGHODVRXSDSHGHV«FXULW« +]

3UHVVLRQGHG«FOHQFKHPHQWGHODVRXSDSHGHV«FXULW«¢+]>EDU@

3UHVVLRQGHVHUYLFHPD[L 6; 6; 6; 6;


>EDU@
    
    
 ಧ   

7DE 3UHVVLRQGHG«FOHQFKHPHQWGHODVRXSDSHGHV«FXULW« +]

 '«ELW
'«ELW>PPLQ@SRXU+]

3UHVVLRQGHVHUYLFHPD[L 6; 6; 6; 6;


>EDU@
    
    
 ಧ   

7DE '«ELW +]

'«ELW>PPLQ@SRXU+]

3UHVVLRQGHVHUYLFHPD[L 6; 6; 6; 6;


>EDU@
    
    
 ಧ   

7DE '«ELW +]

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 &DUDFW«ULVLTXHVWHFKQLTXHV
 +XLOHGHUHIURLGLVVHPHQWUHFRPPDQG«H

 +XLOHGHUHIURLGLVVHPHQWUHFRPPDQG«H
/HW\SHG
KXLOHGHUHIURLGLVVHPHQWXWLOLV«HVWLQGLTX«SUªVGHO
RULILFHGHUHPSOLVVDJHGXU«VHUYRLU
V«SDUDWHXUG
KXLOH
/HVLQIRUPDWLRQVQ«FHVVDLUHVSRXUFRPPDQGHUGHO
KXLOHGHUHIURLGLVVHPHQWVHWURXYHQWDXFKDSLಣ
WUH

+XLOHVGHUHIURLGLVVHPHQWSRXUXWLOLVDWLRQVFRXUDQWHV

6,*0$)/8,'
02/ 6 6
'HVFULSWLRQ +XLOHPLQ«UDOH +XLOHV\QWK«WLTXH +XLOHV\QWK«WLTXH
VDQVVLOLFRQH
'RPDLQHG
XWLಣ +XLOHVWDQGDUGSRXUWRXಣ +XLOHVWDQGDUGSRXUWRXWHV +XLOHVS«FLDOHSRXUFRQGLಣ
OLVDWLRQ WHVOHVDSSOLFDWLRQV¢ OHVDSSOLFDWLRQV¢O
H[FHSWLRQ WLRQVDPELDQWHVDYHFWHPಣ
O
H[FHSWLRQGHO
DJURDOLಣ GHO
DJURDOLPHQWDLUH S«UDWXUHHWKXPLGLW«GH
PHQWDLUH 3DUWLFXOLªUHPHQWDGDSW«H O
DLU«OHY«HV
3DUWLFXOLªUHPHQWDGDSಣ SRXUOHVPDFKLQHVDYHFXQ $GDSW«HSRXUWRXWHVOHV
W«HSRXUOHVPDFKLQHV WDX[GHFKDUJH«OHY« DSSOLFDWLRQV¢O
H[FHSWLRQ
DYHFXQIDLEOHWDX[GH 1RQDGDSW«HSRXUOHVSD\V GHO
DJURDOLPHQWDLUH
FKDUJH G
$VLHGHO
(VWHWGX6XG(VW 3DUWLFXOLªUHPHQWDGDSW«H
SRXUOHVPDFKLQHVDYHF
XQWDX[GHFKDUJH«OHY«
+RPRORJDWLRQ ಧ ಧ ಧ
9LVFRVLW«¢ PP V
PP V
PPV
r& ',1ದ '$6707HVW '$6707HVW
9LVFRVLW«¢ PPV PPV PPV
ഒ ',1 'WHVW$670 'WHVW$670
3RLQWG
«FODLU r& r& ഒ
,62 'WHVW$670 'WHVW$670
'HQVLW«¢ ಧ NJP NJO
r& ,62 'WHVW$670
3RLQWG
«FRXಣ r& r& r&
OHPHQW ,62 'WHVW$670 'WHVW$670
3RXYRLUG«Vಣ ಧ PLQ PLQ
«PXOVLILDQW¢ 'WHVW$670 'WHVW$670
r&

7DE +XLOHGHUHIURLGLVVHPHQWUHFRPPDQG«H

+XLOHVGHUHIURLGLVVHPHQWSRXUOHVDSSOLFDWLRQVDJURDOLPHQWDLUHV

6,*0$)/8,'
)* )*
'HVFULSWLRQ +XLOHV\QWK«WLTXH +XLOHV\QWK«WLTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 &DUDFW«ULVLTXHVWHFKQLTXHV
 +XLOHGHUHIURLGLVVHPHQWUHFRPPDQG«H

6,*0$)/8,'
)* )*
'RPDLQHG
XWLOLಣ 6S«FLDOHSRXUPDFKLQHVH[SORLW«HV +XLOHVS«FLDOHSRXUFRQGLWLRQVDPELDQWHV
VDWLRQ GDQVOHVVHFWHXUVR»O
DLUFRPSULP« DYHFWHPS«UDWXUHHWKXPLGLW«GHO
DLU«OHಣ
HVWVXVFHSWLEOHG
HQWUHUHQFRQWDFW Y«HV
DYHFGHVGHQU«HVDOLPHQWDLUHV 6S«FLDOHSRXUPDFKLQHVH[SORLW«HVGDQV
OHVVHFWHXUVR»O
DLUFRPSULP«HVWVXVFHSಣ
WLEOHG
HQWUHUHQFRQWDFWDYHFGHVGHQU«HV
DOLPHQWDLUHV
+RPRORJDWLRQ 86'$+16) 86'$+16)
$FFRUG«HSRXUODIDEULFDWLRQG
HPಣ $FFRUG«HSRXUODIDEULFDWLRQG
HPEDOODJHV
EDOODJHVDOLPHQWDLUHVGDQVO
LQGXVಣ DOLPHQWDLUHVGDQVO
LQGXVWULHGHODYLDQGH
WULHGHODYLDQGHHWGHODYRODLOOHHW HWGHODYRODLOOHHWSRXUG
DXWUHVDSSOLFDಣ
SRXUG
DXWUHVDSSOLFDWLRQVDJURDOLಣ WLRQVDJURDOLPHQWDLUHV
PHQWDLUHV
9LVFRVLW«¢r& PPV PPV
'WHVW$670 'WHVW$670
9LVFRVLW«¢ PPV PPV
ഒ 'WHVW$670 'WHVW$670
3RLQWG
«FODLU ഒ ഒ
'WHVW$670 'WHVW$670
'HQVLW«¢r& ಧ ಧ
3RLQWG
«FRXOHಣ ಧ ಧ
PHQW
3RXYRLUG«V«PXOಣ ಧ ಧ
VLILDQW¢r&

7DE +XLOHGHUHIURLGLVVHPHQWUHFRPPDQG«H DJURDOLPHQWDLUH

+XLOHVGHUHIURLGLVVHPHQWSRXUO
H[SORLWDWLRQDYHFGHVFDQRQV¢QHLJH

6,*0$)/8,'
3$12/,1+/36<17+
'HVFULSWLRQ (VWHUVV\QWK«WLTXHVVDWXU«VDYHFDGGLWLIV H[HPSWVG
KXLOHPLQ«ಣ
UDOH
)DFLOHPHQWELRG«JUDGDEOHVHORQOHVFULWªUHVGHO
2&'(
'RPDLQHG
XWLOLVDWLRQ 6S«FLDOHSRXUPDFKLQHVGHVWLQ«HV¢¬WUHXWLOLV«HVDYHFGHVFDಣ
QRQV¢QHLJH
+RPRORJDWLRQ ಧ
9LVFRVLW«¢r& PPV
9LVFRVLW«¢ PPV
ഒ
3RLQWG
«FODLU !r&
'HQVLW«¢r& JPO
3RLQWG
«FRXOHPHQW r&

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 &DUDFW«ULVLTXHVWHFKQLTXHV
 9ROXPHGHUHPSOLVVDJHG
KXLOHGHUHIURLGLVVHPHQW

6,*0$)/8,'
3$12/,1+/36<17+
3RXYRLUG«V«PXOVLILDQW¢r& ಧ

7DE +XLOHGHUHIURLGLVVHPHQWUHFRPPDQG«H PDFKLQHSRXUFDQRQV¢QHLJH

 9ROXPHGHUHPSOLVVDJHG
KXLOHGHUHIURLGLVVHPHQW
6; 6; 6; 6;
4XDQWLW«WRWDOH>O@    
$SSRLQW>O@    
0LQLPXPದ0D[LPXP

7DE 9ROXPHGHUHPSOLVVDJHG
KXLOHGHUHIURLGLVVHPHQW

 0RWHXUVHWSXLVVDQFH
 0RWHXUG
HQWUD°QHPHQW
6; 6; 6; 6;
3XLVVDQFHQRPLQDOH>N:@    
&ODVVHGHSURWHFWLRQ ,3 ,3 ,3 ,3

7DE 0RWHXUG
HQWUD°QHPHQW

9LWHVVHQRPLQDOH>PLQ@ )U«TXHQFHGXU«VHDX+] 

3UHVVLRQGHVHUYLFHPD[L 6; 6; 6; 6;


>EDU@
    
    
 ಧ   

7DE 0RWHXU9LWHVVHQRPLQDOH¢+]

9LWHVVHQRPLQDOH>PLQ@ )U«TXHQFHGXU«VHDX+] 

3UHVVLRQGHVHUYLFHPD[L 6; 6; 6; 6;


>EDU@
    
    
 ಧ   

7DE 0RWHXU9LWHVVHQRPLQDOH¢+]

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 &DUDFW«ULVLTXHVWHFKQLTXHV
 (PLVVLRQVRQRUH>G% $ @

 (PLVVLRQVRQRUH>G% $ @
)U«TXHQFHU«VHDX 6; 6; 6; 6;
+]    
+]    
1LYHDXGHSUHVVLRQDFRXVWLTXHVHORQ,62HWODQRUPHGHEDVH,627RO«UDQFH
sG% $ ¢ODSUHVVLRQGHVHUYLFHPD[L

7DE (PLVVLRQVRQRUH>G% $ @

 5DFFRUGHPHQW«OHFWULTXH
([LJHQFHV«O«PHQWDLUHV

/DPDFKLQHHVWFRQ©XHSRXUU«SRQGUHDX[FRQGLWLRQVG
DOLPHQWDWLRQ«OHFWULTXHVHORQODQRUPH
(1 ,(& VHFWLRQ
6LDXFXQHDXWUHFRQGLWLRQQಬHVWVS«FLIL«HSDUOಬXWLOLVDWHXUOHVYDOHXUVOLPLWHVLQGLTX«HVGDQVFHWWH
QRUPHVRQW¢UHVSHFWHU
1RXVUHFRPPDQGRQVXQHFRQFHUWDWLRQHQWUHO
XWLOLVDWHXUHWOHIRXUQLVVHXUVXUODEDVHGHODQRUPH
(1DQQH[H%
/HUDFFRUGHPHQW«OHFWULTXHGHODPDFKLQHQ«FHVVLWHXQU«VHDXWULSKDV«V\P«WULTXH
'DQVXQU«VHDXWULSKDV«V\P«WULTXHODWHQVLRQHWOHG«SKDVDJHHQWUHOHVGLII«UHQWHVSKDVHVVRQW
GHP¬PHYDOHXU
/DPDFKLQHQHSHXWIRQFWLRQQHUTXHVXUXQU«VHDXWULSKDV«71RX77PLV¢ODWHUUH
/HUDFFRUGHPHQW¢XQU«VHDX,7VDQVPHVXUHVSDUWLFXOLªUHV FRQWU¶OHXUG
LVROHPHQWHWF HVWLQWHUಣ
GLW

6S«FLILFDWLRQVVXSSO«PHQWDLUHV

&RQGLWLRQVLPSRV«HVDXU«VHDXWULSKDV«G
XQHPDFKLQHFRPSUHQDQWO
«TXLSHPHQWVXLYDQW
႐ 6«FKHXUIULJRULILTXHDOLPHQW«SDUXQWUDQVIRUPDWHXU

&HWWHPDFKLQHGRLW¬WUHUHOL«HH[FOXVLYHPHQW¢XQU«VHDXWULSKDV«71RX77PLV¢ODWHUUHDYHFXQ
SRLQWQHXWUHPLV¢ODWHUUH
(QUDLVRQGHVULVTXHVGHVXUWHQVLRQVGDQJHUHXVHVQHSDVUDFFRUGHUODPDFKLQH¢XQU«VHDXWULಣ
SKDV«GRQWXQHSKDVHHVWPLVH¢ODWHUUH
,OHVWLQWHUGLWGHUDFFRUGHUODPDFKLQH¢XQU«VHDX,7VDQVSUHQGUHGHVPHVXUHVSDUWLFXOLªUHV FRQಣ
WU¶OHXUG
LVROHPHQWFRQVWUXFWLRQVS«FLDOHGXFRQYHUWLVVHXUGHIU«TXHQFHHWF 

,QIRUPDWLRQV ,QIRUPDWLRQVFRPSO«PHQWDLUHVVXUOHUDFFRUGHPHQW«OHFWULTXHYRLUVFK«PD«OHFWULTXHDXFKDSLಣ
VXSSO«PHQWDLUHV WUH

 'RQQ«HVGHUDFFRUGHPHQW«OHFWULTXH
/HVVHFWLRQVGHF¤EOHG
DOLPHQWDWLRQ F¤EOHPXOWLFRQGXFWHXU&X HWOHVFDOLEUHVGHIXVLEOHVVXLYDQWV
IXVLEOH1+FODVVHGHVHUYLFHJ* VRQWFRQIRUPHVDX[QRUPHV',19'(
,(&HW,(& HW',19'( +'6 SRXUGHVWHPS«UDWXಣ
UHVDPELDQWHVGHr&HWOHPRGHGHSRVH&

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 &DUDFW«ULVLTXHVWHFKQLTXHV
 'RQQ«HVGHUDFFRUGHPHQW«OHFWULTXH

ᇐ 3RXUG
DXWUHVFRQGLWLRQVG
XWLOLVDWLRQY«ULILHUOHVVHFWLRQVGHF¤EOHVHWOHVDGDSWHU

([HPSOHVGHFRQGLWLRQVG
XWLOLVDWLRQGLYHUJHQWHV
႐ 7HPS«UDWXUHSOXV«OHY«H
႐ $XWUHPRGHGHSRVH
႐ /RQJXHXUGHF¤EOH!P

 )U«TXHQFHU«VHDX+]
7HQVLRQQRPLQDOH9s+]

6; 6; 6; 6;


)XVLEOH>$@    
&¤EOHG
DOLPHQWDWLRQ [ [ [ [
>PP@
,QWHQVLW«>$@    

7DE 'RQQ«HVGHUDFFRUGHPHQW9+]

7HQVLRQQRPLQDOH9s+]

6; 6; 6; 6;


)XVLEOH>$@    
&¤EOHG
DOLPHQWDWLRQ [ [ [ [
>PP@
,QWHQVLW«>$@    

7DE 'RQQ«HVGHUDFFRUGHPHQW9+]

7HQVLRQQRPLQDOH9s+]

6; 6; 6; 6;


)XVLEOH>$@    
&¤EOHG
DOLPHQWDWLRQ [ [ [ [
>PP@
,QWHQVLW«>$@    

7DE 'RQQ«HVGHUDFFRUGHPHQW9+]

 &RQGLWLRQGHU«VHDX

/DFRQGLWLRQGHU«VHDXQHV
DSSOLTXHTXHVLODPDFKLQHHVWUDFFRUG«H¢XQU«VHDXSXEOLFGHGLVWULಣ
EXWLRQDYHFOHVFDUDFW«ULVWLTXHVVXLYDQWHV
႐ )U«TXHQFHU«VHDX+]
႐ 7HQVLRQU«VHDXHQWUHOHFRQGXFWHXUH[W«ULHXUHWOHFRQGXFWHXUQHXWUHGH99
႐ 7HQVLRQU«VHDXHQWUHOHVFRQGXFWHXUVH[W«ULHXUVGH99

(OOHQHV
DSSOLTXHSDVDX[U«VHDX[«OHFWULTXHVGDQVOHVLQVWDOODWLRQVLQGXVWULHOOHVTXLVRQWLVRO«VGX
U«VHDXSXEOLFGHGLVWULEXWLRQ

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 &DUDFW«ULVLTXHVWHFKQLTXHV
 'RQQ«HVGHUDFFRUGHPHQW«OHFWULTXH

/HVPDFKLQHVLQGLTX«HVGDQVOHWDEOHDXVRQWFRQ©XHVSRXUOHUDFFRUGHPHQW¢XQU«VHDXSXEOLFGH
GLVWULEXWLRQDYHFXQHLPS«GDQFHDXSRLQWGHWUDQVIHUW EUDQFKHPHQWLQGLYLGXHO GH=PD[>2KP@
PD[LPXP
/
XWLOLVDWHXUHVWWHQXGHYHLOOHU¢FHTXHOHVPDFKLQHVQHVRLHQWEUDQFK«HVTXHVXUXQU«VHDXU«ಣ
SRQGDQW¢FHVH[LJHQFHV6LQ«FHVVDLUHVHUHQVHLJQHUVXUO
LPS«GDQFHDXSUªVGXVHUYLFHG
DOLಣ
PHQWDWLRQ«OHFWULTXHORFDO

6; 6; 6; 6;


1RPEUHGHF\FOHVPDUಣ    
FKHDUU¬WSU«YX¢O
KHXUH
,PS«GDQFHPD[LPXPDGಣ    
PLVVLEOH =PD[>2KP@
/HVGRQQ«HVVHUDSSRUWHQW¢ODVRPPHGHVLPS«GDQFHVGHVFRQGXFWHXUVH[W«ULHXUHWQHXWUH

7DE &RQGLWLRQGHU«VHDXSRXU9+]

 )U«TXHQFHU«VHDX+]
7HQVLRQQRPLQDOH9s+]

6; 6; 6; 6;


)XVLEOH>$@    
&¤EOHG
DOLPHQWDWLRQ [ [ [ [
>PP@
,QWHQVLW«>$@    

7DE 'RQQ«HVGHUDFFRUGHPHQW9+]

7HQVLRQQRPLQDOH9s+]

6; 6; 6; 6;


)XVLEOH>$@    
&¤EOHG
DOLPHQWDWLRQ [ [ [ [
>PP@
,QWHQVLW«>$@    

7DE 'RQQ«HVGHUDFFRUGHPHQW9+]

7HQVLRQQRPLQDOH9s+]

6; 6; 6; 6;


)XVLEOH>$@    
&¤EOHG
DOLPHQWDWLRQ [ [ [ [
>PP@
,QWHQVLW«>$@    

7DE 'RQQ«HVGHUDFFRUGHPHQW9+]

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 &DUDFW«ULVLTXHVWHFKQLTXHV
 'RQQ«HVGHUDFFRUGHPHQW«OHFWULTXH

7HQVLRQQRPLQDOH9s+]

6; 6; 6; 6;


)XVLEOH>$@    
&¤EOHG
DOLPHQWDWLRQ [ [ [ [
>PP@
,QWHQVLW«>$@    

7DE 'RQQ«HVGHUDFFRUGHPHQW9+]

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 6«FXULW«HWUHVSRQVDELOLW«
 &RQVLJQHV«O«PHQWDLUHV

 6«FXULW«HWUHVSRQVDELOLW«
 &RQVLJQHV«O«PHQWDLUHV
/DPDFKLQHD«W«FRQVWUXLWHHQIRQFWLRQGHVGHUQLªUHVWHFKQRORJLHVHWGHVUªJOHVGHV«FXULW«LQGXVಣ
WULHOOHVUHFRQQXHV'HVULVTXHVSHXYHQWFHSHQGDQWU«VXOWHUGHVRQXWLOLVDWLRQ
႐ 'DQJHUVFRUSRUHOVHWPRUWHOVSRXUO
XWLOLVDWHXURXXQWLHUV
႐ (QGRPPDJHPHQWGHODPDFKLQHRXDXWUHVGRPPDJHVPDW«ULHOV

/HQRQUHVSHFWGHVDYHUWLVVHPHQWVRXGHVFRQVLJQHVGHV«FXULW«SHXWGRQQHUVXLWH¢GHV
EOHVVXUHVJUDYHVYRLUHPRUWHOOHV

ᇐ 1
XWLOLVHUODPDFKLQHTXHVLHOOHHVWHQSDUIDLW«WDWWHFKQLTXHFRQIRUP«PHQWDX[SUHVFULSWLRQV
HWUªJOHVGHV«FXULW«HWHQREVHUYDQWOHVFRQVLJQHVGHODQRWLFHG
XWLOLVDWLRQ
ᇐ /HVG«IDXWVSDUWLFXOLªUHPHQWFHX[SRXYDQWFRPSURPHWWUHODV«FXULW«VRQW¢ IDLUH «OLPLQHULPಣ
P«GLDWHPHQW

 5HVSHFWGHVFRQVLJQHVG
XWLOLVDWLRQ
/DPDFKLQHD«W«H[FOXVLYHPHQWFRQ©XHSRXUODSURGXFWLRQGಬDLUFRPSULP«GDQVOHVHFWHXULQGXVಣ
WULHO$XFXQHDXWUHXWLOLVDWLRQQHVDXUDLWHQWUHUGDQVOHFKDPSG
DSSOLFDWLRQ/HVGRPPDJHVU«VXOಣ
WDQWGಬXQHXWLOLVDWLRQQRQFRQIRUPHQHVHURQWSDVSULVHQFKDUJHSDUOHFRQVWUXFWHXU/ಬXWLOLVDWHXU
VHXOHQVHUDWHQXUHVSRQVDEOH
ᇐ 2EVHUYHUOHVLQGLFDWLRQVGRQQ«HVGDQVODSU«VHQWHQRWLFHG
HQWUHWLHQ
ᇐ 1
H[SORLWHUODPDFKLQHTXHGDQVODSODJHGHSXLVVDQFHDXWRULV«HHWHQIRQFWLRQGHVFRQGLWLRQV
DPELDQWHVDGPLVVLEOHV
ᇐ /
DLUFRPSULP«QHSHXW¬WUHXWLOLV«SRXUODSURWHFWLRQUHVSLUDWRLUHTX
DSUªVXQWUDLWHPHQWDSSURಣ
SUL«
ᇐ /
DLUFRPSULP«QHSHXW¬WUHXWLOLV«SRXUOHVSURFHVVXVGHWUDYDLOR»LOHVWVXVFHSWLEOHG
HQWUHUHQ
FRQWDFWDYHFGHVSURGXLWVDOLPHQWDLUHVTX
DSUªVXQWUDLWHPHQWDSSURSUL«

 8WLOLVDWLRQQRQFRQIRUPHDX[UªJOHVGHV«FXULW«
8QHXWLOLVDWLRQQRQFRQIRUPHDX[UªJOHVGHV«FXULW«SHXWSURYLTXHUGHVEOHVVXUHV JUDYHV HWRX
GHVGRPPDJHVPDW«ULHOV
ᇐ /DPDFKLQHGRLWWRXMRXUV¬WUHXWLOLV«HFRQIRUP«PHQWDX[U«JOHVGHV«FXULW«
ᇐ 1HSDVGLULJHUOಬDLUFRPSULP«VXUGHVSHUVRQQHVRXGHVDQLPDX[
ᇐ /
DLUGHUHIURLGLVVHPHQWFKDXGQHSHXW¬WUHXWLOLV«SRXUOHFKDXIIDJHTXHVLWRXWULVTXHSRXUOD
VDQW«KXPDLQHHWDQLPDOHHVWH[FOX3UHQGUHOHVPHVXUHVQ«FHVVDLUHVSRXUXQWUDLWHPHQWDSಣ
SURSUL«GHO
DLUGHUHIURLGLVVHPHQWVLQ«FHVVDLUH
ᇐ 1HSDVDVSLUHUGHJD]RXGHYDSHXUVWR[LTXHVDFLGHVLQIODPPDEOHVRXH[SORVLEOHV
ᇐ 1HSDVH[SORLWHUODPDFKLQHGDQVOHV]RQHVR»GHVFRQGLWLRQVVS«FLILTXHVUHODWLYHV¢ODSURWHFಣ
WLRQDQWLG«IODJUDQWHVRQW¢UHPSOLU

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 6«FXULW«HWUHVSRQVDELOLW«
 5HVSRQVDELOLW«GHOಬXWLOLVDWHXU

 5HVSRQVDELOLW«GHOಬXWLOLVDWHXU
 6HFRQIRUPHUDX[GLVSRVLWLRQVO«JDOHVHWDX[UªJOHVHQYLJXHXU
2EVHUYHUOHVGLUHFWLYHVHXURS«HQQHVUHSULVHVSDUODO«JLVODWLRQQDWLRQDOHHWRXOHVU«JOHPHQWDWLRQV
HWSUHVFULSWLRQVORFDOHVHQPDWLªUHGHV«FXULW«HWGHSU«YHQWLRQGHVDFFLGHQWV
ᇐ 2EVHUYHUOHVGLVSRVLWLRQVO«JDOHVHWOHVUHFRPPDQGDWLRQVWHFKQLTXHVHQYLJXHXUORUVGHO
LQVಣ
WDOODWLRQGHO
H[SORLWDWLRQHWGHO
HQWUHWLHQGHODPDFKLQH

 $IIHFWDWLRQGXSHUVRQQHO
,OGRLWV
DJLUG
RXYULHUVVS«FLDOLV«VTXLHQYHUWXGHOHXUIRUPDWLRQSURIHVVLRQQHOOHOHXUVDYRLUHWOHXU
H[S«ULHQFHGHP¬PHTXHGHOHXUVFRQQDLVVDQFHVGHVU«JOHPHQWDWLRQVHQYLJXHXUVRQWHQPHVXUH
G
«YDOXHUOHVW¤FKHV¢U«DOLVHUHWOHV«YHQWXHOVGDQJHUVTXL\VRQWDVVRFL«V

/HSHUVRQQHORS«UDQWDXWRULV«GRLWVDWLVIDLUHDX[FRQGLWLRQVVXLYDQWHV
႐ ,OHVWPDMHXU
႐ ,ODOXFRPSULVHWREVHUYHOHVFRQVLJQHVGHV«FXULW«HWOHVSDVVDJHVVLJQLILFDWLIVGHODQRWLFH
G
XWLOLVDWLRQUHODWLIV¢ODPDQLSXODWLRQ
႐ ,ODO
DSWLWXGHSURIHVVLRQQHOOHHWO
KDELOLWDWLRQ¢PDQLHUHQV«FXULW«OHVLQVWDOODWLRQV«OHFWULTXHVHW
WRXFKDQW¢ODWHFKQLTXHGHO
DLUFRPSULP«
႐ $XWUHTXDOLILFDWLRQUHTXLVHSRXUOHVPDFKLQHV«TXLS«HVG
XQV«FKHXUIULJRULILTXH
࿺ ,ODO
DSWLWXGHSURIHVVLRQQHOOHHWO
KDELOLWDWLRQ¢PDQLHUHQV«FXULW«OHVLQVWDOODWLRQVIULJRULILಣ
TXHV

/HSHUVRQQHOG
LQVWDOODWLRQHWG
HQWUHWLHQDXWRULV«VDWLVIDLWDX[FRQGLWLRQVVXLYDQWHV
႐ ,OHVWPDMHXU
႐ ,ODOXFRPSULVHWREVHUYHOHVFRQVLJQHVGHV«FXULW«HWOHVSDVVDJHVVLJQLILFDWLIVGHODQRWLFH
G
XWLOLVDWLRQUHODWLIV¢O
LQVWDOODWLRQHW¢O
HQWUHWLHQ
႐ ,OHVWSDUIDLWHPHQWIDPLOLDULV«DYHFOHVFRQFHSWVHWOHVUªJOHVGHV«FXULW«UHODWLIV¢O
«OHFWURWHFKಣ
QLTXHHW¢ODWHFKQLTXHGHO
DLUFRPSULP«
႐ ,OVDLWUHFRQQD°WUHOHVGDQJHUV«YHQWXHOVOL«V¢O
«OHFWURWHFKQLTXHHW¢ODWHFKQLTXHGHO
DLUFRPಣ
SULP«HWSU«YHQLUOHVGRPPDJHVFRUSRUHOVHWPDW«ULHOVSDUXQHDFWLRQFRQIRUPHDX[UªJOHVGH
V«FXULW«
႐ ,ODO
DSWLWXGHSURIHVVLRQQHOOHHWO
KDELOLWDWLRQ¢U«DOLVHUHQV«FXULW«O
LQVWDOODWLRQHWO
HQWUHWLHQGH
FHWWHPDFKLQH
႐ $XWUHTXDOLILFDWLRQUHTXLVHSRXUOHVPDFKLQHV«TXLS«HVG
XQV«FKHXUIULJRULILTXH
࿺ ,OHVWIDPLOLDULV«DYHFOHVFRQFHSWVHWOHVUªJOHVGHV«FXULW«UHODWLIV¢ODWHFKQLTXHIULJRULILಣ
TXH
࿺ ,OVDLWUHFRQQD°WUHOHVGDQJHUV«YHQWXHOVOL«V¢ODWHFKQLTXHIULJRULILTXHHWSU«YHQLUOHVGRPಣ
PDJHVFRUSRUHOVHWPDW«ULHOVSDUXQHDFWLRQFRQIRUPHDX[UªJOHVGHV«FXULW«

ᇐ 6
DVVXUHUTXHOHSHUVRQQHOFKDUJ«GHO
H[SORLWDWLRQGHO
LQVWDOODWLRQHWGHO
HQWUHWLHQGLVSRVHGH
ODTXDOLILFDWLRQHWGHO
KDELOLWDWLRQUHTXLVHVSRXUO
DFFRPSOLVVHPHQWGHVW¤FKHVTXLOXLVRQWDVVLಣ
JQ«HV

 2EVHUYHUOHVS«ULRGLFLW«VGHFRQWU¶OHHWOHVSUHVFULSWLRQVVXUODSU«YHQWLRQGHV
DFFLGHQWV
/DPDFKLQHHVWVRXPLVHDX[FRQWU¶OHVS«ULRGLTXHVVHORQOHVSUHVFULSWLRQVORFDOHV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 6«FXULW«HWUHVSRQVDELOLW«
 'DQJHUV

([HPSOHVG
H[SORLWDWLRQHQ$OOHPDJQH

ᇐ 2EVHUYHUOHVG«ODLVGHFRQWU¶OHS«ULRGLTXHVHORQ%*5&KDSLWUH
/
HQWUHSUHQHXUHVWWHQXGHYHLOOHU¢FHTXHOHVGLVSRVLWLIVGHV«FXULW«GHVFRPSUHVVHXUVVRLHQW
VRXPLV¢GHVFRQWU¶OHVGHIRQFWLRQQHPHQWORUVTXHQ«FHVVDLUHRXDXPRLQVXQHIRLVSDUDQ
ᇐ 2EVHUYHUOHVG«ODLVGHYLGDQJHG
KXLOHVHORQ%*5&KDSLWUH
/
HQWUHSUHQHXUHVWWHQXGHIDLUHYLGDQJHUO
KXLOHGHVFRPSUHVVHXUVVHORQOHVEHVRLQVRXDX
PRLQVXQHIRLVSDUDQHWGRFXPHQWHUFHWUDYDLO/DYLGDQJHGಬKXLOHQ
HVWSDVQ«FHVVDLUHVLXQH
DQDO\VHGಬKXLOHG«PRQWUHTXHFHOOHFLHVWHQFRUHXWLOLVDEOH
ᇐ 2EVHUYHUOHVG«ODLVGHFRQWU¶OHS«ULRGLTXHVHORQOHUªJOHPHQWVXUODV«FXULW«GDQVOHVHQWUHSULಣ
VHVDYHFG«ODLVOLPLWHVHQYHUWXGXi

&RQWU¶OH 3«ULRGLFLW«GHFRQWU¶OH 2UJDQLVPHGHFRQWU¶OH


&RQWU¶OHGHOಬLQVWDOODಣ DYDQWODPLVHHQPDUFKH 3HUVRQQHVKDELOLW«HV
WLRQHWGHOಬ«TXLSHPHQW SDUH[6$9.$(6(5RXXQGLVWULEXWHXU
DJU««
&RQWU¶OHLQWHUQH DQVDSUªVOಬLQVWDOODWLRQRXOH 3HUVRQQHVKDELOLW«HV
GHUQLHUFRQWU¶OH SDUH[6$9.$(6(5RXXQGLVWULEXWHXU
DJU««
(VVDLGHU«VLVWDQFH DQVDSUªVOಬLQVWDOODWLRQRX 3HUVRQQHVKDELOLW«HV
OHGHUQLHUFRQWU¶OH SDUH[6$9.$(6(5RXXQGLVWULEXWHXU
DJU««

7DE '«ODLVGHFRQWU¶OHS«ULRGLTXHVHORQOHUªJOHPHQWUHODWLI¢ODV«FXULW«GXWUDYDLO

 'DQJHUV
&RQVLJQHV«O«PHQWDLUHV

9RXVWURXYHUH]LFLGHVLQIRUPDWLRQVVXUOHVGLII«UHQWVW\SHVGHGDQJHUOL«V¢O
H[SORLWDWLRQGHODPDಣ
FKLQH
/HVFRQGLWLRQV«O«PHQWDLUHVGHV«FXULW«GHODSU«VHQWHQRWLFHG
HQWUHWLHQVHWURXYHQWHQG«EXWGH
FKDSLWUHGDQVODVHFWLRQ$VVXUHUODV«FXULW«
/HVDYHUWLVVHPHQWVVRQWSODF«VGHYDQWFKDTXHRS«UDWLRQSRXYDQWUHSU«VHQWHUXQGDQJHU

 (YDOXHUHWPD°WULVHUOHVVRXUFHVGHGDQJHU
9RXVWURXYHUH]LFLGHVLQIRUPDWLRQVVXUOHVGLII«UHQWVW\SHVGHGDQJHUOL«V¢O
H[SORLWDWLRQGHODPDಣ
FKLQH

(TXLSHPHQW«OHFWULTXH

/HFRQWDFWGHSLªFHVVRXVWHQVLRQSHXWGRQQHUVXLWH¢XQHG«FKDUJH«OHFWULTXH¢GHVEU½OXUHVRX
DXWUHVEOHVVXUHVJUDYHVYRLUHPRUWHOOHV
ᇐ /HVWUDYDX[VXUO
«TXLSHPHQW«OHFWULTXHQHGRLYHQW¬WUHU«DOLV«VTXHSDUGHV«OHFWULFLHQVTXDOLಣ
IL«VHWKDELOLW«VRXSDUXQSHUVRQQHOLQVWUXLWVRXVODGLUHFWLRQHWODVXUYHLOODQFHG
XQ«OHFWULFLHQ
KDELOLW«VHORQOHVSUHVFULSWLRQVUHODWLYHV¢O
DOLPHQWDWLRQ«OHFWULTXH
ᇐ $YDQWFKDTXHPLVHHQURXWHGHODPDFKLQHOಬXWLOLVDWHXUGRLWV
DVVXUHUG
XQHSURWHFWLRQFRQWUH
OHVULVTXHVGಬ«OHFWULVDWLRQHWGಬ«OHFWURFXWLRQDXFRQWDFWGLUHFWRXLQGLUHFWGHVSLªFHVVRXVWHQಣ
VLRQ

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 6«FXULW«HWUHVSRQVDELOLW«
 'DQJHUV

ᇐ $YDQWWRXWHLQWHUYHQWLRQVXUOಬ«TXLSHPHQW«OHFWULTXH
&RXSHUO
DOLPHQWDWLRQ«OHFWULTXHSDUOHFRXSHFLUFXLWHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
VಬDVVXUHUGHOಬDEVHQFHGHWHQVLRQ
ᇐ '«EUDQFKHUWRXWHVOHVVRXUFHVG
DOLPHQWDWLRQH[W«ULHXUHV
,OSHXWV
DJLUGHUDFFRUGHPHQWV¢GHVFRQWDFWVVDQVSRWHQWLHORX¢XQNLWGHFKDXIIDJH«OHFWULಣ
TXHGHODPDFKLQH
ᇐ 1
XWLOLVHUTXHGHVIXVLEOHVDGDSW«V¢ODSXLVVDQFHGHODPDFKLQH
ᇐ &RQWU¶OHUU«JXOLªUHPHQWODIL[DWLRQHWO
«WDWGHWRXWHVOHVYLVGHVERUQHV«OHFWULTXHV

)RUFHGHFRPSUHVVLRQ

/ಬDLUFRPSULP«HVWGHOಬ«QHUJLHFRQFHQWU«H5LVTXHGHEOHVVXUHVJUDYHVORUVGHODG«WHQWH/HV
FRQVLJQHVVXLYDQWHVVRQW¢REVHUYHUORUVGHWRXWHLQWHUYHQWLRQVXUOHVFRPSRVDQWVVXVFHSWLEOHV
G
¬WUHVRXVSUHVVLRQ
ᇐ &RXSHURXLVROHUOHU«VHDXG
DLUFRPSULP«DILQG
«YLWHUOHUHIRXOHPHQWGHOಬDLUFRPSULP«GDQVOD
PDFKLQH
ᇐ '«FRPSULPHUFRPSOªWHPHQWWRXVOHVFRPSRVDQWVHWIOXLGHVVRXVSUHVVLRQ
ᇐ /HVFRPSRVDQWVVRXVSUHVVLRQ SDUH[WX\DX[FRQGXLWHU«VHUYRLUVHWF QHGRLYHQW¬WUHVRXಣ
PLV¢DXFXQWUDYDLOGHVRXGXUHWUDLWHPHQWWKHUPLTXHRXPRGLILFDWLRQVP«FDQLTXHVSRXYDQW
FRPSURPHWWUHOHXUU«VLVWDQFH¢ODSUHVVLRQ
/DV«FXULW«GDODPDFKLQHQHVHUDLWSOXVDVVXU«H

4XDOLW«GಬDLUFRPSULP«

/DTXDOLW«GHO
DLUFRPSULP«GRLW¬WUHH[DFWHPHQWDGDSW«DXFDVG
XWLOLVDWLRQSU«YXDILQG
«YLWHUWRXW
GDQJHUFRUSRUHOYRLUHPRUWHO
ᇐ 8WLOLVHUGHVV\VWªPHVGHWUDLWHPHQWG
DLUFRPSULP«DSSURSUL«VSHUPHWWDQW¢O
DLUFRPSULP«GH
FHWWHPDFKLQHG
DWWHLQGUHODTXDOLW«G
DLUUHVSLUDEOHHWRXODTXDOLW«UHTXLVHGDQVO
LQGXVWULHDOLಣ
PHQWDLUH
ᇐ 8WLOLVHUXQHKXLOHGHUHIURLGLVVHPHQWFRPSDWLEOHDYHFOHVGHQU«HVDOLPHQWDLUHVVLO
DLUFRPSULP«
HVWVXVFHSWLEOHG
HQWUHUHQFRQWDFWDYHFHOOHV

'«WHQWHGHVUHVVRUWV

/HVUHVVRUWVWHQGXVVRQWSRUWHXUVG
«QHUJLH5LVTXHGHEOHVVXUHVJUDYHVORUVGHODG«WHQWH
/HVVRXSDSHVDQWLUHWRXUGHSUHVVLRQPLQLPDOHGHV«FXULW«HWG
DVSLUDWLRQVRQWIHUP«HVUHVVRUW
VRXVWHQVLRQ
ᇐ 1HSDVRXYULURXG«PRQWHUOHVVRXSDSHV

3LªFHVHQPRXYHPHQW

8QFRQWDFWDYHFOHYHQWLODWHXUO
DFFRXSOHPHQWRXO
HQWUD°QHPHQWSDUFRXUURLHSHQGDQWTXHODPDಣ
FKLQHHVWHQPDUFKHSHXWHQWUD°QHUGHVEOHVVXUHVJUDYHV
ᇐ 1HSDVRXYULUODPDFKLQHSHQGDQWODPDUFKH
ᇐ &RXSHUO
DOLPHQWDWLRQ«OHFWULTXHSDUOHFRXSHFLUFXLWHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
VಬDVVXUHUGHOಬDEVHQFHGHWHQVLRQ
ᇐ 3RUWHUGHVY¬WHPHQWVQRQIORWWDQWVXWLOLVHUXQILOHW¢FKHYHX[VLQ«FHVVDLUH
ᇐ 5HSODFHUFRUUHFWHPHQWOHVSDQQHDX[HWJULOOHVGHSURWHFWLRQDYDQWXQHQRXYHOOHPLVHHQPDUಣ
FKH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 6«FXULW«HWUHVSRQVDELOLW«
 'DQJHUV

7HPS«UDWXUH

'HKDXWHVWHPS«UDWXUHVVRQWHQJHQGU«HV¢ODFRPSUHVVLRQ5LVTXHGHEOHVVXUHVJUDYHVDXFRQಣ
WDFWGHVSLªFHVFKDXGHV
ᇐ (YLWHUWRXWFRQWDFWDYHFOHVSLªFHVFKDXGHV
,OV
DJLWSH[GXEORFFRPSUHVVHXUGHVFRQGXLWHVG
KXLOHHWGHUHIRXOHPHQWGXUHIURLGLVVHXU
GXU«VHUYRLUV«SDUDWHXUG
KXLOHGHVPRWHXUVHWGXNLWGHFKDXIIDJHGHODPDFKLQH
ᇐ 3RUWHUGHVY¬WHPHQWVGHSURWHFWLRQ
ᇐ /RUVGHWUDYDX[GHVRXGXUHVXUODPDFKLQHRX¢SUR[LPLW«SUHQGUHOHVPHVXUHVQ«FHVVDLUHV
DILQGಬ«YLWHUXQHLQIODPPDWLRQGHVSLªFHVGHODPDFKLQHRXGHVYDSHXUVRXEURXLOODUGVGಬKXLOH
SDUVXLWHGಬXQHSURMHFWLRQGಬ«WLQFHOOHVRXGHWURSIRUWHVWHPS«UDWXUHV

1XLVDQFHDFRXVWLTXH

/DFDUURVVHULHU«GXLWOHQLYHDXVRQRUHGHODPDFKLQHSHQGDQWODPDUFKH&HWWHIRQFWLRQQ
HVWDVVXಣ
U«HTXHVLODFDUURVVHULHHVWIHUP«H
ᇐ 1HPHWWUHODPDFKLQHHQPDUFKHTX
DYHFO
LQVRQRULVDWLRQFRPSOªWH
ᇐ 3RUWHUXQHSURWHFWLRQDXGLWLYHVLQ«FHVVDLUH
/DG«FKDUJHGHODVRXSDSHGHV«FXULW«SHXW¬WUHSDUWLFXOLªUHPHQWEUX\DQWH

0DWLªUHVFRQVRPPDEOHV

/HVPDWLªUHVFRQVRPPDEOHVXWLOLV«HVSHXYHQWSU«VHQWHUGHVULVTXHVSRXUODVDQW«3UHQGUHOHV
SU«FDXWLRQVQ«FHVVDLUHVDILQG
«YLWHUOHVULVTXHVGHEOHVVXUH
ᇐ ,QWHUGLFWLRQVWULFWHGHSURGXLUHGXIHXXQHIODPPHQXHRXGHIXPHU
ᇐ 2EVHUYHUOHVSUHVFULSWLRQVGHV«FXULW«UHODWLYHV¢ODPDQLSXODWLRQGHVKXLOHVOXEULILDQWVHWSURಣ
GXLWVFKLPLTXHV
ᇐ (YLWHUOHFRQWDFWDYHFODSHDXHWOHV\HX[
ᇐ 1HSDVLQKDOHUOHVEURXLOODUGVGಬKXLOHGHUHIURLGLVVHPHQWHWOHVYDSHXUV
ᇐ 1HSDVPDQJHUQLERLUHSHQGDQWODPDQLSXODWLRQGಬDJHQWVU«IULJ«UDQWVRXGHOXEULILDQWV
ᇐ 7HQLUXQH[WLQFWHXUDSSURSUL«¢SUR[LPLW«
ᇐ 1
XWLOLVHUTXHGHVPDWLªUHVFRQVRPPDEOHVUHFRQQXHVSDU.$(6(5

3LªFHVGHUHFKDQJHQRQDSSURSUL«HV

/HVSLªFHVGHUHFKDQJHQRQDSSURSUL«HVFRPSURPHWWHQWODV«FXULW«GHODPDFKLQH
ᇐ 1
XWLOLVHUTXHGHVSLªFHVGHUHFKDQJHG
RULJLQHDGDSW«HV¢ODPDFKLQH
ᇐ 1ಬXWLOLVHUTXHGHVSLªFHVGHUHFKDQJHGಬRULJLQH.$(6(5

7UDQVIRUPDWLRQRXPRGLILFDWLRQGHODPDFKLQH

/HVPRGLILFDWLRQVWUDQVIRUPDWLRQVHWDMRXWVG
«TXLSHPHQWVVXUODPDFKLQHRXODFRPPDQGHSHXಣ
YHQWFRPSRUWHUGHVULVTXHVHWGDQJHUVLPSU«YLVLEOHV
ᇐ 1HSURF«GHU¢DXFXQHWUDQVIRUPDWLRQRXPRGLILFDWLRQGHODPDFKLQH
ᇐ $XFXQHPRGLILFDWLRQWHFKQLTXHRXH[WHQVLRQGHODPDFKLQHGHODFRPPDQGHRXGHVSURJUDPಣ
PHVGHJHVWLRQQHSHXW¬WUHHQWUHSULVHVDQVO
DFFRUGSU«DODEOHHW«FULWGXFRQVWUXFWHXU

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 6«FXULW«HWUHVSRQVDELOLW«
 'DQJHUV

([WHQVLRQRXPRGLILFDWLRQGHODVWDWLRQGಬDLUFRPSULP«

/HVVRXSDSHVGHV«FXULW«GRLYHQW¬WUHGHGLPHQVLRQQHPHQWDSSURSUL«SRXUDVVXUHUXQHSURWHFWLRQ
ILDEOHFRQWUHXQHKDXVVHGHSUHVVLRQDXGHO¢GHODYDOHXUOLPLWH7RXWHPRGLILFDWLRQRXH[WHQVLRQ
GHODVWDWLRQG
DLUFRPSULP«SHXWHQJHQGUHUGHQRXYHDX[ULVTXHVHWGDQJHUV
ᇐ (QFDVG
H[WHQVLRQRXGHPRGLILFDWLRQG
XQHVWDWLRQG
DLUFRPSULP«
$YDQWO
LQVWDOODWLRQG
XQHQRXYHOOHPDFKLQHFRQWU¶OHUOHG«ELWGHUHIRXOHPHQWGHVVRXSDSHVGH
V«FXULW«VXUOHVU«VHUYRLUVG
DLUFRPSULP«HWGDQVOHVFRQGXLWHVG
DLUFRPSULP«
ᇐ 6LOHG«ELWGHUHIRXOHPHQWHVWWURSIDLEOH
,QVWDOOHUGHVVRXSDSHVGHV«FXULW«DYHFXQG«ELWGHUHIRXOHPHQWDSSURSUL«

 6«FXULW«G
XWLOLVDWLRQGHODPDFKLQH
9RXVWURXYHUH]LFLOHVLQIRUPDWLRQVUHODWLYHVDX[UªJOHVGHFRQGXLWHSRXUXQHXWLOLVDWLRQHQWRXWH
V«FXULW«GHODPDFKLQHGDQVVHVGLII«UHQWHVSKDVHVGHYLH

(TXLSHPHQWGHSURWHFWLRQSHUVRQQHOOH

/HVWUDYDX[VXUODPDFKLQHH[SRVHQW¢GHVGDQJHUVVXVFHSWLEOHVG
HQWUD°QHUGHVEOHVVXUHVJUDYHV
ᇐ 7RXMRXUVSRUWHUGHVY¬WHPHQWVGHSURWHFWLRQDSSURSUL«VORUVGHVWUDYDX[

9¬WHPHQWVGHSURWHFWLRQDSSURSUL«V H[HPSOHV 
႐ 9¬WHPHQWVGHWUDYDLODSSURSUL«V
႐ *DQWVGHSURWHFWLRQ
႐ &KDXVVXUHVGHV«FXULW«
႐ /XQHWWHVGHSURWHFWLRQ
႐ 3URWHFWLRQDXGLWLYH

7UDQVSRUW

'HVPHVXUHVGHV«FXULW«VRQW¢SUHQGUHSRXUOHWUDQVSRUWGHODPDFKLQHDILQG
«YLWHUWRXWULVTXH
G
DFFLGHQW
ᇐ 8WLOLVHUGHVHQJLQVGHOHYDJHDSSURSUL«VFRQIRUPHVDX[SUHVFULSWLRQVGHV«FXULW«ORFDOHV
ᇐ /HWUDQVSRUWHVW¢HIIHFWXHUXQLTXHPHQWSDUGHVSHUVRQQHVTXHOHXUIRUPDWLRQUHQGDSWHV¢
PDQLSXOHUODPDUFKDQGLVHWUDQVSRUW«HFRQIRUP«PHQWDX[UªJOHVGHV«FXULW«
ᇐ /DFKDUJHQHSHXW¬WUHVRXOHY«HSDUOHVHQJLQVGHOHYDJHTX
DX[SRLQWVGHOHYDJHDSSURSUL«V
ᇐ 7HQLUFRPSWHGXVHQVGHJUDYLW«SRXU«YLWHUXQEDVFXOHPHQW
ᇐ 6
DVVXUHUTXHSHUVRQQHQHVHWLHQWGDQVOD]RQHGHGDQJHU
ᇐ 1HSDVPRQWHUVXUOHVFRPSRVDQWVGHODPDFKLQH

0RQWDJH

ᇐ 1
XWLOLVHUTXHGHVF¤EOHVDSSURSUL«VSRXUOHPLOLHXDPELDQWHWODGHQVLW«GHFRXUDQWSU«YXH
ᇐ /HVFRQGXLWHVGHUHIRXOHPHQW¢PRQWHURX¢G«PRQWHUGRLYHQW¬WUHG«FRPSULP«HV
ᇐ /HVFRQGXLWHVGHUHIRXOHPHQWGRLYHQW¬WUHDSSURSUL«HVSRXUODSUHVVLRQGHVHUYLFHPD[LPDOH
HWOHIOXLGHXWLOLV«
ᇐ /HVWX\DX[GHUDFFRUGHPHQWVRQW¢PRQWHUVDQVFRQWUDLQWH
ᇐ $XFXQHIRUFHQHGRLW¬WUHWUDQVPLVH¢ODPDFKLQHSDUOHVUDFFRUGVODIRUFHGHFRPSUHVVLRQHVW
¢FRPSHQVHUGHID©RQDSSURSUL«H

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 6«FXULW«HWUHVSRQVDELOLW«
 'DQJHUV

,QVWDOODWLRQ

/HFKRL[G
XQOLHXG
LQVWDOODWLRQDSSURSUL«SHUPHWG
«YLWHUOHVDFFLGHQWVHWOHVSHUWXUEDWLRQV
ᇐ ,QVWDOOHUODPDFKLQHGDQVXQHVDOOHDSSURSUL«H
ᇐ 9HLOOHU¢XQ«FODLUDJHDSSURSUL«SHUPHWWDQWODOHFWXUHDLV«HGHVDIILFKDJHVHWODU«DOLVDWLRQGX
WUDYDLOHQWRXWHV«FXULW«
ᇐ 9HLOOHU¢FHTXHO
DFFHVVLELOLW«VRLWDVVXU«HDILQTXHOHVWUDYDX[VXUODPDFKLQHSXLVVHQW¬WUH
U«DOLV«VVDQVDXFXQULVTXHQLREVWDFOH
ᇐ 6LODPDFKLQHHVWLQVWDOO«H¢OಬH[W«ULHXUHOOHGRLW¬WUHSURW«J«HFRQWUHOHJHOOHVUD\RQVVRODLಣ
UHVODSOXLHHWOHVSURMHFWLRQVG
HDX
ᇐ 1HSDVOಬH[SORLWHUGDQVOHV]RQHVR»GHVFRQGLWLRQVVS«FLILTXHVUHODWLYHV¢ODSURWHFWLRQDQWLG«ಣ
IODJUDQWHVRQW¢UHPSOLU
3DUH[HPSOHH[LJHQFHVGHFRQIRUPLW«¢ODQRUPH(* GLUHFWLYH$7(;UHODWLYHDX[DWPRVಣ
SKªUHVH[SORVLEOHV 
ᇐ 9HLOOHU¢XQHYHQWLODWLRQHIILFDFH
ᇐ ,QVWDOOHUODPDFKLQHHQYHLOODQW¢FHTX
HOOHQ
DLHDXFXQHIIHWQ«JDWLIVXUOHVFRQGLWLRQVGHWUDYDLO
GDQVVRQHQWRXUDJH
ᇐ 2EVHUYHUOHVYDOHXUVOLPLWHVGHODWHPS«UDWXUHDPELDQWHHWGHO
KXPLGLW«GHO
DLU
ᇐ 9HLOOHU¢XQDLUG
DVSLUDWLRQH[HPSWGHPDWLªUHVQRFLYHV
/HVPDWLªUHVQRFLYHVVRQWSDUH[HPSOHOHVJD]RXYDSHXUVH[SORVLEOHVRXODELOHVOHVVXEಣ
VWDQFHVDFLGLILDQWHVEDVLILFDQWHVWHOOHVTXHO
DPPRQLDFOHFKORUHRXO
DFLGHVXOIK\GULTXH
ᇐ ,QVWDOOHUODPDFKLQH¢O
«FDUWGHO
DLUFKDXG«YDFX«SDUOHVDXWUHVPDFKLQHV
ᇐ 7HQLUXQH[WLQFWHXUDSSURSUL«¢SUR[LPLW«

0LVHHQVHUYLFHH[SORLWDWLRQHQWUHWLHQ

/DPLVHHQVHUYLFHO
H[SORLWDWLRQHWO
HQWUHWLHQGHODPDFKLQHSHXYHQWH[SRVHU¢GHVGDQJHUVOL«V
SDUH[DXFRXUDQW«OHFWULTXH¢ODSUHVVLRQHW¢ODWHPS«UDWXUH8QPDQTXHGHSU«FDXWLRQSHXW
SURYRTXHUXQDFFLGHQWDYHFGHVHIIHWVJUDYHVSRXUODVDQW«
ᇐ /HVWUDYDX[QHGRLYHQW¬WUHU«DOLV«VTXHSDUXQSHUVRQQHODXWRULV«
ᇐ 1HSDVSRUWHUGHY¬WHPHQWVDPSOHVRXIORWWDQWVIDFLOHPHQWLQIODPPDEOHV8WLOLVHUGHVY¬WHಣ
PHQWVGHSURWHFWLRQDSSURSUL«VVLQ«FHVVDLUH
ᇐ &RXSHUO
DOLPHQWDWLRQ«OHFWULTXHSDUOHFRXSHFLUFXLWHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
VಬDVVXUHUGHOಬDEVHQFHGHWHQVLRQ
ᇐ 6
DVVXUHUGHO
DEVHQFHGHWHQVLRQGHVFRQWDFWVVDQVSRWHQWLHO
ᇐ &RXSHURXLVROHUOHU«VHDXG
DLUFRPSULP«DILQG
«YLWHUOHUHIRXOHPHQWGHOಬDLUFRPSULP«GDQVOD
PDFKLQH
ᇐ '«FRPSULPHUFRPSOªWHPHQWWRXVOHVFRPSRVDQWVHWIOXLGHVVRXVSUHVVLRQHWV
DVVXUHUGHO
DEಣ
VHQFHGHSUHVVLRQ
ᇐ $WWHQGUHTXHODPDFKLQHVRLWVXIILVDPPHQHWUHIURLGLH
ᇐ 1HSDVRXYULUODPDFKLQHSHQGDQWODPDUFKH
ᇐ 1HSDVRXYULURXG«PRQWHUOHVVRXSDSHV
ᇐ 1
XWLOLVHUTXHGHVSLªFHVGHUHFKDQJHG
RULJLQH.$(6(5DGDSW«HV¢ODPDFKLQH
ᇐ (IIHFWXHUGHVLQVSHFWLRQVS«ULRGLTXHV
GXERQ«WDW
GHVGLVSRVLWLIVGHV«FXULW«
GXGLVSRVLWLIG
$55Œ7'
85*(1&(
GHVFRPSRVDQWV¢VXUYHLOOHU

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 6«FXULW«HWUHVSRQVDELOLW«
 'LVSRVLWLIVGHV«FXULW«

ᇐ 9HLOOHU¢XQHSURSUHW«DEVROXHSHQGDQWOHVWUDYDX[G
HQWUHWLHQHWGHG«SDQQDJH5HFRXYULUOHV
FRPSRVDQWVHWRXYHUWXUHVOLEUHV¢O
DLGHGHFKLIIRQVSDSLHURXUXEDQVSURSUHVSRXUOHVSURW«ಣ
JHUGHVLPSXUHW«V
ᇐ 5HWLUHUGHODPDFKLQHWRXWHVSLªFHVSRV«HVOLEUHPHQWRXWLOVRXFKLIIRQV
ᇐ /HVSLªFHVG«PRQW«HVSHXYHQWFRQVWLWXHUXQHPHQDFHSRXUODV«FXULW«
1HSDVRXYULURXG«PROLUOHVSLªFHVG«PRQW«HV

0LVHKRUVVHUYLFH6WRFNDJH(OLPLQDWLRQ

/
«OLPLQDWLRQQRQFRQIRUPHGHVPDWLªUHVFRQVRPPDEOHVHWGHVSLªFHVXVDJ«HVFRQVWLWXHXQGDQಣ
JHUSRXUO
HQYLURQQHPHQW
ᇐ 9LGDQJHUOHVPDWLªUHVFRQVRPPDEOHVHWOHV«YDFXHUFRQIRUP«PHQW¢ODO«JLVODWLRQUHODWLYH¢OD
SURWHFWLRQGHO
HQYLURQQHPHQW
SDUH[KXLOHGHUHIURLGLVVHPHQWHWHDXGHUHIURLGLVVHPHQW 
ᇐ /ಬDJHQWU«IULJ«UDQW VLXWLOLV« HVW¢«OLPLQHUSDUXQHHQWUHSULVHDJU««H
ᇐ (OLPLQHUODPDFKLQHFRQIRUP«PHQW¢ODO«JLVODWLRQUHODWLYH¢ODSURWHFWLRQGHO
HQYLURQQHPHQW

 3UHQGUHOHVPHVXUHVRUJDQLVDWLRQQHOOHVQ«FHVVDLUHV
ᇐ $IIHFWHUOHSHUVRQQHOHWG«WHUPLQHUFODLUHPHQWOHVUHVSRQVDELOLW«V
ᇐ 5«JOHPHQWHUDYHFSU«FLVLRQODVLJQDOLVDWLRQREOLJDWRLUHGHVG«IDXWVHWGRPPDJHV
ᇐ 'RQQHUOHVLQVWUXFWLRQVUHODWLYHVDX[PHVXUHVG
DODUPHLQFHQGLHHWGHOXWWHFRQWUHO
LQFHQGLH

 =RQHVGHGDQJHU
/HWDEOHDXLQIRUPHVXUO
«WHQGXHGHV]RQHVGHGDQJHU«YHQWXHOSRXUOHSHUVRQQHO
6HXOOHSHUVRQQHODXWRULV«DDFFªV¢FHV]RQHV

$FWLYLW« =RQHGHGDQJHU 3HUVRQQHODXWRULV«


7UDQVSRUW UD\RQGHPDXWRXUGHODPDFKLQH 3HUVRQQHOG
LQVWDOODWLRQSRXURUಣ
JDQLVHUODPDQXWHQWLRQ
3HQGDQWOHWUDQVSRUWSDVGHSHUಣ
VRQQHO
(QGHVVRXVGHODPDFKLQHHQVXVSHQVLRQ 3DVGHSHUVRQQHO
,QVWDOODWLRQ $O
LQW«ULHXUGHODPDFKLQH 3HUVRQQHOG
LQVWDOODWLRQ
UD\RQG
PDXWRXUGHODPDFKLQHHWGHVHV
FRQGXLWHVG
DOLPHQWDWLRQ
)RQFWLRQQHಣ UD\RQG
PDXWRXUGHODPDFKLQH 3HUVRQQHORS«UDQW
PHQW
(QWUHWLHQ $O
LQW«ULHXUGHODPDFKLQH 3HUVRQQHOG
HQWUHWLHQ
UD\RQG
PDXWRXUGHODPDFKLQH

7DE =RQHVGHGDQJHU

 'LVSRVLWLIVGHV«FXULW«
'HVGLVSRVLWLIVGHV«FXULW«GLYHUVDVVXUHQWO
XWLOLVDWLRQVDQVULVTXHGHODPDFKLQH
ᇐ 1HSDVPRGLILHUQ«JOLJHURXG«VDFWLYHUOHVGLVSRVLWLIVGHV«FXULW«

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 6«FXULW«HWUHVSRQVDELOLW«
 6\PEROHVGHV«FXULW«

ᇐ &RQWU¶OHUOHVGLVSRVLWLIVGHV«FXULW«¢LQWHUYDOOHVU«JXOLHUVDILQGHV
DVVXUHUGHOHXUIRQFWLRQQHಣ
PHQWILDEOH
ᇐ 1HSDVUHWLUHURXUHQGUHLQG«FKLIIUDEOHVOHVSODTXHVGHVLJQDOLVDWLRQHW«WLTXHWWHVGHGDQJHU
ᇐ 6ಬDVVXUHUTXHOHVSODTXHVLQGLFDWULFHVHW«WLTXHWWHVGHGDQJHUVRLHQWWRXMRXUVELHQYLVLEOHV

,QIRUPDWLRQV 3RXUSOXVGHG«WDLOVVXUOHVGLVSRVLWLIVGHV«FXULW«YRLUGDQVFKDSLWUH6HFWLRQ
VXSSO«PHQWDLUHV

 6\PEROHVGHV«FXULW«
/HJUDSKLTXHLQGLTXHODSRVLWLRQGHVV\PEROHVGHV«FXULW«VXUODPDFKLQH/HWDEOHDXUHSUHQGOHV
V\PEROHVGHV«FXULW«XWLOLV«VHWOHXUVLJQLILFDWLRQ

)LJ 3RVLWLRQGHVV\PEROHVGHV«FXULW«

3RVLWLRQ 6\PEROH 6LJQLILFDWLRQ


 'DQJHUGHPRUWSDU«OHFWURFXWLRQ
ᇐ $YDQWWRXWHLQWHUYHQWLRQVXUOಬ«TXLSHPHQW«OHFWULTXH
'«EUDQFKHUWRXVOHVS¶OHVGXEORFGಬDOLPHQWDWLRQHPS¬FKHUWRXWUHG«PDUಣ
UDJHLQWHPSHVWLIVಬDVVXUHUGHOಬDEVHQFHGHWHQVLRQ
 6XUIDFHVFKDXGHV
5LVTXHGHEU½OXUHVDXFRQWDFWGHSLªFHVFKDXGHV
ᇐ (YLWHUWRXWFRQWDFWDYHFOHVVXUIDFHV
ᇐ 3RUWHUGHVY¬WHPHQWV¢PDQFKHVORQJXHV SDVGHWLVVXVV\QWK«WLTXHVWHOV
TXH3RO\HVWHU HWGHVJDQWVGHSURWHFWLRQ
 %OHVVXUHVJUDYHV SDUWLFXOLªUHPHQWDX[PDLQV RXFLVDLOOHPHQWGHVPHPEUHV
SDUOHVSLªFHVHQPRXYHPHQW
ᇐ 1HPHWWUHODPDFKLQHHQPDUFKHTX
DSUªVIHUPHWXUHGHVJULOOHVGHSURWHFಣ
WLRQSRUWHVGHVHUYLFHHWSDQQHDX[
ᇐ $YDQWG
RXYULUODPDFKLQHG«EUDQFKHUWRXVOHVS¶OHVGXEORFG
DOLPHQWDWLRQ
HWHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
 5LVTXHGHEOHVVXUHVSDUOHG«PDUUDJHDXWRPDWLTXHGHODPDFKLQH
ᇐ $YDQWG
RXYULUODPDFKLQHG«EUDQFKHUWRXVOHVS¶OHVGXEORFG
DOLPHQWDWLRQ
HWHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 6«FXULW«HWUHVSRQVDELOLW«
 (QFDVGHGDQJHU

3RVLWLRQ 6\PEROH 6LJQLILFDWLRQ


 5LVTXHGHEOHVVXUHVPRUWHOOHVDXG«PRQWDJHGHODVRXSDSH UHVVRUWSUHVಣ
VLRQ 
ᇐ 1HSDVRXYULURXG«PRQWHUODVRXSDSH
ᇐ (QFDVGHG«IDXWFRQVXOWHUOH6$9.$(6(5RXXQGLVWULEXWHXUDJU««

7DE 6\PEROHVGHV«FXULW«

 (QFDVGHGDQJHU
 &RPSRUWHPHQWHQFDVG
LQFHQGLH
0HVXUHVDSSURSUL«HV¢SUHQGUH

(QFDVG
LQFHQGLHXQFRPSRUWHPHQWFDOPHHWSRQG«U«SHXWVDXYHUGHVYLHVKXPDLQHV
ᇐ &RQVHUYHUVRQVDQJIURLG
ᇐ 6LJQDOHUO
LQFHQGLH
ᇐ 6LSRVVLEOHFRXSHUOHVFRQGXLWHVG
DOLPHQWDWLRQ
$OLPHQWDWLRQ«OHFWULTXH FRXSHFLUFXLW
(DXGHUHIURLGLVVHPHQW VHORQ«TXLSHPHQW
5«FXS«UDWLRQGHFDORULHV VHORQ«TXLSHPHQW
ᇐ (YDFXHURXDOHUWHUOHVSHUVRQQHVPHQDF«HV
ᇐ $LGHUOHVSHUVRQQHVG«VHPSDU«HV
ᇐ )HUPHUOHVSRUWHV
ᇐ 6LFRPS«WHQWHQODPDWLªUH(QWUHSUHQGUHXQHWHQWDWLYHG
H[WLQFWLRQ

0R\HQVG
H[WLQFWLRQ

ᇐ 8WLOLVHUGHVPR\HQVG
H[WLQFWLRQDSSURSUL«V
0RXVVH
'LR[\GHGHFDUERQH
6DEOHRXWHUUH
ᇐ 1HSDXWLOLVHUGHVPR\HQVG
H[WLQFWLRQLQDSSURSUL«V
-HWG
HDXSXLVVDQW

 6RLQGHVEOHVVXUHVFDXV«HVSDUO
KXLOHGHUHIURLGLVVHPHQW
&RQWDFWDYHFOHV\HX[

LUULWDWLRQVSRVVLEOHV
ᇐ 5LQFHULPP«GLDWHPHQWHWDERQGDPPHQWDYHFGHOಬHDXSDXSLªUHVRXYHUWHVSHQGDQWSOXVLHXUV
PLQXWHV
ᇐ &RQVXOWHUXQP«GHFLQVLOಬLUULWDWLRQSHUVLVWH

&RQWDFWDYHFODSHDX

XQFRQWDFWFXWDQ«SURORQJ«SHXWSURYRTXHUGHVLUULWDWLRQV
ᇐ 1HWWR\HUVRLJQHXVHPHQWDYHFXQQHWWR\DQWGHUPDWRORJLTXHSXLVODYHUDYHFGHOಬHDXHWGXVDಣ
YRQ
ᇐ /DYHUOHVY¬WHPHQWVVRXLOO«VQHOHVU«XWLOLVHUTXಬDSUªVOHXUQHWWR\DJH¢VHF

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 6«FXULW«HWUHVSRQVDELOLW«
 *DUDQWLHGHVYLFHVFDFK«V

,QKDODWLRQ

'LIILFXOW«VUHVSLUDWRLUHVSDUOHVEURXLOODUGVGಬKXLOHGHUHIURLGLVVHPHQW
ᇐ /LE«UHUOHVYRLHVUHVSLUDWRLUHV
ᇐ (QFDVGHGLIILFXOW«VUHVSLUDWRLUHVFRQVXOWHUXQP«GHFLQ

,QJHVWLRQ

ᇐ 5LQFHULPP«GLDWHPHQWODERXFKH
ᇐ 1HSDVIDLUHYRPLU
ᇐ &RQVXOWHUXQP«GHFLQ

 *DUDQWLHGHVYLFHVFDFK«V
&HWWHQRWLFHG
XWLOLVDWLRQQHFRPSRUWHDXFXQHQJDJHPHQWGHFDUDFWªUHDXWRQRPHHQPDWLªUHGH
JDUDQWLH/DJDUDQWLHHVWU«JLHSDUQRVFRQGLWLRQVJ«Q«UDOHVGHYHQWH
/DFRQGLWLRQSU«DODEOH¢O
DSSOLFDWLRQGHODJDUDQWLHHVWXQHXWLOLVDWLRQGDQVOHVUªJOHVGHODPDFKLಣ
QHFRQVLG«UDWLRQSULVHGHVFRQGLWLRQVG
XWLOLVDWLRQVS«FLILTXHV
'XIDLWGXJUDQGQRPEUHGHSRVVLELOLW«VG
XWLOLVDWLRQO
XWLOLVDWHXUHVWWHQXGHV
DVVXUHUTXHODPDFKLಣ
QHHVWELHQDGDSW«HDXFDVFRQFUHWG
XWLOLVDWLRQ

'HSOXVQRWUHJDUDQWLHQHV
DSSOLTXHSDVDX[FDVU«VXOWDQW
႐ GHO
XWLOLVDWLRQGHSLªFHVHWGHFRQVRPPDEOHVQRQDSSURSUL«V
႐ G
XQHPRGLILFDWLRQU«DOLV«HVDQVFRQVXOWDWLRQSU«DODEOH
႐ G
XQHQWUHWLHQQRQFRQIRUPH
႐ G
XQHU«SDUDWLRQQRQFRQIRUPH

8QHQWUHWLHQHWXQHU«SDUDWLRQFRQIRUPHVLPSOLTXHQWO
XWLOLVDWLRQGHSLªFHVGHUHFKDQJHHWGHFRQಣ
VRPPDEOHVG
RULJLQH
ᇐ $VVXUH]YRXVDXSUªVGH.$(6(5GHO
DG«TXDWLRQGHVFRQGLWLRQVG
XWLOLVDWLRQVS«FLILTXHV

 3URWHFWLRQGHO
HQYLURQQHPHQW
/
H[SORLWDWLRQGHFHWWHPDFKLQHSHXWSU«VHQWHUGHVGDQJHUVSRXUO
HQYLURQQHPHQW
ᇐ 1HSDVG«YHUVHUO
KXLOHGHUHIURLGLVVHPHQWGDQVOಬHQYLURQQHPHQWQLGDQVOHVFDQDOLVDWLRQV
ᇐ 7RXWHVOHVPDWLªUHVFRQVRPPDEOHVHWSLªFHVGHUHFKDQJHVRQW¢VWRFNHUHW¢«OLPLQHUFRQIRUಣ
P«PHQW¢ODO«JLVODWLRQUHODWLYH¢ODSURWHFWLRQGHOಬHQYLURQQHPHQW
ᇐ 2EVHUYHUOHVSUHVFULSWLRQVORFDOHV
&HFLVಬDSSOLTXHHQSDUWLFXOLHUDX[SLªFHVFRQWDPLQ«HVSDUOಬKXLOHGHUHIURLGLVVHPHQW

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0RQWDJHHWIRQFWLRQQHPHQW
 %R°WLHU

 0RQWDJHHWIRQFWLRQQHPHQW
 %R°WLHU

)LJ 9XHG
HQVHPEOHGHODFDUURVVHULH
 3RUWHGHO
DUPRLUH«OHFWULTXH  3DQQHDX DPRYLEOH
 9HUURX  )HQ¬WUH,QGLFDWHXUGHQLYHDXGಬKXLOHGHUHಣ
IURLGLVVHPHQW

/DFDUURVVHULHIHUP«HUHPSOLWGLII«UHQWHVIRQFWLRQV
႐ ,QVRQRULVDWLRQ
႐ 3URWHFWLRQFRQWUHOHVFRQWDFWVDFFLGHQWHOV
႐ *XLGDJHGHO
DLUGHUHIURLGLVVHPHQW

,OHVWVWULFWHPHQWLQWHUGLWGH
႐ PRQWHURXGHV
DVVHRLUVXUODFDUURVVHULH
႐ SRVHUWRXWREMHWTXHOTX
LOVRLWVXUODFDUURVVHULH

/DV«FXULW«HWODILDELOLW«GHIRQFWLRQQHPHQWQHSHXYHQW¬WUHDVVXU«HVTXಬDYHFODFDUURVVHULHIHUಣ
P«H
/HVSRUWHVVHODLVVHQWSLYRWHUOHVSDQQHDX[VHODLVVHQWG«PRQWHU
/ಬRXYHUWXUHVಬHIIHFWXHSDUG«YHUURXLOODJH¢OಬDLGHGಬXQHFO«OLYU«HDYHFOಬDSSDUHLO

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0RQWDJHHWIRQFWLRQQHPHQW
 )RQFWLRQQHPHQWGHODPDFKLQH

 )RQFWLRQQHPHQWGHODPDFKLQH

)LJ 9XHG
HQVHPEOHGHODPDFKLQH
 6RXSDSHG
DVSLUDWLRQGಬDLU  $UPRLUH«OHFWULTXH
 6RXSDSHDQWLUHWRXUGHSUHVVLRQPLQLPDOH  6«SDUDWHXUG
KXLOH
 0RWHXUG
HQWUD°QHPHQW  )LOWUH¢DLU
 )LOWUH¢KXLOH  5HIURLGLVVHXUG
KXLOHG
DLU
 %ORFFRPSUHVVHXU  &DUWRXFKHV«SDUDWULFHG
KXLOH

/
DLUDWPRVSK«ULTXHHVWDVSLU«¢WUDYHUVOHILOWUH¢DLU  SRXU¬WUH«SXU«
,OHVWHQVXLWHFRPSULP«GDQVOHEORFGHFRPSUHVVLRQ  
/HEORFGHFRPSUHVVLRQHVWHQWUD°Q«SDUXQPRWHXU«OHFWULTXH  
'HO
KXLOHGHUHIURLGLVVHPHQWHVWLQMHFW«HGDQVOHEORFFRPSUHVVHXU(OOHDVVXUHODOXEULILFDWLRQGHV
SLªFHVHQPRXYHPHQWHWO
«WDQFK«LW«HQWUHOHVURWRUVHWOHFDUWHU&HUHIURLGLVVHPHQWGLUHFWGDQVOD
FKDPEUHGHFRPSUHVVLRQSHUPHWG
REWHQLUXQHWHPS«UDWXUHILQDOHGHFRPSUHVVLRQWUªVEDVVH
/
KXLOHGHUHIURLGLVVHPHQWHVWV«SDU«HGHO
DLUFRPSULP«GDQVOHV«SDUDWHXUDLUKXLOH  HWGDQVOD
FDUWRXFKHV«SDUDWULFHG
KXLOH  HWUHIURLGLHGDQVOHUHIURLGLVVHXUG
KXLOH  (OOHFLUFXOH¢WUDYHUV
OHILOWUH¢KXLOH  SXLVHVWUHFRQGXLWHDXSRLQWG
LQMHFWLRQ/DSUHVVLRQLQWHUQHGHODPDFKLQHPDLQಣ
WLHQWOಬKXLOHGHUHIURLGLVVHPHQWHQFLUFXODWLRQ8QHSRPSHQ
HVWSDVQ«FHVVDLUH8QHYDQQHWKHUಣ
PRVWDWLTXHU«JXOHHWRSWLPLVHODWHPS«UDWXUHGHOಬKXLOHGHUHIURLGLVVHPHQW
/
DLUFRPSULP«SDVVHSDUOHFODSHWDQWLUHWRXU¢SUHVVLRQPLQLPDOH  SRXU¬WUHDPHQ«GDQVOHUHಣ
IURLGLVVHXUG
DLU  /HFODSHWDQWLUHWRXU¢SUHVVLRQPLQLPDOHSHUPHWGHPDLQWHQLUGDQVOHFLUFXLWXQH
SUHVVLRQPLQLPDOHTXLDVVXUHODFLUFXODWLRQFRQWLQXHGHOಬKXLOHGHUHIURLGLVVHPHQWGDQVODPDFKLQH
/ಬDLUFRPSULP«HVWUDPHQ«GDQVOHU«IULJ«UDQWG
DLU¢XQHWHPS«UDWXUHGHVHXOHPHQW.¢.
HQYDXGHVVXVGHODWHPS«UDWXUHDPELDQWH/DSOXVJUDQGHSDUWLHGHOಬKXPLGLW«UHWHQXHGDQVOಬDLU
FRPSULP«HVW«OLPLQ«H

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0RQWDJHHWIRQFWLRQQHPHQW
 'LVSRVLWLIVGHV«FXULW«

 'LVSRVLWLIVGHV«FXULW«
/HVGLVSRVLWLIVGHV«FXULW«VXLYDQWVVRQWLQVWDOO«VHWQHGRLYHQWSDV¬WUHPRGLIL«V
႐ 'LVSRVLWLIG
DUU¬WG
XUJHQFH
/HERXWRQG
$55Œ7'
85*(1&(SHUPHWOvDUU¬WLPP«GLDWGHODPDFKLQH/HPRWHXUVಬDUU¬WH
/HFLUFXLWGಬDLUHVWG«FRPSULP«
႐ 6RXSDSHGHV«FXULW«
/DVRXSDSHGHV«FXULW«SURWªJHOHFLUFXLWGಬDLUFRQWUHXQHVXUSUHVVLRQ(OOHHVWSU«U«JO«HHQ
XVLQH
႐ 0DQRVWDWGHV«FXULW« PDFKLQHDYHFV«FKHXUIULJRULILTXH 
/HPDQRVWDWGHV«FXULW«SURWªJHOHFLUFXLWIULJRULILTXHFRQWUHXQHVXUSUHVVLRQ,OQ
HVWSDVU«JODಣ
EOH
႐ &RQWDFWGHV«FXULW«GHSRUWH
/DPDFKLQHV
DUU¬WHDXWRPDWLTXHPHQW¢O
RXYHUWXUHG
XQHSRUWHGHVHUYLFHRXG
XQSDQQHDX
႐ %R°WLHUVHWFDSRWVGHSURWHFWLRQGHVSLªFHVHQPRXYHPHQWHWGHVERUQHV«OHFWULTXHV
,OVSURWªJHQWFRQWUHOHVFRQWDFWVDFFLGHQWHOV

 5«JLPHVHWPRGHVGHU«JXODWLRQ
 5«JLPHVGHODPDFKLQH
/DPDFKLQHWUDYDLOOHHQU«JLPHV
႐ &+$5*(
/DVRXSDSHGಬDVSLUDWLRQHVWRXYHUWH/HEORFFRPSUHVVHXUDOLPHQWHOHU«VHDXG
DLUFRPSULP«
/HPRWHXUG
HQWUD°QHPHQWIRQFWLRQQHHQSOHLQHFKDUJH
႐ 0$5&+(‚9,'(
/DVRXSDSHG
DVSLUDWLRQHVWIHUP«H/HFODSHWDQWLUHWRXUGHSUHVVLRQPLQLPDOHLVROHOHU«VHUಣ
YRLUDLUKXLOHGXU«VHDXG
DLUFRPSULP«/DVRXSDSHGHPLVH¢YLGHHVWRXYHUWH
8QHIDLEOHTXDQWLW«G
DLUFLUFXOH¢WUDYHUVO
RULILFHGXE\SDVVGHODVRXSDSHG
DVSLUDWLRQGDQVOH
EORFFRPSUHVVHXUSXLVHVWUHFRQGXLWYHUVODVRXSDSHG
DVSLUDWLRQSDUODFRQGXLWHGHSXUJH
G
DLU
/HPRWHXUG
HQWUD°QHPHQWWRXUQHHQPDUFKH¢YLGHHWFRQVRPPHPRLQVG
«QHUJLH
႐ $55Œ7
/DVRXSDSHG
DVSLUDWLRQHVWIHUP«H/HFODSHWDQWLUHWRXUGHSUHVVLRQPLQLPDOHLVROHOHU«VHUಣ
YRLUDLUKXLOHGXU«VHDXG
DLUFRPSULP«/DVRXSDSHGHPLVH¢YLGHHVWRXYHUWH
/HPRWHXUG
HQWUD°QHPHQWHVWDUU¬W«
2SWLRQ& ႐ &+$5*(3$57,(//(
8QHYDQQHGHU«JXODWLRQSHUPHWO
RXYHUWXUHHWODIHUPHWXUHSURJUHVVLYHVGHODVRXSDSHG
DVSLಣ
UDWLRQG
DLUHQIRQFWLRQGHODFRQVRPPDWLRQU«HOOHG
DLUFRPSULP«/HEORFFRPSUHVVHXUDOLಣ
PHQWHOHU«VHDXG
DLUFRPSULP«
/DFKDUJHHWODFRQVRPPDWLRQ«QHUJ«WLTXHGXPRWHXUGXFRPSUHVVHXUDXJPHQWHQWRXEDLVಣ
VHQWHQIRQFWLRQGHODFRQVRPPDWLRQG
DLUFRPSULP«
/DYDQQHGHU«JXODWLRQHVWU«JO«HHQXVLQH7RXWHPRGLILFDWLRQQHSHXW¬WUHHQWUHSULVHTX
DSUªV
FRQVXOWDWLRQGX6$9.$(6(5RXG
XQGLVWULEXWHXUDJU««

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0RQWDJHHWIRQFWLRQQHPHQW
 5«JLPHVHWPRGHVGHU«JXODWLRQ

 7\SHVGHU«JXODWLRQ
3RXUPDLQWHQLUODSUHVVLRQGHVHUYLFHHQWUHOHVSUHVVLRQVG
HQFOHQFKHPHQWHWG
DUU¬WSU«U«JO«HVLQಣ
G«SHQGDPPHQWGHODFRQVRPPDWLRQG
DLUFRPSULP«ODFRPPDQGHSHUPXWHODPDFKLQHG
XQU«JLಣ
PH¢XQDXWUHVHORQOHPRGHGHU«JXODWLRQV«OHFWLRQQ«/HW\SHGHU«JXODWLRQG«WHUPLQHGHSOXVOH
PRGHGHIRQFWLRQQHPHQWGHODPDFKLQH
8QHSKDVHGHPLVH¢YLGH VHORQOHW\SHGHPDFKLQH HQWUHOHVU«JLPHV&+$5*(HW$55Œ7P«ಣ
QDJHOHVPDW«ULDX[

/DFRPPDQGH6,*0$&21752/%$6,&SHXWIRQFWLRQQHUVXLYDQWOHVPRGHVGHU«JXODWLRQVXLಣ
YDQWV
႐ '8$/
႐ 48$'52
2SWLRQ& ႐ 5«JXODWLRQ352*5(66,9(

7\SHVGHU«JXODWLRQ¢«FRQRPLHG
«QHUJLHSRXUGLYHUVFDVG
XWLOLVDWLRQ
&DVG
XWLOLVDWLRQ 7\SHGHU«JXODWLRQ
UHFRPPDQG«
6WDWLRQG
DLUFRPSULP«DYHFXQHPDFKLQHRXSOXVLHXUVPDFKLQHVGHP¬PH 48$'52
G«ELW
0DFKLQHSRXUODFKDUJHGHSRLQWHG
XQHVWDWLRQG
DLUFRPSULP« '8$/
0DFKLQHSRXUODFKDUJHPR\HQQHG
XQHVWDWLRQG
DLUFRPSULP« 48$'52
0DFKLQHSRXUODFKDUJHGHEDVHG
XQHVWDWLRQG
DLUFRPSULP« 48$'52

7DE 7\SHVGHU«JXODWLRQ¢«FRQRPLHG
«QHUJLH

/DFRPPDQGH6,*0$&21752/%$6,&HVWOLYU«HU«JO«HVXUOHW\SHGHU«JXODWLRQ48$'52¢
PRLQVG
XQDFFRUGVS«FLDODYHFOHFRQVWUXFWHXU

'8$/

(QU«JXODWLRQ'8$/ODPDFKLQHHVWG
DERUGSHUPXW«HHQWUH&+$5*(HW0$5&+(‚9,'(SRXU
PDLQWHQLUODSUHVVLRQGHVHUYLFHHQWUHOHVSUHVVLRQVPLQLHWPD[LSU«U«JO«HV/DSUHVVLRQPD[LPDOH
DWWHLQWHODPDFKLQHSHUPXWHVXU0$5&+(‚9,'($SUªV«FRXOHPHQWGXWHPSVGHPDUFKH¢YLGH
ODPDFKLQHHVWSHUPXW«HVXU$55Œ7
/HWHPSVGHPDUFKH¢YLGHHVWSU«U«JO«VXUOH6,*0$&21752/%$6,&

48$'52

$ODGLII«UHQFHGHODU«JXODWLRQ'8$/ODPDFKLQHIRQFWLRQQDQWHQU«JXODWLRQ48$'52SHUPXWH
GH&+$5*(VXU$55Œ7DSUªVOHVWHPSVGHIDLEOHFRQVRPPDWLRQG
DLUFRPSULP«
$SUªVOHVWHPSVGHIRUWHFRQVRPPDWLRQODPDFKLQHSHUPXWHGH&+$5*(VXU0$5&+(‚9,'(
SXLVVXU$55Œ7
&HW\SHGHU«JXODWLRQQ«FHVVLWHGHX[WHPSVSU«G«WHUPLQ«VOHWHPSVGHPDUFKHHWOHWHPSVGH
PDUFKH¢YLGHDUU¬WGLII«U«
3OXVOHVWHPSVV«OHFWLRQQ«VVRQWFRXUWVSOXVW¶W HWGRQFSOXVVRXYHQW OHPRWHXUG
HQWUD°QHPHQW
VHUDDUU¬W«

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0RQWDJHHWIRQFWLRQQHPHQW
 7RXFKHVHWDIILFKDJHV6,*0$&21752/%$6,&

2SWLRQ& 5«JXODWLRQ352*5(66,9(

/DU«JXODWLRQ'LH&+$5*(3$57,(//(FRPSOªWHOHVPRGHVGHU«JXODWLRQFLW«V(OOHSHUPHWODU«ಣ
JXODWLRQSURJUHVVLYHGXG«ELWGDQVODSODJHGHU«JODJHGHODPDFKLQH

&RQVRPPDWLRQG
DLUFRPSULP« 5«JLPHV
PRQWH 5(*8/$7,21352*5(669(
&+$5*(
WRPEH 5(*8/$7,21352*5(669(
0$5&+(‚9,'(
$55Œ7

7DE 5«JLPHVHQU«JXODWLRQ352*5(66,9(

 7RXFKHVHWDIILFKDJHV6,*0$&21752/%$6,&

)LJ 9XHG
HQVHPEOH7RXFKHV

3RVLWLRQ '«VLJQDWLRQ )RQFWLRQ


 m(175‹(} 0HWWUHODPDFKLQHHQPDUFKH
 m6257,(} $UU¬WHUODPDFKLQH
&RQILUPHU DFTXLWWHU OHVVLJQDOLVDWLRQVGHG«IDXW
5«DFWLYHUODP«PRLUHG«IDXW
 m%$6} /DOLVWHGHVSDUDPªWUHVG«ILOHYHUVOHEDV
5«GXFWLRQGHODYDOHXUGಬXQSDUDPªWUH
 m+$87} /DOLVWHGHVSDUDPªWUHVG«ILOHYHUVOHKDXW
$XJPHQWDWLRQGHODYDOHXUGಬXQSDUDPªWUH
 m(FKDSSHPHQW} 6RUWLHGXPRGHGHPRGLILFDWLRQVDQVYDOLGDWLRQ
 m9DOLGDWLRQ} 3DVVHUGDQVOHPRGHGHPRGLILFDWLRQ
6RUWLHGXPRGHGHPRGLILFDWLRQDYHFYDOLGDWLRQ
1
DJLWTXHVXUO
DIILFKDJHGHODªPHOLJQHGHO
«FUDQ

7DE 7RXFKHV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0RQWDJHHWIRQFWLRQQHPHQW
 'HVFULSWLRQIRQFWLRQQHOOH6,*0$&21752/%$6,&

)LJ 9XHG
HQVHPEOH$IILFKDJHV

3RVLWLRQ '«VLJQDWLRQ )RQFWLRQ


 $IILFKDJHRX«FUDQ $IILFKDJHDOSKDQXP«ULTXHVXUOLJQHV
 '«IDXW 9R\DQWURXJHFOLJQRWHHQSU«VHQFHGಬXQG«IDXW
9R\DQWUHVWHDOOXP«DSUªVDFTXLWWHPHQW
 $YHUWLVVHPHQW 7«PRLQMDXQHDOOXP«HQFDVGH
႐ Q«FHVVLW«G
HQWUHWLHQ
႐ $YHUWLVVVHPHQWV
 WHQVLRQGHFRPPDQGH 9R\DQWYHUWDOOXP«ORUVTXHODPDFKLQHHVWVRXVWHQVLRQ
 0DFKLQH0$5&+( 9R\DQWYHUWDOOXP«ORUVTXHODPDFKLQHHVWHQPDUFKH

7DE $IILFKDJHV

 'HVFULSWLRQIRQFWLRQQHOOH6,*0$&21752/%$6,&
 6WUXFWXUH$IILFKDJH «FUDQ
         [ [  [ ED U HOLJQH
            \ \  r& HOLJQH
     ]        K HOLJQH
            6S7 L HOLJQH

/LJQH $IILFKDJH 6LJQLILFDWLRQ


 [[[ 3UHVVLRQGHVHUYLFHDFWXHOOHHQEDUSVLRX03D
 \\ 7HPS«UDWXUHILQDOHGHFRPSUHVVLRQDFWXHOOH 7)& HQr&RXr)
 ] $IILFKDJHHWU«JODJHGHSDUDPªWUHV YRLUWDEOHDX
  &RGHG«IDXWSRXUOHVVLJQDOLVDWLRQVGHG«IDXWHWOHVDYHUWLVVHPHQWV YRLUWDಣ
EOHDX[HW
5«JLPH&+$5*(
5«JLPH0$5&+(‚9,'(

7DE $IILFKDJH (FUDQ

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0RQWDJHHWIRQFWLRQQHPHQW
 'HVFULSWLRQIRQFWLRQQHOOH6,*0$&21752/%$6,&

 3DUDPªWUHV
3DUDPªWUH 6LJQLILFDWLRQ
 &RPSWHXUG
KHXUHVGHVHUYLFH
,OLQGLTXHOHWHPSVGHPDUFKHGXFRPSUHVVHXU
&HSDUDPªWUHQHSHXW¬WUHPRGLIL«TXHSDUXQWHFKQLFLHQ6$9.$(6(5
 &RPSWHXUG
KHXUHVHQFKDUJH
,OLQGLTXHOHWHPSVGHIRQFWLRQQHPHQWHQ&+$5*(GXFRPSUHVVHXU
&HSDUDPªWUHQHSHXW¬WUHPRGLIL«TXHSDUXQWHFKQLFLHQ6$9.$(6(5
 &RPSWHXUG
HQWUHWLHQ
,OLQGLTXHOHVKHXUHVUHVWDQWHVMXVTX
DXSURFKDLQHQWUHWLHQS«ULRGLTXH
6,*0$&21752/%$6,&G«FRPSWHOHVKHXUHVGvHQWUHWLHQ¢SDUWLUGvXQHYDOHXUSU«ಣ
U«JO«H/RUVTXHOHFRPSWHXUHVW¢KHXUHGHVHUYLFHODVLJQDOLVDWLRQ'V
DIILFKH
$SUªVDYRLUU«DOLV«OvHQWUHWLHQLOIDXWU«LQLWLDOLVHUOHFRPSWHXU/HG«FRPSWHUHG«PDUUH
&HSDUDPªWUHHVWSURW«J«SDUXQPRWGHSDVVH
 0RGHG
HVVDL6RXSDSHGHV«FXULW«
&HWWHIRQFWLRQSHUPHWGvDFWLYHUHWGHG«VDFWLYHUOHFRQWU¶OHGHODSUHVVLRQGHG«FOHQಣ
FKHPHQWGHODVRXSDSHGHV«FXULW«
/RUVTXHOHPRGHG
HVVDLHVWDFWLY«O
DYHUWLVVHPHQWLV
DIILFKH
&HSDUDPªWUHHVWSURW«J«SDUXQPRWGHSDVVH
5«DOLVDWLRQGHO
HVVDLHWPRWGHSDVVHYRLUFKDSLWUH
 8QLW«G
DIILFKDJHGHODWHPS«UDWXUH
/DWHPS«UDWXUHILQDOHGHFRPSUHVVLRQSHXW¬WUHDIILFK«HDXFKRL[HQr&RXHQr)
 8QLW«G
DIILFKDJHGHODSUHVVLRQ
/DSUHVVLRQGHVHUYLFHDFWXHOOHSHXW¬WUHDIILFK«HDXFKRL[HQEDUSVLRX03D
 0RGHGHU«JXODWLRQGHODPDFKLQH
5«JODJHG
XVLQH2))

&HSDUDPªWUHFKDQJHOHPRGHGHU«JXODWLRQGHODPDFKLQH
႐ 2))48$'52
႐ 21'8$/
 0RGHGHU«JXODWLRQGXV«FKHXUIULJRULILTXH
5«JODJHG
XVLQH2))

&HSDUDPªWUHFKDQJHOHPRGHGHU«JXODWLRQGXV«FKHXUIULJRULILTXH
႐ 2))6‹48(1&(85
႐ 21&217,18(
 0HWWUHOHV«FKHXUIULJRULILTXHHQFLUFXLWKRUVFLUFXLW
5«JODJHG
XVLQH21 RSWLRQ7

&HSDUDPªWUHPHWOHV«FKHXUIULJRULILTXHHQFLUFXLWRXKRUVFLUFXLWGHID©RQGXUDEOH
႐ 2))6«FKHXUIULJRULILTXHDUU¬W«
႐ 216«FKHXUIULJRULILTXHHQFLUFXLW

&HSDUDPªWUHHVWSURW«J«SDUXQPRWGHSDVVH&HSDUDPªWUHHVWU«JO«HQXVLQHVXU
2))VLODPDFKLQHQ
HVWSDV«TXLS«HGvXQV«FKHXUIULJRULILTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0RQWDJHHWIRQFWLRQQHPHQW
 &RQWDFWVVDQVSRWHQWLHO

3DUDPªWUH 6LJQLILFDWLRQ
& 3UHVVLRQQRPLQDOHU«VHDX(FDUWGHU«JXODWLRQ
/
«FDUWGHU«JXODWLRQG«WHUPLQHO
«FDUWHQWUHODSUHVVLRQG
HQFOHQFKHPHQWHWODSUHVಣ
VLRQG
DUU¬W SUHVVLRQQRPLQDOHU«VHDXSRLQWGHFRPPXWDWLRQ HWSDUFRQV«TXHQWOD
IU«TXHQFHGHFRPPXWDWLRQGH&+$5*(VXU0$5&+(‚9,'(
3ODJHGHU«JODJH>EDU@෥෥
' 3UHVVLRQQRPLQDOHU«VHDX3RLQWGHFRPPXWDWLRQ
/HSRLQWGHFRPPXWDWLRQFRUUHVSRQG¢ODSUHVVLRQGHVHUYLFHPD[LGXU«VHDXG
DLU
FRPSULP«HW¢ODSUHVVLRQG
DUU¬WDXWRPDWLTXHGHODPDFKLQH
3ODJHGHU«JODJH>EDU@SUHVVLRQGHVHUYLFHPD[L
( 3UHVVLRQQRPLQDOHPD[LPDOHU«JODEOH
&HSDUDPªWUHQHSHXW¬WUHPRGLIL«TXHSDUXQWHFKQLFLHQ6$9.$(6(5
) %DUUHG
RSWLRQV
/HVYDOHXUVDIILFK«HVLQIRUPHQWOH6$9.$(6(5VXUODFRQILJXUDWLRQPDFKLQHHQUHJLVಣ
WU«HGDQVODFRPPDQGH

7DE 3DUDPªWUH

,QIRUPDWLRQV 0RGLILFDWLRQRXU«JODJHGHVSDUDPªWUHVYRLUFKDSLWUH
VXSSO«PHQWDLUHV

 6LJQDOLVDWLRQV
6LJQDOLVDWLRQGHG«IDXW

/DPDFKLQHVಬDUU¬WHDXWRPDWLTXHPHQWHQSU«VHQFHGಬXQG«IDXW/HYR\DQWOXPLQHX[URXJH 
 ILJ FOLJQRWH

$YHUWLVVVHPHQW

/HYR\DQWOXPLQHX[MDXQH   ILJ HVWDOOXP«

 &RQWDFWVVDQVSRWHQWLHO
'HVFRQWDFWVVDQVSRWHQWLHOVRQWSU«YXVSRXUODWUDQVPLVVLRQGHVVLJQDOLVDWLRQV
3RXUSOXVG
LQIRUPDWLRQVVXUO
HPSODFHPHQWODFDSDFLW«HWOHW\SHGHVLJQDOLVDWLRQYRLUOHVFK«PD
«OHFWULTXH
6LOHVFRQWDFWVVDQVSRWHQWLHOVRQWUDFFRUG«V¢XQHVRXUFHG
DOLPHQWDWLRQH[W«ULHXUHLOVSHXಣ
YHQW¬WUHHQFRUHVRXVWHQVLRQDSUªVFRXSXUHGXFRXSHFLUFXLW

 5«JXODWLRQ&KDUJH0DUFKH¢YLGHSDUFRQWDFWGLVWDQFH
/DFRPPDQGHSHUPHWODFRPPDQGH¢GLVWDQFHGHVSKDVHV&+$5*(SDUO
LQWHUP«GLDLUHG
XQFRQಣ
WDFWVDQVSRWHQWLHOH[WHUQH FRQWDFWGLVWDQFH 

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0RQWDJHHWIRQFWLRQQHPHQW
 2SWLRQV

3ULVHV

/LYUDLVRQ
႐ /HVSULVHVGHODFRPPDQGHVRQWPXQLHVG
XQILOGHOLDLVRQ
႐ /DFRPPDQGHSHUPXWHODPDFKLQHHQWUH&+$5*(HW0$5&+(‚9,'(ORUVTXHOHILOGHOLDLVRQ
HVWUHOL«

ᇐ 6LODPDFKLQHQHGRLWSDV¬WUHU«JXO«HSDUODFRPPDQGH¢GLVWDQFHU«WDEOLUFHU«JODJH
G
RULJLQH

)RQFWLRQ

႐ &RQWDFWIHUP«&+$5*(
႐ &RQWDFWRXYHUW0$5&+(‚9,'(

/DPDFKLQHSHUPXWHVXUU«JLPH&+$5*(¢ODIHUPHWXUHGXFRQWDFWGLVWDQFH/DPDFKLQHSHUPXWH
VXUU«JLPH0$5&+(‚9,'(¢O
RXYHUWXUHGXFRQWDFWGLVWDQFH
$SUªV«FRXOHPHQWGXWHPSVGHPDUFKH¢YLGHODPDFKLQHSHUPXWHVXU$55Œ7HWHVWHQYHLOOH
VWDQGE\ /HWHPSVGHPDUFKH¢YLGHYDULHHQIRQFWLRQGXPRGHGHU«JXODWLRQSU«U«JO«
6LODPDFKLQHDYHFFRQWDFWGLVWDQFHRXYHUWHVWPLVHHQFLUFXLWSDUODWRXFKHm0$5&+(}HOOHHVW
«JDOHPHQWHQYHLOOH VWDQGE\ HWG«PDUUHGªVODIHUPHWXUHGXFRQWDFWGLVWDQFH

 2SWLRQV
9RXVWURXYHUH]LFLXQHGHVFULSWLRQGHVGLII«UHQWHVRSWLRQVSRXUYRWUHPDFKLQH

 2SWLRQ+
6XSSRUWV«ODVWLTXHV¢YLV
&HVVXSSRUWV«ODVWLTXHVSHUPHWWHQWODIL[DWLRQGHODPDFKLQHDXVRO

)LJ 6XSSRUW«ODVWLTXH¢YLV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 &RQGLWLRQVGಬLQVWDOODWLRQHWGHIRQFWLRQQHPHQW
 $VVXUHUODV«FXULW«

 &RQGLWLRQVGಬLQVWDOODWLRQHWGHIRQFWLRQQHPHQW
 $VVXUHUODV«FXULW«
/HVFRQGLWLRQVG
LQVWDOODWLRQHWGHVHUYLFHGHODPDFKLQHH[HUFHQWXQHJUDQGHLQIOXHQFHVXUODV«FXಣ
ULW«
/HVDYHUWLVVHPHQWVVRQWSODF«VGHYDQWFKDTXHRS«UDWLRQSRXYDQWUHSU«VHQWHUXQGDQJHU

/HQRQUHVSHFWGHVDYHUWLVVHPHQWVSHXWGRQQHUVXLWH¢GHVEOHVVXUHVJUDYHVYRLUHPRUWHOಣ
OHV

2EVHUYHUOHVFRQVLJQHVGHV«FXULW«

/HQRQUHVSHFWGHVFRQVLJQHVGHV«FXULW«SHXWGRQQHUVXLWH¢GHVEOHVVXUHVJUDYHVYRLUHPRUWHOಣ
OHV
ᇐ ,QWHUGLFWLRQVWULFWHGHSURGXLUHGXIHXXQHIODPPHQXHRXGHIXPHU
ᇐ /RUVGHWUDYDX[GHVRXGXUHVXUODPDFKLQHRX¢SUR[LPLW«SUHQGUHOHVPHVXUHVQ«FHVVDLUHV
DILQGಬ«YLWHUXQHLQIODPPDWLRQGHVSLªFHVGHODPDFKLQHRXGHVYDSHXUVRXEURXLOODUGVGಬKXLOH
SDUVXLWHGಬXQHSURMHFWLRQGಬ«WLQFHOOHVRXGHWURSIRUWHVWHPS«UDWXUHV
ᇐ 1HSDVHQWUHSRVHUGHPDW«ULDX[LQIODPPDEOHV¢SUR[LPLW«GHODPDFKLQH
ᇐ /DPDFKLQHQ
HVWSDVDQWLG«IODJUDQWH
1HSDVOಬH[SORLWHUGDQVOHV]RQHVR»GHVFRQGLWLRQVVS«FLILTXHVUHODWLYHV¢ODSURWHFWLRQDQWLG«ಣ
IODJUDQWHVRQW¢UHPSOLU
3DUH[HPSOHH[LJHQFHVGHFRQIRUPLW«¢ODQRUPH(* GLUHFWLYH$7(;UHODWLYHDX[DWPRVಣ
SKªUHVH[SORVLEOHV 
ᇐ 9HLOOHU¢XQ«FODLUDJHDSSURSUL«SHUPHWWDQWODOHFWXUHDLV«HGHVDIILFKDJHVHWODU«DOLVDWLRQGX
WUDYDLOHQWRXWHV«FXULW«
ᇐ 7HQLUXQH[WLQFWHXUDSSURSUL«¢SUR[LPLW«
ᇐ 2EVHUYHUOHVFRQGLWLRQVDPELDQWHVUHTXLVHV

4XHOTXHVH[HPSOHVGHFRQGLWLRQVDPELDQWHV¢UHPSOLU
႐ 7HPS«UDWXUHDPELDQWHHWKXPLGLW«GHO
DLU
႐ 4XDOLW«GHO
DLUGDQVODVDOOHGHVPDFKLQHV
࿺ SURSUHHWH[HPSWGHPDWLªUHVQRFLYHV SDUH[SRXVVLªUHVILEUHVVDEOHILQ
࿺ DEVHQFHGHJD]RXYDSHXUVH[SORVLEOHVRXODELOHV
࿺ DEVHQFHGHVXEVWDQFHVDFLGLILDQWHVEDVLILDQWHVDPPRQLDFFKORUHRXDFLGHVXOIK\GULTXHHQ
SDUWLFXOLHU

 &RQGLWLRQVGಬLQVWDOODWLRQ
 '«WHUPLQHUO
HPSODFHPHQWHWOHV«FDUWV
/DPDFKLQHHVWFRQ©XHSRXUXQHLQVWDOODWLRQGDQVXQHVDOOHDSSURSUL«H9RXVWURXYHUH]LFLOHVLQಣ
IRUPDWLRQVFRQFHUQDQWODYHQWLODWLRQGXORFDOFRPSUHVVHXUHWOHVGLVWDQFHV¢UHVSHFWHUSDUUDSSRUW
DX[PXUV
/HV«FDUWVVRQWGRQQ«V¢WLWUHLQGLFDWLISRXUDVVXUHUXQHDFFHVVLELOLW«SDUIDLWH¢WRXVOHVFRPಣ
SRVDQWVGHODPDFKLQH
ᇐ &RQVXOWHU.$(6(5RXXQGLVWULEXWHXUDJU««V
LOVQHSHXYHQWSDV¬WUHUHVSHFW«V

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 &RQGLWLRQVGಬLQVWDOODWLRQHWGHIRQFWLRQQHPHQW
 &RQGLWLRQVGಬLQVWDOODWLRQ

&RQGLWLRQ /HVROGXOLHXGಬLQVWDOODWLRQGRLW¬WUHKRUL]RQWDOIHUPHHWU«VLVWDQW¢ODFKDUJH

)LJ &RQVHLOG
LQVWDOODWLRQGLPHQVLRQV>PP@
$ 9HQWLODWHXUG
«YDFXDWLRQG
DLU
= 2ULILFHG
HQWU«HG
DLU

 $9,6
7HPS«UDWXUHDPELDQWHWURSEDVVH
/HVFRQGHQVDWVJHO«VHWXQHOXEULILFDWLRQLQVXIILVDQWHGXH¢ODYLVFRVLW«GHO
KXLOHPRWHXUSHXಣ
YHQW¬WUH¢O
RULJLQHGHGRPPDJHVDXG«PDUUDJH
ᇐ $YDQWODPLVHHQPDUFKHGHODPDFKLQHV
DVVXUHUTXHVDWHPS«UDWXUHQHVRLWSDVLQI«ULHXಣ
UH¢r&
ᇐ &KDXIIHUODVDOOHGDQVODTXHOOHODPDFKLQHHVWLQVWDOO«HRXLQVWDOOHUXQNLWKRUVJHO
 9HLOOHU¢XQ«FODLUDJHDSSURSUL«HW¢XQHDFFHVVLELOLW«SDUIDLWHDILQTXHOHVWUDYDX[VXUODPDFKLಣ
QHSXLVVHQW¬WUHU«DOLV«VVDQVDXFXQULVTXHQLREVWDFOH
 9HLOOHU¢FHTXHO
«FODLUDJHQHSURYRTXHSDVG
«EORXLVVHPHQWSRXYDQWJ¬QHUODOHFWXUHGHVDIILಣ
FKDJHVVXU«FUDQHW¢FHTXHO
«FUDQGHODFRPPDQGHQHVRLWSDVH[SRV«GLUHFWHPHQWDXUD\ಣ
RQQHPHQWVRODLUH UD\RQV89 TXLSRXUUDLWO
HQGRPPDJHU
 9HLOOHU¢FHTXHWRXVOHVRULILFHVG
HQWU«HHWGHVRUWLHG
DLUGHODFDUURVVHULHUHVWHQWRXYHUWV
 6LODPDFKLQHHVWLQVWDOO«H¢OಬH[W«ULHXUHOOHGRLW¬WUHSURW«J«HFRQWUHOHJHOOHVUD\RQVVRODLಣ
UHVODSOXLHHWODSRXVVLªUH

 $VVXUHUODYHQWLODWLRQGXORFDOFRPSUHVVHXU
/HORFDOFRPSUHVVHXUGRLWGLVSRVHUG
XQHYHQWLODWLRQVXIILVDQWHFHOOHFLUHPSOLWSOXVLHXUVIRQFWLRQV
႐ ‹YLWHUXQHG«SUHVVLRQGDQVOHORFDO
႐ 'LVVLSHUODFKDOHXUGHODPDFKLQHDILQGHJDUDQWLUOHVFRQGLWLRQVGHVHUYLFHUHTXLVHV

ᇐ &RQVXOWHU.$(6(5VLOHVFRQGLWLRQVG
XQHYHQWLODWLRQVXIILVDQWHGXORFDOFRPSUHVVHXUQH
SHXYHQWSDV¬WUHUHPSOLHV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 &RQGLWLRQVGಬLQVWDOODWLRQHWGHIRQFWLRQQHPHQW
 0DFKLQHUDFFRUG«H¢XQU«VHDXG
DLUFRPSULP«

 9HLOOHU¢FHTXHOಬHQWU«HGಬDLUVRLWDXPRLQVVXIILVDQWHSRXUFRPSHQVHUODFRQVRPPDWLRQGಬDLU
GHODPDFKLQHHWGXYHQWLODWHXUGಬ«YDFXDWLRQGಬDLU
 9HLOOHU¢FHTXHODPDFKLQHHWOHYHQWLODWHXUGಬ«YDFXDWLRQGಬDLUQHSXLVVHQW¬WUHH[SORLW«VTXHVL
O
RULILFHGಬHQWU«HGಬDLUHVWRXYHUW
 7HQLUOHVRULILFHVG
HQWU«HHWGHVRUWLHG
DLUG«JDJ«VHQSHUPDQHQFHSRXUTXHO
DLUSXLVVHFLUFXಣ
OHUOLEUHPHQWGDQVOHORFDOFRPSUHVVHXU
 *DUDQWLUXQDLUSURSUHIDYRUDEOHDXERQIRQFWLRQQHPHQWGHODPDFKLQH

 &RQFHYRLUXQHJDLQHG
«YDFXDWLRQG
DLU
/DPDFKLQHQHSHXWVXSSRUWHUF¶W«VHQWU«HHWVRUWLHG
DLUTX
XQHU«VLVWDQFHG
DLUGXH¢ODFRQVWUXFಣ
WLRQ7RXWHDXWUHU«VLVWDQFHHPS¬FKHODFLUFXODWLRQG
DLUHWFRPSURPHWOHUHIURLGLVVHPHQWGHODPDಣ
FKLQH
ᇐ &RQVXOWHUOH6$9.$(6(5RXXQGLVWULEXWHXUDJU««DYDQWGHG«WHUPLQHU
႐ 'LPHQVLRQQHPHQWGHODJDLQHG
«YDFXDWLRQ
႐ 5DFFRUGHPHQWPDFKLQHHWJDLQHG
«YDFXDWLRQ
႐ /RQJXHXUGHODJDLQH
႐ 1RPEUHGHFRXGHVGHFRQGXLW
႐ 6S«FLILFDWLRQVGHVUHJLVWUHVRXGLVSRVLWLIV¢YROHWV

,QIRUPDWLRQV 3RXUGHSOXVDPSOHVLQIRUPDWLRQVVXUOHVVS«FLILFDWLRQVGHODJDLQHG
«YDFXDWLRQG
DLUYRLUFKDSLಣ
VXSSO«PHQWDLUHV WUH

 0DFKLQHUDFFRUG«H¢XQU«VHDXG
DLUFRPSULP«
6LODPDFKLQHHVWUDFFRUG«H¢XQU«VHDXG
DLUFRPSULP«ODSUHVVLRQGHVHUYLFHPD[LGXU«VHDX
GಬDLUFRPSULP«QHGRLWSDVG«SDVVHUEDU &KLQHEDU 
/HJRQIODJHG
XQU«VHDXG
DLUFRPSULP«YLGHHQWUD°QHJ«Q«UDOHPHQWGHVYLWHVVHVGHFLUFXODWLRQ
G
DLUWUªV«OHY«HVGDQVOHVDSSDUHLOVGHWUDLWHPHQWG
DLUFRPSULP«&HVDSSDUHLOVQHSHXYHQWSDV
IRQFWLRQQHUFRUUHFWHPHQWGDQVFHVFRQGLWLRQV/DTXDOLW«GHO
DLUFRPSULP«VHG«JUDGH
3RXUJDUDQWLUODTXDOLW«GಬDLUFRPSULP«UHTXLVHLOHVWUHFRPPDQG«GಬLQVWDOOHUXQV\VWªPHGHPDLQಣ
WLHQGHSUHVVLRQSRXUXQJRQIODJHFRQWU¶O«GXU«VHDXGಬDLUFRPSULP«YLGH
ᇐ &RQVXOWHU.$(6(5RXXQGLVWULEXWHXUDJU««

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0RQWDJH
 $VVXUHUODV«FXULW«

 0RQWDJH
 $VVXUHUODV«FXULW«
9RXVWURXYHUH]LFLOHVFRQVLJQHVGHV«FXULW«TXLYRXVSHUPHWWURQWGHU«DOLVHUOHVWUDYDX[GHPRQWDಣ
JHHQWRXWHV«FXULW«
/HVDYHUWLVVHPHQWVVRQWSODF«VGHYDQWFKDTXHRS«UDWLRQSRXYDQWUHSU«VHQWHUXQGDQJHU

/HQRQUHVSHFWGHVDYHUWLVVHPHQWVSHXWGRQQHUVXLWH¢GHVEOHVVXUHVJUDYHVYRLUHPRUWHOಣ
OHV

2EVHUYHUOHVFRQVLJQHVGHV«FXULW«

/HQRQUHVSHFWGHVFRQVLJQHVGHV«FXULW«SHXWGRQQHUVXLWH¢GHVEOHVVXUHVJUDYHVYRLUHPRUWHOಣ
OHV
ᇐ 2EVHUYHUOHVFRQVLJQHVGRQQ«HVGDQVOHFKDSLWUHಯ6«FXULW«HWUHVSRQVDELOLW«ರ
ᇐ /HVWUDYDX[GHPRQWDJHQHGRLYHQW¬WUHU«DOLV«VTXHSDUXQSHUVRQQHOG
LQVWDOODWLRQDXWRULV«
ᇐ 6
DVVXUHUTXHSHUVRQQHQHWUDYDLOOHVXUODPDFKLQH
ᇐ 6
DVVXUHUTXHWRXVOHVSRUWHVGHVHUYLFHVRQWIHUP«HVHWWRXVOHVSDQQHDX[YLVV«V

7UDYDX[VXUOHVSLªFHVVRXVWHQVLRQ

/HFRQWDFWGHSLªFHVVRXVWHQVLRQSHXWGRQQHUVXLWH¢XQHG«FKDUJH«OHFWULTXH¢GHVEU½OXUHVRX
DXWUHVEOHVVXUHVJUDYHVYRLUHPRUWHOOHV
ᇐ /HVWUDYDX[VXUO
«TXLSHPHQW«OHFWULTXHQHGRLYHQW¬WUHU«DOLV«VTXHSDUXQ«OHFWULFLHQTXDOLIL«
ᇐ &RXSHUO
DOLPHQWDWLRQ«OHFWULTXHSDUOHFRXSHFLUFXLWHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
VಬDVVXUHUGHOಬDEVHQFHGHWHQVLRQ
ᇐ 6
DVVXUHUGHO
DEVHQFHGHWHQVLRQGHVFRQWDFWVVDQVSRWHQWLHO

7UDYDX[VXUOHFLUFXLWG
DLU

/ಬDLUFRPSULP«HVWGHOಬ«QHUJLHFRQFHQWU«H5LVTXHGHEOHVVXUHVJUDYHVORUVGHODG«WHQWH/HV
FRQVLJQHVGHV«FXULW«VXLYDQWHVVRQW¢REVHUYHUORUVGHWRXWHLQWHUYHQWLRQVXUOHVFRPSRVDQWVVXVಣ
FHSWLEOHVG
¬WUHVRXVSUHVVLRQ
ᇐ &RXSHURXLVROHUOHU«VHDXG
DLUFRPSULP«DILQG
«YLWHUOHUHIRXOHPHQWGHOಬDLUFRPSULP«GDQVOD
PDFKLQH
ᇐ '«FRPSULPHUFRPSOªWHPHQWWRXVOHVFRPSRVDQWVHWIOXLGHVVRXVSUHVVLRQ
ᇐ 6ಬDVVXUHU¢OಬDLGHGಬXQPDQRPªWUHSRUWDWLITXHODSUHVVLRQ¢FKDTXHUDFFRUGUDSLGHGXFLUFXLW
G
DLUFRPSULP«GHO
DSSDUHLOHVWGHEDU
ᇐ 1HSDVRXYULURXG«PRQWHUOHVVRXSDSHV

7UDYDX[VXUO
HQWUD°QHPHQW

/HFRQWDFWGHSLªFHVVRXVWHQVLRQSHXWGRQQHUVXLWH¢XQHG«FKDUJH«OHFWULTXH¢GHVEU½OXUHVRX
DXWUHVEOHVVXUHVJUDYHVYRLUHPRUWHOOHV
8QFRQWDFWDYHFOHYHQWLODWHXUO
DFFRXSOHPHQWRXO
HQWUD°QHPHQWSDUFRXUURLHSHQGDQWTXHODPDಣ
FKLQHHVWHQPDUFKHSHXWHQWUD°QHUGHVEOHVVXUHVJUDYHV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0RQWDJH
 6LJQDOHUOHVDYDULHVGHWUDQVSRUW

ᇐ &RXSHUO
DOLPHQWDWLRQ«OHFWULTXHSDUOHFRXSHFLUFXLWHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
VಬDVVXUHUGHOಬDEVHQFHGHWHQVLRQ
ᇐ 1HSDVRXYULUODPDFKLQHSHQGDQWODPDUFKH

,QIRUPDWLRQV /HVGRQQ«HVUHODWLYHVDXSHUVRQQHODXWRULV«VHWURXYHQWGDQVOHFKDSLWUH
VXSSO«PHQWDLUHV /HVGRQQ«HVUHODWLYHVDX[GDQJHUVVHWURXYHQWGDQVOHFKDSLWUH

 6LJQDOHUOHVDYDULHVGHWUDQVSRUW
 &RQWU¶OHUVRLJQHXVHPHQWODPDFKLQH¢ODOLYUDLVRQ
 (QFDVGಬDYDULHLQIRUPHULPP«GLDWHPHQWOHWUDQVSRUWHXUHWOHFRQVWUXFWHXUSDU«FULW

 5DFFRUGHUODPDFKLQHDXU«VHDXGvDLUFRPSULP«
/HVFRQGHQVDWVSU«VHQWVGDQVOHU«VHDXG
DLUFRPSULP«SHXYHQWHQGRPPDJHUOHVWX\DXWHಣ
ULHV
ᇐ 8WLOLVHUH[FOXVLYHPHQWGHVWX\DXWHULHVDQWLFRUURVLRQ
ᇐ 8WLOLVHUGHVMRLQWVHQ«ODVWRPªUHIOXRU«
ᇐ 7HQLUFRPSWHGHODSRVLWLRQGHVP«WDX[GDQVODV«ULHGHVWHQVLRQV«OHFWURFKLPLTXHV
ᇐ &RQVXOWHU.$(6(5SRXUOHFKRL[GHPDW«ULDX[DGDSW«VDXU«VHDXG
DLUFRPSULP«

&RQGLWLRQ /HU«VHDXGಬDLUFRPSULP«HVWFRPSOªWHPHQWG«FRPSULP«

)LJ &RQGXLWHGHUHIRXOHPHQW
 IOH[LEOHGHOLDLVRQ
 9DQQHG
DUU¬W

ᇐ $XFXQHIRUFHQHGRLW¬WUHWUDQVPLVH¢ODPDFKLQHSDUOHVUDFFRUGVODIRUFHGHFRPSUHVಣ
VLRQHVW¢FRPSHQVHUGHID©RQDSSURSUL«H

 $9(57,66(0(17
5LVTXHGHEOHVVXUHVJUDYHVSDUOHG«PRQWDJHRXOಬRXYHUWXUHGHFRPSRVDQWVVRXVSUHVVLRQ
ᇐ '«FRPSULPHUFRPSOªWHPHQWWRXVOHVFRPSRVDQWVHWOHVIOXLGHVVRXVSUHVVLRQ

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0RQWDJH
 5DFFRUGHPHQW«OHFWULTXH

 0RQWHUODYDQQHGಬDUU¬WH[WHUQHGDQVODFRQGXLWHGಬDLUFRPSULP«
 5DFFRUGHUOHIOH[LEOHGHOLDLVRQ

,QIRUPDWLRQV 7DLOOHHWSRVLWLRQGXUDFFRUGGvDLUFRPSULP«YRLUSODQGvHQFRPEUHPHQWDXFKDSLWUH
VXSSO«PHQWDLUHV

 5DFFRUGHPHQW«OHFWULTXH
&RQGLWLRQ 7RXVOHVS¶OHVGXEORFG
DOLPHQWDWLRQVRQWG«EUDQFK«V
OHVPHVXUHVRQW«W«SULVHVSRXUHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
O
DEVHQFHGHWHQVLRQD«W«FRQWU¶O«H

 /HUDFFRUGHPHQW«OHFWULTXHQHGRLW¬WUHHIIHFWX«TXHSDUXQSHUVRQQHOG
LQVWDOODWLRQKDELOLW«RX
SDUXQ«OHFWULFLHQTXDOLIL«
 3UHQGUHOHVPHVXUHVGHSURWHFWLRQQ«FHVVDLUHVFRQIRUP«PHQWDX[SUHVFULSWLRQVU«JOHPHQWDLಣ
UHV SDUH[,(&RX',19'( HWDX[SUHVFULSWLRQVORFDOHVHQYLJXHXUHQPDWLªUHGH
SU«YHQWLRQGHVDFFLGHQWV SRXUO
$OOHPDJQH%*9$ 3DUDLOOHXUVREVHUYHUOHVSUHVFULSWLRQV
GHVHQWUHSULVHVORFDOHVGHGLVWULEXWLRQG
«OHFWULFLW«
 &RQWU¶OHUOHVWHPSVGಬDUU¬WDGPLVVLEOHVGXV\VWªPHGHSURWHFWLRQFRQWUHODVXUWHQVLRQ IXVLEOH
HQFDVG
XQG«IDXW
 /HVVHFWLRQVGHF¤EOHVHWF¤OLEUHVGHIXVLEOHVGRLYHQW¬WUHFRQIRUPHVDX[SUHVFULSWLRQVORFDOHV
 /DPDFKLQHHVW¢«TXLSHUGಬXQFRXSHFLUFXLWYHUURXLOODEOHH[WHUQH
,OSHXWVಬDJLUSDUH[GಬXQVHFWLRQQHXU¢FRXSXUHHQFKDUJHDYHFIXVLEOHVHQV«ULH6LXQGLVಣ
MRQFWHXUHVWXWLOLV«REVHUYHUOHVFDUDFW«ULVWLTXHVGHG«PDUUDJHPRWHXU
 &RQWU¶OHUOHUDFFRUGHPHQWGXWUDQVIRUPDWHXUHQIRQFWLRQGHODWHQVLRQU«VHDX
(QFDVGHEHVRLQUHFRQQHFWHUOHWUDQVIRUPDWHXUHQIRQFWLRQGHODSUHVVLRQU«VHDX
 '$1*(5
'DQJHUGHPRUWSDU«OHFWURFXWLRQ
ᇐ '«EUDQFKHUWRXVOHVS¶OHVGXEORFGಬDOLPHQWDWLRQHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
VಬDVVXUHUGHOಬDEVHQFHGHWHQVLRQ
 5«DOLVHUOHUDFFRUGHPHQWDXU«VHDX«OHFWULTXH
 6
DVVXUHUTXHOHQLYHDXGHSURWHFWLRQ,3VRLWGHQRXYHDXDWWHLQWSRXUO
DUPRLUH«OHFWULTXH

,QIRUPDWLRQV ,QIRUPDWLRQVVXSSO«PHQWDLUHVUHODWLYHVDXUDFFRUGHPHQW«OHFWULTXHYRLUVFK«PD«OHFWULTXHGDQV
VXSSO«PHQWDLUHV FKDSLWUH

 5DFFRUGHUODU«JXODWLRQ&KDUJH0DUFKH¢YLGHSDUFRQWDFWGLVWDQFH
0DW«ULHO 7RXUQHYLV',1$ದ[PP
7X\DXIOH[LEOHದPP ORJXHXUPD[L/¦QJHPUHFRPPDQG«1<6/<˜[PP

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0RQWDJH
 2SWLRQV

)LJ 3ULVHV6,*0$&21752/%$6,&
 (QWU«H,&RQWDFW
 $OLPHQWDWLRQ9&&&RQWDFW

 3RVHUOHF¤EOHWHWHOOHVRUWHTX
DXFXQHIRUFHQHVRLWH[HUF«HVXUOHF¤EOH¢O
RXYHUWXUHGHOD
SRUWHGHO
DUPRLUH«OHFWULTXH
 '«QXGHUOHVHPERXWVGHPP
 2XYULUOHVGLVSRVLWLIVGHVHUUDJH¢UHVVRUW¢O
DLGHG
XQWRXUQHYLVHWLQWURGXLUHOHVHPERXWVGDQV
OHVRXYHUWXUHVFDUU«HVDXGHVVXVGXVHUUHF¤EOHFRUUHVSRQGDQW
 3URW«JHUOHF¤EOHFRQWUHODWHQVLRQP«FDQLTXHDXQLYHDXGHODILFKHGHUDFFRUGHPHQW;
 &DOIHXWUHUGHQRXYHDXOಬHQWU«HGHVF¤EOHVGHPDQLªUH¢HPS¬FKHUWRXWHLQILOWUDWLRQGHFRUSV
«WUDQJHUVHWGಬKXPLGLW«

 2SWLRQV
 2SWLRQ+
)L[HUODPDFKLQH
ᇐ )L[HUODPDFKLQHDXVRO¢OಬDLGHGಬ«O«PHQWVGHIL[DWLRQDSSURSUL«V

,QIRUPDWLRQV 'LPHQVLRQVGHVWURXVGHIL[DWLRQYRLUSODQGಬHQFRPEUHPHQWGDQVFKDSLWUH
VXSSO«PHQWDLUHV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0LVHHQVHUYLFH
 $VVXUHUODV«FXULW«

 0LVHHQVHUYLFH
 $VVXUHUODV«FXULW«
9RXVWURXYHUH]LFLOHVFRQVLJQHVGHV«FXULW«TXLSHUPHWWURQWXQHPLVHHQVHUYLFHGHODPDFKLQHHQ
WRXWHV«FXULW«
/HVDYHUWLVVHPHQWVVRQWSODF«VGHYDQWFKDTXHRS«UDWLRQSRXYDQWUHSU«VHQWHUXQGDQJHU

/HQRQUHVSHFWGHVDYHUWLVVHPHQWVSHXWGRQQHUVXLWH¢GHVEOHVVXUHVJUDYHVYRLUHPRUWHOಣ
OHV

2EVHUYHUOHVFRQVLJQHVGHV«FXULW«

/HQRQUHVSHFWGHVFRQVLJQHVGHV«FXULW«SHXWGRQQHUVXLWH¢GHVEOHVVXUHVJUDYHVYRLUHPRUWHOಣ
OHV
ᇐ 2EVHUYHUOHVFRQVLJQHVGRQQ«HVGDQVOHFKDSLWUHಯ6«FXULW«HWUHVSRQVDELOLW«ರ
ᇐ /HVWUDYDX[SRXUODPLVHHQVHUYLFHQHGRLYHQW¬WUHHIIHFWX«VTXHSDUXQSHUVRQQHOG
LQVWDOODಣ
WLRQDXWRULV«
ᇐ 6
DVVXUHUTXHSHUVRQQHQHWUDYDLOOHVXUODPDFKLQH
ᇐ 6
DVVXUHUTXHWRXVOHVSRUWHVGHVHUYLFHVRQWIHUP«HVHWWRXVOHVSDQQHDX[YLVV«V

7UDYDX[VXUOHVSLªFHVVRXVWHQVLRQ

/HFRQWDFWGHSLªFHVVRXVWHQVLRQSHXWGRQQHUVXLWH¢XQHG«FKDUJH«OHFWULTXH¢GHVEU½OXUHVRX
DXWUHVEOHVVXUHVJUDYHVYRLUHPRUWHOOHV
ᇐ /HVWUDYDX[VXUO
«TXLSHPHQW«OHFWULTXHQHGRLYHQW¬WUHU«DOLV«VTXHSDUXQ«OHFWULFLHQTXDOLIL«
ᇐ &RXSHUO
DOLPHQWDWLRQ«OHFWULTXHSDUOHFRXSHFLUFXLWHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
VಬDVVXUHUGHOಬDEVHQFHGHWHQVLRQ
ᇐ 6
DVVXUHUGHO
DEVHQFHGHWHQVLRQGHVFRQWDFWVVDQVSRWHQWLHO

7UDYDX[VXUOHFLUFXLWG
DLU

/ಬDLUFRPSULP«HVWGHOಬ«QHUJLHFRQFHQWU«H5LVTXHGHEOHVVXUHVJUDYHVORUVGHODG«WHQWH/HV
FRQVLJQHVGHV«FXULW«VXLYDQWHVVRQW¢REVHUYHUORUVGHWRXWHLQWHUYHQWLRQVXUOHVFRPSRVDQWVVXVಣ
FHSWLEOHVG
¬WUHVRXVSUHVVLRQ
ᇐ &RXSHURXLVROHUOHU«VHDXG
DLUFRPSULP«DILQG
«YLWHUOHUHIRXOHPHQWGHOಬDLUFRPSULP«GDQVOD
PDFKLQH
ᇐ '«FRPSULPHUFRPSOªWHPHQWWRXVOHVFRPSRVDQWVHWIOXLGHVVRXVSUHVVLRQ
ᇐ 6ಬDVVXUHU¢OಬDLGHGಬXQPDQRPªWUHSRUWDWLITXHODSUHVVLRQ¢FKDTXHUDFFRUGUDSLGHGXFLUFXLW
G
DLUFRPSULP«GHO
DSSDUHLOHVWGHEDU
ᇐ 1HSDVRXYULURXG«PRQWHUOHVVRXSDSHV

7UDYDX[VXUO
HQWUD°QHPHQW

/HFRQWDFWGHSLªFHVVRXVWHQVLRQSHXWGRQQHUVXLWH¢XQHG«FKDUJH«OHFWULTXH¢GHVEU½OXUHVRX
DXWUHVEOHVVXUHVJUDYHVYRLUHPRUWHOOHV
8QFRQWDFWDYHFOHYHQWLODWHXUO
DFFRXSOHPHQWRXO
HQWUD°QHPHQWSDUFRXUURLHSHQGDQWTXHODPDಣ
FKLQHHVWHQPDUFKHSHXWHQWUD°QHUGHVEOHVVXUHVJUDYHV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0LVHHQVHUYLFH
 ,QVWUXFWLRQV¢VXLYUHDYDQWFKDTXHPLVHHQVHUYLFH

ᇐ &RXSHUO
DOLPHQWDWLRQ«OHFWULTXHSDUOHFRXSHFLUFXLWHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
VಬDVVXUHUGHOಬDEVHQFHGHWHQVLRQ
ᇐ 1HSDVRXYULUODPDFKLQHSHQGDQWODPDUFKH

,QIRUPDWLRQV /HVGRQQ«HVUHODWLYHVDXSHUVRQQHODXWRULV«VHWURXYHQWGDQVOHFKDSLWUH
VXSSO«PHQWDLUHV /HVGRQQ«HVUHODWLYHVDX[GDQJHUVVHWURXYHQWGDQVOHFKDSLWUH

 ,QVWUXFWLRQV¢VXLYUHDYDQWFKDTXHPLVHHQVHUYLFH
8QHPLVHHQVHUYLFHLQFRUUHFWHRXQRQFRQIRUPHSHXWHQWUD°QHUGHVGRPPDJHVFRUSRUHOVHWXQH
G«W«ULRUDWLRQGHODPDFKLQH
ᇐ /DPLVHHQVHUYLFHQHSHXW¬WUHHIIHFWX«HTXHSDUXQSHUVRQQHOG
LQVWDOODWLRQHWG
HQWUHWLHQDXಣ
WRULV«HWIRUP«VXUFHWWHPDFKLQH

0HVXUHVSDUWLFXOLªUHVSRXUODPLVHHQVHUYLFHDSUªVXQVWRFNDJHXQDUUU¬W

6WRFNDJH$UU¬W 0HVXUH
GHSOXVGH
PRLV ᇐ 5HPSOLUPDQXHOOHPHQWOHEORFFRPSUHVVHXUG
KXLOHGHUHIURLGLVVHPHQW
PRLV ᇐ &KDQJHUOHILOWUH¢KXLOH
ᇐ &KDQJHUODFDUWRXFKHV«SDUDWULFHG
KXLOH
ᇐ 9LGDQJHUO
KXLOHGHUHIURLGLVVHPHQW
ᇐ )DLUHFRQWU¶OHUOHVURXOHPHQWVPRWHXUSDUOH6$9.$(6(5RXSDUXQGLVWULEXಣ
WHXUDJU««
PRLV ᇐ )DLUHHIIHFWXHUXQFRQWU¶OHWHFKQLTXHGHOಬ«WDWJ«Q«UDOSDUOH6$9.$(6(5RX
SDUXQGLVWULEXWHXUDJU««

7DE 0LVHHQVHUYLFHDSUªVXQVWRFNDJHXQDUU¬W

 9«ULILHUOHVFRQGLWLRQVGಬLQVWDOODWLRQHWGHIRQFWLRQQHPHQW
ᇐ 1HPHWWUHODPDFKLQHHQVHUYLFHTXHVLWRXWHVOHVFRQGLWLRQV«QXP«U«HVGDQVODOLVWHGHFRQಣ
WU¶OHVRQWSDUIDLWHPHQWUHPSOLHV

‚FRQWU¶OHU YRLU &RQGLWLRQ


FKDSLWUH UHPSOLH"
ᇐ /HSHUVRQQHORS«UDQWDWLOSULVFRQQDLVVDQFHGHVFRQVLJQHVGHV«FXಣ ದ
ULW«"
ᇐ 7RXWHVOHVFRQGLWLRQVGಬLQVWDOODWLRQVRQWHOOHVUHPSOLHV" 
ᇐ /HFRXSHFLUFXLWYHUURXLOODEOHH[WHUQHHVWLOLQVWDOO«" 
ᇐ /DWHQVLRQU«VHDXGLVSRQLEOHFRUUHVSRQGHOOHELHQDX[GRQQ«HVGHOD 
SODTXHFRQVWUXFWHXU"
ᇐ /HGLPHQVLRQQHPHQWGHVVHFWLRQVGHF¤EOHVHWOHVFDOLEUHVGHVIXVLಣ 
EOHVVRQWLOVFRUUHFWV"
ᇐ /HUHODLVGHVXUFKDUJHGXPRWHXUFRPSUHVVVHXUHVWLOU«JO«HQIRQFWLRQ 
GHODWHQVLRQU«VHDX"

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0LVHHQVHUYLFH
 5«JOHUOHUHODLVGHVXUFKDUJH

‚FRQWU¶OHU YRLU &RQGLWLRQ


FKDSLWUH UHPSOLH"
ᇐ /DIL[DWLRQGHWRXWHVOHVYLVGHVERUQHV«OHFWULTXHVDWHOOH«W«FRQWU¶ಣ ದ
O«H"
ᇐ /HFRQWU¶OHDWLO«W«UHQRXYHO«KHXUHVGHVHUYLFHDSUªVODSUHPLªUH
PLVHHQPDUFKH"
ᇐ 9DQQHGಬDUU¬WPRQW«HVXUODVRUWLHGಬDLUFRPSULP«" 
ᇐ /HUDFFRUGHPHQWDXU«VHDXGಬDLUFRPSULP«SDUXQIOH[LEOHRXXQFRPಣ 
SHQVDWHXUD[LDODWLO«W«U«DOLV«"
ᇐ <DWLOVXIILVDPPHQWGಬKXLOHGHUHIURLGLVVHPHQWGDQVOHU«VHUYRLUV«SDಣ 
UDWHXUGಬKXLOH"
ᇐ %ORFFRPSUHVVHXUUHPSOLGHODTXDQWLW«GಬKXLOHQ«FHVVDLUH" 
ᇐ /DPDFKLQHHVWHOOHVROLGHPHQWYLVV«HDXVRO" 
2SWLRQ+
ᇐ /HSRVLWLRQQHPHQWGXFRQWDFWHXUGHV«FXULW«D«W«DMXVW«OHERQIRQFಣ 
WLRQQHPHQWFRQWU¶O«
ᇐ 7RXWHVOHVSRUWHVVRQWHOOHVIHUP«HVHWOHVSDQQHDX[UHPLVHQSODFHHW ದ
YLVV«V"

7DE /LVWHGHFRQWU¶OH&RQGLWLRQVGಬLQVWDOODWLRQ

 5«JOHUOHUHODLVGHVXUFKDUJH
3RXUOHVYDOHXUVGHU«JODJHGXUHODLVGHVXUFKDUJHYRLUOHVFK«PD«OHFWULTXHGDQVFKDSLWUH
(QG«PDUUDJH«WRLOHWULDQJOHOHFRXUDQWSDVVHSDUOHUHODLVGHVXUFKDUJH/
LQWHQVLW«GHFHFRXUDQW
HVWGHSRXUFHQWVXS«ULHXUH¢O
LQWHQVLW«GXPRWHXUG
HQWUD°QHPHQW
$ILQG
«YLWHUTXHOHUHODLVGHVXUFKDUJHQHVHG«FOHQFKHVXLWH¢GHVYDULDWLRQVGHWHQVLRQHIIHWVGH
WHPS«UDWXUHVRXWRO«UDQFHVGHVFRPSRVDQWVODYDOHXUSU«U«JO«HSHXW¬WUHVXS«ULHXUH¢O
LQWHQVLW«
WK«RULTXHSDUSKDVHG
HQURXOHPHQW
ᇐ &RQWU¶OHUOHU«JODJHGXUHODLVGHVXUFKDUJH
/HUHODLVGHVXUFKDUJHHVWU«JO«FRUUHFWHPHQWPDLVDUU¬WHODPDFKLQH"
ᇐ &RQVXOWHUOH6$9.$(6(5RXXQGLVWULEXWHXUDJU««

 )DLUHO
DSSRLQWGಬKXLOHGHUHIURLGLVVHPHQWGDQVOHEORFGHFRPSUHVಣ
VLRQ
/HEORFFRPSUHVVHXUGRLW¬WUHUHPSOLPDQXHOOHPHQWGಬKXLOHGHUHIURLGLVVHPHQWDYDQWODSUHPLªUH
PLVHHQVHUYLFHHWDYDQWODUHPLVHHQVHUYLFHDSUªVXQDUU¬WGHSOXVGHPRLV$ILQG
«YLWHUTXH
O
KXLOHGHUHIURLGLVVHPHQWQHV
«OªYHDXGHO¢GXQLYHDXPD[LSXUJHUODTXDQWLW«Q«FHVVDLUHGXU«ಣ
VHUYRLUV«SDUDWHXUG
KXLOHG«FRPSULP«
,QIRUPDWLRQVVXSSO«PHQWDLUHVVXUODSXUJHG
KXLOHGHUHIURLGLVVHPHQWGXU«VHUYRLUV«SDUDWHXUG
KXLಣ
OHYRLUFKDSLWUHO

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0LVHHQVHUYLFH
 0HWWUHHQPDUFKHHWDUU¬WHUODU«JXODWLRQ352*5(66,9(

0DW«ULHO OG
KXLOHGHUHIURLGLVVHPHQW

&RQGLWLRQ 7RXVOHVS¶OHVGXEORFG
DOLPHQWDWLRQVRQWG«EUDQFK«V
OHVPHVXUHVRQW«W«SULVHVSRXUHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
O
DEVHQFHGHWHQVLRQD«W«FRQWU¶O«H

)LJ 2ULILFHGHUHPSOLVVDJHVRXSDSHG
DVSLUDWLRQ
 %RXFKRQ
 6RXSDSHG
DVSLUDWLRQGಬDLU

 '«YLVVHUOHERXFKRQGHODVRXSDSHG
DVSLUDWLRQ
 9HUVHUO
KXLOHGHUHIURLGLVVHPHQWGDQVOHEORFFRPSUHVVHXUHWYLVVHUOHERXFKRQ
 )DLUHWRXUQHUOHEORFFRPSUHVVHXUPDQXHOOHPHQWSDUODSRXOLHGHID©RQ¢FHTXHO
KXLOHGHUHಣ
IURLGLVVHPHQWVHU«SDUWLVVHXQLIRUP«PHQW

 2SWLRQ&
0HWWUHHQPDUFKHHWDUU¬WHUODU«JXODWLRQ352*5(66,9(
8QHYDQQHG
DUU¬WYRXVSHUPHWGHPHWWUHHQPDUFKHHWG
DUU¬WHUODU«JXODWLRQ352*5(66,9(
/RUVTXHODU«JXODWLRQ352*5(66,9(HVWDUU¬W«HODPDFKLQHHQ&+$5*(IRXUQLWWRXMRXUVOHG«ELW
G
DLUFRPSULP«PD[LPDOSRVVLEOH

5«JXODWLRQ352*5(66,9( 9DQQHGಬDUU¬W
0LVHHQPDUFKH 2XYULU
$UU¬W )HUPHU

7DE 5«JXODWLRQ352*5(66,9(U«JOHUODYDQQHG
DUU¬W

&RQGLWLRQ 7RXVOHVS¶OHVGXEORFG
DOLPHQWDWLRQVRQWG«EUDQFK«V
OHVPHVXUHVRQW«W«SULVHVSRXUHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
O
DEVHQFHGHWHQVLRQD«W«FRQWU¶O«H

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0LVHHQVHUYLFH
 3UHPLªUHPLVHHQFLUFXLWGHODPDFKLQH

)LJ 5«JXODWLRQ352*5(66,9(U«JOHUODYDQQHG
DUU¬W
 9DQQHGHU«JXODWLRQ U«JXODWHXUSURJUHVVLI
 9DQQHGಬDUU¬W

ᇐ 2XYULURXIHUPHUODYDQQHG
DUU¬WVHORQOHPRGHGHU«JXODWLRQUHTXLV
/DYDQQHGHU«JXODWLRQHVWU«JO«HHQXVLQH7RXWHPRGLILFDWLRQQHSHXW¬WUHHQWUHSULVH
TX
DSUªVFRQVXOWDWLRQGX6$9.$(6(5RXG
XQGLVWULEXWHXUDJU««

 3UHPLªUHPLVHHQFLUFXLWGHODPDFKLQH
/HVPDFKLQHVGHFHWWHV«ULHQHVRQWJ«Q«UDOHPHQWVRXPLVHVTX
¢XQHIDLEOHVROOLFLWDWLRQ8QHWURS
IDLEOHVROOLFLWDWLRQSHXWHQWUD°QHUODIRUPDWLRQGHFRQGHQVDWVTXLSHXYHQWPRGLILHUOHVSURSUL«W«VGH
O
KXLOHGHUHIURLGLVVHPHQWHWHQGRPPDJHUODPDFKLQH3RXUG«FHOHUODSU«VHQFH«YHQWXHOOHGHFRQಣ
GHQVDWVSURF«GHU¢GHVSU«OªYHPHQWVS«ULRGLTXHVG
KXLOHGHUHIURLGLVVHPHQWGXUDQWOHVSUHPLªUHV
VHPDLQHVDSUªVODPLVHHQVHUYLFH

&RQGLWLRQ 3HUVRQQHQHWUDYDLOOHVXUODPDFKLQH
7RXWHVOHVSRUWHVGHVHUYLFHVRQWIHUP«HV
7RXVOHVSDQQHDX[VRQWPLVHQSODFHHWYHUURXLOO«V

 2XYULUODYDQQHGಬDUU¬WHQDPRQWGXU«VHDXGಬDLUFRPSULP«
 (QFOHQFKHUOHFRXSHFLUFXLW
$SUªVOHFRQWU¶OHDXWRPDWLTXHGHODFRPPDQGHOD/('YHUWH7HQVLRQV
DOOXPHIL[H
 $SSX\HUVXUODWRXFKHm0$5&+(}
/D/('YHUWH0DFKLQH0$5&+(V
DOOXPHIL[H
/HPRWHXUG«PDUUHHWSHXDSUªVODPDFKLQHSHUPXWHVXU&+$5*(HWG«ELWH
ᇐ /DPDFKLQHGRLW¬WUHVXUYHLOO«HSHQGDQWOHVSUHPLªUHVKHXUHVGHIRQFWLRQQHPHQWDILQGH
G«FHOHUWRXWG«IDXW«YHQWXHO
ᇐ &RQWU¶OHUODIL[DWLRQGHWRXWHVOHVYLVGHVERUQHV«OHFWULTXHVKHXUHVGHVHUYLFHDSUªV
ODSUHPLªUHPLVHHQVHUYLFH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0LVHHQVHUYLFH
 5«JOHUODSUHVVLRQQRPLQDOHU«VHDX

'«FHOHUODSU«VHQFHGHFRQGHQVDWVQ«IDVWHV

6LOHVFRQGLWLRQVG
XWLOLVDWLRQG«SDVVHQWFHVGRQQ«HVLQGLFDWLYHVLOHVWSHXSUREDEOHTXHGHVFRQಣ
GHQVDWVVHIRUPHQWGXUDEOHPHQW
6; 6; 6; 6;
&RQVRPPDWLRQG
DLUFRPಣ    
SULP« >OPLQ@
PR\HQQH
&RQVRPPDWLRQG
DLUFRPಣ    
SULP« VXUK>P@
7HPSVGHPDUFKHPLQL    
>@
5DSSRUW«H¢XQHSUHVVLRQU«VHDXQRPLQDOHGHEDU
3URSRUWLRQGHWHPSVHQ&+$5*(VXUXQHGXU«HG
XWLOLVDWLRQGHKHXUHVSDUMRXU
&RQGLWLRQ7HPS«UDWXUHDPELDQWH!r&

7DE (PS¬FKHUODIRUPDWLRQGHFRQGHQVDWV

$YDQWG
HQWUHSUHQGUHOHSU«OªYHPHQWG
KXLOHGHUHIURLGLVVHPHQWOLUHDWWHQWLYHPHQWOHVLQVಣ
WUXFWLRQVGRQQ«HVDILQGHSRXYRLUU«DOLVHUFHWWHRS«UDWLRQHQWRXWHV«FXULW«

 3HQGDQWDXPRLQVOHVSUHPLªUHVVHPDLQHVVXLYDQWODPLVHHQVHUYLFHGHODPDFKLQHSU«OHಣ
YHUXQHIRLVSDUVHPDLQHXQHSHWLWHTXDQWLW«G
KXLOHGHUHIURLGLVVHPHQWGDQVXQU«FLSLHQWWUDQVಣ
SDUHQWU«VLVWDQW¢O
KXLOH
 /DLVVHUO
KXLOHGHUHIURLGLVVHPHQWUHSRVHUHQYLURQKHXUH

5«VXOWDW 6LHOOHFRQWLHQWGHVFRQGHQVDWVFHX[FLVHG«SRVHQWDXIRQGGXU«FLSLHQW

3U«VHQFHGHFRQGHQVDWVGDQVO
KXLOHGHUHIURLGLVVHPHQW"
ᇐ &RQVXOWHUOH6$9.$(6(5RXXQGLVWULEXWHXUDJU««

ᇐ /
KXLOHGHUHIURLGLVVHPHQWHVW¢«OLPLQHUFRQIRUP«PHQWDX[GLVSRVLWLRQVUHODWLYHV¢OD
SURWHFWLRQGHO
HQYLURQQHPHQW

,QIRUPDWLRQV ,QIRUPDWLRQVUHODWLYHVDXSU«OªYHPHQWG
KXLOHGHUHIURLGLVVHPHQWYRLUFKDSLWUH
VXSSO«PHQWDLUHV

 5«JOHUODSUHVVLRQQRPLQDOHU«VHDX
/DSUHVVLRQQRPLQDOHU«VHDX SUHVVLRQG
DUU¬W D«W«U«JO«HHQXVLQH¢ODSUHVVLRQGHVHUYLFHPD[Lಣ
PDOHDGPLVVLEOHGHODPDFKLQH
8QHDGDSWDWLRQGHODSUHVVLRQDX[FRQGLWLRQVGHVHUYLFHLQGLYLGXHOOHVHVWQ«FHVVDLUH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0LVHHQVHUYLFH
 &RQWU¶OHUOHFRQWDFWGHV«FXULW«GHSRUWH

/DSUHVVLRQQRPLQDOHU«VHDXGHODPDFKLQHQHGRLWSDV¬WUHVXS«ULHXUH¢ODSUHVVLRQGHVHUಣ
YLFHPD[LPDOHGXU«VHDXG
DLUFRPSULP«UDFFRUG«
/DPDFKLQHQHGRLWSDVSHUPXWHUHQWUH&+$5*(HW0$5&+(‚9,'(SOXVGHIRLVSDUPLಣ
QXWH
3RXURSWLPLVHUODIU«TXHQFHGHFRPPXWDWLRQ
ᇐ $XJPHQWHUO
«FDUWHQWUHOHVSUHVVLRQVG
HQFOHQFKHPHQWHWG
DUU¬W
ᇐ $XJPHQWHUOHYROXPHGHVWRFNDJHGHO
DLUFRPSULP«SDUO
LQVWDOODWLRQHQDYDOG
XQSOXV
JUDQGU«VHUYRLUWDPSRQ

3UHVVLRQQRPLQDOHU«VHDX3RLQWGHFRPPXWDWLRQ

 $SSX\HUVXUOHVWRXFKHV¢IOªFKHMXVTX
¢FHTXHVXUODOLJQHGHVSDUDPªWUHV'ಯ3UHVVLRQQRಣ
PLQDOHU«VHDXSRLQWGHFRPPXWDWLRQರVRLWDIILFK«
 $SSX\HUVXUODWRXFKHm9DOLGDWLRQ}SHQGDQWDXPRLQVVMXVTX
¢FHTXHO
LQGLFDWHXU FXUVHXU
FOLJQRWH
 6«OHFWLRQQHUOHSRLQWGHFRPPXWDWLRQVRXKDLW«¢O
DLGHGHVWRXFKHV¢IOªFKHHWYDOLGHUSDUOD
WRXFKHm9DOLGDWLRQ}

3UHVVLRQQRPLQDOHU«VHDX(FDUWGHU«JXODWLRQ

/
«FDUWGHU«JXODWLRQHVWU«JO«HQXVLQH$MXVWHUOHVSDUDPªWUHVVLODIU«TXHQFHGHFRPPXWDWLRQHVW
WURS«OHY«H
 $SSX\HUVXUOHVWRXFKHV¢IOªFKHMXVTX
¢FHTXHVXUODOLJQHGHVSDUDPªWUHV&ಯ3UHVVLRQQRಣ
PLQDOHU«VHDX«FDUWGHU«JXODWLRQVRLWDIILFK«
 $SSX\HUVXUODWRXFKHm9DOLGDWLRQ}SHQGDQWDXPRLQVVMXVTX
¢FHTXHO
LQGLFDWHXU FXUVHXU
FOLJQRWH
 6«OHFWLRQQHUO
«FDUWGHU«JXODWLRQVRXKDLW«¢O
DLGHGHVWRXFKHV¢IOªFKHHWYDOLGHUSDUODWRXFKH
m9DOLGDWLRQ}

 &RQWU¶OHUOHFRQWDFWGHV«FXULW«GHSRUWH
/HFRQWDFWGHV«FXULW«GHSRUWHDUU¬WHODPDFKLQHGªVTXHOHSDQQHDXDYDQWHVWRXYHUW
$YDQWFKDTXHPLVHHQVHUYLFHGHODPDFKLQHFRQWU¶OHUOHERQIRQFWLRQQHPHQWGXFRQWDFWGHV«FXಣ
ULW«GHSRUWH
/HFRQWDFWGHV«FXULW«GHSRUWHHVWXQ«O«PHQWHVVHQWLHOGHV«FXULW«
/DPDFKLQHQHSHXW¬WUHH[SORLW«HTXHVLOHFRQWDFWGHV«FXULW«GHSRUWHHVWHQSDUIDLW«WDWGH
IRQFWLRQQHPHQW

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0LVHHQVHUYLFH
 &RQWU¶OHUOHFRQWDFWGHV«FXULW«GHSRUWH

)LJ 3RVLWLRQFRQWDFWGHV«FXULW«GHSRUWH
 &RQWDFWGHV«FXULW«GHSRUWH
 3DQQHDXH[W«ULHXU

 $SUªVODPLVHHQPDUFKHGHODPDFKLQHRXYULUOHSDQQHDXH[W«ULHXU  
/DPDFKLQHV
DUU¬WHDXWRPDWLTXHPHQW/DFRPPDQGHHQYRLHXQHVLJQDOLVDWLRQGHG«IDXW
 )HUPHUOHSDQQHDXHWDFTXLWWHUODVLJQDOLVDWLRQGHG«IDXW
/DPDFKLQHQHV
DUU¬WHSDV"
ᇐ )DLUHFRQWU¶OHUOHFRQWDFWGHV«FXULW«GHSRUWHSDUOH6$9.$(6(5RXSDUXQGLVWULEXWHXU
DJU««

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 )RQFWLRQQHPHQW
 0LVHHQPDUFKHHWDUU¬W

 )RQFWLRQQHPHQW
 0LVHHQPDUFKHHWDUU¬W
/DPDFKLQHGRLWWRXMRXUV¬WUHPLVHHQPDUFKH¢O
DLGHGHODWRXFKHm0$5&+(}HWDUU¬W«H¢O
DLGH
GHODWRXFKHm$55Œ7}
/HFRXSHFLUFXLWHVWLQVWDOO«VXUOHOLHXGಬLQVWDOODWLRQ

)LJ 0LVHHQPDUFKHHWDUU¬W
 9R\DQWOXPLQHX[0DFKLQH0$5&+( YHUW  7RXFKHm$55Œ7}
 7RXFKHm0$5&+(}  9R\DQWOXPLQHX[7HQVLRQ YHUW

 0LVHHQFLUFXLW
&RQGLWLRQ 3HUVRQQHQHWUDYDLOOHVXUODPDFKLQH
7RXWHVOHVSRUWHVGHVHUYLFHVRQWIHUP«HVHWOHVSDQQHDX[YHUURXLOO«V

 (QFOHQFKHUOHFRXSHFLUFXLW
$SUªVXQFRQWU¶OHDXWRPDWLTXHGHODFRPPDQGHOHYR\DQWOXPLQHX[YHUW7HQVLRQV
DOOXPH
 $SSX\HUVXUODWRXFKHm0$5&+(}
/HYR\DQWOXPLQHX[YHUW0DFKLQH0$5&+(V
DOOXPH
(QFDVGHFRXSXUHGHFRXUDQWODPDFKLQHQ
HVWSDVSURW«J«HFRQWUHXQG«PDUUDJHDXWRPDWLಣ
TXH
(OOHSHXWUHG«PDUUHUDXWRPDWLTXHPHQWDSUªVODFRXSXUHGHFRXUDQW

5«VXOWDW /HPRWHXUFRPSUHVVHXUG«PDUUHGªVTXHODSUHVVLRQU«VHDXHVWLQI«ULHXUH¢ODSUHVVLRQQRPLQDOH
U«VHDXSU«U«JO«H SUHVVLRQG
DUU¬W 

 0LVHKRUVFLUFXLW
/DPDFKLQHHVWDUU¬W«HDYHFP«QDJHPHQWDSUªVXQWHPSVGHIRQFWLRQQHPHQW¢YLGHU«JO«VXUVRQ
U«JLPH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 )RQFWLRQQHPHQW
 $UU¬WHWPLVHHQURXWHHQFDVGಬXUJHQFH

&+$5*( 0$5&+(‚9,'(
/DPDFKLQHSHUPXWHVXU0$5&+(‚9,'( /HPRWHXUFRPSUHVVHXUV
DUU¬WHLPP«GLDWHಣ
/HYR\DQWOXPLQHX[0DFKLQH0$5&+(FOLJQRWH PHQW
/HFRPSUHVVHXUV
DUU¬WHVHFRQGHVDSUªV /HYR\DQWOXPLQHX[0DFKLQH0$5&+(V
«WHLQW
/HYR\DQWOXPLQHX[0DFKLQH0$5&+(V
«WHLQW

7DE $UU¬WDYHFVDQVWHPSVGHIRQFWLRQQHPHQWSDULQHUWLH

 $SSX\HUVXUODWRXFKHm$55Œ7}
/DPDFKLQHHVWHQ«WDWGHPDUFKHGªVTXHOHYR\DQWOXPLQHX[0DFKLQH0$5&+(V
«WHLQW(OOH
SHXW¬WUHUHPLVHHQPDUFKH
 &RXSHUO
LQWHUUXSWHXUSULQFLSDOHWHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
/DPDFKLQHHVWFRPSOªWHPHQWDUU¬W«HHWLVRO«HGHO
DOLPHQWDWLRQ«OHFWULTXH/HW«PRLQOXPLಣ
QHX[7HQVLRQV
«WHLQW

 $UU¬WHWPLVHHQURXWHHQFDVGಬXUJHQFH
/DFRPPDQGHG
$55Œ7'
85*(1&(VHWURXYHVRXVOHWDEOHDXGHFRPPDQGH

)LJ $UU¬WG
XUJHQFH
 &RPPDQGHG
$55Œ7'
85*(1&(

$UU¬W

ᇐ $SSX\HUVXUODFRPPDQGHG
$55Œ7G
85*(1&(

5«VXOWDW 8QHIRLVDFWLRQQ«HODFRPPDQGHG
$55Œ7'
85*(1&(UHVWHYHUURXLOO«H
/HFLUFXLWGಬDLUVHG«FRPSULPHHWODPDFKLQHQHSHXWSDVUHG«PDUUHU

0LVHHQFLUFXLW

&RQGLWLRQ /HG«IDXWHVW«OLPLQ«

 7RXUQHUODFRPPDQGHG
$55Œ7'
85*(1&(GDQVOHVHQVGHODIOªFKHSRXUG«YHUURXLOOHUOD
V«FXULW«
 $FTXLWWHUODVLJQDOLVDWLRQGHG«IDXWSDUODWRXFKHG
DTXLWWHPHQW

5«VXOWDW /DPDFKLQHSHXW¬WUHUHG«PDUU«H

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 )RQFWLRQQHPHQW
 $FTXLWWHUOHVVLJQDOLVDWLRQVGHG«IDXWHWDYHUWLVVHPHQWV

 $FTXLWWHUOHVVLJQDOLVDWLRQVGHG«IDXWHWDYHUWLVVHPHQWV

)LJ $FTXLWWHUOHVVLJQDOLVDWLRQV
 9R\DQWOXPLQHX[$YHUWLVVHPHQW MDXQH
 9R\DQWOXPLQHX['«IDXW URXJH
 7RXFKHm$FTXLWWHPHQW}

6LJQDOLVDWLRQGHG«IDXW

/
DIILFKDJHG
XQHVLJQDOLVDWLRQV
HIIHFWXHFRPPHVXLW
႐ /DVLJQDOLVDWLRQHVWDFWLY«HOHW«PRLQOXPLQHX[FOLJQRWH
႐ /DVLJQDOLVDWLRQHVWDFTXLWW«HOHW«PRLQOXPLQHX[HVWDOOXP«
႐ /DVLJQDOLVDWLRQHVWVXSSULP«HOHW«PRLQOXPLQHX[V
«WHLQW

RX

႐ /DVLJQDOLVDWLRQHVWDFWLY«HOHW«PRLQOXPLQHX[FOLJQRWH
႐ /DVLJQDOLVDWLRQHVWVXSSULP«HOHW«PRLQOXPLQHX[FOLJQRWH
႐ /DVLJQDOLVDWLRQHVWDFTXLWW«HOHW«PRLQOXPLQHX[V
«WHLQW

ᇐ (OLPLQHUOHG«IDXWHWDFTXLWWHUODVLJQDOLVDWLRQSDUODWRXFKHm$FTXLWWHPHQW}
/HYR\DQWOXPLQHX['«IDXWV
«WHLQW
/DPDFKLQHHVWGHQRXYHDXSU¬WH¢IRQFWLRQQHU

$YHUWLVVVHPHQW

႐ /DVLJQDOLVDWLRQHVWDFWLY«H/('DOOXP«H
႐ /DVLJQDOLVDWLRQHVWVXSSULP«HOHW«PRLQOXPLQHX[V
«WHLQW

ᇐ (OLPLQHUODFDXVHGHG«IDXWRXU«DOLVHUO
HQWUHWLHQ
/HYR\DQWOXPLQHX[$YHUWLVVHPHQWV
«WHLQWGªVVXSUHVVLRQGHODFDXVHGHO
DYHUWLVVHPHQW

 5«JOHUOHVSDUDPªWUHV
8QHGHPDQGHGXPRWGHSDVVHHVWDFWLY«HDXWRPDWLTXHPHQWVLQ«FHVVDLUH
&KDTXHDFWLRQSHXW¬WUHG«V«OHFWLRQQ«HSDUODWRXFKHm(FKDSSHPHQW}

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 )RQFWLRQQHPHQW
 5«JOHUOHVSDUDPªWUHV

/DVRUWLHGXPRGHGHPRGLILFDWLRQV
HIIHFWXHDXWRPDWLTXHPHQWVLDXFXQHWRXFKHQ
HVWV«OHFಣ
WLRQQ«HGDQVOHVV
8QUHG«PDUUDJHGHODFRPPDQGHQ
HVWSDVQ«FHVVDLUH&KDTXHSDUDPªWUHPRGLIL«HVWDXVVLಣ
W¶WGLVSRQLEOH
/DSUHVVLRQU«VHDXHWODWHPS«UDWXUHILQDOHGHFRPSUHVVLRQQHVRQWSDVDFWXDOLV«HVRXDIILಣ
FK«HVGDQVOHPRGHGHPRGLILFDWLRQ

$SSHOHUOHPRGHGHPRGLILFDWLRQ

 $SSX\HUVXUOHVWRXFKHVm+$87}m%$6}MXVTX
¢FHTXHOHSDUDPªWUHVRXKDLW«DSSDUDLVVHVXU
ODªPHOLJQH
 $SSX\HUVXUOHERXWRQm9DOLGDWLRQ}SHQGDQWDXPRLQVV

5«VXOWDW 6HORQOHW\SHGHSDUDPªWUHODYDOHXUDIILFK«HRXODSUHPLªUHSRVLWLRQGXPRWGHSDVVHGHPDQG«
FOLJQRWH

0RGLILHUOHVSDUDPªWUHVVDQVSURWHFWLRQSDUPRWGHSDVVH

&RQGLWLRQ /DYDOHXUDFWXHOOHGXSDUDPªWUHFOLJQRWH

ᇐ 0RGLILHUODYDOHXUGXSDUDPªWUH¢O
DLGHGHVWRXFKHVm+$87}m%$6}HWYDOLGHU¢O
DLGHGHOD
WRXFKHm9DOLGDWLRQ}

0RGLILHUOHVSDUDPªWUHVDYHFSURWHFWLRQSDUPRWGHSDVVH

&HUWDLQVSDUDPªWUHVQHSHXYHQW¬WUHPRGLIL«VTX
DSUªVHQWU«HG
XQPRWGHSDVVH
0RWGHSDVVH%$6,&
/HPRWGHSDVVHVHG«VDFWLYHDXWRPDWLTXHPHQWVLDXFXQHWRXFKHQ
HVWDFWLRQQ«HSHQGDQW
PLQXWHV

&RQGLWLRQ /HSUHPLHUFDUDFWªUHFOLJQRWH

 (QWUHUOHSUHPLªUHFDUDFWªUH¢O
DLGHGHVWRXFKHVm+$87}m%$6}HWYDOLGHU¢O
DLGHGHODWRXಣ
FKHm9DOLGDWLRQ}
/HFDUDFWªUHVXLYDQWFOLJQRWH
 5«S«WHUO
RS«UDWLRQMXVTX
¢FHTXHWRXVOHVFDUDFWªUHVVRLHQWV«OHFWLRQQ«V
6LOHPRWGHSDVVHHVWFRUUHFWOHSDUDPªWUHV
DIILFKH
 0RGLILHUODYDOHXUGXSDUDPªWUH¢O
DLGHGHVWRXFKHVm+$87}m%$6}HWYDOLGHU¢O
DLGHGHOD
WRXFKHm9DOLGDWLRQ}

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 5HFRQQD°WUHOHVG«IDXOWVHWOHV«OLPLQHU
 &RQVLJQHV«O«PHQWDLUHV

 5HFRQQD°WUHOHVG«IDXOWVHWOHV«OLPLQHU
 &RQVLJQHV«O«PHQWDLUHV
/HVWDEOHDX[VXLYDQWVSHUPHWWHQWGHORFDOLVHUOHVFDXVHVGHG«IDXW

,OH[LVWHW\SHVGHG«IDXW
႐ '«IDXW9R\DQWURXJHFOLJQRWHYRLUFKDSLWUH
႐ $YHUWLVVHPHQW9R\DQWMDXQHV
DOOXPHYRLUFKDSLWUH
႐ $XWUHVG«IDXWVVDQVVLJQDOLVDWLRQYRLUFKDSLWUH

/HVVLJQDOLVDWLRQVTXLVHUDSSRUWHQW¢YRWUHPDFKLQHYDULHQWHQIRQFWLRQGHODFRPPDQGHHWGH
Oಬ«TXLSHPHQWLQGLYLGXHOGHODPDFKLQH
 1HSUHQGUHTXHOHVPHVXUHVG«FULWHVGDQVODSU«VHQWHQRWLFHGಬHQWUHWLHQ
 'DQVWRXVOHVDXWUHVFDV
)DLUH«OLPLQHUOHG«IDXWSDUOH6$9.$(6(5RXSDUXQGLVWULEXWHXUDJU««

 6LJQDOLVDWLRQVGHG«IDXWV PDFKLQHDUU¬W«H


/HFRGHG
HUUHXUHVWUHSU«VHQW«GDQVODªPHOLJQHGHO
DIILFKDJH
8QDXWRFROODQWVXUODPDFKLQHLQGLTXHODVLJQLILFDWLRQGXFRGHG
HUUHXUDXPR\HQGHV\PEROHV

&RGH 6\PEROH 6LJQLILFDWLRQ 0HVXUH


G
HUUHXU
 $55Œ7'
85*(1&(DFWLRQಣ ᇐ 5«DUPHUOHERXWRQG
$55Œ7'
85*(1ಣ
Q« &(
3DQQHDXGHV«FXULW«RXSRUWH ᇐ )HUPHUODSRUWHGHVHUYLFH
GHVHUYLFH VHORQ«TXLSHPHQW
RXYHUW H 
 '«IDXWPRWHXU ᇐ &RQWU¶OHUOHU«JODJHGXUHODLVGHVXUFKDUಣ
3URWHFWLRQGHVXUFKDUJHPRಣ JHGXUHODLVGHSURWHFWLRQPRWHXU
WHXUFRPSUHVVHXURXPRWHXU ᇐ &KDQJHUODFDUWRXFKHV«SDUDWULFHG
KXLOH
YHQWLODWHXU VLFRPSULVGDQV ᇐ &RQWU¶OHUOHFODSHWDQWLUHWRXUGHSUHVಣ
«TXLSHPHQW  VLRQPLQLPDOH
0DFKLQHVDYHFYDULDWHXUGH ᇐ )DLUHFRQWU¶OHUOHYDULDWHXUGHIU«TXHQFH
IU«TXHQFH SDUOH6$9.$(6(5RXSDUXQGLVWULEXಣ
G«IDXWGXYDULDWHXUGHIU«TXHQಣ WHXUDJU««
FH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 5HFRQQD°WUHOHVG«IDXOWVHWOHV«OLPLQHU
 $YHUWLVVVHPHQWV

&RGH 6\PEROH 6LJQLILFDWLRQ 0HVXUH


G
HUUHXU
 3U«VHQFHGHFRQWUHSUHVVLRQ ᇐ ,QYHUVHUOHVSKDVHV/HW/
႐ 0DXYDLVVHQVGHURWDWLRQ ᇐ 5HPSODFHUODFRXUURLHG
HQWUD°QHPHQW
GXPRWHXUFRPSUHVVHXU ᇐ )DLUHFRQWU¶OHUOHFRPPXWDWHXUFRQWUH
႐ &RXUURLHG
HQWUD°QHPHQW SUHVVLRQSDUOH6$9.$(6(5RXSDUXQ
FDVV«H GLVWULEXWHXUDJU««
႐ &LUFXLWG
DLUQRQG«FRPSULಣ
P«¢O
$55Œ7
႐ &RPPXWDWHXUFRQWUHSUHVಣ
VLRQG«IHFWXHX[

&RXUWHFRXSXUHGHO
DOLPHQWDಣ
WLRQ«OHFWULTXH
 7HPS«UDWXUHILQDOHGHFRPಣ ᇐ 1HWWR\HUOHUHIURLGLVVHXU
SUHVVLRQVXS«ULHXUH¢ODOLPLWH ᇐ 9HLOOHU¢XQHGLVWDQFHVXIILVDQWHGXPXU
PD[L ¢O
RXYHUWXUHG
HQWU«HRXGHVRUWLHG
DLU
GHUHIURLGLVVHPHQW&RQWU¶OHUOHQLYHDX
G
KXLOHGHUHIURLGLVVHPHQW
ᇐ 0DLQWHQLUODWHPS«UDWXUHDPELDQWHGDQV
ODSODJHDGPLVVLEOH
ᇐ &KDQJHUOHILOWUH¢KXLOH
 '«IDXWDXQLYHDXGXV«FKHXU ᇐ 1HWWR\HUOHFRQGHQVHXUGHIULJRULJªQH
IULJRULILTXH ᇐ 9HLOOHU¢XQHYHQWLODWLRQVXIILVDQWH
ᇐ ,QVWDOOHUXQYHQWLODWHXUG
«YDFXDWLRQG
DLU
 (QWU«HDQDORJLTXHG«IHFWXHXಣ ᇐ &RQWU¶OHUOHVF¤EOHVHWOHVUDFFRUGHಣ
VH FDSWHXUGHSUHVVLRQRX PHQWV
FDSWHXUGHWHPS«UDWXUH 
 7HPS«UDWXUHGXER°WLHUGHOD ᇐ 9HLOOHU¢XQHYHQWLODWLRQVXIILVDQWH
FRPPDQGHVXS«ULHXUH¢ODOLಣ ᇐ 0DLQWHQLUODWHPS«UDWXUHDPELDQWHGDQV
PLWHPD[LDGPLVVLEOH ODSODJHDGPLVVLEOH
 ದ 6HFRXUV ದ

7DE 6LJQDOLVDWLRQVGHG«IDXWV

 $YHUWLVVVHPHQWV
/HFRGHG
HUUHXUHVWUHSU«VHQW«¢ODHOLJQHGHO
DIILFKDJH
8QDXWRFROODQWVXUODPDFKLQHLQGLTXHODVLJQLILFDWLRQGXFRGHG
HUUHXU¢O
DLGHGHV\PEROHV

&RGH 6\PEROH 6LJQLILFDWLRQ 0HVXUH


G
HUUHXU
6 &RPSWHXUG
KHXUHVG
HQWUHWLHQ¢ ᇐ 5«DOLVHUO
HQWUHWLHQ

S 3U«VHQFHGHFRQWUHSUHVVLRQ ᇐ &RQWU¶OHUOHVHQVGHURWDWLRQGX
PRWHXUFRPSUHVVHXU

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 5HFRQQD°WUHOHVG«IDXOWVHWOHV«OLPLQHU
 $XWUHVG«IDXWV

&RGH 6\PEROH 6LJQLILFDWLRQ 0HVXUH


G
HUUHXU
7 7HPS«UDWXUHDXG«PDUUDJHLQI«ULHXಣ ᇐ $XJPHQWHUODWHPS«UDWXUHDPಣ
UH¢ODOLPLWHPLQDGPLVVLEOH ELDQWH

L 0RGHG
HVVDLVRXSDSHGHV«FXULW« ᇐ &RQWU¶OHUODVRXSDSHGHV«FXಣ
DFWLY« ULW«
ᇐ 5HPHWWUHOHPRGHG
HVVDL¢OD
YDOHXULQLWLDOH

7DE $YHUWLVVVHPHQWV

 $XWUHVG«IDXWV
'«IDXW &DXVHVSRVVLEOHV 0HVXUHV
0DFKLQHWRXUQHVDQVG«ELWHU 6RXSDSHG
DVSLUDWLRQQHV
RXಣ &RQVXOWHUOH6$9.$(6(5RX
YUHSDVHQWLªUHPHQWRXSDVGX XQGLVWULEXWHXUDJU««
WRXW
6RXSDSHGHPLVH¢YLGHQHVH &RQVXOWHUOH6$9.$(6(5RX
IHUPHSDV XQGLVWULEXWHXUDJU««
'«IDXWVGಬ«WDQFK«LW«DXQLYHDX &RQWU¶OHUOಬ«WDQFK«LW«GHV
GXFLUFXLWGಬDLU WX\DXWHULHVHWUDFFRUGVHWUHVಣ
VHUUHUOHVFRVVHVGHVVHUU«HV
&RQVRPPDWLRQG
DLUFRPSULP« &RQWU¶OHUVLIXLWHVDXQLYHDXGX
VXS«ULHXUHDXG«ELWGHODPDಣ U«VHDXGಬDLUFRPSULP«
FKLQH '«EUDQFKHUOHVFRQVRPPDಣ
WHXUV
'RXLOOHWX\DXVHWURXYHHQFRUH 5HWLUHUODGRXLOOHOHWX\DX
GDQVOHUDFFRUGUDSLGHGXU«ಣ
VHUYRLUV«SDUDWHXU
)XLWHG
KXLOHGHUHIURLGLVVHPHQW 1LYHDXGಬKXLOHGHUHIURLGLVVHಣ 9LGDQJHUO
KXLOHGHUHIURLGLVVHಣ
VXUOHILOWUH¢DLU PHQWGDQVU«VHUYRLUV«SDUDWHXU PHQWMXVTX
DXQLYHDXDSSURಣ
GಬKXLOHWURS«OHY« SUL«
6RXSDSHGಬDVSLUDWLRQG«IHFಣ &RQVXOWHUOH6$9.$(6(5RX
WXHXVH XQGLVWULEXWHXUDJU««
0DFKLQHSHUPXWHSOXVGHIRLV &DSDFLW«GXU«VHUYRLUWDPSRQ $XJPHQWHUODFDSDFLW«GHVWRFಣ
SDUPLQXWHGH&+$5*(VXU WURSIDLEOH NDJH
0$5&+(‚9,'( )DLEOHG«ELWYHUVOHU«VHDXGಬDLU $JUDQGLUOHGLDPªWUHGHODFRQಣ
FRPSULP« GXLWHG
DLUFRPSULP«
&RQWU¶OHUOHV«O«PHQWVILOWUDQWV
/
«FDUWGHU«JXODWLRQHQWUHOD &RQWU¶OHUODSUHVVLRQGLII«UHQಣ
SUHVVLRQG
HQFOHQFKHPHQWHWOD WLHOOH
SUHVVLRQG
DUU¬WHVWWURSIDLEOH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 5HFRQQD°WUHOHVG«IDXOWVHWOHV«OLPLQHU
 $XWUHVG«IDXWV

'«IDXW &DXVHVSRVVLEOHV 0HVXUHV


+XLOHGHUHIURLGLVVHPHQWGDQV 'RXLOOHWX\DXVHWURXYHHQFRUH 5HWLUHUODGRXLOOHOHWX\DX
PDFKLQH GDQVOHUDFFRUGUDSLGHGXU«ಣ
VHUYRLUV«SDUDWHXU
5HIURLGLVVHXUGಬKXLOHIXLW &RQVXOWHUOH6$9.$(6(5RX
XQGLVWULEXWHXUDJU««
)XLWHVDXQLYHDXGHVUDFFRUGV 5HVVHUUHUOHVUDFFRUGV¢YLV
&KDQJHUOHVMRLQWV
&RQVRPPDWLRQGಬKXLOHGHUHIURLಣ +XLOHGHUHIURLGLVVHPHQWQRQ 8WLOLVHUOHVKXLOHVGHUHIURLGLVVHಣ
GLVVHPHQWWURS«OHY«H DSSURSUL«H PHQW6,*0$)/8,'
&DUWRXFKHV«SDUDWULFHG
KXLOH &KDQJHUODFDUWRXFKHV«SDUDWULಣ
G«FKLU«H FHG
KXLOH
1LYHDXGಬKXLOHGHUHIURLGLVVHಣ 9LGDQJHUO
KXLOHGHUHIURLGLVVHಣ
PHQWGDQVU«VHUYRLUV«SDUDWHXU PHQWMXVTX
DXQLYHDXDSSURಣ
GಬKXLOHWURS«OHY« SUL«
7X\DXWHULHGHUHWRXUG
KXLOHFROಣ &RQWU¶OHUOHWDPLVGHODWX\DXWHಣ
PDW«H ULHGHUHWRXUGಬKXLOH

7DE $XWUHVG«IDXWVHWPHVXUHV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0DLQWHQDQFH
 $VVXUHUODV«FXULW«

 0DLQWHQDQFH
 $VVXUHUODV«FXULW«
9RXVWURXYHUH]LFLOHVFRQVLJQHVGHV«FXULW«TXLYRXVSHUPHWWURQWGHU«DOLVHUOHVWUDYDX[GHPRQWDಣ
JHHQWRXWHV«FXULW«
/HVDYHUWLVVHPHQWVVRQWSODF«VGHYDQWFKDTXHRS«UDWLRQSRXYDQWUHSU«VHQWHUXQGDQJHU

/HQRQUHVSHFWGHVDYHUWLVVHPHQWVSHXWGRQQHUVXLWH¢GHVEOHVVXUHVJUDYHVYRLUHPRUWHOಣ
OHV

2EVHUYHUOHVFRQVLJQHVGHV«FXULW«

/HQRQUHVSHFWGHVFRQVLJQHVGHV«FXULW«SHXWGRQQHUVXLWH¢GHVEOHVVXUHVJUDYHVYRLUHPRUWHOಣ
OHV
ᇐ 2EVHUYHUOHVFRQVLJQHVGRQQ«HVGDQVOHFKDSLWUHಯ6«FXULW«HWUHVSRQVDELOLW«ರ
ᇐ /HVWUDYDX[G
HQWUHWLHQQHGRLYHQW¬WUHU«DOLV«VTXHSDUXQSHUVRQQHOG
HQWUHWLHQDXWRULV«
ᇐ 6
DVVXUHUTXHSHUVRQQHQHWUDYDLOOHVXUODPDFKLQH
ᇐ 6
DVVXUHUTXHWRXVOHVSRUWHVGHVHUYLFHVRQWIHUP«HVHWWRXVOHVSDQQHDX[YLVV«V

7UDYDX[VXUOHVSLªFHVVRXVWHQVLRQ

/HFRQWDFWGHSLªFHVVRXVWHQVLRQSHXWGRQQHUVXLWH¢XQHG«FKDUJH«OHFWULTXH¢GHVEU½OXUHVRX
DXWUHVEOHVVXUHVJUDYHVYRLUHPRUWHOOHV
ᇐ /HVWUDYDX[VXUO
«TXLSHPHQW«OHFWULTXHQHGRLYHQW¬WUHU«DOLV«VTXHSDUXQ«OHFWULFLHQTXDOLIL«
ᇐ &RXSHUO
DOLPHQWDWLRQ«OHFWULTXHSDUOHFRXSHFLUFXLWHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
VಬDVVXUHUGHOಬDEVHQFHGHWHQVLRQ
ᇐ 6
DVVXUHUGHO
DEVHQFHGHWHQVLRQGHVFRQWDFWVVDQVSRWHQWLHO

7UDYDX[VXUOHFLUFXLWG
DLU

/ಬDLUFRPSULP«HVWGHOಬ«QHUJLHFRQFHQWU«H5LVTXHGHEOHVVXUHVJUDYHVORUVGHODG«WHQWH/HV
FRQVLJQHVGHV«FXULW«VXLYDQWHVVRQW¢REVHUYHUORUVGHWRXWHLQWHUYHQWLRQVXUOHVFRPSRVDQWVVXVಣ
FHSWLEOHVG
¬WUHVRXVSUHVVLRQ
ᇐ &RXSHURXLVROHUOHU«VHDXG
DLUFRPSULP«DILQG
«YLWHUOHUHIRXOHPHQWGHOಬDLUFRPSULP«GDQVOD
PDFKLQH
ᇐ '«FRPSULPHUFRPSOªWHPHQWWRXVOHVFRPSRVDQWVHWIOXLGHVVRXVSUHVVLRQ
ᇐ 6ಬDVVXUHU¢OಬDLGHGಬXQPDQRPªWUHSRUWDWLITXHODSUHVVLRQ¢FKDTXHUDFFRUGUDSLGHGXFLUFXLW
G
DLUFRPSULP«GHO
DSSDUHLOHVWGHEDU
ᇐ 1HSDVRXYULURXG«PRQWHUOHVVRXSDSHV

7UDYDX[VXUO
HQWUD°QHPHQW

/HFRQWDFWGHSLªFHVVRXVWHQVLRQSHXWGRQQHUVXLWH¢XQHG«FKDUJH«OHFWULTXH¢GHVEU½OXUHVRX
DXWUHVEOHVVXUHVJUDYHVYRLUHPRUWHOOHV
8QFRQWDFWDYHFOHYHQWLODWHXUO
DFFRXSOHPHQWRXO
HQWUD°QHPHQWSDUFRXUURLHSHQGDQWTXHODPDಣ
FKLQHHVWHQPDUFKHSHXWHQWUD°QHUGHVEOHVVXUHVJUDYHV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0DLQWHQDQFH
 2EVHUYHUOHSODQGvHQWUHWLHQ

ᇐ &RXSHUO
DOLPHQWDWLRQ«OHFWULTXHSDUOHFRXSHFLUFXLWHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
VಬDVVXUHUGHOಬDEVHQFHGHWHQVLRQ
ᇐ 1HSDVRXYULUODPDFKLQHSHQGDQWODPDUFKH

,QIRUPDWLRQV /HVGRQQ«HVUHODWLYHVDXSHUVRQQHODXWRULV«VHWURXYHQWGDQVOHFKDSLWUH
VXSSO«PHQWDLUHV /HVGRQQ«HVUHODWLYHVDX[GDQJHUVVHWURXYHQWGDQVOHFKDSLWUH

 2EVHUYHUOHSODQGvHQWUHWLHQ
 &RQVLJQHUOHVWUDYDX[GಬHQWUHWLHQU«DOLV«V
/HVLQWHUYDOOHVG
HQWUHWLHQVRQWGRQQ«V¢WLWUHLQGLFDWLIHWVHUDSSRUWHQW¢GHVFRQGLWLRQVGH
VHUYLFHPR\HQQHV
ᇐ (QFDVGHFRQGLWLRQVPRLQVIDYRUDEOHVH[«FXWHUOHVWUDYDX[G
HQWUHWLHQSOXVIU«TXHPಣ
PHQW

/HVFRQGLWLRQVSHXIDYRUDEOHVVRQWSDUH[
႐ 7HPS«UDWXUH«OHY«H
႐ 3RXVVLªUH
႐ $OWHUQDQFHVGHFKDUJHIU«TXHQWHV
႐ )DLEOHWDX[GHFKDUJH

ᇐ /HVLQWHUYDOOHVG
HQWUHWLHQGRLYHQW¬WUHDGDSW«VDX[FRQGLWLRQVG
LQVWDOODWLRQHWGHVHUYLFH
ORFDOHV
ᇐ &RQVLJQHUWRXVOHVWUDYDX[G
HQWUHWLHQHWGHPDLQWHQDQFHU«DOLV«V
&HODYRXVSHUPHWGHG«WHUPLQHUODS«ULRGLFLW«LQGLYLGXHOOHGHVWUDYDX[GಬHQWUHWLHQHWGHODFRPಣ
SDUHUDYHFQRVLQWHUYDOOHVGRQQ«V¢WLWUHLQGLFDWLI

,QIRUPDWLRQV 8QWDEOHDXGಬHQWUHWLHQVHWURXYHDXFKDSLWUH
VXSSO«PHQWDLUHV

 5«LQLWLDOLVHUOHFRPSWHXUGಬHQWUHWLHQ
6,*0$&21752/%$6,&SRVVªGHXQFRPSWHXUGvHQWUHWLHQ/HFRPSWHXUG
HQWUHWLHQG«FRPSWH
OHVKHXUHVGHVHUYLFHGHSXLVOHGHUQLHUHQWUHWLHQHQSDUWDQWGvXQQRPEUHGvKHXUHVG«ILQL
/HFRPSWHXUG
HQWUHWLHQLQGLTXHOHODSVGHWHPSVMXVTXvDXSURFKDLQHQWUHWLHQS«ULRGLTXHGHODPDಣ
FKLQH
'ªVTXHOHVWUDYDX[G
HQWUHWLHQVRQWU«DOLV«VLOIDXWU«LQLWLDOLVHUOHFRPSWHXUG
HQWUHWLHQ
 6«OHFWLRQQHUOHSDUDPªWUH FRPSWHXUG
HQWUHWLHQ ¢O
DLGHGHVWRXFKHVm+$87}m%$6}
 $SSX\HUVXUOHERXWRQm9DOLGDWLRQ}SHQGDQWDXPRLQVV
 'ªVTXHOHFXUVHXUFOLJQRWHYDOLGHUODYDOHXUSURSRV«H¢O
DLGHGHODWRXFKHm9DOLGDWLRQ}

 (QWUHWLHQS«ULRGLTXH
/HWDEOHDXVXLYDQWGRQQHXQHYXHG
HQVHPEOHGHVWUDYDX[G
HQWUHWLHQ¢U«DOLVHU

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0DLQWHQDQFH
 2EVHUYHUOHSODQGvHQWUHWLHQ

ᇐ 2EVHUYHUODVLJQDOLVDWLRQG
HQWUHWLHQGHODFRPPDQGHHWU«DOLVHUOHVWUDYDX[G
HQWUHWLHQGDQV
OHVG«ODLVSU«YXVHQIRQFWLRQGHVFRQGLWLRQVDPELDQWHVHWGHVHUYLFH

,QWHUYDOOH (QWUHWLHQ YRLUFKDSLWUH


IRLVSDUVHPDLQH &RQWU¶OHUOHQLYHDXG
KXLOHGHUHIURLGLVVHPHQW 
5HIURLGLVVHXU 
&RQWU¶OHUODQDWWHILOWUDQWH
$UPRLUH«OHFWULTXH 
&RQWU¶OHUODQDWWHILOWUDQWH
-XVTXಬ¢K &RQWU¶OHUOHILOWUH¢DLU 
1HWWR\HUOHU«IULJ«UDQW 
5HIURLGLVVHXU 
1HWWR\HUODQDWWHILOWUDQWH
$UPRLUH«OHFWULTXH 
1HWWR\HUODQDWWHILOWUDQWH
$IILFKDJH &KDQJHUOHILOWUH¢DLU 
6,*0$&21752/%$6,& 5HIURLGLVVHXU 
&KDQJHUODQDWWHILOWUDQWH
$UPRLUH«OHFWULTXH 
&KDQJHUODQDWWHILOWUDQWH
5«DOLVHUO
HQWUHWLHQGHODFRXUURLHG
HQWUD°QHPHQW 
$IILFKDJH &KDQJHUOHILOWUH¢KXLOH 
6,*0$&21752/%$6,& &KDQJHUODFDUWRXFKHV«SDUDWULFHG
KXLOH 
DXSOXVWDUGIRLVSDUDQ
-XVTXಬ¢K &KDQJHUODFRXUURLHG
HQWUD°QHPHQW 
YDULDEOHYRLUWDEOHDX 9LGDQJHUOHIOXLGHGHUHIURLGLVVHPHQW 
7RXVOHVDQV &RQWU¶OHUODIL[DWLRQGHWRXWHVOHVYLVGHVERUQHV«OHFWULಣ ದ
TXHV
&RQWU¶OHUODVRXSDSHGHV«FXULW« 
&RQWU¶OHUO
DUU¬WDXWRPDWLTXHHQFDVGHVXUFKDXIIH 
&RQWU¶OHUOಬ«WDQFK«LW«GXU«IULJ«UDQW 
K KHXUHVGHVHUYLFH

7DE (QWUHWLHQS«ULRGLTXH

 +XLOHGHUHIURLGLVVHPHQW,QWHUYDOOHGHYLGDQJH
/HWDX[GHFKDUJHHWOHVFRQGLWLRQVDPELDQWHVVRQWGHVFULWªUHVLPSRUWDQWVSRXUODIU«TXHQFHHWOD
ORQJXHXUGHVLQWHUYDOOHVGHYLGDQJH
/H6$9.$(6(5YRXVDLGH¢G«WHUPLQHUOHVLQWHUYDOOHVGHYLGDQJHDSSURSUL«VHWLQIRUPHVXU
OHVSRVVLELOLW«VG
DQDO\VHG
KXLOH

ᇐ 2EVHUYHUOHVU«JOHPHQWDWLRQVHWRXOHVSUHVFULSWLRQVORFDOHVUHODWLYHV¢O
KXLOHGHUHIURLGLVVHಣ
PHQWXWLOLV«HSRXUOHVFRPSUHVVHXUV¢YLV¢LQMHFWLRQG
KXLOH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0DLQWHQDQFH
 5HIURLGLVVHX1HWWR\HUODQDWWHILOWUDQWHRXODFKDQJHU

ᇐ 9«ULILHUOHVFRQGLWLRQVGHVHUYLFHUHFWLILHUO
LQWHUYDOOHGHYLGDQJHVLQ«FHVVDLUHHWQRWHUOHU«VXOಣ
WDWGDQVOHWDEOHDX

,QWHUYDOOHPD[LPXPDGPLVVLEOHGHYLGDQJHGಬKXLOH

>KHXUHVGHVHUYLFHDQ@
6,*0$)/8,' &RQGLWLRQVGHVHUYLFH &RQGLWLRQVGHVHUYLFH 0HVFRQGLWLRQVGHVHUಣ
IDYRUDEOHV GLIILFLOHV YLFH
6   
6   
02/  
)*  
)*  
3$12/,1+/36<17+  

7HPS«UDWXUHVDPELDQWHVIUD°FKHV¢PRG«U«HVIDLEOHWDX[G
KXPLGLW«GHO
DLUWDX[GHFKDUJH«OHಣ

,QWHUYDOOHVGHYLGDQJH!KHXUHVGHVHUYLFHXQLTXHPHQWDGPLVVLEOHVDYHFDQDO\VHVG
KXLOH
¢LQWHUYDOOHVU«JXOLHUV

7DE +XLOHGHUHIURLGLVVHPHQW,QWHUYDOOHVGHYLGDQJH

 0DLQWHQDQFHS«ULRGLTXH
/HWDEOHDXVXLYDQWGRQQHXQHYXHG
HQVHPEOHGHVWUDYDX[GHPDLQWHQDQFH¢U«DOLVHU
ᇐ /HVWUDYDX[GHPDLQWHQDQFHQHGRLYHQW¬WUHFRQIL«VTX
DX6$9.$(6(5RX¢XQGLVWULEXWHXU
DJU««
ᇐ /HVWUDYDX[GHPDLQWHQDQFHGRLYHQW¬WUHU«DOLV«VHQWHPSVXWLOHHQIRQFWLRQGHVFRQGLWLRQV
DPELDQWHVHWGHVHUYLFH

,QWHUYDOOH 0DLQWHQDQFH
-XVTXಬ¢K 5«DOLVHUO
HQWUHWLHQGHVVRXSDSHV
-XVTX
¢KDX 5HPSODFHUOHVURXOHPHQWVPRWHXU
PRLQVWRXVOHVDQV
-XVTX
¢KDX 5HPSODFHUOHVWX\DX[IOH[LEOHV
PRLQVWRXVOHVDQV ႐ &RQGXLWHVGHUHIRXOHPHQW
႐ 7X\DXWHULHGHU«JXODWLRQ
K KHXUHVGHVHUYLFH

7DE 0DLQWHQDQFHS«ULRGLTXH

 5HIURLGLVVHX1HWWR\HUODQDWWHILOWUDQWHRXODFKDQJHU
8QHQDWWHILOWUDQWHSURWªJHOHVUHIURLGLVVHXUVFRQWUHXQFROPDWDJHSU«PDWXU«6LODQDWWHILOWUDQWHHVW
FROPDW«HXQUHIURLGLVVHPHQWHIILFDFHGHODPDFKLQHQ
HVWSOXVDVVXU«

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0DLQWHQDQFH
 $UPRLUH«OHFWULTXH1HWWR\HUODQDWWHILOWUDQWHRXODFKDQJHU

0DW«ULHO 1DWWHILOWUDQWH
(DXFKDXGHDYHFXQQHWWR\DQWP«QDJHU
3LªFHGHUHFKDQJH VLQ«FHVVDLUH

&RQGLWLRQ 0DFKLQHDUU¬W«H

)LJ 1DWWHILOWUDQWHGHYDQWOHVUHIURLGLVVHXUVG
DLUHWG
KXLOH
 1DWWHILOWUDQWH

/DQDWWHILOWUDQWHSHXW¬WUHG«PRQW«HVDQVRXWLO
 6RUWLUDYHFSU«FDXWLRQODQDWWHILOWUDQWHGXFDGUHVXSSRUW
 6HFRXHUODQDWWHILOWUDQWH  DVSLUHURXLQVXIIOHUGHOಬDLUFRPSULP«6LQ«FHVVDLUHODQHWWR\HU
DYHFGHO
HDXWLªGHHWXQQHWWR\DQWP«QDJHU
 &KDQJHUODQDWWHILOWUDQWHVLXQQHWWR\DJHQ
HVWSDVSRVVLEOHRXVLO
LQWHUYDOOHGHUHPSODFHPHQW
HVW«FRXO«
 0RQWHUDYHFSU«FDXWLRQODQDWWHILOWUDQWHGDQVOHFDGUHVXSSRUW

 $UPRLUH«OHFWULTXH1HWWR\HUODQDWWHILOWUDQWHRXODFKDQJHU
8QHQDWWHILOWUDQWHVHWURXYHGHUULªUHFKDTXHJULOOHGHSURWHFWLRQ/HVQDWWHVILOWUDQWHVSURWªJHQWO
DUಣ
PDWRLUH«OHFWULTXHFRQWUHXQFROPDWDJH6LOHVQDWWHVILOWUDQWHVVRQWFROPDW«HVXQUHIURLGLVVHPHQW
HIILFDFHGHVFRPSRVDQWVQ
HVWSOXVDVVXU«/HVQDWWHVILOWUDQWHVGRLYHQWGDQVFHFDV¬WUHQHWWR\«HV
RXFKDQJ«HV

0DW«ULHO (DXFKDXGHDYHFXQQHWWR\DQWP«QDJHU
3LªFHGHUHFKDQJH VLQ«FHVVDLUH

&RQGLWLRQ 7RXVOHVS¶OHVGXEORFG
DOLPHQWDWLRQVRQWG«EUDQFK«V
OHVPHVXUHVRQW«W«SULVHVSRXUHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
O
DEVHQFHGHWHQVLRQD«W«FRQWU¶O«H
/DPDFKLQHHVWUHIURLGLH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0DLQWHQDQFH
 5«DOLVHUOಬHQWUHWLHQGXUHIURLGLVVHXU

)LJ 9HQWLODWLRQDUPRLUH«OHFWULTXH
 *ULOOHGHSURWHFWLRQ
 1DWWHILOWUDQWH

 '«PRQWHUDYHFSU«FDXWLRQFKDTXHJULOOHGHSURWHFWLRQHWUHWLUHUODQDWWHILOWUDQWH
 6HFRXHUODQDWWHILOWUDQWHRXDVSLUHUOHVLPSXUHW«V6LQ«FHVVDLUHQHWWR\HUDYHFGHO
HDXWLªGH
HWXQQHWWR\DQWP«QDJHU
 &KDQJHUODQDWWHILOWUDQWHVLXQQHWWR\DJHQ
HVWSDVSRVVLEOHRXVLO
LQWHUYDOOHGHUHPSODFHPHQW
HVW«FRXO«
 ,QV«UHUODQDWWHILOWUDQWHGDQVOHFDGUHHWDFFURFKHUODJULOOH¢DLU

 5«DOLVHUOಬHQWUHWLHQGXUHIURLGLVVHXU
/HVU«IULJ«UDQWVGRLYHQW¬WUHQHWWR\«V¢LQWHUYDOOHVU«JXOLHUVDILQG
DVVXUHUXQUHIURLGLVVHPHQWHIILಣ
FDFHGHODPDFKLQHHWGHO
DLUFRPSULP«/DIU«TXHQFHYDULHVHORQOHVFRQGLWLRQVDPELDQWHVGXOLHX
GಬLQVWDOODWLRQ
8QG«IDXWG
«WDQFK«WLW«GHVUHIURLGLVVHXUVHQWUD°QHXQHIXLWHG
KXLOHGHUHIURLGLVVHPHQWHWXQHSHUWH
G
DLUFRPSULP«
8QUHIURLGLVVHXUFROPDW«HVWXQVLJQHGHFRQGLWLRQVDPELDQWHVG«IDYRUDEOHV/HVFRQGLWLRQV
DPELDQWHVG«IDYRUDEOHVHQWUD°QHQWOHFROPDWDJHGHVYRLHVGHFLUFXODWLRQGHO
DLUGHUHIURLGLVಣ
VHPHQW¢O
LQW«ULHXUGHODPDFKLQHHWGHVPRWHXUV/HFROPDWDJHDXJPHQWH
ᇐ )DLUHQHWWR\HUOHVYRLHVGHFLUFXODWLRQG
DLUGHUHIURLGLVVHPHQWSDUOH6$9.$(6(5

0DW«ULHO %URVVHHWDVSLUDWHXU
0DVTXHUHVSLUDWRLUH VLQ«FHVVDLUH

&RQGLWLRQ 7RXVOHVS¶OHVGXEORFG
DOLPHQWDWLRQVRQWG«EUDQFK«V
OHVPHVXUHVRQW«W«SULVHVSRXUHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
O
DEVHQFHGHWHQVLRQD«W«FRQWU¶O«H
/DPDFKLQHHVWUHIURLGLH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0DLQWHQDQFH
 5«DOLVHUO
HQWUHWLHQGXILOWUH¢DLU

)LJ 1DWWHILOWUDQWHGHYDQWOHVUHIURLGLVVHXUVG
DLUHWG
KXLOH
 1DWWHILOWUDQWH

1HWWR\HUOHVU«IULJ«UDQWV

8QHQDWWHILOWUDQWHSURWªJHOHVUHIURLGLVVHXUVFRQWUHXQFROPDWDJHSU«PDWXU«&HX[FLSHXYHQWFHಣ
SHQGDQWDYHFOHWHPSV¬WUHFROPDW«V
1HSDVXWLOLVHUGಬREMHWVDF«U«VSRXUOHQHWWR\DJHGHVU«IULJ«UDQWV8QHQGRPPDJHPHQWGHOಬDSSDಣ
UHLOSRXUUDLWHQU«VXOWHU
(YLWHUOHVQXDJHVGHSRXVVLªUHV
 6RUWLUDYHFSU«FDXWLRQODQDWWHILOWUDQWHGXFDGUHVXSSRUW
 %URVVHUOHVUHIURLGLVVHXUVG
DLUHWG
KXLOH¢VHFHWDVSLUHUOHVLPSXUHW«V
 0RQWHUDYHFSU«FDXWLRQODQDWWHILOWUDQWHGDQVOHFDGUHVXSSRUW
/HVUHIURLGLVVHXUVG
DLUHWG
KXLOHQHSHXYHQWSOXV¬WUHQHWWR\«V"
ᇐ (QFDVGHIRUWFROPDWDJHIDLUHDSSHODX6$9.$(6(5RX¢XQGLVWULEXWHXUDJU««

&RQWU¶OHUOಬ«WDQFK«LW«GHVUHIURLGLVVHXUV

ᇐ (IIHFWXHUXQFRQWU¶OHYLVXHO<DWLOXQHIXLWHG
KXLOHGHUHIURLGLVVHPHQW"
<DWLOXQG«IDXWG
«WDQFK«LW«DXQLYHDXG
XQU«IULJ«UDQW"
ᇐ )DLUHU«SDUHULPP«GLDWHPHQWOHU«IULJ«UDQWG«IHFWXHX[SDUOH6$9.$(6(5RXSDUXQ
GLVWULEXWHXUDJU««

 5«DOLVHUO
HQWUHWLHQGXILOWUH¢DLU
7RXWHVOHVSRUW«HVGHMRLQWVRQWDGDSW«HVOHVXQHVDX[DXWUHVSDUOHXUIRUPH/
XWLOLVDWLRQGH
FDUWRXFKHVGHILOWUH¢DLUQRQDSSURSUL«HVULVTXHG
HQWUD°QHUO
LQILOWUDWLRQG
LPSXUHW«VGDQVOH
FLUFXLWG
DLUHWXQHQGRPPDJHPHQWGHODPDFKLQH
/DFDUWRXFKHGHILOWUH¢DLUQHSHXWSDV¬WUHQHWWR\«H

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0DLQWHQDQFH
 5«DOLVHUO
HQWUHWLHQGXPRWHXUGXFRPSUHVVHXU

0DW«ULHO 3LªFHGHUHFKDQJH

&RQGLWLRQ 7RXVOHVS¶OHVGXEORFG
DOLPHQWDWLRQVRQWG«EUDQFK«V
ODSRVVLELOLW«G
XQUHG«PDUUDJHLQWHPSHVWLIHVWH[FOXH
O
DEVHQFHGHWHQVLRQD«W«FRQWU¶O«H
0DFKLQHUHIURLGLH

)LJ 5«DOLVHUO
HQWUHWLHQGXILOWUH¢DLU
 'LVSRVLWLIGHIHUPHWXUH
 &DUWRXFKHGHILOWUH¢DLU
 &RUSVGXILOWUH¢DLU

 2XYULUOHGLVSRVLWLIGHIHUPHWXUHGXFRUSVGHILOWUH¢DLUHWVRUWLUODFDUWRXFKHGHILOWUH¢DLU
 1HWWR\HUWRXWHVOHVSLªFHVHWOHVSRUW«HVGHMRLQW
 3ODFHUODQRXYHOOHFDUWRXFKHGHILOWUH¢DLUGDQVOHFRUSVGHILOWUH
 )L[HUOHFRUSVGHILOWUH¢DLUDYHFGLVSRVLWLIGHIHUPHWXUHVXUODVRXSDSHG
DVSLUDWLRQ

 5«DOLVHUO
HQWUHWLHQGXPRWHXUGXFRPSUHVVHXU
/HVURXOHPHQWVGXPRWHXUGXFRPSUHVVHXUVRQW¢JUDLVVDJHSHUPDQHQW,OQ
HVWSDVQ«FHVVDLUHGH
OHVJUDLVVHU
ᇐ )DLUHFRQWU¶OHUOHVURXOHPHQWVPRWHXUSDUOH6$9.$(6(5RXSDUXQGLVWULEXWHXUDJU««GDQV
OHFDGUHG
XQHLQWHUYHQWLRQGHPDLQWHQDQFH

 5«DOLVHUO
HQWUHWLHQGHODFRXUURLHGHWUDQVPLVVLRQ
0DW«ULHO 3LªFHGHUHFKDQJH VLQ«FHVVDLUH

&RQGLWLRQ 7RXVOHVS¶OHVGXEORFG
DOLPHQWDWLRQVRQWG«EUDQFK«V
OHVPHVXUHVRQW«W«SULVHVSRXUHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
O
DEVHQFHGHWHQVLRQD«W«FRQWU¶O«H
0DFKLQHUHIURLGLH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0DLQWHQDQFH
 5«DOLVHUO
HQWUHWLHQGHODFRXUURLHGHWUDQVPLVVLRQ

$9(57,66(0(17
&RQWXVLRQVJUDYHVHWFRXSXUHRXFLVDLOOHPHQWGHVPHPEUHVDXFRQWDFWGHO
HQWUD°QHPHQW
SDUFRXUURLHHQPDUFKH
ᇐ &RXSHUO
DOLPHQWDWLRQ«OHFWULTXHSDUOHFRXSHFLUFXLWHPS¬FKHUWRXWUHG«PDUUDJHLQWHPಣ
SHVWLIVಬDVVXUHUGHOಬDEVHQFHGHWHQVLRQ

&RQWU¶OHYLVXHOGXERQ«WDW

 )DLUHWRXUQHUPDQXHOOHPHQWODFRXUURLHGHQWUD°QHPHQWSDUODSRXOLHHWHQFRQWU¶OHUOHERQ«WDW
 (QFDVG
HQGRPPDJHPHQW&KDQJHULPP«GLDWHPHQWODFRXUURLHG
HQWUD°QHPHQW

&KDQJHUODFRXUURLHG
HQWUD°QHPHQW

3RXUFKDQJHUODFRXUURLHG
HQWUD°QHPHQWOHPRWHXUFRPSUHVVHXUGRLW¬WUHG«SODF«GDQVVDVXVಣ
SHQVLRQ8WLOLVHUSRXUFHODXQRXWLODSSURSUL«HWLPPRELOLVHUOHPRWHXUFRPSUHVVHXUSHQGDQWODSRVH
GHODQRXYHOOHFRXUURLHGHWUDQVPLVVLRQ

)LJ &KDQJHUODFRXUURLHG
HQWUD°QHPHQW
 9LVGHIL[DWLRQ  5HSªUHV
 9LVGHIL[DWLRQVXUFHQWUHGHURWDWLRQ  7HQGHXUGHFRXUURLH
 (FURXWHQGHXU

 'HVVHUUHUO
«FURXWHQGHXU  HWRXYULUG
HQYLURQPP
 'HVVHUUHUWRXWHVOHVYLVGHIL[DWLRQ  
 'HVVHUUHUODYLVGHIL[DWLRQ  VXUOHFHQWUHGHURWDWLRQMXVWHDVVH]SRXUSRXYRLUIDLUHSLYRWHUOH
PRWHXUFRPSUHVVHXUVXUOHF¶W«
 )DLUHSLYRWHUOHPRWHXUFRPSUHVVHXUVXUOHF¶W«HWO
LPPRELOLVHUDYHFO
XQHGHVYLV  
 3RVHUXQHFRXUURLHG
HQWUD°QHPHQWQHXYHVXUODSRXOLH
 6
DVVXUHUTXHWRXWHVOHVYLV  VRQWGHVVHUU«HV
 7HQGUHODFRXUURLHG
HQWUD°QHPHQW¢O
DLGHGHO
«FURXWHQGHXU  MXVTX
¢FHTXHOHVGHX[UHSªಣ
UHV  FRLQFLGHQW
 6HUUHUG
DERUGO
XQHGHVYLVGHIL[DWLRQ  SRXUIL[HUOHPRWHXUFRPSUHVVHXUSXLVOHVDXWUHVYLV
GHIL[DWLRQ  HW  

5«VXOWDW /DFRXUURLHG
HQWUD°QHPHQWHVWWHQGXHGHID©RQDSSURSUL«H
,OQ
HVWSDVQ«FHVVVDLUHG
DMXVWHUODWHQVLRQGHFRXUURLH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0DLQWHQDQFH
 &RQWU¶OHUODVRXSDSHGHV«FXULW«

 &RQWU¶OHUODVRXSDSHGHV«FXULW«
3RXUOHFRQWU¶OHGHODVRXSDSHGHV«FXULW«IDLUHPDUFKHUODPDFKLQH¢XQHSUHVVLRQGHVHUYLFH
VXS«ULHXUH¢VDSUHVVLRQGHG«FOHQFKHPHQW
3RXUFRQWU¶OHUODVRXSDSHGHV«FXULW«DFWLYHUOHPRGHG
HVVDLVRXSDSHGHV«FXULW«GHODFRPPDQಣ
GH&HPRGHG
HVVDLHVWDSSURSUL«SRXUOHVPDFKLQHVDYHFXQHSUHVVLRQGHVHUYLFHPD[LPDOHDGಣ
PLVVLEOHGHPRLQVGHEDU3RXUOHVPDFKLQHVDYHFXQHSUHVVLRQGHVHUYLFHPD[LPDOHDGPLVಣ
VLEOHGHEDUOHVVRXSDSHVGHV«FXULW«VRQW¢G«PRQWHUHW¢FRQWU¶OHUGHID©RQDSSURSUL«H
3HQGDQWOHFRQWU¶OHODSURWHFWLRQFRQWUHXQHG«FKDUJHHWODVXUYHLOODQFHGHODSUHVVLRQU«ಣ
VHDXVRQWG«FOHQFK«HV
ᇐ /DPDFKLQHQHSHXW¬WUHH[SORLW«HTXHVLOHVVRXSDSHVGHV«FXULW«VRQWRS«UDWLRQQHOOHV
ᇐ )DLUHFRQWU¶OHUODVRXSDSHGHV«FXULW«GHVPDFKLQHVDYHFXQHSUHVVLRQGHVHUYLFHPD[Lಣ
PDOHDGPLVVLEOHGHEDUSDUOH6$9.$(6(5RXSDUXQGLVWULEXWHXUDJU««

$YDQWWRXVWUDYDX[Q«FHVVLWDQWOಬRXYHUWXUHGXFLUFXLWGಬDLULVROHUODPDFKLQHGXU«VHDXGಬDLU
FRPSULP«HWG«VDPRUFHUFRPSOªWHPHQWOHFLUFXLWG
DLU

2S«UDWLRQVSU«OLPLQDLUHVDXFRQWU¶OH

&RQGLWLRQ /DPDFKLQHHVWDUU¬W«H

 )HUPHUODYDQQHG
DUU¬WHQWUHODPDFKLQHHWOHU«VHDXG
DLUFRPSULP«
 9«ULILHUODSUHVVLRQGHG«FOHQFKHPHQWGHODVRXSDSHGHV«FXULW«
/DSUHVVLRQGHG«FOHQFKHPHQWHVWJ«Q«UDOHPHQWUHSRUW«H¢ODILQGHO
LGHQWLILFDWLRQGHSLªFH
 $O
DLGHGHVWRXFKHV¢IOªFKHSDVVHUVXUOHSDUDPªWUH0RGHG
HVVDLVRXSDSHGHV«FXULW«HW
DSSX\HUVXUODWRXFKHm9DOLGDWLRQ}SHQGDQWDXPRLQVV
 (QWUHUOHPRWGHSDVVH%$6,&HWYDOLGHUSDUODWRXFKHm9DOLGDWLRQ}
 5«JOHUOHSDUDPªWUHVXURQ¢O
DLGHGHVWRXFKHV¢IOªFKHHWYDOLGHU

(IIHFWXHUOHFRQWU¶OH

/DPDFKLQHG«PDUUHHQ0$5&+(‚9,'(GªVTX
HOOHHVWPLVHHQFLUFXLW
7DQWTXHODWRXFKHm0$5&+(}UHVWHHQVXLWHDSSX\«HODPDFKLQHWUDYDLOOHHQU«JLPH&+$5*(HW
ODSUHVVLRQGDQVOHU«VHUYRLUV«SDUDWHXUG
KXLOHPRQWH'ªVTXHODWRXFKHm0$5&+(}HVWO¤FK«H
ODPDFKLQHSHUPXWHVXU0$5&+(‚9,'(SXLVDXWRPDWLTXHPHQWVXU$55Œ7DSUªV«FRXOHPHQWGX
WHPSVGHPDUFKH¢YLGH

&RQGLWLRQ /DPDFKLQHHVWDUU¬W«H

 $9(57,66(0(17
6RXSDSHGHV«FXULW«IXLW
)RUWHV«PLVVLRQVVRQRUHVGXHV¢ODG«FKDUJHGHODVRXSDSHGHV«FXULW«
5LVTXHGHEU½OXUHVSDUOಬKXLOHGHUHIURLGLVVHPHQWG«JDJ«H
5LVTXHGHEOHVVXUHVSDUOಬ«FODWHPHQWGHVFRPSRVDQWVHWOಬDLUFRPSULP«
ᇐ 5HPHWWUHHQSODFHHWYLVVHUWRXVOHVSDQQHDX[IHUPHUHWYHUURXLOOHUWRXWHVOHVSRUWHVGH
VHUYLFH
ᇐ 3RUWHUXQHSURWHFWLRQDXGLWLYHHWGHVOXQHWWHVGHSURWHFWLRQ
ᇐ ,QWHUURPSUHLPP«GLDWHPHQWOHWHVWVLODSUHVVLRQGHVHUYLFHVಬ«OªYH¢SOXVGHDX
GHVVXVGHODSUHVVLRQGಬHQFOHQFKHPHQWGHODVRXSDSHGHV«FXULW«
 $SSX\HUXQFRXUWLQVWDQWVXUODWRXFKHm0$5&+(}
/DPDFKLQHG«PDUUHHQ0$5&+(‚9,'(

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0DLQWHQDQFH
 &RQWU¶OHUO
DUU¬WDXWRPDWLTXHHQFDVGHVXUFKDXIIH

 6XUYHLOOHUO
DIILFKDJHGHSUHVVLRQVXUOH6,*0$&21752/%$6,&HWJDUGHUODWRXಣ
FKHm0$5&+(}DSSX\«H
 ,QWHUURPSUHO
HVVDLGªVTXHODVRXSDSHGHV«FXULW«VHG«FKDUJHRXGªVTXHODSUHVVLRQGHVHUಣ
YLFHVಬ«OªYH¢SOXVGHDXGHVVXVGHODSUHVVLRQGHG«FOHQFKHPHQWGHODVRXSDSHGHV«ಣ
FXULW«
 6LQ«FHVVDLUHG«FRPSULPHUOHFLUFXLWG
DLUHWUHPSODFHUODVRXSDSHGHV«FXULW«G«IHFWXHXVH

5HPHWWUHODPDFKLQHHQ«WDWGHPDUFKH

 $SSHOHUGHQRXYHDXOHPRGHGHPRGLILFDWLRQHWHQWUHUOHPRWGHSDVVHಯ%$6,&ರ
 5«JOHUOHSDUDPªWUHVXURII¢O
DLGHGHVWRXFKHV¢IOªFKHHWYDOLGHU
 2XYULUOHURELQHWG
DUU¬WHQWUHODPDFKLQHHWOHU«VHDXG
DLUFRPSULP«

 &RQWU¶OHUO
DUU¬WDXWRPDWLTXHHQFDVGHVXUFKDXIIH
/DPDFKLQHGRLWV
DUU¬WHUORUVTX
XQHWHPS«UDWXUHILQDOHGHFRPSUHVVLRQGHr&HVWDWWHLQWH
ᇐ )DLUHFRQWU¶OHUO
DUU¬WDXWRPDWLTXHSDUOH6$9.$(6(5RXSDUXQGLVWULEXWHXUDJU««

 &RQWU¶OHUOHQLYHDXGಬKXLOHGHUHIURLGLVVHPHQW
8QHIHQ¬WUHSHUPHWGHFRQWU¶OHUOHQLYHDXGvKXLOHGHUHIURLGLVVHPHQWHQWRXWHV«FXULW«/RUVTXHOD
PDFKLQHHVWDUU¬W«HOHW«PRLQGHQLYHDXHVWHQWLªUHPHQWUHFRXYHUWG
KXLOHGHUHIURLGLVVHPHQWHWQH
SHUPHWSDVODOHFWXUHFRUUHFWHGXQLYHDX

3HQGDQWODPDUFKHGHODPDFKLQHOHQLYHDXG
KXLOHGHUHIURLGLVVHPHQWGRLWGDQVOvLG«DOVHVLWXHU
DXWRXUGXUHSªUHGHQLYHDXRSWLPDO
5«JLPH 1LYHDXGಬKXLOHGHUHIURLGLVVHPHQW 1LYHDXGಬKXLOHGHUHIURLGLVVHPHQW
PLQL PD[L
&+$5*(

7DE 1LYHDXGvKXLOHGHUHIURLGLVVHPHQWDGPLVVLEOHHQ&+$5*(

6XUOHVPDFKLQHVDYHFYDULDWHXUGHIU«TXHQFH 6)& OHW«PRLQGHQLYHDXG


KXLOHGHUHIURLGLVಣ
VHPHQWQ
LQGLTXHFRUUHFWHPHQWOHQLYHDXTX
¢XQHIU«TXHQFHGHURWDWLRQSURFKHGHODOLPLWH
PD[L
3OXVODSUHVVLRQ¢ODVRUWLHG
DLUFRPSULP«GHODPDFKLQHHVWEDVVHSOXVODIU«TXHQFHGHURಣ
WDWLRQVHUD«OHY«H

&RQGLWLRQ /DPDFKLQHWRXUQHHQ&+$5*(GHSXLVDXPRLQVPLQXWHV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0DLQWHQDQFH
 '«FRPSULPHUOHFLUFXLWG
DLU PLVH¢YLGH

)LJ &RQWU¶OHUOHQLYHDXGಬKXLOHGHUHIURLGLVVHPHQW
 1LYHDXGvKXLOHGHUHIURLGLVVHPHQWPLQL
 1LYHDXGvKXLOHGHUHIURLGLVVHPHQWPD[L
 1LYHDXGvKXLOHGHUHIURLGLVVHPHQWRSWLPDO

ᇐ &RQWU¶OHUOHQLYHDXG
KXLOHGHUHIURLGLVVHPHQWSHQGDQWTXHODPDFKLQHIRQFWLRQQHHQ
&+$5*(

5«VXOWDW 'ªVTXHOHQLYHDXPLQLPDOHVWDWWHLQW)DLUHOಬDSSRLQWGಬKXLOHGHUHIURLGLVVHPHQW

 '«FRPSULPHUOHFLUFXLWG
DLU PLVH¢YLGH
/HFLUFXLWG
DLUHVWG«FRPSULP«PDQXHOOHPHQWHQSKDVHV
႐ ,VROHUODPDFKLQHGXU«VHDXG
DLUFRPSULP«
႐ 3XUJHUOಬDLUFRPSULP«GXU«VHUYRLUGಬKXLOH
႐ 3XUJHUPDQXHOOHPHQWO
DLUFRPSULP«GXUHIURLGLVVHXUGಬDLU

$YDQWWRXVWUDYDX[Q«FHVVLWDQWOಬRXYHUWXUHGXFLUFXLWGಬDLULVROHUODPDFKLQHGXU«VHDXGಬDLU
FRPSULP«HWG«VDPRUFHUFRPSOªWHPHQWOHFLUFXLWG
DLU

0DW«ULHO /DGRXLOOHQ«FHVVDLUHDYHFURELQHWGಬDUU¬WHWWX\DXGಬHQWUHWLHQHVWSRV«HOLEUHPHQWVRXVOHU«VHUYRLU
G
KXLOH

&RQGLWLRQ 7RXVOHVS¶OHVGXEORFG
DOLPHQWDWLRQVRQWG«EUDQFK«V
OHVPHVXUHVRQW«W«SULVHVSRXUHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
O
DEVHQFHGHWHQVLRQD«W«FRQWU¶O«H

$77(17,21
5LVTXHVG
HIIHWVJUDYHVSRXUODVDQW«SDUOHG«JDJHPHQWGHEURXLOODUGVGಬKXLOHGHUHIURLGLVಣ
VHPHQW
ᇐ 1HSDVGLULJHUOHWX\DXGಬHQWUHWLHQVXUGHVSHUVRQQHVORUVGHODPLVH¢YLGH
ᇐ 1HSDVLQKDOHUOHVYDSHXUVG
KXLOH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0DLQWHQDQFH
 '«FRPSULPHUOHFLUFXLWG
DLU PLVH¢YLGH

)LJ '«FRPSULPHUOHFLUFXLWG
DLU
 5DFFRUGUDSLGH PLVH¢YLGHUHIURLGLVVHXU  9DQQHGಬDUU¬W
G
DLU $ 9DQQHGಬDUU¬WRXYHUWH
 0DQRPªWUH % 9DQQHG
DUU¬WIHUP«H
 5DFFRUGUDSLGH PLVH¢YLGHU«VHUYRLUV«ಣ  7X\DXG
HQWUHWLHQ
SDUDWHXUG
KXLOH
 'RXLOOH

,VROHUODPDFKLQHGXU«VHDXG
DLUFRPSULP«

ᇐ )HUPHUODYDQQHG
DUU¬WHQWUHODPDFKLQHHWOHU«VHDXG
DLUFRPSULP«
6
LOQ
\DSDVGHURELQHWG
DUU¬WHQWUHODPDFKLQHHWOHU«VHDXG
DLUFRPSULP«LOIDXWG«FRPSULಣ
PHUOHU«VHDXFRPSOªWHPHQW

3XUJHUOಬDLUFRPSULP«GXU«VHUYRLUGಬKXLOH

/HFLUFXLWG
KXLOHVHG«FRPSULPHDXWRPDWLTXHPHQWGªVTXHODPDFKLQHHVWDUU¬W«H
ᇐ 6
DVVXUHUTXHOHPDQRPªWUHGXU«VHUYRLUV«SDUDWHXUGಬKXLOHDIILFKHEDU
/HPDQRPªWUHQಬDIILFKHSDVEDUDSUªVODPLVH¢YLGHDXWRPDWLTXH"
ᇐ 6
DVVXUHUTXHODYDQQHG
DUU¬WHVWIHUP«HRXTXHOHU«VHDXG
DLUFRPSULP«HVWFRPSOªWHಣ
PHQWG«FRPSULP«
ᇐ 0HWWUHODGRXLOOH  DYHFYDQQHG
DUU¬WIHUP«HGDQVOHUDFFRUGUDSLGH  
ᇐ 2XYULUOHQWHPHQWODYDQQHGಬDUU¬W  HWDWWHQGUHODG«FRPSUHVVLRQ
ᇐ 5HWLUHUODGRXLOOH  GXUDFFRUGUDSLGHHWIHUPHUODYDQQHG
DUU¬W  
ᇐ 6LXQHPLVH¢YLGHPDQXHOOHGXU«VHUYRLUV«SDUDWHXUG
KXLOHQHIDLWSDVGHVFHQGUHOHPDಣ
QRPªWUH¢EDU&RQVXOWHUOH6$9.$(6(5RXXQGLVWULEXWHXUDJU««

3XUJHUPDQXHOOHPHQWO
DLUFRPSULP«GXUHIURLGLVVHXUGಬDLU

$SUªVO
DUU¬WHWODPLVH¢YLGHGXU«VHUYRLUV«SDUDWHXUG
KXLOHODFRQGXLWHUHOLDQWOHU«VHDX
G
DLUFRPSULP«RXODYDQQHG
DUU¬WDXFODSHWDQWLUHWRXUGHSUHVVLRQPLQLPDOHUHVWHVRXV
SUHVVLRQ
 0HWWUHODGRXLOOH  DYHFYDQQHG
DUU¬WIHUP«HGDQVOHUDFFRUGUDSLGH  

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0DLQWHQDQFH
 )DLUHOಬDSSRLQWGಬKXLOHGHUHIURLGLVVHPHQW

 2XYULUOHQWHPHQWODYDQQHGಬDUU¬W  HWDWWHQGUHODG«FRPSUHVVLRQ
 5HWLUHUODGRXLOOH  GXUDFFRUGUDSLGHHWIHUPHUODYDQQHG
DUU¬W  

 )DLUHOಬDSSRLQWGಬKXLOHGHUHIURLGLVVHPHQW
$YDQWWRXVWUDYDX[Q«FHVVLWDQWOಬRXYHUWXUHGXFLUFXLWGಬDLULVROHUODPDFKLQHGXU«VHDXGಬDLU
FRPSULP«HWG«VDPRUFHUFRPSOªWHPHQWOHFLUFXLWG
DLU

0DW«ULHO /DGRXLOOHQ«FHVVDLUHDYHFURELQHWGಬDUU¬WHWWX\DXGಬHQWUHWLHQHVWSRV«HOLEUHPHQWVRXVOHU«VHUYRLU
G
KXLOH

&RQGLWLRQ 7RXVOHVS¶OHVGXEORFG
DOLPHQWDWLRQVRQWG«EUDQFK«V
OHVPHVXUHVRQW«W«SULVHVSRXUHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
O
DEVHQFHGHWHQVLRQD«W«FRQWU¶O«H

)LJ )DLUHOಬDSSRLQWGಬKXLOHGHUHIURLGLVVHPHQW
 5DFFRUGUDSLGH PLVH¢YLGHUHIURLGLVVHXU  'RXLOOH
G
DLU  9DQQHGಬDUU¬W
 0DQRPªWUH $ 9DQQHGಬDUU¬WRXYHUWH
 5DFFRUGUDSLGH PLVH¢YLGHU«VHUYRLUV«ಣ % 9DQQHG
DUU¬WIHUP«H
SDUDWHXUG
KXLOH  7X\DXG
HQWUHWLHQ
 7XEXOXUHGHUHPSOLVVDJHG
KXLOHGHUHIURLಣ
GLVVHPHQWDYHFERXFKRQ
 ,QGLFDWHXUGHQLYHDXGಬKXLOHGHUHIURLGLVVHಣ
PHQW

 '«FRPSULPHUOHFLUFXLWG
DLUVXLYDQWOHVLQWUXFWLRQVGRQQ«HVGDQVODVHFWLRQ
 )DLUHOಬDSSRLQWGಬKXLOHGHUHIURLGLVVHPHQWHWHIIHFWXHUXQHVVDLVXLYDQWOHVLQVWUXFWLRQVGRQQ«HV
GDQVODVHFWLRQ

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0DLQWHQDQFH
 )DLUHOಬDSSRLQWGಬKXLOHGHUHIURLGLVVHPHQW

 '«FRPSULPHUOHFLUFXLWG
DLU PLVH¢YLGH
/HFLUFXLWG
DLUHVWG«FRPSULP«PDQXHOOHPHQWHQSKDVHV
႐ ,VROHUODPDFKLQHGXU«VHDXG
DLUFRPSULP«
႐ 3XUJHUOಬDLUFRPSULP«GXU«VHUYRLUGಬKXLOH
႐ 3XUJHUPDQXHOOHPHQWO
DLUFRPSULP«GXUHIURLGLVVHXUGಬDLU

$77(17,21
5LVTXHVG
HIIHWVJUDYHVSRXUODVDQW«SDUOHG«JDJHPHQWGHEURXLOODUGVGಬKXLOHGHUHIURLGLVಣ
VHPHQW
ᇐ 1HSDVGLULJHUOHWX\DXGಬHQWUHWLHQVXUGHVSHUVRQQHVORUVGHODPLVH¢YLGH
ᇐ 1HSDVLQKDOHUOHVYDSHXUVG
KXLOH

,VROHUODPDFKLQHGXU«VHDXG
DLUFRPSULP«

ᇐ )HUPHUODYDQQHG
DUU¬WHQWUHODPDFKLQHHWOHU«VHDXG
DLUFRPSULP«
6
LOQ
\DSDVGHURELQHWG
DUU¬WHQWUHODPDFKLQHHWOHU«VHDXG
DLUFRPSULP«LOIDXWG«FRPSULಣ
PHUOHU«VHDXFRPSOªWHPHQW

3XUJHUOಬDLUFRPSULP«GXU«VHUYRLUGಬKXLOH

/HFLUFXLWG
KXLOHVHG«FRPSULPHDXWRPDWLTXHPHQWGªVTXHODPDFKLQHHVWDUU¬W«H
ᇐ 6
DVVXUHUTXHOHPDQRPªWUHGXU«VHUYRLUV«SDUDWHXUGಬKXLOHDIILFKHEDU
/HPDQRPªWUHQಬDIILFKHSDVEDUDSUªVODPLVH¢YLGHDXWRPDWLTXH"
ᇐ 6
DVVXUHUTXHODYDQQHG
DUU¬WHVWIHUP«HRXTXHOHU«VHDXG
DLUFRPSULP«HVWFRPSOªWHಣ
PHQWG«FRPSULP«
ᇐ 0HWWUHODGRXLOOH  DYHFYDQQHG
DUU¬WIHUP«HGDQVOHUDFFRUGUDSLGH  
ᇐ 2XYULUOHQWHPHQWODYDQQHGಬDUU¬W  HWDWWHQGUHODG«FRPSUHVVLRQ
ᇐ 5HWLUHUODGRXLOOH  GXUDFFRUGUDSLGHHWIHUPHUODYDQQHG
DUU¬W  
ᇐ 6LXQHPLVH¢YLGHPDQXHOOHGXU«VHUYRLUV«SDUDWHXUG
KXLOHQHIDLWSDVGHVFHQGUHOHPDಣ
QRPªWUH¢EDU&RQVXOWHUOH6$9.$(6(5RXXQGLVWULEXWHXUDJU««

3XUJHUPDQXHOOHPHQWO
DLUFRPSULP«GXUHIURLGLVVHXUGಬDLU

$SUªVO
DUU¬WHWODPLVH¢YLGHGXU«VHUYRLUV«SDUDWHXUG
KXLOHODFRQGXLWHUHOLDQWOHU«VHDX
G
DLUFRPSULP«RXODYDQQHG
DUU¬WDXFODSHWDQWLUHWRXUGHSUHVVLRQPLQLPDOHUHVWHVRXV
SUHVVLRQ
 0HWWUHODGRXLOOH  DYHFYDQQHG
DUU¬WIHUP«HGDQVOHUDFFRUGUDSLGH  
 2XYULUOHQWHPHQWODYDQQHGಬDUU¬W  HWDWWHQGUHODG«FRPSUHVVLRQ
 5HWLUHUODGRXLOOH  GXUDFFRUGUDSLGHHWIHUPHUODYDQQHG
DUU¬W  

 )DLUHO
DSSRLQWG
KXLOHGHUHIURLGLVVHPHQWHWHIIHFWXHUXQHVVDL
)DLUHOಬDSSRLQWGಬKXLOHGHUHIURLGLVVHPHQW

8QDXWRFROODQWPHQWLRQQDQWOHW\SHGಬKXLOHGHUHIURLGLVVHPHQWXWLOLV«VHWURXYHVXUOHV«SDUDWHXU
G
KXLOH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0DLQWHQDQFH
 9LGDQJHUO
KXLOHGHUHIURLGLVVHPHQW

 $9(57,66(0(17
$LUFRPSULP«
/ಬDLUFRPSULP«HWOHVFRPSRVDQWVVRXVSUHVVLRQSHXYHQWFDXVHUGHVEOHVVXUHVJUDYHVRX
PRUWHOOHVSDUOಬ«QHUJLHG«JDJ«H¢OಬRXYHUWXUHRXDXG«PRQWDJH
ᇐ '«FRPSULPHUFRPSOªWHPHQWWRXVOHVFRPSRVDQWVHWIOXLGHVVRXVSUHVVLRQ
 $9,6
(QGRPPDJHPHQWGHODPDFKLQHSDUO
XWLOLVDWLRQG
KXLOHVGHUHIURLGLVVHPHQWQRQDSSURSUL«HV
ᇐ 1HMDPDLVP«ODQJHUGHVKXLOHVGHUHIURLGLVVHPHQWGHW\SHGLII«UHQW
ᇐ 7RXMRXUVXWLOLVHUODP¬PHVRUWHG
KXLOHGHUHIURLGLVVHPHQWTXLVHWURXYHGDQVODPDFKLQH
 2XYULUOHQWHPHQWOHERXFKRQ  GHODWXEXOXUHGHUHPSOLVVDJHG
KXLOH
 2EVHUYHUOHVTXDQWLW«V¢UDMRXWHUHWIDLUHO
DSSRLQWG
KXLOHGHUHIURLGLVVHPHQW
 5HPSODFHUOHMRLQWGXERXFKRQVLQ«FHVVDLUHHWUHIHUPHUODWXEXOXUHGHUHPSOLVVDJHGಬKXLOH

0HWWUHODPDFKLQHHQVHUYLFHHWHIIHFWXHUXQHVVDL

 5HPHWWUHHQSODFHHWYLVVHUWRXVOHVSDQQHDX[IHUPHUHWYHUURXLOOHUWRXWHVOHVSRUWHVGHVHUYLಣ
FH
 2XYULUOHURELQHWG
DUU¬WHQWUHODPDFKLQHHWOHU«VHDXG
DLUFRPSULP«
 $SUªVHQYPLQXWHVGHPDUFKH&RQWU¶OHUOHQLYHDXG
KXLOHGHUHIURLGLVVHPHQWHWIDLUHO
DSಣ
SRLQWVLQ«FHVVDLUH
 $UU¬WHUODPDFKLQHHWFRQWU¶OHUYLVXHOOHPHQWO
«WDQFK«LW«

 9LGDQJHUO
KXLOHGHUHIURLGLVVHPHQW
$YDQWWRXVWUDYDX[Q«FHVVLWDQWOಬRXYHUWXUHGXFLUFXLWGಬDLUODPDFKLQHGRLW¬WUHLVRO«HGXU«ಣ
VHDXGಬDLUFRPSULP«HWFRPSOªWHPHQWG«FRPSULP«H
7RXMRXUVYLGDQJHUFRPSOªWHPHQWO
KXLOHGHUHIURLGLVVHPHQWGXU«VHUYRLUV«SDUDWHXUG
KXLOHHW
GXUHIURLGLVVHXUG
KXLOH/HILOWUH¢KXLOHHWODFDUWRXFKHV«SDUDWULFHG
KXLOHGRLYHQWWRXMRXUV
¬WUHFKDQJ«VDSUªVXQHYLGDQJHG
KXLOHGHUHIURLGLVVHPHQW
/
DLUFRPSULP«IDYRULVHO
«FRXOHPHQWGHO
KXLOHGHUHIURLGLVVHPHQW&HWWHSUHVVLRQSHXW¬WUHSURGXLಣ
WHSDUODPDFKLQHP¬PHRXVLQRQ¬WUHIRXUQLHSDUO
H[W«ULHXUGHODPDFKLQH

,OHVWIDLWDSSHO¢ODSUHVVLRQH[WHUQHGXU«VHDXGDQVOHVFDVVXLYDQWV H[HPSOHV 
႐ ODPDFKLQHQಬHVWSDVSU¬WH¢IRQFWLRQQHU
႐ ODPDFKLQHHVWUHPLVHHQVHUYLFHDSUªVXQORQJDUU¬W

0DW«ULHO +XLOHGHUHIURLGLVVHPHQW
%DFFROOHFWHXUGಬKXLOHGHUHIURLGLVVHPHQW
/DGRXLOOHQ«FHVVDLUHDYHFURELQHWGಬDUU¬WHWWX\DXGಬHQWUHWLHQHVWSRV«HOLEUHPHQWVRXVOHU«VHUYRLU
V«SDUDWHXUG
KXLOH

$9(57,66(0(17
5LVTXHGHEU½OXUHVDXFRQWDFWGHSLªFHVFKDXGHVHWSDUO
KXLOHFKDXGH
ᇐ 3RUWHUGHVY¬WHPHQWV¢PDQFKHVORQJXHVHWGHVJDQWVGHSURWHFWLRQ

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0DLQWHQDQFH
 9LGDQJHUO
KXLOHGHUHIURLGLVVHPHQW

)LJ 9LGDQJHUO
KXLOHGHUHIURLGLVVHPHQWU«VHUYRLUV«SDUDWHXUG
KXLOH
 5DFFRUGUDSLGH PLVH¢YLGHUHIURLGLVVHXU $ 9DQQHGಬDUU¬WRXYHUWH
G
DLU % 9DQQHG
DUU¬WIHUP«H
 0DQRPªWUH  7X\DXG
HQWUHWLHQ
 5DFFRUGUDSLGH PLVH¢YLGHU«VHUYRLUV«ಣ  5DFFRUGUDSLGH SXUJHG
KXLOH
SDUDWHXUG
KXLOH  9DQQHG
DUU¬W FRQGXLWHGHPLVH¢YLGH
 7XEXOXUHGHUHPSOLVVDJHG
KXLOHGHUHIURLಣ  9DQQHG
DUU¬W SXUJHG
KXLOH
GLVVHPHQWDYHFERXFKRQ
 ,QGLFDWHXUGHQLYHDXGಬKXLOHGHUHIURLGLVVHಣ
PHQW
 'RXLOOH
 9DQQHG
DUU¬W

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0DLQWHQDQFH
 9LGDQJHUO
KXLOHGHUHIURLGLVVHPHQW

9LGDQJHG
KXLOH¢O
DLGHGHODSUHVVLRQGDQVOH 9LGDQJHG
KXLOHGHUHIURLGLVVHPHQW¢O
DLGHGHOD
V«SDUDWHXU SUHVVLRQH[W«ULHXUHGXU«VHDX
/DPDFKLQHDIRQFWLRQQ«HQ&+$5*(SHQGDQW 7RXVOHVS¶OHVGXEORFG
DOLPHQWDWLRQVRQWG«ಣ
DXPRLQVPLQXWHV EUDQFK«V
/HFLUFXLWGvDLUHVWFRPSOªWHPHQWG«FRPSULP« OHVPHVXUHVRQW«W«SULVHVSRXUHPS¬FKHUWRXW
OHPDQRPªWUHGXU«VHUYRLUV«SDUDWHXUG
KXLOHDIಣ UHG«PDUUDJHLQWHPSHVWLI
ILFKHEDU O
DEVHQFHGHWHQVLRQD«W«FRQWU¶O«H
 )HUPHUODYDQQHG
DUU¬W  GHODFRQGXLWH /HFLUFXLWGvDLUHVWFRPSOªWHPHQWG«FRPSULP«
GHSXUJHG
DLU OHPDQRPªWUHGXU«VHUYRLUV«SDUDWHXUG
KXLOHDIಣ
ILFKHEDU
 0HWWUHODPDFKLQHHQPDUFKHHWVXUYHLOOHUOH
PDQRPªWUH  GXU«VHUYRLUV«SDUDWHXUG
KXLಣ 5«VHDXG
DLUFRPSULP«H[WHUQHGLVSRQLEOH
OHMXVTX
¢FHTX
LODIILFKHHQYದEDU  )HUPHUODYDQQHG
DUU¬W  GHODFRQGXLWH
 $UU¬WHUODPDFKLQH FRXSHUO
DOLPHQWDWLRQ GHSXUJHG
DLU
«OHFWULTXH HPS¬FKHUWRXWUHG«PDUUDJHLQಣ  0HWWUHODGRXLOOH  DYHFYDQQHG
DUU¬WIHUಣ
WHPSHVWLIVಬDVVXUHUGHOಬDEVHQFHGHWHQಣ P«HGDQVOHUDFFRUGUDSLGH  
VLRQ  5DFFRUGHUOHWX\DXG
HQWUHWLHQDXU«VHDX
 $WWHQGUHDXPRLQVPLQXWHVSRXUSHUPHWWUH G
DLUFRPSULP«H[WHUQH
¢OಬKXLOHGHUHIURLGLVVHPHQWGಬ¬WUHUHFRQGXLWH  6XUYHLOOHUOHPDQRPªWUHGXU«VHUYRLUV«SDಣ
GDQVOHU«VHUYRLUV«SDUDWHXUGಬKXLOH UDWHXUG
KXLOHHWRXYULUODYDQQHG
DUU¬W 
MXVTX
¢FHTXHOHPDQRPªWUHDIILFKHHQYದ
EDU
 )HUPHUODYDQQHG
DUU¬W  HWUHWLUHUODGRXLOಣ
OHGXUDFFRUGUDSLGH

3XUJHUO
KXLOHGHUHIURLGLVVHPHQWGXU«VHUYRLUV«SDUDWHXUG
KXLOH

&RQVXOWHUOH6$9.$(6(5RXXQGLVWULEXWHXUDJU««HQFDVGHSU«VHQFHGHFRQGHQVDWGDQV
O
KXLOHGHUHIURLGLVVHPHQW
8QHDGDSWDWLRQGHODWHPS«UDWXUHILQDOHGHFRPSUHVVLRQDX[FRQGLWLRQVDPELDQWHVLQGLYLGXHOಣ
OHVHVWQ«FHVVDLUH
 3U«SDUHUOHU«VHUYRLUFROOHFWHXUGಬKXLOHGHUHIURLGLVVHPHQW
 0HWWUHODGRXLOOH  DYHFYDQQHG
DUU¬WIHUP«HGDQVOHUDFFRUGUDSLGH  
 0HWWUHOHWX\DXG
HQWUHWLHQGDQVOHU«VHUYRLUFROOHFWHXUG
KXLOHGHUHIURLGLVVHPHQWHWOHIL[HU
 2XYULUODYDQQHG
DUU¬W  
 2XYULUOHQWHPHQWODYDQQHGಬDUU¬W  GXWX\DXG
HQWUHWLHQSXUJHUO
KXLOHGHUHIURLGLVVHPHQWHW
UHIHUPHULPP«GLDWHPHQWOHURELQHWGªVTXHO
DLUV
«FKDSSH
 )HUPHUODYDQQHG
DUU¬W  HWUHWLUHUODGRXLOOH
ᇐ /
KXLOHGHUHIURLGLVVHPHQWHVW¢«OLPLQHUFRQIRUP«PHQW¢ODO«JLVODWLRQUHODWLYH¢ODSURಣ
WHFWLRQGHO
HQYLURQQHPHQW

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0DLQWHQDQFH
 &KDQJHUOHILOWUH¢KXLOH

3XUJHUOಬKXLOHGHUHIURLGLVVHPHQWGXUHIURLGLVVHXUGಬKXLOH

)LJ 9LGDQJHUOಬKXLOHGHUHIURLGLVVHPHQWUHIURLGLVVHXUG
KXLOH
 5HIURLGLVVHXUG
KXLOH  'RXLOOH
 5DFFRUGUDSLGH SXUJHGಬKXLOHGHUHIURLGLVಣ  9DQQHG
DUU¬W
VHPHQW
 9DQQHG
DUU¬W

 3U«SDUHUOHU«VHUYRLUFROOHFWHXUGಬKXLOHGHUHIURLGLVVHPHQW
 0HWWUHODGRXLOOH  DYHFYDQQHG
DUU¬WIHUP«HGDQVOHUDFFRUGUDSLGH  
 0HWWUHOHWX\DXG
HQWUHWLHQGDQVOHU«VHUYRLUFROOHFWHXUG
KXLOHGHUHIURLGLVVHPHQWHWOHIL[HU
 2XYULUODYDQQHG
DUU¬W  
 2XYULUOHQWHPHQWODYDQQHG
DUU¬W  SXUJHUFRPSOªWHPHQWO
KXLOHGHUHIURLGLVVHPHQWHWO
DLU
FRPSULP«MXVTX
¢FHTXHOHPDQRPªWUHGXU«VHUYRLUV«SDUDWHXUG
KXLOHDIILFKHEDU
 )HUPHUODYDQQHG
DUU¬W  HWUHWLUHUODGRXLOOH
ᇐ /
KXLOHGHUHIURLGLVVHPHQWHVW¢«OLPLQHUFRQIRUP«PHQW¢ODO«JLVODWLRQUHODWLYH¢ODSURಣ
WHFWLRQGHO
HQYLURQQHPHQW

5HPSOLUG
KXLOHGHUHIURLGLVVHPHQW

 2XYULUOHQWHPHQWOHERXFKRQ  GHODWXEXOXUHGHUHPSOLVVDJH YRLULOOXVWU 


 5HPSOLUG
KXLOHGHUHIURLGLVVHPHQW
 &RQWU¶OHUO
«WDWGXMRLQWGXERXFKRQHWUHIHUPHUODWXEXOXUHGHUHPSOLVVDJHG
KXLOH

0HWWUHODPDFKLQHHQVHUYLFHHWHIIHFWXHUXQHVVDL

 5HPHWWUHHQSODFHHWYLVVHUWRXVOHVSDQQHDX[IHUPHUHWYHUURXLOOHUWRXWHVOHVSRUWHVGHVHUYLಣ
FH
 2XYULUOHURELQHWG
DUU¬WHQWUHODPDFKLQHHWOHU«VHDXG
DLUFRPSULP«
 (QFOHQFKHUOHFRXSHFLUFXLWHWUHPHWWUHOHFRPSWHXUKRUDLUH¢]«UR
 0HWWUHODPDFKLQHHQPDUFKHFRQWU¶OHUOHQLYHDXG
KXLOHGHUHIURLGLVVHPHQWDSUªVHQYPLQ
HWIDLUHO
DSSRLQWVLQ«FHVVDLUH
 $UU¬WHUODPDFKLQHHWFRQWU¶OHUYLVXHOOHPHQWO
«WDQFK«LW«

 &KDQJHUOHILOWUH¢KXLOH
$YDQWWRXVWUDYDX[Q«FHVVLWDQWOಬRXYHUWXUHGXFLUFXLWGಬDLUODPDFKLQHGRLW¬WUHLVRO«HGXU«ಣ
VHDXGಬDLUFRPSULP«HWFRPSOªWHPHQWG«FRPSULP«H

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0DLQWHQDQFH
 &KDQJHUOHILOWUH¢KXLOH

/
KXLOHGHUHIURLGLVVHPHQWHVW«YDFX«HGXILOWUH¢KXLOH¢PLQXWHVDSUªVODPLVH¢O
DUU¬W8Q
FROOHFWHXUG
KXLOHGHUHIURLGLVVHPHQWQ
HVWSDVQ«FHVVDLUH

0DW«ULHO 3LªFHGHUHFKDQJH
&KLIIRQ

&RQGLWLRQ 7RXVOHVS¶OHVGXEORFG
DOLPHQWDWLRQVRQWG«EUDQFK«V
OHVPHVXUHVRQW«W«SULVHVSRXUHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
O
DEVHQFHGHWHQVLRQD«W«FRQWU¶O«H
/HFLUFXLWGvDLUHVWFRPSOªWHPHQWG«FRPSULP«OHPDQRPªWUHGXU«VHUYRLUV«SDUDWHXUG
KXLOHDIILಣ
FKHEDU

$9(57,66(0(17
5LVTXHGHEU½OXUHVDXFRQWDFWGHSLªFHVFKDXGHVHWSDUO
KXLOHFKDXGH
ᇐ 3RUWHUGHVY¬WHPHQWV¢PDQFKHVORQJXHVHWGHVJDQWVGHSURWHFWLRQ

)LJ &KDQJHUOHILOWUH¢KXLOH
 )LOWUH¢KXLOH
 6HQVGHGHVVHUUDJH
 &DUWRXFKHV«SDUDWULFHG
KXLOH

&KDQJHUOHILOWUH¢KXLOH

 'HVVHUUHUOHILOWUH¢KXLOHHQOHWRXUQDQWGDQVOHVHQVFRQWUDLUHGHVDLJXLOOHVG
XQHPRQWUHHW
HVVX\HUO
KXLOHGHUHIURLGLVVHPHQWTXLV
«JRXWWH
 +XLOHUO«JªUHPHQWOHMRLQWGXQRXYHDXILOWUH¢KXLOH
 6HUUHUOHILOWUH¢ODPDLQGDQVOHVHQVGHVDLJXLOOHVGಬXQHPRQWUH
ᇐ /HVDSSDUHLOVHWFRPSRVDQWVFRQWDPLQ«VSDUOಬKXLOHGHUHIURLGLVVHPHQWVRQW¢«OLPLQHU
FRQIRUP«PHQW¢ODO«JLVODWLRQUHODWLYH¢ODSURWHFWLRQGHO
HQYLURQQHPHQW

0HWWUHODPDFKLQHHQVHUYLFHHWHIIHFWXHUXQHVVDL

 5HPHWWUHHQSODFHHWYLVVHUWRXVOHVSDQQHDX[IHUPHUHWYHUURXLOOHUWRXWHVOHVSRUWHVGHVHUYLಣ
FH
 2XYULUOHURELQHWG
DUU¬WHQWUHODPDFKLQHHWOHU«VHDXG
DLUFRPSULP«
 (QFOHQFKHUOHFRXSHFLUFXLWHWUHPHWWUHOHFRPSWHXUKRUDLUH¢]«UR

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0DLQWHQDQFH
 &KDQJHUODFDUWRXFKHV«SDUDWULFHG
KXLOH

 $SUªVHQYPLQXWHVGHPDUFKH&RQWU¶OHUOHQLYHDXG
KXLOHGHUHIURLGLVVHPHQWHWIDLUHO
DSಣ
SRLQWVLQ«FHVVDLUH
 $UU¬WHUODPDFKLQHHWFRQWU¶OHUYLVXHOOHPHQWO
«WDQFK«LW«

 &KDQJHUODFDUWRXFKHV«SDUDWULFHG
KXLOH
$YDQWWRXVWUDYDX[Q«FHVVLWDQWOಬRXYHUWXUHGXFLUFXLWGಬDLUODPDFKLQHGRLW¬WUHLVRO«HGXU«ಣ
VHDXGಬDLUFRPSULP«HWFRPSOªWHPHQWG«FRPSULP«H

/DGXU«HGHYLHGHODFDUWRXFKHV«SDUDWULFHGಬKXLOHYDULHHQIRQFWLRQ
႐ GXGHJU«GHSROOXWLRQGHOಬDLUGಬDVSLUDWLRQ
႐ GXUHVSHFWGHVLQWHUYDOOHVGHFKDQJHPHQWYLGDQJH
࿺ +XLOHGHUHIURLGLVVHPHQW
࿺ )LOWUH¢KXLOH
࿺ )LOWUH¢DLU

/
KXLOHGHUHIURLGLVVHPHQWHVW«YDFX«HGHODFDUWRXFKHV«SDUDWULFHG
KXLOH¢PLQXWHVDSUªVOD
PLVH¢O
DUU¬W8QFROOHFWHXUG
KXLOHGHUHIURLGLVVHPHQWQ
HVWSDVQ«FHVVDLUH

0DW«ULHO 3LªFHGHUHFKDQJH
&KLIIRQ

&RQGLWLRQ 7RXVOHVS¶OHVGXEORFG
DOLPHQWDWLRQVRQWG«EUDQFK«V
OHVPHVXUHVRQW«W«SULVHVSRXUHPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
O
DEVHQFHGHWHQVLRQD«W«FRQWU¶O«H
/HFLUFXLWGvDLUHVWFRPSOªWHPHQWG«FRPSULP«OHPDQRPªWUHGXU«VHUYRLUV«SDUDWHXUG
KXLOHDIILಣ
FKHEDU

$9(57,66(0(17
5LVTXHGHEU½OXUHVDXFRQWDFWGHSLªFHVFKDXGHVHWSDUO
KXLOHFKDXGH
ᇐ 3RUWHUGHVY¬WHPHQWV¢PDQFKHVORQJXHVHWGHVJDQWVGHSURWHFWLRQ

)LJ &KDQJHUODFDUWRXFKHV«SDUDWULFHG
KXLOH
 )LOWUH¢KXLOH
 6HQVGHGHVVHUUDJH
 &DUWRXFKHV«SDUDWULFHG
KXLOH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0DLQWHQDQFH
 &KDQJHUODFDUWRXFKHV«SDUDWULFHG
KXLOH

&KDQJHUODFDUWRXFKHV«SDUDWULFHG
KXLOH

 'HVVHUUHUODFDUWRXFKHV«SDUDWULFHG
KXLOHHQODWRXUQDQWGDQVOHVHQVFRQWUDLUHGHVDLJXLOOHV
G
XQHPRQWUHHWHVVX\HUO
KXLOHGHUHIURLGLVVHPHQWTXLV
«JRXWWH
 +XLOHUO«JªUHPHQWOHMRLQWGHODQRXYHOOHFDUWRXFKHV«SDUDWULFHG
KXLOH
 6HUUHUODFDUWRXFKHV«SDUDWULFHG
KXLOH¢ODPDLQGDQVOHVHQVGHVDLJXLOOHVGಬXQHPRQWUH
ᇐ /HVDSSDUHLOVHWFRPSRVDQWVFRQWDPLQ«VSDUOಬKXLOHGHUHIURLGLVVHPHQWVRQW¢«OLPLQHU
FRQIRUP«PHQW¢ODO«JLVODWLRQUHODWLYH¢ODSURWHFWLRQGHO
HQYLURQQHPHQW

0HWWUHODPDFKLQHHQVHUYLFHHWHIIHFWXHUXQHVVDL

 5HPHWWUHHQSODFHHWYLVVHUWRXVOHVSDQQHDX[IHUPHUHWYHUURXLOOHUWRXWHVOHVSRUWHVGHVHUYLಣ
FH
 2XYULUOHURELQHWG
DUU¬WHQWUHODPDFKLQHHWOHU«VHDXG
DLUFRPSULP«
 (QFOHQFKHUOHFRXSHFLUFXLWHWUHPHWWUHOHFRPSWHXUKRUDLUH¢]«UR
 $SUªVHQYPLQXWHVGHPDUFKH$UU¬WHUODPDFKLQHHWFRQWU¶OHUYLVXHOOHPHQWO
«WDQFK«LW«

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0DLQWHQDQFH
 (WDEOLUXQHOLVWHGHVWUDYDX[G
HQWUHWLHQHWGHPDLQWHQDQFH

 (WDEOLUXQHOLVWHGHVWUDYDX[G
HQWUHWLHQHWGHPDLQWHQDQFH
1XP«URGHPDFKLQH
ᇐ /HVWUDYDX[G
HQWUHWLHQHWGHPDLQWHQDQFHU«DOLV«VVRQW¢UHSRUWHUVXUODOLVWH

'DWH (QWUHWLHQU«DOLV« +HXUHVGHVHUYLFH 6LJQDWXUH

7DE (WDEOLUXQHOLVWHGHVWUDYDX[GಬHQWHWLHQ

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 3LªFHGHUHFKDQJHPDWLªUHVFRQVRPPDEOHVVHUYLFH
 2EVHUYHUODSODTXHFRQVWUXFWHXU

 3LªFHGHUHFKDQJHPDWLªUHVFRQVRPPDEOHVVHUYLಣ
FH
 2EVHUYHUODSODTXHFRQVWUXFWHXU
6XUODSODTXHFRQVWUXFWHXUILJXUHQWWRXWHVOHVLQIRUPDWLRQVQ«FHVVDLUHV¢O
LGHQWLILFDWLRQGHODPDಣ
FKLQH&HVLQIRUPDWLRQVQRXVSHUPHWWHQWGHYRXVRIUULUOHPHLOOHXUVHUYLFH
ᇐ 3RXUWRXWHGHPDQGHGHSU«FLVLRQVXUOHSURGXLWRXFRPPDQGHGHSLªFHVGHUHFKDQJHLQGLTXHU
OHVGRQQ«HVILJXUDQWVXUODSODTXHFRQVWUXFWHXU

 &RPPDQGHGHSLªFHVGಬHQWUHWLHQFRXUDQWHWGHPDWLªUHVFRQVRPಣ
PDEOHV
/HVSLªFHVG
HQWUHWLHQFRXUDQWHWOHVIOXLGHVGHVHUYLFH.$(6(5VRQWGHVSURGXLWVG
RULJLQH(OOHV
VRQWGHVWLQ«HV¢¬WUHXWLOLV«HVGDQVQRVPDFKLQHV
'HVSLªFHVG
HQWUHWLHQFRXUDQWHWGHVIOXLGHVQRQDSSURSUL«VRXGHTXDOLW«LQI«ULHXUHSHXYHQWG«W«ಣ
ULRUHUODPDFKLQHRXSHUWXUEHUV«ULHXVHPHQWVRQIRQFWLRQQHPHQW
5LVTXHGHGRPPDJHVFRUSRUHOVHQFDVGHG«IDLOODQFH

$9(57,66(0(17
5LVTXHVGHGRPPDJHVFRUSRUHOVHWPDW«ULHOVHQFDVG
XWLOLVDWLRQGHSLªFHVGHUHFKDQJHHW
GHIOXLGHVGHVHUYLFHQRQDSSURSUL«V
ᇐ 1ಬXWLOLVHUTXHGHVSLªFHVGಬRULJLQHHWGHVPDWLªUHVFRQVRPPDEOHVSU«FRQLV«HV
ᇐ )DLUHU«DOLVHUU«JXOLªUHPHQWOಬHQWUHWLHQSDUOH6$9.$(6(5RXSDUXQGLVWULEXWHXUDJU««

0DFKLQH

'«VLJQDWLRQ 4XDQWLW« 1XP«UR


&DUWRXFKHGHILOWUH¢DLU  
1DWWHILOWUDQWH UHIURLGLVVHXU  
1DWWHILOWUDQWH DUPRLUH«OHFWULTXH  
)LOWUH¢KXLOH  
&DUWRXFKHV«SDUDWULFHG
KXLOH  
GXIOXLGHGHUHIURLGLVVHPHQW  
&RXUURLHGHWUDQVPLVVLRQ  

7DE 3DQQHDX[GHVHUYLFHPDFKLQH

 .$(6(5$,56(59,&(
/H.$(6(5$,56(59,&(RIIUH
႐ GHVWHFKQLFLHQVGHVHUYLFHDSUªVYHQWHIRUP«VHQXVLQHSDU.$(6(5
႐ XQHV«FXULW«GHIRQFWLRQQHPHQWDFFUXHSDUODSU«YHQWLRQGHVULVTXHVG
HQGRPPDJHPHQW
႐ XQH«FRQRPLHG
«QHUJLHFDUOHVSHUWHVGHSUHVVLRQVRQW«YLW«HV
႐ GHVFRQGLWLRQVRSWLPLV«HVSRXUOHIRQFWLRQQHPHQWGHODVWDWLRQG
DLUFRPSULP«

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 3LªFHGHUHFKDQJHPDWLªUHVFRQVRPPDEOHVVHUYLFH
 3RLQWVVHUYLFH

႐ ODV«FXULW«SDUOHVSLªFHVGHUHFKDQJHG
RULJQH.$(6(5
႐ XQHSOXVJUDQGHV«FXULW«MXULGLTXHFDUOHVSUHVFULSWLRQVHQYLJXHXUVRQWUHVSHFW«HV

ᇐ 6RXVFULYH]XQFRQWUDWG
HQWUHWLHQ.$(6(5$,56(59,&(
/HVDYDQWDJHV
GHVFR½WVSOXVIDLEOHVHWXQHSOXVJUDQGHGLVSRQLELOLW«GHO
DLUFRPSULP«

 3RLQWVVHUYLFH
/HVDGUHVVHVGHVUHSU«VHQWDQWV.$(6(5U«SDUWLV¢WUDYHUVOHPRQGHVHWURXYHQWHQILQGHODSU«ಣ
VHQWHQRWLFHGಬXWLOLVDWLRQ

 3LªFHVGHUHFKDQJHSRXUPDLQWHQDQFHHWU«SDUDWLRQ
&HWWHOLVWHGHSLªFHVGHUHFKDQJHYRXVSHUPHWGHSODQLILHUOHPDW«ULHOHQIRQFWLRQGHVFRQGLWLRQV
GHVHUYLFHHWGHFRPPDQGHUOHVSLªFHVGHUHFKDQJHQ«FHVVDLUHV
ᇐ /HVWUDYDX[GHFRQWU¶OHG
HQWUHWLHQ PDLQWHQDQFHFRUUHFWLYH HWGHU«SDUDWLRQTXLQHVRQW
SDVG«FULWVGDQVODSU«VHQWHQRWLFHG
XWLOLVDWLRQQHSHXYHQW¬WUHU«DOLV«VTXHSDUOH6$9
.$(6(5RXSDUXQGLVWULEXWHXUDJU««

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 3LªFHGHUHFKDQJHPDWLªUHVFRQVRPPDEOHVVHUYLFH
 3LªFHVGHUHFKDQJHSRXUPDLQWHQDQFHHWU«SDUDWLRQ

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 3LªFHGHUHFKDQJHPDWLªUHVFRQVRPPDEOHVVHUYLFH
 3LªFHVGHUHFKDQJHSRXUPDLQWHQDQFHHWU«SDUDWLRQ

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0LVHKRUVVHUYLFHVWRFNDJHWUDQVSRUW
 0HWWUHKRUVVHUYLFH

 0LVHKRUVVHUYLFHVWRFNDJHWUDQVSRUW
 0HWWUHKRUVVHUYLFH
8QHPLVHKRUVVHUYLFHHVWSDUH[HPSOHQ«FHVVDLUHGDQVOHVFDVVXLYDQWV
႐ ODPDFKLQHHVWDUU¬W«HWHPSRUDLUHPHQW
႐ /DPDFKLQHHVWWUDQVSRUW«HVXUXQDXWUHOLHX
႐ /DPDFKLQHHVWPLVH¢ODFDVVH

0LVHKRUVVHUYLFHWHPSRUDLUH

&RQGLWLRQ /DPDFKLQHSHXW¬WUHPLVHHQPDUFKH¢LQWHUYDOOHVU«JXOLHUV

ᇐ )DLUHPDUFKHODPDFKLQHHQU«JLPH&+$5*(XQHIRLVSDUVHPDLQHSHQGDQWDXPRLQVPLಣ
QXWHVDILQGHJDUDQWLUXQHSURWHFWLRQDQWLFRUURVLRQHIILFDFH

0LVHKRUVVHUYLFHGHORQJXHGXU«H

&RQGLWLRQ /DPDFKLQHDWUDYDLOO«HQU«JLPH&+$5*(SHQGDQWDXPRLQVPLQXWHVDYDQWVDPLVHKRUVVHUYLಣ
FH
'«EUDQFKHUWRXVOHVS¶OHVGHODPDFKLQH FRXSHUO
DOLPHQWDWLRQ«OHFWULTXH 
HPS¬FKHUWRXWUHG«PDUUDJHLQWHPSHVWLI
VಬDVVXUHUGHOಬDEVHQFHGHWHQVLRQ
&LUFXLWGಬDLUFRPSOªWHPHQWG«FRPSULP«

 $WWHQGUHTXHODPDFKLQHVRLWWRXW¢IDLWUHIURLGLH
 '«EUDQFKHUWRXWHVOHVFRQGXLWHVHWFRXSHUOಬDOLPHQWDWLRQ«OHFWULTXH

 (PEDOODJH
3RXUOHWUDQVSRUWSDUYRLHGHWHUUHODPDFKLQHGRLW¬WUHHPEDOO«HGDQVXQHFDLVVH¢FODLUHYRLHDILQ
GHODSURW«JHUFRQWUHOHVG«W«ULRUDWLRQVP«FDQLTXHV
'HVPHVXUHVVXSSO«PHQWDLUHVVRQWQ«FHVVDLUHVSRXUOHWUDQVSRUWPDULWLPHRXOHWUDQVSRUWD«ULHQ
GHODPDFKLQH3RXUGHSOXVDPSOHVLQIRUPDWLRQVFRQVXOWHUOH6$9.$(6(5RXXQGLVWULEXWHXU
DJU««

0DW«ULHO 6DFKHWVG«VK\GUDWDQWV
)LOPSURWHFWHXU
&DLVVH¢FODLUHYRLHSRXUOHWUDQVSRUW

&RQGLWLRQ /DPDFKLQHD«W«PLVHKRUVVHUYLFH
0DFKLQHH[HPSWHGHWRXWHKXPLGLW«HWUHIURLGLH

 *DUQLUO
LQW«ULHXUGHODPDFKLQHGHVDFKHWVG«VK\GUDWDQWV JHOGHVLOLFHRXDOXPLQH HQTXDQWLW«
VXIILVDQWH
 (PEDOOHUFRPSOªWHPHQWODPDFKLQHGDQVXQILOPSURWHFWHXU
 (PEDOOHUODPDFKLQHGDQVXQHFDLVVH¢FODLUHYRLHHWODSURW«JHUFRQWUHOHVG«W«ULRUDWLRQVP«ಣ
FDQLTXHV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0LVHKRUVVHUYLFHVWRFNDJHWUDQVSRUW
 6WRFNDJH

 6WRFNDJH
/
KXPLGLW«HQWUD°QHODFRUURVLRQSDUWLFXOLªUHPHQWVXUOHVVXUIDFHVGXEORFFRPSUHVVHXUHW¢O
LQW«ಣ
ULHXUGXU«VHUYRLUV«SDUDWHXUG
KXLOH
/DIRUPDWLRQGXJHOHQSU«VHQFHGHO
KXPLGLW«SHXWHQGRPPDJHUOHVFRPSRVDQWVOHVPHPEUDQHV
GHVVRXSDSHVHWOHVMRLQWV
/HVPHVXUHVVXLYDQWHVV
DSSOLTXHQW«JDOHPHQWDX[PDFKLQHVTXLQ
RQWSDVHQFRUH«W«PLVHVHQ
VHUYLFH
3RXUWRXWHTXHVWLRQUHODWLYH¢XQVWRFNDJHHW¢XQHPLVHHQVHUYLFHFRQIRUPHVFRQVXOWHU
.$(6(5

 $9,6
5LVTXHG
HQGRPPDJHPHQWGHODPDFKLQHSDUO
KXPLGLW«HWOHJHO
ᇐ 3U«YHQLUWRXWHLQILOWUDWLRQG
KXPLGLW«HWODIRUPDWLRQGHFRQGHQVDW
ᇐ 0DLQWHQLUODWHPS«UDWXUHGHVWRFNDJH¢!r&
 ,QVWDOOHUODPDFKLQHGDQVXQOLHXVHF¢OಬDEULGXJHO

 0DQXWHQWLRQ
 6«FXULW«
/HPR\HQGHWUDQVSRUWHVWG«WHUPLQ«HQIRQFWLRQGXSRLGVHWGXFHQWUHGHJUDYLW«/HFHQWUHGH
JUDYLW«HVWPDUTX«VXUOHSODQG
HQFRPEUHPHQWGDQVOHFKDSLWUH
ᇐ (QFDVGHWUDQVSRUWGHODPDFKLQHSHQGDQWOHVS«ULRGHVGHJHOFRQVXOWHU.$(6(5

&RQGLWLRQ /HWUDQVSRUWHVW¢HIIHFWXHUSDUFKDULRW«O«YDWHXURXSDUSDODQGHPDQXWHQWLRQHWXQLTXHPHQWSDU
GHVSHUVRQQHVTXHOHXUIRUPDWLRQUHQGDSWHV¢PDQLSXOHUODPDUFKDQGLVHWUDQVSRUW«HFRQIRUP«ಣ
PHQWDX[UªJOHVGHV«FXULW«

ᇐ 6
DVVXUHUTXHSHUVRQQHQHVHWLHQWGDQVOD]RQHGHGDQJHU

 7DQVSRUWHUODPDFKLQHDXPR\HQG
XQFKDULRW¢IRXUFKH
&RQGLWLRQ /DPDFKLQHUHSRVHFRPSOªWHPHQWVXUODIRXUFKH

)LJ (IIHFWXHUOHWUDQVSRUW¢O
DLGHG
XQ«O«YDWHXU¢IRXUFKH

ᇐ *XLGHUODIRXUFKHHQWLªUHGXFKDULRWVRXVODPDFKLQHRXVRXVODSDOHWWHHWVRXOHYHUDYHFSU«ಣ
FDXWLRQ

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 0LVHKRUVVHUYLFHVWRFNDJHWUDQVSRUW
 (OLPLQDWLRQ

 7DQVSRUWHUODPDFKLQHDXPR\HQG
XQHJUXH
3RXUXQWUDQVSRUWFRQIRUPHXWLOLVHUXQSDODQGHPDQXWHQWLRQDSSURSUL«
3DVVHUOHVVDQJOHVGHPDQXWHQWLRQVRXVODPDFKLQH
$XFXQHSUHVVLRQODW«UDOHQHGRLW¬WUHH[HUF«HVXUODFDUURVVHULH

([HPSOHVGHSRLQWVGHIL[DWLRQLQDSSURSUL«V
႐ 7XEXOXUHV
႐ %ULGHV
႐ $FFHVVRLUHVWHOVTXHV«SDUDWHXUF\FORQLTXHSXUJHXUGHFRQGHQVDWRXILOWUH
႐ +RWWHVDQWLSOXLH

ᇐ 3RXUWRXWHTXHVWLRQUHODWLYH¢O
XWLOLVDWLRQFRQIRUPHG
XQSDODQGHPDQXWHQWLRQDSSURSUL«
FRQVXOWHU.$(6(5

&RQGLWLRQ /HSDODQGHPDQXWHQWLRQGRLW¬WUHFRQIRUPHDX[SUHVFULSWLRQVGHV«FXULW«HQYLJXHXU
$XFXQHIRUFHODW«UDOHQHGRLW¬WUHH[HUF«HVXUODFDUURVVHULHGHODPDFKLQH

)LJ (IIHFWXHUOHWUDQVSRUW¢O
DLGHG
XQHJUXH
 3DODQGHPDQXWHQWLRQ
 (OLQJXHVGHOHYDJH

 $9,6
(QGRPPDJHPHQWGHODPDFKLQHSDUXQHIL[DWLRQQRQFRQIRUPHGXSDODQGHPDQXWHQWLRQ
ᇐ 1HSDVIL[HUOHSDODQGHPDQXWHQWLRQDX[FRPSRVDQWVGHODPDFKLQH
 8WLOLVHUOHSDODQGHPDQXWHQWLRQFRQIRUP«PHQWDX[SUHVFULSWLRQVHWVRXOHYHUODPDFKLQHDYHF
SU«FDXWLRQ

 (OLPLQDWLRQ
$YDQWGHSURF«GHU¢O
«OLPLQDWLRQGHODPDFKLQHYLGDQJHUWRXWHVOHVPDWLªUHVFRQVRPPDEOHVHWUHಣ
WLUHUOHVILOWUHVFROPDW«V

&RQGLWLRQ 0DFKLQHPLVHKRUVVHUYLFH

 9LGDQJHUWRXWHOಬKXLOHGHUHIURLGLVVHPHQWGHODPDFKLQH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 0LVHKRUVVHUYLFHVWRFNDJHWUDQVSRUW
 (OLPLQDWLRQ

 5HWLUHUOHVILOWUHVFROPDW«VHWODFDUWRXFKHV«SDUDWULFHG
KXLOH
 )DLUHHQOHYHUODPDFKLQHSDUXQ«OLPLQDWHXUDJU««
ᇐ /HVFRPSRVDQWVFRQWDPLQ«VSDUO
KXLOHGHUHIURLGLVVHPHQWVRQW¢«OLPLQHUFRQIRUP«PHQW
¢ODO«JLVODWLRQUHODWLYH¢O
HQYLURQQHPHQW

0DFKLQHVDYHFV«FKHXUIULJRULILTXH

/HFLUFXLWIULJRULILTXHGXV«FKHXUIULJRULILTXHLVRO«KHUP«WLTXHPHQWFRQWLHQWHQFRUHGHOಬKXLOHHWGX
U«IULJ«UDQW
ᇐ )DLUHYLGDQJHUHW«OLPLQHUOHU«IULJ«UDQWHWO
KXLOHSDUXQ«OLPLQDWHXUDJU««

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 $QQH[H
 6FK«PDV\QRSWLTXH WX\DXWHULHHWLQVWUXPHQWV

 $QQH[H
 6FK«PDV\QRSWLTXH WX\DXWHULHHWLQVWUXPHQWV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 $QQH[H
 6FK«PDV\QRSWLTXH WX\DXWHULHHWLQVWUXPHQWV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 $QQH[H
 6FK«PDV\QRSWLTXH WX\DXWHULHHWLQVWUXPHQWV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 $QQH[H
 6FK«PDV\QRSWLTXH WX\DXWHULHHWLQVWUXPHQWV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 $QQH[H
 6FK«PDV\QRSWLTXH WX\DXWHULHHWLQVWUXPHQWV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 $QQH[H
 6FK«PDV\QRSWLTXH WX\DXWHULHHWLQVWUXPHQWV

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 $QQH[H
 6FK«PDV\QRSWLTXH WX\DXWHULHHWLQVWUXPHQWV 5«JXODWLRQ352*5(66,9(

 2SWLRQ&
6FK«PDV\QRSWLTXH WX\DXWHULHHWLQVWUXPHQWV 5«JXODWLRQ
352*5(66,9(

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 $QQH[H
 6FK«PDV\QRSWLTXH WX\DXWHULHHWLQVWUXPHQWV 5«JXODWLRQ352*5(66,9(

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 $QQH[H
 6FK«PDV\QRSWLTXH WX\DXWHULHHWLQVWUXPHQWV 5«JXODWLRQ352*5(66,9(

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 $QQH[H
 6FK«PDV\QRSWLTXH WX\DXWHULHHWLQVWUXPHQWV 5«JXODWLRQ352*5(66,9(

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 $QQH[H
 6FK«PDV\QRSWLTXH WX\DXWHULHHWLQVWUXPHQWV 5«JXODWLRQ352*5(66,9(

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 $QQH[H
 6FK«PDV\QRSWLTXH WX\DXWHULHHWLQVWUXPHQWV 5«JXODWLRQ352*5(66,9(

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 $QQH[H
 3ODQG
HQFRPEUHPHQW

 3ODQG
HQFRPEUHPHQW

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 $QQH[H
 3ODQG
HQFRPEUHPHQW

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 $QQH[H
 3ODQG
HQFRPEUHPHQW

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 $QQH[H
 6FK«PD«OHFWULTXH

 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
B) 6;6,*0$&21752/%$6,& 
 $QQH[H
 6FK«PD«OHFWULTXH

1RWLFHGಬHQWUHWLHQ&RPSUHVVHXU¢YLV
 6;6,*0$&21752/%$6,& B)

You might also like