75$'8&7,21)5$1d$,6(3285,1)250$7,21



0DUGLFKDkEDQH±QRYHPEUH qPHDQQpH 1ƒ





6RPPDLUH


'pFUHWVHW$UUrWpV 
3UpVLGHQFHGHOD5pSXEOLTXH 
'pFUHWQƒGXQRYHPEUHSRUWDQWQRPLQDWLRQGX3UHPLHUPLQLVWUH 
'pFUHW Qƒ  GX  QRYHPEUH  SRUWDQW QRPLQDWLRQ GHV PHPEUHV GX 
JRXYHUQHPHQW 

3UHPLHU0LQLVWqUH 
1RPLQDWLRQGHFRQVHLOOHUVDXWULEXQDODGPLQLVWUDWLI 

0LQLVWqUHGHOD'pIHQVH1DWLRQDOH 
1RPLQDWLRQG¶XQLQVSHFWHXUJpQpUDOGHVIRUFHVDUPpHV 
1RPLQDWLRQGXGLUHFWHXUGHO¶LQVWLWXWGHGpIHQVHQDWLRQDOH 

0LQLVWqUHGHO¶,QWpULHXU 
1RPLQDWLRQG¶XQFKHIGHGLYLVLRQ 

0LQLVWqUHGHO¶(GXFDWLRQ 
1RPLQDWLRQGHVRXVGLUHFWHXUV 
1RPLQDWLRQGHFKHIVGHVHUYLFH 
$UUrWpGHVPLQLVWUHVGHO¶pGXFDWLRQHWGHO¶HQVHLJQHPHQWVXSpULHXUGXQRYHPEUH 
 SRUWDQW PRGLILFDWLRQ GH O¶DUUrWp GX  MDQYLHU  IL[DQW OH UqJOHPHQW OHV
SURJUDPPHVOHVGLVFLSOLQHVHWOHVPRGDOLWpVG¶RXYHUWXUHGHVFRQFRXUVG¶DSWLWXGHDX 
SURIHVVRUDWGHO¶HQVHLJQHPHQWVHFRQGDLUH 
$UUrWp GX PLQLVWUH GH O¶pGXFDWLRQ GX  QRYHPEUH  SRUWDQW RXYHUWXUH GHV 
FRQFRXUV G¶DSWLWXGH DX SURIHVVRUDW GH O¶HQVHLJQHPHQW VHFRQGDLUH SRXU OH
UHFUXWHPHQW GHV SURIHVVHXUV GH O¶HQVHLJQHPHQW VHFRQGDLUH JpQpUDO HW GHV
SURIHVVHXUVGHO¶HQVHLJQHPHQWVHFRQGDLUHWHFKQLTXH 
 $UUrWpGHVPLQLVWUHVGHO¶pGXFDWLRQHWGHO¶HQVHLJQHPHQWVXSpULHXUGXQRYHPEUH 
 SRUWDQW RXYHUWXUH GHV FRQFRXUV G¶DSWLWXGH DX SURIHVVRUDW GH O¶HQVHLJQHPHQW 
VHFRQGDLUH SRXU OH UHFUXWHPHQW GHV HQVHLJQDQWV GX FRUSV LQWHUGpSDUWHPHQWDO GH
ODQJXHDQJODLVHHWG¶LQIRUPDWLTXHH[HUoDQWGDQVOHVpWDEOLVVHPHQWVG¶HQVHLJQHPHQW 
UHOHYDQW GX PLQLVWqUH GH O¶pGXFDWLRQ HW GDQV OHV pWDEOLVVHPHQWV G¶HQVHLJQHPHQW 
VXSpULHXUHWGHUHFKHUFKHUHOHYDQWGXPLQLVWqUHGHO¶HQVHLJQHPHQWVXSpULHXU 

0LQLVWqUHGHO¶$JULFXOWXUH

'pFUHW Qƒ  GX  QRYHPEUH  IL[DQW O¶RUJDQLVDWLRQ DGPLQLVWUDWLYH HW
ILQDQFLqUH GX FHQWUH QDWLRQDO GHV pWXGHV DJULFROHV HW OHV PRGDOLWpV GH VRQ 
IRQFWLRQQHPHQW 
1RPLQDWLRQG¶XQGLUHFWHXU 
$UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH GX  QRYHPEUH  SRUWDQW RXYHUWXUH GH OD
SURFpGXUHGHUpDPpQDJHPHQWIRQFLHUGDQVOHSpULPqWUHSXEOLFLUULJXpG¶(O)HU]DGH 
ODGpOpJDWLRQGH.DLURXDQ6XGDXJRXYHUQRUDWGH.DLURXDQ 
$UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH GX  QRYHPEUH  SRUWDQW RXYHUWXUH GH OD 
SURFpGXUH GH UpDPpQDJHPHQW IRQFLHUGDQVOHSpULPqWUHSXEOLFLUULJXpG¶(O0UDQED 
GHODGpOpJDWLRQGH0RNQLQHDXJRXYHUQRUDWGH0RQDVWLU 
$UUrWpGXPLQLVWUHGHO¶DJULFXOWXUHGXQRYHPEUHSRUWDQWRXYHUWXUHGHODSURFpGXUH
GH UpDPpQDJHPHQW IRQFLHU GDQV OH SpULPqWUH SXEOLF LUULJXp G¶(O .KULRXkD  GH OD 
GpOpJDWLRQGH6ELNKDDXJRXYHUQRUDWGH.DLURXDQ 
$UUrWpGXPLQLVWUHGHO¶DJULFXOWXUHGXQRYHPEUHSRUWDQWRXYHUWXUHGHODSURFpGXUH

GH UpDPpQDJHPHQW IRQFLHU GDQV OH SpULPqWUH SXEOLF LUULJXp G¶(O .KULRXkD  GH OD
GpOpJDWLRQGH6ELNKDDXJRXYHUQRUDWGH.DLURXDQ 
$UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH GX  QRYHPEUH  SRUWDQW RXYHUWXUH GH OD 
SURFpGXUHGHUpDPpQDJHPHQWIRQFLHUGDQVO¶H[WHQVLRQGXSpULPqWUHSXEOLFLUULJXpGX

&DS %RQ GHV GpOpJDWLRQV GH *URPEDOLD 6ROLPDQ HW 0HQ]HO %RX]HOID DX
JRXYHUQRUDWGH1DEHXO 
$UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH GX  QRYHPEUH  SRUWDQW RXYHUWXUH GH OD 
SURFpGXUH GH UpDPpQDJHPHQW IRQFLHU GDQV OH SpULPqWUH SXEOLF LUULJXp GH *KULRXLV 
GHODGpOpJDWLRQGH6RXN(O-HGLGDXJRXYHUQRUDWGH6LGL%RX]LG 
$UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH GX  QRYHPEUH  SRUWDQW RXYHUWXUH GH OD

SURFpGXUH GH UpDPpQDJHPHQW IRQFLHU GDQV OH SpULPqWUH SXEOLF LUULJXp G¶(VVDUHN
/DKPDUGHODGpOpJDWLRQGH6EHwWODDXJRXYHUQRUDWGH.DVVHULQH 
$UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH GX  QRYHPEUH  SRUWDQW RXYHUWXUH GH OD 
SURFpGXUH GH UpDPpQDJHPHQW IRQFLHU GDQV OH SpULPqWUH SXEOLF LUULJXp G¶(O *D]D 
GHODGpOpJDWLRQGH-HPPDODXJRXYHUQRUDWGH0RQDVWLU 
$UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH GX  QRYHPEUH  SRUWDQW RXYHUWXUH GH OD 
SURFpGXUHGHUpDPpQDJHPHQWIRQFLHUGDQVOHSpULPqWUHSXEOLFLUULJXpGH7RX]DGH
ODGpOpJDWLRQGH.VLEHW(O0HG\RXQLDXJRXYHUQRUDWGH0RQDVWLU 
$UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH GX  QRYHPEUH  SRUWDQW RXYHUWXUH GH OD 
SURFpGXUH GH UpDPpQDJHPHQW IRQFLHU GDQV OH SpULPqWUH SXEOLF LUULJXp G¶(O 
2XDUGDQLQHGHODGpOpJDWLRQG¶(O2XDUGDQLQHDXJRXYHUQRUDWGH0RQDVWLU 
$UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH GX  QRYHPEUH  SRUWDQW RXYHUWXUH GH OD 
SURFpGXUHGHUpDPpQDJHPHQWIRQFLHUGDQVOHSpULPqWUHSXEOLFLUULJXpGH6HOWDGHOD 
GpOpJDWLRQGH-HOPDDXJRXYHUQRUDWGH6LGL%RX]LG 
$UUrWp GX PLQLVWUH GH O¶DJULFXOWXUH GX  QRYHPEUH  SRUWDQW RXYHUWXUH GH OD
SURFpGXUH GH UpDPpQDJHPHQW IRQFLHU GDQV OH SpULPqWUH SXEOLF LUULJXp GH 0HQ]HO 
(QQRXUGHODGpOpJDWLRQGH%HPEODDXJRXYHUQRUDWGH0RQDVWLU 

0LQLVWqUHGHOD)RUPDWLRQ3URIHVVLRQQHOOHHWGHO¶(PSORL

'pFUHW Qƒ  GX  QRYHPEUH  SRUWDQW VXSSUHVVLRQ GX FHQWUH GH
IRUPDWLRQSURIHVVLRQQHOOHGHODMHXQHILOOHUXUDOHGH6EHwWOD 
0LQLVWqUHGHOD6DQWp3XEOLTXH 
0DLQWLHQHQDFWLYLWpGDQVOHVHFWHXUSXEOLF 
1RPLQDWLRQGHFKHIVGHVHUYLFH 
0LQLVWqUHGHV'RPDLQHVGHO¶(WDWHWGHV$IIDLUHV)RQFLqUHV 
1RPLQDWLRQG¶XQLQJpQLHXUJpQpUDO 
0LQLVWqUHGX&RPPHUFH 
'pFUHWQƒGXQRYHPEUHIL[DQWODOLVWHGHVDFWLYLWpVFRPPHUFLDOHV 
VRXPLVHVjXQFDKLHUGHVFKDUJHV 
1RPLQDWLRQG¶XQVRXVGLUHFWHXU FODVVHH[FHSWLRQQHOOH  

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²QRYHPEUH 1ƒ

 
0LQLVWqUHGHOD&XOWXUH 
1RPLQDWLRQGHFKHIVGHVHUYLFHV 

0LQLVWqUHGHO¶(TXLSHPHQWHWGHO¶+DELWDW

$UUrWp GX PLQLVWUH GH O¶pTXLSHPHQW HW GH O¶KDELWDW GX  QRYHPEUH  IL[DQW OHV
DWWULEXWLRQV OD FRPSRVLWLRQ HW OHV PRGDOLWpV GH IRQFWLRQQHPHQW GH OD FRPPLVVLRQ 
FRQVXOWDWLYHGDQVOHGRPDLQHGHVORJHPHQWVYHUWLFDX[HWFROOHFWLIVjFDUDFWqUHVRFLDO 
RXpFRQRPLTXHGHVWLQpVjODORFDWLRQ 
0LQLVWqUHGX'pYHORSSHPHQW(FRQRPLTXH 
1RPLQDWLRQG¶XQPHPEUHUHSUpVHQWDQWO¶(WDWDXFRQVHLOG¶DGPLQLVWUDWLRQGHO¶DJHQFH 
IRQFLqUHG¶KDELWDWLRQ 
1RPLQDWLRQ G¶XQ PHPEUH UHSUpVHQWDQW O¶(WDW DX FRQVHLO G¶DGPLQLVWUDWLRQ GH OD 
VRFLpWpQDWLRQDOHLPPRELOLqUHGH7XQLVLH 
1RPLQDWLRQG¶XQPHPEUHUHSUpVHQWDQWO¶(WDWDXFRQVHLOG¶DGPLQLVWUDWLRQGHO¶DJHQFH 
GHUpKDELOLWDWLRQHWGHUpQRYDWLRQXUEDLQH 
1RPLQDWLRQG¶XQDGPLQLVWUDWHXUUHSUpVHQWDQWO¶(WDWDXFRQVHLOG¶DGPLQLVWUDWLRQGHOD 
VRFLpWp,WDOR7XQLVLHQQHG¶H[SORLWDWLRQSpWUROLqUH 
1RPLQDWLRQG¶XQDGPLQLVWUDWHXUUHSUpVHQWDQWO¶(WDWDXFRQVHLOG¶DGPLQLVWUDWLRQGHOD 
VRFLpWpQDWLRQDOHGHWUDQVSRUWLQWHUXUEDLQ 
 
 

$YLVHW&RPPXQLFDWLRQV 

0LQLVWqUHGHV&RPPXQLFDWLRQV 
$YLVDX[pSDUJQDQWVDXSUqVGHODFDLVVHG pSDUJQHQDWLRQDOHWXQLVLHQQH««««« 


GpFUHWVHWDUUrWpV


35(6,'(1&('(/$5(38%/,48(

'pFUHWQƒGXQRYHPEUHSRUWDQWQRPLQDWLRQGX3UHPLHU0LQLVWUH
/H3UpVLGHQWGHOD5pSXEOLTXH
9XODFRQVWLWXWLRQHWQRWDPPHQWVRQDUWLFOH
'pFUqWH
$UWLFOHSUHPLHU0RQVLHXU0RKDPHG*KDQQRXFKLHVWQRPPp3UHPLHU0LQLVWUH
$UW/HSUpVHQWGpFUHWVHUDSXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHQRYHPEUH
=LQH(O$ELGLQH%HQ$OL


'pFUHWQƒGXQRYHPEUHSRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW
/H3UpVLGHQWGHOD5pSXEOLTXH
9XODFRQVWLWXWLRQHWQRWDPPHQWVRQDUWLFOH
9XOHGpFUHWQƒGXQRYHPEUHSRUWDQWQRPLQDWLRQGX3UHPLHU0LQLVWUH
'pFUqWH
$UWLFOHSUHPLHU6RQWQRPPpV
0LQLVWUHG¶(WDWFRQVHLOOHUVSpFLDODXSUqVGX3UpVLGHQWGHOD5pSXEOLTXH0RQVLHXU$EGHOOD]L]%HQ'KLD
0LQLVWUHGHO¶,QWpULHXU0RQVLHXU$EGDOODK.DOOHO
0LQLVWUHGHV$IIDLUHV(WUDQJqUHV0RQVLHXU+DELE%HQ<DKLD
0LQLVWUHGHOD'pIHQVH1DWLRQDOH0RQVLHXU0RKDPHG-HJKDP

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²QRYHPEUH 3DJH

 0LQLVWUHGHV$IIDLUHV6RFLDOHV0RQVLHXU&KHGOL1HIIDWL
0LQLVWUHGHV$IIDLUHVGHOD)HPPHHWGHOD)DPLOOH0DGDPH1p]LKD=DURXN
0LQLVWUHGHOD-XVWLFH0RQVLHXU%pFKLU7DNNDUL
0LQLVWUHGHV$IIDLUHV5HOLJLHXVHV0RQVLHXU-DOORXO-HULEL
0LQLVWUHGHO¶$JULFXOWXUH0RQVLHXU6DGRN5DEHK
0LQLVWUHGHOD)RUPDWLRQ3URIHVVLRQQHOOHHWGHO¶(PSORL0RQVLHXU0RQFHU5RXLVVL
0LQLVWUHGHOD6DQWp3XEOLTXH0RQVLHXU+pGL0KHQQL
0LQLVWUHGpOpJXpDXSUqVGX3UHPLHU0LQLVWUHFKDUJpGHV'URLWVGHO¶+RPPHGHOD&RPPXQLFDWLRQHWGHV5HODWLRQVDYHF
OD&KDPEUHGHV'pSXWpV0RQVLHXU'DOL-D]L
0LQLVWUHGHV'RPDLQHVGHO¶(WDWHWGHV$IIDLUHV)RQFLqUHV0RQVLHXU5LGKD*ULUD
0LQLVWUHGHO¶(QVHLJQHPHQW6XSpULHXU0RQVLHXU6DGRN&KDkEDQH
0LQLVWUHGHV&RPPXQLFDWLRQV0RQVLHXU$KPHG)ULkD
0LQLVWUHGHOD&RRSpUDWLRQ,QWHUQDWLRQDOHHWGHO¶,QYHVWLVVHPHQW([WpULHXU0RQVLHXU)HWKL0HUGDVVL
0LQLVWUHGX&RPPHUFH0RQVLHXU0RQGKHU=HQDwGL
0LQLVWUHGX7RXULVPHGHV/RLVLUVHWGHO¶$UWLVDQDW0RQVLHXU6ODKHGGLQH0kDRXL
0LQLVWUHGHV)LQDQFHV0RQVLHXU7DRXILN%DFFDU
0LQLVWUHGHO¶,QGXVWULH0RQVLHXU0RQFHI%HQ$EGDOODK
0LQLVWUHGHOD&XOWXUH0RQVLHXU$EGHOEDNL+HUPDVVL
0LQLVWUHGHOD-HXQHVVHGHO¶(QIDQFHHWGHV6SRUWV0RQVLHXU0RKDPHG5DRXI1DMMDU
0LQLVWUHGX7UDQVSRUW0RQVLHXU+RXVVLQH&KRXN
0LQLVWUHGHO¶(TXLSHPHQWHWGHO¶+DELWDW0RQVLHXU6ODKHGGLQH%HODwG
0LQLVWUHGHO¶(QYLURQQHPHQWHWGHO¶$PpQDJHPHQWGX7HUULWRLUH0DGDPH)Dw]D.HIL
0LQLVWUHGX'pYHORSSHPHQW(FRQRPLTXH0RQVLHXU$EGHOODWLI6DGGHP
0LQLVWUHGHO¶(GXFDWLRQ0RQVLHXU$KPHG,\DGK2XHGHUQL
6HFUpWDLUH*pQpUDOGX*RXYHUQHPHQW0RQVLHXU$EGDOODK.DkEL
 6HFUpWDLUH G¶(WDW DXSUqV GX 0LQLVWUH GH O¶$JULFXOWXUH FKDUJp GHV 5HVVRXUFHV +\GUDXOLTXHV HW GH OD 3rFKH  0RQVLHXU
$PHXU+RUFKDQL
6HFUpWDLUHG¶(WDWFKDUJpGX)RQGVGH6ROLGDULWp1DWLRQDOH0RQVLHXU.DPHO+DM6DVVL
6HFUpWDLUHG¶(WDWDXSUqVGX0LQLVWUHGHO¶,QWpULHXUFKDUJpGHOD6pFXULWp0RQVLHXU0RKDPHG$OL*KHQ]RXw
6HFUpWDLUHG¶(WDWDXSUqVGX0LQLVWUHGHV)LQDQFHVFKDUJpGXEXGJHW0RQVLHXU0RXQLU-DwGDQH
6HFUpWDLUHG¶(WDWFKDUJpGX)RQGV1DWLRQDOGHO¶(PSORL0RQVLHXU&KHGOL/DkURXVVL
6HFUpWDLUHG¶(WDWDXSUqVGX3UHPLHU0LQLVWUHFKDUJpGHO¶,QIRUPDWLTXH0RQVLHXU0RQWDVVDU2XDwOL
6HFUpWDLUHG¶(WDWDXSUqVGX0LQLVWUHGHV$IIDLUHV(WUDQJqUHV0RQVLHXU7DKDU6LRXG
 6HFUpWDLUH G¶(WDW DXSUqV GX 0LQLVWUH GX 'pYHORSSHPHQW (FRQRPLTXH FKDUJp GHV 3DUWLFLSDWLRQV 3XEOLTXHV HW GH OD
3ULYDWLVDWLRQ0RQVLHXU0RKDPHG5DFKLG.HFKLFK
6HFUpWDLUHG¶(WDWDXSUqVGX3UHPLHU0LQLVWUHFKDUJpGHOD5pIRUPH$GPLQLVWUDWLYHHWGHOD)RQFWLRQ3XEOLTXH0RQVLHXU
$EGHOKDNLP%RXUDRXL
6HFUpWDLUHG¶(WDWDXSUqVGX0LQLVWUHGHO¶(TXLSHPHQWHWGHO¶+DELWDWFKDUJpHGHO¶+DELWDW0DGDPH 6DPLUD.KH\HFK
%HOKDM
6HFUpWDLUHG¶(WDWDXSUqVGX0LQLVWUHGHOD6DQWp3XEOLTXH0DGDPH1p]LKD(VFKHLNK
 6HFUpWDLUH G¶(WDW DXSUqV GX 3UHPLHU 0LQLVWUH FKDUJp GH OD 5HFKHUFKH 6FLHQWLILTXH HW GH OD 7HFKQRORJLH  0RQVLHXU
$EGHONULP=ELGL
$UW/HSUpVHQWGpFUHWVHUDSXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHQRYHPEUH
=LQH(O$ELGLQH%HQ$OL



3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²QRYHPEUH 1ƒ

 3DUGpFUHWQƒGXQRYHPEUH
35(0,(50,1,67(5(
0RQVLHXU 0RNKWDU +DGGDRXL LQVSHFWHXU GH
 O¶HQVHLJQHPHQW SULPDLUH HVW FKDUJp GHV IRQFWLRQV GH VRXV
120,1$7,216 GLUHFWHXU GX SUHPLHU F\FOH GH O¶HQVHLJQHPHQW GH EDVH j OD
3DUGpFUHWQƒGXQRYHPEUH GLUHFWLRQUpJLRQDOHGHO¶HQVHLJQHPHQWGH=DJKRXDQ
0DGDPH 6DPLUD *XL]D HVW QRPPpH FRQVHLOOHU DX 
WULEXQDODGPLQLVWUDWLI 3DUGpFUHWQƒGXQRYHPEUH
 0RQVLHXU %RXRNND]LQH .KDQILU LQVSHFWHXU UpJLRQDO GH
3DUGpFUHWQƒGXQRYHPEUH O¶HQVHLJQHPHQW SULPDLUH HVW FKDUJp GHV IRQFWLRQV GH VRXV
GLUHFWHXU GX SUHPLHU F\FOH GH O¶HQVHLJQHPHQW GH EDVH j OD
0DGDPH .DOWKRXP 0¶5LEDK HVW QRPPpH FRQVHLOOHU DX
WULEXQDODGPLQLVWUDWLI GLUHFWLRQUpJLRQDOHGHO¶HQVHLJQHPHQWGH1DEHXO
 
3DUGpFUHWQƒGXQRYHPEUH
3DUGpFUHWQƒGXQRYHPEUH
0DGDPH 1DwPD %HQ $JOD HVW QRPPpH FRQVHLOOHU DX 0RQVLHXU 0RKDPHG 0RQFHI +RUFKDQL LQVSHFWHXU
UpJLRQDO GH O¶HQVHLJQHPHQW SULPDLUH HVW FKDUJp GHV
WULEXQDODGPLQLVWUDWLI
IRQFWLRQV GH VRXVGLUHFWHXU GX SUHPLHU F\FOH GH
 O¶HQVHLJQHPHQW GH EDVH j OD GLUHFWLRQ UpJLRQDOH GH
3DUGpFUHWQƒGXQRYHPEUH O¶HQVHLJQHPHQWGH7XQLV
0DGDPH6DPLD%RNULHVWQRPPpHFRQVHLOOHUDXWULEXQDO 
DGPLQLVWUDWLI 3DUGpFUHWQƒGXQRYHPEUH

 0RQVLHXU $OL 6PDFK LQVSHFWHXU UpJLRQDO GH
O¶HQVHLJQHPHQW SULPDLUH HVW FKDUJp GHV IRQFWLRQV GH VRXV
0,1,67(5('(/$'()(16(1$7,21$/(
GLUHFWHXU GX SUHPLHU F\FOH GH O¶HQVHLJQHPHQW GH EDVH j OD
 GLUHFWLRQUpJLRQDOHGHO¶HQVHLJQHPHQWGH6RXVVH
120,1$7,216 
3DUGpFUHWQƒGXQRYHPEUH 3DUGpFUHWQƒGXQRYHPEUH
/H FRORQHOPDMRU $EGHOD]L] 6NLN HVW FKDUJp GHV 0RQVLHXU $OL 6OLPDQH LQVSHFWHXU UpJLRQDO GH
IRQFWLRQV G¶LQVSHFWHXU JpQpUDO GHV IRUFHV DUPpHV DX O¶HQVHLJQHPHQW SULPDLUH HVW FKDUJp GHV IRQFWLRQV GH VRXV
PLQLVWqUHGHODGpIHQVHQDWLRQDOH GLUHFWHXU GX SUHPLHU F\FOH GH O¶HQVHLJQHPHQW GH EDVH j OD
 GLUHFWLRQUpJLRQDOHGHO¶HQVHLJQHPHQWGH0RQDVWLU
3DUGpFUHWQƒGXQRYHPEUH 
/H FRORQHOPDMRU 7DRXILN /DNKRXD HVW FKDUJp GHV 3DUGpFUHWQƒGXQRYHPEUH
IRQFWLRQV GH GLUHFWHXU GH O¶LQVWLWXW GH GpIHQVH QDWLRQDOH DX 0RQVLHXU0RKDPHG1pMLE*RXUDULSURIHVVHXUSULQFLSDO
PLQLVWqUHGHODGpIHQVHQDWLRQDOH GH O¶HQVHLJQHPHQW VHFRQGDLUH HVW FKDUJp GHV IRQFWLRQV GH
 VRXVGLUHFWHXU GX GHX[LqPH F\FOH GH O¶HQVHLJQHPHQW GH
 EDVH HW GH O¶HQVHLJQHPHQW VHFRQGDLUH j OD GLUHFWLRQ
0,1,67(5('(/ ,17(5,(85 UpJLRQDOHGHO¶HQVHLJQHPHQWGH7R]HXU
 
3DUGpFUHWQƒGXQRYHPEUH
120,1$7,21
0RQVLHXU 0RKDPHG 'KDRXDGL SURIHVVHXU SULQFLSDO GH
3DUGpFUHWQƒGXQRYHPEUH O¶HQVHLJQHPHQW VHFRQGDLUH HVW FKDUJp GHV IRQFWLRQV GH
0RQVLHXU 0RKDPHG 0DU]RXNL SURIHVVHXU SULQFLSDO VRXVGLUHFWHXU GX GHX[LqPH F\FOH GH O¶HQVHLJQHPHQW GH
G¶HQVHLJQHPHQWVHFRQGDLUHHVWFKDUJpGHVIRQFWLRQVGHFKHIGH EDVH HW GH O¶HQVHLJQHPHQW VHFRQGDLUH j OD GLUHFWLRQ
GLYLVLRQ GHV DIIDLUHV VRFLDOHV DX JRXYHUQRUDW GH 1DEHXO DYHF UpJLRQDOHGHO¶HQVHLJQHPHQWGH*DEqV
UDQJ HW SUpURJDWLYHV GH GLUHFWHXU G¶DGPLQLVWUDWLRQ FHQWUDOH HW 
EpQpILFLHGHVLQGHPQLWpVHWDYDQWDJHVDFFRUGpVjFHGHUQLHU
 3DUGpFUHWQƒGXQRYHPEUH
 0RQVLHXU (O +RXVVLQH (O +DVQL LQVSHFWHXU GH
O¶HQVHLJQHPHQW SULPDLUH HVW FKDUJp GHV IRQFWLRQV GH VRXV
0,1,67(5('(/ ('8&$7,21
GLUHFWHXU GX SUHPLHU F\FOH GH O¶HQVHLJQHPHQW GH EDVH j OD
 GLUHFWLRQUpJLRQDOHGHO¶HQVHLJQHPHQWGH%L]HUWH
120,1$7,216 
3DUGpFUHWQƒGXQRYHPEUH 3DUGpFUHWQƒGXQRYHPEUH
0RQVLHXU %pML .DURXL LQVSHFWHXU GH O¶HQVHLJQHPHQW 0RQVLHXU 0RKDPHG *DPRXQ LQVSHFWHXU GH
SULPDLUH HVW FKDUJp GHV IRQFWLRQV GH VRXVGLUHFWHXU GX O¶HQVHLJQHPHQW SULPDLUH HVW FKDUJp GHV IRQFWLRQV GH VRXV
SUHPLHU F\FOH GH O¶HQVHLJQHPHQW GH EDVH j OD GLUHFWLRQ GLUHFWHXU GX SUHPLHU F\FOH GH O¶HQVHLJQHPHQW GH EDVH j OD
UpJLRQDOHGHO¶HQVHLJQHPHQWGH%HQ$URXV GLUHFWLRQUpJLRQDOHGHO¶HQVHLJQHPHQWGH%pMD

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²QRYHPEUH  3DJH

3DUGpFUHWQƒGXQRYHPEUH
0RQVLHXU 0RKDPHG /HMPL SURIHVVHXU SULQFLSDO GH
O¶HQVHLJQHPHQWVHFRQGDLUHHVWFKDUJpGHVIRQFWLRQVGHFKHI
GHVHUYLFHGXGHX[LqPHF\FOHGHO¶HQVHLJQHPHQWGHEDVHHW
GH O¶HQVHLJQHPHQW VHFRQGDLUH j OD GLUHFWLRQ UpJLRQDOH GH
O¶HQVHLJQHPHQWGH0DKGLD
 
3DUGpFUHWQƒGXQRYHPEUH
0RQVLHXU 1DELO .pIL SURIHVVHXU GH O¶HQVHLJQHPHQW
VHFRQGDLUH HVW FKDUJp GHV IRQFWLRQV GH FKHI GH VHUYLFH GX
GHX[LqPH F\FOH GH O¶HQVHLJQHPHQW GH EDVH HW GH
O¶HQVHLJQHPHQW VHFRQGDLUH j OD GLUHFWLRQ UpJLRQDOH GH
O¶HQVHLJQHPHQWGH.DLURXDQ
 
3DUGpFUHWQƒGXQRYHPEUH
0RQVLHXU 7DRXILN %HQ $EGHONULP SURIHVVHXU SULQFLSDO
GH O¶HQVHLJQHPHQW VHFRQGDLUH HVW FKDUJp GHV IRQFWLRQV GH
FKHI GH VHUYLFH GX GHX[LqPH F\FOH GH O¶HQVHLJQHPHQW GH
EDVH HW GH O¶HQVHLJQHPHQW VHFRQGDLUH j OD GLUHFWLRQ
UpJLRQDOHGHO¶HQVHLJQHPHQWGH6RXVVH

3DUGpFUHWQƒGXQRYHPEUH
0RQVLHXU 0RKDPHG /DELGL SURIHVVHXU SULQFLSDO GH
O¶HQVHLJQHPHQWVHFRQGDLUHHVWFKDUJpGHVIRQFWLRQVGHFKHI
GHVHUYLFHGXGHX[LqPHF\FOHGHO¶HQVHLJQHPHQWGHEDVHHW
GH O¶HQVHLJQHPHQW VHFRQGDLUH j OD GLUHFWLRQ UpJLRQDOH GH
O¶HQVHLJQHPHQWGX.HI

3DUGpFUHWQƒGXQRYHPEUH
0RQVLHXU +pGL $EGHOPDOHN SURIHVVHXU SULQFLSDO GH
O¶HQVHLJQHPHQWVHFRQGDLUHHVWFKDUJpGHVIRQFWLRQVGHFKHI
GHVHUYLFHGXGHX[LqPHF\FOHGHO¶HQVHLJQHPHQWGHEDVHHW
GH O¶HQVHLJQHPHQW VHFRQGDLUH j OD GLUHFWLRQ UpJLRQDOH GH
O¶HQVHLJQHPHQWGH6ID[
 O¶HQVHLJQHPHQWVHFRQGDLUH
3DUGpFUHWQƒGXQRYHPEUH
0RQVLHXU $EGDOODK 7DEDEL SURIHVVHXU SULQFLSDO GH
O¶HQVHLJQHPHQWVHFRQGDLUHHVWFKDUJpGHVIRQFWLRQVGHFKHI
GHVHUYLFHGXGHX[LqPHF\FOHGHO¶HQVHLJQHPHQWGHEDVHHW
GH O¶HQVHLJQHPHQW VHFRQGDLUH j OD GLUHFWLRQ UpJLRQDOH GH
O¶HQVHLJQHPHQWGH*DIVD

3DUGpFUHWQƒGXQRYHPEUH
0RQVLHXU %UDKLP +DGIL SURIHVVHXU SULQFLSDO GH
O¶HQVHLJQHPHQWVHFRQGDLUHHVWFKDUJpGHVIRQFWLRQVGHFKHI
GHVHUYLFHGXGHX[LqPHF\FOHGHO¶HQVHLJQHPHQWGHEDVHHW
GH O¶HQVHLJQHPHQW VHFRQGDLUH j OD GLUHFWLRQ UpJLRQDOH GH
O¶HQVHLJQHPHQWGH.DVVHULQH
 SDUWLFXOLHU GHV SHUVRQQHOV HQVHLJQDQWV GHV pWDEOLVVHPHQWV
3DUGpFUHWQƒGXQRYHPEUH
0RQVLHXU 0RKDPHG &KHGO\ %HQ 0XVWDSKD SURIHVVHXU
SULQFLSDO GH O¶HQVHLJQHPHQW VHFRQGDLUH HVW FKDUJp GHV
IRQFWLRQV GH FKHI GH VHUYLFH GX GHX[LqPH F\FOH GH
O¶HQVHLJQHPHQWGHEDVHHWGHO¶HQVHLJQHPHQWVHFRQGDLUHjOD
GLUHFWLRQUpJLRQDOHGHO¶HQVHLJQHPHQWGH%HQ$URXV
3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²QRYHPEUH
3DUGpFUHWQƒGXQRYHPEUH
0RQVLHXU 6ODKHGGLQH .OLFK SURIHVVHXU GH
O¶HQVHLJQHPHQWVHFRQGDLUHHVWFKDUJpGHVIRQFWLRQVGHFKHI
GHVHUYLFHGXGHX[LqPHF\FOHGHO¶HQVHLJQHPHQWGHEDVHHW
GH O¶HQVHLJQHPHQW VHFRQGDLUH j OD GLUHFWLRQ UpJLRQDOH GH
O¶HQVHLJQHPHQWGH7XQLV
3DUGpFUHWQƒGXQRYHPEUH
0DGDPH -DOLOD 0¶5DGQpH/DQJDUSURIHVVHXUSULQFLSDO
GHO¶HQVHLJQHPHQWVHFRQGDLUHHVWFKDUJpHGHVIRQFWLRQVGH
FKHI GH VHUYLFH GX GHX[LqPH F\FOH GH O¶HQVHLJQHPHQW GH
EDVH HW GH O¶HQVHLJQHPHQW VHFRQGDLUH j OD GLUHFWLRQ
UpJLRQDOHGHO¶HQVHLJQHPHQWGH%L]HUWH
3DUGpFUHWQƒGXQRYHPEUH
0RQVLHXU .KpOLID %HQ $EGHONDGHU VXUYHLOODQW JpQpUDO
GH qUH FODVVH HVW FKDUJp GHV IRQFWLRQV GH FKHI GH VHUYLFH
GX GHX[LqPH F\FOH GH O¶HQVHLJQHPHQW GH EDVH HW GH
O¶HQVHLJQHPHQW VHFRQGDLUH j OD GLUHFWLRQ UpJLRQDOH GH
O¶HQVHLJQHPHQWGH0RQDVWLU

3DUGpFUHWQƒGXQRYHPEUH
0RQVLHXU $OL 'KLIDOODK SURIHVVHXU GH O¶HQVHLJQHPHQW
WHFKQLTXH HVW FKDUJp GHV IRQFWLRQV GH FKHI GH VHUYLFH GX
GHX[LqPH F\FOH GH O¶HQVHLJQHPHQW GH EDVH HW GH
O¶HQVHLJQHPHQW VHFRQGDLUH j OD GLUHFWLRQ UpJLRQDOH GH
O¶HQVHLJQHPHQWGH1DEHXO

$UUrWp GHV PLQLVWUHV GH O¶pGXFDWLRQ HW GH
O¶HQVHLJQHPHQW VXSpULHXU GX  QRYHPEUH 
SRUWDQWPRGLILFDWLRQGHO¶DUUrWpGXMDQYLHU
IL[DQW OH UqJOHPHQW OHV SURJUDPPHV OHV
GLVFLSOLQHV HW OHV PRGDOLWpV G¶RXYHUWXUH GHV
FRQFRXUV G¶DSWLWXGH DX SURIHVVRUDW GH
/HV PLQLVWUHV GH O¶pGXFDWLRQ HW GH O¶HQVHLJQHPHQW
VXSpULHXU
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW
JpQpUDOGHVSHUVRQQHOVGHO¶(WDWGHVFROOHFWLYLWpVORFDOHVHW
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI
HQVHPEOH OHV WH[WHV TXL O¶RQW PRGLILpH RX FRPSOpWpH HW
QRWDPPHQWODORLQƒGXGpFHPEUH
9X OH GpFUHW Qƒ  GX  PDUV  SRUWDQW VWDWXW
SDUWLFXOLHU GHV SHUVRQQHOV HQVHLJQDQWV GHV pWDEOLVVHPHQWV
G¶HQVHLJQHPHQW VHFRQGDLUH WHFKQLTXH HW SURIHVVLRQQHO GX
PLQLVWqUH GH O¶pGXFDWLRQ QDWLRQDOH HQVHPEOH OHV WH[WHV TXL
O¶RQWPRGLILpRXFRPSOpWpHWQRWDPPHQWOHGpFUHWQƒ
GXVHSWHPEUH
9XOHGpFUHWQƒGXPDUVSRUWDQWVWDWXW
G¶HQVHLJQHPHQW VHFRQGDLUH JpQpUDO GX PLQLVWqUH GH
O¶pGXFDWLRQQDWLRQDOHHQVHPEOHOHVWH[WHVTXLO¶RQWPRGLILp
RX FRPSOpWp HW QRWDPPHQW OH GpFUHW Qƒ  GX 
VHSWHPEUH
9X OH GpFUHW Qƒ  GX  RFWREUH  SRUWDQW
VWDWXW SDUWLFXOLHU GX FRUSV LQWHUGpSDUWHPHQWDO GHV
HQVHLJQDQWV GH ODQJXH DQJODLVH HW G¶LQIRUPDWLTXH H[HUoDQW
1ƒ
GDQV OHV pWDEOLVVHPHQWV G¶HQVHLJQHPHQW UHOHYDQW GX
/HVGLVFLSOLQHVVXU
PLQLVWqUH GH O¶pGXFDWLRQ HW GDQV OHV pWDEOLVVHPHQWV /HVJUDGHVGHUHFUXWHPHQW OHVTXHOOHVSRUWHQWOHV
G¶HQVHLJQHPHQW VXSpULHXU HW GH UHFKHUFKH UHOHYDQW GX FRQFRXUV
PLQLVWqUHGHO¶HQVHLJQHPHQWVXSpULHXU
9X O¶DUUrWp GHV PLQLVWUHV GH O¶pGXFDWLRQ HW GH   SURIHVVHXU GH O¶HQVHLJQHPHQW DUDEH
O¶HQVHLJQHPHQW VXSpULHXU GX  MDQYLHU  IL[DQW OH VHFRQGDLUH IUDQoDLV
UqJOHPHQWOHVSURJUDPPHVOHVGLVFLSOLQHVHWOHVPRGDOLWpV
G¶RXYHUWXUH GHV FRQFRXUV G¶DSWLWXGH DX SURIHVVRUDW GH HVSDJQRO
O¶HQVHLJQHPHQWVHFRQGDLUH DOOHPDQG
$UUrWHQW LWDOLHQ
$UWLFOH SUHPLHU  6RQW DEURJpHV OHV GLVSRVLWLRQV GHV
DUWLFOHVHWGHO¶DUUrWpGX SKLORVRSKLH
MDQYLHU  VXVYLVp HW UHPSODFpHV SDU OHV GLVSRVLWLRQV KLVWRLUHHWJpRJUDSKLH
VXLYDQWHV pGXFDWLRQFLYLTXH
$UWLFOH  QRXYHDX   /H FDQGLGDW j O¶XQ GHV FRQFRXUV
 pGXFDWLRQ HW SHQVpH
VXVYLVpVGRLWGpSRVHUGLUHFWHPHQWjODGLUHFWLRQUpJLRQDOHGH
LVODPLTXH
O¶HQVHLJQHPHQWVLVHDXJRXYHUQRUDWRLOUpVLGHXQGRVVLHU
FRPSUHQDQWOHVSLqFHVVXLYDQWHV PDWKpPDWLTXHV
  XQH GHPDQGH GH FDQGLGDWXUH VXLYDQW XQ PRGqOH VFLHQFHVQDWXUHOOHV
GpOLYUpSDUO¶DGPLQLVWUDWLRQ VFLHQFHVSK\VLTXHV
XQHSKRWRFRSLHGHODFDUWHG¶LGHQWLWpQDWLRQDOH
pFRQRPLH
  XQH SKRWRFRSLH GX GLSO{PH GH PDvWULVH
DFFRPSDJQpH HQ FH TXL FRQFHUQH OHV GLSO{PHV pWUDQJHUV JHVWLRQ
G¶XQHDWWHVWDWLRQG¶pTXLYDOHQFH   SURIHVVHXU GH O¶HQVHLJQHPHQW pGXFDWLRQSODVWLTXH
XQH[WUDLWGXFDVLHUMXGLFLDLUHGpOLYUpGHSXLVXQDQDX DUWLVWLTXH pGXFDWLRQPXVLFDOH
PD[LPXP
XQHSKRWRFRSLHGXGLSO{PHGHEDFFDODXUpDW   SURIHVVHXU DSSDUWHQDQW DX FRUSV DQJODLV
  GHX[ H[WUDLWV GH O¶DFWH GH QDLVVDQFH GpOLYUpV GHSXLV LQWHUGpSDUWHPHQWDO GHV HQVHLJQDQWV LQIRUPDWLTXH
XQDQDXPD[LPXP H[HUoDQW GDQV OHV pWDEOLVVHPHQWV
  XQ FHUWLILFDW PpGLFDO GpOLYUp GHSXLV WURLV PRLV DX G¶HQVHLJQHPHQW UHOHYDQW GX
PD[LPXP VXLYDQW XQ PRGqOH GpOLYUp SDU O¶DGPLQLVWUDWLRQ PLQLVWqUH GH O¶pGXFDWLRQ  RX GDQV
DWWHVWDQW TXH OH FDQGLGDW UHPSOLW OHV FRQGLWLRQV G¶DSWLWXGH OHV pWDEOLVVHPHQWV G¶HQVHLJQHPHQW
SK\VLTXH HW PHQWDOH QpFHVVDLUHV SRXU O¶H[HUFLFH GH VHV VXSpULHXU HW GH UHFKHUFKH UHOHYDQW
IRQFWLRQVVXUWRXWOHWHUULWRLUHGHOD5pSXEOLTXH GX PLQLVWqUH GH O¶HQVHLJQHPHQW
XQHSKRWRG¶LGHQWLWp VXSpULHXU
  WURLV HQYHORSSHV SRVWDOHV DIIUDQFKLHV SRUWDQW 
O¶DGUHVVH GX FDQGLGDW OD SUHPLqUH GH JUDQGHXU [ OD
GHX[LqPHHWODWURLVLqPHGHJUDQGHXUQRUPDOH $UWLFOH  QRXYHDX   3RXU FKDFXQH GHV GLVFLSOLQHV
  XQH SKRWRFRSLH GX FRQWUDW GH PDULDJH SRXU OHV PHQWLRQQpHV DX WDEOHDX ILJXUDQW j O¶DUWLFOH  QRXYHDX  GX
FDQGLGDWVPDULpV SUpVHQWDUUrWpOHPLQLVWUHGHO¶pGXFDWLRQIL[HSDUGpFLVLRQ
,OQ¶HVWSDVH[LJpTXHOHVVLJQDWXUHVVRLHQWOpJDOLVpHVHW OHV GLSO{PHV SHUPHWWDQW j OHXUV WLWXODLUHV GH SDUWLFLSHU DX
TXH OHV SKRWRFRSLHV GH FHV SLqFHV VRLHQW FRQIRUPHV DX[ FRQFRXUVRXYHUWGDQVFKDTXHGLVFLSOLQH
RULJLQDX[ /DGLWH GpFLVLRQ VHUD DIILFKpH DX PLQLVWqUH GH
$UWLFOH  QRXYHDX   6HORQ FKDTXH JUDGH GH O¶pGXFDWLRQDX[GLUHFWLRQVUpJLRQDOHVGHO¶HQVHLJQHPHQW
UHFUXWHPHQWOHVGLVFLSOLQHVPHQWLRQQpHVjO¶DUWLFOHSUHPLHU $UWLFOH  QRXYHDX   /HV FRQFRXUV G¶DSWLWXGH DX
GX SUpVHQW DUUrWp VRQW IL[pHV FRQIRUPpPHQW DX WDEOHDX
SURIHVVRUDWGHO¶HQVHLJQHPHQWVHFRQGDLUHVHUDSSRUWDQWDX[
VXLYDQW
GLVFLSOLQHV PHQWLRQQpHV j O¶DUWLFOH  QRXYHDX  VXVYLVp

FRPSRUWHQW GHV pSUHXYHV G¶DGPLVVLELOLWp HW GHV pSUHXYHV
/HVGLVFLSOLQHVVXU G¶DGPLVVLRQTXLVHURQWWUDLWpHVGDQVODODQJXHGXVXMHWVDXI
/HVJUDGHVGHUHFUXWHPHQW OHVTXHOOHVSRUWHQWOHV PHQWLRQGXFRQWUDLUH
FRQFRXUV
&HV pSUHXYHV SRUWHQW VXU GHV SURJUDPPHV TXL VRQW
  SURIHVVHXU GH O¶HQVHLJQHPHQW (GXFDWLRQWHFKQLTXH DIILFKpV DX PLQLVWqUH GH O¶pGXFDWLRQ HW DX[ GLUHFWLRQV
VHFRQGDLUHWHFKQLTXH  GLVFLSOLQHV WHFKQLTXHV UpJLRQDOHVGHO¶HQVHLJQHPHQW
VSpFLDOLWppOHFWULFLWp /HV pSUHXYHV VSpFLILTXHV j FKDTXH GLVFLSOLQH OHXU
 GLVFLSOLQHV WHFKQLTXHV QDWXUH OHXU GXUpH HW OHXU FRHIILFLHQW VRQW IL[pV VHORQ OH
VSpFLDOLWpPpFDQLTXH WDEOHDXVXLYDQW


1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²QRYHPEUH  3DJH

 $UWLFOH  QRXYHDX   /HV FRSLHV GHV pSUHXYHV pFULWHV 9X OH GpFUHW Qƒ  GX  PDUV  SRUWDQW VWDWXW
GHVFDQGLGDWVVRQWUHQGXHVDQRQ\PHVDYDQWG¶rWUHVRXPLVHV SDUWLFXOLHU GHV SHUVRQQHOV HQVHLJQDQWV GHV pWDEOLVVHPHQWV
jODFRUUHFWLRQ G¶HQVHLJQHPHQW VHFRQGDLUH WHFKQLTXH HW SURIHVVLRQQHO GX
/HVpSUHXYHVpFULWHVVRQWFRUULJpHVSDUGHX[H[DPLQDWHXUV PLQLVWqUH GH O¶pGXFDWLRQ QDWLRQDOH HQVHPEOH OHV WH[WHV TXL
DXPRLQVFKDTXHpSUHXYHHVWQRWpHGH]pURjYLQJW O¶RQWPRGLILpRXFRPSOpWpHWQRWDPPHQWOHGpFUHWQƒ
/D QRWH GpILQLWLYH HVW pJDOH j OD PR\HQQH DULWKPpWLTXH GXVHSWHPEUH
GHVGHX[QRWHVDWWULEXpHV 9XOHGpFUHWQƒGXPDUVSRUWDQWVWDWXW
$UWLFOH QRXYHDX 7RXWHDEVHQFHjXQHpSUHXYHRX SDUWLFXOLHU GHV SHUVRQQHOV HQVHLJQDQWV GHV pWDEOLVVHPHQWV
OD QRQUHPLVH GH OD FRSLH j OD ILQ GH O¶pSUHXYH HQWUDvQH G¶HQVHLJQHPHQW VHFRQGDLUH JpQpUDO GX PLQLVWqUH GH
O¶pOLPLQDWLRQGXFDQGLGDW O¶pGXFDWLRQQDWLRQDOHHQVHPEOHOHVWH[WHVTXLO¶RQWPRGLILp
$UWLFOH  QRXYHDX   $ O¶LVVXH GH OD FRUUHFWLRQ GHV RX FRPSOpWp HW QRWDPPHQW OH GpFUHW Qƒ  GX 
pSUHXYHV G¶DGPLVVLELOLWp OH MXU\ pWDEOLW DSUqV GpOLEpUDWLRQ VHSWHPEUH
OD OLVWH GHV FDQGLGDWV DGPLVVLEOHV HW OD VRXPHW DX PLQLVWUH 9X O¶DUUrWp GHV PLQLVWUHV GH O¶pGXFDWLRQ HW GH
GHO¶pGXFDWLRQSRXUDSSUREDWLRQ O¶HQVHLJQHPHQW VXSpULHXU GX  MDQYLHU  IL[DQW OH
/HV UpVXOWDWV G¶DGPLVVLELOLWp VRQW DIILFKpV GDQV OHV UqJOHPHQWOHVSURJUDPPHVOHVGLVFLSOLQHVHWOHVPRGDOLWpV
ORFDX[GHVGLUHFWLRQVUpJLRQDOHVGHO¶HQVHLJQHPHQW G¶RXYHUWXUH GHV FRQFRXUV G¶DSWLWXGH DX SURIHVVRUDW GH
$ O¶LVVXH GHV pSUHXYHV G¶DGPLVVLRQ HW DSUqV O¶HQVHLJQHPHQW VHFRQGDLUH WHO TX¶LO D pWp PRGLILp SDU
GpOLEpUDWLRQOHMXU\SUpYXjO¶DUWLFOHFLGHVVXVpWDEOLWOH O¶DUUrWpGXQRYHPEUH
FODVVHPHQW GHV FDQGLGDWV SDU RUGUH GH PpULWH HQ IRQFWLRQ $UUrWH
GX WRWDO GHV QRWHV TX¶LOV RQW REWHQXHV j O¶HQVHPEOH GHV
pSUHXYHV 6L SOXVLHXUV FDQGLGDWV RQW REWHQX OH PrPH $UWLFOH SUHPLHU  6RQW RXYHUWV DX PLQLVWqUH GH
QRPEUHGHSRLQWVGDQVWRXWHVOHVGLVFLSOLQHVODSULRULWpHVW O¶pGXFDWLRQ OHV FRQFRXUV G¶DSWLWXGH DX SURIHVVRUDW GH
DFFRUGpHDXSOXVkJpG¶HQWUHHX[ O¶HQVHLJQHPHQW VHFRQGDLUH SRXU OH UHFUXWHPHQW GHV
/H MXU\ SURSRVH DX PLQLVWUH GH O¶pGXFDWLRQ OD OLVWH TXL SURIHVVHXUV GH O¶HQVHLJQHPHQW VHFRQGDLUH JpQpUDO HW GHV
FRPSRUWH SDU RUGUH GH PpULWH HW HQ IRQFWLRQ GX WRWDO GHV SURIHVVHXUVGHO¶HQVHLJQHPHQWVHFRQGDLUHWHFKQLTXH
QRWHV REWHQXHV SDU OHV FDQGLGDWV GDQV O¶HQVHPEOH GHV $UW   /H QRPEUH GH SRVWHV UpVHUYpV DX[ FRQFRXUV
pSUHXYHVHWGDQVODOLPLWHGXQRPEUHGHVSRVWHVRXYHUWVOHV SRXU FKDTXH GLVFLSOLQH HVW IL[p FRQIRUPpPHQW DX WDEOHDX
QRPVGHVFDQGLGDWVDGPLVGpILQLWLYHPHQWDXFRQFRXUV VXLYDQW
$UWLFOH QRXYHDX /HPLQLVWUHGHO¶pGXFDWLRQDUUrWH 
ODOLVWHGHVFDQGLGDWVDGPLVGpILQLWLYHPHQWDXFRQFRXUV
$UWLFOH QRXYHDX /¶DGPLQLVWUDWLRQSURFODPHODOLVWH /HVGLVFLSOLQHV /HQRPEUHGHSRVWHV
GHV FDQGLGDWV DGPLV GpILQLWLYHPHQW GDQV OHV ORFDX[ GHV
GLUHFWLRQV UpJLRQDOHV GH O¶HQVHLJQHPHQW OHV FDQGLGDWV $UDEH 
DGPLV DSSRVHQW OHXU VLJQDWXUH VXU OH UHJLVWUH VSpFLDOHPHQW )UDQoDLV 
SUpYXSRXUDWWHVWHUTX¶LOVVRQWDXFRXUDQWGHOHXUDGPLVVLRQ
3KLORVRSKLH  
$UWLFOH  QRXYHDX   /¶DGPLQLVWUDWLRQ DIIHFWH OHV
FDQGLGDWV j OHXU SRVWH GH WUDYDLO OHV FDQGLGDWV DGPLV (GXFDWLRQLVODPLTXH 
GpILQLWLYHPHQW TXL Q¶RQW SDV UHMRLQW RX TXL RQW UHIXVp OHXU (GXFDWLRQFLYLTXH  
SRVWHGHWUDYDLOVHURQWUDGLpVGHODOLVWHGHVFDQGLGDWVDGPLV
GpILQLWLYHPHQWDXFRQFRXUV +LVWRLUHHWJpRJUDSKLH  
$UW/HSUpVHQWDUUrWpVHUDSXEOLpDX-RXUQDO2IILFLHO 0DWKpPDWLTXHV  
GHOD5pSXEOLTXH7XQLVLHQQH 6FLHQFHVSK\VLTXHV  
7XQLVOHQRYHPEUH
6FLHQFHVQDWXUHOOHV  
/H0LQLVWUHGHO (GXFDWLRQ
$EGHUUDKLP=RXDUL (GXFDWLRQWHFKQLTXH  
/H0LQLVWUHGHO (QVHLJQHPHQW6XSpULHXU (GXFDWLRQSODVWLTXH  
'DOL-D]L
(GXFDWLRQPXVLFDOH  
9X
/H3UHPLHU0LQLVWUH *pQLHPpFDQLTXH  
+DPHG.DURXL *pQLHpOpFWULTXH  
 (FRQRPLH  
$UUrWpGXPLQLVWUHGHO¶pGXFDWLRQGXQRYHPEUH *HVWLRQ 
 SRUWDQW RXYHUWXUH GHV FRQFRXUV G¶DSWLWXGH ,WDOLHQ 
DXSURIHVVRUDWGHO¶HQVHLJQHPHQWVHFRQGDLUHSRXU
OHUHFUXWHPHQWGHVSURIHVVHXUVGHO¶HQVHLJQHPHQW $OOHPDQG  
VHFRQGDLUH JpQpUDO HW GHV SURIHVVHXUV GH 
O¶HQVHLJQHPHQWVHFRQGDLUHWHFKQLTXH
$UW   /D GDWH GX GpURXOHPHQW GHV pSUHXYHV
/HPLQLVWUHGHO¶pGXFDWLRQ G¶DGPLVVLELOLWp HVW IL[pH DX  GpFHPEUH  HW MRXUV
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW VXLYDQWV
JpQpUDOGHVSHUVRQQHOVGHO¶(WDWGHVFROOHFWLYLWpVORFDOHVHW
GHV pWDEOLVVHPHQWV SXEOLFV D FDUDFWqUH DGPLQLVWUDWLI $UW   &KDTXH FDQGLGDW GRLW GpSRVHU VRQ GRVVLHU
HQVHPEOH OHV WH[WHV TXL O¶RQW PRGLILpH RX FRPSOpWpH HW GLUHFWHPHQWjODGLUHFWLRQUpJLRQDOHGHO¶HQVHLJQHPHQWVLVH
QRWDPPHQWODORLQƒGXGpFHPEUH DXJRXYHUQRUDWRLOUpVLGH

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²QRYHPEUH  3DJH

 $UW/DOLVWHGHVFDQGLGDWXUHVDX[FRQFRXUVVXVYLVpV /H QRPEUH GH
VHUDFORVHOHQRYHPEUH /H QRPEUH
SRVWHV DX
7XQLVOHQRYHPEUH GH SRVWHV DX 7RWDO GH
/HV GLVFLSOLQHV PLQLVWqUH GH
/H0LQLVWUHGHO (GXFDWLRQ PLQLVWqUH GH SRVWHV RXYHUWV
O¶HQVHLJQHPHQW
O¶pGXFDWLRQ
$EGHUUDKLP=RXDUL VXSpULHXU
9X
/H3UHPLHU0LQLVWUH $QJODLV   
+DPHG.DURXL ,QIRUPDWLTXH   
 
$UW   /D GDWH GX GpURXOHPHQW GHV pSUHXYHV
$UUrWp GHV PLQLVWUHV GH O¶pGXFDWLRQ HW GH G¶DGPLVVLELOLWp HVW IL[pH DX  GpFHPEUH  HW MRXUV
O¶HQVHLJQHPHQW VXSpULHXU GX  QRYHPEUH  VXLYDQWV
SRUWDQW RXYHUWXUH GHV FRQFRXUV G¶DSWLWXGH DX $UW   &KDTXH FDQGLGDW GRLW GpSRVHU VRQ GRVVLHU GH
SURIHVVRUDWGHO¶HQVHLJQHPHQWVHFRQGDLUHSRXUOH FDQGLGDWXUH GLUHFWHPHQW j OD GLUHFWLRQ UpJLRQDOH GH
UHFUXWHPHQW GHV HQVHLJQDQWV GX FRUSV O¶HQVHLJQHPHQWVLVHDXJRXYHUQRUDWRLOUpVLGH
LQWHUGpSDUWHPHQWDO GH ODQJXH DQJODLVH HW $UW/DOLVWHGHVFDQGLGDWXUHVDX[FRQFRXUVVXVYLVpV
G¶LQIRUPDWLTXH H[HUoDQW GDQV OHV pWDEOLVVHPHQWV VHUDFORVHOHQRYHPEUH
G¶HQVHLJQHPHQW UHOHYDQW GX PLQLVWqUH GH 7XQLVOHQRYHPEUH
O¶pGXFDWLRQ HW GDQV OHV pWDEOLVVHPHQWV /H0LQLVWUHGHO (GXFDWLRQ
G¶HQVHLJQHPHQW VXSpULHXU HW GH UHFKHUFKH $EGHUUDKLP=RXDUL
UHOHYDQW GX PLQLVWqUH GH O¶HQVHLJQHPHQW /H0LQLVWUHGHO (QVHLJQHPHQW6XSpULHXU
VXSpULHXU 'DOL-D]L
/HV PLQLVWUHV GH O¶pGXFDWLRQ HW GH O¶HQVHLJQHPHQW 9X
VXSpULHXU /H3UHPLHU0LQLVWUH
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW +DPHG.DURXL
JpQpUDOGHVSHUVRQQHOVGHO¶(WDWGHVFROOHFWLYLWpVORFDOHVHW 
GHV pWDEOLVVHPHQWV SXEOLFV D FDUDFWqUH DGPLQLVWUDWLI 
HQVHPEOH OHV WH[WHV TXL O¶RQW PRGLILpH RX FRPSOpWpH HW
QRWDPPHQWODORLQƒGXGpFHPEUH 0,1,67(5('(/ $*5,&8/785(
9X OH GpFUHW Qƒ  GX  RFWREUH  SRUWDQW 
VWDWXW SDUWLFXOLHU GX FRUSV LQWHUGpSDUWHPHQWDO GHV
'pFUHW Qƒ  GX  QRYHPEUH  IL[DQW
HQVHLJQDQWV GH ODQJXH DQJODLVH HW G¶LQIRUPDWLTXH H[HUoDQW
O¶RUJDQLVDWLRQ DGPLQLVWUDWLYH HW ILQDQFLqUH GX
GDQV OHV pWDEOLVVHPHQWV G¶HQVHLJQHPHQW UHOHYDQW GX FHQWUH QDWLRQDO GHV pWXGHV DJULFROHV HW OHV
PLQLVWqUH GH O¶pGXFDWLRQ HW GDQV OHV pWDEOLVVHPHQWV PRGDOLWpVGHVRQIRQFWLRQQHPHQW
G¶HQVHLJQHPHQW VXSpULHXU HW GH UHFKHUFKH UHOHYDQW GX
/H3UpVLGHQWGHOD5pSXEOLTXH
PLQLVWqUHGHO¶HQVHLJQHPHQWVXSpULHXU
6XUSURSRVLWLRQGXPLQLVWUHGHO¶DJULFXOWXUH
9X O¶DUUrWp GHV PLQLVWUHV GH O¶pGXFDWLRQ HW GH
O¶HQVHLJQHPHQW VXSpULHXU GX  MDQYLHU  IL[DQW OH 9XODORLQƒGXPDUVSRUWDQWFUpDWLRQGX
FHQWUH QDWLRQDO GHV pWXGHV DJULFROHV HW QRWDPPHQW VRQ
UqJOHPHQWOHVSURJUDPPHVOHVGLVFLSOLQHVHWOHVPRGDOLWpV DUWLFOH
G¶RXYHUWXUH GHV FRQFRXUV G¶DSWLWXGH DX SURIHVVRUDW GH
9X OD ORL Qƒ  GX HU IpYULHU  UHODWLYH DX[
O¶HQVHLJQHPHQW VHFRQGDLUH WHO TXH PRGLILp SDU O¶DUUrWp GX SDUWLFLSDWLRQVHWHQWUHSULVHVSXEOLTXHVWHOOHTXHPRGLILpH
QRYHPEUH HW FRPSOpWpH SDU OD ORL Qƒ  GX HU DR€W HWOD
$UUrWHQW ORLQƒGXMXLOOHWHWODORLQƒGXPDL
HWQRWDPPHQWVRQWLWUH9
$UWLFOH SUHPLHU  6RQW RXYHUWV DX[ PLQLVWqUHV GH
O¶pGXFDWLRQ HW GH O¶HQVHLJQHPHQW VXSpULHXU GHX[ FRQFRXUV 9X OH GpFUHW Qƒ  GX  DR€W  IL[DQW
O¶RUJDQLVDWLRQ DGPLQLVWUDWLYH HW ILQDQFLqUH GX FHQWUH
G¶DSWLWXGH DX SURIHVVRUDW GH O¶HQVHLJQHPHQW VHFRQGDLUH
QDWLRQDO GHV pWXGHV DJULFROHV WHO TXH PRGLILp HW FRPSOpWp
SRXU OH UHFUXWHPHQW GHV HQVHLJQDQWV GX FRUSV SDUOHGpFUHWQƒGXMDQYLHU
LQWHUGpSDUWHPHQWDO GH ODQJXH DQJODLVH HW G¶LQIRUPDWLTXH
H[HUoDQW GDQV OHV pWDEOLVVHPHQWV G¶HQVHLJQHPHQW UHOHYDQW 9X OH GpFUHW Qƒ  GX HU DYULO  IL[DQW OHV
FRQGLWLRQV HW OHV PRGDOLWpV GH OD UpYLVLRQ GHV FRPSWHV GHV
GX PLQLVWqUH GH O¶pGXFDWLRQ HW GDQV OHV pWDEOLVVHPHQWV
pWDEOLVVHPHQWVSXEOLFVjFDUDFWqUHLQGXVWULHOHWFRPPHUFLDOHW
G¶HQVHLJQHPHQW VXSpULHXU HW GH UHFKHUFKH UHOHYDQW GX GHVVRFLpWpVGRQWOHFDSLWDOHVWWRWDOHPHQWGpWHQXSDUO¶(WDW
PLQLVWqUHGHO¶HQVHLJQHPHQWVXSpULHXU
9X OH GpFUHW Qƒ  GX  DYULO  SRUWDQW
$UW   /H QRPEUH GH SRVWHV UpVHUYpV DX[ GHX[ UpJOHPHQWDWLRQGHVPDUFKpVSXEOLFVHQVHPEOHOHVWH[WHVTXL
FRQFRXUV SRXU FKDTXH PLQLVWqUH HVW IL[p VHORQ FKDTXH O¶RQWPRGLILpRXFRPSOpWpHWQRWDPPHQWOHGpFUHWQƒ
GLVFLSOLQHFRQIRUPpPHQWDXWDEOHDXVXLYDQW GXDYULO

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²QRYHPEUH 1ƒ

 9XOHGpFUHWQƒGXQRYHPEUHIL[DQWOH
UpJLPH GH UpPXQpUDWLRQ GHV FKHIV G¶HQWUHSULVHV j PDMRULWp
SXEOLTXHWHOTXHPRGLILpSDUOHGpFUHWQƒGXMDQYLHU

9X OH GpFUHW Qƒ  GX  PDUV  SRUWDQW
IL[DWLRQ GHV DWWULEXWLRQV GHV GLUHFWHXUV JpQpUDX[ HW GHV
FRQVHLOVG¶HQWUHSULVHGHVpWDEOLVVHPHQWVSXEOLFVjFDUDFWqUH
QRQDGPLQLVWUDWLI
9X OH GpFUHW Qƒ  GX  PDUV  UHODWLI DX[
PRGDOLWpV G¶H[HUFLFH GH OD WXWHOOH VXU OHV pWDEOLVVHPHQWV
SXEOLFVQ¶D\DQWSDVOHFDUDFWqUHDGPLQLVWUDWLIDX[PRGDOLWpV
G¶DSSUREDWLRQ GH OHXUV DFWHV GH JHVWLRQ DX[ PRGHV HW DX[
FRQGLWLRQV GH GpVLJQDWLRQ GHV PHPEUHV GHV FRQVHLOV
G¶HQWUHSULVH HW OD IL[DWLRQ GHV REOLJDWLRQV PLVHV j OHXU
FKDUJH
9X O¶DYLV GHV PLQLVWUHV GHV ILQDQFHV HW GX
GpYHORSSHPHQWpFRQRPLTXH
9XO¶DYLVGXWULEXQDODGPLQLVWUDWLI
'pFUqWH
&+$3,75(35(0,(5
25*$1,6$7,21$'0,1,675$7,9(
6HFWLRQSUHPLqUH
/HGLUHFWHXUJpQpUDO
$UWLFOHSUHPLHU/HFHQWUHQDWLRQDOGHVpWXGHVDJULFROHV
HVW GLULJp SDU XQ GLUHFWHXU JpQpUDO QRPPp SDU GpFUHW VXU
SURSRVLWLRQ GX PLQLVWUH GH O DJULFXOWXUH /H GLUHFWHXU
JpQpUDO HVW FKDUJp GH SUHQGUH OHV GpFLVLRQV UHOHYDQW GH VHV
DWWULEXWLRQV WHOOHV TXH GpILQLHV GDQV OH SUpVHQW DUWLFOH j
O¶H[FHSWLRQGHFHOOHVUHOHYDQWGHO¶DXWRULWpGHWXWHOOH
/HGLUHFWHXUJpQpUDOHVWFKDUJpQRWDPPHQW
GHSUpVLGHUOHFRQVHLOG HQWUHSULVH
 G DVVXUHU OD GLUHFWLRQ DGPLQLVWUDWLYH ILQDQFLqUH HW
WHFKQLTXHGXFHQWUH
GHFRQFOXUHOHVPDUFKpVGDQVOHVIRUPHVHWFRQGLWLRQV
SUpYXHVSDUODOpJLVODWLRQHWODUpJOHPHQWDWLRQHQYLJXHXU
 G DUUrWHU OHV FRQWUDWVREMHFWLIV HW GH VXLYUH OHXU
H[pFXWLRQ
 G DUUrWHU OHV EXGJHWV SUpYLVLRQQHOV GH IRQFWLRQQHPHQW
HWG LQYHVWLVVHPHQWHWOHVFKpPDGHILQDQFHPHQWGHVSURMHWV
G LQYHVWLVVHPHQWV
G DUUrWHUOHVpWDWVILQDQFLHUV
 GH SURSRVHU O RUJDQLVDWLRQ GHV VHUYLFHV GX FHQWUH OH
VWDWXW SDUWLFXOLHU GH VRQ SHUVRQQHO DLQVLTXHVRQUpJLPHGH
UpPXQpUDWLRQ FRQIRUPpPHQW j OD OpJLVODWLRQ HW  OD
UpJOHPHQWDWLRQHQYLJXHXU
 GH SUHQGUH OHV PHVXUHV QpFHVVDLUHV SRXU OH
UHFRXYUHPHQWGHVFUpDQFHVGXFHQWUH
 G HQJDJHU OHV GpSHQVHV HW GH SHUFHYRLU OHV UHFHWWHV
FRQIRUPpPHQW j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQ HQ
YLJXHXU
GHFUpHUGHVpWDEOLVVHPHQWVDX[LOLDLUHVGXFHQWUHDSUqV
DFFRUGGXPLQLVWUHGHO¶DJULFXOWXUH
GHUHSUpVHQWHUOHFHQWUHDXSUqVGHVWLHUVHWGDQVWRXVOHV
DFWHVFLYLOVHWDGPLQLVWUDWLIV
G H[pFXWHUWRXWHDXWUHPLVVLRQHQWUDQWGDQVOHVDFWLYLWpV
GXFHQWUHHWTXLOXLHVWFRQILpHSDUO DXWRULWpGHWXWHOOH
1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²QRYHPEUH 
$UW   /H GLUHFWHXU JpQpUDO D DXWRULWp VXU O HQVHPEOH
GX SHUVRQQHO GX FHQWUH TX LO UHFUXWH QRPPH DIIHFWH HW
OLFHQFLHFRQIRUPpPHQWDXVWDWXWGXSHUVRQQHO
7RXWHIRLV OHV GpFLVLRQV UHODWLYHV DX UHFUXWHPHQW HW DX
OLFHQFLHPHQW GX SHUVRQQHO j O DWWULEXWLRQ HW DX UHWUDLW GHV
HPSORLV IRQFWLRQQHOV VRQW VRXPLVHV j O DSSUREDWLRQ
SUpDODEOHGXPLQLVWUHGHO DJULFXOWXUH
/H GLUHFWHXU JpQpUDO SHXW GpOpJXHU XQH SDUWLH GH VHV
SRXYRLUVDLQVLTXHVDVLJQDWXUHDX[DJHQWVSODFpVVRXVVRQ
DXWRULWp GDQV OD OLPLWH GHV PLVVLRQV TXL OHXU VRQW GpYROXHV
FRQIRUPpPHQW j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQ HQ
YLJXHXU
6HFWLRQ
/HFRQVHLOG HQWUHSULVH
$UW,OHVWFUppDXVHLQGXFHQWUHQDWLRQDOGHVpWXGHV
DJULFROHV XQ FRQVHLO G HQWUHSULVH j FDUDFWqUH FRQVXOWDWLI
FKDUJp G H[DPLQHU HW GH GRQQHU VRQ DYLV VXU OHV TXHVWLRQV
VXLYDQWHV
OHVFRQWUDWVREMHFWLIVHWOHVXLYLGHOHXUH[pFXWLRQ
 OHV EXGJHWV SUpYLVLRQQHOV GH IRQFWLRQQHPHQW HW
G LQYHVWLVVHPHQW HW OH VFKpPD GH ILQDQFHPHQW GHV SURMHWV
G LQYHVWLVVHPHQWV
OHVpWDWVILQDQFLHUV
O RUJDQLVDWLRQGHVVHUYLFHVGXFHQWUH
 OH VWDWXW SDUWLFXOLHU GX SHUVRQQHO GX FHQWUH DLQVL TXH
VRQUpJLPHGHUpPXQpUDWLRQ
OHVPDUFKpVHWOHVFRQYHQWLRQVFRQFOXVSDUOHFHQWUH
 OHV DFTXLVLWLRQV OHV WUDQVDFWLRQV HW WRXWHV OHV
RSpUDWLRQVLPPRELOLqUHVUHOHYDQWGHO DFWLYLWpGXFHQWUH
HW G XQH IDoRQ JpQpUDOH WRXWH TXHVWLRQ UHOHYDQW GH
O DFWLYLWp GX FHQWUH HW TXL OXL HVW VRXPLVH SDU OH GLUHFWHXU
JpQpUDO
$UW   /H FRQVHLO G HQWUHSULVH FRPSUHQG VRXV OD
SUpVLGHQFHGXGLUHFWHXUJpQpUDOOHVPHPEUHVVXLYDQWV
XQUHSUpVHQWDQWGXSUHPLHUPLQLVWqUH
XQUHSUpVHQWDQWGXPLQLVWqUHGHVILQDQFHV
WURLVUHSUpVHQWDQWVGXPLQLVWqUHGHO DJULFXOWXUH
XQUHSUpVHQWDQWGXPLQLVWqUHGHO¶LQGXVWULH
 XQ UHSUpVHQWDQW GX PLQLVWqUH GH GpYHORSSHPHQW
pFRQRPLTXH
 XQ UHSUpVHQWDQW GH O¶LQVWLWXW WXQLVLHQ GHV pWXGHV
VWUDWpJLTXHV
 XQ UHSUpVHQWDQW GH O¶DJHQFH GH SURPRWLRQ GHV
LQYHVWLVVHPHQWVDJULFROHV
XQUHSUpVHQWDQWGHO¶LQVWLWXWG¶pFRQRPLHTXDQWLWDWLYH
XQUHSUpVHQWDQWGHO XQLRQWXQLVLHQQHGHO DJULFXOWXUHHW
GHODSrFKH
/HV PHPEUHV GX FRQVHLO G HQWUHSULVH VRQW GpVLJQpV SDU
DUUrWp GX PLQLVWUH GH O DJULFXOWXUH SRXU XQH GXUpH GH WURLV
DQV UHQRXYHODEOH XQH VHXOH IRLV VXU SURSRVLWLRQ GHV
PLQLVWqUHVHWRUJDQLVPHVFRQFHUQpHV
$UW   /H FRQVHLO G HQWUHSULVH VHUpXQLWDXPRLQVXQH
IRLV SDU WULPHVWUH VXU FRQYRFDWLRQ GX GLUHFWHXU JpQpUDO GX
FHQWUHSRXUGRQQHUVRQDYLVVXUOHVTXHVWLRQVLQVFULWHVjXQ
RUGUHGXMRXUFRPPXQLTXpDXPRLQVGL[MRXUVjO DYDQFHj
WRXV OHV PHPEUHV GX FRQVHLO DX FRQWU{OHXU G (WDW HW DX
PLQLVWUHGHO DJULFXOWXUH
3DJH
 / RUGUH GX MRXU GRLW rWUH DFFRPSDJQp GH WRXV OHV
GRFXPHQWVVHUDSSRUWDQWjO HQVHPEOHGHVTXHVWLRQVGHYDQW
rWUHH[DPLQpHVORUVGHODUpXQLRQGXFRQVHLOG HQWUHSULVH
/H FRQVHLO G HQWUHSULVH QH SHXW VH UpXQLU YDODEOHPHQW
TX HQSUpVHQFHGHODPDMRULWpGHVHVPHPEUHV
/H FRQVHLO G HQWUHSULVH pPHW VRQ DYLV j OD PDMRULWp GHV
YRL[ GHV PHPEUHV SUpVHQWV (Q FDV GH SDUWDJH GHV YRL[
FHOOHGXSUpVLGHQWHVWSUpSRQGpUDQWH
$ GpIDXW GH OD SUpVHQFH GH OD PDMRULWpGHVHVPHPEUHV
SRXUOHFDVGHIRUFHPDMHXUHOHFRQVHLOG HQWUHSULVHSHXWVH
UpXQLUYDODEOHPHQWSRXUH[DPLQHUOHVTXHVWLRQVXUJHQWHV
/H GLUHFWHXU JpQpUDO GpVLJQH XQ FDGUH GX FHQWUH SRXU
DVVXUHU OH VHFUpWDULDW GX FRQVHLO HW SUpSDUHU OHV SURFqV
YHUEDX[ GH VHV UpXQLRQV TXL VHURQW FRQVLJQpV GDQV XQ
UHJLVWUH VSpFLDO WHQX j FHW HIIHW HW VLJQp SDU OH GLUHFWHXU
JpQpUDOHWXQPHPEUHGXFRQVHLO
&HVSURFqVYHUEDX[GRLYHQWrWUHpWDEOLVGDQVOHVGL[MRXUV
TXLVXLYHQWOHVUpXQLRQVGXFRQVHLO
$UW   /H GLUHFWHXU JpQpUDO SHXW IDLUH DSSHO ORUV GHV
UpXQLRQV GX FRQVHLO G¶HQWUHSULVH j WRXWH SHUVRQQH UHFRQQXH
SRXUVDFRPSpWHQFHGDQVOHGRPDLQHVFLHQWLILTXHRXWHFKQLTXH
SRXUGRQQHUVRQDYLVVXUXQSRLQWSDUWLFXOLHUGHO RUGUHGXMRXU
&+$3,75(,,
25*$1,6$7,21),1$1&,(5(
$UW/HGLUHFWHXUJpQpUDOGXFHQWUHDUUrWHOHEXGJHW
SUpYLVLRQQHO GH IRQFWLRQQHPHQW HW G¶LQYHVWLVVHPHQW HW OH
VFKpPD GH ILQDQFHPHQW GHV SURMHWV G LQYHVWLVVHPHQW HW OH
VRXPHW DX FRQVHLO G¶HQWUHSULVH DYDQW OH  DR€W GH FKDTXH
DQQpH
/H EXGJHW IDLW UHVVRUWLU OHV SUpYLVLRQV GH UHFHWWHV HW GH
GpSHQVHV
/H GLUHFWHXU JpQpUDO GRLW HQ RXWUH DUUrWHU XQ FRQWUDW
REMHFWLIVHWOHVRXPHWWUHDXFRQVHLOG¶HQWUHSULVHDXSOXVWDUG
OH  PDUV GH OD SUHPLqUH DQQpH GHODSpULRGHG¶H[pFXWLRQ
GX SODQ GH GpYHORSSHPHQW &H FRQWUDW HVW VLJQp SDU OH
PLQLVWUHGHO¶DJULFXOWXUHHWOHGLUHFWHXUJpQpUDOGXFHQWUH
$UW   /H EXGJHW GH IRQFWLRQQHPHQW FRPSUHQG OHV
UHFHWWHVHWOHVGpSHQVHVFLDSUqV
$/HVUHFHWWHV
OHVVXEYHQWLRQVHWGRWDWLRQVTXHO¶(WDWDFFRUGHOHFDV
pFKpDQWDXFHQWUH
 OHV UHFHWWHV GpFRXODQW GH O¶H[HUFLFH GHV PLVVLRQV
QRUPDOHVGXFHQWUH
 OHV UHYHQXV D\DQW OH FDUDFWqUH GH UHFHWWHV
G¶H[SORLWDWLRQ
OHVGRQVHWOHJV
%/HVGpSHQVHV
OHVGpSHQVHVGHIRQFWLRQQHPHQWGXFHQWUH
 OHV IUDLV GH JHVWLRQ HW G¶HQWUHWLHQ GHV LPPHXEOHV HW
DXWUHVELHQV
 OHV FKDUJHV GHV HPSUXQWV FRQWUDFWpV HW OHV GpSHQVHV
G¶DPRUWLVVHPHQWGHVELHQVPHXEOHVHWLPPHXEOHV
$UW   /H EXGJHW G¶LQYHVWLVVHPHQW FRPSUHQG OHV
UHFHWWHVHWOHVGpSHQVHVFLDSUqV
$/HVUHFHWWHV
OHVVXEYHQWLRQVDFFRUGpHVOHFDVpFKpDQWSDUO¶(WDW
3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²QRYHPEUH
OHVHPSUXQWV
OHVUHFHWWHVHWDXWUHVFRQWULEXWLRQV
%/HVGpSHQVHV
OHVGpSHQVHVG¶pTXLSHPHQWHWG¶H[WHQVLRQ
OHVGpSHQVHVGHUHQRXYHOOHPHQWGHVpTXLSHPHQWV
OHVGpSHQVHVG¶pWXGHVHWG¶H[SpULPHQWDWLRQ
$UW/DFRPSWDELOLWpGXFHQWUHQDWLRQDOGHVpWXGHV
DJULFROHV HVW WHQXH FRQIRUPpPHQW DX[ UqJOHV UpJLVVDQW OD
FRPSWDELOLWp FRPPHUFLDOH /¶H[HUFLFH FRPSWDEOH
FRPPHQFHOHSUHPLHUMDQYLHUHWVHWHUPLQHOHGpFHPEUH
GHFKDTXHDQQpH
/HGLUHFWHXUJpQpUDOGXFHQWUHDUUrWHOHVpWDWVILQDQFLHUVOHV
VRXPHW SRXU DYLV DX FRQVHLO G HQWUHSULVH GDQV XQ GpODL QH
GpSDVVDQW SDV WURLV PRLV j SDUWLU GH OD GDWH GH FO{WXUH GH
O H[HUFLFHFRPSWDEOHVXUODEDVHGXUDSSRUWpWDEOLjFHWHIIHWSDU
OHUpYLVHXUGHVFRPSWHV
$UW   /H FHQWUH QDWLRQDO GHV pWXGHV DJULFROHV SHXW
FRQWUDFWHU GHV HPSUXQWV DSUqV DXWRULVDWLRQ GH O¶DXWRULWp GH
WXWHOOH
&+$3,75(,,,
787(//('(/ (7$7
$UW   /D WXWHOOH GX PLQLVWqUH GH O DJULFXOWXUH VXU OH
FHQWUH QDWLRQDO GHV pWXGHV DJULFROHV FRQVLVWH HQ O H[HUFLFH
GHVDWWULEXWLRQVFLDSUqV
 O DSSUREDWLRQ GHV FRQWUDWVREMHFWLIV HW OH VXLYL GH OHXU
H[pFXWLRQ
 O DSSUREDWLRQ GHV EXGJHWV SUpYLVLRQQHOV HW OH VXLYL GH
OHXUH[pFXWLRQ
O DSSUREDWLRQGHVpWDWVILQDQFLHUV
 O DSSUREDWLRQ GH OD FUpDWLRQ RX GH OD VXSSUHVVLRQ GHV
pWDEOLVVHPHQWVDX[LOLDLUHV
O DSSUREDWLRQGHVWUDQVDFWLRQVLPPRELOLqUHV
 O DSSUREDWLRQ GH O DFFHSWDWLRQ GHV GRQV OHJV HW
FRQWULEXWLRQVGHWRXWHQDWXUHDFFRUGpHDXFHQWUH
O DSSUREDWLRQGHVHPSUXQWVGHWRXWHQDWXUH
O DSSUREDWLRQGHVFRQYHQWLRQVG DUELWUDJHVGHVFODXVHV
FRPSURPLVVRLUHV HW GHV WUDQVDFWLRQV UHODWLYHV DX UqJOHPHQW
GHV FRQIOLWV FRQIRUPpPHQW j OD OpJLVODWLRQ HW j OD
UpJOHPHQWDWLRQHQYLJXHXU
(WG XQHPDQLqUHJpQpUDOHHWHQSOXVGHVDFWHVGHJHVWLRQ
VRXPLVjDSSUREDWLRQFRQIRUPpPHQWjODOpJLVODWLRQHWjOD
UpJOHPHQWDWLRQHQYLJXHXUO H[HUFLFHGHODWXWHOOHFRQFHUQH
pJDOHPHQW OH VXLYL GH OD JHVWLRQ HW GX IRQFWLRQQHPHQW GX
FHQWUH
$UW/HPLQLVWUHGHO DJULFXOWXUHSURFqGHjO H[DPHQ
GHV TXHVWLRQV VXLYDQWHV DYDQW OHXU WUDQVPLVVLRQ DX
PLQLVWqUH GX GpYHORSSHPHQW pFRQRPLTXH SRXU DYLV HW
SUpVHQWDWLRQ j O DSSUREDWLRQ FRQIRUPpPHQW j OD OpJLVODWLRQ
HWjODUpJOHPHQWDWLRQHQYLJXHXU
OHVWDWXWSDUWLFXOLHUGXSHUVRQQHOGXFHQWUH
OHWDEOHDXGHFODVVLILFDWLRQGHVHPSORLV
OHUpJLPHGHUpPXQpUDWLRQ
O RUJDQLJUDPPH
OHVFRQGLWLRQVGHQRPLQDWLRQDX[HPSORLVIRQFWLRQQHOV
ODORLGHVFDGUHV
OHVDXJPHQWDWLRQVVDODULDOHV
1ƒ
 OHFODVVHPHQWGXFHQWUHHWODUpPXQpUDWLRQGXGLUHFWHXU
JpQpUDO
$UW   /H FHQWUH QDWLRQDO GHV pWXGHV DJULFROHV GRLW
FRPPXQLTXHU DX PLQLVWqUH GH O DJULFXOWXUH HW DX PLQLVWqUH
GXGpYHORSSHPHQWpFRQRPLTXHOHVGRFXPHQWVFLDSUqV
 OH FRQWUDWREMHFWLIV HW OHV UDSSRUWV DQQXHOV
G DYDQFHPHQWGHVRQH[pFXWLRQ
 OHV EXGJHWV SUpYLVLRQQHOV GH IRQFWLRQQHPHQW HW
G LQYHVWLVVHPHQW HW OH VFKpPD GH ILQDQFHPHQW GHV SURMHWV
G LQYHVWLVVHPHQW
OHVpWDWVILQDQFLHUV
 OHV UDSSRUWV GH FHUWLILFDWLRQ OpJDOH GHV FRPSWHV HW OHV
OHWWUHVGHFRQWU{OHLQWHUQH
OHVSURFqVYHUEDX[GXFRQVHLOG HQWUHSULVH
 O pWDW GH OD VLWXDWLRQ GHV OLTXLGLWpV j OD ILQ GH FKDTXH
PRLV
$UUrWpV j OHXUV pFKpDQFHV UHVSHFWLYHV FLGHVVXV
LQGLTXpHV FHV GRFXPHQWV GRLYHQW rWUH WUDQVPLV GDQV XQ
GpODLQHSRXYDQWGpSDVVHUTXLQ]HMRXUV
$UW   /H FHQWUH QDWLRQDO GHV pWXGHV DJULFROHV
FRPPXQLTXH SRXU LQIRUPDWLRQ DX PLQLVWqUH GHV ILQDQFHV
OHV GRFXPHQWV FLDSUqV HW FH GDQV OHV GpODLV LQGLTXpV j
O DUWLFOHFLGHVVXV
OHFRQWUDWREMHFWLIV
 OHV EXGJHWV SUpYLVLRQQHOV GH IRQFWLRQQHPHQW HW
G LQYHVWLVVHPHQW HW OH VFKpPD GH ILQDQFHPHQW GHV SURMHWV
G LQYHVWLVVHPHQW
OHVpWDWVILQDQFLHUV
 O pWDW GH OD VLWXDWLRQ GHV OLTXLGLWpV j OD ILQ GH FKDTXH
PRLV
&+$3,75(,9
',6326,7,216',9(56(6
$UW6RQWDEURJpHVWRXWHVGLVSRVLWLRQVDQWpULHXUHV
FRQWUDLUHV DX SUpVHQW GpFUHW HW QRWDPPHQW OH GpFUHW Qƒ 
GXDR€WIL[DQWO¶RUJDQLVDWLRQDGPLQLVWUDWLYHHW
ILQDQFLqUH GX FHQWUH QDWLRQDO GHV pWXGHV DJULFROHV WHO TXH
PRGLILp HW FRPSOpWp SDU OH GpFUHW Qƒ  GX  MDQYLHU
VXVYLVp
$UW/HVPLQLVWUHVGHO DJULFXOWXUHGHVILQDQFHVHW
GX GpYHORSSHPHQW pFRQRPLTXH VRQW FKDUJpV FKDFXQ HQFH
TXL OH FRQFHUQH GH O H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD
SXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHQRYHPEUH
=LQH(O$ELGLQH%HQ$OL
 9XODORLQƒGXPDUVSRUWDQWFUpDWLRQGH
120,1$7,21
3DUGpFUHWQƒGXQRYHPEUH
0RQVLHXU0RKDPHG$RXDGLLQJpQLHXUGHVWUDYDX[HVW
FKDUJp GHV IRQFWLRQV GH GLUHFWHXU GH O¶XQLWp GH JHVWLRQ SDU
REMHFWLIV SRXU OD UpDOLVDWLRQ GX SURMHW G¶DPpQDJHPHQW
K\GURDJULFROH GX SpULPqWUH SXEOLF LUULJXp ©%DUEUDª GX
JRXYHUQRUDWGH-HQGRXED
1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²QRYHPEUH 
$UUrWp GX PLQLVWUHGHO¶DJULFXOWXUHGXQRYHPEUH
 SRUWDQW RXYHUWXUH GH OD SURFpGXUH GH
UpDPpQDJHPHQW IRQFLHU GDQV OH SpULPqWUH SXEOLF
LUULJXp G¶(O )HU]D GH OD GpOpJDWLRQ GH .DLURXDQ
6XGDXJRXYHUQRUDWGH.DLURXDQ
/HPLQLVWUHGHO¶DJULFXOWXUH
9X OD ORL Qƒ  GX  PDL  SRUWDQW UpIRUPH
DJUDLUH GDQV OHV SpULPqWUHV SXEOLFV LUULJXpV PRGLILpH HW
FRPSOpWpH SDU OD ORL Qƒ  GX  IpYULHU  HW
QRWDPPHQWVRQDUWLFOH
9XODORLQƒGXPDUVSRUWDQWFUpDWLRQGH
O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV SpULPqWUHV SXEOLFV
LUULJXpVHWQRWDPPHQWVRQDUWLFOH
9X OH GpFUHW Qƒ  GX  MXLQ  SRUWDQW
FUpDWLRQ G¶XQ SpULPqWUH SXEOLF LUULJXp j (O )HU]D GH OD
GpOpJDWLRQGH.DLURXDQVXGDXJRXYHUQRUDWGH.DLURXDQ
9X OH GpFUHW Qƒ  GXDR€WPRGLILDQWOD
GpQRPLQDWLRQ GH O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV
SpULPqWUHVSXEOLFVLUULJXpV
$UUrWH
$UWLFOH SUHPLHU  /D SURFpGXUH GH UpDPpQDJHPHQW
IRQFLHUSUpYXHSDUODORLQƒGXPDLPRGLILpH
HWFRPSOpWpHSDUODORLQƒGXIpYULHUHWODORL
QƒGXPDUVVXVYLVpHVHVWRXYHUWHjFRPSWHU
GHODSXEOLFDWLRQGXSUpVHQWDUUrWpGDQVOHSpULPqWUHSXEOLF
LUULJXp G¶(O )HU]D GH OD GpOpJDWLRQ GH .DLURXDQ 6XG DX
JRXYHUQRUDWGH.DLURXDQREMHWGXGpFUHWQƒGX
MXLQ  GpOLPLWp SDU XQ OLVHUp URXJH FRQIRUPpPHQW j
O¶H[WUDLWGHFDUWHDXqPHDQQH[pDXSUpVHQWDUUrWp
$UW   /H GLUHFWHXU JpQpUDO GH O¶DJHQFH IRQFLqUH
DJULFROHHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUD
SXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHQRYHPEUH
/H0LQLVWUHGHO¶$JULFXOWXUH
6DGRN5DEHK
9X
/H3UHPLHU0LQLVWUH
+DPHG.DURXL

$UUrWp GX PLQLVWUHGHO¶DJULFXOWXUHGXQRYHPEUH
 SRUWDQW RXYHUWXUH GH OD SURFpGXUH GH
UpDPpQDJHPHQW IRQFLHU GDQV OH SpULPqWUH SXEOLF
LUULJXp G¶(O 0UDQED GH OD GpOpJDWLRQ GH 0RNQLQH
DXJRXYHUQRUDWGH0RQDVWLU
/HPLQLVWUHGHO¶DJULFXOWXUH
9X OD ORL Qƒ  GX  PDL  SRUWDQW UpIRUPH
DJUDLUH GDQV OHV SpULPqWUHV SXEOLFV LUULJXpV PRGLILpH HW
FRPSOpWpH SDU OD ORL Qƒ  GX  IpYULHU  HW
QRWDPPHQWVRQDUWLFOH
O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV SpULPqWUHV SXEOLFV
LUULJXpVHWQRWDPPHQWVRQDUWLFOH
9X OH GpFUHW Qƒ  GX  MXLQ  SRUWDQW
FUpDWLRQ G¶XQ SpULPqWUH SXEOLF LUULJXp j (O 0UDQED GH OD
GpOpJDWLRQGH0RNQLQHDXJRXYHUQRUDWGH0RQDVWLU
9X OH GpFUHW Qƒ  GXDR€WPRGLILDQWOD
GpQRPLQDWLRQ GH O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV
SpULPqWUHVSXEOLFVLUULJXpV
3DJH
 $UUrWH
$UWLFOH SUHPLHU  /D SURFpGXUH GH UpDPpQDJHPHQW
IRQFLHUSUpYXHSDUODORLQƒGXPDLPRGLILpH
HWFRPSOpWpHSDUODORLQƒGXIpYULHUHWODORL
QƒGXPDUVVXVYLVpHVHVWRXYHUWHjFRPSWHU
GHODSXEOLFDWLRQGXSUpVHQWDUUrWpGDQVOHSpULPqWUHSXEOLF
LUULJXp G¶(O 0UDQED GH OD GpOpJDWLRQ GH 0RNQLQH DX
JRXYHUQRUDWGH0RQDVWLUREMHWGXGpFUHWQƒGX
MXLQ  GpOLPLWp SDU XQ OLVHUp URXJH FRQIRUPpPHQW j
O¶H[WUDLWGHFDUWHDXqPHDQQH[pDXSUpVHQWDUUrWp
$UW   /H GLUHFWHXU JpQpUDO GH O¶DJHQFH IRQFLqUH
DJULFROHHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUD
SXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHQRYHPEUH
/H0LQLVWUHGHO¶$JULFXOWXUH
6DGRN5DEHK
9X
/H3UHPLHU0LQLVWUH
+DPHG.DURXL
 $UWLFOH SUHPLHU  /D SURFpGXUH GH UpDPpQDJHPHQW
$UUrWp GX PLQLVWUHGHO¶DJULFXOWXUHGXQRYHPEUH
 SRUWDQW RXYHUWXUH GH OD SURFpGXUH GH
UpDPpQDJHPHQW IRQFLHU GDQV OH SpULPqWUH SXEOLF
LUULJXpG¶(O.KULRXkDGHODGpOpJDWLRQGH6ELNKD
DXJRXYHUQRUDWGH.DLURXDQ
/HPLQLVWUHGHO¶DJULFXOWXUH
9X OD ORL Qƒ  GX  PDL  SRUWDQW UpIRUPH
DJUDLUH GDQV OHV SpULPqWUHV SXEOLFV LUULJXpV PRGLILpH HW
FRPSOpWpH SDU OD ORL Qƒ  GX  IpYULHU  HW
QRWDPPHQWVRQDUWLFOH
9XODORLQƒGXPDUVSRUWDQWFUpDWLRQGH
O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV SpULPqWUHV SXEOLFV
LUULJXpVHWQRWDPPHQWVRQDUWLFOH
9X OH GpFUHW Qƒ  GX  MXLQ  SRUWDQW
FUpDWLRQG¶XQSpULPqWUHSXEOLFLUULJXpj(O.KULRXkDGHOD
GpOpJDWLRQGH6ELNKDDXJRXYHUQRUDWGH.DLURXDQ
9X OH GpFUHW Qƒ  GXDR€WPRGLILDQWOD
GpQRPLQDWLRQ GH O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV
SpULPqWUHVSXEOLFVLUULJXpV
$UUrWH
$UWLFOH SUHPLHU  /D SURFpGXUH GH UpDPpQDJHPHQW
IRQFLHUSUpYXHSDUODORLQƒGXPDLPRGLILpH
HWFRPSOpWpHSDUODORLQƒGXIpYULHUHWODORL
QƒGXPDUVVXVYLVpHVHVWRXYHUWHjFRPSWHU
GHODSXEOLFDWLRQGXSUpVHQWDUUrWpGDQVOHSpULPqWUHSXEOLF
LUULJXp G¶(O .KULRXkD  GH OD GpOpJDWLRQ GH 6ELNKD DX
JRXYHUQRUDWGH.DLURXDQREMHWGXGpFUHWQƒGX
MXLQ  GpOLPLWp SDU XQ OLVHUp URXJH FRQIRUPpPHQW j
O¶H[WUDLWGHFDUWHDXqPHDQQH[pDXSUpVHQWDUUrWp
$UW   /H GLUHFWHXU JpQpUDO GH O¶DJHQFH IRQFLqUH
DJULFROHHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUD
SXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHQRYHPEUH
/H0LQLVWUHGHO¶$JULFXOWXUH
6DGRN5DEHK
9X
/H3UHPLHU0LQLVWUH
+DPHG.DURXL
3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²QRYHPEUH
$UUrWp GX PLQLVWUHGHO¶DJULFXOWXUHGXQRYHPEUH
 SRUWDQW RXYHUWXUH GH OD SURFpGXUH GH
UpDPpQDJHPHQW IRQFLHU GDQV OH SpULPqWUH SXEOLF
LUULJXpG¶(O.KULRXDkGHODGpOpJDWLRQGH6ELNKD
DXJRXYHUQRUDWGH.DLURXDQ
/HPLQLVWUHGHO¶DJULFXOWXUH
9X OD ORL Qƒ  GX  PDL  SRUWDQW UpIRUPH
DJUDLUH GDQV OHV SpULPqWUHV SXEOLFV LUULJXpV PRGLILpH HW
FRPSOpWpH SDU OD ORL Qƒ  GX  IpYULHU  HW
QRWDPPHQWVRQDUWLFOH
9XODORLQƒGXPDUVSRUWDQWFUpDWLRQGH
O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV SpULPqWUHV SXEOLFV
LUULJXpVHWQRWDPPHQWVRQDUWLFOH
9X OH GpFUHW Qƒ  GX  MXLQ  SRUWDQW
FUpDWLRQG¶XQSpULPqWUHSXEOLFLUULJXpj(O.KULRXDkGHOD
GpOpJDWLRQGH6ELNKDDXJRXYHUQRUDWGH.DLURXDQ
9X OH GpFUHW Qƒ  GXDR€WPRGLILDQWOD
GpQRPLQDWLRQ GH O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV
SpULPqWUHVSXEOLFVLUULJXpV
$UUrWH
IRQFLHUSUpYXHSDUODORLQƒGXPDLPRGLILpH
HWFRPSOpWpHSDUODORLQƒGXIpYULHUHWODORL
QƒGXPDUVVXVYLVpHVHVWRXYHUWHjFRPSWHU
GHODSXEOLFDWLRQGXSUpVHQWDUUrWpGDQVOHSpULPqWUHSXEOLF
LUULJXp (O .KULRXDk  GH OD GpOpJDWLRQ GH 6ELNKD DX
JRXYHUQRUDWGH.DLURXDQREMHWGXGpFUHWQƒGX
MXLQ  GpOLPLWp SDU XQ OLVHUp URXJH FRQIRUPpPHQW j
O¶H[WUDLWGHFDUWHDXqPHDQQH[pDXSUpVHQWDUUrWp
$UW   /H GLUHFWHXU JpQpUDO GH O¶DJHQFH IRQFLqUH
DJULFROHHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUD
SXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHQRYHPEUH
/H0LQLVWUHGHO¶$JULFXOWXUH
6DGRN5DEHK
9X
/H3UHPLHU0LQLVWUH
+DPHG.DURXL

$UUrWp GX PLQLVWUHGHO¶DJULFXOWXUHGXQRYHPEUH
 SRUWDQW RXYHUWXUH GH OD SURFpGXUH GH
UpDPpQDJHPHQW IRQFLHU GDQV O¶H[WHQVLRQ GX
SpULPqWUH SXEOLF LUULJXp GX &DS %RQ GHV
GpOpJDWLRQV GH *URPEDOLD 6ROLPDQ HW 0HQ]HO
%RX]HOIDDXJRXYHUQRUDWGH1DEHXO
/HPLQLVWUHGHO¶DJULFXOWXUH
9X OD ORL Qƒ  GX  PDL  SRUWDQW UpIRUPH
DJUDLUH GDQV OHV SpULPqWUHV SXEOLFV LUULJXpV PRGLILpH HW
FRPSOpWpH SDU OD ORL Qƒ  GX  IpYULHU  HW
QRWDPPHQWVRQDUWLFOH
9XODORLQƒGXPDUVSRUWDQWFUpDWLRQGH
O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV SpULPqWUHV SXEOLFV
LUULJXpVHWQRWDPPHQWVRQDUWLFOH
9X OH GpFUHW Qƒ  GX  GpFHPEUH  SRUWDQW
FUpDWLRQG¶XQSpULPqWUHSXEOLFLUULJXpDX&DS%RQ
9X OH GpFUHW Qƒ  GX  MXLQ  SRUWDQW
H[WHQVLRQGXSpULPqWUHSXEOLFLUULJXpGX&DS%RQ
9X OH GpFUHW Qƒ  GXDR€WPRGLILDQWOD
GpQRPLQDWLRQ GH O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV
SpULPqWUHVSXEOLFVLUULJXpV
1ƒ
 $UUrWH
$UWLFOH SUHPLHU  /D SURFpGXUH GH UpDPpQDJHPHQW
IRQFLHUSUpYXHSDUODORLQƒGXPDLPRGLILpH
HWFRPSOpWpHSDUODORLQƒGXIpYULHUHWODORL
QƒGXPDUVVXVYLVpHVHVWRXYHUWHjFRPSWHU
GH OD SXEOLFDWLRQ GX SUpVHQW DUUrWp GDQV O¶H[WHQVLRQ GX
SpULPqWUH SXEOLF LUULJXp GX &DS %RQ GHV GpOpJDWLRQV GH
*URPEDOLD6ROLPDQHW0HQ]HO%RX]HOIDDXJRXYHUQRUDWGH
1DEHXO REMHW GX GpFUHW Qƒ  GX  MXLQ 
GpOLPLWp SDU XQ OLVHUp URXJH FRQIRUPpPHQW j O¶H[WUDLW GH
FDUWHDXqPHDQQH[pDXSUpVHQWDUUrWp
$UW   /H GLUHFWHXU JpQpUDO GH O¶DJHQFH IRQFLqUH
DJULFROHHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUD
SXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHQRYHPEUH
/H0LQLVWUHGHO¶$JULFXOWXUH
6DGRN5DEHK
9X
/H3UHPLHU0LQLVWUH
+DPHG.DURXL
 $UWLFOH SUHPLHU  /D SURFpGXUH GH UpDPpQDJHPHQW
$UUrWp GX PLQLVWUHGHO¶DJULFXOWXUHGXQRYHPEUH
 SRUWDQW RXYHUWXUH GH OD SURFpGXUH GH
UpDPpQDJHPHQW IRQFLHU GDQV OH SpULPqWUH SXEOLF
LUULJXp GH *KULRXLV GH OD GpOpJDWLRQ GH 6RXN (O
-HGLGDXJRXYHUQRUDWGH6LGL%RX]LG
/HPLQLVWUHGHO¶DJULFXOWXUH
9X OD ORL Qƒ  GX  PDL  SRUWDQW UpIRUPH
DJUDLUH GDQV OHV SpULPqWUHV SXEOLFV LUULJXpV PRGLILpH HW
FRPSOpWpH SDU OD ORL Qƒ  GX  IpYULHU  HW
QRWDPPHQWVRQDUWLFOH
9XODORLQƒGXPDUVSRUWDQWFUpDWLRQGH
O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV SpULPqWUHV SXEOLFV
LUULJXpVHWQRWDPPHQWVRQDUWLFOH
9X OH GpFUHW Qƒ  GX  MXLQ  SRUWDQW
FUpDWLRQ G¶XQ SpULPqWUH SXEOLF LUULJXp j *KULRXLV GH OD
GpOpJDWLRQGH6RXN(O-HGLGDXJRXYHUQRUDWGH6LGL%RX]LG
9X OH GpFUHW Qƒ  GXDR€WPRGLILDQWOD
GpQRPLQDWLRQ GH O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV
SpULPqWUHVSXEOLFVLUULJXpV
$UUrWH
$UWLFOH SUHPLHU  /D SURFpGXUH GH UpDPpQDJHPHQW
IRQFLHUSUpYXHSDUODORLQƒGXPDLPRGLILpH
HWFRPSOpWpHSDUODORLQƒGXIpYULHUHWODORL
QƒGXPDUVVXVYLVpHVHVWRXYHUWHjFRPSWHU
GHODSXEOLFDWLRQGXSUpVHQWDUUrWpGDQVOHSpULPqWUHSXEOLF
LUULJXp *KULRXLV GH OD GpOpJDWLRQ GH 6RXN (O -HGLG DX
JRXYHUQRUDWGH6LGL%RX]LGREMHWGXGpFUHWQƒGX
 MXLQ  GpOLPLWp SDU XQ OLVHUp URXJH FRQIRUPpPHQW j
O¶H[WUDLWGHFDUWHDXqPHDQQH[pDXSUpVHQWDUUrWp
$UW   /H GLUHFWHXU JpQpUDO GH O¶DJHQFH IRQFLqUH
DJULFROHHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUD
SXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHQRYHPEUH
/H0LQLVWUHGHO¶$JULFXOWXUH
6DGRN5DEHK
9X
/H3UHPLHU0LQLVWUH
+DPHG.DURXL
1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²QRYHPEUH 
$UUrWp GX PLQLVWUHGHO¶DJULFXOWXUHGXQRYHPEUH
 SRUWDQW RXYHUWXUH GH OD SURFpGXUH GH
UpDPpQDJHPHQW IRQFLHU GDQV OH SpULPqWUH SXEOLF
LUULJXp G¶(VVDUHN /DKPDU GH OD GpOpJDWLRQ GH
6EHwWODDXJRXYHUQRUDWGH.DVVHULQH
/HPLQLVWUHGHO¶DJULFXOWXUH
9X OD ORL Qƒ  GX  PDL  SRUWDQW UpIRUPH
DJUDLUH GDQV OHV SpULPqWUHV SXEOLFV LUULJXpV PRGLILpH HW
FRPSOpWpH SDU OD ORL Qƒ  GX  IpYULHU  HW
QRWDPPHQWVRQDUWLFOH
9XODORLQƒGXPDUVSRUWDQWFUpDWLRQGH
O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV SpULPqWUHV SXEOLFV
LUULJXpVHWQRWDPPHQWVRQDUWLFOH
9X OH GpFUHW Qƒ  GX  MXLQ  SRUWDQW
FUpDWLRQG¶XQSpULPqWUHSXEOLFLUULJXpj(VVDUHN/DKPDUGH
ODGpOpJDWLRQGH6EHwWODDXJRXYHUQRUDWGH.DVVHULQH
9X OH GpFUHW Qƒ  GXDR€WPRGLILDQWOD
GpQRPLQDWLRQ GH O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV
SpULPqWUHVSXEOLFVLUULJXpV
$UUrWH
IRQFLHUSUpYXHSDUODORLQƒGXPDLPRGLILpH
HWFRPSOpWpHSDUODORLQƒGXIpYULHUHWODORL
QƒGXPDUVVXVYLVpHVHVWRXYHUWHjFRPSWHU
GHODSXEOLFDWLRQGXSUpVHQWDUUrWpGDQVOHSpULPqWUHSXEOLF
LUULJXp G¶(VVDUHN /DKPDU GH OD GpOpJDWLRQ GH 6EHwWOD DX
JRXYHUQRUDWGH.DVVHULQHREMHWGXGpFUHWQƒGX
MXLQ  GpOLPLWp SDU XQ OLVHUp URXJH FRQIRUPpPHQW j
O¶H[WUDLWGHFDUWHDXqPHDQQH[pDXSUpVHQWDUUrWp
$UW   /H GLUHFWHXU JpQpUDO GH O¶DJHQFH IRQFLqUH
DJULFROHHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUD
SXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHQRYHPEUH
/H0LQLVWUHGHO¶$JULFXOWXUH
6DGRN5DEHK
9X
/H3UHPLHU0LQLVWUH
+DPHG.DURXL

$UUrWp GX PLQLVWUHGHO¶DJULFXOWXUHGXQRYHPEUH
 SRUWDQW RXYHUWXUH GH OD SURFpGXUH GH
UpDPpQDJHPHQW IRQFLHU GDQV OH SpULPqWUH SXEOLF
LUULJXpG¶(O*D]DGHODGpOpJDWLRQGH-HPPDODX
JRXYHUQRUDWGH0RQDVWLU
/HPLQLVWUHGHO¶DJULFXOWXUH
9X OD ORL Qƒ  GX  PDL  SRUWDQW UpIRUPH
DJUDLUH GDQV OHV SpULPqWUHV SXEOLFV LUULJXpV PRGLILpH HW
FRPSOpWpH SDU OD ORL Qƒ  GX  IpYULHU  HW
QRWDPPHQWVRQDUWLFOH
9XODORLQƒGXPDUVSRUWDQWFUpDWLRQGH
O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV SpULPqWUHV SXEOLFV
LUULJXpVHWQRWDPPHQWVRQDUWLFOH
9X OH GpFUHW Qƒ  GX  MXLQ  SRUWDQW
FUpDWLRQ G¶XQ SpULPqWUH SXEOLF LUULJXp j (O *D]D  GH OD
GpOpJDWLRQGH-HPPDODXJRXYHUQRUDWGH0RQDVWLU
9X OH GpFUHW Qƒ  GXDR€WPRGLILDQWOD
GpQRPLQDWLRQ GH O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV
SpULPqWUHVSXEOLFVLUULJXpV
3DJH
 $UUrWH
$UWLFOH SUHPLHU  /D SURFpGXUH GH UpDPpQDJHPHQW
IRQFLHUSUpYXHSDUODORLQƒGXPDLPRGLILpH
HWFRPSOpWpHSDUODORLQƒGXIpYULHUHWODORL
QƒGXPDUVVXVYLVpHVHVWRXYHUWHjFRPSWHU
GHODSXEOLFDWLRQGXSUpVHQWDUUrWpGDQVOHSpULPqWUHSXEOLF
LUULJXp G¶(O *D]D  GH OD GpOpJDWLRQ GH -HPPDO DX
JRXYHUQRUDWGH0RQDVWLUREMHWGXGpFUHWQƒGX
MXLQ  GpOLPLWp SDU XQ OLVHUp URXJH FRQIRUPpPHQW j
O¶H[WUDLWGHFDUWHDXqPHDQQH[pDXSUpVHQWDUUrWp
$UW   /H GLUHFWHXU JpQpUDO GH O¶DJHQFH IRQFLqUH
DJULFROHHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUD
SXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHQRYHPEUH
/H0LQLVWUHGHO¶$JULFXOWXUH
6DGRN5DEHK
9X
/H3UHPLHU0LQLVWUH
+DPHG.DURXL
 $UUrWH
$UUrWp GX PLQLVWUHGHO¶DJULFXOWXUHGXQRYHPEUH
 SRUWDQW RXYHUWXUH GH OD SURFpGXUH GH
UpDPpQDJHPHQW IRQFLHU GDQV OH SpULPqWUH SXEOLF
LUULJXp GH 7RX]D  GH OD GpOpJDWLRQ GH .VLEHW (O
0HG\RXQLDXJRXYHUQRUDWGH0RQDVWLU
/HPLQLVWUHGHO¶DJULFXOWXUH
9X OD ORL Qƒ  GX  PDL  SRUWDQW UpIRUPH
DJUDLUH GDQV OHV SpULPqWUHV SXEOLFV LUULJXpV PRGLILpH HW
FRPSOpWpH SDU OD ORL Qƒ  GX  IpYULHU  HW
QRWDPPHQWVRQDUWLFOH
9XODORLQƒGXPDUVSRUWDQWFUpDWLRQGH
O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV SpULPqWUHV SXEOLFV
LUULJXpVHWQRWDPPHQWVRQDUWLFOH
9X OH GpFUHW Qƒ  GX  MXLQ  SRUWDQW
FUpDWLRQ G¶XQ SpULPqWUH SXEOLF LUULJXp j 7RX]D  GH OD
GpOpJDWLRQ GH .VLEHW (O 0HG\RXQL DX JRXYHUQRUDW GH
0RQDVWLU
9X OH GpFUHW Qƒ  GXDR€WPRGLILDQWOD
GpQRPLQDWLRQ GH O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV
SpULPqWUHVSXEOLFVLUULJXpV
$UUrWH
$UWLFOH SUHPLHU  /D SURFpGXUH GH UpDPpQDJHPHQW
IRQFLHUSUpYXHSDUODORLQƒGXPDLPRGLILpH
HWFRPSOpWpHSDUODORLQƒGXIpYULHUHWODORL
QƒGXPDUVVXVYLVpHVHVWRXYHUWHjFRPSWHU
GHODSXEOLFDWLRQGXSUpVHQWDUUrWpGDQVOHSpULPqWUHSXEOLF
LUULJXpGH7RX]DGHODGpOpJDWLRQGH.VLEHW(O0HG\RXQL
DXJRXYHUQRUDWGH0RQDVWLUREMHWGXGpFUHWQƒGX
 MXLQ  GpOLPLWp SDU XQ OLVHUp URXJH FRQIRUPpPHQW j
O¶H[WUDLWGHFDUWHDXqPHDQQH[pDXSUpVHQWDUUrWp
$UW   /H GLUHFWHXU JpQpUDO GH O¶DJHQFH IRQFLqUH
DJULFROHHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUD
SXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHQRYHPEUH
/H0LQLVWUHGHO¶$JULFXOWXUH
6DGRN5DEHK
9X
/H3UHPLHU0LQLVWUH
+DPHG.DURXL
3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²QRYHPEUH
$UUrWp GX PLQLVWUHGHO¶DJULFXOWXUHGXQRYHPEUH
 SRUWDQW RXYHUWXUH GH OD SURFpGXUH GH
UpDPpQDJHPHQW IRQFLHU GDQV OH SpULPqWUH SXEOLF
LUULJXp G¶(O 2XDUGDQLQH GH OD GpOpJDWLRQ G¶(O
2XDUGDQLQHDXJRXYHUQRUDWGH0RQDVWLU
/HPLQLVWUHGHO¶DJULFXOWXUH
9X OD ORL Qƒ  GX  PDL  SRUWDQW UpIRUPH
DJUDLUH GDQV OHV SpULPqWUHV SXEOLFV LUULJXpV PRGLILpH HW
FRPSOpWpH SDU OD ORL Qƒ  GX  IpYULHU  HW
QRWDPPHQWVRQDUWLFOH
9XODORLQƒGXPDUVSRUWDQWFUpDWLRQGH
O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV SpULPqWUHV SXEOLFV
LUULJXpVHWQRWDPPHQWVRQDUWLFOH
9X OH GpFUHW Qƒ  GX  MXLQ  SRUWDQW
FUpDWLRQ G¶XQ SpULPqWUH SXEOLF LUULJXp j (O 2XDUGDQLQH GH
ODGpOpJDWLRQG¶(O2XDUGDQLQHDXJRXYHUQRUDWGH0RQDVWLU
9X OH GpFUHW Qƒ  GXDR€WPRGLILDQWOD
GpQRPLQDWLRQ GH O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV
SpULPqWUHVSXEOLFVLUULJXpV
$UWLFOH SUHPLHU  /D SURFpGXUH GH UpDPpQDJHPHQW
IRQFLHUSUpYXHSDUODORLQƒGXPDLPRGLILpH
HWFRPSOpWpHSDUODORLQƒGXIpYULHUHWODORL
QƒGXPDUVVXVYLVpHVHVWRXYHUWHjFRPSWHU
GHODSXEOLFDWLRQGXSUpVHQWDUUrWpGDQVOHSpULPqWUHSXEOLF
LUULJXp G¶(O 2XDUGDQLQH GH OD GpOpJDWLRQ G¶(O 2XDUGDQLQH
DXJRXYHUQRUDWGH0RQDVWLUREMHWGXGpFUHWQƒGX
 MXLQ  GpOLPLWp SDU XQ OLVHUp URXJH FRQIRUPpPHQW j
O¶H[WUDLWGHFDUWHDXqPHDQQH[pDXSUpVHQWDUUrWp
$UW   /H GLUHFWHXU JpQpUDO GH O¶DJHQFH IRQFLqUH
DJULFROHHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUD
SXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHQRYHPEUH
/H0LQLVWUHGHO¶$JULFXOWXUH
6DGRN5DEHK
9X
/H3UHPLHU0LQLVWUH
+DPHG.DURXL

$UUrWp GX PLQLVWUHGHO¶DJULFXOWXUHGXQRYHPEUH
 SRUWDQW RXYHUWXUH GH OD SURFpGXUH GH
UpDPpQDJHPHQW IRQFLHU GDQV OH SpULPqWUH SXEOLF
LUULJXp GH 6HOWD GH OD GpOpJDWLRQ GH -HOPD DX
JRXYHUQRUDWGH6LGL%RX]LG
/HPLQLVWUHGHO¶DJULFXOWXUH
9X OD ORL Qƒ  GX  PDL  SRUWDQW UpIRUPH
DJUDLUH GDQV OHV SpULPqWUHV SXEOLFV LUULJXpV PRGLILpH HW
FRPSOpWpH SDU OD ORL Qƒ  GX  IpYULHU  HW
QRWDPPHQWVRQDUWLFOH
9XODORLQƒGXPDUVSRUWDQWFUpDWLRQGH
O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV SpULPqWUHV SXEOLFV
LUULJXpVHWQRWDPPHQWVRQDUWLFOH
9X OH GpFUHW Qƒ  GX  MXLQ  SRUWDQW
FUpDWLRQ G¶XQ SpULPqWUH SXEOLF LUULJXp j 6HOWD GH OD
GpOpJDWLRQGH-HOPDDXJRXYHUQRUDWGH6LGL%RX]LG
9X OH GpFUHW Qƒ  GXDR€WPRGLILDQWOD
GpQRPLQDWLRQ GH O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV
SpULPqWUHVSXEOLFVLUULJXpV
1ƒ
 $UUrWH
$UWLFOH SUHPLHU  /D SURFpGXUH GH UpDPpQDJHPHQW
IRQFLHUSUpYXHSDUODORLQƒGXPDLPRGLILpH
HWFRPSOpWpHSDUODORLQƒGXIpYULHUHWODORL
QƒGXPDUVVXVYLVpHVHVWRXYHUWHjFRPSWHU
GHODSXEOLFDWLRQGXSUpVHQWDUUrWpGDQVOHSpULPqWUHSXEOLF
LUULJXp GH 6HOWD GH OD GpOpJDWLRQ GH -HOPD DX JRXYHUQRUDW
GH6LGL%RX]LGREMHWGXGpFUHWQƒGXMXLQ
GpOLPLWp SDU XQ OLVHUp URXJH FRQIRUPpPHQW j O¶H[WUDLW GH
FDUWHDXqPHDQQH[pDXSUpVHQWDUUrWp
$UW   /H GLUHFWHXU JpQpUDO GH O¶DJHQFH IRQFLqUH
DJULFROHHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUD
SXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHQRYHPEUH
/H0LQLVWUHGHO¶$JULFXOWXUH
6DGRN5DEHK
9X
/H3UHPLHU0LQLVWUH
+DPHG.DURXL
 JpQpUDOGHVSHUVRQQHOVGHO (WDWGHVFROOHFWLYLWpVORFDOHVHW
$UUrWp GX PLQLVWUHGHO¶DJULFXOWXUHGXQRYHPEUH
 SRUWDQW RXYHUWXUH GH OD SURFpGXUH GH
UpDPpQDJHPHQW IRQFLHU GDQV OH SpULPqWUH SXEOLF
LUULJXp GH 0HQ]HO (QQRXU GH OD GpOpJDWLRQ GH
%HPEODDXJRXYHUQRUDWGH0RQDVWLU
/HPLQLVWUHGHO¶DJULFXOWXUH
9X OD ORL Qƒ  GX  PDL  SRUWDQW UpIRUPH
DJUDLUH GDQV OHV SpULPqWUHV SXEOLFV LUULJXpV PRGLILpH HW
FRPSOpWpH SDU OD ORL Qƒ  GX  IpYULHU  HW
QRWDPPHQWVRQDUWLFOH
9XODORLQƒGXPDUVSRUWDQWFUpDWLRQGH
O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV SpULPqWUHV SXEOLFV
LUULJXpVHWQRWDPPHQWVRQDUWLFOH
9X OH GpFUHW Qƒ  GX  MXLQ  SRUWDQW
FUpDWLRQG¶XQSpULPqWUHSXEOLFLUULJXpj0HQ]HO(QQRXUGH
ODGpOpJDWLRQGH%HPEODDXJRXYHUQRUDWGH0RQDVWLU
9X OH GpFUHW Qƒ  GXDR€WPRGLILDQWOD
GpQRPLQDWLRQ GH O¶DJHQFH GH OD UpIRUPH DJUDLUH GHV
SpULPqWUHVSXEOLFVLUULJXpV
$UUrWH
$UWLFOH SUHPLHU  /D SURFpGXUH GH UpDPpQDJHPHQW
IRQFLHUSUpYXHSDUODORLQƒGXPDLPRGLILpH
HWFRPSOpWpHSDUODORLQƒGXIpYULHUHWODORL
QƒGXPDUVVXVYLVpHVHVWRXYHUWHjFRPSWHU
GHODSXEOLFDWLRQGXSUpVHQWDUUrWpGDQVOHSpULPqWUHSXEOLF
LUULJXp GH 0HQ]HO (QQRXU GH OD GpOpJDWLRQ GH %HPEOD DX
JRXYHUQRUDWGH0RQDVWLUREMHWGXGpFUHWQƒGX
MXLQ  GpOLPLWp SDU XQ OLVHUp URXJH FRQIRUPpPHQW j
O¶H[WUDLWGHFDUWHDXqPHDQQH[pDXSUpVHQWDUUrWp
$UW   /H GLUHFWHXU JpQpUDO GH O¶DJHQFH IRQFLqUH
DJULFROHHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUD
SXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHQRYHPEUH
/H0LQLVWUHGHO¶$JULFXOWXUH
6DGRN5DEHK
9X
/H3UHPLHU0LQLVWUH
+DPHG.DURXL
1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²QRYHPEUH 
0,1,67(5('(/$)250$7,21
352)(66,211(//((7'(/ (03/2,

'pFUHW Qƒ  GX  QRYHPEUH  SRUWDQW
VXSSUHVVLRQ GX FHQWUH GH IRUPDWLRQ
SURIHVVLRQQHOOHGHODMHXQHILOOHUXUDOHGH6EHwWOD
/H3UpVLGHQWGHOD5pSXEOLTXH
6XU SURSRVLWLRQ GX PLQLVWUH GH OD IRUPDWLRQ
SURIHVVLRQQHOOHHWGHO¶HPSORL
9XODFRQVWLWXWLRQHWQRWDPPHQWVHVDUWLFOHVHW
9XOHFRGHGHODFRPSWDELOLWpSXEOLTXHSURPXOJXpSDUOD
ORLQƒGXGpFHPEUHHQVHPEOHOHVWH[WHVTXL
O¶RQWPRGLILpRXFRPSOpWpHWQRWDPPHQWODORLQƒGX
DYULO
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI
HQVHPEOH OHV WH[WHV TXL O¶RQW PRGLILpH HW FRPSOpWpH HW
QRWDPPHQW OD ORL Qƒ  GX  GpFHPEUH  HW
QRWDPPHQWVRQDUWLFOH
9XODORLQƒGXGpFHPEUHSRUWDQWORLGH
ILQDQFHV SRXU OD JHVWLRQ  HW QRWDPPHQW VRQ DUWLFOH

9X O¶DYLV GHV PLQLVWUHV GHV GRPDLQHV GH O¶(WDW HW GHV
DIIDLUHVIRQFLqUHVHWGHVILQDQFHV
9XO¶DYLVGXWULEXQDODGPLQLVWUDWLI
'pFUqWH
$UWLFOH SUHPLHU  (VW VXSSULPp j FRPSWHU GX HU
MDQYLHUO¶pWDEOLVVHPHQWSXEOLFGpQRPPp©FHQWUHGH
IRUPDWLRQ SURIHVVLRQQHOOH GH OD MHXQH ILOOH UXUDOH GH
6EHwWODªFUppHQYHUWXGHO¶DUWLFOHGHODORLVXVYLVpH
QƒGXGpFHPEUH
/HVELHQVPHXEOHVHWLPPHXEOHVGXFHQWUHDLQVLTXHVHV
REOLJDWLRQVVRQWWUDQVIpUpVjO¶(WDW
8QH FRPPLVVLRQ GRQW OHV PHPEUHV VRQW GpVLJQpV SDU
DUUrWpFRQMRLQWGHVPLQLVWUHVGHODIRUPDWLRQSURIHVVLRQQHOOH
HW GH O¶HPSORL GHV GRPDLQHV GH O¶(WDW HW GHV DIIDLUHV
IRQFLqUHVHWGHVILQDQFHVHVWFKDUJpHGHO¶LQYHQWDLUHGHFHV
ELHQV
$UW   /HV IRQFWLRQQDLUHV UHOHYDQW GX FHQWUH GH
IRUPDWLRQSURIHVVLRQQHOOHGHODMHXQHILOOHUXUDOHGH6EHwWOD
VRQW GpWDFKpV G¶RIILFH DXSUqV GH O¶DJHQFH 7XQLVLHQQH GH OD
IRUPDWLRQSURIHVVLRQQHOOHjFRPSWHUGXHUIpYULHU
$UW   /HV PLQLVWUHV  GH OD IRUPDWLRQ SURIHVVLRQQHOOH
HW GH O¶HPSORL GHV GRPDLQHV GH O¶(WDW HW GHV DIIDLUHV
IRQFLqUHVHWGHVILQDQFHVVRQWFKDUJpVFKDFXQHQFHTXLOH
FRQFHUQH GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp
DX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHQRYHPEUH
=LQH(O$ELGLQH%HQ$OL
3DJH
 0,1,67(5('(/$6$17(38%/,48( 9XO¶DYLVGXFRQVHLOQDWLRQDOGXFRPPHUFH
 9XO¶DYLVGXWULEXQDODGPLQLVWUDWLI
0$,17,(1(1$&7,9,7( 'pFUqWH
3DUGpFUHWQƒGXQRYHPEUH $UWLFOH SUHPLHU  /D OLVWH GHV DFWLYLWpV FRPPHUFLDOHV
/H GRFWHXU 6OLP 5DFKLG SURIHVVHXU KRVSLWDOR VRXPLVHV j XQ FDKLHU GHV FKDUJHV SUpYXH SDU O¶DUWLFOH 
QRXYHDX GHODORLQƒHVWIL[pHFRPPHVXLW
XQLYHUVLWDLUH HQ PpGHFLQH FKDUJp GHV IRQFWLRQV GH FKHI GH
VHUYLFH j O¶K{SLWDO OD 5DEWD HVW PDLQWHQX HQ DFWLYLWp SRXU DOLPHQWDWLRQJpQpUDOH
XQHSpULRGHG¶XQHDQQpHjFRPSWHUGXHUDYULO DOLPHQWVGHEpWDLO
DUWLFOHVpOHFWULTXHVHWpOHFWURPpQDJHUV
3DUGpFUHWQƒGXQRYHPEUH  PDWpULHOV HW pTXLSHPHQWV LQIRUPDWLTXHV HW
/H GRFWHXU +DIVLD $wFKD SURIHVVHXU KRVSLWDOR pOHFWURQLTXHV
XQLYHUVLWDLUHHQPpGHFLQHFKDUJpHGHVIRQFWLRQVGHFKHIGH  PDWpULDX[ GH FRQVWUXFWLRQ VDQLWDLUHV HW GH
VHUYLFHjO¶K{SLWDO$]L]D2WKPDQDHVWPDLQWHQXHHQDFWLYLWp TXLQFDLOOHULH
SRXU XQH SpULRGH G¶XQH DQQpH j FRPSWHU GX HU IpYULHU  PDWpULHO URXODQW SQHXPDWLTXHV PDWpULDX[ HW
 pTXLSHPHQWVDJULFROHVHWGHVWUDYDX[SXEOLFV
 SURGXLWVG¶DUWLVDQDW
120,1$7,216 DUWLFOHVGHOLEUDLULHHWGHEXUHDXWLTXH
3DUGpFUHWQƒGXQRYHPEUH SLqFHVGHUHFKDQJHV
/H GRFWHXU 6RPUDQL 1DRXIHO PpGHFLQ SULQFLSDO GH OD
VDQWpSXEOLTXHHVWFKDUJpGHVIRQFWLRQVGHFKHIGHVHUYLFH HQJUDLVFKLPLTXHV
FKDUJp GHV DFWLYLWpV GH PpGHFLQH G¶XUJHQFHV SUp $UW   /H FDKLHU GHV FKDUJHV UHODWLI DX[ DFWLYLWpV
KRVSLWDOLqUH j O¶XQLWp GH OD PpGHFLQH G¶XUJHQFH UDWWDFKpH j FRPPHUFLDOHV FLWpHV j O¶DUWLFOH SUHPLHU GX SUpVHQW GpFUHW
ODGLUHFWLRQJpQpUDOHGHODVDQWpSXEOLTXH GRLWFRPSRUWHUOHVFRQGLWLRQVVXLYDQWHV
ODGpILQLWLRQGHVSURGXLWVHWOHXUPRGHG¶HPSORL
3DUGpFUHWQƒGXQRYHPEUH OHVUqJOHVUpJLVVDQWOHVUDSSRUWVHQWUHOHVSURGXFWHXUVHW
0RQVLHXU 0RXQLU 0DQDw DGPLQLVWUDWHXU GH OD VDQWp OHVFRPPHUoDQWVGLVWULEXWHXUVJURVVLVWHVHWGpWDLOODQWV
SXEOLTXH HVW FKDUJp GHV IRQFWLRQV GH FKHI GH VHUYLFH OHVUqJOHVUpJLVVDQWOHVUDSSRUWVHQWUHOHVFRPPHUoDQWV
ILQDQFLHUjO¶K{SLWDO5D]LGHOD0DQRXED GLVWULEXWHXUV JURVVLVWHV HW OHV FRPPHUoDQWV GLVWULEXWHXUV
 GpWDLOODQWV
  /HV UqJOHV UpJLVVDQW OHV UDSSRUWV HQWUH OH FRPPHUoDQW
HWOHFRQVRPPDWHXU
0,1,67(5('(6'20$,1(6'(
OHVVHUYLFHVGHJDUDQWLHHWG¶DSUqVYHQWH
/ (7$7(7'(6$))$,5(6)21&,(5(6  OD JDUDQWLH GHV FRQGLWLRQV G¶K\JLqQH HW GH VpFXULWp
 FRQIRUPpPHQWjODUpJOHPHQWDWLRQHQYLJXHXU
120,1$7,21 $UW   /H PLQLVWUH FKDUJp GX FRPPHUFH SHXW
QRQREVWDQW OHV VDQFWLRQV SUpYXHV SDU OD OpJLVODWLRQ HQ
3DUGpFUHWQƒGXQRYHPEUH YLJXHXU LQIOLJHU j WRXW FRQWUHYHQDQW DX[ GLVSRVLWLRQV GX
0DGDPH &KHOOL pSRXVH .LODQL -DOLOD HVW QRPPpH GDQV FDKLHUGHVFKDUJHVOHVVDQFWLRQVDGPLQLVWUDWLYHVVXLYDQWHV
OH JUDGH G¶LQJpQLHXU JpQpUDO j OD FRQVHUYDWLRQ GH OD XQDYHUWLVVHPHQW
SURSULpWpIRQFLqUH
  XQH IHUPHWXUH GX ORFDO FRPPHUFLDO SRXU XQH GXUpH
 PD[LPDOH G¶XQ PRLV HQ FDV GH QRQ REpLVVDQFH j
O¶DYHUWLVVHPHQWRXGHUpFLGLYH
0,1,67(5('8&200(5&( /¶DYHUWLVVHPHQW HVW DGUHVVp DX FRQWUHYHQDQW SDU OH
 PLQLVWUHFKDUJpGXFRPPHUFHSDUOHWWUHUHFRPPDQGpHDYHF
DFFXVpGHUpFHSWLRQ
'pFUHW Qƒ  GX  QRYHPEUH  IL[DQW OD
OLVWH GHV DFWLYLWpV FRPPHUFLDOHV VRXPLVHV j XQ /DVDQFWLRQGHIHUPHWXUHFLGHVVXVLQGLTXpHHVWSULVHSDU
FDKLHUGHVFKDUJHV DUUrWpGXPLQLVWUHFKDUJpGXFRPPHUFH
/H3UpVLGHQWGHOD5pSXEOLTXH $UW   /H PLQLVWUH GX FRPPHUFH HVW FKDUJp GH
O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO
6XUSURSRVLWLRQGXPLQLVWUHGXFRPPHUFH 2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
9XODORLQƒGXHUMXLOOHWSRUWDQWRUJDQLVDWLRQ 7XQLVOHQRYHPEUH
GXFRPPHUFHGHGLVWULEXWLRQWHOOHTXHPRGLILpHHWFRPSOpWpH
SDUODORLQƒGXIpYULHU =LQH(O$ELGLQH%HQ$OL
9X OD ORL Qƒ  GX  MXLOOHW  UHODWLYH j OD 
FRQFXUUHQFHHWDX[SUL[WHOOHTXHPRGLILpHHWFRPSOpWpHSDU 120,1$7,21
OD ORL Qƒ  GX  MXLOOHW  HW OD ORL Qƒ  GX  3DUGpFUHWQƒGXQRYHPEUH
DYULOHWODORLQƒGXPDL
/D FODVVH H[FHSWLRQQHOOH j O¶HPSORL GH VRXV
9X OD ORL Qƒ  GX  GpFHPEUH  UHODWLYH j OD
SURWHFWLRQGXFRQVRPPDWHXU GLUHFWHXU G¶DGPLQLVWUDWLRQ FHQWUDOH HVW DFFRUGpH j
0DGDPH 0pPLD .DkQLFKH 0HJGLFKH DGPLQLVWUDWHXU
9X OD ORL Qƒ  GX  PDUV  UHODWLYH DX
FRPPHUFHH[WpULHXU FKDUJpH GHV IRQFWLRQV GH VRXVGLUHFWHXU GHV DUFKLYHV j
OD GLUHFWLRQ GHV DUFKLYHV HW GH OD GRFXPHQWDWLRQ j OD
9X OH GpFUHW Qƒ  GX  MDQYLHU  SRUWDQW
FRPSRVLWLRQ HW IRQFWLRQQHPHQW GX FRQVHLO QDWLRQDO GX GLUHFWLRQ JpQpUDOH GHV VHUYLFHV FRPPXQV DX PLQLVWqUH
FRPPHUFH GXFRPPHUFH

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²QRYHPEUH 1ƒ

 0,1,67(5('(/$&8/785(
 &RPSRVLWLRQHWPRGDOLWpVGHIRQFWLRQQHPHQW
120,1$7,216
3DUGpFUHWQƒGXQRYHPEUH
0DGDPH $OLD %HQ <RXQqV FKDUJpH GH UHFKHUFKHV HVW
FKDUJpHGHVIRQFWLRQVGHFKHIGHVHUYLFHGHODIRUPDWLRQj
O¶LQVWLWXWQDWLRQDOGXSDWULPRLQHDXPLQLVWqUHGHODFXOWXUH
 OHSUHPLHUPLQLVWqUH
3DUGpFUHWQƒGXQRYHPEUH
0RQVLHXU 0RKDPHG  -DOHO %HVVDG VHFUpWDLUH FXOWXUHO
HVW FKDUJp GHV IRQFWLRQV GH FKHI GH VHUYLFH GH OD
FRRSpUDWLRQjO¶LQVWLWXWQDWLRQDOGXSDWULPRLQHDXPLQLVWqUH
GHODFXOWXUH
 IRQFLqUHV
 OHPLQLVWqUHGHO¶pTXLSHPHQWHWGHO¶KDELWDW
0,1,67(5('(/ (48,3(0(17(7'(
/ +$%,7$7
 ODEDQTXHGHO¶KDELWDW
$UUrWp GX PLQLVWUH GH O¶pTXLSHPHQW HW GH O¶KDELWDW
GX  QRYHPEUH  IL[DQW OHV DWWULEXWLRQV OD
FRPSRVLWLRQ HW OHV PRGDOLWpV GH IRQFWLRQQHPHQW
GH OD FRPPLVVLRQ FRQVXOWDWLYH GDQV OH GRPDLQH
GHV ORJHPHQWV YHUWLFDX[ HW FROOHFWLIV j FDUDFWqUH
VRFLDORXpFRQRPLTXHGHVWLQpVjODORFDWLRQ
/HPLQLVWUHGHO¶pTXLSHPHQWHWGHO¶KDELWDW
9XODORLQƒGXGpFHPEUHSRUWDQWORLGH
ILQDQFHVSRXUO¶DQQpHHWQRWDPPHQWVHVDUWLFOHVHW

9X O¶DUUrWp GX PLQLVWUH GH O¶pTXLSHPHQW HW GH O¶KDELWDW
HQGDWHGXVHSWHPEUHSRUWDQWDSSUREDWLRQGXFDKLHU
GHV FKDUJHV UHODWLI DX[ SURMHWV GH FRQVWUXFWLRQ YHUWLFDOH GH
ORJHPHQWV FROOHFWLIV j FDUDFWqUH VRFLDO RX pFRQRPLTXH
GHVWLQpV j OD ORFDWLRQ HW QRWDPPHQW O¶DUWLFOH GXGLWFDKLHU
GHVFKDUJHV
$UUrWH
&KDSLWUH,
$WWULEXWLRQVGHODFRPPLVVLRQ
$UWLFOH SUHPLHU  (VW LQVWLWXpH DXSUqV GX PLQLVWUH GH
O¶pTXLSHPHQW HW GH O¶KDELWDW XQH FRPPLVVLRQ FRQVXOWDWLYH
GDQV OH GRPDLQH GHV ORJHPHQWV YHUWLFDX[ HW FROOHFWLIV j
FDUDFWqUHVRFLDORXpFRQRPLTXHGHVWLQpVjODORFDWLRQ&HWWH
FRPPLVVLRQHVWKDELOLWpHj
 pPHWWUH VRQ DYLV VXU OHV GHPDQGHV UHODWLYHV j OD PLVH
HQORFDWLRQGHORJHPHQWVYHUWLFDX[HWFROOHFWLIVjFDUDFWqUH
VRFLDORXpFRQRPLTXH
 DFWXDOLVHU DQQXHOOHPHQW OH PRQWDQW UpIpUHQWLHO GX
OR\HU
 IL[HU OHV SURFpGXUHV GH FRQWU{OH GH O¶H[SORLWDWLRQ GHV
LPPHXEOHV YHUWLFDX[ HW FROOHFWLIV GHVWLQpV j OD ORFDWLRQ
GXUDQWOHVGL[SUHPLqUHVDQQpHVHWFHjFRPSWHUGHODGDWH
G¶DSSUREDWLRQ SDU OH PLQLVWUH GH O¶pTXLSHPHQW HW GH
O¶KDELWDWGHVGRVVLHUVUHODWLIVDX[FRQVWUXFWLRQVVXVYLVpHV
 pPHWWUH VRQ DYLV VXU OHV GRVVLHUV TXL OXL VRQW VRXPLV
SDU OH PLQLVWUH GH O¶pTXLSHPHQW HW GH O¶KDELWDW j O¶HIIHW
G¶RFWUR\HU O¶DWWHVWDWLRQ PHQWLRQQpH j O¶DUWLFOH  GX FDKLHU
GHVFKDUJHVVXVYLVp
 H[DPLQHU WRXWHV DXWUHV TXHVWLRQV UHODWLYHV j O¶KDELWDW
YHUWLFDOHWFROOHFWLIGHVWLQpjODORFDWLRQTXHOHPLQLVWUHGH
O¶pTXLSHPHQW HW GH O¶KDELWDW MXJH QpFHVVDLUH GH OXL
VRXPHWWUH
1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²QRYHPEUH 
&+$3,75(,,
GHODFRPPLVVLRQ
$UW   /D FRPPLVVLRQHVWSUpVLGpHSDUOHPLQLVWUHGH
O¶pTXLSHPHQW HW GH O¶KDELWDW RX VRQ UHSUpVHQWDQW HW VH
FRPSRVH GHV UHSUpVHQWDQWV GHV PLQLVWqUHV HW RUJDQLVPHV
VXLYDQWV
OHPLQLVWqUHGHO¶LQWpULHXU
OHPLQLVWqUHGHVILQDQFHV
OHPLQLVWqUHGXGpYHORSSHPHQWpFRQRPLTXH
 OH PLQLVWqUH GHV GRPDLQHV GH O¶(WDW HW GHV DIIDLUHV
OHPLQLVWqUHGHVDIIDLUHVVRFLDOHV
ODEDQTXHFHQWUDOHGHOD7XQLVLH
O¶DJHQFHIRQFLqUHG¶KDELWDWLRQ
O¶DJHQFHQDWLRQDOHGHSURWHFWLRQGHO¶HQYLURQQHPHQW
ODFKDPEUHV\QGLFDOHGHVSURPRWHXUVLPPRELOLHUV
7RXWHIRLVOHSUpVLGHQWGHODFRPPLVVLRQSHXWIDLUHDSSHO
j WRXWH SHUVRQQH UpSXWpH FRPSpWHQWH HQ OD PDWLqUH SRXU
DVVLVWHUjFHVUpXQLRQV
/HV PHPEUHV GH OD FRPPLVVLRQ VRQW QRPPpV SDU
GpFLVLRQ GX PLQLVWUH GH O¶pTXLSHPHQW HW GH O¶KDELWDW VXU
SURSRVLWLRQ GHV PLQLVWqUHV HW RUJDQLVPHV LQWpUHVVpV SRXU 
DQVOHXUPDQGDWSHXWrWUHUHQRXYHOpGDQVOHVPrPHVIRUPH
HWFRQGLWLRQV
$UW/DFRPPLVVLRQVHUpXQLWVXUFRQYRFDWLRQGHVRQ
SUpVLGHQWFKDTXHIRLVTXHFHODHVWMXJpQpFHVVDLUHHOOHGpOLEqUH
HQSUpVHQFHGHVGHX[WLHUVGHVHVPHPEUHVVLOHTXRUXPQ¶HVW
SDV DWWHLQW SHQGDQW OD SUHPLqUH UpXQLRQ OD FRPPLVVLRQ HVW
FRQYRTXpHSRXUXQHGHX[LqPHUpXQLRQMRXUVDSUqVODWHQXH
GHODSUHPLqUH
(OOHGRLWREOLJDWRLUHPHQWGpOLEpUHUGDQVFHFDVTXHOTXH
VRLWOHQRPEUHGHVPHPEUHVSUpVHQWV
/HVPHPEUHVGHODFRPPLVVLRQVRQWFRQYRTXpVSDUOHWWUHV
TXL OHXU VRQW DGUHVVpHV SDU YRLH DGPLQLVWUDWLYH VHSW MRXUV DX
PRLQV DYDQW OD GDWH GH OD UpXQLRQ GH OD FRPPLVVLRQ OD
FRQYRFDWLRQGRLWrWUHDFFRPSDJQpHGHO¶RUGUHGXMRXUGHODGLWH
UpXQLRQ
/D FRPPLVVLRQ GRQQH VRQ DYLV H[SULPDQW FHOXL GH OD
PDMRULWp GHV PHPEUHV SUpVHQWV HQ FDV GH SDUWDJH OD YRL[
GXSUpVLGHQWHVWSUpSRQGpUDQWH
$UW   /H VHFUpWDULDW GH ODFRPPLVVLRQHVWDVVXUpSDU
OD GLUHFWLRQ JpQpUDOH GH O¶KDELWDW UHOHYDQW GX PLQLVWqUH GH
O¶pTXLSHPHQWHWGHO¶KDELWDW
$UW/HSUpVHQWDUUrWpVHUDSXEOLpDX-RXUQDO2IILFLHO
GHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHQRYHPEUH
/H0LQLVWUHGHO (TXLSHPHQWHWGHO +DELWDW
6ODKHGGLQH%HODwG
9X
/H3UHPLHU0LQLVWUH
+DPHG.DURXL
3DJH
 0,1,67(5('8'(9(/233(0(17
(&2120,48(

120,1$7,216
3DU DUUrWp GHV PLQLVWUHV GH O¶pTXLSHPHQW HW GH
O¶KDELWDW HW GX GpYHORSSHPHQW pFRQRPLTXH GX 
QRYHPEUH
0RQVLHXU 1RXUHGGLQH &KLKD HVW QRPPp PHPEUH
UHSUpVHQWDQWOHPLQLVWqUHGHO¶pTXLSHPHQWHWGHO¶KDELWDWDX
FRQVHLO G¶DGPLQLVWUDWLRQ GH O¶DJHQFH IRQFLqUH G¶KDELWDWLRQ
HWFHHQUHPSODFHPHQWGH0RQVLHXU+pGL%HOKDM+DVVLQH
 ,WDOR7XQLVLHQQH G¶H[SORLWDWLRQ SpWUROLqUH HW FH HQ
3DU DUUrWp GHV PLQLVWUHV GH O¶pTXLSHPHQW HW GH
O¶KDELWDW HW GX GpYHORSSHPHQW pFRQRPLTXH GX 
QRYHPEUH
0RQVLHXU 1RXUHGGLQH &KLKD HVW QRPPp PHPEUH
UHSUpVHQWDQWOHPLQLVWqUHGHO¶pTXLSHPHQWHWGHO¶KDELWDWDX
FRQVHLO G¶DGPLQLVWUDWLRQ GH  OD VRFLpWp QDWLRQDOH
LPPRELOLqUH GH 7XQLVLH HW FH HQ UHPSODFHPHQW GH
0RQVLHXU+pGL%HOKDM+DVVLQH
3DU DUUrWp GHV PLQLVWUHV GH O¶pTXLSHPHQW HW GH
O¶KDELWDW HW GX GpYHORSSHPHQW pFRQRPLTXH GX 
QRYHPEUH
0RQVLHXU 1RXUHGGLQH &KLKD HVW QRPPp PHPEUH
UHSUpVHQWDQWOHPLQLVWqUHGHO¶pTXLSHPHQWHWGHO¶KDELWDWDX
FRQVHLOG¶DGPLQLVWUDWLRQGHO¶DJHQFHGHUpKDELOLWDWLRQHWGH
UpQRYDWLRQ XUEDLQH HW FH HQ UHPSODFHPHQW GH 0RQVLHXU
+pGL%HOKDGM+DVVLQH

3DU DUUrWp GHV PLQLVWUHV GH O¶LQGXVWULH HW GX
GpYHORSSHPHQWpFRQRPLTXHGXQRYHPEUH
0RQVLHXU +DELE 6DwG HVW QRPPp DGPLQLVWUDWHXU
UHSUpVHQWDQWO¶(WDWDXFRQVHLOG¶DGPLQLVWUDWLRQGHODVRFLpWp
UHPSODFHPHQWGH0RQVLHXU$EGHONDGHU$PPDU

3DU DUUrWp GHV PLQLVWUHV GX WUDQVSRUW HW GX
GpYHORSSHPHQWpFRQRPLTXHGXQRYHPEUH
0RQVLHXU 0RXUDG 0DORXOL HVW QRPPp DGPLQLVWUDWHXU
UHSUpVHQWDQWO¶(WDWDXFRQVHLOG¶DGPLQLVWUDWLRQGHODVRFLpWp
QDWLRQDOH GH WUDQVSRUW ,QWHU8UEDLQ HW FH HQUHPSODFHPHQW
GH0RQVLHXU)pULG.REEL

DYLVHWFRPPXQLFDWLRQV

0,1,67(5('(6&20081,&$7,216


$YLVDX[pSDUJQDQWVDXSUqVGHOD&DLVVHG¶(SDUJQH1DWLRQDOH7XQLVLHQQH
WLWXODLUHGHVFRPSWHVDWWHLQWVSDUODSUHVFULSWLRQGHDQV
/¶RIILFH QDWLRQDO GHV SRVWHV HQ DSSOLFDWLRQ GH O¶DUWLFOH  QRXYHDX  GX GpFUHW GX  DR€W  SRUWDQW FUpDWLRQ GH OD
&DLVVH G¶(SDUJQH 1DWLRQDOH 7XQLVLHQQH &(17  WHO TX¶LO D pWp PRGLILp SDU OD ORL Qƒ  GX  PDL  SRUWH j OD
FRQQDLVVDQFHGHVWLWXODLUHVGHVOLYUHWVG¶pSDUJQHRXYHUWVDXSUqVGHOD&(17GHPHXUpVLQDFWLIVGHSXLVOHGpFHPEUHHW
TXHGHVOHWWUHVUHFRPPDQGpHVDYHFDFFXVpGHUpFHSWLRQOHXURQWpWpDGUHVVpHVSRXUOHXUVLJQDOHUOHVGLVSRVLWLRQVOpJDOHV
UHODWLYHV j OD SUHVFULSWLRQ IUDSSDQW OHV OLYUHWV Q¶D\DQW HQUHJLVWUp DXFXQH RSpUDWLRQ YHUVHPHQW UHPERXUVHPHQW LQVFULSWLRQ
G¶LQWpUrW GHSXLVSOXVGHDQV
8QGpODLGHVL[PRLVH[SLUDQWOHGpFHPEUHOHXUHVWGRQQpSRXUUpDFWLYHUOHXUFRPSWHSDVVpFHGpODLHWjGpIDXWGH
UpDFWLYDWLRQOHVVRPPHVLQVFULWHVVXUOHVOLYUHWVVXVYLVpVVHURQWIUDSSpHVGHSUHVFULSWLRQ
,OHVWVLJQDOpTXHOHVOLVWHVUHODWLYHVDX[FRPSWHVSUHVFULSWLEOHVSHXYHQWrWUHFRQVXOWpHVSDUOHVLQWpUHVVpVDXSUqVGXFHQWUH
GLUHFWHXUGHOD&DLVVHG¶(SDUJQH1DWLRQDOH7XQLVLHQQHDYHQXHGH&DUWKDJH7XQLV


3RXU OD OpJDOLVDWLRQ GH OD VLJQDWXUH  OH SUpVLGHQW GH OD PXQLFLSDO LWp ,661 &HUWLILp FRQIRUPH  OH SUpVLGHQW GLUHFWHXU JpQpUDO GH O ,257

&HQXPpURGX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHDpWpGpSRVpDXVLqJHGXJRXYHUQRUDWGH7XQLVOHQRYHPEUH