Vous êtes sur la page 1sur 575

AC@;6E@7C6663@@<

5($/,=$d2

/HV7URLV0RXVTXHWDLUHV
$OH[DQGUH'XPDV
,O\DXQDQjSHXSUqVTX
HQIDLVDQWjOD%LEOLRWKqTXHUR\DOHGHVUHFKHUFKHV
SRXUPRQKLVWRLUHGH/RXLV;,9MHWRPEDLSDUKDVDUGVXUOHV0pPRLUHVGH0
G
$UWDJQDQLPSULPpVFRPPHODSOXVJUDQGHSDUWLHGHVRXYUDJHVGHFHWWH
pSRTXHROHVDXWHXUVWHQDLHQWjGLUHODYpULWpVDQVDOOHUIDLUHXQWRXUSOXV
RXPRLQVORQJjOD%DVWLOOHj$PVWHUGDPFKH]3LHUUH5RXJH/HWLWUHPH
VpGXLVLWMHOHVHPSRUWDLFKH]PRLDYHFODSHUPLVVLRQGH0OHFRQVHUYDWHXU
ELHQHQWHQGXMHOHVGpYRUDL
0RQLQWHQWLRQQ
HVWSDVGHIDLUHLFLXQHDQDO\VHGHFHFXULHX[RXYUDJHHWMHPH
FRQWHQWHUDLG
\UHQYR\HUFHX[GHPHVOHFWHXUVTXLDSSUpFLHQWOHVWDEOHDX[
G
pSRTXHV,OV\WURXYHURQWGHVSRUWUDLWVFUD\RQQpVGHPDLQGHPDvWUHHW
TXRLTXHOHVHVTXLVVHVVRLHQWSRXUODSOXSDUWGXWHPSVWUDFpHVVXUGHVSRUWHV
GHFDVHUQHHWVXUGHVPXUVGHFDEDUHWLOVQ
\UHFRQQDvWURQWSDVPRLQVDXVVL
UHVVHPEODQWHVTXHGDQVO
KLVWRLUHGH0$QTXHWLOOHVLPDJHVGH/RXLV;,,,
G
$QQHG
$XWULFKHGH5LFKHOLHXGH0D]DULQHWGHODSOXSDUWGHVFRXUWLVDQVGH
O
pSRTXH
0DLVFRPPHRQOHVDLWFHTXLIUDSSHO
HVSULWFDSULFLHX[GXSRqWHQ
HVWSDV
WRXMRXUVFHTXLLPSUHVVLRQQHODPDVVHGHVOHFWHXUV2UWRXWHQDGPLUDQWFRPPH
OHVDXWUHVDGPLUHURQWVDQVGRXWHOHVGpWDLOVTXHQRXVDYRQVVLJQDOpVODFKRVH
TXLQRXVSUpRFFXSDOHSOXVHVWXQHFKRVHjODTXHOOHELHQFHUWDLQHPHQWSHUVRQQH
DYDQWQRXVQ
DYDLWIDLWODPRLQGUHDWWHQWLRQ
'
$UWDJQDQUDFRQWHTX
jVDSUHPLqUHYLVLWHj0GH7UpYLOOHOHFDSLWDLQHGHV

PRXVTXHWDLUHVGXURLLOUHQFRQWUDGDQVVRQDQWLFKDPEUHWURLVMHXQHVJHQV
VHUYDQWGDQVO
LOOXVWUHFRUSVRLOVROOLFLWDLWO
KRQQHXUG
rWUHUHoXHWD\DQW
QRP$WKRV3RUWKRVHW$UDPLV
1RXVO
DYRXRQVFHVWURLVQRPVpWUDQJHUVQRXVIUDSSqUHQWHWLOQRXVYLQW
DXVVLW{WjO
HVSULWTX
LOVQ
pWDLHQWTXHGHVSVHXGRQ\PHVjO
DLGHGHVTXHOV
G
$UWDJQDQDYDLWGpJXLVpGHVQRPVSHXWrWUHLOOXVWUHVVLWRXWHIRLVOHVSRUWHXUV
GHFHVQRPVG
HPSUXQWQHOHVDYDLHQWSDVFKRLVLVHX[PrPHVOHMRXURSDU
FDSULFHSDUPpFRQWHQWHPHQWRXSDUGpIDXWGHIRUWXQHLOVDYDLHQWHQGRVVpOD
VLPSOHFDVDTXHGHPRXVTXHWDLUH
'qVORUVQRXVQ
HPHVSOXVGHUHSRVTXHQRXVQ
HXVVLRQVUHWURXYpGDQVOHV
RXYUDJHVFRQWHPSRUDLQVXQHWUDFHTXHOFRQTXHGHFHVQRPVH[WUDRUGLQDLUHVTXL
DYDLHQWIRUWpYHLOOpQRWUHFXULRVLWp
/HVHXOFDWDORJXHGHVOLYUHVTXHQRXVOPHVSRXUDUULYHUjFHEXWUHPSOLUDLWXQ
IHXLOOHWRQWRXWHQWLHUFHTXLVHUDLWSHXWrWUHIRUWLQVWUXFWLIPDLVjFRXSV
VUSHXDPXVDQWSRXUQRVOHFWHXUV1RXVQRXVFRQWHQWHURQVGRQFGHOHXUGLUH
TX
DXPRPHQWRGpFRXUDJpGHWDQWG
LQYHVWLJDWLRQVLQIUXFWXHXVHVQRXVDOOLRQV
DEDQGRQQHUQRWUHUHFKHUFKHQRXVWURXYkPHVHQILQJXLGpSDUOHVFRQVHLOVGH
QRWUHLOOXVWUHHWVDYDQWDPL3DXOLQ3DULVXQPDQXVFULWLQIROLRFRWpOHQR
RXQRXVQHQRXVOHUDSSHORQVSOXVELHQD\DQWSRXUWLWUH
0pPRLUHVGH0OHFRPWHGH/D)qUHFRQFHUQDQWTXHOTXHVXQVGHVpYpQHPHQWVTXL
VHSDVVqUHQWHQ)UDQFHYHUVODILQGXUqJQHGXURL/RXLV;,,,HWOHFRPPHQFHPHQW
GXUqJQHGXURL/RXLV;,9
2QGHYLQHVLQRWUHMRLHIXWJUDQGHORUVTX
HQIHXLOOHWDQWFHPDQXVFULWQRWUH
GHUQLHUHVSRLUQRXVWURXYkPHVjODYLQJWLqPHSDJHOHQRPG
$WKRVjODYLQJW
VHSWLqPHOHQRPGH3RUWKRVHWjODWUHQWHHWXQLqPHOHQRPG
$UDPLV
/DGpFRXYHUWHG
XQPDQXVFULWFRPSOqWHPHQWLQFRQQXGDQVXQHpSRTXHRODVFLHQFH
KLVWRULTXHHVWSRXVVpHjXQVLKDXWGHJUpQRXVSDUXWSUHVTXHPLUDFXOHXVH$XVVL
QRXVKkWkPHVQRXVGHVROOLFLWHUODSHUPLVVLRQGHOHIDLWHLPSULPHUGDQVOHEXW
GHQRXVSUpVHQWHUXQMRXUDYHFOHEDJDJHGHVDXWUHVjO
$FDGpPLHGHV
LQVFULSWLRQVHWEHOOHVOHWWUHVVLQRXVQ
DUULYLRQVFKRVHIRUWSUREDEOHj
HQWUpHjO
$FDGpPLHIUDQoDLVHDYHFQRWUHSURSUHEDJDJH&HWWHSHUPLVVLRQQRXV
GHYRQVOHGLUHQRXVIXWJUDFLHXVHPHQWDFFRUGpHFHTXHQRXVFRQVLJQRQVLFL
SRXUGRQQHUXQGpPHQWLSXEOLFDX[PDOYHLOODQWVTXLSUpWHQGHQWTXHQRXVYLYRQV
VRXVXQJRXYHUQHPHQWDVVH]PpGLRFUHPHQWGLVSRVpjO
HQGURLWGHVJHQVGHOHWWUHV
2UF
HVWODSUHPLqUHSDUWLHGHFHSUpFLHX[PDQXVFULWTXHQRXVRIIURQV
DXMRXUG
KXLjQRVOHFWHXUVHQOXLUHVWLWXDQWOHWLWUHTXLOXLFRQYLHQWSUHQDQW
O
HQJDJHPHQWVLFRPPHQRXVQ
HQGRXWRQVSDVFHWWHSUHPLqUHSDUWLHREWLHQWOH
VXFFqVTX
HOOHPpULWHGHSXEOLHULQFHVVDPPHQWODVHFRQGH
(QDWWHQGDQWFRPPHODSDUUDLQHVWXQVHFRQGSqUHQRXVLQYLWRQVOHOHFWHXUj
V
HQSUHQGUHjQRXVHWQRQDXFRPWHGH/D)qUHGHVRQSODLVLURXGHVRQHQQXL
&HODSRVpSDVVRQVjQRWUHKLVWRLUH


&KDSLWUH,
/(6752,635(6(176'(0'
$57$*1$13(5(

/HSUHPLHUOXQGLGXPRLVG
DYULOOHERXUJGH0HXQJRQDTXLWO
DXWHXUGX
5RPDQGHOD5RVHVHPEODLWrWUHGDQVXQHUpYROXWLRQDXVVLHQWLqUHTXHVLOHV
KXJXHQRWVHQIXVVHQWYHQXVIDLUHXQHVHFRQGH5RFKHOOH3OXVLHXUVERXUJHRLV
YR\DQWV
HQIXLUOHVIHPPHVGXF{WpGHOD*UDQGH5XHHQWHQGDQWOHVHQIDQWVFULHU
VXUOHVHXLOGHVSRUWHVVHKkWDLHQWG
HQGRVVHUODFXLUDVVHHWDSSX\DQWOHXU
FRQWHQDQFHTXHOTXHSHXLQFHUWDLQHG
XQPRXVTXHWRXG
XQHSHUWXLVDQHVH
GLULJHDLHQWYHUVO
K{WHOOHULHGX)UDQF0HXQLHUGHYDQWODTXHOOHV
HPSUHVVDLW
HQJURVVLVVDQWGHPLQXWHHQPLQXWHXQJURXSHFRPSDFWEUX\DQWHWSOHLQGH
FXULRVLWp
(QFHWHPSVOjOHVSDQLTXHVpWDLHQWIUpTXHQWHVHWSHXGHMRXUVVHSDVVDLHQW
VDQVTX
XQHYLOOHRXO
DXWUHHQUHJLVWUkWVXUVHVDUFKLYHVTXHOTXHpYpQHPHQWGH
FHJHQUH,O\DYDLWOHVVHLJQHXUVTXLJXHUUR\DLHQWHQWUHHX[LO\DYDLWOH
URLTXLIDLVDLWODJXHUUHDXFDUGLQDOLO\DYDLWO
(VSDJQROTXLIDLVDLWOD
JXHUUHDXURL3XLVRXWUHFHVJXHUUHVVRXUGHVRXSXEOLTXHVVHFUqWHVRX
SDWHQWHVLO\DYDLWHQFRUHOHVYROHXUVOHVPHQGLDQWVOHVKXJXHQRWVOHVORXSV
HWOHVODTXDLVTXLIDLVDLHQWODJXHUUHjWRXWOHPRQGH/HVERXUJHRLV
V
DUPDLHQWWRXMRXUVFRQWUHOHVYROHXUVFRQWUHOHVORXSVFRQWUHOHVODTXDLV
VRXYHQWFRQWUHOHVVHLJQHXUVHWOHVKXJXHQRWVTXHOTXHIRLVFRQWUHOHURL
PDLVMDPDLVFRQWUHOHFDUGLQDOHWO
(VSDJQRO,OUpVXOWDGRQFGHFHWWHKDELWXGH
SULVHTXHFHVXVGLWSUHPLHUOXQGLGXPRLVG
DYULOOHVERXUJHRLV
HQWHQGDQWGXEUXLWHWQHYR\DQWQLOHJXLGRQMDXQHHWURXJHQLODOLYUpHGX
GXFGH5LFKHOLHXVHSUpFLSLWqUHQWGXF{WpGHO
K{WHOGX)UDQF0HXQLHU
$UULYpOjFKDFXQSXWYRLUHWUHFRQQDvWUHODFDXVHGHFHWWHUXPHXU
8QMHXQHKRPPHWUDoRQVVRQSRUWUDLWG
XQVHXOWUDLWGHSOXPHILJXUH]YRXV
GRQ4XLFKRWWHjGL[KXLWDQVGRQ4XLFKRWWHGpFRUFHOpVDQVKDXEHUWHWVDQV
FXLVVDUGVGRQ4XLFKRWWHUHYrWXG
XQSRXUSRLQWGHODLQHGRQWODFRXOHXUEOHXH
V
pWDLWWUDQVIRUPpHHQXQHQXDQFHLQVDLVLVVDEOHGHOLHGHYLQHWG
D]XUFpOHVWH
9LVDJHORQJHWEUXQODSRPPHWWHGHVMRXHVVDLOODQWHVLJQHG
DVWXFHOHV
PXVFOHVPD[LOODLUHVpQRUPpPHQWGpYHORSSpVLQGLFHLQIDLOOLEOHDXTXHORQ
UHFRQQDvWOH*DVFRQPrPHVDQVEpUHWHWQRWUHMHXQHKRPPHSRUWDLWXQEpUHWRUQp
G
XQHHVSqFHGHSOXPHO
RHLORXYHUWHWLQWHOOLJHQWOHQH]FURFKXPDLV
ILQHPHQWGHVVLQpWURSJUDQGSRXUXQDGROHVFHQWWURSSHWLWSRXUXQKRPPHIDLW
HWTX
XQRHLOSHXH[HUFpHWSULVSRXUXQILOVGHIHUPLHUHQYR\DJHVDQVVD
ORQJXHpSpHTXLSHQGXHjXQEDXGULHUGHSHDXEDWWDLWOHVPROOHWVGHVRQ
SURSULpWDLUHTXDQGLOpWDLWjSLHGHWOHSRLOKpULVVpGHVDPRQWXUHTXDQGLO
pWDLWjFKHYDO
&DUQRWUHMHXQHKRPPHDYDLWXQHPRQWXUHHWFHWWHPRQWXUHpWDLWPrPHVL
UHPDUTXDEOHTX
HOOHIXWUHPDUTXpHF
pWDLWXQELGHWGX%pDUQkJpGHGRX]HRX
TXDWRU]HDQVMDXQHGHUREHVDQVFULQVjODTXHXHPDLVQRQSDVVDQVMDYDUWV
DX[MDPEHVHWTXLWRXWHQPDUFKDQWODWrWHSOXVEDVTXHOHVJHQRX[FHTXL
UHQGDLWLQXWLOHO
DSSOLFDWLRQGHODPDUWLQJDOHIDLVDLWHQFRUHpJDOHPHQWVHV

KXLWOLHXHVSDUMRXU0DOKHXUHXVHPHQWOHVTXDOLWpVGHFHFKHYDOpWDLHQWVLELHQ
FDFKpHVVRXVVRQSRLOpWUDQJHHWVRQDOOXUHLQFRQJUXHTXHGDQVXQWHPSVRWRXW
OHPRQGHVHFRQQDLVVDLWHQFKHYDX[O
DSSDULWLRQGXVXVGLWELGHWj0HXQJRLO
pWDLWHQWUpLO\DYDLWXQTXDUWG
KHXUHjSHXSUqVSDUODSRUWHGH%HDXJHQF\
SURGXLVLWXQHVHQVDWLRQGRQWODGpIDYHXUUHMDLOOLWMXVTX
jVRQFDYDOLHU
(WFHWWHVHQVDWLRQDYDLWpWpG
DXWDQWSOXVSpQLEOHDXMHXQHG
$UWDJQDQ DLQVL
V
DSSHODLWOHGRQ4XLFKRWWHGHFHWWHDXWUH5RVVLQDQWH TX
LOQHVHFDFKDLWSDV
OHF{WpULGLFXOHTXHOXLGRQQDLWVLERQFDYDOLHUTX
LOIWXQHSDUHLOOH
PRQWXUHDXVVLDYDLWLOIRUWVRXSLUpHQDFFHSWDQWOHGRQTXHOXLHQDYDLWIDLW
0G
$UWDJQDQSqUH,OQ
LJQRUDLWSDVTX
XQHSDUHLOOHErWHYDODLWDXPRLQVYLQJW
OLYUHVLOHVWYUDLTXHOHVSDUROHVGRQWOHSUpVHQWDYDLWpWpDFFRPSDJQp
Q
DYDLHQWSDVGHSUL[
0RQILOVDYDLWGLWOHJHQWLOKRPPHJDVFRQGDQVFHSXUSDWRLVGH%pDUQGRQW
+HQUL,9Q
DYDLWMDPDLVSXSDUYHQLUjVHGpIDLUHPRQILOVFHFKHYDOHVWQp
GDQVODPDLVRQGHYRWUHSqUHLO\DWDQW{WWUHL]HDQVHW\HVWUHVWpGHSXLVFH
WHPSVOjFHTXLGRLWYRXVSRUWHUjO
DLPHU1HOHYHQGH]MDPDLVODLVVH]OH
PRXULUWUDQTXLOOHPHQWHWKRQRUDEOHPHQWGHYLHLOOHVVHHWVLYRXVIDLWHVFDPSDJQH
DYHFOXLPpQDJH]OHFRPPHYRXVPpQDJHULH]XQYLHX[VHUYLWHXU$ODFRXU
FRQWLQXD0G
$UWDJQDQSqUHVLWRXWHIRLVYRXVDYH]O
KRQQHXUG
\DOOHUKRQQHXU
DXTXHOGXUHVWHYRWUHYLHLOOHQREOHVVHYRXVGRQQHGHVGURLWVVRXWHQH]
GLJQHPHQWYRWUHQRPGHJHQWLOKRPPHTXLDpWpSRUWpGLJQHPHQWSDUYRVDQFrWUHV
GHSXLVSOXVGHFLQTFHQWVDQV3RXUYRXVHWSRXUOHVY{WUHVSDUOHVY{WUHV
M
HQWHQGVYRVSDUHQWVHWYRVDPLVQHVXSSRUWH]MDPDLVULHQTXHGH0OH
FDUGLQDOHWGXURL&
HVWSDUVRQFRXUDJHHQWHQGH]YRXVELHQSDUVRQFRXUDJH
VHXOTX
XQJHQWLOKRPPHIDLWVRQFKHPLQDXMRXUG
KXL4XLFRQTXHWUHPEOHXQH
VHFRQGHODLVVHSHXWrWUHpFKDSSHUO
DSSkWTXHSHQGDQWFHWWHVHFRQGHMXVWHPHQW
ODIRUWXQHOXLWHQGDLW9RXVrWHVMHXQHYRXVGHYH]rWUHEUDYHSDUGHX[UDLVRQV
ODSUHPLqUHF
HVWTXHYRXVrWHV*DVFRQHWODVHFRQGHF
HVWTXHYRXVrWHV
PRQILOV1HFUDLJQH]SDVOHVRFFDVLRQVHWFKHUFKH]OHVDYHQWXUHV-HYRXVDL
IDLWDSSUHQGUHjPDQLHUO
pSpHYRXVDYH]XQMDUUHWGHIHUXQSRLJQHWG
DFLHU
EDWWH]YRXVjWRXWSURSRVEDWWH]YRXVG
DXWDQWSOXVTXHOHVGXHOVVRQW
GpIHQGXVHWTXHSDUFRQVpTXHQWLO\DGHX[IRLVGXFRXUDJHjVHEDWWUH-H
Q
DLPRQILOVjYRXVGRQQHUTXHTXLQ]HpFXVPRQFKHYDOHWOHVFRQVHLOVTXH
YRXVYHQH]G
HQWHQGUH9RWUHPqUH\DMRXWHUDODUHFHWWHG
XQFHUWDLQEDXPH
TX
HOOHWLHQWG
XQHERKpPLHQQHHWTXLDXQHYHUWXPLUDFXOHXVHSRXUJXpULUWRXWH
EOHVVXUHTXLQ
DWWHLQWSDVOHFRHXU)DLWHVYRWUHSURILWGXWRXWHWYLYH]
KHXUHXVHPHQWHWORQJWHPSV-HQ
DLSOXVTX
XQPRWjDMRXWHUHWF
HVWXQ
H[HPSOHTXHMHYRXVSURSRVHQRQSDVOHPLHQFDUMHQ
DLPRLMDPDLVSDUXjOD
FRXUHWQ
DLIDLWTXHOHVJXHUUHVGHUHOLJLRQHQYRORQWDLUHMHYHX[SDUOHUGH
0GH7UpYLOOHTXLpWDLWPRQYRLVLQDXWUHIRLVHWTXLDHXO
KRQQHXUGHMRXHU
WRXWHQIDQWDYHFQRWUHURL/RXLVWUHL]LqPHTXH'LHXFRQVHUYH4XHOTXHIRLV
OHXUVMHX[GpJpQpUDLHQWHQEDWDLOOHHWGDQVFHVEDWDLOOHVOHURLQ
pWDLWSDV
WRXMRXUVOHSOXVIRUW/HVFRXSVTX
LOHQUHoXWOXLGRQQqUHQWEHDXFRXSG
HVWLPH
HWG
DPLWLpSRXU0GH7UpYLOOH3OXVWDUG0GH7UpYLOOHVHEDWWLWFRQWUH
G
DXWUHVGDQVVRQSUHPLHUYR\DJHj3DULVFLQTIRLVGHSXLVODPRUWGXIHXURL
MXVTX
jODPDMRULWpGXMHXQHVDQVFRPSWHUOHVJXHUUHVHWOHVVLqJHVVHSWIRLV
HWGHSXLVFHWWHPDMRULWpMXVTX
DXMRXUG
KXLFHQWIRLVSHXWrWUH$XVVL
PDOJUpOHVpGLWVOHVRUGRQQDQFHVHWOHVDUUrWVOHYRLOjFDSLWDLQHGHV
PRXVTXHWDLUHVF
HVWjGLUHFKHIG
XQHOpJLRQGH&pVDUGRQWOHURLIDLWXQ
WUqVJUDQGFDVHWTXH0OHFDUGLQDOUHGRXWHOXLTXLQHUHGRXWHSDV
JUDQGFKRVHFRPPHFKDFXQVDLW'HSOXV0GH7UpYLOOHJDJQHGL[PLOOHpFXVSDU

DQF
HVWGRQFXQIRUWJUDQGVHLJQHXU,ODFRPPHQFpFRPPHYRXVDOOH]OH
YRLUDYHFFHWWHOHWWUHHWUpJOH]YRXVVXUOXLDILQGHIDLUHFRPPHOXL
6XUTXRL0G
$UWDJQDQSqUHFHLJQLWjVRQILOVVDSURSUHpSpHO
HPEUDVVD
WHQGUHPHQWVXUOHVGHX[MRXHVHWOXLGRQQDVDEpQpGLFWLRQ
(QVRUWDQWGHODFKDPEUHSDWHUQHOOHOHMHXQHKRPPHWURXYDVDPqUHTXL
O
DWWHQGDLWDYHFODIDPHXVHUHFHWWHGRQWOHVFRQVHLOVTXHQRXVYHQRQVGH
UDSSRUWHUGHYDLHQWQpFHVVLWHUXQDVVH]IUpTXHQWHPSORL/HVDGLHX[IXUHQWGHFH
F{WpSOXVORQJVHWSOXVWHQGUHVTX
LOVQHO
DYDLHQWpWpGHO
DXWUHQRQSDVTXH
0G
$UWDJQDQQ
DLPkWVRQILOVTXLpWDLWVDVHXOHSURJpQLWXUHPDLV0
G
$UWDJQDQpWDLWXQKRPPHHWLOHWUHJDUGpFRPPHLQGLJQHG
XQKRPPHGHVH
ODLVVHUDOOHUjVRQpPRWLRQWDQGLVTXH0PHG
$UWDJQDQpWDLWIHPPHHWGHSOXV
pWDLWPqUH(OOHSOHXUDDERQGDPPHQWHWGLVRQVOHjODORXDQJHGH0
G
$UWDJQDQILOVTXHOTXHVHIIRUWVTX
LOWHQWkWSRXUUHVWHUIHUPHFRPPHOHGHYDLW
rWUHXQIXWXUPRXVTXHWDLUHODQDWXUHO
HPSRUWDHWLOYHUVDIRUFHODUPHVGRQW
LOSDUYLQWjJUDQGSHLQHjFDFKHUODPRLWLp
/HPrPHMRXUOHMHXQHKRPPHVHPLWHQURXWHPXQLGHVWURLVSUpVHQWVSDWHUQHOV
HWTXLVHFRPSRVDLHQWFRPPHQRXVO
DYRQVGLWGHTXLQ]HpFXVGXFKHYDOHWGH
ODOHWWUHSRXU0GH7UpYLOOHFRPPHRQOHSHQVHELHQOHVFRQVHLOVDYDLHQWpWp
GRQQpVSDUGHVVXVOHPDUFKp
$YHFXQSDUHLOYDGHPHFXPG
$UWDJQDQVHWURXYDDXPRUDOFRPPHDXSK\VLTXHXQH
FRSLHH[DFWHGXKpURVGH&HUYDQWHVDXTXHOQRXVO
DYRQVVLKHXUHXVHPHQWFRPSDUp
ORUVTXHQRVGHYRLUVG
KLVWRULHQQRXVRQWIDLWXQHQpFHVVLWpGHWUDFHUVRQ
SRUWUDLW'RQ4XLFKRWWHSUHQDLWOHVPRXOLQVjYHQWSRXUGHVJpDQWVHWOHV
PRXWRQVSRXUGHVDUPpHVG
$UWDJQDQSULWFKDTXHVRXULUHSRXUXQHLQVXOWHHW
FKDTXHUHJDUGSRXUXQHSURYRFDWLRQ,OHQUpVXOWDTX
LOHXWWRXMRXUVOHSRLQJ
IHUPpGHSXLV7DUEHVMXVTX
j0HXQJHWTXHO
XQGDQVO
DXWUHLOSRUWDODPDLQDX
SRPPHDXGHVRQpSpHGL[IRLVSDUMRXUWRXWHIRLVOHSRLQJQHGHVFHQGLWVXU
DXFXQHPkFKRLUHHWO
pSpHQHVRUWLWSRLQWGHVRQIRXUUHDX&HQ
HVWSDVTXHOD
YXHGXPDOHQFRQWUHX[ELGHWMDXQHQ
pSDQRXvWELHQGHVVRXULUHVVXUOHVYLVDJHV
GHVSDVVDQWVPDLVFRPPHDXGHVVXVGXELGHWVRQQDLWXQHpSpHGHWDLOOH
UHVSHFWDEOHHWTX
DXGHVVXVGHFHWWHpSpHEULOODLWXQRHLOSOXW{WIpURFHTXH
ILHUOHVSDVVDQWVUpSULPDLHQWOHXUKLODULWpRXVLO
KLODULWpO
HPSRUWDLWVXU
ODSUXGHQFHLOVWkFKDLHQWDXPRLQVGHQHULUHTXHG
XQVHXOF{WpFRPPHOHV
PDVTXHVDQWLTXHV'
$UWDJQDQGHPHXUDGRQFPDMHVWXHX[HWLQWDFWGDQVVD
VXVFHSWLELOLWpMXVTX
jFHWWHPDOKHXUHXVHYLOOHGH0HXQJ
0DLVOjFRPPHLOGHVFHQGDLWGHFKHYDOjODSRUWHGX)UDQF0HXQLHUVDQVTXH
SHUVRQQHK{WHJDUoRQRXSDOHIUHQLHUIWYHQXSUHQGUHO
pWULHUDXPRQWRLU
G
$UWDJQDQDYLVDjXQHIHQrWUHHQWURXYHUWHGXUH]GHFKDXVVpHXQJHQWLOKRPPHGH
EHOOHWDLOOHHWGHKDXWHPLQHTXRLTXHDXYLVDJHOpJqUHPHQWUHQIURJQpOHTXHO
FDXVDLWDYHFGHX[SHUVRQQHVTXLSDUDLVVDLHQWO
pFRXWHUDYHFGpIpUHQFH
'
$UWDJQDQFUXWWRXWQDWXUHOOHPHQWVHORQVRQKDELWXGHrWUHO
REMHWGHOD
FRQYHUVDWLRQHWpFRXWD&HWWHIRLVG
$UWDJQDQQHV
pWDLWWURPSpTX
jPRLWLp
FHQ
pWDLWSDVGHOXLTX
LOpWDLWTXHVWLRQPDLVGHVRQFKHYDO/HJHQWLOKRPPH
SDUDLVVDLWpQXPpUHUjVHVDXGLWHXUVWRXWHVVHVTXDOLWpVHWFRPPHDLQVLTXHMH
O
DLGLWOHVDXGLWHXUVSDUDLVVDLHQWDYRLUXQHJUDQGHGpIpUHQFHSRXUOH
QDUUDWHXULOVpFODWDLHQWGHULUHjWRXWPRPHQW2UFRPPHXQGHPLVRXULUH
VXIILVDLWSRXUpYHLOOHUO
LUDVFLELOLWpGXMHXQHKRPPHRQFRPSUHQGTXHOHIIHW
SURGXLVLWVXUOXLWDQWGHEUX\DQWHKLODULWp

&HSHQGDQWG
$UWDJQDQYRXOXWG
DERUGVHUHQGUHFRPSWHGHODSK\VLRQRPLHGH
O
LPSHUWLQHQWTXLVHPRTXDLWGHOXL,OIL[DVRQUHJDUGILHUVXUO
pWUDQJHUHW
UHFRQQXWXQKRPPHGHTXDUDQWHjTXDUDQWHFLQTDQVDX[\HX[QRLUVHWSHUoDQWV
DXWHLQWSkOHDXQH]IRUWHPHQWDFFHQWXpjODPRXVWDFKHQRLUHHWSDUIDLWHPHQW
WDLOOpHLOpWDLWYrWXG
XQSRXUSRLQWHWG
XQKDXWGHFKDXVVHVYLROHWDYHFGHV
DLJXLOOHWWHVGHPrPHFRXOHXUVDQVDXFXQRUQHPHQWTXHOHVFUHYpVKDELWXHOVSDU
OHVTXHOVSDVVDLWODFKHPLVH&HKDXWGHFKDXVVHVHWFHSRXUSRLQWTXRLTXHQHXIV
SDUDLVVDLHQWIURLVVpVFRPPHGHVKDELWVGHYR\DJHORQJWHPSVUHQIHUPpVGDQVXQ
SRUWHPDQWHDX'
$UWDJQDQILWWRXWHVFHVUHPDUTXHVDYHFODUDSLGLWpGH
O
REVHUYDWHXUOHSOXVPLQXWLHX[HWVDQVGRXWHSDUXQVHQWLPHQWLQVWLQFWLITXL
OXLGLVDLWTXHFHWLQFRQQXGHYDLWDYRLUXQHJUDQGHLQIOXHQFHVXUVDYLHjYHQLU
2UFRPPHDXPRPHQWRG
$UWDJQDQIL[DLWVRQUHJDUGVXUOHJHQWLOKRPPHDX
SRXUSRLQWYLROHWOHJHQWLOKRPPHIDLVDLWjO
HQGURLWGXELGHWEpDUQDLVXQHGH
VHVSOXVVDYDQWHVHWGHVHVSOXVSURIRQGHVGpPRQVWUDWLRQVVHVGHX[DXGLWHXUV
pFODWqUHQWGHULUHHWOXLPrPHODLVVDYLVLEOHPHQWFRQWUHVRQKDELWXGHHUUHU
VLO
RQSHXWSDUOHUDLQVLXQSkOHVRXULUHVXUVRQYLVDJH&HWWHIRLVLOQ
\
DYDLWSOXVGHGRXWHG
$UWDJQDQpWDLWUpHOOHPHQWLQVXOWp$XVVLSOHLQGHFHWWH
FRQYLFWLRQHQIRQoDWLOVRQEpUHWVXUVHV\HX[HWWkFKDQWGHFRSLHU
TXHOTXHVXQVGHVDLUVGHFRXUTX
LODYDLWVXUSULVHQ*DVFRJQHFKH]GHVVHLJQHXUV
HQYR\DJHLOV
DYDQoDXQHPDLQVXUODJDUGHGHVRQpSpHHWO
DXWUHDSSX\pHVXU
ODKDQFKH0DOKHXUHXVHPHQWDXIXUHWjPHVXUHTX
LODYDQoDLWODFROqUH
O
DYHXJODQWGHSOXVHQSOXVDXOLHXGXGLVFRXUVGLJQHHWKDXWDLQTX
LODYDLW
SUpSDUpSRXUIRUPXOHUVDSURYRFDWLRQLOQHWURXYDSOXVDXERXWGHVDODQJXH
TX
XQHSHUVRQQDOLWpJURVVLqUHTX
LODFFRPSDJQDG
XQJHVWHIXULHX[
(K0RQVLHXUV
pFULDWLO0RQVLHXUTXLYRXVFDFKH]GHUULqUHFHYROHW
RXLYRXVGLWHVPRLGRQFXQSHXGHTXRLYRXVULH]HWQRXVULURQVHQVHPEOH
/HJHQWLOKRPPHUDPHQDOHQWHPHQWOHV\HX[GHODPRQWXUHDXFDYDOLHUFRPPHV
LO
OXLHWIDOOXXQFHUWDLQWHPSVSRXUFRPSUHQGUHTXHF
pWDLWjOXLTXH
V
DGUHVVDLHQWGHVLpWUDQJHVUHSURFKHVSXLVORUVTX
LOQHSXWSOXVFRQVHUYHU
DXFXQGRXWHVHVVRXUFLOVVHIURQFqUHQWOpJqUHPHQWHWDSUqVXQHDVVH]ORQJXH
SDXVHDYHFXQDFFHQWG
LURQLHHWG
LQVROHQFHLPSRVVLEOHjGpFULUHLOUpSRQGLW
jG
$UWDJQDQ
-HQHYRXVSDUOHSDV0RQVLHXU
0DLVMHYRXVSDUOHPRLV
pFULDOHMHXQHKRPPHH[DVSpUpGHFHPpODQJH
G
LQVROHQFHHWGHERQQHVPDQLqUHVGHFRQYHQDQFHVHWGHGpGDLQV
/
LQFRQQXOHUHJDUGDHQFRUHXQLQVWDQWDYHFVRQOpJHUVRXULUHHWVHUHWLUDQW
GHODIHQrWUHVRUWLWOHQWHPHQWGHO
K{WHOOHULHSRXUYHQLUjGHX[SDVGH
G
$UWDJQDQVHSODQWHUHQIDFHGXFKHYDO6DFRQWHQDQFHWUDQTXLOOHHWVD
SK\VLRQRPLHUDLOOHXVHDYDLHQWUHGRXEOpO
KLODULWpGHFHX[DYHFOHVTXHOVLO
FDXVDLWHWTXLHX[pWDLHQWUHVWpVjODIHQrWUH
'
$UWDJQDQOHYR\DQWDUULYHUWLUDVRQpSpHG
XQSLHGKRUVGXIRXUUHDX
&HFKHYDOHVWGpFLGpPHQWRXSOXW{WDpWpGDQVVDMHXQHVVHERXWRQG
RUUHSULW
O
LQFRQQXFRQWLQXDQWOHVLQYHVWLJDWLRQVFRPPHQFpHVHWV
DGUHVVDQWjVHV

DXGLWHXUVGHODIHQrWUHVDQVSDUDvWUHDXFXQHPHQWUHPDUTXHUO
H[DVSpUDWLRQGH
G
$UWDJQDQTXLFHSHQGDQWVHUHGUHVVDLWHQWUHOXLHWHX[&
HVWXQHFRXOHXUIRUW
FRQQXHHQERWDQLTXHPDLVMXVTX
jSUpVHQWIRUWUDUHFKH]OHVFKHYDX[
7HOULWGXFKHYDOTXLQ
RVHUDLWSDVULUHGXPDvWUHV
pFULDO
pPXOHGH
7UpYLOOHIXULHX[
-HQHULVSDVVRXYHQW0RQVLHXUUHSULWO
LQFRQQXDLQVLTXHYRXVSRXYH]OH
YRLUYRXVPrPHjO
DLUGHPRQYLVDJHPDLVMHWLHQVFHSHQGDQWjFRQVHUYHUOH
SULYLOqJHGHULUHTXDQGLOPHSODvW
(WPRLV
pFULDG
$UWDJQDQMHQHYHX[SDVTX
RQULHTXDQGLOPHGpSODvW
(QYpULWp0RQVLHXU"FRQWLQXDO
LQFRQQXSOXVFDOPHTXHMDPDLVHKELHQ
F
HVWSDUIDLWHPHQWMXVWH(WWRXUQDQWVXUVHVWDORQVLOV
DSSUrWDjUHQWUHU
GDQVO
K{WHOOHULHSDUODJUDQGHSRUWHVRXVODTXHOOHG
$UWDJQDQHQDUULYDQW
DYDLWUHPDUTXpXQFKHYDOWRXWVHOOp
0DLVG
$UWDJQDQQ
pWDLWSDVGHFDUDFWqUHjOkFKHUDLQVLXQKRPPHTXLDYDLWHX
O
LQVROHQFHGHVHPRTXHUGHOXL,OWLUDVRQpSpHHQWLqUHPHQWGXIRXUUHDXHWVH
PLWjVDSRXUVXLWHHQFULDQW
7RXUQH]WRXUQH]GRQF0RQVLHXUOHUDLOOHXUTXHMHQHYRXVIUDSSHSRLQW
SDUGHUULqUH
0HIUDSSHUPRLGLWO
DXWUHHQSLYRWDQWVXUVHVWDORQVHWHQUHJDUGDQWOH
MHXQHKRPPHDYHFDXWDQWG
pWRQQHPHQWTXHGHPpSULV$OORQVDOORQVGRQFPRQ
FKHUYRXVrWHVIRX
3XLVjGHPLYRL[HWFRPPHV
LOVHIWSDUOpjOXLPrPH
&
HVWIkFKHX[FRQWLQXDWLOTXHOOHWURXYDLOOHSRXU6D0DMHVWpTXLFKHUFKH
GHVEUDYHVGHWRXVF{WpVSRXUUHFUXWHUVHVPRXVTXHWDLUHV
,ODFKHYDLWjSHLQHTXHG
$UWDJQDQOXLDOORQJHDXQVLIXULHX[FRXSGHSRLQWH
TXHV
LOQ
HWIDLWYLYHPHQWXQERQGHQDUULqUHLOHVWSUREDEOHTX
LOHW
SODLVDQWpSRXUODGHUQLqUHIRLV/
LQFRQQXYLWDORUVTXHODFKRVHSDVVDLWOD
UDLOOHULHWLUDVRQpSpHVDOXDVRQDGYHUVDLUHHWVHPLWJUDYHPHQWHQJDUGH
0DLVDXPrPHPRPHQWVHVGHX[DXGLWHXUVDFFRPSDJQpVGHO
K{WHWRPEqUHQWVXU
G
$UWDJQDQjJUDQGVFRXSVGHEkWRQVGHSHOOHVHWGHSLQFHWWHV&HODILWXQH
GLYHUVLRQVLUDSLGHHWVLFRPSOqWHjO
DWWDTXHTXHO
DGYHUVDLUHGHG
$UWDJQDQ
SHQGDQWTXHFHOXLFLVHUHWRXUQDLWSRXUIDLUHIDFHjFHWWHJUrOHGHFRXSV
UHQJDLQDLWDYHFODPrPHSUpFLVLRQHWG
DFWHXUTX
LODYDLWPDQTXpG
rWUH
UHGHYHQDLWVSHFWDWHXUGXFRPEDWU{OHGRQWLOV
DFTXLWWDDYHFVRQLPSDVVLELOLWp
RUGLQDLUHWRXWHQPDUPRWWDQWQpDQPRLQV
/DSHVWHVRLWGHV*DVFRQV5HPHWWH]OHVXUVRQFKHYDORUDQJHHWTX
LOV
HQ
DLOOH
3DVDYDQWGHW
DYRLUWXpOkFKHFULDLWG
$UWDJQDQWRXWHQIDLVDQWIDFHGX
PLHX[TX
LOSRXYDLWHWVDQVUHFXOHUG
XQSDVjVHVWURLVHQQHPLVTXLOH
PRXODLHQWGHFRXSV

(QFRUHXQHJDVFRQQDGHPXUPXUDOHJHQWLOKRPPH6XUPRQKRQQHXUFHV*DVFRQV
VRQWLQFRUULJLEOHV&RQWLQXH]GRQFODGDQVHSXLVTX
LOOHYHXWDEVROXPHQW
4XDQGLOVHUDODVLOGLUDTX
LOHQDDVVH]
0DLVO
LQFRQQXQHVDYDLWSDVHQFRUHjTXHOJHQUHG
HQWrWpLODYDLWDIIDLUH
G
$UWDJQDQQ
pWDLWSDVKRPPHjMDPDLVGHPDQGHUPHUFL/HFRPEDWFRQWLQXDGRQF
TXHOTXHVVHFRQGHVHQFRUHHQILQG
$UWDJQDQpSXLVpODLVVDpFKDSSHUVRQpSpH
TX
XQFRXSGHEkWRQEULVDHQGHX[PRUFHDX[8QDXWUHFRXSTXLOXLHQWDPDOH
IURQWOHUHQYHUVDSUHVTXHHQPrPHWHPSVWRXWVDQJODQWHWSUHVTXHpYDQRXL
&
HVWjFHPRPHQWTXHGHWRXVF{WpVRQDFFRXUXWVXUOHOLHXGHODVFqQH/
K{WH
FUDLJQDQWGXVFDQGDOHHPSRUWDDYHFO
DLGHGHVHVJDUoRQVOHEOHVVpGDQVOD
FXLVLQHRTXHOTXHVVRLQVOXLIXUHQWDFFRUGpV
4XDQWDXJHQWLOKRPPHLOpWDLWUHYHQXSUHQGUHVDSODFHjODIHQrWUHHWUHJDUGDLW
DYHFXQHFHUWDLQHLPSDWLHQFHWRXWHFHWWHIRXOHTXLVHPEODLWHQGHPHXUDQWOjOXL
FDXVHUXQHYLYHFRQWUDULpWp
(KELHQFRPPHQWYDFHWHQUDJp"UHSULWLOHQVHUHWRXUQDQWDXEUXLWGHOD
SRUWHTXLV
RXYULWHWHQV
DGUHVVDQWjO
K{WHTXLYHQDLWV
LQIRUPHUGHVDVDQWp
9RWUH([FHOOHQFHHVWVDLQHHWVDXYH"GHPDQGDO
K{WH
2XLSDUIDLWHPHQWVDLQHHWVDXYHPRQFKHUK{WHOLHUHWF
HVWPRLTXLYRXV
GHPDQGHFHTX
HVWGHYHQXQRWUHMHXQHKRPPH
,OYDPLHX[GLWO
K{WHLOV
HVWpYDQRXLWRXWjIDLW
9UDLPHQW"ILWOHJHQWLOKRPPH
0DLVDYDQWGHV
pYDQRXLULODUDVVHPEOpWRXWHVVHVIRUFHVSRXUYRXVDSSHOHU
HWYRXVGpILHUHQYRXVDSSHODQW
0DLVF
HVWGRQFOHGLDEOHHQSHUVRQQHTXHFHJDLOODUGOjV
pFULDO
LQFRQQX
2KQRQ9RWUH([FHOOHQFHFHQ
HVWSDVOHGLDEOHUHSULWO
K{WHDYHFXQH
JULPDFHGHPpSULVFDUSHQGDQWVRQpYDQRXLVVHPHQWQRXVO
DYRQVIRXLOOpHWLO
Q
DGDQVVRQSDTXHWTX
XQHFKHPLVHHWGDQVVDERXUVHTXHRQ]HpFXVFHTXLQH
O
DSDVHPSrFKpGHGLUHHQV
pYDQRXLVVDQWTXHVLSDUHLOOHFKRVHpWDLWDUULYpHj
3DULVYRXVYRXVHQUHSHQWLULH]WRXWGHVXLWHWDQGLVTX
LFLYRXVQHYRXVHQ
UHSHQWLUH]TXHSOXVWDUG
$ORUVGLWIURLGHPHQWO
LQFRQQXF
HVWTXHOTXHSULQFHGXVDQJGpJXLVp
-HYRXVGLVFHODPRQJHQWLOKRPPHUHSULWO
K{WHDILQTXHYRXVYRXVWHQLH]
VXUYRVJDUGHV
(WLOQ
DQRPPpSHUVRQQHGDQVVDFROqUH"
6LIDLWLOIUDSSDLWVXUVDSRFKHHWLOGLVDLW1RXVYHUURQVFHTXH0GH
7UpYLOOHSHQVHUDGHFHWWHLQVXOWHIDLWHjVRQSURWpJp

0GH7UpYLOOH"GLWO
LQFRQQXHQGHYHQDQWDWWHQWLILOIUDSSDLWVXUVD
SRFKHHQSURQRQoDQWOHQRPGH0GH7UpYLOOH"9R\RQVPRQFKHUK{WHSHQGDQW
TXHYRWUHMHXQHKRPPHpWDLWpYDQRXLYRXVQ
DYH]SDVpWpM
HQVXLVELHQVU
VDQVUHJDUGHUDXVVLFHWWHSRFKHOj4X
\DYDLWLO"
8QHOHWWUHDGUHVVpHj0GH7UpYLOOHFDSLWDLQHGHVPRXVTXHWDLUHV
(QYpULWp
&
HVWFRPPHM
DLO
KRQQHXUGHYRXVOHGLUH([FHOOHQFH
/
K{WHTXLQ
pWDLWSDVGRXpG
XQHJUDQGHSHUVSLFDFLWpQHUHPDUTXDSRLQW
O
H[SUHVVLRQTXHVHVSDUROHVDYDLHQWGRQQpHjODSK\VLRQRPLHGHO
LQFRQQX
&HOXLFLTXLWWDOHUHERUGGHODFURLVpHVXUOHTXHOLOpWDLWWRXMRXUVUHVWp
DSSX\pGXERXWGXFRXGHHWIURQoDOHVRXUFLOHQKRPPHLQTXLHW
'LDEOHPXUPXUDWLOHQWUHVHVGHQWV7UpYLOOHP
DXUDLWLOHQYR\pFH*DVFRQ"
LOHVWELHQMHXQH0DLVXQFRXSG
pSpHHVWXQFRXSG
pSpHTXHOTXHVRLWO
kJH
GHFHOXLTXLOHGRQQHHWO
RQVHGpILHPRLQVG
XQHQIDQWTXHGHWRXWDXWUHLO
VXIILWSDUIRLVG
XQIDLEOHREVWDFOHSRXUFRQWUDULHUXQJUDQGGHVVHLQ
(WO
LQFRQQXWRPEDGDQVXQHUpIOH[LRQTXLGXUDTXHOTXHVPLQXWHV
9R\RQVO
K{WHGLWLOHVWFHTXHYRXVQHPHGpEDUUDVVHUH]SDVGHFH
IUpQpWLTXH"(QFRQVFLHQFHMHQHSXLVOHWXHUHWFHSHQGDQWDMRXWDWLODYHF
XQHH[SUHVVLRQIURLGHPHQWPHQDoDQWHFHSHQGDQWLOPHJrQH2HVWLO"
'DQVODFKDPEUHGHPDIHPPHRRQOHSDQVHDXSUHPLHUpWDJH
6HVKDUGHVHWVRQVDFVRQWDYHFOXL"LOQ
DSDVTXLWWpVRQSRXUSRLQW"
7RXWFHODDXFRQWUDLUHHVWHQEDVGDQVODFXLVLQH0DLVSXLVTX
LOYRXV
JrQHFHMHXQHIRX
6DQVGRXWH,OFDXVHGDQVYRWUHK{WHOOHULHXQVFDQGDOHDXTXHOG
KRQQrWHVJHQV
QHVDXUDLHQWUpVLVWHU0RQWH]FKH]YRXVIDLWHVPRQFRPSWHHWDYHUWLVVH]PRQ
ODTXDLV
4XRL0RQVLHXUQRXVTXLWWHGpMj"
9RXVOHVDYH]ELHQSXLVTXHMHYRXVDYDLVGRQQpO
RUGUHGHVHOOHUPRQFKHYDO
1HP
DWRQSRLQWREpL"
6LIDLWHWFRPPH9RWUH([FHOOHQFHDSXOHYRLUVRQFKHYDOHVWVRXVOD
JUDQGHSRUWHWRXWDSSDUHLOOpSRXUSDUWLU
&
HVWELHQIDLWHVFHTXHMHYRXVDLGLWDORUV
2XDLVVHGLWO
K{WHDXUDLWLOSHXUGXSHWLWJDUoRQ"
0DLVXQFRXSG
RHLOLPSpUDWLIGHO
LQFRQQXYLQWO
DUUrWHUFRXUW,OVDOXD
KXPEOHPHQWHWVRUWLW

,OQHIDXWSDVTXH0LODG\VRLWDSHUoXHGHFHGU{OHFRQWLQXDO
pWUDQJHUHOOH
QHGRLWSDVWDUGHUjSDVVHUGpMjPrPHHOOHHVWHQUHWDUG'pFLGpPHQWPLHX[
YDXWTXHMHPRQWHjFKHYDOHWTXHM
DLOOHDXGHYDQWG
HOOH6LVHXOHPHQWMH
SRXYDLVVDYRLUFHTXHFRQWLHQWFHWWHOHWWUHDGUHVVpHj7UpYLOOH
(WO
LQFRQQXWRXWHQPDUPRWWDQWVHGLULJHDYHUVODFXLVLQH
3HQGDQWFHWHPSVO
K{WHTXLQHGRXWDLWSDVTXHFHQHIWODSUpVHQFHGXMHXQH
JDUoRQTXLFKDVVkWO
LQFRQQXGHVRQK{WHOOHULHpWDLWUHPRQWpFKH]VDIHPPHHW
DYDLWWURXYpG
$UWDJQDQPDvWUHHQILQGHVHVHVSULWV$ORUVWRXWHQOXLIDLVDQW
FRPSUHQGUHTXHODSROLFHSRXUUDLWELHQOXLIDLUHXQPDXYDLVSDUWLSRXUDYRLUpWp
FKHUFKHUTXHUHOOHjXQJUDQGVHLJQHXUFDUjO
DYLVGHO
K{WHO
LQFRQQXQH
SRXYDLWrWUHTX
XQJUDQGVHLJQHXULOOHGpWHUPLQDPDOJUpVDIDLEOHVVHjVH
OHYHUHWjFRQWLQXHUVRQFKHPLQ'
$UWDJQDQjPRLWLpDEDVRXUGLVDQVSRXUSRLQW
HWODWrWHWRXWHPPDLOORWpHGHOLQJHVVHOHYDGRQFHWSRXVVpSDUO
K{WH
FRPPHQoDGHGHVFHQGUHPDLVHQDUULYDQWjODFXLVLQHODSUHPLqUHFKRVHTX
LO
DSHUoXWIXWVRQSURYRFDWHXUTXLFDXVDLWWUDQTXLOOHPHQWDXPDUFKHSLHGG
XQORXUG
FDUURVVHDWWHOpGHGHX[JURVFKHYDX[QRUPDQGV
6RQLQWHUORFXWULFHGRQWODWrWHDSSDUDLVVDLWHQFDGUpHSDUODSRUWLqUHpWDLW
XQHIHPPHGHYLQJWjYLQJWGHX[DQV1RXVDYRQVGpMjGLWDYHFTXHOOHUDSLGLWp
G
LQYHVWLJDWLRQG
$UWDJQDQHPEUDVVDLWWRXWHXQHSK\VLRQRPLHLOYLWGRQFGX
SUHPLHUFRXSG
RHLOTXHODIHPPHpWDLWMHXQHHWEHOOH2UFHWWHEHDXWpOHIUDSSD
G
DXWDQWSOXVTX
HOOHpWDLWSDUIDLWHPHQWpWUDQJqUHDX[SD\VPpULGLRQDX[TXH
MXVTXHOjG
$UWDJQDQDYDLWKDELWpV&
pWDLWXQHSkOHHWEORQGHSHUVRQQHDX[
ORQJVFKHYHX[ERXFOpVWRPEDQWVXUVHVpSDXOHVDX[JUDQGV\HX[EOHXV
ODQJXLVVDQWVDX[OqYUHVURVpHVHWDX[PDLQVG
DOEkWUH(OOHFDXVDLWWUqV
YLYHPHQWDYHFO
LQFRQQX
$LQVL6RQ(PLQHQFHP
RUGRQQHGLVDLWODGDPH
'HUHWRXUQHUjO
LQVWDQWPrPHHQ$QJOHWHUUHHWGHODSUpYHQLUGLUHFWHPHQWVL
OHGXFTXLWWDLW/RQGUHV
(WTXDQWjPHVDXWUHVLQVWUXFWLRQV"GHPDQGDODEHOOHYR\DJHXVH
(OOHVVRQWUHQIHUPpHVGDQVFHWWHERvWHTXHYRXVQ
RXYULUH]TXHGHO
DXWUH
F{WpGHOD0DQFKH
7UqVELHQHWYRXVTXHIDLWHVYRXV"
0RLMHUHWRXUQHj3DULV
6DQVFKkWLHUFHWLQVROHQWSHWLWJDUoRQ"GHPDQGDODGDPH
/
LQFRQQXDOODLWUpSRQGUHPDLVDXPRPHQWRLORXYUDLWODERXFKHG
$UWDJQDQ
TXLDYDLWWRXWHQWHQGXV
pODQoDVXUOHVHXLOGHODSRUWH
&
HVWFHWLQVROHQWSHWLWJDUoRQTXLFKkWLHOHVDXWUHVV
pFULDWLOHW
M
HVSqUHELHQTXHFHWWHIRLVFLFHOXLTX
LOGRLWFKkWLHUQHOXLpFKDSSHUDSDV
FRPPHODSUHPLqUH

1HOXLpFKDSSHUDSDV"UHSULWO
LQFRQQXHQIURQoDQWOHVRXUFLO
1RQGHYDQWXQHIHPPHYRXVQ
RVHULH]SDVIXLUMHSUpVXPH
6RQJH]V
pFULD0LODG\HQYR\DQWOHJHQWLOKRPPHSRUWHUODPDLQjVRQpSpH
VRQJH]TXHOHPRLQGUHUHWDUGSHXWWRXWSHUGUH
9RXVDYH]UDLVRQV
pFULDOHJHQWLOKRPPHSDUWH]GRQFGHYRWUHF{WpPRLMH
SDUVGXPLHQ
(WVDOXDQWODGDPHG
XQVLJQHGHWrWHLOV
pODQoDVXUVRQFKHYDOWDQGLVTXH
OHFRFKHUGXFDUURVVHIRXHWWDLWYLJRXUHXVHPHQWVRQDWWHODJH/HVGHX[
LQWHUORFXWHXUVSDUWLUHQWGRQFDXJDORSV
pORLJQDQWFKDFXQSDUXQF{WpRSSRVpGH
ODUXH
(KYRWUHGpSHQVHYRFLIpUDO
K{WHGRQWO
DIIHFWLRQSRXUVRQYR\DJHXUVH
FKDQJHDLWHQXQSURIRQGGpGDLQHQYR\DQWTX
LOV
pORLJQDLWVDQVVROGHUVHV
FRPSWHV
3DLHPDURXIOHV
pFULDOHYR\DJHXUWRXMRXUVJDORSDQWjVRQODTXDLVOHTXHO
MHWDDX[SLHGVGHO
K{WHGHX[RXWURLVSLqFHVG
DUJHQWHWVHPLWjJDORSHUDSUqV
VRQPDvWUH
$KOkFKHDKPLVpUDEOHDKIDX[JHQWLOKRPPHFULDG
$UWDJQDQ
V
pODQoDQWjVRQWRXUDSUqVOHODTXDLV
0DLVOHEOHVVppWDLWWURSIDLEOHHQFRUHSRXUVXSSRUWHUXQHSDUHLOOHVHFRXVVH$
SHLQHHXWLOIDLWGL[SDVTXHVHVRUHLOOHVWLQWqUHQWTX
XQpEORXLVVHPHQWOH
SULWTX
XQQXDJHGHVDQJSDVVDVXUVHV\HX[HWTX
LOWRPEDDXPLOLHXGHODUXH
HQFULDQWHQFRUH
/kFKHOkFKHOkFKH
,OHVWHQHIIHWELHQOkFKHPXUPXUDO
K{WHHQV
DSSURFKDQWGHG
$UWDJQDQ
HWHVVD\DQWSDUFHWWHIODWWHULHGHVHUDFFRPPRGHUDYHFOHSDXYUHJDUoRQFRPPH
OHKpURQGHODIDEOHDYHFVRQOLPDoRQGXVRLU
2XLELHQOkFKHPXUPXUDG
$UWDJQDQPDLVHOOHELHQEHOOH
4XLHOOH"GHPDQGDO
K{WH
0LODG\EDOEXWLDG
$UWDJQDQ
(WLOV
pYDQRXLWXQHVHFRQGHIRLV
&
HVWpJDOGLWO
K{WHM
HQSHUGVGHX[PDLVLOPHUHVWHFHOXLOjTXHMH
VXLVVUGHFRQVHUYHUDXPRLQVTXHOTXHVMRXUV&
HVWWRXMRXUVRQ]HpFXVGH
JDJQpV
2QVDLWTXHRQ]HpFXVIDLVDLHQWMXVWHODVRPPHTXLUHVWDLWGDQVODERXUVHGH
G
$UWDJQDQ
/
K{WHDYDLWFRPSWpVXURQ]HMRXUVGHPDODGLHjXQpFXSDUMRXUPDLVLODYDLW

FRPSWpVDQVVRQYR\DJHXU/HOHQGHPDLQGqVFLQTKHXUHVGXPDWLQG
$UWDJQDQVH
OHYDGHVFHQGLWOXLPrPHjODFXLVLQHGHPDQGDRXWUHTXHOTXHVDXWUHV
LQJUpGLHQWVGRQWODOLVWHQ
HVWSDVSDUYHQXHMXVTX
jQRXVGXYLQGHO
KXLOH
GXURPDULQHWODUHFHWWHGHVDPqUHjODPDLQVHFRPSRVDXQEDXPHGRQWLO
RLJQLWVHVQRPEUHXVHVEOHVVXUHVUHQRXYHODQWVHVFRPSUHVVHVOXLPrPHHWQH
YRXODQWDGPHWWUHO
DGMRQFWLRQG
DXFXQPpGHFLQ*UkFHVDQVGRXWHjO
HIILFDFLWp
GXEDXPHGH%RKrPHHWSHXWrWUHDXVVLJUkFHjO
DEVHQFHGHWRXWGRFWHXU
G
$UWDJQDQVHWURXYDVXUSLHGGqVOHVRLUPrPHHWjSHXSUqVJXpULOH
OHQGHPDLQ
0DLVDXPRPHQWGHSD\HUFHURPDULQFHWWHKXLOHHWFHYLQVHXOHGpSHQVHGX
PDvWUHTXLDYDLWJDUGpXQHGLqWHDEVROXHWDQGLVTX
DXFRQWUDLUHOHFKHYDO
MDXQHDXGLUHGHO
K{WHOLHUGXPRLQVDYDLWPDQJpWURLVIRLVSOXVTX
RQQ
HW
UDLVRQQDEOHPHQWSXOHVXSSRVHUSRXUVDWDLOOHG
$UWDJQDQQHWURXYDGDQVVD
SRFKHTXHVDSHWLWHERXUVHGHYHORXUVUkSpDLQVLTXHOHVRQ]HpFXVTX
HOOH
FRQWHQDLWPDLVTXDQWjODOHWWUHDGUHVVpHj0GH7UpYLOOHHOOHDYDLW
GLVSDUX
/HMHXQHKRPPHFRPPHQoDSDUFKHUFKHUFHWWHOHWWUHDYHFXQHJUDQGHSDWLHQFH
WRXUQDQWHWUHWRXUQDQWYLQJWIRLVVHVSRFKHVHWVHVJRXVVHWVIRXLOODQWHW
UHIRXLOODQWGDQVVRQVDFRXYUDQWHWUHIHUPDQWVDERXUVHPDLVORUVTX
LOHXW
DFTXLVODFRQYLFWLRQTXHODOHWWUHpWDLWLQWURXYDEOHLOHQWUDGDQVXQWURLVLqPH
DFFqVGHUDJHTXLIDLOOLWOXLRFFDVLRQQHUXQHQRXYHOOHFRQVRPPDWLRQGHYLQHW
G
KXLOHDURPDWLVpVFDUHQYR\DQWFHWWHMHXQHPDXYDLVHWrWHV
pFKDXIIHUHW
PHQDFHUGHWRXWFDVVHUGDQVO
pWDEOLVVHPHQWVLO
RQQHUHWURXYDLWSDVVDOHWWUH
O
K{WHV
pWDLWGpMjVDLVLG
XQpSLHXVDIHPPHG
XQPDQFKHjEDODLHWVHV
JDUoRQVGHVPrPHVEkWRQVTXLDYDLHQWVHUYLODVXUYHLOOH
0DOHWWUHGHUHFRPPDQGDWLRQV
pFULDG
$UWDJQDQPDOHWWUHGHUHFRPPDQGDWLRQ
VDQJGLHXRXMHYRXVHPEURFKHWRXVFRPPHGHVRUWRODQV
0DOKHXUHXVHPHQWXQHFLUFRQVWDQFHV
RSSRVDLWjFHTXHOHMHXQHKRPPHDFFRPSOvWVD
PHQDFHF
HVWTXHFRPPHQRXVO
DYRQVGLWVRQpSpHDYDLWpWpGDQVVDSUHPLqUH
OXWWHEULVpHHQGHX[PRUFHDX[FHTX
LODYDLWSDUIDLWHPHQWRXEOLp,OHQ
UpVXOWDTXHORUVTXHG
$UWDJQDQYRXOXWHQHIIHWGpJDLQHULOVHWURXYDSXUHPHQW
HWVLPSOHPHQWDUPpG
XQWURQoRQG
pSpHGHKXLWRXGL[SRXFHVjSHXSUqVTXH
O
K{WHDYDLWVRLJQHXVHPHQWUHQIRQFpGDQVOHIRXUUHDX4XDQWDXUHVWHGHODODPH
OHFKHIO
DYDLWDGURLWHPHQWGpWRXUQpSRXUV
HQIDLUHXQHODUGRLUH
&HSHQGDQWFHWWHGpFHSWLRQQ
HWSUREDEOHPHQWSDVDUUrWpQRWUHIRXJXHX[MHXQH
KRPPHVLO
K{WHQ
DYDLWUpIOpFKLTXHODUpFODPDWLRQTXHOXLDGUHVVDLWVRQ
YR\DJHXUpWDLWSDUIDLWHPHQWMXVWH
0DLVDXIDLWGLWLOHQDEDLVVDQWVRQpSLHXRHVWFHWWHOHWWUH"
2XLRHVWFHWWHOHWWUH"FULDG
$UWDJQDQ'
DERUGMHYRXVHQSUpYLHQV
FHWWHOHWWUHHVWSRXU0GH7UpYLOOHHWLOIDXWTX
HOOHVHUHWURXYHRXVL
HOOHQHVHUHWURXYHSDVLOVDXUDELHQODIDLUHUHWURXYHUOXL
&HWWHPHQDFHDFKHYDG
LQWLPLGHUO
K{WH$SUqVOHURLHW0OHFDUGLQDO0GH
7UpYLOOHpWDLWO
KRPPHGRQWOHQRPSHXWrWUHpWDLWOHSOXVVRXYHQWUpSpWpSDU
OHVPLOLWDLUHVHWPrPHSDUOHVERXUJHRLV,O\DYDLWELHQOHSqUH-RVHSKF
HVW
YUDLPDLVVRQQRPjOXLQ
pWDLWMDPDLVSURQRQFpTXHWRXWEDVWDQWpWDLW

JUDQGHODWHUUHXUTX
LQVSLUDLWO
(PLQHQFHJULVHFRPPHRQDSSHODLWOHIDPLOLHU
GXFDUGLQDO
$XVVLMHWDQWVRQpSLHXORLQGHOXLHWRUGRQQDQWjVDIHPPHG
HQIDLUHDXWDQW
GHVRQPDQFKHjEDODLHWjVHVYDOHWVGHOHXUVEkWRQVLOGRQQDOHSUHPLHU
O
H[HPSOHHQVHPHWWDQWOXLPrPHjODUHFKHUFKHGHODOHWWUHSHUGXH
(VWFHTXHFHWWHOHWWUHUHQIHUPDLWTXHOTXHFKRVHGHSUpFLHX["GHPDQGDO
K{WH
DXERXWG
XQLQVWDQWG
LQYHVWLJDWLRQVLQXWLOHV
6DQGLVMHOHFURLVELHQV
pFULDOH*DVFRQTXLFRPSWDLWVXUFHWWHOHWWUH
SRXUIDLUHVRQFKHPLQjODFRXUHOOHFRQWHQDLWPDIRUWXQH
'HVERQVVXUO
(SDUJQH"GHPDQGDO
K{WHLQTXLHW
'HVERQVVXUODWUpVRUHULHSDUWLFXOLqUHGH6D0DMHVWpUpSRQGLW
G
$UWDJQDQTXLFRPSWDQWHQWUHUDXVHUYLFHGXURLJUkFHjFHWWHUHFRPPDQGDWLRQ
FUR\DLWSRXYRLUIDLUHVDQVPHQWLUFHWWHUpSRQVHTXHOTXHSHXKDVDUGpH
'LDEOHILWO
K{WHWRXWjIDLWGpVHVSpUp
0DLVLOQ
LPSRUWHFRQWLQXDG
$UWDJQDQDYHFO
DSORPEQDWLRQDOLOQ
LPSRUWH
HWO
DUJHQWQ
HVWULHQFHWWHOHWWUHpWDLWWRXW-
HXVVHPLHX[DLPpSHUGUH
PLOOHSLVWROHVTXHGHODSHUGUH
,OQHULVTXDLWSDVGDYDQWDJHjGLUHYLQJWPLOOHPDLVXQHFHUWDLQHSXGHXU
MXYpQLOHOHUHWLQW
8QWUDLWGHOXPLqUHIUDSSDWRXWjFRXSO
HVSULWGHO
K{WHTXLVHGRQQDLWDX
GLDEOHHQQHWURXYDQWULHQ
&HWWHOHWWUHQ
HVWSRLQWSHUGXHV
pFULDWLO
$KILWG
$UWDJQDQ
1RQHOOHYRXVDpWpSULVH
3ULVHHWSDUTXL"
3DUOHJHQWLOKRPPHG
KLHU,OHVWGHVFHQGXjODFXLVLQHRpWDLWYRWUH
SRXUSRLQW,O\HVWUHVWpVHXO-HJDJHUDLVTXHF
HVWOXLTXLO
DYROpH
9RXVFUR\H]"UpSRQGLWG
$UWDJQDQSHXFRQYDLQFXFDULOVDYDLWPLHX[TXH
SHUVRQQHO
LPSRUWDQFHWRXWHSHUVRQQHOOHGHFHWWHOHWWUHHWQ
\YR\DLWULHQTXL
SWWHQWHUODFXSLGLWp/HIDLWHVWTX
DXFXQGHVYDOHWVDXFXQGHVYR\DJHXUV
SUpVHQWVQ
HWULHQJDJQpjSRVVpGHUFHSDSLHU
9RXVGLWHVGRQFUHSULWG
$UWDJQDQTXHYRXVVRXSoRQQH]FHWLPSHUWLQHQW
JHQWLOKRPPH
-HYRXVGLVTXHM
HQVXLVVUFRQWLQXDO
K{WHORUVTXHMHOXLDLDQQRQFp
TXH9RWUH6HLJQHXULHpWDLWOHSURWpJpGH0GH7UpYLOOHHWTXHYRXVDYLH]PrPH
XQHOHWWUHSRXUFHWLOOXVWUHJHQWLOKRPPHLODSDUXIRUWLQTXLHWP
DGHPDQGpR

pWDLWFHWWHOHWWUHHWHVWGHVFHQGXLPPpGLDWHPHQWjODFXLVLQHRLOVDYDLW
TX
pWDLWYRWUHSRXUSRLQW
$ORUVF
HVWPRQYROHXUUpSRQGLWG
$UWDJQDQMHP
HQSODLQGUDLj0GH
7UpYLOOHHW0GH7UpYLOOHV
HQSODLQGUDDXURL3XLVLOWLUDPDMHVWXHXVHPHQW
GHX[pFXVGHVDSRFKHOHVGRQQDjO
K{WHTXLO
DFFRPSDJQDOHFKDSHDXjOD
PDLQMXVTX
jODSRUWHUHPRQWDVXUVRQFKHYDOMDXQHTXLOHFRQGXLVLWVDQV
DXWUHLQFLGHQWMXVTX
jODSRUWH6DLQW$QWRLQHj3DULVRVRQSURSULpWDLUHOH
YHQGLWWURLVpFXVFHTXLpWDLWIRUWELHQSD\pDWWHQGXTXHG
$UWDJQDQO
DYDLW
IRUWVXUPHQpSHQGDQWODGHUQLqUHpWDSH$XVVLOHPDTXLJQRQDXTXHOG
$UWDJQDQOH
FpGDPR\HQQDQWOHVQHXIOLYUHVVXVGLWHVQHFDFKDWLOSRLQWDXMHXQHKRPPHTX
LO
Q
HQGRQQDLWFHWWHVRPPHH[RUELWDQWHTX
jFDXVHGHO
RULJLQDOLWpGHVDFRXOHXU
'
$UWDJQDQHQWUDGRQFGDQV3DULVjSLHGSRUWDQWVRQSHWLWSDTXHWVRXVVRQEUDV
HWPDUFKDWDQWTX
LOWURXYkWjORXHUXQHFKDPEUHTXLFRQYvQWjO
H[LJXwWpGHVHV
UHVVRXUFHV&HWWHFKDPEUHIXWXQHHVSqFHGHPDQVDUGHVLVHUXHGHV)RVVR\HXUV
SUqVGX/X[HPERXUJ
$XVVLW{WOHGHQLHUj'LHXGRQQpG
$UWDJQDQSULWSRVVHVVLRQGHVRQORJHPHQW
SDVVDOHUHVWHGHODMRXUQpHjFRXGUHjVRQSRXUSRLQWHWjVHVFKDXVVHVGHV
SDVVHPHQWHULHVTXHVDPqUHDYDLWGpWDFKpHVG
XQSRXUSRLQWSUHVTXHQHXIGH0
G
$UWDJQDQSqUHHWTX
HOOHOXLDYDLWGRQQpHVHQFDFKHWWHSXLVLODOODTXDLGH
OD)HUUDLOOHIDLUHUHPHWWUHXQHODPHjVRQpSpHSXLVLOUHYLQWDX/RXYUH
V
LQIRUPHUDXSUHPLHUPRXVTXHWDLUHTX
LOUHQFRQWUDGHODVLWXDWLRQGHO
K{WHO
GH0GH7UpYLOOHOHTXHOpWDLWVLWXpUXHGX9LHX[&RORPELHUF
HVWjGLUH
MXVWHPHQWGDQVOHYRLVLQDJHGHODFKDPEUHDUUrWpHSDUG
$UWDJQDQFLUFRQVWDQFH
TXLOXLSDUXWG
XQKHXUHX[DXJXUHSRXUOHVXFFqVGHVRQYR\DJH
$SUqVTXRLFRQWHQWGHODIDoRQGRQWLOV
pWDLWFRQGXLWj0HXQJVDQVUHPRUGV
GDQVOHSDVVpFRQILDQWGDQVOHSUpVHQWHWSOHLQG
HVSpUDQFHGDQVO
DYHQLULO
VHFRXFKDHWV
HQGRUPLWGXVRPPHLOGXEUDYH
&HVRPPHLOWRXWSURYLQFLDOHQFRUHOHFRQGXLVLWMXVTX
jQHXIKHXUHVGXPDWLQ
KHXUHjODTXHOOHLOVHOHYDSRXUVHUHQGUHFKH]FHIDPHX[0GH7UpYLOOHOH
WURLVLqPHSHUVRQQDJHGXUR\DXPHG
DSUqVO
HVWLPDWLRQSDWHUQHOOH

&KDSLWUH,,
/
$17,&+$0%5('(0'(75(9,//(

0GH7URLVYLOOHVFRPPHV
DSSHODLWHQFRUHVDIDPLOOHHQ*DVFRJQHRX0GH
7UpYLOOHFRPPHLODYDLWILQLSDUV
DSSHOHUOXLPrPHj3DULVDYDLWUpHOOHPHQW
FRPPHQFpFRPPHG
$UWDJQDQF
HVWjGLUHVDQVXQVRXYDLOODQWPDLVDYHFFHIRQGV
G
DXGDFHG
HVSULWHWG
HQWHQGHPHQWTXLIDLWTXHOHSOXVSDXYUHJHQWLOOkWUH
JDVFRQUHoRLWVRXYHQWSOXVHQVHVHVSpUDQFHVGHO
KpULWDJHSDWHUQHOTXHOHSOXV
ULFKHJHQWLOKRPPHSpULJRXUGLQRXEHUULFKRQQHUHoRLWHQUpDOLWp6DEUDYRXUH
LQVROHQWHVRQERQKHXUSOXVLQVROHQWHQFRUHGDQVXQWHPSVROHVFRXSV
SOHXYDLHQWFRPPHJUrOHO
DYDLHQWKLVVpDXVRPPHWGHFHWWHpFKHOOHGLIILFLOH
TX
RQDSSHOOHODIDYHXUGHFRXUHWGRQWLODYDLWHVFDODGpTXDWUHjTXDWUHOHV

pFKHORQV
,OpWDLWO
DPLGXURLOHTXHOKRQRUDLWIRUWFRPPHFKDFXQVDLWODPpPRLUHGH
VRQSqUH+HQUL,9/HSqUHGH0GH7UpYLOOHO
DYDLWVLILGqOHPHQWVHUYLGDQV
VHVJXHUUHVFRQWUHOD/LJXHTX
jGpIDXWG
DUJHQWFRPSWDQWFKRVHTXLWRXWHOD
YLHPDQTXDDX%pDUQDLVOHTXHOSD\DFRQVWDPPHQWVHVGHWWHVDYHFODVHXOHFKRVH
TX
LOQ
HWMDPDLVEHVRLQG
HPSUXQWHUF
HVWjGLUHDYHFGHO
HVSULWTX
j
GpIDXWG
DUJHQWFRPSWDQWGLVRQVQRXVLOO
DYDLWDXWRULVpDSUqVODUHGGLWLRQ
GH3DULVjSUHQGUHSRXUDUPHVXQOLRQG
RUSDVVDQWVXUJXHXOHVDYHFFHWWH
GHYLVH)LGHOLVHWIRUWLV&
pWDLWEHDXFRXSSRXUO
KRQQHXUPDLVF
pWDLW
PpGLRFUHSRXUOHELHQrWUH$XVVLTXDQGO
LOOXVWUHFRPSDJQRQGXJUDQG+HQUL
PRXUXWLOODLVVDSRXUVHXOKpULWDJHj0RQVLHXUVRQILOVVRQpSpHHWVDGHYLVH
*UkFHjFHGRXEOHGRQHWDXQRPVDQVWDFKHTXLO
DFFRPSDJQDLW0GH7UpYLOOH
IXWDGPLVGDQVODPDLVRQGXMHXQHSULQFHRLOVHUYLWVLELHQGHVRQpSpHHW
IXWVLILGqOHjVDGHYLVHTXH/RXLV;,,,XQHGHVERQQHVODPHVGXUR\DXPH
DYDLWO
KDELWXGHGHGLUHTXHV
LODYDLWXQDPLTXLVHEDWWvWLOOXLGRQQHUDLW
OHFRQVHLOGHSUHQGUHSRXUVHFRQGOXLG
DERUGHW7UpYLOOHDSUqVHWSHXWrWUH
PrPHDYDQWOXL
$XVVL/RXLV;,,,DYDLWLOXQDWWDFKHPHQWUpHOSRXU7UpYLOOHDWWDFKHPHQWUR\DO
DWWDFKHPHQWpJRwVWHF
HVWYUDLPDLVTXLQ
HQpWDLWSDVPRLQVXQDWWDFKHPHQW
&
HVWTXHGDQVFHVWHPSVPDOKHXUHX[RQFKHUFKDLWIRUWjV
HQWRXUHUG
KRPPHVGH
ODWUHPSHGH7UpYLOOH%HDXFRXSSRXYDLHQWSUHQGUHSRXUGHYLVHO
pSLWKqWHGHIRUW
TXLIDLVDLWODVHFRQGHSDUWLHGHVRQH[HUJXHPDLVSHXGHJHQWLOVKRPPHV
SRXYDLHQWUpFODPHUO
pSLWKqWHGHILGqOHTXLHQIRUPDLWODSUHPLqUH7UpYLOOH
pWDLWXQGHFHVGHUQLHUVF
pWDLWXQHGHFHVUDUHVRUJDQLVDWLRQVj
O
LQWHOOLJHQFHREpLVVDQWHFRPPHFHOOHGXGRJXHjODYDOHXUDYHXJOHjO
RHLO
UDSLGHjODPDLQSURPSWHjTXLO
RHLOQ
DYDLWpWpGRQQpTXHSRXUYRLUVLOH
URLpWDLWPpFRQWHQWGHTXHOTX
XQHWODPDLQTXHSRXUIUDSSHUFHGpSODLVDQW
TXHOTX
XQXQ%HVPHXQ0DXUHYHUVXQ3ROWURWGH0pUpXQ9LWU\(QILQj
7UpYLOOHLOQ
DYDLWPDQTXpMXVTXHOjTXHO
RFFDVLRQPDLVLOODJXHWWDLWHW
LOVHSURPHWWDLWELHQGHODVDLVLUSDUVHVWURLVFKHYHX[VLMDPDLVHOOHSDVVDLW
jODSRUWpHGHVDPDLQ$XVVL/RXLV;,,,ILWLOGH7UpYLOOHOHFDSLWDLQHGHVHV
PRXVTXHWDLUHVOHVTXHOVpWDLHQWj/RXLV;,,,SRXUOHGpYRXHPHQWRXSOXW{WSRXU
OHIDQDWLVPHFHTXHVHVRUGLQDLUHVpWDLHQWj+HQUL,,,HWFHTXHVDJDUGH
pFRVVDLVHpWDLWj/RXLV;,
'HVRQF{WpHWVRXVFHUDSSRUWOHFDUGLQDOQ
pWDLWSDVHQUHVWHDYHFOHURL
4XDQGLODYDLWYXODIRUPLGDEOHpOLWHGRQW/RXLV;,,,V
HQWRXUDLWFHVHFRQGRX
SOXW{WFHSUHPLHUURLGH)UDQFHDYDLWYRXOXOXLDXVVLDYRLUVDJDUGH,OHXW
GRQFVHVPRXVTXHWDLUHVFRPPH/RXLV;,,,DYDLWOHVVLHQVHWO
RQYR\DLWFHVGHX[
SXLVVDQFHVULYDOHVWULHUSRXUOHXUVHUYLFHGDQVWRXWHVOHVSURYLQFHVGH)UDQFH
HWPrPHGDQVWRXVOHV(WDWVpWUDQJHUVOHVKRPPHVFpOqEUHVSRXUOHVJUDQGVFRXSV
G
pSpH$XVVL5LFKHOLHXHW/RXLV;,,,VHGLVSXWDLHQWVRXYHQWHQIDLVDQWOHXU
SDUWLHG
pFKHFVOHVRLUDXVXMHWGXPpULWHGHOHXUVVHUYLWHXUV&KDFXQYDQWDLW
ODWHQXHHWOHFRXUDJHGHVVLHQVHWWRXWHQVHSURQRQoDQWWRXWKDXWFRQWUHOHV
GXHOVHWFRQWUHOHVUL[HVLOVOHVH[FLWDLHQWWRXWEDVjHQYHQLUDX[PDLQVHW
FRQFHYDLHQWXQYpULWDEOHFKDJULQRXXQHMRLHLPPRGpUpHGHODGpIDLWHRXGHOD
YLFWRLUHGHVOHXUV$LQVLGXPRLQVOHGLVHQWOHV0pPRLUHVG
XQKRPPHTXLIXW
GDQVTXHOTXHVXQHVGHFHVGpIDLWHVHWGDQVEHDXFRXSGHFHVYLFWRLUHV
7UpYLOOHDYDLWSULVOHF{WpIDLEOHGHVRQPDvWUHHWF
HVWjFHWWHDGUHVVHTX
LO
GHYDLWODORQJXHHWFRQVWDQWHIDYHXUG
XQURLTXLQ
DSDVODLVVpODUpSXWDWLRQ

G
DYRLUpWpWUqVILGqOHjVHVDPLWLpV,OIDLVDLWSDUDGHUVHVPRXVTXHWDLUHV
GHYDQWOHFDUGLQDO$UPDQG'XSOHVVLVDYHFXQDLUQDUTXRLVTXLKpULVVDLWGHFROqUH
ODPRXVWDFKHJULVHGH6RQ(PLQHQFH7UpYLOOHHQWHQGDLWDGPLUDEOHPHQWELHQOD
JXHUUHGHFHWWHpSRTXHRTXDQGRQQHYLYDLWSDVDX[GpSHQVGHO
HQQHPLRQ
YLYDLWDX[GpSHQVGHVHVFRPSDWULRWHVVHVVROGDWVIRUPDLHQWXQHOpJLRQGH
GLDEOHVjTXDWUHLQGLVFLSOLQpHSRXUWRXWDXWUHTXHSRXUOXL
'pEUDLOOpVDYLQpVpFRUFKpVOHVPRXVTXHWDLUHVGXURLRXSOXW{WFHX[GH0GH
7UpYLOOHV
pSDQGDLHQWGDQVOHVFDEDUHWVGDQVOHVSURPHQDGHVGDQVOHVMHX[
SXEOLFVFULDQWIRUWHWUHWURXVVDQWOHXUVPRXVWDFKHVIDLVDQWVRQQHUOHXUV
pSpHVKHXUWDQWDYHFYROXSWpOHVJDUGHVGH0OHFDUGLQDOTXDQGLOVOHV
UHQFRQWUDLHQWSXLVGpJDLQDQWHQSOHLQHUXHDYHFPLOOHSODLVDQWHULHVWXpV
TXHOTXHIRLVPDLVVUVHQFHFDVG
rWUHSOHXUpVHWYHQJpVWXDQWVRXYHQWHW
VUVDORUVGHQHSDVPRLVLUHQSULVRQ0GH7UpYLOOHpWDQWOjSRXUOHV
UpFODPHU$XVVL0GH7UpYLOOHpWDLWLOORXpVXUWRXVOHVWRQVFKDQWpVXU
WRXWHVOHVJDPPHVSDUFHVKRPPHVTXLO
DGRUDLHQWHWTXLWRXWJHQVGHVDFHWGH
FRUGHTX
LOVpWDLHQWWUHPEODLHQWGHYDQWOXLFRPPHGHVpFROLHUVGHYDQWOHXU
PDvWUHREpLVVDQWDXPRLQGUHPRWHWSUrWVjVHIDLUHWXHUSRXUODYHUOHPRLQGUH
UHSURFKH
0GH7UpYLOOHDYDLWXVpGHFHOHYLHUSXLVVDQWSRXUOHURLG
DERUGHWOHVDPLV
GXURLSXLVSRXUOXLPrPHHWSRXUVHVDPLV$XUHVWHGDQVDXFXQGHV0pPRLUHV
GHFHWHPSVTXLDODLVVpWDQWGHPpPRLUHVRQQHYRLWTXHFHGLJQHJHQWLOKRPPH
DLWpWpDFFXVpPrPHSDUVHVHQQHPLVHWLOHQDYDLWDXWDQWSDUPLOHVJHQVGH
SOXPHTXHFKH]OHVJHQVG
pSpHQXOOHSDUWRQQHYRLWGLVRQVQRXVTXHFH
GLJQHJHQWLOKRPPHDLWpWpDFFXVpGHVHIDLUHSD\HUODFRRSpUDWLRQGHVHVVpLGHV
$YHFXQUDUHJpQLHG
LQWULJXHTXLOHUHQGDLWO
pJDOGHVSOXVIRUWVLQWULJDQWV
LOpWDLWUHVWpKRQQrWHKRPPH%LHQSOXVHQGpSLWGHVJUDQGHVHVWRFDGHVTXL
GpKDQFKHQWHWGHVH[HUFLFHVSpQLEOHVTXLIDWLJXHQWLOpWDLWGHYHQXXQGHVSOXV
JDODQWVFRXUHXUVGHUXHOOHVXQGHVSOXVILQVGDPHUHWVXQGHVSOXVDODPELTXpV
GLVHXUVGHSKpEXVGHVRQpSRTXHRQSDUODLWGHVERQQHVIRUWXQHVGH7UpYLOOH
FRPPHRQDYDLWSDUOpYLQJWDQVDXSDUDYDQWGHFHOOHVGH%DVVRPSLHUUHHWFH
Q
pWDLWSDVSHXGLUH/HFDSLWDLQHGHVPRXVTXHWDLUHVpWDLWGRQFDGPLUpFUDLQW
HWDLPpFHTXLFRQVWLWXHO
DSRJpHGHVIRUWXQHVKXPDLQHV
/RXLV;,9DEVRUEDWRXVOHVSHWLWVDVWUHVGHVDFRXUGDQVVRQYDVWHUD\RQQHPHQW
PDLVVRQSqUHVROHLOSOXULEXVLPSDUODLVVDVDVSOHQGHXUSHUVRQQHOOHjFKDFXQ
GHVHVIDYRULVVDYDOHXULQGLYLGXHOOHjFKDFXQGHVHVFRXUWLVDQV2XWUHOH
OHYHUGXURLHWFHOXLGXFDUGLQDORQFRPSWDLWDORUVj3DULVSOXVGHGHX[FHQWV
SHWLWVOHYHUVXQSHXUHFKHUFKpV3DUPLOHVGHX[FHQWVSHWLWVOHYHUVFHOXLGH
7UpYLOOHpWDLWXQGHVSOXVFRXUXV
/DFRXUGHVRQK{WHOVLWXpUXHGX9LHX[&RORPELHUUHVVHPEODLWjXQFDPSHW
FHODGqVVL[KHXUHVGXPDWLQHQpWpHWGqVKXLWKHXUHVHQKLYHU&LQTXDQWHj
VRL[DQWHPRXVTXHWDLUHVTXLVHPEODLHQWV
\UHOD\HUSRXUSUpVHQWHUXQQRPEUH
WRXMRXUVLPSRVDQWV
\SURPHQDLHQWVDQVFHVVHDUPpVHQJXHUUHHWSUrWVjWRXW
/HORQJG
XQGHVHVJUDQGVHVFDOLHUVVXUO
HPSODFHPHQWGHVTXHOVQRWUH
FLYLOLVDWLRQEkWLUDLWXQHPDLVRQWRXWHQWLqUHPRQWDLHQWHWGHVFHQGDLHQWOHV
VROOLFLWHXUVGH3DULVTXLFRXUDLHQWDSUqVXQHIDYHXUTXHOFRQTXHOHV
JHQWLOVKRPPHVGHSURYLQFHDYLGHVG
rWUHHQU{OpVHWOHVODTXDLVFKDPDUUpVGH
WRXWHVFRXOHXUVTXLYHQDLHQWDSSRUWHUj0GH7UpYLOOHOHVPHVVDJHVGHOHXUV
PDvWUHV'DQVO
DQWLFKDPEUHVXUGHORQJXHVEDQTXHWWHVFLUFXODLUHVUHSRVDLHQW
OHVpOXVF
HVWjGLUHFHX[TXLpWDLHQWFRQYRTXpV8QERXUGRQQHPHQWGXUDLWOj

GHSXLVOHPDWLQMXVTX
DXVRLUWDQGLVTXH0GH7UpYLOOHGDQVVRQFDELQHW
FRQWLJXjFHWWHDQWLFKDPEUHUHFHYDLWOHVYLVLWHVpFRXWDLWOHVSODLQWHV
GRQQDLWVHVRUGUHVHWFRPPHOHURLjVRQEDOFRQGX/RXYUHQ
DYDLWTX
jVH
PHWWUHjVDIHQrWUHSRXUSDVVHUODUHYXHGHVKRPPHVHWGHVDUPHV
/HMRXURG
$UWDJQDQVHSUpVHQWDO
DVVHPEOpHpWDLWLPSRVDQWHVXUWRXWSRXUXQ
SURYLQFLDODUULYDQWGHVDSURYLQFHLOHVWYUDLTXHFHSURYLQFLDOpWDLW*DVFRQ
HWTXHVXUWRXWjFHWWHpSRTXHOHVFRPSDWULRWHVGHG
$UWDJQDQDYDLHQWOD
UpSXWDWLRQGHQHSRLQWIDFLOHPHQWVHODLVVHULQWLPLGHU(QHIIHWXQHIRLVTX
RQ
DYDLWIUDQFKLODSRUWHPDVVLYHFKHYLOOpHGHORQJVFORXVjWrWHTXDGUDQJXODLUH
RQWRPEDLWDXPLOLHXG
XQHWURXSHGHJHQVG
pSpHTXLVHFURLVDLHQWGDQVODFRXU
V
LQWHUSHOODQWVHTXHUHOODQWHWMRXDQWHQWUHHX[3RXUVHIUD\HUXQSDVVDJHDX
PLOLHXGHWRXWHVFHVYDJXHVWRXUELOORQQDQWHVLOHWIDOOXrWUHRIILFLHUJUDQG
VHLJQHXURXMROLHIHPPH
&HIXWGRQFDXPLOLHXGHFHWWHFRKXHHWGHFHGpVRUGUHTXHQRWUHMHXQHKRPPH
V
DYDQoDOHFRHXUSDOSLWDQWUDQJHDQWVDORQJXHUDSLqUHOHORQJGHVHVMDPEHV
PDLJUHVHWWHQDQWXQHPDLQDXUHERUGGHVRQIHXWUHDYHFFHGHPLVRXULUHGX
SURYLQFLDOHPEDUUDVVpTXLYHXWIDLUHERQQHFRQWHQDQFH$YDLWLOGpSDVVpXQ
JURXSHDORUVLOUHVSLUDLWSOXVOLEUHPHQWPDLVLOFRPSUHQDLWTX
RQVH
UHWRXUQDLWSRXUOHUHJDUGHUHWSRXUODSUHPLqUHIRLVGHVDYLHG
$UWDJQDQTXL
MXVTX
jFHMRXUDYDLWXQHDVVH]ERQQHRSLQLRQGHOXLPrPHVHWURXYDULGLFXOH
$UULYpjO
HVFDOLHUFHIXWSLVHQFRUHLO\DYDLWVXUOHVSUHPLqUHVPDUFKHV
TXDWUHPRXVTXHWDLUHVTXLVHGLYHUWLVVDLHQWjO
H[HUFLFHVXLYDQWWDQGLVTXHGL[
RXGRX]HGHOHXUVFDPDUDGHVDWWHQGDLHQWVXUOHSDOLHUTXHOHXUWRXUYvQWGH
SUHQGUHSODFHjODSDUWLH
8QG
HX[SODFpVXUOHGHJUpVXSpULHXUO
pSpHQXHjODPDLQHPSrFKDLWRXGX
PRLQVV
HIIRUoDLWG
HPSrFKHUOHVWURLVDXWUHVGHPRQWHU
&HVWURLVDXWUHVV
HVFULPDLHQWFRQWUHOXLGHOHXUVpSpHVIRUWDJLOHV'
$UWDJQDQ
SULWG
DERUGFHVIHUVSRXUGHVIOHXUHWVG
HVFULPHLOOHVFUXWERXWRQQpVPDLV
LOUHFRQQXWELHQW{WjFHUWDLQHVpJUDWLJQXUHVTXHFKDTXHDUPHDXFRQWUDLUH
pWDLWDIILOpHHWDLJXLVpHjVRXKDLWHWjFKDFXQHGHFHVpJUDWLJQXUHVQRQ
VHXOHPHQWOHVVSHFWDWHXUVPDLVHQFRUHOHVDFWHXUVULDLHQWFRPPHGHVIRXV
&HOXLTXLRFFXSDLWOHGHJUpHQFHPRPHQWWHQDLWPHUYHLOOHXVHPHQWVHVDGYHUVDLUHV
HQUHVSHFW2QIDLVDLWFHUFOHDXWRXUG
HX[ODFRQGLWLRQSRUWDLWTX
jFKDTXH
FRXSOHWRXFKpTXLWWHUDLWODSDUWLHHQSHUGDQWVRQWRXUG
DXGLHQFHDXSURILWGX
WRXFKHXU(QFLQTPLQXWHVWURLVIXUHQWHIIOHXUpVO
XQDXSRLJQHWO
DXWUHDX
PHQWRQO
DXWUHjO
RUHLOOHSDUOHGpIHQVHXUGXGHJUpTXLOXLPrPHQHIXWSDV
DWWHLQWDGUHVVHTXLOXLYDOXWVHORQOHVFRQYHQWLRQVDUUrWpHVWURLVWRXUVGH
IDYHXU
6LGLIILFLOHQRQSDVTX
LOIWPDLVTX
LOYRXOWrWUHjpWRQQHUFHSDVVH
WHPSVpWRQQDQRWUHMHXQHYR\DJHXULODYDLWYXGDQVVDSURYLQFHFHWWHWHUUHR
V
pFKDXIIHQWFHSHQGDQWVLSURPSWHPHQWOHVWrWHVXQSHXSOXVGHSUpOLPLQDLUHV
DX[GXHOVHWODJDVFRQQDGHGHFHVTXDWUHMRXHXUVOXLSDUXWODSOXVIRUWHGH
WRXWHVFHOOHVTX
LODYDLWRXwHVMXVTX
DORUVPrPHHQ*DVFRJQH,OVHFUXW
WUDQVSRUWpGDQVFHIDPHX[SD\VGHVJpDQWVR*XOOLYHUDOODGHSXLVHWHXWVL
JUDQGSHXUHWFHSHQGDQWLOQ
pWDLWSDVDXERXWUHVWDLHQWOHSDOLHUHW
O
DQWLFKDPEUH

6XUOHSDOLHURQQHVHEDWWDLWSOXVRQUDFRQWDLWGHVKLVWRLUHVGHIHPPHVHW
GDQVO
DQWLFKDPEUHGHVKLVWRLUHVGHFRXU6XUOHSDOLHUG
$UWDJQDQURXJLW
GDQVO
DQWLFKDPEUHLOIULVVRQQD6RQLPDJLQDWLRQpYHLOOpHHWYDJDERQGHTXLHQ
*DVFRJQHOHUHQGDLWUHGRXWDEOHDX[MHXQHVIHPPHVGHFKDPEUHHWPrPHTXHOTXHIRLV
DX[MHXQHVPDvWUHVVHVQ
DYDLWMDPDLVUrYpPrPHGDQVFHVPRPHQWVGHGpOLUHOD
PRLWLpGHFHVPHUYHLOOHVDPRXUHXVHVHWOHTXDUWGHFHVSURXHVVHVJDODQWHV
UHKDXVVpHVGHVQRPVOHVSOXVFRQQXVHWGHVGpWDLOVOHVPRLQVYRLOpV0DLVVLVRQ
DPRXUSRXUOHVERQQHVPRHXUVIXWFKRTXpVXUOHSDOLHUVRQUHVSHFWSRXUOH
FDUGLQDOIXWVFDQGDOLVpGDQVO
DQWLFKDPEUH/jjVRQJUDQGpWRQQHPHQW
G
$UWDJQDQHQWHQGDLWFULWLTXHUWRXWKDXWODSROLWLTXHTXLIDLVDLWWUHPEOHU
O
(XURSHHWODYLHSULYpHGXFDUGLQDOTXHWDQWGHKDXWVHWSXLVVDQWVVHLJQHXUV
DYDLHQWpWpSXQLVG
DYRLUWHQWpG
DSSURIRQGLUFHJUDQGKRPPHUpYpUpSDU0
G
$UWDJQDQSqUHVHUYDLWGHULVpHDX[PRXVTXHWDLUHVGH0GH7UpYLOOHTXL
UDLOODLHQWVHVMDPEHVFDJQHXVHVHWVRQGRVYRWpTXHOTXHVXQVFKDQWDLHQWGHV
QRsOVVXU0PHG
$LJXLOORQVDPDvWUHVVHHW0PHGH&RPEDOHWVDQLqFHWDQGLV
TXHOHVDXWUHVOLDLHQWGHVSDUWLHVFRQWUHOHVSDJHVHWOHVJDUGHVGX
FDUGLQDOGXFWRXWHVFKRVHVTXLSDUDLVVDLHQWjG
$UWDJQDQGHPRQVWUXHXVHV
LPSRVVLELOLWpV
&HSHQGDQWTXDQGOHQRPGXURLLQWHUYHQDLWSDUIRLVWRXWjFRXSjO
LPSURYLVWHDX
PLOLHXGHWRXVFHVTXROLEHWVFDUGLQDOHVTXHVXQHHVSqFHGHEkLOORQFDOIHXWUDLW
SRXUXQPRPHQWWRXWHVFHVERXFKHVPRTXHXVHVRQUHJDUGDLWDYHFKpVLWDWLRQ
DXWRXUGHVRLHWO
RQVHPEODLWFUDLQGUHO
LQGLVFUpWLRQGHODFORLVRQGXFDELQHW
GH0GH7UpYLOOHPDLVELHQW{WXQHDOOXVLRQUDPHQDLWODFRQYHUVDWLRQVXU6RQ
(PLQHQFHHWDORUVOHVpFODWVUHSUHQDLHQWGHSOXVEHOOHHWODOXPLqUHQ
pWDLW
PpQDJpHVXUDXFXQHGHVHVDFWLRQV
&HUWHVYRLOjGHVJHQVTXLYRQWrWUHHPEDVWLOOpVHWSHQGXVSHQVDG
$UWDJQDQ
DYHFWHUUHXUHWPRLVDQVDXFXQGRXWHDYHFHX[FDUGXPRPHQWRMHOHVDL
pFRXWpVHWHQWHQGXVMHVHUDLWHQXSRXUOHXUFRPSOLFH4XHGLUDLW0RQVLHXUPRQ
SqUHTXLP
DVLIRUWUHFRPPDQGpOHUHVSHFWGXFDUGLQDOV
LOPHVDYDLWGDQVOD
VRFLpWpGHSDUHLOVSDwHQV"
$XVVLFRPPHRQV
HQGRXWHVDQVTXHMHOHGLVHG
$UWDJQDQQ
RVDLWVHOLYUHUj
ODFRQYHUVDWLRQVHXOHPHQWLOUHJDUGDLWGHWRXVVHV\HX[pFRXWDQWGHWRXWHV
VHVRUHLOOHVWHQGDQWDYLGHPHQWVHVFLQTVHQVSRXUQHULHQSHUGUHHWPDOJUpVD
FRQILDQFHGDQVOHVUHFRPPDQGDWLRQVSDWHUQHOOHVLOVHVHQWDLWSRUWpSDUVHV
JRWVHWHQWUDvQpSDUVHVLQVWLQFWVjORXHUSOXW{WTX
jEOkPHUOHVFKRVHV
LQRXwHVTXLVHSDVVDLHQWOj
&HSHQGDQWFRPPHLOpWDLWDEVROXPHQWpWUDQJHUjODIRXOHGHVFRXUWLVDQVGH0GH
7UpYLOOHHWTXHF
pWDLWODSUHPLqUHIRLVTX
RQO
DSHUFHYDLWHQFHOLHXRQYLQW
OXLGHPDQGHUFHTX
LOGpVLUDLW$FHWWHGHPDQGHG
$UWDJQDQVHQRPPDIRUW
KXPEOHPHQWV
DSSX\DGXWLWUHGHFRPSDWULRWHHWSULDOHYDOHWGHFKDPEUHTXL
pWDLWYHQXOXLIDLUHFHWWHTXHVWLRQGHGHPDQGHUSRXUOXLj0GH7UpYLOOHXQ
PRPHQWG
DXGLHQFHGHPDQGHTXHFHOXLFLSURPLWG
XQWRQSURWHFWHXUGH
WUDQVPHWWUHHQWHPSVHWOLHX
'
$UWDJQDQXQSHXUHYHQXGHVDVXUSULVHSUHPLqUHHXWGRQFOHORLVLUG
pWXGLHU
XQSHXOHVFRVWXPHVHWOHVSK\VLRQRPLHV
$XFHQWUHGXJURXSHOHSOXVDQLPppWDLWXQPRXVTXHWDLUHGHJUDQGHWDLOOHG
XQH

ILJXUHKDXWDLQHHWG
XQHEL]DUUHULHGHFRVWXPHTXLDWWLUDLWVXUOXLO
DWWHQWLRQ
JpQpUDOH,OQHSRUWDLWSDVSRXUOHPRPHQWODFDVDTXHG
XQLIRUPHTXLDX
UHVWHQ
pWDLWSDVDEVROXPHQWREOLJDWRLUHGDQVFHWWHpSRTXHGHOLEHUWpPRLQGUH
PDLVG
LQGpSHQGDQFHSOXVJUDQGHPDLVXQMXVWDXFRUSVEOHXGHFLHOWDQWVRLWSHX
IDQpHWUkSpHWVXUFHWKDELWXQEDXGULHUPDJQLILTXHHQEURGHULHVG
RUHWTXL
UHOXLVDLWFRPPHOHVpFDLOOHVGRQWO
HDXVHFRXYUHDXJUDQGVROHLO8QPDQWHDX
ORQJGHYHORXUVFUDPRLVLWRPEDLWDYHFJUkFHVXUVHVpSDXOHVGpFRXYUDQWSDU
GHYDQWVHXOHPHQWOHVSOHQGLGHEDXGULHUDXTXHOSHQGDLWXQHJLJDQWHVTXHUDSLqUH
&HPRXVTXHWDLUHYHQDLWGHGHVFHQGUHGHJDUGHjO
LQVWDQWPrPHVHSODLJQDLW
G
rWUHHQUKXPpHWWRXVVDLWGHWHPSVHQWHPSVDYHFDIIHFWDWLRQ$XVVLDYDLWLO
SULVOHPDQWHDXjFHTX
LOGLVDLWDXWRXUGHOXLHWWDQGLVTX
LOSDUODLWGX
KDXWGHVDWrWHHQIULVDQWGpGDLJQHXVHPHQWVDPRXVWDFKHRQDGPLUDLWDYHF
HQWKRXVLDVPHOHEDXGULHUEURGpHWG
$UWDJQDQSOXVTXHWRXWDXWUH
4XHYRXOH]YRXVGLVDLWOHPRXVTXHWDLUHODPRGHHQYLHQWF
HVWXQHIROLH
MHOHVDLVELHQPDLVF
HVWODPRGH'
DLOOHXUVLOIDXWELHQHPSOR\HUjTXHOTXH
FKRVHO
DUJHQWGHVDOpJLWLPH
$K3RUWKRVV
pFULDXQGHVDVVLVWDQWVQ
HVVDLHSDVGHQRXVIDLUHFURLUH
TXHFHEDXGULHUWHYLHQWGHODJpQpURVLWpSDWHUQHOOHLOW
DXUDpWpGRQQpSDU
ODGDPHYRLOpHDYHFODTXHOOHMHW
DLUHQFRQWUpO
DXWUHGLPDQFKHYHUVODSRUWH
6DLQW+RQRUp
1RQVXUPRQKRQQHXUHWIRLGHJHQWLOKRPPHMHO
DLDFKHWpPRLPrPHHWGH
PHVSURSUHVGHQLHUVUpSRQGLWFHOXLTX
RQYHQDLWGHGpVLJQHUVRXVOHQRPGH
3RUWKRV
2XLFRPPHM
DLDFKHWpPRLGLWXQDXWUHPRXVTXHWDLUHFHWWHERXUVHQHXYH
DYHFFHTXHPDPDvWUHVVHDYDLWPLVGDQVODYLHLOOH
9UDLGLW3RUWKRVHWODSUHXYHF
HVWTXHMHO
DLSD\pGRX]HSLVWROHV
/
DGPLUDWLRQUHGRXEODTXRLTXHOHGRXWHFRQWLQXkWG
H[LVWHU
1
HVWFHSDV$UDPLV"GLW3RUWKRVVHWRXUQDQWYHUVXQDXWUHPRXVTXHWDLUH
&HWDXWUHPRXVTXHWDLUHIRUPDLWXQFRQWUDVWHSDUIDLWDYHFFHOXLTXL
O
LQWHUURJHDLWHWTXLYHQDLWGHOHGpVLJQHUVRXVOHQRPG
$UDPLVF
pWDLWXQ
MHXQHKRPPHGHYLQJWGHX[jYLQJWWURLVDQVjSHLQHjODILJXUHQDwYHHW
GRXFHUHXVHjO
RHLOQRLUHWGRX[HWDX[MRXHVURVHVHWYHORXWpHVFRPPHXQH
SrFKHHQDXWRPQHVDPRXVWDFKHILQHGHVVLQDLWVXUVDOqYUHVXSpULHXUHXQHOLJQH
G
XQHUHFWLWXGHSDUIDLWHVHVPDLQVVHPEODLHQWFUDLQGUHGHV
DEDLVVHUGHSHXU
TXHOHXUVYHLQHVQHVHJRQIODVVHQWHWGHWHPSVHQWHPSVLOVHSLQoDLWOHERXW
GHVRUHLOOHVSRXUOHVPDLQWHQLUG
XQLQFDUQDWWHQGUHHWWUDQVSDUHQW'
KDELWXGH
LOSDUODLWSHXHWOHQWHPHQWVDOXDLWEHDXFRXSULDLWVDQVEUXLWHQPRQWUDQWVHV
GHQWVTX
LODYDLWEHOOHVHWGRQWFRPPHGXUHVWHGHVDSHUVRQQHLOVHPEODLW
SUHQGUHOHSOXVJUDQGVRLQ,OUpSRQGLWSDUXQVLJQHGHWrWHDIILUPDWLIj
O
LQWHUSHOODWLRQGHVRQDPL
&HWWHDIILUPDWLRQSDUXWDYRLUIL[pWRXVOHVGRXWHVjO
HQGURLWGXEDXGULHURQ
FRQWLQXDGRQFGHO
DGPLUHUPDLVRQQ
HQSDUODSOXVHWSDUXQGHFHV
UHYLUHPHQWVUDSLGHVGHODSHQVpHODFRQYHUVDWLRQSDVVDWRXWjFRXSjXQDXWUH

VXMHW
4XHSHQVH]YRXVGHFHTXHUDFRQWHO
pFX\HUGH&KDODLV"GHPDQGDXQDXWUH
PRXVTXHWDLUHVDQVLQWHUSHOOHUGLUHFWHPHQWSHUVRQQHPDLVV
DGUHVVDQWDX
FRQWUDLUHjWRXWOHPRQGH
(WTXHUDFRQWHWLO"GHPDQGD3RUWKRVG
XQWRQVXIILVDQW
,OUDFRQWHTX
LODWURXYpj%UX[HOOHV5RFKHIRUWO
kPHGDPQpHGXFDUGLQDO
GpJXLVpHQFDSXFLQFH5RFKHIRUWPDXGLWJUkFHjFHGpJXLVHPHQWDYDLWMRXp0
GH/DLJXHVFRPPHXQQLDLVTX
LOHVW
&RPPHXQYUDLQLDLVGLW3RUWKRVPDLVODFKRVHHVWHOOHVUH"
-HODWLHQVG
$UDPLVUpSRQGLWOHPRXVTXHWDLUH
9UDLPHQW"
(KYRXVOHVDYH]ELHQ3RUWKRVGLW$UDPLVMHYRXVO
DLUDFRQWpHj
YRXVPrPHKLHUQ
HQSDUORQVGRQFSOXV
1
HQSDUORQVSOXVYRLOjYRWUHRSLQLRQjYRXVUHSULW3RUWKRV1
HQSDUORQV
SOXVSHVWHFRPPHYRXVFRQFOXH]YLWH&RPPHQWOHFDUGLQDOIDLWHVSLRQQHUXQ
JHQWLOKRPPHIDLWYROHUVDFRUUHVSRQGDQFHSDUXQWUDvWUHXQEULJDQGXQSHQGDUG
IDLWDYHFO
DLGHGHFHWHVSLRQHWJUkFHjFHWWHFRUUHVSRQGDQFHFRXSHUOHFRX
j&KDODLVVRXVOHVWXSLGHSUpWH[WHTX
LODYRXOXWXHUOHURLHWPDULHU0RQVLHXU
DYHFODUHLQH3HUVRQQHQHVDYDLWXQPRWGHFHWWHpQLJPHYRXVQRXVO
DSSUHQH]
KLHUjODJUDQGHVDWLVIDFWLRQGHWRXVHWTXDQGQRXVVRPPHVHQFRUHWRXWpEDKLV
GHFHWWHQRXYHOOHYRXVYHQH]QRXVGLUHDXMRXUG
KXL1
HQSDUORQVSOXV
3DUORQVHQGRQFYR\RQVSXLVTXHYRXVOHGpVLUH]UHSULW$UDPLVDYHF
SDWLHQFH
&H5RFKHIRUWV
pFULD3RUWKRVVLM
pWDLVO
pFX\HUGXSDXYUH&KDODLV
SDVVHUDLWDYHFPRLXQYLODLQPRPHQW
(WYRXVYRXVSDVVHULH]XQWULVWHTXDUWG
KHXUHDYHFOHGXF5RXJHUHSULW
$UDPLV
$KOHGXF5RXJHEUDYREUDYROHGXF5RXJHUpSRQGLW3RUWKRVHQEDWWDQW
GHVPDLQVHWHQDSSURXYDQWGHODWrWH/HGXF5RXJHHVWFKDUPDQW-H
UpSDQGUDLOHPRWPRQFKHUVR\H]WUDQTXLOOH$WLOGHO
HVSULWFHW$UDPLV
4XHOPDOKHXUTXHYRXVQ
D\H]SDVSXVXLYUHYRWUHYRFDWLRQPRQFKHUTXHO
GpOLFLHX[DEEpYRXVHXVVLH]IDLW
2KFHQ
HVWTX
XQUHWDUGPRPHQWDQpUHSULW$UDPLVXQMRXUMHOHVHUDL
9RXVVDYH]ELHQ3RUWKRVTXHMHFRQWLQXHG
pWXGLHUODWKpRORJLHSRXUFHOD
,OOHIHUDFRPPHLOOHGLWUHSULW3RUWKRVLOOHIHUDW{WRXWDUG
7{WGLW$UDPLV
,OQ
DWWHQGTX
XQHFKRVHSRXUOHGpFLGHUWRXWjIDLWHWSRXUUHSUHQGUHVD

VRXWDQHTXLHVWSHQGXHGHUULqUHVRQXQLIRUPHUHSULWXQPRXVTXHWDLUH
(WTXHOOHFKRVHDWWHQGLO"GHPDQGDXQDXWUH
,ODWWHQGTXHODUHLQHDLWGRQQpXQKpULWLHUjODFRXURQQHGH)UDQFH
1HSODLVDQWRQVSDVOjGHVVXV0HVVLHXUVGLW3RUWKRVJUkFHj'LHXODUHLQH
HVWHQFRUHG
kJHjOHGRQQHU
2QGLWTXH0GH%XFNLQJKDPHVWHQ)UDQFHUHSULW$UDPLVDYHFXQULUH
QDUTXRLVTXLGRQQDLWjFHWWHSKUDVHVLVLPSOHHQDSSDUHQFHXQHVLJQLILFDWLRQ
SDVVDEOHPHQWVFDQGDOHXVH
$UDPLVPRQDPLSRXUFHWWHIRLVYRXVDYH]WRUWLQWHUURPSLW3RUWKRVHW
YRWUHPDQLHG
HVSULWYRXVHQWUDvQHWRXMRXUVDXGHOjGHVERUQHVVL0GH
7UpYLOOHYRXVHQWHQGDLWYRXVVHULH]PDOYHQXGHSDUOHUDLQVL
$OOH]YRXVPHIDLUHODOHoRQ3RUWKRV"V
pFULD$UDPLVGDQVO
RHLOGRX[
GXTXHORQYLWSDVVHUFRPPHXQpFODLU
0RQFKHUVR\H]PRXVTXHWDLUHRXDEEp6R\H]O
XQRXO
DXWUHPDLVSDVO
XQHW
O
DXWUHUHSULW3RUWKRV7HQH]$WKRVYRXVO
DGLWHQFRUHO
DXWUHMRXUYRXV
PDQJH]jWRXVOHVUkWHOLHUV$KQHQRXVIkFKRQVSDVMHYRXVSULHFHVHUDLW
LQXWLOHYRXVVDYH]ELHQFHTXLHVWFRQYHQXHQWUHYRXV$WKRVHWPRL9RXVDOOH]
FKH]0PHG
$LJXLOORQHWYRXVOXLIDLWHVODFRXUYRXVDOOH]FKH]0PHGH
%RLV7UDF\ODFRXVLQHGH0PHGH&KHYUHXVHHWYRXVSDVVH]SRXUrWUHIRUWHQ
DYDQWGDQVOHVERQQHVJUkFHVGHODGDPH2KPRQ'LHXQ
DYRXH]SDVYRWUH
ERQKHXURQQHYRXVGHPDQGHSDVYRWUHVHFUHWRQFRQQDvWYRWUHGLVFUpWLRQ0DLV
SXLVTXHYRXVSRVVpGH]FHWWHYHUWXTXHGLDEOH)DLWHVHQXVDJHjO
HQGURLWGH
6D0DMHVWp6
RFFXSHTXLYRXGUDHWFRPPHRQYRXGUDGXURLHWGXFDUGLQDOPDLV
ODUHLQHHVWVDFUpHHWVLO
RQHQSDUOHTXHFHVRLWHQELHQ
3RUWKRVYRXVrWHVSUpWHQWLHX[FRPPH1DUFLVVHMHYRXVHQSUpYLHQVUpSRQGLW
$UDPLVYRXVVDYH]TXHMHKDLVODPRUDOHH[FHSWpTXDQGHOOHHVWIDLWHSDU
$WKRV4XDQWjYRXVPRQFKHUYRXVDYH]XQWURSPDJQLILTXHEDXGULHUSRXUrWUH
ELHQIRUWOjGHVVXV-HVHUDLDEEpV
LOPHFRQYLHQWHQDWWHQGDQWMHVXLV
PRXVTXHWDLUHHQFHWWHTXDOLWpMHGLVFHTX
LOPHSODvWHWHQFHPRPHQWLOPH
SODvWGHYRXVGLUHTXHYRXVP
LPSDWLHQWH]
$UDPLV
3RUWKRV
(K0HVVLHXUV0HVVLHXUVV
pFULDWRQDXWRXUG
HX[
0GH7UpYLOOHDWWHQG0G
$UWDJQDQLQWHUURPSLWOHODTXDLVHQRXYUDQWOD
SRUWHGXFDELQHW
$FHWWHDQQRQFHSHQGDQWODTXHOOHODSRUWHGHPHXUDLWRXYHUWHFKDFXQVHWXWHW
DXPLOLHXGXVLOHQFHJpQpUDOOHMHXQH*DVFRQWUDYHUVDO
DQWLFKDPEUHGDQVXQH
SDUWLHGHVDORQJXHXUHWHQWUDFKH]OHFDSLWDLQHGHVPRXVTXHWDLUHVVH
IpOLFLWDQWGHWRXWVRQFRHXUG
pFKDSSHUDXVVLjSRLQWjODILQGHFHWWHEL]DUUH
TXHUHOOH


&KDSLWUH,,,
/
$8',(1&(

0GH7UpYLOOHpWDLWSRXUOHPRPHQWGHIRUWPpFKDQWHKXPHXUQpDQPRLQVLOVDOXD
SROLPHQWOHMHXQHKRPPHTXLV
LQFOLQDMXVTX
jWHUUHHWLOVRXULWHQUHFHYDQW
VRQFRPSOLPHQWGRQWO
DFFHQWEpDUQDLVOXLUDSSHODjODIRLVVDMHXQHVVHHWVRQ
SD\VGRXEOHVRXYHQLUTXLIDLWVRXULUHO
KRPPHjWRXVOHVkJHV0DLVVH
UDSSURFKDQWSUHVTXHDXVVLW{WGHO
DQWLFKDPEUHHWIDLVDQWjG
$UWDJQDQXQVLJQH
GHODPDLQFRPPHSRXUOXLGHPDQGHUODSHUPLVVLRQG
HQILQLUDYHFOHVDXWUHV
DYDQWGHFRPPHQFHUDYHFOXLLODSSHODWURLVIRLVHQJURVVLVVDQWODYRL[j
FKDTXHIRLVGHVRUWHTX
LOSDUFRXUXWWRXVOHVWRQVLQWHUYDOODLUHVHQWUH
O
DFFHQWLPSpUDWLIHWO
DFFHQWLUULWp
$WKRV3RUWKRV$UDPLV
/HVGHX[PRXVTXHWDLUHVDYHFOHVTXHOVQRXVDYRQVGpMjIDLWFRQQDLVVDQFHHWTXL
UpSRQGDLHQWDX[GHX[GHUQLHUVGHFHVWURLVQRPVTXLWWqUHQWDXVVLW{WOHVJURXSHV
GRQWLOVIDLVDLHQWSDUWLHHWV
DYDQFqUHQWYHUVOHFDELQHWGRQWODSRUWHVH
UHIHUPDGHUULqUHHX[GqVTX
LOVHQHXUHQWIUDQFKLOHVHXLO/HXUFRQWHQDQFH
ELHQTX
HOOHQHIWSDVWRXWjIDLWWUDQTXLOOHH[FLWDFHSHQGDQWSDUVRQ
ODLVVHUDOOHUjODIRLVSOHLQGHGLJQLWpHWGHVRXPLVVLRQO
DGPLUDWLRQGH
G
$UWDJQDQTXLYR\DLWGDQVFHVKRPPHVGHVGHPLGLHX[HWGDQVOHXUFKHIXQ
-XSLWHURO\PSLHQDUPpGHWRXVVHVIRXGUHV
4XDQGOHVGHX[PRXVTXHWDLUHVIXUHQWHQWUpVTXDQGODSRUWHIXWUHIHUPpHGHUULqUH
HX[TXDQGOHPXUPXUHERXUGRQQDQWGHO
DQWLFKDPEUHDXTXHOO
DSSHOTXLYHQDLW
G
rWUHIDLWDYDLWVDQVGRXWHGRQQpXQQRXYHODOLPHQWHXWUHFRPPHQFpTXDQG
HQILQ0GH7UpYLOOHHXWWURLVRXTXDWUHIRLVDUSHQWpVLOHQFLHX[HWOHVRXUFLO
IURQFpWRXWHODORQJXHXUGHVRQFDELQHWSDVVDQWFKDTXHIRLVGHYDQW3RUWKRVHW
$UDPLVURLGHVHWPXHWVFRPPHjODSDUDGHLOV
DUUrWDWRXWjFRXSHQIDFH
G
HX[HWOHVFRXYUDQWGHVSLHGVjODWrWHG
XQUHJDUGLUULWp
6DYH]YRXVFHTXHP
DGLWOHURLV
pFULDWLOHWFHODSDVSOXVWDUGTX
KLHU
DXVRLU"OHVDYH]YRXV0HVVLHXUV"
1RQUpSRQGLUHQWDSUqVXQLQVWDQWGHVLOHQFHOHVGHX[PRXVTXHWDLUHVQRQ
0RQVLHXUQRXVO
LJQRURQV
0DLVM
HVSqUHTXHYRXVQRXVIHUH]O
KRQQHXUGHQRXVOHGLUHDMRXWD$UDPLVGH
VRQWRQOHSOXVSROLHWDYHFODSOXVJUDFLHXVHUpYpUHQFH
,OP
DGLWTX
LOUHFUXWHUDLWGpVRUPDLVVHVPRXVTXHWDLUHVSDUPLOHVJDUGHVGH
0OHFDUGLQDO
3DUPLOHVJDUGHVGH0OHFDUGLQDOHWSRXUTXRLFHOD"GHPDQGDYLYHPHQW
3RUWKRV

3DUFHTX
LOYR\DLWELHQTXHVDSLTXHWWHDYDLWEHVRLQG
rWUHUDJDLOODUGLHSDU
XQPpODQJHGHERQYLQ
/HVGHX[PRXVTXHWDLUHVURXJLUHQWMXVTX
DXEODQFGHV\HX['
$UWDJQDQQHVDYDLW
RLOHQpWDLWHWHWYRXOXrWUHjFHQWSLHGVVRXVWHUUH
2XLRXLFRQWLQXD0GH7UpYLOOHHQV
DQLPDQWRXLHW6D0DMHVWpDYDLW
UDLVRQFDUVXUPRQKRQQHXULOHVWYUDLTXHOHVPRXVTXHWDLUHVIRQWWULVWH
ILJXUHjODFRXU0OHFDUGLQDOUDFRQWDLWKLHUDXMHXGXURLDYHFXQDLUGH
FRQGROpDQFHTXLPHGpSOXWIRUWTX
DYDQWKLHUFHVGDPQpVPRXVTXHWDLUHVFHV
GLDEOHVjTXDWUHLODSSX\DLWVXUFHVPRWVDYHFXQDFFHQWLURQLTXHTXLPH
GpSOXWHQFRUHGDYDQWDJHFHVSRXUIHQGHXUVDMRXWDLWLOHQPHUHJDUGDQWGHVRQ
RHLOGHFKDWWLJUHV
pWDLHQWDWWDUGpVUXH)pURXGDQVXQFDEDUHWHWTX
XQH
URQGHGHVHVJDUGHVM
DLFUXTX
LODOODLWPHULUHDXQH]DYDLWpWpIRUFpH
G
DUUrWHUOHVSHUWXUEDWHXUV0RUEOHXYRXVGHYH]HQVDYRLUTXHOTXHFKRVH
$UUrWHUGHVPRXVTXHWDLUHV9RXVHQpWLH]YRXVDXWUHVQHYRXVHQGpIHQGH]SDV
RQYRXVDUHFRQQXVHWOHFDUGLQDOYRXVDQRPPpV9RLOjELHQPDIDXWHRXLPD
IDXWHSXLVTXHF
HVWPRLTXLFKRLVLVPHVKRPPHV9R\RQVYRXV$UDPLVSRXUTXRL
GLDEOHP
DYH]YRXVGHPDQGpODFDVDTXHTXDQGYRXVDOOLH]rWUHVLELHQVRXVOD
VRXWDQH"9R\RQVYRXV3RUWKRVQ
DYH]YRXVXQVLEHDXEDXGULHUG
RUTXHSRXU\
VXVSHQGUHXQHpSpHGHSDLOOH"(W$WKRVMHQHYRLVSDV$WKRV2HVWLO"
0RQVLHXUUpSRQGLWWULVWHPHQW$UDPLVLOHVWPDODGHIRUWPDODGH
0DODGHIRUWPDODGHGLWHVYRXV"HWGHTXHOOHPDODGLH"
2QFUDLQWTXHFHQHVRLWGHODSHWLWHYpUROH0RQVLHXUUpSRQGLW3RUWKRV
YRXODQWPrOHUjVRQWRXUXQPRWjODFRQYHUVDWLRQHWFHTXLVHUDLWIkFKHX[HQ
FHTXHWUqVFHUWDLQHPHQWFHODJkWHUDLWVRQYLVDJH
'HODSHWLWHYpUROH9RLOjHQFRUHXQHJORULHXVHKLVWRLUHTXHYRXVPHFRQWH]
Oj3RUWKRV0DODGHGHODSHWLWHYpUROHjVRQkJH"1RQSDVPDLV
EOHVVpVDQVGRXWHWXpSHXWrWUH$KVLMHOHVDYDLV6DQJGLHX
0HVVLHXUVOHVPRXVTXHWDLUHVMHQ
HQWHQGVSDVTXHO
RQKDQWHDLQVLOHVPDXYDLV
OLHX[TX
RQVHSUHQQHGHTXHUHOOHGDQVODUXHHWTX
RQMRXHGHO
pSpHGDQVOHV
FDUUHIRXUV-HQHYHX[SDVHQILQTX
RQSUrWHjULUHDX[JDUGHVGH0OH
FDUGLQDOTXLVRQWGHEUDYHVJHQVWUDQTXLOOHVDGURLWVTXLQHVHPHWWHQW
MDPDLVGDQVOHFDVG
rWUHDUUrWpVHWTXLG
DLOOHXUVQHVHODLVVHUDLHQWSDV
DUUrWHUHX[M
HQVXLVVU,OVDLPHUDLHQWPLHX[PRXULUVXUODSODFHTXH
GHIDLUHXQSDVHQDUULqUH6HVDXYHUGpWDOHUIXLUF
HVWERQSRXUOHV
PRXVTXHWDLUHVGXURLFHOD
3RUWKRVHW$UDPLVIUpPLVVDLHQWGHUDJH,OVDXUDLHQWYRORQWLHUVpWUDQJOp0GH
7UpYLOOHVLDXIRQGGHWRXWFHODLOVQ
DYDLHQWSDVVHQWLTXHF
pWDLWOHJUDQG
DPRXUTX
LOOHXUSRUWDLWTXLOHIDLVDLWOHXUSDUOHUDLQVL,OVIUDSSDLHQWOH
WDSLVGXSLHGVHPRUGDLHQWOHVOqYUHVMXVTX
DXVDQJHWVHUUDLHQWGHWRXWHOHXU
IRUFHODJDUGHGHOHXUpSpH$XGHKRUVRQDYDLWHQWHQGXDSSHOHUFRPPHQRXV
O
DYRQVGLW$WKRV3RUWKRVHW$UDPLVHWO
RQDYDLWGHYLQpjO
DFFHQWGHOD
YRL[GH0GH7UpYLOOHTX
LOpWDLWSDUIDLWHPHQWHQFROqUH'L[WrWHVFXULHXVHV
pWDLHQWDSSX\pHVjODWDSLVVHULHHWSkOLVVDLHQWGHIXUHXUFDUOHXUVRUHLOOHV
FROOpHVjODSRUWHQHSHUGDLHQWSDVXQHV\OODEHGHFHTXLVHGLVDLWWDQGLVTXH
OHXUVERXFKHVUpSpWDLHQWDXIXUHWjPHVXUHOHVSDUROHVLQVXOWDQWHVGXFDSLWDLQH
jWRXWHODSRSXODWLRQGHO
DQWLFKDPEUH(QXQLQVWDQWGHSXLVODSRUWHGXFDELQHW

MXVTX
jODSRUWHGHODUXHWRXWO
K{WHOIXWHQpEXOOLWLRQ
$KOHVPRXVTXHWDLUHVGXURLVHIRQWDUUrWHUSDUOHVJDUGHVGH0OHFDUGLQDO
FRQWLQXD0GH7UpYLOOHDXVVLIXULHX[jO
LQWpULHXUTXHVHVVROGDWVPDLV
VDFFDGDQWVHVSDUROHVHWOHVSORQJHDQWXQHjXQHSRXUDLQVLGLUHHWFRPPHDXWDQW
GHFRXSVGHVW\OHWGDQVODSRLWULQHGHVHVDXGLWHXUV$KVL[JDUGHVGH6RQ
(PLQHQFHDUUrWHQWVL[PRXVTXHWDLUHVGH6D0DMHVWp0RUEOHXM
DLSULVPRQ
SDUWL-HYDLVGHFHSDVDX/RXYUHMHGRQQHPDGpPLVVLRQGHFDSLWDLQHGHV
PRXVTXHWDLUHVGXURLSRXUGHPDQGHUXQHOLHXWHQDQFHGDQVOHVJDUGHVGXFDUGLQDO
HWV
LOPHUHIXVHPRUEOHXMHPHIDLVDEEp
$FHVSDUROHVOHPXUPXUHGHO
H[WpULHXUGHYLQWXQHH[SORVLRQSDUWRXWRQ
Q
HQWHQGDLWTXHMXURQVHWEODVSKqPHV/HVPRUEOHXOHVVDQJGLHXOHVPRUWVGH
WRXVOHVGLDEOHVVHFURLVDLHQWGDQVO
DLU'
$UWDJQDQFKHUFKDLWXQHWDSLVVHULH
GHUULqUHODTXHOOHVHFDFKHUHWVHVHQWDLWXQHHQYLHGpPHVXUpHGHVHIRXUUHU
VRXVODWDEOH
(KELHQPRQFDSLWDLQHGLW3RUWKRVKRUVGHOXLODYpULWpHVWTXHQRXVpWLRQV
VL[FRQWUHVL[PDLVQRXVDYRQVpWpSULVHQWUDvWUHHWDYDQWTXHQRXVHXVVLRQV
HXOHWHPSVGHWLUHUQRVpSpHVGHX[G
HQWUHQRXVpWDLHQWWRPEpVPRUWVHW
$WKRVEOHVVpJULqYHPHQWQHYDODLWJXqUHPLHX[&DUYRXVOHFRQQDLVVH]$WKRV
HKELHQFDSLWDLQHLODHVVD\pGHVHUHOHYHUGHX[IRLVHWLOHVWUHWRPEpGHX[
IRLV&HSHQGDQWQRXVQHQRXVVRPPHVSDVUHQGXVQRQO
RQQRXVDHQWUDvQpVGH
IRUFH(QFKHPLQQRXVQRXVVRPPHVVDXYpV4XDQWj$WKRVRQO
DYDLWFUXPRUW
HWRQO
DODLVVpELHQWUDQTXLOOHPHQWVXUOHFKDPSGHEDWDLOOHQHSHQVDQWSDV
TX
LOYDOWODSHLQHG
rWUHHPSRUWp9RLOjO
KLVWRLUH4XHGLDEOHFDSLWDLQH
RQQHJDJQHSDVWRXWHVOHVEDWDLOOHV/HJUDQG3RPSpHDSHUGXFHOOHGH3KDUVDOH
HWOHURL)UDQoRLV,HUTXLjFHTXHM
DLHQWHQGXGLUHHQYDODLWELHQXQ
DXWUHDSHUGXFHSHQGDQWFHOOHGH3DYLH
(WM
DLO
KRQQHXUGHYRXVDVVXUHUTXHM
HQDLWXpXQDYHFVDSURSUHpSpHGLW
$UDPLVFDUODPLHQQHV
HVWEULVpHjODSUHPLqUHSDUDGH7XpRXSRLJQDUGp
0RQVLHXUFRPPHLOYRXVVHUDDJUpDEOH
-HQHVDYDLVSDVFHODUHSULW0GH7UpYLOOHG
XQWRQXQSHXUDGRXFL0OH
FDUGLQDODYDLWH[DJpUpjFHTXHMHYRLV
0DLVGHJUkFH0RQVLHXUFRQWLQXD$UDPLVTXLYR\DQWVRQFDSLWDLQH
V
DSDLVHURVDLWKDVDUGHUXQHSULqUHGHJUkFH0RQVLHXUQHGLWHVSDVTX
$WKRV
OXLPrPHHVWEOHVVpLOVHUDLWDXGpVHVSRLUTXHFHODSDUYLQWDX[RUHLOOHVGX
URLHWFRPPHODEOHVVXUHHVWGHVSOXVJUDYHVDWWHQGXTX
DSUqVDYRLUWUDYHUVp
O
pSDXOHHOOHSpQqWUHGDQVODSRLWULQHLOVHUDLWjFUDLQGUH
$XPrPHLQVWDQWODSRUWLqUHVHVRXOHYDHWXQHWrWHQREOHHWEHOOHPDLV
DIIUHXVHPHQWSkOHSDUXWVRXVODIUDQJH
$WKRVV
pFULqUHQWOHVGHX[PRXVTXHWDLUHV
$WKRVUpSpWD0GH7UpYLOOHOXLPrPH
9RXVP
DYH]PDQGp0RQVLHXUGLW$WKRVj0GH7UpYLOOHG
XQHYRL[DIIDLEOLH
PDLVSDUIDLWHPHQWFDOPHYRXVP
DYH]GHPDQGpjFHTXHP
RQWGLWQRVFDPDUDGHV
HWMHP
HPSUHVVHGHPHUHQGUHjYRVRUGUHVYRLOj0RQVLHXUTXHPHYRXOH]YRXV

"
(WjFHVPRWVOHPRXVTXHWDLUHHQWHQXHLUUpSURFKDEOHVDQJOpFRPPHGHFRXWXPH
HQWUDG
XQSDVIHUPHGDQVOHFDELQHW0GH7UpYLOOHpPXMXVTX
DXIRQGGXFRHXU
GHFHWWHSUHXYHGHFRXUDJHVHSUpFLSLWDYHUVOXL
-
pWDLVHQWUDLQGHGLUHjFHV0HVVLHXUVDMRXWDWLOTXHMHGpIHQGVjPHV
PRXVTXHWDLUHVG
H[SRVHUOHXUVMRXUVVDQVQpFHVVLWpFDUOHVEUDYHVJHQVVRQW
ELHQFKHUVDXURLHWOHURLVDLWTXHVHVPRXVTXHWDLUHVVRQWOHVSOXVEUDYHV
JHQVGHODWHUUH9RWUHPDLQ$WKRV
(WVDQVDWWHQGUHTXHOHQRXYHDXYHQXUpSRQGvWGHOXLPrPHjFHWWHSUHXYH
G
DIIHFWLRQ0GH7UpYLOOHVDLVLVVDLWVDPDLQGURLWHHWODOXLVHUUDLWGH
WRXWHVVHVIRUFHVVDQVV
DSHUFHYRLUTX
$WKRVTXHOTXHIWVRQHPSLUHVXU
OXLPrPHODLVVDLWpFKDSSHUXQPRXYHPHQWGHGRXOHXUHWSkOLVVDLWHQFRUHFHTXH
O
RQDXUDLWSXFURLUHLPSRVVLEOH
/DSRUWHpWDLWUHVWpHHQWURXYHUWHWDQWO
DUULYpHG
$WKRVGRQWPDOJUpOH
VHFUHWJDUGpODEOHVVXUHpWDLWFRQQXHGHWRXVDYDLWSURGXLWGHVHQVDWLRQ8Q
EURXKDKDGHVDWLVIDFWLRQDFFXHLOOLWOHVGHUQLHUVPRWVGXFDSLWDLQHHWGHX[RX
WURLVWrWHVHQWUDvQpHVSDUO
HQWKRXVLDVPHDSSDUXUHQWSDUOHVRXYHUWXUHVGHOD
WDSLVVHULH6DQVGRXWH0GH7UpYLOOHDOODLWUpSULPHUSDUGHYLYHVSDUROHV
FHWWHLQIUDFWLRQDX[ORLVGHO
pWLTXHWWHORUVTX
LOVHQWLWWRXWjFRXSODPDLQ
G
$WKRVVHFULVSHUGDQVODVLHQQHHWTX
HQSRUWDQWOHV\HX[VXUOXLLO
V
DSHUoXWTX
LODOODLWV
pYDQRXLU$XPrPHLQVWDQW$WKRVTXLDYDLWUDVVHPEOp
WRXWHVVHVIRUFHVSRXUOXWWHUFRQWUHODGRXOHXUYDLQFXHQILQSDUHOOHWRPED
VXUOHSDUTXHWFRPPHV
LOIWPRUW
8QFKLUXUJLHQFULD0GH7UpYLOOH/HPLHQFHOXLGXURLOHPHLOOHXU8Q
FKLUXUJLHQRXVDQJGLHXPRQEUDYH$WKRVYDWUpSDVVHU
$X[FULVGH0GH7UpYLOOHWRXWOHPRQGHVHSUpFLSLWDGDQVVRQFDELQHWVDQV
TX
LOVRQJHkWjHQIHUPHUODSRUWHjSHUVRQQHFKDFXQV
HPSUHVVDQWDXWRXUGX
EOHVVp0DLVWRXWFHWHPSUHVVHPHQWHWpWpLQXWLOHVLOHGRFWHXUGHPDQGpQHVH
IWWURXYpGDQVO
K{WHOPrPHLOIHQGLWODIRXOHV
DSSURFKDG
$WKRVWRXMRXUV
pYDQRXLHWFRPPHWRXWFHEUXLWHWWRXWFHPRXYHPHQWOHJrQDLWIRUWLOGHPDQGD
FRPPHSUHPLqUHFKRVHHWFRPPHODSOXVXUJHQWHTXHOHPRXVTXHWDLUHIWHPSRUWp
GDQVXQHFKDPEUHYRLVLQH$XVVLW{W0GH7UpYLOOHRXYULWXQHSRUWHHWPRQWUDOH
FKHPLQj3RUWKRVHWj$UDPLVTXLHPSRUWqUHQWOHXUFDPDUDGHGDQVOHXUVEUDV
'HUULqUHFHJURXSHPDUFKDLWOHFKLUXUJLHQHWGHUULqUHOHFKLUXUJLHQODSRUWH
VHUHIHUPD
$ORUVOHFDELQHWGH0GH7UpYLOOHFHOLHXRUGLQDLUHPHQWVLUHVSHFWpGHYLQW
PRPHQWDQpPHQWXQHVXFFXUVDOHGHO
DQWLFKDPEUH&KDFXQGLVFRXUDLWSpURUDLW
SDUODLWKDXWMXUDQWVDFUDQWGRQQDQWOHFDUGLQDOHWVHVJDUGHVjWRXVOHV
GLDEOHV
8QLQVWDQWDSUqV3RUWKRVHW$UDPLVUHQWUqUHQWOHFKLUXUJLHQHW0GH7UpYLOOH
VHXOVpWDLHQWUHVWpVSUqVGXEOHVVp
(QILQ0GH7UpYLOOHUHQWUDjVRQWRXU/HEOHVVpDYDLWUHSULVFRQQDLVVDQFHOH
FKLUXUJLHQGpFODUDLWTXHO
pWDWGXPRXVTXHWDLUHQ
DYDLWULHQTXLSWLQTXLpWHU
VHVDPLVVDIDLEOHVVHD\DQWpWpSXUHPHQWHWVLPSOHPHQWRFFDVLRQQpHSDUODSHUWH

GHVRQVDQJ
3XLV0GH7UpYLOOHILWXQVLJQHGHODPDLQHWFKDFXQVHUHWLUDH[FHSWp
G
$UWDJQDQTXLQ
RXEOLDLWSRLQWTX
LODYDLWDXGLHQFHHWTXLDYHFVDWpQDFLWp
GH*DVFRQpWDLWGHPHXUpjODPrPHSODFH
/RUVTXHWRXWOHPRQGHIXWVRUWLHWTXHODSRUWHIXWUHIHUPpH0GH7UpYLOOHVH
UHWRXUQDHWVHWURXYDVHXODYHFOHMHXQHKRPPH/
pYpQHPHQWTXLYHQDLWG
DUULYHU
OXLDYDLWTXHOTXHSHXIDLWSHUGUHOHILOGHVHVLGpHV,OV
LQIRUPDGHFHTXH
OXLYRXODLWO
REVWLQpVROOLFLWHXU'
$UWDJQDQDORUVVHQRPPDHW0GH7UpYLOOH
VHUDSSHODQWG
XQVHXOFRXSWRXVVHVVRXYHQLUVGXSUpVHQWHWGXSDVVpVHWURXYD
DXFRXUDQWGHVDVLWXDWLRQ
3DUGRQOXLGLWLOHQVRXULDQWSDUGRQPRQFKHUFRPSDWULRWHPDLVMHYRXV
DYDLVSDUIDLWHPHQWRXEOLp4XHYRXOH]YRXVXQFDSLWDLQHQ
HVWULHQTX
XQSqUH
GHIDPLOOHFKDUJpG
XQHSOXVJUDQGHUHVSRQVDELOLWpTX
XQSqUHGHIDPLOOH
RUGLQDLUH/HVVROGDWVVRQWGHJUDQGVHQIDQWVPDLVFRPPHMHWLHQVjFHTXHOHV
RUGUHVGXURLHWVXUWRXWFHX[GH0OHFDUGLQDOVRLHQWH[pFXWpV
'
$UWDJQDQQHSXWGLVVLPXOHUXQVRXULUH$FHVRXULUH0GH7UpYLOOHMXJHD
TX
LOQ
DYDLWSRLQWDIIDLUHjXQVRWHWYHQDQWGURLWDXIDLWWRXWHQFKDQJHDQW
GHFRQYHUVDWLRQ
-
DLEHDXFRXSDLPp0RQVLHXUYRWUHSqUHGLWLO4XHSXLVMHIDLUHSRXUVRQ
ILOV"KkWH]YRXVPRQWHPSVQ
HVWSDVjPRL
0RQVLHXUGLWG
$UWDJQDQHQTXLWWDQW7DUEHVHWHQYHQDQWLFLMHPH
SURSRVDLVGHYRXVGHPDQGHUHQVRXYHQLUGHFHWWHDPLWLpGRQWYRXVQ
DYH]SDV
SHUGXPpPRLUHXQHFDVDTXHGHPRXVTXHWDLUHPDLVDSUqVWRXWFHTXHMHYRLV
GHSXLVGHX[KHXUHVMHFRPSUHQGVTX
XQHWHOOHIDYHXUVHUDLWpQRUPHHWMH
WUHPEOHGHQHSRLQWODPpULWHU
&
HVWXQHIDYHXUHQHIIHWMHXQHKRPPHUpSRQGLW0GH7UpYLOOHPDLVHOOH
SHXWQHSDVrWUHVLIRUWDXGHVVXVGHYRXVTXHYRXVOHFUR\H]RXTXHYRXVDYH]
O
DLUGHOHFURLUH7RXWHIRLVXQHGpFLVLRQGH6D0DMHVWpDSUpYXFHFDVHWMH
YRXVDQQRQFHDYHFUHJUHWTX
RQQHUHoRLWSHUVRQQHPRXVTXHWDLUHDYDQWO
pSUHXYH
SUpDODEOHGHTXHOTXHVFDPSDJQHVGHFHUWDLQHVDFWLRQVG
pFODWRXG
XQVHUYLFH
GHGHX[DQVGDQVTXHOTXHDXWUHUpJLPHQWPRLQVIDYRULVpTXHOHQ{WUH
'
$UWDJQDQV
LQFOLQDVDQVULHQUpSRQGUH,OVHVHQWDLWHQFRUHSOXVDYLGH
G
HQGRVVHUO
XQLIRUPHGHPRXVTXHWDLUHGHSXLVTX
LO\DYDLWGHVLJUDQGHV
GLIILFXOWpVjO
REWHQLU
0DLVFRQWLQXD7UpYLOOHHQIL[DQWVXUVRQFRPSDWULRWHXQUHJDUGVLSHUoDQW
TX
RQHWGLWTX
LOYRXODLWOLUHMXVTX
DXIRQGGHVRQFRHXUPDLVHQIDYHXUGH
YRWUHSqUHPRQDQFLHQFRPSDJQRQFRPPHMHYRXVO
DLGLWMHYHX[IDLUHTXHOTXH
FKRVHSRXUYRXVMHXQHKRPPH1RVFDGHWVGH%pDUQQHVRQWRUGLQDLUHPHQWSDV
ULFKHVHWMHGRXWHTXHOHVFKRVHVDLHQWIRUWFKDQJpGHIDFHGHSXLVPRQGpSDUW
GHODSURYLQFH9RXVQHGHYH]GRQFSDVDYRLUGHWURSSRXUYLYUHGHO
DUJHQW
TXHYRXVDYH]DSSRUWpDYHFYRXV
'
$UWDJQDQVHUHGUHVVDG
XQDLUILHUTXLYRXODLWGLUHTX
LOQHGHPDQGDLW
O
DXP{QHjSHUVRQQH

&
HVWELHQMHXQHKRPPHF
HVWELHQFRQWLQXD7UpYLOOHMHFRQQDLVFHV
DLUVOjMHVXLVYHQXj3DULVDYHFTXDWUHpFXVGDQVPDSRFKHHWMHPHVHUDLV
EDWWXDYHFTXLFRQTXHP
DXUDLWGLWTXHMHQ
pWDLVSDVHQpWDWG
DFKHWHUOH
/RXYUH
'
$UWDJQDQVHUHGUHVVDGHSOXVHQSOXVJUkFHjODYHQWHGHVRQFKHYDOLO
FRPPHQoDLWVDFDUULqUHDYHFTXDWUHpFXVGHSOXVTXH0GH7UpYLOOHQ
DYDLW
FRPPHQFpODVLHQQH
9RXVGHYH]GRQFGLVDLVMHDYRLUEHVRLQGHFRQVHUYHUFHTXHYRXVDYH]VL
IRUWHTXHVRLWFHWWHVRPPHPDLVYRXVGHYH]DYRLUEHVRLQDXVVLGHYRXV
SHUIHFWLRQQHUGDQVOHVH[HUFLFHVTXLFRQYLHQQHQWjXQJHQWLOKRPPH-
pFULUDLGqV
DXMRXUG
KXLXQHOHWWUHDXGLUHFWHXUGHO
$FDGpPLHUR\DOHHWGqVGHPDLQLOYRXV
UHFHYUDVDQVUpWULEXWLRQDXFXQH1HUHIXVH]SDVFHWWHSHWLWHGRXFHXU1RV
JHQWLOVKRPPHVOHVPLHX[QpVHWOHVSOXVULFKHVODVROOLFLWHQWTXHOTXHIRLVVDQV
SRXYRLUO
REWHQLU9RXVDSSUHQGUH]OHPDQqJHGXFKHYDOO
HVFULPHHWODGDQVH
YRXV\IHUH]GHERQQHVFRQQDLVVDQFHVHWGHWHPSVHQWHPSVYRXVUHYLHQGUH]PH
YRLUSRXUPHGLUHRYRXVHQrWHVHWVLMHSXLVIDLUHTXHOTXHFKRVHSRXUYRXV
'
$UWDJQDQWRXWpWUDQJHUTX
LOIWHQFRUHDX[IDoRQVGHFRXUV
DSHUoXWGHOD
IURLGHXUGHFHWDFFXHLO
+pODV0RQVLHXUGLWLOMHYRLVFRPELHQODOHWWUHGHUHFRPPDQGDWLRQTXHPRQ
SqUHP
DYDLWUHPLVHSRXUYRXVPHIDLWGpIDXWDXMRXUG
KXL
(QHIIHWUpSRQGLW0GH7UpYLOOHMHP
pWRQQHTXHYRXVD\H]HQWUHSULVXQ
DXVVLORQJYR\DJHVDQVFHYLDWLTXHREOLJpQRWUHVHXOHUHVVRXUFHjQRXVDXWUHV
%pDUQDLV
-HO
DYDLV0RQVLHXUHW'LHXPHUFLHQERQQHIRUPHV
pFULDG
$UWDJQDQ
PDLVRQPHO
DSHUILGHPHQWGpUREp
(WLOUDFRQWDWRXWHODVFqQHGH0HXQJGpSHLJQLWOHJHQWLOKRPPHLQFRQQXGDQVVHV
PRLQGUHVGpWDLOVOHWRXWDYHFXQHFKDOHXUXQHYpULWpTXLFKDUPqUHQW0GH
7UpYLOOH
9RLOjTXLHVWpWUDQJHGLWFHGHUQLHUHQPpGLWDQWYRXVDYLH]GRQFSDUOpGH
PRLWRXWKDXW"
2XL0RQVLHXUVDQVGRXWHM
DYDLVFRPPLVFHWWHLPSUXGHQFHTXHYRXOH]YRXV
XQQRPFRPPHOHY{WUHGHYDLWPHVHUYLUGHERXFOLHUHQURXWHMXJH]VLMHPH
VXLVPLVVRXYHQWjFRXYHUW
/DIODWWHULHpWDLWIRUWGHPLVHDORUVHW0GH7UpYLOOHDLPDLWO
HQFHQVFRPPH
XQURLRXFRPPHXQFDUGLQDO,OQHSXWGRQFV
HPSrFKHUGHVRXULUHDYHFXQH
YLVLEOHVDWLVIDFWLRQPDLVFHVRXULUHV
HIIDoDELHQW{WHWUHYHQDQWGHOXLPrPH
jO
DYHQWXUHGH0HXQJ
'LWHVPRLFRQWLQXDWLOFHJHQWLOKRPPHQ
DYDLWLOSDVXQHOpJqUHFLFDWULFHj
ODWHPSH"

2XLFRPPHOHIHUDLWO
pUDIOXUHG
XQHEDOOH
1
pWDLWFHSDVXQKRPPHGHEHOOHPLQH"
2XL
'HKDXWHWDLOOH"
2XL
3kOHGHWHLQWHWEUXQGHSRLO"
2XLRXLF
HVWFHOD&RPPHQWVHIDLWLO0RQVLHXUTXHYRXVFRQQDLVVLH]FHW
KRPPH"$KVLMDPDLVMHOHUHWURXYHHWMHOHUHWURXYHUDLMHYRXVOHMXUH
IWFHHQHQIHU
,ODWWHQGDLWXQHIHPPH"FRQWLQXD7UpYLOOH
,OHVWGXPRLQVSDUWLDSUqVDYRLUFDXVpXQLQVWDQWDYHFFHOOHTX
LO
DWWHQGDLW
9RXVQHVDYH]SDVTXHOpWDLWOHVXMHWGHOHXUFRQYHUVDWLRQ"
,OOXLUHPHWWDLWXQHERvWHOXLGLVDLWTXHFHWWHERvWHFRQWHQDLWVHV
LQVWUXFWLRQVHWOXLUHFRPPDQGDLWGHQHO
RXYULUTX
j/RQGUHV
&HWWHIHPPHpWDLW$QJODLVH"
,OO
DSSHODLW0LODG\
&
HVWOXLPXUPXUD7UpYLOOHF
HVWOXLMHOHFUR\DLVHQFRUHj%UX[HOOHV
2K0RQVLHXUVLYRXVVDYH]TXHOHVWFHWKRPPHV
pFULDG
$UWDJQDQ
LQGLTXH]PRLTXLLOHVWHWG
RLOHVWSXLVMHYRXVWLHQVTXLWWHGHWRXWPrPH
GHYRWUHSURPHVVHGHPHIDLUHHQWUHUGDQVOHVPRXVTXHWDLUHVFDUDYDQWWRXWH
FKRVHMHYHX[PHYHQJHU
*DUGH]YRXVHQELHQMHXQHKRPPHV
pFULD7UpYLOOHVLYRXVOHYR\H]YHQLU
DXFRQWUDLUHG
XQF{WpGHODUXHSDVVH]GHO
DXWUH1HYRXVKHXUWH]SDVjXQ
SDUHLOURFKHULOYRXVEULVHUDLWFRPPHXQYHUUH
&HODQ
HPSrFKHSDVGLWG
$UWDJQDQTXHVLMDPDLVMHOHUHWURXYH
(QDWWHQGDQWUHSULW7UpYLOOHQHOHFKHUFKH]SDVVLM
DLXQFRQVHLOjYRXV
GRQQHU
7RXWjFRXS7UpYLOOHV
DUUrWDIUDSSpG
XQVRXSoRQVXELW&HWWHJUDQGHKDLQHTXH
PDQLIHVWDLWVLKDXWHPHQWOHMHXQHYR\DJHXUSRXUFHWKRPPHTXLFKRVHDVVH]SHX
YUDLVHPEODEOHOXLDYDLWGpUREpODOHWWUHGHVRQSqUHFHWWHKDLQHQH
FDFKDLWHOOHSDVTXHOTXHSHUILGLH"FHMHXQHKRPPHQ
pWDLWLOSDVHQYR\pSDU6RQ
(PLQHQFH"QHYHQDLWLOSDVSRXUOXLWHQGUHTXHOTXHSLqJH"FHSUpWHQGX
G
$UWDJQDQQ
pWDLWLOSDVXQpPLVVDLUHGXFDUGLQDOTX
RQFKHUFKDLWjLQWURGXLUH
GDQVVDPDLVRQHWTX
RQDYDLWSODFpSUqVGHOXLSRXUVXUSUHQGUHVDFRQILDQFHHW

SRXUOHSHUGUHSOXVWDUGFRPPHFHODV
pWDLWPLOOHIRLVSUDWLTXp",OUHJDUGD
G
$UWDJQDQSOXVIL[HPHQWHQFRUHFHWWHVHFRQGHIRLVTXHODSUHPLqUH,OIXW
PpGLRFUHPHQWUDVVXUpSDUO
DVSHFWGHFHWWHSK\VLRQRPLHSpWLOODQWHG
HVSULW
DVWXFLHX[HWG
KXPLOLWpDIIHFWpH
-HVDLVELHQTX
LOHVW*DVFRQSHQVDWLOPDLVLOSHXWO
rWUHDXVVLELHQ
SRXUOHFDUGLQDOTXHSRXUPRL9R\RQVpSURXYRQVOH
0RQDPLOXLGLWLOOHQWHPHQWMHYHX[FRPPHDXILOVGHPRQDQFLHQDPLFDU
MHWLHQVSRXUYUDLHO
KLVWRLUHGHFHWWHOHWWUHSHUGXHMHYHX[GLVMHSRXU
UpSDUHUODIURLGHXUTXHYRXVDYH]G
DERUGUHPDUTXpHGDQVPRQDFFXHLOYRXV
GpFRXYULUOHVVHFUHWVGHQRWUHSROLWLTXH/HURLHWOHFDUGLQDOVRQWOHV
PHLOOHXUVDPLVOHXUVDSSDUHQWVGpPrOpVQHVRQWTXHSRXUWURPSHUOHVVRWV-H
QHSUpWHQGVSDVTX
XQFRPSDWULRWHXQMROLFDYDOLHUXQEUDYHJDUoRQIDLWSRXU
DYDQFHUVRLWODGXSHGHWRXWHVFHVIHLQWLVHVHWGRQQHFRPPHXQQLDLVGDQVOH
SDQQHDXjODVXLWHGHWDQWG
DXWUHVTXLV
\VRQWSHUGXV6RQJH]ELHQTXHMH
VXLVGpYRXpjFHVGHX[PDvWUHVWRXWSXLVVDQWVHWTXHMDPDLVPHVGpPDUFKHV
VpULHXVHVQ
DXURQWG
DXWUHEXWTXHOHVHUYLFHGXURLHWFHOXLGH0OHFDUGLQDO
XQGHVSOXVLOOXVWUHVJpQLHVTXHOD)UDQFHDLWSURGXLWV0DLQWHQDQWMHXQH
KRPPHUpJOH]YRXVOjGHVVXVHWVLYRXVDYH]VRLWGHIDPLOOHVRLWSDU
UHODWLRQVVRLWG
LQVWLQFWPrPHTXHOTX
XQHGHFHVLQLPLWLpVFRQWUHOHFDUGLQDO
WHOOHVTXHQRXVOHVYR\RQVpFODWHUFKH]OHVJHQWLOVKRPPHVGLWHVPRLDGLHXHW
TXLWWRQVQRXV-HYRXVDLGHUDLHQPLOOHFLUFRQVWDQFHVPDLVVDQVYRXVDWWDFKHUj
PDSHUVRQQH-
HVSqUHTXHPDIUDQFKLVHHQWRXWFDVYRXVIHUDPRQDPLFDU
YRXVrWHVMXVTX
jSUpVHQWOHVHXOMHXQHKRPPHjTXLM
DLHSDUOpFRPPHMHOH
IDLV
7UpYLOOHVHGLVDLWjSDUWOXL
6LOHFDUGLQDOP
DGpSrFKpFHMHXQHUHQDUGLOQ
DXUDFHUWHVSDVPDQTXpOXL
TXLVDLWjTXHOSRLQWMHO
H[qFUHGHGLUHjVRQHVSLRQTXHOHPHLOOHXUPR\HQGH
PHIDLUHODFRXUHVWGHPHGLUHSLVTXHSHQGUHGHOXLDXVVLPDOJUpPHV
SURWHVWDWLRQVOHUXVpFRPSqUHYDWLOPHUpSRQGUHELHQFHUWDLQHPHQWTX
LOD
O
(PLQHQFHHQKRUUHXU
,OHQIXWWRXWDXWUHPHQWTXHV
\DWWHQGDLW7UpYLOOHG
$UWDJQDQUpSRQGLWDYHF
ODSOXVJUDQGHVLPSOLFLWp
0RQVLHXUM
DUULYHj3DULVDYHFGHVLQWHQWLRQVWRXWHVVHPEODEOHV0RQSqUHP
D
UHFRPPDQGpGHQHVRXIIULUULHQTXHGXURLGH0OHFDUGLQDOHWGHYRXVTX
LO
WLHQWSRXUOHVWURLVSUHPLHUVGH)UDQFH
'
$UWDJQDQDMRXWDLW0GH7UpYLOOHDX[GHX[DXWUHVFRPPHRQSHXWV
HQ
DSHUFHYRLUPDLVLOSHQVDLWTXHFHWWHDGMRQFWLRQQHGHYDLWULHQJkWHU
-
DLGRQFODSOXVJUDQGHYpQpUDWLRQSRXU0OHFDUGLQDOFRQWLQXDWLOHWOH
SOXVSURIRQGUHVSHFWSRXUVHVDFWHV7DQWPLHX[SRXUPRL0RQVLHXUVLYRXVPH
SDUOH]FRPPHYRXVOHGLWHVDYHFIUDQFKLVHFDUDORUVYRXVPHIHUH]O
KRQQHXU
G
HVWLPHUFHWWHUHVVHPEODQFHGHJRWPDLVVLYRXVDYH]HXTXHOTXHGpILDQFH
ELHQQDWXUHOOHG
DLOOHXUVMHVHQVTXHMHPHSHUGVHQGLVDQWODYpULWpPDLV
WDQWSLVYRXVQHODLVVHUH]SDVTXHGHP
HVWLPHUHWF
HVWjTXRLMHWLHQVSOXV
TX
jWRXWHFKRVHDXPRQGH

0GH7UpYLOOHIXWVXUSULVDXGHUQLHUSRLQW7DQWGHSpQpWUDWLRQWDQWGH
IUDQFKLVHHQILQOXLFDXVDLWGHO
DGPLUDWLRQPDLVQHOHYDLWSDVHQWLqUHPHQWVHV
GRXWHVSOXVFHMHXQHKRPPHpWDLWVXSpULHXUDX[DXWUHVMHXQHVJHQVSOXVLO
pWDLWjUHGRXWHUV
LOVHWURPSDLW1pDQPRLQVLOVHUUDODPDLQjG
$UWDJQDQHW
OXLGLW
9RXVrWHVXQKRQQrWHJDUoRQPDLVGDQVFHPRPHQWMHQHSXLVIDLUHTXHFHTXH
MHYRXVDLRIIHUWWRXWjO
KHXUH0RQK{WHOYRXVVHUDWRXMRXUVRXYHUW3OXV
WDUGSRXYDQWPHGHPDQGHUjWRXWHKHXUHHWSDUFRQVpTXHQWVDLVLUWRXWHVOHV
RFFDVLRQVYRXVREWLHQGUH]SUREDEOHPHQWFHTXHYRXVGpVLUH]REWHQLU
&
HVWjGLUH0RQVLHXUUHSULWG
$UWDJQDQTXHYRXVDWWHQGH]TXHMHP
HQVRLV
UHQGXGLJQH(KELHQVR\H]WUDQTXLOOHDMRXWDWLODYHFODIDPLOLDULWpGX
*DVFRQYRXVQ
DWWHQGUH]SDVORQJWHPSV
(WLOVDOXDSRXUVHUHWLUHUFRPPHVLGpVRUPDLVOHUHVWHOHUHJDUGDLW
0DLVDWWHQGH]GRQFGLW0GH7UpYLOOHHQO
DUUrWDQWMHYRXVDLSURPLVXQH
OHWWUHSRXUOHGLUHFWHXUGHO
$FDGpPLH(WHVYRXVWURSILHUSRXUO
DFFHSWHUPRQ
MHXQHJHQWLOKRPPH"
1RQ0RQVLHXUGLWG
$UWDJQDQMHYRXVUpSRQGVTX
LOQ
HQVHUDSDVGH
FHOOHFLFRPPHGHO
DXWUH-HODJDUGHUDLVLELHQTX
HOOHDUULYHUDMHYRXVOH
MXUHjVRQDGUHVVHHWPDOKHXUjFHOXLTXLWHQWHUDLWGHPHO
HQOHYHU
0GH7UpYLOOHVRXULWjFHWWHIDQIDURQQDGHHWODLVVDQWVRQMHXQHFRPSDWULRWH
GDQVO
HPEUDVXUHGHODIHQrWUHRLOVVHWURXYDLHQWHWRLOVDYDLHQWFDXVp
HQVHPEOHLODOODV
DVVHRLUjXQHWDEOHHWVHPLWjpFULUHODOHWWUHGH
UHFRPPDQGDWLRQSURPLVH3HQGDQWFHWHPSVG
$UWDJQDQTXLQ
DYDLWULHQGH
PLHX[jIDLUHVHPLWjEDWWUHXQHPDUFKHFRQWUHOHVFDUUHDX[UHJDUGDQWOHV
PRXVTXHWDLUHVTXLV
HQDOODLHQWOHVXQVDSUqVOHVDXWUHVHWOHVVXLYDQWGX
UHJDUGMXVTX
jFHTX
LOVHXVVHQWGLVSDUXDXWRXUQDQWGHODUXH
0GH7UpYLOOHDSUqVDYRLUpFULWODOHWWUHODFDFKHWDHWVHOHYDQW
V
DSSURFKDGXMHXQHKRPPHSRXUODOXLGRQQHUPDLVDXPRPHQWPrPHRG
$UWDJQDQ
pWHQGDLWODPDLQSRXUODUHFHYRLU0GH7UpYLOOHIXWELHQpWRQQpGHYRLUVRQ
SURWpJpIDLUHXQVRXEUHVDXWURXJLUGHFROqUHHWV
pODQFHUKRUVGXFDELQHWHQ
FULDQW
$KVDQJGLHXLOQHP
pFKDSSHUDSDVFHWWHIRLV
(WTXLFHOD"GHPDQGD0GH7UpYLOOH
/XLPRQYROHXUUpSRQGLWG
$UWDJQDQ$KWUDvWUH
(WLOGLVSDUXW
'LDEOHGHIRXPXUPXUD0GH7UpYLOOH$PRLQVWRXWHIRLVDMRXWDWLOTXH
FHQHVRLWXQHPDQLqUHDGURLWHGHV
HVTXLYHUHQYR\DQWTX
LODPDQTXpVRQFRXS



&KDSLWUH,9
/
(3$8/('
$7+26/(%$8'5,(5'(3257+26(7/(028&+2,5'
$5$0,6

'
$UWDJQDQIXULHX[DYDLWWUDYHUVpO
DQWLFKDPEUHHQWURLVERQGVHWV
pODQoDLW
VXUO
HVFDOLHUGRQWLOFRPSWDLWGHVFHQGUHOHVGHJUpVTXDWUHjTXDWUHORUVTXH
HPSRUWpSDUVDFRXUVHLODOODGRQQHUWrWHEDLVVpHGDQVXQPRXVTXHWDLUHTXL
VRUWDLWGHFKH]0GH7UpYLOOHSDUXQHSRUWHGHGpJDJHPHQWHWOHKHXUWDQWGX
IURQWjO
pSDXOHOXLILWSRXVVHUXQFULRXSOXW{WXQKXUOHPHQW
([FXVH]PRLGLWG
$UWDJQDQHVVD\DQWGHUHSUHQGUHVDFRXUVHH[FXVH]PRL
PDLVMHVXLVSUHVVp
$SHLQHDYDLWLOGHVFHQGXOHSUHPLHUHVFDOLHUTX
XQSRLJQHWGHIHUOHVDLVLW
SDUVRQpFKDUSHHWO
DUUrWD
9RXVrWHVSUHVVpV
pFULDOHPRXVTXHWDLUHSkOHFRPPHXQOLQFHXOVRXVFH
SUpWH[WHYRXVPHKHXUWH]YRXVGLWHV([FXVH]PRLHWYRXVFUR\H]TXH
FHODVXIILW"3DVWRXWjIDLWPRQMHXQHKRPPH&UR\H]YRXVSDUFHTXHYRXVDYH]
HQWHQGX0GH7UpYLOOHQRXVSDUOHUXQSHXFDYDOLqUHPHQWDXMRXUG
KXLTXHO
RQ
SHXWQRXVWUDLWHUFRPPHLOQRXVSDUOH"'pWURPSH]YRXVFRPSDJQRQYRXVQ
rWHV
SDV0GH7UpYLOOHYRXV
0DIRLUpSOLTXDG
$UWDJQDQTXLUHFRQQXW$WKRVOHTXHODSUqVOHSDQVHPHQW
RSpUpSDUOHGRFWHXUUHJDJQDLWVRQDSSDUWHPHQWPDIRLMHQHO
DLSDVIDLW
H[SUqVM
DLGLW([FXVH]PRL,OPHVHPEOHGRQFTXHF
HVWDVVH]-HYRXV
UpSqWHFHSHQGDQWHWFHWWHIRLVF
HVWWURSSHXWrWUHSDUROHG
KRQQHXUMHVXLV
SUHVVpWUqVSUHVVp/kFKH]PRLGRQFMHYRXVSULHHWODLVVH]PRLDOOHURM
DL
DIIDLUH
0RQVLHXUGLW$WKRVHQOHOkFKDQWYRXVQ
rWHVSDVSROL2QYRLWTXHYRXV
YHQH]GHORLQ
'
$UWDJQDQDYDLWGpMjHQMDPEpWURLVRXTXDWUHGHJUpVPDLVjODUHPDUTXHG
$WKRV
LOV
DUUrWDFRXUW
0RUEOHX0RQVLHXUGLWLOGHVLORLQTXHMHYLHQQHFHQ
HVWSDVYRXVTXLPH
GRQQHUH]XQHOHoRQGHEHOOHVPDQLqUHVMHYRXVSUpYLHQV
3HXWrWUHGLW$WKRV
$KVLMHQ
pWDLVSDVVLSUHVVpV
pFULDG
$UWDJQDQHWVLMHQHFRXUDLVSDV
DSUqVTXHOTX
XQ
0RQVLHXUO
KRPPHSUHVVpYRXVPHWURXYHUH]VDQVFRXULUPRLHQWHQGH]YRXV"
(WRFHODV
LOYRXVSODvW"
3UqVGHV&DUPHV'HVFKDX[
$TXHOOHKHXUH"

9HUVPLGL
9HUVPLGLF
HVWELHQM
\VHUDL
7kFKH]GHQHSDVPHIDLUHDWWHQGUHFDUjPLGLXQTXDUWMHYRXVSUpYLHQVTXH
F
HVWPRLTXLFRXUUDLDSUqVYRXVHWYRXVFRXSHUDLOHVRUHLOOHVjODFRXUVH
%RQOXLFULDG
$UWDJQDQRQ\VHUDjPLGLPRLQVGL[PLQXWHV
(WLOVHPLWjFRXULUFRPPHVLOHGLDEOHO
HPSRUWDLWHVSpUDQWUHWURXYHUHQFRUH
VRQLQFRQQXTXHVRQSDVWUDQTXLOOHQHGHYDLWSDVDYRLUFRQGXLWELHQORLQ
0DLVjODSRUWHGHODUXHFDXVDLW3RUWKRVDYHFXQVROGDWDX[JDUGHV(QWUHOHV
GHX[FDXVHXUVLO\DYDLWMXVWHO
HVSDFHG
XQKRPPH'
$UWDJQDQFUXWTXHFHW
HVSDFHOXLVXIILUDLWHWLOV
pODQoDSRXUSDVVHUFRPPHXQHIOqFKHHQWUHHX[
GHX[0DLVG
$UWDJQDQDYDLWFRPSWpVDQVOHYHQW&RPPHLODOODLWSDVVHUOHYHQW
V
HQJRXIIUDGDQVOHORQJPDQWHDXGH3RUWKRVHWG
$UWDJQDQYLQWGRQQHUGURLW
GDQVOHPDQWHDX6DQVGRXWH3RUWKRVDYDLWGHVUDLVRQVGHQHSDVDEDQGRQQHU
FHWWHSDUWLHHVVHQWLHOOHGHVRQYrWHPHQWFDUDXOLHXGHODLVVHUDOOHUOHSDQ
TX
LOWHQDLWLOWLUDjOXLGHVRUWHTXHG
$UWDJQDQV
HQURXODGDQVOHYHORXUV
SDUXQPRXYHPHQWGHURWDWLRQTX
H[SOLTXHODUpVLVWDQFHGHO
REVWLQp3RUWKRV
'
$UWDJQDQHQWHQGDQWMXUHUOHPRXVTXHWDLUHYRXOXWVRUWLUGHGHVVRXVOHPDQWHDX
TXLO
DYHXJODLWHWFKHUFKDVRQFKHPLQGDQVOHSOL,OUHGRXWDLWVXUWRXWG
DYRLU
SRUWpDWWHLQWHjODIUDvFKHXUGXPDJQLILTXHEDXGULHUTXHQRXVFRQQDLVVRQV
PDLVHQRXYUDQWWLPLGHPHQWOHV\HX[LOVHWURXYDOHQH]FROOpHQWUHOHVGHX[
pSDXOHVGH3RUWKRVF
HVWjGLUHSUpFLVpPHQWVXUOHEDXGULHU
+pODVFRPPHODSOXSDUWGHVFKRVHVGHFHPRQGHTXLQ
RQWSRXUHOOHVTXH
O
DSSDUHQFHOHEDXGULHUpWDLWG
RUSDUGHYDQWHWGHVLPSOHEXIIOHSDUGHUULqUH
3RUWKRVHQYUDLJORULHX[TX
LOpWDLWQHSRXYDQWDYRLUXQEDXGULHUG
RUWRXW
HQWLHUHQDYDLWDXPRLQVODPRLWLpRQFRPSUHQDLWGqVORUVODQpFHVVLWpGX
UKXPHHWO
XUJHQFHGXPDQWHDX
9HUWXEOHXFULD3RUWKRVIDLVDQWWRXVVHVHIIRUWVSRXUVHGpEDUUDVVHUGH
G
$UWDJQDQTXLOXLJURXLOODLWGDQVOHGRVYRXVrWHVGRQFHQUDJpGHYRXVMHWHU
FRPPHFHODVXUOHVJHQV
([FXVH]PRLGLWG
$UWDJQDQUHSDUDLVVDQWVRXVO
pSDXOHGXJpDQWPDLVMHVXLV
WUqVSUHVVpMHFRXUVDSUqVTXHOTX
XQHW
(VWFHTXHYRXVRXEOLH]YRV\HX[TXDQGYRXVFRXUH]SDUKDVDUG"GHPDQGD
3RUWKRV
1RQUpSRQGLWG
$UWDJQDQSLTXpQRQHWJUkFHjPHV\HX[MHYRLVPrPHFHTXH
QHYRLHQWSDVOHVDXWUHV
3RUWKRVFRPSULWRXQHFRPSULWSDVWRXMRXUVHVWLOTXHVHODLVVDQWDOOHUjVD
FROqUH
0RQVLHXUGLWLOYRXVYRXVIHUH]pWULOOHUMHYRXVHQSUpYLHQVVLYRXVYRXV
IURWWH]DLQVLDX[PRXVTXHWDLUHV

(WULOOHU0RQVLHXUGLWG
$UWDJQDQOHPRWHVWGXU
&
HVWFHOXLTXLFRQYLHQWjXQKRPPHKDELWXpjUHJDUGHUHQIDFHVHVHQQHPLV
$KSDUGLHXMHVDLVELHQTXHYRXVQHWRXUQH]SDVOHGRVDX[Y{WUHVYRXV

(WOHMHXQHKRPPHHQFKDQWpGHVRQHVSLqJOHULHV
pORLJQDHQULDQWjJRUJH
GpSOR\pH
3RUWKRVpFXPDGHUDJHHWILWXQPRXYHPHQWSRXUVHSUpFLSLWHUVXUG
$UWDJQDQ
3OXVWDUGSOXVWDUGOXLFULDFHOXLFLTXDQGYRXVQ
DXUH]SOXVYRWUH
PDQWHDX
$XQHKHXUHGRQFGHUULqUHOH/X[HPERXUJ
7UqVELHQjXQHKHXUHUpSRQGLWG
$UWDJQDQHQWRXUQDQWO
DQJOHGHODUXH
0DLVQLGDQVODUXHTX
LOYHQDLWGHSDUFRXULUQLGDQVFHOOHTX
LOHPEUDVVDLW
PDLQWHQDQWGXUHJDUGLOQHYLWSHUVRQQH6LGRXFHPHQWTX
HWPDUFKpO
LQFRQQX
LODYDLWJDJQpGXFKHPLQSHXWrWUHDXVVLpWDLWLOHQWUpGDQVTXHOTXHPDLVRQ
'
$UWDJQDQV
LQIRUPDGHOXLjWRXVFHX[TX
LOUHQFRQWUDGHVFHQGLWMXVTX
DXEDF
UHPRQWDSDUODUXHGH6HLQHHWOD&URL[5RXJHPDLVULHQDEVROXPHQWULHQ
&HSHQGDQWFHWWHFRXUVHOXLIXWSURILWDEOHHQFHVHQVTX
jPHVXUHTXHODVXHXU
LQRQGDLWVRQIURQWVRQFRHXUVHUHIURLGLVVDLW
,OVHPLWDORUVjUpIOpFKLUVXUOHVpYpQHPHQWVTXLYHQDLHQWGHVHSDVVHULOV
pWDLHQWQRPEUHX[HWQpIDVWHVLOpWDLWRQ]HKHXUHVGXPDWLQjSHLQHHWGpMjOD
PDWLQpHOXLDYDLWDSSRUWpODGLVJUkFHGH0GH7UpYLOOHTXLQHSRXYDLWPDQTXHU
GHWURXYHUXQSHXFDYDOLqUHODIDoRQGRQWG
$UWDJQDQO
DYDLWTXLWWp
(QRXWUHLODYDLWUDPDVVpGHX[ERQVGXHOVDYHFGHX[KRPPHVFDSDEOHVGHWXHU
FKDFXQWURLVG
$UWDJQDQDYHFGHX[PRXVTXHWDLUHVHQILQF
HVWjGLUHDYHFGHX[
GHFHVrWUHVTX
LOHVWLPDLWVLIRUWTX
LOOHVPHWWDLWGDQVVDSHQVpHHWGDQV
VRQFRHXUDXGHVVXVGHWRXVOHVDXWUHVKRPPHV
/DFRQMHFWXUHpWDLWWULVWH6UG
rWUHWXpSDU$WKRVRQFRPSUHQGTXHOHMHXQH
KRPPHQHV
LQTXLpWDLWSDVEHDXFRXSGH3RUWKRV3RXUWDQWFRPPHO
HVSpUDQFHHVW
ODGHUQLqUHFKRVHTXLV
pWHLQWGDQVOHFRHXUGHO
KRPPHLOHQDUULYDjHVSpUHU
TX
LOSRXUUDLWVXUYLYUHDYHFGHVEOHVVXUHVWHUULEOHVELHQHQWHQGXjFHVGHX[
GXHOVHWHQFDVGHVXUYLYDQFHLOVHILWSRXUO
DYHQLUOHVUpSULPDQGHV
VXLYDQWHV
4XHOpFHUYHOpMHIDLVHWTXHOEXWRUMHVXLV&HEUDYHHWPDOKHXUHX[$WKRV
pWDLWEOHVVpMXVWHjO
pSDXOHFRQWUHODTXHOOHMHP
HQYDLVPRLGRQQHUGHOD
WrWHFRPPHXQEpOLHU/DVHXOHFKRVHTXLP
pWRQQHF
HVWTX
LOQHP
DLWSDVWXp
URLGHLOHQDYDLWOHGURLWHWODGRXOHXUTXHMHOXLDLFDXVpHDGrWUH
DWURFH4XDQWj3RUWKRV2KTXDQWj3RUWKRVPDIRLF
HVWSOXVGU{OH
(WPDOJUpOXLOHMHXQHKRPPHVHPLWjULUHWRXWHQUHJDUGDQWQpDQPRLQVVLFH

ULUHLVROpHWVDQVFDXVHDX[\HX[GHFHX[TXLOHYR\DLHQWULUHQ
DOODLWSDV
EOHVVHUTXHOTXHSDVVDQW
4XDQWj3RUWKRVF
HVWSOXVGU{OHPDLVMHQ
HQVXLVSDVPRLQVXQPLVpUDEOH
pWRXUGL6HMHWWHWRQDLQVLVXUOHVJHQVVDQVGLUHJDUHQRQHWYDWRQOHXU
UHJDUGHUVRXVOHPDQWHDXSRXU\YRLUFHTXLQ
\HVWSDV,OP
HWSDUGRQQpELHQ
FHUWDLQHPHQWLOP
HWSDUGRQQpVLMHQ
HXVVHSDVpWpOXLSDUOHUGHFHPDXGLW
EDXGULHUjPRWVFRXYHUWVF
HVWYUDLRXLFRXYHUWVMROLPHQW$KPDXGLW
*DVFRQTXHMHVXLVMHIHUDLVGHO
HVSULWGDQVODSRrOHjIULUH$OORQV
G
$UWDJQDQPRQDPLFRQWLQXDWLOVHSDUODQWjOXLPrPHDYHFWRXWHO
DPpQLWp
TX
LOFUR\DLWVHGHYRLUVLWXHQUpFKDSSHVFHTXLQ
HVWSDVSUREDEOHLO
V
DJLWG
rWUHjO
DYHQLUG
XQHSROLWHVVHSDUIDLWH'pVRUPDLVLOIDXWTX
RQ
W
DGPLUHTX
RQWHFLWHFRPPHPRGqOH(WUHSUpYHQDQWHWSROLFHQ
HVWSDVrWUH
OkFKH5HJDUGH]SOXW{W$UDPLV$UDPLVF
HVWODGRXFHXUF
HVWODJUkFHHQ
SHUVRQQH(KELHQSHUVRQQHV
HVWLOMDPDLVDYLVpGHGLUHTX
$UDPLVpWDLWXQ
OkFKH"1RQELHQFHUWDLQHPHQWHWGpVRUPDLVMHYHX[HQWRXWSRLQWPHPRGHOHU
VXUOXL$KMXVWHPHQWOHYRLFL
'
$UWDJQDQWRXWHQPDUFKDQWHWHQPRQRORJXDQWpWDLWDUULYpjTXHOTXHVSDVGH
O
K{WHOG
$LJXLOORQHWGHYDQWFHWK{WHOLODYDLWDSHUoX$UDPLVFDXVDQWJDLHPHQW
DYHFWURLVJHQWLOVKRPPHVGHVJDUGHVGXURL'HVRQF{Wp$UDPLVDSHUoXW
G
$UWDJQDQPDLVFRPPHLOQ
RXEOLDLWSRLQWTXHF
pWDLWGHYDQWFHMHXQHKRPPH
TXH0GH7UpYLOOHV
pWDLWVLIRUWHPSRUWpOHPDWLQHWTX
XQWpPRLQGHV
UHSURFKHVTXHOHVPRXVTXHWDLUHVDYDLHQWUHoXVQHOXLpWDLWG
DXFXQHIDoRQ
DJUpDEOHLOILWVHPEODQWGHQHSDVOHYRLU'
$UWDJQDQWRXWHQWLHUDX
FRQWUDLUHjVHVSODQVGHFRQFLOLDWLRQHWGHFRXUWRLVLHV
DSSURFKDGHVTXDWUH
MHXQHVJHQVHQOHXUIDLVDQWXQJUDQGVDOXWDFFRPSDJQpGXSOXVJUDFLHX[VRXULUH
$UDPLVLQFOLQDOpJqUHPHQWODWrWHPDLVQHVRXULWSRLQW7RXVTXDWUHDXUHVWH
LQWHUURPSLUHQWjO
LQVWDQWPrPHOHXUFRQYHUVDWLRQ
'
$UWDJQDQQ
pWDLWSDVDVVH]QLDLVSRXUQHSRLQWV
DSHUFHYRLUTX
LOpWDLWGH
WURSPDLVLOQ
pWDLWSDVHQFRUHDVVH]URPSXDX[IDoRQVGXEHDXPRQGHSRXUVH
WLUHUJDODPPHQWG
XQHVLWXDWLRQIDXVVHFRPPHO
HVWHQJpQpUDOFHOOHG
XQKRPPH
TXLHVWYHQXVHPrOHUjGHVJHQVTX
LOFRQQDvWjSHLQHHWjXQHFRQYHUVDWLRQTXL
QHOHUHJDUGHSDV,OFKHUFKDLWGRQFHQOXLPrPHXQPR\HQGHIDLUHVDUHWUDLWH
OHPRLQVJDXFKHPHQWSRVVLEOHORUVTX
LOUHPDUTXDTX
$UDPLVDYDLWODLVVpWRPEHU
VRQPRXFKRLUHWSDUPpJDUGHVDQVGRXWHDYDLWPLVOHSLHGGHVVXVOHPRPHQW
OXLSDUXWDUULYpGHUpSDUHUVRQLQFRQYHQDQFHLOVHEDLVVDHWGHO
DLUOHSOXV
JUDFLHX[TX
LOSWWURXYHULOWLUDOHPRXFKRLUGHGHVVRXVOHSLHGGX
PRXVTXHWDLUHTXHOTXHVHIIRUWVTXHFHOXLFLIvWSRXUOHUHWHQLUHWOXLGLWHQ
OHOXLUHPHWWDQW
-HFURLV0RQVLHXUTXHYRLFLXQPRXFKRLUTXHYRXVVHULH]IkFKpGHSHUGUH
/HPRXFKRLUpWDLWHQHIIHWULFKHPHQWEURGpHWSRUWDLWXQHFRXURQQHHWGHVDUPHV
jO
XQGHVHVFRLQV$UDPLVURXJLWH[FHVVLYHPHQWHWDUUDFKDSOXW{WTX
LOQHSULW
OHPRXFKRLUGHVPDLQVGX*DVFRQ
$K$KV
pFULDXQGHVJDUGHVGLUDVWXHQFRUHGLVFUHW$UDPLVTXHWXHV
PDODYHF0PHGH%RLV7UDF\TXDQGFHWWHJUDFLHXVHGDPHDO
REOLJHDQFHGHWH
SUrWHUVHVPRXFKRLUV"
$UDPLVODQoDjG
$UWDJQDQXQGHFHVUHJDUGVTXLIRQWFRPSUHQGUHjXQKRPPHTX
LO

YLHQWGHV
DFTXpULUXQHQQHPLPRUWHOSXLVUHSUHQDQWVRQDLUGRXFHUHX[
9RXVYRXVWURPSH]0HVVLHXUVGLWLOFHPRXFKRLUQ
HVWSDVjPRLHWMHQH
VDLVSRXUTXRL0RQVLHXUDHXODIDQWDLVLHGHPHOHUHPHWWUHSOXW{WTX
jO
XQGH
YRXVHWODSUHXYHGHFHTXHMHGLVF
HVWTXHYRLFLOHPLHQGDQVPDSRFKH
$FHVPRWVLOWLUDVRQSURSUHPRXFKRLUPRXFKRLUIRUWpOpJDQWDXVVLHWGHILQH
EDWLVWHTXRLTXHODEDWLVWHIWFKqUHjFHWWHpSRTXHPDLVPRXFKRLUVDQV
EURGHULHVDQVDUPHVHWRUQpG
XQVHXOFKLIIUHFHOXLGHVRQSURSULpWDLUH
&HWWHIRLVG
$UWDJQDQQHVRXIIODSDVPRWLODYDLWUHFRQQXVDEpYXHPDLVOHV
DPLVG
$UDPLVQHVHODLVVqUHQWSDVFRQYDLQFUHSDUVHVGpQpJDWLRQVHWO
XQ
G
HX[V
DGUHVVDQWDXMHXQHPRXVTXHWDLUHDYHFXQVpULHX[DIIHFWp
6LFHODpWDLWGLWLODLQVLTXHWXOHSUpWHQGVMHVHUDLVIRUFpPRQFKHU
$UDPLVGHWHOHUHGHPDQGHUFDUFRPPHWXOHVDLV%RLV7UDF\HVWGHPHV
LQWLPHVHWMHQHYHX[SDVTX
RQIDVVHWURSKpHGHVHIIHWVGHVDIHPPH
7XGHPDQGHVFHODPDOUpSRQGLW$UDPLVHWWRXWHQUHFRQQDLVVDQWODMXVWHVVH
GHWDUpFODPDWLRQTXDQWDXIRQGMHUHIXVHUDLVjFDXVHGHODIRUPH
/HIDLWHVWKDVDUGDWLPLGHPHQWG
$UWDJQDQTXHMHQ
DLSDVYXVRUWLUOH
PRXFKRLUGHODSRFKHGH0$UDPLV,ODYDLWOHSLHGGHVVXVYRLOjWRXWHWM
DL
SHQVpTXHSXLVTX
LODYDLWOHSLHGGHVVXVOHPRXFKRLUpWDLWjOXL
(WYRXVYRXVrWHVWURPSpPRQFKHU0RQVLHXUUpSRQGLWIURLGHPHQW$UDPLV
SHXVHQVLEOHjODUpSDUDWLRQ
3XLVVHUHWRXUQDQWYHUVFHOXLGHVJDUGHVTXLV
pWDLWGpFODUpO
DPLGH
%RLV7UDF\
'
DLOOHXUVFRQWLQXDWLOMHUpIOpFKLVPRQFKHULQWLPHGH%RLV7UDF\TXHMH
VXLVVRQDPLQRQPRLQVWHQGUHTXHWXSHX[O
rWUHWRLPrPHGHVRUWHTX
jOD
ULJXHXUFHPRXFKRLUSHXWDXVVLELHQrWUHVRUWLGHWDSRFKHTXHGHODPLHQQH
1RQVXUPRQKRQQHXUV
pFULDOHJDUGHGH6D0DMHVWp
7XYDVMXUHUVXUWRQKRQQHXUHWPRLVXUPDSDUROHHWDORUVLO\DXUD
pYLGHPPHQWXQGHQRXVGHX[TXLPHQWLUD7LHQVIDLVRQVPLHX[0RQWDUDQ
SUHQRQVHQFKDFXQODPRLWLp
'XPRXFKRLU"
2XL
3DUIDLWHPHQWV
pFULqUHQWOHVGHX[DXWUHVJDUGHVOHMXJHPHQWGXURL6DORPRQ
'pFLGpPHQW$UDPLVWXHVSOHLQGHVDJHVVH
/HVMHXQHVJHQVpFODWqUHQWGHULUHHWFRPPHRQOHSHQVHELHQO
DIIDLUHQ
HXW
SDVG
DXWUHVXLWH$XERXWG
XQLQVWDQWODFRQYHUVDWLRQFHVVDHWOHVWURLV
JDUGHVHWOHPRXVTXHWDLUHDSUqVV
rWUHFRUGLDOHPHQWVHUUpODPDLQWLUqUHQW
OHVWURLVJDUGHVGHOHXUF{WpHW$UDPLVGXVLHQ

9RLOjOHPRPHQWGHIDLUHPDSDL[DYHFFHJDODQWKRPPHVHGLWjSDUWOXL
G
$UWDJQDQTXLV
pWDLWWHQXXQSHXjO
pFDUWSHQGDQWWRXWHODGHUQLqUHSDUWLH
GHFHWWHFRQYHUVDWLRQ(WVXUFHERQVHQWLPHQWVHUDSSURFKDQWG
$UDPLVTXL
V
pORLJQDLWVDQVIDLUHDXWUHPHQWDWWHQWLRQjOXL
0RQVLHXUOXLGLWLOYRXVP
H[FXVHUH]MHO
HVSqUH
$K0RQVLHXULQWHUURPSLW$UDPLVSHUPHWWH]PRLGHYRXVIDLUHREVHUYHUTXH
YRXVQ
DYH]SRLQWDJLHQFHWWHFLUFRQVWDQFHFRPPHXQJDODQWKRPPHOHGHYDLW
IDLUH
4XRL0RQVLHXUV
pFULDG
$UWDJQDQYRXVVXSSRVH]
-HVXSSRVH0RQVLHXUTXHYRXVQ
rWHVSDVXQVRWHWTXHYRXVVDYH]ELHQ
TXRLTXHDUULYDQWGH*DVFRJQHTX
RQQHPDUFKHSDVVDQVFDXVHVXUOHVPRXFKRLUV
GHSRFKH4XHGLDEOH3DULVQ
HVWSRLQWSDYpHQEDWLVWH
0RQVLHXUYRXVDYH]WRUWGHFKHUFKHUjP
KXPLOLHUGLWG
$UWDJQDQFKH]TXL
OHQDWXUHOTXHUHOOHXUFRPPHQoDLWjSDUOHUSOXVKDXWTXHOHVUpVROXWLRQV
SDFLILTXHV-HVXLVGH*DVFRJQHF
HVWYUDLHWSXLVTXHYRXVOHVDYH]MH
Q
DXUDLSDVEHVRLQGHYRXVGLUHTXHOHV*DVFRQVVRQWSHXHQGXUDQWVGHVRUWH
TXHORUVTX
LOVVHVRQWH[FXVpVXQHIRLVIWFHG
XQHVRWWLVHLOVVRQW
FRQYDLQFXVTX
LOVRQWGpMjIDLWPRLWLpSOXVTX
LOVQHGHYDLHQWIDLUH
0RQVLHXUFHTXHMHYRXVHQGLVUpSRQGLW$UDPLVQ
HVWSRLQWSRXUYRXV
FKHUFKHUXQHTXHUHOOH'LHXPHUFLMHQHVXLVSDVXQVSDGDVVLQHWQ
pWDQW
PRXVTXHWDLUHTXHSDULQWpULPMHQHPHEDWVTXHORUVTXHM
\VXLVIRUFpHW
WRXMRXUVDYHFXQHJUDQGHUpSXJQDQFHPDLVFHWWHIRLVO
DIIDLUHHVWJUDYHFDU
YRLFLXQHGDPHFRPSURPLVHSDUYRXV
3DUQRXVF
HVWjGLUHV
pFULDG
$UWDJQDQ
3RXUTXRLDYH]YRXVHXODPDODGUHVVHGHPHUHQGUHOHPRXFKRLU"
3RXUTXRLDYH]YRXVHXFHOOHGHOHODLVVHUWRPEHU"
-
DLGLWHWMHUpSqWH0RQVLHXUTXHFHPRXFKRLUQ
HVWSRLQWVRUWLGHPD
SRFKH
(KELHQYRXVHQDYH]PHQWLGHX[IRLV0RQVLHXUFDUMHO
HQDLYXVRUWLU
PRL
$KYRXVOHSUHQH]VXUFHWRQ0RQVLHXUOH*DVFRQHKELHQMHYRXV
DSSUHQGUDLjYLYUH
(WPRLMHYRXVUHQYHUUDLjYRWUHPHVVH0RQVLHXUO
DEEp'pJDLQH]V
LOYRXV
SODvWHWjO
LQVWDQWPrPH
1RQSDVV
LOYRXVSODvWPRQEHODPLQRQSDVLFLGXPRLQV1HYR\H]YRXV
SDVTXHQRXVVRPPHVHQIDFHGHO
K{WHOG
$LJXLOORQOHTXHOHVWSOHLQGH
FUpDWXUHVGXFDUGLQDO"4XLPHGLWTXHFHQ
HVWSDV6RQ(PLQHQFHTXLYRXVD
FKDUJpGHOXLSURFXUHUPDWrWH"2UM
\WLHQVULGLFXOHPHQWjPDWrWHDWWHQGX
TX
HOOHPHVHPEOHDOOHUDVVH]FRUUHFWHPHQWjPHVpSDXOHV-HYHX[GRQFYRXV

WXHUVR\H]WUDQTXLOOHPDLVYRXVWXHUWRXWGRXFHPHQWGDQVXQHQGURLWFORVHW
FRXYHUWOjRYRXVQHSXLVVLH]YRXVYDQWHUGHYRWUHPRUWjSHUVRQQH
-HOHYHX[ELHQPDLVQHYRXV\ILH]SDVHWHPSRUWH]YRWUHPRXFKRLUTX
LO
YRXVDSSDUWLHQQHRXQRQSHXWrWUHDXUH]YRXVO
RFFDVLRQGHYRXVHQVHUYLU
0RQVLHXUHVW*DVFRQ"GHPDQGD$UDPLV
2XL0RQVLHXUQHUHPHWSDVXQUHQGH]YRXVSDUSUXGHQFH"
/DSUXGHQFH0RQVLHXUHVWXQHYHUWXDVVH]LQXWLOHDX[PRXVTXHWDLUHVMHOH
VDLVPDLVLQGLVSHQVDEOHDX[JHQVG
(JOLVHHWFRPPHMHQHVXLVPRXVTXHWDLUHTXH
SURYLVRLUHPHQWMHWLHQVjUHVWHUSUXGHQW$GHX[KHXUHVM
DXUDLO
KRQQHXUGH
YRXVDWWHQGUHjO
K{WHOGH0GH7UpYLOOH/jMHYRXVLQGLTXHUDLOHVERQV
HQGURLWV
/HVGHX[MHXQHVJHQVVHVDOXqUHQWSXLV$UDPLVV
pORLJQDHQUHPRQWDQWODUXHTXL
UHPRQWDLWDX/X[HPERXUJWDQGLVTXHG
$UWDJQDQYR\DQWTXHO
KHXUHV
DYDQoDLW
SUHQDLWOHFKHPLQGHV&DUPHV'HVFKDX[WRXWHQGLVDQWjSDUWVRL
'pFLGpPHQWMHQ
HQSXLVSDVUHYHQLUPDLVDXPRLQVVLMHVXLVWXpMHVHUDL
WXpSDUXQPRXVTXHWDLUH

&KDSLWUH9
/(6028648(7$,5(6'852,(7/(6*$5'(6'(0/(&$5',1$/

'
$UWDJQDQQHFRQQDLVVDLWSHUVRQQHj3DULV,ODOODGRQFDXUHQGH]YRXVG
$WKRV
VDQVDPHQHUGHVHFRQGUpVROXGHVHFRQWHQWHUGHFHX[TX
DXUDLWFKRLVLVVRQ
DGYHUVDLUH'
DLOOHXUVVRQLQWHQWLRQpWDLWIRUPHOOHGHIDLUHDXEUDYH
PRXVTXHWDLUHWRXWHVOHVH[FXVHVFRQYHQDEOHVPDLVVDQVIDLEOHVVHFUDLJQDQW
TX
LOQHUpVXOWkWGHFHGXHOFHTXLUpVXOWHWRXMRXUVGHIkFKHX[GDQVXQH
DIIDLUHGHFHJHQUHTXDQGXQKRPPHMHXQHHWYLJRXUHX[VHEDWFRQWUHXQ
DGYHUVDLUHEOHVVpHWDIIDLEOLYDLQFXLOGRXEOHOHWULRPSKHGHVRQDQWDJRQLVWH
YDLQTXHXULOHVWDFFXVpGHIRUIDLWXUHHWGHIDFLOHDXGDFH
$XUHVWHRXQRXVDYRQVPDOH[SRVpOHFDUDFWqUHGHQRWUHFKHUFKHXUG
DYHQWXUHV
RXQRWUHOHFWHXUDGpMjGUHPDUTXHUTXHG
$UWDJQDQQ
pWDLWSRLQWXQKRPPH
RUGLQDLUH$XVVLWRXWHQVHUpSpWDQWjOXLPrPHTXHVDPRUWpWDLWLQpYLWDEOH
LOQHVHUpVLJQDSRLQWjPRXULUWRXWGRXFHWWHPHQWFRPPHXQDXWUHPRLQV
FRXUDJHX[HWPRLQVPRGpUpTXHOXLHWIDLWjVDSODFH,OUpIOpFKLWDX[
GLIIpUHQWVFDUDFWqUHVGHFHX[DYHFOHVTXHOVLODOODLWVHEDWWUHHWFRPPHQoDj
YRLUSOXVFODLUGDQVVDVLWXDWLRQ,OHVSpUDLWJUkFHDX[H[FXVHVOR\DOHVTX
LO
OXLUpVHUYDLWVHIDLUHXQDPLG
$WKRVGRQWO
DLUJUDQGVHLJQHXUHWODPLQH
DXVWqUHOXLDJUpDLHQWIRUW,OVHIODWWDLWGHIDLUHSHXUj3RUWKRVDYHF
O
DYHQWXUHGXEDXGULHUTX
LOSRXYDLWV
LOQ
pWDLWSDVWXpVXUOHFRXS
UDFRQWHUjWRXWOHPRQGHUpFLWTXLSRXVVpDGURLWHPHQWjO
HIIHWGHYDLW
FRXYULU3RUWKRVGHULGLFXOHHQILQTXDQWDXVRXUQRLV$UDPLVLOQ
HQDYDLWSDV
WUqVJUDQGSHXUHWHQVXSSRVDQWTX
LODUULYkWMXVTX
jOXLLOVHFKDUJHDLWGH

O
H[SpGLHUEHOHWELHQRXGXPRLQVHQOHIUDSSDQWDXYLVDJHFRPPH&pVDUDYDLW
UHFRPPDQGpGHIDLUHDX[VROGDWVGH3RPSpHG
HQGRPPDJHUjWRXWMDPDLVFHWWH
EHDXWpGRQWLOpWDLWVLILHU
(QVXLWHLO\DYDLWFKH]G
$UWDJQDQFHIRQGVLQpEUDQODEOHGHUpVROXWLRQ
TX
DYDLHQWGpSRVpGDQVVRQFRHXUOHVFRQVHLOVGHVRQSqUHFRQVHLOVGRQWOD
VXEVWDQFHpWDLW1HULHQVRXIIULUGHSHUVRQQHTXHGXURLGXFDUGLQDOHWGH
0GH7UpYLOOH,OYRODGRQFSOXW{WTX
LOQHPDUFKDYHUVOHFRXYHQWGHV&DUPHV
'pFKDXVVpVRXSOXW{W'HVFKDX[FRPPHRQGLVDLWjFHWWHpSRTXHVRUWHGH
EkWLPHQWVDQVIHQrWUHVERUGpGHSUpVDULGHVVXFFXUVDOHGX3UpDX[&OHUFVHW
TXLVHUYDLWG
RUGLQDLUHDX[UHQFRQWUHVGHVJHQVTXLQ
DYDLHQWSDVGHWHPSVj
SHUGUH
/RUVTXHG
$UWDJQDQDUULYDHQYXHGXSHWLWWHUUDLQYDJXHTXLV
pWHQGDLWDXSLHG
GHFHPRQDVWqUH$WKRVDWWHQGDLWGHSXLVFLQTPLQXWHVVHXOHPHQWHWPLGLVRQQDLW
,OpWDLWGRQFSRQFWXHOFRPPHOD6DPDULWDLQHHWOHSOXVULJRXUHX[FDVXLVWHj
O
pJDUGGHVGXHOVQ
DYDLWULHQjGLUH
$WKRVTXLVRXIIUDLWWRXMRXUVFUXHOOHPHQWGHVDEOHVVXUHTXRLTX
HOOHHWpWp
SDQVpHjQHXISDUOHFKLUXUJLHQGH0GH7UpYLOOHV
pWDLWDVVLVVXUXQHERUQH
HWDWWHQGDLWVRQDGYHUVDLUHDYHFFHWWHFRQWHQDQFHSDLVLEOHHWFHWDLUGLJQHTXL
QHO
DEDQGRQQDLHQWMDPDLV$O
DVSHFWGHG
$UWDJQDQLOVHOHYDHWILWSROLPHQW
TXHOTXHVSDVDXGHYDQWGHOXL&HOXLFLGHVRQF{WpQ
DERUGDVRQDGYHUVDLUH
TXHOHFKDSHDXjODPDLQHWVDSOXPHWUDvQDQWMXVTX
jWHUUH
0RQVLHXUGLW$WKRVM
DLIDLWSUpYHQLUGHX[GHPHVDPLVTXLPHVHUYLURQWGH
VHFRQGVPDLVFHVGHX[DPLVQHVRQWSRLQWHQFRUHDUULYpV-HP
pWRQQHTX
LOV
WDUGHQWFHQ
HVWSDVOHXUKDELWXGH
-HQ
DLSDVGHVHFRQGVPRL0RQVLHXUGLWG
$UWDJQDQFDUDUULYpG
KLHU
VHXOHPHQWj3DULVMHQ
\FRQQDLVHQFRUHSHUVRQQHTXH0GH7UpYLOOHDXTXHO
M
DLpWpUHFRPPDQGpSDUPRQSqUHTXLDO
KRQQHXUG
rWUHTXHOTXHSHXGHVHVDPLV

$WKRVUpIOpFKLWXQLQVWDQW
9RXVQHFRQQDLVVH]TXH0GH7UpYLOOH"GHPDQGDWLO
2XL0RQVLHXUMHQHFRQQDLVTXHOXL
$KojPDLVFRQWLQXD$WKRVSDUODQWPRLWLpjOXLPrPHPRLWLpj
G
$UWDJQDQDKojPDLVVLMHYRXVWXHM
DXUDLO
DLUG
XQPDQJHXUG
HQIDQWV
PRL
3DVWURS0RQVLHXUUpSRQGLWG
$UWDJQDQDYHFXQVDOXWTXLQHPDQTXDLWSDVGH
GLJQLWpSDVWURSSXLVTXHYRXVPHIDLWHVO
KRQQHXUGHWLUHUO
pSpHFRQWUHPRL
DYHFXQHEOHVVXUHGRQWYRXVGHYH]rWUHIRUWLQFRPPRGp
7UqVLQFRPPRGpVXUPDSDUROHHWYRXVP
DYH]IDLWXQPDOGXGLDEOHMHGRLV
OHGLUHPDLVMHSUHQGUDLODPDLQJDXFKHF
HVWPRQKDELWXGHHQSDUHLOOH
FLUFRQVWDQFH1HFUR\H]GRQFSDVTXHMHYRXVIDVVHXQHJUkFHMHWLUHSURSUHPHQW
GHVGHX[PDLQVHWLO\DXUDPrPHGpVDYDQWDJHSRXUYRXVXQJDXFKHUHVWWUqV
JrQDQWSRXUOHVJHQVTXLQHVRQWSDVSUpYHQXV-HUHJUHWWHGHQHSDVYRXVDYRLU

IDLWSDUWSOXVW{WGHFHWWHFLUFRQVWDQFH
9RXVrWHVYUDLPHQW0RQVLHXUGLWG
$UWDJQDQHQV
LQFOLQDQWGHQRXYHDXG
XQH
FRXUWRLVLHGRQWMHYRXVVXLVRQQHSHXWSOXVUHFRQQDLVVDQW
9RXVPHUHQGH]FRQIXVUpSRQGLW$WKRVDYHFVRQDLUGHJHQWLOKRPPHFDXVRQV
GRQFG
DXWUHFKRVHMHYRXVSULHjPRLQVTXHFHODQHYRXVVRLWGpVDJUpDEOH$K
VDQJEOHXTXHYRXVP
DYH]IDLWPDOO
pSDXOHPHEUOH
6LYRXVYRXOLH]SHUPHWWUHGLWG
$UWDJQDQDYHFWLPLGLWp
4XRL0RQVLHXU"
-
DLXQEDXPHPLUDFXOHX[SRXUOHVEOHVVXUHVXQEDXPHTXLPHYLHQWGHPD
PqUHHWGRQWM
DLIDLWO
pSUHXYHVXUPRLPrPH
(KELHQ"
(KELHQMHVXLVVUTX
HQPRLQVGHWURLVMRXUVFHEDXPHYRXVJXpULUDLWHW
DXERXWGHWURLVMRXUVTXDQGYRXVVHULH]JXpULHKELHQ0RQVLHXUFHPH
VHUDLWWRXMRXUVXQJUDQGKRQQHXUG
rWUHYRWUHKRPPH
'
$UWDJQDQGLWFHVPRWVDYHFXQHVLPSOLFLWpTXLIDLVDLWKRQQHXUjVDFRXUWRLVLH
VDQVSRUWHUDXFXQHPHQWDWWHLQWHjVRQFRXUDJH
3DUGLHX0RQVLHXUGLW$WKRVYRLFLXQHSURSRVLWLRQTXLPHSODvWQRQSDVTXH
MHO
DFFHSWHPDLVHOOHVHQWVRQJHQWLOKRPPHG
XQHOLHXH&
HVWDLQVLTXH
SDUODLHQWHWIDLVDLHQWFHVSUHX[GXWHPSVGH&KDUOHPDJQHVXUOHVTXHOVWRXW
FDYDOLHUGRLWFKHUFKHUjVHPRGHOHU0DOKHXUHXVHPHQWQRXVQHVRPPHVSOXVDX
WHPSVGXJUDQGHPSHUHXU1RXVVRPPHVDXWHPSVGH0OHFDUGLQDOHWG
LFLj
WURLVMRXUVRQVDXUDLWVLELHQJDUGpTXHVRLWOHVHFUHWRQVDXUDLWGLVMH
TXHQRXVGHYRQVQRXVEDWWUHHWO
RQV
RSSRVHUDLWjQRWUHFRPEDW$KojPDLV
FHVIOkQHXUVQHYLHQGURQWGRQFSDV"
6LYRXVrWHVSUHVVp0RQVLHXUGLWG
$UWDJQDQj$WKRVDYHFODPrPHVLPSOLFLWp
TX
XQLQVWDQWDXSDUDYDQWLOOXLDYDLWSURSRVpGHUHPHWWUHOHGXHOjWURLVMRXUV
VLYRXVrWHVSUHVVpHWTX
LOYRXVSODLVHGHP
H[SpGLHUWRXWGHVXLWHQHYRXV
JrQH]SDVMHYRXVHQSULH
9RLOjHQFRUHXQPRWTXLPHSODvWGLW$WKRVHQIDLVDQWXQJUDFLHX[VLJQHGH
WrWHjG
$UWDJQDQLOQ
HVWSRLQWG
XQKRPPHVDQVFHUYHOOHHWLOHVWjFRXSVU
G
XQKRPPHGHFRHXU0RQVLHXUM
DLPHOHVKRPPHVGHYRWUHWUHPSHHWMHYRLVTXH
VLQRXVQHQRXVWXRQVSDVO
XQO
DXWUHM
DXUDLSOXVWDUGXQYUDLSODLVLUGDQV
YRWUHFRQYHUVDWLRQ$WWHQGRQVFHV0HVVLHXUVMHYRXVSULHM
DLWRXWOHWHPSV
HWFHODVHUDSOXVFRUUHFW$KHQYRLFLXQMHFURLV
(QHIIHWDXERXWGHODUXHGH9DXJLUDUGFRPPHQoDLWjDSSDUDvWUHOHJLJDQWHVTXH
3RUWKRV
4XRLV
pFULDG
$UWDJQDQYRWUHSUHPLHUWpPRLQHVW03RUWKRV"
2XLFHODYRXVFRQWUDULHWLO"

1RQDXFXQHPHQW
(WYRLFLOHVHFRQG
'
$UWDJQDQVHUHWRXUQDGXF{WpLQGLTXpSDU$WKRVHWUHFRQQXW$UDPLV
4XRLV
pFULDWLOG
XQDFFHQWSOXVpWRQQpTXHODSUHPLqUHIRLVYRWUHVHFRQG
WpPRLQHVW0$UDPLV"
6DQVGRXWHQHVDYH]YRXVSDVTX
RQQHQRXVYRLWMDPDLVO
XQVDQVO
DXWUHHW
TX
RQQRXVDSSHOOHGDQVOHVPRXVTXHWDLUHVHWGDQVOHVJDUGHVjODFRXUHWjOD
YLOOH$WKRV3RUWKRVHW$UDPLVRXOHVWURLVLQVpSDUDEOHV"$SUqVFHODFRPPH
YRXVDUULYH]GH'D[RXGH3DX
'H7DUEHVGLWG
$UWDJQDQ
,OYRXVHVWSHUPLVG
LJQRUHUFHGpWDLOGLW$WKRV
0DIRLGLWG
$UWDJQDQYRXVrWHVELHQQRPPpV0HVVLHXUVHWPRQDYHQWXUHVL
HOOHIDLWTXHOTXHEUXLWSURXYHUDGXPRLQVTXHYRWUHXQLRQQ
HVWSRLQWIRQGpH
VXUOHVFRQWUDVWHV
3HQGDQWFHWHPSV3RUWKRVV
pWDLWUDSSURFKpDYDLWVDOXpGHODPDLQ$WKRV
SXLVVHUHWRXUQDQWYHUVG
$UWDJQDQLOpWDLWUHVWpWRXWpWRQQp
'LVRQVHQSDVVDQWTX
LODYDLWFKDQJpGHEDXGULHUHWTXLWWpVRQPDQWHDX
$KDKILWLOTX
HVWFHTXHFHOD"
&
HVWDYHF0RQVLHXUTXHMHPHEDWVGLW$WKRVHQPRQWUDQWGHODPDLQ
G
$UWDJQDQHWHQOHVDOXDQWGXPrPHJHVWH
&
HVWDYHFOXLTXHMHPHEDWVDXVVLGLW3RUWKRV
0DLVjXQHKHXUHVHXOHPHQWUpSRQGLWG
$UWDJQDQ
(WPRLDXVVLF
HVWDYHF0RQVLHXUTXHMHPHEDWVGLW$UDPLVHQDUULYDQWj
VRQWRXUVXUOHWHUUDLQ
0DLVjGHX[KHXUHVVHXOHPHQWILWG
$UWDJQDQDYHFOHPrPHFDOPH
0DLVjSURSRVGHTXRLWHEDWVWXWRL$WKRV"GHPDQGD$UDPLV
0DIRLMHQHVDLVSDVWURSLOP
DIDLWPDOjO
pSDXOHHWWRL3RUWKRV"
0DIRLMHPHEDWVSDUFHTXHMHPHEDWVUpSRQGLW3RUWKRVHQURXJLVVDQW
$WKRVTXLQHSHUGDLWULHQYLWSDVVHUXQILQVRXULUHVXUOHVOqYUHVGX*DVFRQ
1RXVDYRQVHXXQHGLVFXVVLRQVXUODWRLOHWWHGLWOHMHXQHKRPPH
(WWRL$UDPLV"GHPDQGD$WKRV

0RLMHPHEDWVSRXUFDXVHGHWKpRORJLHUpSRQGLW$UDPLVWRXWHQIDLVDQW
VLJQHjG
$UWDJQDQTX
LOOHSULDLWGHWHQLUVHFUqWHODFDXVHGHVRQGXHO
$WKRVYLWSDVVHUXQVHFRQGVRXULUHVXUOHVOqYUHVGHG
$UWDJQDQ
9UDLPHQWGLW$WKRV
2XLXQSRLQWGHVDLQW$XJXVWLQVXUOHTXHOQRXVQHVRPPHVSDVG
DFFRUGGLW
OH*DVFRQ
'pFLGpPHQWF
HVWXQKRPPHG
HVSULWPXUPXUD$WKRV
(WPDLQWHQDQWTXHYRXVrWHVUDVVHPEOpV0HVVLHXUVGLWG
$UWDJQDQ
SHUPHWWH]PRLGHYRXVIDLUHPHVH[FXVHV
$FHPRWG
H[FXVHVXQQXDJHSDVVDVXUOHIURQWG
$WKRVXQVRXULUHKDXWDLQ
JOLVVDVXUOHVOqYUHVGH3RUWKRVHWXQVLJQHQpJDWLIIXWODUpSRQVHG
$UDPLV
9RXVQHPHFRPSUHQH]SDV0HVVLHXUVGLWG
$UWDJQDQHQUHOHYDQWVDWrWHVXU
ODTXHOOHMRXDLWHQFHPRPHQWXQUD\RQGHVROHLOTXLHQGRUDLWOHVOLJQHVILQHV
HWKDUGLHVMHYRXVGHPDQGHH[FXVHGDQVOHFDVRMHQHSRXUUDLVYRXVSD\HUPD
GHWWHjWRXVWURLVFDU0$WKRVDOHGURLWGHPHWXHUOHSUHPLHUFHTXL{WH
EHDXFRXSGHVDYDOHXUjYRWUHFUpDQFH0RQVLHXU3RUWKRVHWFHTXLUHQGODY{WUH
jSHXSUqVQXOOH0RQVLHXU$UDPLV(WPDLQWHQDQW0HVVLHXUVMHYRXVOHUpSqWH
H[FXVH]PRLPDLVGHFHODVHXOHPHQWHWHQJDUGH
$FHVPRWVGXJHVWHOHSOXVFDYDOLHUTXLVHSXLVVHYRLUG
$UWDJQDQWLUDVRQ
pSpH
/HVDQJpWDLWPRQWpjODWrWHGHG
$UWDJQDQHWGDQVFHPRPHQWLOHWWLUpVRQ
pSpHFRQWUHWRXVOHVPRXVTXHWDLUHVGXUR\DXPHFRPPHLOYHQDLWGHIDLUHFRQWUH
$WKRV3RUWKRVHW$UDPLV
,OpWDLWPLGLHWXQTXDUW/HVROHLOpWDLWjVRQ]pQLWKHWO
HPSODFHPHQWFKRLVL
SRXUrWUHOHWKpkWUHGXGXHOVHWURXYDLWH[SRVpjWRXWHVRQDUGHXU
,OIDLWWUqVFKDXGGLW$WKRVHQWLUDQWVRQpSpHjVRQWRXUHWFHSHQGDQWMH
QHVDXUDLV{WHUPRQSRXUSRLQWFDUWRXWjO
KHXUHHQFRUHM
DLVHQWLTXHPD
EOHVVXUHVDLJQDLWHWMHFUDLQGUDLVGHJrQHU0RQVLHXUHQOXLPRQWUDQWGXVDQJ
TX
LOQHP
DXUDLWSDVWLUpOXLPrPH
&
HVWYUDL0RQVLHXUGLWG
$UWDJQDQHWWLUpSDUXQDXWUHRXSDUPRLMH
YRXVDVVXUHTXHMHYHUUDLWRXMRXUVDYHFELHQGXUHJUHWOHVDQJG
XQDXVVLEUDYH
JHQWLOKRPPHMHPHEDWWUDLGRQFHQSRXUSRLQWFRPPHYRXV
9R\RQVYR\RQVGLW3RUWKRVDVVH]GHFRPSOLPHQWVFRPPHFHODHWVRQJH]TXH
QRXVDWWHQGRQVQRWUHWRXU
3DUOH]SRXUYRXVVHXO3RUWKRVTXDQGYRXVDXUH]jGLUHGHSDUHLOOHV
LQFRQJUXLWpVLQWHUURPSLW$UDPLV4XDQWjPRLMHWURXYHOHVFKRVHVTXHFHV
0HVVLHXUVVHGLVHQWIRUWELHQGLWHVHWWRXWjIDLWGLJQHVGHGHX[JHQWLOVKRPPHV

4XDQGYRXVYRXGUH]0RQVLHXUGLW$WKRVHQVHPHWWDQWHQJDUGH
-
DWWHQGDLVYRVRUGUHVGLWG
$UWDJQDQHQFURLVDQWOHIHU
0DLVOHVGHX[UDSLqUHVDYDLHQWjSHLQHUpVRQQpHQVHWRXFKDQWTX
XQHHVFRXDGH
GHVJDUGHVGH6RQ(PLQHQFHFRPPDQGpHSDU0GH-XVVDFVHPRQWUDjO
DQJOHGX
FRXYHQW
/HVJDUGHVGXFDUGLQDOV
pFULqUHQWjODIRLV3RUWKRVHW$UDPLV/
pSpHDX
IRXUUHDX0HVVLHXUVO
pSpHDXIRXUUHDX
0DLVLOpWDLWWURSWDUG/HVGHX[FRPEDWWDQWVDYDLHQWpWpYXVGDQVXQHSRVHTXL
QHSHUPHWWDLWSDVGHGRXWHUGHOHXUVLQWHQWLRQV
+ROjFULD-XVVDFHQV
DYDQoDQWYHUVHX[HWHQIDLVDQWVLJQHjVHVKRPPHV
G
HQIDLUHDXWDQWKROjPRXVTXHWDLUHVRQVHEDWGRQFLFL"(WOHVpGLWV
TX
HQIDLVRQVQRXV"
9RXVrWHVELHQJpQpUHX[0HVVLHXUVOHVJDUGHVGLW$WKRVSOHLQGHUDQFXQH
FDU-XVVDFpWDLWO
XQGHVDJUHVVHXUVGHO
DYDQWYHLOOH6LQRXVYRXVYR\LRQV
EDWWUHMHYRXVUpSRQGVPRLTXHQRXVQRXVJDUGHULRQVELHQGHYRXVHQHPSrFKHU
/DLVVH]QRXVGRQFIDLUHHWYRXVDOOH]DYRLUGXSODLVLUVDQVSUHQGUHDXFXQH
SHLQH
0HVVLHXUVGLW-XVVDFF
HVWDYHFJUDQGUHJUHWTXHMHYRXVGpFODUHTXHOD
FKRVHHVWLPSRVVLEOH1RWUHGHYRLUDYDQWWRXW5HQJDLQH]GRQFV
LOYRXVSODvW
HWQRXVVXLYH]
0RQVLHXUGLW$UDPLVSDURGLDQW-XVVDFFHVHUDLWDYHFXQJUDQGSODLVLUTXH
QRXVREpLULRQVjYRWUHJUDFLHXVHLQYLWDWLRQVLFHODGpSHQGDLWGHQRXVPDLV
PDOKHXUHXVHPHQWODFKRVHHVWLPSRVVLEOH0GH7UpYLOOHQRXVO
DGpIHQGX
3DVVH]GRQFYRWUHFKHPLQF
HVWFHTXHYRXVDYH]GHPLHX[jIDLUH
&HWWHUDLOOHULHH[DVSpUD-XVVDF
1RXVYRXVFKDUJHURQVGRQFGLWLOVLYRXVGpVREpLVVH]
,OVVRQWFLQTGLW$WKRVjGHPLYRL[HWQRXVQHVRPPHVTXHWURLVQRXV
VHURQVHQFRUHEDWWXVHWLOQRXVIDXGUDPRXULULFLFDUMHOHGpFODUHMHQH
UHSDUDLVSDVYDLQFXGHYDQWOHFDSLWDLQH
$ORUV3RUWKRVHW$UDPLVVHUDSSURFKqUHQWjO
LQVWDQWOHVXQVGHVDXWUHVSHQGDQW
TXH-XVVDFDOLJQDLWVHVVROGDWV
&HVHXOPRPHQWVXIILWjG
$UWDJQDQSRXUSUHQGUHVRQSDUWLF
pWDLWOjXQGHFHV
pYpQHPHQWVTXLGpFLGHQWGHODYLHG
XQKRPPHF
pWDLWXQFKRL[jIDLUHHQWUHOH
URLHWOHFDUGLQDOFHFKRL[IDLWLOIDOODLW\SHUVpYpUHU6HEDWWUH
F
HVWjGLUHGpVREpLUjODORLF
HVWjGLUHULVTXHUVDWrWHF
HVWjGLUHVH
IDLUHG
XQVHXOFRXSO
HQQHPLG
XQPLQLVWUHSOXVSXLVVDQWTXHOHURLOXLPrPH
YRLOjFHTX
HQWUHYLWOHMHXQHKRPPHHWGLVRQVOHjVDORXDQJHLOQ
KpVLWD
SRLQWXQHVHFRQGH6HWRXUQDQWGRQFYHUV$WKRVHWVHVDPLV
0HVVLHXUVGLWLOMHUHSUHQGUDLV
LOYRXVSODvWTXHOTXHFKRVHjYRV

SDUROHV9RXVDYH]GLWTXHYRXVQ
pWLH]TXHWURLVPDLVLOPHVHPEOHjPRLTXH
QRXVVRPPHVTXDWUH
0DLVYRXVQ
rWHVSDVGHVQ{WUHVGLW3RUWKRV
&
HVWYUDLUpSRQGLWG
$UWDJQDQMHQ
DLSDVO
KDELWPDLVM
DLO
kPH0RQ
FRHXUHVWPRXVTXHWDLUHMHOHVHQVELHQ0RQVLHXUHWFHODP
HQWUDvQH
(FDUWH]YRXVMHXQHKRPPHFULD-XVVDFTXLVDQVGRXWHjVHVJHVWHVHWj
O
H[SUHVVLRQGHVRQYLVDJHDYDLWGHYLQpOHGHVVHLQGHG
$UWDJQDQ9RXVSRXYH]
YRXVUHWLUHUQRXV\FRQVHQWRQV6DXYH]YRWUHSHDXDOOH]YLWH
'
$UWDJQDQQHERXJHDSRLQW
'pFLGpPHQWYRXVrWHVXQMROLJDUoRQGLW$WKRVHQVHUUDQWODPDLQGXMHXQH
KRPPH
$OORQVDOORQVSUHQRQVXQSDUWLUHSULW-XVVDF
9R\RQVGLUHQW3RUWKRVHW$UDPLVIDLVRQVTXHOTXHFKRVH
0RQVLHXUHVWSOHLQGHJpQpURVLWpGLW$WKRV
0DLVWRXVWURLVSHQVDLHQWjODMHXQHVVHGHG
$UWDJQDQHWUHGRXWDLHQWVRQ
LQH[SpULHQFH
1RXVQHVHURQVTXHWURLVGRQWXQEOHVVpSOXVXQHQIDQWUHSULW$WKRVHW
O
RQQ
HQGLUDSDVPRLQVTXHQRXVpWLRQVTXDWUHKRPPHV
2XLPDLVUHFXOHUGLW3RUWKRV
&
HVWGLIILFLOHUHSULW$WKRV
'
$UWDJQDQFRPSULWOHXULUUpVROXWLRQ
0HVVLHXUVHVVD\H]PRLWRXMRXUVGLWLOHWMHYRXVMXUHVXUO
KRQQHXUTXHMH
QHYHX[SDVP
HQDOOHUG
LFLVLQRXVVRPPHVYDLQFXV
&RPPHQWYRXVDSSHOOHWRQPRQEUDYH"GLW$WKRV
'
$UWDJQDQ0RQVLHXU
(KELHQ$WKRV3RUWKRV$UDPLVHWG
$UWDJQDQHQDYDQWFULD$WKRV
(KELHQYR\RQV0HVVLHXUVYRXVGpFLGH]YRXVjYRXVGpFLGHU"FULDSRXUOD
WURLVLqPHIRLV-XVVDF
&
HVWIDLW0HVVLHXUVGLW$WKRV
(WTXHOSDUWLSUHQH]YRXV"GHPDQGD-XVVDF
1RXVDOORQVDYRLUO
KRQQHXUGHYRXVFKDUJHUUpSRQGLW$UDPLVHQOHYDQWVRQ
FKDSHDXG
XQHPDLQHWWLUDQWVRQpSpHGHO
DXWUH

$KYRXVUpVLVWH]V
pFULD-XVVDF
6DQJGLHXFHODYRXVpWRQQH"
(WOHVQHXIFRPEDWWDQWVVHSUpFLSLWqUHQWOHVXQVVXUOHVDXWUHVDYHFXQHIXULH
TXLQ
H[FOXDLWSDVXQHFHUWDLQHPpWKRGH
$WKRVSULWXQFHUWDLQ&DKXVDFIDYRULGXFDUGLQDO3RUWKRVHXW%LVFDUDWHW
$UDPLVVHYLWHQIDFHGHGHX[DGYHUVDLUHV
4XDQWjG
$UWDJQDQLOVHWURXYDODQFpFRQWUH-XVVDFOXLPrPH
/HFRHXUGXMHXQH*DVFRQEDWWDLWjOXLEULVHUODSRLWULQHQRQSDVGHSHXU'LHX
PHUFLLOQ
HQDYDLWSDVO
RPEUHPDLVG
pPXODWLRQLOVHEDWWDLWFRPPHXQ
WLJUHHQIXUHXUWRXUQDQWGL[IRLVDXWRXUGHVRQDGYHUVDLUHFKDQJHDQWYLQJW
IRLVVHVJDUGHVHWVRQWHUUDLQ-XVVDFpWDLWFRPPHRQOHGLVDLWDORUVIULDQG
GHODODPHHWDYDLWIRUWSUDWLTXpFHSHQGDQWLODYDLWWRXWHVOHVSHLQHVGX
PRQGHjVHGpIHQGUHFRQWUHXQDGYHUVDLUHTXLDJLOHHWERQGLVVDQWV
pFDUWDLWj
WRXWPRPHQWGHVUqJOHVUHoXHVDWWDTXDQWGHWRXVF{WpVjODIRLVHWWRXWFHOD
HQSDUDQWHQKRPPHTXLDOHSOXVJUDQGUHVSHFWSRXUVRQpSLGHUPH
(QILQFHWWHOXWWHILQLWSDUIDLUHSHUGUHSDWLHQFHj-XVVDF)XULHX[G
rWUHWHQX
HQpFKHFSDUFHOXLTX
LODYDLWUHJDUGpFRPPHXQHQIDQWLOV
pFKDXIIDHW
FRPPHQoDjIDLUHGHVIDXWHV'
$UWDJQDQTXLjGpIDXWGHODSUDWLTXHDYDLWXQH
SURIRQGHWKpRULHUHGRXEODG
DJLOLWp-XVVDFYRXODQWHQILQLUSRUWDXQFRXS
WHUULEOHjVRQDGYHUVDLUHHQVHIHQGDQWjIRQGPDLVFHOXLFLSDUDSULPHHW
WDQGLVTXH-XVVDFVHUHOHYDLWVHJOLVVDQWFRPPHXQVHUSHQWVRXVVRQIHULOOXL
SDVVDVRQpSpHDXWUDYHUVGXFRUSV-XVVDFWRPEDFRPPHXQHPDVVH
'
$UWDJQDQMHWDDORUVXQFRXSG
RHLOLQTXLHWHWUDSLGHVXUOHFKDPSGHEDWDLOOH
$UDPLVDYDLWGpMjWXpXQGHVHVDGYHUVDLUHVPDLVO
DXWUHOHSUHVVDLWYLYHPHQW
&HSHQGDQW$UDPLVpWDLWHQERQQHVLWXDWLRQHWSRXYDLWHQFRUHVHGpIHQGUH
%LVFDUDWHW3RUWKRVYHQDLHQWGHIDLUHFRXSIRXUUp3RUWKRVDYDLWUHoXXQFRXS
G
pSpHDXWUDYHUVGXEUDVHW%LVFDUDWDXWUDYHUVGHODFXLVVH0DLVFRPPHQL
O
XQHQLO
DXWUHGHVGHX[EOHVVXUHVQ
pWDLWJUDYHLOVQHV
HQHVFULPDLHQW
TX
DYHFSOXVG
DFKDUQHPHQW
$WKRVEOHVVpGHQRXYHDXSDU&DKXVDFSkOLVVDLWjYXHG
RHLOPDLVLOQH
UHFXODLWSDVG
XQHVHPHOOHLODYDLWVHXOHPHQWFKDQJpVRQpSpHGHPDLQHWVH
EDWWDLWGHODPDLQJDXFKH
'
$UWDJQDQVHORQOHVORLVGXGXHOGHFHWWHpSRTXHSRXYDLWVHFRXULUTXHOTX
XQ
SHQGDQWTX
LOFKHUFKDLWGXUHJDUGFHOXLGHVHVFRPSDJQRQVTXLDYDLWEHVRLQGH
VRQDLGHLOVXUSULWXQFRXSG
RHLOG
$WKRV&HFRXSG
RHLOpWDLWG
XQH
pORTXHQFHVXEOLPH$WKRVVHUDLWPRUWSOXW{WTXHG
DSSHOHUDXVHFRXUVPDLVLO
SRXYDLWUHJDUGHUHWGXUHJDUGGHPDQGHUXQDSSXL'
$UWDJQDQOHGHYLQDILWXQ
ERQGWHUULEOHHWWRPEDVXUOHIODQFGH&DKXVDFHQFULDQW
$PRL0RQVLHXUOHJDUGHMHYRXVWXH

&DKXVDFVHUHWRXUQDLOpWDLWWHPSV$WKRVTXHVRQH[WUrPHFRXUDJHVRXWHQDLW
VHXOWRPEDVXUXQJHQRX
6DQJGLHXFULDLWLOjG
$UWDJQDQQHOHWXH]SDVMHXQHKRPPHMHYRXVHQ
SULHM
DLXQHYLHLOOHDIIDLUHjWHUPLQHUDYHFOXLTXDQGMHVHUDLJXpULHW
ELHQSRUWDQW'pVDUPH]OHVHXOHPHQWOLH]OXLO
pSpH&
HVWFHOD%LHQWUqV
ELHQ
&HWWHH[FODPDWLRQpWDLWDUUDFKpHj$WKRVSDUO
pSpHGH&DKXVDFTXLVDXWDLWj
YLQJWSDVGHOXL'
$UWDJQDQHW&DKXVDFV
pODQFqUHQWHQVHPEOHO
XQSRXUOD
UHVVDLVLUO
DXWUHSRXUV
HQHPSDUHUPDLVG
$UWDJQDQSOXVOHVWHDUULYDOH
SUHPLHUHWPLWOHSLHGGHVVXV
&DKXVDFFRXUXWjFHOXLGHVJDUGHVTX
DYDLWWXp$UDPLVV
HPSDUDGHVDUDSLqUH
HWYRXOXWUHYHQLUjG
$UWDJQDQPDLVVXUVRQFKHPLQLOUHQFRQWUD$WKRVTXL
SHQGDQWFHWWHSDXVHG
XQLQVWDQWTXHOXLDYDLWSURFXUpHG
$UWDJQDQDYDLWUHSULV
KDOHLQHHWTXLGHFUDLQWHTXHG
$UWDJQDQQHOXLWXkWVRQHQQHPLYRXODLW
UHFRPPHQFHUOHFRPEDW
'
$UWDJQDQFRPSULWTXHFHVHUDLWGpVREOLJHU$WKRVTXHGHQHSDVOHODLVVHU
IDLUH(QHIIHWTXHOTXHVVHFRQGHVDSUqV&DKXVDFWRPEDODJRUJHWUDYHUVpHG
XQ
FRXSG
pSpH
$XPrPHLQVWDQW$UDPLVDSSX\DLWVRQpSpHFRQWUHODSRLWULQHGHVRQDGYHUVDLUH
UHQYHUVpHWOHIRUoDLWjGHPDQGHUPHUFL
5HVWDLHQW3RUWKRVHW%LVFDUDW3RUWKRVIDLVDLWPLOOHIDQIDURQQDGHVGHPDQGDQWj
%LVFDUDWTXHOOHKHXUHLOSRXYDLWELHQrWUHHWOXLIDLVDLWVHVFRPSOLPHQWVVXU
ODFRPSDJQLHTXHYHQDLWG
REWHQLUVRQIUqUHGDQVOHUpJLPHQWGH1DYDUUHPDLV
WRXWHQUDLOODQWLOQHJDJQDLWULHQ%LVFDUDWpWDLWXQGHFHVKRPPHVGHIHUTXL
QHWRPEHQWTXHPRUWV
&HSHQGDQWLOIDOODLWHQILQLU/HJXHWSRXYDLWDUULYHUHWSUHQGUHWRXVOHV
FRPEDWWDQWVEOHVVpVRXQRQUR\DOLVWHVRXFDUGLQDOLVWHV$WKRV$UDPLVHW
G
$UWDJQDQHQWRXUqUHQW%LVFDUDWHWOHVRPPqUHQWGHVHUHQGUH4XRLTXHVHXO
FRQWUHWRXVHWDYHFXQFRXSG
pSpHTXLOXLWUDYHUVDLWODFXLVVH%LVFDUDW
YRXODLWWHQLUPDLV-XVVDFTXLV
pWDLWUHOHYpVXUVRQFRXGHOXLFULDGHVH
UHQGUH%LVFDUDWpWDLWXQ*DVFRQFRPPHG
$UWDJQDQLOILWODVRXUGHRUHLOOHHW
VHFRQWHQWDGHULUHHWHQWUHGHX[SDUDGHVWURXYDQWOHWHPSVGHGpVLJQHUGX
ERXWGHVRQpSpHXQHSODFHjWHUUH
,FLGLWLOSDURGLDQWXQYHUVHWGHOD%LEOHLFLPRXUUD%LVFDUDWVHXOGH
FHX[TXLVRQWDYHFOXL
0DLVLOVVRQWTXDWUHFRQWUHWRLILQLVHQMHWHO
RUGRQQH
$KVLWXO
RUGRQQHVF
HVWDXWUHFKRVHGLW%LVFDUDWFRPPHWXHVPRQ
EULJDGLHUMHGRLVREpLU
(WIDLVDQWXQERQGHQDUULqUHLOFDVVDVRQpSpHVXUVRQJHQRXSRXUQHSDVOD
UHQGUHHQMHWDOHVPRUFHDX[SDUGHVVXVOHPXUGXFRXYHQWHWVHFURLVDOHVEUDV
HQVLIIODQWXQDLUFDUGLQDOLVWH

/DEUDYRXUHHVWWRXMRXUVUHVSHFWpHPrPHGDQVXQHQQHPL/HVPRXVTXHWDLUHV
VDOXqUHQW%LVFDUDWGHOHXUVpSpHVHWOHVUHPLUHQWDXIRXUUHDX'
$UWDJQDQHQILW
DXWDQWSXLVDLGpGH%LVFDUDWOHVHXOTXLIWUHVWpGHERXWLOSRUWDVRXVOH
SRUFKHGXFRXYHQW-XVVDF&DKXVDFHWFHOXLGHVDGYHUVDLUHVG
$UDPLVTXLQ
pWDLW
TXHEOHVVp/HTXDWULqPHFRPPHQRXVO
DYRQVGLWpWDLWPRUW3XLVLOVVRQQqUHQW
ODFORFKHHWHPSRUWDQWTXDWUHpSpHVVXUFLQTLOVV
DFKHPLQqUHQWLYUHVGHMRLH
YHUVO
K{WHOGH0GH7UpYLOOH2QOHVYR\DLWHQWUHODFpVWHQDQWWRXWHOD
ODUJHXUGHODUXHHWDFFRVWDQWFKDTXHPRXVTXHWDLUHTX
LOVUHQFRQWUDLHQWVL
ELHQTX
jODILQFHIXWXQHPDUFKHWULRPSKDOH/HFRHXUGHG
$UWDJQDQQDJHDLW
GDQVO
LYUHVVHLOPDUFKDLWHQWUH$WKRVHW3RUWKRVHQOHVpWUHLJQDQWWHQGUHPHQW
6LMHQHVXLVSDVHQFRUHPRXVTXHWDLUHGLWLOjVHVQRXYHDX[DPLVHQ
IUDQFKLVVDQWODSRUWHGHO
K{WHOGH0GH7UpYLOOHDXPRLQVPHYRLOjUHoX
DSSUHQWLQ
HVWFHSDV"

&KDSLWUH9,
6$0$-(67(/(52,/28,675(,=,(0(

/
DIIDLUHILWJUDQGEUXLW0GH7UpYLOOHJURQGDEHDXFRXSWRXWKDXWFRQWUHVHV
PRXVTXHWDLUHVHWOHVIpOLFLWDWRXWEDVPDLVFRPPHLOQ
\DYDLWSDVGHWHPSVj
SHUGUHSRXUSUpYHQLUOHURL0GH7UpYLOOHV
HPSUHVVDGHVHUHQGUHDX/RXYUH
,OpWDLWGpMjWURSWDUGOHURLpWDLWHQIHUPpDYHFOHFDUGLQDOHWO
RQGLWj0
GH7UpYLOOHTXHOHURLWUDYDLOODLWHWQHSRXYDLWUHFHYRLUHQFHPRPHQW/HVRLU
0GH7UpYLOOHYLQWDXMHXGXURL/HURLJDJQDLWHWFRPPH6D0DMHVWppWDLW
IRUWDYDUHHOOHpWDLWG
H[FHOOHQWHKXPHXUDXVVLGXSOXVORLQTXHOHURL
DSHUoXW7UpYLOOH
9HQH]LFL0RQVLHXUOHFDSLWDLQHGLWLOYHQH]TXHMHYRXVJURQGH
VDYH]YRXVTXH6RQ(PLQHQFHHVWYHQXHPHIDLUHGHVSODLQWHVVXUYRV
PRXVTXHWDLUHVHWFHODDYHFXQHWHOOHpPRWLRQTXHFHVRLU6RQ(PLQHQFHHQHVW
PDODGH"$KojPDLVFHVRQWGHVGLDEOHVjTXDWUHGHVJHQVjSHQGUHTXHYRV
PRXVTXHWDLUHV
1RQ6LUHUpSRQGLW7UpYLOOHTXLYLWGXSUHPLHUFRXSG
RHLOFRPPHQWODFKRVH
DOODLWWRXUQHUQRQWRXWDXFRQWUDLUHFHVRQWGHERQQHVFUpDWXUHVGRXFHV
FRPPHGHVDJQHDX[HWTXLQ
RQWTX
XQGpVLUMHP
HQIHUDLVJDUDQWF
HVWTXH
OHXUpSpHQHVRUWHGXIRXUUHDXTXHSRXUOHVHUYLFHGH9RWUH0DMHVWp0DLVTXH
YRXOH]YRXVOHVJDUGHVGH0OHFDUGLQDOVRQWVDQVFHVVHjOHXUFKHUFKHU
TXHUHOOHHWSRXUO
KRQQHXUPrPHGXFRUSVOHVSDXYUHVMHXQHVJHQVVRQWREOLJpV
GHVHGpIHQGUH
(FRXWH]0GH7UpYLOOHGLWOHURLpFRXWH]OHQHGLUDLWRQSDVTX
LO
SDUOHG
XQHFRPPXQDXWpUHOLJLHXVH(QYpULWpPRQFKHUFDSLWDLQHM
DLHQYLHGH
YRXV{WHUYRWUHEUHYHWHWGHOHGRQQHUj0OOHGH&KHPHUDXOWjODTXHOOHM
DL
SURPLVXQHDEED\H0DLVQHSHQVH]SDVTXHMHYRXVFURLUDLDLQVLVXUSDUROH2Q
P
DSSHOOH/RXLVOH-XVWH0RQVLHXUGH7UpYLOOHHWWRXWjO
KHXUHWRXWj

O
KHXUHQRXVYHUURQV
$KF
HVWSDUFHTXHMHPHILHjFHWWHMXVWLFH6LUHTXHM
DWWHQGUDL
SDWLHPPHQWHWWUDQTXLOOHPHQWOHERQSODLVLUGH9RWUH0DMHVWp
$WWHQGH]GRQF0RQVLHXUDWWHQGH]GRQFGLWOHURLMHQHYRXVIHUDLSDV
ORQJWHPSVDWWHQGUH
(QHIIHWODFKDQFHWRXUQDLWHWFRPPHOHURLFRPPHQoDLWjSHUGUHFHTX
LODYDLW
JDJQpLOQ
pWDLWSDVIkFKpGHWURXYHUXQSUpWH[WHSRXUIDLUHTX
RQQRXVSDVVH
FHWWHH[SUHVVLRQGHMRXHXUGRQWQRXVO
DYRXRQVQRXVQHFRQQDLVVRQVSDV
O
RULJLQHSRXUIDLUHFKDUOHPDJQH/HURLVHOHYDGRQFDXERXWG
XQLQVWDQW
HWPHWWDQWGDQVVDSRFKHO
DUJHQWTXLpWDLWGHYDQWOXLHWGRQWODPDMHXUHSDUWLH
YHQDLWGHVRQJDLQ
/D9LHXYLOOHGLWLOSUHQH]PDSODFHLOIDXWTXHMHSDUOHj0GH7UpYLOOH
SRXUDIIDLUHG
LPSRUWDQFH$KM
DYDLVTXDWUHYLQJWVORXLVGHYDQWPRL
PHWWH]ODPrPHVRPPHDILQTXHFHX[TXLRQWSHUGXQ
DLHQWSRLQWjVHSODLQGUH
/DMXVWLFHDYDQWWRXW
3XLVVHUHWRXUQDQWYHUV0GH7UpYLOOHHWPDUFKDQWDYHFOXLYHUVO
HPEUDVXUH
G
XQHIHQrWUH
(KELHQ0RQVLHXUFRQWLQXDWLOYRXVGLWHVTXHFHVRQWOHVJDUGHVGH
O
(PLQHQWLVVLPHTXLRQWpWpFKHUFKHUTXHUHOOHjYRVPRXVTXHWDLUHV"
2XL6LUHFRPPHWRXMRXUV
(WFRPPHQWODFKRVHHVWHOOHYHQXHYR\RQV"FDUYRXVOHVDYH]PRQFKHU
FDSLWDLQHLOIDXWTX
XQMXJHpFRXWHOHVGHX[SDUWLHV
$KPRQ'LHXGHODIDoRQODSOXVVLPSOHHWODSOXVQDWXUHOOH7URLVGHPHV
PHLOOHXUVVROGDWVTXH9RWUH0DMHVWpFRQQDvWGHQRPHWGRQWHOOHDSOXVG
XQH
IRLVDSSUpFLpOHGpYRXHPHQWHWTXLRQWMHSXLVO
DIILUPHUDXURLVRQVHUYLFH
IRUWjFRHXUWURLVGHPHVPHLOOHXUVVROGDWVGLVMH00$WKRV3RUWKRVHW
$UDPLVDYDLHQWIDLWXQHSDUWLHGHSODLVLUDYHFXQMHXQHFDGHWGH*DVFRJQHTXH
MHOHXUDYDLVUHFRPPDQGpOHPDWLQPrPH/DSDUWLHDOODLWDYRLUOLHXj6DLQW
*HUPDLQMHFURLVHWLOVV
pWDLHQWGRQQpUHQGH]YRXVDX[&DUPHV'HVFKDX[
ORUVTX
HOOHIXWWURXEOpHSDU0GH-XVVDFHW00&DKXVDF%LVFDUDWHWGHX[
DXWUHVJDUGHVTXLQHYHQDLHQWFHUWHVSDVOjHQVLQRPEUHXVHFRPSDJQLHVDQV
PDXYDLVHLQWHQWLRQFRQWUHOHVpGLWV
$KDKYRXVP
\IDLWHVSHQVHUGLWOHURLVDQVGRXWHLOVYHQDLHQWSRXU
VHEDWWUHHX[PrPHV
-HQHOHVDFFXVHSDV6LUHPDLVMHODLVVH9RWUH0DMHVWpDSSUpFLHUFHTXH
SHXYHQWDOOHUIDLUHFLQTKRPPHVDUPpVGDQVXQOLHXDXVVLGpVHUWTXHOHVRQWOHV
HQYLURQVGXFRXYHQWGHV&DUPHV
2XLYRXVDYH]UDLVRQ7UpYLOOHYRXVDYH]UDLVRQ
$ORUVTXDQGLOVRQWYXPHVPRXVTXHWDLUHVLOVRQWFKDQJpG
LGpHHWLOVRQW
RXEOLpOHXUKDLQHSDUWLFXOLqUHSRXUODKDLQHGHFRUSVFDU9RWUH0DMHVWp

Q
LJQRUHSDVTXHOHVPRXVTXHWDLUHVTXLVRQWDXURLHWULHQTX
DXURLVRQWOHV
HQQHPLVQDWXUHOVGHVJDUGHVTXLVRQWj0OHFDUGLQDO
2XL7UpYLOOHRXLGLWOHURLPpODQFROLTXHPHQWHWF
HVWELHQWULVWH
FUR\H]PRLGHYRLUDLQVLGHX[SDUWLVHQ)UDQFHGHX[WrWHVjODUR\DXWpPDLV
WRXWFHODILQLUD7UpYLOOHWRXWFHODILQLUD9RXVGLWHVGRQFTXHOHVJDUGHVRQW
FKHUFKpTXHUHOOHDX[PRXVTXHWDLUHV"
-HGLVTX
LOHVWSUREDEOHTXHOHVFKRVHVVHVRQWSDVVpHVDLQVLPDLVMHQ
HQ
MXUHSDV6LUH9RXVVDYH]FRPELHQODYpULWpHVWGLIILFLOHjFRQQDvWUHHWj
PRLQVG
rWUHGRXpGHFHWLQVWLQFWDGPLUDEOHTXLDIDLWQRPPHU/RXLV;,,,OH
-XVWH
(WYRXVDYH]UDLVRQ7UpYLOOHPDLVLOVQ
pWDLHQWSDVVHXOVYRV
PRXVTXHWDLUHVLO\DYDLWDYHFHX[XQHQIDQW"
2XL6LUHHWXQKRPPHEOHVVpGHVRUWHTXHWURLVPRXVTXHWDLUHVGXURLGRQW
XQEOHVVpHWXQHQIDQWQRQVHXOHPHQWRQWWHQXWrWHjFLQTGHVSOXVWHUULEOHV
JDUGHVGH0OHFDUGLQDOPDLVHQFRUHHQRQWSRUWpTXDWUHjWHUUH
0DLVF
HVWXQHYLFWRLUHFHODV
pFULDOHURLWRXWUD\RQQDQWXQHYLFWRLUH
FRPSOqWH
2XL6LUHDXVVLFRPSOqWHTXHFHOOHGXSRQWGH&p
4XDWUHKRPPHVGRQWXQEOHVVpHWXQHQIDQWGLWHVYRXV"
8QMHXQHKRPPHjSHLQHOHTXHOV
HVWPrPHVLSDUIDLWHPHQWFRQGXLWHQFHWWH
RFFDVLRQTXHMHSUHQGUDLODOLEHUWpGHOHUHFRPPDQGHUj9RWUH0DMHVWp
&RPPHQWV
DSSHOOHWLO"
'
$UWDJQDQ6LUH&
HVWOHILOVG
XQGHPHVSOXVDQFLHQVDPLVOHILOVG
XQ
KRPPHTXLDIDLWDYHFOHURLYRWUHSqUHGHJORULHXVHPpPRLUHODJXHUUHGH
SDUWLVDQ
(WYRXVGLWHVTX
LOV
HVWELHQFRQGXLWFHMHXQHKRPPH"5DFRQWH]PRLFHOD
7UpYLOOHYRXVVDYH]TXHM
DLPHOHVUpFLWVGHJXHUUHHWGHFRPEDW
(WOHURL/RXLV;,,,UHOHYDILqUHPHQWVDPRXVWDFKHHQVHSRVDQWVXUODKDQFKH
6LUHUHSULW7UpYLOOHFRPPHMHYRXVO
DLGLW0G
$UWDJQDQHVWSUHVTXHXQ
HQIDQWHWFRPPHLOQ
DSDVO
KRQQHXUG
rWUHPRXVTXHWDLUHLOpWDLWHQKDELW
ERXUJHRLVOHVJDUGHVGH0OHFDUGLQDOUHFRQQDLVVDQWVDJUDQGHMHXQHVVHHW
GHSOXVTX
LOpWDLWpWUDQJHUDXFRUSVO
LQYLWqUHQWGRQFjVHUHWLUHUDYDQW
TX
LOVDWWDTXDVVHQW
$ORUVYRXVYR\H]ELHQ7UpYLOOHLQWHUURPSLWOHURLTXHFHVRQWHX[TXLRQW
DWWDTXp
&
HVWMXVWH6LUHDLQVLSOXVGHGRXWHLOVOHVRPPqUHQWGRQFGHVH
UHWLUHUPDLVLOUpSRQGLWTX
LOpWDLWPRXVTXHWDLUHGHFRHXUHWWRXWj6D
0DMHVWpTX
DLQVLGRQFLOUHVWHUDLWDYHF0HVVLHXUVOHVPRXVTXHWDLUHV

%UDYHMHXQHKRPPHPXUPXUDOHURL
(QHIIHWLOGHPHXUDDYHFHX[HW9RWUH0DMHVWpDOjXQVLIHUPHFKDPSLRQ
TXHFHIXWOXLTXLGRQQDj-XVVDFFHWHUULEOHFRXSG
pSpHTXLPHWVLIRUWHQ
FROqUH0OHFDUGLQDO
&
HVWOXLTXLDEOHVVp-XVVDF"V
pFULDOHURLOXLXQHQIDQW&HFL
7UpYLOOHF
HVWLPSRVVLEOH
&
HVWFRPPHM
DLO
KRQQHXUGHOHGLUHj9RWUH0DMHVWp
-XVVDFXQHGHVSUHPLqUHVODPHVGXUR\DXPH
(KELHQ6LUHLODWURXYpVRQPDvWUH
-HYHX[YRLUFHMHXQHKRPPH7UpYLOOHMHYHX[OHYRLUHWVLO
RQSHXWIDLUH
TXHOTXHFKRVH(KELHQQRXVQRXVHQRFFXSHURQV
4XDQG9RWUH0DMHVWpGDLJQHUDWHOOHOHUHFHYRLU"
'HPDLQjPLGL7UpYLOOH
/
DPqQHUDLMHVHXO"
1RQDPHQH]OHVPRLWRXVOHVTXDWUHHQVHPEOH-HYHX[OHVUHPHUFLHUWRXVjOD
IRLVOHVKRPPHVGpYRXpVVRQWUDUHV7UpYLOOHHWLOIDXWUpFRPSHQVHUOH
GpYRXHPHQW
$PLGL6LUHQRXVVHURQVDX/RXYUH
$KSDUOHSHWLWHVFDOLHU7UpYLOOHSDUOHSHWLWHVFDOLHU,OHVWLQXWLOH
TXHOHFDUGLQDOVDFKH
2XL6LUH
9RXVFRPSUHQH]7UpYLOOHXQpGLWHVWWRXMRXUVXQpGLWLOHVWGpIHQGXGHVH
EDWWUHDXERXWGXFRPSWH
0DLVFHWWHUHQFRQWUH6LUHVRUWWRXWjIDLWGHVFRQGLWLRQVRUGLQDLUHVG
XQ
GXHOF
HVWXQHUL[HHWODSUHXYHF
HVWTX
LOVpWDLHQWFLQTJDUGHVGX
FDUGLQDOFRQWUHPHVWURLVPRXVTXHWDLUHVHW0G
$UWDJQDQ
&
HVWMXVWHGLWOHURLPDLVQ
LPSRUWH7UpYLOOHYHQH]WRXMRXUVSDUOH
SHWLWHVFDOLHU
7UpYLOOHVRXULW0DLVFRPPHF
pWDLWGpMjEHDXFRXSSRXUOXLG
DYRLUREWHQXGHFHW
HQIDQWTX
LOVHUpYROWkWFRQWUHVRQPDvWUHLOVDOXDUHVSHFWXHXVHPHQWOHURLHW
DYHFVRQDJUpPHQWSULWFRQJpGHOXL
'qVOHVRLUPrPHOHVWURLVPRXVTXHWDLUHVIXUHQWSUpYHQXVGHO
KRQQHXUTXLOHXU
pWDLWDFFRUGp&RPPHLOVFRQQDLVVDLHQWGHSXLVORQJWHPSVOHURLLOVQ
HQIXUHQW
SDVWURSpFKDXIIpVPDLVG
$UWDJQDQDYHFVRQLPDJLQDWLRQJDVFRQQH\YLWVD

IRUWXQHjYHQLUHWSDVVDODQXLWjIDLUHGHVUrYHVG
RU$XVVLGqVKXLWKHXUHV
GXPDWLQpWDLWLOFKH]$WKRV
'
$UWDJQDQWURXYDOHPRXVTXHWDLUHWRXWKDELOOpHWSUrWjVRUWLU&RPPHRQ
Q
DYDLWUHQGH]YRXVFKH]OHURLTX
jPLGLLODYDLWIRUPpOHSURMHWDYHF
3RUWKRVHW$UDPLVG
DOOHUIDLUHXQHSDUWLHGHSDXPHGDQVXQWULSRWVLWXpWRXW
SUqVGHVpFXULHVGX/X[HPERXUJ$WKRVLQYLWDG
$UWDJQDQjOHVVXLYUHHWPDOJUp
VRQLJQRUDQFHGHFHMHXDXTXHOLOQ
DYDLWMDPDLVMRXpFHOXLFLDFFHSWDQH
VDFKDQWTXHIDLUHGHVRQWHPSVGHSXLVQHXIKHXUHVGXPDWLQTX
LOpWDLWjSHLQH
MXVTX
jPLGL
/HVGHX[PRXVTXHWDLUHVpWDLHQWGpMjDUULYpVHWSHORWDLHQWHQVHPEOH$WKRVTXL
pWDLWWUqVIRUWjWRXVOHVH[HUFLFHVGXFRUSVSDVVDDYHFG
$UWDJQDQGXF{Wp
RSSRVpHWOHXUILWGpIL0DLVDXSUHPLHUPRXYHPHQWTX
LOHVVD\DTXRLTX
LO
MRXkWGHODPDLQJDXFKHLOFRPSULWTXHVDEOHVVXUHpWDLWHQFRUHWURSUpFHQWH
SRXUOXLSHUPHWWUHXQSDUHLOH[HUFLFH'
$UWDJQDQUHVWDGRQFVHXOHWFRPPHLO
GpFODUDTX
LOpWDLWWURSPDODGURLWSRXUVRXWHQLUXQHSDUWLHHQUqJOHRQ
FRQWLQXDVHXOHPHQWjV
HQYR\HUGHVEDOOHVVDQVFRPSWHUOHMHX0DLVXQHGHFHV
EDOOHVODQFpHSDUOHSRLJQHWKHUFXOpHQGH3RUWKRVSDVVDVLSUqVGXYLVDJHGH
G
$UWDJQDQTX
LOSHQVDTXHVLDXOLHXGHSDVVHUjF{WpHOOHHWGRQQpGHGDQV
VRQDXGLHQFHpWDLWSUREDEOHPHQWSHUGXHDWWHQGXTX
LOOXLHWpWpGHWRXWH
LPSRVVLELOLWpGHVHSUpVHQWHUFKH]OHURL2UFRPPHGHFHWWHDXGLHQFHGDQVVRQ
LPDJLQDWLRQJDVFRQQHGpSHQGDLWWRXWVRQDYHQLULOVDOXDSROLPHQW3RUWKRVHW
$UDPLVGpFODUDQWTX
LOQHUHSUHQGUDLWODSDUWLHTXHORUVTX
LOVHUDLWHQpWDWGH
OHXUWHQLUWrWHHWLOV
HQUHYLQWSUHQGUHSODFHSUqVGHODFRUGHHWGDQVOD
JDOHULH
0DOKHXUHXVHPHQWSRXUG
$UWDJQDQSDUPLOHVVSHFWDWHXUVVHWURXYDLWXQJDUGHGH
6RQ(PLQHQFHOHTXHOWRXWpFKDXIIpHQFRUHGHODGpIDLWHGHVHVFRPSDJQRQV
DUULYpHODYHLOOHVHXOHPHQWV
pWDLWSURPLVGHVDLVLUODSUHPLqUHRFFDVLRQGHOD
YHQJHU,OFUXWGRQFTXHFHWWHRFFDVLRQpWDLWYHQXHHWV
DGUHVVDQWjVRQYRLVLQ

,OQ
HVWSDVpWRQQDQWGLWLOTXHFHMHXQHKRPPHDLWHXSHXUG
XQHEDOOH
F
HVWVDQVGRXWHXQDSSUHQWLPRXVTXHWDLUH
'
$UWDJQDQVHUHWRXUQDFRPPHVLXQVHUSHQWO
HWPRUGXHWUHJDUGDIL[HPHQWOH
JDUGHTXLYHQDLWGHWHQLUFHWLQVROHQWSURSRV
3DUGLHXUHSULWFHOXLFLHQIULVDQWLQVROHPPHQWVDPRXVWDFKHUHJDUGH]PRL
WDQWTXHYRXVYRXGUH]PRQSHWLW0RQVLHXUM
DLGLWFHTXHM
DLGLW
(WFRPPHFHTXHYRXVDYH]GLWHVWWURSFODLUSRXUTXHYRVSDUROHVDLHQW
EHVRLQG
H[SOLFDWLRQUpSRQGLWG
$UWDJQDQjYRL[EDVVHMHYRXVSULHUDLGHPH
VXLYUH
(WTXDQGFHOD"GHPDQGDOHJDUGHDYHFOHPrPHDLUUDLOOHXU
7RXWGHVXLWHV
LOYRXVSODvW
(WYRXVVDYH]TXLMHVXLVVDQVGRXWH"
0RLMHO
LJQRUHFRPSOqWHPHQWHWMHQHP
HQLQTXLqWHJXqUH

(WYRXVDYH]WRUWFDUVLYRXVVDYLH]PRQQRPSHXWrWUHVHULH]YRXVPRLQV
SUHVVp
&RPPHQWYRXVDSSHOH]YRXV"
%HUQDMRX[SRXUYRXVVHUYLU
(KELHQ0RQVLHXU%HUQDMRX[GLWWUDQTXLOOHPHQWG
$UWDJQDQMHYDLVYRXV
DWWHQGUHVXUODSRUWH
$OOH]0RQVLHXUMHYRXVVXLV
1HYRXVSUHVVH]SDVWURS0RQVLHXUTX
RQQHV
DSHUoRLYHSDVTXHQRXVVRUWRQV
HQVHPEOHYRXVFRPSUHQH]TXHSRXUFHTXHQRXVDOORQVIDLUHWURSGHPRQGHQRXV
JrQHUDLW
&
HVWELHQUpSRQGLWOHJDUGHpWRQQpTXHVRQQRPQ
HWSDVSURGXLWSOXV
G
HIIHWVXUOHMHXQHKRPPH
(QHIIHWOHQRPGH%HUQDMRX[pWDLWFRQQXGHWRXWOHPRQGHGHG
$UWDJQDQVHXO
H[FHSWpSHXWrWUHFDUF
pWDLWXQGHFHX[TXLILJXUDLHQWOHSOXVVRXYHQWGDQV
OHVUL[HVMRXUQDOLqUHVTXHWRXVOHVpGLWVGXURLHWGXFDUGLQDOQ
DYDLHQWSX
UpSULPHU
3RUWKRVHW$UDPLVpWDLHQWVLRFFXSpVGHOHXUSDUWLHHW$WKRVOHVUHJDUGDLWDYHF
WDQWG
DWWHQWLRQTX
LOVQHYLUHQWSDVPrPHVRUWLUOHXUMHXQHFRPSDJQRQOHTXHO
DLQVLTX
LOO
DYDLWGLWDXJDUGHGH6RQ(PLQHQFHV
DUUrWDVXUODSRUWHXQ
LQVWDQWDSUqVFHOXLFLGHVFHQGLWjVRQWRXU&RPPHG
$UWDJQDQQ
DYDLWSDVGH
WHPSVjSHUGUHYXO
DXGLHQFHGXURLTXLpWDLWIL[pHjPLGLLOMHWDOHV\HX[
DXWRXUGHOXLHWYR\DQWTXHODUXHpWDLWGpVHUWH
0DIRLGLWLOjVRQDGYHUVDLUHLOHVWELHQKHXUHX[SRXUYRXVTXRLTXHYRXV
YRXVDSSHOLH]%HUQDMRX[GHQ
DYRLUDIIDLUHTX
jXQDSSUHQWLPRXVTXHWDLUH
FHSHQGDQWVR\H]WUDQTXLOOHMHIHUDLGHPRQPLHX[(QJDUGH
0DLVGLWFHOXLTXHG
$UWDJQDQSURYRTXDLWDLQVLLOPHVHPEOHTXHOHOLHXHVW
DVVH]PDOFKRLVLHWTXHQRXVVHULRQVPLHX[GHUULqUHO
DEED\HGH6DLQW*HUPDLQ
RXGDQVOH3UpDX[&OHUFV
&HTXHYRXVGLWHVHVWSOHLQGHVHQVUpSRQGLWG
$UWDJQDQPDOKHXUHXVHPHQW
M
DLSHXGHWHPSVjPRLD\DQWXQUHQGH]YRXVjPLGLMXVWH(QJDUGHGRQF
0RQVLHXUHQJDUGH
%HUQDMRX[Q
pWDLWSDVKRPPHjVHIDLUHUpSpWHUGHX[IRLVXQSDUHLOFRPSOLPHQW
$XPrPHLQVWDQWVRQpSpHEULOODjVDPDLQHWLOIRQGLWVXUVRQDGYHUVDLUHTXH
JUkFHjVDJUDQGHMHXQHVVHLOHVSpUDLWLQWLPLGHU
0DLVG
$UWDJQDQDYDLWIDLWODYHLOOHVRQDSSUHQWLVVDJHHWWRXWIUDLVpPRXOXGH
VDYLFWRLUHWRXWJRQIOpGHVDIXWXUHIDYHXULOpWDLWUpVROXjQHSDVUHFXOHU
G
XQSDVDXVVLOHVGHX[IHUVVHWURXYqUHQWLOVHQJDJpVMXVTX
jODJDUGHHW
FRPPHG
$UWDJQDQWHQDLWIHUPHjVDSODFHFHIXWVRQDGYHUVDLUHTXLILWXQSDV
GHUHWUDLWH0DLVG
$UWDJQDQVDLVLWOHPRPHQWRGDQVFHPRXYHPHQWOHIHUGH

%HUQDMRX[GpYLDLWGHODOLJQHLOGpJDJHDVHIHQGLWHWWRXFKDVRQDGYHUVDLUHj
O
pSDXOH$XVVLW{WG
$UWDJQDQjVRQWRXUILWXQSDVGHUHWUDLWHHWUHOHYDVRQ
pSpHPDLV%HUQDMRX[OXLFULDTXHFHQ
pWDLWULHQHWVHIHQGDQWDYHXJOpPHQW
VXUOXLLOV
HQIHUUDGHOXLPrPH&HSHQGDQWFRPPHLOQHWRPEDLWSDVFRPPHLO
QHVHGpFODUDLWSDVYDLQFXPDLVTXHVHXOHPHQWLOURPSDLWGXF{WpGHO
K{WHOGH
0GH/D7UpPRXLOOHDXVHUYLFHGXTXHOLODYDLWXQSDUHQWG
$UWDJQDQLJQRUDQW
OXLPrPHODJUDYLWpGHODGHUQLqUHEOHVVXUHTXHVRQDGYHUVDLUHDYDLWUHoXHOH
SUHVVDLWYLYHPHQWHWVDQVGRXWHDOODLWO
DFKHYHUG
XQWURLVLqPHFRXSORUVTXH
ODUXPHXUTXLV
pOHYDLWGHODUXHV
pWDQWpWHQGXHMXVTX
DXMHXGHSDXPHGHX[
GHVDPLVGXJDUGHTXLO
DYDLHQWHQWHQGXpFKDQJHUTXHOTXHVSDUROHVDYHF
G
$UWDJQDQHWTXLO
DYDLHQWYXVRUWLUjODVXLWHGHFHVSDUROHVVH
SUpFLSLWqUHQWO
pSpHjODPDLQKRUVGXWULSRWHWWRPEqUHQWVXUOHYDLQTXHXU
0DLVDXVVLW{W$WKRV3RUWKRVHW$UDPLVSDUXUHQWjOHXUWRXUHWDXPRPHQWROHV
GHX[JDUGHVDWWDTXDLHQWOHXUMHXQHFDPDUDGHOHVIRUFqUHQWjVHUHWRXUQHU(QFH
PRPHQW%HUQDMRX[WRPEDHWFRPPHOHVJDUGHVpWDLHQWVHXOHPHQWGHX[FRQWUH
TXDWUHLOVVHPLUHQWjFULHU$QRXVO
K{WHOGH/D7UpPRXLOOH$FHV
FULVWRXWFHTXLpWDLWGDQVO
K{WHOVRUWLWVHUXDQWVXUOHVTXDWUHFRPSDJQRQV
TXLGHOHXUF{WpVHPLUHQWjFULHU$QRXVPRXVTXHWDLUHV
&HFULpWDLWRUGLQDLUHPHQWHQWHQGXFDURQVDYDLWOHVPRXVTXHWDLUHVHQQHPLVGH
6RQ(PLQHQFHHWRQOHVDLPDLWSRXUODKDLQHTX
LOVSRUWDLHQWDXFDUGLQDO$XVVL
OHVJDUGHVGHVDXWUHVFRPSDJQLHVTXHFHOOHVDSSDUWHQDQWDXGXF5RXJHFRPPH
O
DYDLWDSSHOp$UDPLVSUHQDLHQWLOVHQJpQpUDOSDUWLGDQVFHVVRUWHVGH
TXHUHOOHVSRXUOHVPRXVTXHWDLUHVGXURL'HWURLVJDUGHVGHODFRPSDJQLHGH0
GHV(VVDUWVTXLSDVVDLHQWGHX[YLQUHQWGRQFHQDLGHDX[TXDWUHFRPSDJQRQV
WDQGLVTXHO
DXWUHFRXUDLWjO
K{WHOGH0GH7UpYLOOHFULDQW$QRXV
PRXVTXHWDLUHVjQRXV&RPPHG
KDELWXGHO
K{WHOGH0GH7UpYLOOHpWDLW
SOHLQGHVROGDWVGHFHWWHDUPHTXLDFFRXUXUHQWDXVHFRXUVGHOHXUVFDPDUDGHV
ODPrOpHGHYLQWJpQpUDOHPDLVODIRUFHpWDLWDX[PRXVTXHWDLUHVOHVJDUGHVGX
FDUGLQDOHWOHVJHQVGH0GH/D7UpPRXLOOHVHUHWLUqUHQWGDQVO
K{WHOGRQWLOV
IHUPqUHQWOHVSRUWHVDVVH]jWHPSVSRXUHPSrFKHUTXHOHXUVHQQHPLVQ
\ILVVHQW
LUUXSWLRQHQPrPHWHPSVTX
HX[4XDQWDXEOHVVpLO\DYDLWpWpWRXWG
DERUG
WUDQVSRUWpHWFRPPHQRXVO
DYRQVGLWHQIRUWPDXYDLVpWDW
/
DJLWDWLRQpWDLWjVRQFRPEOHSDUPLOHVPRXVTXHWDLUHVHWOHXUVDOOLpVHWO
RQ
GpOLEpUDLWGpMjVLSRXUSXQLUO
LQVROHQFHTX
DYDLHQWHXHOHVGRPHVWLTXHVGH0
GH/D7UpPRXLOOHGHIDLUHXQHVRUWLHVXUOHVPRXVTXHWDLUHVGXURLRQQH
PHWWUDLWSDVOHIHXjVRQK{WHO/DSURSRVLWLRQHQDYDLWpWpIDLWHHWDFFXHLOOLH
DYHFHQWKRXVLDVPHORUVTXHKHXUHXVHPHQWRQ]HKHXUHVVRQQqUHQWG
$UWDJQDQHW
VHVFRPSDJQRQVVHVRXYLQUHQWGHOHXUDXGLHQFHHWFRPPHLOVHXVVHQWUHJUHWWpTXH
O
RQIvWXQVLEHDXFRXSVDQVHX[LOVSDUYLQUHQWjFDOPHUOHVWrWHV2QVH
FRQWHQWDGRQFGHMHWHUTXHOTXHVSDYpVGDQVOHVSRUWHVPDLVOHVSRUWHV
UpVLVWqUHQWDORUVRQVHODVVDG
DLOOHXUVFHX[TXLGHYDLHQWrWUHUHJDUGpV
FRPPHOHVFKHIVGHO
HQWUHSULVHDYDLHQWGHSXLVXQLQVWDQWTXLWWpOHJURXSHHW
V
DFKHPLQDLHQWYHUVO
K{WHOGH0GH7UpYLOOHTXLOHVDWWHQGDLWGpMjDX
FRXUDQWGHFHWWHDOJDUDGH
9LWHDX/RXYUHGLWLODX/RXYUHVDQVSHUGUHXQLQVWDQWHWWkFKRQVGHYRLU
OHURLDYDQWTX
LOVRLWSUpYHQXSDUOHFDUGLQDOQRXVOXLUDFRQWHURQVODFKRVH
FRPPHXQHVXLWHGHO
DIIDLUHG
KLHUHWOHVGHX[SDVVHURQWHQVHPEOH
0GH7UpYLOOHDFFRPSDJQpGHVTXDWUHMHXQHVJHQVV
DFKHPLQDGRQFYHUVOH
/RXYUHPDLVDXJUDQGpWRQQHPHQWGXFDSLWDLQHGHVPRXVTXHWDLUHVRQOXL

DQQRQoDTXHOHURLpWDLWDOOpFRXUUHOHFHUIGDQVODIRUrWGH6DLQW*HUPDLQ0
GH7UpYLOOHVHILWUpSpWHUGHX[IRLVFHWWHQRXYHOOHHWjFKDTXHIRLVVHV
FRPSDJQRQVYLUHQWVRQYLVDJHVHUHPEUXQLU
(VWFHTXH6D0DMHVWpGHPDQGDWLODYDLWGqVKLHUOHSURMHWGHIDLUHFHWWH
FKDVVH"
1RQ9RWUH([FHOOHQFHUpSRQGLWOHYDOHWGHFKDPEUHF
HVWOHJUDQGYHQHXU
TXLHVWYHQXOXLDQQRQFHUFHPDWLQTX
RQDYDLWGpWRXUQpFHWWHQXLWXQFHUIjVRQ
LQWHQWLRQ,ODG
DERUGUpSRQGXTX
LOQ
LUDLWSDVSXLVLOQ
DSDVVXUpVLVWHU
DXSODLVLUTXHOXLSURPHWWDLWFHWWHFKDVVHHWDSUqVOHGvQHULOHVWSDUWL
(WOHURLDWLOYXOHFDUGLQDO"GHPDQGD0GH7UpYLOOH
6HORQWRXWHSUREDELOLWpUpSRQGLWOHYDOHWGHFKDPEUHFDUM
DLYXFHPDWLQ
OHVFKHYDX[DXFDUURVVHGH6RQ(PLQHQFHM
DLGHPDQGpRHOOHDOODLWHWO
RQ
P
DUpSRQGX$6DLQW*HUPDLQ
1RXVVRPPHVSUpYHQXVGLW0GH7UpYLOOH0HVVLHXUVMHYHUUDLOHURLFHVRLU
PDLVTXDQWjYRXVMHQHYRXVFRQVHLOOHSDVGHYRXV\KDVDUGHU
/
DYLVpWDLWWURSUDLVRQQDEOHHWVXUWRXWYHQDLWG
XQKRPPHTXLFRQQDLVVDLWWURS
ELHQOHURLSRXUTXHOHVTXDWUHMHXQHVJHQVHVVD\DVVHQWGHOHFRPEDWWUH0GH
7UpYLOOHOHVLQYLWDGRQFjUHQWUHUFKDFXQFKH]HX[HWjDWWHQGUHGHVHV
QRXYHOOHV
(QHQWUDQWjVRQK{WHO0GH7UpYLOOHVRQJHDTX
LOIDOODLWSUHQGUHGDWHHQ
SRUWDQWSODLQWHOHSUHPLHU,OHQYR\DXQGHVHVGRPHVWLTXHVFKH]0GH/D
7UpPRXLOOHDYHFXQHOHWWUHGDQVODTXHOOHLOOHSULDLWGHPHWWUHKRUVGHFKH]OXL
OHJDUGHGH0OHFDUGLQDOHWGHUpSULPDQGHUVHVJHQVGHO
DXGDFHTX
LOV
DYDLHQWHXHGHIDLUHOHXUVRUWLHFRQWUHOHVPRXVTXHWDLUHV0DLV0GH/D
7UpPRXLOOHGpMjSUpYHQXSDUVRQpFX\HUGRQWFRPPHRQOHVDLW%HUQDMRX[pWDLW
OHSDUHQWOXLILWUpSRQGUHTXHFHQ
pWDLWQLj0GH7UpYLOOHQLjVHV
PRXVTXHWDLUHVGHVHSODLQGUHPDLVELHQDXFRQWUDLUHjOXLGRQWOHV
PRXVTXHWDLUHVDYDLHQWFKDUJpOHVJHQVHWYRXOXEUOHUO
K{WHO2UFRPPHOH
GpEDWHQWUHFHVGHX[VHLJQHXUVHWSXGXUHUORQJWHPSVFKDFXQGHYDQW
QDWXUHOOHPHQWV
HQWrWHUGDQVVRQRSLQLRQ0GH7UpYLOOHDYLVDXQH[SpGLHQWTXL
DYDLWSRXUEXWGHWRXWWHUPLQHUF
pWDLWG
DOOHUWURXYHUOXLPrPH0GH/D
7UpPRXLOOH
,OVHUHQGLWGRQFDXVVLW{WjVRQK{WHOHWVHILWDQQRQFHU
/HVGHX[VHLJQHXUVVHVDOXqUHQWSROLPHQWFDUV
LOQ
\DYDLWSDVDPLWLpHQWUH
HX[LO\DYDLWGXPRLQVHVWLPH7RXVGHX[pWDLHQWJHQVGHFRHXUHWG
KRQQHXU
HWFRPPH0GH/D7UpPRXLOOHSURWHVWDQWHWYR\DQWUDUHPHQWOHURLQ
pWDLW
G
DXFXQSDUWLLOQ
DSSRUWDLWHQJpQpUDOGDQVVHVUHODWLRQVVRFLDOHVDXFXQH
SUpYHQWLRQ&HWWHIRLVQpDQPRLQVVRQDFFXHLOTXRLTXHSROLIXWSOXVIURLGTXH
G
KDELWXGH
0RQVLHXUGLW0GH7UpYLOOHQRXVFUR\RQVDYRLUjQRXVSODLQGUHFKDFXQO
XQ
GHO
DXWUHHWMHVXLVYHQXPRLPrPHSRXUTXHQRXVWLULRQVGHFRPSDJQLHFHWWH
DIIDLUHDXFODLU

9RORQWLHUVUpSRQGLW0GH/D7UpPRXLOOHPDLVMHYRXVSUpYLHQVTXHMHVXLV
ELHQUHQVHLJQpHWWRXWOHWRUWHVWjYRVPRXVTXHWDLUHV
9RXVrWHVXQKRPPHWURSMXVWHHWWURSUDLVRQQDEOH0RQVLHXUGLW0GH
7UpYLOOHSRXUQHSDVDFFHSWHUODSURSRVLWLRQTXHMHYDLVIDLUH
)DLWHV0RQVLHXUM
pFRXWH
&RPPHQWVHWURXYH0%HUQDMRX[OHSDUHQWGHYRWUHpFX\HU"
0DLV0RQVLHXUIRUWPDO2XWUHOHFRXSG
pSpHTX
LODUHoXGDQVOHEUDVHW
TXLQ
HVWSDVDXWUHPHQWGDQJHUHX[LOHQDHQFRUHUDPDVVpXQDXWUHTXLOXLD
WUDYHUVpOHSRXPRQGHVRUWHTXHOHPpGHFLQHQGLWGHSDXYUHVFKRVHV
0DLVOHEOHVVpDWLOFRQVHUYpVDFRQQDLVVDQFH"
3DUIDLWHPHQW
3DUOHWLO"
$YHFGLIILFXOWpPDLVLOSDUOH
(KELHQ0RQVLHXUUHQGRQVQRXVSUqVGHOXLDGMXURQVOHDXQRPGX'LHX
GHYDQWOHTXHOLOYDrWUHDSSHOpSHXWrWUHGHGLUHODYpULWp-HOHSUHQGVSRXU
MXJHGDQVVDSURSUHFDXVH0RQVLHXUHWFHTX
LOGLUDMHOHFURLUDL
0GH/D7UpPRXLOOHUpIOpFKLWXQLQVWDQWSXLVFRPPHLOpWDLWGLIILFLOHGH
IDLUHXQHSURSRVLWLRQSOXVUDLVRQQDEOHLODFFHSWD
7RXVGHX[GHVFHQGLUHQWGDQVODFKDPEUHRpWDLWOHEOHVVp&HOXLFLHQYR\DQW
HQWUHUFHVGHX[QREOHVVHLJQHXUVTXLYHQDLHQWOXLIDLUHYLVLWHHVVD\DGHVH
UHOHYHUVXUVRQOLWPDLVLOpWDLWWURSIDLEOHHWpSXLVpSDUO
HIIRUWTX
LO
DYDLWIDLWLOUHWRPEDSUHVTXHVDQVFRQQDLVVDQFH
0GH/D7UpPRXLOOHV
DSSURFKDGHOXLHWOXLILWUHVSLUHUGHVVHOVTXLOH
UDSSHOqUHQWjODYLH$ORUV0GH7UpYLOOHQHYRXODQWSDVTX
RQSWO
DFFXVHU
G
DYRLULQIOXHQFpOHPDODGHLQYLWD0GH/D7UpPRXLOOHjO
LQWHUURJHUOXLPrPH
&HTX
DYDLWSUpYX0GH7UpYLOOHDUULYD3ODFpHQWUHODYLHHWODPRUWFRPPH
O
pWDLW%HUQDMRX[LOQ
HXWSDVPrPHO
LGpHGHWDLUHXQLQVWDQWODYpULWpHWLO
UDFRQWDDX[GHX[VHLJQHXUVOHVFKRVHVH[DFWHPHQWWHOOHVTX
HOOHVV
pWDLHQW
SDVVpHV
&
pWDLWWRXWFHTXHYRXODLW0GH7UpYLOOHLOVRXKDLWDj%HUQDMRX[XQHSURPSWH
FRQYDOHVFHQFHSULWFRQJpGH0GH/D7UpPRXLOOHUHQWUDjVRQK{WHOHWILW
DXVVLW{WSUpYHQLUOHVTXDWUHDPLVTX
LOOHVDWWHQGDLWjGvQHU
0GH7UpYLOOHUHFHYDLWIRUWERQQHFRPSDJQLHWRXWHDQWLFDUGLQDOLVWHG
DLOOHXUV
2QFRPSUHQGGRQFTXHODFRQYHUVDWLRQURXODSHQGDQWWRXWOHGvQHUVXUOHVGHX[
pFKHFVTXHYHQDLHQWG
pSURXYHUOHVJDUGHVGH6RQ(PLQHQFH2UFRPPHG
$UWDJQDQ
DYDLWpWpOHKpURVGHFHVGHX[MRXUQpHVFHIXWVXUOXLTXHWRPEqUHQWWRXWHVOHV
IpOLFLWDWLRQVTX
$WKRV3RUWKRVHW$UDPLVOXLDEDQGRQQqUHQWQRQVHXOHPHQWHQ

ERQVFDPDUDGHVPDLVHQKRPPHVTXLDYDLHQWHXDVVH]VRXYHQWOHXUWRXUSRXU
TX
LOVOXLODLVVDVVHQWOHVLHQ
9HUVVL[KHXUHV0GH7UpYLOOHDQQRQoDTX
LOpWDLWWHQXG
DOOHUDX/RXYUH
PDLVFRPPHO
KHXUHGHO
DXGLHQFHDFFRUGpHSDU6D0DMHVWppWDLWSDVVpHDXOLHX
GHUpFODPHUO
HQWUpHSDUOHSHWLWHVFDOLHULOVHSODoDDYHFOHVTXDWUHMHXQHV
JHQVGDQVO
DQWLFKDPEUH/HURLQ
pWDLWSDVHQFRUHUHYHQXGHODFKDVVH1RV
MHXQHVJHQVDWWHQGDLHQWGHSXLVXQHGHPLKHXUHjSHLQHPrOpVjODIRXOHGHV
FRXUWLVDQVORUVTXHWRXWHVOHVSRUWHVV
RXYULUHQWHWTX
RQDQQRQoD6D0DMHVWp
$FHWWHDQQRQFHG
$UWDJQDQVHVHQWLWIUpPLUMXVTX
jODPRHOOHGHVRV/
LQVWDQW
TXLDOODLWVXLYUHGHYDLWVHORQWRXWHSUREDELOLWpGpFLGHUGXUHVWHGHVDYLH
$XVVLVHV\HX[VHIL[qUHQWLOVDYHFDQJRLVVHVXUODSRUWHSDUODTXHOOHGHYDLW
HQWUHUOHURL
/RXLV;,,,SDUXWPDUFKDQWOHSUHPLHULOpWDLWHQFRVWXPHGHFKDVVHHQFRUH
WRXWSRXGUHX[D\DQWGHJUDQGHVERWWHVHWWHQDQWXQIRXHWjODPDLQ$XSUHPLHU
FRXSG
RHLOG
$UWDJQDQMXJHDTXHO
HVSULWGXURLpWDLWjO
RUDJH
&HWWHGLVSRVLWLRQWRXWHYLVLEOHTX
HOOHpWDLWFKH]6D0DMHVWpQ
HPSrFKDSDV
OHVFRXUWLVDQVGHVHUDQJHUVXUVRQSDVVDJHGDQVOHVDQWLFKDPEUHVUR\DOHV
PLHX[YDXWHQFRUHrWUHYXG
XQRHLOLUULWpTXHGHQ
rWUHSDVYXGXWRXW/HV
WURLVPRXVTXHWDLUHVQ
KpVLWqUHQWGRQFSDVHWILUHQWXQSDVHQDYDQWWDQGLVTXH
G
$UWDJQDQDXFRQWUDLUHUHVWDLWFDFKpGHUULqUHHX[PDLVTXRLTXHOHURLFRQQW
SHUVRQQHOOHPHQW$WKRV3RUWKRVHW$UDPLVLOSDVVDGHYDQWHX[VDQVOHVUHJDUGHU
VDQVOHXUSDUOHUHWFRPPHV
LOQHOHVDYDLWMDPDLVYXV4XDQWj0GH7UpYLOOH
ORUVTXHOHV\HX[GXURLV
DUUrWqUHQWXQLQVWDQWVXUOXLLOVRXWLQWFHUHJDUG
DYHFWDQWGHIHUPHWpTXHFHIXWOHURLTXLGpWRXUQDODYXHDSUqVTXRLWRXW
HQJURPPHODQW6D0DMHVWpUHQWUDGDQVVRQDSSDUWHPHQW
/HVDIIDLUHVYRQWPDOGLW$WKRVHQVRXULDQWHWQRXVQHVHURQVSDVHQFRUH
IDLWFKHYDOLHUVGHO
RUGUHFHWWHIRLVFL
$WWHQGH]LFLGL[PLQXWHVGLW0GH7UpYLOOHHWVLDXERXWGHGL[PLQXWHV
YRXVQHPHYR\H]SDVVRUWLUUHWRXUQH]jPRQK{WHOFDULOVHUDLQXWLOHTXH
YRXVP
DWWHQGLH]SOXVORQJWHPSV
/HVTXDWUHMHXQHVJHQVDWWHQGLUHQWGL[PLQXWHVXQTXDUWG
KHXUHYLQJWPLQXWHV
HWYR\DQWTXH0GH7UpYLOOHQHUHSDUDLVVDLWSRLQWLOVVRUWLUHQWIRUW
LQTXLHWVGHFHTXLDOODLWDUULYHU
0GH7UpYLOOHpWDLWHQWUpKDUGLPHQWGDQVOHFDELQHWGXURLHWDYDLWWURXYp6D
0DMHVWpGHWUqVPpFKDQWHKXPHXUDVVLVHVXUXQIDXWHXLOHWEDWWDQWVHVERWWHVGX
PDQFKHGHVRQIRXHWFHTXLQHO
DYDLWSDVHPSrFKpGHOXLGHPDQGHUDYHFOHSOXV
JUDQGIOHJPHGHVQRXYHOOHVGHVDVDQWp
0DXYDLVH0RQVLHXUPDXYDLVHUpSRQGLWOHURLMHP
HQQXLH
&
pWDLWHQHIIHWODSLUHPDODGLHGH/RXLV;,,,TXLVRXYHQWSUHQDLWXQGHVHV
FRXUWLVDQVO
DWWLUDLWjXQHIHQrWUHHWOXLGLVDLW0RQVLHXUXQWHO
HQQX\RQVQRXVHQVHPEOH
&RPPHQW9RWUH0DMHVWpV
HQQXLHGLW0GH7UpYLOOH1
DWHOOHGRQFSDV

SULVDXMRXUG
KXLOHSODLVLUGHODFKDVVH"
%HDXSODLVLU0RQVLHXU7RXWGpJpQqUHVXUPRQkPHHWMHQHVDLVVLF
HVW
OHJLELHUTXLQ
DSOXVGHYRLHRXOHVFKLHQVTXLQ
RQWSOXVGHQH]1RXVODQoRQV
XQFHUIGL[FRUVQRXVOHFRXURQVVL[KHXUHVHWTXDQGLOHVWSUrWjWHQLU
TXDQG6DLQW6LPRQPHWGpMjOHFRUjVDERXFKHSRXUVRQQHUO
KDOODOLFUDF
WRXWHODPHXWHSUHQGOHFKDQJHHWV
HPSRUWHVXUXQGDJXHW9RXVYHUUH]TXHMH
VHUDLREOLJpGHUHQRQFHUjODFKDVVHjFRXUUHFRPPHM
DLUHQRQFpjODFKDVVHDX
YRO$KMHVXLVXQURLELHQPDOKHXUHX[0RQVLHXUGH7UpYLOOHMHQ
DYDLVSOXV
TX
XQJHUIDXWHWLOHVWPRUWDYDQWKLHU
(QHIIHW6LUHMHFRPSUHQGVYRWUHGpVHVSRLUHWOHPDOKHXUHVWJUDQGPDLV
LOYRXVUHVWHHQFRUHFHPHVHPEOHERQQRPEUHGHIDXFRQVG
pSHUYLHUVHWGH
WLHUFHOHWV
(WSDVXQKRPPHSRXUOHVLQVWUXLUHOHVIDXFRQQLHUVV
HQYRQWLOQ
\DSOXV
TXHPRLTXLFRQQDLVVHO
DUWGHODYpQHULH$SUqVPRLWRXWVHUDGLWHWO
RQ
FKDVVHUDDYHFGHVWUDTXHQDUGVGHVSLqJHVGHVWUDSSHV6LM
DYDLVOHWHPSV
HQFRUHGHIRUPHUGHVpOqYHVPDLVRXL0OHFDUGLQDOHVWOjTXLQHPHODLVVH
SDVXQLQVWDQWGHUHSRVTXLPHSDUOHGHO
(VSDJQHTXLPHSDUOHGHO
$XWULFKH
TXLPHSDUOHGHO
$QJOHWHUUH$KjSURSRVGH0OHFDUGLQDO0RQVLHXUGH
7UpYLOOHMHVXLVPpFRQWHQWGHYRXV
0GH7UpYLOOHDWWHQGDLWOHURLjFHWWHFKXWH,OFRQQDLVVDLWOHURLGHORQJXH
PDLQLODYDLWFRPSULVTXHWRXWHVVHVSODLQWHVQ
pWDLHQWTX
XQHSUpIDFHXQH
HVSqFHG
H[FLWDWLRQSRXUV
HQFRXUDJHUOXLPrPHHWTXHF
pWDLWRLOpWDLW
DUULYpHQILQTX
LOHQYRXODLWYHQLU
(WHQTXRLDLMHpWpDVVH]PDOKHXUHX[SRXUGpSODLUHj9RWUH0DMHVWp"GHPDQGD
0GH7UpYLOOHHQIHLJQDQWOHSOXVSURIRQGpWRQQHPHQW
(VWFHDLQVLTXHYRXVIDLWHVYRWUHFKDUJH0RQVLHXU"FRQWLQXDOHURLVDQV
UpSRQGUHGLUHFWHPHQWjODTXHVWLRQGH0GH7UpYLOOHHVWFHSRXUFHODTXHMH
YRXVDLQRPPpFDSLWDLQHGHPHVPRXVTXHWDLUHVTXHFHX[FLDVVDVVLQHQWXQKRPPH
pPHXYHQWWRXWXQTXDUWLHUHWYHXOHQWEUOHU3DULVVDQVTXHYRXVHQGLVLH]XQPRW
"0DLVDXUHVWHFRQWLQXDOHURLVDQVGRXWHTXHMHPHKkWHGHYRXVDFFXVHU
VDQVGRXWHTXHOHVSHUWXUEDWHXUVVRQWHQSULVRQHWTXHYRXVYHQH]P
DQQRQFHUTXH
MXVWLFHHVWIDLWH
6LUHUpSRQGLWWUDQTXLOOHPHQW0GH7UpYLOOHMHYLHQVYRXVODGHPDQGHUDX
FRQWUDLUH
(WFRQWUHTXL"V
pFULDOHURL
&RQWUHOHVFDORPQLDWHXUVGLW0GH7UpYLOOH
$KYRLOjTXLHVWQRXYHDXUHSULWOHURL1
DOOH]YRXVSDVGLUHTXHYRV
WURLVPRXVTXHWDLUHVGDPQpV$WKRV3RUWKRVHW$UDPLVHWYRWUHFDGHWGH%pDUQQH
VHVRQWSDVMHWpVFRPPHGHVIXULHX[VXUOHSDXYUH%HUQDMRX[HWQHO
RQWSDV
PDOWUDLWpGHWHOOHIDoRQTX
LOHVWSUREDEOHTX
LOHVWHQWUDLQGHWUpSDVVHUj
FHWWHKHXUH1
DOOH]YRXVSDVGLUHTX
HQVXLWHLOVQ
RQWSDVIDLWOHVLqJHGH
O
K{WHOGXGXFGH/D7UpPRXLOOHHWTX
LOVQ
RQWSRLQWYRXOXOHEUOHUFHTXL
Q
DXUDLWSHXWrWUHSDVpWpXQWUqVJUDQGPDOKHXUHQWHPSVGHJXHUUHYXTXH

F
HVWXQQLGGHKXJXHQRWVPDLVFHTXLHQWHPSVGHSDL[HVWXQIkFKHX[
H[HPSOH'LWHVQ
DOOH]YRXVSDVQLHUWRXWFHOD"
(WTXLYRXVDIDLWFHEHDXUpFLW6LUH"GHPDQGDWUDQTXLOOHPHQW0GH
7UpYLOOH
4XLP
DIDLWFHEHDXUpFLW0RQVLHXUHWTXLYRXOH]YRXVTXHFHVRLWVLFH
Q
HVWFHOXLTXLYHLOOHTXDQGMHGRUVTXLWUDYDLOOHTXDQGMHP
DPXVHTXLPqQH
WRXWDXGHGDQVHWDXGHKRUVGXUR\DXPHHQ)UDQFHFRPPHHQ(XURSH"
6D0DMHVWpYHXWSDUOHUGH'LHXVDQVGRXWHGLW0GH7UpYLOOHFDUMHQH
FRQQDLVTXH'LHXTXLVRLWVLIRUWDXGHVVXVGH6D0DMHVWp
1RQ0RQVLHXUMHYHX[SDUOHUGXVRXWLHQGHO
(WDWGHPRQVHXOVHUYLWHXUGH
PRQVHXODPLGH0OHFDUGLQDO
6RQ(PLQHQFHQ
HVWSDV6D6DLQWHWp6LUH
4X
HQWHQGH]YRXVSDUOj0RQVLHXU"
4X
LOQ
\DTXHOHSDSHTXLVRLWLQIDLOOLEOHHWTXHFHWWHLQIDLOOLELOLWpQH
V
pWHQGSDVDX[FDUGLQDX[
9RXVYRXOH]GLUHTX
LOPHWURPSHYRXVYRXOH]GLUHTX
LOPHWUDKLW9RXV
O
DFFXVH]DORUV9R\RQVGLWHVDYRXH]IUDQFKHPHQWTXHYRXVO
DFFXVH]
1RQ6LUHPDLVMHGLVTX
LOVHWURPSHOXLPrPHMHGLVTX
LODpWpPDO
UHQVHLJQpMHGLVTX
LODHXKkWHG
DFFXVHUOHVPRXVTXHWDLUHVGH9RWUH0DMHVWp
SRXUOHVTXHOVLOHVWLQMXVWHHWTX
LOQ
DSDVpWpSXLVHUVHVUHQVHLJQHPHQWVDX[
ERQQHVVRXUFHV
/
DFFXVDWLRQYLHQWGH0GH/D7UpPRXLOOHGXGXFOXLPrPH4XH
UpSRQGUH]YRXVjFHOD"
-HSRXUUDLVUpSRQGUH6LUHTX
LOHVWWURSLQWpUHVVpGDQVODTXHVWLRQSRXU
rWUHXQWpPRLQELHQLPSDUWLDOPDLVORLQGHOj6LUHMHFRQQDLVOHGXFSRXUXQ
OR\DOJHQWLOKRPPHHWMHP
HQUDSSRUWHUDLjOXLPDLVjXQHFRQGLWLRQ6LUH
/DTXHOOH"
&
HVWTXH9RWUH0DMHVWpOHIHUDYHQLUO
LQWHUURJHUDPDLVHOOHPrPHHQWrWH
jWrWHVDQVWpPRLQVHWTXHMHUHYHUUDL9RWUH0DMHVWpDXVVLW{WTX
HOOHDXUD
UHoXOHGXF
2XLGDILWOHURLHWYRXVYRXVHQUDSSRUWHUH]jFHTXHGLUD0GH/D
7UpPRXLOOH"
2XL6LUH
9RXVDFFHSWHUH]VRQMXJHPHQW"
6DQVGRXWH

(WYRXVYRXVVRXPHWWUH]DX[UpSDUDWLRQVTX
LOH[LJHUD"
3DUIDLWHPHQW
/D&KHVQD\HILWOHURL/D&KHVQD\H
/HYDOHWGHFKDPEUHGHFRQILDQFHGH/RXLV;,,,TXLVHWHQDLWWRXMRXUVjOD
SRUWHHQWUD
/D&KHVQD\HGLWOHURLTX
RQDLOOHjO
LQVWDQWPrPHPHTXpULU0GH/D
7UpPRXLOOHMHYHX[OXLSDUOHUFHVRLU
9RWUH0DMHVWpPHGRQQHVDSDUROHTX
HOOHQHYHUUDSHUVRQQHHQWUH0GH/D
7UpPRXLOOHHWPRL"
3HUVRQQHIRLGHJHQWLOKRPPH
$GHPDLQ6LUHDORUV
$GHPDLQ0RQVLHXU
$TXHOOHKHXUHV
LOSODvWj9RWUH0DMHVWp"
$O
KHXUHTXHYRXVYRXGUH]
0DLVHQYHQDQWSDUWURSPDWLQMHFUDLQVGHUpYHLOOHU9RWUH0DMHVWp
0HUpYHLOOHU"(VWFHTXHMHGRUV"-HQHGRUVSOXV0RQVLHXUMHUrYH
TXHOTXHIRLVYRLOjWRXW9HQH]GRQFG
DXVVLERQPDWLQTXHYRXVYRXGUH]jVHSW
KHXUHVPDLVJDUHjYRXVVLYRVPRXVTXHWDLUHVVRQWFRXSDEOHV
6LPHVPRXVTXHWDLUHVVRQWFRXSDEOHV6LUHOHVFRXSDEOHVVHURQWUHPLVDX[
PDLQVGH9RWUH0DMHVWpTXLRUGRQQHUDG
HX[VHORQVRQERQSODLVLU9RWUH0DMHVWp
H[LJHWHOOHTXHOTXHFKRVHGHSOXV"TX
HOOHSDUOHMHVXLVSUrWjOXLREpLU
1RQ0RQVLHXUQRQHWFHQ
HVWSDVVDQVUDLVRQTX
RQP
DDSSHOp/RXLVOH
-XVWH$GHPDLQGRQF0RQVLHXUjGHPDLQ
'LHXJDUGHMXVTXHOj9RWUH0DMHVWp
6LSHXTXHGRUPLWOHURL0GH7UpYLOOHGRUPLWSOXVPDOHQFRUHLODYDLWIDLW
SUpYHQLUGqVOHVRLUPrPHVHVWURLVPRXVTXHWDLUHVHWOHXUFRPSDJQRQGHVH
WURXYHUFKH]OXLjVL[KHXUHVHWGHPLHGXPDWLQ,OOHVHPPHQDDYHFOXLVDQV
ULHQOHXUDIILUPHUVDQVOHXUULHQSURPHWWUHHWQHOHXUFDFKDQWSDVTXHOHXU
IDYHXUHWPrPHODVLHQQHWHQDLHQWjXQFRXSGHGpV
$UULYpDXEDVGXSHWLWHVFDOLHULOOHVILWDWWHQGUH6LOHURLpWDLWWRXMRXUV
LUULWpFRQWUHHX[LOVV
pORLJQHUDLHQWVDQVrWUHYXVVLOHURLFRQVHQWDLWj
OHVUHFHYRLURQQ
DXUDLWTX
jOHVIDLUHDSSHOHU
(QDUULYDQWGDQVO
DQWLFKDPEUHSDUWLFXOLqUHGXURL0GH7UpYLOOHWURXYD/D
&KHVQD\HTXLOXLDSSULWTX
RQQ
DYDLWSDVUHQFRQWUpOHGXFGH/D7UpPRXLOOHOD
YHLOOHDXVRLUjVRQK{WHOTX
LOpWDLWUHQWUpWURSWDUGSRXUVHSUpVHQWHUDX

/RXYUHTX
LOYHQDLWVHXOHPHQWG
DUULYHUHWTX
LOpWDLWjFHWWHKHXUHFKH]OH
URL
&HWWHFLUFRQVWDQFHSOXWEHDXFRXSj0GH7UpYLOOHTXLGHFHWWHIDoRQIXW
FHUWDLQTX
DXFXQHVXJJHVWLRQpWUDQJqUHQHVHJOLVVHUDLWHQWUHODGpSRVLWLRQGH
0GH/D7UpPRXLOOHHWOXL
(QHIIHWGL[PLQXWHVV
pWDLHQWjSHLQHpFRXOpHVTXHODSRUWHGXFDELQHW
V
RXYULWHWTXH0GH7UpYLOOHHQYLWVRUWLUOHGXFGH/D7UpPRXLOOHOHTXHO
YLQWjOXLHWOXLGLW
0RQVLHXUGH7UpYLOOH6D0DMHVWpYLHQWGHP
HQYR\HUTXpULUSRXUVDYRLUFRPPHQW
OHVFKRVHVV
pWDLHQWSDVVpHVKLHUPDWLQjPRQK{WHO-HOXLDLGLWODYpULWp
F
HVWjGLUHTXHODIDXWHpWDLWjPHVJHQVHWTXHM
pWDLVSUrWjYRXVHQIDLUH
PHVH[FXVHV3XLVTXHMHYRXVUHQFRQWUHYHXLOOH]OHVUHFHYRLUHWPHWHQLU
WRXMRXUVSRXUXQGHYRVDPLV
0RQVLHXUOHGXFGLW0GH7UpYLOOHM
pWDLVVLSOHLQGHFRQILDQFHGDQVYRWUH
OR\DXWpTXHMHQ
DYDLVSDVYRXOXSUqVGH6D0DMHVWpG
DXWUHGpIHQVHXUTXH
YRXVPrPH-HYRLVTXHMHQHP
pWDLVSDVDEXVpHWMHYRXVUHPHUFLHGHFHTX
LO
\DHQFRUHHQ)UDQFHXQKRPPHGHTXLRQSXLVVHGLUHVDQVVHWURPSHUFHTXHM
DL
GLWGHYRXV
&
HVWELHQF
HVWELHQGLWOHURLTXLDYDLWpFRXWpWRXVFHVFRPSOLPHQWV
HQWUHOHVGHX[SRUWHVVHXOHPHQWGLWHVOXL7UpYLOOHSXLVTX
LOVHSUpWHQGXQ
GHYRVDPLVTXHPRLDXVVLMHYRXGUDLVrWUHGHVVLHQVPDLVTX
LOPHQpJOLJH
TX
LO\DWDQW{WWURLVDQVTXHMHQHO
DLYXHWTXHMHQHOHYRLVTXHTXDQGMH
O
HQYRLHFKHUFKHU'LWHVOXLWRXWFHODGHPDSDUWFDUFHVRQWGHFHVFKRVHV
TX
XQURLQHSHXWGLUHOXLPrPH
0HUFL6LUHPHUFLGLWOHGXFPDLVTXH9RWUH0DMHVWpFURLHELHQTXHFHQH
VRQWSDVFHX[MHQHGLVSRLQWFHODSRXU0GH7UpYLOOHTXHFHQHVRQWSRLQW
FHX[TX
HOOHYRLWjWRXWHKHXUHGXMRXUTXLOXLVRQWOHSOXVGpYRXpV
$KYRXVDYH]HQWHQGXFHTXHM
DLGLWWDQWPLHX[GXFWDQWPLHX[GLWOH
URLHQV
DYDQoDQWMXVTXHVXUODSRUWH$KF
HVWYRXV7UpYLOOHRVRQWYRV
PRXVTXHWDLUHV"-HYRXVDYDLVGLWDYDQWKLHUGHPHOHVDPHQHUSRXUTXRLQH
O
DYH]YRXVSDVIDLW"
,OVVRQWHQEDV6LUHHWDYHFYRWUHFRQJp/D&KHVQD\HYDOHXUGLUHGH
PRQWHU
2XLRXLTX
LOVYLHQQHQWWRXWGHVXLWHLOYDrWUHKXLWKHXUHVHWjQHXI
KHXUHVM
DWWHQGVXQHYLVLWH$OOH]0RQVLHXUOHGXFHWUHYHQH]VXUWRXW(QWUH]
7UpYLOOH
/HGXFVDOXDHWVRUWLW$XPRPHQWRLORXYUDLWODSRUWHOHVWURLV
PRXVTXHWDLUHVHWG
$UWDJQDQFRQGXLWVSDU/D&KHVQD\HDSSDUDLVVDLHQWDXKDXWGH
O
HVFDOLHU
9HQH]PHVEUDYHVGLWOHURLYHQH]M
DLjYRXVJURQGHU
/HVPRXVTXHWDLUHVV
DSSURFKqUHQWHQV
LQFOLQDQWG
$UWDJQDQOHVVXLYDLW

SDUGHUULqUH
&RPPHQWGLDEOHFRQWLQXDOHURLjYRXVTXDWUHVHSWJDUGHVGH6RQ(PLQHQFH
PLVKRUVGHFRPEDWHQGHX[MRXUV&
HVWWURS0HVVLHXUVF
HVWWURS$FH
FRPSWHOj6RQ(PLQHQFHVHUDLWIRUFpHGHUHQRXYHOHUVDFRPSDJQLHGDQVWURLV
VHPDLQHVHWPRLGHIDLUHDSSOLTXHUOHVpGLWVGDQVWRXWHOHXUULJXHXU8QSDU
KDVDUGMHQHGLVSDVPDLVVHSWHQGHX[MRXUVMHOHUpSqWHF
HVWWURSF
HVW
EHDXFRXSWURS
$XVVL6LUH9RWUH0DMHVWpYRLWTX
LOVYLHQQHQWWRXWFRQWULWVHWWRXW
UHSHQWDQWVOXLIDLUHOHXUVH[FXVHV
7RXWFRQWULWVHWWRXWUHSHQWDQWV+XPILWOHURLMHQHPHILHSRLQWj
OHXUVIDFHVK\SRFULWHVLO\DVXUWRXWOjEDVXQHILJXUHGH*DVFRQ9HQH]LFL
0RQVLHXU
'
$UWDJQDQTXLFRPSULWTXHF
pWDLWjOXLTXHOHFRPSOLPHQWV
DGUHVVDLW
V
DSSURFKDHQSUHQDQWVRQDLUOHSOXVGpVHVSpUp
(KELHQTXHPHGLVLH]YRXVGRQFTXHF
pWDLWXQMHXQHKRPPH"F
HVWXQHQIDQW
0RQVLHXUGH7UpYLOOHXQYpULWDEOHHQIDQW(WF
HVWFHOXLOjTXLDGRQQpFH
UXGHFRXSG
pSpHj-XVVDF"
(WFHVGHX[EHDX[FRXSVG
pSpHj%HUQDMRX[
9pULWDEOHPHQW
6DQVFRPSWHUGLW$WKRVTXHV
LOQHP
DYDLWSDVWLUpGHVPDLQVGH%LVFDUDW
MHQ
DXUDLVWUqVFHUWDLQHPHQWSDVO
KRQQHXUGHIDLUHHQFHPRPHQWFLPDWUqV
KXPEOHUpYpUHQFHj9RWUH0DMHVWp
0DLVF
HVWGRQFXQYpULWDEOHGpPRQTXHFH%pDUQDLVYHQWUHVDLQWJULV
0RQVLHXUGH7UpYLOOHFRPPHHWGLWOHURLPRQSqUH$FHPpWLHUOjRQGRLW
WURXHUIRUFHSRXUSRLQWVHWEULVHUIRUFHpSpHV2UOHV*DVFRQVVRQWWRXMRXUV
SDXYUHVQ
HVWFHSDV"
6LUHMHGRLVGLUHTX
RQQ
DSDVHQFRUHWURXYpGHVPLQHVG
RUGDQVOHXUV
PRQWDJQHVTXRLTXHOH6HLJQHXUOHXUGWELHQFHPLUDFOHHQUpFRPSHQVHGHOD
PDQLqUHGRQWLOVRQWVRXWHQXOHVSUpWHQWLRQVGXURLYRWUHSqUH
&HTXLYHXWGLUHTXHFHVRQWOHV*DVFRQVTXLP
RQWIDLWURLPRLPrPH
Q
HVWFHSDV7UpYLOOHSXLVTXHMHVXLVOHILOVGHPRQSqUH"(KELHQjOD
ERQQHKHXUHMHQHGLVSDVQRQ/D&KHVQD\HDOOH]YRLUVLHQIRXLOODQWGDQV
WRXWHVPHVSRFKHVYRXVWURXYHUH]TXDUDQWHSLVWROHVHWVLYRXVOHVWURXYH]
DSSRUWH]OHVPRL(WPDLQWHQDQWYR\RQVMHXQHKRPPHODPDLQVXUODFRQVFLHQFH
FRPPHQWFHODV
HVWLOSDVVp"
'
$UWDJQDQUDFRQWDO
DYHQWXUHGHODYHLOOHGDQVWRXVVHVGpWDLOVFRPPHQW
Q
D\DQWSDVSXGRUPLUGHODMRLHTX
LOpSURXYDLWjYRLU6D0DMHVWpLOpWDLW
DUULYpFKH]VHVDPLVWURLVKHXUHVDYDQWO
KHXUHGHO
DXGLHQFHFRPPHQWLOV
pWDLHQWDOOpVHQVHPEOHDXWULSRWHWFRPPHQWVXUODFUDLQWHTX
LODYDLW
PDQLIHVWpHGHUHFHYRLUXQHEDOOHDXYLVDJHLODYDLWpWpUDLOOpSDU%HUQDMRX[
OHTXHODYDLWIDLOOLSD\HUFHWWHUDLOOHULHGHODSHUWHGHODYLHHW0GH/D

7UpPRXLOOHTXLQ
\pWDLWSRXUULHQGHODSHUWHGHVRQK{WHO
&
HVWELHQFHODPXUPXUDLWOHURLRXLF
HVWDLQVLTXHOHGXFP
DUDFRQWpOD
FKRVH3DXYUHFDUGLQDOVHSWKRPPHVHQGHX[MRXUVHWGHVHVSOXVFKHUVPDLV
F
HVWDVVH]FRPPHFHOD0HVVLHXUVHQWHQGH]YRXVF
HVWDVVH]YRXVDYH]SULV
YRWUHUHYDQFKHGHODUXH)pURXHWDXGHOjYRXVGHYH]rWUHVDWLVIDLWV
6L9RWUH0DMHVWpO
HVWGLW7UpYLOOHQRXVOHVRPPHV
2XLMHOHVXLVDMRXWDOHURLHQSUHQDQWXQHSRLJQpHG
RUGHODPDLQGH/D
&KHVQD\HHWODPHWWDQWGDQVFHOOHGHG
$UWDJQDQ9RLFLGLWLOXQHSUHXYHGH
PDVDWLVIDFWLRQ
$FHWWHpSRTXHOHVLGpHVGHILHUWpTXLVRQWGHPLVHGHQRVMRXUVQ
pWDLHQW
SRLQWHQFRUHGHPRGH8QJHQWLOKRPPHUHFHYDLWGHODPDLQjODPDLQGHO
DUJHQW
GXURLHWQ
HQpWDLWSDVOHPRLQVGXPRQGHKXPLOLp'
$UWDJQDQPLWGRQFOHV
TXDUDQWHSLVWROHVGDQVVDSRFKHVDQVIDLUHDXFXQHIDoRQHWHQUHPHUFLDQWWRXW
DXFRQWUDLUHJUDQGHPHQW6D0DMHVWp
/jGLWOHURLHQUHJDUGDQWVDSHQGXOHOjHWPDLQWHQDQWTX
LOHVWKXLW
KHXUHVHWGHPLHUHWLUH]YRXVFDUMHYRXVO
DLGLWM
DWWHQGVTXHOTX
XQj
QHXIKHXUHV0HUFLGHYRWUHGpYRXHPHQW0HVVLHXUV-
\SXLVFRPSWHUQ
HVWFH
SDV"
2K6LUHV
pFULqUHQWG
XQHPrPHYRL[OHVTXDWUHFRPSDJQRQVQRXVQRXV
IHULRQVFRXSHUHQPRUFHDX[SRXU9RWUH0DMHVWp
%LHQELHQPDLVUHVWH]HQWLHUVFHODYDXWPLHX[HWYRXVPHVHUH]SOXV
XWLOHV7UpYLOOHDMRXWDOHURLjGHPLYRL[SHQGDQWTXHOHVDXWUHVVH
UHWLUDLHQWFRPPHYRXVQ
DYH]SDVGHSODFHGDQVOHVPRXVTXHWDLUHVHWTXH
G
DLOOHXUVSRXUHQWUHUGDQVFHFRUSVQRXVDYRQVGpFLGpTX
LOIDOODLWIDLUHXQ
QRYLFLDWSODFH]FHMHXQHKRPPHGDQVODFRPSDJQLHGHVJDUGHVGH0GHV(VVDUWV
YRWUHEHDXIUqUH$KSDUGLHX7UpYLOOHMHPHUpMRXLVGHODJULPDFHTXHYD
IDLUHOHFDUGLQDOLOVHUDIXULHX[PDLVFHODP
HVWpJDOMHVXLVGDQVPRQ
GURLW
(WOHURLVDOXDGHODPDLQ7UpYLOOHTXLVRUWLWHWV
HQYLQWUHMRLQGUHVHV
PRXVTXHWDLUHVTX
LOWURXYDSDUWDJHDQWDYHFG
$UWDJQDQOHVTXDUDQWHSLVWROHV
(WOHFDUGLQDOFRPPHO
DYDLWGLW6D0DMHVWpIXWHIIHFWLYHPHQWIXULHX[VL
IXULHX[TXHSHQGDQWKXLWMRXUVLODEDQGRQQDOHMHXGXURLFHTXLQ
HPSrFKDLW
SDVOHURLGHOXLIDLUHODSOXVFKDUPDQWHPLQHGXPRQGHHWWRXWHVOHVIRLV
TX
LOOHUHQFRQWUDLWGHOXLGHPDQGHUGHVDYRL[ODSOXVFDUHVVDQWH
(KELHQ0RQVLHXUOHFDUGLQDOFRPPHQWYRQWFHSDXYUH%HUQDMRX[HWFHSDXYUH
-XVVDFTXLVRQWjYRXV"

&KDSLWUH9,,
/
,17(5,(85'(6028648(7$,5(6


/RUVTXHG
$UWDJQDQIXWKRUVGX/RXYUHHWTX
LOFRQVXOWDVHVDPLVVXUO
HPSORL
TX
LOGHYDLWIDLUHGHVDSDUWGHVTXDUDQWHSLVWROHV$WKRVOXLFRQVHLOODGH
FRPPDQGHUXQERQUHSDVjOD3RPPHGH3LQ3RUWKRVGHSUHQGUHXQODTXDLVHW
$UDPLVGHVHIDLUHXQHPDvWUHVVHFRQYHQDEOH
/HUHSDVIXWH[pFXWpOHMRXUPrPHHWOHODTXDLV\VHUYLWjWDEOH/HUHSDV
DYDLWpWpFRPPDQGpSDU$WKRVHWOHODTXDLVIRXUQLSDU3RUWKRV&
pWDLWXQ
3LFDUGTXHOHJORULHX[PRXVTXHWDLUHDYDLWHPEDXFKpOHMRXUPrPHHWjFHWWH
RFFDVLRQVXUOHSRQWGHOD7RXUQHOOHSHQGDQWTX
LOIDLVDLWGHVURQGVHQ
FUDFKDQWGDQVO
HDX
3RUWKRVDYDLWSUpWHQGXTXHFHWWHRFFXSDWLRQpWDLWODSUHXYHG
XQHRUJDQLVDWLRQ
UpIOpFKLHHWFRQWHPSODWLYHHWLOO
DYDLWHPPHQpVDQVDXWUHUHFRPPDQGDWLRQ/D
JUDQGHPLQHGHFHJHQWLOKRPPHSRXUOHFRPSWHGXTXHOLOVHFUXWHQJDJpDYDLW
VpGXLW3ODQFKHWF
pWDLWOHQRPGX3LFDUGLO\HXWFKH]OXLXQOpJHU
GpVDSSRLQWHPHQWORUVTX
LOYLWTXHODSODFHpWDLWGpMjSULVHSDUXQFRQIUqUH
QRPPp0RXVTXHWRQHWORUVTXH3RUWKRVOXLHXWVLJQLILpTXHVRQpWDWGHPDLVRQ
TXRLTXHJUDQGQHFRPSRUWDLWSDVGHX[GRPHVWLTXHVHWTX
LOOXLIDOODLWHQWUHU
DXVHUYLFHGHG
$UWDJQDQ&HSHQGDQWORUVTX
LODVVLVWDDXGvQHUTXHGRQQDLWVRQ
PDvWUHHWTX
LOYLWFHOXLFLWLUHUHQSD\DQWXQHSRLJQpHG
RUGHVDSRFKHLO
FUXWVDIRUWXQHIDLWHHWUHPHUFLDOH&LHOG
rWUHWRPEpHQODSRVVHVVLRQG
XQ
SDUHLO&UpVXVLOSHUVpYpUDGDQVFHWWHRSLQLRQMXVTX
DSUqVOHIHVWLQGHV
UHOLHIVGXTXHOLOUpSDUDGHORQJXHVDEVWLQHQFHV0DLVHQIDLVDQWOHVRLUOH
OLWGHVRQPDvWUHOHVFKLPqUHVGH3ODQFKHWV
pYDQRXLUHQW/HOLWpWDLWOHVHXO
GHO
DSSDUWHPHQWTXLVHFRPSRVDLWG
XQHDQWLFKDPEUHHWG
XQHFKDPEUHjFRXFKHU
3ODQFKHWFRXFKDGDQVO
DQWLFKDPEUHVXUXQHFRXYHUWXUHWLUpHGXOLWGH
G
$UWDJQDQHWGRQWG
$UWDJQDQVHSDVVDGHSXLV
$WKRVGHVRQF{WpDYDLWXQYDOHWTX
LODYDLWGUHVVpjVRQVHUYLFHG
XQHIDoRQ
WRXWHSDUWLFXOLqUHHWTXHO
RQDSSHODLW*ULPDXG,OpWDLWIRUWVLOHQFLHX[FH
GLJQHVHLJQHXU1RXVSDUORQVG
$WKRVELHQHQWHQGX'HSXLVFLQTRXVL[DQVTX
LO
YLYDLWGDQVODSOXVSURIRQGHLQWLPLWpDYHFVHVFRPSDJQRQV3RUWKRVHW$UDPLV
FHX[FLVHUDSSHODLHQWO
DYRLUYXVRXULUHVRXYHQWPDLVMDPDLVLOVQHO
DYDLHQW
HQWHQGXULUH6HVSDUROHVpWDLHQWEUqYHVHWH[SUHVVLYHVGLVDQWWRXMRXUVFH
TX
HOOHVYRXODLHQWGLUHULHQGHSOXVSDVG
HQMROLYHPHQWVSDVGHEURGHULHV
SDVG
DUDEHVTXHV6DFRQYHUVDWLRQpWDLWXQIDLWVDQVDXFXQpSLVRGH
4XRLTXH$WKRVHWjSHLQHWUHQWHDQVHWIWG
XQHJUDQGHEHDXWpGHFRUSVHW
G
HVSULWSHUVRQQHQHOXLFRQQDLVVDLWGHPDvWUHVVH-DPDLVLOQHSDUODLWGH
IHPPHV6HXOHPHQWLOQ
HPSrFKDLWSDVTX
RQHQSDUOkWGHYDQWOXLTXRLTX
LOIW
IDFLOHGHYRLUTXHFHJHQUHGHFRQYHUVDWLRQDXTXHOLOQHVHPrODLWTXHSDUGHV
PRWVDPHUVHWGHVDSHUoXVPLVDQWKURSLTXHVOXLpWDLWSDUIDLWHPHQWGpVDJUpDEOH
6DUpVHUYHVDVDXYDJHULHHWVRQPXWLVPHHQIDLVDLHQWSUHVTXHXQYLHLOODUGLO
DYDLWGRQFSRXUQHSRLQWGpURJHUjVHVKDELWXGHVKDELWXp*ULPDXGjOXLREpLU
VXUXQVLPSOHJHVWHRXVXUXQVLPSOHPRXYHPHQWGHVOqYUHV,OQHOXLSDUODLWTXH
GDQVGHVFLUFRQVWDQFHVVXSUrPHV
4XHOTXHIRLV*ULPDXGTXLFUDLJQDLWVRQPDvWUHFRPPHOHIHXWRXWHQD\DQWSRXU
VDSHUVRQQHXQJUDQGDWWDFKHPHQWHWSRXUVRQJpQLHXQHJUDQGHYpQpUDWLRQ
FUR\DLWDYRLUSDUIDLWHPHQWFRPSULVFHTX
LOGpVLUDLWV
pODQoDLWSRXUH[pFXWHU
O
RUGUHUHoXHWIDLVDLWSUpFLVpPHQWOHFRQWUDLUH$ORUV$WKRVKDXVVDLWOHV

pSDXOHVHWVDQVVHPHWWUHHQFROqUHURVVDLW*ULPDXG&HVMRXUVOjLOSDUODLW
XQSHX
3RUWKRVFRPPHRQDSXOHYRLUDYDLWXQFDUDFWqUHWRXWRSSRVpjFHOXLG
$WKRV
QRQVHXOHPHQWLOSDUODLWEHDXFRXSPDLVLOSDUODLWKDXWSHXOXLLPSRUWDLWDX
UHVWHLOIDXWOXLUHQGUHFHWWHMXVWLFHTX
RQO
pFRXWkWRXQRQLOSDUODLW
SRXUOHSODLVLUGHSDUOHUHWSRXUOHSODLVLUGHV
HQWHQGUHLOSDUODLWGH
WRXWHVFKRVHVH[FHSWpGHVFLHQFHVH[FLSDQWjFHWHQGURLWGHODKDLQHLQYpWpUpH
TXHGHSXLVVRQHQIDQFHLOSRUWDLWGLVDLWLODX[VDYDQWV,ODYDLWPRLQVJUDQG
DLUTX
$WKRVHWOHVHQWLPHQWGHVRQLQIpULRULWpjFHVXMHWO
DYDLWGDQVOH
FRPPHQFHPHQWGHOHXUOLDLVRQUHQGXVRXYHQWLQMXVWHSRXUFHJHQWLOKRPPHTX
LO
V
pWDLWDORUVHIIRUFpGHGpSDVVHUSDUVHVVSOHQGLGHVWRLOHWWHV0DLVDYHFVD
VLPSOHFDVDTXHGHPRXVTXHWDLUHHWULHQTXHSDUODIDoRQGRQWLOUHMHWDLWODWrWH
HQDUULqUHHWDYDQoDLWOHSLHG$WKRVSUHQDLWjO
LQVWDQWPrPHODSODFHTXLOXL
pWDLWGXHHWUHOpJXDLWOHIDVWXHX[3RUWKRVDXVHFRQGUDQJ3RUWKRVV
HQ
FRQVRODLWHQUHPSOLVVDQWO
DQWLFKDPEUHGH0GH7UpYLOOHHWOHVFRUSVGHJDUGH
GX/RXYUHGXEUXLWGHVHVERQQHVIRUWXQHVGRQW$WKRVQHSDUODLWMDPDLVHWSRXU
OHPRPHQWDSUqVDYRLUSDVVpGHODQREOHVVHGHUREHjODQREOHVVHG
pSpHGHOD
URELQHjODEDURQQHLOQ
pWDLWTXHVWLRQGHULHQGHPRLQVSRXU3RUWKRVTXHG
XQH
SULQFHVVHpWUDQJqUHTXLOXLYRXODLWXQELHQpQRUPH
8QYLHX[SURYHUEHGLW7HOPDvWUHWHOYDOHW3DVVRQVGRQFGXYDOHWG
$WKRV
DXYDOHWGH3RUWKRVGH*ULPDXGj0RXVTXHWRQ
0RXVTXHWRQpWDLWXQ1RUPDQGGRQWVRQPDvWUHDYDLWFKDQJpOHQRPSDFLILTXHGH
%RQLIDFHHQFHOXLLQILQLPHQWSOXVVRQRUHHWSOXVEHOOLTXHX[GH0RXVTXHWRQ,O
pWDLWHQWUpDXVHUYLFHGH3RUWKRVjODFRQGLWLRQTX
LOVHUDLWKDELOOpHWORJp
VHXOHPHQWPDLVG
XQHIDoRQPDJQLILTXHLOQHUpFODPDLWTXHGHX[KHXUHVSDU
MRXUSRXUOHVFRQVDFUHUjXQHLQGXVWULHTXLGHYDLWVXIILUHjSRXUYRLUjVHV
DXWUHVEHVRLQV3RUWKRVDYDLWDFFHSWpOHPDUFKpODFKRVHOXLDOODLWj
PHUYHLOOH,OIDLVDLWWDLOOHUj0RXVTXHWRQGHVSRXUSRLQWVGDQVVHVYLHX[KDELWV
HWGDQVVHVPDQWHDX[GHUHFKDQJHHWJUkFHjXQWDLOOHXUIRUWLQWHOOLJHQWTXL
OXLUHPHWWDLWVHVKDUGHVjQHXIHQOHVUHWRXUQDQWHWGRQWODIHPPHpWDLW
VRXSoRQQpHGHYRXORLUIDLUHGHVFHQGUH3RUWKRVGHVHVKDELWXGHVDULVWRFUDWLTXHV
0RXVTXHWRQIDLVDLWjODVXLWHGHVRQPDvWUHIRUWERQQHILJXUH
4XDQWj$UDPLVGRQWQRXVFUR\RQVDYRLUVXIILVDPPHQWH[SRVpOHFDUDFWqUH
FDUDFWqUHGXUHVWHTXHFRPPHFHOXLGHVHVFRPSDJQRQVQRXVSRXUURQVVXLYUHGDQV
VRQGpYHORSSHPHQWVRQODTXDLVV
DSSHODLW%D]LQ*UkFHjO
HVSpUDQFHTX
DYDLW
VRQPDvWUHG
HQWUHUXQMRXUGDQVOHVRUGUHVLOpWDLWWRXMRXUVYrWXGHQRLU
FRPPHGRLWO
rWUHOHVHUYLWHXUG
XQKRPPHG
(JOLVH&
pWDLWXQ%HUULFKRQGH
WUHQWHFLQTjTXDUDQWHDQVGRX[SDLVLEOHJUDVVRXLOOHWRFFXSDQWjOLUHGH
SLHX[RXYUDJHVOHVORLVLUVTXHOXLODLVVDLWVRQPDvWUHIDLVDQWjODULJXHXU
SRXUGHX[XQGvQHUGHSHXGHSODWVPDLVH[FHOOHQW$XUHVWHPXHWDYHXJOH
VRXUGHWG
XQHILGpOLWpjWRXWHpSUHXYH
0DLQWHQDQWTXHQRXVFRQQDLVVRQVVXSHUILFLHOOHPHQWGXPRLQVOHVPDvWUHVHWOHV
YDOHWVSDVVRQVDX[GHPHXUHVRFFXSpHVSDUFKDFXQG
HX[
$WKRVKDELWDLWUXH)pURXjGHX[SDVGX/X[HPERXUJVRQDSSDUWHPHQWVH
FRPSRVDLWGHGHX[SHWLWHVFKDPEUHVIRUWSURSUHPHQWPHXEOpHVGDQVXQHPDLVRQ
JDUQLHGRQWO
K{WHVVHHQFRUHMHXQHHWYpULWDEOHPHQWHQFRUHEHOOHOXLIDLVDLW
LQXWLOHPHQWOHVGRX[\HX[4XHOTXHVIUDJPHQWVG
XQHJUDQGHVSOHQGHXUSDVVpH

pFODWDLHQWojHWOjDX[PXUDLOOHVGHFHPRGHVWHORJHPHQWF
pWDLWXQHpSpHSDU
H[HPSOHULFKHPHQWGDPDVTXLQpHTXLUHPRQWDLWSRXUODIDoRQjO
pSRTXHGH
)UDQoRLV,HUHWGRQWODSRLJQpHVHXOHLQFUXVWpHGHSLHUUHVSUpFLHXVHVSRXYDLW
YDORLUGHX[FHQWVSLVWROHVHWTXHFHSHQGDQWGDQVVHVPRPHQWVGHSOXVJUDQGH
GpWUHVVH$WKRVQ
DYDLWMDPDLVFRQVHQWLjHQJDJHUQLjYHQGUH&HWWHpSpHDYDLW
ORQJWHPSVIDLWO
DPELWLRQGH3RUWKRV3RUWKRVDXUDLWGRQQpGL[DQQpHVGHVDYLH
SRXUSRVVpGHUFHWWHpSpH
8QMRXUTX
LODYDLWUHQGH]YRXVDYHFXQHGXFKHVVHLOHVVD\DPrPHGHO
HPSUXQWHU
j$WKRV$WKRVVDQVULHQGLUHYLGDVHVSRFKHVUDPDVVDWRXVVHVELMRX[
ERXUVHVDLJXLOOHWWHVHWFKDvQHVG
RULORIIULWWRXWj3RUWKRVPDLVTXDQWj
O
pSpHOXLGLWLOHOOHpWDLWVFHOOpHjVDSODFHHWQHGHYDLWODTXLWWHUTXH
ORUVTXHVRQPDvWUHTXLWWHUDLWOXLPrPHVRQORJHPHQW2XWUHVRQpSpHLO\DYDLW
HQFRUHXQSRUWUDLWUHSUpVHQWDQWXQVHLJQHXUGXWHPSVGH+HQUL,,,YrWXDYHFOD
SOXVJUDQGHpOpJDQFHHWTXLSRUWDLWO
RUGUHGX6DLQW(VSULWHWFHSRUWUDLW
DYDLWDYHF$WKRVFHUWDLQHVUHVVHPEODQFHVGHOLJQHVFHUWDLQHVVLPLOLWXGHVGH
IDPLOOHTXLLQGLTXDLHQWTXHFHJUDQGVHLJQHXUFKHYDOLHUGHVRUGUHVGXURL
pWDLWVRQDQFrWUH
(QILQXQFRIIUHGHPDJQLILTXHRUIqYUHULHDX[PrPHVDUPHVTXHO
pSpHHWOH
SRUWUDLWIDLVDLWXQPLOLHXGHFKHPLQpHTXLMXUDLWHIIUR\DEOHPHQWDYHFOHUHVWH
GHODJDUQLWXUH$WKRVSRUWDLWWRXMRXUVODFOHIGHFHFRIIUHVXUOXL0DLVXQ
MRXULOO
DYDLWRXYHUWGHYDQW3RUWKRVHW3RUWKRVDYDLWSXV
DVVXUHUTXHFH
FRIIUHQHFRQWHQDLWTXHGHVOHWWUHVHWGHVSDSLHUVGHVOHWWUHVG
DPRXUHWGHV
SDSLHUVGHIDPLOOHVDQVGRXWH
3RUWKRVKDELWDLWXQDSSDUWHPHQWWUqVYDVWHHWG
XQHWUqVVRPSWXHXVHDSSDUHQFH
UXHGX9LHX[&RORPELHU&KDTXHIRLVTX
LOSDVVDLWDYHFTXHOTXHDPLGHYDQWVHV
IHQrWUHVjO
XQHGHVTXHOOHV0RXVTXHWRQVHWHQDLWWRXMRXUVHQJUDQGHOLYUpH
3RUWKRVOHYDLWODWrWHHWODPDLQHWGLVDLW9RLOjPDGHPHXUH0DLVMDPDLVRQ
QHOHWURXYDLWFKH]OXLMDPDLVLOQ
LQYLWDLWSHUVRQQHj\PRQWHUHWQXOQH
SRXYDLWVHIDLUHXQHLGpHGHFHTXHFHWWHVRPSWXHXVHDSSDUHQFHUHQIHUPDLWGH
ULFKHVVHVUpHOOHV
4XDQWj$UDPLVLOKDELWDLWXQSHWLWORJHPHQWFRPSRVpG
XQERXGRLUG
XQHVDOOH
jPDQJHUHWG
XQHFKDPEUHjFRXFKHUODTXHOOHFKDPEUHVLWXpHFRPPHOHUHVWHGH
O
DSSDUWHPHQWDXUH]GHFKDXVVpHGRQQDLWVXUXQSHWLWMDUGLQIUDLVYHUW
RPEUHX[HWLPSpQpWUDEOHDX[\HX[GXYRLVLQDJH
4XDQWjG
$UWDJQDQQRXVVDYRQVFRPPHQWLOpWDLWORJpHWQRXVDYRQVGpMjIDLW
FRQQDLVVDQFHDYHFVRQODTXDLVPDvWUH3ODQFKHW
'
$UWDJQDQTXLpWDLWIRUWFXULHX[GHVDQDWXUHFRPPHVRQWOHVJHQVGXUHVWH
TXLRQWOHJpQLHGHO
LQWULJXHILWWRXVVHVHIIRUWVSRXUVDYRLUFHTX
pWDLHQW
DXMXVWH$WKRV3RUWKRVHW$UDPLVFDUVRXVFHVQRPVGHJXHUUHFKDFXQGHV
MHXQHVJHQVFDFKDLWVRQQRPGHJHQWLOKRPPH$WKRVVXUWRXWTXLVHQWDLWVRQJUDQG
VHLJQHXUG
XQHOLHXH,OV
DGUHVVDGRQFj3RUWKRVSRXUDYRLUGHVUHQVHLJQHPHQWV
VXU$WKRVHW$UDPLVHWj$UDPLVSRXUFRQQDvWUH3RUWKRV
0DOKHXUHXVHPHQW3RUWKRVOXLPrPHQHVDYDLWGHODYLHGHVRQVLOHQFLHX[FDPDUDGH
TXHFHTXLHQDYDLWWUDQVSLUp2QGLVDLWTX
LODYDLWHXGHJUDQGVPDOKHXUVGDQV
VHVDIIDLUHVDPRXUHXVHVHWTX
XQHDIIUHXVHWUDKLVRQDYDLWHPSRLVRQQpjMDPDLV
ODYLHGHFHJDODQWKRPPH4XHOOHpWDLWFHWWHWUDKLVRQ"7RXWOHPRQGH

O
LJQRUDLW
4XDQWj3RUWKRVH[FHSWpVRQYpULWDEOHQRPTXH0GH7UpYLOOHVDYDLWVHXO
DLQVLTXHFHOXLGHVHVGHX[FDPDUDGHVVDYLHpWDLWIDFLOHjFRQQDvWUH9DQLWHX[
HWLQGLVFUHWRQYR\DLWjWUDYHUVOXLFRPPHjWUDYHUVXQFULVWDO/DVHXOHFKRVH
TXLHWSXpJDUHUO
LQYHVWLJDWHXUHWpWpTXHO
RQHWFUXWRXWOHELHQTX
LO
GLVDLWGHOXL
4XDQWj$UDPLVWRXWHQD\DQWO
DLUGHQ
DYRLUDXFXQVHFUHWF
pWDLWXQJDUoRQ
WRXWFRQILWGHP\VWqUHVUpSRQGDQWSHXDX[TXHVWLRQVTX
RQOXLIDLVDLWVXUOHV
DXWUHVHWpOXGDQWFHOOHVTXHO
RQIDLVDLWVXUOXLPrPH8QMRXUG
$UWDJQDQ
DSUqVO
DYRLUORQJWHPSVLQWHUURJpVXU3RUWKRVHWHQDYRLUDSSULVFHEUXLWTXL
FRXUDLWGHODERQQHIRUWXQHGXPRXVTXHWDLUHDYHFXQHSULQFHVVHYRXOXWVDYRLU
DXVVLjTXRLV
HQWHQLUVXUOHVDYHQWXUHVDPRXUHXVHVGHVRQLQWHUORFXWHXU
(WYRXVPRQFKHUFRPSDJQRQOXLGLWLOYRXVTXLSDUOH]GHVEDURQQHVGHV
FRPWHVVHVHWGHVSULQFHVVHVGHVDXWUHV"
3DUGRQLQWHUURPSLW$UDPLVM
DLSDUOpSDUFHTXH3RUWKRVHQSDUOHOXLPrPH
SDUFHTX
LODFULpWRXWHVFHVEHOOHVFKRVHVGHYDQWPRL0DLVFUR\H]ELHQPRQ
FKHU0RQVLHXUG
$UWDJQDQTXHVLMHOHVWHQDLVG
XQHDXWUHVRXUFHRXTX
LOPH
OHVHWFRQILpHVLOQ
\DXUDLWSDVHXGHFRQIHVVHXUSOXVGLVFUHWTXHPRL
-HQ
HQGRXWHSDVUHSULWG
$UWDJQDQPDLVHQILQLOPHVHPEOHTXHYRXVPrPH
YRXVrWHVDVVH]IDPLOLHUDYHFOHVDUPRLULHVWpPRLQFHUWDLQPRXFKRLUEURGp
DXTXHOMHGRLVO
KRQQHXUGHYRWUHFRQQDLVVDQFH
$UDPLVFHWWHIRLVQHVHIkFKDSRLQWPDLVLOSULWVRQDLUOHSOXVPRGHVWHHW
UpSRQGLWDIIHFWXHXVHPHQW
0RQFKHUQ
RXEOLH]SDVTXHMHYHX[rWUHG
(JOLVHHWTXHMHIXLVWRXWHVOHV
RFFDVLRQVPRQGDLQHV&HPRXFKRLUTXHYRXVDYH]YXQHP
DYDLWSRLQWpWpFRQILp
PDLVLODYDLWpWpRXEOLpFKH]PRLSDUXQGHPHVDPLV-
DLGOHUHFXHLOOLUSRXU
QHSDVOHVFRPSURPHWWUHOXLHWODGDPHTX
LODLPH4XDQWjPRLMHQ
DLSRLQW
HWQHYHX[SRLQWDYRLUGHPDvWUHVVHVXLYDQWHQFHODO
H[HPSOHWUqVMXGLFLHX[
G
$WKRVTXLQ
HQDSDVSOXVTXHPRL
0DLVTXHGLDEOHYRXVQ
rWHVSDVDEEpSXLVTXHYRXVrWHVPRXVTXHWDLUH
0RXVTXHWDLUHSDULQWpULPPRQFKHUFRPPHGLWOHFDUGLQDOPRXVTXHWDLUH
FRQWUHPRQJUpPDLVKRPPHG
(JOLVHGDQVOHFRHXUFUR\H]PRL$WKRVHW3RUWKRV
P
RQWIRXUUpOjGHGDQVSRXUP
RFFXSHUM
DLHXDXPRPHQWG
rWUHRUGRQQpXQH
SHWLWHGLIILFXOWpDYHF0DLVFHODQHYRXVLQWpUHVVHJXqUHHWMHYRXVSUHQGV
XQWHPSVSUpFLHX[
3RLQWGXWRXWFHODP
LQWpUHVVHIRUWV
pFULDG
$UWDJQDQHWMHQ
DLSRXUOH
PRPHQWDEVROXPHQWULHQjIDLUH
2XLPDLVPRLM
DLPRQEUpYLDLUHjGLUHUpSRQGLW$UDPLVSXLVTXHOTXHVYHUV
jFRPSRVHUTXHP
DGHPDQGpV0PHG
$LJXLOORQHQVXLWHMHGRLVSDVVHUUXH
6DLQW+RQRUpDILQG
DFKHWHUGXURXJHSRXU0PHGH&KHYUHXVH9RXVYR\H]PRQ
FKHUDPLTXHVLULHQQHYRXVSUHVVHMHVXLVWUqVSUHVVpPRL

(W$UDPLVWHQGLWDIIHFWXHXVHPHQWODPDLQjVRQFRPSDJQRQHWSULWFRQJpGHOXL
'
$UWDJQDQQHSXWTXHOTXHSHLQHTX
LOVHGRQQkWHQVDYRLUGDYDQWDJHVXUVHV
WURLVQRXYHDX[DPLV,OSULWGRQFVRQSDUWLGHFURLUHGDQVOHSUpVHQWWRXWFH
TX
RQGLVDLWGHOHXUSDVVpHVSpUDQWGHVUpYpODWLRQVSOXVVUHVHWSOXVpWHQGXHV
GHO
DYHQLU(QDWWHQGDQWLOFRQVLGpUD$WKRVFRPPHXQ$FKLOOH3RUWKRVFRPPHXQ
$MD[HW$UDPLVFRPPHXQ-RVHSK
$XUHVWHODYLHGHVTXDWUHMHXQHVJHQVpWDLWMR\HXVH$WKRVMRXDLWHW
WRXMRXUVPDOKHXUHXVHPHQW&HSHQGDQWLOQ
HPSUXQWDLWMDPDLVXQVRXjVHVDPLV
TXRLTXHVDERXUVHIWVDQVFHVVHjOHXUVHUYLFHHWORUVTX
LODYDLWMRXpVXU
SDUROHLOIDLVDLWWRXMRXUVUpYHLOOHUVRQFUpDQFLHUjVL[KHXUHVGXPDWLQSRXU
OXLSD\HUVDGHWWHGHODYHLOOH
3RUWKRVDYDLWGHVIRXJXHVFHVMRXUVOjV
LOJDJQDLWRQOHYR\DLWLQVROHQWHW
VSOHQGLGHV
LOSHUGDLWLOGLVSDUDLVVDLWFRPSOqWHPHQWSHQGDQWTXHOTXHVMRXUV
DSUqVOHVTXHOVLOUHSDUDLVVDLWOHYLVDJHEOrPHHWODPLQHDOORQJpHPDLVDYHFGH
O
DUJHQWGDQVVHVSRFKHV
4XDQWj$UDPLVLOQHMRXDLWMDPDLV&
pWDLWELHQOHSOXVPDXYDLVPRXVTXHWDLUH
HWOHSOXVPpFKDQWFRQYLYHTXLVHSWYRLU,ODYDLWWRXMRXUVEHVRLQGH
WUDYDLOOHU4XHOTXHIRLVDXPLOLHXG
XQGvQHUTXDQGFKDFXQGDQVO
HQWUDvQHPHQW
GXYLQHWGDQVODFKDOHXUGHODFRQYHUVDWLRQFUR\DLWTXHO
RQHQDYDLWHQFRUH
SRXUGHX[RXWURLVKHXUHVjUHVWHUjWDEOH$UDPLVUHJDUGDLWVDPRQWUHVH
OHYDLWDYHFXQJUDFLHX[VRXULUHHWSUHQDLWFRQJpGHODVRFLpWpSRXUDOOHU
GLVDLWLOFRQVXOWHUXQFDVXLVWHDYHFOHTXHOLODYDLWUHQGH]YRXV'
DXWUHV
IRLVLOUHWRXUQDLWjVRQORJLVSRXUpFULUHXQHWKqVHHWSULDLWVHVDPLVGHQH
SDVOHGLVWUDLUH
&HSHQGDQW$WKRVVRXULDLWGHFHFKDUPDQWVRXULUHPpODQFROLTXHVLELHQVpDQWjVD
QREOHILJXUHHW3RUWKRVEXYDLWHQMXUDQWTX
$UDPLVQHVHUDLWMDPDLVTX
XQFXUp
GHYLOODJH
3ODQFKHWOHYDOHWGHG
$UWDJQDQVXSSRUWDQREOHPHQWODERQQHIRUWXQHLO
UHFHYDLWWUHQWHVRXVSDUMRXUHWSHQGDQWXQPRLVLOUHYHQDLWDXORJLVJDLFRPPH
SLQVRQHWDIIDEOHHQYHUVVRQPDvWUH4XDQGOHYHQWGHO
DGYHUVLWpFRPPHQoDj
VRXIIOHUVXUOHPpQDJHGHODUXHGHV)RVVR\HXUVF
HVWjGLUHTXDQGOHVTXDUDQWH
SLVWROHVGXURL/RXLV;,,,IXUHQWPDQJpHVRXjSHXSUqVLOFRPPHQoDGHV
SODLQWHVTX
$WKRVWURXYDQDXVpDERQGHV3RUWKRVLQGpFHQWHVHW$UDPLVULGLFXOHV
$WKRVFRQVHLOODGRQFjG
$UWDJQDQGHFRQJpGLHUOHGU{OH3RUWKRVYRXODLWTX
RQ
OHEkWRQQkWDXSDUDYDQWHW$UDPLVSUpWHQGLWTX
XQPDvWUHQHGHYDLWHQWHQGUHTXH
OHVFRPSOLPHQWVTX
RQIDLWGHOXL
&HODYRXVHVWELHQDLVpjGLUHUHSULWG
$UWDJQDQjYRXV$WKRVTXLYLYH]
PXHWDYHF*ULPDXGTXLOXLGpIHQGH]GHSDUOHUHWTXLSDUFRQVpTXHQWQ
DYH]
MDPDLVGHPDXYDLVHVSDUROHVDYHFOXLjYRXV3RUWKRVTXLPHQH]XQWUDLQ
PDJQLILTXHHWTXLrWHVXQGLHXSRXUYRWUHYDOHW0RXVTXHWRQjYRXVHQILQ
$UDPLVTXLWRXMRXUVGLVWUDLWSDUYRVpWXGHVWKpRORJLTXHVLQVSLUH]XQSURIRQG
UHVSHFWjYRWUHVHUYLWHXU%D]LQKRPPHGRX[HWUHOLJLHX[PDLVPRLTXLVXLV
VDQVFRQVLVWDQFHHWVDQVUHVVRXUFHVPRLTXLQHVXLVSDVPRXVTXHWDLUHQLPrPH
JDUGHPRLTXHIHUDLMHSRXULQVSLUHUGHO
DIIHFWLRQGHODWHUUHXURXGX
UHVSHFWj3ODQFKHW"

/DFKRVHHVWJUDYHUpSRQGLUHQWOHVWURLVDPLVF
HVWXQHDIIDLUHG
LQWpULHXU
LOHQHVWGHVYDOHWVFRPPHGHVIHPPHVLOIDXWOHVPHWWUHWRXWGHVXLWHVXUOH
SLHGRO
RQGpVLUHTX
LOVUHVWHQW5pIOpFKLVVH]GRQF
'
$UWDJQDQUpIOpFKLWHWVHUpVROXWjURXHU3ODQFKHWSDUSURYLVLRQFHTXLIXW
H[pFXWpDYHFODFRQVFLHQFHTXHG
$UWDJQDQPHWWDLWHQWRXWHVFKRVHVSXLVDSUqV
O
DYRLUELHQURVVpLOOXLGpIHQGLWGHTXLWWHUVRQVHUYLFHVDQVVDSHUPLVVLRQ
&DUDMRXWDWLOO
DYHQLUQHSHXWPHIDLUHIDXWHM
DWWHQGVLQpYLWDEOHPHQWGHV
WHPSVPHLOOHXUV7DIRUWXQHHVWGRQFIDLWHVLWXUHVWHVSUqVGHPRLHWMHVXLV
WURSERQPDvWUHSRXUWHIDLUHPDQTXHUWDIRUWXQHHQW
DFFRUGDQWOHFRQJpTXHWX
PHGHPDQGHV
&HWWHPDQLqUHG
DJLUGRQQDEHDXFRXSGHUHVSHFWDX[PRXVTXHWDLUHVSRXUOD
SROLWLTXHGHG
$UWDJQDQ3ODQFKHWIXWpJDOHPHQWVDLVLG
DGPLUDWLRQHWQHSDUOD
SOXVGHV
HQDOOHU
/DYLHGHVTXDWUHMHXQHVJHQVpWDLWGHYHQXHFRPPXQHG
$UWDJQDQTXLQ
DYDLW
DXFXQHKDELWXGHSXLVTX
LODUULYDLWGHVDSURYLQFHHWWRPEDLWDXPLOLHXG
XQ
PRQGHWRXWQRXYHDXSRXUOXLSULWDXVVLW{WOHVKDELWXGHVGHVHVDPLV
2QVHOHYDLWYHUVKXLWKHXUHVHQKLYHUYHUVVL[KHXUHVHQpWpHWO
RQDOODLW
SUHQGUHOHPRWG
RUGUHHWO
DLUGHVDIIDLUHVFKH]0GH7UpYLOOH'
$UWDJQDQ
ELHQTX
LOQHIWSDVPRXVTXHWDLUHHQIDLVDLWOHVHUYLFHDYHFXQHSRQFWXDOLWp
WRXFKDQWHLOpWDLWWRXMRXUVGHJDUGHSDUFHTX
LOWHQDLWWRXMRXUVFRPSDJQLHj
FHOXLGHVHVWURLVDPLVTXLPRQWDLWODVLHQQH2QOHFRQQDLVVDLWjO
K{WHOGHV
PRXVTXHWDLUHVHWFKDFXQOHWHQDLWSRXUXQERQFDPDUDGH0GH7UpYLOOHTXL
O
DYDLWDSSUpFLpGXSUHPLHUFRXSG
RHLOHWTXLOXLSRUWDLWXQHYpULWDEOH
DIIHFWLRQQHFHVVDLWGHOHUHFRPPDQGHUDXURL
'HOHXUF{WpOHVWURLVPRXVTXHWDLUHVDLPDLHQWIRUWOHXUMHXQHFDPDUDGH
/
DPLWLpTXLXQLVVDLWFHVTXDWUHKRPPHVHWOHEHVRLQGHVHYRLUWURLVRXTXDWUH
IRLVSDUMRXUVRLWSRXUGXHOVRLWSRXUDIIDLUHVVRLWSRXUSODLVLUOHV
IDLVDLHQWVDQVFHVVHFRXULUO
XQDSUqVO
DXWUHFRPPHGHVRPEUHVHWO
RQ
UHQFRQWUDLWWRXMRXUVOHVLQVpSDUDEOHVVHFKHUFKDQWGX/X[HPERXUJjODSODFH
6DLQW6XOSLFHRXGHODUXHGX9LHX[&RORPELHUDX/X[HPERXUJ
(QDWWHQGDQWOHVSURPHVVHVGH0GH7UpYLOOHDOODLHQWOHXUWUDLQ8QEHDXMRXU
OHURLFRPPDQGDj0OHFKHYDOLHUGHV(VVDUWVGHSUHQGUHG
$UWDJQDQFRPPHFDGHW
GDQVVDFRPSDJQLHGHVJDUGHV'
$UWDJQDQHQGRVVDHQVRXSLUDQWFHWKDELWTX
LO
HWYRXOXDXSUL[GHGL[DQQpHVGHVRQH[LVWHQFHWURTXHUFRQWUHODFDVDTXHGH
PRXVTXHWDLUH0DLV0GH7UpYLOOHSURPLWFHWWHIDYHXUDSUqVXQQRYLFLDWGHGHX[
DQVQRYLFLDWTXLSRXYDLWrWUHDEUpJpDXUHVWHVLO
RFFDVLRQVHSUpVHQWDLWSRXU
G
$UWDJQDQGHUHQGUHTXHOTXHVHUYLFHDXURLRXGHIDLUHTXHOTXHDFWLRQG
pFODW
'
$UWDJQDQVHUHWLUDVXUFHWWHSURPHVVHHWGqVOHOHQGHPDLQFRPPHQoDVRQ
VHUYLFH
$ORUVFHIXWOHWRXUG
$WKRVGH3RUWKRVHWG
$UDPLVGHPRQWHUODJDUGHDYHF
G
$UWDJQDQTXDQGLOpWDLWGHJDUGH/DFRPSDJQLHGH0OHFKHYDOLHUGHV(VVDUWV
SULWDLQVLTXDWUHKRPPHVDXOLHXG
XQOHMRXURHOOHSULWG
$UWDJQDQ

&KDSLWUH9,,,

81(,175,*8('(&285(85

&HSHQGDQWOHVTXDUDQWHSLVWROHVGXURL/RXLV;,,,DLQVLTXHWRXWHVOHVFKRVHV
GHFHPRQGHDSUqVDYRLUHXXQFRPPHQFHPHQWDYDLHQWHXXQHILQHWGHSXLVFHWWH
ILQQRVTXDWUHFRPSDJQRQVpWDLHQWWRPEpVGDQVODJrQH'
DERUG$WKRVDYDLW
VRXWHQXSHQGDQWTXHOTXHWHPSVO
DVVRFLDWLRQGHVHVSURSUHVGHQLHUV3RUWKRVOXL
DYDLWVXFFpGpHWJUkFHjXQHGHFHVGLVSDULWLRQVDX[TXHOOHVRQpWDLWKDELWXp
LODYDLWSHQGDQWSUqVGHTXLQ]HMRXUVHQFRUHVXEYHQXDX[EHVRLQVGHWRXWOH
PRQGHHQILQpWDLWDUULYpOHWRXUG
$UDPLVTXLV
pWDLWH[pFXWpGHERQQHJUkFH
HWTXLpWDLWSDUYHQXGLVDLWLOHQYHQGDQWVHVOLYUHVGHWKpRORJLHjVH
SURFXUHUTXHOTXHVSLVWROHV
2QHXWDORUVFRPPHG
KDELWXGHUHFRXUVj0GH7UpYLOOHTXLILWTXHOTXHV
DYDQFHVVXUODVROGHPDLVFHVDYDQFHVQHSRXYDLHQWFRQGXLUHELHQORLQWURLV
PRXVTXHWDLUHVTXLDYDLHQWGpMjIRUFHFRPSWHVDUULpUpVHWXQJDUGHTXLQ
HQ
DYDLWSDVHQFRUH
(QILQTXDQGRQYLWTX
RQDOODLWPDQTXHUWRXWjIDLWRQUDVVHPEODSDUXQ
GHUQLHUHIIRUWKXLWRXGL[SLVWROHVTXH3RUWKRVMRXD0DOKHXUHXVHPHQWLOpWDLW
GDQVXQHPDXYDLVHYHLQHLOSHUGLWWRXWSOXVYLQJWFLQTSLVWROHVVXUSDUROH
$ORUVODJrQHGHYLQWGHODGpWUHVVHRQYLWOHVDIIDPpVVXLYLVGHOHXUVODTXDLV
FRXULUOHVTXDLVHWOHVFRUSVGHJDUGHUDPDVVDQWFKH]OHXUVDPLVGXGHKRUVWRXV
OHVGvQHUVTX
LOVSXUHQWWURXYHUFDUVXLYDQWO
DYLVG
$UDPLVRQGHYDLWGDQV
ODSURVSpULWpVHPHUGHVUHSDVjGURLWHHWjJDXFKHSRXUHQUpFROWHUTXHOTXHVXQV
GDQVODGLVJUkFH
$WKRVIXWLQYLWpTXDWUHIRLVHWPHQDFKDTXHIRLVVHVDPLVDYHFOHXUVODTXDLV
3RUWKRVHXWVL[RFFDVLRQVHWHQILWpJDOHPHQWMRXLUVHVFDPDUDGHV$UDPLVHQ
HXWKXLW&
pWDLWXQKRPPHFRPPHRQDGpMjSXV
HQDSHUFHYRLUTXLIDLVDLWSHX
GHEUXLWHWEHDXFRXSGHEHVRJQH
4XDQWjG
$UWDJQDQTXLQHFRQQDLVVDLWHQFRUHSHUVRQQHGDQVODFDSLWDOHLOQH
WURXYDTX
XQGpMHXQHUGHFKRFRODWFKH]XQSUrWUHGHVRQSD\VHWXQGvQHUFKH]
XQFRUQHWWHGHVJDUGHV,OPHQDVRQDUPpHFKH]OHSUrWUHDXTXHORQGpYRUDVD
SURYLVLRQGHGHX[PRLVHWFKH]OHFRUQHWWHTXLILWGHVPHUYHLOOHVPDLV
FRPPHOHGLVDLW3ODQFKHWRQQHPDQJHWRXMRXUVTX
XQHIRLVPrPHTXDQGRQPDQJH
EHDXFRXS
'
$UWDJQDQVHWURXYDGRQFDVVH]KXPLOLpGHQ
DYRLUHXTX
XQUHSDVHWGHPLFDU
OHGpMHXQHUFKH]OHSUrWUHQHSRXYDLWFRPSWHUTXHSRXUXQGHPLUHSDVjRIIULUj
VHVFRPSDJQRQVHQpFKDQJHGHVIHVWLQVTXHV
pWDLHQWSURFXUpV$WKRV3RUWKRVHW
$UDPLV,OVHFUR\DLWjFKDUJHjODVRFLpWpRXEOLDQWGDQVVDERQQHIRLWRXWH
MXYpQLOHTX
LODYDLWQRXUULFHWWHVRFLpWpSHQGDQWXQPRLVHWVRQHVSULW
SUpRFFXSpVHPLWjWUDYDLOOHUDFWLYHPHQW,OUpIOpFKLWTXHFHWWHFRDOLWLRQGH
TXDWUHKRPPHVMHXQHVEUDYHVHQWUHSUHQDQWVHWDFWLIVGHYDLWDYRLUXQDXWUHEXW
TXHGHVSURPHQDGHVGpKDQFKpHVGHVOHoRQVG
HVFULPHHWGHVOD]]LSOXVRXPRLQV
VSLULWXHOV
(QHIIHWTXDWUHKRPPHVFRPPHHX[TXDWUHKRPPHVGpYRXpVOHVXQVDX[DXWUHV

GHSXLVODERXUVHMXVTX
jODYLHTXDWUHKRPPHVVHVRXWHQDQWWRXMRXUVQH
UHFXODQWMDPDLVH[pFXWDQWLVROpPHQWRXHQVHPEOHOHVUpVROXWLRQVSULVHVHQ
FRPPXQTXDWUHEUDVPHQDoDQWOHVTXDWUHSRLQWVFDUGLQDX[RXVHWRXUQDQWYHUVXQ
VHXOSRLQWGHYDLHQWLQpYLWDEOHPHQWVRLWVRXWHUUDLQHPHQWVRLWDXMRXUVRLW
SDUODPLQHVRLWSDUODWUDQFKpHVRLWSDUODUXVHVRLWSDUODIRUFHV
RXYULU
XQFKHPLQYHUVOHEXWTX
LOVYRXODLHQWDWWHLQGUHVLELHQGpIHQGXRXVLpORLJQp
TX
LOIW/DVHXOHFKRVHTXLpWRQQkWG
$UWDJQDQF
HVWTXHVHVFRPSDJQRQV
Q
HXVVHQWSRLQWVRQJpjFHOD
,O\VRQJHDLWOXLHWVpULHXVHPHQWPrPHVHFUHXVDQWODFHUYHOOHSRXUWURXYHU
XQHGLUHFWLRQjFHWWHIRUFHXQLTXHTXDWUHIRLVPXOWLSOLpHDYHFODTXHOOHLOQH
GRXWDLWSDVTXHFRPPHDYHFOHOHYLHUTXHFKHUFKDLW$UFKLPqGHRQQHSDUYvQWj
VRXOHYHUOHPRQGHORUVTXHO
RQIUDSSDGRXFHPHQWjODSRUWH'
$UWDJQDQ
UpYHLOOD3ODQFKHWHWOXLRUGRQQDG
DOOHURXYULU
4XHGHFHWWHSKUDVHG
$UWDJQDQUpYHLOOD3ODQFKHWOHOHFWHXUQ
DLOOHSDV
DXJXUHUTX
LOIDLVDLWQXLWRXTXHOHMRXUQ
pWDLWSRLQWHQFRUHYHQX1RQ
TXDWUHKHXUHVYHQDLHQWGHVRQQHU3ODQFKHWGHX[KHXUHVDXSDUDYDQWpWDLWYHQX
GHPDQGHUjGvQHUjVRQPDvWUHOHTXHOOXLDYDLWUpSRQGXSDUOHSURYHUEH4XL
GRUWGvQH(W3ODQFKHWGvQDLWHQGRUPDQW
8QKRPPHIXWLQWURGXLWGHPLQHDVVH]VLPSOHHWTXLDYDLWO
DLUG
XQERXUJHRLV
3ODQFKHWSRXUVRQGHVVHUWHWELHQYRXOXHQWHQGUHODFRQYHUVDWLRQPDLVOH
ERXUJHRLVGpFODUDjG
$UWDJQDQTXHFHTX
LODYDLWjOXLGLUHpWDQWLPSRUWDQWHW
FRQILGHQWLHOLOGpVLUDLWGHPHXUHUHQWrWHjWrWHDYHFOXL
'
$UWDJQDQFRQJpGLD3ODQFKHWHWILWDVVHRLUVRQYLVLWHXU
,O\HXWXQPRPHQWGHVLOHQFHSHQGDQWOHTXHOOHVGHX[KRPPHVVHUHJDUGqUHQW
FRPPHSRXUIDLUHXQHFRQQDLVVDQFHSUpDODEOHDSUqVTXRLG
$UWDJQDQV
LQFOLQDHQ
VLJQHTX
LOpFRXWDLW
-
DLHQWHQGXSDUOHUGH0G
$UWDJQDQFRPPHG
XQMHXQHKRPPHIRUWEUDYHGLWOH
ERXUJHRLVHWFHWWHUpSXWDWLRQGRQWLOMRXLWjMXVWHWLWUHP
DGpFLGpjOXL
FRQILHUXQVHFUHW
3DUOH]0RQVLHXUSDUOH]GLWG
$UWDJQDQTXLG
LQVWLQFWIODLUDTXHOTXH
FKRVHG
DYDQWDJHX[
/HERXUJHRLVILWXQHQRXYHOOHSDXVHHWFRQWLQXD
-
DLPDIHPPHTXLHVWOLQJqUHFKH]ODUHLQH0RQVLHXUHWTXLQHPDQTXHQLGH
VDJHVVHQLGHEHDXWp2QPHO
DIDLWpSRXVHUYRLOjELHQW{WWURLVDQV
TXRLTX
HOOHQ
HWTX
XQSHWLWDYRLUSDUFHTXH0GH/D3RUWHOHSRUWHPDQWHDX
GHODUHLQHHVWVRQSDUUDLQHWODSURWqJH
(KELHQ0RQVLHXU"GHPDQGDG
$UWDJQDQ
(KELHQUHSULWOHERXUJHRLV(KELHQ0RQVLHXUPDIHPPHDpWpHQOHYpHKLHU
PDWLQFRPPHHOOHVRUWDLWGHVDFKDPEUHGHWUDYDLO
(WSDUTXLYRWUHIHPPHDWHOOHpWpHQOHYpH"

-HQ
HQVDLVULHQVUHPHQW0RQVLHXUPDLVMHVRXSoRQQHTXHOTX
XQ
(WTXHOOHHVWFHWWHSHUVRQQHTXHYRXVVRXSoRQQH]"
8QKRPPHTXLODSRXUVXLYDLWGHSXLVORQJWHPSV
'LDEOH
0DLVYRXOH]YRXVTXHMHYRXVGLVH0RQVLHXUFRQWLQXDOHERXUJHRLVMHVXLV
FRQYDLQFXPRLTX
LO\DPRLQVG
DPRXUTXHGHSROLWLTXHGDQVWRXWFHOD
0RLQVG
DPRXUTXHGHSROLWLTXHUHSULWG
$UWDJQDQG
XQDLUIRUWUpIOpFKLHW
TXHVRXSoRQQH]YRXV"
-HQHVDLVSDVVLMHGHYUDLVYRXVGLUHFHTXHMHVRXSoRQQH
0RQVLHXUMHYRXVIHUDLREVHUYHUTXHMHQHYRXVGHPDQGHDEVROXPHQWULHQPRL
&
HVWYRXVTXLrWHVYHQX&
HVWYRXVTXLP
DYH]GLWTXHYRXVDYLH]XQVHFUHWj
PHFRQILHU)DLWHVGRQFjYRWUHJXLVHLOHVWHQFRUHWHPSVGHYRXVUHWLUHU
1RQ0RQVLHXUQRQYRXVP
DYH]O
DLUG
XQKRQQrWHMHXQHKRPPHHWM
DXUDL
FRQILDQFHHQYRXV-HFURLVGRQFTXHFHQ
HVWSDVjFDXVHGHVHVDPRXUVTXHPD
IHPPHDpWpDUUrWpHPDLVjFDXVHGHFHOOHVG
XQHSOXVJUDQGHGDPHTX
HOOH
$KDKVHUDLWFHjFDXVHGHVDPRXUVGH0PHGH%RLV7UDF\"ILWG
$UWDJQDQ
TXLYRXOXWDYRLUO
DLUYLVjYLVGHVRQERXUJHRLVG
rWUHDXFRXUDQWGHV
DIIDLUHVGHODFRXU
3OXVKDXW0RQVLHXUSOXVKDXW
'H0PHG
$LJXLOORQ"
3OXVKDXWHQFRUH
'H0PHGH&KHYUHXVH"
3OXVKDXWEHDXFRXSSOXVKDXW
'HODG
$UWDJQDQV
DUUrWD
2XL0RQVLHXUUpSRQGLWVLEDVTX
jSHLQHVLRQSXWO
HQWHQGUHOHERXUJHRLV
pSRXYDQWp
(WDYHFTXL"
$YHFTXLFHODSHXWLOrWUHVLFHQ
HVWDYHFOHGXFGH
/HGXFGH
2XL0RQVLHXUUpSRQGLWOHERXUJHRLVHQGRQQDQWjVDYRL[XQHLQWRQDWLRQ
SOXVVRXUGHHQFRUH

0DLVFRPPHQWVDYH]YRXVWRXWFHODYRXV"
$KFRPPHQWMHOHVDLV"
2XLFRPPHQWOHVDYH]YRXV"3DVGHGHPLFRQILGHQFHRXYRXVFRPSUHQH]
-HOHVDLVSDUPDIHPPH0RQVLHXUSDUPDIHPPHHOOHPrPH
4XLOHVDLWHOOHSDUTXL"
3DU0GH/D3RUWH1HYRXVDLMHSDVGLWTX
HOOHpWDLWODILOOHXOHGH0GH
/D3RUWHO
KRPPHGHFRQILDQFHGHODUHLQH"(KELHQ0GH/D3RUWHO
DYDLW
PLVHSUqVGH6D0DMHVWpSRXUTXHQRWUHSDXYUHUHLQHDXPRLQVHWTXHOTX
XQjTXL
VHILHUDEDQGRQQpHFRPPHHOOHO
HVWSDUOHURLHVSLRQQpHFRPPHHOOHO
HVWSDU
OHFDUGLQDOWUDKLHFRPPHHOOHO
HVWSDUWRXV
$KDKYRLOjTXLVHGHVVLQHGLWG
$UWDJQDQ
2UPDIHPPHHVWYHQXHLO\DTXDWUHMRXUV0RQVLHXUXQHGHVHVFRQGLWLRQV
pWDLWTX
HOOHGHYDLWPHYHQLUYRLUGHX[IRLVODVHPDLQHFDUDLQVLTXHM
DLHX
O
KRQQHXUGHYRXVOHGLUHPDIHPPHP
DLPHEHDXFRXSPDIHPPHHVWGRQFYHQXH
HWP
DFRQILpTXHODUHLQHHQFHPRPHQWFLDYDLWGHJUDQGHVFUDLQWHV
9UDLPHQW"
2XL0OHFDUGLQDOjFHTX
LOSDUDvWODSRXUVXLWHWODSHUVpFXWHSOXVTXH
MDPDLV,OQHSHXWSDVOXLSDUGRQQHUO
KLVWRLUHGHODVDUDEDQGH9RXVVDYH]
O
KLVWRLUHGHODVDUDEDQGH"
3DUGLHXVLMHODVDLVUpSRQGLWG
$UWDJQDQTXLQHVDYDLWULHQGXWRXW
PDLVTXLYRXODLWDYRLUO
DLUG
rWUHDXFRXUDQW
'HVRUWHTXHPDLQWHQDQWFHQ
HVWSOXVGHODKDLQHF
HVWGHODYHQJHDQFH
9UDLPHQW"
(WODUHLQHFURLW
(KELHQTXHFURLWODUHLQH"
(OOHFURLWTX
RQDpFULWj0OHGXFGH%XFNLQJKDPHQVRQQRP
$XQRPGHODUHLQH"
2XLSRXUOHIDLUHYHQLUj3DULVHWXQHIRLVYHQXj3DULVSRXUO
DWWLUHU
GDQVTXHOTXHSLqJH
'LDEOHPDLVYRWUHIHPPHPRQFKHU0RQVLHXUTX
DWHOOHjIDLUHGDQVWRXW
FHOD"
2QFRQQDvWVRQGpYRXHPHQWSRXUODUHLQHHWO
RQYHXWRXO
pORLJQHUGHVD
PDvWUHVVHRXO
LQWLPLGHUSRXUDYRLUOHVVHFUHWVGH6D0DMHVWpRXODVpGXLUH
SRXUVHVHUYLUG
HOOHFRPPHG
XQHVSLRQ

&
HVWSUREDEOHGLWG
$UWDJQDQPDLVO
KRPPHTXLO
DHQOHYpHOH
FRQQDLVVH]YRXV"
-HYRXVDLGLWTXHMHFUR\DLVOHFRQQDvWUH
6RQQRP"
-HQHOHVDLVSDVFHTXHMHVDLVVHXOHPHQWF
HVWTXHF
HVWXQHFUpDWXUHGX
FDUGLQDOVRQkPHGDPQpH
0DLVYRXVO
DYH]YX"
2XLPDIHPPHPHO
DPRQWUpXQMRXU
$WLOXQVLJQDOHPHQWDXTXHORQSXLVVHOHUHFRQQDvWUH"
2KFHUWDLQHPHQWF
HVWXQVHLJQHXUGHKDXWHPLQHSRLOQRLUWHLQWEDVDQp
RHLOSHUoDQWGHQWVEODQFKHVHWXQHFLFDWULFHjODWHPSH
8QHFLFDWULFHjODWHPSHV
pFULDG
$UWDJQDQHWDYHFFHODGHQWVEODQFKHV
RHLOSHUoDQWWHLQWEDVDQpSRLOQRLUHWKDXWHPLQHF
HVWPRQKRPPHGH0HXQJ

&
HVWYRWUHKRPPHGLWHVYRXV"
2XLRXLPDLVFHODQHIDLWULHQjODFKRVH1RQMHPHWURPSHFHODOD
VLPSOLILHEHDXFRXSDXFRQWUDLUHVLYRWUHKRPPHHVWOHPLHQMHIHUDLG
XQ
FRXSGHX[YHQJHDQFHVYRLOjWRXWPDLVRUHMRLQGUHFHWKRPPH"
-HQ
HQVDLVULHQ
9RXVQ
DYH]DXFXQUHQVHLJQHPHQWVXUVDGHPHXUH"
$XFXQXQMRXUTXHMHUHFRQGXLVDLVPDIHPPHDX/RXYUHLOHQVRUWDLWFRPPH
HOOHDOODLW\HQWUHUHWHOOHPHO
DIDLWYRLU
'LDEOHGLDEOHPXUPXUDG
$UWDJQDQWRXWFHFLHVWELHQYDJXHSDUTXL
DYH]YRXVVXO
HQOqYHPHQWGHYRWUHIHPPH"
3DU0GH/D3RUWH
9RXVDWLOGRQQpTXHOTXHGpWDLO"
,OQ
HQDYDLWDXFXQ
(WYRXVQ
DYH]ULHQDSSULVG
XQDXWUHF{Wp"
6LIDLWM
DLUHoX
4XRL"
0DLVMHQHVDLVSDVVLMHQHFRPPHWVSDVXQHJUDQGHLPSUXGHQFH"

9RXVUHYHQH]HQFRUHOjGHVVXVFHSHQGDQWMHYRXVIHUDLREVHUYHUTXHFHWWH
IRLVLOHVWXQSHXWDUGSRXUUHFXOHU
$XVVLMHQHUHFXOHSDVPRUGLHXV
pFULDOHERXUJHRLVHQMXUDQWSRXUVH
PRQWHUODWrWH'
DLOOHXUVIRLGH%RQDFLHX[
9RXVYRXVDSSHOH]%RQDFLHX["LQWHUURPSLWG
$UWDJQDQ
2XLF
HVWPRQQRP
9RXVGLVLH]GRQFIRLGH%RQDFLHX[SDUGRQVLMHYRXVDLLQWHUURPSXPDLV
LOPHVHPEODLWTXHFHQRPQHP
pWDLWSDVLQFRQQX
&
HVWSRVVLEOH0RQVLHXU-HVXLVYRWUHSURSULpWDLUH
$KDKILWG
$UWDJQDQHQVHVRXOHYDQWjGHPLHWHQVDOXDQWYRXVrWHVPRQ
SURSULpWDLUH"
2XL0RQVLHXURXL(WFRPPHGHSXLVWURLVPRLVTXHYRXVrWHVFKH]PRLHWTXH
GLVWUDLWVDQVGRXWHSDUYRVJUDQGHVRFFXSDWLRQVYRXVDYH]RXEOLpGHPHSD\HUPRQ
OR\HUFRPPHGLVMHMHQHYRXVDLSDVWRXUPHQWpXQVHXOLQVWDQWM
DLSHQVp
TXHYRXVDXULH]pJDUGjPDGpOLFDWHVVH
&RPPHQWGRQFPRQFKHU0RQVLHXU%RQDFLHX[UHSULWG
$UWDJQDQFUR\H]TXHMH
VXLVSOHLQGHUHFRQQDLVVDQFHSRXUXQSDUHLOSURFpGpHWTXHFRPPHMHYRXVO
DL
GLWVLMHSXLVYRXVrWUHERQjTXHOTXHFKRVH
-HYRXVFURLV0RQVLHXUMHYRXVFURLVHWFRPPHM
DOODLVYRXVOHGLUHIRL
GH%RQDFLHX[M
DLFRQILDQFHHQYRXV
$FKHYH]GRQFFHTXHYRXVDYH]FRPPHQFpjPHGLUH
/HERXUJHRLVWLUDXQSDSLHUGHVDSRFKHHWOHSUpVHQWDjG
$UWDJQDQ
8QHOHWWUHILWOHMHXQHKRPPH
4XHM
DLUHoXHFHPDWLQ
'
$UWDJQDQO
RXYULWHWFRPPHOHMRXUFRPPHQoDLWjEDLVVHULOV
DSSURFKDGHOD
IHQrWUH/HERXUJHRLVOHVXLYLW
1HFKHUFKH]SDVYRWUHIHPPHOXWG
$UWDJQDQHOOHYRXVVHUDUHQGXHTXDQGRQ
Q
DXUDSOXVEHVRLQG
HOOH6LYRXVIDLWHVXQHVHXOHGpPDUFKHSRXUODUHWURXYHU
YRXVrWHVSHUGX
9RLOjTXLHVWSRVLWLIFRQWLQXDG
$UWDJQDQPDLVDSUqVWRXWFHQ
HVWTX
XQH
PHQDFH
2XLPDLVFHWWHPHQDFHP
pSRXYDQWHPRL0RQVLHXUMHQHVXLVSDVKRPPH
G
pSpHGXWRXWHWM
DLSHXUGHOD%DVWLOOH
+XPILWG
$UWDJQDQPDLVF
HVWTXHMHQHPHVRXFLHSDVSOXVGHOD%DVWLOOH

TXHYRXVPRL6
LOQHV
DJLVVDLWTXHG
XQFRXSG
pSpHSDVVHHQFRUH
&HSHQGDQW0RQVLHXUM
DYDLVELHQFRPSWpVXUYRXVGDQVFHWWHRFFDVLRQ
2XL"
9RXVYR\DQWVDQVFHVVHHQWRXUpGHPRXVTXHWDLUHVjO
DLUIRUWVXSHUEHHW
UHFRQQDLVVDQWTXHFHVPRXVTXHWDLUHVpWDLHQWFHX[GH0GH7UpYLOOHHWSDU
FRQVpTXHQWGHVHQQHPLVGXFDUGLQDOM
DYDLVSHQVpTXHYRXVHWYRVDPLVWRXWHQ
UHQGDQWMXVWLFHjQRWUHSDXYUHUHLQHVHULH]HQFKDQWpVGHMRXHUXQPDXYDLVWRXU
j6RQ(PLQHQFH
6DQVGRXWH
(WSXLVM
DYDLVSHQVpTXHPHGHYDQWWURLVPRLVGHOR\HUGRQWMHQHYRXVDL
MDPDLVSDUOp
2XLRXLYRXVP
DYH]GpMjGRQQpFHWWHUDLVRQHWMHODWURXYHH[FHOOHQWH
&RPSWDQWGHSOXVWDQWTXHYRXVPHIHUH]O
KRQQHXUGHUHVWHUFKH]PRLQH
MDPDLVYRXVSDUOHUGHYRWUHOR\HUjYHQLU
7UqVELHQ
(WDMRXWH]jFHODVLEHVRLQHVWFRPSWDQWYRXVRIIULUXQHFLQTXDQWDLQHGH
SLVWROHVVLFRQWUHWRXWHSUREDELOLWpYRXVYRXVWURXYLH]JrQpHQFHPRPHQW
$PHUYHLOOHPDLVYRXVrWHVGRQFULFKHPRQFKHU0RQVLHXU%RQDFLHX["
-HVXLVjPRQDLVH0RQVLHXUF
HVWOHPRWM
DLDPDVVpTXHOTXHFKRVHFRPPH
GHX[RXWURLVPLOOHpFXVGHUHQWHGDQVOHFRPPHUFHGHODPHUFHULHHWVXUWRXWHQ
SODoDQWTXHOTXHVIRQGVVXUOHGHUQLHUYR\DJHGXFpOqEUHQDYLJDWHXU-HDQ0RFTXHW
GHVRUWHTXHYRXVFRPSUHQH]0RQVLHXU$KPDLVV
pFULDOHERXUJHRLV
4XRL"GHPDQGDG
$UWDJQDQ
4XHYRLVMHOj"
2"
'DQVODUXHHQIDFHGHYRVIHQrWUHVGDQVO
HPEUDVXUHGHFHWWHSRUWHXQ
KRPPHHQYHORSSpGDQVXQPDQWHDX
&
HVWOXLV
pFULqUHQWjODIRLVG
$UWDJQDQHWOHERXUJHRLVFKDFXQG
HX[HQ
PrPHWHPSVD\DQWUHFRQQXVRQKRPPH
$KFHWWHIRLVFLV
pFULDG
$UWDJQDQHQVDXWDQWVXUVRQpSpHFHWWH
IRLVFLLOQHP
pFKDSSHUDSDV
(WWLUDQWVRQpSpHGXIRXUUHDXLOVHSUpFLSLWDKRUVGHO
DSSDUWHPHQW
6XUO
HVFDOLHULOUHQFRQWUD$WKRVHW3RUWKRVTXLOHYHQDLHQWYRLU,OV
V
pFDUWqUHQWG
$UWDJQDQSDVVDHQWUHHX[FRPPHXQWUDLW

$KojRFRXUVWXDLQVL"OXLFULqUHQWjODIRLVOHVGHX[PRXVTXHWDLUHV
/
KRPPHGH0HXQJUpSRQGLWG
$UWDJQDQHWLOGLVSDUXW
'
$UWDJQDQDYDLWSOXVG
XQHIRLVUDFRQWpjVHVDPLVVRQDYHQWXUHDYHFO
LQFRQQX
DLQVLTXHO
DSSDULWLRQGHODEHOOHYR\DJHXVHjODTXHOOHFHWKRPPHDYDLWSDUX
FRQILHUXQHVLLPSRUWDQWHPLVVLYH
/
DYLVG
$WKRVDYDLWpWpTXHG
$UWDJQDQDYDLWSHUGXVDOHWWUHGDQVODEDJDUUH
8QJHQWLOKRPPHVHORQOXLHWDXSRUWUDLWTXHG
$UWDJQDQDYDLWIDLWGH
O
LQFRQQXFHQHSRXYDLWrWUHTX
XQJHQWLOKRPPHXQJHQWLOKRPPHGHYDLWrWUH
LQFDSDEOHGHFHWWHEDVVHVVHGHYROHUXQHOHWWUH
3RUWKRVQ
DYDLWYXGDQVWRXWFHODTX
XQUHQGH]YRXVDPRXUHX[GRQQpSDUXQHGDPH
jXQFDYDOLHURXSDUXQFDYDOLHUjXQHGDPHHWTX
pWDLWYHQXHWURXEOHUOD
SUpVHQFHGHG
$UWDJQDQHWGHVRQFKHYDOMDXQH
$UDPLVDYDLWGLWTXHFHVVRUWHVGHFKRVHVpWDQWP\VWpULHXVHVPLHX[YDODLWQH
OHVSRLQWDSSURIRQGLU
,OVFRPSULUHQWGRQFVXUOHVTXHOTXHVPRWVpFKDSSpVjG
$UWDJQDQGHTXHOOH
DIIDLUHLOpWDLWTXHVWLRQHWFRPPHLOVSHQVqUHQWTX
DSUqVDYRLUUHMRLQWVRQ
KRPPHRXO
DYRLUSHUGXGHYXHG
$UWDJQDQILQLUDLWWRXMRXUVSDUUHPRQWHUFKH]
OXLLOVFRQWLQXqUHQWOHXUFKHPLQ
/RUVTX
LOVHQWUqUHQWGDQVODFKDPEUHGHG
$UWDJQDQODFKDPEUHpWDLWYLGHOH
SURSULpWDLUHFUDLJQDQWOHVVXLWHVGHODUHQFRQWUHTXLDOODLWVDQVGRXWHDYRLU
OLHXHQWUHOHMHXQHKRPPHHWO
LQFRQQXDYDLWSDUVXLWHGHO
H[SRVLWLRQTX
LO
DYDLWIDLWHOXLPrPHGHVRQFDUDFWqUHMXJpTX
LOpWDLWSUXGHQWGHGpFDPSHU

&KDSLWUH,;
'
$57$*1$16('(66,1(

&RPPHO
DYDLHQWSUpYX$WKRVHW3RUWKRVDXERXWG
XQHGHPLKHXUHG
$UWDJQDQ
UHQWUD&HWWHIRLVHQFRUHLODYDLWPDQTXpVRQKRPPHTXLDYDLWGLVSDUXFRPPHSDU
HQFKDQWHPHQW'
$UWDJQDQDYDLWFRXUXO
pSpHjODPDLQWRXWHVOHVUXHV
HQYLURQQDQWHVPDLVLOQ
DYDLWULHQWURXYpTXLUHVVHPEOkWjFHOXLTX
LO
FKHUFKDLWSXLVHQILQLOHQpWDLWUHYHQXjODFKRVHSDUODTXHOOHLODXUDLWG
FRPPHQFHUSHXWrWUHHWTXLpWDLWGHIUDSSHUjODSRUWHFRQWUHODTXHOOH
O
LQFRQQXpWDLWDSSX\pPDLVF
pWDLWLQXWLOHPHQWTX
LODYDLWGL[RXGRX]HIRLV
GHVXLWHIDLWUpVRQQHUOHPDUWHDXSHUVRQQHQ
DYDLWUpSRQGXHWGHVYRLVLQVTXL
DWWLUpVSDUOHEUXLWpWDLHQWDFFRXUXVVXUOHVHXLOGHOHXUSRUWHRXDYDLHQWPLV
OHQH]jOHXUVIHQrWUHVOXLDYDLHQWDVVXUpTXHFHWWHPDLVRQGRQWDXUHVWH
WRXWHVOHVRXYHUWXUHVpWDLHQWFORVHVpWDLWGHSXLVVL[PRLVFRPSOqWHPHQW
LQKDELWpH
3HQGDQWTXHG
$UWDJQDQFRXUDLWOHVUXHVHWIUDSSDLWDX[SRUWHV$UDPLVDYDLW

UHMRLQWVHVGHX[FRPSDJQRQVGHVRUWHTX
HQUHYHQDQWFKH]OXLG
$UWDJQDQWURXYD
ODUpXQLRQDXJUDQGFRPSOHW
(KELHQ"GLUHQWHQVHPEOHOHVWURLVPRXVTXHWDLUHVHQYR\DQWHQWUHUG
$UWDJQDQ
ODVXHXUVXUOHIURQWHWODILJXUHERXOHYHUVpHSDUODFROqUH
(KELHQV
pFULDFHOXLFLHQMHWDQWVRQpSpHVXUOHOLWLOIDXWTXHFHW
KRPPHVRLWOHGLDEOHHQSHUVRQQHLODGLVSDUXFRPPHXQIDQW{PHFRPPHXQH
RPEUHFRPPHXQVSHFWUH
&UR\H]YRXVDX[DSSDULWLRQV"GHPDQGD$WKRVj3RUWKRV
0RLMHQHFURLVTXHFHTXHM
DLYXHWFRPPHMHQ
DLMDPDLVYX
G
DSSDULWLRQVMHQ
\FURLVSDV
/D%LEOHGLW$UDPLVQRXVIDLWXQHORLG
\FURLUHO
RPEUHGH6DPXHO
DSSDUXWj6DOHWF
HVWXQDUWLFOHGHIRLTXHMHVHUDLVIkFKpGHYRLUPHWWUHHQ
GRXWH3RUWKRV
'DQVWRXVOHVFDVKRPPHRXGLDEOHFRUSVRXRPEUHLOOXVLRQRXUpDOLWpFHW
KRPPHHVWQpSRXUPDGDPQDWLRQFDUVDIXLWHQRXVIDLWPDQTXHUXQHDIIDLUH
VXSHUEH0HVVLHXUVXQHDIIDLUHGDQVODTXHOOHLO\DYDLWFHQWSLVWROHVHW
SHXWrWUHSOXVjJDJQHU
&RPPHQWFHOD"GLUHQWjODIRLV3RUWKRVHW$UDPLV
4XDQWj$WKRVILGqOHjVRQV\VWqPHGHPXWLVPHLOVHFRQWHQWDG
LQWHUURJHU
G
$UWDJQDQGXUHJDUG
3ODQFKHWGLWG
$UWDJQDQjVRQGRPHVWLTXHTXLSDVVDLWHQFHPRPHQWODWrWH
SDUODSRUWHHQWUHEkLOOpHSRXUWkFKHUGHVXUSUHQGUHTXHOTXHVEULEHVGHOD
FRQYHUVDWLRQGHVFHQGH]FKH]PRQSURSULpWDLUH0%RQDFLHX[HWGLWHVOXLGH
QRXVHQYR\HUXQHGHPLGRX]DLQHGHERXWHLOOHVGHYLQGH%HDXJHQF\F
HVWFHOXL
TXHMHSUpIqUH
$KojPDLVYRXVDYH]GRQFFUpGLWRXYHUWFKH]YRWUHSURSULpWDLUH"GHPDQGD
3RUWKRV
2XLUpSRQGLWG
$UWDJQDQjFRPSWHUG
DXMRXUG
KXLHWVR\H]WUDQTXLOOHVVL
VRQYLQHVWPDXYDLVQRXVOXLHQHQYHUURQVTXpULUG
DXWUH
,OIDXWXVHUHWQRQDEXVHUGLWVHQWHQFLHXVHPHQW$UDPLV
-
DLWRXMRXUVGLWTXHG
$UWDJQDQpWDLWODIRUWHWrWHGHQRXVTXDWUHILW
$WKRVTXLDSUqVDYRLUpPLVFHWWHRSLQLRQjODTXHOOHG
$UWDJQDQUpSRQGLWSDUXQ
VDOXWUHWRPEDDXVVLW{WGDQVVRQVLOHQFHDFFRXWXPp
0DLVHQILQYR\RQVTX
\DWLO"GHPDQGD3RUWKRV
2XLGLW$UDPLVFRQILH]QRXVFHODPRQFKHUDPLjPRLQVTXHO
KRQQHXUGH
TXHOTXHGDPHQHVHWURXYHLQWpUHVVpjFHWWHFRQILGHQFHjFHTXHOFDVYRXV
IHULH]PLHX[GHODJDUGHUSRXUYRXV

6R\H]WUDQTXLOOHVUpSRQGLWG
$UWDJQDQO
KRQQHXUGHSHUVRQQHQ
DXUDjVH
SODLQGUHGHFHTXHM
DLjYRXVGLUH
(WDORUVLOUDFRQWDPRWjPRWjVHVDPLVFHTXLYHQDLWGHVHSDVVHUHQWUHOXLHW
VRQK{WHHWFRPPHQWO
KRPPHTXLDYDLWHQOHYpODIHPPHGXGLJQHSURSULpWDLUH
pWDLWOHPrPHDYHFOHTXHOLODYDLWHXPDLOOHjSDUWLUjO
K{WHOOHULHGX)UDQF
0HXQLHU
9RWUHDIIDLUHQ
HVWSDVPDXYDLVHGLW$WKRVDSUqVDYRLUJRWpOHYLQHQ
FRQQDLVVHXUHWLQGLTXpG
XQVLJQHGHWrWHTX
LOOHWURXYDLWERQHWO
RQSRXUUD
WLUHUGHFHEUDYHKRPPHFLQTXDQWHjVRL[DQWHSLVWROHV0DLQWHQDQWUHVWHj
VDYRLUVLFLQTXDQWHjVRL[DQWHSLVWROHVYDOHQWODSHLQHGHULVTXHUTXDWUHWrWHV
0DLVIDLWHVDWWHQWLRQV
pFULDG
$UWDJQDQTX
LO\DXQHIHPPHGDQVFHWWH
DIIDLUHXQHIHPPHHQOHYpHXQHIHPPHTX
RQPHQDFHVDQVGRXWHTX
RQWRUWXUH
SHXWrWUHHWWRXWFHODSDUFHTX
HOOHHVWILGqOHjVDPDvWUHVVH
3UHQH]JDUGHG
$UWDJQDQSUHQH]JDUGHGLW$UDPLVYRXVYRXVpFKDXIIH]XQ
SHXWURSjPRQDYLVVXUOHVRUWGH0PH%RQDFLHX[/DIHPPHDpWpFUppHSRXU
QRWUHSHUWHHWF
HVWG
HOOHTXHQRXVYLHQQHQWWRXWHVQRVPLVqUHV
$WKRVjFHWWHVHQWHQFHG
$UDPLVIURQoDOHVRXUFLOHWVHPRUGLWOHVOqYUHV
&HQ
HVWSRLQWGH0PH%RQDFLHX[TXHMHP
LQTXLqWHV
pFULDG
$UWDJQDQPDLVGH
ODUHLQHTXHOHURLDEDQGRQQHTXHOHFDUGLQDOSHUVpFXWHHWTXLYRLWWRPEHU
OHVXQHVDSUqVOHVDXWUHVOHVWrWHVGHWRXVVHVDPLV
3RXUTXRLDLPHWHOOHFHTXHQRXVGpWHVWRQVOHSOXVDXPRQGHOHV(VSDJQROVHW
OHV$QJODLV"
/
(VSDJQHHVWVDSDWULHUpSRQGLWG
$UWDJQDQHWLOHVWWRXWVLPSOHTX
HOOH
DLPHOHV(VSDJQROVTXLVRQWHQIDQWVGHODPrPHWHUUHTX
HOOH4XDQWDXVHFRQG
UHSURFKHTXHYRXVOXLIDLWHVM
DLHQWHQGXGLUHTX
HOOHDLPDLWQRQSDVOHV
$QJODLVPDLVXQ$QJODLV
(KPDIRLGLW$WKRVLOIDXWDYRXHUTXHFHW$QJODLVpWDLWELHQGLJQH
G
rWUHDLPp-HQ
DLMDPDLVYXXQSOXVJUDQGDLUTXHOHVLHQ
6DQVFRPSWHUTX
LOV
KDELOOHFRPPHSHUVRQQHGLW3RUWKRV-
pWDLVDX/RXYUH
OHMRXURLODVHPpVHVSHUOHVHWSDUGLHXM
HQDLUDPDVVpGHX[TXHM
DLELHQ
YHQGXHVGL[SLVWROHVSLqFH(WWRL$UDPLVOHFRQQDLVWX"
$XVVLELHQTXHYRXV0HVVLHXUVFDUM
pWDLVGHFHX[TXLO
RQWDUUrWpGDQVOH
MDUGLQG
$PLHQVRP
DYDLWLQWURGXLW0GH3XWDQJHO
pFX\HUGHODUHLQH
-
pWDLVDXVpPLQDLUHjFHWWHpSRTXHHWO
DYHQWXUHPHSDUXWFUXHOOHSRXUOHURL
&HTXLQHP
HPSrFKHUDLWSDVGLWG
$UWDJQDQVLMHVDYDLVRHVWOHGXFGH
%XFNLQJKDPGHOHSUHQGUHSDUODPDLQHWGHOHFRQGXLUHSUqVGHODUHLQHQH
IWFHTXHSRXUIDLUHHQUDJHU0OHFDUGLQDOFDUQRWUHYpULWDEOHQRWUHVHXO
QRWUHpWHUQHOHQQHPL0HVVLHXUVF
HVWOHFDUGLQDOHWVLQRXVSRXYLRQVWURXYHU
PR\HQGHOXLMRXHUTXHOTXHWRXUELHQFUXHOM
DYRXHTXHM
\HQJDJHUDLV

YRORQWLHUVPDWrWH
(WUHSULW$WKRVOHPHUFLHUYRXVDGLWG
$UWDJQDQTXHODUHLQHSHQVDLW
TX
RQDYDLWIDLWYHQLU%XFNLQJKDPVXUXQIDX[DYLV"
(OOHHQDSHXU
$WWHQGH]GRQFGLW$UDPLV
4XRL"GHPDQGD3RUWKRV
$OOH]WRXMRXUVMHFKHUFKHjPHUDSSHOHUGHVFLUFRQVWDQFHV
(WPDLQWHQDQWMHVXLVFRQYDLQFXGLWG
$UWDJQDQTXHO
HQOqYHPHQWGHFHWWH
IHPPHGHODUHLQHVHUDWWDFKHDX[pYpQHPHQWVGRQWQRXVSDUORQVHWSHXWrWUHj
ODSUpVHQFHGH0GH%XFNLQJKDPj3DULV
/H*DVFRQHVWSOHLQG
LGpHVGLW3RUWKRVDYHFDGPLUDWLRQ
-
DLPHEHDXFRXSO
HQWHQGUHSDUOHUGLW$WKRVVRQSDWRLVP
DPXVH
0HVVLHXUVUHSULW$UDPLVpFRXWH]FHFL
(FRXWRQV$UDPLVGLUHQWOHVWURLVDPLV
+LHUMHPHWURXYDLVFKH]XQVDYDQWGRFWHXUHQWKpRORJLHTXHMHFRQVXOWH
TXHOTXHIRLVSRXUPHVpWXGHV
$WKRVVRXULW
,OKDELWHXQTXDUWLHUGpVHUWFRQWLQXD$UDPLVVHVJRWVVDSURIHVVLRQ
O
H[LJHQW2UDXPRPHQWRMHVRUWDLVGHFKH]OXL
,FL$UDPLVV
DUUrWD
(KELHQ"GHPDQGqUHQWVHVDXGLWHXUVDXPRPHQWRYRXVVRUWLH]GHFKH]OXL"
$UDPLVSDUXWIDLUHXQHIIRUWVXUOXLPrPHFRPPHXQKRPPHTXLHQSOHLQFRXUDQW
GHPHQVRQJHVHYRLWDUUrWHUSDUTXHOTXHREVWDFOHLPSUpYXPDLVOHV\HX[GHVHV
WURLVFRPSDJQRQVpWDLHQWIL[pVVXUOXLOHXUVRUHLOOHVDWWHQGDLHQWEpDQWHVLO
Q
\DYDLWSDVPR\HQGHUHFXOHU
&HGRFWHXUDXQHQLqFHFRQWLQXD$UDPLV
$KLODXQHQLqFHLQWHUURPSLW3RUWKRV
'DPHIRUWUHVSHFWDEOHGLW$UDPLV
/HVWURLVDPLVVHPLUHQWjULUH
$KVLYRXVULH]RXVLYRXVGRXWH]UHSULW$UDPLVYRXVQHVDXUH]ULHQ

1RXVVRPPHVFUR\DQWVFRPPHGHVPDKRPpWLVWHVHWPXHWVFRPPHGHVFDWDIDOTXHV
GLW$WKRV
-HFRQWLQXHGRQFUHSULW$UDPLV&HWWHQLqFHYLHQWTXHOTXHIRLVYRLUVRQRQFOH
RUHOOHV
\WURXYDLWKLHUHQPrPHWHPSVTXHPRLSDUKDVDUGHWMHGXV
P
RIIULUSRXUODFRQGXLUHjVRQFDUURVVH
$KHOOHDXQFDUURVVHODQLqFHGXGRFWHXU"LQWHUURPSLW3RUWKRVGRQWXQ
GHVGpIDXWVpWDLWXQHJUDQGHLQFRQWLQHQFHGHODQJXHEHOOHFRQQDLVVDQFHPRQ
DPL
3RUWKRVUHSULW$UDPLVMHYRXVDLGpMjIDLWREVHUYHUSOXVG
XQHIRLVTXH
YRXVrWHVIRUWLQGLVFUHWHWTXHFHODYRXVQXLWSUqVGHVIHPPHV
0HVVLHXUV0HVVLHXUVV
pFULDG
$UWDJQDQTXLHQWUHYR\DLWOHIRQGGH
O
DYHQWXUHODFKRVHHVWVpULHXVHWkFKRQVGRQFGHQHSDVSODLVDQWHUVLQRXV
SRXYRQV$OOH]$UDPLVDOOH]
7RXWjFRXSXQKRPPHJUDQGEUXQDX[PDQLqUHVGHJHQWLOKRPPHWHQH]
GDQVOHJHQUHGXY{WUHG
$UWDJQDQ
/HPrPHSHXWrWUHGLWFHOXLFL
&
HVWSRVVLEOHFRQWLQXD$UDPLVV
DSSURFKDGHPRLDFFRPSDJQpGHFLQTRX
VL[KRPPHVTXLOHVXLYDLHQWjGL[SDVHQDUULqUHHWGXWRQOHSOXVSROL
0RQVLHXUOHGXFPHGLWLOHWYRXV0DGDPHFRQWLQXDWLOHQV
DGUHVVDQWj
ODGDPHTXHM
DYDLVVRXVOHEUDV
$ODQLqFHGXGRFWHXU"
6LOHQFHGRQF3RUWKRVGLW$WKRVYRXVrWHVLQVXSSRUWDEOH
9HXLOOH]PRQWHUGDQVFHFDUURVVHHWFHODVDQVHVVD\HUODPRLQGUH
UpVLVWDQFHVDQVIDLUHOHPRLQGUHEUXLW
,OYRXVDYDLWSULVSRXU%XFNLQJKDPV
pFULDG
$UWDJQDQ
-HOHFURLVUpSRQGLW$UDPLV
0DLVFHWWHGDPH"GHPDQGD3RUWKRV
,OO
DYDLWSULVHSRXUODUHLQHGLWG
$UWDJQDQ
-XVWHPHQWUpSRQGLW$UDPLV
/H*DVFRQHVWOHGLDEOHV
pFULD$WKRVULHQQHOXLpFKDSSH
/HIDLWHVWGLW3RUWKRVTX
$UDPLVHVWGHODWDLOOHHWDTXHOTXHFKRVHGHOD
WRXUQXUHGXEHDXGXFPDLVFHSHQGDQWLOPHVHPEOHTXHO
KDELWGH
PRXVTXHWDLUH
-
DYDLVXQPDQWHDXpQRUPHGLW$UDPLV

$XPRLVGHMXLOOHWGLDEOHILW3RUWKRVHVWFHTXHOHGRFWHXUFUDLQWTXHWX
QHVRLVUHFRQQX"
-HFRPSUHQGVHQFRUHGLW$WKRVTXHO
HVSLRQVHVRLWODLVVpSUHQGUHSDUOD
WRXUQXUHPDLVOHYLVDJH
-
DYDLVXQJUDQGFKDSHDXGLW$UDPLV
2KPRQ'LHXV
pFULD3RUWKRVTXHGHSUpFDXWLRQVSRXUpWXGLHUODWKpRORJLH

0HVVLHXUV0HVVLHXUVGLWG
$UWDJQDQQHSHUGRQVSDVQRWUHWHPSVjEDGLQHU
pSDUSLOORQVQRXVHWFKHUFKRQVODIHPPHGXPHUFLHUF
HVWODFOHIGHO
LQWULJXH
8QHIHPPHGHFRQGLWLRQVLLQIpULHXUHYRXVFUR\H]G
$UWDJQDQ"ILW3RUWKRV
HQDOORQJHDQWOHVOqYUHVDYHFPpSULV
&
HVWODILOOHXOHGH/D3RUWHOHYDOHWGHFRQILDQFHGHODUHLQH1HYRXV
O
DLMHSDVGLW0HVVLHXUV"(WG
DLOOHXUVF
HVWSHXWrWUHXQFDOFXOGH6D
0DMHVWpG
DYRLUpWpFHWWHIRLVFKHUFKHUVHVDSSXLVVLEDV/HVKDXWHVWrWHVVH
YRLHQWGHORLQHWOHFDUGLQDODERQQHYXH
(KELHQGLW3RUWKRVIDLWHVG
DERUGSUL[DYHFOHPHUFLHUHWERQSUL[
&
HVWLQXWLOHGLWG
$UWDJQDQFDUMHFURLVTXHV
LOQHQRXVSDLHSDVQRXV
VHURQVDVVH]SD\pVG
XQDXWUHF{Wp
(QFHPRPHQWXQEUXLWSUpFLSLWpGHSDVUHWHQWLWGDQVO
HVFDOLHUODSRUWH
V
RXYULWDYHFIUDFDVHWOHPDOKHXUHX[PHUFLHUV
pODQoDGDQVODFKDPEUHRVH
WHQDLWOHFRQVHLO
$K0HVVLHXUVV
pFULDWLOVDXYH]PRLDXQRPGX&LHOVDXYH]PRL,O\D
TXDWUHKRPPHVTXLYLHQQHQWSRXUP
DUUrWHUVDXYH]PRLVDXYH]PRL
3RUWKRVHW$UDPLVVHOHYqUHQW
8QPRPHQWV
pFULDG
$UWDJQDQHQOHXUIDLVDQWVLJQHGHUHSRXVVHUDXIRXUUHDX
OHXUVpSpHVjGHPLWLUpHVXQPRPHQWFHQ
HVWSDVGXFRXUDJHTX
LOIDXWLFL
F
HVWGHODSUXGHQFH
&HSHQGDQWV
pFULD3RUWKRVQRXVQHODLVVHURQVSDV
9RXVODLVVHUH]IDLUHG
$UWDJQDQGLW$WKRVF
HVWMHOHUpSqWHODIRUWH
WrWHGHQRXVWRXVHWPRLSRXUPRQFRPSWHMHGpFODUHTXHMHOXLREpLV)DLVFH
TXHWXYRXGUDVG
$UWDJQDQ
(QFHPRPHQWOHVTXDWUHJDUGHVDSSDUXUHQWjODSRUWHGHO
DQWLFKDPEUHHW
YR\DQWTXDWUHPRXVTXHWDLUHVGHERXWHWO
pSpHDXF{WpKpVLWqUHQWjDOOHUSOXV
ORLQ
(QWUH]0HVVLHXUVHQWUH]FULDG
$UWDJQDQYRXVrWHVLFLFKH]PRLHWQRXV
VRPPHVWRXVGHILGqOHVVHUYLWHXUVGXURLHWGH0OHFDUGLQDO

$ORUV0HVVLHXUVYRXVQHYRXVRSSRVHUH]SDVjFHTXHQRXVH[pFXWLRQVOHV
RUGUHVTXHQRXVDYRQVUHoXV"GHPDQGDFHOXLTXLSDUDLVVDLWOHFKHIGH
O
HVFRXDGH
$XFRQWUDLUH0HVVLHXUVHWQRXVYRXVSUrWHULRQVPDLQIRUWHVLEHVRLQpWDLW
0DLVTXHGLWLOGRQF"PDUPRWWD3RUWKRV
7XHVXQQLDLVGLW$WKRVVLOHQFH
0DLVYRXVP
DYH]SURPLVGLWWRXWEDVOHSDXYUHPHUFLHU
1RXVQHSRXYRQVYRXVVDXYHUTX
HQUHVWDQWOLEUHVUpSRQGLWUDSLGHPHQWHWWRXW
EDVG
$UWDJQDQHWVLQRXVIDLVRQVPLQHGHYRXVGpIHQGUHRQQRXVDUUrWHDYHF
YRXV
,OPHVHPEOHFHSHQGDQW
9HQH]0HVVLHXUVYHQH]GLWWRXWKDXWG
$UWDJQDQMHQ
DLDXFXQPRWLIGH
GpIHQGUH0RQVLHXU-HO
DLYXDXMRXUG
KXLSRXUODSUHPLqUHIRLVHWHQFRUHj
TXHOOHRFFDVLRQLOYRXVOHGLUDOXLPrPHSRXUPHYHQLUUpFODPHUOHSUL[GHPRQ
OR\HU(VWFHYUDL0RQVLHXU%RQDFLHX["5pSRQGH]
&
HVWODYpULWpSXUHV
pFULDOHPHUFLHUPDLV0RQVLHXUQHYRXVGLWSDV
6LOHQFHVXUPRLVLOHQFHVXUPHVDPLVVLOHQFHVXUODUHLQHVXUWRXWRXYRXV
SHUGULH]WRXWOHPRQGHVDQVYRXVVDXYHU$OOH]DOOH]0HVVLHXUVHPPHQH]FHW
KRPPH
(WG
$UWDJQDQSRXVVDOHPHUFLHUWRXWpWRXUGLDX[PDLQVGHVJDUGHVHQOXLGLVDQW

9RXVrWHVXQPDUDXGPRQFKHUYRXVYHQH]PHGHPDQGHUGHO
DUJHQWjPRLj
XQPRXVTXHWDLUH(QSULVRQ0HVVLHXUVHQFRUHXQHIRLVHPPHQH]OHHQSULVRQ
HWJDUGH]OHVRXVFOHIOHSOXVORQJWHPSVSRVVLEOHFHODPHGRQQHUDGXWHPSVSRXU
SD\HU
/HVVELUHVVHFRQIRQGLUHQWHQUHPHUFLHPHQWVHWHPPHQqUHQWOHXUSURLH
$XPRPHQWRLOVGHVFHQGDLHQWG
$UWDJQDQIUDSSDVXUO
pSDXOHGXFKHI
1HERLUDLMHSDVjYRWUHVDQWpHWYRXVjODPLHQQH"GLWLOHQUHPSOLVVDQW
GHX[YHUUHVGXYLQGH%HDXJHQF\TX
LOWHQDLWGHODOLEpUDOLWpGH0%RQDFLHX[
&HVHUDELHQGHO
KRQQHXUSRXUPRLGLWOHFKHIGHVVELUHVHWM
DFFHSWHDYHF
UHFRQQDLVVDQFH
'RQFjODY{WUH0RQVLHXUFRPPHQWYRXVQRPPH]YRXV"
%RLVUHQDUG

0RQVLHXU%RLVUHQDUG
$ODY{WUHPRQJHQWLOKRPPHFRPPHQWYRXVQRPPH]YRXVjYRWUHWRXUV
LO
YRXVSODvW"
'
$UWDJQDQ
$ODY{WUH0RQVLHXUG
$UWDJQDQ
(WSDUGHVVXVWRXWHVFHOOHVOjV
pFULDG
$UWDJQDQFRPPHHPSRUWpSDUVRQ
HQWKRXVLDVPHjFHOOHGXURLHWGXFDUGLQDO
/HFKHIGHVVELUHVHWSHXWrWUHGRXWpGHODVLQFpULWpGHG
$UWDJQDQVLOHYLQ
HWpWpPDXYDLVPDLVOHYLQpWDLWERQLOIXWFRQYDLQFX
0DLVTXHOOHGLDEOHGHYLOHQLHDYH]YRXVGRQFIDLWHOj"GLW3RUWKRVORUVTXH
O
DOJXD]LOHQFKHIHXWUHMRLQWVHVFRPSDJQRQVHWTXHOHVTXDWUHDPLVVH
UHWURXYqUHQWVHXOV)LGRQFTXDWUHPRXVTXHWDLUHVODLVVHUDUUrWHUDXPLOLHX
G
HX[XQPDOKHXUHX[TXLFULHjO
DLGH8QJHQWLOKRPPHWULQTXHUDYHFXQUHFRUV
3RUWKRVGLW$UDPLV$WKRVW
DGpMjSUpYHQXTXHWXpWDLVXQQLDLVHWMHPH
UDQJHGHVRQDYLV'
$UWDJQDQWXHVXQJUDQGKRPPHHWTXDQGWXVHUDVjOD
SODFHGH0GH7UpYLOOHMHWHGHPDQGHWDSURWHFWLRQSRXUPHIDLUHDYRLUXQH
DEED\H
$KojMHP
\SHUGVGLW3RUWKRVYRXVDSSURXYH]FHTXHG
$UWDJQDQYLHQWGH
IDLUH"
-HOHFURLVSDUEOHXELHQGLW$WKRVQRQVHXOHPHQWM
DSSURXYHFHTX
LOYLHQW
GHIDLUHPDLVHQFRUHMHO
HQIpOLFLWH
(WPDLQWHQDQW0HVVLHXUVGLWG
$UWDJQDQVDQVVHGRQQHUODSHLQHG
H[SOLTXHU
VDFRQGXLWHj3RUWKRVWRXVSRXUXQXQSRXUWRXVF
HVWQRWUHGHYLVHQ
HVWFH
SDV"
&HSHQGDQWGLW3RUWKRV
(WHQGVODPDLQHWMXUHV
pFULqUHQWjODIRLV$WKRVHW$UDPLV
9DLQFXSDUO
H[HPSOHPDXJUpDQWWRXWEDV3RUWKRVpWHQGLWODPDLQHWOHVTXDWUH
DPLVUpSpWqUHQWG
XQHVHXOHYRL[ODIRUPXOHGLFWpHSDUG
$UWDJQDQ
7RXVSRXUXQXQSRXUWRXV
&
HVWELHQTXHFKDFXQVHUHWLUHPDLQWHQDQWFKH]VRLGLWG
$UWDJQDQFRPPH
V
LOQ
DYDLWIDLWDXWUHFKRVHTXHGHFRPPDQGHUWRXWHVDYLHHWDWWHQWLRQFDUj
SDUWLUGHFHPRPHQWQRXVYRLOjDX[SULVHVDYHFOHFDUGLQDO

&KDSLWUH;

81(6285,&,(5($8;9,,H6,(&/(

/
LQYHQWLRQGHODVRXULFLqUHQHGDWHSDVGHQRVMRXUVGqVTXHOHVVRFLpWpVHQ
VHIRUPDQWHXUHQWLQYHQWpXQHSROLFHTXHOFRQTXHFHWWHSROLFHjVRQWRXU
LQYHQWDOHVVRXULFLqUHV
&RPPHSHXWrWUHQRVOHFWHXUVQHVRQWSDVIDPLOLDULVpVHQFRUHDYHFO
DUJRWGHOD
UXHGH-pUXVDOHPHWTXHF
HVWGHSXLVTXHQRXVpFULYRQVHWLO\DTXHOTXH
TXLQ]HDQVGHFHODODSUHPLqUHIRLVTXHQRXVHPSOR\RQVFHPRWDSSOLTXpj
FHWWHFKRVHH[SOLTXRQVOHXUFHTXHF
HVWTX
XQHVRXULFLqUH
4XDQGGDQVXQHPDLVRQTXHOOHTX
HOOHVRLWRQDDUUrWpXQLQGLYLGXVRXSoRQQp
G
XQFULPHTXHOFRQTXHRQWLHQWVHFUqWHO
DUUHVWDWLRQRQSODFHTXDWUHRXFLQT
KRPPHVHQHPEXVFDGHGDQVODSUHPLqUHSLqFHRQRXYUHODSRUWHjWRXVFHX[TXL
IUDSSHQWRQODUHIHUPHVXUHX[HWRQOHVDUUrWHGHFHWWHIDoRQDXERXWGH
GHX[RXWURLVMRXUVRQWLHQWjSHXSUqVWRXVOHVIDPLOLHUVGHO
pWDEOLVVHPHQW
9RLOjFHTXHF
HVWTX
XQHVRXULFLqUH
2QILWGRQFXQHVRXULFLqUHGHO
DSSDUWHPHQWGHPDvWUH%RQDFLHX[HWTXLFRQTXH\
DSSDUXWIXWSULVHWLQWHUURJpSDUOHVJHQVGH0OHFDUGLQDO,OYDVDQVGLUH
TXHFRPPHXQHDOOpHSDUWLFXOLqUHFRQGXLVDLWDXSUHPLHUpWDJHTX
KDELWDLW
G
$UWDJQDQFHX[TXLYHQDLHQWFKH]OXLpWDLHQWH[HPSWpVGHWRXWHVYLVLWHV
'
DLOOHXUVOHVWURLVPRXVTXHWDLUHV\YHQDLHQWVHXOVLOVV
pWDLHQWPLVHQTXrWH
FKDFXQGHVRQF{WpHWQ
DYDLHQWULHQWURXYpULHQGpFRXYHUW$WKRVDYDLWpWp
PrPHMXVTX
jTXHVWLRQQHU0GH7UpYLOOHFKRVHTXLYXOHPXWLVPHKDELWXHOGX
GLJQHPRXVTXHWDLUHDYDLWIRUWpWRQQpVRQFDSLWDLQH0DLV0GH7UpYLOOHQH
VDYDLWULHQVLQRQTXHODGHUQLqUHIRLVTX
LODYDLWYXOHFDUGLQDOOHURLHW
ODUHLQHOHFDUGLQDODYDLWO
DLUIRUWVRXFLHX[TXHOHURLpWDLWLQTXLHWHW
TXHOHV\HX[URXJHVGHODUHLQHLQGLTXDLHQWTX
HOOHDYDLWYHLOOpRXSOHXUp0DLV
FHWWHGHUQLqUHFLUFRQVWDQFHO
DYDLWSHXIUDSSpODUHLQHGHSXLVVRQPDULDJH
YHLOODQWHWSOHXUDQWEHDXFRXS
0GH7UpYLOOHUHFRPPDQGDHQWRXWFDVj$WKRVOHVHUYLFHGXURLHWVXUWRXWFHOXL
GHODUHLQHOHSULDQWGHIDLUHODPrPHUHFRPPDQGDWLRQjVHVFDPDUDGHV
4XDQWjG
$UWDJQDQLOQHERXJHDLWSDVGHFKH]OXL,ODYDLWFRQYHUWLVDFKDPEUH
HQREVHUYDWRLUH'HVIHQrWUHVLOYR\DLWDUULYHUFHX[TXLYHQDLHQWVHIDLUH
SUHQGUHSXLVFRPPHLODYDLW{WpOHVFDUUHDX[GXSODQFKHUTX
LODYDLWFUHXVp
OHSDUTXHWHWTX
XQVLPSOHSODIRQGOHVpSDUDLWGHODFKDPEUHDXGHVVRXVRVH
IDLVDLHQWOHVLQWHUURJDWRLUHVLOHQWHQGDLWWRXWFHTXLVHSDVVDLWHQWUHOHV
LQTXLVLWHXUVHWOHVDFFXVpV
/HVLQWHUURJDWRLUHVSUpFpGpVG
XQHSHUTXLVLWLRQPLQXWLHXVHRSpUpHVXUOD
SHUVRQQHDUUrWpHpWDLHQWSUHVTXHWRXMRXUVDLQVLFRQoXV
0PH%RQDFLHX[YRXVDWHOOHUHPLVTXHOTXHFKRVHSRXUVRQPDULRXSRXUTXHOTXH
DXWUHSHUVRQQH"
0%RQDFLHX[YRXVDWLOUHPLVTXHOTXHFKRVHSRXUVDIHPPHRXSRXUTXHOTXH

DXWUHSHUVRQQH"
/
XQHWO
DXWUHYRXVRQWLOVIDLWTXHOTXHFRQILGHQFHGHYLYHYRL["
6
LOVVDYDLHQWTXHOTXHFKRVHLOVQHTXHVWLRQQHUDLHQWSDVDLQVLVHGLWj
OXLPrPHG
$UWDJQDQ0DLQWHQDQWTXHFKHUFKHQWLOVjVDYRLU"6LOHGXFGH
%XFNLQJKDPQHVHWURXYHSRLQWj3DULVHWV
LOQ
DSDVHXRXV
LOQHGRLWSRLQW
DYRLUTXHOTXHHQWUHYXHDYHFODUHLQH
'
$UWDJQDQV
DUUrWDjFHWWHLGpHTXLG
DSUqVWRXWFHTX
LODYDLWHQWHQGXQH
PDQTXDLWSDVGHSUREDELOLWp
(QDWWHQGDQWODVRXULFLqUHpWDLWHQSHUPDQHQFHHWODYLJLODQFHGHG
$UWDJQDQ
DXVVL
/HVRLUGXOHQGHPDLQGHO
DUUHVWDWLRQGXSDXYUH%RQDFLHX[FRPPH$WKRVYHQDLWGH
TXLWWHUG
$UWDJQDQSRXUVHUHQGUHFKH]0GH7UpYLOOHFRPPHQHXIKHXUHV
YHQDLHQWGHVRQQHUHWFRPPH3ODQFKHWTXLQ
DYDLWSDVHQFRUHIDLWOHOLW
FRPPHQoDLWVDEHVRJQHRQHQWHQGLWIUDSSHUjODSRUWHGHODUXHDXVVLW{WFHWWH
SRUWHV
RXYULWHWVHUHIHUPDTXHOTX
XQYHQDLWGHVHSUHQGUHjODVRXULFLqUH
'
$UWDJQDQV
pODQoDYHUVO
HQGURLWGpFDUUHOpVHFRXFKDYHQWUHjWHUUHHW
pFRXWD
'HVFULVUHWHQWLUHQWELHQW{WSXLVGHVJpPLVVHPHQWVTX
RQFKHUFKDLWjpWRXIIHU
'
LQWHUURJDWRLUHLOQ
HQpWDLWSDVTXHVWLRQ
'LDEOHVHGLWG
$UWDJQDQLOPHVHPEOHTXHF
HVWXQHIHPPHRQODIRXLOOH
HOOHUpVLVWHRQODYLROHQWHOHVPLVpUDEOHV
(WG
$UWDJQDQPDOJUpVDSUXGHQFHVHWHQDLWjTXDWUHSRXUQHSDVVHPrOHUjOD
VFqQHTXLVHSDVVDLWDXGHVVRXVGHOXL
0DLVMHYRXVGLVTXHMHVXLVODPDvWUHVVHGHODPDLVRQ0HVVLHXUVMHYRXV
GLVTXHMHVXLV0PH%RQDFLHX[MHYRXVGLVTXHM
DSSDUWLHQVjODUHLQH
V
pFULDLWODPDOKHXUHXVHIHPPH
0PH%RQDFLHX[PXUPXUDG
$UWDJQDQVHUDLVMHDVVH]KHXUHX[SRXUDYRLUWURXYp
FHTXHWRXWOHPRQGHFKHUFKH"
&
HVWMXVWHPHQWYRXVTXHQRXVDWWHQGLRQVUHSULUHQWOHVLQWHUURJDWHXUV
/DYRL[GHYLQWGHSOXVHQSOXVpWRXIIpHXQPRXYHPHQWWXPXOWXHX[ILWUHWHQWLU
OHVERLVHULHV/DYLFWLPHUpVLVWDLWDXWDQWTX
XQHIHPPHSHXWUpVLVWHUjTXDWUH
KRPPHV
3DUGRQ0HVVLHXUVSDUPXUPXUDODYRL[TXLQHILWSOXVHQWHQGUHTXH
GHVVRQVLQDUWLFXOpV
,OVODEkLOORQQHQWLOVYRQWO
HQWUDvQHUV
pFULDG
$UWDJQDQHQVHUHGUHVVDQW
FRPPHSDUXQUHVVRUW0RQpSpHERQHOOHHVWjPRQF{Wp3ODQFKHW
0RQVLHXU"

&RXUVFKHUFKHU$WKRV3RUWKRVHW$UDPLV/
XQGHVWURLVVHUDVUHPHQWFKH]
OXLSHXWrWUHWRXVOHVWURLVVHURQWLOVUHQWUpV4X
LOVSUHQQHQWGHVDUPHV
TX
LOVYLHQQHQWTX
LOVDFFRXUHQW$KMHPHVRXYLHQV$WKRVHVWFKH]0GH
7UpYLOOH
0DLVRDOOH]YRXV0RQVLHXURDOOH]YRXV"
-HGHVFHQGVSDUODIHQrWUHV
pFULDG
$UWDJQDQDILQG
rWUHSOXVW{WDUULYp
WRLUHPHWVOHVFDUUHDX[EDODLHOHSODQFKHUVRUVSDUODSRUWHHWFRXUVRMH
WHGLV
2K0RQVLHXU0RQVLHXUYRXVDOOH]YRXVWXHUV
pFULD3ODQFKHW
7DLVWRLLPEpFLOHGLWG
$UWDJQDQ(WV
DFFURFKDQWGHODPDLQDXUHERUG
GHVDIHQrWUHLOVHODLVVDWRPEHUGXSUHPLHUpWDJHTXLKHXUHXVHPHQWQ
pWDLW
SDVpOHYpVDQVVHIDLUHXQHpFRUFKXUH
3XLVLODOODDXVVLW{WIUDSSHUjODSRUWHHQPXUPXUDQW
-HYDLVPHIDLUHSUHQGUHjPRQWRXUGDQVODVRXULFLqUHHWPDOKHXUDX[FKDWV
TXLVHIURWWHURQWjSDUHLOOHVRXULV
$SHLQHOHPDUWHDXHXWLOUpVRQQpVRXVODPDLQGXMHXQHKRPPHTXHOHWXPXOWH
FHVVDTXHGHVSDVV
DSSURFKqUHQWTXHODSRUWHV
RXYULWHWTXHG
$UWDJQDQ
O
pSpHQXHV
pODQoDGDQVO
DSSDUWHPHQWGHPDvWUH%RQDFLHX[GRQWODSRUWHVDQV
GRXWHPXHSDUXQUHVVRUWVHUHIHUPDG
HOOHPrPHVXUOXL
$ORUVFHX[TXLKDELWDLHQWHQFRUHODPDOKHXUHXVHPDLVRQGH%RQDFLHX[HWOHV
YRLVLQVOHVSOXVSURFKHVHQWHQGLUHQWGHJUDQGVFULVGHVWUpSLJQHPHQWVXQ
FOLTXHWLVG
pSpHVHWXQEUXLWSURORQJpGHPHXEOHV3XLVXQPRPHQWDSUqVFHX[
TXLVXUSULVSDUFHEUXLWV
pWDLHQWPLVDX[IHQrWUHVSRXUHQFRQQDvWUHOD
FDXVHSXUHQWYRLUODSRUWHVHURXYULUHWTXDWUHKRPPHVYrWXVGHQRLUQRQSDVHQ
VRUWLUPDLVV
HQYROHUFRPPHGHVFRUEHDX[HIIDURXFKpVODLVVDQWSDUWHUUHHWDX[
DQJOHVGHVWDEOHVGHVSOXPHVGHOHXUVDLOHVF
HVWjGLUHGHVORTXHVGHOHXUV
KDELWVHWGHVEULEHVGHOHXUVPDQWHDX[
'
$UWDJQDQpWDLWYDLQTXHXUVDQVEHDXFRXSGHSHLQHLOIDXWOHGLUHFDUXQVHXO
GHVDOJXD]LOVpWDLWDUPpHQFRUHVHGpIHQGLWLOSRXUODIRUPH,OHVWYUDLTXH
OHVWURLVDXWUHVDYDLHQWHVVD\pG
DVVRPPHUOHMHXQHKRPPHDYHFOHVFKDLVHVOHV
WDERXUHWVHWOHVSRWHULHVPDLVGHX[RXWURLVpJUDWLJQXUHVIDLWHVSDUOD
IODPEHUJHGX*DVFRQOHVDYDLHQWpSRXYDQWpV'L[PLQXWHVDYDLHQWVXIILjOHXU
GpIDLWHHWG
$UWDJQDQpWDLWUHVWpPDvWUHGXFKDPSGHEDWDLOOH
/HVYRLVLQVTXLDYDLHQWRXYHUWOHXUVIHQrWUHVDYHFOHVDQJIURLGSDUWLFXOLHU
DX[KDELWDQWVGH3DULVGDQVFHVWHPSVG
pPHXWHVHWGHUL[HVSHUSpWXHOOHVOHV
UHIHUPqUHQWGqVTX
LOVHXUHQWYXV
HQIXLUOHVTXDWUHKRPPHVQRLUVOHXU
LQVWLQFWOHXUGLVDLWTXHSRXUOHPRPHQWWRXWpWDLWILQL
'
DLOOHXUVLOVHIDLVDLWWDUGHWDORUVFRPPHDXMRXUG
KXLRQVHFRXFKDLWGH
ERQQHKHXUHGDQVOHTXDUWLHUGX/X[HPERXUJ
'
$UWDJQDQUHVWpVHXODYHF0PH%RQDFLHX[VHUHWRXUQDYHUVHOOHODSDXYUH

IHPPHpWDLWUHQYHUVpHVXUXQIDXWHXLOHWjGHPLpYDQRXLH'
$UWDJQDQO
H[DPLQD
G
XQFRXSG
RHLOUDSLGH
&
pWDLWXQHFKDUPDQWHIHPPHGHYLQJWFLQTjYLQJWVL[DQVEUXQHDYHFGHV\HX[
EOHXVD\DQWXQQH]OpJqUHPHQWUHWURXVVpGHVGHQWVDGPLUDEOHVXQWHLQWPDUEUp
GHURVHHWG
RSDOH/jFHSHQGDQWV
DUUrWDLHQWOHVVLJQHVTXLSRXYDLHQWODIDLUH
FRQIRQGUHDYHFXQHJUDQGHGDPH/HVPDLQVpWDLHQWEODQFKHVPDLVVDQVILQHVVH
OHVSLHGVQ
DQQRQoDLHQWSDVODIHPPHGHTXDOLWp+HXUHXVHPHQWG
$UWDJQDQQ
HQ
pWDLWSDVHQFRUHjVHSUpRFFXSHUGHFHVGpWDLOV
7DQGLVTXHG
$UWDJQDQH[DPLQDLW0PH%RQDFLHX[HWHQpWDLWDX[SLHGVFRPPHQRXV
O
DYRQVGLWLOYLWjWHUUHXQILQPRXFKRLUGHEDWLVWHTX
LOUDPDVVDVHORQVRQ
KDELWXGHHWDXFRLQGXTXHOLOUHFRQQXWOHPrPHFKLIIUHTX
LODYDLWYXDX
PRXFKRLUTXLDYDLWIDLOOLOXLIDLUHFRXSHUODJRUJHDYHF$UDPLV
'HSXLVFHWHPSVG
$UWDJQDQVHPpILDLWGHVPRXFKRLUVDUPRULpVLOUHPLWGRQF
VDQVULHQGLUHFHOXLTX
LODYDLWUDPDVVpGDQVODSRFKHGH0PH%RQDFLHX[(QFH
PRPHQW0PH%RQDFLHX[UHSUHQDLWVHVVHQV(OOHRXYULWOHV\HX[UHJDUGDDYHF
WHUUHXUDXWRXUG
HOOHYLWTXHO
DSSDUWHPHQWpWDLWYLGHHWTX
HOOHpWDLWVHXOH
DYHFVRQOLEpUDWHXU(OOHOXLWHQGLWDXVVLW{WOHVPDLQVHQVRXULDQW0PH
%RQDFLHX[DYDLWOHSOXVFKDUPDQWVRXULUHGXPRQGH
$K0RQVLHXUGLWHOOHF
HVWYRXVTXLP
DYH]VDXYpHSHUPHWWH]PRLTXHMH
YRXVUHPHUFLH
0DGDPHGLWG
$UWDJQDQMHQ
DLIDLWTXHFHTXHWRXWJHQWLOKRPPHHWIDLWj
PDSODFHYRXVQHPHGHYH]GRQFDXFXQUHPHUFLHPHQW
6LIDLW0RQVLHXUVLIDLWHWM
HVSqUHYRXVSURXYHUTXHYRXVQ
DYH]SDV
UHQGXVHUYLFHjXQHLQJUDWH0DLVTXHPHYRXODLHQWGRQFFHVKRPPHVTXHM
DL
SULVG
DERUGSRXUGHVYROHXUVHWSRXUTXRL0%RQDFLHX[Q
HVWLOSRLQWLFL"
0DGDPHFHVKRPPHVpWDLHQWELHQDXWUHPHQWGDQJHUHX[TXHQHSRXUUDLHQWrWUH
GHVYROHXUVFDUFHVRQWGHVDJHQWVGH0OHFDUGLQDOHWTXDQWjYRWUHPDUL0
%RQDFLHX[LOQ
HVWSRLQWLFLSDUFHTX
KLHURQHVWYHQXOHSUHQGUHSRXUOH
FRQGXLUHjOD%DVWLOOH
0RQPDULjOD%DVWLOOHV
pFULD0PH%RQDFLHX[RKPRQ'LHXTX
DWLO
GRQFIDLW"SDXYUHFKHUKRPPHOXLO
LQQRFHQFHPrPH
(WTXHOTXHFKRVHFRPPHXQVRXULUHSHUoDLWVXUODILJXUHHQFRUHWRXWHIIUD\pHGH
ODMHXQHIHPPH
&HTX
LODIDLW0DGDPH"GLWG
$UWDJQDQ-HFURLVTXHVRQVHXOFULPHHVW
G
DYRLUjODIRLVOHERQKHXUHWOHPDOKHXUG
rWUHYRWUHPDUL
0DLV0RQVLHXUYRXVVDYH]GRQF
-HVDLVTXHYRXVDYH]pWpHQOHYpH0DGDPH
(WSDUTXL"/HVDYH]YRXV"2KVLYRXVOHVDYH]GLWHVOHPRL
3DUXQKRPPHGHTXDUDQWHjTXDUDQWHFLQTDQVDX[FKHYHX[QRLUVDXWHLQW

EDVDQpDYHFXQHFLFDWULFHjODWHPSHJDXFKH
&
HVWFHODF
HVWFHODPDLVVRQQRP"
$KVRQQRP"F
HVWFHTXHM
LJQRUH
(WPRQPDULVDYDLWLOTXHM
DYDLVpWpHQOHYpH"
,OHQDYDLWpWpSUpYHQXSDUXQHOHWWUHTXHOXLDYDLWpFULWHOHUDYLVVHXU
OXLPrPH
(WVRXSoRQQHWLOGHPDQGD0PH%RQDFLHX[DYHFHPEDUUDVODFDXVHGHFHW
pYpQHPHQW"
,OO
DWWULEXDLWMHFURLVjXQHFDXVHSROLWLTXH
-
HQDLGRXWpG
DERUGHWPDLQWHQDQWMHOHSHQVHFRPPHOXL$LQVLGRQFFH
FKHU0%RQDFLHX[QHP
DSDVVRXSoRQQpHXQVHXOLQVWDQW"
$KORLQGHOj0DGDPHLOpWDLWWURSILHUGHYRWUHVDJHVVHHWVXUWRXWGH
YRWUHDPRXU
8QVHFRQGVRXULUHSUHVTXHLPSHUFHSWLEOHHIIOHXUDOHVOqYUHVURVpHVGHODEHOOH
MHXQHIHPPH
0DLVFRQWLQXDG
$UWDJQDQFRPPHQWYRXVrWHVYRXVHQIXLH"
-
DLSURILWpG
XQPRPHQWRO
RQP
DODLVVpHVHXOHHWFRPPHMHVDYDLVGHSXLV
FHPDWLQjTXRLP
HQWHQLUVXUPRQHQOqYHPHQWjO
DLGHGHPHVGUDSVMHVXLV
GHVFHQGXHSDUODIHQrWUHDORUVFRPPHMHFUR\DLVPRQPDULLFLMHVXLV
DFFRXUXH
3RXUYRXVPHWWUHVRXVVDSURWHFWLRQ"
2KQRQSDXYUHFKHUKRPPHMHVDYDLVELHQTX
LOpWDLWLQFDSDEOHGHPH
GpIHQGUHPDLVFRPPHLOSRXYDLWQRXVVHUYLUjDXWUHFKRVHMHYRXODLVOH
SUpYHQLU
'HTXRL"
2KFHFLQ
HVWSDVPRQVHFUHWMHQHSXLVGRQFSDVYRXVOHGLUH
'
DLOOHXUVGLWG
$UWDJQDQ SDUGRQ0DGDPHVLWRXWJDUGHTXHMHVXLVMH
YRXVUDSSHOOHjODSUXGHQFH G
DLOOHXUVMHFURLVTXHQRXVQHVRPPHVSDVLFLHQ
OLHXRSSRUWXQSRXUIDLUHGHVFRQILGHQFHV/HVKRPPHVTXHM
DLPLVHQIXLWHYRQW
UHYHQLUDYHFPDLQIRUWHV
LOVQRXVUHWURXYHQWLFLQRXVVRPPHVSHUGXV-
DL
ELHQIDLWSUpYHQLUWURLVGHPHVDPLVPDLVTXLVDLWVLRQOHVDXUDWURXYpVFKH]
HX[
2XLRXLYRXVDYH]UDLVRQV
pFULD0PH%RQDFLHX[HIIUD\pHIX\RQV
VDXYRQVQRXV
$FHVPRWVHOOHSDVVDVRQEUDVVRXVFHOXLGHG
$UWDJQDQHWO
HQWUDvQDYLYHPHQW

0DLVRIXLU"GLWG
$UWDJQDQRQRXVVDXYHU"
(ORLJQRQVQRXVG
DERUGGHFHWWHPDLVRQSXLVDSUqVQRXVYHUURQV
(WODMHXQHIHPPHHWOHMHXQHKRPPHVDQVVHGRQQHUODSHLQHGHUHIHUPHUOD
SRUWHGHVFHQGLUHQWUDSLGHPHQWODUXHGHV)RVVR\HXUVV
HQJDJqUHQWGDQVODUXH
GHV)RVVpV0RQVLHXUOH3ULQFHHWQHV
DUUrWqUHQWTX
jODSODFH6DLQW6XOSLFH
(WPDLQWHQDQWTX
DOORQVQRXVIDLUHGHPDQGDG
$UWDJQDQHWRYRXOH]YRXVTXH
MHYRXVFRQGXLVH"
-HVXLVIRUWHPEDUUDVVpHGHYRXVUpSRQGUHMHYRXVO
DYRXHGLW0PH%RQDFLHX[
PRQLQWHQWLRQpWDLWGHIDLUHSUpYHQLU0GH/D3RUWHSDUPRQPDULDILQTXH0
GH/D3RUWHSWQRXVGLUHSUpFLVpPHQWFHTXLV
pWDLWSDVVpDX/RXYUHGHSXLV
WURLVMRXUVHWV
LOQ
\DYDLWSDVGDQJHUSRXUPRLGHP
\SUpVHQWHU
0DLVPRLGLWG
$UWDJQDQMHSXLVDOOHUSUpYHQLU0GH/D3RUWH
6DQVGRXWHVHXOHPHQWLOQ
\DTX
XQPDOKHXUF
HVWTX
RQFRQQDvW0
%RQDFLHX[DX/RXYUHHWTX
RQOHODLVVHUDLWSDVVHUOXLWDQGLVTX
RQQHYRXV
FRQQDvWSDVYRXVHWTXHO
RQYRXVIHUPHUDODSRUWH
$KEDKGLWG
$UWDJQDQYRXVDYH]ELHQjTXHOTXHJXLFKHWGX/RXYUHXQ
FRQFLHUJHTXLYRXVHVWGpYRXpHWTXLJUkFHjXQPRWG
RUGUH
0PH%RQDFLHX[UHJDUGDIL[HPHQWOHMHXQHKRPPH
(WVLMHYRXVGRQQDLVFHPRWG
RUGUHGLWHOOHO
RXEOLHULH]YRXVDXVVLW{WTXH
YRXVYRXVHQVHULH]VHUYL"
3DUROHG
KRQQHXUIRLGHJHQWLOKRPPHGLWG
$UWDJQDQDYHFXQDFFHQWjOD
YpULWpGXTXHOLOQ
\DYDLWSDVjVHWURPSHU
7HQH]MHYRXVFURLVYRXVDYH]O
DLUG
XQEUDYHMHXQHKRPPHG
DLOOHXUV
YRWUHIRUWXQHHVWSHXWrWUHDXERXWGHYRWUHGpYRXHPHQW
-HIHUDLVDQVSURPHVVHHWGHFRQVFLHQFHWRXWFHTXHMHSRXUUDLSRXUVHUYLUOH
URLHWrWUHDJUpDEOHjODUHLQHGLWG
$UWDJQDQGLVSRVH]GRQFGHPRLFRPPH
G
XQDPL
0DLVPRLRPHPHWWUH]YRXVSHQGDQWFHWHPSVOj"
1
DYH]YRXVSDVXQHSHUVRQQHFKH]ODTXHOOH0GH/D3RUWHSXLVVHUHYHQLUYRXV
SUHQGUH"
1RQMHQHYHX[PHILHUjSHUVRQQH
$WWHQGH]GLWG
$UWDJQDQQRXVVRPPHVjODSRUWHG
$WKRV2XLF
HVWFHOD
4X
HVWFHTX
$WKRV"

8QGHPHVDPLV
0DLVV
LOHVWFKH]OXLHWTX
LOPHYRLH"
,OQ
\HVWSDVHWM
HPSRUWHUDLODFOHIDSUqVYRXVDYRLUIDLWHQWUHUGDQVVRQ
DSSDUWHPHQW
0DLVV
LOUHYLHQW"
,OQHUHYLHQGUDSDVG
DLOOHXUVRQOXLGLUDLWTXHM
DLDPHQpXQHIHPPHHW
TXHFHWWHIHPPHHVWFKH]OXL
0DLVFHODPHFRPSURPHWWUDWUqVIRUWVDYH]YRXV
4XHYRXVLPSRUWHRQQHYRXVFRQQDvWSDVG
DLOOHXUVQRXVVRPPHVGDQVXQH
VLWXDWLRQjSDVVHUSDUGHVVXVTXHOTXHVFRQYHQDQFHV
$OORQVGRQFFKH]YRWUHDPL2GHPHXUHWLO"
5XH)pURXjGHX[SDVG
LFL
$OORQV
(WWRXVGHX[UHSULUHQWOHXUFRXUVH&RPPHO
DYDLWSUpYXG
$UWDJQDQ$WKRV
Q
pWDLWSDVFKH]OXLLOSULWODFOHITX
RQDYDLWO
KDELWXGHGHOXLGRQQHU
FRPPHjXQDPLGHODPDLVRQPRQWDO
HVFDOLHUHWLQWURGXLVLW0PH%RQDFLHX[GDQV
OHSHWLWDSSDUWHPHQWGRQWQRXVDYRQVGpMjIDLWODGHVFULSWLRQ
9RXVrWHVFKH]YRXVGLWLODWWHQGH]IHUPH]ODSRUWHHQGHGDQVHWQ
RXYUH]
jSHUVRQQHjPRLQVTXHYRXVQ
HQWHQGLH]IUDSSHUWURLVFRXSVDLQVLWHQH]HW
LOIUDSSDWURLVIRLVGHX[FRXSVUDSSURFKpVO
XQGHO
DXWUHHWDVVH]IRUWVXQ
FRXSSOXVGLVWDQWHWSOXVOpJHU
&
HVWELHQGLW0PH%RQDFLHX[PDLQWHQDQWjPRQWRXUGHYRXVGRQQHUPHV
LQVWUXFWLRQV
-
pFRXWH
3UpVHQWH]YRXVDXJXLFKHWGX/RXYUHGXF{WpGHODUXHGHO
(FKHOOHHW
GHPDQGH]*HUPDLQ
&
HVWELHQ$SUqV"
,OYRXVGHPDQGHUDFHTXHYRXVYRXOH]HWDORUVYRXVOXLUpSRQGUH]SDUFHV
GHX[PRWV7RXUVHW%UX[HOOHV$XVVLW{WLOVHPHWWUDjYRVRUGUHV
(WTXHOXLRUGRQQHUDLMH"
'
DOOHUFKHUFKHU0GH/D3RUWHOHYDOHWGHFKDPEUHGHODUHLQH
(WTXDQGLOO
DXUDpWpFKHUFKHUHWTXH0GH/D3RUWHVHUDYHQX"
9RXVPHO
HQYHUUH]

&
HVWELHQPDLVRHWFRPPHQWYRXVUHYHUUDLMH"
<WHQH]YRXVEHDXFRXSjPHUHYRLU"
&HUWDLQHPHQW
(KELHQUHSRVH]YRXVVXUPRLGHFHVRLQHWVR\H]WUDQTXLOOH
-HFRPSWHVXUYRWUHSDUROH
&RPSWH]\
'
$UWDJQDQVDOXD0PH%RQDFLHX[HQOXLODQoDQWOHFRXSG
RHLOOHSOXVDPRXUHX[
TX
LOOXLIWSRVVLEOHGHFRQFHQWUHUVXUVDFKDUPDQWHSHWLWHSHUVRQQHHWWDQGLV
TX
LOGHVFHQGDLWO
HVFDOLHULOHQWHQGLWODSRUWHVHIHUPHUGHUULqUHOXLj
GRXEOHWRXU(QGHX[ERQGVLOIXWDX/RXYUHFRPPHLOHQWUDLWDXJXLFKHWGH
O
(FKHOOHGL[KHXUHVVRQQDLHQW7RXVOHVpYpQHPHQWVTXHQRXVYHQRQVGHUDFRQWHU
V
pWDLHQWVXFFpGpHQXQHGHPLKHXUH
7RXWV
H[pFXWDFRPPHO
DYDLWDQQRQFp0PH%RQDFLHX[$XPRWG
RUGUHFRQYHQX
*HUPDLQV
LQFOLQDGL[PLQXWHVDSUqV/D3RUWHpWDLWGDQVODORJHHQGHX[
PRWVG
$UWDJQDQOHPLWDXIDLWHWOXLLQGLTXDRpWDLW0PH%RQDFLHX[/D3RUWH
V
DVVXUDSDUGHX[IRLVGHO
H[DFWLWXGHGHO
DGUHVVHHWSDUWLWHQFRXUDQW
&HSHQGDQWjSHLQHHXWLOIDLWGL[SDVTX
LOUHYLQW
-HXQHKRPPHGLWLOjG
$UWDJQDQXQFRQVHLO
/HTXHO"
9RXVSRXUULH]rWUHLQTXLpWpSRXUFHTXLYLHQWGHVHSDVVHU
9RXVFUR\H]"
2XL
$YH]YRXVTXHOTXHDPLGRQWODSHQGXOHUHWDUGH"
(KELHQ"
$OOH]OHYRLUSRXUTX
LOSXLVVHWpPRLJQHUTXHYRXVpWLH]FKH]OXLjQHXI
KHXUHVHWGHPLH(QMXVWLFHFHODV
DSSHOOHXQDOLEL
'
$UWDJQDQWURXYDOHFRQVHLOSUXGHQWLOSULWVHVMDPEHVjVRQFRXLODUULYD
FKH]0GH7UpYLOOHPDLVDXOLHXGHSDVVHUDXVDORQDYHFWRXWOHPRQGHLO
GHPDQGDjHQWUHUGDQVVRQFDELQHW&RPPHG
$UWDJQDQpWDLWXQGHVKDELWXpVGH
O
K{WHORQQHILWDXFXQHGLIILFXOWpG
DFFpGHUjVDGHPDQGHHWO
RQDOOD
SUpYHQLU0GH7UpYLOOHTXHVRQMHXQHFRPSDWULRWHD\DQWTXHOTXHFKRVH
G
LPSRUWDQWjOXLGLUHVROOLFLWDLWXQHDXGLHQFHSDUWLFXOLqUH&LQTPLQXWHV
DSUqV0GH7UpYLOOHGHPDQGDLWjG
$UWDJQDQFHTX
LOSRXYDLWIDLUHSRXUVRQ
VHUYLFHHWFHTXLOXLYDODLWVDYLVLWHjXQHKHXUHVLDYDQFpH
3DUGRQ0RQVLHXUGLWG
$UWDJQDQTXLDYDLWSURILWpGXPRPHQWRLOpWDLW

UHVWpVHXOSRXUUHWDUGHUO
KRUORJHGHWURLVTXDUWVG
KHXUHM
DLSHQVpTXH
FRPPHLOQ
pWDLWTXHQHXIKHXUHVYLQJWFLQTPLQXWHVLOpWDLWHQFRUHWHPSVGHPH
SUpVHQWHUFKH]YRXV
1HXIKHXUHVYLQJWFLQTPLQXWHVV
pFULD0GH7UpYLOOHHQUHJDUGDQWVD
SHQGXOHPDLVF
HVWLPSRVVLEOH
9R\H]SOXW{W0RQVLHXUGLWG
$UWDJQDQYRLOjTXLIDLWIRL
&
HVWMXVWHGLW0GH7UpYLOOHM
DXUDLVFUXTX
LOpWDLWSOXVWDUG0DLV
YR\RQVTXHPHYRXOH]YRXV"
$ORUVG
$UWDJQDQILWj0GH7UpYLOOHXQHORQJXHKLVWRLUHVXUODUHLQH,OOXL
H[SRVDOHVFUDLQWHVTX
LODYDLWFRQoXHVjO
pJDUGGH6D0DMHVWpLOOXLUDFRQWD
FHTX
LODYDLWHQWHQGXGLUHGHVSURMHWVGXFDUGLQDOjO
HQGURLWGH%XFNLQJKDP
HWWRXWFHODDYHFXQHWUDQTXLOOLWpHWXQDSORPEGRQW0GH7UpYLOOHIXWG
DXWDQW
PLHX[ODGXSHTXHOXLPrPHFRPPHQRXVO
DYRQVGLWDYDLWUHPDUTXpTXHOTXH
FKRVHGHQRXYHDXHQWUHOHFDUGLQDOOHURLHWODUHLQH
$GL[KHXUHVVRQQDQWG
$UWDJQDQTXLWWD0GH7UpYLOOHTXLOHUHPHUFLDGHVHV
UHQVHLJQHPHQWVOXLUHFRPPDQGDG
DYRLUWRXMRXUVjFRHXUOHVHUYLFHGXURLHWGH
ODUHLQHHWTXLUHQWUDGDQVOHVDORQ0DLVDXEDVGHO
HVFDOLHUG
$UWDJQDQVH
VRXYLQWTX
LODYDLWRXEOLpVDFDQQHHQFRQVpTXHQFHLOUHPRQWDSUpFLSLWDPPHQW
UHQWUDGDQVOHFDELQHWG
XQWRXUGHGRLJWUHPLWODSHQGXOHjVRQKHXUHSRXU
TX
RQQHSWSDVV
DSHUFHYRLUOHOHQGHPDLQTX
HOOHDYDLWpWpGpUDQJpHHWVU
GpVRUPDLVTX
LO\DYDLWXQWpPRLQSRXUSURXYHUVRQDOLELLOGHVFHQGLW
O
HVFDOLHUHWVHWURXYDELHQW{WGDQVODUXH

&KDSLWUH;,
/
,175,*8(6(128(

6DYLVLWHIDLWHj0GH7UpYLOOHG
$UWDJQDQSULWWRXWSHQVLIOHSOXVORQJ
SRXUUHQWUHUFKH]OXL
$TXRLSHQVDLWG
$UWDJQDQTX
LOV
pFDUWDLWDLQVLGHVDURXWHUHJDUGDQWOHV
pWRLOHVGXFLHOHWWDQW{WVRXSLUDQWWDQW{WVRXULDQW"
,OSHQVDLWj0PH%RQDFLHX[3RXUXQDSSUHQWLPRXVTXHWDLUHODMHXQHIHPPHpWDLW
SUHVTXHXQHLGpDOLWpDPRXUHXVH-ROLHP\VWpULHXVHLQLWLpHjSUHVTXHWRXVOHV
VHFUHWVGHFRXUTXLUHIOpWDLHQWWDQWGHFKDUPDQWHJUDYLWpVXUVHVWUDLWV
JUDFLHX[HOOHpWDLWVRXSoRQQpHGHQ
rWUHSDVLQVHQVLEOHFHTXLHVWXQDWWUDLW
LUUpVLVWLEOHSRXUOHVDPDQWVQRYLFHVGHSOXVG
$UWDJQDQO
DYDLWGpOLYUpHGHV
PDLQVGHFHVGpPRQVTXLYRXODLHQWODIRXLOOHUHWODPDOWUDLWHUHWFHWLPSRUWDQW
VHUYLFHDYDLWpWDEOLHQWUHHOOHHWOXLXQGHFHVVHQWLPHQWVGHUHFRQQDLVVDQFH
TXLSUHQQHQWVLIDFLOHPHQWXQSOXVWHQGUHFDUDFWqUH
'
$UWDJQDQVHYR\DLWGpMjWDQWOHVUrYHVPDUFKHQWYLWHVXUOHVDLOHVGH
O
LPDJLQDWLRQDFFRVWpSDUXQPHVVDJHUGHODMHXQHIHPPHTXLOXLUHPHWWDLW

TXHOTXHELOOHWGHUHQGH]YRXVXQHFKDvQHG
RURXXQGLDPDQW1RXVDYRQVGLWTXH
OHVMHXQHVFDYDOLHUVUHFHYDLHQWVDQVKRQWHGHOHXUURLDMRXWRQVTX
HQFHWHPSV
GHIDFLOHPRUDOHLOVQ
DYDLHQWSDVSOXVGHYHUJRJQHjO
HQGURLWGHOHXUV
PDvWUHVVHVHWTXHFHOOHVFLOHXUODLVVDLHQWSUHVTXHWRXMRXUVGHSUpFLHX[HW
GXUDEOHVVRXYHQLUVFRPPHVLHOOHVHXVVHQWHVVD\pGHFRQTXpULUODIUDJLOLWpGH
OHXUVVHQWLPHQWVSDUODVROLGLWpGHOHXUVGRQV
2QIDLVDLWDORUVVRQFKHPLQSDUOHVIHPPHVVDQVHQURXJLU&HOOHVTXLQ
pWDLHQW
TXHEHOOHVGRQQDLHQWOHXUEHDXWpHWGHOjYLHQWVDQVGRXWHOHSURYHUEHTXHOD
SOXVEHOOHILOOHGXPRQGHQHSHXWGRQQHUTXHFHTX
HOOHD&HOOHVTXLpWDLHQW
ULFKHVGRQQDLHQWHQRXWUHXQHSDUWLHGHOHXUDUJHQWHWO
RQSRXUUDLWFLWHUERQ
QRPEUHGHKpURVGHFHWWHJDODQWHpSRTXHTXLQ
HXVVHQWJDJQpQLOHXUVpSHURQV
G
DERUGQLOHXUVEDWDLOOHVHQVXLWHVDQVODERXUVHSOXVRXPRLQVJDUQLHTXH
OHXUPDvWUHVVHDWWDFKDLWjO
DUoRQGHOHXUVHOOH
'
$UWDJQDQQHSRVVpGDLWULHQO
KpVLWDWLRQGXSURYLQFLDOYHUQLVOpJHUIOHXU
pSKpPqUHGXYHWGHODSrFKHV
pWDLWpYDSRUpHDXYHQWGHVFRQVHLOVSHX
RUWKRGR[HVTXHOHVWURLVPRXVTXHWDLUHVGRQQDLHQWjOHXUDPL'
$UWDJQDQVXLYDQW
O
pWUDQJHFRXWXPHGXWHPSVVHUHJDUGDLWj3DULVFRPPHHQFDPSDJQHHWFHODQL
SOXVQLPRLQVTXHGDQVOHV)ODQGUHVO
(VSDJQROOjEDVODIHPPHLFL&
pWDLW
SDUWRXWXQHQQHPLjFRPEDWWUHGHVFRQWULEXWLRQVjIUDSSHU
0DLVGLVRQVOHSRXUOHPRPHQWG
$UWDJQDQpWDLWPG
XQVHQWLPHQWSOXVQREOHHW
SOXVGpVLQWpUHVVp/HPHUFLHUOXLDYDLWGLWTX
LOpWDLWULFKHOHMHXQHKRPPH
DYDLWSXGHYLQHUTX
DYHFXQQLDLVFRPPHO
pWDLW0%RQDFLHX[FHGHYDLWrWUHOD
IHPPHTXLWHQDLWODFOHIGHODERXUVH0DLVWRXWFHODQ
DYDLWLQIOXpHQULHQVXU
OHVHQWLPHQWSURGXLWSDUODYXHGH0PH%RQDFLHX[HWO
LQWpUrWpWDLWUHVWpjSHX
SUqVpWUDQJHUjFHFRPPHQFHPHQWG
DPRXUTXLHQDYDLWpWpODVXLWH1RXVGLVRQV
jSHXSUqVFDUO
LGpHTX
XQHMHXQHIHPPHEHOOHJUDFLHXVHVSLULWXHOOHHVW
ULFKHHQPrPHWHPSVQ
{WHULHQjFHFRPPHQFHPHQWG
DPRXUHWWRXWDXFRQWUDLUH
OHFRUURERUH
,O\DGDQVO
DLVDQFHXQHIRXOHGHVRLQVHWGHFDSULFHVDULVWRFUDWLTXHVTXLYRQW
ELHQjODEHDXWp8QEDVILQHWEODQFXQHUREHGHVRLHXQHJXLPSHGHGHQWHOOH
XQMROLVRXOLHUDXSLHGXQIUDLVUXEDQVXUODWrWHQHIRQWSRLQWMROLHXQH
IHPPHODLGHPDLVIRQWEHOOHXQHIHPPHMROLHVDQVFRPSWHUOHVPDLQVTXLJDJQHQW
jWRXWFHODOHVPDLQVFKH]OHVIHPPHVVXUWRXWRQWEHVRLQGHUHVWHURLVLYHV
SRXUUHVWHUEHOOHV
3XLVG
$UWDJQDQFRPPHOHVDLWELHQOHOHFWHXUDXTXHOQRXVQ
DYRQVSDVFDFKp
O
pWDWGHVDIRUWXQHG
$UWDJQDQQ
pWDLWSDVXQPLOOLRQQDLUHLOHVSpUDLWELHQ
OHGHYHQLUXQMRXUPDLVOHWHPSVTX
LOVHIL[DLWOXLPrPHSRXUFHWKHXUHX[
FKDQJHPHQWpWDLWDVVH]pORLJQp(QDWWHQGDQWTXHOGpVHVSRLUTXHGHYRLUXQH
IHPPHTX
RQDLPHGpVLUHUFHVPLOOHULHQVGRQWOHVIHPPHVFRPSRVHQWOHXUERQKHXU
HWGHQHSRXYRLUOXLGRQQHUFHVPLOOHULHQV$XPRLQVTXDQGODIHPPHHVWULFKH
HWTXHO
DPDQWQHO
HVWSDVFHTX
LOQHSHXWOXLRIIULUHOOHVHO
RIIUH
HOOHPrPHHWTXRLTXHFHVRLWRUGLQDLUHPHQWDYHFO
DUJHQWGXPDULTX
HOOHVH
SDVVHFHWWHMRXLVVDQFHLOHVWUDUHTXHFHVRLWjOXLTX
HQUHYLHQQHOD
UHFRQQDLVVDQFH
3XLVG
$UWDJQDQGLVSRVpjrWUHO
DPDQWOHSOXVWHQGUHpWDLWHQDWWHQGDQWXQ
DPLWUqVGpYRXp$XPLOLHXGHVHVSURMHWVDPRXUHX[VXUODIHPPHGXPHUFLHULO
Q
RXEOLDLWSDVOHVVLHQV/DMROLH0PH%RQDFLHX[pWDLWIHPPHjSURPHQHUGDQVOD

SODLQH6DLQW'HQLVRXGDQVODIRLUH6DLQW*HUPDLQHQFRPSDJQLHG
$WKRVGH
3RUWKRVHWG
$UDPLVDX[TXHOVG
$UWDJQDQVHUDLWILHUGHPRQWUHUXQHWHOOH
FRQTXrWH3XLVTXDQGRQDPDUFKpORQJWHPSVODIDLPDUULYHG
$UWDJQDQGHSXLV
TXHOTXHWHPSVDYDLWUHPDUTXpFHOD2QIHUDLWGHFHVSHWLWVGvQHUVFKDUPDQWVR
O
RQWRXFKHG
XQF{WpODPDLQG
XQDPLHWGHO
DXWUHOHSLHGG
XQHPDvWUHVVH
(QILQGDQVOHVPRPHQWVSUHVVDQWVGDQVOHVSRVLWLRQVH[WUrPHVG
$UWDJQDQ
VHUDLWOHVDXYHXUGHVHVDPLV
(W0%RQDFLHX[TXHG
$UWDJQDQDYDLWSRXVVpGDQVOHVPDLQVGHVVELUHVHQOH
UHQLDQWELHQKDXWHWjTXLLODYDLWSURPLVWRXWEDVGHOHVDXYHU"1RXVGHYRQV
DYRXHUjQRVOHFWHXUVTXHG
$UWDJQDQQ
\VRQJHDLWHQDXFXQHIDoRQRXTXHV
LO
\VRQJHDLWF
pWDLWSRXUVHGLUHTX
LOpWDLWELHQRLOpWDLWTXHOTXHSDUW
TX
LOIW/
DPRXUHVWODSOXVpJRwVWHGHWRXWHVOHVSDVVLRQV
&HSHQGDQWTXHQRVOHFWHXUVVHUDVVXUHQWVLG
$UWDJQDQRXEOLHVRQK{WHRXIDLW
VHPEODQWGHO
RXEOLHUVRXVSUpWH[WHTX
LOQHVDLWSDVRRQO
DFRQGXLWQRXV
QHO
RXEOLRQVSDVQRXVHWQRXVVDYRQVRLOHVW0DLVSRXUOHPRPHQWIDLVRQV
FRPPHOH*DVFRQDPRXUHX[4XDQWDXGLJQHPHUFLHUQRXVUHYLHQGURQVjOXLSOXV
WDUG
'
$UWDJQDQWRXWHQUpIOpFKLVVDQWjVHVIXWXUHVDPRXUVWRXWHQSDUODQWjOD
QXLWWRXWHQVRXULDQWDX[pWRLOHVUHPRQWDLWODUXHGX&KHUFKH0LGLRX
&KDVVH0LGLDLQVLTX
RQO
DSSHODLWDORUV&RPPHLOVHWURXYDLWGDQVOHTXDUWLHU
G
$UDPLVO
LGpHOXLpWDLWYHQXHG
DOOHUIDLUHXQHYLVLWHjVRQDPLSRXUOXL
GRQQHUTXHOTXHVH[SOLFDWLRQVVXUOHVPRWLIVTXLOXLDYDLHQWIDLWHQYR\HU
3ODQFKHWDYHFLQYLWDWLRQGHVHUHQGUHLPPpGLDWHPHQWjODVRXULFLqUH2UVL
$UDPLVV
pWDLWWURXYpFKH]OXLORUVTXH3ODQFKHW\pWDLWYHQXLODYDLWVDQV
DXFXQGRXWHFRXUXUXHGHV)RVVR\HXUVHWQ
\WURXYDQWSHUVRQQHTXHVHVGHX[
DXWUHVFRPSDJQRQVSHXWrWUHLOVQ
DYDLHQWGVDYRLUQLOHVXQVQLOHVDXWUHV
FHTXHFHODYRXODLWGLUH&HGpUDQJHPHQWPpULWDLWGRQFXQHH[SOLFDWLRQYRLOjFH
TXHGLVDLWWRXWKDXWG
$UWDJQDQ
3XLVWRXWEDVLOSHQVDLWTXHF
pWDLWSRXUOXLXQHRFFDVLRQGHSDUOHUGHOD
MROLHSHWLWH0PH%RQDFLHX[GRQWVRQHVSULWVLQRQVRQFRHXUpWDLWGpMjWRXW
SOHLQ&HQ
HVWSDVjSURSRVG
XQSUHPLHUDPRXUTX
LOIDXWGHPDQGHUGHOD
GLVFUpWLRQ&HSUHPLHUDPRXUHVWDFFRPSDJQpG
XQHVLJUDQGHMRLHTX
LOIDXWTXH
FHWWHMRLHGpERUGHVDQVFHODHOOHYRXVpWRXIIHUDLW
3DULVGHSXLVGHX[KHXUHVpWDLWVRPEUHHWFRPPHQoDLWjVHIDLUHGpVHUW2Q]H
KHXUHVVRQQDLHQWjWRXWHVOHVKRUORJHVGXIDXERXUJ6DLQW*HUPDLQLOIDLVDLWXQ
WHPSVGRX['
$UWDJQDQVXLYDLWXQHUXHOOHVLWXpHVXUO
HPSODFHPHQWRSDVVH
DXMRXUG
KXLODUXHG
$VVDVUHVSLUDQWOHVpPDQDWLRQVHPEDXPpHVTXLYHQDLHQWDYHF
OHYHQWGHODUXHGH9DXJLUDUGHWTX
HQYR\DLHQWOHVMDUGLQVUDIUDvFKLVSDUOD
URVpHGXVRLUHWSDUODEULVHGHODQXLW$XORLQUpVRQQDLHQWDVVRXUGLV
FHSHQGDQWSDUGHERQVYROHWVOHVFKDQWVGHVEXYHXUVGDQVTXHOTXHVFDEDUHWV
SHUGXVGDQVODSODLQH$UULYpDXERXWGHODUXHOOHG
$UWDJQDQWRXUQDjJDXFKH
/DPDLVRQTX
KDELWDLW$UDPLVVHWURXYDLWVLWXpHHQWUHODUXH&DVVHWWHHWODUXH
6HUYDQGRQL
'
$UWDJQDQYHQDLWGHGpSDVVHUODUXH&DVVHWWHHWUHFRQQDLVVDLWGpMjODSRUWHGH
ODPDLVRQGHVRQDPLHQIRXLHVRXVXQPDVVLIGHV\FRPRUHVHWGHFOpPDWLWHVTXL
IRUPDLHQWXQYDVWHERXUUHOHWDXGHVVXVG
HOOHORUVTX
LODSHUoXWTXHOTXHFKRVH
FRPPHXQHRPEUHTXLVRUWDLWGHODUXH6HUYDQGRQL&HTXHOTXHFKRVHpWDLW

HQYHORSSpG
XQPDQWHDXHWG
$UWDJQDQFUXWG
DERUGTXHF
pWDLWXQKRPPHPDLV
jODSHWLWHVVHGHODWDLOOHjO
LQFHUWLWXGHGHODGpPDUFKHjO
HPEDUUDVGX
SDVLOUHFRQQXWELHQW{WXQHIHPPH'HSOXVFHWWHIHPPHFRPPHVLHOOHQ
HW
SDVpWpELHQVUHGHODPDLVRQTX
HOOHFKHUFKDLWOHYDLWOHV\HX[SRXUVH
UHFRQQDvWUHV
DUUrWDLWUHWRXUQDLWHQDUULqUHSXLVUHYHQDLWHQFRUH'
$UWDJQDQ
IXWLQWULJXp
6LM
DOODLVOXLRIIULUPHVVHUYLFHVSHQVDWLO$VRQDOOXUHRQYRLW
TX
HOOHHVWMHXQHSHXWrWUHMROLH2KRXL0DLVXQHIHPPHTXLFRXUWOHVUXHV
jFHWWHKHXUHQHVRUWJXqUHTXHSRXUDOOHUUHMRLQGUHVRQDPDQW3HVWHVL
M
DOODLVWURXEOHUOHVUHQGH]YRXVFHVHUDLWXQHPDXYDLVHSRUWHSRXUHQWUHUHQ
UHODWLRQV
&HSHQGDQWODMHXQHIHPPHV
DYDQoDLWWRXMRXUVFRPSWDQWOHVPDLVRQVHWOHV
IHQrWUHV&HQ
pWDLWDXUHVWHFKRVHQLORQJXHQLGLIILFLOH,OQ
\DYDLWTXH
WURLVK{WHOVGDQVFHWWHSDUWLHGHODUXHHWGHX[IHQrWUHVD\DQWYXHVXUFHWWH
UXHO
XQHpWDLWFHOOHG
XQSDYLOORQSDUDOOqOHjFHOXLTX
RFFXSDLW$UDPLV
O
DXWUHpWDLWFHOOHG
$UDPLVOXLPrPH
3DUGLHXVHGLWG
$UWDJQDQDXTXHOODQLqFHGXWKpRORJLHQUHYHQDLWjO
HVSULW
SDUGLHXLOVHUDLWGU{OHTXHFHWWHFRORPEHDWWDUGpHFKHUFKkWODPDLVRQGH
QRWUHDPL0DLVVXUPRQkPHFHOD\UHVVHPEOHIRUW$KPRQFKHU$UDPLVSRXU
FHWWHIRLVM
HQYHX[DYRLUOHFRHXUQHW
(WG
$UWDJQDQVHIDLVDQWOHSOXVPLQFHTX
LOSXWV
DEULWDGDQVOHF{WpOHSOXV
REVFXUGHODUXHSUqVG
XQEDQFGHSLHUUHVLWXpDXIRQGG
XQHQLFKH
/DMHXQHIHPPHFRQWLQXDGHV
DYDQFHUFDURXWUHODOpJqUHWpGHVRQDOOXUHTXL
O
DYDLWWUDKLHHOOHYHQDLWGHIDLUHHQWHQGUHXQHSHWLWHWRX[TXLGpQRQoDLWXQH
YRL[GHVSOXVIUDvFKHV'
$UWDJQDQSHQVDTXHFHWWHWRX[pWDLWXQVLJQDO
&HSHQGDQWVRLWTX
RQHWUpSRQGXjFHWWHWRX[SDUXQVLJQHpTXLYDOHQWTXLDYDLW
IL[pOHVLUUpVROXWLRQVGHODQRFWXUQHFKHUFKHXVHVRLWTXHVDQVVHFRXUVpWUDQJHU
HOOHHWUHFRQQXTX
HOOHpWDLWDUULYpHDXERXWGHVDFRXUVHHOOHV
DSSURFKD
UpVROXPHQWGXYROHWG
$UDPLVHWIUDSSDjWURLVLQWHUYDOOHVpJDX[DYHFVRQGRLJW
UHFRXUEp
&
HVWELHQFKH]$UDPLVPXUPXUDG
$UWDJQDQ$K0RQVLHXUO
K\SRFULWHMH
YRXV\SUHQGVjIDLUHGHODWKpRORJLH
/HVWURLVFRXSVpWDLHQWjSHLQHIUDSSpVTXHODFURLVpHLQWpULHXUHV
RXYULWHW
TX
XQHOXPLqUHSDUXWjWUDYHUVOHVYLWUHVGXYROHW
$KDKILWO
pFRXWHXUQRQSDVDX[SRUWHVPDLVDX[IHQrWUHVDKODYLVLWH
pWDLWDWWHQGXH$OORQVOHYROHWYDV
RXYULUHWODGDPHHQWUHUDSDUHVFDODGH
7UqVELHQ
0DLVDXJUDQGpWRQQHPHQWGHG
$UWDJQDQOHYROHWUHVWDIHUPp'HSOXVOD
OXPLqUHTXLDYDLWIODPER\pXQLQVWDQWGLVSDUXWHWWRXWUHQWUDGDQV
O
REVFXULWp
'
$UWDJQDQSHQVDTXHFHODQHSRXYDLWGXUHUDLQVLHWFRQWLQXDGHUHJDUGHUGH
WRXVVHV\HX[HWG
pFRXWHUGHWRXWHVVHVRUHLOOHV

,ODYDLWUDLVRQDXERXWGHTXHOTXHVVHFRQGHVGHX[FRXSVVHFVUHWHQWLUHQWGDQV
O
LQWpULHXU
/DMHXQHIHPPHGHODUXHUpSRQGLWSDUXQVHXOFRXSHWOHYROHWV
HQWURXYULW
2QMXJHVLG
$UWDJQDQUHJDUGDLWHWpFRXWDLWDYHFDYLGLWp
0DOKHXUHXVHPHQWODOXPLqUHDYDLWpWpWUDQVSRUWpHGDQVXQDXWUHDSSDUWHPHQW
0DLVOHV\HX[GXMHXQHKRPPHV
pWDLHQWKDELWXpVjODQXLW'
DLOOHXUVOHV\HX[
GHV*DVFRQVRQWjFHTX
RQDVVXUHFRPPHFHX[GHVFKDWVODSURSULpWpGHYRLU
SHQGDQWODQXLW
'
$UWDJQDQYLWGRQFTXHODMHXQHIHPPHWLUDLWGHVDSRFKHXQREMHWEODQFTX
HOOH
GpSOR\DYLYHPHQWHWTXLSULWODIRUPHG
XQPRXFKRLU&HWREMHWGpSOR\pHOOHHQ
ILWUHPDUTXHUOHFRLQjVRQLQWHUORFXWHXU
&HODUDSSHODjG
$UWDJQDQFHPRXFKRLUTX
LODYDLWWURXYpDX[SLHGVGH0PH
%RQDFLHX[OHTXHOOXLDYDLWUDSSHOpFHOXLTX
LODYDLWWURXYpDX[SLHGVG
$UDPLV
4XHGLDEOHSRXYDLWGRQFVLJQLILHUFHPRXFKRLU"
3ODFpRLOpWDLWG
$UWDJQDQQHSRXYDLWYRLUOHYLVDJHG
$UDPLVQRXVGLVRQV
G
$UDPLVSDUFHTXHOHMHXQHKRPPHQHIDLVDLWDXFXQGRXWHTXHFHIWVRQDPLTXL
GLDORJXkWGHO
LQWpULHXUDYHFODGDPHGHO
H[WpULHXUODFXULRVLWpO
HPSRUWD
GRQFVXUODSUXGHQFHHWSURILWDQWGHODSUpRFFXSDWLRQGDQVODTXHOOHODYXHGX
PRXFKRLUSDUDLVVDLWSORQJHUOHVGHX[SHUVRQQDJHVTXHQRXVDYRQVPLVHQVFqQHLO
VRUWLWGHVDFDFKHWWHHWSURPSWFRPPHO
pFODLUPDLVpWRXIIDQWOHEUXLWGHVHV
SDVLODOODVHFROOHUjXQDQJOHGHODPXUDLOOHG
RVRQRHLOSRXYDLW
SDUIDLWHPHQWSORQJHUGDQVO
LQWpULHXUGHO
DSSDUWHPHQWG
$UDPLV
$UULYpOjG
$UWDJQDQSHQVDMHWHUXQFULGHVXUSULVHFHQ
pWDLWSDV$UDPLVTXL
FDXVDLWDYHFODQRFWXUQHYLVLWHXVHF
pWDLWXQHIHPPH6HXOHPHQWG
$UWDJQDQ\
YR\DLWDVVH]SRXUUHFRQQDvWUHODIRUPHGHVHVYrWHPHQWVPDLVSDVDVVH]SRXU
GLVWLQJXHUVHVWUDLWV
$XPrPHLQVWDQWODIHPPHGHO
DSSDUWHPHQWWLUDXQVHFRQGPRXFKRLUGHVDSRFKH
HWO
pFKDQJHDDYHFFHOXLTX
RQYHQDLWGHOXLPRQWUHU3XLVTXHOTXHVPRWVIXUHQW
SURQRQFpVHQWUHOHVGHX[IHPPHV(QILQOHYROHWVHUHIHUPDODIHPPHTXLVH
WURXYDLWjO
H[WpULHXUGHODIHQrWUHVHUHWRXUQDHWYLQWSDVVHUjTXDWUHSDVGH
G
$UWDJQDQHQDEDLVVDQWODFRLIIHGHVDPDQWHPDLVODSUpFDXWLRQDYDLWpWp
SULVHWURSWDUGG
$UWDJQDQDYDLWGpMjUHFRQQX0PH%RQDFLHX[
0PH%RQDFLHX[/HVRXSoRQTXHF
pWDLWHOOHOXLDYDLWGpMjWUDYHUVpO
HVSULW
TXDQGHOOHDYDLWWLUpOHPRXFKRLUGHVDSRFKHPDLVTXHOOHSUREDELOLWpTXH0PH
%RQDFLHX[TXLDYDLWHQYR\pFKHUFKHU0GH/D3RUWHSRXUVHIDLUHUHFRQGXLUHSDU
OXLDX/RXYUHFRXUWOHVUXHVGH3DULVVHXOHjRQ]HKHXUHVHWGHPLHGXVRLUDX
ULVTXHGHVHIDLUHHQOHYHUXQHVHFRQGHIRLV"
,OIDOODLWGRQFTXHFHIWSRXUXQHDIIDLUHELHQLPSRUWDQWHHWTXHOOHHVW
O
DIIDLUHLPSRUWDQWHG
XQHIHPPHGHYLQJWFLQTDQV"/
DPRXU

0DLVpWDLWFHSRXUVRQFRPSWHRXSRXUOHFRPSWHG
XQHDXWUHSHUVRQQHTX
HOOH
V
H[SRVDLWjGHVHPEODEOHVKDVDUGV"9RLOjFHTXHVHGHPDQGDLWjOXLPrPHOH
MHXQHKRPPHTXHOHGpPRQGHODMDORXVLHPRUGDLWDXFRHXUQLSOXVQLPRLQVTX
XQ
DPDQWHQWLWUH
,O\DYDLWDXUHVWHXQPR\HQELHQVLPSOHGHV
DVVXUHURDOODLW0PH%RQDFLHX[
F
pWDLWGHODVXLYUH&HPR\HQpWDLWVLVLPSOHTXHG
$UWDJQDQO
HPSOR\DWRXW
QDWXUHOOHPHQWHWG
LQVWLQFW
0DLVjODYXHGXMHXQHKRPPHTXLVHGpWDFKDLWGHODPXUDLOOHFRPPHXQHVWDWXH
GHVDQLFKHHWDXEUXLWGHVSDVTX
HOOHHQWHQGLWUHWHQWLUGHUULqUHHOOH0PH
%RQDFLHX[MHWDXQSHWLWFULHWV
HQIXLW
'
$UWDJQDQFRXUXWDSUqVHOOH&HQ
pWDLWSDVXQHFKRVHGLIILFLOHSRXUOXLTXHGH
UHMRLQGUHXQHIHPPHHPEDUUDVVpHGDQVVRQPDQWHDX,OODUHMRLJQLWGRQFDXWLHUV
GHODUXHGDQVODTXHOOHHOOHV
pWDLWHQJDJpH/DPDOKHXUHXVHpWDLWpSXLVpHQRQ
SDVGHIDWLJXHPDLVGHWHUUHXUHWTXDQGG
$UWDJQDQOXLSRVDODPDLQVXU
O
pSDXOHHOOHWRPEDVXUXQJHQRXHQFULDQWG
XQHYRL[pWUDQJOpH
7XH]PRLVLYRXVYRXOH]PDLVYRXVQHVDXUH]ULHQ
'
$UWDJQDQODUHOHYDHQOXLSDVVDQWOHEUDVDXWRXUGHODWDLOOHPDLVFRPPHLO
VHQWDLWjVRQSRLGVTX
HOOHpWDLWVXUOHSRLQWGHVHWURXYHUPDOLOV
HPSUHVVD
GHODUDVVXUHUSDUGHVSURWHVWDWLRQVGHGpYRXHPHQW&HVSURWHVWDWLRQVQ
pWDLHQW
ULHQSRXU0PH%RQDFLHX[FDUGHSDUHLOOHVSURWHVWDWLRQVSHXYHQWVHIDLUHDYHF
OHVSOXVPDXYDLVHVLQWHQWLRQVGXPRQGHPDLVODYRL[pWDLWWRXW/DMHXQHIHPPH
FUXWUHFRQQDvWUHOHVRQGHFHWWHYRL[HOOHURXYULWOHV\HX[MHWDXQUHJDUG
VXUO
KRPPHTXLOXLDYDLWIDLWVLJUDQGSHXUHWUHFRQQDLVVDQWG
$UWDJQDQHOOH
SRXVVDXQFULGHMRLH
2KF
HVWYRXVF
HVWYRXVGLWHOOHPHUFLPRQ'LHX
2XLF
HVWPRLGLWG
$UWDJQDQPRLTXH'LHXDHQYR\pSRXUYHLOOHUVXUYRXV
(WDLWFHGDQVFHWWHLQWHQWLRQTXHYRXVPHVXLYLH]"GHPDQGDDYHFXQVRXULUH
SOHLQGHFRTXHWWHULHODMHXQHIHPPHGRQWOHFDUDFWqUHXQSHXUDLOOHXUUHSUHQDLW
OHGHVVXVHWFKH]ODTXHOOHWRXWHFUDLQWHDYDLWGLVSDUXGXPRPHQWRHOOHDYDLW
UHFRQQXXQDPLGDQVFHOXLTX
HOOHDYDLWSULVSRXUXQHQQHPL
1RQGLWG
$UWDJQDQQRQMHO
DYRXHF
HVWOHKDVDUGTXLP
DPLVVXUYRWUH
URXWHM
DLYXXQHIHPPHIUDSSHUjODIHQrWUHG
XQGHPHVDPLV
'
XQGHYRVDPLV"LQWHUURPSLW0PH%RQDFLHX[
6DQVGRXWH$UDPLVHVWGHPHVPHLOOHXUVDPLV
$UDPLVTX
HVWFHTXHFHOD"
$OORQVGRQFDOOH]YRXVPHGLUHTXHYRXVQHFRQQDLVVH]SDV$UDPLV"
&
HVWODSUHPLqUHIRLVTXHM
HQWHQGVSURQRQFHUFHQRP
&
HVWGRQFODSUHPLqUHIRLVTXHYRXVYHQH]jFHWWHPDLVRQ"

6DQVGRXWH
(WYRXVQHVDYLH]SDVTX
HOOHIWKDELWpHSDUXQMHXQHKRPPH"
1RQ
3DUXQPRXVTXHWDLUH"
1XOOHPHQW
&HQ
HVWGRQFSDVOXLTXHYRXVYHQLH]FKHUFKHU"
3DVOHPRLQVGXPRQGH'
DLOOHXUVYRXVO
DYH]ELHQYXODSHUVRQQHjTXL
M
DLSDUOpHVWXQHIHPPH
&
HVWYUDLPDLVFHWWHIHPPHHVWGHVDPLHVG
$UDPLV
-HQ
HQVDLVULHQ
3XLVTX
HOOHORJHFKH]OXL
&HODQHPHUHJDUGHSDV
0DLVTXLHVWHOOH"
2KFHODQ
HVWSRLQWPRQVHFUHW
&KqUH0DGDPH%RQDFLHX[YRXVrWHVFKDUPDQWHPDLVHQPrPHWHPSVYRXVrWHVOD
IHPPHODSOXVP\VWpULHXVH
(VWFHTXHMHSHUGVjFHOD"
1RQYRXVrWHVDXFRQWUDLUHDGRUDEOH
$ORUVGRQQH]PRLOHEUDV
%LHQYRORQWLHUV(WPDLQWHQDQW"
0DLQWHQDQWFRQGXLVH]PRL
2FHOD"
2MHYDLV
0DLVRDOOH]YRXV"
9RXVOHYHUUH]SXLVTXHYRXVPHODLVVHUH]jODSRUWH
)DXGUDWLOYRXVDWWHQGUH"
&HVHUDLQXWLOH

9RXVUHYLHQGUH]GRQFVHXOH"
3HXWrWUHRXLSHXWrWUHQRQ
0DLVODSHUVRQQHTXLYRXVDFFRPSDJQHUDHQVXLWHVHUDWHOOHXQKRPPH
VHUDWHOOHXQHIHPPH"
-HQ
HQVDLVULHQHQFRUH
-HOHVDXUDLELHQPRL
&RPPHQWFHOD"
-HYRXVDWWHQGUDLSRXUYRXVYRLUVRUWLU
(QFHFDVDGLHX
&RPPHQWFHOD"
-HQ
DLSDVEHVRLQGHYRXV
0DLVYRXVDYLH]UpFODPp
/
DLGHG
XQJHQWLOKRPPHHWQRQODVXUYHLOODQFHG
XQHVSLRQ
/HPRWHVWXQSHXGXU
&RPPHQWDSSHOOHWRQFHX[TXLVXLYHQWOHVJHQVPDOJUpHX["
'HVLQGLVFUHWV
/HPRWHVWWURSGRX[
$OORQV0DGDPHMHYRLVELHQTX
LOIDXWIDLUHWRXWFHTXHYRXVYRXOH]
3RXUTXRLYRXVrWUHSULYpGXPpULWHGHOHIDLUHWRXWGHVXLWH"
1
\HQDWLOGRQFDXFXQjVHUHSHQWLU"
(WYRXVUHSHQWH]YRXVUpHOOHPHQW"
-HQ
HQVDLVULHQPRLPrPH0DLVFHTXHMHVDLVF
HVWTXHMHYRXVSURPHWVGH
IDLUHWRXWFHTXHYRXVYRXGUH]VLYRXVPHODLVVH]YRXVDFFRPSDJQHUMXVTX
RYRXV
DOOH]
(WYRXVPHTXLWWHUH]DSUqV"
2XL
6DQVP
pSLHUjPDVRUWLH"
1RQ

3DUROHG
KRQQHXU"
)RLGHJHQWLOKRPPH
3UHQH]PRQEUDVHWPDUFKRQVDORUV
'
$UWDJQDQRIIULWVRQEUDVj0PH%RQDFLHX[TXLV
\VXVSHQGLWPRLWLpULHXVH
PRLWLpWUHPEODQWHHWWRXVGHX[JDJQqUHQWOHKDXWGHODUXHGH/D+DUSH$UULYpH
OjODMHXQHIHPPHSDUXWKpVLWHUFRPPHHOOHDYDLWGpMjIDLWGDQVODUXHGH
9DXJLUDUG&HSHQGDQWjGHFHUWDLQVVLJQHVHOOHVHPEODUHFRQQDvWUHXQHSRUWH
HWV
DSSURFKDQWGHFHWWHSRUWH
(WPDLQWHQDQW0RQVLHXUGLWHOOHF
HVWLFLTXHM
DLDIIDLUHPLOOHIRLV
PHUFLGHYRWUHKRQRUDEOHFRPSDJQLHTXLP
DVDXYpHGHWRXVOHVGDQJHUVDX[TXHOV
VHXOHM
HXVVHpWpH[SRVpH0DLVOHPRPHQWHVWYHQXGHWHQLUYRWUHSDUROHMH
VXLVDUULYpHjPDGHVWLQDWLRQ
(WYRXVQ
DXUH]SOXVULHQjFUDLQGUHHQUHYHQDQW"
-HQ
DXUDLjFUDLQGUHTXHOHVYROHXUV
1
HVWFHGRQFULHQ"
4XHSRXUUDLHQWLOVPHSUHQGUH"MHQ
DLSDVXQGHQLHUVXUPRL
9RXVRXEOLH]FHEHDXPRXFKRLUEURGpDUPRULp
/HTXHO"
&HOXLTXHM
DLWURXYpjYRVSLHGVHWTXHM
DLUHPLVGDQVYRWUHSRFKH
7DLVH]YRXVWDLVH]YRXVPDOKHXUHX[V
pFULDODMHXQHIHPPHYRXOH]YRXVPH
SHUGUH"
9RXVYR\H]ELHQTX
LO\DHQFRUHGXGDQJHUSRXUYRXVSXLVTX
XQVHXOPRWYRXV
IDLWWUHPEOHUHWTXHYRXVDYRXH]TXHVLRQHQWHQGDLWFHPRWYRXVVHULH]
SHUGXH$KWHQH]0DGDPHV
pFULDG
$UWDJQDQHQOXLVDLVLVVDQWODPDLQHWOD
FRXYUDQWG
XQDUGHQWUHJDUGWHQH]VR\H]SOXVJpQpUHXVHFRQILH]YRXVjPRL
Q
DYH]YRXVGRQFSDVOXGDQVPHV\HX[TX
LOQ
\DTXHGpYRXHPHQWHWV\PSDWKLH
GDQVPRQFRHXU"
6LIDLWUpSRQGLW0PH%RQDFLHX[DXVVLGHPDQGH]PRLPHVVHFUHWVHWMHYRXV
OHVGLUDLPDLVFHX[GHVDXWUHVF
HVWDXWUHFKRVH
&
HVWELHQGLWG
$UWDJQDQMHOHVGpFRXYULUDLSXLVTXHFHVVHFUHWVSHXYHQW
DYRLUXQHLQIOXHQFHVXUYRWUHYLHLOIDXWTXHFHVVHFUHWVGHYLHQQHQWOHVPLHQV
*DUGH]YRXVHQELHQV
pFULDODMHXQHIHPPHDYHFXQVpULHX[TXLILW
IULVVRQQHUG
$UWDJQDQPDOJUpOXL2KQHYRXVPrOH]HQULHQGHFHTXLPH
UHJDUGHQHFKHUFKH]SRLQWjP
DLGHUGDQVFHTXHM
DFFRPSOLVHWFHODMHYRXV
OHGHPDQGHDXQRPGHO
LQWpUrWTXHMHYRXVLQVSLUHDXQRPGXVHUYLFHTXHYRXV
P
DYH]UHQGXHWTXHMHQ
RXEOLHUDLGHPDYLH&UR\H]ELHQSOXW{WjFHTXHMH

YRXVGLV1HYRXVRFFXSH]SOXVGHPRLMHQ
H[LVWHSOXVSRXUYRXVTXHFHVRLW
FRPPHVLYRXVQHP
DYLH]MDPDLVYXH
$UDPLVGRLWLOHQIDLUHDXWDQWTXHPRL0DGDPH"GLWG
$UWDJQDQSLTXp
9RLOjGpMjGHX[RXWURLVIRLVTXHYRXVDYH]SURQRQFpFHQRP0RQVLHXUHW
FHSHQGDQWMHYRXVDLGLWTXHMHQHOHFRQQDLVVDLVSDV
9RXVQHFRQQDLVVH]SDVO
KRPPHDXYROHWGXTXHOYRXVDYH]pWpIUDSSHU$OORQV
GRQF0DGDPHYRXVPHFUR\H]SDUWURSFUpGXOHDXVVL
$YRXH]TXHF
HVWSRXUPHIDLUHSDUOHUTXHYRXVLQYHQWH]FHWWHKLVWRLUHHW
TXHYRXVFUpH]FHSHUVRQQDJH
-HQ
LQYHQWHULHQ0DGDPHMHQHFUpHULHQMHGLVO
H[DFWHYpULWp
(WYRXVGLWHVTX
XQGHYRVDPLVGHPHXUHGDQVFHWWHPDLVRQ"
-HOHGLVHWMHOHUpSqWHSRXUODWURLVLqPHIRLVFHWWHPDLVRQHVWFHOOH
TX
KDELWHPRQDPLHWFHWDPLHVW$UDPLV
7RXWFHODV
pFODLUFLUDSOXVWDUGPXUPXUDODMHXQHIHPPHPDLQWHQDQW
0RQVLHXUWDLVH]YRXV
6LYRXVSRXYLH]YRLUPRQFRHXUWRXWjGpFRXYHUWGLWG
$UWDJQDQYRXV\
OLULH]WDQWGHFXULRVLWpTXHYRXVDXULH]SLWLpGHPRLHWWDQWG
DPRXUTXH
YRXVVDWLVIHULH]jO
LQVWDQWPrPHPDFXULRVLWp2QQ
DULHQjFUDLQGUHGHFHX[
TXLYRXVDLPHQW
9RXVSDUOH]ELHQYLWHG
DPRXU0RQVLHXUGLWODMHXQHIHPPHHQVHFRXDQWOD
WrWH
&
HVWTXHO
DPRXUP
HVWYHQXYLWHHWSRXUODSUHPLqUHIRLVHWTXHMHQ
DL
SDVYLQJWDQV
/DMHXQHIHPPHOHUHJDUGDjODGpUREpH
(FRXWH]MHVXLVGpMjVXUODWUDFHGLWG
$UWDJQDQ,O\DWURLVPRLVM
DL
PDQTXpDYRLUXQGXHODYHF$UDPLVSRXUXQPRXFKRLUSDUHLOjFHOXLTXHYRXVDYH]
PRQWUpjFHWWHIHPPHTXLpWDLWFKH]OXLSRXUXQPRXFKRLUPDUTXpGHODPrPH
PDQLqUHM
HQVXLVVU
0RQVLHXUGLWODMHXQHIHPPHYRXVPHIDWLJXH]IRUWMHYRXVOHMXUHDYHF
FHVTXHVWLRQV
0DLVYRXVVLSUXGHQWH0DGDPHVRQJH]\VLYRXVpWLH]DUUrWpHDYHFFH
PRXFKRLUHWTXHFHPRXFKRLUIWVDLVLQHVHULH]YRXVSDVFRPSURPLVH"
3RXUTXRLFHODOHVLQLWLDOHVQHVRQWHOOHVSDVOHVPLHQQHV&%
&RQVWDQFH%RQDFLHX["
2X&DPLOOHGH%RLV7UDF\

6LOHQFH0RQVLHXUHQFRUHXQHIRLVVLOHQFH$KSXLVTXHOHVGDQJHUVTXHMH
FRXUVSRXUPRLPrPHQHYRXVDUUrWHQWSDVVRQJH]jFHX[TXHYRXVSRXYH]FRXULU
YRXV
0RL"
2XLYRXV,O\DGDQJHUGHODSULVRQLO\DGDQJHUGHODYLHjPH
FRQQDvWUH
$ORUVMHQHYRXVTXLWWHSOXV
0RQVLHXUGLWODMHXQHIHPPHVXSSOLDQWHWMRLJQDQWOHVPDLQV0RQVLHXUDX
QRPGX&LHODXQRPGHO
KRQQHXUG
XQPLOLWDLUHDXQRPGHODFRXUWRLVLHG
XQ
JHQWLOKRPPHpORLJQH]YRXVWHQH]YRLOjPLQXLWTXLVRQQHF
HVWO
KHXUHR
O
RQP
DWWHQG
0DGDPHGLWOHMHXQHKRPPHHQV
LQFOLQDQWMHQHVDLVULHQUHIXVHUjTXLPH
GHPDQGHDLQVLVR\H]FRQWHQWHMHP
pORLJQH
0DLVYRXVQHPHVXLYUH]SDVYRXVQHP
pSLHUH]SDV"
-HUHQWUHFKH]PRLjO
LQVWDQW
$KMHOHVDYDLVELHQTXHYRXVpWLH]XQEUDYHMHXQHKRPPHV
pFULD0PH
%RQDFLHX[HQOXLWHQGDQWXQHPDLQHWHQSRVDQWO
DXWUHVXUOHPDUWHDXG
XQH
SHWLWHSRUWHSUHVTXHSHUGXHGDQVODPXUDLOOH
'
$UWDJQDQVDLVLWODPDLQTX
RQOXLWHQGDLWHWODEDLVDDUGHPPHQW
$KM
DLPHUDLVPLHX[QHYRXVDYRLUMDPDLVYXHV
pFULDG
$UWDJQDQDYHFFHWWH
EUXWDOLWpQDwYHTXHOHVIHPPHVSUpIqUHQWVRXYHQWDX[DIIpWHULHVGHODSROLWHVVH
SDUFHTX
HOOHGpFRXYUHOHIRQGGHODSHQVpHHWTX
HOOHSURXYHTXHOHVHQWLPHQW
O
HPSRUWHVXUODUDLVRQ
(KELHQUHSULW0PH%RQDFLHX[G
XQHYRL[SUHVTXHFDUHVVDQWHHWHQVHUUDQWOD
PDLQGHG
$UWDJQDQTXLQ
DYDLWSDVDEDQGRQQpODVLHQQH(KELHQMHQ
HQGLUDL
SDVDXWDQWTXHYRXVFHTXLHVWSHUGXSRXUDXMRXUG
KXLQ
HVWSDVSHUGXSRXU
O
DYHQLU4XLVDLWVLORUVTXHMHVHUDLGpOLpHXQMRXUMHQHVDWLVIHUDLSDV
YRWUHFXULRVLWp"
(WIDLWHVYRXVODPrPHSURPHVVHjPRQDPRXU"V
pFULDG
$UWDJQDQDXFRPEOHGH
ODMRLH
2KGHFHF{WpMHQHYHX[SRLQWP
HQJDJHUFHODGpSHQGUDGHVVHQWLPHQWVTXH
YRXVVDXUH]P
LQVSLUHU
$LQVLDXMRXUG
KXL0DGDPH
$XMRXUG
KXL0RQVLHXUMHQ
HQVXLVHQFRUHTX
jODUHFRQQDLVVDQFH
$KYRXVrWHVWURSFKDUPDQWHGLWG
$UWDJQDQDYHFWULVWHVVHHWYRXVDEXVH]
GHPRQDPRXU

1RQM
XVHGHYRWUHJpQpURVLWpYRLOjWRXW0DLVFUR\H]OHELHQDYHF
FHUWDLQHVJHQVWRXWVHUHWURXYH
2KYRXVPHUHQGH]OHSOXVKHXUHX[GHVKRPPHV1
RXEOLH]SDVFHWWHVRLUpH
Q
RXEOLH]SDVFHWWHSURPHVVH
6R\H]WUDQTXLOOHHQWHPSVHWOLHXMHPHVRXYLHQGUDLGHWRXW(KELHQSDUWH]
GRQFSDUWH]DXQRPGX&LHO2QP
DWWHQGDLWjPLQXLWMXVWHHWMHVXLVHQ
UHWDUG
'HFLQTPLQXWHV
2XLPDLVGDQVFHUWDLQHVFLUFRQVWDQFHVFLQTPLQXWHVVRQWFLQTVLqFOHV
4XDQGRQDLPH
(KELHQTXLYRXVGLWTXHMHQ
DLSDVDIIDLUHjXQDPRXUHX["
&
HVWXQKRPPHTXLYRXVDWWHQG"V
pFULDG
$UWDJQDQXQKRPPH
$OORQVYRLOjODGLVFXVVLRQTXLYDUHFRPPHQFHUILW0PH%RQDFLHX[DYHFXQ
GHPLVRXULUHTXLQ
pWDLWSDVH[HPSWG
XQHFHUWDLQHWHLQWHG
LPSDWLHQFH
1RQQRQMHP
HQYDLVMHSDUVMHFURLVHQYRXVMHYHX[DYRLUWRXWOH
PpULWHGHPRQGpYRXHPHQWFHGpYRXHPHQWGWLOrWUHXQHVWXSLGLWp$GLHX
0DGDPHDGLHX
(WFRPPHV
LOQHVHIWVHQWLODIRUFHGHVHGpWDFKHUGHODPDLQTX
LOWHQDLW
TXHSDUXQHVHFRXVVHLOV
pORLJQDWRXWFRXUDQWWDQGLVTXH0PH%RQDFLHX[
IUDSSDLWFRPPHDXYROHWWURLVFRXSVOHQWVHWUpJXOLHUVSXLVDUULYpj
O
DQJOHGHODUXHLOVHUHWRXUQDODSRUWHV
pWDLWRXYHUWHHWUHIHUPpHOD
MROLHPHUFLqUHDYDLWGLVSDUX
'
$UWDJQDQFRQWLQXDVRQFKHPLQLODYDLWGRQQpVDSDUROHGHQHSDVpSLHU0PH
%RQDFLHX[HWVDYLHHWHOOHGpSHQGXGHO
HQGURLWRHOOHDOODLWVHUHQGUHRX
GHODSHUVRQQHTXLGHYDLWO
DFFRPSDJQHUG
$UWDJQDQVHUDLWUHQWUpFKH]OXL
SXLVTX
LODYDLWGLWTX
LO\UHQWUDLW&LQTPLQXWHVDSUqVLOpWDLWGDQVODUXH
GHV)RVVR\HXUV
3DXYUH$WKRVGLVDLWLOLOQHVDXUDSDVFHTXHFHODYHXWGLUH,OVHVHUD
HQGRUPLHQP
DWWHQGDQWRXLOVHUDUHWRXUQpFKH]OXLHWHQUHQWUDQWLODXUD
DSSULVTX
XQHIHPPH\pWDLWYHQXH8QHIHPPHFKH]$WKRV$SUqVWRXWFRQWLQXD
G
$UWDJQDQLO\HQDYDLWELHQXQHFKH]$UDPLV7RXWFHODHVWIRUWpWUDQJHHW
MHVHUDLVELHQFXULHX[GHVDYRLUFRPPHQWFHODILQLUD
0DO0RQVLHXUPDOUpSRQGLWXQHYRL[TXHOHMHXQHKRPPHUHFRQQXWSRXU
FHOOHGH3ODQFKHWFDUWRXWHQPRQRORJXDQWWRXWKDXWjODPDQLqUHGHVJHQV
WUqVSUpRFFXSpVLOV
pWDLWHQJDJpGDQVO
DOOpHDXIRQGGHODTXHOOHpWDLW
O
HVFDOLHUTXLFRQGXLVDLWjVDFKDPEUH
&RPPHQWPDO"TXHYHX[WXGLUHLPEpFLOH"GHPDQGDG
$UWDJQDQTX
HVWLOGRQF
DUULYp"

7RXWHVVRUWHVGHPDOKHXUV
/HVTXHOV"
'
DERUG0$WKRVHVWDUUrWp
$UUrWp$WKRVDUUrWpSRXUTXRL"
2QO
DWURXYpFKH]YRXVRQO
DSULVSRXUYRXV
(WSDUTXLDWLOpWpDUUrWp"
3DUODJDUGHTX
RQWpWpFKHUFKHUOHVKRPPHVQRLUVTXHYRXVDYH]PLVHQIXLWH
3RXUTXRLQHV
HVWLOSDVQRPPp"SRXUTXRLQ
DWLOSDVGLWTX
LOpWDLW
pWUDQJHUjFHWWHDIIDLUH"
,OV
HQHVWELHQJDUGp0RQVLHXULOV
HVWDXFRQWUDLUHDSSURFKpGHPRLHW
P
DGLW&
HVWWRQPDvWUHTXLDEHVRLQGHVDOLEHUWpHQFHPRPHQWHWQRQSDV
PRLSXLVTX
LOVDLWWRXWHWTXHMHQHVDLVULHQ2QOHFURLUDDUUrWpHWFHOD
OXLGRQQHUDGXWHPSVGDQVWURLVMRXUVMHGLUDLTXLMHVXLVHWLOIDXGUDELHQ
TX
RQPHIDVVHVRUWLU
%UDYR$WKRVQREOHFRHXUPXUPXUDG
$UWDJQDQMHOHUHFRQQDLVELHQOj(W
TX
RQWIDLWOHVVELUHV"
4XDWUHO
RQWHPPHQpMHQHVDLVRjOD%DVWLOOHRXDX)RUWO
(YrTXHGHX[
VRQWUHVWpVDYHFOHVKRPPHVQRLUVTXLRQWIRXLOOpSDUWRXWHWTXLRQWSULVWRXV
OHVSDSLHUV(QILQOHVGHX[GHUQLHUVSHQGDQWFHWWHH[SpGLWLRQPRQWDLHQWOD
JDUGHjODSRUWHSXLVTXDQGWRXWDpWpILQLLOVVRQWSDUWLVODLVVDQWOD
PDLVRQYLGHHWWRXWRXYHUW
(W3RUWKRVHW$UDPLV"
-HQHOHVDYDLVSDVWURXYpVLOVQHVRQWSDVYHQXV
0DLVLOVSHXYHQWYHQLUG
XQPRPHQWjO
DXWUHFDUWXOHXUDVIDLWGLUHTXHMH
OHVDWWHQGDLV"
2XL0RQVLHXU
(KELHQQHERXJHSDVG
LFLV
LOVYLHQQHQWSUpYLHQVOHVGHFHTXLP
HVW
DUULYpTX
LOVP
DWWHQGHQWDXFDEDUHWGHOD3RPPHGH3LQLFLLO\DXUDLW
GDQJHUODPDLVRQSHXWrWUHHVSLRQQpH-HFRXUVFKH]0GH7UpYLOOHSRXUOXL
DQQRQFHUWRXWFHODHWMHOHV\UHMRLQV
&
HVWELHQ0RQVLHXUGLW3ODQFKHW
0DLVWXUHVWHUDVWXQ
DXUDVSDVSHXUGLWG
$UWDJQDQHQUHYHQDQWVXUVHV
SDVSRXUUHFRPPDQGHUOHFRXUDJHjVRQODTXDLV
6R\H]WUDQTXLOOH0RQVLHXUGLW3ODQFKHWYRXVQHPHFRQQDLVVH]SDVHQFRUH

MHVXLVEUDYHTXDQGMHP
\PHWVDOOH]F
HVWOHWRXWGHP
\PHWWUH
G
DLOOHXUVMHVXLV3LFDUG
$ORUVF
HVWFRQYHQXGLWG
$UWDJQDQWXWHIDLVWXHUSOXW{WTXHGHTXLWWHU
WRQSRVWH
2XL0RQVLHXUHWLOQ
\DULHQTXHMHQHIDVVHSRXUSURXYHUj0RQVLHXUTXH
MHOXLVXLVDWWDFKp
%RQGLWHQOXLPrPHG
$UWDJQDQLOSDUDvWTXHODPpWKRGHTXHM
DLHPSOR\pHj
O
pJDUGGHFHJDUoRQHVWGpFLGpPHQWODERQQHM
HQXVHUDLGDQVO
RFFDVLRQ
(WGHWRXWHODYLWHVVHGHVHVMDPEHVGpMjTXHOTXHSHXIDWLJXpHVFHSHQGDQWSDU
OHVFRXUVHVGHODMRXUQpHG
$UWDJQDQVHGLULJHDYHUVODUXHGX&RORPELHU
0GH7UpYLOOHQ
pWDLWSRLQWjVRQK{WHOVDFRPSDJQLHpWDLWGHJDUGHDX/RXYUH
LOpWDLWDX/RXYUHDYHFVDFRPSDJQLH
,OIDOODLWDUULYHUMXVTX
j0GH7UpYLOOHLOpWDLWLPSRUWDQWTX
LOIWSUpYHQX
GHFHTXLVHSDVVDLW'
$UWDJQDQUpVROXWG
HVVD\HUG
HQWUHUDX/RXYUH6RQ
FRVWXPHGHJDUGHGDQVODFRPSDJQLHGH0GHV(VVDUWVOXLGHYDLWrWUHXQ
SDVVHSRUW
,OGHVFHQGLWGRQFODUXHGHV3HWLWV$XJXVWLQVHWUHPRQWDOHTXDLSRXUSUHQGUH
OH3RQW1HXI,ODYDLWHXXQLQVWDQWO
LGpHGHSDVVHUOHEDFPDLVHQDUULYDQW
DXERUGGHO
HDXLODYDLWPDFKLQDOHPHQWLQWURGXLWVDPDLQGDQVVDSRFKHHW
V
pWDLWDSHUoXTX
LOQ
DYDLWSDVGHTXRLSD\HUOHSDVVHXU
&RPPHLODUULYDLWjODKDXWHXUGHODUXH*XpQpJDXGLOYLWGpERXFKHUGHODUXH
'DXSKLQHXQJURXSHFRPSRVpGHGHX[SHUVRQQHVHWGRQWO
DOOXUHOHIUDSSD
/HVGHX[SHUVRQQHVTXLFRPSRVDLHQWOHJURXSHpWDLHQWO
XQXQKRPPHO
DXWUH
XQHIHPPH
/DIHPPHDYDLWODWRXUQXUHGH0PH%RQDFLHX[HWO
KRPPHUHVVHPEODLWjV
\
PpSUHQGUHj$UDPLV
(QRXWUHODIHPPHDYDLWFHWWHPDQWHQRLUHTXHG
$UWDJQDQYR\DLWHQFRUHVH
GHVVLQHUVXUOHYROHWGHODUXHGH9DXJLUDUGHWVXUODSRUWHGHODUXHGH/D
+DUSH
'HSOXVO
KRPPHSRUWDLWO
XQLIRUPHGHVPRXVTXHWDLUHV
/HFDSXFKRQGHODIHPPHpWDLWUDEDWWXO
KRPPHWHQDLWVRQPRXFKRLUVXUVRQ
YLVDJHWRXVGHX[FHWWHGRXEOHSUpFDXWLRQO
LQGLTXDLWWRXVGHX[DYDLHQWGRQF
LQWpUrWjQ
rWUHSRLQWUHFRQQXV
,OVSULUHQWOHSRQWF
pWDLWOHFKHPLQGHG
$UWDJQDQSXLVTXHG
$UWDJQDQVH
UHQGDLWDX/RXYUHG
$UWDJQDQOHVVXLYLW
'
$UWDJQDQQ
DYDLWSDVIDLWYLQJWSDVTX
LOIXWFRQYDLQFXTXHFHWWHIHPPH
F
pWDLW0PH%RQDFLHX[HWTXHFHWKRPPHF
pWDLW$UDPLV

,OVHQWLWjO
LQVWDQWPrPHWRXVOHVVRXSoRQVGHODMDORXVLHTXLV
DJLWDLHQWGDQV
VRQFRHXU
,OpWDLWGRXEOHPHQWWUDKLHWSDUVRQDPLHWSDUFHOOHTX
LODLPDLWGpMjFRPPH
XQHPDvWUHVVH0PH%RQDFLHX[OXLDYDLWMXUpVHVJUDQGVGLHX[TX
HOOHQH
FRQQDLVVDLWSDV$UDPLVHWXQTXDUWG
KHXUHDSUqVTX
HOOHOXLDYDLWIDLWFH
VHUPHQWLOODUHWURXYDLWDXEUDVG
$UDPLV
'
$UWDJQDQQHUpIOpFKLWSDVVHXOHPHQWTX
LOFRQQDLVVDLWODMROLHPHUFLqUHGHSXLV
WURLVKHXUHVVHXOHPHQWTX
HOOHQHOXLGHYDLWULHQTX
XQSHXGHUHFRQQDLVVDQFH
SRXUO
DYRLUGpOLYUpHGHVKRPPHVQRLUVTXLYRXODLHQWO
HQOHYHUHWTX
HOOHQH
OXLDYDLWULHQSURPLV,OVHUHJDUGDFRPPHXQDPDQWRXWUDJpWUDKLEDIRXpOH
VDQJHWODFROqUHOXLPRQWqUHQWDXYLVDJHLOUpVROXWGHWRXWpFODLUFLU
/DMHXQHIHPPHHWOHMHXQHKRPPHV
pWDLHQWDSHUoXVTX
LOVpWDLHQWVXLYLVHWLOV
DYDLHQWGRXEOpOHSDV'
$UWDJQDQSULWVDFRXUVHOHVGpSDVVDSXLVUHYLQWVXU
HX[DXPRPHQWRLOVVHWURXYDLHQWGHYDQWOD6DPDULWDLQHpFODLUpHSDUXQ
UpYHUEqUHTXLSURMHWDLWVDOXHXUVXUWRXWHFHWWHSDUWLHGXSRQW
'
$UWDJQDQV
DUUrWDGHYDQWHX[HWLOVV
DUUrWqUHQWGHYDQWOXL
4XHYRXOH]YRXV0RQVLHXU"GHPDQGDOHPRXVTXHWDLUHHQUHFXODQWG
XQSDVHW
DYHFXQDFFHQWpWUDQJHUTXLSURXYDLWjG
$UWDJQDQTX
LOV
pWDLWWURPSpGDQVXQH
SDUWLHGHVHVFRQMHFWXUHV
&HQ
HVWSDV$UDPLVV
pFULDWLO
1RQ0RQVLHXUFHQ
HVWSRLQW$UDPLVHWjYRWUHH[FODPDWLRQMHYRLVTXHYRXV
P
DYH]SULVSRXUXQDXWUHHWMHYRXVSDUGRQQH
9RXVPHSDUGRQQH]V
pFULDG
$UWDJQDQ
2XLUpSRQGLWO
LQFRQQX/DLVVH]PRLGRQFSDVVHUSXLVTXHFHQ
HVWSDVjPRL
TXHYRXVDYH]DIIDLUH
9RXVDYH]UDLVRQ0RQVLHXUGLWG
$UWDJQDQFHQ
HVWSDVjYRXVTXHM
DL
DIIDLUHF
HVWj0DGDPH
$0DGDPHYRXVQHODFRQQDLVVH]SDVGLWO
pWUDQJHU
9RXVYRXVWURPSH]0RQVLHXUMHODFRQQDLV
$KILW0PH%RQDFLHX[G
XQWRQGHUHSURFKHDK0RQVLHXUM
DYDLVYRWUH
SDUROHGHPLOLWDLUHHWYRWUHIRLGHJHQWLOKRPPHM
HVSpUDLVSRXYRLUFRPSWHU
GHVVXV
(WPRL0DGDPHGLWG
$UWDJQDQHPEDUUDVVpYRXVP
DYLH]SURPLV
3UHQH]PRQEUDV0DGDPHGLWO
pWUDQJHUHWFRQWLQXRQVQRWUHFKHPLQ
&HSHQGDQWG
$UWDJQDQpWRXUGLDWWHUUpDQpDQWLSDUWRXWFHTXLOXLDUULYDLW
UHVWDLWGHERXWHWOHVEUDVFURLVpVGHYDQWOHPRXVTXHWDLUHHW0PH%RQDFLHX[

/HPRXVTXHWDLUHILWGHX[SDVHQDYDQWHWpFDUWDG
$UWDJQDQDYHFODPDLQ
'
$UWDJQDQILWXQERQGHQDUULqUHHWWLUDVRQpSpH
(QPrPHWHPSVHWDYHFODUDSLGLWpGHO
pFODLUO
LQFRQQXWLUDODVLHQQH
$XQRPGX&LHO0LORUGV
pFULD0PH%RQDFLHX[HQVHMHWDQWHQWUHOHV
FRPEDWWDQWVHWSUHQDQWOHVpSpHVjSOHLQHVPDLQV
0LORUGV
pFULDG
$UWDJQDQLOOXPLQpG
XQHLGpHVXELWH0LORUGSDUGRQ
0RQVLHXUPDLVHVWFHTXHYRXVVHULH]
0LORUGGXFGH%XFNLQJKDPGLW0PH%RQDFLHX[jGHPLYRL[HWPDLQWHQDQWYRXV
SRXYH]QRXVSHUGUHWRXV
0LORUG0DGDPHSDUGRQFHQWIRLVSDUGRQPDLVMHO
DLPDLV0LORUGHW
M
pWDLVMDORX[YRXVVDYH]FHTXHF
HVWTXHG
DLPHU0LORUGSDUGRQQH]PRLHW
GLWHVPRLFRPPHQWMHSXLVPHIDLUHWXHUSRXU9RWUH*UkFH
9RXVrWHVXQEUDYHMHXQHKRPPHGLW%XFNLQJKDPHQWHQGDQWjG
$UWDJQDQXQH
PDLQTXHFHOXLFLVHUUDUHVSHFWXHXVHPHQWYRXVP
RIIUH]YRVVHUYLFHVMHOHV
DFFHSWHVXLYH]QRXVjYLQJWSDVMXVTX
DX/RXYUHHWVLTXHOTX
XQQRXVpSLH
WXH]OH
'
$UWDJQDQPLWVRQpSpHQXHVRXVVRQEUDVODLVVDSUHQGUHj0PH%RQDFLHX[HWDX
GXFYLQJWSDVG
DYDQFHHWOHVVXLYLWSUrWjH[pFXWHUjODOHWWUHOHV
LQVWUXFWLRQVGXQREOHHWpOpJDQWPLQLVWUHGH&KDUOHV,HU
0DLVKHXUHXVHPHQWOHMHXQHVpLGHQ
HXWDXFXQHRFFDVLRQGHGRQQHUDXGXFFHWWH
SUHXYHGHVRQGpYRXHPHQWHWODMHXQHIHPPHHWOHEHDXPRXVTXHWDLUHUHQWUqUHQW
DX/RXYUHSDUOHJXLFKHWGHO
(FKHOOHVDQVDYRLUpWpLQTXLpWpV
4XDQWjG
$UWDJQDQLOVHUHQGLWDXVVLW{WDXFDEDUHWGHOD3RPPHGH3LQRLO
WURXYD3RUWKRVHW$UDPLVTXLO
DWWHQGDLHQW
0DLVVDQVOHXUGRQQHUG
DXWUHH[SOLFDWLRQVXUOHGpUDQJHPHQWTX
LOOHXUDYDLW
FDXVpLOOHXUGLWTX
LODYDLWWHUPLQpVHXOO
DIIDLUHSRXUODTXHOOHLODYDLWFUX
XQLQVWDQWDYRLUEHVRLQGHOHXULQWHUYHQWLRQ(WPDLQWHQDQWHPSRUWpVTXHQRXV
VRPPHVSDUQRWUHUpFLWODLVVRQVQRVWURLVDPLVUHQWUHUFKDFXQFKH]VRLHW
VXLYRQVGDQVOHVGpWRXUVGX/RXYUHOHGXFGH%XFNLQJKDPHWVRQJXLGH

&KDSLWUH;,,
*(25*(69,//,(56'8&'(%8&.,1*+$0

0DGDPH%RQDFLHX[HWOHGXFHQWUqUHQWDX/RXYUHVDQVGLIILFXOWp0PH%RQDFLHX[
pWDLWFRQQXHSRXUDSSDUWHQLUjODUHLQHOHGXFSRUWDLWO
XQLIRUPHGHV

PRXVTXHWDLUHVGH0GH7UpYLOOHTXLFRPPHQRXVO
DYRQVGLWpWDLWGHJDUGHFH
VRLUOj'
DLOOHXUV*HUPDLQpWDLWGDQVOHVLQWpUrWVGHODUHLQHHWVLTXHOTXH
FKRVHDUULYDLW0PH%RQDFLHX[VHUDLWDFFXVpHG
DYRLULQWURGXLWVRQDPDQWDX
/RXYUHYRLOjWRXWHOOHSUHQDLWVXUHOOHOHFULPHVDUpSXWDWLRQpWDLW
SHUGXHLOHVWYUDLPDLVGHTXHOOHYDOHXUpWDLWGDQVOHPRQGHODUpSXWDWLRQ
G
XQHSHWLWHPHUFLqUH"
8QHIRLVHQWUpVGDQVO
LQWpULHXUGHODFRXUOHGXFHWODMHXQHIHPPHVXLYLUHQW
OHSLHGGHODPXUDLOOHSHQGDQWO
HVSDFHG
HQYLURQYLQJWFLQTSDVFHWHVSDFH
SDUFRXUX0PH%RQDFLHX[SRXVVDXQHSHWLWHSRUWHGHVHUYLFHRXYHUWHOHMRXU
PDLVRUGLQDLUHPHQWIHUPpHODQXLWODSRUWHFpGDWRXVGHX[HQWUqUHQWHWVH
WURXYqUHQWGDQVO
REVFXULWpPDLV0PH%RQDFLHX[FRQQDLVVDLWWRXVOHVWRXUVHW
GpWRXUVGHFHWWHSDUWLHGX/RXYUHGHVWLQpHDX[JHQVGHODVXLWH(OOHUHIHUPD
OHVSRUWHVGHUULqUHHOOHSULWOHGXFSDUODPDLQILWTXHOTXHVSDVHQ
WkWRQQDQWVDLVLWXQHUDPSHWRXFKDGXSLHGXQGHJUpHWFRPPHQoDGHPRQWHUXQ
HVFDOLHUOHGXFFRPSWDGHX[pWDJHV$ORUVHOOHSULWjGURLWHVXLYLWXQORQJ
FRUULGRUUHGHVFHQGLWXQpWDJHILWTXHOTXHVSDVHQFRUHLQWURGXLVLWXQHFOHI
GDQVXQHVHUUXUHRXYULWXQHSRUWHHWSRXVVDOHGXFGDQVXQDSSDUWHPHQWpFODLUp
VHXOHPHQWSDUXQHODPSHGHQXLWHQGLVDQW5HVWH]LFL0LORUGGXFRQYD
YHQLU3XLVHOOHVRUWLWSDUODPrPHSRUWHTX
HOOHIHUPDjODFOHIGHVRUWH
TXHOHGXFVHWURXYDOLWWpUDOHPHQWSULVRQQLHU
&HSHQGDQWWRXWLVROpTX
LOVHWURXYDLWLOIDXWOHGLUHOHGXFGH%XFNLQJKDP
Q
pSURXYDSDVXQLQVWDQWGHFUDLQWHXQGHVF{WpVVDLOODQWVGHVRQFDUDFWqUH
pWDLWODUHFKHUFKHGHO
DYHQWXUHHWO
DPRXUGXURPDQHVTXH%UDYHKDUGL
HQWUHSUHQDQWFHQ
pWDLWSDVODSUHPLqUHIRLVTX
LOULVTXDLWVDYLHGDQVGH
SDUHLOOHVWHQWDWLYHVLODYDLWDSSULVTXHFHSUpWHQGXPHVVDJHG
$QQH
G
$XWULFKHVXUODIRLGXTXHOLOpWDLWYHQXj3DULVpWDLWXQSLqJHHWDXOLHX
GHUHJDJQHUO
$QJOHWHUUHLODYDLWDEXVDQWGHODSRVLWLRQTX
RQOXLDYDLW
IDLWHGpFODUpjODUHLQHTX
LOQHSDUWLUDLWSDVVDQVO
DYRLUYXH/DUHLQH
DYDLWSRVLWLYHPHQWUHIXVpG
DERUGSXLVHQILQHOOHDYDLWFUDLQWTXHOHGXF
H[DVSpUpQHIvWTXHOTXHIROLH'pMjHOOHpWDLWGpFLGpHjOHUHFHYRLUHWjOH
VXSSOLHUGHSDUWLUDXVVLW{WORUVTXHOHVRLUPrPHGHFHWWHGpFLVLRQ0PH
%RQDFLHX[TXLpWDLWFKDUJpHG
DOOHUFKHUFKHUOHGXFHWGHOHFRQGXLUHDX
/RXYUHIXWHQOHYpH3HQGDQWGHX[MRXUVRQLJQRUDFRPSOqWHPHQWFHTX
HOOHpWDLW
GHYHQXHHWWRXWUHVWDHQVXVSHQV0DLVXQHIRLVOLEUHXQHIRLVUHPLVHHQ
UDSSRUWDYHF/D3RUWHOHVFKRVHVDYDLHQWUHSULVOHXUFRXUVHWHOOHYHQDLW
G
DFFRPSOLUODSpULOOHXVHHQWUHSULVHTXHVDQVVRQDUUHVWDWLRQHOOHHW
H[pFXWpHWURLVMRXUVSOXVW{W
%XFNLQJKDPUHVWpVHXOV
DSSURFKDG
XQHJODFH&HWKDELWGHPRXVTXHWDLUHOXL
DOODLWjPHUYHLOOH
$WUHQWHFLQTDQVTX
LODYDLWDORUVLOSDVVDLWjMXVWHWLWUHSRXUOHSOXVEHDX
JHQWLOKRPPHHWSRXUOHSOXVpOpJDQWFDYDOLHUGH)UDQFHHWG
$QJOHWHUUH
)DYRULGHGHX[URLVULFKHjPLOOLRQVWRXWSXLVVDQWGDQVXQUR\DXPHTX
LO
ERXOHYHUVDLWjVDIDQWDLVLHHWFDOPDLWjVRQFDSULFH*HRUJHV9LOOLHUVGXFGH
%XFNLQJKDPDYDLWHQWUHSULVXQHGHFHVH[LVWHQFHVIDEXOHXVHVTXLUHVWHQWGDQVOH
FRXUVGHVVLqFOHVFRPPHXQpWRQQHPHQWSRXUODSRVWpULWp
$XVVLVUGHOXLPrPHFRQYDLQFXGHVDSXLVVDQFHFHUWDLQTXHOHVORLVTXL
UpJLVVHQWOHVDXWUHVKRPPHVQHSRXYDLHQWO
DWWHLQGUHDOODLWLOGURLWDXEXW

TX
LOV
pWDLWIL[pFHEXWIWLOVLpOHYpHWVLpEORXLVVDQWTXHF
HWpWpIROLH
SRXUXQDXWUHTXHGHO
HQYLVDJHUVHXOHPHQW&
HVWDLQVLTX
LOpWDLWDUULYpj
V
DSSURFKHUSOXVLHXUVIRLVGHODEHOOHHWILqUH$QQHG
$XWULFKHHWjV
HQIDLUH
DLPHUjIRUFHG
pEORXLVVHPHQW
*HRUJHV9LOOLHUVVHSODoDGRQFGHYDQWXQHJODFHFRPPHQRXVO
DYRQVGLWUHQGLW
jVDEHOOHFKHYHOXUHEORQGHOHVRQGXODWLRQVTXHOHSRLGVGHVRQFKDSHDXOXL
DYDLWIDLWSHUGUHUHWURXVVDVDPRXVWDFKHHWOHFRHXUWRXWJRQIOpGHMRLH
KHXUHX[HWILHUGHWRXFKHUDXPRPHQWTX
LODYDLWVLORQJWHPSVGpVLUpVHVRXULW
jOXLPrPHG
RUJXHLOHWG
HVSRLU
(QFHPRPHQWXQHSRUWHFDFKpHGDQVODWDSLVVHULHV
RXYULWHWXQHIHPPHDSSDUXW
%XFNLQJKDPYLWFHWWHDSSDULWLRQGDQVODJODFHLOMHWDXQFULF
pWDLWODUHLQH

$QQHG
$XWULFKHDYDLWDORUVYLQJWVL[RXYLQJWVHSWDQVF
HVWjGLUHTX
HOOHVH
WURXYDLWGDQVWRXWO
pFODWGHVDEHDXWp
6DGpPDUFKHpWDLWFHOOHG
XQHUHLQHRXG
XQHGpHVVHVHV\HX[TXLMHWDLHQWGHV
UHIOHWVG
pPHUDXGHpWDLHQWSDUIDLWHPHQWEHDX[HWWRXWjODIRLVSOHLQVGH
GRXFHXUHWGHPDMHVWp
6DERXFKHpWDLWSHWLWHHWYHUPHLOOHHWTXRLTXHVDOqYUHLQIpULHXUHFRPPHFHOOH
GHVSULQFHVGHODPDLVRQG
$XWULFKHDYDQokWOpJqUHPHQWVXUO
DXWUHHOOHpWDLW
pPLQHPPHQWJUDFLHXVHGDQVOHVRXULUHPDLVDXVVLSURIRQGpPHQWGpGDLJQHXVHGDQV
OHPpSULV
6DSHDXpWDLWFLWpHSRXUVDGRXFHXUHWVRQYHORXWpVDPDLQHWVHVEUDVpWDLHQW
G
XQHEHDXWpVXUSUHQDQWHHWWRXVOHVSRqWHVGXWHPSVOHVFKDQWDLHQWFRPPH
LQFRPSDUDEOHV
(QILQVHVFKHYHX[TXLGHEORQGVTX
LOVpWDLHQWGDQVVDMHXQHVVHpWDLHQW
GHYHQXVFKkWDLQVHWTX
HOOHSRUWDLWIULVpVWUqVFODLUHWDYHFEHDXFRXSGH
SRXGUHHQFDGUDLHQWDGPLUDEOHPHQWVRQYLVDJHDXTXHOOHFHQVHXUOHSOXVULJLGH
Q
HWSXVRXKDLWHUTX
XQSHXPRLQVGHURXJHHWOHVWDWXDLUHOHSOXVH[LJHDQW
TX
XQSHXSOXVGHILQHVVHGDQVOHQH]
%XFNLQJKDPUHVWDXQLQVWDQWpEORXLMDPDLV$QQHG
$XWULFKHQHOXLpWDLWDSSDUXH
DXVVLEHOOHDXPLOLHXGHVEDOVGHVIrWHVGHVFDUURXVHOVTX
HOOHOXLDSSDUXW
HQFHPRPHQWYrWXHG
XQHVLPSOHUREHGHVDWLQEODQFHWDFFRPSDJQpHGHGRxD
(VWpIDQLDODVHXOHGHVHVIHPPHVHVSDJQROHVTXLQ
HWSDVpWpFKDVVpHSDUOD
MDORXVLHGXURLHWSDUOHVSHUVpFXWLRQVGH5LFKHOLHX
$QQHG
$XWULFKHILWGHX[SDVHQDYDQW%XFNLQJKDPVHSUpFLSLWDjVHVJHQRX[HW
DYDQWTXHODUHLQHHWSXO
HQHPSrFKHULOEDLVDOHEDVGHVDUREH
'XFYRXVVDYH]GpMjTXHFHQ
HVWSDVPRLTXLYRXVDLIDLWpFULUH
2KRXL0DGDPHRXL9RWUH0DMHVWpV
pFULDOHGXFMHVDLVTXHM
DLpWp
XQIRXXQLQVHQVpGHFURLUHTXHODQHLJHV
DQLPHUDLWTXHOHPDUEUH
V
pFKDXIIHUDLWPDLVTXHYRXOH]YRXVTXDQGRQDLPHRQFURLWIDFLOHPHQWj
O
DPRXUG
DLOOHXUVMHQ
DLSDVWRXWSHUGXjFHYR\DJHSXLVTXHMHYRXVYRLV

2XLUpSRQGLW$QQHPDLVYRXVVDYH]SRXUTXRLHWFRPPHQWMHYRXVYRLV0LORUG
-HYRXVYRLVSDUSLWLpSRXUYRXVPrPHMHYRXVYRLVSDUFHTX
LQVHQVLEOHj
WRXWHVPHVSHLQHVYRXVYRXVrWHVREVWLQpjUHVWHUGDQVXQHYLOOHRHQ
UHVWDQWYRXVFRXUH]ULVTXHGHODYLHHWPHIDLWHVFRXULUULVTXHGHPRQKRQQHXU
MHYRXVYRLVSRXUYRXVGLUHTXHWRXWQRXVVpSDUHOHVSURIRQGHXUVGHODPHU
O
LQLPLWLpGHVUR\DXPHVODVDLQWHWpGHVVHUPHQWV,OHVWVDFULOqJHGHOXWWHU
FRQWUHWDQWGHFKRVHV0LORUG-HYRXVYRLVHQILQSRXUYRXVGLUHTX
LOQHIDXW
SOXVQRXVYRLU
3DUOH]0DGDPHSDUOH]UHLQHGLW%XFNLQJKDPODGRXFHXUGHYRWUHYRL[
FRXYUHODGXUHWpGHYRVSDUROHV9RXVSDUOH]GHVDFULOqJHPDLVOHVDFULOqJH
HVWGDQVODVpSDUDWLRQGHVFRHXUVTXH'LHXDYDLWIRUPpVO
XQSRXUO
DXWUH
0LORUGV
pFULDODUHLQHYRXVRXEOLH]TXHMHQHYRXVDLMDPDLVGLWTXHMH
YRXVDLPDLV
0DLVYRXVQHP
DYH]MDPDLVGLWQRQSOXVTXHYRXVQHP
DLPLH]SRLQWHW
YUDLPHQWPHGLUHGHVHPEODEOHVSDUROHVFHVHUDLWGHODSDUWGH9RWUH0DMHVWp
XQHWURSJUDQGHLQJUDWLWXGH&DUGLWHVPRLRWURXYH]YRXVXQDPRXUSDUHLODX
PLHQXQDPRXUTXHQLOHWHPSVQLO
DEVHQFHQLOHGpVHVSRLUQHSHXYHQW
pWHLQGUHXQDPRXUTXLVHFRQWHQWHG
XQUXEDQpJDUpG
XQUHJDUGSHUGXG
XQH
SDUROHpFKDSSpH"
,O\DWURLVDQV0DGDPHTXHMHYRXVDLYXHSRXUODSUHPLqUHIRLVHWGHSXLV
WURLVDQVMHYRXVDLPHDLQVL
9RXOH]YRXVTXHMHYRXVGLVHFRPPHQWYRXVpWLH]YrWXHODSUHPLqUHIRLVTXHMH
YRXVYLV"YRXOH]YRXVTXHMHGpWDLOOHFKDFXQGHVRUQHPHQWVGHYRWUHWRLOHWWH"
7HQH]MHYRXVYRLVHQFRUHYRXVpWLH]DVVLVHVXUGHVFDUUHDX[jODPRGH
G
(VSDJQHYRXVDYLH]XQHUREHGHVDWLQYHUWDYHFGHVEURGHULHVG
RUHW
G
DUJHQWGHVPDQFKHVSHQGDQWHVHWUHQRXpHVVXUYRVEHDX[EUDVVXUFHVEUDV
DGPLUDEOHVDYHFGHJURVGLDPDQWVYRXVDYLH]XQHIUDLVHIHUPpHXQSHWLW
ERQQHWVXUYRWUHWrWHGHODFRXOHXUGHYRWUHUREHHWVXUFHERQQHWXQHSOXPH
GHKpURQ
2KWHQH]WHQH]MHIHUPHOHV\HX[HWMHYRXVYRLVWHOOHTXHYRXVpWLH]
DORUVMHOHVURXYUHHWMHYRXVYRLVWHOOHTXHYRXVrWHVPDLQWHQDQW
F
HVWjGLUHFHQWIRLVSOXVEHOOHHQFRUH
4XHOOHIROLHPXUPXUD$QQHG
$XWULFKHTXLQ
DYDLWSDVOHFRXUDJHG
HQ
YRXORLUDXGXFG
DYRLUVLELHQFRQVHUYpVRQSRUWUDLWGDQVVRQFRHXUTXHOOH
IROLHGHQRXUULUXQHSDVVLRQLQXWLOHDYHFGHSDUHLOVVRXYHQLUV
(WDYHFTXRLYRXOH]YRXVGRQFTXHMHYLYH"MHQ
DLTXHGHVVRXYHQLUVPRL
&
HVWPRQERQKHXUPRQWUpVRUPRQHVSpUDQFH&KDTXHIRLVTXHMHYRXVYRLV
F
HVWXQGLDPDQWGHSOXVTXHMHUHQIHUPHGDQVO
pFULQGHPRQFRHXU&HOXLFLHVW
OHTXDWULqPHTXHYRXVODLVVH]WRPEHUHWTXHMHUDPDVVHFDUHQWURLVDQV
0DGDPHMHQHYRXVDLYXHTXHTXDWUHIRLVFHWWHSUHPLqUHTXHMHYLHQVGHYRXV
GLUHODVHFRQGHFKH]0PHGH&KHYUHXVHODWURLVLqPHGDQVOHVMDUGLQVG
$PLHQV
'XFGLWODUHLQHHQURXJLVVDQWQHSDUOH]SDVGHFHWWHVRLUpH
2KSDUORQVHQDXFRQWUDLUH0DGDPHSDUORQVHQF
HVWODVRLUpHKHXUHXVH

HWUD\RQQDQWHGHPDYLH9RXVUDSSHOH]YRXVODEHOOHQXLWTX
LOIDLVDLW"&RPPH
O
DLUpWDLWGRX[HWSDUIXPpFRPPHOHFLHOpWDLWEOHXHWWRXWpPDLOOpG
pWRLOHV
$KFHWWHIRLV0DGDPHM
DYDLVSXrWUHXQLQVWDQWVHXODYHFYRXVFHWWH
IRLVYRXVpWLH]SUrWHjWRXWPHGLUHO
LVROHPHQWGHYRWUHYLHOHVFKDJULQVGH
YRWUHFRHXU9RXVpWLH]DSSX\pHjPRQEUDVWHQH]jFHOXLFL-HVHQWDLVHQ
LQFOLQDQWPDWrWHjYRWUHF{WpYRVEHDX[FKHYHX[HIIOHXUHUPRQYLVDJHHW
FKDTXHIRLVTX
LOVO
HIIOHXUDLHQWMHIULVVRQQDLVGHODWrWHDX[SLHGV2K
UHLQHUHLQHRKYRXVQHVDYH]SDVWRXWFHTX
LO\DGHIpOLFLWpVGXFLHOGH
MRLHVGXSDUDGLVHQIHUPpHVGDQVXQPRPHQWSDUHLO7HQH]PHVELHQVPDIRUWXQH
PDJORLUHWRXWFHTX
LOPHUHVWHGHMRXUVjYLYUHSRXUXQSDUHLOLQVWDQWHW
SRXUXQHVHPEODEOHQXLWFDUFHWWHQXLWOj0DGDPHFHWWHQXLWOjYRXV
P
DLPLH]MHYRXVOHMXUH
0LORUGLOHVWSRVVLEOHRXLTXHO
LQIOXHQFHGXOLHXTXHOHFKDUPHGHFHWWH
EHOOHVRLUpHTXHODIDVFLQDWLRQGHYRWUHUHJDUGTXHFHVPLOOHFLUFRQVWDQFHV
HQILQTXLVHUpXQLVVHQWSDUIRLVSRXUSHUGUHXQHIHPPHVHVRLHQWJURXSpHVDXWRXU
GHPRLGDQVFHWWHIDWDOHVRLUpHPDLVYRXVO
DYH]YX0LORUGODUHLQHHVW
YHQXHDXVHFRXUVGHODIHPPHTXLIDLEOLVVDLWDXSUHPLHUPRWTXHYRXVDYH]RVp
GLUHjODSUHPLqUHKDUGLHVVHjODTXHOOHM
DLHXjUpSRQGUHM
DLDSSHOp
2KRXLRXLFHODHVWYUDLHWXQDXWUHDPRXUTXHOHPLHQDXUDLWVXFFRPEpj
FHWWHpSUHXYHPDLVPRQDPRXUjPRLHQHVWVRUWLSOXVDUGHQWHWSOXVpWHUQHO
9RXVDYH]FUXPHIXLUHQUHYHQDQWj3DULVYRXVDYH]FUXTXHMHQ
RVHUDLV
TXLWWHUOHWUpVRUVXUOHTXHOPRQPDvWUHP
DYDLWFKDUJpGHYHLOOHU$KTXH
P
LPSRUWHQWjPRLWRXVOHVWUpVRUVGXPRQGHHWWRXVOHVURLVGHODWHUUH+XLW
MRXUVDSUqVM
pWDLVGHUHWRXU0DGDPH&HWWHIRLVYRXVQ
DYH]ULHQHXjPH
GLUHM
DYDLVULVTXpPDIDYHXUPDYLHSRXUYRXVYRLUXQHVHFRQGHMHQ
DLSDV
PrPHWRXFKpYRWUHPDLQHWYRXVP
DYH]SDUGRQQpHQPHYR\DQWVLVRXPLVHWVL
UHSHQWDQW
2XLPDLVODFDORPQLHV
HVWHPSDUpHGHWRXWHVFHVIROLHVGDQVOHVTXHOOHVMH
Q
pWDLVSRXUULHQYRXVOHVDYH]ELHQ0LORUG/HURLH[FLWpSDU0OH
FDUGLQDODIDLWXQpFODWWHUULEOH0PHGH9HUQHWDpWpFKDVVpH3XWDQJHH[LOp
0PHGH&KHYUHXVHHVWWRPEpHHQGpIDYHXUHWORUVTXHYRXVDYH]YRXOXUHYHQLU
FRPPHDPEDVVDGHXUHQ)UDQFHOHURLOXLPrPHVRXYHQH]YRXVHQ0LORUGOHURL
OXLPrPHV
\HVWRSSRVp
2XLHWOD)UDQFHYDSD\HUG
XQHJXHUUHOHUHIXVGHVRQURL-HQHSXLVSOXV
YRXVYRLU0DGDPHHKELHQMHYHX[FKDTXHMRXUTXHYRXVHQWHQGLH]SDUOHUGH
PRL
4XHOEXWSHQVH]YRXVTX
DLHQWHXFHWWHH[SpGLWLRQGH5pHWFHWWHOLJXHDYHF
OHVSURWHVWDQWVGH/D5RFKHOOHTXHMHSURMHWWH"/HSODLVLUGHYRXVYRLU
-HQ
DLSDVO
HVSRLUGHSpQpWUHUjPDLQDUPpHMXVTX
j3DULVMHOHVDLVELHQ
PDLVFHWWHJXHUUHSRXUUDDPHQHUXQHSDL[FHWWHSDL[QpFHVVLWHUDXQQpJRFLDWHXU
FHQpJRFLDWHXUFHVHUDPRL2QQ
RVHUDSOXVPHUHIXVHUDORUVHWMHUHYLHQGUDLj
3DULVHWMHYRXVUHYHUUDLHWMHVHUDLKHXUHX[XQLQVWDQW'HVPLOOLHUV
G
KRPPHVLOHVWYUDLDXURQWSD\pPRQERQKHXUGHOHXUYLHPDLVTXH
P
LPSRUWHUDjPRLSRXUYXTXHMHYRXVUHYRLH7RXWFHODHVWSHXWrWUHELHQ
IRXSHXWrWUHELHQLQVHQVpPDLVGLWHVPRLTXHOOHIHPPHDXQDPDQWSOXV
DPRXUHX["TXHOOHUHLQHDHXXQVHUYLWHXUSOXVDUGHQW"

0LORUG0LORUGYRXVLQYRTXH]SRXUYRWUHGpIHQVHGHVFKRVHVTXLYRXVDFFXVHQW
HQFRUH0LORUGWRXWHVFHVSUHXYHVG
DPRXUTXHYRXVYRXOH]PHGRQQHUVRQW
SUHVTXHGHVFULPHV
3DUFHTXHYRXVQHP
DLPH]SDV0DGDPHVLYRXVP
DLPLH]YRXVYHUULH]WRXW
FHODDXWUHPHQWVLYRXVP
DLPLH]RKPDLVVLYRXVP
DLPLH]FHVHUDLWWURS
GHERQKHXUHWMHGHYLHQGUDLVIRX$K0PHGH&KHYUHXVHGRQWYRXVSDUOLH]WRXW
jO
KHXUH0PHGH&KHYUHXVHDpWpPRLQVFUXHOOHTXHYRXV+ROODQGO
DDLPpHHW
HOOHDUpSRQGXjVRQDPRXU
0PHGH&KHYUHXVHQ
pWDLWSDVUHLQHPXUPXUD$QQHG
$XWULFKHYDLQFXHPDOJUp
HOOHSDUO
H[SUHVVLRQG
XQDPRXUVLSURIRQG
9RXVP
DLPHULH]GRQFVLYRXVQHO
pWLH]SDVYRXV0DGDPHGLWHVYRXV
P
DLPHULH]GRQF"-HSXLVGRQFFURLUHTXHF
HVWODGLJQLWpVHXOHGHYRWUHUDQJ
TXLYRXVIDLWFUXHOOHSRXUPRLMHSXLVGRQFFURLUHTXHVLYRXVHXVVLH]pWp0PH
GH&KHYUHXVHOHSDXYUH%XFNLQJKDPDXUDLWSXHVSpUHU"0HUFLGHFHVGRXFHV
SDUROHV{PDEHOOH0DMHVWpFHQWIRLVPHUFL
$K0LORUGYRXVDYH]PDOHQWHQGXPDOLQWHUSUpWpMHQ
DLSDVYRXOX
GLUH
6LOHQFH6LOHQFHGLWOHGXFVLMHVXLVKHXUHX[G
XQHHUUHXUQ
D\H]SDV
ODFUXDXWpGHPHO
HQOHYHU9RXVO
DYH]GLWYRXVPrPHRQP
DDWWLUpGDQVXQ
SLqJHM
\ODLVVHUDLPDYLHSHXWrWUHFDUWHQH]F
HVWpWUDQJHGHSXLVTXHOTXH
WHPSVM
DLGHVSUHVVHQWLPHQWVTXHMHYDLVPRXULU(WOHGXFVRXULWG
XQ
VRXULUHWULVWHHWFKDUPDQWjODIRLV
2KPRQ'LHXV
pFULD$QQHG
$XWULFKHDYHFXQDFFHQWG
HIIURLTXLSURXYDLW
TXHOLQWpUrWSOXVJUDQGTX
HOOHQHOHYRXODLWGLUHHOOHSUHQDLWDXGXF
-HQHYRXVGLVSRLQWFHODSRXUYRXVHIIUD\HU0DGDPHQRQF
HVWPrPH
ULGLFXOHFHTXHMHYRXVGLVHWFUR\H]TXHMHQHPHSUpRFFXSHSRLQWGHSDUHLOV
UrYHV0DLVFHPRWTXHYRXVYHQH]GHGLUHFHWWHHVSpUDQFHTXHYRXVP
DYH]
SUHVTXHGRQQpHDXUDWRXWSD\pIWFHPrPHPDYLH
(KELHQGLW$QQHG
$XWULFKHPRLDXVVLGXFPRLM
DLGHVSUHVVHQWLPHQWV
PRLDXVVLM
DLGHVUrYHV-
DLVRQJpTXHMHYRXVYR\DLVFRXFKpVDQJODQWIUDSSp
G
XQHEOHVVXUH
$XF{WpJDXFKHQ
HVWFHSDVDYHFXQFRXWHDX"LQWHUURPSLW%XFNLQJKDP
2XLF
HVWFHOD0LORUGF
HVWFHODDXF{WpJDXFKHDYHFXQFRXWHDX4XLDSX
YRXVGLUHTXHM
DYDLVIDLWFHUrYH"-HQHO
DLFRQILpTX
j'LHXHWHQFRUHGDQV
PHVSULqUHV
-HQ
HQYHX[SDVGDYDQWDJHHWYRXVP
DLPH]0DGDPHF
HVWELHQ
-HYRXVDLPHPRL"
2XLYRXV'LHXYRXVHQYHUUDLWLOOHVPrPHVUrYHVTX
jPRLVLYRXVQH
P
DLPLH]SDV"$XULRQVQRXVOHVPrPHVSUHVVHQWLPHQWVVLQRVGHX[H[LVWHQFHVQH
VHWRXFKDLHQWSDVSDUOHFRHXU"9RXVP
DLPH]{UHLQHHWYRXVPHSOHXUHUH]"

2KPRQ'LHXPRQ'LHXV
pFULD$QQHG
$XWULFKHF
HVWSOXVTXHMHQ
HQ
SXLVVXSSRUWHU7HQH]GXFDXQRPGX&LHOSDUWH]UHWLUH]YRXVMHQHVDLVVL
MHYRXVDLPHRXVLMHQHYRXVDLPHSDVPDLVFHTXHMHVDLVF
HVWTXHMHQH
VHUDLSRLQWSDUMXUH3UHQH]GRQFSLWLpGHPRLHWSDUWH]2KVLYRXVrWHV
IUDSSpHQ)UDQFHVLYRXVPRXUH]HQ)UDQFHVLMHSRXYDLVVXSSRVHUTXHYRWUH
DPRXUSRXUPRLIWFDXVHGHYRWUHPRUWMHQHPHFRQVROHUDLVMDPDLVM
HQ
GHYLHQGUDLVIROOH3DUWH]GRQFSDUWH]MHYRXVHQVXSSOLH
2KTXHYRXVrWHVEHOOHDLQVL2KTXHMHYRXVDLPHGLW%XFNLQJKDP
3DUWH]SDUWH]MHYRXVHQVXSSOLHHWUHYHQH]SOXVWDUGUHYHQH]FRPPH
DPEDVVDGHXUUHYHQH]FRPPHPLQLVWUHUHYHQH]HQWRXUpGHJDUGHVTXLYRXV
GpIHQGURQWGHVHUYLWHXUVTXLYHLOOHURQWVXUYRXVHWDORUVMHQHFUDLQGUDLSOXV
SRXUYRVMRXUVHWM
DXUDLGXERQKHXUjYRXVUHYRLU
2KHVWFHELHQYUDLFHTXHYRXVPHGLWHV"
2XL
(KELHQXQJDJHGHYRWUHLQGXOJHQFHXQREMHWTXLYLHQQHGHYRXVHWTXLPH
UDSSHOOHTXHMHQ
DLSRLQWIDLWXQUrYHTXHOTXHFKRVHTXHYRXVD\H]SRUWpHW
TXHMHSXLVVHSRUWHUjPRQWRXUXQHEDJXHXQFROOLHUXQHFKDvQH
(WSDUWLUH]YRXVSDUWLUH]YRXVVLMHYRXVGRQQHFHTXHYRXVPHGHPDQGH]"
2XL
$O
LQVWDQWPrPH"
2XL
9RXVTXLWWHUH]OD)UDQFHYRXVUHWRXUQHUH]HQ$QJOHWHUUH"
2XLMHYRXVOHMXUH
$WWHQGH]DORUVDWWHQGH]
(W$QQHG
$XWULFKHUHQWUDGDQVVRQDSSDUWHPHQWHWHQVRUWLWSUHVTXHDXVVLW{W
WHQDQWjODPDLQXQSHWLWFRIIUHWHQERLVGHURVHjVRQFKLIIUHWRXWLQFUXVWp
G
RU
7HQH]0LORUGGXFWHQH]GLWHOOHJDUGH]FHODHQPpPRLUHGHPRL
%XFNLQJKDPSULWOHFRIIUHWHWWRPEDXQHVHFRQGHIRLVjJHQRX[
9RXVP
DYH]SURPLVGHSDUWLUGLWODUHLQH
(WMHWLHQVPDSDUROH9RWUHPDLQYRWUHPDLQ0DGDPHHWMHSDUV
$QQHG
$XWULFKHWHQGLWVDPDLQHQIHUPDQWOHV\HX[HWHQV
DSSX\DQWGHO
DXWUH
VXU(VWpIDQLDFDUHOOHVHQWDLWTXHOHVIRUFHVDOODLHQWOXLPDQTXHU

%XFNLQJKDPDSSX\DDYHFSDVVLRQVHVOqYUHVVXUFHWWHEHOOHPDLQSXLVVHUHOHYDQW

$YDQWVL[PRLVGLWLOVLMHQHVXLVSDVPRUWMHYRXVDXUDLUHYXH0DGDPH
GXVVpMHERXOHYHUVHUOHPRQGHSRXUFHOD
(WILGqOHjODSURPHVVHTX
LODYDLWIDLWHLOV
pODQoDKRUVGHO
DSSDUWHPHQW
'DQVOHFRUULGRULOUHQFRQWUD0PH%RQDFLHX[TXLO
DWWHQGDLWHWTXLDYHFOHV
PrPHVSUpFDXWLRQVHWOHPrPHERQKHXUOHUHFRQGXLVLWKRUVGX/RXYUH


&KDSLWUH;,,,
0216,(85%21$&,(8;


,O\DYDLWGDQVWRXWFHODFRPPHRQDSXOHUHPDUTXHUXQSHUVRQQDJHGRQW
PDOJUpVDSRVLWLRQSUpFDLUHRQQ
DYDLWSDUXV
LQTXLpWHUTXHIRUWPpGLRFUHPHQW
FHSHUVRQQDJHpWDLW0%RQDFLHX[UHVSHFWDEOHPDUW\UGHVLQWULJXHVSROLWLTXHVHW
DPRXUHXVHVTXLV
HQFKHYrWUDLHQWVLELHQOHVXQHVDX[DXWUHVGDQVFHWWHpSRTXHj
ODIRLVVLFKHYDOHUHVTXHHWVLJDODQWH
+HXUHXVHPHQWOHOHFWHXUVHOHUDSSHOOHRXQHVHOHUDSSHOOHSDVKHXUHXVHPHQW
TXHQRXVDYRQVSURPLVGHQHSDVOHSHUGUHGHYXH
/HVHVWDILHUVTXLO
DYDLHQWDUUrWpOHFRQGXLVLUHQWGURLWjOD%DVWLOOHRRQOH
ILWSDVVHUWRXWWUHPEODQWGHYDQWXQSHORWRQGHVROGDWVTXLFKDUJHDLHQWOHXUV
PRXVTXHWV
'HOjLQWURGXLWGDQVXQHJDOHULHGHPLVRXWHUUDLQHLOIXWGHODSDUWGHFHX[
TXLO
DYDLHQWDPHQpO
REMHWGHVSOXVJURVVLqUHVLQMXUHVHWGHVSOXVIDURXFKHV
WUDLWHPHQWV/HVVELUHVYR\DLHQWTX
LOVQ
DYDLHQWSDVDIIDLUHjXQJHQWLOKRPPH
HWLOVOHWUDLWDLHQWHQYpULWDEOHFURTXDQW
$XERXWG
XQHGHPLKHXUHjSHXSUqVXQJUHIILHUYLQWPHWWUHILQjVHVWRUWXUHV
PDLVQRQSDVjVHVLQTXLpWXGHVHQGRQQDQWO
RUGUHGHFRQGXLUH0%RQDFLHX[GDQV
ODFKDPEUHGHVLQWHUURJDWRLUHV2UGLQDLUHPHQWRQLQWHUURJHDLWOHVSULVRQQLHUV
FKH]HX[PDLVDYHF0%RQDFLHX[RQQ
\IDLVDLWSDVWDQWGHIDoRQV
'HX[JDUGHVV
HPSDUqUHQWGXPHUFLHUOXLILUHQWWUDYHUVHUXQHFRXUOHILUHQW
HQWUHUGDQVXQFRUULGRURLO\DYDLWWURLVVHQWLQHOOHVRXYULUHQWXQHSRUWHHW
OHSRXVVqUHQWGDQVXQHFKDPEUHEDVVHRLOQ
\DYDLWSRXUWRXVPHXEOHVTX
XQH
WDEOHXQHFKDLVHHWXQFRPPLVVDLUH/HFRPPLVVDLUHpWDLWDVVLVVXUODFKDLVHHW
RFFXSpjpFULUHVXUODWDEOH
/HVGHX[JDUGHVFRQGXLVLUHQWOHSULVRQQLHUGHYDQWODWDEOHHWVXUXQVLJQHGX
FRPPLVVDLUHV
pORLJQqUHQWKRUVGHODSRUWpHGHODYRL[

/HFRPPLVVDLUHTXLMXVTXHOjDYDLWWHQXVDWrWHEDLVVpHVXUVHVSDSLHUVOD
UHOHYDSRXUYRLUjTXLLODYDLWDIIDLUH&HFRPPLVVDLUHpWDLWXQKRPPHjODPLQH
UpEDUEDWLYHDXQH]SRLQWXDX[SRPPHWWHVMDXQHVHWVDLOODQWHVDX[\HX[SHWLWV
PDLVLQYHVWLJDWHXUVHWYLIVjODSK\VLRQRPLHWHQDQWjODIRLVGHODIRXLQHHW
GXUHQDUG6DWrWHVXSSRUWpHSDUXQFRXORQJHWPRELOHVRUWDLWGHVDODUJH
UREHQRLUHHQVHEDODQoDQWDYHFXQPRXYHPHQWjSHXSUqVSDUHLOjFHOXLGHOD
WRUWXHWLUDQWVDWrWHKRUVGHVDFDUDSDFH
,OFRPPHQoDSDUGHPDQGHUj0%RQDFLHX[VHVQRPHWSUpQRPVVRQkJHVRQpWDWHW
VRQGRPLFLOH
/
DFFXVpUpSRQGLWTX
LOV
DSSHODLW-DFTXHV0LFKHO%RQDFLHX[TX
LOpWDLWkJpGH
FLQTXDQWHHWXQDQVPHUFLHUUHWLUpHWTX
LOGHPHXUDLWUXHGHV)RVVR\HXUVQ
/HFRPPLVVDLUHDORUVDXOLHXGHFRQWLQXHUjO
LQWHUURJHUOXLILWXQJUDQG
GLVFRXUVVXUOHGDQJHUTX
LO\DSRXUXQERXUJHRLVREVFXUjVHPrOHUGHVFKRVHV
SXEOLTXHV
,OFRPSOLTXDFHWH[RUGHG
XQHH[SRVLWLRQGDQVODTXHOOHLOUDFRQWDODSXLVVDQFH
HWOHVDFWHVGH0OHFDUGLQDOFHPLQLVWUHLQFRPSDUDEOHFHYDLQTXHXUGHV
PLQLVWUHVSDVVpVFHWH[HPSOHGHVPLQLVWUHVjYHQLUDFWHVHWSXLVVDQFHTXHQXO
QHFRQWUHFDUUDLWLPSXQpPHQW
$SUqVFHWWHGHX[LqPHSDUWLHGHVRQGLVFRXUVIL[DQWVRQUHJDUGG
pSHUYLHUVXUOH
SDXYUH%RQDFLHX[LOO
LQYLWDjUpIOpFKLUjODJUDYLWpGHVDVLWXDWLRQ
/HVUpIOH[LRQVGXPHUFLHUpWDLHQWWRXWHVIDLWHVLOGRQQDLWDXGLDEOHO
LQVWDQW
R0GH/D3RUWHDYDLWHXO
LGpHGHOHPDULHUDYHFVDILOOHXOHHWO
LQVWDQW
VXUWRXWRFHWWHILOOHXOHDYDLWpWpUHoXHGDPHGHODOLQJHULHFKH]ODUHLQH
/HIRQGGXFDUDFWqUHGHPDvWUH%RQDFLHX[pWDLWXQSURIRQGpJRwVPHPrOpjXQH
DYDULFHVRUGLGHOHWRXWDVVDLVRQQpG
XQHSROWURQQHULHH[WUrPH/
DPRXUTXHOXL
DYDLWLQVSLUpVDMHXQHIHPPHpWDQWXQVHQWLPHQWWRXWVHFRQGDLUHQHSRXYDLW
OXWWHUDYHFOHVVHQWLPHQWVSULPLWLIVTXHQRXVYHQRQVG
pQXPpUHU
%RQDFLHX[UpIOpFKLWHQHIIHWVXUFHTX
RQYHQDLWGHOXLGLUH
0DLV0RQVLHXUOHFRPPLVVDLUHGLWLOWLPLGHPHQWFUR\H]ELHQTXHMHFRQQDLV
HWTXHM
DSSUpFLHSOXVTXHSHUVRQQHOHPpULWHGHO
LQFRPSDUDEOH(PLQHQFHSDU
ODTXHOOHQRXVDYRQVO
KRQQHXUG
rWUHJRXYHUQpV
9UDLPHQW"GHPDQGDOHFRPPLVVDLUHG
XQDLUGHGRXWHPDLVV
LOHQpWDLW
YpULWDEOHPHQWDLQVLFRPPHQWVHULH]YRXVjOD%DVWLOOH"
&RPPHQWM
\VXLVRXSOXW{WSRXUTXRLM
\VXLVUpSOLTXD0%RQDFLHX[YRLOj
FHTX
LOP
HVWSDUIDLWHPHQWLPSRVVLEOHGHYRXVGLUHYXTXHMHO
LJQRUHPRLPrPH
PDLVjFRXSVUFHQ
HVWSDVSRXUDYRLUGpVREOLJpVFLHPPHQWGXPRLQV0OH
FDUGLQDO
,OIDXWFHSHQGDQWTXHYRXVD\H]FRPPLVXQFULPHSXLVTXHYRXVrWHVLFLDFFXVp
GHKDXWHWUDKLVRQ

'HKDXWHWUDKLVRQV
pFULD%RQDFLHX[pSRXYDQWpGHKDXWHWUDKLVRQHW
FRPPHQWYRXOH]YRXVTX
XQSDXYUHPHUFLHUTXLGpWHVWHOHVKXJXHQRWVHWTXL
DEKRUUHOHV(VSDJQROVVRLWDFFXVpGHKDXWHWUDKLVRQ"5pIOpFKLVVH]0RQVLHXUOD
FKRVHHVWPDWpULHOOHPHQWLPSRVVLEOH
0RQVLHXU%RQDFLHX[GLWOHFRPPLVVDLUHHQUHJDUGDQWO
DFFXVpFRPPHVLVHV
SHWLWV\HX[DYDLHQWODIDFXOWpGHOLUHMXVTX
DXSOXVSURIRQGGHVFRHXUV
0RQVLHXU%RQDFLHX[YRXVDYH]XQHIHPPH"
2XL0RQVLHXUUpSRQGLWOHPHUFLHUWRXWWUHPEODQWVHQWDQWTXHF
pWDLWOjR
OHVDIIDLUHVDOODLHQWV
HPEURXLOOHUF
HVWjGLUHM
HQDYDLVXQH
&RPPHQW"YRXVHQDYLH]XQHTX
HQDYH]YRXVIDLWVLYRXVQHO
DYH]SOXV"
2QPHO
DHQOHYpH0RQVLHXU
2QYRXVO
DHQOHYpH"GLWOHFRPPLVVDLUH$K
%RQDFLHX[VHQWLWjFHDKTXHO
DIIDLUHV
HPEURXLOODLWGHSOXVHQSOXV
2QYRXVO
DHQOHYpHUHSULWOHFRPPLVVDLUHHWVDYH]YRXVTXHOHVWO
KRPPH
TXLDFRPPLVFHUDSW"
-HFURLVOHFRQQDvWUH
4XHOHVWLO"
6RQJH]TXHMHQ
DIILUPHULHQ0RQVLHXUOHFRPPLVVDLUHHWTXHMHVRXSoRQQH
VHXOHPHQW
4XLVRXSoRQQH]YRXV"9R\RQVUpSRQGH]IUDQFKHPHQW
0%RQDFLHX[pWDLWGDQVODSOXVJUDQGHSHUSOH[LWpGHYDLWLOWRXWQLHURXWRXW
GLUH"(QQLDQWWRXWRQSRXYDLWFURLUHTX
LOHQVDYDLWWURSORQJSRXUDYRXHU
HQGLVDQWWRXWLOIDLVDLWSUHXYHGHERQQHYRORQWp,OVHGpFLGDGRQFjWRXW
GLUH
-HVRXSoRQQHGLWLOXQJUDQGEUXQGHKDXWHPLQHOHTXHODWRXWjIDLWO
DLU
G
XQJUDQGVHLJQHXULOQRXVDVXLYLVSOXVLHXUVIRLVjFHTX
LOP
DVHPEOp
TXDQGM
DWWHQGDLVPDIHPPHGHYDQWOHJXLFKHWGX/RXYUHSRXUODUDPHQHUFKH]PRL

/HFRPPLVVDLUHSDUXWpSURXYHUTXHOTXHLQTXLpWXGH
(WVRQQRP"GLWLO
2KTXDQWjVRQQRPMHQ
HQVDLVULHQPDLVVLMHOHUHQFRQWUHMDPDLVMH
OHUHFRQQDvWUDLjO
LQVWDQWPrPHMHYRXVHQUpSRQGVIWLOHQWUHPLOOH
SHUVRQQHV
/HIURQWGXFRPPLVVDLUHVHUHPEUXQLW
9RXVOHUHFRQQDvWULH]HQWUHPLOOHGLWHVYRXV"FRQWLQXDWLO

&
HVWjGLUHUHSULW%RQDFLHX[TXLYLWTX
LODYDLWIDLWIDXVVHURXWH
F
HVWjGLUH
9RXVDYH]UpSRQGXTXHYRXVOHUHFRQQDvWULH]GLWOHFRPPLVVDLUHF
HVWELHQ
HQYRLFLDVVH]SRXUDXMRXUG
KXLLOIDXWDYDQWTXHQRXVDOOLRQVSOXVORLQTXH
TXHOTX
XQVRLWSUpYHQXTXHYRXVFRQQDLVVH]OHUDYLVVHXUGHYRWUHIHPPH
0DLVMHQHYRXVDLSDVGLWTXHMHOHFRQQDLVVDLVV
pFULD%RQDFLHX[DX
GpVHVSRLU-HYRXVDLGLWDXFRQWUDLUH
(PPHQH]OHSULVRQQLHUGLWOHFRPPLVVDLUHDX[GHX[JDUGHV
(WRIDXWLOOHFRQGXLUH"GHPDQGDOHJUHIILHU
'DQVXQFDFKRW
'DQVOHTXHO"
2KPRQ'LHXGDQVOHSUHPLHUYHQXSRXUYXTX
LOIHUPHELHQUpSRQGLWOH
FRPPLVVDLUHDYHFXQHLQGLIIpUHQFHTXLSpQpWUDG
KRUUHXUOHSDXYUH%RQDFLHX[
+pODVKpODVVHGLWLOOHPDOKHXUHVWVXUPDWrWHPDIHPPHDXUDFRPPLV
TXHOTXHFULPHHIIUR\DEOHRQPHFURLWVRQFRPSOLFHHWO
RQPHSXQLUDDYHFHOOH
HOOHHQDXUDSDUOpHOOHDXUDDYRXpTX
HOOHP
DYDLWWRXWGLWXQHIHPPH
F
HVWVLIDLEOH8QFDFKRWOHSUHPLHUYHQXF
HVWFHODXQHQXLWHVWELHQW{W
SDVVpHHWGHPDLQjODURXHjODSRWHQFH2KPRQ'LHXPRQ'LHXD\H]
SLWLpGHPRL
6DQVpFRXWHUOHPRLQVGXPRQGHOHVODPHQWDWLRQVGHPDvWUH%RQDFLHX[
ODPHQWDWLRQVDX[TXHOOHVG
DLOOHXUVLOVGHYDLHQWrWUHKDELWXpVOHVGHX[JDUGHV
SULUHQWOHSULVRQQLHUSDUXQEUDVHWO
HPPHQqUHQWWDQGLVTXHOHFRPPLVVDLUH
pFULYDLWHQKkWHXQHOHWWUHTXHVRQJUHIILHUDWWHQGDLW
%RQDFLHX[QHIHUPDSDVO
RHLOQRQSDVTXHVRQFDFKRWIWSDUWURSGpVDJUpDEOH
PDLVSDUFHTXHVHVLQTXLpWXGHVpWDLHQWWURSJUDQGHV,OUHVWDWRXWHODQXLWVXU
VRQHVFDEHDXWUHVVDLOODQWDXPRLQGUHEUXLWHWTXDQGOHVSUHPLHUVUD\RQVGX
MRXUVHJOLVVqUHQWGDQVVDFKDPEUHO
DXURUHOXLSDUXWDYRLUSULVGHVWHLQWHV
IXQqEUHV
7RXWjFRXSLOHQWHQGLWWLUHUOHVYHUURXVHWLOILWXQVRXEUHVDXWWHUULEOH,O
FUR\DLWTX
RQYHQDLWOHFKHUFKHUSRXUOHFRQGXLUHjO
pFKDIDXGDXVVL
ORUVTX
LOYLWSXUHPHQWHWVLPSOHPHQWSDUDvWUHDXOLHXGHO
H[pFXWHXUTX
LO
DWWHQGDLWVRQFRPPLVVDLUHHWVRQJUHIILHUGHODYHLOOHLOIXWWRXWSUqVGH
OHXUVDXWHUDXFRX
9RWUHDIIDLUHV
HVWIRUWFRPSOLTXpHGHSXLVKLHUDXVRLUPRQEUDYHKRPPHOXL
GLWOHFRPPLVVDLUHHWMHYRXVFRQVHLOOHGHGLUHWRXWHODYpULWpFDUYRWUH
UHSHQWLUSHXWVHXOFRQMXUHUODFROqUHGXFDUGLQDO
0DLVMHVXLVSUrWjWRXWGLUHV
pFULD%RQDFLHX[GXPRLQVWRXWFHTXHMH
VDLV,QWHUURJH]MHYRXVSULH

2HVWYRWUHIHPPHG
DERUG"
0DLVSXLVTXHMHYRXVDLGLWTX
RQPHO
DYDLWHQOHYpH
2XLPDLVGHSXLVKLHUFLQTKHXUHVGHO
DSUqVPLGLJUkFHjYRXVHOOHV
HVW
pFKDSSpH
0DIHPPHV
HVWpFKDSSpHV
pFULD%RQDFLHX[2KODPDOKHXUHXVH0RQVLHXU
VLHOOHV
HVWpFKDSSpHFHQ
HVWSDVPDIDXWHMHYRXVOHMXUH
4X
DOOLH]YRXVGRQFDORUVIDLUHFKH]0G
$UWDJQDQYRWUHYRLVLQDYHFOHTXHO
YRXVDYH]HXXQHORQJXHFRQIpUHQFHGDQVODMRXUQpH"
$KRXL0RQVLHXUOHFRPPLVVDLUHRXLFHODHVWYUDLHWM
DYRXHTXHM
DLHX
WRUW-
DLpWpFKH]0G
$UWDJQDQ
4XHOpWDLWOHEXWGHFHWWHYLVLWH"
'HOHSULHUGHP
DLGHUjUHWURXYHUPDIHPPH-HFUR\DLVTXHM
DYDLVGURLWGH
ODUpFODPHUMHPHWURPSDLVjFHTX
LOSDUDvWHWMHYRXVHQGHPDQGHELHQ
SDUGRQ
(WTX
DUpSRQGX0G
$UWDJQDQ"
0G
$UWDJQDQP
DSURPLVVRQDLGHPDLVMHPHVXLVELHQW{WDSHUoXTX
LOPH
WUDKLVVDLW
9RXVHQLPSRVH]jODMXVWLFH0G
$UWDJQDQDIDLWXQSDFWHDYHFYRXVHWHQ
YHUWXGHFHSDFWHLODPLVHQIXLWHOHVKRPPHVGHSROLFHTXLDYDLHQWDUUrWp
YRWUHIHPPHHWO
DVRXVWUDLWHjWRXWHVOHVUHFKHUFKHV
0G
$UWDJQDQDHQOHYpPDIHPPH$KojPDLVTXHPHGLWHVYRXVOj"
+HXUHXVHPHQW0G
$UWDJQDQHVWHQWUHQRVPDLQVHWYRXVDOOH]OXLrWUH
FRQIURQWp
$KPDIRLMHQHGHPDQGHSDVPLHX[V
pFULD%RQDFLHX[MHQHVHUDLVSDV
IkFKpGHYRLUXQHILJXUHGHFRQQDLVVDQFH
)DLWHVHQWUHU0G
$UWDJQDQGLWOHFRPPLVVDLUHDX[GHX[JDUGHV
/HVGHX[JDUGHVILUHQWHQWUHU$WKRV
0RQVLHXUG
$UWDJQDQGLWOHFRPPLVVDLUHHQV
DGUHVVDQWj$WKRVGpFODUH]FH
TXLV
HVWSDVVpHQWUHYRXVHW0RQVLHXU
0DLVV
pFULD%RQDFLHX[FHQ
HVWSDV0G
$UWDJQDQTXHYRXVPHPRQWUH]Oj
&RPPHQWFHQ
HVWSDV0G
$UWDJQDQ"V
pFULDOHFRPPLVVDLUH
3DVOHPRLQVGXPRQGHUpSRQGLW%RQDFLHX[

&RPPHQWVHQRPPH0RQVLHXU"GHPDQGDOHFRPPLVVDLUH
-HQHSXLVYRXVOHGLUHMHQHOHFRQQDLVSDV
&RPPHQWYRXVQHOHFRQQDLVVH]SDV"
1RQ
9RXVQHO
DYH]MDPDLVYX"
6LIDLWPDLVMHQHVDLVFRPPHQWLOV
DSSHOOH
9RWUHQRP"GHPDQGDOHFRPPLVVDLUH
$WKRVUpSRQGLWOHPRXVTXHWDLUH
0DLVFHQ
HVWSDVXQQRPG
KRPPHoDF
HVWXQQRPGHPRQWDJQHV
pFULDOH
SDXYUHLQWHUURJDWHXUTXLFRPPHQoDLWjSHUGUHODWrWH
&
HVWPRQQRPGLWWUDQTXLOOHPHQW$WKRV
0DLVYRXVDYH]GLWTXHYRXVYRXVQRPPLH]G
$UWDJQDQ
0RL"
2XLYRXV
&
HVWjGLUHTXHF
HVWjPRLTX
RQDGLW9RXVrWHV0G
$UWDJQDQ"-
DL
UpSRQGX9RXVFUR\H]"0HVJDUGHVVHVRQWpFULpVTX
LOVHQpWDLHQWVUV-H
Q
DLSDVYRXOXOHVFRQWUDULHU'
DLOOHXUVMHSRXYDLVPHWURPSHU
0RQVLHXUYRXVLQVXOWH]jODPDMHVWpGHODMXVWLFH
$XFXQHPHQWILWWUDQTXLOOHPHQW$WKRV
9RXVrWHV0G
$UWDJQDQ
9RXVYR\H]ELHQTXHYRXVPHOHGLWHVHQFRUH
0DLVV
pFULDjVRQWRXU0%RQDFLHX[MHYRXVGLV0RQVLHXUOHFRPPLVVDLUH
TX
LOQ
\DSDVXQLQVWDQWGHGRXWHjDYRLU0G
$UWDJQDQHVWPRQK{WHHWSDU
FRQVpTXHQWTXRLTX
LOQHPHSDLHSDVPHVOR\HUVHWMXVWHPHQWPrPHjFDXVHGH
FHODMHGRLVOHFRQQDvWUH0G
$UWDJQDQHVWXQMHXQHKRPPHGHGL[QHXIjYLQJW
DQVjSHLQHHW0RQVLHXUHQDWUHQWHDXPRLQV0G
$UWDJQDQHVWGDQVOHVJDUGHV
GH0GHV(VVDUWVHW0RQVLHXUHVWGDQVODFRPSDJQLHGHVPRXVTXHWDLUHVGH0GH
7UpYLOOHUHJDUGH]O
XQLIRUPH0RQVLHXUOHFRPPLVVDLUHUHJDUGH]O
XQLIRUPH
&
HVWYUDLPXUPXUDOHFRPPLVVDLUHF
HVWSDUGLHXYUDL
(QFHPRPHQWODSRUWHV
RXYULWYLYHPHQWHWXQPHVVDJHULQWURGXLWSDUXQGHV
JXLFKHWLHUVGHOD%DVWLOOHUHPLWXQHOHWWUHDXFRPPLVVDLUH
2KODPDOKHXUHXVHV
pFULDOHFRPPLVVDLUH

&RPPHQW"TXHGLWHVYRXV"GHTXLSDUOH]YRXV"&HQ
HVWSDVGHPDIHPPH
M
HVSqUH
$XFRQWUDLUHF
HVWG
HOOH9RWUHDIIDLUHHVWERQQHDOOH]
$KojV
pFULDOHPHUFLHUH[DVSpUpIDLWHVPRLOHSODLVLUGHPHGLUH
0RQVLHXUFRPPHQWPRQDIIDLUHjPRLSHXWV
HPSLUHUGHFHTXHIDLWPDIHPPH
SHQGDQWTXHMHVXLVHQSULVRQ
3DUFHTXHFHTX
HOOHIDLWHVWODVXLWHG
XQSODQDUUrWpHQWUHYRXVSODQ
LQIHUQDO
-HYRXVMXUH0RQVLHXUOHFRPPLVVDLUHTXHYRXVrWHVGDQVODSOXVSURIRQGH
HUUHXUTXHMHQHVDLVULHQDXPRQGHGHFHTXHGHYDLWIDLUHPDIHPPHTXHMH
VXLVHQWLqUHPHQWpWUDQJHUjFHTX
HOOHDIDLWHWTXHVLHOOHDIDLWGHV
VRWWLVHVMHODUHQLHMHODGpPHQVMHODPDXGLV
$KojGLW$WKRVDXFRPPLVVDLUHVLYRXVQ
DYH]SOXVEHVRLQGHPRLLFL
UHQYR\H]PRLTXHOTXHSDUWLOHVWWUqVHQQX\HX[YRWUH0RQVLHXU%RQDFLHX[
5HFRQGXLVH]OHVSULVRQQLHUVGDQVOHXUVFDFKRWVGLWOHFRPPLVVDLUHHQ
GpVLJQDQWG
XQPrPHJHVWH$WKRVHW%RQDFLHX[HWTX
LOVVRLHQWJDUGpVSOXV
VpYqUHPHQWTXHMDPDLV
&HSHQGDQWGLW$WKRVDYHFVRQFDOPHKDELWXHOVLF
HVWj0G
$UWDJQDQTXH
YRXVDYH]DIIDLUHMHQHYRLVSDVWURSHQTXRLMHSXLVOHUHPSODFHU
)DLWHVFHTXHM
DLGLWV
pFULDOHFRPPLVVDLUHHWOHVHFUHWOHSOXVDEVROX
9RXVHQWHQGH]
$WKRVVXLYLWVHVJDUGHVHQOHYDQWOHVpSDXOHVHW0%RQDFLHX[HQSRXVVDQWGHV
ODPHQWDWLRQVjIHQGUHOHFRHXUG
XQWLJUH
2QUDPHQDOHPHUFLHUGDQVOHPrPHFDFKRWRLODYDLWSDVVpODQXLWHWO
RQO
\
ODLVVDWRXWHODMRXUQpH7RXWHODMRXUQpH%RQDFLHX[SOHXUDFRPPHXQYpULWDEOH
PHUFLHUQ
pWDQWSDVGXWRXWKRPPHG
pSpHLOQRXVO
DGLWOXLPrPH
/HVRLUYHUVOHVQHXIKHXUHVDXPRPHQWRLODOODLWVHGpFLGHUjVHPHWWUHDX
OLWLOHQWHQGLWGHVSDVGDQVVRQFRUULGRU&HVSDVVHUDSSURFKqUHQWGHVRQ
FDFKRWVDSRUWHV
RXYULWGHVJDUGHVSDUXUHQW
6XLYH]PRLGLWXQH[HPSWTXLYHQDLWjODVXLWHGHVJDUGHV
9RXVVXLYUHV
pFULD%RQDFLHX[YRXVVXLYUHjFHWWHKHXUHFLHWRFHOD
PRQ'LHX"
2QRXVDYRQVO
RUGUHGHYRXVFRQGXLUH
0DLVFHQ
HVWSDVXQHUpSRQVHFHOD
&
HVWFHSHQGDQWODVHXOHTXHQRXVSXLVVLRQVYRXVIDLUH

$KPRQ'LHXPRQ'LHXPXUPXUDOHSDXYUHPHUFLHUSRXUFHWWHIRLVMHVXLV
SHUGX
(WLOVXLYLWPDFKLQDOHPHQWHWVDQVUpVLVWDQFHOHVJDUGHVTXLYHQDLHQWOHTXpULU
,OSULWOHPrPHFRUULGRUTX
LODYDLWGpMjSULVWUDYHUVDXQHSUHPLqUHFRXUSXLV
XQVHFRQGFRUSVGHORJLVHQILQjODSRUWHGHODFRXUG
HQWUpHLOWURXYDXQH
YRLWXUHHQWRXUpHGHTXDWUHJDUGHVjFKHYDO2QOHILWPRQWHUGDQVFHWWHYRLWXUH
O
H[HPSWVHSODoDSUqVGHOXLRQIHUPDODSRUWLqUHjFOHIHWWRXVGHX[VH
WURXYqUHQWGDQVXQHSULVRQURXODQWH
/DYRLWXUHVHPLWHQPRXYHPHQWOHQWHFRPPHXQFKDUIXQqEUH$WUDYHUVODJULOOH
FDGHQDVVpHOHSULVRQQLHUDSHUFHYDLWOHVPDLVRQVHWOHSDYpYRLOjWRXWPDLV
HQYpULWDEOH3DULVLHQTX
LOpWDLW%RQDFLHX[UHFRQQDLVVDLWFKDTXHUXHDX[
ERUQHVDX[HQVHLJQHVDX[UpYHUEqUHV$XPRPHQWG
DUULYHUj6DLQW3DXOOLHXR
O
RQH[pFXWDLWOHVFRQGDPQpVGHOD%DVWLOOHLOIDLOOLWV
pYDQRXLUHWVHVLJQD
GHX[IRLV,ODYDLWFUXTXHODYRLWXUHGHYDLWV
DUUrWHUOj/DYRLWXUHSDVVD
FHSHQGDQW
3OXVORLQXQHJUDQGHWHUUHXUOHSULWHQFRUHFHIXWHQF{WR\DQWOHFLPHWLqUH
6DLQW-HDQRRQHQWHUUDLWOHVFULPLQHOVG
(WDW8QHVHXOHFKRVHOHUDVVXUDXQ
SHXF
HVWTX
DYDQWGHOHVHQWHUUHURQOHXUFRXSDLWJpQpUDOHPHQWODWrWHHWTXH
VDWrWHjOXLpWDLWHQFRUHVXUVHVpSDXOHV0DLVORUVTX
LOYLWTXHODYRLWXUH
SUHQDLWODURXWHGHOD*UqYHTX
LODSHUoXWOHVWRLWVDLJXVGHO
+{WHOGH9LOOH
TXHODYRLWXUHV
HQJDJHDVRXVO
DUFDGHLOFUXWTXHWRXWpWDLWILQLSRXUOXL
YRXOXWVHFRQIHVVHUjO
H[HPSWHWVXUVRQUHIXVSRXVVDGHVFULVVLSLWR\DEOHV
TXHO
H[HPSWDQQRQoDTXHV
LOFRQWLQXDLWjO
DVVRXUGLUDLQVLLOOXLPHWWUDLW
XQEkLOORQ
&HWWHPHQDFHUDVVXUDTXHOTXHSHX%RQDFLHX[VLO
RQHWGO
H[pFXWHUHQ*UqYH
FHQ
pWDLWSDVODSHLQHGHOHEkLOORQQHUSXLVTX
RQpWDLWSUHVTXHDUULYpDXOLHX
GHO
H[pFXWLRQ(QHIIHWODYRLWXUHWUDYHUVDODSODFHIDWDOHVDQVV
DUUrWHU,O
QHUHVWDLWSOXVjFUDLQGUHTXHOD&URL[GX7UDKRLUODYRLWXUHHQSULW
MXVWHPHQWOHFKHPLQ
&HWWHIRLVLOQ
\DYDLWSOXVGHGRXWHF
pWDLWjOD&URL[GX7UDKRLUTX
RQ
H[pFXWDLWOHVFULPLQHOVVXEDOWHUQHV%RQDFLHX[V
pWDLWIODWWpHQVHFUR\DQW
GLJQHGH6DLQW3DXORXGHODSODFHGH*UqYHF
pWDLWjOD&URL[GX7UDKRLU
TX
DOODLHQWILQLUVRQYR\DJHHWVDGHVWLQpH,OQHSRXYDLWYRLUHQFRUHFHWWH
PDOKHXUHXVHFURL[PDLVLOODVHQWDLWHQTXHOTXHVRUWHYHQLUDXGHYDQWGHOXL
/RUVTX
LOQ
HQIXWSOXVTX
jXQHYLQJWDLQHGHSDVLOHQWHQGLWXQHUXPHXUHWOD
YRLWXUHV
DUUrWD&
pWDLWSOXVTXHQ
HQSRXYDLWVXSSRUWHUOHSDXYUH%RQDFLHX[
GpMjpFUDVpSDUOHVpPRWLRQVVXFFHVVLYHVTX
LODYDLWpSURXYpHVLOSRXVVDXQ
IDLEOHJpPLVVHPHQWTX
RQHWSXSUHQGUHSRXUOHGHUQLHUVRXSLUG
XQPRULERQG
HWLOV
pYDQRXLW

&KDSLWUH;,9
/
+200('(0(81*


&HUDVVHPEOHPHQWpWDLWSURGXLWQRQSRLQWSDUO
DWWHQWHG
XQKRPPHTX
RQGHYDLW
SHQGUHPDLVSDUODFRQWHPSODWLRQG
XQSHQGX
/DYRLWXUHDUUrWpHXQLQVWDQWUHSULWGRQFVDPDUFKHWUDYHUVDODIRXOH
FRQWLQXDVRQFKHPLQHQILODODUXH6DLQW+RQRUpWRXUQDODUXHGHV%RQV(QIDQWV
HWV
DUUrWDGHYDQWXQHSRUWHEDVVH
/DSRUWHV
RXYULWGHX[JDUGHVUHoXUHQWGDQVOHXUVEUDV%RQDFLHX[VRXWHQXSDU
O
H[HPSWRQOHSRXVVDGDQVXQHDOOpHRQOXLILWPRQWHUXQHVFDOLHUHWRQOH
GpSRVDGDQVXQHDQWLFKDPEUH
7RXVFHVPRXYHPHQWVV
pWDLHQWRSpUpVSRXUOXLG
XQHIDoRQPDFKLQDOH
,ODYDLWPDUFKpFRPPHRQPDUFKHHQUrYHLODYDLWHQWUHYXOHVREMHWVjWUDYHUV
XQEURXLOODUGVHVRUHLOOHVDYDLHQWSHUoXGHVVRQVVDQVOHVFRPSUHQGUHRQHW
SXO
H[pFXWHUGDQVFHPRPHQWTX
LOQ
HWSDVIDLWXQJHVWHSRXUHQWUHSUHQGUHVD
GpIHQVHTX
LOQ
HWSDVSRXVVpXQFULSRXULPSORUHUODSLWLp
,OUHVWDGRQFDLQVLVXUODEDQTXHWWHOHGRVDSSX\pDXPXUHWOHVEUDVSHQGDQWV
jO
HQGURLWPrPHROHVJDUGHVO
DYDLHQWGpSRVp
&HSHQGDQWFRPPHHQUHJDUGDQWDXWRXUGHOXLLOQHYR\DLWDXFXQREMHWPHQDoDQW
FRPPHULHQQ
LQGLTXDLWTX
LOFRXUWXQGDQJHUUpHOFRPPHODEDQTXHWWHpWDLW
FRQYHQDEOHPHQWUHPERXUUpHFRPPHODPXUDLOOHpWDLWUHFRXYHUWHG
XQEHDXFXLUGH
&RUGRXHFRPPHGHJUDQGVULGHDX[GHGDPDVURXJHIORWWDLHQWGHYDQWODIHQrWUH
UHWHQXVSDUGHVHPEUDVVHVG
RULOFRPSULWSHXjSHXTXHVDIUD\HXUpWDLW
H[DJpUpHHWLOFRPPHQoDGHUHPXHUODWrWHjGURLWHHWjJDXFKHHWGHEDVHQ
KDXW
$FHPRXYHPHQWDXTXHOSHUVRQQHQHV
RSSRVDLOUHSULWXQSHXGHFRXUDJHHWVH
ULVTXDjUDPHQHUXQHMDPEHSXLVO
DXWUHHQILQHQV
DLGDQWGHVHVGHX[PDLQV
LOVHVRXOHYDVXUVDEDQTXHWWHHWVHWURXYDVXUVHVSLHGV
(QFHPRPHQWXQRIILFLHUGHERQQHPLQHRXYULWXQHSRUWLqUHFRQWLQXDG
pFKDQJHU
HQFRUHTXHOTXHVSDUROHVDYHFXQHSHUVRQQHTXLVHWURXYDLWGDQVODSLqFHYRLVLQH
HWVHUHWRXUQDQWYHUVOHSULVRQQLHU
&
HVWYRXVTXLYRXVQRPPH]%RQDFLHX["GLWLO
2XL0RQVLHXUO
RIILFLHUEDOEXWLDOHPHUFLHUSOXVPRUWTXHYLISRXUYRXV
VHUYLU
(QWUH]GLWO
RIILFLHU
(WLOV
HIIDoDSRXUTXHOHPHUFLHUSWSDVVHU&HOXLFLREpLWVDQVUpSOLTXHHW
HQWUDGDQVODFKDPEUHRLOSDUDLVVDLWrWUHDWWHQGX
&
pWDLWXQJUDQGFDELQHWDX[PXUDLOOHVJDUQLHVG
DUPHVRIIHQVLYHVHW
GpIHQVLYHVFORVHWpWRXIIpHWGDQVOHTXHOLO\DYDLWGpMjGXIHXTXRLTXHO
RQ
IWjSHLQHjODILQGXPRLVGHVHSWHPEUH8QHWDEOHFDUUpHFRXYHUWHGHOLYUHV
HWGHSDSLHUVVXUOHVTXHOVpWDLWGpURXOpXQSODQLPPHQVHGHODYLOOHGH/D

5RFKHOOHWHQDLWOHPLOLHXGHO
DSSDUWHPHQW
'HERXWGHYDQWODFKHPLQpHpWDLWXQKRPPHGHPR\HQQHWDLOOHjODPLQHKDXWHHW
ILqUHDX[\HX[SHUoDQWVDXIURQWODUJHjODILJXUHDPDLJULHTX
DOORQJHDLW
HQFRUHXQHUR\DOHVXUPRQWpHG
XQHSDLUHGHPRXVWDFKHV4XRLTXHFHWKRPPHHW
WUHQWHVL[jWUHQWHVHSWDQVjSHLQHFKHYHX[PRXVWDFKHHWUR\DOHV
HQDOODLHQW
JULVRQQDQW&HWKRPPHPRLQVO
pSpHDYDLWWRXWHODPLQHG
XQKRPPHGHJXHUUH
HWVHVERWWHVGHEXIIOHHQFRUHOpJqUHPHQWFRXYHUWHVGHSRXVVLqUHLQGLTXDLHQW
TX
LODYDLWPRQWpjFKHYDOGDQVODMRXUQpH
&HWKRPPHF
pWDLW$UPDQG-HDQ'XSOHVVLVFDUGLQDOGH5LFKHOLHXQRQSRLQWWHO
TX
RQQRXVOHUHSUpVHQWHFDVVpFRPPHXQYLHLOODUGVRXIIUDQWFRPPHXQPDUW\U
OHFRUSVEULVpODYRL[pWHLQWHHQWHUUpGDQVXQJUDQGIDXWHXLOFRPPHGDQVXQH
WRPEHDQWLFLSpHQHYLYDQWSOXVTXHSDUODIRUFHGHVRQJpQLHHWQHVRXWHQDQW
SOXVODOXWWHDYHFO
(XURSHTXHSDUO
pWHUQHOOHDSSOLFDWLRQGHVDSHQVpHPDLV
WHOTX
LOpWDLWUpHOOHPHQWjFHWWHpSRTXHF
HVWjGLUHDGURLWHWJDODQW
FDYDOLHUIDLEOHGHFRUSVGpMjPDLVVRXWHQXSDUFHWWHSXLVVDQFHPRUDOHTXLD
IDLWGHOXLXQGHVKRPPHVOHVSOXVH[WUDRUGLQDLUHVTXLDLHQWH[LVWpVH
SUpSDUDQWHQILQDSUqVDYRLUVRXWHQXOHGXFGH1HYHUVGDQVVRQGXFKpGH0DQWRXH
DSUqVDYRLUSULV1vPHV&DVWUHVHW8]qVjFKDVVHUOHV$QJODLVGHO
vOHGH5pHW
jIDLUHOHVLqJHGH/D5RFKHOOH
$ODSUHPLqUHYXHULHQQHGpQRWDLWGRQFOHFDUGLQDOHWLOpWDLWLPSRVVLEOHj
FHX[OjTXLQHFRQQDLVVDLHQWSRLQWVRQYLVDJHGHGHYLQHUGHYDQWTXLLOVVH
WURXYDLHQW
/HSDXYUHPHUFLHUGHPHXUDGHERXWjODSRUWHWDQGLVTXHOHV\HX[GXSHUVRQQDJH
TXHQRXVYHQRQVGHGpFULUHVHIL[DLHQWVXUOXLHWVHPEODLHQWYRXORLUSpQpWUHU
MXVTX
DXIRQGGXSDVVp
&
HVWOjFH%RQDFLHX["GHPDQGDWLODSUqVXQPRPHQWGHVLOHQFH
2XL0RQVHLJQHXUUHSULWO
RIILFLHU
&
HVWELHQGRQQH]PRLFHVSDSLHUVHWODLVVH]QRXV
/
RIILFLHUSULWVXUODWDEOHOHVSDSLHUVGpVLJQpVOHVUHPLWjFHOXLTXLOHV
GHPDQGDLWV
LQFOLQDMXVTX
jWHUUHHWVRUWLW
%RQDFLHX[UHFRQQXWGDQVFHVSDSLHUVVHVLQWHUURJDWRLUHVGHOD%DVWLOOH'HWHPSV
HQWHPSVO
KRPPHGHODFKHPLQpHOHYDLWOHV\HX[GHGHVVXVOHVpFULWXUHVHWOHV
SORQJHDLWFRPPHGHX[SRLJQDUGVMXVTX
DXIRQGGXFRHXUGXSDXYUHPHUFLHU
$XERXWGHGL[PLQXWHVGHOHFWXUHHWGL[VHFRQGHVG
H[DPHQOHFDUGLQDOpWDLW
IL[p
&HWWHWrWHOjQ
DMDPDLVFRQVSLUpPXUPXUDWLOPDLVQ
LPSRUWHYR\RQV
WRXMRXUV
9RXVrWHVDFFXVpGHKDXWHWUDKLVRQGLWOHQWHPHQWOHFDUGLQDO
&
HVWFHTX
RQP
DGpMjDSSULV0RQVHLJQHXUV
pFULD%RQDFLHX[GRQQDQWjVRQ
LQWHUURJDWHXUOHWLWUHTX
LODYDLWHQWHQGXO
RIILFLHUOXLGRQQHUPDLVMHYRXV

MXUHTXHMHQ
HQVDYDLVULHQ
/HFDUGLQDOUpSULPDXQVRXULUH
9RXVDYH]FRQVSLUpDYHFYRWUHIHPPHDYHF0PHGH&KHYUHXVHHWDYHF0LORUGGXF
GH%XFNLQJKDP
(QHIIHW0RQVHLJQHXUUpSRQGLWOHPHUFLHUMHO
DLHQWHQGXHSURQRQFHUWRXV
FHVQRPVOj
(WjTXHOOHRFFDVLRQ"
(OOHGLVDLWTXHOHFDUGLQDOGH5LFKHOLHXDYDLWDWWLUpOHGXFGH%XFNLQJKDPj
3DULVSRXUOHSHUGUHHWSRXUSHUGUHODUHLQHDYHFOXL
(OOHGLVDLWFHOD"V
pFULDOHFDUGLQDODYHFYLROHQFH
2XL0RQVHLJQHXUPDLVPRLMHOXLDLGLWTX
HOOHDYDLWWRUWGHWHQLUGH
SDUHLOVSURSRVHWTXH6RQ(PLQHQFHpWDLWLQFDSDEOH
7DLVH]YRXVYRXVrWHVXQLPEpFLOHUHSULWOHFDUGLQDO
&
HVWMXVWHPHQWFHTXHPDIHPPHP
DUpSRQGX0RQVHLJQHXU
6DYH]YRXVTXLDHQOHYpYRWUHIHPPH"
1RQ0RQVHLJQHXU
9RXVDYH]GHVVRXSoRQVFHSHQGDQW"
2XL0RQVHLJQHXUPDLVFHVVRXSoRQVRQWSDUXFRQWUDULHU0OHFRPPLVVDLUH
HWMHQHOHVDLSOXV
9RWUHIHPPHV
HVWpFKDSSpHOHVDYLH]YRXV"
1RQ0RQVHLJQHXUMHO
DLDSSULVGHSXLVTXHMHVXLVHQSULVRQHWWRXMRXUV
SDUO
HQWUHPLVHGH0OHFRPPLVVDLUHXQKRPPHELHQDLPDEOH
/HFDUGLQDOUpSULPDXQVHFRQGVRXULUH
$ORUVYRXVLJQRUH]FHTXHYRWUHIHPPHHVWGHYHQXHGHSXLVVDIXLWH"
$EVROXPHQW0RQVHLJQHXUPDLVHOOHDGUHQWUHUDX/RXYUH
$XQHKHXUHGXPDWLQHOOHQ
\pWDLWSDVUHQWUpHHQFRUH
$KPRQ'LHXPDLVTX
HVWHOOHGHYHQXHDORUV"
2QOHVDXUDVR\H]WUDQTXLOOHRQQHFDFKHULHQDXFDUGLQDOOHFDUGLQDO
VDLWWRXW
(QFHFDV0RQVHLJQHXUHVWFHTXHYRXVFUR\H]TXHOHFDUGLQDOFRQVHQWLUDj
PHGLUHFHTX
HVWGHYHQXHPDIHPPH"

3HXWrWUHPDLVLOIDXWG
DERUGTXHYRXVDYRXLH]WRXWFHTXHYRXVVDYH]
UHODWLYHPHQWDX[UHODWLRQVGHYRWUHIHPPHDYHF0PHGH&KHYUHXVH
0DLV0RQVHLJQHXUMHQ
HQVDLVULHQMHQHO
DLMDPDLVYXH
4XDQGYRXVDOOLH]FKHUFKHUYRWUHIHPPHDX/RXYUHUHYHQDLWHOOHGLUHFWHPHQW
FKH]YRXV"
3UHVTXHMDPDLVHOOHDYDLWDIIDLUHjGHVPDUFKDQGVGHWRLOHFKH]OHVTXHOV
MHODFRQGXLVDLV
(WFRPELHQ\HQDYDLWLOGHPDUFKDQGVGHWRLOH"
'HX[0RQVHLJQHXU
2GHPHXUHQWLOV"
8QUXHGH9DXJLUDUGO
DXWUHUXHGH/D+DUSH
(QWULH]YRXVFKH]HX[DYHFHOOH"
-DPDLV0RQVHLJQHXUMHO
DWWHQGDLVjODSRUWH
(WTXHOSUpWH[WHYRXVGRQQDLWHOOHSRXUHQWUHUDLQVLWRXWHVHXOH"
(OOHQHP
HQGRQQDLWSDVHOOHPHGLVDLWG
DWWHQGUHHWM
DWWHQGDLV
9RXVrWHVXQPDULFRPSODLVDQWPRQFKHU0RQVLHXU%RQDFLHX[GLWOH
FDUGLQDO
,OP
DSSHOOHVRQFKHU0RQVLHXUGLWHQOXLPrPHOHPHUFLHU3HVWHOHV
DIIDLUHVYRQWELHQ
5HFRQQDvWULH]YRXVFHVSRUWHV"
2XL
6DYH]YRXVOHVQXPpURV"
2XL
4XHOVVRQWLOV"
1GDQVODUXHGH9DXJLUDUGQGDQVODUXHGH/D+DUSH
&
HVWELHQGLWOHFDUGLQDO
$FHVPRWVLOSULWXQHVRQQHWWHG
DUJHQWHWVRQQDO
RIILFLHUUHQWUD
$OOH]GLWLOjGHPLYRL[PHFKHUFKHU5RFKHIRUWHWTX
LOYLHQQHjO
LQVWDQW
PrPHV
LOHVWUHQWUp

/HFRPWHHVWOjGLWO
RIILFLHULOGHPDQGHLQVWDPPHQWjSDUOHUj9RWUH
(PLQHQFH
$9RWUH(PLQHQFHPXUPXUD%RQDFLHX[TXLVDYDLWTXHWHOpWDLWOHWLWUHTX
RQ
GRQQDLWG
RUGLQDLUHj0OHFDUGLQDOj9RWUH(PLQHQFH
4X
LOYLHQQHDORUVTX
LOYLHQQHGLWYLYHPHQW5LFKHOLHX
/
RIILFLHUV
pODQoDKRUVGHO
DSSDUWHPHQWDYHFFHWWHUDSLGLWpTXHPHWWDLHQW
G
RUGLQDLUHWRXVOHVVHUYLWHXUVGXFDUGLQDOjOXLREpLU
$9RWUH(PLQHQFHPXUPXUDLW%RQDFLHX[HQURXODQWGHV\HX[pJDUpV
&LQTVHFRQGHVQHV
pWDLHQWSDVpFRXOpHVGHSXLVODGLVSDULWLRQGHO
RIILFLHUTXH
ODSRUWHV
RXYULWHWTX
XQQRXYHDXSHUVRQQDJHHQWUD
&
HVWOXLV
pFULD%RQDFLHX[
4XLOXL"GHPDQGDOHFDUGLQDO
&HOXLTXLP
DHQOHYpPDIHPPH
/HFDUGLQDOVRQQDXQHVHFRQGHIRLV/
RIILFLHUUHSDUXW
5HPHWWH]FHWKRPPHDX[PDLQVGHVHVGHX[JDUGHVHWTX
LODWWHQGHTXHMHOH
UDSSHOOHGHYDQWPRL
1RQ0RQVHLJQHXUQRQFHQ
HVWSDVOXLV
pFULD%RQDFLHX[QRQMH
P
pWDLVWURPSpF
HVWXQDXWUHTXLQHOXLUHVVHPEOHSDVGXWRXW0RQVLHXUHVW
XQKRQQrWHKRPPH
(PPHQH]FHWLPEpFLOHGLWOHFDUGLQDO
/
RIILFLHUSULW%RQDFLHX[VRXVOHEUDVHWOHUHFRQGXLVLWGDQVO
DQWLFKDPEUHR
LOWURXYDVHVGHX[JDUGHV
/HQRXYHDXSHUVRQQDJHTX
RQYHQDLWG
LQWURGXLUHVXLYLWGHV\HX[DYHFLPSDWLHQFH
%RQDFLHX[MXVTX
jFHTX
LOIWVRUWLHWGqVTXHODSRUWHVHIXWUHIHUPpHVXU
OXL
,OVVHVRQWYXVGLWLOHQV
DSSURFKDQWYLYHPHQWGXFDUGLQDO
4XL"GHPDQGD6RQ(PLQHQFH
(OOHHWOXL
/DUHLQHHWOHGXF"V
pFULD5LFKHOLHX
2XL
(WRFHOD"
$X/RXYUH

9RXVHQrWHVVU"
3DUIDLWHPHQWVU
4XLYRXVO
DGLW"
0PHGH/DQQR\TXLHVWWRXWHj9RWUH(PLQHQFHFRPPHYRXVOHVDYH]
3RXUTXRLQHO
DWHOOHSDVGLWSOXVW{W"
6RLWKDVDUGVRLWGpILDQFHODUHLQHDIDLWFRXFKHU0PHGH)DUJLVGDQVVD
FKDPEUHHWO
DJDUGpHWRXWHODMRXUQpH
&
HVWELHQQRXVVRPPHVEDWWXV7kFKRQVGHSUHQGUHQRWUHUHYDQFKH
-HYRXV\DLGHUDLGHWRXWHPRQkPH0RQVHLJQHXUVR\H]WUDQTXLOOH
&RPPHQWFHODV
HVWLOSDVVp"
$PLQXLWHWGHPLODUHLQHpWDLWDYHFVHVIHPPHV
2FHOD"
'DQVVDFKDPEUHjFRXFKHU
%LHQ
/RUVTX
RQHVWYHQXOXLUHPHWWUHXQPRXFKRLUGHODSDUWGHVDGDPHGH
OLQJHULH
$SUqV"
$XVVLW{WODUHLQHDPDQLIHVWpXQHJUDQGHpPRWLRQHWPDOJUpOHURXJHGRQW
HOOHDYDLWOHYLVDJHFRXYHUWHOOHDSkOL
$SUqVDSUqV
&HSHQGDQWHOOHV
HVWOHYpHHWG
XQHYRL[DOWpUpH0HVGDPHVDWHOOH
GLWDWWHQGH]PRLGL[PLQXWHVSXLVMHUHYLHQV(WHOOHDRXYHUWODSRUWHGH
VRQDOF{YHSXLVHOOHHVWVRUWLH
3RXUTXRL0PHGH/DQQR\Q
HVWHOOHSDVYHQXHYRXVSUpYHQLUjO
LQVWDQWPrPH"
5LHQQ
pWDLWELHQFHUWDLQHQFRUHG
DLOOHXUVODUHLQHDYDLWGLW
0HVGDPHVDWWHQGH]PRLHWHOOHQ
RVDLWGpVREpLUjODUHLQH
(WFRPELHQGHWHPSVODUHLQHHVWHOOHUHVWpHKRUVGHODFKDPEUH"
7URLVTXDUWVG
KHXUH
$XFXQHGHVHVIHPPHVQHO
DFFRPSDJQDLW"

'RxD(VWpIDQLDVHXOHPHQW
(WHOOHHVWUHQWUpHHQVXLWH"
2XLPDLVSRXUSUHQGUHXQSHWLWFRIIUHWGHERLVGHURVHjVRQFKLIIUHHW
VRUWLUDXVVLW{W
(WTXDQGHOOHHVWUHQWUpHSOXVWDUGDWHOOHUDSSRUWpOHFRIIUHW"
1RQ
0PHGH/DQQR\VDYDLWHOOHFHTX
LO\DYDLWGDQVFHFRIIUHW"
2XLOHVIHUUHWVHQGLDPDQWVTXH6D0DMHVWpDGRQQpVjODUHLQH
(WHOOHHVWUHQWUpHVDQVFHFRIIUHW"
2XL
/
RSLQLRQGH0PHGH/DQQR\HVWTX
HOOHOHVDUHPLVDORUVj%XFNLQJKDP"
(OOHHQHVWVUH
&RPPHQWFHOD"
3HQGDQWODMRXUQpH0PHGH/DQQR\HQVDTXDOLWpGHGDPHG
DWRXUGHODUHLQH
DFKHUFKpFHFRIIUHWDSDUXLQTXLqWHGHQHSDVOHWURXYHUHWDILQLSDUHQ
GHPDQGHUGHVQRXYHOOHVjODUHLQH
(WDORUVODUHLQH"
/DUHLQHHVWGHYHQXHIRUWURXJHHWDUpSRQGXTX
D\DQWEULVpODYHLOOHXQGH
VHVIHUUHWVHOOHO
DYDLWHQYR\pUDFFRPPRGHUFKH]VRQRUIqYUH
,OIDXW\SDVVHUHWV
DVVXUHUVLODFKRVHHVWYUDLHRXQRQ
-
\VXLVSDVVp
(KELHQO
RUIqYUH"
/
RUIqYUHQ
DHQWHQGXSDUOHUGHULHQ
%LHQELHQ5RFKHIRUWWRXWQ
HVWSDVSHUGXHWSHXWrWUHSHXWrWUHWRXW
HVWLOSRXUOHPLHX[
/HIDLWHVWTXHMHQHGRXWHSDVTXHOHJpQLHGH9RWUH(PLQHQFH
1HUpSDUHOHVErWLVHVGHPRQDJHQWQ
HVWFHSDV"
&
HVWMXVWHPHQWFHTXHM
DOODLVGLUHVL9RWUH(PLQHQFHP
DYDLWODLVVp
DFKHYHUPDSKUDVH
0DLQWHQDQWVDYH]YRXVRVHFDFKDLHQWODGXFKHVVHGH&KHYUHXVHHWOHGXFGH

%XFNLQJKDP"
1RQ0RQVHLJQHXUPHVJHQVQ
RQWSXULHQPHGLUHGHSRVLWLIOjGHVVXV
-HOHVDLVPRL
9RXV0RQVHLJQHXU"
2XLRXGXPRLQVMHP
HQGRXWH,OVVHWHQDLHQWO
XQUXHGH9DXJLUDUGQ
HWO
DXWUHUXHGH/D+DUSHQ
9RWUH(PLQHQFHYHXWHOOHTXHMHOHVIDVVHDUUrWHUWRXVGHX["
,OVHUDWURSWDUGLOVVHURQWSDUWLV
1
LPSRUWHRQSHXWV
HQDVVXUHU
3UHQH]GL[KRPPHVGHPHVJDUGHVHWIRXLOOH]OHVGHX[PDLVRQV
-
\YDLV0RQVHLJQHXU
(W5RFKHIRUWV
pODQoDKRUVGHO
DSSDUWHPHQW
/HFDUGLQDOUHVWpVHXOUpIOpFKLWXQLQVWDQWHWVRQQDXQHWURLVLqPHIRLV
/HPrPHRIILFLHUUHSDUXW
)DLWHVHQWUHUOHSULVRQQLHUGLWOHFDUGLQDO
0DvWUH%RQDFLHX[IXWLQWURGXLWGHQRXYHDXHWVXUXQVLJQHGXFDUGLQDO
O
RIILFLHUVHUHWLUD
9RXVP
DYH]WURPSpGLWVpYqUHPHQWOHFDUGLQDO
0RLV
pFULD%RQDFLHX[PRLWURPSHU9RWUH(PLQHQFH
9RWUHIHPPHHQDOODQWUXHGH9DXJLUDUGHWUXHGH/D+DUSHQ
DOODLWSDVFKH]
GHVPDUFKDQGVGHWRLOH
(WRDOODLWHOOHMXVWH'LHX"
(OOHDOODLWFKH]ODGXFKHVVHGH&KHYUHXVHHWFKH]OHGXFGH%XFNLQJKDP
2XLGLW%RQDFLHX[UDSSHODQWWRXVVHVVRXYHQLUVRXLF
HVWFHOD9RWUH
(PLQHQFHDUDLVRQ-
DLGLWSOXVLHXUVIRLVjPDIHPPHTX
LOpWDLWpWRQQDQWTXH
GHVPDUFKDQGVGHWRLOHGHPHXUDVVHQWGDQVGHVPDLVRQVSDUHLOOHVGDQVGHVPDLVRQV
TXLQ
DYDLHQWSDVG
HQVHLJQHVHWFKDTXHIRLVPDIHPPHV
HVWPLVHjULUH$K
0RQVHLJQHXUFRQWLQXD%RQDFLHX[HQVHMHWDQWDX[SLHGVGHO
(PLQHQFHDKTXH
YRXVrWHVELHQOHFDUGLQDOOHJUDQGFDUGLQDOO
KRPPHGHJpQLHTXHWRXWOH
PRQGHUpYqUH
/HFDUGLQDOWRXWPpGLRFUHTX
pWDLWOHWULRPSKHUHPSRUWpVXUXQrWUHDXVVL
YXOJDLUHTXHO
pWDLW%RQDFLHX[Q
HQMRXLWSDVPRLQVXQLQVWDQWSXLVSUHVTXH

DXVVLW{WFRPPHVLXQHQRXYHOOHSHQVpHVHSUpVHQWDLWjVRQHVSULWXQVRXULUH
SOLVVDVHVOqYUHVHWWHQGDQWODPDLQDXPHUFLHU
5HOHYH]YRXVPRQDPLOXLGLWLOYRXVrWHVXQEUDYHKRPPH
/HFDUGLQDOP
DWRXFKpODPDLQM
DLWRXFKpODPDLQGXJUDQGKRPPHV
pFULD
%RQDFLHX[OHJUDQGKRPPHP
DDSSHOpVRQDPL
2XLPRQDPLRXLGLWOHFDUGLQDODYHFFHWRQSDWHUQHTX
LOVDYDLWSUHQGUH
TXHOTXHIRLVPDLVTXLQHWURPSDLWTXHOHVJHQVTXLQHOHFRQQDLVVDLHQWSDVHW
FRPPHRQYRXVDVRXSoRQQpLQMXVWHPHQW(KELHQLOYRXVIDXWXQHLQGHPQLWp
WHQH]SUHQH]FHVDFGHFHQWSLVWROHVHWSDUGRQQH]PRL
4XHMHYRXVSDUGRQQH0RQVHLJQHXUGLW%RQDFLHX[KpVLWDQWjSUHQGUHOHVDF
FUDLJQDQWVDQVGRXWHTXHFHSUpWHQGXGRQQHIWTX
XQHSODLVDQWHULH0DLVYRXV
pWLH]ELHQOLEUHGHPHIDLUHDUUrWHUYRXVrWHVELHQOLEUHGHPHIDLUHWRUWXUHU
YRXVrWHVELHQOLEUHGHPHIDLUHSHQGUHYRXVrWHVOHPDvWUHHWMHQ
DXUDLV
SDVHXOHSOXVSHWLWPRWjGLUH9RXVSDUGRQQHU0RQVHLJQHXU$OORQVGRQFYRXV
Q
\SHQVH]SDV
$KPRQFKHU0RQVLHXU%RQDFLHX[YRXV\PHWWH]GHODJpQpURVLWpMHOH
YRLVHWMHYRXVHQUHPHUFLH$LQVLGRQFYRXVSUHQH]FHVDFHWYRXVYRXVHQ
DOOH]VDQVrWUHWURSPpFRQWHQW"
-HP
HQYDLVHQFKDQWp0RQVHLJQHXU
$GLHXGRQFRXSOXW{WjUHYRLUFDUM
HVSqUHTXHQRXVQRXVUHYHUURQV
7DQWTXH0RQVHLJQHXUYRXGUDHWMHVXLVELHQDX[RUGUHVGH6RQ(PLQHQFH
&HVHUDVRXYHQWVR\H]WUDQTXLOOHFDUM
DLWURXYpXQFKDUPHH[WUrPHjYRWUH
FRQYHUVDWLRQ
2K0RQVHLJQHXU
$XUHYRLU0RQVLHXU%RQDFLHX[DXUHYRLU
(WOHFDUGLQDOOXLILWXQVLJQHGHODPDLQDXTXHO%RQDFLHX[UpSRQGLWHQ
V
LQFOLQDQWMXVTX
jWHUUHSXLVLOVRUWLWjUHFXORQVHWTXDQGLOIXWGDQV
O
DQWLFKDPEUHOHFDUGLQDOO
HQWHQGLWTXLGDQVVRQHQWKRXVLDVPHFULDLWj
WXHWrWH9LYH0RQVHLJQHXUYLYH6RQ(PLQHQFHYLYHOHJUDQGFDUGLQDO
/HFDUGLQDOpFRXWDHQVRXULDQWFHWWHEULOODQWHPDQLIHVWDWLRQGHVVHQWLPHQWV
HQWKRXVLDVWHVGHPDvWUH%RQDFLHX[SXLVTXDQGOHVFULVGH%RQDFLHX[VHIXUHQW
SHUGXVGDQVO
pORLJQHPHQW
%LHQGLWLOYRLFLGpVRUPDLVXQKRPPHTXLVHIHUDWXHUSRXUPRL
(WOHFDUGLQDOVHPLWjH[DPLQHUDYHFODSOXVJUDQGHDWWHQWLRQODFDUWHGH/D
5RFKHOOHTXLDLQVLTXHQRXVO
DYRQVGLWpWDLWpWHQGXHVXUVRQEXUHDXWUDoDQW
DYHFXQFUD\RQODOLJQHRGHYDLWSDVVHUODIDPHXVHGLJXHTXLGL[KXLWPRLV
SOXVWDUGIHUPDLWOHSRUWGHODFLWpDVVLpJpH
&RPPHLOHQpWDLWDXSOXVSURIRQGGHVHVPpGLWDWLRQVVWUDWpJLTXHVODSRUWHVH

URXYULWHW5RFKHIRUWUHQWUD
(KELHQ"GLWYLYHPHQWOHFDUGLQDOHQVHOHYDQWDYHFXQHSURPSWLWXGHTXL
SURXYDLWOHGHJUpG
LPSRUWDQFHTX
LODWWDFKDLWjODFRPPLVVLRQGRQWLODYDLW
FKDUJpOHFRPWH
(KELHQGLWFHOXLFLXQHMHXQHIHPPHGHYLQJWVL[jYLQJWKXLWDQVHWXQ
KRPPHGHWUHQWHFLQTjTXDUDQWHDQVRQWORJpHIIHFWLYHPHQWO
XQTXDWUHMRXUVHW
O
DXWUHFLQTGDQVOHVPDLVRQVLQGLTXpHVSDU9RWUH(PLQHQFHPDLVODIHPPHHVW
SDUWLHFHWWHQXLWHWO
KRPPHFHPDWLQ
&
pWDLHQWHX[V
pFULDOHFDUGLQDOTXLUHJDUGDLWjODSHQGXOHHW
PDLQWHQDQWFRQWLQXDWLOLOHVWWURSWDUGSRXUIDLUHFRXULUDSUqVOD
GXFKHVVHHVWj7RXUVHWOHGXFj%RXORJQH&
HVWj/RQGUHVTX
LOIDXWOHV
UHMRLQGUH
4XHOVVRQWOHVRUGUHVGH9RWUH(PLQHQFH"
3DVXQPRWGHFHTXLV
HVWSDVVpTXHODUHLQHUHVWHGDQVXQHVpFXULWp
SDUIDLWHTX
HOOHLJQRUHTXHQRXVVDYRQVVRQVHFUHWTX
HOOHFURLHTXHQRXV
VRPPHVjODUHFKHUFKHG
XQHFRQVSLUDWLRQTXHOFRQTXH(QYR\H]PRLOHJDUGHGHV
VFHDX[6pJXLHU
(WFHWKRPPHTX
HQDIDLW9RWUH(PLQHQFH"
4XHOKRPPH"GHPDQGDOHFDUGLQDO
&H%RQDFLHX["
-
HQDLIDLWWRXWFHTX
RQSRXYDLWHQIDLUH-
HQDLIDLWO
HVSLRQGHVD
IHPPH
/HFRPWHGH5RFKHIRUWV
LQFOLQDHQKRPPHTXLUHFRQQDvWODJUDQGHVXSpULRULWpGX
PDvWUHHWVHUHWLUD
5HVWpVHXOOHFDUGLQDOV
DVVLWGHQRXYHDXpFULYLWXQHOHWWUHTX
LOFDFKHWDGH
VRQVFHDXSDUWLFXOLHUSXLVLOVRQQD/
RIILFLHUHQWUDSRXUODTXDWULqPHIRLV
)DLWHVPRLYHQLU9LWUD\GLWLOHWGLWHVOXLGHV
DSSUrWHUSRXUXQYR\DJH
8QLQVWDQWDSUqVO
KRPPHTX
LODYDLWGHPDQGppWDLWGHERXWGHYDQWOXLWRXW
ERWWpHWWRXWpSHURQQp
9LWUD\GLWLOYRXVDOOH]SDUWLUWRXWFRXUDQWSRXU/RQGUHV9RXVQHYRXV
DUUrWHUH]SDVXQLQVWDQWHQURXWH9RXVUHPHWWUH]FHWWHOHWWUHj0LODG\9RLFL
XQERQGHGHX[FHQWVSLVWROHVSDVVH]FKH]PRQWUpVRULHUHWIDLWHVYRXVSD\HU
,O\HQDDXWDQWjWRXFKHUVLYRXVrWHVLFLGHUHWRXUGDQVVL[MRXUVHWVLYRXV
DYH]ELHQIDLWPDFRPPLVVLRQ
/HPHVVDJHUVDQVUpSRQGUHXQVHXOPRWV
LQFOLQDSULWODOHWWUHOHERQGH
GHX[FHQWVSLVWROHVHWVRUWLW
9RLFLFHTXHFRQWHQDLWODOHWWUH

0LODG\
7URXYH]YRXVDXSUHPLHUEDORVHWURXYHUDOHGXFGH%XFNLQJKDP,ODXUDjVRQ
SRXUSRLQWGRX]HIHUUHWVGHGLDPDQWVDSSURFKH]YRXVGHOXLHWFRXSH]HQGHX[
$XVVLW{WTXHFHVIHUUHWVVHURQWHQYRWUHSRVVHVVLRQSUpYHQH]PRL

&KDSLWUH;9
*(16'(52%((7*(16'
(3((

/HOHQGHPDLQGXMRXURFHVpYpQHPHQWVpWDLHQWDUULYpV$WKRVQ
D\DQWSRLQW
UHSDUX0GH7UpYLOOHDYDLWpWpSUpYHQXSDUG
$UWDJQDQHWSDU3RUWKRVGHVD
GLVSDULWLRQ
4XDQWj$UDPLVLODYDLWGHPDQGpXQFRQJpGHFLQTMRXUVHWLOpWDLWj5RXHQ
GLVDLWRQSRXUDIIDLUHVGHIDPLOOH
0GH7UpYLOOHpWDLWOHSqUHGHVHVVROGDWV/HPRLQGUHHWOHSOXVLQFRQQX
G
HQWUHHX[GqVTX
LOSRUWDLWO
XQLIRUPHGHODFRPSDJQLHpWDLWDXVVLFHUWDLQ
GHVRQDLGHHWGHVRQDSSXLTX
DXUDLWSXO
rWUHVRQIUqUHOXLPrPH
,OVHUHQGLWGRQFjO
LQVWDQWFKH]OHOLHXWHQDQWFULPLQHO2QILWYHQLU
O
RIILFLHUTXLFRPPDQGDLWOHSRVWHGHOD&URL[5RXJHHWOHVUHQVHLJQHPHQWV
VXFFHVVLIVDSSULUHQWTX
$WKRVpWDLWPRPHQWDQpPHQWORJpDX)RUWO
(YrTXH
$WKRVDYDLWSDVVpSDUWRXWHVOHVpSUHXYHVTXHQRXVDYRQVYX%RQDFLHX[VXELU
1RXVDYRQVDVVLVWpjODVFqQHGHFRQIURQWDWLRQHQWUHOHVGHX[FDSWLIV$WKRV
TXLQ
DYDLWULHQGLWMXVTXHOjGHSHXUTXHG
$UWDJQDQLQTXLpWpjVRQWRXU
Q
HWSRLQWOHWHPSVTX
LOOXLIDOODLW$WKRVGpFODUDjSDUWLUGHFHPRPHQW
TX
LOVHQRPPDLW$WKRVHWQRQG
$UWDJQDQ
,ODMRXWDTX
LOQHFRQQDLVVDLWQL0RQVLHXUQL0DGDPH%RQDFLHX[TX
LOQ
DYDLW
MDPDLVSDUOpQLjO
XQQLjO
DXWUHTX
LOpWDLWYHQXYHUVOHVGL[KHXUHVGX
VRLUSRXUIDLUHYLVLWHj0G
$UWDJQDQVRQDPLPDLVTXHMXVTX
jFHWWHKHXUHLO
pWDLWUHVWpFKH]0GH7UpYLOOHRLODYDLWGvQpYLQJWWpPRLQVDMRXWDWLO
SRXYDLHQWDWWHVWHUOHIDLWHWLOQRPPDSOXVLHXUVJHQWLOVKRPPHVGLVWLQJXpV
HQWUHDXWUHV0OHGXFGH/D7UpPRXLOOH
/HVHFRQGFRPPLVVDLUHIXWDXVVLpWRXUGLTXHOHSUHPLHUGHODGpFODUDWLRQVLPSOH
HWIHUPHGHFHPRXVTXHWDLUHVXUOHTXHOLODXUDLWELHQYRXOXSUHQGUHODUHYDQFKH
TXHOHVJHQVGHUREHDLPHQWWDQWjJDJQHUVXUOHVJHQVG
pSpHPDLVOHQRPGH
0GH7UpYLOOHHWFHOXLGH0OHGXFGH/D7UpPRXLOOHPpULWDLHQWUpIOH[LRQ
$WKRVIXWDXVVLHQYR\pDXFDUGLQDOPDLVPDOKHXUHXVHPHQWOHFDUGLQDOpWDLWDX
/RXYUHFKH]OHURL

&
pWDLWSUpFLVpPHQWOHPRPHQWR0GH7UpYLOOHVRUWDQWGHFKH]OHOLHXWHQDQW
FULPLQHOHWGHFKH]OHJRXYHUQHXUGX)RUWO
(YrTXHVDQVDYRLUSXWURXYHU$WKRV
DUULYDFKH]6D0DMHVWp
&RPPHFDSLWDLQHGHVPRXVTXHWDLUHV0GH7UpYLOOHDYDLWjWRXWHKHXUHVHV
HQWUpHVFKH]OHURL
2QVDLWTXHOOHVpWDLHQWOHVSUpYHQWLRQVGXURLFRQWUHODUHLQHSUpYHQWLRQV
KDELOHPHQWHQWUHWHQXHVSDUOHFDUGLQDOTXLHQIDLWG
LQWULJXHVVHGpILDLW
LQILQLPHQWSOXVGHVIHPPHVTXHGHVKRPPHV8QHGHVJUDQGHVFDXVHVVXUWRXWGH
FHWWHSUpYHQWLRQpWDLWO
DPLWLpG
$QQHG
$XWULFKHSRXU0PHGH&KHYUHXVH&HV
GHX[IHPPHVO
LQTXLpWDLHQWSOXVTXHOHVJXHUUHVDYHFO
(VSDJQHOHVGpPrOpVDYHF
O
$QJOHWHUUHHWO
HPEDUUDVGHVILQDQFHV$VHV\HX[HWGDQVVDFRQYLFWLRQ0PH
GH&KHYUHXVHVHUYDLWODUHLQHQRQVHXOHPHQWGDQVVHVLQWULJXHVSROLWLTXHVPDLV
FHTXLOHWRXUPHQWDLWELHQSOXVHQFRUHGDQVVHVLQWULJXHVDPRXUHXVHV
$XSUHPLHUPRWGHFHTX
DYDLWGLW0OHFDUGLQDOTXH0PHGH&KHYUHXVHH[LOpHj
7RXUVHWTX
RQFUR\DLWGDQVFHWWHYLOOHpWDLWYHQXHj3DULVHWSHQGDQWFLQT
MRXUVTX
HOOH\pWDLWUHVWpHDYDLWGpSLVWpODSROLFHOHURLpWDLWHQWUpGDQV
XQHIXULHXVHFROqUH&DSULFLHX[HWLQILGqOHOHURLYRXODLWrWUH/RXLVOH-XVWH
HW/RXLVOH&KDVWH/DSRVWpULWpFRPSUHQGUDGLIILFLOHPHQWFHFDUDFWqUHTXH
O
KLVWRLUHQ
H[SOLTXHTXHSDUGHVIDLWVHWMDPDLVSDUGHVUDLVRQQHPHQWV
0DLVORUVTXHOHFDUGLQDODMRXWDTXHQRQVHXOHPHQW0PHGH&KHYUHXVHpWDLWYHQXHj
3DULVPDLVHQFRUHTXHODUHLQHDYDLWUHQRXpDYHFHOOHjO
DLGHG
XQHGHFHV
FRUUHVSRQGDQFHVP\VWpULHXVHVTX
jFHWWHpSRTXHRQQRPPDLWXQHFDEDOHORUVTX
LO
DIILUPDTXHOXLOHFDUGLQDODOODLWGpPrOHUOHVILOVOHVSOXVREVFXUVGHFHWWH
LQWULJXHTXDQGDXPRPHQWG
DUUrWHUVXUOHIDLWHQIODJUDQWGpOLWQDQWLGH
WRXWHVOHVSUHXYHVO
pPLVVDLUHGHODUHLQHSUqVGHO
H[LOpHXQPRXVTXHWDLUH
DYDLWRVpLQWHUURPSUHYLROHPPHQWOHFRXUVGHODMXVWLFHHQWRPEDQWO
pSpHjOD
PDLQVXUG
KRQQrWHVJHQVGHORLFKDUJpVG
H[DPLQHUDYHFLPSDUWLDOLWpWRXWH
O
DIIDLUHSRXUODPHWWUHVRXVOHV\HX[GXURL/RXLV;,,,QHVHFRQWLQWSOXVLO
ILWXQSDVYHUVO
DSSDUWHPHQWGHODUHLQHDYHFFHWWHSkOHHWPXHWWHLQGLJQDWLRQ
TXLORUVTX
HOOHpFODWDLWFRQGXLVDLWFHSULQFHMXVTX
jODSOXVIURLGHFUXDXWp
(WFHSHQGDQWGDQVWRXWFHODOHFDUGLQDOQ
DYDLWSDVHQFRUHGLWXQPRWGXGXF
GH%XFNLQJKDP
&HIXWDORUVTXH0GH7UpYLOOHHQWUDIURLGSROLHWGDQVXQHWHQXH
LUUpSURFKDEOH
$YHUWLGHFHTXLYHQDLWGHVHSDVVHUSDUODSUpVHQFHGXFDUGLQDOHWSDU
O
DOWpUDWLRQGHODILJXUHGXURL0GH7UpYLOOHVHVHQWLWIRUWFRPPH6DPVRQ
GHYDQWOHV3KLOLVWLQV
/RXLV;,,,PHWWDLWGpMjODPDLQVXUOHERXWRQGHODSRUWHDXEUXLWTXHILW0
GH7UpYLOOHHQHQWUDQWLOVHUHWRXUQD
9RXVDUULYH]ELHQ0RQVLHXUGLWOHURLTXLORUVTXHVHVSDVVLRQVpWDLHQW
PRQWpHVjXQFHUWDLQSRLQWQHVDYDLWSDVGLVVLPXOHUHWM
HQDSSUHQGVGHEHOOHV
VXUOHFRPSWHGHYRVPRXVTXHWDLUHV
(WPRLGLWIURLGHPHQW0GH7UpYLOOHM
HQDLGHEHOOHVjDSSUHQGUHj9RWUH

0DMHVWpVXUVHVJHQVGHUREH
3ODvWLO"GLWOHURLDYHFKDXWHXU
-
DLO
KRQQHXUG
DSSUHQGUHj9RWUH0DMHVWpFRQWLQXD0GH7UpYLOOHGXPrPH
WRQTX
XQSDUWLGHSURFXUHXUVGHFRPPLVVDLUHVHWGHJHQVGHSROLFHJHQVIRUW
HVWLPDEOHVPDLVIRUWDFKDUQpVjFHTX
LOSDUDvWFRQWUHO
XQLIRUPHV
HVW
SHUPLVG
DUUrWHUGDQVXQHPDLVRQG
HPPHQHUHQSOHLQHUXHHWGHMHWHUDX
)RUWO
(YrTXHWRXWFHODVXUXQRUGUHTXHO
RQDUHIXVpGHPHUHSUpVHQWHUXQGH
PHVPRXVTXHWDLUHVRXSOXW{WGHVY{WUHV6LUHG
XQHFRQGXLWHLUUpSURFKDEOH
G
XQHUpSXWDWLRQSUHVTXHLOOXVWUHHWTXH9RWUH0DMHVWpFRQQDvWIDYRUDEOHPHQW
0$WKRV
$WKRVGLWOHURLPDFKLQDOHPHQWRXLDXIDLWMHFRQQDLVFHQRP
4XH9RWUH0DMHVWpVHOHUDSSHOOHGLW0GH7UpYLOOH0$WKRVHVWFH
PRXVTXHWDLUHTXLGDQVOHIkFKHX[GXHOTXHYRXVVDYH]DHXOHPDOKHXUGH
EOHVVHUJULqYHPHQW0GH&DKXVDF$SURSRV0RQVHLJQHXUFRQWLQXD7UpYLOOHHQ
V
DGUHVVDQWDXFDUGLQDO0GH&DKXVDFHVWWRXWjIDLWUpWDEOLQ
HVWFHSDV"
0HUFLGLWOHFDUGLQDOHQVHSLQoDQWOHVOqYUHVGHFROqUH
0$WKRVpWDLWGRQFDOOpUHQGUHYLVLWHjO
XQGHVHVDPLVDORUVDEVHQW
FRQWLQXD0GH7UpYLOOHjXQMHXQH%pDUQDLVFDGHWDX[JDUGHVGH6D0DMHVWp
FRPSDJQLHGHV(VVDUWVPDLVjSHLQHYHQDLWLOGHV
LQVWDOOHUFKH]VRQDPLHWGH
SUHQGUHXQOLYUHHQO
DWWHQGDQWTX
XQHQXpHGHUHFRUVHWGHVROGDWVPrOpV
HQVHPEOHYLQWIDLUHOHVLqJHGHODPDLVRQHQIRQoDSOXVLHXUVSRUWHV
/HFDUGLQDOILWDXURLXQVLJQHTXLVLJQLILDLW&
HVWSRXUO
DIIDLUHGRQWMH
YRXVDLSDUOp
1RXVVDYRQVWRXWFHODUpSOLTXDOHURLFDUWRXWFHODV
HVWIDLWSRXUQRWUH
VHUYLFH
$ORUVGLW7UpYLOOHF
HVWDXVVLSRXUOHVHUYLFHGH9RWUH0DMHVWpTX
RQD
VDLVLXQGHPHVPRXVTXHWDLUHVLQQRFHQWTX
RQO
DSODFpHQWUHGHX[JDUGHVFRPPH
XQPDOIDLWHXUHWTX
RQDSURPHQpDXPLOLHXG
XQHSRSXODFHLQVROHQWHFHJDODQW
KRPPHTXLDYHUVpGL[IRLVVRQVDQJSRXUOHVHUYLFHGH9RWUH0DMHVWpHWTXLHVW
SUrWjOHUpSDQGUHHQFRUH
%DKGLWOHURLpEUDQOpOHVFKRVHVVHVRQWSDVVpHVDLQVL"
0GH7UpYLOOHQHGLWSDVUHSULWOHFDUGLQDODYHFOHSOXVJUDQGIOHJPHTXH
FHPRXVTXHWDLUHLQQRFHQWTXHFHJDODQWKRPPHYHQDLWXQHKHXUHDXSDUDYDQWGH
IUDSSHUjFRXSVG
pSpHTXDWUHFRPPLVVDLUHVLQVWUXFWHXUVGpOpJXpVSDUPRLDILQ
G
LQVWUXLUHXQHDIIDLUHGHODSOXVKDXWHLPSRUWDQFH
-HGpILH9RWUH(PLQHQFHGHOHSURXYHUV
pFULD0GH7UpYLOOHDYHFVD
IUDQFKLVHWRXWHJDVFRQQHHWVDUXGHVVHWRXWHPLOLWDLUHFDUXQHKHXUH
DXSDUDYDQW0$WKRVTXLMHOHFRQILHUDLj9RWUH0DMHVWpHVWXQKRPPHGHOD
SOXVKDXWHTXDOLWpPHIDLVDLWO
KRQQHXUDSUqVDYRLUGvQpFKH]PRLGHFDXVHU
GDQVOHVDORQGHPRQK{WHODYHF0OHGXFGH/D7UpPRXLOOHHW0OHFRPWHGH
&KkOXVTXLV
\WURXYDLHQW

/HURLUHJDUGDOHFDUGLQDO
8QSURFqVYHUEDOIDLWIRLGLWOHFDUGLQDOUpSRQGDQWWRXWKDXWj
O
LQWHUURJDWLRQPXHWWHGH6D0DMHVWpHWOHVJHQVPDOWUDLWpVRQWGUHVVpOH
VXLYDQWTXHM
DLO
KRQQHXUGHSUpVHQWHUj9RWUH0DMHVWp
3URFqVYHUEDOGHJHQVGHUREHYDXWLOODSDUROHG
KRQQHXUUpSRQGLWILqUHPHQW
7UpYLOOHG
KRPPHG
pSpH"
$OORQVDOORQV7UpYLOOHWDLVH]YRXVGLWOHURL
6L6RQ(PLQHQFHDTXHOTXHVRXSoRQFRQWUHXQGHPHVPRXVTXHWDLUHVGLW
7UpYLOOHODMXVWLFHGH0OHFDUGLQDOHVWDVVH]FRQQXHSRXUTXHMHGHPDQGH
PRLPrPHXQHHQTXrWH
'DQVODPDLVRQRFHWWHGHVFHQWHGHMXVWLFHDpWpIDLWHFRQWLQXDOHFDUGLQDO
LPSDVVLEOHORJHMHFURLVXQ%pDUQDLVDPLGXPRXVTXHWDLUH
9RWUH(PLQHQFHYHXWSDUOHUGH0G
$UWDJQDQ"
-HYHX[SDUOHUG
XQMHXQHKRPPHTXHYRXVSURWpJH]0RQVLHXUGH7UpYLOOH
2XL9RWUH(PLQHQFHF
HVWFHODPrPH
1HVRXSoRQQH]YRXVSDVFHMHXQHKRPPHG
DYRLUGRQQpGHPDXYDLVFRQVHLOV
$0$WKRVjXQKRPPHTXLDOHGRXEOHGHVRQkJH"LQWHUURPSLW0GH
7UpYLOOHQRQ0RQVHLJQHXU'
DLOOHXUV0G
$UWDJQDQDSDVVpODVRLUpHFKH]
PRL
$KojGLWOHFDUGLQDOWRXWOHPRQGHDGRQFSDVVpODVRLUpHFKH]YRXV"
6RQ(PLQHQFHGRXWHUDLWHOOHGHPDSDUROH"GLW7UpYLOOHOHURXJHGHOD
FROqUHDXIURQW
1RQ'LHXP
HQJDUGHGLWOHFDUGLQDOPDLVVHXOHPHQWjTXHOOHKHXUH
pWDLWLOFKH]YRXV"
2KFHODMHSXLVOHGLUHVFLHPPHQWj9RWUH(PLQHQFHFDUFRPPHLOHQWUDLW
MHUHPDUTXDLTX
LOpWDLWQHXIKHXUHVHWGHPLHjODSHQGXOHTXRLTXHM
HXVVHFUX
TX
LOpWDLWSOXVWDUG
(WjTXHOOHKHXUHHVWLOVRUWLGHYRWUHK{WHO"
$GL[KHXUHVHWGHPLHXQHKHXUHDSUqVO
pYpQHPHQW
0DLVHQILQUpSRQGLWOHFDUGLQDOTXLQHVRXSoRQQDLWSDVXQLQVWDQWOD
OR\DXWpGH7UpYLOOHHWTXLVHQWDLWTXHODYLFWRLUHOXLpFKDSSDLWPDLVHQILQ
$WKRVDpWpSULVGDQVFHWWHPDLVRQGHODUXHGHV)RVVR\HXUV
(VWLOGpIHQGXjXQDPLGHYLVLWHUXQDPL"jXQPRXVTXHWDLUHGHPDFRPSDJQLH
GHIUDWHUQLVHUDYHFXQJDUGHGHODFRPSDJQLHGH0GHV(VVDUWV"

2XLTXDQGODPDLVRQRLOIUDWHUQLVHDYHFFHWDPLHVWVXVSHFWH
&
HVWTXHFHWWHPDLVRQHVWVXVSHFWH7UpYLOOHGLWOHURLSHXWrWUHQHOH
VDYLH]YRXVSDV"
(QHIIHW6LUHMHO
LJQRUDLV(QWRXWFDVHOOHSHXWrWUHVXVSHFWHSDUWRXW
PDLVMHQLHTX
HOOHOHVRLWGDQVODSDUWLHTX
KDELWH0G
$UWDJQDQFDUMHSXLV
YRXVDIILUPHU6LUHTXHVLM
HQFURLVFHTX
LODGLWLOQ
H[LVWHSDVXQSOXV
GpYRXpVHUYLWHXUGH6D0DMHVWpXQDGPLUDWHXUSOXVSURIRQGGH0OHFDUGLQDO
1
HVWFHSDVFHG
$UWDJQDQTXLDEOHVVpXQMRXU-XVVDFGDQVFHWWHPDOKHXUHXVH
UHQFRQWUHTXLDHXOLHXSUqVGXFRXYHQWGHV&DUPHV'pFKDXVVpV"GHPDQGDOHURL
HQUHJDUGDQWOHFDUGLQDOTXLURXJLWGHGpSLW
(WOHOHQGHPDLQ%HUQDMRX[2XL6LUHRXLF
HVWELHQFHODHW9RWUH0DMHVWp
DERQQHPpPRLUH
$OORQVTXHUpVROYRQVQRXV"GLWOHURL
&HODUHJDUGH9RWUH0DMHVWpSOXVTXHPRLGLWOHFDUGLQDO-
DIILUPHUDLVOD
FXOSDELOLWp
(WPRLMHODQLHGLW7UpYLOOH0DLV6D0DMHVWpDGHVMXJHVHWVHVMXJHV
GpFLGHURQW
&
HVWFHODGLWOHURLUHQYR\RQVODFDXVHGHYDQWOHVMXJHVF
HVWOHXU
DIIDLUHGHMXJHUHWLOVMXJHURQW
6HXOHPHQWUHSULW7UpYLOOHLOHVWELHQWULVWHTX
HQFHWHPSVPDOKHXUHX[R
QRXVVRPPHVODYLHODSOXVSXUHODYHUWXODSOXVLQFRQWHVWDEOHQ
H[HPSWHQWSDV
XQKRPPHGHO
LQIDPLHHWGHODSHUVpFXWLRQ$XVVLO
DUPpHVHUDWHOOHSHX
FRQWHQWHMHSXLVHQUpSRQGUHG
rWUHHQEXWWHjGHVWUDLWHPHQWVULJRXUHX[j
SURSRVG
DIIDLUHVGHSROLFH
/HPRWpWDLWLPSUXGHQWPDLV0GH7UpYLOOHO
DYDLWODQFpDYHFFRQQDLVVDQFHGH
FDXVH,OYRXODLWXQHH[SORVLRQSDUFHTX
HQFHODODPLQHIDLWGXIHXHWTXHOH
IHXpFODLUH
$IIDLUHVGHSROLFHV
pFULDOHURLUHOHYDQWOHVSDUROHVGH0GH7UpYLOOH
DIIDLUHVGHSROLFHHWTX
HQVDYH]YRXV0RQVLHXU"0rOH]YRXVGHYRV
PRXVTXHWDLUHVHWQHPHURPSH]SDVODWrWH,OVHPEOHjYRXVHQWHQGUHTXHVL
SDUPDOKHXURQDUUrWHXQPRXVTXHWDLUHOD)UDQFHHVWHQGDQJHU(KTXHGH
EUXLWSRXUXQPRXVTXHWDLUHM
HQIHUDLDUUrWHUGL[YHQWUHEOHXFHQWPrPH
WRXWHODFRPSDJQLHHWMHQHYHX[SDVTXHO
RQVRXIIOHPRW
'XPRPHQWRLOVVRQWVXVSHFWVj9RWUH0DMHVWpGLW7UpYLOOHOHV
PRXVTXHWDLUHVVRQWFRXSDEOHVDXVVLPHYR\H]YRXV6LUHSUrWjYRXVUHQGUH
PRQpSpHFDUDSUqVDYRLUDFFXVpPHVVROGDWV0OHFDUGLQDOMHQ
HQGRXWH
SDVILQLUDSDUP
DFFXVHUPRLPrPHDLQVLPLHX[YDXWTXHMHPHFRQVWLWXH
SULVRQQLHUDYHF0$WKRVTXLHVWDUUrWpGpMjHW0G
$UWDJQDQTX
RQYD
DUUrWHUVDQVGRXWH

7rWHJDVFRQQHHQILQLUH]YRXV"GLWOHURL
6LUHUpSRQGLW7UpYLOOHVDQVEDLVVHUOHPRLQGUHPHQWODYRL[RUGRQQH]TX
RQ
PHUHQGHPRQPRXVTXHWDLUHRXTX
LOVRLWMXJp
2QOHMXJHUDGLWOHFDUGLQDO
(KELHQWDQWPLHX[FDUGDQVFHFDVMHGHPDQGHUDLj6D0DMHVWpOD
SHUPLVVLRQGHSODLGHUSRXUOXL
/HURLFUDLJQLWXQpFODW
6L6RQ(PLQHQFHGLWLOQ
DYDLWSDVSHUVRQQHOOHPHQWGHVPRWLIV
/HFDUGLQDOYLWYHQLUOHURLHWDOODDXGHYDQWGHOXL
3DUGRQGLWLOPDLVGXPRPHQWR9RWUH0DMHVWpYRLWHQPRLXQMXJHSUpYHQX
MHPHUHWLUH
9R\RQVGLWOHURLPHMXUH]YRXVSDUPRQSqUHTXH0$WKRVpWDLWFKH]YRXV
SHQGDQWO
pYpQHPHQWHWTX
LOQ
\DSRLQWSULVSDUW"
3DUYRWUHJORULHX[SqUHHWSDUYRXVPrPHTXLrWHVFHTXHM
DLPHHWFHTXHMH
YpQqUHOHSOXVDXPRQGHMHOHMXUH
9HXLOOH]UpIOpFKLU6LUHGLWOHFDUGLQDO6LQRXVUHOkFKRQVDLQVLOH
SULVRQQLHURQQHSRXUUDSOXVFRQQDvWUHODYpULWp
0$WKRVVHUDWRXMRXUVOjUHSULW0GH7UpYLOOHSUrWjUpSRQGUHTXDQGLO
SODLUDDX[JHQVGHUREHGHO
LQWHUURJHU,OQHGpVHUWHUDSDV0RQVLHXUOH
FDUGLQDOVR\H]WUDQTXLOOHMHUpSRQGVGHOXLPRL
$XIDLWLOQHGpVHUWHUDSDVGLWOHURLRQOHUHWURXYHUDWRXMRXUVFRPPH
GLW0GH7UpYLOOH'
DLOOHXUVDMRXWDWLOHQEDLVVDQWODYRL[HWHQUHJDUGDQW
G
XQDLUVXSSOLDQW6RQ(PLQHQFHGRQQRQVOHXUGHODVpFXULWpFHODHVW
SROLWLTXH
&HWWHSROLWLTXHGH/RXLV;,,,ILWVRXULUH5LFKHOLHX
2UGRQQH]6LUHGLWLOYRXVDYH]OHGURLWGHJUkFH
/HGURLWGHJUkFHQHV
DSSOLTXHTX
DX[FRXSDEOHVGLW7UpYLOOHTXLYRXODLW
DYRLUOHGHUQLHUPRWHWPRQPRXVTXHWDLUHHVWLQQRFHQW&HQ
HVWGRQFSDVJUkFH
TXHYRXVDOOH]IDLUH6LUHF
HVWMXVWLFH
(WLOHVWDX)RUWO
(YrTXH"GLWOHURL
2XL6LUHHWDXVHFUHWGDQVXQFDFKRWFRPPHOHGHUQLHUGHVFULPLQHOV
'LDEOHGLDEOHPXUPXUDOHURLTXHIDXWLOIDLUH"
6LJQHUO
RUGUHGHPLVHHQOLEHUWpHWWRXWVHUDGLWUHSULWOHFDUGLQDOMH
FURLVFRPPH9RWUH0DMHVWpTXHODJDUDQWLHGH0GH7UpYLOOHHVWSOXVTXH

VXIILVDQWH
7UpYLOOHV
LQFOLQDUHVSHFWXHXVHPHQWDYHFXQHMRLHTXLQ
pWDLWSDVVDQVPpODQJH
GHFUDLQWHLOHWSUpIpUpXQHUpVLVWDQFHRSLQLkWUHGXFDUGLQDOjFHWWH
VRXGDLQHIDFLOLWp
/HURLVLJQDO
RUGUHG
pODUJLVVHPHQWHW7UpYLOOHO
HPSRUWDVDQVUHWDUG
$XPRPHQWRLODOODLWVRUWLUOHFDUGLQDOOXLILWXQVRXULUHDPLFDOHWGLWDX
URL
8QHERQQHKDUPRQLHUqJQHHQWUHOHVFKHIVHWOHVVROGDWVGDQVYRV
PRXVTXHWDLUHV6LUHYRLOjTXLHVWELHQSURILWDEOHDXVHUYLFHHWELHQKRQRUDEOH
SRXUWRXV
,OPHMRXHUDTXHOTXHPDXYDLVWRXULQFHVVDPPHQWVHGLVDLW7UpYLOOHRQQ
D
MDPDLVOHGHUQLHUPRWDYHFXQSDUHLOKRPPH0DLVKkWRQVQRXVFDUOHURLSHXW
FKDQJHUG
DYLVWRXWjO
KHXUHHWDXERXWGXFRPSWHLOHVWSOXVGLIILFLOHGH
UHPHWWUHjOD%DVWLOOHRXDX)RUWO
(YrTXHXQKRPPHTXLHQHVWVRUWLTXHG
\
JDUGHUXQSULVRQQLHUTX
RQ\WLHQW
0GH7UpYLOOHILWWULRPSKDOHPHQWVRQHQWUpHDX)RUWO
(YrTXHRLOGpOLYUDOH
PRXVTXHWDLUHTXHVDSDLVLEOHLQGLIIpUHQFHQ
DYDLWSDVDEDQGRQQp
3XLVODSUHPLqUHIRLVTX
LOUHYLWG
$UWDJQDQ
9RXVO
pFKDSSH]EHOOHOXLGLWLOYRLOjYRWUHFRXSG
pSpHj-XVVDFSD\p
5HVWHELHQHQFRUHFHOXLGH%HUQDMRX[PDLVLOQHIDXGUDLWSDVWURSYRXV\ILHU

$XUHVWH0GH7UpYLOOHDYDLWUDLVRQGHVHGpILHUGXFDUGLQDOHWGHSHQVHUTXH
WRXWQ
pWDLWSDVILQLFDUjSHLQHOHFDSLWDLQHGHVPRXVTXHWDLUHVHXWLOIHUPp
ODSRUWHGHUULqUHOXLTXH6RQ(PLQHQFHGLWDXURL
0DLQWHQDQWTXHQRXVQHVRPPHVSOXVTXHQRXVGHX[QRXVDOORQVFDXVHU
VpULHXVHPHQWV
LOSODvWj9RWUH0DMHVWp6LUH0GH%XFNLQJKDPpWDLWj3DULV
GHSXLVFLQTMRXUVHWQ
HQHVWSDUWLTXHFHPDWLQ


&KDSLWUH;9,
280/(*$5'('(66&($8;6(*8,(5&+(5&+$3/86'
81()2,6/$&/2&+(3285/$
6211(5&200(,//()$,6$,7$875()2,6


,OHVWLPSRVVLEOHGHVHIDLUHXQHLGpHGHO
LPSUHVVLRQTXHFHVTXHOTXHVPRWV
SURGXLVLUHQWVXU/RXLV;,,,,OURXJLWHWSkOLWVXFFHVVLYHPHQWHWOHFDUGLQDO
YLWWRXWG
DERUGTX
LOYHQDLWGHFRQTXpULUG
XQVHXOFRXSWRXWOHWHUUDLQTX
LO
DYDLWSHUGX

0GH%XFNLQJKDPj3DULVV
pFULDWLOHWTX
\YLHQWLOIDLUH"
6DQVGRXWHFRQVSLUHUDYHFQRVHQQHPLVOHVKXJXHQRWVHWOHV(VSDJQROV
1RQSDUGLHXQRQFRQVSLUHUFRQWUHPRQKRQQHXUDYHF0PHGH&KHYUHXVH0PH
GH/RQJXHYLOOHHWOHV&RQGp
2K6LUHTXHOOHLGpH/DUHLQHHVWWURSVDJHHWVXUWRXWDLPHWURS9RWUH
0DMHVWp
/DIHPPHHVWIDLEOH0RQVLHXUOHFDUGLQDOGLWOHURLHWTXDQWjP
DLPHU
EHDXFRXSM
DLPRQRSLQLRQIDLWHVXUFHWDPRXU
-HQ
HQPDLQWLHQVSDVPRLQVGLWOHFDUGLQDOTXHOHGXFGH%XFNLQJKDPHVW
YHQXj3DULVSRXUXQSURMHWWRXWSROLWLTXH
(WPRLMHVXLVVUTX
LOHVWYHQXSRXUDXWUHFKRVH0RQVLHXUOHFDUGLQDO
PDLVVLODUHLQHHVWFRXSDEOHTX
HOOHWUHPEOH
$XIDLWGLWOHFDUGLQDOTXHOTXHUpSXJQDQFHTXHM
DLHjDUUrWHUPRQHVSULW
VXUXQHSDUHLOOHWUDKLVRQ9RWUH0DMHVWpP
\IDLWSHQVHU0PHGH/DQQR\TXH
G
DSUqVO
RUGUHGH9RWUH0DMHVWpM
DLLQWHUURJpHSOXVLHXUVIRLVP
DGLWFH
PDWLQTXHODQXLWDYDQWFHOOHFL6D0DMHVWpDYDLWYHLOOpIRUWWDUGTXHFHPDWLQ
HOOHDYDLWEHDXFRXSSOHXUpHWTXHWRXWHODMRXUQpHHOOHDYDLWpFULW
&
HVWFHODGLWOHURLjOXLVDQVGRXWH&DUGLQDOLOPHIDXWOHVSDSLHUV
GHODUHLQH
0DLVFRPPHQWOHVSUHQGUH6LUH",OPHVHPEOHTXHFHQ
HVWQLPRLQL9RWUH
0DMHVWpTXLSRXYRQVQRXVFKDUJHUG
XQHSDUHLOOHPLVVLRQ
&RPPHQWV
\HVWRQSULVSRXUODPDUpFKDOHG
$QFUH"V
pFULDOHURLDXSOXV
KDXWGHJUpGHODFROqUHRQDIRXLOOpVHVDUPRLUHVHWHQILQRQO
DIRXLOOpH
HOOHPrPH
/DPDUpFKDOHG
$QFUHQ
pWDLWTXHODPDUpFKDOHG
$QFUHXQHDYHQWXULqUH
IORUHQWLQH6LUHYRLOjWRXWWDQGLVTXHO
DXJXVWHpSRXVHGH9RWUH0DMHVWpHVW
$QQHG
$XWULFKHUHLQHGH)UDQFHF
HVWjGLUHXQHGHVSOXVJUDQGHVSULQFHVVHV
GXPRQGH
(OOHQ
HQHVWTXHSOXVFRXSDEOH0RQVLHXUOHGXF3OXVHOOHDRXEOLpOD
KDXWHSRVLWLRQRHOOHpWDLWSODFpHSOXVHOOHHVWEDVGHVFHQGXH,O\D
ORQJWHPSVG
DLOOHXUVTXHMHVXLVGpFLGpjHQILQLUDYHFWRXWHVFHVSHWLWHV
LQWULJXHVGHSROLWLTXHHWG
DPRXU(OOHDDXVVLSUqVG
HOOHXQFHUWDLQ/D
3RUWH
4XHMHFURLVODFKHYLOOHRXYULqUHGHWRXWFHODMHO
DYRXHGLWOHFDUGLQDO
9RXVSHQVH]GRQFFRPPHPRLTX
HOOHPHWURPSH"GLWOHURL
-HFURLVHWMHOHUpSqWHj9RWUH0DMHVWpTXHODUHLQHFRQVSLUHFRQWUHOD
SXLVVDQFHGHVRQURLPDLVMHQ
DLSRLQWGLWFRQWUHVRQKRQQHXU

(WPRLMHYRXVGLVFRQWUHWRXVGHX[PRLMHYRXVGLVTXHODUHLQHQHP
DLPH
SDVMHYRXVGLVTX
HOOHHQDLPHXQDXWUHMHYRXVGLVTX
HOOHDLPHFHWLQIkPH
GXFGH%XFNLQJKDP3RXUTXRLQHO
DYH]YRXVSDVIDLWDUUrWHUSHQGDQWTX
LOpWDLW
j3DULV"
$UUrWHUOHGXFDUUrWHUOHSUHPLHUPLQLVWUHGXURL&KDUOHV,HU<
SHQVH]YRXV6LUH"4XHOpFODWHWVLDORUVOHVVRXSoRQVGH9RWUH0DMHVWpFH
GRQWMHFRQWLQXHjGRXWHUDYDLHQWTXHOTXHFRQVLVWDQFHTXHOpFODWWHUULEOH
TXHOVFDQGDOHGpVHVSpUDQW
0DLVSXLVTX
LOV
H[SRVDLWFRPPHXQYDJDERQGHWXQODUURQQHXULOIDOODLW
/RXLV;,,,V
DUUrWDOXLPrPHHIIUD\pGHFHTX
LODOODLWGLUHWDQGLVTXH
5LFKHOLHXDOORQJHDQWOHFRXDWWHQGDLWLQXWLOHPHQWODSDUROHTXLpWDLWUHVWpH
VXUOHVOqYUHVGXURL
,OIDOODLW"
5LHQGLWOHURLULHQ0DLVSHQGDQWWRXWOHWHPSVTX
LODpWpj3DULVYRXV
QHO
DYH]SDVSHUGXGHYXH"
1RQ6LUH
2ORJHDLWLO"
5XHGH/D+DUSHQ
2HVWFHFHOD"
'XF{WpGX/X[HPERXUJ
(WYRXVrWHVVUTXHODUHLQHHWOXLQHVHVRQWSDVYXV"
-HFURLVODUHLQHWURSDWWDFKpHjVHVGHYRLUV6LUH
0DLVLOVRQWFRUUHVSRQGXF
HVWjOXLTXHODUHLQHDpFULWWRXWHODMRXUQpH
0RQVLHXUOHGXFLOPHIDXWFHVOHWWUHV
6LUHFHSHQGDQW
0RQVLHXUOHGXFjTXHOTXHSUL[TXHFHVRLWMHOHVYHX[
-HIHUDLSRXUWDQWREVHUYHUj9RWUH0DMHVWp
0HWUDKLVVH]YRXVGRQFDXVVL0RQVLHXUOHFDUGLQDOSRXUYRXVRSSRVHU
WRXMRXUVDLQVLjPHVYRORQWpV"(WHVYRXVDXVVLG
DFFRUGDYHFO
(VSDJQROHWDYHF
O
$QJODLVDYHF0PHGH&KHYUHXVHHWDYHFODUHLQH"
6LUHUpSRQGLWHQVRXSLUDQWOHFDUGLQDOMHFUR\DLVrWUHjO
DEULG
XQSDUHLO
VRXSoRQ

0RQVLHXUOHFDUGLQDOYRXVP
DYH]HQWHQGXMHYHX[FHVOHWWUHV
,OQ
\DXUDLWTX
XQPR\HQ
/HTXHO"
&HVHUDLWGHFKDUJHUGHFHWWHPLVVLRQ0OHJDUGHGHVVFHDX[6pJXLHU/D
FKRVHUHQWUHFRPSOqWHPHQWGDQVOHVGHYRLUVGHVDFKDUJH
4X
RQO
HQYRLHFKHUFKHUjO
LQVWDQWPrPH
,OGRLWrWUHFKH]PRL6LUHMHO
DYDLVIDLWSULHUGHSDVVHUHWORUVTXHMH
VXLVYHQXDX/RXYUHM
DLODLVVpO
RUGUHV
LOVHSUpVHQWDLWGHOHIDLUH
DWWHQGUH
4X
RQDLOOHOHFKHUFKHUjO
LQVWDQWPrPH
/HVRUGUHVGH9RWUH0DMHVWpVHURQWH[pFXWpVPDLV
0DLVTXRL"
0DLVODUHLQHVHUHIXVHUDSHXWrWUHjREpLU
$PHVRUGUHV"
2XLVLHOOHLJQRUHTXHFHVRUGUHVYLHQQHQWGXURL
(KELHQSRXUTX
HOOHQ
HQGRXWHSDVMHYDLVODSUpYHQLUPRLPrPH
9RWUH0DMHVWpQ
RXEOLHUDSDVTXHM
DLIDLWWRXWFHTXHM
DLSXSRXUSUpYHQLU
XQHUXSWXUH
2XLGXFMHVDLVTXHYRXVrWHVIRUWLQGXOJHQWSRXUODUHLQHWURSLQGXOJHQW
SHXWrWUHHWQRXVDXURQVMHYRXVHQSUpYLHQVjSDUOHUSOXVWDUGGHFHOD
4XDQGLOSODLUDj9RWUH0DMHVWpPDLVMHVHUDLWRXMRXUVKHXUHX[HWILHU
6LUHGHPHVDFULILHUjODERQQHKDUPRQLHTXHMHGpVLUHYRLUUpJQHUHQWUHYRXV
HWODUHLQHGH)UDQFH
%LHQFDUGLQDOELHQPDLVHQDWWHQGDQWHQYR\H]FKHUFKHU0OHJDUGHGHV
VFHDX[PRLM
HQWUHFKH]ODUHLQH
(W/RXLV;,,,RXYUDQWODSRUWHGHFRPPXQLFDWLRQV
HQJDJHDGDQVOHFRUULGRUTXL
FRQGXLVDLWGHFKH]OXLFKH]$QQHG
$XWULFKH
/DUHLQHpWDLWDXPLOLHXGHVHVIHPPHV0PHGH*XLWDXW0PHGH6DEOp0PHGH
0RQWED]RQHW0PHGH*XpPpQpH'DQVXQFRLQpWDLWFHWWHFDPpULVWHHVSDJQROHGRxD
(VWpIDQLDTXLO
DYDLWVXLYLHGH0DGULG0PHGH*XpPpQpHIDLVDLWODOHFWXUHHW
WRXWOHPRQGHpFRXWDLWDYHFDWWHQWLRQODOHFWULFHjO
H[FHSWLRQGHODUHLQH
TXLDXFRQWUDLUHDYDLWSURYRTXpFHWWHOHFWXUHDILQGHSRXYRLUWRXWHQ
IHLJQDQWG
pFRXWHUVXLYUHOHILOGHVHVSURSUHVSHQVpHV
&HVSHQVpHVWRXWHVGRUpHVTX
HOOHVpWDLHQWSDUXQGHUQLHUUHIOHWG
DPRXUQ
HQ

pWDLHQWSDVPRLQVWULVWHV$QQHG
$XWULFKHSULYpHGHODFRQILDQFHGHVRQPDUL
SRXUVXLYLHSDUODKDLQHGXFDUGLQDOTXLQHSRXYDLWOXLSDUGRQQHUG
DYRLU
UHSRXVVpXQVHQWLPHQWSOXVGRX[D\DQWVRXVOHV\HX[O
H[HPSOHGHODUHLQHPqUH
TXHFHWWHKDLQHDYDLWWRXUPHQWpHWRXWHVDYLHTXRLTXH0DULHGH0pGLFLVV
LO
IDXWHQFURLUHOHVPpPRLUHVGXWHPSVHWFRPPHQFpSDUDFFRUGHUDXFDUGLQDOOH
VHQWLPHQWTX
$QQHG
$XWULFKHILQLWWRXMRXUVSDUOXLUHIXVHU$QQHG
$XWULFKH
DYDLWYXWRPEHUDXWRXUG
HOOHVHVVHUYLWHXUVOHVSOXVGpYRXpVVHVFRQILGHQWV
OHVSOXVLQWLPHVVHVIDYRULVOHVSOXVFKHUV&RPPHFHVPDOKHXUHX[GRXpVG
XQ
GRQIXQHVWHHOOHSRUWDLWPDOKHXUjWRXWFHTX
HOOHWRXFKDLWVRQDPLWLppWDLW
XQVLJQHIDWDOTXLDSSHODLWODSHUVpFXWLRQ0PHGH&KHYUHXVHHW0PHGH9HUQHW
pWDLHQWH[LOpHVHQILQ/D3RUWHQHFDFKDLWSDVjVDPDvWUHVVHTX
LOV
DWWHQGDLW
jrWUHDUUrWpG
XQLQVWDQWjO
DXWUH
&
HVWDXPRPHQWRHOOHpWDLWSORQJpHDXSOXVSURIRQGHWDXSOXVVRPEUHGHFHV
UpIOH[LRQVTXHODSRUWHGHODFKDPEUHV
RXYULWHWTXHOHURLHQWUD
/DOHFWULFHVHWXWjO
LQVWDQWPrPHWRXWHVOHVGDPHVVHOHYqUHQWHWLOVHILW
XQSURIRQGVLOHQFH
4XDQWDXURLLOQHILWDXFXQHGpPRQVWUDWLRQGHSROLWHVVHVHXOHPHQW
V
DUUrWDQWGHYDQWODUHLQH
0DGDPHGLWLOG
XQHYRL[DOWpUpHYRXVDOOH]UHFHYRLUODYLVLWHGH0OH
FKDQFHOLHUTXLYRXVFRPPXQLTXHUDFHUWDLQHVDIIDLUHVGRQWMHO
DLFKDUJp
/DPDOKHXUHXVHUHLQHTX
RQPHQDoDLWVDQVFHVVHGHGLYRUFHG
H[LOHWGH
MXJHPHQWPrPHSkOLWVRXVVRQURXJHHWQHSXWV
HPSrFKHUGHGLUH
0DLVSRXUTXRLFHWWHYLVLWH6LUH"4XHPHGLUD0OHFKDQFHOLHUTXH9RWUH
0DMHVWpQHSXLVVHPHGLUHHOOHPrPH"
/HURLWRXUQDVXUVHVWDORQVVDQVUpSRQGUHHWSUHVTXHDXPrPHLQVWDQWOH
FDSLWDLQHGHVJDUGHV0GH*XLWDXWDQQRQoDODYLVLWHGH0OHFKDQFHOLHU
/RUVTXHOHFKDQFHOLHUSDUXWOHURLpWDLWGpMjVRUWLSDUXQHDXWUHSRUWH
/HFKDQFHOLHUHQWUDGHPLVRXULDQWGHPLURXJLVVDQW&RPPHQRXVOHUHWURXYHURQV
SUREDEOHPHQWGDQVOHFRXUVGHFHWWHKLVWRLUHLOQ
\DSDVGHPDOjFHTXHQRV
OHFWHXUVIDVVHQWGqVjSUpVHQWFRQQDLVVDQFHDYHFOXL
&HFKDQFHOLHUpWDLWXQSODLVDQWKRPPH&HIXW'HV5RFKHVOH0DVOHFKDQRLQHj
1RWUH'DPHHWTXLDYDLWpWpDXWUHIRLVYDOHWGHFKDPEUHGXFDUGLQDOTXLOH
SURSRVDj6RQ(PLQHQFHFRPPHXQKRPPHWRXWGpYRXp/HFDUGLQDOV
\ILDHWV
HQ
WURXYDELHQ
2QUDFRQWDLWGHOXLFHUWDLQHVKLVWRLUHVHQWUHDXWUHVFHOOHFL
$SUqVXQHMHXQHVVHRUDJHXVHLOV
pWDLWUHWLUpGDQVXQFRXYHQWSRXU\H[SLHUDX
PRLQVSHQGDQWTXHOTXHWHPSVOHVIROLHVGHO
DGROHVFHQFH
0DLVHQHQWUDQWGDQVFHVDLQWOLHXOHSDXYUHSpQLWHQWQ
DYDLWSXUHIHUPHUVL
YLWHODSRUWHTXHOHVSDVVLRQVTX
LOIX\DLWQ
\HQWUDVVHQWDYHFOXL,OHQ
pWDLWREVpGpVDQVUHOkFKHHWOHVXSpULHXUDXTXHOLODYDLWFRQILpFHWWH

GLVJUkFHYRXODQWDXWDQWTX
LOpWDLWHQOXLO
HQJDUDQWLUOXLDYDLWUHFRPPDQGp
SRXUFRQMXUHUOHGpPRQWHQWDWHXUGHUHFRXULUjODFRUGHGHODFORFKHHWGH
VRQQHUjWRXWHYROpH$XEUXLWGpQRQFLDWHXUOHVPRLQHVVHUDLHQWSUpYHQXVTXHOD
WHQWDWLRQDVVLpJHDLWXQIUqUHHWWRXWHODFRPPXQDXWpVHPHWWUDLWHQSULqUHV
/HFRQVHLOSDUXWERQDXIXWXUFKDQFHOLHU,OFRQMXUDO
HVSULWPDOLQjJUDQG
UHQIRUWGHSULqUHVIDLWHVSDUOHVPRLQHVPDLVOHGLDEOHQHVHODLVVHSDV
GpSRVVpGHUIDFLOHPHQWG
XQHSODFHRLODPLVJDUQLVRQjPHVXUHTX
RQ
UHGRXEODLWOHVH[RUFLVPHVLOUHGRXEODLWOHVWHQWDWLRQVGHVRUWHTXHMRXUHW
QXLWODFORFKHVRQQDLWjWRXWHYROpHDQQRQoDQWO
H[WUrPHGpVLUGHPRUWLILFDWLRQ
TX
pSURXYDLWOHSpQLWHQW
/HVPRLQHVQ
DYDLHQWSOXVXQLQVWDQWGHUHSRV/HMRXULOVQHIDLVDLHQWTXH
PRQWHUHWGHVFHQGUHOHVHVFDOLHUVTXLFRQGXLVDLHQWjODFKDSHOOHODQXLW
RXWUHFRPSOLHVHWPDWLQHVLOVpWDLHQWHQFRUHREOLJpVGHVDXWHUYLQJWIRLVjEDV
GHOHXUVOLWVHWGHVHSURVWHUQHUVXUOHFDUUHDXGHOHXUVFHOOXOHV
2QLJQRUHVLFHIXWOHGLDEOHTXLOkFKDSULVHRXOHVPRLQHVTXLVHODVVqUHQW
PDLVDXERXWGHWURLVPRLVOHSpQLWHQWUHSDUXWGDQVOHPRQGHDYHFOD
UpSXWDWLRQGXSOXVWHUULEOHSRVVpGpTXLHWMDPDLVH[LVWp
(QVRUWDQWGXFRXYHQWLOHQWUDGDQVODPDJLVWUDWXUHGHYLQWSUpVLGHQWjPRUWLHU
jODSODFHGHVRQRQFOHHPEUDVVDOHSDUWLGXFDUGLQDOFHTXLQHSURXYDLWSDV
SHXGHVDJDFLWpGHYLQWFKDQFHOLHUVHUYLW6RQ(PLQHQFHDYHF]qOHGDQVVDKDLQH
FRQWUHODUHLQHPqUHHWVDYHQJHDQFHFRQWUH$QQHG
$XWULFKHVWLPXODOHVMXJHV
GDQVO
DIIDLUHGH&KDODLVHQFRXUDJHDOHVHVVDLVGH0GH/DIIHPDVJUDQG
JLEHFLHUGH)UDQFHSXLVHQILQLQYHVWLGHWRXWHODFRQILDQFHGXFDUGLQDO
FRQILDQFHTX
LODYDLWVLELHQJDJQpHLOHQYLQWjUHFHYRLUODVLQJXOLqUH
FRPPLVVLRQSRXUO
H[pFXWLRQGHODTXHOOHLOVHSUpVHQWDLWFKH]ODUHLQH
/DUHLQHpWDLWHQFRUHGHERXWTXDQGLOHQWUDPDLVjSHLQHO
HXWHOOHDSHUoX
TX
HOOHVHUDVVLWVXUVRQIDXWHXLOHWILWVLJQHjVHVIHPPHVGHVHUDVVHRLUVXU
OHXUVFRXVVLQVHWOHXUVWDERXUHWVHWG
XQWRQGHVXSUrPHKDXWHXU
4XHGpVLUH]YRXV0RQVLHXUGHPDQGD$QQHG
$XWULFKHHWGDQVTXHOEXWYRXV
SUpVHQWH]YRXVLFL"
3RXU\IDLUHDXQRPGXURL0DGDPHHWVDXIWRXWOHUHVSHFWTXHM
DL
O
KRQQHXUGHGHYRLUj9RWUH0DMHVWpXQHSHUTXLVLWLRQH[DFWHGDQVYRVSDSLHUV
&RPPHQW0RQVLHXUXQHSHUTXLVLWLRQGDQVPHVSDSLHUV$PRLPDLVYRLOj
XQHFKRVHLQGLJQH
9HXLOOH]PHOHSDUGRQQHU0DGDPHPDLVGDQVFHWWHFLUFRQVWDQFHMHQHVXLV
TXHO
LQVWUXPHQWGRQWOHURLVHVHUW6D0DMHVWpQHVRUWHOOHSDVG
LFLHWQH
YRXVDWHOOHSDVLQYLWpHHOOHPrPHjYRXVSUpSDUHUjFHWWHYLVLWH"
)RXLOOH]GRQF0RQVLHXUMHVXLVXQHFULPLQHOOHjFHTX
LOSDUDvW
(VWpIDQLDGRQQH]OHVFOHIVGHPHVWDEOHVHWGHPHVVHFUpWDLUHV
/HFKDQFHOLHUILWSRXUODIRUPHXQHYLVLWHGDQVOHVPHXEOHVPDLVLOVDYDLWELHQ
TXHFHQ
pWDLWSDVGDQVXQPHXEOHTXHODUHLQHDYDLWGVHUUHUODOHWWUH
LPSRUWDQWHTX
HOOHDYDLWpFULWHGDQVODMRXUQpH

4XDQGOHFKDQFHOLHUHXWURXYHUWHWUHIHUPpYLQJWIRLVOHVWLURLUVGXVHFUpWDLUH
LOIDOOXWELHQTXHOTXHKpVLWDWLRQTX
LOpSURXYkWLOIDOOXWELHQGLVMHHQ
YHQLUjODFRQFOXVLRQGHO
DIIDLUHF
HVWjGLUHjIRXLOOHUODUHLQHHOOHPrPH
/HFKDQFHOLHUV
DYDQoDGRQFYHUV$QQHG
$XWULFKHHWG
XQWRQWUqVSHUSOH[HHW
G
XQDLUIRUWHPEDUUDVVp
(WPDLQWHQDQWGLWLOLOPHUHVWHjIDLUHODSHUTXLVLWLRQSULQFLSDOH
/DTXHOOH"GHPDQGDODUHLQHTXLQHFRPSUHQDLWSDVRXSOXW{WTXLQHYRXODLW
SDVFRPSUHQGUH
6D0DMHVWpHVWFHUWDLQHTX
XQHOHWWUHDpWppFULWHSDUYRXVGDQVODMRXUQpH
HOOHVDLWTX
HOOHQ
DSDVHQFRUHpWpHQYR\pHjVRQDGUHVVH&HWWHOHWWUHQHVH
WURXYHQLGDQVYRWUHWDEOHQLGDQVYRWUHVHFUpWDLUHHWFHSHQGDQWFHWWHOHWWUH
HVWTXHOTXHSDUW
2VHUH]YRXVSRUWHUODPDLQVXUYRWUHUHLQH"GLW$QQHG
$XWULFKHHQVH
GUHVVDQWGHWRXWHVDKDXWHXUHWHQIL[DQWVXUOHFKDQFHOLHUVHV\HX[GRQW
O
H[SUHVVLRQpWDLWGHYHQXHSUHVTXHPHQDoDQWH
-HVXLVXQILGqOHVXMHWGXURL0DGDPHHWWRXWFHTXH6D0DMHVWpRUGRQQHUD
MHOHIHUDL
(KELHQF
HVWYUDLGLW$QQHG
$XWULFKHHWOHVHVSLRQVGH0OHFDUGLQDO
O
RQWELHQVHUYL-
DLpFULWDXMRXUG
KXLXQHOHWWUHFHWWHOHWWUHQ
HVWSRLQW
SDUWLH/DOHWWUHHVWOj
(WODUHLQHUDPHQDVDEHOOHPDLQjVRQFRUVDJH
$ORUVGRQQH]PRLFHWWHOHWWUH0DGDPHGLWOHFKDQFHOLHU
-HQHODGRQQHUDLTX
DXURL0RQVLHXUGLW$QQH
6LOHURLHWYRXOXTXHFHWWHOHWWUHOXLIWUHPLVH0DGDPHLOYRXVO
HW
GHPDQGpHOXLPrPH0DLVMHYRXVOHUpSqWHF
HVWPRLTX
LODFKDUJpGHYRXVOD
UpFODPHUHWVLYRXVQHODUHQGLH]SDV
(KELHQ"
&
HVWHQFRUHPRLTX
LODFKDUJpGHYRXVODSUHQGUH
&RPPHQWTXHYRXOH]YRXVGLUH"
4XHPHVRUGUHVYRQWORLQ0DGDPHHWTXHMHVXLVDXWRULVpjFKHUFKHUOH
SDSLHUVXVSHFWVXUODSHUVRQQHPrPHGH9RWUH0DMHVWp
4XHOOHKRUUHXUV
pFULDODUHLQH
9HXLOOH]GRQF0DGDPHDJLUSOXVIDFLOHPHQW
&HWWHFRQGXLWHHVWG
XQHYLROHQFHLQIkPHVDYH]YRXVFHOD0RQVLHXU"

/HURLFRPPDQGH0DGDPHH[FXVH]PRL
-HQHOHVRXIIULUDLSDVQRQQRQSOXW{WPRXULUV
pFULDODUHLQHFKH]
ODTXHOOHVHUpYROWDLWOHVDQJLPSpULHX[GHO
(VSDJQROHHWGHO
$XWULFKLHQQH
/HFKDQFHOLHUILWXQHSURIRQGHUpYpUHQFHSXLVDYHFO
LQWHQWLRQELHQSDWHQWHGH
QHSDVUHFXOHUG
XQHVHPHOOHGDQVO
DFFRPSOLVVHPHQWGHODFRPPLVVLRQGRQWLO
V
pWDLWFKDUJpHWFRPPHHWSXOHIDLUHXQYDOHWGHERXUUHDXGDQVODFKDPEUHGH
ODTXHVWLRQLOV
DSSURFKDG
$QQHG
$XWULFKHGHV\HX[GHODTXHOOHRQYLWj
O
LQVWDQWPrPHMDLOOLUGHVSOHXUVGHUDJH
/DUHLQHpWDLWFRPPHQRXVO
DYRQVGLWG
XQHJUDQGHEHDXWp
/DFRPPLVVLRQSRXYDLWGRQFSDVVHUSRXUGpOLFDWHHWOHURLHQpWDLWDUULYpj
IRUFHGHMDORXVLHFRQWUH%XFNLQJKDPjQ
rWUHSOXVMDORX[GHSHUVRQQH
6DQVGRXWHOHFKDQFHOLHU6pJXLHUFKHUFKDGHV\HX[jFHPRPHQWOHFRUGRQGHOD
IDPHXVHFORFKHPDLVQHOHWURXYDQWSDVLOHQSULWVRQSDUWLHWWHQGLWOD
PDLQYHUVO
HQGURLWRODUHLQHDYDLWDYRXpTXHVHWURXYDLWOHSDSLHU
$QQHG
$XWULFKHILWXQSDVHQDUULqUHVLSkOHTX
RQHWGLWTX
HOOHDOODLW
PRXULUHWV
DSSX\DQWGHODPDLQJDXFKHSRXUQHSDVWRPEHUjXQHWDEOHTXL
VHWURXYDLWGHUULqUHHOOHHOOHWLUDGHODGURLWHXQSDSLHUGHVDSRLWULQHHWOH
WHQGLWDXJDUGHGHVVFHDX[
7HQH]0RQVLHXUODYRLOjFHWWHOHWWUHV
pFULDODUHLQHG
XQHYRL[
HQWUHFRXSpHHWIUpPLVVDQWHSUHQH]ODHWPHGpOLYUH]GHYRWUHRGLHXVHSUpVHQFH

/HFKDQFHOLHUTXLGHVRQF{WpWUHPEODLWG
XQHpPRWLRQIDFLOHjFRQFHYRLUSULW
ODOHWWUHVDOXDMXVTX
jWHUUHHWVHUHWLUD
$SHLQHODSRUWHVHIXWHOOHUHIHUPpHVXUOXLTXHODUHLQHWRPEDjGHPL
pYDQRXLHGDQVOHVEUDVGHVHVIHPPHV
/HFKDQFHOLHUDOODSRUWHUODOHWWUHDXURLVDQVHQDYRLUOXXQVHXOPRW/HURL
ODSULWG
XQHPDLQWUHPEODQWHFKHUFKDO
DGUHVVHTXLPDQTXDLWGHYLQWWUqV
SkOHO
RXYULWOHQWHPHQWSXLVYR\DQWSDUOHVSUHPLHUVPRWVTX
HOOHpWDLW
DGUHVVpHDXURLG
(VSDJQHLOOXWWUqVUDSLGHPHQW
&
pWDLWWRXWXQSODQG
DWWDTXHFRQWUHOHFDUGLQDO/DUHLQHLQYLWDLWVRQIUqUH
HWO
HPSHUHXUG
$XWULFKHjIDLUHVHPEODQWEOHVVpVTX
LOVpWDLHQWSDUOD
SROLWLTXHGH5LFKHOLHXGRQWO
pWHUQHOOHSUpRFFXSDWLRQIXWO
DEDLVVHPHQWGHOD
PDLVRQG
$XWULFKHGHGpFODUHUODJXHUUHjOD)UDQFHHWG
LPSRVHUFRPPH
FRQGLWLRQGHODSDL[OHUHQYRLGXFDUGLQDOPDLVG
DPRXULOQ
\HQDYDLWSDV
XQVHXOPRWGDQVWRXWHFHWWHOHWWUH
/HURLWRXWMR\HX[V
LQIRUPDVLOHFDUGLQDOpWDLWHQFRUHDX/RXYUH2QOXLGLW
TXH6RQ(PLQHQFHDWWHQGDLWGDQVOHFDELQHWGHWUDYDLOOHVRUGUHVGH6D
0DMHVWp
/HURLVHUHQGLWDXVVLW{WSUqVGHOXL

7HQH]GXFOXLGLWLOYRXVDYLH]UDLVRQHWF
HVWPRLTXLDYDLVWRUWWRXWH
O
LQWULJXHHVWSROLWLTXHHWLOQ
pWDLWDXFXQHPHQWTXHVWLRQG
DPRXUGDQVFHWWH
OHWWUHTXHYRLFL(QpFKDQJHLO\HVWIRUWTXHVWLRQGHYRXV
/HFDUGLQDOSULWODOHWWUHHWODOXWDYHFODSOXVJUDQGHDWWHQWLRQSXLV
ORUVTX
LOIXWDUULYpDXERXWLOODUHOXWXQHVHFRQGHIRLV
(KELHQ9RWUH0DMHVWpGLWLOYRXVYR\H]MXVTX
RYRQWPHVHQQHPLVRQYRXV
PHQDFHGHGHX[JXHUUHVVLYRXVQHPHUHQYR\H]SDV$YRWUHSODFHHQYpULWp
6LUHMHFpGHUDLVjGHVLSXLVVDQWHVLQVWDQFHVHWFHVHUDLWGHPRQF{WpDYHFXQ
YpULWDEOHERQKHXUTXHMHPHUHWLUHUDLVGHVDIIDLUHV
4XHGLWHVYRXVOjGXF"
-HGLV6LUHTXHPDVDQWpVHSHUGGDQVFHVOXWWHVH[FHVVLYHVHWGDQVFHV
WUDYDX[pWHUQHOV-HGLVTXHVHORQWRXWHSUREDELOLWpMHQHSRXUUDLSDV
VRXWHQLUOHVIDWLJXHVGXVLqJHGH/D5RFKHOOHHWTXHPLHX[YDXWTXHYRXV
QRPPLH]OjRX0GH&RQGpRX0GH%DVVRPSLHUUHRXHQILQTXHOTXHYDLOODQW
KRPPHGRQWF
HVWO
pWDWGHPHQHUODJXHUUHHWQRQSDVPRLTXLVXLVKRPPH
G
(JOLVHHWTX
RQGpWRXUQHVDQVFHVVHGHPDYRFDWLRQSRXUP
DSSOLTXHUjGHV
FKRVHVDX[TXHOOHVMHQ
DLDXFXQHDSWLWXGH9RXVHQVHUH]SOXVKHXUHX[j
O
LQWpULHXU6LUHHWMHQHGRXWHSDVTXHYRXVQ
HQVR\H]SOXVJUDQGj
O
pWUDQJHU
0RQVLHXUOHGXFGLWOHURLMHFRPSUHQGVVR\H]WUDQTXLOOHWRXVFHX[TXL
VRQWQRPPpVGDQVFHWWHOHWWUHVHURQWSXQLVFRPPHLOVOHPpULWHQWHWODUHLQH
HOOHPrPH
4XHGLWHVYRXVOj6LUH"'LHXPHJDUGHTXHSRXUPRLODUHLQHpSURXYHOD
PRLQGUHFRQWUDULpWpHOOHP
DWRXMRXUVFUXVRQHQQHPL6LUHTXRLTXH9RWUH
0DMHVWpSXLVVHDWWHVWHUTXHM
DLWRXMRXUVSULVFKDXGHPHQWVRQSDUWLPrPHFRQWUH
YRXV2KVLHOOHWUDKLVVDLW9RWUH0DMHVWpjO
HQGURLWGHVRQKRQQHXUFH
VHUDLWDXWUHFKRVHHWMHVHUDLVOHSUHPLHUjGLUH3DVGHJUkFH6LUHSDV
GHJUkFHSRXUODFRXSDEOH+HXUHXVHPHQWLOQ
HQHVWULHQHW9RWUH0DMHVWp
YLHQWG
HQDFTXpULUXQHQRXYHOOHSUHXYH
&
HVWYUDL0RQVLHXUOHFDUGLQDOGLWOHURLHWYRXVDYLH]UDLVRQFRPPH
WRXMRXUVPDLVODUHLQHQ
HQPpULWHSDVPRLQVWRXWHPDFROqUH
&
HVWYRXV6LUHTXLDYH]HQFRXUXODVLHQQHHWYpULWDEOHPHQWTXDQGHOOH
ERXGHUDLWVpULHXVHPHQW9RWUH0DMHVWpMHOHFRPSUHQGUDLV9RWUH0DMHVWpO
D
WUDLWpHDYHFXQHVpYpULWp
&
HVWDLQVLTXHMHWUDLWHUDLWRXMRXUVPHVHQQHPLVHWOHVY{WUHVGXFVLKDXW
SODFpVTX
LOVVRLHQWHWTXHOTXHSpULOTXHMHFRXUHjDJLUVpYqUHPHQWDYHFHX[
/DUHLQHHVWPRQHQQHPLHPDLVQ
HVWSDVODY{WUH6LUHDXFRQWUDLUHHOOH
HVWpSRXVHGpYRXpHVRXPLVHHWLUUpSURFKDEOHODLVVH]PRLGRQF6LUH
LQWHUFpGHUSRXUHOOHSUqVGH9RWUH0DMHVWp
4X
HOOHV
KXPLOLHDORUVHWTX
HOOHUHYLHQQHjPRLODSUHPLqUH
$XFRQWUDLUH6LUHGRQQH]O
H[HPSOHYRXVDYH]HXOHSUHPLHUWRUWSXLVTXH

F
HVWYRXVTXLDYH]VRXSoRQQpODUHLQH
0RLUHYHQLUOHSUHPLHU"GLWOHURLMDPDLV
6LUHMHYRXVHQVXSSOLH
'
DLOOHXUVFRPPHQWUHYLHQGUDLVMHOHSUHPLHU"
(QIDLVDQWXQHFKRVHTXHYRXVVDXULH]OXLrWUHDJUpDEOH
/DTXHOOH"
'RQQH]XQEDOYRXVVDYH]FRPELHQODUHLQHDLPHODGDQVHMHYRXVUpSRQGV
TXHVDUDQFXQHQHWLHQGUDSRLQWjXQHSDUHLOOHDWWHQWLRQ
0RQVLHXUOHFDUGLQDOYRXVVDYH]TXHMHQ
DLPHSDVWRXVOHVSODLVLUV
PRQGDLQV
/DUHLQHQHYRXVHQVHUDTXHSOXVUHFRQQDLVVDQWHSXLVTX
HOOHVDLWYRWUH
DQWLSDWKLHSRXUFHSODLVLUG
DLOOHXUVFHVHUDXQHRFFDVLRQSRXUHOOHGHPHWWUH
FHVEHDX[IHUUHWVGHGLDPDQWVTXHYRXVOXLDYH]GRQQpVO
DXWUHMRXUjVDIrWH
HWGRQWHOOHQ
DSDVHQFRUHHXOHWHPSVGHVHSDUHU
1RXVYHUURQV0RQVLHXUOHFDUGLQDOQRXVYHUURQVGLWOHURLTXLGDQVVD
MRLHGHWURXYHUODUHLQHFRXSDEOHG
XQFULPHGRQWLOVHVRXFLDLWSHXHW
LQQRFHQWHG
XQHIDXWHTX
LOUHGRXWDLWIRUWpWDLWWRXWSUrWjVHUDFFRPPRGHU
DYHFHOOHQRXVYHUURQVPDLVVXUPRQKRQQHXUYRXVrWHVWURSLQGXOJHQW
6LUHGLWOHFDUGLQDOODLVVH]ODVpYpULWpDX[PLQLVWUHVO
LQGXOJHQFHHVWOD
YHUWXUR\DOHXVH]HQHWYRXVYHUUH]TXHYRXVYRXVHQWURXYHUH]ELHQ
6XUTXRLOHFDUGLQDOHQWHQGDQWODSHQGXOHVRQQHURQ]HKHXUHVV
LQFOLQD
SURIRQGpPHQWGHPDQGDQWFRQJpDXURLSRXUVHUHWLUHUHWOHVXSSOLDQWGHVH
UDFFRPPRGHUDYHFODUHLQH
$QQHG
$XWULFKHTXLjODVXLWHGHODVDLVLHGHVDOHWWUHV
DWWHQGDLWj
TXHOTXHUHSURFKHIXWIRUWpWRQQpHGHYRLUOHOHQGHPDLQOHURLIDLUHSUqVG
HOOH
GHVWHQWDWLYHVGHUDSSURFKHPHQW6RQSUHPLHUPRXYHPHQWIXWUpSXOVLIVRQRUJXHLO
GHIHPPHHWVDGLJQLWpGHUHLQHDYDLHQWpWpWRXVGHX[VLFUXHOOHPHQWRIIHQVpV
TX
HOOHQHSRXYDLWUHYHQLUDLQVLGXSUHPLHUFRXSPDLVYDLQFXHSDUOHFRQVHLO
GHVHVIHPPHVHOOHHXWHQILQO
DLUGHFRPPHQFHUjRXEOLHU/HURLSURILWDGHFH
SUHPLHUPRPHQWGHUHWRXUSRXUOXLGLUHTX
LQFHVVDPPHQWLOFRPSWDLWGRQQHUXQH
IrWH
&
pWDLWXQHFKRVHVLUDUHTX
XQHIrWHSRXUODSDXYUH$QQHG
$XWULFKHTX
jFHWWH
DQQRQFHDLQVLTXHO
DYDLWSHQVpOHFDUGLQDOODGHUQLqUHWUDFHGHVHV
UHVVHQWLPHQWVGLVSDUXWVLQRQGDQVVRQFRHXUGXPRLQVVXUVRQYLVDJH(OOH
GHPDQGDTXHOMRXUFHWWHIrWHGHYDLWDYRLUOLHXPDLVOHURLUpSRQGLWTX
LO
IDOODLWTX
LOV
HQWHQGvWVXUFHSRLQWDYHFOHFDUGLQDO
(QHIIHWFKDTXHMRXUOHURLGHPDQGDLWDXFDUGLQDOjTXHOOHpSRTXHFHWWHIrWH
DXUDLWOLHXHWFKDTXHMRXUOHFDUGLQDOVRXVXQSUpWH[WHTXHOFRQTXHGLIIpUDLW
GHODIL[HU

'L[MRXUVV
pFRXOqUHQWDLQVL
/HKXLWLqPHMRXUDSUqVODVFqQHTXHQRXVDYRQVUDFRQWpHOHFDUGLQDOUHoXWXQH
OHWWUHDXWLPEUHGH/RQGUHVTXLFRQWHQDLWVHXOHPHQWFHVTXHOTXHVOLJQHV
-HOHVDLPDLVMHQHSXLVTXLWWHU/RQGUHVDWWHQGXTXHMHPDQTXHG
DUJHQW
HQYR\H]PRLFLQTFHQWVSLVWROHVHWTXDWUHRXFLQTMRXUVDSUqVOHVDYRLUUHoXHV
MHVHUDLj3DULV
/HMRXUPrPHROHFDUGLQDODYDLWUHoXFHWWHOHWWUHOHURLOXLDGUHVVDVD
TXHVWLRQKDELWXHOOH
5LFKHOLHXFRPSWDVXUVHVGRLJWVHWVHGLWWRXWEDV
(OOHDUULYHUDGLWHOOHTXDWUHRXFLQTMRXUVDSUqVDYRLUUHoXO
DUJHQWLO
IDXWTXDWUHRXFLQTMRXUVjO
DUJHQWSRXUDOOHUTXDWUHRXFLQTMRXUVjHOOH
SRXUUHYHQLUFHODIDLWGL[MRXUVPDLQWHQDQWIDLVRQVODSDUWGHVYHQWV
FRQWUDLUHVGHVPDXYDLVKDVDUGVGHVIDLEOHVVHVGHIHPPHHWPHWWRQVFHODj
GRX]HMRXUV
(KELHQ0RQVLHXUOHGXFGLWOHURLYRXVDYH]FDOFXOp"
2XL6LUHQRXVVRPPHVDXMRXUG
KXLOHVHSWHPEUHOHVpFKHYLQVGHOD
YLOOHGRQQHQWXQHIrWHOHRFWREUH&HODV
DUUDQJHUDjPHUYHLOOHFDUYRXV
Q
DXUH]SDVO
DLUGHIDLUHXQUHWRXUYHUVODUHLQH
3XLVOHFDUGLQDODMRXWD
$SURSRV6LUHQ
RXEOLH]SDVGHGLUHj6D0DMHVWpODYHLOOHGHFHWWHIrWH
TXHYRXVGpVLUH]YRLUFRPPHQWOXLYRQWVHVIHUUHWVGHGLDPDQWV

&KDSLWUH;9,,
/(0(1$*(%21$&,(8;

&
pWDLWODVHFRQGHIRLVTXHOHFDUGLQDOUHYHQDLWVXUFHSRLQWGHVIHUUHWVGH
GLDPDQWVDYHFOHURL/RXLV;,,,IXWGRQFIUDSSpGHFHWWHLQVLVWDQFHHWSHQVD
TXHFHWWHUHFRPPDQGDWLRQFDFKDLWXQP\VWqUH
3OXVG
XQHIRLVOHURLDYDLWpWpKXPLOLpTXHOHFDUGLQDOGRQWODSROLFHVDQV
DYRLUDWWHLQWHQFRUHODSHUIHFWLRQGHODSROLFHPRGHUQHpWDLWH[FHOOHQWHIW
PLHX[LQVWUXLWTXHOXLPrPHGHFHTXLVHSDVVDLWGDQVVRQSURSUHPpQDJH,O
HVSpUDGRQFGDQVXQHFRQYHUVDWLRQDYHF$QQHG
$XWULFKHWLUHUTXHOTXHOXPLqUH
GHFHWWHFRQYHUVDWLRQHWUHYHQLUHQVXLWHSUqVGH6RQ(PLQHQFHDYHFTXHOTXH
VHFUHWTXHOHFDUGLQDOVWRXQHVWSDVFHTXLGDQVO
XQRXO
DXWUHFDVOH
UHKDXVVDLWLQILQLPHQWDX[\HX[GHVRQPLQLVWUH
,ODOODGRQFWURXYHUODUHLQHHWVHORQVRQKDELWXGHO
DERUGDDYHFGH

QRXYHOOHVPHQDFHVFRQWUHFHX[TXLO
HQWRXUDLHQW$QQHG
$XWULFKHEDLVVDODWrWH
ODLVVDV
pFRXOHUOHWRUUHQWVDQVUpSRQGUHHWHVSpUDQWTX
LOILQLUDLWSDU
V
DUUrWHUPDLVFHQ
pWDLWSDVFHODTXHYRXODLW/RXLV;,,,/RXLV;,,,YRXODLW
XQHGLVFXVVLRQGHODTXHOOHMDLOOvWXQHOXPLqUHTXHOFRQTXHFRQYDLQFXTX
LOpWDLW
TXHOHFDUGLQDODYDLWTXHOTXHDUULqUHSHQVpHHWOXLPDFKLQDLWXQHVXUSULVH
WHUULEOHFRPPHHQVDYDLWIDLUH6RQ(PLQHQFH,ODUULYDjFHEXWSDUVD
SHUVLVWDQFHjDFFXVHU
0DLVV
pFULD$QQHG
$XWULFKHODVVpHGHFHVYDJXHVDWWDTXHVPDLV6LUH
YRXVQHPHGLWHVSDVWRXWFHTXHYRXVDYH]GDQVOHFRHXU4X
DLMHGRQFIDLW"
9R\RQVTXHOFULPHDLMHGRQFFRPPLV",OHVWLPSRVVLEOHTXH9RWUH0DMHVWpIDVVH
WRXWFHEUXLWSRXUXQHOHWWUHpFULWHjPRQIUqUH
/HURLDWWDTXpjVRQWRXUG
XQHPDQLqUHVLGLUHFWHQHVXWTXHUpSRQGUHLO
SHQVDTXHF
pWDLWOjOHPRPHQWGHSODFHUODUHFRPPDQGDWLRQTX
LOQHGHYDLWIDLUH
TXHODYHLOOHGHODIrWH
0DGDPHGLWLODYHFPDMHVWpLO\DXUDLQFHVVDPPHQWEDOjO
K{WHOGHYLOOH
M
HQWHQGVTXHSRXUIDLUHKRQQHXUjQRVEUDYHVpFKHYLQVYRXV\SDUDLVVLH]HQ
KDELWGHFpUpPRQLHHWVXUWRXWSDUpHGHVIHUUHWVGHGLDPDQWVTXHMHYRXVDL
GRQQpVSRXUYRWUHIrWH9RLFLPDUpSRQVH
/DUpSRQVHpWDLWWHUULEOH$QQHG
$XWULFKHFUXWTXH/RXLV;,,,VDYDLWWRXWHW
TXHOHFDUGLQDODYDLWREWHQXGHOXLFHWWHORQJXHGLVVLPXODWLRQGHVHSWRXKXLW
MRXUVTXLpWDLWDXUHVWHGDQVVRQFDUDFWqUH(OOHGHYLQWH[FHVVLYHPHQWSkOH
DSSX\DVXUXQHFRQVROHVDPDLQG
XQHDGPLUDEOHEHDXWpHWTXLVHPEODLWDORUVXQH
PDLQGHFLUHHWUHJDUGDQWOHURLDYHFGHV\HX[pSRXYDQWpVHOOHQHUpSRQGLW
SDVXQHVHXOHV\OODEH
9RXVHQWHQGH]0DGDPHGLWOHURLTXLMRXLVVDLWGHFHWHPEDUUDVGDQVWRXWH
VRQpWHQGXHPDLVVDQVHQGHYLQHUODFDXVHYRXVHQWHQGH]"
2XL6LUHM
HQWHQGVEDOEXWLDODUHLQH
9RXVSDUDvWUH]jFHEDO"
2XL
$YHFYRVIHUUHWV"
2XL
/DSkOHXUGHODUHLQHDXJPHQWDHQFRUHV
LOpWDLWSRVVLEOHOHURLV
HQ
DSHUoXWHWHQMRXLWDYHFFHWWHIURLGHFUXDXWpTXLpWDLWXQGHVPDXYDLVF{WpVGH
VRQFDUDFWqUH
$ORUVF
HVWFRQYHQXGLWOHURLHWYRLOjWRXWFHTXHM
DYDLVjYRXVGLUH
0DLVTXHOMRXUFHEDODXUDWLOOLHX"GHPDQGD$QQHG
$XWULFKH
/RXLV;,,,VHQWLWLQVWLQFWLYHPHQWTX
LOQHGHYDLWSDVUpSRQGUHjFHWWHTXHVWLRQ
ODUHLQHO
D\DQWIDLWHG
XQHYRL[SUHVTXHPRXUDQWH

0DLVWUqVLQFHVVDPPHQW0DGDPHGLWLOPDLVMHQHPHUDSSHOOHSOXV
SUpFLVpPHQWODGDWHGXMRXUMHODGHPDQGHUDLDXFDUGLQDO
&
HVWGRQFOHFDUGLQDOTXLYRXVDDQQRQFpFHWWHIrWH"V
pFULDODUHLQH
2XL0DGDPHUpSRQGLWOHURLpWRQQpPDLVSRXUTXRLFHOD"
&
HVWOXLTXLYRXVDGLWGHP
LQYLWHUj\SDUDvWUHDYHFFHVIHUUHWV"
&
HVWjGLUH0DGDPH
&
HVWOXL6LUHF
HVWOXL
(KELHQTX
LPSRUWHTXHFHVRLWOXLRXPRL"\DWLOXQFULPHjFHWWH
LQYLWDWLRQ"
1RQ6LUH
$ORUVYRXVSDUDvWUH]"
2XL6LUH
&
HVWELHQGLWOHURLHQVHUHWLUDQWF
HVWELHQM
\FRPSWH
/DUHLQHILWXQHUpYpUHQFHPRLQVSDUpWLTXHWWHTXHSDUFHTXHVHVJHQRX[VH
GpUREDLHQWVRXVHOOH
/HURLSDUWLWHQFKDQWp
-HVXLVSHUGXHPXUPXUDODUHLQHSHUGXHFDUOHFDUGLQDOVDLWWRXWHWF
HVW
OXLTXLSRXVVHOHURLTXLQHVDLWULHQHQFRUHPDLVTXLVDXUDWRXWELHQW{W-H
VXLVSHUGXH0RQ'LHXPRQ'LHXPRQ'LHX
(OOHV
DJHQRXLOODVXUXQFRXVVLQHWSULDODWrWHHQIRQFpHHQWUHVHVEUDV
SDOSLWDQWV
(QHIIHWODSRVLWLRQpWDLWWHUULEOH%XFNLQJKDPpWDLWUHWRXUQpj/RQGUHV0PH
GH&KHYUHXVHpWDLWj7RXUV3OXVVXUYHLOOpHTXHMDPDLVODUHLQHVHQWDLW
VRXUGHPHQWTX
XQHGHVHVIHPPHVODWUDKLVVDLWVDQVVDYRLUGLUHODTXHOOH/D
3RUWHQHSRXYDLWSDVTXLWWHUOH/RXYUH(OOHQ
DYDLWSDVXQHkPHDXPRQGHjTXL
VHILHU
$XVVLHQSUpVHQFHGXPDOKHXUTXLODPHQDoDLWHWGHO
DEDQGRQTXLpWDLWOHVLHQ
pFODWDWHOOHHQVDQJORWV
1HSXLVMHGRQFrWUHERQQHjULHQj9RWUH0DMHVWp"GLWWRXWjFRXSXQHYRL[
SOHLQHGHGRXFHXUHWGHSLWLp
/DUHLQHVHUHWRXUQDYLYHPHQWFDULOQ
\DYDLWSDVjVHWURPSHUjO
H[SUHVVLRQ
GHFHWWHYRL[F
pWDLWXQHDPLHTXLSDUODLWDLQVL
(QHIIHWjO
XQHGHVSRUWHVTXLGRQQDLHQWGDQVO
DSSDUWHPHQWGHODUHLQH
DSSDUXWODMROLH0PH%RQDFLHX[HOOHpWDLWRFFXSpHjUDQJHUOHVUREHVHWOH

OLQJHGDQVXQFDELQHWORUVTXHOHURLpWDLWHQWUpHOOHQ
DYDLWSDVSXVRUWLU
HWDYDLWWRXWHQWHQGX
/DUHLQHSRXVVDXQFULSHUoDQWHQVHYR\DQWVXUSULVHFDUGDQVVRQWURXEOHHOOH
QHUHFRQQXWSDVG
DERUGODMHXQHIHPPHTXLOXLDYDLWpWpGRQQpHSDU/D3RUWH
2KQHFUDLJQH]ULHQ0DGDPHGLWODMHXQHIHPPHHQMRLJQDQWOHVPDLQVHWHQ
SOHXUDQWHOOHPrPHGHVDQJRLVVHVGHODUHLQHMHVXLVj9RWUH0DMHVWpFRUSVHW
kPHHWVLORLQTXHMHVRLVG
HOOHVLLQIpULHXUHTXHVRLWPDSRVLWLRQMHFURLV
TXHM
DLWURXYpXQPR\HQGHWLUHU9RWUH0DMHVWpGHSHLQH
9RXV{&LHOYRXVV
pFULDODUHLQHPDLVYR\RQVUHJDUGH]PRLHQIDFH
-HVXLVWUDKLHGHWRXVF{WpVSXLVMHPHILHUjYRXV"
2K0DGDPHV
pFULDODMHXQHIHPPHHQWRPEDQWjJHQRX[VXUPRQkPHMH
VXLVSUrWHjPRXULUSRXU9RWUH0DMHVWp
&HFULpWDLWVRUWLGXSOXVSURIRQGGXFRHXUHWFRPPHOHSUHPLHULOQ
\DYDLW
SDVjVHWURPSHU
2XLFRQWLQXD0PH%RQDFLHX[RXLLO\DGHVWUDvWUHVLFLPDLVSDUOHVDLQW
QRPGHOD9LHUJHMHYRXVMXUHTXHSHUVRQQHQ
HVWSOXVGpYRXpTXHPRLj9RWUH
0DMHVWp&HVIHUUHWVTXHOHURLUHGHPDQGHYRXVOHVDYH]GRQQpVDXGXFGH
%XFNLQJKDPQ
HVWFHSDV"&HVIHUUHWVpWDLHQWHQIHUPpVGDQVXQHSHWLWHERvWHHQ
ERLVGHURVHTX
LOWHQDLWVRXVVRQEUDV"(VWFHTXHMHPHWURPSH"(VWFHTXH
FHQ
HVWSDVFHOD"
2KPRQ'LHXPRQ'LHXPXUPXUDODUHLQHGRQWOHVGHQWVFODTXDLHQW
G
HIIURL
(KELHQFHVIHUUHWVFRQWLQXD0PH%RQDFLHX[LOIDXWOHVUDYRLU
2XLVDQVGRXWHLOOHIDXWV
pFULDODUHLQHPDLVFRPPHQWIDLUHFRPPHQW\
DUULYHU"
,OIDXWHQYR\HUTXHOTX
XQDXGXF
0DLVTXL"TXL"$TXLPHILHU"
$\H]FRQILDQFHHQPRL0DGDPHIDLWHVPRLFHWKRQQHXUPDUHLQHHWMH
WURXYHUDLOHPHVVDJHUPRL
0DLVLOIDXGUDpFULUH
2KRXL&
HVWLQGLVSHQVDEOH'HX[PRWVGHODPDLQGH9RWUH0DMHVWpHWYRWUH
FDFKHWSDUWLFXOLHU
0DLVFHVGHX[PRWVF
HVWPDFRQGDPQDWLRQ&
HVWOHGLYRUFHO
H[LO
2XLV
LOVWRPEHQWHQWUHGHVPDLQVLQIkPHV0DLVMHUpSRQGVTXHFHVGHX[
PRWVVHURQWUHPLVjOHXUDGUHVVH
2KPRQ'LHXLOIDXWGRQFTXHMHUHPHWWHPDYLHPRQKRQQHXUPD

UpSXWDWLRQHQWUHYRVPDLQV
2XLRXL0DGDPHLOOHIDXWHWMHVDXYHUDLWRXWFHODPRL
0DLVFRPPHQW"GLWHVOHPRLDXPRLQV
0RQPDULDpWpUHPLVHQOLEHUWpLO\DGHX[RXWURLVMRXUVMHQ
DLSDV
HQFRUHHXOHWHPSVGHOHUHYRLU&
HVWXQEUDYHHWKRQQrWHKRPPHTXLQ
DQL
KDLQHQLDPRXUSRXUSHUVRQQH,OIHUDFHTXHMHYRXGUDLLOSDUWLUDVXUXQ
RUGUHGHPRLVDQVVDYRLUFHTX
LOSRUWHHWLOUHPHWWUDODOHWWUHGH9RWUH
0DMHVWpVDQVPrPHVDYRLUTX
HOOHHVWGH9RWUH0DMHVWpjO
DGUHVVHTX
HOOH
LQGLTXHUD
/DUHLQHSULWOHVGHX[PDLQVGHODMHXQHIHPPHDYHFXQpODQSDVVLRQQpOD
UHJDUGDFRPPHSRXUOLUHDXIRQGGHVRQFRHXUHWQHYR\DQWTXHVLQFpULWpGDQV
VHVEHDX[\HX[HOOHO
HPEUDVVDWHQGUHPHQW
)DLVFHODV
pFULDWHOOHHWWXP
DXUDVVDXYpODYLHWXP
DXUDVVDXYp
O
KRQQHXU
2KQ
H[DJpUH]SDVOHVHUYLFHTXHM
DLOHERQKHXUGHYRXVUHQGUHMHQ
DL
ULHQjVDXYHUj9RWUH0DMHVWpTXLHVWVHXOHPHQWYLFWLPHGHSHUILGHVFRPSORWV
&
HVWYUDLF
HVWYUDLPRQHQIDQWGLWODUHLQHHWWXDVUDLVRQ
'RQQH]PRLGRQFFHWWHOHWWUH0DGDPHOHWHPSVSUHVVH
/DUHLQHFRXUXWjXQHSHWLWHWDEOHVXUODTXHOOHVHWURXYDLHQWHQFUHSDSLHUHW
SOXPHVHOOHpFULYLWGHX[OLJQHVFDFKHWDODOHWWUHGHVRQFDFKHWHWODUHPLWj
0PH%RQDFLHX[
(WPDLQWHQDQWGLWODUHLQHQRXVRXEOLRQVXQHFKRVHQpFHVVDLUH
/DTXHOOH"
/
DUJHQW
0PH%RQDFLHX[URXJLW
2XLF
HVWYUDLGLWHOOHHWM
DYRXHUDLj9RWUH0DMHVWpTXHPRQPDUL
7RQPDULQ
HQDSDVF
HVWFHODTXHWXYHX[GLUH
6LIDLWLOHQDPDLVLOHVWIRUWDYDUHF
HVWOjVRQGpIDXW&HSHQGDQWTXH
9RWUH0DMHVWpQHV
LQTXLqWHSDVQRXVWURXYHURQVPR\HQ
&
HVWTXHMHQ
HQDLSDVQRQSOXVGLWODUHLQH FHX[TXLOLURQWOHV0pPRLUHV
GH0PHGH0RWWHYLOOHQHV
pWRQQHURQWSDVGHFHWWHUpSRQVH PDLVDWWHQGV
$QQHG
$XWULFKHFRXUXWjVRQpFULQ
7LHQVGLWHOOHYRLFLXQHEDJXHG
XQJUDQGSUL[jFHTX
RQDVVXUHHOOH
YLHQWGHPRQIUqUHOHURLG
(VSDJQHHOOHHVWjPRLHWM
HQSXLVGLVSRVHU

3UHQGVFHWWHEDJXHHWIDLVHQGHO
DUJHQWHWTXHWRQPDULSDUWH
'DQVXQHKHXUHYRXVVHUH]REpLH
7XYRLVO
DGUHVVHDMRXWDODUHLQHSDUODQWVLEDVTX
jSHLQHSRXYDLWRQ
HQWHQGUHFHTX
HOOHGLVDLW$0LORUGGXFGH%XFNLQJKDPj/RQGUHV
/DOHWWUHVHUDUHPLVHjOXLPrPH
*pQpUHXVHHQIDQWV
pFULD$QQHG
$XWULFKH
0PH%RQDFLHX[EDLVDOHVPDLQVGHODUHLQHFDFKDOHSDSLHUGDQVVRQFRUVDJHHW
GLVSDUXWDYHFODOpJqUHWpG
XQRLVHDX
'L[PLQXWHVDSUqVHOOHpWDLWFKH]HOOHFRPPHHOOHO
DYDLWGLWjODUHLQH
HOOHQ
DYDLWSDVUHYXVRQPDULGHSXLVVDPLVHHQOLEHUWpHOOHLJQRUDLWGRQFOH
FKDQJHPHQWTXLV
pWDLWIDLWHQOXLjO
HQGURLWGXFDUGLQDOFKDQJHPHQW
TX
DYDLHQWRSpUpODIODWWHULHHWO
DUJHQWGH6RQ(PLQHQFHHWTX
DYDLHQW
FRUURERUpGHSXLVGHX[RXWURLVYLVLWHVGXFRPWHGH5RFKHIRUWGHYHQXOH
PHLOOHXUDPLGH%RQDFLHX[DXTXHOLODYDLWIDLWFURLUHVDQVEHDXFRXSGHSHLQH
TX
DXFXQVHQWLPHQWFRXSDEOHQ
DYDLWDPHQpO
HQOqYHPHQWGHVDIHPPHPDLVTXH
F
pWDLWVHXOHPHQWXQHSUpFDXWLRQSROLWLTXH
(OOHWURXYD0%RQDFLHX[VHXOOHSDXYUHKRPPHUHPHWWDLWjJUDQGSHLQHGH
O
RUGUHGDQVODPDLVRQGRQWLODYDLWWURXYpOHVPHXEOHVjSHXSUqVEULVpVHW
OHVDUPRLUHVjSHXSUqVYLGHVODMXVWLFHQ
pWDQWSDVXQHGHVWURLVFKRVHVTXH
OHURL6DORPRQLQGLTXHFRPPHQHODLVVDQWSRLQWGHWUDFHVGHOHXUSDVVDJH4XDQW
jODVHUYDQWHHOOHV
pWDLWHQIXLHORUVGHO
DUUHVWDWLRQGHVRQPDvWUH/D
WHUUHXUDYDLWJDJQpODSDXYUHILOOHDXSRLQWTX
HOOHQ
DYDLWFHVVpGHPDUFKHUGH
3DULVMXVTX
HQ%RXUJRJQHVRQSD\VQDWDO
/HGLJQHPHUFLHUDYDLWDXVVLW{WVDUHQWUpHGDQVVDPDLVRQIDLWSDUWjVDIHPPH
GHVRQKHXUHX[UHWRXUHWVDIHPPHOXLDYDLWUpSRQGXSRXUOHIpOLFLWHUHWSRXU
OXLGLUHTXHOHSUHPLHUPRPHQWTX
HOOHSRXUUDLWGpUREHUjVHVGHYRLUVVHUDLW
FRQVDFUpWRXWHQWLHUjOXLUHQGUHYLVLWH
&HSUHPLHUPRPHQWV
pWDLWIDLWDWWHQGUHFLQTMRXUVFHTXLGDQVWRXWHDXWUH
FLUFRQVWDQFHHWSDUXXQSHXELHQORQJjPDvWUH%RQDFLHX[PDLVLODYDLWGDQV
ODYLVLWHTX
LODYDLWIDLWHDXFDUGLQDOHWGDQVOHVYLVLWHVTXHOXLIDLVDLW
5RFKHIRUWDPSOHVXMHWjUpIOH[LRQHWFRPPHRQVDLWULHQQHIDLWSDVVHUOH
WHPSVFRPPHGHUpIOpFKLU
'
DXWDQWSOXVTXHOHVUpIOH[LRQVGH%RQDFLHX[pWDLHQWWRXWHVFRXOHXUGHURVH
5RFKHIRUWO
DSSHODLWVRQDPLVRQFKHU%RQDFLHX[HWQHFHVVDLWGHOXLGLUHTXH
OHFDUGLQDOIDLVDLWOHSOXVJUDQGFDVGHOXL/HPHUFLHUVHYR\DLWGpMjVXUOH
FKHPLQGHVKRQQHXUVHWGHODIRUWXQH
'HVRQF{Wp0PH%RQDFLHX[DYDLWUpIOpFKLPDLVLOIDXWOHGLUHjWRXWDXWUH
FKRVHTXHO
DPELWLRQPDOJUpHOOHVHVSHQVpHVDYDLHQWHXSRXUPRELOHFRQVWDQW
FHEHDXMHXQHKRPPHVLEUDYHHWTXLSDUDLVVDLWVLDPRXUHX[0DULpHjGL[KXLW
DQVj0%RQDFLHX[D\DQWWRXMRXUVYpFXDXPLOLHXGHVDPLVGHVRQPDULSHX
VXVFHSWLEOHVG
LQVSLUHUXQVHQWLPHQWTXHOFRQTXHjXQHMHXQHIHPPHGRQWOHFRHXU
pWDLWSOXVpOHYpTXHVDSRVLWLRQ0PH%RQDFLHX[pWDLWUHVWpHLQVHQVLEOHDX[

VpGXFWLRQVYXOJDLUHVPDLVjFHWWHpSRTXHVXUWRXWOHWLWUHGHJHQWLOKRPPH
DYDLWXQHJUDQGHLQIOXHQFHVXUODERXUJHRLVLHHWG
$UWDJQDQpWDLWJHQWLOKRPPH
GHSOXVLOSRUWDLWO
XQLIRUPHGHVJDUGHVTXLDSUqVO
XQLIRUPHGHV
PRXVTXHWDLUHVpWDLWOHSOXVDSSUpFLpGHVGDPHV,OpWDLWQRXVOHUpSpWRQV
EHDXMHXQHDYHQWXUHX[LOSDUODLWG
DPRXUHQKRPPHTXLDLPHHWTXLDVRLI
G
rWUHDLPpLO\HQDYDLWOjSOXVTX
LOQ
HQIDOODLWSRXUWRXUQHUXQHWrWHGH
YLQJWWURLVDQVHW0PH%RQDFLHX[HQpWDLWDUULYpHMXVWHjFHWkJHKHXUHX[GHOD
YLH
/HVGHX[pSRX[TXRLTX
LOVQHVHIXVVHQWSDVYXVGHSXLVSOXVGHKXLWMRXUVHW
TXHSHQGDQWFHWWHVHPDLQHGHJUDYHVpYpQHPHQWVHXVVHQWSDVVpHQWUHHX[
V
DERUGqUHQWGRQFDYHFXQHFHUWDLQHSUpRFFXSDWLRQQpDQPRLQV0%RQDFLHX[
PDQLIHVWDXQHMRLHUpHOOHHWV
DYDQoDYHUVVDIHPPHjEUDVRXYHUWV
0PH%RQDFLHX[OXLSUpVHQWDOHIURQW
&DXVRQVXQSHXGLWHOOH
&RPPHQW"GLW%RQDFLHX[pWRQQp
2XLVDQVGRXWHM
DLXQHFKRVHGHODSOXVKDXWHLPSRUWDQFHjYRXVGLUH
$XIDLWHWPRLDXVVLM
DLTXHOTXHVTXHVWLRQVDVVH]VpULHXVHVjYRXV
DGUHVVHU([SOLTXH]PRLXQSHXYRWUHHQOqYHPHQWMHYRXVSULH
,OQHV
DJLWSRLQWGHFHODSRXUOHPRPHQWGLW0PH%RQDFLHX[
(WGHTXRLV
DJLWLOGRQF"GHPDFDSWLYLWp"
-HO
DLDSSULVHOHMRXUPrPHPDLVFRPPHYRXVQ
pWLH]FRXSDEOHG
DXFXQ
FULPHFRPPHYRXVQ
pWLH]FRPSOLFHG
DXFXQHLQWULJXHFRPPHYRXVQHVDYLH]ULHQ
HQILQTXLSWYRXVFRPSURPHWWUHQLYRXVQLSHUVRQQHMHQ
DLDWWDFKpjFHW
pYpQHPHQWTXHO
LPSRUWDQFHTX
LOPpULWDLW
9RXVHQSDUOH]ELHQjYRWUHDLVH0DGDPHUHSULW%RQDFLHX[EOHVVpGXSHX
G
LQWpUrWTXHOXLWpPRLJQDLWVDIHPPHVDYH]YRXVTXHM
DLpWpSORQJpXQMRXU
HWXQHQXLWGDQVXQFDFKRWGHOD%DVWLOOH"
8QMRXUHWXQHQXLWVRQWELHQW{WSDVVpVODLVVRQVGRQFYRWUHFDSWLYLWpHW
UHYHQRQVjFHTXLP
DPqQHSUqVGHYRXV
&RPPHQW"FHTXLYRXVDPqQHSUqVGHPRL1
HVWFHGRQFSDVOHGpVLUGH
UHYRLUXQPDULGRQWYRXVrWHVVpSDUpHGHSXLVKXLWMRXUV"GHPDQGDOHPHUFLHU
SLTXpDXYLI
&
HVWFHODG
DERUGHWDXWUHFKRVHHQVXLWH
3DUOH]
8QHFKRVHGXSOXVKDXWLQWpUrWHWGHODTXHOOHGpSHQGQRWUHIRUWXQHjYHQLU
SHXWrWUH
1RWUHIRUWXQHDIRUWFKDQJpGHIDFHGHSXLVTXHMHYRXVDLYXH0DGDPH

%RQDFLHX[HWMHQHVHUDLVSDVpWRQQpTXHG
LFLjTXHOTXHVPRLVHOOHQHIvW
HQYLHjEHDXFRXSGHJHQV
2XLVXUWRXWVLYRXVYRXOH]VXLYUHOHVLQVWUXFWLRQVTXHMHYDLVYRXVGRQQHU
$PRL"
2XLjYRXV,O\DXQHERQQHHWVDLQWHDFWLRQjIDLUH0RQVLHXUHWEHDXFRXS
G
DUJHQWjJDJQHUHQPrPHWHPSV
0PH%RQDFLHX[VDYDLWTX
HQSDUODQWG
DUJHQWjVRQPDULHOOHOHSUHQDLWSDUVRQ
IDLEOH
0DLVXQKRPPHIWFHXQPHUFLHUORUVTX
LODFDXVpGL[PLQXWHVDYHFOHFDUGLQDO
GH5LFKHOLHXQ
HVWSOXVOHPrPHKRPPH
%HDXFRXSG
DUJHQWjJDJQHUGLW%RQDFLHX[HQDOORQJHDQWOHVOqYUHV
2XLEHDXFRXS
&RPELHQjSHXSUqV"
0LOOHSLVWROHVSHXWrWUH
&HTXHYRXVDYH]jPHGHPDQGHUHVWGRQFELHQJUDYH"
2XL
4XHIDXWLOIDLUH"
9RXVSDUWLUH]VXUOHFKDPSMHYRXVUHPHWWUDLXQSDSLHUGRQWYRXVQHYRXV
GHVVDLVLUH]VRXVDXFXQSUpWH[WHHWTXHYRXVUHPHWWUH]HQPDLQSURSUH
(WSRXURSDUWLUDLMH"
3RXU/RQGUHV
0RLSRXU/RQGUHV$OORQVGRQFYRXVUDLOOH]MHQ
DLSDVDIIDLUHj/RQGUHV
0DLVG
DXWUHVRQWEHVRLQTXHYRXV\DOOLH]
4XHOVVRQWFHVDXWUHV"-HYRXVDYHUWLVMHQHIDLVSOXVULHQHQDYHXJOHHW
MHYHX[VDYRLUQRQVHXOHPHQWjTXRLMHP
H[SRVHPDLVHQFRUHSRXUTXLMH
P
H[SRVH
8QHSHUVRQQHLOOXVWUHYRXVHQYRLHXQHSHUVRQQHLOOXVWUHYRXVDWWHQGOD
UpFRPSHQVHGpSDVVHUDYRVGpVLUVYRLOjWRXWFHTXHMHSXLVYRXVSURPHWWUH
'HVLQWULJXHVHQFRUHWRXMRXUVGHVLQWULJXHVPHUFLMHP
HQGpILH
PDLQWHQDQWHW0OHFDUGLQDOP
DpFODLUpOjGHVVXV
/HFDUGLQDOV
pFULD0PH%RQDFLHX[YRXVDYH]YXOHFDUGLQDO"

,OP
DIDLWDSSHOHUUpSRQGLWILqUHPHQWOHPHUFLHU
(WYRXVYRXVrWHVUHQGXjVRQLQYLWDWLRQLPSUXGHQWTXHYRXVrWHV
-HGRLVGLUHTXHMHQ
DYDLVSDVOHFKRL[GHP
\UHQGUHRXGHQHSDVP
\
UHQGUHFDUM
pWDLVHQWUHGHX[JDUGHV,OHVWYUDLHQFRUHGHGLUHTXHFRPPH
DORUVMHQHFRQQDLVVDLVSDV6RQ(PLQHQFHVLM
DYDLVSXPHGLVSHQVHUGHFHWWH
YLVLWHM
HQHXVVHpWpIRUWHQFKDQWp
,OYRXVDGRQFPDOWUDLWp"LOYRXVDGRQFIDLWGHVPHQDFHV"
,OP
DWHQGXODPDLQHWP
DDSSHOpVRQDPLVRQDPLHQWHQGH]YRXV
0DGDPH"-HVXLVO
DPLGXJUDQGFDUGLQDO
'XJUDQGFDUGLQDO
/XLFRQWHVWHULH]YRXVFHWLWUHSDUKDVDUG0DGDPH"
-HQHOXLFRQWHVWHULHQPDLVMHYRXVGLVTXHODIDYHXUG
XQPLQLVWUHHVW
pSKpPqUHHWTX
LOIDXWrWUHIRXSRXUV
DWWDFKHUjXQPLQLVWUHLOHVWGHV
SRXYRLUVDXGHVVXVGXVLHQTXLQHUHSRVHQWSDVVXUOHFDSULFHG
XQKRPPHRX
O
LVVXHG
XQpYpQHPHQWF
HVWjFHVSRXYRLUVTX
LOIDXWVHUDOOLHU
-
HQVXLVIkFKp0DGDPHPDLVMHQHFRQQDLVSDVG
DXWUHSRXYRLUTXHFHOXLGX
JUDQGKRPPHTXHM
DLO
KRQQHXUGHVHUYLU
9RXVVHUYH]OHFDUGLQDO"
2XL0DGDPHHWFRPPHVRQVHUYLWHXUMHQHSHUPHWWUDLSDVTXHYRXVYRXV
OLYULH]jGHVFRPSORWVFRQWUHODVUHWpGHO
(WDWHWTXHYRXVVHUYLH]YRXV
OHVLQWULJXHVG
XQHIHPPHTXLQ
HVWSDV)UDQoDLVHHWTXLDOHFRHXUHVSDJQRO
+HXUHXVHPHQWOHJUDQGFDUGLQDOHVWOjVRQUHJDUGYLJLODQWVXUYHLOOHHWSpQqWUH
MXVTX
DXIRQGGXFRHXU
%RQDFLHX[UpSpWDLWPRWSRXUPRWXQHSKUDVHTX
LODYDLWHQWHQGXGLUHDXFRPWHGH
5RFKHIRUWPDLVODSDXYUHIHPPHTXLDYDLWFRPSWpVXUVRQPDULHWTXLGDQVFHW
HVSRLUDYDLWUpSRQGXGHOXLjODUHLQHQ
HQIUpPLWSDVPRLQVHWGXGDQJHU
GDQVOHTXHOHOOHDYDLWIDLOOLVHMHWHUHWGHO
LPSXLVVDQFHGDQVODTXHOOHHOOH
VHWURXYDLW&HSHQGDQWFRQQDLVVDQWODIDLEOHVVHHWVXUWRXWODFXSLGLWpGHVRQ
PDULHOOHQHGpVHVSpUDLWSDVGHO
DPHQHUjVHVILQV
$KYRXVrWHVFDUGLQDOLVWH0RQVLHXUV
pFULDWHOOHDKYRXVVHUYH]OH
SDUWLGHFHX[TXLPDOWUDLWHQWYRWUHIHPPHHWTXLLQVXOWHQWYRWUHUHLQH
/HVLQWpUrWVSDUWLFXOLHUVQHVRQWULHQGHYDQWOHVLQWpUrWVGHWRXV-HVXLV
SRXUFHX[TXLVDXYHQWO
(WDWGLWDYHFHPSKDVH%RQDFLHX[
&
pWDLWXQHDXWUHSKUDVHGXFRPWHGH5RFKHIRUWTX
LODYDLWUHWHQXHHWTX
LO
WURXYDLWO
RFFDVLRQGHSODFHU
(WVDYH]YRXVFHTXHF
HVWTXHO
(WDWGRQWYRXVSDUOH]"GLW0PH%RQDFLHX[HQ
KDXVVDQWOHVpSDXOHV&RQWHQWH]YRXVG
rWUHXQERXUJHRLVVDQVILQHVVHDXFXQHHW

WRXUQH]YRXVGXF{WpTXLYRXVRIIUHOHSOXVG
DYDQWDJHV
(KHKGLW%RQDFLHX[HQIUDSSDQWVXUXQVDFjODSDQVHDUURQGLHHWTXL
UHQGLWXQVRQDUJHQWLQTXHGLWHVYRXVGHFHFL0DGDPHODSUrFKHXVH"
'
RYLHQWFHWDUJHQW"
9RXVQHGHYLQH]SDV"
'XFDUGLQDO"
'HOXLHWGHPRQDPLOHFRPWHGH5RFKHIRUW
/HFRPWHGH5RFKHIRUWPDLVF
HVWOXLTXLP
DHQOHYpH
&HODVHSHXW0DGDPH
(WYRXVUHFHYH]GHO
DUJHQWGHFHWKRPPH"
1HP
DYH]YRXVSDVGLWTXHFHWHQOqYHPHQWpWDLWWRXWSROLWLTXH"
2XLPDLVFHWHQOqYHPHQWDYDLWSRXUEXWGHPHIDLUHWUDKLUPDPDvWUHVVHGH
P
DUUDFKHUSDUGHVWRUWXUHVGHVDYHX[TXLSXVVHQWFRPSURPHWWUHO
KRQQHXUHW
SHXWrWUHODYLHGHPRQDXJXVWHPDvWUHVVH
0DGDPHUHSULW%RQDFLHX[YRWUHDXJXVWHPDvWUHVVHHVWXQHSHUILGH(VSDJQROH
HWFHTXHOHFDUGLQDOIDLWHVWELHQIDLW
0RQVLHXUGLWODMHXQHIHPPHMHYRXVVDYDLVOkFKHDYDUHHWLPEpFLOHPDLV
MHQHYRXVVDYDLVSDVLQIkPH
0DGDPHGLW%RQDFLHX[TXLQ
DYDLWMDPDLVYXVDIHPPHHQFROqUHHWTXL
UHFXODLWGHYDQWOHFRXUURX[FRQMXJDO0DGDPHTXHGLWHVYRXVGRQF"
-HGLVTXHYRXVrWHVXQPLVpUDEOHFRQWLQXD0PH%RQDFLHX[TXLYLWTX
HOOH
UHSUHQDLWTXHOTXHLQIOXHQFHVXUVRQPDUL$KYRXVIDLWHVGHODSROLWLTXHYRXV
HWGHODSROLWLTXHFDUGLQDOLVWHHQFRUH$KYRXVYRXVYHQGH]FRUSVHWkPH
DXGpPRQSRXUGHO
DUJHQW
1RQPDLVDXFDUGLQDO
&
HVWODPrPHFKRVHV
pFULDODMHXQHIHPPH4XLGLW5LFKHOLHXGLW6DWDQ
7DLVH]YRXV0DGDPHWDLVH]YRXVRQSRXUUDLWYRXVHQWHQGUH
2XLYRXVDYH]UDLVRQHWMHVHUDLVKRQWHXVHSRXUYRXVGHYRWUHOkFKHWp
0DLVTX
H[LJH]YRXVGRQFGHPRL"YR\RQV
-HYRXVO
DLGLWTXHYRXVSDUWLH]jO
LQVWDQWPrPH0RQVLHXUTXHYRXV
DFFRPSOLVVLH]OR\DOHPHQWODFRPPLVVLRQGRQWMHGDLJQHYRXVFKDUJHUHWjFHWWH
FRQGLWLRQM
RXEOLHWRXWMHSDUGRQQHHWLO\DSOXVHOOHOXLWHQGLWODPDLQ

MHYRXVUHQGVPRQDPLWLp
%RQDFLHX[pWDLWSROWURQHWDYDUHPDLVLODLPDLWVDIHPPHLOIXWDWWHQGUL8Q
KRPPHGHFLQTXDQWHDQVQHWLHQWSDVORQJWHPSVUDQFXQHjXQHIHPPHGH
YLQJWWURLV0PH%RQDFLHX[YLWTX
LOKpVLWDLW
$OORQVrWHVYRXVGpFLGp"GLWHOOH
0DLVPDFKqUHDPLHUpIOpFKLVVH]GRQFXQSHXjFHTXHYRXVH[LJH]GHPRL
/RQGUHVHVWORLQGH3DULVIRUWORLQHWSHXWrWUHODFRPPLVVLRQGRQWYRXVPH
FKDUJH]Q
HVWHOOHSDVVDQVGDQJHUV
4X
LPSRUWHVLYRXVOHVpYLWH]
7HQH]0DGDPH%RQDFLHX[GLWOHPHUFLHUWHQH]GpFLGpPHQWMHUHIXVHOHV
LQWULJXHVPHIRQWSHXU-
DLYXOD%DVWLOOHPRL%UUUURXF
HVWDIIUHX[OD
%DVWLOOH5LHQTXHG
\SHQVHUM
HQDLODFKDLUGHSRXOH2QP
DPHQDFpGHOD
WRUWXUH6DYH]YRXVFHTXHF
HVWTXHODWRUWXUH"'HVFRLQVGHERLVTX
RQYRXV
HQIRQFHHQWUHOHVMDPEHVMXVTX
jFHTXHOHVRVpFODWHQW1RQGpFLGpPHQWMH
Q
LUDLSDV(WPRUEOHXTXHQ
\DOOH]YRXVYRXVPrPH"FDUHQYpULWpMH
FURLVTXHMHPHVXLVWURPSpVXUYRWUHFRPSWHMXVTX
jSUpVHQWMHFURLVTXHYRXV
rWHVXQKRPPHHWGHVSOXVHQUDJpVHQFRUH
(WYRXVYRXVrWHVXQHIHPPHXQHPLVpUDEOHIHPPHVWXSLGHHWDEUXWLH$K
YRXVDYH]SHXU(KELHQVLYRXVQHSDUWH]SDVjO
LQVWDQWPrPHMHYRXVIDLV
DUUrWHUSDUO
RUGUHGHODUHLQHHWMHYRXVIDLVPHWWUHjFHWWH%DVWLOOHTXH
YRXVFUDLJQH]WDQW
%RQDFLHX[WRPEDGDQVXQHUpIOH[LRQSURIRQGHLOSHVDPUHPHQWOHVGHX[FROqUHV
GDQVVRQFHUYHDXFHOOHGXFDUGLQDOHWFHOOHGHODUHLQHFHOOHGXFDUGLQDO
O
HPSRUWDpQRUPpPHQW
)DLWHVPRLDUUrWHUGHODSDUWGHODUHLQHGLWLOHWPRLMHPHUpFODPHUDLGH
6RQ(PLQHQFH
3RXUOHFRXS0PH%RQDFLHX[YLWTX
HOOHDYDLWpWpWURSORLQHWHOOHIXW
pSRXYDQWpHGHV
rWUHVLIRUWDYDQFpH(OOHFRQWHPSODXQLQVWDQWDYHFHIIURL
FHWWHILJXUHVWXSLGHG
XQHUpVROXWLRQLQYLQFLEOHFRPPHFHOOHGHVVRWVTXLRQW
SHXU
(KELHQVRLWGLWHOOH3HXWrWUHDXERXWGXFRPSWHDYH]YRXVUDLVRQXQ
KRPPHHQVDLWSOXVORQJTXHOHVIHPPHVHQSROLWLTXHHWYRXVVXUWRXW0RQVLHXU
%RQDFLHX[TXLDYH]FDXVpDYHFOHFDUGLQDO(WFHSHQGDQWLOHVWELHQGXU
DMRXWDWHOOHTXHPRQPDULXQKRPPHVXUO
DIIHFWLRQGXTXHOMHFUR\DLVSRXYRLU
FRPSWHUPHWUDLWHDXVVLGLVJUDFLHXVHPHQWHWQHVDWLVIDVVHSRLQWjPDIDQWDLVLH
&
HVWTXHYRVIDQWDLVLHVSHXYHQWPHQHUWURSORLQUHSULW%RQDFLHX[
WULRPSKDQWHWMHP
HQGpILH
-
\UHQRQFHUDLGRQFGLWODMHXQHIHPPHHQVRXSLUDQWF
HVWELHQQ
HQ
SDUORQVSOXV

6LDXPRLQVYRXVPHGLVLH]TXHOOHFKRVHMHYDLVIDLUHj/RQGUHVUHSULW
%RQDFLHX[TXLVHUDSSHODLWXQSHXWDUGTXH5RFKHIRUWOXLDYDLWUHFRPPDQGp
G
HVVD\HUGHVXUSUHQGUHOHVVHFUHWVGHVDIHPPH
,OHVWLQXWLOHTXHYRXVOHVDFKLH]GLWODMHXQHIHPPHTX
XQHGpILDQFH
LQVWLQFWLYHUHSRXVVDLWPDLQWHQDQWHQDUULqUHLOV
DJLVVDLWG
XQHEDJDWHOOH
FRPPHHQGpVLUHQWOHVIHPPHVG
XQHHPSOHWWHVXUODTXHOOHLO\DYDLWEHDXFRXSj
JDJQHU
0DLVSOXVODMHXQHIHPPHVHGpIHQGDLWSOXVDXFRQWUDLUH%RQDFLHX[SHQVDTXHOH
VHFUHWTX
HOOHUHIXVDLWGHOXLFRQILHUpWDLWLPSRUWDQW,OUpVROXWGRQFGH
FRXULUjO
LQVWDQWPrPHFKH]OHFRPWHGH5RFKHIRUWHWGHOXLGLUHTXHODUHLQH
FKHUFKDLWXQPHVVDJHUSRXUO
HQYR\HUj/RQGUHV
3DUGRQVLMHYRXVTXLWWHPDFKqUH0DGDPH%RQDFLHX[GLWLOPDLVQH
VDFKDQWSDVTXHYRXVPHYLHQGULH]YRLUM
DYDLVSULVUHQGH]YRXVDYHFXQGHPHV
DPLVMHUHYLHQVjO
LQVWDQWPrPHHWVLYRXVYRXOH]P
DWWHQGUHVHXOHPHQWXQH
GHPLPLQXWHDXVVLW{WTXHM
HQDXUDLILQLDYHFFHWDPLMHUHYLHQVYRXVSUHQGUH
HWFRPPHLOFRPPHQFHjVHIDLUHWDUGMHYRXVUHFRQGXLVDX/RXYUH
0HUFL0RQVLHXUUpSRQGLW0PH%RQDFLHX[YRXVQ
rWHVSRLQWDVVH]EUDYHSRXU
P
rWUHG
XQHXWLOLWpTXHOFRQTXHHWMHP
HQUHWRXUQHUDLELHQDX/RXYUHWRXWH
VHXOH
&RPPHLOYRXVSODLUD0DGDPH%RQDFLHX[UHSULWO
H[PHUFLHU9RXVUHYHUUDLMH
ELHQW{W"
6DQVGRXWHODVHPDLQHSURFKDLQHMHO
HVSqUHPRQVHUYLFHPHODLVVHUD
TXHOTXHOLEHUWpHWM
HQSURILWHUDLSRXUUHYHQLUPHWWUHGHO
RUGUHGDQVQRV
DIIDLUHVTXLGRLYHQWrWUHTXHOTXHSHXGpUDQJpHV
&
HVWELHQMHYRXVDWWHQGUDL9RXVQHP
HQYRXOH]SDV"
0RLSDVOHPRLQVGXPRQGH
$ELHQW{WDORUV"
$ELHQW{W
%RQDFLHX[EDLVDODPDLQGHVDIHPPHHWV
pORLJQDUDSLGHPHQW
$OORQVGLW0PH%RQDFLHX[ORUVTXHVRQPDULHXWUHIHUPpODSRUWHGHODUXHHW
TX
HOOHVHWURXYDVHXOHLOQHPDQTXDLWSOXVjFHWLPEpFLOHTXHG
rWUH
FDUGLQDOLVWH(WPRLTXLDYDLVUpSRQGXjODUHLQHPRLTXLDYDLVSURPLVjPD
SDXYUHPDvWUHVVH$KPRQ'LHXPRQ'LHXHOOHYDPHSUHQGUHSRXUTXHOTX
XQH
GHFHVPLVpUDEOHVGRQWIRXUPLOOHOHSDODLVHWTX
RQDSODFpHVSUqVG
HOOHSRXU
O
HVSLRQQHU$K0RQVLHXU%RQDFLHX[MHQHYRXVDLMDPDLVEHDXFRXSDLPp
PDLQWHQDQWF
HVWELHQSLVMHYRXVKDLVHWVXUPDSDUROHYRXVPHOH
SDLHUH]
$XPRPHQWRHOOHGLVDLWFHVPRWVXQFRXSIUDSSpDXSODIRQGOXLILWOHYHUOD
WrWHHWXQHYRL[TXLSDUYLQWjHOOHjWUDYHUVOHSODQFKHUOXLFULD

&KqUH0DGDPH%RQDFLHX[RXYUH]PRLODSHWLWHSRUWHGHO
DOOpHHWMHYDLV
GHVFHQGUHSUqVGHYRXV

&KDSLWUH;9,,,
/
$0$17(7/(0$5,

$K0DGDPHGLWG
$UWDJQDQHQHQWUDQWSDUODSRUWHTXHOXLRXYUDLWODMHXQH
IHPPHSHUPHWWH]PRLGHYRXVOHGLUHYRXVDYH]OjXQWULVWHPDUL
9RXVDYH]GRQFHQWHQGXQRWUHFRQYHUVDWLRQ"GHPDQGDYLYHPHQW0PH%RQDFLHX[HQ
UHJDUGDQWG
$UWDJQDQDYHFLQTXLpWXGH
7RXWHQWLqUH
0DLVFRPPHQWFHOD"PRQ'LHX
3DUXQSURFpGpjPRLFRQQXHWSDUOHTXHOM
DLHQWHQGXDXVVLODFRQYHUVDWLRQ
SOXVDQLPpHTXHYRXVDYH]HXHDYHFOHVVELUHVGXFDUGLQDO
(WTX
DYH]YRXVFRPSULVGDQVFHTXHQRXVGLVLRQV"
0LOOHFKRVHVG
DERUGTXHYRWUHPDULHVWXQQLDLVHWXQVRWKHXUHXVHPHQW
SXLVTXHYRXVpWLH]HPEDUUDVVpHFHGRQWM
DLpWpIRUWDLVHHWTXHFHODPH
GRQQHXQHRFFDVLRQGHPHPHWWUHjYRWUHVHUYLFHHW'LHXVDLWVLMHVXLVSUrWj
PHMHWHUGDQVOHIHXSRXUYRXVHQILQTXHODUHLQHDEHVRLQTX
XQKRPPHEUDYH
LQWHOOLJHQWHWGpYRXpIDVVHSRXUHOOHXQYR\DJHj/RQGUHV-
DLDXPRLQVGHX[
GHVWURLVTXDOLWpVTX
LOYRXVIDXWHWPHYRLOj
0PH%RQDFLHX[QHUpSRQGLWSDVPDLVVRQFRHXUEDWWDLWGHMRLHHWXQHVHFUqWH
HVSpUDQFHEULOODjVHV\HX[
(WTXHOOHJDUDQWLHPHGRQQHUH]YRXVGHPDQGDWHOOHVLMHFRQVHQVjYRXV
FRQILHUFHWWHPLVVLRQ"
0RQDPRXUSRXUYRXV9R\RQVGLWHVRUGRQQH]TXHIDXWLOIDLUH"
0RQ'LHXPRQ'LHXPXUPXUDODMHXQHIHPPHGRLVMHYRXVFRQILHUXQSDUHLO
VHFUHW0RQVLHXU"9RXVrWHVSUHVTXHXQHQIDQW
$OORQVMHYRLVTX
LOYRXVIDXWTXHOTX
XQTXLYRXVUpSRQGHGHPRL
-
DYRXHTXHFHODPHUDVVXUHUDLWIRUW
&RQQDLVVH]YRXV$WKRV"
1RQ

3RUWKRV"
1RQ
$UDPLV"
1RQ4XHOVVRQWFHV0HVVLHXUV"
'HVPRXVTXHWDLUHVGXURL&RQQDLVVH]YRXV0GH7UpYLOOHOHXUFDSLWDLQH"
2KRXLFHOXLOjMHOHFRQQDLVQRQSDVSHUVRQQHOOHPHQWPDLVSRXUHQ
DYRLUHQWHQGXSOXVG
XQHIRLVSDUOHUjODUHLQHFRPPHG
XQEUDYHHWOR\DO
JHQWLOKRPPH
9RXVQHFUDLJQH]SDVTXHOXLYRXVWUDKLVVHSRXUOHFDUGLQDOQ
HVWFHSDV"
2KQRQFHUWDLQHPHQW
(KELHQUpYpOH]OXLYRWUHVHFUHWHWGHPDQGH]OXLVLLPSRUWDQWVL
SUpFLHX[VLWHUULEOHTX
LOVRLWVLYRXVSRXYH]PHOHFRQILHU
0DLVFHVHFUHWQHP
DSSDUWLHQWSDVHWMHQHSXLVOHUpYpOHUDLQVL
9RXVO
DOOLH]ELHQFRQILHUj0%RQDFLHX[GLWG
$UWDJQDQDYHFGpSLW
&RPPHRQFRQILHXQHOHWWUHDXFUHX[G
XQDUEUHjO
DLOHG
XQSLJHRQDX
FROOLHUG
XQFKLHQ
(WFHSHQGDQWPRLYRXVYR\H]ELHQTXHMHYRXVDLPH
9RXVOHGLWHV
-HVXLVXQJDODQWKRPPH
-HOHFURLV
-HVXLVEUDYH
2KFHODM
HQVXLVVUH
$ORUVPHWWH]PRLGRQFjO
pSUHXYH
0PH%RQDFLHX[UHJDUGDOHMHXQHKRPPHUHWHQXHSDUXQHGHUQLqUHKpVLWDWLRQ0DLV
LO\DYDLWXQHWHOOHDUGHXUGDQVVHV\HX[XQHWHOOHSHUVXDVLRQGDQVVDYRL[
TX
HOOHVHVHQWLWHQWUDvQpHjVHILHUjOXL'
DLOOHXUVHOOHVHWURXYDLWGDQV
XQHGHFHVFLUFRQVWDQFHVRLOIDXWULVTXHUOHWRXWSRXUOHWRXW/DUHLQHpWDLW
DXVVLELHQSHUGXHSDUXQHWURSJUDQGHUHWHQXHTXHSDUXQHWURSJUDQGHFRQILDQFH
3XLVDYRXRQVOHOHVHQWLPHQWLQYRORQWDLUHTX
HOOHpSURXYDLWSRXUFHMHXQH
SURWHFWHXUODGpFLGDjSDUOHU
(FRXWH]OXLGLWHOOHMHPHUHQGVjYRVSURWHVWDWLRQVHWMHFqGHjYRV
DVVXUDQFHV0DLVMHYRXVMXUHGHYDQW'LHXTXLQRXVHQWHQGTXHVLYRXVPH

WUDKLVVH]HWTXHPHVHQQHPLVPHSDUGRQQHQWMHPHWXHUDLHQYRXVDFFXVDQWGHPD
PRUW
(WPRLMHYRXVMXUHGHYDQW'LHX0DGDPHGLWG
$UWDJQDQTXHVLMHVXLVSULV
HQDFFRPSOLVVDQWOHVRUGUHVTXHYRXVPHGRQQH]MHPRXUUDLDYDQWGHULHQIDLUH
RXGLUHTXLFRPSURPHWWHTXHOTX
XQ
$ORUVODMHXQHIHPPHOXLFRQILDOHWHUULEOHVHFUHWGRQWOHKDVDUGOXLDYDLWGpMj
UpYpOpXQHSDUWLHHQIDFHGHOD6DPDULWDLQH&HIXWOHXUPXWXHOOHGpFODUDWLRQ
G
DPRXU
'
$UWDJQDQUD\RQQDLWGHMRLHHWG
RUJXHLO&HVHFUHWTX
LOSRVVpGDLWFHWWH
IHPPHTX
LODLPDLWODFRQILDQFHHWO
DPRXUIDLVDLHQWGHOXLXQJpDQW
-HSDUVGLWLOMHSDUVVXUOHFKDPS
&RPPHQWYRXVSDUWH]V
pFULD0PH%RQDFLHX[HWYRWUHUpJLPHQWYRWUH
FDSLWDLQH"
6XUPRQkPHYRXVP
DYLH]IDLWRXEOLHUWRXWFHODFKqUH&RQVWDQFHRXLYRXV
DYH]UDLVRQLOPHIDXWXQFRQJp
(QFRUHXQREVWDFOHPXUPXUD0PH%RQDFLHX[DYHFGRXOHXU
2KFHOXLOjV
pFULDG
$UWDJQDQDSUqVXQPRPHQWGHUpIOH[LRQMHOH
VXUPRQWHUDLVR\H]WUDQTXLOOH
&RPPHQWFHOD"
-
LUDLWURXYHUFHVRLUPrPH0GH7UpYLOOHTXHMHFKDUJHUDLGHGHPDQGHUSRXU
PRLFHWWHIDYHXUjVRQEHDXIUqUH0GHV(VVDUWV
0DLQWHQDQWDXWUHFKRVH
4XRL"GHPDQGDG
$UWDJQDQYR\DQWTXH0PH%RQDFLHX[KpVLWDLWjFRQWLQXHU
9RXVQ
DYH]SHXWrWUHSDVG
DUJHQW"
3HXWrWUHHVWGHWURSGLWG
$UWDJQDQHQVRXULDQW
$ORUVUHSULW0PH%RQDFLHX[HQRXYUDQWXQHDUPRLUHHWHQWLUDQWGHFHWWH
DUPRLUHOHVDFTX
XQHGHPLKHXUHDXSDUDYDQWFDUHVVDLWVLDPRXUHXVHPHQWVRQPDUL
SUHQH]FHVDF
&HOXLGXFDUGLQDOV
pFULDHQpFODWDQWGHULUHG
$UWDJQDQTXLFRPPHRQV
HQ
VRXYLHQWJUkFHjVHVFDUUHDX[HQOHYpVQ
DYDLWSDVSHUGXXQHV\OODEHGHOD
FRQYHUVDWLRQGXPHUFLHUHWGHVDIHPPH
&HOXLGXFDUGLQDOUpSRQGLW0PH%RQDFLHX[YRXVYR\H]TX
LOVHSUpVHQWHVRXV
XQDVSHFWDVVH]UHVSHFWDEOH
3DUGLHXV
pFULDG
$UWDJQDQFHVHUDXQHFKRVHGRXEOHPHQWGLYHUWLVVDQWHTXH
GHVDXYHUODUHLQHDYHFO
DUJHQWGH6RQ(PLQHQFH

9RXVrWHVXQDLPDEOHHWFKDUPDQWMHXQHKRPPHGLW0PH%RQDFLHX[&UR\H]TXH
6D0DMHVWpQHVHUDSRLQWLQJUDWH
2KMHVXLVGpMjJUDQGHPHQWUpFRPSHQVpV
pFULDG
$UWDJQDQ-HYRXVDLPH
YRXVPHSHUPHWWH]GHYRXVOHGLUHF
HVWGpMjSOXVGHERQKHXUTXHMHQ
HQRVDLV
HVSpUHU
6LOHQFHGLW0PH%RQDFLHX[HQWUHVVDLOODQW
4XRL"
2QSDUOHGDQVODUXH
&
HVWODYRL[
'HPRQPDUL2XLMHO
DLUHFRQQXH
'
$UWDJQDQFRXUXWjODSRUWHHWSRXVVDOHYHUURX
,OQ
HQWUHUDSDVTXHMHQHVRLVSDUWLGLWLOHWTXDQGMHVHUDLSDUWLYRXV
OXLRXYULUH]
0DLVMHGHYUDLVrWUHSDUWLHDXVVLPRL(WODGLVSDULWLRQGHFHWDUJHQW
FRPPHQWODMXVWLILHUVLMHVXLVOj"
9RXVDYH]UDLVRQLOIDXWVRUWLU
6RUWLUFRPPHQW"2QQRXVYHUUDVLQRXVVRUWRQV
$ORUVLOIDXWPRQWHUFKH]PRL
$KV
pFULD0PH%RQDFLHX[YRXVPHGLWHVFHODG
XQWRQTXLPHIDLWSHXU
0PH%RQDFLHX[SURQRQoDFHVSDUROHVDYHFXQHODUPHGDQVOHV\HX['
$UWDJQDQYLW
FHWWHODUPHHWWURXEOpDWWHQGULLOVHMHWDjVHVJHQRX[
&KH]PRLGLWLOYRXVVHUH]HQVUHWpFRPPHGDQVXQWHPSOHMHYRXVHQGRQQH
PDSDUROHGHJHQWLOKRPPH
3DUWRQVGLWHOOHMHPHILHjYRXVPRQDPL
'
$UWDJQDQURXYULWDYHFSUpFDXWLRQOHYHUURXHWWRXVGHX[OpJHUVFRPPHGHV
RPEUHVVHJOLVVqUHQWSDUODSRUWHLQWpULHXUHGDQVO
DOOpHPRQWqUHQWVDQVEUXLW
O
HVFDOLHUHWUHQWUqUHQWGDQVODFKDPEUHGHG
$UWDJQDQ
8QHIRLVFKH]OXLSRXUSOXVGHVUHWpOHMHXQHKRPPHEDUULFDGDODSRUWHLOV
V
DSSURFKqUHQWWRXVGHX[GHODIHQrWUHHWSDUXQHIHQWHGXYROHWLOVYLUHQW0
%RQDFLHX[TXLFDXVDLWDYHFXQKRPPHHQPDQWHDX
$ODYXHGHO
KRPPHHQPDQWHDXG
$UWDJQDQERQGLWHWWLUDQWVRQpSpHjGHPL
V
pODQoDYHUVODSRUWH

&
pWDLWO
KRPPHGH0HXQJ
4X
DOOH]YRXVIDLUH"V
pFULD0PH%RQDFLHX[YRXVQRXVSHUGH]
0DLVM
DLMXUpGHWXHUFHWKRPPHGLWG
$UWDJQDQ
9RWUHYLHHVWYRXpHHQFHPRPHQWHWQHYRXVDSSDUWLHQWSDV$XQRPGHOD
UHLQHMHYRXVGpIHQGVGHYRXVMHWHUGDQVDXFXQSpULOpWUDQJHUjFHOXLGX
YR\DJH
(WHQYRWUHQRPQ
RUGRQQH]YRXVULHQ"
(QPRQQRPGLW0PH%RQDFLHX[DYHFXQHYLYHpPRWLRQHQPRQQRPMHYRXVHQ
SULH0DLVpFRXWRQVLOPHVHPEOHTX
LOVSDUOHQWGHPRL
'
$UWDJQDQVHUDSSURFKDGHODIHQrWUHHWSUrWDO
RUHLOOH
0%RQDFLHX[DYDLWURXYHUWVDSRUWHHWYR\DQWO
DSSDUWHPHQWYLGHLOpWDLW
UHYHQXjO
KRPPHDXPDQWHDXTX
XQLQVWDQWLODYDLWODLVVpVHXO
(OOHHVWSDUWLHGLWLOHOOHVHUDUHWRXUQpHDX/RXYUH
9RXVrWHVVUUpSRQGLWO
pWUDQJHUTX
HOOHQHV
HVWSDVGRXWpHGDQVTXHOOHV
LQWHQWLRQVYRXVrWHVVRUWL"
1RQUpSRQGLW%RQDFLHX[DYHFVXIILVDQFHF
HVWXQHIHPPHWURSVXSHUILFLHOOH
/HFDGHWDX[JDUGHVHVWLOFKH]OXL"
-HQHOHFURLVSDVFRPPHYRXVOHYR\H]VRQYROHWHVWIHUPpHWO
RQQH
YRLWDXFXQHOXPLqUHEULOOHUjWUDYHUVOHVIHQWHV
&
HVWpJDOLOIDXGUDLWV
HQDVVXUHU
&RPPHQWFHOD"
(QDOODQWIUDSSHUjVDSRUWH
-HGHPDQGHUDLjVRQYDOHW
$OOH]
%RQDFLHX[UHQWUDFKH]OXLSDVVDSDUODPrPHSRUWHTXLYHQDLWGHGRQQHUSDVVDJH
DX[GHX[IXJLWLIVPRQWDMXVTX
DXSDOLHUGHG
$UWDJQDQHWIUDSSD
3HUVRQQHQHUpSRQGLW3RUWKRVSRXUIDLUHSOXVJUDQGHILJXUHDYDLWHPSUXQWpFH
VRLUOj3ODQFKHW4XDQWjG
$UWDJQDQLOQ
DYDLWJDUGHGHGRQQHUVLJQH
G
H[LVWHQFH
$XPRPHQWROHGRLJWGH%RQDFLHX[UpVRQQDVXUODSRUWHOHVGHX[MHXQHVJHQV
VHQWLUHQWERQGLUOHXUVFRHXUV

,OQ
\DSHUVRQQHFKH]OXLGLW%RQDFLHX[
1
LPSRUWHUHQWURQVWRXMRXUVFKH]YRXVQRXVVHURQVSOXVHQVUHWpTXHVXUOH
VHXLOG
XQHSRUWH
$KPRQ'LHXPXUPXUD0PH%RQDFLHX[QRXVQ
DOORQVSOXVULHQHQWHQGUH
$XFRQWUDLUHGLWG
$UWDJQDQQRXVQ
HQWHQGURQVTXHPLHX[
'
$UWDJQDQHQOHYDOHVWURLVRXTXDWUHFDUUHDX[TXLIDLVDLHQWGHVDFKDPEUHXQH
DXWUHRUHLOOHGH'HQ\VpWHQGLWXQWDSLVjWHUUHVHPLWjJHQRX[HWILWVLJQH
j0PH%RQDFLHX[GHVHSHQFKHUFRPPHLOOHIDLVDLWYHUVO
RXYHUWXUH
9RXVrWHVVUTX
LOQ
\DSHUVRQQH"GLWO
LQFRQQX
-
HQUpSRQGVGLW%RQDFLHX[
(WYRXVSHQVH]TXHYRWUHIHPPH"
(VWUHWRXUQpHDX/RXYUH
6DQVSDUOHUjDXFXQHSHUVRQQHTX
jYRXV"
-
HQVXLVVU
&
HVWXQSRLQWLPSRUWDQWFRPSUHQH]YRXV"
$LQVLODQRXYHOOHTXHMHYRXVDLDSSRUWpHDGRQFXQHYDOHXU"
7UqVJUDQGHPRQFKHU%RQDFLHX[MHQHYRXVOHFDFKHSDV
$ORUVOHFDUGLQDOVHUDFRQWHQWGHPRL"
-HQ
HQGRXWHSDV
/HJUDQGFDUGLQDO
9RXVrWHVVUTXHGDQVVDFRQYHUVDWLRQDYHFYRXVYRWUHIHPPHQ
DSDV
SURQRQFpGHQRPVSURSUHV"
-HQHFURLVSDV
(OOHQ
DQRPPpQL0PHGH&KHYUHXVHQL0GH%XFNLQJKDPQL0PHGH9HUQHW"
1RQHOOHP
DGLWVHXOHPHQWTX
HOOHYRXODLWP
HQYR\HUj/RQGUHVSRXUVHUYLU
OHVLQWpUrWVG
XQHSHUVRQQHLOOXVWUH
/HWUDvWUHPXUPXUD0PH%RQDFLHX[
6LOHQFHGLWG
$UWDJQDQHQOXLSUHQDQWXQHPDLQTX
HOOHOXLDEDQGRQQDVDQV
\SHQVHU
1
LPSRUWHFRQWLQXDO
KRPPHDXPDQWHDXYRXVrWHVXQQLDLVGHQ
DYRLUSDV

IHLQWG
DFFHSWHUODFRPPLVVLRQYRXVDXULH]ODOHWWUHjSUpVHQWO
(WDWTX
RQ
PHQDFHpWDLWVDXYpHWYRXV
(WPRL"
(KELHQYRXVOHFDUGLQDOYRXVGRQQDLWGHVOHWWUHVGHQREOHVVH
,OYRXVO
DGLW"
2XLMHVDLVTX
LOYRXODLWYRXVIDLUHFHWWHVXUSULVH
6R\H]WUDQTXLOOHUHSULW%RQDFLHX[PDIHPPHP
DGRUHHWLOHVWHQFRUH
WHPSV
/HQLDLVPXUPXUD0PH%RQDFLHX[
6LOHQFHGLWG
$UWDJQDQHQOXLVHUUDQWSOXVIRUWHPHQWODPDLQ
&RPPHQWHVWLOHQFRUHWHPSV"UHSULWO
KRPPHDXPDQWHDX
-HUHWRXUQHDX/RXYUHMHGHPDQGH0PH%RQDFLHX[MHGLVTXHM
DLUpIOpFKLMH
UHQRXHO
DIIDLUHM
REWLHQVODOHWWUHHWMHFRXUVFKH]OHFDUGLQDO
(KELHQDOOH]YLWHMHUHYLHQGUDLELHQW{WVDYRLUOHUpVXOWDWGHYRWUH
GpPDUFKH
/
LQFRQQXVRUWLW
/
LQIkPHGLW0PH%RQDFLHX[HQDGUHVVDQWHQFRUHFHWWHpSLWKqWHjVRQPDUL
6LOHQFHUpSpWDG
$UWDJQDQHQOXLVHUUDQWODPDLQSOXVIRUWHPHQWHQFRUH
8QKXUOHPHQWWHUULEOHLQWHUURPSLWDORUVOHVUpIOH[LRQVGHG
$UWDJQDQHWGH0PH
%RQDFLHX[&
pWDLWVRQPDULTXLV
pWDLWDSHUoXGHODGLVSDULWLRQGHVRQVDFHW
TXLFULDLWDXYROHXU
2KPRQ'LHXV
pFULD0PH%RQDFLHX[LOYDDPHXWHUWRXWOHTXDUWLHU
%RQDFLHX[FULDORQJWHPSVPDLVFRPPHGHSDUHLOVFULVDWWHQGXOHXUIUpTXHQFH
Q
DWWLUDLHQWSHUVRQQHGDQVODUXHGHV)RVVR\HXUVHWTXHG
DLOOHXUVODPDLVRQGX
PHUFLHUpWDLWGHSXLVTXHOTXHWHPSVDVVH]PDOIDPpHYR\DQWTXHSHUVRQQHQH
YHQDLWLOVRUWLWHQFRQWLQXDQWGHFULHUHWO
RQHQWHQGLWVDYRL[TXL
V
pORLJQDLWGDQVODGLUHFWLRQGHODUXHGX%DF
(WPDLQWHQDQWTX
LOHVWSDUWLjYRWUHWRXUGHYRXVpORLJQHUGLW0PH
%RQDFLHX[GXFRXUDJHPDLVVXUWRXWGHODSUXGHQFHHWVRQJH]TXHYRXVYRXV
GHYH]jODUHLQH
$HOOHHWjYRXVV
pFULDG
$UWDJQDQ6R\H]WUDQTXLOOHEHOOH&RQVWDQFHMH
UHYLHQGUDLGLJQHGHVDUHFRQQDLVVDQFHPDLVUHYLHQGUDLMHDXVVLGLJQHGHYRWUH
DPRXU"
/DMHXQHIHPPHQHUpSRQGLWTXHSDUODYLYHURXJHXUTXLFRORUDVHVMRXHV

4XHOTXHVLQVWDQWVDSUqVG
$UWDJQDQVRUWLWjVRQWRXUHQYHORSSpOXLDXVVL
G
XQJUDQGPDQWHDXTXHUHWURXVVDLWFDYDOLqUHPHQWOHIRXUUHDXG
XQHORQJXHpSpH
0PH%RQDFLHX[OHVXLYLWGHV\HX[DYHFFHORQJUHJDUGG
DPRXUGRQWODIHPPH
DFFRPSDJQHO
KRPPHTX
HOOHVHVHQWDLPHUPDLVORUVTX
LOHXWGLVSDUXjO
DQJOH
GHODUXHHOOHWRPEDjJHQRX[HWMRLJQDQWOHVPDLQV
2PRQ'LHXV
pFULDWHOOHSURWpJH]ODUHLQHSURWpJH]PRL

&KDSLWUH;,;
3/$1'(&$03$*1(

'
$UWDJQDQVHUHQGLWGURLWFKH]0GH7UpYLOOH,ODYDLWUpIOpFKLTXHGDQV
TXHOTXHVPLQXWHVOHFDUGLQDOVHUDLWDYHUWLSDUFHGDPQpLQFRQQXTXLSDUDLVVDLW
rWUHVRQDJHQWHWLOSHQVDLWDYHFUDLVRQTX
LOQ
\DYDLWSDVXQLQVWDQWj
SHUGUH
/HFRHXUGXMHXQHKRPPHGpERUGDLWGHMRLH8QHRFFDVLRQRLO\DYDLWjODIRLV
JORLUHjDFTXpULUHWDUJHQWjJDJQHUVHSUpVHQWDLWjOXLHWFRPPHSUHPLHU
HQFRXUDJHPHQWYHQDLWGHOHUDSSURFKHUG
XQHIHPPHTX
LODGRUDLW&HKDVDUG
IDLVDLWGRQFSUHVTXHGXSUHPLHUFRXSSRXUOXLSOXVTX
LOQ
HWRVpGHPDQGHUj
OD3URYLGHQFH
0GH7UpYLOOHpWDLWGDQVVRQVDORQDYHFVDFRXUKDELWXHOOHGHJHQWLOVKRPPHV
'
$UWDJQDQTXHO
RQFRQQDLVVDLWFRPPHXQIDPLOLHUGHODPDLVRQDOODGURLWj
VRQFDELQHWHWOHILWSUpYHQLUTX
LOO
DWWHQGDLWSRXUFKRVHG
LPSRUWDQFH
'
$UWDJQDQpWDLWOjGHSXLVFLQTPLQXWHVjSHLQHORUVTXH0GH7UpYLOOHHQWUD
$XSUHPLHUFRXSG
RHLOHWjODMRLHTXLVHSHLJQDLWVXUVRQYLVDJHOHGLJQH
FDSLWDLQHFRPSULWTX
LOVHSDVVDLWHIIHFWLYHPHQWTXHOTXHFKRVHGHQRXYHDX
7RXWOHORQJGHODURXWHG
$UWDJQDQV
pWDLWGHPDQGpV
LOVHFRQILHUDLWj0GH
7UpYLOOHRXVLVHXOHPHQWLOOXLGHPDQGHUDLWGHOXLDFFRUGHUFDUWHEODQFKHSRXU
XQHDIIDLUHVHFUqWH0DLV0GH7UpYLOOHDYDLWWRXMRXUVpWpVLSDUIDLWSRXUOXL
LOpWDLWVLIRUWGpYRXpDXURLHWjODUHLQHLOKDwVVDLWVLFRUGLDOHPHQWOH
FDUGLQDOTXHOHMHXQHKRPPHUpVROXWGHWRXWOXLGLUH
9RXVP
DYH]IDLWGHPDQGHUPRQMHXQHDPL"GLW0GH7UpYLOOH
2XL0RQVLHXUGLWG
$UWDJQDQHWYRXVPHSDUGRQQHUH]MHO
HVSqUHGHYRXV
DYRLUGpUDQJpTXDQGYRXVVDXUH]GHTXHOOHFKRVHLPSRUWDQWHLOHVWTXHVWLRQ
'LWHVDORUVMHYRXVpFRXWH
,OQHV
DJLWGHULHQGHPRLQVGLWG
$UWDJQDQHQEDLVVDQWODYRL[TXHGH
O
KRQQHXUHWSHXWrWUHGHODYLHGHODUHLQH
4XHGLWHVYRXVOj"GHPDQGD0GH7UpYLOOHHQUHJDUGDQWWRXWDXWRXUGHOXL

V
LOVpWDLHQWELHQVHXOVHWHQUDPHQDQWVRQUHJDUGLQWHUURJDWHXUVXU
G
$UWDJQDQ
-HGLV0RQVLHXUTXHOHKDVDUGP
DUHQGXPDvWUHG
XQVHFUHW
4XHYRXVJDUGHUH]M
HVSqUHMHXQHKRPPHVXUYRWUHYLH
0DLVTXHMHGRLVYRXVFRQILHUjYRXV0RQVLHXUFDUYRXVVHXOSRXYH]P
DLGHU
GDQVODPLVVLRQTXHMHYLHQVGHUHFHYRLUGH6D0DMHVWp
&HVHFUHWHVWLOjYRXV"
1RQ0RQVLHXUF
HVWFHOXLGHODUHLQH
(WHVYRXVDXWRULVpSDU6D0DMHVWpjPHOHFRQILHU"
1RQ0RQVLHXUFDUDXFRQWUDLUHOHSOXVSURIRQGP\VWqUHP
HVWUHFRPPDQGp
(WSRXUTXRLGRQFDOOH]YRXVOHWUDKLUYLVjYLVGHPRL"
3DUFHTXHMHYRXVOHGLVVDQVYRXVMHQHSXLVULHQHWTXHM
DLSHXUTXH
YRXVQHPHUHIXVLH]ODJUkFHTXHMHYLHQVYRXVGHPDQGHUVLYRXVQHVDYH]SDV
GDQVTXHOEXWMHYRXVODGHPDQGH
*DUGH]YRWUHVHFUHWMHXQHKRPPHHWGLWHVPRLFHTXHYRXVGpVLUH]
-HGpVLUHTXHYRXVREWHQLH]SRXUPRLGH0GHV(VVDUWVXQFRQJpGHTXLQ]H
MRXUV
4XDQGFHOD"
&HWWHQXLWPrPH
9RXVTXLWWH]3DULV"
-HYDLVHQPLVVLRQ
3RXYH]YRXVPHGLUHR"
$/RQGUHV
4XHOTX
XQDWLOLQWpUrWjFHTXHYRXVQ
DUULYLH]SDVjYRWUHEXW"
/HFDUGLQDOMHOHFURLVGRQQHUDLWWRXWDXPRQGHSRXUP
HPSrFKHUGHUpXVVLU
(WYRXVSDUWH]VHXO"
-HSDUVVHXO
(QFHFDVYRXVQHSDVVHUH]SDV%RQG\F
HVWPRLTXLYRXVOHGLVIRLGH
7UpYLOOH

&RPPHQWFHOD"
2QYRXVIHUDDVVDVVLQHU
-HVHUDLPRUWHQIDLVDQWPRQGHYRLU
0DLVYRWUHPLVVLRQQHVHUDSDVUHPSOLH
&
HVWYUDLGLWG
$UWDJQDQ
&UR\H]PRLFRQWLQXD7UpYLOOHGDQVOHVHQWUHSULVHVGHFHJHQUHLOIDXWrWUH
TXDWUHSRXUDUULYHUXQ
$KYRXVDYH]UDLVRQ0RQVLHXUGLWG
$UWDJQDQPDLVYRXVFRQQDLVVH]$WKRV
3RUWKRVHW$UDPLVHWYRXVVDYH]VLMHSXLVGLVSRVHUG
HX[
6DQVOHXUFRQILHUOHVHFUHWTXHMHQ
DLSDVYRXOXVDYRLU"
1RXVQRXVVRPPHVMXUpXQHIRLVSRXUWRXWHVFRQILDQFHDYHXJOHHWGpYRXHPHQW
jWRXWHpSUHXYHG
DLOOHXUVYRXVSRXYH]OHXUGLUHTXHYRXVDYH]WRXWHFRQILDQFH
HQPRLHWLOVQHVHURQWSDVSOXVLQFUpGXOHVTXHYRXV
-HSXLVOHXUHQYR\HUjFKDFXQXQFRQJpGHTXLQ]HMRXUVYRLOjWRXWj$WKRV
TXHVDEOHVVXUHIDLWWRXMRXUVVRXIIULUSRXUDOOHUDX[HDX[GH)RUJHVj
3RUWKRVHWj$UDPLVSRXUVXLYUHOHXUDPLTX
LOVQHYHXOHQWSDVDEDQGRQQHUGDQV
XQHVLGRXORXUHXVHSRVLWLRQ/
HQYRLGHOHXUFRQJpVHUDODSUHXYHTXHM
DXWRULVH
OHXUYR\DJH
0HUFL0RQVLHXUHWYRXVrWHVFHQWIRLVERQ
$OOH]GRQFOHVWURXYHUjO
LQVWDQWPrPHHWTXHWRXWV
H[pFXWHFHWWHQXLW$K
HWG
DERUGpFULYH]PRLYRWUHUHTXrWHj0GHV(VVDUWV3HXWrWUHDYLH]YRXV
XQHVSLRQjYRVWURXVVHVHWYRWUHYLVLWHTXLGDQVFHFDVHVWGpMjFRQQXHGX
FDUGLQDOVHUDOpJLWLPpHDLQVL
'
$UWDJQDQIRUPXODFHWWHGHPDQGHHW0GH7UpYLOOHHQODUHFHYDQWGHVHV
PDLQVDVVXUDTX
DYDQWGHX[KHXUHVGXPDWLQOHVTXDWUHFRQJpVVHUDLHQWDX
GRPLFLOHUHVSHFWLIGHVYR\DJHXUV
$\H]ODERQWpG
HQYR\HUOHPLHQFKH]$WKRVGLWG
$UWDJQDQ-HFUDLQGUDLVHQ
UHQWUDQWFKH]PRLG
\IDLUHTXHOTXHPDXYDLVHUHQFRQWUH
6R\H]WUDQTXLOOH$GLHXHWERQYR\DJH$SURSRVGLW0GH7UpYLOOHHQOH
UDSSHODQW
'
$UWDJQDQUHYLQWVXUVHVSDV
$YH]YRXVGHO
DUJHQW"
'
$UWDJQDQILWVRQQHUOHVDFTX
LODYDLWGDQVVDSRFKH
$VVH]"GHPDQGD0GH7UpYLOOH

7URLVFHQWVSLVWROHV
&
HVWELHQRQYDDXERXWGXPRQGHDYHFFHODDOOH]GRQF
'
$UWDJQDQVDOXD0GH7UpYLOOHTXLOXLWHQGLWODPDLQG
$UWDJQDQODOXL
VHUUDDYHFXQUHVSHFWPrOpGHUHFRQQDLVVDQFH'HSXLVTX
LOpWDLWDUULYpj3DULV
LOQ
DYDLWHXTX
jVHORXHUGHFHWH[FHOOHQWKRPPHTX
LODYDLWWRXMRXUVWURXYp
GLJQHOR\DOHWJUDQG
6DSUHPLqUHYLVLWHIXWSRXU$UDPLVLOQ
pWDLWSDVUHYHQXFKH]VRQDPLGHSXLV
ODIDPHXVHVRLUpHRLODYDLWVXLYL0PH%RQDFLHX[,O\DSOXVjSHLQH
DYDLWLOYXOHMHXQHPRXVTXHWDLUHHWjFKDTXHIRLVTX
LOO
DYDLWUHYXLODYDLW
FUXUHPDUTXHUXQHSURIRQGHWULVWHVVHHPSUHLQWHVXUVRQYLVDJH
&HVRLUHQFRUH$UDPLVYHLOODLWVRPEUHHWUrYHXUG
$UWDJQDQOXLILWTXHOTXHV
TXHVWLRQVVXUFHWWHPpODQFROLHSURIRQGH$UDPLVV
H[FXVDVXUXQFRPPHQWDLUHGX
GL[KXLWLqPHFKDSLWUHGHVDLQW$XJXVWLQTX
LOpWDLWIRUFpG
pFULUHHQODWLQSRXU
ODVHPDLQHVXLYDQWHHWTXLOHSUpRFFXSDLWEHDXFRXS
&RPPHOHVGHX[DPLVFDXVDLHQWGHSXLVTXHOTXHVLQVWDQWVXQVHUYLWHXUGH0GH
7UpYLOOHHQWUDSRUWHXUG
XQSDTXHWFDFKHWp
4X
HVWFHOj"GHPDQGD$UDPLV
/HFRQJpTXH0RQVLHXUDGHPDQGpUpSRQGLWOHODTXDLV
0RLMHQ
DLSDVGHPDQGpGHFRQJp
7DLVH]YRXVHWSUHQH]GLWG
$UWDJQDQ(WYRXVPRQDPLYRLFLXQH
GHPLSLVWROHSRXUYRWUHSHLQHYRXVGLUH]j0GH7UpYLOOHTXH0$UDPLVOH
UHPHUFLHELHQVLQFqUHPHQW$OOH]
/HODTXDLVVDOXDMXVTX
jWHUUHHWVRUWLW
4XHVLJQLILHFHOD"GHPDQGD$UDPLV
3UHQH]FHTX
LOYRXVIDXWSRXUXQYR\DJHGHTXLQ]HMRXUVHWVXLYH]PRL
0DLVMHQHSXLVTXLWWHU3DULVHQFHPRPHQWVDQVVDYRLU
$UDPLVV
DUUrWD
&HTX
HOOHHVWGHYHQXHQ
HVWFHSDV"FRQWLQXDG
$UWDJQDQ
4XL"UHSULW$UDPLV
/DIHPPHTXLpWDLWLFLODIHPPHDXPRXFKRLUEURGp
4XLYRXVDGLWTX
LO\DYDLWXQHIHPPHLFL"UpSOLTXD$UDPLVHQGHYHQDQWSkOH
FRPPHODPRUW
-HO
DLYXH

(WYRXVVDYH]TXLHOOHHVW"
-HFURLVP
HQGRXWHUGXPRLQV
(FRXWH]GLW$UDPLVSXLVTXHYRXVVDYH]WDQWGHFKRVHVVDYH]YRXVFHTX
HVW
GHYHQXHFHWWHIHPPH"
-HSUpVXPHTX
HOOHHVWUHWRXUQpHj7RXUV
$7RXUV"RXLF
HVWELHQFHODYRXVODFRQQDLVVH]0DLVFRPPHQWHVWHOOH
UHWRXUQpHj7RXUVVDQVPHULHQGLUH"
3DUFHTX
HOOHDFUDLQWG
rWUHDUUrWpH
&RPPHQWQHP
DWHOOHSDVpFULW"
3DUFHTX
HOOHFUDLQWGHYRXVFRPSURPHWWUH
'
$UWDJQDQYRXVPHUHQGH]ODYLHV
pFULD$UDPLV-HPHFUR\DLVPpSULVp
WUDKL-
pWDLVVLKHXUHX[GHODUHYRLU-HQHSRXYDLVFURLUHTX
HOOHULVTXkWVD
OLEHUWpSRXUPRLHWFHSHQGDQWSRXUTXHOOHFDXVHVHUDLWHOOHUHYHQXHj3DULV"
3RXUODFDXVHTXLDXMRXUG
KXLQRXVIDLWDOOHUHQ$QJOHWHUUH
(WTXHOOHHVWFHWWHFDXVH"GHPDQGD$UDPLV
9RXVOHVDXUH]XQMRXU$UDPLVPDLVSRXUOHPRPHQWM
LPLWHUDLODUHWHQXH
GHODQLqFHGXGRFWHXU
$UDPLVVRXULWFDULOVHUDSSHODLWOHFRQWHTX
LODYDLWIDLWFHUWDLQVRLUjVHV
DPLV
(KELHQGRQFSXLVTX
HOOHDTXLWWp3DULVHWTXHYRXVHQrWHVVUG
$UWDJQDQ
ULHQQHP
\DUUrWHSOXVHWMHVXLVSUrWjYRXVVXLYUH9RXVGLWHVTXHQRXV
DOORQV"
&KH]$WKRVSRXUOHPRPHQWHWVLYRXVYRXOH]YHQLUMHYRXVLQYLWHPrPHj
YRXVKkWHUFDUQRXVDYRQVGpMjSHUGXEHDXFRXSGHWHPSV$SURSRVSUpYHQH]
%D]LQ
%D]LQYLHQWDYHFQRXV"GHPDQGD$UDPLV
3HXWrWUH(QWRXWFDVLOHVWERQTX
LOQRXVVXLYHSRXUOHPRPHQWFKH]
$WKRV
$UDPLVDSSHOD%D]LQHWDSUqVOXLDYRLURUGRQQpGHOHYHQLUMRLQGUHFKH]$WKRV
3DUWRQVGRQFGLWLOHQSUHQDQWVRQPDQWHDXVRQpSpHHWVHVWURLV
SLVWROHWVHWHQRXYUDQWLQXWLOHPHQWWURLVRXTXDWUHWLURLUVSRXUYRLUV
LOQ
\
WURXYHUDLWSDVTXHOTXHSLVWROHpJDUpH3XLVTXDQGLOVHIXWELHQDVVXUpTXH
FHWWHUHFKHUFKHpWDLWVXSHUIOXHLOVXLYLWG
$UWDJQDQHQVHGHPDQGDQWFRPPHQWLO
VHIDLVDLWTXHOHMHXQHFDGHWDX[JDUGHVVWDXVVLELHQTXHOXLTXHOOHpWDLWOD

IHPPHjODTXHOOHLODYDLWGRQQpO
KRVSLWDOLWpHWVWPLHX[TXHOXLFHTX
HOOH
pWDLWGHYHQXH
6HXOHPHQWHQVRUWDQW$UDPLVSRVDVDPDLQVXUOHEUDVGHG
$UWDJQDQHWOH
UHJDUGDQWIL[HPHQW
9RXVQ
DYH]SDUOpGHFHWWHIHPPHjSHUVRQQH"GLWLO
$SHUVRQQHDXPRQGH
3DVPrPHj$WKRVHWj3RUWKRV"
-HQHOHXUHQDLSDVVRXIIOpOHPRLQGUHPRW
$ODERQQHKHXUH
(WWUDQTXLOOHVXUFHSRLQWLPSRUWDQW$UDPLVFRQWLQXDVRQFKHPLQDYHF
G
$UWDJQDQHWWRXVGHX[DUULYqUHQWELHQW{WFKH]$WKRV
,OVOHWURXYqUHQWWHQDQWVRQFRQJpG
XQHPDLQHWODOHWWUHGH0GH7UpYLOOHGH
O
DXWUH
3RXYH]YRXVP
H[SOLTXHUFHTXHVLJQLILHQWFHFRQJpHWFHWWHOHWWUHTXHMH
YLHQVGHUHFHYRLU"GLW$WKRVpWRQQp
0RQFKHU$WKRVMHYHX[ELHQSXLVTXHYRWUHVDQWpO
H[LJHDEVROXPHQWTXHYRXV
YRXVUHSRVLH]TXLQ]HMRXUV
$OOH]GRQFSUHQGUHOHVHDX[GH)RUJHVRXWHOOHVDXWUHVTXLYRXVFRQYLHQGURQWHW
UpWDEOLVVH]YRXVSURPSWHPHQW
9RWUHDIIHFWLRQQp
7UpYLOOH
(KELHQFHFRQJpHWFHWWHOHWWUHVLJQLILHQWTX
LOIDXWPHVXLYUH$WKRV
$X[HDX[GH)RUJHV"
/jRXDLOOHXUV
3RXUOHVHUYLFHGXURL"
'XURLRXGHODUHLQHQHVRPPHVQRXVSDVVHUYLWHXUVGH/HXUV0DMHVWpV"
(QFHPRPHQW3RUWKRVHQWUD
3DUGLHXGLWLOYRLFLXQHFKRVHpWUDQJHGHSXLVTXDQGGDQVOHV
PRXVTXHWDLUHVDFFRUGHWRQDX[JHQVGHVFRQJpVVDQVTX
LOVOHVGHPDQGHQW"
'HSXLVGLWG
$UWDJQDQTX
LOVRQWGHVDPLVTXLOHVGHPDQGHQWSRXUHX[
$KDKGLW3RUWKRVLOSDUDvWTX
LO\DGXQRXYHDXLFL"

2XLQRXVSDUWRQVGLW$UDPLV
3RXUTXHOSD\V"GHPDQGD3RUWKRV
0DIRLMHQ
HQVDLVWURSULHQGLW$WKRVGHPDQGHFHODjG
$UWDJQDQ
3RXU/RQGUHV0HVVLHXUVGLWG
$UWDJQDQ
3RXU/RQGUHVV
pFULD3RUWKRVHWTX
DOORQVQRXVIDLUHj/RQGUHV"
9RLOjFHTXHMHQHSXLVYRXVGLUH0HVVLHXUVHWLOIDXWYRXVILHUjPRL
0DLVSRXUDOOHUj/RQGUHVDMRXWD3RUWKRVLOIDXWGHO
DUJHQWHWMHQ
HQDL
SDV
1LPRLGLW$UDPLV
1LPRLGLW$WKRV
-
HQDLPRLUHSULWG
$UWDJQDQHQWLUDQWVRQWUpVRUGHVDSRFKHHWHQOH
SRVDQWVXUODWDEOH,O\DGDQVFHVDFWURLVFHQWVSLVWROHVSUHQRQVHQFKDFXQ
VRL[DQWHTXLQ]HF
HVWDXWDQWTX
LOHQIDXWSRXUDOOHUj/RQGUHVHWSRXUHQ
UHYHQLU'
DLOOHXUVVR\H]WUDQTXLOOHVQRXVQ
\DUULYHURQVSDVWRXVj/RQGUHV
(WSRXUTXRLFHOD"
3DUFHTXHVHORQWRXWHSUREDELOLWpLO\HQDXUDTXHOTXHVXQVG
HQWUHQRXV
TXLUHVWHURQWHQURXWH
0DLVHVWFHGRQFXQHFDPSDJQHTXHQRXVHQWUHSUHQRQV"
(WGHVSOXVGDQJHUHXVHVMHYRXVHQDYHUWLV
$KojPDLVSXLVTXHQRXVULVTXRQVGHQRXVIDLUHWXHUGLW3RUWKRVMH
YRXGUDLVELHQVDYRLUSRXUTXRLDXPRLQV"
7XHQVHUDVELHQSOXVDYDQFpGLW$WKRV
&HSHQGDQWGLW$UDPLVMHVXLVGHO
DYLVGH3RUWKRV
/HURLDWLOO
KDELWXGHGHYRXVUHQGUHGHVFRPSWHV"1RQLOYRXVGLWWRXW
ERQQHPHQW0HVVLHXUVRQVHEDWHQ*DVFRJQHRXGDQVOHV)ODQGUHVDOOH]YRXV
EDWWUHHWYRXV\DOOH]3RXUTXRL"YRXVQHYRXVHQLQTXLpWH]PrPHSDV
'
$UWDJQDQDUDLVRQGLW$WKRVYRLOjQRVWURLVFRQJpVTXLYLHQQHQWGH0GH
7UpYLOOHHWYRLOjWURLVFHQWVSLVWROHVTXLYLHQQHQWMHQHVDLVG
R$OORQV
QRXVIDLUHWXHURO
RQQRXVGLWG
DOOHU/DYLHYDXWHOOHODSHLQHGHIDLUH
DXWDQWGHTXHVWLRQV"'
$UWDJQDQMHVXLVSUrWjWHVXLYUH
(WPRLDXVVLGLW3RUWKRV

(WPRLDXVVLGLW$UDPLV$XVVLELHQMHQHVXLVSDVIkFKpGHTXLWWHU3DULV
-
DLEHVRLQGHGLVWUDFWLRQV
(KELHQYRXVHQDXUH]GHVGLVWUDFWLRQV0HVVLHXUVVR\H]WUDQTXLOOHVGLW
G
$UWDJQDQ
(WPDLQWHQDQWTXDQGSDUWRQVQRXV"GLW$WKRV
7RXWGHVXLWHUpSRQGLWG
$UWDJQDQLOQ
\DSDVXQHPLQXWHjSHUGUH
+ROj*ULPDXG3ODQFKHW0RXVTXHWRQ%D]LQFULqUHQWOHVTXDWUHMHXQHVJHQV
DSSHODQWOHXUVODTXDLVJUDLVVH]QRVERWWHVHWUDPHQH]OHVFKHYDX[GHO
K{WHO
(QHIIHWFKDTXHPRXVTXHWDLUHODLVVDLWjO
K{WHOJpQpUDOFRPPHjXQHFDVHUQHVRQ
FKHYDOHWFHOXLGHVRQODTXDLV
3ODQFKHW*ULPDXG0RXVTXHWRQHW%D]LQSDUWLUHQWHQWRXWHKkWH
0DLQWHQDQWGUHVVRQVOHSODQGHFDPSDJQHGLW3RUWKRV2DOORQVQRXVG
DERUG
"
$&DODLVGLWG
$UWDJQDQF
HVWODOLJQHODSOXVGLUHFWHSRXUDUULYHUj
/RQGUHV
(KELHQGLW3RUWKRVYRLFLPRQDYLV
3DUOH
4XDWUHKRPPHVYR\DJHDQWHQVHPEOHVHUDLHQWVXVSHFWVG
$UWDJQDQQRXVGRQQHUD
jFKDFXQVHVLQVWUXFWLRQVMHSDUWLUDLHQDYDQWSDUODURXWHGH%RXORJQHSRXU
pFODLUHUOHFKHPLQ$WKRVSDUWLUDGHX[KHXUHVDSUqVSDUFHOOHG
$PLHQV$UDPLV
QRXVVXLYUDSDUFHOOHGH1R\RQTXDQWjG
$UWDJQDQLOSDUWLUDSDUFHOOHTX
LO
YRXGUDDYHFOHVKDELWVGH3ODQFKHWWDQGLVTXH3ODQFKHWQRXVVXLYUDHQ
G
$UWDJQDQHWDYHFO
XQLIRUPHGHVJDUGHV
0HVVLHXUVGLW$WKRVPRQDYLVHVWTX
LOQHFRQYLHQWSDVGHPHWWUHHQULHQ
GHVODTXDLVGDQVXQHSDUHLOOHDIIDLUHXQVHFUHWSHXWSDUKDVDUGrWUHWUDKLSDU
GHVJHQWLOVKRPPHVPDLVLOHVWSUHVTXHWRXMRXUVYHQGXSDUGHVODTXDLV
/HSODQGH3RUWKRVPHVHPEOHLPSUDWLFDEOHGLWG
$UWDJQDQHQFHTXHM
LJQRUH
PRLPrPHTXHOOHVLQVWUXFWLRQVMHSXLVYRXVGRQQHU-HVXLVSRUWHXUG
XQHOHWWUH
YRLOjWRXW-HQ
DLSDVHWQHSXLVIDLUHWURLVFRSLHVGHFHWWHOHWWUH
SXLVTX
HOOHHVWVFHOOpHLOIDXWGRQFjPRQDYLVYR\DJHUGHFRPSDJQLH&HWWH
OHWWUHHVWOjGDQVFHWWHSRFKH(WLOPRQWUDODSRFKHRpWDLWODOHWWUH6LMH
VXLVWXpO
XQGHYRXVODSUHQGUDHWYRXVFRQWLQXHUH]ODURXWHV
LOHVWWXp
FHVHUDOHWRXUG
XQDXWUHHWDLQVLGHVXLWHSRXUYXTX
XQVHXODUULYHF
HVW
WRXWFHTX
LOIDXW
%UDYRG
$UWDJQDQWRQDYLVHVWOHPLHQGLW$WKRV,OIDXWrWUHFRQVpTXHQW
G
DLOOHXUVMHYDLVSUHQGUHOHVHDX[YRXVP
DFFRPSDJQHUH]DXOLHXGHVHDX[
GH)RUJHVMHYDLVSUHQGUHOHVHDX[GHPHUMHVXLVOLEUH2QYHXWQRXV
DUUrWHUMHPRQWUHODOHWWUHGH0GH7UpYLOOHHWYRXVPRQWUH]YRVFRQJpVRQ

QRXVDWWDTXHQRXVQRXVGpIHQGRQVRQQRXVMXJHQRXVVRXWHQRQVPRUGLFXVTXH
QRXVQ
DYLRQVG
DXWUHLQWHQWLRQTXHGHQRXVWUHPSHUXQFHUWDLQQRPEUHGHIRLV
GDQVODPHURQDXUDLWWURSERQPDUFKpGHTXDWUHKRPPHVLVROpVWDQGLVTXH
TXDWUHKRPPHVUpXQLVIRQWXQHWURXSH1RXVDUPHURQVOHVTXDWUHODTXDLVGH
SLVWROHWVHWGHPRXVTXHWRQVVLO
RQHQYRLHXQHDUPpHFRQWUHQRXVQRXV
OLYUHURQVEDWDLOOHHWOHVXUYLYDQWFRPPHO
DGLWG
$UWDJQDQSRUWHUDOD
OHWWUH
%LHQGLWV
pFULD$UDPLVWXQHSDUOHVSDVVRXYHQW$WKRVPDLVTXDQGWX
SDUOHVF
HVWFRPPHVDLQW-HDQ%RXFKHG
RU-
DGRSWHOHSODQG
$WKRV(WWRL
3RUWKRV"
0RLDXVVLGLW3RUWKRVV
LOFRQYLHQWjG
$UWDJQDQ'
$UWDJQDQSRUWHXUGHOD
OHWWUHHVWQDWXUHOOHPHQWOHFKHIGHO
HQWUHSULVHTX
LOGpFLGHHWQRXV
H[pFXWHURQV
(KELHQGLWG
$UWDJQDQMHGpFLGHTXHQRXVDGRSWLRQVOHSODQG
$WKRVHWTXH
QRXVSDUWLRQVGDQVXQHGHPLKHXUH
$GRSWpUHSULUHQWHQFKRHXUOHVWURLVPRXVTXHWDLUHV
(WFKDFXQDOORQJHDQWODPDLQYHUVOHVDFSULWVRL[DQWHTXLQ]HSLVWROHVHWILW
VHVSUpSDUDWLIVSRXUSDUWLUjO
KHXUHFRQYHQXH

&KDSLWUH;;
92<$*(

$GHX[KHXUHVGXPDWLQQRVTXDWUHDYHQWXULHUVVRUWLUHQWGH3DULVSDUOD
EDUULqUH6DLQW'HQLVWDQWTX
LOILWQXLWLOVUHVWqUHQWPXHWVPDOJUpHX[
LOVVXELVVDLHQWO
LQIOXHQFHGHO
REVFXULWpHWYR\DLHQWGHVHPEFKHVSDUWRXW
$X[SUHPLHUVUD\RQVGXMRXUOHXUVODQJXHVVHGpOLqUHQWDYHFOHVROHLOOD
JDLHWpUHYLQWF
pWDLWFRPPHjODYHLOOHG
XQFRPEDWOHFRHXUEDWWDLWOHV
\HX[ULDLHQWRQVHQWDLWTXHODYLHTX
RQDOODLWSHXWrWUHTXLWWHUpWDLWDX
ERXWGXFRPSWHXQHERQQHFKRVH
/
DVSHFWGHODFDUDYDQHDXUHVWHpWDLWGHVSOXVIRUPLGDEOHVOHVFKHYDX[
QRLUVGHVPRXVTXHWDLUHVOHXUWRXUQXUHPDUWLDOHFHWWHKDELWXGHGHO
HVFDGURQ
TXLIDLWPDUFKHUUpJXOLqUHPHQWFHVQREOHVFRPSDJQRQVGXVROGDWHXVVHQWWUDKLOH
SOXVVWULFWLQFRJQLWR
/HVYDOHWVVXLYDLHQWDUPpVMXVTX
DX[GHQWV
7RXWDOODELHQMXVTX
j&KDQWLOO\RO
RQDUULYDYHUVOHVKXLWKHXUHVGXPDWLQ
,OIDOODLWGpMHXQHU2QGHVFHQGLWGHYDQWXQHDXEHUJHTXHUHFRPPDQGDLWXQH
HQVHLJQHUHSUpVHQWDQW6DLQW0DUWLQGRQQDQWODPRLWLpGHVRQPDQWHDXjXQSDXYUH
2QHQMRLJQLWDX[ODTXDLVGHQHSDVGHVVHOOHUOHVFKHYDX[HWGHVHWHQLUSUrWV
jUHSDUWLULPPpGLDWHPHQW

2QHQWUDGDQVODVDOOHFRPPXQHHWO
RQVHPLWjWDEOH8QJHQWLOKRPPHTXL
YHQDLWG
DUULYHUSDUODURXWHGH'DPPDUWLQpWDLWDVVLVjFHWWHPrPHWDEOHHW
GpMHXQDLW,OHQWDPDODFRQYHUVDWLRQVXUODSOXLHHWOHEHDXWHPSVOHV
YR\DJHXUVUpSRQGLUHQWLOEXWjOHXUVDQWpOHVYR\DJHXUVOXLUHQGLUHQWVD
SROLWHVVH
0DLVDXPRPHQWR0RXVTXHWRQYHQDLWDQQRQFHUTXHOHVFKHYDX[pWDLHQWSUrWVHWR
O
RQVHOHYDLWGHWDEOHO
pWUDQJHUSURSRVDj3RUWKRVODVDQWpGXFDUGLQDO
3RUWKRVUpSRQGLWTX
LOQHGHPDQGDLWSDVPLHX[VLO
pWUDQJHUjVRQWRXUYRXODLW
ERLUHjODVDQWpGXURL/
pWUDQJHUV
pFULDTX
LOQHFRQQDLVVDLWG
DXWUHURLTXH
6RQ(PLQHQFH3RUWKRVO
DSSHODLYURJQHO
pWUDQJHUWLUDVRQpSpH
9RXVDYH]IDLWXQHVRWWLVHGLW$WKRVQ
LPSRUWHLOQ
\DSOXVjUHFXOHU
PDLQWHQDQWWXH]FHWKRPPHHWYHQH]QRXVUHMRLQGUHOHSOXVYLWHTXHYRXV
SRXUUH]
(WWRXVWURLVUHPRQWqUHQWjFKHYDOHWUHSDUWLUHQWjWRXWHEULGHWDQGLVTXH
3RUWKRVSURPHWWDLWjVRQDGYHUVDLUHGHOHSHUIRUHUGHWRXVOHVFRXSVFRQQXVGDQV
O
HVFULPH
(WG
XQGLW$WKRVDXERXWGHFLQTFHQWVSDV
0DLVSRXUTXRLFHWKRPPHV
HVWLODWWDTXpj3RUWKRVSOXW{WTX
jWRXWDXWUH"
GHPDQGD$UDPLV
3DUFHTXH3RUWKRVSDUODQWSOXVKDXWTXHQRXVWRXVLOO
DSULVSRXUOHFKHI
GLWG
$UWDJQDQ
-
DLWRXMRXUVGLWTXHFHFDGHWGH*DVFRJQHpWDLWXQSXLWVGHVDJHVVH
PXUPXUD$WKRV
(WOHVYR\DJHXUVFRQWLQXqUHQWOHXUURXWH
$%HDXYDLVRQV
DUUrWDGHX[KHXUHVWDQWSRXUIDLUHVRXIIOHUOHVFKHYDX[TXH
SRXUDWWHQGUH3RUWKRV$XERXWGHGHX[KHXUHVFRPPH3RUWKRVQ
DUULYDLWSDVQL
DXFXQHQRXYHOOHGHOXLRQVHUHPLWHQFKHPLQ
$XQHOLHXHGH%HDXYDLVjXQHQGURLWROHFKHPLQVHWURXYDLWUHVVHUUpHQWUH
GHX[WDOXVRQUHQFRQWUDKXLWRXGL[KRPPHVTXLSURILWDQWGHFHTXHODURXWH
pWDLWGpSDYpHHQFHWHQGURLWDYDLHQWO
DLUG
\WUDYDLOOHUHQ\FUHXVDQWGHV
WURXVHWHQSUDWLTXDQWGHVRUQLqUHVERXHXVHV
$UDPLVFUDLJQDQWGHVDOLUVHVERWWHVGDQVFHPRUWLHUDUWLILFLHOOHVDSRVWURSKD
GXUHPHQW$WKRVYRXOXWOHUHWHQLULOpWDLWWURSWDUG/HVRXYULHUVVHPLUHQWj
UDLOOHUOHVYR\DJHXUVHWILUHQWSHUGUHSDUOHXULQVROHQFHODWrWHPrPHDXIURLG
$WKRVTXLSRXVVDVRQFKHYDOFRQWUHO
XQG
HX[
$ORUVFKDFXQGHFHVKRPPHVUHFXODMXVTX
DXIRVVpHW\SULWXQPRXVTXHWFDFKp
LOHQUpVXOWDTXHQRVVHSWYR\DJHXUVIXUHQWOLWWpUDOHPHQWSDVVpVSDUOHVDUPHV
$UDPLVUHoXWXQHEDOOHTXLOXLWUDYHUVDO
pSDXOHHW0RXVTXHWRQXQHDXWUHEDOOH
TXLVHORJHDGDQVOHVSDUWLHVFKDUQXHVTXLSURORQJHQWOHEDVGHVUHLQV
&HSHQGDQW0RXVTXHWRQVHXOWRPEDGHFKHYDOQRQSDVTX
LOIWJULqYHPHQWEOHVVp

PDLVFRPPHLOQHSRXYDLWYRLUVDEOHVVXUHVDQVGRXWHLOFUXWrWUHSOXV
GDQJHUHXVHPHQWEOHVVpTX
LOQHO
pWDLW
&
HVWXQHHPEXVFDGHGLWG
$UWDJQDQQHEUORQVSDVXQHDPRUFHHWHQURXWH
$UDPLVWRXWEOHVVpTX
LOpWDLWVDLVLWODFULQLqUHGHVRQFKHYDOTXLO
HPSRUWD
DYHFOHVDXWUHV&HOXLGH0RXVTXHWRQOHVDYDLWUHMRLQWVHWJDORSDLWWRXWVHXOj
VRQUDQJ
&HODQRXVIHUDXQFKHYDOGHUHFKDQJHGLW$WKRV
-
DLPHUDLVPLHX[XQFKDSHDXGLWG
$UWDJQDQOHPLHQDpWpHPSRUWpSDUXQH
EDOOH&
HVWELHQKHXUHX[PDIRLTXHODOHWWUHTXHMHSRUWHQ
DLWSDVpWp
GHGDQV
$KojPDLVLOVYRQWWXHUOHSDXYUH3RUWKRVTXDQGLOSDVVHUDGLW$UDPLV
6L3RUWKRVpWDLWVXUVHVMDPEHVLOQRXVDXUDLWUHMRLQWVPDLQWHQDQWGLW
$WKRV0
HVWDYLVTXHVXUOHWHUUDLQO
LYURJQHVHVHUDGpJULVp
(WO
RQJDORSDHQFRUHSHQGDQWGHX[KHXUHVTXRLTXHOHVFKHYDX[IXVVHQWVL
IDWLJXpVTX
LOpWDLWjFUDLQGUHTX
LOVQHUHIXVDVVHQWELHQW{WOHVHUYLFH
/HVYR\DJHXUVDYDLHQWSULVODWUDYHUVHHVSpUDQWGHFHWWHIDoRQrWUHPRLQV
LQTXLpWpVPDLVj&UqYHFRHXU$UDPLVGpFODUDTX
LOQHSRXYDLWDOOHUSOXVORLQ
(QHIIHWLODYDLWIDOOXWRXWOHFRXUDJHTX
LOFDFKDLWVRXVVDIRUPHpOpJDQWHHW
VRXVVHVIDoRQVSROLHVSRXUDUULYHUMXVTXHOj$WRXWPRPHQWLOSkOLVVDLWHW
O
RQpWDLWREOLJpGHOHVRXWHQLUVXUVRQFKHYDORQOHGHVFHQGLWjODSRUWH
G
XQFDEDUHWRQOXLODLVVD%D]LQTXLDXUHVWHGDQVXQHHVFDUPRXFKHpWDLW
SOXVHPEDUUDVVDQWTX
XWLOHHWO
RQUHSDUWLWGDQVO
HVSpUDQFHG
DOOHUFRXFKHUj
$PLHQV
0RUEOHXGLW$WKRVTXDQGLOVVHUHWURXYqUHQWHQURXWHUpGXLWVjGHX[
PDvWUHVHWj*ULPDXGHW3ODQFKHWPRUEOHXMHQHVHUDLSOXVOHXUGXSHHWMH
YRXVUpSRQGVTX
LOVQHPHIHURQWSDVRXYULUODERXFKHQLWLUHUO
pSpHG
LFLj
&DODLV-
HQMXUH
1HMXURQVSDVGLWG
$UWDJQDQJDORSRQVVLWRXWHIRLVQRVFKHYDX[\
FRQVHQWHQW
(WOHVYR\DJHXUVHQIRQFqUHQWOHXUVpSHURQVGDQVOHYHQWUHGHOHXUVFKHYDX[TXL
YLJRXUHXVHPHQWVWLPXOpVUHWURXYqUHQWGHVIRUFHV2QDUULYDj$PLHQVjPLQXLW
HWO
RQGHVFHQGLWjO
DXEHUJHGX/LVG
2U
/
K{WHOLHUDYDLWO
DLUGXSOXVKRQQrWHKRPPHGHODWHUUHLOUHoXWOHVYR\DJHXUV
VRQERXJHRLUG
XQHPDLQHWVRQERQQHWGHFRWRQGHO
DXWUHLOYRXOXWORJHUOHV
GHX[YR\DJHXUVFKDFXQGDQVXQHFKDUPDQWHFKDPEUHPDOKHXUHXVHPHQWFKDFXQHGHFHV
FKDPEUHVpWDLWjO
H[WUpPLWpGHO
K{WHO'
$UWDJQDQHW$WKRVUHIXVqUHQWO
K{WH
UpSRQGLWTX
LOQ
\HQDYDLWFHSHQGDQWSDVG
DXWUHVGLJQHVGH/HXUV([FHOOHQFHV
PDLVOHVYR\DJHXUVGpFODUqUHQWTX
LOVFRXFKHUDLHQWGDQVODFKDPEUHFRPPXQH
FKDFXQVXUXQPDWHODVTX
RQOHXUMHWWHUDLWjWHUUH/
K{WHLQVLVWDOHV
YR\DJHXUVWLQUHQWERQLOIDOOXWIDLUHFHTX
LOVYRXOXUHQW

,OVYHQDLHQWGHGLVSRVHUOHXUOLWHWGHEDUULFDGHUOHXUSRUWHHQGHGDQV
ORUVTX
RQIUDSSDDXYROHWGHODFRXULOVGHPDQGqUHQWTXLpWDLWOjUHFRQQXUHQW
ODYRL[GHOHXUVYDOHWVHWRXYULUHQW
(QHIIHWF
pWDLHQW3ODQFKHWHW*ULPDXG
*ULPDXGVXIILUDSRXUJDUGHUOHVFKHYDX[GLW3ODQFKHWVLFHV0HVVLHXUV
YHXOHQWMHFRXFKHUDLHQWUDYHUVGHOHXUSRUWHGHFHWWHIDoRQOjLOVVHURQW
VUVTX
RQQ
DUULYHUDSDVMXVTX
jHX[
(WVXUTXRLFRXFKHUDVWX"GLWG
$UWDJQDQ
9RLFLPRQOLWUpSRQGLW3ODQFKHW
(WLOPRQWUDXQHERWWHGHSDLOOH
9LHQVGRQFGLWG
$UWDJQDQWXDVUDLVRQODILJXUHGHO
K{WHQHPHFRQYLHQW
SDVHOOHHVWWURSJUDFLHXVH
1LjPRLQRQSOXVGLW$WKRV
3ODQFKHWPRQWDSDUODIHQrWUHV
LQVWDOODHQWUDYHUVGHODSRUWHWDQGLVTXH
*ULPDXGDOODLWV
HQIHUPHUGDQVO
pFXULHUpSRQGDQWTX
jFLQTKHXUHVGXPDWLQOXL
HWOHVTXDWUHFKHYDX[VHUDLHQWSUrWV
/DQXLWIXWDVVH]WUDQTXLOOHRQHVVD\DELHQYHUVOHVGHX[KHXUHVGXPDWLQ
G
RXYULUODSRUWHPDLVFRPPH3ODQFKHWVHUpYHLOODHQVXUVDXWHWFULD4XL
YDOj"RQUpSRQGLWTX
RQVHWURPSDLWHWRQV
pORLJQD
$TXDWUHKHXUHVGXPDWLQRQHQWHQGLWXQJUDQGEUXLWGDQVOHVpFXULHV*ULPDXG
DYDLWYRXOXUpYHLOOHUOHVJDUoRQVG
pFXULHHWOHVJDUoRQVG
pFXULHOH
EDWWDLHQW4XDQGRQRXYULWODIHQrWUHRQYLWOHSDXYUHJDUoRQVDQV
FRQQDLVVDQFHODWrWHIHQGXHG
XQFRXSGHPDQFKHjIRXUFKH
3ODQFKHWGHVFHQGLWGDQVODFRXUHWYRXOXWVHOOHUOHVFKHYDX[OHVFKHYDX[
pWDLHQWIRXUEXV&HOXLGH0RXVTXHWRQVHXOTXLDYDLWYR\DJpVDQVPDvWUHSHQGDQW
FLQTRXVL[KHXUHVODYHLOOHDXUDLWSXFRQWLQXHUODURXWHPDLVSDUXQH
HUUHXULQFRQFHYDEOHOHFKLUXUJLHQYpWpULQDLUHTX
RQDYDLWHQYR\pFKHUFKHUjFH
TX
LOSDUDvWSRXUVDLJQHUOHFKHYDOGHO
K{WHDYDLWVDLJQpFHOXLGH
0RXVTXHWRQ
&HODFRPPHQoDLWjGHYHQLULQTXLpWDQWWRXVFHVDFFLGHQWVVXFFHVVLIVpWDLHQW
SHXWrWUHOHUpVXOWDWGXKDVDUGPDLVLOVSRXYDLHQWWRXWDXVVLELHQrWUHOH
IUXLWG
XQFRPSORW$WKRVHWG
$UWDJQDQVRUWLUHQWWDQGLVTXH3ODQFKHWDOODLW
V
LQIRUPHUV
LOQ
\DYDLWSDVWURLVFKHYDX[jYHQGUHGDQVOHVHQYLURQV$OD
SRUWHpWDLHQWGHX[FKHYDX[WRXWpTXLSpVIUDLVHWYLJRXUHX[&HODIDLVDLWELHQ
O
DIIDLUH,OGHPDQGDRpWDLHQWOHVPDvWUHVRQOXLGLWTXHOHVPDvWUHV
DYDLHQWSDVVpODQXLWGDQVO
DXEHUJHHWUpJODLHQWOHXUFRPSWHjFHWWHKHXUHDYHF
OHPDvWUH
$WKRVGHVFHQGLWSRXUSD\HUODGpSHQVHWDQGLVTXHG
$UWDJQDQHW3ODQFKHWVH
WHQDLHQWVXUODSRUWHGHODUXHO
K{WHOLHUpWDLWGDQVXQHFKDPEUHEDVVHHW

UHFXOpHRQSULD$WKRVG
\SDVVHU
$WKRVHQWUDVDQVGpILDQFHHWWLUDGHX[SLVWROHVSRXUSD\HUO
K{WHpWDLWVHXO
HWDVVLVGHYDQWVRQEXUHDXGRQWXQGHVWLURLUVpWDLWHQWURXYHUW,OSULW
O
DUJHQWTXHOXLSUpVHQWD$WKRVOHWRXUQDHWOHUHWRXUQDGDQVVHVPDLQVHW
WRXWjFRXSV
pFULDQWTXHODSLqFHpWDLWIDXVVHLOGpFODUDTX
LODOODLWOH
IDLUHDUUrWHUOXLHWVRQFRPSDJQRQFRPPHIDX[PRQQD\HXUV
'U{OHGLW$WKRVHQPDUFKDQWVXUOXLMHYDLVWHFRXSHUOHVRUHLOOHV
$XPrPHPRPHQWTXDWUHKRPPHVDUPpVMXVTX
DX[GHQWVHQWUqUHQWSDUOHVSRUWHV
ODWpUDOHVHWVHMHWqUHQWVXU$WKRV
-HVXLVSULVFULD$WKRVGHWRXWHVOHVIRUFHVGHVHVSRXPRQVDXODUJH
G
$UWDJQDQSLTXHSLTXHHWLOOkFKDGHX[FRXSVGHSLVWROHW
'
$UWDJQDQHW3ODQFKHWQHVHOHILUHQWSDVUpSpWHUjGHX[IRLVLOVGpWDFKqUHQW
OHVGHX[FKHYDX[TXLDWWHQGDLHQWjODSRUWHVDXWqUHQWGHVVXVOHXUHQIRQFqUHQW
OHXUVpSHURQVGDQVOHYHQWUHHWSDUWLUHQWDXWULSOHJDORS
6DLVWXFHTX
HVWGHYHQX$WKRV"GHPDQGDG
$UWDJQDQj3ODQFKHWHQFRXUDQW
$K0RQVLHXUGLW3ODQFKHWM
HQDLYXWRPEHUGHX[jVHVGHX[FRXSVHWLO
P
DVHPEOpjWUDYHUVODSRUWHYLWUpHTX
LOIHUUDLOODLWDYHFOHVDXWUHV
%UDYH$WKRVPXUPXUDG
$UWDJQDQ(WTXDQGRQSHQVHTX
LOIDXWO
DEDQGRQQHU
$XUHVWHDXWDQWQRXVDWWHQGSHXWrWUHjGHX[SDVG
LFL(QDYDQW3ODQFKHWHQ
DYDQWWXHVXQEUDYHKRPPH
-HYRXVO
DLGLW0RQVLHXUUpSRQGLW3ODQFKHWOHV3LFDUGVoDVHUHFRQQDvWj
O
XVHUG
DLOOHXUVMHVXLVLFLGDQVPRQSD\VoDP
H[FLWH
(WWRXVGHX[SLTXDQWGHSOXVEHOOHDUULYqUHQWj6DLQW2PHUG
XQHVHXOHWUDLWH
$6DLQW2PHULOVILUHQWVRXIIOHUOHVFKHYDX[ODEULGHSDVVpHjOHXUVEUDVGH
SHXUG
DFFLGHQWHWPDQJqUHQWXQPRUFHDXVXUOHSRXFHWRXWGHERXWGDQVODUXH
DSUqVTXRLLOVUHSDUWLUHQW
$FHQWSDVGHVSRUWHVGH&DODLVOHFKHYDOGHG
$UWDJQDQV
DEDWWLWHWLOQ
\
HXWSDVPR\HQGHOHIDLUHVHUHOHYHUOHVDQJOXLVRUWDLWSDUOHQH]HWSDUOHV
\HX[UHVWDLWFHOXLGH3ODQFKHWPDLVFHOXLOjV
pWDLWDUUrWpHWLOQ
\HXW
SOXVPR\HQGHOHIDLUHUHSDUWLU
+HXUHXVHPHQWFRPPHQRXVO
DYRQVGLWLOVpWDLHQWjFHQWSDVGHODYLOOHLOV
ODLVVqUHQWOHVGHX[PRQWXUHVVXUOHJUDQGFKHPLQHWFRXUXUHQWDXSRUW3ODQFKHW
ILWUHPDUTXHUjVRQPDvWUHXQJHQWLOKRPPHTXLDUULYDLWDYHFVRQYDOHWHWTXLQH
OHVSUpFpGDLWTXHG
XQHFLQTXDQWDLQHGHSDV
,OVV
DSSURFKqUHQWYLYHPHQWGHFHJHQWLOKRPPHTXLSDUDLVVDLWIRUWDIIDLUp,O
DYDLWVHVERWWHVFRXYHUWHVGHSRXVVLqUHHWV
LQIRUPDLWV
LOQHSRXUUDLWSRLQW
SDVVHUjO
LQVWDQWPrPHHQ$QJOHWHUUH
5LHQQHVHUDLWSOXVIDFLOHUpSRQGLWOHSDWURQG
XQEkWLPHQWSUrWjPHWWUHj
ODYRLOHPDLVFHPDWLQHVWDUULYpO
RUGUHGHQHODLVVHUSDUWLUSHUVRQQHVDQV

XQHSHUPLVVLRQH[SUHVVHGH0OHFDUGLQDO
-
DLFHWWHSHUPLVVLRQGLWOHJHQWLOKRPPHHQWLUDQWXQSDSLHUGHVDSRFKH
ODYRLFL
)DLWHVODYLVHUSDUOHJRXYHUQHXUGXSRUWGLWOHSDWURQHWGRQQH]PRLOD
SUpIpUHQFH
2WURXYHUDLMHOHJRXYHUQHXU"
$VDFDPSDJQH
(WFHWWHFDPSDJQHHVWVLWXpH"
$XQTXDUWGHOLHXHGHODYLOOHWHQH]YRXVODYR\H]G
LFLDXSLHGGH
FHWWHSHWLWHpPLQHQFHFHWRLWHQDUGRLVHV
7UqVELHQGLWOHJHQWLOKRPPH
(WVXLYLGHVRQODTXDLVLOSULWOHFKHPLQGHODPDLVRQGHFDPSDJQHGX
JRXYHUQHXU
'
$UWDJQDQHW3ODQFKHWVXLYLUHQWOHJHQWLOKRPPHjFLQTFHQWVSDVGHGLVWDQFH
8QHIRLVKRUVGHODYLOOHG
$UWDJQDQSUHVVDOHSDVHWUHMRLJQLWOHJHQWLOKRPPH
FRPPHLOHQWUDLWGDQVXQSHWLWERLV
0RQVLHXUOXLGLWG
$UWDJQDQYRXVPHSDUDLVVH]IRUWSUHVVp"
2QQHSHXWSOXVSUHVVp0RQVLHXU
-
HQVXLVGpVHVSpUpGLWG
$UWDJQDQFDUFRPPHMHVXLVWUqVSUHVVpDXVVLMH
YRXODLVYRXVSULHUGHPHUHQGUHXQVHUYLFH
/HTXHO"
'HPHODLVVHUSDVVHUOHSUHPLHU
,PSRVVLEOHGLWOHJHQWLOKRPPHM
DLIDLWVRL[DQWHOLHXHVHQTXDUDQWHTXDWUH
KHXUHVHWLOIDXWTXHGHPDLQjPLGLMHVRLVj/RQGUHV
-
DLIDLWOHPrPHFKHPLQHQTXDUDQWHKHXUHVHWLOIDXWTXHGHPDLQjGL[
KHXUHVGXPDWLQMHVRLVj/RQGUHV
'pVHVSpUp0RQVLHXUPDLVMHVXLVDUULYpOHSUHPLHUHWMHQHSDVVHUDLSDVOH
VHFRQG
'pVHVSpUp0RQVLHXUPDLVMHVXLVDUULYpOHVHFRQGHWMHSDVVHUDLOH
SUHPLHU
6HUYLFHGXURLGLWOHJHQWLOKRPPH
6HUYLFHGHPRLGLWG
$UWDJQDQ

0DLVF
HVWXQHPDXYDLVHTXHUHOOHTXHYRXVPHFKHUFKH]OjFHPHVHPEOH
3DUEOHXTXHYRXOH]YRXVTXHFHVRLW"
4XHGpVLUH]YRXV"
9RXVYRXOH]OHVDYRLU"
&HUWDLQHPHQW
(KELHQMHYHX[O
RUGUHGRQWYRXVrWHVSRUWHXUDWWHQGXTXHMHQ
HQDLSDV
PRLHWTX
LOP
HQIDXWXQ
9RXVSODLVDQWH]MHSUpVXPH
-HQHSODLVDQWHMDPDLV
/DLVVH]PRLSDVVHU
9RXVQHSDVVHUH]SDV
0RQEUDYHMHXQHKRPPHMHYDLVYRXVFDVVHUODWrWH+ROj/XELQPHV
SLVWROHWV
3ODQFKHWGLWG
$UWDJQDQFKDUJHWRLGXYDOHWMHPHFKDUJHGXPDvWUH
3ODQFKHWHQKDUGLSDUOHSUHPLHUH[SORLWVDXWDVXU/XELQHWFRPPHLOpWDLW
IRUWHWYLJRXUHX[LOOHUHQYHUVDOHVUHLQVFRQWUHWHUUHHWOXLPLWOHJHQRXVXU
ODSRLWULQH
)DLWHVYRWUHDIIDLUH0RQVLHXUGLW3ODQFKHWPRLM
DLIDLWODPLHQQH
9R\DQWFHODOHJHQWLOKRPPHWLUDVRQpSpHHWIRQGLWVXUG
$UWDJQDQPDLVLO
DYDLWDIIDLUHjIRUWHSDUWLH
(QWURLVVHFRQGHVG
$UWDJQDQOXLIRXUQLWWURLVFRXSVG
pSpHHQGLVDQWjFKDTXH
FRXS
8QSRXU$WKRVXQSRXU3RUWKRVXQSRXU$UDPLV
$XWURLVLqPHFRXSOHJHQWLOKRPPHWRPEDFRPPHXQHPDVVH
'
$UWDJQDQOHFUXWPRUWRXWRXWDXPRLQVpYDQRXLHWV
DSSURFKDSRXUOXL
SUHQGUHO
RUGUHPDLVDXPRPHQWRLOpWHQGDLWOHEUDVDILQGHOHIRXLOOHUOH
EOHVVpTXLQ
DYDLWSDVOkFKpVRQpSpHOXLSRUWDXQFRXSGHSRLQWHGDQVOD
SRLWULQHHQGLVDQW
8QSRXUYRXV
(WXQSRXUPRLDXGHUQLHUOHVERQVV
pFULDG
$UWDJQDQIXULHX[HQOH
FORXDQWSDUWHUUHG
XQTXDWULqPHFRXSG
pSpHGDQVOHYHQWUH

&HWWHIRLVOHJHQWLOKRPPHIHUPDOHV\HX[HWV
pYDQRXLW
'
$UWDJQDQIRXLOODGDQVODSRFKHRLOO
DYDLWYXUHPHWWUHO
RUGUHGHSDVVDJH
HWOHSULW,OpWDLWDXQRPGXFRPWHGH:DUGHV
3XLVMHWDQWXQGHUQLHUFRXSG
RHLOVXUOHEHDXMHXQHKRPPHTXLDYDLW
YLQJWFLQTDQVjSHLQHHWTX
LOODLVVDLWOjJLVDQWSULYpGHVHQWLPHQWHW
SHXWrWUHPRUWLOSRXVVDXQVRXSLUVXUFHWWHpWUDQJHGHVWLQpHTXLSRUWHOHV
KRPPHVjVHGpWUXLUHOHVXQVOHVDXWUHVSRXUOHVLQWpUrWVGHJHQVTXLOHXUVRQW
pWUDQJHUVHWTXLVRXYHQWQHVDYHQWSDVPrPHTX
LOVH[LVWHQW
0DLVLOIXWELHQW{WWLUpGHFHVUpIOH[LRQVSDU/XELQTXLSRXVVDLWGHV
KXUOHPHQWVHWFULDLWGHWRXWHVVHVIRUFHVDXVHFRXUV
3ODQFKHWOXLDSSOLTXDODPDLQVXUODJRUJHHWVHUUDGHWRXWHVVHVIRUFHV
0RQVLHXUGLWLOWDQWTXHMHOHWLHQGUDLDLQVLLOQHFULHUDSDVM
HQVXLV
ELHQVUPDLVDXVVLW{WTXHMHOHOkFKHUDLLOYDVHUHPHWWUHjFULHU-HOH
UHFRQQDLVSRXUXQ1RUPDQGHWOHV1RUPDQGVVRQWHQWrWpV
(QHIIHWWRXWFRPSULPpTX
LOpWDLW/XELQHVVD\DLWHQFRUHGHILOHUGHVVRQV
$WWHQGVGLWG
$UWDJQDQ
(WSUHQDQWVRQPRXFKRLULOOHEkLOORQQD
0DLQWHQDQWGLW3ODQFKHWOLRQVOHjXQDUEUH
/DFKRVHIXWIDLWHHQFRQVFLHQFHSXLVRQWLUDOHFRPWHGH:DUGHVSUqVGHVRQ
GRPHVWLTXHHWFRPPHODQXLWFRPPHQoDLWjWRPEHUHWTXHOHJDUURWWpHWOH
EOHVVppWDLHQWWRXVGHX[jTXHOTXHVSDVGDQVOHERLVLOpWDLWpYLGHQWTX
LOV
GHYDLHQWUHVWHUMXVTX
DXOHQGHPDLQ
(WPDLQWHQDQWGLWG
$UWDJQDQFKH]OHJRXYHUQHXU
0DLVYRXVrWHVEOHVVpFHPHVHPEOH"GLW3ODQFKHW
&HQ
HVWULHQRFFXSRQVQRXVGXSOXVSUHVVpSXLVQRXVUHYLHQGURQVjPD
EOHVVXUHTXLDXUHVWHQHPHSDUDvWSDVWUqVGDQJHUHXVH
(WWRXVGHX[V
DFKHPLQqUHQWjJUDQGVSDVYHUVODFDPSDJQHGXGLJQH
IRQFWLRQQDLUH
2QDQQRQoD0OHFRPWHGH:DUGHV
'
$UWDJQDQIXWLQWURGXLW
9RXVDYH]XQRUGUHVLJQpGXFDUGLQDO"GLWOHJRXYHUQHXU
2XL0RQVLHXUUpSRQGLWG
$UWDJQDQOHYRLFL
$KDKLOHVWHQUqJOHHWELHQUHFRPPDQGpGLWOHJRXYHUQHXU

&
HVWWRXWVLPSOHUpSRQGLWG
$UWDJQDQMHVXLVGHVHVSOXVILGqOHV
,OSDUDvWTXH6RQ(PLQHQFHYHXWHPSrFKHUTXHOTX
XQGHSDUYHQLUHQ$QJOHWHUUH
2XLXQFHUWDLQG
$UWDJQDQXQJHQWLOKRPPHEpDUQDLVTXLHVWSDUWLGH3DULV
DYHFWURLVGHVHVDPLVGDQVO
LQWHQWLRQGHJDJQHU/RQGUHV
/HFRQQDLVVH]YRXVSHUVRQQHOOHPHQW"GHPDQGDOHJRXYHUQHXU
4XLFHOD"
&HG
$UWDJQDQ"
$PHUYHLOOH
'RQQH]PRLVRQVLJQDOHPHQWDORUV
5LHQGHSOXVIDFLOH
(WG
$UWDJQDQGRQQDWUDLWSRXUWUDLWOHVLJQDOHPHQWGXFRPWHGH:DUGHV
(VWLODFFRPSDJQp"GHPDQGDOHJRXYHUQHXU
2XLG
XQYDOHWQRPPp/XELQ
2QYHLOOHUDVXUHX[HWVLRQOHXUPHWODPDLQGHVVXV6RQ(PLQHQFHSHXWrWUH
WUDQTXLOOHLOVVHURQWUHFRQGXLWVj3DULVVRXVERQQHHVFRUWH
(WFHIDLVDQW0RQVLHXUOHJRXYHUQHXUGLWG
$UWDJQDQYRXVDXUH]ELHQPpULWp
GXFDUGLQDO
9RXVOHUHYHUUH]jYRWUHUHWRXU0RQVLHXUOHFRPWH"
6DQVDXFXQGRXWH
'LWHVOXLMHYRXVSULHTXHMHVXLVELHQVRQVHUYLWHXU
-HQ
\PDQTXHUDLSDV
(WMR\HX[GHFHWWHDVVXUDQFHOHJRXYHUQHXUYLVDOHODLVVH]SDVVHUHWOHUHPLWj
G
$UWDJQDQ
'
$UWDJQDQQHSHUGLWSDVVRQWHPSVHQFRPSOLPHQWVLQXWLOHVLOVDOXDOH
JRXYHUQHXUOHUHPHUFLDHWSDUWLW
8QHIRLVGHKRUVOXLHW3ODQFKHWSULUHQWOHXUFRXUVHHWIDLVDQWXQORQJGpWRXU
LOVpYLWqUHQWOHERLVHWUHQWUqUHQWSDUXQHDXWUHSRUWH
/HEkWLPHQWpWDLWWRXMRXUVSUrWjSDUWLUOHSDWURQDWWHQGDLWVXUOHSRUW
(KELHQ"GLWLOHQDSHUFHYDQWG
$UWDJQDQ

9RLFLPDSDVVHYLVpHGLWFHOXLFL
(WFHWDXWUHJHQWLOKRPPH"
,OQHSDUWLUDSDVDXMRXUG
KXLGLWG
$UWDJQDQPDLVVR\H]WUDQTXLOOHMH
SDLHUDLOHSDVVDJHSRXUQRXVGHX[
(QFHFDVSDUWRQVGLWOHSDWURQ
3DUWRQVUpSpWDG
$UWDJQDQ
(WLOVDXWDDYHF3ODQFKHWGDQVOHFDQRWFLQTPLQXWHVDSUqVLOVpWDLHQWj
ERUG
,OpWDLWWHPSVjXQHGHPLOLHXHHQPHUG
$UWDJQDQYLWEULOOHUXQHOXPLqUHHW
HQWHQGLWXQHGpWRQDWLRQ
&
pWDLWOHFRXSGHFDQRQTXLDQQRQoDLWODIHUPHWXUHGXSRUW
,OpWDLWWHPSVGHV
RFFXSHUGHVDEOHVVXUHKHXUHXVHPHQWFRPPHO
DYDLWSHQVp
G
$UWDJQDQHOOHQ
pWDLWSDVGHVSOXVGDQJHUHXVHVODSRLQWHGHO
pSpHDYDLW
UHQFRQWUpXQHF{WHHWDYDLWJOLVVpOHORQJGHO
RVGHSOXVODFKHPLVHV
pWDLW
FROOpHDXVVLW{WjODSODLHHWjSHLQHDYDLWHOOHUpSDQGXTXHOTXHVJRXWWHVGH
VDQJ
'
$UWDJQDQpWDLWEULVpGHIDWLJXHRQOXLpWHQGLWXQPDWHODVVXUOHSRQWLOVH
MHWDGHVVXVHWV
HQGRUPLW
/HOHQGHPDLQDXSRLQWGXMRXULOVHWURXYDjWURLVRXTXDWUHOLHXHVVHXOHPHQW
GHVF{WHVG
$QJOHWHUUHODEULVHDYDLWpWpIDLEOHWRXWHODQXLWHWO
RQDYDLW
SHXPDUFKp
$GL[KHXUHVOHEkWLPHQWMHWDLWO
DQFUHGDQVOHSRUWGH'RXYUHV
$GL[KHXUHVHWGHPLHG
$UWDJQDQPHWWDLWOHSLHGVXUODWHUUHG
$QJOHWHUUHHQ
V
pFULDQW
(QILQP
\YRLOj
0DLVFHQ
pWDLWSDVWRXWLOIDOODLWJDJQHU/RQGUHV(Q$QJOHWHUUHODSRVWH
pWDLWDVVH]ELHQVHUYLH'
$UWDJQDQHW3ODQFKHWSULUHQWFKDFXQXQELGHWXQ
SRVWLOORQFRXUXWGHYDQWHX[HQTXDWUHKHXUHVLOVDUULYqUHQWDX[SRUWHVGHOD
FDSLWDOH
'
$UWDJQDQQHFRQQDLVVDLWSDV/RQGUHVG
$UWDJQDQQHVDYDLWSDVXQPRWG
DQJODLV
PDLVLOpFULYLWOHQRPGH%XFNLQJKDPVXUXQSDSLHUHWFKDFXQOXLLQGLTXD
O
K{WHOGXGXF
/HGXFpWDLWjODFKDVVHj:LQGVRUDYHFOHURL
'
$UWDJQDQGHPDQGDOHYDOHWGHFKDPEUHGHFRQILDQFHGXGXFTXLO
D\DQW
DFFRPSDJQpGDQVWRXVVHVYR\DJHVSDUODLWSDUIDLWHPHQWIUDQoDLVLOOXLGLW
TX
LODUULYDLWGH3DULVSRXUDIIDLUHGHYLHHWGHPRUWHWTX
LOIDOODLWTX
LO

SDUOkWjVRQPDvWUHjO
LQVWDQWPrPH
/DFRQILDQFHDYHFODTXHOOHSDUODLWG
$UWDJQDQFRQYDLQTXLW3DWULFHF
pWDLWOH
QRPGHFHPLQLVWUHGXPLQLVWUH,OILWVHOOHUGHX[FKHYDX[HWVHFKDUJHDGH
FRQGXLUHOHMHXQHJDUGH4XDQWj3ODQFKHWRQO
DYDLWGHVFHQGXGHVDPRQWXUH
UDLGHFRPPHXQMRQFOHSDXYUHJDUoRQpWDLWDXERXWGHVHVIRUFHVG
$UWDJQDQ
VHPEODLWGHIHU
2QDUULYDDXFKkWHDXOjRQVHUHQVHLJQDOHURLHW%XFNLQJKDPFKDVVDLHQWj
O
RLVHDXGDQVGHVPDUDLVVLWXpVjGHX[RXWURLVOLHXHVGHOj
(QYLQJWPLQXWHVRQIXWDXOLHXLQGLTXp%LHQW{W3DWULFHHQWHQGLWODYRL[GHVRQ
PDvWUHTXLDSSHODLWVRQIDXFRQ
4XLIDXWLOTXHM
DQQRQFHj0LORUGGXF"GHPDQGD3DWULFH
/HMHXQHKRPPHTXLXQVRLUOXLDFKHUFKpXQHTXHUHOOHVXUOH3RQW1HXIHQ
IDFHGHOD6DPDULWDLQH
6LQJXOLqUHUHFRPPDQGDWLRQ
9RXVYHUUH]TX
HOOHHQYDXWELHQXQHDXWUH
3DWULFHPLWVRQFKHYDODXJDORSDWWHLJQLWOHGXFHWOXLDQQRQoDGDQVOHVWHUPHV
TXHQRXVDYRQVGLWVTX
XQPHVVDJHUO
DWWHQGDLW
%XFNLQJKDPUHFRQQXWG
$UWDJQDQjO
LQVWDQWPrPHHWVHGRXWDQWTXHTXHOTXHFKRVH
VHSDVVDLWHQ)UDQFHGRQWRQOXLIDLVDLWSDUYHQLUODQRXYHOOHLOQHSULWTXHOH
WHPSVGHGHPDQGHURpWDLWFHOXLTXLODOXLDSSRUWDLWHWD\DQWUHFRQQXGHORLQ
O
XQLIRUPHGHVJDUGHVLOPLWVRQFKHYDODXJDORSHWYLQWGURLWjG
$UWDJQDQ
3DWULFHSDUGLVFUpWLRQVHWLQWjO
pFDUW
,OQ
HVWSRLQWDUULYpPDOKHXUjODUHLQH"V
pFULD%XFNLQJKDPUpSDQGDQWWRXWH
VDSHQVpHHWWRXWVRQDPRXUGDQVFHWWHLQWHUURJDWLRQ
-HQHFURLVSDVFHSHQGDQWMHFURLVTX
HOOHFRXUWTXHOTXHJUDQGSpULOGRQW
9RWUH*UkFHVHXOHSHXWODWLUHU
0RL"V
pFULD%XFNLQJKDP(KTXRLMHVHUDLVDVVH]KHXUHX[SRXUOXLrWUHERQ
jTXHOTXHFKRVH3DUOH]SDUOH]
3UHQH]FHWWHOHWWUHGLWG
$UWDJQDQ
&HWWHOHWWUHGHTXLYLHQWFHWWHOHWWUH"
'H6D0DMHVWpjFHTXHMHSHQVH
'H6D0DMHVWpGLW%XFNLQJKDPSkOLVVDQWVLIRUWTXHG
$UWDJQDQFUXWTX
LO
DOODLWVHWURXYHUPDO
(WLOEULVDOHFDFKHW
4XHOOHHVWFHWWHGpFKLUXUH"GLWLOHQPRQWUDQWjG
$UWDJQDQXQHQGURLWR

HOOHpWDLWSHUFpHjMRXU
$KDKGLWG
$UWDJQDQMHQ
DYDLVSDVYXFHODF
HVWO
pSpHGXFRPWHGH
:DUGHVTXLDXUDIDLWFHEHDXFRXSHQPHWURXDQWODSRLWULQH
9RXVrWHVEOHVVp"GHPDQGD%XFNLQJKDPHQURPSDQWOHFDFKHW
2KULHQGLWG
$UWDJQDQXQHpJUDWLJQXUH
-XVWH&LHOTX
DLMHOXV
pFULDOHGXF3DWULFHUHVWHLFLRXSOXW{W
UHMRLQVOHURLSDUWRXWRLOVHUDHWGLVj6D0DMHVWpTXHMHODVXSSOLHELHQ
KXPEOHPHQWGHP
H[FXVHUPDLVTX
XQHDIIDLUHGHODSOXVKDXWHLPSRUWDQFHPH
UDSSHOOHj/RQGUHV9HQH]0RQVLHXUYHQH]
(WWRXVGHX[UHSULUHQWDXJDORSOHFKHPLQGHODFDSLWDOH

&KDSLWUH;;,
/$&207(66('(:,17(5

7RXWOHORQJGHODURXWHOHGXFVHILWPHWWUHDXFRXUDQWSDUG
$UWDJQDQQRQSDV
GHWRXWFHTXLV
pWDLWSDVVpPDLVGHFHTXHG
$UWDJQDQVDYDLW(QUDSSURFKDQW
FHTX
LODYDLWHQWHQGXVRUWLUGHODERXFKHGXMHXQHKRPPHGHVHVVRXYHQLUVj
OXLLOSXWGRQFVHIDLUHXQHLGpHDVVH]H[DFWHG
XQHSRVLWLRQGHODJUDYLWpGH
ODTXHOOHDXUHVWHODOHWWUHGHODUHLQHVLFRXUWHHWVLSHXH[SOLFLWHTX
HOOH
IWOXLGRQQDLWODPHVXUH0DLVFHTXLO
pWRQQDLWVXUWRXWF
HVWTXHOH
FDUGLQDOLQWpUHVVpFRPPHLOO
pWDLWjFHTXHOHMHXQHKRPPHQHPvWSDVOHSLHG
HQ$QJOHWHUUHQHIWSRLQWSDUYHQXjO
DUUrWHUHQURXWH&HIXWDORUVHWVXU
ODPDQLIHVWDWLRQGHFHWpWRQQHPHQWTXHG
$UWDJQDQOXLUDFRQWDOHVSUpFDXWLRQV
SULVHVHWFRPPHQWJUkFHDXGpYRXHPHQWGHVHVWURLVDPLVTX
LODYDLWpSDUSLOOpV
WRXWVDQJODQWVVXUODURXWHLOpWDLWDUULYpjHQrWUHTXLWWHSRXUOHFRXS
G
pSpHTXLDYDLWWUDYHUVpOHELOOHWGHODUHLQHHWTX
LODYDLWUHQGXj0GH
:DUGHVHQVLWHUULEOHPRQQDLH7RXWHQpFRXWDQWFHUpFLWIDLWDYHFODSOXV
JUDQGHVLPSOLFLWpOHGXFUHJDUGDLWGHWHPSVHQWHPSVOHMHXQHKRPPHG
XQDLU
pWRQQpFRPPHV
LOQ
HWSDVSXFRPSUHQGUHTXHWDQWGHSUXGHQFHGHFRXUDJHHW
GHGpYRXHPHQWV
DOOLkWDYHFXQYLVDJHTXLQ
LQGLTXDLWSDVHQFRUHYLQJWDQV
/HVFKHYDX[DOODLHQWFRPPHOHYHQWHWHQTXHOTXHVPLQXWHVLOVIXUHQWDX[SRUWHV
GH/RQGUHV'
$UWDJQDQDYDLWFUXTX
HQDUULYDQWGDQVODYLOOHOHGXFDOODLW
UDOHQWLUO
DOOXUHGXVLHQPDLVLOQ
HQIXWSDVDLQVLLOFRQWLQXDVDURXWHj
IRQGGHWUDLQV
LQTXLpWDQWSHXGHUHQYHUVHUFHX[TXLpWDLHQWVXUVRQFKHPLQ(Q
HIIHWHQWUDYHUVDQWOD&LWpGHX[RXWURLVDFFLGHQWVGHFHJHQUHDUULYqUHQW
PDLV%XFNLQJKDPQHGpWRXUQDSDVPrPHODWrWHSRXUUHJDUGHUFHTX
pWDLHQWGHYHQXV
FHX[TX
LODYDLWFXOEXWpV'
$UWDJQDQOHVXLYDLWDXPLOLHXGHFULVTXL
UHVVHPEODLHQWIRUWjGHVPDOpGLFWLRQV
(QHQWUDQWGDQVODFRXUGHO
K{WHO%XFNLQJKDPVDXWDjEDVGHVRQFKHYDOHW

VDQVV
LQTXLpWHUGHFHTX
LOGHYLHQGUDLWLOOXLMHWDODEULGHVXUOHFRXHW
V
pODQoDYHUVOHSHUURQ'
$UWDJQDQHQILWDXWDQWDYHFXQSHXSOXV
G
LQTXLpWXGHFHSHQGDQWSRXUFHVQREOHVDQLPDX[GRQWLODYDLWSXDSSUpFLHUOH
PpULWHPDLVLOHXWODFRQVRODWLRQGHYRLUTXHWURLVRXTXDWUHYDOHWVV
pWDLHQW
GpMjpODQFpVGHVFXLVLQHVHWGHVpFXULHVHWV
HPSDUDLHQWDXVVLW{WGHOHXUV
PRQWXUHV
/HGXFPDUFKDLWVLUDSLGHPHQWTXHG
$UWDJQDQDYDLWSHLQHjOHVXLYUH,O
WUDYHUVDVXFFHVVLYHPHQWSOXVLHXUVVDORQVG
XQHpOpJDQFHGRQWOHVSOXVJUDQGV
VHLJQHXUVGH)UDQFHQ
DYDLHQWSDVPrPHO
LGpHHWLOSDUYLQWHQILQGDQVXQH
FKDPEUHjFRXFKHUTXLpWDLWjODIRLVXQPLUDFOHGHJRWHWGHULFKHVVH'DQV
O
DOF{YHGHFHWWHFKDPEUHpWDLWXQHSRUWHSULVHGDQVODWDSLVVHULHTXHOHGXF
RXYULWDYHFXQHSHWLWHFOHIG
RUTX
LOSRUWDLWVXVSHQGXHjVRQFRXSDUXQH
FKDvQHGXPrPHPpWDO3DUGLVFUpWLRQG
$UWDJQDQpWDLWUHVWpHQDUULqUHPDLV
DXPRPHQWR%XFNLQJKDPIUDQFKLVVDLWOHVHXLOGHFHWWHSRUWHLOVHUHWRXUQDHW
YR\DQWO
KpVLWDWLRQGXMHXQHKRPPH
9HQH]OXLGLWLOHWVLYRXVDYH]OHERQKHXUG
rWUHDGPLVHQODSUpVHQFHGH
6D0DMHVWpGLWHVOXLFHTXHYRXVDYH]YX
(QFRXUDJpSDUFHWWHLQYLWDWLRQG
$UWDJQDQVXLYLWOHGXFTXLUHIHUPDODSRUWH
GHUULqUHOXL
7RXVGHX[VHWURXYqUHQWDORUVGDQVXQHSHWLWHFKDSHOOHWRXWHWDSLVVpHGHVRLHGH
3HUVHHWEURFKpHG
RUDUGHPPHQWpFODLUpHSDUXQJUDQGQRPEUHGHERXJLHV
$XGHVVXVG
XQHHVSqFHG
DXWHOHWDXGHVVRXVG
XQGDLVGHYHORXUVEOHXVXUPRQWp
GHSOXPHVEODQFKHVHWURXJHVpWDLWXQSRUWUDLWGHJUDQGHXUQDWXUHOOH
UHSUpVHQWDQW$QQHG
$XWULFKHVLSDUIDLWHPHQWUHVVHPEODQWTXHG
$UWDJQDQSRXVVD
XQFULGHVXUSULVHRQHWFUXTXHODUHLQHDOODLWSDUOHU
6XUO
DXWHOHWDXGHVVRXVGXSRUWUDLWpWDLWOHFRIIUHWTXLUHQIHUPDLWOHV
IHUUHWVGHGLDPDQWV
/HGXFV
DSSURFKDGHO
DXWHOV
DJHQRXLOODFRPPHHWSXIDLUHXQSUrWUHGHYDQW
OH&KULVWSXLVLORXYULWOHFRIIUHW
7HQH]OXLGLWLOHQWLUDQWGXFRIIUHXQJURVQRHXGGHUXEDQEOHXWRXW
pWLQFHODQWGHGLDPDQWVWHQH]YRLFLFHVSUpFLHX[IHUUHWVDYHFOHVTXHOVM
DYDLV
IDLWOHVHUPHQWG
rWUHHQWHUUp/DUHLQHPHOHVDYDLWGRQQpVODUHLQHPHOHV
UHSUHQGVDYRORQWpFRPPHFHOOHGH'LHXVRLWIDLWHHQWRXWHVFKRVHV
3XLVLOVHPLWjEDLVHUOHVXQVDSUqVOHVDXWUHVFHVIHUUHWVGRQWLOIDOODLWVH
VpSDUHU7RXWjFRXSLOSRXVVDXQFULWHUULEOH
4X
\DWLO"GHPDQGDG
$UWDJQDQDYHFLQTXLpWXGHHWTXHYRXVDUULYHWLO
0LORUG"
,O\DTXHWRXWHVWSHUGXV
pFULD%XFNLQJKDPHQGHYHQDQWSkOHFRPPHXQ
WUpSDVVpGHX[GHFHVIHUUHWVPDQTXHQWLOQ
\HQDSOXVTXHGL[
0LORUGOHVDWLOSHUGXVRXFURLWLOTX
RQOHVOXLDLWYROpV"
2QPHOHVDYROpVUHSULWOHGXFHWF
HVWOHFDUGLQDOTXLDIDLWOHFRXS

7HQH]YR\H]OHVUXEDQVTXLOHVVRXWHQDLHQWRQWpWpFRXSpVDYHFGHVFLVHDX[
6L0LORUGSRXYDLWVHGRXWHUTXLDFRPPLVOHYRO3HXWrWUHODSHUVRQQHOHV
DWHOOHHQFRUHHQWUHOHVPDLQV
$WWHQGH]DWWHQGH]V
pFULDOHGXF/DVHXOHIRLVTXHM
DLPLVFHVIHUUHWV
F
pWDLWDXEDOGXURLLO\DKXLWMRXUVj:LQGVRU/DFRPWHVVHGH:LQWHUDYHF
ODTXHOOHM
pWDLVEURXLOOpV
HVWUDSSURFKpHGHPRLjFHEDO&HUDFFRPPRGHPHQW
F
pWDLWXQHYHQJHDQFHGHIHPPHMDORXVH'HSXLVFHMRXUMHQHO
DLSDVUHYXH
&HWWHIHPPHHVWXQDJHQWGXFDUGLQDO
0DLVLOHQDGRQFGDQVOHPRQGHHQWLHUV
pFULDG
$UWDJQDQ
2KRXLRXLGLW%XFNLQJKDPHQVHUUDQWOHVGHQWVGHFROqUHRXLF
HVWXQ
WHUULEOHOXWWHXU0DLVFHSHQGDQWTXDQGGRLWDYRLUOLHXFHEDO"
/XQGLSURFKDLQ
/XQGLSURFKDLQFLQTMRXUVHQFRUHF
HVWSOXVGHWHPSVTX
LOQHQRXVHQ
IDXW3DWULFHV
pFULDOHGXFHQRXYUDQWODSRUWHGHODFKDSHOOH3DWULFH
6RQYDOHWGHFKDPEUHGHFRQILDQFHSDUXW
0RQMRDLOOLHUHWPRQVHFUpWDLUH
/HYDOHWGHFKDPEUHVRUWLWDYHFXQHSURPSWLWXGHHWXQPXWLVPHTXLSURXYDLHQW
O
KDELWXGHTX
LODYDLWFRQWUDFWpHG
REpLUDYHXJOpPHQWHWVDQVUpSOLTXH
0DLVTXRLTXHFHIWOHMRDLOOLHUTXLHWpWpDSSHOpOHSUHPLHUFHIXWOH
VHFUpWDLUHTXLSDUXWG
DERUG&
pWDLWWRXWVLPSOHLOKDELWDLWO
K{WHO,O
WURXYD%XFNLQJKDPDVVLVGHYDQWXQHWDEOHGDQVVDFKDPEUHjFRXFKHUHWpFULYDQW
TXHOTXHVRUGUHVGHVDSURSUHPDLQ
0RQVLHXU-DFNVRQOXLGLWLOYRXVDOOH]YRXVUHQGUHGHFHSDVFKH]OH
ORUGFKDQFHOLHUHWOXLGLUHTXHMHOHFKDUJHGHO
H[pFXWLRQGHFHVRUGUHV-H
GpVLUHTX
LOVVRLHQWSURPXOJXpVjO
LQVWDQWPrPH
0DLV0RQVHLJQHXUVLOHORUGFKDQFHOLHUP
LQWHUURJHVXUOHVPRWLIVTXLRQW
SXSRUWHU9RWUH*UkFHjXQHPHVXUHVLH[WUDRUGLQDLUHTXHUpSRQGUDLMH"
4XHWHODpWpPRQERQSODLVLUHWTXHMHQ
DLGHFRPSWHjUHQGUHjSHUVRQQH
GHPDYRORQWp
6HUDFHODUpSRQVHTX
LOGHYUDWUDQVPHWWUHj6D0DMHVWpUHSULWHQVRXULDQW
OHVHFUpWDLUHVLSDUKDVDUG6D0DMHVWpDYDLWODFXULRVLWpGHVDYRLUSRXUTXRL
DXFXQYDLVVHDXQHSHXWVRUWLUGHVSRUWVGHOD*UDQGH%UHWDJQH"
9RXVDYH]UDLVRQ0RQVLHXUUpSRQGLW%XFNLQJKDPLOGLUDLWHQFHFDVDXURL
TXHM
DLGpFLGpODJXHUUHHWTXHFHWWHPHVXUHHVWPRQSUHPLHUDFWHG
KRVWLOLWp
FRQWUHOD)UDQFH
/HVHFUpWDLUHV
LQFOLQDHWVRUWLW

1RXVYRLOjWUDQTXLOOHVGHFHF{WpGLW%XFNLQJKDPHQVHUHWRXUQDQWYHUV
G
$UWDJQDQ6LOHVIHUUHWVQHVRQWSRLQWGpMjSDUWLVSRXUOD)UDQFHLOVQ
\
DUULYHURQWTX
DSUqVYRXV
&RPPHQWFHOD"
-HYLHQVGHPHWWUHXQHPEDUJRVXUWRXVOHVEkWLPHQWVTXLVHWURXYHQWjFHWWH
KHXUHGDQVOHVSRUWVGH6D0DMHVWpHWjPRLQVGHSHUPLVVLRQSDUWLFXOLqUHSDV
XQVHXOQ
RVHUDOHYHUO
DQFUH
'
$UWDJQDQUHJDUGDDYHFVWXSpIDFWLRQFHWKRPPHTXLPHWWDLWOHSRXYRLULOOLPLWp
GRQWLOpWDLWUHYrWXSDUODFRQILDQFHG
XQURLDXVHUYLFHGHVHVDPRXUV
%XFNLQJKDPYLWjO
H[SUHVVLRQGXYLVDJHGXMHXQHKRPPHFHTXLVHSDVVDLWGDQV
VDSHQVpHHWLOVRXULW
2XLGLWLORXLF
HVWTX
$QQHG
$XWULFKHHVWPDYpULWDEOHUHLQHVXUXQPRW
G
HOOHMHWUDKLUDLVPRQSD\VMHWUDKLUDLVPRQURLMHWUDKLUDLVPRQ'LHX(OOH
P
DGHPDQGpGHQHSRLQWHQYR\HUDX[SURWHVWDQWVGH/D5RFKHOOHOHVHFRXUVTXHMH
OHXUDYDLVSURPLVHWMHO
DLIDLW-HPDQTXDLVjPDSDUROHPDLVTX
LPSRUWH
M
REpLVVDLVjVRQGpVLUQ
DLMHSRLQWpWpJUDQGHPHQWSD\pGHPRQREpLVVDQFH
GLWHV"FDUF
HVWjFHWWHREpLVVDQFHTXHMHGRLVVRQSRUWUDLW
'
$UWDJQDQDGPLUDjTXHOVILOVIUDJLOHVHWLQFRQQXVVRQWSDUIRLVVXVSHQGXHVOHV
GHVWLQpHVG
XQSHXSOHHWODYLHGHVKRPPHV
,OHQpWDLWDXSOXVSURIRQGGHVHVUpIOH[LRQVORUVTXHO
RUIqYUHHQWUDF
pWDLW
XQ,UODQGDLVGHVSOXVKDELOHVGDQVVRQDUWHWTXLDYRXDLWOXLPrPHTX
LO
JDJQDLWFHQWPLOOHOLYUHVSDUDQDYHFOHGXFGH%XFNLQJKDP
0RQVLHXU2
5HLOO\OXLGLWOHGXFHQOHFRQGXLVDQWGDQVODFKDSHOOHYR\H]FHV
IHUUHWVGHGLDPDQWVHWGLWHVPRLFHTX
LOVYDOHQWODSLqFH
/
RUIqYUHMHWDXQVHXOFRXSG
RHLOVXUODIDoRQpOpJDQWHGRQWLOVpWDLHQW
PRQWpVFDOFXODO
XQGDQVO
DXWUHODYDOHXUGHVGLDPDQWVHWVDQVKpVLWDWLRQ
DXFXQH
4XLQ]HFHQWVSLVWROHVODSLqFH0LORUGUpSRQGLWLO
&RPELHQIDXGUDLWLOGHMRXUVSRXUIDLUHGHX[IHUUHWVFRPPHFHX[Oj"9RXV
YR\H]TX
LOHQPDQTXHGHX[
+XLWMRXUV0LORUG
-HOHVSDLHUDLWURLVPLOOHSLVWROHVODSLqFHLOPHOHVIDXWDSUqVGHPDLQ
0LORUGOHVDXUD
9RXVrWHVXQKRPPHSUpFLHX[0RQVLHXU2
5HLOO\PDLVFHQ
HVWSDVOHWRXW
FHVIHUUHWVQHSHXYHQWrWUHFRQILpVjSHUVRQQHLOIDXWTX
LOVVRLHQWIDLWVGDQV
FHSDODLV
,PSRVVLEOH0LORUGLOQ
\DTXHPRLTXLSXLVVHOHVH[pFXWHUSRXUTX
RQQH
YRLHSDVODGLIIpUHQFHHQWUHOHVQRXYHDX[HWOHVDQFLHQV

$XVVLPRQFKHU0RQVLHXU2
5HLOO\YRXVrWHVPRQSULVRQQLHUHWYRXVYRXGULH]
VRUWLUjFHWWHKHXUHGHPRQSDODLVTXHYRXVQHOHSRXUULH]SDVSUHQH]HQGRQF
YRWUHSDUWL1RPPH]PRLFHX[GHYRVJDUoRQVGRQWYRXVDXUH]EHVRLQHW
GpVLJQH]PRLOHVXVWHQVLOHVTX
LOVGRLYHQWDSSRUWHU
/
RUIqYUHFRQQDLVVDLWOHGXFLOVDYDLWTXHWRXWHREVHUYDWLRQpWDLWLQXWLOHLO
HQSULWGRQFjO
LQVWDQWPrPHVRQSDUWL
,OPHVHUDSHUPLVGHSUpYHQLUPDIHPPH"GHPDQGDWLO
2KLOYRXVVHUDPrPHSHUPLVGHODYRLUPRQFKHU0RQVLHXU2
5HLOO\YRWUH
FDSWLYLWpVHUDGRXFHVR\H]WUDQTXLOOHHWFRPPHWRXWGpUDQJHPHQWYDXWXQ
GpGRPPDJHPHQWYRLFLHQGHKRUVGXSUL[GHVGHX[IHUUHWVXQERQGHPLOOH
SLVWROHVSRXUYRXVIDLUHRXEOLHUO
HQQXLTXHMHYRXVFDXVH
'
$UWDJQDQQHUHYHQDLWSDVGHODVXUSULVHTXHOXLFDXVDLWFHPLQLVWUHTXL
UHPXDLWjSOHLQHVPDLQVOHVKRPPHVHWOHVPLOOLRQV
4XDQWjO
RUIqYUHLOpFULYLWjVDIHPPHHQOXLHQYR\DQWOHERQGHPLOOH
SLVWROHVHWHQODFKDUJHDQWGHOXLUHWRXUQHUHQpFKDQJHVRQSOXVKDELOH
DSSUHQWLXQDVVRUWLPHQWGHGLDPDQWVGRQWLOOXLGRQQDLWOHSRLGVHWOHWLWUH
HWXQHOLVWHGHVRXWLOVTXLOXLpWDLHQWQpFHVVDLUHV
%XFNLQJKDPFRQGXLVLWO
RUIqYUHGDQVODFKDPEUHTXLOXLpWDLWGHVWLQpHHWTXL
DXERXWG
XQHGHPLKHXUHIXWWUDQVIRUPpHHQDWHOLHU3XLVLOPLWXQHVHQWLQHOOH
jFKDTXHSRUWHDYHFGpIHQVHGHODLVVHUHQWUHUTXLTXHFHIWjO
H[FHSWLRQGH
VRQYDOHWGHFKDPEUH3DWULFH,OHVWLQXWLOHG
DMRXWHUTX
LOpWDLWDEVROXPHQW
GpIHQGXjO
RUIqYUH2
5HLOO\HWjVRQDLGHGHVRUWLUVRXVTXHOTXHSUpWH[WHTXH
FHIW&HSRLQWUpJOpOHGXFUHYLQWjG
$UWDJQDQ
0DLQWHQDQWPRQMHXQHDPLGLWLOO
$QJOHWHUUHHVWjQRXVGHX[TXH
YRXOH]YRXVTXHGpVLUH]YRXV"
8QOLWUpSRQGLWG
$UWDJQDQF
HVWSRXUOHPRPHQWMHO
DYRXHODFKRVH
GRQWM
DLOHSOXVEHVRLQ
%XFNLQJKDPGRQQDjG
$UWDJQDQXQHFKDPEUHTXLWRXFKDLWjODVLHQQH,OYRXODLW
JDUGHUOHMHXQHKRPPHVRXVVDPDLQQRQSDVTX
LOVHGpILkWGHOXLPDLVSRXU
DYRLUTXHOTX
XQjTXLSDUOHUFRQVWDPPHQWGHODUHLQH
8QHKHXUHDSUqVIXWSURPXOJXpHGDQV/RQGUHVO
RUGRQQDQFHGHQHODLVVHUVRUWLU
GHVSRUWVDXFXQEkWLPHQWFKDUJpSRXUOD)UDQFHSDVPrPHOHSDTXHERWGHV
OHWWUHV$X[\HX[GHWRXVF
pWDLWXQHGpFODUDWLRQGHJXHUUHHQWUHOHVGHX[
UR\DXPHV
/HVXUOHQGHPDLQjRQ]HKHXUHVOHVGHX[IHUUHWVHQGLDPDQWVpWDLHQWDFKHYpV
PDLVVLH[DFWHPHQWLPLWpVPDLVVLSDUIDLWHPHQWSDUHLOVTXH%XFNLQJKDPQHSXW
UHFRQQDvWUHOHVQRXYHDX[GHVDQFLHQVHWTXHOHVSOXVH[HUFpVHQSDUHLOOH
PDWLqUH\DXUDLHQWpWpWURPSpVFRPPHOXL
$XVVLW{WLOILWDSSHOHUG
$UWDJQDQ

7HQH]OXLGLWLOYRLFLOHVIHUUHWVGHGLDPDQWVTXHYRXVrWHVYHQXFKHUFKHU
HWVR\H]PRQWpPRLQTXHWRXWFHTXHODSXLVVDQFHKXPDLQHSRXYDLWIDLUHMHO
DL
IDLW
6R\H]WUDQTXLOOH0LORUGMHGLUDLFHTXHM
DLYXPDLV9RWUH*UkFHPH
UHPHWOHVIHUUHWVVDQVODERvWH"
/DERvWHYRXVHPEDUUDVVHUDLW'
DLOOHXUVODERvWHP
HVWG
DXWDQWSOXV
SUpFLHXVHTX
HOOHPHUHVWHVHXOH9RXVGLUH]TXHMHODJDUGH
-HIHUDLYRWUHFRPPLVVLRQPRWjPRW0LORUG
(WPDLQWHQDQWUHSULW%XFNLQJKDPHQUHJDUGDQWIL[HPHQWOHMHXQHKRPPH
FRPPHQWP
DFTXLWWHUDLMHMDPDLVHQYHUVYRXV"
'
$UWDJQDQURXJLWMXVTX
DXEODQFGHV\HX[,OYLWTXHOHGXFFKHUFKDLWXQPR\HQ
GHOXLIDLUHDFFHSWHUTXHOTXHFKRVHHWFHWWHLGpHTXHOHVDQJGHVHVFRPSDJQRQV
HWOHVLHQOXLDOODLWrWUHSD\pSDUGHO
RUDQJODLVOXLUpSXJQDLWpWUDQJHPHQW
(QWHQGRQVQRXV0LORUGUpSRQGLWG
$UWDJQDQHWSHVRQVELHQOHVIDLWV
G
DYDQFHDILQTX
LOQ
\DLWSRLQWGHPpSULVH-HVXLVDXVHUYLFHGXURLHWGH
ODUHLQHGH)UDQFHHWIDLVSDUWLHGHODFRPSDJQLHGHVJDUGHVGH0GHV(VVDUWV
OHTXHODLQVLTXHVRQEHDXIUqUH0GH7UpYLOOHHVWWRXWSDUWLFXOLqUHPHQW
DWWDFKpj/HXUV0DMHVWpV-
DLGRQFWRXWIDLWSRXUODUHLQHHWULHQSRXU9RWUH
*UkFH,O\DSOXVF
HVWTXHSHXWrWUHQ
HXVVpMHULHQIDLWGHWRXWFHODV
LO
QHVHIWDJLG
rWUHDJUpDEOHjTXHOTX
XQTXLHVWPDGDPHjPRLFRPPHODUHLQH
HVWODY{WUH
2XLGLWOHGXFHQVRXULDQWHWMHFURLVPrPHFRQQDvWUHFHWWHDXWUHSHUVRQQH
F
HVW
0LORUGMHQHO
DLSRLQWQRPPpHLQWHUURPSLWYLYHPHQWOHMHXQHKRPPH
&
HVWMXVWHGLWOHGXFF
HVWGRQFjFHWWHSHUVRQQHTXHMHGRLVrWUH
UHFRQQDLVVDQWGHYRWUHGpYRXHPHQW
9RXVO
DYH]GLW0LORUGFDUMXVWHPHQWjFHWWHKHXUHTX
LOHVWTXHVWLRQGH
JXHUUHMHYRXVDYRXHTXHMHQHYRLVGDQV9RWUH*UkFHTX
XQ$QJODLVHWSDU
FRQVpTXHQWTX
XQHQQHPLTXHMHVHUDLVHQFRUHSOXVHQFKDQWpGHUHQFRQWUHUVXUOH
FKDPSGHEDWDLOOHTXHGDQVOHSDUFGH:LQGVRURXGDQVOHVFRUULGRUVGX/RXYUH
FHTXLDXUHVWHQHP
HPSrFKHUDSDVG
H[pFXWHUGHSRLQWHQSRLQWPDPLVVLRQHW
GHPHIDLUHWXHUVLEHVRLQHVWSRXUO
DFFRPSOLUPDLVMHOHUpSqWHj9RWUH
*UkFHVDQVTX
HOOHDLWSHUVRQQHOOHPHQWSRXUFHODSOXVjPHUHPHUFLHUGHFHTXH
MHIDLVSRXUPRLGDQVFHWWHVHFRQGHHQWUHYXHTXHGHFHTXHM
DLGpMjIDLWSRXU
HOOHGDQVODSUHPLqUH
1RXVGLVRQVQRXV)LHUFRPPHXQ(FRVVDLVPXUPXUD%XFNLQJKDP
(WQRXVGLVRQVQRXV)LHUFRPPHXQ*DVFRQUpSRQGLWG
$UWDJQDQ/HV
*DVFRQVVRQWOHV(FRVVDLVGHOD)UDQFH
'
$UWDJQDQVDOXDOHGXFHWV
DSSUrWDjSDUWLU

(KELHQYRXVYRXVHQDOOH]FRPPHFHOD"3DUR"&RPPHQW"
&
HVWYUDL
'LHXPHGDPQHOHV)UDQoDLVQHGRXWHQWGHULHQ
-
DYDLVRXEOLpTXHO
$QJOHWHUUHpWDLWXQHvOHHWTXHYRXVHQpWLH]OHURL
$OOH]DXSRUWGHPDQGH]OHEULFNOH6XQGUHPHWWH]FHWWHOHWWUHDXFDSLWDLQH
LOYRXVFRQGXLUDjXQSHWLWSRUWRFHUWHVRQQHYRXVDWWHQGSDVHWR
Q
DERUGHQWRUGLQDLUHPHQWTXHGHVEkWLPHQWVSrFKHXUV
&HSRUWV
DSSHOOH"
6DLQW9DOHU\PDLVDWWHQGH]GRQFDUULYpOjYRXVHQWUHUH]GDQVXQH
PDXYDLVHDXEHUJHVDQVQRPHWVDQVHQVHLJQHXQYpULWDEOHERXJHjPDWHORWVLO
Q
\DSDVjYRXVWURPSHULOQ
\HQDTX
XQH
$SUqV"
9RXVGHPDQGHUH]O
K{WHHWYRXVOXLGLUH])RUZDUG
&HTXLYHXWGLUH"
(QDYDQWF
HVWOHPRWG
RUGUH,OYRXVGRQQHUDXQFKHYDOWRXWVHOOpHWYRXV
LQGLTXHUDOHFKHPLQTXHYRXVGHYH]VXLYUHYRXVWURXYHUH]DLQVLTXDWUHUHODLV
VXUYRWUHURXWH6LYRXVYRXOH]jFKDFXQG
HX[GRQQHUYRWUHDGUHVVHj3DULV
OHVTXDWUHFKHYDX[YRXV\VXLYURQWYRXVHQFRQQDLVVH]GpMjGHX[HWYRXV
P
DYH]SDUXOHVDSSUpFLHUHQDPDWHXUFHVRQWFHX[TXHQRXVPRQWLRQV
UDSSRUWH]YRXVHQjPRLOHVDXWUHVQHOHXUVRQWSRLQWLQIpULHXUV&HVTXDWUH
FKHYDX[VRQWpTXLSpVSRXUODFDPSDJQH6LILHUTXHYRXVVR\H]YRXVQHUHIXVHUH]
SDVG
HQDFFHSWHUXQHWGHIDLUHDFFHSWHUOHVWURLVDXWUHVjYRVFRPSDJQRQV
F
HVWSRXUQRXVIDLUHODJXHUUHG
DLOOHXUV/DILQH[FXVHOHVPR\HQVFRPPH
YRXVGLWHVYRXVDXWUHV)UDQoDLVQ
HVWFHSDV"
2XL0LORUGM
DFFHSWHGLWG
$UWDJQDQHWV
LOSODvWj'LHXQRXVIHURQV
ERQXVDJHGHYRVSUpVHQWV
0DLQWHQDQWYRWUHPDLQMHXQHKRPPHSHXWrWUHQRXVUHQFRQWUHURQVQRXV
ELHQW{WVXUOHFKDPSGHEDWDLOOHPDLVHQDWWHQGDQWQRXVQRXVTXLWWHURQVERQV
DPLVMHO
HVSqUH
2XL0LORUGPDLVDYHFO
HVSpUDQFHGHGHYHQLUHQQHPLVELHQW{W
6R\H]WUDQTXLOOHMHYRXVOHSURPHWV
-HFRPSWHVXUYRWUHSDUROH0LORUG
'
$UWDJQDQVDOXDOHGXFHWV
DYDQoDYLYHPHQWYHUVOHSRUW
(QIDFHOD7RXUGH/RQGUHVLOWURXYDOHEkWLPHQWGpVLJQpUHPLWVDOHWWUHDX
FDSLWDLQHTXLODILWYLVHUSDUOHJRXYHUQHXUGXSRUWHWDSSDUHLOODDXVVLW{W

&LQTXDQWHEkWLPHQWVpWDLHQWHQSDUWDQFHHWDWWHQGDLHQW
(QSDVVDQWERUGjERUGGHO
XQG
HX[G
$UWDJQDQFUXWUHFRQQDvWUHODIHPPHGH
0HXQJODPrPHTXHOHJHQWLOKRPPHLQFRQQXDYDLWDSSHOpH0LODG\HWTXHOXL
G
$UWDJQDQDYDLWWURXYpHVLEHOOHPDLVJUkFHDXFRXUDQWGXIOHXYHHWDXERQ
YHQWTXLVRXIIODLWVRQQDYLUHDOODLWVLYLWHTX
DXERXWG
XQLQVWDQWRQIXW
KRUVGHYXH
/HOHQGHPDLQYHUVQHXIKHXUHVGXPDWLQRQDERUGDj6DLQW9DOHU\
'
$UWDJQDQVHGLULJHDjO
LQVWDQWPrPHYHUVO
DXEHUJHLQGLTXpHHWODUHFRQQXW
DX[FULVTXLV
HQpFKDSSDLHQWRQSDUODLWGHJXHUUHHQWUHO
$QJOHWHUUHHWOD
)UDQFHFRPPHGHFKRVHSURFKDLQHHWLQGXELWDEOHHWOHVPDWHORWVMR\HX[IDLVDLHQW
ERPEDQFH
'
$UWDJQDQIHQGLWODIRXOHV
DYDQoDYHUVO
K{WHHWSURQRQoDOHPRW)RUZDUG$
O
LQVWDQWPrPHO
K{WHOXLILWVLJQHGHOHVXLYUHVRUWLWDYHFOXLSDUXQHSRUWH
TXLGRQQDLWGDQVODFRXUOHFRQGXLVLWjO
pFXULHRO
DWWHQGDLWXQFKHYDOWRXW
VHOOpHWOXLGHPDQGDV
LODYDLWEHVRLQGHTXHOTXHDXWUHFKRVH
-
DLEHVRLQGHFRQQDvWUHODURXWHTXHMHGRLVVXLYUHGLWG
$UWDJQDQ
$OOH]G
LFLj%ODQJ\HWGH%ODQJ\j1HXIFKkWHO$1HXIFKkWHOHQWUH]j
O
DXEHUJHGHOD+HUVHG
2UGRQQH]OHPRWG
RUGUHjO
K{WHOLHUHWYRXV
WURXYHUH]FRPPHLFLXQFKHYDOWRXWVHOOp
'RLVMHTXHOTXHFKRVH"GHPDQGDG
$UWDJQDQ
7RXWHVWSD\pGLWO
K{WHHWODUJHPHQW$OOH]GRQFHWTXH'LHXYRXV
FRQGXLVH
$PHQUpSRQGLWOHMHXQHKRPPHHQSDUWDQWDXJDORS
4XDWUHKHXUHVDSUqVLOpWDLWj1HXIFKkWHO
,OVXLYLWVWULFWHPHQWOHVLQVWUXFWLRQVUHoXHVj1HXIFKkWHOFRPPHj
6DLQW9DOHU\LOWURXYDXQHPRQWXUHWRXWHVHOOpHHWTXLO
DWWHQGDLWLOYRXOXW
WUDQVSRUWHUOHVSLVWROHWVGHODVHOOHTX
LOYHQDLWGHTXLWWHUjODVHOOHTX
LO
DOODLWSUHQGUHOHVIRQWHVpWDLHQWJDUQLHVGHSLVWROHWVSDUHLOV
9RWUHDGUHVVHj3DULV"
+{WHOGHV*DUGHVFRPSDJQLHGHV(VVDUWV
%LHQUpSRQGLWFHOXLFL
4XHOOHURXWHIDXWLOSUHQGUH"GHPDQGDjVRQWRXUG
$UWDJQDQ
&HOOHGH5RXHQPDLVYRXVODLVVHUH]ODYLOOHjYRWUHGURLWH$XSHWLW
YLOODJHG
(FRXLVYRXVYRXVDUUrWHUH]LOQ
\DTX
XQHDXEHUJHO
(FXGH)UDQFH
1HODMXJH]SDVG
DSUqVVRQDSSDUHQFHHOOHDXUDGDQVVHVpFXULHVXQFKHYDO
TXLYDXGUDFHOXLFL

0rPHPRWG
RUGUH"
([DFWHPHQW
$GLHXPDvWUH
%RQYR\DJHJHQWLOKRPPHDYH]YRXVEHVRLQGHTXHOTXHFKRVH"
'
$UWDJQDQILWVLJQHGHODWrWHTXHQRQHWUHSDUWLWjIRQGGHWUDLQ$(FRXLV
ODPrPHVFqQHVHUpSpWDLOWURXYDXQK{WHDXVVLSUpYHQDQWXQFKHYDOIUDLVHW
UHSRVpLOODLVVDVRQDGUHVVHFRPPHLOO
DYDLWIDLWHWUHSDUWLWGXPrPHWUDLQ
SRXU3RQWRLVH$3RQWRLVHLOFKDQJHDXQHGHUQLqUHIRLVGHPRQWXUHHWjQHXI
KHXUHVLOHQWUDLWDXJUDQGJDORSGDQVODFRXUGHO
K{WHOGH0GH7UpYLOOH
,ODYDLWIDLWSUqVGHVRL[DQWHOLHXHVHQGRX]HKHXUHV
0GH7UpYLOOHOHUHoXWFRPPHV
LOO
DYDLWYXOHPDWLQPrPHVHXOHPHQWHQOXL
VHUUDQWODPDLQXQSHXSOXVYLYHPHQWTXHGHFRXWXPHLOOXLDQQRQoDTXHOD
FRPSDJQLHGH0GHV(VVDUWVpWDLWGHJDUGHDX/RXYUHHWTX
LOSRXYDLWVHUHQGUH
jVRQSRVWH

&KDSLWUH;;,,
/(%$//(7'(/$0(5/$,621

/HOHQGHPDLQLOQ
pWDLWEUXLWGDQVWRXW3DULVTXHGXEDOTXH00OHVpFKHYLQV
GHODYLOOHGRQQDLHQWDXURLHWjODUHLQHHWGDQVOHTXHO/HXUV0DMHVWpV
GHYDLHQWGDQVHUOHIDPHX[EDOOHWGHOD0HUODLVRQTXLpWDLWOHEDOOHWIDYRULGX
URL
'HSXLVKXLWMRXUVRQSUpSDUDLWHQHIIHWWRXWHVFKRVHVjO
+{WHOGH9LOOHSRXU
FHWWHVROHQQHOOHVRLUpH/HPHQXLVLHUGHODYLOOHDYDLWGUHVVpGHVpFKDIDXGVVXU
OHVTXHOVGHYDLHQWVHWHQLUOHVGDPHVLQYLWpHVO
pSLFLHUGHODYLOOHDYDLW
JDUQLOHVVDOOHVGHGHX[FHQWVIODPEHDX[GHFLUHEODQFKHFHTXLpWDLWXQOX[H
LQRXwSRXUFHWWHpSRTXHHQILQYLQJWYLRORQVDYDLHQWpWpSUpYHQXVHWOHSUL[
TX
RQOHXUDFFRUGDLWDYDLWpWpIL[pDXGRXEOHGXSUL[RUGLQDLUHDWWHQGXGLWFH
UDSSRUWTX
LOVGHYDLHQWVRQQHUWRXWHODQXLW
$GL[KHXUHVGXPDWLQOHVLHXUGH/D&RVWHHQVHLJQHGHVJDUGHVGXURLVXLYL
GHGHX[H[HPSWVHWGHSOXVLHXUVDUFKHUVGXFRUSVYLQWGHPDQGHUDXJUHIILHUGH
ODYLOOHQRPPp&OpPHQWWRXWHVOHVFOHIVGHVSRUWHVGHVFKDPEUHVHWEXUHDX[GH
O
+{WHO&HVFOHIVOXLIXUHQWUHPLVHVjO
LQVWDQWPrPHFKDFXQHG
HOOHVSRUWDLW
XQELOOHWTXLGHYDLWVHUYLUjODIDLUHUHFRQQDvWUHHWjSDUWLUGHFHPRPHQWOH
VLHXUGH/D&RVWHIXWFKDUJpGHODJDUGHGHWRXWHVOHVSRUWHVHWGHWRXWHVOHV
DYHQXHV
$RQ]HKHXUHVYLQWjVRQWRXU'XKDOOLHUFDSLWDLQHGHVJDUGHVDPHQDQWDYHFOXL
FLQTXDQWHDUFKHUVTXLVHUpSDUWLUHQWDXVVLW{WGDQVO
+{WHOGH9LOOHDX[SRUWHV
TXLOHXUDYDLHQWpWpDVVLJQpHV

$WURLVKHXUHVDUULYqUHQWGHX[FRPSDJQLHVGHVJDUGHVO
XQHIUDQoDLVHO
DXWUH
VXLVVH/DFRPSDJQLHGHVJDUGHVIUDQoDLVHVpWDLWFRPSRVpHPRLWLpGHVKRPPHVGH
0'XKDOOLHUPRLWLpGHVKRPPHVGH0GHV(VVDUWV
$VL[KHXUHVGXVRLUOHVLQYLWpVFRPPHQFqUHQWjHQWUHU$PHVXUHTX
LOV
HQWUDLHQWLOVpWDLHQWSODFpVGDQVODJUDQGHVDOOHVXUOHVpFKDIDXGVSUpSDUpV
$QHXIKHXUHVDUULYD0PHODSUHPLqUHSUpVLGHQWH&RPPHF
pWDLWDSUqVODUHLQH
ODSHUVRQQHODSOXVFRQVLGpUDEOHGHODIrWHHOOHIXWUHoXHSDU0HVVLHXUVGHOD
YLOOHHWSODFpHGDQVODORJHHQIDFHGHFHOOHTXHGHYDLWRFFXSHUODUHLQH
$GL[KHXUHVRQGUHVVDODFROODWLRQGHVFRQILWXUHVSRXUOHURLGDQVODSHWLWH
VDOOHGXF{WpGHO
pJOLVH6DLQW-HDQHWFHODHQIDFHGXEXIIHWG
DUJHQWGHOD
YLOOHTXLpWDLWJDUGpSDUTXDWUHDUFKHUV
$PLQXLWRQHQWHQGLWGHJUDQGVFULVHWGHQRPEUHXVHVDFFODPDWLRQVF
pWDLWOH
URLTXLV
DYDQoDLWjWUDYHUVOHVUXHVTXLFRQGXLVHQWGX/RXYUHjO
+{WHOGH
9LOOHHWTXLpWDLHQWWRXWHVLOOXPLQpHVDYHFGHVODQWHUQHVGHFRXOHXU
$XVVLW{W00OHVpFKHYLQVYrWXVGHOHXUVUREHVGHGUDSHWSUpFpGpVGHVL[
VHUJHQWVWHQDQWFKDFXQXQIODPEHDXjODPDLQDOOqUHQWDXGHYDQWGXURLTX
LOV
UHQFRQWUqUHQWVXUOHVGHJUpVROHSUpY{WGHVPDUFKDQGVOXLILWFRPSOLPHQWVXU
VDELHQYHQXHFRPSOLPHQWDXTXHO6D0DMHVWpUpSRQGLWHQV
H[FXVDQWG
rWUHYHQXH
VLWDUGPDLVHQUHMHWDQWODIDXWHVXU0OHFDUGLQDOOHTXHOO
DYDLWUHWHQXH
MXVTX
jRQ]HKHXUHVSRXUSDUOHUGHVDIIDLUHVGHO
(WDW
6D0DMHVWpHQKDELWGHFpUpPRQLHpWDLWDFFRPSDJQpHGH6$50RQVLHXUGX
FRPWHGH6RLVVRQVGXJUDQGSULHXUGXGXFGH/RQJXHYLOOHGXGXFG
(OEHXIGX
FRPWHG
+DUFRXUWGXFRPWHGH/D5RFKH*X\RQGH0GH/LDQFRXUWGH0GH
%DUDGDVGXFRPWHGH&UDPDLOHWGXFKHYDOLHUGH6RXYHUD\
&KDFXQUHPDUTXDTXHOHURLDYDLWO
DLUWULVWHHWSUpRFFXSp
8QFDELQHWDYDLWpWpSUpSDUpSRXUOHURLHWXQDXWUHSRXU0RQVLHXU'DQVFKDFXQ
GHFHVFDELQHWVpWDLHQWGpSRVpVGHVKDELWVGHPDVTXHV$XWDQWDYDLWpWpIDLW
SRXUODUHLQHHWSRXU0PHODSUpVLGHQWH/HVVHLJQHXUVHWOHVGDPHVGHODVXLWH
GH/HXUV0DMHVWpVGHYDLHQWV
KDELOOHUGHX[SDUGHX[GDQVGHVFKDPEUHVSUpSDUpHV
jFHWHIIHW
$YDQWG
HQWUHUGDQVOHFDELQHWOHURLUHFRPPDQGDTX
RQOHYvQWSUpYHQLU
DXVVLW{WTXHSDUDvWUDLWOHFDUGLQDO
8QHGHPLKHXUHDSUqVO
HQWUpHGXURLGHQRXYHOOHVDFFODPDWLRQVUHWHQWLUHQW
FHOOHVOjDQQRQoDLHQWO
DUULYpHGHODUHLQHOHVpFKHYLQVILUHQWDLQVLTX
LOV
DYDLHQWIDLWGpMjHWSUpFpGpVGHVVHUJHQWVLOVV
DYDQFqUHQWDXGHYDQWGHOHXU
LOOXVWUHFRQYLYH
/DUHLQHHQWUDGDQVODVDOOHRQUHPDUTXDTXHFRPPHOHURLHOOHDYDLWO
DLU
WULVWHHWVXUWRXWIDWLJXp
$XPRPHQWRHOOHHQWUDLWOHULGHDXG
XQHSHWLWHWULEXQHTXLMXVTXHOjpWDLW
UHVWpIHUPpV
RXYULWHWO
RQYLWDSSDUDvWUHODWrWHSkOHGXFDUGLQDOYrWXHQ

FDYDOLHUHVSDJQRO6HV\HX[VHIL[qUHQWVXUFHX[GHODUHLQHHWXQVRXULUHGH
MRLHWHUULEOHSDVVDVXUVHVOqYUHVODUHLQHQ
DYDLWSDVVHVIHUUHWVGH
GLDPDQWV
/DUHLQHUHVWDTXHOTXHWHPSVjUHFHYRLUOHVFRPSOLPHQWVGH0HVVLHXUVGHODYLOOH
HWjUpSRQGUHDX[VDOXWVGHVGDPHV
7RXWjFRXSOHURLDSSDUXWDYHFOHFDUGLQDOjO
XQHGHVSRUWHVGHODVDOOH/H
FDUGLQDOOXLSDUODLWWRXWEDVHWOHURLpWDLWWUqVSkOH
/HURLIHQGLWODIRXOHHWVDQVPDVTXHOHVUXEDQVGHVRQSRXUSRLQWjSHLQH
QRXpVLOV
DSSURFKDGHODUHLQHHWG
XQHYRL[DOWpUpH
0DGDPHOXLGLWLOSRXUTXRLGRQFV
LOYRXVSODvWQ
DYH]YRXVSRLQWYRV
IHUUHWVGHGLDPDQWVTXDQGYRXVVDYH]TX
LOP
HWpWpDJUpDEOHGHOHVYRLU"
/DUHLQHpWHQGLWVRQUHJDUGDXWRXUG
HOOHHWYLWGHUULqUHOHURLOHFDUGLQDO
TXLVRXULDLWG
XQVRXULUHGLDEROLTXH
6LUHUpSRQGLWODUHLQHG
XQHYRL[DOWpUpHSDUFHTX
DXPLOLHXGHFHWWHJUDQGH
IRXOHM
DLFUDLQWTX
LOQHOHXUDUULYkWPDOKHXU
(WYRXVDYH]HXWRUW0DGDPH6LMHYRXVDLIDLWFHFDGHDXF
pWDLWSRXUTXH
YRXVYRXVHQSDULH]-HYRXVGLVTXHYRXVDYH]HXWRUW
(WODYRL[GXURLpWDLWWUHPEODQWHGHFROqUHFKDFXQUHJDUGDLWHWpFRXWDLWDYHF
pWRQQHPHQWQHFRPSUHQDQWULHQjFHTXLVHSDVVDLW
6LUHGLWODUHLQHMHSXLVOHVHQYR\HUFKHUFKHUDX/RXYUHRLOVVRQWHW
DLQVLOHVGpVLUVGH9RWUH0DMHVWpVHURQWDFFRPSOLV
)DLWHV0DGDPHIDLWHVHWFHODDXSOXVW{WFDUGDQVXQHKHXUHOHEDOOHWYD
FRPPHQFHU
/DUHLQHVDOXDHQVLJQHGHVRXPLVVLRQHWVXLYLWOHVGDPHVTXLGHYDLHQWOD
FRQGXLUHjVRQFDELQHW
'HVRQF{WpOHURLUHJDJQDOHVLHQ
,O\HXWGDQVODVDOOHXQPRPHQWGHWURXEOHHWGHFRQIXVLRQ
7RXWOHPRQGHDYDLWSXUHPDUTXHUTX
LOV
pWDLWSDVVpTXHOTXHFKRVHHQWUHOHURL
HWODUHLQHPDLVWRXVGHX[DYDLHQWSDUOpVLEDVTXHFKDFXQSDUUHVSHFW
V
pWDQWpORLJQpGHTXHOTXHVSDVSHUVRQQHQ
DYDLWULHQHQWHQGX/HVYLRORQV
VRQQDLHQWGHWRXWHVOHXUVIRUFHVPDLVRQQHOHVpFRXWDLWSDV
/HURLVRUWLWOHSUHPLHUGHVRQFDELQHWLOpWDLWHQFRVWXPHGHFKDVVHGHVSOXV
pOpJDQWVHW0RQVLHXUHWOHVDXWUHVVHLJQHXUVpWDLHQWKDELOOpVFRPPHOXL
&
pWDLWOHFRVWXPHTXHOHURLSRUWDLWOHPLHX[HWYrWXDLQVLLOVHPEODLW
YpULWDEOHPHQWOHSUHPLHUJHQWLOKRPPHGHVRQUR\DXPH
/HFDUGLQDOV
DSSURFKDGXURLHWOXLUHPLWXQHERvWH/HURLO
RXYULWHW\
WURXYDGHX[IHUUHWVGHGLDPDQWV

4XHYHXWGLUHFHOD"GHPDQGDWLODXFDUGLQDO
5LHQUpSRQGLWFHOXLFLVHXOHPHQWVLODUHLQHDOHVIHUUHWVFHGRQWMH
GRXWHFRPSWH]OHV6LUHHWVLYRXVQ
HQWURXYH]TXHGL[GHPDQGH]j6D0DMHVWp
TXLSHXWOXLDYRLUGpUREpOHVGHX[IHUUHWVTXHYRLFL
/HURLUHJDUGDOHFDUGLQDOFRPPHSRXUO
LQWHUURJHUPDLVLOQ
HXWOHWHPSVGH
OXLDGUHVVHUDXFXQHTXHVWLRQXQFULG
DGPLUDWLRQVRUWLWGHWRXWHVOHVERXFKHV
6LOHURLVHPEODLWOHSUHPLHUJHQWLOKRPPHGHVRQUR\DXPHODUHLQHpWDLWjFRXS
VUODSOXVEHOOHIHPPHGH)UDQFH
,OHVWYUDLTXHVDWRLOHWWHGHFKDVVHUHVVHOXLDOODLWjPHUYHLOOHHOOHDYDLW
XQFKDSHDXGHIHXWUHDYHFGHVSOXPHVEOHXHVXQVXUWRXWHQYHORXUVJULVSHUOH
UDWWDFKpDYHFGHVDJUDIHVGHGLDPDQWVHWXQHMXSHGHVDWLQEOHXWRXWHEURGpH
G
DUJHQW6XUVRQpSDXOHJDXFKHpWLQFHODLHQWOHVIHUUHWVVRXWHQXVSDUXQQRHXG
GHPrPHFRXOHXUTXHOHVSOXPHVHWODMXSH
/HURLWUHVVDLOOLWGHMRLHHWOHFDUGLQDOGHFROqUHFHSHQGDQWGLVWDQWVFRPPH
LOVO
pWDLHQWGHODUHLQHLOVQHSRXYDLHQWFRPSWHUOHVIHUUHWVODUHLQHOHV
DYDLWVHXOHPHQWHQDYDLWHOOHGL[RXHQDYDLWHOOHGRX]H"
(QFHPRPHQWOHVYLRORQVVRQQqUHQWOHVLJQDOGXEDOOHW/HURLV
DYDQoDYHUV
0PHODSUpVLGHQWHDYHFODTXHOOHLOGHYDLWGDQVHUHW6$50RQVLHXUDYHFOD
UHLQH2QVHPLWHQSODFHHWOHEDOOHWFRPPHQoD
/HURLILJXUDLWHQIDFHGHODUHLQHHWFKDTXHIRLVTX
LOSDVVDLWSUqVG
HOOH
LOGpYRUDLWGXUHJDUGFHVIHUUHWVGRQWLOQHSRXYDLWVDYRLUOHFRPSWH8QH
VXHXUIURLGHFRXYUDLWOHIURQWGXFDUGLQDO
/HEDOOHWGXUDXQHKHXUHLODYDLWVHL]HHQWUpHV
/HEDOOHWILQLWDXPLOLHXGHVDSSODXGLVVHPHQWVGHWRXWHODVDOOHFKDFXQ
UHFRQGXLVLWVDGDPHjVDSODFHPDLVOHURLSURILWDGXSULYLOqJHTX
LODYDLWGH
ODLVVHUODVLHQQHRLOVHWURXYDLWSRXUV
DYDQFHUYLYHPHQWYHUVODUHLQH
-HYRXVUHPHUFLH0DGDPHOXLGLWLOGHODGpIpUHQFHTXHYRXVDYH]PRQWUpH
SRXUPHVGpVLUVPDLVMHFURLVTX
LOYRXVPDQTXHGHX[IHUUHWVHWMHYRXVOHV
UDSSRUWH
$FHVPRWVLOWHQGLWjODUHLQHOHVGHX[IHUUHWVTXHOXLDYDLWUHPLVOH
FDUGLQDO
&RPPHQW6LUHV
pFULDODMHXQHUHLQHMRXDQWODVXUSULVHYRXVP
HQGRQQH]
HQFRUHGHX[DXWUHVPDLVDORUVFHODP
HQIHUDGRQFTXDWRU]H"
(QHIIHWOHURLFRPSWDHWOHVGRX]HIHUUHWVVHWURXYqUHQWVXUO
pSDXOHGH6D
0DMHVWp
/HURLDSSHODOHFDUGLQDO
(KELHQTXHVLJQLILHFHOD0RQVLHXUOHFDUGLQDO"GHPDQGDOHURLG
XQWRQ
VpYqUH

&HODVLJQLILH6LUHUpSRQGLWOHFDUGLQDOTXHMHGpVLUDLVIDLUHDFFHSWHUFHV
GHX[IHUUHWVj6D0DMHVWpHWTXHQ
RVDQWOHVOXLRIIULUPRLPrPHM
DLDGRSWp
FHPR\HQ
(WM
HQVXLVG
DXWDQWSOXVUHFRQQDLVVDQWHj9RWUH(PLQHQFHUpSRQGLW$QQH
G
$XWULFKHDYHFXQVRXULUHTXLSURXYDLWTX
HOOHQ
pWDLWSDVGXSHGHFHWWH
LQJpQLHXVHJDODQWHULHTXHMHVXLVFHUWDLQHTXHFHVGHX[IHUUHWVYRXVFRWHQW
DXVVLFKHUjHX[VHXOVTXHOHVGRX]HDXWUHVRQWFRWpj6D0DMHVWp
3XLVD\DQWVDOXpOHURLHWOHFDUGLQDOODUHLQHUHSULWOHFKHPLQGHODFKDPEUH
RHOOHV
pWDLWKDELOOpHHWRHOOHGHYDLWVHGpYrWLU
/
DWWHQWLRQTXHQRXVDYRQVpWpREOLJpVGHGRQQHUSHQGDQWOHFRPPHQFHPHQWGHFH
FKDSLWUHDX[SHUVRQQDJHVLOOXVWUHVTXHQRXV\DYRQVLQWURGXLWVQRXVDpFDUWpVXQ
LQVWDQWGHFHOXLjTXL$QQHG
$XWULFKHGHYDLWOHWULRPSKHLQRXwTX
HOOHYHQDLW
GHUHPSRUWHUVXUOHFDUGLQDOHWTXLFRQIRQGXLJQRUpSHUGXGDQVODIRXOH
HQWDVVpHjO
XQHGHVSRUWHVUHJDUGDLWGHOjFHWWHVFqQHFRPSUpKHQVLEOH
VHXOHPHQWSRXUTXDWUHSHUVRQQHVOHURLODUHLQH6RQ(PLQHQFHHWOXL
/DUHLQHYHQDLWGHUHJDJQHUVDFKDPEUHHWG
$UWDJQDQV
DSSUrWDLWjVHUHWLUHU
ORUVTX
LOVHQWLWTX
RQOXLWRXFKDLWOpJqUHPHQWO
pSDXOHLOVHUHWRXUQDHWYLW
XQHMHXQHIHPPHTXLOXLIDLVDLWVLJQHGHODVXLYUH&HWWHMHXQHIHPPHDYDLWOH
YLVDJHFRXYHUWG
XQORXSGHYHORXUVQRLUPDLVPDOJUpFHWWHSUpFDXWLRQTXLDX
UHVWHpWDLWELHQSOXW{WSULVHSRXUOHVDXWUHVTXHSRXUOXLLOUHFRQQXWj
O
LQVWDQWPrPHVRQJXLGHRUGLQDLUHODOpJqUHHWVSLULWXHOOH0PH%RQDFLHX[
/DYHLOOHLOVV
pWDLHQWYXVjSHLQHFKH]OHVXLVVH*HUPDLQRG
$UWDJQDQ
O
DYDLWIDLWGHPDQGHU/DKkWHTX
DYDLWODMHXQHIHPPHGHSRUWHUjODUHLQH
FHWWHH[FHOOHQWHQRXYHOOHGHO
KHXUHX[UHWRXUGHVRQPHVVDJHUILWTXHOHVGHX[
DPDQWVpFKDQJqUHQWjSHLQHTXHOTXHVSDUROHV'
$UWDJQDQVXLYLWGRQF0PH
%RQDFLHX[PSDUXQGRXEOHVHQWLPHQWO
DPRXUHWODFXULRVLWp3HQGDQWWRXWHOD
URXWHHWjPHVXUHTXHOHVFRUULGRUVGHYHQDLHQWSOXVGpVHUWVG
$UWDJQDQYRXODLW
DUUrWHUODMHXQHIHPPHODVDLVLUODFRQWHPSOHUQHIWFHTX
XQLQVWDQW
PDLVYLYHFRPPHXQRLVHDXHOOHJOLVVDLWWRXMRXUVHQWUHVHVPDLQVHWORUVTX
LO
YRXODLWSDUOHUVRQGRLJWUDPHQpVXUVDERXFKHDYHFXQSHWLWJHVWHLPSpUDWLI
SOHLQGHFKDUPHOXLUDSSHODLWTX
LOpWDLWVRXVO
HPSLUHG
XQHSXLVVDQFHj
ODTXHOOHLOGHYDLWDYHXJOpPHQWREpLUHWTXLOXLLQWHUGLVDLWMXVTX
jODSOXV
OpJqUHSODLQWHHQILQDSUqVXQHPLQXWHRXGHX[GHWRXUVHWGHGpWRXUV0PH
%RQDFLHX[RXYULWXQHSRUWHHWLQWURGXLVLWOHMHXQHKRPPHGDQVXQFDELQHWWRXWj
IDLWREVFXU/jHOOHOXLILWXQQRXYHDXVLJQHGHPXWLVPHHWRXYUDQWXQHVHFRQGH
SRUWHFDFKpHSDUXQHWDSLVVHULHGRQWOHVRXYHUWXUHVUpSDQGLUHQWWRXWjFRXSXQH
YLYHOXPLqUHHOOHGLVSDUXW
'
$UWDJQDQGHPHXUDXQLQVWDQWLPPRELOHHWVHGHPDQGDQWRLOpWDLWPDLVELHQW{W
XQUD\RQGHOXPLqUHTXLSpQpWUDLWSDUFHWWHFKDPEUHO
DLUFKDXGHWSDUIXPpTXL
DUULYDLWMXVTX
jOXLODFRQYHUVDWLRQGHGHX[RXWURLVIHPPHVDXODQJDJHjOD
IRLVUHVSHFWXHX[HWpOpJDQWOHPRWGH0DMHVWpSOXVLHXUVIRLVUpSpWpOXL
LQGLTXqUHQWFODLUHPHQWTX
LOpWDLWGDQVXQFDELQHWDWWHQDQWjODFKDPEUHGHOD
UHLQH
/HMHXQHKRPPHVHWLQWGDQVO
RPEUHHWDWWHQGLW

/DUHLQHSDUDLVVDLWJDLHHWKHXUHXVHFHTXLVHPEODLWIRUWpWRQQHUOHVSHUVRQQHV
TXLO
HQWRXUDLHQWHWTXLDYDLHQWDXFRQWUDLUHO
KDELWXGHGHODYRLUSUHVTXH
WRXMRXUVVRXFLHXVH/DUHLQHUHMHWDLWFHVHQWLPHQWMR\HX[VXUODEHDXWpGHOD
IrWHVXUOHSODLVLUTXHOXLDYDLWIDLWpSURXYHUOHEDOOHWHWFRPPHLOQ
HVW
SDVSHUPLVGHFRQWUHGLUHXQHUHLQHTX
HOOHVRXULHRXTX
HOOHSOHXUHFKDFXQ
UHQFKpULVVDLWVXUODJDODQWHULHGH00OHVpFKHYLQVGHODYLOOHGH3DULV
4XRLTXHG
$UWDJQDQQHFRQQWSRLQWODUHLQHLOGLVWLQJXDVDYRL[GHVDXWUHV
YRL[G
DERUGjXQOpJHUDFFHQWpWUDQJHUSXLVjFHVHQWLPHQWGHGRPLQDWLRQ
QDWXUHOOHPHQWHPSUHLQWGDQVWRXWHVOHVSDUROHVVRXYHUDLQHV,OO
HQWHQGDLW
V
DSSURFKHUHWV
pORLJQHUGHFHWWHSRUWHRXYHUWHHWGHX[RXWURLVIRLVLOYLW
PrPHO
RPEUHG
XQFRUSVLQWHUFHSWHUODOXPLqUH
(QILQWRXWjFRXSXQHPDLQHWXQEUDVDGRUDEOHVGHIRUPHHWGHEODQFKHXU
SDVVqUHQWjWUDYHUVODWDSLVVHULHG
$UWDJQDQFRPSULWTXHF
pWDLWVDUpFRPSHQVH
LOVHMHWDjJHQRX[VDLVLWFHWWHPDLQHWDSSX\DUHVSHFWXHXVHPHQWVHVOqYUHV
SXLVFHWWHPDLQVHUHWLUDODLVVDQWGDQVOHVVLHQQHVXQREMHWTX
LOUHFRQQXWSRXU
rWUHXQHEDJXHDXVVLW{WODSRUWHVHUHIHUPDHWG
$UWDJQDQVHUHWURXYDGDQVOD
SOXVFRPSOqWHREVFXULWp
'
$UWDJQDQPLWODEDJXHjVRQGRLJWHWDWWHQGLWGHQRXYHDXLOpWDLWpYLGHQW
TXHWRXWQ
pWDLWSDVILQLHQFRUH
$SUqVODUpFRPSHQVHGHVRQGpYRXHPHQWYHQDLWODUpFRPSHQVHGHVRQDPRXU
'
DLOOHXUVOHEDOOHWpWDLWGDQVpPDLVODVRLUpHpWDLWjSHLQHFRPPHQFpHRQ
VRXSDLWjWURLVKHXUHVHWO
KRUORJH6DLQW-HDQGHSXLVTXHOTXHWHPSVGpMj
DYDLWVRQQpGHX[KHXUHVWURLVTXDUWV
(QHIIHWSHXjSHXOHEUXLWGHVYRL[GLPLQXDGDQVODFKDPEUHYRLVLQHSXLVRQ
O
HQWHQGLWV
pORLJQHUSXLVODSRUWHGXFDELQHWRpWDLWG
$UWDJQDQVHURXYULW
HW0PH%RQDFLHX[V
\pODQoD
9RXVHQILQV
pFULDG
$UWDJQDQ
6LOHQFHGLWODMHXQHIHPPHHQDSSX\DQWVDPDLQVXUOHVOqYUHVGXMHXQH
KRPPHVLOHQFHHWDOOH]YRXVHQSDURYRXVrWHVYHQX
0DLVRHWTXDQGYRXVUHYHUUDLMH"V
pFULDG
$UWDJQDQ
8QELOOHWTXHYRXVWURXYHUH]HQUHQWUDQWYRXVOHGLUD3DUWH]SDUWH]
(WjFHVPRWVHOOHRXYULWODSRUWHGXFRUULGRUHWSRXVVDG
$UWDJQDQKRUVGX
FDELQHW
'
$UWDJQDQREpLWFRPPHXQHQIDQWVDQVUpVLVWDQFHHWVDQVREMHFWLRQDXFXQHFH
TXLSURXYHTX
LOpWDLWELHQUpHOOHPHQWDPRXUHX[

&KDSLWUH;;,,,
/(5(1'(=9286


'
$UWDJQDQUHYLQWFKH]OXLWRXWFRXUDQWHWTXRLTX
LOIWSOXVGHWURLVKHXUHV
GXPDWLQHWTX
LOHWOHVSOXVPpFKDQWVTXDUWLHUVGH3DULVjWUDYHUVHULOQH
ILWDXFXQHPDXYDLVHUHQFRQWUH2QVDLWTX
LO\DXQGLHXSRXUOHVLYURJQHVHW
OHVDPRXUHX[
,OWURXYDODSRUWHGHVRQDOOpHHQWURXYHUWHPRQWDVRQHVFDOLHUHWIUDSSD
GRXFHPHQWHWG
XQHIDoRQFRQYHQXHHQWUHOXLHWVRQODTXDLV3ODQFKHWTX
LO
DYDLWUHQYR\pGHX[KHXUHVDXSDUDYDQWGHO
+{WHOGH9LOOHHQOXLUHFRPPDQGDQWGH
O
DWWHQGUHYLQWOXLRXYULUODSRUWH
4XHOTX
XQDWLODSSRUWpXQHOHWWUHSRXUPRL"GHPDQGDYLYHPHQWG
$UWDJQDQ
3HUVRQQHQ
DDSSRUWpGHOHWWUH0RQVLHXUUpSRQGLW3ODQFKHWPDLVLO\HQD
XQHTXLHVWYHQXHWRXWHVHXOH
4XHYHX[WXGLUHLPEpFLOH"
-HYHX[GLUHTX
HQUHQWUDQWTXRLTXHM
HXVVHODFOHIGHYRWUHDSSDUWHPHQW
GDQVPDSRFKHHWTXHFHWWHFOHIQHP
HWSRLQWTXLWWpM
DLWURXYpXQHOHWWUH
VXUOHWDSLVYHUWGHODWDEOHGDQVYRWUHFKDPEUHjFRXFKHU
(WRHVWFHWWHOHWWUH"
-HO
DLODLVVpHRHOOHpWDLW0RQVLHXU,OQ
HVWSDVQDWXUHOTXHOHVOHWWUHV
HQWUHQWDLQVLFKH]OHVJHQV6LODIHQrWUHpWDLWRXYHUWHHQFRUHRXVHXOHPHQW
HQWUHEkLOOpHMHQHGLVSDVPDLVQRQWRXWpWDLWKHUPpWLTXHPHQWIHUPp
0RQVLHXUSUHQH]JDUGHFDULO\DWUqVFHUWDLQHPHQWTXHOTXHPDJLHOjGHVVRXV
3HQGDQWFHWHPSVOHMHXQHKRPPHV
pODQoDLWGDQVODFKDPEUHHWRXYUDLWODOHWWUH
HOOHpWDLWGH0PH%RQDFLHX[HWFRQoXHHQFHVWHUPHV
2QDGHYLIVUHPHUFLHPHQWVjYRXVIDLUHHWjYRXVWUDQVPHWWUH7URXYH]YRXVFH
VRLUYHUVGL[KHXUHVj6DLQW&ORXGHQIDFHGXSDYLOORQTXLV
pOqYHjO
DQJOHGH
ODPDLVRQGH0G
(VWUpHV
&%
(QOLVDQWFHWWHOHWWUHG
$UWDJQDQVHQWDLWVRQFRHXUVHGLODWHUHWV
pWUHLQGUH
GHFHGRX[VSDVPHTXLWRUWXUHHWFDUHVVHOHFRHXUGHVDPDQWV
&
pWDLWOHSUHPLHUELOOHWTX
LOUHFHYDLWF
pWDLWOHSUHPLHUUHQGH]YRXVTXLOXL
pWDLWDFFRUGp6RQFRHXUJRQIOpSDUO
LYUHVVHGHODMRLHVHVHQWDLWSUrWj
GpIDLOOLUVXUOHVHXLOGHFHSDUDGLVWHUUHVWUHTX
RQDSSHODLWO
DPRXU
(KELHQ0RQVLHXUGLW3ODQFKHWTXLDYDLWYXVRQPDvWUHURXJLUHWSkOLU
VXFFHVVLYHPHQW(KELHQQ
HVWFHSDVTXHM
DYDLVGHYLQpMXVWHHWTXHF
HVW
TXHOTXHPpFKDQWHDIIDLUH"
7XWHWURPSHV3ODQFKHWUpSRQGLWG
$UWDJQDQHWODSUHXYHF
HVWTXHYRLFL
XQpFXSRXUTXHWXERLYHVjPDVDQWp

-HUHPHUFLH0RQVLHXUGHO
pFXTX
LOPHGRQQHHWMHOXLSURPHWVGHVXLYUH
H[DFWHPHQWVHVLQVWUXFWLRQVPDLVLOQ
HQHVWSDVPRLQVYUDLTXHOHVOHWWUHV
TXLHQWUHQWDLQVLGDQVOHVPDLVRQVIHUPpHV
7RPEHQWGXFLHOPRQDPLWRPEHQWGXFLHO
$ORUV0RQVLHXUHVWFRQWHQW"GHPDQGD3ODQFKHW
0RQFKHU3ODQFKHWMHVXLVOHSOXVKHXUHX[GHVKRPPHV
(WMHSXLVSURILWHUGXERQKHXUGH0RQVLHXUSRXUDOOHUPHFRXFKHU"
2XLYD
4XHWRXWHVOHVEpQpGLFWLRQVGX&LHOWRPEHQWVXU0RQVLHXUPDLVLOQ
HQHVW
SDVPRLQVYUDLTXHFHWWHOHWWUH
(W3ODQFKHWVHUHWLUDHQVHFRXDQWODWrWHDYHFXQDLUGHGRXWHTXHQ
pWDLWSRLQW
SDUYHQXHjHIIDFHUHQWLqUHPHQWODOLEpUDOLWpGHG
$UWDJQDQ
5HVWpVHXOG
$UWDJQDQOXWHWUHOXWVRQELOOHWSXLVLOEDLVDHWUHEDLVDYLQJW
IRLVFHVOLJQHVWUDFpHVSDUODPDLQGHVDEHOOHPDvWUHVVH(QILQLOVHFRXFKD
V
HQGRUPLWHWILWGHVUrYHVG
RU
$VHSWKHXUHVGXPDWLQLOVHOHYDHWDSSHOD3ODQFKHWTXLDXVHFRQGDSSHO
RXYULWODSRUWHOHYLVDJHHQFRUHPDOQHWWR\pGHVLQTXLpWXGHVGHODYHLOOH
3ODQFKHWOXLGLWG
$UWDJQDQMHVRUVSRXUWRXWHODMRXUQpHSHXWrWUHWXHV
GRQFOLEUHMXVTX
jVHSWKHXUHVGXVRLUPDLVjVHSWKHXUHVGXVRLUWLHQVWRL
SUrWDYHFGHX[FKHYDX[
$OORQVGLW3ODQFKHWLOSDUDvWTXHQRXVDOORQVHQFRUHQRXVIDLUHWUDYHUVHU
ODSHDXHQSOXVLHXUVHQGURLWV
7XSUHQGUDVWRQPRXVTXHWRQHWWHVSLVWROHWV
(KELHQTXHGLVDLVMH"V
pFULD3ODQFKHW/jM
HQpWDLVVUPDXGLWH
OHWWUH
0DLVUDVVXUHWRLGRQFLPEpFLOHLOV
DJLWWRXWVLPSOHPHQWG
XQHSDUWLHGH
SODLVLU
2XLFRPPHOHVYR\DJHVG
DJUpPHQWGHO
DXWUHMRXURLOSOHXYDLWGHVEDOOHV
HWRLOSRXVVDLWGHVFKDXVVHWUDSHV
$XUHVWHVLYRXVDYH]SHXU0RQVLHXU3ODQFKHWUHSULWG
$UWDJQDQM
LUDL
VDQVYRXVM
DLPHPLHX[YR\DJHUVHXOTXHG
DYRLUXQFRPSDJQRQTXLWUHPEOH
0RQVLHXUPHIDLWLQMXUHGLW3ODQFKHWLOPHVHPEODLWFHSHQGDQWTX
LO
P
DYDLWYXjO
RHXYUH
2XLPDLVM
DLFUXTXHWXDYDLVXVpWRXWWRQFRXUDJHG
XQHVHXOHIRLV

0RQVLHXUYHUUDTXHGDQVO
RFFDVLRQLOP
HQUHVWHHQFRUHVHXOHPHQWMHSULH
0RQVLHXUGHQHSDVWURSOHSURGLJXHUV
LOYHXWTX
LOP
HQUHVWHORQJWHPSV
&URLVWXHQDYRLUHQFRUHXQHFHUWDLQHVRPPHjGpSHQVHUFHVRLU"
-HO
HVSqUH
(KELHQMHFRPSWHVXUWRL
$O
KHXUHGLWHMHVHUDLSUrWVHXOHPHQWMHFUR\DLVTXH0RQVLHXUQ
DYDLW
TX
XQFKHYDOjO
pFXULHGHVJDUGHV
3HXWrWUHQ
\HQDWLOTX
XQHQFRUHGDQVFHPRPHQWFLPDLVFHVRLULO\HQ
DXUDTXDWUH
,OSDUDvWTXHQRWUHYR\DJHpWDLWXQYR\DJHGHUHPRQWH"
-XVWHPHQWGLWG
$UWDJQDQ
(WD\DQWIDLWj3ODQFKHWXQGHUQLHUJHVWHGHUHFRPPDQGDWLRQLOVRUWLW
0%RQDFLHX[pWDLWVXUVDSRUWH/
LQWHQWLRQGHG
$UWDJQDQpWDLWGHSDVVHU
RXWUHVDQVSDUOHUDXGLJQHPHUFLHUPDLVFHOXLFLILWXQVDOXWVLGRX[HWVL
EpQLQTXHIRUFHIXWjVRQORFDWDLUHQRQVHXOHPHQWGHOHOXLUHQGUHPDLVHQFRUH
GHOLHUFRQYHUVDWLRQDYHFOXL
&RPPHQWG
DLOOHXUVQHSDVDYRLUXQSHXGHFRQGHVFHQGDQFHSRXUXQPDULGRQWOD
IHPPHYRXVDGRQQpXQUHQGH]YRXVOHVRLUPrPHj6DLQW&ORXGHQIDFHGX
SDYLOORQGH0G
(VWUpHV'
$UWDJQDQV
DSSURFKDGHO
DLUOHSOXVDLPDEOHTX
LO
SXWSUHQGUH
/DFRQYHUVDWLRQWRPEDWRXWQDWXUHOOHPHQWVXUO
LQFDUFpUDWLRQGXSDXYUHKRPPH0
%RQDFLHX[TXLLJQRUDLWTXHG
$UWDJQDQHWHQWHQGXVDFRQYHUVDWLRQDYHF
O
LQFRQQXGH0HXQJUDFRQWDjVRQMHXQHORFDWDLUHOHVSHUVpFXWLRQVGHFHPRQVWUH
GH0GH/DIIHPDVTX
LOQHFHVVDGHTXDOLILHUSHQGDQWWRXWVRQUpFLWGXWLWUH
GHERXUUHDXGXFDUGLQDOHWV
pWHQGLWORQJXHPHQWVXUOD%DVWLOOHOHVYHUURXV
OHVJXLFKHWVOHVVRXSLUDX[OHVJULOOHVHWOHVLQVWUXPHQWVGHWRUWXUH
'
$UWDJQDQO
pFRXWDDYHFXQHFRPSODLVDQFHH[HPSODLUHSXLVORUVTX
LOHXWILQL

(W0PH%RQDFLHX[GLWLOHQILQVDYH]YRXVTXLO
DYDLWHQOHYpH"FDUMH
Q
RXEOLHSDVTXHF
HVWjFHWWHFLUFRQVWDQFHIkFKHXVHTXHMHGRLVOHERQKHXU
G
DYRLUIDLWYRWUHFRQQDLVVDQFH
$KGLW0%RQDFLHX[LOVVHVRQWELHQJDUGpVGHPHOHGLUHHWPDIHPPHGH
VRQF{WpP
DMXUpVHVJUDQGVGLHX[TX
HOOHQHOHVDYDLWSDV0DLVYRXVPrPH
FRQWLQXD0%RQDFLHX[G
XQWRQGHERQKRPLHSDUIDLWHTX
rWHVYRXVGHYHQXWRXV
FHVMRXUVSDVVpV"MHQHYRXVDLYXQLYRXVQLYRVDPLVHWFHQ
HVWSDVVXUOH
SDYpGH3DULVMHSHQVHTXHYRXVDYH]UDPDVVpWRXWHODSRXVVLqUHTXH3ODQFKHW
pSRXVVHWDLWKLHUVXUYRVERWWHV

9RXVDYH]UDLVRQPRQFKHU0RQVLHXU%RQDFLHX[PHVDPLVHWPRLQRXVDYRQV
IDLWXQSHWLWYR\DJH
/RLQG
LFL"
2KPRQ'LHXQRQjXQHTXDUDQWDLQHGHOLHXHVVHXOHPHQWQRXVDYRQVpWp
FRQGXLUH0$WKRVDX[HDX[GH)RUJHVRPHVDPLVVRQWUHVWpV
(WYRXVrWHVUHYHQXYRXVQ
HVWFHSDV"UHSULW0%RQDFLHX[HQGRQQDQWjVD
SK\VLRQRPLHVRQDLUOHSOXVPDOLQ8QEHDXJDUoRQFRPPHYRXVQ
REWLHQWSDVGH
ORQJVFRQJpVGHVDPDvWUHVVHHWQRXVpWLRQVLPSDWLHPPHQWDWWHQGXj3DULV
Q
HVWFHSDV"
0DIRLGLWHQULDQWOHMHXQHKRPPHMHYRXVO
DYRXHG
DXWDQWPLHX[PRQ
FKHU0RQVLHXU%RQDFLHX[TXHMHYRLVTX
RQQHSHXWULHQYRXVFDFKHU2XL
M
pWDLVDWWHQGXHWELHQLPSDWLHPPHQWMHYRXVHQUpSRQGV
8QOpJHUQXDJHSDVVDVXUOHIURQWGH%RQDFLHX[PDLVVLOpJHUTXHG
$UWDJQDQQH
V
HQDSHUoXWSDV
(WQRXVDOORQVrWUHUpFRPSHQVpGHQRWUHGLOLJHQFH"FRQWLQXDOHPHUFLHUDYHF
XQHOpJqUHDOWpUDWLRQGDQVODYRL[DOWpUDWLRQTXHG
$UWDJQDQQHUHPDUTXDSDV
SOXVTX
LOQ
DYDLWIDLWGXQXDJHPRPHQWDQpTXLXQLQVWDQWDXSDUDYDQWDYDLW
DVVRPEULODILJXUHGXGLJQHKRPPH
$KIDLWHVGRQFOHERQDS{WUHGLWHQULDQWG
$UWDJQDQ
1RQFHTXHMHYRXVHQGLVUHSULW%RQDFLHX[F
HVWVHXOHPHQWSRXUVDYRLUVL
QRXVUHQWURQVWDUG
3RXUTXRLFHWWHTXHVWLRQPRQFKHUK{WH"GHPDQGDG
$UWDJQDQHVWFHTXH
YRXVFRPSWH]P
DWWHQGUH"
1RQF
HVWTXHGHSXLVPRQDUUHVWDWLRQHWOHYROTXLDpWpFRPPLVFKH]PRLMH
P
HIIUDLHFKDTXHIRLVTXHM
HQWHQGVRXYULUXQHSRUWHHWVXUWRXWODQXLW'DPH
TXHYRXOH]YRXVMHQHVXLVSRLQWKRPPHG
pSpHPRL
(KELHQQHYRXVHIIUD\H]SDVVLMHUHQWUHjXQHKHXUHjGHX[RXWURLV
KHXUHVGXPDWLQVLMHQHUHQWUHSDVGXWRXWQHYRXVHIIUD\H]SDVHQFRUH
&HWWHIRLV%RQDFLHX[GHYLQWVLSkOHTXHG
$UWDJQDQQHSXWIDLUHDXWUHPHQWTXH
GHV
HQDSHUFHYRLUHWOXLGHPDQGDFHTX
LODYDLW
5LHQUpSRQGLW%RQDFLHX[ULHQ'HSXLVPHVPDOKHXUVVHXOHPHQWMHVXLVVXMHWj
GHVIDLEOHVVHVTXLPHSUHQQHQWWRXWjFRXSHWMHYLHQVGHPHVHQWLUSDVVHUXQ
IULVVRQ1HIDLWHVSDVDWWHQWLRQjFHODYRXVTXLQ
DYH]jYRXVRFFXSHUTXH
G
rWUHKHXUHX[
$ORUVM
DLGHO
RFFXSDWLRQFDUMHOHVXLV
3DVHQFRUHDWWHQGH]GRQFYRXVDYH]GLWjFHVRLU
(KELHQFHVRLUDUULYHUD'LHXPHUFLHWSHXWrWUHO
DWWHQGH]YRXVDYHF

DXWDQWG
LPSDWLHQFHTXHPRL3HXWrWUHFHVRLU0PH%RQDFLHX[YLVLWHUDWHOOH
OHGRPLFLOHFRQMXJDO
0PH%RQDFLHX[Q
HVWSDVOLEUHFHVRLUUpSRQGLWJUDYHPHQWOHPDULHOOHHVW
UHWHQXHDX/RXYUHSDUVRQVHUYLFH
7DQWSLVSRXUYRXVPRQFKHUK{WHWDQWSLVTXDQGMHVXLVKHXUHX[PRLMH
YRXGUDLVTXHWRXWOHPRQGHOHIWPDLVLOSDUDvWTXHFHQ
HVWSDVSRVVLEOH
(WOHMHXQHKRPPHV
pORLJQDHQULDQWDX[pFODWVGHODSODLVDQWHULHTXHOXLVHXO
SHQVDLWLOSRXYDLWFRPSUHQGUH
$PXVH]YRXVELHQUpSRQGLW%RQDFLHX[G
XQDLUVpSXOFUDO
0DLVG
$UWDJQDQpWDLWGpMjWURSORLQSRXUO
HQWHQGUHHWO
HWLOHQWHQGXGDQV
ODGLVSRVLWLRQG
HVSULWRLOpWDLWLOQHO
HWFHUWHVSDVUHPDUTXp
,OVHGLULJHDYHUVO
K{WHOGH0GH7UpYLOOHVDYLVLWHGHODYHLOOHDYDLWpWp
RQVHOHUDSSHOOHWUqVFRXUWHHWWUqVSHXH[SOLFDWLYH
,OWURXYD0GH7UpYLOOHGDQVODMRLHGHVRQkPH/HURLHWODUHLQHDYDLHQWpWp
FKDUPDQWVSRXUOXLDXEDO,OHVWYUDLTXHOHFDUGLQDODYDLWpWpSDUIDLWHPHQW
PDXVVDGH
$XQHKHXUHGXPDWLQLOV
pWDLWUHWLUpVRXVSUpWH[WHTX
LOpWDLWLQGLVSRVp
4XDQWj/HXUV0DMHVWpVHOOHVQ
pWDLHQWUHQWUpHVDX/RXYUHTX
jVL[KHXUHVGX
PDWLQ
0DLQWHQDQWGLW0GH7UpYLOOHHQEDLVVDQWODYRL[HWHQLQWHUURJHDQWGX
UHJDUGWRXVOHVDQJOHVGHO
DSSDUWHPHQWSRXUYRLUV
LOVpWDLHQWELHQVHXOV
PDLQWHQDQWSDUORQVGHYRXVPRQMHXQHDPLFDULOHVWpYLGHQWTXHYRWUHKHXUHX[
UHWRXUHVWSRXUTXHOTXHFKRVHGDQVODMRLHGXURLGDQVOHWULRPSKHGHODUHLQH
HWGDQVO
KXPLOLDWLRQGH6RQ(PLQHQFH,OV
DJLWGHELHQYRXVWHQLU
4X
DLMHjFUDLQGUHUpSRQGLWG
$UWDJQDQWDQWTXHM
DXUDLOHERQKHXUGH
MRXLUGHODIDYHXUGH/HXUV0DMHVWpV"
7RXWFUR\H]PRL/HFDUGLQDOQ
HVWSRLQWKRPPHjRXEOLHUXQHP\VWLILFDWLRQ
WDQWTX
LOQ
DXUDSDVUpJOpVHVFRPSWHVDYHFOHP\VWLILFDWHXUHWOH
P\VWLILFDWHXUP
DELHQO
DLUG
rWUHFHUWDLQ*DVFRQGHPDFRQQDLVVDQFH
&UR\H]YRXVTXHOHFDUGLQDOVRLWDXVVLDYDQFpTXHYRXVHWVDFKHTXHF
HVWPRL
TXLDLpWpj/RQGUHV"
'LDEOHYRXVDYH]pWpj/RQGUHV(VWFHGH/RQGUHVTXHYRXVDYH]UDSSRUWpFH
EHDXGLDPDQWTXLEULOOHjYRWUHGRLJW"3UHQH]JDUGHPRQFKHUG
$UWDJQDQFH
Q
HVWSDVXQHERQQHFKRVHTXHOHSUpVHQWG
XQHQQHPLQ
\DWLOSDVOjGHVVXV
FHUWDLQYHUVODWLQ$WWHQGH]GRQF
2XLVDQVGRXWHUHSULWG
$UWDJQDQTXLQ
DYDLWMDPDLVSXVHIRXUUHUOD
SUHPLqUHUqJOHGXUXGLPHQWGDQVODWrWHHWTXLSDULJQRUDQFHDYDLWIDLWOH
GpVHVSRLUGHVRQSUpFHSWHXURXLVDQVGRXWHLOGRLW\HQDYRLUXQ

,O\HQDXQFHUWDLQHPHQWGLW0GH7UpYLOOHTXLDYDLWXQHWHLQWHGH
OHWWUHVHW0GH%HQVHUDGHPHOHFLWDLWO
DXWUHMRXU$WWHQGH]GRQF$K
P
\YRLFL
WLPHR'DQDRVHWGRQDIHUHQWHV
&HTXLYHXWGLUH'pILH]YRXVGHO
HQQHPLTXLYRXVIDLWGHVSUpVHQWV
&HGLDPDQWQHYLHQWSDVG
XQHQQHPL0RQVLHXUUHSULWG
$UWDJQDQLOYLHQWGH
ODUHLQH
'HODUHLQHRKRKGLW0GH7UpYLOOH(IIHFWLYHPHQWF
HVWXQYpULWDEOH
ELMRXUR\DOTXLYDXWPLOOHSLVWROHVFRPPHXQGHQLHU3DUTXLODUHLQHYRXV
DWHOOHIDLWUHPHWWUHFHFDGHDX"
(OOHPHO
DUHPLVHOOHPrPH
2FHOD"
'DQVOHFDELQHWDWWHQDQWjODFKDPEUHRHOOHDFKDQJpGHWRLOHWWH
&RPPHQW"
(QPHGRQQDQWVDPDLQjEDLVHU
9RXVDYH]EDLVpODPDLQGHODUHLQHV
pFULD0GH7UpYLOOHHQUHJDUGDQW
G
$UWDJQDQ
6D0DMHVWpP
DIDLWO
KRQQHXUGHP
DFFRUGHUFHWWHJUkFH
(WFHODHQSUpVHQFHGHWpPRLQV",PSUXGHQWHWURLVIRLVLPSUXGHQWH
1RQ0RQVLHXUUDVVXUH]YRXVSHUVRQQHQHO
DYXHUHSULWG
$UWDJQDQ(W
LOUDFRQWDj0GH7UpYLOOHFRPPHQWOHVFKRVHVV
pWDLHQWSDVVpHV
2KOHVIHPPHVOHVIHPPHVV
pFULDOHYLHX[VROGDWMHOHVUHFRQQDLVELHQj
OHXULPDJLQDWLRQURPDQHVTXHWRXWFHTXLVHQWOHP\VWpULHX[OHVFKDUPHDLQVL
YRXVDYH]YXOHEUDVYRLOjWRXWYRXVUHQFRQWUHULH]ODUHLQHTXHYRXVQHOD
UHFRQQDvWULH]SDVHOOHYRXVUHQFRQWUHUDLWTX
HOOHQHVDXUDLWSDVTXLYRXV
rWHV
1RQPDLVJUkFHjFHGLDPDQWUHSULWOHMHXQHKRPPH
(FRXWH]GLW0GH7UpYLOOHYRXOH]YRXVTXHMHYRXVGRQQHXQFRQVHLOXQERQ
FRQVHLOXQFRQVHLOG
DPL"
9RXVPHIHUH]KRQQHXU0RQVLHXUGLWG
$UWDJQDQ
(KELHQDOOH]FKH]OHSUHPLHURUIqYUHYHQXHWYHQGH]OXLFHGLDPDQWSRXUOH
SUL[TX
LOYRXVHQGRQQHUDVLMXLITX
LOVRLWYRXVHQWURXYHUH]WRXMRXUVELHQ
KXLWFHQWVSLVWROHV/HVSLVWROHVQ
RQWSDVGHQRPMHXQHKRPPHHWFHWWHEDJXH
HQDXQWHUULEOHFHTXLSHXWWUDKLUFHOXLTXLODSRUWH

9HQGUHFHWWHEDJXHXQHEDJXHTXLYLHQWGHPDVRXYHUDLQHMDPDLVGLW
G
$UWDJQDQ
$ORUVWRXUQH]HQOHFKDWRQHQGHGDQVSDXYUHIRXFDURQVDLWTX
XQFDGHWGH
*DVFRJQHQHWURXYHSDVGHSDUHLOVELMRX[GDQVO
pFULQGHVDPqUH
9RXVFUR\H]GRQFTXHM
DLTXHOTXHFKRVHjFUDLQGUH"GHPDQGDG
$UWDJQDQ
&
HVWjGLUHMHXQHKRPPHTXHFHOXLTXLV
HQGRUWVXUXQHPLQHGRQWODPqFKH
HVWDOOXPpHGRLWVHUHJDUGHUFRPPHHQVUHWpHQFRPSDUDLVRQGHYRXV
'LDEOHGLWG
$UWDJQDQTXHOHWRQG
DVVXUDQFHGH0GH7UpYLOOHFRPPHQoDLW
jLQTXLpWHUGLDEOHTXHIDXWLOIDLUH"
9RXVWHQLUVXUYRVJDUGHVWRXMRXUVHWDYDQWWRXWHFKRVH/HFDUGLQDODOD
PpPRLUHWHQDFHHWODPDLQORQJXHFUR\H]PRLLOYRXVMRXHUDTXHOTXHWRXU
0DLVOHTXHO"
(KOHVDLVMHPRLHVWFHTX
LOQ
DSDVjVRQVHUYLFHWRXWHVOHVUXVHVGX
GpPRQ"/HPRLQVTXLSXLVVHYRXVDUULYHUHVWTX
RQYRXVDUUrWH
&RPPHQWRQRVHUDLWDUUrWHUXQKRPPHDXVHUYLFHGH6D0DMHVWp"
3DUGLHXRQV
HVWELHQJrQpSRXU$WKRV(QWRXWFDVMHXQHKRPPHFUR\H]HQ
XQKRPPHTXLHVWGHSXLVWUHQWHDQVjODFRXUQHYRXVHQGRUPH]SDVGDQVYRWUH
VpFXULWpRXYRXVrWHVSHUGX%LHQDXFRQWUDLUHHWF
HVWPRLTXLYRXVOHGLV
YR\H]GHVHQQHPLVSDUWRXW6LO
RQYRXVFKHUFKHTXHUHOOHpYLWH]ODIWFHXQ
HQIDQWGHGL[DQVTXLYRXVODFKHUFKHVLO
RQYRXVDWWDTXHGHQXLWRXGHMRXU
EDWWH]HQUHWUDLWHHWVDQVKRQWHVLYRXVWUDYHUVH]XQSRQWWkWH]OHV
SODQFKHVGHSHXUTX
XQHSODQFKHQHYRXVPDQTXHVRXVOHSLHGVLYRXVSDVVH]
GHYDQWXQHPDLVRQTX
RQEkWLWUHJDUGH]HQO
DLUGHSHXUTX
XQHSLHUUHQHYRXV
WRPEHVXUODWrWHVLYRXVUHQWUH]WDUGIDLWHVYRXVVXLYUHSDUYRWUHODTXDLV
HWTXHYRWUHODTXDLVVRLWDUPpVLWRXWHIRLVYRXVrWHVVUGHYRWUHODTXDLV
'pILH]YRXVGHWRXWOHPRQGHGHYRWUHDPLGHYRWUHIUqUHGHYRWUHPDvWUHVVH
GHYRWUHPDvWUHVVHVXUWRXW
'
$UWDJQDQURXJLW
'HPDPDvWUHVVHUpSpWDWLOPDFKLQDOHPHQWHWSRXUTXRLSOXW{WG
HOOHTXH
G
XQDXWUH"
&
HVWTXHODPDvWUHVVHHVWXQGHVPR\HQVIDYRULVGXFDUGLQDOLOQ
HQDSDV
GHSOXVH[SpGLWLIXQHIHPPHYRXVYHQGSRXUGL[SLVWROHVWpPRLQ'DOLOD9RXV
VDYH]OHV(FULWXUHVKHLQ"
'
$UWDJQDQSHQVDDXUHQGH]YRXVTXHOXLDYDLWGRQQp0PH%RQDFLHX[SRXUOHVRLU
PrPHPDLVQRXVGHYRQVGLUHjODORXDQJHGHQRWUHKpURVTXHODPDXYDLVH
RSLQLRQTXH0GH7UpYLOOHDYDLWGHVIHPPHVHQJpQpUDOQHOXLLQVSLUDSDVOH
PRLQGUHSHWLWVRXSoRQFRQWUHVDMROLHK{WHVVH
0DLVjSURSRVUHSULW0GH7UpYLOOHTXHVRQWGHYHQXVYRVWURLVFRPSDJQRQV"

-
DOODLVYRXVGHPDQGHUVLYRXVQ
HQDYLH]SDVDSSULVTXHOTXHVQRXYHOOHV
$XFXQH0RQVLHXU
(KELHQMHOHVDLODLVVpVVXUPDURXWH3RUWKRVj&KDQWLOO\DYHFXQGXHO
VXUOHVEUDV$UDPLVj&UqYHFRHXUDYHFXQHEDOOHGDQVO
pSDXOHHW$WKRVj
$PLHQVDYHFXQHDFFXVDWLRQGHIDX[PRQQD\HXUVXUOHFRUSV
9R\H]YRXVGLW0GH7UpYLOOHHWFRPPHQWYRXVrWHVYRXVpFKDSSpYRXV"
3DUPLUDFOH0RQVLHXUMHGRLVOHGLUHDYHFXQFRXSG
pSpHGDQVODSRLWULQH
HWHQFORXDQW0OHFRPWHGH:DUGHVVXUOHUHYHUVGHODURXWHGH&DODLVFRPPH
XQSDSLOORQjXQHWDSLVVHULH
9R\H]YRXVHQFRUHGH:DUGHVXQKRPPHDXFDUGLQDOXQFRXVLQGH5RFKHIRUW
7HQH]PRQFKHUDPLLOPHYLHQWXQHLGpH
'LWHV0RQVLHXU
$YRWUHSODFHMHIHUDLVXQHFKRVH
/DTXHOOH"
7DQGLVTXH6RQ(PLQHQFHPHIHUDLWFKHUFKHUj3DULVMHUHSUHQGUDLVPRLVDQV
WDPERXUQLWURPSHWWHODURXWHGH3LFDUGLHHWMHP
HQLUDLVVDYRLUGHV
QRXYHOOHVGHPHVWURLVFRPSDJQRQV4XHGLDEOHLOVPpULWHQWELHQFHWWHSHWLWH
DWWHQWLRQGHYRWUHSDUW
/HFRQVHLOHVWERQ0RQVLHXUHWGHPDLQMHSDUWLUDL
'HPDLQHWSRXUTXRLSDVFHVRLU"
&HVRLU0RQVLHXUMHVXLVUHWHQXj3DULVSDUXQHDIIDLUHLQGLVSHQVDEOH
$KMHXQHKRPPHMHXQHKRPPHTXHOTXHDPRXUHWWH"3UHQH]JDUGHMHYRXVOH
UpSqWHF
HVWODIHPPHTXLQRXVDSHUGXVWRXVWDQWTXHQRXVVRPPHV
&UR\H]PRLSDUWH]FHVRLU
,PSRVVLEOH0RQVLHXU
9RXVDYH]GRQFGRQQpYRWUHSDUROH"
2XL0RQVLHXU
$ORUVF
HVWDXWUHFKRVHPDLVSURPHWWH]PRLTXHVLYRXVQ
rWHVSDVWXpFHWWH
QXLWYRXVSDUWLUH]GHPDLQ
-HYRXVOHSURPHWV
$YH]YRXVEHVRLQG
DUJHQW"
-
DLHQFRUHFLQTXDQWHSLVWROHV&
HVWDXWDQWTX
LOP
HQIDXWMHOHSHQVH

0DLVYRVFRPSDJQRQV"
-HSHQVHTX
LOVQHGRLYHQWSDVHQPDQTXHU1RXVVRPPHVVRUWLVGH3DULVFKDFXQ
DYHFVRL[DQWHTXLQ]HSLVWROHVGDQVQRVSRFKHV
9RXVUHYHUUDLMHDYDQWYRWUHGpSDUW"
1RQSDVTXHMHSHQVH0RQVLHXUjPRLQVTX
LOQ
\DLWGXQRXYHDX
$OORQVERQYR\DJH
0HUFL0RQVLHXU
(WG
$UWDJQDQSULWFRQJpGH0GH7UpYLOOHWRXFKpSOXVTXHMDPDLVGHVD
VROOLFLWXGHWRXWHSDWHUQHOOHSRXUVHVPRXVTXHWDLUHV
,OSDVVDVXFFHVVLYHPHQWFKH]$WKRVFKH]3RUWKRVHWFKH]$UDPLV$XFXQG
HX[
Q
pWDLWUHQWUp/HXUVODTXDLVDXVVLpWDLHQWDEVHQWVHWO
RQQ
DYDLWGHV
QRXYHOOHVQLGHVXQVQLGHVDXWUHV
,OVHVHUDLWELHQLQIRUPpG
HX[jOHXUVPDvWUHVVHVPDLVLOQHFRQQDLVVDLWQL
FHOOHGH3RUWKRVQLFHOOHG
$UDPLVTXDQWj$WKRVLOQ
HQDYDLWSDV
(QSDVVDQWGHYDQWO
K{WHOGHV*DUGHVLOMHWDXQFRXSG
RHLOGDQVO
pFXULH
WURLVFKHYDX[pWDLHQWGpMjUHQWUpVVXUTXDWUH3ODQFKHWWRXWpEDKLpWDLWHQ
WUDLQGHOHVpWULOOHUHWDYDLWGpMjILQLDYHFGHX[G
HQWUHHX[
$K0RQVLHXUGLW3ODQFKHWHQDSHUFHYDQWG
$UWDJQDQTXHMHVXLVDLVHGHYRXV
YRLU
(WSRXUTXRLFHOD3ODQFKHW"GHPDQGDOHMHXQHKRPPH
$XULH]YRXVFRQILDQFHHQ0%RQDFLHX[QRWUHK{WH"
0RL"SDVOHPRLQVGXPRQGH
2KTXHYRXVIDLWHVELHQ0RQVLHXU
0DLVG
RYLHQWFHWWHTXHVWLRQ"
'HFHTXHWDQGLVTXHYRXVFDXVLH]DYHFOXLMHYRXVREVHUYDLVVDQVYRXV
pFRXWHU0RQVLHXUVDILJXUHDFKDQJpGHX[RXWURLVIRLVGHFRXOHXU
%DK
0RQVLHXUQ
DSDVUHPDUTXpFHODSUpRFFXSpTX
LOpWDLWGHODOHWWUHTX
LO
YHQDLWGHUHFHYRLUPDLVPRLDXFRQWUDLUHTXHO
pWUDQJHIDoRQGRQWFHWWH
OHWWUHpWDLWSDUYHQXHjODPDLVRQDYDLWPLVVXUPHVJDUGHVMHQ
DLSDVSHUGXXQ
PRXYHPHQWGHVDSK\VLRQRPLH
(WWXO
DVWURXYpH"

7UDvWUHXVH0RQVLHXU
9UDLPHQW
'HSOXVDXVVLW{WTXH0RQVLHXUO
DHXTXLWWpHWTX
LODGLVSDUXDXFRLQGHOD
UXH0%RQDFLHX[DSULVVRQFKDSHDXDIHUPpVDSRUWHHWV
HVWPLVjFRXULUSDU
ODUXHRSSRVpH
(QHIIHWWXDVUDLVRQ3ODQFKHWWRXWFHODPHSDUDvWIRUWORXFKHHWVRLV
WUDQTXLOOHQRXVQHOXLSDLHURQVSDVQRWUHOR\HUTXHODFKRVHQHQRXVDLWpWp
FDWpJRULTXHPHQWH[SOLTXpH
0RQVLHXUSODLVDQWHPDLV0RQVLHXUYHUUD
4XHYHX[WX3ODQFKHWFHTXLGRLWDUULYHUHVWpFULW
0RQVLHXUQHUHQRQFHGRQFSDVjVDSURPHQDGHGHFHVRLU"
%LHQDXFRQWUDLUH3ODQFKHWSOXVM
HQYRXGUDLj0%RQDFLHX[HWSOXVM
LUDL
DXUHQGH]YRXVTXHP
DGRQQpFHWWHOHWWUHTXLW
LQTXLqWHWDQW
$ORUVVLF
HVWODUpVROXWLRQGH0RQVLHXU
,QpEUDQODEOHPRQDPLDLQVLGRQFjQHXIKHXUHVWLHQVWRLSUrWLFLj
O
K{WHOMHYLHQGUDLWHSUHQGUH
3ODQFKHWYR\DQWTX
LOQ
\DYDLWSOXVDXFXQHVSRLUGHIDLUHUHQRQFHUVRQPDvWUH
jVRQSURMHWSRXVVDXQSURIRQGVRXSLUHWVHPLWjpWULOOHUOHWURLVLqPH
FKHYDO
4XDQWjG
$UWDJQDQFRPPHF
pWDLWDXIRQGXQJDUoRQSOHLQGHSUXGHQFHDXOLHX
GHUHQWUHUFKH]OXLLOV
HQDOODGvQHUFKH]FHSUrWUHJDVFRQTXLDXPRPHQWGH
ODGpWUHVVHGHVTXDWUHDPLVOHXUDYDLWGRQQpXQGpMHXQHUGHFKRFRODW

&KDSLWUH;;,9
/(3$9,//21

$QHXIKHXUHVG
$UWDJQDQpWDLWjO
K{WHOGHV*DUGHVLOWURXYD3ODQFKHWVRXV
OHVDUPHV/HTXDWULqPHFKHYDOpWDLWDUULYp
3ODQFKHWpWDLWDUPpGHVRQPRXVTXHWRQHWG
XQSLVWROHW'
$UWDJQDQDYDLWVRQ
pSpHHWSDVVDGHX[SLVWROHWVjVDFHLQWXUHSXLVWRXVGHX[HQIRXUFKqUHQWFKDFXQ
XQFKHYDOHWV
pORLJQqUHQWVDQVEUXLW,OIDLVDLWQXLWFORVHHWSHUVRQQHQHOHV
YLWVRUWLU3ODQFKHWVHPLWjODVXLWHGHVRQPDvWUHHWPDUFKDSDUGHUULqUHj
GL[SDV
'
$UWDJQDQWUDYHUVDOHVTXDLVVRUWLWSDUODSRUWHGHOD&RQIpUHQFHHWVXLYLW
DORUVOHFKHPLQELHQSOXVEHDXDORUVTX
DXMRXUG
KXLTXLPqQHj6DLQW&ORXG

7DQWTX
RQIXWGDQVODYLOOH3ODQFKHWJDUGDUHVSHFWXHXVHPHQWODGLVWDQFHTX
LO
V
pWDLWLPSRVpHPDLVGqVTXHOHFKHPLQFRPPHQoDjGHYHQLUSOXVGpVHUWHWSOXV
REVFXULOVHUDSSURFKDWRXWGRXFHPHQWVLELHQTXHORUVTX
RQHQWUDGDQVOH
ERLVGH%RXORJQHLOVHWURXYDWRXWQDWXUHOOHPHQWPDUFKHUF{WHjF{WHDYHFVRQ
PDvWUH(QHIIHWQRXVQHGHYRQVSDVGLVVLPXOHUTXHO
RVFLOODWLRQGHVJUDQGV
DUEUHVHWOHUHIOHWGHODOXQHGDQVOHVWDLOOLVVRPEUHVOXLFDXVDLHQWXQHYLYH
LQTXLpWXGH'
$UWDJQDQV
DSHUoXWTX
LOVHSDVVDLWFKH]VRQODTXDLVTXHOTXHFKRVH
G
H[WUDRUGLQDLUH
(KELHQ0RQVLHXU3ODQFKHWOXLGHPDQGDWLOTX
DYRQVQRXVGRQF"
1HWURXYH]YRXVSDV0RQVLHXUTXHOHVERLVVRQWFRPPHOHVpJOLVHV"
3RXUTXRLFHOD3ODQFKHW"
3DUFHTX
RQQ
RVHSRLQWSDUOHUKDXWGDQVFHX[FLFRPPHGDQVFHOOHVOj
3RXUTXRLQ
RVHVWXSDUOHUKDXW3ODQFKHW"SDUFHTXHWXDVSHXU"
3HXUG
rWUHHQWHQGXRXL0RQVLHXU
3HXUG
rWUHHQWHQGX1RWUHFRQYHUVDWLRQHVWFHSHQGDQWPRUDOHPRQFKHU
3ODQFKHWHWQXOQ
\WURXYHUDLWjUHGLUH
$K0RQVLHXUUHSULW3ODQFKHWHQUHYHQDQWjVRQLGpHPqUHTXHFH0
%RQDFLHX[DTXHOTXHFKRVHGHVRXUQRLVGDQVVHVVRXUFLOVHWGHGpSODLVDQWGDQVOH
MHXGHVHVOqYUHV
4XLGLDEOHWHIDLWSHQVHUj%RQDFLHX["
0RQVLHXUO
RQSHQVHjFHTXHO
RQSHXWHWQRQSDVjFHTXHO
RQYHXW
3DUFHTXHWXHVXQSROWURQ3ODQFKHW
0RQVLHXUQHFRQIRQGRQVSDVODSUXGHQFHDYHFODSROWURQQHULHODSUXGHQFH
HVWXQHYHUWX
(WWXHVYHUWXHX[Q
HVWFHSDV3ODQFKHW"
0RQVLHXUQ
HVWFHSRLQWOHFDQRQG
XQPRXVTXHWTXLEULOOHOjEDV"6LQRXV
EDLVVLRQVODWrWH"
(QYpULWpPXUPXUDG
$UWDJQDQjTXLOHVUHFRPPDQGDWLRQVGH0GH7UpYLOOH
UHYHQDLHQWHQPpPRLUHHQYpULWpFHWDQLPDOILQLUDLWSDUPHIDLUHSHXU
(WLOPLWVRQFKHYDODXWURW
3ODQFKHWVXLYLWOHPRXYHPHQWGHVRQPDvWUHH[DFWHPHQWFRPPHV
LOHWpWpVRQ
RPEUHHWVHUHWURXYDWURWWDQWSUqVGHOXL
(VWFHTXHQRXVDOORQVPDUFKHUFRPPHFHODWRXWHODQXLW0RQVLHXU"
GHPDQGDWLO

1RQ3ODQFKHWFDUWXHVDUULYpWRL
&RPPHQWMHVXLVDUULYp"HW0RQVLHXU"
0RLMHYDLVHQFRUHjTXHOTXHVSDV
(W0RQVLHXUPHODLVVHVHXOLFL"
7XDVSHXU3ODQFKHW"
1RQPDLVMHIDLVVHXOHPHQWREVHUYHUj0RQVLHXUTXHODQXLWVHUDWUqVIURLGH
TXHOHVIUDvFKHXUVGRQQHQWGHVUKXPDWLVPHVHWTX
XQODTXDLVTXLDGHV
UKXPDWLVPHVHVWXQWULVWHVHUYLWHXUVXUWRXWSRXUXQPDvWUHDOHUWHFRPPH
0RQVLHXU
(KELHQVLWXDVIURLG3ODQFKHWWXHQWUHUDVGDQVXQGHFHVFDEDUHWVTXHWX
YRLVOjEDVHWWXP
DWWHQGUDVGHPDLQPDWLQjVL[KHXUHVGHYDQWODSRUWH
0RQVLHXUM
DLEXHWPDQJpUHVSHFWXHXVHPHQWO
pFXTXHYRXVP
DYH]GRQQpFH
PDWLQGHVRUWHTX
LOQHPHUHVWHSDVXQWUDvWUHVRXGDQVOHFDVRM
DXUDLV
IURLG
9RLFLXQHGHPLSLVWROH$GHPDLQ
'
$UWDJQDQGHVFHQGLWGHVRQFKHYDOMHWDODEULGHDXEUDVGH3ODQFKHWHW
V
pORLJQDUDSLGHPHQWHQV
HQYHORSSDQWGDQVVRQPDQWHDX
'LHXTXHM
DLIURLGV
pFULD3ODQFKHWGqVTX
LOHXWSHUGXVRQPDvWUHGHYXH
HWSUHVVpTX
LOpWDLWGHVHUpFKDXIIHULOVHKkWDG
DOOHUIUDSSHUjOD
SRUWHG
XQHPDLVRQSDUpHGHWRXVOHVDWWULEXWVG
XQFDEDUHWGHEDQOLHXH
&HSHQGDQWG
$UWDJQDQTXLV
pWDLWMHWpGDQVXQSHWLWFKHPLQGHWUDYHUVH
FRQWLQXDLWVDURXWHHWDWWHLJQDLW6DLQW&ORXGPDLVDXOLHXGHVXLYUHOD
JUDQGHUXHLOWRXUQDGHUULqUHOHFKkWHDXJDJQDXQHHVSqFHGHUXHOOHIRUW
pFDUWpHHWVHWURXYDELHQW{WHQIDFHGXSDYLOORQLQGLTXp,OpWDLWVLWXpGDQV
XQOLHXWRXWjIDLWGpVHUW8QJUDQGPXUjO
DQJOHGXTXHOpWDLWFHSDYLOORQ
UpJQDLWG
XQF{WpGHFHWWHUXHOOHHWGHO
DXWUHXQHKDLHGpIHQGDLWFRQWUHOHV
SDVVDQWVXQSHWLWMDUGLQDXIRQGGXTXHOV
pOHYDLWXQHPDLJUHFDEDQH
,OpWDLWDUULYpDXUHQGH]YRXVHWFRPPHRQQHOXLDYDLWSDVGLWG
DQQRQFHUVD
SUpVHQFHSDUDXFXQVLJQDOLODWWHQGLW
1XOEUXLWQHVHIDLVDLWHQWHQGUHRQHWGLWTX
RQpWDLWjFHQWOLHXHVGHOD
FDSLWDOH'
$UWDJQDQV
DGRVVDjODKDLHDSUqVDYRLUMHWpXQFRXSG
RHLOGHUULqUH
OXL3DUGHOjFHWWHKDLHFHMDUGLQHWFHWWHFDEDQHXQEURXLOODUGVRPEUH
HQYHORSSDLWGHVHVSOLVFHWWHLPPHQVLWpRGRUW3DULVYLGHEpDQWLPPHQVLWpR
EULOODLHQWTXHOTXHVSRLQWVOXPLQHX[pWRLOHVIXQqEUHVGHFHWHQIHU
0DLVSRXUG
$UWDJQDQWRXVOHVDVSHFWVUHYrWDLHQWXQHIRUPHKHXUHXVHWRXWHVOHV
LGpHVDYDLHQWXQVRXULUHWRXWHVOHVWpQqEUHVpWDLHQWGLDSKDQHV/
KHXUHGX
UHQGH]YRXVDOODLWVRQQHU

(QHIIHWDXERXWGHTXHOTXHVLQVWDQWVOHEHIIURLGH6DLQW&ORXGODLVVD
OHQWHPHQWWRPEHUGL[FRXSVGHVDODUJHJXHXOHPXJLVVDQWH
,O\DYDLWTXHOTXHFKRVHGHOXJXEUHjFHWWHYRL[GHEURQ]HTXLVHODPHQWDLW
DLQVLDXPLOLHXGHODQXLW
0DLVFKDFXQHGHFHVKHXUHVTXLFRPSRVDLHQWO
KHXUHDWWHQGXHYLEUDLW
KDUPRQLHXVHPHQWDXFRHXUGXMHXQHKRPPH
6HV\HX[pWDLHQWIL[pVVXUOHSHWLWSDYLOORQVLWXpjO
DQJOHGHODUXHHWGRQW
WRXWHVOHVIHQrWUHVpWDLHQWIHUPpHVSDUGHVYROHWVH[FHSWpXQHVHXOHGXSUHPLHU
pWDJH
$WUDYHUVFHWWHIHQrWUHEULOODLWXQHOXPLqUHGRXFHTXLDUJHQWDLWOHIHXLOODJH
WUHPEODQWGHGHX[RXWURLVWLOOHXOVTXLV
pOHYDLHQWIRUPDQWJURXSHHQGHKRUVGX
SDUF(YLGHPPHQWGHUULqUHFHWWHSHWLWHIHQrWUHVLJUDFLHXVHPHQWpFODLUpHOD
MROLH0PH%RQDFLHX[O
DWWHQGDLW
%HUFpSDUFHWWHGRXFHLGpHG
$UWDJQDQDWWHQGLWGHVRQF{WpXQHGHPLKHXUHVDQV
LPSDWLHQFHDXFXQHOHV\HX[IL[pVVXUFHFKDUPDQWSHWLWVpMRXUGRQWG
$UWDJQDQ
DSHUFHYDLWXQHSDUWLHGHSODIRQGDX[PRXOXUHVGRUpHVDWWHVWDQWO
pOpJDQFHGX
UHVWHGHO
DSSDUWHPHQW
/HEHIIURLGH6DLQW&ORXGVRQQDGL[KHXUHVHWGHPLH
&HWWHIRLVFLVDQVTXHG
$UWDJQDQFRPSUvWSRXUTXRLXQIULVVRQFRXUXWGDQVVHV
YHLQHV3HXWrWUHDXVVLOHIURLGFRPPHQoDLWLOjOHJDJQHUHWSUHQDLWLOSRXU
XQHLPSUHVVLRQPRUDOHXQHVHQVDWLRQWRXWjIDLWSK\VLTXH
3XLVO
LGpHOXLYLQWTX
LODYDLWPDOOXHWTXHOHUHQGH]YRXVpWDLWSRXURQ]H
KHXUHVVHXOHPHQW
,OV
DSSURFKDGHODIHQrWUHVHSODoDGDQVXQUD\RQGHOXPLqUHWLUDVDOHWWUH
GHVDSRFKHHWODUHOXWLOQHV
pWDLWSRLQWWURPSpOHUHQGH]YRXVpWDLWELHQ
SRXUGL[KHXUHV
,ODOODUHSUHQGUHVRQSRVWHFRPPHQoDQWjrWUHDVVH]LQTXLHWGHFHVLOHQFHHWGH
FHWWHVROLWXGH
2Q]HKHXUHVVRQQqUHQW
'
$UWDJQDQFRPPHQoDjFUDLQGUHYpULWDEOHPHQWTX
LOQHIWDUULYpTXHOTXHFKRVHj
0PH%RQDFLHX[
,OIUDSSDWURLVFRXSVGDQVVHVPDLQVVLJQDORUGLQDLUHGHVDPRXUHX[PDLV
SHUVRQQHQHOXLUpSRQGLWSDVPrPHO
pFKR
$ORUVLOSHQVDDYHFXQFHUWDLQGpSLWTXHSHXWrWUHODMHXQHIHPPHV
pWDLW
HQGRUPLHHQO
DWWHQGDQW
,OV
DSSURFKDGXPXUHWHVVD\DG
\PRQWHUPDLVOHPXUpWDLWQRXYHOOHPHQW
FUpSLHWG
$UWDJQDQVHUHWRXUQDLQXWLOHPHQWOHVRQJOHV

(QFHPRPHQWLODYLVDOHVDUEUHVGRQWODOXPLqUHFRQWLQXDLWG
DUJHQWHUOHV
IHXLOOHVHWFRPPHO
XQG
HX[IDLVDLWVDLOOLHVXUOHFKHPLQLOSHQVDTXHGX
PLOLHXGHVHVEUDQFKHVVRQUHJDUGSRXUUDLWSpQpWUHUGDQVOHSDYLOORQ
/
DUEUHpWDLWIDFLOH'
DLOOHXUVG
$UWDJQDQDYDLWYLQJWDQVjSHLQHHWSDU
FRQVpTXHQWVHVRXYHQDLWGHVRQPpWLHUG
pFROLHU(QXQLQVWDQWLOIXWDXPLOLHX
GHVEUDQFKHVHWSDUOHVYLWUHVWUDQVSDUHQWHVVHV\HX[SORQJqUHQWGDQV
O
LQWpULHXUGXSDYLOORQ
&KRVHpWUDQJHHWTXLILWIULVVRQQHUG
$UWDJQDQGHODSODQWHGHVSLHGVjOD
UDFLQHGHVFKHYHX[FHWWHGRXFHOXPLqUHFHWWHFDOPHODPSHpFODLUDLWXQHVFqQH
GHGpVRUGUHpSRXYDQWDEOHXQHGHVYLWUHVGHODIHQrWUHpWDLWFDVVpHODSRUWH
GHODFKDPEUHDYDLWpWpHQIRQFpHHWjGHPLEULVpHSHQGDLWjVHVJRQGVXQH
WDEOHTXLDYDLWGrWUHFRXYHUWHG
XQpOpJDQWVRXSHUJLVDLWjWHUUHOHV
IODFRQVHQpFODWVOHVIUXLWVpFUDVpVMRQFKDLHQWOHSDUTXHWWRXWWpPRLJQDLW
GDQVFHWWHFKDPEUHG
XQHOXWWHYLROHQWHHWGpVHVSpUpHG
$UWDJQDQFUXWPrPH
UHFRQQDvWUHDXPLOLHXGHFHSrOHPrOHpWUDQJHGHVODPEHDX[GHYrWHPHQWVHW
TXHOTXHVWDFKHVVDQJODQWHVPDFXODQWODQDSSHHWOHVULGHDX[
,OVHKkWDGHUHGHVFHQGUHGDQVODUXHDYHFXQKRUULEOHEDWWHPHQWGHFRHXULO
YRXODLWYRLUV
LOQHWURXYHUDLWSDVG
DXWUHVWUDFHVGHYLROHQFH
/DSHWLWHOXHXUVXDYHEULOODLWWRXMRXUVGDQVOHFDOPHGHODQXLW'
$UWDJQDQ
V
DSHUoXWDORUVFKRVHTX
LOQ
DYDLWSDVUHPDUTXpHG
DERUGFDUULHQQHOH
SRXVVDLWjFHWH[DPHQTXHOHVROEDWWXLFLWURXpOjSUpVHQWDLWGHVWUDFHV
FRQIXVHVGHSDVG
KRPPHVHWGHSLHGVGHFKHYDX[(QRXWUHOHVURXHVG
XQH
YRLWXUHTXLSDUDLVVDLWYHQLUGH3DULVDYDLHQWFUHXVpGDQVODWHUUHPROOHXQH
SURIRQGHHPSUHLQWHTXLQHGpSDVVDLWSDVODKDXWHXUGXSDYLOORQHWTXLUHWRXUQDLW
YHUV3DULV
(QILQG
$UWDJQDQHQSRXUVXLYDQWVHVUHFKHUFKHVWURXYDSUqVGXPXUXQJDQWGH
IHPPHGpFKLUp&HSHQGDQWFHJDQWSDUWRXVOHVSRLQWVRLOQ
DYDLWSDVWRXFKp
ODWHUUHERXHXVHpWDLWG
XQHIUDvFKHXULUUpSURFKDEOH&
pWDLWXQGHFHVJDQWV
SDUIXPpVFRPPHOHVDPDQWVDLPHQWjOHVDUUDFKHUG
XQHMROLHPDLQ
$PHVXUHTXHG
$UWDJQDQSRXUVXLYDLWVHVLQYHVWLJDWLRQVXQHVXHXUSOXVDERQGDQWH
HWSOXVJODFpHSHUODLWVXUVRQIURQWVRQFRHXUpWDLWVHUUpSDUXQHKRUULEOH
DQJRLVVHVDUHVSLUDWLRQpWDLWKDOHWDQWHHWFHSHQGDQWLOVHGLVDLWSRXUVH
UDVVXUHUTXHFHSDYLOORQQ
DYDLWSHXWrWUHULHQGHFRPPXQDYHF0PH%RQDFLHX[
TXHODMHXQHIHPPHOXLDYDLWGRQQpUHQGH]YRXVGHYDQWFHSDYLOORQHWQRQGDQV
FHSDYLOORQTX
HOOHDYDLWSXrWUHUHWHQXHj3DULVSDUVRQVHUYLFHSDUOD
MDORXVLHGHVRQPDULSHXWrWUH
0DLVWRXVFHVUDLVRQQHPHQWVpWDLHQWEDWWXVHQEUqFKHGpWUXLWVUHQYHUVpVSDUFH
VHQWLPHQWGHGRXOHXULQWLPHTXLGDQVFHUWDLQHVRFFDVLRQVV
HPSDUHGHWRXW
QRWUHrWUHHWQRXVFULHSDUWRXWFHTXLHVWGHVWLQpFKH]QRXVjHQWHQGUHTX
XQ
JUDQGPDOKHXUSODQHVXUQRXV
$ORUVG
$UWDJQDQGHYLQWSUHVTXHLQVHQVpLOFRXUXWVXUODJUDQGHURXWHSULWOH
PrPHFKHPLQTX
LODYDLWGpMjIDLWV
DYDQoDMXVTX
DXEDFHWLQWHUURJHDOH
SDVVHXU
9HUVOHVVHSWKHXUHVGXVRLUOHSDVVHXUDYDLWIDLWWUDYHUVHUODULYLqUHjXQH

IHPPHHQYHORSSpHG
XQHPDQWHQRLUHTXLSDUDLVVDLWDYRLUOHSOXVJUDQGLQWpUrWj
QHSDVrWUHUHFRQQXHPDLVMXVWHPHQWjFDXVHGHVSUpFDXWLRQVTX
HOOHSUHQDLW
OHSDVVHXUDYDLWSUrWpXQHDWWHQWLRQSOXVJUDQGHHWLODYDLWUHFRQQXTXHOD
IHPPHpWDLWMHXQHHWMROLH
,O\DYDLWDORUVFRPPHDXMRXUG
KXLXQHIRXOHGHMHXQHVHWMROLHVIHPPHVTXL
YHQDLHQWj6DLQW&ORXGHWTXLDYDLHQWLQWpUrWjQHSDVrWUHYXHVHWFHSHQGDQW
G
$UWDJQDQQHGRXWDSRLQWXQLQVWDQWTXHFHQHIW0PH%RQDFLHX[TX
DYDLW
UHPDUTXpHOHSDVVHXU
'
$UWDJQDQSURILWDGHODODPSHTXLEULOODLWGDQVODFDEDQHGXSDVVHXUSRXU
UHOLUHHQFRUHXQHIRLVOHELOOHWGH0PH%RQDFLHX[HWV
DVVXUHUTX
LOQHV
pWDLW
SDVWURPSpTXHOHUHQGH]YRXVpWDLWELHQj6DLQW&ORXGHWQRQDLOOHXUVGHYDQW
OHSDYLOORQGH0G
(VWUpHVHWQRQGDQVXQHDXWUHUXH
7RXWFRQFRXUDLWjSURXYHUjG
$UWDJQDQTXHVHVSUHVVHQWLPHQWVQHOHWURPSDLHQW
SRLQWHWTX
XQJUDQGPDOKHXUpWDLWDUULYp
,OUHSULWOHFKHPLQGXFKkWHDXWRXWFRXUDQWLOOXLVHPEODLWTX
HQVRQDEVHQFH
TXHOTXHFKRVHGHQRXYHDXV
pWDLWSHXWrWUHSDVVpDXSDYLOORQHWTXHGHV
UHQVHLJQHPHQWVO
DWWHQGDLHQWOj
/DUXHOOHpWDLWWRXMRXUVGpVHUWHHWODPrPHOXHXUFDOPHHWGRXFHV
pSDQFKDLWGH
ODIHQrWUH
'
$UWDJQDQVRQJHDDORUVjFHWWHPDVXUHPXHWWHHWDYHXJOHPDLVTXLVDQVGRXWH
DYDLWYXHWTXLSHXWrWUHSRXYDLWSDUOHU
/DSRUWHGHFO{WXUHpWDLWIHUPpHPDLVLOVDXWDSDUGHVVXVODKDLHHWPDOJUp
OHVDERLHPHQWVGXFKLHQjODFKDvQHLOV
DSSURFKDGHODFDEDQH
$X[SUHPLHUVFRXSVTX
LOIUDSSDULHQQHUpSRQGLW
8QVLOHQFHGHPRUWUpJQDLWGDQVODFDEDQHFRPPHGDQVOHSDYLOORQFHSHQGDQW
FRPPHFHWWHFDEDQHpWDLWVDGHUQLqUHUHVVRXUFHLOV
REVWLQD
%LHQW{WLOOXLVHPEODHQWHQGUHXQOpJHUEUXLWLQWpULHXUEUXLWFUDLQWLIHWTXL
VHPEODLWWUHPEOHUOXLPrPHG
rWUHHQWHQGX
$ORUVG
$UWDJQDQFHVVDGHIUDSSHUHWSULDDYHFXQDFFHQWVLSOHLQG
LQTXLpWXGH
HWGHSURPHVVHVG
HIIURLHWGHFDMROHULHTXHVDYRL[pWDLWGHQDWXUHj
UDVVXUHUGHSOXVSHXUHX[(QILQXQYLHX[YROHWYHUPRXOXV
RXYULWRXSOXW{W
V
HQWUHEkLOODHWVHUHIHUPDGqVTXHODOXHXUG
XQHPLVpUDEOHODPSHTXLEUODLW
GDQVXQFRLQHXWpFODLUpOHEDXGULHUODSRLJQpHGHO
pSpHHWOHSRPPHDXGHV
SLVWROHWVGHG
$UWDJQDQ&HSHQGDQWVLUDSLGHTX
HWpWpOHPRXYHPHQW
G
$UWDJQDQDYDLWHXOHWHPSVG
HQWUHYRLUXQHWrWHGHYLHLOODUG
$XQRPGX&LHOGLWLOpFRXWH]PRLM
DWWHQGDLVTXHOTX
XQTXLQHYLHQWSDV
MHPHXUVG
LQTXLpWXGH6HUDLWLODUULYpTXHOTXHPDOKHXUDX[HQYLURQV"3DUOH]
/DIHQrWUHVHURXYULWOHQWHPHQWHWODPrPHILJXUHDSSDUXWGHQRXYHDX
VHXOHPHQWHOOHpWDLWSOXVSkOHHQFRUHTXHODSUHPLqUHIRLV

'
$UWDJQDQUDFRQWDQDwYHPHQWVRQKLVWRLUHDX[QRPVSUqVLOGLWFRPPHQWLO
DYDLWUHQGH]YRXVDYHFXQHMHXQHIHPPHGHYDQWFHSDYLOORQHWFRPPHQWQHOD
YR\DQWSDVYHQLULOpWDLWPRQWpVXUOHWLOOHXOHWjODOXHXUGHODODPSHLO
DYDLWYXOHGpVRUGUHGHODFKDPEUH
/HYLHLOODUGO
pFRXWDDWWHQWLYHPHQWWRXWHQIDLVDQWVLJQHTXHF
pWDLWELHQFHOD
SXLVORUVTXHG
$UWDJQDQHXWILQLLOKRFKDODWrWHG
XQDLUTXLQ
DQQRQoDLW
ULHQGHERQ
4XHYRXOH]YRXVGLUH"V
pFULDG
$UWDJQDQ$XQRPGX&LHOYR\RQV
H[SOLTXH]YRXV
2K0RQVLHXUGLWOHYLHLOODUGQHPHGHPDQGH]ULHQFDUVLMHYRXVGLVDLV
FHTXHM
DLYXELHQFHUWDLQHPHQWLOQHP
DUULYHUDLWULHQGHERQ
9RXVDYH]GRQFYXTXHOTXHFKRVH"UHSULWG
$UWDJQDQ(QFHFDVDXQRPGX
&LHOFRQWLQXDWLOHQOXLMHWDQWXQHSLVWROHGLWHVGLWHVFHTXHYRXVDYH]
YXHWMHYRXVGRQQHPDIRLGHJHQWLOKRPPHTXHSDVXQHGHYRVSDUROHVQHVRUWLUD
GHPRQFRHXU
/HYLHLOODUGOXWWDQWGHIUDQFKLVHHWGHGRXOHXUVXUOHYLVDJHGHG
$UWDJQDQ
TX
LOOXLILWVLJQHG
pFRXWHUHWTX
LOOXLGLWjYRL[EDVVH
,OpWDLWQHXIKHXUHVjSHXSUqVM
DYDLVHQWHQGXTXHOTXHEUXLWGDQVODUXHHW
MHGpVLUDLVVDYRLUFHTXHFHSRXYDLWrWUHORUVTX
HQP
DSSURFKDQWGHPDSRUWHMH
P
DSHUoXVTX
RQFKHUFKDLWjHQWUHU&RPPHMHVXLVSDXYUHHWTXHMHQ
DLSDVSHXU
TX
RQPHYROHM
DOODLRXYULUHWMHYLVWURLVKRPPHVjTXHOTXHVSDVGHOj'DQV
O
RPEUHpWDLWXQFDUURVVHDYHFGHVFKHYDX[DWWHOpVHWGHVFKHYDX[GHPDLQ&HV
FKHYDX[GHPDLQDSSDUWHQDLHQWpYLGHPPHQWDX[WURLVKRPPHVTXLpWDLHQWYrWXVHQ
FDYDOLHUV
$KPHVERQV0HVVLHXUVP
pFULDLMHTXHGHPDQGH]YRXV"
7XGRLVDYRLUXQHpFKHOOH"PHGLWFHOXLTXLSDUDLVVDLWOHFKHIGH
O
HVFRUWH
2XL0RQVLHXUFHOOHDYHFODTXHOOHMHFXHLOOHPHVIUXLWV
'RQQHQRXVODHWUHQWUHFKH]WRLYRLOjXQpFXSRXUOHGpUDQJHPHQWTXH
QRXVWHFDXVRQV6RXYLHQVWRLVHXOHPHQWTXHVLWXGLVXQPRWGHFHTXHWXYDV
YRLUHWGHFHTXHWXYDVHQWHQGUH FDUWXUHJDUGHUDVHWWXpFRXWHUDVTXHOTXH
PHQDFHTXHQRXVWHIDVVLRQVM
HQVXLVVU WXHVSHUGX
$FHVPRWVLOPHMHWDXQpFXTXHMHUDPDVVDLHWLOSULWPRQpFKHOOH
(IIHFWLYHPHQWDSUqVDYRLUUHIHUPpODSRUWHGHODKDLHGHUULqUHHX[MHILV
VHPEODQWGHUHQWUHUjODPDLVRQPDLVM
HQVRUWLVDXVVLW{WSDUODSRUWHGH
GHUULqUHHWPHJOLVVDQWGDQVO
RPEUHMHSDUYLQVMXVTX
jFHWWHWRXIIHGH
VXUHDXGXPLOLHXGHODTXHOOHMHSRXYDLVWRXWYRLUVDQVrWUHYX
/HVWURLVKRPPHVDYDLHQWIDLWDYDQFHUODYRLWXUHVDQVDXFXQEUXLWLOVHQ
WLUqUHQWXQSHWLWKRPPHJURVFRXUWJULVRQQDQWPHVTXLQHPHQWYrWXGHFRXOHXU

VRPEUHOHTXHOPRQWDDYHFSUpFDXWLRQjO
pFKHOOHUHJDUGDVRXUQRLVHPHQWGDQV
O
LQWpULHXUGHODFKDPEUHUHGHVFHQGLWjSDVGHORXSHWPXUPXUDjYRL[EDVVH
&
HVWHOOH
$XVVLW{WFHOXLTXLP
DYDLWSDUOpV
DSSURFKDGHODSRUWHGXSDYLOORQO
RXYULW
DYHFXQHFOHITX
LOSRUWDLWVXUOXLUHIHUPDODSRUWHHWGLVSDUXWHQPrPH
WHPSVOHVGHX[DXWUHVKRPPHVPRQWqUHQWjO
pFKHOOH/HSHWLWYLHX[GHPHXUDLWj
ODSRUWLqUHOHFRFKHUPDLQWHQDLWOHVFKHYDX[GHODYRLWXUHHWXQODTXDLVOHV
FKHYDX[GHVHOOH
7RXWjFRXSGHJUDQGVFULVUHWHQWLUHQWGDQVOHSDYLOORQXQHIHPPHDFFRXUXWj
ODIHQrWUHHWO
RXYULWFRPPHSRXUVHSUpFLSLWHU0DLVDXVVLW{WTX
HOOHDSHUoXW
OHVGHX[KRPPHVHOOHVHUHMHWDHQDUULqUHOHVGHX[KRPPHVV
pODQFqUHQWDSUqV
HOOHGDQVODFKDPEUH
$ORUVMHQHYLVSOXVULHQPDLVM
HQWHQGLVOHEUXLWGHVPHXEOHVTXHO
RQ
EULVH/DIHPPHFULDLWHWDSSHODLWDXVHFRXUV0DLVELHQW{WVHVFULVIXUHQW
pWRXIIpVOHVWURLVKRPPHVVHUDSSURFKqUHQWGHODIHQrWUHHPSRUWDQWODIHPPH
GDQVOHXUVEUDVGHX[GHVFHQGLUHQWSDUO
pFKHOOHHWODWUDQVSRUWqUHQWGDQVOD
YRLWXUHROHSHWLWYLHX[HQWUDDSUqVHOOH&HOXLTXLpWDLWUHVWpGDQVOH
SDYLOORQUHIHUPDODFURLVpHVRUWLWXQLQVWDQWDSUqVSDUODSRUWHHWV
DVVXUD
TXHODIHPPHpWDLWELHQGDQVODYRLWXUHVHVGHX[FRPSDJQRQVO
DWWHQGDLHQWGpMj
jFKHYDOLOVDXWDjVRQWRXUHQVHOOHOHODTXDLVUHSULWVDSODFHSUqVGX
FRFKHUOHFDUURVVHV
pORLJQDDXJDORSHVFRUWpSDUOHVWURLVFDYDOLHUVHWWRXW
IXWILQL$SDUWLUGHFHPRPHQWOjMHQ
DLSOXVULHQYXULHQHQWHQGX
'
$UWDJQDQpFUDVpSDUXQHVLWHUULEOHQRXYHOOHUHVWDLPPRELOHHWPXHWWDQGLV
TXHWRXVOHVGpPRQVGHODFROqUHHWGHODMDORXVLHKXUODLHQWGDQVVRQFRHXU
0DLVPRQJHQWLOKRPPHUHSULWOHYLHLOODUGVXUOHTXHOFHPXHWGpVHVSRLU
FDXVDLWFHUWHVSOXVG
HIIHWTXHQ
HQHXVVHQWSURGXLWGHVFULVHWGHVODUPHV
DOORQVQHYRXVGpVROH]SDVLOVQHYRXVO
RQWSDVWXpHYRLOjO
HVVHQWLHO
6DYH]YRXVjSHXSUqVGLWG
$UWDJQDQTXHOHVWO
KRPPHTXLFRQGXLVDLWFHWWH
LQIHUQDOHH[SpGLWLRQ"
-HQHOHFRQQDLVSDV
0DLVSXLVTX
LOYRXVDSDUOpYRXVDYH]SXOHYRLU
$KF
HVWVRQVLJQDOHPHQWTXHYRXVPHGHPDQGH]"
2XL
8QJUDQGVHFEDVDQpPRXVWDFKHVQRLUHVRHLOQRLUO
DLUG
XQJHQWLOKRPPH
&
HVWFHODV
pFULDG
$UWDJQDQHQFRUHOXLWRXMRXUVOXL&
HVWPRQGpPRQ
jFHTX
LOSDUDvW(WO
DXWUH"
/HTXHO"
/HSHWLW

2KFHOXLOjQ
HVWSDVXQVHLJQHXUM
HQUpSRQGVG
DLOOHXUVLOQHSRUWDLW
SDVO
pSpHHWOHVDXWUHVOHWUDLWDLHQWVDQVDXFXQHFRQVLGpUDWLRQ
4XHOTXHODTXDLVPXUPXUDG
$UWDJQDQ$KSDXYUHIHPPHSDXYUHIHPPHTX
HQ
RQWLOVIDLW"
9RXVP
DYH]SURPLVOHVHFUHWGLWOHYLHLOODUG
(WMHYRXVUHQRXYHOOHPDSURPHVVHVR\H]WUDQTXLOOHMHVXLVJHQWLOKRPPH8Q
JHQWLOKRPPHQ
DTXHVDSDUROHHWMHYRXVDLGRQQpODPLHQQH
'
$UWDJQDQUHSULWO
kPHQDYUpHOHFKHPLQGXEDF7DQW{WLOQHSRXYDLWFURLUH
TXHFHIW0PH%RQDFLHX[HWLOHVSpUDLWOHOHQGHPDLQODUHWURXYHUDX/RXYUH
WDQW{WLOFUDLJQDLWTX
HOOHQ
HWHXXQHLQWULJXHDYHFTXHOTXHDXWUHHWTX
XQ
MDORX[QHO
HWVXUSULVHHWIDLWHQOHYHU,OIORWWDLWLOVHGpVRODLWLOVH
GpVHVSpUDLW
2KVLM
DYDLVOjPHVDPLVV
pFULDLWLOM
DXUDLVDXPRLQVTXHOTXH
HVSpUDQFHGHODUHWURXYHUPDLVTXLVDLWFHTX
LOVVRQWGHYHQXVHX[PrPHV
,OpWDLWPLQXLWjSHXSUqVLOV
DJLVVDLWGHUHWURXYHU3ODQFKHW'
$UWDJQDQVH
ILWRXYULUVXFFHVVLYHPHQWWRXVOHVFDEDUHWVGDQVOHVTXHOVLODSHUoXWXQSHXGH
OXPLqUHGDQVDXFXQG
HX[LOQHUHWURXYD3ODQFKHW
$XVL[LqPHLOFRPPHQoDGHUpIOpFKLUTXHODUHFKHUFKHpWDLWXQSHXKDVDUGpH
'
$UWDJQDQQ
DYDLWGRQQpUHQGH]YRXVjVRQODTXDLVTX
jVL[KHXUHVGXPDWLQHW
TXHOTXHSDUWTX
LOIWLOpWDLWGDQVVRQGURLW
'
DLOOHXUVLOYLQWDXMHXQHKRPPHFHWWHLGpHTX
HQUHVWDQWDX[HQYLURQVGX
OLHXRO
pYpQHPHQWV
pWDLWSDVVpLOREWLHQGUDLWSHXWrWUHTXHOTXH
pFODLUFLVVHPHQWVXUFHWWHP\VWpULHXVHDIIDLUH$XVL[LqPHFDEDUHWFRPPHQRXV
O
DYRQVGLWG
$UWDJQDQV
DUUrWDGRQFGHPDQGDXQHERXWHLOOHGHYLQGHSUHPLqUH
TXDOLWpV
DFFRXGDGDQVO
DQJOHOHSOXVREVFXUHWVHGpFLGDjDWWHQGUHDLQVLOH
MRXUPDLVFHWWHIRLVHQFRUHVRQHVSpUDQFHIXWWURPSpHHWTXRLTX
LOpFRXWkWGH
WRXWHVVHVRUHLOOHVLOQ
HQWHQGLWDXPLOLHXGHVMXURQVGHVOD]]LHWGHV
LQMXUHVTX
pFKDQJHDLHQWHQWUHHX[OHVRXYULHUVOHVODTXDLVHWOHVURXOLHUVTXL
FRPSRVDLHQWO
KRQRUDEOHVRFLpWpGRQWLOIDLVDLWSDUWLHULHQTXLSWOHPHWWUH
VXUODWUDFHGHODSDXYUHIHPPHHQOHYpH)RUFHOXLIXWGRQFDSUqVDYRLUDYDOp
VDERXWHLOOHSDUGpVRHXYUHPHQWHWSRXUQHSDVpYHLOOHUGHVVRXSoRQVGHFKHUFKHU
GDQVVRQFRLQODSRVWXUHODSOXVVDWLVIDLVDQWHSRVVLEOHHWGHV
HQGRUPLUWDQW
ELHQTXHPDO'
$UWDJQDQDYDLWYLQJWDQVRQVHOHUDSSHOOHHWjFHWkJHOH
VRPPHLODGHVGURLWVLPSUHVFULSWLEOHVTX
LOUpFODPHLPSpULHXVHPHQWPrPHVXUOHV
FRHXUVOHVSOXVGpVHVSpUpV
9HUVVL[KHXUHVGXPDWLQG
$UWDJQDQVHUpYHLOODDYHFFHPDODLVHTXLDFFRPSDJQH
RUGLQDLUHPHQWOHSRLQWGXMRXUDSUqVXQHPDXYDLVHQXLW6DWRLOHWWHQ
pWDLWSDV
ORQJXHjIDLUHLOVHWkWDSRXUVDYRLUVLRQQ
DYDLWSDVSURILWpGHVRQVRPPHLO
SRXUOHYROHUHWD\DQWUHWURXYpVRQGLDPDQWjVRQGRLJWVDERXUVHGDQVVD
SRFKHHWVHVSLVWROHWVjVDFHLQWXUHLOVHOHYDSD\DVDERXWHLOOHHWVRUWLW
SRXUYRLUV
LOQ
DXUDLWSDVSOXVGHERQKHXUGDQVODUHFKHUFKHGHVRQODTXDLVOH
PDWLQTXHODQXLW(QHIIHWODSUHPLqUHFKRVHTX
LODSHUoXWjWUDYHUVOH
EURXLOODUGKXPLGHHWJULVkWUHIXWO
KRQQrWH3ODQFKHWTXLOHVGHX[FKHYDX[HQ

PDLQO
DWWHQGDLWjODSRUWHG
XQSHWLWFDEDUHWERUJQHGHYDQWOHTXHOG
$UWDJQDQ
pWDLWSDVVpVDQVPrPHVRXSoRQQHUVRQH[LVWHQFH

&KDSLWUH;;9
3257+26

$XOLHXGHUHQWUHUFKH]OXLGLUHFWHPHQWG
$UWDJQDQPLWSLHGjWHUUHjODSRUWH
GH0GH7UpYLOOHHWPRQWDUDSLGHPHQWO
HVFDOLHU&HWWHIRLVLOpWDLWGpFLGpj
OXLUDFRQWHUWRXWFHTXLYHQDLWGHVHSDVVHU6DQVGRXWHLOOXLGRQQHUDLWGH
ERQVFRQVHLOVGDQVWRXWHFHWWHDIIDLUHSXLVFRPPH0GH7UpYLOOHYR\DLW
SUHVTXHMRXUQHOOHPHQWODUHLQHLOSRXUUDLWSHXWrWUHWLUHUGH6D0DMHVWp
TXHOTXHUHQVHLJQHPHQWVXUODSDXYUHIHPPHjTXLO
RQIDLVDLWVDQVGRXWHSD\HU
VRQGpYRXHPHQWjVDPDvWUHVVH
0GH7UpYLOOHpFRXWDOHUpFLWGXMHXQHKRPPHDYHFXQHJUDYLWpTXLSURXYDLW
TX
LOYR\DLWDXWUHFKRVHGDQVWRXWHFHWWHDYHQWXUHTX
XQHLQWULJXHG
DPRXU
SXLVTXDQGG
$UWDJQDQHXWDFKHYp
+XPGLWLOWRXWFHFLVHQW6RQ(PLQHQFHG
XQHOLHXH
0DLVTXHIDLUH"GLWG
$UWDJQDQ
5LHQDEVROXPHQWULHQjFHWWHKHXUHTXHTXLWWHU3DULVFRPPHMHYRXVO
DL
GLWOHSOXVW{WSRVVLEOH-HYHUUDLODUHLQHMHOXLUDFRQWHUDLOHVGpWDLOVGH
ODGLVSDULWLRQGHFHWWHSDXYUHIHPPHTX
HOOHLJQRUHVDQVGRXWHFHVGpWDLOVOD
JXLGHURQWGHVRQF{WpHWjYRWUHUHWRXUSHXWrWUHDXUDLMHTXHOTXHERQQH
QRXYHOOHjYRXVGLUH5HSRVH]YRXVHQVXUPRL
'
$UWDJQDQVDYDLWTXHTXRLTXH*DVFRQ0GH7UpYLOOHQ
DYDLWSDVO
KDELWXGHGH
SURPHWWUHHWTXHORUVTXHSDUKDVDUGLOSURPHWWDLWLOWHQDLWSOXVTX
LOQ
DYDLW
SURPLV,OOHVDOXDGRQFSOHLQGHUHFRQQDLVVDQFHSRXUOHSDVVpHWSRXU
O
DYHQLUHWOHGLJQHFDSLWDLQHTXLGHVRQF{WppSURXYDLWXQYLILQWpUrWSRXU
FHMHXQHKRPPHVLEUDYHHWVLUpVROXOXLVHUUDDIIHFWXHXVHPHQWODPDLQHQOXL
VRXKDLWDQWXQERQYR\DJH
'pFLGpjPHWWUHOHVFRQVHLOVGH0GH7UpYLOOHHQSUDWLTXHjO
LQVWDQWPrPH
G
$UWDJQDQV
DFKHPLQDYHUVODUXHGHV)RVVR\HXUVDILQGHYHLOOHUjOD
FRQIHFWLRQGHVRQSRUWHPDQWHDX(QV
DSSURFKDQWGHVDPDLVRQLOUHFRQQXW0
%RQDFLHX[HQFRVWXPHGXPDWLQGHERXWVXUOHVHXLOGHVDSRUWH7RXWFHTXHOXL
DYDLWGLWODYHLOOHOHSUXGHQW3ODQFKHWVXUOHFDUDFWqUHVLQLVWUHGHVRQK{WH
UHYLQWDORUVjO
HVSULWGHG
$UWDJQDQTXLOHUHJDUGDSOXVDWWHQWLYHPHQWTX
LO
Q
DYDLWIDLWHQFRUH(QHIIHWRXWUHFHWWHSkOHXUMDXQkWUHHWPDODGLYHTXL
LQGLTXHO
LQILOWUDWLRQGHODELOHGDQVOHVDQJHWTXLSRXYDLWG
DLOOHXUVQ
rWUH
TX
DFFLGHQWHOOHG
$UWDJQDQUHPDUTXDTXHOTXHFKRVHGHVRXUQRLVHPHQWSHUILGHGDQV
O
KDELWXGHGHVULGHVGHVDIDFH8QIULSRQQHULWSDVGHODPrPHIDoRQTX
XQ
KRQQrWHKRPPHXQK\SRFULWHQHSOHXUHSDVOHVPrPHVODUPHVTX
XQKRPPHGHERQQH
IRL7RXWHIDXVVHWpHVWXQPDVTXHHWVLELHQIDLWTXHVRLWOHPDVTXHRQDUULYH
WRXMRXUVDYHFXQSHXG
DWWHQWLRQjOHGLVWLQJXHUGXYLVDJH

,OVHPEODGRQFjG
$UWDJQDQTXH0%RQDFLHX[SRUWDLWXQPDVTXHHWPrPHTXHFH
PDVTXHpWDLWGHVSOXVGpVDJUpDEOHVjYRLU
(QFRQVpTXHQFHLODOODLWYDLQFXSDUVDUpSXJQDQFHSRXUFHWKRPPHSDVVHUGHYDQW
OXLVDQVOXLSDUOHUTXDQGDLQVLTXHODYHLOOH0%RQDFLHX[O
LQWHUSHOOD
(KELHQMHXQHKRPPHOXLGLWLOLOSDUDvWTXHQRXVIDLVRQVGHJUDVVHVQXLWV
"6HSWKHXUHVGXPDWLQSHVWH,OPHVHPEOHTXHYRXVUHWRXUQH]WDQWVRLWSHX
OHVKDELWXGHVUHoXHVHWTXHYRXVUHQWUH]jO
KHXUHROHVDXWUHVVRUWHQW
2QQHYRXVIHUDSDVOHPrPHUHSURFKHPDvWUH%RQDFLHX[GLWOHMHXQHKRPPH
HWYRXVrWHVOHPRGqOHGHVJHQVUDQJpV,OHVWYUDLTXHORUVTXHO
RQSRVVqGHXQH
MHXQHHWMROLHIHPPHRQQ
DSDVEHVRLQGHFRXULUDSUqVOHERQKHXUF
HVWOH
ERQKHXUTXLYLHQWYRXVWURXYHUQ
HVWFHSDV0RQVLHXU%RQDFLHX["
%RQDFLHX[GHYLQWSkOHFRPPHODPRUWHWJULPDoDXQVRXULUH
$KDKGLW%RQDFLHX[YRXVrWHVXQSODLVDQWFRPSDJQRQ0DLVRGLDEOH
DYH]YRXVpWpFRXULUFHWWHQXLWPRQMHXQHPDvWUH",OSDUDvWTX
LOQHIDLVDLW
SDVERQGDQVOHVFKHPLQVGHWUDYHUVH
'
$UWDJQDQEDLVVDOHV\HX[YHUVVHVERWWHVWRXWHVFRXYHUWHVGHERXHPDLVGDQV
FHPRXYHPHQWVHVUHJDUGVVHSRUWqUHQWHQPrPHWHPSVVXUOHVVRXOLHUVHWOHVEDV
GXPHUFLHURQHWGLWTX
RQOHVDYDLWWUHPSpVGDQVOHPrPHERXUELHUOHVXQV
HWOHVDXWUHVpWDLHQWPDFXOpVGHWDFKHVDEVROXPHQWSDUHLOOHV
$ORUVXQHLGpHVXELWHWUDYHUVDO
HVSULWGHG
$UWDJQDQ&HSHWLWKRPPHJURV
FRXUWJULVRQQDQWFHWWHHVSqFHGHODTXDLVYrWXG
XQKDELWVRPEUHWUDLWpVDQV
FRQVLGpUDWLRQSDUOHVJHQVG
pSpHTXLFRPSRVDLHQWO
HVFRUWHF
pWDLW%RQDFLHX[
OXLPrPH/HPDULDYDLWSUpVLGpjO
HQOqYHPHQWGHVDIHPPH
,OSULWjG
$UWDJQDQXQHWHUULEOHHQYLHGHVDXWHUjODJRUJHGXPHUFLHUHWGH
O
pWUDQJOHUPDLVQRXVO
DYRQVGLWF
pWDLWXQJDUoRQIRUWSUXGHQWHWLOVH
FRQWLQW&HSHQGDQWODUpYROXWLRQTXLV
pWDLWIDLWHVXUVRQYLVDJHpWDLWVL
YLVLEOHTXH%RQDFLHX[HQIXWHIIUD\pHWHVVD\DGHUHFXOHUG
XQSDVPDLV
MXVWHPHQWLOVHWURXYDLWGHYDQWOHEDWWDQWGHODSRUWHTXLpWDLWIHUPpHHW
O
REVWDFOHTX
LOUHQFRQWUDOHIRUoDGHVHWHQLUjODPrPHSODFH
$KojPDLVYRXVTXLSODLVDQWH]PRQEUDYHKRPPHGLWG
$UWDJQDQLOPH
VHPEOHTXHVLPHVERWWHVRQWEHVRLQG
XQFRXSG
pSRQJHYRVEDVHWYRVVRXOLHUV
UpFODPHQWDXVVLXQFRXSGHEURVVH(VWFHTXHGHYRWUHF{WpYRXVDXULH]FRXUXOD
SUpWDQWDLQHPDvWUH%RQDFLHX["$KGLDEOHFHFLQHVHUDLWSRLQWSDUGRQQDEOHj
XQKRPPHGHYRWUHkJHHWTXLGHSOXVjXQHMHXQHHWMROLHIHPPHFRPPHOD
Y{WUH
2KPRQ'LHXQRQGLW%RQDFLHX[PDLVKLHUM
DLpWpj6DLQW0DQGpSRXU
SUHQGUHGHVUHQVHLJQHPHQWVVXUXQHVHUYDQWHGRQWMHQHSXLVDEVROXPHQWPH
SDVVHUHWFRPPHOHVFKHPLQVpWDLHQWPDXYDLVM
HQDLUDSSRUWpWRXWHFHWWH
IDQJHTXHMHQ
DLSDVHQFRUHHXOHWHPSVGHIDLUHGLVSDUDvWUH
/HOLHXTXHGpVLJQDLW%RQDFLHX[FRPPHFHOXLTXLDYDLWpWpOHEXWGHVDFRXUVH
IXWXQHQRXYHOOHSUHXYHjO
DSSXLGHVVRXSoRQVTX
DYDLWFRQoXVG
$UWDJQDQ

%RQDFLHX[DYDLWGLW6DLQW0DQGpSDUFHTXH6DLQW0DQGpHVWOHSRLQWDEVROXPHQW
RSSRVpj6DLQW&ORXG
&HWWHSUREDELOLWpOXLIXWXQHSUHPLqUHFRQVRODWLRQ6L%RQDFLHX[VDYDLWRpWDLW
VDIHPPHRQSRXUUDLWWRXMRXUVHQHPSOR\DQWGHVPR\HQVH[WUrPHVIRUFHUOH
PHUFLHUjGHVVHUUHUOHVGHQWVHWjODLVVHUpFKDSSHUVRQVHFUHW,OV
DJLVVDLW
VHXOHPHQWGHFKDQJHUFHWWHSUREDELOLWpHQFHUWLWXGH
3DUGRQPRQFKHU0RQVLHXU%RQDFLHX[VLM
HQXVHDYHFYRXVVDQVIDoRQGLW
G
$UWDJQDQPDLVULHQQ
DOWqUHFRPPHGHQHSDVGRUPLUM
DLGRQFXQHVRLI
G
HQUDJpSHUPHWWH]PRLGHSUHQGUHXQYHUUHG
HDXFKH]YRXVYRXVOHVDYH]
FHODQHVHUHIXVHSDVHQWUHYRLVLQV
(WVDQVDWWHQGUHODSHUPLVVLRQGHVRQK{WHG
$UWDJQDQHQWUDYLYHPHQWGDQVOD
PDLVRQHWMHWDXQFRXSG
RHLOUDSLGHVXUOHOLW/HOLWQ
pWDLWSDVGpIDLW
%RQDFLHX[QHV
pWDLWSDVFRXFKp,OUHQWUDLWGRQFVHXOHPHQWLO\DYDLWXQHKHXUH
RXGHX[LODYDLWDFFRPSDJQpVDIHPPHMXVTX
jO
HQGURLWRRQO
DYDLWFRQGXLWH
RXWRXWDXPRLQVMXVTX
DXSUHPLHUUHODLV
0HUFLPDvWUH%RQDFLHX[GLWG
$UWDJQDQHQYLGDQWVRQYHUUHYRLOjWRXWFHTXH
MHYRXODLVGHYRXV0DLQWHQDQWMHUHQWUHFKH]PRLMHYDLVIDLUHEURVVHUPHV
ERWWHVSDU3ODQFKHWHWTXDQGLODXUDILQLMHYRXVO
HQYHUUDLVLYRXVYRXOH]
SRXUEURVVHUYRVVRXOLHUV
(WLOTXLWWDOHPHUFLHUWRXWpEDKLGHFHVLQJXOLHUDGLHXHWVHGHPDQGDQWV
LOQH
V
pWDLWSDVHQIHUUpOXLPrPH
6XUOHKDXWGHO
HVFDOLHULOWURXYD3ODQFKHWWRXWHIIDUp
$K0RQVLHXUV
pFULD3ODQFKHWGqVTX
LOHXWDSHUoXVRQPDvWUHHQYRLOjELHQ
G
XQHDXWUHHWLOPHWDUGDLWELHQTXHYRXVUHQWUDVVLH]
4X
\DWLOGRQF"GHPDQGDG
$UWDJQDQ
2KMHYRXVOHGRQQHHQFHQW0RQVLHXUMHYRXVOHGRQQHHQPLOOHGHGHYLQHU
ODYLVLWHTXHM
DLUHoXHSRXUYRXVHQYRWUHDEVHQFH
4XDQGFHOD"
,O\DXQHGHPLKHXUHWDQGLVTXHYRXVpWLH]FKH]0GH7UpYLOOH
(WTXLGRQFHVWYHQX"9R\RQVSDUOH
0GH&DYRLV
0GH&DYRLV"
(QSHUVRQQH
/HFDSLWDLQHGHVJDUGHVGH6RQ(PLQHQFH"
/XLPrPH

,OYHQDLWP
DUUrWHU"
-HP
HQVXLVGRXWp0RQVLHXUHWFHODPDOJUpVRQDLUSDWHOLQ
,ODYDLWO
DLUSDWHOLQGLVWX"
&
HVWjGLUHTX
LOpWDLWWRXWPLHO0RQVLHXU
9UDLPHQW"
,OYHQDLWGLVDLWLOGHODSDUWGH6RQ(PLQHQFHTXLYRXVYRXODLWEHDXFRXSGH
ELHQYRXVSULHUGHOHVXLYUHDX3DODLV5R\DO
(WWXOXLDVUpSRQGX"
4XHODFKRVHpWDLWLPSRVVLEOHDWWHQGXTXHYRXVpWLH]KRUVGHODPDLVRQ
FRPPHLOOHSRXYDLWYRLU
$ORUVTX
DWLOGLW"
4XHYRXVQHPDQTXLH]SDVGHSDVVHUFKH]OXLGDQVODMRXUQpHSXLVLOD
DMRXWpWRXWEDV'LVjWRQPDvWUHTXH6RQ(PLQHQFHHVWSDUIDLWHPHQWGLVSRVpH
SRXUOXLHWTXHVDIRUWXQHGpSHQGSHXWrWUHGHFHWWHHQWUHYXH
/HSLqJHHVWDVVH]PDODGURLWSRXUOHFDUGLQDOUHSULWHQVRXULDQWOHMHXQH
KRPPH
$XVVLMHO
DLYXOHSLqJHHWM
DLUpSRQGXTXHYRXVVHULH]GpVHVSpUpj
YRWUHUHWRXU
2HVWLODOOp"DGHPDQGp0GH&DYRLV
$7UR\HVHQ&KDPSDJQHDLMHUpSRQGX
(WTXDQGHVWLOSDUWL"
+LHUVRLU
3ODQFKHWPRQDPLLQWHUURPSLWG
$UWDJQDQWXHVYpULWDEOHPHQWXQKRPPH
SUpFLHX[
9RXVFRPSUHQH]0RQVLHXUM
DLSHQVpTX
LOVHUDLWWRXMRXUVWHPSVVLYRXV
GpVLUH]YRLU0GH&DYRLVGHPHGpPHQWLUHQGLVDQWTXHYRXVQ
pWLH]SRLQWSDUWL
FHVHUDLWPRLGDQVFHFDVTXLDXUDLVIDLWOHPHQVRQJHHWFRPPHMHQHVXLV
SDVJHQWLOKRPPHPRLMHSXLVPHQWLU
5DVVXUHWRL3ODQFKHWWXFRQVHUYHUDVWDUpSXWDWLRQG
KRPPHYpULGLTXHGDQV
XQTXDUWG
KHXUHQRXVSDUWRQV
&
HVWOHFRQVHLOTXHM
DOODLVGRQQHUj0RQVLHXUHWRDOORQVQRXVVDQV
rWUHWURSFXULHX["
3DUGLHXGXF{WpRSSRVpjFHOXLYHUVOHTXHOWXDVGLWTXHM
pWDLVDOOp

'
DLOOHXUVQ
DVWXSDVDXWDQWGHKkWHG
DYRLUGHVQRXYHOOHVGH*ULPDXGGH
0RXVTXHWRQHWGH%D]LQTXHM
HQDLPRLGHVDYRLUFHTXHVRQWGHYHQXV$WKRV
3RUWKRVHW$UDPLV"
6LIDLW0RQVLHXUGLW3ODQFKHWHWMHSDUWLUDLTXDQGYRXVYRXGUH]O
DLUGH
ODSURYLQFHYDXWPLHX[SRXUQRXVjFHTXHMHFURLVHQFHPRPHQWTXHO
DLUGH
3DULV$LQVLGRQF
$LQVLGRQFIDLVQRWUHSDTXHW3ODQFKHWHWSDUWRQVPRLMHP
HQYDLV
GHYDQWOHVPDLQVGDQVPHVSRFKHVSRXUTX
RQQHVHGRXWHGHULHQ7XPH
UHMRLQGUDVjO
K{WHOGHV*DUGHV$SURSRV3ODQFKHWMHFURLVTXHWXDVUDLVRQj
O
HQGURLWGHQRWUHK{WHHWTXHF
HVWGpFLGpPHQWXQHDIIUHXVHFDQDLOOH
$KFUR\H]PRL0RQVLHXUTXDQGMHYRXVGLVTXHOTXHFKRVHMHVXLV
SK\VLRQRPLVWHPRLDOOH]
'
$UWDJQDQGHVFHQGLWOHSUHPLHUFRPPHODFKRVHDYDLWpWpFRQYHQXHSXLVSRXU
Q
DYRLUULHQjVHUHSURFKHULOVHGLULJHDXQHGHUQLqUHIRLVYHUVODGHPHXUHGH
VHVWURLVDPLVRQQ
DYDLWUHoXDXFXQHQRXYHOOHG
HX[VHXOHPHQWXQHOHWWUH
WRXWHSDUIXPpHHWG
XQHpFULWXUHpOpJDQWHHWPHQXHpWDLWDUULYpHSRXU$UDPLV
'
$UWDJQDQV
HQFKDUJHD'L[PLQXWHVDSUqV3ODQFKHWOHUHMRLJQDLWGDQVOHV
pFXULHVGHO
K{WHOGHV*DUGHV'
$UWDJQDQSRXUTX
LOQ
\HWSDVGHWHPSV
SHUGXDYDLWGpMjVHOOpVRQFKHYDOOXLPrPH
&
HVWELHQGLWLOj3ODQFKHWORUVTXHFHOXLFLHXWMRLQWOHSRUWHPDQWHDXj
O
pTXLSHPHQWPDLQWHQDQWVHOOHOHVWURLVDXWUHVHWSDUWRQV
&UR\H]YRXVTXHQRXVLURQVSOXVYLWHDYHFFKDFXQGHX[FKHYDX["GHPDQGD
3ODQFKHWDYHFVRQDLUQDUTXRLV
1RQ0RQVLHXUOHPDXYDLVSODLVDQWUpSRQGLWG
$UWDJQDQPDLVDYHFQRVTXDWUH
FKHYDX[QRXVSRXUURQVUDPHQHUQRVWURLVDPLVVLWRXWHIRLVQRXVOHVUHWURXYRQV
YLYDQWV
&HTXLVHUDLWXQHJUDQGHFKDQFHUpSRQGLW3ODQFKHWPDLVHQILQLOQHIDXWSDV
GpVHVSpUHUGHODPLVpULFRUGHGH'LHX
$PHQGLWG
$UWDJQDQHQHQIRXUFKDQWVRQFKHYDO
(WWRXVGHX[VRUWLUHQWGHO
K{WHOGHV*DUGHVV
pORLJQqUHQWFKDFXQSDUXQERXW
GHODUXHO
XQGHYDQWTXLWWHU3DULVSDUODEDUULqUHGHOD9LOOHWWHHWO
DXWUH
SDUODEDUULqUHGH0RQWPDUWUHSRXUVHUHMRLQGUHDXGHOjGH6DLQW'HQLV
PDQRHXYUHVWUDWpJLTXHTXLD\DQWpWpH[pFXWpHDYHFXQHpJDOHSRQFWXDOLWpIXW
FRXURQQpHGHVSOXVKHXUHX[UpVXOWDWV'
$UWDJQDQHW3ODQFKHWHQWUqUHQWHQVHPEOH
j3LHUUHILWWH
3ODQFKHWpWDLWSOXVFRXUDJHX[LOIDXWOHGLUHOHMRXUTXHODQXLW
&HSHQGDQWVDSUXGHQFHQDWXUHOOHQHO
DEDQGRQQDLWSDVXQVHXOLQVWDQWLO
Q
DYDLWRXEOLpDXFXQGHVLQFLGHQWVGXSUHPLHUYR\DJHHWLOWHQDLWSRXUHQQHPLV
WRXVFHX[TX
LOUHQFRQWUDLWVXUODURXWH,OHQUpVXOWDLWTX
LODYDLWVDQVFHVVH
OHFKDSHDXjODPDLQFHTXLOXLYDODLWGHVpYqUHVPHUFXULDOHVGHODSDUWGH
G
$UWDJQDQTXLFUDLJQDLWTXHJUkFHjFHWH[FqVGHSROLWHVVHRQQHOHSUvW

SRXUOHYDOHWG
XQKRPPHGHSHX
&HSHQGDQWVRLWTX
HIIHFWLYHPHQWOHVSDVVDQWVIXVVHQWWRXFKpVGHO
XUEDQLWpGH
3ODQFKHWVRLWTXHFHWWHIRLVSHUVRQQHQHIWDSRVWpVXUODURXWHGXMHXQH
KRPPHQRVGHX[YR\DJHXUVDUULYqUHQWj&KDQWLOO\VDQVDFFLGHQWDXFXQHW
GHVFHQGLUHQWjO
K{WHOGX*UDQG6DLQW0DUWLQOHPrPHGDQVOHTXHOLOVV
pWDLHQW
DUUrWpVORUVGHOHXUSUHPLHUYR\DJH
/
K{WHHQYR\DQWXQMHXQHKRPPHVXLYLG
XQODTXDLVHWGHGHX[FKHYDX[GHPDLQ
V
DYDQoDUHVSHFWXHXVHPHQWVXUOHVHXLOGHODSRUWH2UFRPPHLODYDLWGpMjIDLW
RQ]HOLHXHVG
$UWDJQDQMXJHDjSURSRVGHV
DUUrWHUTXH3RUWKRVIWRXQHIW
SDVGDQVO
K{WHO3XLVSHXWrWUHQ
pWDLWLOSDVSUXGHQWGHV
LQIRUPHUGXSUHPLHU
FRXSGHFHTX
pWDLWGHYHQXOHPRXVTXHWDLUH,OUpVXOWDGHFHVUpIOH[LRQVTXH
G
$UWDJQDQVDQVGHPDQGHUDXFXQHQRXYHOOHGHTXLTXHFHIWGHVFHQGLW
UHFRPPDQGDOHVFKHYDX[jVRQODTXDLVHQWUDGDQVXQHSHWLWHFKDPEUHGHVWLQpHj
UHFHYRLUFHX[TXLGpVLUDLHQWrWUHVHXOVHWGHPDQGDjVRQK{WHXQHERXWHLOOHGH
VRQPHLOOHXUYLQHWXQGpMHXQHUDXVVLERQTXHSRVVLEOHGHPDQGHTXLFRUURERUD
HQFRUHODERQQHRSLQLRQTXHO
DXEHUJLVWHDYDLWSULVHGHVRQYR\DJHXUjOD
SUHPLqUHYXH
$XVVLG
$UWDJQDQIXWLOVHUYLDYHFXQHFpOpULWpPLUDFXOHXVH
/HUpJLPHQWGHVJDUGHVVHUHFUXWDLWSDUPLOHVSUHPLHUVJHQWLOVKRPPHVGXUR\DXPH
HWG
$UWDJQDQVXLYLG
XQODTXDLVHWYR\DJHDQWDYHFTXDWUHFKHYDX[PDJQLILTXHV
QHSRXYDLWPDOJUpODVLPSOLFLWpGHVRQXQLIRUPHPDQTXHUGHIDLUHVHQVDWLRQ
/
K{WHYRXOXWOHVHUYLUOXLPrPHFHTXHYR\DQWG
$UWDJQDQILWDSSRUWHUGHX[
YHUUHVHWHQWDPDODFRQYHUVDWLRQVXLYDQWH
0DIRLPRQFKHUK{WHGLWG
$UWDJQDQHQUHPSOLVVDQWOHVGHX[YHUUHVMHYRXV
DLGHPDQGpGHYRWUHPHLOOHXUYLQHWVLYRXVP
DYH]WURPSpYRXVDOOH]rWUHSXQL
SDURYRXVDYH]SpFKpDWWHQGXTXHFRPPHMHGpWHVWHERLUHVHXOYRXVDOOH]
ERLUHDYHFPRL3UHQH]GRQFFHYHUUHHWEXYRQV$TXRLERLURQVQRXVYR\RQV
SRXUQHEOHVVHUDXFXQHVXVFHSWLELOLWp"%XYRQVjODSURVSpULWpGHYRWUH
pWDEOLVVHPHQW
9RWUH6HLJQHXULHPHIDLWKRQQHXUGLWO
K{WHHWMHODUHPHUFLHELHQ
VLQFqUHPHQWGHVRQERQVRXKDLW
0DLVQHYRXV\WURPSH]SDVGLWG
$UWDJQDQLO\DSOXVG
pJRwVPHSHXWrWUH
TXHYRXVQHOHSHQVH]GDQVPRQWRDVWLOQ
\DTXHOHVpWDEOLVVHPHQWVTXL
SURVSqUHQWGDQVOHVTXHOVRQVRLWELHQUHoXGDQVOHVK{WHOVTXLSpULFOLWHQW
WRXWYDjODGpEDQGDGHHWOHYR\DJHXUHVWYLFWLPHGHVHPEDUUDVGHVRQK{WH
RUPRLTXLYR\DJHEHDXFRXSHWVXUWRXWVXUFHWWHURXWHMHYRXGUDLVYRLUWRXV
OHVDXEHUJLVWHVIDLUHIRUWXQH
(QHIIHWGLWO
K{WHLOPHVHPEOHTXHFHQ
HVWSDVODSUHPLqUHIRLVTXHM
DL
O
KRQQHXUGHYRLU0RQVLHXU
%DK"MHVXLVSDVVpGL[IRLVSHXWrWUHj&KDQWLOO\HWVXUOHVGL[IRLVMHPH
VXLVDUUrWpDXPRLQVWURLVRXTXDWUHIRLVFKH]YRXV7HQH]M
\pWDLVHQFRUHLO
\DGL[RXGRX]HMRXUVjSHXSUqVMHIDLVDLVODFRQGXLWHjGHVDPLVjGHV
PRXVTXHWDLUHVjWHOOHHQVHLJQHTXHO
XQG
HX[V
HVWSULVGHGLVSXWHDYHFXQ
pWUDQJHUXQLQFRQQXXQKRPPHTXLOXLDFKHUFKpMHQHVDLVTXHOOHTXHUHOOH

$KRXLYUDLPHQWGLWO
K{WHHWMHPHOHUDSSHOOHSDUIDLWHPHQW1
HVWFH
SDVGH03RUWKRVTXH9RWUH6HLJQHXULHYHXWPHSDUOHU"
&
HVWMXVWHPHQWOHQRPGHPRQFRPSDJQRQGHYR\DJH
0RQ'LHXPRQFKHUK{WHGLWHVPRLOXLVHUDLWLODUULYpPDOKHXU"
0DLV9RWUH6HLJQHXULHDGUHPDUTXHUTX
LOQ
DSDVSXFRQWLQXHUVDURXWH
(QHIIHWLOQRXVDYDLWSURPLVGHQRXVUHMRLQGUHHWQRXVQHO
DYRQVSDV
UHYX
,OQRXVDIDLWO
KRQQHXUGHUHVWHULFL
&RPPHQWLOYRXVDIDLWO
KRQQHXUGHUHVWHULFL"
2XL0RQVLHXUGDQVFHWK{WHOQRXVVRPPHVPrPHELHQLQTXLHWV
(WGHTXRL"
'HFHUWDLQHVGpSHQVHVTX
LODIDLWHV
(KELHQPDLVOHVGpSHQVHVTX
LODIDLWHVLOOHVSDLHUD
$K0RQVLHXUYRXVPHPHWWH]YpULWDEOHPHQWGXEDXPHGDQVOHVDQJ1RXV
DYRQVIDLWGHIRUWJUDQGHVDYDQFHVHWFHPDWLQHQFRUHOHFKLUXUJLHQQRXV
GpFODUDLWTXHVL03RUWKRVQHOHSD\DLWSDVF
pWDLWjPRLTX
LOV
HQ
SUHQGUDLWDWWHQGXTXHF
pWDLWPRLTXLO
DYDLVHQYR\pFKHUFKHU
0DLV3RUWKRVHVWGRQFEOHVVp"
-HQHVDXUDLVYRXVOHGLUH0RQVLHXU
&RPPHQWYRXVQHVDXULH]PHOHGLUH"YRXVGHYULH]FHSHQGDQWrWUHPLHX[
LQIRUPpTXHSHUVRQQH
2XLPDLVGDQVQRWUHpWDWQRXVQHGLVRQVSDVWRXWFHTXHQRXVVDYRQV
0RQVLHXUVXUWRXWTXDQGRQQRXVDSUpYHQXVTXHQRVRUHLOOHVUpSRQGUDLHQWSRXU
QRWUHODQJXH
(KELHQSXLVMHYRLU3RUWKRV"
&HUWDLQHPHQW0RQVLHXU3UHQH]O
HVFDOLHUPRQWH]DXSUHPLHUHWIUDSSH]DX
QXPpUR6HXOHPHQWSUpYHQH]TXHF
HVWYRXV
&RPPHQWTXHMHSUpYLHQQHTXHF
HVWPRL"
2XLFDULOSRXUUDLWYRXVDUULYHUPDOKHXU
(WTXHOPDOKHXUYRXOH]YRXVTX
LOP
DUULYH"
03RUWKRVSHXWYRXVSUHQGUHSRXUTXHOTX
XQGHODPDLVRQHWGDQVXQ

PRXYHPHQWGHFROqUHYRXVSDVVHUVRQpSpHjWUDYHUVOHFRUSVRXYRXVEUOHUOD
FHUYHOOH
4XHOXLDYH]YRXVGRQFIDLW"
1RXVOXLDYRQVGHPDQGpGHO
DUJHQW
$KGLDEOHMHFRPSUHQGVFHODF
HVWXQHGHPDQGHTXH3RUWKRVUHoRLWWUqV
PDOTXDQGLOQ
HVWSDVHQIRQGVPDLVMHVDLVTX
LOGHYDLW\rWUH
&
HVWFHTXHQRXVDYLRQVSHQVpDXVVL0RQVLHXUFRPPHODPDLVRQHVWIRUW
UpJXOLqUHHWTXHQRXVIDLVRQVQRVFRPSWHVWRXWHVOHVVHPDLQHVDXERXWGHKXLW
MRXUVQRXVOXLDYRQVSUpVHQWpQRWUHQRWHPDLVLOSDUDvWTXHQRXVVRPPHVWRPEpV
GDQVXQPDXYDLVPRPHQWFDUDXSUHPLHUPRWTXHQRXVDYRQVSURQRQFpVXUOD
FKRVHLOQRXVDHQYR\pVjWRXVOHVGLDEOHVLOHVWYUDLTX
LODYDLWMRXpOD
YHLOOH
&RPPHQWLODYDLWMRXpODYHLOOHHWDYHFTXL"
2KPRQ'LHXTXLVDLWFHOD"DYHFXQVHLJQHXUTXLSDVVDLWHWDXTXHOLO
DYDLWIDLWSURSRVHUXQHSDUWLHGHODQVTXHQHW
&
HVWFHODOHPDOKHXUHX[DXUDWRXWSHUGX
-XVTX
jVRQFKHYDO0RQVLHXUFDUORUVTXHO
pWUDQJHUDpWpSRXUSDUWLUQRXV
QRXVVRPPHVDSHUoXVTXHVRQODTXDLVVHOODLWOHFKHYDOGH03RUWKRV$ORUVQRXV
OXLHQDYRQVIDLWO
REVHUYDWLRQPDLVLOQRXVDUpSRQGXTXHQRXVQRXVPrOLRQVGH
FHTXLQHQRXVUHJDUGDLWSDVHWTXHFHFKHYDOpWDLWjOXL1RXVDYRQVDXVVLW{W
IDLWSUpYHQLU03RUWKRVGHFHTXLVHSDVVDLWPDLVLOQRXVDIDLWGLUHTXHQRXV
pWLRQVGHVIDTXLQVGHGRXWHUGHODSDUROHG
XQJHQWLOKRPPHHWTXHSXLVTXH
FHOXLOjDYDLWGLWTXHOHFKHYDOpWDLWjOXLLOIDOODLWELHQTXHFHODIW
-HOHUHFRQQDLVELHQOjPXUPXUDG
$UWDJQDQ
$ORUVFRQWLQXDO
K{WHMHOXLILVUpSRQGUHTXHGXPRPHQWRQRXVSDUDLVVLRQV
GHVWLQpVjQHSDVQRXVHQWHQGUHjO
HQGURLWGXSDLHPHQWM
HVSpUDLVTX
LODXUDLW
DXPRLQVODERQWpG
DFFRUGHUODIDYHXUGHVDSUDWLTXHjPRQFRQIUqUHOHPDvWUH
GHO
$LJOHG
2UPDLV03RUWKRVPHUpSRQGLWTXHPRQK{WHOpWDQWOHPHLOOHXU
LOGpVLUDLW\UHVWHU
&HWWHUpSRQVHpWDLWWURSIODWWHXVHSRXUTXHM
LQVLVWDVVHVXUVRQGpSDUW-HPH
ERUQDLGRQFjOHSULHUGHPHUHQGUHVDFKDPEUHTXLHVWODSOXVEHOOHGH
O
K{WHOHWGHVHFRQWHQWHUG
XQMROLSHWLWFDELQHWDXWURLVLqPH0DLVjFHFL0
3RUWKRVUpSRQGLWTXHFRPPHLODWWHQGDLWG
XQPRPHQWjO
DXWUHVDPDvWUHVVHTXL
pWDLWXQHGHVSOXVJUDQGHVGDPHVGHODFRXUMHGHYDLVFRPSUHQGUHTXHODFKDPEUH
TX
LOPHIDLVDLWO
KRQQHXUG
KDELWHUFKH]PRLpWDLWHQFRUHELHQPpGLRFUHSRXU
XQHSDUHLOOHSHUVRQQH
&HSHQGDQWWRXWHQUHFRQQDLVVDQWODYpULWpGHFHTX
LOGLVDLWMHFUXVGHYRLU
LQVLVWHUPDLVVDQVPrPHVHGRQQHUODSHLQHG
HQWUHUHQGLVFXVVLRQDYHFPRL
LOSULWVRQSLVWROHWOHPLWVXUVDWDEOHGHQXLWHWGpFODUDTX
DXSUHPLHUPRW
TX
RQOXLGLUDLWG
XQGpPpQDJHPHQWTXHOFRQTXHjO
H[WpULHXURXjO
LQWpULHXULO
EUOHUDLWODFHUYHOOHjFHOXLTXLVHUDLWDVVH]LPSUXGHQWSRXUVHPrOHUG
XQH

FKRVHTXLQHUHJDUGDLWTXHOXL$XVVLGHSXLVFHWHPSVOj0RQVLHXUSHUVRQQH
Q
HQWUHSOXVGDQVVDFKDPEUHVLFHQ
HVWVRQGRPHVWLTXH
0RXVTXHWRQHVWGRQFLFL"
2XL0RQVLHXUFLQTMRXUVDSUqVVRQGpSDUWLOHVWUHYHQXGHIRUWPDXYDLVH
KXPHXUGHVRQF{WpLOSDUDvWTXHOXLDXVVLDHXGXGpVDJUpPHQWGDQVVRQ
YR\DJH0DOKHXUHXVHPHQWLOHVWSOXVLQJDPEHTXHVRQPDvWUHFHTXLIDLWTXH
SRXUVRQPDvWUHLOPHWWRXWVHQVGHVVXVGHVVRXVDWWHQGXTXHFRPPHLOSHQVH
TX
RQSRXUUDLWOXLUHIXVHUFHTX
LOGHPDQGHLOSUHQGWRXWFHGRQWLODEHVRLQ
VDQVGHPDQGHU
/HIDLWHVWUpSRQGLWG
$UWDJQDQTXHM
DLWRXMRXUVUHPDUTXpGDQV0RXVTXHWRQ
XQGpYRXHPHQWHWXQHLQWHOOLJHQFHWUqVVXSpULHXUV
&HODHVWSRVVLEOH0RQVLHXUPDLVVXSSRVH]TX
LOP
DUULYHVHXOHPHQWTXDWUH
IRLVSDUDQGHPHWURXYHUHQFRQWDFWDYHFXQHLQWHOOLJHQFHHWXQGpYRXHPHQW
VHPEODEOHVHWMHVXLVXQKRPPHUXLQp
1RQFDU3RUWKRVYRXVSDLHUD
+XPILWO
K{WHOLHUG
XQWRQGHGRXWH
&
HVWOHIDYRULG
XQHWUqVJUDQGHGDPHTXLQHOHODLVVHUDSDVGDQVO
HPEDUUDV
SRXUXQHPLVqUHFRPPHFHOOHTX
LOYRXVGRLW
6LM
RVHGLUHFHTXHMHFURLVOjGHVVXV
&HTXHYRXVFUR\H]"
-HGLUDLSOXVFHTXHMHVDLV
&HTXHYRXVVDYH]"
(WPrPHFHGRQWMHVXLVVU
(WGHTXRLrWHVYRXVVUYR\RQV"
-HGLUDLTXHMHFRQQDLVFHWWHJUDQGHGDPH
9RXV"
2XLPRL
(WFRPPHQWODFRQQDLVVH]YRXV"
2K0RQVLHXUVLMHFUR\DLVSRXYRLUPHILHUjYRWUHGLVFUpWLRQ
3DUOH]HWIRLGHJHQWLOKRPPHYRXVQ
DXUH]SDVjYRXVUHSHQWLUGHYRWUH
FRQILDQFH
(KELHQ0RQVLHXUYRXVFRQFHYH]O
LQTXLpWXGHIDLWIDLUHELHQGHVFKRVHV

4X
DYH]YRXVIDLW"
2KG
DLOOHXUVULHQTXLQHVRLWGDQVOHGURLWG
XQFUpDQFLHU
(QILQ"
03RUWKRVQRXVDUHPLVXQELOOHWSRXUFHWWHGXFKHVVHHQQRXVUHFRPPDQGDQW
GHOHMHWHUjODSRVWH6RQGRPHVWLTXHQ
pWDLWSDVHQFRUHDUULYp&RPPHLOQH
SRXYDLWSDVTXLWWHUVDFKDPEUHLOIDOODLWELHQTX
LOQRXVFKDUJHkWGHVHV
FRPPLVVLRQV
(QVXLWH"
$XOLHXGHPHWWUHODOHWWUHjODSRVWHFHTXLQ
HVWMDPDLVELHQVUM
DL
SURILWpGHO
RFFDVLRQGHO
XQGHPHVJDUoRQVTXLDOODLWj3DULVHWMHOXLDL
RUGRQQpGHODUHPHWWUHjFHWWHGXFKHVVHHOOHPrPH&
pWDLWUHPSOLUOHV
LQWHQWLRQVGH03RUWKRVTXLQRXVDYDLWVLIRUWUHFRPPDQGpFHWWHOHWWUH
Q
HVWFHSDV"
$SHXSUqV
(KELHQ0RQVLHXUVDYH]YRXVFHTXHF
HVWTXHFHWWHJUDQGHGDPH"
1RQM
HQDLHQWHQGXSDUOHUj3RUWKRVYRLOjWRXW
6DYH]YRXVFHTXHF
HVWTXHFHWWHSUpWHQGXHGXFKHVVH"
-HYRXVOHUpSqWHMHQHODFRQQDLVSDV
&
HVWXQHYLHLOOHSURFXUHXVHDX&KkWHOHW0RQVLHXUQRPPpH0PH&RTXHQDUG
ODTXHOOHDDXPRLQVFLQTXDQWHDQVHWVHGRQQHHQFRUHGHVDLUVG
rWUHMDORXVH
&HODPHSDUDLVVDLWDXVVLIRUWVLQJXOLHUXQHSULQFHVVHTXLGHPHXUHUXHDX[2XUV
&RPPHQWVDYH]YRXVFHOD"
3DUFHTX
HOOHV
HVWPLVHGDQVXQHJUDQGHFROqUHHQUHFHYDQWODOHWWUHGLVDQW
TXH03RUWKRVpWDLWXQYRODJHHWTXHF
pWDLWHQFRUHSRXUTXHOTXHIHPPHTX
LO
DYDLWUHoXFHFRXSG
pSpH
0DLVLODGRQFUHoXXQFRXSG
pSpH"
$KPRQ'LHXTX
DLMHGLWOj"
9RXVDYH]GLWTXH3RUWKRVDYDLWUHoXXQFRXSG
pSpH
2XLPDLVLOP
DYDLWVLIRUWGpIHQGXGHOHGLUH
3RXUTXRLFHOD"
'DPH0RQVLHXUSDUFHTX
LOV
pWDLWYDQWpGHSHUIRUHUFHWpWUDQJHUDYHF
OHTXHOYRXVO
DYH]ODLVVpHHQGLVSXWHHWTXHF
HVWFHWpWUDQJHUDXFRQWUDLUH
TXLPDOJUpWRXWHVVHVURGRPRQWDGHVO
DFRXFKpVXUOHFDUUHDX2UFRPPH0

3RUWKRVHVWXQKRPPHIRUWJORULHX[H[FHSWpHQYHUVODGXFKHVVHTX
LODYDLWFUX
LQWpUHVVHUHQOXLIDLVDQWOHUpFLWGHVRQDYHQWXUHLOQHYHXWDYRXHUjSHUVRQQH
TXHF
HVWXQFRXSG
pSpHTX
LODUHoX
$LQVLF
HVWGRQFXQFRXSG
pSpHTXLOHUHWLHQWGDQVVRQOLW"
(WXQPDvWUHFRXSG
pSpHMHYRXVO
DVVXUH,OIDXWTXHYRWUHDPLDLWO
kPH
FKHYLOOpHGDQVOHFRUSV
9RXVpWLH]GRQFOj"
0RQVLHXUMHOHVDYDLVVXLYLVSDUFXULRVLWpGHVRUWHTXHM
DLYXOHFRPEDW
VDQVTXHOHVFRPEDWWDQWVPHYLVVHQW
(WFRPPHQWFHODV
HVWLOSDVVp"
2KODFKRVHQ
DSDVpWpORQJXHMHYRXVHQUpSRQGV,OVVHVRQWPLVHQ
JDUGHO
pWUDQJHUDIDLWXQHIHLQWHHWV
HVWIHQGXWRXWFHODVLUDSLGHPHQW
TXHORUVTXH03RUWKRVHVWDUULYpjODSDUDGHLODYDLWGpMjWURLVSRXFHVGHIHU
GDQVODSRLWULQH,OHVWWRPEpHQDUULqUH/
pWUDQJHUOXLDPLVDXVVLW{WOD
SRLQWHGHVRQpSpHjODJRUJHHW03RUWKRVVHYR\DQWjODPHUFLGHVRQ
DGYHUVDLUHV
HVWDYRXpYDLQFX6XUTXRLO
pWUDQJHUOXLDGHPDQGpVRQQRPHW
DSSUHQDQWTX
LOV
DSSHODLW03RUWKRVHWQRQ0G
$UWDJQDQOXLDRIIHUWVRQ
EUDVO
DUDPHQpjO
K{WHOHVWPRQWpjFKHYDOHWDGLVSDUX
$LQVLF
HVWj0G
$UWDJQDQTX
HQYRXODLWFHWpWUDQJHU"
,OSDUDvWTXHRXL
(WVDYH]YRXVFHTX
LOHVWGHYHQX"
1RQMHQHO
DYDLVMDPDLVYXMXVTX
jFHPRPHQWHWQRXVQHO
DYRQVSDVUHYX
GHSXLV
7UqVELHQMHVDLVFHTXHMHYRXODLVVDYRLU0DLQWHQDQWYRXVGLWHVTXHOD
FKDPEUHGH3RUWKRVHVWDXSUHPLHUQXPpUR,"
2XL0RQVLHXUODSOXVEHOOHGHO
DXEHUJHXQHFKDPEUHTXHM
DXUDLVGpMjHX
GL[IRLVO
RFFDVLRQGHORXHU
%DKWUDQTXLOOLVH]YRXVGLWG
$UWDJQDQHQULDQW3RUWKRVYRXVSDLHUDDYHF
O
DUJHQWGHODGXFKHVVH&RTXHQDUG
2K0RQVLHXUSURFXUHXVHRXGXFKHVVHVLHOOHOkFKDLWOHVFRUGRQVGHVD
ERXUVHFHQHVHUDLWULHQPDLVHOOHDSRVLWLYHPHQWUpSRQGXTX
HOOHpWDLWODVVH
GHVH[LJHQFHVHWGHVLQILGpOLWpVGH03RUWKRVHWTX
HOOHQHOXLHQYHUUDLWSDV
XQGHQLHU
(WDYH]YRXVUHQGXFHWWHUpSRQVHjYRWUHK{WH"
1RXVQRXVHQVRPPHVELHQJDUGpVLODXUDLWYXGHTXHOOHPDQLqUHQRXVDYLRQV
IDLWODFRPPLVVLRQ

6LELHQTX
LODWWHQGWRXMRXUVVRQDUJHQW"
2KPRQ'LHXRXL+LHUHQFRUHLODpFULWPDLVFHWWHIRLVF
HVWVRQ
GRPHVWLTXHTXLDPLVODOHWWUHjODSRVWH
(WYRXVGLWHVTXHODSURFXUHXVHHVWYLHLOOHHWODLGH"
&LQTXDQWHDQVDXPRLQV0RQVLHXUHWSDVEHOOHGXWRXWjFHTX
DGLW
3DWKDXG
(QFHFDVVR\H]WUDQTXLOOHHOOHVHODLVVHUDDWWHQGULUG
DLOOHXUV3RUWKRV
QHSHXWSDVYRXVGHYRLUJUDQGFKRVH
&RPPHQWSDVJUDQGFKRVH8QHYLQJWDLQHGHSLVWROHVGpMjVDQVFRPSWHUOH
PpGHFLQ2KLOQHVHUHIXVHULHQDOOH]RQYRLWTX
LOHVWKDELWXpjELHQ
YLYUH
(KELHQVLVDPDvWUHVVHO
DEDQGRQQHLOWURXYHUDGHVDPLVMHYRXVOH
FHUWLILH$LQVLPRQFKHUK{WHQ
D\H]DXFXQHLQTXLpWXGHHWFRQWLQXH]G
DYRLU
SRXUOXLWRXVOHVVRLQVTX
H[LJHVRQpWDW
0RQVLHXUP
DSURPLVGHQHSDVSDUOHUGHODSURFXUHXVHHWGHQHSDVGLUHXQ
PRWGHODEOHVVXUH
&
HVWFKRVHFRQYHQXHYRXVDYH]PDSDUROH
2KF
HVWTX
LOPHWXHUDLWYR\H]YRXV
1
D\H]SDVSHXULOQ
HVWSDVVLGLDEOHTX
LOHQDO
DLU
(QGLVDQWFHVPRWVG
$UWDJQDQPRQWDO
HVFDOLHUODLVVDQWVRQK{WHXQSHXSOXV
UDVVXUpjO
HQGURLWGHGHX[FKRVHVDX[TXHOOHVLOSDUDLVVDLWEHDXFRXSWHQLUVD
FUpDQFHHWVDYLH
$XKDXWGHO
HVFDOLHUVXUODSRUWHODSOXVDSSDUHQWHGXFRUULGRUpWDLWWUDFpj
O
HQFUHQRLUHXQQXPpUR,JLJDQWHVTXHG
$UWDJQDQIUDSSDXQFRXSHWVXU
O
LQYLWDWLRQGHSDVVHURXWUHTXLOXLYLQWGHO
LQWpULHXULOHQWUD
3RUWKRVpWDLWFRXFKpHWIDLVDLWXQHSDUWLHGHODQVTXHQHWDYHF0RXVTXHWRQSRXU
V
HQWUHWHQLUODPDLQWDQGLVTX
XQHEURFKHFKDUJpHGHSHUGUL[WRXUQDLWGHYDQWOH
IHXHWTX
jFKDTXHFRLQG
XQHJUDQGHFKHPLQpHERXLOODLHQWVXUGHX[UpFKDXGV
GHX[FDVVHUROHVG
RV
H[KDODLWXQHGRXEOHRGHXUGHJLEHORWWHHWGHPDWHORWH
TXLUpMRXLVVDLWO
RGRUDW(QRXWUHOHKDXWG
XQVHFUpWDLUHHWOHPDUEUHG
XQH
FRPPRGHpWDLHQWFRXYHUWVGHERXWHLOOHVYLGHV
$ODYXHGHVRQDPL3RUWKRVMHWDXQJUDQGFULGHMRLHHW0RXVTXHWRQVH
OHYDQWUHVSHFWXHXVHPHQWOXLFpGDODSODFHHWV
HQDOODGRQQHUXQFRXSG
RHLO
DX[GHX[FDVVHUROHVGRQWLOSDUDLVVDLWDYRLUO
LQVSHFWLRQSDUWLFXOLqUH
$KSDUGLHXF
HVWYRXVGLW3RUWKRVjG
$UWDJQDQVR\H]OHELHQYHQXHW
H[FXVH]PRLVLMHQHYDLVSDVDXGHYDQWGHYRXV0DLVDMRXWDWLOHQUHJDUGDQW
G
$UWDJQDQDYHFXQHFHUWDLQHLQTXLpWXGHYRXVVDYH]FHTXLP
HVWDUULYp"

1RQ
/
K{WHQHYRXVDULHQGLW"
-
DLGHPDQGpDSUqVYRXVHWMHVXLVPRQWpWRXWGURLW
3RUWKRVSDUXWUHVSLUHUSOXVOLEUHPHQW
(WTXHYRXVHVWLOGRQFDUULYpPRQFKHU3RUWKRV"FRQWLQXDG
$UWDJQDQ
,OP
HVWDUULYpTX
HQPHIHQGDQWVXUPRQDGYHUVDLUHjTXLM
DYDLVGpMj
DOORQJpWURLVFRXSVG
pSpHHWDYHFOHTXHOMHYRXODLVHQILQLUG
XQTXDWULqPH
PRQSLHGDSRUWpVXUXQHSLHUUHHWMHPHVXLVIRXOpOHJHQRX
9UDLPHQW"
'
KRQQHXU+HXUHXVHPHQWSRXUOHPDUDXGFDUMHQHO
DXUDLVODLVVpTXHPRUW
VXUODSODFHMHYRXVHQUpSRQGV
(WTX
HVWLOGHYHQX"
2KMHQ
HQVDLVULHQLOHQDHXDVVH]HWLOHVWSDUWLVDQVGHPDQGHUVRQ
UHVWHPDLVYRXVPRQFKHUG
$UWDJQDQTXHYRXVHVWLODUULYp"
'HVRUWHFRQWLQXDG
$UWDJQDQTXHFHWWHIRXOXUHPRQFKHU3RUWKRVYRXV
UHWLHQWDXOLW"
$KPRQ'LHXRXLYRLOjWRXWGXUHVWHGDQVTXHOTXHVMRXUVMHVHUDLVXU
SLHG
3RXUTXRLDORUVQHYRXVrWHVYRXVSDVIDLWWUDQVSRUWHUj3DULV"9RXVGHYH]
YRXVHQQX\HUFUXHOOHPHQWLFL
&
pWDLWPRQLQWHQWLRQPDLVPRQFKHUDPLLOIDXWTXHMHYRXVDYRXHXQH
FKRVH
/DTXHOOH"
&
HVWTXHFRPPHMHP
HQQX\DLVFUXHOOHPHQWDLQVLTXHYRXVOHGLWHVHWTXH
M
DYDLVGDQVPDSRFKHOHVVRL[DQWHTXLQ]HSLVWROHVTXHYRXVP
DYLH]GLVWULEXpHV
M
DLSRXUPHGLVWUDLUHIDLWPRQWHUSUqVGHPRLXQJHQWLOKRPPHTXLpWDLWGH
SDVVDJHHWDXTXHOM
DLSURSRVpGHIDLUHXQHSDUWLHGHGpV,ODDFFHSWpHWPD
IRLPHVVRL[DQWHTXLQ]HSLVWROHVVRQWSDVVpHVGHPDSRFKHGDQVODVLHQQHVDQV
FRPSWHUPRQFKHYDOTX
LODHQFRUHHPSRUWpSDUGHVVXVOHPDUFKp0DLVYRXVPRQ
FKHUG
$UWDJQDQ"
4XHYRXOH]YRXVPRQFKHU3RUWKRVRQQHSHXWSDVrWUHSULYLOpJLpGHWRXWHV
IDoRQVGLWG
$UWDJQDQYRXVVDYH]OHSURYHUEH0DOKHXUHX[DXMHXKHXUHX[
HQDPRXU9RXVrWHVWURSKHXUHX[HQDPRXUSRXUTXHOHMHXQHVHYHQJHSDV
PDLVTXHYRXVLPSRUWHQWjYRXVOHVUHYHUVGHODIRUWXQHQ
DYH]YRXVSDV
KHXUHX[FRTXLQTXHYRXVrWHVQ
DYH]YRXVSDVYRWUHGXFKHVVHTXLQHSHXW
PDQTXHUGHYRXVYHQLUHQDLGH"

(KELHQYR\H]PRQFKHUG
$UWDJQDQFRPPHMHMRXHGHJXLJQRQUpSRQGLW
3RUWKRVGHO
DLUOHSOXVGpJDJpGXPRQGHMHOXLDLpFULWGHP
HQYR\HUTXHOTXH
FLQTXDQWHORXLVGRQWM
DYDLVDEVROXPHQWEHVRLQYXODSRVLWLRQRMHPH
WURXYDLV
(KELHQ"
(KELHQLOIDXWTX
HOOHVRLWGDQVVHVWHUUHVFDUHOOHQHP
DSDVUpSRQGX
9UDLPHQW"
1RQ$XVVLMHOXLDLDGUHVVpKLHUXQHVHFRQGHpSvWUHSOXVSUHVVDQWHHQFRUH
TXHODSUHPLqUHPDLVYRXVYRLOjPRQWUqVFKHUSDUORQVGHYRXV-H
FRPPHQoDLVMHYRXVO
DYRXHjrWUHGDQVXQHFHUWDLQHLQTXLpWXGHVXUYRWUH
FRPSWH
0DLVYRWUHK{WHVHFRQGXLWELHQHQYHUVYRXVjFHTX
LOSDUDvWPRQFKHU
3RUWKRVGLWG
$UWDJQDQPRQWUDQWDXPDODGHOHVFDVVHUROHVSOHLQHVHWOHV
ERXWHLOOHVYLGHV
&RXFLFRXFLUpSRQGLW3RUWKRV,O\DGpMjWURLVRXTXDWUHMRXUVTXH
O
LPSHUWLQHQWP
DPRQWpVRQFRPSWHHWTXHMHOHVDLPLVjODSRUWHVRQFRPSWH
HWOXLGHVRUWHTXHMHVXLVLFLFRPPHXQHIDoRQGHYDLQTXHXUFRPPHXQH
PDQLqUHGHFRQTXpUDQW$XVVLYRXVOHYR\H]FUDLJQDQWWRXMRXUVG
rWUHIRUFp
GDQVODSRVLWLRQMHVXLVDUPpMXVTX
DX[GHQWV
&HSHQGDQWGLWHQULDQWG
$UWDJQDQLOPHVHPEOHTXHGHWHPSVHQWHPSVYRXV
IDLWHVGHVVRUWLHV
(WLOPRQWUDLWGXGRLJWOHVERXWHLOOHVHWOHVFDVVHUROHV
1RQSDVPRLPDOKHXUHXVHPHQWGLW3RUWKRV&HWWHPLVpUDEOHIRXOXUHPH
UHWLHQWDXOLWPDLV0RXVTXHWRQEDWODFDPSDJQHHWLOUDSSRUWHGHVYLYUHV
0RXVTXHWRQPRQDPLFRQWLQXD3RUWKRVYRXVYR\H]TX
LOQRXVDUULYHGXUHQIRUW
LOQRXVIDXGUDXQVXSSOpPHQWGHYLFWXDLOOHV
0RXVTXHWRQGLWG
$UWDJQDQLOIDXGUDTXHYRXVPHUHQGLH]XQVHUYLFH
/HTXHO0RQVLHXU"
&
HVWGHGRQQHUYRWUHUHFHWWHj3ODQFKHWMHSRXUUDLVPHWURXYHUDVVLpJpj
PRQWRXUHWMHQHVHUDLVSDVIkFKpTX
LOPHIvWMRXLUGHVPrPHVDYDQWDJHVGRQW
YRXVJUDWLILH]YRWUHPDvWUH
(KPRQ'LHX0RQVLHXUGLW0RXVTXHWRQG
XQDLUPRGHVWHULHQGHSOXV
IDFLOH,OV
DJLWG
rWUHDGURLWYRLOjWRXW-
DLpWppOHYpjODFDPSDJQHHW
PRQSqUHGDQVVHVPRPHQWVSHUGXVpWDLWTXHOTXHSHXEUDFRQQLHU
(WOHUHVWHGXWHPSVTXHIDLVDLWLO"
0RQVLHXULOSUDWLTXDLWXQHLQGXVWULHTXHM
DLWRXMRXUVWURXYpHDVVH]
KHXUHXVH

/DTXHOOH"
&RPPHF
pWDLWDXWHPSVGHVJXHUUHVGHVFDWKROLTXHVHWGHVKXJXHQRWVHWTX
LO
YR\DLWOHVFDWKROLTXHVH[WHUPLQHUOHVKXJXHQRWVHWOHVKXJXHQRWVH[WHUPLQHUOHV
FDWKROLTXHVOHWRXWDXQRPGHODUHOLJLRQLOV
pWDLWIDLWXQHFUR\DQFHPL[WH
FHTXLOXLSHUPHWWDLWG
rWUHWDQW{WFDWKROLTXHWDQW{WKXJXHQRW2ULOVH
SURPHQDLWKDELWXHOOHPHQWVRQHVFRSHWWHVXUO
pSDXOHGHUULqUHOHVKDLHVTXL
ERUGHQWOHVFKHPLQVHWTXDQGLOYR\DLWYHQLUXQFDWKROLTXHVHXOODUHOLJLRQ
SURWHVWDQWHO
HPSRUWDLWDXVVLW{WGDQVVRQHVSULW,ODEDLVVDLWVRQHVFRSHWWH
GDQVODGLUHFWLRQGXYR\DJHXUSXLVORUVTX
LOpWDLWjGL[SDVGHOXLLO
HQWDPDLWXQGLDORJXHTXLILQLVVDLWSUHVTXHWRXMRXUVSDUO
DEDQGRQTXHOH
YR\DJHXUIDLVDLWGHVDERXUVHSRXUVDXYHUVDYLH,OYDVDQVGLUHTXHORUVTX
LO
YR\DLWYHQLUXQKXJXHQRWLOVHVHQWDLWSULVG
XQ]qOHFDWKROLTXHVLDUGHQW
TX
LOQHFRPSUHQDLWSDVFRPPHQWXQTXDUWG
KHXUHDXSDUDYDQWLODYDLWSXDYRLU
GHVGRXWHVVXUODVXSpULRULWpGHQRWUHVDLQWHUHOLJLRQ&DUPRL0RQVLHXUMH
VXLVFDWKROLTXHPRQSqUHILGqOHjVHVSULQFLSHVD\DQWIDLWPRQIUqUHDvQp
KXJXHQRW
(WFRPPHQWDILQLFHGLJQHKRPPH"GHPDQGDG
$UWDJQDQ
2KGHODIDoRQODSOXVPDOKHXUHXVH0RQVLHXU8QMRXULOV
pWDLWWURXYp
SULVGDQVXQFKHPLQFUHX[HQWUHXQKXJXHQRWHWXQFDWKROLTXHjTXLLODYDLWGpMj
HXDIIDLUHHWTXLOHUHFRQQXUHQWWRXVGHX[GHVRUWHTX
LOVVHUpXQLUHQW
FRQWUHOXLHWOHSHQGLUHQWjXQDUEUHSXLVLOVYLQUHQWVHYDQWHUGHODEHOOH
pTXLSpHTX
LOVDYDLHQWIDLWHGDQVOHFDEDUHWGXSUHPLHUYLOODJHRQRXVpWLRQV
jERLUHPRQIUqUHHWPRL
(WTXHIvWHVYRXV"GLWG
$UWDJQDQ
1RXVOHVODLVVkPHVGLUHUHSULW0RXVTXHWRQ3XLVFRPPHHQVRUWDQWGHFH
FDEDUHWLOVSUHQDLHQWFKDFXQXQHURXWHRSSRVpHPRQIUqUHDOODV
HPEXVTXHUVXU
OHFKHPLQGXFDWKROLTXHHWPRLVXUFHOXLGXSURWHVWDQW'HX[KHXUHVDSUqVWRXW
pWDLWILQLQRXVOHXUDYLRQVIDLWjFKDFXQVRQDIIDLUHWRXWHQDGPLUDQWOD
SUpYR\DQFHGHQRWUHSDXYUHSqUHTXLDYDLWSULVODSUpFDXWLRQGHQRXVpOHYHU
FKDFXQGDQVXQHUHOLJLRQGLIIpUHQWH
(QHIIHWFRPPHYRXVOHGLWHV0RXVTXHWRQYRWUHSqUHPHSDUDvWDYRLUpWpXQ
JDLOODUGIRUWLQWHOOLJHQW(WYRXVGLWHVGRQFTXHGDQVVHVPRPHQWVSHUGXVOH
EUDYHKRPPHpWDLWEUDFRQQLHU"
2XL0RQVLHXUHWF
HVWOXLTXLP
DDSSULVjQRXHUXQFROOHWHWjSODFHUXQH
OLJQHGHIRQG,OHQUpVXOWHTXHORUVTXHM
DLYXTXHQRWUHJUHGLQG
K{WHQRXV
QRXUULVVDLWG
XQWDVGHJURVVHVYLDQGHVERQQHVSRXUGHVPDQDQWVHWTXL
Q
DOODLHQWSRLQWjGHX[HVWRPDFVDXVVLGpELOLWpVTXHOHVQ{WUHVMHPHVXLV
UHPLVTXHOTXHSHXjPRQDQFLHQPpWLHU7RXWHQPHSURPHQDQWGDQVOHERLVGH0
OH3ULQFHM
DLWHQGXGHVFROOHWVGDQVOHVSDVVpHVWRXWHQPHFRXFKDQWDXERUG
GHVSLqFHVG
HDXGH6RQ$OWHVVHM
DLJOLVVpGHVOLJQHVGDQVOHVpWDQJV'H
VRUWHTXHPDLQWHQDQWJUkFHj'LHXQRXVQHPDQTXRQVSDVFRPPH0RQVLHXUSHXW
V
HQDVVXUHUGHSHUGUL[HWGHODSLQVGHFDUSHVHWG
DQJXLOOHVWRXVDOLPHQWV
OpJHUVHWVDLQVFRQYHQDEOHVSRXUGHVPDODGHV
0DLVOHYLQGLWG
$UWDJQDQTXLIRXUQLWOHYLQ"F
HVWYRWUHK{WH"

&
HVWjGLUHRXLHWQRQ
&RPPHQWRXLHWQRQ"
,OOHIRXUQLWLOHVWYUDLPDLVLOLJQRUHTX
LODFHWKRQQHXU
([SOLTXH]YRXV0RXVTXHWRQYRWUHFRQYHUVDWLRQHVWSOHLQHGHFKRVHV
LQVWUXFWLYHV
9RLFL0RQVLHXU/HKDVDUGDIDLWTXHM
DLUHQFRQWUpGDQVPHVSpUpJULQDWLRQV
XQ(VSDJQROTXLDYDLWYXEHDXFRXSGHSD\VHWHQWUHDXWUHVOH1RXYHDX0RQGH
4XHOUDSSRUWOH1RXYHDX0RQGHSHXWLODYRLUDYHFOHVERXWHLOOHVTXLVRQWVXU
FHVHFUpWDLUHHWVXUFHWWHFRPPRGH"
3DWLHQFH0RQVLHXUFKDTXHFKRVHYLHQGUDjVRQWRXU
&
HVWMXVWH0RXVTXHWRQMHP
HQUDSSRUWHjYRXVHWM
pFRXWH
&HW(VSDJQRODYDLWjVRQVHUYLFHXQODTXDLVTXLO
DYDLWDFFRPSDJQpGDQVVRQ
YR\DJHDX0H[LTXH&HODTXDLVpWDLWPRQFRPSDWULRWHGHVRUWHTXHQRXVQRXV
OLkPHVG
DXWDQWSOXVUDSLGHPHQWTX
LO\DYDLWHQWUHQRXVGHJUDQGVUDSSRUWVGH
FDUDFWqUH1RXVDLPLRQVWRXVGHX[ODFKDVVHSDUGHVVXVWRXWGHVRUWHTX
LOPH
UDFRQWDLWFRPPHQWGDQVOHVSODLQHVGHSDPSDVOHVQDWXUHOVGXSD\VFKDVVHQWOH
WLJUHHWOHVWDXUHDX[DYHFGHVLPSOHVQRHXGVFRXODQWVTX
LOVMHWWHQWDXFRXGH
FHVWHUULEOHVDQLPDX['
DERUGMHQHYRXODLVSDVFURLUHTX
RQSWHQDUULYHUj
FHGHJUpG
DGUHVVHGHMHWHUjYLQJWRXWUHQWHSDVO
H[WUpPLWpG
XQHFRUGHR
O
RQYHXWPDLVGHYDQWODSUHXYHLOIDOODLWELHQUHFRQQDvWUHODYpULWpGX
UpFLW0RQDPLSODoDLWXQHERXWHLOOHjWUHQWHSDVHWjFKDTXHFRXSLOOXL
SUHQDLWOHJRXORWGDQVXQQRHXGFRXODQW-HPHOLYUDLjFHWH[HUFLFHHWFRPPH
ODQDWXUHP
DGRXpGHTXHOTXHVIDFXOWpVDXMRXUG
KXLMHMHWWHOHODVVRDXVVL
ELHQTX
DXFXQKRPPHGXPRQGH(KELHQFRPSUHQH]YRXV"1RWUHK{WHDXQHFDYH
WUqVELHQJDUQLHPDLVGRQWODFOHIQHOHTXLWWHSDVVHXOHPHQWFHWWHFDYHD
XQVRXSLUDLO2USDUFHVRXSLUDLOMHMHWWHOHODVVRHWFRPPHMHVDLV
PDLQWHQDQWRHVWOHERQFRLQM
\SXLVH9RLFL0RQVLHXUFRPPHQWOH1RXYHDX
0RQGHVHWURXYHrWUHHQUDSSRUWDYHFOHVERXWHLOOHVTXLVRQWVXUFHWWHFRPPRGH
HWVXUFHVHFUpWDLUH0DLQWHQDQWYRXOH]YRXVJRWHUQRWUHYLQHWVDQV
SUpYHQWLRQYRXVQRXVGLUH]FHTXHYRXVHQSHQVH]
0HUFLPRQDPLPHUFLPDOKHXUHXVHPHQWMHYLHQVGHGpMHXQHU
(KELHQGLW3RUWKRVPHWVODWDEOH0RXVTXHWRQHWWDQGLVTXHQRXV
GpMHXQHURQVQRXVG
$UWDJQDQQRXVUDFRQWHUDFHTX
LOHVWGHYHQXOXLPrPH
GHSXLVGL[MRXUVTX
LOQRXVDTXLWWpV
9RORQWLHUVGLWG
$UWDJQDQ
7DQGLVTXH3RUWKRVHW0RXVTXHWRQGpMHXQDLHQWDYHFGHVDSSpWLWVGHFRQYDOHVFHQWV
HWFHWWHFRUGLDOLWpGHIUqUHVTXLUDSSURFKHOHVKRPPHVGDQVOHPDOKHXU
G
$UWDJQDQUDFRQWDFRPPHQW$UDPLVEOHVVpDYDLWpWpIRUFpGHV
DUUrWHUj
&UqYHFRHXUFRPPHQWLODYDLWODLVVp$WKRVVHGpEDWWUHj$PLHQVHQWUHOHVPDLQV
GHTXDWUHKRPPHVTXLO
DFFXVDLHQWG
rWUHXQIDX[PRQQD\HXUHWFRPPHQWOXL
G
$UWDJQDQDYDLWpWpIRUFpGHSDVVHUVXUOHYHQWUHGXFRPWHGH:DUGHVSRXU

DUULYHUMXVTX
HQ$QJOHWHUUH
0DLVOjV
DUUrWDODFRQILGHQFHGHG
$UWDJQDQLODQQRQoDVHXOHPHQWTX
jVRQ
UHWRXUGHOD*UDQGH%UHWDJQHLODYDLWUDPHQpTXDWUHFKHYDX[PDJQLILTXHVGRQWXQ
SRXUOXLHWXQDXWUHSRXUFKDFXQGHVHVFRPSDJQRQVSXLVLOWHUPLQDHQDQQRQoDQW
j3RUWKRVTXHFHOXLTXLOXLpWDLWGHVWLQppWDLWGpMjLQVWDOOpGDQVO
pFXULHGH
O
K{WHO
(QFHPRPHQW3ODQFKHWHQWUDLOSUpYHQDLWVRQPDvWUHTXHOHVFKHYDX[pWDLHQW
VXIILVDPPHQWUHSRVpVHWTX
LOVHUDLWSRVVLEOHG
DOOHUFRXFKHUj&OHUPRQW
&RPPHG
$UWDJQDQpWDLWjSHXSUqVUDVVXUpVXU3RUWKRVHWTX
LOOXLWDUGDLW
G
DYRLUGHVQRXYHOOHVGHVHVGHX[DXWUHVDPLVLOWHQGLWODPDLQDXPDODGHHW
OHSUpYLQWTX
LODOODLWVHPHWWUHHQURXWHSRXUFRQWLQXHUVHVUHFKHUFKHV$X
UHVWHFRPPHLOFRPSWDLWUHYHQLUSDUODPrPHURXWHVLGDQVVHSWjKXLWMRXUV
3RUWKRVpWDLWHQFRUHjO
K{WHOGX*UDQG6DLQW0DUWLQLOOHUHSUHQGUDLWHQ
SDVVDQW
3RUWKRVUpSRQGLWTXHVHORQWRXWHSUREDELOLWpVDIRXOXUHQHOXLSHUPHWWUDLWSDV
GHV
pORLJQHUG
LFLOj'
DLOOHXUVLOIDOODLWTX
LOUHVWkWj&KDQWLOO\SRXU
DWWHQGUHXQHUpSRQVHGHVDGXFKHVVH
'
$UWDJQDQOXLVRXKDLWDFHWWHUpSRQVHSURPSWHHWERQQHHWDSUqVDYRLU
UHFRPPDQGpGHQRXYHDX3RUWKRVj0RXVTXHWRQHWSD\pVDGpSHQVHjO
K{WHLOVH
UHPLWHQURXWHDYHF3ODQFKHWGpMjGpEDUUDVVpG
XQGHVHVFKHYDX[GHPDLQ

&KDSLWUH;;9,
/$7+(6('
$5$0,6

'
$UWDJQDQQ
DYDLWULHQGLWj3RUWKRVGHVDEOHVVXUHQLGHVDSURFXUHXVH
&
pWDLWXQJDUoRQIRUWVDJHTXHQRWUH%pDUQDLVVLMHXQHTX
LOIW(Q
FRQVpTXHQFHLODYDLWIDLWVHPEODQWGHFURLUHWRXWFHTXHOXLDYDLWUDFRQWpOH
JORULHX[PRXVTXHWDLUHFRQYDLQFXTX
LOQ
\DSDVG
DPLWLpTXLWLHQQHjXQVHFUHW
VXUSULVVXUWRXWTXDQGFHVHFUHWLQWpUHVVHO
RUJXHLOSXLVRQDWRXMRXUVXQH
FHUWDLQHVXSpULRULWpPRUDOHVXUFHX[GRQWRQVDLWODYLH
2UG
$UWDJQDQGDQVVHVSURMHWVG
LQWULJXHjYHQLUHWGpFLGpTX
LOpWDLWj
IDLUHGHVHVWURLVFRPSDJQRQVOHVLQVWUXPHQWVGHVDIRUWXQHG
$UWDJQDQQ
pWDLW
SDVIkFKpGHUpXQLUG
DYDQFHGDQVVDPDLQOHVILOVLQYLVLEOHVjO
DLGHGHVTXHOV
LOFRPSWDLWOHVPHQHU
&HSHQGDQWWRXWOHORQJGHODURXWHXQHSURIRQGHWULVWHVVHOXLVHUUDLWOHFRHXU
LOSHQVDLWjFHWWHMHXQHHWMROLH0PH%RQDFLHX[TXLGHYDLWOXLGRQQHUOHSUL[
GHVRQGpYRXHPHQWPDLVKkWRQVQRXVGHOHGLUHFHWWHWULVWHVVHYHQDLWPRLQV
FKH]OHMHXQHKRPPHGXUHJUHWGHVRQERQKHXUSHUGXTXHGHODFUDLQWHTX
LO
pSURXYDLWTX
LOQ
DUULYkWPDOKHXUjFHWWHSDXYUHIHPPH3RXUOXLLOQ
\DYDLW
SDVGHGRXWHHOOHpWDLWYLFWLPHG
XQHYHQJHDQFHGXFDUGLQDOHWFRPPHRQOH
VDLWOHVYHQJHDQFHVGH6RQ(PLQHQFHpWDLHQWWHUULEOHV&RPPHQWDYDLWLOWURXYp

JUkFHGHYDQWOHV\HX[GXPLQLVWUHF
HVWFHTX
LOLJQRUDLWOXLPrPHHWVDQV
GRXWHFHTXHOXLHWUpYpOp0GH&DYRLVVLOHFDSLWDLQHGHVJDUGHVO
HW
WURXYpFKH]OXL
5LHQQHIDLWPDUFKHUOHWHPSVHWQ
DEUqJHODURXWHFRPPHXQHSHQVpHTXLDEVRUEH
HQHOOHPrPHWRXWHVOHVIDFXOWpVGHO
RUJDQLVDWLRQGHFHOXLTXLSHQVH
/
H[LVWHQFHH[WpULHXUHUHVVHPEOHDORUVjXQVRPPHLOGRQWFHWWHSHQVpHHVWOH
UrYH3DUVRQLQIOXHQFHOHWHPSVQ
DSOXVGHPHVXUHO
HVSDFHQ
DSOXVGH
GLVWDQFH2QSDUWG
XQOLHXHWO
RQDUULYHjXQDXWUHYRLOjWRXW'H
O
LQWHUYDOOHSDUFRXUXULHQQHUHVWHSUpVHQWjYRWUHVRXYHQLUTX
XQEURXLOODUG
YDJXHGDQVOHTXHOV
HIIDFHQWPLOOHLPDJHVFRQIXVHVG
DUEUHVGHPRQWDJQHVHWGH
SD\VDJHV&HIXWHQSURLHjFHWWHKDOOXFLQDWLRQTXHG
$UWDJQDQIUDQFKLWj
O
DOOXUHTXHYRXOXWSUHQGUHVRQFKHYDOOHVVL[RXKXLWOLHXHVTXLVpSDUHQW
&KDQWLOO\GH&UqYHFRHXUVDQVTX
HQDUULYDQWGDQVFHYLOODJHLOVHVRXYvQW
G
DXFXQHGHVFKRVHVTX
LODYDLWUHQFRQWUpHVVXUVDURXWH
/jVHXOHPHQWODPpPRLUHOXLUHYLQWLOVHFRXDODWrWHDSHUoXWOHFDEDUHWRLO
DYDLWODLVVp$UDPLVHWPHWWDQWVRQFKHYDODXWURWLOV
DUUrWDjODSRUWH
&HWWHIRLVFHQHIXWSDVXQK{WHPDLVXQHK{WHVVHTXLOHUHoXWG
$UWDJQDQ
pWDLWSK\VLRQRPLVWHLOHQYHORSSDG
XQFRXSG
RHLOODJURVVHILJXUHUpMRXLHGH
ODPDvWUHVVHGXOLHXHWFRPSULWTX
LOQ
DYDLWSDVEHVRLQGHGLVVLPXOHUDYHF
HOOHHWTX
LOQ
DYDLWULHQjFUDLQGUHGHODSDUWG
XQHVLMR\HXVHSK\VLRQRPLH
0DERQQHGDPHOXLGHPDQGDG
$UWDJQDQSRXUULH]YRXVPHGLUHFHTX
HVWGHYHQX
XQGHPHVDPLVTXHQRXVDYRQVpWpIRUFpVGHODLVVHULFLLO\DXQHGRX]DLQHGH
MRXUV"
8QEHDXMHXQHKRPPHGHYLQJWWURLVjYLQJWTXDWUHDQVGRX[DLPDEOHELHQ
IDLW"
'HSOXVEOHVVpjO
pSDXOH
&
HVWFHOD
-XVWHPHQW
(KELHQ0RQVLHXULOHVWWRXMRXUVLFL
$KSDUGLHXPDFKqUHGDPHGLWG
$UWDJQDQHQPHWWDQWSLHGjWHUUHHWHQ
MHWDQWODEULGHGHVRQFKHYDODXEUDVGH3ODQFKHWYRXVPHUHQGH]ODYLHR
HVWLOFHFKHU$UDPLVTXHMHO
HPEUDVVH"&DUMHO
DYRXHM
DLKkWHGHOH
UHYRLU
3DUGRQ0RQVLHXUPDLVMHGRXWHTX
LOSXLVVHYRXVUHFHYRLUHQFHPRPHQW
3RXUTXRLFHOD"HVWFHTX
LOHVWDYHFXQHIHPPH"
-pVXVTXHGLWHVYRXVOjOHSDXYUHJDUoRQ1RQ0RQVLHXULOQ
HVWSDV
DYHFXQHIHPPH
(WDYHFTXLHVWLOGRQF"

$YHFOHFXUpGH0RQWGLGLHUHWOHVXSpULHXUGHVMpVXLWHVG
$PLHQV
0RQ'LHXV
pFULDG
$UWDJQDQOHSDXYUHJDUoRQLUDLWLOSOXVPDO"
1RQ0RQVLHXUDXFRQWUDLUHPDLVjODVXLWHGHVDPDODGLHODJUkFHO
D
WRXFKpHWLOV
HVWGpFLGpjHQWUHUGDQVOHVRUGUHV
&
HVWMXVWHGLWG
$UWDJQDQM
DYDLVRXEOLpTX
LOQ
pWDLWPRXVTXHWDLUHTXH
SDULQWpULP
0RQVLHXULQVLVWHWLOWRXMRXUVSRXUOHYRLU"
3OXVTXHMDPDLV
(KELHQ0RQVLHXUQ
DTX
jSUHQGUHO
HVFDOLHUjGURLWHGDQVODFRXUDX
VHFRQGQ
'
$UWDJQDQV
pODQoDGDQVODGLUHFWLRQLQGLTXpHHWWURXYDXQGHFHVHVFDOLHUV
H[WpULHXUVFRPPHQRXVHQYR\RQVHQFRUHDXMRXUG
KXLGDQVOHVFRXUVGHVDQFLHQQHV
DXEHUJHV0DLVRQQ
DUULYDLWSDVDLQVLFKH]OHIXWXUDEEpOHVGpILOpVGHOD
FKDPEUHG
$UDPLVpWDLHQWJDUGpVQLSOXVQLPRLQVTXHOHVMDUGLQVG
$UDPLV
%D]LQVWDWLRQQDLWGDQVOHFRUULGRUHWOXLEDUUDOHSDVVDJHDYHFG
DXWDQWSOXV
G
LQWUpSLGLWpTX
DSUqVELHQGHVDQQpHVG
pSUHXYH%D]LQVHYR\DLWHQILQSUqV
G
DUULYHUDXUpVXOWDWTX
LODYDLWpWHUQHOOHPHQWDPELWLRQQp
(QHIIHWOHUrYHGXSDXYUH%D]LQDYDLWWRXMRXUVpWpGHVHUYLUXQKRPPH
G
(JOLVHHWLODWWHQGDLWDYHFLPSDWLHQFHOHPRPHQWVDQVFHVVHHQWUHYXGDQV
O
DYHQLUR$UDPLVMHWWHUDLWHQILQODFDVDTXHDX[RUWLHVSRXUSUHQGUHOD
VRXWDQH/DSURPHVVHUHQRXYHOpHFKDTXHMRXUSDUOHMHXQHKRPPHTXHOHPRPHQWQH
SRXYDLWWDUGHUO
DYDLWVHXOHUHWHQXDXVHUYLFHG
XQPRXVTXHWDLUHVHUYLFHGDQV
OHTXHOGLVDLWLOLOQHSRXYDLWPDQTXHUGHSHUGUHVRQkPH
%D]LQpWDLWGRQFDXFRPEOHGHODMRLH6HORQWRXWHSUREDELOLWpFHWWHIRLVVRQ
PDvWUHQHVHGpGLUDLWSDV/DUpXQLRQGHODGRXOHXUSK\VLTXHjODGRXOHXUPRUDOH
DYDLWSURGXLWO
HIIHWVLORQJWHPSVGpVLUp$UDPLVVRXIIUDQWjODIRLVGXFRUSV
HWGHO
kPHDYDLWHQILQDUUrWpVXUODUHOLJLRQVHV\HX[HWVDSHQVpHHWLO
DYDLWUHJDUGpFRPPHXQDYHUWLVVHPHQWGX&LHOOHGRXEOHDFFLGHQWTXLOXLpWDLW
DUULYpF
HVWjGLUHODGLVSDULWLRQVXELWHGHVDPDvWUHVVHHWVDEOHVVXUHj
O
pSDXOH
2QFRPSUHQGTXHULHQQHSRXYDLWGDQVODGLVSRVLWLRQRLOVHWURXYDLWrWUH
SOXVGpVDJUpDEOHj%D]LQTXHO
DUULYpHGHG
$UWDJQDQODTXHOOHSRXYDLWUHMHWHU
VRQPDvWUHGDQVOHWRXUELOORQGHVLGpHVPRQGDLQHVTXLO
DYDLHQWVLORQJWHPSV
HQWUDvQp,OUpVROXWGRQFGHGpIHQGUHEUDYHPHQWODSRUWHHWFRPPHWUDKLSDU
ODPDvWUHVVHGHO
DXEHUJHLOQHSRXYDLWGLUHTX
$UDPLVpWDLWDEVHQWLOHVVD\D
GHSURXYHUDXQRXYHODUULYDQWTXHFHVHUDLWOHFRPEOHGHO
LQGLVFUpWLRQTXHGH
GpUDQJHUVRQPDvWUHGDQVODSLHXVHFRQIpUHQFHTX
LODYDLWHQWDPpHGHSXLVOH
PDWLQHWTXLDXGLUHGH%D]LQQHSRXYDLWrWUHWHUPLQpHDYDQWOHVRLU
0DLVG
$UWDJQDQQHWLQWDXFXQFRPSWHGHO
pORTXHQWGLVFRXUVGHPDvWUH%D]LQHW
FRPPHLOQHVHVRXFLDLWSDVG
HQWDPHUXQHSROpPLTXHDYHFOHYDOHWGHVRQDPLLO
O
pFDUWDWRXWVLPSOHPHQWG
XQHPDLQHWGHO
DXWUHLOWRXUQDOHERXWRQGHOD
SRUWHQ

/DSRUWHV
RXYULWHWG
$UWDJQDQSpQpWUDGDQVODFKDPEUH
$UDPLVHQVXUWRXWQRLUOHFKHIDFFRPPRGpG
XQHHVSqFHGHFRLIIXUHURQGHHW
SODWHTXLQHUHVVHPEODLWSDVPDOjXQHFDORWWHpWDLWDVVLVGHYDQWXQHWDEOH
REORQJXHFRXYHUWHGHURXOHDX[GHSDSLHUHWG
pQRUPHVLQIROLRjVDGURLWH
pWDLWDVVLVOHVXSpULHXUGHVMpVXLWHVHWjVDJDXFKHOHFXUpGH0RQWGLGLHU/HV
ULGHDX[pWDLHQWjGHPLFORVHWQHODLVVDLHQWSpQpWUHUTX
XQMRXUP\VWpULHX[
PpQDJpSRXUXQHEpDWHUrYHULH7RXVOHVREMHWVPRQGDLQVTXLSHXYHQWIUDSSHU
O
RHLOTXDQGRQHQWUHGDQVODFKDPEUHG
XQMHXQHKRPPHHWVXUWRXWORUVTXHFH
MHXQHKRPPHHVWPRXVTXHWDLUHDYDLHQWGLVSDUXFRPPHSDUHQFKDQWHPHQWHWGH
SHXUVDQVGRXWHTXHOHXUYXHQHUDPHQkWVRQPDvWUHDX[LGpHVGHFHPRQGH%D]LQ
DYDLWIDLWPDLQEDVVHVXUO
pSpHOHVSLVWROHWVOHFKDSHDXjSOXPHOHV
EURGHULHVHWOHVGHQWHOOHVGHWRXWJHQUHHWGHWRXWHHVSqFH
0DLVHQOHXUOLHXHWSODFHG
$UWDJQDQFUXWDSHUFHYRLUGDQVXQFRLQREVFXU
FRPPHXQHIRUPHGHGLVFLSOLQHVXVSHQGXHSDUXQFORXjODPXUDLOOH
$XEUXLWTXHILWG
$UWDJQDQHQRXYUDQWODSRUWH$UDPLVOHYDODWrWHHWUHFRQQXW
VRQDPL0DLVDXJUDQGpWRQQHPHQWGXMHXQHKRPPHVDYXHQHSDUXWSDVSURGXLUH
XQHJUDQGHLPSUHVVLRQVXUOHPRXVTXHWDLUHWDQWVRQHVSULWpWDLWGpWDFKpGHV
FKRVHVGHODWHUUH
%RQMRXUFKHUG
$UWDJQDQGLW$UDPLVFUR\H]TXHMHVXLVKHXUHX[GHYRXV
YRLU
(WPRLDXVVLGLWG
$UWDJQDQTXRLTXHMHQHVRLVSDVHQFRUHELHQVUTXHFH
VRLWj$UDPLVTXHMHSDUOH
$OXLPrPHPRQDPLjOXLPrPHPDLVTXLDSXYRXVIDLUHGRXWHU"
-
DYDLVSHXUGHPHWURPSHUGHFKDPEUHHWM
DLFUXG
DERUGHQWUHUGDQV
O
DSSDUWHPHQWGHTXHOTXHKRPPHG
(JOLVHSXLVXQHDXWUHWHUUHXUP
DSULVHQ
YRXVWURXYDQWHQFRPSDJQLHGHFHV0HVVLHXUVF
HVWTXHYRXVQHIXVVLH]
JUDYHPHQWPDODGH
/HVGHX[KRPPHVQRLUVODQFqUHQWVXUG
$UWDJQDQGRQWLOVFRPSULUHQWO
LQWHQWLRQ
XQUHJDUGSUHVTXHPHQDoDQWPDLVG
$UWDJQDQQHV
HQLQTXLpWDSDV
-HYRXVWURXEOHSHXWrWUHPRQFKHU$UDPLVFRQWLQXDG
$UWDJQDQFDUG
DSUqV
FHTXHMHYRLVMHVXLVSRUWpjFURLUHTXHYRXVYRXVFRQIHVVH]jFHV0HVVLHXUV

$UDPLVURXJLWLPSHUFHSWLEOHPHQW
9RXVPHWURXEOHU"RKELHQDXFRQWUDLUHFKHUDPLMHYRXVOHMXUHHW
FRPPHSUHXYHGHFHTXHMHGLVSHUPHWWH]PRLGHPHUpMRXLUHQYRXVYR\DQWVDLQ
HWVDXI
$KLO\YLHQWHQILQSHQVDG
$UWDJQDQFHQ
HVWSDVPDOKHXUHX[
&DU0RQVLHXUTXLHVWPRQDPLYLHQWG
pFKDSSHUjXQUXGHGDQJHUFRQWLQXD
$UDPLVDYHFRQFWLRQHQPRQWUDQWGHODPDLQG
$UWDJQDQDX[GHX[HFFOpVLDVWLTXHV

/RXH]'LHX0RQVLHXUUpSRQGLUHQWFHX[FLHQV
LQFOLQDQWjO
XQLVVRQ
-HQ
\DLSDVPDQTXpPHVUpYpUHQGVUpSRQGLWOHMHXQHKRPPHHQOHXUUHQGDQW
OHXUVDOXWjVRQWRXU
9RXVDUULYH]jSURSRVFKHUG
$UWDJQDQGLW$UDPLVHWYRXVDOOH]HQSUHQDQW
SDUWjODGLVFXVVLRQO
pFODLUHUGHYRVOXPLqUHV0OHSULQFLSDOG
$PLHQV0
OHFXUpGH0RQWGLGLHUHWPRLQRXVDUJXPHQWRQVVXUFHUWDLQHVTXHVWLRQV
WKpRORJLTXHVGRQWO
LQWpUrWQRXVFDSWLYHGHSXLVORQJWHPSVMHVHUDLVFKDUPp
G
DYRLUYRWUHDYLV
/
DYLVG
XQKRPPHG
pSpHHVWELHQGpQXpGHSRLGVUpSRQGLWG
$UWDJQDQTXL
FRPPHQoDLWjV
LQTXLpWHUGHODWRXUQXUHTXHSUHQDLHQWOHVFKRVHVHWYRXVSRXYH]
YRXVHQWHQLUFUR\H]PRLjODVFLHQFHGHFHV0HVVLHXUV
/HVGHX[KRPPHVQRLUVVDOXqUHQWjOHXUWRXU
$XFRQWUDLUHUHSULW$UDPLVHWYRWUHDYLVQRXVVHUDSUpFLHX[YRLFLGHTXRL
LOV
DJLW0OHSULQFLSDOFURLWTXHPDWKqVHGRLWrWUHVXUWRXWGRJPDWLTXHHW
GLGDFWLTXH
9RWUHWKqVHYRXVIDLWHVGRQFXQHWKqVH"
6DQVGRXWHUpSRQGLWOHMpVXLWHSRXUO
H[DPHQTXLSUpFqGHO
RUGLQDWLRQXQH
WKqVHHVWGHULJXHXU
/
RUGLQDWLRQV
pFULDG
$UWDJQDQTXLQHSRXYDLWFURLUHjFHTXHOXLDYDLHQW
GLWVXFFHVVLYHPHQWO
K{WHVVHHW%D]LQO
RUGLQDWLRQ
(WLOSURPHQDLWVHV\HX[VWXSpIDLWVVXUOHVWURLVSHUVRQQDJHVTX
LODYDLWGHYDQW
OXL
2UFRQWLQXD$UDPLVHQSUHQDQWVXUVRQIDXWHXLOODPrPHSRVHJUDFLHXVHTXH
V
LOHWpWpGDQVXQHUXHOOHHWHQH[DPLQDQWDYHFFRPSODLVDQFHVDPDLQEODQFKH
HWSRWHOpHFRPPHXQHPDLQGHIHPPHTX
LOWHQDLWHQO
DLUSRXUHQIDLUH
GHVFHQGUHOHVDQJRUFRPPHYRXVO
DYH]HQWHQGXG
$UWDJQDQ0OHSULQFLSDO
YRXGUDLWTXHPDWKqVHIWGRJPDWLTXHWDQGLVTXHMHYRXGUDLVPRLTX
HOOHIW
LGpDOH&
HVWGRQFSRXUTXRL0OHSULQFLSDOPHSURSRVDLWFHVXMHWTXLQ
DSRLQW
HQFRUHpWpWUDLWpGDQVOHTXHOMHUHFRQQDLVTX
LO\DPDWLqUHjGHPDJQLILTXHV
GpYHORSSHPHQWV
8WUDTXHPDQXVLQEHQHGLFHQGRFOHULFLVLQIHULRULEXVQHFHVVDULDHVW
'
$UWDJQDQGRQWQRXVFRQQDLVVRQVO
pUXGLWLRQQHVRXUFLOODSDVSOXVjFHWWH
FLWDWLRQTX
jFHOOHTXHOXLDYDLWIDLWH0GH7UpYLOOHjSURSRVGHVSUpVHQWV
TX
LOSUpWHQGDLWTXHG
$UWDJQDQDYDLWUHoXVGH0GH%XFNLQJKDP
&HTXLYHXWGLUHUHSULW$UDPLVSRXUOXLGRQQHUWRXWHIDFLOLWpOHVGHX[
PDLQVVRQWLQGLVSHQVDEOHVDX[SUrWUHVGHVRUGUHVLQIpULHXUVTXDQGLOVGRQQHQW
ODEpQpGLFWLRQ

$GPLUDEOHVXMHWV
pFULDOHMpVXLWH
$GPLUDEOHHWGRJPDWLTXHUpSpWDOHFXUpTXLGHODIRUFHGHG
$UWDJQDQj
SHXSUqVVXUOHODWLQVXUYHLOODLWVRLJQHXVHPHQWOHMpVXLWHSRXUHPERvWHUOHSDV
DYHFOXLHWUpSpWHUVHVSDUROHVFRPPHXQpFKR
4XDQWjG
$UWDJQDQLOGHPHXUDSDUIDLWHPHQWLQGLIIpUHQWjO
HQWKRXVLDVPHGHV
GHX[KRPPHVQRLUV
2XLDGPLUDEOHSURUVXVDGPLUDELOHFRQWLQXD$UDPLVPDLVTXLH[LJHXQH
pWXGHDSSURIRQGLHGHV3qUHVHWGHV(FULWXUHV2UM
DLDYRXpjFHVVDYDQWV
HFFOpVLDVWLTXHVHWFHODHQWRXWHKXPLOLWpTXHOHVYHLOOHVGHVFRUSVGHJDUGH
HWOHVHUYLFHGXURLP
DYDLHQWIDLWXQSHXQpJOLJHUO
pWXGH-HPHWURXYHUDL
GRQFSOXVjPRQDLVHIDFLOLXVQDWDQVGDQVXQVXMHWGHPRQFKRL[TXLVHUDLWj
FHVUXGHVTXHVWLRQVWKpRORJLTXHVFHTXHODPRUDOHHVWjODPpWDSK\VLTXHHQ
SKLORVRSKLH
'
$UWDJQDQV
HQQX\DLWSURIRQGpPHQWOHFXUpDXVVL
9R\H]TXHOH[RUGHV
pFULDOHMpVXLWH
([RUGLXPUpSpWDOHFXUpSRXUGLUHTXHOTXHFKRVH
4XHPDGPRGXPPLQWHUFRHORUXPLPPHQVLWDWHP
$UDPLVMHWDXQFRXSG
RHLOGHF{WpVXUG
$UWDJQDQHWLOYLWTXHVRQDPL
EkLOODLWjVHGpPRQWHUODPkFKRLUH
3DUORQVIUDQoDLVPRQSqUHGLWLODXMpVXLWH0G
$UWDJQDQJRWHUDSOXV
YLYHPHQWQRVSDUROHV
2XLMHVXLVIDWLJXpGHODURXWHGLWG
$UWDJQDQHWWRXWFHODWLQP
pFKDSSH
'
DFFRUGGLWOHMpVXLWHXQSHXGpSLWpWDQGLVTXHOHFXUpWUDQVSRUWp
G
DLVHWRXUQDLWVXUG
$UWDJQDQXQUHJDUGSOHLQGHUHFRQQDLVVDQFH(KELHQ
YR\H]OHSDUWLTX
RQWLUHUDLWGHFHWWHJORVH
0RwVHVHUYLWHXUGH'LHXLOQ
HVWTXHVHUYLWHXUHQWHQGH]YRXVELHQ
0RwVHEpQLWDYHFOHVPDLQVLOVHIDLWWHQLUOHVGHX[EUDVWDQGLVTXHOHV
+pEUHX[EDWWHQWOHXUVHQQHPLVGRQFLOEpQLWDYHFOHVGHX[PDLQV'
DLOOHXUV
TXHGLWO
(YDQJLOHLPSRQLWHPDQXVHWQRQSDVPDQXP,PSRVH]OHVPDLQVHW
QRQSDVODPDLQ
,PSRVH]OHVPDLQVUpSpWDOHFXUpHQIDLVDQWXQJHVWH$VDLQW3LHUUHDX
FRQWUDLUHGHTXLOHVSDSHVVRQWVXFFHVVHXUVFRQWLQXDOHMpVXLWH3RQLJH
GLJLWRV3UpVHQWH]OHVGRLJWV\rWHVYRXVPDLQWHQDQW"
&HUWHVUpSRQGLW$UDPLVHQVHGpOHFWDQWPDLVODFKRVHHVWVXEWLOH
/HVGRLJWVUHSULWOHMpVXLWHVDLQW3LHUUHEpQLWDYHFOHVGRLJWV/HSDSH
EpQLWGRQFDXVVLDYHFOHVGRLJWV(WDYHFFRPELHQGHGRLJWVEpQLWLO"$YHF
WURLVGRLJWVXQSRXUOH3qUHXQSRXUOH)LOVHWXQSRXUOH6DLQW(VSULW

7RXWOHPRQGHVHVLJQDG
$UWDJQDQFUXWGHYRLULPLWHUFHWH[HPSOH
/HSDSHHVWVXFFHVVHXUGHVDLQW3LHUUHHWUHSUpVHQWHOHVWURLVSRXYRLUVGLYLQV
OHUHVWHRUGLQHVLQIHULRUHVGHODKLpUDUFKLHHFFOpVLDVWLTXHEpQLWSDUOHQRP
GHVVDLQWVDUFKDQJHVHWGHVDQJHV/HVSOXVKXPEOHVFOHUFVWHOVTXHQRVGLDFUHV
HWVDFULVWDLQVEpQLVVHQWDYHFOHVJRXSLOORQVTXLVLPXOHQWXQQRPEUHLQGpILQL
GHGRLJWVEpQLVVDQWV9RLOjOHVXMHWVLPSOLILpDUJXPHQWXPRPQLGHQXGDWXP
RUQDPHQWR-HIHUDLVDYHFFHODFRQWLQXDOHMpVXLWHGHX[YROXPHVGHODWDLOOH
GHFHOXLFL
(WGDQVVRQHQWKRXVLDVPHLOIUDSSDLWVXUOHVDLQW&KU\VRVWRPHLQIROLRTXL
IDLVDLWSOLHUODWDEOHVRXVVRQSRLGV
'
$UWDJQDQIUpPLW
&HUWHVGLW$UDPLVMHUHQGVMXVWLFHDX[EHDXWpVGHFHWWHWKqVHPDLVHQPrPH
WHPSVMHODUHFRQQDLVpFUDVDQWHSRXUPRL-
DYDLVFKRLVLFHWH[WHGLWHVPRL
FKHUG
$UWDJQDQV
LOQ
HVWSRLQWGHYRWUHJRW1RQLQXWLOHHVWGHVLGHULXPLQ
REODWLRQHRXPLHX[HQFRUHXQSHXGHUHJUHWQHPHVVLHGSDVGDQVXQHRIIUDQGH
DX6HLJQHXU
+DOWHOjV
pFULDOHMpVXLWHFDUFHWWHWKqVHIULVHO
KpUpVLHLO\DXQH
SURSRVLWLRQSUHVTXHVHPEODEOHGDQVO
$XJXVWLQXVGHO
KpUpVLDUTXH-DQVpQLXVGRQW
W{WRXWDUGOHOLYUHVHUDEUOpSDUOHVPDLQVGXERXUUHDX3UHQH]JDUGHPRQ
MHXQHDPLYRXVSHQFKH]YHUVOHVIDXVVHVGRFWULQHVPRQMHXQHDPLYRXVYRXV
SHUGUH]
9RXVYRXVSHUGUH]GLWOHFXUpHQVHFRXDQWGRXORXUHXVHPHQWODWrWH
9RXVWRXFKH]jFHIDPHX[SRLQWGXOLEUHDUELWUHTXLHVWXQpFXHLOPRUWHO
9RXVDERUGH]GHIURQWOHVLQVLQXDWLRQVGHVSpODJLHQVHWGHVGHPLSpODJLHQV
0DLVPRQUpYpUHQGUHSULW$UDPLVTXHOTXHSHXDEDVRXUGLGHODJUrOH
G
DUJXPHQWVTXLOXLWRPEDLWVXUODWrWH
&RPPHQWSURXYHUH]YRXVFRQWLQXDOHMpVXLWHVDQVOXLGRQQHUOHWHPSVGH
SDUOHUTXHO
RQGRLWUHJUHWWHUOHPRQGHORUVTX
RQV
RIIUHj'LHX"(FRXWH]FH
GLOHPPH'LHXHVW'LHXHWOHPRQGHHVWOHGLDEOH5HJUHWWHUOHPRQGHF
HVW
UHJUHWWHUOHGLDEOHYRLOjPDFRQFOXVLRQ
&
HVWODPLHQQHDXVVLGLWOHFXUp
0DLVGHJUkFHGLW$UDPLV
'HVLGHUDVGLDEROXPLQIRUWXQpV
pFULDOHMpVXLWH
,OUHJUHWWHOHGLDEOH$KPRQMHXQHDPLUHSULWOHFXUpHQJpPLVVDQWQH
UHJUHWWH]SDVOHGLDEOHF
HVWPRLTXLYRXVHQVXSSOLH
'
$UWDJQDQWRXUQDLWjO
LGLRWLVPHLOOXLVHPEODLWrWUHGDQVXQHPDLVRQGH
IRXVHWTX
LODOODLWGHYHQLUIRXFRPPHFHX[TX
LOYR\DLW6HXOHPHQWLOpWDLW
IRUFpGHVHWDLUHQHFRPSUHQDQWSRLQWODODQJXHTXLVHSDUODLWGHYDQWOXL

0DLVpFRXWH]PRLGRQFUHSULW$UDPLVDYHFXQHSROLWHVVHVRXVODTXHOOH
FRPPHQoDLWjSHUFHUXQSHXG
LPSDWLHQFHMHQHGLVSDVTXHMHUHJUHWWHQRQMH
QHSURQRQFHUDLMDPDLVFHWWHSKUDVHTXLQHVHUDLWSDVRUWKRGR[H
/HMpVXLWHOHYDOHVEUDVDXFLHOHWOHFXUpHQILWDXWDQW
1RQPDLVFRQYHQH]DXPRLQVTX
RQDPDXYDLVHJUkFHGHQ
RIIULUDX6HLJQHXUTXH
FHGRQWRQHVWSDUIDLWHPHQWGpJRWp$LMHUDLVRQG
$UWDJQDQ"
-HOHFURLVSDUGLHXELHQV
pFULDFHOXLFL
/HFXUpHWOHMpVXLWHILUHQWXQERQGVXUOHXUFKDLVH
9RLFLPRQSRLQWGHGpSDUWF
HVWXQV\OORJLVPHOHPRQGHQHPDQTXHSDV
G
DWWUDLWVMHTXLWWHOHPRQGHGRQFMHIDLVXQVDFULILFHRUO
(FULWXUHGLW
SRVLWLYHPHQW)DLWHVXQVDFULILFHDX6HLJQHXU
&HODHVWYUDLGLUHQWOHVDQWDJRQLVWHV
(WSXLVFRQWLQXD$UDPLVHQVHSLQoDQWO
RUHLOOHSRXUODUHQGUHURXJHFRPPH
LOVHVHFRXDLWOHVPDLQVSRXUOHVUHQGUHEODQFKHVHWSXLVM
DLIDLWFHUWDLQ
URQGHDXOjGHVVXVTXHMHFRPPXQLTXDLj09RLWXUHO
DQSDVVpHWGXTXHOFHJUDQG
KRPPHP
DIDLWPLOOHFRPSOLPHQWV
8QURQGHDXILWGpGDLJQHXVHPHQWOHMpVXLWH
8QURQGHDXGLWPDFKLQDOHPHQWOHFXUp
'LWHVGLWHVV
pFULDG
$UWDJQDQFHODQRXVFKDQJHUDTXHOTXHSHX
1RQFDULOHVWUHOLJLHX[UpSRQGLW$UDPLVHWF
HVWGHODWKpRORJLHHQYHUV
'LDEOHILWG
$UWDJQDQ
/HYRLFLGLW$UDPLVG
XQSHWLWDLUPRGHVWHTXLQ
pWDLWSDVH[HPSWG
XQH
FHUWDLQHWHLQWHG
K\SRFULVLH
9RXVTXLSOHXUH]XQSDVVpSOHLQGHFKDUPHV
(WTXLWUDvQH]GHVMRXUVLQIRUWXQpV
7RXVYRVPDOKHXUVVHYHUURQWWHUPLQpV
4XDQGj'LHXVHXOYRXVRIIULUH]YRVODUPHV
9RXVTXLSOHXUH]
'
$UWDJQDQHWOHFXUpSDUXUHQWIODWWpV/HMpVXLWHSHUVLVWDGDQVVRQRSLQLRQ
*DUGH]YRXVGXJRWSURIDQHGDQVOHVW\OHWKpRORJLTXH4XHGLWHQHIIHWVDLQW
$XJXVWLQ"6HYHUXVVLWFOHULFRUXPVHUPR

2XLTXHOHVHUPRQVRLWFODLUGLWOHFXUp
2UVHKkWDG
LQWHUURPSUHOHMpVXLWHHQYR\DQWTXHVRQDFRO\WHVHIRXUYR\DLW
RUYRWUHWKqVHSODLUDDX[GDPHVYRLOjWRXWHOOHDXUDOHVXFFqVG
XQH
SODLGRLULHGHPDvWUH3DWUX
3ODLVHj'LHXV
pFULD$UDPLVWUDQVSRUWp
9RXVOHYR\H]V
pFULDOHMpVXLWHOHPRQGHSDUOHHQFRUHHQYRXVjKDXWH
YRL[DOWLVVLPDYRFH9RXVVXLYH]OHPRQGHPRQMHXQHDPLHWMHWUHPEOHTXHOD
JUkFHQHVRLWSRLQWHIILFDFH
5DVVXUH]YRXVPRQUpYpUHQGMHUpSRQGVGHPRL
3UpVRPSWLRQPRQGDLQH
-HPHFRQQDLVPRQSqUHPDUpVROXWLRQHVWLUUpYRFDEOH
$ORUVYRXVYRXVREVWLQH]jSRXUVXLYUHFHWWHWKqVH"
-HPHVHQVDSSHOpjWUDLWHUFHOOHOjHWQRQSDVXQHDXWUHMHYDLVGRQFOD
FRQWLQXHUHWGHPDLQM
HVSqUHTXHYRXVVHUH]VDWLVIDLWGHVFRUUHFWLRQVTXHM
\
DXUDLIDLWHVG
DSUqVYRVDYLV
7UDYDLOOH]OHQWHPHQWGLWOHFXUpQRXVYRXVODLVVRQVGDQVGHVGLVSRVLWLRQV
H[FHOOHQWHV
2XLOHWHUUDLQHVWWRXWHQVHPHQFpGLWOHMpVXLWHHWQRXVQ
DYRQVSDVj
FUDLQGUHTX
XQHSDUWLHGXJUDLQVRLWWRPEpHVXUODSLHUUHO
DXWUHOHORQJGX
FKHPLQHWTXHOHVRLVHDX[GXFLHODLHQWPDQJpOHUHVWHDYHVFRHOLFR]QHGHUXQW
LOODP
4XHODSHVWHW
pWRXIIHDYHFWRQODWLQGLWG
$UWDJQDQTXLVHVHQWDLWDX
ERXWGHVHVIRUFHV
$GLHXPRQILOVGLWOHFXUpjGHPDLQ
$GHPDLQMHXQHWpPpUDLUHGLWOHMpVXLWHYRXVSURPHWWH]G
rWUHXQHGHV
OXPLqUHVGHO
(JOLVHYHXLOOHOH&LHOTXHFHWWHOXPLqUHQHVRLWSDVXQIHX
GpYRUDQW
'
$UWDJQDQTXLSHQGDQWXQHKHXUHV
pWDLWURQJpOHVRQJOHVG
LPSDWLHQFH
FRPPHQoDLWjDWWDTXHUODFKDLU
/HVGHX[KRPPHVQRLUVVHOHYqUHQWVDOXqUHQW$UDPLVHWG
$UWDJQDQHW
V
DYDQFqUHQWYHUVODSRUWH%D]LQTXLV
pWDLWWHQXGHERXWHWTXLDYDLWpFRXWp
WRXWHFHWWHFRQWURYHUVHDYHFXQHSLHXVHMXELODWLRQV
pODQoDYHUVHX[SULWOH
EUpYLDLUHGXFXUpOHPLVVHOGXMpVXLWHHWPDUFKDUHVSHFWXHXVHPHQWGHYDQWHX[
SRXUOHXUIUD\HUOHFKHPLQ
$UDPLVOHVFRQGXLVLWMXVTX
DXEDVGHO
HVFDOLHUHWUHPRQWDDXVVLW{WSUqVGH
G
$UWDJQDQTXLUrYDLWHQFRUH

5HVWpVVHXOVOHVGHX[DPLVJDUGqUHQWG
DERUGXQVLOHQFHHPEDUUDVVpFHSHQGDQW
LOIDOODLWTXHO
XQGHVGHX[OHURPSvWOHSUHPLHUHWFRPPHG
$UWDJQDQ
SDUDLVVDLWGpFLGpjODLVVHUFHWKRQQHXUjVRQDPL
9RXVOHYR\H]GLW$UDPLVYRXVPHWURXYH]UHYHQXjPHVLGpHVIRQGDPHQWDOHV
2XLODJUkFHHIILFDFHYRXVDWRXFKpFRPPHGLVDLWFH0RQVLHXUWRXWj
O
KHXUH
2KFHVSODQVGHUHWUDLWHVRQWIRUPpVGHSXLVORQJWHPSVHWYRXVP
HQDYH]
GpMjRXwSDUOHUQ
HVWFHSDVPRQDPL"
6DQVGRXWHPDLVMHYRXVDYRXHTXHM
DLFUXTXHYRXVSODLVDQWLH]
$YHFFHVVRUWHVGHFKRVHV2KG
$UWDJQDQ
'DPHRQSODLVDQWHELHQDYHFODPRUW
(WO
RQDWRUWG
$UWDJQDQFDUODPRUWF
HVWODSRUWHTXLFRQGXLWjOD
SHUGLWLRQRXDXVDOXW
'
DFFRUGPDLVV
LOYRXVSODvWQHWKpRORJLVRQVSDV$UDPLVYRXVGHYH]HQ
DYRLUDVVH]SRXUOHUHVWHGHODMRXUQpHTXDQWjPRLM
DLjSHXSUqVRXEOLpOH
SHXGHODWLQTXHMHQ
DLMDPDLVVXSXLVMHYRXVO
DYRXHUDLMHQ
DLULHQ
PDQJpGHSXLVFHPDWLQGL[KHXUHVHWM
DLXQHIDLPGHWRXVOHVGLDEOHV
1RXVGvQHURQVWRXWjO
KHXUHFKHUDPLVHXOHPHQWYRXVYRXVUDSSHOOHUH]TXH
F
HVWDXMRXUG
KXLYHQGUHGLRUGDQVXQSDUHLOMRXUMHQHSXLVQLYRLUQL
PDQJHUGHODFKDLU6LYRXVYRXOH]YRXVFRQWHQWHUGHPRQGvQHULOVHFRPSRVHGH
WpWUDJRQHVFXLWVHWGHIUXLWV
4X
HQWHQGH]YRXVSDUWpWUDJRQHV"GHPDQGDG
$UWDJQDQDYHFLQTXLpWXGH
-
HQWHQGVGHVpSLQDUGVUHSULW$UDPLVPDLVSRXUYRXVM
DMRXWHUDLGHVRHXIV
HWF
HVWXQHJUDYHLQIUDFWLRQjODUqJOHFDUOHVRHXIVVRQWYLDQGHSXLVTX
LOV
HQJHQGUHQWOHSRXOHW
&HIHVWLQQ
HVWSDVVXFFXOHQWPDLVQ
LPSRUWHSRXUUHVWHUDYHFYRXVMHOH
VXELUDL
-HYRXVVXLVUHFRQQDLVVDQWGXVDFULILFHGLW$UDPLVPDLVV
LOQHSURILWH
SDVjYRWUHFRUSVLOSURILWHUDVR\H]HQFHUWDLQjYRWUHkPH
$LQVLGpFLGpPHQW$UDPLVYRXVHQWUH]HQUHOLJLRQ4XHYRQWGLUHQRVDPLV
TXHYDGLUH0GH7UpYLOOH",OVYRXVWUDLWHURQWGHGpVHUWHXUMHYRXVHQ
SUpYLHQV
-HQ
HQWUHSDVHQUHOLJLRQM
\UHQWUH&
HVWO
(JOLVHTXHM
DYDLVGpVHUWpH
SRXUOHPRQGHFDUYRXVVDYH]TXHMHPHVXLVIDLWYLROHQFHSRXUSUHQGUHOD
FDVDTXHGHPRXVTXHWDLUH
0RLMHQ
HQVDLVULHQ

9RXVLJQRUH]FRPPHQWM
DLTXLWWpOHVpPLQDLUH"
7RXWjIDLW
9RLFLPRQKLVWRLUHG
DLOOHXUVOHV(FULWXUHVGLVHQW&RQIHVVH]YRXVOHV
XQVDX[DXWUHVHWMHPHFRQIHVVHjYRXVG
$UWDJQDQ
(WPRLMHYRXVGRQQHO
DEVROXWLRQG
DYDQFHYRXVYR\H]TXHMHVXLVERQ
KRPPH
1HSODLVDQWH]SDVDYHFOHVFKRVHVVDLQWHVPRQDPL
$ORUVGLWHVMHYRXVpFRXWH
-
pWDLVGRQFDXVpPLQDLUHGHSXLVO
kJHGHQHXIDQVM
HQDYDLVYLQJWGDQV
WURLVMRXUVM
DOODLVrWUHDEEpHWWRXWpWDLWGLW8QVRLUTXHMHPHUHQGDLV
VHORQPRQKDELWXGHGDQVXQHPDLVRQTXHMHIUpTXHQWDLVDYHFSODLVLURQHVW
MHXQHTXHYRXOH]YRXVRQHVWIDLEOHXQRIILFLHUTXLPHYR\DLWG
XQRHLO
MDORX[OLUHOHVYLHVGHVVDLQWVjODPDvWUHVVHGHODPDLVRQHQWUDWRXWjFRXS
HWVDQVrWUHDQQRQFp-XVWHPHQWFHVRLUOjM
DYDLVWUDGXLWXQpSLVRGHGH
-XGLWKHWMHYHQDLVGHFRPPXQLTXHUPHVYHUVjODGDPHTXLPHIDLVDLWWRXWHV
VRUWHVGHFRPSOLPHQWVHWSHQFKpHVXUPRQpSDXOHOHVUHOLVDLWDYHFPRL/D
SRVHTXLpWDLWTXHOTXHSHXDEDQGRQQpHMHO
DYRXHEOHVVDFHWRIILFLHULOQH
GLWULHQPDLVORUVTXHMHVRUWLVLOVRUWLWGHUULqUHPRLHWPHUHMRLJQDQW
0RQVLHXUO
DEEpGLWLODLPH]YRXVOHVFRXSVGHFDQQH"
-HQHSXLVOHGLUH0RQVLHXUUpSRQGLVMHSHUVRQQHQ
D\DQWMDPDLVRVpP
HQ
GRQQHU
(KELHQpFRXWH]PRL0RQVLHXUO
DEEpVLYRXVUHWRXUQH]GDQVODPDLVRQR
MHYRXVDLUHQFRQWUpFHVRLUM
RVHUDLPRL
-HFURLVTXHM
HXVSHXUMHGHYLQVIRUWSkOHMHVHQWLVOHVMDPEHVTXLPH
PDQTXDLHQWMHFKHUFKDLXQHUpSRQVHTXHMHQHWURXYDLSDVMHPHWXV
/
RIILFLHUDWWHQGDLWFHWWHUpSRQVHHWYR\DQWTX
HOOHWDUGDLWLOVHPLWj
ULUHPHWRXUQDOHGRVHWUHQWUDGDQVODPDLVRQ-HUHQWUDLDXVpPLQDLUH
-HVXLVERQJHQWLOKRPPHHWM
DLOHVDQJYLIFRPPHYRXVDYH]SXOHUHPDUTXHU
PRQFKHUG
$UWDJQDQO
LQVXOWHpWDLWWHUULEOHHWWRXWLQFRQQXHTX
HOOHpWDLW
UHVWpHDXPRQGHMHODVHQWDLVYLYUHHWUHPXHUDXIRQGGHPRQFRHXU-HGpFODUDL
jPHVVXSpULHXUVTXHMHQHPHVHQWDLVSDVVXIILVDPPHQWSUpSDUpSRXU
O
RUGLQDWLRQHWVXUPDGHPDQGHRQUHPLWODFpUpPRQLHjXQDQ
-
DOODLWURXYHUOHPHLOOHXUPDvWUHG
DUPHVGH3DULVMHILVFRQGLWLRQDYHFOXL
SRXUSUHQGUHXQHOHoRQG
HVFULPHFKDTXHMRXUHWFKDTXHMRXUSHQGDQWXQHDQQpH
MHSULVFHWWHOHoRQ3XLVOHMRXUDQQLYHUVDLUHGHFHOXLRM
DYDLVpWpLQVXOWp
M
DFFURFKDLPDVRXWDQHjXQFORXMHSULVXQFRVWXPHFRPSOHWGHFDYDOLHUHWMH
PHUHQGLVjXQEDOTXHGRQQDLWXQHGDPHGHPHVDPLHVHWRMHVDYDLVTXHGHYDLW
VHWURXYHUPRQKRPPH&
pWDLWUXHGHV)UDQFV%RXUJHRLVWRXWSUqVGHOD)RUFH

(QHIIHWPRQRIILFLHU\pWDLWMHP
DSSURFKDLGHOXLFRPPHLOFKDQWDLWXQ
ODLG
DPRXUHQUHJDUGDQWWHQGUHPHQWXQHIHPPHHWMHO
LQWHUURPSLVDXEHDX
PLOLHXGXVHFRQGFRXSOHW
0RQVLHXUOXLGLVMHYRXVGpSODvWLOWRXMRXUVTXHMHUHWRXUQHGDQV
FHUWDLQHPDLVRQGHODUXH3D\HQQHHWPHGRQQHUH]YRXVHQFRUHGHVFRXSVGH
FDQQHV
LOPHSUHQGIDQWDLVLHGHYRXVGpVREpLU"
/
RIILFLHUPHUHJDUGDDYHFpWRQQHPHQWSXLVLOGLW
4XHPHYRXOH]YRXV0RQVLHXU"-HQHYRXVFRQQDLVSDV
-HVXLVUpSRQGLVMHOHSHWLWDEEpTXLOLWOHVYLHVGHVVDLQWVHWTXL
WUDGXLW-XGLWKHQYHUV
$KDKMHPHUDSSHOOHGLWO
RIILFLHUHQJRJXHQDUGDQWTXHPH
YRXOH]YRXV"
-HYRXGUDLVTXHYRXVHXVVLH]OHORLVLUGHYHQLUIDLUHXQWRXUGHSURPHQDGH
DYHFPRL
'HPDLQPDWLQVLYRXVOHYRXOH]ELHQHWFHVHUDDYHFOHSOXVJUDQG
SODLVLU
1RQSDVGHPDLQPDWLQV
LOYRXVSODvWWRXWGHVXLWH
6LYRXVO
H[LJH]DEVROXPHQW
0DLVRXLMHO
H[LJH
$ORUVVRUWRQV0HVGDPHVGLWO
RIILFLHUQHYRXVGpUDQJH]SDV/HWHPSVGH
WXHU0RQVLHXUVHXOHPHQWHWMHUHYLHQVYRXVDFKHYHUOHGHUQLHUFRXSOHW
1RXVVRUWvPHV
-HOHPHQDLUXH3D\HQQHMXVWHjO
HQGURLWRXQDQDXSDUDYDQWKHXUHSRXU
KHXUHLOP
DYDLWIDLWOHFRPSOLPHQWTXHMHYRXVDLUDSSRUWp,OIDLVDLWXQ
FODLUGHOXQHVXSHUEH1RXVPvPHVO
pSpHjODPDLQHWjODSUHPLqUHSDVVHMH
OHWXDLURLGH
'LDEOHILWG
$UWDJQDQ
2UFRQWLQXD$UDPLVFRPPHOHVGDPHVQHYLUHQWSDVUHYHQLUOHXUFKDQWHXUHW
TX
RQOHWURXYDUXH3D\HQQHDYHFXQJUDQGFRXSG
pSpHDXWUDYHUVGXFRUSVRQ
SHQVDTXHF
pWDLWPRLTXLO
DYDLWDFFRPPRGpDLQVLHWODFKRVHILWVFDQGDOH-H
IXVGRQFSRXUTXHOTXHWHPSVIRUFpGHUHQRQFHUjODVRXWDQH$WKRVGRQWMHILV
ODFRQQDLVVDQFHjFHWWHpSRTXHHW3RUWKRVTXLP
DYDLWHQGHKRUVGHPHVOHoRQV
G
HVFULPHDSSULVTXHOTXHVERWWHVJDLOODUGHVPHGpFLGqUHQWjGHPDQGHUXQH
FDVDTXHGHPRXVTXHWDLUH/HURLDYDLWIRUWDLPpPRQSqUHWXpDXVLqJHG
$UUDV
HWO
RQP
DFFRUGDFHWWHFDVDTXH9RXVFRPSUHQH]GRQFTX
DXMRXUG
KXLOHPRPHQW
HVWYHQXSRXUPRLGHUHQWUHUGDQVOHVHLQGHO
(JOLVH
(WSRXUTXRLDXMRXUG
KXLSOXW{WTX
KLHUHWTXHGHPDLQ"4XHYRXVHVWLOGRQF

DUULYpDXMRXUG
KXLTXLYRXVGRQQHGHVLPpFKDQWHVLGpHV"
&HWWHEOHVVXUHPRQFKHUG
$UWDJQDQP
DpWpXQDYHUWLVVHPHQWGX&LHO
&HWWHEOHVVXUH"EDKHOOHHVWjSHXSUqVJXpULHHWMHVXLVVU
TX
DXMRXUG
KXLFHQ
HVWSDVFHOOHOjTXLYRXVIDLWOHSOXVVRXIIULU
(WODTXHOOH"GHPDQGD$UDPLVHQURXJLVVDQW
9RXVHQDYH]XQHDXFRHXU$UDPLVXQHSOXVYLYHHWSOXVVDQJODQWHXQH
EOHVVXUHIDLWHSDUXQHIHPPH
/
RHLOG
$UDPLVpWLQFHODPDOJUpOXL
$KGLWLOHQGLVVLPXODQWVRQpPRWLRQVRXVXQHIHLQWHQpJOLJHQFHQHSDUOH]
SDVGHFHVFKRVHVOjPRLSHQVHUjFHVFKRVHVOjDYRLUGHVFKDJULQVG
DPRXU
"9DQLWDVYDQLWDWXP0HVHUDLVMHGRQFjYRWUHDYLVUHWRXUQpODFHUYHOOHHW
SRXUTXL"SRXUTXHOTXHJULVHWWHSRXUTXHOTXHILOOHGHFKDPEUHjTXLM
DXUDLV
IDLWODFRXUGDQVXQHJDUQLVRQIL
3DUGRQPRQFKHU$UDPLVPDLVMHFUR\DLVTXHYRXVSRUWLH]YRVYLVpHVSOXV
KDXW
3OXVKDXW"HWTXHVXLVMHSRXUDYRLUWDQWG
DPELWLRQ"XQSDXYUH
PRXVTXHWDLUHIRUWJXHX[HWIRUWREVFXUTXLKDLWOHVVHUYLWXGHVHWVHWURXYH
JUDQGHPHQWGpSODFpGDQVOHPRQGH
$UDPLV$UDPLVV
pFULDG
$UWDJQDQHQUHJDUGDQWVRQDPLDYHFXQDLUGH
GRXWH
3RXVVLqUHMHUHQWUHGDQVODSRXVVLqUH/DYLHHVWSOHLQHG
KXPLOLDWLRQVHW
GHGRXOHXUVFRQWLQXDWLOHQV
DVVRPEULVVDQWWRXVOHVILOVTXLODUDWWDFKHQW
DXERQKHXUVHURPSHQWWRXUjWRXUGDQVODPDLQGHO
KRPPHVXUWRXWOHVILOV
G
RU2PRQFKHUG
$UWDJQDQUHSULW$UDPLVHQGRQQDQWjVDYRL[XQHOpJqUH
WHLQWHG
DPHUWXPHFUR\H]PRLFDFKH]ELHQYRVSODLHVTXDQGYRXVHQDXUH]/H
VLOHQFHHVWODGHUQLqUHMRLHGHVPDOKHXUHX[JDUGH]YRXVGHPHWWUHTXLTXHFH
VRLWVXUODWUDFHGHYRVGRXOHXUVOHVFXULHX[SRPSHQWQRVODUPHVFRPPHOHV
PRXFKHVIRQWGXVDQJG
XQGDLPEOHVVp
+pODVPRQFKHU$UDPLVGLWG
$UWDJQDQHQSRXVVDQWjVRQWRXUXQSURIRQG
VRXSLUF
HVWPRQKLVWRLUHjPRLPrPHTXHYRXVIDLWHVOj
&RPPHQW"
2XLXQHIHPPHTXHM
DLPDLVTXHM
DGRUDLVYLHQWGHP
rWUHHQOHYpHGHIRUFH
-HQHVDLVSDVRHOOHHVWRRQO
DFRQGXLWHHOOHHVWSHXWrWUHSULVRQQLqUH
HOOHHVWSHXWrWUHPRUWH
0DLVYRXVDYH]DXPRLQVODFRQVRODWLRQGHYRXVGLUHTX
HOOHQHYRXVDSDV
TXLWWpYRORQWDLUHPHQWTXHVLYRXVQ
DYH]SRLQWGHVHVQRXYHOOHVF
HVWTXH
WRXWHFRPPXQLFDWLRQDYHFYRXVOXLHVWLQWHUGLWHWDQGLVTXH
7DQGLVTXH

5LHQUHSULW$UDPLVULHQ
$LQVLYRXVUHQRQFH]jMDPDLVDXPRQGHF
HVWXQSDUWLSULVXQHUpVROXWLRQ
DUUrWpH"
$WRXWMDPDLV9RXVrWHVPRQDPLDXMRXUG
KXLGHPDLQYRXVQHVHUH]SOXVSRXU
PRLTX
XQHRPEUHRSOXW{WPrPHYRXVQ
H[LVWHUH]SOXV4XDQWDXPRQGHF
HVW
XQVpSXOFUHHWSDVDXWUHFKRVH
'LDEOHF
HVWIRUWWULVWHFHTXHYRXVPHGLWHVOj
4XHYRXOH]YRXVPDYRFDWLRQP
DWWLUHHOOHP
HQOqYH
'
$UWDJQDQVRXULWHWQHUpSRQGLWSRLQW$UDPLVFRQWLQXD
(WFHSHQGDQWWDQGLVTXHMHWLHQVHQFRUHjODWHUUHM
HXVVHYRXOXYRXVSDUOHU
GHYRXVGHQRVDPLV
(WPRLGLWG
$UWDJQDQM
HXVVHYRXOXYRXVSDUOHUGHYRXVPrPHPDLVMHYRXV
YRLVVLGpWDFKpGHWRXWOHVDPRXUVYRXVHQIDLWHVILOHVDPLVVRQWGHV
RPEUHVOHPRQGHHVWXQVpSXOFUH
+pODVYRXVOHYHUUH]SDUYRXVPrPHGLW$UDPLVDYHFXQVRXSLU
1
HQSDUORQVGRQFSOXVGLWG
$UWDJQDQHWEUORQVFHWWHOHWWUHTXLVDQV
GRXWHYRXVDQQRQoDLWTXHOTXHQRXYHOOHLQILGpOLWpGHYRWUHJULVHWWHRXGHYRWUH
ILOOHGHFKDPEUH
4XHOOHOHWWUH"V
pFULDYLYHPHQW$UDPLV
8QHOHWWUHTXLpWDLWYHQXHFKH]YRXVHQYRWUHDEVHQFHHWTX
RQP
DUHPLVH
SRXUYRXV
0DLVGHTXLFHWWHOHWWUH"
$KGHTXHOTXHVXLYDQWHpSORUpHGHTXHOTXHJULVHWWHDXGpVHVSRLUODILOOH
GHFKDPEUHGH0PHGH&KHYUHXVHSHXWrWUHTXLDXUDpWpREOLJpHGHUHWRXUQHUj
7RXUVDYHFVDPDvWUHVVHHWTXLSRXUVHIDLUHSLPSDQWHDXUDSULVGXSDSLHU
SDUIXPpHWDXUDFDFKHWpVDOHWWUHDYHFXQHFRXURQQHGHGXFKHVVH
4XHGLWHVYRXVOj"
7LHQVMHO
DXUDLSHUGXHGLWVRXUQRLVHPHQWOHMHXQHKRPPHHQIDLVDQW
VHPEODQWGHFKHUFKHU+HXUHXVHPHQWTXHOHPRQGHHVWXQVpSXOFUHTXHOHVKRPPHV
HWSDUFRQVpTXHQWOHVIHPPHVVRQWGHVRPEUHVTXHO
DPRXUHVWXQVHQWLPHQWGRQW
YRXVIDLWHVIL
$KG
$UWDJQDQG
$UWDJQDQV
pFULD$UDPLVWXPHIDLVPRXULU
(QILQODYRLFLGLWG
$UWDJQDQ
(WLOWLUDODOHWWUHGHVDSRFKH

$UDPLVILWXQERQGVDLVLWODOHWWUHODOXWRXSOXW{WODGpYRUDVRQYLVDJH
UD\RQQDLW
,OSDUDvWTXHODVXLYDQWHjXQEHDXVW\OHGLWQRQFKDODPPHQWOHPHVVDJHU
0HUFLG
$UWDJQDQV
pFULD$UDPLVSUHVTXHHQGpOLUH(OOHDpWpIRUFpHGH
UHWRXUQHUj7RXUVHOOHQHP
HVWSDVLQILGqOHHOOHP
DLPHWRXMRXUV9LHQVPRQ
DPLYLHQVTXHMHW
HPEUDVVHOHERQKHXUP
pWRXIIH
(WOHVGHX[DPLVVHPLUHQWjGDQVHUDXWRXUGXYpQpUDEOHVDLQW&KU\VRVWRPH
SLpWLQDQWEUDYHPHQWOHVIHXLOOHWVGHODWKqVHTXLDYDLHQWURXOpVXUOHSDUTXHW
(QFHPRPHQW%D]LQHQWUDLWDYHFOHVpSLQDUGVHWO
RPHOHWWH
)XLVPDOKHXUHX[V
pFULD$UDPLVHQOXLMHWDQWVDFDORWWHDXYLVDJH
UHWRXUQHG
RWXYLHQVUHPSRUWHFHVKRUULEOHVOpJXPHVHWFHWDIIUHX[HQWUHPHWV
GHPDQGHXQOLqYUHSLTXpXQFKDSRQJUDVXQJLJRWjO
DLOHWTXDWUHERXWHLOOHV
GHYLHX[ERXUJRJQH
%D]LQTXLUHJDUGDLWVRQPDvWUHHWTXLQHFRPSUHQDLWULHQjFHFKDQJHPHQW
ODLVVDPpODQFROLTXHPHQWJOLVVHUO
RPHOHWWHGDQVOHVpSLQDUGVHWOHVpSLQDUGV
VXUOHSDUTXHW
9RLOjOHPRPHQWGHFRQVDFUHUYRWUHH[LVWHQFHDX5RLGHV5RLVGLWG
$UWDJQDQ
VLYRXVWHQH]jOXLIDLUHXQHSROLWHVVH1RQLQXWLOHGHVLGHULXPLQREODWLRQH
$OOH]YRXVHQDXGLDEOHDYHFYRWUHODWLQ0RQFKHUG
$UWDJQDQEXYRQV
PRUEOHXEXYRQVIUDLVEXYRQVEHDXFRXSHWUDFRQWH]PRLXQSHXFHTX
RQIDLW
OjEDV

&KDSLWUH;;9,,
/$)(00('$7+26

,OUHVWHPDLQWHQDQWjVDYRLUGHVQRXYHOOHVG
$WKRVGLWG
$UWDJQDQDX
IULQJDQW$UDPLVTXDQGLOO
HXWPLVDXFRXUDQWGHFHTXLV
pWDLWSDVVpGDQVOD
FDSLWDOHGHSXLVOHXUGpSDUWHWTX
XQH[FHOOHQWGvQHUOHXUHXWIDLWRXEOLHUj
O
XQVDWKqVHjO
DXWUHVDIDWLJXH
&UR\H]YRXVGRQFTX
LOOXLVRLWDUULYpPDOKHXU"GHPDQGD$UDPLV$WKRVHVWVL
IURLGVLEUDYHHWPDQLHVLKDELOHPHQWVRQpSpH
2XLVDQVGRXWHHWSHUVRQQHQHUHFRQQDvWPLHX[TXHPRLOHFRXUDJHHW
O
DGUHVVHG
$WKRVPDLVM
DLPHPLHX[VXUPRQpSpHOHFKRFGHVODQFHVTXHFHOXL
GHVEkWRQVMHFUDLQVTX
$WKRVQ
DLWpWppWULOOpSDUGHODYDOHWDLOOHOHV
YDOHWVVRQWJHQVTXLIUDSSHQWIRUWHWQHILQLVVHQWSDVW{W9RLOjSRXUTXRLMH
YRXVO
DYRXHMHYRXGUDLVUHSDUWLUOHSOXVW{WSRVVLEOH

-HWkFKHUDLGHYRXVDFFRPSDJQHUGLW$UDPLVTXRLTXHMHQHPHVHQWHJXqUHHQ
pWDWGHPRQWHUjFKHYDO+LHUM
HVVD\DLGHODGLVFLSOLQHTXHYRXVYR\H]VXUFH
PXUHWODGRXOHXUP
HPSrFKDGHFRQWLQXHUFHSLHX[H[HUFLFH
&
HVWTX
DXVVLPRQFKHUDPLRQQ
DMDPDLVYXHVVD\HUGHJXpULUXQFRXS
G
HVFRSHWWHDYHFGHVFRXSVGHPDUWLQHWPDLVYRXVpWLH]PDODGHHWODPDODGLH
UHQGODWrWHIDLEOHFHTXLIDLWTXHMHYRXVH[FXVH
(WTXDQGSDUWH]YRXV"
'HPDLQDXSRLQWGXMRXUUHSRVH]YRXVGHYRWUHPLHX[FHWWHQXLWHWGHPDLQ
VLYRXVOHSRXYH]QRXVSDUWLURQVHQVHPEOH
$GHPDLQGRQFGLW$UDPLVFDUWRXWGHIHUTXHYRXVrWHVYRXVGHYH]DYRLU
EHVRLQGHUHSRV
/HOHQGHPDLQORUVTXHG
$UWDJQDQHQWUDFKH]$UDPLVLOOHWURXYDjVDIHQrWUH
4XHUHJDUGH]YRXVGRQFOj"GHPDQGDG
$UWDJQDQ
0DIRL-
DGPLUHFHVWURLVPDJQLILTXHVFKHYDX[TXHOHVJDUoRQVG
pFXULH
WLHQQHQWHQEULGHF
HVWXQSODLVLUGHSULQFHTXHGHYR\DJHUVXUGHSDUHLOOHV
PRQWXUHV
(KELHQPRQFKHU$UDPLVYRXVYRXVGRQQHUH]FHSODLVLUOjFDUO
XQGHFHV
FKHYDX[HVWjYRXV
$KEDKHWOHTXHO"
&HOXLGHVWURLVTXHYRXVYRXGUH]MHQ
DLSDVGHSUpIpUHQFH
(WOHULFKHFDSDUDoRQTXLOHFRXYUHHVWjPRLDXVVL"
6DQVGRXWH
9RXVYRXOH]ULUHG
$UWDJQDQ
-HQHULVSOXVGHSXLVTXHYRXVSDUOH]IUDQoDLV
&
HVWSRXUPRLFHVIRQWHVGRUpHVFHWWHKRXVVHGHYHORXUVFHWWHVHOOH
FKHYLOOpHG
DUJHQW"
$YRXVPrPHFRPPHOHFKHYDOTXLSLDIIHHVWjPRLFRPPHFHWDXWUHFKHYDOTXL
FDUDFROHHVWj$WKRV
3HVWHFHVRQWWURLVErWHVVXSHUEHV
-HVXLVIODWWpTX
HOOHVVRLHQWGHYRWUHJRW
&
HVWGRQFOHURLTXLYRXVDIDLWFHFDGHDXOj"
$FRXSVUFHQ
HVWSRLQWOHFDUGLQDOPDLVQHYRXVLQTXLpWH]SDVG
RLOV
YLHQQHQWHWVRQJH]VHXOHPHQWTX
XQGHVWURLVHVWYRWUHSURSULpWp

-HSUHQGVFHOXLTXHWLHQWOHYDOHWURX[
$PHUYHLOOH
9LYH'LHXV
pFULD$UDPLVYRLOjTXLPHIDLWSDVVHUOHUHVWHGHPDGRXOHXU
MHPRQWHUDLVOjGHVVXVDYHFWUHQWHEDOOHVGDQVOHFRUSV$KVXUPRQkPHOHV
EHDX[pWULHUV+ROj%D]LQYHQH]ojHWjO
LQVWDQWPrPH
%D]LQDSSDUXWPRUQHHWODQJXLVVDQWVXUOHVHXLOGHODSRUWH
)RXUELVVH]PRQpSpHUHGUHVVH]PRQIHXWUHEURVVH]PRQPDQWHDXHWFKDUJH]PHV
SLVWROHWVGLW$UDPLV
&HWWHGHUQLqUHUHFRPPDQGDWLRQHVWLQXWLOHLQWHUURPSLWG
$UWDJQDQLO\D
GHVSLVWROHWVFKDUJpVGDQVYRVIRQWHV
%D]LQVRXSLUD
$OORQVPDvWUH%D]LQWUDQTXLOOLVH]YRXVGLWG
$UWDJQDQRQJDJQHOHUR\DXPH
GHVFLHX[GDQVWRXWHVOHVFRQGLWLRQV
0RQVLHXUpWDLWGpMjVLERQWKpRORJLHQGLW%D]LQSUHVTXHODUPR\DQWLOIW
GHYHQXpYrTXHHWSHXWrWUHFDUGLQDO
(KELHQPRQSDXYUH%D]LQYR\RQVUpIOpFKLVXQSHXjTXRLVHUWG
rWUH
KRPPHG
(JOLVHMHWHSULH"RQQ
pYLWHSDVSRXUFHODG
DOOHUIDLUHODJXHUUH
WXYRLVELHQTXHOHFDUGLQDOYDIDLUHODSUHPLqUHFDPSDJQHDYHFOHSRWHQWrWH
HWODSHUWXLVDQHDXSRLQJHW0GH1RJDUHWGH/D9DOHWWHTX
HQGLVWX"LO
HVWFDUGLQDODXVVLGHPDQGHjVRQODTXDLVFRPELHQGHIRLVLOOXLDIDLWGHOD
FKDUSLH
+pODVVRXSLUD%D]LQMHOHVDLV0RQVLHXUWRXWHVWERXOHYHUVpGDQVOH
PRQGHDXMRXUG
KXL
3HQGDQWFHWHPSVOHVGHX[MHXQHVJHQVHWOHSDXYUHODTXDLVpWDLHQWGHVFHQGXV
7LHQVPRLO
pWULHU%D]LQGLW$UDPLV
(W$UDPLVV
pODQoDHQVHOOHDYHFVDJUkFHHWVDOpJqUHWpRUGLQDLUHPDLVDSUqV
TXHOTXHVYROWHVHWTXHOTXHVFRXUEHWWHVGXQREOHDQLPDOVRQFDYDOLHUUHVVHQWLW
GHVGRXOHXUVWHOOHPHQWLQVXSSRUWDEOHVTX
LOSkOLWHWFKDQFHOD'
$UWDJQDQTXL
GDQVODSUpYLVLRQGHFHWDFFLGHQWQHO
DYDLWSDVSHUGXGHV\HX[V
pODQoDYHUV
OXLOHUHWLQWGDQVVHVEUDVHWOHFRQGXLVLWjVDFKDPEUH
&
HVWELHQPRQFKHU$UDPLVVRLJQH]YRXVGLWLOM
LUDLVHXOjODUHFKHUFKH
G
$WKRV
9RXVrWHVXQKRPPHG
DLUDLQOXLGLW$UDPLV
1RQM
DLGXERQKHXUYRLOjWRXWPDLVFRPPHQWDOOH]YRXVYLYUHHQ
P
DWWHQGDQW"SOXVGHWKqVHSOXVGHJORVHVXUOHVGRLJWVHWOHVEpQpGLFWLRQV
KHLQ"

$UDPLVVRXULW
-HIHUDLGHVYHUVGLWLO
2XLGHVYHUVSDUIXPpVjO
RGHXUGXELOOHWGHODVXLYDQWHGH0PHGH
&KHYUHXVH(QVHLJQH]GRQFODSURVRGLHj%D]LQFHODOHFRQVROHUD4XDQWDX
FKHYDOPRQWH]OHWRXVOHVMRXUVXQSHXHWFHODYRXVKDELWXHUDDX[PDQRHXYUHV
2KSRXUFHODVR\H]WUDQTXLOOHGLW$UDPLVYRXVPHUHWURXYHUH]SUrWjYRXV
VXLYUH
,OVVHGLUHQWDGLHXHWGL[PLQXWHVDSUqVG
$UWDJQDQDSUqVDYRLUUHFRPPDQGp
VRQDPLj%D]LQHWjO
K{WHVVHWURWWDLWGDQVODGLUHFWLRQG
$PLHQV
&RPPHQWDOODLWLOUHWURXYHU$WKRVHWPrPHOHUHWURXYHUDLWLO"
/DSRVLWLRQGDQVODTXHOOHLOO
DYDLWODLVVppWDLWFULWLTXHLOSRXYDLWELHQ
DYRLUVXFFRPEp&HWWHLGpHHQDVVRPEULVVDQWVRQIURQWOXLDUUDFKDTXHOTXHV
VRXSLUVHWOXLILWIRUPXOHUWRXWEDVTXHOTXHVVHUPHQWVGHYHQJHDQFH'HWRXVVHV
DPLV$WKRVpWDLWOHSOXVkJpHWSDUWDQWOHPRLQVUDSSURFKpHQDSSDUHQFHGHVHV
JRWVHWGHVHVV\PSDWKLHV
&HSHQGDQWLODYDLWSRXUFHJHQWLOKRPPHXQHSUpIpUHQFHPDUTXpH/
DLUQREOHHW
GLVWLQJXpG
$WKRVFHVpFODLUVGHJUDQGHXUTXLMDLOOLVVDLHQWGHWHPSVHQWHPSV
GHO
RPEUHRLOVHWHQDLWYRORQWDLUHPHQWHQIHUPpFHWWHLQDOWpUDEOHpJDOLWp
G
KXPHXUTXLHQIDLVDLWOHSOXVIDFLOHFRPSDJQRQGHODWHUUHFHWWHJDLHWp
IRUFpHHWPRUGDQWHFHWWHEUDYRXUHTX
RQHWDSSHOpHDYHXJOHVLHOOHQ
HWpWp
OHUpVXOWDWGXSOXVUDUHVDQJIURLGWDQWGHTXDOLWpVDWWLUDLHQWSOXVTXH
O
HVWLPHSOXVTXHO
DPLWLpGHG
$UWDJQDQHOOHVDWWLUDLHQWVRQDGPLUDWLRQ
(QHIIHWFRQVLGpUpPrPHDXSUqVGH0GH7UpYLOOHO
pOpJDQWHWQREOHFRXUWLVDQ
$WKRVGDQVVHVMRXUVGHEHOOHKXPHXUSRXYDLWVRXWHQLUDYDQWDJHXVHPHQWOD
FRPSDUDLVRQLOpWDLWGHWDLOOHPR\HQQHPDLVFHWWHWDLOOHpWDLWVL
DGPLUDEOHPHQWSULVHHWVLELHQSURSRUWLRQQpHTXHSOXVG
XQHIRLVGDQVVHV
OXWWHVDYHF3RUWKRVLODYDLWIDLWSOLHUOHJpDQWGRQWODIRUFHSK\VLTXHpWDLW
GHYHQXHSURYHUELDOHSDUPLOHVPRXVTXHWDLUHVVDWrWHDX[\HX[SHUoDQWVDXQH]
GURLWDXPHQWRQGHVVLQpFRPPHFHOXLGH%UXWXVDYDLWXQFDUDFWqUH
LQGpILQLVVDEOHGHJUDQGHXUHWGHJUkFHVHVPDLQVGRQWLOQHSUHQDLWDXFXQ
VRLQIDLVDLHQWOHGpVHVSRLUG
$UDPLVTXLFXOWLYDLWOHVVLHQQHVjJUDQGUHQIRUW
GHSkWHG
DPDQGHVHWG
KXLOHSDUIXPpHOHVRQGHVDYRL[pWDLWSpQpWUDQWHW
PpORGLHX[WRXWjODIRLVHWSXLVFHTX
LO\DYDLWG
LQGpILQLVVDEOHGDQV$WKRV
TXLVHIDLVDLWWRXMRXUVREVFXUHWSHWLWF
pWDLWFHWWHVFLHQFHGpOLFDWHGXPRQGH
HWGHVXVDJHVGHODSOXVEULOODQWHVRFLpWpFHWWHKDELWXGHGHERQQHPDLVRQTXL
SHUoDLWFRPPHjVRQLQVXGDQVVHVPRLQGUHVDFWLRQV
6
DJLVVDLWLOG
XQUHSDV$WKRVO
RUGRQQDLWPLHX[TX
DXFXQKRPPHGXPRQGH
SODoDQWFKDTXHFRQYLYHjODSODFHHWDXUDQJTXHOXLDYDLHQWIDLWVVHVDQFrWUHV
RXTX
LOV
pWDLWIDLWVOXLPrPH6
DJLVVDLWLOGHVFLHQFHKpUDOGLTXH$WKRV
FRQQDLVVDLWWRXWHVOHVIDPLOOHVQREOHVGXUR\DXPHOHXUJpQpDORJLHOHXUV
DOOLDQFHVOHXUVDUPHVHWO
RULJLQHGHOHXUVDUPHV/
pWLTXHWWHQ
DYDLWSDVGH
PLQXWLHVTXLOXLIXVVHQWpWUDQJqUHVLOVDYDLWTXHOVpWDLHQWOHVGURLWVGHV
JUDQGVSURSULpWDLUHVLOFRQQDLVVDLWjIRQGODYpQHULHHWODIDXFRQQHULHHWXQ

MRXULODYDLWHQFDXVDQWGHFHJUDQGDUWpWRQQpOHURL/RXLV;,,,OXLPrPH
TXLFHSHQGDQW\pWDLWSDVVpPDvWUH
&RPPHWRXVOHVJUDQGVVHLJQHXUVGHFHWWHpSRTXHLOPRQWDLWjFKHYDOHWIDLVDLW
GHVDUPHVGDQVODSHUIHFWLRQ,O\DSOXVVRQpGXFDWLRQDYDLWpWpVLSHX
QpJOLJpHPrPHVRXVOHUDSSRUWGHVpWXGHVVFRODVWLTXHVVLUDUHVjFHWWHpSRTXH
FKH]OHVJHQWLOVKRPPHVTX
LOVRXULDLWDX[EULEHVGHODWLQTXHGpWDFKDLW$UDPLV
HWTX
DYDLWO
DLUGHFRPSUHQGUH3RUWKRVGHX[RXWURLVIRLVPrPHDXJUDQG
pWRQQHPHQWGHVHVDPLVLOOXLpWDLWDUULYpORUVTXH$UDPLVODLVVDLWpFKDSSHU
TXHOTXHHUUHXUGHUXGLPHQWGHUHPHWWUHXQYHUEHjVRQWHPSVHWXQQRPjVRQ
FDV(QRXWUHVDSURELWppWDLWLQDWWDTXDEOHGDQVFHVLqFOHROHVKRPPHVGH
JXHUUHWUDQVLJHDLHQWVLIDFLOHPHQWDYHFOHXUUHOLJLRQHWOHXUFRQVFLHQFHOHV
DPDQWVDYHFODGpOLFDWHVVHULJRXUHXVHGHQRVMRXUVHWOHVSDXYUHVDYHFOH
VHSWLqPHFRPPDQGHPHQWGH'LHX&
pWDLWGRQFXQKRPPHIRUWH[WUDRUGLQDLUH
TX
$WKRV
(WFHSHQGDQWRQYR\DLWFHWWHQDWXUHVLGLVWLQJXpHFHWWHFUpDWXUHVLEHOOH
FHWWHHVVHQFHVLILQHWRXUQHULQVHQVLEOHPHQWYHUVODYLHPDWpULHOOHFRPPHOHV
YLHLOODUGVWRXUQHQWYHUVO
LPEpFLOOLWpSK\VLTXHHWPRUDOH$WKRVGDQVVHV
KHXUHVGHSULYDWLRQHWFHVKHXUHVpWDLHQWIUpTXHQWHVV
pWHLJQDLWGDQVWRXWHVD
SDUWLHOXPLQHXVHHWVRQF{WpEULOODQWGLVSDUDLVVDLWFRPPHGDQVXQHSURIRQGH
QXLW
$ORUVOHGHPLGLHXpYDQRXLLOUHVWDLWjSHLQHXQKRPPH/DWrWHEDVVHO
RHLO
WHUQHODSDUROHORXUGHHWSpQLEOH$WKRVUHJDUGDLWSHQGDQWGHORQJXHVKHXUHV
VRLWVDERXWHLOOHHWVRQYHUUHVRLW*ULPDXGTXLKDELWXpjOXLREpLUSDU
VLJQHVOLVDLWGDQVOHUHJDUGDWRQHGHVRQPDvWUHMXVTX
jVRQPRLQGUHGpVLU
TX
LOVDWLVIDLVDLWDXVVLW{W/DUpXQLRQGHVTXDWUHDPLVDYDLWHOOHOLHXGDQVXQ
GHFHVPRPHQWVOjXQPRWpFKDSSpDYHFXQYLROHQWHIIRUWpWDLWWRXWOH
FRQWLQJHQWTX
$WKRVIRXUQLVVDLWjODFRQYHUVDWLRQ(QpFKDQJH$WKRVjOXLVHXO
EXYDLWFRPPHTXDWUHHWFHODVDQVTX
LO\SDUWDXWUHPHQWTXHSDUXQIURQFHPHQW
GHVRXUFLOSOXVLQGLTXpHWSDUXQHWULVWHVVHSOXVSURIRQGH
'
$UWDJQDQGRQWQRXVFRQQDLVVRQVO
HVSULWLQYHVWLJDWHXUHWSpQpWUDQWQ
DYDLW
TXHOTXHLQWpUrWTX
LOHWjVDWLVIDLUHVDFXULRVLWpVXUFHVXMHWSXHQFRUH
DVVLJQHUDXFXQHFDXVHjFHPDUDVPHQLHQQRWHUOHVRFFXUUHQFHV-DPDLV$WKRVQH
UHFHYDLWGHOHWWUHVMDPDLV$WKRVQHIDLVDLWDXFXQHGpPDUFKHTXLQHIWFRQQXH
GHWRXVVHVDPLV
2QQHSRXYDLWGLUHTXHFHIWOHYLQTXLOXLGRQQkWFHWWHWULVWHVVHFDUDX
FRQWUDLUHLOQHEXYDLWTXHSRXUFRPEDWWUHFHWWHWULVWHVVHTXHFHUHPqGHFRPPH
QRXVO
DYRQVGLWUHQGDLWSOXVVRPEUHHQFRUH2QQHSRXYDLWDWWULEXHUFHWH[FqV
G
KXPHXUQRLUHDXMHXFDUDXFRQWUDLUHGH3RUWKRVTXLDFFRPSDJQDLWGHVHV
FKDQWVRXGHVHVMXURQVWRXWHVOHVYDULDWLRQVGHODFKDQFH$WKRVORUVTX
LO
DYDLWJDJQpGHPHXUDLWDXVVLLPSDVVLEOHTXHORUVTX
LODYDLWSHUGX2QO
DYDLW
YXDXFHUFOHGHVPRXVTXHWDLUHVJDJQHUXQVRLUWURLVPLOOHSLVWROHVOHVSHUGUH
MXVTX
DXFHLQWXURQEURGpG
RUGHVMRXUVGHJDODUHJDJQHUWRXWFHODSOXVFHQW
ORXLVVDQVTXHVRQEHDXVRXUFLOQRLUHWKDXVVpRXEDLVVpG
XQHGHPLOLJQH
VDQVTXHVHVPDLQVHXVVHQWSHUGXOHXUQXDQFHQDFUpHVDQVTXHVDFRQYHUVDWLRQ
TXLpWDLWDJUpDEOHFHVRLUOjHWFHVVpG
rWUHFDOPHHWDJUpDEOH
&HQ
pWDLWSDVQRQSOXVFRPPHFKH]QRVYRLVLQVOHV$QJODLVXQHLQIOXHQFH
DWPRVSKpULTXHTXLDVVRPEULVVDLWVRQYLVDJHFDUFHWWHWULVWHVVHGHYHQDLWSOXV

LQWHQVHHQJpQpUDOYHUVOHVEHDX[MRXUVGHO
DQQpHMXLQHWMXLOOHWpWDLHQWOHV
PRLVWHUULEOHVG
$WKRV
3RXUOHSUpVHQWLOQ
DYDLWSDVGHFKDJULQLOKDXVVDLWOHVpSDXOHVTXDQGRQOXL
SDUODLWGHO
DYHQLUVRQVHFUHWpWDLWGRQFGDQVOHSDVVpFRPPHRQO
DYDLWGLW
YDJXHPHQWjG
$UWDJQDQ
&HWWHWHLQWHP\VWpULHXVHUpSDQGXHVXUWRXWHVDSHUVRQQHUHQGDLWHQFRUHSOXV
LQWpUHVVDQWO
KRPPHGRQWMDPDLVOHV\HX[QLODERXFKHGDQVO
LYUHVVHODSOXV
FRPSOqWHQ
DYDLHQWULHQUpYpOpTXHOOHTXHIWO
DGUHVVHGHVTXHVWLRQVGLULJpHV
FRQWUHOXL
(KELHQSHQVDLWG
$UWDJQDQOHSDXYUH$WKRVHVWSHXWrWUHPRUWjFHWWHKHXUH
HWPRUWSDUPDIDXWHFDUF
HVWPRLTXLO
DLHQWUDvQpGDQVFHWWHDIIDLUHGRQW
LOLJQRUDLWO
RULJLQHGRQWLOLJQRUHUDOHUpVXOWDWHWGRQWLOQHGHYDLWWLUHU
DXFXQSURILW
6DQVFRPSWHU0RQVLHXUUpSRQGDLW3ODQFKHWTXHQRXVOXLGHYRQVSUREDEOHPHQW
ODYLH9RXVUDSSHOH]YRXVFRPPHLODFULp$XODUJHG
$UWDJQDQMHVXLV
SULV(WDSUqVDYRLUGpFKDUJpVHVGHX[SLVWROHWVTXHOEUXLWWHUULEOHLO
IDLVDLWDYHFVRQpSpH2QHWGLWYLQJWKRPPHVRXSOXW{WYLQJWGLDEOHVHQUDJpV

(WFHVPRWVUHGRXEODLHQWO
DUGHXUGHG
$UWDJQDQTXLH[FLWDLWVRQFKHYDOOHTXHO
Q
D\DQWSDVEHVRLQG
rWUHH[FLWpHPSRUWDLWVRQFDYDOLHUDXJDORS
9HUVRQ]HKHXUHVGXPDWLQRQDSHUoXW$PLHQVjRQ]HKHXUHVHWGHPLHRQpWDLW
jODSRUWHGHO
DXEHUJHPDXGLWH
'
$UWDJQDQDYDLWVRXYHQWPpGLWpFRQWUHO
K{WHSHUILGHXQHGHFHVERQQHV
YHQJHDQFHVTXLFRQVROHQWULHQTX
HQHVSpUDQFH,OHQWUDGRQFGDQVO
K{WHOOHULH
OHIHXWUHVXUOHV\HX[ODPDLQJDXFKHVXUOHSRPPHDXGHO
pSpHHWIDLVDQW
VLIIOHUVDFUDYDFKHGHODPDLQGURLWH
0HUHFRQQDLVVH]YRXV"GLWLOjO
K{WHTXLV
DYDQoDLWSRXUOHVDOXHU
-HQ
DLSDVFHWKRQQHXU0RQVHLJQHXUUpSRQGLWFHOXLFLOHV\HX[HQFRUH
pEORXLVGXEULOODQWpTXLSDJHDYHFOHTXHOG
$UWDJQDQVHSUpVHQWDLW
$KYRXVQHPHFRQQDLVVH]SDV
1RQ0RQVHLJQHXU
(KELHQGHX[PRWVYRQWYRXVUHQGUHODPpPRLUH4X
DYH]YRXVIDLWGHFH
JHQWLOKRPPHjTXLYRXVHWHVO
DXGDFHYRLFLTXLQ]HMRXUVSDVVpVjSHXSUqV
G
LQWHQWHUXQHDFFXVDWLRQGHIDXVVHPRQQDLH"
/
K{WHSkOLWFDUG
$UWDJQDQDYDLWSULVO
DWWLWXGHODSOXVPHQDoDQWHHW
3ODQFKHWVHPRGHODLWVXUVRQPDvWUH
$K0RQVHLJQHXUQHP
HQSDUOH]SDVV
pFULDO
K{WHGHVRQWRQGHYRL[OH
SOXVODUPR\DQWDK6HLJQHXUFRPELHQM
DLSD\pFHWWHIDXWH$KPDOKHXUHX[
TXHMHVXLV

&HJHQWLOKRPPHYRXVGLVMHTX
HVWLOGHYHQX"
'DLJQH]P
pFRXWHU0RQVHLJQHXUHWVR\H]FOpPHQW9R\RQVDVVH\H]YRXVSDU
JUkFH
'
$UWDJQDQPXHWGHFROqUHHWG
LQTXLpWXGHV
DVVLWPHQDoDQWFRPPHXQMXJH
3ODQFKHWV
DGRVVDILqUHPHQWjVRQIDXWHXLO
9RLFLO
KLVWRLUH0RQVHLJQHXUUHSULWO
K{WHWRXWWUHPEODQWFDUMHYRXV
UHFRQQDLVjFHWWHKHXUHF
HVWYRXVTXLrWHVSDUWLTXDQGM
HXVFHPDOKHXUHX[
GpPrOpDYHFFHJHQWLOKRPPHGRQWYRXVSDUOH]
2XLF
HVWPRLDLQVLYRXVYR\H]ELHQTXHYRXVQ
DYH]SDVGHJUkFHj
DWWHQGUHVLYRXVQHGLWHVSDVWRXWHODYpULWp
$XVVLYHXLOOH]P
pFRXWHUHWYRXVODVDXUH]WRXWHQWLqUH
-
pFRXWH
-
DYDLVpWpSUpYHQXSDUOHVDXWRULWpVTX
XQIDX[PRQQD\HXUFpOqEUHDUULYHUDLW
jPRQDXEHUJHDYHFSOXVLHXUVGHVHVFRPSDJQRQVWRXVGpJXLVpVVRXVOHFRVWXPHGH
JDUGHVRXGHPRXVTXHWDLUHV9RVFKHYDX[YRVODTXDLVYRWUHILJXUH
0HVVHLJQHXUVWRXWP
DYDLWpWpGpSHLQW
$SUqVDSUqV"GLWG
$UWDJQDQTXLUHFRQQXWELHQYLWHG
RYHQDLWOH
VLJQDOHPHQWVLH[DFWHPHQWGRQQp
-HSULVGRQFG
DSUqVOHVRUGUHVGHO
DXWRULWpTXLP
HQYR\DXQUHQIRUWGH
VL[KRPPHVWHOOHVPHVXUHVTXHMHFUXVXUJHQWHVDILQGHP
DVVXUHUGHODSHUVRQQH
GHVSUpWHQGXVIDX[PRQQD\HXUV
(QFRUHGLWG
$UWDJQDQjTXLFHPRWGHIDX[PRQQD\HXUpFKDXIIDLW
WHUULEOHPHQWOHVRUHLOOHV
3DUGRQQH]PRL0RQVHLJQHXUGHGLUHGHWHOOHVFKRVHVPDLVHOOHVVRQW
MXVWHPHQWPRQH[FXVH/
DXWRULWpP
DYDLWIDLWSHXUHWYRXVVDYH]TX
XQ
DXEHUJLVWHGRLWPpQDJHUO
DXWRULWp
0DLVHQFRUHXQHIRLVFHJHQWLOKRPPHRHVWLO"TX
HVWLOGHYHQX"(VWLO
PRUW"HVWLOYLYDQW"
3DWLHQFH0RQVHLJQHXUQRXV\YRLFL,ODUULYDGRQFFHTXHYRXVVDYH]HW
GRQWYRWUHGpSDUWSUpFLSLWpDMRXWDO
K{WHDYHFXQHILQHVVHTXLQ
pFKDSSDSRLQW
jG
$UWDJQDQVHPEODLWDXWRULVHUO
LVVXH&HJHQWLOKRPPHYRWUHDPLVHGpIHQGLW
HQGpVHVSpUp6RQYDOHWTXLSDUXQPDOKHXULPSUpYXDYDLWFKHUFKpTXHUHOOHDX[
JHQVGHO
DXWRULWpGpJXLVpVHQJDUoRQVG
pFXULH
$KPLVpUDEOHV
pFULDG
$UWDJQDQYRXVpWLH]WRXVG
DFFRUGHWMHQHVDLV
jTXRLWLHQWTXHMHQHYRXVH[WHUPLQHWRXV
+pODVQRQ0RQVHLJQHXUQRXVQ
pWLRQVSDVWRXVG
DFFRUGHWYRXVO
DOOH]
ELHQYRLU0RQVLHXUYRWUHDPL SDUGRQGHQHSRLQWO
DSSHOHUSDUOHQRPKRQRUDEOH

TX
LOSRUWHVDQVGRXWHPDLVQRXVLJQRURQVFHQRP 0RQVLHXUYRWUHDPLDSUqV
DYRLUPLVKRUVGHFRPEDWGHX[KRPPHVGHVHVGHX[FRXSVGHSLVWROHWEDWWLWHQ
UHWUDLWHHQVHGpIHQGDQWDYHFVRQpSpHGRQWLOHVWURSLDHQFRUHXQGHPHVKRPPHV
HWG
XQFRXSGXSODWGHODTXHOOHLOP
pWRXUGLW
0DLVERXUUHDXILQLUDVWX"GLWG
$UWDJQDQ$WKRVTXHGHYLHQW$WKRV"
(QEDWWDQWHQUHWUDLWHFRPPHM
DLGLWj0RQVHLJQHXULOWURXYDGHUULqUHOXL
O
HVFDOLHUGHODFDYHHWFRPPHODSRUWHpWDLWRXYHUWHLOWLUDODFOHIjOXLHW
VHEDUULFDGDHQGHGDQV&RPPHRQpWDLWVUGHOHUHWURXYHUOjRQOHODLVVD
OLEUH
2XLGLWG
$UWDJQDQRQQHWHQDLWSDVWRXWjIDLWjOHWXHURQQHFKHUFKDLW
TX
jO
HPSULVRQQHU
-XVWH'LHXjO
HPSULVRQQHU0RQVHLJQHXU"LOV
HPSULVRQQDELHQOXLPrPH
MHYRXVOHMXUH'
DERUGLODYDLWIDLWGHUXGHEHVRJQHXQKRPPHpWDLWWXpVXU
OHFRXSHWGHX[DXWUHVpWDLHQWEOHVVpVJULqYHPHQW/HPRUWHWOHVGHX[EOHVVpV
IXUHQWHPSRUWpVSDUOHXUVFDPDUDGHVHWMDPDLVMHQ
DLSOXVHQWHQGXSDUOHUQL
GHVXQVQLGHVDXWUHV0RLPrPHTXDQGMHUHSULVPHVVHQVM
DOODLWURXYHU0
OHJRXYHUQHXUDXTXHOMHUDFRQWDLWRXWFHTXLV
pWDLWSDVVpHWDXTXHOMH
GHPDQGDLFHTXHMHGHYDLVIDLUHGXSULVRQQLHU0DLV0OHJRXYHUQHXUHXWO
DLU
GHWRPEHUGHVQXHVLOPHGLWTX
LOLJQRUDLWFRPSOqWHPHQWFHTXHMHYRXODLV
GLUHTXHOHVRUGUHVTXLP
pWDLHQWSDUYHQXVQ
pPDQDLHQWSDVGHOXLHWTXHVL
M
DYDLVOHPDOKHXUGHGLUHjTXLTXHFHIWTX
LOpWDLWSRXUTXHOTXHFKRVHGDQV
WRXWHFHWWHpFKDXIIRXUpHLOPHIHUDLWSHQGUH,OSDUDvWTXHMHP
pWDLVWURPSp
0RQVLHXUTXHM
DYDLVDUUrWpO
XQSRXUO
DXWUHHWTXHFHOXLTX
RQGHYDLW
DUUrWHUpWDLWVDXYp
0DLV$WKRV"V
pFULDG
$UWDJQDQGRQWO
LPSDWLHQFHVHGRXEODLWGHO
DEDQGRQ
RO
DXWRULWpODLVVDLWODFKRVH$WKRVTX
HVWLOGHYHQX"
&RPPHM
DYDLVKkWHGHUpSDUHUPHVWRUWVHQYHUVOHSULVRQQLHUUHSULW
O
DXEHUJLVWHMHP
DFKHPLQDLYHUVODFDYHDILQGHOXLUHQGUHVDOLEHUWp$K
0RQVLHXUFHQ
pWDLWSOXVXQKRPPHF
pWDLWXQGLDEOH$FHWWHSURSRVLWLRQGH
OLEHUWpLOGpFODUDTXHF
pWDLWXQSLqJHTX
RQOXLWHQGDLWHWTX
DYDQWGHVRUWLU
LOHQWHQGDLWLPSRVHUVHVFRQGLWLRQV-HOXLGLVELHQKXPEOHPHQWFDUMHQHPH
GLVVLPXODLVSDVODPDXYDLVHSRVLWLRQRMHP
pWDLVPLVHQSRUWDQWODPDLQVXUXQ
PRXVTXHWDLUHGH6D0DMHVWpMHOXLGLVTXHM
pWDLVSUrWjPHVRXPHWWUHjVHV
FRQGLWLRQV
'
DERUGGLWLOMHYHX[TX
RQPHUHQGHPRQYDOHWWRXWDUPp
2QV
HPSUHVVDG
REpLUjFHWRUGUHFDUYRXVFRPSUHQH]ELHQ0RQVLHXUTXH
QRXVpWLRQVGLVSRVpVjIDLUHWRXWFHTXHYRXGUDLWYRWUHDPL0*ULPDXG LOD
GLWFHQRPFHOXLOjTXRLTX
LOQHSDUOHSDVEHDXFRXS 0*ULPDXGIXWGRQF
GHVFHQGXjODFDYHWRXWEOHVVpTX
LOpWDLWDORUVVRQPDvWUHO
D\DQWUHoX
UHEDUULFDGDODSRUWHHWQRXVRUGRQQDGHUHVWHUGDQVQRWUHERXWLTXH
0DLVHQILQV
pFULDG
$UWDJQDQRHVWLO"RHVW$WKRV"
'DQVODFDYH0RQVLHXU

&RPPHQWPDOKHXUHX[YRXVOHUHWHQH]GDQVODFDYHGHSXLVFHWHPSVOj"
%RQWpGLYLQH1RQ0RQVLHXU1RXVOHUHWHQLUGDQVODFDYH9RXVQHVDYH]
GRQFSDVFHTX
LO\IDLWGDQVODFDYH$KVLYRXVSRXYLH]O
HQIDLUHVRUWLU
0RQVLHXUMHYRXVHQVHUDLVUHFRQQDLVVDQWWRXWHPDYLHYRXVDGRUHUDLVFRPPHPRQ
SDWURQ
$ORUVLOHVWOjMHOHUHWURXYHUDLOj"
6DQVGRXWH0RQVLHXULOV
HVWREVWLQpj\UHVWHU7RXVOHVMRXUVRQOXL
SDVVHSDUOHVRXSLUDLOGXSDLQDXERXWG
XQHIRXUFKHHWGHODYLDQGHTXDQGLO
HQGHPDQGHPDLVKpODVFHQ
HVWSDVGHSDLQHWGHYLDQGHTX
LOIDLWODSOXV
JUDQGHFRQVRPPDWLRQ8QHIRLVM
DLHVVD\pGHGHVFHQGUHDYHFGHX[GHPHV
JDUoRQVPDLVLOHVWHQWUpGDQVXQHWHUULEOHIXUHXU-
DLHQWHQGXOHEUXLWGH
VHVSLVWROHWVTX
LODUPDLWHWGHVRQPRXVTXHWRQTX
DUPDLWVRQGRPHVWLTXH3XLV
FRPPHQRXVOHXUGHPDQGLRQVTXHOOHVpWDLHQWOHXUVLQWHQWLRQVOHPDvWUHDUpSRQGX
TX
LOVDYDLHQWTXDUDQWHFRXSVjWLUHUOXLHWVRQODTXDLVHWTX
LOVOHV
WLUHUDLHQWMXVTX
DXGHUQLHUSOXW{WTXHGHSHUPHWWUHTX
XQVHXOGHQRXVPvWOH
SLHGGDQVODFDYH$ORUV0RQVLHXUM
DLpWpPHSODLQGUHDXJRXYHUQHXUOHTXHO
P
DUpSRQGXTXHMHQ
DYDLVTXHFHTXHMHPpULWDLVHWTXHFHODP
DSSUHQGUDLWj
LQVXOWHUOHVKRQRUDEOHVVHLJQHXUVTXLSUHQDLHQWJvWHFKH]PRL
'HVRUWHTXHGHSXLVFHWHPSV"UHSULWG
$UWDJQDQQHSRXYDQWV
HPSrFKHUGH
ULUHGHODILJXUHSLWHXVHGHVRQK{WH
'HVRUWHTXHGHSXLVFHWHPSV0RQVLHXUFRQWLQXDFHOXLFLQRXVPHQRQVOD
YLHODSOXVWULVWHTXLVHSXLVVHYRLUFDU0RQVLHXULOIDXWTXHYRXVVDFKLH]
TXHWRXWHVQRVSURYLVLRQVVRQWGDQVODFDYHLO\DQRWUHYLQHQERXWHLOOHVHW
QRWUHYLQHQSLqFHODELqUHO
KXLOHHWOHVpSLFHVOHODUGHWOHVVDXFLVVRQV
HWFRPPHLOQRXVHVWGpIHQGXG
\GHVFHQGUHQRXVVRPPHVIRUFpVGHUHIXVHUOH
ERLUHHWOHPDQJHUDX[YR\DJHXUVTXLQRXVDUULYHQWGHVRUWHTXHWRXVOHVMRXUV
QRWUHK{WHOOHULHVHSHUG(QFRUHXQHVHPDLQHDYHFYRWUHDPLGDQVPDFDYHHW
QRXVVRPPHVUXLQpV
(WFHVHUDMXVWLFHGU{OH1HYR\DLWRQSDVELHQjQRWUHPLQHTXHQRXV
pWLRQVJHQVGHTXDOLWpHWQRQIDXVVDLUHVGLWHV"
2XL0RQVLHXURXLYRXVDYH]UDLVRQGLWO
K{WH0DLVWHQH]WHQH]OHYRLOj
TXLV
HPSRUWH
6DQVGRXWHTX
RQO
DXUDWURXEOpGLWG
$UWDJQDQ
0DLVLOIDXWELHQTX
RQOHWURXEOHV
pFULDO
K{WHLOYLHQWGHQRXVDUULYHU
GHX[JHQWLOVKRPPHVDQJODLV
(KELHQ"
(KELHQOHV$QJODLVDLPHQWOHERQYLQFRPPHYRXVVDYH]0RQVLHXUFHX[FL
RQWGHPDQGpGXPHLOOHXU0DIHPPHDORUVDXUDVROOLFLWpGH0$WKRVODSHUPLVVLRQ
G
HQWUHUSRXUVDWLVIDLUHFHV0HVVLHXUVHWLODXUDUHIXVpFRPPHGHFRXWXPH$K
ERQWpGLYLQHYRLOjOHVDEEDWTXLUHGRXEOH
'
$UWDJQDQHQHIIHWHQWHQGLWPHQHUXQJUDQGEUXLWGXF{WpGHODFDYHLOVH

OHYDHWSUpFpGpGHO
K{WHTXLVHWRUGDLWOHVPDLQVHWVXLYLGH3ODQFKHWTXL
WHQDLWVRQPRXVTXHWRQWRXWDUPpLOV
DSSURFKDGXOLHXGHODVFqQH
/HVGHX[JHQWLOVKRPPHVpWDLHQWH[DVSpUpVLOVDYDLHQWIDLWXQHORQJXHFRXUVHHW
PRXUDLHQWGHIDLPHWGHVRLI
0DLVF
HVWXQHW\UDQQLHV
pFULDLHQWLOVHQWUqVERQIUDQoDLVTXRLTXHDYHFXQ
DFFHQWpWUDQJHUTXHFHPDvWUHIRXQHYHXLOOHSDVODLVVHUjFHVERQQHVJHQV
O
XVDJHGHOHXUYLQdjQRXVDOORQVHQIRQFHUODSRUWHHWV
LOHVWWURSHQUDJp
HKELHQQRXVOHWXHURQV
7RXWEHDX0HVVLHXUVGLWG
$UWDJQDQHQWLUDQWVHVSLVWROHWVGHVDFHLQWXUH
YRXVQHWXHUH]SHUVRQQHV
LOYRXVSODvW
%RQERQGLVDLWGHUULqUHODSRUWHODYRL[FDOPHG
$WKRVTX
RQOHVODLVVHXQ
SHXHQWUHUFHVPDQJHXUVGHSHWLWVHQIDQWVHWQRXVDOORQVYRLU
7RXWEUDYHVTX
LOVSDUDLVVDLHQWrWUHOHVGHX[JHQWLOVKRPPHVDQJODLVVH
UHJDUGqUHQWHQKpVLWDQWRQHWGLWTX
LO\DYDLWGDQVFHWWHFDYHXQGHFHV
RJUHVIDPpOLTXHVJLJDQWHVTXHVKpURVGHVOpJHQGHVSRSXODLUHVHWGRQWQXOQH
IRUFHLPSXQpPHQWODFDYHUQH
,O\HXWXQPRPHQWGHVLOHQFHPDLVHQILQOHVGHX[$QJODLVHXUHQWKRQWHGH
UHFXOHUHWOHSOXVKDUJQHX[GHVGHX[GHVFHQGLWOHVFLQTRXVL[PDUFKHVGRQWVH
FRPSRVDLWO
HVFDOLHUHWGRQQDGDQVODSRUWHXQFRXSGHSLHGjIHQGUHXQH
PXUDLOOH
3ODQFKHWGLWG
$UWDJQDQHQDUPDQWVHVSLVWROHWVMHPHFKDUJHGHFHOXLTXL
HVWHQKDXWFKDUJHWRLGHFHOXLTXLHVWHQEDV$K0HVVLHXUVYRXVYRXOH]GH
ODEDWDLOOHHKELHQRQYDYRXVHQGRQQHU
0RQ'LHXV
pFULDODYRL[FUHXVHG
$WKRVM
HQWHQGVG
$UWDJQDQFHPHVHPEOH
(QHIIHWGLWG
$UWDJQDQHQKDXVVDQWODYRL[jVRQWRXUF
HVWPRLPrPHPRQ
DPL
$KERQDORUVGLW$WKRVQRXVDOORQVOHVWUDYDLOOHUFHVHQIRQFHXUVGH
SRUWHV
/HVJHQWLOVKRPPHVDYDLHQWPLVO
pSpHjODPDLQPDLVLOVVHWURXYDLHQWSULV
HQWUHGHX[IHX[LOVKpVLWqUHQWXQLQVWDQWHQFRUHPDLVFRPPHODSUHPLqUH
IRLVO
RUJXHLOO
HPSRUWDHWXQVHFRQGFRXSGHSLHGILWFUDTXHUODSRUWHGDQV
WRXWHVDKDXWHXU
5DQJHWRLG
$UWDJQDQUDQJHWRLFULD$WKRVUDQJHWRLMHYDLVWLUHU
0HVVLHXUVGLWG
$UWDJQDQTXHODUpIOH[LRQQ
DEDQGRQQDLWMDPDLV0HVVLHXUV
VRQJH]\'HODSDWLHQFH$WKRV9RXVYRXVHQJDJH]OjGDQVXQHPDXYDLVH
DIIDLUHHWYRXVDOOH]rWUHFULEOpV9RLFLPRQYDOHWHWPRLTXLYRXVOkFKHURQV
WURLVFRXSVGHIHXDXWDQWYRXVDUULYHURQWGHODFDYHSXLVQRXVDXURQVHQFRUH
QRVpSpHVGRQWMHYRXVDVVXUHPRQDPLHWPRLQRXVMRXRQVSDVVDEOHPHQW
/DLVVH]PRLIDLUHYRVDIIDLUHVHWOHVPLHQQHV7RXWjO
KHXUHYRXVDXUH]j

ERLUHMHYRXVHQGRQQHPDSDUROH
6
LOHQUHVWHJURJQDODYRL[UDLOOHXVHG
$WKRV
/
K{WHOLHUVHQWLWXQHVXHXUIURLGHFRXOHUOHORQJGHVRQpFKLQH
&RPPHQWV
LOHQUHVWHPXUPXUDWLO
4XHGLDEOHLOHQUHVWHUDUHSULWG
$UWDJQDQVR\H]GRQFWUDQTXLOOHjHX[
GHX[LOVQ
DXURQWSDVEXWRXWHODFDYH0HVVLHXUVUHPHWWH]YRVpSpHVDX
IRXUUHDX
(KELHQYRXVUHPHWWH]YRVSLVWROHWVjYRWUHFHLQWXUH
9RORQWLHUV
(WG
$UWDJQDQGRQQDO
H[HPSOH3XLVVHUHWRXUQDQWYHUV3ODQFKHWLOOXLILW
VLJQHGHGpVDUPHUVRQPRXVTXHWRQ
/HV$QJODLVFRQYDLQFXVUHPLUHQWHQJURPPHODQWOHXUVpSpHVDXIRXUUHDX2QOHXU
UDFRQWDO
KLVWRLUHGHO
HPSULVRQQHPHQWG
$WKRV(WFRPPHLOVpWDLHQWERQV
JHQWLOVKRPPHVLOVGRQQqUHQWWRUWjO
K{WHOLHU
0DLQWHQDQW0HVVLHXUVGLWG
$UWDJQDQUHPRQWH]FKH]YRXVHWGDQVGL[
PLQXWHVMHYRXVUpSRQGVTX
RQYRXV\SRUWHUDWRXWFHTXHYRXVSRXUUH]GpVLUHU

/HV$QJODLVVDOXqUHQWHWVRUWLUHQW
0DLQWHQDQWTXHMHVXLVVHXOPRQFKHU$WKRVGLWG
$UWDJQDQRXYUH]PRLOD
SRUWHMHYRXVHQSULH
$O
LQVWDQWPrPHGLW$WKRV
$ORUVRQHQWHQGLWXQJUDQGEUXLWGHIDJRWVHQWUHFKRTXpVHWGHSRXWUHV
JpPLVVDQWHVF
pWDLHQWOHVFRQWUHVFDUSHVHWOHVEDVWLRQVG
$WKRVTXHO
DVVLpJp
GpPROLVVDLWOXLPrPH
8QLQVWDQWDSUqVODSRUWHV
pEUDQODHWO
RQYLWSDUDvWUHODWrWHSkOHG
$WKRV
TXLG
XQFRXSG
RHLOUDSLGHH[SORUDLWOHVHQYLURQV
'
$UWDJQDQVHMHWDjVRQFRXHWO
HPEUDVVDWHQGUHPHQWSXLVLOYRXOXW
O
HQWUDvQHUKRUVGHFHVpMRXUKXPLGHDORUVLOV
DSHUoXWTX
$WKRVFKDQFHODLW
9RXVrWHVEOHVVp"OXLGLWLO
0RLSDVOHPRLQVGXPRQGHMHVXLVLYUHPRUWYRLOjWRXWHWMDPDLVKRPPH
Q
DPLHX[IDLWFHTX
LOIDOODLWSRXUFHOD9LYH'LHXPRQK{WHLOIDXWTXH
M
HQDLHEXDXPRLQVSRXUPDSDUWFHQWFLQTXDQWHERXWHLOOHV
0LVpULFRUGHV
pFULDO
K{WHVLOHYDOHWHQDEXODPRLWLpGXPDvWUH
VHXOHPHQWMHVXLVUXLQp

*ULPDXGHVWXQODTXDLVGHERQQHPDLVRQTXLQHVHVHUDLWSDVSHUPLVOHPrPH
RUGLQDLUHTXHPRLLODEXjODSLqFHVHXOHPHQWWHQH]MHFURLVTX
LOD
RXEOLpGHUHPHWWUHOHIRVVHW(QWHQGH]YRXV"FHODFRXOH
'
$UWDJQDQSDUWLWG
XQpFODWGHULUHTXLFKDQJHDOHIULVVRQGHO
K{WHHQILqYUH
FKDXGH
(QPrPHWHPSV*ULPDXGSDUXWjVRQWRXUGHUULqUHVRQPDvWUHOHPRXVTXHWRQVXU
O
pSDXOHODWrWHWUHPEODQWHFRPPHFHVVDW\UHVLYUHVGHVWDEOHDX[GH5XEHQV,O
pWDLWDUURVpSDUGHYDQWHWSDUGHUULqUHG
XQHOLTXHXUJUDVVHTXHO
K{WHUHFRQQXW
SRXUrWUHVDPHLOOHXUHKXLOHG
ROLYH
/HFRUWqJHWUDYHUVDODJUDQGHVDOOHHWDOODV
LQVWDOOHUGDQVODPHLOOHXUH
FKDPEUHGHO
DXEHUJHTXHG
$UWDJQDQRFFXSDG
DXWRULWp
3HQGDQWFHWHPSVO
K{WHHWVDIHPPHVHSUpFLSLWqUHQWDYHFGHVODPSHVGDQVOD
FDYHTXLOHXUDYDLWpWpVLORQJWHPSVLQWHUGLWHHWRXQDIIUHX[VSHFWDFOHOHV
DWWHQGDLW
$XGHOjGHVIRUWLILFDWLRQVDX[TXHOOHV$WKRVDYDLWIDLWEUqFKHSRXUVRUWLUHWTXL
VHFRPSRVDLHQWGHIDJRWVGHSODQFKHVHWGHIXWDLOOHVYLGHVHQWDVVpHVVHORQ
WRXWHVOHVUqJOHVGHO
DUWVWUDWpJLTXHRQYR\DLWojHWOjQDJHDQWGDQVOHV
PDUHVG
KXLOHHWGHYLQOHVRVVHPHQWVGHWRXVOHVMDPERQVPDQJpVWDQGLVTX
XQ
DPDVGHERXWHLOOHVFDVVpHVMRQFKDLWWRXWO
DQJOHJDXFKHGHODFDYHHWTX
XQ
WRQQHDXGRQWOHURELQHWpWDLWUHVWpRXYHUWSHUGDLWSDUFHWWHRXYHUWXUHOHV
GHUQLqUHVJRXWWHVGHVRQVDQJ/
LPDJHGHODGpYDVWDWLRQHWGHODPRUWFRPPH
GLWOHSRqWHGHO
$QWLTXLWpUpJQDLWOjFRPPHVXUXQFKDPSGHEDWDLOOH
6XUFLQTXDQWHVDXFLVVRQVSHQGXVDX[VROLYHVGL[UHVWDLHQWjSHLQH
$ORUVOHVKXUOHPHQWVGHO
K{WHHWGHO
K{WHVVHSHUFqUHQWODYRWHGHODFDYH
G
$UWDJQDQOXLPrPHHQIXWpPX$WKRVQHWRXUQDSDVPrPHODWrWH
0DLVjODGRXOHXUVXFFpGDODUDJH/
K{WHV
DUPDG
XQHEURFKHHWGDQVVRQ
GpVHVSRLUV
pODQoDGDQVODFKDPEUHROHVGHX[DPLVV
pWDLHQWUHWLUpV
'XYLQGLW$WKRVHQDSHUFHYDQWO
K{WH
'XYLQV
pFULDO
K{WHVWXSpIDLWGXYLQPDLVYRXVP
HQDYH]EXSRXUSOXV
GHFHQWSLVWROHVPDLVMHVXLVXQKRPPHUXLQpSHUGXDQpDQWL
%DKGLW$WKRVQRXVVRPPHVFRQVWDPPHQWUHVWpVVXUQRWUHVRLI
6LYRXVYRXVpWLH]FRQWHQWpVGHERLUHHQFRUHPDLVYRXVDYH]FDVVpWRXWHV
OHVERXWHLOOHV
9RXVP
DYH]SRXVVpVXUXQWDVTXLDGpJULQJROp&
HVWYRWUHIDXWH
7RXWHPRQKXLOHHVWSHUGXH
/
KXLOHHVWXQEDXPHVRXYHUDLQSRXUOHVEOHVVXUHVHWLOIDOODLWELHQTXHFH
SDXYUH*ULPDXGSDQVkWFHOOHVTXHYRXVOXLDYH]IDLWHV

7RXVPHVVDXFLVVRQVURQJpV
,O\DpQRUPpPHQWGHUDWVGDQVFHWWHFDYH
9RXVDOOH]PHSD\HUWRXWFHODFULDO
K{WHH[DVSpUp
7ULSOHGU{OHGLW$WKRVHQVHVRXOHYDQW0DLVLOUHWRPEDDXVVLW{WLO
YHQDLWGHGRQQHUODPHVXUHGHVHVIRUFHV'
$UWDJQDQYLQWjVRQVHFRXUVHQ
OHYDQWVDFUDYDFKH
/
K{WHUHFXODG
XQSDVHWVHPLWjIRQGUHHQODUPHV
&HODYRXVDSSUHQGUDGLWG
$UWDJQDQjWUDLWHUG
XQHIDoRQSOXVFRXUWRLVHOHV
K{WHVTXH'LHXYRXVHQYRLH
'LHXGLWHVOHGLDEOH
0RQFKHUDPLGLWG
$UWDJQDQVLYRXVQRXVURPSH]HQFRUHOHVRUHLOOHVQRXV
DOORQVQRXVUHQIHUPHUWRXVOHVTXDWUHGDQVYRWUHFDYHHWQRXVYHUURQVVL
YpULWDEOHPHQWOHGpJkWHVWDXVVLJUDQGTXHYRXVOHGLWHV
(KELHQRXL0HVVLHXUVGLWO
K{WHM
DLWRUWMHO
DYRXHPDLVjWRXW
SpFKpPLVpULFRUGHYRXVrWHVGHVVHLJQHXUVHWMHVXLVXQSDXYUHDXEHUJLVWH
YRXVDXUH]SLWLpGHPRL
$KVLWXSDUOHVFRPPHFHODGLW$WKRVWXYDVPHIHQGUHOHFRHXUHWOHV
ODUPHVYRQWFRXOHUGHPHV\HX[FRPPHOHYLQFRXODLWGHWHVIXWDLOOHV2QQ
HVW
SDVVLGLDEOHTX
RQHQDO
DLU9R\RQVYLHQVLFLHWFDXVRQV
/
K{WHV
DSSURFKDDYHFLQTXLpWXGH
9LHQVWHGLVMHHWQ
DLHSDVSHXUFRQWLQXD$WKRV$XPRPHQWRM
DOODLVWH
SD\HUM
DYDLVSRVpPDERXUVHVXUODWDEOH
2XL0RQVHLJQHXU
&HWWHERXUVHFRQWHQDLWVRL[DQWHSLVWROHVRHVWHOOH"
'pSRVpHDXJUHIIH0RQVHLJQHXURQDYDLWGLWTXHF
pWDLWGHODIDXVVH
PRQQDLH
(KELHQIDLVWRLUHQGUHPDERXUVHHWJDUGHOHVVRL[DQWHSLVWROHV
0DLV0RQVHLJQHXUVDLWELHQTXHOHJUHIIHQHOkFKHSDVFHTX
LOWLHQW6L
F
pWDLWGHODIDXVVHPRQQDLHLO\DXUDLWHQFRUHGHO
HVSRLUPDLV
PDOKHXUHXVHPHQWFHVRQWGHERQQHVSLqFHV
$UUDQJHWRLDYHFOXLPRQEUDYHKRPPHFHODQHPHUHJDUGHSDVG
DXWDQWSOXV
TX
LOQHPHUHVWHSDVXQHOLYUH
9R\RQVGLWG
$UWDJQDQO
DQFLHQFKHYDOG
$WKRVRHVWLO"
$O
pFXULH

&RPELHQYDXWLO"
&LQTXDQWHSLVWROHVWRXWDXSOXV
,OHQYDXWTXDWUHYLQJWVSUHQGVOHHWTXHWRXWVRLWGLW
&RPPHQWWXYHQGVPRQFKHYDOGLW$WKRVWXYHQGVPRQ%DMD]HW"HWVXUTXRL
IHUDLMHODFDPSDJQH"VXU*ULPDXG"
-HW
HQDPqQHXQDXWUHGLWG
$UWDJQDQ
8QDXWUH"
(WPDJQLILTXHV
pFULDO
K{WH
$ORUVV
LO\HQDXQDXWUHSOXVEHDXHWSOXVMHXQHSUHQGVOHYLHX[HWj
ERLUH
'XTXHO"GHPDQGDO
K{WHWRXWjIDLWUDVVpUpQp
'HFHOXLTXLHVWDXIRQGSUqVGHVODWWHVLOHQUHVWHHQFRUHYLQJWFLQT
ERXWHLOOHVWRXWHVOHVDXWUHVRQWpWpFDVVpHVGDQVPDFKXWH0RQWH]HQVL[
0DLVF
HVWXQIRXGUHTXHFHWKRPPHGLWO
K{WHjSDUWOXLV
LOUHVWH
VHXOHPHQWTXLQ]HMRXUVLFLHWTX
LOSDLHFHTX
LOERLUDMHUpWDEOLUDLPHV
DIIDLUHV
(WQ
RXEOLHSDVFRQWLQXDG
$UWDJQDQGHPRQWHUTXDWUHERXWHLOOHVGXSDUHLO
DX[GHX[VHLJQHXUVDQJODLV
0DLQWHQDQWGLW$WKRVHQDWWHQGDQWTX
RQQRXVDSSRUWHGXYLQFRQWHPRL
G
$UWDJQDQFHTXHVRQWGHYHQXVOHVDXWUHVYR\RQV
'
$UWDJQDQOXLUDFRQWDFRPPHQWLODYDLWWURXYp3RUWKRVGDQVVRQOLWDYHFXQH
IRXOXUHHW$UDPLVjXQHWDEOHHQWUHOHVGHX[WKpRORJLHQV&RPPHLODFKHYDLW
O
K{WHUHQWUDDYHFOHVERXWHLOOHVGHPDQGpHVHWXQMDPERQTXLKHXUHXVHPHQWSRXU
OXLpWDLWUHVWpKRUVGHODFDYH
&
HVWELHQGLW$WKRVHQUHPSOLVVDQWVRQYHUUHHWFHOXLGHG
$UWDJQDQYRLOj
SRXU3RUWKRVHWSRXU$UDPLVPDLVYRXVPRQDPLTX
DYH]YRXVHWTXHYRXV
HVWLODUULYpSHUVRQQHOOHPHQW"-HYRXVWURXYHXQDLUVLQLVWUH
+pODVGLWG
$UWDJQDQF
HVWTXHMHVXLVOHSOXVPDOKHXUHX[GHQRXVWRXV
PRL
7RLPDOKHXUHX[G
$UWDJQDQGLW$WKRV9R\RQVFRPPHQWHVWXPDOKHXUHX["
'LVPRLFHOD
3OXVWDUGGLWG
$UWDJQDQ
3OXVWDUGHWSRXUTXRLSOXVWDUG"SDUFHTXHWXFURLVTXHMHVXLVLYUH
G
$UWDJQDQ"5HWLHQVELHQFHFLMHQ
DLMDPDLVOHVLGpHVSOXVQHWWHVTXHGDQV

OHYLQ3DUOHGRQFMHVXLVWRXWRUHLOOHV
'
$UWDJQDQUDFRQWDVRQDYHQWXUHDYHF0PH%RQDFLHX[
$WKRVO
pFRXWDVDQVVRXUFLOOHUSXLVORUVTX
LOHXWILQL
0LVqUHVTXHWRXWFHODGLW$WKRVPLVqUHV
&
pWDLWOHPRWG
$WKRV
9RXVGLWHVWRXMRXUVPLVqUHVPRQFKHU$WKRVGLWG
$UWDJQDQFHODYRXVVLHG
ELHQPDOjYRXVTXLQ
DYH]MDPDLVDLPp
/
RHLOPRUWG
$WKRVV
HQIODPPDVRXGDLQPDLVFHQHIXWTX
XQpFODLULO
UHGHYLQWWHUQHHWYDJXHFRPPHDXSDUDYDQW
&
HVWYUDLGLWLOWUDQTXLOOHPHQWMHQ
DLMDPDLVDLPpPRL
9RXVYR\H]ELHQDORUVFRHXUGHSLHUUHGLWG
$UWDJQDQTXHYRXVDYH]WRUW
G
rWUHGXUSRXUQRXVDXWUHVFRHXUVWHQGUHV
&RHXUVWHQGUHVFRHXUVSHUFpVGLW$WKRV
4XHGLWHVYRXV"
-HGLVTXHO
DPRXUHVWXQHORWHULHRFHOXLTXLJDJQHJDJQHODPRUW9RXV
rWHVELHQKHXUHX[G
DYRLUSHUGXFUR\H]PRLPRQFKHUG
$UWDJQDQ(WVLM
DLXQ
FRQVHLOjYRXVGRQQHUF
HVWGHSHUGUHWRXMRXUV
(OOHDYDLWO
DLUGHVLELHQP
DLPHU
(OOHHQDYDLWO
DLU
2KHOOHP
DLPDLW
(QIDQWLOQ
\DSDVXQKRPPHTXLQ
DLWFUXFRPPHYRXVTXHVDPDvWUHVVH
O
DLPDLWHWLOQ
\DSDVXQKRPPHTXLQ
DLWpWpWURPSpSDUVDPDvWUHVVH
([FHSWpYRXV$WKRVTXLQ
HQDYH]MDPDLVHX
&
HVWYUDLGLW$WKRVDSUqVXQPRPHQWGHVLOHQFHMHQ
HQDLMDPDLVHXPRL
%XYRQV
0DLVDORUVSKLORVRSKHTXHYRXVrWHVGLWG
$UWDJQDQLQVWUXLVH]PRL
VRXWHQH]PRLM
DLEHVRLQGHVDYRLUHWG
rWUHFRQVROp
&RQVROpGHTXRL"
'HPRQPDOKHXU
9RWUHPDOKHXUIDLWULUHGLW$WKRVHQKDXVVDQWOHVpSDXOHVMHVHUDLV
FXULHX[GHVDYRLUFHTXHYRXVGLULH]VLMHYRXVUDFRQWDLVXQHKLVWRLUHG
DPRXU

$UULYpHjYRXV"
2XjXQGHPHVDPLVTX
LPSRUWH
'LWHV$WKRVGLWHV
%XYRQVQRXVIHURQVPLHX[
%XYH]HWUDFRQWH]
$XIDLWFHODVHSHXWGLW$WKRVHQYLGDQWHWUHPSOLVVDQWVRQYHUUHOHVGHX[
FKRVHVYRQWjPHUYHLOOHHQVHPEOH
-
pFRXWHGLWG
$UWDJQDQ
$WKRVVHUHFXHLOOLWHWjPHVXUHTX
LOVHUHFXHLOODLWG
$UWDJQDQOHYR\DLW
SkOLULOHQpWDLWjFHWWHSpULRGHGHO
LYUHVVHROHVEXYHXUVYXOJDLUHV
WRPEHQWHWGRUPHQW/XLLOUrYDLWWRXWKDXWVDQVGRUPLU&HVRPQDPEXOLVPHGH
O
LYUHVVHDYDLWTXHOTXHFKRVHG
HIIUD\DQW
9RXVOHYRXOH]DEVROXPHQW"GHPDQGDWLO
-HYRXVHQSULHGLWG
$UWDJQDQ
4X
LOVRLWIDLWGRQFFRPPHYRXVOHGpVLUH]8QGHPHVDPLVXQGHPHVDPLV
HQWHQGH]YRXVELHQSDVPRLGLW$WKRVHQV
LQWHUURPSDQWDYHFXQVRXULUHVRPEUH
XQGHVFRPWHVGHPDSURYLQFHF
HVWjGLUHGX%HUU\QREOHFRPPHXQ'DQGRORRX
XQ0RQWPRUHQF\GHYLQWDPRXUHX[jYLQJWFLQTDQVG
XQHMHXQHILOOHGHVHL]H
EHOOHFRPPHOHVDPRXUV$WUDYHUVODQDwYHWpGHVRQkJHSHUoDLWXQHVSULW
DUGHQWXQHVSULWQRQSDVGHIHPPHPDLVGHSRqWHHOOHQHSODLVDLWSDVHOOH
HQLYUDLWHOOHYLYDLWGDQVXQSHWLWERXUJSUqVGHVRQIUqUHTXLpWDLWFXUp
7RXVGHX[pWDLHQWDUULYpVGDQVOHSD\VLOVYHQDLHQWRQQHVDYDLWG
RPDLV
HQODYR\DQWVLEHOOHHWHQYR\DQWVRQIUqUHVLSLHX[RQQHVRQJHDLWSDVjOHXU
GHPDQGHUG
RLOVYHQDLHQW'XUHVWHRQOHVGLVDLWGHERQQHH[WUDFWLRQ0RQ
DPLTXLpWDLWOHVHLJQHXUGXSD\VDXUDLWSXODVpGXLUHRXODSUHQGUHGHIRUFH
jVRQJUpLOpWDLWOHPDvWUHTXLVHUDLWYHQXjO
DLGHGHGHX[pWUDQJHUVGH
GHX[LQFRQQXV"0DOKHXUHXVHPHQWLOpWDLWKRQQrWHKRPPHLOO
pSRXVD/HVRWOH
QLDLVO
LPEpFLOH
0DLVSRXUTXRLFHODSXLVTX
LOO
DLPDLW"GHPDQGDG
$UWDJQDQ
$WWHQGH]GRQFGLW$WKRV,OO
HPPHQDGDQVVRQFKkWHDXHWHQILWODSUHPLqUH
GDPHGHVDSURYLQFHHWLOIDXWOXLUHQGUHMXVWLFHHOOHWHQDLWSDUIDLWHPHQW
VRQUDQJ
(KELHQ"GHPDQGDG
$UWDJQDQ
(KELHQXQMRXUTX
HOOHpWDLWjODFKDVVHDYHFVRQPDULFRQWLQXD$WKRVj
YRL[EDVVHHWHQSDUODQWIRUWYLWHHOOHWRPEDGHFKHYDOHWV
pYDQRXLWOH
FRPWHV
pODQoDjVRQVHFRXUVHWFRPPHHOOHpWRXIIDLWGDQVVHVKDELWVLOOHV
IHQGLWDYHFVRQSRLJQDUGHWOXLGpFRXYULWO
pSDXOH'HYLQH]FHTX
HOOHDYDLWVXU
O
pSDXOHG
$UWDJQDQ"GLW$WKRVDYHFXQJUDQGpFODWGHULUH

3XLVMHOHVDYRLU"GHPDQGDG
$UWDJQDQ
8QHIOHXUGHO\VGLW$WKRV(OOHpWDLWPDUTXpH
(W$WKRVYLGDG
XQVHXOWUDLWOHYHUUHTX
LOWHQDLWjODPDLQ
+RUUHXUV
pFULDG
$UWDJQDQTXHPHGLWHVYRXVOj"
/DYpULWp0RQFKHUO
DQJHpWDLWXQGpPRQ/DSDXYUHILOOHDYDLWYROp
(WTXHILWOHFRPWH"
/HFRPWHpWDLWXQJUDQGVHLJQHXULODYDLWVXUVHVWHUUHVGURLWGHMXVWLFH
EDVVHHWKDXWHLODFKHYDGHGpFKLUHUOHVKDELWVGHODFRPWHVVHLOOXLOLDOHV
PDLQVGHUULqUHOHGRVHWODSHQGLWjXQDUEUH
&LHO$WKRVXQPHXUWUHV
pFULDG
$UWDJQDQ
2XLXQPHXUWUHSDVGDYDQWDJHGLW$WKRVSkOHFRPPHODPRUW0DLVRQPH
ODLVVHPDQTXHUGHYLQFHPHVHPEOH
(W$WKRVVDLVLWDXJRXORWODGHUQLqUHERXWHLOOHTXLUHVWDLWO
DSSURFKDGHVD
ERXFKHHWODYLGDG
XQVHXOWUDLWFRPPHLOHWIDLWG
XQYHUUHRUGLQDLUH
3XLVLOODLVVDWRPEHUVDWrWHVXUVHVGHX[PDLQVG
$UWDJQDQGHPHXUDGHYDQW
OXLVDLVLG
pSRXYDQWH
&HODP
DJXpULGHVIHPPHVEHOOHVSRpWLTXHVHWDPRXUHXVHVGLW$WKRVHQVH
UHOHYDQWHWVDQVVRQJHUjFRQWLQXHUO
DSRORJXHGXFRPWH'LHXYRXVHQDFFRUGH
DXWDQW%XYRQV
$LQVLHOOHHVWPRUWH"EDOEXWLDG
$UWDJQDQ
3DUEOHXGLW$WKRV0DLVWHQGH]YRWUHYHUUH'XMDPERQGU{OHFULD$WKRV
QRXVQHSRXYRQVSOXVERLUH
(WVRQIUqUH"DMRXWDWLPLGHPHQWG
$UWDJQDQ
6RQIUqUH"UHSULW$WKRV
2XLOHSUrWUH"
$KMHP
HQLQIRUPDLSRXUOHIDLUHSHQGUHjVRQWRXUPDLVLODYDLWSULV
OHVGHYDQWVLODYDLWTXLWWpVDFXUHGHSXLVODYHLOOH
$WRQVXDXPRLQVFHTXHF
pWDLWTXHFHPLVpUDEOH"
&
pWDLWVDQVGRXWHOHSUHPLHUDPDQWHWOHFRPSOLFHGHODEHOOHXQGLJQH
KRPPHTXLDYDLWIDLWVHPEODQWG
rWUHFXUpSHXWrWUHSRXUPDULHUVDPDvWUHVVHHW
OXLDVVXUHUXQVRUW,ODXUDpWppFDUWHOpMHO
HVSqUH
2KPRQ'LHXPRQ'LHXILWG
$UWDJQDQWRXWpWRXUGLGHFHWWHKRUULEOH
DYHQWXUH

0DQJH]GRQFGHFHMDPERQG
$UWDJQDQLOHVWH[TXLVGLW$WKRVHQFRXSDQWXQH
WUDQFKHTX
LOPLWVXUO
DVVLHWWHGXMHXQHKRPPH4XHOPDOKHXUTX
LOQ
\HQDLW
SDVHXVHXOHPHQWTXDWUHFRPPHFHOXLOjGDQVODFDYHM
DXUDLVEXFLQTXDQWH
ERXWHLOOHVGHSOXV
'
$UWDJQDQQHSRXYDLWSOXVVXSSRUWHUFHWWHFRQYHUVDWLRQTXLO
HWUHQGXIRX
LOODLVVDWRPEHUVDWrWHVXUVHVGHX[PDLQVHWILWVHPEODQWGHV
HQGRUPLU
/HVMHXQHVJHQVQHVDYHQWSOXVERLUHGLW$WKRVHQOHUHJDUGDQWHQSLWLpHW
SRXUWDQWFHOXLOjHVWGHVPHLOOHXUV

&KDSLWUH;;9,,,
5(7285

'
$UWDJQDQpWDLWUHVWppWRXUGLGHODWHUULEOHFRQILGHQFHG
$WKRVFHSHQGDQW
ELHQGHVFKRVHVOXLSDUDLVVDLHQWHQFRUHREVFXUHVGDQVFHWWHGHPLUpYpODWLRQ
G
DERUGHOOHDYDLWpWpIDLWHSDUXQKRPPHWRXWjIDLWLYUHjXQKRPPHTXL
O
pWDLWjPRLWLpHWFHSHQGDQWPDOJUpFHYDJXHTXHIDLWPRQWHUDXFHUYHDXOD
IXPpHGHGHX[RXWURLVERXWHLOOHVGHERXUJRJQHG
$UWDJQDQHQVHUpYHLOODQWOH
OHQGHPDLQPDWLQDYDLWFKDTXHSDUROHG
$WKRVDXVVLSUpVHQWHjVRQHVSULWTXHVL
jPHVXUHTX
HOOHVpWDLHQWWRPEpHVGHVDERXFKHHOOHVV
pWDLHQWLPSULPpHVGDQV
VRQHVSULW7RXWFHGRXWHQHOXLGRQQDTX
XQSOXVYLIGpVLUG
DUULYHUjXQH
FHUWLWXGHHWLOSDVVDFKH]VRQDPLDYHFO
LQWHQWLRQELHQDUUrWpHGHUHQRXHUVD
FRQYHUVDWLRQGHODYHLOOHPDLVLOWURXYD$WKRVGHVHQVWRXWjIDLWUDVVLV
F
HVWjGLUHOHSOXVILQHWOHSOXVLPSpQpWUDEOHGHVKRPPHV
$XUHVWHOHPRXVTXHWDLUHDSUqVDYRLUpFKDQJpDYHFOXLXQHSRLJQpHGHPDLQ
DOODOHSUHPLHUDXGHYDQWGHVDSHQVpH
-
pWDLVELHQLYUHKLHUPRQFKHUG
$UWDJQDQGLWLOM
DLVHQWLFHODFHPDWLQ
jPDODQJXHTXLpWDLWHQFRUHIRUWpSDLVVHHWjPRQSRXOVTXLpWDLWHQFRUHIRUW
DJLWpMHSDULHTXHM
DLGLWPLOOHH[WUDYDJDQFHV
(WHQGLVDQWFHVPRWVLOUHJDUGDVRQDPLDYHFXQHIL[LWpTXLO
HPEDUUDVVD
0DLVQRQSDVUpSOLTXDG
$UWDJQDQHWVLMHPHOHUDSSHOOHELHQYRXVQ
DYH]
ULHQGLWTXHGHIRUWRUGLQDLUH
$KYRXVP
pWRQQH]-HFUR\DLVYRXVDYRLUUDFRQWpXQHKLVWRLUHGHVSOXV
ODPHQWDEOHV
(WLOUHJDUGDLWOHMHXQHKRPPHFRPPHV
LOHWYRXOXOLUHDXSOXVSURIRQGGHVRQ
FRHXU
0DIRLGLWG
$UWDJQDQLOSDUDvWTXHM
pWDLVHQFRUHSOXVLYUHTXHYRXV
SXLVTXHMHQHPHVRXYLHQVGHULHQ

$WKRVQHVHSD\DSRLQWGHFHWWHSDUROHHWLOUHSULW
9RXVQ
rWHVSDVVDQVDYRLUUHPDUTXpPRQFKHUDPLTXHFKDFXQDVRQJHQUH
G
LYUHVVHWULVWHRXJDLHPRLM
DLO
LYUHVVHWULVWHHWTXDQGXQHIRLVMH
VXLVJULVPDPDQLqUHHVWGHUDFRQWHUWRXWHVOHVKLVWRLUHVOXJXEUHVTXHPDVRWWH
QRXUULFHP
DLQFXOTXpHVGDQVOHFHUYHDX&
HVWPRQGpIDXWGpIDXWFDSLWDOM
HQ
FRQYLHQVPDLVjFHODSUqVMHVXLVERQEXYHXU
$WKRVGLVDLWFHODG
XQHIDoRQVLQDWXUHOOHTXHG
$UWDJQDQIXWpEUDQOpGDQVVD
FRQYLFWLRQ
2KF
HVWGRQFFHODHQHIIHWUHSULWOHMHXQHKRPPHHQHVVD\DQWGHUHVVDLVLU
ODYpULWpF
HVWGRQFFHODTXHMHPHVRXYLHQVFRPPHDXUHVWHRQVHVRXYLHQW
G
XQUrYHTXHQRXVDYRQVSDUOpGHSHQGXV
$KYRXVYR\H]ELHQGLW$WKRVHQSkOLVVDQWHWFHSHQGDQWHQHVVD\DQWGH
ULUHM
HQpWDLVVUOHVSHQGXVVRQWPRQFDXFKHPDUjPRL
2XLRXLUHSULWG
$UWDJQDQHWYRLOjODPpPRLUHTXLPHUHYLHQWRXLLO
V
DJLVVDLWDWWHQGH]GRQFLOV
DJLVVDLWG
XQHIHPPH
9R\H]UpSRQGLW$WKRVHQGHYHQDQWSUHVTXHOLYLGHF
HVWPDJUDQGHKLVWRLUHGH
ODIHPPHEORQGHHWTXDQGMHUDFRQWHFHOOHOjF
HVWTXHMHVXLVLYUHPRUW
2XLF
HVWFHODGLWG
$UWDJQDQO
KLVWRLUHGHODIHPPHEORQGHJUDQGHHW
EHOOHDX[\HX[EOHXV
2XLHWSHQGXH
3DUVRQPDULTXLpWDLWXQVHLJQHXUGHYRWUHFRQQDLVVDQFHFRQWLQXD
G
$UWDJQDQHQUHJDUGDQWIL[HPHQW$WKRV
(KELHQYR\H]FHSHQGDQWFRPPHRQFRPSURPHWWUDLWXQKRPPHTXDQGRQQHVDLW
SOXVFHTXHO
RQGLWUHSULW$WKRVHQKDXVVDQWOHVpSDXOHVFRPPHV
LOVHIW
SULVOXLPrPHHQSLWLp'pFLGpPHQWMHQHYHX[SOXVPHJULVHUG
$UWDJQDQF
HVW
XQHWURSPDXYDLVHKDELWXGH
'
$UWDJQDQJDUGDOHVLOHQFH
3XLV$WKRVFKDQJHDQWWRXWjFRXSGHFRQYHUVDWLRQ
$SURSRVGLWLOMHYRXVUHPHUFLHGXFKHYDOTXHYRXVP
DYH]DPHQp
(VWLOGHYRWUHJRW"GHPDQGDG
$UWDJQDQ
2XLPDLVFHQ
pWDLWSDVXQFKHYDOGHIDWLJXH
9RXVYRXVWURPSH]M
DLIDLWDYHFOXLGL[OLHXHVHQPRLQVG
XQHKHXUHHW
GHPLHHWLOQ
\SDUDLVVDLWSDVSOXVTXHV
LOHWIDLWOHWRXUGHODSODFH
6DLQW6XOSLFH
$KojYRXVDOOH]PHGRQQHUGHVUHJUHWV

'HVUHJUHWV"
2XLMHP
HQVXLVGpIDLW
&RPPHQWFHOD"
9RLFLOHIDLWFHPDWLQMHPHVXLVUpYHLOOpjVL[KHXUHVYRXVGRUPLH]
FRPPHXQVRXUGHWMHQHVDYDLVTXHIDLUHM
pWDLVHQFRUHWRXWKpEpWpGHQRWUH
GpEDXFKHG
KLHUMHGHVFHQGLVGDQVODJUDQGHVDOOHHWM
DYLVDLXQGHQRV
$QJODLVTXLPDUFKDQGDLWXQFKHYDOjXQPDTXLJQRQOHVLHQpWDQWPRUWKLHUG
XQ
FRXSGHVDQJ-HP
DSSURFKDLGHOXLHWFRPPHMHYLVTX
LORIIUDLWFHQWSLVWROHV
G
XQDOH]DQEUOp3DU'LHXOXLGLVMHPRQJHQWLOKRPPHPRLDXVVLM
DLXQ
FKHYDOjYHQGUH
(WWUqVEHDXPrPHGLWLOMHO
DLYXKLHUOHYDOHWGHYRWUHDPLOHWHQDLW
HQPDLQ
7URXYH]YRXVTX
LOYDLOOHFHQWSLVWROHV"
2XLHWYRXOH]YRXVPHOHGRQQHUSRXUFHSUL[Oj"
1RQPDLVMHYRXVOHMRXH
9RXVPHOHMRXH]"
2XL
$TXRL"
$X[GpV
&HTXLIXWGLWIXWIDLWHWM
DLSHUGXOHFKHYDO$KPDLVSDUH[HPSOH
FRQWLQXD$WKRVM
DLUHJDJQpOHFDSDUDoRQ
'
$UWDJQDQILWXQHPLQHDVVH]PDXVVDGH
&HODYRXVFRQWUDULH"GLW$WKRV
0DLVRXLMHYRXVO
DYRXHUHSULWG
$UWDJQDQFHFKHYDOGHYDLWVHUYLUjQRXV
IDLUHUHFRQQDvWUHXQMRXUGHEDWDLOOHF
pWDLWXQJDJHXQVRXYHQLU$WKRV
YRXVDYH]HXWRUW
(KPRQFKHUDPLPHWWH]YRXVjPDSODFHUHSULWOHPRXVTXHWDLUHMH
P
HQQX\DLVjSpULUPRLHWSXLVG
KRQQHXUMHQ
DLPHSDVOHVFKHYDX[DQJODLV
9R\RQVV
LOQHV
DJLWTXHG
rWUHUHFRQQXSDUTXHOTX
XQ(KELHQODVHOOH
VXIILUDHOOHHVWDVVH]UHPDUTXDEOH4XDQWDXFKHYDOQRXVWURXYHURQVTXHOTXH
H[FXVHSRXUPRWLYHUVDGLVSDULWLRQ4XHGLDEOHXQFKHYDOHVWPRUWHOPHWWRQV
TXHOHPLHQDHXODPRUYHRXOHIDUFLQ
'
$UWDJQDQQHVHGpULGDLWSDV
&HODPHFRQWUDULHFRQWLQXD$WKRVTXHYRXVSDUDLVVLH]WDQWWHQLUjFHV
DQLPDX[FDUMHQHVXLVSDVDXERXWGHPRQKLVWRLUH

4X
DYH]YRXVGRQFIDLWHQFRUH"
$SUqVDYRLUSHUGXPRQFKHYDOQHXIFRQWUHGL[YR\H]OHFRXSO
LGpHPHYLQW
GHMRXHUOHY{WUH
2XLPDLVYRXVYRXVHQWvQWHVM
HVSqUHjO
LGpH"
1RQSDVMHODPLVjH[pFXWLRQjO
LQVWDQWPrPH
$KSDUH[HPSOHV
pFULDG
$UWDJQDQLQTXLHW
-HMRXDLHWMHSHUGLV
0RQFKHYDO"
9RWUHFKHYDOVHSWFRQWUHKXLWIDXWHG
XQSRLQWYRXVFRQQDLVVH]OH
SURYHUEH
$WKRVYRXVQ
rWHVSDVGDQVYRWUHERQVHQVMHYRXVMXUH
0RQFKHUF
pWDLWKLHUTXDQGMHYRXVFRQWDLVPHVVRWWHVKLVWRLUHVTX
LO
IDOODLWPHGLUHFHODHWQRQSDVFHPDWLQ-HOHSHUGLVGRQFDYHFWRXVOHV
pTXLSDJHVHWKDUQDLVSRVVLEOHV
0DLVF
HVWDIIUHX[
$WWHQGH]GRQFYRXVQ
\rWHVSRLQWMHIHUDLVXQMRXHXUH[FHOOHQWVLMHQH
P
HQWrWDLVSDVPDLVMHP
HQWrWHF
HVWFRPPHTXDQGMHERLVMHP
HQWrWDL
GRQF
0DLVTXHSWHVYRXVMRXHULOQHYRXVUHVWDLWSOXVULHQ"
6LIDLWVLIDLWPRQDPLLOQRXVUHVWDLWFHGLDPDQWTXLEULOOHjYRWUH
GRLJWHWTXHM
DYDLVUHPDUTXpKLHU
&HGLDPDQWV
pFULDG
$UWDJQDQHQSRUWDQWYLYHPHQWODPDLQjVDEDJXH
(WFRPPHMHVXLVFRQQDLVVHXUHQD\DQWHXTXHOTXHVXQVSRXUPRQSURSUH
FRPSWHMHO
DYDLVHVWLPpPLOOHSLVWROHV
-
HVSqUHGLWVpULHXVHPHQWG
$UWDJQDQjGHPLPRUWGHIUD\HXUTXHYRXVQ
DYH]
DXFXQHPHQWIDLWPHQWLRQGHPRQGLDPDQW"
$XFRQWUDLUHFKHUDPLYRXVFRPSUHQH]FHGLDPDQWGHYHQDLWQRWUHVHXOH
UHVVRXUFHDYHFOXLMHSRXYDLVUHJDJQHUQRVKDUQDLVHWQRVFKHYDX[HWGH
SOXVO
DUJHQWSRXUIDLUHODURXWH
$WKRVYRXVPHIDLWHVIUpPLUV
pFULDG
$UWDJQDQ
-HSDUODLGRQFGHYRWUHGLDPDQWjPRQSDUWHQDLUHOHTXHOO
DYDLWDXVVL
UHPDUTXp4XHGLDEOHDXVVLPRQFKHUYRXVSRUWH]jYRWUHGRLJWXQHpWRLOHGX
FLHOHWYRXVQHYRXOH]SDVTX
RQ\IDVVHDWWHQWLRQ,PSRVVLEOH

$FKHYH]PRQFKHUDFKHYH]GLWG
$UWDJQDQFDUG
KRQQHXUDYHFYRWUH
VDQJIURLGYRXVPHIDLWHVPRXULU
1RXVGLYLVkPHVGRQFFHGLDPDQWHQGL[SDUWLHVGHFHQWSLVWROHVFKDFXQH
$KYRXVYRXOH]ULUHHWP
pSURXYHU"GLWG
$UWDJQDQTXHODFROqUH
FRPPHQoDLWjSUHQGUHDX[FKHYHX[FRPPH0LQHUYHSUHQG$FKLOOHGDQVO
,OOLDGH
1RQMHQHSODLVDQWHSDVPRUGLHXM
DXUDLVELHQYRXOXYRXV\YRLUYRXV
LO\DYDLWTXLQ]HMRXUVTXHMHQ
DYDLVHQYLVDJpIDFHKXPDLQHHWTXHM
pWDLVOjj
P
DEUXWLUHQP
DERXFKDQWDYHFGHVERXWHLOOHV
&HQ
HVWSRLQWXQHUDLVRQSRXUMRXHUPRQGLDPDQWFHODUpSRQGLWG
$UWDJQDQ
HQVHUUDQWVDPDLQDYHFXQHFULVSDWLRQQHUYHXVH
(FRXWH]GRQFODILQGL[SDUWLHVGHFHQWSLVWROHVFKDFXQHHQGL[FRXSVVDQV
UHYDQFKH(QWUHL]HFRXSVMHSHUGLVWRXW(QWUHL]HFRXSV/HQRPEUHP
D
WRXMRXUVpWpIDWDOF
pWDLWOHGXPRLVGHMXLOOHWTXH
9HQWUHEOHXV
pFULDG
$UWDJQDQHQVHOHYDQWGHWDEOHO
KLVWRLUHGXMRXUOXL
IDLVDQWRXEOLHUFHOOHGHODYHLOOH
3DWLHQFHGLW$WKRVM
DYDLVXQSODQ/
$QJODLVpWDLWXQRULJLQDOMHO
DYDLV
YXOHPDWLQFDXVHUDYHF*ULPDXGHW*ULPDXGP
DYDLWDYHUWLTX
LOOXLDYDLWIDLW
GHVSURSRVLWLRQVSRXUHQWUHUjVRQVHUYLFH-HOXLMRXH*ULPDXGOHVLOHQFLHX[
*ULPDXGGLYLVpHQGL[SRUWLRQV
$KSRXUOHFRXSGLWG
$UWDJQDQpFODWDQWGHULUHPDOJUpOXL
*ULPDXGOXLPrPHHQWHQGH]YRXVFHODHWDYHFOHVGL[SDUWVGH*ULPDXGTXL
QHYDXWSDVHQWRXWXQGXFDWRQMHUHJDJQHOHGLDPDQW'LWHVPDLQWHQDQWTXHOD
SHUVLVWDQFHQ
HVWSDVXQHYHUWX
0DIRLF
HVWWUqVGU{OHV
pFULDG
$UWDJQDQFRQVROpHWVHWHQDQWOHVF{WHV
GHULUH
9RXVFRPSUHQH]TXHPHVHQWDQWHQYHLQHMHPHUHPLVDXVVLW{WjMRXHUVXUOH
GLDPDQW
$KGLDEOHGLWG
$UWDJQDQDVVRPEULGHQRXYHDX
-
DLUHJDJQpYRVKDUQDLVSXLVYRWUHFKHYDOSXLVPHVKDUQDLVSXLVPRQ
FKHYDOSXLVUHSHUGX%UHIM
DLUDWWUDSpYRWUHKDUQDLVSXLVOHPLHQ9RLOjR
QRXVHQVRPPHV&
HVWXQFRXSVXSHUEHDXVVLMHP
HQVXLVWHQXOj
'
$UWDJQDQUHVSLUDFRPPHVLRQOXLHWHQOHYpO
K{WHOOHULHGHGHVVXVOD
SRLWULQH
(QILQOHGLDPDQWPHUHVWH"GLWLOWLPLGHPHQW
,QWDFWFKHUDPLSOXVOHVKDUQDLVGHYRWUH%XFpSKDOHHWGXPLHQ

0DLVTXHIHURQVQRXVGHQRVKDUQDLVVDQVFKHYDX["
-
DLXQHLGpHVXUHX[
$WKRVYRXVPHIDLWHVIUpPLU
(FRXWH]YRXVQ
DYH]SDVMRXpGHSXLVORQJWHPSVYRXVG
$UWDJQDQ"
(WMHQ
DLSRLQWO
HQYLHGHMRXHU
1HMXURQVGHULHQ9RXVQ
DYH]SDVMRXpGHSXLVORQJWHPSVGLVDLVMHYRXV
GHYH]GRQFDYRLUODPDLQERQQH
(KELHQDSUqV"
(KELHQO
$QJODLVHWVRQFRPSDJQRQVRQWHQFRUHOj-
DLUHPDUTXpTX
LOV
UHJUHWWDLHQWEHDXFRXSOHVKDUQDLV9RXVYRXVSDUDLVVH]WHQLUjYRWUHFKHYDO$
YRWUHSODFHMHMRXHUDLVYRVKDUQDLVFRQWUHYRWUHFKHYDO
0DLVLOQHYRXGUDSDVXQVHXOKDUQDLV
-RXH]OHVGHX[SDUGLHXMHQHVXLVSRLQWXQpJRwVWHFRPPHYRXVPRL
9RXVIHULH]FHOD"GLWG
$UWDJQDQLQGpFLVWDQWODFRQILDQFHG
$WKRV
FRPPHQoDLWjOHJDJQHUjVRQLQVX
3DUROHG
KRQQHXUHQXQVHXOFRXS
0DLVF
HVWTX
D\DQWSHUGXOHVFKHYDX[MHWHQDLVpQRUPpPHQWjFRQVHUYHUOHV
KDUQDLV
-RXH]YRWUHGLDPDQWDORUV
2KFHFLF
HVWDXWUHFKRVHMDPDLVMDPDLV
'LDEOHGLW$WKRVMHYRXVSURSRVHUDLVELHQGHMRXHU3ODQFKHWPDLVFRPPH
FHODDGpMjpWpIDLWO
$QJODLVQHYRXGUDLWSHXWrWUHSOXV
'pFLGpPHQWPRQFKHU$WKRVGLWG
$UWDJQDQM
DLPHPLHX[QHULHQULVTXHU
&
HVWGRPPDJHGLWIURLGHPHQW$WKRVO
$QJODLVHVWFRXVXGHSLVWROHV(K
PRQ'LHXHVVD\H]XQFRXSXQFRXSHVWELHQW{WMRXp
(WVLMHSHUGV"
9RXVJDJQHUH]
0DLVVLMHSHUGV"
(KELHQYRXVGRQQHUH]OHVKDUQDLV
9DSRXUXQFRXSGLWG
$UWDJQDQ

$WKRVVHPLWHQTXrWHGHO
$QJODLVHWOHWURXYDGDQVO
pFXULHRLOH[DPLQDLW
OHVKDUQDLVG
XQRHLOGHFRQYRLWLVH/
RFFDVLRQpWDLWERQQH,OILWVHV
FRQGLWLRQVOHVGHX[KDUQDLVFRQWUHXQFKHYDORXFHQWSLVWROHVjFKRLVLU
/
$QJODLVFDOFXODYLWHOHVGHX[KDUQDLVYDODLHQWWURLVFHQWVSLVWROHVjHX[
GHX[LOWRSD
'
$UWDJQDQMHWDOHVGpVHQWUHPEODQWHWDPHQDOHQRPEUHWURLVVDSkOHXU
HIIUD\D$WKRVTXLVHFRQWHQWDGHGLUH
9RLOjXQWULVWHFRXSFRPSDJQRQYRXVDXUH]OHVFKHYDX[WRXWKDUQDFKpV
0RQVLHXU
/
$QJODLVWULRPSKDQWQHVHGRQQDPrPHODSHLQHGHURXOHUOHVGpVLOOHVMHWD
VXUODWDEOHVDQVUHJDUGHUWDQWLOpWDLWVUGHODYLFWRLUHG
$UWDJQDQ
V
pWDLWGpWRXUQpSRXUFDFKHUVDPDXYDLVHKXPHXU
7LHQVWLHQVWLHQVGLW$WKRVDYHFVDYRL[WUDQTXLOOHFHFRXSGHGpVHVW
H[WUDRUGLQDLUHHWMHQHO
DLYXTXHTXDWUHIRLVGDQVPDYLHGHX[DV
/
$QJODLVUHJDUGDHWIXWVDLVLG
pWRQQHPHQWG
$UWDJQDQUHJDUGDHWIXWVDLVLGH
SODLVLU
2XLFRQWLQXD$WKRVTXDWUHIRLVVHXOHPHQWXQHIRLVFKH]0GH&UpTX\XQH
DXWUHIRLVFKH]PRLjODFDPSDJQHGDQVPRQFKkWHDXGHTXDQGM
DYDLVXQ
FKkWHDXXQHWURLVLqPHIRLVFKH]0GH7UpYLOOHRLOQRXVVXUSULWWRXV
HQILQXQHTXDWULqPHIRLVDXFDEDUHWRLOpFKXWjPRLHWRMHSHUGLVVXUOXL
FHQWORXLVHWXQVRXSHU
$ORUV0RQVLHXUUHSUHQGVRQFKHYDOGLWO
$QJODLV
&HUWHVGLWG
$UWDJQDQ
$ORUVLOQ
\DSDVGHUHYDQFKH"
1RVFRQGLWLRQVGLVDLHQWSDVGHUHYDQFKHYRXVYRXVOHUDSSHOH]"
&
HVWYUDLOHFKHYDOYDrWUHUHQGXjYRWUHYDOHW0RQVLHXU
8QPRPHQWGLW$WKRVDYHFYRWUHSHUPLVVLRQ0RQVLHXUMHGHPDQGHjGLUHXQ
PRWjPRQDPL
'LWHV
$WKRVWLUDG
$UWDJQDQjSDUW
(KELHQOXLGLWG
$UWDJQDQTXHPHYHX[WXHQFRUHWHQWDWHXUWXYHX[TXHMH
MRXHQ
HVWFHSDV"
1RQMHYHX[TXHYRXVUpIOpFKLVVLH]
$TXRL"
9RXVDOOH]UHSUHQGUHOHFKHYDOQ
HVWFHSDV"

6DQVGRXWH
9RXVDYH]WRUWMHSUHQGUDLVOHVFHQWSLVWROHVYRXVVDYH]TXHYRXVDYH]
MRXpOHVKDUQDLVFRQWUHOHFKHYDORXFHQWSLVWROHVjYRWUHFKRL[
2XL
-HSUHQGUDLVOHVFHQWSLVWROHV
(KELHQPRLMHSUHQGVOHFKHYDO
(WYRXVDYH]WRUWMHYRXVOHUpSqWHTXHIHURQVQRXVG
XQFKHYDOSRXUQRXV
GHX[MHQHSXLVSDVPRQWHUHQFURXSHQRXVDXULRQVO
DLUGHVGHX[ILOV$\PRQ
TXLRQWSHUGXOHXUVIUqUHVYRXVQHSRXYH]SDVP
KXPLOLHUHQFKHYDXFKDQWSUqV
GHPRLHQFKHYDXFKDQWVXUFHPDJQLILTXHGHVWULHU0RLVDQVEDODQFHUXQVHXO
LQVWDQWMHSUHQGUDLVOHVFHQWSLVWROHVQRXVDYRQVEHVRLQG
DUJHQWSRXUUHYHQLU
j3DULV
-HWLHQVjFHFKHYDO$WKRV
(WYRXVDYH]WRUWPRQDPLXQFKHYDOSUHQGXQpFDUWXQFKHYDOEXWHHWVH
FRXURQQHXQFKHYDOPDQJHGDQVXQUkWHOLHURDPDQJpXQFKHYDOPRUYHX[YRLOj
XQFKHYDORXSOXW{WFHQWSLVWROHVSHUGXHVLOIDXWTXHOHPDvWUHQRXUULVVHVRQ
FKHYDOWDQGLVTX
DXFRQWUDLUHFHQWSLVWROHVQRXUULVVHQWOHXUPDvWUH
0DLVFRPPHQWUHYLHQGURQVQRXV"
6XUOHVFKHYDX[GHQRVODTXDLVSDUGLHXRQYHUUDWRXMRXUVELHQjO
DLUGH
QRVILJXUHVTXHQRXVVRPPHVJHQVGHFRQGLWLRQ
/DEHOOHPLQHTXHQRXVDXURQVVXUGHVELGHWVWDQGLVTX
$UDPLVHW3RUWKRV
FDUDFROHURQWVXUOHXUVFKHYDX[
$UDPLV3RUWKRVV
pFULD$WKRVHWLOVHPLWjULUH
4XRL"GHPDQGDG
$UWDJQDQTXLQHFRPSUHQDLWULHQjO
KLODULWpGHVRQDPL
%LHQELHQFRQWLQXRQVGLW$WKRV
$LQVLYRWUHDYLV"
(VWGHSUHQGUHOHVFHQWSLVWROHVG
$UWDJQDQDYHFOHVFHQWSLVWROHVQRXV
DOORQVIHVWLQHUMXVTX
jODILQGXPRLVQRXVDYRQVHVVX\pGHVIDWLJXHV
YR\H]YRXVHWLOVHUDERQGHQRXVUHSRVHUXQSHX
0HUHSRVHURKQRQ$WKRVDXVVLW{Wj3DULVMHPHPHWVjODUHFKHUFKHGH
FHWWHSDXYUHIHPPH
(KELHQFUR\H]YRXVTXHYRWUHFKHYDOYRXVVHUDDXVVLXWLOHSRXUFHODTXHGH
ERQVORXLVG
RU"3UHQH]OHVFHQWSLVWROHVPRQDPLSUHQH]OHVFHQWSLVWROHV

'
$UWDJQDQQ
DYDLWEHVRLQTXHG
XQHUDLVRQSRXUVHUHQGUH&HOOHOjOXLSDUXW
H[FHOOHQWH'
DLOOHXUVHQUpVLVWDQWSOXVORQJWHPSVLOFUDLJQDLWGHSDUDvWUH
pJRwVWHDX[\HX[G
$WKRVLODFTXLHVoDGRQFHWFKRLVLWOHVFHQWSLVWROHVTXH
O
$QJODLVOXLFRPSWDVXUOHFKDPS
3XLVO
RQQHVRQJHDSOXVTX
jSDUWLU/DSDL[VLJQpHDYHFO
DXEHUJLVWHRXWUHOH
YLHX[FKHYDOG
$WKRVFRWDVL[SLVWROHVG
$UWDJQDQHW$WKRVSULUHQWOHV
FKHYDX[GH3ODQFKHWHWGH*ULPDXGOHVGHX[YDOHWVVHPLUHQWHQURXWHjSLHG
SRUWDQWOHVVHOOHVVXUOHXUVWrWHV
6LPDOPRQWpVTXHIXVVHQWOHVGHX[DPLVLOVSULUHQWELHQW{WOHVGHYDQWVVXU
OHXUVYDOHWVHWDUULYqUHQWj&UqYHFRHXU'HORLQLOVDSHUoXUHQW$UDPLV
PpODQFROLTXHPHQWDSSX\pVXUVDIHQrWUHHWUHJDUGDQWFRPPHPDVRHXU$QQH
SRXGUR\HUO
KRUL]RQ
+ROjHK$UDPLVTXHGLDEOHIDLWHVYRXVGRQFOj"FULqUHQWOHVGHX[DPLV
$KF
HVWYRXVG
$UWDJQDQF
HVWYRXV$WKRVGLWOHMHXQHKRPPHMH
VRQJHDLVDYHFTXHOOHUDSLGLWpV
HQYRQWOHVELHQVGHFHPRQGHHWPRQFKHYDO
DQJODLVTXLV
pORLJQDLWHWTXLYLHQWGHGLVSDUDvWUHDXPLOLHXG
XQWRXUELOORQ
GHSRXVVLqUHP
pWDLWXQHYLYDQWHLPDJHGHODIUDJLOLWpGHVFKRVHVGHODWHUUH
/DYLHHOOHPrPHSHXWVHUpVRXGUHHQWURLVPRWV(UDWHVWIXLW
&HODYHXWGLUHDXIRQG"GHPDQGDG
$UWDJQDQTXLFRPPHQoDLWjVHGRXWHUGHOD
YpULWp
&HODYHXWGLUHTXHMHYLHQVGHIDLUHXQPDUFKpGHGXSHVRL[DQWHORXLVXQ
FKHYDOTXLjODPDQLqUHGRQWLOILOHSHXWIDLUHDXWURWFLQTOLHXHVjO
KHXUH

'
$UWDJQDQHW$WKRVpFODWqUHQWGHULUH
0RQFKHUG
$UWDJQDQGLW$UDPLVQHP
HQYHXLOOH]SDVWURSMHYRXVSULH
QpFHVVLWpQ
DSDVGHORLG
DLOOHXUVMHVXLVOHSUHPLHUSXQLSXLVTXHFHW
LQIkPHPDTXLJQRQP
DYROpFLQTXDQWHORXLVDXPRLQV$KYRXVrWHVERQV
PpQDJHUVYRXVDXWUHVYRXVYHQH]VXUOHVFKHYDX[GHYRVODTXDLVHWYRXVIDLWHV
PHQHUYRVFKHYDX[GHOX[HHQPDLQGRXFHPHQWHWjSHWLWHVMRXUQpHV
$XPrPHLQVWDQWXQIRXUJRQTXLGHSXLVTXHOTXHVLQVWDQWVSRLQWDLWVXUODURXWH
G
$PLHQVV
DUUrWDHWO
RQYLWVRUWLU*ULPDXGHW3ODQFKHWOHXUVVHOOHVVXUOD
WrWH/HIRXUJRQUHWRXUQDLWjYLGHYHUV3DULVHWOHVGHX[ODTXDLVV
pWDLHQW
HQJDJpVPR\HQQDQWOHXUWUDQVSRUWjGpVDOWpUHUOHYRLWXULHUWRXWOHORQJGHOD
URXWH
4X
HVWFHTXHFHOD"GLW$UDPLVHQYR\DQWFHTXLVHSDVVDLWULHQTXHOHV
VHOOHV"
&RPSUHQH]YRXVPDLQWHQDQW"GLW$WKRV
0HVDPLVF
HVWH[DFWHPHQWFRPPHPRL-
DLFRQVHUYpOHKDUQDLVSDULQVWLQFW
+ROj%D]LQSRUWH]PRQKDUQDLVQHXIDXSUqVGHFHOXLGHFHV0HVVLHXUV
(WTX
DYH]YRXVIDLWGHYRVFXUpV"GHPDQGDG
$UWDJQDQ

0RQFKHUMHOHVDLLQYLWpVjGvQHUOHOHQGHPDLQGLW$UDPLVLO\DLFLGX
YLQH[TXLVFHODVRLWGLWHQSDVVDQWMHOHVDLJULVpVGHPRQPLHX[DORUVOH
FXUpP
DGpIHQGXGHTXLWWHUODFDVDTXHHWOHMpVXLWHP
DSULpGHOHIDLUH
UHFHYRLUPRXVTXHWDLUH
6DQVWKqVHFULDG
$UWDJQDQVDQVWKqVHMHGHPDQGHODVXSSUHVVLRQGHOD
WKqVHPRL
'HSXLVORUVFRQWLQXD$UDPLVMHYLVDJUpDEOHPHQW-
DLFRPPHQFpXQSRqPHHQ
YHUVG
XQHV\OODEHF
HVWDVVH]GLIILFLOHPDLVOHPpULWHHQWRXWHVFKRVHVHVW
GDQVODGLIILFXOWp/DPDWLqUHHVWJDODQWHMHYRXVOLUDLOHSUHPLHUFKDQWLOD
TXDWUHFHQWVYHUVHWGXUHXQHPLQXWH
0DIRLPRQFKHU$UDPLVGLWG
$UWDJQDQTXLGpWHVWDLWSUHVTXHDXWDQWOHV
YHUVTXHOHODWLQDMRXWH]DXPpULWHGHODGLIILFXOWpFHOXLGHODEULqYHWpHW
YRXVrWHVVUDXPRLQVTXHYRWUHSRqPHDXUDGHX[PpULWHV
3XLVFRQWLQXD$UDPLVLOUHVSLUHGHVSDVVLRQVKRQQrWHVYRXVYHUUH]$Koj
PHVDPLVQRXVUHWRXUQRQVGRQFj3DULV"%UDYRMHVXLVSUrWQRXVDOORQV
GRQFUHYRLUFHERQ3RUWKRVWDQWPLHX[9RXVQHFUR\H]SDVTX
LOPHPDQTXDLWFH
JUDQGQLDLVOj"&HQ
HVWSDVOXLTXLDXUDLWYHQGXVRQFKHYDOIWFHFRQWUHXQ
UR\DXPH-HYRXGUDLVGpMjOHYRLUVXUVDErWHHWVXUVDVHOOH,ODXUDM
HQ
VXLVVUO
DLUGX*UDQG0RJRO
2QILWXQHKDOWHG
XQHKHXUHSRXUIDLUHVRXIIOHUOHVFKHYDX[$UDPLVVROGDVRQ
FRPSWHSODoD%D]LQGDQVOHIRXUJRQDYHFVHVFDPDUDGHVHWO
RQVHPLWHQURXWH
SRXUDOOHUUHWURXYHU3RUWKRV
2QOHWURXYDGHERXWPRLQVSkOHTXHQHO
DYDLWYXG
$UWDJQDQjVDSUHPLqUH
YLVLWHHWDVVLVjXQHWDEOHRTXRLTX
LOIWVHXOILJXUDLWXQGvQHUGHTXDWUH
SHUVRQQHVFHGvQHUVHFRPSRVDLWGHYLDQGHVJDODPPHQWWURXVVpHVGHYLQV
FKRLVLVHWGHIUXLWVVXSHUEHV
$KSDUGLHXGLWLOHQVHOHYDQWYRXVDUULYH]jPHUYHLOOH0HVVLHXUVM
HQ
pWDLVMXVWHPHQWDXSRWDJHHWYRXVDOOH]GvQHUDYHFPRL
2KRKILWG
$UWDJQDQFHQ
HVWSDV0RXVTXHWRQTXLDSULVDXODVVRGH
SDUHLOOHVERXWHLOOHVSXLVYRLOjXQIULFDQGHDXSLTXpHWXQILOHWGHERHXI
-HPHUHIDLVGLW3RUWKRVMHPHUHIDLVULHQQ
DIIDLEOLWFRPPHFHVGLDEOHV
GHIRXOXUHVDYH]YRXVHXGHVIRXOXUHV$WKRV"
-DPDLVVHXOHPHQWMHPHUDSSHOOHTXHGDQVQRWUHpFKDXIIRXUpHGHODUXH)pURX
MHUHoXVXQFRXSG
pSpHTXLDXERXWGHTXLQ]HRXGL[KXLWMRXUVP
DYDLW
SURGXLWH[DFWHPHQWOHPrPHHIIHW
0DLVFHGvQHUQ
pWDLWSDVSRXUYRXVVHXOPRQFKHU3RUWKRV"GLW$UDPLV
1RQGLW3RUWKRVM
DWWHQGDLVTXHOTXHVJHQWLOVKRPPHVGXYRLVLQDJHTXL
YLHQQHQWGHPHIDLUHGLUHTX
LOVQHYLHQGUDLHQWSDVYRXVOHVUHPSODFHUH]HW
MHQHSHUGUDLSDVDXFKDQJH+ROj0RXVTXHWRQGHVVLqJHVHWTXHO
RQGRXEOH
OHVERXWHLOOHV

6DYH]YRXVFHTXHQRXVPDQJHRQVLFL"GLW$WKRVDXERXWGHGL[PLQXWHV
3DUGLHXUpSRQGLWG
$UWDJQDQPRLMHPDQJHGXYHDXSLTXpDX[FDUGRQVHWjOD
PRHOOH
(WPRLGHVILOHWVG
DJQHDXGLW3RUWKRV
(WPRLXQEODQFGHYRODLOOHGLW$UDPLV
9RXVYRXVWURPSH]WRXV0HVVLHXUVUpSRQGLW$WKRVYRXVPDQJH]GXFKHYDO
$OORQVGRQFGLWG
$UWDJQDQ
'XFKHYDOILW$UDPLVDYHFXQHJULPDFHGHGpJRW
3RUWKRVVHXOQHUpSRQGLWSDV
2XLGXFKHYDOQ
HVWFHSDV3RUWKRVTXHQRXVPDQJHRQVGXFKHYDO"
3HXWrWUHPrPHOHVFDSDUDoRQVDYHF
1RQ0HVVLHXUVM
DLJDUGpOHKDUQDLVGLW3RUWKRV
0DIRLQRXVQRXVYDORQVWRXVGLW$UDPLVRQGLUDLWTXHQRXVQRXVVRPPHV
GRQQpOHPRW
4XHYRXOH]YRXVGLW3RUWKRVFHFKHYDOIDLVDLWKRQWHjPHVYLVLWHXUVHWMH
Q
DLSDVYRXOXOHVKXPLOLHU
3XLVYRWUHGXFKHVVHHVWWRXMRXUVDX[HDX[Q
HVWFHSDV"UHSULWG
$UWDJQDQ
7RXMRXUVUpSRQGLW3RUWKRV2UPDIRLOHJRXYHUQHXUGHODSURYLQFHXQGHV
JHQWLOVKRPPHVTXHM
DWWHQGDLVDXMRXUG
KXLjGvQHUP
DSDUXOHGpVLUHUVLIRUW
TXHMHOHOXLDLGRQQp
'RQQpV
pFULDG
$UWDJQDQ
2KPRQ'LHXRXLGRQQpF
HVWOHPRWGLW3RUWKRVFDULOYDODLW
FHUWDLQHPHQWFHQWFLQTXDQWHORXLVHWOHODGUHQ
DYRXOXPHOHSD\HUTXH
TXDWUHYLQJWV
6DQVODVHOOH"GLW$UDPLV
2XLVDQVODVHOOH
9RXVUHPDUTXHUH]0HVVLHXUVGLW$WKRVTXHF
HVWHQFRUH3RUWKRVTXLDIDLW
OHPHLOOHXUPDUFKpGHQRXVWRXV
&HIXWDORUVXQKRXUUDGHULUHVGRQWOHSDXYUH3RUWKRVIXWWRXWVDLVLPDLVRQ
OXLH[SOLTXDELHQW{WODUDLVRQGHFHWWHKLODULWpTX
LOSDUWDJHDEUX\DPPHQW
VHORQVDFRXWXPH

'HVRUWHTXHQRXVVRPPHVWRXVHQIRQGV"GLWG
$UWDJQDQ
0DLVSDVSRXUPRQFRPSWHGLW$WKRVM
DLWURXYpOHYLQG
(VSDJQHG
$UDPLV
VLERQTXHM
HQDLIDLWFKDUJHUXQHVRL[DQWDLQHGHERXWHLOOHVGDQVOHIRXUJRQ
GHVODTXDLVFHTXLP
DIRUWGpVDUJHQWp
(WPRLGLW$UDPLVLPDJLQH]GRQFTXHM
DYDLVGRQQpMXVTX
jPRQGHUQLHUVRXj
O
pJOLVHGH0RQWGLGLHUHWDX[MpVXLWHVG
$PLHQVTXHM
DYDLVSULVHQRXWUHGHV
HQJDJHPHQWVTX
LOP
DIDOOXWHQLUGHVPHVVHVFRPPDQGpHVSRXUPRLHWSRXUYRXV
0HVVLHXUVTXHO
RQGLUD0HVVLHXUVHWGRQWMHQHGRXWHSDVTXHQRXVQHQRXV
WURXYLRQVjPHUYHLOOH
(WPRLGLW3RUWKRVPDIRXOXUHFUR\H]YRXVTX
HOOHQHP
DULHQFRWp"VDQV
FRPSWHUODEOHVVXUHGH0RXVTXHWRQSRXUODTXHOOHM
DLpWpREOLJpGHIDLUHYHQLU
OHFKLUXUJLHQGHX[IRLVSDUMRXUOHTXHOP
DIDLWSD\HUVHVYLVLWHVGRXEOHVRXV
SUpWH[WHTXHFHWLPEpFLOHGH0RXVTXHWRQDYDLWpWpVHIDLUHGRQQHUXQHEDOOHGDQV
XQHQGURLWTX
RQQHPRQWUHRUGLQDLUHPHQWTX
DX[DSRWKLFDLUHVDXVVLMHOXLDL
ELHQUHFRPPDQGpGHQHSOXVVHIDLUHEOHVVHUOj
$OORQVDOORQVGLW$WKRVHQpFKDQJHDQWXQVRXULUHDYHFG
$UWDJQDQHW
$UDPLVMHYRLVTXHYRXVYRXVrWHVFRQGXLWJUDQGHPHQWjO
pJDUGGXSDXYUHJDUoRQ
F
HVWG
XQERQPDvWUH
%UHIFRQWLQXD3RUWKRVPDGpSHQVHSD\pHLOPHUHVWHUDELHQXQHWUHQWDLQH
G
pFXV
(WjPRLXQHGL]DLQHGHSLVWROHVGLW$UDPLV
$OORQVDOORQVGLW$WKRVLOSDUDvWTXHQRXVVRPPHVOHV&UpVXVGHOD
VRFLpWp&RPELHQYRXVUHVWHWLOVXUYRVFHQWSLVWROHVG
$UWDJQDQ"
6XUPHVFHQWSLVWROHV"'
DERUGMHYRXVHQDLGRQQpFLQTXDQWH
9RXVFUR\H]"
3DUGLHX$KF
HVWYUDLMHPHUDSSHOOH
3XLVM
HQDLSD\pVL[jO
K{WH
4XHODQLPDOTXHFHWK{WHSRXUTXRLOXLDYH]YRXVGRQQpVL[SLVWROHV"
&
HVWYRXVTXLP
DYH]GLWGHOHVOXLGRQQHU
&
HVWYUDLTXHMHVXLVWURSERQ%UHIHQUHOLTXDW"
9LQJWFLQTSLVWROHVGLWG
$UWDJQDQ
(WPRLGLW$WKRVHQWLUDQWTXHOTXHPHQXHPRQQDLHGHVDSRFKHPRL
9RXVULHQ
0DIRLRXVLSHXGHFKRVHTXHFHQ
HVWSDVODSHLQHGHUDSSRUWHUjOD
PDVVH

0DLQWHQDQWFDOFXORQVFRPELHQQRXVSRVVpGRQVHQWRXW3RUWKRV"
7UHQWHpFXV
$UDPLV"
'L[SLVWROHV
(WYRXVG
$UWDJQDQ"
9LQJWFLQT
&HODIDLWHQWRXW"GLW$WKRV
4XDWUHFHQWVRL[DQWHTXLQ]HOLYUHVGLWG
$UWDJQDQTXLFRPSWDLWFRPPH
$UFKLPqGH
$UULYpVj3DULVQRXVHQDXURQVELHQHQFRUHTXDWUHFHQWVGLW3RUWKRVSOXV
OHVKDUQDLV
0DLVQRVFKHYDX[G
HVFDGURQ"GLW$UDPLV
(KELHQGHVTXDWUHFKHYDX[GHVODTXDLVQRXVHQIHURQVGHX[GHPDvWUHTXH
QRXVWLUHURQVDXVRUWDYHFOHVTXDWUHFHQWVOLYUHVRQHQIHUDXQGHPLSRXUXQ
GHVGpPRQWpVSXLVQRXVGRQQHURQVOHVJUDWWXUHVGHQRVSRFKHVjG
$UWDJQDQTXL
DODPDLQERQQHHWTXLLUDOHVMRXHUGDQVOHSUHPLHUWULSRWYHQXYRLOj
'vQRQVGRQFGLW3RUWKRVFHODUHIURLGLW
/HVTXDWUHDPLVSOXVWUDQTXLOOHVGpVRUPDLVVXUOHXUDYHQLUILUHQWKRQQHXUDX
UHSDVGRQWOHVUHVWHVIXUHQWDEDQGRQQpVj000RXVTXHWRQ%D]LQ3ODQFKHWHW
*ULPDXG
(QDUULYDQWj3DULVG
$UWDJQDQWURXYDXQHOHWWUHGH0GH7UpYLOOHTXLOH
SUpYHQDLWTXHVXUVDGHPDQGHOHURLYHQDLWGHOXLDFFRUGHUODIDYHXUG
HQWUHU
GDQVOHVPRXVTXHWDLUHV
&RPPHF
pWDLWWRXWFHTXHG
$UWDJQDQDPELWLRQQDLWDXPRQGHjSDUWELHQHQWHQGX
OHGpVLUGHUHWURXYHU0PH%RQDFLHX[LOFRXUXWWRXWMR\HX[FKH]VHVFDPDUDGHV
TX
LOYHQDLWGHTXLWWHULO\DYDLWXQHGHPLKHXUHHWTX
LOWURXYDIRUWWULVWHV
HWIRUWSUpRFFXSpV,OVpWDLHQWUpXQLVHQFRQVHLOFKH]$WKRVFHTXLLQGLTXDLW
WRXMRXUVGHVFLUFRQVWDQFHVG
XQHFHUWDLQHJUDYLWp
0GH7UpYLOOHYHQDLWGHOHVIDLUHSUpYHQLUTXHO
LQWHQWLRQELHQDUUrWpHGH6D
0DMHVWppWDQWG
RXYULUODFDPSDJQHOHHUPDLLOVHXVVHQWjSUpSDUHU
LQFRQWLQHQWOHXUVpTXLSDJHV
/HVTXDWUHSKLORVRSKHVVHUHJDUGqUHQWWRXWpEDKLV0GH7UpYLOOHQH
SODLVDQWDLWSDVVRXVOHUDSSRUWGHODGLVFLSOLQH
(WjFRPELHQHVWLPH]YRXVFHVpTXLSDJHV"GLWG
$UWDJQDQ

2KLOQ
\DSDVjGLUHUHSULW$UDPLVQRXVYHQRQVGHIDLUHQRVFRPSWHV
DYHFXQHOpVLQHULHGH6SDUWLDWHVHWLOQRXVIDXWjFKDFXQTXLQ]HFHQWVOLYUHV
4XDWUHIRLVTXLQ]HIRQWVRL[DQWHVRLWVL[PLOOHOLYUHVGLW$WKRV
0RLGLWG
$UWDJQDQLOPHVHPEOHTX
DYHFPLOOHOLYUHVFKDFXQLOHVWYUDL
TXHMHQHSDUOHSDVHQ6SDUWLDWHPDLVHQSURFXUHXU
&HPRWGHSURFXUHXUUpYHLOOD3RUWKRV
7LHQVM
DLXQHLGpHGLWLO
&
HVWGpMjTXHOTXHFKRVHPRLMHQ
HQDLSDVPrPHO
RPEUHILWIURLGHPHQW
$WKRVPDLVTXDQWjG
$UWDJQDQ0HVVLHXUVOHERQKHXUG
rWUHGpVRUPDLVGHV
Q{WUHVO
DUHQGXIRXPLOOHOLYUHVMHGpFODUHTXHSRXUPRLVHXOLOP
HQIDXW
GHX[PLOOH
4XDWUHIRLVGHX[IRQWKXLWGLWDORUV$UDPLVF
HVWGRQFKXLWPLOOHOLYUHV
TX
LOQRXVIDXWSRXUQRVpTXLSDJHVVXUOHVTXHOVpTXLSDJHVLOHVWYUDLQRXV
DYRQVGpMjOHVVHOOHV
3OXVGLW$WKRVHQDWWHQGDQWTXHG
$UWDJQDQTXLDOODLWUHPHUFLHU0GH
7UpYLOOHHWIHUPpODSRUWHSOXVFHEHDXGLDPDQWTXLEULOOHDXGRLJWGHQRWUH
DPL4XHGLDEOHG
$UWDJQDQHVWWURSERQFDPDUDGHSRXUODLVVHUGHVIUqUHVGDQV
O
HPEDUUDVTXDQGLOSRUWHjVRQPpGLXVODUDQoRQG
XQURL

&KDSLWUH;;,;
/$&+$66($/
(48,3(0(17

/HSOXVSUpRFFXSpGHVTXDWUHDPLVpWDLWELHQFHUWDLQHPHQWG
$UWDJQDQTXRLTXH
G
$UWDJQDQHQVDTXDOLWpGHJDUGHIWELHQSOXVIDFLOHjpTXLSHUTXH0HVVLHXUV
OHVPRXVTXHWDLUHVTXLpWDLHQWGHVVHLJQHXUVPDLVQRWUHFDGHWGH*DVFRJQH
pWDLWFRPPHRQDSXOHYRLUG
XQFDUDFWqUHSUpYR\DQWHWSUHVTXHDYDUHHWDYHF
FHOD H[SOLTXH]OHVFRQWUDLUHV JORULHX[SUHVTXHjUHQGUHGHVSRLQWVj3RUWKRV
$FHWWHSUpRFFXSDWLRQGHVDYDQLWpG
$UWDJQDQMRLJQDLWHQFHPRPHQWXQH
LQTXLpWXGHPRLQVpJRwVWH4XHOTXHVLQIRUPDWLRQVTX
LOHWSXSUHQGUHVXU0PH
%RQDFLHX[LOQHOXLHQpWDLWYHQXDXFXQHQRXYHOOH0GH7UpYLOOHHQDYDLW
SDUOpjODUHLQHODUHLQHLJQRUDLWRpWDLWODMHXQHPHUFLqUHHWDYDLWSURPLV
GHODIDLUHFKHUFKHU
0DLVFHWWHSURPHVVHpWDLWELHQYDJXHHWQHUDVVXUDLWJXqUHG
$UWDJQDQ
$WKRVQHVRUWDLWSDVGHVDFKDPEUHLOpWDLWUpVROXjQHSDVULVTXHUXQH
HQMDPEpHSRXUV
pTXLSHU
,OQRXVUHVWHTXLQ]HMRXUVGLVDLWLOjVHVDPLVHKELHQVLDXERXWGHFHV

TXLQ]HMRXUVMHQ
DLULHQWURXYpRXSOXW{WVLULHQQ
HVWYHQXPHWURXYHUFRPPH
MHVXLVWURSERQFDWKROLTXHSRXUPHFDVVHUODWrWHG
XQFRXSGHSLVWROHWMH
FKHUFKHUDLXQHERQQHTXHUHOOHjTXDWUHJDUGHVGH6RQ(PLQHQFHRXjKXLW$QJODLV
HWMHPHEDWWUDLMXVTX
jFHTX
LO\HQDLWXQTXLPHWXHFHTXLVXUOD
TXDQWLWpQHSHXWPDQTXHUGHP
DUULYHU2QGLUDDORUVTXHMHVXLVPRUWSRXUOH
URLGHVRUWHTXHM
DXUDLIDLWPRQVHUYLFHVDQVDYRLUHXEHVRLQGHP
pTXLSHU
3RUWKRVFRQWLQXDLWjVHSURPHQHUOHVPDLQVGHUULqUHOHGRVHQKRFKDQWODWrWH
GHKDXWHQEDVHWGLVDQW
-HSRXUVXLYUDLPRQLGpH
$UDPLVVRXFLHX[HWPDOIULVpQHGLVDLWULHQ
2QSHXWYRLUSDUFHVGpWDLOVGpVDVWUHX[TXHODGpVRODWLRQUpJQDLWGDQVOD
FRPPXQDXWp
/HVODTXDLVGHOHXUF{WpFRPPHOHVFRXUVLHUVG
+LSSRO\WHSDUWDJHDLHQWOD
WULVWHSHLQHGHOHXUVPDvWUHV0RXVTXHWRQIDLVDLWGHVSURYLVLRQVGHFURWHV
%D]LQTXLDYDLWWRXMRXUVGRQQpGDQVODGpYRWLRQQHTXLWWDLWSOXVOHVpJOLVHV
3ODQFKHWUHJDUGDLWYROHUOHVPRXFKHVHW*ULPDXGTXHODGpWUHVVHJpQpUDOHQH
SRXYDLWGpWHUPLQHUjURPSUHOHVLOHQFHLPSRVpSDUVRQPDvWUHSRXVVDLWGHV
VRXSLUVjDWWHQGULUGHVSLHUUHV
/HVWURLVDPLVFDUDLQVLTXHQRXVO
DYRQVGLW$WKRVDYDLWMXUpGHQHSDV
IDLUHXQSDVSRXUV
pTXLSHUOHVWURLVDPLVVRUWDLHQWGRQFGHJUDQGPDWLQHW
UHQWUDLHQWIRUWWDUG,OVHUUDLHQWSDUOHVUXHVUHJDUGDQWVXUFKDTXHSDYpSRXU
VDYRLUVLOHVSHUVRQQHVTXL\pWDLHQWSDVVpHVDYDQWHX[Q
\DYDLHQWSDVODLVVp
TXHOTXHERXUVH2QHWGLWTX
LOVVXLYDLHQWGHVSLVWHVWDQWLOVpWDLHQW
DWWHQWLIVSDUWRXWRLOVDOODLHQW4XDQGLOVVHUHQFRQWUDLHQWLOVDYDLHQWGHV
UHJDUGVGpVROpVTXLYRXODLHQWGLUH$VWXWURXYpTXHOTXHFKRVH"
&HSHQGDQWFRPPH3RUWKRVDYDLWWURXYpOHSUHPLHUVRQLGpHHWFRPPHLOO
DYDLW
SRXUVXLYLHDYHFSHUVLVWDQFHLOIXWOHSUHPLHUjDJLU&
pWDLWXQKRPPH
G
H[pFXWLRQTXHFHGLJQH3RUWKRV'
$UWDJQDQO
DSHUoXWXQMRXUTX
LO
V
DFKHPLQDLWYHUVO
pJOLVH6DLQW/HXHWOHVXLYLWLQVWLQFWLYHPHQWLOHQWUDDX
OLHXVDLQWDSUqVDYRLUUHOHYpVDPRXVWDFKHHWDOORQJpVDUR\DOHFHTXL
DQQRQoDLWWRXMRXUVGHVDSDUWOHVLQWHQWLRQVOHVSOXVFRQTXpUDQWHV&RPPH
G
$UWDJQDQSUHQDLWTXHOTXHVSUpFDXWLRQVSRXUVHGLVVLPXOHU3RUWKRVFUXWQ
DYRLU
SDVpWpYX'
$UWDJQDQHQWUDGHUULqUHOXL3RUWKRVDOODV
DGRVVHUDXF{WpG
XQ
SLOLHUG
$UWDJQDQWRXMRXUVLQDSHUoXV
DSSX\DGHO
DXWUH
-XVWHPHQWLO\DYDLWXQVHUPRQFHTXLIDLVDLWTXHO
pJOLVHpWDLWIRUWSHXSOpH
3RUWKRVSURILWDGHODFLUFRQVWDQFHSRXUORUJQHUOHVIHPPHVJUkFHDX[ERQV
VRLQVGH0RXVTXHWRQO
H[WpULHXUpWDLWORLQG
DQQRQFHUODGpWUHVVHGH
O
LQWpULHXUVRQIHXWUHpWDLWELHQXQSHXUkSpVDSOXPHpWDLWELHQXQSHX
GpWHLQWHVHVEURGHULHVpWDLHQWELHQXQSHXWHUQLHVVHVGHQWHOOHVpWDLHQWELHQ
pUDLOOpHVPDLVGDQVODGHPLWHLQWHWRXWHVFHVEDJDWHOOHVGLVSDUDLVVDLHQWHW
3RUWKRVpWDLWWRXMRXUVOHEHDX3RUWKRV
'
$UWDJQDQUHPDUTXDVXUOHEDQFOHSOXVUDSSURFKpGXSLOLHUR3RUWKRVHWOXL
pWDLHQWDGRVVpVXQHHVSqFHGHEHDXWpPUHXQSHXMDXQHXQSHXVqFKHPDLV
UDLGHHWKDXWDLQHVRXVVHVFRLIIHVQRLUHV/HV\HX[GH3RUWKRVV
DEDLVVDLHQW

IXUWLYHPHQWVXUFHWWHGDPHSXLVSDSLOORQQDLHQWDXORLQGDQVODQHI
'HVRQF{WpODGDPHTXLGHWHPSVHQWHPSVURXJLVVDLWODQoDLWDYHFODUDSLGLWp
GHO
pFODLUXQFRXSG
RHLOVXUOHYRODJH3RUWKRVHWDXVVLW{WOHV\HX[GH
3RUWKRVGHSDSLOORQQHUDYHFIXUHXU,OpWDLWFODLUTXHF
pWDLWXQPDQqJHTXL
SLTXDLWDXYLIODGDPHDX[FRLIIHVQRLUHVFDUHOOHVHPRUGDLWOHVOqYUHV
MXVTX
DXVDQJVHJUDWWDLWOHERXWGXQH]HWVHGpPHQDLWGpVHVSpUpPHQWVXUVRQ
VLqJH
&HTXHYR\DQW3RUWKRVUHWURXVVDGHQRXYHDXVDPRXVWDFKHDOORQJHDXQHVHFRQGH
IRLVVDUR\DOHHWVHPLWjIDLUHGHVVLJQDX[jXQHEHOOHGDPHTXLpWDLWSUqVGX
FKRHXUHWTXLQRQVHXOHPHQWpWDLWXQHEHOOHGDPHPDLVHQFRUHXQHJUDQGHGDPH
VDQVGRXWHFDUHOOHDYDLWGHUULqUHHOOHXQQpJULOORQTXLDYDLWDSSRUWpOH
FRXVVLQVXUOHTXHOHOOHpWDLWDJHQRXLOOpHHWXQHVXLYDQWHTXLWHQDLWOHVDF
DUPRULpGDQVOHTXHORQUHQIHUPDLWOHOLYUHRHOOHOLVDLWVDPHVVH
/DGDPHDX[FRLIIHVQRLUHVVXLYLWjWUDYHUVWRXVVHVGpWRXUVOHUHJDUGGH
3RUWKRVHWUHFRQQXWTX
LOV
DUUrWDLWVXUODGDPHDXFRXVVLQGHYHORXUVDX
QpJULOORQHWjODVXLYDQWH
3HQGDQWFHWHPSV3RUWKRVMRXDLWVHUUpF
pWDLHQWGHVFOLJQHPHQWVG
\HX[GHV
GRLJWVSRVpVVXUOHVOqYUHVGHSHWLWVVRXULUHVDVVDVVLQVTXLUpHOOHPHQW
DVVDVVLQDLHQWODEHOOHGpGDLJQpH
$XVVLSRXVVDWHOOHHQIRUPHGHPHDFXOSDHWHQVHIUDSSDQWODSRLWULQHXQKXP
WHOOHPHQWYLJRXUHX[TXHWRXWOHPRQGHPrPHODGDPHDXFRXVVLQURXJHVH
UHWRXUQDGHVRQF{Wp3RUWKRVWLQWERQSRXUWDQWLODYDLWELHQFRPSULVPDLV
LOILWOHVRXUG
/DGDPHDXFRXVVLQURXJHILWXQJUDQGHIIHWFDUHOOHpWDLWIRUWEHOOHVXUOD
GDPHDX[FRLIIHVQRLUHVTXLYLWHQHOOHXQHULYDOHYpULWDEOHPHQWjFUDLQGUH
XQJUDQGHIIHWVXU3RUWKRVTXLODWURXYDSOXVMROLHTXHODGDPHDX[FRLIIHV
QRLUHVXQJUDQGHIIHWVXUG
$UWDJQDQTXLUHFRQQXWODGDPHGH0HXQJGH&DODLV
HWGH'RXYUHVTXHVRQSHUVpFXWHXUO
KRPPHjODFLFDWULFHDYDLWVDOXpHGXQRP
GH0LODG\
'
$UWDJQDQVDQVSHUGUHGHYXHODGDPHDXFRXVVLQURXJHFRQWLQXDGHVXLYUHOH
PDQqJHGH3RUWKRVTXLO
DPXVDLWIRUWLOFUXWGHYLQHUTXHODGDPHDX[FRLIIHV
QRLUHVpWDLWODSURFXUHXVHGHODUXHDX[2XUVG
DXWDQWPLHX[TXHO
pJOLVH
6DLQW/HXQ
pWDLWSDVWUqVpORLJQpHGHODGLWHUXH
,OGHYLQDDORUVSDULQGXFWLRQTXH3RUWKRVFKHUFKDLWjSUHQGUHVDUHYDQFKHGHVD
GpIDLWHGH&KDQWLOO\DORUVTXHODSURFXUHXVHV
pWDLWPRQWUpHVLUpFDOFLWUDQWHj
O
HQGURLWGHODERXUVH
0DLVDXPLOLHXGHWRXWFHODG
$UWDJQDQUHPDUTXDDXVVLTXHSDVXQHILJXUHQH
FRUUHVSRQGDLWDX[JDODQWHULHVGH3RUWKRV&HQ
pWDLHQWTXHFKLPqUHVHWLOOXVLRQV
PDLVSRXUXQDPRXUUpHOSRXUXQHMDORXVLHYpULWDEOH\DWLOG
DXWUHUpDOLWp
TXHOHVLOOXVLRQVHWOHVFKLPqUHV"
/HVHUPRQILQLWODSURFXUHXVHV
DYDQoDYHUVOHEpQLWLHU3RUWKRVO
\GHYDQoD
HWDXOLHXG
XQGRLJW\PLWWRXWHODPDLQ/DSURFXUHXVHVRXULWFUR\DQWTXH
F
pWDLWSRXUHOOHTXH3RUWKRVVHPHWWDLWHQIUDLVPDLVHOOHIXWSURPSWHPHQWHW

FUXHOOHPHQWGpWURPSpHORUVTX
HOOHQHIXWSOXVTX
jWURLVSDVGHOXLLO
GpWRXUQDODWrWHIL[DQWLQYDULDEOHPHQWOHV\HX[VXUODGDPHDXFRXVVLQURXJH
TXLV
pWDLWOHYpHHWTXLV
DSSURFKDLWVXLYLHGHVRQQpJULOORQHWGHVDILOOHGH
FKDPEUH
/RUVTXHODGDPHDXFRXVVLQURXJHIXWSUqVGH3RUWKRV3RUWKRVWLUDVDPDLQWRXWH
UXLVVHODQWHGXEpQLWLHUODEHOOHGpYRWHWRXFKDGHVDPDLQHIILOpHODJURVVH
PDLQGH3RUWKRVILWHQVRXULDQWOHVLJQHGHODFURL[HWVRUWLWGHO
pJOLVH
&
HQIXWWURSSRXUODSURFXUHXVHHOOHQHGRXWDSOXVTXHFHWWHGDPHHW3RUWKRV
IXVVHQWHQJDODQWHULH6LHOOHHWpWpXQHJUDQGHGDPHHOOHVHVHUDLWpYDQRXLH
PDLVFRPPHHOOHQ
pWDLWTX
XQHSURFXUHXVHHOOHVHFRQWHQWDGHGLUHDX
PRXVTXHWDLUHDYHFXQHIXUHXUFRQFHQWUpH
(K0RQVLHXU3RUWKRVYRXVQHP
HQRIIUH]SDVjPRLG
HDXEpQLWH"
3RUWKRVILWDXVRQGHFHWWHYRL[XQVRXEUHVDXWFRPPHIHUDLWXQKRPPHTXLVH
UpYHLOOHUDLWDSUqVXQVRPPHGHFHQWDQV
0D0DGDPHV
pFULDWLOHVWFHELHQYRXV"&RPPHQWVHSRUWHYRWUHPDUL
FHFKHU0RQVLHXU&RTXHQDUG"(VWLOWRXMRXUVDXVVLODGUHTX
LOpWDLW"2
DYDLVMHGRQFOHV\HX[TXHMHQHYRXVDLSDVPrPHDSHUoXHSHQGDQWOHVGHX[
KHXUHVTX
DGXUpFHVHUPRQ"
-
pWDLVjGHX[SDVGHYRXV0RQVLHXUUpSRQGLWODSURFXUHXVHPDLVYRXVQH
P
DYH]SDVDSHUoXHSDUFHTXHYRXVQ
DYLH]G
\HX[TXHSRXUODEHOOHGDPHjTXL
YRXVYHQH]GHGRQQHUGHO
HDXEpQLWH
3RUWKRVIHLJQLWG
rWUHHPEDUUDVVp
$KGLWLOYRXVDYH]UHPDUTXp
,OHWIDOOXrWUHDYHXJOHSRXUQHSDVOHYRLU
2XLGLWQpJOLJHPPHQW3RUWKRVF
HVWXQHGXFKHVVHGHPHVDPLHVDYHFODTXHOOH
M
DLJUDQGSHLQHjPHUHQFRQWUHUjFDXVHGHODMDORXVLHGHVRQPDULHWTXL
P
DYDLWIDLWSUpYHQLUTX
HOOHYLHQGUDLWDXMRXUG
KXLULHQTXHSRXUPHYRLUGDQV
FHWWHFKpWLYHpJOLVHDXIRQGGHFHTXDUWLHUSHUGX
0RQVLHXU3RUWKRVGLWODSURFXUHXVHDXULH]YRXVODERQWpGHP
RIIULUOHEUDV
SHQGDQWFLQTPLQXWHVMHFDXVHUDLVYRORQWLHUVDYHFYRXV
&RPPHQWGRQF0DGDPHGLW3RUWKRVHQVHFOLJQDQWGHO
RHLOjOXLPrPH
FRPPHXQMRXHXUTXLULWGHODGXSHTX
LOYDIDLUH
'DQVFHPRPHQWG
$UWDJQDQSDVVDLWSRXUVXLYDQW0LODG\LOMHWDXQUHJDUGGH
F{WpVXU3RUWKRVHWYLWFHFRXSG
RHLOWULRPSKDQW
(KHKVHGLWLOjOXLPrPHHQUDLVRQQDQWGDQVOHVHQVGHODPRUDOH
pWUDQJHPHQWIDFLOHGHFHWWHpSRTXHJDODQWHHQYRLFLXQTXLSRXUUDLWELHQrWUH
pTXLSpSRXUOHWHUPHYRXOX
3RUWKRVFpGDQWjODSUHVVLRQGXEUDVGHVDSURFXUHXVHFRPPHXQHEDUTXHFqGHDX

JRXYHUQDLODUULYDDXFORvWUH6DLQW0DJORLUHSDVVDJHSHXIUpTXHQWpHQIHUPp
G
XQWRXUQLTXHWjVHVGHX[ERXWV2QQ
\YR\DLWOHMRXUTXHPHQGLDQWVTXL
PDQJHDLHQWRXHQIDQWVTXLMRXDLHQW
$K0RQVLHXU3RUWKRVV
pFULDODSURFXUHXVHTXDQGHOOHVHIXWDVVXUpH
TX
DXFXQHSHUVRQQHpWUDQJqUHjODSRSXODWLRQKDELWXHOOHGHODORFDOLWpQH
SRXYDLWOHVYRLUQLOHVHQWHQGUHDK0RQVLHXU3RUWKRVYRXVrWHVXQJUDQG
YDLQTXHXUjFHTX
LOSDUDvW
0RL0DGDPHGLW3RUWKRVHQVHUHQJRUJHDQWHWSRXUTXRLFHOD"
(WOHVVLJQHVGHWDQW{WHWO
HDXEpQLWH"0DLVF
HVWXQHSULQFHVVHSRXUOH
PRLQVTXHFHWWHGDPHDYHFVRQQpJULOORQHWVDILOOHGHFKDPEUH
9RXVYRXVWURPSH]PRQ'LHXQRQUpSRQGLW3RUWKRVF
HVWWRXWERQQHPHQW
XQHGXFKHVVH
(WFHFRXUHXUTXLDWWHQGDLWjODSRUWHHWFHFDUURVVHDYHFXQFRFKHUj
JUDQGHOLYUpHTXLDWWHQGDLWVXUVRQVLqJH"
3RUWKRVQ
DYDLWYXQLOHFRXUHXUQLOHFDUURVVHPDLVGHVRQUHJDUGGHIHPPH
MDORXVH0PH&RTXHQDUGDYDLWWRXWYX
3RUWKRVUHJUHWWDGHQ
DYRLUSDVGXSUHPLHUFRXSIDLWODGDPHDXFRXVVLQURXJH
SULQFHVVH
$KYRXVrWHVO
HQIDQWFKpULGHVEHOOHV0RQVLHXU3RUWKRVUHSULWHQ
VRXSLUDQWODSURFXUHXVH
0DLVUpSRQGLW3RUWKRVYRXVFRPSUHQH]TX
DYHFXQSK\VLTXHFRPPHFHOXLGRQW
ODQDWXUHP
DGRXpMHQHPDQTXHSDVGHERQQHVIRUWXQHV
0RQ'LHXFRPPHOHVKRPPHVRXEOLHQWYLWHV
pFULDODSURFXUHXVHHQOHYDQW
OHV\HX[DXFLHO
0RLQVYLWHHQFRUHTXHOHVIHPPHVFHPHVHPEOHUpSRQGLW3RUWKRVFDUHQILQ
PRL0DGDPHMHSXLVGLUHTXHM
DLpWpYRWUHYLFWLPHORUVTXHEOHVVpPRXUDQW
MHPHVXLVYXDEDQGRQQpGHVFKLUXUJLHQVPRLOHUHMHWRQG
XQHIDPLOOH
LOOXVWUHTXLP
pWDLVILpjYRWUHDPLWLpM
DLPDQTXpPRXULUGHPHVEOHVVXUHV
G
DERUGHWGHIDLPHQVXLWHGDQVXQHPDXYDLVHDXEHUJHGH&KDQWLOO\HWFHOD
VDQVTXHYRXVD\H]GDLJQpUpSRQGUHXQHVHXOHIRLVDX[OHWWUHVEUODQWHVTXHMH
YRXVDLpFULWHV
0DLV0RQVLHXU3RUWKRVPXUPXUDODSURFXUHXVHTXLVHQWDLWTX
jHQMXJHU
SDUODFRQGXLWHGHVSOXVJUDQGHVGDPHVGHFHWHPSVOjHOOHpWDLWGDQVVRQWRUW
0RLTXLDYDLVVDFULILpSRXUYRXVODFRPWHVVHGH3HQDIORU
-HOHVDLVELHQ
/DEDURQQHGH

0RQVLHXU3RUWKRVQHP
DFFDEOH]SDV
/DGXFKHVVHGH
0RQVLHXU3RUWKRVVR\H]JpQpUHX[
9RXVDYH]UDLVRQ0DGDPHHWMHQ
DFKqYHUDLSDV
0DLVF
HVWPRQPDULTXLQHYHXWSDVHQWHQGUHSDUOHUGHSUrWHU
0DGDPH&RTXHQDUGGLW3RUWKRVUDSSHOH]YRXVODSUHPLqUHOHWWUHTXHYRXV
P
DYH]pFULWHHWTXHMHFRQVHUYHJUDYpHGDQVPDPpPRLUH
/DSURFXUHXVHSRXVVDXQJpPLVVHPHQW
0DLVF
HVWTX
DXVVLGLWHOOHODVRPPHTXHYRXVGHPDQGLH]jHPSUXQWHUpWDLW
XQSHXELHQIRUWH
0DGDPH&RTXHQDUGMHYRXVGRQQDLVODSUpIpUHQFH-HQ
DLHXTX
jpFULUHjOD
GXFKHVVHGH-HQHYHX[SDVGLUHVRQQRPFDUMHQHVDLVSDVFHTXHF
HVWTXH
GHFRPSURPHWWUHXQHIHPPHPDLVFHTXHMHVDLVF
HVWTXHMHQ
DLHXTX
jOXL
pFULUHSRXUTX
HOOHP
HQHQYR\kWTXLQ]HFHQWV
/DSURFXUHXVHYHUVDXQHODUPH
0RQVLHXU3RUWKRVGLWHOOHMHYRXVMXUHTXHYRXVP
DYH]JUDQGHPHQWSXQLHHW
TXHVLGDQVO
DYHQLUYRXVYRXVUHWURXYLH]HQSDUHLOOHSDVVHYRXVQ
DXULH]TX
j
YRXVDGUHVVHUjPRL
)LGRQF0DGDPHGLW3RUWKRVFRPPHUpYROWpQHSDUORQVSDVDUJHQWV
LOYRXV
SODvWF
HVWKXPLOLDQW
$LQVLYRXVQHP
DLPH]SOXVGLWOHQWHPHQWHWWULVWHPHQWODSURFXUHXVH
3RUWKRVJDUGDXQPDMHVWXHX[VLOHQFH
&
HVWDLQVLTXHYRXVPHUpSRQGH]"+pODVMHFRPSUHQGV
6RQJH]jO
RIIHQVHTXHYRXVP
DYH]IDLWH0DGDPHHOOHHVWUHVWpHOjGLW
3RUWKRVHQSRVDQWODPDLQjVRQFRHXUHWHQO
\DSSX\DQWDYHFIRUFH
-HODUpSDUHUDLYR\RQVPRQFKHU3RUWKRV
'
DLOOHXUVTXHYRXVGHPDQGDLVMHPRL"UHSULW3RUWKRVDYHFXQPRXYHPHQW
G
pSDXOHVSOHLQGHERQKRPLHXQSUrWSDVDXWUHFKRVH$SUqVWRXWMHQHVXLV
SDVXQKRPPHGpUDLVRQQDEOH-HVDLVTXHYRXVQ
rWHVSDVULFKH0DGDPH&RTXHQDUG
HWTXHYRWUHPDULHVWREOLJpGHVDQJVXUHUOHVSDXYUHVSODLGHXUVSRXUHQWLUHU
TXHOTXHVSDXYUHVpFXV2KVLYRXVpWLH]FRPWHVVHPDUTXLVHRXGXFKHVVHFH
VHUDLWDXWUHFKRVHHWYRXVVHULH]LPSDUGRQQDEOH
/DSURFXUHXVHIXWSLTXpH
$SSUHQH]0RQVLHXU3RUWKRVGLWHOOHTXHPRQFRIIUHIRUWWRXWFRIIUHIRUWGH

SURFXUHXVHTX
LOHVWHVWSHXWrWUHPLHX[JDUQLTXHFHOXLGHWRXWHVYRV
PLMDXUpHVUXLQpHV
'RXEOHRIIHQVHTXHYRXVP
DYH]IDLWHDORUVGLW3RUWKRVHQGpJDJHDQWOHEUDV
GHODSURFXUHXVHGHGHVVRXVOHVLHQFDUVLYRXVrWHVULFKH0DGDPH&RTXHQDUG
DORUVYRWUHUHIXVQ
DSOXVG
H[FXVH
4XDQGMHGLVULFKHUHSULWODSURFXUHXVHTXLYLWTX
HOOHV
pWDLWODLVVp
HQWUDvQHUWURSORLQLOQHIDXWSDVSUHQGUHOHPRWDXSLHGGHODOHWWUH-HQH
VXLVSDVSUpFLVpPHQWULFKHMHVXLVjPRQDLVH
7HQH]0DGDPHGLW3RUWKRVQHSDUORQVSOXVGHWRXWFHODMHYRXVHQSULH
9RXVP
DYH]PpFRQQXWRXWHV\PSDWKLHHVWpWHLQWHHQWUHQRXV
,QJUDWTXHYRXVrWHV
$KMHYRXVFRQVHLOOHGHYRXVSODLQGUHGLW3RUWKRV
$OOH]GRQFDYHFYRWUHEHOOHGXFKHVVHMHQHYRXVUHWLHQVSOXV
(KHOOHQ
HVWGpMjSRLQWVLGpFKDUQpHTXHMHFURLV
9R\RQV0RQVLHXU3RUWKRVHQFRUHXQHIRLVF
HVWODGHUQLqUHP
DLPH]YRXV
HQFRUH"
+pODV0DGDPHGLW3RUWKRVGXWRQOHSOXVPpODQFROLTXHTX
LOSXWSUHQGUH
TXDQGQRXVDOORQVHQWUHUHQFDPSDJQHGDQVXQHFDPSDJQHRPHVSUHVVHQWLPHQWVPH
GLVHQWTXHMHVHUDLWXp
2KQHGLWHVSDVGHSDUHLOOHVFKRVHVV
pFULDODSURFXUHXVHHQpFODWDQWHQ
VDQJORWV
4XHOTXHFKRVHPHOHGLWFRQWLQXD3RUWKRVHQPpODQFROLVDQWGHSOXVHQSOXV
'LWHVSOXW{WTXHYRXVDYH]XQQRXYHODPRXU
1RQSDVMHYRXVSDUOHIUDQF1XOREMHWQRXYHDXQHPHWRXFKHHWPrPHMHVHQV
OjDXIRQGGHPRQFRHXUTXHOTXHFKRVHTXLSDUOHSRXUYRXV0DLVGDQVTXLQ]H
MRXUVFRPPHYRXVOHVDYH]RXFRPPHYRXVQHOHVDYH]SDVFHWWHIDWDOHFDPSDJQH
V
RXYUHMHYDLVrWUHDIIUHXVHPHQWSUpRFFXSpGHPRQpTXLSHPHQW3XLVMHYDLV
IDLUHXQYR\DJHGDQVPDIDPLOOHDXIRQGGHOD%UHWDJQHSRXUUpDOLVHUODVRPPH
QpFHVVDLUHjPRQGpSDUW
3RUWKRVUHPDUTXDXQGHUQLHUFRPEDWHQWUHO
DPRXUHWO
DYDULFH
(WFRPPHFRQWLQXDWLOODGXFKHVVHTXHYRXVYHQH]GHYRLUjO
pJOLVHDVHV
WHUUHVSUqVGHVPLHQQHVQRXVIHURQVOHYR\DJHHQVHPEOH/HVYR\DJHVYRXVOH
VDYH]SDUDLVVHQWEHDXFRXSPRLQVORQJVTXDQGRQOHVIDLWjGHX[
9RXVQ
DYH]GRQFSRLQWG
DPLVj3DULV0RQVLHXU3RUWKRV"GLWODSURFXUHXVH
-
DLFUXHQDYRLUGLW3RUWKRVHQSUHQDQWVRQDLUPpODQFROLTXHPDLVM
DL
ELHQYXTXHMHPHWURPSDLV

9RXVHQDYH]0RQVLHXU3RUWKRVYRXVHQDYH]UHSULWODSURFXUHXVHGDQVXQ
WUDQVSRUWTXLODVXUSULWHOOHPrPHUHYHQH]GHPDLQjODPDLVRQ9RXVrWHVOH
ILOVGHPDWDQWHPRQFRXVLQSDUFRQVpTXHQWYRXVYHQH]GH1R\RQHQ3LFDUGLH
YRXVDYH]SOXVLHXUVSURFqVj3DULVHWSDVGHSURFXUHXU5HWLHQGUH]YRXVELHQ
WRXWFHOD"
3DUIDLWHPHQW0DGDPH
9HQH]jO
KHXUHGXGvQHU
)RUWELHQ
(WWHQH]IHUPHGHYDQWPRQPDULTXLHVWUHWRUVPDOJUpVHVVRL[DQWHVHL]H
DQV
6RL[DQWHVHL]HDQVSHVWHOHEHOkJHUHSULW3RUWKRV
/HJUDQGkJHYRXVYRXOH]GLUH0RQVLHXU3RUWKRV$XVVLOHSDXYUHFKHUKRPPH
SHXWPHODLVVHUYHXYHG
XQPRPHQWjO
DXWUHFRQWLQXDODSURFXUHXVHHQMHWDQWXQ
UHJDUGVLJQLILFDWLIj3RUWKRV+HXUHXVHPHQWTXHSDUFRQWUDWGHPDULDJHQRXV
QRXVVRPPHVWRXWSDVVpDXGHUQLHUYLYDQW
7RXW"GLW3RUWKRV
7RXW
9RXVrWHVIHPPHGHSUpFDXWLRQMHOHYRLVPDFKqUH0DGDPH&RTXHQDUGGLW
3RUWKRVHQVHUUDQWWHQGUHPHQWODPDLQGHODSURFXUHXVH
1RXVVRPPHVGRQFUpFRQFLOLpVFKHU0RQVLHXU3RUWKRV"GLWHOOHHQPLQDXGDQW
3RXUODYLHUpSOLTXD3RUWKRVVXUOHPrPHDLU
$XUHYRLUGRQFPRQWUDvWUH
$XUHYRLUPRQRXEOLHXVH
$GHPDLQPRQDQJH
$GHPDLQIODPPHGHPDYLH

&KDSLWUH;;;
0,/$'<

'
$UWDJQDQDYDLWVXLYL0LODG\VDQVrWUHDSHUoXSDUHOOHLOODYLWPRQWHUGDQV

VRQFDUURVVHHWLOO
HQWHQGLWGRQQHUjVRQFRFKHUO
RUGUHG
DOOHUj
6DLQW*HUPDLQ
,OpWDLWLQXWLOHG
HVVD\HUGHVXLYUHjSLHGXQHYRLWXUHHPSRUWpHDXWURWGHGHX[
YLJRXUHX[FKHYDX['
$UWDJQDQUHYLQWGRQFUXH)pURX
'DQVODUXHGH6HLQHLOUHQFRQWUD3ODQFKHWTXLpWDLWDUUrWpGHYDQWODERXWLTXH
G
XQSkWLVVLHUHWTXLVHPEODLWHQH[WDVHGHYDQWXQHEULRFKHGHODIRUPHODSOXV
DSSpWLVVDQWH
,OOXLGRQQDO
RUGUHG
DOOHUVHOOHUGHX[FKHYDX[GDQVOHVpFXULHVGH0GH
7UpYLOOHXQSRXUOXLG
$UWDJQDQO
DXWUHSRXUOXL3ODQFKHWHWGHYHQLUOH
MRLQGUHFKH]$WKRV0GH7UpYLOOHXQHIRLVSRXUWRXWHVD\DQWPLVVHV
pFXULHVDXVHUYLFHGHG
$UWDJQDQ
3ODQFKHWV
DFKHPLQDYHUVODUXHGX&RORPELHUHWG
$UWDJQDQYHUVODUXH)pURX
$WKRVpWDLWFKH]OXLYLGDQWWULVWHPHQWXQHGHVERXWHLOOHVGHFHIDPHX[YLQ
G
(VSDJQHTX
LODYDLWUDSSRUWpGHVRQYR\DJHHQ3LFDUGLH,OILWVLJQHj*ULPDXG
G
DSSRUWHUXQYHUUHSRXUG
$UWDJQDQHW*ULPDXGREpLWFRPPHG
KDELWXGH
'
$UWDJQDQUDFRQWDDORUVj$WKRVWRXWFHTXLV
pWDLWSDVVpjO
pJOLVHHQWUH
3RUWKRVHWODSURFXUHXVHHWFRPPHQWOHXUFDPDUDGHpWDLWSUREDEOHPHQWjFHWWH
KHXUHHQYRLHGHV
pTXLSHU
4XDQWjPRLUpSRQGLW$WKRVjWRXWFHUpFLWMHVXLVELHQWUDQTXLOOHFHQH
VHURQWSDVOHVIHPPHVTXLIHURQWOHVIUDLVGHPRQKDUQDLV
(WFHSHQGDQWEHDXSROLJUDQGVHLJQHXUFRPPHYRXVO
rWHVPRQFKHU$WKRV
LOQ
\DXUDLWQLSULQFHVVHVQLUHLQHVjO
DEULGHYRVWUDLWVDPRXUHX[
4XHFHG
$UWDJQDQHVWMHXQHGLW$WKRVHQKDXVVDQWOHVpSDXOHV
(WLOILWVLJQHj*ULPDXGG
DSSRUWHUXQHVHFRQGHERXWHLOOH
(QFHPRPHQW3ODQFKHWSDVVDPRGHVWHPHQWODWrWHSDUODSRUWHHQWUHEkLOOpHHW
DQQRQoDjVRQPDvWUHTXHOHVGHX[FKHYDX[pWDLHQWOj
4XHOVFKHYDX["GHPDQGD$WKRV
'HX[TXH0GH7UpYLOOHPHSUrWHSRXUODSURPHQDGHHWDYHFOHVTXHOVMHYDLV
DOOHUIDLUHXQWRXUj6DLQW*HUPDLQ
(WTX
DOOH]YRXVIDLUHj6DLQW*HUPDLQ"GHPDQGDHQFRUH$WKRV
$ORUVG
$UWDJQDQOXLUDFRQWDODUHQFRQWUHTX
LODYDLWIDLWHGDQVO
pJOLVHHW
FRPPHQWLODYDLWUHWURXYpFHWWHIHPPHTXLDYHFOHVHLJQHXUDXPDQWHDXQRLUHWj
ODFLFDWULFHSUqVGHODWHPSHpWDLWVDSUpRFFXSDWLRQpWHUQHOOH
&
HVWjGLUHTXHYRXVrWHVDPRXUHX[GHFHOOHOjFRPPHYRXVO
pWLH]GH0PH
%RQDFLHX[GLW$WKRVHQKDXVVDQWGpGDLJQHXVHPHQWOHVpSDXOHVFRPPHV
LOHW
SULVHQSLWLpODIDLEOHVVHKXPDLQH
0RLSRLQWGXWRXWV
pFULDG
$UWDJQDQ-HVXLVVHXOHPHQWFXULHX[

G
pFODLUFLUOHP\VWqUHDXTXHOHOOHVHUDWWDFKH-HQHVDLVSRXUTXRLMHPH
ILJXUHTXHFHWWHIHPPHWRXWLQFRQQXHTX
HOOHP
HVWHWWRXWLQFRQQXTXHMHOXL
VXLVDXQHDFWLRQVXUPDYLH
$XIDLWYRXVDYH]UDLVRQGLW$WKRVMHQHFRQQDLVSDVXQHIHPPHTXLYDLOOH
ODSHLQHTX
RQODFKHUFKHTXDQGHOOHHVWSHUGXH0PH%RQDFLHX[HVWSHUGXHWDQW
SLVSRXUHOOHTX
HOOHVHUHWURXYH
1RQ$WKRVQRQYRXVYRXVWURPSH]GLWG
$UWDJQDQM
DLPHPDSDXYUH
&RQVWDQFHSOXVTXHMDPDLVHWVLMHVDYDLVOHOLHXRHOOHHVWIWHOOHDX
ERXWGXPRQGHMHSDUWLUDLVSRXUODWLUHUGHVPDLQVGHVHVHQQHPLVPDLVMH
O
LJQRUHWRXWHVPHVUHFKHUFKHVRQWpWpLQXWLOHV4XHYRXOH]YRXVLOIDXWELHQ
VHGLVWUDLUH
'LVWUD\H]YRXVGRQFDYHF0LODG\PRQFKHUG
$UWDJQDQMHOHVRXKDLWHGHWRXW
PRQFRHXUVLFHODSHXWYRXVDPXVHU
(FRXWH]$WKRVGLWG
$UWDJQDQDXOLHXGHYRXVWHQLUHQIHUPpLFLFRPPHVL
YRXVpWLH]DX[DUUrWVPRQWH]jFKHYDOHWYHQH]YRXVSURPHQHUDYHFPRLj
6DLQW*HUPDLQ
0RQFKHUUpSOLTXD$WKRVMHPRQWHPHVFKHYDX[TXDQGM
HQDLVLQRQMHYDLVj
SLHG
(KELHQPRLUpSRQGLWG
$UWDJQDQHQVRXULDQWGHODPLVDQWKURSLHG
$WKRVTXL
GDQVXQDXWUHO
HWFHUWDLQHPHQWEOHVVpPRLMHVXLVPRLQVILHUTXHYRXVMH
PRQWHFHTXHMHWURXYH$LQVLDXUHYRLUPRQFKHU$WKRV
$XUHYRLUGLWOHPRXVTXHWDLUHHQIDLVDQWVLJQHj*ULPDXGGHGpERXFKHUOD
ERXWHLOOHTX
LOYHQDLWG
DSSRUWHU
'
$UWDJQDQHW3ODQFKHWVHPLUHQWHQVHOOHHWSULUHQWOHFKHPLQGH6DLQW
*HUPDLQ
7RXWOHORQJGHODURXWHFHTX
$WKRVDYDLWGLWDXMHXQHKRPPHGH0PH%RQDFLHX[
OXLUHYHQDLWjO
HVSULW4XRLTXHG
$UWDJQDQQHIWSDVG
XQFDUDFWqUHIRUW
VHQWLPHQWDOODMROLHPHUFLqUHDYDLWIDLWXQHLPSUHVVLRQUpHOOHVXUVRQFRHXU
FRPPHLOOHGLVDLWLOpWDLWSUrWjDOOHUDXERXWGXPRQGHSRXUODFKHUFKHU
0DLVOHPRQGHDELHQGHVERXWVSDUFHODPrPHTX
LOHVWURQGGHVRUWHTX
LOQH
VDYDLWGHTXHOF{WpVHWRXUQHU
(QDWWHQGDQWLODOODLWWkFKHUGHVDYRLUFHTXHF
pWDLWTXH0LODG\0LODG\DYDLW
SDUOpjO
KRPPHDXPDQWHDXQRLUGRQFHOOHOHFRQQDLVVDLW2UGDQVO
HVSULWGH
G
$UWDJQDQF
pWDLWO
KRPPHDXPDQWHDXQRLUTXLDYDLWHQOHYp0PH%RQDFLHX[XQH
VHFRQGHIRLVFRPPHLOO
DYDLWHQOHYpHXQHSUHPLqUH'
$UWDJQDQQHPHQWDLWGRQF
TX
jPRLWLpFHTXLHVWELHQSHXPHQWLUTXDQGLOGLVDLWTX
HQVHPHWWDQWjOD
UHFKHUFKHGH0LODG\LOVHPHWWDLWHQPrPHWHPSVjODUHFKHUFKHGH&RQVWDQFH
7RXWHQVRQJHDQWDLQVLHWHQGRQQDQWGHWHPSVHQWHPSVXQFRXSG
pSHURQjVRQ
FKHYDOG
$UWDJQDQDYDLWIDLWODURXWHHWpWDLWDUULYpj6DLQW*HUPDLQ,O
YHQDLWGHORQJHUOHSDYLOORQRGL[DQVSOXVWDUGGHYDLWQDvWUH/RXLV;,9,O
WUDYHUVDLWXQHUXHIRUWGpVHUWHUHJDUGDQWjGURLWHHWjJDXFKHV
LOQH
UHFRQQDvWUDLWSDVTXHOTXHYHVWLJHGHVDEHOOH$QJODLVHORUVTXHDX

UH]GHFKDXVVpHG
XQHMROLHPDLVRQTXLVHORQO
XVDJHGXWHPSVQ
DYDLWDXFXQH
IHQrWUHVXUODUXHLOYLWDSSDUDvWUHXQHILJXUHGHFRQQDLVVDQFH&HWWHILJXUH
VHSURPHQDLWVXUXQHVRUWHGHWHUUDVVHJDUQLHGHIOHXUV3ODQFKHWODUHFRQQXWOH
SUHPLHU(K0RQVLHXUGLWLOV
DGUHVVDQWjG
$UWDJQDQQHYRXVUHPHWWH]YRXV
SDVFHYLVDJHTXLED\HDX[FRUQHLOOHV"
1RQGLWG
$UWDJQDQHWFHSHQGDQWMHVXLVFHUWDLQTXHFHQ
HVWSRLQWOD
SUHPLqUHIRLVTXHMHOHYRLVFHYLVDJH
-HOHFURLVSDUGLHXELHQGLW3ODQFKHWF
HVWFHSDXYUH/XELQOHODTXDLVGX
FRPWHGH:DUGHVFHOXLTXHYRXVDYH]VLELHQDFFRPPRGpLO\DXQPRLVj&DODLV
VXUODURXWHGHODPDLVRQGHFDPSDJQHGXJRXYHUQHXU
$KRXLELHQGLWG
$UWDJQDQHWMHOHUHFRQQDLVjFHWWHKHXUH&URLVWX
TX
LOWHUHFRQQDLVVHWRL"
0DIRL0RQVLHXULOpWDLWVLIRUWWURXEOpTXHMHGRXWHTX
LODLWJDUGpGH
PRLXQHPpPRLUHELHQQHWWH
(KELHQYDGRQFFDXVHUDYHFFHJDUoRQGLWG
$UWDJQDQHWLQIRUPHWRLGDQV
ODFRQYHUVDWLRQVLVRQPDvWUHHVWPRUW
3ODQFKHWGHVFHQGLWGHFKHYDOPDUFKDGURLWj/XELQTXLHQHIIHWQHOHUHFRQQXW
SDVHWOHVGHX[ODTXDLVVHPLUHQWjFDXVHUGDQVODPHLOOHXUHLQWHOOLJHQFHGX
PRQGHWDQGLVTXHG
$UWDJQDQSRXVVDLWOHVGHX[FKHYDX[GDQVXQHUXHOOHHW
IDLVDQWOHWRXUG
XQHPDLVRQV
HQUHYHQDLWDVVLVWHUjODFRQIpUHQFHGHUULqUH
XQHKDLHGHFRXGULHUV
$XERXWG
XQLQVWDQWG
REVHUYDWLRQGHUULqUHODKDLHLOHQWHQGLWOHEUXLWG
XQH
YRLWXUHHWLOYLWV
DUUrWHUHQIDFHGHOXLOHFDUURVVHGH0LODG\,OQ
\DYDLW
SDVjV
\WURPSHU0LODG\pWDLWGHGDQV'
$UWDJQDQVHFRXFKDVXUOHFRXGHVRQ
FKHYDODILQGHWRXWYRLUVDQVrWUHYX
0LODG\VRUWLWVDFKDUPDQWHWrWHEORQGHSDUODSRUWLqUHHWGRQQDGHVRUGUHVjVD
IHPPHGHFKDPEUH
&HWWHGHUQLqUHMROLHILOOHGHYLQJWjYLQJWGHX[DQVDOHUWHHWYLYHYpULWDEOH
VRXEUHWWHGHJUDQGHGDPHVDXWDHQEDVGXPDUFKHSLHGVXUOHTXHOHOOHpWDLW
DVVLVHVHORQO
XVDJHGXWHPSVHWVHGLULJHDYHUVODWHUUDVVHRG
$UWDJQDQ
DYDLWDSHUoX/XELQ
'
$UWDJQDQVXLYLWODVRXEUHWWHGHV\HX[HWODYLWV
DFKHPLQHUYHUVODWHUUDVVH
0DLVSDUKDVDUGXQRUGUHGHO
LQWpULHXUDYDLWDSSHOp/XELQGHVRUWHTXH
3ODQFKHWpWDLWUHVWpVHXOUHJDUGDQWGHWRXVF{WpVSDUTXHOFKHPLQDYDLWGLVSDUX
G
$UWDJQDQ
/DIHPPHGHFKDPEUHV
DSSURFKDGH3ODQFKHWTX
HOOHSULWSRXU/XELQHWOXL
WHQGDQWXQSHWLWELOOHW
3RXUYRWUHPDvWUHGLWHOOH
3RXUPRQPDvWUH"UHSULW3ODQFKHWpWRQQp

2XLHWWUqVSUHVVp3UHQH]GRQFYLWH
/jGHVVXVHOOHV
HQIXLWYHUVOHFDUURVVHUHWRXUQpjO
DYDQFHGXF{WpSDUOHTXHO
LOpWDLWYHQXHOOHV
pODQoDVXUOHPDUFKHSLHGHWOHFDUURVVHUHSDUWLW
3ODQFKHWWRXUQDHWUHWRXUQDOHELOOHWSXLVDFFRXWXPpjO
REpLVVDQFHSDVVLYH
LOVDXWDjEDVGHODWHUUDVVHHQILODODUXHOOHHWUHQFRQWUDDXERXWGHYLQJW
SDVG
$UWDJQDQTXLD\DQWWRXWYXDOODLWDXGHYDQWGHOXL
3RXUYRXV0RQVLHXUGLW3ODQFKHWSUpVHQWDQWOHELOOHWDXMHXQHKRPPH
3RXUPRL"GLWG
$UWDJQDQHQHVWXELHQVU"
3DUGLHXVLM
HQVXLVVUODVRXEUHWWHDGLW3RXUWRQPDvWUH-H
Q
DLG
DXWUHPDvWUHTXHYRXVDLQVL8QMROLEULQGHILOOHPDIRLTXHFHWWH
VRXEUHWWH
'
$UWDJQDQRXYULWODOHWWUHHWOXWFHVPRWV
8QHSHUVRQQHTXLV
LQWpUHVVHjYRXVSOXVTX
HOOHQHSHXWOHGLUHYRXGUDLW
VDYRLUTXHOMRXUYRXVVHUH]HQpWDWGHYRXVSURPHQHUGDQVODIRUrW'HPDLQj
O
K{WHOGX&KDPSGX'UDSG
2UXQODTXDLVQRLUHWURXJHDWWHQGUDYRWUHUpSRQVH

2KRKVHGLWG
$UWDJQDQYRLOjTXLHVWXQSHXYLI,OSDUDvWTXH0LODG\HW
PRLQRXVVRPPHVHQSHLQHGHODVDQWpGHODPrPHSHUVRQQH(KELHQ3ODQFKHW
FRPPHQWVHSRUWHFHERQ0GH:DUGHV"LOQ
HVWGRQFSDVPRUW"
1RQ0RQVLHXULOYDDXVVLELHQTX
RQSHXWDOOHUDYHFTXDWUHFRXSVG
pSpH
GDQVOHFRUSVFDUYRXVOXLHQDYH]VDQVUHSURFKHDOORQJpTXDWUHjFHFKHU
JHQWLOKRPPHHWLOHVWHQFRUHELHQIDLEOHD\DQWSHUGXSUHVTXHWRXWVRQVDQJ
&RPPHMHO
DYDLVGLWj0RQVLHXU/XELQQHP
DSDVUHFRQQXHWP
DUDFRQWpG
XQ
ERXWjO
DXWUHQRWUHDYHQWXUH
)RUWELHQ3ODQFKHWWXHVOHURLGHVODTXDLVPDLQWHQDQWUHPRQWHjFKHYDO
HWUDWWUDSRQVOHFDUURVVH
&HQHIXWSDVORQJDXERXWGHFLQTPLQXWHVRQDSHUoXWOHFDUURVVHDUUrWpVXU
OHUHYHUVGHODURXWHXQFDYDOLHUULFKHPHQWYrWXVHWHQDLWjODSRUWLqUH
/DFRQYHUVDWLRQHQWUH0LODG\HWOHFDYDOLHUpWDLWWHOOHPHQWDQLPpHTXH
G
$UWDJQDQV
DUUrWDGHO
DXWUHF{WpGXFDUURVVHVDQVTXHSHUVRQQHDXWUHTXHOD
MROLHVRXEUHWWHV
DSHUoWGHVDSUpVHQFH
/DFRQYHUVDWLRQDYDLWOLHXHQDQJODLVODQJXHTXHG
$UWDJQDQQHFRPSUHQDLWSDV
PDLVjO
DFFHQWOHMHXQHKRPPHFUXWGHYLQHUTXHODEHOOH$QJODLVHpWDLWIRUW
HQFROqUHHOOHWHUPLQDSDUXQJHVWHTXLQHOXLODLVVDSRLQWGHGRXWHVXUOD
QDWXUHGHFHWWHFRQYHUVDWLRQF
pWDLWXQFRXSG
pYHQWDLODSSOLTXpGHWHOOH
IRUFHTXHOHSHWLWPHXEOHIpPLQLQYRODHQPLOOHPRUFHDX[
/HFDYDOLHUSRXVVDXQpFODWGHULUHTXLSDUXWH[DVSpUHU0LODG\
'
$UWDJQDQSHQVDTXHF
pWDLWOHPRPHQWG
LQWHUYHQLULOV
DSSURFKDGHO
DXWUH

SRUWLqUHHWVHGpFRXYUDQWUHVSHFWXHXVHPHQW
0DGDPHGLWLOPHSHUPHWWH]YRXVGHYRXVRIIULUPHVVHUYLFHV",OPHVHPEOH
TXHFHFDYDOLHUYRXVDPLVHHQFROqUH'LWHVXQPRW0DGDPHHWMHPHFKDUJHGH
OHSXQLUGHVRQPDQTXHGHFRXUWRLVLH
$X[SUHPLqUHVSDUROHV0LODG\V
pWDLWUHWRXUQpHUHJDUGDQWOHMHXQHKRPPHDYHF
pWRQQHPHQWHWORUVTX
LOHXWILQL
0RQVLHXUGLWHOOHHQWUqVERQIUDQoDLVFHVHUDLWGHJUDQGFRHXUTXHMHPH
PHWWUDLVVRXVYRWUHSURWHFWLRQVLODSHUVRQQHTXLPHTXHUHOOHQ
pWDLWSRLQWPRQ
IUqUH
$KH[FXVH]PRLDORUVGLWG
$UWDJQDQYRXVFRPSUHQH]TXHM
LJQRUDLVFHOD
0DGDPH
'HTXRLGRQFVHPrOHFHWpWRXUQHDXV
pFULDHQV
DEDLVVDQWjODKDXWHXUGHOD
SRUWLqUHOHFDYDOLHUTXH0LODG\DYDLWGpVLJQpFRPPHVRQSDUHQWHWSRXUTXRLQH
SDVVHWLOSDVVRQFKHPLQ"
(WRXUQHDXYRXVPrPHGLWG
$UWDJQDQHQVHEDLVVDQWjVRQWRXUVXUOHFRXGH
VRQFKHYDOHWHQUpSRQGDQWGHVRQF{WpSDUODSRUWLqUHMHQHSDVVHSDVPRQ
FKHPLQSDUFHTX
LOPHSODvWGHP
DUUrWHULFL
/HFDYDOLHUDGUHVVDTXHOTXHVPRWVHQDQJODLVjVDVRHXU
-HYRXVSDUOHIUDQoDLVPRLGLWG
$UWDJQDQIDLWHVPRLGRQFMHYRXVSULH
OHSODLVLUGHPHUpSRQGUHGDQVODPrPHODQJXH9RXVrWHVOHIUqUHGH0DGDPH
VRLWPDLVYRXVQ
rWHVSDVOHPLHQKHXUHXVHPHQW
2QHWSXFURLUHTXH0LODG\FUDLQWLYHFRPPHO
HVWRUGLQDLUHPHQWXQHIHPPH
DOODLWV
LQWHUSRVHUGDQVFHFRPPHQFHPHQWGHSURYRFDWLRQDILQG
HPSrFKHUTXHOD
TXHUHOOHQ
DOOkWSOXVORLQPDLVWRXWDXFRQWUDLUHHOOHVHUHMHWDDXIRQGGH
VRQFDUURVVHHWFULDIURLGHPHQWDXFRFKHU
7RXFKHjO
K{WHO
/DMROLHVRXEUHWWHMHWDXQUHJDUGG
LQTXLpWXGHVXUG
$UWDJQDQGRQWODERQQH
PLQHSDUDLVVDLWDYRLUSURGXLWVRQHIIHWVXUHOOH
/HFDUURVVHSDUWLWHWODLVVDOHVGHX[KRPPHVHQIDFHO
XQGHO
DXWUHDXFXQ
REVWDFOHPDWpULHOQHOHVVpSDUDQWSOXV
/HFDYDOLHUILWXQPRXYHPHQWSRXUVXLYUHODYRLWXUHPDLVG
$UWDJQDQGRQWOD
FROqUHGpMjERXLOODQWHV
pWDLWHQFRUHDXJPHQWpHHQUHFRQQDLVVDQWHQOXL
O
$QJODLVTXLj$PLHQVOXLDYDLWJDJQpVRQFKHYDOHWDYDLWIDLOOLJDJQHUj
$WKRVVRQGLDPDQWVDXWDjODEULGHHWO
DUUrWD
(K0RQVLHXUGLWLOYRXVPHVHPEOH]HQFRUHSOXVpWRXUQHDXTXHPRLFDUYRXV
PHIDLWHVO
HIIHWG
RXEOLHUTX
LO\DHQWUHQRXVXQHSHWLWHTXHUHOOHHQJDJpH
$KDKGLWO
$QJODLVF
HVWYRXVPRQPDvWUH,OIDXWGRQFWRXMRXUVTXH
YRXVMRXLH]XQMHXRXXQDXWUH"

2XLHWFHODPHUDSSHOOHTXHM
DLXQHUHYDQFKHjSUHQGUH1RXVYHUURQVPRQ
FKHU0RQVLHXUVLYRXVPDQLH]DXVVLDGURLWHPHQWODUDSLqUHTXHOHFRUQHW
9RXVYR\H]ELHQTXHMHQ
DLSDVG
pSpHGLWO
$QJODLVYRXOH]YRXVIDLUHOH
EUDYHFRQWUHXQKRPPHVDQVDUPHV"
-
HVSqUHELHQTXHYRXVHQDYH]FKH]YRXVUpSRQGLWG
$UWDJQDQ(QWRXWFDV
M
HQDLGHX[HWVLYRXVOHYRXOH]MHYRXVHQMRXHUDLXQH
,QXWLOHGLWO
$QJODLVMHVXLVPXQLVXIILVDPPHQWGHFHVVRUWHVG
XVWHQVLOHV
(KELHQPRQGLJQHJHQWLOKRPPHUHSULWG
$UWDJQDQFKRLVLVVH]ODSOXVORQJXH
HWYHQH]PHODPRQWUHUFHVRLU
2FHODV
LOYRXVSODvW"
'HUULqUHOH/X[HPERXUJF
HVWXQFKDUPDQWTXDUWLHUSRXUOHVSURPHQDGHVGDQV
OHJHQUHGHFHOOHTXHMHYRXVSURSRVH
&
HVWELHQRQ\VHUD
9RWUHKHXUH"
6L[KHXUHV
$SURSRVYRXVDYH]DXVVLSUREDEOHPHQWXQRXGHX[DPLV"
0DLVM
HQDLWURLVTXLVHURQWIRUWKRQRUpVGHMRXHUODPrPHSDUWLHTXHPRL
7URLV"jPHUYHLOOHFRPPHFHODVHUHQFRQWUHGLWG
$UWDJQDQF
HVWMXVWH
PRQFRPSWH
0DLQWHQDQWTXLrWHVYRXV"GHPDQGDO
$QJODLV
-HVXLV0G
$UWDJQDQJHQWLOKRPPHJDVFRQVHUYDQWDX[JDUGHVFRPSDJQLHGH
0GHV(VVDUWV(WYRXV"
0RLMHVXLV/RUGGH:LQWHUEDURQGH6KHIILHOG
(KELHQMHVXLVYRWUHVHUYLWHXU0RQVLHXUOHEDURQGLWG
$UWDJQDQTXRLTXH
YRXVD\H]GHVQRPVELHQGLIILFLOHVjUHWHQLU
(WSLTXDQWVRQFKHYDOLOOHPLWDXJDORSHWUHSULWOHFKHPLQGH3DULV
&RPPHLODYDLWO
KDELWXGHGHOHIDLUHHQSDUHLOOHRFFDVLRQG
$UWDJQDQGHVFHQGLW
GURLWFKH]$WKRV
,OWURXYD$WKRVFRXFKpVXUXQJUDQGFDQDSpRLODWWHQGDLWFRPPHLOO
DYDLW
GLWTXHVRQpTXLSHPHQWOHYvQWWURXYHU
,OUDFRQWDj$WKRVWRXWFHTXLYHQDLWGHVHSDVVHUPRLQVODOHWWUHGH0GH

:DUGHV
$WKRVIXWHQFKDQWpORUVTX
LOVXWTX
LODOODLWVHEDWWUHFRQWUHXQ$QJODLV1RXV
DYRQVGLWTXHF
pWDLWVRQUrYH
2QHQYR\DFKHUFKHUjO
LQVWDQWPrPH3RUWKRVHW$UDPLVSDUOHVODTXDLVHWRQOHV
PLWDXFRXUDQWGHODVLWXDWLRQ
3RUWKRVWLUDVRQpSpHKRUVGXIRXUUHDXHWVHPLWjHVSDGRQQHUFRQWUHOHPXUHQ
VHUHFXODQWGHWHPSVHQWHPSVHWHQIDLVDQWGHVSOLpVFRPPHXQGDQVHXU$UDPLV
TXLWUDYDLOODLWWRXMRXUVjVRQSRqPHV
HQIHUPDGDQVOHFDELQHWG
$WKRVHWSULD
TX
RQQHOHGpUDQJHkWSOXVTX
DXPRPHQWGHGpJDLQHU
$WKRVGHPDQGDSDUVLJQHj*ULPDXGXQHERXWHLOOH
4XDQWjG
$UWDJQDQLODUUDQJHDHQOXLPrPHXQSHWLWSODQGRQWQRXVYHUURQVSOXV
WDUGO
H[pFXWLRQHWTXLOXLSURPHWWDLWTXHOTXHJUDFLHXVHDYHQWXUHFRPPHRQ
SRXYDLWOHYRLUDX[VRXULUHVTXLGHWHPSVHQWHPSVSDVVDLHQWVXUVRQYLVDJH
GRQWLOVpFODLUDLHQWODUrYHULH

&KDSLWUH;;;,
$1*/$,6(7)5$1&$,6

/
KHXUHYHQXHRQVHUHQGLWDYHFOHVTXDWUHODTXDLVGHUULqUHOH/X[HPERXUJ
GDQVXQHQFORVDEDQGRQQpDX[FKqYUHV$WKRVGRQQDXQHSLqFHGHPRQQDLHDX
FKHYULHUSRXUTX
LOV
pFDUWkW/HVODTXDLVIXUHQWFKDUJpVGHIDLUHVHQWLQHOOH
%LHQW{WXQHWURXSHVLOHQFLHXVHV
DSSURFKDGXPrPHHQFORV\SpQpWUDHWMRLJQLW
OHVPRXVTXHWDLUHVSXLVVHORQOHVKDELWXGHVG
RXWUHPHUOHVSUpVHQWDWLRQV
HXUHQWOLHX
/HV$QJODLVpWDLHQWWRXVJHQVGHODSOXVKDXWHTXDOLWpOHVQRPVEL]DUUHVGH
OHXUVDGYHUVDLUHVIXUHQWGRQFSRXUHX[XQVXMHWQRQVHXOHPHQWGHVXUSULVHPDLV
HQFRUHG
LQTXLpWXGH
0DLVDYHFWRXWFHODGLW/RUGGH:LQWHUTXDQGOHVWURLVDPLVHXUHQWpWp
QRPPpVQRXVQHVDYRQVSDVTXLYRXVrWHVHWQRXVQHQRXVEDWWURQVSDVDYHFGHV
QRPVSDUHLOVFHVRQWGHVQRPVGHEHUJHUVFHOD
$XVVLFRPPHYRXVOHVXSSRVH]ELHQ0LORUGFHVRQWGHIDX[QRPVGLW$WKRV
&HTXLQHQRXVGRQQHTX
XQSOXVJUDQGGpVLUGHFRQQDvWUHOHVQRPVYpULWDEOHV
UpSRQGLWO
$QJODLV
9RXVDYH]ELHQMRXpFRQWUHQRXVVDQVOHVFRQQDvWUHGLW$WKRVjWHOOHV
HQVHLJQHVTXHYRXVQRXVDYH]JDJQpQRVGHX[FKHYDX["

&
HVWYUDLPDLVQRXVQHULVTXLRQVTXHQRVSLVWROHVFHWWHIRLVQRXV
ULVTXRQVQRWUHVDQJRQMRXHDYHFWRXWOHPRQGHRQQHVHEDWTX
DYHFVHV
pJDX[
&
HVWMXVWHGLW$WKRV(WLOSULWjO
pFDUWFHOXLGHVTXDWUH$QJODLVDYHF
OHTXHOLOGHYDLWVHEDWWUHHWOXLGLWVRQQRPWRXWEDV
3RUWKRVHW$UDPLVHQILUHQWDXWDQWGHOHXUF{Wp
&HODYRXVVXIILWLOGLW$WKRVjVRQDGYHUVDLUHHWPHWURXYH]YRXVDVVH]
JUDQGVHLJQHXUSRXUPHIDLUHODJUkFHGHFURLVHUO
pSpHDYHFPRL"
2XL0RQVLHXUGLWO
$QJODLVHQV
LQFOLQDQW
(KELHQPDLQWHQDQWYRXOH]YRXVTXHMHYRXVGLVHXQHFKRVH"UHSULW
IURLGHPHQW$WKRV
/DTXHOOH"GHPDQGDO
$QJODLV
&
HVWTXHYRXVDXULH]DXVVLELHQIDLWGHQHSDVH[LJHUTXHMHPHILVVH
FRQQDvWUH
3RXUTXRLFHOD"
3DUFHTX
RQPHFURLWPRUWTXHM
DLGHVUDLVRQVSRXUGpVLUHUTX
RQQHVDFKH
SDVTXHMHYLVHWTXHMHYDLVrWUHREOLJpGHYRXVWXHUSRXUTXHPRQVHFUHWQH
FRXUHSDVOHVFKDPSV
/
$QJODLVUHJDUGD$WKRVFUR\DQWTXHFHOXLFLSODLVDQWDLWPDLV$WKRVQH
SODLVDQWDLWSDVOHPRLQVGXPRQGH
0HVVLHXUVGLWLOHQV
DGUHVVDQWjODIRLVjVHVFRPSDJQRQVHWjOHXUV
DGYHUVDLUHV\VRPPHVQRXV"
2XLUpSRQGLUHQWWRXWG
XQHYRL[$QJODLVHW)UDQoDLV
$ORUVHQJDUGHGLW$WKRV
(WDXVVLW{WKXLWpSpHVEULOOqUHQWDX[UD\RQVGXVROHLOFRXFKDQWHWOHFRPEDW
FRPPHQoDDYHFXQDFKDUQHPHQWELHQQDWXUHOHQWUHJHQVGHX[IRLVHQQHPLV
$WKRVV
HVFULPDLWDYHFDXWDQWGHFDOPHHWGHPpWKRGHTXHV
LOHWpWpGDQVXQH
VDOOHG
DUPHV
3RUWKRVFRUULJpVDQVGRXWHGHVDWURSJUDQGHFRQILDQFHSDUVRQDYHQWXUHGH
&KDQWLOO\MRXDLWXQMHXSOHLQGHILQHVVHHWGHSUXGHQFH
$UDPLVTXLDYDLWOHWURLVLqPHFKDQWGHVRQSRqPHjILQLUVHGpSrFKDLWHQKRPPH
WUqVSUHVVp
$WKRVOHSUHPLHUWXDVRQDGYHUVDLUHLOQHOXLDYDLWSRUWpTX
XQFRXSPDLV
FRPPHLOO
HQDYDLWSUpYHQXOHFRXSDYDLWpWpPRUWHO/
pSpHOXLWUDYHUVDOH

FRHXU
3RUWKRVOHVHFRQGpWHQGLWOHVLHQVXUO
KHUEHLOOXLDYDLWSHUFpODFXLVVH
$ORUVFRPPHO
$QJODLVVDQVIDLUHSOXVORQJXHUpVLVWDQFHOXLDYDLWUHQGXVRQ
pSpH3RUWKRVOHSULWGDQVVHVEUDVHWOHSRUWDGDQVVRQFDUURVVH
$UDPLVSRXVVDOHVLHQVLYLJRXUHXVHPHQWTX
DSUqVDYRLUURPSXXQHFLQTXDQWDLQH
GHSDVLOILQLWSDUSUHQGUHODIXLWHjWRXWHVMDPEHVHWGLVSDUXWDX[KXpHVGHV
ODTXDLV
4XDQWjG
$UWDJQDQLODYDLWMRXpSXUHPHQWHWVLPSOHPHQWXQMHXGpIHQVLISXLV
ORUVTX
LODYDLWYXVRQDGYHUVDLUHELHQIDWLJXpLOOXLDYDLWG
XQHYLJRXUHXVH
IODQFRQDGHIDLWVDXWHUVRQpSpH/HEDURQVHYR\DQWGpVDUPpILWGHX[RXWURLV
SDVHQDUULqUHPDLVGDQVFHPRXYHPHQWVRQSLHGJOLVVDHWLOWRPEDjOD
UHQYHUVH
'
$UWDJQDQIXWVXUOXLG
XQVHXOERQGHWOXLSRUWDQWO
pSpHjODJRUJH
-HSRXUUDLVYRXVWXHU0RQVLHXUGLWLOjO
$QJODLVHWYRXVrWHVELHQHQWUH
PHVPDLQVPDLVMHYRXVGRQQHODYLHSRXUO
DPRXUGHYRWUHVRHXU
'
$UWDJQDQpWDLWDXFRPEOHGHODMRLHLOYHQDLWGHUpDOLVHUOHSODQTX
LO
DYDLWDUUrWpG
DYDQFHHWGRQWOHGpYHORSSHPHQWDYDLWIDLWpFORUHVXUVRQYLVDJH
OHVVRXULUHVGRQWQRXVDYRQVSDUOp
/
$QJODLVHQFKDQWpG
DYRLUDIIDLUHjXQJHQWLOKRPPHG
DXVVLERQQHFRPSRVLWLRQ
VHUUDG
$UWDJQDQHQWUHVHVEUDVILWPLOOHFDUHVVHVDX[WURLVPRXVTXHWDLUHVHW
FRPPHO
DGYHUVDLUHGH3RUWKRVpWDLWGpMjLQVWDOOpGDQVODYRLWXUHHWTXHFHOXL
G
$UDPLVDYDLWSULVODSRXGUHG
HVFDPSHWWHRQQHVRQJHDSOXVTX
DXGpIXQW
&RPPH3RUWKRVHW$UDPLVOHGpVKDELOODLHQWGDQVO
HVSpUDQFHTXHVDEOHVVXUH
Q
pWDLWSDVPRUWHOOHXQHJURVVHERXUVHV
pFKDSSDGHVDFHLQWXUH'
$UWDJQDQOD
UDPDVVDHWODWHQGLWj/RUGGH:LQWHU
(WTXHGLDEOHYRXOH]YRXVTXHMHIDVVHGHFHOD"GLWO
$QJODLV
9RXVODUHQGUH]jVDIDPLOOHGLWG
$UWDJQDQ
6DIDPLOOHVHVRXFLHELHQGHFHWWHPLVqUHHOOHKpULWHGHTXLQ]HPLOOHORXLV
GHUHQWHJDUGH]FHWWHERXUVHSRXUYRVODTXDLV
'
$UWDJQDQPLWODERXUVHGDQVVDSRFKH
(WPDLQWHQDQWPRQMHXQHDPLFDUYRXVPHSHUPHWWUH]MHO
HVSqUHGHYRXV
GRQQHUFHQRPGLW/RUGGH:LQWHUGqVFHVRLUVLYRXVOHYRXOH]ELHQMHYRXV
SUpVHQWHUDLjPDVRHXU/DG\&ODULFNFDUMHYHX[TX
HOOHYRXVSUHQQHjVRQ
WRXUGDQVVHVERQQHVJUkFHVHWFRPPHHOOHQ
HVWSRLQWWRXWjIDLWPDOHQFRXU
SHXWrWUHGDQVO
DYHQLUXQPRWGLWSDUHOOHQHYRXVVHUDLWLOSRLQWLQXWLOH
'
$UWDJQDQURXJLWGHSODLVLUHWV
LQFOLQDHQVLJQHG
DVVHQWLPHQW
3HQGDQWFHWHPSV$WKRVV
pWDLWDSSURFKpGHG
$UWDJQDQ

4XHYRXOH]YRXVIDLUHGHFHWWHERXUVH"OXLGLWLOWRXWEDVjO
RUHLOOH
0DLVMHFRPSWDLVYRXVODUHPHWWUHPRQFKHU$WKRV
$PRL"HWSRXUTXRLFHOD"
'DPHYRXVO
DYH]WXpFHVRQWOHVGpSRXLOOHVRSLPHV
0RLKpULWLHUG
XQHQQHPLGLW$WKRVSRXUTXLGRQFPHSUHQH]YRXV"
&
HVWO
KDELWXGHjODJXHUUHGLWG
$UWDJQDQSRXUTXRLQHVHUDLWFHSDV
O
KDELWXGHGDQVXQGXHO"
0rPHVXUOHFKDPSGHEDWDLOOHGLW$WKRVMHQ
DLMDPDLVIDLWFHOD
3RUWKRVOHYDOHVpSDXOHV$UDPLVG
XQPRXYHPHQWGHOqYUHVDSSURXYD$WKRV
$ORUVGLWG
$UWDJQDQGRQQRQVFHWDUJHQWDX[ODTXDLVFRPPH/RUGGH:LQWHU
QRXVDGLWGHOHIDLUH
2XLGLW$WKRVGRQQRQVFHWWHERXUVHQRQjQRVODTXDLVPDLVDX[ODTXDLV
DQJODLV
$WKRVSULWODERXUVHHWODMHWDGDQVODPDLQGXFRFKHU
3RXUYRXVHWYRVFDPDUDGHV
&HWWHJUDQGHXUGHPDQLqUHVGDQVXQKRPPHHQWLqUHPHQWGpQXpIUDSSD3RUWKRV
OXLPrPHHWFHWWHJpQpURVLWpIUDQoDLVHUHGLWHSDU/RUGGH:LQWHUHWVRQDPL
HXWSDUWRXWXQJUDQGVXFFqVH[FHSWpDXSUqVGH00*ULPDXG0RXVTXHWRQ3ODQFKHW
HW%D]LQ
/RUGGH:LQWHUHQTXLWWDQWG
$UWDJQDQOXLGRQQDO
DGUHVVHGHVDVRHXUHOOH
GHPHXUDLWSODFH5R\DOHTXLpWDLWDORUVOHTXDUWLHUjODPRGHDXQXPpUR
'
DLOOHXUVLOV
HQJDJHDLWjOHYHQLUSUHQGUHSRXUOHSUpVHQWHU'
$UWDJQDQOXL
GRQQDUHQGH]YRXVjKXLWKHXUHVFKH]$WKRV
&HWWHSUpVHQWDWLRQj0LODG\RFFXSDLWIRUWODWrWHGHQRWUH*DVFRQ,OVH
UDSSHODLWGHTXHOOHIDoRQpWUDQJHFHWWHIHPPHDYDLWpWpPrOpHMXVTXHOjGDQVVD
GHVWLQpH6HORQVDFRQYLFWLRQF
pWDLWTXHOTXHFUpDWXUHGXFDUGLQDOHW
FHSHQGDQWLOVHVHQWDLWLQYLQFLEOHPHQWHQWUDvQpYHUVHOOHSDUXQGHFHV
VHQWLPHQWVGRQWRQQHVHUHQGSDVFRPSWH6DVHXOHFUDLQWHpWDLWTXH0LODG\QH
UHFRQQWHQOXLO
KRPPHGH0HXQJHWGH'RXYUHV$ORUVHOOHVDXUDLWTX
LOpWDLW
GHVDPLVGH0GH7UpYLOOHHWSDUFRQVpTXHQWTX
LODSSDUWHQDLWFRUSVHWkPHDX
URLFHTXLGqVORUVOXLIHUDLWSHUGUHXQHSDUWLHGHVHVDYDQWDJHVSXLVTXH
FRQQXGH0LODG\FRPPHLOODFRQQDLVVDLWLOMRXHUDLWDYHFHOOHjMHXpJDO4XDQW
jFHFRPPHQFHPHQWG
LQWULJXHHQWUHHOOHHWOHFRPWHGH:DUGHVQRWUH
SUpVRPSWXHX[QHV
HQSUpRFFXSDLWTXHPpGLRFUHPHQWELHQTXHOHPDUTXLVIW
MHXQHEHDXULFKHHWIRUWDYDQWGDQVODIDYHXUGXFDUGLQDO&HQ
HVWSDVSRXU
ULHQTXHO
RQDYLQJWDQVHWVXUWRXWTXHO
RQHVWQpj7DUEHV
'
$UWDJQDQFRPPHQoDSDUDOOHUIDLUHFKH]OXLXQHWRLOHWWHIODPER\DQWHSXLVLO
V
HQUHYLQWFKH]$WKRVHWVHORQVRQKDELWXGHOXLUDFRQWDWRXW$WKRVpFRXWD

VHVSURMHWVSXLVLOVHFRXDODWrWHHWOXLUHFRPPDQGDODSUXGHQFHDYHFXQH
VRUWHG
DPHUWXPH
4XRLOXLGLWLOYRXVYHQH]GHSHUGUHXQHIHPPHTXHYRXVGLVLH]ERQQH
FKDUPDQWHSDUIDLWHHWYRLOjTXHYRXVFRXUH]GpMjDSUqVXQHDXWUH
'
$UWDJQDQVHQWLWODYpULWpGHFHUHSURFKH
-
DLPDLV0PH%RQDFLHX[DYHFOHFRHXUWDQGLVTXHM
DLPH0LODG\DYHFODWrWH
GLWLOHQPHIDLVDQWFRQGXLUHFKH]HOOHMHFKHUFKHVXUWRXWjP
pFODLUHUVXU
OHU{OHTX
HOOHMRXHjODFRXU
/HU{OHTX
HOOHMRXHSDUGLHXLOQ
HVWSDVGLIILFLOHjGHYLQHUG
DSUqVWRXW
FHTXHYRXVP
DYH]GLW&
HVWTXHOTXHpPLVVDLUHGXFDUGLQDOXQHIHPPHTXLYRXV
DWWLUHUDGDQVXQSLqJHRYRXVODLVVHUH]YRWUHWrWHWRXWERQQHPHQW
'LDEOHPRQFKHU$WKRVYRXVYR\H]OHVFKRVHVELHQHQQRLUFHPHVHPEOH
0RQFKHUMHPHGpILHGHVIHPPHVTXHYRXOH]YRXVMHVXLVSD\pSRXUFHOD
HWVXUWRXWGHVIHPPHVEORQGHV0LODG\HVWEORQGHP
DYH]YRXVGLW"
(OOHDOHVFKHYHX[GXSOXVEHDXEORQGTXLVHSXLVVHYRLU
$KPRQSDXYUHG
$UWDJQDQILW$WKRV
(FRXWH]MHYHX[P
pFODLUHUSXLVTXDQGMHVDXUDLFHTXHMHGpVLUHVDYRLU
MHP
pORLJQHUDL
(FODLUH]YRXVGLWIOHJPDWLTXHPHQW$WKRV
/RUGGH:LQWHUDUULYDjO
KHXUHGLWHPDLV$WKRVSUpYHQXjWHPSVSDVVDGDQVOD
VHFRQGHSLqFH,OWURXYDGRQFG
$UWDJQDQVHXOHWFRPPHLOpWDLWSUqVGHKXLW
KHXUHVLOHPPHQDOHMHXQHKRPPH
8QpOpJDQWFDUURVVHDWWHQGDLWHQEDVHWFRPPHLOpWDLWDWWHOpGHGHX[
H[FHOOHQWVFKHYDX[HQXQLQVWDQWRQIXWSODFH5R\DOH
0LODG\&ODULFNUHoXWJUDFLHXVHPHQWG
$UWDJQDQ6RQK{WHOpWDLWG
XQHVRPSWXRVLWp
UHPDUTXDEOHHWELHQTXHODSOXSDUWGHV$QJODLVFKDVVpVSDUODJXHUUH
TXLWWDVVHQWOD)UDQFHRXIXVVHQWVXUOHSRLQWGHODTXLWWHU0LODG\YHQDLWGH
IDLUHIDLUHFKH]HOOHGHQRXYHOOHVGpSHQVHVFHTXLSURXYDLWTXHODPHVXUH
JpQpUDOHTXLUHQYR\DLWOHV$QJODLVQHODUHJDUGDLWSDV
9RXVYR\H]GLW/RUGGH:LQWHUHQSUpVHQWDQWG
$UWDJQDQjVDVRHXUXQMHXQH
JHQWLOKRPPHTXLDWHQXPDYLHHQWUHVHVPDLQVHWTXLQ
DSRLQWYRXOXDEXVHUGH
VHVDYDQWDJHVTXRLTXHQRXVIXVVLRQVGHX[IRLVHQQHPLVSXLVTXHF
HVWPRLTXL
O
DLLQVXOWpHWTXHMHVXLV$QJODLV5HPHUFLH]OHGRQF0DGDPHVLYRXVDYH]
TXHOTXHDPLWLpSRXUPRL
0LODG\IURQoDOpJqUHPHQWOHVRXUFLOXQQXDJHjSHLQHYLVLEOHSDVVDVXUVRQ
IURQWHWXQVRXULUHWHOOHPHQWpWUDQJHDSSDUXWVXUVHVOqYUHVTXHOHMHXQH
KRPPHTXLYLWFHWWHWULSOHQXDQFHHQHXWFRPPHXQIULVVRQ

/HIUqUHQHYLWULHQLOV
pWDLWUHWRXUQpSRXUMRXHUDYHFOHVLQJHIDYRULGH
0LODG\TXLO
DYDLWWLUpSDUVRQSRXUSRLQW
6R\H]OHELHQYHQX0RQVLHXUGLW0LODG\G
XQHYRL[GRQWODGRXFHXUVLQJXOLqUH
FRQWUDVWDLWDYHFOHVV\PSW{PHVGHPDXYDLVHKXPHXUTXHYHQDLWGHUHPDUTXHU
G
$UWDJQDQYRXVDYH]DFTXLVDXMRXUG
KXLGHVGURLWVpWHUQHOVjPD
UHFRQQDLVVDQFH
/
$QJODLVDORUVVHUHWRXUQDHWUDFRQWDOHFRPEDWVDQVRPHWWUHXQGpWDLO0LODG\
O
pFRXWDDYHFODSOXVJUDQGHDWWHQWLRQFHSHQGDQWRQYR\DLWIDFLOHPHQWTXHOTXH
HIIRUWTX
HOOHIvWSRXUFDFKHUVHVLPSUHVVLRQVTXHFHUpFLWQHOXLpWDLWSRLQW
DJUpDEOH/HVDQJOXLPRQWDLWjODWrWHHWVRQSHWLWSLHGV
DJLWDLW
LPSDWLHPPHQWVRXVVDUREH
/RUGGH:LQWHUQHV
DSHUoXWGHULHQ3XLVORUVTX
LOHXWILQLLOV
DSSURFKD
G
XQHWDEOHRpWDLHQWVHUYLVVXUXQSODWHDXXQHERXWHLOOHGHYLQG
(VSDJQHHW
GHVYHUUHV,OHPSOLWGHX[YHUUHVHWG
XQVLJQHLQYLWDG
$UWDJQDQjERLUH
'
$UWDJQDQVDYDLWTXHF
pWDLWIRUWGpVREOLJHUXQ$QJODLVTXHGHUHIXVHUGH
WRDVWHUDYHFOXL,OV
DSSURFKDGRQFGHODWDEOHHWSULWOHVHFRQGYHUUH
&HSHQGDQWLOQ
DYDLWSRLQWSHUGXGHYXH0LODG\HWGDQVODJODFHLOV
DSHUoXWGX
FKDQJHPHQWTXLYHQDLWGHV
RSpUHUVXUVRQYLVDJH0DLQWHQDQWTX
HOOHFUR\DLW
Q
rWUHSOXVUHJDUGpHXQVHQWLPHQWTXLUHVVHPEODLWjGHODIpURFLWpDQLPDLWVD
SK\VLRQRPLH(OOHPRUGDLWVRQPRXFKRLUjEHOOHVGHQWV
&HWWHMROLHSHWLWHVRXEUHWWHTXHG
$UWDJQDQDYDLWGpMjUHPDUTXpHHQWUDDORUV
HOOHGLWHQDQJODLVTXHOTXHVPRWVj/RUGGH:LQWHUTXLGHPDQGDDXVVLW{Wj
G
$UWDJQDQODSHUPLVVLRQGHVHUHWLUHUV
H[FXVDQWVXUO
XUJHQFHGHO
DIIDLUH
TXLO
DSSHODLWHWFKDUJHDQWVDVRHXUG
REWHQLUVRQSDUGRQ
'
$UWDJQDQpFKDQJHDXQHSRLJQpHGHPDLQDYHF/RUGGH:LQWHUHWUHYLQWSUqVGH
0LODG\/HYLVDJHGHFHWWHIHPPHDYHFXQHPRELOLWpVXUSUHQDQWHDYDLWUHSULV
VRQH[SUHVVLRQJUDFLHXVHVHXOHPHQWTXHOTXHVSHWLWHVWDFKHVURXJHVGLVVpPLQpHV
VXUVRQPRXFKRLULQGLTXDLHQWTX
HOOHV
pWDLWPRUGXOHVOqYUHVMXVTX
DXVDQJ
6HVOqYUHVpWDLHQWPDJQLILTXHVRQHWGLWGXFRUDLO
/DFRQYHUVDWLRQSULWXQHWRXUQXUHHQMRXpH0LODG\SDUDLVVDLWV
rWUHHQWLqUHPHQW
UHPLVH(OOHUDFRQWDTXH/RUGGH:LQWHUQ
pWDLWTXHVRQEHDXIUqUHHWQRQVRQ
IUqUHHOOHDYDLWpSRXVpXQFDGHWGHIDPLOOHTXLO
DYDLWODLVVpHYHXYHDYHFXQ
HQIDQW&HWHQIDQWpWDLWOHVHXOKpULWLHUGH/RUGGH:LQWHUVL/RUGGH:LQWHU
QHVHPDULDLWSRLQW7RXWFHODODLVVDLWYRLUjG
$UWDJQDQXQYRLOHTXL
HQYHORSSDLWTXHOTXHFKRVHPDLVLOQHGLVWLQJXDLWSDVHQFRUHVRXVFHYRLOH
$XUHVWHDXERXWG
XQHGHPLKHXUHGHFRQYHUVDWLRQG
$UWDJQDQpWDLWFRQYDLQFX
TXH0LODG\pWDLWVDFRPSDWULRWHHOOHSDUODLWOHIUDQoDLVDYHFXQHSXUHWpHW
XQHpOpJDQFHTXLQHODLVVDLHQWDXFXQGRXWHjFHWpJDUG
'
$UWDJQDQVHUpSDQGLWHQSURSRVJDODQWVHWHQSURWHVWDWLRQVGHGpYRXHPHQW$
WRXWHVOHVIDGDLVHVTXLpFKDSSqUHQWjQRWUH*DVFRQ0LODG\VRXULWDYHF
ELHQYHLOODQFH/
KHXUHGHVHUHWLUHUDUULYD'
$UWDJQDQSULWFRQJpGH0LODG\HW
VRUWLWGXVDORQOHSOXVKHXUHX[GHVKRPPHV

6XUO
HVFDOLHULOUHQFRQWUDODMROLHVRXEUHWWHODTXHOOHOHIU{ODGRXFHPHQWHQ
SDVVDQWHWWRXWHQURXJLVVDQWMXVTX
DX[\HX[OXLGHPDQGDSDUGRQGHO
DYRLU
WRXFKpG
XQHYRL[VLGRXFHTXHOHSDUGRQOXLIXWDFFRUGpjO
LQVWDQWPrPH
'
$UWDJQDQUHYLQWOHOHQGHPDLQHWIXWUHoXHQFRUHPLHX[TXHODYHLOOH/RUGGH
:LQWHUQ
\pWDLWSRLQWHWFHIXW0LODG\TXLOXLILWFHWWHIRLVWRXVOHV
KRQQHXUVGHODVRLUpH(OOHSDUXWSUHQGUHXQJUDQGLQWpUrWjOXLOXLGHPDQGD
G
RLOpWDLWTXHOVpWDLHQWVHVDPLVHWV
LOQ
DYDLWSDVSHQVpTXHOTXHIRLVj
V
DWWDFKHUDXVHUYLFHGH0OHFDUGLQDO
'
$UWDJQDQTXLFRPPHRQOHVDLWpWDLWIRUWSUXGHQWSRXUXQJDUoRQGHYLQJW
DQVVHVRXYLQWDORUVGHVHVVRXSoRQVVXU0LODG\LOOXLILWXQJUDQGpORJHGH
6RQ(PLQHQFHOXLGLWTX
LOQ
HWSRLQWPDQTXpG
HQWUHUGDQVOHVJDUGHVGX
FDUGLQDODXOLHXG
HQWUHUGDQVOHVJDUGHVGXURLV
LOHWFRQQXSDUH[HPSOH0
GH&DYRLVDXOLHXGHFRQQDvWUH0GH7UpYLOOH
0LODG\FKDQJHDGHFRQYHUVDWLRQVDQVDIIHFWDWLRQDXFXQHHWGHPDQGDjG
$UWDJQDQ
GHODIDoRQODSOXVQpJOLJpHGXPRQGHV
LOQ
DYDLWMDPDLVpWpHQ$QJOHWHUUH
'
$UWDJQDQUpSRQGLWTX
LO\DYDLWpWpHQYR\pSDU0GH7UpYLOOHSRXUWUDLWHU
G
XQHUHPRQWHGHFKHYDX[HWTX
LOHQDYDLWPrPHUDPHQpTXDWUHFRPPH
pFKDQWLOORQ
0LODG\GDQVOHFRXUVGHODFRQYHUVDWLRQVHSLQoDGHX[RXWURLVIRLVOHVOqYUHV
HOOHDYDLWDIIDLUHjXQ*DVFRQTXLMRXDLWVHUUp
$ODPrPHKHXUHTXHODYHLOOHG
$UWDJQDQVHUHWLUD'DQVOHFRUULGRULO
UHQFRQWUDHQFRUHODMROLH.HWW\F
pWDLWOHQRPGHODVRXEUHWWH&HOOHFLOH
UHJDUGDDYHFXQHH[SUHVVLRQGHP\VWpULHXVHELHQYHLOODQFHjODTXHOOHLOQ
\DYDLW
SRLQWjVHWURPSHU0DLVG
$UWDJQDQpWDLWVLSUpRFFXSpGHODPDvWUHVVHTX
LOQH
UHPDUTXDLWDEVROXPHQWTXHFHTXLYHQDLWG
HOOH
'
$UWDJQDQUHYLQWFKH]0LODG\OHOHQGHPDLQHWOHVXUOHQGHPDLQHWFKDTXHIRLV
0LODG\OXLILWXQDFFXHLOSOXVJUDFLHX[
&KDTXHIRLVDXVVLVRLWGDQVO
DQWLFKDPEUHVRLWGDQVOHFRUULGRUVRLWVXU
O
HVFDOLHULOUHQFRQWUDLWODMROLHVRXEUHWWH
0DLVFRPPHQRXVO
DYRQVGLWG
$UWDJQDQQHIDLVDLWDXFXQHDWWHQWLRQjFHWWH
SHUVLVWDQFHGHODSDXYUH.HWW\


&KDSLWUH;;;,,
81',1(5'(352&85(85


&HSHQGDQWOHGXHOGDQVOHTXHO3RUWKRVDYDLWMRXpXQU{OHVLEULOODQWQHOXL
DYDLWSDVIDLWRXEOLHUOHGvQHUDXTXHOO
DYDLWLQYLWpODIHPPHGXSURFXUHXU/H

OHQGHPDLQYHUVXQHKHXUHLOVHILWGRQQHUOHGHUQLHUFRXSGHEURVVHSDU
0RXVTXHWRQHWV
DFKHPLQDYHUVODUXHDX[2XUVGXSDVG
XQKRPPHTXLHVWHQ
GRXEOHERQQHIRUWXQH
6RQFRHXUEDWWDLWPDLVFHQ
pWDLWSDVFRPPHFHOXLGHG
$UWDJQDQG
XQMHXQHHW
LPSDWLHQWDPRXU1RQXQLQWpUrWSOXVPDWpULHOOXLIRXHWWDLWOHVDQJLODOODLW
HQILQIUDQFKLUFHVHXLOP\VWpULHX[JUDYLUFHWHVFDOLHULQFRQQXTX
DYDLHQW
PRQWpXQjXQOHVYLHX[pFXVGHPDvWUH&RTXHQDUG
,ODOODLWYRLUHQUpDOLWpFHUWDLQEDKXWGRQWYLQJWIRLVLODYDLWYXO
LPDJHGDQV
VHVUrYHVEDKXWGHIRUPHORQJXHHWSURIRQGHFDGHQDVVpYHUURXLOOpVFHOOpDX
VROEDKXWGRQWLODYDLWVLVRXYHQWHQWHQGXSDUOHUHWTXHOHVPDLQVXQSHX
VqFKHVLOHVWYUDLPDLVQRQSDVVDQVpOpJDQFHGHODSURFXUHXVHDOODLHQW
RXYULUjVHVUHJDUGVDGPLUDWHXUV
(WSXLVOXLO
KRPPHHUUDQWVXUODWHUUHO
KRPPHVDQVIRUWXQHO
KRPPHVDQV
IDPLOOHOHVROGDWKDELWXpDX[DXEHUJHVDX[FDEDUHWVDX[WDYHUQHVDX[
SRVDGDVOHJRXUPHWIRUFpSRXUODSOXSDUWGXWHPSVGHV
HQWHQLUDX[OLSSpHVGH
UHQFRQWUHLODOODLWWkWHUGHVUHSDVGHPpQDJHVDYRXUHUXQLQWpULHXU
FRQIRUWDEOHHWVHODLVVHUIDLUHjFHVSHWLWVVRLQVTXLSOXVRQHVWGXUSOXV
LOVSODLVHQWFRPPHGLVHQWOHVYLHX[VRXGDUGV
9HQLUHQTXDOLWpGHFRXVLQV
DVVHRLUWRXVOHVMRXUVjXQHERQQHWDEOHGpULGHU
OHIURQWMDXQHHWSOLVVpGXYLHX[SURFXUHXUSOXPHUTXHOTXHSHXOHVMHXQHV
FOHUFVHQOHXUDSSUHQDQWODEDVVHWWHOHSDVVHGL[HWOHODQVTXHQHWGDQVOHXUV
SOXVILQHVSUDWLTXHVHWHQOHXUJDJQDQWSDUPDQLqUHG
KRQRUDLUHVSRXUODOHoRQ
TX
LOOHXUGRQQHUDLWHQXQHKHXUHOHXUVpFRQRPLHVG
XQPRLVWRXWFHODVRXULDLW
pQRUPpPHQWj3RUWKRV
/HPRXVTXHWDLUHVHUHWUDoDLWELHQGHFLGHOjOHVPDXYDLVSURSRVTXL
FRXUDLHQWGqVFHWHPSVOjVXUOHVSURFXUHXUVHWTXLOHXURQWVXUYpFXOD
OpVLQHODURJQXUHOHVMRXUVGHMHQHPDLVFRPPHDSUqVWRXWVDXITXHOTXHV
DFFqVG
pFRQRPLHTXH3RUWKRVDYDLWWRXMRXUVWURXYpVIRUWLQWHPSHVWLIVLODYDLW
YXODSURFXUHXVHDVVH]OLEpUDOHSRXUXQHSURFXUHXVHELHQHQWHQGXLOHVSpUD
UHQFRQWUHUXQHPDLVRQPRQWpHVXUXQSLHGIODWWHXU
&HSHQGDQWjODSRUWHOHPRXVTXHWDLUHHXWTXHOTXHVGRXWHVO
DERUGQ
pWDLW
SRLQWIDLWSRXUHQJDJHUOHVJHQVDOOpHSXDQWHHWQRLUHHVFDOLHUPDOpFODLUp
SDUGHVEDUUHDX[DXWUDYHUVGHVTXHOVILOWUDLWOHMRXUJULVG
XQHFRXUYRLVLQH
DXSUHPLHUXQHSRUWHEDVVHHWIHUUpHG
pQRUPHVFORXVFRPPHODSRUWHSULQFLSDOH
GX*UDQG&KkWHOHW
3RUWKRVKHXUWDGXGRLJWXQJUDQGFOHUFSkOHHWHQIRXLVRXVXQHIRUrWGH
FKHYHX[YLHUJHVYLQWRXYULUHWVDOXDGHO
DLUG
XQKRPPHIRUFpGHUHVSHFWHUjOD
IRLVGDQVXQDXWUHODKDXWHWDLOOHTXLLQGLTXHODIRUFHO
KDELWPLOLWDLUHTXL
LQGLTXHO
pWDWHWODPLQHYHUPHLOOHTXLLQGLTXHO
KDELWXGHGHELHQYLYUH
$XWUHFOHUFSOXVSHWLWGHUULqUHOHSUHPLHUDXWUHFOHUFSOXVJUDQGGHUULqUHOH
VHFRQGVDXWHUXLVVHDXGHGRX]HDQVGHUULqUHOHWURLVLqPH
(QWRXWWURLVFOHUFVHWGHPLFHTXLSRXUOHWHPSVDQQRQoDLWXQHpWXGHGHV
SOXVDFKDODQGpHV

4XRLTXHOHPRXVTXHWDLUHQHGWDUULYHUTX
jXQHKHXUHGHSXLVPLGLODSURFXUHXVH
DYDLWO
RHLODXJXHWHWFRPSWDLWVXUOHFRHXUHWSHXWrWUHDXVVLVXUO
HVWRPDF
GHVRQDGRUDWHXUSRXUOXLIDLUHGHYDQFHUO
KHXUH
0PH&RTXHQDUGDUULYDGRQFSDUODSRUWHGHO
DSSDUWHPHQWSUHVTXHHQPrPHWHPSV
TXHVRQFRQYLYHDUULYDLWSDUODSRUWHGHO
HVFDOLHUHWO
DSSDULWLRQGHODGLJQH
GDPHOHWLUDG
XQJUDQGHPEDUUDV/HVFOHUFVDYDLHQWO
RHLOFXULHX[HWOXLQH
VDFKDQWWURSTXHGLUHjFHWWHJDPPHDVFHQGDQWHHWGHVFHQGDQWHGHPHXUDLWOD
ODQJXHPXHWWH
&
HVWPRQFRXVLQV
pFULDODSURFXUHXVHHQWUH]GRQFHQWUH]GRQF0RQVLHXU
3RUWKRV
/HQRPGH3RUWKRVILWVRQHIIHWVXUOHVFOHUFVTXLVHPLUHQWjULUHPDLV
3RUWKRVVHUHWRXUQDHWWRXVOHVYLVDJHVUHQWUqUHQWGDQVOHXUJUDYLWp
2QDUULYDGDQVOHFDELQHWGXSURFXUHXUDSUqVDYRLUWUDYHUVpO
DQWLFKDPEUHR
pWDLHQWOHVFOHUFVHWO
pWXGHRLOVDXUDLHQWGrWUHFHWWHGHUQLqUHFKDPEUH
pWDLWXQHVRUWHGHVDOOHQRLUHHWPHXEOpHGHSDSHUDVVHV(QVRUWDQWGHO
pWXGH
RQODLVVDODFXLVLQHjGURLWHHWO
RQHQWUDGDQVODVDOOHGHUpFHSWLRQ
7RXWHVFHVSLqFHVTXLVHFRPPDQGDLHQWQ
LQVSLUqUHQWSRLQWj3RUWKRVGHERQQHV
LGpHV/HVSDUROHVGHYDLHQWV
HQWHQGUHGHORLQSDUWRXWHVFHVSRUWHVRXYHUWHV
SXLVHQSDVVDQWLODYDLWMHWpXQUHJDUGUDSLGHHWLQYHVWLJDWHXUVXUOD
FXLVLQHHWLOV
DYRXDLWjOXLPrPHjODKRQWHGHODSURFXUHXVHHWjVRQJUDQG
UHJUHWjOXLTX
LOQ
\DYDLWSDVYXFHIHXFHWWHDQLPDWLRQFHPRXYHPHQWTXL
DXPRPHQWG
XQERQUHSDVUqJQHQWRUGLQDLUHPHQWGDQVFHVDQFWXDLUHGHOD
JRXUPDQGLVH
/HSURFXUHXUDYDLWVDQVGRXWHpWpSUpYHQXGHFHWWHYLVLWHFDULOQHWpPRLJQD
DXFXQHVXUSULVHjODYXHGH3RUWKRVTXLV
DYDQoDMXVTX
jOXLG
XQDLUDVVH]
GpJDJpHWOHVDOXDFRXUWRLVHPHQW
1RXVVRPPHVFRXVLQVjFHTX
LOSDUDvW0RQVLHXU3RUWKRV"GLWOHSURFXUHXU
HQVHVRXOHYDQWjODIRUFHGHVEUDVVXUVRQIDXWHXLOGHFDQQH
/HYLHLOODUGHQYHORSSpGDQVXQJUDQGSRXUSRLQWQRLURVHSHUGDLWVRQFRUSV
IOXHWpWDLWYHUWHWVHFVHVSHWLWV\HX[JULVEULOODLHQWFRPPHGHV
HVFDUERXFOHVHWVHPEODLHQWDYHFVDERXFKHJULPDoDQWHODVHXOHSDUWLHGHVRQ
YLVDJHRODYLHIWGHPHXUpH0DOKHXUHXVHPHQWOHVMDPEHVFRPPHQoDLHQWjUHIXVHU
OHVHUYLFHjWRXWHFHWWHPDFKLQHRVVHXVHGHSXLVFLQTRXVL[PRLVTXHFHW
DIIDLEOLVVHPHQWV
pWDLWIDLWVHQWLUOHGLJQHSURFXUHXUpWDLWjSHXSUqVGHYHQX
O
HVFODYHGHVDIHPPH
/HFRXVLQIXWDFFHSWpDYHFUpVLJQDWLRQYRLOjWRXW0DvWUH&RTXHQDUGLQJDPEHHW
GpFOLQpWRXWHSDUHQWpDYHF03RUWKRV
2XL0RQVLHXUQRXVVRPPHVFRXVLQVGLWVDQVVHGpFRQFHUWHU3RUWKRVTXL
G
DLOOHXUVQ
DYDLWMDPDLVFRPSWprWUHUHoXSDUOHPDULDYHFHQWKRXVLDVPH
3DUOHVIHPPHVMHFURLV"GLWPDOLFLHXVHPHQWOHSURFXUHXU
3RUWKRVQHVHQWLWSRLQWFHWWHUDLOOHULHHWODSULWSRXUXQHQDwYHWpGRQWLOULW

GDQVVDJURVVHPRXVWDFKH0PH&RTXHQDUGTXLVDYDLWTXHOHSURFXUHXUQDwIpWDLW
XQHYDULpWpIRUWUDUHGDQVO
HVSqFHVRXULWXQSHXHWURXJLWEHDXFRXS
0DvWUH&RTXHQDUGDYDLWGqVO
DUULYpHGH3RUWKRVMHWpOHV\HX[DYHFLQTXLpWXGH
VXUXQHJUDQGHDUPRLUHSODFpHHQIDFHGHVRQEXUHDXGHFKrQH3RUWKRVFRPSULW
TXHFHWWHDUPRLUHTXRLTX
HOOHQHUpSRQGvWSRLQWSDUODIRUPHjFHOOHTX
LO
DYDLWYXHGDQVVHVVRQJHVGHYDLWrWUHOHELHQKHXUHX[EDKXWHWLOV
DSSODXGLW
GHFHTXHODUpDOLWpDYDLWVL[SLHGVGHSOXVHQKDXWHXUTXHOHUrYH
0DvWUH&RTXHQDUGQHSRXVVDSDVSOXVORLQVHVLQYHVWLJDWLRQVJpQpDORJLTXHVPDLV
HQUDPHQDQWVRQUHJDUGLQTXLHWGHO
DUPRLUHVXU3RUWKRVLOVHFRQWHQWDGHGLUH

0RQVLHXUQRWUHFRXVLQDYDQWVRQGpSDUWSRXUODFDPSDJQHQRXVIHUDELHQOD
JUkFHGHGvQHUXQHIRLVDYHFQRXVQ
HVWFHSDV0DGDPH&RTXHQDUG
&HWWHIRLV3RUWKRVUHoXWOHFRXSHQSOHLQHVWRPDFHWOHVHQWLWLOSDUDvWTXH
GHVRQF{Wp0PH&RTXHQDUGQRQSOXVQ
\IXWSDVLQVHQVLEOHFDUHOOHDMRXWD
0RQFRXVLQQHUHYLHQGUDSDVV
LOWURXYHTXHQRXVOHWUDLWRQVPDOPDLVGDQV
OHFDVFRQWUDLUHLODWURSSHXGHWHPSVjSDVVHUj3DULVHWSDUFRQVpTXHQWj
QRXVYRLUSRXUTXHQRXVQHOXLGHPDQGLRQVSDVSUHVTXHWRXVOHVLQVWDQWVGRQWLO
SHXWGLVSRVHUMXVTX
jVRQGpSDUW
2KPHVMDPEHVPHVSDXYUHVMDPEHVRrWHVYRXV"PXUPXUD&RTXHQDUG(W
LOHVVD\DGHVRXULUH
&HVHFRXUVTXLpWDLWDUULYpj3RUWKRVDXPRPHQWRLOpWDLWDWWDTXpGDQVVHV
HVSpUDQFHVJDVWURQRPLTXHVLQVSLUDDXPRXVTXHWDLUHEHDXFRXSGHUHFRQQDLVVDQFH
SRXUVDSURFXUHXVH
%LHQW{WO
KHXUHGXGvQHUDUULYD2QSDVVDGDQVODVDOOHjPDQJHUJUDQGHSLqFH
QRLUHTXLpWDLWVLWXpHHQIDFHGHODFXLVLQH
/HVFOHUFVTXLjFHTX
LOSDUDvWDYDLHQWVHQWLGDQVODPDLVRQGHVSDUIXPV
LQDFFRXWXPpVpWDLHQWG
XQHH[DFWLWXGHPLOLWDLUHHWWHQDLHQWHQPDLQOHXUV
WDERXUHWVWRXWSUrWVTX
LOVpWDLHQWjV
DVVHRLU2QOHVYR\DLWG
DYDQFHUHPXHU
OHVPkFKRLUHVDYHFGHVGLVSRVLWLRQVHIIUD\DQWHV
7XGLHXSHQVD3RUWKRVHQMHWDQWXQUHJDUGVXUOHVWURLVDIIDPpVFDUOH
VDXWHUXLVVHDXQ
pWDLWSDVFRPPHRQOHSHQVHELHQDGPLVDX[KRQQHXUVGHOD
WDEOHPDJLVWUDOHWXGLHXjODSODFHGHPRQFRXVLQMHQHJDUGHUDLVSDVGH
SDUHLOVJRXUPDQGV2QGLUDLWGHVQDXIUDJpVTXLQ
RQWSDVPDQJpGHSXLVVL[
VHPDLQHV
0DvWUH&RTXHQDUGHQWUDSRXVVpVXUVRQIDXWHXLOjURXOHWWHVSDU0PH&RTXHQDUGj
TXL3RUWKRVjVRQWRXUYLQWHQDLGHSRXUURXOHUVRQPDULMXVTX
jODWDEOH
$SHLQHHQWUpLOUHPXDOHQH]HWOHVPkFKRLUHVjO
H[HPSOHGHVHVFOHUFV
2KRKGLWLOYRLFLXQSRWDJHTXLHVWHQJDJHDQW
4XHGLDEOHVHQWHQWLOVGRQFG
H[WUDRUGLQDLUHGDQVFHSRWDJH"GLW3RUWKRVj

O
DVSHFWG
XQERXLOORQSkOHDERQGDQWPDLVSDUIDLWHPHQWDYHXJOHHWVXUOHTXHO
TXHOTXHVFURWHVQDJHDLHQWUDUHVFRPPHOHVvOHVG
XQDUFKLSHO
0PH&RTXHQDUGVRXULWHWVXUXQVLJQHG
HOOHWRXWOHPRQGHV
DVVLWDYHF
HPSUHVVHPHQW
0DvWUH&RTXHQDUGIXWOHSUHPLHUVHUYLSXLV3RUWKRVHQVXLWH0PH&RTXHQDUG
HPSOLWVRQDVVLHWWHHWGLVWULEXDOHVFURWHVVDQVERXLOORQDX[FOHUFV
LPSDWLHQWV
(QFHPRPHQWODSRUWHGHODVDOOHjPDQJHUV
RXYULWG
HOOHPrPHHQFULDQWHW
3RUWKRVjWUDYHUVOHVEDWWDQWVHQWUHEkLOOpVDSHUoXWOHSHWLWFOHUFTXLQH
SRXYDQWSUHQGUHSDUWDXIHVWLQPDQJHDLWVRQSDLQjODGRXEOHRGHXUGHOD
FXLVLQHHWGHODVDOOHjPDQJHU
$SUqVOHSRWDJHODVHUYDQWHDSSRUWDXQHSRXOHERXLOOLHPDJQLILFHQFHTXLILW
GLODWHUOHVSDXSLqUHVGHVFRQYLYHVGHWHOOHIDoRQTX
HOOHVVHPEODLHQWSUrWHVj
VHIHQGUH
2QYRLWTXHYRXVDLPH]YRWUHIDPLOOH0DGDPH&RTXHQDUGGLWOHSURFXUHXUDYHF
XQVRXULUHSUHVTXHWUDJLTXHYRLOjFHUWHVXQHJDODQWHULHTXHYRXVIDLWHVj
YRWUHFRXVLQ
/DSDXYUHSRXOHpWDLWPDLJUHHWUHYrWXHG
XQHGHFHVJURVVHVSHDX[KpULVVpHVTXH
OHVRVQHSHUFHQWMDPDLVPDOJUpOHXUVHIIRUWVLOIDOODLWTX
RQO
HWFKHUFKpH
ELHQORQJWHPSVDYDQWGHODWURXYHUVXUOHSHUFKRLURHOOHV
pWDLWUHWLUpHSRXU
PRXULUGHYLHLOOHVVH
'LDEOHSHQVD3RUWKRVYRLOjTXLHVWIRUWWULVWHMHUHVSHFWHODYLHLOOHVVH
PDLVM
HQIDLVSHXGHFDVERXLOOLHRXU{WLH
(WLOUHJDUGDjODURQGHSRXUYRLUVLVRQRSLQLRQpWDLWSDUWDJpHPDLVWRXWDX
FRQWUDLUHGHOXLLOQHYLWTXHGHV\HX[IODPER\DQWVTXLGpYRUDLHQWG
DYDQFH
FHWWHVXEOLPHSRXOHREMHWGHVHVPpSULV
0PH&RTXHQDUGWLUDOHSODWjHOOHGpWDFKDDGURLWHPHQWOHVGHX[JUDQGHVSDWWHV
QRLUHVTX
HOOHSODoDVXUO
DVVLHWWHGHVRQPDULWUDQFKDOHFRXTX
HOOHPLW
DYHFODWrWHjSDUWSRXUHOOHPrPHOHYDO
DLOHSRXU3RUWKRVHWUHPLWjOD
VHUYDQWHTXLYHQDLWGHO
DSSRUWHUO
DQLPDOTXLV
HQUHWRXUQDSUHVTXHLQWDFW
HWTXLDYDLWGLVSDUXDYDQWTXHOHPRXVTXHWDLUHHWHXOHWHPSVG
H[DPLQHUOHV
YDULDWLRQVTXHOHGpVDSSRLQWHPHQWDPqQHVXUOHVYLVDJHVVHORQOHVFDUDFWqUHVHW
OHVWHPSpUDPHQWVGHFHX[TXLO
pSURXYHQW
$XOLHXGHSRXOHWXQSODWGHIqYHVILWVRQHQWUpHSODWpQRUPHGDQVOHTXHO
TXHOTXHVRVGHPRXWRQTX
RQHWSXDXSUHPLHUDERUGFURLUHDFFRPSDJQpVGH
YLDQGHIDLVDLHQWVHPEODQWGHVHPRQWUHU
0DLVOHVFOHUFVQHIXUHQWSDVGXSHVGHFHWWHVXSHUFKHULHHWOHVPLQHVOXJXEUHV
GHYLQUHQWGHVYLVDJHVUpVLJQpV
0PH&RTXHQDUGGLVWULEXDFHPHWVDX[MHXQHVJHQVDYHFODPRGpUDWLRQG
XQHERQQH
PpQDJqUH

/HWRXUGXYLQpWDLWYHQX0DvWUH&RTXHQDUGYHUVDG
XQHERXWHLOOHGHJUqVIRUW
H[LJXsOHWLHUVG
XQYHUUHjFKDFXQGHVMHXQHVJHQVV
HQYHUVDjOXLPrPHGDQV
GHVSURSRUWLRQVjSHXSUqVpJDOHVHWODERXWHLOOHSDVVDDXVVLW{WGXF{WpGH
3RUWKRVHWGH0PH&RTXHQDUG
/HVMHXQHVJHQVUHPSOLVVDLHQWG
HDXFHWLHUVGHYLQSXLVORUVTX
LOVDYDLHQWEX
ODPRLWLpGXYHUUHLOVOHUHPSOLVVDLHQWHQFRUHHWLOVIDLVDLHQWWRXMRXUVDLQVL
FHTXLOHVDPHQDLWjODILQGXUHSDVjDYDOHUXQHERLVVRQTXLGHODFRXOHXUGX
UXELVpWDLWSDVVpHjFHOOHGHODWRSD]HEUOpH
3RUWKRVPDQJHDWLPLGHPHQWVRQDLOHGHSRXOHHWIUpPLWORUVTX
LOVHQWLWVRXVOD
WDEOHOHJHQRXGHODSURFXUHXVHTXLYHQDLWWURXYHUOHVLHQ,OEXWDXVVLXQ
GHPLYHUUHGHFHYLQIRUWPpQDJpHWTX
LOUHFRQQXWSRXUFHWKRUULEOHFUXGH
0RQWUHXLOODWHUUHXUGHVSDODLVH[HUFpV
0DvWUH&RTXHQDUGOHUHJDUGDHQJORXWLUFHYLQSXUHWVRXSLUD
0DQJHUH]YRXVELHQGHFHVIqYHVPRQFRXVLQ3RUWKRV"GLW0PH&RTXHQDUGGH
FHWRQTXLYHXWGLUHFUR\H]PRLQ
HQPDQJH]SDV
'XGLDEOHVLM
HQJRWHPXUPXUDWRXWEDV3RUWKRV
3XLVWRXWKDXW
0HUFLPDFRXVLQHGLWLOMHQ
DLSOXVIDLP
,OVHILWXQVLOHQFH3RUWKRVQHVDYDLWTXHOOHFRQWHQDQFHWHQLU/HSURFXUHXU
UpSpWDSOXVLHXUVIRLV
$K0DGDPH&RTXHQDUGMHYRXVHQIDLVPRQFRPSOLPHQWYRWUHGvQHUpWDLWXQ
YpULWDEOHIHVWLQ'LHXDLMHPDQJp
0DvWUH&RTXHQDUGDYDLWPDQJpVRQSRWDJHOHVSDWWHVQRLUHVGHODSRXOHHWOH
VHXORVGHPRXWRQRLO\HWXQSHXGHYLDQGH
3RUWKRVFUXWTX
RQOHP\VWLILDLWHWFRPPHQoDjUHOHYHUVDPRXVWDFKHHWj
IURQFHUOHVRXUFLOPDLVOHJHQRXGH0PH&RTXHQDUGYLQWWRXWGRXFHPHQWOXL
FRQVHLOOHUODSDWLHQFH
&HVLOHQFHHWFHWWHLQWHUUXSWLRQGHVHUYLFHTXLpWDLHQWUHVWpVLQLQWHOOLJLEOHV
SRXU3RUWKRVDYDLHQWDXFRQWUDLUHXQHVLJQLILFDWLRQWHUULEOHSRXUOHVFOHUFV
VXUXQUHJDUGGXSURFXUHXUDFFRPSDJQpG
XQVRXULUHGH0PH&RTXHQDUGLOVVH
OHYqUHQWOHQWHPHQWGHWDEOHSOLqUHQWOHXUVVHUYLHWWHVSOXVOHQWHPHQWHQFRUH
SXLVLOVVDOXqUHQWHWSDUWLUHQW
$OOH]MHXQHVJHQVDOOH]IDLUHODGLJHVWLRQHQWUDYDLOODQWGLWJUDYHPHQW
OHSURFXUHXU
/HVFOHUFVSDUWLV0PH&RTXHQDUGVHOHYDHWWLUDG
XQEXIIHWXQPRUFHDXGH
IURPDJHGHVFRQILWXUHVGHFRLQJVHWXQJkWHDXTX
HOOHDYDLWIDLWHOOHPrPHDYHF
GHVDPDQGHVHWGXPLHO
0DvWUH&RTXHQDUGIURQoDOHVRXUFLOSDUFHTX
LOYR\DLWWURSGHPHWV3RUWKRVVH

SLQoDOHVOqYUHVSDUFHTX
LOYR\DLWTX
LOQ
\DYDLWSDVGHTXRLGvQHU
,OUHJDUGDVLOHSODWGHIqYHVpWDLWHQFRUHOjOHSODWGHIqYHVDYDLWGLVSDUX
)HVWLQGpFLGpPHQWV
pFULDPDvWUH&RTXHQDUGHQV
DJLWDQWVXUVDFKDLVH
YpULWDEOHIHVWLQHSXODHSXODUXP/XFXOOXVGvQHFKH]/XFXOOXV
3RUWKRVUHJDUGDODERXWHLOOHTXLpWDLWSUqVGHOXLHWLOHVSpUDTX
DYHFGXYLQ
GXSDLQHWGXIURPDJHLOGvQHUDLWPDLVOHYLQPDQTXDLWODERXWHLOOHpWDLW
YLGH0HW0PH&RTXHQDUGQ
HXUHQWSRLQWO
DLUGHV
HQDSHUFHYRLU
&
HVWELHQVHGLW3RUWKRVjOXLPrPHPHYRLOjSUpYHQX
,OSDVVDODODQJXHVXUXQHSHWLWHFXLOOHUpHGHFRQILWXUHVHWV
HQJOXDOHVGHQWV
GDQVODSkWHFROODQWHGH0PH&RTXHQDUG
0DLQWHQDQWVHGLWLOOHVDFULILFHHVWFRQVRPPp$KVLMHQ
DYDLVSDV
O
HVSRLUGHUHJDUGHUDYHF0PH&RTXHQDUGGDQVO
DUPRLUHGHVRQPDUL
0DvWUH&RTXHQDUGDSUqVOHVGpOLFHVG
XQSDUHLOUHSDVTX
LODSSHODLWXQH[FqV
pSURXYDOHEHVRLQGHIDLUHVDVLHVWH3RUWKRVHVSpUDLWTXHODFKRVHDXUDLWOLHX
VpDQFHWHQDQWHHWGDQVODORFDOLWpPrPHPDLVOHSURFXUHXUPDXGLWQHYRXOXW
HQWHQGUHjULHQLOIDOOXWOHFRQGXLUHGDQVVDFKDPEUHHWLOFULDWDQWTX
LOQH
IXWSDVGHYDQWVRQDUPRLUHVXUOHUHERUGGHODTXHOOHSRXUSOXVGHSUpFDXWLRQ
HQFRUHLOSRVDVHVSLHGV
/DSURFXUHXVHHPPHQD3RUWKRVGDQVXQHFKDPEUHYRLVLQHHWO
RQFRPPHQoDGHSRVHU
OHVEDVHVGHODUpFRQFLOLDWLRQ
9RXVSRXUUH]YHQLUGvQHUWURLVIRLVODVHPDLQHGLW0PH&RTXHQDUG
0HUFLGLW3RUWKRVMHQ
DLPHSDVjDEXVHUG
DLOOHXUVLOIDXWTXHMHVRQJH
jPRQpTXLSHPHQW
&
HVWYUDLGLWODSURFXUHXVHHQJpPLVVDQWF
HVWFHPDOKHXUHX[pTXLSHPHQW
+pODVRXLGLW3RUWKRVF
HVWOXL
0DLVGHTXRLGRQFVHFRPSRVHO
pTXLSHPHQWGHYRWUHFRUSV0RQVLHXU3RUWKRV"
2KGHELHQGHVFKRVHVGLW3RUWKRVOHVPRXVTXHWDLUHVFRPPHYRXVVDYH]
VRQWVROGDWVG
pOLWHHWLOOHXUIDXWEHDXFRXSG
REMHWVLQXWLOHVDX[JDUGHVRX
DX[6XLVVHV
0DLVHQFRUHGpWDLOOH]OHPRL
0DLVFHODSHXWDOOHUjGLW3RUWKRVTXLDLPDLWPLHX[GLVFXWHUOHWRWDO
TXHOHPHQX
/DSURFXUHXVHDWWHQGDLWIUpPLVVDQWH
$FRPELHQ"GLWHOOHM
HVSqUHELHQTXHFHODQHSDVVHSRLQW

(OOHV
DUUrWDODSDUROHOXLPDQTXDLW
2KQRQGLW3RUWKRVFHODQHSDVVHSRLQWGHX[PLOOHFLQTFHQWVOLYUHVMH
FURLVPrPHTX
HQ\PHWWDQWGHO
pFRQRPLHDYHFGHX[PLOOHOLYUHVMHP
HQ
WLUHUDL
%RQ'LHXGHX[PLOOHOLYUHVV
pFULDWHOOHPDLVF
HVWXQHIRUWXQH
3RUWKRVILWXQHJULPDFHGHVSOXVVLJQLILFDWLYHV0PH&RTXHQDUGODFRPSULW
-HGHPDQGDLVOHGpWDLOGLWHOOHSDUFHTX
D\DQWEHDXFRXSGHSDUHQWVHWGH
SUDWLTXHVGDQVOHFRPPHUFHM
pWDLVSUHVTXHVUHG
REWHQLUOHVFKRVHVjFHQW
SRXUFHQWDXGHVVRXVGXSUL[RYRXVOHVSD\HULH]YRXVPrPH
$KDKILW3RUWKRVVLF
HVWFHODTXHYRXVDYH]YRXOXGLUH
2XLFKHU0RQVLHXU3RUWKRVDLQVLQHYRXVIDXWLOSDVG
DERUGXQFKHYDO"
2XLXQFKHYDO
(KELHQMXVWHPHQWM
DLYRWUHDIIDLUH
$KGLW3RUWKRVUD\RQQDQWYRLOjGRQFTXLYDELHQTXDQWjPRQFKHYDO
HQVXLWHLOPHIDXWOHKDUQDFKHPHQWFRPSOHWTXLVHFRPSRVHG
REMHWVTX
XQ
PRXVTXHWDLUHVHXOSHXWDFKHWHUHWTXLQHPRQWHUDSDVG
DLOOHXUVjSOXVGH
WURLVFHQWVOLYUHV
7URLVFHQWVOLYUHVDORUVPHWWRQVWURLVFHQWVOLYUHVGLWODSURFXUHXVH
DYHFXQVRXSLU
3RUWKRVVRXULWRQVHVRXYLHQWTX
LODYDLWODVHOOHTXLOXLYHQDLWGH
%XFNLQJKDPF
pWDLWGRQFWURLVFHQWVOLYUHVTX
LOFRPSWDLWPHWWUHVRXUQRLVHPHQW
GDQVVDSRFKH
3XLVFRQWLQXDWLOLO\DOHFKHYDOGHPRQODTXDLVHWPDYDOLVHTXDQWDX[
DUPHVLOHVWLQXWLOHTXHYRXVYRXVHQSUpRFFXSLH]MHOHVDL
8QFKHYDOSRXUYRWUHODTXDLV"UHSULWHQKpVLWDQWODSURFXUHXVHPDLVF
HVW
ELHQJUDQGVHLJQHXUPRQDPL
(K0DGDPHGLWILqUHPHQW3RUWKRVHVWFHTXHMHVXLVXQFURTXDQWSDU
KDVDUG"
1RQMHYRXVGLVDLVVHXOHPHQWTX
XQMROLPXOHWDYDLWTXHOTXHIRLVDXVVLERQ
DLUTX
XQFKHYDOHWTX
LOPHVHPEOHTX
HQYRXVSURFXUDQWXQMROLPXOHWSRXU
0RXVTXHWRQ
9DSRXUXQMROLPXOHWGLW3RUWKRVYRXVDYH]UDLVRQM
DLYXGHWUqVJUDQGV
VHLJQHXUVHVSDJQROVGRQWWRXWHODVXLWHpWDLWjPXOHWV0DLVDORUVYRXV
FRPSUHQH]0DGDPH&RTXHQDUGXQPXOHWDYHFGHVSDQDFKHVHWGHVJUHORWV"
6R\H]WUDQTXLOOHGLWODSURFXUHXVH

5HVWHODYDOLVHUHSULW3RUWKRV
2KTXHFHODQHYRXVLQTXLqWHSRLQWV
pFULD0PH&RTXHQDUGPRQPDULDFLQT
RXVL[YDOLVHVYRXVFKRLVLUH]ODPHLOOHXUHLO\HQDXQHVXUWRXWTX
LO
DIIHFWLRQQDLWGDQVVHVYR\DJHVHWTXLHVWJUDQGHjWHQLUXQPRQGH
(OOHHVWGRQFYLGHYRWUHYDOLVH"GHPDQGDQDwYHPHQW3RUWKRV
$VVXUpPHQWTX
HOOHHVWYLGHUpSRQGLWQDwYHPHQWGHVRQF{WpODSURFXUHXVH
$KPDLVODYDOLVHGRQWM
DLEHVRLQHVWXQHYDOLVHELHQJDUQLHPDFKqUH
0PH&RTXHQDUGSRXVVDGHQRXYHDX[VRXSLUV0ROLqUHQ
DYDLWSDVHQFRUHpFULWVD
VFqQHGHO
$YDUH0PH&RTXHQDUGDGRQFOHSDVVXU+DUSDJRQ
(QILQOHUHVWHGHO
pTXLSHPHQWIXWVXFFHVVLYHPHQWGpEDWWXGHODPrPHPDQLqUH
HWOHUpVXOWDWGHODVFqQHIXWTXHODSURFXUHXVHGHPDQGHUDLWjVRQPDULXQSUrW
GHKXLWFHQWVOLYUHVHQDUJHQWHWIRXUQLUDLWOHFKHYDOHWOHPXOHWTXLDXUDLHQW
O
KRQQHXUGHSRUWHUjODJORLUH3RUWKRVHW0RXVTXHWRQ
&HVFRQGLWLRQVDUUrWpHVHWOHVLQWpUrWVVWLSXOpVDLQVLTXHO
pSRTXHGX
UHPERXUVHPHQW3RUWKRVSULWFRQJpGH0PH&RTXHQDUG&HOOHFLYRXODLWELHQOH
UHWHQLUHQOXLIDLVDQWOHV\HX[GRX[PDLV3RUWKRVSUpWH[WDOHVH[LJHQFHVGX
VHUYLFHHWLOIDOOXWTXHODSURFXUHXVHFpGkWOHSDVDXURL
/HPRXVTXHWDLUHUHQWUDFKH]OXLDYHFXQHIDLPGHIRUWPDXYDLVHKXPHXU

&KDSLWUH;;;,,,
628%5(77((70$,75(66(

&HSHQGDQWFRPPHQRXVO
DYRQVGLWPDOJUpOHVFULVGHVDFRQVFLHQFHHWOHVVDJHV
FRQVHLOVG
$WKRVG
$UWDJQDQGHYHQDLWG
KHXUHHQKHXUHSOXVDPRXUHX[GH0LODG\
DXVVLQHPDQTXDLWLOSDVWRXVOHVMRXUVG
DOOHUOXLIDLUHXQHFRXUjODTXHOOH
O
DYHQWXUHX[*DVFRQpWDLWFRQYDLQFXTX
HOOHQHSRXYDLWW{WRXWDUGPDQTXHUGH
UpSRQGUH
8QVRLUTX
LODUULYDLWOHQH]DXYHQWOpJHUFRPPHXQKRPPHTXLDWWHQGXQHSOXLH
G
RULOUHQFRQWUDODVRXEUHWWHVRXVODSRUWHFRFKqUHPDLVFHWWHIRLVODMROLH
.HWW\QHVHFRQWHQWDSRLQWGHOXLVRXULUHHQSDVVDQWHOOHOXLSULWGRXFHPHQWOD
PDLQ
%RQILWG
$UWDJQDQHOOHHVWFKDUJpHGHTXHOTXHPHVVDJHSRXUPRLGHODSDUW
GHVDPDvWUHVVHHOOHYDP
DVVLJQHUTXHOTXHUHQGH]YRXVTX
RQQ
DXUDSDVRVpPH
GRQQHUGHYLYHYRL[
(WLOUHJDUGDODEHOOHHQIDQWGHO
DLUOHSOXVYDLQTXHXUTX
LOSXWSUHQGUH

-HYRXGUDLVELHQYRXVGLUHGHX[PRWV0RQVLHXUOHFKHYDOLHUEDOEXWLDOD
VRXEUHWWH
3DUOHPRQHQIDQWSDUOHGLWG
$UWDJQDQM
pFRXWH
,FLLPSRVVLEOHFHTXHM
DLjYRXVGLUHHVWWURSORQJHWVXUWRXWWURS
VHFUHW
(KELHQPDLVFRPPHQWIDLUHDORUV"
6L0RQVLHXUOHFKHYDOLHUYRXODLWPHVXLYUHGLWWLPLGHPHQW.HWW\
2WXYRXGUDVPDEHOOHHQIDQW
$ORUVYHQH]
(W.HWW\TXLQ
DYDLWSRLQWOkFKpODPDLQGHG
$UWDJQDQO
HQWUDvQDSDUXQSHWLW
HVFDOLHUVRPEUHHWWRXUQDQWHWDSUqVOXLDYRLUIDLWPRQWHUXQHTXLQ]DLQHGH
PDUFKHVRXYULWXQHSRUWH
(QWUH]0RQVLHXUOHFKHYDOLHUGLWHOOHLFLQRXVVHURQVVHXOVHWQRXV
SRXUURQVFDXVHU
(WTXHOOHHVWGRQFFHWWHFKDPEUHPDEHOOHHQIDQW"GHPDQGDG
$UWDJQDQ
&
HVWODPLHQQH0RQVLHXUOHFKHYDOLHUHOOHFRPPXQLTXHDYHFFHOOHGHPD
PDvWUHVVHSDUFHWWHSRUWH0DLVVR\H]WUDQTXLOOHHOOHQHSRXUUDHQWHQGUHFHTXH
QRXVGLURQVMDPDLVHOOHQHVHFRXFKHTX
jPLQXLW
'
$UWDJQDQMHWDXQFRXSG
RHLODXWRXUGHOXL/DSHWLWHFKDPEUHpWDLWFKDUPDQWH
GHJRWHWGHSURSUHWpPDLVPDOJUpOXLVHV\HX[VHIL[qUHQWVXUFHWWHSRUWH
TXH.HWW\OXLDYDLWGLWFRQGXLUHjODFKDPEUHGH0LODG\
.HWW\GHYLQDFHTXLVHSDVVDLWGDQVO
kPHGXMHXQHKRPPHHWSRXVVDXQVRXSLU
9RXVDLPH]GRQFELHQPDPDvWUHVVH0RQVLHXUOHFKHYDOLHUGLWHOOH
2KSOXVTXHMHQHSXLVGLUHM
HQVXLVIRX
.HWW\SRXVVDXQVHFRQGVRXSLU
+pODV0RQVLHXUGLWHOOHF
HVWELHQGRPPDJH
(WTXHGLDEOHYRLVWXGRQFOjGHVLIkFKHX["GHPDQGDG
$UWDJQDQ
&
HVWTXH0RQVLHXUUHSULW.HWW\PDPDvWUHVVHQHYRXVDLPHSDVGXWRXW
+HLQILWG
$UWDJQDQW
DXUDLWHOOHFKDUJpHGHPHOHGLUH"
2KQRQSDV0RQVLHXUPDLVF
HVWPRLTXLSDULQWpUrWSRXUYRXVDLSULV
ODUpVROXWLRQGHYRXVHQSUpYHQLU
0HUFLPDERQQH.HWW\PDLVGHO
LQWHQWLRQVHXOHPHQWFDUODFRQILGHQFHWX

HQFRQYLHQGUDVQ
HVWSRLQWDJUpDEOH
&
HVWjGLUHTXHYRXVQHFUR\H]SRLQWjFHTXHMHYRXVDLGLWQ
HVWFHSDV"
2QDWRXMRXUVSHLQHjFURLUHGHSDUHLOOHVFKRVHVPDEHOOHHQIDQWQHIWFH
TXHSDUDPRXUSURSUH
'RQFYRXVQHPHFUR\H]SDV"
-
DYRXHTXHMXVTX
jFHTXHWXGDLJQHVPHGRQQHUTXHOTXHVSUHXYHVGHFHTXHWX
DYDQFHV
4XHGLWHVYRXVGHFHOOHFL"
(W.HWW\WLUDGHVDSRLWULQHXQSHWLWELOOHW
3RXUPRL"GLWG
$UWDJQDQHQV
HPSDUDQWYLYHPHQWGHODOHWWUH
1RQSRXUXQDXWUH
3RXUXQDXWUH"
2XL
6RQQRPVRQQRPV
pFULDG
$UWDJQDQ
9R\H]O
DGUHVVH
0OHFRPWHGH:DUGHV
/HVRXYHQLUGHODVFqQHGH6DLQW*HUPDLQVHSUpVHQWDDXVVLW{WjO
HVSULWGX
SUpVRPSWXHX[*DVFRQSDUXQPRXYHPHQWUDSLGHFRPPHODSHQVpHLOGpFKLUD
O
HQYHORSSHPDOJUpOHFULTXHSRXVVD.HWW\HQYR\DQWFHTX
LODOODLWIDLUHRX
SOXW{WFHTX
LOIDLVDLW
2KPRQ'LHX0RQVLHXUOHFKHYDOLHUGLWHOOHTXHIDLWHVYRXV"
0RLULHQGLWG
$UWDJQDQHWLOOXW
9RXVQ
DYH]SDVUpSRQGXjPRQSUHPLHUELOOHWrWHVYRXVGRQFVRXIIUDQWRX
ELHQDXULH]YRXVRXEOLpTXHOV\HX[YRXVPHIvWHVDXEDOGH0PHGH*XLVH"9RLFL
O
RFFDVLRQFRPWHQHODODLVVH]SDVpFKDSSHU
'
$UWDJQDQSkOLWLOpWDLWEOHVVpGDQVVRQDPRXUSURSUHLOVHFUXWEOHVVpGDQV
VRQDPRXU
3DXYUHFKHU0RQVLHXUG
$UWDJQDQGLW.HWW\G
XQHYRL[SOHLQHGHFRPSDVVLRQHW
HQVHUUDQWGHQRXYHDXODPDLQGXMHXQHKRPPH
7XPHSODLQVERQQHSHWLWHGLWG
$UWDJQDQ
2KRXLGHWRXWPRQFRHXUFDUMHVDLVFHTXHF
HVWTXHO
DPRXUPRL

7XVDLVFHTXHF
HVWTXHO
DPRXU"GLWG
$UWDJQDQODUHJDUGDQWSRXUOD
SUHPLqUHIRLVDYHFXQHFHUWDLQHDWWHQWLRQ
+pODVRXL
(KELHQDXOLHXGHPHSODLQGUHDORUVWXIHUDLVELHQPLHX[GHP
DLGHUjPH
YHQJHUGHWDPDvWUHVVH
(WTXHOOHVRUWHGHYHQJHDQFHYRXGULH]YRXVHQWLUHU"
-HYRXGUDLVWULRPSKHUG
HOOHVXSSODQWHUPRQULYDO
-HQHYRXVDLGHUDLMDPDLVjFHOD0RQVLHXUOHFKHYDOLHUGLWYLYHPHQW.HWW\
(WSRXUTXRLFHOD"GHPDQGDG
$UWDJQDQ
3RXUGHX[UDLVRQV
/HVTXHOOHV"
/DSUHPLqUHF
HVWTXHMDPDLVPDPDvWUHVVHQHYRXVDLPHUD
4X
HQVDLVWX"
9RXVO
DYH]EOHVVpHDXFRHXU
0RLHQTXRLSXLVMHO
DYRLUEOHVVpHPRLTXLGHSXLVTXHMHODFRQQDLVYLV
jVHVSLHGVFRPPHXQHVFODYHSDUOHMHW
HQSULH
-HQ
DYRXHUDLVMDPDLVFHODTX
jO
KRPPHTXLOLUDLWMXVTX
DXIRQGGHPRQ
kPH
'
$UWDJQDQUHJDUGD.HWW\SRXUODVHFRQGHIRLV/DMHXQHILOOHpWDLWG
XQH
IUDvFKHXUHWG
XQHEHDXWpTXHELHQGHVGXFKHVVHVHXVVHQWDFKHWpHVGHOHXU
FRXURQQH
.HWW\GLWLOMHOLUDLMXVTX
DXIRQGGHWRQkPHTXDQGWXYRXGUDVTX
jFHOD
QHWLHQQHPDFKqUHHQIDQW
(WLOOXLGRQQDXQEDLVHUVRXVOHTXHOODSDXYUHHQIDQWGHYLQWURXJHFRPPHXQH
FHULVH
2KQRQV
pFULD.HWW\YRXVQHP
DLPH]SDV&
HVWPDPDvWUHVVHTXHYRXV
DLPH]YRXVPHO
DYH]GLWWRXWjO
KHXUH
(WFHODW
HPSrFKHWLOGHPHIDLUHFRQQDvWUHODVHFRQGHUDLVRQ"
/DVHFRQGHUDLVRQ0RQVLHXUOHFKHYDOLHUUHSULW.HWW\HQKDUGLHSDUOHEDLVHU
G
DERUGHWHQVXLWHSDUO
H[SUHVVLRQGHV\HX[GXMHXQHKRPPHF
HVWTX
HQDPRXU
FKDFXQSRXUVRL

$ORUVVHXOHPHQWG
$UWDJQDQVHUDSSHODOHVFRXSVG
RHLOODQJXLVVDQWVGH.HWW\
VHVUHQFRQWUHVGDQVO
DQWLFKDPEUHVXUO
HVFDOLHUGDQVOHFRUULGRUVHV
IU{OHPHQWVGHPDLQFKDTXHIRLVTX
HOOHOHUHQFRQWUDLWHWVHVVRXSLUVpWRXIIpV
PDLVDEVRUEpSDUOHGpVLUGHSODLUHjODJUDQGHGDPHLODYDLWGpGDLJQpOD
VRXEUHWWHTXLFKDVVHO
DLJOHQHV
LQTXLqWHSDVGXSDVVHUHDX
0DLVFHWWHIRLVQRWUH*DVFRQYLWG
XQVHXOFRXSG
RHLOWRXWOHSDUWLTX
RQ
SRXYDLWWLUHUGHFHWDPRXUTXH.HWW\YHQDLWG
DYRXHUG
XQHIDoRQVLQDwYHRXVL
HIIURQWpHLQWHUFHSWLRQGHVOHWWUHVDGUHVVpHVDXFRPWHGH:DUGHVLQWHOOLJHQFHV
GDQVODSODFHHQWUpHjWRXWHKHXUHGDQVODFKDPEUHGH.HWW\FRQWLJXsjFHOOH
GHVDPDvWUHVVH/HSHUILGHFRPPHRQOHYRLWVDFULILDLWGpMjHQLGpHODSDXYUH
ILOOHSRXUREWHQLU0LODG\GHJUpRXGHIRUFH
(KELHQGLWLOjODMHXQHILOOHYHX[WXPDFKqUH.HWW\TXHMHWHGRQQHXQH
SUHXYHGHFHWDPRXUGRQWWXGRXWHV"
'HTXHODPRXU"GHPDQGDODMHXQHILOOH
'HFHOXLTXHMHVXLVWRXWSUrWjUHVVHQWLUSRXUWRL
(WTXHOOHHVWFHWWHSUHXYH"
9HX[WXTXHFHVRLUMHSDVVHDYHFWRLOHWHPSVTXHMHSDVVHRUGLQDLUHPHQW
DYHFWDPDvWUHVVH"
2KRXLGLW.HWW\HQEDWWDQWGHVPDLQVELHQYRORQWLHUV
(KELHQPDFKqUHHQIDQWGLWG
$UWDJQDQHQV
pWDEOLVVDQWGDQVXQIDXWHXLO
YLHQVojTXHMHWHGLVHTXHWXHVODSOXVMROLHVRXEUHWWHTXHM
DLHMDPDLVYXH

(WLOOHOXLGLWWDQWHWVLELHQTXHODSDXYUHHQIDQWTXLQHGHPDQGDLWSDV
PLHX[TXHGHOHFURLUHOHFUXW&HSHQGDQWDXJUDQGpWRQQHPHQWGHG
$UWDJQDQ
ODMROLH.HWW\VHGpIHQGDLWDYHFXQHFHUWDLQHUpVROXWLRQ
/HWHPSVSDVVHYLWHORUVTX
LOVHSDVVHHQDWWDTXHVHWHQGpIHQVHV
0LQXLWVRQQDHWO
RQHQWHQGLWSUHVTXHHQPrPHWHPSVUHWHQWLUODVRQQHWWHGDQV
ODFKDPEUHGH0LODG\
*UDQG'LHXV
pFULD.HWW\YRLFLPDPDvWUHVVHTXLP
DSSHOOH3DUWH]SDUWH]
YLWH
'
$UWDJQDQVHOHYDSULWVRQFKDSHDXFRPPHV
LODYDLWO
LQWHQWLRQG
REpLU
SXLVRXYUDQWYLYHPHQWODSRUWHG
XQHJUDQGHDUPRLUHDXOLHXG
RXYULUFHOOHGH
O
HVFDOLHULOVHEORWWLWGHGDQVDXPLOLHXGHVUREHVHWGHVSHLJQRLUVGH0LODG\
4XHIDLWHVYRXVGRQF"V
pFULD.HWW\
'
$UWDJQDQTXLG
DYDQFHDYDLWSULVODFOHIV
HQIHUPDGDQVVRQDUPRLUHVDQV
UpSRQGUH

(KELHQFULD0LODG\G
XQHYRL[DLJUHGRUPH]YRXVGRQFTXHYRXVQHYHQH]SDV
TXDQGMHVRQQH"
(WG
$UWDJQDQHQWHQGLWTX
RQRXYULWYLROHPPHQWODSRUWHGHFRPPXQLFDWLRQ
0HYRLFL0LODG\PHYRLFLV
pFULD.HWW\HQV
pODQoDQWjODUHQFRQWUHGH
VDPDvWUHVVH
7RXWHVGHX[UHQWUqUHQWGDQVODFKDPEUHjFRXFKHUHWFRPPHODSRUWHGH
FRPPXQLFDWLRQUHVWDRXYHUWHG
$UWDJQDQSXWHQWHQGUHTXHOTXHWHPSVHQFRUH0LODG\
JURQGHUVDVXLYDQWHSXLVHQILQHOOHV
DSDLVDHWODFRQYHUVDWLRQWRPEDVXUOXL
WDQGLVTXH.HWW\DFFRPPRGDLWVDPDvWUHVVH
(KELHQGLW0LODG\MHQ
DLSDVYXQRWUH*DVFRQFHVRLU"
&RPPHQW0DGDPHGLW.HWW\LOQ
HVWSDVYHQX6HUDLWLOYRODJHDYDQWG
rWUH
KHXUHX["
2KQRQLOIDXWTX
LODLWpWpHPSrFKpSDU0GH7UpYLOOHRXSDU0GHV
(VVDUWV-HP
\FRQQDLV.HWW\HWMHOHWLHQVFHOXLOj
4X
HQIHUD0DGDPH"
&HTXHM
HQIHUDL6RLVWUDQTXLOOH.HWW\LO\DHQWUHFHWKRPPHHWPRL
XQHFKRVHTX
LOLJQRUHLODPDQTXpPHIDLUHSHUGUHPRQFUpGLWSUqVGH6RQ
(PLQHQFH2KMHPHYHQJHUDL
-HFUR\DLVTXH0DGDPHO
DLPDLW"
0RLO
DLPHUMHOHGpWHVWH8QQLDLVTXLWLHQWODYLHGH/RUGGH:LQWHU
HQWUHVHVPDLQVHWTXLQHOHWXHSDVHWTXLPHIDLWSHUGUHWURLVFHQWPLOOH
OLYUHVGHUHQWH
&
HVWYUDLGLW.HWW\YRWUHILOVpWDLWOHVHXOKpULWLHUGHVRQRQFOHHW
MXVTX
jVDPDMRULWpYRXVDXULH]HXODMRXLVVDQFHGHVDIRUWXQH
'
$UWDJQDQIULVVRQQDMXVTX
jODPRHOOHGHVRVHQHQWHQGDQWFHWWHVXDYHFUpDWXUH
OXLUHSURFKHUDYHFFHWWHYRL[VWULGHQWHTX
HOOHDYDLWWDQWGHSHLQHjFDFKHU
GDQVODFRQYHUVDWLRQGHQ
DYRLUSDVWXpXQKRPPHTX
LOO
DYDLWYXHFRPEOHU
G
DPLWLp
$XVVLFRQWLQXD0LODG\MHPHVHUDLVGpMjYHQJpHVXUOXLPrPHVLMHQHVDLV
SRXUTXRLOHFDUGLQDOQHP
DYDLWUHFRPPDQGpGHOHPpQDJHU
2KRXLPDLV0DGDPHQ
DSRLQWPpQDJpFHWWHSHWLWHIHPPHTX
LODLPDLW
2KODPHUFLqUHGHODUXHGHV)RVVR\HXUVHVWFHTX
LOQ
DSDVGpMjRXEOLp
TX
HOOHH[LVWDLW"/DEHOOHYHQJHDQFHPDIRL
8QHVXHXUIURLGHFRXODLWVXUOHIURQWGHG
$UWDJQDQF
pWDLWGRQFXQPRQVWUH
TXHFHWWHIHPPH
,OVHUHPLWjpFRXWHUPDLVPDOKHXUHXVHPHQWODWRLOHWWHpWDLWILQLH

&
HVWELHQGLW0LODG\UHQWUH]FKH]YRXVHWGHPDLQWkFKH]HQILQG
DYRLUXQH
UpSRQVHjFHWWHOHWWUHTXHMHYRXVDLGRQQpH
3RXU0GH:DUGHV"GLW.HWW\
6DQVGRXWHSRXU0GH:DUGHV
(QYRLOjXQGLW.HWW\TXLP
DELHQO
DLUG
rWUHWRXWOHFRQWUDLUHGHFH
SDXYUH0G
$UWDJQDQ
6RUWH]0DGHPRLVHOOHGLW0LODG\MHQ
DLPHSDVOHVFRPPHQWDLUHV
'
$UWDJQDQHQWHQGLWODSRUWHTXLVHUHIHUPDLWSXLVOHEUXLWGHGHX[YHUURXVTXH
PHWWDLW0LODG\DILQGHV
HQIHUPHUFKH]HOOHGHVRQF{WpPDLVOHSOXV
GRXFHPHQWTX
HOOHSXW.HWW\GRQQDjODVHUUXUHXQWRXUGHFOHIG
$UWDJQDQ
DORUVSRXVVDODSRUWHGHO
DUPRLUH
2PRQ'LHXGLWWRXWEDV.HWW\TX
DYH]YRXV"HWFRPPHYRXVrWHVSkOH
/
DERPLQDEOHFUpDWXUHPXUPXUDG
$UWDJQDQ
6LOHQFHVLOHQFHVRUWH]GLW.HWW\LOQ
\DTX
XQHFORLVRQHQWUHPD
FKDPEUHHWFHOOHGH0LODG\RQHQWHQGGHO
XQHWRXWFHTXLVHGLWGDQVO
DXWUH
&
HVWMXVWHPHQWSRXUFHODTXHMHQHVRUWLUDLSDVGLWG
$UWDJQDQ
&RPPHQW"ILW.HWW\HQURXJLVVDQW
2XGXPRLQVTXHMHVRUWLUDLSOXVWDUG
(WLODWWLUD.HWW\jOXLLOQ
\DYDLWSOXVPR\HQGHUpVLVWHUODUpVLVWDQFH
IDLWWDQWGHEUXLWDXVVL.HWW\FpGD
&
pWDLWXQPRXYHPHQWGHYHQJHDQFHFRQWUH0LODG\'
$UWDJQDQWURXYDTX
RQDYDLW
UDLVRQGHGLUHTXHODYHQJHDQFHHVWOHSODLVLUGHVGLHX[$XVVLDYHFXQSHXGH
FRHXUVHVHUDLWLOFRQWHQWpGHFHWWHQRXYHOOHFRQTXrWHPDLVG
$UWDJQDQ
Q
DYDLWTXHGHO
DPELWLRQHWGHO
RUJXHLO
&HSHQGDQWLOIDXWOHGLUHjVDORXDQJHOHSUHPLHUHPSORLTX
LODYDLWIDLWGH
VRQLQIOXHQFHVXU.HWW\DYDLWpWpG
HVVD\HUGHVDYRLUG
HOOHFHTX
pWDLWGHYHQXH
0PH%RQDFLHX[PDLVODSDXYUHILOOHMXUDVXUOHFUXFLIL[jG
$UWDJQDQTX
HOOH
O
LJQRUDLWFRPSOqWHPHQWVDPDvWUHVVHQHODLVVDQWMDPDLVSpQpWUHUTXHODPRLWLp
GHVHVVHFUHWVVHXOHPHQWHOOHFUR\DLWSRXYRLUUpSRQGUHTX
HOOHQ
pWDLWSDV
PRUWH
4XDQWjODFDXVHTXLDYDLWPDQTXpIDLUHSHUGUHj0LODG\VRQFUpGLWSUqVGX
FDUGLQDO.HWW\Q
HQVDYDLWSDVGDYDQWDJHPDLVFHWWHIRLVG
$UWDJQDQpWDLW
SOXVDYDQFpTX
HOOHFRPPHLODYDLWDSHUoX0LODG\VXUXQEkWLPHQWFRQVLJQpDX
PRPHQWROXLPrPHTXLWWDLWO
$QJOHWHUUHLOVHGRXWDTX
LOpWDLWTXHVWLRQFHWWH
IRLVGHVIHUUHWVGHGLDPDQWV

0DLVFHTX
LO\DYDLWGHSOXVFODLUGDQVWRXWFHODF
HVWTXHODKDLQH
YpULWDEOHODKDLQHSURIRQGHODKDLQHLQYpWpUpHGH0LODG\OXLYHQDLWGHFH
TX
LOQ
DYDLWSDVWXpVRQEHDXIUqUH
'
$UWDJQDQUHWRXUQDOHOHQGHPDLQFKH]0LODG\(OOHpWDLWGHIRUWPpFKDQWH
KXPHXUG
$UWDJQDQVHGRXWDTXHF
pWDLWOHGpIDXWGHUpSRQVHGH0GH:DUGHVTXL
O
DJDoDLWDLQVL.HWW\HQWUDPDLV0LODG\ODUHoXWIRUWGXUHPHQW8QFRXS
G
RHLOTX
HOOHODQoDjG
$UWDJQDQYRXODLWGLUH9RXVYR\H]FHTXHMHVRXIIUH
SRXUYRXV
&HSHQGDQWYHUVODILQGHODVRLUpHODEHOOHOLRQQHV
DGRXFLWHOOHpFRXWDHQ
VRXULDQWOHVGRX[SURSRVGHG
$UWDJQDQHOOHOXLGRQQDPrPHVDPDLQjEDLVHU
'
$UWDJQDQVRUWLWQHVDFKDQWSOXVTXHSHQVHUPDLVFRPPHF
pWDLWXQJDUoRQj
TXLRQQHIDLVDLWSDVIDFLOHPHQWSHUGUHODWrWHWRXWHQIDLVDQWVDFRXUj
0LODG\LODYDLWEkWLGDQVVRQHVSULWXQSHWLWSODQ
,OWURXYD.HWW\jODSRUWHHWFRPPHODYHLOOHLOPRQWDFKH]HOOHSRXUDYRLUGHV
QRXYHOOHV.HWW\DYDLWpWpIRUWJURQGpHRQO
DYDLWDFFXVpHGHQpJOLJHQFH
0LODG\QHFRPSUHQDLWULHQDXVLOHQFHGXFRPWHGH:DUGHVHWHOOHOXLDYDLW
RUGRQQpG
HQWUHUFKH]HOOHjQHXIKHXUHVGXPDWLQSRXU\SUHQGUHXQHWURLVLqPH
OHWWUH
'
$UWDJQDQILWSURPHWWUHj.HWW\GHOXLDSSRUWHUFKH]OXLFHWWHOHWWUHOH
OHQGHPDLQPDWLQODSDXYUHILOOHSURPLWWRXWFHTXHYRXOXWVRQDPDQWHOOH
pWDLWIROOH
/HVFKRVHVVHSDVVqUHQWFRPPHODYHLOOHG
$UWDJQDQV
HQIHUPDGDQVVRQDUPRLUH
0LODG\DSSHODILWVDWRLOHWWHUHQYR\D.HWW\HWUHIHUPDVDSRUWH&RPPHOD
YHLOOHG
$UWDJQDQQHUHQWUDFKH]OXLTX
jFLQTKHXUHVGXPDWLQ
$RQ]HKHXUHVLOYLWDUULYHU.HWW\HOOHWHQDLWjODPDLQXQQRXYHDXELOOHWGH
0LODG\&HWWHIRLVODSDXYUHHQIDQWQ
HVVD\DSDVPrPHGHOHGLVSXWHUj
G
$UWDJQDQHOOHOHODLVVDIDLUHHOOHDSSDUWHQDLWFRUSVHWkPHjVRQEHDX
VROGDW
'
$UWDJQDQRXYULWOHELOOHWHWOXWFHTXLVXLW
9RLOjODWURLVLqPHIRLVTXHMHYRXVpFULVSRXUYRXVGLUHTXHMHYRXVDLPH
3UHQH]JDUGHTXHMHQHYRXVpFULYHXQHTXDWULqPHSRXUYRXVGLUHTXHMHYRXV
GpWHVWH
6LYRXVYRXVUHSHQWH]GHODIDoRQGRQWYRXVDYH]DJLDYHFPRLODMHXQHILOOH
TXLYRXVUHPHWWUDFHELOOHWYRXVGLUDGHTXHOOHPDQLqUHXQJDODQWKRPPHSHXW
REWHQLUVRQSDUGRQ
'
$UWDJQDQURXJLWHWSkOLWSOXVLHXUVIRLVHQOLVDQWFHELOOHW
2KYRXVO
DLPH]WRXMRXUVGLW.HWW\TXLQ
DYDLWSDVGpWRXUQpXQLQVWDQW
OHV\HX[GXYLVDJHGXMHXQHKRPPH
1RQ.HWW\WXWHWURPSHVMHQHO
DLPHSOXVPDLVMHYHX[PHYHQJHUGHVHV
PpSULV

2XLMHFRQQDLVYRWUHYHQJHDQFHYRXVPHO
DYH]GLWH
4XHW
LPSRUWH.HWW\WXVDLVELHQTXHF
HVWWRLVHXOHTXHM
DLPH
&RPPHQWSHXWRQVDYRLUFHOD"
3DUOHPpSULVTXHMHIHUDLG
HOOH
.HWW\VRXSLUD
'
$UWDJQDQSULWXQHSOXPHHWpFULYLW
0DGDPHMXVTX
LFLM
DYDLVGRXWpTXHFHIWELHQjPRLTXHYRVGHX[SUHPLHUV
ELOOHWVHXVVHQWpWpDGUHVVpVWDQWMHPHFUR\DLVLQGLJQHG
XQSDUHLOKRQQHXU
G
DLOOHXUVM
pWDLVVLVRXIIUDQWTXHM
HXVVHHQWRXWFDVKpVLWpj\UpSRQGUH
0DLVDXMRXUG
KXLLOIDXWELHQTXHMHFURLHjO
H[FqVGHYRVERQWpVSXLVTXH
QRQVHXOHPHQWYRWUHOHWWUHPDLVHQFRUHYRWUHVXLYDQWHP
DIILUPHTXHM
DLOH
ERQKHXUG
rWUHDLPpGHYRXV
(OOHQ
DSDVEHVRLQGHPHGLUHGHTXHOOHPDQLqUHXQJDODQWKRPPHSHXWREWHQLU
VRQSDUGRQ-
LUDLGRQFYRXVGHPDQGHUOHPLHQFHVRLUjRQ]HKHXUHV7DUGHUG
XQ
MRXUVHUDLWjPHV\HX[PDLQWHQDQWYRXVIDLUHXQHQRXYHOOHRIIHQVH
&HOXLTXHYRXVDYH]UHQGXOHSOXVKHXUHX[GHVKRPPHV
&RPWH'(:$5'(6
&HELOOHWpWDLWG
DERUGXQIDX[F
pWDLWHQVXLWHXQHLQGpOLFDWHVVHF
pWDLW
PrPHDXSRLQWGHYXHGHQRVPRHXUVDFWXHOOHVTXHOTXHFKRVHFRPPHXQHLQIDPLH
PDLVRQVHPpQDJHDLWPRLQVjFHWWHpSRTXHTX
RQQHOHIDLWDXMRXUG
KXL
'
DLOOHXUVG
$UWDJQDQSDUVHVSURSUHVDYHX[VDYDLW0LODG\FRXSDEOHGHWUDKLVRQ
jGHVFKHIVSOXVLPSRUWDQWVHWLOQ
DYDLWSRXUHOOHTX
XQHHVWLPHIRUWPLQFH
(WFHSHQGDQWPDOJUpFHSHXG
HVWLPHLOVHQWDLWTX
XQHSDVVLRQLQVHQVpHOH
EUODLWSRXUFHWWHIHPPH3DVVLRQLYUHGHPpSULVPDLVSDVVLRQRXVRLIFRPPHRQ
YRXGUD
/
LQWHQWLRQGHG
$UWDJQDQpWDLWELHQVLPSOHSDUODFKDPEUHGH.HWW\LO
DUULYDLWjFHOOHGHVDPDvWUHVVHLOSURILWDLWGXSUHPLHUPRPHQWGHVXUSULVH
GHKRQWHGHWHUUHXUSRXUWULRPSKHUG
HOOHSHXWrWUHDXVVLpFKRXHUDLWLOPDLV
LOIDOODLWELHQGRQQHUTXHOTXHFKRVHDXKDVDUG'DQVKXLWMRXUVODFDPSDJQH
V
RXYUDLWHWLOIDOODLWSDUWLUG
$UWDJQDQQ
DYDLWSDVOHWHPSVGHILOHUOH
SDUIDLWDPRXU
7LHQVGLWOHMHXQHKRPPHHQUHPHWWDQWj.HWW\OHELOOHWWRXWFDFKHWpGRQQH
FHWWHOHWWUHj0LODG\F
HVWODUpSRQVHGH0GH:DUGHV
/DSDXYUH.HWW\GHYLQWSkOHFRPPHODPRUWHOOHVHGRXWDLWGHFHTXHFRQWHQDLW
OHELOOHW
(FRXWHPDFKqUHHQIDQWOXLGLWG
$UWDJQDQWXFRPSUHQGVTX
LOIDXWTXHWRXW
FHODILQLVVHG
XQHIDoRQRXGHO
DXWUH0LODG\SHXWGpFRXYULUTXHWXDVUHPLV

OHSUHPLHUELOOHWjPRQYDOHWDXOLHXGHOHUHPHWWUHDXYDOHWGXFRPWHTXH
F
HVWPRLTXLDLGpFDFKHWpOHVDXWUHVTXLGHYDLHQWrWUHGpFDFKHWpVSDU0GH
:DUGHVDORUV0LODG\WHFKDVVHHWWXODFRQQDLVFHQ
HVWSDVXQHIHPPHj
ERUQHUOjVDYHQJHDQFH
+pODVGLW.HWW\SRXUTXLPHVXLVMHH[SRVpHjWRXWFHOD"
3RXUPRLMHOHVDLVELHQPDWRXWHEHOOHGLWOHMHXQHKRPPHDXVVLMHW
HQ
VXLVELHQUHFRQQDLVVDQWMHWHOHMXUH
0DLVHQILQTXHFRQWLHQWYRWUHELOOHW"
0LODG\WHOHGLUD
$KYRXVQHP
DLPH]SDVV
pFULD.HWW\HWMHVXLVELHQPDOKHXUHXVH
$FHUHSURFKHLO\DXQHUpSRQVHjODTXHOOHOHVIHPPHVVHWURPSHQWWRXMRXUV
G
$UWDJQDQUpSRQGLWGHPDQLqUHTXH.HWW\GHPHXUkWGDQVODSOXVJUDQGHHUUHXU
&HSHQGDQWHOOHSOHXUDEHDXFRXSDYDQWGHVHGpFLGHUjUHPHWWUHFHWWHOHWWUHj
0LODG\PDLVHQILQHOOHVHGpFLGDF
HVWWRXWFHTXHYRXODLWG
$UWDJQDQ
'
DLOOHXUVLOOXLSURPLWTXHOHVRLULOVRUWLUDLWGHERQQHKHXUHGHFKH]VD
PDvWUHVVHHWTX
HQVRUWDQWGHFKH]VDPDvWUHVVHLOPRQWHUDLWFKH]HOOH
&HWWHSURPHVVHDFKHYDGHFRQVROHUODSDXYUH.HWW\

&KDSLWUH;;;,9
28,/(6775$,7('(/
(48,3(0(17'
$5$0,6(7'(3257+26

'HSXLVTXHOHVTXDWUHDPLVpWDLHQWFKDFXQjODFKDVVHGHVRQpTXLSHPHQWLOQ
\
DYDLWSOXVHQWUHHX[GHUpXQLRQDUUrWpH2QGvQDLWOHVXQVVDQVOHVDXWUHVR
O
RQVHWURXYDLWRXSOXW{WRO
RQSRXYDLW/HVHUYLFHGHVRQF{WpSUHQDLW
DXVVLVDSDUWGHFHWHPSVSUpFLHX[TXLV
pFRXODLWVLYLWH6HXOHPHQWRQpWDLW
FRQYHQXGHVHWURXYHUXQHIRLVODVHPDLQHYHUVXQHKHXUHDXORJLVG
$WKRV
DWWHQGXTXHFHGHUQLHUVHORQOHVHUPHQWTX
LODYDLWIDLWQHSDVVDLWSOXVOH
VHXLOGHVDSRUWH
&
pWDLWOHMRXUPrPHR.HWW\pWDLWYHQXHWURXYHUG
$UWDJQDQFKH]OXLMRXUGH
UpXQLRQ
$SHLQH.HWW\IXWHOOHVRUWLHTXHG
$UWDJQDQVHGLULJHDYHUVODUXH)pURX
,OWURXYD$WKRVHW$UDPLVTXLSKLORVRSKDLHQW$UDPLVDYDLWTXHOTXHVYHOOpLWpVGH
UHYHQLUjODVRXWDQH$WKRVVHORQVHVKDELWXGHVQHOHGLVVXDGDLWQLQH
O
HQFRXUDJHDLW$WKRVpWDLWSRXUTX
RQODLVVkWjFKDFXQVRQOLEUHDUELWUH,OQH
GRQQDLWMDPDLVGHFRQVHLOVTX
RQQHOHVOXLGHPDQGkW(QFRUHIDOODLWLOOHVOXL
GHPDQGHUGHX[IRLV

(QJpQpUDORQQHGHPDQGHGHFRQVHLOVGLVDLWLOTXHSRXUQHOHVSDVVXLYUH
RXVLRQOHVDVXLYLVTXHSRXUDYRLUTXHOTX
XQjTXLO
RQSXLVVHIDLUHOH
UHSURFKHGHOHVDYRLUGRQQpV
3RUWKRVDUULYDXQLQVWDQWDSUqVG
$UWDJQDQ/HVTXDWUHDPLVVHWURXYDLHQWGRQF
UpXQLV
/HVTXDWUHYLVDJHVH[SULPDLHQWTXDWUHVHQWLPHQWVGLIIpUHQWVFHOXLGH3RUWKRV
ODWUDQTXLOOLWpFHOXLGHG
$UWDJQDQO
HVSRLUFHOXLG
$UDPLVO
LQTXLpWXGH
FHOXLG
$WKRVO
LQVRXFLDQFH
$XERXWG
XQLQVWDQWGHFRQYHUVDWLRQGDQVODTXHOOH3RUWKRVODLVVDHQWUHYRLU
TX
XQHSHUVRQQHKDXWSODFpHDYDLWELHQYRXOXVHFKDUJHUGHOHWLUHUG
HPEDUUDV
0RXVTXHWRQHQWUD
,OYHQDLWSULHU3RUWKRVGHSDVVHUjVRQORJLVRGLVDLWLOG
XQDLUIRUW
SLWHX[VDSUpVHQFHpWDLWXUJHQWH
6RQWFHPHVpTXLSDJHV"GHPDQGD3RUWKRV
2XLHWQRQUpSRQGLW0RXVTXHWRQ
0DLVHQILQTXHYHX[WXGLUH"
9HQH]0RQVLHXU
3RUWKRVVHOHYDVDOXDVHVDPLVHWVXLYLW0RXVTXHWRQ
8QLQVWDQWDSUqV%D]LQDSSDUXWDXVHXLOGHODSRUWH
4XHPHYRXOH]YRXVPRQDPL"GLW$UDPLVDYHFFHWWHGRXFHXUGHODQJDJHTXH
O
RQUHPDUTXDLWHQOXLFKDTXHIRLVTXHVHVLGpHVOHUDPHQDLHQWYHUVO
(JOLVH
8QKRPPHDWWHQG0RQVLHXUjODPDLVRQUpSRQG%D]LQ
8QKRPPHTXHOKRPPH"
8QPHQGLDQW
)DLWHVOXLO
DXP{QH%D]LQHWGLWHVOXLGHSULHUSRXUXQSDXYUHSpFKHXU
&HPHQGLDQWYHXWjWRXWHIRUFHYRXVSDUOHUHWSUpWHQGTXHYRXVVHUH]ELHQ
DLVHGHOHYRLU
1
DWLOULHQGLWGHSDUWLFXOLHUSRXUPRL"
6LIDLW6L0$UDPLVDWLOGLWKpVLWHjPHYHQLUWURXYHUYRXVOXL
DQQRQFHUH]TXHM
DUULYHGH7RXUV
'H7RXUV"V
pFULD$UDPLV0HVVLHXUVPLOOHSDUGRQVPDLVVDQVGRXWHFHW
KRPPHP
DSSRUWHGHVQRXYHOOHVTXHM
DWWHQGDLV

(WVHOHYDQWDXVVLW{WLOV
pORLJQDUDSLGHPHQW
5HVWqUHQW$WKRVHWG
$UWDJQDQ
-HFURLVTXHFHVJDLOODUGVOjRQWWURXYpOHXUDIIDLUH4X
HQSHQVH]YRXV
G
$UWDJQDQ"GLW$WKRV
-HVDLVTXH3RUWKRVpWDLWHQERQWUDLQGLWG
$UWDJQDQHWTXDQWj$UDPLVj
YUDLGLUHMHQ
HQDLMDPDLVpWpVpULHXVHPHQWLQTXLHWPDLVYRXVPRQFKHU
$WKRVYRXVTXLDYH]VLJpQpUHXVHPHQWGLVWULEXpOHVSLVWROHVGHO
$QJODLVTXL
pWDLHQWYRWUHELHQOpJLWLPHTX
DOOH]YRXVIDLUH"
-HVXLVIRUWFRQWHQWG
DYRLUWXpFHGU{OHPRQHQIDQWYXTXHF
HVWSDLQ
EpQLWTXHGHWXHUXQ$QJODLVPDLVVLM
DYDLVHPSRFKpVHVSLVWROHVHOOHVPH
SqVHUDLHQWFRPPHXQUHPRUGV
$OORQVGRQFPRQFKHU$WKRVYRXVDYH]YUDLPHQWGHVLGpHVLQFRQFHYDEOHV
3DVVRQVSDVVRQV4XHPHGLVDLWGRQF0GH7UpYLOOHTXLPHILWO
KRQQHXUGH
PHYHQLUYRLUKLHUTXHYRXVKDQWH]FHV$QJODLVVXVSHFWVTXHSURWqJHOHFDUGLQDO
"
&
HVWjGLUHTXHMHUHQGVYLVLWHjXQH$QJODLVHFHOOHGRQWMHYRXVDLSDUOp
$KRXLODIHPPHEORQGHDXVXMHWGHODTXHOOHMHYRXVDLGRQQpGHVFRQVHLOV
TXHQDWXUHOOHPHQWYRXVYRXVrWHVELHQJDUGpGHVXLYUH
-HYRXVDLGRQQpPHVUDLVRQV
2XLYRXVYR\H]OjYRWUHpTXLSHPHQWMHFURLVjFHTXHYRXVP
DYH]GLW
3RLQWGXWRXWM
DLDFTXLVODFHUWLWXGHTXHFHWWHIHPPHpWDLWSRXUTXHOTXH
FKRVHGDQVO
HQOqYHPHQWGH0PH%RQDFLHX[
2XLHWMHFRPSUHQGVSRXUUHWURXYHUXQHIHPPHYRXVIDLWHVODFRXUjXQH
DXWUHF
HVWOHFKHPLQOHSOXVORQJPDLVOHSOXVDPXVDQW
'
$UWDJQDQIXWVXUOHSRLQWGHWRXWUDFRQWHUj$WKRVPDLVXQSRLQWO
DUUrWD
$WKRVpWDLWXQJHQWLOKRPPHVpYqUHVXUOHSRLQWG
KRQQHXUHWLO\DYDLWGDQV
WRXWFHSHWLWSODQTXHQRWUHDPRXUHX[DYDLWDUUrWpjO
HQGURLWGH0LODG\
FHUWDLQHVFKRVHVTXLG
DYDQFHLOHQpWDLWVUQ
REWLHQGUDLHQWSDV
O
DVVHQWLPHQWGXSXULWDLQLOSUpIpUDGRQFJDUGHUOHVLOHQFHHWFRPPH$WKRV
pWDLWO
KRPPHOHPRLQVFXULHX[GHODWHUUHOHVFRQILGHQFHVGHG
$UWDJQDQHQ
pWDLHQWUHVWpHVOj
1RXVTXLWWHURQVGRQFOHVGHX[DPLVTXLQ
DYDLHQWULHQGHELHQLPSRUWDQWjVH
GLUHSRXUVXLYUH$UDPLV
$FHWWHQRXYHOOHTXHO
KRPPHTXLYRXODLWOXLSDUOHUDUULYDLWGH7RXUVQRXV
DYRQVYXDYHFTXHOOHUDSLGLWpOHMHXQHKRPPHDYDLWVXLYLRXSOXW{WGHYDQFp%D]LQ
LOQHILWGRQFTX
XQVDXWGHODUXH)pURXjODUXHGH9DXJLUDUG

(QHQWUDQWFKH]OXLLOWURXYDHIIHFWLYHPHQWXQKRPPHGHSHWLWHWDLOOHDX[\HX[
LQWHOOLJHQWVPDLVFRXYHUWGHKDLOORQV
&
HVWYRXVTXLPHGHPDQGH]"GLWOHPRXVTXHWDLUH
&
HVWjGLUHTXHMHGHPDQGH0$UDPLVHVWFHYRXVTXLYRXVDSSHOH]DLQVL"
0RLPrPHYRXVDYH]TXHOTXHFKRVHjPHUHPHWWUH"
2XLVLYRXVPHPRQWUH]FHUWDLQPRXFKRLUEURGp
/HYRLFLGLW$UDPLVHQWLUDQWXQHFOHIGHVDSRLWULQHHWHQRXYUDQWXQ
SHWLWFRIIUHWGHERLVG
pEqQHLQFUXVWpGHQDFUHOHYRLFLWHQH]
&
HVWELHQGLWOHPHQGLDQWUHQYR\H]YRWUHODTXDLV
(QHIIHW%D]LQFXULHX[GHVDYRLUFHTXHOHPHQGLDQWYRXODLWjVRQPDvWUH
DYDLWUpJOpVRQSDVVXUOHVLHQHWpWDLWDUULYpSUHVTXHHQPrPHWHPSVTXHOXL
PDLVFHWWHFpOpULWpQHOXLVHUYLWSDVjJUDQGFKRVHVXUO
LQYLWDWLRQGX
PHQGLDQWVRQPDvWUHOXLILWVLJQHGHVHUHWLUHUHWIRUFHOXLIXWG
REpLU
%D]LQSDUWLOHPHQGLDQWMHWDXQUHJDUGUDSLGHDXWRXUGHOXLDILQG
rWUHVU
TXHSHUVRQQHQHSRXYDLWQLOHYRLUQLO
HQWHQGUHHWRXYUDQWVDYHVWHHQ
KDLOORQVPDOVHUUpHSDUXQHFHLQWXUHGHFXLULOVHPLWjGpFRXGUHOHKDXWGH
VRQSRXUSRLQWG
RLOWLUDXQHOHWWUH
$UDPLVMHWDXQFULGHMRLHjODYXHGXFDFKHWEDLVDO
pFULWXUHHWDYHFXQ
UHVSHFWSUHVTXHUHOLJLHX[LORXYULWO
pSvWUHTXLFRQWHQDLWFHTXLVXLW
$PLOHVRUWYHXWTXHQRXVVR\RQVVpSDUpVTXHOTXHWHPSVHQFRUHPDLVOHV
EHDX[MRXUVGHODMHXQHVVHQHVRQWSDVSHUGXVVDQVUHWRXU)DLWHVYRWUHGHYRLU
DXFDPSMHIDLVOHPLHQDXWUHSDUW3UHQH]FHTXHOHSRUWHXUYRXVUHPHWWUD
IDLWHVODFDPSDJQHHQEHDXHWERQJHQWLOKRPPHHWSHQVH]jPRLTXLEDLVH
WHQGUHPHQWYRV\HX[QRLUV
$GLHXRXSOXW{WDXUHYRLU
/HPHQGLDQWGpFRXVDLWWRXMRXUVLOWLUDXQHjXQHGHVHVVDOHVKDELWVFHQW
FLQTXDQWHGRXEOHVSLVWROHVG
(VSDJQHTX
LODOLJQDVXUODWDEOHSXLVLO
RXYULWODSRUWHVDOXDHWSDUWLWDYDQWTXHOHMHXQHKRPPHVWXSpIDLWHWRVp
OXLDGUHVVHUXQHSDUROH
$UDPLVDORUVUHOXWODOHWWUHHWV
DSHUoXWTXHFHWWHOHWWUHDYDLWXQSRVW
VFULSWXP
369RXVSRXYH]IDLUHDFFXHLODXSRUWHXUTXLHVWFRPWHHWJUDQG
G
(VSDJQH
5rYHVGRUpVV
pFULD$UDPLV2KODEHOOHYLHRXLQRXVVRPPHVMHXQHV
2XLQRXVDXURQVHQFRUHGHVMRXUVKHXUHX[2KjWRLPRQDPRXUPRQVDQJPD
YLHWRXWWRXWWRXWPDEHOOHPDvWUHVVH
(WLOEDLVDLWODOHWWUHDYHFSDVVLRQVDQVPrPHUHJDUGHUO
RUTXLpWLQFHODLWVXU

ODWDEOH
%D]LQJUDWWDjODSRUWH$UDPLVQ
DYDLWSOXVGHUDLVRQSRXUOHWHQLUjGLVWDQFH
LOOXLSHUPLWG
HQWUHU
%D]LQUHVWDVWXSpIDLWjODYXHGHFHWRUHWRXEOLDTX
LOYHQDLWDQQRQFHU
G
$UWDJQDQTXLFXULHX[GHVDYRLUFHTXHF
pWDLWTXHOHPHQGLDQWYHQDLWFKH]
$UDPLVHQVRUWDQWGHFKH]$WKRV
2UFRPPHG
$UWDJQDQQHVHJrQDLWSDVDYHF$UDPLVYR\DQWTXH%D]LQRXEOLDLWGH
O
DQQRQFHULOV
DQQRQoDOXLPrPH
$KGLDEOHPRQFKHU$UDPLVGLWG
$UWDJQDQVLFHVRQWOjOHVSUXQHDX[TX
RQ
QRXVHQYRLHGH7RXUVYRXVHQIHUH]PRQFRPSOLPHQWDXMDUGLQLHUTXLOHVUpFROWH
9RXVYRXVWURPSH]PRQFKHUGLW$UDPLVWRXMRXUVGLVFUHWF
HVWPRQOLEUDLUH
TXLYLHQWGHP
HQYR\HUOHSUL[GHFHSRqPHHQYHUVG
XQHV\OODEHTXHM
DYDLV
FRPPHQFpOjEDV
$KYUDLPHQWGLWG
$UWDJQDQ(KELHQYRWUHOLEUDLUHHVWJpQpUHX[PRQ
FKHU$UDPLVYRLOjWRXWFHTXHMHSXLVYRXVGLUH
&RPPHQW0RQVLHXUV
pFULD%D]LQXQSRqPHVHYHQGVLFKHUF
HVW
LQFUR\DEOH2K0RQVLHXUYRXVIDLWHVWRXWFHTXHYRXVYRXOH]YRXVSRXYH]
GHYHQLUO
pJDOGH0GH9RLWXUHHWGH0GH%HQVHUDGH-
DLPHHQFRUHFHODPRL
8QSRqWHF
HVWSUHVTXHXQDEEp$K0RQVLHXU$UDPLVPHWWH]YRXVGRQFSRqWH
MHYRXVHQSULH
%D]LQPRQDPLGLW$UDPLVMHFURLVTXHYRXVYRXVPrOH]jODFRQYHUVDWLRQ
%D]LQFRPSULWTX
LOpWDLWGDQVVRQWRUWLOEDLVVDODWrWHHWVRUWLW
$KGLWG
$UWDJQDQDYHFXQVRXULUHYRXVYHQGH]YRVSURGXFWLRQVDXSRLGVGH
O
RUYRXVrWHVELHQKHXUHX[PRQDPLPDLVSUHQH]JDUGHYRXVDOOH]SHUGUH
FHWWHOHWWUHTXLVRUWGHYRWUHFDVDTXHHWTXLHVWVDQVGRXWHDXVVLGHYRWUH
OLEUDLUH
$UDPLVURXJLWMXVTX
DXEODQFGHV\HX[UHQIRQoDVDOHWWUHHWUHERXWRQQDVRQ
SRXUSRLQW
0RQFKHUG
$UWDJQDQGLWLOQRXVDOORQVVLYRXVOHYRXOH]ELHQDOOHU
WURXYHUQRVDPLVHWSXLVTXHMHVXLVULFKHQRXVUHFRPPHQFHURQVDXMRXUG
KXLj
GvQHUHQVHPEOHHQDWWHQGDQWTXHYRXVVR\H]ULFKHVjYRWUHWRXU
0DIRLGLWG
$UWDJQDQDYHFJUDQGSODLVLU,O\DORQJWHPSVTXHQRXV
Q
DYRQVIDLWXQGvQHUFRQYHQDEOHHWFRPPHM
DLSRXUPRQFRPSWHXQHH[SpGLWLRQ
TXHOTXHSHXKDVDUGHXVHjIDLUHFHVRLUMHQHVHUDLVSDVIkFKpMHO
DYRXHGH
PHPRQWHUXQSHXODWrWHDYHFTXHOTXHVERXWHLOOHVGHYLHX[ERXUJRJQH
9DSRXUOHYLHX[ERXUJRJQHMHQHOHGpWHVWHSDVQRQSOXVGLW$UDPLV
DXTXHOODYXHGHO
RUDYDLWHQOHYpFRPPHDYHFODPDLQVHVLGpHVGHUHWUDLWH

(WD\DQWPLVWURLVRXTXDWUHGRXEOHVSLVWROHVGDQVVDSRFKHSRXUUpSRQGUHDX[
EHVRLQVGXPRPHQWLOHQIHUPDOHVDXWUHVGDQVOHFRIIUHG
pEqQHLQFUXVWpGH
QDFUHRpWDLWGpMjOHIDPHX[PRXFKRLUTXLOXLDYDLWVHUYLGHWDOLVPDQ
/HVGHX[DPLVVHUHQGLUHQWG
DERUGFKH]$WKRVTXLILGqOHDXVHUPHQWTX
LO
DYDLWIDLWGHQHSDVVRUWLUVHFKDUJHDGHIDLUHDSSRUWHUjGvQHUFKH]OXL
FRPPHLOHQWHQGDLWjPHUYHLOOHOHVGpWDLOVJDVWURQRPLTXHVG
$UWDJQDQHW$UDPLV
QHILUHQWDXFXQHGLIILFXOWpGHOXLDEDQGRQQHUFHVRLQLPSRUWDQW
,OVVHUHQGDLHQWFKH]3RUWKRVORUVTXHDXFRLQGHODUXHGX%DFLOV
UHQFRQWUqUHQW0RXVTXHWRQTXLG
XQDLUSLWHX[FKDVVDLWGHYDQWOXLXQPXOHWHW
XQFKHYDO
'
$UWDJQDQSRXVVDXQFULGHVXUSULVHTXLQ
pWDLWSDVH[HPSWG
XQPpODQJHGH
MRLH
$KPRQFKHYDOMDXQHV
pFULDWLO$UDPLVUHJDUGH]FHFKHYDO
2KO
DIIUHX[URXVVLQGLW$UDPLV
(KELHQPRQFKHUUHSULWG
$UWDJQDQF
HVWOHFKHYDOVXUOHTXHOMHVXLVYHQX
j3DULV
&RPPHQW0RQVLHXUFRQQDvWFHFKHYDO"GLW0RXVTXHWRQ
,OHVWG
XQHFRXOHXURULJLQDOHILW$UDPLVF
HVWOHVHXOTXHM
DLHMDPDLV
YXGHFHSRLOOj
-HOHFURLVELHQUHSULWG
$UWDJQDQDXVVLMHO
DLYHQGXWURLVpFXVHWLO
IDXWELHQTXHFHVRLWSRXUOHSRLOFDUODFDUFDVVHQHYDXWFHUWHVSDVGL[KXLW
OLYUHV0DLVFRPPHQWFHFKHYDOVHWURXYHWLOHQWUHWHVPDLQV0RXVTXHWRQ"
$KGLWOHYDOHWQHP
HQSDUOH]SDV0RQVLHXUF
HVWXQDIIUHX[WRXUGX
PDULGHQRWUHGXFKHVVH
&RPPHQWFHOD0RXVTXHWRQ"
2XLQRXVVRPPHVYXVG
XQWUqVERQRHLOSDUXQHIHPPHGHTXDOLWpODGXFKHVVH
GHPDLVSDUGRQPRQPDvWUHP
DUHFRPPDQGpG
rWUHGLVFUHWHOOHQRXVDYDLW
IRUFpVG
DFFHSWHUXQSHWLWVRXYHQLUXQPDJQLILTXHJHQHWG
(VSDJQHHWXQPXOHW
DQGDORXTXHF
pWDLWPHUYHLOOHX[jYRLUOHPDULDDSSULVODFKRVHLOD
FRQILVTXpDXSDVVDJHOHVGHX[PDJQLILTXHVErWHVTX
RQQRXVHQYR\DLWHWLOOHXU
DVXEVWLWXpFHVKRUULEOHVDQLPDX[
4XHWXOXLUDPqQHV"GLWG
$UWDJQDQ
-XVWHPHQWUHSULW0RXVTXHWRQYRXVFRPSUHQH]TXHQRXVQHSRXYRQVSRLQW
DFFHSWHUGHSDUHLOOHVPRQWXUHVHQpFKDQJHGHFHOOHVTXHO
RQQRXVDYDLW
SURPLVHV
1RQSDUGLHXTXRLTXHM
HXVVHYRXOXYRLU3RUWKRVVXUPRQ%RXWRQG
2UFHOD
P
DXUDLWGRQQpXQHLGpHGHFHTXHM
pWDLVPRLPrPHTXDQGMHVXLVDUULYpj

3DULV0DLVTXHQRXVQHW
DUUrWLRQVSDV0RXVTXHWRQYDIDLUHODFRPPLVVLRQGH
WRQPDvWUHYD(VWLOFKH]OXL"
2XL0RQVLHXUGLW0RXVTXHWRQPDLVELHQPDXVVDGHDOOH]
(WLOFRQWLQXDVRQFKHPLQYHUVOHTXDLGHV*UDQGV$XJXVWLQVWDQGLVTXHOHVGHX[
DPLVDOODLHQWVRQQHUjODSRUWHGHO
LQIRUWXQp3RUWKRV&HOXLFLOHVDYDLWYXV
WUDYHUVDQWODFRXUHWLOQ
DYDLWJDUGHG
RXYULU,OVVRQQqUHQWGRQF
LQXWLOHPHQW
&HSHQGDQW0RXVTXHWRQFRQWLQXDLWVDURXWHHWWUDYHUVDQWOH3RQW1HXI
WRXMRXUVFKDVVDQWGHYDQWOXLVHVGHX[KDULGHOOHVLODWWHLJQLWODUXHDX[2XUV
$UULYpOjLODWWDFKDVHORQOHVRUGUHVGHVRQPDvWUHFKHYDOHWPXOHWDX
PDUWHDXGHODSRUWHGXSURFXUHXUSXLVVDQVV
LQTXLpWHUGHOHXUVRUWIXWXULO
V
HQUHYLQWWURXYHU3RUWKRVHWOXLDQQRQoDTXHVDFRPPLVVLRQpWDLWIDLWH
$XERXWG
XQFHUWDLQWHPSVOHVGHX[PDOKHXUHXVHVErWHVTXLQ
DYDLHQWSDVPDQJp
GHSXLVOHPDWLQILUHQWXQWHOEUXLWHQVRXOHYDQWHWHQODLVVDQWUHWRPEHUOH
PDUWHDXGHODSRUWHTXHOHSURFXUHXURUGRQQDjVRQVDXWHUXLVVHDXG
DOOHU
V
LQIRUPHUGDQVOHYRLVLQDJHjTXLDSSDUWHQDLHQWFHFKHYDOHWFHPXOHW
0PH&RTXHQDUGUHFRQQXWVRQSUpVHQWHWQHFRPSULWULHQG
DERUGjFHWWH
UHVWLWXWLRQPDLVELHQW{WODYLVLWHGH3RUWKRVO
pFODLUD/HFRXUURX[TXL
EULOODLWGDQVOHV\HX[GXPRXVTXHWDLUHPDOJUpODFRQWUDLQWHTX
LOV
LPSRVDLW
pSRXYDQWDODVHQVLEOHDPDQWH(QHIIHW0RXVTXHWRQQ
DYDLWSRLQWFDFKpjVRQ
PDvWUHTX
LODYDLWUHQFRQWUpG
$UWDJQDQHW$UDPLVHWTXHG
$UWDJQDQGDQVOH
FKHYDOMDXQHDYDLWUHFRQQXOHELGHWEpDUQDLVVXUOHTXHOLOpWDLWYHQXj3DULV
HWTX
LODYDLWYHQGXWURLVpFXV
3RUWKRVVRUWLWDSUqVDYRLUGRQQpUHQGH]YRXVjODSURFXUHXVHGDQVOHFORvWUH
6DLQW0DJORLUH/HSURFXUHXUYR\DQWTXH3RUWKRVSDUWDLWO
LQYLWDjGvQHU
LQYLWDWLRQTXHOHPRXVTXHWDLUHUHIXVDDYHFXQDLUSOHLQGHPDMHVWp
0PH&RTXHQDUGVHUHQGLWWRXWHWUHPEODQWHDXFORvWUH6DLQW0DJORLUHFDUHOOH
GHYLQDLWOHVUHSURFKHVTXLO
\DWWHQGDLHQWPDLVHOOHpWDLWIDVFLQpHSDUOHV
JUDQGHVIDoRQVGH3RUWKRV
7RXWFHTX
XQKRPPHEOHVVpGDQVVRQDPRXUSURSUHSHXWODLVVHUWRPEHU
G
LPSUpFDWLRQVHWGHUHSURFKHVVXUODWrWHG
XQHIHPPH3RUWKRVOHODLVVDWRPEHU
VXUODWrWHFRXUEpHGHODSURFXUHXVH
+pODVGLWHOOHM
DLIDLWSRXUOHPLHX[8QGHQRVFOLHQWVHVWPDUFKDQGGH
FKHYDX[LOGHYDLWGHO
DUJHQWjO
pWXGHHWV
HVWPRQWUpUpFDOFLWUDQW-
DL
SULVFHPXOHWHWFHFKHYDOSRXUFHTX
LOQRXVGHYDLWLOP
DYDLWSURPLVGHX[
PRQWXUHVUR\DOHV
(KELHQ0DGDPHGLW3RUWKRVV
LOYRXVGHYDLWSOXVGHFLQTpFXVYRWUH
PDTXLJQRQHVWXQYROHXU
,OQ
HVWSDVGpIHQGXGHFKHUFKHUOHERQPDUFKp0RQVLHXU3RUWKRVGLWOD
SURFXUHXVHFKHUFKDQWjV
H[FXVHU
1RQ0DGDPHPDLVFHX[TXLFKHUFKHQWOHERQPDUFKpGRLYHQWSHUPHWWUHDX[

DXWUHVGHFKHUFKHUGHVDPLVSOXVJpQpUHX[
(W3RUWKRVWRXUQDQWVXUVHVWDORQVILWXQSDVSRXUVHUHWLUHU
0RQVLHXU3RUWKRV0RQVLHXU3RUWKRVV
pFULDODSURFXUHXVHM
DLWRUWMHOH
UHFRQQDLVMHQ
DXUDLVSDVGPDUFKDQGHUTXDQGLOV
DJLVVDLWG
pTXLSHUXQ
FDYDOLHUFRPPHYRXV
3RUWKRVVDQVUpSRQGUHILWXQVHFRQGSDVGHUHWUDLWH
/DSURFXUHXVHFUXWOHYRLUGDQVXQQXDJHpWLQFHODQWWRXWHQWRXUpGHGXFKHVVHVHW
GHPDUTXLVHVTXLOXLMHWDLHQWGHVVDFVG
RUVRXVOHVSLHGV
$UUrWH]DXQRPGX&LHO0RQVLHXU3RUWKRVV
pFULDWHOOHDUUrWH]HW
FDXVRQV
&DXVHUDYHFYRXVPHSRUWHPDOKHXUGLW3RUWKRV
0DLVGLWHVPRLTXHGHPDQGH]YRXV"
5LHQFDUFHODUHYLHQWDXPrPHTXHVLMHYRXVGHPDQGDLVTXHOTXHFKRVH
/DSURFXUHXVHVHSHQGLWDXEUDVGH3RUWKRVHWGDQVO
pODQGHVDGRXOHXUHOOH
V
pFULD
0RQVLHXU3RUWKRVMHVXLVLJQRUDQWHGHWRXWFHODPRLVDLVMHFHTXHF
HVW
TX
XQFKHYDO"VDLVMHFHTXHF
HVWTXHGHVKDUQDLV"
,OIDOODLWYRXVHQUDSSRUWHUjPRLTXLP
\FRQQDLV0DGDPHPDLVYRXVDYH]
YRXOXPpQDJHUHWSDUFRQVpTXHQWSUrWHUjXVXUH
&
HVWXQWRUW0RQVLHXU3RUWKRVHWMHOHUpSDUHUDLVXUPDSDUROHG
KRQQHXU
(WFRPPHQWFHOD"GHPDQGDOHPRXVTXHWDLUH
(FRXWH]&HVRLU0&RTXHQDUGYDFKH]0OHGXFGH&KDXOQHVTXLO
DPDQGp
&
HVWSRXUXQHFRQVXOWDWLRQTXLGXUHUDGHX[KHXUHVDXPRLQVYHQH]QRXVVHURQV
VHXOVHWQRXVIHURQVQRVFRPSWHV
$ODERQQHKHXUHYRLOjTXLHVWSDUOHUPDFKqUH
9RXVPHSDUGRQQH]"
1RXVYHUURQVGLWPDMHVWXHXVHPHQW3RUWKRV
(WWRXVGHX[VHVpSDUqUHQWHQVHGLVDQW$FHVRLU
'LDEOHSHQVD3RUWKRVHQV
pORLJQDQWLOPHVHPEOHTXHMHPHUDSSURFKHHQILQ
GXEDKXWGHPDvWUH&RTXHQDUG

&KDSLWUH;;;9

/$18,77286/(6&+$766217*5,6

&HVRLUDWWHQGXVLLPSDWLHPPHQWSDU3RUWKRVHWSDUG
$UWDJQDQDUULYDHQILQ
'
$UWDJQDQFRPPHG
KDELWXGHVHSUpVHQWDYHUVOHVQHXIKHXUHVFKH]0LODG\,O
ODWURXYDG
XQHKXPHXUFKDUPDQWHMDPDLVHOOHQHO
DYDLWVLELHQUHoX1RWUH
*DVFRQYLWGXSUHPLHUFRXSG
RHLOTXHVRQELOOHWDYDLWpWpUHPLVHWFHELOOHW
IDLVDLWVRQHIIHW
.HWW\HQWUDSRXUDSSRUWHUGHVVRUEHWV6DPDvWUHVVHOXLILWXQHPLQHFKDUPDQWH
OXLVRXULWGHVRQSOXVJUDFLHX[VRXULUHPDLVKpODVODSDXYUHILOOHpWDLWVL
WULVWHTX
HOOHQHV
DSHUoXWPrPHSDVGHODELHQYHLOODQFHGH0LODG\
'
$UWDJQDQUHJDUGDLWO
XQHDSUqVO
DXWUHFHVGHX[IHPPHVHWLOpWDLWIRUFpGH
V
DYRXHUTXHODQDWXUHV
pWDLWWURPSpHHQOHVIRUPDQWjODJUDQGHGDPHHOOH
DYDLWGRQQpXQHkPHYpQDOHHWYLOHjODVRXEUHWWHHOOHDYDLWGRQQpOHFRHXU
G
XQHGXFKHVVH
$GL[KHXUHV0LODG\FRPPHQoDjSDUDvWUHLQTXLqWHG
$UWDJQDQFRPSULWFHTXHFHOD
YRXODLWGLUHHOOHUHJDUGDLWODSHQGXOHVHOHYDLWVHUDVVH\DLWVRXULDLWj
G
$UWDJQDQG
XQDLUTXLYRXODLWGLUH9RXVrWHVIRUWDLPDEOHVDQVGRXWHPDLV
YRXVVHULH]FKDUPDQWVLYRXVSDUWLH]
'
$UWDJQDQVHOHYDHWSULWVRQFKDSHDX0LODG\OXLGRQQDVDPDLQjEDLVHUOH
MHXQHKRPPHVHQWLWTX
HOOHODOXLVHUUDLWHWFRPSULWTXHF
pWDLWSDUXQ
VHQWLPHQWQRQSDVGHFRTXHWWHULHPDLVGHUHFRQQDLVVDQFHjFDXVHGHVRQGpSDUW
(OOHO
DLPHGLDEOHPHQWPXUPXUDWLO3XLVLOVRUWLW
&HWWHIRLV.HWW\QHO
DWWHQGDLWDXFXQHPHQWQLGDQVO
DQWLFKDPEUHQLGDQVOH
FRUULGRUQLVRXVODJUDQGHSRUWH,OIDOOXWTXHG
$UWDJQDQWURXYkWWRXWVHXO
O
HVFDOLHUHWODSHWLWHFKDPEUH
.HWW\pWDLWDVVLVHODWrWHFDFKpHGDQVVHVPDLQVHWSOHXUDLW
(OOHHQWHQGLWHQWUHUG
$UWDJQDQPDLVHOOHQHUHOHYDSRLQWODWrWHOHMHXQH
KRPPHDOODjHOOHHWOXLSULWOHVPDLQVDORUVHOOHpFODWDHQVDQJORWV
&RPPHO
DYDLWSUpVXPpG
$UWDJQDQ0LODG\HQUHFHYDQWODOHWWUHDYDLWGDQVOH
GpOLUHGHVDMRLHWRXWGLWjVDVXLYDQWHSXLVHQUpFRPSHQVHGHODPDQLqUH
GRQWFHWWHIRLVHOOHDYDLWIDLWODFRPPLVVLRQHOOHOXLDYDLWGRQQpXQHERXUVH
.HWW\HQUHQWUDQWFKH]HOOHDYDLWMHWpODERXUVHGDQVXQFRLQRHOOHpWDLW
UHVWpHWRXWRXYHUWHGpJRUJHDQWWURLVRXTXDWUHSLqFHVG
RUVXUOHWDSLV
/DSDXYUHILOOHjODYRL[GHG
$UWDJQDQUHOHYDODWrWH'
$UWDJQDQOXLPrPH
IXWHIIUD\pGXERXOHYHUVHPHQWGHVRQYLVDJHHOOHMRLJQLWOHVPDLQVG
XQDLU
VXSSOLDQWPDLVVDQVRVHUGLUHXQHSDUROH
6LSHXVHQVLEOHTXHIWOHFRHXUGHG
$UWDJQDQLOVHVHQWLWDWWHQGULSDUFHWWH
GRXOHXUPXHWWHPDLVLOWHQDLWWURSjVHVSURMHWVHWVXUWRXWjFHOXLFLSRXU

ULHQFKDQJHUDXSURJUDPPHTX
LODYDLWIDLWG
DYDQFH,OQHODLVVDGRQFj.HWW\
DXFXQHVSRLUGHOHIOpFKLUVHXOHPHQWLOOXLSUpVHQWDVRQDFWLRQFRPPHXQH
VLPSOHYHQJHDQFH
&HWWHYHQJHDQFHDXUHVWHGHYHQDLWG
DXWDQWSOXVIDFLOHTXH0LODG\VDQVGRXWH
SRXUFDFKHUVDURXJHXUjVRQDPDQWDYDLWUHFRPPDQGpj.HWW\G
pWHLQGUHWRXWHV
OHVOXPLqUHVGDQVO
DSSDUWHPHQWHWPrPHGDQVVDFKDPEUHjHOOH$YDQWOHMRXU
0GH:DUGHVGHYDLWVRUWLUWRXMRXUVGDQVO
REVFXULWp
$XERXWG
XQLQVWDQWRQHQWHQGLW0LODG\TXLUHQWUDLWGDQVVDFKDPEUH'
$UWDJQDQ
V
pODQoDDXVVLW{WGDQVVRQDUPRLUH$SHLQH\pWDLWLOEORWWLTXHODVRQQHWWHVH
ILWHQWHQGUH
.HWW\HQWUDFKH]VDPDvWUHVVHHWQHODLVVDSRLQWODSRUWHRXYHUWHPDLVOD
FORLVRQpWDLWVLPLQFHTXHO
RQHQWHQGDLWjSHXSUqVWRXWFHTXLVHGLVDLW
HQWUHOHVGHX[IHPPHV
0LODG\VHPEODLWLYUHGHMRLHHOOHVHIDLVDLWUpSpWHUSDU.HWW\OHVPRLQGUHV
GpWDLOVGHODSUpWHQGXHHQWUHYXHGHODVRXEUHWWHDYHFGH:DUGHVFRPPHQWLO
DYDLWUHoXVDOHWWUHFRPPHQWLODYDLWUpSRQGXTXHOOHpWDLWO
H[SUHVVLRQGHVRQ
YLVDJHV
LOSDUDLVVDLWELHQDPRXUHX[HWjWRXWHVFHVTXHVWLRQVODSDXYUH
.HWW\IRUFpHGHIDLUHERQQHFRQWHQDQFHUpSRQGDLWG
XQHYRL[pWRXIIpHGRQWVD
PDvWUHVVHQHUHPDUTXDLWPrPHSDVO
DFFHQWGRXORXUHX[WDQWOHERQKHXUHVW
pJRwVWH
(QILQFRPPHO
KHXUHGHVRQHQWUHWLHQDYHFOHFRPWHDSSURFKDLW0LODG\ILWHQ
HIIHWWRXWpWHLQGUHFKH]HOOHHWRUGRQQDj.HWW\GHUHQWUHUGDQVVDFKDPEUHHW
G
LQWURGXLUHGH:DUGHVDXVVLW{WTX
LOVHSUpVHQWHUDLW
/
DWWHQWHGH.HWW\QHIXWSDVORQJXH$SHLQHG
$UWDJQDQHXWLOYXSDUOHWURX
GHODVHUUXUHGHVRQDUPRLUHTXHWRXWO
DSSDUWHPHQWpWDLWGDQVO
REVFXULWp
TX
LOV
pODQoDGHVDFDFKHWWHDXPRPHQWPrPHR.HWW\UHIHUPDLWODSRUWHGH
FRPPXQLFDWLRQ
4X
HVWFHTXHFHEUXLW"GHPDQGD0LODG\
&
HVWPRLGLWG
$UWDJQDQjGHPLYRL[PRLOHFRPWHGH:DUGHV
2KPRQ'LHXPRQ'LHXPXUPXUD.HWW\LOQ
DSDVPrPHSXDWWHQGUHO
KHXUH
TX
LODYDLWIL[pHOXLPrPH
(KELHQGLW0LODG\G
XQHYRL[WUHPEODQWHSRXUTXRLQ
HQWUHWLOSDV"&RPWH
FRPWHDMRXWDWHOOHYRXVVDYH]ELHQTXHMHYRXVDWWHQGV
$FHWDSSHOG
$UWDJQDQpORLJQDGRXFHPHQW.HWW\HWV
pODQoDGDQVODFKDPEUHGH
0LODG\
6LODUDJHHWODGRXOHXUGRLYHQWWRUWXUHUXQHkPHF
HVWFHOOHGHO
DPDQWTXL
UHoRLWVRXVXQQRPTXLQ
HVWSDVOHVLHQGHVSURWHVWDWLRQVG
DPRXUTXL
V
DGUHVVHQWjVRQKHXUHX[ULYDO
'
$UWDJQDQpWDLWGDQVXQHVLWXDWLRQGRXORXUHXVHTX
LOQ
DYDLWSDVSUpYXHOD
MDORXVLHOHPRUGDLWDXFRHXUHWLOVRXIIUDLWSUHVTXHDXWDQWTXHODSDXYUH

.HWW\TXLSOHXUDLWHQFHPrPHPRPHQWGDQVODFKDPEUHYRLVLQH
2XLFRPWHGLVDLW0LODG\GHVDSOXVGRXFHYRL[HQOXLVHUUDQWWHQGUHPHQWOD
PDLQGDQVOHVVLHQQHVRXLMHVXLVKHXUHXVHGHO
DPRXUTXHYRVUHJDUGVHWYRV
SDUROHVP
RQWH[SULPpFKDTXHIRLVTXHQRXVQRXVVRPPHVUHQFRQWUpV0RLDXVVLMH
YRXVDLPH2KGHPDLQGHPDLQMHYHX[TXHOTXHJDJHGHYRXVTXLPHSURXYHTXH
YRXVSHQVH]jPRLHWFRPPHYRXVSRXUULH]P
RXEOLHUWHQH]
(WHOOHSDVVDXQHEDJXHGHVRQGRLJWjFHOXLGHG
$UWDJQDQ
'
$UWDJQDQVHUDSSHODDYRLUYXFHWWHEDJXHjODPDLQGH0LODG\F
pWDLWXQ
PDJQLILTXHVDSKLUHQWRXUpGHEULOODQWV
/HSUHPLHUPRXYHPHQWGHG
$UWDJQDQIXWGHOHOXLUHQGUHPDLV0LODG\DMRXWD
1RQQRQJDUGH]FHWWHEDJXHSRXUO
DPRXUGHPRL9RXVPHUHQGH]G
DLOOHXUV
HQO
DFFHSWDQWDMRXWDWHOOHG
XQHYRL[pPXHXQVHUYLFHELHQSOXVJUDQGTXH
YRXVQHVDXULH]O
LPDJLQHU
&HWWHIHPPHHVWSOHLQHGHP\VWqUHVPXUPXUDHQOXLPrPHG
$UWDJQDQ
(QFHPRPHQWLOVHVHQWLWSUrWjWRXWUpYpOHU,ORXYULWODERXFKHSRXUGLUHj
0LODG\TXLLOpWDLWHWGDQVTXHOEXWGHYHQJHDQFHLOpWDLWYHQXPDLVHOOH
DMRXWD
3DXYUHDQJHTXHFHPRQVWUHGH*DVFRQDIDLOOLWXHU
/HPRQVWUHF
pWDLWOXL
2KFRQWLQXD0LODG\HVWFHTXHYRVEOHVVXUHVYRXVIRQWHQFRUHVRXIIULU"
2XLEHDXFRXSGLWG
$UWDJQDQTXLQHVDYDLWWURSTXHUpSRQGUH
6R\H]WUDQTXLOOHPXUPXUD0LODG\MHYRXVYHQJHUDLPRLHWFUXHOOHPHQW
3HVWHVHGLWG
$UWDJQDQOHPRPHQWGHVFRQILGHQFHVQ
HVWSDVHQFRUHYHQX
,OIDOOXWTXHOTXHWHPSVjG
$UWDJQDQSRXUVHUHPHWWUHGHFHSHWLWGLDORJXH
PDLVWRXWHVOHVLGpHVGHYHQJHDQFHTX
LODYDLWDSSRUWpHVV
pWDLHQWFRPSOqWHPHQW
pYDQRXLHV&HWWHIHPPHH[HUoDLWVXUOXLXQHLQFUR\DEOHSXLVVDQFHLOODKDwVVDLW
HWO
DGRUDLWjODIRLVLOQ
DYDLWMDPDLVFUXTXHGHX[VHQWLPHQWVVLFRQWUDLUHV
SXVVHQWKDELWHUGDQVOHPrPHFRHXUHWHQVHUpXQLVVDQWIRUPHUXQDPRXUpWUDQJH
HWHQTXHOTXHVRUWHGLDEROLTXH
&HSHQGDQWXQHKHXUHYHQDLWGHVRQQHULOIDOOXWVHVpSDUHUG
$UWDJQDQDX
PRPHQWGHTXLWWHU0LODG\QHVHQWLWSOXVTX
XQYLIUHJUHWGHV
pORLJQHUHW
GDQVO
DGLHXSDVVLRQQpTX
LOVV
DGUHVVqUHQWUpFLSURTXHPHQWXQHQRXYHOOH
HQWUHYXHIXWFRQYHQXHSRXUODVHPDLQHVXLYDQWH/DSDXYUH.HWW\HVSpUDLWSRXYRLU
DGUHVVHUTXHOTXHVPRWVjG
$UWDJQDQORUVTX
LOSDVVHUDLWGDQVVDFKDPEUHPDLV
0LODG\OHUHFRQGXLVLWHOOHPrPHGDQVO
REVFXULWpHWQHOHTXLWWDTXHVXU
O
HVFDOLHU
/HOHQGHPDLQDXPDWLQG
$UWDJQDQFRXUXWFKH]$WKRV,OpWDLWHQJDJpGDQVXQHVL

VLQJXOLqUHDYHQWXUHTX
LOYRXODLWOXLGHPDQGHUFRQVHLO,OOXLUDFRQWDWRXW
$WKRVIURQoDSOXVLHXUVIRLVOHVRXUFLO
9RWUH0LODG\OXLGLWLOPHSDUDvWXQHFUpDWXUHLQIkPHPDLVYRXVQ
HQDYH]
SDVPRLQVHXWRUWGHODWURPSHUYRXVYRLOjG
XQHIDoRQRXG
XQHDXWUHXQH
HQQHPLHWHUULEOHVXUOHVEUDV
(WWRXWHQOXLSDUODQW$WKRVUHJDUGDLWDYHFDWWHQWLRQOHVDSKLUHQWRXUpGH
GLDPDQWVTXLDYDLWSULVDXGRLJWGHG
$UWDJQDQODSODFHGHODEDJXHGHODUHLQH
VRLJQHXVHPHQWUHPLVHGDQVXQpFULQ
9RXVUHJDUGH]FHWWHEDJXH"GLWOH*DVFRQWRXWJORULHX[G
pWDOHUDX[UHJDUGV
GHVHVDPLVXQVLULFKHSUpVHQW
2XLGLW$WKRVHOOHPHUDSSHOOHXQELMRXGHIDPLOOH
(OOHHVWEHOOHQ
HVWFHSDV"GLWG
$UWDJQDQ
0DJQLILTXHUpSRQGLW$WKRVMHQHFUR\DLVSDVTX
LOH[LVWkWGHX[VDSKLUV
G
XQHVLEHOOHHDX/
DYH]YRXVGRQFWURTXpHFRQWUHYRWUHGLDPDQW"
1RQGLWG
$UWDJQDQF
HVWXQFDGHDXGHPDEHOOH$QJODLVHRXSOXW{WGHPD
EHOOH)UDQoDLVHFDUTXRLTXHMHQHOHOXLDLHSRLQWGHPDQGpMHVXLVFRQYDLQFX
TX
HOOHHVWQpHHQ)UDQFH
&HWWHEDJXHYRXVYLHQWGH0LODG\"V
pFULD$WKRVDYHFXQHYRL[GDQVODTXHOOH
LOpWDLWIDFLOHGHGLVWLQJXHUXQHJUDQGHpPRWLRQ
'
HOOHPrPHHOOHPHO
DGRQQpHFHWWHQXLW
0RQWUH]PRLGRQFFHWWHEDJXHGLW$WKRV
/DYRLFLUpSRQGLWG
$UWDJQDQHQODWLUDQWGHVRQGRLJW
$WKRVO
H[DPLQDHWGHYLQWWUqVSkOHSXLVLOO
HVVD\DjO
DQQXODLUHGHVDPDLQ
JDXFKHHOOHDOODLWjFHGRLJWFRPPHVLHOOHHWpWpIDLWHSRXUOXL8QQXDJH
GHFROqUHHWGHYHQJHDQFHSDVVDVXUOHIURQWRUGLQDLUHPHQWFDOPHGXJHQWLOKRPPH
,OHVWLPSRVVLEOHTXHFHVRLWODPrPHGLWLOFRPPHQWFHWWHEDJXHVH
WURXYHUDLWHOOHHQWUHOHVPDLQVGH0LODG\&ODULFN"(WFHSHQGDQWLOHVWELHQ
GLIILFLOHTX
LO\DLWHQWUHGHX[ELMRX[XQHSDUHLOOHUHVVHPEODQFH
&RQQDLVVH]YRXVFHWWHEDJXH"GHPDQGDG
$UWDJQDQ
-
DYDLVFUXODUHFRQQDvWUHGLW$WKRVPDLVVDQVGRXWHTXHMHPHWURPSDLV
(WLOODUHQGLWjG
$UWDJQDQVDQVFHVVHUFHSHQGDQWGHODUHJDUGHU
7HQH]GLWLODXERXWG
XQLQVWDQWG
$UWDJQDQ{WH]FHWWHEDJXHGHYRWUH
GRLJWRXWRXUQH]HQOHFKDWRQHQGHGDQVHOOHPHUDSSHOOHGHVLFUXHOV
VRXYHQLUVTXHMHQ
DXUDLVSDVPDWrWHSRXUFDXVHUDYHFYRXV1HYHQLH]YRXVSDV
PHGHPDQGHUGHVFRQVHLOVQHPHGLVLH]YRXVSRLQWTXHYRXVpWLH]HPEDUUDVVpVXU

FHTXHYRXVGHYLH]IDLUH"0DLVDWWHQGH]UHQGH]PRLFHVDSKLUFHOXLGRQW
MHYRXODLVSDUOHUGRLWDYRLUXQHGHVHVIDFHVpUDLOOpHSDUVXLWHG
XQDFFLGHQW

'
$UWDJQDQWLUDGHQRXYHDXODEDJXHGHVRQGRLJWHWODUHQGLWj$WKRV
$WKRVWUHVVDLOOLW
7HQH]GLWLOYR\H]Q
HVWFHSDVpWUDQJH"
(WLOPRQWUDLWjG
$UWDJQDQFHWWHpJUDWLJQXUHTX
LOVHUDSSHODLWGHYRLUH[LVWHU
0DLVGHTXLYRXVYHQDLWFHVDSKLU$WKRV"
'HPDPqUHTXLOHWHQDLWGHVDPqUHjHOOH&RPPHMHYRXVOHGLVF
HVWXQ
YLHX[ELMRXTXLQHGHYDLWMDPDLVVRUWLUGHODIDPLOOH
(WYRXVO
DYH]YHQGX"GHPDQGDDYHFKpVLWDWLRQG
$UWDJQDQ
1RQUHSULW$WKRVDYHFXQVLQJXOLHUVRXULUHMHO
DLGRQQpSHQGDQWXQHQXLW
G
DPRXUFRPPHLOYRXVDpWpGRQQpjYRXV
'
$UWDJQDQUHVWDSHQVLIjVRQWRXULOOXLVHPEODLWYRLUGDQVO
kPHGH0LODG\
GHVDEvPHVGRQWOHVSURIRQGHXUVpWDLHQWVRPEUHVHWLQFRQQXHV
,OUHPLWODEDJXHQRQSDVjVRQGRLJWPDLVGDQVVDSRFKH
(FRXWH]OXLGLW$WKRVHQOXLSUHQDQWODPDLQYRXVVDYH]VLMHYRXVDLPH
G
$UWDJQDQM
DXUDLVXQILOVTXHMHQHO
DLPHUDLVSDVSOXVTXHYRXV(KELHQ
FUR\H]PRLUHQRQFH]jFHWWHIHPPH-HQHODFRQQDLVSDVPDLVXQHHVSqFH
G
LQWXLWLRQPHGLWTXHF
HVWXQHFUpDWXUHSHUGXHHWTX
LO\DTXHOTXHFKRVHGH
IDWDOHQHOOH
(WYRXVDYH]UDLVRQGLWG
$UWDJQDQ$XVVLMHP
HQVpSDUHMHYRXVDYRXH
TXHFHWWHIHPPHP
HIIUDLHPRLPrPH
$XUH]YRXVFHFRXUDJH"GLW$WKRV
-HO
DXUDLUpSRQGLWG
$UWDJQDQHWjO
LQVWDQWPrPH
(KELHQYUDLPRQHQIDQWYRXVDYH]UDLVRQGLWOHJHQWLOKRPPHHQVHUUDQWOD
PDLQGX*DVFRQDYHFXQHDIIHFWLRQSUHVTXHSDWHUQHOOHTXH'LHXYHXLOOHTXH
FHWWHIHPPHTXLHVWjSHLQHHQWUpHGDQVYRWUHYLHQ
\ODLVVHSDVXQHWUDFH
IXQHVWH
(W$WKRVVDOXDG
$UWDJQDQGHODWrWHHQKRPPHTXLYHXWIDLUHFRPSUHQGUHTX
LO
Q
HVWSDVIkFKpGHUHVWHUVHXODYHFVHVSHQVpHV
(QUHQWUDQWFKH]OXLG
$UWDJQDQWURXYD.HWW\TXLO
DWWHQGDLW8QPRLVGHILqYUH
Q
HWSDVSOXVFKDQJpODSDXYUHHQIDQWTX
HOOHQHO
pWDLWSRXUFHWWHQXLW
G
LQVRPQLHHWGHGRXOHXU

(OOHpWDLWHQYR\pHSDUVDPDvWUHVVHDXIDX[GH:DUGHV6DPDvWUHVVHpWDLWIROOH
G
DPRXULYUHGHMRLHHOOHYRXODLWVDYRLUTXDQGOHFRPWHOXLGRQQHUDLWXQH
VHFRQGHHQWUHYXH
(WODSDXYUH.HWW\SkOHHWWUHPEODQWHDWWHQGDLWODUpSRQVHGHG
$UWDJQDQ
$WKRVDYDLWXQHJUDQGHLQIOXHQFHVXUOHMHXQHKRPPHOHVFRQVHLOVGHVRQDPL
MRLQWVDX[FULVGHVRQSURSUHFRHXUO
DYDLHQWGpWHUPLQpPDLQWHQDQWTXHVRQ
RUJXHLOpWDLWVDXYpHWVDYHQJHDQFHVDWLVIDLWHjQHSOXVUHYRLU0LODG\3RXU
WRXWHUpSRQVHLOSULWGRQFXQHSOXPHHWpFULYLWODOHWWUHVXLYDQWH
1HFRPSWH]SDVVXUPRL0DGDPHSRXUOHSURFKDLQUHQGH]YRXVGHSXLVPD
FRQYDOHVFHQFHM
DLWDQWG
RFFXSDWLRQVGHFHJHQUHTX
LOP
DIDOOX\PHWWUHXQ
FHUWDLQRUGUH4XDQGYRWUHWRXUYLHQGUDM
DXUDLO
KRQQHXUGHYRXVHQIDLUH
SDUW
-HYRXVEDLVHOHVPDLQV
&RPWH'(:$5'(6
'XVDSKLUSDVXQPRWOH*DVFRQYRXODLWLOJDUGHUXQHDUPHFRQWUH0LODG\"RX
ELHQVR\RQVIUDQFQHFRQVHUYDLWLOSDVFHVDSKLUFRPPHXQHGHUQLqUHUHVVRXUFH
SRXUO
pTXLSHPHQW"
2QDXUDLWWRUWDXUHVWHGHMXJHUOHVDFWLRQVG
XQHpSRTXHDXSRLQWGHYXHG
XQH
DXWUHpSRTXH&HTXLDXMRXUG
KXLVHUDLWUHJDUGpFRPPHXQHKRQWHSRXUXQJDODQW
KRPPHpWDLWGDQVFHWHPSVXQHFKRVHWRXWHVLPSOHHWWRXWHQDWXUHOOHHWOHV
FDGHWVGHVPHLOOHXUHVIDPLOOHVVHIDLVDLHQWHQJpQpUDOHQWUHWHQLUSDUOHXUV
PDvWUHVVHV
'
$UWDJQDQSDVVDVDOHWWUHWRXWRXYHUWHj.HWW\TXLODOXWG
DERUGVDQVOD
FRPSUHQGUHHWTXLIDLOOLWGHYHQLUIROOHGHMRLHHQODUHOLVDQWXQHVHFRQGHIRLV
.HWW\QHSRXYDLWFURLUHjFHERQKHXUG
$UWDJQDQIXWIRUFpGHOXLUHQRXYHOHUGH
YLYHYRL[OHVDVVXUDQFHVTXHODOHWWUHOXLGRQQDLWSDUpFULWHWTXHOTXHIW
DYHFOHFDUDFWqUHHPSRUWpGH0LODG\OHGDQJHUTXHFRXUWODSDXYUHHQIDQWj
UHPHWWUHFHELOOHWjVDPDvWUHVVHHOOHQ
HQUHYLQWSDVPRLQVSODFH5R\DOHGH
WRXWHODYLWHVVHGHVHVMDPEHV
/HFRHXUGHODPHLOOHXUHIHPPHHVWLPSLWR\DEOHSRXUOHVGRXOHXUVG
XQHULYDOH
0LODG\RXYULWODOHWWUHDYHFXQHPSUHVVHPHQWpJDOjFHOXLTXH.HWW\DYDLWPLVj
O
DSSRUWHUPDLVDXSUHPLHUPRWTX
HOOHOXWHOOHGHYLQWOLYLGHSXLVHOOH
IURLVVDOHSDSLHUSXLVHOOHVHUHWRXUQDDYHFXQpFODLUGDQVOHV\HX[GXF{Wp
GH.HWW\
4X
HVWFHTXHFHWWHOHWWUH"GLWHOOH
0DLVF
HVWODUpSRQVHjFHOOHGH0DGDPHUpSRQGLW.HWW\WRXWHWUHPEODQWH
,PSRVVLEOHV
pFULD0LODG\LPSRVVLEOHTX
XQJHQWLOKRPPHDLWpFULWjXQH
IHPPHXQHSDUHLOOHOHWWUH

3XLVWRXWjFRXSWUHVVDLOODQW
0RQ'LHXGLWHOOHVDXUDLWLO(WHOOHV
DUUrWD
6HVGHQWVJULQoDLHQWHOOHpWDLWFRXOHXUGHFHQGUHHOOHYRXOXWIDLUHXQSDV
YHUVODIHQrWUHSRXUDOOHUFKHUFKHUGHO
DLUPDLVHOOHQHSXWTX
pWHQGUHOHV
EUDVOHVMDPEHVOXLPDQTXqUHQWHWHOOHWRPEDVXUXQIDXWHXLO
.HWW\FUXWTX
HOOHVHWURXYDLWPDOHWVHSUpFLSLWDSRXURXYULUVRQFRUVDJH0DLV
0LODG\VHUHOHYDYLYHPHQW
4XHPHYRXOH]YRXV"GLWHOOHHWSRXUTXRLSRUWH]YRXVODPDLQVXUPRL"
-
DLSHQVpTXH0DGDPHVHWURXYDLWPDOHWM
DLYRXOXOXLSRUWHUVHFRXUV
UpSRQGLWODVXLYDQWHWRXWpSRXYDQWpHGHO
H[SUHVVLRQWHUULEOHTX
DYDLWSULVHOD
ILJXUHGHVDPDvWUHVVH
0HWURXYHUPDOPRL"PRL"PHSUHQH]YRXVSRXUXQHIHPPHOHWWH"4XDQGRQ
P
LQVXOWHMHQHPHWURXYHSDVPDOMHPHYHQJHHQWHQGH]YRXV
(WGHODPDLQHOOHILWVLJQHj.HWW\GHVRUWLU

&KDSLWUH;;;9,
5(9('(9(1*($1&(

/HVRLU0LODG\GRQQDO
RUGUHG
LQWURGXLUH0G
$UWDJQDQDXVVLW{WTX
LO
YLHQGUDLWVHORQVRQKDELWXGH0DLVLOQHYLQWSDV
/HOHQGHPDLQ.HWW\YLQWYRLUGHQRXYHDXOHMHXQHKRPPHHWOXLUDFRQWDWRXWFH
TXLV
pWDLWSDVVpODYHLOOHG
$UWDJQDQVRXULWFHWWHMDORXVHFROqUHGH
0LODG\F
pWDLWVDYHQJHDQFH
/HVRLU0LODG\IXWSOXVLPSDWLHQWHHQFRUHTXHODYHLOOHHOOHUHQRXYHODO
RUGUH
UHODWLIDX*DVFRQPDLVFRPPHODYHLOOHHOOHO
DWWHQGLWLQXWLOHPHQW
/HOHQGHPDLQ.HWW\VHSUpVHQWDFKH]G
$UWDJQDQQRQSOXVMR\HXVHHWDOHUWHFRPPH
OHVGHX[MRXUVSUpFpGHQWVPDLVDXFRQWUDLUHWULVWHjPRXULU
'
$UWDJQDQGHPDQGDjODSDXYUHILOOHFHTX
HOOHDYDLWPDLVFHOOHFLSRXU
WRXWHUpSRQVHWLUDXQHOHWWUHGHVDSRFKHHWODOXLUHPLW
&HWWHOHWWUHpWDLWGHO
pFULWXUHGH0LODG\VHXOHPHQWFHWWHIRLVHOOHpWDLW
ELHQjO
DGUHVVHGHG
$UWDJQDQHWQRQjFHOOHGH0GH:DUGHV
,OO
RXYULWHWOXWFHTXLVXLW
&KHU0RQVLHXUG
$UWDJQDQF
HVWPDOGHQpJOLJHUDLQVLVHVDPLVVXUWRXWDX

PRPHQWRO
RQYDOHVTXLWWHUSRXUVLORQJWHPSV0RQEHDXIUqUHHWPRLQRXV
DYRQVDWWHQGXKLHUHWDYDQWKLHULQXWLOHPHQW(QVHUDWLOGHPrPHFHVRLU"
9RWUHELHQUHFRQQDLVVDQWH
/$'<&/$5,&.
&
HVWWRXWVLPSOHGLWG
$UWDJQDQHWMHP
DWWHQGDLVjFHWWHOHWWUH0RQ
FUpGLWKDXVVHGHODEDLVVHGXFRPWHGH:DUGHV
(VWFHTXHYRXVLUH]"GHPDQGD.HWW\
(FRXWHPDFKqUHHQIDQWGLWOH*DVFRQTXLFKHUFKDLWjV
H[FXVHUjVHV
SURSUHV\HX[GHPDQTXHUjODSURPHVVHTX
LODYDLWIDLWHj$WKRVWXFRPSUHQGV
TX
LOVHUDLWLPSROLWLTXHGHQHSDVVHUHQGUHjXQHLQYLWDWLRQVLSRVLWLYH
0LODG\HQQHPHYR\DQWSDVUHYHQLUQHFRPSUHQGUDLWULHQjO
LQWHUUXSWLRQGH
PHVYLVLWHVHOOHSRXUUDLWVHGRXWHUGHTXHOTXHFKRVHHWTXLSHXWGLUHMXVTX
R
LUDLWODYHQJHDQFHG
XQHIHPPHGHFHWWHWUHPSH"
2KPRQ'LHXGLW.HWW\YRXVVDYH]SUpVHQWHUOHVFKRVHVGHIDoRQTXHYRXV
DYH]WRXMRXUVUDLVRQ0DLVYRXVDOOH]HQFRUHOXLIDLUHODFRXUHWVLFHWWH
IRLVYRXVDOOLH]OXLSODLUHVRXVYRWUHYpULWDEOHQRPHWYRWUHYUDLYLVDJHFH
VHUDLWELHQSLVTXHODSUHPLqUHIRLV
/
LQVWLQFWIDLVDLWGHYLQHUjODSDXYUHILOOHXQHSDUWLHGHFHTXLDOODLW
DUULYHU
'
$UWDJQDQODUDVVXUDGXPLHX[TX
LOSXWHWOXLSURPLWGHUHVWHULQVHQVLEOHDX[
VpGXFWLRQVGH0LODG\
,OOXLILWUpSRQGUHTX
LOpWDLWRQQHSHXWSOXVUHFRQQDLVVDQWGHVHVERQWpVHW
TX
LOVHUHQGUDLWjVHVRUGUHVPDLVLOQ
RVDOXLpFULUHGHSHXUGHQHSRXYRLU
jGHV\HX[DXVVLH[HUFpVTXHFHX[GH0LODG\GpJXLVHUVXIILVDPPHQWVRQpFULWXUH
$QHXIKHXUHVVRQQDQWG
$UWDJQDQpWDLWSODFH5R\DOH,OpWDLWpYLGHQWTXHOHV
GRPHVWLTXHVTXLDWWHQGDLHQWGDQVO
DQWLFKDPEUHpWDLHQWSUpYHQXVFDUDXVVLW{W
TXHG
$UWDJQDQSDUXWDYDQWPrPHTX
LOHWGHPDQGpVL0LODG\pWDLWYLVLEOHXQ
G
HX[FRXUXWO
DQQRQFHU
)DLWHVHQWUHUGLW0LODG\G
XQHYRL[EUqYHPDLVVLSHUoDQWHTXHG
$UWDJQDQ
O
HQWHQGLWGHO
DQWLFKDPEUH
2QO
LQWURGXLVLW
-HQ
\VXLVSRXUSHUVRQQHGLW0LODG\HQWHQGH]YRXVSRXUSHUVRQQH
/HODTXDLVVRUWLW
'
$UWDJQDQMHWDXQUHJDUGFXULHX[VXU0LODG\HOOHpWDLWSkOHHWDYDLWOHV\HX[
IDWLJXpVVRLWSDUOHVODUPHVVRLWSDUO
LQVRPQLH2QDYDLWDYHFLQWHQWLRQ
GLPLQXpOHQRPEUHKDELWXHOGHVOXPLqUHVHWFHSHQGDQWODMHXQHIHPPHQHSRXYDLW
DUULYHUjFDFKHUOHVWUDFHVGHODILqYUHTXLO
DYDLWGpYRUpHGHSXLVGHX[MRXUV

'
$UWDJQDQV
DSSURFKDG
HOOHDYHFVDJDODQWHULHRUGLQDLUHHOOHILWDORUVXQ
HIIRUWVXSUrPHSRXUOHUHFHYRLUPDLVMDPDLVSK\VLRQRPLHSOXVERXOHYHUVpHQH
GpPHQWLWVRXULUHSOXVDLPDEOH
$X[TXHVWLRQVTXHG
$UWDJQDQOXLILWVXUVDVDQWp
0DXYDLVHUpSRQGLWHOOHWUqVPDXYDLVH
0DLVDORUVGLWG
$UWDJQDQMHVXLVLQGLVFUHWYRXVDYH]EHVRLQGHUHSRVVDQV
GRXWHHWMHYDLVPHUHWLUHU
1RQSDVGLW0LODG\DXFRQWUDLUHUHVWH]0RQVLHXUG
$UWDJQDQYRWUH
DLPDEOHFRPSDJQLHPHGLVWUDLUD
2KRKSHQVDG
$UWDJQDQHOOHQ
DMDPDLVpWpVLFKDUPDQWHGpILRQVQRXV
0LODG\SULWO
DLUOHSOXVDIIHFWXHX[TX
HOOHSXWSUHQGUHHWGRQQDWRXWO
pFODW
SRVVLEOHjVDFRQYHUVDWLRQ(QPrPHWHPSVFHWWHILqYUHTXLO
DYDLWDEDQGRQQpHXQ
LQVWDQWUHYHQDLWUHQGUHO
pFODWjVHV\HX[OHFRORULVjVHVMRXHVOHFDUPLQj
VHVOqYUHV'
$UWDJQDQUHWURXYDOD&LUFpTXLO
DYDLWGpMjHQYHORSSpGHVHV
HQFKDQWHPHQWV6RQDPRXUTX
LOFUR\DLWpWHLQWHWTXLQ
pWDLWTX
DVVRXSLVH
UpYHLOODGDQVVRQFRHXU0LODG\VRXULDLWHWG
$UWDJQDQVHQWDLWTX
LOVH
GDPQHUDLWSRXUFHVRXULUH
,O\HXWXQPRPHQWRLOVHQWLWTXHOTXHFKRVHFRPPHXQUHPRUGVGHFHTX
LODYDLW
IDLWFRQWUHHOOH
3HXjSHX0LODG\GHYLQWSOXVFRPPXQLFDWLYH(OOHGHPDQGDjG
$UWDJQDQV
LODYDLW
XQHPDvWUHVVH
+pODVGLWG
$UWDJQDQGHO
DLUOHSOXVVHQWLPHQWDOTX
LOSXWSUHQGUH
SRXYH]YRXVrWUHDVVH]FUXHOOHSRXUPHIDLUHXQHSDUHLOOHTXHVWLRQjPRLTXL
GHSXLVTXHMHYRXVDLYXHQHUHVSLUHHWQHVRXSLUHTXHSDUYRXVHWSRXUYRXV

0LODG\VRXULWG
XQpWUDQJHVRXULUH
$LQVLYRXVP
DLPH]"GLWHOOH
$LMHEHVRLQGHYRXVOHGLUHHWQHYRXVHQrWHVYRXVSRLQWDSHUoXH"
6LIDLWPDLVYRXVOHVDYH]SOXVOHVFRHXUVVRQWILHUVSOXVLOVVRQW
GLIILFLOHVjSUHQGUH
2KOHVGLIILFXOWpVQHP
HIIUDLHQWSDVGLWG
$UWDJQDQLOQ
\DTXHOHV
LPSRVVLELOLWpVTXLP
pSRXYDQWHQW
5LHQQ
HVWLPSRVVLEOHGLW0LODG\jXQYpULWDEOHDPRXU
5LHQ0DGDPH"

5LHQUHSULW0LODG\
'LDEOHUHSULWG
$UWDJQDQjSDUWOXLODQRWHHVWFKDQJpH'HYLHQGUDLWHOOH
DPRXUHXVHGHPRLSDUKDVDUGODFDSULFLHXVHHWVHUDLWHOOHGLVSRVpHjPH
GRQQHUjPRLPrPHTXHOTXHDXWUHVDSKLUSDUHLOjFHOXLTX
HOOHP
DGRQQpPH
SUHQDQWSRXUGH:DUGHV"
'
$UWDJQDQUDSSURFKDYLYHPHQWVRQVLqJHGHFHOXLGH0LODG\
9R\RQVGLWHOOHTXHIHULH]YRXVELHQSRXUSURXYHUFHWDPRXUGRQWYRXVSDUOH]
"
7RXWFHTX
RQH[LJHUDLWGHPRL4X
RQRUGRQQHHWMHVXLVSUrW
$WRXW"
$WRXWV
pFULDG
$UWDJQDQTXLVDYDLWG
DYDQFHTX
LOQ
DYDLWSDVJUDQG
FKRVHjULVTXHUHQV
HQJDJHDQWDLQVL
(KELHQFDXVRQVXQSHXGLWjVRQWRXU0LODG\HQUDSSURFKDQWVRQIDXWHXLOGH
ODFKDLVHGHG
$UWDJQDQ
-HYRXVpFRXWH0DGDPHGLWFHOXLFL
0LODG\UHVWDXQLQVWDQWVRXFLHXVHHWFRPPHLQGpFLVHSXLVSDUDLVVDQWSUHQGUH
XQHUpVROXWLRQ
-
DLXQHQQHPLGLWHOOH
9RXV0DGDPHV
pFULDG
$UWDJQDQMRXDQWODVXUSULVHHVWFHSRVVLEOHPRQ
'LHX"EHOOHHWERQQHFRPPHYRXVO
rWHV
8QHQQHPLPRUWHO
(QYpULWp"
8QHQQHPLTXLP
DLQVXOWpHVLFUXHOOHPHQWTXHF
HVWHQWUHOXLHWPRLXQH
JXHUUHjPRUW3XLVMHFRPSWHUVXUYRXVFRPPHDX[LOLDLUH"
'
$UWDJQDQFRPSULWVXUOHFKDPSRODYLQGLFDWLYHFUpDWXUHHQYRXODLWYHQLU
9RXVOHSRXYH]0DGDPHGLWLODYHFHPSKDVHPRQEUDVHWPDYLHYRXV
DSSDUWLHQQHQWFRPPHPRQDPRXU
$ORUVGLW0LODG\SXLVTXHYRXVrWHVDXVVLJpQpUHX[TX
DPRXUHX[
(OOHV
DUUrWD
(KELHQ"GHPDQGDG
$UWDJQDQ
(KELHQUHSULW0LODG\DSUqVXQPRPHQWGHVLOHQFHFHVVH]GqVDXMRXUG
KXLGH
SDUOHUG
LPSRVVLELOLWpV

1HP
DFFDEOH]SDVGHPRQERQKHXUV
pFULDG
$UWDJQDQHQVHSUpFLSLWDQWj
JHQRX[HWHQFRXYUDQWGHEDLVHUVOHVPDLQVTX
RQOXLDEDQGRQQDLW
9HQJHPRLGHFHWLQIkPHGH:DUGHVPXUPXUD0LODG\HQWUHVHVGHQWVHWMH
VDXUDLELHQPHGpEDUUDVVHUGHWRLHQVXLWHGRXEOHVRWODPHG
pSpHYLYDQWH
7RPEHYRORQWDLUHPHQWHQWUHPHVEUDVDSUqVP
DYRLUUDLOOpVLHIIURQWpPHQW
K\SRFULWHHWGDQJHUHXVHIHPPHSHQVDLWG
$UWDJQDQGHVRQF{WpHWHQVXLWHMH
ULUDLGHWRLDYHFFHOXLTXHWXYHX[WXHUSDUPDPDLQ
'
$UWDJQDQUHOHYDODWrWH
-HVXLVSUrWGLWLO
9RXVP
DYH]GRQFFRPSULVHFKHU0RQVLHXUG
$UWDJQDQGLW0LODG\
-HGHYLQHUDLVXQGHYRVUHJDUGV
$LQVLYRXVHPSORLHULH]SRXUPRLYRWUHEUDVTXLV
HVWGpMjDFTXLVWDQWGH
UHQRPPpH"
$O
LQVWDQWPrPH
0DLVPRLGLW0LODG\FRPPHQWSDLHUDLMHXQSDUHLOVHUYLFHMHFRQQDLVOHV
DPRXUHX[FHVRQWGHVJHQVTXLQHIRQWULHQSRXUULHQ"
9RXVVDYH]ODVHXOHUpSRQVHTXHMHGpVLUHGLWG
$UWDJQDQODVHXOHTXLVRLW
GLJQHGHYRXVHWGHPRL
(WLOO
DWWLUDGRXFHPHQWYHUVOXL
(OOHUpVLVWDjSHLQH
,QWpUHVVpGLWHOOHHQVRXULDQW
$KV
pFULDG
$UWDJQDQYpULWDEOHPHQWHPSRUWpSDUODSDVVLRQTXHFHWWHIHPPH
DYDLWOHGRQG
DOOXPHUGDQVVRQFRHXUDKF
HVWTXHPRQERQKHXUPHSDUDvW
LQYUDLVHPEODEOHHWTX
D\DQWWRXMRXUVSHXUGHOHYRLUV
HQYROHUFRPPHXQUrYH
M
DLKkWHG
HQIDLUHXQHUpDOLWp
(KELHQPpULWH]GRQFFHSUpWHQGXERQKHXU
-HVXLVjYRVRUGUHVGLWG
$UWDJQDQ
%LHQVU"ILW0LODG\DYHFXQGHUQLHUGRXWH
1RPPH]PRLO
LQIkPHTXLDSXIDLUHSOHXUHUYRVEHDX[\HX[
4XLYRXVGLWTXHM
DLSOHXUp"GLWHOOH
,OPHVHPEODLW
/HVIHPPHVFRPPHPRLQHSOHXUHQWSDVGLW0LODG\

7DQWPLHX[9R\RQVGLWHVPRLFRPPHQWLOV
DSSHOOH
6RQJH]TXHVRQQRPF
HVWWRXWPRQVHFUHW
,OIDXWFHSHQGDQWTXHMHVDFKHVRQQRP
2XLLOOHIDXWYR\H]VLM
DLFRQILDQFHHQYRXV
9RXVPHFRPEOH]GHMRLH&RPPHQWV
DSSHOOHWLO"
9RXVOHFRQQDLVVH]
9UDLPHQW"
2XL
&HQ
HVWSDVXQGHPHVDPLV"UHSULWG
$UWDJQDQHQMRXDQWO
KpVLWDWLRQSRXU
IDLUHFURLUHjVRQLJQRUDQFH
6LF
pWDLWXQGHYRVDPLVYRXVKpVLWHULH]GRQF"V
pFULD0LODG\(WXQ
pFODLUGHPHQDFHSDVVDGDQVVHV\HX[
1RQIWFHPRQIUqUHV
pFULDG
$UWDJQDQFRPPHHPSRUWpSDUO
HQWKRXVLDVPH
1RWUH*DVFRQV
DYDQoDLWVDQVULVTXHFDULOVDYDLWRLODOODLW
-
DLPHYRWUHGpYRXHPHQWGLW0LODG\
+pODVQ
DLPH]YRXVTXHFHODHQPRL"GHPDQGDG
$UWDJQDQ
-HYRXVDLPHDXVVLYRXVGLWHOOHHQOXLSUHQDQWODPDLQ
(WO
DUGHQWHSUHVVLRQILWIULVVRQQHUG
$UWDJQDQFRPPHVLSDUOHWRXFKHUFHWWH
ILqYUHTXLEUODLW0LODG\OHJDJQDLWOXLPrPH
9RXVP
DLPH]YRXVV
pFULDWLO2KVLFHODpWDLWFHVHUDLWjHQSHUGUH
ODUDLVRQ
(WLOO
HQYHORSSDGHVHVGHX[EUDV(OOHQ
HVVD\DSRLQWG
pFDUWHUVHVOqYUHVGH
VRQEDLVHUVHXOHPHQWHOOHQHOHOXLUHQGLWSDV
6HVOqYUHVpWDLHQWIURLGHVLOVHPEODjG
$UWDJQDQTX
LOYHQDLWG
HPEUDVVHUXQH
VWDWXH
,OQ
HQpWDLWSDVPRLQVLYUHGHMRLHpOHFWULVpG
DPRXULOFUR\DLWSUHVTXHj
ODWHQGUHVVHGH0LODG\LOFUR\DLWSUHVTXHDXFULPHGHGH:DUGHV6LGH:DUGHV
HWpWpHQFHPRPHQWVRXVVDPDLQLOO
HWWXp
0LODG\VDLVLWO
RFFDVLRQ
,OV
DSSHOOHGLWHOOHjVRQWRXU

'H:DUGHVMHOHVDLVV
pFULDG
$UWDJQDQ
(WFRPPHQWOHVDYH]YRXV"GHPDQGD0LODG\HQOXLVDLVLVVDQWOHVGHX[PDLQV
HWHQHVVD\DQWGHOLUHSDUVHV\HX[MXVTX
DXIRQGGHVRQkPH
'
$UWDJQDQVHQWLWTX
LOV
pWDLWODLVVpHPSRUWHUHWTX
LODYDLWIDLWXQHIDXWH
'LWHVGLWHVPDLVGLWHVGRQFUpSpWDLW0LODG\FRPPHQWOHVDYH]YRXV"
&RPPHQWMHOHVDLV"GLWG
$UWDJQDQ
2XL
-HOHVDLVSDUFHTXHKLHUGH:DUGHVGDQVXQVDORQRM
pWDLVDPRQWUp
XQHEDJXHTX
LODGLWWHQLUGHYRXV
/HPLVpUDEOHV
pFULD0LODG\
/
pSLWKqWHFRPPHRQOHFRPSUHQGELHQUHWHQWLWMXVTX
DXIRQGGXFRHXUGH
G
$UWDJQDQ
(KELHQ"FRQWLQXDWHOOH
(KELHQMHYRXVYHQJHUDLGHFHPLVpUDEOHUHSULWG
$UWDJQDQHQVHGRQQDQW
GHVDLUVGHGRQ-DSKHWG
$UPpQLH
0HUFLPRQEUDYHDPLV
pFULD0LODG\HWTXDQGVHUDLMHYHQJpH"
'HPDLQWRXWGHVXLWHTXDQGYRXVYRXGUH]
0LODG\DOODLWV
pFULHU7RXWGHVXLWHPDLVHOOHUpIOpFKLWTX
XQHSDUHLOOH
SUpFLSLWDWLRQVHUDLWSHXJUDFLHXVHSRXUG
$UWDJQDQ
'
DLOOHXUVHOOHDYDLWPLOOHSUpFDXWLRQVjSUHQGUHPLOOHFRQVHLOVjGRQQHUj
VRQGpIHQVHXUSRXUTX
LOpYLWkWOHVH[SOLFDWLRQVGHYDQWWpPRLQVDYHFOHFRPWH
7RXWFHODVHWURXYDSUpYXSDUXQPRWGHG
$UWDJQDQ
'HPDLQGLWLOYRXVVHUH]YHQJpHRXMHVHUDLPRUW
1RQGLWHOOHYRXVPHYHQJHUH]PDLVYRXVQHPRXUUH]SDV&
HVWXQOkFKH
$YHFOHVIHPPHVSHXWrWUHPDLVSDVDYHFOHVKRPPHV-
HQVDLVTXHOTXHFKRVH
PRL
0DLVLOPHVHPEOHTXHGDQVYRWUHOXWWHDYHFOXLYRXVQ
DYH]SDVHXjYRXV
SODLQGUHGHODIRUWXQH
/DIRUWXQHHVWXQHFRXUWLVDQHIDYRUDEOHKLHUHOOHSHXWPHWUDKLUGHPDLQ
&HTXLYHXWGLUHTXHYRXVKpVLWH]PDLQWHQDQW
1RQMHQ
KpVLWHSDV'LHXP
HQJDUGHPDLVVHUDLWLOMXVWHGHPHODLVVHU

DOOHUjXQHPRUWSRVVLEOHVDQVP
DYRLUGRQQpDXPRLQVXQSHXSOXVTXHGH
O
HVSRLU"
0LODG\UpSRQGLWSDUXQFRXSG
RHLOTXLYRXODLWGLUH
1
HVWFHTXHFHOD"SDUOH]GRQF
3XLVDFFRPSDJQDQWOHFRXSG
RHLOGHSDUROHVH[SOLFDWLYHV
&
HVWWURSMXVWHGLWHOOHWHQGUHPHQW
2KYRXVrWHVXQDQJHGLWOHMHXQHKRPPH
$LQVLWRXWHVWFRQYHQX"GLWHOOH
6DXIFHTXHMHYRXVGHPDQGHFKqUHkPH
0DLVORUVTXHMHYRXVGLVTXHYRXVSRXYH]YRXVILHUjPDWHQGUHVVH"
-HQ
DLSDVGHOHQGHPDLQSRXUDWWHQGUH
6LOHQFHM
HQWHQGVPRQIUqUHLOHVWLQXWLOHTX
LOYRXVWURXYHLFL
(OOHVRQQD.HWW\SDUXW
6RUWH]SDUFHWWHSRUWHGLWHOOHHQSRXVVDQWXQHSHWLWHSRUWHGpUREpHHW
UHYHQH]jRQ]HKHXUHVQRXVDFKqYHURQVFHWHQWUHWLHQ.HWW\YRXVLQWURGXLUD
FKH]PRL
/DSDXYUHHQIDQWSHQVDWRPEHUjODUHQYHUVHHQHQWHQGDQWFHVSDUROHV
(KELHQTXHIDLWHVYRXV0DGHPRLVHOOHjGHPHXUHUOjLPPRELOHFRPPHXQH
VWDWXH"$OORQVUHFRQGXLVH]OHFKHYDOLHUHWFHVRLUjRQ]HKHXUHVYRXVDYH]
HQWHQGX
,OSDUDvWTXHVHVUHQGH]YRXVVRQWjRQ]HKHXUHVSHQVDG
$UWDJQDQF
HVWXQH
KDELWXGHSULVH
0LODG\OXLWHQGLWXQHPDLQTX
LOEDLVDWHQGUHPHQW
9R\RQVGLWLOHQVHUHWLUDQWHWHQUpSRQGDQWjSHLQHDX[UHSURFKHVGH.HWW\
YR\RQVQHVR\RQVSDVXQVRWGpFLGpPHQWFHWWHIHPPHHVWXQHJUDQGHVFpOpUDWH
SUHQRQVJDUGH

&KDSLWUH;;;9,,
/(6(&5(7'(0,/$'<


'
$UWDJQDQpWDLWVRUWLGHO
K{WHODXOLHXGHPRQWHUWRXWGHVXLWHFKH].HWW\
PDOJUpOHVLQVWDQFHVTXHOXLDYDLWIDLWHVODMHXQHILOOHHWFHODSRXUGHX[
UDLVRQVODSUHPLqUHSDUFHTXHGHFHWWHIDoRQLOpYLWDLWOHVUHSURFKHVOHV
UpFULPLQDWLRQVOHVSULqUHVODVHFRQGHSDUFHTX
LOQ
pWDLWSDVIkFKpGHOLUH
XQSHXGDQVVDSHQVpHHWV
LOpWDLWSRVVLEOHGDQVFHOOHGHFHWWHIHPPH
7RXWFHTX
LO\DYDLWGHSOXVFODLUOjGHGDQVF
HVWTXHG
$UWDJQDQDLPDLW
0LODG\FRPPHXQIRXHWTX
HOOHQHO
DLPDLWSDVOHPRLQVGXPRQGH8QLQVWDQW
G
$UWDJQDQFRPSULWTXHFHTX
LODXUDLWGHPLHX[jIDLUHVHUDLWGHUHQWUHUFKH]
OXLHWG
pFULUHj0LODG\XQHORQJXHOHWWUHGDQVODTXHOOHLOOXLDYRXHUDLWTXH
OXLHWGH:DUGHVpWDLHQWMXVTX
jSUpVHQWDEVROXPHQWOHPrPHTXHSDUFRQVpTXHQW
LOQHSRXYDLWV
HQJDJHUVRXVSHLQHGHVXLFLGHjWXHUGH:DUGHV0DLVOXLDXVVL
pWDLWpSHURQQpG
XQIpURFHGpVLUGHYHQJHDQFHLOYRXODLWSRVVpGHUjVRQWRXU
FHWWHIHPPHVRXVVRQSURSUHQRPHWFRPPHFHWWHYHQJHDQFHOXLSDUDLVVDLWDYRLU
XQHFHUWDLQHGRXFHXULOQHYRXODLWSRLQW\UHQRQFHU
,OILWFLQTRXVL[IRLVOHWRXUGHODSODFH5R\DOHVHUHWRXUQDQWGHGL[SDVHQ
GL[SDVSRXUUHJDUGHUODOXPLqUHGHO
DSSDUWHPHQWGH0LODG\TX
RQDSHUFHYDLWj
WUDYHUVOHVMDORXVLHVLOpWDLWpYLGHQWTXHFHWWHIRLVODMHXQHIHPPHpWDLW
PRLQVSUHVVpHTXHODSUHPLqUHGHUHQWUHUGDQVVDFKDPEUH
(QILQODOXPLqUHGLVSDUXW
$YHFFHWWHOXHXUV
pWHLJQLWODGHUQLqUHLUUpVROXWLRQGDQVOHFRHXUGHG
$UWDJQDQ
LOVHUDSSHODOHVGpWDLOVGHODSUHPLqUHQXLWHWOHFRHXUERQGLVVDQWOD
WrWHHQIHXLOUHQWUDGDQVO
K{WHOHWVHSUpFLSLWDGDQVODFKDPEUHGH.HWW\
/DMHXQHILOOHSkOHFRPPHODPRUWWUHPEODQWGHWRXVVHVPHPEUHVYRXOXW
DUUrWHUVRQDPDQWPDLV0LODG\O
RUHLOOHDXJXHWDYDLWHQWHQGXOHEUXLW
TX
DYDLWIDLWG
$UWDJQDQHOOHRXYULWODSRUWH
9HQH]GLWHOOH
7RXWFHODpWDLWG
XQHVLLQFUR\DEOHLPSUXGHQFHG
XQHVLPRQVWUXHXVH
HIIURQWHULHTX
jSHLQHVLG
$UWDJQDQSRXYDLWFURLUHjFHTX
LOYR\DLWHWjFH
TX
LOHQWHQGDLW,OFUR\DLWrWUHHQWUDvQpGDQVTXHOTX
XQHGHFHVLQWULJXHV
IDQWDVWLTXHVFRPPHRQHQDFFRPSOLWHQUrYH
,OQHV
pODQoDSDVPRLQVYHUV0LODG\FpGDQWjFHWWHDWWUDFWLRQTXHO
DLPDQW
H[HUFHVXUOHIHU/DSRUWHVHUHIHUPDGHUULqUHHX[
.HWW\V
pODQoDjVRQWRXUFRQWUHODSRUWH
/DMDORXVLHODIXUHXUO
RUJXHLORIIHQVpWRXWHVOHVSDVVLRQVHQILQTXLVH
GLVSXWHQWOHFRHXUG
XQHIHPPHDPRXUHXVHODSRXVVDLHQWjXQHUpYpODWLRQPDLV
HOOHpWDLWSHUGXHVLHOOHDYRXDLWDYRLUGRQQpOHVPDLQVjXQHSDUHLOOH
PDFKLQDWLRQHWSDUGHVVXVWRXWG
$UWDJQDQpWDLWSHUGXSRXUHOOH&HWWH
GHUQLqUHSHQVpHG
DPRXUOXLFRQVHLOODHQFRUHFHGHUQLHUVDFULILFH
'
$UWDJQDQGHVRQF{WppWDLWDUULYpDXFRPEOHGHWRXVVHVYRHX[FHQ
pWDLW
SOXVXQULYDOTX
RQDLPDLWHQOXLF
pWDLWOXLPrPHTX
RQDYDLWO
DLUG
DLPHU
8QHYRL[VHFUqWHOXLGLVDLWELHQDXIRQGGXFRHXUTX
LOQ
pWDLWTX
XQLQVWUXPHQW

GHYHQJHDQFHTXHO
RQFDUHVVDLWHQDWWHQGDQWTX
LOGRQQkWODPRUWPDLV
O
RUJXHLOPDLVO
DPRXUSURSUHPDLVODIROLHIDLVDLHQWWDLUHFHWWHYRL[
pWRXIIDLHQWFHPXUPXUH3XLVQRWUH*DVFRQDYHFODGRVHGHFRQILDQFHTXHQRXV
OXLFRQQDLVVRQVVHFRPSDUDLWjGH:DUGHVHWVHGHPDQGDLWSRXUTXRLDXERXWGX
FRPSWHRQQHO
DLPHUDLWSDVOXLDXVVLSRXUOXLPrPH
,OV
DEDQGRQQDGRQFWRXWHQWLHUDX[VHQVDWLRQVGXPRPHQW0LODG\QHIXWSOXV
SRXUOXLFHWWHIHPPHDX[LQWHQWLRQVIDWDOHVTXLO
DYDLWXQLQVWDQWpSRXYDQWpFH
IXWXQHPDvWUHVVHDUGHQWHHWSDVVLRQQpHV
DEDQGRQQDQWWRXWHQWLqUHjXQDPRXU
TX
HOOHVHPEODLWpSURXYHUHOOHPrPH'HX[KHXUHVjSHXSUqVV
pFRXOqUHQWDLQVL
&HSHQGDQWOHVWUDQVSRUWVGHVGHX[DPDQWVVHFDOPqUHQW0LODG\TXLQ
DYDLW
SRLQWOHVPrPHVPRWLIVTXHG
$UWDJQDQSRXURXEOLHUUHYLQWODSUHPLqUHjOD
UpDOLWpHWGHPDQGDDXMHXQHKRPPHVLOHVPHVXUHVTXLGHYDLHQWDPHQHUOH
OHQGHPDLQHQWUHOXLHWGH:DUGHVXQHUHQFRQWUHpWDLHQWELHQDUUrWpHVG
DYDQFH
GDQVVRQHVSULW
0DLVG
$UWDJQDQGRQWOHVLGpHVDYDLHQWSULVXQWRXWDXWUHFRXUVV
RXEOLDFRPPH
XQVRWHWUpSRQGLWJDODPPHQWTX
LOpWDLWELHQWDUGSRXUV
RFFXSHUGHGXHOVj
FRXSVG
pSpH
&HWWHIURLGHXUSRXUOHVVHXOVLQWpUrWVTXLO
RFFXSDVVHQWHIIUD\D0LODG\GRQW
OHVTXHVWLRQVGHYLQUHQWSOXVSUHVVDQWHV
$ORUVG
$UWDJQDQTXLQ
DYDLWMDPDLVVpULHXVHPHQWSHQVpjFHGXHOLPSRVVLEOH
YRXOXWGpWRXUQHUODFRQYHUVDWLRQPDLVLOQ
pWDLWSOXVGHIRUFH
0LODG\OHFRQWLQWGDQVOHVOLPLWHVTX
HOOHDYDLWWUDFpHVG
DYDQFHDYHFVRQ
HVSULWLUUpVLVWLEOHHWVDYRORQWpGHIHU
'
$UWDJQDQVHFUXWIRUWVSLULWXHOHQFRQVHLOODQWj0LODG\GHUHQRQFHUHQ
SDUGRQQDQWjGH:DUGHVDX[SURMHWVIXULHX[TX
HOOHDYDLWIRUPpV
0DLVDX[SUHPLHUVPRWVTX
LOGLWODMHXQHIHPPHWUHVVDLOOLWHWV
pORLJQD
$XULH]YRXVSHXUFKHUG
$UWDJQDQ"GLWHOOHG
XQHYRL[DLJXsHWUDLOOHXVHTXL
UpVRQQDpWUDQJHPHQWGDQVO
REVFXULWp
9RXVQHOHSHQVH]SDVFKqUHkPHUpSRQGLWG
$UWDJQDQPDLVHQILQVLFH
SDXYUHFRPWHGH:DUGHVpWDLWPRLQVFRXSDEOHTXHYRXVQHOHSHQVH]"
(QWRXWFDVGLWJUDYHPHQW0LODG\LOP
DWURPSpHHWGXPRPHQWRLOP
D
WURPSpHLODPpULWpODPRUW
,OPRXUUDGRQFSXLVTXHYRXVOHFRQGDPQH]GLWG
$UWDJQDQG
XQWRQVL
IHUPHTX
LOSDUXWj0LODG\O
H[SUHVVLRQG
XQGpYRXHPHQWjWRXWHpSUHXYH
$XVVLW{WHOOHVHUDSSURFKDGHOXL
1RXVQHSRXUULRQVGLUHOHWHPSVTXHGXUDODQXLWSRXU0LODG\PDLVG
$UWDJQDQ
FUR\DLWrWUHSUqVG
HOOHGHSXLVGHX[KHXUHVjSHLQHORUVTXHOHMRXUSDUXWDX[
IHQWHVGHVMDORXVLHVHWELHQW{WHQYDKLWODFKDPEUHGHVDOXHXUEODIDUGH

$ORUV0LODG\YR\DQWTXHG
$UWDJQDQDOODLWODTXLWWHUOXLUDSSHODODSURPHVVH
TX
LOOXLDYDLWIDLWHGHODYHQJHUGHGH:DUGHV
-HVXLVWRXWSUrWGLWG
$UWDJQDQPDLVDXSDUDYDQWMHYRXGUDLVrWUHFHUWDLQ
G
XQHFKRVH
'HODTXHOOH"GHPDQGD0LODG\
&
HVWTXHYRXVP
DLPH]
-HYRXVHQDLGRQQpODSUHXYHFHPHVHPEOH
2XLDXVVLMHVXLVjYRXVFRUSVHWkPH
0HUFLPRQEUDYHDPDQWPDLVGHPrPHTXHMHYRXVDLSURXYpPRQDPRXUYRXV
PHSURXYHUH]OHY{WUHjYRWUHWRXUQ
HVWFHSDV"
&HUWDLQHPHQW0DLVVLYRXVP
DLPH]FRPPHYRXVPHOHGLWHVUHSULWG
$UWDJQDQ
QHFUDLJQH]YRXVSDVXQSHXSRXUPRL"
4XHSXLVMHFUDLQGUH"
0DLVHQILQTXHMHVRLVEOHVVpGDQJHUHXVHPHQWWXpPrPH
,PSRVVLEOHGLW0LODG\YRXVrWHVXQKRPPHVLYDLOODQWHWXQHVLILQHpSpH
9RXVQHSUpIpUHULH]GRQFSRLQWUHSULWG
$UWDJQDQXQPR\HQTXLYRXV
YHQJHUDLWGHPrPHWRXWHQUHQGDQWLQXWLOHOHFRPEDW
0LODG\UHJDUGDVRQDPDQWHQVLOHQFHFHWWHOXHXUEODIDUGHGHVSUHPLHUVUD\RQV
GXMRXUGRQQDLWjVHV\HX[FODLUVXQHH[SUHVVLRQpWUDQJHPHQWIXQHVWH
9UDLPHQWGLWHOOHMHFURLVTXHYRLOjTXHYRXVKpVLWH]PDLQWHQDQW
1RQMHQ
KpVLWHSDVPDLVF
HVWTXHFHSDXYUHFRPWHGH:DUGHVPHIDLW
YUDLPHQWSHLQHGHSXLVTXHYRXVQHO
DLPH]SOXVHWLOPHVHPEOHTX
XQKRPPHGRLW
rWUHVLFUXHOOHPHQWSXQLSDUODSHUWHVHXOHGHYRWUHDPRXUTX
LOQ
DSDVEHVRLQ
G
DXWUHFKkWLPHQW
4XLYRXVGLWTXHMHO
DLHDLPp"GHPDQGD0LODG\
$XPRLQVSXLVMHFURLUHPDLQWHQDQWVDQVWURSGHIDWXLWpTXHYRXVHQDLPH]XQ
DXWUHGLWOHMHXQHKRPPHG
XQWRQFDUHVVDQWHWMHYRXVOHUpSqWHMH
P
LQWpUHVVHDXFRPWH
9RXV"GHPDQGD0LODG\
2XLPRL
(WSRXUTXRLYRXV"
3DUFHTXHVHXOMHVDLV

4XRL"
4X
LOHVWORLQG
rWUHRXSOXW{WG
DYRLUpWpDXVVLFRXSDEOHHQYHUVYRXVTX
LO
OHSDUDvW
(QYpULWpGLW0LODG\G
XQDLULQTXLHWH[SOLTXH]YRXVFDUMHQHVDLV
YUDLPHQWFHTXHYRXVYRXOH]GLUH
(WHOOHUHJDUGDLWG
$UWDJQDQTXLODWHQDLWHPEUDVVpHDYHFGHV\HX[TXL
VHPEODLHQWV
HQIODPPHUSHXjSHX
2XLMHVXLVJDODQWKRPPHPRLGLWG
$UWDJQDQGpFLGpjHQILQLUHWGHSXLV
TXHYRWUHDPRXUHVWjPRLTXHMHVXLVELHQVUGHOHSRVVpGHUFDUMHOH
SRVVqGHQ
HVWFHSDV"
7RXWHQWLHUFRQWLQXH]
(KELHQMHPHVHQVFRPPHWUDQVSRUWpXQDYHXPHSqVH
8QDYHX"
6LM
HXVVHGRXWpGHYRWUHDPRXUMHQHO
HXVVHSDVIDLWPDLVYRXVP
DLPH]
PDEHOOHPDvWUHVVH"Q
HVWFHSDVYRXVP
DLPH]"
6DQVGRXWH
$ORUVVLSDUH[FqVG
DPRXUMHPHVXLVUHQGXFRXSDEOHHQYHUVYRXVYRXVPH
SDUGRQQHUH]"
3HXWrWUH
'
$UWDJQDQHVVD\DDYHFOHSOXVGRX[VRXULUHTX
LOSWSUHQGUHGHUDSSURFKHU
VHVOqYUHVGHVOqYUHVGH0LODG\PDLVFHOOHFLO
pFDUWD
&HWDYHXGLWHOOHHQSkOLVVDQWTXHOHVWFHWDYHX"
9RXVDYLH]GRQQpUHQGH]YRXVjGH:DUGHVMHXGLGHUQLHUGDQVFHWWHPrPH
FKDPEUHQ
HVWFHSDV"
0RLQRQFHODQ
HVWSDVGLW0LODG\G
XQWRQGHYRL[VLIHUPHHWG
XQ
YLVDJHVLLPSDVVLEOHTXHVLG
$UWDJQDQQ
HWSDVHXXQHFHUWLWXGHVLSDUIDLWH
LOHWGRXWp
1HPHQWH]SDVPRQEHODQJHGLWG
$UWDJQDQHQVRXULDQWFHVHUDLWLQXWLOH
&RPPHQWFHOD"SDUOH]GRQFYRXVPHIDLWHVPRXULU
2KUDVVXUH]YRXVYRXVQ
rWHVSRLQWFRXSDEOHHQYHUVPRLHWMHYRXVDLGpMj
SDUGRQQp
$SUqVDSUqV"

'H:DUGHVQHSHXWVHJORULILHUGHULHQ
3RXUTXRL"9RXVP
DYH]GLWYRXVPrPHTXHFHWWHEDJXH
&HWWHEDJXHPRQDPRXUF
HVWPRLTXLO
DL/HFRPWHGH:DUGHVGHMHXGLHWOH
G
$UWDJQDQG
DXMRXUG
KXLVRQWODPrPHSHUVRQQH
/
LPSUXGHQWV
DWWHQGDLWjXQHVXUSULVHPrOpHGHSXGHXUjXQSHWLWRUDJHTXLVH
UpVRXGUDLWHQODUPHVPDLVLOVHWURPSDLWpWUDQJHPHQWHWVRQHUUHXUQHIXWSDV
ORQJXH
3kOHHWWHUULEOH0LODG\VHUHGUHVVDHWUHSRXVVDQWG
$UWDJQDQG
XQYLROHQW
FRXSGDQVODSRLWULQHHOOHV
pODQoDKRUVGXOLW
,OIDLVDLWDORUVSUHVTXHJUDQGMRXU
'
$UWDJQDQODUHWLQWSDUVRQSHLJQRLUGHILQHWRLOHGHV,QGHVSRXULPSORUHUVRQ
SDUGRQPDLVHOOHG
XQPRXYHPHQWSXLVVDQWHWUpVROXHOOHHVVD\DGHIXLU
$ORUVODEDWLVWHVHGpFKLUDHQODLVVDQWjQXOHVpSDXOHVHWVXUO
XQHGHFHV
EHOOHVpSDXOHVURQGHVHWEODQFKHVG
$UWDJQDQDYHFXQVDLVLVVHPHQW
LQH[SULPDEOHUHFRQQXWODIOHXUGHO\VFHWWHPDUTXHLQGpOpELOHTX
LPSULPHOD
PDLQLQIDPDQWHGXERXUUHDX
*UDQG'LHXV
pFULDG
$UWDJQDQHQOkFKDQWOHSHLJQRLU
(WLOGHPHXUDPXHWLPPRELOHHWJODFpVXUOHOLW
0DLV0LODG\VHVHQWDLWGpQRQFpHSDUO
HIIURLPrPHGHG
$UWDJQDQ6DQVGRXWHLO
DYDLWWRXWYXOHMHXQHKRPPHPDLQWHQDQWVDYDLWVRQVHFUHWVHFUHWWHUULEOH
TXHWRXWOHPRQGHLJQRUDLWH[FHSWpOXL
(OOHVHUHWRXUQDQRQSOXVFRPPHXQHIHPPHIXULHXVHPDLVFRPPHXQHSDQWKqUH
EOHVVpH
$KPLVpUDEOHGLWHOOHWXP
DVOkFKHPHQWWUDKLHHWGHSOXVWXDVPRQ
VHFUHW7XPRXUUDV
(WHOOHFRXUXWjXQFRIIUHWGHPDUTXHWHULHSRVpVXUODWRLOHWWHO
RXYULWG
XQH
PDLQILpYUHXVHHWWUHPEODQWHHQWLUDXQSHWLWSRLJQDUGjPDQFKHG
RUjODODPH
DLJXsHWPLQFHHWUHYLQWG
XQERQGVXUG
$UWDJQDQjGHPLQX
4XRLTXHOHMHXQHKRPPHIWEUDYHRQOHVDLWLOIXWpSRXYDQWpGHFHWWHILJXUH
ERXOHYHUVpHGHFHVSXSLOOHVGLODWpHVKRUULEOHPHQWGHFHVMRXHVSkOHVHWGHFHV
OqYUHVVDQJODQWHVLOUHFXODMXVTX
jODUXHOOHFRPPHLOHWIDLWjO
DSSURFKH
G
XQVHUSHQWTXLHWUDPSpYHUVOXLHWVRQpSpHVHUHQFRQWUDQWVRXVVDPDLQ
VRXLOOpHGHVXHXULOODWLUDGXIRXUUHDX
0DLVVDQVV
LQTXLpWHUGHO
pSpH0LODG\HVVD\DGHUHPRQWHUVXUOHOLWSRXUOH
IUDSSHUHWHOOHQHV
DUUrWDTXHORUVTX
HOOHVHQWLWODSRLQWHDLJXsVXUVD
JRUJH
$ORUVHOOHHVVD\DGHVDLVLUFHWWHpSpHDYHFOHVPDLQVPDLVG
$UWDJQDQO
pFDUWD
WRXMRXUVGHVHVpWUHLQWHVHWODOXLSUpVHQWDQWWDQW{WDX[\HX[WDQW{WjOD

SRLWULQHLOVHODLVVDJOLVVHUjEDVGXOLWFKHUFKDQWSRXUIDLUHUHWUDLWHOD
SRUWHTXLFRQGXLVDLWFKH].HWW\
0LODG\SHQGDQWFHWHPSVVHUXDLWVXUOXLDYHFG
KRUULEOHVWUDQVSRUWV
UXJLVVDQWG
XQHIDoRQIRUPLGDEOH
&HSHQGDQWFHODUHVVHPEODLWjXQGXHODXVVLG
$UWDJQDQVHUHPHWWDLWSHWLWj
SHWLW
%LHQEHOOHGDPHELHQGLVDLWLOPDLVGHSDU'LHXFDOPH]YRXVRXMHYRXV
GHVVLQHXQHVHFRQGHIOHXUGHOLVVXUO
DXWUHpSDXOH
,QIkPHLQIkPHKXUODLW0LODG\
0DLVG
$UWDJQDQFKHUFKDQWWRXMRXUVODSRUWHVHWHQDLWVXUODGpIHQVLYH
$XEUXLWTX
LOVIDLVDLHQWHOOHUHQYHUVDQWOHVPHXEOHVSRXUDOOHUjOXLOXL
V
DEULWDQWGHUULqUHOHVPHXEOHVSRXUVHJDUDQWLUG
HOOH.HWW\RXYULWODSRUWH
'
$UWDJQDQTXLDYDLWVDQVFHVVHPDQRHXYUpSRXUVHUDSSURFKHUGHFHWWHSRUWH
Q
HQpWDLWSOXVTX
jWURLVSDV'
XQVHXOpODQLOV
pODQoDGHODFKDPEUHGH
0LODG\GDQVFHOOHGHODVXLYDQWHHWUDSLGHFRPPHO
pFODLULOUHIHUPDOD
SRUWHFRQWUHODTXHOOHLOV
DSSX\DGHWRXWVRQSRLGVWDQGLVTXH.HWW\SRXVVDLW
OHVYHUURXV
$ORUV0LODG\HVVD\DGHUHQYHUVHUO
DUFERXWDQWTXLO
HQIHUPDLWGDQVVDFKDPEUH
DYHFGHVIRUFHVELHQDXGHVVXVGHFHOOHVG
XQHIHPPHSXLVORUVTX
HOOHVHQWLW
TXHF
pWDLWFKRVHLPSRVVLEOHHOOHFULEODODSRUWHGHFRXSVGHSRLJQDUGGRQW
TXHOTXHVXQVWUDYHUVqUHQWO
pSDLVVHXUGXERLV
&KDTXHFRXSpWDLWDFFRPSDJQpG
XQHLPSUpFDWLRQWHUULEOH
9LWHYLWH.HWW\GLWG
$UWDJQDQjGHPLYRL[ORUVTXHOHVYHUURXVIXUHQWPLV
IDLVPRLVRUWLUGHO
K{WHORXVLQRXVOXLODLVVRQVOHWHPSVGHVHUHWRXUQHU
HOOHPHIHUDWXHUSDUOHVODTXDLV
0DLVYRXVQHSRXYH]SDVVRUWLUDLQVLGLW.HWW\YRXVrWHVWRXWQX
&
HVWYUDLGLWG
$UWDJQDQTXLV
DSHUoXWDORUVVHXOHPHQWGXFRVWXPHGDQV
OHTXHOLOVHWURXYDLWF
HVWYUDLKDELOOHWRLFRPPHWXSRXUUDVPDLV
KkWRQVQRXVFRPSUHQGVWXLO\YDGHODYLHHWGHODPRUW
.HWW\QHFRPSUHQDLWTXHWURSHQXQWRXUGHPDLQHOOHO
DIIXEODG
XQHUREHj
IOHXUVG
XQHODUJHFRLIIHHWG
XQPDQWHOHWHOOHOXLGRQQDGHVSDQWRXIOHV
GDQVOHVTXHOOHVLOSDVVDVHVSLHGVQXVSXLVHOOHO
HQWUDvQDSDUOHVGHJUpV,O
pWDLWWHPSV0LODG\DYDLWGpMjVRQQpHWUpYHLOOpWRXWO
K{WHO/HSRUWLHUWLUD
OHFRUGRQjODYRL[GH.HWW\DXPRPHQWPrPHR0LODG\jGHPLQXHGHVRQF{Wp
FULDLWSDUODIHQrWUH
1
RXYUH]SDV

&KDSLWUH;;;9,,,

&200(176$166('(5$1*(5$7+2675289$621(48,3(0(17

/HMHXQHKRPPHV
HQIXLWWDQGLVTX
HOOHOHPHQDoDLWHQFRUHG
XQJHVWHLPSXLVVDQW
$XPRPHQWRHOOHOHSHUGLWGHYXH0LODG\WRPEDpYDQRXLHGDQVVDFKDPEUH
'
$UWDJQDQpWDLWWHOOHPHQWERXOHYHUVpTXHVDQVV
LQTXLpWHUGHFHTXH
GHYLHQGUDLW.HWW\LOWUDYHUVDODPRLWLpGH3DULVWRXWHQFRXUDQWHWQH
V
DUUrWDTXHGHYDQWODSRUWHG
$WKRV/
pJDUHPHQWGHVRQHVSULWODWHUUHXUTXL
O
pSHURQQDLWOHVFULVGHTXHOTXHVSDWURXLOOHVTXLVHPLUHQWjVDSRXUVXLWHHW
OHVKXpHVGHTXHOTXHVSDVVDQWVTXLPDOJUpO
KHXUHSHXDYDQFpHVHUHQGDLHQWj
OHXUVDIIDLUHVQHILUHQWTXHSUpFLSLWHUVDFRXUVH
,OWUDYHUVDODFRXUPRQWDOHVGHX[pWDJHVG
$WKRVHWIUDSSDjODSRUWHjWRXW
URPSUH
*ULPDXGYLQWRXYULUOHV\HX[ERXIILVGHVRPPHLO'
$UWDJQDQV
pODQoDDYHFWDQW
GHIRUFHGDQVO
DQWLFKDPEUHTX
LOIDLOOLWOHFXOEXWHUHQHQWUDQW
0DOJUpOHPXWLVPHKDELWXHOGXSDXYUHJDUoRQFHWWHIRLVODSDUROHOXLUHYLQW
+pOjOjV
pFULDWLOTXHYRXOH]YRXVFRXUHXVH"TXHGHPDQGH]YRXV
GU{OHVVH"
'
$UWDJQDQUHOHYDVHVFRLIIHVHWGpJDJHDVHVPDLQVGHGHVVRXVVRQPDQWHOHWj
ODYXHGHVHVPRXVWDFKHVHWGHVRQpSpHQXHOHSDXYUHGLDEOHV
DSHUoXWTX
LO
DYDLWDIIDLUHjXQKRPPH
,OFUXWDORUVTXHF
pWDLWTXHOTXHDVVDVVLQ
$XVHFRXUVjO
DLGHDXVHFRXUVV
pFULDWLO
7DLVWRLPDOKHXUHX[GLWOHMHXQHKRPPHMHVXLVG
$UWDJQDQQHPH
UHFRQQDLVWXSDV"2HVWWRQPDvWUH"
9RXV0RQVLHXUG
$UWDJQDQV
pFULD*ULPDXGpSRXYDQWp,PSRVVLEOH
*ULPDXGGLW$WKRVVRUWDQWGHVRQDSSDUWHPHQWHQUREHGHFKDPEUHMHFURLV
TXHYRXVYRXVSHUPHWWH]GHSDUOHU
$K0RQVLHXUF
HVWTXH
6LOHQFH
*ULPDXGVHFRQWHQWDGHPRQWUHUGXGRLJWG
$UWDJQDQjVRQPDvWUH
$WKRVUHFRQQXWVRQFDPDUDGHHWWRXWIOHJPDWLTXHTX
LOpWDLWLOSDUWLWG
XQ
pFODWGHULUHTXHPRWLYDLWELHQODPDVFDUDGHpWUDQJHTX
LODYDLWVRXVOHV\HX[
FRLIIHVGHWUDYHUVMXSHVWRPEDQWHVVXUOHVVRXOLHUVPDQFKHVUHWURXVVpHVHW
PRXVWDFKHVUDLGHVG
pPRWLRQ

1HULH]SDVPRQDPLV
pFULDG
$UWDJQDQGHSDUOH&LHOQHULH]SDVFDU
VXUPRQkPHMHYRXVOHGLVLOQ
\DSRLQWGHTXRLULUH
(WLOSURQRQoDFHVPRWVG
XQDLUVLVROHQQHOHWDYHFXQHpSRXYDQWHVLYUDLH
TX
$WKRVOXLSULWDXVVLW{WOHVPDLQVHQV
pFULDQW
6HULH]YRXVEOHVVpPRQDPL"YRXVrWHVELHQSkOH
1RQPDLVLOYLHQWGHP
DUULYHUXQWHUULEOHpYpQHPHQW(WHVYRXVVHXO$WKRV
"
3DUGLHXTXLYRXOH]YRXVGRQFTXLVRLWFKH]PRLjFHWWHKHXUH"
%LHQELHQ
(WG
$UWDJQDQVHSUpFLSLWDGDQVODFKDPEUHG
$WKRV
+pSDUOH]GLWFHOXLFLHQUHIHUPDQWODSRUWHHWHQSRXVVDQWOHVYHUURXV
SRXUQ
rWUHSDVGpUDQJpV/HURLHVWLOPRUW"$YH]YRXVWXp0OHFDUGLQDO"
9RXVrWHVWRXWUHQYHUVpYR\RQVYR\RQVGLWHVFDUMHPHXUVYpULWDEOHPHQW
G
LQTXLpWXGH
$WKRVGLWG
$UWDJQDQVHGpEDUUDVVDQWGHVHVYrWHPHQWVGHIHPPHHW
DSSDUDLVVDQWHQFKHPLVHSUpSDUH]YRXVjHQWHQGUHXQHKLVWRLUHLQFUR\DEOH
LQRXwH
3UHQH]G
DERUGFHWWHUREHGHFKDPEUHGLWOHPRXVTXHWDLUHjVRQDPL
'
$UWDJQDQSDVVDODUREHGHFKDPEUHSUHQDQWXQHPDQFKHSRXUXQHDXWUHWDQWLO
pWDLWHQFRUHpPX
(KELHQ"GLW$WKRV
(KELHQUpSRQGLWG
$UWDJQDQHQVHFRXUEDQWYHUVO
RUHLOOHG
$WKRVHWHQ
EDLVVDQWODYRL[0LODG\HVWPDUTXpHG
XQHIOHXUGHO\VjO
pSDXOH
$KFULDOHPRXVTXHWDLUHFRPPHV
LOHWUHoXXQHEDOOHGDQVOHFRHXU
9R\RQVGLWG
$UWDJQDQrWHVYRXVVUTXHO
DXWUHVRLWELHQPRUWH"
/
DXWUH"GLW$WKRVG
XQHYRL[VLVRXUGHTX
jSHLQHVLG
$UWDJQDQ
O
HQWHQGLW
2XLFHOOHGRQWYRXVP
DYH]SDUOpXQMRXUj$PLHQV
$WKRVSRXVVDXQJpPLVVHPHQWHWODLVVDWRPEHUVDWrWHGDQVVHVPDLQV
&HOOHFLFRQWLQXDG
$UWDJQDQHVWXQHIHPPHGHYLQJWVL[jYLQJWKXLWDQV
%ORQGHGLW$WKRVQ
HVWFHSDV"
2XL

'HV\HX[EOHXFODLUG
XQHFODUWppWUDQJHDYHFGHVFLOVHWVRXUFLOVQRLUV"
2XL
*UDQGHELHQIDLWH",OOXLPDQTXHXQHGHQWSUqVGHO
RHLOOqUHJDXFKH
2XL
/DIOHXUGHO\VHVWSHWLWHURXVVHGHFRXOHXUHWFRPPHHIIDFpHSDUOHV
FRXFKHVGHSkWHTX
RQ\DSSOLTXH
2XL
&HSHQGDQWYRXVGLWHVTX
HOOHHVW$QJODLVH
2QO
DSSHOOH0LODG\PDLVHOOHSHXWrWUH)UDQoDLVH0DOJUpFHOD/RUGGH
:LQWHUQ
HVWTXHVRQEHDXIUqUH
-HYHX[ODYRLUG
$UWDJQDQ
3UHQH]JDUGH$WKRVSUHQH]JDUGHYRXVDYH]YRXOXODWXHUHOOHHVWIHPPHj
YRXVUHQGUHODSDUHLOOHHWjQHSDVYRXVPDQTXHU
(OOHQ
RVHUDULHQGLUHFDUFHVHUDLWVHGpQRQFHUHOOHPrPH
(OOHHVWFDSDEOHGHWRXW/
DYH]YRXVMDPDLVYXHIXULHXVH"
1RQGLW$WKRV
8QHWLJUHVVHXQHSDQWKqUH$KPRQFKHU$WKRVM
DLELHQSHXUG
DYRLU
DWWLUpVXUQRXVGHX[XQHYHQJHDQFHWHUULEOH
'
$UWDJQDQUDFRQWDWRXWDORUVODFROqUHLQVHQVpHGH0LODG\HWVHVPHQDFHVGH
PRUW
9RXVDYH]UDLVRQHWVXUPRQkPHMHGRQQHUDLVPDYLHSRXUXQFKHYHXGLW
$WKRV+HXUHXVHPHQWF
HVWDSUqVGHPDLQTXHQRXVTXLWWRQV3DULVQRXVDOORQV
VHORQWRXWHSUREDELOLWpj/D5RFKHOOHHWXQHIRLVSDUWLV
(OOHYRXVVXLYUDMXVTX
DXERXWGXPRQGH$WKRVVLHOOHYRXVUHFRQQDvW
ODLVVH]GRQFVDKDLQHV
H[HUFHUVXUPRLVHXO
$KPRQFKHUTXHP
LPSRUWHTX
HOOHPHWXHGLW$WKRVHVWFHTXHSDU
KDVDUGYRXVFUR\H]TXHMHWLHQVjODYLH"
,O\DTXHOTXHKRUULEOHP\VWqUHVRXVWRXWFHOD$WKRVFHWWHIHPPHHVW
O
HVSLRQGXFDUGLQDOM
HQVXLVVU
(QFHFDVSUHQH]JDUGHjYRXV6LOHFDUGLQDOQHYRXVDSDVGDQVXQHKDXWH
DGPLUDWLRQSRXUO
DIIDLUHGH/RQGUHVLOYRXVDHQJUDQGHKDLQHPDLVFRPPHDX
ERXWGXFRPSWHLOQHSHXWULHQYRXVUHSURFKHURVWHQVLEOHPHQWHWTX
LOIDXWTXH
KDLQHVHVDWLVIDVVHVXUWRXWTXDQGF
HVWXQHKDLQHGHFDUGLQDOSUHQH]JDUGHj
YRXV6LYRXVVRUWH]QHVRUWH]SDVVHXOVLYRXVPDQJH]SUHQH]YRV

SUpFDXWLRQVPpILH]YRXVGHWRXWHQILQPrPHGHYRWUHRPEUH
+HXUHXVHPHQWGLWG
$UWDJQDQTX
LOV
DJLWVHXOHPHQWG
DOOHUMXVTX
j
DSUqVGHPDLQVRLUVDQVHQFRPEUHFDUXQHIRLVjO
DUPpHQRXVQ
DXURQVSOXVMH
O
HVSqUHTXHGHVKRPPHVjFUDLQGUH
(QDWWHQGDQWGLW$WKRVMHUHQRQFHjPHVSURMHWVGHUpFOXVLRQHWMHYDLV
SDUWRXWDYHFYRXVLOIDXWTXHYRXVUHWRXUQLH]UXHGHV)RVVR\HXUVMHYRXV
DFFRPSDJQH
0DLVVLSUqVTXHFHVRLWG
LFLUHSULWG
$UWDJQDQMHQHSXLV\UHWRXUQHU
FRPPHFHOD
&
HVWMXVWHGLW$WKRV(WLOWLUDODVRQQHWWH
*ULPDXGHQWUD
$WKRVOXLILWVLJQHG
DOOHUFKH]G
$UWDJQDQHWG
HQUDSSRUWHUGHVKDELWV
*ULPDXGUpSRQGLWSDUXQDXWUHVLJQHTX
LOFRPSUHQDLWSDUIDLWHPHQWHWSDUWLW
$KojPDLVYRLOjTXLQHQRXVDYDQFHSDVSRXUO
pTXLSHPHQWFKHUDPLGLW
$WKRVFDUVLMHQHP
DEXVHYRXVDYH]ODLVVpWRXWHYRWUHGpIURTXHFKH]
0LODG\TXLQ
DXUDVDQVGRXWHSDVO
DWWHQWLRQGHYRXVODUHWRXUQHU+HXUHXVHPHQW
TXHYRXVDYH]OHVDSKLU
/HVDSKLUHVWjYRXVPRQFKHU$WKRV1HP
DYH]YRXVSDVGLWTXHF
pWDLWXQH
EDJXHGHIDPLOOH"
2XLPRQSqUHO
DFKHWDGHX[PLOOHpFXVjFHTX
LOPHGLWDXWUHIRLVLO
IDLVDLWSDUWLHGHVFDGHDX[GHQRFHTX
LOILWjPDPqUHHWLOHVWPDJQLILTXH
0DPqUHPHOHGRQQDHWPRLIRXTXHM
pWDLVSOXW{WTXHGHJDUGHUFHWWHEDJXH
FRPPHXQHUHOLTXHVDLQWHMHODGRQQDLjPRQWRXUjFHWWHPLVpUDEOH
$ORUVPRQFKHUUHSUHQH]FHWWHEDJXHjODTXHOOHMHFRPSUHQGVTXHYRXVGHYH]
WHQLU
0RLUHSUHQGUHFHWWHEDJXHDSUqVTX
HOOHDSDVVpSDUOHVPDLQVGHO
LQIkPH
MDPDLVFHWWHEDJXHHVWVRXLOOpHG
$UWDJQDQ
9HQGH]ODGRQF
9HQGUHXQGLDPDQWTXLYLHQWGHPDPqUHMHYRXVDYRXHTXHMHUHJDUGHUDLV
FHODFRPPHXQHSURIDQDWLRQ
$ORUVHQJDJH]ODRQYRXVSUrWHUDELHQGHVVXVXQPLOOLHUG
pFXV$YHFFHWWH
VRPPHYRXVVHUH]DXGHVVXVGHYRVDIIDLUHVSXLVDXSUHPLHUDUJHQWTXLYRXV
UHQWUHUDYRXVODGpJDJHUH]HWYRXVODUHSUHQGUH]ODYpHGHVHVDQFLHQQHV
WDFKHVFDUHOOHDXUDSDVVpSDUOHVPDLQVGHVXVXULHUV
$WKRVVRXULW
9RXVrWHVXQFKDUPDQWFRPSDJQRQGLWLOPRQFKHUG
$UWDJQDQYRXVUHOHYH]

SDUYRWUHpWHUQHOOHJDLHWpOHVSDXYUHVHVSULWVGDQVO
DIIOLFWLRQ(KELHQRXL
HQJDJHRQVFHWWHEDJXHPDLVjXQHFRQGLWLRQ
/DTXHOOH"
&
HVWTX
LO\DXUDFLQTFHQWVpFXVSRXUYRXVHWFLQTFHQWVpFXVSRXUPRL
<VRQJH]YRXV$WKRV"-HQ
DLSDVEHVRLQGXTXDUWGHFHWWHVRPPHPRLTXL
VXLVGDQVOHVJDUGHVHWHQYHQGDQWPDVHOOHMHPHODSURFXUHUDL4XHPHIDXWLO
"8QFKHYDOSRXU3ODQFKHWYRLOjWRXW3XLVYRXVRXEOLH]TXHM
DLXQHEDJXH
DXVVL
$ODTXHOOHYRXVWHQH]HQFRUHSOXVFHPHVHPEOHTXHMHQHWLHQVPRLjOD
PLHQQHGXPRLQVM
DLFUXP
HQDSHUFHYRLU
2XLFDUGDQVXQHFLUFRQVWDQFHH[WUrPHHOOHSHXWQRXVWLUHUQRQVHXOHPHQWGH
TXHOTXHJUDQGHPEDUUDVPDLVHQFRUHGHTXHOTXHJUDQGGDQJHUF
HVWQRQ
VHXOHPHQWXQGLDPDQWSUpFLHX[PDLVF
HVWHQFRUHXQWDOLVPDQHQFKDQWp
-HQHYRXVFRPSUHQGVSDVPDLVMHFURLVjFHTXHYRXVPHGLWHV5HYHQRQVGRQF
jPDEDJXHRXSOXW{WjODY{WUHYRXVWRXFKHUH]ODPRLWLpGHODVRPPHTX
RQ
QRXVGRQQHUDVXUHOOHRXMHODMHWWHGDQVOD6HLQHHWMHGRXWHTXHFRPPHj
3RO\FUDWHTXHOTXHSRLVVRQVRLWDVVH]FRPSODLVDQWSRXUQRXVODUDSSRUWHU
(KELHQGRQFM
DFFHSWHGLWG
$UWDJQDQ
(QFHPRPHQW*ULPDXGUHQWUDDFFRPSDJQpGH3ODQFKHWFHOXLFLLQTXLHWGHVRQ
PDvWUHHWFXULHX[GHVDYRLUFHTXLOXLpWDLWDUULYpDYDLWSURILWpGHOD
FLUFRQVWDQFHHWDSSRUWDLWOHVKDELWVOXLPrPH
'
$UWDJQDQV
KDELOOD$WKRVHQILWDXWDQWSXLVTXDQGWRXVGHX[IXUHQWSUrWVj
VRUWLUFHGHUQLHUILWj*ULPDXGOHVLJQHG
XQKRPPHTXLPHWHQMRXHFHOXLFL
GpFURFKDDXVVLW{WVRQPRXVTXHWRQHWV
DSSUrWDjDFFRPSDJQHUVRQPDvWUH
$WKRVHWG
$UWDJQDQVXLYLVGHOHXUVYDOHWVDUULYqUHQWVDQVLQFLGHQWjODUXHGHV
)RVVR\HXUV%RQDFLHX[pWDLWVXUODSRUWHLOUHJDUGDG
$UWDJQDQG
XQDLU
JRJXHQDUG
(KPRQFKHUORFDWDLUHGLWLOKkWH]YRXVGRQFYRXVDYH]XQHEHOOHMHXQH
ILOOHTXLYRXVDWWHQGFKH]YRXVHWOHVIHPPHVYRXVOHVDYH]Q
DLPHQWSDV
TX
RQOHVIDVVHDWWHQGUH
&
HVW.HWW\V
pFULDG
$UWDJQDQ
(WLOV
pODQoDGDQVO
DOOpH
(IIHFWLYHPHQWVXUOHFDUUpFRQGXLVDQWjVDFKDPEUHHWWDSLHFRQWUHVDSRUWH
LOWURXYDODSDXYUHHQIDQWWRXWHWUHPEODQWH'qVTX
HOOHO
DSHUoXW
9RXVP
DYH]SURPLVYRWUHSURWHFWLRQYRXVP
DYH]SURPLVGHPHVDXYHUGHVD
FROqUHGLWHOOHVRXYHQH]YRXVTXHF
HVWYRXVTXLP
DYH]SHUGXH
2XLVDQVGRXWHGLWG
$UWDJQDQVRLVWUDQTXLOOH.HWW\0DLVTX
HVWLO

DUULYpDSUqVPRQGpSDUW"
/HVDLVMH"GLW.HWW\$X[FULVTX
HOOHDSRXVVpVOHVODTXDLVVRQWDFFRXUXV
HOOHpWDLWIROOHGHFROqUHWRXWFHTX
LOH[LVWHG
LPSUpFDWLRQVHOOHOHVD
YRPLHVFRQWUHYRXV$ORUVM
DLSHQVpTX
HOOHVHUDSSHOOHUDLWTXHF
pWDLWSDUPD
FKDPEUHTXHYRXVDYLH]SpQpWUpGDQVODVLHQQHHWTX
DORUVHOOHVRQJHUDLWTXH
M
pWDLVYRWUHFRPSOLFHM
DLSULVOHSHXG
DUJHQWTXHM
DYDLVPHVKDUGHVOHV
SOXVSUpFLHXVHVHWMHPHVXLVVDXYpH
3DXYUHHQIDQW0DLVTXHYDLVMHIDLUHGHWRL"-HSDUVDSUqVGHPDLQ
7RXWFHTXHYRXVYRXGUH]0RQVLHXUOHFKHYDOLHUIDLWHVPRLTXLWWHU3DULV
IDLWHVPRLTXLWWHUOD)UDQFH
-HQHSXLVFHSHQGDQWSDVW
HPPHQHUDYHFPRLDXVLqJHGH/D5RFKHOOHGLW
G
$UWDJQDQ
1RQPDLVYRXVSRXYH]PHSODFHUHQSURYLQFHFKH]TXHOTXHGDPHGHYRWUH
FRQQDLVVDQFHGDQVYRWUHSD\VSDUH[HPSOH
$KPDFKqUHDPLHGDQVPRQSD\VOHVGDPHVQ
RQWSRLQWGHIHPPHVGH
FKDPEUH0DLVDWWHQGVM
DLWRQDIIDLUH3ODQFKHWYDPHFKHUFKHU$UDPLV
TX
LOYLHQQHWRXWGHVXLWH1RXVDYRQVTXHOTXHFKRVHGHWUqVLPSRUWDQWjOXL
GLUH
-HFRPSUHQGVGLW$WKRVPDLVSRXUTXRLSDV3RUWKRV",OPHVHPEOHTXHVD
PDUTXLVH
/DPDUTXLVHGH3RUWKRVVHIDLWKDELOOHUSDUOHVFOHUFVGHVRQPDULGLW
G
$UWDJQDQHQULDQW'
DLOOHXUV.HWW\QHYRXGUDLWSDVGHPHXUHUUXHDX[2XUV
Q
HVWFHSDV.HWW\"
-HGHPHXUHUDLRO
RQYRXGUDGLW.HWW\SRXUYXTXHMHVRLVELHQFDFKpHHW
TXHO
RQQHVDFKHSDVRMHVXLV
0DLQWHQDQW.HWW\TXHQRXVDOORQVQRXVVpSDUHUHWSDUFRQVpTXHQWTXHWX
Q
HVSOXVMDORXVHGHPRL
0RQVLHXUOHFKHYDOLHUGHORLQRXGHSUqVGLW.HWW\MHYRXVDLPHUDL
WRXMRXUV
2GLDEOHODFRQVWDQFHYDWHOOHVHQLFKHU"PXUPXUD$WKRV
0RLDXVVLGLWG
$UWDJQDQPRLDXVVLMHW
DLPHUDLWRXMRXUVVRLVWUDQTXLOOH
0DLVYR\RQVUpSRQGVPRL0DLQWHQDQWM
DWWDFKHXQHJUDQGHLPSRUWDQFHjOD
TXHVWLRQTXHMHWHIDLVQ
DXUDLVWXMDPDLVHQWHQGXSDUOHUG
XQHMHXQHGDPH
TX
RQDXUDLWHQOHYpHSHQGDQWXQHQXLW
$WWHQGH]GRQF2KPRQ'LHX0RQVLHXUOHFKHYDOLHUHVWFHTXHYRXVDLPH]
HQFRUHFHWWHIHPPH"
1RQF
HVWXQGHPHVDPLVTXLO
DLPH7LHQVF
HVW$WKRVTXHYRLOj
0RLV
pFULD$WKRVDYHFXQDFFHQWSDUHLOjFHOXLG
XQKRPPHTXLV
DSHUoRLW

TX
LOYDPDUFKHUVXUXQHFRXOHXYUH
6DQVGRXWHYRXVILWG
$UWDJQDQHQVHUUDQWODPDLQG
$WKRV9RXVVDYH]ELHQ
O
LQWpUrWTXHQRXVSUHQRQVWRXVjFHWWHSDXYUHSHWLWH0PH%RQDFLHX['
DLOOHXUV
.HWW\QHGLUDULHQQ
HVWFHSDV.HWW\"7XFRPSUHQGVPRQHQIDQWFRQWLQXD
G
$UWDJQDQF
HVWODIHPPHGHFHWDIIUHX[PDJRWTXHWXDVYXVXUOHSDVGHOD
SRUWHHQHQWUDQWLFL
2KPRQ'LHXV
pFULD.HWW\YRXVPHUDSSHOH]PDSHXUSRXUYXTX
LOQH
P
DLWSDVUHFRQQXH
&RPPHQWUHFRQQXHWXDVGRQFGpMjYXFHWKRPPH"
,OHVWYHQXGHX[IRLVFKH]0LODG\
&
HVWFHOD9HUVTXHOOHpSRTXH"
0DLVLO\DTXLQ]HRXGL[KXLWMRXUVjSHXSUqV
-XVWHPHQW
(WKLHUVRLULOHVWUHYHQX
+LHUVRLU
2XLXQLQVWDQWDYDQWTXHYRXVYLQVVLH]YRXVPrPH
0RQFKHU$WKRVQRXVVRPPHVHQYHORSSpVGDQVXQUpVHDXG
HVSLRQV(WWXFURLV
TX
LOW
DUHFRQQXH.HWW\"
-
DLEDLVVpPDFRLIIHHQO
DSHUFHYDQWPDLVSHXWrWUHpWDLWLOWURSWDUG
'HVFHQGH]$WKRVYRXVGRQWLOVHPpILHPRLQVTXHGHPRLHWYR\H]V
LOHVW
WRXMRXUVVXUVDSRUWH
$WKRVGHVFHQGLWHWUHPRQWDELHQW{W
,OHVWSDUWLGLWLOHWODPDLVRQHVWIHUPpH
,OHVWDOOpIDLUHVRQUDSSRUWHWGLUHTXHWRXVOHVSLJHRQVVRQWHQFHPRPHQW
DXFRORPELHU
(KELHQPDLVHQYRORQVQRXVGLW$WKRVHWQHODLVVRQVLFLTXH3ODQFKHWSRXU
QRXVUDSSRUWHUOHVQRXYHOOHV
8QLQVWDQW(W$UDPLVTXHQRXVDYRQVHQYR\pFKHUFKHU
&
HVWMXVWHGLW$WKRVDWWHQGRQV$UDPLV
(QFHPRPHQW$UDPLVHQWUD
2QOXLH[SRVDO
DIIDLUHHWRQOXLGLWFRPPHQWLOpWDLWXUJHQWTXHSDUPLWRXWHV
VHVKDXWHVFRQQDLVVDQFHVLOWURXYkWXQHSODFHj.HWW\

$UDPLVUpIOpFKLWXQLQVWDQWHWGLWHQURXJLVVDQW
&HODYRXVUHQGUDWLOELHQUpHOOHPHQWVHUYLFHG
$UWDJQDQ"
-HYRXVHQVHUDLUHFRQQDLVVDQWWRXWHPDYLH
(KELHQ0PHGH%RLV7UDF\P
DGHPDQGpSRXUXQHGHVHVDPLHVTXLKDELWHOD
SURYLQFHMHFURLVXQHIHPPHGHFKDPEUHVUHHWVLYRXVSRXYH]PRQFKHU
G
$UWDJQDQPHUpSRQGUHGH0DGHPRLVHOOH
2K0RQVLHXUV
pFULD.HWW\MHVHUDLWRXWHGpYRXpHVR\H]HQFHUWDLQjOD
SHUVRQQHTXLPHGRQQHUDOHVPR\HQVGHTXLWWHU3DULV
$ORUVGLW$UDPLVFHODYDSRXUOHPLHX[
,OVHPLWjXQHWDEOHHWpFULYLWXQSHWLWPRWTX
LOFDFKHWDDYHFXQHEDJXHHW
GRQQDOHELOOHWj.HWW\
0DLQWHQDQWPRQHQIDQWGLWG
$UWDJQDQWXVDLVTX
LOQHIDLWSDVPHLOOHXULFL
SRXUQRXVTXHSRXUWRL$LQVLVpSDURQVQRXV1RXVQRXVUHWURXYHURQVGDQVGHV
MRXUVPHLOOHXUV
(WGDQVTXHOTXHWHPSVTXHQRXVQRXVUHWURXYLRQVHWGDQVTXHOTXHOLHXTXHFH
VRLWGLW.HWW\YRXVPHUHWURXYHUH]YRXVDLPDQWHQFRUHFRPPHMHYRXVDLPH
DXMRXUG
KXL
6HUPHQWGHMRXHXUGLW$WKRVSHQGDQWTXHG
$UWDJQDQDOODLWUHFRQGXLUH.HWW\
VXUO
HVFDOLHU
8QLQVWDQWDSUqVOHVWURLVMHXQHVJHQVVHVpSDUqUHQWHQSUHQDQWUHQGH]YRXVj
TXDWUHKHXUHVFKH]$WKRVHWHQODLVVDQW3ODQFKHWSRXUJDUGHUODPDLVRQ
$UDPLVUHQWUDFKH]OXLHW$WKRVHWG
$UWDJQDQV
LQTXLpWqUHQWGXSODFHPHQWGX
VDSKLU
&RPPHO
DYDLWSUpYXQRWUH*DVFRQRQWURXYDIDFLOHPHQWWURLVFHQWVSLVWROHVVXU
ODEDJXH'HSOXVOHMXLIDQQRQoDTXHVLRQYRXODLWODOXLYHQGUHFRPPHHOOH
OXLIHUDLWXQSHQGDQWPDJQLILTXHSRXUGHVERXFOHVG
RUHLOOHVLOHQGRQQHUDLW
MXVTX
jFLQTFHQWVSLVWROHV
$WKRVHWG
$UWDJQDQDYHFO
DFWLYLWpGHGHX[VROGDWVHWODVFLHQFHGHGHX[
FRQQDLVVHXUVPLUHQWWURLVKHXUHVjSHLQHjDFKHWHUWRXWO
pTXLSHPHQWGX
PRXVTXHWDLUH'
DLOOHXUV$WKRVpWDLWGHERQQHFRPSRVLWLRQHWJUDQGVHLJQHXU
MXVTX
DXERXWGHVRQJOHV&KDTXHIRLVTX
XQHFKRVHOXLFRQYHQDLWLOSD\DLWOH
SUL[GHPDQGpVDQVHVVD\HUPrPHG
HQUDEDWWUH'
$UWDJQDQYRXODLWELHQOjGHVVXV
IDLUHVHVREVHUYDWLRQVPDLV$WKRVOXLSRVDLWODPDLQVXUO
pSDXOHHQVRXULDQW
HWG
$UWDJQDQFRPSUHQDLWTXHF
pWDLWERQSRXUOXLSHWLWJHQWLOKRPPHJDVFRQGH
PDUFKDQGHUPDLVQRQSRXUXQKRPPHTXLDYDLWOHVDLUVG
XQSULQFH
/HPRXVTXHWDLUHWURXYDXQVXSHUEHFKHYDODQGDORXQRLUFRPPHGXMDLVDX[
QDULQHVGHIHXDX[MDPEHVILQHVHWpOpJDQWHVTXLSUHQDLWVL[DQV,OO
H[DPLQD
HWOHWURXYDVDQVGpIDXW2QOHOXLILWPLOOHOLYUHV3HXWrWUHO
HWLOHX

SRXUPRLQVPDLVWDQGLVTXHG
$UWDJQDQGLVFXWDLWVXUOHSUL[DYHFOHPDTXLJQRQ
$WKRVFRPSWDLWOHVFHQWSLVWROHVVXUODWDEOH
*ULPDXGHXWXQFKHYDOSLFDUGWUDSXHWIRUWTXLFRWDWURLVFHQWVOLYUHV
0DLVODVHOOHGHFHGHUQLHUFKHYDOHWOHVDUPHVGH*ULPDXGDFKHWpHVLOQH
UHVWDLWSOXVXQVRXGHVFHQWFLQTXDQWHSLVWROHVG
$WKRV'
$UWDJQDQRIIULWjVRQ
DPLGHPRUGUHXQHERXFKpHGDQVODSDUWTXLOXLUHYHQDLWTXLWWHjOXLUHQGUH
SOXVWDUGFHTX
LOOXLDXUDLWHPSUXQWp
0DLV$WKRVSRXUWRXWHUpSRQVHVHFRQWHQWDGHKDXVVHUOHVpSDXOHV
&RPELHQOHMXLIGRQQDLWLOGXVDSKLUSRXUO
DYRLUHQWRXWHSURSULpWp"GHPDQGD
$WKRV
&LQTFHQWVSLVWROHV
&
HVWjGLUHGHX[FHQWVSLVWROHVGHSOXVFHQWSLVWROHVSRXUYRXVFHQW
SLVWROHVSRXUPRL0DLVF
HVWXQHYpULWDEOHIRUWXQHFHODPRQDPLUHWRXUQH]
FKH]OHMXLI
&RPPHQWYRXVYRXOH]
&HWWHEDJXHGpFLGpPHQWPHUDSSHOOHUDLWGHWURSWULVWHVVRXYHQLUVSXLV
QRXVQ
DXURQVMDPDLVWURLVFHQWVSLVWROHVjOXLUHQGUHGHVRUWHTXHQRXV
SHUGULRQVGHX[PLOOHOLYUHVjFHPDUFKp$OOH]OXLGLUHTXHODEDJXHHVWjOXL
G
$UWDJQDQHWUHYHQH]DYHFOHVGHX[FHQWVSLVWROHV
5pIOpFKLVVH]$WKRV
/
DUJHQWFRPSWDQWHVWFKHUSDUOHWHPSVTXLFRXUWHWLOIDXWVDYRLUIDLUH
GHVVDFULILFHV$OOH]G
$UWDJQDQDOOH]*ULPDXGYRXVDFFRPSDJQHUDDYHFVRQ
PRXVTXHWRQ
8QHGHPLKHXUHDSUqVG
$UWDJQDQUHYLQWDYHFOHVGHX[PLOOHOLYUHVHWVDQVTX
LO
OXLIWDUULYpDXFXQDFFLGHQW
&HIXWDLQVLTX
$WKRVWURXYDGDQVVRQPpQDJHGHVUHVVRXUFHVDX[TXHOOHVLOQH
V
DWWHQGDLWSDV

&KDSLWUH;;;,;
81(9,6,21

$TXDWUHKHXUHVOHVTXDWUHDPLVpWDLHQWGRQFUpXQLVFKH]$WKRV/HXUV
SUpRFFXSDWLRQVVXUO
pTXLSHPHQWDYDLHQWWRXWjIDLWGLVSDUXHWFKDTXHYLVDJHQH
FRQVHUYDLWSOXVO
H[SUHVVLRQTXHGHVHVSURSUHVHWVHFUqWHVLQTXLpWXGHVFDU
GHUULqUHWRXWERQKHXUSUpVHQWHVWFDFKpHXQHFUDLQWHjYHQLU

7RXWjFRXS3ODQFKHWHQWUDDSSRUWDQWGHX[OHWWUHVjO
DGUHVVHGHG
$UWDJQDQ
/
XQHpWDLWXQSHWLWELOOHWJHQWLPHQWSOLpHQORQJDYHFXQMROLFDFKHWGHFLUH
YHUWHVXUOHTXHOpWDLWHPSUHLQWHXQHFRORPEHUDSSRUWDQWXQUDPHDXYHUW
/
DXWUHpWDLWXQHJUDQGHpSvWUHFDUUpHHWUHVSOHQGLVVDQWHGHVDUPHVWHUULEOHVGH
6RQ(PLQHQFHOHFDUGLQDOGXF
$ODYXHGHODSHWLWHOHWWUHOHFRHXUGHG
$UWDJQDQERQGLWFDULODYDLWFUX
UHFRQQDvWUHO
pFULWXUHHWTXRLTX
LOQ
HWYXFHWWHpFULWXUHTX
XQHIRLVOD
PpPRLUHHQpWDLWUHVWpHDXSOXVSURIRQGGHVRQFRHXU
,OSULWGRQFODSHWLWHpSvWUHHWODGpFDFKHWDYLYHPHQW
3URPHQH]YRXVOXLGLVDLWRQPHUFUHGLSURFKDLQGHVL[KHXUHVjVHSWKHXUHV
GXVRLUVXUODURXWHGH&KDLOORWHWUHJDUGH]DYHFVRLQGDQVOHVFDUURVVHVTXL
SDVVHURQWPDLVVLYRXVWHQH]jYRWUHYLHHWjFHOOHGHVJHQVTXLYRXVDLPHQW
QHGLWHVSDVXQPRWQHIDLWHVSDVXQPRXYHPHQWTXLSXLVVHIDLUHFURLUHTXHYRXV
DYH]UHFRQQXFHOOHTXLV
H[SRVHjWRXWSRXUYRXVDSHUFHYRLUXQLQVWDQW
3DVGHVLJQDWXUH
&
HVWXQSLqJHGLW$WKRVQ
\DOOH]SDVG
$UWDJQDQ
&HSHQGDQWGLWG
$UWDJQDQLOPHVHPEOHELHQUHFRQQDvWUHO
pFULWXUH
(OOHHVWSHXWrWUHFRQWUHIDLWHUHSULW$WKRVjVL[RXVHSWKHXUHVGDQVFH
WHPSVFLODURXWHGH&KDLOORWHVWWRXWjIDLWGpVHUWHDXWDQWTXHYRXVDOOLH]
YRXVSURPHQHUGDQVODIRUrWGH%RQG\
0DLVVLQRXV\DOOLRQVWRXVGLWG
$UWDJQDQTXHGLDEOHRQQHQRXV
GpYRUHUDSRLQWWRXVOHVTXDWUHSOXVTXDWUHODTXDLVSOXVOHVFKHYDX[SOXV
OHVDUPHV
3XLVFHVHUDXQHRFFDVLRQGHPRQWUHUQRVpTXLSDJHVGLW3RUWKRV
0DLVVLF
HVWXQHIHPPHTXLpFULWGLW$UDPLVHWTXHFHWWHIHPPHGpVLUHQH
SDVrWUHYXHVRQJH]TXHYRXVODFRPSURPHWWH]G
$UWDJQDQFHTXLHVWPDOGHOD
SDUWG
XQJHQWLOKRPPH
1RXVUHVWHURQVHQDUULqUHGLW3RUWKRVHWOXLVHXOV
DYDQFHUD
2XLPDLVXQFRXSGHSLVWROHWHVWELHQW{WWLUpG
XQFDUURVVHTXLPDUFKHDX
JDORS
%DKGLWG
$UWDJQDQRQPHPDQTXHUD1RXVUHMRLQGURQVDORUVOHFDUURVVHHW
QRXVH[WHUPLQHURQVFHX[TXLVHWURXYHQWGHGDQV&HVHUDWRXMRXUVDXWDQW
G
HQQHPLVGHPRLQV
,ODUDLVRQGLW3RUWKRVEDWDLOOHLOIDXWELHQHVVD\HUQRVDUPHV
G
DLOOHXUV
%DKGRQQRQVQRXVFHSODLVLUGLW$UDPLVGHVRQDLUGRX[HWQRQFKDODQW

&RPPHYRXVYRXGUH]GLW$WKRV
0HVVLHXUVGLWG
$UWDJQDQLOHVWTXDWUHKHXUHVHWGHPLHHWQRXVDYRQVOH
WHPSVjSHLQHG
rWUHjVL[KHXUHVVXUODURXWHGH&KDLOORW
3XLVVLQRXVVRUWLRQVWURSWDUGGLW3RUWKRVRQQHQRXVYHUUDLWSDVFHTXL
VHUDLWGRPPDJH$OORQVGRQFQRXVDSSUrWHU0HVVLHXUV
0DLVFHWWHVHFRQGHOHWWUHGLW$WKRVYRXVO
RXEOLH]LOPHVHPEOHTXHOH
FDFKHWLQGLTXHFHSHQGDQWTX
HOOHPpULWHELHQG
rWUHRXYHUWHTXDQWjPRLMH
YRXVGpFODUHPRQFKHUG
$UWDJQDQTXHMHP
HQVRXFLHELHQSOXVTXHGXSHWLW
EULPERULRQTXHYRXVYHQH]WRXWGRXFHPHQWGHJOLVVHUVXUYRWUHFRHXU
'
$UWDJQDQURXJLW
(KELHQGLWOHMHXQHKRPPHYR\RQV0HVVLHXUVFHTXHPHYHXW6RQ(PLQHQFH
(WG
$UWDJQDQGpFDFKHWDODOHWWUHHWOXW
0G
$UWDJQDQJDUGHGXURLFRPSDJQLHGHV(VVDUWVHVWDWWHQGXDX
3DODLV&DUGLQDOFHVRLUjKXLWKHXUHV
/$+28',1,(5(
&DSLWDLQHGHVJDUGHV
'LDEOHGLW$WKRVYRLFLXQUHQGH]YRXVELHQDXWUHPHQWLQTXLpWDQWTXH
O
DXWUH
-
LUDLDXVHFRQGHQVRUWDQWGXSUHPLHUGLWG
$UWDJQDQO
XQHVWSRXUVHSW
KHXUHVO
DXWUHSRXUKXLWLO\DXUDWHPSVSRXUWRXW
+XPMHQ
LUDLVSDVGLW$UDPLVXQJDODQWFKHYDOLHUQHSHXWPDQTXHUjXQ
UHQGH]YRXVGRQQpSDUXQHGDPHPDLVXQJHQWLOKRPPHSUXGHQWSHXWV
H[FXVHUGH
QHSDVVHUHQGUHFKH]6RQ(PLQHQFHVXUWRXWORUVTX
LODTXHOTXHUDLVRQGHFURLUH
TXHFHQ
HVWSDVSRXU\UHFHYRLUGHVFRPSOLPHQWV
-HVXLVGHO
DYLVG
$UDPLVGLW3RUWKRV
0HVVLHXUVUpSRQGLWG
$UWDJQDQM
DLGpMjUHoXSDU0GH&DYRLVSDUHLOOH
LQYLWDWLRQGH6RQ(PLQHQFHMHO
DLQpJOLJpHHWOHOHQGHPDLQLOP
HVWDUULYpXQ
JUDQGPDOKHXU&RQVWDQFHDGLVSDUXTXHOTXHFKRVHTXLSXLVVHDGYHQLUM
LUDL
6LF
HVWXQSDUWLSULVGLW$WKRVIDLWHV
0DLVOD%DVWLOOH"GLW$UDPLV
%DKYRXVP
HQWLUHUH]UHSULWG
$UWDJQDQ
6DQVGRXWHUHSULUHQW$UDPLVHW3RUWKRVDYHFXQDSORPEDGPLUDEOHHWFRPPHVL
F
pWDLWODFKRVHODSOXVVLPSOHVDQVGRXWHQRXVYRXVHQWLUHURQVPDLVHQ

DWWHQGDQWFRPPHQRXVGHYRQVSDUWLUDSUqVGHPDLQYRXVIHULH]PLHX[GHQHSDV
ULVTXHUFHWWH%DVWLOOH
)DLVRQVPLHX[GLW$WKRVQHOHTXLWWRQVSDVGHODVRLUpHDWWHQGRQVOH
FKDFXQjXQHSRUWHGXSDODLVDYHFWURLVPRXVTXHWDLUHVGHUULqUHQRXVVLQRXV
YR\RQVVRUWLUTXHOTXHYRLWXUHjSRUWLqUHIHUPpHHWjGHPLVXVSHFWHQRXV
WRPEHURQVGHVVXV,O\DORQJWHPSVTXHQRXVQ
DYRQVHXPDLOOHjSDUWLUDYHFOHV
JDUGHVGH0OHFDUGLQDOHW0GH7UpYLOOHGRLWQRXVFURLUHPRUWV
'pFLGpPHQW$WKRVGLW$UDPLVYRXVpWLH]IDLWSRXUrWUHJpQpUDOG
DUPpH
TXHGLWHVYRXVGXSODQ0HVVLHXUV"
$GPLUDEOHUpSpWqUHQWHQFKRHXUOHVMHXQHVJHQV
(KELHQGLW3RUWKRVMHFRXUVjO
K{WHOMHSUpYLHQVQRVFDPDUDGHVGHVH
WHQLUSUrWVSRXUKXLWKHXUHVOHUHQGH]YRXVVHUDVXUODSODFHGX
3DODLV&DUGLQDOYRXVSHQGDQWFHWHPSVIDLWHVVHOOHUOHVFKHYDX[SDUOHV
ODTXDLV
0DLVPRLMHQ
DLSDVGHFKHYDOGLWG
$UWDJQDQPDLVMHYDLVHQIDLUH
SUHQGUHXQFKH]0GH7UpYLOOH
&
HVWLQXWLOHGLW$UDPLVYRXVSUHQGUH]XQGHVPLHQV
&RPELHQHQDYH]YRXVGRQF"GHPDQGDG
$UWDJQDQ
7URLVUpSRQGLWHQVRXULDQW$UDPLV
0RQFKHUGLW$WKRVYRXVrWHVFHUWDLQHPHQWOHSRqWHOHPLHX[PRQWpGH
)UDQFHHWGH1DYDUUH
(FRXWH]PRQFKHU$UDPLVYRXVQHVDXUH]TXHIDLUHGHWURLVFKHYDX[Q
HVWFH
SDV"MHQHFRPSUHQGVSDVPrPHTXHYRXVD\H]DFKHWpWURLVFKHYDX[
$XVVLMHQ
HQDLDFKHWpTXHGHX[GLW$UDPLV
/HWURLVLqPHYRXVHVWGRQFWRPEpGXFLHO"
1RQOHWURLVLqPHP
DpWpDPHQpFHPDWLQPrPHSDUXQGRPHVWLTXHVDQVOLYUpH
TXLQ
DSDVYRXOXPHGLUHjTXLLODSSDUWHQDLWHWTXLP
DDIILUPpDYRLUUHoX
O
RUGUHGHVRQPDvWUH
2XGHVDPDvWUHVVHLQWHUURPSLWG
$UWDJQDQ
/DFKRVHQ
\IDLWULHQGLW$UDPLVHQURXJLVVDQWHWTXLP
DDIILUPp
GLVMHDYRLUUHoXO
RUGUHGHVDPDvWUHVVHGHPHWWUHFHFKHYDOGDQVPRQpFXULH
VDQVPHGLUHGHTXHOOHSDUWLOYHQDLW
,OQ
\DTX
DX[SRqWHVTXHFHVFKRVHVOjDUULYHQWUHSULWJUDYHPHQW$WKRV
(KELHQHQFHFDVIDLVRQVPLHX[GLWG
$UWDJQDQOHTXHOGHVGHX[FKHYDX[
PRQWHUH]YRXVFHOXLTXHYRXVDYH]DFKHWpRXFHOXLTX
RQYRXVDGRQQp"

&HOXLTXHO
RQP
DGRQQpVDQVFRQWUHGLWYRXVFRPSUHQH]G
$UWDJQDQTXHMH
QHSXLVIDLUHFHWWHLQMXUH
$XGRQDWHXULQFRQQXUHSULWG
$UWDJQDQ
2XjODGRQDWULFHP\VWpULHXVHGLW$WKRV
&HOXLTXHYRXVDYH]DFKHWpYRXVGHYLHQWGRQFLQXWLOH"
$SHXSUqV
(WYRXVO
DYH]FKRLVLYRXVPrPH"
(WDYHFOHSOXVJUDQGVRLQODVUHWpGXFDYDOLHUYRXVOHVDYH]GpSHQG
SUHVTXHWRXMRXUVGHVRQFKHYDO
(KELHQFpGH]OHPRLSRXUOHSUL[TX
LOYRXVDFRWp
-
DOODLVYRXVO
RIIULUPRQFKHUG
$UWDJQDQHQYRXVGRQQDQWWRXWOHWHPSV
TXLYRXVVHUDQpFHVVDLUHSRXUPHUHQGUHFHWWHEDJDWHOOH
(WFRPELHQYRXVFRWHWLO"
+XLWFHQWVOLYUHV
9RLFLTXDUDQWHGRXEOHVSLVWROHVPRQFKHUDPLGLWG
$UWDJQDQHQWLUDQWOD
VRPPHGHVDSRFKHMHVDLVTXHF
HVWODPRQQDLHDYHFODTXHOOHRQYRXVSDLHYRV
SRqPHV
9RXVrWHVGRQFHQIRQGV"GLW$UDPLV
5LFKHULFKLVVLPHPRQFKHU
(WG
$UWDJQDQILWVRQQHUGDQVVDSRFKHOHUHVWHGHVHVSLVWROHV
(QYR\H]YRWUHVHOOHjO
+{WHOGHV0RXVTXHWDLUHVHWO
RQYRXVDPqQHUDYRWUH
FKHYDOLFLDYHFOHVQ{WUHV
7UqVELHQPDLVLOHVWELHQW{WFLQTKHXUHVKkWRQVQRXV
8QTXDUWG
KHXUHDSUqV3RUWKRVDSSDUXWjXQERXWGHODUXH)pURXVXUXQJHQHW
PDJQLILTXH0RXVTXHWRQOHVXLYDLWVXUXQFKHYDOG
$XYHUJQHSHWLWPDLVVROLGH
3RUWKRVUHVSOHQGLVVDLWGHMRLHHWG
RUJXHLO
(QPrPHWHPSV$UDPLVDSSDUXWjO
DXWUHERXWGHODUXHPRQWpVXUXQVXSHUEH
FRXUVLHUDQJODLV%D]LQOHVXLYDLWVXUXQFKHYDOURXDQWHQDQWHQODLVVHXQ
YLJRXUHX[PHFNOHPERXUJHRLVF
pWDLWODPRQWXUHGHG
$UWDJQDQ
/HVGHX[PRXVTXHWDLUHVVHUHQFRQWUqUHQWjODSRUWH$WKRVHWG
$UWDJQDQOHV
UHJDUGDLHQWSDUODIHQrWUH
'LDEOHGLW$UDPLVYRXVDYH]OjXQVXSHUEHFKHYDOPRQFKHU3RUWKRV

2XLUpSRQGLW3RUWKRVF
HVWFHOXLTX
RQGHYDLWP
HQYR\HUWRXWG
DERUGXQH
PDXYDLVHSODLVDQWHULHGXPDULOXLDVXEVWLWXpO
DXWUHPDLVOHPDULDpWpSXQL
GHSXLVHWM
DLREWHQXWRXWHVDWLVIDFWLRQ
3ODQFKHWHW*ULPDXGSDUXUHQWDORUVjOHXUWRXUWHQDQWHQPDLQOHVPRQWXUHVGH
OHXUVPDvWUHVG
$UWDJQDQHW$WKRVGHVFHQGLUHQWVHPLUHQWHQVHOOHSUqVGH
OHXUVFRPSDJQRQVHWWRXVTXDWUHVHPLUHQWHQPDUFKH$WKRVVXUOHFKHYDOTX
LO
GHYDLWjVDIHPPH$UDPLVVXUOHFKHYDOTX
LOGHYDLWjVDPDvWUHVVH3RUWKRVVXU
OHFKHYDOTX
LOGHYDLWjVDSURFXUHXVHHWG
$UWDJQDQVXUOHFKHYDOTX
LOGHYDLW
jVDERQQHIRUWXQHODPHLOOHXUHPDvWUHVVHTXLVRLW
/HVYDOHWVVXLYLUHQW
&RPPHO
DYDLWSHQVp3RUWKRVODFDYDOFDGHILWERQHIIHWHWVL0PH&RTXHQDUG
V
pWDLWWURXYpHVXUOHFKHPLQGH3RUWKRVHWHWSXYRLUTXHOJUDQGDLULODYDLW
VXUVRQEHDXJHQHWG
(VSDJQHHOOHQ
DXUDLWSDVUHJUHWWpODVDLJQpHTX
HOOH
DYDLWIDLWHDXFRIIUHIRUWGHVRQPDUL
3UqVGX/RXYUHOHVTXDWUHDPLVUHQFRQWUqUHQW0GH7UpYLOOHTXLUHYHQDLWGH
6DLQW*HUPDLQLOOHVDUUrWDSRXUOHXUIDLUHFRPSOLPHQWVXUOHXUpTXLSDJHFH
TXLHQXQLQVWDQWDPHQDDXWRXUG
HX[TXHOTXHVFHQWDLQHVGHEDGDXGV
'
$UWDJQDQSURILWDGHODFLUFRQVWDQFHSRXUSDUOHUj0GH7UpYLOOHGHODOHWWUH
DXJUDQGFDFKHWURXJHHWDX[DUPHVGXFDOHVLOHVWELHQHQWHQGXTXHGHO
DXWUH
LOQ
HQVRXIIODSRLQWPRW
0GH7UpYLOOHDSSURXYDODUpVROXWLRQTX
LODYDLWSULVHHWO
DVVXUDTXHVLOH
OHQGHPDLQLOQ
DYDLWSDVUHSDUXLOVDXUDLWELHQOHUHWURXYHUOXLSDUWRXWR
LOVHUDLW
(QFHPRPHQWO
KRUORJHGHOD6DPDULWDLQHVRQQDVL[KHXUHVOHVTXDWUHDPLV
V
H[FXVqUHQWVXUXQUHQGH]YRXVHWSULUHQWFRQJpGH0GH7UpYLOOH
8QWHPSVGHJDORSOHVFRQGXLVLWVXUODURXWHGH&KDLOORWOHMRXUFRPPHQoDLWj
EDLVVHUOHVYRLWXUHVSDVVDLHQWHWUHSDVVDLHQWG
$UWDJQDQJDUGpjTXHOTXHV
SDVSDUVHVDPLVSORQJHDLWVHVUHJDUGVMXVTX
DXIRQGGHVFDUURVVHVHWQ
\
DSHUFHYDLWDXFXQHILJXUHGHFRQQDLVVDQFH
(QILQDSUqVXQTXDUWG
KHXUHG
DWWHQWHHWFRPPHOHFUpSXVFXOHWRPEDLWWRXWj
IDLWXQHYRLWXUHDSSDUXWDUULYDQWDXJUDQGJDORSSDUODURXWHGH6qYUHVXQ
SUHVVHQWLPHQWGLWG
DYDQFHjG
$UWDJQDQTXHFHWWHYRLWXUHUHQIHUPDLWODSHUVRQQH
TXLOXLDYDLWGRQQpUHQGH]YRXVOHMHXQHKRPPHIXWWRXWpWRQQpOXLPrPHGH
VHQWLUVRQFRHXUEDWWUHVLYLROHPPHQW3UHVTXHDXVVLW{WXQHWrWHGHIHPPHVRUWLW
SDUODSRUWLqUHGHX[GRLJWVVXUODERXFKHFRPPHSRXUUHFRPPDQGHUOHVLOHQFH
RXFRPPHSRXUHQYR\HUXQEDLVHUG
$UWDJQDQSRXVVDXQOpJHUFULGHMRLHFHWWH
IHPPHRXSOXW{WFHWWHDSSDULWLRQFDUODYRLWXUHpWDLWSDVVpHDYHFODUDSLGLWp
G
XQHYLVLRQpWDLW0PH%RQDFLHX[
3DUXQPRXYHPHQWLQYRORQWDLUHHWPDOJUpODUHFRPPDQGDWLRQIDLWHG
$UWDJQDQ
ODQoDVRQFKHYDODXJDORSHWHQTXHOTXHVERQGVUHMRLJQLWODYRLWXUHPDLVOD
JODFHGHODSRUWLqUHpWDLWKHUPpWLTXHPHQWIHUPpHODYLVLRQDYDLWGLVSDUX
'
$UWDJQDQVHUDSSHODDORUVFHWWHUHFRPPDQGDWLRQ6LYRXVWHQH]jYRWUHYLH

HWjFHOOHGHVSHUVRQQHVTXLYRXVDLPHQWGHPHXUH]LPPRELOHHWFRPPHVLYRXV
Q
DYLH]ULHQYX
,OV
DUUrWDGRQFWUHPEODQWQRQSRXUOXLPDLVSRXUODSDXYUHIHPPHTXL
pYLGHPPHQWV
pWDLWH[SRVpHjXQJUDQGSpULOHQOXLGRQQDQWFHUHQGH]YRXV
/DYRLWXUHFRQWLQXDVDURXWHWRXMRXUVPDUFKDQWjIRQGGHWUDLQV
HQIRQoDGDQV
3DULVHWGLVSDUXW
'
$UWDJQDQpWDLWUHVWpLQWHUGLWjODPrPHSODFHHWQHVDFKDQWTXHSHQVHU6L
F
pWDLW0PH%RQDFLHX[HWVLHOOHUHYHQDLWj3DULVSRXUTXRLFHUHQGH]YRXV
IXJLWLISRXUTXRLFHVLPSOHpFKDQJHG
XQFRXSG
RHLOSRXUTXRLFHEDLVHUSHUGX"
6LG
XQDXWUHF{WpFHQ
pWDLWSDVHOOHFHTXLpWDLWHQFRUHELHQSRVVLEOHFDU
OHSHXGHMRXUTXLUHVWDLWUHQGDLWXQHHUUHXUIDFLOHVLFHQ
pWDLWSDVHOOHQH
VHUDLWFHSDVOHFRPPHQFHPHQWG
XQFRXSGHPDLQPRQWpFRQWUHOXLDYHFO
DSSkWGH
FHWWHIHPPHSRXUODTXHOOHRQFRQQDLVVDLWVRQDPRXU"
/HVWURLVFRPSDJQRQVVHUDSSURFKqUHQWGHOXL7RXVWURLVDYDLHQWSDUIDLWHPHQWYX
XQHWrWHGHIHPPHDSSDUDvWUHjODSRUWLqUHPDLVDXFXQG
HX[H[FHSWp$WKRVQH
FRQQDLVVDLW0PH%RQDFLHX[/
DYLVG
$WKRVDXUHVWHIXWTXHF
pWDLWELHQHOOH
PDLVPRLQVSUpRFFXSpTXHG
$UWDJQDQGHFHMROLYLVDJHLODYDLWFUXYRLUXQH
VHFRQGHWrWHXQHWrWHG
KRPPHDXIRQGGHODYRLWXUH
6
LOHQHVWDLQVLGLWG
$UWDJQDQLOVODWUDQVSRUWHQWVDQVGRXWHG
XQHSULVRQ
GDQVXQHDXWUH0DLVTXHYHXOHQWLOVGRQFIDLUHGHFHWWHSDXYUHFUpDWXUHHW
FRPPHQWODUHMRLQGUDLMHMDPDLV"
$PLGLWJUDYHPHQW$WKRVUDSSHOH]YRXVTXHOHVPRUWVVRQWOHVVHXOVTX
RQQH
VRLWSDVH[SRVpjUHQFRQWUHUVXUODWHUUH9RXVHQVDYH]TXHOTXHFKRVHDLQVLTXH
PRLQ
HVWFHSDV"2UVLYRWUHPDvWUHVVHQ
HVWSDVPRUWHVLF
HVWHOOHTXH
QRXVYHQRQVGHYRLUYRXVODUHWURXYHUH]XQMRXURXO
DXWUH(WSHXWrWUHPRQ
'LHXDMRXWDWLODYHFXQDFFHQWPLVDQWKURSLTXHTXLOXLpWDLWSURSUHSHXWrWUH
SOXVW{WTXHYRXVQHYRXGUH]
6HSWKHXUHVHWGHPLHVRQQqUHQWODYRLWXUHpWDLWHQUHWDUGG
XQHYLQJWDLQHGH
PLQXWHVVXUOHUHQGH]YRXVGRQQp/HVDPLVGHG
$UWDJQDQOXLUDSSHOqUHQWTX
LO
DYDLWXQHYLVLWHjIDLUHWRXWHQOXLIDLVDQWREVHUYHUTX
LOpWDLWHQFRUHWHPSV
GHV
HQGpGLUH
0DLVG
$UWDJQDQpWDLWjODIRLVHQWrWpHWFXULHX[,ODYDLWPLVGDQVVDWrWH
TX
LOLUDLWDX3DODLV&DUGLQDOHWTX
LOVDXUDLWFHTXHYRXODLWOXLGLUH6RQ
(PLQHQFH5LHQQHSXWOHIDLUHFKDQJHUGHUpVROXWLRQ
2QDUULYDUXH6DLQW+RQRUpHWSODFHGX3DODLV&DUGLQDORQWURXYDOHVGRX]H
PRXVTXHWDLUHVFRQYRTXpVTXLVHSURPHQDLHQWHQDWWHQGDQWOHXUVFDPDUDGHV/j
VHXOHPHQWRQOHXUH[SOLTXDFHGRQWLOpWDLWTXHVWLRQ
'
$UWDJQDQpWDLWIRUWFRQQXGDQVO
KRQRUDEOHFRUSVGHVPRXVTXHWDLUHVGXURLR
O
RQVDYDLWTX
LOSUHQGUDLWXQMRXUVDSODFHRQOHUHJDUGDLWGRQFG
DYDQFH
FRPPHXQFDPDUDGH,OUpVXOWDGHFHVDQWpFpGHQWVTXHFKDFXQDFFHSWDGHJUDQG
FRHXUODPLVVLRQSRXUODTXHOOHLOpWDLWFRQYLpG
DLOOHXUVLOV
DJLVVDLWVHORQ
WRXWHSUREDELOLWpGHMRXHUXQPDXYDLVWRXUj0OHFDUGLQDOHWjVHVJHQVHW
SRXUGHSDUHLOOHVH[SpGLWLRQVFHVGLJQHVJHQWLOVKRPPHVpWDLHQWWRXMRXUVSUrWV

$WKRVOHVSDUWDJHDGRQFHQWURLVJURXSHVSULWOHFRPPDQGHPHQWGHO
XQGRQQDOH
VHFRQGj$UDPLVHWOHWURLVLqPHj3RUWKRVSXLVFKDTXHJURXSHDOODV
HPEXVTXHU
HQIDFHG
XQHVRUWLH
'
$UWDJQDQGHVRQF{WpHQWUDEUDYHPHQWSDUODSRUWHSULQFLSDOH
4XRLTX
LOVHVHQWvWYLJRXUHXVHPHQWDSSX\pOHMHXQHKRPPHQ
pWDLWSDVVDQV
LQTXLpWXGHHQPRQWDQWSDVjSDVOHJUDQGHVFDOLHU6DFRQGXLWHDYHF0LODG\
UHVVHPEODLWWDQWVRLWSHXjXQHWUDKLVRQHWLOVHGRXWDLWGHVUHODWLRQV
SROLWLTXHVTXLH[LVWDLHQWHQWUHFHWWHIHPPHHWOHFDUGLQDOGHSOXVGH:DUGHV
TX
LODYDLWVLPDODFFRPPRGppWDLWGHVILGqOHVGH6RQ(PLQHQFHHWG
$UWDJQDQ
VDYDLWTXHVL6RQ(PLQHQFHpWDLWWHUULEOHjVHVHQQHPLVHOOHpWDLWIRUW
DWWDFKpHjVHVDPLV
6LGH:DUGHVDUDFRQWpWRXWHQRWUHDIIDLUHDXFDUGLQDOFHTXLQ
HVWSDV
GRXWHX[HWV
LOP
DUHFRQQXFHTXLHVWSUREDEOHMHGRLVPHUHJDUGHUjSHX
SUqVFRPPHXQKRPPHFRQGDPQpGLVDLWG
$UWDJQDQHQVHFRXDQWODWrWH0DLV
SRXUTXRLDWLODWWHQGXMXVTX
DXMRXUG
KXL"&
HVWWRXWVLPSOH0LODG\DXUDSRUWp
SODLQWHFRQWUHPRLDYHFFHWWHK\SRFULWHGRXOHXUTXLODUHQGVLLQWpUHVVDQWHHW
FHGHUQLHUFULPHDXUDIDLWGpERUGHUOHYDVH
+HXUHXVHPHQWDMRXWDWLOPHVERQVDPLVVRQWHQEDVHWLOVQHPHODLVVHURQW
SDVHPPHQHUVDQVPHGpIHQGUH&HSHQGDQWODFRPSDJQLHGHVPRXVTXHWDLUHVGH0GH
7UpYLOOHQHSHXWSDVIDLUHjHOOHVHXOHODJXHUUHDXFDUGLQDOTXLGLVSRVHGHV
IRUFHVGHWRXWHOD)UDQFHHWGHYDQWOHTXHOODUHLQHHVWVDQVSRXYRLUHWOHURL
VDQVYRORQWp'
$UWDJQDQPRQDPLWXHVEUDYHWXDVG
H[FHOOHQWHVTXDOLWpV
PDLVOHVIHPPHVWHSHUGURQW
,OHQpWDLWjFHWWHWULVWHFRQFOXVLRQORUVTX
LOHQWUDGDQVO
DQWLFKDPEUH,O
UHPLWVDOHWWUHjO
KXLVVLHUGHVHUYLFHTXLOHILWSDVVHUGDQVODVDOOH
G
DWWHQWHHWV
HQIRQoDGDQVO
LQWpULHXUGXSDODLV
'DQVFHWWHVDOOHG
DWWHQWHpWDLHQWFLQTRXVL[JDUGHVGH0OHFDUGLQDOTXL
UHFRQQDLVVDQWG
$UWDJQDQHWVDFKDQWTXHF
pWDLWOXLTXLDYDLWEOHVVp-XVVDFOH
UHJDUGqUHQWHQVRXULDQWG
XQVLQJXOLHUVRXULUH
&HVRXULUHSDUXWjG
$UWDJQDQG
XQPDXYDLVDXJXUHVHXOHPHQWFRPPHQRWUH
*DVFRQQ
pWDLWSDVIDFLOHjLQWLPLGHURXTXHSOXW{WJUkFHjXQJUDQGRUJXHLO
QDWXUHODX[JHQVGHVRQSD\VLOQHODLVVDLWSDVYRLUIDFLOHPHQWFHTXLVH
SDVVDLWGDQVVRQkPHTXDQGFHTXLV
\SDVVDLWUHVVHPEODLWjGHODFUDLQWHLO
VHFDPSDILqUHPHQWGHYDQW00OHVJDUGHVHWDWWHQGLWODPDLQVXUODKDQFKHGDQV
XQHDWWLWXGHTXLQHPDQTXDLWSDVGHPDMHVWp
/
KXLVVLHUUHQWUDHWILWVLJQHjG
$UWDJQDQGHOHVXLYUH,OVHPEODDXMHXQH
KRPPHTXHOHVJDUGHVHQOHUHJDUGDQWV
pORLJQHUFKXFKRWDLHQWHQWUHHX[
,OVXLYLWXQFRUULGRUWUDYHUVDXQJUDQGVDORQHQWUDGDQVXQHELEOLRWKqTXHHW
VHWURXYDHQIDFHG
XQKRPPHDVVLVGHYDQWXQEXUHDXHWTXLpFULYDLW
/
KXLVVLHUO
LQWURGXLVLWHWVHUHWLUDVDQVGLUHXQHSDUROH'
$UWDJQDQFUXW
G
DERUGTX
LODYDLWDIIDLUHjTXHOTXHMXJHH[DPLQDQWVRQGRVVLHUPDLVLO
V
DSHUoXWTXHO
KRPPHGHEXUHDXpFULYDLWRXSOXW{WFRUULJHDLWGHVOLJQHV

G
LQpJDOHVORQJXHXUVHQVFDQGDQWGHVPRWVVXUVHVGRLJWVLOYLWTX
LOpWDLW
HQIDFHG
XQSRqWH$XERXWG
XQLQVWDQWOHSRqWHIHUPDVRQPDQXVFULWVXUOD
FRXYHUWXUHGXTXHOpWDLWpFULW0,5$0(WUDJpGLHHQFLQTDFWHVHWOHYDOD
WrWH
'
$UWDJQDQUHFRQQXWOHFDUGLQDO

&KDSLWUH;/
/(&$5',1$/

/HFDUGLQDODSSX\DVRQFRXGHVXUVRQPDQXVFULWVDMRXHVXUVDPDLQHWUHJDUGD
XQLQVWDQWOHMHXQHKRPPH1XOQ
DYDLWO
RHLOSOXVSURIRQGpPHQWVFUXWDWHXUTXH
OHFDUGLQDOGH5LFKHOLHXHWG
$UWDJQDQVHQWLWFHUHJDUGFRXULUSDUVHVYHLQHV
FRPPHXQHILqYUH
&HSHQGDQWLOILWERQQHFRQWHQDQFHWHQDQWVRQIHXWUHjODPDLQHWDWWHQGDQWOH
ERQSODLVLUGH6RQ(PLQHQFHVDQVWURSG
RUJXHLOPDLVDXVVLVDQVWURS
G
KXPLOLWp
0RQVLHXUOXLGLWOHFDUGLQDOrWHVYRXVXQG
$UWDJQDQGX%pDUQ"
2XL0RQVHLJQHXUUpSRQGLWOHMHXQHKRPPH
,O\DSOXVLHXUVEUDQFKHVGHG
$UWDJQDQj7DUEHVHWGDQVOHVHQYLURQVGLWOH
FDUGLQDOjODTXHOOHDSSDUWHQH]YRXV"
-HVXLVOHILOVGHFHOXLTXLDIDLWOHVJXHUUHVGHUHOLJLRQDYHFOHJUDQGURL
+HQULSqUHGH6D*UDFLHXVH0DMHVWp
&
HVWELHQFHOD&
HVWYRXVTXLrWHVSDUWLLO\DVHSWjKXLWPRLVjSHX
SUqVGHYRWUHSD\VSRXUYHQLUFKHUFKHUIRUWXQHGDQVODFDSLWDOH"
2XL0RQVHLJQHXU
9RXVrWHVYHQXSDU0HXQJRLOYRXVHVWDUULYpTXHOTXHFKRVHMHQHVDLV
SOXVWURSTXRLPDLVHQILQTXHOTXHFKRVH
0RQVHLJQHXUGLWG
$UWDJQDQYRLFLFHTXLP
HVWDUULYp
,QXWLOHLQXWLOHUHSULWOHFDUGLQDODYHFXQVRXULUHTXLLQGLTXDLWTX
LO
FRQQDLVVDLWO
KLVWRLUHDXVVLELHQTXHFHOXLTXLYRXODLWODOXLUDFRQWHUYRXV
pWLH]UHFRPPDQGpj0GH7UpYLOOHQ
HVWFHSDV"
2XL0RQVHLJQHXUPDLVMXVWHPHQWGDQVFHWWHPDOKHXUHXVHDIIDLUHGH0HXQJ
/DOHWWUHDYDLWpWpSHUGXHUHSULWO
(PLQHQFHRXLMHVDLVFHODPDLV0
GH7UpYLOOHHVWXQKDELOHSK\VLRQRPLVWHTXLFRQQDvWOHVKRPPHVjODSUHPLqUH

YXHHWLOYRXVDSODFpGDQVODFRPSDJQLHGHVRQEHDXIUqUH0GHV(VVDUWVHQ
YRXVODLVVDQWHVSpUHUTX
XQMRXURXO
DXWUHYRXVHQWUHULH]GDQVOHV
PRXVTXHWDLUHV
0RQVHLJQHXUHVWSDUIDLWHPHQWUHQVHLJQpGLWG
$UWDJQDQ
'HSXLVFHWHPSVOjLOYRXVHVWDUULYpELHQGHVFKRVHVYRXVYRXVrWHV
SURPHQpGHUULqUHOHV&KDUWUHX[XQMRXUTX
LOHWPLHX[YDOXTXHYRXVIXVVLH]
DLOOHXUVSXLVYRXVDYH]IDLWDYHFYRVDPLVXQYR\DJHDX[HDX[GH)RUJHVHX[
VHVRQWDUUrWpVHQURXWHPDLVYRXVYRXVDYH]FRQWLQXpYRWUHFKHPLQ&
HVW
WRXWVLPSOHYRXVDYLH]GHVDIIDLUHVHQ$QJOHWHUUH
0RQVHLJQHXUGLWG
$UWDJQDQWRXWLQWHUGLWM
DOODLV
$ODFKDVVHj:LQGVRURXDLOOHXUVFHODQHUHJDUGHSHUVRQQH-HVDLVFHOD
PRLSDUFHTXHPRQpWDWHVWGHWRXWVDYRLU$YRWUHUHWRXUYRXVDYH]pWpUHoX
SDUXQHDXJXVWHSHUVRQQHHWMHYRLVDYHFSODLVLUTXHYRXVDYH]FRQVHUYpOH
VRXYHQLUTX
HOOHYRXVDGRQQp
'
$UWDJQDQSRUWDODPDLQDXGLDPDQWTX
LOWHQDLWGHODUHLQHHWHQWRXUQD
YLYHPHQWOHFKDWRQHQGHGDQVPDLVLOpWDLWWURSWDUG
/HOHQGHPDLQGHFHMRXUYRXVDYH]UHoXODYLVLWHGH&DYRLVUHSULWOH
FDUGLQDOLODOODLWYRXVSULHUGHSDVVHUDXSDODLVFHWWHYLVLWHYRXVQHOD
OXLDYH]SDVUHQGXHHWYRXVDYH]HXWRUW
0RQVHLJQHXUMHFUDLJQDLVG
DYRLUHQFRXUXODGLVJUkFHGH9RWUH(PLQHQFH
(KSRXUTXRLFHOD0RQVLHXU"SRXUDYRLUVXLYLOHVRUGUHVGHYRVVXSpULHXUV
DYHFSOXVG
LQWHOOLJHQFHHWGHFRXUDJHTXHQHO
HWIDLWXQDXWUHHQFRXULUPD
GLVJUkFHTXDQGYRXVPpULWLH]GHVpORJHV&HVRQWOHVJHQVTXLQ
REpLVVHQWSDV
TXHMHSXQLVHWQRQSDVFHX[TXLFRPPHYRXVREpLVVHQWWURSELHQ(WOD
SUHXYHUDSSHOH]YRXVODGDWHGXMRXURMHYRXVDYDLVIDLWGLUHGHPHYHQLU
YRLUHWFKHUFKH]GDQVYRWUHPpPRLUHFHTXLHVWDUULYpOHVRLUPrPH
&
pWDLWOHVRLUPrPHTX
DYDLWHXOLHXO
HQOqYHPHQWGH0PH%RQDFLHX['
$UWDJQDQ
IULVVRQQDHWLOVHUDSSHODTX
XQHGHPLKHXUHDXSDUDYDQWODSDXYUHIHPPHpWDLW
SDVVpHSUqVGHOXLVDQVGRXWHHQFRUHHPSRUWpHSDUODPrPHSXLVVDQFHTXLO
DYDLW
IDLWGLVSDUDvWUH
(QILQFRQWLQXDOHFDUGLQDOFRPPHMHQ
HQWHQGDLVSDVSDUOHUGHYRXVGHSXLV
TXHOTXHWHPSVM
DLYRXOXVDYRLUFHTXHYRXVIDLVLH]'
DLOOHXUVYRXVPHGHYH]
ELHQTXHOTXHUHPHUFLHPHQWYRXVDYH]UHPDUTXpYRXVPrPHFRPELHQYRXVDYH]pWp
PpQDJpGDQVWRXWHVOHVFLUFRQVWDQFHV
'
$UWDJQDQV
LQFOLQDDYHFUHVSHFW
&HODFRQWLQXDOHFDUGLQDOSDUWDLWQRQVHXOHPHQWG
XQVHQWLPHQWG
pTXLWp
QDWXUHOOHPDLVHQFRUHG
XQSODQTXHMHP
pWDLVWUDFpjYRWUHpJDUG
'
$UWDJQDQpWDLWGHSOXVHQSOXVpWRQQp
-HYRXODLVYRXVH[SRVHUFHSODQOHMRXURYRXVUHoWHVPDSUHPLqUHLQYLWDWLRQ

PDLVYRXVQ
rWHVSDVYHQX+HXUHXVHPHQWULHQQ
HVWSHUGXSRXUFHUHWDUGHW
DXMRXUG
KXLYRXVDOOH]O
HQWHQGUH$VVH\H]YRXVOjGHYDQWPRL0RQVLHXU
G
$UWDJQDQYRXVrWHVDVVH]ERQJHQWLOKRPPHSRXUQHSDVpFRXWHUGHERXW
(WOHFDUGLQDOLQGLTXDGXGRLJWXQHFKDLVHDXMHXQHKRPPHTXLpWDLWVLpWRQQp
GHFHTXLVHSDVVDLWTXHSRXUREpLULODWWHQGLWXQVHFRQGVLJQHGHVRQ
LQWHUORFXWHXU
9RXVrWHVEUDYH0RQVLHXUG
$UWDJQDQFRQWLQXDO
(PLQHQFHYRXVrWHVSUXGHQW
FHTXLYDXWPLHX[-
DLPHOHVKRPPHVGHWrWHHWGHFRHXUPRLQHYRXVHIIUD\H]
SDVGLWLOHQVRXULDQWSDUOHVKRPPHVGHFRHXUM
HQWHQGVOHVKRPPHVGH
FRXUDJHPDLVWRXWMHXQHTXHYRXVrWHVHWjSHLQHHQWUDQWGDQVOHPRQGHYRXV
DYH]GHVHQQHPLVSXLVVDQWVVLYRXVQ
\SUHQH]JDUGHLOVYRXVSHUGURQW
+pODV0RQVHLJQHXUUpSRQGLWOHMHXQHKRPPHLOVOHIHURQWELHQIDFLOHPHQW
VDQVGRXWHFDULOVVRQWIRUWVHWELHQDSSX\pVWDQGLVTXHPRLMHVXLVVHXO
2XLF
HVWYUDLPDLVWRXWVHXOTXHYRXVrWHVYRXVDYH]GpMjIDLW
EHDXFRXSHWYRXVIHUH]HQFRUHSOXVMHQ
HQGRXWHSDV&HSHQGDQWYRXVDYH]MH
OHFURLVEHVRLQG
rWUHJXLGpGDQVO
DYHQWXUHXVHFDUULqUHTXHYRXVDYH]
HQWUHSULVHFDUVLMHQHPHWURPSHYRXVrWHVYHQXj3DULVDYHFO
DPELWLHXVH
LGpHGHIDLUHIRUWXQH
-HVXLVGDQVO
kJHGHVIROOHVHVSpUDQFHV0RQVHLJQHXUGLWG
$UWDJQDQ
,OQ
\DGHIROOHVHVSpUDQFHVTXHSRXUOHVVRWV0RQVLHXUHWYRXVrWHVKRPPH
G
HVSULW9R\RQVTXHGLULH]YRXVG
XQHHQVHLJQHGDQVPHVJDUGHVHWG
XQH
FRPSDJQLHDSUqVODFDPSDJQH"
$K0RQVHLJQHXU
9RXVDFFHSWH]Q
HVWFHSDV"
0RQVHLJQHXUUHSULWG
$UWDJQDQG
XQDLUHPEDUUDVVp
&RPPHQWYRXVUHIXVH]"V
pFULDOHFDUGLQDODYHFpWRQQHPHQW
-HVXLVGDQVOHVJDUGHVGH6D0DMHVWp0RQVHLJQHXUHWMHQ
DLSRLQWGH
UDLVRQVG
rWUHPpFRQWHQW
0DLVLOPHVHPEOHGLWO
(PLQHQFHTXHPHVJDUGHVjPRLVRQWDXVVLOHV
JDUGHVGH6D0DMHVWpHWTXHSRXUYXTX
RQVHUYHGDQVXQFRUSVIUDQoDLVRQVHUW
OHURL
0RQVHLJQHXU9RWUH(PLQHQFHDPDOFRPSULVPHVSDUROHV
9RXVYRXOH]XQSUpWH[WHQ
HVWFHSDV"-HFRPSUHQGV(KELHQFHSUpWH[WH
YRXVO
DYH]/
DYDQFHPHQWODFDPSDJQHTXLV
RXYUHO
RFFDVLRQTXHMHYRXV
RIIUHYRLOjSRXUOHPRQGHSRXUYRXVOHEHVRLQGHSURWHFWLRQVVUHVFDULO
HVWERQTXHYRXVVDFKLH]0RQVLHXUG
$UWDJQDQTXHM
DLUHoXGHVSODLQWHVJUDYHV
FRQWUHYRXVYRXVQHFRQVDFUH]SDVH[FOXVLYHPHQWYRVMRXUVHWYRVQXLWVDX
VHUYLFHGXURL

'
$UWDJQDQURXJLW
$XUHVWHFRQWLQXDOHFDUGLQDOHQSRVDQWODPDLQVXUXQHOLDVVHGHSDSLHUV
M
DLOjWRXWXQGRVVLHUTXLYRXVFRQFHUQHPDLVDYDQWGHOHOLUHM
DLYRXOX
FDXVHUDYHFYRXV-HYRXVVDLVKRPPHGHUpVROXWLRQHWYRVVHUYLFHVELHQ
GLULJpVDXOLHXGHYRXVPHQHUjPDOSRXUUDLHQWYRXVUDSSRUWHUEHDXFRXS
$OORQVUpIOpFKLVVH]HWGpFLGH]YRXV
9RWUHERQWpPHFRQIRQG0RQVHLJQHXUUpSRQGLWG
$UWDJQDQHWMHUHFRQQDLV
GDQV9RWUH(PLQHQFHXQHJUDQGHXUG
kPHTXLPHIDLWSHWLWFRPPHXQYHUGHWHUUH
PDLVHQILQSXLVTXH0RQVHLJQHXUPHSHUPHWGHOXLSDUOHUIUDQFKHPHQW
'
$UWDJQDQV
DUUrWD
2XLSDUOH]
(KELHQMHGLUDLj9RWUH(PLQHQFHTXHWRXVPHVDPLVVRQWDX[PRXVTXHWDLUHV
HWDX[JDUGHVGXURLHWTXHPHVHQQHPLVSDUXQHIDWDOLWpLQFRQFHYDEOHVRQWj
9RWUH(PLQHQFHMHVHUDLVGRQFPDOYHQXLFLHWPDOUHJDUGpOjEDVVL
M
DFFHSWDLVFHTXHP
RIIUH0RQVHLJQHXU
$XULH]YRXVGpMjFHWWHRUJXHLOOHXVHLGpHTXHMHQHYRXVRIIUHSDVFHTXHYRXV
YDOH]0RQVLHXU"GLWOHFDUGLQDODYHFXQVRXULUHGHGpGDLQ
0RQVHLJQHXU9RWUH(PLQHQFHHVWFHQWIRLVWURSERQQHSRXUPRLHWDX
FRQWUDLUHMHSHQVHQ
DYRLUSRLQWHQFRUHIDLWDVVH]SRXUrWUHGLJQHGHVHV
ERQWpV/HVLqJHGH/D5RFKHOOHYDV
RXYULU0RQVHLJQHXUMHVHUYLUDLVRXVOHV
\HX[GH9RWUH(PLQHQFHHWVLM
DLOHERQKHXUGHPHFRQGXLUHjFHVLqJHGHWHOOH
IDoRQTXHMHPpULWHG
DWWLUHUVHVUHJDUGV(KELHQDSUqVM
DXUDLDXPRLQV
GHUULqUHPRLTXHOTXHDFWLRQG
pFODWSRXUMXVWLILHUODSURWHFWLRQGRQWHOOH
YRXGUDELHQP
KRQRUHU7RXWHFKRVHGRLWVHIDLUHjVRQWHPSV0RQVHLJQHXU
SHXWrWUHSOXVWDUGDXUDLMHOHGURLWGHPHGRQQHUjFHWWHKHXUHM
DXUDLVO
DLU
GHPHYHQGUH
&
HVWjGLUHTXHYRXVUHIXVH]GHPHVHUYLU0RQVLHXUGLWOHFDUGLQDODYHFXQ
WRQGHGpSLWGDQVOHTXHOSHUoDLWFHSHQGDQWXQHVRUWHG
HVWLPHGHPHXUH]GRQF
OLEUHHWJDUGH]YRVKDLQHVHWYRVV\PSDWKLHV
0RQVHLJQHXU
%LHQELHQGLWOHFDUGLQDOMHQHYRXVHQYHX[SDVPDLVYRXVFRPSUHQH]RQ
DDVVH]GHGpIHQGUHVHVDPLVHWGHOHVUpFRPSHQVHURQQHGRLWULHQjVHV
HQQHPLVHWFHSHQGDQWMHYRXVGRQQHUDLXQFRQVHLOWHQH]YRXVELHQ0RQVLHXU
G
$UWDJQDQFDUGXPRPHQWTXHM
DXUDLUHWLUpPDPDLQGHGHVVXVYRXVMH
Q
DFKqWHUDLSDVYRWUHYLHSRXUXQHREROH
-
\WkFKHUDL0RQVHLJQHXUUpSRQGLWOH*DVFRQDYHFXQHQREOHDVVXUDQFH
6RQJH]SOXVWDUGHWjXQFHUWDLQPRPHQWV
LOYRXVDUULYHPDOKHXUGLW
5LFKHOLHXDYHFLQWHQWLRQTXHF
HVWPRLTXLDLpWpYRXVFKHUFKHUHWTXHM
DL
IDLWFHTXHM
DLSXSRXUTXHFHPDOKHXUQHYRXVDUULYkWSDV
-
DXUDLTXRLTX
LODUULYHGLWG
$UWDJQDQHQPHWWDQWODPDLQVXUVDSRLWULQH

HWHQV
LQFOLQDQWXQHpWHUQHOOHUHFRQQDLVVDQFHj9RWUH(PLQHQFHGHFHTX
HOOH
IDLWSRXUPRLHQFHPRPHQW
(KELHQGRQFFRPPHYRXVO
DYH]GLW0RQVLHXUG
$UWDJQDQQRXVQRXV
UHYHUURQVDSUqVODFDPSDJQHMHYRXVVXLYUDLGHV\HX[FDUMHVHUDLOjEDV
UHSULWOHFDUGLQDOHQPRQWUDQWGXGRLJWjG
$UWDJQDQXQHPDJQLILTXHDUPXUHTX
LO
GHYDLWHQGRVVHUHWjQRWUHUHWRXU(KELHQQRXVFRPSWHURQV
$K0RQVHLJQHXUV
pFULDG
$UWDJQDQpSDUJQH]PRLOHSRLGVGHYRWUHGLVJUkFH
UHVWH]QHXWUH0RQVHLJQHXUVLYRXVWURXYH]TXHM
DJLVHQJDODQWKRPPH
-HXQHKRPPHGLW5LFKHOLHXVLMHSXLVYRXVGLUHHQFRUHXQHIRLVFHTXHMH
YRXVDLGLWDXMRXUG
KXLMHYRXVSURPHWVGHYRXVOHGLUH
&HWWHGHUQLqUHSDUROHGH5LFKHOLHXH[SULPDLWXQGRXWHWHUULEOHHOOHFRQVWHUQD
G
$UWDJQDQSOXVTXHQ
HWIDLWXQHPHQDFHFDUF
pWDLWXQDYHUWLVVHPHQW/H
FDUGLQDOFKHUFKDLWGRQFjOHSUpVHUYHUGHTXHOTXHPDOKHXUTXLOHPHQDoDLW,O
RXYULWODERXFKHSRXUUpSRQGUHPDLVG
XQJHVWHKDXWDLQOHFDUGLQDOOH
FRQJpGLD
'
$UWDJQDQVRUWLWPDLVjODSRUWHOHFRHXUIXWSUrWjOXLPDQTXHUHWSHXV
HQ
IDOOXWTX
LOQHUHQWUkW&HSHQGDQWODILJXUHJUDYHHWVpYqUHG
$WKRVOXLDSSDUXW
V
LOIDLVDLWDYHFOHFDUGLQDOOHSDFWHTXHFHOXLFLOXLSURSRVDLW$WKRVQH
OXLGRQQHUDLWSOXVODPDLQ$WKRVOHUHQLHUDLW
&HIXWFHWWHFUDLQWHTXLOHUHWLQWWDQWHVWSXLVVDQWHO
LQIOXHQFHG
XQ
FDUDFWqUHYUDLPHQWJUDQGVXUWRXWFHTXLO
HQWRXUH
'
$UWDJQDQGHVFHQGLWSDUOHPrPHHVFDOLHUTX
LOpWDLWHQWUpHWWURXYDGHYDQWOD
SRUWH$WKRVHWOHVTXDWUHPRXVTXHWDLUHVTXLDWWHQGDLHQWVRQUHWRXUHWTXL
FRPPHQoDLHQWjV
LQTXLpWHU'
XQPRWG
$UWDJQDQOHVUDVVXUDHW3ODQFKHWFRXUXW
SUpYHQLUOHVDXWUHVSRVWHVTX
LOpWDLWLQXWLOHGHPRQWHUXQHSOXVORQJXHJDUGH
DWWHQGXTXHVRQPDvWUHpWDLWVRUWLVDLQHWVDXIGX3DODLV&DUGLQDO
5HQWUpVFKH]$WKRV$UDPLVHW3RUWKRVV
LQIRUPqUHQWGHVFDXVHVGHFHWpWUDQJH
UHQGH]YRXVPDLVG
$UWDJQDQVHFRQWHQWDGHOHXUGLUHTXH0GH5LFKHOLHX
O
DYDLWIDLWYHQLUSRXUOXLSURSRVHUG
HQWUHUGDQVVHVJDUGHVDYHFOHJUDGH
G
HQVHLJQHHWTX
LODYDLWUHIXVp
(WYRXVDYH]HXUDLVRQV
pFULqUHQWG
XQHVHXOHYRL[3RUWKRVHW$UDPLV
$WKRVWRPEDGDQVXQHSURIRQGHUrYHULHHWQHUpSRQGLWULHQ0DLVORUVTX
LOIXW
VHXODYHFG
$UWDJQDQ
9RXVDYH]IDLWFHTXHYRXVGHYLH]IDLUHG
$UWDJQDQGLW$WKRVPDLVSHXWrWUH
DYH]YRXVHXWRUW
'
$UWDJQDQSRXVVDXQVRXSLUFDUFHWWHYRL[UpSRQGDLWjXQHYRL[VHFUqWHGHVRQ
kPHTXLOXLGLVDLWTXHGHJUDQGVPDOKHXUVO
DWWHQGDLHQW
/DMRXUQpHGXOHQGHPDLQVHSDVVDHQSUpSDUDWLIVGHGpSDUWG
$UWDJQDQDOOD
IDLUHVHVDGLHX[j0GH7UpYLOOH$FHWWHKHXUHRQFUR\DLWHQFRUHTXHOD
VpSDUDWLRQGHVJDUGHVHWGHVPRXVTXHWDLUHVVHUDLWPRPHQWDQpHOHURLWHQDQWVRQ

SDUOHPHQWOHMRXUPrPHHWGHYDQWSDUWLUOHOHQGHPDLQ0GH7UpYLOOHVHFRQWHQWD
GRQFGHGHPDQGHUjG
$UWDJQDQV
LODYDLWEHVRLQGHOXLPDLVG
$UWDJQDQUpSRQGLW
ILqUHPHQWTX
LODYDLWWRXWFHTX
LOOXLIDOODLW
/DQXLWUpXQLWWRXVOHVFDPDUDGHVGHODFRPSDJQLHGHVJDUGHVGH0GHV(VVDUWV
HWGHODFRPSDJQLHGHVPRXVTXHWDLUHVGH0GH7UpYLOOHTXLDYDLHQWIDLWDPLWLp
HQVHPEOH2QVHTXLWWDLWSRXUVHUHYRLUTXDQGLOSODLUDLWj'LHXHWV
LO
SODLVDLWj'LHX/DQXLWIXWGRQFGHVSOXVEUX\DQWHVFRPPHRQSHXWOHSHQVHU
FDUHQSDUHLOFDVRQQHSHXWFRPEDWWUHO
H[WUrPHSUpRFFXSDWLRQTXHSDU
O
H[WUrPHLQVRXFLDQFH
/HOHQGHPDLQDXSUHPLHUVRQGHVWURPSHWWHVOHVDPLVVHTXLWWqUHQWOHV
PRXVTXHWDLUHVFRXUXUHQWjO
K{WHOGH0GH7UpYLOOHOHVJDUGHVjFHOXLGH0
GHV(VVDUWV&KDFXQGHVFDSLWDLQHVFRQGXLVLWDXVVLW{WVDFRPSDJQLHDX/RXYUHR
OHURLSDVVDLWVDUHYXH
/HURLpWDLWWULVWHHWSDUDLVVDLWPDODGHFHTXLOXL{WDLWXQSHXGHVDKDXWH
PLQH(QHIIHWODYHLOOHODILqYUHO
DYDLWSULVDXPLOLHXGXSDUOHPHQWHW
WDQGLVTX
LOWHQDLWVRQOLWGHMXVWLFH,OQ
HQpWDLWSDVPRLQVGpFLGpjSDUWLU
OHVRLUPrPHHWPDOJUpOHVREVHUYDWLRQVTX
RQOXLDYDLWIDLWHVLODYDLW
YRXOXSDVVHUVDUHYXHHVSpUDQWSDUOHSUHPLHUFRXSGHYLJXHXUYDLQFUHOD
PDODGLHTXLFRPPHQoDLWjV
HPSDUHUGHOXL
/DUHYXHSDVVpHOHVJDUGHVVHPLUHQWVHXOVHQPDUFKHOHVPRXVTXHWDLUHVQH
GHYDQWSDUWLUTX
DYHFOHURLFHTXLSHUPLWj3RUWKRVG
DOOHUIDLUHGDQVVRQ
VXSHUEHpTXLSDJHXQWRXUGDQVODUXHDX[2XUV
/DSURFXUHXVHOHYLWSDVVHUGDQVVRQXQLIRUPHQHXIHWVXUVRQEHDXFKHYDO(OOH
DLPDLWWURS3RUWKRVSRXUOHODLVVHUSDUWLUDLQVLHOOHOXLILWVLJQHGH
GHVFHQGUHHWGHYHQLUDXSUqVG
HOOH3RUWKRVpWDLWPDJQLILTXHVHVpSHURQV
UpVRQQDLHQWVDFXLUDVVHEULOODLWVRQpSpHOXLEDWWDLWILqUHPHQWOHVMDPEHV
&HWWHIRLVOHVFOHUFVQ
HXUHQWDXFXQHHQYLHGHULUHWDQW3RUWKRVDYDLWO
DLU
G
XQFRXSHXUG
RUHLOOHV
/HPRXVTXHWDLUHIXWLQWURGXLWSUqVGH0&RTXHQDUGGRQWOHSHWLWRHLOJULV
EULOODGHFROqUHHQYR\DQWVRQFRXVLQWRXWIODPEDQWQHXI&HSHQGDQWXQHFKRVHOH
FRQVRODLQWpULHXUHPHQWF
HVWTX
RQGLVDLWSDUWRXWTXHODFDPSDJQHVHUDLWUXGH
LOHVSpUDLWWRXWGRXFHPHQWDXIRQGGXFRHXUTXH3RUWKRV\VHUDLWWXp
3RUWKRVSUpVHQWDVHVFRPSOLPHQWVjPDvWUH&RTXHQDUGHWOXLILWVHVDGLHX[
PDvWUH&RTXHQDUGOXLVRXKDLWDWRXWHVVRUWHVGHSURVSpULWpV4XDQWj0PH
&RTXHQDUGHOOHQHSRXYDLWUHWHQLUVHVODUPHVPDLVRQQHWLUDDXFXQHPDXYDLVH
FRQVpTXHQFHGHVDGRXOHXURQODVDYDLWIRUWDWWDFKpHjVHVSDUHQWVSRXU
OHVTXHOVHOOHDYDLWWRXMRXUVHXGHFUXHOOHVGLVSXWHVDYHFVRQPDUL
0DLVOHVYpULWDEOHVDGLHX[VHILUHQWGDQVODFKDPEUHGH0PH&RTXHQDUGLOV
IXUHQWGpFKLUDQWV
7DQWTXHODSURFXUHXVHSXWVXLYUHGHV\HX[VRQDPDQWHOOHDJLWDXQPRXFKRLUHQ
VHSHQFKDQWKRUVGHODIHQrWUHjFURLUHTX
HOOHYRXODLWVHSUpFLSLWHU3RUWKRV
UHoXWWRXWHVFHVPDUTXHVGHWHQGUHVVHHQKRPPHKDELWXpjGHSDUHLOOHV
GpPRQVWUDWLRQV6HXOHPHQWHQWRXUQDQWOHFRLQGHODUXHLOVRXOHYDVRQIHXWUH
HWO
DJLWDHQVLJQHG
DGLHX

'HVRQF{Wp$UDPLVpFULYDLWXQHORQJXHOHWWUH$TXL"3HUVRQQHQ
HQVDYDLW
ULHQ'DQVODFKDPEUHYRLVLQH.HWW\TXLGHYDLWSDUWLUOHVRLUPrPHSRXU7RXUV
DWWHQGDLWFHWWHOHWWUHP\VWpULHXVH
$WKRVEXYDLWjSHWLWVFRXSVODGHUQLqUHERXWHLOOHGHVRQYLQG
(VSDJQH
3HQGDQWFHWHPSVG
$UWDJQDQGpILODLWDYHFVDFRPSDJQLH
(QDUULYDQWDXIDXERXUJ6DLQW$QWRLQHLOVHUHWRXUQDSRXUUHJDUGHUJDLHPHQWOD
%DVWLOOHPDLVFRPPHF
pWDLWOD%DVWLOOHVHXOHPHQWTX
LOUHJDUGDLWLOQHYLW
SRLQW0LODG\TXLPRQWpHVXUXQFKHYDOLVDEHOOHOHGpVLJQDLWGXGRLJWjGHX[
KRPPHVGHPDXYDLVHPLQHTXLV
DSSURFKqUHQWDXVVLW{WGHVUDQJVSRXUOH
UHFRQQDvWUH6XUXQHLQWHUURJDWLRQTX
LOVILUHQWGXUHJDUG0LODG\UpSRQGLWSDU
XQVLJQHTXHF
pWDLWELHQOXL3XLVFHUWDLQHTX
LOQHSRXYDLWSOXV\DYRLUGH
PpSULVHGDQVO
H[pFXWLRQGHVHVRUGUHVHOOHSLTXDVRQFKHYDOHWGLVSDUXW
/HVGHX[KRPPHVVXLYLUHQWDORUVODFRPSDJQLHHWjODVRUWLHGXIDXERXUJ
6DLQW$QWRLQHPRQWqUHQWVXUGHVFKHYDX[WRXWSUpSDUpVTX
XQGRPHVWLTXHVDQV
OLYUpHWHQDLWHQPDLQHQOHVDWWHQGDQW

&KDSLWUH;/,
/(6,(*('(/$52&+(//(

/HVLqJHGH/D5RFKHOOHIXWXQGHVJUDQGVpYpQHPHQWVSROLWLTXHVGXUqJQHGH
/RXLV;,,,HWXQHGHVJUDQGHVHQWUHSULVHVPLOLWDLUHVGXFDUGLQDO,OHVWGRQF
LQWpUHVVDQWHWPrPHQpFHVVDLUHTXHQRXVHQGLVLRQVTXHOTXHVPRWVSOXVLHXUV
GpWDLOVGHFHVLqJHVHOLDQWG
DLOOHXUVG
XQHPDQLqUHWURSLPSRUWDQWHj
O
KLVWRLUHTXHQRXVDYRQVHQWUHSULVGHUDFRQWHUSRXUTXHQRXVOHVSDVVLRQVVRXV
VLOHQFH
/HVYXHVSROLWLTXHVGXFDUGLQDOORUVTX
LOHQWUHSULWFHVLqJHpWDLHQW
FRQVLGpUDEOHV([SRVRQVOHVG
DERUGSXLVQRXVSDVVHURQVDX[YXHVSDUWLFXOLqUHV
TXLQ
HXUHQWSHXWrWUHSDVVXU6RQ(PLQHQFHPRLQVG
LQIOXHQFHTXHOHVSUHPLqUHV
'HVYLOOHVLPSRUWDQWHVGRQQpHVSDU+HQUL,9DX[KXJXHQRWVFRPPHSODFHVGH
VUHWpLOQHUHVWDLWSOXVTXH/D5RFKHOOH,OV
DJLVVDLWGRQFGHGpWUXLUHFH
GHUQLHUERXOHYDUGGXFDOYLQLVPHOHYDLQGDQJHUHX[DXTXHOVHYHQDLHQW
LQFHVVDPPHQWPrOHUGHVIHUPHQWVGHUpYROWHFLYLOHRXGHJXHUUHpWUDQJqUH
(VSDJQROV$QJODLV,WDOLHQVPpFRQWHQWVDYHQWXULHUVGHWRXWHQDWLRQVROGDWVGH
IRUWXQHGHWRXWHVHFWHDFFRXUDLHQWDXSUHPLHUDSSHOVRXVOHVGUDSHDX[GHV
SURWHVWDQWVHWV
RUJDQLVDLHQWFRPPHXQHYDVWHDVVRFLDWLRQGRQWOHVEUDQFKHV
GLYHUJHDLHQWjORLVLUVXUWRXVOHVSRLQWVGHO
(XURSH
/D5RFKHOOHTXLDYDLWSULVXQHQRXYHOOHLPSRUWDQFHGHODUXLQHGHVDXWUHV
YLOOHVFDOYLQLVWHVpWDLWGRQFOHIR\HUGHVGLVVHQVLRQVHWGHVDPELWLRQV,O\

DYDLWSOXVVRQSRUWpWDLWODGHUQLqUHSRUWHRXYHUWHDX[$QJODLVGDQVOHUR\DXPH
GH)UDQFHHWHQODIHUPDQWjO
$QJOHWHUUHQRWUHpWHUQHOOHHQQHPLHOH
FDUGLQDODFKHYDLWO
RHXYUHGH-HDQQHG
$UFHWGXGXFGH*XLVH
$XVVL%DVVRPSLHUUHTXLpWDLWjODIRLVSURWHVWDQWHWFDWKROLTXHSURWHVWDQWGH
FRQYLFWLRQHWFDWKROLTXHFRPPHFRPPDQGHXUGX6DLQW(VSULW%DVVRPSLHUUHTXL
pWDLW$OOHPDQGGHQDLVVDQFHHW)UDQoDLVGHFRHXU%DVVRPSLHUUHHQILQTXL
DYDLWXQFRPPDQGHPHQWSDUWLFXOLHUDXVLqJHGH/D5RFKHOOHGLVDLWLOHQ
FKDUJHDQWjODWrWHGHSOXVLHXUVDXWUHVVHLJQHXUVSURWHVWDQWVFRPPHOXL
9RXVYHUUH]0HVVLHXUVTXHQRXVVHURQVDVVH]ErWHVSRXUSUHQGUH/D5RFKHOOH

(W%DVVRPSLHUUHDYDLWUDLVRQODFDQRQQDGHGHO
vOHGH5pOXLSUpVDJHDLWOHV
GUDJRQQDGHVGHV&pYHQQHVODSULVHGH/D5RFKHOOHpWDLWODSUpIDFHGHOD
UpYRFDWLRQGHO
pGLWGH1DQWHV
0DLVQRXVO
DYRQVGLWjF{WpGHFHVYXHVGXPLQLVWUHQLYHOHXUHW
VLPSOLILFDWHXUHWTXLDSSDUWLHQQHQWjO
KLVWRLUHOHFKURQLTXHXUHVWELHQIRUFp
GHUHFRQQDvWUHOHVSHWLWHVYLVpHVGHO
KRPPHDPRXUHX[HWGXULYDOMDORX[
5LFKHOLHXFRPPHFKDFXQVDLWDYDLWpWpDPRXUHX[GHODUHLQHFHWDPRXU
DYDLWLOFKH]OXLXQVLPSOHEXWSROLWLTXHRXpWDLWFHWRXWQDWXUHOOHPHQWXQHGH
FHVSURIRQGHVSDVVLRQVFRPPHHQLQVSLUD$QQHG
$XWULFKHjFHX[TXL
O
HQWRXUDLHQWF
HVWFHTXHQRXVQHVDXULRQVGLUHPDLVHQWRXWFDVRQDYX
SDUOHVGpYHORSSHPHQWVDQWpULHXUVGHFHWWHKLVWRLUHTXH%XFNLQJKDPO
DYDLW
HPSRUWpVXUOXLHWTXHGDQVGHX[RXWURLVFLUFRQVWDQFHVHWSDUWLFXOLqUHPHQW
GDQVFHOOHVGHVIHUUHWVLOO
DYDLWJUkFHDXGpYRXHPHQWGHVWURLVPRXVTXHWDLUHV
HWDXFRXUDJHGHG
$UWDJQDQFUXHOOHPHQWP\VWLILp
,OV
DJLVVDLWGRQFSRXU5LFKHOLHXQRQVHXOHPHQWGHGpEDUUDVVHUOD)UDQFHG
XQ
HQQHPLPDLVGHVHYHQJHUG
XQULYDODXUHVWHODYHQJHDQFHGHYDLWrWUHJUDQGH
HWpFODWDQWHHWGLJQHHQWRXWG
XQKRPPHTXLWLHQWGDQVVDPDLQSRXUpSpHGH
FRPEDWOHVIRUFHVGHWRXWXQUR\DXPH
5LFKHOLHXVDYDLWTX
HQFRPEDWWDQWO
$QJOHWHUUHLOFRPEDWWDLW%XFNLQJKDPTX
HQ
WULRPSKDQWGHO
$QJOHWHUUHLOWULRPSKDLWGH%XFNLQJKDPHQILQTX
HQKXPLOLDQW
O
$QJOHWHUUHDX[\HX[GHO
(XURSHLOKXPLOLDLW%XFNLQJKDPDX[\HX[GHODUHLQH
'HVRQF{Wp%XFNLQJKDPWRXWHQPHWWDQWHQDYDQWO
KRQQHXUGHO
$QJOHWHUUH
pWDLWPSDUGHVLQWpUrWVDEVROXPHQWVHPEODEOHVjFHX[GXFDUGLQDO%XFNLQJKDP
DXVVLSRXUVXLYDLWXQHYHQJHDQFHSDUWLFXOLqUHVRXVDXFXQSUpWH[WH%XFNLQJKDP
Q
DYDLWSXUHQWUHUHQ)UDQFHFRPPHDPEDVVDGHXULOYRXODLW\UHQWUHUFRPPH
FRQTXpUDQW
,OHQUpVXOWHTXHOHYpULWDEOHHQMHXGHFHWWHSDUWLHTXHOHVGHX[SOXV
SXLVVDQWVUR\DXPHVMRXDLHQWSRXUOHERQSODLVLUGHGHX[KRPPHVDPRXUHX[pWDLW
XQVLPSOHUHJDUGG
$QQHG
$XWULFKH
/HSUHPLHUDYDQWDJHDYDLWpWpDXGXFGH%XFNLQJKDPDUULYpLQRSLQpPHQWHQYXH
GHO
vOHGH5pDYHFTXDWUHYLQJWGL[YDLVVHDX[HWYLQJWPLOOHKRPPHVjSHXSUqV
LODYDLWVXUSULVOHFRPWHGH7RLUDVTXLFRPPDQGDLWSRXUOHURLGDQVO
vOHLO
DYDLWDSUqVXQFRPEDWVDQJODQWRSpUpVRQGpEDUTXHPHQW

5HODWRQVHQSDVVDQWTXHGDQVFHFRPEDWDYDLWSpULOHEDURQGH&KDQWDOOHEDURQ
GH&KDQWDOODLVVDLWRUSKHOLQHXQHSHWLWHILOOHGHGL[KXLWPRLV
&HWWHSHWLWHILOOHIXWGHSXLV0PHGH6pYLJQp
/HFRPWHGH7RLUDVVHUHWLUDGDQVODFLWDGHOOH6DLQW0DUWLQDYHFODJDUQLVRQHW
MHWDXQHFHQWDLQHG
KRPPHVGDQVXQSHWLWIRUWTX
RQDSSHODLWOHIRUWGH/D3UpH
&HWpYpQHPHQWDYDLWKkWpOHVUpVROXWLRQVGXFDUGLQDOHWHQDWWHQGDQWTXHOH
URLHWOXLSXVVHQWDOOHUSUHQGUHOHFRPPDQGHPHQWGXVLqJHGH/D5RFKHOOHTXL
pWDLWUpVROXLODYDLWIDLWSDUWLU0RQVLHXUSRXUGLULJHUOHVSUHPLqUHV
RSpUDWLRQVHWDYDLWIDLWILOHUYHUVOHWKpkWUHGHODJXHUUHWRXWHVOHVWURXSHV
GRQWLODYDLWSXGLVSRVHU
&
pWDLWGHFHGpWDFKHPHQWHQYR\pHQDYDQWJDUGHTXHIDLVDLWSDUWLHQRWUHDPL
G
$UWDJQDQ
/HURLFRPPHQRXVO
DYRQVGLWGHYDLWVXLYUHDXVVLW{WVRQOLWGHMXVWLFHWHQX
PDLVHQVHOHYDQWGHFHOLWGHMXVWLFHOHMXLQLOV
pWDLWVHQWLSULVSDU
ODILqYUHLOQ
HQDYDLWSDVPRLQVYRXOXSDUWLUPDLVVRQpWDWHPSLUDQWLO
DYDLWpWpIRUFpGHV
DUUrWHUj9LOOHURL
2URV
DUUrWDLWOHURLV
DUUrWDLHQWOHVPRXVTXHWDLUHVLOHQUpVXOWDLWTXH
G
$UWDJQDQTXLpWDLWSXUHPHQWHWVLPSOHPHQWGDQVOHVJDUGHVVHWURXYDLW
VpSDUpPRPHQWDQpPHQWGXPRLQVGHVHVERQVDPLV$WKRV3RUWKRVHW$UDPLV
FHWWHVpSDUDWLRQTXLQ
pWDLWSRXUOXLTX
XQHFRQWUDULpWpIWFHUWHVGHYHQXH
XQHLQTXLpWXGHVpULHXVHV
LOHWSXGHYLQHUGHTXHOVGDQJHUVLQFRQQXVLOpWDLW
HQWRXUp
,OQ
HQDUULYDSDVPRLQVVDQVDFFLGHQWDXFDPSpWDEOLGHYDQW/D5RFKHOOHYHUV
OHGXPRLVGHVHSWHPEUHGHO
DQQpH
7RXWpWDLWGDQVOHPrPHpWDWOHGXFGH%XFNLQJKDPHWVHV$QJODLVPDvWUHVGH
O
vOHGH5pFRQWLQXDLHQWG
DVVLpJHUPDLVVDQVVXFFqVODFLWDGHOOHGH
6DLQW0DUWLQHWOHIRUWGH/D3UpHHWOHVKRVWLOLWpVDYHF/D5RFKHOOHpWDLHQW
FRPPHQFpHVGHSXLVGHX[RXWURLVMRXUVjSURSRVG
XQIRUWTXHOHGXFG
$QJRXOrPH
YHQDLWGHIDLUHFRQVWUXLUHSUqVGHODYLOOH
/HVJDUGHVVRXVOHFRPPDQGHPHQWGH0GHV(VVDUWVDYDLHQWOHXUORJHPHQWDX[
0LQLPHV
0DLVQRXVOHVDYRQVG
$UWDJQDQSUpRFFXSpGHO
DPELWLRQGHSDVVHUDX[
PRXVTXHWDLUHVDYDLWUDUHPHQWIDLWDPLWLpDYHFVHVFDPDUDGHVLOVHWURXYDLW
GRQFLVROpHWOLYUpjVHVSURSUHVUpIOH[LRQV
6HVUpIOH[LRQVQ
pWDLHQWSDVULDQWHVGHSXLVXQDQTX
LOpWDLWDUULYpj3DULV
LOV
pWDLWPrOpDX[DIIDLUHVSXEOLTXHVVHVDIIDLUHVSULYpHVQ
DYDLHQWSDVIDLW
JUDQGFKHPLQFRPPHDPRXUHWFRPPHIRUWXQH
&RPPHDPRXUODVHXOHIHPPHTX
LOHWDLPpHpWDLW0PH%RQDFLHX[HW0PH
%RQDFLHX[DYDLWGLVSDUXVDQVTX
LOSWGpFRXYULUHQFRUHFHTX
HOOHpWDLW

GHYHQXH
&RPPHIRUWXQHLOV
pWDLWIDLWOXLFKpWLIHQQHPLGXFDUGLQDOF
HVWjGLUH
G
XQKRPPHGHYDQWOHTXHOWUHPEODLHQWOHVSOXVJUDQGVGXUR\DXPHjFRPPHQFHUSDU
OHURL
&HWKRPPHSRXYDLWO
pFUDVHUHWFHSHQGDQWLOQHO
DYDLWSDVIDLWSRXUXQ
HVSULWDXVVLSHUVSLFDFHTXHO
pWDLWG
$UWDJQDQFHWWHLQGXOJHQFHpWDLWXQMRXU
SDUOHTXHOLOYR\DLWGDQVXQPHLOOHXUDYHQLU
3XLVLOV
pWDLWIDLWHQFRUHXQDXWUHHQQHPLPRLQVjFUDLQGUHSHQVDLWLOPDLV
TXHFHSHQGDQWLOVHQWDLWLQVWLQFWLYHPHQWQ
rWUHSDVjPpSULVHUFHWHQQHPL
F
pWDLW0LODG\
(QpFKDQJHGHWRXWFHODLODYDLWDFTXLVODSURWHFWLRQHWODELHQYHLOODQFHGHOD
UHLQHPDLVODELHQYHLOODQFHGHODUHLQHpWDLWSDUOHWHPSVTXLFRXUDLWXQH
FDXVHGHSOXVGHSHUVpFXWLRQHWVDSURWHFWLRQRQOHVDLWSURWpJHDLWIRUWPDO
WpPRLQV&KDODLVHW0PH%RQDFLHX[
&HTX
LODYDLWGRQFJDJQpGHSOXVFODLUGDQVWRXWFHODF
pWDLWOHGLDPDQWGH
FLQTRXVL[PLOOHOLYUHVTX
LOSRUWDLWDXGRLJWHWHQFRUHFHGLDPDQWHQ
VXSSRVDQWTXHG
$UWDJQDQGDQVVHVSURMHWVG
DPELWLRQYRXOWOHJDUGHUSRXU
V
HQIDLUHXQMRXUXQVLJQHGHUHFRQQDLVVDQFHSUqVGHODUHLQHQ
DYDLWHQ
DWWHQGDQWSXLVTX
LOQHSRXYDLWV
HQGpIDLUHSDVSOXVGHYDOHXUTXHOHV
FDLOORX[TX
LOIRXODLWjVHVSLHGV
1RXVGLVRQVTXHOHVFDLOORX[TX
LOIRXODLWjVHVSLHGVFDUG
$UWDJQDQ
IDLVDLWFHVUpIOH[LRQVHQVHSURPHQDQWVROLWDLUHPHQWVXUXQMROLSHWLWFKHPLQ
TXLFRQGXLVDLWGXFDPSDXYLOODJHG
$QJRXWLQRUFHVUpIOH[LRQVO
DYDLHQW
FRQGXLWSOXVORLQTX
LOQHFUR\DLWHWOHMRXUFRPPHQoDLWjEDLVVHUORUVTX
DX
GHUQLHUUD\RQGXVROHLOFRXFKDQWLOOXLVHPEODYRLUEULOOHUGHUULqUHXQHKDLHOH
FDQRQG
XQPRXVTXHW
'
$UWDJQDQDYDLWO
RHLOYLIHWO
HVSULWSURPSWLOFRPSULWTXHOHPRXVTXHW
Q
pWDLWSDVYHQXOjWRXWVHXOHWTXHFHOXLTXLOHSRUWDLWQHV
pWDLWSDVFDFKp
GHUULqUHXQHKDLHGDQVGHVLQWHQWLRQVDPLFDOHV,OUpVROXWGRQFGHJDJQHUDX
ODUJHORUVTXHGHO
DXWUHF{WpGHODURXWHGHUULqUHXQURFKHULODSHUoXW
O
H[WUpPLWpG
XQVHFRQGPRXVTXHW
&
pWDLWpYLGHPPHQWXQHHPEXVFDGH
/HMHXQHKRPPHMHWDXQFRXSG
RHLOVXUOHSUHPLHUPRXVTXHWHWYLWDYHFXQH
FHUWDLQHLQTXLpWXGHTX
LOV
DEDLVVDLWGDQVVDGLUHFWLRQPDLVDXVVLW{WTX
LOYLW
O
RULILFHGXFDQRQLPPRELOHLOVHMHWDYHQWUHjWHUUH(QPrPHWHPSVOHFRXS
SDUWLWLOHQWHQGLWOHVLIIOHPHQWG
XQHEDOOHTXLSDVVDLWDXGHVVXVGHVDWrWH
,OQ
\DYDLWSDVGHWHPSVjSHUGUHG
$UWDJQDQVHUHGUHVVDG
XQERQGHWDXPrPH
PRPHQWODEDOOHGHO
DXWUHPRXVTXHWILWYROHUOHVFDLOORX[jO
HQGURLWPrPHGX
FKHPLQRLOV
pWDLWMHWpODIDFHFRQWUHWHUUH
'
$UWDJQDQQ
pWDLWSDVXQGHFHVKRPPHVLQXWLOHPHQWEUDYHVTXLFKHUFKHQWXQH
PRUWULGLFXOHSRXUTX
RQGLVHG
HX[TX
LOVQ
RQWSDVUHFXOpG
XQSDVG
DLOOHXUV
LOQHV
DJLVVDLWSOXVGHFRXUDJHLFLG
$UWDJQDQpWDLWWRPEpGDQVXQJXHWDSHQV

6
LO\DXQWURLVLqPHFRXSVHGLWLOMHVXLVXQKRPPHSHUGX
(WDXVVLW{WSUHQDQWVHVMDPEHVjVRQFRXLOV
HQIXLWGDQVODGLUHFWLRQGXFDPS
DYHFODYLWHVVHGHVJHQVGHVRQSD\VVLUHQRPPpVSRXUOHXUDJLOLWpPDLV
TXHOOHTXHIWODUDSLGLWpGHVDFRXUVHOHSUHPLHUTXLDYDLWWLUpD\DQWHXOH
WHPSVGHUHFKDUJHUVRQDUPHOXLWLUDXQVHFRQGFRXSVLELHQDMXVWpFHWWHIRLV
TXHODEDOOHWUDYHUVDVRQIHXWUHHWOHILWYROHUjGL[SDVGHOXL
&HSHQGDQWFRPPHG
$UWDJQDQQ
DYDLWSDVG
DXWUHFKDSHDXLOUDPDVVDOHVLHQWRXW
HQFRXUDQWDUULYDIRUWHVVRXIIOpHWIRUWSkOHGDQVVRQORJLVV
DVVLWVDQV
ULHQGLUHjSHUVRQQHHWVHPLWjUpIOpFKLU
&HWpYpQHPHQWSRXYDLWDYRLUWURLVFDXVHV
/DSUHPLqUHHWODSOXVQDWXUHOOHSRXYDLWrWUHXQHHPEXVFDGHGHV5RFKHORLVTXL
Q
HXVVHQWSDVpWpIkFKpVGHWXHUXQGHVJDUGHVGH6D0DMHVWpG
DERUGSDUFHTXH
F
pWDLWXQHQQHPLGHPRLQVHWTXHFHWHQQHPLSRXYDLWDYRLUXQHERXUVHELHQ
JDUQLHGDQVVDSRFKH
'
$UWDJQDQSULWVRQFKDSHDXH[DPLQDOHWURXGHODEDOOHHWVHFRXDODWrWH/D
EDOOHQ
pWDLWSDVXQHEDOOHGHPRXVTXHWF
pWDLWXQHEDOOHG
DUTXHEXVHOD
MXVWHVVHGXFRXSOXLDYDLWGpMjGRQQpO
LGpHTX
LODYDLWpWpWLUpSDUXQHDUPH
SDUWLFXOLqUHFHQ
pWDLWGRQFSDVXQHHPEXVFDGHPLOLWDLUHSXLVTXHODEDOOH
Q
pWDLWSDVGHFDOLEUH
&HSRXYDLWrWUHXQERQVRXYHQLUGH0OHFDUGLQDO2QVHUDSSHOOHTX
DXPRPHQW
PrPHRLODYDLWJUkFHjFHELHQKHXUHX[UD\RQGHVROHLODSHUoXOHFDQRQGX
IXVLOLOV
pWRQQDLWGHODORQJDQLPLWpGH6RQ(PLQHQFHjVRQpJDUG
0DLVG
$UWDJQDQVHFRXDODWrWH3RXUOHVJHQVYHUVOHVTXHOVHOOHQ
DYDLWTX
j
pWHQGUHODPDLQ6RQ(PLQHQFHUHFRXUDLWUDUHPHQWjGHSDUHLOVPR\HQV
&HSRXYDLWrWUHXQHYHQJHDQFHGH0LODG\
&HFLF
pWDLWSOXVSUREDEOH
,OFKHUFKDLQXWLOHPHQWjVHUDSSHOHURXOHVWUDLWVRXOHFRVWXPHGHVDVVDVVLQV
LOV
pWDLWpORLJQpG
HX[VLUDSLGHPHQWTX
LOQ
DYDLWHXOHORLVLUGHULHQ
UHPDUTXHU
$KPHVSDXYUHVDPLVPXUPXUDG
$UWDJQDQRrWHVYRXV"HWTXHYRXVPH
IDLWHVIDXWH
'
$UWDJQDQSDVVDXQHIRUWPDXYDLVHQXLW7URLVRXTXDWUHIRLVLOVHUpYHLOODHQ
VXUVDXWVHILJXUDQWTX
XQKRPPHV
DSSURFKDLWGHVRQOLWSRXUOHSRLJQDUGHU
&HSHQGDQWOHMRXUSDUXWVDQVTXHO
REVFXULWpHWDPHQpDXFXQLQFLGHQW
0DLVG
$UWDJQDQVHGRXWDELHQTXHFHTXLpWDLWGLIIpUpQ
pWDLWSDVSHUGX
'
$UWDJQDQUHVWDWRXWHODMRXUQpHGDQVVRQORJLVLOVHGRQQDSRXUH[FXVH
YLVjYLVGHOXLPrPHTXHOHWHPSVpWDLWPDXYDLV

/HVXUOHQGHPDLQjQHXIKHXUHVRQEDWWLWDX[FKDPSV/HGXFG
2UOpDQVYLVLWDLW
OHVSRVWHV/HVJDUGHVFRXUXUHQWDX[DUPHVG
$UWDJQDQSULWVRQUDQJDXPLOLHX
GHVHVFDPDUDGHV
0RQVLHXUSDVVDVXUOHIURQWGHEDWDLOOHSXLVWRXVOHVRIILFLHUVVXSpULHXUV
V
DSSURFKqUHQWGHOXLSRXUOXLIDLUHOHXUFRXU0GHV(VVDUWVOHFDSLWDLQHGHV
JDUGHVFRPPHOHVDXWUHV
$XERXWG
XQLQVWDQWLOSDUXWjG
$UWDJQDQTXH0GHV(VVDUWVOXLIDLVDLWVLJQH
GHV
DSSURFKHUGHOXLLODWWHQGLWXQQRXYHDXJHVWHGHVRQVXSpULHXUFUDLJQDQW
GHVHWURPSHUPDLVFHJHVWHV
pWDQWUHQRXYHOpLOTXLWWDOHVUDQJVHWV
DYDQoD
SRXUSUHQGUHO
RUGUH
0RQVLHXUYDGHPDQGHUGHVKRPPHVGHERQQHYRORQWpSRXUXQHPLVVLRQGDQJHUHXVH
PDLVTXLIHUDKRQQHXUjFHX[TXLO
DXURQWDFFRPSOLHHWMHYRXVDLIDLWVLJQH
DILQTXHYRXVYRXVWLQVVLH]SUrW
0HUFLPRQFDSLWDLQHUpSRQGLWG
$UWDJQDQTXLQHGHPDQGDLWSDVPLHX[TXH
GHVHGLVWLQJXHUVRXVOHV\HX[GXOLHXWHQDQWJpQpUDO
(QHIIHWOHV5RFKHORLVDYDLHQWIDLWXQHVRUWLHSHQGDQWODQXLWHWDYDLHQW
UHSULVXQEDVWLRQGRQWO
DUPpHUR\DOLVWHV
pWDLWHPSDUpHGHX[MRXUVDXSDUDYDQW
LOV
DJLVVDLWGHSRXVVHUXQHUHFRQQDLVVDQFHSHUGXHSRXUYRLUFRPPHQWO
DUPpH
JDUGDLWFHEDVWLRQ
(IIHFWLYHPHQWDXERXWGHTXHOTXHVLQVWDQWV0RQVLHXUpOHYDODYRL[HWGLW
,OPHIDXGUDLWSRXUFHWWHPLVVLRQWURLVRXTXDWUHYRORQWDLUHVFRQGXLWVSDU
XQKRPPHVU
4XDQWjO
KRPPHVUMHO
DLVRXVODPDLQ0RQVHLJQHXUGLW0GHV(VVDUWVHQ
PRQWUDQWG
$UWDJQDQHWTXDQWDX[TXDWUHRXFLQTYRORQWDLUHV0RQVHLJQHXUQ
D
TX
jIDLUHFRQQDvWUHVHVLQWHQWLRQVHWOHVKRPPHVQHOXLPDQTXHURQWSDV
4XDWUHKRPPHVGHERQQHYRORQWpSRXUYHQLUVHIDLUHWXHUDYHFPRLGLW
G
$UWDJQDQHQOHYDQWVRQpSpH
'HX[GHVHVFDPDUDGHVDX[JDUGHVV
pODQFqUHQWDXVVLW{WHWGHX[VROGDWVV
pWDQW
MRLQWVjHX[LOVHWURXYDTXHOHQRPEUHGHPDQGppWDLWVXIILVDQWG
$UWDJQDQ
UHIXVDGRQFWRXVOHVDXWUHVQHYRXODQWSDVIDLUHGHSDVVHGURLWjFHX[TXL
DYDLHQWODSULRULWp
2QLJQRUDLWVLDSUqVODSULVHGXEDVWLRQOHV5RFKHORLVO
DYDLHQWpYDFXpRX
V
LOV\DYDLHQWODLVVpJDUQLVRQLOIDOODLWGRQFH[DPLQHUOHOLHXLQGLTXp
G
DVVH]SUqVSRXUYpULILHUODFKRVH
'
$UWDJQDQSDUWLWDYHFVHVTXDWUHFRPSDJQRQVHWVXLYLWODWUDQFKpHOHVGHX[
JDUGHVPDUFKDLHQWDXPrPHUDQJTXHOXLHWOHVVROGDWVYHQDLHQWSDUGHUULqUH
,OVDUULYqUHQWDLQVLHQVHFRXYUDQWGHUHYrWHPHQWVMXVTX
jXQHFHQWDLQHGHSDV
GXEDVWLRQ/jG
$UWDJQDQHQVHUHWRXUQDQWV
DSHUoXWTXHOHVGHX[VROGDWV
DYDLHQWGLVSDUX

,OFUXWTX
D\DQWHXSHXULOVpWDLHQWUHVWpVHQDUULqUHHWFRQWLQXDG
DYDQFHU
$XGpWRXUGHODFRQWUHVFDUSHLOVVHWURXYqUHQWjVRL[DQWHSDVjSHXSUqVGX
EDVWLRQ
2QQHYR\DLWSHUVRQQHHWOHEDVWLRQVHPEODLWDEDQGRQQp
/HVWURLVHQIDQWVSHUGXVGpOLEpUDLHQWV
LOVLUDLHQWSOXVDYDQWORUVTXHWRXWj
FRXSXQHFHLQWXUHGHIXPpHFHLJQLWOHJpDQWGHSLHUUHHWXQHGRX]DLQHGHEDOOHV
YLQUHQWVLIIOHUDXWRXUGHG
$UWDJQDQHWGHVHVGHX[FRPSDJQRQV
,OVVDYDLHQWFHTX
LOVYRXODLHQWVDYRLUOHEDVWLRQpWDLWJDUGp8QHSOXV
ORQJXHVWDWLRQGDQVFHWHQGURLWGDQJHUHX[HWGRQFpWpXQHLPSUXGHQFHLQXWLOH
G
$UWDJQDQHWOHVGHX[JDUGHVWRXUQqUHQWOHGRVHWFRPPHQFqUHQWXQHUHWUDLWHTXL
UHVVHPEODLWjXQHIXLWH
(QDUULYDQWjO
DQJOHGHODWUDQFKpHTXLDOODLWOHXUVHUYLUGHUHPSDUWXQGHV
JDUGHVWRPEDXQHEDOOHOXLDYDLWWUDYHUVpODSRLWULQH/
DXWUHTXLpWDLWVDLQ
HWVDXIFRQWLQXDVDFRXUVHYHUVOHFDPS
'
$UWDJQDQQHYRXOXWSDVDEDQGRQQHUDLQVLVRQFRPSDJQRQHWV
LQFOLQDYHUVOXL
SRXUOHUHOHYHUHWO
DLGHUjUHMRLQGUHOHVOLJQHVPDLVHQFHPRPHQWGHX[FRXSV
GHIXVLOSDUWLUHQWXQHEDOOHFDVVDODWrWHGXJDUGHGpMjEOHVVpHWO
DXWUH
YLQWV
DSODWLUVXUOHURFDSUqVDYRLUSDVVpjGHX[SRXFHVGHG
$UWDJQDQ
/HMHXQHKRPPHVHUHWRXUQDYLYHPHQWFDUFHWWHDWWDTXHQHSRXYDLWYHQLUGX
EDVWLRQTXLpWDLWPDVTXpSDUO
DQJOHGHODWUDQFKpH/
LGpHGHVGHX[VROGDWV
TXLO
DYDLHQWDEDQGRQQpOXLUHYLQWjO
HVSULWHWOXLUDSSHODVHVDVVDVVLQVGHOD
VXUYHLOOHLOUpVROXWGRQFFHWWHIRLVGHVDYRLUjTXRLV
HQWHQLUHWWRPEDVXU
OHFRUSVGHVRQFDPDUDGHFRPPHV
LOpWDLWPRUW
,OYLWDXVVLW{WGHX[WrWHVTXLV
pOHYDLHQWDXGHVVXVG
XQRXYUDJHDEDQGRQQpTXL
pWDLWjWUHQWHSDVGHOjF
pWDLHQWFHOOHVGHQRVGHX[VROGDWV'
$UWDJQDQQH
V
pWDLWSDVWURPSpFHVGHX[KRPPHVQHO
DYDLHQWVXLYLTXHSRXUO
DVVDVVLQHU
HVSpUDQWTXHODPRUWGXMHXQHKRPPHVHUDLWPLVHVXUOHFRPSWHGHO
HQQHPL
6HXOHPHQWFRPPHLOSRXYDLWQ
rWUHTXHEOHVVpHWGpQRQFHUOHXUFULPHLOV
V
DSSURFKqUHQWSRXUO
DFKHYHUKHXUHXVHPHQWWURPSpVSDUODUXVHGHG
$UWDJQDQ
LOVQpJOLJqUHQWGHUHFKDUJHUOHXUVIXVLOV
/RUVTX
LOVIXUHQWjGL[SDVGHOXLG
$UWDJQDQTXLHQWRPEDQWDYDLWHXJUDQG
VRLQGHQHSDVOkFKHUVRQpSpHVHUHOHYDWRXWjFRXSHWG
XQERQGVHWURXYD
SUqVG
HX[
/HVDVVDVVLQVFRPSULUHQWTXHV
LOVV
HQIX\DLHQWGXF{WpGXFDPSVDQVDYRLUWXp
OHXUKRPPHLOVVHUDLHQWDFFXVpVSDUOXLDXVVLOHXUSUHPLqUHLGpHIXWHOOHGH
SDVVHUjO
HQQHPL/
XQG
HX[SULWVRQIXVLOSDUOHFDQRQHWV
HQVHUYLWFRPPH
G
XQHPDVVXHLOHQSRUWDXQFRXSWHUULEOHjG
$UWDJQDQTXLO
pYLWDHQVH
MHWDQWGHF{WpPDLVSDUFHPRXYHPHQWLOOLYUDSDVVDJHDXEDQGLWTXLV
pODQoD
DXVVLW{WYHUVOHEDVWLRQ&RPPHOHV5RFKHORLVTXLOHJDUGDLHQWLJQRUDLHQWGDQV
TXHOOHLQWHQWLRQFHWKRPPHYHQDLWjHX[LOVILUHQWIHXVXUOXLHWLOWRPED
IUDSSpG
XQHEDOOHTXLOXLEULVDO
pSDXOH

3HQGDQWFHWHPSVG
$UWDJQDQV
pWDLWMHWpVXUOHVHFRQGVROGDWO
DWWDTXDQWDYHF
VRQpSpHODOXWWHQHIXWSDVORQJXHFHPLVpUDEOHQ
DYDLWSRXUVHGpIHQGUHTXH
VRQDUTXHEXVHGpFKDUJpHO
pSpHGXJDUGHJOLVVDFRQWUHOHFDQRQGHO
DUPH
GHYHQXHLQXWLOHHWDOODWUDYHUVHUODFXLVVHGHO
DVVDVVLQTXLWRPED'
$UWDJQDQ
OXLPLWDXVVLW{WODSRLQWHGXIHUVXUODJRUJH
2KQHPHWXH]SDVV
pFULDOHEDQGLWJUkFHJUkFHPRQRIILFLHUHWMH
YRXVGLUDLWRXW
7RQVHFUHWYDXWLOODSHLQHTXHMHWHJDUGHODYLHDXPRLQV"GHPDQGDOH
MHXQHKRPPHHQUHWHQDQWVRQEUDV
2XLVLYRXVHVWLPH]TXHO
H[LVWHQFHVRLWTXHOTXHFKRVHTXDQGRQD
YLQJWGHX[DQVFRPPHYRXVHWTX
RQSHXWDUULYHUjWRXWpWDQWEHDXHWEUDYH
FRPPHYRXVO
rWHV
0LVpUDEOHGLWG
$UWDJQDQYR\RQVSDUOHYLWHTXLW
DFKDUJpGH
P
DVVDVVLQHU"
8QHIHPPHTXHMHQHFRQQDLVSDVPDLVTX
RQDSSHOOH0LODG\
0DLVVLWXQHFRQQDLVSDVFHWWHIHPPHFRPPHQWVDLVWXVRQQRP"
0RQFDPDUDGHODFRQQDLVVDLWHWO
DSSHODLWDLQVLF
HVWjOXLTX
HOOHDHX
DIIDLUHHWQRQSDVjPRLLODPrPHGDQVVDSRFKHXQHOHWWUHGHFHWWHSHUVRQQH
TXLGRLWDYRLUSRXUYRXVXQHJUDQGHLPSRUWDQFHjFHTXHMHOXLDLHQWHQGXGLUH
0DLVFRPPHQWWHWURXYHVWXGHPRLWLpGDQVFHJXHWDSHQV"
,OP
DSURSRVpGHIDLUHOHFRXSjQRXVGHX[HWM
DLDFFHSWp
(WFRPELHQYRXVDWHOOHGRQQpSRXUFHWWHEHOOHH[SpGLWLRQ"
&HQWORXLV
(KELHQjODERQQHKHXUHGLWOHMHXQHKRPPHHQULDQWHOOHHVWLPHTXHMH
YDX[TXHOTXHFKRVHFHQWORXLVF
HVWXQHVRPPHSRXUGHX[PLVpUDEOHVFRPPH
YRXVDXVVLMHFRPSUHQGVTXHWXDLHVDFFHSWpHWMHWHIDLVJUkFHPDLVjXQH
FRQGLWLRQ
/DTXHOOH"GHPDQGDOHVROGDWLQTXLHWHQYR\DQWTXHWRXWQ
pWDLWSDVILQL
&
HVWTXHWXYDVDOOHUPHFKHUFKHUODOHWWUHTXHWRQFDPDUDGHDGDQVVD
SRFKH
0DLVV
pFULDOHEDQGLWF
HVWXQHDXWUHPDQLqUHGHPHWXHUFRPPHQW
YRXOH]YRXVTXHM
DLOOHFKHUFKHUFHWWHOHWWUHVRXVOHIHXGXEDVWLRQ"
,OIDXWSRXUWDQWTXHWXWHGpFLGHVjO
DOOHUFKHUFKHURXMHWHMXUHTXHWX
YDVPRXULUGHPDPDLQ

*UkFH0RQVLHXUSLWLpDXQRPGHFHWWHMHXQHGDPHTXHYRXVDLPH]TXHYRXV
FUR\H]PRUWHSHXWrWUHHWTXLQHO
HVWSDVV
pFULDOHEDQGLWHQVHPHWWDQWj
JHQRX[HWV
DSSX\DQWVXUVDPDLQFDULOFRPPHQoDLWjSHUGUHVHVIRUFHVDYHFVRQ
VDQJ
(WG
RVDLVWXTX
LO\DXQHMHXQHIHPPHTXHM
DLPHHWTXHM
DLFUXFHWWH
IHPPHPRUWH"GHPDQGDG
$UWDJQDQ
3DUFHWWHOHWWUHTXHPRQFDPDUDGHDGDQVVDSRFKH
7XYRLVELHQDORUVTX
LOIDXWTXHM
DLHFHWWHOHWWUHGLWG
$UWDJQDQDLQVL
GRQFSOXVGHUHWDUGSOXVG
KpVLWDWLRQRXTXHOOHTXHVRLWPDUpSXJQDQFHj
WUHPSHUXQHVHFRQGHIRLVPRQpSpHGDQVOHVDQJG
XQPLVpUDEOHFRPPHWRLMHOH
MXUHSDUPDIRLG
KRQQrWHKRPPH
(WjFHVPRWVG
$UWDJQDQILWXQJHVWHVLPHQDoDQWTXHOHEOHVVpVHUHOHYD
$UUrWH]DUUrWH]V
pFULDWLOUHSUHQDQWFRXUDJHjIRUFHGHWHUUHXU
M
LUDLM
LUDL
'
$UWDJQDQSULWO
DUTXHEXVHGXVROGDWOHILWSDVVHUGHYDQWOXLHWOHSRXVVD
YHUVVRQFRPSDJQRQHQOXLSLTXDQWOHVUHLQVGHODSRLQWHGHVRQpSpH
&
pWDLWXQHFKRVHDIIUHXVHTXHGHYRLUFHPDOKHXUHX[ODLVVDQWVXUOHFKHPLQ
TX
LOSDUFRXUDLWXQHORQJXHWUDFHGHVDQJSkOHGHVDPRUWSURFKDLQHHVVD\DQW
GHVHWUDvQHUVDQVrWUHYXMXVTX
DXFRUSVGHVRQFRPSOLFHTXLJLVDLWjYLQJWSDV
GHOj
/DWHUUHXUpWDLWWHOOHPHQWSHLQWHVXUVRQYLVDJHFRXYHUWG
XQHIURLGHVXHXUTXH
G
$UWDJQDQHQHXWSLWLpHWTXHOHUHJDUGDQWDYHFPpSULV
(KELHQOXLGLWLOMHYDLVWHPRQWUHUODGLIIpUHQFHTX
LO\DHQWUHXQKRPPH
GHFRHXUHWXQOkFKHFRPPHWRLUHVWHM
LUDL
(WG
XQSDVDJLOHO
RHLODXJXHWREVHUYDQWOHVPRXYHPHQWVGHO
HQQHPL
V
DLGDQWGHWRXVOHVDFFLGHQWVGHWHUUDLQG
$UWDJQDQSDUYLQWMXVTX
DXVHFRQG
VROGDW
,O\DYDLWGHX[PR\HQVG
DUULYHUjVRQEXWOHIRXLOOHUVXUODSODFHRX
O
HPSRUWHUHQVHIDLVDQWXQERXFOLHUGHVRQFRUSVHWOHIRXLOOHUGDQVOD
WUDQFKpH
'
$UWDJQDQSUpIpUDOHVHFRQGPR\HQHWFKDUJHDO
DVVDVVLQVXUVHVpSDXOHVDX
PRPHQWPrPHRO
HQQHPLIDLVDLWIHX
8QHOpJqUHVHFRXVVHOHEUXLWPDWGHWURLVEDOOHVTXLWURXDLHQWOHVFKDLUVXQ
GHUQLHUFULXQIUpPLVVHPHQWG
DJRQLHSURXYqUHQWjG
$UWDJQDQTXHFHOXLTXL
DYDLWYRXOXO
DVVDVVLQHUYHQDLWGHOXLVDXYHUODYLH
'
$UWDJQDQUHJDJQDODWUDQFKpHHWMHWDOHFDGDYUHDXSUqVGXEOHVVpDXVVLSkOH
TX
XQPRUW
$XVVLW{WLOFRPPHQoDO
LQYHQWDLUHXQSRUWHIHXLOOHGHFXLUXQHERXUVHRVH

WURXYDLWpYLGHPPHQWXQHSDUWLHGHODVRPPHTXHOHEDQGLWDYDLWUHoXHXQFRUQHW
HWGHVGpVIRUPDLHQWO
KpULWDJHGXPRUW
,OODLVVDOHFRUQHWHWOHVGpVRLOVpWDLHQWWRPEpVMHWDODERXUVHDXEOHVVp
HWRXYULWDYLGHPHQWOHSRUWHIHXLOOH
$XPLOLHXGHTXHOTXHVSDSLHUVVDQVLPSRUWDQFHLOWURXYDODOHWWUHVXLYDQWH
F
pWDLWFHOOHTX
LOpWDLWDOOpFKHUFKHUDXULVTXHGHVDYLH
3XLVTXHYRXVDYH]SHUGXODWUDFHGHFHWWHIHPPHHWTX
HOOHHVWPDLQWHQDQWHQ
VUHWpGDQVFHFRXYHQWRYRXVQ
DXULH]MDPDLVGODODLVVHUDUULYHUWkFKH]DX
PRLQVGHQHSDVPDQTXHUO
KRPPHVLQRQYRXVVDYH]TXHM
DLODPDLQORQJXHHW
TXHYRXVSD\HULH]FKHUOHVFHQWORXLVTXHYRXVDYH]jPRL
3DVGHVLJQDWXUH1pDQPRLQVLOpWDLWpYLGHQWTXHODOHWWUHYHQDLWGH0LODG\(Q
FRQVpTXHQFHLOODJDUGDFRPPHSLqFHjFRQYLFWLRQHWHQVUHWpGHUULqUH
O
DQJOHGHODWUDQFKpHLOVHPLWjLQWHUURJHUOHEOHVVp&HOXLFLFRQIHVVD
TX
LOV
pWDLWFKDUJpDYHFVRQFDPDUDGHOHPrPHTXLYHQDLWG
rWUHWXpG
HQOHYHU
XQHMHXQHIHPPHTXLGHYDLWVRUWLUGH3DULVSDUODEDUULqUHGH/D9LOOHWWHPDLV
TXHV
pWDQWDUUrWpVjERLUHGDQVXQFDEDUHWLOVDYDLHQWPDQTXpODYRLWXUHGH
GL[PLQXWHV
0DLVTX
HXVVLH]YRXVIDLWGHFHWWHIHPPH"GHPDQGDG
$UWDJQDQDYHFDQJRLVVH
1RXVGHYLRQVODUHPHWWUHGDQVXQK{WHOGHODSODFH5R\DOHGLWOHEOHVVp
2XLRXLPXUPXUDG
$UWDJQDQF
HVWELHQFHODFKH]0LODG\HOOHPrPH
$ORUVOHMHXQHKRPPHFRPSULWHQIUpPLVVDQWTXHOOHWHUULEOHVRLIGHYHQJHDQFH
SRXVVDLWFHWWHIHPPHjOHSHUGUHDLQVLTXHFHX[TXLO
DLPDLHQWHWFRPELHQHOOH
HQVDYDLWVXUOHVDIIDLUHVGHODFRXUSXLVTX
HOOHDYDLWWRXWGpFRXYHUW6DQV
GRXWHHOOHGHYDLWFHVUHQVHLJQHPHQWVDXFDUGLQDO
0DLVDXPLOLHXGHWRXWFHODLOFRPSULWDYHFXQVHQWLPHQWGHMRLHELHQUpHO
TXHODUHLQHDYDLWILQLSDUGpFRXYULUODSULVRQRODSDXYUH0PH%RQDFLHX[
H[SLDLWVRQGpYRXHPHQWHWTX
HOOHO
DYDLWWLUpHGHFHWWHSULVRQ$ORUVOD
OHWWUHTX
LODYDLWUHoXHGHODMHXQHIHPPHHWVRQSDVVDJHVXUODURXWHGH
&KDLOORWSDVVDJHSDUHLOjXQHDSSDULWLRQOXLIXUHQWH[SOLTXpV
'qVORUVDLQVLTX
$WKRVO
DYDLWSUpGLWLOpWDLWSRVVLEOHGHUHWURXYHU0PH
%RQDFLHX[HWXQFRXYHQWQ
pWDLWSDVLPSUHQDEOH
&HWWHLGpHDFKHYDGHOXLUHPHWWUHODFOpPHQFHDXFRHXU,OVHUHWRXUQDYHUVOH
EOHVVpTXLVXLYDLWDYHFDQ[LpWpWRXWHVOHVH[SUHVVLRQVGLYHUVHVGHVRQYLVDJH
HWOXLWHQGDQWOHEUDV
$OORQVOXLGLWLOMHQHYHX[SDVW
DEDQGRQQHUDLQVL$SSXLHWRLVXUPRLHW
UHWRXUQRQVDXFDPS
2XLGLWOHEOHVVpTXLDYDLWSHLQHjFURLUHjWDQWGHPDJQDQLPLWpPDLV
Q
HVWFHSRLQWSRXUPHIDLUHSHQGUH"
7XDVPDSDUROHGLWLOHWSRXUODVHFRQGHIRLVMHWHGRQQHODYLH

/HEOHVVpVHODLVVDJOLVVHUjJHQRX[HWEDLVDGHQRXYHDXOHVSLHGVGHVRQ
VDXYHXUPDLVG
$UWDJQDQTXLQ
DYDLWSOXVDXFXQPRWLIGHUHVWHUVLSUqVGH
O
HQQHPLDEUpJHDOXLPrPHOHVWpPRLJQDJHVGHVDUHFRQQDLVVDQFH
/HJDUGHTXLpWDLWUHYHQXjODSUHPLqUHGpFKDUJHGHV5RFKHORLVDYDLWDQQRQFpOD
PRUWGHVHVTXDWUHFRPSDJQRQV2QIXWGRQFjODIRLVIRUWpWRQQpHWIRUWMR\HX[
GDQVOHUpJLPHQWTXDQGRQYLWUHSDUDvWUHOHMHXQHKRPPHVDLQHWVDXI
'
$UWDJQDQH[SOLTXDOHFRXSG
pSpHGHVRQFRPSDJQRQSDUXQHVRUWLHTX
LO
LPSURYLVD,OUDFRQWDODPRUWGHO
DXWUHVROGDWHWOHVSpULOVTX
LOVDYDLHQW
FRXUXV&HUpFLWIXWSRXUOXLO
RFFDVLRQG
XQYpULWDEOHWULRPSKH7RXWHO
DUPpH
SDUODGHFHWWHH[SpGLWLRQSHQGDQWXQMRXUHW0RQVLHXUOXLHQILWIDLUHVHV
FRPSOLPHQWV
$XUHVWHFRPPHWRXWHEHOOHDFWLRQSRUWHDYHFHOOHVDUpFRPSHQVHODEHOOH
DFWLRQGHG
$UWDJQDQHXWSRXUUpVXOWDWGHOXLUHQGUHODWUDQTXLOOLWpTX
LODYDLW
SHUGXH(QHIIHWG
$UWDJQDQFUR\DLWSRXYRLUrWUHWUDQTXLOOHSXLVTXHGHVHV
GHX[HQQHPLVO
XQpWDLWWXpHWO
DXWUHGpYRXpjVHVLQWpUrWV
&HWWHWUDQTXLOOLWpSURXYDLWXQHFKRVHF
HVWTXHG
$UWDJQDQQHFRQQDLVVDLWSDV
HQFRUH0LODG\

&KDSLWUH;/,,
/(9,1'
$1-28

$SUqVGHVQRXYHOOHVSUHVTXHGpVHVSpUpHVGXURLOHEUXLWGHVDFRQYDOHVFHQFH
FRPPHQoDLWjVHUpSDQGUHGDQVOHFDPSHWFRPPHLODYDLWJUDQGHKkWHG
DUULYHU
HQSHUVRQQHDXVLqJHRQGLVDLWTX
DXVVLW{WTX
LOSRXUUDLWUHPRQWHUjFKHYDOLO
VHUHPHWWUDLWHQURXWH
3HQGDQWFHWHPSV0RQVLHXUTXLVDYDLWTXHG
XQMRXUjO
DXWUHLODOODLWrWUH
UHPSODFpGDQVVRQFRPPDQGHPHQWVRLWSDUOHGXFG
$QJRXOrPHVRLWSDU
%DVVRPSLHUUHRXSDU6FKRPEHUJTXLVHGLVSXWDLHQWOHFRPPDQGHPHQWIDLVDLWSHX
GHFKRVHVSHUGDLWVHVMRXUQpHVHQWkWRQQHPHQWVHWQ
RVDLWULVTXHUTXHOTXH
JUDQGHHQWUHSULVHSRXUFKDVVHUOHV$QJODLVGHO
vOHGH5pRLOVDVVLpJHDLHQW
WRXMRXUVODFLWDGHOOH6DLQW0DUWLQHWOHIRUWGH/D3UpHWDQGLVTXHGHOHXU
F{WpOHV)UDQoDLVDVVLpJHDLHQW/D5RFKHOOH
'
$UWDJQDQFRPPHQRXVO
DYRQVGLWpWDLWUHGHYHQXSOXVWUDQTXLOOHFRPPHLO
DUULYHWRXMRXUVDSUqVXQGDQJHUSDVVpHWTXDQGOHGDQJHUVHPEOHpYDQRXLLOQH
OXLUHVWDLWTX
XQHLQTXLpWXGHF
pWDLWGHQ
DSSUHQGUHDXFXQHQRXYHOOHGHVHV
DPLV
0DLVXQPDWLQGXFRPPHQFHPHQWGXPRLVGHQRYHPEUHWRXWOXLIXWH[SOLTXpSDU
FHWWHOHWWUHGDWpHGH9LOOHURL
0RQVLHXUG
$UWDJQDQ

00$WKRV3RUWKRVHW$UDPLVDSUqVDYRLUIDLWXQHERQQHSDUWLHFKH]PRLHW
V
rWUHpJD\pVEHDXFRXSRQWPHQpVLJUDQGEUXLWTXHOHSUpY{WGXFKkWHDXKRPPH
WUqVULJLGHOHVDFRQVLJQpVSRXUTXHOTXHVMRXUVPDLVM
DFFRPSOLVOHVRUGUHV
TX
LOVP
RQWGRQQpVGHYRXVHQYR\HUGRX]HERXWHLOOHVGHPRQYLQG
$QMRXGRQW
LOVRQWIDLWJUDQGFDVLOVYHXOHQWTXHYRXVEXYLH]jOHXUVDQWpDYHFOHXUYLQ
IDYRUL
-HO
DLIDLWHWVXLV0RQVLHXUDYHFXQJUDQGUHVSHFW
9RWUHVHUYLWHXUWUqVKXPEOHHWWUqVREpLVVDQW
*2'($8
+{WHOLHUGH0HVVLHXUVOHVPRXVTXHWDLUHV
$ODERQQHKHXUHV
pFULDG
$UWDJQDQLOVSHQVHQWjPRLGDQVOHXUVSODLVLUV
FRPPHMHSHQVDLVjHX[GDQVPRQHQQXLELHQFHUWDLQHPHQWTXHMHERLUDLjOHXU
VDQWpHWGHJUDQGFRHXUPDLVMHQ
\ERLUDLSDVVHXO
(WG
$UWDJQDQFRXUXWFKH]GHX[JDUGHVDYHFOHVTXHOVLODYDLWIDLWSOXVDPLWLp
TX
DYHFOHVDXWUHVDILQGHOHVLQYLWHUjERLUHDYHFOXLOHGpOLFLHX[SHWLWYLQ
G
$QMRXTXLYHQDLWG
DUULYHUGH9LOOHURL/
XQGHVGHX[JDUGHVpWDLWLQYLWpSRXU
OHVRLUPrPHHWO
DXWUHLQYLWpSRXUOHOHQGHPDLQODUpXQLRQIXWGRQFIL[pHDX
VXUOHQGHPDLQ
'
$UWDJQDQHQUHQWUDQWHQYR\DOHVGRX]HERXWHLOOHVGHYLQjODEXYHWWHGHV
JDUGHVHQUHFRPPDQGDQWTX
RQOHVOXLJDUGkWDYHFVRLQSXLVOHMRXUGHOD
VROHQQLWpFRPPHOHGvQHUpWDLWIL[pSRXUO
KHXUHGHPLGLG
$UWDJQDQHQYR\D
GqVQHXIKHXUHV3ODQFKHWSRXUWRXWSUpSDUHU
3ODQFKHWWRXWILHUG
rWUHpOHYpjODGLJQLWpGHPDvWUHG
K{WHOVRQJHDjWRXW
DSSUrWHUHQKRPPHLQWHOOLJHQWjFHWHIIHWLOV
DGMRLJQLWOHYDOHWG
XQGHV
FRQYLYHVGHVRQPDvWUHQRPPp)RXUUHDXHWFHIDX[VROGDWTXLDYDLWYRXOXWXHU
G
$UWDJQDQHWTXLQ
DSSDUWHQDQWjDXFXQFRUSVpWDLWHQWUpjVRQVHUYLFHRX
SOXW{WjFHOXLGH3ODQFKHWGHSXLVTXHG
$UWDJQDQOXLDYDLWVDXYpODYLH
/
KHXUHGXIHVWLQYHQXHOHVGHX[FRQYLYHVDUULYqUHQWSULUHQWSODFHHWOHVPHWV
V
DOLJQqUHQWVXUODWDEOH3ODQFKHWVHUYDLWODVHUYLHWWHDXEUDV)RXUUHDX
GpERXFKDLWOHVERXWHLOOHVHW%ULVHPRQWF
pWDLWOHQRPGXFRQYDOHVFHQW
WUDQVYDVDLWGDQVGHVFDUDIRQVGHYHUUHOHYLQTXLSDUDLVVDLWDYRLUGpSRVpSDU
O
HIIHWGHVVHFRXVVHVGHODURXWH'HFHYLQODSUHPLqUHERXWHLOOHpWDLWXQSHX
WURXEOHYHUVODILQ%ULVHPRQWYHUVDFHWWHOLHGDQVXQYHUUHHWG
$UWDJQDQOXL
SHUPLWGHODERLUHFDUOHSDXYUHGLDEOHQ
DYDLWSDVHQFRUHEHDXFRXSGHIRUFHV
/HVFRQYLYHVDSUqVDYRLUPDQJpOHSRWDJHDOODLHQWSRUWHUOHSUHPLHUYHUUHj
OHXUVOqYUHVORUVTXHWRXWjFRXSOHFDQRQUHWHQWLWDXIRUW/RXLVHWDXIRUW
1HXIDXVVLW{WOHVJDUGHVFUR\DQWTX
LOV
DJLVVDLWGHTXHOTXHDWWDTXH
LPSUpYXHVRLWGHVDVVLpJpVVRLWGHV$QJODLVVDXWqUHQWVXUOHXUVpSpHV
G
$UWDJQDQQRQPRLQVOHVWHILWFRPPHHX[HWWRXVWURLVVRUWLUHQWHQFRXUDQW
DILQGHVHUHQGUHjOHXUVSRVWHV

0DLVjSHLQHIXUHQWLOVKRUVGHODEXYHWWHTX
LOVVHWURXYqUHQWIL[pVVXUOD
FDXVHGHFHJUDQGEUXLWOHVFULVGH9LYHOHURL9LYH0OHFDUGLQDO
UHWHQWLVVDLHQWGHWRXVF{WpVHWOHVWDPERXUVEDWWDLHQWGDQVWRXWHVOHV
GLUHFWLRQV
(QHIIHWOHURLLPSDWLHQWFRPPHRQO
DYDLWGLWYHQDLWGHGRXEOHUGHX[pWDSHV
HWDUULYDLWjO
LQVWDQWPrPHDYHFWRXWHVDPDLVRQHWXQUHQIRUWGHGL[PLOOH
KRPPHVGHWURXSHVHVPRXVTXHWDLUHVOHSUpFpGDLHQWHWOHVXLYDLHQW'
$UWDJQDQ
SODFpHQKDLHDYHFVDFRPSDJQLHVDOXDG
XQJHVWHH[SUHVVLIVHVDPLVTXLOXL
UpSRQGLUHQWGHV\HX[HW0GH7UpYLOOHTXLOHUHFRQQXWWRXWG
DERUG
/DFpUpPRQLHGHUpFHSWLRQDFKHYpHOHVTXDWUHDPLVIXUHQWELHQW{WGDQVOHVEUDV
O
XQGHO
DXWUH
3DUGLHXV
pFULDG
$UWDJQDQLOQ
HVWSDVSRVVLEOHGHPLHX[DUULYHUHWOHV
YLDQGHVQ
DXURQWSDVHQFRUHHXOHWHPSVGHUHIURLGLUQ
HVWFHSDV0HVVLHXUV"
DMRXWDOHMHXQHKRPPHHQVHWRXUQDQWYHUVOHVGHX[JDUGHVTX
LOSUpVHQWDjVHV
DPLV
$KDKLOSDUDvWTXHQRXVEDQTXHWLRQVGLW3RUWKRV
-
HVSqUHGLW$UDPLVTX
LOQ
\DSDVGHIHPPHVjYRWUHGvQHU
(VWFHTX
LO\DGXYLQSRWDEOHGDQVYRWUHELFRTXH"GHPDQGD$WKRV
0DLVSDUGLHXLO\DOHY{WUHFKHUDPLUpSRQGLWG
$UWDJQDQ
1RWUHYLQ"ILW$WKRVpWRQQp
2XLFHOXLTXHYRXVP
DYH]HQYR\p
1RXVYRXVDYRQVHQYR\pGXYLQ"
0DLVYRXVVDYH]ELHQGHFHSHWLWYLQGHVFRWHDX[G
$QMRX"
2XLMHVDLVELHQGHTXHOYLQYRXVYRXOH]SDUOHU
/HYLQTXHYRXVSUpIpUH]
6DQVGRXWHTXDQGMHQ
DLQLFKDPSDJQHQLFKDPEHUWLQ
(KELHQjGpIDXWGHFKDPSDJQHHWGHFKDPEHUWLQYRXVYRXVFRQWHQWHUH]GH
FHOXLOj
1RXVDYRQVGRQFIDLWYHQLUGXYLQG
$QMRXJRXUPHWTXHQRXVVRPPHV"GLW
3RUWKRV
0DLVQRQF
HVWOHYLQTX
RQP
DHQYR\pGHYRWUHSDUW
'HQRWUHSDUW"ILUHQWOHVWURLVPRXVTXHWDLUHV
(VWFHYRXV$UDPLVGLW$WKRVTXLDYH]HQYR\pGXYLQ"

1RQHWYRXV3RUWKRV"
1RQHWYRXV$WKRV"
1RQ
6LFHQ
HVWSDVYRXVGLWG
$UWDJQDQF
HVWYRWUHK{WHOLHU
1RWUHK{WHOLHU"
(WRXLYRWUHK{WHOLHU*RGHDXK{WHOLHUGHVPRXVTXHWDLUHV
0DIRLTX
LOYLHQQHG
RLOYRXGUDQ
LPSRUWHGLW3RUWKRVJRWRQVOHHW
V
LOHVWERQEXYRQVOH
1RQSDVGLW$WKRVQHEXYRQVSDVOHYLQTXLDXQHVRXUFHLQFRQQXH
9RXVDYH]UDLVRQ$WKRVGLWG
$UWDJQDQ3HUVRQQHGHYRXVQ
DFKDUJp
O
K{WHOLHU*RGHDXGHP
HQYR\HUGXYLQ"
1RQHWFHSHQGDQWLOYRXVHQDHQYR\pGHQRWUHSDUW"
9RLFLODOHWWUHGLWG
$UWDJQDQ
(WLOSUpVHQWDOHELOOHWjVHVFDPDUDGHV
&HQ
HVWSDVVRQpFULWXUHV
pFULD$WKRVMHODFRQQDLVF
HVWPRLTXLDYDQW
GHSDUWLUDLUpJOpOHVFRPSWHVGHODFRPPXQDXWp
)DXVVHOHWWUHGLW3RUWKRVQRXVQ
DYRQVSDVpWpFRQVLJQpV
'
$UWDJQDQGHPDQGD$UDPLVG
XQWRQGHUHSURFKHFRPPHQWDYH]YRXVSXFURLUH
TXHQRXVDYLRQVIDLWGXEUXLW"
'
$UWDJQDQSkOLWHWXQWUHPEOHPHQWFRQYXOVLIVHFRXDWRXVVHVPHPEUHV
7XP
HIIUDLHVGLW$WKRVTXLQHOHWXWR\DLWTXHGDQVOHVJUDQGHVRFFDVLRQV
TX
HVWLOGRQFDUULYp"
&RXURQVFRXURQVPHVDPLVV
pFULDG
$UWDJQDQXQKRUULEOHVRXSoRQPH
WUDYHUVHO
HVSULWVHUDLWFHHQFRUHXQHYHQJHDQFHGHFHWWHIHPPH"
&HIXW$WKRVTXLSkOLWjVRQWRXU
'
$UWDJQDQV
pODQoDYHUVODEXYHWWHOHVWURLV0RXVTXHWDLUHVHWOHVGHX[JDUGHV
O
\VXLYLUHQW
/HSUHPLHUREMHWTXLIUDSSDODYXHGHG
$UWDJQDQHQHQWUDQWGDQVODVDOOHj
PDQJHUIXW%ULVHPRQWpWHQGXSDUWHUUHHWVHURXODQWGDQVG
DWURFHVFRQYXOVLRQV
3ODQFKHWHW)RXUUHDXSkOHVFRPPHGHVPRUWVHVVD\DLHQWGHOXLSRUWHUVHFRXUV
PDLVLOpWDLWpYLGHQWTXHWRXWVHFRXUVpWDLWLQXWLOHWRXVOHVWUDLWVGX

PRULERQGpWDLHQWFULVSpVSDUO
DJRQLH
$KV
pFULDWLOHQDSHUFHYDQWG
$UWDJQDQDKF
HVWDIIUHX[YRXVDYH]
O
DLUGHPHIDLUHJUkFHHWYRXVP
HPSRLVRQQH]
0RLV
pFULDG
$UWDJQDQPRLPDOKHXUHX[PRLTXHGLVWXGRQFOj"
-HGLVTXHF
HVWYRXVTXLP
DYH]GRQQpFHYLQMHGLVTXHF
HVWYRXVTXL
P
DYH]GLWGHOHERLUHMHGLVTXHYRXVDYH]YRXOXYRXVYHQJHUGHPRLMHGLV
TXHF
HVWDIIUHX[
1
HQFUR\H]ULHQ%ULVHPRQWGLWG
$UWDJQDQQ
HQFUR\H]ULHQMHYRXVMXUH
MHYRXVSURWHVWH
2KPDLV'LHXHVWOj'LHXYRXVSXQLUD0RQ'LHXTX
LOVRXIIUHXQMRXU
FHTXHMHVRXIIUH
6XUO
(YDQJLOHV
pFULDG
$UWDJQDQHQVHSUpFLSLWDQWYHUVOHPRULERQGMH
YRXVMXUHTXHM
LJQRUDLVTXHFHYLQIWHPSRLVRQQpHWTXHM
DOODLVHQERLUH
FRPPHYRXV
-HQHYRXVFURLVSDVGLWOHVROGDW
(WLOH[SLUDGDQVXQUHGRXEOHPHQWGHWRUWXUHV
$IIUHX[DIIUHX[PXUPXUDLW$WKRVWDQGLVTXH3RUWKRVEULVDLWOHVERXWHLOOHV
HWTX
$UDPLVGRQQDLWGHVRUGUHVXQSHXWDUGLIVSRXUTX
RQDOOkWFKHUFKHUXQ
FRQIHVVHXU
2PHVDPLVGLWG
$UWDJQDQYRXVYHQH]HQFRUHXQHIRLVGHPHVDXYHUODYLH
QRQVHXOHPHQWjPRLPDLVjFHV0HVVLHXUV0HVVLHXUVFRQWLQXDWLOHQ
V
DGUHVVDQWDX[JDUGHVMHYRXVGHPDQGHUDLOHVLOHQFHVXUWRXWHFHWWHDYHQWXUH
GHJUDQGVSHUVRQQDJHVSRXUUDLHQWDYRLUWUHPSpGDQVFHTXHYRXVDYH]YXHWOH
PDOGHWRXWFHODUHWRPEHUDLWVXUQRXV
$K0RQVLHXUEDOEXWLDLW3ODQFKHWSOXVPRUWTXHYLIDK0RQVLHXUTXH
MHO
DLpFKDSSpEHOOH
&RPPHQWGU{OHV
pFULDG
$UWDJQDQWXDOODLVGRQFERLUHPRQYLQ"
$ODVDQWpGXURL0RQVLHXUM
DOODLVHQERLUHXQSDXYUHYHUUHVL)RXUUHDX
QHP
DYDLWSDVGLWTX
RQP
DSSHODLW
+pODVGLW)RXUUHDXGRQWOHVGHQWVFODTXDLHQWGHWHUUHXUMHYRXODLV
O
pORLJQHUSRXUERLUHWRXWVHXO
0HVVLHXUVGLWG
$UWDJQDQHQV
DGUHVVDQWDX[JDUGHVYRXVFRPSUHQH]TX
XQ
SDUHLOIHVWLQQHSRXUUDLWrWUHTXHIRUWWULVWHDSUqVFHTXLYLHQWGHVHSDVVHU
DLQVLUHFHYH]WRXWHVPHVH[FXVHVHWUHPHWWH]ODSDUWLHjXQDXWUHMRXUMHYRXV
SULH
/HVGHX[JDUGHVDFFHSWqUHQWFRXUWRLVHPHQWOHVH[FXVHVGHG
$UWDJQDQHW
FRPSUHQDQWTXHOHVTXDWUHDPLVGpVLUDLHQWGHPHXUHUVHXOVLOVVHUHWLUqUHQW

/RUVTXHOHMHXQHJDUGHHWOHVWURLVPRXVTXHWDLUHVIXUHQWVDQVWpPRLQVLOVVH
UHJDUGqUHQWG
XQDLUTXLYRXODLWGLUHTXHFKDFXQFRPSUHQDLWODJUDYLWpGHOD
VLWXDWLRQ
'
DERUGGLW$WKRVVRUWRQVGHFHWWHFKDPEUHF
HVWXQHPDXYDLVHFRPSDJQLH
TX
XQPRUWPRUWGHPRUWYLROHQWH
3ODQFKHWGLWG
$UWDJQDQMHYRXVUHFRPPDQGHOHFDGDYUHGHFHSDXYUHGLDEOH
4X
LOVRLWHQWHUUpHQWHUUHVDLQWH,ODYDLWFRPPLVXQFULPHF
HVWYUDLPDLV
LOV
HQpWDLWUHSHQWL
(WOHVTXDWUHDPLVVRUWLUHQWGHODFKDPEUHODLVVDQWj3ODQFKHWHWj)RXUUHDXOH
VRLQGHUHQGUHOHVKRQQHXUVPRUWXDLUHVj%ULVHPRQW
/
K{WHOHXUGRQQDXQHDXWUHFKDPEUHGDQVODTXHOOHLOOHXUVHUYLWGHVRHXIVjOD
FRTXHHWGHO
HDXTX
$WKRVDOODSXLVHUOXLPrPHjODIRQWDLQH(QTXHOTXHV
SDUROHV3RUWKRVHW$UDPLVIXUHQWPLVDXFRXUDQWGHODVLWXDWLRQ
(KELHQGLWG
$UWDJQDQj$WKRVYRXVOHYR\H]FKHUDPLF
HVWXQHJXHUUHj
PRUW
$WKRVVHFRXDODWrWH
2XLRXLGLWLOMHOHYRLVELHQPDLVFUR\H]YRXVTXHFHVRLWHOOH"
-
HQVXLVVU
&HSHQGDQWMHYRXVDYRXHTXHMHGRXWHHQFRUH
0DLVFHWWHIOHXUGHO\VVXUO
pSDXOH"
&
HVWXQH$QJODLVHTXLDXUDFRPPLVTXHOTXHPpIDLWHQ)UDQFHHWTX
RQDXUD
IOpWULHjODVXLWHGHVRQFULPH
$WKRVF
HVWYRWUHIHPPHYRXVGLVMHUpSpWDLWG
$UWDJQDQQHYRXV
UDSSHOH]YRXVGRQFSDVFRPPHOHVGHX[VLJQDOHPHQWVVHUHVVHPEOHQW"
-
DXUDLVFHSHQGDQWFUXTXHO
DXWUHpWDLWPRUWHMHO
DYDLVVLELHQSHQGXH
&HIXWG
$UWDJQDQTXLVHFRXDODWrWHjVRQWRXU
0DLVHQILQTXHIDLUH"GLWOHMHXQHKRPPH
/HIDLWHVWTX
RQQHSHXWUHVWHUDLQVLDYHFXQHpSpHpWHUQHOOHPHQWVXVSHQGXH
DXGHVVXVGHVDWrWHGLW$WKRVHWTX
LOIDXWVRUWLUGHFHWWHVLWXDWLRQ
0DLVFRPPHQW"
(FRXWH]WkFKH]GHODUHMRLQGUHHWG
DYRLUXQHH[SOLFDWLRQDYHFHOOH
GLWHVOXL/DSDL[RXODJXHUUHPDSDUROHGHJHQWLOKRPPHGHQHMDPDLVULHQ
GLUHGHYRXVGHQHMDPDLVULHQIDLUHFRQWUHYRXVGHYRWUHF{WpVHUPHQW
VROHQQHOGHUHVWHUQHXWUHjPRQpJDUGVLQRQMHYDLVWURXYHUOHFKDQFHOLHUMH

YDLVWURXYHUOHURLMHYDLVWURXYHUOHERXUUHDXM
DPHXWHODFRXUFRQWUHYRXV
MHYRXVGpQRQFHFRPPHIOpWULHMHYRXVIDLVPHWWUHHQMXJHPHQWHWVLO
RQYRXV
DEVRXWHWELHQMHYRXVWXHIRLGHJHQWLOKRPPHDXFRLQGHTXHOTXHERUQH
FRPPHMHWXHUDLVXQFKLHQHQUDJp
-
DLPHDVVH]FHPR\HQGLWG
$UWDJQDQPDLVFRPPHQWODMRLQGUH"
/HWHPSVFKHUDPLOHWHPSVDPqQHO
RFFDVLRQO
RFFDVLRQF
HVWODPDUWLQJDOH
GHO
KRPPHSOXVRQDHQJDJpSOXVO
RQJDJQHTXDQGRQVDLWDWWHQGUH
2XLPDLVDWWHQGUHHQWRXUpG
DVVDVVLQVHWG
HPSRLVRQQHXUV
%DKGLW$WKRV'LHXQRXVDJDUGpVMXVTX
jSUpVHQW'LHXQRXVJDUGHUD
HQFRUH
2XLQRXVQRXVG
DLOOHXUVQRXVVRPPHVGHVKRPPHVHWjWRXWSUHQGUH
F
HVWQRWUHpWDWGHULVTXHUQRWUHYLHPDLVHOOHDMRXWDWLOjGHPLYRL[
4XLHOOH"GHPDQGD$WKRV
&RQVWDQFH
0PH%RQDFLHX[DKF
HVWMXVWHILW$WKRVSDXYUHDPLM
RXEOLDLVTXH
YRXVpWLH]DPRXUHX[
(KELHQPDLVGLW$UDPLVQ
DYH]YRXVSDVYXSDUODOHWWUHPrPHTXHYRXV
DYH]WURXYpHVXUOHPLVpUDEOHPRUWTX
HOOHpWDLWGDQVXQFRXYHQW"2QHVWWUqV
ELHQGDQVXQFRXYHQWHWDXVVLW{WOHVLqJHGH/D5RFKHOOHWHUPLQpMHYRXV
SURPHWVTXHSRXUPRQFRPSWH
%RQGLW$WKRVERQRXLPRQFKHU$UDPLVQRXVVDYRQVTXHYRVYRHX[
WHQGHQWjODUHOLJLRQ
-HQHVXLVPRXVTXHWDLUHTXHSDULQWpULPGLWKXPEOHPHQW$UDPLV
,OSDUDvWTX
LO\DORQJWHPSVTX
LOQ
DUHoXGHVQRXYHOOHVGHVDPDvWUHVVH
GLWWRXWEDV$WKRVPDLVQHIDLWHVSDVDWWHQWLRQQRXVFRQQDLVVRQVFHOD
(KELHQGLW3RUWKRVLOPHVHPEOHTX
LO\DXUDLWXQPR\HQELHQVLPSOH
/HTXHO"GHPDQGDG
$UWDJQDQ
(OOHHVWGDQVXQFRXYHQWGLWHVYRXV"UHSULW3RUWKRV
2XL
(KELHQDXVVLW{WOHVLqJHILQLQRXVO
HQOHYRQVGHFHFRXYHQW
0DLVHQFRUHIDXWLOVDYRLUGDQVTXHOFRXYHQWHOOHHVW
&
HVWMXVWHGLW3RUWKRV
0DLVM
\SHQVHGLW$WKRVQHSUpWHQGH]YRXVSDVFKHUG
$UWDJQDQTXHF
HVW

ODUHLQHTXLDIDLWFKRL[GHFHFRXYHQWSRXUHOOH"
2XLMHOHFURLVGXPRLQV
(KELHQPDLV3RUWKRVQRXVDLGHUDOjGHGDQV
(WFRPPHQWFHODV
LOYRXVSODvW"
0DLVSDUYRWUHPDUTXLVHYRWUHGXFKHVVHYRWUHSULQFHVVHHOOHGRLWDYRLUOH
EUDVORQJ
&KXWGLW3RUWKRVHQPHWWDQWXQGRLJWVXUVHVOqYUHVMHODFURLV
FDUGLQDOLVWHHWHOOHQHGRLWULHQVDYRLU
$ORUVGLW$UDPLVMHPHFKDUJHPRLG
HQDYRLUGHVQRXYHOOHV
9RXV$UDPLVV
pFULqUHQWOHVWURLVDPLVYRXVHWFRPPHQWFHOD"
3DUO
DXP{QLHUGHODUHLQHDYHFOHTXHOMHVXLVIRUWOLpGLW$UDPLVHQ
URXJLVVDQW
(WVXUFHWWHDVVXUDQFHOHVTXDWUHDPLVTXLDYDLHQWDFKHYpOHXUPRGHVWHUHSDV
VHVpSDUqUHQWDYHFSURPHVVHGHVHUHYRLUOHVRLUPrPHG
$UWDJQDQUHWRXUQDDX[
0LQLPHVHWOHVWURLVPRXVTXHWDLUHVUHMRLJQLUHQWOHTXDUWLHUGXURLRLOV
DYDLHQWjIDLUHSUpSDUHUOHXUORJLV

&KDSLWUH;/,,,
/
$8%(5*('8&2/20%,(5528*(

$SHLQHDUULYpDXFDPSOHURLTXLDYDLWVLJUDQGHKkWHGHVHWURXYHUHQIDFH
GHO
HQQHPLHWTXLjPHLOOHXUGURLWTXHOHFDUGLQDOSDUWDJHDLWVDKDLQH
FRQWUH%XFNLQJKDPYRXOXWIDLUHWRXWHVOHVGLVSRVLWLRQVG
DERUGSRXUFKDVVHU
OHV$QJODLVGHO
vOHGH5pHQVXLWHSRXUSUHVVHUOHVLqJHGH/D5RFKHOOHPDLV
PDOJUpOXLLOIXWUHWDUGpSDUOHVGLVVHQVLRQVTXLpFODWqUHQWHQWUH00GH
%DVVRPSLHUUHHW6FKRPEHUJFRQWUHOHGXFG
$QJRXOrPH
00GH%DVVRPSLHUUHHW6FKRPEHUJpWDLHQWPDUpFKDX[GH)UDQFHHWUpFODPDLHQW
OHXUGURLWGHFRPPDQGHUO
DUPpHVRXVOHVRUGUHVGXURLPDLVOHFDUGLQDOTXL
FUDLJQDLWTXH%DVVRPSLHUUHKXJXHQRWDXIRQGGXFRHXUQHSUHVVkWIDLEOHPHQWOHV
$QJODLVHWOHV5RFKHORLVVHVIUqUHVHQUHOLJLRQSRXVVDLWDXFRQWUDLUHOHGXF
G
$QJRXOrPHTXHOHURLjVRQLQVWLJDWLRQDYDLWQRPPpOLHXWHQDQWJpQpUDO,O
HQUpVXOWDTXHVRXVSHLQHGHYRLU00GH%DVVRPSLHUUHHW6FKRPEHUJGpVHUWHU
O
DUPpHRQIXWREOLJpGHIDLUHjFKDFXQXQFRPPDQGHPHQWSDUWLFXOLHU
%DVVRPSLHUUHSULWVHVTXDUWLHUVDXQRUGGHODYLOOHGHSXLV/D/HXMXVTX
j
'RPSLHUUHOHGXFG
$QJRXOrPHjO
HVWGHSXLV'RPSLHUUHMXVTX
j3pULJQ\HW0
GH6FKRPEHUJDXPLGLGHSXLV3pULJQ\MXVTX
j$QJRXWLQ
/HORJLVGH0RQVLHXUpWDLWj'RPSLHUUH

/HORJLVGXURLpWDLWWDQW{Wj(WUpWDQW{Wj/D-DUULH
(QILQOHORJLVGXFDUGLQDOpWDLWVXUOHVGXQHVDXSRQWGH/D3LHUUHGDQVXQH
VLPSOHPDLVRQVDQVDXFXQUHWUDQFKHPHQW
'HFHWWHIDoRQ0RQVLHXUVXUYHLOODLW%DVVRPSLHUUHOHURLOHGXFG
$QJRXOrPH
HWOHFDUGLQDO0GH6FKRPEHUJ
$XVVLW{WFHWWHRUJDQLVDWLRQpWDEOLHRQV
pWDLWRFFXSpGHFKDVVHUOHV$QJODLVGH
O
vOH
/DFRQMRQFWXUHpWDLWIDYRUDEOHOHV$QJODLVTXLRQWDYDQWWRXWHFKRVHEHVRLQ
GHERQVYLYUHVSRXUrWUHGHERQVVROGDWVQHPDQJHDQWTXHGHVYLDQGHVVDOpHVHW
GHPDXYDLVELVFXLWVDYDLHQWIRUFHPDODGHVGDQVOHXUFDPSGHSOXVODPHU
IRUWPDXYDLVHjFHWWHpSRTXHGHO
DQQpHVXUWRXWHVOHVF{WHVGHO
RFpDQPHWWDLW
WRXVOHVMRXUVTXHOTXHSHWLWEkWLPHQWjPDOHWODSODJHGHSXLVODSRLQWHGH
O
$LJXLOORQMXVTX
jODWUDQFKpHpWDLWOLWWpUDOHPHQWjFKDTXHPDUpHFRXYHUWH
GHVGpEULVGHSLQDVVHVGHUREHUJHVHWGHIHORXTXHVLOHQUpVXOWDLWTXHPrPH
OHVJHQVGXURLVHWLQVVHQWLOVGDQVOHXUFDPSLOpWDLWpYLGHQWTX
XQMRXURX
O
DXWUH%XFNLQJKDPTXLQHGHPHXUDLWGDQVO
vOHGH5pTXHSDUHQWrWHPHQWVHUDLW
REOLJpGHOHYHUOHVLqJH
0DLVFRPPH0GH7RLUDVILWGLUHTXHWRXWVHSUpSDUDLWGDQVOHFDPSHQQHPLSRXU
XQQRXYHODVVDXWOHURLMXJHDTX
LOIDOODLWHQILQLUHWGRQQDOHVRUGUHV
QpFHVVDLUHVSRXUXQHDIIDLUHGpFLVLYH
1RWUHLQWHQWLRQQ
pWDQWSDVGHIDLUHXQMRXUQDOGHVLqJHPDLVDXFRQWUDLUHGH
Q
HQUDSSRUWHUTXHOHVpYpQHPHQWVTXLRQWWUDLWjO
KLVWRLUHTXHQRXVUDFRQWRQV
QRXVQRXVFRQWHQWHURQVGHGLUHHQGHX[PRWVTXHO
HQWUHSULVHUpXVVLWDXJUDQG
pWRQQHPHQWGXURLHWjODJUDQGHJORLUHGH0OHFDUGLQDO/HV$QJODLV
UHSRXVVpVSLHGjSLHGEDWWXVGDQVWRXWHVOHVUHQFRQWUHVpFUDVpVDXSDVVDJHGH
O
vOHGH/RL[IXUHQWREOLJpVGHVHUHPEDUTXHUODLVVDQWVXUOHFKDPSGH
EDWDLOOHGHX[PLOOHKRPPHVSDUPLOHVTXHOVFLQTFRORQHOVWURLV
OLHXWHQDQWVFRORQHOVGHX[FHQWFLQTXDQWHFDSLWDLQHVHWYLQJWJHQWLOVKRPPHVGH
TXDOLWpTXDWUHSLqFHVGHFDQRQHWVRL[DQWHGUDSHDX[TXLIXUHQWDSSRUWpVj3DULV
SDU&ODXGHGH6DLQW6LPRQHWVXVSHQGXVHQJUDQGHSRPSHDX[YRWHVGH1RWUH
'DPH
'HV7H'HXPIXUHQWFKDQWpVDXFDPSHWGHOjVHUpSDQGLUHQWSDUWRXWHOD)UDQFH
/HFDUGLQDOUHVWDGRQFPDvWUHGHSRXUVXLYUHOHVLqJHVDQVDYRLUGXPRLQV
PRPHQWDQpPHQWULHQjFUDLQGUHGHODSDUWGHV$QJODLV
0DLVFRPPHQRXVYHQRQVGHOHGLUHOHUHSRVQ
pWDLWTXHPRPHQWDQp
8QHQYR\pGXGXFGH%XFNLQJKDPQRPPp0RQWDLJXDYDLWpWpSULVHWO
RQDYDLW
DFTXLVODSUHXYHG
XQHOLJXHHQWUHO
(PSLUHO
(VSDJQHO
$QJOHWHUUHHWOD
/RUUDLQH
&HWWHOLJXHpWDLWGLULJpHFRQWUHOD)UDQFH

'HSOXVGDQVOHORJLVGH%XFNLQJKDPTX
LODYDLWpWpIRUFpG
DEDQGRQQHUSOXV
SUpFLSLWDPPHQWTX
LOQHO
DYDLWFUXRQDYDLWWURXYpGHVSDSLHUVTXL
FRQILUPDLHQWFHWWHOLJXHHWTXLjFHTX
DVVXUH0OHFDUGLQDOGDQVVHV
0pPRLUHVFRPSURPHWWDLHQWIRUW0PHGH&KHYUHXVHHWSDUFRQVpTXHQWODUHLQH
&
pWDLWVXUOHFDUGLQDOTXHSHVDLWWRXWHODUHVSRQVDELOLWpFDURQQ
HVWSDV
PLQLVWUHDEVROXVDQVrWUHUHVSRQVDEOHDXVVLWRXWHVOHVUHVVRXUFHVGHVRQYDVWH
JpQLHpWDLHQWHOOHVWHQGXHVQXLWHWMRXUHWRFFXSpHVjpFRXWHUOHPRLQGUHEUXLW
TXLV
pOHYDLWGDQVXQGHVJUDQGVUR\DXPHVGHO
(XURSH
/HFDUGLQDOFRQQDLVVDLWO
DFWLYLWpHWVXUWRXWODKDLQHGH%XFNLQJKDPVLOD
OLJXHTXLPHQDoDLWOD)UDQFHWULRPSKDLWWRXWHVRQLQIOXHQFHpWDLWSHUGXHOD
SROLWLTXHHVSDJQROHHWODSROLWLTXHDXWULFKLHQQHDYDLHQWOHXUVUHSUpVHQWDQWV
GDQVOHFDELQHWGX/RXYUHRHOOHVQ
DYDLHQWHQFRUHTXHGHVSDUWLVDQVOXL
5LFKHOLHXOHPLQLVWUHIUDQoDLVOHPLQLVWUHQDWLRQDOSDUH[FHOOHQFHpWDLW
SHUGX/HURLTXLWRXWHQOXLREpLVVDQWFRPPHXQHQIDQWOHKDwVVDLWFRPPHXQ
HQIDQWKDLWVRQPDvWUHO
DEDQGRQQDLWDX[YHQJHDQFHVUpXQLHVGH0RQVLHXUHWGH
ODUHLQHLOpWDLWGRQFSHUGXHWSHXWrWUHOD)UDQFHDYHFOXL,OIDOODLW
SDUHUjWRXWFHOD
$XVVLYLWRQOHVFRXUULHUVGHYHQXVjFKDTXHLQVWDQWSOXVQRPEUHX[VHVXFFpGHU
QXLWHWMRXUGDQVFHWWHSHWLWHPDLVRQGXSRQWGH/D3LHUUHROHFDUGLQDODYDLW
pWDEOLVDUpVLGHQFH
&
pWDLHQWGHVPRLQHVTXLSRUWDLHQWVLPDOOHIURFTX
LOpWDLWIDFLOHGH
UHFRQQDvWUHTX
LOVDSSDUWHQDLHQWVXUWRXWjO
(JOLVHPLOLWDQWHGHVIHPPHVXQ
SHXJrQpHVGDQVOHXUVFRVWXPHVGHSDJHVHWGRQWOHVODUJHVWURXVVHVQH
SRXYDLHQWHQWLqUHPHQWGLVVLPXOHUOHVIRUPHVDUURQGLHVHQILQGHVSD\VDQVDX[
PDLQVQRLUFLHVPDLVjODMDPEHILQHHWTXLVHQWDLHQWO
KRPPHGHTXDOLWpjXQH
OLHXHjODURQGH
3XLVHQFRUHG
DXWUHVYLVLWHVPRLQVDJUpDEOHVFDUGHX[RXWURLVIRLVOHEUXLWVH
UpSDQGLWTXHOHFDUGLQDODYDLWIDLOOLrWUHDVVDVVLQp
,OHVWYUDLTXHOHVHQQHPLVGH6RQ(PLQHQFHGLVDLHQWTXHF
pWDLWHOOHPrPHTXL
PHWWDLWHQFDPSDJQHOHVDVVDVVLQVPDODGURLWVDILQG
DYRLUOHFDVpFKpDQWOH
GURLWG
XVHUGHUHSUpVDLOOHVPDLVLOQHIDXWFURLUHQLjFHTXHGLVHQWOHV
PLQLVWUHVQLjFHTXHGLVHQWOHXUVHQQHPLV
&HTXLQ
HPSrFKDLWSDVDXUHVWHOHFDUGLQDOjTXLVHVSOXVDFKDUQpV
GpWUDFWHXUVQ
RQWMDPDLVFRQWHVWpODEUDYRXUHSHUVRQQHOOHGHIDLUHIRUFH
FRXUVHVQRFWXUQHVWDQW{WSRXUFRPPXQLTXHUDXGXFG
$QJRXOrPHGHVRUGUHV
LPSRUWDQWVWDQW{WSRXUDOOHUVHFRQFHUWHUDYHFOHURLWDQW{WSRXUDOOHU
FRQIpUHUDYHFTXHOTXHPHVVDJHUTX
LOQHYRXODLWSDVTX
RQODLVVkWHQWUHUFKH]
OXL
'HOHXUF{WpOHVPRXVTXHWDLUHVTXLQ
DYDLHQWSDVJUDQGFKRVHjIDLUHDXVLqJH
Q
pWDLHQWSDVWHQXVVpYqUHPHQWHWPHQDLHQWMR\HXVHYLH&HODOHXUpWDLWG
DXWDQW
SOXVIDFLOHjQRVWURLVFRPSDJQRQVVXUWRXWTX
pWDQWGHVDPLVGH0GH
7UpYLOOHLOVREWHQDLHQWIDFLOHPHQWGHOXLGHV
DWWDUGHUHWGHUHVWHUDSUqVOD
IHUPHWXUHGXFDPSDYHFGHVSHUPLVVLRQVSDUWLFXOLqUHV
2UXQVRLUTXHG
$UWDJQDQTXLpWDLWGHWUDQFKpHQ
DYDLWSXOHVDFFRPSDJQHU

$WKRV3RUWKRVHW$UDPLVPRQWpVVXUOHXUVFKHYDX[GHEDWDLOOHHQYHORSSpVGH
PDQWHDX[GHJXHUUHXQHPDLQVXUODFURVVHGHOHXUVSLVWROHWVUHYHQDLHQWWRXV
WURLVG
XQHEXYHWWHTX
$WKRVDYDLWGpFRXYHUWHGHX[MRXUVDXSDUDYDQWVXUODURXWH
GH/D-DUULHHWTX
RQDSSHODLWOH&RORPELHU5RXJHVXLYDQWOHFKHPLQTXL
FRQGXLVDLWDXFDPSWRXWHQVHWHQDQWVXUOHXUVJDUGHVFRPPHQRXVO
DYRQVGLW
GHSHXUG
HPEXVFDGHORUVTX
jXQTXDUWGHOLHXHjSHXSUqVGXYLOODJHGH%RLVQDU
LOVFUXUHQWHQWHQGUHOHSDVG
XQHFDYDOFDGHTXLYHQDLWjHX[DXVVLW{WWRXV
WURLVV
DUUrWqUHQWVHUUpVO
XQFRQWUHO
DXWUHHWDWWHQGLUHQWWHQDQWOHPLOLHX
GHODURXWHDXERXWG
XQLQVWDQWHWFRPPHODOXQHVRUWDLWMXVWHPHQWG
XQ
QXDJHLOVYLUHQWDSSDUDvWUHDXGpWRXUG
XQFKHPLQGHX[FDYDOLHUVTXLHQOHV
DSHUFHYDQWV
DUUrWqUHQWjOHXUWRXUSDUDLVVDQWGpOLEpUHUV
LOVGHYDLHQW
FRQWLQXHUOHXUURXWHRXUHWRXUQHUHQDUULqUH&HWWHKpVLWDWLRQGRQQDTXHOTXHV
VRXSoRQVDX[WURLVDPLVHW$WKRVIDLVDQWTXHOTXHVSDVHQDYDQWFULDGHVD
YRL[IHUPH
4XLYLYH"
4XLYLYHYRXVPrPH"UpSRQGLWXQGHFHVGHX[FDYDOLHUV
&HQ
HVWSDVUpSRQGUHFHODGLW$WKRV4XLYLYH"5pSRQGH]RXQRXV
FKDUJHRQV
3UHQH]JDUGHjFHTXHYRXVDOOH]IDLUH0HVVLHXUVGLWDORUVXQHYRL[
YLEUDQWHTXLSDUDLVVDLWDYRLUO
KDELWXGHGXFRPPDQGHPHQW
&
HVWTXHOTXHRIILFLHUVXSpULHXUTXLIDLWVDURQGHGHQXLWGLW$WKRVTXH
YRXOH]YRXVIDLUH0HVVLHXUV"
4XLrWHVYRXV"GLWODPrPHYRL[GXPrPHWRQGHFRPPDQGHPHQWUpSRQGH]j
YRWUHWRXURXYRXVSRXUULH]YRXVPDOWURXYHUGHYRWUHGpVREpLVVDQFH
0RXVTXHWDLUHVGXURLGLW$WKRVGHSOXVHQSOXVFRQYDLQFXTXHFHOXLTXLOHV
LQWHUURJHDLWHQDYDLWOHGURLW
4XHOOHFRPSDJQLH"
&RPSDJQLHGH7UpYLOOH
$YDQFH]jO
RUGUHHWYHQH]PHUHQGUHFRPSWHGHFHTXHYRXVIDLWHVLFLj
FHWWHKHXUH
/HVWURLVFRPSDJQRQVV
DYDQFqUHQWO
RUHLOOHXQSHXEDVVHFDUWRXVWURLV
PDLQWHQDQWpWDLHQWFRQYDLQFXVTX
LOVDYDLHQWDIIDLUHjSOXVIRUWTX
HX[RQ
ODLVVDDXUHVWHj$WKRVOHVRLQGHSRUWHUODSDUROH
8QGHVGHX[FDYDOLHUVFHOXLTXLDYDLWSULVODSDUROHHQVHFRQGOLHXpWDLWj
GL[SDVHQDYDQWGHVRQFRPSDJQRQ$WKRVILWVLJQHj3RUWKRVHWj$UDPLVGH
UHVWHUGHOHXUF{WpHQDUULqUHHWV
DYDQoDVHXO
3DUGRQPRQRIILFLHUGLW$WKRVPDLVQRXVLJQRULRQVjTXLQRXVDYLRQV
DIIDLUHHWYRXVSRXYH]YRLUTXHQRXVIDLVLRQVERQQHJDUGH
9RWUHQRP"GLWO
RIILFLHUTXLVHFRXYUDLWXQHSDUWLHGXYLVDJHDYHFVRQ

PDQWHDX
0DLVYRXVPrPH0RQVLHXUGLW$WKRVTXLFRPPHQoDLWjVHUpYROWHUFRQWUHFHWWH
LQTXLVLWLRQGRQQH]PRLMHYRXVSULHODSUHXYHTXHYRXVDYH]OHGURLWGH
P
LQWHUURJHU
9RWUHQRP"UHSULWXQHVHFRQGHIRLVOHFDYDOLHUHQODLVVDQWWRPEHUVRQ
PDQWHDXGHPDQLqUHjDYRLUOHYLVDJHGpFRXYHUW
0RQVLHXUOHFDUGLQDOV
pFULDOHPRXVTXHWDLUHVWXSpIDLW
9RWUHQRP"UHSULWSRXUODWURLVLqPHIRLV6RQ(PLQHQFH
$WKRVGLWOHPRXVTXHWDLUH
/HFDUGLQDOILWXQVLJQHjO
pFX\HUTXLVHUDSSURFKD
&HVWURLVPRXVTXHWDLUHVQRXVVXLYURQWGLWLOjYRL[EDVVHMHQHYHX[SDV
TX
RQVDFKHTXHMHVXLVVRUWLGXFDPSHWHQQRXVVXLYDQWQRXVVHURQVVUV
TX
LOVQHOHGLURQWjSHUVRQQH
1RXVVRPPHVJHQWLOVKRPPHV0RQVHLJQHXUGLW$WKRVGHPDQGH]QRXVGRQFQRWUH
SDUROHHWQHYRXVLQTXLpWH]GHULHQ'LHXPHUFLQRXVVDYRQVJDUGHUXQVHFUHW
/HFDUGLQDOIL[DVHV\HX[SHUoDQWVVXUFHKDUGLLQWHUORFXWHXU
9RXVDYH]O
RUHLOOHILQH0RQVLHXU$WKRVGLWOHFDUGLQDOPDLVPDLQWHQDQW
pFRXWH]FHFLFHQ
HVWSRLQWSDUGpILDQFHTXHMHYRXVSULHGHPHVXLYUHF
HVW
SRXUPDVUHWpVDQVGRXWHYRVGHX[FRPSDJQRQVVRQW003RUWKRVHW$UDPLV"
2XL9RWUH(PLQHQFHGLW$WKRVWDQGLVTXHOHVGHX[PRXVTXHWDLUHVUHVWpVHQ
DUULqUHV
DSSURFKDLHQWOHFKDSHDXjODPDLQ
-HYRXVFRQQDLV0HVVLHXUVGLWOHFDUGLQDOMHYRXVFRQQDLVMHVDLVTXH
YRXVQ
rWHVSDVWRXWjIDLWGHPHVDPLVHWM
HQVXLVIkFKpPDLVMHVDLVTXH
YRXVrWHVGHEUDYHVHWOR\DX[JHQWLOVKRPPHVHWTX
RQSHXWVHILHUjYRXV
0RQVLHXU$WKRVIDLWHVPRLGRQFO
KRQQHXUGHP
DFFRPSDJQHUYRXVHWYRVGHX[
DPLVHWDORUVM
DXUDLXQHHVFRUWHjIDLUHHQYLHj6D0DMHVWpVLQRXVOD
UHQFRQWURQV
/HVWURLVPRXVTXHWDLUHVV
LQFOLQqUHQWMXVTXHVXUOHFRXGHOHXUVFKHYDX[
(KELHQVXUPRQKRQQHXUGLW$WKRV9RWUH(PLQHQFHDUDLVRQGHQRXVHPPHQHU
DYHFHOOHQRXVDYRQVUHQFRQWUpVXUODURXWHGHVYLVDJHVDIIUHX[HWQRXVDYRQV
PrPHHXDYHFTXDWUHGHFHVYLVDJHVXQHTXHUHOOHDX&RORPELHU5RXJH
8QHTXHUHOOHHWSRXUTXRL0HVVLHXUV"GLWOHFDUGLQDOMHQ
DLPHSDVOHV
TXHUHOOHXUVYRXVOHVDYH]
&
HVWMXVWHPHQWSRXUFHODTXHM
DLO
KRQQHXUGHSUpYHQLU9RWUH(PLQHQFHGHFH
TXLYLHQWG
DUULYHUFDUHOOHSRXUUDLWO
DSSUHQGUHSDUG
DXWUHVTXHSDUQRXV
HWVXUXQIDX[UDSSRUWFURLUHTXHQRXVVRPPHVHQIDXWH

(WTXHOVRQWpWpOHVUpVXOWDWVGHFHWWHTXHUHOOH"GHPDQGDOHFDUGLQDOHQ
IURQoDQWOHVRXUFLO
0DLVPRQDPL$UDPLVTXHYRLFLDUHoXXQSHWLWFRXSG
pSpHGDQVOHEUDVFH
TXLQHO
HPSrFKHUDSDVFRPPH9RWUH(PLQHQFHSHXWOHYRLUGHPRQWHUjO
DVVDXW
GHPDLQVL9RWUH(PLQHQFHRUGRQQHO
HVFDODGH
0DLVYRXVQ
rWHVSDVKRPPHVjYRXVODLVVHUGRQQHUGHVFRXSVG
pSpHDLQVLGLW
OHFDUGLQDOYR\RQVVR\H]IUDQFV0HVVLHXUVYRXVHQDYH]ELHQUHQGX
TXHOTXHVXQVFRQIHVVH]YRXVYRXVVDYH]TXHM
DLOHGURLWGHGRQQHU
O
DEVROXWLRQ
0RL0RQVHLJQHXUGLW$WKRVMHQ
DLSDVPrPHPLVO
pSpHjODPDLQPDLVM
DL
SULVFHOXLjTXLM
DYDLVDIIDLUHjEUDVOHFRUSVHWMHO
DLMHWpSDUODIHQrWUH
LOSDUDvWTX
HQWRPEDQWFRQWLQXD$WKRVDYHFTXHOTXHKpVLWDWLRQLOV
HVW
FDVVpODFXLVVH
$KDKILWOHFDUGLQDOHWYRXV0RQVLHXU3RUWKRV"
0RL0RQVHLJQHXUVDFKDQWTXHOHGXHOHVWGpIHQGXM
DLVDLVLXQEDQFHW
M
HQDLGRQQpjO
XQGHFHVEULJDQGVXQFRXSTXLMHFURLVOXLDEULVp
O
pSDXOH
%LHQGLWOHFDUGLQDOHWYRXV0RQVLHXU$UDPLV"
0RL0RQVHLJQHXUFRPPHMHVXLVG
XQQDWXUHOWUqVGRX[HWTXHG
DLOOHXUVFH
TXH0RQVHLJQHXUQHVDLWSHXWrWUHSDVMHVXLVVXUOHSRLQWGHUHQWUHUGDQVOHV
RUGUHVMHYRXODLVVpSDUHUPHVFDPDUDGHVTXDQGXQGHFHVPLVpUDEOHVP
DGRQQp
WUDvWUHXVHPHQWXQFRXSG
pSpHjWUDYHUVOHEUDVJDXFKHDORUVODSDWLHQFHP
D
PDQTXpM
DLWLUpPRQpSpHjPRQWRXUHWFRPPHLOUHYHQDLWjODFKDUJHMH
FURLVDYRLUVHQWLTX
HQVHMHWDQWVXUPRLLOVHO
pWDLWSDVVpHDXWUDYHUVGX
FRUSVMHVDLVELHQTX
LOHVWWRPEpVHXOHPHQWHWLOP
DVHPEOpTX
RQ
O
HPSRUWDLWDYHFVHVGHX[FRPSDJQRQV
'LDEOH0HVVLHXUVGLWOHFDUGLQDOWURLVKRPPHVKRUVGHFRPEDWSRXUXQH
GLVSXWHGHFDEDUHWYRXVQ
\DOOH]SDVGHPDLQPRUWHHWjSURSRVGHTXRLpWDLW
YHQXHODTXHUHOOH"
&HVPLVpUDEOHVpWDLHQWLYUHVGLW$WKRVHWVDFKDQWTX
LO\DYDLWXQHIHPPH
TXLpWDLWDUULYpHOHVRLUGDQVOHFDEDUHWLOVYRXODLHQWIRUFHUODSRUWH
)RUFHUODSRUWHGLWOHFDUGLQDOHWSRXUTXRLIDLUH"
3RXUOXLIDLUHYLROHQFHVDQVGRXWHGLW$WKRVM
DLHXO
KRQQHXUGHGLUHj
9RWUH(PLQHQFHTXHFHVPLVpUDEOHVpWDLHQWLYUHV
(WFHWWHIHPPHpWDLWMHXQHHWMROLH"GHPDQGDOHFDUGLQDODYHFXQHFHUWDLQH
LQTXLpWXGH
1RXVQHO
DYRQVSDVYXH0RQVHLJQHXUGLW$WKRV
9RXVQHO
DYH]SDVYXHDKWUqVELHQUHSULWYLYHPHQWOHFDUGLQDOYRXV

DYH]ELHQIDLWGHGpIHQGUHO
KRQQHXUG
XQHIHPPHHWFRPPHF
HVWjO
DXEHUJHGX
&RORPELHU5RXJHTXHMHYDLVPRLPrPHMHVDXUDLVLYRXVP
DYH]GLWODYpULWp
0RQVHLJQHXUGLWILqUHPHQW$WKRVQRXVVRPPHVJHQWLOVKRPPHVHWSRXUVDXYHU
QRWUHWrWHQRXVQHIHULRQVSDVXQPHQVRQJH
$XVVLMHQHGRXWHSDVGHFHTXHYRXVPHGLWHV0RQVLHXU$WKRVMHQ
HQGRXWH
SDVXQVHXOLQVWDQWPDLVDMRXWDWLOSRXUFKDQJHUODFRQYHUVDWLRQFHWWHGDPH
pWDLWGRQFVHXOH"
&HWWHGDPHDYDLWXQFDYDOLHUHQIHUPpDYHFHOOHGLW$WKRVPDLVFRPPH
PDOJUpOHEUXLWFHFDYDOLHUQHV
HVWSDVPRQWUpLOHVWjSUpVXPHUTXHF
HVWXQ
OkFKH
1HMXJH]SDVWpPpUDLUHPHQWGLWO
(YDQJLOHUpSOLTXDOHFDUGLQDO
$WKRVV
LQFOLQD
(WPDLQWHQDQW0HVVLHXUVF
HVWELHQFRQWLQXD6RQ(PLQHQFHMHVDLVFHTXHMH
YRXODLVVDYRLUVXLYH]PRL
/HVWURLVPRXVTXHWDLUHVSDVVqUHQWGHUULqUHOHFDUGLQDOTXLV
HQYHORSSDGH
QRXYHDXOHYLVDJHGHVRQPDQWHDXHWUHPLWVRQFKHYDOHQPDUFKHVHWHQDQWjKXLW
RXGL[SDVHQDYDQWGHVHVTXDWUHFRPSDJQRQV
2QDUULYDELHQW{WjO
DXEHUJHVLOHQFLHXVHHWVROLWDLUHVDQVGRXWHO
K{WH
VDYDLWTXHOLOOXVWUHYLVLWHXULODWWHQGDLWHWHQFRQVpTXHQFHLODYDLWUHQYR\p
OHVLPSRUWXQV
'L[SDVDYDQWG
DUULYHUjODSRUWHOHFDUGLQDOILWVLJQHjVRQpFX\HUHWDX[
WURLVPRXVTXHWDLUHVGHIDLUHKDOWHXQFKHYDOWRXWVHOOppWDLWDWWDFKpDX
FRQWUHYHQWOHFDUGLQDOIUDSSDWURLVFRXSVHWGHFHUWDLQHIDoRQ
8QKRPPHHQYHORSSpG
XQPDQWHDXVRUWLWDXVVLW{WHWpFKDQJHDTXHOTXHVUDSLGHV
SDUROHVDYHFOHFDUGLQDODSUqVTXRLLOUHPRQWDjFKHYDOHWUHSDUWLWGDQVOD
GLUHFWLRQGH6XUJqUHVTXLpWDLWDXVVLFHOOHGH3DULV
$YDQFH]0HVVLHXUVGLWOHFDUGLQDO
9RXVP
DYH]GLWODYpULWpPHVJHQWLOVKRPPHVGLWLOHQV
DGUHVVDQWDX[WURLV
PRXVTXHWDLUHVLOQHWLHQGUDSDVjPRLTXHQRWUHUHQFRQWUHGHFHVRLUQHYRXV
VRLWDYDQWDJHXVHHQDWWHQGDQWVXLYH]PRL
/HFDUGLQDOPLWSLHGjWHUUHOHVWURLVPRXVTXHWDLUHVHQILUHQWDXWDQWOH
FDUGLQDOMHWDODEULGHGHVRQFKHYDODX[PDLQVGHVRQpFX\HUOHVWURLV
PRXVTXHWDLUHVDWWDFKqUHQWOHVEULGHVGHVOHXUVDX[FRQWUHYHQWV
/
K{WHVHWHQDLWVXUOHVHXLOGHODSRUWHSRXUOXLOHFDUGLQDOQ
pWDLWTX
XQ
RIILFLHUYHQDQWYLVLWHUXQHGDPH
$YH]YRXVTXHOTXHFKDPEUHDXUH]GHFKDXVVpHRFHV0HVVLHXUVSXLVVHQW
P
DWWHQGUHSUqVG
XQERQIHX"GLWOHFDUGLQDO

/
K{WHRXYULWODSRUWHG
XQHJUDQGHVDOOHGDQVODTXHOOHMXVWHPHQWRQYHQDLWGH
UHPSODFHUXQPDXYDLVSRrOHSDUXQHJUDQGHHWH[FHOOHQWHFKHPLQpH
-
DLFHOOHFLUpSRQGLWLO
&
HVWELHQGLWOHFDUGLQDOHQWUH]Oj0HVVLHXUVHWYHXLOOH]P
DWWHQGUH
MHQHVHUDLSDVSOXVG
XQHGHPLKHXUH
(WWDQGLVTXHOHVWURLVPRXVTXHWDLUHVHQWUDLHQWGDQVODFKDPEUHGXUH]
GHFKDXVVpHOHFDUGLQDOVDQVGHPDQGHUSOXVDPSOHVUHQVHLJQHPHQWVPRQWD
O
HVFDOLHUHQKRPPHTXLQ
DSDVEHVRLQTX
RQOXLLQGLTXHVRQFKHPLQ

&KDSLWUH;/,9
'(/
87,/,7('(678<$8;'(32(/(

,OpWDLWpYLGHQWTXHVDQVV
HQGRXWHUHWPXVVHXOHPHQWSDUOHXUFDUDFWqUH
FKHYDOHUHVTXHHWDYHQWXUHX[QRVWURLVDPLVYHQDLHQWGHUHQGUHVHUYLFHj
TXHOTX
XQTXHOHFDUGLQDOKRQRUDLWGHVDSURWHFWLRQSDUWLFXOLqUH
0DLQWHQDQWTXHOpWDLWFHTXHOTX
XQ"&
HVWODTXHVWLRQTXHVHILUHQWG
DERUGOHV
WURLVPRXVTXHWDLUHVSXLVYR\DQWTX
DXFXQHGHVUpSRQVHVTXHSRXYDLWOHXUIDLUH
OHXULQWHOOLJHQFHQ
pWDLWVDWLVIDLVDQWH3RUWKRVDSSHODO
K{WHHWGHPDQGDGHV
GpV
3RUWKRVHW$UDPLVVHSODFqUHQWjXQHWDEOHHWVHPLUHQWjMRXHU$WKRVVH
SURPHQDHQUpIOpFKLVVDQW
(QUpIOpFKLVVDQWHWHQVHSURPHQDQW$WKRVSDVVDLWHWUHSDVVDLWGHYDQWOHWX\DX
GXSRrOHURPSXSDUODPRLWLpHWGRQWO
DXWUHH[WUpPLWpGRQQDLWGDQVODFKDPEUH
VXSpULHXUHHWjFKDTXHIRLVTX
LOSDVVDLWHWUHSDVVDLWLOHQWHQGDLWXQPXUPXUH
GHSDUROHVTXLILQLWSDUIL[HUVRQDWWHQWLRQ$WKRVV
DSSURFKDHWLOGLVWLQJXD
TXHOTXHVPRWVTXLOXLSDUXUHQWVDQVGRXWHPpULWHUXQVLJUDQGLQWpUrWTX
LOILW
VLJQHjVHVFRPSDJQRQVGHVHWDLUHUHVWDQWOXLPrPHFRXUEpO
RUHLOOHWHQGXHj
ODKDXWHXUGHO
RULILFHLQIpULHXU
(FRXWH]0LODG\GLVDLWOHFDUGLQDOO
DIIDLUHHVWLPSRUWDQWHDVVH\H]YRXV
OjHWFDXVRQV
0LODG\PXUPXUD$WKRV
-
pFRXWH9RWUH(PLQHQFHDYHFODSOXVJUDQGHDWWHQWLRQUpSRQGLWXQHYRL[GH
IHPPHTXLILWWUHVVDLOOLUOHPRXVTXHWDLUH
8QSHWLWEkWLPHQWDYHFpTXLSDJHDQJODLVGRQWOHFDSLWDLQHHVWjPRLYRXV
DWWHQGjO
HPERXFKXUHGHOD&KDUHQWHDXIRUWGH/D3RLQWHLOPHWWUDjOD
YRLOHGHPDLQPDWLQ
,OIDXWDORUVTXHMHP
\UHQGHFHWWHQXLW"

$O
LQVWDQWPrPHF
HVWjGLUHORUVTXHYRXVDXUH]UHoXPHVLQVWUXFWLRQV'HX[
KRPPHVTXHYRXVWURXYHUH]jODSRUWHHQVRUWDQWYRXVVHUYLURQWG
HVFRUWHYRXV
PHODLVVHUH]VRUWLUOHSUHPLHUSXLVXQHGHPLKHXUHDSUqVPRLYRXVVRUWLUH]j
YRWUHWRXU
2XL0RQVHLJQHXU0DLQWHQDQWUHYHQRQVjODPLVVLRQGRQWYRXVYRXOH]ELHQPH
FKDUJHUHWFRPPHMHWLHQVjFRQWLQXHUGHPpULWHUODFRQILDQFHGH9RWUH
(PLQHQFHGDLJQH]PHO
H[SRVHUHQWHUPHVFODLUVHWSUpFLVDILQTXHMHQH
FRPPHWWHDXFXQHHUUHXU
,O\HXWXQLQVWDQWGHSURIRQGVLOHQFHHQWUHOHVGHX[LQWHUORFXWHXUVLOpWDLW
pYLGHQWTXHOHFDUGLQDOPHVXUDLWG
DYDQFHOHVWHUPHVGDQVOHVTXHOVLODOODLW
SDUOHUHWTXH0LODG\UHFXHLOODLWWRXWHVVHVIDFXOWpVLQWHOOHFWXHOOHVSRXU
FRPSUHQGUHOHVFKRVHVTX
LODOODLWGLUHHWOHVJUDYHUGDQVVDPpPRLUHTXDQG
HOOHVVHUDLHQWGLWHV
$WKRVSURILWDGHFHPRPHQWSRXUGLUHjVHVGHX[FRPSDJQRQVGHIHUPHUODSRUWHHQ
GHGDQVHWSRXUOHXUIDLUHVLJQHGHYHQLUpFRXWHUDYHFOXL
/HVGHX[PRXVTXHWDLUHVTXLDLPDLHQWOHXUVDLVHVDSSRUWqUHQWXQHFKDLVHSRXU
FKDFXQG
HX[HWXQHFKDLVHSRXU$WKRV7RXVWURLVV
DVVLUHQWDORUVOHXUVWrWHV
UDSSURFKpHVHWO
RUHLOOHDXJXHW
9RXVDOOH]SDUWLUSRXU/RQGUHVFRQWLQXDOHFDUGLQDO$UULYpHj/RQGUHVYRXV
LUH]WURXYHU%XFNLQJKDP
-HIHUDLREVHUYHUj6RQ(PLQHQFHGLW0LODG\TXHGHSXLVO
DIIDLUHGHV
IHUUHWVGHGLDPDQWVSRXUODTXHOOHOHGXFP
DWRXMRXUVVRXSoRQQpH6D*UkFHVH
GpILHGHPRL
$XVVLFHWWHIRLVFLGLWOHFDUGLQDOQHV
DJLWLOSOXVGHFDSWHUVD
FRQILDQFHPDLVGHVHSUpVHQWHUIUDQFKHPHQWHWOR\DOHPHQWjOXLFRPPH
QpJRFLDWULFH
)UDQFKHPHQWHWOR\DOHPHQWUpSpWD0LODG\DYHFXQHLQGLFLEOHH[SUHVVLRQGH
GXSOLFLWp
2XLIUDQFKHPHQWHWOR\DOHPHQWUHSULWOHFDUGLQDOGXPrPHWRQWRXWHFHWWH
QpJRFLDWLRQGRLWrWUHIDLWHjGpFRXYHUW
-HVXLYUDLjODOHWWUHOHVLQVWUXFWLRQVGH6RQ(PLQHQFHHWM
DWWHQGVTX
HOOH
PHOHVGRQQH
9RXVLUH]WURXYHU%XFNLQJKDPGHPDSDUWHWYRXVOXLGLUH]TXHMHVDLVWRXV
OHVSUpSDUDWLIVTX
LOIDLWPDLVTXHMHQHP
HQLQTXLqWHJXqUHDWWHQGXTX
DX
SUHPLHUPRXYHPHQWTX
LOULVTXHUDMHSHUGVODUHLQH
&URLUDWLOTXH9RWUH(PLQHQFHHVWHQPHVXUHG
DFFRPSOLUODPHQDFHTX
HOOH
OXLIDLW"
2XLFDUM
DLGHVSUHXYHV

,OIDXWTXHMHSXLVVHSUpVHQWHUFHVSUHXYHVjVRQDSSUpFLDWLRQ
6DQVGRXWHHWYRXVOXLGLUH]TXHMHSXEOLHOHUDSSRUWGH%RLV5REHUWHWGX
PDUTXLVGH%HDXWUXVXUO
HQWUHYXHTXHOHGXFDHXHFKH]0PHODFRQQpWDEOHDYHF
ODUHLQHOHVRLUTXH0PHODFRQQpWDEOHDGRQQpXQHIrWHPDVTXpHYRXVOXL
GLUH]DILQTX
LOQHGRXWHGHULHQTX
LO\HVWYHQXVRXVOHFRVWXPHGX*UDQG
0RJROTXHGHYDLWSRUWHUOHFKHYDOLHUGH*XLVHHWTX
LODDFKHWpjFHGHUQLHU
PR\HQQDQWODVRPPHGHWURLVPLOOHSLVWROHV
%LHQ0RQVHLJQHXU
7RXVOHVGpWDLOVGHVRQHQWUpHDX/RXYUHHWGHVDVRUWLHSHQGDQWODQXLWR
LOV
HVWLQWURGXLWDXSDODLVVRXVOHFRVWXPHG
XQGLVHXUGHERQQHDYHQWXUH
LWDOLHQPHVRQWFRQQXVYRXVOXLGLUH]SRXUTX
LOQHGRXWHSDVHQFRUHGH
O
DXWKHQWLFLWpGHPHVUHQVHLJQHPHQWVTX
LODYDLWVRXVVRQPDQWHDXXQHJUDQGH
UREHEODQFKHVHPpHGHODUPHVQRLUHVGHWrWHVGHPRUWHWG
RVHQVDXWRLUFDU
HQFDVGHVXUSULVHLOGHYDLWVHIDLUHSDVVHUSRXUOHIDQW{PHGHOD'DPHEODQFKH
TXLFRPPHFKDFXQOHVDLWUHYLHQWDX/RXYUHFKDTXHIRLVTXHTXHOTXHJUDQG
pYpQHPHQWYDV
DFFRPSOLU
(VWFHWRXW0RQVHLJQHXU"
'LWHVOXLTXHMHVDLVHQFRUHWRXVOHVGpWDLOVGHO
DYHQWXUHG
$PLHQVTXH
M
HQIHUDLIDLUHXQSHWLWURPDQVSLULWXHOOHPHQWWRXUQpDYHFXQSODQGXMDUGLQ
HWOHVSRUWUDLWVGHVSULQFLSDX[DFWHXUVGHFHWWHVFqQHQRFWXUQH
-HOXLGLUDLFHOD
'LWHVOXLHQFRUHTXHMHWLHQV0RQWDLJXTXH0RQWDLJXHVWjOD%DVWLOOHTX
RQ
Q
DVXUSULVDXFXQHOHWWUHVXUOXLF
HVWYUDLPDLVTXHODWRUWXUHSHXWOXL
IDLUHGLUHFHTX
LOVDLWHWPrPHFHTX
LOQHVDLWSDV
$PHUYHLOOH
(QILQDMRXWH]TXH6D*UkFHGDQVODSUpFLSLWDWLRQTX
HOOHDPLVHjTXLWWHU
O
vOHGH5pRXEOLDGDQVVRQORJLVFHUWDLQHOHWWUHGH0PHGH&KHYUHXVHTXL
FRPSURPHWVLQJXOLqUHPHQWODUHLQHHQFHTX
HOOHSURXYHQRQVHXOHPHQWTXH6D
0DMHVWpSHXWDLPHUOHVHQQHPLVGXURLPDLVHQFRUHTX
HOOHFRQVSLUHDYHFFHX[GH
OD)UDQFH9RXVDYH]ELHQUHWHQXWRXWFHTXHMHYRXVDLGLWQ
HVWFHSDV"
9RWUH(PLQHQFHYDHQMXJHUOHEDOGH0PHODFRQQpWDEOHODQXLWGX/RXYUH
ODVRLUpHG
$PLHQVO
DUUHVWDWLRQGH0RQWDLJXODOHWWUHGH0PHGH
&KHYUHXVH
&
HVWFHODGLWOHFDUGLQDOF
HVWFHODYRXVDYH]XQHELHQKHXUHXVH
PpPRLUH0LODG\
0DLVUHSULWFHOOHjTXLOHFDUGLQDOYHQDLWG
DGUHVVHUFHFRPSOLPHQW
IODWWHXUVLPDOJUpWRXWHVFHVUDLVRQVOHGXFQHVHUHQGSDVHWFRQWLQXHGH
PHQDFHUOD)UDQFH"
/HGXFHVWDPRXUHX[FRPPHXQIRXRXSOXW{WFRPPHXQQLDLVUHSULW5LFKHOLHX
DYHFXQHSURIRQGHDPHUWXPHFRPPHOHVDQFLHQVSDODGLQVLOQ
DHQWUHSULVFHWWH

JXHUUHTXHSRXUREWHQLUXQUHJDUGGHVDEHOOH6
LOVDLWTXHFHWWHJXHUUHSHXW
FRWHUO
KRQQHXUHWSHXWrWUHODOLEHUWpjODGDPHGHVHVSHQVpHVFRPPHLOGLW
MHYRXVUpSRQGVTX
LO\UHJDUGHUDjGHX[IRLV
(WFHSHQGDQWGLW0LODG\DYHFXQHSHUVLVWDQFHTXLSURXYDLWTX
HOOHYRXODLW
YRLUFODLUMXVTX
DXERXWGDQVODPLVVLRQGRQWHOOHDOODLWrWUHFKDUJpH
FHSHQGDQWV
LOSHUVLVWH"
6
LOSHUVLVWHGLWOHFDUGLQDOFHQ
HVWSDVSUREDEOH
&
HVWSRVVLEOHGLW0LODG\
6
LOSHUVLVWH6RQ(PLQHQFHILWXQHSDXVHHWUHSULW6
LOSHUVLVWH(K
ELHQM
HVSpUHUDLGDQVXQGHFHVpYpQHPHQWVTXLFKDQJHQWODIDFHGHV(WDWV
6L6RQ(PLQHQFHYRXODLWPHFLWHUGDQVO
KLVWRLUHTXHOTXHVXQVGHFHV
pYpQHPHQWVGLW0LODG\SHXWrWUHSDUWDJHUDLVMHVDFRQILDQFHGDQVO
DYHQLU
(KELHQWHQH]SDUH[HPSOHGLW5LFKHOLHXORUVTX
HQSRXUXQHFDXVHj
SHXSUqVSDUHLOOHjFHOOHTXLIDLWPRXYRLUOHGXFOHURL+HQUL,9GHJORULHXVH
PpPRLUHDOODLWjODIRLVHQYDKLUOHV)ODQGUHVHWO
,WDOLHSRXUIUDSSHUjOD
IRLVO
$XWULFKHGHVGHX[F{WpV(KELHQQ
HVWLOSDVDUULYpXQpYpQHPHQWTXLD
VDXYpO
$XWULFKH"3RXUTXRLOHURLGH)UDQFHQ
DXUDLWLOSDVODPrPHFKDQFHTXH
O
HPSHUHXU"
9RWUH(PLQHQFHYHXWSDUOHUGXFRXSGHFRXWHDXGHODUXHGHOD)HUURQQHULH"
-XVWHPHQWGLWOHFDUGLQDO
9RWUH(PLQHQFHQHFUDLQWHOOHSDVTXHOHVXSSOLFHGH5DYDLOODFpSRXYDQWHFHX[
TXLDXUDLHQWXQLQVWDQWO
LGpHGHO
LPLWHU"
,O\DXUDHQWRXWWHPSVHWGDQVWRXVOHVSD\VVXUWRXWVLFHVSD\VVRQW
GLYLVpVGHUHOLJLRQGHVIDQDWLTXHVTXLQHGHPDQGHURQWSDVPLHX[TXHGHVHIDLUH
PDUW\UV(WWHQH]MXVWHPHQWLOPHUHYLHQWjFHWWHKHXUHTXHOHVSXULWDLQVVRQW
IXULHX[FRQWUHOHGXFGH%XFNLQJKDPHWTXHOHXUVSUpGLFDWHXUVOHGpVLJQHQWFRPPH
O
$QWpFKULVW
(KELHQ"ILW0LODG\
(KELHQFRQWLQXDOHFDUGLQDOG
XQDLULQGLIIpUHQWLOQHV
DJLUDLWSRXUOH
PRPHQWSDUH[HPSOHTXHGHWURXYHUXQHIHPPHEHOOHMHXQHDGURLWHTXLHWj
VHYHQJHUHOOHPrPHGXGXF8QHSDUHLOOHIHPPHSHXWVHUHQFRQWUHUOHGXFHVW
KRPPHjERQQHVIRUWXQHVHWV
LODVHPpELHQGHVDPRXUVSDUVHVSURPHVVHVGH
FRQVWDQFHpWHUQHOOHLODGVHPHUELHQGHVKDLQHVDXVVLSDUVHVpWHUQHOOHV
LQILGpOLWpV
6DQVGRXWHGLWIURLGHPHQW0LODG\XQHSDUHLOOHIHPPHSHXWVHUHQFRQWUHU
(KELHQXQHSDUHLOOHIHPPHTXLPHWWUDLWOHFRXWHDXGH-DFTXHV&OpPHQWRXGH
5DYDLOODFDX[PDLQVG
XQIDQDWLTXHVDXYHUDLWOD)UDQFH
2XLPDLVHOOHVHUDLWODFRPSOLFHG
XQDVVDVVLQDW

$WRQMDPDLVFRQQXOHVFRPSOLFHVGH5DYDLOODFRXGH-DFTXHV&OpPHQW"
1RQFDUSHXWrWUHpWDLHQWLOVSODFpVWURSKDXWSRXUTX
RQRVkWOHVDOOHU
FKHUFKHUOjRLOVpWDLHQWRQQHEUOHUDLWSDVOH3DODLVGH-XVWLFHSRXUWRXW
OHPRQGH0RQVHLJQHXU
9RXVFUR\H]GRQFTXHO
LQFHQGLHGX3DODLVGH-XVWLFHDXQHFDXVHDXWUHTXH
FHOOHGXKDVDUG"GHPDQGD5LFKHOLHXGXWRQGRQWLOHWIDLWXQHTXHVWLRQVDQV
DXFXQHLPSRUWDQFH
0RL0RQVHLJQHXUUpSRQGLW0LODG\MHQHFURLVULHQMHFLWHXQIDLWYRLOj
WRXWVHXOHPHQWMHGLVTXHVLMHP
DSSHODLV0OOHGH0RQSHQVLHURXODUHLQH
0DULHGH0pGLFLVMHSUHQGUDLVPRLQVGHSUpFDXWLRQVTXHM
HQSUHQGVP
DSSHODQW
WRXWVLPSOHPHQW/DG\&ODULFN
&
HVWMXVWHGLW5LFKHOLHXHWTXHYRXGULH]YRXVGRQF"
-HYRXGUDLVXQRUGUHTXLUDWLILkWG
DYDQFHWRXWFHTXHMHFURLUDLGHYRLU
IDLUHSRXUOHSOXVJUDQGELHQGHOD)UDQFH
0DLVLOIDXGUDLWG
DERUGWURXYHUODIHPPHTXHM
DLGLWHWTXLDXUDLWjVH
YHQJHUGXGXF
(OOHHVWWURXYpHGLW0LODG\
3XLVLOIDXGUDLWWURXYHUFHPLVpUDEOHIDQDWLTXHTXLVHUYLUDG
LQVWUXPHQWjOD
MXVWLFHGH'LHX
2QOHWURXYHUD
(KELHQGLWOHGXFDORUVLOVHUDWHPSVGHUpFODPHUO
RUGUHTXHYRXV
GHPDQGLH]WRXWjO
KHXUH
9RWUH(PLQHQFHDUDLVRQGLW0LODG\HWF
HVWPRLTXLDLHXWRUWGHYRLUGDQV
ODPLVVLRQGRQWHOOHP
KRQRUHDXWUHFKRVHTXHFHTXLHVWUpHOOHPHQW
F
HVWjGLUHG
DQQRQFHUj6D*UkFHGHODSDUWGH6RQ(PLQHQFHTXHYRXV
FRQQDLVVH]OHVGLIIpUHQWVGpJXLVHPHQWVjO
DLGHGHVTXHOVLOHVWSDUYHQXjVH
UDSSURFKHUGHODUHLQHSHQGDQWODIrWHGRQQpHSDU0PHODFRQQpWDEOHTXHYRXV
DYH]OHVSUHXYHVGHO
HQWUHYXHDFFRUGpHDX/RXYUHSDUODUHLQHjFHUWDLQ
DVWURORJXHLWDOLHQTXLQ
HVWDXWUHTXHOHGXFGH%XFNLQJKDPTXHYRXVDYH]
FRPPDQGpXQSHWLWURPDQGHVSOXVVSLULWXHOVVXUO
DYHQWXUHG
$PLHQVDYHFSODQ
GXMDUGLQRFHWWHDYHQWXUHV
HVWSDVVpHHWSRUWUDLWVGHVDFWHXUVTXL\RQW
ILJXUpTXH0RQWDLJXHVWjOD%DVWLOOHHWTXHODWRUWXUHSHXWOXLIDLUHGLUH
GHVFKRVHVGRQWLOVHVRXYLHQWHWPrPHGHVFKRVHVTX
LODXUDLWRXEOLpHVHQILQ
TXHYRXVSRVVpGH]FHUWDLQHOHWWUHGH0PHGH&KHYUHXVHWURXYpHGDQVOHORJLVGH
6D*UkFHTXLFRPSURPHWVLQJXOLqUHPHQWQRQVHXOHPHQWFHOOHTXLO
DpFULWHPDLV
HQFRUHFHOOHDXQRPGHTXLHOOHDpWppFULWH3XLVV
LOSHUVLVWHPDOJUpWRXW
FHODFRPPHF
HVWjFHTXHMHYLHQVGHGLUHTXHVHERUQHPDPLVVLRQMHQ
DXUDL
SOXVTX
jSULHU'LHXGHIDLUHXQPLUDFOHSRXUVDXYHUOD)UDQFH&
HVWELHQFHOD
Q
HVWFHSDV0RQVHLJQHXUHWMHQ
DLSDVDXWUHFKRVHjIDLUH"
&
HVWELHQFHODUHSULWVqFKHPHQWOHFDUGLQDO

(WPDLQWHQDQWGLW0LODG\VDQVSDUDvWUHUHPDUTXHUOHFKDQJHPHQWGHWRQGXGXF
jVRQpJDUGPDLQWHQDQWTXHM
DLUHoXOHVLQVWUXFWLRQVGH9RWUH(PLQHQFHj
SURSRVGHVHVHQQHPLV0RQVHLJQHXUPHSHUPHWWUDWLOGHOXLGLUHGHX[PRWVGHV
PLHQV"
9RXVDYH]GRQFGHVHQQHPLV"GHPDQGD5LFKHOLHX
2XL0RQVHLJQHXUGHVHQQHPLVFRQWUHOHVTXHOVYRXVPHGHYH]WRXWYRWUH
DSSXLFDUMHPHOHVVXLVIDLWVHQVHUYDQW9RWUH(PLQHQFH
(WOHVTXHOV"UpSOLTXDOHGXF
'
DERUGXQHSHWLWHLQWULJDQWHGXQRPGH%RQDFLHX[
(OOHHVWGDQVODSULVRQGH0DQWHV
&
HVWjGLUHTX
HOOH\pWDLWUHSULW0LODG\PDLVODUHLQHDVXUSULVXQRUGUH
GXURLjO
DLGHGXTXHOHOOHO
DIDLWWUDQVSRUWHUGDQVXQFRXYHQW
'DQVXQFRXYHQW"GLWOHGXF
2XLGDQVXQFRXYHQW
(WGDQVOHTXHO"
-HO
LJQRUHOHVHFUHWDpWpELHQJDUGp
-HOHVDXUDLPRL
(W9RWUH(PLQHQFHPHGLUDGDQVTXHOFRXYHQWHVWFHWWHIHPPH"
-HQ
\YRLVSDVG
LQFRQYpQLHQWGLWOHFDUGLQDO
%LHQPDLQWHQDQWM
DLXQDXWUHHQQHPLELHQDXWUHPHQWjFUDLQGUHSRXUPRLTXH
FHWWHSHWLWH0PH%RQDFLHX[
(WOHTXHO"
6RQDPDQW
&RPPHQWV
DSSHOOHWLO"
2K9RWUH(PLQHQFHOHFRQQDvWELHQV
pFULD0LODG\HPSRUWpHSDUODFROqUH
F
HVWQRWUHPDXYDLVJpQLHjWRXVGHX[F
HVWFHOXLTXLGDQVXQHUHQFRQWUHDYHF
OHVJDUGHVGH9RWUH(PLQHQFHDGpFLGpODYLFWRLUHHQIDYHXUGHVPRXVTXHWDLUHV
GXURLF
HVWFHOXLTXLDGRQQpWURLVFRXSVG
pSpHjGH:DUGHVYRWUH
pPLVVDLUHHWTXLDIDLWpFKRXHUO
DIIDLUHGHVIHUUHWVF
HVWFHOXLHQILQTXL
VDFKDQWTXHF
pWDLWPRLTXLOXLDYDLVHQOHYp0PH%RQDFLHX[DMXUpPDPRUW
$KDKGLWOHFDUGLQDOMHVDLVGHTXLYRXVYRXOH]SDUOHU
-HYHX[SDUOHUGHFHPLVpUDEOHG
$UWDJQDQ

&
HVWXQKDUGLFRPSDJQRQGLWOHFDUGLQDO
(WF
HVWMXVWHPHQWSDUFHTXHF
HVWXQKDUGLFRPSDJQRQTX
LOQ
HQHVWTXHSOXV
jFUDLQGUH
,OIDXGUDLWGLWOHGXFDYRLUXQHSUHXYHGHVHVLQWHOOLJHQFHVDYHF
%XFNLQJKDP
8QHSUHXYHV
pFULD0LODG\M
HQDXUDLGL[
(KELHQDORUVF
HVWODFKRVHODSOXVVLPSOHGXPRQGHD\H]PRLFHWWH
SUHXYHHWMHO
HQYRLHjOD%DVWLOOH
%LHQ0RQVHLJQHXUPDLVHQVXLWH"
4XDQGRQHVWjOD%DVWLOOHLOQ
\DSDVG
HQVXLWHGLWOHFDUGLQDOG
XQH
YRL[VRXUGH$KSDUGLHXFRQWLQXDWLOV
LOP
pWDLWDXVVLIDFLOHGHPH
GpEDUUDVVHUGHPRQHQQHPLTX
LOP
HVWIDFLOHGHPHGpEDUUDVVHUGHVY{WUHVHWVL
F
pWDLWFRQWUHGHSDUHLOOHVJHQVTXHYRXVPHGHPDQGLH]O
LPSXQLWp
0RQVHLJQHXUUHSULW0LODG\WURFSRXUWURFH[LVWHQFHSRXUH[LVWHQFHKRPPH
SRXUKRPPHGRQQH]PRLFHOXLOjMHYRXVGRQQHO
DXWUH
-HQHVDLVSDVFHTXHYRXVYRXOH]GLUHUHSULWOHFDUGLQDOHWQHYHX[PrPH
SDVOHVDYRLUPDLVM
DLOHGpVLUGHYRXVrWUHDJUpDEOHHWQHYRLVDXFXQ
LQFRQYpQLHQWjYRXVGRQQHUFHTXHYRXVGHPDQGH]jO
pJDUGG
XQHVLLQILPH
FUpDWXUHG
DXWDQWSOXVFRPPHYRXVPHOHGLWHVTXHFHSHWLWG
$UWDJQDQHVWXQ
OLEHUWLQXQGXHOOLVWHXQWUDvWUH
8QLQIkPH0RQVHLJQHXUXQLQIkPH
'RQQH]PRLGRQFGXSDSLHUXQHSOXPHHWGHO
HQFUHGLWOHFDUGLQDO
(QYRLFL0RQVHLJQHXU
,OVHILWXQLQVWDQWGHVLOHQFHTXLSURXYDLWTXHOHFDUGLQDOpWDLWRFFXSpj
FKHUFKHUOHVWHUPHVGDQVOHVTXHOVGHYDLWrWUHpFULWOHELOOHWRXPrPHj
O
pFULUH$WKRVTXLQ
DYDLWSDVSHUGXXQPRWGHODFRQYHUVDWLRQSULWVHVGHX[
FRPSDJQRQVFKDFXQSDUXQHPDLQHWOHVFRQGXLVLWjO
DXWUHERXWGHODFKDPEUH
(KELHQGLW3RUWKRVTXHYHX[WXHWSRXUTXRLQHQRXVODLVVHVWXSDVpFRXWHU
ODILQGHODFRQYHUVDWLRQ"
&KXWGLW$WKRVSDUODQWjYRL[EDVVHQRXVHQDYRQVHQWHQGXWRXWFHTX
LO
HVWQpFHVVDLUHTXHQRXVHQWHQGLRQVG
DLOOHXUVMHQHYRXVHPSrFKHSDVG
pFRXWHU
OHUHVWHPDLVLOIDXWTXHMHVRUWH
,OIDXWTXHWXVRUWHVGLW3RUWKRVPDLVVLOHFDUGLQDOWHGHPDQGHTXH
UpSRQGURQVQRXV"
9RXVQ
DWWHQGUH]SDVTX
LOPHGHPDQGHYRXVOXLGLUH]OHVSUHPLHUVTXHMH
VXLVSDUWLHQpFODLUHXUSDUFHTXHFHUWDLQHVSDUROHVGHQRWUHK{WHP
RQWGRQQpj

SHQVHUTXHOHFKHPLQQ
pWDLWSDVVUM
HQWRXFKHUDLG
DERUGGHX[PRWVj
O
pFX\HUGXFDUGLQDOOHUHVWHPHUHJDUGHQHYRXVHQLQTXLpWH]SDV
6R\H]SUXGHQW$WKRVGLW$UDPLV
6R\H]WUDQTXLOOHUpSRQGLW$WKRVYRXVOHVDYH]M
DLGXVDQJIURLG
3RUWKRVHW$UDPLVDOOqUHQWUHSUHQGUHOHXUSODFHSUqVGXWX\DXGHSRrOH
4XDQWj$WKRVLOVRUWLWVDQVDXFXQP\VWqUHDOODSUHQGUHVRQFKHYDODWWDFKp
DYHFFHX[GHVHVGHX[DPLVDX[WRXUQLTXHWVGHVFRQWUHYHQWVFRQYDLQTXLWHQ
TXDWUHPRWVO
pFX\HUGHODQpFHVVLWpG
XQHDYDQWJDUGHSRXUOHUHWRXUYLVLWD
DYHFDIIHFWDWLRQO
DPRUFHGHVHVSLVWROHWVPLWO
pSpHDX[GHQWVHWVXLYLWHQ
HQIDQWSHUGXODURXWHTXLFRQGXLVDLWDXFDPS

&KDSLWUH;/9
6&(1(&21-8*$/(

&RPPHO
DYDLWSUpYX$WKRVOHFDUGLQDOQHWDUGDSRLQWjGHVFHQGUHLORXYULWOD
SRUWHGHODFKDPEUHRpWDLHQWHQWUpVOHVPRXVTXHWDLUHVHWWURXYD3RUWKRV
IDLVDQWXQHSDUWLHGHGpVDFKDUQpHDYHF$UDPLV'
XQFRXSG
RHLOUDSLGHLO
IRXLOODWRXVOHVFRLQVGHODVDOOHHWYLWTX
XQGHVHVKRPPHVOXLPDQTXDLW
4X
HVWGHYHQX0$WKRV"GHPDQGDWLO
0RQVHLJQHXUUpSRQGLW3RUWKRVLOHVWSDUWLHQpFODLUHXUVXUTXHOTXHVSURSRV
GHQRWUHK{WHTXLOXLRQWIDLWFURLUHTXHODURXWHQ
pWDLWSDVVUH
(WYRXVTX
DYH]YRXVIDLW0RQVLHXU3RUWKRV"
-
DLJDJQpFLQTSLVWROHVj$UDPLV
(WPDLQWHQDQWYRXVSRXYH]UHYHQLUDYHFPRL"
1RXVVRPPHVDX[RUGUHVGH9RWUH(PLQHQFH
$FKHYDOGRQF0HVVLHXUVFDULOVHIDLWWDUG
/
pFX\HUpWDLWjODSRUWHHWWHQDLWHQEULGHOHFKHYDOGXFDUGLQDO8QSHXSOXV
ORLQXQJURXSHGHGHX[KRPPHVHWGHWURLVFKHYDX[DSSDUDLVVDLWGDQVO
RPEUH
FHVGHX[KRPPHVpWDLHQWFHX[TXLGHYDLHQWFRQGXLUH0LODG\DXIRUWGH/D3RLQWH
HWYHLOOHUjVRQHPEDUTXHPHQW
/
pFX\HUFRQILUPDDXFDUGLQDOFHTXHOHVGHX[PRXVTXHWDLUHVOXLDYDLHQWGpMjGLW
jSURSRVG
$WKRV/HFDUGLQDOILWXQJHVWHDSSUREDWHXUHWUHSULWODURXWH
V
HQWRXUDQWDXUHWRXUGHVPrPHVSUpFDXWLRQVTX
LODYDLWSULVHVDXGpSDUW
/DLVVRQVOHVXLYUHOHFKHPLQGXFDPSSURWpJpSDUO
pFX\HUHWOHVGHX[

PRXVTXHWDLUHVHWUHYHQRQVj$WKRV
3HQGDQWXQHFHQWDLQHGHSDVLODYDLWPDUFKpGHODPrPHDOOXUHPDLVXQHIRLV
KRUVGHYXHLODYDLWODQFpVRQFKHYDOjGURLWHDYDLWIDLWXQGpWRXUHWpWDLW
UHYHQXjXQHYLQJWDLQHGHSDVGDQVOHWDLOOLVJXHWWHUOHSDVVDJHGHODSHWLWH
WURXSHD\DQWUHFRQQXOHVFKDSHDX[ERUGpVGHVHVFRPSDJQRQVHWODIUDQJHGRUpH
GXPDQWHDXGH0OHFDUGLQDOLODWWHQGLWTXHOHVFDYDOLHUVHXVVHQWWRXUQp
O
DQJOHGHODURXWHHWOHVD\DQWSHUGXVGHYXHLOUHYLQWDXJDORSj
O
DXEHUJHTX
RQOXLRXYULWVDQVGLIILFXOWp
/
K{WHOHUHFRQQXW
0RQRIILFLHUGLW$WKRVDRXEOLpGHIDLUHjODGDPHGXSUHPLHUXQH
UHFRPPDQGDWLRQLPSRUWDQWHLOP
HQYRLHSRXUUpSDUHUVRQRXEOL
0RQWH]GLWO
K{WHHOOHHVWHQFRUHGDQVVDFKDPEUH
$WKRVSURILWDGHODSHUPLVVLRQPRQWDO
HVFDOLHUGHVRQSDVOHSOXVOpJHU
DUULYDVXUOHFDUUpHWjWUDYHUVODSRUWHHQWURXYHUWHLOYLW0LODG\TXL
DWWDFKDLWVRQFKDSHDX
,OHQWUDGDQVODFKDPEUHHWUHIHUPDODSRUWHGHUULqUHOXL
$XEUXLWTX
LOILWHQUHSRXVVDQWOHYHUURX0LODG\VHUHWRXUQD
$WKRVpWDLWGHERXWGHYDQWODSRUWHHQYHORSSpGDQVVRQPDQWHDXVRQFKDSHDX
UDEDWWXVXUVHV\HX[
(QYR\DQWFHWWHILJXUHPXHWWHHWLPPRELOHFRPPHXQHVWDWXH0LODG\HXWSHXU
4XLrWHVYRXV"HWTXHGHPDQGH]YRXV"V
pFULDWHOOH
$OORQVF
HVWELHQHOOHPXUPXUD$WKRV
(WODLVVDQWWRPEHUVRQPDQWHDXHWUHOHYDQWVRQIHXWUHLOV
DYDQoDYHUV
0LODG\
0HUHFRQQDLVVH]YRXV0DGDPH"GLWLO
0LODG\ILWXQSDVHQDYDQWSXLVUHFXODFRPPHjODYXHG
XQVHUSHQW
$OORQVGLW$WKRVF
HVWELHQMHYRLVTXHYRXVPHUHFRQQDLVVH]
/HFRPWHGH/D)qUHPXUPXUD0LODG\HQSkOLVVDQWHWHQUHFXODQWMXVTX
jFH
TXHODPXUDLOOHO
HPSrFKkWG
DOOHUSOXVORLQ
2XL0LODG\UpSRQGLW$WKRVOHFRPWHGH/D)qUHHQSHUVRQQHTXLUHYLHQW
WRXWH[SUqVGHO
DXWUHPRQGHSRXUDYRLUOHSODLVLUGHYRXVYRLU$VVH\RQVQRXV
GRQFHWFDXVRQVFRPPHGLW0RQVHLJQHXUOHFDUGLQDO
0LODG\GRPLQpHSDUXQHWHUUHXULQH[SULPDEOHV
DVVLWVDQVSURIpUHUXQHVHXOH
SDUROH

9RXVrWHVGRQFXQGpPRQHQYR\pVXUODWHUUH"GLW$WKRV9RWUHSXLVVDQFHHVW
JUDQGHMHOHVDLVPDLVYRXVVDYH]DXVVLTX
DYHFO
DLGHGH'LHXOHVKRPPHVRQW
VRXYHQWYDLQFXOHVGpPRQVOHVSOXVWHUULEOHV9RXVYRXVrWHVGpMjWURXYpHVXU
PRQFKHPLQMHFUR\DLVYRXVDYRLUWHUUDVVpH0DGDPHPDLVRXMHPHWURPSDLV
RXO
HQIHUYRXVDUHVVXVFLWpH
0LODG\jFHVSDUROHVTXLOXLUDSSHODLHQWGHVVRXYHQLUVHIIUR\DEOHVEDLVVDOD
WrWHDYHFXQJpPLVVHPHQWVRXUG
2XLO
HQIHUYRXVDUHVVXVFLWpHUHSULW$WKRVO
HQIHUYRXVDIDLWHULFKH
O
HQIHUYRXVDGRQQpXQDXWUHQRPO
HQIHUYRXVDSUHVTXHUHIDLWPrPHXQDXWUH
YLVDJHPDLVLOQ
DHIIDFpQLOHVVRXLOOXUHVGHYRWUHkPHQLODIOpWULVVXUHGH
YRWUHFRUSV
0LODG\VHOHYDFRPPHPXHSDUXQUHVVRUWHWVHV\HX[ODQFqUHQWGHVpFODLUV
$WKRVUHVWDDVVLV
9RXVPHFUR\LH]PRUWQ
HVWFHSDVFRPPHMHYRXVFUR\DLVPRUWH"HWFHQRP
G
$WKRVDYDLWFDFKpOHFRPWHGH/D)qUHFRPPHOHQRPGH0LODG\&ODULFNDYDLW
FDFKp$QQHGH%UHXLO1
pWDLWFHSDVDLQVLTXHYRXVYRXVDSSHOLH]TXDQGYRWUH
KRQRUpIUqUHQRXVDPDULpV"1RWUHSRVLWLRQHVWYUDLPHQWpWUDQJHSRXUVXLYLW
$WKRVHQULDQWQRXVQ
DYRQVYpFXMXVTX
jSUpVHQWO
XQHWO
DXWUHTXHSDUFHTXH
QRXVQRXVFUR\LRQVPRUWVHWTX
XQVRXYHQLUJrQHPRLQVTX
XQHFUpDWXUHTXRLTXH
FHVRLWFKRVHGpYRUDQWHSDUIRLVTX
XQVRXYHQLU
0DLVHQILQGLW0LODG\G
XQHYRL[VRXUGHTXLYRXVUDPqQHYHUVPRL"HWTXH
PHYRXOH]YRXV"
-HYHX[YRXVGLUHTXHWRXWHQUHVWDQWLQYLVLEOHjYRV\HX[MHQHYRXVDL
SDVSHUGXHGHYXHPRL
9RXVVDYH]FHTXHM
DLIDLW"
-HSXLVYRXVUDFRQWHUMRXUSDUMRXUYRVDFWLRQVGHSXLVYRWUHHQWUpHDX
VHUYLFHGXFDUGLQDOMXVTX
jFHVRLU
8QVRXULUHG
LQFUpGXOLWpSDVVDVXUOHVOqYUHVSkOHVGH0LODG\
(FRXWH]F
HVWYRXVTXLDYH]FRXSpOHVGHX[IHUUHWVGHGLDPDQWVVXUO
pSDXOH
GXGXFGH%XFNLQJKDPF
HVWYRXVTXLDYH]IDLWHQOHYHU0PH%RQDFLHX[F
HVW
YRXVTXLDPRXUHXVHGHGH:DUGHVHWFUR\DQWSDVVHUODQXLWDYHFOXLDYH]
RXYHUWYRWUHSRUWHj0G
$UWDJQDQF
HVWYRXVTXLFUR\DQWTXHGH:DUGHVYRXV
DYDLWWURPSpHDYH]YRXOXOHIDLUHWXHUSDUVRQULYDOF
HVWYRXVTXLORUVTXH
FHULYDOHXWGpFRXYHUWYRWUHLQIkPHVHFUHWDYH]YRXOXOHIDLUHWXHUjVRQWRXU
SDUGHX[DVVDVVLQVTXHYRXVDYH]HQYR\pVjVDSRXUVXLWHF
HVWYRXVTXLYR\DQW
TXHOHVEDOOHVDYDLHQWPDQTXpOHXUFRXSDYH]HQYR\pGXYLQHPSRLVRQQpDYHFXQH
IDXVVHOHWWUHSRXUIDLUHFURLUHjYRWUHYLFWLPHTXHFHYLQYHQDLWGHVHVDPLV
F
HVWYRXVHQILQTXLYHQH]OjGDQVFHWWHFKDPEUHDVVLVHVXUFHWWHFKDLVHR
MHVXLVGHSUHQGUHDYHFOHFDUGLQDOGH5LFKHOLHXO
HQJDJHPHQWGHIDLUH
DVVDVVLQHUOHGXFGH%XFNLQJKDPHQpFKDQJHGHODSURPHVVHTX
LOYRXVDIDLWHGH
YRXVODLVVHUDVVDVVLQHUG
$UWDJQDQ
0LODG\pWDLWOLYLGH

0DLVYRXVrWHVGRQF6DWDQ"GLWHOOH
3HXWrWUHGLW$WKRVPDLVHQWRXWFDVpFRXWH]ELHQFHFL$VVDVVLQH]RX
IDLWHVDVVDVVLQHUOHGXFGH%XFNLQJKDPSHXP
LPSRUWHMHQHOHFRQQDLVSDV
G
DLOOHXUVF
HVWXQ$QJODLVPDLVQHWRXFKH]SDVGXERXWGXGRLJWjXQVHXO
FKHYHXGHG
$UWDJQDQTXLHVWXQILGqOHDPLTXHM
DLPHHWTXHMHGpIHQGVRXMH
YRXVOHMXUHSDUODWrWHGHPRQSqUHOHFULPHTXHYRXVDXUH]FRPPLVVHUDOH
GHUQLHU
0G
$UWDJQDQP
DFUXHOOHPHQWRIIHQVpHGLW0LODG\G
XQHYRL[VRXUGH0
G
$UWDJQDQPRXUUD
(QYpULWpFHODHVWLOSRVVLEOHTX
RQYRXVRIIHQVH0DGDPH"GLWHQULDQW
$WKRVLOYRXVDRIIHQVpHHWLOPRXUUD"
,OPRXUUDUHSULW0LODG\HOOHG
DERUGOXLHQVXLWH
$WKRVIXWVDLVLFRPPHG
XQYHUWLJHODYXHGHFHWWHFUpDWXUHTXLQ
DYDLWULHQ
G
XQHIHPPHOXLUDSSHODLWGHVVRXYHQLUVWHUULEOHVLOSHQVDTX
XQMRXUGDQV
XQHVLWXDWLRQPRLQVGDQJHUHXVHTXHFHOOHRLOVHWURXYDLWLODYDLWGpMjYRXOX
ODVDFULILHUjVRQKRQQHXUVRQGpVLUGHPHXUWUHOXLUHYLQWEUODQWHW
O
HQYDKLWFRPPHXQHILqYUHDUGHQWHLOVHOHYDjVRQWRXUSRUWDODPDLQjVD
FHLQWXUHHQWLUDXQSLVWROHWHWO
DUPD
0LODG\SkOHFRPPHXQFDGDYUHYRXOXWFULHUPDLVVDODQJXHJODFpHQHSXW
SURIpUHUTX
XQVRQUDXTXHTXLQ
DYDLWULHQGHODSDUROHKXPDLQHHWTXLVHPEODLW
OHUkOHG
XQHErWHIDXYHFROOpHFRQWUHODVRPEUHWDSLVVHULHHOOH
DSSDUDLVVDLWOHVFKHYHX[pSDUVFRPPHO
LPDJHHIIUD\DQWHGHODWHUUHXU
$WKRVOHYDOHQWHPHQWVRQSLVWROHWpWHQGLWOHEUDVGHPDQLqUHTXHO
DUPHWRXFKkW
SUHVTXHOHIURQWGH0LODG\SXLVG
XQHYRL[G
DXWDQWSOXVWHUULEOHTX
HOOH
DYDLWOHFDOPHVXSUrPHG
XQHLQIOH[LEOHUpVROXWLRQ
0DGDPHGLWLOYRXVDOOH]jO
LQVWDQWPrPHPHUHPHWWUHOHSDSLHUTXHYRXVD
VLJQpOHFDUGLQDORXVXUPRQkPHMHYRXVIDLVVDXWHUODFHUYHOOH
$YHFXQDXWUHKRPPH0LODG\DXUDLWSXFRQVHUYHUTXHOTXHGRXWHPDLVHOOH
FRQQDLVVDLW$WKRVFHSHQGDQWHOOHUHVWDLPPRELOH
9RXVDYH]XQHVHFRQGHSRXUYRXVGpFLGHUGLWLO
0LODG\YLWjODFRQWUDFWLRQGHVRQYLVDJHTXHOHFRXSDOODLWSDUWLUHOOHSRUWD
YLYHPHQWODPDLQjVDSRLWULQHHQWLUDXQSDSLHUHWOHWHQGLWj$WKRV
7HQH]GLWHOOHHWVR\H]PDXGLW
$WKRVSULWOHSDSLHUUHSDVVDOHSLVWROHWjVDFHLQWXUHV
DSSURFKDGHODODPSH
SRXUV
DVVXUHUTXHF
pWDLWELHQFHOXLOjOHGpSOLDHWOXW
&
HVWSDUPRQRUGUHHWSRXUOHELHQGHO
(WDWTXHOHSRUWHXUGXSUpVHQWDIDLW
FHTX
LODIDLW

GpFHPEUH
5,&+(/,(8
(WPDLQWHQDQWGLW$WKRVHQUHSUHQDQWVRQPDQWHDXHWHQUHSODoDQWVRQIHXWUH
VXUVDWrWHPDLQWHQDQWTXHMHW
DLDUUDFKpOHVGHQWVYLSqUHPRUGVVLWXSHX[

(WLOVRUWLWGHODFKDPEUHVDQVPrPHUHJDUGHUHQDUULqUH
$ODSRUWHLOWURXYDOHVGHX[KRPPHVHWOHFKHYDOTX
LOVWHQDLHQWHQPDLQ
0HVVLHXUVGLWLOO
RUGUHGH0RQVHLJQHXUYRXVOHVDYH]HVWGHFRQGXLUH
FHWWHIHPPHVDQVSHUGUHGHWHPSVDXIRUWGH/D3RLQWHHWGHQHODTXLWWHUTXH
ORUVTX
HOOHVHUDjERUG
&RPPHFHVSDUROHVV
DFFRUGDLHQWHIIHFWLYHPHQWDYHFO
RUGUHTX
LOVDYDLHQWUHoX
LOVLQFOLQqUHQWODWrWHHQVLJQHG
DVVHQWLPHQW
4XDQWj$WKRVLOVHPLWOpJqUHPHQWHQVHOOHHWSDUWLWDXJDORSVHXOHPHQWDX
OLHXGHVXLYUHODURXWHLOSULWjWUDYHUVFKDPSVSLTXDQWDYHFYLJXHXUVRQ
FKHYDOHWGHWHPSVHQWHPSVV
DUUrWDQWSRXUpFRXWHU
'DQVXQHGHFHVKDOWHVLOHQWHQGLWVXUODURXWHOHSDVGHSOXVLHXUVFKHYDX[,O
QHGRXWDSRLQWTXHFHQHIWOHFDUGLQDOHWVRQHVFRUWH$XVVLW{WLOILWXQH
QRXYHOOHSRLQWHHQDYDQWERXFKRQQDVRQFKHYDODYHFGHODEUX\qUHHWGHV
IHXLOOHVG
DUEUHVHWYLQWVHPHWWUHHQWUDYHUVGHODURXWHjGHX[FHQWVSDVGX
FDPSjSHXSUqV
4XLYLYH"FULDWLOGHORLQTXDQGLODSHUoXWOHVFDYDOLHUV
&
HVWQRWUHEUDYHPRXVTXHWDLUHMHFURLVGLWOHFDUGLQDO
2XL0RQVHLJQHXUUpSRQGLW$WKRV&
HVWOXLPrPH
0RQVLHXU$WKRVGLW5LFKHOLHXUHFHYH]WRXVPHVUHPHUFLHPHQWVSRXUODERQQH
JDUGHTXHYRXVQRXVDYH]IDLWH0HVVLHXUVQRXVYRLFLDUULYpVSUHQH]ODSRUWH
jJDXFKHOHPRWG
RUGUHHVW5RLHW5p
(QGLVDQWFHVPRWVOHFDUGLQDOVDOXDGHODWrWHOHVWURLVDPLVHWSULWj
GURLWHVXLYLGHVRQpFX\HUFDUFHWWHQXLWOjOXLPrPHFRXFKDLWDXFDPS
(KELHQGLUHQWHQVHPEOH3RUWKRVHW$UDPLVORUVTXHOHFDUGLQDOIXWKRUVGHOD
SRUWpHGHODYRL[HKELHQLODVLJQpOHSDSLHUTX
HOOHGHPDQGDLW
-HOHVDLVGLWWUDQTXLOOHPHQW$WKRVSXLVTXHOHYRLFL
(WOHVWURLVDPLVQ
pFKDQJqUHQWSOXVXQHVHXOHSDUROHMXVTX
jOHXUTXDUWLHU
H[FHSWpSRXUGRQQHUOHPRWG
RUGUHDX[VHQWLQHOOHV
6HXOHPHQWRQHQYR\D0RXVTXHWRQGLUHj3ODQFKHWTXHVRQPDvWUHpWDLWSULpHQ
UHOHYDQWGHWUDQFKpHGHVHUHQGUHjO
LQVWDQWPrPHDXORJLVGHVPRXVTXHWDLUHV

'
XQDXWUHF{WpFRPPHO
DYDLWSUpYX$WKRV0LODG\HQUHWURXYDQWjODSRUWHOHV
KRPPHVTXLO
DWWHQGDLHQWQHILWDXFXQHGLIILFXOWpGHOHVVXLYUHHOOHDYDLW
ELHQHXO
HQYLHXQLQVWDQWGHVHIDLUHUHFRQGXLUHGHYDQWOHFDUGLQDOHWGHOXL
WRXWUDFRQWHUPDLVXQHUpYpODWLRQGHVDSDUWDPHQDLWXQHUpYpODWLRQGHODSDUW
G
$WKRVHOOHGLUDLWELHQTX
$WKRVO
DYDLWSHQGXHPDLV$WKRVGLUDLWTX
HOOH
pWDLWPDUTXpHHOOHSHQVDTX
LOYDODLWGRQFHQFRUHPLHX[JDUGHUOHVLOHQFH
SDUWLUGLVFUqWHPHQWDFFRPSOLUDYHFVRQKDELOHWpRUGLQDLUHODPLVVLRQGLIILFLOH
GRQWHOOHV
pWDLWFKDUJpHSXLVWRXWHVOHVFKRVHVDFFRPSOLHVjODVDWLVIDFWLRQ
GXFDUGLQDOYHQLUOXLUpFODPHUVDYHQJHDQFH
(QFRQVpTXHQFHDSUqVDYRLUYR\DJpWRXWHODQXLWjVHSWKHXUHVGXPDWLQHOOH
pWDLWDXIRUWGH/D3RLQWHjKXLWKHXUHVHOOHpWDLWHPEDUTXpHHWjQHXIKHXUHV
OHEkWLPHQWTXLDYHFGHVOHWWUHVGHPDUTXHGXFDUGLQDOpWDLWFHQVprWUHHQ
SDUWDQFHSRXU%D\RQQHOHYDLWO
DQFUHHWIDLVDLWYRLOHSRXUO
$QJOHWHUUH

&KDSLWUH;/9,
/(%$67,216$,17*(59$,6

(QDUULYDQWFKH]VHVWURLVDPLVG
$UWDJQDQOHVWURXYDUpXQLVGDQVODPrPH
FKDPEUH$WKRVUpIOpFKLVVDLW3RUWKRVIULVDLWVDPRXVWDFKH$UDPLVGLVDLWVHV
SULqUHVGDQVXQFKDUPDQWSHWLWOLYUHG
KHXUHVUHOLpHQYHORXUVEOHX
3DUGLHX0HVVLHXUVGLWLOM
HVSqUHTXHFHTXHYRXVDYH]jPHGLUHHQYDXW
ODSHLQHVDQVFHODMHYRXVSUpYLHQVTXHMHQHYRXVSDUGRQQHUDLSDVGHP
DYRLU
IDLWYHQLUDXOLHXGHPHODLVVHUUHSRVHUDSUqVXQHQXLWSDVVpHjSUHQGUHHWj
GpPDQWHOHUXQEDVWLRQ$KTXHQ
pWLH]YRXVOj0HVVLHXUVLO\DIDLWFKDXG
1RXVpWLRQVDLOOHXUVRLOQHIDLVDLWSDVIURLGQRQSOXVUpSRQGLW3RUWKRV
WRXWHQIDLVDQWSUHQGUHjVDPRXVWDFKHXQSOLTXLOXLpWDLWSDUWLFXOLHU
&KXWGLW$WKRV
2KRKILWG
$UWDJQDQFRPSUHQDQWOHOpJHUIURQFHPHQWGHVRXUFLOVGX
PRXVTXHWDLUHLOSDUDvWTX
LO\DGXQRXYHDXLFL
$UDPLVGLW$WKRVYRXVDYH]pWpGpMHXQHUDYDQWKLHUjO
DXEHUJHGX
3DUSDLOORWMHFURLV"
2XL
&RPPHQWHVWRQOj"
0DLVM
\DLIRUWPDOPDQJpSRXUPRQFRPSWHDYDQWKLHUpWDLWXQMRXUPDLJUH
HWLOVQ
DYDLHQWTXHGXJUDV
&RPPHQWGLW$WKRVGDQVXQSRUWGHPHULOVQ
RQWSDVGHSRLVVRQ"

,OVGLVHQWUHSULW$UDPLVHQVHUHPHWWDQWjVDSLHXVHOHFWXUHTXHODGLJXH
TXHIDLWEkWLU0OHFDUGLQDOOHFKDVVHHQSOHLQHPHU
0DLVFHQ
HVWSDVFHODTXHMHYRXVGHPDQGDLV$UDPLVUHSULW$WKRVMHYRXV
GHPDQGDLVVLYRXVDYLH]pWpELHQOLEUHHWVLSHUVRQQHQHYRXVDYDLWGpUDQJp"
0DLVLOPHVHPEOHTXHQRXVQ
DYRQVSDVHXWURSG
LPSRUWXQVRXLDXIDLW
SRXUFHTXHYRXVYRXOH]GLUH$WKRVQRXVVHURQVDVVH]ELHQDX3DUSDLOORW
$OORQVGRQFDX3DUSDLOORWGLW$WKRVFDULFLOHVPXUDLOOHVVRQWFRPPHGHV
IHXLOOHVGHSDSLHU
'
$UWDJQDQTXLpWDLWKDELWXpDX[PDQLqUHVGHIDLUHGHVRQDPLHWTXL
UHFRQQDLVVDLWWRXWGHVXLWHjXQHSDUROHjXQJHVWHjXQVLJQHGHOXLTXHOHV
FLUFRQVWDQFHVpWDLHQWJUDYHVSULWOHEUDVG
$WKRVHWVRUWLWDYHFOXLVDQVULHQ
GLUH3RUWKRVVXLYLWHQGHYLVDQWDYHF$UDPLV
(QURXWHRQUHQFRQWUD*ULPDXG$WKRVOXLILWVLJQHGHVXLYUH*ULPDXGVHORQ
VRQKDELWXGHREpLWHQVLOHQFHOHSDXYUHJDUoRQDYDLWjSHXSUqVILQLSDU
GpVDSSUHQGUHGHSDUOHU
2QDUULYDjODEXYHWWHGX3DUSDLOORWLOpWDLWVHSWKHXUHVGXPDWLQOHMRXU
FRPPHQoDLWjSDUDvWUHOHVWURLVDPLVFRPPDQGqUHQWjGpMHXQHUHWHQWUqUHQW
GDQVXQHVDOOHRDXGLUHGHO
K{WHLOVQHGHYDLHQWSDVrWUHGpUDQJpV
0DOKHXUHXVHPHQWO
KHXUHpWDLWPDOFKRLVLHSRXUXQFRQFLOLDEXOHRQYHQDLWGH
EDWWUHODGLDQHFKDFXQVHFRXDLWOHVRPPHLOGHODQXLWHWSRXUFKDVVHUO
DLU
KXPLGHGXPDWLQYHQDLWERLUHODJRXWWHjODEXYHWWHGUDJRQV6XLVVHVJDUGHV
PRXVTXHWDLUHVFKHYDXOpJHUVVHVXFFpGDLHQWDYHFXQHUDSLGLWpTXLGHYDLWWUqV
ELHQIDLUHOHVDIIDLUHVGHO
K{WHPDLVTXLUHPSOLVVDLWIRUWPDOOHVYXHVGHV
TXDWUHDPLV$XVVLUpSRQGDLHQWLOVG
XQHPDQLqUHIRUWPDXVVDGHDX[VDOXWVDX[
WRDVWVHWDX[OD]]LGHOHXUVFRPSDJQRQV
$OORQVGLW$WKRVQRXVDOORQVQRXVIDLUHTXHOTXHERQQHTXHUHOOHHWQRXV
Q
DYRQVSDVEHVRLQGHFHODHQFHPRPHQW'
$UWDJQDQUDFRQWH]QRXVYRWUHQXLW
QRXVYRXVUDFRQWHURQVODQ{WUHDSUqV
(QHIIHWGLWXQFKHYDXOpJHUTXLVHGDQGLQDLWHQWHQDQWjODPDLQXQYHUUH
G
HDXGHYLHTX
LOGpJXVWDLWOHQWHPHQWHQHIIHWYRXVpWLH]GHWUDQFKpHFHWWH
QXLW0HVVLHXUVOHVJDUGHVHWLOPHVHPEOHTXHYRXVDYH]HXPDLOOHjSDUWLU
DYHFOHV5RFKHORLV"
'
$UWDJQDQUHJDUGD$WKRVSRXUVDYRLUV
LOGHYDLWUpSRQGUHjFHWLQWUXVTXLVH
PrODLWjODFRQYHUVDWLRQ
(KELHQGLW$WKRVQ
HQWHQGVWXSDV0GH%XVLJQ\TXLWHIDLWO
KRQQHXUGH
W
DGUHVVHUODSDUROH"5DFRQWHFHTXLV
HVWSDVVpFHWWHQXLWSXLVTXHFHV
0HVVLHXUVGpVLUHQWOHVDYRLU
1
DYUHERXVEDVEULVXQSDVWLRQ"GHPDQGDXQ6XLVVHTXLEXYDLWGXUKXPGDQV
XQYHUUHjELqUH
2XL0RQVLHXUUpSRQGLWG
$UWDJQDQHQV
LQFOLQDQWQRXVDYRQVHXFHWKRQQHXU

QRXVDYRQVPrPHFRPPHYRXVDYH]SXO
HQWHQGUHLQWURGXLWVRXVXQGHVDQJOHVXQ
EDULOGHSRXGUHTXLHQpFODWDQWDIDLWXQHIRUWMROLHEUqFKHVDQVFRPSWHU
TXHFRPPHOHEDVWLRQQ
pWDLWSDVG
KLHUWRXWOHUHVWHGHODEkWLVVHV
HQHVW
WURXYpIRUWpEUDQOp
(WTXHOEDVWLRQHVWFH"GHPDQGDXQGUDJRQTXLWHQDLWHQILOpHjVRQVDEUHXQH
RLHTX
LODSSRUWDLWSRXUTX
RQODIvWFXLUH
/HEDVWLRQ6DLQW*HUYDLVUpSRQGLWG
$UWDJQDQGHUULqUHOHTXHOOHV5RFKHORLV
LQTXLpWDLHQWQRVWUDYDLOOHXUV
(WO
DIIDLUHDpWpFKDXGH"
0DLVRXLQRXV\DYRQVSHUGXFLQTKRPPHVHWOHV5RFKHORLVKXLWRXGL[
%DO]DPSOHXILWOH6XLVVHTXLPDOJUpO
DGPLUDEOHFROOHFWLRQGHMXURQVTXH
SRVVqGHODODQJXHDOOHPDQGHDYDLWSULVO
KDELWXGHGHMXUHUHQIUDQoDLV
0DLVLOHVWSUREDEOHGLWOHFKHYDXOpJHUTX
LOVYRQWFHPDWLQHQYR\HUGHV
SLRQQLHUVSRXUUHPHWWUHOHEDVWLRQHQpWDW
2XLF
HVWSUREDEOHGLWG
$UWDJQDQ
0HVVLHXUVGLW$WKRVXQSDUL
$KZRXLXQEDULGLWOH6XLVVH
/HTXHO"GHPDQGDOHFKHYDXOpJHU
$WWHQGH]GLWOHGUDJRQHQSRVDQWVRQVDEUHFRPPHXQHEURFKHVXUOHVGHX[
JUDQGVFKHQHWVGHIHUTXLVRXWHQDLHQWOHIHXGHODFKHPLQpHM
HQVXLV+{WHOLHU
GHPDOKHXUXQHOqFKHIULWHWRXWGHVXLWHTXHMHQHSHUGHSDVXQHJRXWWHGHOD
JUDLVVHGHFHWWHHVWLPDEOHYRODLOOH
,ODYUHUDLVRQGLWOH6XLVVHODJUDLVVHW
RLHLOHVWWUqVSRQQHDYHFGHV
JRQILWXUHV
/jGLWOHGUDJRQ0DLQWHQDQWYR\RQVOHSDUL1RXVpFRXWRQV0RQVLHXU
$WKRV
2XLOHSDULGLWOHFKHYDXOpJHU
(KELHQ0RQVLHXUGH%XVLJQ\MHSDULHDYHFYRXVGLW$WKRVTXHPHVWURLV
FRPSDJQRQV003RUWKRV$UDPLVG
$UWDJQDQHWPRLQRXVDOORQVGpMHXQHUGDQVOH
EDVWLRQ6DLQW*HUYDLVHWTXHQRXV\WHQRQVXQHKHXUHPRQWUHjODPDLQTXHOTXH
FKRVHTXHO
HQQHPLIDVVHSRXUQRXVGpORJHU
3RUWKRVHW$UDPLVVHUHJDUGqUHQWLOVFRPPHQoDLHQWjFRPSUHQGUH
0DLVGLWG
$UWDJQDQHQVHSHQFKDQWjO
RUHLOOHG
$WKRVWXYDVQRXVIDLUH
WXHUVDQVPLVpULFRUGH
1RXVVRPPHVELHQSOXVWXpVUpSRQGLW$WKRVVLQRXVQ
\DOORQVSDV

$KPDIRL0HVVLHXUVGLW3RUWKRVHQVHUHQYHUVDQWVXUVDFKDLVHHW
IULVDQWVDPRXVWDFKHYRLFLXQEHDXSDULM
HVSqUH
$XVVLMHO
DFFHSWHGLW0GH%XVLJQ\PDLQWHQDQWLOV
DJLWGHIL[HU
O
HQMHX
0DLVYRXVrWHVTXDWUH0HVVLHXUVGLW$WKRVQRXVVRPPHVTXDWUHXQGvQHUj
GLVFUpWLRQSRXUKXLWFHODYRXVYDWLO"
$PHUYHLOOHUHSULW0GH%XVLJQ\
3DUIDLWHPHQWGLWOHGUDJRQ
&DPHIDGLWOH6XLVVH
/HTXDWULqPHDXGLWHXUTXLGDQVWRXWHFHWWHFRQYHUVDWLRQDYDLWMRXpXQU{OH
PXHWILWXQVLJQHGHODWrWHHQVLJQHTX
LODFTXLHVoDLWjODSURSRVLWLRQ
/HGpMHXQHUGHFHV0HVVLHXUVHVWSUrWGLWO
K{WH
(KELHQDSSRUWH]OHGLW$WKRV
/
K{WHREpLW$WKRVDSSHOD*ULPDXGOXLPRQWUDXQJUDQGSDQLHUTXLJLVDLWGDQV
XQFRLQHWILWOHJHVWHG
HQYHORSSHUGDQVOHVVHUYLHWWHVOHVYLDQGHVDSSRUWpHV
*ULPDXGFRPSULWjO
LQVWDQWPrPHTX
LOV
DJLVVDLWG
XQGpMHXQHUVXUO
KHUEH
SULWOHSDQLHUHPSDTXHWDOHVYLDQGHV\MRLJQLWOHVERXWHLOOHVHWSULWOH
SDQLHUjVRQEUDV
0DLVRDOOH]YRXVPDQJHUPRQGpMHXQHU"GLWO
K{WH
4XHYRXVLPSRUWHGLW$WKRVSRXUYXTX
RQYRXVOHSDLH"
(WLOMHWDPDMHVWXHXVHPHQWGHX[SLVWROHVVXUODWDEOH
)DXWLOYRXVUHQGUHPRQRIILFLHU"GLWO
K{WH
1RQDMRXWHVHXOHPHQWGHX[ERXWHLOOHVGHYLQGH&KDPSDJQHHWODGLIIpUHQFH
VHUDSRXUOHVVHUYLHWWHV
/
K{WHQHIDLVDLWSDVXQHDXVVLERQQHDIIDLUHTX
LOO
DYDLWFUXG
DERUGPDLVLO
VHUDWWUDSDHQJOLVVDQWDX[TXDWUHFRQYLYHVGHX[ERXWHLOOHVGHYLQG
$QMRXDX
OLHXGHGHX[ERXWHLOOHVGHYLQGH&KDPSDJQH
0RQVLHXUGH%XVLJQ\GLW$WKRVYRXOH]YRXVELHQUpJOHUYRWUHPRQWUHVXUOD
PLHQQHRXPHSHUPHWWUHGHUpJOHUODPLHQQHVXUODY{WUH"
$PHUYHLOOH0RQVLHXUGLWOHFKHYDXOpJHUHQWLUDQWGHVRQJRXVVHWXQHIRUW
EHOOHPRQWUHHQWRXUpHGHGLDPDQWVVHSWKHXUHVHWGHPLHGLWLO
6HSWKHXUHVWUHQWHFLQTPLQXWHVGLW$WKRVQRXVVDXURQVTXHM
DYDQFHGH
FLQTPLQXWHVVXUYRXV0RQVLHXU

(WVDOXDQWOHVDVVLVWDQWVpEDKLVOHVTXDWUHMHXQHVJHQVSULUHQWOHFKHPLQGX
EDVWLRQ6DLQW*HUYDLVVXLYLVGH*ULPDXGTXLSRUWDLWOHSDQLHULJQRUDQWRLO
DOODLWPDLVGDQVO
REpLVVDQFHSDVVLYHGRQWLODYDLWSULVO
KDELWXGHDYHF
$WKRVQHVRQJHDLWSDVPrPHjOHGHPDQGHU
7DQWTX
LOVIXUHQWGDQVO
HQFHLQWHGXFDPSOHVTXDWUHDPLVQ
pFKDQJqUHQWSDV
XQHSDUROHG
DLOOHXUVLOVpWDLHQWVXLYLVSDUOHVFXULHX[TXLFRQQDLVVDQWOH
SDULHQJDJpYRXODLHQWVDYRLUFRPPHQWLOVV
HQWLUHUDLHQW
0DLVXQHIRLVTX
LOVHXUHQWIUDQFKLODOLJQHGHFLUFRQYDOODWLRQHWTX
LOVVH
WURXYqUHQWHQSOHLQDLUG
$UWDJQDQTXLLJQRUDLWFRPSOqWHPHQWFHGRQWLO
V
DJLVVDLWFUXWTX
LOpWDLWWHPSVGHGHPDQGHUXQHH[SOLFDWLRQ
(WPDLQWHQDQWPRQFKHU$WKRVGLWLOIDLWHVPRLO
DPLWLpGHP
DSSUHQGUHR
QRXVDOORQV"
9RXVOHYR\H]ELHQGLW$WKRVQRXVDOORQVDXEDVWLRQ
0DLVTX
\DOORQVQRXVIDLUH"
9RXVOHVDYH]ELHQQRXV\DOORQVGpMHXQHU
0DLVSRXUTXRLQ
DYRQVQRXVSDVGpMHXQpDX3DUSDLOORW"
3DUFHTXHQRXVDYRQVGHVFKRVHVIRUWLPSRUWDQWHVjQRXVGLUHHWTX
LOpWDLW
LPSRVVLEOHGHFDXVHUFLQTPLQXWHVGDQVFHWWHDXEHUJHDYHFWRXVFHVLPSRUWXQVTXL
YRQWTXLYLHQQHQWTXLVDOXHQWTXLDFFRVWHQWLFLGXPRLQVFRQWLQXD$WKRV
HQPRQWUDQWOHEDVWLRQRQQHYLHQGUDSDVQRXVGpUDQJHU
,OPHVHPEOHGLWG
$UWDJQDQDYHFFHWWHSUXGHQFHTXLV
DOOLDLWVLELHQHWVL
QDWXUHOOHPHQWFKH]OXLjXQHH[FHVVLYHEUDYRXUHLOPHVHPEOHTXHQRXVDXULRQV
SXWURXYHUTXHOTXHHQGURLWpFDUWpGDQVOHVGXQHVDXERUGGHODPHU
2O
RQQRXVDXUDLWYXVFRQIpUHUWRXVOHVTXDWUHHQVHPEOHGHVRUWHTX
DX
ERXWG
XQTXDUWG
KHXUHOHFDUGLQDOHWpWpSUpYHQXSDUVHVHVSLRQVTXHQRXV
WHQLRQVFRQVHLO
2XLGLW$UDPLV$WKRVDUDLVRQ$QLPDGYHUWXQWXULQGHVHUWLV
8QGpVHUWQ
DXUDLWSDVpWpPDOGLW3RUWKRVPDLVLOV
DJLVVDLWGHOH
WURXYHU
,OQ
\DSDVGHGpVHUWRXQRLVHDXQHSXLVVHSDVVHUDXGHVVXVGHODWrWHR
XQSRLVVRQQHSXLVVHVDXWHUDXGHVVXVGHO
HDXRXQODSLQQHSXLVVHSDUWLUGH
VRQJvWHHWMHFURLVTX
RLVHDXSRLVVRQODSLQWRXWV
HVWIDLWHVSLRQGX
FDUGLQDO0LHX[YDXWGRQFSRXUVXLYUHQRWUHHQWUHSULVHGHYDQWODTXHOOH
G
DLOOHXUVQRXVQHSRXYRQVSOXVUHFXOHUVDQVKRQWHQRXVDYRQVIDLWXQSDULXQ
SDULTXLQHSRXYDLWrWUHSUpYXHWGRQWMHGpILHTXLTXHFHVRLWGHGHYLQHUOD
YpULWDEOHFDXVHQRXVDOORQVSRXUOHJDJQHUWHQLUXQHKHXUHGDQVOHEDVWLRQ
2XQRXVVHURQVDWWDTXpVRXQRXVQHOHVHURQVSDV6LQRXVQHOHVRPPHVSDV
QRXVDXURQVWRXWOHWHPSVGHFDXVHUHWSHUVRQQHQHQRXVHQWHQGUDFDUMHUpSRQGV
TXHOHVPXUVGHFHEDVWLRQQ
RQWSDVG
RUHLOOHVVLQRXVOHVRPPHVQRXV

FDXVHURQVGHQRVDIIDLUHVWRXWGHPrPHHWGHSOXVWRXWHQQRXVGpIHQGDQWQRXV
QRXVFRXYURQVGHJORLUH9RXVYR\H]ELHQTXHWRXWHVWEpQpILFH
2XLGLWG
$UWDJQDQPDLVQRXVDWWUDSHURQVLQGXELWDEOHPHQWXQHEDOOH
(KPRQFKHUGLW$WKRVYRXVVDYH]ELHQTXHOHVEDOOHVOHVSOXVjFUDLQGUH
QHVRQWSDVFHOOHVGHO
HQQHPL
0DLVLOPHVHPEOHTXHSRXUXQHSDUHLOOHH[SpGLWLRQQRXVDXULRQVGDXPRLQV
HPSRUWHUQRVPRXVTXHWV
9RXVrWHVXQQLDLVDPL3RUWKRVSRXUTXRLQRXVFKDUJHUG
XQIDUGHDXLQXWLOH
"
-HQHWURXYHSDVLQXWLOHHQIDFHGHO
HQQHPLXQERQPRXVTXHWGHFDOLEUH
GRX]HFDUWRXFKHVHWXQHSRLUHjSRXGUH
2KELHQGLW$WKRVQ
DYH]YRXVSDVHQWHQGXFHTX
DGLWG
$UWDJQDQ"
4X
DGLWG
$UWDJQDQ"GHPDQGD3RUWKRV
'
$UWDJQDQDGLWTXHGDQVO
DWWDTXHGHFHWWHQXLWLO\DYDLWHXKXLWRXGL[
)UDQoDLVGHWXpVHWDXWDQWGH5RFKHORLV
$SUqV"
2QQ
DSDVHXOHWHPSVGHOHVGpSRXLOOHUQ
HVWFHSDV"DWWHQGXTX
RQDYDLW
DXWUHFKRVHSRXUOHPRPHQWGHSOXVSUHVVpjIDLUH
(KELHQ"
(KELHQQRXVDOORQVWURXYHUOHXUVPRXVTXHWVOHXUVSRLUHVjSRXGUHHWOHXUV
FDUWRXFKHVHWDXOLHXGHTXDWUHPRXVTXHWRQVHWGHGRX]HEDOOHVQRXVDOORQV
DYRLUXQHTXLQ]DLQHGHIXVLOVHWXQHFHQWDLQHGHFRXSVjWLUHU
2$WKRVGLW$UDPLVWXHVYpULWDEOHPHQWXQJUDQGKRPPH
3RUWKRVLQFOLQDODWrWHHQVLJQHG
DGKpVLRQ
'
$UWDJQDQVHXOQHSDUDLVVDLWSDVFRQYDLQFX
6DQVGRXWH*ULPDXGSDUWDJHDLWOHVGRXWHVGXMHXQHKRPPHFDUYR\DQWTXHO
RQ
FRQWLQXDLWGHPDUFKHUYHUVOHEDVWLRQFKRVHGRQWLODYDLWGRXWpMXVTX
DORUVLO
WLUDVRQPDvWUHSDUOHSDQGHVRQKDELW
2DOORQVQRXV"GHPDQGDWLOSDUJHVWH
$WKRVOXLPRQWUDOHEDVWLRQ
0DLVGLWWRXMRXUVGDQVOHPrPHGLDOHFWHOHVLOHQFLHX[*ULPDXGQRXV\
ODLVVHURQVQRWUHSHDX
$WKRVOHYDOHV\HX[HWOHGRLJWYHUVOHFLHO

*ULPDXGSRVDVRQSDQLHUjWHUUHHWV
DVVLWHQVHFRXDQWODWrWH
$WKRVSULWjVDFHLQWXUHXQSLVWROHWUHJDUGDV
LOpWDLWELHQDPRUFpO
DUPDHW
DSSURFKDOHFDQRQGHO
RUHLOOHGH*ULPDXG
*ULPDXGVHUHWURXYDVXUVHVMDPEHVFRPPHSDUXQUHVVRUW
$WKRVDORUVOXLILWVLJQHGHSUHQGUHOHSDQLHUHWGHPDUFKHUGHYDQW
*ULPDXGREpLW
7RXWFHTX
DYDLWJDJQpOHSDXYUHJDUoRQjFHWWHSDQWRPLPHG
XQLQVWDQWF
HVW
TX
LOpWDLWSDVVpGHO
DUULqUHJDUGHjO
DYDQWJDUGH
$UULYpVDXEDVWLRQOHVTXDWUHDPLVVHUHWRXUQqUHQW
3OXVGHWURLVFHQWVVROGDWVGHWRXWHVDUPHVpWDLHQWDVVHPEOpVjODSRUWHGX
FDPSHWGDQVXQJURXSHVpSDUpRQSRXYDLWGLVWLQJXHU0GH%XVLJQ\OHGUDJRQ
OH6XLVVHHWOHTXDWULqPHSDULHXU
$WKRV{WDVRQFKDSHDXOHPLWDXERXWGHVRQpSpHHWO
DJLWDHQO
DLU
7RXVOHVVSHFWDWHXUVOXLUHQGLUHQWVRQVDOXWDFFRPSDJQDQWFHWWHSROLWHVVHG
XQ
JUDQGKRXUUDTXLDUULYDMXVTX
jHX[
$SUqVTXRLLOVGLVSDUXUHQWWRXVTXDWUHGDQVOHEDVWLRQROHVDYDLWGpMj
SUpFpGpV*ULPDXG

&KDSLWUH;/9,,
/(&216(,/'(6028648(7$,5(6

&RPPHO
DYDLWSUpYX$WKRVOHEDVWLRQQ
pWDLWRFFXSpTXHSDUXQHGRX]DLQHGH
PRUWVWDQW)UDQoDLVTXH5RFKHORLV
0HVVLHXUVGLW$WKRVTXLDYDLWSULVOHFRPPDQGHPHQWGHO
H[SpGLWLRQWDQGLV
TXH*ULPDXGYDPHWWUHODWDEOHFRPPHQoRQVSDUUHFXHLOOLUOHVIXVLOVHWOHV
FDUWRXFKHVQRXVSRXYRQVG
DLOOHXUVFDXVHUWRXWHQDFFRPSOLVVDQWFHWWHEHVRJQH
&HV0HVVLHXUVDMRXWDWLOHQPRQWUDQWOHVPRUWVQHQRXVpFRXWHQWSDV
0DLVQRXVSRXUULRQVWRXMRXUVOHVMHWHUGDQVOHIRVVpGLW3RUWKRVDSUqV
WRXWHIRLVQRXVrWUHDVVXUpVTX
LOVQ
RQWULHQGDQVOHXUVSRFKHV
2XLGLW$UDPLVF
HVWO
DIIDLUHGH*ULPDXG
$KELHQDORUVGLWG
$UWDJQDQTXH*ULPDXGOHVIRXLOOHHWOHVMHWWH

SDUGHVVXVOHVPXUDLOOHV
*DUGRQVQRXVHQELHQGLW$WKRVLOVSHXYHQWQRXVVHUYLU
&HVPRUWVSHXYHQWQRXVVHUYLU"GLW3RUWKRV$KojYRXVGHYHQH]IRXFKHU
DPL
1HMXJH]SDVWpPpUDLUHPHQWGLVHQWO
(YDQJLOHHW0OHFDUGLQDOUpSRQGLW
$WKRVFRPELHQGHIXVLOV0HVVLHXUV"
'RX]HUpSRQGLW$UDPLV
&RPELHQGHFRXSVjWLUHU"
8QHFHQWDLQH
&
HVWWRXWDXWDQWTX
LOQRXVHQIDXWFKDUJHRQVOHVDUPHV
/HVTXDWUHPRXVTXHWDLUHVVHPLUHQWjODEHVRJQH&RPPHLOVDFKHYDLHQWGHFKDUJHU
OHGHUQLHUIXVLO*ULPDXGILWVLJQHTXHOHGpMHXQHUpWDLWVHUYL
$WKRVUpSRQGLWWRXMRXUVSDUJHVWHTXHF
pWDLWELHQHWLQGLTXDj*ULPDXGXQH
HVSqFHGHSRLYULqUHRFHOXLFLFRPSULWTX
LOVHGHYDLWWHQLUHQVHQWLQHOOH
6HXOHPHQWSRXUDGRXFLUO
HQQXLGHODIDFWLRQ$WKRVOXLSHUPLWG
HPSRUWHUXQ
SDLQGHX[F{WHOHWWHVHWXQHERXWHLOOHGHYLQ
(WPDLQWHQDQWjWDEOHGLW$WKRV
/HVTXDWUHDPLVV
DVVLUHQWjWHUUHOHVMDPEHVFURLVpHVFRPPHOHV7XUFVRX
FRPPHOHVWDLOOHXUV
$KPDLQWHQDQWGLWG
$UWDJQDQTXHWXQ
DVSOXVODFUDLQWHG
rWUHHQWHQGX
M
HVSqUHTXHWXYDVQRXVIDLUHSDUWGHWRQVHFUHW$WKRV
-
HVSqUHTXHMHYRXVSURFXUHjODIRLVGHO
DJUpPHQWHWGHODJORLUH
0HVVLHXUVGLW$WKRV-HYRXVDLIDLWIDLUHXQHSURPHQDGHFKDUPDQWHYRLFLXQ
GpMHXQHUGHVSOXVVXFFXOHQWVHWFLQTFHQWVSHUVRQQHVOjEDVFRPPHYRXVSRXYH]
OHVYRLUjWUDYHUVOHVPHXUWULqUHVTXLQRXVSUHQQHQWSRXUGHVIRXVRXSRXUGHV
KpURVGHX[FODVVHVG
LPEpFLOHVTXLVHUHVVHPEOHQWDVVH]
0DLVFHVHFUHW"GHPDQGDG
$UWDJQDQ
/HVHFUHWGLW$WKRVF
HVWTXHM
DLYX0LODG\KLHUVRLU
'
$UWDJQDQSRUWDLWVRQYHUUHjVHVOqYUHVPDLVjFHQRPGH0LODG\ODPDLQOXL
WUHPEODVLIRUWTX
LOOHSRVDjWHUUHSRXUQHSDVHQUpSDQGUHOHFRQWHQX
7XDVYXWDIHP
&KXWGRQFLQWHUURPSLW$WKRVYRXVRXEOLH]PRQFKHUTXHFHV0HVVLHXUVQH
VRQWSDVLQLWLpVFRPPHYRXVGDQVOHVHFUHWGHPHVDIIDLUHVGHPpQDJHM
DLYX
0LODG\

(WRFHOD"GHPDQGDG
$UWDJQDQ
$GHX[OLHXHVG
LFLjSHXSUqVjO
DXEHUJHGX&RORPELHU5RXJH
(QFHFDVMHVXLVSHUGXGLWG
$UWDJQDQ
1RQSDVWRXWjIDLWHQFRUHUHSULW$WKRVFDUjFHWWHKHXUHHOOHGRLW
DYRLUTXLWWpOHVF{WHVGH)UDQFH
'
$UWDJQDQUHVSLUD
0DLVDXERXWGXFRPSWHGHPDQGD3RUWKRVTX
HVWFHGRQFTXHFHWWH0LODG\"
8QHIHPPHFKDUPDQWHGLW$WKRVHQGpJXVWDQWXQYHUUHGHYLQPRXVVHX[
&DQDLOOHG
K{WHOLHUV
pFULDWLOTXLQRXVGRQQHGXYLQG
$QMRXSRXUGXYLQGH
&KDPSDJQHHWTXLFURLWTXHQRXVQRXV\ODLVVHURQVSUHQGUH2XLFRQWLQXDWLO
XQHIHPPHFKDUPDQWHTXLDHXGHVERQWpVSRXUQRWUHDPLG
$UWDJQDQTXLOXLD
IDLWMHQHVDLVTXHOOHQRLUFHXUGRQWHOOHDHVVD\pGHVHYHQJHULO\DXQPRLV
HQYRXODQWOHIDLUHWXHUjFRXSVGHPRXVTXHWLO\DKXLWMRXUVHQHVVD\DQWGH
O
HPSRLVRQQHUHWKLHUHQGHPDQGDQWVDWrWHDXFDUGLQDO
&RPPHQWHQGHPDQGDQWPDWrWHDXFDUGLQDO"V
pFULDG
$UWDJQDQSkOHGH
WHUUHXU
&DGLW3RUWKRVF
HVWYUDLFRPPHO
(YDQJLOHMHO
DLHQWHQGXGHPHVGHX[
RUHLOOHV
0RLDXVVLGLW$UDPLV
$ORUVGLWG
$UWDJQDQHQODLVVDQWWRPEHUVRQEUDVDYHFGpFRXUDJHPHQWLOHVW
LQXWLOHGHOXWWHUSOXVORQJWHPSVDXWDQWTXHMHPHEUOHODFHUYHOOHHWTXH
WRXWVRLWILQL
&
HVWODGHUQLqUHVRWWLVHTX
LOIDXWIDLUHGLW$WKRVDWWHQGXTXHF
HVWOD
VHXOHjODTXHOOHLOQ
\DLWSDVGHUHPqGH
0DLVMHQ
HQUpFKDSSHUDLMDPDLVGLWG
$UWDJQDQDYHFGHVHQQHPLVSDUHLOV
'
DERUGPRQLQFRQQXGH0HXQJHQVXLWHGH:DUGHVjTXLM
DLGRQQpWURLVFRXSV
G
pSpHSXLV0LODG\GRQWM
DLVXUSULVOHVHFUHWHQILQOHFDUGLQDOGRQW
M
DLIDLWpFKRXHUODYHQJHDQFH
(KELHQGLW$WKRVWRXWFHODQHIDLWTXHTXDWUHHWQRXVVRPPHVTXDWUHXQ
FRQWUHXQ3DUGLHXVLQRXVHQFUR\RQVOHVVLJQHVTXHQRXVIDLW*ULPDXGQRXV
DOORQVDYRLUDIIDLUHjXQELHQSOXVJUDQGQRPEUHGHJHQV4X
\DWLO*ULPDXG"
&RQVLGpUDQWODJUDYLWpGHODFLUFRQVWDQFHMHYRXVSHUPHWVGHSDUOHUPRQDPL
PDLVVR\H]ODFRQLTXHMHYRXVSULH4XHYR\H]YRXV"
8QHWURXSH
'HFRPELHQGHSHUVRQQHV"
'HYLQJWKRPPHV

4XHOVKRPPHV"
6HL]HSLRQQLHUVTXDWUHVROGDWV
$FRPELHQGHSDVVRQWLOV"
$FLQTFHQWVSDV
%RQQRXVDYRQVHQFRUHOHWHPSVG
DFKHYHUFHWWHYRODLOOHHWGHERLUHXQYHUUH
GHYLQjWDVDQWpG
$UWDJQDQ
$WDVDQWpUpSpWqUHQW3RUWKRVHW$UDPLV
(KELHQGRQFjPDVDQWpTXRLTXHMHQHFURLHSDVTXHYRVVRXKDLWVPH
VHUYHQWjJUDQGFKRVH
%DKGLW$WKRV'LHXHVWJUDQGFRPPHGLVHQWOHVVHFWDWHXUVGH0DKRPHWHW
O
DYHQLUHVWGDQVVHVPDLQV
3XLVDYDODQWOHFRQWHQXGHVRQYHUUHTX
LOSRVDSUqVGHOXL$WKRVVHOHYD
QRQFKDODPPHQWSULWOHSUHPLHUIXVLOYHQXHWV
DSSURFKDG
XQHPHXUWULqUH
3RUWKRV$UDPLVHWG
$UWDJQDQHQILUHQWDXWDQW4XDQWj*ULPDXGLOUHoXW
O
RUGUHGHVHSODFHUGHUULqUHOHVTXDWUHDPLVDILQGHUHFKDUJHUOHVDUPHV
$XERXWG
XQLQVWDQWRQYLWSDUDvWUHODWURXSHHOOHVXLYDLWXQHHVSqFHGH
ER\DXGHWUDQFKpHTXLpWDEOLVVDLWXQHFRPPXQLFDWLRQHQWUHOHEDVWLRQHWOD
YLOOH
3DUGLHXGLW$WKRVF
HVWELHQODSHLQHGHQRXVGpUDQJHUSRXUXQHYLQJWDLQH
GHGU{OHVDUPpVGHSLRFKHVGHKR\DX[HWGHSHOOHV*ULPDXGQ
DXUDLWHXTX
j
OHXUIDLUHVLJQHGHV
HQDOOHUHWMHVXLVFRQYDLQFXTX
LOVQRXVHXVVHQWODLVVpV
WUDQTXLOOHV
-
HQGRXWHREVHUYDG
$UWDJQDQFDULOVDYDQFHQWIRUWUpVROXPHQWGHFHF{Wp
'
DLOOHXUVLO\DDYHFOHVWUDYDLOOHXUVTXDWUHVROGDWVHWXQEULJDGLHUDUPpVGH
PRXVTXHWV
&
HVWTX
LOVQHQRXVRQWSDVYXVUHSULW$WKRV
0DIRLGLW$UDPLVM
DYRXHTXHM
DLUpSXJQDQFHjWLUHUVXUFHVSDXYUHV
GLDEOHVGHERXUJHRLV
0DXYDLVSUrWUHUpSRQGLW3RUWKRVTXLDSLWLpGHVKpUpWLTXHV
(QYpULWpGLW$WKRV$UDPLVDUDLVRQMHYDLVOHVSUpYHQLU
4XHGLDEOHIDLWHVYRXVGRQF"V
pFULDG
$UWDJQDQYRXVDOOH]YRXVIDLUH
IXVLOOHUPRQFKHU
0DLV$WKRVQHWLQWDXFXQFRPSWHGHO
DYLVHWPRQWDQWVXUODEUqFKHVRQIXVLO
G
XQHPDLQHWVRQFKDSHDXGHO
DXWUH

0HVVLHXUVGLWLOHQV
DGUHVVDQWDX[VROGDWVHWDX[WUDYDLOOHXUVTXLpWRQQpV
GHVRQDSSDULWLRQV
DUUrWDLHQWjFLQTXDQWHSDVHQYLURQGXEDVWLRQHWHQOHV
VDOXDQWFRXUWRLVHPHQW0HVVLHXUVQRXVVRPPHVTXHOTXHVDPLVHWPRLHQWUDLQGH
GpMHXQHUGDQVFHEDVWLRQ2UYRXVVDYH]TXHULHQQ
HVWGpVDJUpDEOHFRPPHG
rWUH
GpUDQJpTXDQGRQGpMHXQHQRXVYRXVSULRQVGRQFVLYRXVDYH]DEVROXPHQW
DIIDLUHLFLG
DWWHQGUHTXHQRXVD\RQVILQLQRWUHUHSDVRXGHUHSDVVHUSOXV
WDUGjPRLQVTX
LOQHYRXVSUHQQHODVDOXWDLUHHQYLHGHTXLWWHUOHSDUWLGHOD
UpEHOOLRQHWGHYHQLUERLUHDYHFQRXVjODVDQWpGXURLGH)UDQFH
3UHQGVJDUGH$WKRVV
pFULDG
$UWDJQDQQHYRLVWXSDVTX
LOVWHPHWWHQW
HQMRXH"
6LIDLWVLIDLWGLW$WKRVPDLVFHVRQWGHVERXUJHRLVTXLWLUHQWIRUWPDO
HWTXLQ
RQWJDUGHGHPHWRXFKHU
(QHIIHWDXPrPHLQVWDQWTXDWUHFRXSVGHIXVLOSDUWLUHQWHWOHVEDOOHVYLQUHQW
V
DSODWLUDXWRXUG
$WKRVPDLVVDQVTX
XQHVHXOHOHWRXFKkW
4XDWUHFRXSVGHIXVLOOHXUUpSRQGLUHQWSUHVTXHHQPrPHWHPSVPDLVLOVpWDLHQW
PLHX[GLULJpVTXHFHX[GHVDJUHVVHXUVWURLVVROGDWVWRPEqUHQWWXpVUDLGHHWXQ
GHVWUDYDLOOHXUVIXWEOHVVp
*ULPDXGXQDXWUHPRXVTXHWGLW$WKRVWRXMRXUVVXUODEUqFKH
*ULPDXGREpLWDXVVLW{W'HOHXUF{WpOHVWURLVDPLVDYDLHQWFKDUJpOHXUVDUPHV
XQHVHFRQGHGpFKDUJHVXLYLWODSUHPLqUHOHEULJDGLHUHWGHX[SLRQQLHUV
WRPEqUHQWPRUWVOHUHVWHGHODWURXSHSULWODIXLWH
$OORQV0HVVLHXUVXQHVRUWLHGLW$WKRV
(WOHVTXDWUHDPLVV
pODQoDQWKRUVGXIRUWSDUYLQUHQWMXVTX
DXFKDPSGH
EDWDLOOHUDPDVVqUHQWOHVTXDWUHPRXVTXHWVGHVVROGDWVHWODGHPLSLTXHGX
EULJDGLHUHWFRQYDLQFXVTXHOHVIX\DUGVQHV
DUUrWHUDLHQWTX
jODYLOOH
UHSULUHQWOHFKHPLQGXEDVWLRQUDSSRUWDQWOHVWURSKpHVGHOHXUYLFWRLUH
5HFKDUJH]OHVDUPHV*ULPDXGGLW$WKRVHWQRXV0HVVLHXUVUHSUHQRQVQRWUH
GpMHXQHUHWFRQWLQXRQVQRWUHFRQYHUVDWLRQ2HQpWLRQVQRXV"
-HPHOHUDSSHOOHGLWG
$UWDJQDQTXLVHSUpRFFXSDLWIRUWGHO
LWLQpUDLUH
TXHGHYDLWVXLYUH0LODG\
(OOHYDHQ$QJOHWHUUHUpSRQGLW$WKRV
(WGDQVTXHOEXW"
'DQVOHEXWG
DVVDVVLQHURXGHIDLUHDVVDVVLQHU%XFNLQJKDP
'
$UWDJQDQSRXVVDXQHH[FODPDWLRQGHVXUSULVHHWG
LQGLJQDWLRQ
0DLVF
HVWLQIkPHV
pFULDWLO
2KTXDQWjFHODGLW$WKRVMHYRXVSULHGHFURLUHTXHMHP
HQLQTXLqWH
IRUWSHX0DLQWHQDQWTXHYRXVDYH]ILQL*ULPDXGFRQWLQXD$WKRVSUHQH]OD

GHPLSLTXHGHQRWUHEULJDGLHUDWWDFKH]\XQHVHUYLHWWHHWSODQWH]ODDXKDXWGH
QRWUHEDVWLRQDILQTXHFHVUHEHOOHVGH5RFKHORLVYRLHQWTX
LOVRQWDIIDLUHjGH
EUDYHVHWOR\DX[VROGDWVGXURL
*ULPDXGREpLWVDQVUpSRQGUH8QLQVWDQWDSUqVOHGUDSHDXEODQFIORWWDLW
DXGHVVXVGHODWrWHGHVTXDWUHDPLVXQWRQQHUUHG
DSSODXGLVVHPHQWVVDOXDVRQ
DSSDULWLRQODPRLWLpGXFDPSpWDLWDX[EDUULqUHV
&RPPHQWUHSULWG
$UWDJQDQWXW
LQTXLqWHVIRUWSHXTX
HOOHWXHRXTX
HOOH
IDVVHWXHU%XFNLQJKDP"0DLVOHGXFHVWQRWUHDPL
/HGXFHVW$QJODLVOHGXFFRPEDWFRQWUHQRXVTX
HOOHIDVVHGXGXFFH
TX
HOOHYRXGUDMHP
HQVRXFLHFRPPHG
XQHERXWHLOOHYLGH
(W$WKRVHQYR\DjTXLQ]HSDVGHOXLXQHERXWHLOOHTX
LOWHQDLWHWGRQWLO
YHQDLWGHWUDQVYDVHUMXVTX
jODGHUQLqUHJRXWWHGDQVVRQYHUUH
8QLQVWDQWGLWG
$UWDJQDQMHQ
DEDQGRQQHSDV%XFNLQJKDPDLQVLLOQRXV
DYDLWGRQQpGHIRUWEHDX[FKHYDX[
(WVXUWRXWGHIRUWEHOOHVVHOOHVDMRXWD3RUWKRVTXLjFHPRPHQWPrPH
SRUWDLWjVRQPDQWHDXOHJDORQGHODVLHQQH
3XLVREVHUYD$UDPLV'LHXYHXWODFRQYHUVLRQHWQRQODPRUWGXSpFKHXU
$PHQGLW$WKRVHWQRXVUHYLHQGURQVOjGHVVXVSOXVWDUGVLWHOHVWYRWUH
SODLVLUPDLVFHTXLSRXUOHPRPHQWPHSUpRFFXSDLWOHSOXVHWMHVXLVVU
TXHWXPHFRPSUHQGUDVG
$UWDJQDQF
pWDLWGHUHSUHQGUHjFHWWHIHPPHXQHHVSqFH
GHEODQFVHLQJTX
HOOHDYDLWH[WRUTXpDXFDUGLQDOHWjO
DLGHGXTXHOHOOH
GHYDLWLPSXQpPHQWVHGpEDUUDVVHUGHWRLHWSHXWrWUHGHQRXV
0DLVF
HVWGRQFXQGpPRQTXHFHWWHFUpDWXUH"GLW3RUWKRVHQWHQGDQWVRQ
DVVLHWWHj$UDPLVTXLGpFRXSDLWXQHYRODLOOH
(WFHEODQFVHLQJGLWG
$UWDJQDQFHEODQFVHLQJHVWLOUHVWpHQWUHVHV
PDLQV"
1RQLOHVWSDVVpGDQVOHVPLHQQHVMHQHGLUDLSDVTXHFHIXWVDQVSHLQH
SDUH[HPSOHFDUMHPHQWLUDLV
0RQFKHU$WKRVGLWG
$UWDJQDQMHQHFRPSWHSOXVOHVIRLVTXHMHYRXVGRLV
ODYLH
$ORUVF
pWDLWGRQFSRXUYHQLUSUqVG
HOOHTXHYRXVQRXVDYH]TXLWWpV"
GHPDQGD$UDPLV
-XVWHPHQW
(WWXDVFHWWHOHWWUHGXFDUGLQDO"GLWG
$UWDJQDQ/DYRLFLGLW
$WKRV
(WLOWLUDOHSUpFLHX[SDSLHUGHODSRFKHGHVDFDVDTXH

'
$UWDJQDQOHGpSOLDG
XQHPDLQGRQWLOQ
HVVD\DLWSDVPrPHGHGLVVLPXOHUOH
WUHPEOHPHQWHWOXW
&
HVWSDUPRQRUGUHHWSRXUOHELHQGHO
(WDWTXHOHSRUWHXUGXSUpVHQWDIDLW
FHTX
LODIDLW
GpFHPEUH
5,&+(/,(8
(QHIIHWGLW$UDPLVF
HVWXQHDEVROXWLRQGDQVWRXWHVOHVUqJOHV
,OIDXWGpFKLUHUFHSDSLHUV
pFULDG
$UWDJQDQTXLVHPEODLWOLUHVDVHQWHQFH
GHPRUW
%LHQDXFRQWUDLUHGLW$WKRVLOIDXWOHFRQVHUYHUSUpFLHXVHPHQWHWMHQH
GRQQHUDLVSDVFHSDSLHUTXDQGRQOHFRXYULUDLWGHSLqFHVG
RU
(WTXHYDWHOOHIDLUHPDLQWHQDQW"GHPDQGDOHMHXQHKRPPH
0DLVGLWQpJOLJHPPHQW$WKRVHOOHYDSUREDEOHPHQWpFULUHDXFDUGLQDOTX
XQ
GDPQpPRXVTXHWDLUHQRPPp$WKRVOXLDDUUDFKpVRQVDXIFRQGXLWHOOHOXL
GRQQHUDGDQVODPrPHOHWWUHOHFRQVHLOGHVHGpEDUUDVVHUHQPrPHWHPSVTXHGH
OXLGHVHVGHX[DPLV3RUWKRVHW$UDPLVOHFDUGLQDOVHUDSSHOOHUDTXHFHVRQW
OHVPrPHVKRPPHVTX
LOUHQFRQWUHWRXMRXUVVXUVRQFKHPLQDORUVXQEHDXPDWLQ
LOIHUDDUUrWHUG
$UWDJQDQHWSRXUTX
LOQHV
HQQXLHSDVWRXWVHXOLOQRXV
HQYHUUDOXLWHQLUFRPSDJQLHjOD%DVWLOOH
$KojPDLVGLW3RUWKRVLOPHVHPEOHTXHYRXVIDLWHVOjGHWULVWHV
SODLVDQWHULHVPRQFKHU
-HQHSODLVDQWHSDVUpSRQGLW$WKRV
6DYH]YRXVGLW3RUWKRVTXHWRUGUHOHFRXjFHWWHGDPQpH0LODG\VHUDLWXQ
SpFKpPRLQVJUDQGTXHGHOHWRUGUHjFHVSDXYUHVGLDEOHVGHKXJXHQRWVTXLQ
RQW
MDPDLVFRPPLVG
DXWUHVFULPHVTXHGHFKDQWHUHQIUDQoDLVGHVSVDXPHVTXHQRXV
FKDQWRQVHQODWLQ"
4X
HQGLWO
DEEp"GHPDQGDWUDQTXLOOHPHQW$WKRV
-HGLVTXHMHVXLVGHO
DYLVGH3RUWKRVUpSRQGLW$UDPLV
(WPRLGRQFILWG
$UWDJQDQ
+HXUHXVHPHQWTX
HOOHHVWORLQREVHUYD3RUWKRVFDUM
DYRXHTX
HOOHPH
JrQHUDLWIRUWLFL
(OOHPHJrQHHQ$QJOHWHUUHDXVVLELHQTX
HQ)UDQFHGLW$WKRV
(OOHPHJrQHSDUWRXWFRQWLQXDG
$UWDJQDQ
0DLVSXLVTXHYRXVODWHQLH]GLW3RUWKRVTXHQHO
DYH]YRXVQR\pH
pWUDQJOpHSHQGXH",OQ
\DTXHOHVPRUWVTXLQHUHYLHQQHQWSDV

9RXVFUR\H]FHOD3RUWKRV"UpSRQGLWOHPRXVTXHWDLUHDYHFXQVRPEUHVRXULUH
TXHG
$UWDJQDQFRPSULWVHXO
-
DLXQHLGpHGLWG
$UWDJQDQ
9R\RQVGLUHQWOHVPRXVTXHWDLUHV
$X[DUPHVFULD*ULPDXG
/HVMHXQHVJHQVVHOHYqUHQWYLYHPHQWHWFRXUXUHQWDX[IXVLOV
&HWWHIRLVXQHSHWLWHWURXSHV
DYDQoDLWFRPSRVpHGHYLQJWRXYLQJWFLQTKRPPHV
PDLVFHQ
pWDLHQWSOXVGHVWUDYDLOOHXUVF
pWDLHQWGHVVROGDWVGHODJDUQLVRQ
6LQRXVUHWRXUQLRQVDXFDPS"GLW3RUWKRVLOPHVHPEOHTXHODSDUWLHQ
HVW
SDVpJDOH
,PSRVVLEOHSRXUWURLVUDLVRQVUpSRQGLW$WKRVODSUHPLqUHF
HVWTXHQRXV
Q
DYRQVSDVILQLGHGpMHXQHUODVHFRQGHF
HVWTXHQRXVDYRQVHQFRUHGHV
FKRVHVG
LPSRUWDQFHjGLUHODWURLVLqPHF
HVWTX
LOV
HQPDQTXHHQFRUHGHGL[
PLQXWHVTXHO
KHXUHQHVRLWpFRXOpH
9R\RQVGLW$UDPLVLOIDXWFHSHQGDQWDUUrWHUXQSODQGHEDWDLOOH
,OHVWELHQVLPSOHUpSRQGLW$WKRVDXVVLW{WTXHO
HQQHPLHVWjSRUWpHGH
PRXVTXHWQRXVIDLVRQVIHXV
LOFRQWLQXHG
DYDQFHUQRXVIDLVRQVIHXHQFRUH
QRXVIDLVRQVIHXWDQWTXHQRXVDYRQVGHVIXVLOVFKDUJpVVLFHTXLUHVWHGHOD
WURXSHYHXWHQFRUHPRQWHUjO
DVVDXWQRXVODLVVRQVOHVDVVLpJHDQWVGHVFHQGUH
MXVTXHGDQVOHIRVVpHWDORUVQRXVOHXUSRXVVRQVVXUODWrWHFHSDQGHPXUTXL
QHWLHQWSOXVTXHSDUXQPLUDFOHG
pTXLOLEUH
%UDYRV
pFULD3RUWKRVGpFLGpPHQW$WKRVYRXVpWLH]QpSRXUrWUHJpQpUDO
HWOHFDUGLQDOTXLVHFURLWXQJUDQGKRPPHGHJXHUUHHVWELHQSHXGHFKRVH
DXSUqVGHYRXV
0HVVLHXUVGLW$WKRVSDVGHGRXEOHHPSORLMHYRXVSULHYLVH]ELHQFKDFXQ
YRWUHKRPPH
-HWLHQVOHPLHQGLWG
$UWDJQDQ
(WPRLOHPLHQGLW3RUWKRV
(WPRLLGHPGLW$UDPLV
$ORUVIHXGLW$WKRV
/HVTXDWUHFRXSVGHIXVLOQHILUHQWTX
XQHGpWRQDWLRQHWTXDWUHKRPPHV
WRPEqUHQW
$XVVLW{WOHWDPERXUEDWWLWHWODSHWLWHWURXSHV
DYDQoDDXSDVGHFKDUJH

$ORUVOHVFRXSVGHIXVLOVHVXFFpGqUHQWVDQVUpJXODULWpPDLVWRXMRXUVHQYR\pV
DYHFODPrPHMXVWHVVH&HSHQGDQWFRPPHV
LOVHXVVHQWFRQQXODIDLEOHVVH
QXPpULTXHGHVDPLVOHV5RFKHORLVFRQWLQXDLHQWG
DYDQFHUDXSDVGHFRXUVH
6XUWURLVDXWUHVFRXSVGHIXVLOGHX[KRPPHVWRPEqUHQWPDLVFHSHQGDQWOD
PDUFKHGHFHX[TXLUHVWDLHQWGHERXWQHVHUDOHQWLVVDLWSDV
$UULYpVDXEDVGXEDVWLRQOHVHQQHPLVpWDLHQWHQFRUHGRX]HRXTXLQ]HXQH
GHUQLqUHGpFKDUJHOHVDFFXHLOOLWPDLVQHOHVDUUrWDSRLQWLOVVDXWqUHQWGDQV
OHIRVVpHWV
DSSUrWqUHQWjHVFDODGHUODEUqFKH
$OORQVPHVDPLVGLW$WKRVILQLVVRQVHQG
XQFRXSjODPXUDLOOHjOD
PXUDLOOH
(WOHVTXDWUHDPLVVHFRQGpVSDU*ULPDXGVHPLUHQWjSRXVVHUDYHFOHFDQRQGH
OHXUVIXVLOVXQpQRUPHSDQGHPXUTXLV
LQFOLQDFRPPHVLOHYHQWOHSRXVVDLW
HWVHGpWDFKDQWGHVDEDVHWRPEDDYHFXQEUXLWKRUULEOHGDQVOHIRVVpSXLV
RQHQWHQGLWXQJUDQGFULXQQXDJHGHSRXVVLqUHPRQWDYHUVOHFLHOHWWRXWIXW
GLW
/HVDXULRQVQRXVpFUDVpVGHSXLVOHSUHPLHUMXVTX
DXGHUQLHU"GHPDQGD$WKRV
0DIRLFHODP
HQDO
DLUGLWG
$UWDJQDQ
1RQGLW3RUWKRVHQYRLOjGHX[RXWURLVTXLVHVDXYHQWWRXWpFORSpV
(QHIIHWWURLVRXTXDWUHGHFHVPDOKHXUHX[FRXYHUWVGHERXHHWGHVDQJ
IX\DLHQWGDQVOHFKHPLQFUHX[HWUHJDJQDLHQWODYLOOHF
pWDLWWRXWFHTXL
UHVWDLWGHODSHWLWHWURXSH
$WKRVUHJDUGDjVDPRQWUH
0HVVLHXUVGLWLOLO\DXQHKHXUHTXHQRXVVRPPHVLFLHWPDLQWHQDQWOHSDUL
HVWJDJQpPDLVLOIDXWrWUHEHDX[MRXHXUVG
DLOOHXUVG
$UWDJQDQQHQRXVDSDV
GLWVRQLGpH
(WOHPRXVTXHWDLUHDYHFVRQVDQJIURLGKDELWXHODOODV
DVVHRLUGHYDQWOHV
UHVWHVGXGpMHXQHU
0RQLGpH"GLWG
$UWDJQDQ
2XLYRXVGLVLH]TXHYRXVDYLH]XQHLGpHUpSOLTXD$WKRV
$KM
\VXLVUHSULWG
$UWDJQDQMHSDVVHHQ$QJOHWHUUHXQHVHFRQGHIRLV
MHYDLVWURXYHU0GH%XFNLQJKDPHWMHO
DYHUWLVGXFRPSORWWUDPpFRQWUHVDYLH
9RXVQHIHUH]SDVFHODG
$UWDJQDQGLWIURLGHPHQW$WKRV
(WSRXUTXRLFHOD"QHO
DLMHSDVIDLWGpMj"
2XLPDLVjFHWWHpSRTXHQRXVQ
pWLRQVSDVHQJXHUUHjFHWWHpSRTXH0GH
%XFNLQJKDPpWDLWXQDOOLpHWQRQXQHQQHPLFHTXHYRXVYRXOH]IDLUHVHUDLW

WD[pGHWUDKLVRQ
'
$UWDJQDQFRPSULWODIRUFHGHFHUDLVRQQHPHQWHWVHWXW
0DLVGLW3RUWKRVLOPHVHPEOHTXHM
DLXQHLGpHjPRQWRXU
6LOHQFHSRXUO
LGpHGH03RUWKRVGLW$UDPLV
-HGHPDQGHXQFRQJpj0GH7UpYLOOHVRXVXQSUpWH[WHTXHOFRQTXHTXHYRXV
WURXYHUH]MHQHVXLVSDVIRUWVXUOHVSUpWH[WHVPRL0LODG\QHPHFRQQDvW
SDVMHP
DSSURFKHG
HOOHVDQVTX
HOOHPHUHGRXWHHWORUVTXHMHWURXYHPD
EHOOHMHO
pWUDQJOH
(KELHQGLW$WKRVMHQHVXLVSDVWUqVpORLJQpG
DGRSWHUO
LGpHGH3RUWKRV
)LGRQFGLW$UDPLVWXHUXQHIHPPH1RQWHQH]PRLM
DLODYpULWDEOH
LGpH
9R\RQVYRWUHLGpH$UDPLVGHPDQGD$WKRVTXLDYDLWEHDXFRXSGHGpIpUHQFH
SRXUOHMHXQHPRXVTXHWDLUH
,OIDXWSUpYHQLUODUHLQH
$KPDIRLRXLV
pFULqUHQWHQVHPEOH3RUWKRVHWG
$UWDJQDQMHFURLVTXH
QRXVWRXFKRQVDXPR\HQ
3UpYHQLUODUHLQHGLW$WKRVHWFRPPHQWFHOD"$YRQVQRXVGHVUHODWLRQVj
ODFRXU"3RXYRQVQRXVHQYR\HUTXHOTX
XQj3DULVVDQVTX
RQOHVDFKHDXFDPS"
'
LFLj3DULVLO\DFHQWTXDUDQWHOLHXHVQRWUHOHWWUHQHVHUDSDVj$QJHUV
TXHQRXVVHURQVDXFDFKRWQRXV
4XDQWjFHTXLHVWGHIDLUHUHPHWWUHVUHPHQWXQHOHWWUHj6D0DMHVWp
SURSRVD$UDPLVHQURXJLVVDQWPRLMHP
HQFKDUJHMHFRQQDLVj7RXUVXQH
SHUVRQQHDGURLWH
$UDPLVV
DUUrWDHQYR\DQWVRXULUH$WKRV
(KELHQYRXVQ
DGRSWH]SDVFHPR\HQ$WKRV"GLWG
$UWDJQDQ
-HQHOHUHSRXVVHSDVWRXWjIDLWGLW$WKRVPDLVMHYRXODLVVHXOHPHQWIDLUH
REVHUYHUj$UDPLVTX
LOQHSHXWTXLWWHUOHFDPSTXHWRXWDXWUHTX
XQGHQRXV
Q
HVWSDVVUTXHGHX[KHXUHVDSUqVTXHOHPHVVDJHUVHUDSDUWLWRXVOHV
FDSXFLQVWRXVOHVDOJXD]LOVWRXVOHVERQQHWVQRLUVGXFDUGLQDOVDXURQWYRWUH
OHWWUHSDUFRHXUHWTX
RQDUUrWHUDYRXVHWYRWUHDGURLWHSHUVRQQH
6DQVFRPSWHUREMHFWD3RUWKRVTXHODUHLQHVDXYHUD0GH%XFNLQJKDPPDLVQH
QRXVVDXYHUDSDVGXWRXWQRXVDXWUHV
0HVVLHXUVGLWG
$UWDJQDQFHTX
REMHFWH3RUWKRVHVWSOHLQGHVHQV
$KDKTXHVHSDVVHWLOGRQFGDQVODYLOOH"GLW$WKRV
2QEDWODJpQpUDOH

/HVTXDWUHDPLVpFRXWqUHQWHWOHEUXLWGXWDPERXUSDUYLQWHIIHFWLYHPHQWMXVTX
j
HX[
9RXVDOOH]YRLUTX
LOVYRQWQRXVHQYR\HUXQUpJLPHQWWRXWHQWLHUGLW$WKRV
9RXVQHFRPSWH]SDVWHQLUFRQWUHXQUpJLPHQWWRXWHQWLHU"GLW3RUWKRV
3RXUTXRLSDV"GLWOHPRXVTXHWDLUHMHPHVHQVHQWUDLQHWMHWLHQGUDLV
GHYDQWXQHDUPpHVLQRXVDYLRQVVHXOHPHQWHXODSUpFDXWLRQGHSUHQGUHXQH
GRX]DLQHGHERXWHLOOHVHQSOXV
6XUPDSDUROHOHWDPERXUVHUDSSURFKHGLWG
$UWDJQDQ
/DLVVH]OHVHUDSSURFKHUGLW$WKRVLO\DSRXUXQTXDUWG
KHXUHGHFKHPLQ
G
LFLjODYLOOHHWSDUFRQVpTXHQWGHODYLOOHLFL&
HVWSOXVGHWHPSVTX
LO
QHQRXVHQIDXWSRXUDUUrWHUQRWUHSODQVLQRXVQRXVHQDOORQVG
LFLQRXVQH
UHWURXYHURQVMDPDLVXQHQGURLWDXVVLFRQYHQDEOH(WWHQH]MXVWHPHQW0HVVLHXUV
YRLOjODYUDLHLGpHTXLPHYLHQW
'LWHVDORUV
3HUPHWWH]TXHMHGRQQHj*ULPDXGTXHOTXHVRUGUHVLQGLVSHQVDEOHV
$WKRVILWVLJQHjVRQYDOHWG
DSSURFKHU
*ULPDXGGLW$WKRVHQPRQWUDQWOHVPRUWVTXLJLVDLHQWGDQVOHEDVWLRQYRXV
DOOH]SUHQGUHFHV0HVVLHXUVYRXVDOOH]OHVGUHVVHUFRQWUHODPXUDLOOHYRXV
OHXUPHWWUH]OHXUFKDSHDXVXUODWrWHHWOHXUIXVLOjODPDLQ
2JUDQGKRPPHV
pFULDG
$UWDJQDQMHWHFRPSUHQGV
9RXVFRPSUHQH]"GLW3RUWKRV
(WWRLFRPSUHQGVWX*ULPDXG"GHPDQGD$UDPLV
*ULPDXGILWVLJQHTXHRXL
&
HVWWRXWFHTX
LOIDXWGLW$WKRVUHYHQRQVjPRQLGpH
-HYRXGUDLVSRXUWDQWELHQFRPSUHQGUHREVHUYD3RUWKRV
&
HVWLQXWLOH
2XLRXLO
LGpHG
$WKRVGLUHQWHQPrPHWHPSVG
$UWDJQDQHW$UDPLV
&HWWH0LODG\FHWWHIHPPHFHWWHFUpDWXUHFHGpPRQDXQEHDXIUqUHjFH
TXHYRXVP
DYH]GLWMHFURLVG
$UWDJQDQ
2XLMHOHFRQQDLVEHDXFRXSPrPHHWMHFURLVDXVVLTX
LOQ
DSDVXQHJUDQGH
V\PSDWKLHSRXUVDEHOOHVRHXU
,OQ
\DSDVGHPDOjFHODUpSRQGLW$WKRVHWLOODGpWHVWHUDLWTXHFHOD

Q
HQYDXGUDLWTXHPLHX[
(QFHFDVQRXVVRPPHVVHUYLVjVRXKDLW
&HSHQGDQWGLW3RUWKRVMHYRXGUDLVELHQFRPSUHQGUHFHTXHIDLW*ULPDXG
6LOHQFH3RUWKRVGLW$UDPLV
&RPPHQWVHQRPPHFHEHDXIUqUH"
/RUGGH:LQWHU
2HVWLOPDLQWHQDQW"
,OHVWUHWRXUQpj/RQGUHVDXSUHPLHUEUXLWGHJXHUUH
(KELHQYRLOjMXVWHPHQWO
KRPPHTX
LOQRXVIDXWGLW$WKRVF
HVWFHOXL
TX
LOQRXVFRQYLHQWGHSUpYHQLUQRXVOXLIHURQVVDYRLUTXHVDEHOOHVRHXUHVW
VXUOHSRLQWG
DVVDVVLQHUTXHOTX
XQHWQRXVOHSULHURQVGHQHSDVODSHUGUHGH
YXH,O\DELHQj/RQGUHVMHO
HVSqUHTXHOTXHpWDEOLVVHPHQWGDQVOHJHQUHGHV
0DGHORQQHWWHVRXGHV)LOOHVUHSHQWLHVLO\IDLWPHWWUHVDEHOOHVRHXUHWQRXV
VRPPHVWUDQTXLOOHV
2XLGLWG
$UWDJQDQMXVTX
jFHTX
HOOHHQVRUWH
$KPDIRLUHSULW$WKRVYRXVHQGHPDQGH]WURSG
$UWDJQDQMHYRXVDL
GRQQpWRXWFHTXHM
DYDLVHWMHYRXVSUpYLHQVTXHF
HVWOHIRQGGHPRQVDF
0RLMHWURXYHTXHF
HVWFHTX
LO\DGHPLHX[GLW$UDPLVQRXVSUpYHQRQVj
ODIRLVODUHLQHHW/RUGGH:LQWHU
2XLPDLVSDUTXLIHURQVQRXVSRUWHUODOHWWUHj7RXUVHWODOHWWUHj/RQGUHV
"
-HUpSRQGVGH%D]LQGLW$UDPLV
(WPRLGH3ODQFKHWFRQWLQXDG
$UWDJQDQ
(QHIIHWGLW3RUWKRVVLQRXVQHSRXYRQVQRXVDEVHQWHUGXFDPSQRVODTXDLV
SHXYHQWOHTXLWWHU
6DQVGRXWHGLW$UDPLVHWGqVDXMRXUG
KXLQRXVpFULYRQVOHVOHWWUHVQRXV
OHXUGRQQRQVGHO
DUJHQWHWLOVSDUWHQW
1RXVOHXUGRQQRQVGHO
DUJHQW"UHSULW$WKRVYRXVHQDYH]GRQFGHO
DUJHQW
"
/HVTXDWUHDPLVVHUHJDUGqUHQWHWXQQXDJHSDVVDVXUOHVIURQWVTXLV
pWDLHQW
XQLQVWDQWpFODLUFLV
$OHUWHFULDG
$UWDJQDQMHYRLVGHVSRLQWVQRLUVHWGHVSRLQWVURXJHVTXL
V
DJLWHQWOjEDVTXHGLVLH]YRXVGRQFG
XQUpJLPHQW$WKRV"F
HVWXQH
YpULWDEOHDUPpH

0DIRLRXLGLW$WKRVOHVYRLOj9R\H]YRXVOHVVRXUQRLVTXLYHQDLHQWVDQV
WDPERXUVQLWURPSHWWHV$KDKWXDVILQL*ULPDXG"
*ULPDXGILWVLJQHTXHRXLHWPRQWUDXQHGRX]DLQHGHPRUWVTX
LODYDLWSODFpV
GDQVOHVDWWLWXGHVOHVSOXVSLWWRUHVTXHVOHVXQVDXSRUWG
DUPHVOHVDXWUHV
D\DQWO
DLUGHPHWWUHHQMRXHOHVDXWUHVO
pSpHjODPDLQ
%UDYRUHSULW$WKRVYRLOjTXLIDLWKRQQHXUjWRQLPDJLQDWLRQ
&
HVWpJDOGLW3RUWKRVMHYRXGUDLVFHSHQGDQWELHQFRPSUHQGUH
'pFDPSRQVG
DERUGLQWHUURPSLWG
$UWDJQDQWXFRPSUHQGUDVDSUqV
8QLQVWDQW0HVVLHXUVXQLQVWDQWGRQQRQVOHWHPSVj*ULPDXGGHGHVVHUYLU
$KGLW$UDPLVYRLFLOHVSRLQWVQRLUVHWOHVSRLQWVURXJHVTXLJUDQGLVVHQW
IRUWYLVLEOHPHQWHWMHVXLVGHO
DYLVGHG
$UWDJQDQMHFURLVTXHQRXVQ
DYRQV
SDVGHWHPSVjSHUGUHSRXUUHJDJQHUQRWUHFDPS
0DIRLGLW$WKRVMHQ
DLSOXVULHQFRQWUHODUHWUDLWHQRXVDYLRQVSDULp
SRXUXQHKHXUHQRXVVRPPHVUHVWpVXQHKHXUHHWGHPLHLOQ
\DULHQjGLUH
SDUWRQV0HVVLHXUVSDUWRQV
*ULPDXGDYDLWGpMjSULVOHVGHYDQWVDYHFOHSDQLHUHWODGHVVHUWH
/HVTXDWUHDPLVVRUWLUHQWGHUULqUHOXLHWILUHQWXQHGL]DLQHGHSDV
(KV
pFULD$WKRVTXHGLDEOHIDLVRQVQRXV0HVVLHXUV"
$YH]YRXVRXEOLpTXHOTXHFKRVH"GHPDQGD$UDPLV
(WOHGUDSHDXPRUEOHX,OQHIDXWSDVODLVVHUXQGUDSHDXDX[PDLQVGH
O
HQQHPLPrPHTXDQGFHGUDSHDXQHVHUDLWTX
XQHVHUYLHWWH
(W$WKRVV
pODQoDGDQVOHEDVWLRQPRQWDVXUODSODWHIRUPHHWHQOHYDOH
GUDSHDXVHXOHPHQWFRPPHOHV5RFKHORLVpWDLHQWDUULYpVjSRUWpHGHPRXVTXHW
LOVILUHQWXQIHXWHUULEOHVXUFHWKRPPHTXLFRPPHSDUSODLVLUDOODLW
V
H[SRVHUDX[FRXSV
0DLVRQHWGLWTX
$WKRVDYDLWXQFKDUPHDWWDFKpjVDSHUVRQQHOHVEDOOHV
SDVVqUHQWHQVLIIODQWWRXWDXWRXUGHOXLSDVXQHQHOHWRXFKD
$WKRVDJLWDVRQpWHQGDUGHQWRXUQDQWOHGRVDX[JHQVGHODYLOOHHWHQVDOXDQW
FHX[GXFDPS'HVGHX[F{WpVGHJUDQGVFULVUHWHQWLUHQWG
XQF{WpGHVFULVGH
FROqUHGHO
DXWUHGHVFULVG
HQWKRXVLDVPH
8QHVHFRQGHGpFKDUJHVXLYLWODSUHPLqUHHWWURLVEDOOHVHQODWURXDQWILUHQW
UpHOOHPHQWGHODVHUYLHWWHXQGUDSHDX2QHQWHQGLWOHVFODPHXUVGHWRXWOHFDPS
TXLFULDLW
'HVFHQGH]GHVFHQGH]

$WKRVGHVFHQGLWVHVFDPDUDGHVTXLO
DWWHQGDLHQWDYHFDQ[LpWpOHYLUHQW
SDUDvWUHDYHFMRLH
$OORQV$WKRVDOORQVGLWG
$UWDJQDQDOORQJHRQVDOORQJHRQVPDLQWHQDQWTXH
QRXVDYRQVWRXWWURXYpH[FHSWpO
DUJHQWLOVHUDLWVWXSLGHG
rWUHWXpV
0DLV$WKRVFRQWLQXDGHPDUFKHUPDMHVWXHXVHPHQWTXHOTXHREVHUYDWLRQTXHSXVVHQW
OXLIDLUHVHVFRPSDJQRQVTXLYR\DQWWRXWHREVHUYDWLRQLQXWLOHUpJOqUHQWOHXU
SDVVXUOHVLHQ
*ULPDXGHWVRQSDQLHUDYDLHQWSULVOHVGHYDQWVHWVHWURXYDLHQWWRXVGHX[KRUV
G
DWWHLQWH
$XERXWG
XQLQVWDQWRQHQWHQGLWOHEUXLWG
XQHIXVLOODGHHQUDJpH
4X
HVWFHTXHFHOD"GHPDQGD3RUWKRVHWVXUTXRLWLUHQWLOV"-HQ
HQWHQGV
SDVVLIIOHUOHVEDOOHVHWMHQHYRLVSHUVRQQH
,OVWLUHQWVXUQRVPRUWVUpSRQGLW$WKRV
0DLVQRVPRUWVQHUpSRQGURQWSDV
-XVWHPHQWDORUVLOVFURLURQWjXQHHPEXVFDGHLOVGpOLEpUHURQWLOV
HQYHUURQWXQSDUOHPHQWDLUHHWTXDQGLOVV
DSHUFHYURQWGHODSODLVDQWHULHQRXV
VHURQVKRUVGHODSRUWpHGHVEDOOHV9RLOjSRXUTXRLLOHVWLQXWLOHGHJDJQHUXQH
SOHXUpVLHHQQRXVSUHVVDQW
2KMHFRPSUHQGVV
pFULD3RUWKRVpPHUYHLOOp
&
HVWELHQKHXUHX[GLW$WKRVHQKDXVVDQWOHVpSDXOHV
'HOHXUF{WpOHV)UDQoDLVHQYR\DQWUHYHQLUOHVTXDWUHDPLVDXSDVSRXVVDLHQW
GHVFULVG
HQWKRXVLDVPH
(QILQXQHQRXYHOOHPRXVTXHWDGHVHILWHQWHQGUHHWFHWWHIRLVOHVEDOOHVYLQUHQW
V
DSODWLUVXUOHVFDLOORX[DXWRXUGHVTXDWUHDPLVHWVLIIOHUOXJXEUHPHQWjOHXUV
RUHLOOHV/HV5RFKHORLVYHQDLHQWHQILQGHV
HPSDUHUGXEDVWLRQ
9RLFLGHVJHQVELHQPDODGURLWVGLW$WKRVFRPELHQHQDYRQVQRXVWXp"GRX]H
"
2XTXLQ]H
&RPELHQHQDYRQVQRXVpFUDVp"
+XLWRXGL[
(WHQpFKDQJHGHWRXWFHODSDVXQHpJUDWLJQXUH"$KVLIDLW4X
DYH]YRXV
GRQFOjjODPDLQG
$UWDJQDQ"GXVDQJFHPHVHPEOH"
&HQ
HVWULHQGLWG
$UWDJQDQ
8QHEDOOHSHUGXH"

3DVPrPH
4X
HVWFHGRQFDORUV"
1RXVO
DYRQVGLW$WKRVDLPDLWG
$UWDJQDQFRPPHVRQHQIDQWHWFHFDUDFWqUH
VRPEUHHWLQIOH[LEOHDYDLWSDUIRLVSRXUOHMHXQHKRPPHGHVVROOLFLWXGHVGHSqUH
8QHpFRUFKXUHUHSULWG
$UWDJQDQPHVGRLJWVRQWpWpSULVHQWUHGHX[SLHUUHV
FHOOHGXPXUHWFHOOHGHPDEDJXHDORUVODSHDXV
HVWRXYHUWH
9RLOjFHTXHF
HVWTXHG
DYRLUGHVGLDPDQWVPRQPDvWUHGLWGpGDLJQHXVHPHQW
$WKRV
$KojPDLVV
pFULD3RUWKRVLO\DXQGLDPDQWHQHIIHWHWSRXUTXRLGLDEOH
DORUVSXLVTX
LO\DXQGLDPDQWQRXVSODLJQRQVQRXVGHQHSDVDYRLUG
DUJHQW"
7LHQVDXIDLWGLW$UDPLV
$ODERQQHKHXUH3RUWKRVFHWWHIRLVFLYRLOjXQHLGpH
6DQVGRXWHGLW3RUWKRVHQVHUHQJRUJHDQWVXUOHFRPSOLPHQWG
$WKRV
SXLVTX
LO\DXQGLDPDQWYHQGRQVOH
0DLVGLWG
$UWDJQDQF
HVWOHGLDPDQWGHODUHLQH
5DLVRQGHSOXVUHSULW$WKRVODUHLQHVDXYDQW0GH%XFNLQJKDPVRQDPDQW
ULHQGHSOXVMXVWHODUHLQHQRXVVDXYDQWQRXVVHVDPLVULHQGHSOXVPRUDO
YHQGRQVOHGLDPDQW4X
HQSHQVH0RQVLHXUO
DEEp"-HQHGHPDQGHSDVO
DYLVGH
3RUWKRVLOHVWGRQQp
0DLVMHSHQVHGLW$UDPLVHQURXJLVVDQWTXHVDEDJXHQHYHQDQWSDVG
XQH
PDvWUHVVHHWSDUFRQVpTXHQWQ
pWDQWSDVXQJDJHG
DPRXUG
$UWDJQDQSHXWOD
YHQGUH
0RQFKHUYRXVSDUOH]FRPPHODWKpRORJLHHQSHUVRQQH$LQVLYRWUHDYLVHVW
"
'HYHQGUHOHGLDPDQWUpSRQGLW$UDPLV
(KELHQGLWJDLHPHQWG
$UWDJQDQYHQGRQVOHGLDPDQWHWQ
HQSDUORQVSOXV
/DIXVLOODGHFRQWLQXDLWPDLVOHVDPLVpWDLHQWKRUVGHSRUWpHHWOHV5RFKHORLV
QHWLUDLHQWSOXVTXHSRXUO
DFTXLWGHOHXUFRQVFLHQFH
0DIRLGLW$WKRVLOpWDLWWHPSVTXHFHWWHLGpHYvQWj3RUWKRVQRXVYRLFL
DXFDPS$LQVL0HVVLHXUVSDVXQPRWGHSOXVVXUFHWWHDIIDLUH2QQRXV
REVHUYHRQYLHQWjQRWUHUHQFRQWUHQRXVDOORQVrWUHSRUWpVHQWULRPSKH
(QHIIHWFRPPHQRXVO
DYRQVGLWWRXWOHFDPSpWDLWHQpPRLSOXVGHGHX[
PLOOHSHUVRQQHVDYDLHQWDVVLVWpFRPPHjXQVSHFWDFOHjO
KHXUHXVHIRUIDQWHULH
GHVTXDWUHDPLVIRUIDQWHULHGRQWRQpWDLWELHQORLQGHVRXSoRQQHUOHYpULWDEOH

PRWLI2QQ
HQWHQGDLWTXHOHFULGH9LYHQWOHVJDUGHV9LYHQWOHV
PRXVTXHWDLUHV0GH%XVLJQ\pWDLWYHQXOHSUHPLHUVHUUHUODPDLQj$WKRVHW
UHFRQQDvWUHTXHOHSDULpWDLWSHUGX/HGUDJRQHWOH6XLVVHO
DYDLHQWVXLYL
WRXVOHVFDPDUDGHVDYDLHQWVXLYLOHGUDJRQHWOH6XLVVH&
pWDLHQWGHV
IpOLFLWDWLRQVGHVSRLJQpHVGHPDLQGHVHPEUDVVDGHVjQ
HQSOXVILQLUGHV
ULUHVLQH[WLQJXLEOHVjO
HQGURLWGHV5RFKHORLVHQILQXQWXPXOWHVLJUDQGTXH
0OHFDUGLQDOFUXWTX
LO\DYDLWpPHXWHHWHQYR\D/D+RXGLQLqUHVRQFDSLWDLQH
GHVJDUGHVV
LQIRUPHUGHFHTXLVHSDVVDLW
/DFKRVHIXWUDFRQWpHDXPHVVDJHUDYHFWRXWHO
HIIORUHVFHQFHGHO
HQWKRXVLDVPH
(KELHQ"GHPDQGDOHFDUGLQDOHQYR\DQW/D+RXGLQLqUH
(KELHQ0RQVHLJQHXUGLWFHOXLFLFHVRQWWURLVPRXVTXHWDLUHVHWXQJDUGH
TXLRQWIDLWOHSDULDYHF0GH%XVLJQ\G
DOOHUGpMHXQHUDXEDVWLRQ
6DLQW*HUYDLVHWTXLWRXWHQGpMHXQDQWRQWWHQXOjGHX[KHXUHVFRQWUH
O
HQQHPLHWRQWWXpMHQHVDLVFRPELHQGH5RFKHORLV
9RXVrWHVYRXVLQIRUPpGXQRPGHFHVWURLVPRXVTXHWDLUHV"
2XL0RQVHLJQHXU
&RPPHQWOHVDSSHOOHWRQ"
&HVRQW00$WKRV3RUWKRVHW$UDPLV
7RXMRXUVPHVWURLVEUDYHVPXUPXUDOHFDUGLQDO(WOHJDUGH"
0G
$UWDJQDQ
7RXMRXUVPRQMHXQHGU{OH'pFLGpPHQWLOIDXWTXHFHVTXDWUHKRPPHVVRLHQWj
PRL
/HVRLUPrPHOHFDUGLQDOSDUODj0GH7UpYLOOHGHO
H[SORLWGXPDWLQTXL
IDLVDLWODFRQYHUVDWLRQGHWRXWOHFDPS0GH7UpYLOOHTXLWHQDLWOHUpFLWGH
O
DYHQWXUHGHODERXFKHPrPHGHFHX[TXLHQpWDLHQWOHVKpURVODUDFRQWDGDQV
WRXVVHVGpWDLOVj6RQ(PLQHQFHVDQVRXEOLHUO
pSLVRGHGHODVHUYLHWWH
&
HVWELHQ0RQVLHXUGH7UpYLOOHGLWOHFDUGLQDOIDLWHVPRLWHQLUFHWWH
VHUYLHWWHMHYRXVSULH-
\IHUDLEURGHUWURLVIOHXUVGHO\VG
RUHWMHOD
GRQQHUDLSRXUJXLGRQjYRWUHFRPSDJQLH
0RQVHLJQHXUGLW0GH7UpYLOOHLO\DXUDLQMXVWLFHSRXUOHVJDUGHV0
G
$UWDJQDQQ
HVWSDVjPRLPDLVj0GHV(VVDUWV
(KELHQSUHQH]OHGLWOHFDUGLQDOLOQ
HVWSDVMXVWHTXHSXLVTXHFHV
TXDWUHEUDYHVPLOLWDLUHVV
DLPHQWWDQWLOVQHVHUYHQWSDVGDQVODPrPH
FRPSDJQLH
/HPrPHVRLU0GH7UpYLOOHDQQRQoDFHWWHERQQHQRXYHOOHDX[WURLV
PRXVTXHWDLUHVHWjG
$UWDJQDQHQOHVLQYLWDQWWRXVOHVTXDWUHjGpMHXQHUOH
OHQGHPDLQ

'
$UWDJQDQQHVHSRVVpGDLWSDVGHMRLH2QOHVDLWOHUrYHGHWRXWHVDYLH
DYDLWpWpG
rWUHPRXVTXHWDLUH
/HVWURLVDPLVpWDLHQWIRUWMR\HX[
0DIRLGLWG
$UWDJQDQj$WKRVWXDVHXXQHWULRPSKDQWHLGpHHWFRPPHWX
O
DVGLWQRXV\DYRQVDFTXLVGHODJORLUHHWQRXVDYRQVSXOLHUXQH
FRQYHUVDWLRQGHODSOXVKDXWHLPSRUWDQFH
4XHQRXVSRXUURQVUHSUHQGUHPDLQWHQDQWVDQVTXHSHUVRQQHQRXVVRXSoRQQH
FDUDYHFO
DLGHGH'LHXQRXVDOORQVSDVVHUGpVRUPDLVSRXUGHVFDUGLQDOLVWHV
/HPrPHVRLUG
$UWDJQDQDOODSUpVHQWHUVHVKRPPDJHVj0GHV(VVDUWVHWOXL
IDLUHSDUWGHO
DYDQFHPHQWTX
LODYDLWREWHQX
0GHV(VVDUWVTXLDLPDLWEHDXFRXSG
$UWDJQDQOXLILWDORUVVHVRIIUHVGH
VHUYLFHFHFKDQJHPHQWGHFRUSVDPHQDQWGHVGpSHQVHVG
pTXLSHPHQW
'
$UWDJQDQUHIXVDPDLVWURXYDQWO
RFFDVLRQERQQHLOOHSULDGHIDLUHHVWLPHU
OHGLDPDQWTX
LOOXLUHPLWHWGRQWLOGpVLUDLWIDLUHGHO
DUJHQW
/HOHQGHPDLQjKXLWKHXUHVGXPDWLQOHYDOHWGH0GHV(VVDUWVHQWUDFKH]
G
$UWDJQDQHWOXLUHPLWXQVDFG
RUFRQWHQDQWVHSWPLOOHOLYUHV
&
pWDLWOHSUL[GXGLDPDQWGHODUHLQH

&KDSLWUH;/9,,,
$))$,5('()$0,//(

$WKRVDYDLWWURXYpOHPRWDIIDLUHGHIDPLOOH8QHDIIDLUHGHIDPLOOHQ
pWDLW
SRLQWVRXPLVHjO
LQYHVWLJDWLRQGXFDUGLQDOXQHDIIDLUHGHIDPLOOHQH
UHJDUGDLWSHUVRQQHRQSRXYDLWV
RFFXSHUGHYDQWWRXWOHPRQGHG
XQHDIIDLUHGH
IDPLOOH$LQVL$WKRVDYDLWWURXYpOHPRWDIIDLUHGHIDPLOOH$UDPLVDYDLW
WURXYpO
LGpHOHVODTXDLV
3RUWKRVDYDLWWURXYpOHPR\HQOHGLDPDQW
'
$UWDJQDQVHXOQ
DYDLWULHQWURXYpOXLRUGLQDLUHPHQWOHSOXVLQYHQWLIGHV
TXDWUHPDLVLOIDXWGLUHDXVVLTXHOHQRPVHXOGH0LODG\OHSDUDO\VDLW
$KVLQRXVQRXVWURPSRQVLODYDLWWURXYpXQDFKHWHXUSRXUOHGLDPDQW
/HGpMHXQHUFKH]0GH7UpYLOOHIXWG
XQHJDLHWpFKDUPDQWH'
$UWDJQDQDYDLW
GpMjVRQXQLIRUPHFRPPHLOpWDLWjSHXSUqVGHODPrPHWDLOOHTX
$UDPLVHW
TX
$UDPLVODUJHPHQWSD\pFRPPHRQVHOHUDSSHOOHSDUOHOLEUDLUHTXLOXL
DYDLWDFKHWpVRQSRqPHDYDLWIDLWWRXWHQGRXEOHLODYDLWFpGpjVRQDPLXQ
pTXLSHPHQWFRPSOHW

'
$UWDJQDQHWpWpDXFRPEOHGHVHVYRHX[V
LOQ
HWSRLQWYXSRLQWHU0LODG\
FRPPHXQQXDJHVRPEUHjO
KRUL]RQ
$SUqVGpMHXQHURQFRQYLQWTX
RQVHUpXQLUDLWOHVRLUDXORJLVG
$WKRVHWTXH
OjRQWHUPLQHUDLWO
DIIDLUH
'
$UWDJQDQSDVVDODMRXUQpHjPRQWUHUVRQKDELWGHPRXVTXHWDLUHGDQVWRXWHVOHV
UXHVGXFDPS
/HVRLUjO
KHXUHGLWHOHVTXDWUHDPLVVHUpXQLUHQWLOQHUHVWDLWSOXVTXH
WURLVFKRVHVjGpFLGHU
&HTX
RQpFULUDLWDXIUqUHGH0LODG\
&HTX
RQpFULUDLWjODSHUVRQQHDGURLWHGH7RXUV
(WTXHOVVHUDLHQWOHVODTXDLVTXLSRUWHUDLHQWOHVOHWWUHV
&KDFXQRIIUDLWOHVLHQ$WKRVSDUODLWGHODGLVFUpWLRQGH*ULPDXGTXLQH
SDUODLWTXHORUVTXHVRQPDvWUHOXLGpFRXVDLWODERXFKH3RUWKRVYDQWDLWOD
IRUFHGH0RXVTXHWRQTXLpWDLWGHWDLOOHjURVVHUTXDWUHKRPPHVGHFRPSOH[LRQ
RUGLQDLUH$UDPLVFRQILDQWGDQVO
DGUHVVHGH%D]LQIDLVDLWXQpORJHSRPSHX[
GHVRQFDQGLGDWHQILQG
$UWDJQDQDYDLWIRLHQWLqUHGDQVODEUDYRXUHGH
3ODQFKHWHWUDSSHODLWGHTXHOOHIDoRQLOV
pWDLWFRQGXLWGDQVO
DIIDLUH
pSLQHXVHGH%RXORJQH
&HVTXDWUHYHUWXVGLVSXWqUHQWORQJWHPSVOHSUL[HWGRQQqUHQWOLHXjGH
PDJQLILTXHVGLVFRXUVTXHQRXVQHUDSSRUWHURQVSDVLFLGHSHXUTX
LOVQH
IDVVHQWORQJXHXU
0DOKHXUHXVHPHQWGLW$WKRVLOIDXGUDLWTXHFHOXLTX
RQHQYHUUDSRVVpGkWHQ
OXLVHXOOHVTXDWUHTXDOLWpVUpXQLHV
0DLVRUHQFRQWUHUXQSDUHLOODTXDLV"
,QWURXYDEOHGLW$WKRVMHOHVDLVELHQSUHQH]GRQF*ULPDXG
3UHQH]0RXVTXHWRQ
3UHQH]%D]LQ
3UHQH]3ODQFKHW3ODQFKHWHVWEUDYHHWDGURLWF
HVWGpMjGHX[TXDOLWpVVXU
TXDWUH
0HVVLHXUVGLW$UDPLVOHSULQFLSDOQ
HVWSDVGHVDYRLUOHTXHOGHQRVTXDWUH
ODTXDLVHVWOHSOXVGLVFUHWOHSOXVIRUWOHSOXVDGURLWRXOHSOXVEUDYHOH
SULQFLSDOHVWGHVDYRLUOHTXHODLPHOHSOXVO
DUJHQW
&HTXHGLW$UDPLVHVWSOHLQGHVHQVUHSULW$WKRVLOIDXWVSpFXOHUVXUOHV
GpIDXWVGHVJHQVHWQRQVXUOHXUVYHUWXV0RQVLHXUO
DEEpYRXVrWHVXQJUDQG
PRUDOLVWH

6DQVGRXWHUpSOLTXD$UDPLVFDUQRQVHXOHPHQWQRXVDYRQVEHVRLQG
rWUHELHQ
VHUYLVSRXUUpXVVLUPDLVHQFRUHSRXUQHSDVpFKRXHUFDUHQFDVG
pFKHFLO\
YDGHODWrWHQRQSDVSRXUOHVODTXDLV
3OXVEDV$UDPLVGLW$WKRV
&
HVWMXVWHQRQSDVSRXUOHVODTXDLVUHSULW$UDPLVPDLVSRXUOHPDvWUHHW
PrPHSRXUOHVPDvWUHV1RVYDOHWVQRXVVRQWLOVDVVH]GpYRXpVSRXUULVTXHUOHXU
YLHSRXUQRXV"1RQ
0DIRLGLWG
$UWDJQDQMHUpSRQGUDLVSUHVTXHGH3ODQFKHWPRL
(KELHQPRQFKHUDPLDMRXWH]jVRQGpYRXHPHQWQDWXUHOXQHERQQHVRPPHTXL
OXLGRQQHTXHOTXHDLVDQFHHWDORUVDXOLHXG
HQUpSRQGUHXQHIRLVUpSRQGH]HQ
GHX[
(KERQ'LHXYRXVVHUH]WURPSpVWRXWGHPrPHGLW$WKRVTXLpWDLW
RSWLPLVWHTXDQGLOV
DJLVVDLWGHVFKRVHVHWSHVVLPLVWHTXDQGLOV
DJLVVDLWGHV
KRPPHV,OVSURPHWWURQWWRXWSRXUDYRLUGHO
DUJHQWHWHQFKHPLQODSHXUOHV
HPSrFKHUDG
DJLU8QHIRLVSULVRQOHVVHUUHUDVHUUpVLOVDYRXHURQW4XH
GLDEOHQRXVQHVRPPHVSDVGHVHQIDQWV3RXUDOOHUHQ$QJOHWHUUH $WKRVEDLVVD
ODYRL[ LOIDXWWUDYHUVHUWRXWHOD)UDQFHVHPpHG
HVSLRQVHWGHFUpDWXUHVGX
FDUGLQDOLOIDXWXQHSDVVHSRXUV
HPEDUTXHULOIDXWVDYRLUO
DQJODLVSRXU
GHPDQGHUVRQFKHPLQj/RQGUHV7HQH]MHYRLVODFKRVHELHQGLIILFLOH
0DLVSRLQWGXWRXWGLWG
$UWDJQDQTXLWHQDLWIRUWjFHTXHODFKRVH
V
DFFRPSOvWMHODYRLVIDFLOHDXFRQWUDLUHPRL,OYDVDQVGLUHSDUEOHX
TXHVLO
RQpFULWj/RUGGH:LQWHUGHVFKRVHVSDUGHVVXVOHVPDLVRQVGHV
KRUUHXUVGXFDUGLQDO
3OXVEDVGLW$WKRV
'HVLQWULJXHVHWGHVVHFUHWVG
(WDWFRQWLQXDG
$UWDJQDQHQVHFRQIRUPDQWj
ODUHFRPPDQGDWLRQLOYDVDQVGLUHTXHQRXVVHURQVWRXVURXpVYLIVPDLVSRXU
'LHXQ
RXEOLH]SDVFRPPHYRXVO
DYH]GLWYRXVPrPH$WKRVTXHQRXVOXL
pFULYRQVSRXUDIIDLUHGHIDPLOOHTXHQRXVOXLpFULYRQVjFHWWHVHXOHILQTX
LO
PHWWH0LODG\GqVVRQDUULYpHj/RQGUHVKRUVG
pWDWGHQRXVQXLUH-HOXL
pFULUDLGRQFXQHOHWWUHjSHXSUqVHQFHVWHUPHV
9R\RQVGLW$UDPLVHQSUHQDQWSDUDYDQFHXQYLVDJHGHFULWLTXH
0RQVLHXUHWFKHUDPL
$KRXLFKHUDPLjXQ$QJODLVLQWHUURPSLW$WKRVELHQFRPPHQFpEUDYR
G
$UWDJQDQ5LHQTX
DYHFFHPRWOjYRXVVHUH]pFDUWHOpDXOLHXG
rWUHURXp
YLI
(KELHQVRLWMHGLUDLGRQF0RQVLHXUWRXWFRXUW
9RXVSRXYH]PrPHGLUH0LORUGUHSULW$WKRVTXLWHQDLWIRUWDX[
FRQYHQDQFHV
0LORUGYRXVVRXYLHQWLOGXSHWLWHQFORVDX[FKqYUHVGX/X[HPERXUJ"

%RQOH/X[HPERXUJjSUpVHQW2QFURLUDTXHF
HVWXQHDOOXVLRQjODUHLQH
PqUH9RLOjTXLHVWLQJpQLHX[GLW$WKRV
(KELHQQRXVPHWWURQVWRXWVLPSOHPHQW0LORUGYRXVVRXYLHQWLOGH
FHUWDLQSHWLWHQFORVRO
RQYRXVVDXYDODYLH"
0RQFKHUG
$UWDJQDQGLW$WKRVYRXVQHVHUH]MDPDLVTX
XQIRUWPDXYDLV
UpGDFWHXU2O
RQYRXVVDXYDODYLH)LGRQFFHQ
HVWSDVGLJQH2QQH
UDSSHOOHSDVFHVVHUYLFHVOjjXQJDODQWKRPPH%LHQIDLWUHSURFKpRIIHQVH
IDLWH
$KPRQFKHUGLWG
$UWDJQDQYRXVrWHVLQVXSSRUWDEOHHWV
LOIDXWpFULUH
VRXVYRWUHFHQVXUHPDIRLM
\UHQRQFH
(WYRXVIDLWHVELHQ0DQLH]OHPRXVTXHWHWO
pSpHPRQFKHUYRXVYRXVWLUH]
JDODPPHQWGHVGHX[H[HUFLFHVPDLVSDVVH]ODSOXPHj0O
DEEpFHODOH
UHJDUGH
$KRXLDXIDLWGLW3RUWKRVSDVVH]ODSOXPHj$UDPLVTXLpFULWGHV
WKqVHVHQODWLQOXL
(KELHQVRLWGLWG
$UWDJQDQUpGLJH]QRXVFHWWHQRWH$UDPLVPDLVGHSDU
QRWUH6DLQW3qUHOHSDSHWHQH]YRXVVHUUpFDUMHYRXVpSOXFKHjPRQWRXUMH
YRXVHQSUpYLHQV
-HQHGHPDQGHSDVPLHX[GLW$UDPLVDYHFFHWWHQDwYHFRQILDQFHTXHWRXWSRqWH
DHQOXLPrPHPDLVTX
RQPHPHWWHDXFRXUDQWM
DLELHQRXwGLUHGHFL
GHOjTXHFHWWHEHOOHVRHXUpWDLWXQHFRTXLQHM
HQDLPrPHDFTXLVODSUHXYHHQ
pFRXWDQWVDFRQYHUVDWLRQDYHFOHFDUGLQDO
3OXVEDVGRQFVDFUHEOHXGLW$WKRV
0DLVFRQWLQXD$UDPLVOHGpWDLOP
pFKDSSH
(WjPRLDXVVLGLW3RUWKRV
'
$UWDJQDQHW$WKRVVHUHJDUGqUHQWTXHOTXHWHPSVHQVLOHQFH(QILQ$WKRVDSUqV
V
rWUHUHFXHLOOLHWHQGHYHQDQWSOXVSkOHHQFRUHTX
LOQ
pWDLWGHFRXWXPHILW
XQVLJQHG
DGKpVLRQG
$UWDJQDQFRPSULWTX
LOSRXYDLWSDUOHU
(KELHQYRLFLFHTX
LO\DjGLUHUHSULWG
$UWDJQDQ0LORUGYRWUH
EHOOHVRHXUHVWXQHVFpOpUDWHTXLDYRXOXYRXVIDLUHWXHUSRXUKpULWHUGHYRXV
0DLVHOOHQHSRXYDLWpSRXVHUYRWUHIUqUHpWDQWGpMjPDULpHHQ)UDQFHHWD\DQW
pWp
'
$UWDJQDQV
DUUrWDFRPPHV
LOFKHUFKDLWOHPRWHQUHJDUGDQW$WKRV
&KDVVpHSDUVRQPDULGLW$WKRV
3DUFHTX
HOOHDYDLWpWpPDUTXpHFRQWLQXDG
$UWDJQDQ
%DKV
pFULD3RUWKRVLPSRVVLEOHHOOHDYRXOXIDLUHWXHUVRQEHDXIUqUH"

2XL
(OOHpWDLWPDULpH"GHPDQGD$UDPLV
2XL
(WVRQPDULV
HVWDSHUoXTX
HOOHDYDLWXQHIOHXUGHO\VVXUO
pSDXOH"
V
pFULD3RUWKRV
2XL
&HVWURLVRXLDYDLHQWpWpGLWVSDU$WKRVFKDFXQDYHFXQHLQWRQDWLRQSOXV
VRPEUH
(WTXLO
DYXHFHWWHIOHXUGHO\V"GHPDQGD$UDPLV
'
$UWDJQDQHWPRLRXSOXW{WSRXUREVHUYHUO
RUGUHFKURQRORJLTXHPRLHW
G
$UWDJQDQUpSRQGLW$WKRV
(WOHPDULGHFHWWHDIIUHXVHFUpDWXUHYLWHQFRUH"GLW$UDPLV
,OYLWHQFRUH
9RXVHQrWHVVU"
-
HQVXLVVU
,O\HXWXQLQVWDQWGHIURLGVLOHQFHSHQGDQWOHTXHOFKDFXQVHVHQWLW
LPSUHVVLRQQpVHORQVDQDWXUH
&HWWHIRLVUHSULW$WKRVLQWHUURPSDQWOHSUHPLHUOHVLOHQFHG
$UWDJQDQQRXV
DGRQQpXQH[FHOOHQWSURJUDPPHHWF
HVWFHODTX
LOIDXWpFULUHG
DERUG
'LDEOHYRXVDYH]UDLVRQ$WKRVUHSULW$UDPLVHWODUpGDFWLRQHVW
pSLQHXVH0OHFKDQFHOLHUOXLPrPHVHUDLWHPEDUUDVVpSRXUUpGLJHUXQHpSvWUHGH
FHWWHIRUFHHWFHSHQGDQW0OHFKDQFHOLHUUpGLJHWUqVDJUpDEOHPHQWXQ
SURFqVYHUEDO1
LPSRUWHWDLVH]YRXVM
pFULV
$UDPLVHQHIIHWSULWODSOXPHUpIOpFKLWTXHOTXHVLQVWDQWVVHPLWjpFULUHKXLW
RXGL[OLJQHVG
XQHFKDUPDQWHSHWLWHpFULWXUHGHIHPPHSXLVG
XQHYRL[GRXFH
HWOHQWHFRPPHVLFKDTXHPRWHWpWpVFUXSXOHXVHPHQWSHVpLOOXWFHTXLVXLW
0LORUG
/DSHUVRQQHTXLYRXVpFULWFHVTXHOTXHVOLJQHVDHXO
KRQQHXUGHFURLVHU
O
pSpHDYHFYRXVGDQVXQSHWLWHQFORVGHODUXHG
(QIHU&RPPHYRXVDYH]ELHQ
YRXOXGHSXLVYRXVGLUHSOXVLHXUVIRLVO
DPLGHFHWWHSHUVRQQHHOOHYRXVGRLW
GHUHFRQQDvWUHFHWWHDPLWLpSDUXQERQDYLV'HX[IRLVYRXVDYH]IDLOOLrWUH
YLFWLPHG
XQHSURFKHSDUHQWHTXHYRXVFUR\H]YRWUHKpULWLqUHSDUFHTXHYRXV
LJQRUH]TX
DYDQWGHFRQWUDFWHUPDULDJHHQ$QJOHWHUUHHOOHpWDLWGpMjPDULpHHQ

)UDQFH0DLVODWURLVLqPHIRLVTXLHVWFHOOHFLYRXVSRXYH]\VXFFRPEHU
9RWUHSDUHQWHHVWSDUWLHGH/D5RFKHOOHSRXUO
$QJOHWHUUHSHQGDQWODQXLW
6XUYHLOOH]VRQDUULYpHFDUHOOHDGHJUDQGVHWWHUULEOHVSURMHWV6LYRXVWHQH]
DEVROXPHQWjVDYRLUFHGRQWHOOHHVWFDSDEOHOLVH]VRQSDVVpVXUVRQpSDXOH
JDXFKH
(KELHQYRLOjTXLHVWjPHUYHLOOHGLW$WKRVHWYRXVDYH]XQHSOXPHGH
VHFUpWDLUHG
(WDWPRQFKHU$UDPLV/RUGGH:LQWHUIHUDERQQHJDUGHPDLQWHQDQW
VLWRXWHIRLVO
DYLVOXLDUULYHHWWRPEkWLODX[PDLQVGH6RQ(PLQHQFH
HOOHPrPHQRXVQHVDXULRQVrWUHFRPSURPLV0DLVFRPPHOHYDOHWTXLSDUWLUD
SRXUUDLWQRXVIDLUHDFFURLUHTX
LODpWpj/RQGUHVHWV
DUUrWHUj&KkWHOOHUDXOW
QHOXLGRQQRQVDYHFODOHWWUHTXHODPRLWLpGHODVRPPHHQOXLSURPHWWDQW
O
DXWUHPRLWLpHQpFKDQJHGHODUpSRQVH$YH]YRXVOHGLDPDQW"FRQWLQXD$WKRV
-
DLPLHX[TXHFHODM
DLODVRPPH
(WG
$UWDJQDQMHWDOHVDFVXUODWDEOHDXVRQGHO
RU$UDPLVOHYDOHV\HX[
3RUWKRVWUHVVDLOOLWTXDQWj$WKRVLOUHVWDLPSDVVLEOH
&RPELHQGDQVFHSHWLWVDF"GLWLO
6HSWPLOOHOLYUHVHQORXLVGHGRX]HIUDQFV
6HSWPLOOHOLYUHVV
pFULD3RUWKRVFHPDXYDLVSHWLWGLDPDQWYDODLWVHSW
PLOOHOLYUHV"
,OSDUDvWGLW$WKRVSXLVTXHOHVYRLOjMHQHSUpVXPHSDVTXHQRWUHDPL
G
$UWDJQDQ\DLWPLVGXVLHQ
0DLV0HVVLHXUVGDQVWRXWFHODGLWG
$UWDJQDQQRXVQHSHQVRQVSDVjOD
UHLQH6RLJQRQVXQSHXODVDQWpGHVRQFKHU%XFNLQJKDP&
HVWOHPRLQVTXHQRXV
OXLGHYLRQV
&
HVWMXVWHGLW$WKRVPDLVFHFLUHJDUGH$UDPLV
(KELHQUpSRQGLWFHOXLFLHQURXJLVVDQWTXHIDXWLOTXHMHIDVVH"
0DLVUpSOLTXD$WKRVF
HVWWRXWVLPSOHUpGLJHUXQHVHFRQGHOHWWUHSRXU
FHWWHDGURLWHSHUVRQQHTXLKDELWH7RXUV
$UDPLVUHSULWODSOXPHVHPLWjUpIOpFKLUGHQRXYHDXHWpFULYLWOHVOLJQHV
VXLYDQWHVTX
LOVRXPLWjO
LQVWDQWPrPHjO
DSSUREDWLRQGHVHVDPLV
0DFKqUHFRXVLQH
$KGLW$WKRVFHWWHSHUVRQQHDGURLWHHVWYRWUHSDUHQWH
&RXVLQHJHUPDLQHGLW$UDPLV
9DGRQFSRXUFRXVLQH
$UDPLVFRQWLQXD

0DFKqUHFRXVLQH6RQ(PLQHQFHOHFDUGLQDOTXH'LHXFRQVHUYHSRXUOHERQKHXU
GHOD)UDQFHHWODFRQIXVLRQGHVHQQHPLVGXUR\DXPHHVWVXUOHSRLQWG
HQILQLU
DYHFOHVUHEHOOHVKpUpWLTXHVGH/D5RFKHOOHLOHVWSUREDEOHTXHOHVHFRXUVGH
ODIORWWHDQJODLVHQ
DUULYHUDSDVPrPHHQYXHGHODSODFHM
RVHUDLPrPHGLUH
TXHMHVXLVFHUWDLQTXH0GH%XFNLQJKDPVHUDHPSrFKpGHSDUWLUSDUTXHOTXH
JUDQGpYpQHPHQW6RQ(PLQHQFHHVWOHSOXVLOOXVWUHSROLWLTXHGHVWHPSVSDVVpV
GXWHPSVSUpVHQWHWSUREDEOHPHQWGHVWHPSVjYHQLU,OpWHLQGUDLWOHVROHLOVL
OHVROHLOOHJrQDLW'RQQH]FHVKHXUHXVHVQRXYHOOHVjYRWUHVRHXUPDFKqUH
FRXVLQH-
DLUrYpTXHFHW$QJODLVPDXGLWpWDLWPRUW-HQHSXLVPHUDSSHOHUVL
F
pWDLWSDUOHIHURXSDUOHSRLVRQVHXOHPHQWFHGRQWMHVXLVVUF
HVWTXH
M
DLUrYpTX
LOpWDLWPRUWHWYRXVOHVDYH]PHVUrYHVQHPHWURPSHQWMDPDLV
$VVXUH]YRXVGRQFGHPHYRLUUHYHQLUELHQW{W
$PHUYHLOOHV
pFULD$WKRVYRXVrWHVOHURLGHVSRqWHVPRQFKHU$UDPLV
YRXVSDUOH]FRPPHO
$SRFDO\SVHHWYRXVrWHVYUDLFRPPHO
(YDQJLOH,OQHYRXV
UHVWHPDLQWHQDQWTXHO
DGUHVVHjPHWWUHVXUFHWWHOHWWUH
&
HVWELHQIDFLOHGLW$UDPLV
,OSOLDFRTXHWWHPHQWODOHWWUHODUHSULWHWpFULYLW
$0DGHPRLVHOOH0DULH0LFKRQOLQJqUHj7RXUV
/HVWURLVDPLVVHUHJDUGqUHQWHQULDQWLOVpWDLHQWSULV
0DLQWHQDQWGLW$UDPLVYRXVFRPSUHQH]0HVVLHXUVTXH%D]LQVHXOSHXWSRUWHU
FHWWHOHWWUHj7RXUVPDFRXVLQHQHFRQQDvWTXH%D]LQHWQ
DFRQILDQFHTX
HQ
OXLWRXWDXWUHIHUDLWpFKRXHUO
DIIDLUH'
DLOOHXUV%D]LQHVWDPELWLHX[HW
VDYDQW%D]LQDOXO
KLVWRLUH0HVVLHXUVLOVDLWTXH6L[WH4XLQWHVWGHYHQX
SDSHDSUqVDYRLUJDUGpOHVSRXUFHDX[(KELHQFRPPHLOFRPSWHVHPHWWUH
G
(JOLVHHQPrPHWHPSVTXHPRLLOQHGpVHVSqUHSDVjVRQWRXUGHGHYHQLUSDSH
RXWRXWDXPRLQVFDUGLQDOYRXVFRPSUHQH]TX
XQKRPPHTXLDGHSDUHLOOHVYLVpHV
QHVHODLVVHUDSDVSUHQGUHRXV
LOHVWSULVVXELUDOHPDUW\UHSOXW{WTXHGH
SDUOHU
%LHQELHQGLWG
$UWDJQDQMHYRXVSDVVHGHJUDQGFRHXU%D]LQPDLV
SDVVH]PRL3ODQFKHW0LODG\O
DIDLWMHWHUjODSRUWHFHUWDLQMRXUDYHFIRUFH
FRXSVGHEkWRQRU3ODQFKHWDERQQHPpPRLUHHWMHYRXVHQUpSRQGVV
LOSHXW
VXSSRVHUXQHYHQJHDQFHSRVVLEOHLOVHIHUDSOXW{WpFKLQHUTXHG
\UHQRQFHU6L
YRVDIIDLUHVGH7RXUVVRQWYRVDIIDLUHV$UDPLVFHOOHVGH/RQGUHVVRQWOHV
PLHQQHV-HSULHGRQFTX
RQFKRLVLVVH3ODQFKHWOHTXHOG
DLOOHXUVDGpMjpWpj
/RQGUHVDYHFPRLHWVDLWGLUHWUqVFRUUHFWHPHQW/RQGRQVLULI\RXSOHDVHHW
P\PDVWHUORUGG
$UWDJQDQDYHFFHODVR\H]WUDQTXLOOHVLOIHUDVRQFKHPLQHQ
DOODQWHWHQUHYHQDQW
(QFHFDVGLW$WKRVLOIDXWTXH3ODQFKHWUHoRLYHVHSWFHQWVOLYUHVSRXU
DOOHUHWVHSWFHQWVOLYUHVSRXUUHYHQLUHW%D]LQWURLVFHQWVOLYUHVSRXUDOOHU
HWWURLVFHQWVOLYUHVSRXUUHYHQLUFHODUpGXLUDODVRPPHjFLQTPLOOHOLYUHV
QRXVSUHQGURQVPLOOHOLYUHVFKDFXQSRXUOHVHPSOR\HUFRPPHERQQRXVVHPEOHUDHW
QRXVODLVVHURQVXQIRQGGHPLOOHOLYUHVTXHJDUGHUDO
DEEpSRXUOHVFDV
H[WUDRUGLQDLUHVRXOHVEHVRLQVFRPPXQV&HODYRXVYDWLO"
0RQFKHU$WKRVGLW$UDPLVYRXVSDUOH]FRPPH1HVWRUTXLpWDLWFRPPHFKDFXQ

VDLWOHSOXVVDJHGHV*UHFV
(KELHQF
HVWGLWUHSULW$WKRV3ODQFKHWHW%D]LQSDUWLURQWjWRXW
SUHQGUHMHQHVXLVSDVIkFKpGHFRQVHUYHU*ULPDXGLOHVWDFFRXWXPpjPHV
IDoRQVHWM
\WLHQVODMRXUQpHG
KLHUDGpMjGO
pEUDQOHUFHYR\DJHOH
SHUGUDLW
2QILWYHQLU3ODQFKHWHWRQOXLGRQQDGHVLQVWUXFWLRQVLODYDLWpWpSUpYHQX
GpMjSDUG
$UWDJQDQTXLGXSUHPLHUFRXSOXLDYDLWDQQRQFpODJORLUHHQVXLWH
O
DUJHQWSXLVOHGDQJHU
-HSRUWHUDLODOHWWUHGDQVOHSDUHPHQWGHPRQKDELWGLW3ODQFKHWHWMH
O
DYDOHUDLVLO
RQPHSUHQG
0DLVDORUVWXQHSRXUUDVSDVIDLUHODFRPPLVVLRQGLWG
$UWDJQDQ
9RXVP
HQGRQQHUH]FHVRLUXQHFRSLHTXHMHVDXUDLSDUFRHXUGHPDLQ
'
$UWDJQDQUHJDUGDVHVDPLVFRPPHSRXUOHXUGLUH
(KELHQTXHYRXVDYDLVMHSURPLV"
0DLQWHQDQWFRQWLQXDWLOHQV
DGUHVVDQWj3ODQFKHWWXDVKXLWMRXUVSRXU
DUULYHUSUqVGH/RUGGH:LQWHUWXDVKXLWDXWUHVMRXUVSRXUUHYHQLULFLHQ
WRXWVHL]HMRXUVVLOHVHL]LqPHMRXUGHWRQGpSDUWjKXLWKHXUHVGXVRLUWX
Q
HVSDVDUULYpSDVG
DUJHQWIWLOKXLWKHXUHVFLQTPLQXWHV
$ORUV0RQVLHXUGLW3ODQFKHWDFKHWH]PRLXQHPRQWUH
3UHQGVFHOOHFLGLW$WKRVHQOXLGRQQDQWODVLHQQHDYHFXQHLQVRXFLDQWH
JpQpURVLWpHWVRLVEUDYHJDUoRQ6RQJHTXHVLWXSDUOHVVLWXEDYDUGHVVLWX
IOkQHVWXIDLVFRXSHUOHFRXjWRQPDvWUHTXLDVLJUDQGHFRQILDQFHGDQVWD
ILGpOLWpTX
LOQRXVDUpSRQGXGHWRL0DLVVRQJHDXVVLTXHV
LODUULYHSDUWD
IDXWHPDOKHXUjG
$UWDJQDQMHWHUHWURXYHUDLSDUWRXWHWFHVHUDSRXUW
RXYULU
OHYHQWUH
2K0RQVLHXUGLW3ODQFKHWKXPLOLpGXVRXSoRQHWVXUWRXWHIIUD\pGHO
DLU
FDOPHGXPRXVTXHWDLUH
(WPRLGLW3RUWKRVHQURXODQWVHVJURV\HX[VRQJHTXHMHW
pFRUFKHYLI
$K0RQVLHXU
(WPRLFRQWLQXD$UDPLVGHVDYRL[GRXFHHWPpORGLHXVHVRQJHTXHMHWHEUOH
jSHWLWIHXFRPPHXQVDXYDJH
$K0RQVLHXU
(W3ODQFKHWVHPLWjSOHXUHUQRXVQ
RVHULRQVGLUHVLFHIXWGHWHUUHXUj
FDXVHGHVPHQDFHVTXLOXLpWDLHQWIDLWHVRXG
DWWHQGULVVHPHQWGHYRLUTXDWUH
DPLVVLpWURLWHPHQWXQLV
'
$UWDJQDQOXLSULWODPDLQHWO
HPEUDVVD

9RLVWX3ODQFKHWOXLGLWLOFHV0HVVLHXUVWHGLVHQWWRXWFHODSDUWHQGUHVVH
SRXUPRLPDLVDXIRQGLOVW
DLPHQW
$K0RQVLHXUGLW3ODQFKHWRXMHUpXVVLUDLRXO
RQPHFRXSHUDHQTXDWUH
PHFRXSkWRQHQTXDWUHVR\H]FRQYDLQFXTX
LOQ
\DSDVXQPRUFHDXTXLSDUOHUD

,OIXWGpFLGpTXH3ODQFKHWSDUWLUDLWOHOHQGHPDLQjKXLWKHXUHVGXPDWLQDILQ
FRPPHLOO
DYDLWGLWTX
LOSWSHQGDQWODQXLWDSSUHQGUHODOHWWUHSDUFRHXU
,OJDJQDMXVWHGRX]HKHXUHVjFHWDUUDQJHPHQWLOGHYDLWrWUHUHYHQXOH
VHL]LqPHMRXUjKXLWKHXUHVGXVRLU
/HPDWLQDXPRPHQWRLODOODLWPRQWHUjFKHYDOG
$UWDJQDQTXLVHVHQWDLWDX
IRQGGXFRHXUXQIDLEOHSRXUOHGXFSULW3ODQFKHWjSDUW
(FRXWHOXLGLWLOTXDQGWXDXUDVUHPLVODOHWWUHj/RUGGH:LQWHUHWTX
LO
O
DXUDOXHWXOXLGLUDVHQFRUH9HLOOH]VXU6D*UkFH/RUG%XFNLQJKDPFDURQ
YHXWO
DVVDVVLQHU0DLVFHFL3ODQFKHWYRLVWXF
HVWVLJUDYHHWVL
LPSRUWDQWTXHMHQ
DLSDVPrPHYRXOXDYRXHUjPHVDPLVTXHMHWHFRQILHUDLVFH
VHFUHWHWTXHSRXUXQHFRPPLVVLRQGHFDSLWDLQHMHQHYRXGUDLVSDVWHO
pFULUH
6R\H]WUDQTXLOOH0RQVLHXUGLW3ODQFKHWYRXVYHUUH]VLO
RQSHXWFRPSWHU
VXUPRL
(WPRQWpVXUXQH[FHOOHQWFKHYDOTX
LOGHYDLWTXLWWHUjYLQJWOLHXHVGHOjSRXU
SUHQGUHODSRVWH3ODQFKHWSDUWLWDXJDORSOHFRHXUXQSHXVHUUpSDUODWULSOH
SURPHVVHTXHOXLDYDLHQWIDLWHOHVPRXVTXHWDLUHVPDLVGXUHVWHGDQVOHV
PHLOOHXUHVGLVSRVLWLRQVGXPRQGH
%D]LQSDUWLWOHOHQGHPDLQPDWLQSRXU7RXUVHWHXWKXLWMRXUVSRXUIDLUHVD
FRPPLVVLRQ
/HVTXDWUHDPLVSHQGDQWWRXWHODGXUpHGHFHVGHX[DEVHQFHVDYDLHQWFRPPHRQ
OHFRPSUHQGELHQSOXVTXHMDPDLVO
RHLODXJXHWOHQH]DXYHQWHWO
RUHLOOH
DX[pFRXWHV/HXUVMRXUQpHVVHSDVVDLHQWjHVVD\HUGHVXUSUHQGUHFHTX
RQ
GLVDLWjJXHWWHUOHVDOOXUHVGXFDUGLQDOHWjIODLUHUOHVFRXUULHUVTXL
DUULYDLHQW3OXVG
XQHIRLVXQWUHPEOHPHQWLQVXUPRQWDEOHOHVSULWORUVTX
RQOHV
DSSHODSRXUTXHOTXHVHUYLFHLQDWWHQGX,OVDYDLHQWG
DLOOHXUVjVHJDUGHUSRXU
OHXUSURSUHVUHWp0LODG\pWDLWXQIDQW{PHTXLORUVTX
LOpWDLWDSSDUXXQH
IRLVDX[JHQVQHOHVODLVVDLWSDVGRUPLUWUDQTXLOOHPHQW
/HPDWLQGXKXLWLqPHMRXU%D]LQIUDLVFRPPHWRXMRXUVHWVRXULDQWVHORQVRQ
KDELWXGHHQWUDGDQVOHFDEDUHWGX3DUSDLOORWFRPPHOHVTXDWUHDPLVpWDLHQWHQ
WUDLQGHGpMHXQHUHQGLVDQWVHORQODFRQYHQWLRQDUUrWpH
0RQVLHXU$UDPLVYRLFLODUpSRQVHGHYRWUHFRXVLQH
/HVTXDWUHDPLVpFKDQJqUHQWXQFRXSG
RHLOMR\HX[ODPRLWLpGHODEHVRJQH
pWDLWIDLWHLOHVWYUDLTXHF
pWDLWODSOXVFRXUWHHWODSOXVIDFLOH
$UDPLVSULWHQURXJLVVDQWPDOJUpOXLODOHWWUHTXLpWDLWG
XQHpFULWXUH
JURVVLqUHHWVDQVRUWKRJUDSKH

%RQ'LHXV
pFULDWLOHQULDQWGpFLGpPHQWM
HQGpVHVSqUHMDPDLVFHWWH
SDXYUH0LFKRQQ
pFULUDFRPPH0GH9RLWXUH
4X
HVWFHTXHFHODIHXWGLUHFHWWHEDXIUH0LJHRQ"GHPDQGDOH6XLVVHTXL
pWDLWHQWUDLQGHFDXVHUDYHFOHVTXDWUHDPLVTXDQGODOHWWUHpWDLWDUULYpH
2KPRQ'LHXPRLQVTXHULHQGLW$UDPLVXQHSHWLWHOLQJqUHFKDUPDQWHTXH
M
DLPDLVIRUWHWjTXLM
DLGHPDQGpTXHOTXHVOLJQHVGHVDPDLQHQPDQLqUHGH
VRXYHQLU
'XWLHXGLWOH6XLVVH]L]HOODLOrWUHDX]LJUDQWHWDPHTXHVRQ
O
pJULGXUHIRXVO
rWUHHQSRQQHIRUGXQHPRQJDPDUDWH
$UDPLVOXWODOHWWUHHWODSDVVDj$WKRV
9R\H]GRQFFHTX
HOOHP
pFULW$WKRVGLWLO
$WKRVMHWDXQFRXSG
RHLOVXUO
pSvWUHHWSRXUIDLUHpYDQRXLUWRXVOHV
VRXSoRQVTXLDXUDLHQWSXQDvWUHOXWWRXWKDXW
0RQFRXVLQPDVRHXUHWPRLGHYLQRQVWUqVELHQOHVUrYHVHWQRXVHQDYRQV
PrPHXQHSHXUDIIUHXVHPDLVGXY{WUHRQSRXUUDGLUHMHO
HVSqUHWRXWVRQJH
HVWPHQVRQJH$GLHXSRUWH]YRXVELHQHWIDLWHVTXHGHWHPSVHQWHPSVQRXV
HQWHQGLRQVSDUOHUGHYRXV
$*/$(0,&+21
(WGHTXHOUrYHSDUOHWHOOH"GHPDQGDOHGUDJRQTXLV
pWDLWDSSURFKpSHQGDQW
ODOHFWXUH
)RXLWHTXHOUrIH"GLWOH6XLVVH
(KSDUGLHXGLW$UDPLVF
HVWWRXWVLPSOHG
XQUrYHTXHM
DLIDLWHWTXH
MHOXLDLUDFRQWp
2KIRXLSDU7LHXF
rWUHWRXWVLPSOHGHUDJRQWHUVRQUrIHPDLVPRLMH
QHUrIHMDPDLV
9RXVrWHVIRUWKHXUHX[GLW$WKRVHQVHOHYDQWHWMHYRXGUDLVELHQSRXYRLU
HQGLUHDXWDQWTXHYRXV
&KDPDLVUHSULWOH6XLVVHHQFKDQWpTX
XQKRPPHFRPPH$WKRVOXLHQYLkW
TXHOTXHFKRVHFKDPDLVFKDPDLV
'
$UWDJQDQYR\DQWTX
$WKRVVHOHYDLWHQILWDXWDQWSULWVRQEUDVHWVRUWLW
3RUWKRVHW$UDPLVUHVWqUHQWSRXUIDLUHIDFHDX[TXROLEHWVGXGUDJRQHWGX
6XLVVH
4XDQWj%D]LQLOV
DOODFRXFKHUVXUXQHERWWHGHSDLOOHHWFRPPHLODYDLW
SOXVG
LPDJLQDWLRQTXHOH6XLVVHLOUrYDTXH0$UDPLVGHYHQXSDSHOH
FRLIIDLWG
XQFKDSHDXGHFDUGLQDO

0DLVFRPPHQRXVO
DYRQVGLW%D]LQQ
DYDLWSDUVRQKHXUHX[UHWRXUHQOHYp
TX
XQHSDUWLHGHO
LQTXLpWXGHTXLDLJXLOORQQDLWOHVTXDWUHDPLV/HVMRXUVGH
O
DWWHQWHVRQWORQJVHWG
$UWDJQDQVXUWRXWDXUDLWSDULpTXHOHVMRXUVDYDLHQW
PDLQWHQDQWTXDUDQWHKXLWKHXUHV,ORXEOLDLWOHVOHQWHXUVREOLJpHVGHOD
QDYLJDWLRQLOV
H[DJpUDLWODSXLVVDQFHGH0LODG\,OSUrWDLWjFHWWHIHPPHTXL
OXLDSSDUDLVVDLWSDUHLOOHjXQGpPRQGHVDX[LOLDLUHVVXUQDWXUHOVFRPPHHOOH
LOV
LPDJLQDLWDXPRLQGUHEUXLWTX
RQYHQDLWO
DUUrWHUHWTX
RQUDPHQDLW
3ODQFKHWSRXUOHFRQIURQWHUDYHFOXLHWVHVDPLV,O\DSOXVVDFRQILDQFH
DXWUHIRLVVLJUDQGHGDQVOHGLJQH3LFDUGGLPLQXDLWGHMRXUHQMRXU&HWWH
LQTXLpWXGHpWDLWVLJUDQGHTX
HOOHJDJQDLW3RUWKRVHW$UDPLV,OQ
\DYDLW
TX
$WKRVTXLGHPHXUkWLPSDVVLEOHFRPPHVLDXFXQGDQJHUQHV
DJLWDLWDXWRXUGH
OXLHWTX
LOUHVSLUkWVRQDWPRVSKqUHTXRWLGLHQQH
/HVHL]LqPHMRXUVXUWRXWFHVVLJQHVG
DJLWDWLRQpWDLHQWVLYLVLEOHVFKH]
G
$UWDJQDQHWVHVGHX[DPLVTX
LOVQHSRXYDLHQWUHVWHUHQSODFHHWTX
LOV
HUUDLHQWFRPPHGHVRPEUHVVXUOHFKHPLQSDUOHTXHOGHYDLWUHYHQLU3ODQFKHW
9UDLPHQWOHXUGLVDLW$WKRVYRXVQ
rWHVSDVGHVKRPPHVPDLVGHVHQIDQWV
SRXUTX
XQHIHPPHYRXVIDVVHVLJUDQGSHXU(WGHTXRLV
DJLWLODSUqVWRXW"
'
rWUHHPSULVRQQpV(KELHQPDLVRQQRXVWLUHUDGHSULVRQRQHQDELHQ
UHWLUp0PH%RQDFLHX['
rWUHGpFDSLWpV"0DLVWRXVOHVMRXUVGDQVODWUDQFKpH
QRXVDOORQVMR\HXVHPHQWQRXVH[SRVHUjSLVTXHFHODFDUXQERXOHWSHXWQRXV
FDVVHUODMDPEHHWMHVXLVFRQYDLQFXTX
XQFKLUXUJLHQQRXVIDLWSOXVVRXIIULU
HQQRXVFRXSDQWODFXLVVHTX
XQERXUUHDXHQQRXVFRXSDQWODWrWH'HPHXUH]GRQF
WUDQTXLOOHVGDQVGHX[KHXUHVGDQVTXDWUHGDQVVL[KHXUHVDXSOXVWDUG
3ODQFKHWVHUDLFLLODSURPLVG
\rWUHHWPRLM
DLWUqVJUDQGHIRLDX[
SURPHVVHVGH3ODQFKHWTXLP
DO
DLUG
XQIRUWEUDYHJDUoRQ
0DLVV
LOQ
DUULYHSDV"GLWG
$UWDJQDQ
(KELHQV
LOQ
DUULYHSDVF
HVWTX
LODXUDpWpUHWDUGpYRLOjWRXW,OSHXW
rWUHWRPEpGHFKHYDOLOSHXWDYRLUIDLWXQHFDEULROHSDUGHVVXVOHSRQWLO
SHXWDYRLUFRXUXVLYLWHTX
LOHQDLWDWWUDSpXQHIOX[LRQGHSRLWULQH(K
0HVVLHXUVIDLVRQVGRQFODSDUWGHVpYpQHPHQWV/DYLHHVWXQFKDSHOHWGH
SHWLWHVPLVqUHVTXHOHSKLORVRSKHpJUqQHHQULDQW6R\H]SKLORVRSKHVFRPPHPRL
0HVVLHXUVPHWWH]YRXVjWDEOHHWEXYRQVULHQQHIDLWSDUDvWUHO
DYHQLU
FRXOHXUGHURVHFRPPHGHOHUHJDUGHUjWUDYHUVXQYHUUHGHFKDPEHUWLQ
&
HVWIRUWELHQUpSRQGLWG
$UWDJQDQPDLVMHVXLVODVG
DYRLUjFUDLQGUH
HQEXYDQWIUDLVTXHOHYLQQHVRUWHGHODFDYHGH0LODG\
9RXVrWHVELHQGLIILFLOHGLW$WKRVXQHVLEHOOHIHPPH
8QHIHPPHGHPDUTXHGLW3RUWKRVDYHFVRQJURVULUH
$WKRVWUHVVDLOOLWSDVVDODPDLQVXUVRQIURQWSRXUHQHVVX\HUODVXHXUHWVH
OHYDjVRQWRXUDYHFXQPRXYHPHQWQHUYHX[TX
LOQHSXWUpSULPHU
/HMRXUV
pFRXODFHSHQGDQWHWOHVRLUYLQWSOXVOHQWHPHQWPDLVHQILQLOYLQW
OHVEXYHWWHVV
HPSOLUHQWGHFKDODQGV$WKRVTXLDYDLWHPSRFKpVDSDUWGX
GLDPDQWQHTXLWWDLWSOXVOH3DUSDLOORW,ODYDLWWURXYpGDQV0GH%XVLJQ\
TXLDXUHVWHOHXUDYDLWGRQQpXQGvQHUPDJQLILTXHXQSDUWQHUGLJQHGHOXL

,OVMRXDLHQWGRQFHQVHPEOHFRPPHG
KDELWXGHTXDQGVHSWKHXUHVVRQQqUHQWRQ
HQWHQGLWSDVVHUOHVSDWURXLOOHVTXLDOODLHQWGRXEOHUOHVSRVWHVjVHSWKHXUHV
HWGHPLHODUHWUDLWHVRQQD
1RXVVRPPHVSHUGXVGLWG
$UWDJQDQjO
RUHLOOHG
$WKRV
9RXVYRXOH]GLUHTXHQRXVDYRQVSHUGXGLWWUDQTXLOOHPHQW$WKRVHQWLUDQW
TXDWUHSLVWROHVGHVDSRFKHHWHQOHVMHWDQWVXUODWDEOH$OORQV0HVVLHXUV
FRQWLQXDWLORQEDWODUHWUDLWHDOORQVQRXVFRXFKHU
(W$WKRVVRUWLWGX3DUSDLOORWVXLYLGHG
$UWDJQDQ$UDPLVYHQDLWGHUULqUH
GRQQDQWOHEUDVj3RUWKRV$UDPLVPkFKRQQDLWGHVYHUVHW3RUWKRVV
DUUDFKDLWGH
WHPSVHQWHPSVTXHOTXHVSRLOVGHPRXVWDFKHHQVLJQHGHGpVHVSRLU
0DLVYRLOjTXHWRXWjFRXSGDQVO
REVFXULWpXQHRPEUHVHGHVVLQHGRQWOD
IRUPHHVWIDPLOLqUHjG
$UWDJQDQHWTX
XQHYRL[ELHQFRQQXHOXLGLW
0RQVLHXUMHYRXVDSSRUWHYRWUHPDQWHDXFDULOIDLWIUDLVFHVRLU
3ODQFKHWV
pFULDG
$UWDJQDQLYUHGHMRLH
3ODQFKHWUpSpWqUHQW3RUWKRVHW$UDPLV
(KELHQRXL3ODQFKHWGLW$WKRVTX
\DWLOG
pWRQQDQWjFHOD",ODYDLW
SURPLVG
rWUHGHUHWRXUjKXLWKHXUHVHWYRLOjOHVKXLWKHXUHVTXLVRQQHQW
%UDYR3ODQFKHWYRXVrWHVXQJDUoRQGHSDUROHHWVLMDPDLVYRXVTXLWWH]YRWUH
PDvWUHMHYRXVJDUGHXQHSODFHjPRQVHUYLFH
2KQRQMDPDLVGLW3ODQFKHWMDPDLVMHQHTXLWWHUDL0G
$UWDJQDQ
(QPrPHWHPSVG
$UWDJQDQVHQWLWTXH3ODQFKHWOXLJOLVVDLWXQELOOHWGDQVOD
PDLQ
'
$UWDJQDQDYDLWJUDQGHHQYLHG
HPEUDVVHU3ODQFKHWDXUHWRXUFRPPHLOO
DYDLW
HPEUDVVpDXGpSDUWPDLVLOHXWSHXUTXHFHWWHPDUTXHG
HIIXVLRQGRQQpHjVRQ
ODTXDLVHQSOHLQHUXHQHSDUWH[WUDRUGLQDLUHjTXHOTXHSDVVDQWHWLOVH
FRQWLQW
-
DLOHELOOHWGLWLOj$WKRVHWjVHVDPLV
&
HVWELHQGLW$WKRVHQWURQVFKH]QRXVHWQRXVOHOLURQV
/HELOOHWEUODLWODPDLQGHG
$UWDJQDQLOYRXODLWKkWHUOHSDVPDLV$WKRV
OXLSULWOHEUDVHWOHSDVVDVRXVOHVLHQHWIRUFHIXWDXMHXQHKRPPHGHUpJOHU
VDFRXUVHVXUFHOOHGHVRQDPL
(QILQRQHQWUDGDQVODWHQWHRQDOOXPDXQHODPSHHWWDQGLVTXH3ODQFKHWVH
WHQDLWVXUODSRUWHSRXUTXHOHVTXDWUHDPLVQHIXVVHQWSDVVXUSULVG
$UWDJQDQ
G
XQHPDLQWUHPEODQWHEULVDOHFDFKHWHWRXYULWODOHWWUHWDQWDWWHQGXH
(OOHFRQWHQDLWXQHGHPLOLJQHG
XQHpFULWXUHWRXWHEULWDQQLTXHHWG
XQH
FRQFLVLRQWRXWHVSDUWLDWH

7KDQN\RXEHHDV\
&HTXLYRXODLWGLUH
0HUFLVR\H]WUDQTXLOOH
$WKRVSULWODOHWWUHGHVPDLQVGHG
$UWDJQDQO
DSSURFKDGHODODPSH\PLWOH
IHXHWQHODOkFKDSRLQWTX
HOOHQHIWUpGXLWHHQFHQGUHV
3XLVDSSHODQW3ODQFKHW
0DLQWHQDQWPRQJDUoRQOXLGLWLOWXSHX[UpFODPHUWHVVHSWFHQWVOLYUHV
PDLVWXQHULVTXDLVSDVJUDQGFKRVHDYHFXQELOOHWFRPPHFHOXLOj
&HQ
HVWSDVIDXWHTXHM
DLHLQYHQWpELHQGHVPR\HQVGHOHVHUUHUGLW
3ODQFKHW
(KELHQGLWG
$UWDJQDQFRQWHQRXVFHOD
'DPHF
HVWELHQORQJ0RQVLHXU
7XDVUDLVRQ3ODQFKHWGLW$WKRVG
DLOOHXUVODUHWUDLWHHVWEDWWXHHW
QRXVVHULRQVUHPDUTXpVHQJDUGDQWGHODOXPLqUHSOXVORQJWHPSVTXHOHVDXWUHV
6RLWGLWG
$UWDJQDQFRXFKRQVQRXV'RUVELHQ3ODQFKHW
0DIRL0RQVLHXUFHVHUDODSUHPLqUHIRLVGHSXLVVHL]HMRXUV
(WPRLDXVVLGLWG
$UWDJQDQ
(WPRLDXVVLUpSpWD3RUWKRV
(WPRLDXVVLUpSpWD$UDPLV
(KELHQYRXOH]YRXVTXHMHYRXVDYRXHODYpULWp"HWPRLDXVVLGLW
$WKRV

&KDSLWUH;/,;
)$7$/,7(

&HSHQGDQW0LODG\LYUHGHFROqUHUXJLVVDQWVXUOHSRQWGXEkWLPHQWFRPPHXQH
OLRQQHTX
RQHPEDUTXHDYDLWpWpWHQWpHGHVHMHWHUjODPHUSRXUUHJDJQHUOD
F{WHFDUHOOHQHSRXYDLWVHIDLUHjO
LGpHTX
HOOHDYDLWpWpLQVXOWpHSDU
G
$UWDJQDQPHQDFpHSDU$WKRVHWTX
HOOHTXLWWDLWOD)UDQFHVDQVVHYHQJHU
G
HX[%LHQW{WFHWWHLGpHpWDLWGHYHQXHSRXUHOOHWHOOHPHQWLQVXSSRUWDEOH
TX
DXULVTXHGHFHTXLSRXYDLWDUULYHUGHWHUULEOHSRXUHOOHPrPHHOOHDYDLW
VXSSOLpOHFDSLWDLQHGHODMHWHUVXUODF{WHPDLVOHFDSLWDLQHSUHVVp
G
pFKDSSHUjVDIDXVVHSRVLWLRQSODFpHQWUHOHVFURLVHXUVIUDQoDLVHWDQJODLV

FRPPHODFKDXYHVRXULVHQWUHOHVUDWVHWOHVRLVHDX[DYDLWJUDQGHKkWHGH
UHJDJQHUO
$QJOHWHUUHHWUHIXVDREVWLQpPHQWG
REpLUjFHTX
LOSUHQDLWSRXUXQ
FDSULFHGHIHPPHSURPHWWDQWjVDSDVVDJqUHTXLDXUHVWHOXLpWDLW
SDUWLFXOLqUHPHQWUHFRPPDQGpHSDUOHFDUGLQDOGHODMHWHUVLODPHUHWOHV
)UDQoDLVOHSHUPHWWDLHQWGDQVXQGHVSRUWVGHOD%UHWDJQHVRLWj/RULHQWVRLW
j%UHVWPDLVHQDWWHQGDQWOHYHQWpWDLWFRQWUDLUHODPHUPDXYDLVHRQ
ORXYR\DLWHWO
RQFRXUDLWGHVERUGpHV1HXIMRXUVDSUqVODVRUWLHGHOD
&KDUHQWH0LODG\WRXWHSkOHGHVHVFKDJULQVHWGHVDUDJHYR\DLWDSSDUDvWUH
VHXOHPHQWOHVF{WHVEOHXkWUHVGX)LQLVWqUH
(OOHFDOFXODTXHSRXUWUDYHUVHUFHFRLQGHOD)UDQFHHWUHYHQLUSUqVGXFDUGLQDO
LOOXLIDOODLWDXPRLQVWURLVMRXUVDMRXWH]XQMRXUSRXUOHGpEDUTXHPHQWHW
FHODIDLVDLWTXDWUHDMRXWH]FHVTXDWUHMRXUVDX[QHXIDXWUHVF
pWDLWWUHL]H
MRXUVGHSHUGXVWUHL]HMRXUVSHQGDQWOHVTXHOVWDQWG
pYpQHPHQWVLPSRUWDQWVVH
SRXYDLHQWSDVVHUj/RQGUHV(OOHVRQJHDTXHVDQVDXFXQGRXWHOHFDUGLQDOVHUDLW
IXULHX[GHVRQUHWRXUHWTXHSDUFRQVpTXHQWLOVHUDLWSOXVGLVSRVpjpFRXWHU
OHVSODLQWHVTX
RQSRUWHUDLWFRQWUHHOOHTXHOHVDFFXVDWLRQVTX
HOOHSRUWHUDLW
FRQWUHOHVDXWUHV(OOHODLVVDGRQFSDVVHU/RULHQWHW%UHVWVDQVLQVLVWHUSUqV
GXFDSLWDLQHTXLGHVRQF{WpVHJDUGDELHQGHOXLGRQQHUO
pYHLO0LODG\
FRQWLQXDGRQFVDURXWHHWOHMRXUPrPHR3ODQFKHWV
HPEDUTXDLWGH3RUWVPRXWK
SRXUOD)UDQFHODPHVVDJqUHGH6RQ(PLQHQFHHQWUDLWWULRPSKDQWHGDQVOHSRUW
7RXWHODYLOOHpWDLWDJLWpHG
XQPRXYHPHQWH[WUDRUGLQDLUHTXDWUHJUDQGV
YDLVVHDX[UpFHPPHQWDFKHYpVYHQDLHQWG
rWUHODQFpVjODPHUGHERXWVXUOD
MHWpHFKDPDUUpG
RUpEORXLVVDQWVHORQVRQKDELWXGHGHGLDPDQWVHWGH
SLHUUHULHVOHIHXWUHRUQpG
XQHSOXPHEODQFKHTXLUHWRPEDLWVXUVRQpSDXOHRQ
YR\DLW%XFNLQJKDPHQWRXUpG
XQpWDWPDMRUSUHVTXHDXVVLEULOODQWTXHOXL
&
pWDLWXQHGHFHVEHOOHVHWUDUHVMRXUQpHVG
KLYHURO
$QJOHWHUUHVHVRXYLHQW
TX
LO\DXQVROHLO/
DVWUHSkOLPDLVFHSHQGDQWVSOHQGLGHHQFRUHVHFRXFKDLW
jO
KRUL]RQHPSRXUSUDQWjODIRLVOHFLHOHWODPHUGHEDQGHVGHIHXHWMHWDQW
VXUOHVWRXUVHWOHVYLHLOOHVPDLVRQVGHODYLOOHXQGHUQLHUUD\RQG
RUTXL
IDLVDLWpWLQFHOHUOHVYLWUHVFRPPHOHUHIOHWG
XQLQFHQGLH0LODG\HQUHVSLUDQW
FHWDLUGHO
2FpDQSOXVYLIHWSOXVEDOVDPLTXHjO
DSSURFKHGHODWHUUHHQ
FRQWHPSODQWWRXWHODSXLVVDQFHGHFHVSUpSDUDWLIVTX
HOOHpWDLWFKDUJpHGH
GpWUXLUHWRXWHODSXLVVDQFHGHFHWWHDUPpHTX
HOOHGHYDLWFRPEDWWUHjHOOH
VHXOHHOOHIHPPHDYHFTXHOTXHVVDFVG
RUVHFRPSDUDPHQWDOHPHQWj-XGLWK
ODWHUULEOH-XLYHORUVTX
HOOHSpQpWUDGDQVOHFDPSGHV$VV\ULHQVHWTX
HOOHYLW
ODPDVVHpQRUPHGHFKDUVGHFKHYDX[G
KRPPHVHWG
DUPHVTX
XQJHVWHGHVDPDLQ
GHYDLWGLVVLSHUFRPPHXQQXDJHGHIXPpH
2QHQWUDGDQVODUDGHPDLVFRPPHRQV
DSSUrWDLWj\MHWHUO
DQFUHXQSHWLW
FXWWHUIRUPLGDEOHPHQWDUPpV
DSSURFKDGXEkWLPHQWPDUFKDQGVHGRQQDQWFRPPH
JDUGHF{WHHWILWPHWWUHjODPHUVRQFDQRWTXLVHGLULJHDYHUVO
pFKHOOH&H
FDQRWUHQIHUPDLWXQRIILFLHUXQFRQWUHPDvWUHHWKXLWUDPHXUVO
RIILFLHUVHXO
PRQWDjERUGRLOIXWUHoXDYHFWRXWHODGpIpUHQFHTX
LQVSLUHO
XQLIRUPH
/
RIILFLHUV
HQWUHWLQWTXHOTXHVLQVWDQWVDYHFOHSDWURQOXLILWOLUHXQSDSLHU
GRQWLOpWDLWSRUWHXUHWVXUO
RUGUHGXFDSLWDLQHPDUFKDQGWRXWO
pTXLSDJHGX
EkWLPHQWPDWHORWVHWSDVVDJHUVIXWDSSHOpVXUOHSRQW
/RUVTXHFHWWHHVSqFHG
DSSHOIXWIDLWO
RIILFLHUV
HQTXLWWRXWKDXWGXSRLQWGH
GpSDUWGXEULFNGHVDURXWHGHVHVDWWHUULVVHPHQWVHWjWRXWHVOHVTXHVWLRQV

OHFDSLWDLQHVDWLVILWVDQVKpVLWDWLRQHWVDQVGLIILFXOWp$ORUVO
RIILFLHU
FRPPHQoDGHSDVVHUODUHYXHGHWRXWHVOHVSHUVRQQHVOHVXQHVDSUqVOHVDXWUHV
HWV
DUUrWDQWj0LODG\ODFRQVLGpUDDYHFXQJUDQGVRLQPDLVVDQVOXLDGUHVVHU
XQHVHXOHSDUROH
3XLVLOUHYLQWDXFDSLWDLQHOXLGLWHQFRUHTXHOTXHVPRWVHWFRPPHVLF
HW
pWpjOXLGpVRUPDLVTXHOHEkWLPHQWGWREpLULOFRPPDQGDXQHPDQRHXYUHTXH
O
pTXLSDJHH[pFXWDDXVVLW{W$ORUVOHEkWLPHQWVHUHPLWHQURXWHWRXMRXUV
HVFRUWpGXSHWLWFXWWHUTXLYRJXDLWERUGjERUGDYHFOXLPHQDoDQWVRQIODQFGH
ODERXFKHGHVHVVL[FDQRQVWDQGLVTXHODEDUTXHVXLYDLWGDQVOHVLOODJHGX
QDYLUHIDLEOHSRLQWSUqVGHO
pQRUPHPDVVH
3HQGDQWO
H[DPHQTXHO
RIILFLHUDYDLWIDLWGH0LODG\0LODG\FRPPHRQOHSHQVH
ELHQO
DYDLWGHVRQF{WpGpYRUpGXUHJDUG0DLVTXHOTXHKDELWXGHTXHFHWWH
IHPPHDX[\HX[GHIODPPHHWGHOLUHGDQVOHFRHXUGHFHX[GRQWHOOHDYDLW
EHVRLQGHGHYLQHUOHVVHFUHWVHOOHWURXYDFHWWHIRLVXQYLVDJHG
XQH
LPSDVVLELOLWpWHOOHTX
DXFXQHGpFRXYHUWHQHVXLYLWVRQLQYHVWLJDWLRQ/
RIILFLHU
TXLV
pWDLWDUUrWpGHYDQWHOOHHWTXLO
DYDLWVLOHQFLHXVHPHQWpWXGLpHDYHFWDQW
GHVRLQSRXYDLWrWUHkJpGHYLQJWFLQTjYLQJWVL[DQVpWDLWEODQFGHYLVDJH
DYHFGHV\HX[EOHXFODLUXQSHXHQIRQFpVVDERXFKHILQHHWELHQGHVVLQpH
GHPHXUDLWLPPRELOHGDQVVHVOLJQHVFRUUHFWHVVRQPHQWRQYLJRXUHXVHPHQW
DFFXVpGpQRWDLWFHWWHIRUFHGHYRORQWpTXLGDQVOHW\SHYXOJDLUHEULWDQQLTXH
Q
HVWRUGLQDLUHPHQWTXHGHO
HQWrWHPHQWXQIURQWXQSHXIX\DQWFRPPHLO
FRQYLHQWDX[SRqWHVDX[HQWKRXVLDVWHVHWDX[VROGDWVpWDLWjSHLQHRPEUDJp
G
XQHFKHYHOXUHFRXUWHHWFODLUVHPpHTXLFRPPHODEDUEHTXLFRXYUDLWOHEDVGH
VRQYLVDJHpWDLWG
XQHEHOOHFRXOHXUFKkWDLQIRQFp
/RUVTX
RQHQWUDGDQVOHSRUWLOIDLVDLWGpMjQXLW/DEUXPHpSDLVVLVVDLWHQFRUH
O
REVFXULWpHWIRUPDLWDXWRXUGHVIDQDX[HWGHVODQWHUQHVGHVMHWpHVXQFHUFOH
SDUHLOjFHOXLTXLHQWRXUHODOXQHTXDQGOHWHPSVPHQDFHGHGHYHQLUSOXYLHX[
/
DLUTX
RQUHVSLUDLWpWDLWWULVWHKXPLGHHWIURLG
0LODG\FHWWHIHPPHVLIRUWHVHVHQWDLWIULVVRQQHUPDOJUpHOOH
/
RIILFLHUVHILWLQGLTXHUOHVSDTXHWVGH0LODG\ILWSRUWHUVRQEDJDJHGDQVOH
FDQRWHWORUVTXHFHWWHRSpUDWLRQIXWIDLWHLOO
LQYLWDj\GHVFHQGUH
HOOHPrPHHQOXLWHQGDQWVDPDLQ
0LODG\UHJDUGDFHWKRPPHHWKpVLWD
4XLrWHVYRXV0RQVLHXUGHPDQGDWHOOHTXLDYH]ODERQWpGHYRXVRFFXSHUVL
SDUWLFXOLqUHPHQWGHPRL"
9RXVGHYH]OHYRLU0DGDPHjPRQXQLIRUPHMHVXLVRIILFLHUGHODPDULQH
DQJODLVHUpSRQGLWOHMHXQHKRPPH
0DLVHQILQHVWFHO
KDELWXGHTXHOHVRIILFLHUVGHODPDULQHDQJODLVHVH
PHWWHQWDX[RUGUHVGHOHXUVFRPSDWULRWHVORUVTX
LOVDERUGHQWGDQVXQSRUWGHOD
*UDQGH%UHWDJQHHWSRXVVHQWODJDODQWHULHMXVTX
jOHVFRQGXLUHjWHUUH"
2XL0LODG\F
HVWO
KDELWXGHQRQSRLQWSDUJDODQWHULHPDLVSDUSUXGHQFH
TX
HQWHPSVGHJXHUUHOHVpWUDQJHUVVRLHQWFRQGXLWVjXQHK{WHOOHULHGpVLJQpH
DILQTXHMXVTX
jSDUIDLWHLQIRUPDWLRQVXUHX[LOVUHVWHQWVRXVODVXUYHLOODQFH

GXJRXYHUQHPHQW
&HVPRWVIXUHQWSURQRQFpVDYHFODSROLWHVVHODSOXVH[DFWHHWOHFDOPHOHSOXV
SDUIDLW&HSHQGDQWLOVQ
HXUHQWSRLQWOHGRQGHFRQYDLQFUH0LODG\
0DLVMHQHVXLVSDVpWUDQJqUH0RQVLHXUGLWHOOHDYHFO
DFFHQWOHSOXVSXU
TXLDLWMDPDLVUHWHQWLGH3RUWVPRXWKj0DQFKHVWHUMHPHQRPPH/DG\&ODULFNHW
FHWWHPHVXUH
&HWWHPHVXUHHVWJpQpUDOH0LODG\HWYRXVWHQWHULH]LQXWLOHPHQWGHYRXV\
VRXVWUDLUH
-HYRXVVXLYUDLGRQF0RQVLHXU
(WDFFHSWDQWODPDLQGHO
RIILFLHUHOOHFRPPHQoDGHGHVFHQGUHO
pFKHOOHDXEDV
GHODTXHOOHO
DWWHQGDLWOHFDQRW/
RIILFLHUODVXLYLWXQJUDQGPDQWHDXpWDLW
pWHQGXjODSRXSHO
RIILFLHUODILWDVVHRLUVXUOHPDQWHDXHWV
DVVLWSUqV
G
HOOH
1DJH]GLWLODX[PDWHORWV
/HVKXLWUDPHVUHWRPEqUHQWGDQVODPHUQHIRUPDQWTX
XQVHXOEUXLWQHIUDSSDQW
TX
XQVHXOFRXSHWOHFDQRWVHPEODYROHUVXUODVXUIDFHGHO
HDX
$XERXWGHFLQTPLQXWHVRQWRXFKDLWjWHUUH
/
RIILFLHUVDXWDVXUOHTXDLHWRIIULWODPDLQj0LODG\
8QHYRLWXUHDWWHQGDLW
&HWWHYRLWXUHHVWHOOHSRXUQRXV"GHPDQGD0LODG\
2XL0DGDPHUpSRQGLWO
RIILFLHU
/
K{WHOOHULHHVWGRQFELHQORLQ"
$O
DXWUHERXWGHODYLOOH
$OORQVGLW0LODG\
(WHOOHPRQWDUpVROXPHQWGDQVODYRLWXUH
/
RIILFLHUYHLOODjFHTXHOHVSDTXHWVIXVVHQWVRLJQHXVHPHQWDWWDFKpVGHUULqUH
ODFDLVVHHWFHWWHRSpUDWLRQWHUPLQpHSULWVDSODFHSUqVGH0LODG\HWUHIHUPD
ODSRUWLqUH
$XVVLW{WVDQVTX
DXFXQRUGUHIWGRQQpHWVDQVTX
RQHWEHVRLQGHOXLLQGLTXHU
VDGHVWLQDWLRQOHFRFKHUSDUWLWDXJDORSHWV
HQIRQoDGDQVOHVUXHVGHOD
YLOOH
8QHUpFHSWLRQVLpWUDQJHGHYDLWrWUHSRXU0LODG\XQHDPSOHPDWLqUHjUpIOH[LRQ
DXVVLYR\DQWTXHOHMHXQHRIILFLHUQHSDUDLVVDLWQXOOHPHQWGLVSRVpjOLHU
FRQYHUVDWLRQHOOHV
DFFRXGDGDQVXQDQJOHGHODYRLWXUHHWSDVVDOHVXQHVDSUqV

OHVDXWUHVHQUHYXHWRXWHVOHVVXSSRVLWLRQVTXLVHSUpVHQWDLHQWjVRQHVSULW
&HSHQGDQWDXERXWG
XQTXDUWG
KHXUHpWRQQpHGHODORQJXHXUGXFKHPLQHOOHVH
SHQFKDYHUVODSRUWLqUHSRXUYRLURRQODFRQGXLVDLW2QQ
DSHUFHYDLWSOXVGH
PDLVRQVGHVDUEUHVDSSDUDLVVDLHQWGDQVOHVWpQqEUHVFRPPHGHJUDQGVIDQW{PHV
QRLUVFRXUDQWOHVXQVDSUqVOHVDXWUHV
0LODG\IULVVRQQD
0DLVQRXVQHVRPPHVSOXVGDQVODYLOOH0RQVLHXUGLWHOOH
/HMHXQHRIILFLHUJDUGDOHVLOHQFH
-HQ
LUDLSDVSOXVORLQVLYRXVQHPHGLWHVSDVRYRXVPHFRQGXLVH]MH
YRXVHQSUpYLHQV0RQVLHXU
&HWWHPHQDFHQ
REWLQWDXFXQHUpSRQVH
2KF
HVWWURSIRUWV
pFULD0LODG\DXVHFRXUVDXVHFRXUV
3DVXQHYRL[QHUpSRQGLWjODVLHQQHODYRLWXUHFRQWLQXDGHURXOHUDYHF
UDSLGLWpO
RIILFLHUVHPEODLWXQHVWDWXH
0LODG\UHJDUGDO
RIILFLHUDYHFXQHGHFHVH[SUHVVLRQVWHUULEOHVSDUWLFXOLqUHVj
VRQYLVDJHHWTXLPDQTXDLHQWVLUDUHPHQWOHXUHIIHWODFROqUHIDLVDLW
pWLQFHOHUVHV\HX[GDQVO
RPEUH
/HMHXQHKRPPHUHVWDLPSDVVLEOH
0LODG\YRXOXWRXYULUODSRUWLqUHHWVHSUpFLSLWHU
3UHQH]JDUGH0DGDPHGLWIURLGHPHQWOHMHXQHKRPPHYRXVYRXVWXHUH]HQ
VDXWDQW
0LODG\VHUDVVLWpFXPDQWHO
RIILFLHUVHSHQFKDODUHJDUGDjVRQWRXUHWSDUXW
VXUSULVGHYRLUFHWWHILJXUHVLEHOOHQDJXqUHERXOHYHUVpHSDUODUDJHHW
GHYHQXHSUHVTXHKLGHXVH/
DVWXFLHXVHFUpDWXUHFRPSULWTX
HOOHVHSHUGDLWHQ
ODLVVDQWYRLUDLQVLGDQVVRQkPHHOOHUDVVpUpQDVHVWUDLWVHWG
XQHYRL[
JpPLVVDQWH
$XQRPGX&LHO0RQVLHXUGLWHVPRLVLF
HVWjYRXVVLF
HVWjYRWUH
JRXYHUQHPHQWVLF
HVWjXQHQQHPLTXHMHGRLVDWWULEXHUODYLROHQFHTXHO
RQPH
IDLW"
2QQHYRXVIDLWDXFXQHYLROHQFH0DGDPHHWFHTXLYRXVDUULYHHVWOH
UpVXOWDWG
XQHPHVXUHWRXWHVLPSOHTXHQRXVVRPPHVIRUFpVGHSUHQGUHDYHFWRXV
FHX[TXLGpEDUTXHQWHQ$QJOHWHUUH
$ORUVYRXVQHPHFRQQDLVVH]SDV0RQVLHXU"
&
HVWODSUHPLqUHIRLVTXHM
DLO
KRQQHXUGHYRXVYRLU
(WVXUYRWUHKRQQHXUYRXVQ
DYH]DXFXQVXMHWGHKDLQHFRQWUHPRL"

$XFXQMHYRXVOHMXUH
,O\DYDLWWDQWGHVpUpQLWpGHVDQJIURLGGHGRXFHXUPrPHGDQVODYRL[GX
MHXQHKRPPHTXH0LODG\IXWUDVVXUpH
(QILQDSUqVXQHKHXUHGHPDUFKHjSHXSUqVODYRLWXUHV
DUUrWDGHYDQWXQH
JULOOHGHIHUTXLIHUPDLWXQFKHPLQFUHX[FRQGXLVDQWjXQFKkWHDXVpYqUHGH
IRUPHPDVVLIHWLVROp$ORUVFRPPHOHVURXHVWRXUQDLHQWVXUXQVDEOHILQ
0LODG\HQWHQGLWXQYDVWHPXJLVVHPHQWTX
HOOHUHFRQQXWSRXUOHEUXLWGHODPHU
TXLYLHQWVHEULVHUVXUXQHF{WHHVFDUSpH
/DYRLWXUHSDVVDVRXVGHX[YRWHVHWHQILQV
DUUrWDGDQVXQHFRXUVRPEUHHW
FDUUpHSUHVTXHDXVVLW{WODSRUWLqUHGHODYRLWXUHV
RXYULWOHMHXQHKRPPH
VDXWDOpJqUHPHQWjWHUUHHWSUpVHQWDVDPDLQj0LODG\TXLV
DSSX\DGHVVXVHW
GHVFHQGLWjVRQWRXUDYHFDVVH]GHFDOPH
7RXMRXUVHVWLOGLW0LODG\HQUHJDUGDQWDXWRXUG
HOOHHWHQUDPHQDQWVHV\HX[
VXUOHMHXQHRIILFLHUDYHFOHSOXVJUDFLHX[VRXULUHTXHMHVXLVSULVRQQLqUH
PDLVFHQHVHUDSDVSRXUORQJWHPSVM
HQVXLVVUHDMRXWDWHOOHPD
FRQVFLHQFHHWYRWUHSROLWHVVH0RQVLHXUP
HQVRQWJDUDQWV
6LIODWWHXUTXHIWOHFRPSOLPHQWO
RIILFLHUQHUpSRQGLWULHQPDLVWLUDQWGH
VDFHLQWXUHXQSHWLWVLIIOHWG
DUJHQWSDUHLOjFHOXLGRQWVHVHUYHQWOHV
FRQWUHPDvWUHVVXUOHVEkWLPHQWVGHJXHUUHLOVLIIODWURLVIRLVVXUWURLV
PRGXODWLRQVGLIIpUHQWHVDORUVSOXVLHXUVKRPPHVSDUXUHQWGpWHOqUHQWOHV
FKHYDX[IXPDQWVHWHPPHQqUHQWODYRLWXUHVRXVXQHUHPLVH
3XLVO
RIILFLHUWRXMRXUVDYHFODPrPHSROLWHVVHFDOPHLQYLWDVDSULVRQQLqUHj
HQWUHUGDQVODPDLVRQ&HOOHFLWRXMRXUVDYHFVRQPrPHYLVDJHVRXULDQWOXL
SULWOHEUDVHWHQWUDDYHFOXLVRXVXQHSRUWHEDVVHHWFLQWUpHTXLSDUXQH
YRWHpFODLUpHVHXOHPHQWDXIRQGFRQGXLVDLWjXQHVFDOLHUGHSLHUUHWRXUQDQW
DXWRXUG
XQHDUrWHGHSLHUUHSXLVRQV
DUUrWDGHYDQWXQHSRUWHPDVVLYHTXL
DSUqVO
LQWURGXFWLRQGDQVODVHUUXUHG
XQHFOHITXHOHMHXQHKRPPHSRUWDLWVXU
OXLURXODORXUGHPHQWVXUVHVJRQGVHWGRQQDRXYHUWXUHjODFKDPEUHGHVWLQpHj
0LODG\
'
XQVHXOUHJDUGODSULVRQQLqUHHPEUDVVDO
DSSDUWHPHQWGDQVVHVPRLQGUHV
GpWDLOV
&
pWDLWXQHFKDPEUHGRQWO
DPHXEOHPHQWpWDLWjODIRLVELHQSURSUHSRXUXQH
SULVRQHWELHQVpYqUHSRXUXQHKDELWDWLRQG
KRPPHOLEUHFHSHQGDQWGHV
EDUUHDX[DX[IHQrWUHVHWGHVYHUURXVH[WpULHXUVjODSRUWHGpFLGDLHQWOHSURFqV
HQIDYHXUGHODSULVRQ
8QLQVWDQWWRXWHODIRUFHG
kPHGHFHWWHFUpDWXUHWUHPSpHFHSHQGDQWDX[VRXUFHV
OHVSOXVYLJRXUHXVHVO
DEDQGRQQDHOOHWRPEDVXUXQIDXWHXLOFURLVDQWOHV
EUDVEDLVVDQWODWrWHHWV
DWWHQGDQWjFKDTXHLQVWDQWjYRLUHQWUHUXQMXJH
SRXUO
LQWHUURJHU
0DLVSHUVRQQHQ
HQWUDTXHGHX[RXWURLVVROGDWVGHPDULQHTXLDSSRUWqUHQWOHV
PDOOHVHWOHVFDLVVHVOHVGpSRVqUHQWGDQVXQFRLQHWVHUHWLUqUHQWVDQVULHQ
GLUH

/
RIILFLHUSUpVLGDLWjWRXVFHVGpWDLOVDYHFOHPrPHFDOPHTXH0LODG\OXLDYDLW
FRQVWDPPHQWYXQHSURQRQoDQWSDVXQHSDUROHOXLPrPHHWVHIDLVDQWREpLUG
XQ
JHVWHGHVDPDLQRXG
XQFRXSGHVRQVLIIOHW
2QHWGLWTX
HQWUHFHWKRPPHHWVHVLQIpULHXUVODODQJXHSDUOpHQ
H[LVWDLWSDV
RXGHYHQDLWLQXWLOH
(QILQ0LODG\Q
\SXWWHQLUSOXVORQJWHPSVHOOHURPSLWOHVLOHQFH
$XQRPGX&LHO0RQVLHXUV
pFULDWHOOHTXHYHXWGLUHWRXWFHTXLVHSDVVH
")L[H]PHVLUUpVROXWLRQVM
DLGXFRXUDJHSRXUWRXWGDQJHUTXHMHSUpYRLV
SRXUWRXWPDOKHXUTXHMHFRPSUHQGV2VXLVMHHWTXHVXLVMHLFL"6XLVMH
OLEUHSRXUTXRLFHVEDUUHDX[HWFHVSRUWHV"6XLVMHSULVRQQLqUHTXHOFULPH
DLMHFRPPLV"
9RXVrWHVLFLGDQVO
DSSDUWHPHQWTXLYRXVHVWGHVWLQp0DGDPH-
DLUHoX
O
RUGUHG
DOOHUYRXVSUHQGUHHQPHUHWGHYRXVFRQGXLUHHQFHFKkWHDXFHW
RUGUHMHO
DLDFFRPSOLMHFURLVDYHFWRXWHODULJLGLWpG
XQVROGDWPDLV
DXVVLDYHFWRXWHODFRXUWRLVLHG
XQJHQWLOKRPPH/jVHWHUPLQHGXPRLQVMXVTX
j
SUpVHQWODFKDUJHTXHM
DYDLVjUHPSOLUSUqVGHYRXVOHUHVWHUHJDUGHXQH
DXWUHSHUVRQQH
(WFHWWHDXWUHSHUVRQQHTXHOOHHVWHOOH"GHPDQGD0LODG\QHSRXYH]YRXVPH
GLUHVRQQRP"
(QFHPRPHQWRQHQWHQGLWSDUOHVHVFDOLHUVXQJUDQGEUXLWG
pSHURQVTXHOTXHV
YRL[SDVVqUHQWHWV
pWHLJQLUHQWHWOHEUXLWG
XQSDVLVROpVHUDSSURFKDGHOD
SRUWH
&HWWHSHUVRQQHODYRLFL0DGDPHGLWO
RIILFLHUHQGpPDVTXDQWOHSDVVDJH
HWHQVHUDQJHDQWGDQVO
DWWLWXGHGXUHVSHFWHWGHODVRXPLVVLRQ
(QPrPHWHPSVODSRUWHV
RXYULWXQKRPPHSDUXWVXUOHVHXLO
,OpWDLWVDQVFKDSHDXSRUWDLWO
pSpHDXF{WpHWIURLVVDLWXQPRXFKRLUHQWUH
VHVGRLJWV
0LODG\FUXWUHFRQQDvWUHFHWWHRPEUHGDQVO
RPEUHHOOHV
DSSX\DG
XQHPDLQVXU
OHEUDVGHVRQIDXWHXLOHWDYDQoDODWrWHFRPPHSRXUDOOHUDXGHYDQWG
XQH
FHUWLWXGH
$ORUVO
pWUDQJHUV
DYDQoDOHQWHPHQWHWjPHVXUHTX
LOV
DYDQoDLWHQHQWUDQW
GDQVOHFHUFOHGHOXPLqUHSURMHWpSDUODODPSH0LODG\VHUHFXODLW
LQYRORQWDLUHPHQW
3XLVORUVTX
HOOHQ
HXWSOXVDXFXQGRXWH
(KTXRLPRQIUqUHV
pFULDWHOOHDXFRPEOHGHODVWXSHXUF
HVWYRXV"
2XLEHOOHGDPHUpSRQGLW/RUGGH:LQWHUHQIDLVDQWXQVDOXWPRLWLp
FRXUWRLVPRLWLpLURQLTXHPRLPrPH

0DLVDORUVFHFKkWHDX"
(VWjPRL
&HWWHFKDPEUH"
&
HVWODY{WUH
-HVXLVGRQFYRWUHSULVRQQLqUH"
$SHXSUqV
0DLVF
HVWXQDIIUHX[DEXVGHODIRUFH
3DVGHJUDQGVPRWVDVVH\RQVQRXVHWFDXVRQVWUDQTXLOOHPHQWFRPPHLO
FRQYLHQWGHIDLUHHQWUHXQIUqUHHWXQHVRHXU
3XLVVHUHWRXUQDQWYHUVODSRUWHHWYR\DQWTXHOHMHXQHRIILFLHUDWWHQGDLWVHV
GHUQLHUVRUGUHV
&
HVWELHQGLWLOMHYRXVUHPHUFLHPDLQWHQDQWODLVVH]QRXV0RQVLHXU
)HOWRQ

&KDSLWUH/
&$86(5,('
81)5(5($9(&6$62(85

3HQGDQWOHWHPSVTXH/RUGGH:LQWHUPLWjIHUPHUODSRUWHjSRXVVHUXQYROHWHW
jDSSURFKHUXQVLqJHGXIDXWHXLOGHVDEHOOHVRHXU0LODG\UrYHXVHSORQJHDVRQ
UHJDUGGDQVOHVSURIRQGHXUVGHODSRVVLELOLWpHWGpFRXYULWWRXWHODWUDPH
TX
HOOHQ
DYDLWSDVPrPHSXHQWUHYRLUWDQWTX
HOOHLJQRUDLWHQTXHOOHVPDLQV
HOOHpWDLWWRPEpH(OOHFRQQDLVVDLWVRQEHDXIUqUHSRXUXQERQJHQWLOKRPPH
IUDQFFKDVVHXUMRXHXULQWUpSLGHHQWUHSUHQDQWSUqVGHVIHPPHVPDLVG
XQHIRUFH
LQIpULHXUHjODVLHQQHjO
HQGURLWGHO
LQWULJXH&RPPHQWDYDLWLOSXGpFRXYULU
VRQDUULYpH"ODIDLUHVDLVLU"3RXUTXRLODUHWHQDLWLO"
$WKRVOXLDYDLWELHQGLWTXHOTXHVPRWVTXLSURXYDLHQWTXHODFRQYHUVDWLRQ
TX
HOOHDYDLWHXHDYHFOHFDUGLQDOpWDLWWRPEpHGDQVGHVRUHLOOHVpWUDQJqUHV
PDLVHOOHQHSRXYDLWDGPHWWUHTX
LOHWSXFUHXVHUXQHFRQWUHPLQHVLSURPSWHHW
VLKDUGLH
(OOHFUDLJQLWELHQSOXW{WTXHVHVSUpFpGHQWHVRSpUDWLRQVHQ$QJOHWHUUHQ
HXVVHQW
pWpGpFRXYHUWHV%XFNLQJKDPSRXYDLWDYRLUGHYLQpTXHF
pWDLWHOOHTXLDYDLW
FRXSpOHVGHX[IHUUHWVHWVHYHQJHUGHFHWWHSHWLWHWUDKLVRQPDLV%XFNLQJKDP
pWDLWLQFDSDEOHGHVHSRUWHUjDXFXQH[FqVFRQWUHXQHIHPPHVXUWRXWVLFHWWH
IHPPHpWDLWFHQVpHDYRLUDJLSDUXQVHQWLPHQWGHMDORXVLH
&HWWHVXSSRVLWLRQOXLSDUXWODSOXVSUREDEOHLOOXLVHPEODTX
RQYRXODLWVH
YHQJHUGXSDVVpHWQRQDOOHUDXGHYDQWGHO
DYHQLU7RXWHIRLVHWHQWRXWFDV

HOOHV
DSSODXGLWG
rWUHWRPEpHHQWUHOHVPDLQVGHVRQEHDXIUqUHGRQWHOOH
FRPSWDLWDYRLUERQPDUFKpSOXW{WTX
HQWUHFHOOHVG
XQHQQHPLGLUHFWHW
LQWHOOLJHQW
2XLFDXVRQVPRQIUqUHGLWHOOHDYHFXQHHVSqFHG
HQMRXHPHQWGpFLGpH
TX
HOOHpWDLWjWLUHUGHODFRQYHUVDWLRQPDOJUpWRXWHODGLVVLPXODWLRQTXH
SRXUUDLW\DSSRUWHU/RUGGH:LQWHUOHVpFODLUFLVVHPHQWVGRQWHOOHDYDLWEHVRLQ
SRXUUpJOHUVDFRQGXLWHjYHQLU
9RXVYRXVrWHVGRQFGpFLGpHjUHYHQLUHQ$QJOHWHUUHGLW/RUGGH:LQWHU
PDOJUpODUpVROXWLRQTXHYRXVP
DYLH]VLVRXYHQWPDQLIHVWpHj3DULVGHQHMDPDLV
UHPHWWUHOHVSLHGVVXUOHWHUULWRLUHGHOD*UDQGH%UHWDJQH"
0LODG\UpSRQGLWjXQHTXHVWLRQSDUXQHDXWUHTXHVWLRQ
$YDQWWRXWGLWHOOHDSSUHQH]PRLGRQFFRPPHQWYRXVP
DYH]IDLWJXHWWHUDVVH]
VpYqUHPHQWSRXUrWUHG
DYDQFHSUpYHQXQRQVHXOHPHQWGHPRQDUULYpHPDLVHQFRUH
GXMRXUGHO
KHXUHHWGXSRUWRM
DUULYDLV
/RUGGH:LQWHUDGRSWDODPrPHWDFWLTXHTXH0LODG\SHQVDQWTXHSXLVTXHVD
EHOOHVRHXUO
HPSOR\DLWFHGHYDLWrWUHODERQQH
0DLVGLWHVPRLYRXVPrPHPDFKqUHVRHXUUHSULWLOFHTXHYRXVYHQH]IDLUH
HQ$QJOHWHUUH
0DLVMHYLHQVYRXVYRLUUHSULW0LODG\VDQVVDYRLUFRPELHQHOOHDJJUDYDLW
SDUFHWWHUpSRQVHOHVVRXSoRQVTX
DYDLWIDLWQDvWUHGDQVO
HVSULWGHVRQ
EHDXIUqUHODOHWWUHGHG
$UWDJQDQHWYRXODQWVHXOHPHQWFDSWHUODELHQYHLOODQFH
GHVRQDXGLWHXUSDUXQPHQVRQJH
$KPHYRLU"GLWVRXUQRLVHPHQW/RUGGH:LQWHU
6DQVGRXWHYRXVYRLU4X
\DWLOG
pWRQQDQWjFHOD"
(WYRXVQ
DYH]SDVHQYHQDQWHQ$QJOHWHUUHG
DXWUHEXWTXHGHPHYRLU"
1RQ
$LQVLF
HVWSRXUPRLVHXOTXHYRXVYRXVrWHVGRQQpHODSHLQHGHWUDYHUVHUOD
0DQFKH"
3RXUYRXVVHXO
3HVWHTXHOOHWHQGUHVVHPDVRHXU
0DLVQHVXLVMHSDVYRWUHSOXVSURFKHSDUHQWH"GHPDQGD0LODG\GXWRQGHOD
SOXVWRXFKDQWHQDwYHWp
(WPrPHPDVHXOHKpULWLqUHQ
HVWFHSDV"GLWjVRQWRXU/RUGGH:LQWHU
HQIL[DQWVHV\HX[VXUFHX[GH0LODG\
4XHOTXHSXLVVDQFHTX
HOOHHWVXUHOOHPrPH0LODG\QHSXWV
HPSrFKHUGH
WUHVVDLOOLUHWFRPPHHQSURQRQoDQWOHVGHUQLqUHVSDUROHVTX
LODYDLWGLWHV

/RUGGH:LQWHUDYDLWSRVpODPDLQVXUOHEUDVGHVDVRHXUFHWUHVVDLOOHPHQWQH
OXLpFKDSSDSRLQW
(QHIIHWOHFRXSpWDLWGLUHFWHWSURIRQG/DSUHPLqUHLGpHTXLYLQWjO
HVSULW
GH0LODG\IXWTX
HOOHDYDLWpWpWUDKLHSDU.HWW\HWTXHFHOOHFLDYDLWUDFRQWp
DXEDURQFHWWHDYHUVLRQLQWpUHVVpHGRQWHOOHDYDLWLPSUXGHPPHQWODLVVppFKDSSHU
GHVPDUTXHVGHYDQWVDVXLYDQWHHOOHVHUDSSHODDXVVLODVRUWLHIXULHXVHHW
LPSUXGHQWHTX
HOOHDYDLWIDLWHFRQWUHG
$UWDJQDQORUVTX
LODYDLWVDXYpODYLH
GHVRQEHDXIUqUH
-HQHFRPSUHQGVSDV0LORUGGLWHOOHSRXUJDJQHUGXWHPSVHWIDLUHSDUOHUVRQ
DGYHUVDLUH4XHYRXOH]YRXVGLUH"(W\DWLOTXHOTXHVHQVLQFRQQXFDFKpVRXV
YRVSDUROHV"
2KPRQ'LHXQRQGLW/RUGGH:LQWHUDYHFXQHDSSDUHQWHERQKRPLHYRXV
DYH]OHGpVLUGHPHYRLUHWYRXVYHQH]HQ$QJOHWHUUH-
DSSUHQGVFHGpVLURX
SOXW{WMHPHGRXWHTXHYRXVO
pSURXYH]HWDILQGHYRXVpSDUJQHUWRXVOHVHQQXLV
G
XQHDUULYpHQRFWXUQHGDQVXQSRUWWRXWHVOHVIDWLJXHVG
XQGpEDUTXHPHQW
M
HQYRLHXQGHPHVRIILFLHUVDXGHYDQWGHYRXVMHPHWVXQHYRLWXUHjVHV
RUGUHVHWLOYRXVDPqQHLFLGDQVFHFKkWHDXGRQWMHVXLVJRXYHUQHXURMH
YLHQVWRXVOHVMRXUVHWRSRXUTXHQRWUHGRXEOHGpVLUGHQRXVYRLUVRLW
VDWLVIDLWMHYRXVIDLVSUpSDUHUXQHFKDPEUH4X
\DWLOGDQVWRXWFHTXHMH
GLVOjGHSOXVpWRQQDQWTXHGDQVFHTXHYRXVP
DYH]GLW"
1RQFHTXHMHWURXYHG
pWRQQDQWF
HVWTXHYRXVD\H]pWpSUpYHQXGHPRQ
DUULYpH
&
HVWFHSHQGDQWODFKRVHODSOXVVLPSOHPDFKqUHVRHXUQ
DYH]YRXVSDVYX
TXHOHFDSLWDLQHGHYRWUHSHWLWEkWLPHQWDYDLWHQHQWUDQWGDQVODUDGHHQYR\p
HQDYDQWHWDILQG
REWHQLUVRQHQWUpHGDQVOHSRUWXQSHWLWFDQRWSRUWHXUGH
VRQOLYUHGHORFKHWGHVRQUHJLVWUHG
pTXLSDJH"-HVXLVFRPPDQGDQWGXSRUWRQ
P
DDSSRUWpFHOLYUHM
\DLUHFRQQXYRWUHQRP0RQFRHXUP
DGLWFHTXHYLHQW
GHPHFRQILHUYRWUHERXFKHF
HVWjGLUHGDQVTXHOEXWYRXVYRXVH[SRVLH]DX[
GDQJHUVG
XQHPHUVLSpULOOHXVHRXWRXWDXPRLQVVLIDWLJDQWHHQFHPRPHQWHW
M
DLHQYR\pPRQFXWWHUDXGHYDQWGHYRXV9RXVVDYH]OHUHVWH
0LODG\FRPSULWTXH/RUGGH:LQWHUPHQWDLWHWQ
HQIXWTXHSOXVHIIUD\pH
0RQIUqUHFRQWLQXDWHOOHQ
HVWFHSDV0LORUG%XFNLQJKDPTXHMHYLVVXUOD
MHWpHOHVRLUHQDUULYDQW"
/XLPrPH$KMHFRPSUHQGVTXHVDYXHYRXVDLWIUDSSpHUHSULW/RUGGH
:LQWHUYRXVYHQH]G
XQSD\VRO
RQGRLWEHDXFRXSV
RFFXSHUGHOXLHWMHVDLV
TXHVHVDUPHPHQWVFRQWUHOD)UDQFHSUpRFFXSHQWIRUWYRWUHDPLOHFDUGLQDO
0RQDPLOHFDUGLQDOV
pFULD0LODG\YR\DQWTXHVXUFHSRLQWFRPPHVXU
O
DXWUH/RUGGH:LQWHUSDUDLVVDLWLQVWUXLWGHWRXW
1
HVWLOGRQFSRLQWYRWUHDPL"UHSULWQpJOLJHPPHQWOHEDURQDKSDUGRQ
MHOHFUR\DLVPDLVQRXVUHYLHQGURQVj0LORUGGXFSOXVWDUGQHQRXVpFDUWRQV
SRLQWGXWRXUVHQWLPHQWDOTXHODFRQYHUVDWLRQDYDLWSULVYRXVYHQLH]
GLVLH]YRXVSRXUPHYRLU"

2XL
(KELHQMHYRXVDLUpSRQGXTXHYRXVVHULH]VHUYLHjVRXKDLWHWTXHQRXVQRXV
YHUULRQVWRXVOHVMRXUV
'RLVMHGRQFGHPHXUHUpWHUQHOOHPHQWLFL"GHPDQGD0LODG\DYHFXQFHUWDLQ
HIIURL
9RXVWURXYHULH]YRXVPDOORJpHPDVRHXU"GHPDQGH]FHTXLYRXVPDQTXHHWMH
P
HPSUHVVHUDLGHYRXVOHIDLUHGRQQHU
0DLVMHQ
DLQLPHVIHPPHVQLPHVJHQV
9RXVDXUH]WRXWFHOD0DGDPHGLWHVPRLVXUTXHOSLHGYRWUHSUHPLHUPDUL
DYDLWPRQWpYRWUHPDLVRQTXRLTXHMHQHVRLVTXHYRWUHEHDXIUqUHMHYRXVOD
PRQWHUDLVXUXQSLHGSDUHLO
0RQSUHPLHUPDULV
pFULD0LODG\HQUHJDUGDQW/RUGGH:LQWHUDYHFGHV\HX[
HIIDUpV
2XLYRWUHPDULIUDQoDLVMHQHSDUOHSDVGHPRQIUqUH$XUHVWHVLYRXV
O
DYH]RXEOLpFRPPHLOYLWHQFRUHMHSRXUUDLVOXLpFULUHHWLOPHIHUDLW
SDVVHUGHVUHQVHLJQHPHQWVjFHVXMHW
8QHVXHXUIURLGHSHUODVXUOHIURQWGH0LODG\
9RXVUDLOOH]GLWHOOHG
XQHYRL[VRXUGH
(QDLMHO
DLU"GHPDQGDOHEDURQHQVHUHOHYDQWHWHQIDLVDQWXQSDVHQ
DUULqUH
2XSOXW{WYRXVP
LQVXOWH]FRQWLQXDWHOOHHQSUHVVDQWGHVHVPDLQVFULVSpHV
OHVGHX[EUDVGXIDXWHXLOHWHQVHVRXOHYDQWVXUVHVSRLJQHWV
9RXVLQVXOWHUPRLGLW/RUGGH:LQWHUDYHFPpSULVHQYpULWp0DGDPH
FUR\H]YRXVTXHFHVRLWSRVVLEOH"
(QYpULWp0RQVLHXUGLW0LODG\YRXVrWHVRXLYUHRXLQVHQVpVRUWH]HW
HQYR\H]PRLXQHIHPPH
'HVIHPPHVVRQWELHQLQGLVFUqWHVPDVRHXUQHSRXUUDLVMHSDVYRXVVHUYLU
GHVXLYDQWH"GHFHWWHIDoRQWRXVQRVVHFUHWVUHVWHUDLHQWHQIDPLOOH
,QVROHQWV
pFULD0LODG\HWFRPPHPXHSDUXQUHVVRUWHOOHERQGLWVXUOH
EDURQTXLO
DWWHQGDLWDYHFLPSDVVLELOLWpPDLVXQHPDLQFHSHQGDQWVXUODJDUGH
GHVRQpSpH
(KHKGLWLOMHVDLVTXHYRXVDYH]O
KDELWXGHG
DVVDVVLQHUOHVJHQV
PDLVMHPHGpIHQGUDLPRLMHYRXVHQSUpYLHQVIWFHFRQWUHYRXV
2KYRXVDYH]UDLVRQGLW0LODG\HWYRXVPHIDLWHVO
HIIHWG
rWUHDVVH]
OkFKHSRXUSRUWHUODPDLQVXUXQHIHPPH

3HXWrWUHTXHRXLG
DLOOHXUVM
DXUDLVPRQH[FXVHPDPDLQQHVHUDLWSDVOD
SUHPLqUHPDLQG
KRPPHTXLVHVHUDLWSRVpHVXUYRXVM
LPDJLQH
(WOHEDURQLQGLTXDG
XQJHVWHOHQWHWDFFXVDWHXUO
pSDXOHJDXFKHGH0LODG\
TX
LOWRXFKDSUHVTXHGXGRLJW
0LODG\SRXVVDXQUXJLVVHPHQWVRXUGHWVHUHFXODMXVTXHGDQVO
DQJOHGHOD
FKDPEUHFRPPHXQHSDQWKqUHTXLYHXWV
DFFXOHUSRXUV
pODQFHU
2KUXJLVVH]WDQWTXHYRXVYRXGUH]V
pFULD/RUGGH:LQWHUPDLVQ
HVVD\H]
SDVGHPRUGUHFDUMHYRXVHQSUpYLHQVODFKRVHWRXUQHUDLWjYRWUHSUpMXGLFH
LOQ
\DSDVLFLGHSURFXUHXUVTXLUqJOHQWG
DYDQFHOHVVXFFHVVLRQVLOQ
\D
SDVGHFKHYDOLHUHUUDQWTXLYLHQQHPHFKHUFKHUTXHUHOOHSRXUODEHOOHGDPHTXH
MHUHWLHQVSULVRQQLqUHPDLVMHWLHQVWRXWSUrWVGHVMXJHVTXLGLVSRVHURQW
G
XQHIHPPHDVVH]pKRQWpHSRXUYHQLUVHJOLVVHUELJDPHGDQVOHOLWGH/RUGGH
:LQWHUPRQIUqUHDvQpHWFHVMXJHVMHYRXVHQSUpYLHQVYRXVHQYHUURQWjXQ
ERXUUHDXTXLYRXVIHUDOHVGHX[pSDXOHVSDUHLOOHV
/HV\HX[GH0LODG\ODQoDLHQWGHWHOVpFODLUVTXHTXRLTX
LOIWKRPPHHWDUPp
GHYDQWXQHIHPPHGpVDUPpHLOVHQWLWOHIURLGGHODSHXUVHJOLVVHUMXVTX
DX
IRQGGHVRQkPHLOQ
HQFRQWLQXDSDVPRLQVPDLVDYHFXQHIXUHXUFURLVVDQWH
2XLMHFRPSUHQGVDSUqVDYRLUKpULWpGHPRQIUqUHLOYRXVHWpWpGRX[
G
KpULWHUGHPRLPDLVVDFKH]OHG
DYDQFHYRXVSRXYH]PHWXHURXPHIDLUH
WXHUPHVSUpFDXWLRQVVRQWSULVHVSDVXQSHQQ\GHFHTXHMHSRVVqGHQHSDVVHUD
GDQVYRVPDLQV1
rWHVYRXVSDVGpMjDVVH]ULFKHYRXVTXLSRVVpGH]SUqVG
XQ
PLOOLRQHWQHSRXYLH]YRXVYRXVDUUrWHUGDQVYRWUHURXWHIDWDOHVLYRXVQH
IDLVLH]OHPDOTXHSRXUODMRXLVVDQFHLQILQLHHWVXSUrPHGHOHIDLUH"2K
WHQH]MHYRXVOHGLVVLODPpPRLUHGHPRQIUqUHQHP
pWDLWVDFUpHYRXVLULH]
SRXUULUGDQVXQFDFKRWG
(WDWRXUDVVDVLHUj7\EXUQODFXULRVLWpGHVPDWHORWV
MHPHWDLUDLPDLVYRXVVXSSRUWH]WUDQTXLOOHPHQWYRWUHFDSWLYLWpGDQVTXLQ]H
RXYLQJWMRXUVMHSDUVSRXU/D5RFKHOOHDYHFO
DUPpHPDLVODYHLOOHGHPRQ
GpSDUWXQYDLVVHDXYLHQGUDYRXVSUHQGUHTXHMHYHUUDLSDUWLUHWTXLYRXV
FRQGXLUDGDQVQRVFRORQLHVGX6XGHWVR\H]WUDQTXLOOHMHYRXVDGMRLQGUDLXQ
FRPSDJQRQTXLYRXVEUOHUDODFHUYHOOHjODSUHPLqUHWHQWDWLYHTXHYRXV
ULVTXHUH]SRXUUHYHQLUHQ$QJOHWHUUHRXVXUOHFRQWLQHQW
0LODG\pFRXWDLWDYHFXQHDWWHQWLRQTXLGLODWDLWVHV\HX[HQIODPPpV
2XLPDLVjFHWWHKHXUHFRQWLQXD/RUGGH:LQWHUYRXVGHPHXUHUH]GDQVFH
FKkWHDXOHVPXUDLOOHVHQVRQWpSDLVVHVOHVSRUWHVHQVRQWIRUWHVOHV
EDUUHDX[HQVRQWVROLGHVG
DLOOHXUVYRWUHIHQrWUHGRQQHjSLFVXUODPHUOHV
KRPPHVGHPRQpTXLSDJHTXLPHVRQWGpYRXpVjODYLHHWjODPRUWPRQWHQWOD
JDUGHDXWRXUGHFHWDSSDUWHPHQWHWVXUYHLOOHQWWRXVOHVSDVVDJHVTXLFRQGXLVHQW
jODFRXUSXLVDUULYpHjODFRXULOYRXVUHVWHUDLWHQFRUHWURLVJULOOHVj
WUDYHUVHU/DFRQVLJQHHVWSUpFLVHXQSDVXQJHVWHXQPRWTXLVLPXOHXQH
pYDVLRQHWO
RQIDLWIHXVXUYRXVVLO
RQYRXVWXHODMXVWLFHDQJODLVH
P
DXUDMHO
HVSqUHTXHOTXHREOLJDWLRQGHOXLDYRLUpSDUJQpGHODEHVRJQH$K
YRVWUDLWVUHSUHQQHQWOHXUFDOPHYRWUHYLVDJHUHWURXYHVRQDVVXUDQFH4XLQ]H
MRXUVYLQJWMRXUVGLWHVYRXVEDKG
LFLOjM
DLO
HVSULWLQYHQWLILOPH
YLHQGUDTXHOTXHLGpHM
DLO
HVSULWLQIHUQDOHWMHWURXYHUDLTXHOTXHYLFWLPH
'
LFLjTXLQ]HMRXUVYRXVGLWHVYRXVMHVHUDLKRUVG
LFL$KDKHVVD\H]


0LODG\VHYR\DQWGHYLQpHV
HQIRQoDOHVRQJOHVGDQVODFKDLUSRXUGRPSWHUWRXW
PRXYHPHQWTXLHWSXGRQQHUjVDSK\VLRQRPLHXQHVLJQLILFDWLRQTXHOFRQTXHDXWUH
TXHFHOOHGHO
DQJRLVVH
/RUGGH:LQWHUFRQWLQXD
/
RIILFLHUTXLFRPPDQGHVHXOLFLHQPRQDEVHQFHYRXVO
DYH]YXGRQFYRXVOH
FRQQDLVVH]GpMjVDLWFRPPHYRXVYR\H]REVHUYHUXQHFRQVLJQHFDUYRXVQ
rWHV
SDVMHYRXVFRQQDLVYHQXHGH3RUWVPRXWKLFLVDQVDYRLUHVVD\pGHOHIDLUH
SDUOHU4X
HQGLWHVYRXV"8QHVWDWXHGHPDUEUHHWHOOHpWpSOXVLPSDVVLEOHHW
SOXVPXHWWH"9RXVDYH]GpMjHVVD\pOHSRXYRLUGHYRVVpGXFWLRQVVXUELHQGHV
KRPPHVHWPDOKHXUHXVHPHQWYRXVDYH]WRXMRXUVUpXVVLPDLVHVVD\H]VXU
FHOXLOjSDUGLHXVLYRXVHQYHQH]jERXWMHYRXVGpFODUHOHGpPRQOXLPrPH

,ODOODYHUVODSRUWHHWO
RXYULWEUXVTXHPHQW
4X
RQDSSHOOH0)HOWRQGLWLO$WWHQGH]HQFRUHXQLQVWDQWHWMHYDLVYRXV
UHFRPPDQGHUjOXL
,OVHILWHQWUHFHVGHX[SHUVRQQDJHVXQVLOHQFHpWUDQJHSHQGDQWOHTXHORQ
HQWHQGLWOHEUXLWG
XQSDVOHQWHWUpJXOLHUTXLVHUDSSURFKDLWELHQW{WGDQV
O
RPEUHGXFRUULGRURQYLWVHGHVVLQHUXQHIRUPHKXPDLQHHWOHMHXQH
OLHXWHQDQWDYHFOHTXHOQRXVDYRQVGpMjIDLWFRQQDLVVDQFHV
DUUrWDVXUOHVHXLO
DWWHQGDQWOHVRUGUHVGXEDURQ
(QWUH]PRQFKHU-RKQGLW/RUGGH:LQWHUHQWUH]HWIHUPH]ODSRUWH
/HMHXQHRIILFLHUHQWUD
0DLQWHQDQWGLWOHEDURQUHJDUGH]FHWWHIHPPHHOOHHVWMHXQHHOOHHVW
EHOOHHOOHDWRXWHVOHVVpGXFWLRQVGHODWHUUH(KELHQF
HVWXQPRQVWUHTXL
jYLQJWFLQTDQVV
HVWUHQGXFRXSDEOHG
DXWDQWGHFULPHVTXHYRXVSRXYH]HQ
OLUHHQXQDQGDQVOHVDUFKLYHVGHQRVWULEXQDX[VDYRL[SUpYLHQWHQVD
IDYHXUVDEHDXWpVHUWG
DSSkWDX[YLFWLPHVVRQFRUSVPrPHSD\HFHTX
HOOHD
SURPLVF
HVWXQHMXVWLFHjOXLUHQGUHHOOHHVVD\HUDGHYRXVVpGXLUH
SHXWrWUHPrPHHVVD\HUDWHOOHGHYRXVWXHU-HYRXVDLWLUpGHODPLVqUH
)HOWRQMHYRXVDLIDLWQRPPHUOLHXWHQDQWMHYRXVDLVDXYpODYLHXQHIRLV
YRXVVDYH]jTXHOOHRFFDVLRQMHVXLVSRXUYRXVQRQVHXOHPHQWXQSURWHFWHXU
PDLVXQDPLQRQVHXOHPHQWXQELHQIDLWHXUPDLVXQSqUHFHWWHIHPPHHVW
UHYHQXHHQ$QJOHWHUUHDILQGHFRQVSLUHUFRQWUHPDYLHMHWLHQVFHVHUSHQW
HQWUHPHVPDLQV(KELHQMHYRXVIDLVDSSHOHUHWYRXVGLV$PL)HOWRQ-RKQ
PRQHQIDQWJDUGHPRLHWVXUWRXWJDUGHWRLGHFHWWHIHPPHMXUHVXUWRQVDOXW
GHODFRQVHUYHUSRXUOHFKkWLPHQWTX
HOOHDPpULWp-RKQ)HOWRQMHPHILHjWD
SDUROH-RKQ)HOWRQMHFURLVjWDOR\DXWp
0LORUGGLWOHMHXQHRIILFLHUHQFKDUJHDQWVRQUHJDUGSXUGHWRXWHODKDLQH
TX
LOSXWWURXYHUGDQVVRQFRHXU0LORUGMHYRXVMXUHTX
LOVHUDIDLWFRPPH
YRXVGpVLUH]
0LODG\UHoXWFHUHJDUGHQYLFWLPHUpVLJQpHLOpWDLWLPSRVVLEOHGHYRLUXQH
H[SUHVVLRQSOXVVRXPLVHHWSOXVGRXFHTXHFHOOHTXLUpJQDLWDORUVVXUVRQEHDX

YLVDJH$SHLQHVL/RUGGH:LQWHUOXLPrPHUHFRQQXWODWLJUHVVHTX
XQLQVWDQW
DXSDUDYDQWLOV
DSSUrWDLWjFRPEDWWUH
(OOHQHVRUWLUDMDPDLVGHFHWWHFKDPEUHHQWHQGH]YRXV-RKQFRQWLQXDOH
EDURQHOOHQHFRUUHVSRQGUDDYHFSHUVRQQHHOOHQHSDUOHUDTX
jYRXVVL
WRXWHIRLVYRXVYRXOH]ELHQOXLIDLUHO
KRQQHXUGHOXLDGUHVVHUODSDUROH
,OVXIILW0LORUGM
DLMXUp
(WPDLQWHQDQW0DGDPHWkFKH]GHIDLUHODSDL[DYHF'LHXFDUYRXVrWHVMXJpH
SDUOHVKRPPHV
0LODG\ODLVVDWRPEHUVDWrWHFRPPHVLHOOHVHIWVHQWLHpFUDVpHSDUFH
MXJHPHQW/RUGGH:LQWHUVRUWLWHQIDLVDQWXQJHVWHj)HOWRQTXLVRUWLW
GHUULqUHOXLHWIHUPDODSRUWH
8QLQVWDQWDSUqVRQHQWHQGDLWGDQVOHFRUULGRUOHSDVSHVDQWG
XQVROGDWGH
PDULQHTXLIDLVDLWVHQWLQHOOHVDKDFKHjODFHLQWXUHHWVRQPRXVTXHWjODPDLQ
0LODG\GHPHXUDSHQGDQWTXHOTXHVPLQXWHVGDQVODPrPHSRVLWLRQFDUHOOHVRQJHD
TX
RQO
H[DPLQDLWSHXWrWUHSDUODVHUUXUHSXLVOHQWHPHQWHOOHUHOHYDVDWrWH
TXLDYDLWUHSULVXQHH[SUHVVLRQIRUPLGDEOHGHPHQDFHHWGHGpILFRXUXWpFRXWHU
jODSRUWHUHJDUGDSDUODIHQrWUHHWUHYHQDQWV
HQWHUUHUGDQVXQYDVWH
IDXWHXLOHOOHVRQJHD

&KDSLWUH/,
2)),&,(5

&HSHQGDQWOHFDUGLQDODWWHQGDLWGHVQRXYHOOHVG
$QJOHWHUUHPDLVDXFXQHQRXYHOOH
Q
DUULYDLWVLFHQ
HVWIkFKHXVHHWPHQDoDQWH
6LELHQTXH/D5RFKHOOHIWLQYHVWLHVLFHUWDLQTXHSWSDUDvWUHOHVXFFqV
JUkFHDX[SUpFDXWLRQVSULVHVHWVXUWRXWjODGLJXHTXLQHODLVVDLWSOXVSpQpWUHU
DXFXQHEDUTXHGDQVODYLOOHDVVLpJpHFHSHQGDQWOHEORFXVSRXYDLWGXUHU
ORQJWHPSVHQFRUHHWF
pWDLWXQJUDQGDIIURQWSRXUOHVDUPHVGXURLHWXQH
JUDQGHJrQHSRXU0OHFDUGLQDOTXLQ
DYDLWSOXVLOHVWYUDLjEURXLOOHU
/RXLV;,,,DYHF$QQHG
$XWULFKHODFKRVHpWDLWIDLWHPDLVjUDFFRPPRGHU0GH
%DVVRPSLHUUHTXLpWDLWEURXLOOpDYHFOHGXFG
$QJRXOrPH
4XDQWj0RQVLHXUTXLDYDLWFRPPHQFpOHVLqJHLOODLVVDLWDXFDUGLQDOOHVRLQ
GHO
DFKHYHU
/DYLOOHPDOJUpO
LQFUR\DEOHSHUVpYpUDQFHGHVRQPDLUHDYDLWWHQWpXQHHVSqFH
GHPXWLQHULHSRXUVHUHQGUHOHPDLUHDYDLWIDLWSHQGUHOHVpPHXWLHUV&HWWH
H[pFXWLRQFDOPDOHVSOXVPDXYDLVHVWrWHVTXLVHGpFLGqUHQWDORUVjVHODLVVHU
PRXULUGHIDLP&HWWHPRUWOHXUSDUDLVVDLWWRXMRXUVSOXVOHQWHHWPRLQVVUHTXH
OHWUpSDVSDUVWUDQJXODWLRQ

'HOHXUF{WpGHWHPSVHQWHPSVOHVDVVLpJHDQWVSUHQDLHQWGHVPHVVDJHUVTXHOHV
5RFKHORLVHQYR\DLHQWj%XFNLQJKDPRXGHVHVSLRQVTXH%XFNLQJKDPHQYR\DLWDX[
5RFKHORLV'DQVO
XQHWO
DXWUHFDVOHSURFqVpWDLWYLWHIDLW0OHFDUGLQDO
GLVDLWFHVHXOPRW3HQGX2QLQYLWDLWOHURLjYHQLUYRLUODSHQGDLVRQ/H
URLYHQDLWODQJXLVVDPPHQWVHPHWWDLWHQERQQHSODFHSRXUYRLUO
RSpUDWLRQGDQV
WRXVVHVGpWDLOVFHODOHGLVWUD\DLWWRXMRXUVXQSHXHWOXLIDLVDLWSUHQGUHOH
VLqJHHQSDWLHQFHPDLVFHODQHO
HPSrFKDLWSDVGHV
HQQX\HUIRUWGHSDUOHUj
WRXWPRPHQWGHUHWRXUQHUj3DULVGHVRUWHTXHVLOHVPHVVDJHUVHWOHVHVSLRQV
HXVVHQWIDLWGpIDXW6RQ(PLQHQFHPDOJUpWRXWHVRQLPDJLQDWLRQVHIWWURXYpH
IRUWHPEDUUDVVpH
1pDQPRLQVOHWHPSVSDVVDLWOHV5RFKHORLVQHVHUHQGDLHQWSDVOHGHUQLHU
HVSLRQTXHO
RQDYDLWSULVpWDLWSRUWHXUG
XQHOHWWUH&HWWHOHWWUHGLVDLWELHQ
j%XFNLQJKDPTXHODYLOOHpWDLWjWRXWHH[WUpPLWpPDLVDXOLHXG
DMRXWHU
6LYRWUHVHFRXUVQ
DUULYHSDVDYDQWTXLQ]HMRXUVQRXVQRXVUHQGURQVHOOH
DMRXWDLWWRXWVLPSOHPHQW6LYRWUHVHFRXUVQ
DUULYHSDVDYDQWTXLQ]HMRXUV
QRXVVHURQVWRXVPRUWVGHIDLPTXDQGLODUULYHUD
/HV5RFKHORLVQ
DYDLHQWGRQFHVSRLUTX
HQ%XFNLQJKDP%XFNLQJKDPpWDLWOHXU
0HVVLH,OpWDLWpYLGHQWTXHVLXQMRXULOVDSSUHQDLHQWG
XQHPDQLqUHFHUWDLQH
TX
LOQHIDOODLWSOXVFRPSWHUVXU%XFNLQJKDPDYHFO
HVSRLUOHXUFRXUDJH
WRPEHUDLW
/HFDUGLQDODWWHQGDLWGRQFDYHFJUDQGHLPSDWLHQFHGHVQRXYHOOHVG
$QJOHWHUUHTXL
GHYDLHQWDQQRQFHUTXH%XFNLQJKDPQHYLHQGUDLWSDV
/DTXHVWLRQG
HPSRUWHUODYLOOHGHYLYHIRUFHGpEDWWXHVRXYHQWGDQVOHFRQVHLO
GXURLDYDLWWRXMRXUVpWppFDUWpHG
DERUG/D5RFKHOOHVHPEODLWLPSUHQDEOH
SXLVOHFDUGLQDOTXRLTX
LOHWGLWVDYDLWELHQTXHO
KRUUHXUGXVDQJUpSDQGX
HQFHWWHUHQFRQWUHR)UDQoDLVGHYDLHQWFRPEDWWUHFRQWUH)UDQoDLVpWDLWXQ
PRXYHPHQWUpWURJUDGHGHVRL[DQWHDQVLPSULPpjODSROLWLTXHHWOHFDUGLQDO
pWDLWjFHWWHpSRTXHFHTX
RQDSSHOOHDXMRXUG
KXLXQKRPPHGHSURJUqV(Q
HIIHWOHVDFGH/D5RFKHOOHO
DVVDVVLQDWGHWURLVRXTXDWUHPLOOHKXJXHQRWV
TXLVHIXVVHQWIDLWWXHUUHVVHPEODLHQWWURSHQDXPDVVDFUHGHOD6DLQW
%DUWKpOpP\HQHWSXLVSDUGHVVXVWRXWFHODFHPR\HQH[WUrPHDXTXHOOH
URLERQFDWKROLTXHQHUpSXJQDLWDXFXQHPHQWYHQDLWWRXMRXUVpFKRXHUFRQWUHFHW
DUJXPHQWGHVJpQpUDX[DVVLpJHDQWV/D5RFKHOOHHVWLPSUHQDEOHDXWUHPHQWTXHSDU
ODIDPLQH
/HFDUGLQDOQHSRXYDLWpFDUWHUGHVRQHVSULWODFUDLQWHROHMHWDLWVDWHUULEOH
pPLVVDLUHFDULODYDLWFRPSULVOXLDXVVLOHVSURSRUWLRQVpWUDQJHVGHFHWWH
IHPPHWDQW{WVHUSHQWWDQW{WOLRQ/
DYDLWHOOHWUDKL"pWDLWHOOHPRUWH",O
ODFRQQDLVVDLWDVVH]HQWRXWFDVSRXUVDYRLUTX
HQDJLVVDQWSRXUOXLRXFRQWUH
OXLDPLHRXHQQHPLHHOOHQHGHPHXUDLWSDVLPPRELOHVDQVGHJUDQGV
HPSrFKHPHQWV&
pWDLWFHTX
LOQHSRXYDLWVDYRLU
$XUHVWHLOFRPSWDLWHWDYHFUDLVRQVXU0LODG\LODYDLWGHYLQpGDQVOH
SDVVpGHFHWWHIHPPHGHFHVFKRVHVWHUULEOHVTXHVRQPDQWHDXURXJHSRXYDLWVHXO
FRXYULUHWLOVHQWDLWTXHSRXUXQHFDXVHRXSRXUXQHDXWUHFHWWHIHPPHOXL
pWDLWDFTXLVHQHSRXYDQWWURXYHUTX
HQOXLXQDSSXLVXSpULHXUDXGDQJHUTXLOD
PHQDoDLW

,OUpVROXWGRQFGHIDLUHODJXHUUHWRXWVHXOHWGHQ
DWWHQGUHWRXWVXFFqV
pWUDQJHUTXHFRPPHRQDWWHQGXQHFKDQFHKHXUHXVH,OFRQWLQXDGHIDLUHpOHYHUOD
IDPHXVHGLJXHTXLGHYDLWDIIDPHU/D5RFKHOOHHQDWWHQGDQWLOMHWDOHV\HX[
VXUFHWWHPDOKHXUHXVHYLOOHTXLUHQIHUPDLWWDQWGHPLVqUHSURIRQGHHWWDQW
G
KpURwTXHVYHUWXVHWVHUDSSHODQWOHPRWGH/RXLV;,VRQSUpGpFHVVHXU
SROLWLTXHFRPPHOXLPrPHpWDLWOHSUpGpFHVVHXUGH5REHVSLHUUHLOPXUPXUDFHWWH
PD[LPHGXFRPSqUHGH7ULVWDQ'LYLVHUSRXUUpJQHU
+HQUL,9DVVLpJHDQW3DULVIDLVDLWMHWHUSDUGHVVXVOHVPXUDLOOHVGXSDLQHW
GHVYLYUHVOHFDUGLQDOILWMHWHUGHVSHWLWVELOOHWVSDUOHVTXHOVLO
UHSUpVHQWDLWDX[5RFKHORLVFRPELHQODFRQGXLWHGHOHXUVFKHIVpWDLWLQMXVWH
pJRwVWHHWEDUEDUHFHVFKHIVDYDLHQWGXEOpHQDERQGDQFHHWQHOH
SDUWDJHDLHQWSDVLOVDGRSWDLHQWFHWWHPD[LPHFDUHX[DXVVLDYDLHQWGHV
PD[LPHVTXHSHXLPSRUWDLWTXHOHVIHPPHVOHVHQIDQWVHWOHVYLHLOODUGV
PRXUXVVHQWSRXUYXTXHOHVKRPPHVTXLGHYDLHQWGpIHQGUHOHXUVPXUDLOOHV
UHVWDVVHQWIRUWVHWELHQSRUWDQWV-XVTXHOjVRLWGpYRXHPHQWVRLWLPSXLVVDQFH
GHUpDJLUFRQWUHHOOHFHWWHPD[LPHVDQVrWUHJpQpUDOHPHQWDGRSWpHpWDLW
FHSHQGDQWSDVVpHGHODWKpRULHjODSUDWLTXHPDLVOHVELOOHWVYLQUHQW\SRUWHU
DWWHLQWH/HVELOOHWVUDSSHODLHQWDX[KRPPHVTXHFHVHQIDQWVFHVIHPPHVFHV
YLHLOODUGVTX
RQODLVVDLWPRXULUpWDLHQWOHXUVILOVOHXUVpSRXVHVHWOHXUV
SqUHVTX
LOVHUDLWSOXVMXVWHTXHFKDFXQIWUpGXLWjODPLVqUHFRPPXQHDILQ
TX
XQHPrPHSRVLWLRQIvWSUHQGUHGHVUpVROXWLRQVXQDQLPHV
&HVELOOHWVILUHQWWRXWO
HIIHWTX
HQSRXYDLWDWWHQGUHFHOXLTXLOHVDYDLW
pFULWVHQFHTX
LOVGpWHUPLQqUHQWXQJUDQGQRPEUHG
KDELWDQWVjRXYULUGHV
QpJRFLDWLRQVSDUWLFXOLqUHVDYHFO
DUPpHUR\DOH
0DLVDXPRPHQWROHFDUGLQDOYR\DLWGpMjIUXFWLILHUVRQPR\HQHW
V
DSSODXGLVVDLWGHO
DYRLUPLVHQXVDJHXQKDELWDQWGH/D5RFKHOOHTXLDYDLW
SXSDVVHUjWUDYHUVOHVOLJQHVUR\DOHV'LHXVDLWFRPPHQWWDQWpWDLWJUDQGHOD
VXUYHLOODQFHGH%DVVRPSLHUUHGH6FKRPEHUJHWGXGXFG
$QJRXOrPHVXUYHLOOpV
HX[PrPHVSDUOHFDUGLQDOXQKDELWDQWGH/D5RFKHOOHGLVRQVQRXVHQWUDGDQV
ODYLOOHYHQDQWGH3RUWVPRXWKHWGLVDQWTX
LODYDLWYXXQHIORWWHPDJQLILTXH
SUrWHjPHWWUHjODYRLOHDYDQWKXLWMRXUV'HSOXV%XFNLQJKDPDQQRQoDLWDX
PDLUHTX
HQILQODJUDQGHOLJXHFRQWUHOD)UDQFHDOODLWVHGpFODUHUHWTXHOH
UR\DXPHDOODLWrWUHHQYDKLjODIRLVSDUOHVDUPpHVDQJODLVHVLPSpULDOHVHW
HVSDJQROHV&HWWHOHWWUHIXWOXHSXEOLTXHPHQWVXUWRXWHVOHVSODFHVRQHQ
DIILFKDGHVFRSLHVDX[DQJOHVGHVUXHVHWFHX[OjPrPHVTXLDYDLHQWFRPPHQFp
G
RXYULUGHVQpJRFLDWLRQVOHVLQWHUURPSLUHQWUpVROXVG
DWWHQGUHFHVHFRXUVVL
SRPSHXVHPHQWDQQRQFp
&HWWHFLUFRQVWDQFHLQDWWHQGXHUHQGLWj5LFKHOLHXVHVLQTXLpWXGHVSUHPLqUHVHW
OHIRUoDPDOJUpOXLjWRXUQHUGHQRXYHDXOHV\HX[GHO
DXWUHF{WpGHODPHU
3HQGDQWFHWHPSVH[HPSWHGHVLQTXLpWXGHVGHVRQVHXOHWYpULWDEOHFKHIO
DUPpH
UR\DOHPHQDLWMR\HXVHYLHOHVYLYUHVQHPDQTXDLHQWSDVDXFDPSQLO
DUJHQW
QRQSOXVWRXVOHVFRUSVULYDOLVDLHQWG
DXGDFHHWGHJDLHWp3UHQGUHGHV
HVSLRQVHWOHVSHQGUHIDLUHGHVH[SpGLWLRQVKDVDUGHXVHVVXUODGLJXHRXVXUOD
PHULPDJLQHUGHVIROLHVOHVH[pFXWHUIURLGHPHQWWHOpWDLWOHSDVVHWHPSVTXL
IDLVDLWWURXYHUFRXUWVjO
DUPpHFHVMRXUVVLORQJVQRQVHXOHPHQWSRXUOHV
5RFKHORLVURQJpVSDUODIDPLQHHWO
DQ[LpWpPDLVHQFRUHSRXUOHFDUGLQDOTXL
OHVEORTXDLWVLYLYHPHQW

4XHOTXHIRLVTXDQGOHFDUGLQDOWRXMRXUVFKHYDXFKDQWFRPPHOHGHUQLHUJHQGDUPH
GHO
DUPpHSURPHQDLWVRQUHJDUGSHQVLIVXUFHVRXYUDJHVVLOHQWVDXJUpGHVRQ
GpVLUTX
pOHYDLHQWVRXVVRQRUGUHOHVLQJpQLHXUVTX
LOIDLVDLWYHQLUGHWRXV
OHVFRLQVGXUR\DXPHGH)UDQFHV
LOUHQFRQWUDLWXQPRXVTXHWDLUHGHODFRPSDJQLH
GH7UpYLOOHLOV
DSSURFKDLWGHOXLOHUHJDUGDLWG
XQHIDoRQVLQJXOLqUHHWQH
OHUHFRQQDLVVDQWSDVSRXUXQGHQRVTXDWUHFRPSDJQRQVLOODLVVDLWDOOHU
DLOOHXUVVRQUHJDUGSURIRQGHWVDYDVWHSHQVpH
8QMRXURURQJpG
XQPRUWHOHQQXLVDQVHVSpUDQFHGDQVOHVQpJRFLDWLRQVDYHF
ODYLOOHVDQVQRXYHOOHVG
$QJOHWHUUHOHFDUGLQDOpWDLWVRUWLVDQVDXWUHEXW
TXHGHVRUWLUDFFRPSDJQpVHXOHPHQWGH&DKXVDFHWGH/D+RXGLQLqUHORQJHDQWOHV
JUqYHVHWPrODQWO
LPPHQVLWpGHVHVUrYHVjO
LPPHQVLWpGHO
RFpDQLODUULYDDX
SHWLWSDVGHVRQFKHYDOVXUXQHFROOLQHGXKDXWGHODTXHOOHLODSHUoXWGHUULqUH
XQHKDLHFRXFKpVVXUOHVDEOHHWSUHQDQWDXSDVVDJHXQGHFHVUD\RQVGHVROHLO
VLUDUHVjFHWWHpSRTXHGHO
DQQpHVHSWKRPPHVHQWRXUpVGHERXWHLOOHVYLGHV
4XDWUHGHFHVKRPPHVpWDLHQWQRVPRXVTXHWDLUHVV
DSSUrWDQWjpFRXWHUODOHFWXUH
G
XQHOHWWUHTXHO
XQG
HX[YHQDLWGHUHFHYRLU&HWWHOHWWUHpWDLWVL
LPSRUWDQWHTX
HOOHDYDLWIDLWDEDQGRQQHUVXUXQWDPERXUGHVFDUWHVHWGHVGpV
/HVWURLVDXWUHVV
RFFXSDLHQWjGpFRLIIHUXQHpQRUPHGDPHMHDQQHGHYLQGH
&ROOLRXUHF
pWDLHQWOHVODTXDLVGHFHV0HVVLHXUV
/HFDUGLQDOFRPPHQRXVO
DYRQVGLWpWDLWGHVRPEUHKXPHXUHWULHQTXDQGLO
pWDLWGDQVFHWWHVLWXDWLRQG
HVSULWQHUHGRXEODLWVDPDXVVDGHULHFRPPHOD
JDLHWpGHVDXWUHV'
DLOOHXUVLODYDLWXQHSUpRFFXSDWLRQpWUDQJHF
pWDLWGH
FURLUHWRXMRXUVTXHOHVFDXVHVPrPHVGHVDWULVWHVVHH[FLWDLHQWODJDLHWpGHV
pWUDQJHUV)DLVDQWVLJQHj/D+RXGLQLqUHHWj&DKXVDFGHV
DUUrWHULOGHVFHQGLW
GHFKHYDOHWV
DSSURFKDGHFHVULHXUVVXVSHFWVHVSpUDQWTX
jO
DLGHGXVDEOH
TXLDVVRXUGLVVDLWVHVSDVHWGHODKDLHTXLYRLODLWVDPDUFKHLOSRXUUDLW
HQWHQGUHTXHOTXHVPRWVGHFHWWHFRQYHUVDWLRQTXLOXLSDUDLVVDLWVLLQWpUHVVDQWH
jGL[SDVGHODKDLHVHXOHPHQWLOUHFRQQXWOHEDELOJDVFRQGHG
$UWDJQDQHW
FRPPHLOVDYDLWGpMjTXHFHVKRPPHVpWDLHQWGHVPRXVTXHWDLUHVLOQHGRXWDSDV
TXHOHVWURLVDXWUHVQHIXVVHQWFHX[TX
RQDSSHODLWOHVLQVpSDUDEOHVF
HVWj
GLUH$WKRV3RUWKRVHW$UDPLV
2QMXJHVLVRQGpVLUG
HQWHQGUHODFRQYHUVDWLRQV
DXJPHQWDGHFHWWHGpFRXYHUWH
VHV\HX[SULUHQWXQHH[SUHVVLRQpWUDQJHHWG
XQSDVGHFKDWWLJUHLOV
DYDQoD
YHUVODKDLHPDLVLOQ
DYDLWSXVDLVLUHQFRUHTXHGHVV\OODEHVYDJXHVHWVDQV
DXFXQVHQVSRVLWLIORUVTX
XQFULVRQRUHHWEUHIOHILWWUHVVDLOOLUHWDWWLUD
O
DWWHQWLRQGHVPRXVTXHWDLUHV
2IILFLHUFULD*ULPDXG
9RXVSDUOH]MHFURLVGU{OHGLW$WKRVVHVRXOHYDQWVXUXQFRXGHHW
IDVFLQDQW*ULPDXGGHVRQUHJDUGIODPER\DQW
$XVVL*ULPDXGQ
DMRXWDWLOSRLQWXQHSDUROHVHFRQWHQWDQWGHWHQGUHOHGRLJW
LQGLFDWHXUGDQVODGLUHFWLRQGHODKDLHHWGpQRQoDQWSDUFHJHVWHOHFDUGLQDOHW
VRQHVFRUWH
'
XQVHXOERQGOHVTXDWUHPRXVTXHWDLUHVIXUHQWVXUSLHGHWVDOXqUHQWDYHF
UHVSHFW

/HFDUGLQDOVHPEODLWIXULHX[
,OSDUDvWTX
RQVHIDLWJDUGHUFKH]0HVVLHXUVOHVPRXVTXHWDLUHVGLWLO
(VWFHTXHO
$QJODLVYLHQWSDUWHUUHRXVHUDLWFHTXHOHVPRXVTXHWDLUHVVH
UHJDUGHQWFRPPHGHVRIILFLHUVVXSpULHXUV"
0RQVHLJQHXUUpSRQGLW$WKRVFDUDXPLOLHXGHO
HIIURLJpQpUDOOXLVHXODYDLW
FRQVHUYpFHFDOPHHWFHVDQJIURLGGHJUDQGVHLJQHXUTXLQHOHTXLWWDLHQW
MDPDLV0RQVHLJQHXUOHVPRXVTXHWDLUHVORUVTX
LOVQHVRQWSDVGHVHUYLFHRX
TXHOHXUVHUYLFHHVWILQLERLYHQWHWMRXHQWDX[GpVHWLOVVRQWGHVRIILFLHUV
WUqVVXSpULHXUVSRXUOHXUVODTXDLV
'HVODTXDLVJURPPHODOHFDUGLQDOGHVODTXDLVTXLRQWODFRQVLJQHG
DYHUWLU
OHXUVPDvWUHVTXDQGSDVVHTXHOTX
XQFHQHVRQWSRLQWGHVODTXDLVFHVRQWGHV
VHQWLQHOOHV
6RQ(PLQHQFHYRLWELHQFHSHQGDQWTXHVLQRXVQ
DYLRQVSRLQWSULVFHWWH
SUpFDXWLRQQRXVpWLRQVH[SRVpVjODODLVVHUSDVVHUVDQVOXLSUpVHQWHUQRV
UHVSHFWVHWOXLRIIULUQRVUHPHUFLHPHQWVSRXUODJUkFHTX
HOOHQRXVDIDLWHGH
QRXVUpXQLU'
$UWDJQDQFRQWLQXD$WKRVYRXVTXLWRXWjO
KHXUHGHPDQGLH]FHWWH
RFFDVLRQG
H[SULPHUYRWUHUHFRQQDLVVDQFHj0RQVHLJQHXUODYRLFLYHQXH
SURILWH]HQ
&HVPRWVIXUHQWSURQRQFpVDYHFFHIOHJPHLPSHUWXUEDEOHTXLGLVWLQJXDLW$WKRV
GDQVOHVKHXUHVGXGDQJHUHWFHWWHH[FHVVLYHSROLWHVVHTXLIDLVDLWGHOXLGDQV
FHUWDLQVPRPHQWVXQURLSOXVPDMHVWXHX[TXHOHVURLVGHQDLVVDQFH
'
$UWDJQDQV
DSSURFKDHWEDOEXWLDTXHOTXHVSDUROHVGHUHPHUFLHPHQWVTXLELHQW{W
H[SLUqUHQWVRXVOHUHJDUGDVVRPEULGXFDUGLQDO
1
LPSRUWH0HVVLHXUVFRQWLQXDOHFDUGLQDOVDQVSDUDvWUHOHPRLQVGXPRQGH
GpWRXUQpGHVRQLQWHQWLRQSUHPLqUHSDUO
LQFLGHQWTX
$WKRVDYDLWVRXOHYp
Q
LPSRUWH0HVVLHXUVMHQ
DLPHSDVTXHGHVLPSOHVVROGDWVSDUFHTX
LOVRQW
O
DYDQWDJHGHVHUYLUGDQVXQFRUSVSULYLOpJLpIDVVHQWDLQVLOHVJUDQGV
VHLJQHXUVHWODGLVFLSOLQHHVWODPrPHSRXUHX[TXHSRXUWRXWOHPRQGH
$WKRVODLVVDOHFDUGLQDODFKHYHUSDUIDLWHPHQWVDSKUDVHHWV
LQFOLQDQWHQ
VLJQHG
DVVHQWLPHQWLOUHSULWjVRQWRXU
/DGLVFLSOLQH0RQVHLJQHXUQ
DHQDXFXQHIDoRQMHO
HVSqUHpWpRXEOLpHSDU
QRXV1RXVQHVRPPHVSDVGHVHUYLFHHWQRXVDYRQVFUXTXHQ
pWDQWSDVGH
VHUYLFHQRXVSRXYLRQVGLVSRVHUGHQRWUHWHPSVFRPPHERQQRXVVHPEODLW6LQRXV
VRPPHVDVVH]KHXUHX[SRXUTXH6RQ(PLQHQFHDLWTXHOTXHRUGUHSDUWLFXOLHUjQRXV
GRQQHUQRXVVRPPHVSUrWVjOXLREpLU0RQVHLJQHXUYRLWFRQWLQXD$WKRVHQ
IURQoDQWOHVRXUFLOFDUFHWWHHVSqFHG
LQWHUURJDWRLUHFRPPHQoDLWj
O
LPSDWLHQWHUTXHSRXUrWUHSUrWVjODPRLQGUHDOHUWHQRXVVRPPHVVRUWLVDYHF
QRVDUPHV
(WLOPRQWUDGXGRLJWDXFDUGLQDOOHVTXDWUHPRXVTXHWVHQIDLVFHDXSUqVGX
WDPERXUVXUOHTXHOpWDLHQWOHVFDUWHVHWOHVGpV
4XH9RWUH(PLQHQFHYHXLOOHFURLUHDMRXWDG
$UWDJQDQTXHQRXVQRXVVHULRQV
SRUWpVDXGHYDQWG
HOOHVLQRXVHXVVLRQVSXVXSSRVHUTXHF
pWDLWHOOHTXLYHQDLW

YHUVQRXVHQVLSHWLWHFRPSDJQLH
/HFDUGLQDOVHPRUGDLWOHVPRXVWDFKHVHWXQSHXOHVOqYUHV
6DYH]YRXVGHTXRLYRXVDYH]O
DLUWRXMRXUVHQVHPEOHFRPPHYRXVYRLOjDUPpV
FRPPHYRXVrWHVHWJDUGpVSDUYRVODTXDLV"GLWOHFDUGLQDOYRXVDYH]O
DLUGH
TXDWUHFRQVSLUDWHXUV
2KTXDQWjFHFL0RQVHLJQHXUF
HVWYUDLGLW$WKRVHWQRXVFRQVSLURQV
FRPPH9RWUH(PLQHQFHDSXOHYRLUO
DXWUHPDWLQVHXOHPHQWF
HVWFRQWUHOHV
5RFKHORLV
(K0HVVLHXUVOHVSROLWLTXHVUHSULWOHFDUGLQDOHQIURQoDQWOHVRXUFLOj
VRQWRXURQWURXYHUDLWSHXWrWUHGDQVYRVFHUYHOOHVOHVHFUHWGHELHQGHV
FKRVHVTXLVRQWLJQRUpHVVLRQSRXYDLW\OLUHFRPPHYRXVOLVLH]GDQVFHWWH
OHWWUHTXHYRXVDYH]FDFKpHTXDQGYRXVP
DYH]YXYHQLU
/HURXJHPRQWDjODILJXUHG
$WKRVLOILWXQSDVYHUV6RQ(PLQHQFH
2QGLUDLWTXHYRXVQRXVVRXSoRQQH]UpHOOHPHQW0RQVHLJQHXUHWTXHQRXV
VXELVVRQVXQYpULWDEOHLQWHUURJDWRLUHV
LOHQHVWDLQVLTXH9RWUH(PLQHQFH
GDLJQHV
H[SOLTXHUHWQRXVVDXURQVGXPRLQVjTXRLQRXVHQWHQLU
(WTXDQGFHODVHUDLWXQLQWHUURJDWRLUHUHSULWOHFDUGLQDOG
DXWUHVTXHYRXV
HQRQWVXEL0RQVLHXU$WKRVHW\RQWUpSRQGX
$XVVL0RQVHLJQHXUDLMHGLWj9RWUH(PLQHQFHTX
HOOHQ
DYDLWTX
j
TXHVWLRQQHUHWTXHQRXVpWLRQVSUrWVjUpSRQGUH
4XHOOHpWDLWFHWWHOHWWUHTXHYRXVDOOLH]OLUH0RQVLHXU$UDPLVHWTXHYRXV
DYH]FDFKpH"
8QHOHWWUHGHIHPPH0RQVHLJQHXU
2KMHFRQoRLVGLWOHFDUGLQDOLOIDXWrWUHGLVFUHWSRXUFHVVRUWHVGH
OHWWUHVPDLVFHSHQGDQWRQSHXWOHVPRQWUHUjXQFRQIHVVHXUHWYRXVOHVDYH]
M
DLUHoXOHVRUGUHV
0RQVHLJQHXUGLW$WKRVDYHFXQFDOPHG
DXWDQWSOXVWHUULEOHTX
LOMRXDLWVD
WrWHHQIDLVDQWFHWWHUpSRQVHODOHWWUHHVWG
XQHIHPPHPDLVHOOHQ
HVWVLJQpH
QL0DULRQGH/RUPHQL0PHG
$LJXLOORQ
/HFDUGLQDOGHYLQWSkOHFRPPHODPRUWXQpFODLUIDXYHVRUWLWGHVHV\HX[LO
VHUHWRXUQDFRPPHSRXUGRQQHUXQRUGUHj&DKXVDFHWj/D+RXGLQLqUH$WKRVYLW
OHPRXYHPHQWLOILWXQSDVYHUVOHVPRXVTXHWRQVVXUOHVTXHOVOHVWURLVDPLV
DYDLHQWOHV\HX[IL[pVHQKRPPHVPDOGLVSRVpVjVHODLVVHUDUUrWHU/HFDUGLQDO
pWDLWOXLWURLVLqPHOHVPRXVTXHWDLUHV\FRPSULVOHVODTXDLVpWDLHQWVHSW
LOMXJHDTXHODSDUWLHVHUDLWG
DXWDQWPRLQVpJDOHTX
$WKRVHWVHVFRPSDJQRQV
FRQVSLUDLHQWUpHOOHPHQWHWSDUXQGHFHVUHWRXUVUDSLGHVTX
LOWHQDLW
WRXMRXUVjVDGLVSRVLWLRQWRXWHVDFROqUHVHIRQGLWGDQVXQVRXULUH
$OORQVDOORQVGLWLOYRXVrWHVGHEUDYHVMHXQHVJHQVILHUVDXVROHLO
ILGqOHVGDQVO
REVFXULWpLOQ
\DSDVGHPDOjYHLOOHUVXUVRLTXDQGRQYHLOOH

VLELHQVXUOHVDXWUHV0HVVLHXUVMHQ
DLSRLQWRXEOLpODQXLWRYRXVP
DYH]
VHUYLG
HVFRUWHSRXUDOOHUDX&RORPELHU5RXJHV
LO\DYDLWTXHOTXHGDQJHUj
FUDLQGUHVXUODURXWHTXHMHYDLVVXLYUHMHYRXVSULHUDLVGHP
DFFRPSDJQHU
PDLVFRPPHLOQ
\HQDSDVUHVWH]RYRXVrWHVDFKHYH]YRVERXWHLOOHVYRWUH
SDUWLHHWYRWUHOHWWUH$GLHX0HVVLHXUV
(WUHPRQWDQWVXUVRQFKHYDOTXH&DKXVDFOXLDYDLWDPHQpLOOHVVDOXDGHOD
PDLQHWV
pORLJQD
/HVTXDWUHMHXQHVJHQVGHERXWHWLPPRELOHVOHVXLYLUHQWGHV\HX[VDQVGLUHXQ
VHXOPRWMXVTX
jFHTX
LOHWGLVSDUX
3XLVLOVVHUHJDUGqUHQW
7RXVDYDLHQWODILJXUHFRQVWHUQpHFDUPDOJUpO
DGLHXDPLFDOGH6RQ(PLQHQFH
LOVFRPSUHQDLHQWTXHOHFDUGLQDOV
HQDOODLWODUDJHGDQVOHFRHXU
$WKRVVHXOVRXULDLWG
XQVRXULUHSXLVVDQWHWGpGDLJQHX[4XDQGOHFDUGLQDOIXW
KRUVGHODSRUWpHGHODYRL[HWGHODYXH
&H*ULPDXGDFULpELHQWDUGGLW3RUWKRVTXLDYDLWJUDQGHHQYLHGHIDLUH
WRPEHUVDPDXYDLVHKXPHXUVXUTXHOTX
XQ
*ULPDXGDOODLWUpSRQGUHSRXUV
H[FXVHU$WKRVOHYDOHGRLJWHW*ULPDXGVHWXW
$XULH]YRXVUHQGXODOHWWUH$UDPLV"GLWG
$UWDJQDQ
0RLGLW$UDPLVGHVDYRL[ODSOXVIOWpHM
pWDLVGpFLGpV
LODYDLWH[LJp
TXHODOHWWUHOXLIWUHPLVHMHOXLSUpVHQWDLVODOHWWUHG
XQHPDLQHWGH
O
DXWUHMHOXLSDVVDLVPRQpSpHDXWUDYHUVGXFRUSV
-HP
\DWWHQGDLVELHQGLW$WKRVYRLOjSRXUTXRLMHPHVXLVMHWpHQWUHYRXV
HWOXL(QYpULWpFHWKRPPHHVWELHQLPSUXGHQWGHSDUOHUDLQVLjG
DXWUHV
KRPPHVRQGLUDLWTX
LOQ
DMDPDLVHXDIIDLUHTX
jGHVIHPPHVHWjGHVHQIDQWV
0RQFKHU$WKRVGLWG
$UWDJQDQMHYRXVDGPLUHPDLVFHSHQGDQWQRXVpWLRQV
GDQVQRWUHWRUWDSUqVWRXW
&RPPHQWGDQVQRWUHWRUWUHSULW$WKRV$TXLGRQFFHWDLUTXHQRXV
UHVSLURQV"$TXLFHWRFpDQVXUOHTXHOV
pWHQGHQWQRVUHJDUGV"$TXLFHVDEOH
VXUOHTXHOQRXVpWLRQVFRXFKpV"$TXLFHWWHOHWWUHGHYRWUHPDvWUHVVH"(VWFH
DXFDUGLQDO"6XUPRQKRQQHXUFHWKRPPHVHILJXUHTXHOHPRQGHOXLDSSDUWLHQW
YRXVpWLH]OjEDOEXWLDQWVWXSpIDLWDQpDQWLRQHWGLWTXHOD%DVWLOOHVH
GUHVVDLWGHYDQWYRXVHWTXHODJLJDQWHVTXH0pGXVHYRXVFKDQJHDLWHQSLHUUH
(VWFHTXHF
HVWFRQVSLUHUYR\RQVTXHG
rWUHDPRXUHX["9RXVrWHVDPRXUHX[
G
XQHIHPPHTXHOHFDUGLQDODIDLWHQIHUPHUYRXVYRXOH]ODWLUHUGHVPDLQVGX
FDUGLQDOF
HVWXQHSDUWLHTXHYRXVMRXH]DYHF6RQ(PLQHQFHFHWWHOHWWUH
F
HVWYRWUHMHXSRXUTXRLPRQWUHULH]YRXVYRWUHMHXjYRWUHDGYHUVDLUH"FHOD
QHVHIDLWSDV4X
LOOHGHYLQHjODERQQHKHXUH1RXVGHYLQRQVELHQOHVLHQ
QRXV
$XIDLWGLWG
$UWDJQDQF
HVWSOHLQGHVHQVFHTXHYRXVGLWHVOj$WKRV

(QFHFDVTX
LOQHVRLWSOXVTXHVWLRQGHFHTXLYLHQWGHVHSDVVHUHW
TX
$UDPLVUHSUHQQHODOHWWUHGHVDFRXVLQHR0OHFDUGLQDOO
DLQWHUURPSXH
$UDPLVWLUDODOHWWUHGHVDSRFKHOHVWURLVDPLVVHUDSSURFKqUHQWGHOXLHW
OHVWURLVODTXDLVVHJURXSqUHQWGHQRXYHDXDXSUqVGHODGDPHMHDQQH
9RXVQ
DYLH]OXTX
XQHOLJQHRXGHX[GLWG
$UWDJQDQUHSUHQH]GRQFODOHWWUH
jSDUWLUGXFRPPHQFHPHQW
9RORQWLHUVGLW$UDPLV
0RQFKHUFRXVLQMHFURLVELHQTXHMHPHGpFLGHUDLjSDUWLUSRXU6WHQD\RPD
VRHXUDIDLWHQWUHUQRWUHSHWLWHVHUYDQWHGDQVOHFRXYHQWGHV&DUPpOLWHVFHWWH
SDXYUHHQIDQWV
HVWUpVLJQpHHOOHVDLWTX
HOOHQHSHXWYLYUHDXWUHSDUWVDQV
TXHOHVDOXWGHVRQkPHVRLWHQGDQJHU&HSHQGDQWVLOHVDIIDLUHVGHQRWUH
IDPLOOHV
DUUDQJHQWFRPPHQRXVOHGpVLURQVMHFURLVTX
HOOHFRXUUDOHULVTXHGH
VHGDPQHUHWTX
HOOHUHYLHQGUDSUqVGHFHX[TX
HOOHUHJUHWWHG
DXWDQWSOXV
TX
HOOHVDLWTX
RQSHQVHWRXMRXUVjHOOH(QDWWHQGDQWHOOHQ
HVWSDVWURS
PDOKHXUHXVHWRXWFHTX
HOOHGpVLUHF
HVWXQHOHWWUHGHVRQSUpWHQGX-HVDLV
ELHQTXHFHVVRUWHVGHGHQUpHVSDVVHQWGLIILFLOHPHQWSDUOHVJULOOHVPDLV
DSUqVWRXWFRPPHMHYRXVHQDLGRQQpGHVSUHXYHVPRQFKHUFRXVLQMHQHVXLV
SDVWURSPDODGURLWHHWMHPHFKDUJHUDLGHFHWWHFRPPLVVLRQ0DVRHXUYRXV
UHPHUFLHGHYRWUHERQHWpWHUQHOVRXYHQLU(OOHDHXXQLQVWDQWGHJUDQGH
LQTXLpWXGHPDLVHQILQHOOHHVWTXHOTXHSHXUDVVXUpHPDLQWHQDQWD\DQWHQYR\p
VRQFRPPLVOjEDVDILQTX
LOQHV
\SDVVHULHQG
LPSUpYX
$GLHXPRQFKHUFRXVLQGRQQH]QRXVGHYRVQRXYHOOHVOHSOXVVRXYHQWTXHYRXV
SRXUUH]F
HVWjGLUHWRXWHVOHVIRLVTXHYRXVFURLUH]SRXYRLUOHIDLUH
VUHPHQW-HYRXVHPEUDVVH
0$5,(0,&+21
2KTXHQHYRXVGRLVMHSDV$UDPLV"V
pFULDG
$UWDJQDQ&KqUH&RQVWDQFH
M
DLGRQFHQILQGHVHVQRXYHOOHVHOOHYLWHOOHHVWHQVUHWpGDQVXQFRXYHQW
HOOHHVWj6WHQD\2SUHQH]YRXV6WHQD\$WKRV"
0DLVjTXHOTXHVOLHXHVGHVIURQWLqUHVXQHIRLVOHVLqJHOHYpQRXVSRXUURQV
DOOHUIDLUHXQWRXUGHFHF{Wp
(WFHQHVHUDSDVORQJLOIDXWO
HVSpUHUGLW3RUWKRVFDURQDFHPDWLQ
SHQGXXQHVSLRQOHTXHODGpFODUpTXHOHV5RFKHORLVHQpWDLHQWDX[FXLUVGH
OHXUVVRXOLHUV(QVXSSRVDQWTX
DSUqVDYRLUPDQJpOHFXLULOVPDQJHQWOD
VHPHOOHMHQHYRLVSDVWURSFHTXLOHXUUHVWHUDDSUqVjPRLQVGHVHPDQJHUOHV
XQVOHVDXWUHV
3DXYUHVVRWVGLW$WKRVHQYLGDQWXQYHUUHG
H[FHOOHQWYLQGH%RUGHDX[TXL
VDQVDYRLUjFHWWHpSRTXHODUpSXWDWLRQTX
LODDXMRXUG
KXLQHODPpULWDLWSDV
PRLQVSDXYUHVVRWVFRPPHVLODUHOLJLRQFDWKROLTXHQ
pWDLWSDVODSOXV
DYDQWDJHXVHHWODSOXVDJUpDEOHGHVUHOLJLRQV&
HVWpJDOUHSULWLODSUqV
DYRLUIDLWFODTXHUVDODQJXHFRQWUHVRQSDODLVFHVRQWGHEUDYHVJHQV0DLVTXH
GLDEOHIDLWHVYRXVGRQF$UDPLV"FRQWLQXD$WKRVYRXVVHUUH]FHWWHOHWWUHGDQV
YRWUHSRFKH"

2XLGLWG
$UWDJQDQ$WKRVDUDLVRQLOIDXWODEUOHUHQFRUHTXLVDLWVL
0OHFDUGLQDOQ
DSDVXQVHFUHWSRXULQWHUURJHUOHVFHQGUHV"
,OGRLWHQDYRLUXQGLW$WKRV
0DLVTXHYRXOH]YRXVIDLUHGHFHWWHOHWWUH"GHPDQGD3RUWKRV
9HQH]LFL*ULPDXGGLW$WKRV
*ULPDXGVHOHYDHWREpLW
3RXUYRXVSXQLUG
DYRLUSDUOpVDQVSHUPLVVLRQPRQDPLYRXVDOOH]PDQJHUFH
PRUFHDXGHSDSLHUSXLVSRXUYRXVUpFRPSHQVHUGXVHUYLFHTXHYRXVQRXVDXUH]
UHQGXYRXVERLUH]HQVXLWHFHYHUUHGHYLQYRLFLODOHWWUHG
DERUGPkFKH]
DYHFpQHUJLH
*ULPDXGVRXULWHWOHV\HX[IL[pVVXUOHYHUUHTX
$WKRVYHQDLWGHUHPSOLUERUG
jERUGLOEUR\DOHSDSLHUHWO
DYDOD
%UDYRPDvWUH*ULPDXGGLW$WKRVHWPDLQWHQDQWSUHQH]FHFLELHQMHYRXV
GLVSHQVHGHGLUHPHUFL
*ULPDXGDYDODVLOHQFLHXVHPHQWOHYHUUHGHYLQGH%RUGHDX[PDLVVHV\HX[OHYpV
DXFLHOSDUODLHQWSHQGDQWWRXWOHWHPSVTXHGXUDFHWWHGRXFHRFFXSDWLRQXQ
ODQJDJHTXLSRXUrWUHPXHWQ
HQpWDLWSDVPRLQVH[SUHVVLI
(WPDLQWHQDQWGLW$WKRVjPRLQVTXH0OHFDUGLQDOQ
DLWO
LQJpQLHXVHLGpH
GHIDLUHRXYULUOHYHQWUHj*ULPDXGMHFURLVTXHQRXVSRXYRQVrWUHjSHXSUqV
WUDQTXLOOHV
3HQGDQWFHWHPSV6RQ(PLQHQFHFRQWLQXDLWVDSURPHQDGHPpODQFROLTXHHQPXUPXUDQW
HQWUHVHVPRXVWDFKHV
'pFLGpPHQWLOIDXWTXHFHVTXDWUHKRPPHVVRLHQWjPRL

&KDSLWUH/,,
35(0,(5(-2851(('(&$37,9,7(

5HYHQRQVj0LODG\TX
XQUHJDUGMHWpVXUOHVF{WHVGH)UDQFHQRXVDIDLWSHUGUH
GHYXHXQLQVWDQW
1RXVODUHWURXYHURQVGDQVODSRVLWLRQGpVHVSpUpHRQRXVO
DYRQVODLVVpHVH
FUHXVDQWXQDEvPHGHVRPEUHVUpIOH[LRQVVRPEUHHQIHUjODSRUWHGXTXHOHOOHD
SUHVTXHODLVVpO
HVSpUDQFHFDUSRXUODSUHPLqUHIRLVHOOHGRXWHSRXUOD
SUHPLqUHIRLVHOOHFUDLQW
'DQVGHX[RFFDVLRQVVDIRUWXQHOXLDPDQTXpGDQVGHX[RFFDVLRQVHOOHV
HVWYXH

GpFRXYHUWHHWWUDKLHHWGDQVFHVGHX[RFFDVLRQVF
HVWFRQWUHOHJpQLHIDWDO
HQYR\pVDQVGRXWHSDUOH6HLJQHXUSRXUODFRPEDWWUHTX
HOOHDpFKRXp
G
$UWDJQDQO
DYDLQFXHHOOHFHWWHLQYLQFLEOHSXLVVDQFHGXPDO
,OO
DDEXVpHGDQVVRQDPRXUKXPLOLpHGDQVVRQRUJXHLOWURPSpHGDQVVRQ
DPELWLRQHWPDLQWHQDQWYRLOjTX
LOODSHUGGDQVVDIRUWXQHTX
LOO
DWWHLQW
GDQVVDOLEHUWpTX
LOODPHQDFHPrPHGDQVVDYLH%LHQSOXVLODOHYpXQFRLQ
GHVRQPDVTXHFHWWHpJLGHGRQWHOOHVHFRXYUHHWTXLODUHQGVLIRUWH
'
$UWDJQDQDGpWRXUQpGH%XFNLQJKDPTX
HOOHKDLWFRPPHHOOHKDLWWRXWFH
TX
HOOHDDLPpODWHPSrWHGRQWOHPHQDoDLW5LFKHOLHXGDQVODSHUVRQQHGHOD
UHLQH'
$UWDJQDQV
HVWIDLWSDVVHUSRXUGH:DUGHVSRXUOHTXHOHOOHDYDLWXQH
GHFHVIDQWDLVLHVGHWLJUHVVHLQGRPSWDEOHVFRPPHHQRQWOHVIHPPHVGHFH
FDUDFWqUH'
$UWDJQDQFRQQDvWFHWHUULEOHVHFUHWTX
HOOHDMXUpTXHQXOQH
FRQQDvWUDLWVDQVPRXULU(QILQDXPRPHQWRHOOHYLHQWG
REWHQLUXQEODQFVHLQJ
jO
DLGHGXTXHOHOOHYDVHYHQJHUGHVRQHQQHPLOHEODQFVHLQJOXLHVWDUUDFKp
GHVPDLQVHWF
HVWG
$UWDJQDQTXLODWLHQWSULVRQQLqUHHWTXLYDO
HQYR\HUGDQV
TXHOTXHLPPRQGH%RWDQ\%D\GDQVTXHOTXH7\EXUQLQIkPHGHO
RFpDQ,QGLHQ
&DUWRXWFHODOXLYLHQWGHG
$UWDJQDQVDQVGRXWHGHTXLYLHQGUDLHQWWDQWGH
KRQWHVDPDVVpHVVXUVDWrWHVLQRQGHOXL"/XLVHXODSXWUDQVPHWWUHj/RUGGH
:LQWHUWRXVFHVDIIUHX[VHFUHWVTX
LODGpFRXYHUWVOHVXQVDSUqVOHVDXWUHVSDU
XQHVRUWHGHIDWDOLWp,OFRQQDvWVRQEHDXIUqUHLOOXLDXUDpFULW
4XHGHKDLQHHOOHGLVWLOOH/jLPPRELOHHWOHV\HX[DUGHQWVHWIL[HVGDQVVRQ
DSSDUWHPHQWGpVHUWFRPPHOHVpFODWVGHVHVUXJLVVHPHQWVVRXUGVTXLSDUIRLV
V
pFKDSSHQWDYHFVDUHVSLUDWLRQGXIRQGGHVDSRLWULQHDFFRPSDJQHQWELHQOH
EUXLWGHODKRXOHTXLPRQWHJURQGHPXJLWHWYLHQWVHEULVHUFRPPHXQ
GpVHVSRLUpWHUQHOHWLPSXLVVDQWFRQWUHOHVURFKHUVVXUOHVTXHOVHVWEkWLFH
FKkWHDXVRPEUHHWRUJXHLOOHX[&RPPHjODOXHXUGHVpFODLUVTXHVDFROqUH
RUDJHXVHIDLWEULOOHUGDQVVRQHVSULWHOOHFRQoRLWFRQWUH0PH%RQDFLHX[FRQWUH
%XFNLQJKDPHWVXUWRXWFRQWUHG
$UWDJQDQGHPDJQLILTXHVSURMHWVGHYHQJHDQFH
SHUGXVGDQVOHVORLQWDLQVGHO
DYHQLU
2XLPDLVSRXUVHYHQJHULOIDXWrWUHOLEUHHWSRXUrWUHOLEUHTXDQGRQHVW
SULVRQQLHULOIDXWSHUFHUXQPXUGHVFHOOHUGHVEDUUHDX[WURXHUXQSODQFKHU
WRXWHVHQWUHSULVHVTXHSHXWPHQHUjERXWXQKRPPHSDWLHQWHWIRUWPDLVGHYDQW
OHVTXHOOHVGRLYHQWpFKRXHUOHVLUULWDWLRQVIpEULOHVG
XQHIHPPH'
DLOOHXUV
SRXUIDLUHWRXWFHODLOIDXWDYRLUOHWHPSVGHVPRLVGHVDQQpHVHWHOOH
HOOHDGL[RXGRX]HMRXUVjFHTXHOXLDGLW/RUGGH:LQWHUVRQIUDWHUQHOHW
WHUULEOHJH{OLHU
(WFHSHQGDQWVLHOOHpWDLWXQKRPPHHOOHWHQWHUDLWWRXWFHODHWSHXWrWUH
UpXVVLUDLWHOOHSRXUTXRLGRQFOH&LHOV
HVWLODLQVLWURPSpHQPHWWDQWFHWWH
kPHYLULOHGDQVFHFRUSVIUrOHHWGpOLFDW
$XVVLOHVSUHPLHUVPRPHQWVGHODFDSWLYLWpRQWpWpWHUULEOHVTXHOTXHV
FRQYXOVLRQVGHUDJHTX
HOOHQ
DSXYDLQFUHRQWSD\pVDGHWWHGHIDLEOHVVH
IpPLQLQHjODQDWXUH0DLVSHXjSHXHOOHDVXUPRQWpOHVpFODWVGHVDIROOH
FROqUHOHVIUpPLVVHPHQWVQHUYHX[TXLRQWDJLWpVRQFRUSVRQWGLVSDUXHW
PDLQWHQDQWHOOHV
HVWUHSOLpHVXUHOOHPrPHFRPPHXQVHUSHQWIDWLJXpTXLVH
UHSRVH

$OORQVDOORQVM
pWDLVIROOHGHP
HPSRUWHUDLQVLGLWHOOHHQSORQJHDQWGDQV
ODJODFHTXLUHIOqWHGDQVVHV\HX[VRQUHJDUGEUODQWSDUOHTXHOHOOHVHPEOH
V
LQWHUURJHUHOOHPrPH3DVGHYLROHQFHODYLROHQFHHVWXQHSUHXYHGH
IDLEOHVVH'
DERUGMHQ
DLMDPDLVUpXVVLSDUFHPR\HQSHXWrWUHVLM
XVDLV
GHPDIRUFHFRQWUHGHVIHPPHVDXUDLVMHFKDQFHGHOHVWURXYHUSOXVIDLEOHV
HQFRUHTXHPRLHWSDUFRQVpTXHQWGHOHVYDLQFUHPDLVF
HVWFRQWUHGHVKRPPHV
TXHMHOXWWHHWMHQHVXLVTX
XQHIHPPHSRXUHX[/XWWRQVHQIHPPHPDIRUFH
HVWGDQVPDIDLEOHVVH
$ORUVFRPPHSRXUVHUHQGUHFRPSWHjHOOHPrPHGHVFKDQJHPHQWVTX
HOOHSRXYDLW
LPSRVHUjVDSK\VLRQRPLHVLH[SUHVVLYHHWVLPRELOHHOOHOXLILWSUHQGUHjOD
IRLVWRXWHVOHVH[SUHVVLRQVGHSXLVFHOOHGHODFROqUHTXLFULVSDLWVHVWUDLWV
MXVTX
jFHOOHGXSOXVGRX[GXSOXVDIIHFWXHX[HWGXSOXVVpGXLVDQWVRXULUH
3XLVVHVFKHYHX[SULUHQWVXFFHVVLYHPHQWVRXVVHVPDLQVVDYDQWHVOHVRQGXODWLRQV
TX
HOOHFUXWSRXYRLUDLGHUDX[FKDUPHVGHVRQYLVDJH(QILQHOOHPXUPXUD
VDWLVIDLWHG
HOOHPrPH
$OORQVULHQQ
HVWSHUGX-HVXLVWRXMRXUVEHOOH
,OpWDLWKXLWKHXUHVGXVRLUjSHXSUqV0LODG\DSHUoXWXQOLWHOOHSHQVD
TX
XQUHSRVGHTXHOTXHVKHXUHVUDIUDvFKLUDLWQRQVHXOHPHQWVDWrWHHWVHVLGpHV
PDLVHQFRUHVRQWHLQW&HSHQGDQWDYDQWGHVHFRXFKHUXQHLGpHPHLOOHXUHOXL
YLQW(OOHDYDLWHQWHQGXSDUOHUGHVRXSHU'pMjHOOHpWDLWGHSXLVXQHKHXUHGDQV
FHWWHFKDPEUHRQQHSRXYDLWWDUGHUjOXLDSSRUWHUVRQUHSDV/DSULVRQQLqUHQH
YRXOXWSDVSHUGUHGHWHPSVHWHOOHUpVROXWGHIDLUHGqVFHWWHPrPHVRLUpH
TXHOTXHWHQWDWLYHSRXUVRQGHUOHWHUUDLQHQpWXGLDQWOHFDUDFWqUHGHVJHQV
DX[TXHOVVDJDUGHpWDLWFRQILpH
8QHOXPLqUHDSSDUXWVRXVODSRUWHFHWWHOXPLqUHDQQRQoDLWOHUHWRXUGHVHV
JH{OLHUV0LODG\TXLV
pWDLWOHYpHVHUHMHWDYLYHPHQWVXUVRQIDXWHXLOOD
WrWHUHQYHUVpHHQDUULqUHVHVEHDX[FKHYHX[GpQRXpVHWpSDUVVDJRUJHGHPLQXH
VRXVVHVGHQWHOOHVIURLVVpHVXQHPDLQVXUVRQFRHXUHWO
DXWUHSHQGDQWH
2QRXYULWOHVYHUURXVODSRUWHJULQoDVXUVHVJRQGVGHVSDVUHWHQWLUHQWGDQV
ODFKDPEUHHWV
DSSURFKqUHQW
3RVH]OjFHWWHWDEOHGLWXQHYRL[TXHODSULVRQQLqUHUHFRQQXWSRXUFHOOH
GH)HOWRQ
/
RUGUHIXWH[pFXWp
9RXVDSSRUWHUH]GHVIODPEHDX[HWIHUH]UHOHYHUODVHQWLQHOOHFRQWLQXD
)HOWRQ
&HGRXEOHRUGUHTXHGRQQDDX[PrPHVLQGLYLGXVOHMHXQHOLHXWHQDQWSURXYDj
0LODG\TXHVHVVHUYLWHXUVpWDLHQWOHVPrPHVKRPPHVTXHVHVJDUGLHQV
F
HVWjGLUHGHVVROGDWV
/HVRUGUHVGH)HOWRQpWDLHQWDXUHVWHH[pFXWpVDYHFXQHVLOHQFLHXVHUDSLGLWp
TXLGRQQDLWXQHERQQHLGpHGHO
pWDWIORULVVDQWGDQVOHTXHOLOPDLQWHQDLWOD
GLVFLSOLQH
(QILQ)HOWRQTXLQ
DYDLWSDVHQFRUHUHJDUGp0LODG\VHUHWRXUQDYHUVHOOH

$KDKGLWLOHOOHGRUWF
HVWELHQjVRQUpYHLOHOOHVRXSHUD
(WLOILWTXHOTXHVSDVSRXUVRUWLU
0DLVPRQOLHXWHQDQWGLWXQVROGDWPRLQVVWRwTXHTXHVRQFKHIHWTXLV
pWDLW
DSSURFKpGH0LODG\FHWWHIHPPHQHGRUWSDV
&RPPHQWHOOHQHGRUWSDV"GLW)HOWRQTXHIDLWHOOHGRQFDORUV"
(OOHHVWpYDQRXLHVRQYLVDJHHVWWUqVSkOHHWM
DLEHDXpFRXWHUMH
Q
HQWHQGVSDVVDUHVSLUDWLRQ
9RXVDYH]UDLVRQGLW)HOWRQDSUqVDYRLUUHJDUGp0LODG\GHODSODFHRLOVH
WURXYDLWVDQVIDLUHXQSDVYHUVHOOHDOOH]SUpYHQLU/RUGGH:LQWHUTXHVD
SULVRQQLqUHHVWpYDQRXLHFDUMHQHVDLVTXHIDLUHOHFDVQ
D\DQWSDVpWp
SUpYX
/HVROGDWVRUWLWSRXUREpLUDX[RUGUHVGHVRQRIILFLHU)HOWRQV
DVVLWVXUXQ
IDXWHXLOTXLVHWURXYDLWSDUKDVDUGSUqVGHODSRUWHHWDWWHQGLWVDQVGLUHXQH
SDUROHVDQVIDLUHXQJHVWH0LODG\SRVVpGDLWFHJUDQGDUWWDQWpWXGLpSDUOHV
IHPPHVGHYRLUjWUDYHUVVHVORQJVFLOVVDQVDYRLUO
DLUG
RXYULUOHVSDXSLqUHV
HOOHDSHUoXW)HOWRQTXLOXLWRXUQDLWOHGRVHOOHFRQWLQXDGHOHUHJDUGHU
SHQGDQWGL[PLQXWHVjSHXSUqVHWSHQGDQWFHVGL[PLQXWHVO
LPSDVVLEOHJDUGLHQ
QHVHUHWRXUQDSDVXQHVHXOHIRLV
(OOHVRQJHDDORUVTXH/RUGGH:LQWHUDOODLWYHQLUHWUHQGUHSDUVDSUpVHQFH
XQHQRXYHOOHIRUFHjVRQJH{OLHUVDSUHPLqUHpSUHXYHpWDLWSHUGXHHOOHHQ
SULWVRQSDUWLHQIHPPHTXLFRPSWHVXUVHVUHVVRXUFHVHQFRQVpTXHQFHHOOHOHYD
ODWrWHRXYULWOHV\HX[HWVRXSLUDIDLEOHPHQW
$FHVRXSLU)HOWRQVHUHWRXUQDHQILQ
$KYRXVYRLFLUpYHLOOpH0DGDPHGLWLOMHQ
DLGRQFSOXVDIIDLUHLFL6L
YRXVDYH]EHVRLQGHTXHOTXHFKRVHYRXVDSSHOOHUH]
2KPRQ'LHXPRQ'LHXTXHM
DLVRXIIHUWPXUPXUD0LODG\DYHFFHWWH
YRL[KDUPRQLHXVHTXLSDUHLOOHjFHOOHGHVHQFKDQWHUHVVHVDQWLTXHVFKDUPDLW
WRXVFHX[TX
HOOHYRXODLWSHUGUH
(WHOOHSULWHQVHUHGUHVVDQWVXUVRQIDXWHXLOXQHSRVLWLRQSOXVJUDFLHXVHHW
SOXVDEDQGRQQpHHQFRUHTXHFHOOHTX
HOOHDYDLWORUVTX
HOOHpWDLWFRXFKpH
)HOWRQVHOHYD
9RXVVHUH]VHUYLHDLQVLWURLVIRLVSDUMRXUPDGDPHGLWLOOHPDWLQjQHXI
KHXUHVGDQVODMRXUQpHjXQHKHXUHHWOHVRLUjKXLWKHXUHV6LFHODQHYRXV
FRQYLHQWSDVYRXVSRXYH]LQGLTXHUYRVKHXUHVDXOLHXGHFHOOHVTXHMHYRXV
SURSRVHHWVXUFHSRLQWRQVHFRQIRUPHUDjYRVGpVLUV
0DLVYDLVMHGRQFUHVWHUWRXMRXUVVHXOHGDQVFHWWHJUDQGHHWWULVWHFKDPEUH"
GHPDQGD0LODG\

8QHIHPPHGHVHQYLURQVDpWpSUpYHQXHHOOHVHUDGHPDLQDXFKkWHDXHW
YLHQGUDWRXWHVOHVIRLVTXHYRXVGpVLUHUH]VDSUpVHQFH
-HYRXVUHQGVJUkFH0RQVLHXUUpSRQGLWKXPEOHPHQWODSULVRQQLqUH
)HOWRQILWXQOpJHUVDOXWHWVHGLULJHDYHUVODSRUWH$XPRPHQWRLODOODLWHQ
IUDQFKLUOHVHXLO/RUGGH:LQWHUSDUXWGDQVOHFRUULGRUVXLYLGXVROGDWTXL
pWDLWDOOpOXLSRUWHUODQRXYHOOHGHO
pYDQRXLVVHPHQWGH0LODG\,OWHQDLWjOD
PDLQXQIODFRQGHVHOV(KELHQTX
HVWFH"HWTXHVHSDVVHWLOGRQFLFL"
GLWLOG
XQHYRL[UDLOOHXVHHQYR\DQWVDSULVRQQLqUHGHERXWHW)HOWRQSUrWj
VRUWLU&HWWHPRUWHHVWHOOHGRQFGpMjUHVVXVFLWpH"3DUGLHX)HOWRQPRQ
HQIDQWWXQ
DVGRQFSDVYXTX
RQWHSUHQDLWSRXUXQQRYLFHHWTX
RQWHMRXDLW
OHSUHPLHUDFWHG
XQHFRPpGLHGRQWQRXVDXURQVVDQVGRXWHOHSODLVLUGHVXLYUH
WRXVOHVGpYHORSSHPHQWV"
-HO
DLELHQSHQVp0LORUGGLW)HOWRQPDLVHQILQFRPPHODSULVRQQLqUH
HVWIHPPHDSUqVWRXWM
DLYRXOXDYRLUOHVpJDUGVTXHWRXWKRPPHELHQQpGRLWj
XQHIHPPHVLQRQSRXUHOOHGXPRLQVSRXUOXLPrPH
0LODG\IULVVRQQDSDUWRXWVRQFRUSV&HVSDUROHVGH)HOWRQSDVVDLHQWFRPPHXQH
JODFHSDUWRXWHVVHVYHLQHV
$LQVLUHSULWGH:LQWHUHQULDQWFHVEHDX[FKHYHX[VDYDPPHQWpWDOpVFHWWH
SHDXEODQFKHHWFHODQJRXUHX[UHJDUGQHW
RQWSDVHQFRUHVpGXLWFRHXUGHSLHUUH
"
1RQ0LORUGUpSRQGLWO
LPSDVVLEOHMHXQHKRPPHHWFUR\H]PRLELHQLOIDXW
SOXVTXHGHVPDQqJHVHWGHVFRTXHWWHULHVGHIHPPHSRXUPHFRUURPSUH
(QFHFDVPRQEUDYHOLHXWHQDQWODLVVRQV0LODG\FKHUFKHUDXWUHFKRVHHW
DOORQVVRXSHUDKVRLVWUDQTXLOOHHOOHDO
LPDJLQDWLRQIpFRQGHHWOHVHFRQG
DFWHGHODFRPpGLHQHWDUGHUDSDVjVXLYUHOHSUHPLHU
(WjFHVPRWV/RUGGH:LQWHUSDVVDVRQEUDVVRXVFHOXLGH)HOWRQHWO
HPPHQDHQ
ULDQW
2KMHWURXYHUDLELHQFHTX
LOWHIDXWPXUPXUD0LODG\HQWUHVHVGHQWVVRLV
WUDQTXLOOHSDXYUHPRLQHPDQTXpSDXYUHVROGDWFRQYHUWLTXLW
HVWDLOOpWRQ
XQLIRUPHGDQVXQIURF
$SURSRVUHSULWGH:LQWHUHQV
DUUrWDQWVXUOHVHXLOGHODSRUWHLOQHIDXW
SDV0LODG\TXHFHWpFKHFYRXV{WHO
DSSpWLW7kWH]GHFHSRXOHWHWGHFHV
SRLVVRQVTXHMHQ
DLSDVIDLWHPSRLVRQQHUVXUO
KRQQHXU-HP
DFFRPPRGHDVVH]
GHPRQFXLVLQLHUHWFRPPHLOQHGRLWSDVKpULWHUGHPRLM
DLHQOXLSOHLQHHW
HQWLqUHFRQILDQFH)DLWHVFRPPHPRL$GLHXFKqUHVRHXUjYRWUHSURFKDLQ
pYDQRXLVVHPHQW
&
pWDLWWRXWFHTXHSRXYDLWVXSSRUWHU0LODG\VHVPDLQVVHFULVSqUHQWVXUVRQ
IDXWHXLOVHVGHQWVJULQFqUHQWVRXUGHPHQWVHV\HX[VXLYLUHQWOHPRXYHPHQWGHOD
SRUWHTXLVHIHUPDLWGHUULqUH/RUGGH:LQWHUHW)HOWRQHWORUVTX
HOOHVHYLW
VHXOHXQHQRXYHOOHFULVHGHGpVHVSRLUODSULWHOOHMHWDOHV\HX[VXUOD
WDEOHYLWEULOOHUXQFRXWHDXV
pODQoDHWOHVDLVLWPDLVVRQGpVDSSRLQWHPHQW
IXWFUXHOODODPHHQpWDLWURQGHHWG
DUJHQWIOH[LEOH

8QpFODWGHULUHUHWHQWLWGHUULqUHODSRUWHPDOIHUPpHHWODSRUWHVHURXYULW
$KDKV
pFULD/RUGGH:LQWHUDKDKYRLVWXELHQPRQEUDYH)HOWRQ
YRLVWXFHTXHMHW
DYDLVGLWFHFRXWHDXF
pWDLWSRXUWRLPRQHQIDQWHOOH
W
DXUDLWWXpYRLVWXF
HVWXQGHVHVWUDYHUVGHVHGpEDUUDVVHUDLQVLG
XQH
IDoRQRXGHO
DXWUHGHVJHQVTXLODJrQHQW6LMHW
HXVVHpFRXWpOHFRXWHDX
HWpWpSRLQWXHWG
DFLHUDORUVSOXVGH)HOWRQHOOHW
DXUDLWpJRUJpHWDSUqV
WRLWRXWOHPRQGH9RLVGRQF-RKQFRPPHHOOHVDLWELHQWHQLUVRQFRXWHDX
(QHIIHW0LODG\WHQDLWHQFRUHO
DUPHRIIHQVLYHGDQVVDPDLQFULVSpHPDLVFHV
GHUQLHUVPRWVFHWWHVXSUrPHLQVXOWHGpWHQGLUHQWVHVPDLQVVHVIRUFHVHW
MXVTX
jVDYRORQWp
/HFRXWHDXWRPEDSDUWHUUH
9RXVDYH]UDLVRQ0LORUGGLW)HOWRQDYHFXQDFFHQWGHSURIRQGGpJRWTXL
UHWHQWLWMXVTX
DXIRQGGXFRHXUGH0LODG\YRXVDYH]UDLVRQHWF
HVWPRLTXL
DYDLVWRUW
(WWRXVGHX[VRUWLUHQWGHQRXYHDX
0DLVFHWWHIRLV0LODG\SUrWDXQHRUHLOOHSOXVDWWHQWLYHTXHODSUHPLqUHIRLV
HWHOOHHQWHQGLWOHXUVSDVV
pORLJQHUHWV
pWHLQGUHGDQVOHIRQGGXFRUULGRU
-HVXLVSHUGXHPXUPXUDWHOOHPHYRLOjDXSRXYRLUGHJHQVVXUOHVTXHOVMH
Q
DXUDLSDVSOXVGHSULVHTXHVXUGHVVWDWXHVGHEURQ]HRXGHJUDQLWLOVPH
VDYHQWSDUFRHXUHWVRQWFXLUDVVpVFRQWUHWRXWHVPHVDUPHV
,OHVWFHSHQGDQWLPSRVVLEOHTXHFHODILQLVVHFRPPHLOVO
RQWGpFLGp
(QHIIHWFRPPHO
LQGLTXDLWFHWWHGHUQLqUHUpIOH[LRQFHUHWRXULQVWLQFWLIj
O
HVSpUDQFHGDQVFHWWHkPHSURIRQGHODFUDLQWHHWOHVVHQWLPHQWVIDLEOHVQH
VXUQDJHDLHQWSDVORQJWHPSV0LODG\VHPLWjWDEOHPDQJHDGHSOXVLHXUVPHWVEXW
XQSHXGHYLQG
(VSDJQHHWVHQWLWUHYHQLUWRXWHVDUpVROXWLRQ
$YDQWGHVHFRXFKHUHOOHDYDLWGpMjFRPPHQWpDQDO\VpUHWRXUQpVXUWRXWHVOHXUV
IDFHVH[DPLQpVRXVWRXVOHVSRLQWVOHVSDUROHVOHVSDVOHVJHVWHVOHV
VLJQHVHWMXVTX
DXVLOHQFHGHVHVJH{OLHUVHWGHFHWWHpWXGHSURIRQGHKDELOH
HWVDYDQWHLOpWDLWUpVXOWpTXH)HOWRQpWDLWjWRXWSUHQGUHOHSOXV
YXOQpUDEOHGHVHVGHX[SHUVpFXWHXUV
8QPRWVXUWRXWUHYHQDLWjO
HVSULWGHODSULVRQQLqUH
6LMHW
HXVVHpFRXWpDYDLWGLW/RUGGH:LQWHUj)HOWRQ
'RQF)HOWRQDYDLWSDUOpHQVDIDYHXUSXLVTXH/RUGGH:LQWHUQ
DYDLWSDVYRXOX
pFRXWHU)HOWRQ
)DLEOHRXIRUWHUpSpWDLW0LODG\FHWKRPPHDGRQFXQHOXHXUGHSLWLpGDQVVRQ
kPHGHFHWWHOXHXUMHIHUDLXQLQFHQGLHTXLOHGpYRUHUD
4XDQWjO
DXWUHLOPHFRQQDvWLOPHFUDLQWHWVDLWFHTX
LODjDWWHQGUHGH

PRLVLMDPDLVMHP
pFKDSSHGHVHVPDLQVLOHVWGRQFLQXWLOHGHULHQWHQWHUVXU
OXL0DLV)HOWRQF
HVWDXWUHFKRVHF
HVWXQMHXQHKRPPHQDwISXUHWTXL
VHPEOHYHUWXHX[FHOXLOjLO\DPR\HQGHOHSHUGUH
(W0LODG\VHFRXFKDHWV
HQGRUPLWOHVRXULUHVXUOHVOqYUHVTXHOTX
XQTXL
O
HWYXHGRUPDQWHWGLWXQHMHXQHILOOHUrYDQWjODFRXURQQHGHIOHXUVTX
HOOH
GHYDLWPHWWUHVXUVRQIURQWjODSURFKDLQHIrWH

&KDSLWUH/,,,
'(8;,(0(-2851(('(&$37,9,7(

0LODG\UrYDLWTX
HOOHWHQDLWHQILQG
$UWDJQDQTX
HOOHDVVLVWDLWjVRQVXSSOLFH
HWF
pWDLWODYXHGHVRQVDQJRGLHX[FRXODQWVRXVODKDFKHGXERXUUHDXTXL
GHVVLQDLWFHFKDUPDQWVRXULUHVXUOHVOqYUHV
(OOHGRUPDLWFRPPHGRUWXQSULVRQQLHUEHUFpSDUVDSUHPLqUHHVSpUDQFH
/HOHQGHPDLQORUVTX
RQHQWUDGDQVVDFKDPEUHHOOHpWDLWHQFRUHDXOLW)HOWRQ
pWDLWGDQVOHFRUULGRULODPHQDLWODIHPPHGRQWLODYDLWSDUOpODYHLOOHHW
TXLYHQDLWG
DUULYHUFHWWHIHPPHHQWUDHWV
DSSURFKDGXOLWGH0LODG\HQOXL
RIIUDQWVHVVHUYLFHV
0LODG\pWDLWKDELWXHOOHPHQWSkOHVRQWHLQWSRXYDLWGRQFWURPSHUXQHSHUVRQQH
TXLODYR\DLWSRXUODSUHPLqUHIRLV
-
DLODILqYUHGLWHOOHMHQ
DLSDVGRUPLXQVHXOLQVWDQWSHQGDQWWRXWH
FHWWHORQJXHQXLWMHVRXIIUHKRUULEOHPHQWVHUH]YRXVSOXVKXPDLQHTX
RQQH
O
DpWpKLHUDYHFPRL"7RXWFHTXHMHGHPDQGHDXUHVWHF
HVWODSHUPLVVLRQGH
UHVWHUFRXFKpH
9RXOH]YRXVTX
RQDSSHOOHXQPpGHFLQ"GLWODIHPPH
)HOWRQpFRXWDLWFHGLDORJXHVDQVGLUHXQHSDUROH
0LODG\UpIOpFKLVVDLWTXHSOXVRQO
HQWRXUHUDLWGHPRQGHSOXVHOOHDXUDLWGH
PRQGHjDSLWR\HUHWSOXVODVXUYHLOODQFHGH/RUGGH:LQWHUUHGRXEOHUDLW
G
DLOOHXUVOHPpGHFLQSRXUUDLWGpFODUHUTXHODPDODGLHpWDLWIHLQWHHW0LODG\
DSUqVDYRLUSHUGXODSUHPLqUHSDUWLHQHYRXODLWSDVSHUGUHODVHFRQGH
$OOHUFKHUFKHUXQPpGHFLQGLWHOOHjTXRLERQ"FHV0HVVLHXUVRQWGpFODUp
KLHUTXHPRQPDOpWDLWXQHFRPpGLHLOHQVHUDLWVDQVGRXWHGHPrPHDXMRXUG
KXL
FDUGHSXLVKLHUVRLURQDHXOHWHPSVGHSUpYHQLUOHGRFWHXU
$ORUVGLW)HOWRQLPSDWLHQWpGLWHVYRXVPrPH0DGDPHTXHOWUDLWHPHQWYRXV
YRXOH]VXLYUH
(KOHVDLVMHPRL"PRQ'LHXMHVHQVTXHMHVRXIIUHYRLOjWRXWTXH
O
RQPHGRQQHFHTXHO
RQYRXGUDSHXP
LPSRUWH

$OOH]FKHUFKHU/RUGGH:LQWHUGLW)HOWRQIDWLJXpGHFHVSODLQWHVpWHUQHOOHV
2KQRQQRQV
pFULD0LODG\QRQ0RQVLHXUQHO
DSSHOH]SDVMHYRXVHQ
FRQMXUHMHVXLVELHQMHQ
DLEHVRLQGHULHQQHO
DSSHOH]SDV
(OOHPLWXQHYpKpPHQFHVLSURGLJLHXVHXQHpORTXHQFHVLHQWUDvQDQWHGDQVFHWWH
H[FODPDWLRQTXH)HOWRQHQWUDvQpILWTXHOTXHVSDVGDQVODFKDPEUH
,OHVWpPXSHQVD0LODG\
&HSHQGDQW0DGDPHGLW)HOWRQVLYRXVVRXIIUH]UpHOOHPHQWRQHQYHUUD
FKHUFKHUXQPpGHFLQHWVLYRXVQRXVWURPSH](KELHQFHVHUDWDQWSLVSRXU
YRXVPDLVGXPRLQVGHQRWUHF{WpQRXVQ
DXURQVULHQjQRXVUHSURFKHU
0LODG\QHUpSRQGLWSRLQWPDLVUHQYHUVDQWVDEHOOHWrWHVXUVRQRUHLOOHUHOOH
IRQGLWHQODUPHVHWpFODWDHQVDQJORWV
)HOWRQODUHJDUGDXQLQVWDQWDYHFVRQLPSDVVLELOLWpRUGLQDLUHSXLVYR\DQWTXH
ODFULVHPHQDoDLWGHVHSURORQJHULOVRUWLWODIHPPHOHVXLYLW/RUGGH
:LQWHUQHSDUXWSDV
-HFURLVTXHMHFRPPHQFHjYRLUFODLUPXUPXUD0LODG\DYHFXQHMRLH
VDXYDJHHQV
HQVHYHOLVVDQWVRXVOHVGUDSVSRXUFDFKHUjWRXVFHX[TXL
SRXUUDLHQWO
pSLHUFHWpODQGHVDWLVIDFWLRQLQWpULHXUH
'HX[KHXUHVV
pFRXOqUHQW
0DLQWHQDQWLOHVWWHPSVTXHODPDODGLHFHVVHGLWHOOHOHYRQVQRXVHW
REWHQRQVTXHOTXHVXFFqVGqVDXMRXUG
KXLMHQ
DLTXHGL[MRXUVHWFHVRLULO\
HQDXUDGHX[G
pFRXOpV
(QHQWUDQWOHPDWLQGDQVODFKDPEUHGH0LODG\RQOXLDYDLWDSSRUWpVRQ
GpMHXQHURUHOOHDYDLWSHQVpTX
RQQHWDUGHUDLWSDVjYHQLUHQOHYHUODWDEOH
HWTX
HQFHPRPHQWHOOHUHYHUUDLW)HOWRQ
0LODG\QHVHWURPSDLWSDV)HOWRQUHSDUXWHWVDQVIDLUHDWWHQWLRQVL0LODG\
DYDLWRXQRQWRXFKpDXUHSDVILWXQVLJQHSRXUTX
RQHPSRUWkWKRUVGHOD
FKDPEUHODWDEOHTXHO
RQDSSRUWDLWRUGLQDLUHPHQWWRXWHVHUYLH
)HOWRQUHVWDOHGHUQLHULOWHQDLWXQOLYUHjODPDLQ
0LODG\FRXFKpHGDQVXQIDXWHXLOSUqVGHODFKHPLQpHEHOOHSkOHHWUpVLJQpH
UHVVHPEODLWjXQHYLHUJHVDLQWHDWWHQGDQWOHPDUW\UH
)HOWRQV
DSSURFKDG
HOOHHWGLW
/RUGGH:LQWHUTXLHVWFDWKROLTXHFRPPHYRXV0DGDPHDSHQVpTXHOD
SULYDWLRQGHVULWHVHWGHVFpUpPRQLHVGHYRWUHUHOLJLRQSHXWYRXVrWUHSpQLEOH
LOFRQVHQWGRQFjFHTXHYRXVOLVLH]FKDTXHMRXUO
RUGLQDLUHGHYRWUHPHVVHHW
YRLFLXQOLYUHTXLHQFRQWLHQWOHULWXHO

$O
DLUGRQW)HOWRQGpSRVDFHOLYUHVXUODSHWLWHWDEOHSUqVGHODTXHOOHpWDLW
0LODG\DXWRQGRQWLOSURQRQoDFHVGHX[PRWVYRWUHPHVVHDXVRXULUH
GpGDLJQHX[GRQWLOOHVDFFRPSDJQD0LODG\OHYDODWrWHHWUHJDUGDSOXV
DWWHQWLYHPHQWO
RIILFLHU
$ORUVjFHWWHFRLIIXUHVpYqUHjFHFRVWXPHG
XQHVLPSOLFLWpH[DJpUpHjFH
IURQWSROLFRPPHOHPDUEUHPDLVGXUHWLPSpQpWUDEOHFRPPHOXLHOOHUHFRQQXWXQ
GHFHVVRPEUHVSXULWDLQVTX
HOOHDYDLWUHQFRQWUpVVLVRXYHQWWDQWjODFRXUGX
URL-DFTXHVTX
jFHOOHGXURLGH)UDQFHRPDOJUpOHVRXYHQLUGHOD
6DLQW%DUWKpOpP\LOVYHQDLHQWSDUIRLVFKHUFKHUXQUHIXJH
(OOHHXWGRQFXQHGHFHVLQVSLUDWLRQVVXELWHVFRPPHOHVJHQVGHJpQLHVHXOVHQ
UHoRLYHQWGDQVOHVJUDQGHVFULVHVGDQVOHVPRPHQWVVXSUrPHVTXLGRLYHQWGpFLGHU
GHOHXUIRUWXQHRXGHOHXUYLH
&HVGHX[PRWVYRWUHPHVVHHWXQVLPSOHFRXSG
RHLOMHWpVXU)HOWRQOXL
DYDLHQWHQHIIHWUpYpOpWRXWHO
LPSRUWDQFHGHODUpSRQVHTX
HOOHDOODLWIDLUH
0DLVDYHFFHWWHUDSLGLWpG
LQWHOOLJHQFHTXLOXLpWDLWSDUWLFXOLqUHFHWWH
UpSRQVHWRXWHIRUPXOpHVHSUpVHQWDVXUVHVOqYUHV
0RLGLWHOOHDYHFXQDFFHQWGHGpGDLQPRQWpjO
XQLVVRQGHFHOXLTX
HOOH
DYDLWUHPDUTXpGDQVODYRL[GXMHXQHRIILFLHUPRL0RQVLHXUPDPHVVH/RUGGH
:LQWHUOHFDWKROLTXHFRUURPSXVDLWELHQTXHMHQHVXLVSDVGHVDUHOLJLRQHW
F
HVWXQSLqJHTX
LOYHXWPHWHQGUH
(WGHTXHOOHUHOLJLRQrWHVYRXVGRQF0DGDPH"GHPDQGD)HOWRQDYHFXQ
pWRQQHPHQWTXHPDOJUpVRQHPSLUHVXUOXLPrPHLOQHSXWFDFKHUHQWLqUHPHQW
-HOHGLUDLV
pFULD0LODG\DYHFXQHH[DOWDWLRQIHLQWHOHMRXURM
DXUDL
DVVH]VRXIIHUWSRXUPDIRL
/HUHJDUGGH)HOWRQGpFRXYULWj0LODG\WRXWHO
pWHQGXHGHO
HVSDFHTX
HOOH
YHQDLWGHV
RXYULUSDUFHWWHVHXOHSDUROH
&HSHQGDQWOHMHXQHRIILFLHUGHPHXUDPXHWHWLPPRELOHVRQUHJDUGVHXODYDLW
SDUOp
-HVXLVDX[PDLQVGHPHVHQQHPLVFRQWLQXDWHOOHDYHFFHWRQG
HQWKRXVLDVPH
TX
HOOHVDYDLWIDPLOLHUDX[SXULWDLQV(KELHQTXHPRQ'LHXPHVDXYHRXTXHMH
SpULVVHSRXUPRQ'LHXYRLOjODUpSRQVHTXHMHYRXVSULHGHIDLUHj/RUGGH
:LQWHU(WTXDQWjFHOLYUHDMRXWDWHOOHHQPRQWUDQWOHULWXHOGXERXWGX
GRLJWPDLVVDQVOHWRXFKHUFRPPHVLHOOHHWGrWUHVRXLOOpHSDUFHW
DWWRXFKHPHQWYRXVSRXYH]OHUHPSRUWHUHWYRXVHQVHUYLUSRXUYRXVPrPHFDU
VDQVGRXWHYRXVrWHVGRXEOHPHQWFRPSOLFHGH/RUGGH:LQWHUFRPSOLFHGDQVVD
SHUVpFXWLRQFRPSOLFHGDQVVRQKpUpVLH
)HOWRQQHUpSRQGLWULHQSULWOHOLYUHDYHFOHPrPHVHQWLPHQWGHUpSXJQDQFH
TX
LODYDLWGpMjPDQLIHVWpHWVHUHWLUDSHQVLI/RUGGH:LQWHUYLQWYHUVOHV
FLQTKHXUHVGXVRLU0LODG\DYDLWHXOHWHPSVSHQGDQWWRXWHODMRXUQpHGHVH
WUDFHUVRQSODQGHFRQGXLWHHOOHOHUHoXWHQIHPPHTXLDGpMjUHSULVWRXVVHV
DYDQWDJHV

,OSDUDvWGLWOHEDURQHQV
DVVH\DQWGDQVXQIDXWHXLOHQIDFHGHFHOXL
TX
RFFXSDLW0LODG\HWHQpWHQGDQWQRQFKDODPPHQWVHVSLHGVVXUOHIR\HULO
SDUDvWTXHQRXVDYRQVIDLWXQHSHWLWHDSRVWDVLH
4XHYRXOH]YRXVGLUH0RQVLHXU"
-HYHX[GLUHTXHGHSXLVODGHUQLqUHIRLVTXHQRXVQRXVVRPPHVYXVQRXVDYRQV
FKDQJpGHUHOLJLRQDXULH]YRXVpSRXVpXQWURLVLqPHPDULSURWHVWDQWSDUKDVDUG
"
([SOLTXH]YRXV0LORUGUHSULWODSULVRQQLqUHDYHFPDMHVWpFDUMHYRXV
GpFODUHTXHM
HQWHQGVYRVSDUROHVPDLVTXHMHQHOHVFRPSUHQGVSDV
$ORUVF
HVWTXHYRXVQ
DYH]SDVGHUHOLJLRQGXWRXWM
DLPHPLHX[FHOD
UHSULWHQULFDQDQW/RUGGH:LQWHU
,OHVWFHUWDLQTXHFHODHVWSOXVVHORQYRVSULQFLSHVUHSULWIURLGHPHQW
0LODG\
2KMHYRXVDYRXHTXHFHODP
HVWSDUIDLWHPHQWpJDO
2KYRXVQ
DYRXHULH]SDVFHWWHLQGLIIpUHQFHUHOLJLHXVH0LORUGTXHYRV
GpEDXFKHVHWYRVFULPHVHQIHUDLHQWIRL
+HLQYRXVSDUOH]GHGpEDXFKHV0DGDPH0HVVDOLQHYRXVSDUOH]GHFULPHV
/DG\0DFEHWK2XM
DLPDOHQWHQGXRXYRXVrWHVSDUGLHXELHQLPSXGHQWH
9RXVSDUOH]DLQVLSDUFHTXHYRXVVDYH]TX
RQQRXVpFRXWH0RQVLHXUUpSRQGLW
IURLGHPHQW0LODG\HWTXHYRXVYRXOH]LQWpUHVVHUYRVJH{OLHUVHWYRVERXUUHDX[
FRQWUHPRL
0HVJH{OLHUVPHVERXUUHDX[2XDLV0DGDPHYRXVOHSUHQH]VXUXQWRQ
SRpWLTXHHWODFRPpGLHG
KLHUWRXUQHFHVRLUjODWUDJpGLH$XUHVWHGDQVKXLW
MRXUVYRXVVHUH]RYRXVGHYH]rWUHHWPDWkFKHVHUDDFKHYpH
7kFKHLQIkPHWkFKHLPSLHUHSULW0LODG\DYHFO
H[DOWDWLRQGHODYLFWLPH
TXLSURYRTXHVRQMXJH
-HFURLVPDSDUROHG
KRQQHXUGLWGH:LQWHUHQVHOHYDQWTXHODGU{OHVVH
GHYLHQWIROOH$OORQVDOORQVFDOPH]YRXV0DGDPHODSXULWDLQHRXMHYRXVIDLV
PHWWUHDXFDFKRW3DUGLHXF
HVWPRQYLQG
(VSDJQHTXLYRXVPRQWHjODWrWH
Q
HVWFHSDV"0DLVVR\H]WUDQTXLOOHFHWWHLYUHVVHOjQ
HVWSDVGDQJHUHXVHHW
Q
DXUDSDVGHVXLWHV
(W/RUGGH:LQWHUVHUHWLUDHQMXUDQWFHTXLjFHWWHpSRTXHpWDLWXQHKDELWXGH
WRXWHFDYDOLqUH
)HOWRQpWDLWHQHIIHWGHUULqUHODSRUWHHWQ
DYDLWSDVSHUGXXQPRWGHWRXWH
FHWWHVFqQH
0LODG\DYDLWGHYLQpMXVWH
2XLYDYDGLWHOOHjVRQIUqUHOHVVXLWHVDSSURFKHQWDXFRQWUDLUHPDLV

WXQHOHVYHUUDVLPEpFLOHTXHORUVTX
LOQHVHUDSOXVWHPSVGHOHVpYLWHU
/HVLOHQFHVHUpWDEOLWGHX[KHXUHVV
pFRXOqUHQWRQDSSRUWDOHVRXSHUHWO
RQ
WURXYD0LODG\RFFXSpHjIDLUHWRXWKDXWVHVSULqUHVSULqUHVTX
HOOHDYDLW
DSSULVHVG
XQYLHX[VHUYLWHXUGHVRQVHFRQGPDULSXULWDLQGHVSOXVDXVWqUHV
(OOHVHPEODLWHQH[WDVHHWQHSDUXWSDVPrPHIDLUHDWWHQWLRQjFHTXLVHSDVVDLW
DXWRXUG
HOOH)HOWRQILWVLJQHTX
RQQHODGpUDQJHkWSRLQWHWORUVTXHWRXWIXW
HQpWDWLOVRUWLWVDQVEUXLWDYHFOHVVROGDWV
0LODG\VDYDLWTX
HOOHSRXYDLWrWUHpSLpHHOOHFRQWLQXDGRQFVHVSULqUHVMXVTX
j
ODILQHWLOOXLVHPEODTXHOHVROGDWTXLpWDLWGHVHQWLQHOOHjVDSRUWHQH
PDUFKDLWSOXVGXPrPHSDVHWSDUDLVVDLWpFRXWHU
3RXUOHPRPHQWHOOHQ
HQYRXODLWSDVGDYDQWDJHHOOHVHUHOHYDVHPLWjWDEOH
PDQJHDSHXHWQHEXWTXHGHO
HDX
8QHKHXUHDSUqVRQYLQWHQOHYHUODWDEOHPDLV0LODG\UHPDUTXDTXHFHWWHIRLV
)HOWRQQ
DFFRPSDJQDLWSRLQWOHVVROGDWV
,OFUDLJQDLWGRQFGHODYRLUWURSVRXYHQW
(OOHVHUHWRXUQDYHUVOHPXUSRXUVRXULUHFDULO\DYDLWGDQVFHVRXULUHXQH
WHOOHH[SUHVVLRQGHWULRPSKHTXHFHVHXOVRXULUHO
HWGpQRQFpH
(OOHODLVVDHQFRUHV
pFRXOHUXQHGHPLKHXUHHWFRPPHHQFHPRPHQWWRXWIDLVDLW
VLOHQFHGDQVOHYLHX[FKkWHDXFRPPHRQQ
HQWHQGDLWTXHO
pWHUQHOPXUPXUHGHOD
KRXOHFHWWHUHVSLUDWLRQLPPHQVHGHO
RFpDQGHVDYRL[SXUHKDUPRQLHXVHHW
YLEUDQWHHOOHFRPPHQoDOHSUHPLHUFRXSOHWGHFHSVDXPHDORUVHQHQWLqUHIDYHXU
SUqVGHVSXULWDLQV
6HLJQHXUVLWXQRXVDEDQGRQQHV
&
HVWSRXUYRLUVLQRXVVRPPHVIRUWV
0DLVHQVXLWHF
HVWWRLTXLGRQQHV
'HWDFpOHVWHPDLQODSDOPHjQRVHIIRUWV
&HVYHUVQ
pWDLHQWSDVH[FHOOHQWVLOV
HQIDOODLWPrPHGHEHDXFRXSPDLV
FRPPHRQOHVDLWOHVSURWHVWDQWVQHVHSLTXDLHQWSDVGHSRpVLH
7RXWHQFKDQWDQW0LODG\pFRXWDLWOHVROGDWGHJDUGHjVDSRUWHV
pWDLWDUUrWp
FRPPHV
LOHWpWpFKDQJpHQSLHUUH0LODG\SXWGRQFMXJHUGHO
HIIHWTX
HOOH
DYDLWSURGXLW
$ORUVHOOHFRQWLQXDVRQFKDQWDYHFXQHIHUYHXUHWXQVHQWLPHQWLQH[SULPDEOHV
LOOXLVHPEODTXHOHVVRQVVHUpSDQGDLHQWDXORLQVRXVOHVYRWHVHWDOODLHQW
FRPPHXQFKDUPHPDJLTXHDGRXFLUOHFRHXUGHVHVJH{OLHUV&HSHQGDQWLOSDUDvW
TXHOHVROGDWHQVHQWLQHOOH]pOpFDWKROLTXHVDQVGRXWHVHFRXDOHFKDUPHFDUj
WUDYHUVODSRUWH
7DLVH]YRXVGRQF0DGDPHGLWLOYRWUHFKDQVRQHVWWULVWHFRPPHXQ'H
SURIXQGLVHWVLRXWUHO
DJUpPHQWG
rWUHHQJDUQLVRQLFLLOIDXWHQFRUH\

HQWHQGUHGHSDUHLOOHVFKRVHVFHVHUDjQ
\SRLQWWHQLU
6LOHQFHGLWDORUVXQHYRL[JUDYHTXH0LODG\UHFRQQXWSRXUFHOOHGH)HOWRQ
GHTXRLYRXVPrOH]YRXVGU{OH"9RXVDWRQRUGRQQpG
HPSrFKHUFHWWHIHPPHGH
FKDQWHU"1RQ2QYRXVDGLWGHODJDUGHUGHWLUHUVXUHOOHVLHOOHHVVD\DLWGH
IXLU*DUGH]ODVLHOOHIXLWWXH]ODPDLVQHFKDQJH]ULHQjODFRQVLJQH
8QHH[SUHVVLRQGHMRLHLQGLFLEOHLOOXPLQDOHYLVDJHGH0LODG\PDLVFHWWH
H[SUHVVLRQIXWIXJLWLYHFRPPHOHUHIOHWG
XQpFODLUHWVDQVSDUDvWUHDYRLU
HQWHQGXOHGLDORJXHGRQWHOOHQ
DYDLWSDVSHUGXXQPRWHOOHUHSULWHQGRQQDQWj
VDYRL[WRXWOHFKDUPHWRXWHO
pWHQGXHHWWRXWHODVpGXFWLRQTXHOHGpPRQ\
DYDLWPLV
3RXUWDQWGHSOHXUVHWGHPLVqUH
3RXUPRQH[LOHWSRXUPHVIHUV
-
DLPDMHXQHVVHPDSULqUH
(W'LHXTXLFRPSWHUDOHVPDX[TXHM
DLVRXIIHUWV
&HWWHYRL[G
XQHpWHQGXHLQRXwHHWG
XQHSDVVLRQVXEOLPHGRQQDLWjODSRpVLH
UXGHHWLQFXOWHGHFHVSVDXPHVXQHPDJLHHWXQHH[SUHVVLRQTXHOHVSXULWDLQVOHV
SOXVH[DOWpVWURXYDLHQWUDUHPHQWGDQVOHVFKDQWVGHOHXUVIUqUHVHWTX
LOV
pWDLHQWIRUFpVG
RUQHUGHWRXWHVOHVUHVVRXUFHVGHOHXULPDJLQDWLRQ)HOWRQ
FUXWHQWHQGUHFKDQWHUO
DQJHTXLFRQVRODLWOHVWURLV+pEUHX[GDQVODIRXUQDLVH
0LODG\FRQWLQXD
0DLVOHMRXUGHODGpOLYUDQFH
9LHQGUDSRXUQRXV'LHXMXVWHHWIRUW
(WV
LOWURPSHQRWUHHVSpUDQFH
,OQRXVUHVWHWRXMRXUVOHPDUW\UHHWODPRUW
&HFRXSOHWGDQVOHTXHOODWHUULEOHHQFKDQWHUHVVHV
HIIRUoDGHPHWWUHWRXWHVRQ
kPHDFKHYDGHSRUWHUOHGpVRUGUHGDQVOHFRHXUGXMHXQHRIILFLHULORXYULW
EUXVTXHPHQWODSRUWHHW0LODG\OHYLWDSSDUDvWUHSkOHFRPPHWRXMRXUVPDLVOHV
\HX[DUGHQWVHWSUHVTXHpJDUpV
3RXUTXRLFKDQWH]YRXVDLQVLGLWLOHWDYHFXQHSDUHLOOHYRL["
3DUGRQ0RQVLHXUGLW0LODG\DYHFGRXFHXUM
RXEOLDLVTXHPHVFKDQWVQHVRQW
SDVGHPLVHGDQVFHWWHPDLVRQ-HYRXVDLVDQVGRXWHRIIHQVpGDQVYRVFUR\DQFHV
PDLVF
pWDLWVDQVOHYRXORLUMHYRXVMXUHSDUGRQQH]PRLGRQFXQHIDXWHTXL
HVWSHXWrWUHJUDQGHPDLVTXLFHUWDLQHPHQWHVWLQYRORQWDLUH
0LODG\pWDLWVLEHOOHGDQVFHPRPHQWO
H[WDVHUHOLJLHXVHGDQVODTXHOOHHOOH
VHPEODLWSORQJpHGRQQDLWXQHWHOOHH[SUHVVLRQjVDSK\VLRQRPLHTXH)HOWRQ
pEORXLFUXWYRLUO
DQJHTXHWRXWjO
KHXUHLOFUR\DLWVHXOHPHQWHQWHQGUH

2XLRXLUpSRQGLWLORXLYRXVWURXEOH]YRXVDJLWH]OHVJHQVTXLKDELWHQW
FHFKkWHDX
(WOHSDXYUHLQVHQVpQHV
DSHUFHYDLWSDVOXLPrPHGHO
LQFRKpUHQFHGHVHV
GLVFRXUVWDQGLVTXH0LODG\SORQJHDLWVRQRHLOGHO\Q[DXSOXVSURIRQGGHVRQ
FRHXU
-HPHWDLUDLGLW0LODG\HQEDLVVDQWOHV\HX[DYHFWRXWHODGRXFHXUTX
HOOH
SXWGRQQHUjVDYRL[DYHFWRXWHODUpVLJQDWLRQTX
HOOHSXWLPSULPHUjVRQ
PDLQWLHQ
1RQQRQ0DGDPHGLW)HOWRQVHXOHPHQWFKDQWH]PRLQVKDXWODQXLW
VXUWRXW
(WjFHVPRWV)HOWRQVHQWDQWTX
LOQHSRXUUDLWSDVFRQVHUYHUORQJWHPSVVD
VpYpULWpjO
pJDUGGHODSULVRQQLqUHV
pODQoDKRUVGHVRQDSSDUWHPHQW
9RXVDYH]ELHQIDLWOLHXWHQDQWGLWOHVROGDWFHVFKDQWVERXOHYHUVHQW
O
kPHFHSHQGDQWRQILQLWSDUV
\DFFRXWXPHUVDYRL[HVWVLEHOOH

&KDSLWUH/,9
752,6,(0(-2851(('(&$37,9,7(

)HOWRQpWDLWYHQXPDLVLO\DYDLWHQFRUHXQSDVjIDLUHLOIDOODLWOH
UHWHQLURXSOXW{WLOIDOODLWTX
LOUHVWkWWRXWVHXOHW0LODG\QHYR\DLW
HQFRUHTX
REVFXUpPHQWOHPR\HQTXLGHYDLWODFRQGXLUHjFHUpVXOWDW
,OIDOODLWSOXVHQFRUHLOIDOODLWOHIDLUHSDUOHUDILQGHOXLSDUOHUDXVVL
FDU0LODG\OHVDYDLWELHQVDSOXVJUDQGHVpGXFWLRQpWDLWGDQVVDYRL[TXL
SDUFRXUDLWVLKDELOHPHQWWRXWHODJDPPHGHVWRQVGHSXLVODSDUROHKXPDLQH
MXVTX
DXODQJDJHFpOHVWH
(WFHSHQGDQWPDOJUpWRXWHFHWWHVpGXFWLRQ0LODG\SRXYDLWpFKRXHUFDU)HOWRQ
pWDLWSUpYHQXHWFHODFRQWUHOHPRLQGUHKDVDUG'qVORUVHOOHVXUYHLOODWRXWHV
VHVDFWLRQVWRXWHVVHVSDUROHVMXVTX
DXSOXVVLPSOHUHJDUGGHVHV\HX[
MXVTX
jVRQJHVWHMXVTX
jVDUHVSLUDWLRQTX
RQSRXYDLWLQWHUSUpWHUFRPPHXQ
VRXSLU(QILQHOOHpWXGLDWRXWFRPPHIDLWXQKDELOHFRPpGLHQjTXLO
RQYLHQW
GHGRQQHUXQU{OHQRXYHDXGDQVXQHPSORLTX
LOQ
DSDVO
KDELWXGHGHWHQLU
9LVjYLVGH/RUGGH:LQWHUVDFRQGXLWHpWDLWSOXVIDFLOHDXVVLDYDLWHOOH
pWpDUUrWpHGqVODYHLOOH5HVWHUPXHWWHHWGLJQHHQVDSUpVHQFHGHWHPSVHQ
WHPSVO
LUULWHUSDUXQGpGDLQDIIHFWpSDUXQPRWPpSULVDQWOHSRXVVHUjGHV
PHQDFHVHWjGHVYLROHQFHVTXLIDLVDLHQWXQFRQWUDVWHDYHFVDUpVLJQDWLRQj
HOOHWHOpWDLWVRQSURMHW)HOWRQYHUUDLWSHXWrWUHQHGLUDLWLOULHQPDLV
LOYHUUDLW
/HPDWLQ)HOWRQYLQWFRPPHG
KDELWXGHPDLV0LODG\OHODLVVDSUpVLGHUjWRXV
OHVDSSUrWVGXGpMHXQHUVDQVOXLDGUHVVHUODSDUROH$XVVLDXPRPHQWRLO

DOODLWVHUHWLUHUHXWHOOHXQHOXHXUG
HVSRLUFDUHOOHFUXWTXHF
pWDLWOXL
TXLDOODLWSDUOHUPDLVVHVOqYUHVUHPXqUHQWVDQVTX
DXFXQVRQVRUWvWGHVD
ERXFKHHWIDLVDQWXQHIIRUWVXUOXLPrPHLOUHQIHUPDGDQVVRQFRHXUOHV
SDUROHVTXLDOODLHQWV
pFKDSSHUGHVHVOqYUHVHWVRUWLW
9HUVPLGL/RUGGH:LQWHUHQWUD
,OIDLVDLWXQHDVVH]EHOOHMRXUQpHG
KLYHUHWXQUD\RQGHFHSkOHVROHLO
G
$QJOHWHUUHTXLpFODLUHPDLVTXLQ
pFKDXIIHSDVSDVVDLWjWUDYHUVOHV
EDUUHDX[GHODSULVRQ
0LODG\UHJDUGDLWSDUODIHQrWUHHWILWVHPEODQWGHQHSDVHQWHQGUHODSRUWHTXL
V
RXYUDLW
$KDKGLW/RUGGH:LQWHUDSUqVDYRLUIDLWGHODFRPpGLHDSUqVDYRLUIDLW
GHODWUDJpGLHYRLOjTXHQRXVIDLVRQVGHODPpODQFROLH
/DSULVRQQLqUHQHUpSRQGLWSDV
2XLRXLFRQWLQXD/RUGGH:LQWHUMHFRPSUHQGVYRXVYRXGULH]ELHQrWUHHQ
OLEHUWpVXUFHULYDJHYRXVYRXGULH]ELHQVXUXQERQQDYLUHIHQGUHOHVIORWV
GHFHWWHPHUYHUWHFRPPHGHO
pPHUDXGHYRXVYRXGULH]ELHQVRLWVXUWHUUH
VRLWVXUO
RFpDQPHGUHVVHUXQHGHFHVERQQHVSHWLWHVHPEXVFDGHVFRPPHYRXV
VDYH]VLELHQOHVFRPELQHU3DWLHQFHSDWLHQFH'DQVTXDWUHMRXUVOHULYDJH
YRXVVHUDSHUPLVODPHUYRXVVHUDRXYHUWHSOXVRXYHUWHTXHYRXVQHOHYRXGUH]
FDUGDQVTXDWUHMRXUVO
$QJOHWHUUHVHUDGpEDUUDVVpHGHYRXV
0LODG\MRLJQLWOHVPDLQVHWOHYDQWVHVEHDX[\HX[YHUVOHFLHO
6HLJQHXU6HLJQHXUGLWHOOHDYHFXQHDQJpOLTXHVXDYLWpGHJHVWHHW
G
LQWRQDWLRQSDUGRQQH]jFHWKRPPHFRPPHMHOXLSDUGRQQHPRLPrPH
2XLSULHPDXGLWHV
pFULDOHEDURQWDSULqUHHVWG
DXWDQWSOXVJpQpUHXVH
TXHWXHVMHWHOHMXUHDXSRXYRLUG
XQKRPPHTXLQHSDUGRQQHUDSDV
(WLOVRUWLW
$XPRPHQWRLOVRUWDLWXQUHJDUGSHUoDQWJOLVVDSDUODSRUWHHQWUHEkLOOpHHW
HOOHDSHUoXW)HOWRQTXLVHUDQJHDLWUDSLGHPHQWSRXUQ
rWUHSDVYXG
HOOH
$ORUVHOOHVHMHWDjJHQRX[HWVHPLWjSULHU
0RQ'LHXPRQ'LHXGLWHOOHYRXVVDYH]SRXUTXHOOHVDLQWHFDXVHMH
VRXIIUHGRQQH]PRLGRQFODIRUFHGHVRXIIULU
/DSRUWHV
RXYULWGRXFHPHQWODEHOOHVXSSOLDQWHILWVHPEODQWGHQ
DYRLUSDV
HQWHQGXHWG
XQHYRL[SOHLQHGHODUPHVHOOHFRQWLQXD
'LHXYHQJHXU'LHXGHERQWpODLVVHUH]YRXVV
DFFRPSOLUOHVDIIUHX[SURMHWV
GHFHWKRPPH
$ORUVVHXOHPHQWHOOHIHLJQLWG
HQWHQGUHOHEUXLWGHVSDVGH)HOWRQHWVH
UHOHYDQWUDSLGHFRPPHODSHQVpHHOOHURXJLWFRPPHVLHOOHHWpWpKRQWHXVH

G
DYRLUpWpVXUSULVHjJHQRX[
-HQ
DLPHSRLQWjGpUDQJHUFHX[TXLSULHQW0DGDPHGLWJUDYHPHQW)HOWRQQH
YRXVGpUDQJH]GRQFSDVSRXUPRLMHYRXVHQFRQMXUH
&RPPHQWVDYH]YRXVTXHMHSULDLV0RQVLHXU"GLW0LODG\G
XQHYRL[VXIIRTXpH
SDUOHVVDQJORWVYRXVYRXVWURPSLH]0RQVLHXUMHQHSULDLVSDV
3HQVH]YRXVGRQF0DGDPHUpSRQGLW)HOWRQGHVDPrPHYRL[JUDYHTXRLTXHDYHF
XQDFFHQWSOXVGRX[TXHMHPHFURLHOHGURLWG
HPSrFKHUXQHFUpDWXUHGHVH
SURVWHUQHUGHYDQWVRQ&UpDWHXU"$'LHXQHSODLVH'
DLOOHXUVOHUHSHQWLUVLHG
ELHQDX[FRXSDEOHVTXHOTXHFULPHTX
LODLWFRPPLVXQFRXSDEOHP
HVWVDFUpDX[
SLHGVGH'LHX
&RXSDEOHPRLGLW0LODG\DYHFXQVRXULUHTXLHWGpVDUPpO
DQJHGXMXJHPHQW
GHUQLHU&RXSDEOHPRQ'LHXWXVDLVVLMHOHVXLV'LWHVTXHMHVXLV
FRQGDPQpH0RQVLHXUjODERQQHKHXUHPDLVYRXVOHVDYH]'LHXTXLDLPHOHV
PDUW\UVSHUPHWTXHO
RQFRQGDPQHTXHOTXHIRLVOHVLQQRFHQWV
)XVVLH]YRXVFRQGDPQpHIXVVLH]YRXVPDUW\UHUpSRQGLW)HOWRQUDLVRQGHSOXV
SRXUSULHUHWPRLPrPHMHYRXVDLGHUDLGHPHVSULqUHV
2KYRXVrWHVXQMXVWHYRXVV
pFULD0LODG\HQVHSUpFLSLWDQWjVHVSLHGV
WHQH]MHQ
\SXLVWHQLUSOXVORQJWHPSVFDUMHFUDLQVGHPDQTXHUGHIRUFHDX
PRPHQWRLOPHIDXGUDVRXWHQLUODOXWWHHWFRQIHVVHUPDIRLpFRXWH]GRQFOD
VXSSOLFDWLRQG
XQHIHPPHDXGpVHVSRLU2QYRXVDEXVH0RQVLHXUPDLVLOQ
HVW
SDVTXHVWLRQGHFHODMHQHYRXVGHPDQGHTX
XQHJUkFHHWVLYRXVPH
O
DFFRUGH]MHYRXVEpQLUDLGDQVFHPRQGHHWGDQVO
DXWUH
3DUOH]DXPDvWUH0DGDPHGLW)HOWRQMHQHVXLVKHXUHXVHPHQWFKDUJpPRL
QLGHSDUGRQQHUQLGHSXQLUHWF
HVWjSOXVKDXWTXHPRLTXH'LHXDUHPLVFHWWH
UHVSRQVDELOLWp
$YRXVQRQjYRXVVHXO(FRXWH]PRLSOXW{WTXHGHFRQWULEXHUjPDSHUWH
SOXW{WTXHGHFRQWULEXHUjPRQLJQRPLQLH
6LYRXVDYH]PpULWpFHWWHKRQWH0DGDPHVLYRXVDYH]HQFRXUXFHWWH
LJQRPLQLHLOIDXWODVXELUHQO
RIIUDQWj'LHX
4XHGLWHVYRXV"2KYRXVQHPHFRPSUHQH]SDV4XDQGMHSDUOHG
LJQRPLQLH
YRXVFUR\H]TXHMHSDUOHG
XQFKkWLPHQWTXHOFRQTXHGHODSULVRQRXGHODPRUW
3OWDX&LHOTXHP
LPSRUWHQWjPRLODPRUWRXODSULVRQ
&
HVWPRLTXLQHYRXVFRPSUHQGVSOXV0DGDPH
2XTXLIDLWHVVHPEODQWGHQHSOXVPHFRPSUHQGUH0RQVLHXUUpSRQGLWOD
SULVRQQLqUHDYHFXQVRXULUHGHGRXWH
1RQ0DGDPHVXUO
KRQQHXUG
XQVROGDWVXUODIRLG
XQFKUpWLHQ
&RPPHQWYRXVLJQRUH]OHVGHVVHLQVGH/RUGGH:LQWHUVXUPRL
-HOHVLJQRUH

,PSRVVLEOHYRXVVRQFRQILGHQW
-HQHPHQVMDPDLV0DGDPH
2KLOVHFDFKHWURSSHXFHSHQGDQWSRXUTX
RQQHOHVGHYLQHSDV
-HQHFKHUFKHjULHQGHYLQHU0DGDPHM
DWWHQGVTX
RQPHFRQILHHWjSDUW
FHTX
LOP
DGLWGHYDQWYRXV/RUGGH:LQWHUQHP
DULHQFRQILp
0DLVV
pFULD0LODG\DYHFXQLQFUR\DEOHDFFHQWGHYpULWpYRXVQ
rWHVGRQF
SDVVRQFRPSOLFHYRXVQHVDYH]GRQFSDVTX
LOPHGHVWLQHjXQHKRQWHTXHWRXV
OHVFKkWLPHQWVGHODWHUUHQHVDXUDLHQWpJDOHUHQKRUUHXU"
9RXVYRXVWURPSH]0DGDPHGLW)HOWRQHQURXJLVVDQW/RUGGH:LQWHUQ
HVWSDV
FDSDEOHG
XQWHOFULPH
%RQGLW0LODG\HQHOOHPrPHVDQVVDYRLUFHTXHF
HVWLODSSHOOHFHODXQ
FULPH
3XLVWRXWKDXW
/
DPLGHO
LQIkPHHVWFDSDEOHGHWRXW
4XLDSSHOH]YRXVO
LQIkPH"GHPDQGD)HOWRQ
<DWLOGRQFHQ$QJOHWHUUHGHX[KRPPHVjTXLXQVHPEODEOHQRPSXLVVH
FRQYHQLU"
9RXVYRXOH]SDUOHUGH*HRUJHV9LOOLHUV"GLW)HOWRQGRQWOHVUHJDUGV
V
HQIODPPqUHQW
4XHOHVSDwHQVOHVJHQWLOVHWOHVLQILGqOHVDSSHOOHQWGXFGH%XFNLQJKDP
UHSULW0LODG\MHQ
DXUDLVSDVFUXTX
LO\DXUDLWHXXQ$QJODLVGDQVWRXWH
O
$QJOHWHUUHTXLHWHXEHVRLQG
XQHVLORQJXHH[SOLFDWLRQSRXUUHFRQQDvWUH
FHOXLGRQWMHYRXODLVSDUOHU
/DPDLQGX6HLJQHXUHVWpWHQGXHVXUOXLGLW)HOWRQLOQ
pFKDSSHUDSDVDX
FKkWLPHQWTX
LOPpULWH
)HOWRQQHIDLVDLWTX
H[SULPHUjO
pJDUGGXGXFOHVHQWLPHQWG
H[pFUDWLRQTXH
WRXVOHV$QJODLVDYDLHQWYRXpjFHOXLTXHOHVFDWKROLTXHVHX[PrPHVDSSHODLHQW
O
H[DFWHXUOHFRQFXVVLRQQDLUHOHGpEDXFKpHWTXHOHVSXULWDLQVDSSHODLHQW
WRXWVLPSOHPHQW6DWDQ
2KPRQ'LHXPRQ'LHXV
pFULD0LODG\TXDQGMHYRXVVXSSOLHG
HQYR\HUj
FHWKRPPHOHFKkWLPHQWTXLOXLHVWGYRXVVDYH]TXHFHQ
HVWSDVPDSURSUH
YHQJHDQFHTXHMHSRXUVXLVPDLVODGpOLYUDQFHGHWRXWXQSHXSOHTXHM
LPSORUH
/HFRQQDLVVH]YRXVGRQF"GHPDQGD)HOWRQ
(QILQLOP
LQWHUURJHVHGLWHQHOOHPrPH0LODG\DXFRPEOHGHODMRLHG
HQ
rWUHDUULYpHVLYLWHjXQVLJUDQGUpVXOWDW

2KVLMHOHFRQQDLVRKRXLSRXUPRQPDOKHXUSRXUPRQPDOKHXUpWHUQHO

(W0LODG\VHWRUGLWOHVEUDVFRPPHDUULYpHDXSDUR[\VPHGHODGRXOHXU)HOWRQ
VHQWLWVDQVGRXWHHQOXLPrPHTXHVDIRUFHO
DEDQGRQQDLWHWLOILWTXHOTXHVSDV
YHUVODSRUWHODSULVRQQLqUHTXLQHOHSHUGDLWSDVGHYXHERQGLWjVD
SRXUVXLWHHWO
DUUrWD
0RQVLHXUV
pFULDWHOOHVR\H]ERQVR\H]FOpPHQWpFRXWH]PDSULqUHFH
FRXWHDXTXHODIDWDOHSUXGHQFHGXEDURQP
DHQOHYpSDUFHTX
LOVDLWO
XVDJHTXH
M
HQYHX[IDLUHRKpFRXWH]PRLMXVTX
DXERXWFHFRXWHDXUHQGH]OHPRLXQH
PLQXWHVHXOHPHQWSDUJUkFHSDUSLWLp-
HPEUDVVHYRVJHQRX[YR\H]YRXV
IHUPHUH]ODSRUWHFHQ
HVWSDVjYRXVTXHM
HQYHX['LHXYRXVHQYRXORLUj
YRXVOHVHXOrWUHMXVWHERQHWFRPSDWLVVDQWTXHM
DLHUHQFRQWUpjYRXVPRQ
VDXYHXUSHXWrWUHXQHPLQXWHFHFRXWHDXXQHPLQXWHXQHVHXOHHWMHYRXV
OHUHQGVSDUOHJXLFKHWGHODSRUWHULHQTX
XQHPLQXWH0RQVLHXU)HOWRQHW
YRXVP
DXUH]VDXYpO
KRQQHXU
9RXVWXHUV
pFULD)HOWRQDYHFWHUUHXURXEOLDQWGHUHWLUHUVHVPDLQVGHV
PDLQVGHODSULVRQQLqUHYRXVWXHU
-
DLGLW0RQVLHXUPXUPXUD0LODG\HQEDLVVDQWODYRL[HWHQVHODLVVDQW
WRPEHUDIIDLVVpHVXUOHSDUTXHWM
DLGLWPRQVHFUHW,OVDLWWRXW0RQ'LHX
MHVXLVSHUGXH
)HOWRQGHPHXUDLWGHERXWLPPRELOHHWLQGpFLV
,OGRXWHHQFRUHSHQVD0LODG\MHQ
DLSDVpWpDVVH]YUDLH
2QHQWHQGLWPDUFKHUGDQVOHFRUULGRU0LODG\UHFRQQXWOHSDVGH/RUGGH:LQWHU
)HOWRQOHUHFRQQXWDXVVLHWV
DYDQoDYHUVODSRUWH
0LODG\V
pODQoD
2KSDVXQPRWGLWHOOHG
XQHYRL[FRQFHQWUpHSDVXQPRWGHWRXWFHTXHMH
YRXVDLGLWjFHWKRPPHRXMHVXLVSHUGXHHWF
HVWYRXVYRXV
3XLVFRPPHOHVSDVVHUDSSURFKDLHQWHOOHVHWXWGHSHXUTX
RQQ
HQWHQGvWVD
YRL[DSSX\DQWDYHFXQJHVWHGHWHUUHXULQILQLHVDEHOOHPDLQVXUODERXFKHGH
)HOWRQ)HOWRQUHSRXVVDGRXFHPHQW0LODG\TXLDOODWRPEHUVXUXQHFKDLVHORQJXH
/RUGGH:LQWHUSDVVDGHYDQWODSRUWHVDQVV
DUUrWHUHWO
RQHQWHQGLWOHEUXLW
GHVSDVTXLV
pORLJQDLHQW
)HOWRQSkOHFRPPHODPRUWUHVWDTXHOTXHVLQVWDQWVO
RUHLOOHWHQGXHHW
pFRXWDQWSXLVTXDQGOHEUXLWVHIXWpWHLQWWRXWjIDLWLOUHVSLUDFRPPHXQ
KRPPHTXLVRUWG
XQVRQJHHWV
pODQoDKRUVGHO
DSSDUWHPHQW
$KGLW0LODG\HQpFRXWDQWjVRQWRXUOHEUXLWGHVSDVGH)HOWRQTXL
V
pORLJQDLHQWGDQVODGLUHFWLRQRSSRVpHjFHX[GH/RUGGH:LQWHUHQILQWXHV
GRQFjPRL

3XLVVRQIURQWVHUHPEUXQLW
6
LOSDUOHDXEDURQGLWHOOHMHVXLVSHUGXHFDUOHEDURQTXLVDLWELHQTXH
MHQHPHWXHUDLSDVPHPHWWUDGHYDQWOXLXQFRXWHDXHQWUHOHVPDLQVHWLO
YHUUDELHQTXHWRXWFHJUDQGGpVHVSRLUQ
pWDLWTX
XQMHX
(OOHDOODVHSODFHUGHYDQWVDJODFHHWVHUHJDUGDMDPDLVHOOHQ
DYDLWpWpVL
EHOOH
2KRXLGLWHOOHHQVRXULDQWPDLVLOQHOXLSDUOHUDSDV
/HVRLU/RUGGH:LQWHUDFFRPSDJQDOHVRXSHU
0RQVLHXUOXLGLW0LODG\YRWUHSUpVHQFHHVWHOOHXQDFFHVVRLUHREOLJpGHPD
FDSWLYLWpHWQHSRXUULH]YRXVSDVP
pSDUJQHUFHVXUFURvWGHWRUWXUHVTXHPH
FDXVHQWYRVYLVLWHV"
&RPPHQWGRQFFKqUHVRHXUGLWGH:LQWHUQHP
DYH]YRXVSDV
VHQWLPHQWDOHPHQWDQQRQFpGHFHWWHMROLHERXFKHVLFUXHOOHSRXUPRLDXMRXUG
KXL
TXHYRXVYHQLH]HQ$QJOHWHUUHjFHWWHVHXOHILQGHPHYRLUWRXWjYRWUHDLVH
MRXLVVDQFHGRQWPHGLVLH]YRXVYRXVUHVVHQWLH]VLYLYHPHQWODSULYDWLRQTXH
YRXVDYH]WRXWULVTXpSRXUFHODPDOGHPHUWHPSrWHFDSWLYLWp(KELHQPH
YRLOjVR\H]VDWLVIDLWHG
DLOOHXUVFHWWHIRLVPDYLVLWHDXQPRWLI
0LODG\IULVVRQQDHOOHFUXWTXH)HOWRQDYDLWSDUOpMDPDLVGHVDYLH
SHXWrWUHFHWWHIHPPHTXLDYDLWpSURXYpWDQWG
pPRWLRQVSXLVVDQWHVHW
RSSRVpHVQ
DYDLWVHQWLEDWWUHVRQFRHXUVLYLROHPPHQW
(OOHpWDLWDVVLVH/RUGGH:LQWHUSULWXQIDXWHXLOOHWLUDjVRQF{WpHW
V
DVVLWDXSUqVG
HOOHSXLVSUHQDQWGDQVVDSRFKHXQSDSLHUTX
LOGpSOR\D
OHQWHPHQW
7HQH]OXLGLWLOMHYRXODLVYRXVPRQWUHUFHWWHHVSqFHGHSDVVHSRUWTXHM
DL
UpGLJpPRLPrPHHWTXLYRXVVHUYLUDGpVRUPDLVGHQXPpURG
RUGUHGDQVODYLHTXH
MHFRQVHQVjYRXVODLVVHU
3XLVUDPHQDQWVHV\HX[GH0LODG\VXUOHSDSLHULOOXW
2UGUHGHFRQGXLUHj/HQRPHVWHQEODQFLQWHUURPSLWGH:LQWHUVLYRXV
DYH]TXHOTXHSUpIpUHQFHYRXVPHO
LQGLTXHUH]HWSRXUSHXTXHFHVRLWjXQ
PLOOLHUGHOLHXHVGH/RQGUHVLOVHUDIDLWGURLWjYRWUHUHTXrWH-HUHSUHQGV
GRQF2UGUHGHFRQGXLUHjODQRPPpH&KDUORWWH%DFNVRQIOpWULHSDUOD
MXVWLFHGXUR\DXPHGH)UDQFHPDLVOLEpUpHDSUqVFKkWLPHQWHOOHGHPHXUHUDGDQV
FHWWHUpVLGHQFHVDQVMDPDLVV
HQpFDUWHUGHSOXVGHWURLVOLHXHV(QFDVGH
WHQWDWLYHG
pYDVLRQODSHLQHGHPRUWOXLVHUDDSSOLTXpH(OOHWRXFKHUDFLQT
VKLOOLQJVSDUMRXUSRXUVRQORJHPHQWHWVDQRXUULWXUH
&HWRUGUHQHPHFRQFHUQHSDVUpSRQGLWIURLGHPHQW0LODG\SXLVTX
XQDXWUHQRP
TXHOHPLHQ\HVWSRUWp
8QQRP(VWFHTXHYRXVHQDYH]XQ"

-
DLFHOXLGHYRWUHIUqUH
9RXVYRXVWURPSH]PRQIUqUHQ
HVWTXHYRWUHVHFRQGPDULHWOHSUHPLHUYLW
HQFRUH'LWHVPRLVRQQRPHWMHOHPHWWUDLHQSODFHGXQRPGH&KDUORWWH%DFNVRQ
1RQ"9RXVQHYRXOH]SDV"9RXVJDUGH]OHVLOHQFH"&
HVWELHQ9RXV
VHUH]pFURXpHVRXVOHQRPGH&KDUORWWH%DFNVRQ
0LODG\GHPHXUDVLOHQFLHXVHVHXOHPHQWFHWWHIRLVFHQ
pWDLWSOXVSDU
DIIHFWDWLRQPDLVSDUWHUUHXUHOOHFUXWO
RUGUHSUrWjrWUHH[pFXWpHOOH
SHQVDTXH/RUGGH:LQWHUDYDLWDYDQFpVRQGpSDUWHOOHFUXWTX
HOOHpWDLW
FRQGDPQpHjSDUWLUOHVRLUPrPH7RXWGDQVVRQHVSULWIXWGRQFSHUGXSHQGDQWXQ
LQVWDQWTXDQGWRXWjFRXSHOOHV
DSHUoXWTXHO
RUGUHQ
pWDLWUHYrWXG
DXFXQH
VLJQDWXUH
/DMRLHTX
HOOHUHVVHQWLWGHFHWWHGpFRXYHUWHIXWVLJUDQGHTX
HOOHQHSXWOD
FDFKHU
2XLRXLGLW/RUGGH:LQWHUTXLV
DSHUoXWGHFHTXLVHSDVVDLWHQHOOHRXL
YRXVFKHUFKH]ODVLJQDWXUHHWYRXVYRXVGLWHVWRXWQ
HVWSDVSHUGXSXLVTXH
FHWDFWHQ
HVWSDVVLJQpRQPHOHPRQWUHSRXUP
HIIUD\HUYRLOjWRXW9RXV
YRXVWURPSH]GHPDLQFHWRUGUHVHUDHQYR\pj/RUG%XFNLQJKDPDSUqVGHPDLQLO
UHYLHQGUDVLJQpGHVDPDLQHWUHYrWXGHVRQVFHDXHWYLQJWTXDWUHKHXUHVDSUqV
F
HVWPRLTXLYRXVHQUpSRQGVLOUHFHYUDVRQFRPPHQFHPHQWG
H[pFXWLRQ$GLHX
0DGDPHYRLOjWRXWFHTXHM
DYDLVjYRXVGLUH
(WPRLMHYRXVUpSRQGUDL0RQVLHXUTXHFHWDEXVGHSRXYRLUTXHFHWH[LO
VRXVXQQRPVXSSRVpVRQWXQHLQIDPLH
$LPH]YRXVPLHX[rWUHSHQGXHVRXVYRWUHYUDLQRP0LODG\"9RXVOHVDYH]OHV
ORLVDQJODLVHVVRQWLQH[RUDEOHVVXUO
DEXVTXHO
RQIDLWGXPDULDJH
H[SOLTXH]YRXVIUDQFKHPHQWTXRLTXHPRQQRPRXSOXW{WOHQRPGHPRQIUqUHVH
WURXYHPrOpGDQVWRXWFHODMHULVTXHUDLOHVFDQGDOHG
XQSURFqVSXEOLFSRXU
rWUHVUTXHGXFRXSMHVHUDLGpEDUUDVVpGHYRXV
0LODG\QHUpSRQGLWSDVPDLVGHYLQWSkOHFRPPHXQFDGDYUH
2KMHYRLVTXHYRXVDLPH]PLHX[ODSpUpJULQDWLRQ$PHUYHLOOH0DGDPHHWLO
\DXQYLHX[SURYHUEHTXLGLWTXHOHVYR\DJHVIRUPHQWODMHXQHVVH0DIRLYRXV
Q
DYH]SDVWRUWDSUqVWRXWHWODYLHHVWERQQH&
HVWSRXUFHODTXHMHQHPH
VRXFLHSDVTXHYRXVPHO
{WLH]5HVWHGRQFjUpJOHUO
DIIDLUHGHVFLQTVKLOOLQJV
MHPHPRQWUHXQSHXSDUFLPRQLHX[Q
HVWFHSDV"FHODWLHQWjFHTXHMHQHPH
VRXFLHSDVTXHYRXVFRUURPSLH]YRVJDUGLHQV'
DLOOHXUVLOYRXVUHVWHUDWRXMRXUV
YRVFKDUPHVSRXUOHVVpGXLUH8VH]HQVLYRWUHpFKHFDYHF)HOWRQQHYRXVDSDV
GpJRWpHGHVWHQWDWLYHVGHFHJHQUH
)HOWRQQ
DSRLQWSDUOpVHGLW0LODG\jHOOHPrPHULHQQ
HVWSHUGXDORUV
(WPDLQWHQDQW0DGDPHjYRXVUHYRLU'HPDLQMHYLHQGUDLYRXVDQQRQFHUOH
GpSDUWGHPRQPHVVDJHU
/RUGGH:LQWHUVHOHYDVDOXDLURQLTXHPHQW0LODG\HWVRUWLW
0LODG\UHVSLUDHOOHDYDLWHQFRUHTXDWUHMRXUVGHYDQWHOOHTXDWUHMRXUVOXL

VXIILUDLHQWSRXUDFKHYHUGHVpGXLUH)HOWRQ
8QHLGpHWHUULEOHOXLYLQWDORUVF
HVWTXH/RUGGH:LQWHUHQYHUUDLWSHXWrWUH
)HOWRQOXLPrPHSRXUIDLUHVLJQHUO
RUGUHj%XFNLQJKDPGHFHWWHIDoRQ)HOWRQ
OXLpFKDSSDLWHWSRXUTXHODSULVRQQLqUHUpXVVvWLOIDOODLWODPDJLHG
XQH
VpGXFWLRQFRQWLQXH
&HSHQGDQWFRPPHQRXVO
DYRQVGLWXQHFKRVHODUDVVXUDLW)HOWRQQ
DYDLWSDV
SDUOp
(OOHQHYRXOXWSRLQWSDUDvWUHpPXHSDUOHVPHQDFHVGH/RUGGH:LQWHUHOOHVH
PLWjWDEOHHWPDQJHD
3XLVFRPPHHOOHDYDLWIDLWODYHLOOHHOOHVHPLWjJHQRX[HWUpSpWDWRXWKDXW
VHVSULqUHV&RPPHODYHLOOHOHVROGDWFHVVDGHPDUFKHUHWV
DUUrWDSRXU
O
pFRXWHU
%LHQW{WHOOHHQWHQGLWGHVSDVSOXVOpJHUVTXHFHX[GHODVHQWLQHOOHTXLYHQDLHQW
GXIRQGGXFRUULGRUHWTXLV
DUUrWDLHQWGHYDQWVDSRUWH
&
HVWOXLGLWHOOH
(WHOOHFRPPHQoDOHPrPHFKDQWUHOLJLHX[TXLODYHLOOHDYDLWVLYLROHPPHQW
H[DOWp)HOWRQ
0DLVTXRLTXHVDYRL[GRXFHSOHLQHHWVRQRUHHWYLEUpSOXVKDUPRQLHXVHHWSOXV
GpFKLUDQWHTXHMDPDLVODSRUWHUHVWDFORVH,OSDUXWELHQj0LODG\GDQVXQGHV
UHJDUGVIXUWLIVTX
HOOHODQoDLWVXUOHSHWLWJXLFKHWDSHUFHYRLUjWUDYHUVOH
JULOODJHVHUUpOHV\HX[DUGHQWVGXMHXQHKRPPHPDLVTXHFHIWXQHUpDOLWpRX
XQHYLVLRQFHWWHIRLVLOHXWVXUOXLPrPHODSXLVVDQFHGHQHSDVHQWUHU
6HXOHPHQWTXHOTXHVLQVWDQWVDSUqVTX
HOOHHXWILQLVRQFKDQWUHOLJLHX[0LODG\
FUXWHQWHQGUHXQSURIRQGVRXSLUSXLVOHVPrPHVSDVTX
HOOHDYDLWHQWHQGXV
V
DSSURFKHUV
pORLJQqUHQWOHQWHPHQWHWFRPPHjUHJUHW

&KDSLWUH/9
48$75,(0(-2851(('(&$37,9,7(

/HOHQGHPDLQORUVTXH)HOWRQHQWUDFKH]0LODG\LOODWURXYDGHERXWPRQWpHVXU
XQIDXWHXLOWHQDQWHQWUHVHVPDLQVXQHFRUGHWLVVpHjO
DLGHGHTXHOTXHV
PRXFKRLUVGHEDWLVWHGpFKLUpVHQODQLqUHVWUHVVpHVOHVXQHVDYHFOHVDXWUHVHW
DWWDFKpHVERXWjERXWDXEUXLWTXHILW)HOWRQHQRXYUDQWODSRUWH0LODG\
VDXWDOpJqUHPHQWjEDVGHVRQIDXWHXLOHWHVVD\DGHFDFKHUGHUULqUHHOOHFHWWH
FRUGHLPSURYLVpHTX
HOOHWHQDLWjODPDLQ
/HMHXQHKRPPHpWDLWSOXVSkOHHQFRUHTXHG
KDELWXGHHWVHV\HX[URXJLVSDU
O
LQVRPQLHLQGLTXDLHQWTX
LODYDLWSDVVpXQHQXLWILpYUHXVH

&HSHQGDQWVRQIURQWpWDLWDUPpG
XQHVpUpQLWpSOXVDXVWqUHTXHMDPDLV
,OV
DYDQoDOHQWHPHQWYHUV0LODG\TXLV
pWDLWDVVLVHHWSUHQDQWXQERXWGHOD
WUHVVHPHXUWULqUHTXHSDUPpJDUGHRXjGHVVHLQSHXWrWUHHOOHDYDLWODLVVpH
SDVVHU
4X
HVWFHTXHFHOD0DGDPH"GHPDQGDWLOIURLGHPHQW
&HODULHQGLW0LODG\HQVRXULDQWDYHFFHWWHH[SUHVVLRQGRXORXUHXVHTX
HOOH
VDYDLWVLELHQGRQQHUjVRQVRXULUHO
HQQXLHVWO
HQQHPLPRUWHOGHV
SULVRQQLHUVMHP
HQQX\DLVHWMHPHVXLVDPXVpHjWUHVVHUFHWWHFRUGH
)HOWRQSRUWDOHV\HX[YHUVOHSRLQWGXPXUGHO
DSSDUWHPHQWGHYDQWOHTXHOLO
DYDLWWURXYp0LODG\GHERXWVXUOHIDXWHXLORHOOHpWDLWDVVLVHPDLQWHQDQWHW
DXGHVVXVGHVDWrWHLODSHUoXWXQFUDPSRQGRUpVFHOOpGDQVOHPXUHWTXL
VHUYDLWjDFFURFKHUVRLWGHVKDUGHVVRLWGHVDUPHV
,OWUHVVDLOOLWHWODSULVRQQLqUHYLWFHWUHVVDLOOHPHQWFDUTXRLTX
HOOHHW
OHV\HX[EDLVVpVULHQQHOXLpFKDSSDLW
(WTXHIDLVLH]YRXVGHERXWVXUFHIDXWHXLO"GHPDQGDWLO
4XHYRXVLPSRUWH"UpSRQGLW0LODG\
0DLVUHSULW)HOWRQMHGpVLUHOHVDYRLU
1HP
LQWHUURJH]SDVGLWODSULVRQQLqUHYRXVVDYH]ELHQTX
jQRXVDXWUHV
YpULWDEOHVFKUpWLHQVLOQRXVHVWGpIHQGXGHPHQWLU
(KELHQGLW)HOWRQMHYDLVYRXVOHGLUHFHTXHYRXVIDLVLH]RXSOXW{WFH
TXHYRXVDOOLH]IDLUHYRXVDOOLH]DFKHYHUO
RHXYUHIDWDOHTXHYRXVQRXUULVVH]
GDQVYRWUHHVSULWVRQJH]\0DGDPHVLQRWUH'LHXGpIHQGOHPHQVRQJHLO
GpIHQGELHQSOXVVpYqUHPHQWHQFRUHOHVXLFLGH
4XDQG'LHXYRLWXQHGHVHVFUpDWXUHVSHUVpFXWpHLQMXVWHPHQWSODFpHHQWUHOH
VXLFLGHHWOHGpVKRQQHXUFUR\H]PRL0RQVLHXUUpSRQGLW0LODG\G
XQWRQGH
SURIRQGHFRQYLFWLRQ'LHXOXLSDUGRQQHOHVXLFLGHFDUDORUVOHVXLFLGHF
HVW
OHPDUW\UH
9RXVHQGLWHVWURSRXWURSSHXSDUOH]0DGDPHDXQRPGX&LHO
H[SOLTXH]YRXV
4XHMHYRXVUDFRQWHPHVPDOKHXUVSRXUTXHYRXVOHVWUDLWLH]GHIDEOHVTXH
MHYRXVGLVHPHVSURMHWVSRXUTXHYRXVDOOLH]OHVGpQRQFHUjPRQSHUVpFXWHXU
QRQ0RQVLHXUG
DLOOHXUVTXHYRXVLPSRUWHODYLHRXODPRUWG
XQHPDOKHXUHXVH
FRQGDPQpH"YRXVQHUpSRQGH]TXHGHPRQFRUSVQ
HVWFHSDV"HWSRXUYXTXHYRXV
UHSUpVHQWLH]XQFDGDYUHTX
LOVRLWUHFRQQXSRXUOHPLHQRQQHYRXVHQ
GHPDQGHUDSDVGDYDQWDJHHWSHXWrWUHPrPHDXUH]YRXVGRXEOHUpFRPSHQVH
0RL0DGDPHPRLV
pFULD)HOWRQVXSSRVHUTXHM
DFFHSWHUDLVMDPDLVOHSUL[
GHYRWUHYLHRKYRXVQHSHQVH]SDVFHTXHYRXVGLWHV
/DLVVH]PRLIDLUH)HOWRQODLVVH]PRLIDLUHGLW0LODG\HQV
H[DOWDQWWRXW

VROGDWGRLWrWUHDPELWLHX[Q
HVWFHSDV"9RXVrWHVOLHXWHQDQW(KELHQYRXV
VXLYUH]PRQFRQYRLDYHFOHJUDGHGHFDSLWDLQH
0DLVTXHYRXVDLMHGRQFIDLWGLW)HOWRQpEUDQOpSRXUTXHYRXVPHFKDUJLH]
G
XQHSDUHLOOHUHVSRQVDELOLWpGHYDQWOHVKRPPHVHWGHYDQW'LHX"'DQVTXHOTXHV
MRXUVYRXVDOOH]rWUHORLQG
LFL0DGDPHYRWUHYLHQHVHUDSOXVVRXVPDJDUGH
HWDMRXWDWLODYHFXQVRXSLUDORUVYRXVHQIHUH]FHTXHYRXVYRXGUH]
$LQVLV
pFULD0LODG\FRPPHVLHOOHQHSRXYDLWUpVLVWHUjXQHVDLQWH
LQGLJQDWLRQYRXVXQKRPPHSLHX[YRXVTXHO
RQDSSHOOHXQMXVWHYRXVQH
GHPDQGH]TX
XQHFKRVHF
HVWGHQ
rWUHSRLQWLQFXOSpLQTXLpWpSRXUPDPRUW
-HGRLVYHLOOHUVXUYRWUHYLH0DGDPHHWM
\YHLOOHUDL
0DLVFRPSUHQH]YRXVODPLVVLRQTXHYRXVUHPSOLVVH]"FUXHOOHGpMjVLM
pWDLV
FRXSDEOHTXHOQRPOXLGRQQHUH]YRXVTXHOQRPOH6HLJQHXUOXLGRQQHUDWLOVL
MHVXLVLQQRFHQWH"
-HVXLVVROGDW0DGDPHHWM
DFFRPSOLVOHVRUGUHVTXHM
DLUHoXV
&UR\H]YRXVTX
DXMRXUGXMXJHPHQWGHUQLHU'LHXVpSDUHUDOHVERXUUHDX[
DYHXJOHVGHVMXJHVLQLTXHV"9RXVQHYRXOH]SDVTXHMHWXHPRQFRUSVHWYRXV
YRXVIDLWHVO
DJHQWGHFHOXLTXLYHXWWXHUPRQkPH
0DLVMHYRXVOHUpSqWHUHSULW)HOWRQpEUDQOpDXFXQGDQJHUQHYRXVPHQDFH
HWMHUpSRQGVGH/RUGGH:LQWHUFRPPHGHPRLPrPH
,QVHQVpV
pFULD0LODG\SDXYUHLQVHQVpTXLRVHUpSRQGUHG
XQDXWUHKRPPH
TXDQGOHVSOXVVDJHVTXDQGOHVSOXVJUDQGVVHORQ'LHXKpVLWHQWjUpSRQGUH
G
HX[PrPHVHWTXLVHUDQJHGXSDUWLOHSOXVIRUWHWOHSOXVKHXUHX[SRXU
DFFDEOHUODSOXVIDLEOHHWODSOXVPDOKHXUHXVH
,PSRVVLEOH0DGDPHLPSRVVLEOHPXUPXUD)HOWRQTXLVHQWDLWDXIRQGGXFRHXU
ODMXVWHVVHGHFHWDUJXPHQWSULVRQQLqUHYRXVQHUHFRXYUHUH]SDVSDUPRLOD
OLEHUWpYLYDQWHYRXVQHSHUGUH]SDVSDUPRLODYLH
2XLV
pFULD0LODG\PDLVMHSHUGUDLFHTXLP
HVWELHQSOXVFKHUTXHODYLH
MHSHUGUDLO
KRQQHXU)HOWRQHWF
HVWYRXVYRXVTXHMHIHUDLUHVSRQVDEOH
GHYDQW'LHXHWGHYDQWOHVKRPPHVGHPDKRQWHHWGHPRQLQIDPLH
&HWWHIRLV)HOWRQWRXWLPSDVVLEOHTX
LOpWDLWRXTX
LOIDLVDLWVHPEODQWG
rWUH
QHSXWUpVLVWHUjO
LQIOXHQFHVHFUqWHTXLV
pWDLWGpMjHPSDUpHGHOXLYRLU
FHWWHIHPPHVLEHOOHEODQFKHFRPPHODSOXVFDQGLGHYLVLRQODYRLUWRXUjWRXU
pSORUpHHWPHQDoDQWHVXELUjODIRLVO
DVFHQGDQWGHODGRXOHXUHWGHODEHDXWp
F
pWDLWWURSSRXUXQYLVLRQQDLUHF
pWDLWWURSSRXUXQFHUYHDXPLQpSDUOHV
UrYHVDUGHQWVGHODIRLH[WDWLTXHF
pWDLWWURSSRXUXQFRHXUFRUURGpjODIRLV
SDUO
DPRXUGX&LHOTXLEUOHSDUODKDLQHGHVKRPPHVTXLGpYRUH
0LODG\YLWOHWURXEOHHOOHVHQWDLWSDULQWXLWLRQODIODPPHGHVSDVVLRQV
RSSRVpHVTXLEUODLHQWDYHFOHVDQJGDQVOHVYHLQHVGXMHXQHIDQDWLTXHHW
SDUHLOOHjXQJpQpUDOKDELOHTXLYR\DQWO
HQQHPLSUrWjUHFXOHUPDUFKHVXUOXL
HQSRXVVDQWXQFULGHYLFWRLUHHOOHVHOHYDEHOOHFRPPHXQHSUrWUHVVHDQWLTXH
LQVSLUpHFRPPHXQHYLHUJHFKUpWLHQQHHWOHEUDVpWHQGXOHFROGpFRXYHUWOHV

FKHYHX[pSDUVUHWHQDQWG
XQHPDLQVDUREHSXGLTXHPHQWUDPHQpHVXUVDSRLWULQH
OHUHJDUGLOOXPLQpGHFHIHXTXLDYDLWGpMjSRUWpOHGpVRUGUHGDQVOHVVHQVGX
MHXQHSXULWDLQHOOHPDUFKDYHUVOXLV
pFULDQWVXUXQDLUYpKpPHQWGHVDYRL[
VLGRXFHjODTXHOOHGDQVO
RFFDVLRQHOOHGRQQDLWXQDFFHQWWHUULEOH
/LYUHj%DDOVDYLFWLPH
-HWWHDX[OLRQVOHPDUW\U
'LHXWHIHUDUHSHQWLU
-HFULHjOXLGHO
DEvPH
)HOWRQV
DUUrWDVRXVFHWWHpWUDQJHDSRVWURSKHHWFRPPHSpWULILp
4XLrWHVYRXVTXLrWHVYRXV"V
pFULDWLOHQMRLJQDQWOHVPDLQVrWHVYRXV
XQHHQYR\pHGH'LHXrWHVYRXVXQPLQLVWUHGHVHQIHUVrWHVYRXVDQJHRXGpPRQ
YRXVDSSHOH]YRXV(ORDRX$VWDUWp"
1HP
DVWXSDVUHFRQQXH)HOWRQ"-HQHVXLVQLXQDQJHQLXQGpPRQMHVXLV
XQHILOOHGHODWHUUHMHVXLVXQHVRHXUGHWDFUR\DQFHYRLOjWRXW
2XLRXLGLW)HOWRQMHGRXWDLVHQFRUHPDLVPDLQWHQDQWMHFURLV
7XFURLVHWFHSHQGDQWWXHVOHFRPSOLFHGHFHWHQIDQWGH%pOLDOTX
RQ
DSSHOOH/RUGGH:LQWHU7XFURLVHWFHSHQGDQWWXPHODLVVHVDX[PDLQVGHPHV
HQQHPLVGHO
HQQHPLGHO
$QJOHWHUUHGHO
HQQHPLGH'LHX"7XFURLVHW
FHSHQGDQWWXPHOLYUHVjFHOXLTXLUHPSOLWHWVRXLOOHOHPRQGHGHVHVKpUpVLHV
HWGHVHVGpEDXFKHVjFHWLQIkPH6DUGDQDSDOHTXHOHVDYHXJOHVQRPPHQWOHGXFGH
%XFNLQJKDPHWTXHOHVFUR\DQWVDSSHOOHQWO
$QWpFKULVW
0RLYRXVOLYUHUj%XFNLQJKDPPRLTXHGLWHVYRXVOj"
,OVRQWGHV\HX[V
pFULD0LODG\HWLOVQHYHUURQWSDVLOVRQWGHV
RUHLOOHVHWLOVQ
HQWHQGURQWSRLQW
2XLRXLGLW)HOWRQHQSDVVDQWVHVPDLQVVXUVRQIURQWFRXYHUWGHVXHXU
FRPPHSRXUHQDUUDFKHUVRQGHUQLHUGRXWHRXLMHUHFRQQDLVODYRL[TXLPH
SDUOHGDQVPHVUrYHVRXLMHUHFRQQDLVOHVWUDLWVGHO
DQJHTXLP
DSSDUDvW
FKDTXHQXLWFULDQWjPRQkPHTXLQHSHXWGRUPLU)UDSSHVDXYHO
$QJOHWHUUH
6DXYHWRLFDUWXPRXUUDVVDQVDYRLUGpVDUPp'LHX3DUOH]SDUOH]V
pFULD
)HOWRQMHSXLVYRXVFRPSUHQGUHjSUpVHQW
8QpFODLUGHMRLHWHUULEOHPDLVUDSLGHFRPPHODSHQVpHMDLOOLWGHV\HX[GH
0LODG\
6LIXJLWLYHTX
HWpWpFHWWHOXHXUKRPLFLGH)HOWRQODYLWHWWUHVVDLOOLWFRPPH
VLFHWWHOXHXUHWpFODLUpOHVDEvPHVGXFRHXUGHFHWWHIHPPH
)HOWRQVHUDSSHODWRXWjFRXSOHVDYHUWLVVHPHQWVGH/RUGGH:LQWHUOHV
VpGXFWLRQVGH0LODG\VHVSUHPLqUHVWHQWDWLYHVORUVGHVRQDUULYpHLOUHFXOD
G
XQSDVHWEDLVVDODWrWHPDLVVDQVFHVVHUGHODUHJDUGHUFRPPHVLIDVFLQp
SDUFHWWHpWUDQJHFUpDWXUHVHV\HX[QHSRXYDLHQWVHGpWDFKHUGHVHV\HX[

0LODG\Q
pWDLWSRLQWIHPPHjVHPpSUHQGUHDXVHQVGHFHWWHKpVLWDWLRQ6RXVVHV
pPRWLRQVDSSDUHQWHVVRQVDQJIURLGJODFpQHO
DEDQGRQQDLWSRLQW$YDQWTXH
)HOWRQOXLHWUpSRQGXHWTX
HOOHIWIRUFpHGHUHSUHQGUHFHWWHFRQYHUVDWLRQVL
GLIILFLOHjVRXWHQLUVXUOHPrPHDFFHQWG
H[DOWDWLRQHOOHODLVVDUHWRPEHUVHV
PDLQVHWFRPPHVLODIDLEOHVVHGHODIHPPHUHSUHQDLWOHGHVVXVVXU
O
HQWKRXVLDVPHGHO
LQVSLUpH
0DLVQRQGLWHOOHFHQ
HVWSDVjPRLG
rWUHOD-XGLWKTXLGpOLYUHUD
%pWKXOLHGHFHW+RORSKHUQH/HJODLYHGHO
(WHUQHOHVWWURSORXUGSRXUPRQEUDV
/DLVVH]PRLGRQFIXLUOHGpVKRQQHXUSDUODPRUWODLVVH]PRLPHUpIXJLHUGDQV
OHPDUW\UH-HQHYRXVGHPDQGHQLODOLEHUWpFRPPHIHUDLWXQHFRXSDEOHQLOD
YHQJHDQFHFRPPHIHUDLWXQHSDwHQQH/DLVVH]PRLPRXULUYRLOjWRXW-HYRXV
VXSSOLHMHYRXVLPSORUHjJHQRX[ODLVVH]PRLPRXULUHWPRQGHUQLHUVRXSLU
VHUDXQHEpQpGLFWLRQSRXUPRQVDXYHXU
$FHWWHYRL[GRXFHHWVXSSOLDQWHjFHUHJDUGWLPLGHHWDEDWWX)HOWRQVH
UDSSURFKD3HXjSHXO
HQFKDQWHUHVVHDYDLWUHYrWXFHWWHSDUXUHPDJLTXHTX
HOOH
UHSUHQDLWHWTXLWWDLWjYRORQWpF
HVWjGLUHODEHDXWpODGRXFHXUOHVODUPHV
HWVXUWRXWO
LUUpVLVWLEOHDWWUDLWGHODYROXSWpP\VWLTXHODSOXVGpYRUDQWHGHV
YROXSWpV
+pODVGLW)HOWRQMHQHSXLVTX
XQHFKRVHYRXVSODLQGUHVLYRXVPHSURXYH]
TXHYRXVrWHVXQHYLFWLPH0DLV/RUGGH:LQWHUDGHFUXHOVJULHIVFRQWUHYRXV
9RXVrWHVFKUpWLHQQHYRXVrWHVPDVRHXUHQUHOLJLRQMHPHVHQVHQWUDvQpYHUV
YRXVPRLTXLQ
DLDLPpTXHPRQELHQIDLWHXUPRLTXLQ
DLWURXYpGDQVODYLHTXH
GHVWUDvWUHVHWGHVLPSLHV0DLVYRXV0DGDPHYRXVrWHVVLEHOOHHQUpDOLWp
YRXVVLSXUHHQDSSDUHQFHSRXUTXH/RUGGH:LQWHUYRXVSRXUVXLYHDLQVLYRXV
DYH]GRQFFRPPLVGHVLQLTXLWpV"
,OVRQWGHV\HX[UpSpWD0LODG\DYHFXQDFFHQWG
LQGLFLEOHGRXOHXUHWLOVQH
YHUURQWSDVLOVRQWGHVRUHLOOHVHWLOVQ
HQWHQGURQWSRLQW
0DLVDORUVV
pFULDOHMHXQHRIILFLHUSDUOH]SDUOH]GRQF
9RXVFRQILHUPDKRQWHV
pFULD0LODG\DYHFOHURXJHGHODSXGHXUDXYLVDJH
FDUVRXYHQWOHFULPHGHO
XQHVWODKRQWHGHO
DXWUHYRXVFRQILHUPDKRQWHj
YRXVKRPPHPRLIHPPH2KFRQWLQXDWHOOHHQUDPHQDQWSXGLTXHPHQWVDPDLQVXU
VHVEHDX[\HX[RKMDPDLVMDPDLVMHQHSRXUUDL
$PRLjXQIUqUHV
pFULD)HOWRQ
0LODG\OHUHJDUGDORQJWHPSVDYHFXQHH[SUHVVLRQTXHOHMHXQHRIILFLHUSULWSRXU
GXGRXWHHWTXLFHSHQGDQWQ
pWDLWTXHGHO
REVHUYDWLRQHWVXUWRXWODYRORQWpGH
IDVFLQHU
)HOWRQjVRQWRXUVXSSOLDQWMRLJQLWOHVPDLQV
(KELHQGLW0LODG\MHPHILHjPRQIUqUHM
RVHUDL
(QFHPRPHQWRQHQWHQGLWOHSDVGH/RUGGH:LQWHUPDLVFHWWHIRLVOH
WHUULEOHEHDXIUqUHGH0LODG\QHVHFRQWHQWDSRLQWFRPPHLODYDLWIDLWOD
YHLOOHGHSDVVHUGHYDQWODSRUWHHWGHV
pORLJQHULOV
DUUrWDpFKDQJHDGHX[

PRWVDYHFODVHQWLQHOOHSXLVODSRUWHV
RXYULWHWLOSDUXW
3HQGDQWFHVGHX[PRWVpFKDQJpV)HOWRQV
pWDLWUHFXOpYLYHPHQWHWORUVTXH/RUG
GH:LQWHUHQWUDLOpWDLWjTXHOTXHVSDVGHODSULVRQQLqUH
/HEDURQHQWUDOHQWHPHQWHWSRUWDVRQUHJDUGVFUXWDWHXUGHODSULVRQQLqUHDX
MHXQHRIILFLHU
9RLOjELHQORQJWHPSV-RKQGLWLOTXHYRXVrWHVLFLFHWWHIHPPHYRXV
DWHOOHUDFRQWpVHVFULPHV"DORUVMHFRPSUHQGVODGXUpHGHO
HQWUHWLHQ
)HOWRQWUHVVDLOOLWHW0LODG\VHQWLWTX
HOOHpWDLWSHUGXHVLHOOHQHYHQDLWDX
VHFRXUVGXSXULWDLQGpFRQWHQDQFp
$KYRXVFUDLJQH]TXHYRWUHSULVRQQLqUHQHYRXVpFKDSSHGLWHOOH(KELHQ
GHPDQGH]jYRWUHGLJQHJH{OLHUTXHOOHJUkFHjO
LQVWDQWPrPHMHVROOLFLWDLVGH
OXL
9RXVGHPDQGLH]XQHJUkFH"GLWOHEDURQVRXSoRQQHX[
2XL0LORUGUHSULWOHMHXQHKRPPHFRQIXV
(WTXHOOHJUkFHYR\RQV"GHPDQGD/RUGGH:LQWHU
8QFRXWHDXTX
HOOHPHUHQGUDSDUOHJXLFKHWXQHPLQXWHDSUqVO
DYRLUUHoX
UpSRQGLW)HOWRQ
,O\DGRQFTXHOTX
XQGHFDFKpLFLTXHFHWWHJUDFLHXVHSHUVRQQHYHXLOOH
pJRUJHU"UHSULW/RUGGH:LQWHUGHVDYRL[UDLOOHXVHHWPpSULVDQWH
,O\DPRLUpSRQGLW0LODG\
-HYRXVDLGRQQpOHFKRL[HQWUHO
$PpULTXHHW7\EXUQUHSULW/RUGGH:LQWHU
FKRLVLVVH]7\EXUQ0LODG\ODFRUGHHVWFUR\H]PRLHQFRUHSOXVVUHTXHOH
FRXWHDX
)HOWRQSkOLWHWILWXQSDVHQDYDQWHQVRQJHDQWTX
DXPRPHQWRLOpWDLWHQWUp
0LODG\WHQDLWXQHFRUGH
9RXVDYH]UDLVRQGLWFHOOHFLHWM
\DYDLVGpMjSHQVpSXLVHOOHDMRXWD
G
XQHYRL[VRXUGHM
\SHQVHUDLHQFRUH
)HOWRQVHQWLWFRXULUXQIULVVRQMXVTXHGDQVODPRHOOHGHVHVRVSUREDEOHPHQW
/RUGGH:LQWHUDSHUoXWFHPRXYHPHQW
0pILHWRL-RKQGLWLO-RKQPRQDPLMHPHVXLVUHSRVpVXUWRLSUHQGV
JDUGH-HW
DLSUpYHQX'
DLOOHXUVDLHERQFRXUDJHPRQHQIDQWGDQVWURLV
MRXUVQRXVVHURQVGpOLYUpVGHFHWWHFUpDWXUHHWRMHO
HQYRLHHOOHQHQXLUD
SOXVjSHUVRQQH
9RXVO
HQWHQGH]V
pFULD0LODG\DYHFpFODWGHIDoRQTXHOHEDURQFUW
TX
HOOHV
DGUHVVDLWDX&LHOHWTXH)HOWRQFRPSUvWTXHF
pWDLWjOXL

)HOWRQEDLVVDODWrWHHWUrYD
/HEDURQSULWO
RIILFLHUSDUOHEUDVHQWRXUQDQWODWrWHVXUVRQpSDXOHDILQGH
QHSDVSHUGUH0LODG\GHYXHMXVTX
jFHTX
LOIWVRUWL
$OORQVDOORQVGLWODSULVRQQLqUHORUVTXHODSRUWHVHIXWUHIHUPpHMHQH
VXLVSDVHQFRUHVLDYDQFpHTXHMHOHFUR\DLV:LQWHUDFKDQJpVDVRWWLVH
RUGLQDLUHHQXQHSUXGHQFHLQFRQQXHFHTXHF
HVWTXHOHGpVLUGHODYHQJHDQFH
HWFRPPHFHGpVLUIRUPHO
KRPPH4XDQWj)HOWRQLOKpVLWH$KFHQ
HVWSDV
XQKRPPHFRPPHFHG
$UWDJQDQPDXGLW8QSXULWDLQQ
DGRUHTXHOHVYLHUJHVHWLO
OHVDGRUHHQMRLJQDQWOHVPDLQV8QPRXVTXHWDLUHDLPHOHVIHPPHVHWLOOHVDLPH
HQMRLJQDQWOHVEUDV
&HSHQGDQW0LODG\DWWHQGLWDYHFLPSDWLHQFHFDUHOOHVHGRXWDLWELHQTXHOD
MRXUQpHQHVHSDVVHUDLWSDVVDQVTX
HOOHUHYLW)HOWRQ(QILQXQHKHXUHDSUqVOD
VFqQHTXHQRXVYHQRQVGHUDFRQWHUHOOHHQWHQGLWTXHO
RQSDUODLWEDVjOD
SRUWHSXLVELHQW{WODSRUWHV
RXYULWHWHOOHUHFRQQXW)HOWRQ
/HMHXQHKRPPHV
DYDQoDUDSLGHPHQWGDQVODFKDPEUHHQODLVVDQWODSRUWHRXYHUWH
GHUULqUHOXLHWHQIDLVDQWVLJQHj0LODG\GHVHWDLUHLODYDLWOHYLVDJH
ERXOHYHUVp
4XHPHYRXOH]YRXV"GLWHOOH
(FRXWH]UpSRQGLW)HOWRQjYRL[EDVVHMHYLHQVG
pORLJQHUODVHQWLQHOOHSRXU
SRXYRLUUHVWHULFLVDQVTX
RQVDFKHTXHMHVXLVYHQXSRXUYRXVSDUOHUVDQV
TX
RQSXLVVHHQWHQGUHFHTXHMHYRXVGLV/HEDURQYLHQWGHPHUDFRQWHUXQH
KLVWRLUHHIIUR\DEOH
0LODG\SULWVRQVRXULUHGHYLFWLPHUpVLJQpHHWVHFRXDODWrWH
2XYRXVrWHVXQGpPRQFRQWLQXD)HOWRQRXOHEDURQPRQELHQIDLWHXUPRQ
SqUHHVWXQPRQVWUH-HYRXVFRQQDLVGHSXLVTXDWUHMRXUVMHO
DLPHGHSXLVGL[
DQVOXLMHSXLVGRQFKpVLWHUHQWUHYRXVGHX[QHYRXVHIIUD\H]SDVGHFHTXH
MHYRXVGLVM
DLEHVRLQG
rWUHFRQYDLQFX&HWWHQXLWDSUqVPLQXLWMHYLHQGUDL
YRXVYRLUYRXVPHFRQYDLQFUH]
1RQ)HOWRQQRQPRQIUqUHGLWHOOHOHVDFULILFHHVWWURSJUDQGHWMHVHQV
TX
LOYRXVFRWH1RQMHVXLVSHUGXHQHYRXVSHUGH]SDVDYHFPRL0DPRUWVHUD
ELHQSOXVpORTXHQWHTXHPDYLHHWOHVLOHQFHGXFDGDYUHYRXVFRQYDLQFUDELHQ
PLHX[TXHOHVSDUROHVGHODSULVRQQLqUH
7DLVH]YRXV0DGDPHV
pFULD)HOWRQHWQHPHSDUOH]SDVDLQVLMHVXLVYHQX
SRXUTXHYRXVPHSURPHWWLH]VXUO
KRQQHXUSRXUTXHYRXVPHMXULH]VXUFHTXH
YRXVDYH]GHSOXVVDFUpTXHYRXVQ
DWWHQWHUH]SDVjYRWUHYLH
-HQHYHX[SDVSURPHWWUHGLW0LODG\FDUSHUVRQQHSOXVTXHPRLQ
DOH
UHVSHFWGXVHUPHQWHWVLMHSURPHWWDLVLOPHIDXGUDLWWHQLU
(KELHQGLW)HOWRQHQJDJH]YRXVVHXOHPHQWMXVTX
DXPRPHQWRYRXVP
DXUH]
UHYX6LORUVTXHYRXVP
DXUH]UHYXYRXVSHUVLVWH]HQFRUH(KELHQDORUVYRXV
VHUH]OLEUHHWPRLPrPHMHYRXVGRQQHUDLO
DUPHTXHYRXVP
DYH]GHPDQGpH

(KELHQGLW0LODG\SRXUYRXVM
DWWHQGUDL
-XUH]OH
-HOHMXUHSDUQRWUH'LHX(WHVYRXVFRQWHQW"
%LHQGLW)HOWRQjFHWWHQXLW
(WLOV
pODQoDKRUVGHO
DSSDUWHPHQWUHIHUPDODSRUWHHWDWWHQGLWHQGHKRUV
ODGHPLSLTXHGXVROGDWjODPDLQFRPPHV
LOHWPRQWpODJDUGHjVDSODFH
/HVROGDWUHYHQX)HOWRQOXLUHQGLWVRQDUPH
$ORUVjWUDYHUVOHJXLFKHWGRQWHOOHV
pWDLWUDSSURFKpH0LODG\YLWOHMHXQH
KRPPHVHVLJQHUDYHFXQHIHUYHXUGpOLUDQWHHWV
HQDOOHUSDUOHFRUULGRUDYHFXQ
WUDQVSRUWGHMRLH
4XDQWjHOOHHOOHUHYLQWjVDSODFHXQVRXULUHGHVDXYDJHPpSULVVXUOHV
OqYUHVHWHOOHUpSpWDHQEODVSKpPDQWFHQRPWHUULEOHGH'LHXSDUOHTXHOHOOH
DYDLWMXUpVDQVMDPDLVDYRLUDSSULVjOHFRQQDvWUH
0RQ'LHXGLWHOOHIDQDWLTXHLQVHQVpPRQ'LHXF
HVWPRLPRLHWFHOXL
TXLP
DLGHUDjPHYHQJHU

&KDSLWUH/9,
&,148,(0(-2851(('(&$37,9,7(

&HSHQGDQW0LODG\HQpWDLWDUULYpHjXQGHPLWULRPSKHHWOHVXFFqVREWHQX
GRXEODLWVHVIRUFHV
,OQ
pWDLWSDVGLIILFLOHGHYDLQFUHDLQVLTX
HOOHO
DYDLWIDLWMXVTXHOjGHV
KRPPHVSURPSWVjVHODLVVHUVpGXLUHHWTXHO
pGXFDWLRQJDODQWHGHODFRXU
HQWUDvQDLWYLWHGDQVOHSLqJH0LODG\pWDLWDVVH]EHOOHSRXUQHSDVWURXYHUGH
UpVLVWDQFHGHODSDUWGHODFKDLUHWHOOHpWDLWDVVH]DGURLWHSRXUO
HPSRUWHU
VXUWRXVOHVREVWDFOHVGHO
HVSULW
0DLVFHWWHIRLVHOOHDYDLWjOXWWHUFRQWUHXQHQDWXUHVDXYDJHFRQFHQWUpH
LQVHQVLEOHjIRUFHG
DXVWpULWpODUHOLJLRQHWODSpQLWHQFHDYDLHQWIDLWGH
)HOWRQXQKRPPHLQDFFHVVLEOHDX[VpGXFWLRQVRUGLQDLUHV,OURXODLWGDQVFHWWH
WrWHH[DOWpHGHVSODQVWHOOHPHQWYDVWHVGHVSURMHWVWHOOHPHQWWXPXOWXHX[TX
LO
Q
\UHVWDLWSOXVGHSODFHSRXUDXFXQDPRXUGHFDSULFHRXGHPDWLqUHFH
VHQWLPHQWTXLVHQRXUULWGHORLVLUHWJUDQGLWSDUODFRUUXSWLRQ0LODG\DYDLW
GRQFIDLWEUqFKHDYHFVDIDXVVHYHUWXGDQVO
RSLQLRQG
XQKRPPHSUpYHQX
KRUULEOHPHQWFRQWUHHOOHHWSDUVDEHDXWpGDQVOHFRHXUHWOHVVHQVG
XQKRPPH
FKDVWHHWSXU(QILQHOOHV
pWDLWGRQQpODPHVXUHGHVHVPR\HQVLQFRQQXV
G
HOOHPrPHMXVTX
DORUVSDUFHWWHH[SpULHQFHIDLWHVXUOHVXMHWOHSOXV
UHEHOOHTXHODQDWXUHHWODUHOLJLRQSXVVHQWVRXPHWWUHjVRQpWXGH

%LHQGHVIRLVQpDQPRLQVSHQGDQWODVRLUpHHOOHDYDLWGpVHVSpUpGXVRUWHW
G
HOOHPrPHHOOHQ
LQYRTXDLWSDV'LHXQRXVOHVDYRQVPDLVHOOHDYDLWIRL
GDQVOHJpQLHGXPDOFHWWHLPPHQVHVRXYHUDLQHWpTXLUqJQHGDQVWRXVOHVGpWDLOV
GHODYLHKXPDLQHHWjODTXHOOHFRPPHGDQVODIDEOHDUDEHXQJUDLQGHJUHQDGH
VXIILWSRXUUHFRQVWUXLUHXQPRQGHSHUGX
0LODG\ELHQSUpSDUpHjUHFHYRLU)HOWRQSXWGUHVVHUVHVEDWWHULHVSRXUOH
OHQGHPDLQ(OOHVDYDLWTX
LOQHOXLUHVWDLWSOXVTXHGHX[MRXUVTX
XQHIRLV
O
RUGUHVLJQpSDU%XFNLQJKDP HW%XFNLQJKDPOHVLJQHUDLWG
DXWDQWSOXV
IDFLOHPHQWTXHFHWRUGUHSRUWDLWXQIDX[QRPHWTX
LOQHSRXUUDLWUHFRQQDvWUH
ODIHPPHGRQWLOpWDLWTXHVWLRQ XQHIRLVFHWRUGUHVLJQpGLVRQVQRXVOH
EDURQODIDLVDLWHPEDUTXHUVXUOHFKDPSHWHOOHVDYDLWDXVVLTXHOHVIHPPHV
FRQGDPQpHVjODGpSRUWDWLRQXVHQWG
DUPHVELHQPRLQVSXLVVDQWHVGDQVOHXUV
VpGXFWLRQVTXHOHVSUpWHQGXHVIHPPHVYHUWXHXVHVGRQWOHVROHLOGXPRQGHpFODLUH
ODEHDXWpGRQWODYRL[GHODPRGHYDQWHO
HVSULWHWTX
XQUHIOHWG
DULVWRFUDWLH
GRUHGHVHVOXHXUVHQFKDQWpHV(WUHXQHIHPPHFRQGDPQpHjXQHSHLQHPLVpUDEOHHW
LQIDPDQWHQ
HVWSDVXQHPSrFKHPHQWjrWUHEHOOHPDLVF
HVWXQREVWDFOHjMDPDLV
UHGHYHQLUSXLVVDQWH&RPPHWRXVOHVJHQVG
XQPpULWHUpHO0LODG\FRQQDLVVDLWOH
PLOLHXTXLFRQYHQDLWjVDQDWXUHjVHVPR\HQV/DSDXYUHWpOXLUpSXJQDLW
O
DEMHFWLRQODGLPLQXDLWGHVGHX[WLHUVGHVDJUDQGHXU0LODG\Q
pWDLWUHLQHTXH
SDUPLOHVUHLQHVLOIDOODLWjVDGRPLQDWLRQOHSODLVLUGHO
RUJXHLOVDWLVIDLW
&RPPDQGHUDX[rWUHVLQIpULHXUVpWDLWSOXW{WXQHKXPLOLDWLRQTX
XQSODLVLUSRXU
HOOH
&HUWHVHOOHIWUHYHQXHGHVRQH[LOHOOHQ
HQGRXWDLWSDVXQVHXOLQVWDQW
PDLVFRPELHQGHWHPSVFHWH[LOSRXYDLWLOGXUHU"3RXUXQHQDWXUHDJLVVDQWHHW
DPELWLHXVHFRPPHFHOOHGH0LODG\OHVMRXUVTX
RQQ
RFFXSHSRLQWjPRQWHUVRQW
GHVMRXUVQpIDVWHVTX
RQWURXYHGRQFOHPRWGRQWRQGRLYHQRPPHUOHVMRXUV
TX
RQHPSORLHjGHVFHQGUH3HUGUHXQDQGHX[DQVWURLVDQVF
HVWjGLUHXQH
pWHUQLWpUHYHQLUTXDQGG
$UWDJQDQKHXUHX[HWWULRPSKDQWDXUDLWOXLHWVHV
DPLVUHoXGHODUHLQHODUpFRPSHQVHTXLOHXUpWDLWELHQDFTXLVHSRXUOHV
VHUYLFHVTX
LOVOXLDYDLHQWUHQGXVF
pWDLHQWOjGHFHVLGpHVGpYRUDQWHVTX
XQH
IHPPHFRPPH0LODG\QHSRXYDLWVXSSRUWHU$XUHVWHO
RUDJHTXLJURQGDLWHQHOOH
GRXEODLWVDIRUFHHWHOOHHWIDLWpFODWHUOHVPXUVGHVDSULVRQVLVRQFRUSV
HWSXSUHQGUHXQVHXOLQVWDQWOHVSURSRUWLRQVGHVRQHVSULW
3XLVFHTXLO
DLJXLOORQQDLWHQFRUHDXPLOLHXGHWRXWFHODF
pWDLWOHVRXYHQLU
GXFDUGLQDO4XHGHYDLWSHQVHUTXHGHYDLWGLUHGHVRQVLOHQFHOHFDUGLQDO
GpILDQWLQTXLHWVRXSoRQQHX[OHFDUGLQDOQRQVHXOHPHQWVRQVHXODSSXLVRQ
VHXOVRXWLHQVRQVHXOSURWHFWHXUGDQVOHSUpVHQWPDLVHQFRUHOHSULQFLSDO
LQVWUXPHQWGHVDIRUWXQHHWGHVDYHQJHDQFHjYHQLU"(OOHOHFRQQDLVVDLWHOOH
VDYDLWTX
jVRQUHWRXUDSUqVXQYR\DJHLQXWLOHHOOHDXUDLWEHDXDUJXHUGHOD
SULVRQHOOHDXUDLWEHDXH[DOWHUOHVVRXIIUDQFHVVXELHVOHFDUGLQDOUpSRQGUDLW
DYHFFHFDOPHUDLOOHXUGXVFHSWLTXHSXLVVDQWjODIRLVSDUODIRUFHHWSDUOH
JpQLH,OQHIDOODLWSDVYRXVODLVVHUSUHQGUH
$ORUV0LODG\UpXQLVVDLWWRXWHVRQpQHUJLHPXUPXUDQWDXIRQGGHVDSHQVpHOHQRP
GH)HOWRQODVHXOHOXHXUGHMRXUTXLSpQpWUkWMXVTX
jHOOHDXIRQGGHO
HQIHU
RHOOHpWDLWWRPEpHHWFRPPHXQVHUSHQWTXLURXOHHWGpURXOHVHVDQQHDX[SRXU
VHUHQGUHFRPSWHjOXLPrPHGHVDIRUFHHOOHHQYHORSSDLWG
DYDQFH)HOWRQGDQV
OHVPLOOHUHSOLVGHVRQLQYHQWLYHLPDJLQDWLRQ
&HSHQGDQWOHWHPSVV
pFRXODLWOHVKHXUHVOHVXQHVDSUqVOHVDXWUHVVHPEODLHQW

UpYHLOOHUODFORFKHHQSDVVDQWHWFKDTXHFRXSGXEDWWDQWG
DLUDLQUHWHQWLVVDLW
VXUOHFRHXUGHODSULVRQQLqUH$QHXIKHXUHV/RUGGH:LQWHUILWVDYLVLWH
DFFRXWXPpHUHJDUGDODIHQrWUHHWOHVEDUUHDX[VRQGDOHSDUTXHWHWOHVPXUV
YLVLWDODFKHPLQpHHWOHVSRUWHVVDQVTXHSHQGDQWFHWWHORQJXHHWPLQXWLHXVH
YLVLWHQLOXLQL0LODG\SURQRQoDVVHQWXQHVHXOHSDUROH
6DQVGRXWHTXHWRXVGHX[FRPSUHQDLHQWTXHODVLWXDWLRQpWDLWGHYHQXHWURSJUDYH
SRXUSHUGUHOHWHPSVHQPRWVLQXWLOHVHWHQFROqUHVDQVHIIHW
$OORQVDOORQVGLWOHEDURQHQODTXLWWDQWYRXVQHYRXVVDXYHUH]SDVHQFRUH
FHWWHQXLW
$GL[KHXUHV)HOWRQYLQWSODFHUXQHVHQWLQHOOH0LODG\UHFRQQXWVRQSDV(OOH
OHGHYLQDLWPDLQWHQDQWFRPPHXQHPDvWUHVVHGHYLQHFHOXLGHO
DPDQWGHVRQFRHXU
HWFHSHQGDQW0LODG\GpWHVWDLWHWPpSULVDLWjODIRLVFHIDLEOHIDQDWLTXH
&HQ
pWDLWSRLQWO
KHXUHFRQYHQXH)HOWRQQ
HQWUDSRLQW
'HX[KHXUHVDSUqVHWFRPPHPLQXLWVRQQDLWODVHQWLQHOOHIXWUHOHYpH
&HWWHIRLVF
pWDLWO
KHXUHDXVVLjSDUWLUGHFHPRPHQW0LODG\DWWHQGLWHOOH
DYHFLPSDWLHQFH
/DQRXYHOOHVHQWLQHOOHFRPPHQoDjVHSURPHQHUGDQVOHFRUULGRU
$XERXWGHGL[PLQXWHV)HOWRQYLQW
0LODG\SUrWDO
RUHLOOH
(FRXWHGLWOHMHXQHKRPPHjODVHQWLQHOOHVRXVDXFXQSUpWH[WHQHW
pORLJQH
GHFHWWHSRUWHFDUWXVDLVTXHODQXLWGHUQLqUHXQVROGDWDpWpSXQLSDU0LORUG
SRXUDYRLUTXLWWpVRQSRVWHXQLQVWDQWHWFHSHQGDQWF
HVWPRLTXLSHQGDQWVD
FRXUWHDEVHQFHDYDLVYHLOOpjVDSODFH
2XLMHOHVDLVGLWOHVROGDW
-HWHUHFRPPDQGHGRQFODSOXVH[DFWHVXUYHLOODQFH0RLDMRXWDWLOMHYDLV
UHQWUHUSRXUYLVLWHUXQHVHFRQGHIRLVODFKDPEUHGHFHWWHIHPPHTXLDM
HQDL
SHXUGHVLQLVWUHVSURMHWVVXUHOOHPrPHHWTXHM
DLUHoXO
RUGUHGHVXUYHLOOHU

%RQPXUPXUD0LODG\YRLOjO
DXVWqUHSXULWDLQTXLPHQW
4XDQWDXVROGDWLOVHFRQWHQWDGHVRXULUH
3HVWHPRQOLHXWHQDQWGLWLOYRXVQ
rWHVSDVPDOKHXUHX[G
rWUHFKDUJpGH
FRPPLVVLRQVSDUHLOOHVVXUWRXWVL0LORUGYRXVDDXWRULVpjUHJDUGHUMXVTXHGDQV
VRQOLW
)HOWRQURXJLWGDQVWRXWHDXWUHFLUFRQVWDQFHLOHWUpSULPDQGpOHVROGDWTXLVH
SHUPHWWDLWXQHSDUHLOOHSODLVDQWHULHPDLVVDFRQVFLHQFHPXUPXUDLWWURSKDXW
SRXUTXHVDERXFKHRVkWSDUOHU

6LM
DSSHOOHGLWLOYLHQVGHPrPHTXHVLO
RQYLHQWDSSHOOHPRL
2XLPRQOLHXWHQDQWGLWOHVROGDW
)HOWRQHQWUDFKH]0LODG\0LODG\VHOHYD
9RXVYRLOj"GLWHOOH
-HYRXVDYDLVSURPLVGHYHQLUGLW)HOWRQHWMHVXLVYHQX
9RXVP
DYH]SURPLVDXWUHFKRVHHQFRUH
4XRLGRQF"PRQ'LHXGLWOHMHXQHKRPPHTXLPDOJUpVRQHPSLUHVXU
OXLPrPHVHQWDLWVHVJHQRX[WUHPEOHUHWODVXHXUSRLQGUHVXUVRQIURQW
9RXVDYH]SURPLVGHP
DSSRUWHUXQFRXWHDXHWGHPHOHODLVVHUDSUqVQRWUH
HQWUHWLHQ
1HSDUOH]SDVGHFHOD0DGDPHGLW)HOWRQLOQ
\DSDVGHVLWXDWLRQVL
WHUULEOHTX
HOOHVRLWTXLDXWRULVHXQHFUpDWXUHGH'LHXjVHGRQQHUODPRUW
-
DLUpIOpFKLTXHMDPDLVMHQHGHYDLVPHUHQGUHFRXSDEOHG
XQSDUHLOSpFKp
$KYRXVDYH]UpIOpFKLGLWODSULVRQQLqUHHQV
DVVH\DQWVXUVRQIDXWHXLO
DYHFXQVRXULUHGHGpGDLQHWPRLDXVVLM
DLUpIOpFKL
$TXRL"
4XHMHQ
DYDLVULHQjGLUHjXQKRPPHTXLQHWHQDLWSDVVDSDUROH
2PRQ'LHXPXUPXUD)HOWRQ
9RXVSRXYH]YRXVUHWLUHUGLW0LODG\MHQHSDUOHUDLSDV
9RLOjOHFRXWHDXGLW)HOWRQWLUDQWGHVDSRFKHO
DUPHTXHVHORQVD
SURPHVVHLODYDLWDSSRUWpHPDLVTX
LOKpVLWDLWjUHPHWWUHjVDSULVRQQLqUH
9R\RQVOHGLW0LODG\
3RXUTXRLIDLUH"
6XUO
KRQQHXUMHYRXVOHUHQGVjO
LQVWDQWPrPHYRXVOHSRVHUH]VXUFHWWH
WDEOHHWYRXVUHVWHUH]HQWUHOXLHWPRL
)HOWRQWHQGLWO
DUPHj0LODG\TXLHQH[DPLQDDWWHQWLYHPHQWODWUHPSHHWTXLHQ
HVVD\DODSRLQWHVXUOHERXWGHVRQGRLJW
%LHQGLWHOOHHQUHQGDQWOHFRXWHDXDXMHXQHRIILFLHUFHOXLFLHVWHQEHOHW
ERQDFLHUYRXVrWHVXQILGqOHDPL)HOWRQ
)HOWRQUHSULWO
DUPHHWODSRVDVXUODWDEOHFRPPHLOYHQDLWG
rWUHFRQYHQXDYHF
VDSULVRQQLqUH
0LODG\OHVXLYLWGHV\HX[HWILWXQJHVWHGHVDWLVIDFWLRQ

0DLQWHQDQWGLWHOOHpFRXWH]PRL
/DUHFRPPDQGDWLRQpWDLWLQXWLOHOHMHXQHRIILFLHUVHWHQDLWGHERXWGHYDQW
HOOHDWWHQGDQWVHVSDUROHVSRXUOHVGpYRUHU
)HOWRQGLW0LODG\DYHFXQHVROHQQLWpSOHLQHGHPpODQFROLH)HOWRQVLYRWUH
VRHXUODILOOHGHYRWUHSqUHYRXVGLVDLW-HXQHHQFRUHDVVH]EHOOHSDU
PDOKHXURQP
DIDLWWRPEHUGDQVXQSLqJHM
DLUpVLVWpRQDPXOWLSOLpDXWRXU
GHPRLOHVHPEFKHVOHVYLROHQFHVM
DLUpVLVWpRQDEODVSKpPpODUHOLJLRQ
TXHMHVHUVOH'LHXTXHM
DGRUHSDUFHTXHM
DSSHODLVjPRQVHFRXUVFH'LHXHW
FHWWHUHOLJLRQM
DLUpVLVWpDORUVRQP
DSURGLJXpOHVRXWUDJHVHWFRPPHRQ
QHSRXYDLWSHUGUHPRQkPHRQDYRXOXjWRXWMDPDLVIOpWULUPRQFRUSVHQILQ

0LODG\V
DUUrWDHWXQVRXULUHDPHUSDVVDVXUVHVOqYUHV
(QILQGLW)HOWRQHQILQTX
DWRQIDLW"
(QILQXQVRLURQUpVROXWGHSDUDO\VHUFHWWHUpVLVWDQFHTX
RQQHSRXYDLW
YDLQFUHXQVRLURQPrODjPRQHDXXQQDUFRWLTXHSXLVVDQWjSHLQHHXVMH
DFKHYpPRQUHSDVTXHMHPHVHQWLVWRPEHUSHXjSHXGDQVXQHWRUSHXULQFRQQXH
4XRLTXHMHIXVVHVDQVGpILDQFHXQHFUDLQWHYDJXHPHVDLVLWHWM
HVVD\DLGH
OXWWHUFRQWUHOHVRPPHLOMHPHOHYDLMHYRXOXVFRXULUjODIHQrWUHDSSHOHU
DXVHFRXUVPDLVPHVMDPEHVUHIXVqUHQWGHPHSRUWHULOPHVHPEODLWTXHOH
SODIRQGV
DEDLVVDLWVXUPDWrWHHWP
pFUDVDLWGHVRQSRLGVMHWHQGLVOHVEUDV
M
HVVD\DLGHSDUOHUMHQHSXVTXHSRXVVHUGHVVRQVLQDUWLFXOpVXQ
HQJRXUGLVVHPHQWLUUpVLVWLEOHV
HPSDUDLWGHPRLMHPHUHWLQVjXQIDXWHXLO
VHQWDQWTXHM
DOODLVWRPEHUPDLVELHQW{WFHWDSSXLIXWLQVXIILVDQWSRXUPHV
EUDVGpELOHVMHWRPEDLVXUXQJHQRXSXLVVXUOHVGHX[MHYRXOXVFULHUPD
ODQJXHpWDLWJODFpH'LHXQHPHYLWQLQHP
HQWHQGLWVDQVGRXWHHWMHJOLVVDL
VXUOHSDUTXHWHQSURLHjXQVRPPHLOTXLUHVVHPEODLWjODPRUW
'HWRXWFHTXLVHSDVVDGDQVFHVRPPHLOHWGXWHPSVTXLV
pFRXODSHQGDQWVD
GXUpHMHQ
HXVDXFXQVRXYHQLUODVHXOHFKRVHTXHMHPHUDSSHOOHF
HVWTXHMH
PHUpYHLOODLFRXFKpHGDQVXQHFKDPEUHURQGHGRQWO
DPHXEOHPHQWpWDLWVRPSWXHX[
HWGDQVODTXHOOHOHMRXUQHSpQpWUDLWTXHSDUXQHRXYHUWXUHDXSODIRQG'X
UHVWHDXFXQHSRUWHQHVHPEODLW\GRQQHUHQWUpHRQHWGLWXQHPDJQLILTXH
SULVRQ
-HIXVORQJWHPSVjSRXYRLUPHUHQGUHFRPSWHGXOLHXRMHPHWURXYDLVHWGH
WRXVOHVGpWDLOVTXHMHUDSSRUWHPRQHVSULWVHPEODLWOXWWHULQXWLOHPHQWSRXU
VHFRXHUOHVSHVDQWHVWpQqEUHVGHFHVRPPHLODXTXHOMHQHSRXYDLVP
DUUDFKHU
M
DYDLVGHVSHUFHSWLRQVYDJXHVG
XQHVSDFHSDUFRXUXGXURXOHPHQWG
XQHYRLWXUH
G
XQUrYHKRUULEOHGDQVOHTXHOPHVIRUFHVVHVHUDLHQWpSXLVpHVPDLVWRXWFHOD
pWDLWVLVRPEUHHWVLLQGLVWLQFWGDQVPDSHQVpHTXHFHVpYpQHPHQWVVHPEODLHQW
DSSDUWHQLUjXQHDXWUHYLHTXHODPLHQQHHWFHSHQGDQWPrOpHjODPLHQQHSDUXQH
IDQWDVWLTXHGXDOLWp
4XHOTXHWHPSVO
pWDWGDQVOHTXHOMHPHWURXYDLVPHVHPEODVLpWUDQJHTXHMH
FUXVTXHMHIDLVDLVXQUrYH-HPHOHYDLFKDQFHODQWHPHVKDELWVpWDLHQWSUqVGH
PRLVXUXQHFKDLVHMHQHPHUDSSHODLQLP
rWUHGpYrWXHQLP
rWUHFRXFKpH
$ORUVSHXjSHXODUpDOLWpVHSUpVHQWDjPRLSOHLQHGHSXGLTXHVWHUUHXUVMH

Q
pWDLVSOXVGDQVODPDLVRQTXHM
KDELWDLVDXWDQWTXHM
HQSRXYDLVMXJHUSDU
ODOXPLqUHGXVROHLOOHMRXUpWDLWGpMjDX[GHX[WLHUVpFRXOpF
pWDLWOD
YHLOOHDXVRLUTXHMHP
pWDLVHQGRUPLHPRQVRPPHLODYDLWGRQFGpMjGXUpSUqV
GHYLQJWTXDWUHKHXUHV4XHV
pWDLWLOSDVVpSHQGDQWFHORQJVRPPHLO"
-HP
KDELOODLDXVVLUDSLGHPHQWTX
LOPHIXWSRVVLEOH7RXVPHVPRXYHPHQWV
OHQWVHWHQJRXUGLVDWWHVWDLHQWTXHO
LQIOXHQFHGXQDUFRWLTXHQ
pWDLWSRLQW
HQFRUHHQWLqUHPHQWGLVVLSpH$XUHVWHFHWWHFKDPEUHpWDLWPHXEOpHSRXUUHFHYRLU
XQHIHPPHHWODFRTXHWWHODSOXVDFKHYpHQ
HWSDVHXXQVRXKDLWjIRUPHU
TX
HQSURPHQDQWVRQUHJDUGDXWRXUGHO
DSSDUWHPHQWHOOHQ
HWYXVRQVRXKDLW
DFFRPSOL
&HUWHVMHQ
pWDLVSDVODSUHPLqUHFDSWLYHTXLV
pWDLWYXHHQIHUPpHGDQVFHWWH
VSOHQGLGHSULVRQPDLVYRXVOHFRPSUHQH])HOWRQSOXVODSULVRQpWDLWEHOOH
SOXVMHP
pSRXYDQWDLV
2XLF
pWDLWXQHSULVRQFDUM
HVVD\DLYDLQHPHQWG
HQVRUWLU-HVRQGDLWRXV
OHVPXUVDILQGHGpFRXYULUXQHSRUWHSDUWRXWOHVPXUVUHQGLUHQWXQVRQSOHLQHW
PDW
-HILVSHXWrWUHYLQJWIRLVOHWRXUGHFHWWHFKDPEUHFKHUFKDQWXQHLVVXH
TXHOFRQTXHLOQ
\HQDYDLWSDVMHWRPEDLpFUDVpHGHIDWLJXHHWGHWHUUHXU
VXUXQIDXWHXLO
3HQGDQWFHWHPSVODQXLWYHQDLWUDSLGHPHQWHWDYHFODQXLWPHVWHUUHXUV
DXJPHQWDLHQWMHQHVDYDLVVLMHGHYDLVUHVWHURM
pWDLVDVVLVHLOPH
VHPEODLWTXHM
pWDLVHQWRXUpHGHGDQJHUVLQFRQQXVGDQVOHVTXHOVM
DOODLVWRPEHU
jFKDTXHSDV4XRLTXHMHQ
HXVVHULHQPDQJpGHSXLVODYHLOOHPHVFUDLQWHV
P
HPSrFKDLHQWGHUHVVHQWLUODIDLP
$XFXQEUXLWGXGHKRUVTXLPHSHUPvWGHPHVXUHUOHWHPSVQHYHQDLWMXVTX
j
PRLMHSUpVXPDLVHXOHPHQWTX
LOSRXYDLWrWUHVHSWRXKXLWKHXUHVGXVRLUFDU
QRXVpWLRQVDXPRLVG
RFWREUHHWLOIDLVDLWQXLWHQWLqUH
7RXWjFRXSOHFULG
XQHSRUWHTXLWRXUQHVXUVHVJRQGVPHILWWUHVVDLOOLU
XQJOREHGHIHXDSSDUXWDXGHVVXVGHO
RXYHUWXUHYLWUpHGXSODIRQGMHWDQWXQH
YLYHOXPLqUHGDQVPDFKDPEUHHWMHP
DSHUoXVDYHFWHUUHXUTX
XQKRPPHpWDLW
GHERXWjTXHOTXHVSDVGHPRL
8QHWDEOHjGHX[FRXYHUWVVXSSRUWDQWXQVRXSHUWRXWSUpSDUpV
pWDLWGUHVVpH
FRPPHSDUPDJLHDXPLOLHXGHO
DSSDUWHPHQW
&HWKRPPHpWDLWFHOXLTXLPHSRXUVXLYDLWGHSXLVXQDQTXLDYDLWMXUpPRQ
GpVKRQQHXUHWTXLDX[SUHPLHUVPRWVTXLVRUWLUHQWGHVDERXFKHPHILW
FRPSUHQGUHTX
LOO
DYDLWDFFRPSOLODQXLWSUpFpGHQWH
/
LQIkPHPXUPXUD)HOWRQ
2KRXLO
LQIkPHV
pFULD0LODG\YR\DQWO
LQWpUrWTXHOHMHXQHRIILFLHU
GRQWO
kPHVHPEODLWVXVSHQGXHjVHVOqYUHVSUHQDLWjFHWpWUDQJHUpFLWRK
RXLO
LQIkPHLODYDLWFUXTX
LOOXLVXIILVDLWG
DYRLUWULRPSKpGHPRLGDQV
PRQVRPPHLOSRXUTXHWRXWIWGLWLOYHQDLWHVSpUDQWTXHM
DFFHSWHUDLVPD
KRQWHSXLVTXHPDKRQWHpWDLWFRQVRPPpHLOYHQDLWP
RIIULUVDIRUWXQHHQ

pFKDQJHGHPRQDPRXU
7RXWFHTXHOHFRHXUG
XQHIHPPHSHXWFRQWHQLUGHVXSHUEHPpSULVHWGHSDUROHV
GpGDLJQHXVHVMHOHYHUVDLVXUFHWKRPPHVDQVGRXWHLOpWDLWKDELWXpjGH
SDUHLOVUHSURFKHVFDULOP
pFRXWDFDOPHVRXULDQWHWOHVEUDVFURLVpVVXUOD
SRLWULQHSXLVORUVTX
LOFUXWTXHM
DYDLVWRXWGLWLOV
DYDQoDYHUVPRLMH
ERQGLVYHUVODWDEOHMHVDLVLVXQFRXWHDXMHO
DSSX\DLVXUPDSRLWULQH
)DLWHVXQSDVGHSOXVOXLGLVMHHWRXWUHPRQGpVKRQQHXUYRXVDXUH]
HQFRUHPDPRUWjYRXVUHSURFKHU
6DQVGRXWHLO\DYDLWGDQVPRQUHJDUGGDQVPDYRL[GDQVWRXWHPDSHUVRQQH
FHWWHYpULWpGHJHVWHGHSRVHHWG
DFFHQWTXLSRUWHODFRQYLFWLRQGDQVOHV
kPHVOHVSOXVSHUYHUVHVFDULOV
DUUrWD
9RWUHPRUWPHGLWLORKQRQYRXVrWHVXQHWURSFKDUPDQWHPDvWUHVVH
SRXUTXHMHFRQVHQWHjYRXVSHUGUHDLQVLDSUqVDYRLUHXOHERQKHXUGHYRXV
SRVVpGHUXQHVHXOHIRLVVHXOHPHQW$GLHXPDWRXWHEHOOHM
DWWHQGUDLSRXU
UHYHQLUYRXVIDLUHPDYLVLWHTXHYRXVVR\H]GDQVGHPHLOOHXUHVGLVSRVLWLRQV
$FHVPRWVLOGRQQDXQFRXSGHVLIIOHWOHJOREHGHIODPPHTXLpFODLUDLWPD
FKDPEUHUHPRQWDHWGLVSDUXWMHPHUHWURXYDLGDQVO
REVFXULWp/HPrPHEUXLW
G
XQHSRUWHTXLV
RXYUHHWVHUHIHUPHVHUHSURGXLVLWXQLQVWDQWDSUqVOHJOREH
IODPER\DQWGHVFHQGLWGHQRXYHDXHWMHPHUHWURXYDLVHXOH
&HPRPHQWIXWDIIUHX[VLM
DYDLVHQFRUHTXHOTXHVGRXWHVVXUPRQPDOKHXUFHV
GRXWHVV
pWDLHQWpYDQRXLVGDQVXQHGpVHVSpUDQWHUpDOLWpM
pWDLVDXSRXYRLU
G
XQKRPPHTXHQRQVHXOHPHQWMHGpWHVWDLVPDLVTXHMHPpSULVDLVG
XQKRPPH
FDSDEOHGHWRXWHWTXLP
DYDLWGpMjGRQQpXQHSUHXYHIDWDOHGHFHTX
LOSRXYDLW
RVHU
0DLVTXHOpWDLWGRQFFHWKRPPH"GHPDQGD)HOWRQ
-HSDVVDLODQXLWVXUXQHFKDLVHWUHVVDLOODQWDXPRLQGUHEUXLWFDUj
PLQXLWjSHXSUqVODODPSHV
pWDLWpWHLQWHHWMHP
pWDLVUHWURXYpHGDQV
O
REVFXULWp0DLVODQXLWVHSDVVDVDQVQRXYHOOHWHQWDWLYHGHPRQSHUVpFXWHXU
OHMRXUYLQWODWDEOHDYDLWGLVSDUXVHXOHPHQWM
DYDLVHQFRUHOHFRXWHDXj
ODPDLQ
&HFRXWHDXF
pWDLWWRXWPRQHVSRLU
-
pWDLVpFUDVpHGHIDWLJXHO
LQVRPQLHEUODLWPHV\HX[MHQ
DYDLVSDVRVp
GRUPLUXQVHXOLQVWDQWOHMRXUPHUDVVXUDM
DOODLPHMHWHUVXUPRQOLWVDQV
TXLWWHUOHFRXWHDXOLEpUDWHXUTXHMHFDFKDLVRXVPRQRUHLOOHU
4XDQGMHPHUpYHLOODLXQHQRXYHOOHWDEOHpWDLWVHUYLH
&HWWHIRLVPDOJUpPHVWHUUHXUVHQGpSLWGHPHVDQJRLVVHVXQHIDLPGpYRUDQWH
VHIDLVDLWVHQWLULO\DYDLWTXDUDQWHKXLWKHXUHVTXHMHQ
DYDLVSULVDXFXQH
QRXUULWXUHMHPDQJHDLGXSDLQHWTXHOTXHVIUXLWVSXLVPHUDSSHODQWOH
QDUFRWLTXHPrOpjO
HDXTXHM
DYDLVEXHMHQHWRXFKDLSRLQWjFHOOHTXLpWDLW
VXUODWDEOHHWM
DOODLUHPSOLUPRQYHUUHjXQHIRQWDLQHGHPDUEUHVFHOOpHGDQV
OHPXUDXGHVVXVGHPDWRLOHWWH

&HSHQGDQWPDOJUpFHWWHSUpFDXWLRQMHQHGHPHXUDLSDVPRLQVTXHOTXHWHPSV
HQFRUHGDQVXQHDIIUHXVHDQJRLVVHPDLVPHVFUDLQWHVFHWWHIRLVQ
pWDLHQWSDV
IRQGpHVMHSDVVDLODMRXUQpHVDQVULHQpSURXYHUTXLUHVVHPEOkWjFHTXHMH
UHGRXWDLV
-
DYDLVHXODSUpFDXWLRQGHYLGHUjGHPLODFDUDIHSRXUTX
RQQHV
DSHUoW
SRLQWGHPDGpILDQFH
/HVRLUYLQWHWDYHFOXLO
REVFXULWpFHSHQGDQWVLSURIRQGHTX
HOOHIW
PHV\HX[FRPPHQoDLHQWjV
\KDELWXHUMHYLVDXPLOLHXGHVWpQqEUHVODWDEOH
V
HQIRQFHUGDQVOHSODQFKHUXQTXDUWG
KHXUHDSUqVHOOHUHSDUXWSRUWDQWPRQ
VRXSHUXQLQVWDQWDSUqVJUkFHjODPrPHODPSHPDFKDPEUHV
pFODLUDGH
QRXYHDX
-
pWDLVUpVROXHjQHPDQJHUTXHGHVREMHWVDX[TXHOVLOpWDLWLPSRVVLEOHGH
PrOHUDXFXQVRPQLIqUHGHX[RHXIVHWTXHOTXHVIUXLWVFRPSRVqUHQWPRQUHSDV
SXLVM
DOODLSXLVHUXQYHUUHG
HDXjPDIRQWDLQHSURWHFWULFHHWMHOHEXV
$X[SUHPLqUHVJRUJpHVLOPHVHPEODTX
HOOHQ
DYDLWSOXVOHPrPHJRWTXHOH
PDWLQXQVRXSoRQUDSLGHPHSULWMHP
DUUrWDLPDLVM
HQDYDLVGpMjDYDOpXQ
GHPLYHUUH
-HMHWDLOHUHVWHDYHFKRUUHXUHWM
DWWHQGLVODVXHXUGHO
pSRXYDQWHDX
IURQW
6DQVGRXWHTXHOTXHLQYLVLEOHWpPRLQP
DYDLWYXHSUHQGUHGHO
HDXjFHWWH
IRQWDLQHHWDYDLWSURILWpGHPDFRQILDQFHPrPHSRXUPLHX[DVVXUHUPDSHUWHVL
IURLGHPHQWUpVROXHVLFUXHOOHPHQWSRXUVXLYLH
8QHGHPLKHXUHQHV
pWDLWSDVpFRXOpHTXHOHVPrPHVV\PSW{PHVVHSURGXLVLUHQW
VHXOHPHQWFRPPHFHWWHIRLVMHQ
DYDLVEXTX
XQGHPLYHUUHG
HDXMHOXWWDL
SOXVORQJWHPSVHWDXOLHXGHP
HQGRUPLUWRXWjIDLWMHWRPEDLGDQVXQpWDWGH
VRPQROHQFHTXLPHODLVVDLWOHVHQWLPHQWGHFHTXLVHSDVVDLWDXWRXUGHPRLWRXW
HQP
{WDQWODIRUFHRXGHPHGpIHQGUHRXGHIXLU
-HPHWUDvQDLYHUVPRQOLWSRXU\FKHUFKHUODVHXOHGpIHQVHTXLPHUHVWkW
PRQFRXWHDXVDXYHXUPDLVMHQHSXVDUULYHUMXVTX
DXFKHYHWMHWRPEDLj
JHQRX[OHVPDLQVFUDPSRQQpHVjO
XQHGHVFRORQQHVGXSLHGDORUVMHFRPSULV
TXHM
pWDLVSHUGXH
)HOWRQSkOLWDIIUHXVHPHQWHWXQIULVVRQFRQYXOVLIFRXUXWSDUWRXWVRQFRUSV
(WFHTX
LO\DYDLWGHSOXVDIIUHX[FRQWLQXD0LODG\ODYRL[DOWpUpHFRPPHVL
HOOHHWHQFRUHpSURXYpODPrPHDQJRLVVHTX
HQFHPRPHQWWHUULEOHF
HVWTXH
FHWWHIRLVM
DYDLVODFRQVFLHQFHGXGDQJHUTXLPHPHQDoDLWF
HVWTXHPRQkPH
MHSXLVOHGLUHYHLOODLWGDQVPRQFRUSVHQGRUPLF
HVWTXHMHYR\DLVF
HVW
TXHM
HQWHQGDLVLOHVWYUDLTXHWRXWFHODpWDLWFRPPHGDQVXQUrYHPDLVFH
Q
HQpWDLWTXHSOXVHIIUD\DQW
-HYLVODODPSHTXLUHPRQWDLWHWTXLSHXjSHXPHODLVVDLWGDQVO
REVFXULWp
SXLVM
HQWHQGLVOHFULVLELHQFRQQXGHFHWWHSRUWHTXRLTXHFHWWHSRUWHQHVH
IWRXYHUWHTXHGHX[IRLV

-HVHQWLVLQVWLQFWLYHPHQWTX
RQV
DSSURFKDLWGHPRLRQGLWTXHOHPDOKHXUHX[
SHUGXGDQVOHVGpVHUWVGHO
$PpULTXHVHQWDLQVLO
DSSURFKHGXVHUSHQW
-HYRXODLVIDLUHXQHIIRUWMHWHQWDLGHFULHUSDUXQHLQFUR\DEOHpQHUJLHGH
YRORQWpMHPHUHOHYDLPrPHPDLVSRXUUHWRPEHUDXVVLW{WHWUHWRPEHUGDQVOHV
EUDVGHPRQSHUVpFXWHXU
'LWHVPRLGRQFTXHOpWDLWFHWKRPPH"V
pFULDOHMHXQHRIILFLHU
0LODG\YLWG
XQVHXOUHJDUGWRXWFHTX
HOOHLQVSLUDLWGHVRXIIUDQFHj)HOWRQHQ
SHVDQWVXUFKDTXHGpWDLOGHVRQUpFLWPDLVHOOHQHYRXODLWOXLIDLUHJUkFH
G
DXFXQHWRUWXUH3OXVSURIRQGpPHQWHOOHOXLEULVHUDLWOHFRHXUSOXVVUHPHQW
LOODYHQJHUDLW(OOHFRQWLQXDGRQFFRPPHVLHOOHQ
HWSRLQWHQWHQGXVRQ
H[FODPDWLRQRXFRPPHVLHOOHHWSHQVpTXHOHPRPHQWQ
pWDLWSDVHQFRUHYHQX
G
\UpSRQGUH
6HXOHPHQWFHWWHIRLVFHQ
pWDLWSOXVjXQHHVSqFHGHFDGDYUHLQHUWHVDQV
DXFXQVHQWLPHQWTXHO
LQIkPHDYDLWDIIDLUH-HYRXVO
DLGLWVDQVSRXYRLU
SDUYHQLUjUHWURXYHUO
H[HUFLFHFRPSOHWGHPHVIDFXOWpVLOPHUHVWDLWOH
VHQWLPHQWGHPRQGDQJHUMHOXWWDLGRQFGHWRXWHVPHVIRUFHVHWVDQVGRXWH
M
RSSRVDLWRXWDIIDLEOLHTXHM
pWDLVXQHORQJXHUpVLVWDQFHFDUMHO
HQWHQGLV
V
pFULHU
&HVPLVpUDEOHVSXULWDLQHVMHVDYDLVELHQTX
HOOHVODVVDLHQWOHXUV
ERXUUHDX[PDLVMHOHVFUR\DLVPRLQVIRUWHVFRQWUHOHXUVVpGXFWHXUV
+pODVFHWWHUpVLVWDQFHGpVHVSpUpHQHSRXYDLWGXUHUORQJWHPSVMHVHQWLVPHV
IRUFHVTXLV
pSXLVDLHQWHWFHWWHIRLVFHQHIXWSDVGHPRQVRPPHLOTXHOHOkFKH
SURILWDFHIXWGHPRQpYDQRXLVVHPHQW
)HOWRQpFRXWDLWVDQVIDLUHHQWHQGUHDXWUHFKRVHTX
XQHHVSqFHGHUXJLVVHPHQW
VRXUGVHXOHPHQWODVXHXUUXLVVHODLWVXUVRQIURQWGHPDUEUHHWVDPDLQFDFKpH
VRXVVRQKDELWGpFKLUDLWVDSRLWULQH
0RQSUHPLHUPRXYHPHQWHQUHYHQDQWjPRLIXWGHFKHUFKHUVRXVPRQRUHLOOHUFH
FRXWHDXTXHMHQ
DYDLVSXDWWHLQGUHV
LOQ
DYDLWSRLQWVHUYLjODGpIHQVHLO
SRXYDLWDXPRLQVVHUYLUjO
H[SLDWLRQ
0DLVHQSUHQDQWFHFRXWHDX)HOWRQXQHLGpHWHUULEOHPHYLQW-
DLMXUpGH
WRXWYRXVGLUHHWMHYRXVGLUDLWRXWMHYRXVDLSURPLVODYpULWpMHODGLUDL
GWHOOHPHSHUGUH
/
LGpHYRXVYLQWGHYRXVYHQJHUGHFHWKRPPHQ
HVWFHSDV"V
pFULD)HOWRQ
(KELHQRXLGLW0LODG\FHWWHLGpHQ
pWDLWSDVG
XQHFKUpWLHQQHMHOH
VDLVVDQVGRXWHFHWpWHUQHOHQQHPLGHQRWUHkPHFHOLRQUXJLVVDQWVDQVFHVVH
DXWRXUGHQRXVODVRXIIODLWjPRQHVSULW(QILQTXHYRXVGLUDLMH)HOWRQ"
FRQWLQXD0LODG\GXWRQG
XQHIHPPHTXLV
DFFXVHG
XQFULPHFHWWHLGpHPHYLQW
HWQHPHTXLWWDSOXVVDQVGRXWH&
HVWGHFHWWHSHQVpHKRPLFLGHTXHMHSRUWH
DXMRXUG
KXLODSXQLWLRQ
&RQWLQXH]FRQWLQXH]GLW)HOWRQM
DLKkWHGHYRXVYRLUDUULYHUjOD

YHQJHDQFH
2KMHUpVROXVTX
HOOHDXUDLWOLHXOHSOXVW{WSRVVLEOHMHQHGRXWDLVSDV
TX
LOQHUHYvQWODQXLWVXLYDQWH'DQVOHMRXUMHQ
DYDLVULHQjFUDLQGUH
$XVVLTXDQGYLQWO
KHXUHGXGpMHXQHUMHQ
KpVLWDLSDVjPDQJHUHWjERLUH
M
pWDLVUpVROXHjIDLUHVHPEODQWGHVRXSHUPDLVjQHULHQSUHQGUHMHGHYDLV
GRQFSDUODQRXUULWXUHGXPDWLQFRPEDWWUHOHMHQHGXVRLU
6HXOHPHQWMHFDFKDLXQYHUUHG
HDXVRXVWUDLWHjPRQGpMHXQHUODVRLID\DQW
pWpFHTXLP
DYDLWOHSOXVIDLWVRXIIULUTXDQGM
pWDLVGHPHXUpHTXDUDQWHKXLW
KHXUHVVDQVERLUHQLPDQJHU
/DMRXUQpHV
pFRXODVDQVDYRLUG
DXWUHLQIOXHQFHVXUPRLTXHGHP
DIIHUPLU
GDQVODUpVROXWLRQSULVHVHXOHPHQWM
HXVVRLQTXHPRQYLVDJHQHWUDKvWHQULHQ
ODSHQVpHGHPRQFRHXUFDUMHQHGRXWDLVSDVTXHMHQHIXVVHREVHUYpH
SOXVLHXUVIRLVPrPHMHVHQWLVXQVRXULUHVXUPHVOqYUHV)HOWRQMHQ
RVHSDV
YRXVGLUHjTXHOOHLGpHMHVRXULDLVYRXVPHSUHQGULH]HQKRUUHXU
&RQWLQXH]FRQWLQXH]GLW)HOWRQYRXVYR\H]ELHQTXHM
pFRXWHHWTXHM
DL
KkWHG
DUULYHU
/HVRLUYLQWOHVpYpQHPHQWVRUGLQDLUHVV
DFFRPSOLUHQWSHQGDQWO
REVFXULWp
FRPPHG
KDELWXGHPRQVRXSHUIXWVHUYLSXLVODODPSHV
DOOXPDHWMHPHPLVj
WDEOH
-HPDQJHDLTXHOTXHVIUXLWVVHXOHPHQWMHILVVHPEODQWGHPHYHUVHUGHO
HDX
GHODFDUDIHPDLVMHQHEXVTXHFHOOHTXHM
DYDLVFRQVHUYpHGDQVPRQYHUUHOD
VXEVWLWXWLRQDXUHVWHIXWIDLWHDVVH]DGURLWHPHQWSRXUTXHPHVHVSLRQVVL
M
HQDYDLVQHFRQoXVVHQWDXFXQVRXSoRQ
$SUqVOHVRXSHUMHGRQQDLOHVPrPHVPDUTXHVG
HQJRXUGLVVHPHQWTXHODYHLOOH
PDLVFHWWHIRLVFRPPHVLMHVXFFRPEDLVjODIDWLJXHRXFRPPHVLMHPH
IDPLOLDULVDLVDYHFOHGDQJHUMHPHWUDvQDLYHUVPRQOLWHWMHILVVHPEODQWGH
P
HQGRUPLU
&HWWHIRLVM
DYDLVUHWURXYpPRQFRXWHDXVRXVO
RUHLOOHUHWWRXWHQIHLJQDQW
GHGRUPLUPDPDLQVHUUDLWFRQYXOVLYHPHQWODSRLJQpH
'HX[KHXUHVV
pFRXOqUHQWVDQVTX
LOVHSDVVkWULHQGHQRXYHDXFHWWHIRLV{
PRQ'LHXTXLP
HWGLWFHODODYHLOOH"MHFRPPHQoDLVjFUDLQGUHTX
LOQHYvQW
SDV
(QILQMHYLVODODPSHV
pOHYHUGRXFHPHQWHWGLVSDUDvWUHGDQVOHVSURIRQGHXUV
GXSODIRQGPDFKDPEUHV
HPSOLWGHWpQqEUHVPDLVMHILVXQHIIRUWSRXUSHUFHU
GXUHJDUGO
REVFXULWp
'L[PLQXWHVjSHXSUqVVHSDVVqUHQW-HQ
HQWHQGDLVG
DXWUHEUXLWTXHFHOXLGX
EDWWHPHQWGHPRQFRHXU
-
LPSORUDLVOH&LHOSRXUTX
LOYvQW
(QILQM
HQWHQGLVOHEUXLWVLFRQQXGHODSRUWHTXLV
RXYUDLWHWVHUHIHUPDLW

M
HQWHQGLVPDOJUpO
pSDLVVHXUGXWDSLVXQSDVTXLIDLVDLWFULHUOHSDUTXHW
MHYLVPDOJUpO
REVFXULWpXQHRPEUHTXLDSSURFKDLWGHPRQOLW
+kWH]YRXVKkWH]YRXVGLW)HOWRQQHYR\H]YRXVSDVTXHFKDFXQHGHYRV
SDUROHVPHEUOHFRPPHGXSORPEIRQGX
$ORUVFRQWLQXD0LODG\DORUVMHUpXQLVWRXWHVPHVIRUFHVMHPHUDSSHODLTXH
OHPRPHQWGHODYHQJHDQFHRXSOXW{WGHODMXVWLFHDYDLWVRQQpMHPHUHJDUGDL
FRPPHXQHDXWUH-XGLWKMHPHUDPDVVDLVXUPRLPrPHPRQFRXWHDXjODPDLQHW
TXDQGMHOHYLVSUqVGHPRLpWHQGDQWOHVEUDVSRXUFKHUFKHUVDYLFWLPHDORUV
DYHFOHGHUQLHUFULGHODGRXOHXUHWGXGpVHVSRLUMHOHIUDSSDLDXPLOLHXGHOD
SRLWULQH
/HPLVpUDEOHLODYDLWWRXWSUpYXVDSRLWULQHpWDLWFRXYHUWHG
XQHFRWWHGH
PDLOOHVOHFRXWHDXV
pPRXVVD
$KDKV
pFULDWLOHQPHVDLVLVVDQWOHEUDVHWHQP
DUUDFKDQWO
DUPHTXL
P
DYDLWVLPDOVHUYLHYRXVHQYRXOH]jPDYLHPDEHOOHSXULWDLQHPDLVF
HVW
SOXVTXHGHODKDLQHFHODF
HVWGHO
LQJUDWLWXGH$OORQVDOORQV
FDOPH]YRXVPDEHOOHHQIDQWM
DYDLVFUXTXHYRXVYRXVpWLH]DGRXFLH-HQH
VXLVSDVGHFHVW\UDQVTXLJDUGHQWOHVIHPPHVGHIRUFHYRXVQHP
DLPH]SDV
M
HQGRXWDLVDYHFPDIDWXLWpRUGLQDLUHPDLQWHQDQWM
HQVXLVFRQYDLQFX'HPDLQ
YRXVVHUH]OLEUH
-HQ
DYDLVTX
XQGpVLUF
pWDLWTX
LOPHWXkW
3UHQH]JDUGHOXLGLVMHFDUPDOLEHUWpF
HVWYRWUHGpVKRQQHXU2XLFDU
jSHLQHVRUWLHG
LFLMHGLUDLWRXWMHGLUDLODYLROHQFHGRQWYRXVDYH]XVp
HQYHUVPRLMHGLUDLPDFDSWLYLWp-HGpQRQFHUDLFHSDODLVG
LQIDPLHYRXVrWHV
ELHQKDXWSODFp0LORUGPDLVWUHPEOH]$XGHVVXVGHYRXVLO\DOHURL
DXGHVVXVGXURLLO\D'LHX
6LPDvWUHTX
LOSDUWGHOXLPRQSHUVpFXWHXUODLVVDpFKDSSHUXQPRXYHPHQWGH
FROqUH-HQHSRXYDLVYRLUO
H[SUHVVLRQGHVRQYLVDJHPDLVM
DYDLVVHQWLIUpPLU
VRQEUDVVXUOHTXHOpWDLWSRVpHPDPDLQ
$ORUVYRXVQHVRUWLUH]SDVG
LFLGLWLO
%LHQELHQP
pFULDLMHDORUVOHOLHXGHPRQVXSSOLFHVHUDDXVVLFHOXLGH
PRQWRPEHDX%LHQMHPRXUUDLLFLHWYRXVYHUUH]VLXQIDQW{PHTXLDFFXVHQ
HVW
SDVSOXVWHUULEOHHQFRUHTX
XQYLYDQWTXLPHQDFH
2QQHYRXVODLVVHUDDXFXQHDUPH
,O\HQDXQHTXHOHGpVHVSRLUDPLVHjODSRUWpHGHWRXWHFUpDWXUHTXLD
OHFRXUDJHGHV
HQVHUYLU-HPHODLVVHUDLPRXULUGHIDLP
9R\RQVGLWOHPLVpUDEOHODSDL[QHYDXWHOOHSDVPLHX[TX
XQHSDUHLOOH
JXHUUH"-HYRXVUHQGVODOLEHUWpjO
LQVWDQWPrPHMHYRXVSURFODPHXQHYHUWX
MHYRXVVXUQRPPHOD/XFUqFHGHO
$QJOHWHUUH
(WPRLMHGLVTXHYRXVHQrWHVOH6H[WXVPRLMHYRXVGpQRQFHDX[KRPPHV
FRPPHMHYRXVDLGpMjGpQRQFpj'LHXHWV
LOIDXWTXHFRPPH/XFUqFHMHVLJQH

PRQDFFXVDWLRQGHPRQVDQJMHODVLJQHUDL
$KDKGLWPRQHQQHPLG
XQWRQUDLOOHXUDORUVF
HVWDXWUHFKRVH0D
IRLDXERXWGXFRPSWHYRXVrWHVELHQLFLULHQQHYRXVPDQTXHUDHWVLYRXV
YRXVODLVVH]PRXULUGHIDLPFHVHUDGHYRWUHIDXWH
$FHVPRWVLOVHUHWLUDM
HQWHQGLVV
RXYULUHWVHUHIHUPHUODSRUWHHWMH
UHVWDLDEvPpHPRLQVHQFRUHMHO
DYRXHGDQVPDGRXOHXUTXHGDQVODKRQWHGH
QHP
rWUHSDVYHQJpH
,OPHWLQWSDUROH7RXWHODMRXUQpHWRXWHODQXLWGXOHQGHPDLQV
pFRXOqUHQW
VDQVTXHMHOHUHYLVVH0DLVPRLDXVVLMHOXLWLQVSDUROHHWMHQHPDQJHDLQL
QHEXVM
pWDLVFRPPHMHOHOXLDYDLVGLWUpVROXHjPHODLVVHUPRXULUGH
IDLP
-HSDVVDLOHMRXUHWODQXLWHQSULqUHFDUM
HVSpUDLVTXH'LHXPH
SDUGRQQHUDLWPRQVXLFLGH
/DVHFRQGHQXLWODSRUWHV
RXYULWM
pWDLVFRXFKpHjWHUUHVXUOHSDUTXHW
OHVIRUFHVFRPPHQoDLHQWjP
DEDQGRQQHU
$XEUXLWMHPHUHOHYDLVXUXQHPDLQ
(KELHQPHGLWXQHYRL[TXLYLEUDLWG
XQHIDoRQWURSWHUULEOHjPRQRUHLOOH
SRXUTXHMHQHODUHFRQQXVVHSDVHKELHQVRPPHVQRXVXQSHXDGRXFLHHW
SDLHURQVQRXVQRWUHOLEHUWpG
XQHVHXOHSURPHVVHGHVLOHQFH"
7HQH]PRLMHVXLVERQSULQFHDMRXWDWLOHWTXRLTXHMHQ
DLPHSDVOHV
SXULWDLQVMHOHXUUHQGVMXVWLFHDLQVLTX
DX[SXULWDLQHVTXDQGHOOHVVRQW
MROLHV$OORQVIDLWHVPRLXQSHWLWVHUPHQWVXUODFURL[MHQHYRXVHQGHPDQGH
SDVGDYDQWDJH
6XUODFURL[P
pFULDLMHHQPHUHOHYDQWFDUjFHWWHYRL[DEKRUUpH
M
DYDLVUHWURXYpWRXWHVPHVIRUFHVVXUODFURL[MHMXUHTXHQXOOHSURPHVVH
QXOOHPHQDFHQXOOHWRUWXUHQHPHIHUPHUDODERXFKHVXUODFURL[MHMXUHGH
YRXVGpQRQFHUSDUWRXWFRPPHXQPHXUWULHUFRPPHXQODUURQG
KRQQHXUFRPPHXQ
OkFKHVXUODFURL[MHMXUHVLMDPDLVMHSDUYLHQVjVRUWLUG
LFLGH
GHPDQGHUYHQJHDQFHFRQWUHYRXVDXJHQUHKXPDLQHQWLHU
3UHQH]JDUGHGLWODYRL[DYHFXQDFFHQWGHPHQDFHTXHMHQ
DYDLVSDV
HQFRUHHQWHQGXM
DLXQPR\HQVXSUrPHTXHMHQ
HPSORLHUDLTX
jODGHUQLqUH
H[WUpPLWpGHYRXVIHUPHUODERXFKHRXGXPRLQVG
HPSrFKHUTX
RQQHFURLHjXQ
VHXOPRWGHFHTXHYRXVGLUH]
-HUDVVHPEODLWRXWHVPHVIRUFHVSRXUUpSRQGUHSDUXQpFODWGHULUH
,OYLWTXHF
pWDLWHQWUHQRXVGpVRUPDLVXQHJXHUUHpWHUQHOOHXQHJXHUUHj
PRUW
(FRXWH]GLWLOMHYRXVGRQQHHQFRUHOHUHVWHGHFHWWHQXLWHWODMRXUQpH
GHGHPDLQUpIOpFKLVVH]SURPHWWH]GHYRXVWDLUHODULFKHVVHOD
FRQVLGpUDWLRQOHVKRQQHXUVPrPHVYRXVHQWRXUHURQWPHQDFH]GHSDUOHUHWMH
YRXVFRQGDPQHjO
LQIDPLH

9RXVP
pFULDLMHYRXV
$O
LQIDPLHpWHUQHOOHLQHIIDoDEOH
9RXVUpSpWDLMH2KMHYRXVOHGLV)HOWRQMHOHFUR\DLVLQVHQVp
2XLPRLUHSULWLO
$KODLVVH]PRLOXLGLVMHVRUWH]VLYRXVQHYRXOH]SDVTX
jYRV\HX[
MHPHEULVHODWrWHFRQWUHODPXUDLOOH
&
HVWELHQUHSULWLOYRXVOHYRXOH]jGHPDLQVRLU$GHPDLQVRLU
UpSRQGLVMHHQPHODLVVDQWWRPEHUHWHQPRUGDQWOHWDSLVGHUDJH
)HOWRQV
DSSX\DLWVXUXQPHXEOHHW0LODG\YR\DLWDYHFXQHMRLHGHGpPRQTXHOD
IRUFHOXLPDQTXHUDLWSHXWrWUHDYDQWODILQGXUpFLW

&KDSLWUH/9,,
8102<(1'(75$*(',(&/$66,48(

$SUqVXQPRPHQWGHVLOHQFHHPSOR\pSDU0LODG\jREVHUYHUOHMHXQHKRPPHTXL
O
pFRXWDLWHOOHFRQWLQXDVRQUpFLW
,O\DYDLWSUqVGHWURLVMRXUVTXHMHQ
DYDLVQLEXQLPDQJpMHVRXIIUDLVGHV
WRUWXUHVDWURFHVSDUIRLVLOPHSDVVDLWFRPPHGHVQXDJHVTXLPHVHUUDLHQWOH
IURQWTXLPHYRLODLHQWOHV\HX[F
pWDLWOHGpOLUH
/HVRLUYLQWM
pWDLVVLIDLEOHTX
jFKDTXHLQVWDQWMHP
pYDQRXLVVDLVHWj
FKDTXHIRLVTXHMHP
pYDQRXLVVDLVMHUHPHUFLDLV'LHXFDUMHFUR\DLVTXH
M
DOODLVPRXULU
$XPLOLHXGHO
XQGHFHVpYDQRXLVVHPHQWVM
HQWHQGLVODSRUWHV
RXYULUOD
WHUUHXUPHUDSSHODjPRL
0RQSHUVpFXWHXUHQWUDVXLYLG
XQKRPPHPDVTXpLOpWDLWPDVTXpOXLPrPHPDLV
MHUHFRQQXVVRQSDVMHUHFRQQXVFHWDLULPSRVDQWTXHO
HQIHUDGRQQpjVD
SHUVRQQHSRXUOHPDOKHXUGHO
KXPDQLWp
(KELHQPHGLWLOrWHVYRXVGpFLGpHjPHIDLUHOHVHUPHQWTXHMHYRXVDL
GHPDQGp"
9RXVO
DYH]GLWOHVSXULWDLQVQ
RQWTX
XQHSDUROHODPLHQQHYRXVO
DYH]
HQWHQGXHF
HVWGHYRXVSRXUVXLYUHVXUODWHUUHDXWULEXQDOGHVKRPPHVGDQVOH
FLHODXWULEXQDOGH'LHX
$LQVLYRXVSHUVLVWH]"

-HOHMXUHGHYDQWFH'LHXTXLP
HQWHQGMHSUHQGUDLOHPRQGHHQWLHUj
WpPRLQGHYRWUHFULPHHWFHODMXVTX
jFHTXHM
DLHWURXYpXQYHQJHXU
9RXVrWHVXQHSURVWLWXpHGLWLOG
XQHYRL[WRQQDQWHHWYRXVVXELUH]OH
VXSSOLFHGHVSURVWLWXpHV)OpWULHDX[\HX[GXPRQGHTXHYRXVLQYRTXHUH]WkFKH]
GHSURXYHUjFHPRQGHTXHYRXVQ
rWHVQLFRXSDEOHQLIROOH
3XLVV
DGUHVVDQWjO
KRPPHTXLO
DFFRPSDJQDLW
%RXUUHDXGLWLOIDLVWRQGHYRLU
2KVRQQRPVRQQRPV
pFULD)HOWRQVRQQRPGLWHVOHPRL
$ORUVPDOJUpPHVFULVPDOJUpPDUpVLVWDQFHFDUMHFRPPHQoDLVjFRPSUHQGUH
TX
LOV
DJLVVDLWSRXUPRLGHTXHOTXHFKRVHGHSLUHTXHODPRUWOHERXUUHDXPH
VDLVLWPHUHQYHUVDVXUOHSDUTXHWPHPHXUWULWGHVHVpWUHLQWHVHWVXIIRTXpH
SDUOHVVDQJORWVSUHVTXHVDQVFRQQDLVVDQFHLQYRTXDQW'LHXTXLQHP
pFRXWDLW
SDVMHSRXVVDLWRXWjFRXSXQHIIUR\DEOHFULGHGRXOHXUHWGHKRQWHXQIHU
EUODQWXQIHUURXJHOHIHUGXERXUUHDXV
pWDLWLPSULPpVXUPRQpSDXOH
)HOWRQSRXVVDXQUXJLVVHPHQW
7HQH]GLW0LODG\HQVHOHYDQWDORUVDYHFXQHPDMHVWpGHUHLQHWHQH]
)HOWRQYR\H]FRPPHQWRQDLQYHQWpXQQRXYHDXPDUW\UHSRXUODMHXQHILOOHSXUH
HWFHSHQGDQWYLFWLPHGHODEUXWDOLWpG
XQVFpOpUDW$SSUHQH]jFRQQDvWUHOH
FRHXUGHVKRPPHVHWGpVRUPDLVIDLWHVYRXVPRLQVIDFLOHPHQWO
LQVWUXPHQWGH
OHXUVLQMXVWHVYHQJHDQFHV
0LODG\G
XQJHVWHUDSLGHRXYULWVDUREHGpFKLUDODEDWLVWHTXLFRXYUDLWVRQ
VHLQHWURXJHG
XQHIHLQWHFROqUHHWG
XQHKRQWHMRXpHPRQWUDDXMHXQHKRPPH
O
HPSUHLQWHLQHIIDoDEOHTXLGpVKRQRUDLWFHWWHpSDXOHVLEHOOH
0DLVV
pFULD)HOWRQF
HVWXQHIOHXUGHO\VTXHMHYRLVOj
(WYRLOjMXVWHPHQWRHVWO
LQIDPLHUpSRQGLW0LODG\/DIOpWULVVXUH
G
$QJOHWHUUHLOIDOODLWSURXYHUTXHOWULEXQDOPHO
DYDLWLPSRVpHHW
M
DXUDLVIDLWXQDSSHOSXEOLFjWRXVOHVWULEXQDX[GXUR\DXPHPDLVOD
IOpWULVVXUHGH)UDQFHRKSDUHOOHM
pWDLVELHQUpHOOHPHQWIOpWULH
&
HQpWDLWWURSSRXU)HOWRQ
3kOHLPPRELOHpFUDVpSDUFHWWHUpYpODWLRQHIIUR\DEOHpEORXLSDUODEHDXWp
VXUKXPDLQHGHFHWWHIHPPHTXLVHGpYRLODLWjOXLDYHFXQHLPSXGHXUTX
LOWURXYD
VXEOLPHLOILQLWSDUWRPEHUjJHQRX[GHYDQWHOOHFRPPHIDLVDLHQWOHVSUHPLHUV
FKUpWLHQVGHYDQWFHVSXUHVHWVDLQWHVPDUW\UHVTXHODSHUVpFXWLRQGHVHPSHUHXUV
OLYUDLWGDQVOHFLUTXHjODVDQJXLQDLUHOXEULFLWpGHVSRSXODFHV/DIOpWULVVXUH
GLVSDUXWODEHDXWpVHXOHUHVWD
3DUGRQSDUGRQV
pFULD)HOWRQRKSDUGRQ
0LODG\OXWGDQVVHV\HX[$PRXUDPRXU
3DUGRQGHTXRL"GHPDQGDWHOOH

3DUGRQGHP
rWUHMRLQWjYRVSHUVpFXWHXUV
0LODG\OXLWHQGLWODPDLQ
6LEHOOHVLMHXQHV
pFULD)HOWRQHQFRXYUDQWFHWWHPDLQGHEDLVHUV
0LODG\ODLVVDWRPEHUVXUOXLXQGHFHVUHJDUGVTXLG
XQHVFODYHIRQWXQURL
)HOWRQpWDLWSXULWDLQLOTXLWWDODPDLQGHFHWWHIHPPHSRXUEDLVHUVHVSLHGV
,OQHO
DLPDLWGpMjSOXVLOO
DGRUDLW
4XDQGFHWWHFULVHIXWSDVVpHTXDQG0LODG\SDUXWDYRLUUHFRXYUpVRQVDQJIURLG
TX
HOOHQ
DYDLWMDPDLVSHUGXORUVTXH)HOWRQHXWYXVHUHIHUPHUVRXVOHYRLOH
GHODFKDVWHWpFHVWUpVRUVG
DPRXUTX
RQQHOXLFDFKDLWVLELHQTXHSRXUOHVOXL
IDLUHGpVLUHUSOXVDUGHPPHQW
$KPDLQWHQDQWGLWLOMHQ
DLSOXVTX
XQHFKRVHjYRXVGHPDQGHUF
HVWOH
QRPGHYRWUHYpULWDEOHERXUUHDXFDUSRXUPRLLOQ
\HQDTX
XQO
DXWUHpWDLW
O
LQVWUXPHQWYRLOjWRXW
(KTXRLIUqUHV
pFULD0LODG\LOIDXWHQFRUHTXHMHWHOHQRPPHHWWXQH
O
DVSDVGHYLQp"
4XRLUHSULW)HOWRQOXLHQFRUHOXLWRXMRXUVOXL4XRLOH
YUDLFRXSDEOH
/HYUDLFRXSDEOHGLW0LODG\F
HVWOHUDYDJHXUGHO
$QJOHWHUUHOH
SHUVpFXWHXUGHVYUDLVFUR\DQWVOHOkFKHUDYLVVHXUGHO
KRQQHXUGHWDQWGH
IHPPHVFHOXLTXLSRXUXQFDSULFHGHVRQFRHXUFRUURPSXYDIDLUHYHUVHUWDQWGH
VDQJjGHX[UR\DXPHVTXLSURWqJHOHVSURWHVWDQWVDXMRXUG
KXLHWTXLOHVWUDKLUD
GHPDLQ
%XFNLQJKDPF
HVWGRQF%XFNLQJKDPV
pFULD)HOWRQH[DVSpUp
0LODG\FDFKDVRQYLVDJHGDQVVHVPDLQVFRPPHVLHOOHQ
HWSXVXSSRUWHUOD
KRQWHTXHOXLUDSSHODLWFHQRP
%XFNLQJKDPOHERXUUHDXGHFHWWHDQJpOLTXHFUpDWXUHV
pFULD)HOWRQ(WWXQH
O
DVSDVIRXGUR\pPRQ'LHXHWWXO
DVODLVVpQREOHKRQRUpSXLVVDQWSRXU
QRWUHSHUWHjWRXV
'LHXDEDQGRQQHTXLV
DEDQGRQQHOXLPrPHGLW0LODG\
0DLVLOYHXWGRQFDWWLUHUVXUVDWrWHOHFKkWLPHQWUpVHUYpDX[PDXGLWV
FRQWLQXD)HOWRQDYHFXQHH[DOWDWLRQFURLVVDQWHLOYHXWGRQFTXHODYHQJHDQFH
KXPDLQHSUpYLHQQHODMXVWLFHFpOHVWH
/HVKRPPHVOHFUDLJQHQWHWO
pSDUJQHQW
2KPRLGLW)HOWRQMHQHOHFUDLQVSDVHWMHQHO
pSDUJQHUDLSDV

0LODG\VHQWLWVRQkPHEDLJQpHG
XQHMRLHLQIHUQDOH
0DLVFRPPHQW/RUGGH:LQWHUPRQSURWHFWHXUPRQSqUHGHPDQGD)HOWRQVH
WURXYHWLOPrOpjWRXWFHOD"
(FRXWH])HOWRQUHSULW0LODG\FDUjF{WpGHVKRPPHVOkFKHVHWPpSULVDEOHV
LOHVWHQFRUHGHVQDWXUHVJUDQGHVHWJpQpUHXVHV-
DYDLVXQILDQFpXQKRPPHTXH
M
DLPDLVHWTXLP
DLPDLWXQFRHXUFRPPHOHY{WUH)HOWRQXQKRPPHFRPPHYRXV
-HYLQVjOXLHWMHOXLUDFRQWDLWRXWLOPHFRQQDLVVDLWFHOXLOjHWQH
GRXWDSRLQWXQLQVWDQW&
pWDLWXQJUDQGVHLJQHXUF
pWDLWXQKRPPHHQWRXW
SRLQWO
pJDOGH%XFNLQJKDP,OQHGLWULHQLOFHLJQLWVHXOHPHQWVRQpSpH
V
HQYHORSSDGHVRQPDQWHDXHWVHUHQGLWj%XFNLQJKDP3DODFH
2XLRXLGLW)HOWRQMHFRPSUHQGVTXRLTXHDYHFGHSDUHLOVKRPPHVFHQH
VRLWSDVO
pSpHTX
LOIDLOOHHPSOR\HUPDLVOHSRLJQDUG
%XFNLQJKDPpWDLWSDUWLGHSXLVODYHLOOHHQYR\pFRPPHDPEDVVDGHXUHQ(VSDJQH
RLODOODLWGHPDQGHUODPDLQGHO
LQIDQWHSRXUOHURL&KDUOHV,HUTXLQ
pWDLW
DORUVTXHSULQFHGH*DOOHV0RQILDQFpUHYLQW
(FRXWH]PHGLWLOFHWKRPPHHVWSDUWLHWSRXUOHPRPHQWSDUFRQVpTXHQW
LOpFKDSSHjPDYHQJHDQFHPDLVHQDWWHQGDQWVR\RQVXQLVFRPPHQRXVGHYLRQV
O
rWUHSXLVUDSSRUWH]YRXVHQj/RUGGH:LQWHUSRXUVRXWHQLUVRQKRQQHXUHW
FHOXLGHVDIHPPH
/RUGGH:LQWHUV
pFULD)HOWRQ
2XLGLW0LODG\/RUGGH:LQWHUHWPDLQWHQDQWYRXVGHYH]WRXWFRPSUHQGUH
Q
HVWFHSDV"%XFNLQJKDPUHVWDSOXVG
XQDQDEVHQW+XLWMRXUVDYDQWVRQ
DUULYpH/RUGGH:LQWHUPRXUXWVXELWHPHQWPHODLVVDQWVDVHXOHKpULWLqUH'
R
YHQDLWOHFRXS"'LHXTXLVDLWWRXWOHVDLWVDQVGRXWHPRLMHQ
DFFXVH
SHUVRQQH
2KTXHODEvPHTXHODEvPHV
pFULD)HOWRQ
/RUGGH:LQWHUpWDLWPRUWVDQVULHQGLUHjVRQIUqUH/HVHFUHWWHUULEOH
GHYDLWrWUHFDFKpjWRXVMXVTX
jFHTX
LOpFODWkWFRPPHODIRXGUHVXUODWrWH
GXFRXSDEOH9RWUHSURWHFWHXUDYDLWYXDYHFSHLQHFHPDULDJHGHVRQIUqUHDvQp
DYHFXQHMHXQHILOOHVDQVIRUWXQH-HVHQWLVTXHMHQHSRXYDLVDWWHQGUHG
XQ
KRPPHWURPSpGDQVVHVHVSpUDQFHVG
KpULWDJHDXFXQDSSXL-HSDVVDLHQ)UDQFH
UpVROXHj\GHPHXUHUSHQGDQWWRXWOHUHVWHGHPDYLH0DLVWRXWHPDIRUWXQHHVW
HQ$QJOHWHUUHOHVFRPPXQLFDWLRQVIHUPpHVSDUODJXHUUHWRXWPHPDQTXDIRUFH
IXWDORUVG
\UHYHQLULO\DVL[MRXUVM
DERUGDLVj3RUWVPRXWK
(KELHQ"GLW)HOWRQ
(KELHQ%XFNLQJKDPDSSULWVDQVGRXWHPRQUHWRXULOHQSDUODj/RUGGH
:LQWHUGpMjSUpYHQXFRQWUHPRLHWOXLGLWTXHVDEHOOHVRHXUpWDLWXQH
SURVWLWXpHXQHIHPPHIOpWULH/DYRL[SXUHHWQREOHGHPRQPDULQ
pWDLWSOXVOj
SRXUPHGpIHQGUH/RUGGH:LQWHUFUXWWRXWFHTX
RQOXLGLWDYHFG
DXWDQWSOXV
GHIDFLOLWpTX
LODYDLWLQWpUrWjOHFURLUH,OPHILWDUUrWHUPHFRQGXLVLW
LFLPHUHPLWVRXVYRWUHJDUGH9RXVVDYH]OHUHVWHDSUqVGHPDLQLOPHEDQQLW
LOPHGpSRUWHDSUqVGHPDLQLOPHUHOqJXHSDUPLOHVLQIkPHV2KODWUDPHHVW

ELHQRXUGLHDOOH]OHFRPSORWHVWKDELOHHWPRQKRQQHXUQ
\VXUYLYUDSDV9RXV
YR\H]ELHQTX
LOIDXWTXHMHPHXUH)HOWRQ)HOWRQGRQQH]PRLFHFRXWHDX
(WjFHVPRWVFRPPHVLWRXWHVVHVIRUFHVpWDLHQWpSXLVpHV0LODG\VHODLVVD
DOOHUGpELOHHWODQJXLVVDQWHHQWUHOHVEUDVGXMHXQHRIILFLHUTXLLYUH
G
DPRXUGHFROqUHHWGHYROXSWpVLQFRQQXHVODUHoXWDYHFWUDQVSRUWODVHUUD
FRQWUHVRQFRHXUWRXWIULVVRQQDQWjO
KDOHLQHGHFHWWHERXFKHVLEHOOHWRXW
pSHUGXDXFRQWDFWGHFHVHLQVLSDOSLWDQW
1RQQRQGLWLOQRQWXYLYUDVKRQRUpHHWSXUHWXYLYUDVSRXUWULRPSKHUGH
WHVHQQHPLV
0LODG\OHUHSRXVVDOHQWHPHQWGHODPDLQHQO
DWWLUDQWGXUHJDUGPDLV)HOWRQj
VRQWRXUV
HPSDUDG
HOOHO
LPSORUDQWFRPPHXQHGLYLQLWp
2KODPRUWODPRUWGLWHOOHHQYRLODQWVDYRL[HWVHVSDXSLqUHVRKOD
PRUWSOXW{WTXHODKRQWH)HOWRQPRQIUqUHPRQDPLMHW
HQFRQMXUH
1RQV
pFULD)HOWRQQRQWXYLYUDVHWWXVHUDVYHQJpH
)HOWRQMHSRUWHPDOKHXUjWRXWFHTXLP
HQWRXUH)HOWRQDEDQGRQQHPRL
)HOWRQODLVVHPRLPRXULU
(KELHQQRXVPRXUURQVGRQFHQVHPEOHV
pFULDWLOHQDSSX\DQWVHVOqYUHV
VXUFHOOHVGHODSULVRQQLqUH
3OXVLHXUVFRXSVUHWHQWLUHQWjODSRUWHFHWWHIRLV0LODG\OHUHSRXVVD
UpHOOHPHQW
(FRXWHGLWHOOHRQQRXVDHQWHQGXVRQYLHQWF
HQHVWIDLWQRXVVRPPHV
SHUGXV
1RQGLW)HOWRQF
HVWODVHQWLQHOOHTXLPHSUpYLHQWVHXOHPHQWTX
XQHURQGH
DUULYH
$ORUVFRXUH]jODSRUWHHWRXYUH]YRXVPrPH
)HOWRQREpLWFHWWHIHPPHpWDLWGpMjWRXWHVDSHQVpHWRXWHVRQkPH
,OVHWURXYDHQIDFHG
XQVHUJHQWFRPPDQGDQWXQHSDWURXLOOHGHVXUYHLOODQFH
(KELHQTX
\DWLO"GHPDQGDOHMHXQHOLHXWHQDQW
9RXVP
DYLH]GLWG
RXYULUODSRUWHVLM
HQWHQGDLVFULHUDXVHFRXUVGLWOH
VROGDWPDLVYRXVDYLH]RXEOLpGHPHODLVVHUODFOHIMHYRXVDLHQWHQGXFULHU
VDQVFRPSUHQGUHFHTXHYRXVGLVLH]M
DLYRXOXRXYULUODSRUWHHOOHpWDLW
IHUPpHHQGHGDQVDORUVM
DLDSSHOpOHVHUJHQW
(WPHYRLOjGLWOHVHUJHQW
)HOWRQpJDUpSUHVTXHIRXGHPHXUDLWVDQVYRL[
0LODG\FRPSULWTXHF
pWDLWjHOOHGHV
HPSDUHUGHODVLWXDWLRQHOOHFRXUXWjOD

WDEOHHWSULWOHFRXWHDXTX
\DYDLWGpSRVp)HOWRQ
(WGHTXHOGURLWYRXOH]YRXVP
HPSrFKHUGHPRXULU"GLWHOOH
*UDQG'LHXV
pFULD)HOWRQHQYR\DQWOHFRXWHDXOXLUHjVDPDLQ
(QFHPRPHQWXQpFODWGHULUHLURQLTXHUHWHQWLWGDQVOHFRUULGRU
/HEDURQDWWLUpSDUOHEUXLWHQUREHGHFKDPEUHVRQpSpHVRXVOHEUDVVH
WHQDLWGHERXWVXUOHVHXLOGHODSRUWH
$KDKGLWLOQRXVYRLFLDXGHUQLHUDFWHGHODWUDJpGLHYRXVOHYR\H]
)HOWRQOHGUDPHDVXLYLWRXWHVOHVSKDVHVTXHM
DYDLVLQGLTXpHVPDLVVR\H]
WUDQTXLOOHOHVDQJQHFRXOHUDSDV
0LODG\FRPSULWTX
HOOHpWDLWSHUGXHVLHOOHQHGRQQDLWSDVj)HOWRQXQHSUHXYH
LPPpGLDWHHWWHUULEOHGHVRQFRXUDJH
9RXVYRXVWURPSH]0LORUGOHVDQJFRXOHUDHWSXLVVHFHVDQJUHWRPEHUVXU
FHX[TXLOHIRQWFRXOHU
)HOWRQMHWDXQFULHWVHSUpFLSLWDYHUVHOOHLOpWDLWWURSWDUG0LODG\
V
pWDLWIUDSSpH0DLVOHFRXWHDXDYDLWUHQFRQWUpKHXUHXVHPHQWQRXVGHYULRQV
GLUHDGURLWHPHQWOHEXVFGHIHUTXLjFHWWHpSRTXHGpIHQGDLWFRPPHXQH
FXLUDVVHODSRLWULQHGHVIHPPHVLODYDLWJOLVVpHQGpFKLUDQWODUREHHWDYDLW
SpQpWUpGHELDLVHQWUHODFKDLUHWOHVF{WHV
/DUREHGH0LODG\Q
HQIXWSDVPRLQVWDFKpHGHVDQJHQXQHVHFRQGH
0LODG\pWDLWWRPEpHjODUHQYHUVHHWVHPEODLWpYDQRXLH
)HOWRQDUUDFKDOHFRXWHDX
9R\H]0LORUGGLWLOG
XQDLUVRPEUHYRLFLXQHIHPPHTXLpWDLWVRXVPDJDUGH
HWTXLV
HVWWXpH
6R\H]WUDQTXLOOH)HOWRQGLW/RUGGH:LQWHUHOOHQ
HVWSDVPRUWHOHV
GpPRQVQHPHXUHQWSDVVLIDFLOHPHQWVR\H]WUDQTXLOOHHWDOOH]P
DWWHQGUHFKH]
PRL
0DLV0LORUG
$OOH]MHYRXVO
RUGRQQH
$FHWWHLQMRQFWLRQGHVRQVXSpULHXU)HOWRQREpLWPDLVHQVRUWDQWLOPLWOH
FRXWHDXGDQVVDSRLWULQH
4XDQWj/RUGGH:LQWHULOVHFRQWHQWDG
DSSHOHUODIHPPHTXLVHUYDLW0LODG\HW
ORUVTX
HOOHIXWYHQXHOXLUHFRPPDQGDQWODSULVRQQLqUHWRXMRXUVpYDQRXLHLOOD
ODLVVDVHXOHDYHFHOOH
&HSHQGDQWFRPPHjWRXWSUHQGUHPDOJUpVHVVRXSoRQVODEOHVVXUHSRXYDLWrWUH
JUDYHLOHQYR\DjO
LQVWDQWPrPHXQKRPPHjFKHYDOFKHUFKHUXQPpGHFLQ


&KDSLWUH/9,,,
(9$6,21

&RPPHO
DYDLWSHQVp/RUGGH:LQWHUODEOHVVXUHGH0LODG\Q
pWDLWSDVGDQJHUHXVH
DXVVLGqVTX
HOOHVHWURXYDVHXOHDYHFODIHPPHTXHOHEDURQDYDLWIDLW
DSSHOHUHWTXLVHKkWDLWGHODGpVKDELOOHUURXYULWHOOHOHV\HX[
&HSHQGDQWLOIDOODLWMRXHUODIDLEOHVVHHWODGRXOHXUFHQ
pWDLHQWSDVFKRVHV
GLIILFLOHVSRXUXQHFRPpGLHQQHFRPPH0LODG\DXVVLODSDXYUHIHPPHIXWHOOHVL
FRPSOqWHPHQWGXSHGHVDSULVRQQLqUHTXHPDOJUpVHVLQVWDQFHVHOOHV
REVWLQDj
ODYHLOOHUWRXWHODQXLW
0DLVODSUpVHQFHGHFHWWHIHPPHQ
HPSrFKDLWSDV0LODG\GHVRQJHU
,OQ
\DYDLWSOXVGHGRXWH)HOWRQpWDLWFRQYDLQFX)HOWRQpWDLWjHOOHXQ
DQJHDSSDUWLODXMHXQHKRPPHSRXUDFFXVHU0LODG\LOOHSUHQGUDLW
FHUWDLQHPHQWGDQVODGLVSRVLWLRQG
HVSULWRLOVHWURXYDLWSRXUXQHQYR\pGX
GpPRQ
0LODG\VRXULDLWjFHWWHSHQVpHFDU)HOWRQF
pWDLWGpVRUPDLVVDVHXOH
HVSpUDQFHVRQVHXOPR\HQGHVDOXW
0DLV/RUGGH:LQWHUSRXYDLWO
DYRLUVRXSoRQQpPDLV)HOWRQPDLQWHQDQWSRXYDLW
rWUHVXUYHLOOpOXLPrPH
9HUVOHVTXDWUHKHXUHVGXPDWLQOHPpGHFLQDUULYDPDLVGHSXLVOHWHPSVR
0LODG\V
pWDLWIUDSSpHODEOHVVXUHV
pWDLWGpMjUHIHUPpHOHPpGHFLQQHSXW
GRQFHQPHVXUHUQLODGLUHFWLRQQLODSURIRQGHXULOUHFRQQXWVHXOHPHQWDX
SRXOVGHODPDODGHTXHOHFDVQ
pWDLWSRLQWJUDYH
/HPDWLQ0LODG\VRXVSUpWH[WHTX
HOOHQ
DYDLWSDVGRUPLGHODQXLWHWTX
HOOH
DYDLWEHVRLQGHUHSRVUHQYR\DODIHPPHTXLYHLOODLWSUqVG
HOOH
(OOHDYDLWXQHHVSpUDQFHF
HVWTXH)HOWRQDUULYHUDLWjO
KHXUHGXGpMHXQHU
PDLV)HOWRQQHYLQWSDV
6HVFUDLQWHVV
pWDLHQWHOOHVUpDOLVpHV")HOWRQVRXSoRQQpSDUOHEDURQ
DOODLWLOOXLPDQTXHUDXPRPHQWGpFLVLI"(OOHQ
DYDLWSOXVTX
XQMRXU/RUGGH
:LQWHUOXLDYDLWDQQRQFpVRQHPEDUTXHPHQWSRXUOHHWO
RQpWDLWDUULYpDX
PDWLQGX
1pDQPRLQVHOOHDWWHQGLWHQFRUHDVVH]SDWLHPPHQWMXVTX
jO
KHXUHGXGvQHU
4XRLTX
HOOHQ
HWSDVPDQJpOHPDWLQOHGvQHUIXWDSSRUWpjO
KHXUHKDELWXHOOH
0LODG\V
DSHUoXWDORUVDYHFHIIURLTXHO
XQLIRUPHGHVVROGDWVTXLODJDUGDLHQW
pWDLWFKDQJp

$ORUVHOOHVHKDVDUGDjGHPDQGHUFHTX
pWDLWGHYHQX)HOWRQ2QOXLUpSRQGLWTXH
)HOWRQpWDLWPRQWpjFKHYDOLO\DYDLWXQHKHXUHHWpWDLWSDUWL
(OOHV
LQIRUPDVLOHEDURQpWDLWWRXMRXUVDXFKkWHDXOHVROGDWUpSRQGLWTXH
RXLHWTX
LODYDLWRUGUHGHOHSUpYHQLUVLODSULVRQQLqUHGpVLUDLWOXLSDUOHU
0LODG\UpSRQGLWTX
HOOHpWDLWWURSIDLEOHSRXUOHPRPHQWHWTXHVRQVHXOGpVLU
pWDLWGHGHPHXUHUVHXOH
/HVROGDWVRUWLWODLVVDQWOHGvQHUVHUYL
)HOWRQpWDLWpFDUWpOHVVROGDWVGHPDULQHpWDLHQWFKDQJpVRQVHGpILDLWGRQF
GH)HOWRQ
&
pWDLWOHGHUQLHUFRXSSRUWpjODSULVRQQLqUH
5HVWpHVHXOHHOOHVHOHYDFHOLWRHOOHVHWHQDLWSDUSUXGHQFHHWSRXUTX
RQ
ODFUWJUDYHPHQWEOHVVpHODEUODLWFRPPHXQEUDVLHUDUGHQW(OOHMHWDXQFRXS
G
RHLOVXUODSRUWHOHEDURQDYDLWIDLWFORXHUXQHSODQFKHVXUOHJXLFKHWLO
FUDLJQDLWVDQVGRXWHTXHSDUFHWWHRXYHUWXUHHOOHQHSDUYvQWHQFRUHSDU
TXHOTXHPR\HQGLDEROLTXHjVpGXLUHOHVJDUGHV
0LODG\VRXULWGHMRLHHOOHSRXYDLWGRQFVHOLYUHUjVHVWUDQVSRUWVVDQVrWUH
REVHUYpHHOOHSDUFRXUDLWODFKDPEUHDYHFO
H[DOWDWLRQG
XQHIROOHIXULHXVHRX
G
XQHWLJUHVVHHQIHUPpHGDQVXQHFDJHGHIHU&HUWHVVLOHFRXWHDXOXLIW
UHVWpHOOHHWVRQJpQRQSOXVjVHWXHUHOOHPrPHPDLVFHWWHIRLVjWXHUOH
EDURQ
$VL[KHXUHV/RUGGH:LQWHUHQWUDLOpWDLWDUPpMXVTX
DX[GHQWV&HWKRPPH
GDQVOHTXHOMXVTXHOj0LODG\Q
DYDLWYXTX
XQJHQWOHPDQDVVH]QLDLVpWDLW
GHYHQXXQDGPLUDEOHJH{OLHULOVHPEODLWWRXWSUpYRLUWRXWGHYLQHUWRXW
SUpYHQLU
8QVHXOUHJDUGMHWpVXU0LODG\OXLDSSULWFHTXLVHSDVVDLWGDQVVRQkPH
6RLWGLWLOPDLVYRXVQHPHWXHUH]SRLQWHQFRUHDXMRXUG
KXLYRXVQ
DYH]
SOXVG
DUPHVHWG
DLOOHXUVMHVXLVVXUPHVJDUGHV9RXVDYLH]FRPPHQFpj
SHUYHUWLUPRQSDXYUH)HOWRQLOVXELVVDLWGpMjYRWUHLQIHUQDOHLQIOXHQFHPDLV
MHYHX[OHVDXYHULOQHYRXVYHUUDSOXVWRXWHVWILQL5DVVHPEOH]YRVKDUGHV
GHPDLQYRXVSDUWLUH]-
DYDLVIL[pO
HPEDUTXHPHQWDXPDLVM
DLSHQVpTXH
SOXVODFKRVHVHUDLWUDSSURFKpHSOXVHOOHVHUDLWVUH'HPDLQjPLGLM
DXUDL
O
RUGUHGHYRWUHH[LOVLJQp%XFNLQJKDP6LYRXVGLWHVXQVHXOPRWjTXLTXHFH
VRLWDYDQWG
rWUHVXUOHQDYLUHPRQVHUJHQWYRXVIHUDVDXWHUODFHUYHOOHHWLO
HQDO
RUGUHVLVXUOHQDYLUHYRXVGLWHVXQPRWjTXLTXHFHVRLWDYDQWTXH
OHFDSLWDLQHYRXVOHSHUPHWWHOHFDSLWDLQHYRXVIDLWMHWHUjODPHUF
HVW
FRQYHQX$XUHYRLUYRLOjFHTXHSRXUDXMRXUG
KXLM
DYDLVjYRXVGLUH'HPDLQMH
YRXVUHYHUUDLSRXUYRXVIDLUHPHVDGLHX[
(WVXUFHVSDUROHVOHEDURQVRUWLW
0LODG\DYDLWpFRXWpWRXWHFHWWHPHQDoDQWHWLUDGHOHVRXULUHGXGpGDLQVXUOHV
OqYUHVPDLVODUDJHGDQVOHFRHXU

2QVHUYLWOHVRXSHU0LODG\VHQWLWTX
HOOHDYDLWEHVRLQGHIRUFHVHOOHQH
VDYDLWSDVFHTXLSRXYDLWVHSDVVHUSHQGDQWFHWWHQXLWTXLV
DSSURFKDLW
PHQDoDQWHFDUGHJURVQXDJHVURXODLHQWDXFLHOHWGHVpFODLUVORLQWDLQV
DQQRQoDLHQWXQRUDJH
/
RUDJHpFODWDYHUVOHVGL[KHXUHVGXVRLU0LODG\VHQWDLWXQHFRQVRODWLRQj
YRLUODQDWXUHSDUWDJHUOHGpVRUGUHGHVRQFRHXUODIRXGUHJURQGDLWGDQVO
DLU
FRPPHODFROqUHGDQVVDSHQVpHLOOXLVHPEODLWTXHODUDIDOHHQSDVVDQW
pFKHYHODLWVRQIURQWFRPPHOHVDUEUHVGRQWHOOHFRXUEDLWOHVEUDQFKHVHW
HQOHYDLWOHVIHXLOOHVHOOHKXUODLWFRPPHO
RXUDJDQHWVDYRL[VHSHUGDLWGDQV
ODJUDQGHYRL[GHODQDWXUHTXLHOOHDXVVLVHPEODLWJpPLUHWVHGpVHVSpUHU
7RXWjFRXSHOOHHQWHQGLWIUDSSHUjXQHYLWUHHWjODOXHXUG
XQpFODLUHOOH
YLWOHYLVDJHG
XQKRPPHDSSDUDvWUHGHUULqUHOHVEDUUHDX[
(OOHFRXUXWjODIHQrWUHHWO
RXYULW
)HOWRQV
pFULDWHOOHMHVXLVVDXYpH
2XLGLW)HOWRQPDLVVLOHQFHVLOHQFHLOPHIDXWOHWHPSVGHVFLHUYRV
EDUUHDX[3UHQH]JDUGHVHXOHPHQWTX
LOVQHYRXVYRLHQWSDUOHJXLFKHW
2KF
HVWXQHSUHXYHTXHOH6HLJQHXUHVWSRXUQRXV)HOWRQUHSULW0LODG\
LOVRQWIHUPpOHJXLFKHWDYHFXQHSODQFKH
&
HVWELHQ'LHXOHVDUHQGXVLQVHQVpVGLW)HOWRQ
0DLVTXHIDXWLOTXHMHIDVVH"GHPDQGD0LODG\
5LHQULHQUHIHUPH]ODIHQrWUHVHXOHPHQW&RXFKH]YRXVRXGXPRLQV
PHWWH]YRXVGDQVYRWUHOLWWRXWKDELOOpHTXDQGM
DXUDLILQLMHIUDSSHUDLDX[
FDUUHDX[0DLVSRXUUH]YRXVPHVXLYUH"
2KRXL
9RWUHEOHVVXUH"
0HIDLWVRXIIULUPDLVQHP
HPSrFKHSDVGHPDUFKHU
7HQH]YRXVGRQFSUrWHDXSUHPLHUVLJQDO
0LODG\UHIHUPDODIHQrWUHpWHLJQLWODODPSHHWDOODFRPPHOHOXLDYDLW
UHFRPPDQGp)HOWRQVHEORWWLUGDQVVRQOLW$XPLOLHXGHVSODLQWHVGHO
RUDJH
HOOHHQWHQGDLWOHJULQFHPHQWGHODOLPHFRQWUHOHVEDUUHDX[HWjODOXHXUGH
FKDTXHpFODLUHOOHDSHUFHYDLWO
RPEUHGH)HOWRQGHUULqUHOHVYLWUHV
(OOHSDVVDXQHKHXUHVDQVUHVSLUHUKDOHWDQWHODVXHXUVXUOHIURQWHWOH
FRHXUVHUUpSDUXQHpSRXYDQWDEOHDQJRLVVHjFKDTXHPRXYHPHQWTX
HOOHHQWHQGDLW
GDQVOHFRUULGRU
,O\DGHVKHXUHVTXLGXUHQWXQHDQQpH
$XERXWG
XQHKHXUH)HOWRQIUDSSDGHQRXYHDX

0LODG\ERQGLWKRUVGHVRQOLWHWDOODRXYULU'HX[EDUUHDX[GHPRLQVIRUPDLHQW
XQHRXYHUWXUHjSDVVHUXQKRPPH
(WHVYRXVSUrWH"GHPDQGD)HOWRQ
2XL)DXWLOTXHM
HPSRUWHTXHOTXHFKRVH"
'HO
RUVLYRXVHQDYH]
2XLKHXUHXVHPHQWRQP
DODLVVpFHTXHM
HQDYDLV
7DQWPLHX[FDUM
DLXVpWRXWOHPLHQSRXUIUpWHUXQHEDUTXH
3UHQH]GLW0LODG\HQPHWWDQWDX[PDLQVGH)HOWRQXQVDFSOHLQG
RU
)HOWRQSULWOHVDFHWOHMHWDDXSLHGGXPXU
0DLQWHQDQWGLWLOYRXOH]YRXVYHQLU"
0HYRLFL
0LODG\PRQWDVXUXQIDXWHXLOHWSDVVDWRXWOHKDXWGHVRQFRUSVSDUODIHQrWUH
HOOHYLWOHMHXQHRIILFLHUVXVSHQGXDXGHVVXVGHO
DEvPHSDUXQHpFKHOOHGH
FRUGH
3RXUODSUHPLqUHIRLVXQPRXYHPHQWGHWHUUHXUOXLUDSSHODTX
HOOHpWDLWIHPPH
/HYLGHO
pSRXYDQWDLW
-HP
HQpWDLVGRXWpGLW)HOWRQ
&HQ
HVWULHQFHQ
HVWULHQGLW0LODG\MHGHVFHQGUDLOHV\HX[IHUPpV
$YH]YRXVFRQILDQFHHQPRL"GLW)HOWRQ
9RXVOHGHPDQGH]"
5DSSURFKH]YRVGHX[PDLQVFURLVH]OHVF
HVWELHQ
)HOWRQOXLOLDOHVGHX[SRLJQHWVDYHFVRQPRXFKRLUSXLVSDUGHVVXVOHPRXFKRLU
DYHFXQHFRUGH
4XHIDLWHVYRXV"GHPDQGD0LODG\DYHFVXUSULVH
3DVVH]YRVEUDVDXWRXUGHPRQFRXHWQHFUDLJQH]ULHQ
0DLVMHYRXVIHUDLSHUGUHO
pTXLOLEUHHWQRXVQRXVEULVHURQVWRXVOHVGHX[
6R\H]WUDQTXLOOHMHVXLVPDULQ
,OQ
\DYDLWSDVXQHVHFRQGHjSHUGUH0LODG\SDVVDVHVGHX[EUDVDXWRXUGXFRX
GH)HOWRQHWVHODLVVDJOLVVHUKRUVGHODIHQrWUH

)HOWRQVHPLWjGHVFHQGUHOHVpFKHORQVOHQWHPHQWHWXQjXQ0DOJUpODSHVDQWHXU
GHVGHX[FRUSVOHVRXIIOHGHO
RXUDJDQOHVEDODQoDLWGDQVO
DLU
7RXWjFRXS)HOWRQV
DUUrWD
4X
\DWLO"GHPDQGD0LODG\
6LOHQFHGLW)HOWRQM
HQWHQGVGHVSDV
1RXVVRPPHVGpFRXYHUWV
,OVHILWXQVLOHQFHGHTXHOTXHVLQVWDQWV
1RQGLW)HOWRQFHQ
HVWULHQ
0DLVHQILQTXHOHVWFHEUXLW"
&HOXLGHODSDWURXLOOHTXLYDSDVVHUVXUOHFKHPLQGHURQGH
2HVWOHFKHPLQGHURQGH"
-XVWHDXGHVVRXVGHQRXV
(OOHYDQRXVGpFRXYULU
1RQV
LOQHIDLWSDVG
pFODLUV
(OOHKHXUWHUDOHEDVGHO
pFKHOOH
+HXUHXVHPHQWHOOHHVWWURSFRXUWHGHVL[SLHGV
/HVYRLOjPRQ'LHX
6LOHQFH
7RXVGHX[UHVWqUHQWVXVSHQGXVLPPRELOHVHWVDQVVRXIIOHjYLQJWSLHGVGXVRO
SHQGDQWFHWHPSVOHVVROGDWVSDVVDLHQWDXGHVVRXVULDQWHWFDXVDQW
,O\HXWSRXUOHVIXJLWLIVXQPRPHQWWHUULEOH
/DSDWURXLOOHSDVVDRQHQWHQGLWOHEUXLWGHVSDVTXLV
pORLJQDLWHWOH
PXUPXUHGHVYRL[TXLDOODLWV
DIIDLEOLVVDQW
0DLQWHQDQWGLW)HOWRQQRXVVRPPHVVDXYpV
0LODG\SRXVVDXQVRXSLUHWV
pYDQRXLW
)HOWRQFRQWLQXDGHGHVFHQGUH3DUYHQXDXEDVGHO
pFKHOOHHWORUVTX
LOQH
VHQWLWSOXVG
DSSXLSRXUVHVSLHGVLOVHFUDPSRQQDDYHFVHVPDLQVHQILQ
DUULYpDXGHUQLHUpFKHORQLOVHODLVVDSHQGUHjODIRUFHGHVSRLJQHWVHWWRXFKD
ODWHUUH,OVHEDLVVDUDPDVVDOHVDFG
RUHWOHSULWHQWUHVHVGHQWV

3XLVLOVRXOHYD0LODG\GDQVVHVEUDVHWV
pORLJQDYLYHPHQWGXF{WpRSSRVpj
FHOXLTX
DYDLWSULVODSDWURXLOOH%LHQW{WLOTXLWWDOHFKHPLQGHURQGH
GHVFHQGLWjWUDYHUVOHVURFKHUVHWDUULYpDXERUGGHODPHUILWHQWHQGUHXQ
FRXSGHVLIIOHW
8QVLJQDOSDUHLOOXLUpSRQGLWHWFLQTPLQXWHVDSUqVLOYLWDSSDUDvWUHXQH
EDUTXHPRQWpHSDUTXDWUHKRPPHV
/DEDUTXHV
DSSURFKDDXVVLSUqVTX
HOOHSXWGXULYDJHPDLVLOQ
\DYDLWSDV
DVVH]GHIRQGSRXUTX
HOOHSWWRXFKHUOHERUG)HOWRQVHPLWjO
HDXMXVTX
j
ODFHLQWXUHQHYRXODQWFRQILHUjSHUVRQQHVRQSUpFLHX[IDUGHDX
+HXUHXVHPHQWODWHPSrWHFRPPHQoDLWjVHFDOPHUHWFHSHQGDQWODPHUpWDLWHQFRUH
YLROHQWHODSHWLWHEDUTXHERQGLVVDLWVXUOHVYDJXHVFRPPHXQHFRTXLOOHGH
QRL[
$XVORRSGLW)HOWRQHWQDJH]YLYHPHQW
/HVTXDWUHKRPPHVVHPLUHQWjODUDPHPDLVODPHUpWDLWWURSJURVVHSRXUTXH
OHVDYLURQVHXVVHQWJUDQGHSULVHGHVVXV
7RXWHIRLVRQV
pORLJQDLWGXFKkWHDXF
pWDLWOHSULQFLSDO/DQXLWpWDLW
SURIRQGpPHQWWpQpEUHXVHHWLOpWDLWGpMjSUHVTXHLPSRVVLEOHGHGLVWLQJXHUOH
ULYDJHGHODEDUTXHjSOXVIRUWHUDLVRQQ
HWRQSDVSXGLVWLQJXHUODEDUTXHGX
ULYDJH
8QSRLQWQRLUVHEDODQoDLWVXUODPHU
&
pWDLWOHVORRS
3HQGDQWTXHODEDUTXHV
DYDQoDLWGHVRQF{WpGHWRXWHODIRUFHGHVHVTXDWUH
UDPHXUV)HOWRQGpOLDLWODFRUGHSXLVOHPRXFKRLUTXLOLDLWOHVPDLQVGH
0LODG\
3XLVORUVTXHVHVPDLQVIXUHQWGpOLpHVLOSULWGHO
HDXGHODPHUHWODOXL
MHWDDXYLVDJH
0LODG\SRXVVDXQVRXSLUHWRXYULWOHV\HX[
2VXLVMH"GLWHOOH
6DXYpHUpSRQGLWOHMHXQHRIILFLHU
2KVDXYpHVDXYpHV
pFULDWHOOH2XLYRLFLOHFLHOYRLFLODPHU&HW
DLUTXHMHUHVSLUHF
HVWFHOXLGHODOLEHUWp$KPHUFL)HOWRQPHUFL
/HMHXQHKRPPHODSUHVVDFRQWUHVRQFRHXU
0DLVTX
DLMHGRQFDX[PDLQV"GHPDQGD0LODG\LOPHVHPEOHTX
RQP
DEULVp
OHVSRLJQHWVGDQVXQpWDX
(QHIIHW0LODG\VRXOHYDVHVEUDVHOOHDYDLWOHVSRLJQHWVPHXUWULV

+pODVGLW)HOWRQHQUHJDUGDQWFHVEHOOHVPDLQVHWHQVHFRXDQWGRXFHPHQWOD
WrWH
2KFHQ
HVWULHQFHQ
HVWULHQV
pFULD0LODG\PDLQWHQDQWMHPH
UDSSHOOH
0LODG\FKHUFKDGHV\HX[DXWRXUG
HOOH
,OHVWOjGLW)HOWRQHQSRXVVDQWGXSLHGOHVDFG
RU
2QV
DSSURFKDLWGXVORRS/HPDULQGHTXDUWKpODODEDUTXHODEDUTXHUpSRQGLW
4XHOHVWFHEkWLPHQW"GHPDQGD0LODG\
&HOXLTXHM
DLIUpWpSRXUYRXV
2YDWLOPHFRQGXLUH"
2YRXVYRXGUH]SRXUYXTXHPRLYRXVPHMHWLH]j3RUWVPRXWK
4X
DOOH]YRXVIDLUHj3RUWVPRXWK"GHPDQGD0LODG\
$FFRPSOLUOHVRUGUHVGH/RUGGH:LQWHUGLW)HOWRQDYHFXQVRPEUHVRXULUH
4XHOVRUGUHV"GHPDQGD0LODG\
9RXVQHFRPSUHQH]GRQFSDV"GLW)HOWRQ
1RQH[SOLTXH]YRXVMHYRXVHQSULH
&RPPHLOVHGpILDLWGHPRLLODYRXOXYRXVJDUGHUOXLPrPHHWP
DHQYR\pj
VDSODFHIDLUHVLJQHUj%XFNLQJKDPO
RUGUHGHYRWUHGpSRUWDWLRQ
0DLVV
LOVHGpILDLWGHYRXVFRPPHQWYRXVDWLOFRQILpFHWRUGUH"
(WDLVMHFHQVpVDYRLUFHTXHMHSRUWDLV"
&
HVWMXVWH(WYRXVDOOH]j3RUWVPRXWK"
-HQ
DLSDVGHWHPSVjSHUGUHF
HVWGHPDLQOHHW%XFNLQJKDPSDUWGHPDLQ
DYHFODIORWWH
,OSDUWGHPDLQSRXURSDUWLO"
3RXU/D5RFKHOOH
,OQHIDXWSDVTX
LOSDUWHV
pFULD0LODG\RXEOLDQWVDSUpVHQFHG
HVSULW
DFFRXWXPpH
6R\H]WUDQTXLOOHUpSRQGLW)HOWRQLOQHSDUWLUDSDV
0LODG\WUHVVDLOOLWGHMRLHHOOHYHQDLWGHOLUHDXSOXVSURIRQGGXFRHXUGX
MHXQHKRPPHODPRUWGH%XFNLQJKDP\pWDLWpFULWHHQWRXWHVOHWWUHV

)HOWRQGLWHOOHYRXVrWHVJUDQGFRPPH-XGDV0DFFKDEpH6LYRXVPRXUH]
MHPHXUVDYHFYRXVYRLOjWRXWFHTXHMHSXLVYRXVGLUH
6LOHQFHGLW)HOWRQQRXVVRPPHVDUULYpV
(QHIIHWRQWRXFKDLWDXVORRS
)HOWRQPRQWDOHSUHPLHUjO
pFKHOOHHWGRQQDODPDLQj0LODG\WDQGLVTXHOHV
PDWHORWVODVRXWHQDLHQWFDUODPHUpWDLWHQFRUHIRUWDJLWpH
8QLQVWDQWDSUqVLOVpWDLHQWVXUOHSRQW
&DSLWDLQHGLW)HOWRQYRLFLODSHUVRQQHGRQWMHYRXVDLSDUOpHWTX
LOIDXW
FRQGXLUHVDLQHHWVDXYHHQ)UDQFH
0R\HQQDQWPLOOHSLVWROHVGLWOHFDSLWDLQH
-HYRXVHQDLGRQQpFLQTFHQWV
&
HVWMXVWHGLWOHFDSLWDLQH
(WYRLOjOHVFLQTFHQWVDXWUHVUHSULW0LODG\HQSRUWDQWODPDLQDXVDF
G
RU
1RQGLWOHFDSLWDLQHMHQ
DLTX
XQHSDUROHHWMHO
DLGRQQpHjFHMHXQH
KRPPHOHVFLQTFHQWVDXWUHVSLVWROHVQHPHVRQWGXHVTX
HQDUULYDQWj
%RXORJQH
(WQRXV\DUULYHURQV"
6DLQVHWVDXIVGLWOHFDSLWDLQHDXVVLYUDLTXHMHP
DSSHOOH-DFN%XWWOHU
(KELHQGLW0LODG\VLYRXVWHQH]YRWUHSDUROHFHQ
HVWSDVFLQTFHQWV
PDLVPLOOHSLVWROHVTXHMHYRXVGRQQHUDL
+XUUDKSRXUYRXVDORUVPDEHOOHGDPHFULDOHFDSLWDLQHHWSXLVVH'LHX
P
HQYR\HUVRXYHQWGHVSUDWLTXHVFRPPH9RWUH6HLJQHXULH
(QDWWHQGDQWGLW)HOWRQFRQGXLVH]QRXVGDQVODSHWLWHEDLHGH&KLFKHVWHU
HQDYDQWGH3RUWVPRXWKYRXVVDYH]TX
LOHVWFRQYHQXTXHYRXVQRXVFRQGXLUH]
Oj
/HFDSLWDLQHUpSRQGLWHQFRPPDQGDQWODPDQRHXYUHQpFHVVDLUHHWYHUVOHVVHSW
KHXUHVGXPDWLQOHSHWLWEkWLPHQWMHWDLWO
DQFUHGDQVODEDLHGpVLJQpH
3HQGDQWFHWWHWUDYHUVpH)HOWRQDYDLWWRXWUDFRQWpj0LODG\FRPPHQWDXOLHX
G
DOOHUj/RQGUHVLODYDLWIUpWpOHSHWLWEkWLPHQWFRPPHQWLOpWDLWUHYHQX
FRPPHQWLODYDLWHVFDODGpODPXUDLOOHHQSODoDQWGDQVOHVLQWHUVWLFHVGHV
SLHUUHVjPHVXUHTX
LOPRQWDLWGHVFUDPSRQVSRXUDVVXUHUVHVSLHGVHW
FRPPHQWHQILQDUULYpDX[EDUUHDX[LODYDLWDWWDFKpO
pFKHOOH0LODG\VDYDLWOH
UHVWH

'HVRQF{Wp0LODG\HVVD\DG
HQFRXUDJHU)HOWRQGDQVVRQSURMHWPDLVDX[
SUHPLHUVPRWVTXLVRUWLUHQWGHVDERXFKHHOOHYLWELHQTXHOHMHXQHIDQDWLTXH
DYDLWSOXW{WEHVRLQG
rWUHPRGpUpTXHG
rWUHDIIHUPL
,OIXWFRQYHQXTXH0LODG\DWWHQGUDLW)HOWRQMXVTX
jGL[KHXUHVVLjGL[KHXUHV
LOQ
pWDLWSDVGHUHWRXUHOOHSDUWLUDLW
$ORUVHQVXSSRVDQWTX
LOIWOLEUHLOODUHMRLQGUDLWHQ)UDQFHDXFRXYHQWGHV
&DUPpOLWHVGH%pWKXQH

&KDSLWUH/,;
&(48,6(3$66$,7$325760287+/($287

)HOWRQSULWFRQJpGH0LODG\FRPPHXQIUqUHTXLYDIDLUHXQHVLPSOHSURPHQDGH
SUHQGFRQJpGHVDVRHXUHQOXLEDLVDQWODPDLQ
7RXWHVDSHUVRQQHSDUDLVVDLWGDQVVRQpWDWGHFDOPHRUGLQDLUHVHXOHPHQWXQH
OXHXULQDFFRXWXPpHEULOODLWGDQVVHV\HX[SDUHLOOHjXQUHIOHWGHILqYUHVRQ
IURQWpWDLWSOXVSkOHHQFRUHTXHGHFRXWXPHVHVGHQWVpWDLHQWVHUUpHVHWVD
SDUROHDYDLWXQDFFHQWEUHIHWVDFFDGpTXLLQGLTXDLWTXHTXHOTXHFKRVHGHVRPEUH
V
DJLWDLWHQOXL
7DQWTX
LOUHVWDVXUODEDUTXHTXLOHFRQGXLVDLWjWHUUHLOGHPHXUDOHYLVDJH
WRXUQpGXF{WpGH0LODG\TXLGHERXWVXUOHSRQWOHVXLYDLWGHV\HX[7RXV
GHX[pWDLHQWDVVH]UDVVXUpVVXUODFUDLQWHG
rWUHSRXUVXLYLVRQQ
HQWUDLW
MDPDLVGDQVODFKDPEUHGH0LODG\DYDQWQHXIKHXUHVHWLOIDOODLWWURLVKHXUHV
SRXUYHQLUGXFKkWHDXj/RQGUHV
)HOWRQPLWSLHGjWHUUHJUDYLWODSHWLWHFUrWHTXLFRQGXLVDLWDXKDXWGHOD
IDODLVHVDOXD0LODG\XQHGHUQLqUHIRLVHWSULWVDFRXUVHYHUVODYLOOH
$XERXWGHFHQWSDVFRPPHOHWHUUDLQDOODLWHQGHVFHQGDQWLOQHSRXYDLWSOXV
YRLUTXHOHPkWGXVORRS
,OFRXUXWDXVVLW{WGDQVODGLUHFWLRQGH3RUWVPRXWKGRQWLOYR\DLWHQIDFHGH
OXLjXQGHPLPLOOHjSHXSUqVVHGHVVLQHUGDQVODEUXPHGXPDWLQOHVWRXUVHW
OHVPDLVRQV
$XGHOjGH3RUWVPRXWKODPHUpWDLWFRXYHUWHGHYDLVVHDX[GRQWRQYR\DLWOHV
PkWVSDUHLOVjXQHIRUrWGHSHXSOLHUVGpSRXLOOpVSDUO
KLYHUVHEDODQFHUVRXV
OHVRXIIOHGXYHQW
)HOWRQGDQVVDPDUFKHUDSLGHUHSDVVDLWFHTXHGL[DQQpHVGHPpGLWDWLRQV
DVFpWLTXHVHWXQORQJVpMRXUDXPLOLHXGHVSXULWDLQVOXLDYDLHQWIRXUQL
G
DFFXVDWLRQVYUDLHVRXIDXVVHVFRQWUHOHIDYRULGH-DFTXHV9,HWGH&KDUOHV
,HU
/RUVTX
LOFRPSDUDLWOHVFULPHVSXEOLFVGHFHPLQLVWUHFULPHVpFODWDQWVFULPHV

HXURSpHQVVLRQSRXYDLWOHGLUHDYHFOHVFULPHVSULYpVHWLQFRQQXVGRQW
O
DYDLWFKDUJp0LODG\)HOWRQWURXYDLWTXHOHSOXVFRXSDEOHGHVGHX[KRPPHVTXH
UHQIHUPDLW%XFNLQJKDPpWDLWFHOXLGRQWOHSXEOLFQHFRQQDLVVDLWSDVODYLH
&
HVWTXHVRQDPRXUVLpWUDQJHVLQRXYHDXVLDUGHQWOXLIDLVDLWYRLUOHV
DFFXVDWLRQVLQIkPHVHWLPDJLQDLUHVGH/DG\GH:LQWHUFRPPHRQYRLWDXWUDYHUV
G
XQYHUUHJURVVLVVDQWjO
pWDWGHPRQVWUHVHIIUR\DEOHVGHVDWRPHV
LPSHUFHSWLEOHVHQUpDOLWpDXSUqVG
XQHIRXUPL
/DUDSLGLWpGHVDFRXUVHDOOXPDLWHQFRUHVRQVDQJO
LGpHTX
LOODLVVDLW
GHUULqUHOXLH[SRVpHjXQHYHQJHDQFHHIIUR\DEOHODIHPPHTX
LODLPDLWRX
SOXW{WTX
LODGRUDLWFRPPHXQHVDLQWHO
pPRWLRQSDVVpHVDIDWLJXHSUpVHQWH
WRXWH[DOWDLWHQFRUHVRQkPHDXGHVVXVGHVVHQWLPHQWVKXPDLQV
,OHQWUDj3RUWVPRXWKYHUVOHVKXLWKHXUHVGXPDWLQWRXWHODSRSXODWLRQpWDLW
VXUSLHGOHWDPERXUEDWWDLWGDQVOHVUXHVHWVXUOHSRUWOHVWURXSHV
G
HPEDUTXHPHQWGHVFHQGDLHQWYHUVODPHU
)HOWRQDUULYDDXSDODLVGHO
$PLUDXWpFRXYHUWGHSRXVVLqUHHWUXLVVHODQWGH
VXHXUVRQYLVDJHRUGLQDLUHPHQWVLSkOHpWDLWSRXUSUHGHFKDOHXUHWGH
FROqUH/DVHQWLQHOOHYRXOXWOHUHSRXVVHUPDLV)HOWRQDSSHODOHFKHIGXSRVWH
HWWLUDQWGHVDSRFKHODOHWWUHGRQWLOpWDLWSRUWHXU
0HVVDJHSUHVVpGHODSDUWGH/RUGGH:LQWHUGLWLO
$XQRPGH/RUGGH:LQWHUTX
RQVDYDLWO
XQGHVSOXVLQWLPHVGH6D*UkFHOH
FKHIGHSRVWHGRQQDO
RUGUHGHODLVVHUSDVVHU)HOWRQTXLGXUHVWHSRUWDLW
OXLPrPHO
XQLIRUPHG
RIILFLHUGHPDULQH
)HOWRQV
pODQoDGDQVOHSDODLV
$XPRPHQWRLOHQWUDLWGDQVOHYHVWLEXOHXQKRPPHHQWUDLWDXVVLSRXGUHX[KRUV
G
KDOHLQHODLVVDQWjODSRUWHXQFKHYDOGHSRVWHTXLHQDUULYDQWWRPEDVXUOHV
GHX[JHQRX[
)HOWRQHWOXLV
DGUHVVqUHQWHQPrPHWHPSVj3DWULFNOHYDOHWGHFKDPEUHGH
FRQILDQFHGXGXF)HOWRQQRPPDOHEDURQGH:LQWHUO
LQFRQQXQHYRXOXWQRPPHU
SHUVRQQHHWSUpWHQGLWTXHF
pWDLWDXGXFVHXOTX
LOSRXYDLWVHIDLUHFRQQDvWUH
7RXVGHX[LQVLVWDLHQWSRXUSDVVHUO
XQDYDQWO
DXWUH
3DWULFNTXLVDYDLWTXH/RUGGH:LQWHUpWDLWHQDIIDLUHVGHVHUYLFHHWHQ
UHODWLRQVG
DPLWLpDYHFOHGXFGRQQDODSUpIpUHQFHjFHOXLTXLYHQDLWHQVRQ
QRP/
DXWUHIXWIRUFpG
DWWHQGUHHWLOIXWIDFLOHGHYRLUFRPELHQLO
PDXGLVVDLWFHUHWDUG
/HYDOHWGHFKDPEUHILWWUDYHUVHUj)HOWRQXQHJUDQGHVDOOHGDQVODTXHOOH
DWWHQGDLHQWOHVGpSXWpVGH/D5RFKHOOHFRQGXLWVSDUOHSULQFHGH6RXELVHHW
O
LQWURGXLVLWGDQVXQFDELQHWR%XFNLQJKDPVRUWDQWGXEDLQDFKHYDLWVD
WRLOHWWHjODTXHOOHFHWWHIRLVFRPPHWRXMRXUVLODFFRUGDLWXQHDWWHQWLRQ
H[WUDRUGLQDLUH
/HOLHXWHQDQW)HOWRQGLW3DWULFNGHODSDUWGH/RUGGH:LQWHU
'HODSDUWGH/RUGGH:LQWHUUpSpWD%XFNLQJKDPIDLWHVHQWUHU

)HOWRQHQWUD(QFHPRPHQW%XFNLQJKDPMHWDLWVXUXQFDQDSpXQHULFKHUREHGH
FKDPEUHEURFKpHG
RUSRXUHQGRVVHUXQSRXUSRLQWGHYHORXUVEOHXWRXWEURGpGH
SHUOHV
3RXUTXRLOHEDURQQ
HVWLOSDVYHQXOXLPrPH"GHPDQGD%XFNLQJKDPMH
O
DWWHQGDLVFHPDWLQ
,OP
DFKDUJpGHGLUHj9RWUH*UkFHUpSRQGLW)HOWRQTX
LOUHJUHWWDLWIRUW
GHQHSDVDYRLUFHWKRQQHXUPDLVTX
LOHQpWDLWHPSrFKpSDUODJDUGHTX
LOHVW
REOLJpGHIDLUHDXFKkWHDX
2XLRXLGLW%XFNLQJKDPMHVDLVFHODLODXQHSULVRQQLqUH
&
HVWMXVWHPHQWGHFHWWHSULVRQQLqUHTXHMHYRXODLVSDUOHUj9RWUH*UkFH
UHSULW)HOWRQ
(KELHQSDUOH]
&HTXHM
DLjYRXVGLUHQHSHXWrWUHHQWHQGXTXHGHYRXV0LORUG
/DLVVH]QRXV3DWULFNGLW%XFNLQJKDPPDLVWHQH]YRXVjSRUWpHGHOD
VRQQHWWHMHYRXVDSSHOOHUDLWRXWjO
KHXUH
3DWULFNVRUWLW
1RXVVRPPHVVHXOV0RQVLHXUGLW%XFNLQJKDPSDUOH]
0LORUGGLW)HOWRQOHEDURQGH:LQWHUYRXVDpFULWO
DXWUHMRXUSRXUYRXV
SULHUGHVLJQHUXQRUGUHG
HPEDUTXHPHQWUHODWLIjXQHMHXQHIHPPHQRPPpH
&KDUORWWH%DFNVRQ
2XL0RQVLHXUHWMHOXLDLUpSRQGXGHP
DSSRUWHURXGHP
HQYR\HUFHWRUGUH
HWTXHMHOHVLJQHUDLV
/HYRLFL0LORUG
'RQQH]GLWOHGXF
(WOHSUHQDQWGHVPDLQVGH)HOWRQLOMHWDVXUOHSDSLHUXQFRXSG
RHLOUDSLGH
$ORUVV
DSHUFHYDQWTXHF
pWDLWELHQFHOXLTXLOXLpWDLWDQQRQFpLOOHSRVDVXU
ODWDEOHSULWXQHSOXPHHWV
DSSUrWDjVLJQHU
3DUGRQ0LORUGGLW)HOWRQDUUrWDQWOHGXFPDLV9RWUH*UkFHVDLWHOOHTXHOH
QRPGH&KDUORWWH%DFNVRQQ
HVWSDVOHYpULWDEOHQRPGHFHWWHMHXQHIHPPH"
2XL0RQVLHXUMHOHVDLVUpSRQGLWOHGXFHQWUHPSDQWODSOXPHGDQV
O
HQFULHU
$ORUV9RWUH*UkFHFRQQDvWVRQYpULWDEOHQRP"GHPDQGD)HOWRQG
XQHYRL[
EUqYH
-HOHFRQQDLV

/HGXFDSSURFKDODSOXPHGXSDSLHU
(WFRQQDLVVDQWFHYpULWDEOHQRPUHSULW)HOWRQ0RQVHLJQHXUVLJQHUDWRXWGH
PrPH"
6DQVGRXWHGLW%XFNLQJKDPHWSOXW{WGHX[IRLVTX
XQH
-HQHSXLVFURLUHFRQWLQXD)HOWRQG
XQHYRL[TXLGHYHQDLWGHSOXVHQSOXV
EUqYHHWVDFFDGpHTXH6D*UkFHVDFKHTX
LOV
DJLWGH/DG\GH:LQWHU
-HOHVDLVSDUIDLWHPHQWTXRLTXHMHVRLVpWRQQpTXHYRXVOHVDFKLH]YRXV
(W9RWUH*UkFHVLJQHUDFHWRUGUHVDQVUHPRUGV"
%XFNLQJKDPUHJDUGDOHMHXQHKRPPHDYHFKDXWHXU
$Koj0RQVLHXUVDYH]YRXVELHQOXLGLWLOTXHYRXVPHIDLWHVOjG
pWUDQJHV
TXHVWLRQVHWTXHMHVXLVELHQVLPSOHG
\UpSRQGUH"
5pSRQGH]\0RQVHLJQHXUGLW)HOWRQODVLWXDWLRQHVWSOXVJUDYHTXHYRXVQH
OHFUR\H]SHXWrWUH
%XFNLQJKDPSHQVDTXHOHMHXQHKRPPHYHQDQWGHODSDUWGH/RUGGH:LQWHU
SDUODLWVDQVGRXWHHQVRQQRPHWVHUDGRXFLW
6DQVUHPRUGVDXFXQGLWLOHWOHEDURQVDLWFRPPHPRLTXH0LODG\GH:LQWHU
HVWXQHJUDQGHFRXSDEOHHWTXHF
HVWSUHVTXHOXLIDLUHJUkFHTXHGHERUQHUVD
SHLQHjO
H[WUDGLWLRQ
/HGXFSRVDVDSOXPHVXUOHSDSLHU
9RXVQHVLJQHUH]SDVFHWRUGUH0LORUGGLW)HOWRQHQIDLVDQWXQSDVYHUVOH
GXF
-HQHVLJQHUDLSDVFHWRUGUHGLW%XFNLQJKDPHWSRXUTXRL"
3DUFHTXHYRXVGHVFHQGUH]HQYRXVPrPHHWTXHYRXVUHQGUH]MXVWLFHj0LODG\
2QOXLUHQGUDMXVWLFHHQO
HQYR\DQWj7\EXUQGLW%XFNLQJKDP0LODG\HVWXQH
LQIkPH
0RQVHLJQHXU0LODG\HVWXQDQJHYRXVOHVDYH]ELHQHWMHYRXVGHPDQGHVD
OLEHUWp
$KojGLW%XFNLQJKDPrWHVYRXVIRXGHPHSDUOHUDLQVL"
0LORUGH[FXVH]PRLMHSDUOHFRPPHMHSXLVMHPHFRQWLHQV&HSHQGDQW
0LORUGVRQJH]jFHTXHYRXVDOOH]IDLUHHWFUDLJQH]G
RXWUHSDVVHUODPHVXUH
3ODvWLO"'LHXPHSDUGRQQHV
pFULD%XFNLQJKDPPDLVMHFURLVTX
LOPH
PHQDFH

1RQ0LORUGMHSULHHQFRUHHWMHYRXVGLVXQHJRXWWHG
HDXVXIILWSRXU
IDLUHGpERUGHUOHYDVHSOHLQXQHIDXWHOpJqUHSHXWDWWLUHUOHFKkWLPHQWVXUOD
WrWHpSDUJQpHPDOJUpWDQWGHFULPHV
0RQVLHXU)HOWRQGLW%XFNLQJKDPYRXVDOOH]VRUWLUG
LFLHWYRXVUHQGUHDX[
DUUrWVVXUOHFKDPS
9RXVDOOH]P
pFRXWHUMXVTX
DXERXW0LORUG9RXVDYH]VpGXLWFHWWHMHXQH
ILOOHYRXVO
DYH]RXWUDJpHVRXLOOpHUpSDUH]YRVFULPHVHQYHUVHOOH
ODLVVH]ODSDUWLUOLEUHPHQWHWMHQ
H[LJHUDLSDVDXWUHFKRVHGHYRXV
9RXVQ
H[LJHUH]SDV"GLW%XFNLQJKDPUHJDUGDQW)HOWRQDYHFpWRQQHPHQWHW
DSSX\DQWVXUFKDFXQHGHVV\OODEHVGHVWURLVPRWVTX
LOYHQDLWGHSURQRQFHU
0LORUGFRQWLQXD)HOWRQV
H[DOWDQWjPHVXUHTX
LOSDUODLW0LORUGSUHQH]
JDUGHWRXWHO
$QJOHWHUUHHVWODVVHGHYRVLQLTXLWpV0LORUGYRXVDYH]DEXVp
GHODSXLVVDQFHUR\DOHTXHYRXVDYH]SUHVTXHXVXUSpH0LORUGYRXVrWHVHQ
KRUUHXUDX[KRPPHVHWj'LHX'LHXYRXVSXQLUDSOXVWDUGPDLVPRLMHYRXV
SXQLUDLDXMRXUG
KXL
$KFHFLHVWWURSIRUWFULD%XFNLQJKDPHQIDLVDQWXQSDVYHUVODSRUWH
)HOWRQOXLEDUUDOHSDVVDJH
-HYRXVOHGHPDQGHKXPEOHPHQWGLWLOVLJQH]O
RUGUHGHPLVHHQOLEHUWpGH
/DG\GH:LQWHUVRQJH]TXHF
HVWODIHPPHTXHYRXVDYH]GpVKRQRUpH
5HWLUH]YRXV0RQVLHXUGLW%XFNLQJKDPRXM
DSSHOOHHWYRXVIDLVPHWWUHDX[
IHUV
9RXVQ
DSSHOOHUH]SDVGLW)HOWRQHQVHMHWDQWHQWUHOHGXFHWODVRQQHWWH
SODFpHVXUXQJXpULGRQLQFUXVWpG
DUJHQWSUHQH]JDUGH0LORUGYRXVYRLOj
HQWUHOHVPDLQVGH'LHX
'DQVOHVPDLQVGXGLDEOHYRXVYRXOH]GLUHV
pFULD%XFNLQJKDPHQpOHYDQWOD
YRL[SRXUDWWLUHUGXPRQGHVDQVFHSHQGDQWDSSHOHUGLUHFWHPHQW
6LJQH]0LORUGVLJQH]ODOLEHUWpGH/DG\GH:LQWHUGLW)HOWRQHQSRXVVDQW
XQSDSLHUYHUVOHGXF
'HIRUFHYRXVPRTXH]YRXV"KROj3DWULFN
6LJQH]0LORUG
-DPDLV
-DPDLV
$PRLFULDOHGXFHWHQPrPHWHPSVLOVDXWDVXUVRQpSpH
0DLV)HOWRQQHOXLGRQQDSDVOHWHPSVGHODWLUHULOWHQDLWWRXWRXYHUWHW
FDFKpGDQVVRQSRXUSRLQWOHFRXWHDXGRQWV
pWDLWIUDSSpH0LODG\G
XQERQGLO

IXWVXUOHGXF
(QFHPRPHQW3DWULFNHQWUDLWGDQVODVDOOHHQFULDQW
0LORUGXQHOHWWUHGH)UDQFH
'H)UDQFHV
pFULD%XFNLQJKDPRXEOLDQWWRXWHQSHQVDQWGHTXLOXLYHQDLW
FHWWHOHWWUH
)HOWRQSURILWDGXPRPHQWHWOXLHQIRQoDGDQVOHIODQFOHFRXWHDXMXVTX
DX
PDQFKH
$KWUDvWUHFULD%XFNLQJKDPWXP
DVWXp
$XPHXUWUHKXUOD3DWULFN
)HOWRQMHWDOHV\HX[DXWRXUGHOXLSRXUIXLUHWYR\DQWODSRUWHOLEUH
V
pODQoDGDQVODFKDPEUHYRLVLQHTXLpWDLWFHOOHRDWWHQGDLHQWFRPPHQRXV
O
DYRQVGLWOHVGpSXWpVGH/D5RFKHOOHODWUDYHUVDWRXWHQFRXUDQWHWVH
SUpFLSLWDYHUVO
HVFDOLHUPDLVVXUODSUHPLqUHPDUFKHLOUHQFRQWUD/RUGGH
:LQWHUTXLOHYR\DQWSkOHpJDUpOLYLGHWDFKpGHVDQJjODPDLQHWjOD
ILJXUHOXLVDXWDDXFRXHQV
pFULDQW
-HOHVDYDLVMHO
DYDLVGHYLQpHWM
DUULYHWURSWDUGG
XQHPLQXWH2K
PDOKHXUHX[TXHMHVXLV
)HOWRQQHILWDXFXQHUpVLVWDQFH/RUGGH:LQWHUOHUHPLWDX[PDLQVGHVJDUGHV
TXLOHFRQGXLVLUHQWHQDWWHQGDQWGHQRXYHDX[RUGUHVVXUXQHSHWLWHWHUUDVVH
GRPLQDQWODPHUHWLOV
pODQoDGDQVOHFDELQHWGH%XFNLQJKDP
$XFULSRXVVpSDUOHGXFjO
DSSHOGH3DWULFNO
KRPPHTXH)HOWRQDYDLW
UHQFRQWUpGDQVO
DQWLFKDPEUHVHSUpFLSLWDGDQVOHFDELQHW
,OWURXYDOHGXFFRXFKpVXUXQVRIDVHUUDQWVDEOHVVXUHGDQVVDPDLQFULVSpH
/D3RUWHGLWOHGXFG
XQHYRL[PRXUDQWH/D3RUWHYLHQVWXGHVDSDUW"
2XL0RQVHLJQHXUUpSRQGLWOHILGqOHVHUYLWHXUG
$QQHG
$XWULFKHPDLVWURS
WDUGSHXWrWUH
6LOHQFH/D3RUWHRQSRXUUDLWYRXVHQWHQGUH3DWULFNQHODLVVH]HQWUHU
SHUVRQQHRKMHQHVDXUDLSDVFHTX
HOOHPHIDLWGLUHPRQ'LHXMHPHPHXUV

(WOHGXFV
pYDQRXLW
&HSHQGDQW/RUGGH:LQWHUOHVGpSXWpVOHVFKHIVGHO
H[SpGLWLRQOHVRIILFLHUV
GHODPDLVRQGH%XFNLQJKDPDYDLHQWIDLWLUUXSWLRQGDQVVDFKDPEUHSDUWRXWGHV
FULVGHGpVHVSRLUUHWHQWLVVDLHQW/DQRXYHOOHTXLHPSOLVVDLWOHSDODLVGH
SODLQWHVHWGHJpPLVVHPHQWVHQGpERUGDELHQW{WSDUWRXWHWVHUpSDQGLWSDUOD
YLOOH
8QFRXSGHFDQRQDQQRQoDTX
LOYHQDLWGHVHSDVVHUTXHOTXHFKRVHGHQRXYHDXHW

G
LQDWWHQGX
/RUGGH:LQWHUV
DUUDFKDLWOHVFKHYHX[
7URSWDUGG
XQHPLQXWHV
pFULDLWLOWURSWDUGG
XQHPLQXWH2KPRQ'LHX
PRQ'LHXTXHOPDOKHXU
(QHIIHWRQpWDLWYHQXOXLGLUHjVHSWKHXUHVGXPDWLQTX
XQHpFKHOOHGHFRUGH
IORWWDLWjXQHGHVIHQrWUHVGXFKkWHDXLODYDLWFRXUXDXVVLW{WjODFKDPEUHGH
0LODG\DYDLWWURXYpODFKDPEUHYLGHHWODIHQrWUHRXYHUWHOHVEDUUHDX[VFLpV
LOV
pWDLWUDSSHOpODUHFRPPDQGDWLRQYHUEDOHTXHOXLDYDLWIDLWWUDQVPHWWUH
G
$UWDJQDQSDUVRQPHVVDJHULODYDLWWUHPEOpSRXUOHGXFHWFRXUDQWj
O
pFXULHVDQVSUHQGUHOHWHPSVGHIDLUHVHOOHUVRQFKHYDODYDLWVDXWpVXUOH
SUHPLHUYHQXpWDLWDFFRXUXYHQWUHjWHUUHHWVDXWDQWjEDVGDQVODFRXUDYDLW
PRQWpSUpFLSLWDPPHQWO
HVFDOLHUHWVXUOHSUHPLHUGHJUpDYDLWFRPPHQRXV
O
DYRQVGLWUHQFRQWUp)HOWRQ
&HSHQGDQWOHGXFQ
pWDLWSDVPRUWLOUHYLQWjOXLURXYULWOHV\HX[HW
O
HVSRLUUHQWUDGDQVWRXVOHVFRHXUV
0HVVLHXUVGLWLOODLVVH]PRLVHXODYHF3DWULFNHW/D3RUWH
$KF
HVWYRXVGH:LQWHUYRXVP
DYH]HQYR\pFHPDWLQXQVLQJXOLHUIRX
YR\H]O
pWDWGDQVOHTXHOLOP
DPLV
2K0LORUGV
pFULDOHEDURQMHQHP
HQFRQVROHUDLMDPDLV
(WWXDXUDLVWRUWPRQFKHUGH:LQWHUGLW%XFNLQJKDPHQOXLWHQGDQWODPDLQ
MHQHFRQQDLVSDVG
KRPPHTXLPpULWHG
rWUHUHJUHWWpSHQGDQWWRXWHODYLHG
XQ
DXWUHKRPPHPDLVODLVVHQRXVMHW
HQSULH
/HEDURQVRUWLWHQVDQJORWDQW
,OQHUHVWDGDQVOHFDELQHWTXHOHGXFEOHVVp/D3RUWHHW3DWULFN
2QFKHUFKDLWXQPpGHFLQTX
RQQHSRXYDLWWURXYHU
9RXVYLYUH]0LORUGYRXVYLYUH]UpSpWDLWjJHQRX[GHYDQWOHVRIDGXGXFOH
PHVVDJHUG
$QQHG
$XWULFKH
4XHP
pFULYDLWHOOH"GLWIDLEOHPHQW%XFNLQJKDPWRXWUXLVVHODQWGHVDQJHW
GRPSWDQWSRXUSDUOHUGHFHOOHTX
LODLPDLWG
DWURFHVGRXOHXUVTXH
P
pFULYDLWHOOH"/LVPRLVDOHWWUH
2K0LORUGILW/D3RUWH
2EpLV/D3RUWHQHYRLVWXSDVTXHMHQ
DLSDVGHWHPSVjSHUGUH"
/D3RUWHURPSLWOHFDFKHWHWSODoDOHSDUFKHPLQVRXVOHV\HX[GXGXFPDLV
%XFNLQJKDPHVVD\DYDLQHPHQWGHGLVWLQJXHUO
pFULWXUH
/LVGRQFGLWLOOLVGRQFMHQ
\YRLVSOXVOLVGRQFFDUELHQW{WSHXW
rWUHMHQ
HQWHQGUDLSOXVHWMHPRXUUDLVDQVVDYRLUFHTX
HOOHP
DpFULW

/D3RUWHQHILWSOXVGHGLIILFXOWpHWOXW
0LORUG
3DUFHTXHM
DLGHSXLVTXHMHYRXVFRQQDLVVRXIIHUWSDUYRXVHWSRXUYRXV
MHYRXVFRQMXUHVLYRXVDYH]VRXFLGHPRQUHSRVG
LQWHUURPSUHOHVJUDQGV
DUPHPHQWVTXHYRXVIDLWHVFRQWUHOD)UDQFHHWGHFHVVHUXQHJXHUUHGRQWRQGLW
WRXWKDXWTXHODUHOLJLRQHVWODFDXVHYLVLEOHHWWRXWEDVTXHYRWUHDPRXUSRXU
PRLHVWODFDXVHFDFKpH&HWWHJXHUUHSHXWQRQVHXOHPHQWDPHQHUSRXUOD)UDQFH
HWSRXUO
$QJOHWHUUHGHJUDQGHVFDWDVWURSKHVPDLVHQFRUHSRXUYRXV0LORUGGHV
PDOKHXUVGRQWMHQHPHFRQVROHUDLVSDV
9HLOOH]VXUYRWUHYLHTXHO
RQPHQDFHHWTXLPHVHUDFKqUHGXPRPHQWRMHQH
VHUDLSDVREOLJpHGHYRLUHQYRXVXQHQQHPL
9RWUHDIIHFWLRQQpH
$11(
%XFNLQJKDPUDSSHODWRXVOHVUHVWHVGHVDYLHSRXUpFRXWHUFHWWHOHFWXUHSXLV
ORUVTX
HOOHIXWILQLHFRPPHV
LOHWWURXYpGDQVFHWWHOHWWUHXQDPHU
GpVDSSRLQWHPHQW
1
DYH]YRXVGRQFSDVDXWUHFKRVHjPHGLUHGHYLYHYRL[/D3RUWH"
GHPDQGDWLO
6LIDLW0RQVHLJQHXUODUHLQHP
DYDLWFKDUJpGHYRXVGLUHGHYHLOOHUVXU
YRXVFDUHOOHDYDLWHXDYLVTX
RQYRXODLWYRXVDVVDVVLQHU
(WF
HVWWRXWF
HVWWRXW"UHSULW%XFNLQJKDPDYHFLPSDWLHQFH
(OOHP
DYDLWHQFRUHFKDUJpGHYRXVGLUHTX
HOOHYRXVDLPDLWWRXMRXUV
$KILW%XFNLQJKDP'LHXVRLWORXpPDPRUWQHVHUDGRQFSDVSRXUHOOHOD
PRUWG
XQpWUDQJHU
/D3RUWHIRQGLWHQODUPHV
3DWULFNGLWOHGXFDSSRUWH]PRLOHFRIIUHWRpWDLHQWOHVIHUUHWVGH
GLDPDQWV
3DWULFNDSSRUWDO
REMHWGHPDQGpTXH/D3RUWHUHFRQQXWSRXUDYRLUDSSDUWHQXjOD
UHLQH
0DLQWHQDQWOHVDFKHWGHVDWLQEODQFRVRQFKLIIUHHVWEURGpHQSHUOHV
3DWULFNREpLWHQFRUH
7HQH]/D3RUWHGLW%XFNLQJKDPYRLFLOHVVHXOVJDJHVTXHM
HXVVHjHOOHFH
FRIIUHWG
DUJHQWHWFHVGHX[OHWWUHV9RXVOHVUHQGUH]j6D0DMHVWpHWSRXU
GHUQLHUVRXYHQLU LOFKHUFKDDXWRXUGHOXLTXHOTXHREMHWSUpFLHX[ YRXV\
MRLQGUH]

,OFKHUFKDHQFRUHPDLVVHVUHJDUGVREVFXUFLVSDUODPRUWQHUHQFRQWUqUHQWTXH
OHFRXWHDXWRPEpGHVPDLQVGH)HOWRQHWIXPDQWHQFRUHGXVDQJYHUPHLOpWHQGX
VXUODODPH
(WYRXV\MRLQGUH]FHFRXWHDXGLWOHGXFHQVHUUDQWODPDLQGH/D3RUWH
,OSXWHQFRUHPHWWUHOHVDFKHWDXIRQGGXFRIIUHWG
DUJHQW\ODLVVDWRPEHUOH
FRXWHDXHQIDLVDQWVLJQHj/D3RUWHTX
LOQHSRXYDLWSOXVSDUOHUSXLVGDQV
XQHGHUQLqUHFRQYXOVLRQTXHFHWWHIRLVLOQ
DYDLWSOXVODIRUFHGHFRPEDWWUH
LOJOLVVDGXVRIDVXUOHSDUTXHW
3DWULFNSRXVVDXQJUDQGFUL
%XFNLQJKDPYRXOXWVRXULUHXQHGHUQLqUHIRLVPDLVODPRUWDUUrWDVDSHQVpHTXL
UHVWDJUDYpHVXUVRQIURQWFRPPHXQGHUQLHUEDLVHUG
DPRXU
(QFHPRPHQWOHPpGHFLQGXGXFDUULYDWRXWHIIDUpLOpWDLWGpMjjERUGGX
YDLVVHDXDPLUDORQDYDLWpWpREOLJpG
DOOHUOHFKHUFKHUOj
,OV
DSSURFKDGXGXFSULWVDPDLQODJDUGDXQLQVWDQWGDQVODVLHQQHHWOD
ODLVVDUHWRPEHU
7RXWHVWLQXWLOHGLWLOLOHVWPRUW
0RUWPRUWV
pFULD3DWULFN
$FHFULWRXWHODIRXOHUHQWUDGDQVODVDOOHHWSDUWRXWFHQHIXWTXH
FRQVWHUQDWLRQHWTXHWXPXOWH
$XVVLW{WTXH/RUGGH:LQWHUYLW%XFNLQJKDPH[SLUpLOFRXUXWj)HOWRQTXHOHV
VROGDWVJDUGDLHQWWRXMRXUVVXUODWHUUDVVHGXSDODLV
0LVpUDEOHGLWLODXMHXQHKRPPHTXLGHSXLVODPRUWGH%XFNLQJKDPDYDLW
UHWURXYpFHFDOPHHWFHVDQJIURLGTXLQHGHYDLHQWSOXVO
DEDQGRQQHUPLVpUDEOH
TX
DVWXIDLW"
-HPHVXLVYHQJpGLWLO
7RLGLWOHEDURQGLVTXHWXDVVHUYLG
LQVWUXPHQWjFHWWHIHPPHPDXGLWH
PDLVMHWHOHMXUHFHFULPHVHUDVRQGHUQLHUFULPH
-HQHVDLVFHTXHYRXVYRXOH]GLUHUHSULWWUDQTXLOOHPHQW)HOWRQHWM
LJQRUH
GHTXLYRXVYRXOH]SDUOHU0LORUGM
DLWXp0GH%XFNLQJKDPSDUFHTX
LOD
UHIXVpGHX[IRLVjYRXVPrPHGHPHQRPPHUFDSLWDLQHMHO
DLSXQLGHVRQ
LQMXVWLFHYRLOjWRXW
'H:LQWHUVWXSpIDLWUHJDUGDLWOHVJHQVTXLOLDLHQW)HOWRQHWQHVDYDLWTXH
SHQVHUG
XQHSDUHLOOHLQVHQVLELOLWp
8QHVHXOHFKRVHMHWDLWFHSHQGDQWXQQXDJHVXUOHIURQWSXUGH)HOWRQ$FKDTXH
EUXLWTX
LOHQWHQGDLWOHQDwISXULWDLQFUR\DLWUHFRQQDvWUHOHVSDVHWODYRL[
GH0LODG\YHQDQWVHMHWHUGDQVVHVEUDVSRXUV
DFFXVHUHWVHSHUGUHDYHFOXL

7RXWjFRXSLOWUHVVDLOOLWVRQUHJDUGVHIL[DVXUXQSRLQWGHODPHUTXHGHOD
WHUUDVVHRLOVHWURXYDLWRQGRPLQDLWWRXWHQWLqUHDYHFFHUHJDUGG
DLJOHGX
PDULQLODYDLWUHFRQQXOjRXQDXWUHQ
DXUDLWYXTX
XQJRpODQGVHEDODQoDQW
VXUOHVIORWVODYRLOHGXVORRSTXLVHGLULJHDLWYHUVOHVF{WHVGH)UDQFH
,OSkOLWSRUWDODPDLQjVRQFRHXUTXLVHEULVDLWHWFRPSULWWRXWHOD
WUDKLVRQ
8QHGHUQLqUHJUkFH0LORUGGLWLODXEDURQ
/DTXHOOH"GHPDQGDFHOXLFL
4XHOOHKHXUHHVWLO"
/HEDURQWLUDVDPRQWUH
1HXIKHXUHVPRLQVGL[PLQXWHVGLWLO
0LODG\DYDLWDYDQFpVRQGpSDUWG
XQHKHXUHHWGHPLHGqVTX
HOOHDYDLWHQWHQGX
OHFRXSGHFDQRQTXLDQQRQoDLWOHIDWDOpYpQHPHQWHOOHDYDLWGRQQpO
RUGUHGH
OHYHUO
DQFUH
/DEDUTXHYRJXDLWVRXVXQFLHOEOHXjXQHJUDQGHGLVWDQFHGHODF{WH
'LHXO
DYRXOXGLW)HOWRQDYHFODUpVLJQDWLRQGXIDQDWLTXHPDLVFHSHQGDQW
VDQVSRXYRLUGpWDFKHUOHV\HX[GHFHWHVTXLIjERUGGXTXHOLOFUR\DLWVDQVGRXWH
GLVWLQJXHUOHEODQFIDQW{PHGHFHOOHjTXLVDYLHDOODLWrWUHVDFULILpH
'H:LQWHUVXLYLWVRQUHJDUGLQWHUURJHDVDVRXIIUDQFHHWGHYLQDWRXW
6RLVSXQLVHXOG
DERUGPLVpUDEOHGLW/RUGGH:LQWHUj)HOWRQTXLVH
ODLVVDLWHQWUDvQHUOHV\HX[WRXUQpVYHUVODPHUPDLVMHWHMXUHVXUOD
PpPRLUHGHPRQIUqUHTXHM
DLPDLVWDQWTXHWDFRPSOLFHQ
HVWSDVVDXYpH
)HOWRQEDLVVDODWrWHVDQVSURQRQFHUXQHV\OODEH
4XDQWjGH:LQWHULOGHVFHQGLWUDSLGHPHQWO
HVFDOLHUHWVHUHQGLWDXSRUW

&KDSLWUH/;
(1)5$1&(

/DSUHPLqUHFUDLQWHGXURLG
$QJOHWHUUH&KDUOHV,HUHQDSSUHQDQWFHWWHPRUW
IXWTX
XQHVLWHUULEOHQRXYHOOHQHGpFRXUDJHkWOHV5RFKHORLVLOHVVD\DGLW
5LFKHOLHXGDQVVHV0pPRLUHVGHODOHXUFDFKHUOHSOXVORQJWHPSVSRVVLEOH
IDLVDQWIHUPHUOHVSRUWVSDUWRXWVRQUR\DXPHHWSUHQDQWVRLJQHXVHPHQWJDUGH
TX
DXFXQYDLVVHDXQHVRUWvWMXVTX
jFHTXHO
DUPpHTXH%XFNLQJKDPDSSUrWDLWIW
SDUWLHVHFKDUJHDQWjGpIDXWGH%XFNLQJKDPGHVXUYHLOOHUOXLPrPHOHGpSDUW

,OSRXVVDPrPHODVpYpULWpGHFHWRUGUHMXVTX
jUHWHQLUHQ$QJOHWHUUH
O
DPEDVVDGHXUGH'DQHPDUNTXLDYDLWSULVFRQJpHWO
DPEDVVDGHXURUGLQDLUHGH
+ROODQGHTXLGHYDLWUDPHQHUGDQVOHSRUWGH)OHVVLQJXHOHVQDYLUHVGHV,QGHV
TXH&KDUOHV,HUDYDLWIDLWUHVWLWXHUDX[3URYLQFHV8QLHV
0DLVFRPPHLOQHVRQJHDjGRQQHUFHWRUGUHTXHFLQTKHXUHVDSUqVO
pYpQHPHQW
F
HVWjGLUHjGHX[KHXUHVGHO
DSUqVPLGLGHX[QDYLUHVpWDLHQWGpMjVRUWLVGX
SRUWO
XQHPPHQDQWFRPPHQRXVOHVDYRQV0LODG\ODTXHOOHVHGRXWDQWGpMjGH
O
pYpQHPHQWIXWHQFRUHFRQILUPpHGDQVFHWWHFUR\DQFHHQYR\DQWOHSDYLOORQQRLU
VHGpSOR\HUDXPkWGXYDLVVHDXDPLUDO
4XDQWDXVHFRQGEkWLPHQWQRXVGLURQVSOXVWDUGTXLLOSRUWDLWHWFRPPHQWLO
SDUWLW
3HQGDQWFHWHPSVGXUHVWHULHQGHQRXYHDXDXFDPSGH/D5RFKHOOHVHXOHPHQW
OHURLTXLV
HQQX\DLWIRUWFRPPHWRXMRXUVPDLVSHXWrWUHHQFRUHXQSHXSOXV
DXFDPSTX
DLOOHXUVUpVROXWG
DOOHULQFRJQLWRSDVVHUOHVIrWHVGHVDLQW/RXLVj
6DLQW*HUPDLQHWGHPDQGDDXFDUGLQDOGHOXLIDLUHSUpSDUHUXQHHVFRUWHGHYLQJW
PRXVTXHWDLUHVVHXOHPHQW/HFDUGLQDOTXHO
HQQXLGXURLJDJQDLWTXHOTXHIRLV
DFFRUGDDYHFJUDQGSODLVLUFHFRQJpjVRQUR\DOOLHXWHQDQWOHTXHOSURPLWG
rWUH
GHUHWRXUYHUVOHVHSWHPEUH
0GH7UpYLOOHSUpYHQXSDU6RQ(PLQHQFHILWVRQSRUWHPDQWHDXHWFRPPHVDQV
HQVDYRLUODFDXVHLOVDYDLWOHYLIGpVLUHWPrPHO
LPSpULHX[EHVRLQTXHVHV
DPLVDYDLHQWGHUHYHQLUj3DULVLOYDVDQVGLUHTX
LOOHVGpVLJQDSRXUIDLUH
SDUWLHGHO
HVFRUWH
/HVTXDWUHMHXQHVJHQVVXUHQWODQRXYHOOHXQTXDUWG
KHXUHDSUqV0GH7UpYLOOH
FDULOVIXUHQWOHVSUHPLHUVjTXLLOODFRPPXQLTXD&HIXWDORUVTXHG
$UWDJQDQ
DSSUpFLDODIDYHXUTXHOXLDYDLWDFFRUGpHOHFDUGLQDOHQOHIDLVDQWHQILQSDVVHU
DX[PRXVTXHWDLUHVVDQVFHWWHFLUFRQVWDQFHLOpWDLWIRUFpGHUHVWHUDXFDPS
WDQGLVTXHVHVFRPSDJQRQVSDUWDLHQW
2QYHUUDSOXVWDUGTXHFHWWHLPSDWLHQFHGHUHPRQWHUYHUV3DULVDYDLWSRXUFDXVH
OHGDQJHUTXHGHYDLWFRXULU0PH%RQDFLHX[HQVHUHQFRQWUDQWDXFRXYHQWGH
%pWKXQHDYHF0LODG\VRQHQQHPLHPRUWHOOH$XVVLFRPPHQRXVO
DYRQVGLW$UDPLV
DYDLWpFULWLPPpGLDWHPHQWj0DULH0LFKRQFHWWHOLQJqUHGH7RXUVTXLDYDLWGHVL
EHOOHVFRQQDLVVDQFHVSRXUTX
HOOHREWvQWTXHODUHLQHGRQQkWO
DXWRULVDWLRQj
0PH%RQDFLHX[GHVRUWLUGXFRXYHQWHWGHVHUHWLUHUVRLWHQ/RUUDLQHVRLWHQ
%HOJLTXH/DUpSRQVHQHV
pWDLWSDVIDLWDWWHQGUHHWKXLWRXGL[MRXUVDSUqV
$UDPLVDYDLWUHoXFHWWHOHWWUH
0RQFKHUFRXVLQ
9RLFLO
DXWRULVDWLRQGHPDVRHXUjUHWLUHUQRWUHSHWLWHVHUYDQWHGXFRXYHQWGH
%pWKXQHGRQWYRXVSHQVH]TXHO
DLUHVWPDXYDLVSRXUHOOH0DVRHXUYRXVHQYRLH
FHWWHDXWRULVDWLRQDYHFJUDQGSODLVLUFDUHOOHDLPHIRUWFHWWHSHWLWHILOOHj
ODTXHOOHHOOHVHUpVHUYHG
rWUHXWLOHSOXVWDUG
-HYRXVHPEUDVVH
0$5,(0,&+21

$FHWWHOHWWUHpWDLWMRLQWHXQHDXWRULVDWLRQDLQVLFRQoXH
/DVXSpULHXUHGXFRXYHQWGH%pWKXQHUHPHWWUDDX[PDLQVGHODSHUVRQQHTXLOXL
UHPHWWUDFHELOOHWODQRYLFHTXLpWDLWHQWUpHGDQVVRQFRXYHQWVRXVPD
UHFRPPDQGDWLRQHWVRXVPRQSDWURQDJH
$X/RXYUHOHDRW
$11(
2QFRPSUHQGFRPELHQFHVUHODWLRQVGHSDUHQWpHQWUH$UDPLVHWXQHOLQJqUHTXL
DSSHODLWODUHLQHVDVRHXUDYDLHQWpJD\pODYHUYHGHVMHXQHVJHQVPDLV$UDPLV
DSUqVDYRLUURXJLGHX[RXWURLVIRLVMXVTX
DXEODQFGHV\HX[DX[JURVVHV
SODLVDQWHULHVGH3RUWKRVDYDLWSULpVHVDPLVGHQHSOXVUHYHQLUVXUFHVXMHW
GpFODUDQWTXHV
LOOXLHQpWDLWGLWHQFRUHXQVHXOPRWLOQ
HPSORLHUDLWSOXVVD
FRXVLQHFRPPHLQWHUPpGLDLUHGDQVFHVVRUWHVG
DIIDLUHV
,OQHIXWGRQFSOXVTXHVWLRQGH0DULH0LFKRQHQWUHOHVTXDWUHPRXVTXHWDLUHVTXL
G
DLOOHXUVDYDLHQWFHTX
LOVYRXODLHQWO
RUGUHGHWLUHU0PH%RQDFLHX[GX
FRXYHQWGHVFDUPpOLWHVGH%pWKXQH,OHVWYUDLTXHFHWRUGUHQHOHXUVHUYLUDLW
SDVjJUDQGFKRVHWDQWTX
LOVVHUDLHQWDXFDPSGH/D5RFKHOOHF
HVWjGLUHj
O
DXWUHERXWGHOD)UDQFHDXVVLG
$UWDJQDQDOODLWLOGHPDQGHUXQFRQJpj0GH
7UpYLOOHHQOXLFRQILDQWWRXWERQQHPHQWO
LPSRUWDQFHGHVRQGpSDUWORUVTXH
FHWWHQRXYHOOHOXLIXWWUDQVPLVHDLQVLTX
jVHVWURLVFRPSDJQRQVTXHOHURL
DOODLWSDUWLUSRXU3DULVDYHFXQHHVFRUWHGHYLQJWPRXVTXHWDLUHVHWTX
LOV
IDLVDLHQWSDUWLHGHO
HVFRUWH
/DMRLHIXWJUDQGH2QHQYR\DOHVYDOHWVGHYDQWDYHFOHVEDJDJHVHWO
RQSDUWLW
OHDXPDWLQ
/HFDUGLQDOUHFRQGXLVLW6D0DMHVWpGH6XUJqUHVj0DX]pHWOjOHURLHWVRQ
PLQLVWUHSULUHQWFRQJpO
XQGHO
DXWUHDYHFGHJUDQGHVGpPRQVWUDWLRQVG
DPLWLp
&HSHQGDQWOHURLTXLFKHUFKDLWGHODGLVWUDFWLRQWRXWHQFKHPLQDQWOHSOXV
YLWHTX
LOOXLpWDLWSRVVLEOHFDULOGpVLUDLWrWUHDUULYpj3DULVSRXUOH
V
DUUrWDLWGHWHPSVHQWHPSVSRXUYROHUODSLHSDVVHWHPSVGRQWOHJRWOXL
DYDLWDXWUHIRLVpWpLQVSLUpSDUGH/X\QHVHWSRXUOHTXHOLODYDLWWRXMRXUV
FRQVHUYpXQHJUDQGHSUpGLOHFWLRQ6XUOHVYLQJWPRXVTXHWDLUHVVHL]HORUVTXHOD
FKRVHDUULYDLWVHUpMRXLVVDLHQWIRUWGHFHERQWHPSVPDLVTXDWUHPDXJUpDLHQW
GHOHXUPLHX['
$UWDJQDQVXUWRXWDYDLWGHVERXUGRQQHPHQWVSHUSpWXHOVGDQVOHV
RUHLOOHVFHTXH3RUWKRVH[SOLTXDLWDLQVL
8QHWUqVJUDQGHGDPHP
DDSSULVTXHFHODYHXWGLUHTXHO
RQSDUOHGHYRXV
TXHOTXHSDUW
(QILQO
HVFRUWHWUDYHUVD3DULVOHGDQVODQXLWOHURLUHPHUFLD0GH
7UpYLOOHHWOXLSHUPLWGHGLVWULEXHUGHVFRQJpVSRXUTXDWUHMRXUVjOD
FRQGLWLRQTXHSDVXQGHVIDYRULVpVQHSDUDvWUDLWGDQVXQOLHXSXEOLFVRXVSHLQH
GHOD%DVWLOOH
/HVTXDWUHSUHPLHUVFRQJpVDFFRUGpVFRPPHRQOHSHQVHELHQIXUHQWjQRVTXDWUH
DPLV,O\DSOXV$WKRVREWLQWGH0GH7UpYLOOHVL[MRXUVDXOLHXGHTXDWUHHW

ILWPHWWUHGDQVFHVVL[MRXUVGHX[QXLWVGHSOXVFDULOVSDUWLUHQWOHj
FLQTKHXUHVGXVRLUHWSDUFRPSODLVDQFHHQFRUH0GH7UpYLOOHSRVWGDWDOH
FRQJpGXDXPDWLQ
(KPRQ'LHXGLVDLWG
$UWDJQDQTXLFRPPHRQOHVDLWQHGRXWDLWMDPDLVGH
ULHQLOPHVHPEOHTXHQRXVIDLVRQVELHQGHO
HPEDUUDVSRXUXQHFKRVHELHQ
VLPSOHHQGHX[MRXUVHWHQFUHYDQWGHX[RXWURLVFKHYDX[ SHXP
LPSRUWH
M
DLGHO
DUJHQW MHVXLVj%pWKXQHMHUHPHWVODOHWWUHGHODUHLQHjOD
VXSpULHXUHHWMHUDPqQHOHFKHUWUpVRUTXHMHYDLVFKHUFKHUQRQSDVHQ
/RUUDLQHQRQSDVHQ%HOJLTXHPDLVj3DULVRLOVHUDPLHX[FDFKpVXUWRXW
WDQWTXH0OHFDUGLQDOVHUDj/D5RFKHOOH3XLVXQHIRLVGHUHWRXUGHOD
FDPSDJQH(KELHQPRLWLpSDUODSURWHFWLRQGHVDFRXVLQHPRLWLpHQIDYHXUGH
FHTXHQRXVDYRQVIDLWSHUVRQQHOOHPHQWSRXUHOOHQRXVREWLHQGURQVGHODUHLQH
FHTXHQRXVYRXGURQV5HVWH]GRQFLFLQHYRXVpSXLVH]SDVGHIDWLJXH
LQXWLOHPHQWPRLHW3ODQFKHWF
HVWWRXWFHTX
LOIDXWSRXUXQHH[SpGLWLRQ
DXVVLVLPSOH
$FHFL$WKRVUpSRQGLWWUDQTXLOOHPHQW
1RXVDXVVLQRXVDYRQVGHO
DUJHQWFDUMHQ
DLSDVHQFRUHEXWRXWjIDLWOH
UHVWHGXGLDPDQWHW3RUWKRVHW$UDPLVQHO
RQWSDVWRXWjIDLWPDQJp1RXV
FUqYHURQVGRQFDXVVLELHQTXDWUHFKHYDX[TX
XQ0DLVVRQJH]G
$UWDJQDQ
DMRXWDWLOG
XQHYRL[VLVRPEUHTXHVRQDFFHQWGRQQDOHIULVVRQDXMHXQHKRPPH
VRQJH]TXH%pWKXQHHVWXQHYLOOHROHFDUGLQDODGRQQpUHQGH]YRXVjXQHIHPPH
TXLSDUWRXWRHOOHYDPqQHOHPDOKHXUDSUqVHOOH6LYRXVQ
DYLH]DIIDLUH
TX
jTXDWUHKRPPHVG
$UWDJQDQMHYRXVODLVVHUDLVDOOHUVHXOYRXVDYH]
DIIDLUHjFHWWHIHPPHDOORQV\TXDWUHHWSODLVHj'LHXTX
DYHFQRVTXDWUH
YDOHWVQRXVVR\RQVHQQRPEUHVXIILVDQW
9RXVP
pSRXYDQWH]$WKRVV
pFULDG
$UWDJQDQTXHFUDLJQH]YRXVGRQFPRQ
'LHX"
7RXWUpSRQGLW$WKRV
'
$UWDJQDQH[DPLQDOHVYLVDJHVGHVHVFRPSDJQRQVTXLFRPPHFHOXLG
$WKRV
SRUWDLHQWO
HPSUHLQWHG
XQHLQTXLpWXGHSURIRQGHHWO
RQFRQWLQXDODURXWHDX
SOXVJUDQGSDVGHVFKHYDX[PDLVVDQVDMRXWHUXQHVHXOHSDUROH
/HDXVRLUFRPPHLOVHQWUDLHQWj$UUDVHWFRPPHG
$UWDJQDQYHQDLWGHPHWWUH
SLHGjWHUUHjO
DXEHUJHGHOD+HUVHG
2USRXUERLUHXQYHUUHGHYLQXQ
FDYDOLHUVRUWLWGHODFRXUGHODSRVWHRLOYHQDLWGHUHOD\HUSUHQDQWDX
JUDQGJDORSHWDYHFXQFKHYDOIUDLVOHFKHPLQGH3DULV$XPRPHQWRLO
SDVVDLWGHODJUDQGHSRUWHGDQVODUXHOHYHQWHQWURXYULWOHPDQWHDXGRQWLO
pWDLWHQYHORSSpTXRLTX
RQIWDXPRLVG
DRWHWHQOHYDVRQFKDSHDXTXHOH
YR\DJHXUUHWLQWGHVDPDLQDXPRPHQWRLODYDLWGpMjTXLWWpVDWrWHHW
O
HQIRQoDYLYHPHQWVXUVHV\HX[
'
$UWDJQDQTXLDYDLWOHV\HX[IL[pVVXUFHWKRPPHGHYLQWIRUWSkOHHWODLVVD
WRPEHUVRQYHUUH
4X
DYH]YRXV0RQVLHXU"GLW3ODQFKHW2KOjDFFRXUH]0HVVLHXUVYRLOj
PRQPDvWUHTXLVHWURXYHPDO

/HVWURLVDPLVDFFRXUXUHQWHWWURXYqUHQWG
$UWDJQDQTXLDXOLHXGHVHWURXYHU
PDOFRXUDLWjVRQFKHYDO,OVO
DUUrWqUHQWVXUOHVHXLOGHODSRUWH
(KELHQRGLDEOHYDVWXGRQFDLQVL"OXLFULD$WKRV
&
HVWOXLV
pFULDG
$UWDJQDQSkOHGHFROqUHHWODVXHXUVXUOHIURQW
F
HVWOXLODLVVH]PRLOHUHMRLQGUH
0DLVTXLOXL"GHPDQGD$WKRV
/XLFHWKRPPH
4XHOKRPPH"
&HWKRPPHPDXGLWPRQPDXYDLVJpQLHTXHM
DLWRXMRXUVYXORUVTXHM
pWDLV
PHQDFpGHTXHOTXHPDOKHXUFHOXLTXLDFFRPSDJQDLWO
KRUULEOHIHPPHORUVTXHMH
ODUHQFRQWUDLSRXUODSUHPLqUHIRLVFHOXLTXHMHFKHUFKDLVTXDQGM
DLSURYRTXp
$WKRVFHOXLTXHM
DLYXOHPDWLQGXMRXUR0PH%RQDFLHX[DpWpHQOHYpH
O
KRPPHGH0HXQJHQILQMHO
DLYXF
HVWOXL-HO
DLUHFRQQXTXDQGOHYHQWD
HQWURXYHUWVRQPDQWHDX
'LDEOHGLW$WKRVUrYHXU
(QVHOOH0HVVLHXUVHQVHOOHSRXUVXLYRQVOHHWQRXVOHUDWWUDSHURQV
0RQFKHUGLW$UDPLVVRQJH]TX
LOYDGXF{WpRSSRVpjFHOXLRQRXVDOORQV
TX
LODXQFKHYDOIUDLVHWTXHQRVFKHYDX[VRQWIDWLJXpVTXHSDUFRQVpTXHQW
QRXVFUqYHURQVQRVFKHYDX[VDQVPrPHDYRLUODFKDQFHGHOHUHMRLQGUH/DLVVRQV
O
KRPPHG
$UWDJQDQVDXYRQVODIHPPH
(K0RQVLHXUV
pFULDXQJDUoRQG
pFXULHFRXUDQWDSUqVO
LQFRQQXHK
0RQVLHXUYRLOjXQSDSLHUTXLV
HVWpFKDSSpGHYRWUHFKDSHDX(K0RQVLHXU
HK
0RQDPLGLWG
$UWDJQDQXQHGHPLSLVWROHSRXUFHSDSLHU
0DIRL0RQVLHXUDYHFJUDQGSODLVLU/HYRLFL
/HJDUoRQG
pFXULHHQFKDQWpGHODERQQHMRXUQpHTX
LODYDLWIDLWHUHQWUDGDQV
ODFRXUGHO
K{WHOG
$UWDJQDQGpSOLDOHSDSLHU
(KELHQ"GHPDQGqUHQWVHVDPLVHQO
HQWRXUDQW
5LHQTX
XQPRWGLWG
$UWDJQDQ
2XLGLW$UDPLVPDLVFHPRWHVWXQQRPGHYLOOHRXGHYLOODJH
$UPHQWLqUHVOXW3RUWKRV$UPHQWLqUHVMHQHFRQQDLVSDVFHOD
(WFHQRPGHYLOOHRXGHYLOODJHHVWpFULWGHVDPDLQV
pFULD$WKRV
$OORQVDOORQVJDUGRQVVRLJQHXVHPHQWFHSDSLHUGLWG
$UWDJQDQSHXWrWUH
Q
DLMHSDVSHUGXPDGHUQLqUHSLVWROH$FKHYDOPHVDPLVjFKHYDO

(WOHVTXDWUHFRPSDJQRQVV
pODQFqUHQWDXJDORSVXUODURXWHGH%pWKXQH

&KDSLWUH/;,
/(&289(17'(6&$50(/,7(6'(%(7+81(

/HVJUDQGVFULPLQHOVSRUWHQWDYHFHX[XQHHVSqFHGHSUpGHVWLQDWLRQTXLOHXUIDLW
VXUPRQWHUWRXVOHVREVWDFOHVTXLOHVIDLWpFKDSSHUjWRXVOHVGDQJHUVMXVTX
DX
PRPHQWTXHOD3URYLGHQFHODVVpHDPDUTXpSRXUO
pFXHLOGHOHXUIRUWXQHLPSLH
,OHQpWDLWDLQVLGH0LODG\HOOHSDVVDDXWUDYHUVGHVFURLVHXUVGHVGHX[
QDWLRQVHWDUULYDj%RXORJQHVDQVDXFXQDFFLGHQW
(QGpEDUTXDQWj3RUWVPRXWK0LODG\pWDLWXQH$QJODLVHTXHOHVSHUVpFXWLRQVGHOD
)UDQFHFKDVVDLHQWGH/D5RFKHOOHGpEDUTXpHj%RXORJQHDSUqVGHX[MRXUVGH
WUDYHUVpHHOOHVHILWSDVVHUSRXUXQH)UDQoDLVHTXHOHV$QJODLVLQTXLpWDLHQWj
3RUWVPRXWKGDQVODKDLQHTX
LOVDYDLHQWFRQoXHFRQWUHOD)UDQFH
0LODG\DYDLWG
DLOOHXUVOHSOXVHIILFDFHGHVSDVVHSRUWVVDEHDXWpVDJUDQGH
PLQHHWODJpQpURVLWpDYHFODTXHOOHHOOHUpSDQGDLWOHVSLVWROHV$IIUDQFKLHGHV
IRUPDOLWpVG
XVDJHSDUOHVRXULUHDIIDEOHHWOHVPDQLqUHVJDODQWHVG
XQYLHX[
JRXYHUQHXUGXSRUWTXLOXLEDLVDODPDLQHOOHQHUHVWDj%RXORJQHTXHOHWHPSV
GHPHWWUHjODSRVWHXQHOHWWUHDLQVLFRQoXH
$6RQ(PLQHQFH0RQVHLJQHXUOHFDUGLQDOGH5LFKHOLHXHQVRQFDPSGHYDQW/D
5RFKHOOH
0RQVHLJQHXUTXH9RWUH(PLQHQFHVHUDVVXUH6D*UkFHOHGXFGH%XFNLQJKDPQH
SDUWLUDSRLQWSRXUOD)UDQFH
%RXORJQHDXVRLU
0,/$'<'( 
366HORQOHVGpVLUVGH9RWUH(PLQHQFHMHPHUHQGVDXFRXYHQWGHV
FDUPpOLWHVGH%pWKXQHRM
DWWHQGUDLVHVRUGUHV
(IIHFWLYHPHQWOHPrPHVRLU0LODG\VHPLWHQURXWHODQXLWODSULWHOOH
V
DUUrWDHWFRXFKDGDQVXQHDXEHUJHSXLVOHOHQGHPDLQjFLQTKHXUHVGX
PDWLQHOOHSDUWLWHWWURLVKHXUHVDSUqVHOOHHQWUDj%pWKXQH
(OOHVHILWLQGLTXHUOHFRXYHQWGHVFDUPpOLWHVHW\HQWUDDXVVLW{W
/DVXSpULHXUHYLQWDXGHYDQWG
HOOH0LODG\OXLPRQWUDO
RUGUHGXFDUGLQDO
O
DEEHVVHOXLILWGRQQHUXQHFKDPEUHHWVHUYLUjGpMHXQHU
7RXWOHSDVVpV
pWDLWGpMjHIIDFpDX[\HX[GHFHWWHIHPPHHWOHUHJDUGIL[p
YHUVO
DYHQLUHOOHQHYR\DLWTXHODKDXWHIRUWXQHTXHOXLUpVHUYDLWOH

FDUGLQDOTX
HOOHDYDLWVLKHXUHXVHPHQWVHUYLVDQVTXHVRQQRPIWPrOpHQULHQ
jWRXWHFHWWHVDQJODQWHDIIDLUH/HVSDVVLRQVWRXMRXUVQRXYHOOHVTXLOD
FRQVXPDLHQWGRQQDLHQWjVDYLHO
DSSDUHQFHGHFHVQXDJHVTXLYROHQWGDQVOH
FLHOUHIOpWDQWWDQW{WO
D]XUWDQW{WOHIHXWDQW{WOHQRLURSDTXHGHOD
WHPSrWHHWTXLQHODLVVHQWG
DXWUHVWUDFHVVXUODWHUUHTXHODGpYDVWDWLRQHW
ODPRUW
$SUqVOHGpMHXQHUO
DEEHVVHYLQWOXLIDLUHVDYLVLWHLO\DSHXGH
GLVWUDFWLRQDXFORvWUHHWODERQQHVXSpULHXUHDYDLWKkWHGHIDLUHFRQQDLVVDQFH
DYHFVDQRXYHOOHSHQVLRQQDLUH
0LODG\YRXODLWSODLUHjO
DEEHVVHRUF
pWDLWFKRVHIDFLOHjFHWWHIHPPHVL
UpHOOHPHQWVXSpULHXUHHOOHHVVD\DG
rWUHDLPDEOHHOOHIXWFKDUPDQWHHW
VpGXLVLWODERQQHVXSpULHXUHSDUVDFRQYHUVDWLRQVLYDULpHHWSDUOHVJUkFHV
UpSDQGXHVGDQVWRXWHVDSHUVRQQH
/
DEEHVVHTXLpWDLWXQHILOOHGHQREOHVVHDLPDLWVXUWRXWOHVKLVWRLUHVGH
FRXUTXLSDUYLHQQHQWVLUDUHPHQWMXVTX
DX[H[WUpPLWpVGXUR\DXPHHWTXL
VXUWRXWRQWWDQWGHSHLQHjIUDQFKLUOHVPXUVGHVFRXYHQWVDXVHXLOGHVTXHOV
YLHQQHQWH[SLUHUOHVEUXLWVGXPRQGH
0LODG\DXFRQWUDLUHpWDLWIRUWDXFRXUDQWGHWRXWHVOHVLQWULJXHV
DULVWRFUDWLTXHVDXPLOLHXGHVTXHOOHVGHSXLVFLQTRXVL[DQVHOOHDYDLW
FRQVWDPPHQWYpFXHOOHVHPLWGRQFjHQWUHWHQLUODERQQHDEEHVVHGHVSUDWLTXHV
PRQGDLQHVGHODFRXUGH)UDQFHPrOpHVDX[GpYRWLRQVRXWUpHVGXURLHOOHOXL
ILWODFKURQLTXHVFDQGDOHXVHGHVVHLJQHXUVHWGHVGDPHVGHODFRXUTXH
O
DEEHVVHFRQQDLVVDLWSDUIDLWHPHQWGHQRPWRXFKDOpJqUHPHQWOHVDPRXUVGHOD
UHLQHHWGH%XFNLQJKDPSDUODQWEHDXFRXSSRXUTX
RQSDUOkWXQSHX
0DLVO
DEEHVVHVHFRQWHQWDG
pFRXWHUHWGHVRXULUHOHWRXWVDQVUpSRQGUH
&HSHQGDQWFRPPH0LODG\YLWTXHFHJHQUHGHUpFLWO
DPXVDLWIRUWHOOHFRQWLQXD
VHXOHPHQWHOOHILWWRPEHUODFRQYHUVDWLRQVXUOHFDUGLQDO
0DLVHOOHpWDLWIRUWHPEDUUDVVpHHOOHLJQRUDLWVLO
DEEHVVHpWDLWUR\DOLVWHRX
FDUGLQDOLVWHHOOHVHWLQWGDQVXQPLOLHXSUXGHQWPDLVO
DEEHVVHGHVRQ
F{WpVHWLQWGDQVXQHUpVHUYHSOXVSUXGHQWHHQFRUHVHFRQWHQWDQWGHIDLUHXQH
SURIRQGHLQFOLQDWLRQGHWrWHWRXWHVOHVIRLVTXHODYR\DJHXVHSURQRQoDLWOHQRP
GH6RQ(PLQHQFH
0LODG\FRPPHQoDjFURLUHTX
HOOHV
HQQXLHUDLWIRUWGDQVOHFRXYHQWHOOH
UpVROXWGRQFGHULVTXHUTXHOTXHFKRVHSRXUVDYRLUGHVXLWHjTXRLV
HQWHQLU
9RXODQWYRLUMXVTX
RLUDLWODGLVFUpWLRQGHFHWWHERQQHDEEHVVHHOOHVHPLWj
GLUHXQPDOWUqVGLVVLPXOpG
DERUGSXLVWUqVFLUFRQVWDQFLpGXFDUGLQDO
UDFRQWDQWOHVDPRXUVGXPLQLVWUHDYHF0PHG
$LJXLOORQDYHF0DULRQGH/RUPHHW
DYHFTXHOTXHVDXWUHVIHPPHVJDODQWHV
/
DEEHVVHpFRXWDSOXVDWWHQWLYHPHQWV
DQLPDSHXjSHXHWVRXULW
%RQGLW0LODG\HOOHSUHQGJRWjPRQGLVFRXUVVLHOOHHVWFDUGLQDOLVWH
HOOHQ
\PHWSDVGHIDQDWLVPHDXPRLQV
$ORUVHOOHSDVVDDX[SHUVpFXWLRQVH[HUFpHVSDUOHFDUGLQDOVXUVHVHQQHPLV
/
DEEHVVHVHFRQWHQWDGHVHVLJQHUVDQVDSSURXYHUQLGpVDSSURXYHU

&HODFRQILUPD0LODG\GDQVVRQRSLQLRQTXHODUHOLJLHXVHpWDLWSOXW{WUR\DOLVWH
TXHFDUGLQDOLVWH0LODG\FRQWLQXDUHQFKpULVVDQWGHSOXVHQSOXV
-HVXLVIRUWLJQRUDQWHGHWRXWHVFHVPDWLqUHVOjGLWHQILQO
DEEHVVHPDLV
WRXWpORLJQpHVTXHQRXVVRPPHVGHODFRXUWRXWHQGHKRUVGHVLQWpUrWVGXPRQGH
RQRXVQRXVWURXYRQVSODFpHVQRXVDYRQVGHVH[HPSOHVIRUWWULVWHVGHFHTXH
YRXVQRXVUDFRQWH]OjHWO
XQHGHQRVSHQVLRQQDLUHVDELHQVRXIIHUWGHV
YHQJHDQFHVHWGHVSHUVpFXWLRQVGH0OHFDUGLQDO
8QHGHYRVSHQVLRQQDLUHVGLW0LODG\RKPRQ'LHXSDXYUHIHPPHMHOD
SODLQVDORUV
(WYRXVDYH]UDLVRQFDUHOOHHVWELHQjSODLQGUHSULVRQPHQDFHVPDXYDLV
WUDLWHPHQWVHOOHDWRXWVRXIIHUW0DLVDSUqVWRXWUHSULWO
DEEHVVH0OH
FDUGLQDODYDLWSHXWrWUHGHVPRWLIVSODXVLEOHVSRXUDJLUDLQVLHWTXRLTX
HOOH
DLWO
DLUG
XQDQJHLOQHIDXWSDVWRXMRXUVMXJHUOHVJHQVVXUODPLQH
%RQGLW0LODG\jHOOHPrPHTXLVDLWMHYDLVSHXWrWUHGpFRXYULUTXHOTXH
FKRVHLFLMHVXLVHQYHLQH
(WHOOHV
DSSOLTXDjGRQQHUjVRQYLVDJHXQHH[SUHVVLRQGHFDQGHXUSDUIDLWH
+pODVGLW0LODG\MHOHVDLVRQGLWFHODTX
LOQHIDXWSDVFURLUHDX[
SK\VLRQRPLHVPDLVjTXRLFURLUDWRQFHSHQGDQWVLFHQ
HVWDXSOXVEHO
RXYUDJHGX6HLJQHXU"4XDQWjPRLMHVHUDLWURPSpHWRXWHPDYLHSHXWrWUH
PDLVMHPHILHUDLWRXMRXUVjXQHSHUVRQQHGRQWOHYLVDJHP
LQVSLUHUDGHOD
V\PSDWKLH
9RXVVHULH]GRQFWHQWpHGHFURLUHGLWO
DEEHVVHTXHFHWWHMHXQHIHPPHHVW
LQQRFHQWH"
0OHFDUGLQDOQHSXQLWSDVTXHOHVFULPHVGLWHOOHLO\DFHUWDLQHV
YHUWXVTX
LOSRXUVXLWSOXVVpYqUHPHQWTXHFHUWDLQVIRUIDLWV
3HUPHWWH]PRL0DGDPHGHYRXVH[SULPHUPDVXUSULVHGLWO
DEEHVVH
(WVXUTXRL"GHPDQGD0LODG\DYHFQDwYHWp
0DLVVXUOHODQJDJHTXHYRXVWHQH]
4XHWURXYH]YRXVG
pWRQQDQWjFHODQJDJH"GHPDQGDHQVRXULDQW0LODG\
9RXVrWHVO
DPLHGXFDUGLQDOSXLVTX
LOYRXVHQYRLHLFLHWFHSHQGDQW
(WFHSHQGDQWM
HQGLVGXPDOUHSULW0LODG\DFKHYDQWODSHQVpHGHOD
VXSpULHXUH
$XPRLQVQ
HQGLWHVYRXVSDVGHELHQ
&
HVWTXHMHQHVXLVSDVVRQDPLHGLWHOOHHQVRXSLUDQWPDLVVDYLFWLPH
0DLVFHSHQGDQWFHWWHOHWWUHSDUODTXHOOHLOYRXVUHFRPPDQGHjPRL"

(VWXQRUGUHjPRLGHPHWHQLUGDQVXQHHVSqFHGHSULVRQGRQWLOPHIHUD
WLUHUSDUTXHOTXHVXQVGHVHVVDWHOOLWHV
0DLVSRXUTXRLQ
DYH]YRXVSDVIXL"
2LUDLVMH"&UR\H]YRXVTX
LO\DLWXQHQGURLWGHODWHUUHRQHSXLVVH
DWWHLQGUHOHFDUGLQDOV
LOYHXWVHGRQQHUODSHLQHGHWHQGUHODPDLQ"6L
M
pWDLVXQKRPPHjODULJXHXUFHODVHUDLWSRVVLEOHHQFRUHPDLVXQHIHPPHTXH
YRXOH]YRXVTXHIDVVHXQHIHPPH"&HWWHMHXQHSHQVLRQQDLUHTXHYRXVDYH]LFL
DWHOOHHVVD\pGHIXLUHOOH"
1RQF
HVWYUDLPDLVHOOHF
HVWDXWUHFKRVHMHODFURLVUHWHQXHHQ)UDQFH
SDUTXHOTXHDPRXU
$ORUVGLW0LODG\DYHFXQVRXSLUVLHOOHDLPHHOOHQ
HVWSDVWRXWjIDLW
PDOKHXUHXVH
$LQVLGLWO
DEEHVVHHQUHJDUGDQW0LODG\DYHFXQLQWpUrWFURLVVDQWF
HVW
HQFRUHXQHSDXYUHSHUVpFXWpHTXHMHYRLV"
+pODVRXLGLW0LODG\
/
DEEHVVHUHJDUGDXQLQVWDQW0LODG\DYHFLQTXLpWXGHFRPPHVLXQHQRXYHOOH
SHQVpHVXUJLVVDLWGDQVVRQHVSULW
9RXVQ
rWHVSDVHQQHPLHGHQRWUHVDLQWHIRL"GLWHOOHHQEDOEXWLDQW
0RLV
pFULD0LODG\PRLSURWHVWDQWH2KQRQM
DWWHVWHOH'LHXTXLQRXV
HQWHQGTXHMHVXLVDXFRQWUDLUHIHUYHQWHFDWKROLTXH
$ORUV0DGDPHGLWO
DEEHVVHHQVRXULDQWUDVVXUH]YRXVODPDLVRQRYRXV
rWHVQHVHUDSDVXQHSULVRQELHQGXUHHWQRXVIHURQVWRXWFHTX
LOIDXGUDSRXU
YRXVIDLUHFKpULUODFDSWLYLWp,O\DSOXVYRXVWURXYHUH]LFLFHWWHMHXQH
IHPPHSHUVpFXWpHVDQVGRXWHSDUVXLWHGHTXHOTXHLQWULJXHGHFRXU(OOHHVW
DLPDEOHJUDFLHXVH
&RPPHQWODQRPPH]YRXV"
(OOHP
DpWpUHFRPPDQGpHSDUTXHOTX
XQGHWUqVKDXWSODFpVRXVOHQRPGH
.HWW\-HQ
DLSDVFKHUFKpjVDYRLUVRQDXWUHQRP
.HWW\V
pFULD0LODG\TXRLYRXVrWHVVUH"
4X
HOOHVHIDLWDSSHOHUDLQVL"2XL0DGDPHODFRQQDvWULH]YRXV"
0LODG\VRXULWjHOOHPrPHHWjO
LGpHTXLOXLpWDLWYHQXHTXHFHWWHMHXQHIHPPH
SRXYDLWrWUHVRQDQFLHQQHFDPpULqUH,OVHPrODLWDXVRXYHQLUGHFHWWHMHXQH
ILOOHXQVRXYHQLUGHFROqUHHWXQGpVLUGHYHQJHDQFHDYDLWERXOHYHUVpOHV
WUDLWVGH0LODG\TXLUHSULUHQWDXUHVWHSUHVTXHDXVVLW{WO
H[SUHVVLRQFDOPHHW
ELHQYHLOODQWHTXHFHWWHIHPPHDX[FHQWYLVDJHVOHXUDYDLWPRPHQWDQpPHQWIDLW
SHUGUH

(WTXDQGSRXUUDLMHYRLUFHWWHMHXQHGDPHSRXUODTXHOOHMHPHVHQVGpMjXQH
VLJUDQGHV\PSDWKLH"GHPDQGD0LODG\
0DLVFHVRLUGLWO
DEEHVVHGDQVODMRXUQpHPrPH0DLVYRXVYR\DJH]GHSXLV
TXDWUHMRXUVP
DYH]YRXVGLWYRXVPrPHFHPDWLQYRXVYRXVrWHVOHYpHjFLQT
KHXUHVYRXVGHYH]DYRLUEHVRLQGHUHSRV&RXFKH]YRXVHWGRUPH]jO
KHXUHGX
GvQHUQRXVYRXVUpYHLOOHURQV
4XRLTXH0LODG\HWWUqVELHQSXVHSDVVHUGHVRPPHLOVRXWHQXHTX
HOOHpWDLWSDU
WRXWHVOHVH[FLWDWLRQVTX
XQHDYHQWXUHQRXYHOOHIDLVDLWpSURXYHUjVRQFRHXU
DYLGHG
LQWULJXHVHOOHQ
HQDFFHSWDSDVPRLQVO
RIIUHGHODVXSpULHXUHGHSXLV
GRX]HRXTXLQ]HMRXUVHOOHDYDLWSDVVpSDUWDQWG
pPRWLRQVGLYHUVHVTXHVLVRQ
FRUSVGHIHUSRXYDLWHQFRUHVRXWHQLUODIDWLJXHVRQkPHDYDLWEHVRLQGHUHSRV
(OOHSULWGRQFFRQJpGHO
DEEHVVHHWVHFRXFKDGRXFHPHQWEHUFpHSDUOHVLGpHV
GHYHQJHDQFHDX[TXHOOHVO
DYDLWWRXWQDWXUHOOHPHQWUDPHQpHOHQRPGH.HWW\(OOH
VHUDSSHODLWFHWWHSURPHVVHSUHVTXHLOOLPLWpHTXHOXLDYDLWIDLWHOHFDUGLQDO
VLHOOHUpXVVLVVDLWGDQVVRQHQWUHSULVH(OOHDYDLWUpXVVLHOOHSRXUUDLWGRQF
VHYHQJHUGHG
$UWDJQDQ
8QHVHXOHFKRVHpSRXYDQWDLW0LODG\F
pWDLWOHVRXYHQLUGHVRQPDULOHFRPWHGH
/D)qUHTX
HOOHDYDLWFUXPRUWRXGXPRLQVH[SDWULpHWTX
HOOHUHWURXYDLWGDQV
$WKRVOHPHLOOHXUDPLGHG
$UWDJQDQ
0DLVDXVVLV
LOpWDLWO
DPLGHG
$UWDJQDQLODYDLWGOXLSUrWHUDVVLVWDQFH
GDQVWRXWHVOHVPHQpHVjO
DLGHGHVTXHOOHVODUHLQHDYDLWGpMRXpOHVSURMHWVGH
6RQ(PLQHQFHV
LOpWDLWO
DPLGHG
$UWDJQDQLOpWDLWO
HQQHPLGXFDUGLQDO
HWVDQVGRXWHHOOHSDUYLHQGUDLWjO
HQYHORSSHUGDQVODYHQJHDQFHDX[UHSOLVGH
ODTXHOOHHOOHFRPSWDLWpWRXIIHUOHMHXQHPRXVTXHWDLUH
7RXWHVFHVHVSpUDQFHVpWDLHQWGHGRXFHVSHQVpHVSRXU0LODG\DXVVLEHUFpHSDU
HOOHVV
HQGRUPLWHOOHELHQW{W
(OOHIXWUpYHLOOpHSDUXQHYRL[GRXFHTXLUHWHQWLWDXSLHGGHVRQOLW(OOH
RXYULWOHV\HX[HWYLWO
DEEHVVHDFFRPSDJQpHG
XQHMHXQHIHPPHDX[FKHYHX[
EORQGVDXWHLQWGpOLFDWTXLIL[DLWVXUHOOHXQUHJDUGSOHLQG
XQH
ELHQYHLOODQWHFXULRVLWp
/DILJXUHGHFHWWHMHXQHIHPPHOXLpWDLWFRPSOqWHPHQWLQFRQQXHWRXWHVGHX[
V
H[DPLQqUHQWDYHFXQHVFUXSXOHXVHDWWHQWLRQWRXWHQpFKDQJHDQWOHVFRPSOLPHQWV
G
XVDJHWRXWHVGHX[pWDLHQWIRUWEHOOHVPDLVGHEHDXWpVWRXWjIDLW
GLIIpUHQWHV&HSHQGDQW0LODG\VRXULWHQUHFRQQDLVVDQWTX
HOOHO
HPSRUWDLWGH
EHDXFRXSVXUODMHXQHIHPPHHQJUDQGDLUHWHQIDoRQVDULVWRFUDWLTXHV,OHVW
YUDLTXHO
KDELWGHQRYLFHTXHSRUWDLWODMHXQHIHPPHQ
pWDLWSDVWUqV
DYDQWDJHX[SRXUVRXWHQLUXQHOXWWHGHFHJHQUH
/
DEEHVVHOHVSUpVHQWDO
XQHjO
DXWUHSXLVORUVTXHFHWWHIRUPDOLWpIXW
UHPSOLHFRPPHVHVGHYRLUVO
DSSHODLHQWjO
pJOLVHHOOHODLVVDOHVGHX[MHXQHV
IHPPHVVHXOHV
/DQRYLFHYR\DQW0LODG\FRXFKpHYRXODLWVXLYUHODVXSpULHXUHPDLV0LODG\OD
UHWLQW

&RPPHQW0DGDPHOXLGLWHOOHjSHLQHYRXVDLMHDSHUoXHHWYRXVYRXOH]GpMj
PHSULYHUGHYRWUHSUpVHQFHVXUODTXHOOHMHFRPSWDLVFHSHQGDQWXQSHXMHYRXV
O
DYRXHSRXUOHWHPSVTXHM
DLjSDVVHULFL"
1RQ0DGDPHUpSRQGLWODQRYLFHVHXOHPHQWMHFUDLJQDLVG
DYRLUPDOFKRLVL
PRQWHPSVYRXVGRUPLH]YRXVrWHVIDWLJXpH
(KELHQGLW0LODG\TXHSHXYHQWGHPDQGHUOHVJHQVTXLGRUPHQW"XQERQ
UpYHLO&HUpYHLOYRXVPHO
DYH]GRQQpODLVVH]PRLHQMRXLUWRXWjPRQDLVH

(WOXLSUHQDQWODPDLQHOOHO
DWWLUDVXUXQIDXWHXLOTXLpWDLWSUqVGHVRQOLW
/DQRYLFHV
DVVLW
0RQ'LHXGLWHOOHTXHMHVXLVPDOKHXUHXVHYRLOjVL[PRLVTXHMHVXLVLFL
VDQVO
RPEUHG
XQHGLVWUDFWLRQYRXVDUULYH]YRWUHSUpVHQFHDOODLWrWUHSRXU
PRLXQHFRPSDJQLHFKDUPDQWHHWYRLOjTXHVHORQWRXWHSUREDELOLWpG
XQPRPHQW
jO
DXWUHMHYDLVTXLWWHUOHFRXYHQW
&RPPHQWGLW0LODG\YRXVVRUWH]ELHQW{W"
'XPRLQVMHO
HVSqUHGLWODQRYLFHDYHFXQHH[SUHVVLRQGHMRLHTX
HOOHQH
FKHUFKDLWSDVOHPRLQVGXPRQGHjGpJXLVHU
-HFURLVDYRLUDSSULVTXHYRXVDYLH]VRXIIHUWGHODSDUWGXFDUGLQDO
FRQWLQXD0LODG\F
HWpWpXQPRWLIGHSOXVGHV\PSDWKLHHQWUHQRXV
&HTXHP
DGLWQRWUHERQQHPqUHHVWGRQFODYpULWpTXHYRXVpWLH]DXVVLXQH
YLFWLPHGHFHPpFKDQWFDUGLQDO"
&KXWGLW0LODG\PrPHLFLQHSDUORQVSDVDLQVLGHOXLWRXVPHVPDOKHXUV
YLHQQHQWG
DYRLUGLWjSHXSUqVFHTXHYRXVYHQH]GHGLUHGHYDQWXQHIHPPHTXH
MHFUR\DLVPRQDPLHHWTXLP
DWUDKLH(WYRXVrWHVDXVVLYRXVODYLFWLPH
G
XQHWUDKLVRQ"
1RQGLWODQRYLFHPDLVGHPRQGpYRXHPHQWjXQHIHPPHTXHM
DLPDLVSRXUTXL
M
HXVVHGRQQpPDYLHSRXUTXLMHODGRQQHUDLVHQFRUH
(WTXLYRXVDDEDQGRQQpHF
HVWFHOD
-
DLpWpDVVH]LQMXVWHSRXUOHFURLUHPDLVGHSXLVGHX[RXWURLVMRXUVM
DL
DFTXLVODSUHXYHGXFRQWUDLUHHWM
HQUHPHUFLH'LHXLOP
DXUDLWFRWpGH
FURLUHTX
HOOHP
DYDLWRXEOLpH0DLVYRXV0DGDPHFRQWLQXDODQRYLFHLOPH
VHPEOHTXHYRXVrWHVOLEUHHWTXHVLYRXVYRXOLH]IXLULOQHWLHQGUDLWTX
j
YRXV
2YRXOH]YRXVTXHM
DLOOHVDQVDPLVVDQVDUJHQWGDQVXQHSDUWLHGHOD
)UDQFHTXHMHQHFRQQDLVSDVRMHQHVXLVMDPDLVYHQXH"
2KV
pFULDODQRYLFHTXDQWjGHVDPLVYRXVHQDXUH]SDUWRXWRYRXVYRXV
PRQWUHUH]YRXVSDUDLVVH]VLERQQHHWYRXVrWHVVLEHOOH

&HODQ
HPSrFKHSDVUHSULW0LODG\HQDGRXFLVVDQWVRQVRXULUHGHPDQLqUHjOXL
GRQQHUXQHH[SUHVVLRQDQJpOLTXHTXHMHVXLVVHXOHHWSHUVpFXWpH
(FRXWH]GLWODQRYLFHLOIDXWDYRLUERQHVSRLUGDQVOH&LHOYR\H]YRXV
LOYLHQWWRXMRXUVXQPRPHQWROHELHQTXHO
RQDIDLWSODLGHYRWUHFDXVHGHYDQW
'LHXHWWHQH]SHXWrWUHHVWFHXQERQKHXUSRXUYRXVWRXWKXPEOHHWVDQV
SRXYRLUTXHMHVXLVTXHYRXVP
D\H]UHQFRQWUpHFDUVLMHVRUVG
LFL(K
ELHQM
DXUDLTXHOTXHVDPLVSXLVVDQWVTXLDSUqVV
rWUHPLVHQFDPSDJQHSRXU
PRLSRXUURQWDXVVLVHPHWWUHHQFDPSDJQHSRXUYRXV
2KTXDQGM
DLGLWTXHM
pWDLVVHXOHGLW0LODG\HVSpUDQWIDLUHSDUOHUOD
QRYLFHHQSDUODQWG
HOOHPrPHFHQ
HVWSDVIDXWHG
DYRLUDXVVLTXHOTXHV
FRQQDLVVDQFHVKDXWSODFpHVPDLVFHVFRQQDLVVDQFHVWUHPEOHQWHOOHVPrPHVGHYDQW
OHFDUGLQDOODUHLQHHOOHPrPHQ
RVHSDVVRXWHQLUFRQWUHOHWHUULEOHPLQLVWUH
M
DLODSUHXYHTXH6D0DMHVWpPDOJUpVRQH[FHOOHQWFRHXUDSOXVG
XQHIRLV
pWpREOLJpHG
DEDQGRQQHUjODFROqUHGH6RQ(PLQHQFHOHVSHUVRQQHVTXLO
DYDLHQW
VHUYLH
&UR\H]PRL0DGDPHODUHLQHSHXWDYRLUO
DLUG
DYRLUDEDQGRQQpFHV
SHUVRQQHVOjPDLVLOQHIDXWSDVHQFURLUHO
DSSDUHQFHSOXVHOOHVVRQW
SHUVpFXWpHVSOXVHOOHSHQVHjHOOHVHWVRXYHQWDXPRPHQWRHOOHV\SHQVHQW
OHPRLQVHOOHVRQWODSUHXYHG
XQERQVRXYHQLU
+pODVGLW0LODG\MHOHFURLVODUHLQHHVWVLERQQH
2KYRXVODFRQQDLVVH]GRQFFHWWHEHOOHHWQREOHUHLQHTXHYRXVSDUOH]
G
HOOHDLQVLV
pFULDODQRYLFHDYHFHQWKRXVLDVPH
&
HVWjGLUHUHSULW0LODG\SRXVVpHGDQVVHVUHWUDQFKHPHQWVTX
HOOH
SHUVRQQHOOHPHQWMHQ
DLSDVO
KRQQHXUGHODFRQQDvWUHPDLVMHFRQQDLVERQ
QRPEUHGHVHVDPLVOHVSOXVLQWLPHVMHFRQQDLV0GH3XWDQJHM
DLFRQQXHQ
$QJOHWHUUH0'XMDUWMHFRQQDLV0GH7UpYLOOH
0GH7UpYLOOHV
pFULDODQRYLFHYRXVFRQQDLVVH]0GH7UpYLOOH"
2XLSDUIDLWHPHQWEHDXFRXSPrPH
/HFDSLWDLQHGHVPRXVTXHWDLUHVGXURL"
/HFDSLWDLQHGHVPRXVTXHWDLUHVGXURL
2KPDLVYRXVDOOH]YRLUV
pFULDODQRYLFHTXHWRXWjO
KHXUHQRXVDOORQV
rWUHGHVFRQQDLVVDQFHVDFKHYpHVSUHVTXHGHVDPLHVVLYRXVFRQQDLVVH]0GH
7UpYLOOHYRXVDYH]GDOOHUFKH]OXL"
6RXYHQWGLW0LODG\TXLHQWUpHGDQVFHWWHYRLHHWV
DSHUFHYDQWTXHOH
PHQVRQJHUpXVVLVVDLWYRXODLWOHSRXVVHUMXVTX
DXERXW
&KH]OXLYRXVDYH]GYRLUTXHOTXHVXQVGHVHVPRXVTXHWDLUHV"
7RXVFHX[TX
LOUHoRLWKDELWXHOOHPHQWUpSRQGLW0LODG\SRXUODTXHOOHFHWWH
FRQYHUVDWLRQFRPPHQoDLWjSUHQGUHXQLQWpUrWUpHO

1RPPH]PRLTXHOTXHVXQVGHFHX[TXHYRXVFRQQDLVVH]HWYRXVYHUUH]TX
LOV
VHURQWGHPHVDPLV
0DLVGLW0LODG\HPEDUUDVVpHMHFRQQDLV0GH/RXYLJQ\0GH&RXUWLYURQ0
GH)pUXVVDF
/DQRYLFHODODLVVDGLUHSXLVYR\DQWTX
HOOHV
DUUrWDLW
9RXVQHFRQQDLVVH]SDVGLWHOOHXQJHQWLOKRPPHQRPPp$WKRV"
0LODG\GHYLQWDXVVLSkOHTXHOHVGUDSVGDQVOHVTXHOVHOOHpWDLWFRXFKpHHWVL
PDvWUHVVHTX
HOOHIWG
HOOHPrPHQHSXWV
HPSrFKHUGHSRXVVHUXQFULHQ
VDLVLVVDQWODPDLQGHVRQLQWHUORFXWULFHHWHQODGpYRUDQWGXUHJDUG
4XRLTX
DYH]YRXV"2KPRQ'LHXGHPDQGDFHWWHSDXYUHIHPPHDLMHGRQF
GLWTXHOTXHFKRVHTXLYRXVDLWEOHVVpH"
1RQPDLVFHQRPP
DIUDSSpHSDUFHTXHPRLDXVVLM
DLFRQQXFH
JHQWLOKRPPHHWTX
LOPHSDUDvWpWUDQJHGHWURXYHUTXHOTX
XQTXLOHFRQQDLVVH
EHDXFRXS
2KRXLEHDXFRXSEHDXFRXSQRQVHXOHPHQWOXLPDLVHQFRUHVHVDPLV
003RUWKRVHW$UDPLV
(QYpULWpHX[DXVVLMHOHVFRQQDLVV
pFULD0LODG\TXLVHQWLWOHIURLG
SpQpWUHUMXVTX
jVRQFRHXU
(KELHQVLYRXVOHVFRQQDLVVH]YRXVGHYH]VDYRLUTX
LOVVRQWERQVHWIUDQFV
FRPSDJQRQVTXHQHYRXVDGUHVVH]YRXVjHX[VLYRXVDYH]EHVRLQG
DSSXL"
&
HVWjGLUHEDOEXWLD0LODG\MHQHVXLVOLpHUpHOOHPHQWDYHFDXFXQG
HX[
MHOHVFRQQDLVSRXUHQDYRLUEHDXFRXSHQWHQGXSDUOHUSDUXQGHOHXUVDPLV0
G
$UWDJQDQ
9RXVFRQQDLVVH]0G
$UWDJQDQV
pFULDODQRYLFHjVRQWRXUHQVDLVLVVDQW
ODPDLQGH0LODG\HWHQODGpYRUDQWGHV\HX[
3XLVUHPDUTXDQWO
pWUDQJHH[SUHVVLRQGXUHJDUGGH0LODG\
3DUGRQ0DGDPHGLWHOOHYRXVOHFRQQDLVVH]jTXHOWLWUH"
0DLVUHSULW0LODG\HPEDUUDVVpHPDLVjWLWUHG
DPL
9RXVPHWURPSH]0DGDPHGLWODQRYLFHYRXVDYH]pWpVDPDvWUHVVH
&
HVWYRXVTXLO
DYH]pWp0DGDPHV
pFULD0LODG\jVRQWRXU
0RLGLWODQRYLFH
2XLYRXVMHYRXVFRQQDLVPDLQWHQDQWYRXVrWHV0DGDPH%RQDFLHX[
/DMHXQHIHPPHVHUHFXODSOHLQHGHVXUSULVHHWGHWHUUHXU

2KQHQLH]SDVUpSRQGH]UHSULW0LODG\
(KELHQRXL0DGDPHMHO
DLPHGLWODQRYLFHVRPPHVQRXVULYDOHV"
/DILJXUHGH0LODG\V
LOOXPLQDG
XQIHXWHOOHPHQWVDXYDJHTXHGDQVWRXWHDXWUH
FLUFRQVWDQFH0PH%RQDFLHX[VHIWHQIXLHG
pSRXYDQWHPDLVHOOHpWDLWWRXWHj
VDMDORXVLH
9R\RQVGLWHV0DGDPHUHSULW0PH%RQDFLHX[DYHFXQHpQHUJLHGRQWRQO
HW
FUXHLQFDSDEOHDYH]YRXVpWpRXrWHVYRXVVDPDvWUHVVH"
2KQRQV
pFULD0LODG\DYHFXQDFFHQWTXLQ
DGPHWWDLWSDVOHGRXWHVXUVD
YpULWpMDPDLVMDPDLV
-HYRXVFURLVGLW0PH%RQDFLHX[PDLVSRXUTXRLGRQFDORUVYRXVrWHVYRXV
pFULpHDLQVL"
&RPPHQWYRXVQHFRPSUHQH]SDVGLW0LODG\TXLpWDLWGpMjUHPLVHGHVRQ
WURXEOHHWTXLDYDLWUHWURXYpWRXWHVDSUpVHQFHG
HVSULW
&RPPHQWYRXOH]YRXVTXHMHFRPSUHQQH"MHQHVDLVULHQ
9RXVQHFRPSUHQH]SDVTXH0G
$UWDJQDQpWDQWPRQDPLLOP
DYDLWSULVHSRXU
FRQILGHQWH"
9UDLPHQW
9RXVQHFRPSUHQH]SDVTXHMHVDLVWRXWYRWUHHQOqYHPHQWGHODSHWLWHPDLVRQ
GH6DLQW*HUPDLQVRQGpVHVSRLUFHOXLGHVHVDPLVOHXUVUHFKHUFKHVLQXWLOHV
GHSXLVFHPRPHQW(WFRPPHQWQHYRXOH]YRXVSDVTXHMHP
HQpWRQQHTXDQGVDQV
P
HQGRXWHUMHPHWURXYHHQIDFHGHYRXVGHYRXVGRQWQRXVDYRQVSDUOpVL
VRXYHQWHQVHPEOHGHYRXVTX
LODLPHGHWRXWHODIRUFHGHVRQkPHGHYRXVTX
LO
P
DYDLWIDLWDLPHUDYDQWTXHMHYRXVHXVVHYXH"$KFKqUH&RQVWDQFHMHYRXV
WURXYHGRQFMHYRXVYRLVGRQFHQILQ
(W0LODG\WHQGLWVHVEUDVj0PH%RQDFLHX[TXLFRQYDLQFXHSDUFHTX
HOOHYHQDLW
GHOXLGLUHQHYLWSOXVGDQVFHWWHIHPPHTX
XQLQVWDQWDXSDUDYDQWHOOHDYDLW
FUXHVDULYDOHTX
XQHDPLHVLQFqUHHWGpYRXpH
2KSDUGRQQH]PRLSDUGRQQH]PRLV
pFULDWHOOHHQVHODLVVDQWDOOHUVXU
VRQpSDXOHMHO
DLPHWDQW
&HVGHX[IHPPHVVHWLQUHQWXQLQVWDQWHPEUDVVpHV&HUWHVVLOHVIRUFHVGH
0LODG\HXVVHQWpWpjODKDXWHXUGHVDKDLQH0PH%RQDFLHX[QHIWVRUWLHTXH
PRUWHGHFHWHPEUDVVHPHQW0DLVQHSRXYDQWSDVO
pWRXIIHUHOOHOXLVRXULW
2FKqUHEHOOHFKqUHERQQHSHWLWHGLW0LODG\TXHMHVXLVKHXUHXVHGHYRXV
YRLU/DLVVH]PRLYRXVUHJDUGHU(WHQGLVDQWFHVPRWVHOOHODGpYRUDLW
HIIHFWLYHPHQWGXUHJDUG2XLF
HVWELHQYRXV$KG
DSUqVFHTX
LOP
DGLWMH
YRXVUHFRQQDLVjFHWWHKHXUHMHYRXVUHFRQQDLVSDUIDLWHPHQW
/DSDXYUHMHXQHIHPPHQHSRXYDLWVHGRXWHUGHFHTXLVHSDVVDLWG
DIIUHXVHPHQW

FUXHOGHUULqUHOHUHPSDUWGHFHIURQWSXUGHUULqUHFHV\HX[VLEULOODQWVR
HOOHQHOLVDLWTXHGHO
LQWpUrWHWGHODFRPSDVVLRQ
$ORUVYRXVVDYH]FHTXHM
DLVRXIIHUWGLW0PH%RQDFLHX[SXLVTX
LOYRXVDGLW
FHTX
LOVRXIIUDLWPDLVVRXIIULUSRXUOXLF
HVWGXERQKHXU
0LODG\UHSULWPDFKLQDOHPHQW
2XLF
HVWGXERQKHXU
(OOHSHQVDLWjDXWUHFKRVH
(WSXLVFRQWLQXD0PH%RQDFLHX[PRQVXSSOLFHWRXFKHjVRQWHUPHGHPDLQFH
VRLUSHXWrWUHMHOHUHYHUUDLHWDORUVOHSDVVpQ
H[LVWHUDSOXV
&HVRLU"GHPDLQ"V
pFULD0LODG\WLUpHGHVDUrYHULHSDUFHVSDUROHVTXH
YRXOH]YRXVGLUH"$WWHQGH]YRXVTXHOTXHQRXYHOOHGHOXL"
-HO
DWWHQGVOXLPrPH
/XLPrPHG
$UWDJQDQLFL
/XLPrPH
0DLVF
HVWLPSRVVLEOHLOHVWDXVLqJHGH/D5RFKHOOHDYHFOHFDUGLQDOLO
QHUHYLHQGUDj3DULVTX
DSUqVODSULVHGHODYLOOH
9RXVOHFUR\H]DLQVLPDLVHVWFHTX
LO\DTXHOTXHFKRVHG
LPSRVVLEOHjPRQ
G
$UWDJQDQOHQREOHHWOR\DOJHQWLOKRPPH
2KMHQHSXLVYRXVFURLUH
(KELHQOLVH]GRQFGLWGDQVO
H[FqVGHVRQRUJXHLOHWGHVDMRLHOD
PDOKHXUHXVHMHXQHIHPPHHQSUpVHQWDQWXQHOHWWUHj0LODG\
/
pFULWXUHGH0PHGH&KHYUHXVHVHGLWHQHOOHPrPH0LODG\$KM
pWDLVELHQ
VUHTX
LOVDYDLHQWGHVLQWHOOLJHQFHVGHFHF{WpOj
(WHOOHOXWDYLGHPHQWFHVTXHOTXHVOLJQHV
0DFKqUHHQIDQWWHQH]YRXVSUrWHQRWUHDPLYRXVYHUUDELHQW{WHWLOQH
YRXVYHUUDTXHSRXUYRXVDUUDFKHUGHODSULVRQRYRWUHVUHWpH[LJHDLWTXHYRXV
IXVVLH]FDFKpHSUpSDUH]YRXVGRQFDXGpSDUWHWQHGpVHVSpUH]MDPDLVGHQRXV
1RWUHFKDUPDQW*DVFRQYLHQWGHVHPRQWUHUEUDYHHWILGqOHFRPPHWRXMRXUV
GLWHVOXLTX
RQOXLHVWELHQUHFRQQDLVVDQWTXHOTXHSDUWGHO
DYLVTX
LODGRQQp

2XLRXLGLW0LODG\RXLODOHWWUHHVWSUpFLVH6DYH]YRXVTXHOHVWFHWDYLV
"
1RQ-HPHGRXWHVHXOHPHQWTX
LODXUDSUpYHQXODUHLQHGHTXHOTXHQRXYHOOH
PDFKLQDWLRQGXFDUGLQDO

2XLF
HVWFHODVDQVGRXWHGLW0LODG\HQUHQGDQWODOHWWUHj0PH
%RQDFLHX[HWHQODLVVDQWUHWRPEHUVDWrWHSHQVLYHVXUVDSRLWULQH
(QFHPRPHQWRQHQWHQGLWOHJDORSG
XQFKHYDO
2KV
pFULD0PH%RQDFLHX[HQV
pODQoDQWjODIHQrWUHVHUDLWFHGpMjOXL"
0LODG\pWDLWUHVWpHGDQVVRQOLWSpWULILpHSDUODVXUSULVHWDQWGHFKRVHV
LQDWWHQGXHVOXLDUULYDLHQWWRXWjFRXSTXHSRXUODSUHPLqUHIRLVODWrWHOXL
PDQTXDLW
/XLOXLPXUPXUDWHOOHVHUDLWFHOXL"
(WHOOHGHPHXUDLWGDQVVRQOLWOHV\HX[IL[HV
+pODVQRQGLW0PH%RQDFLHX[F
HVWXQKRPPHTXHMHQHFRQQDLVSDVHWTXL
FHSHQGDQWDO
DLUGHYHQLULFLRXLLOUDOHQWLWVDFRXUVHLOV
DUUrWHjOD
SRUWHLOVRQQH
0LODG\VDXWDKRUVGHVRQOLW
9RXVrWHVELHQVUHTXHFHQ
HVWSDVOXL"GLWHOOH
2KRXLELHQVUH
9RXVDYH]SHXWrWUHPDOYX
2KMHYHUUDLVODSOXPHGHVRQIHXWUHOHERXWGHVRQPDQWHDXTXHMHOH
UHFRQQDvWUDLVOXL
0LODG\V
KDELOODLWWRXMRXUV
1
LPSRUWHFHWKRPPHYLHQWLFLGLWHVYRXV"
2XLLOHVWHQWUp
&
HVWRXSRXUYRXVRXSRXUPRL
2KPRQ'LHXFRPPHYRXVVHPEOH]DJLWpH
2XLMHO
DYRXHMHQ
DLSDVYRWUHFRQILDQFHMHFUDLQVWRXWGXFDUGLQDO
&KXWGLW0PH%RQDFLHX[RQYLHQW
(IIHFWLYHPHQWODSRUWHV
RXYULWHWODVXSpULHXUHHQWUD
(VWFHYRXVTXLDUULYH]GH%RXORJQH"GHPDQGDWHOOHj0LODG\
2XLF
HVWPRLUpSRQGLWFHOOHFLHWWkFKDQWGHUHVVDLVLUVRQVDQJIURLG
TXLPHGHPDQGH"
8QKRPPHTXLQHYHXWSDVGLUHVRQQRPPDLVTXLYLHQWGHODSDUWGXFDUGLQDO

(WTXLYHXWPHSDUOHU"GHPDQGD0LODG\
4XLYHXWSDUOHUjXQHGDPHDUULYDQWGH%RXORJQH
$ORUVIDLWHVHQWUHU0DGDPHMHYRXVSULH
2KPRQ'LHXPRQ'LHXGLW0PH%RQDFLHX[VHUDLWFHTXHOTXHPDXYDLVH
QRXYHOOH"
-
HQDLSHXU
-HYRXVODLVVHDYHFFHWpWUDQJHUPDLVDXVVLW{WVRQGpSDUWVLYRXVOH
SHUPHWWH]MHUHYLHQGUDL
&RPPHQWGRQFMHYRXVHQSULH
/DVXSpULHXUHHW0PH%RQDFLHX[VRUWLUHQW
0LODG\UHVWDVHXOHOHV\HX[IL[pVVXUODSRUWHXQLQVWDQWDSUqVRQHQWHQGLW
OHEUXLWG
pSHURQVTXLUHWHQWLVVDLHQWVXUOHVHVFDOLHUVSXLVOHVSDVVH
UDSSURFKqUHQWSXLVODSRUWHV
RXYULWHWXQKRPPHSDUXW
0LODG\MHWDXQFULGHMRLHFHWKRPPHF
pWDLWOHFRPWHGH5RFKHIRUWO
kPH
GDPQpHGH6RQ(PLQHQFH

&KDSLWUH/;,,
'(8;9$5,(7(6'('(0216

$KV
pFULqUHQWHQVHPEOH5RFKHIRUWHW0LODG\F
HVWYRXV
2XLF
HVWPRL
(WYRXVDUULYH]"GHPDQGD0LODG\
'H/D5RFKHOOHHWYRXV"
'
$QJOHWHUUH
%XFNLQJKDP"
0RUWRXEOHVVpGDQJHUHXVHPHQWFRPPHMHSDUWDLVVDQVDYRLUULHQSXREWHQLU
GHOXLXQIDQDWLTXHYHQDLWGHO
DVVDVVLQHU
$KILW5RFKHIRUWDYHFXQVRXULUHYRLOjXQKDVDUGELHQKHXUHX[HWTXL
VDWLVIHUD6RQ(PLQHQFH/
DYH]YRXVSUpYHQXH"

-HOXLDLpFULWGH%RXORJQH0DLVFRPPHQWrWHVYRXVLFL"
6RQ(PLQHQFHLQTXLqWHP
DHQYR\pjYRWUHUHFKHUFKH
-HVXLVDUULYpHG
KLHUVHXOHPHQW
(WTX
DYH]YRXVIDLWGHSXLVKLHU"
-HQ
DLSDVSHUGXPRQWHPSV
2KMHP
HQGRXWHELHQ
6DYH]YRXVTXLM
DLUHQFRQWUpLFL"
1RQ
'HYLQH]
&RPPHQWYRXOH]YRXV"
&HWWHMHXQHIHPPHTXHODUHLQHDWLUpHGHSULVRQ
/DPDvWUHVVHGXSHWLWG
$UWDJQDQ"
2XL0PH%RQDFLHX[GRQWOHFDUGLQDOLJQRUDLWODUHWUDLWH
(KELHQGLW5RFKHIRUWYRLOjHQFRUHXQKDVDUGTXLSHXWDOOHUGHSDLUDYHF
O
DXWUH0OHFDUGLQDOHVWHQYpULWpXQKRPPHSULYLOpJLp
&RPSUHQH]YRXVPRQpWRQQHPHQWFRQWLQXD0LODG\TXDQGMHPHVXLVWURXYpHIDFH
jIDFHDYHFFHWWHIHPPH"
9RXVFRQQDvWHOOH"
1RQ
$ORUVHOOHYRXVUHJDUGHFRPPHXQHpWUDQJqUH"
0LODG\VRXULW
-HVXLVVDPHLOOHXUHDPLH
6XUPRQKRQQHXUGLW5RFKHIRUWLOQ
\DTXHYRXVPDFKqUH&RPWHVVHSRXU
IDLUHGHFHVPLUDFOHVOj
(WELHQP
HQDSULVFKHYDOLHUGLW0LODG\FDUVDYH]YRXVFHTXLVHSDVVH"
1RQ
2QYDODYHQLUFKHUFKHUGHPDLQRXDSUqVGHPDLQDYHFXQRUGUHGHODUHLQH
9UDLPHQW"HWTXLFHOD"

'
$UWDJQDQHWVHVDPLV
(QYpULWpLOVHQIHURQWWDQWTXHQRXVVHURQVREOLJpVGHOHVHQYR\HUjOD
%DVWLOOH
3RXUTXRLQ
HVWFHSRLQWGpMjIDLW"
4XHYRXOH]YRXVSDUFHTXH0OHFDUGLQDODSRXUFHVKRPPHVXQHIDLEOHVVH
TXHMHQHFRPSUHQGVSDV
9UDLPHQW"
2XL
(KELHQGLWHVOXLFHFL5RFKHIRUWGLWHVOXLTXHQRWUHFRQYHUVDWLRQj
O
DXEHUJHGX&RORPELHU5RXJHDpWpHQWHQGXHSDUFHVTXDWUHKRPPHVGLWHVOXL
TX
DSUqVVRQGpSDUWO
XQG
HX[HVWPRQWpHWP
DDUUDFKpSDUYLROHQFHOH
VDXIFRQGXLWTX
LOP
DYDLWGRQQpGLWHVOXLTX
LOVDYDLHQWIDLWSUpYHQLU/RUG
GH:LQWHUGHPRQSDVVDJHHQ$QJOHWHUUHTXHFHWWHIRLVHQFRUHLOVRQWIDLOOL
IDLUHpFKRXHUPDPLVVLRQFRPPHLOVRQWIDLWpFKRXHUFHOOHGHVIHUUHWV
GLWHVOXLTXHSDUPLFHVTXDWUHKRPPHVGHX[VHXOHPHQWVRQWjFUDLQGUH
G
$UWDJQDQHW$WKRVGLWHVOXLTXHOHWURLVLqPH$UDPLVHVWO
DPDQWGH0PHGH
&KHYUHXVHLOIDXWODLVVHUYLYUHFHOXLOjRQVDLWVRQVHFUHWLOSHXWrWUH
XWLOHTXDQWDXTXDWULqPH3RUWKRVF
HVWXQVRWXQIDWHWXQQLDLVTX
LOQH
V
HQRFFXSHPrPHSDV
0DLVFHVTXDWUHKRPPHVGRLYHQWrWUHjFHWWHKHXUHDXVLqJHGH/D5RFKHOOH
-HOHFUR\DLVFRPPHYRXVPDLVXQHOHWWUHTXH0PH%RQDFLHX[DUHoXHGH0PH
GH&KHYUHXVHHWTX
HOOHDHXO
LPSUXGHQFHGHPHFRPPXQLTXHUPHSRUWHjFURLUH
TXHFHVTXDWUHKRPPHVDXFRQWUDLUHVRQWHQFDPSDJQHSRXUODYHQLUHQOHYHU
'LDEOHFRPPHQWIDLUH"
4XHYRXVDGLWOHFDUGLQDOjPRQpJDUG"
'HSUHQGUHYRVGpSrFKHVpFULWHVRXYHUEDOHVGHUHYHQLUHQSRVWHHWTXDQG
LOVDXUDFHTXHYRXVDYH]IDLWLODYLVHUDjFHTXHYRXVGHYH]IDLUH
-HGRLVGRQFUHVWHULFL"GHPDQGD0LODG\
,FLRXGDQVOHVHQYLURQV
9RXVQHSRXYH]P
HPPHQHUDYHFYRXV"
1RQO
RUGUHHVWIRUPHODX[HQYLURQVGXFDPSYRXVSRXUULH]rWUHUHFRQQXH
HWYRWUHSUpVHQFHYRXVOHFRPSUHQH]FRPSURPHWWUDLW6RQ(PLQHQFHVXUWRXWDSUqV
FHTXLYLHQWGHVHSDVVHUOjEDV6HXOHPHQWGLWHVPRLG
DYDQFHRYRXV
DWWHQGUH]GHVQRXYHOOHVGXFDUGLQDOTXHMHVDFKHWRXMRXUVRYRXVUHWURXYHU
(FRXWH]LOHVWSUREDEOHTXHMHQHSRXUUDLUHVWHULFL
3RXUTXRL"

9RXVRXEOLH]TXHPHVHQQHPLVSHXYHQWDUULYHUG
XQPRPHQWjO
DXWUH
&
HVWYUDLPDLVDORUVFHWWHSHWLWHIHPPHYDpFKDSSHUj6RQ(PLQHQFH"
%DKGLW0LODG\DYHFXQVRXULUHTXLQ
DSSDUWHQDLWTX
jHOOHYRXVRXEOLH]
TXHMHVXLVVDPHLOOHXUHDPLH
$KF
HVWYUDLMHSXLVGRQFGLUHDXFDUGLQDOjO
HQGURLWGHFHWWH
IHPPH
4X
LOVRLWWUDQTXLOOH
9RLOjWRXW"
,OVDXUDFHTXHFHODYHXWGLUH
,OOHGHYLQHUD0DLQWHQDQWYR\RQVTXHGRLVMHIDLUH"
5HSDUWLUjO
LQVWDQWPrPHLOPHVHPEOHTXHOHVQRXYHOOHVTXHYRXVUHSRUWH]
YDOHQWELHQODSHLQHTXHO
RQIDVVHGLOLJHQFH
0DFKDLVHV
HVWFDVVpHHQHQWUDQWj/LOOHUV
$PHUYHLOOH
&RPPHQWjPHUYHLOOH"
2XLM
DLEHVRLQGHYRWUHFKDLVHPRLGLWODFRPWHVVH
(WFRPPHQWSDUWLUDLMHDORUV"
$IUDQFpWULHU
9RXVHQSDUOH]ELHQjYRWUHDLVHFHQWTXDWUHYLQJWVOLHXHV
4X
HVWFHTXHFHOD"
2QOHVIHUD$SUqV"
$SUqVHQSDVVDQWj/LOOHUVYRXVPHUHQYR\H]ODFKDLVHDYHFRUGUHjYRWUH
GRPHVWLTXHGHVHPHWWUHjPDGLVSRVLWLRQ
%LHQ
9RXVDYH]VDQVGRXWHVXUYRXVTXHOTXHRUGUHGXFDUGLQDO"
-
DLPRQSOHLQSRXYRLU
9RXVOHPRQWUH]jO
DEEHVVHHWYRXVGLWHVTX
RQYLHQGUDPHFKHUFKHUVRLW
DXMRXUG
KXLVRLWGHPDLQHWTXHM
DXUDLjVXLYUHODSHUVRQQHTXLVHSUpVHQWHUD
HQYRWUHQRP

7UqVELHQ
1
RXEOLH]SDVGHPHWUDLWHUGXUHPHQWHQSDUODQWGHPRLjO
DEEHVVH
$TXRLERQ"
-HVXLVXQHYLFWLPHGXFDUGLQDO,OIDXWELHQTXHM
LQVSLUHGHODFRQILDQFHj
FHWWHSDXYUHSHWLWH0PH%RQDFLHX[
&
HVWMXVWH0DLQWHQDQWYRXOH]YRXVPHIDLUHXQUDSSRUWGHWRXWFHTXLHVW
DUULYp"
0DLVMHYRXVDLUDFRQWpOHVpYpQHPHQWVYRXVDYH]ERQQHPpPRLUHUpSpWH]OHV
FKRVHVFRPPHMHYRXVOHVDLGLWHVXQSDSLHUVHSHUG
9RXVDYH]UDLVRQVHXOHPHQWTXHMHVDFKHRYRXVUHWURXYHUTXHMHQ
DLOOH
SDVFRXULULQXWLOHPHQWGDQVOHVHQYLURQV
&
HVWMXVWHDWWHQGH]
9RXOH]YRXVXQHFDUWH"
2KMHFRQQDLVFHSD\VjPHUYHLOOH
9RXV"TXDQGGRQF\rWHVYRXVYHQXH"
-
\DLpWppOHYpH
9UDLPHQW"
&
HVWERQjTXHOTXHFKRVHYRXVOHYR\H]TXHG
DYRLUpWppOHYpHTXHOTXH
SDUW
9RXVP
DWWHQGUH]GRQF"
/DLVVH]PRLUpIOpFKLUXQLQVWDQWHKWHQH]j$UPHQWLqUHV
4X
HVWFHTXHFHOD$UPHQWLqUHV"
8QHSHWLWHYLOOHVXUOD/\VMHQ
DXUDLTX
jWUDYHUVHUODULYLqUHHWMHVXLV
HQSD\VpWUDQJHU
$PHUYHLOOHPDLVLOHVWELHQHQWHQGXTXHYRXVQHWUDYHUVHUH]ODULYLqUH
TX
HQFDVGHGDQJHU
&
HVWELHQHQWHQGX
(WGDQVFHFDVFRPPHQWVDXUDLMHRYRXVrWHV"
9RXVQ
DYH]SDVEHVRLQGHYRWUHODTXDLV"
1RQ

&
HVWXQKRPPHVU"
$O
pSUHXYH
'RQQH]OHPRLSHUVRQQHQHOHFRQQDvWMHOHODLVVHjO
HQGURLWTXHMH
TXLWWHHWLOYRXVFRQGXLWRMHVXLV
(WYRXVGLWHVTXHYRXVP
DWWHQGH]j$UJHQWLqUHV"
$$UPHQWLqUHVUpSRQGLW0LODG\
(FULYH]PRLFHQRPOjVXUXQPRUFHDXGHSDSLHUGHSHXUTXHMHO
RXEOLHFH
Q
HVWSDVFRPSURPHWWDQWXQQRPGHYLOOHQ
HVWFHSDV"
(KTXLVDLW"1
LPSRUWHGLW0LODG\HQpFULYDQWOHQRPVXUXQHGHPLIHXLOOH
GHSDSLHUMHPHFRPSURPHWV
%LHQGLW5RFKHIRUWHQSUHQDQWGHVPDLQVGH0LODG\OHSDSLHUTX
LOSOLDHW
TX
LOHQIRQoDGDQVODFRLIIHGHVRQIHXWUHG
DLOOHXUVVR\H]WUDQTXLOOHMH
YDLVIDLUHFRPPHOHVHQIDQWVHWGDQVOHFDVRMHSHUGUDLVFHSDSLHUUpSpWHU
OHQRPWRXWOHORQJGHODURXWH0DLQWHQDQWHVWFHWRXW"
-HOHFURLV
&KHUFKRQVELHQ%XFNLQJKDPPRUWRXJULqYHPHQWEOHVVpYRWUHHQWUHWLHQDYHF
OHFDUGLQDOHQWHQGXGHVTXDWUHPRXVTXHWDLUHV/RUGGH:LQWHUSUpYHQXGHYRWUH
DUULYpHj3RUWVPRXWKG
$UWDJQDQHW$WKRVjOD%DVWLOOH$UDPLVO
DPDQWGH0PH
GH&KHYUHXVH3RUWKRVXQIDW0PH%RQDFLHX[UHWURXYpHYRXVHQYR\HUODFKDLVH
OHSOXVW{WSRVVLEOHPHWWUHPRQODTXDLVjYRWUHGLVSRVLWLRQIDLUHGHYRXV
XQHYLFWLPHGXFDUGLQDOSRXUTXHO
DEEHVVHQHSUHQQHDXFXQVRXSoRQ
$UPHQWLqUHVVXUOHVERUGVGHOD/\V(VWFHFHOD"
(QYpULWpPRQFKHUFKHYDOLHUYRXVrWHVXQPLUDFOHGHPpPRLUH$SURSRV
DMRXWH]XQHFKRVH
/DTXHOOH"
-
DLYXGHWUqVMROLVERLVTXLGRLYHQWWRXFKHUDXMDUGLQGXFRXYHQWGLWHV
TX
LOP
HVWSHUPLVGHPHSURPHQHUGDQVFHVERLVTXLVDLW"M
DXUDLSHXWrWUH
EHVRLQGHVRUWLUSDUXQHSRUWHGHGHUULqUH
9RXVSHQVH]jWRXW
(WYRXVYRXVRXEOLH]XQHFKRVH
/DTXHOOH"
&
HVWGHPHGHPDQGHUVLM
DLEHVRLQG
DUJHQW
&
HVWMXVWHFRPELHQYRXOH]YRXV"
7RXWFHTXHYRXVDXUH]G
RU

-
DLFLQTFHQWVSLVWROHVjSHXSUqV
-
HQDLDXWDQWDYHFPLOOHSLVWROHVRQIDLWIDFHjWRXWYLGH]YRVSRFKHV
9RLOj&RPWHVVH
%LHQPRQFKHU&RPWHHWYRXVSDUWH]"
'DQVXQHKHXUHOHWHPSVGHPDQJHUXQPRUFHDXSHQGDQWOHTXHOM
HQYHUUDL
FKHUFKHUXQFKHYDOGHSRVWH
$PHUYHLOOH$GLHX&KHYDOLHU
$GLHX&RPWHVVH
5HFRPPDQGH]PRLDXFDUGLQDOGLW0LODG\
5HFRPPDQGH]PRLj6DWDQUpSOLTXD5RFKHIRUW
0LODG\HW5RFKHIRUWpFKDQJqUHQWXQVRXULUHHWVHVpSDUqUHQW
8QHKHXUHDSUqV5RFKHIRUWSDUWLWDXJUDQGJDORSGHVRQFKHYDOFLQTKHXUHV
DSUqVLOSDVVDLWj$UUDV
1RVOHFWHXUVVDYHQWGpMjFRPPHQWLODYDLWpWpUHFRQQXSDUG
$UWDJQDQHWFRPPHQW
FHWWHUHFRQQDLVVDQFHHQLQVSLUDQWGHVFUDLQWHVDX[TXDWUHPRXVTXHWDLUHVDYDLW
GRQQpXQHQRXYHOOHDFWLYLWpjOHXUYR\DJH

&KDSLWUH/;,,,
81(*2877('
($8

$SHLQH5RFKHIRUWIXWLOVRUWLTXH0PH%RQDFLHX[UHQWUD(OOHWURXYD0LODG\OH
YLVDJHULDQW
(KELHQGLWODMHXQHIHPPHFHTXHYRXVFUDLJQLH]HVWGRQFDUULYpFHVRLU
RXGHPDLQOHFDUGLQDOYRXVHQYRLHSUHQGUH"
4XLYRXVDGLWFHODPRQHQIDQW"GHPDQGD0LODG\
-HO
DLHQWHQGXGHODERXFKHPrPHGXPHVVDJHU
9HQH]YRXVDVVHRLULFLSUqVGHPRLGLW0LODG\
0HYRLFL
$WWHQGH]TXHMHP
DVVXUHVLSHUVRQQHQHQRXVpFRXWH
3RXUTXRLWRXWHVFHVSUpFDXWLRQV"

9RXVDOOH]OHVDYRLU
0LODG\VHOHYDHWDOODjODSRUWHO
RXYULWUHJDUGDGDQVOHFRUULGRUHWUHYLQW
VHUDVVHRLUSUqVGH0PH%RQDFLHX[
$ORUVGLWHOOHLODELHQMRXpVRQU{OH
4XLFHOD"
&HOXLTXLV
HVWSUpVHQWpjO
DEEHVVHFRPPHO
HQYR\pGXFDUGLQDO
&
pWDLWGRQFXQU{OHTX
LOMRXDLW"
2XLPRQHQIDQW
&HWKRPPHQ
HVWGRQFSDV
&HWKRPPHGLW0LODG\HQEDLVVDQWODYRL[F
HVWPRQIUqUH
9RWUHIUqUHV
pFULD0PH%RQDFLHX[
(KELHQLOQ
\DTXHYRXVTXLVDFKLH]FHVHFUHWPRQHQIDQWVLYRXVOH
FRQILH]jTXLTXHFHVRLWDXPRQGHMHVHUDLSHUGXHHWYRXVDXVVLSHXWrWUH
2KPRQ'LHX
(FRXWH]YRLFLFHTXLVHSDVVHPRQIUqUHTXLYHQDLWjPRQVHFRXUVSRXU
P
HQOHYHULFLGHIRUFHV
LOOHIDOODLWDUHQFRQWUpO
pPLVVDLUHGXFDUGLQDOTXL
YHQDLWPHFKHUFKHULOO
DVXLYL$UULYpjXQHQGURLWGXFKHPLQVROLWDLUHHW
pFDUWpLODPLVO
pSpHjODPDLQHQVRPPDQWOHPHVVDJHUGHOXLUHPHWWUHOHV
SDSLHUVGRQWLOpWDLWSRUWHXUOHPHVVDJHUDYRXOXVHGpIHQGUHPRQIUqUHO
D
WXp
2KILW0PH%RQDFLHX[HQIULVVRQQDQW
&
pWDLWOHVHXOPR\HQVRQJH]\$ORUVPRQIUqUHDUpVROXGHVXEVWLWXHUOD
UXVHjODIRUFHLODSULVOHVSDSLHUVLOV
HVWSUpVHQWpLFLFRPPHO
pPLVVDLUH
GXFDUGLQDOOXLPrPHHWGDQVXQHKHXUHRXGHX[XQHYRLWXUHGRLWYHQLUPH
SUHQGUHGHODSDUWGH6RQ(PLQHQFH
-HFRPSUHQGVFHWWHYRLWXUHF
HVWYRWUHIUqUHTXLYRXVO
HQYRLH
-XVWHPHQWPDLVFHQ
HVWSDVWRXWFHWWHOHWWUHTXHYRXVDYH]UHoXHHWTXH
YRXVFUR\H]GH0PH&KHYUHXVH
(KELHQ"
(OOHHVWIDXVVH
&RPPHQWFHOD"
2XLIDXVVHF
HVWXQSLqJHSRXUTXHYRXVQHIDVVLH]SDVGHUpVLVWDQFHTXDQG

RQYLHQGUDYRXVFKHUFKHU
0DLVF
HVWG
$UWDJQDQTXLYLHQGUD
'pWURPSH]YRXVG
$UWDJQDQHWVHVDPLVVRQWUHWHQXVDXVLqJHGH/D5RFKHOOH
&RPPHQWVDYH]YRXVFHOD"
0RQIUqUHDUHQFRQWUpGHVpPLVVDLUHVGXFDUGLQDOHQKDELWVGHPRXVTXHWDLUHV
2QYRXVDXUDLWDSSHOpHjODSRUWHYRXVDXULH]FUXDYRLUDIIDLUHjGHVDPLVRQ
YRXVHQOHYDLWHWRQYRXVUDPHQDLWj3DULV
2KPRQ'LHXPDWrWHVHSHUGDXPLOLHXGHFHFKDRVG
LQLTXLWpV-HVHQV
TXHVLFHODGXUDLWFRQWLQXD0PH%RQDFLHX[HQSRUWDQWVHVPDLQVjVRQIURQWMH
GHYLHQGUDLVIROOH
$WWHQGH]
4XRL"
-
HQWHQGVOHSDVG
XQFKHYDOF
HVWFHOXLGHPRQIUqUHTXLUHSDUWMHYHX[
OXLGLUHXQGHUQLHUDGLHXYHQH]
0LODG\RXYULWODIHQrWUHHWILWVLJQHj0PH%RQDFLHX[GHO
\UHMRLQGUH/DMHXQH
IHPPH\DOOD
5RFKHIRUWSDVVDLWDXJDORS
$GLHXIUqUHV
pFULD0LODG\
/HFKHYDOLHUOHYDODWrWHYLWOHVGHX[MHXQHVIHPPHVHWWRXWFRXUDQWILWj
0LODG\XQVLJQHDPLFDOGHODPDLQ
&HERQ*HRUJHVGLWHOOHHQUHIHUPDQWODIHQrWUHDYHFXQHH[SUHVVLRQGH
YLVDJHSOHLQHG
DIIHFWLRQHWGHPpODQFROLH
(WHOOHUHYLQWV
DVVHRLUjVDSODFHFRPPHVLHOOHHWpWpSORQJpHGDQVGHV
UpIOH[LRQVWRXWHVSHUVRQQHOOHV
&KqUHGDPHGLW0PH%RQDFLHX[SDUGRQGHYRXVLQWHUURPSUHPDLVTXHPH
FRQVHLOOH]YRXVGHIDLUH"PRQ'LHX9RXVDYH]SOXVG
H[SpULHQFHTXHPRL
SDUOH]MHYRXVpFRXWH
'
DERUGGLW0LODG\LOVHSHXWTXHMHPHWURPSHHWTXHG
$UWDJQDQHWVHV
DPLVYLHQQHQWYpULWDEOHPHQWjYRWUHVHFRXUV
2KF
HWpWpWURSEHDXV
pFULD0PH%RQDFLHX[HWWDQWGHERQKHXUQ
HVW
SDVIDLWSRXUPRL
$ORUVYRXVFRPSUHQH]FHVHUDLWWRXWVLPSOHPHQWXQHTXHVWLRQGHWHPSVXQH
HVSqFHGHFRXUVHjTXLDUULYHUDOHSUHPLHU6LFHVRQWYRVDPLVTXLO
HPSRUWHQW
HQUDSLGLWpYRXVrWHVVDXYpHVLFHVRQWOHVVDWHOOLWHVGXFDUGLQDOYRXVrWHV
SHUGXH

2KRXLRXLSHUGXHVDQVPLVpULFRUGH4XHIDLUHGRQF"TXHIDLUH"
,O\DXUDLWXQPR\HQELHQVLPSOHELHQQDWXUHO
/HTXHOGLWHV"
&HVHUDLWG
DWWHQGUHFDFKpHGDQVOHVHQYLURQVHWGHV
DVVXUHUDLQVLTXHOV
VRQWOHVKRPPHVTXLYLHQGURQWYRXVGHPDQGHU
0DLVRDWWHQGUH"
2KFHFLQ
HVWSRLQWXQHTXHVWLRQPRLPrPHMHP
DUUrWHHWMHPHFDFKHj
TXHOTXHVOLHXHVG
LFLHQDWWHQGDQWTXHPRQIUqUHYLHQQHPHUHMRLQGUH(KELHQ
MHYRXVHPPqQHDYHFPRLQRXVQRXVFDFKRQVHWQRXVDWWHQGRQVHQVHPEOH
0DLVRQQHPHODLVVHUDSDVSDUWLUMHVXLVLFLSUHVTXHSULVRQQLqUH
&RPPHRQFURLWTXHMHSDUVVXUXQRUGUHGXFDUGLQDORQQHYRXVFURLUDSDV
WUqVSUHVVpHGHPHVXLYUH
(KELHQ"
(KELHQODYRLWXUHHVWjODSRUWHYRXVPHGLWHVDGLHXYRXVPRQWH]VXUOH
PDUFKHSLHGSRXUPHVHUUHUGDQVYRVEUDVXQHGHUQLqUHIRLVOHGRPHVWLTXHGHPRQ
IUqUHTXLYLHQWPHSUHQGUHHVWSUpYHQXLOIDLWXQVLJQHDXSRVWLOORQHWQRXV
SDUWRQVDXJDORS
0DLVG
$UWDJQDQG
$UWDJQDQV
LOYLHQW"
1HOHVDXURQVQRXVSDV"
&RPPHQW"
5LHQGHSOXVIDFLOH1RXVUHQYR\RQVj%pWKXQHFHGRPHVWLTXHGHPRQIUqUHj
TXLMHYRXVO
DLGLWQRXVSRXYRQVQRXVILHULOSUHQGXQGpJXLVHPHQWHWVH
ORJHHQIDFHGXFRXYHQWVLFHVRQWOHVpPLVVDLUHVGXFDUGLQDOTXLYLHQQHQWLO
QHERXJHSDVVLF
HVW0G
$UWDJQDQHWVHVDPLVLOOHVDPqQHRQRXVVRPPHV
,OOHVFRQQDvWGRQF"
6DQVGRXWHQ
DWLOSDVYX0G
$UWDJQDQFKH]PRL
2KRXLRXLYRXVDYH]UDLVRQDLQVLWRXWYDELHQWRXWHVWSRXUOHPLHX[
PDLVQHQRXVpORLJQRQVSDVG
LFL
$VHSWRXKXLWOLHXHVWRXWDXSOXVQRXVQRXVWHQRQVVXUODIURQWLqUHSDU
H[HPSOHHWjODSUHPLqUHDOHUWHQRXVVRUWRQVGH)UDQFH
(WG
LFLOjTXHIDLUH"
$WWHQGUH

0DLVV
LOVDUULYHQW"
/DYRLWXUHGHPRQIUqUHDUULYHUDDYDQWHX[
6LMHVXLVORLQGHYRXVTXDQGRQYLHQGUDYRXVSUHQGUHjGvQHURXjVRXSHU
SDUH[HPSOH"
)DLWHVXQHFKRVH
/DTXHOOH"
'LWHVjYRWUHERQQHVXSpULHXUHTXHSRXUQRXVTXLWWHUOHPRLQVSRVVLEOHYRXV
OXLGHPDQGHUH]ODSHUPLVVLRQGHSDUWDJHUPRQUHSDV
/HSHUPHWWUDWHOOH"
4XHOLQFRQYpQLHQW\DWLOjFHOD"
2KWUqVELHQGHFHWWHIDoRQQRXVQHQRXVTXLWWHURQVSDVXQLQVWDQW
(KELHQGHVFHQGH]FKH]HOOHSRXUOXLIDLUHYRWUHGHPDQGH-HPHVHQVOD
WrWHORXUGHMHYDLVIDLUHXQWRXUDXMDUGLQ
$OOH]HWRYRXVUHWURXYHUDLMH"
,FLGDQVXQHKHXUH
,FLGDQVXQHKHXUHRKYRXVrWHVERQQHHWMHYRXVUHPHUFLH
&RPPHQWQHP
LQWpUHVVHUDLVMHSDVjYRXV"4XDQGYRXVQHVHULH]SDVEHOOHHW
FKDUPDQWHQ
rWHVYRXVSDVO
DPLHG
XQGHPHVPHLOOHXUVDPLV
&KHUG
$UWDJQDQRKFRPPHLOYRXVUHPHUFLHUD
-HO
HVSqUHELHQ$OORQVWRXWHVWFRQYHQXGHVFHQGRQV
9RXVDOOH]DXMDUGLQ"
2XL
6XLYH]FHFRUULGRUXQSHWLWHVFDOLHUYRXV\FRQGXLW
$PHUYHLOOHPHUFL
(WOHVGHX[IHPPHVVHTXLWWqUHQWHQpFKDQJHDQWXQFKDUPDQWVRXULUH
0LODG\DYDLWGLWODYpULWpHOOHDYDLWODWrWHORXUGHFDUVHVSURMHWVPDO
FODVVpVV
\KHXUWDLHQWFRPPHGDQVXQFKDRV(OOHDYDLWEHVRLQG
rWUHVHXOHSRXU
PHWWUHXQSHXG
RUGUHGDQVVHVSHQVpHV(OOHYR\DLWYDJXHPHQWGDQVO
DYHQLU
PDLVLOOXLIDOODLWXQSHXGHVLOHQFHHWGHTXLpWXGHSRXUGRQQHUjWRXWHVVHV
LGpHVHQFRUHFRQIXVHVXQHIRUPHGLVWLQFWHXQSODQDUUrWp
&HTX
LO\DYDLWGHSOXVSUHVVpF
pWDLWG
HQOHYHU0PH%RQDFLHX[GHODPHWWUH

HQOLHXGHVUHWpHWOjOHFDVpFKpDQWGHV
HQIDLUHXQRWDJH0LODG\
FRPPHQoDLWjUHGRXWHUO
LVVXHGHFHGXHOWHUULEOHRVHVHQQHPLVPHWWDLHQW
DXWDQWGHSHUVpYpUDQFHTX
HOOHPHWWDLWHOOHG
DFKDUQHPHQW
'
DLOOHXUVHOOHVHQWDLWFRPPHRQVHQWYHQLUXQRUDJHTXHFHWWHLVVXHpWDLW
SURFKHHWQHSRXYDLWPDQTXHUG
rWUHWHUULEOH
/HSULQFLSDOSRXUHOOHFRPPHQRXVO
DYRQVGLWpWDLWGRQFGHWHQLU0PH
%RQDFLHX[HQWUHVHVPDLQV0PH%RQDFLHX[F
pWDLWODYLHGHG
$UWDJQDQF
pWDLW
SOXVTXHVDYLHF
pWDLWFHOOHGHODIHPPHTX
LODLPDLWF
pWDLWHQFDVGH
PDXYDLVHIRUWXQHXQPR\HQGHWUDLWHUHWG
REWHQLUVUHPHQWGHERQQHV
FRQGLWLRQV
2UFHSRLQWpWDLWDUUrWp0PH%RQDFLHX[VDQVGpILDQFHODVXLYDLWXQHIRLV
FDFKpHDYHFHOOHj$UPHQWLqUHVLOpWDLWIDFLOHGHOXLIDLUHFURLUHTXH
G
$UWDJQDQQ
pWDLWSDVYHQXj%pWKXQH'DQVTXLQ]HMRXUVDXSOXV5RFKHIRUW
VHUDLWGHUHWRXUSHQGDQWFHVTXLQ]HMRXUVG
DLOOHXUVHOOHDYLVHUDLWjFH
TX
HOOHDXUDLWjIDLUHSRXUVHYHQJHUGHVTXDWUHDPLV(OOHQHV
HQQXLHUDLWSDV
'LHXPHUFLFDUHOOHDXUDLWOHSOXVGRX[SDVVHWHPSVTXHOHVpYpQHPHQWVSXVVHQW
DFFRUGHUjXQHIHPPHGHVRQFDUDFWqUHXQHERQQHYHQJHDQFHjSHUIHFWLRQQHU
7RXWHQUrYDQWHOOHMHWDLWOHV\HX[DXWRXUG
HOOHHWFODVVDLWGDQVVDWrWHOD
WRSRJUDSKLHGXMDUGLQ0LODG\pWDLWFRPPHXQERQJpQpUDOTXLSUpYRLWWRXW
HQVHPEOHODYLFWRLUHHWODGpIDLWHHWTXLHVWWRXWSUrWVHORQOHVFKDQFHVGH
ODEDWDLOOHjPDUFKHUHQDYDQWRXjEDWWUHHQUHWUDLWH
$XERXWG
XQHKHXUHHOOHHQWHQGLWXQHGRXFHYRL[TXLO
DSSHODLWF
pWDLWFHOOH
GH0PH%RQDFLHX[/DERQQHDEEHVVHDYDLWQDWXUHOOHPHQWFRQVHQWLjWRXWHWSRXU
FRPPHQFHUHOOHVDOODLHQWVRXSHUHQVHPEOH
(QDUULYDQWGDQVODFRXUHOOHVHQWHQGLUHQWOHEUXLWG
XQHYRLWXUHTXL
V
DUUrWDLWjODSRUWH
(QWHQGH]YRXV"GLWHOOH
2XLOHURXOHPHQWG
XQHYRLWXUH
&
HVWFHOOHTXHPRQIUqUHQRXVHQYRLH
2KPRQ'LHX
9R\RQVGXFRXUDJH
2QVRQQDjODSRUWHGXFRXYHQW0LODG\QHV
pWDLWSDVWURPSpH
0RQWH]GDQVYRWUHFKDPEUHGLWHOOHj0PH%RQDFLHX[YRXVDYH]ELHQTXHOTXHV
ELMRX[TXHYRXVGpVLUH]HPSRUWHU
-
DLVHVOHWWUHVGLWHOOH
(KELHQDOOH]OHVFKHUFKHUHWYHQH]PHUHMRLQGUHFKH]PRLQRXVVRXSHURQVj
ODKkWHSHXWrWUHYR\DJHURQVQRXVXQHSDUWLHGHODQXLWLOIDXWSUHQGUHGHV
IRUFHV

*UDQG'LHXGLW0PH%RQDFLHX[HQPHWWDQWODPDLQVXUVDSRLWULQHOHFRHXU
P
pWRXIIHMHQHSXLVPDUFKHU
'XFRXUDJHDOORQVGXFRXUDJHSHQVH]TXHGDQVXQTXDUWG
KHXUHYRXVrWHV
VDXYpHHWVRQJH]TXHFHTXHYRXVDOOH]IDLUHF
HVWSRXUOXLTXHYRXVOH
IDLWHV
2KRXLWRXWSRXUOXL9RXVP
DYH]UHQGXPRQFRXUDJHSDUXQVHXOPRW
DOOH]MHYRXVUHMRLQV
0LODG\PRQWDYLYHPHQWFKH]HOOHHOOH\WURXYDOHODTXDLVGH5RFKHIRUWHWOXL
GRQQDVHVLQVWUXFWLRQV
,OGHYDLWDWWHQGUHjODSRUWHVLSDUKDVDUGOHVPRXVTXHWDLUHVSDUDLVVDLHQWOD
YRLWXUHSDUWDLWDXJDORSIDLVDLWOHWRXUGXFRXYHQWHWDOODLWDWWHQGUH0LODG\
jXQSHWLWYLOODJHTXLpWDLWVLWXpGHO
DXWUHF{WpGXERLV'DQVFHFDV0LODG\
WUDYHUVDLWOHMDUGLQHWJDJQDLWOHYLOODJHjSLHGQRXVO
DYRQVGLWGpMj
0LODG\FRQQDLVVDLWjPHUYHLOOHFHWWHSDUWLHGHOD)UDQFH
6LOHVPRXVTXHWDLUHVQHSDUDLVVDLHQWSDVOHVFKRVHVDOODLHQWFRPPHLOpWDLW
FRQYHQX0PH%RQDFLHX[PRQWDLWGDQVODYRLWXUHVRXVSUpWH[WHGHOXLGLUHDGLHX
HW0LODG\HQOHYDLW0PH%RQDFLHX[
0PH%RQDFLHX[HQWUDHWSRXUOXL{WHUWRXWVRXSoRQVLHOOHHQDYDLW0LODG\
UpSpWDGHYDQWHOOHDXODTXDLVWRXWHODGHUQLqUHSDUWLHGHVHVLQVWUXFWLRQV
0LODG\ILWTXHOTXHVTXHVWLRQVVXUODYRLWXUHF
pWDLWXQHFKDLVHDWWHOpHGH
WURLVFKHYDX[FRQGXLWHSDUXQSRVWLOORQOHODTXDLVGH5RFKHIRUWGHYDLWOD
SUpFpGHUHQFRXUULHU
&
pWDLWjWRUWTXH0LODG\FUDLJQDLWTXH0PH%RQDFLHX[Q
HWGHVVRXSoRQVOD
SDXYUHMHXQHIHPPHpWDLWWURSSXUHSRXUVRXSoRQQHUGDQVXQHDXWUHIHPPHXQH
WHOOHSHUILGLHG
DLOOHXUVOHQRPGHODFRPWHVVHGH:LQWHUTX
HOOHDYDLW
HQWHQGXSURQRQFHUSDUO
DEEHVVHOXLpWDLWSDUIDLWHPHQWLQFRQQXHWHOOH
LJQRUDLWPrPHTX
XQHIHPPHHWHXXQHSDUWVLJUDQGHHWVLIDWDOHDX[PDOKHXUV
GHVDYLH
9RXVOHYR\H]GLW0LODG\ORUVTXHOHODTXDLVIXWVRUWLWRXWHVWSUrW
/
DEEHVVHQHVHGRXWHGHULHQHWFURLWTX
RQPHYLHQWFKHUFKHUGHODSDUWGX
FDUGLQDO&HWKRPPHYDGRQQHUOHVGHUQLHUVRUGUHVSUHQH]ODPRLQGUHFKRVH
EXYH]XQGRLJWGHYLQHWSDUWRQV
2XLGLWPDFKLQDOHPHQW0PH%RQDFLHX[RXLSDUWRQV
0LODG\OXLILWVLJQHGHV
DVVHRLUGHYDQWHOOHOXLYHUVDXQSHWLWYHUUHGHYLQ
G
(VSDJQHHWOXLVHUYLWXQEODQFGHSRXOHW
9R\H]OXLGLWHOOHVLWRXWQHQRXVVHFRQGHSDVYRLFLODQXLWTXLYLHQW
DXSRLQWGXMRXUQRXVVHURQVDUULYpHVGDQVQRWUHUHWUDLWHHWQXOQHSRXUUDVH
GRXWHURQRXVVRPPHV9R\RQVGXFRXUDJHSUHQH]TXHOTXHFKRVH
0PH%RQDFLHX[PDQJHDPDFKLQDOHPHQWTXHOTXHVERXFKpHVHWWUHPSDVHVOqYUHVGDQV

VRQYHUUH
$OORQVGRQFDOORQVGRQFGLW0LODG\SRUWDQWOHVLHQjVHVOqYUHVIDLWHV
FRPPHPRL
0DLVDXPRPHQWRHOOHO
DSSURFKDLWGHVDERXFKHVDPDLQUHVWDVXVSHQGXHHOOH
YHQDLWG
HQWHQGUHVXUODURXWHFRPPHOHURXOHPHQWORLQWDLQG
XQJDORSTXLDOODLW
V
DSSURFKDQWSXLVSUHVTXHHQPrPHWHPSVLOOXLVHPEODHQWHQGUHGHV
KHQQLVVHPHQWVGHFKHYDX[
&HEUXLWODWLUDGHVDMRLHFRPPHXQEUXLWG
RUDJHUpYHLOOHDXPLOLHXG
XQEHDX
UrYHHOOHSkOLWHWFRXUXWjODIHQrWUHWDQGLVTXH0PH%RQDFLHX[VHOHYDQW
WRXWHWUHPEODQWHV
DSSX\DLWVXUVDFKDLVHSRXUQHSRLQWWRPEHU
2QQHYR\DLWULHQHQFRUHVHXOHPHQWRQHQWHQGDLWOHJDORSTXLDOODLWWRXMRXUVVH
UDSSURFKDQW
2KPRQ'LHXGLW0PH%RQDFLHX[TX
HVWFHTXHFHEUXLW"
&HOXLGHQRVDPLVRXGHQRVHQQHPLVGLW0LODG\DYHFVRQVDQJIURLGWHUULEOH
UHVWH]RYRXVrWHVMHYDLVYRXVOHGLUH
0PH%RQDFLHX[GHPHXUDGHERXWPXHWWHLPPRELOHHWSkOHFRPPHXQHVWDWXH
/HEUXLWGHYHQDLWSOXVIRUWOHVFKHYDX[QHGHYDLHQWSDVrWUHjSOXVGHFHQW
FLQTXDQWHSDVVLRQQHOHVDSHUFHYDLWSRLQWHQFRUHF
HVWTXHODURXWHIDLVDLW
XQFRXGH7RXWHIRLVOHEUXLWGHYHQDLWVLGLVWLQFWTX
RQHWSXFRPSWHUOHV
FKHYDX[SDUOHEUXLWVDFFDGpGHOHXUVIHUV
0LODG\UHJDUGDLWGHWRXWHODSXLVVDQFHGHVRQDWWHQWLRQLOIDLVDLWMXVWHDVVH]
FODLUSRXUTX
HOOHSWUHFRQQDvWUHFHX[TXLYHQDLHQW
7RXWjFRXSDXGpWRXUGXFKHPLQHOOHYLWUHOXLUHGHVFKDSHDX[JDORQQpVHW
IORWWHUGHVSOXPHVHOOHFRPSWDGHX[SXLVFLQTSXLVKXLWFDYDOLHUVO
XQ
G
HX[SUpFpGDLWWRXVOHVDXWUHVGHGHX[ORQJXHXUVGHFKHYDO
0LODG\SRXVVDXQUXJLVVHPHQWpWRXIIp'DQVFHOXLTXLWHQDLWODWrWHHOOH
UHFRQQXWG
$UWDJQDQ
2KPRQ'LHXPRQ'LHXV
pFULD0PH%RQDFLHX[TX
\DWLOGRQF"
&
HVWO
XQLIRUPHGHVJDUGHVGH0OHFDUGLQDOSDVXQLQVWDQWjSHUGUH
V
pFULD0LODG\)X\RQVIX\RQV
2XLRXLIX\RQVUpSpWD0PH%RQDFLHX[PDLVVDQVSRXYRLUIDLUHXQSDV
FORXpHTX
HOOHpWDLWjVDSODFHSDUODWHUUHXU
2QHQWHQGLWOHVFDYDOLHUVTXLSDVVDLHQWVRXVODIHQrWUH
9HQH]GRQFPDLVYHQH]GRQFV
pFULDLW0LODG\HQHVVD\DQWGHWUDvQHUOD
MHXQHIHPPHSDUOHEUDV*UkFHDXMDUGLQQRXVSRXYRQVIXLUHQFRUHM
DLOD
FOHIPDLVKkWRQVQRXVGDQVFLQTPLQXWHVLOVHUDLWWURSWDUG

0PH%RQDFLHX[HVVD\DGHPDUFKHUILWGHX[SDVHWWRPEDVXUVHVJHQRX[
0LODG\HVVD\DGHODVRXOHYHUHWGHO
HPSRUWHUPDLVHOOHQHSXWHQYHQLUjERXW
(QFHPRPHQWRQHQWHQGLWOHURXOHPHQWGHODYRLWXUHTXLjODYXHGHV
PRXVTXHWDLUHVSDUWDLWDXJDORS3XLVWURLVRXTXDWUHFRXSVGHIHXUHWHQWLUHQW
8QHGHUQLqUHIRLVYRXOH]YRXVYHQLU"V
pFULD0LODG\
2KPRQ'LHXPRQ'LHXYRXVYR\H]ELHQTXHOHVIRUFHVPHPDQTXHQWYRXV
YR\H]ELHQTXHMHQHSXLVPDUFKHUIX\H]VHXOH
)XLUVHXOHYRXVODLVVHULFLQRQQRQMDPDLVV
pFULD0LODG\
7RXWjFRXSXQpFODLUOLYLGHMDLOOLWGHVHV\HX[G
XQERQGpSHUGXHHOOH
FRXUXWjODWDEOHYHUVDGDQVOHYHUUHGH0PH%RQDFLHX[OHFRQWHQXG
XQFKDWRQ
GHEDJXHTX
HOOHRXYULWDYHFXQHSURPSWLWXGHVLQJXOLqUH
&
pWDLWXQJUDLQURXJHkWUHTXLVHIRQGLWDXVVLW{W
3XLVSUHQDQWOHYHUUHG
XQHPDLQIHUPH
%XYH]GLWHOOHFHYLQYRXVGRQQHUDGHVIRUFHVEXYH]
(WHOOHDSSURFKDOHYHUUHGHVOqYUHVGHODMHXQHIHPPHTXLEXWPDFKLQDOHPHQW
$KFHQ
HVWSDVDLQVLTXHMHYRXODLVPHYHQJHUGLW0LODG\HQUHSRVDQWDYHF
XQVRXULUHLQIHUQDOOHYHUUHVXUODWDEOHPDLVPDIRLRQIDLWFHTX
RQSHXW

(WHOOHV
pODQoDKRUVGHO
DSSDUWHPHQW
0PH%RQDFLHX[ODUHJDUGDIXLUVDQVSRXYRLUODVXLYUHHOOHpWDLWFRPPHFHV
JHQVTXLUrYHQWTX
RQOHVSRXUVXLWHWTXLHVVD\HQWYDLQHPHQWGHPDUFKHU
4XHOTXHVPLQXWHVVHSDVVqUHQWXQEUXLWDIIUHX[UHWHQWLVVDLWjODSRUWHj
FKDTXHLQVWDQW0PH%RQDFLHX[V
DWWHQGDLWjYRLUUHSDUDvWUH0LODG\TXLQH
UHSDUDLVVDLWSDV
3OXVLHXUVIRLVGHWHUUHXUVDQVGRXWHODVXHXUPRQWDIURLGHjVRQIURQW
EUODQW
(QILQHOOHHQWHQGLWOHJULQFHPHQWGHVJULOOHVTX
RQRXYUDLWOHEUXLWGHVERWWHV
HWGHVpSHURQVUHWHQWLWSDUOHVHVFDOLHUVLOVHIDLVDLWXQJUDQGPXUPXUHGH
YRL[TXLDOODLHQWVHUDSSURFKDQWHWDXPLOLHXGHVTXHOOHVLOOXLVHPEODLW
HQWHQGUHSURQRQFHUVRQQRP
7RXWjFRXSHOOHMHWDXQJUDQGFULGHMRLHHWV
pODQoDYHUVODSRUWHHOOHDYDLW
UHFRQQXODYRL[GHG
$UWDJQDQ
'
$UWDJQDQG
$UWDJQDQV
pFULDWHOOHHVWFHYRXV"3DULFLSDULFL

&RQVWDQFH&RQVWDQFHUpSRQGLWOHMHXQHKRPPHRrWHVYRXV"PRQ'LHX
$XPrPHPRPHQWODSRUWHGHODFHOOXOHFpGDDXFKRFSOXW{WTX
HOOHQHV
RXYULW
SOXVLHXUVKRPPHVVHSUpFLSLWqUHQWGDQVODFKDPEUH0PH%RQDFLHX[pWDLWWRPEpH
GDQVXQIDXWHXLOVDQVSRXYRLUIDLUHXQPRXYHPHQW
'
$UWDJQDQMHWDXQSLVWROHWHQFRUHIXPDQWTX
LOWHQDLWjODPDLQHWWRPEDj
JHQRX[GHYDQWVDPDvWUHVVH$WKRVUHSDVVDOHVLHQjVDFHLQWXUH3RUWKRVHW
$UDPLVTXLWHQDLHQWOHXUVpSpHVQXHVOHVUHPLUHQWDXIRXUUHDX
2KG
$UWDJQDQPRQELHQDLPpG
$UWDJQDQWXYLHQVGRQFHQILQWXQH
P
DYDLVSDVWURPSpHF
HVWELHQWRL
2XLRXL&RQVWDQFHUpXQLV
2KHOOHDYDLWEHDXGLUHTXHWXQHYLHQGUDLVSDVM
HVSpUDLVVRXUGHPHQWMH
Q
DLSDVYRXOXIXLURKFRPPHM
DLELHQIDLWFRPPHMHVXLVKHXUHXVH
$FHPRWHOOH$WKRVTXLV
pWDLWDVVLVWUDQTXLOOHPHQWVHOHYDWRXWjFRXS
(OOHTXLHOOH"GHPDQGDG
$UWDJQDQ
0DLVPDFRPSDJQHFHOOHTXLSDUDPLWLpSRXUPRLYRXODLWPHVRXVWUDLUHj
PHVSHUVpFXWHXUVFHOOHTXLYRXVSUHQDQWSRXUGHVJDUGHVGXFDUGLQDOYLHQWGH
V
HQIXLU
9RWUHFRPSDJQHV
pFULDG
$UWDJQDQGHYHQDQWSOXVSkOHTXHOHYRLOHEODQFGH
VDPDvWUHVVHGHTXHOOHFRPSDJQHYRXOH]YRXVGRQFSDUOHU"
'HFHOOHGRQWODYRLWXUHpWDLWjODSRUWHG
XQHIHPPHTXLVHGLWYRWUHDPLH
G
$UWDJQDQG
XQHIHPPHjTXLYRXVDYH]WRXWUDFRQWp
6RQQRPVRQQRPV
pFULDG
$UWDJQDQPRQ'LHXQHVDYH]YRXVGRQFSDVVRQ
QRP"
6LIDLWRQO
DSURQRQFpGHYDQWPRLDWWHQGH]PDLVF
HVWpWUDQJHRK
PRQ'LHXPDWrWHVHWURXEOHMHQ
\YRLVSOXV
$PRLPHVDPLVjPRLVHVPDLQVVRQWJODFpHVV
pFULDG
$UWDJQDQHOOHVH
WURXYHPDOJUDQG'LHXHOOHSHUGFRQQDLVVDQFH
7DQGLVTXH3RUWKRVDSSHODLWDXVHFRXUVGHWRXWHODSXLVVDQFHGHVDYRL[$UDPLV
FRXUXWjODWDEOHSRXUSUHQGUHXQYHUUHG
HDXPDLVLOV
DUUrWDHQYR\DQW
O
KRUULEOHDOWpUDWLRQGXYLVDJHG
$WKRVTXLGHERXWGHYDQWODWDEOHOHV
FKHYHX[KpULVVpVOHV\HX[JODFpVGHVWXSHXUUHJDUGDLWO
XQGHVYHUUHVHW
VHPEODLWHQSURLHDXGRXWHOHSOXVKRUULEOH
2KGLVDLW$WKRVRKQRQF
HVWLPSRVVLEOH'LHXQHSHUPHWWUDLWSDVXQ
SDUHLOFULPH
'HO
HDXGHO
HDXFULDLWG
$UWDJQDQGHO
HDX
SDXYUHIHPPHSDXYUHIHPPHPXUPXUDLW$WKRVG
XQHYRL[EULVpH

0PH%RQDFLHX[URXYULWOHV\HX[VRXVOHVEDLVHUVGHG
$UWDJQDQ
(OOHUHYLHQWjHOOHV
pFULDOHMHXQHKRPPH2KPRQ'LHXPRQ'LHXMHWH
UHPHUFLH
0DGDPHGLW$WKRV0DGDPHDXQRPGX&LHOjTXLFHYHUUHYLGH"
$PRL0RQVLHXUUpSRQGLWODMHXQHIHPPHG
XQHYRL[PRXUDQWH
0DLVTXLYRXVDYHUVpFHYLQTXLpWDLWGDQVFHYHUUH"
(OOH
0DLVTXLGRQFHOOH"
$KMHPHVRXYLHQVGLW0PH%RQDFLHX[ODFRPWHVVHGH:LQWHU
/HVTXDWUHDPLVSRXVVqUHQWXQVHXOHWPrPHFULPDLVFHOXLG
$WKRVGRPLQDWRXV
OHVDXWUHV
(QFHPRPHQWOHYLVDJHGH0PH%RQDFLHX[GHYLQWOLYLGHXQHGRXOHXUVRXUGHOD
WHUUDVVDHOOHWRPEDKDOHWDQWHGDQVOHVEUDVGH3RUWKRVHWG
$UDPLV
'
$UWDJQDQVDLVLWOHVPDLQVG
$WKRVDYHFXQHDQJRLVVHGLIILFLOHjGpFULUH
(WTXRLGLWLOWXFURLV
6DYRL[V
pWHLJQLWGDQVXQVDQJORW
-HFURLVWRXWGLW$WKRVHQVHPRUGDQWOHVOqYUHVMXVTX
DXVDQJ
'
$UWDJQDQG
$UWDJQDQV
pFULD0PH%RQDFLHX[RHVWX"QHPHTXLWWHSDV
WXYRLVELHQTXHMHYDLVPRXULU
'
$UWDJQDQOkFKDOHVPDLQVG
$WKRVTX
LOWHQDLWHQFRUHHQWUHVHVPDLQV
FULVSpHVHWFRXUXWjHOOH
6RQYLVDJHVLEHDXpWDLWWRXWERXOHYHUVpVHV\HX[YLWUHX[Q
DYDLHQWGpMjSOXV
GHUHJDUGXQWUHPEOHPHQWFRQYXOVLIDJLWDLWVRQFRUSVODVXHXUFRXODLWVXUVRQ
IURQW
$XQRPGX&LHOFRXUH]DSSHOHU3RUWKRV$UDPLVGHPDQGH]GXVHFRXUV
,QXWLOHGLW$WKRVLQXWLOHDXSRLVRQTX
HOOHYHUVHLOQ
\DSDVGH
FRQWUHSRLVRQ
2XLRXLGXVHFRXUVGXVHFRXUVPXUPXUD0PH%RQDFLHX[GXVHFRXUV
3XLVUDVVHPEODQWWRXWHVVHVIRUFHVHOOHSULWODWrWHGXMHXQHKRPPHHQWUHVHV
GHX[PDLQVOHUHJDUGDXQLQVWDQWFRPPHVLWRXWHVRQkPHpWDLWSDVVpHGDQVVRQ
UHJDUGHWDYHFXQFULVDQJORWDQWHOOHDSSX\DVHVOqYUHVVXUOHVVLHQQHV

&RQVWDQFH&RQVWDQFHV
pFULDG
$UWDJQDQ
8QVRXSLUV
pFKDSSDGHODERXFKHGH0PH%RQDFLHX[HIIOHXUDQWFHOOHGH
G
$UWDJQDQFHVRXSLUF
pWDLWFHWWHkPHVLFKDVWHHWVLDLPDQWHTXLUHPRQWDLW
DXFLHO
'
$UWDJQDQQHVHUUDLWSOXVTX
XQFDGDYUHHQWUHVHVEUDV
/HMHXQHKRPPHSRXVVDXQFULHWWRPEDSUqVGHVDPDvWUHVVHDXVVLSkOHHWDXVVL
JODFpTX
HOOH
3RUWKRVSOHXUD$UDPLVPRQWUDOHSRLQJDXFLHO$WKRVILWOHVLJQHGHODFURL[
(QFHPRPHQWXQKRPPHSDUXWVXUODSRUWHSUHVTXHDXVVLSkOHTXHFHX[TXL
pWDLHQWGDQVODFKDPEUHHWUHJDUGDWRXWDXWRXUGHOXLYLW0PH%RQDFLHX[PRUWH
HWG
$UWDJQDQpYDQRXL
,ODSSDUDLVVDLWMXVWHjFHWLQVWDQWGHVWXSHXUTXLVXLWOHVJUDQGHV
FDWDVWURSKHV
-HQHP
pWDLVSDVWURPSpGLWLOYRLOj0G
$UWDJQDQHWYRXVrWHVVHVWURLV
DPLV00$WKRV3RUWKRVHW$UDPLV
&HX[GRQWOHVQRPVYHQDLHQWG
rWUHSURQRQFpVUHJDUGDLHQWO
pWUDQJHUDYHF
pWRQQHPHQWLOOHXUVHPEODLWjWRXVWURLVOHUHFRQQDvWUH
0HVVLHXUVUHSULWOHQRXYHDXYHQXYRXVrWHVFRPPHPRLjODUHFKHUFKHG
XQH
IHPPHTXLDMRXWDWLODYHFXQVRXULUHWHUULEOHDGSDVVHUSDULFLFDUM
\
YRLVXQFDGDYUH
/HVWURLVDPLVUHVWqUHQWPXHWVVHXOHPHQWODYRL[FRPPHOHYLVDJHOHXU
UDSSHODLWXQKRPPHTX
LOVDYDLHQWGpMjYXFHSHQGDQWLOVQHSRXYDLHQWVH
VRXYHQLUGDQVTXHOOHVFLUFRQVWDQFHV
0HVVLHXUVFRQWLQXDO
pWUDQJHUSXLVTXHYRXVQHYRXOH]SDVUHFRQQDvWUHXQ
KRPPHTXLSUREDEOHPHQWYRXVGRLWODYLHGHX[IRLVLOIDXWELHQTXHMHPHQRPPH
MHVXLV/RUGGH:LQWHUOHEHDXIUqUHGHFHWWHIHPPH
/HVWURLVDPLVMHWqUHQWXQFULGHVXUSULVH
$WKRVVHOHYDHWOXLWHQGLWODPDLQ
6R\H]OHELHQYHQX0LORUGGLWLOYRXVrWHVGHVQ{WUHV
-HVXLVSDUWLFLQTKHXUHVDSUqVHOOHGH3RUWVPRXWKGLW/RUGGH:LQWHUMH
VXLVDUULYpWURLVKHXUHVDSUqVHOOHj%RXORJQHMHO
DLPDQTXpHGHYLQJWPLQXWHV
j6DLQW2PHUHQILQj/LOOHUVM
DLSHUGXVDWUDFH-
DOODLVDXKDVDUG
P
LQIRUPDQWjWRXWOHPRQGHTXDQGMHYRXVDLYXVSDVVHUDXJDORSM
DLUHFRQQX
0G
$UWDJQDQ-HYRXVDLDSSHOpVYRXVQHP
DYH]SDVUpSRQGXM
DLYRXOXYRXV
VXLYUHPDLVPRQFKHYDOpWDLWWURSIDWLJXpSRXUDOOHUGXPrPHWUDLQTXHOHV
Y{WUHV(WFHSHQGDQWLOSDUDvWTXHPDOJUpODGLOLJHQFHTXHYRXVDYH]IDLWHYRXV
rWHVHQFRUHDUULYpVWURSWDUG

9RXVYR\H]GLW$WKRVHQPRQWUDQWj/RUGGH:LQWHU0PH%RQDFLHX[PRUWHHW
G
$UWDJQDQTXH3RUWKRVHW$UDPLVHVVD\DLHQWGHUDSSHOHUjODYLH
6RQWLOVGRQFPRUWVWRXVGHX["GHPDQGDIURLGHPHQW/RUGGH:LQWHU
1RQKHXUHXVHPHQWUpSRQGLW$WKRV0G
$UWDJQDQQ
HVWTX
pYDQRXL
$KWDQWPLHX[GLW/RUGGH:LQWHU
(QHIIHWHQFHPRPHQWG
$UWDJQDQURXYULWOHV\HX[
,OV
DUUDFKDGHVEUDVGH3RUWKRVHWG
$UDPLVHWVHMHWDFRPPHXQLQVHQVpVXUOH
FRUSVGHVDPDvWUHVVH
$WKRVVHOHYDPDUFKDYHUVVRQDPLG
XQSDVOHQWHWVROHQQHOO
HPEUDVVD
WHQGUHPHQWHWFRPPHLOpFODWDLWHQVDQJORWVLOOXLGLWGHVDYRL[VLQREOHHW
VLSHUVXDVLYH
$PLVRLVKRPPHOHVIHPPHVSOHXUHQWOHVPRUWVOHVKRPPHVOHVYHQJHQW
2KRXLGLWG
$UWDJQDQRXLVLF
HVWSRXUODYHQJHUMHVXLVSUrWjWH
VXLYUH
$WKRVSURILWDGHFHPRPHQWGHIRUFHTXHO
HVSRLUGHODYHQJHDQFHUHQGDLWjVRQ
PDOKHXUHX[DPLSRXUIDLUHVLJQHj3RUWKRVHWj$UDPLVG
DOOHUFKHUFKHUOD
VXSpULHXUH
/HVGHX[DPLVODUHQFRQWUqUHQWGDQVOHFRUULGRUHQFRUHWRXWHWURXEOpHHWWRXW
pSHUGXHGHWDQWG
pYpQHPHQWVHOOHDSSHODTXHOTXHVUHOLJLHXVHVTXLFRQWUH
WRXWHVOHVKDELWXGHVPRQDVWLTXHVVHWURXYqUHQWHQSUpVHQFHGHFLQTKRPPHV
0DGDPHGLW$WKRVHQSDVVDQWOHEUDVGHG
$UWDJQDQVRXVOHVLHQQRXV
DEDQGRQQRQVjYRVVRLQVSLHX[OHFRUSVGHFHWWHPDOKHXUHXVHIHPPH&HIXWXQ
DQJHVXUODWHUUHDYDQWG
rWUHXQDQJHDXFLHO7UDLWH]ODFRPPHXQHGHYRV
VRHXUVQRXVUHYLHQGURQVXQMRXUSULHUVXUVDWRPEH
'
$UWDJQDQFDFKDVDILJXUHGDQVODSRLWULQHG
$WKRVHWpFODWDHQVDQJORWV
3OHXUHGLW$WKRVSOHXUHFRHXUSOHLQG
DPRXUGHMHXQHVVHHWGHYLH+pODV
MHYRXGUDLVELHQSRXYRLUSOHXUHUFRPPHWRL
(WLOHQWUDvQDVRQDPLDIIHFWXHX[FRPPHXQSqUHFRQVRODQWFRPPHXQSUrWUH
JUDQGFRPPHO
KRPPHTXLDEHDXFRXSVRXIIHUW
7RXVFLQTVXLYLVGHOHXUVYDOHWVWHQDQWOHXUVFKHYDX[SDUODEULGH
V
DYDQFqUHQWYHUVODYLOOHGH%pWKXQHGRQWRQDSHUFHYDLWOHIDXERXUJHWLOV
V
DUUrWqUHQWGHYDQWODSUHPLqUHDXEHUJHTX
LOVUHQFRQWUqUHQW
0DLVGLWG
$UWDJQDQQHSRXUVXLYRQVQRXVSDVFHWWHIHPPH"
3OXVWDUGGLW$WKRVM
DLGHVPHVXUHVjSUHQGUH
(OOHQRXVpFKDSSHUDUHSULWOHMHXQHKRPPHHOOHQRXVpFKDSSHUD$WKRVHWFH

VHUDWDIDXWH
-HUpSRQGVG
HOOHGLW$WKRV
'
$UWDJQDQDYDLWXQHWHOOHFRQILDQFHGDQVODSDUROHGHVRQDPLTX
LOEDLVVDOD
WrWHHWHQWUDGDQVO
DXEHUJHVDQVULHQUpSRQGUH
3RUWKRVHW$UDPLVVHUHJDUGDLHQWQHFRPSUHQDQWULHQjO
DVVXUDQFHG
$WKRV
/RUGGH:LQWHUFUR\DLWTX
LOSDUODLWDLQVLSRXUHQJRXUGLUODGRXOHXUGH
G
$UWDJQDQ
0DLQWHQDQW0HVVLHXUVGLW$WKRVORUVTX
LOVHIXWDVVXUpTX
LO\DYDLWFLQT
FKDPEUHVGHOLEUHVGDQVO
K{WHOUHWLURQVQRXVFKDFXQFKH]VRLG
$UWDJQDQD
EHVRLQG
rWUHVHXOSRXUSOHXUHUHWYRXVSRXUGRUPLU-HPHFKDUJHGHWRXWVR\H]
WUDQTXLOOHV
,OPHVHPEOHFHSHQGDQWGLW/RUGGH:LQWHUTXHV
LO\DTXHOTXHPHVXUHj
SUHQGUHFRQWUHODFRPWHVVHFHODPHUHJDUGHF
HVWPDEHOOHVRHXU
(WPRLGLW$WKRVF
HVWPDIHPPH
'
$UWDJQDQWUHVVDLOOLWFDULOFRPSULWTX
$WKRVpWDLWVUGHVDYHQJHDQFH
SXLVTX
LOUpYpODLWXQSDUHLOVHFUHW3RUWKRVHW$UDPLVVHUHJDUGqUHQWHQ
SkOLVVDQW/RUGGH:LQWHUSHQVDTX
$WKRVpWDLWIRX
5HWLUH]YRXVGRQFGLW$WKRVHWODLVVH]PRLIDLUH9RXVYR\H]ELHQTX
HQPD
TXDOLWpGHPDULFHODPHUHJDUGH6HXOHPHQWG
$UWDJQDQVLYRXVQHO
DYH]SDV
SHUGXUHPHWWH]PRLFHSDSLHUTXLV
HVWpFKDSSpGXFKDSHDXGHFHWKRPPHHWVXU
OHTXHOHVWpFULWOHQRPGHODYLOOH
$KGLWG
$UWDJQDQMHFRPSUHQGVFHQRPpFULWGHVDPDLQ
7XYRLVELHQGLW$WKRVTX
LO\DXQ'LHXGDQVOHFLHO

&KDSLWUH/;,9
/
+200($80$17($8528*(

/HGpVHVSRLUG
$WKRVDYDLWIDLWSODFHjXQHGRXOHXUFRQFHQWUpHTXLUHQGDLWSOXV
OXFLGHVHQFRUHOHVEULOODQWHVIDFXOWpVG
HVSULWGHFHWKRPPH
7RXWHQWLHUjXQHVHXOHSHQVpHFHOOHGHODSURPHVVHTX
LODYDLWIDLWHHWGHOD
UHVSRQVDELOLWpTX
LODYDLWSULVHLOVHUHWLUDOHGHUQLHUGDQVVDFKDPEUHSULD
O
K{WHGHOXLSURFXUHUXQHFDUWHGHODSURYLQFHVHFRXUEDGHVVXVLQWHUURJHD
OHVOLJQHVWUDFpHVUHFRQQXWTXHTXDWUHFKHPLQVGLIIpUHQWVVHUHQGDLHQWGH
%pWKXQHj$UPHQWLqUHVHWILWDSSHOHUOHVYDOHWV
3ODQFKHW*ULPDXG0RXVTXHWRQHW%D]LQVHSUpVHQWqUHQWHWUHoXUHQWOHVRUGUHV

FODLUVSRQFWXHOVHWJUDYHVG
$WKRV
,OVGHYDLHQWSDUWLUDXSRLQWGXMRXUOHOHQGHPDLQHWVHUHQGUHj$UPHQWLqUHV
FKDFXQSDUXQHURXWHGLIIpUHQWH3ODQFKHWOHSOXVLQWHOOLJHQWGHVTXDWUH
GHYDLWVXLYUHFHOOHSDUODTXHOOHDYDLWGLVSDUXODYRLWXUHVXUODTXHOOHOHV
TXDWUHDPLVDYDLHQWWLUpHWTXLpWDLWDFFRPSDJQpHRQVHOHUDSSHOOHGX
GRPHVWLTXHGH5RFKHIRUW
$WKRVPLWOHVYDOHWVHQFDPSDJQHG
DERUGSDUFHTXHGHSXLVTXHFHVKRPPHV
pWDLHQWjVRQVHUYLFHHWjFHOXLGHVHVDPLVLODYDLWUHFRQQXHQFKDFXQG
HX[
GHVTXDOLWpVGLIIpUHQWHVHWHVVHQWLHOOHV
3XLVGHVYDOHWVTXLLQWHUURJHQWLQVSLUHQWDX[SDVVDQWVPRLQVGHGpILDQFHTXH
OHXUVPDvWUHVHWWURXYHQWSOXVGHV\PSDWKLHFKH]FHX[DX[TXHOVLOVV
DGUHVVHQW
(QILQ0LODG\FRQQDLVVDLWOHVPDvWUHVWDQGLVTX
HOOHQHFRQQDLVVDLWSDVOHV
YDOHWVDXFRQWUDLUHOHVYDOHWVFRQQDLVVDLHQWSDUIDLWHPHQW0LODG\
7RXVTXDWUHGHYDLHQWVHWURXYHUUpXQLVOHOHQGHPDLQjRQ]HKHXUHVjO
HQGURLW
LQGLTXpV
LOVDYDLHQWGpFRXYHUWODUHWUDLWHGH0LODG\WURLVUHVWHUDLHQWjOD
JDUGHUOHTXDWULqPHUHYLHQGUDLWj%pWKXQHSRXUSUpYHQLU$WKRVHWVHUYLUGH
JXLGHDX[TXDWUHDPLV
&HVGLVSRVLWLRQVSULVHVOHVYDOHWVVHUHWLUqUHQWjOHXUWRXU
$WKRVDORUVVHOHYDGHVDFKDLVHFHLJQLWVRQpSpHV
HQYHORSSDGDQVVRQPDQWHDX
HWVRUWLWGHO
K{WHOLOpWDLWGL[KHXUHVjSHXSUqV$GL[KHXUHVGXVRLURQ
OHVDLWHQSURYLQFHOHVUXHVVRQWSHXIUpTXHQWpHV$WKRVFHSHQGDQWFKHUFKDLW
YLVLEOHPHQWTXHOTX
XQjTXLLOSWDGUHVVHUXQHTXHVWLRQ(QILQLOUHQFRQWUDXQ
SDVVDQWDWWDUGpV
DSSURFKDGHOXLOXLGLWTXHOTXHVSDUROHVO
KRPPHDXTXHOLO
V
DGUHVVDLWUHFXODDYHFWHUUHXUFHSHQGDQWLOUpSRQGLWDX[SDUROHVGX
PRXVTXHWDLUHSDUXQHLQGLFDWLRQ$WKRVRIIULWjFHWKRPPHXQHGHPLSLVWROHSRXU
O
DFFRPSDJQHUPDLVO
KRPPHUHIXVD
$WKRVV
HQIRQoDGDQVODUXHTXHO
LQGLFDWHXUDYDLWGpVLJQpHGXGRLJWPDLV
DUULYpjXQFDUUHIRXULOV
DUUrWDGHQRXYHDXYLVLEOHPHQWHPEDUUDVVp
&HSHQGDQWFRPPHSOXVTX
DXFXQDXWUHOLHXOHFDUUHIRXUOXLRIIUDLWODFKDQFH
GHUHQFRQWUHUTXHOTX
XQLOV
\DUUrWD(QHIIHWDXERXWG
XQLQVWDQWXQ
YHLOOHXUGHQXLWSDVVD$WKRVOXLUpSpWDODPrPHTXHVWLRQTX
LODYDLWGpMjIDLWH
jODSUHPLqUHSHUVRQQHTX
LODYDLWUHQFRQWUpHOHYHLOOHXUGHQXLWODLVVD
DSHUFHYRLUODPrPHWHUUHXUUHIXVDjVRQWRXUG
DFFRPSDJQHU$WKRVHWOXLPRQWUD
GHODPDLQOHFKHPLQTX
LOGHYDLWVXLYUH
$WKRVPDUFKDGDQVODGLUHFWLRQLQGLTXpHHWDWWHLJQLWOHIDXERXUJVLWXpj
O
H[WUpPLWpGHODYLOOHRSSRVpHjFHOOHSDUODTXHOOHOXLHWVHVFRPSDJQRQV
pWDLHQWHQWUpV/jLOSDUXWGHQRXYHDXLQTXLHWHWHPEDUUDVVpHWV
DUUrWDSRXU
ODWURLVLqPHIRLV
+HXUHXVHPHQWXQPHQGLDQWSDVVDTXLV
DSSURFKDG
$WKRVSRXUOXLGHPDQGHU
O
DXP{QH$WKRVOXLSURSRVDXQpFXSRXUO
DFFRPSDJQHURLODOODLW/HPHQGLDQW
KpVLWDXQLQVWDQWPDLVjODYXHGHODSLqFHG
DUJHQWTXLEULOODLWGDQV
O
REVFXULWpLOVHGpFLGDHWPDUFKDGHYDQW$WKRV

$UULYpjO
DQJOHG
XQHUXHLOOXLPRQWUDGHORLQXQHSHWLWHPDLVRQLVROpH
VROLWDLUHWULVWH$WKRVV
HQDSSURFKDWDQGLVTXHOHPHQGLDQWTXLDYDLWUHoX
VRQVDODLUHV
HQpORLJQDLWjWRXWHVMDPEHV
$WKRVHQILWOHWRXUDYDQWGHGLVWLQJXHUODSRUWHDXPLOLHXGHODFRXOHXU
URXJHkWUHGRQWFHWWHPDLVRQpWDLWSHLQWHDXFXQHOXPLqUHQHSDUDLVVDLWj
WUDYHUVOHVJHUoXUHVGHVFRQWUHYHQWVDXFXQEUXLWQHSRXYDLWIDLUHVXSSRVHU
TX
HOOHIWKDELWpHHOOHpWDLWVRPEUHHWPXHWWHFRPPHXQWRPEHDX
7URLVIRLV$WKRVIUDSSDVDQVTX
RQOXLUpSRQGvW$XWURLVLqPHFRXSFHSHQGDQWGHV
SDVLQWpULHXUVVHUDSSURFKqUHQWHQILQODSRUWHV
HQWUHEkLOODHWXQKRPPHGH
KDXWHWDLOOHDXWHLQWSkOHDX[FKHYHX[HWjODEDUEHQRLUHSDUXW
$WKRVHWOXLpFKDQJqUHQWTXHOTXHVPRWVjYRL[EDVVHSXLVO
KRPPHjODKDXWH
WDLOOHILWVLJQHDXPRXVTXHWDLUHTX
LOSRXYDLWHQWUHU$WKRVSURILWDjO
LQVWDQW
PrPHGHODSHUPLVVLRQHWODSRUWHVHUHIHUPDGHUULqUHOXL
/
KRPPHTX
$WKRVpWDLWYHQXFKHUFKHUVLORLQHWTX
LODYDLWWURXYpDYHFWDQWGH
SHLQHOHILWHQWUHUGDQVVRQODERUDWRLUHRLOpWDLWRFFXSpjUHWHQLUDYHFGHV
ILOVGHIHUOHVRVFOLTXHWDQWVG
XQVTXHOHWWH7RXWOHFRUSVpWDLWGpMjUDMXVWp
ODWrWHVHXOHpWDLWSRVpHVXUXQHWDEOH
7RXWOHUHVWHGHO
DPHXEOHPHQWLQGLTXDLWTXHFHOXLFKH]OHTXHORQVHWURXYDLW
V
RFFXSDLWGHVFLHQFHVQDWXUHOOHVLO\DYDLWGHVERFDX[SOHLQVGHVHUSHQWV
pWLTXHWpVVHORQOHVHVSqFHVGHVOp]DUGVGHVVpFKpVUHOXLVDLHQWFRPPHGHV
pPHUDXGHVWDLOOpHVGDQVGHJUDQGVFDGUHVGHERLVQRLUHQILQGHVERWWHV
G
KHUEHVVDXYDJHVRGRULIpUDQWHVHWVDQVGRXWHGRXpHVGHYHUWXVLQFRQQXHVDX
YXOJDLUHGHVKRPPHVpWDLHQWDWWDFKpHVDXSODIRQGHWGHVFHQGDLHQWGDQVOHV
DQJOHVGHO
DSSDUWHPHQW
'XUHVWHSDVGHIDPLOOHSDVGHVHUYLWHXUVO
KRPPHjODKDXWHWDLOOHKDELWDLW
VHXOFHWWHPDLVRQ
$WKRVMHWDXQFRXSG
RHLOIURLGHWLQGLIIpUHQWVXUWRXVOHVREMHWVTXHQRXV
YHQRQVGHGpFULUHHWVXUO
LQYLWDWLRQGHFHOXLTX
LOYHQDLWFKHUFKHULO
V
DVVLWSUqVGHOXL
$ORUVLOOXLH[SOLTXDODFDXVHGHVDYLVLWHHWOHVHUYLFHTX
LOUpFODPDLWGHOXL
PDLVjSHLQHHXWLOH[SRVpVDGHPDQGHTXHO
LQFRQQXTXLpWDLWUHVWpGHERXW
GHYDQWOHPRXVTXHWDLUHUHFXODGHWHUUHXUHWUHIXVD$ORUV$WKRVWLUDGHVD
SRFKHXQSHWLWSDSLHUVXUOHTXHOpWDLHQWpFULWHVGHX[OLJQHVDFFRPSDJQpHVG
XQH
VLJQDWXUHHWG
XQVFHDXHWOHSUpVHQWDjFHOXLTXLGRQQDLWWURSSUpPDWXUpPHQW
FHVVLJQHVGHUpSXJQDQFH/
KRPPHjODJUDQGHWDLOOHHXWjSHLQHOXFHVGHX[
OLJQHVYXODVLJQDWXUHHWUHFRQQXOHVFHDXTX
LOV
LQFOLQDHQVLJQHTX
LO
Q
DYDLWSOXVDXFXQHREMHFWLRQjIDLUHHWTX
LOpWDLWSUrWjREpLU
$WKRVQ
HQGHPDQGDSDVGDYDQWDJHLOVHOHYDVDOXDVRUWLWUHSULWHQV
HQ
DOODQWOHFKHPLQTX
LODYDLWVXLYLSRXUYHQLUUHQWUDGDQVO
K{WHOHWV
HQIHUPD
FKH]OXL
$XSRLQWGXMRXUG
$UWDJQDQHQWUDGDQVVDFKDPEUHHWGHPDQGDFHTX
LOIDOODLW
IDLUH

$WWHQGUHUpSRQGLW$WKRV
4XHOTXHVLQVWDQWVDSUqVODVXSpULHXUHGXFRXYHQWILWSUpYHQLUOHVPRXVTXHWDLUHV
TXHO
HQWHUUHPHQWGHODYLFWLPHGH0LODG\DXUDLWOLHXjPLGL4XDQWj
O
HPSRLVRQQHXVHRQQ
HQDYDLWSDVHXGHQRXYHOOHVVHXOHPHQWHOOHDYDLWG
IXLUSDUOHMDUGLQVXUOHVDEOHGXTXHORQDYDLWUHFRQQXODWUDFHGHVHVSDVHW
GRQWRQDYDLWUHWURXYpODSRUWHIHUPpHTXDQWjODFOpHOOHDYDLWGLVSDUX
$O
KHXUHLQGLTXpH/RUGGH:LQWHUHWOHVTXDWUHDPLVVHUHQGLUHQWDXFRXYHQW
OHVFORFKHVVRQQDLHQWjWRXWHYROpHODFKDSHOOHpWDLWRXYHUWHODJULOOHGX
FKRHXUpWDLWIHUPpH$XPLOLHXGXFKRHXUOHFRUSVGHODYLFWLPHUHYrWXHGHVHV
KDELWVGHQRYLFHpWDLWH[SRVp'HFKDTXHF{WpGXFKRHXUHWGHUULqUHGHVJULOOHV
V
RXYUDQWVXUOHFRXYHQWpWDLWWRXWHODFRPPXQDXWpGHVFDUPpOLWHVTXLpFRXWDLW
GHOjOHVHUYLFHGLYLQHWPrODLWVRQFKDQWDXFKDQWGHVSUrWUHVVDQVYRLUOHV
SURIDQHVHWVDQVrWUHYXHG
HX[
$ODSRUWHGHODFKDSHOOHG
$UWDJQDQVHQWLWVRQFRXUDJHTXLIX\DLWGHQRXYHDX
LOVHUHWRXUQDSRXUFKHUFKHU$WKRVPDLV$WKRVDYDLWGLVSDUX
)LGqOHjVDPLVVLRQGHYHQJHDQFH$WKRVV
pWDLWIDLWFRQGXLUHDXMDUGLQHWOj
VXUOHVDEOHVXLYDQWOHVSDVOpJHUVGHFHWWHIHPPHTXLDYDLWODLVVpXQHWUDFH
VDQJODQWHSDUWRXWRHOOHDYDLWSDVVpLOV
DYDQoDMXVTX
jODSRUWHTXLGRQQDLW
VXUOHERLVVHODILWRXYULUHWV
HQIRQoDGDQVODIRUrW
$ORUVWRXVVHVGRXWHVVHFRQILUPqUHQWOHFKHPLQSDUOHTXHOODYRLWXUHDYDLW
GLVSDUXFRQWRXUQDLWODIRUrW$WKRVVXLYLWOHFKHPLQTXHOTXHWHPSVOHV\HX[
IL[pVVXUOHVROGHOpJqUHVWDFKHVGHVDQJTXLSURYHQDLHQWG
XQHEOHVVXUH
IDLWHRXjO
KRPPHTXLDFFRPSDJQDLWODYRLWXUHHQFRXUULHURXjO
XQGHV
FKHYDX[SLTXHWDLHQWOHFKHPLQ$XERXWGHWURLVTXDUWVGHOLHXHjSHXSUqVj
FLQTXDQWHSDVGH)HVWXEHUWXQHWDFKHGHVDQJSOXVODUJHDSSDUDLVVDLWOHVRO
pWDLWSLpWLQpSDUOHVFKHYDX[(QWUHODIRUrWHWFHWHQGURLWGpQRQFLDWHXUXQ
SHXHQDUULqUHGHODWHUUHpFRUFKpHRQUHWURXYDLWODPrPHWUDFHGHSHWLWVSDV
TXHGDQVOHMDUGLQODYRLWXUHV
pWDLWDUUrWpH
(QFHWHQGURLW0LODG\pWDLWVRUWLHGXERLVHWpWDLWPRQWpHGDQVODYRLWXUH
6DWLVIDLWGHFHWWHGpFRXYHUWHTXLFRQILUPDLWWRXVVHVVRXSoRQV$WKRVUHYLQWj
O
K{WHOHWWURXYD3ODQFKHWTXLO
DWWHQGDLWDYHFLPSDWLHQFH
7RXWpWDLWFRPPHO
DYDLWSUpYX$WKRV
3ODQFKHWDYDLWVXLYLODURXWHDYDLWFRPPH$WKRVUHPDUTXpOHVWDFKHVGHVDQJ
FRPPH$WKRVLODYDLWUHFRQQXO
HQGURLWROHVFKHYDX[V
pWDLHQWDUUrWpVPDLV
LODYDLWSRXVVpSOXVORLQTX
$WKRVGHVRUWHTX
DXYLOODJHGH)HVWXEHUWHQ
EXYDQWGDQVXQHDXEHUJHLODYDLWVDQVDYRLUHXEHVRLQGHTXHVWLRQQHUDSSULV
TXHODYHLOOHjKXLWKHXUHVHWGHPLHGXVRLUXQKRPPHEOHVVpTXLDFFRPSDJQDLW
XQHGDPHTXLYR\DJHDLWGDQVXQHFKDLVHGHSRVWHDYDLWpWpREOLJpGHV
DUUrWHU
QHSRXYDQWDOOHUSOXVORLQ/
DFFLGHQWDYDLWpWpPLVVXUOHFRPSWHGHYROHXUV
TXLDXUDLHQWDUUrWpODFKDLVHGDQVOHERLV/
KRPPHpWDLWUHVWpGDQVOHYLOODJH
ODIHPPHDYDLWUHOD\pHWFRQWLQXpVRQFKHPLQ
3ODQFKHWVHPLWHQTXrWHGXSRVWLOORQTXLDYDLWFRQGXLWODFKDLVHHWOH

UHWURXYD,ODYDLWFRQGXLWODGDPHMXVTX
j)URPHOOHVHWGH)URPHOOHVHOOHpWDLW
SDUWLHSRXU$UPHQWLqUHV3ODQFKHWSULWODWUDYHUVHHWjVHSWKHXUHVGXPDWLQLO
pWDLWj$UPHQWLqUHV
,OQ
\DYDLWTX
XQVHXOK{WHOFHOXLGHOD3RVWH3ODQFKHWDOODV
\SUpVHQWHU
FRPPHXQODTXDLVVDQVSODFHTXLFKHUFKDLWXQHFRQGLWLRQ,OQ
DYDLWSDVFDXVp
GL[PLQXWHVDYHFOHVJHQVGHO
DXEHUJHTX
LOVDYDLWTX
XQHIHPPHVHXOHpWDLW
DUULYpHjRQ]HKHXUHVGXVRLUDYDLWSULVXQHFKDPEUHDYDLWIDLWYHQLUOH
PDvWUHG
K{WHOHWOXLDYDLWGLWTX
HOOHGpVLUHUDLWGHPHXUHUTXHOTXHWHPSVGDQV
OHVHQYLURQV
3ODQFKHWQ
DYDLWSDVEHVRLQG
HQVDYRLUGDYDQWDJH,OFRXUXWDXUHQGH]YRXV
WURXYDOHVWURLVODTXDLVH[DFWVjOHXUSRVWHOHVSODoDHQVHQWLQHOOHVjWRXWHV
OHVLVVXHVGHO
K{WHOHWYLQWWURXYHU$WKRVTXLDFKHYDLWGHUHFHYRLUOHV
UHQVHLJQHPHQWVGH3ODQFKHWORUVTXHVHVDPLVUHQWUqUHQW
7RXVOHVYLVDJHVpWDLHQWVRPEUHVHWFULVSpVPrPHOHGRX[YLVDJHG
$UDPLV
4XHIDXWLOIDLUH"GHPDQGDG
$UWDJQDQ
$WWHQGUHUpSRQGLW$WKRV
&KDFXQVHUHWLUDFKH]VRL
$KXLWKHXUHVGXVRLU$WKRVGRQQDO
RUGUHGHVHOOHUOHVFKHYDX[HWILW
SUpYHQLU/RUGGH:LQWHUHWVHVDPLVTX
LOVHXVVHQWjVHSUpSDUHUSRXU
O
H[SpGLWLRQ
(QXQLQVWDQWWRXVFLQTIXUHQWSUrWV&KDFXQYLVLWDVHVDUPHVHWOHVPLWHQ
pWDW$WKRVGHVFHQGLWOHSUHPLHUHWWURXYDG
$UWDJQDQGpMjjFKHYDOHW
V
LPSDWLHQWDQW
3DWLHQFHGLW$WKRVLOQRXVPDQTXHHQFRUHTXHOTX
XQ
/HVTXDWUHFDYDOLHUVUHJDUGqUHQWDXWRXUG
HX[DYHFpWRQQHPHQWFDULOV
FKHUFKDLHQWLQXWLOHPHQWGDQVOHXUHVSULWTXHOpWDLWFHTXHOTX
XQTXLSRXYDLW
OHXUPDQTXHU
(QFHPRPHQW3ODQFKHWDPHQDOHFKHYDOG
$WKRVOHPRXVTXHWDLUHVDXWDOpJqUHPHQW
HQVHOOH
$WWHQGH]PRLGLWLOMHUHYLHQV
(WLOSDUWLWDXJDORS
8QTXDUWG
KHXUHDSUqVLOUHYLQWHIIHFWLYHPHQWDFFRPSDJQpG
XQKRPPHPDVTXpHW
HQYHORSSpG
XQJUDQGPDQWHDXURXJH
/RUGGH:LQWHUHWOHVWURLVPRXVTXHWDLUHVV
LQWHUURJqUHQWGXUHJDUG1XOG
HQWUH
HX[QHSXWUHQVHLJQHUOHVDXWUHVFDUWRXVLJQRUDLHQWFHTX
pWDLWFHWKRPPH
&HSHQGDQWLOVSHQVqUHQWTXHFHODGHYDLWrWUHDLQVLSXLVTXHODFKRVHVHIDLVDLW
SDUO
RUGUHG
$WKRV

$QHXIKHXUHVJXLGpHSDU3ODQFKHWODSHWLWHFDYDOFDGHVHPLWHQURXWHSUHQDQW
OHFKHPLQTX
DYDLWVXLYLODYRLWXUH
&
pWDLWXQWULVWHDVSHFWTXHFHOXLGHFHVVL[KRPPHVFRXUDQWHQVLOHQFHSORQJpV
FKDFXQGDQVVDSHQVpHPRUQHVFRPPHOHGpVHVSRLUVRPEUHVFRPPHOHFKkWLPHQW

&KDSLWUH/;9
/(-8*(0(17

&
pWDLWXQHQXLWRUDJHXVHHWVRPEUHGHJURVQXDJHVFRXUDLHQWDXFLHOYRLODQW
ODFODUWpGHVpWRLOHVODOXQHQHGHYDLWVHOHYHUTX
jPLQXLW
3DUIRLVjODOXHXUG
XQpFODLUTXLEULOODLWjO
KRUL]RQRQDSHUFHYDLWODURXWH
TXLVHGpURXODLWEODQFKHHWVROLWDLUHSXLVO
pFODLUpWHLQWWRXWUHQWUDLW
GDQVO
REVFXULWp
$FKDTXHLQVWDQW$WKRVLQYLWDLWG
$UWDJQDQWRXMRXUVjODWrWHGHODSHWLWH
WURXSHjUHSUHQGUHVRQUDQJTX
DXERXWG
XQLQVWDQWLODEDQGRQQDLWGHQRXYHDX
LOQ
DYDLWTX
XQHSHQVpHF
pWDLWG
DOOHUHQDYDQWHWLODOODLW
2QWUDYHUVDHQVLOHQFHOHYLOODJHGH)HVWXEHUWRpWDLWUHVWpOHGRPHVWLTXH
EOHVVpSXLVRQORQJHDOHERLVGH5LFKHERXUJDUULYpVj+HUOLHV3ODQFKHWTXL
GLULJHDLWWRXMRXUVODFRORQQHSULWjJDXFKH
3OXVLHXUVIRLV/RUGGH:LQWHUVRLW3RUWKRVVRLW$UDPLVDYDLHQWHVVD\p
G
DGUHVVHUODSDUROHjO
KRPPHDXPDQWHDXURXJHPDLVjFKDTXHLQWHUURJDWLRQ
TXLOXLDYDLWpWpIDLWHLOV
pWDLWLQFOLQpVDQVUpSRQGUH/HVYR\DJHXUVDYDLHQW
DORUVFRPSULVTX
LO\DYDLWTXHOTXHUDLVRQSRXUTXHO
LQFRQQXJDUGkWOHVLOHQFH
HWLOVDYDLHQWFHVVpGHOXLDGUHVVHUODSDUROH
'
DLOOHXUVO
RUDJHJURVVLVVDLWOHVpFODLUVVHVXFFpGDLHQWUDSLGHPHQWOH
WRQQHUUHFRPPHQoDLWjJURQGHUHWOHYHQWSUpFXUVHXUGHO
RXUDJDQVLIIODLW
GDQVODSODLQHDJLWDQWOHVSOXPHVGHVFDYDOLHUV
/DFDYDOFDGHSULWOHJUDQGWURW
8QSHXDXGHOjGH)URPHOOHVO
RUDJHpFODWDRQGpSOR\DOHVPDQWHDX[LO
UHVWDLWHQFRUHWURLVOLHXHVjIDLUHRQOHVILWVRXVGHVWRUUHQWVGHSOXLH
'
$UWDJQDQDYDLW{WpVRQIHXWUHHWQ
DYDLWSDVPLVVRQPDQWHDXLOWURXYDLW
SODLVLUjODLVVHUUXLVVHOHUO
HDXVXUVRQIURQWEUODQWHWVXUVRQFRUSVDJLWp
GHIULVVRQVILpYUHX[
$XPRPHQWRODSHWLWHWURXSHDYDLWGpSDVVp*RVNDOHWDOODLWDUULYHUjODSRVWH
XQKRPPHDEULWpVRXVXQDUEUHVHGpWDFKDGXWURQFDYHFOHTXHOLOpWDLWUHVWp
FRQIRQGXGDQVO
REVFXULWpHWV
DYDQoDMXVTX
DXPLOLHXGHODURXWHPHWWDQWVRQ
GRLJWVXUVHVOqYUHV

$WKRVUHFRQQXW*ULPDXG
4X
\DWLOGRQF"V
pFULDG
$UWDJQDQDXUDLWHOOHTXLWWp$UPHQWLqUHV"
*ULPDXGILWGHVDWrWHXQVLJQHDIILUPDWLI'
$UWDJQDQJULQoDGHVGHQWV
6LOHQFHG
$UWDJQDQGLW$WKRVF
HVWPRLTXLPHVXLVFKDUJpGHWRXWF
HVW
GRQFjPRLG
LQWHUURJHU*ULPDXG
2HVWHOOH"GHPDQGD$WKRV
*ULPDXGpWHQGLWODPDLQGDQVODGLUHFWLRQGHOD/\V
/RLQG
LFL"GHPDQGD$WKRV
*ULPDXGSUpVHQWDjVRQPDvWUHVRQLQGH[SOLp
6HXOH"GHPDQGD$WKRV
*ULPDXGILWVLJQHTXHRXL
0HVVLHXUVGLW$WKRVHOOHHVWVHXOHjXQHGHPLOLHXHG
LFLGDQVODGLUHFWLRQ
GHODULYLqUH
&
HVWELHQGLWG
$UWDJQDQFRQGXLVQRXV*ULPDXG
*ULPDXGSULWjWUDYHUVFKDPSVHWVHUYLWGHJXLGHjODFDYDOFDGH
$XERXWGHFLQTFHQWVSDVjSHXSUqVRQWURXYDXQUXLVVHDXTXHO
RQWUDYHUVDj
JXp
$ODOXHXUG
XQpFODLURQDSHUoXWOHYLOODJHG
(UTXLQJKHP
(VWFHOj"GHPDQGDG
$UWDJQDQ
*ULPDXGVHFRXDODWrWHHQVLJQHGHQpJDWLRQ
6LOHQFHGRQFGLW$WKRV
(WODWURXSHFRQWLQXDVRQFKHPLQ
8QDXWUHpFODLUEULOOD*ULPDXGpWHQGLWOHEUDVHWjODOXHXUEOHXkWUHGX
VHUSHQWGHIHXRQGLVWLQJXDXQHSHWLWHPDLVRQLVROpHDXERUGGHODULYLqUHj
FHQWSDVG
XQEDF8QHIHQrWUHpWDLWpFODLUpH
1RXV\VRPPHVGLW$WKRV
(QFHPRPHQWXQKRPPHFRXFKpGDQVOHIRVVpVHOHYDF
pWDLW0RXVTXHWRQLO
PRQWUDGXGRLJWODIHQrWUHpFODLUpH
(OOHHVWOjGLWLO
(W%D]LQ"GHPDQGD$WKRV

7DQGLVTXHMHJDUGDLVODIHQrWUHLOJDUGDLWODSRUWH
%LHQGLW$WKRVYRXVrWHVWRXVGHILGqOHVVHUYLWHXUV$WKRVVDXWDjEDVGH
VRQFKHYDOGRQWLOUHPLWODEULGHDX[PDLQVGH*ULPDXGHWV
DYDQoDYHUVOD
IHQrWUHDSUqVDYRLUIDLWVLJQHDXUHVWHGHODWURXSHGHWRXUQHUGXF{WpGHOD
SRUWH
/DSHWLWHPDLVRQpWDLWHQWRXUpHG
XQHKDLHYLYHGHGHX[RXWURLVSLHGVGHKDXW
$WKRVIUDQFKLWODKDLHSDUYLQWMXVTX
jODIHQrWUHSULYpHGHFRQWUHYHQWVPDLV
GRQWOHVGHPLULGHDX[pWDLHQWH[DFWHPHQWWLUpV
,OPRQWDVXUOHUHERUGGHSLHUUHDILQTXHVRQRHLOSWGpSDVVHUODKDXWHXUGHV
ULGHDX[
$ODOXHXUG
XQHODPSHLOYLWXQHIHPPHHQYHORSSpHG
XQHPDQWHGHFRXOHXU
VRPEUHDVVLVHVXUXQHVFDEHDXSUqVG
XQIHXPRXUDQWVHVFRXGHVpWDLHQWSRVpV
VXUXQHPDXYDLVHWDEOHHWHOOHDSSX\DLWVDWrWHGDQVVHVGHX[PDLQVEODQFKHV
FRPPHO
LYRLUH
2QQHSRXYDLWGLVWLQJXHUVRQYLVDJHPDLVXQVRXULUHVLQLVWUHSDVVDVXUOHV
OqYUHVG
$WKRVLOQ
\DYDLWSDVjV
\WURPSHUF
pWDLWELHQFHOOHTX
LO
FKHUFKDLW
(QFHPRPHQWXQFKHYDOKHQQLW0LODG\UHOHYDODWrWHYLWFROOpjODYLWUHOH
YLVDJHSkOHG
$WKRVHWSRXVVDXQFUL
$WKRVFRPSULWTX
LOpWDLWUHFRQQXSRXVVDODIHQrWUHGXJHQRXHWGHODPDLQOD
IHQrWUHFpGDOHVFDUUHDX[VHURPSLUHQW
(W$WKRVSDUHLODXVSHFWUHGHODYHQJHDQFHVDXWDGDQVODFKDPEUH
0LODG\FRXUXWjODSRUWHHWO
RXYULWSOXVSkOHHWSOXVPHQDoDQWHQFRUH
TX
$WKRVG
$UWDJQDQpWDLWVXUOHVHXLO
0LODG\UHFXODHQSRXVVDQWXQFUL'
$UWDJQDQFUR\DQWTX
HOOHDYDLWTXHOTXH
PR\HQGHIXLUHWFUDLJQDQWTX
HOOHQHOHXUpFKDSSkWWLUDXQSLVWROHWGHVD
FHLQWXUHPDLV$WKRVOHYDODPDLQ
5HPHWVFHWWHDUPHjVDSODFHG
$UWDJQDQGLWLOLOLPSRUWHTXHFHWWHIHPPH
VRLWMXJpHHWQRQDVVDVVLQpH$WWHQGVHQFRUHXQLQVWDQWG
$UWDJQDQHWWXVHUDV
VDWLVIDLW(QWUH]0HVVLHXUV
'
$UWDJQDQREpLWFDU$WKRVDYDLWODYRL[VROHQQHOOHHWOHJHVWHSXLVVDQWG
XQ
MXJHHQYR\pSDUOH6HLJQHXUOXLPrPH$XVVLGHUULqUHG
$UWDJQDQHQWUqUHQW
3RUWKRV$UDPLV/RUGGH:LQWHUHWO
KRPPHDXPDQWHDXURXJH
/HVTXDWUHYDOHWVJDUGDLHQWODSRUWHHWODIHQrWUH
0LODG\pWDLWWRPEpHVXUVDFKDLVHOHVPDLQVpWHQGXHVFRPPHSRXUFRQMXUHUFHWWH
WHUULEOHDSSDULWLRQHQDSHUFHYDQWVRQEHDXIUqUHHOOHMHWDXQFULWHUULEOH
4XHGHPDQGH]YRXV"V
pFULD0LODG\

1RXVGHPDQGRQVGLW$WKRV&KDUORWWH%DFNVRQTXLV
HVWDSSHOpHG
DERUGOD
FRPWHVVHGH/D)qUHSXLV/DG\GH:LQWHUEDURQQHGH6KHIILHOG
&
HVWPRLF
HVWPRLPXUPXUDWHOOHDXFRPEOHGHODWHUUHXUTXHPH
YRXOH]YRXV"
1RXVYRXORQVYRXVMXJHUVHORQYRVFULPHVGLW$WKRVYRXVVHUH]OLEUHGH
YRXVGpIHQGUHMXVWLILH]YRXVVLYRXVSRXYH]0RQVLHXUG
$UWDJQDQjYRXV
G
DFFXVHUOHSUHPLHU
'
$UWDJQDQV
DYDQoD
'HYDQW'LHXHWGHYDQWOHVKRPPHVGLWLOM
DFFXVHFHWWHIHPPHG
DYRLU
HPSRLVRQQp&RQVWDQFH%RQDFLHX[PRUWHKLHUVRLU
,OVHUHWRXUQDYHUV3RUWKRVHWYHUV$UDPLV
1RXVDWWHVWRQVGLUHQWG
XQVHXOPRXYHPHQWOHVGHX[PRXVTXHWDLUHV
'
$UWDJQDQFRQWLQXD
'HYDQW'LHXHWGHYDQWOHVKRPPHVM
DFFXVHFHWWHIHPPHG
DYRLUYRXOX
P
HPSRLVRQQHUPRLPrPHGDQVGXYLQTX
HOOHP
DYDLWHQYR\pGH9LOOHURLDYHFXQH
IDXVVHOHWWUHFRPPHVLOHYLQYHQDLWGHPHVDPLV'LHXP
DVDXYpPDLVXQ
KRPPHHVWPRUWjPDSODFHTXLV
DSSHODLW%ULVHPRQW
1RXVDWWHVWRQVGLUHQWGHODPrPHYRL[3RUWKRVHW$UDPLV
'HYDQW'LHXHWGHYDQWOHVKRPPHVM
DFFXVHFHWWHIHPPHGHP
DYRLUSRXVVpDX
PHXUWUHGXEDURQGH:DUGHVHWFRPPHSHUVRQQHQ
HVWOjSRXUDWWHVWHUODYpULWp
GHFHWWHDFFXVDWLRQMHO
DWWHVWHPRL
-
DLGLW
(WG
$UWDJQDQSDVVDGHO
DXWUHF{WpGHODFKDPEUHDYHF3RUWKRVHW$UDPLV
$YRXV0LORUGGLW$WKRV
/HEDURQV
DSSURFKDjVRQWRXU
'HYDQW'LHXHWGHYDQWOHVKRPPHVGLWLOM
DFFXVHFHWWHIHPPHG
DYRLUIDLW
DVVDVVLQHUOHGXFGH%XFNLQJKDP
/HGXFGH%XFNLQJKDPDVVDVVLQp"V
pFULqUHQWG
XQVHXOFULWRXVOHV
DVVLVWDQWV
2XLGLWOHEDURQDVVDVVLQp6XUODOHWWUHG
DYLVTXHYRXVP
DYLH]pFULWH
M
DYDLVIDLWDUUrWHUFHWWHIHPPHHWMHO
DYDLVGRQQpHHQJDUGHjXQOR\DO
VHUYLWHXUHOOHDFRUURPSXFHWKRPPHHOOHOXLDPLVOHSRLJQDUGGDQVODPDLQ
HOOHOXLDIDLWWXHUOHGXFHWGDQVFHPRPHQWSHXWrWUH)HOWRQSDLHGHVDWrWH
OHFULPHGHFHWWHIXULH

8QIUpPLVVHPHQWFRXUXWSDUPLOHVMXJHVjODUpYpODWLRQGHFHVFULPHVHQFRUH
LQFRQQXV
&HQ
HVWSDVWRXWUHSULW/RUGGH:LQWHUPRQIUqUHTXLYRXVDYDLWIDLWHVRQ
KpULWLqUHHVWPRUWHQWURLVKHXUHVG
XQHpWUDQJHPDODGLHTXLODLVVHGHVWDFKHV
OLYLGHVVXUWRXWOHFRUSV0DVRHXUFRPPHQWYRWUHPDULHVWLOPRUW"
+RUUHXUV
pFULqUHQW3RUWKRVHW$UDPLV
$VVDVVLQGH%XFNLQJKDPDVVDVVLQGH)HOWRQDVVDVVLQGHPRQIUqUHMHGHPDQGH
MXVWLFHFRQWUHYRXVHWMHGpFODUHTXHVLRQQHPHODIDLWSDVMHPHODIHUDL

(W/RUGGH:LQWHUDOODVHUDQJHUSUqVGHG
$UWDJQDQODLVVDQWODSODFHOLEUHj
XQDXWUHDFFXVDWHXU
0LODG\ODLVVDWRPEHUVRQIURQWGDQVVHVGHX[PDLQVHWHVVD\DGHUDSSHOHUVHV
LGpHVFRQIRQGXHVSDUXQYHUWLJHPRUWHO
$PRQWRXUGLW$WKRVWUHPEODQWOXLPrPHFRPPHOHOLRQWUHPEOHjO
DVSHFWGX
VHUSHQWjPRQWRXU-
pSRXVDLFHWWHIHPPHTXDQGHOOHpWDLWMHXQHILOOHMH
O
pSRXVDLPDOJUpWRXWHPDIDPLOOHMHOXLGRQQDLPRQELHQMHOXLGRQQDLPRQ
QRPHWXQMRXUMHP
DSHUoXVTXHFHWWHIHPPHpWDLWIOpWULHFHWWHIHPPHpWDLW
PDUTXpHG
XQHIOHXUGHO\VVXUO
pSDXOHJDXFKH
2KGLW0LODG\HQVHOHYDQWMHGpILHGHUHWURXYHUOHWULEXQDOTXLD
SURQRQFpVXUPRLFHWWHVHQWHQFHLQIkPH-HGpILHGHUHWURXYHUFHOXLTXLO
D
H[pFXWpH
6LOHQFHGLWXQHYRL[
$FHFLF
HVWjPRLGHUpSRQGUH
(WO
KRPPHDXPDQWHDXURXJHV
DSSURFKDjVRQWRXU
4XHOHVWFHWKRPPHTXHOHVWFHWKRPPH"V
pFULD0LODG\VXIIRTXpHSDUOD
WHUUHXUHWGRQWOHVFKHYHX[VHGpQRXqUHQWHWVHGUHVVqUHQWVXUVDWrWHOLYLGH
FRPPHV
LOVHXVVHQWpWpYLYDQWV
7RXVOHV\HX[VHWRXUQqUHQWVXUFHWKRPPHFDUjWRXVH[FHSWpj$WKRVLOpWDLW
LQFRQQX
(QFRUH$WKRVOHUHJDUGDLWLODYHFDXWDQWGHVWXSpIDFWLRQTXHOHVDXWUHVFDULO
LJQRUDLWFRPPHQWLOSRXYDLWVHWURXYHUPrOpHQTXHOTXHFKRVHjO
KRUULEOHGUDPH
TXLVHGpQRXDLWHQFHPRPHQW
$SUqVV
rWUHDSSURFKpGH0LODG\G
XQSDVOHQWHWVROHQQHOGHPDQLqUHTXHOD
WDEOHVHXOHOHVpSDUkWG
HOOHO
LQFRQQX{WDVRQPDVTXH
0LODG\UHJDUGDTXHOTXHWHPSVDYHFXQHWHUUHXUFURLVVDQWHFHYLVDJHSkOHHQFDGUp
GHFKHYHX[HWGHIDYRULVQRLUVGRQWODVHXOHH[SUHVVLRQpWDLWXQHLPSDVVLELOLWp
JODFpHSXLVWRXWjFRXS

2KQRQQRQGLWHOOHHQVHOHYDQWHWHQUHFXODQWMXVTX
DXPXUQRQQRQ
F
HVWXQHDSSDULWLRQLQIHUQDOHFHQ
HVWSDVOXL$PRLjPRL
V
pFULDWHOOHG
XQHYRL[UDXTXHHQVHUHWRXUQDQWYHUVODPXUDLOOHFRPPHVL
HOOHHWSXV
\RXYULUXQSDVVDJHDYHFVHVPDLQV
0DLVTXLrWHVYRXVGRQF"V
pFULqUHQWWRXVOHVWpPRLQVGHFHWWHVFqQH
'HPDQGH]OHjFHWWHIHPPHGLWO
KRPPHDXPDQWHDXURXJHFDUYRXVYR\H]ELHQ
TX
HOOHP
DUHFRQQXHOOH
/HERXUUHDXGH/LOOHOHERXUUHDXGH/LOOHV
pFULD0LODG\HQSURLHjXQH
WHUUHXULQVHQVpHHWVHFUDPSRQQDQWGHVPDLQVjODPXUDLOOHSRXUQHSDVWRPEHU
7RXWOHPRQGHV
pFDUWDHWO
KRPPHDXPDQWHDXURXJHUHVWDVHXOGHERXWDXPLOLHX
GHODVDOOH
2KJUkFHJUkFHSDUGRQV
pFULDODPLVpUDEOHHQWRPEDQWjJHQRX[
/
LQFRQQXODLVVDOHVLOHQFHVHUpWDEOLU
-HYRXVOHGLVDLVELHQTX
HOOHP
DYDLWUHFRQQXUHSULWLO2XLMHVXLVOH
ERXUUHDXGHODYLOOHGH/LOOHHWYRLFLPRQKLVWRLUH
7RXVOHV\HX[pWDLHQWIL[pVVXUFHWKRPPHGRQWRQDWWHQGDLWOHVSDUROHVDYHFXQH
DYLGHDQ[LpWp
&HWWHMHXQHIHPPHpWDLWDXWUHIRLVXQHMHXQHILOOHDXVVLEHOOHTX
HOOHHVW
EHOOHDXMRXUG
KXL(OOHpWDLWUHOLJLHXVHDXFRXYHQWGHVEpQpGLFWLQHVGH
7HPSOHPDU8QMHXQHSUrWUHDXFRHXUVLPSOHHWFUR\DQWGHVVHUYDLWO
pJOLVHGHFH
FRXYHQWHOOHHQWUHSULWGHOHVpGXLUHHW\UpXVVLWHOOHHWVpGXLWXQVDLQW
/HXUVYRHX[jWRXVGHX[pWDLHQWVDFUpVLUUpYRFDEOHVOHXUOLDLVRQQHSRXYDLW
GXUHUORQJWHPSVVDQVOHVSHUGUHWRXVGHX[(OOHREWLQWGHOXLTX
LOV
TXLWWHUDLHQWOHSD\VPDLVSRXUTXLWWHUOHSD\VSRXUIXLUHQVHPEOHSRXU
JDJQHUXQHDXWUHSDUWLHGHOD)UDQFHRLOVSXVVHQWYLYUHWUDQTXLOOHVSDUFH
TX
LOVVHUDLHQWLQFRQQXVLOIDOODLWGHO
DUJHQWQLO
XQQLO
DXWUHQ
HQ
DYDLW/HSUrWUHYRODOHVYDVHVVDFUpVOHVYHQGLWPDLVFRPPHLOV
V
DSSUrWDLHQWjSDUWLUHQVHPEOHLOVIXUHQWDUUrWpVWRXVGHX[
+XLWMRXUVDSUqVHOOHDYDLWVpGXLWOHILOVGXJH{OLHUHWV
pWDLWVDXYpH/H
MHXQHSUrWUHIXWFRQGDPQpjGL[DQVGHIHUVHWjODIOpWULVVXUH-
pWDLVOH
ERXUUHDXGHODYLOOHGH/LOOHFRPPHGLWFHWWHIHPPH-HIXVREOLJpGHPDUTXHU
OHFRXSDEOHHWOHFRXSDEOH0HVVLHXUVF
pWDLWPRQIUqUH
-HMXUDLDORUVTXHFHWWHIHPPHTXLO
DYDLWSHUGXTXLpWDLWSOXVTXHVD
FRPSOLFHSXLVTX
HOOHO
DYDLWSRXVVpDXFULPHSDUWDJHUDLWDXPRLQVOH
FKkWLPHQW-HPHGRXWDLGXOLHXRHOOHpWDLWFDFKpHMHODSRXUVXLYLVMH
O
DWWHLJQLVMHODJDUURWWDLHWOXLLPSULPDLODPrPHIOpWULVVXUHTXHM
DYDLV
LPSULPpHjPRQIUqUH
/HOHQGHPDLQGHPRQUHWRXUj/LOOHPRQIUqUHSDUYLQWjV
pFKDSSHUjVRQWRXU
RQP
DFFXVDGHFRPSOLFLWpHWO
RQPHFRQGDPQDjUHVWHUHQSULVRQjVDSODFH
WDQWTX
LOQHVHVHUDLWSDVFRQVWLWXpSULVRQQLHU0RQSDXYUHIUqUHLJQRUDLWFH

MXJHPHQWLODYDLWUHMRLQWFHWWHIHPPHLOVDYDLHQWIXLHQVHPEOHGDQVOH%HUU\
HWOjLODYDLWREWHQXXQHSHWLWHFXUH&HWWHIHPPHSDVVDLWSRXUVDVRHXU
/HVHLJQHXUGHODWHUUHVXUODTXHOOHpWDLWVLWXpHO
pJOLVHGXFXUpYLWFHWWH
SUpWHQGXHVRHXUHWHQGHYLQWDPRXUHX[DPRXUHX[DXSRLQWTX
LOOXLSURSRVDGH
O
pSRXVHU$ORUVHOOHTXLWWDFHOXLTX
HOOHDYDLWSHUGXSRXUFHOXLTX
HOOHGHYDLW
SHUGUHHWGHYLQWODFRPWHVVHGH/D)qUH
7RXVOHV\HX[VHWRXUQqUHQWYHUV$WKRVGRQWF
pWDLWOHYpULWDEOHQRPHWTXL
ILWVLJQHGHODWrWHTXHWRXWFHTX
DYDLWGLWOHERXUUHDXpWDLWYUDL
$ORUVUHSULWFHOXLFLIRXGpVHVSpUpGpFLGpjVHGpEDUUDVVHUG
XQH
H[LVWHQFHjODTXHOOHHOOHDYDLWWRXWHQOHYpKRQQHXUHWERQKHXUPRQSDXYUH
IUqUHUHYLQWj/LOOHHWDSSUHQDQWO
DUUrWTXLP
DYDLWFRQGDPQpjVDSODFHVH
FRQVWLWXDSULVRQQLHUHWVHSHQGLWOHPrPHVRLUDXVRXSLUDLOGHVRQFDFKRW
$XUHVWHF
HVWXQHMXVWLFHjOHXUUHQGUHFHX[TXLP
DYDLHQWFRQGDPQpPH
WLQUHQWSDUROH$SHLQHO
LGHQWLWpGXFDGDYUHIXWHOOHFRQVWDWpHTX
RQPHUHQGLW
PDOLEHUWp
9RLOjOHFULPHGRQWMHO
DFFXVHYRLOjODFDXVHSRXUODTXHOOHMHO
DLPDUTXpH
0RQVLHXUG
$UWDJQDQGLW$WKRVTXHOOHHVWODSHLQHTXHYRXVUpFODPH]FRQWUH
FHWWHIHPPH"
/DSHLQHGHPRUWUpSRQGLWG
$UWDJQDQ
0LORUGGH:LQWHUFRQWLQXD$WKRVTXHOOHHVWODSHLQHTXHYRXVUpFODPH]
FRQWUHFHWWHIHPPH"
/DSHLQHGHPRUWUHSULW/RUGGH:LQWHU
0HVVLHXUV3RUWKRVHW$UDPLVUHSULW$WKRVYRXVTXLrWHVVHVMXJHVTXHOOH
HVWODSHLQHTXHYRXVSRUWH]FRQWUHFHWWHIHPPH"
/DSHLQHGHPRUWUpSRQGLUHQWG
XQHYRL[VRXUGHOHVGHX[PRXVTXHWDLUHV
0LODG\SRXVVDXQKXUOHPHQWDIIUHX[HWILWTXHOTXHVSDVYHUVVHVMXJHVHQVH
WUDvQDQWVXUVHVJHQRX[
$WKRVpWHQGLWODPDLQYHUVHOOH
$QQHGH%UHXLOFRPWHVVHGH/D)qUH0LODG\GH:LQWHUGLWLOYRVFULPHVRQW
ODVVpOHVKRPPHVVXUODWHUUHHW'LHXGDQVOHFLHO6LYRXVVDYH]TXHOTXH
SULqUHGLWHVODFDUYRXVrWHVFRQGDPQpHHWYRXVDOOH]PRXULU
$FHVSDUROHVTXLQHOXLODLVVDLHQWDXFXQHVSRLU0LODG\VHUHOHYDGHWRXWHVD
KDXWHXUHWYRXOXWSDUOHUPDLVOHVIRUFHVOXLPDQTXqUHQWHOOHVHQWLWTX
XQH
PDLQSXLVVDQWHHWLPSODFDEOHODVDLVLVVDLWSDUOHVFKHYHX[HWO
HQWUDvQDLWDXVVL
LUUpYRFDEOHPHQWTXHODIDWDOLWpHQWUDvQHO
KRPPHHOOHQHWHQWDGRQFSDVPrPH
GHIDLUHUpVLVWDQFHHWVRUWLWGHODFKDXPLqUH

/RUGGH:LQWHUG
$UWDJQDQ$WKRV3RUWKRVHW$UDPLVVRUWLUHQWGHUULqUHHOOH
/HVYDOHWVVXLYLUHQWOHXUVPDvWUHVHWODFKDPEUHUHVWDVROLWDLUHDYHFVDIHQrWUH
EULVpHVDSRUWHRXYHUWHHWVDODPSHIXPHXVHTXLEUODLWWULVWHPHQWVXUOD
WDEOH

&KDSLWUH/;9,
/
(;(&87,21

,OpWDLWPLQXLWjSHXSUqVODOXQHpFKDQFUpHSDUVDGpFURLVVDQFHHW
HQVDQJODQWpHSDUOHVGHUQLqUHVWUDFHVGHO
RUDJHVHOHYDLWGHUULqUHODSHWLWH
YLOOHG
$UPHQWLqUHVTXLGpWDFKDLWVXUVDOXHXUEODIDUGHODVLOKRXHWWHVRPEUHGH
VHVPDLVRQVHWOHVTXHOHWWHGHVRQKDXWFORFKHUGpFRXSpjMRXU(QIDFHOD/\V
URXODLWVHVHDX[SDUHLOOHVjXQHULYLqUHG
pWDLQIRQGXWDQGLVTXHVXUO
DXWUH
ULYHRQYR\DLWODPDVVHQRLUHGHVDUEUHVVHSURILOHUVXUXQFLHORUDJHX[HQYDKL
SDUGHJURVQXDJHVFXLYUpVTXLIDLVDLHQWXQHHVSqFHGHFUpSXVFXOHDXPLOLHXGH
ODQXLW$JDXFKHV
pOHYDLWXQYLHX[PRXOLQDEDQGRQQpDX[DLOHVLPPRELOHVGDQV
OHVUXLQHVGXTXHOXQHFKRXHWWHIDLVDLWHQWHQGUHVRQFULDLJXSpULRGLTXHHW
PRQRWRQHdjHWOjGDQVODSODLQHjGURLWHHWjJDXFKHGXFKHPLQTXHVXLYDLWOH
OXJXEUHFRUWqJHDSSDUDLVVDLHQWTXHOTXHVDUEUHVEDVHWWUDSXVTXLVHPEODLHQW
GHVQDLQVGLIIRUPHVDFFURXSLVSRXUJXHWWHUOHVKRPPHVjFHWWHKHXUHVLQLVWUH
'HWHPSVHQWHPSVXQODUJHpFODLURXYUDLWO
KRUL]RQGDQVWRXWHVDODUJHXU
VHUSHQWDLWDXGHVVXVGHODPDVVHQRLUHGHVDUEUHVHWYHQDLWFRPPHXQHIIUD\DQW
FLPHWHUUHFRXSHUOHFLHOHWO
HDXHQGHX[SDUWLHV3DVXQVRXIIOHGHYHQWQH
SDVVDLWGDQVO
DWPRVSKqUHDORXUGLH8QVLOHQFHGHPRUWpFUDVDLWWRXWHODQDWXUH
OHVROpWDLWKXPLGHHWJOLVVDQWGHODSOXLHTXLYHQDLWGHWRPEHUHWOHV
KHUEHVUDQLPpHVMHWDLHQWOHXUSDUIXPDYHFSOXVG
pQHUJLH
'HX[YDOHWVWUDvQDLHQW0LODG\TX
LOVWHQDLHQWFKDFXQSDUXQEUDVOHERXUUHDX
PDUFKDLWGHUULqUHHW/RUGGH:LQWHUG
$UWDJQDQ$WKRV3RUWKRVHW$UDPLV
PDUFKDLHQWGHUULqUHOHERXUUHDX
3ODQFKHWHW%D]LQYHQDLHQWOHVGHUQLHUV
/HVGHX[YDOHWVFRQGXLVDLHQW0LODG\GXF{WpGHODULYLqUH6DERXFKHpWDLW
PXHWWHPDLVVHV\HX[SDUODLHQWDYHFOHXULQH[SULPDEOHpORTXHQFHVXSSOLDQW
WRXUjWRXUFKDFXQGHFHX[TX
HOOHUHJDUGDLW
&RPPHHOOHVHWURXYDLWGHTXHOTXHVSDVHQDYDQWHOOHGLWDX[YDOHWV
0LOOHSLVWROHVjFKDFXQGHYRXVVLYRXVSURWpJH]PDIXLWHPDLVVLYRXVPH
OLYUH]jYRVPDvWUHVM
DLLFLSUqVGHVYHQJHXUVTXLYRXVIHURQWSD\HUFKHUPD
PRUW
*ULPDXGKpVLWDLW0RXVTXHWRQWUHPEODLWGHWRXVVHVPHPEUHV
$WKRVTXLDYDLWHQWHQGXODYRL[GH0LODG\V
DSSURFKDYLYHPHQW/RUGGH:LQWHU
HQILWDXWDQW

5HQYR\H]FHVYDOHWVGLWLOHOOHOHXUDSDUOpLOVQHVRQWSOXVVUV
2QDSSHOD3ODQFKHWHW%D]LQTXLSULUHQWODSODFHGH*ULPDXGHWGH0RXVTXHWRQ
$UULYpVDXERUGGHO
HDXOHERXUUHDXV
DSSURFKDGH0LODG\HWOXLOLDOHVSLHGV
HWOHVPDLQV
$ORUVHOOHURPSLWOHVLOHQFHSRXUV
pFULHU
9RXVrWHVGHVOkFKHVYRXVrWHVGHVPLVpUDEOHVDVVDVVLQVYRXVYRXVPHWWH]j
GL[SRXUpJRUJHUXQHIHPPHSUHQH]JDUGHVLMHQHVXLVSRLQWVHFRXUXHMH
VHUDLYHQJpH
9RXVQ
rWHVSDVXQHIHPPHGLWIURLGHPHQW$WKRVYRXVQ
DSSDUWHQH]SDVj
O
HVSqFHKXPDLQHYRXVrWHVXQGpPRQpFKDSSpGHO
HQIHUHWTXHQRXVDOORQV\
IDLUHUHQWUHU
$K0HVVLHXUVOHVKRPPHVYHUWXHX[GLW0LODG\IDLWHVDWWHQWLRQTXHFHOXL
TXLWRXFKHUDXQFKHYHXGHPDWrWHHVWjVRQWRXUXQDVVDVVLQ
/HERXUUHDXSHXWWXHUVDQVrWUHSRXUFHODXQDVVDVVLQ0DGDPHGLWO
KRPPH
DXPDQWHDXURXJHHQIUDSSDQWVXUVDODUJHpSpHF
HVWOHGHUQLHUMXJHYRLOj
WRXW1DFKULFKWHUFRPPHGLVHQWQRVYRLVLQVOHV$OOHPDQGV
(WFRPPHLOODOLDLWHQGLVDQWFHVSDUROHV0LODG\SRXVVDGHX[RXWURLVFULV
VDXYDJHVTXLILUHQWXQHIIHWVRPEUHHWpWUDQJHHQV
HQYRODQWGDQVODQXLWHWHQ
VHSHUGDQWGDQVOHVSURIRQGHXUVGXERLV
0DLVVLMHVXLVFRXSDEOHVLM
DLFRPPLVOHVFULPHVGRQWYRXVP
DFFXVH]
KXUODLW0LODG\FRQGXLVH]PRLGHYDQWXQWULEXQDOYRXVQ
rWHVSDVGHVMXJHV
YRXVSRXUPHFRQGDPQHU
-HYRXVDYDLVSURSRVp7\EXUQGLW/RUGGH:LQWHUSRXUTXRLQ
DYH]YRXVSDV
YRXOX"
3DUFHTXHMHQHYHX[SDVPRXULUV
pFULD0LODG\HQVHGpEDWWDQWSDUFHTXH
MHVXLVWURSMHXQHSRXUPRXULU
/DIHPPHTXHYRXVDYH]HPSRLVRQQpHj%pWKXQHpWDLWSOXVMHXQHHQFRUHTXH
YRXV0DGDPHHWFHSHQGDQWHOOHHVWPRUWHGLWG
$UWDJQDQ
-
HQWUHUDLGDQVXQFORvWUHMHPHIHUDLUHOLJLHXVHGLW0LODG\
9RXVpWLH]GDQVXQFORvWUHGLWOHERXUUHDXHWYRXVHQrWHVVRUWLHSRXU
SHUGUHPRQIUqUH
0LODG\SRXVVDXQFULG
HIIURLHWWRPEDVXUVHVJHQRX[
/HERXUUHDXODVRXOHYDVRXVOHVEUDVHWYRXOXWO
HPSRUWHUYHUVOHEDWHDX
2KPRQ'LHXV
pFULDWHOOHPRQ'LHXDOOH]YRXVGRQFPHQR\HU

&HVFULVDYDLHQWTXHOTXHFKRVHGHVLGpFKLUDQWTXHG
$UWDJQDQTXLG
DERUG
pWDLWOHSOXVDFKDUQpjODSRXUVXLWHGH0LODG\VHODLVVDDOOHUVXUXQHVRXFKH
HWSHQFKDODWrWHVHERXFKDQWOHVRUHLOOHVDYHFOHVSDXPHVGHVHVPDLQVHW
FHSHQGDQWPDOJUpFHODLOO
HQWHQGDLWHQFRUHPHQDFHUHWFULHU
'
$UWDJQDQpWDLWOHSOXVMHXQHGHWRXVFHVKRPPHVOHFRHXUOXLPDQTXD
2KMHQHSXLVYRLUFHWDIIUHX[VSHFWDFOHMHQHSXLVFRQVHQWLUjFHTXH
FHWWHIHPPHPHXUHDLQVL
0LODG\DYDLWHQWHQGXFHVTXHOTXHVPRWVHWHOOHV
pWDLWUHSULVHjXQHOXHXU
G
HVSpUDQFH
'
$UWDJQDQG
$UWDJQDQFULDWHOOHVRXYLHQVWRLTXHMHW
DLDLPp
/HMHXQHKRPPHVHOHYDHWILWXQSDVYHUVHOOH
0DLV$WKRVEUXVTXHPHQWWLUDVRQpSpHVHPLWVXUVRQFKHPLQ
6LYRXVIDLWHVXQSDVGHSOXVG
$UWDJQDQGLWLOQRXVFURLVHURQVOHIHU
HQVHPEOH
'
$UWDJQDQWRPEDjJHQRX[HWSULD
$OORQVFRQWLQXD$WKRVERXUUHDXIDLVWRQGHYRLU
9RORQWLHUV0RQVHLJQHXUGLWOHERXUUHDXFDUDXVVLYUDLTXHMHVXLVERQ
FDWKROLTXHMHFURLVIHUPHPHQWrWUHMXVWHHQDFFRPSOLVVDQWPDIRQFWLRQVXUFHWWH
IHPPH
&
HVWELHQ
$WKRVILWXQSDVYHUV0LODG\
-HYRXVSDUGRQQHGLWLOOHPDOTXHYRXVP
DYH]IDLWMHYRXVSDUGRQQHPRQ
DYHQLUEULVpPRQKRQQHXUSHUGXPRQDPRXUVRXLOOpHWPRQVDOXWjMDPDLV
FRPSURPLVSDUOHGpVHVSRLURYRXVP
DYH]MHWp0RXUH]HQSDL[
/RUGGH:LQWHUV
DYDQoDjVRQWRXU
-HYRXVSDUGRQQHGLWLOO
HPSRLVRQQHPHQWGHPRQIUqUHO
DVVDVVLQDWGH6D
*UkFH/RUG%XFNLQJKDPMHYRXVSDUGRQQHODPRUWGXSDXYUH)HOWRQMHYRXV
SDUGRQQHYRVWHQWDWLYHVVXUPDSHUVRQQH0RXUH]HQSDL[
(WPRLGLWG
$UWDJQDQSDUGRQQH]PRL0DGDPHG
DYRLUSDUXQHIRXUEHULH
LQGLJQHG
XQJHQWLOKRPPHSURYRTXpYRWUHFROqUHHWHQpFKDQJHMHYRXV
SDUGRQQHOHPHXUWUHGHPDSDXYUHDPLHHWYRVYHQJHDQFHVFUXHOOHVSRXUPRLMH
YRXVSDUGRQQHHWMHSOHXUHVXUYRXV0RXUH]HQSDL[
,DPORVWPXUPXUDHQDQJODLV0LODG\,PXVWGLH
$ORUVHOOHVHUHOHYDG
HOOHPrPHMHWDWRXWDXWRXUG
HOOHXQGHFHVUHJDUGV
FODLUVTXLVHPEODLHQWMDLOOLUG
XQRHLOGHIODPPH

(OOHQHYLWULHQ
(OOHpFRXWDHWQ
HQWHQGLWULHQ
(OOHQ
DYDLWDXWRXUG
HOOHTXHGHVHQQHPLV
2YDLVMHPRXULU"GLWHOOH
6XUO
DXWUHULYHUpSRQGLWOHERXUUHDX
$ORUVLOODILWHQWUHUGDQVODEDUTXHHWFRPPHLODOODLW\PHWWUHOHSLHG
$WKRVOXLUHPLWXQHVRPPHG
DUJHQW
7HQH]GLWLOYRLFLOHSUL[GHO
H[pFXWLRQTXHO
RQYRLHELHQTXHQRXV
DJLVVRQVHQMXJHV
&
HVWELHQGLWOHERXUUHDXHWTXHPDLQWHQDQWjVRQWRXUFHWWHIHPPH
VDFKHTXHMHQ
DFFRPSOLVSDVPRQPpWLHUPDLVPRQGHYRLU
(WLOMHWDO
DUJHQWGDQVODULYLqUH
/HEDWHDXV
pORLJQDYHUVODULYHJDXFKHGHOD/\VHPSRUWDQWODFRXSDEOHHW
O
H[pFXWHXUWRXVOHVDXWUHVGHPHXUqUHQWVXUODULYHGURLWHRLOVpWDLHQW
WRPEpVjJHQRX[
/HEDWHDXJOLVVDLWOHQWHPHQWOHORQJGHODFRUGHGXEDFVRXVOHUHIOHWG
XQ
QXDJHSkOHTXLVXUSORPEDLWO
HDXHQFHPRPHQW
2QOHYLWDERUGHUVXUO
DXWUHULYHOHVSHUVRQQDJHVVHGHVVLQDLHQWHQQRLUVXU
O
KRUL]RQURXJHkWUH
0LODG\SHQGDQWOHWUDMHWpWDLWSDUYHQXHjGpWDFKHUODFRUGHTXLOLDLWVHV
SLHGVHQDUULYDQWVXUOHULYDJHHOOHVDXWDOpJqUHPHQWjWHUUHHWSULWOD
IXLWH
0DLVOHVROpWDLWKXPLGHHQDUULYDQWDXKDXWGXWDOXVHOOHJOLVVDHWWRPED
VXUVHVJHQRX[
8QHLGpHVXSHUVWLWLHXVHODIUDSSDVDQVGRXWHHOOHFRPSULWTXHOH&LHOOXL
UHIXVDLWVRQVHFRXUVHWUHVWDGDQVO
DWWLWXGHRHOOHVHWURXYDLWODWrWH
LQFOLQpHHWOHVPDLQVMRLQWHV
$ORUVRQYLWGHO
DXWUHULYHOHERXUUHDXOHYHUOHQWHPHQWVHVGHX[EUDVXQ
UD\RQGHOXQHVHUHIOpWDVXUODODPHGHVDODUJHpSpHOHVGHX[EUDVUHWRPEqUHQW
RQHQWHQGLWOHVLIIOHPHQWGXFLPHWHUUHHWOHFULGHODYLFWLPHSXLVXQHPDVVH
WURQTXpHV
DIIDLVVDVRXVOHFRXS
$ORUVOHERXUUHDXGpWDFKDVRQPDQWHDXURXJHO
pWHQGLWjWHUUH\FRXFKDOH
FRUSV\MHWDODWrWHOHQRXDSDUOHVTXDWUHFRLQVOHFKDUJHDVXUVRQpSDXOH
HWUHPRQWDGDQVOHEDWHDX
$UULYpDXPLOLHXGHOD/\VLODUUrWDODEDUTXHHWVXVSHQGDQWVRQIDUGHDX

DXGHVVXVGHODULYLqUH
/DLVVH]SDVVHUODMXVWLFHGH'LHXFULDWLOjKDXWHYRL[
(WLOODLVVDWRPEHUOHFDGDYUHDXSOXVSURIRQGGHO
HDXTXLVHUHIHUPDVXUOXL
7URLVMRXUVDSUqVOHVTXDWUHPRXVTXHWDLUHVUHQWUDLHQWj3DULVLOVpWDLHQW
UHVWpVGDQVOHVOLPLWHVGHOHXUFRQJpHWOHPrPHVRLULOVDOOqUHQWIDLUHOHXU
YLVLWHDFFRXWXPpHj0GH7UpYLOOH
(KELHQ0HVVLHXUVOHXUGHPDQGDOHEUDYHFDSLWDLQHYRXVrWHVYRXVELHQ
DPXVpVGDQVYRWUHH[FXUVLRQ"
3URGLJLHXVHPHQWUpSRQGLW$WKRVOHVGHQWVVHUUpHV

&KDSLWUH/;9,,
&21&/86,21

/HGXPRLVVXLYDQWOHURLWHQDQWODSURPHVVHTX
LODYDLWIDLWHDXFDUGLQDO
GHTXLWWHU3DULVSRXUUHYHQLUj/D5RFKHOOHVRUWLWGHVDFDSLWDOHWRXWpWRXUGL
HQFRUHGHODQRXYHOOHTXLYHQDLWGHV
\UpSDQGUHTXH%XFNLQJKDPYHQDLWG
rWUH
DVVDVVLQp
4XRLTXHSUpYHQXHTXHO
KRPPHTX
HOOHDYDLWWDQWDLPpFRXUDLWXQGDQJHUOD
UHLQHORUVTX
RQOXLDQQRQoDFHWWHPRUWQHYRXOXWSDVODFURLUHLOOXLDUULYD
PrPHGHV
pFULHULPSUXGHPPHQW
&
HVWIDX[LOYLHQWGHP
pFULUH
0DLVOHOHQGHPDLQLOOXLIDOOXWELHQFURLUHjFHWWHIDWDOHQRXYHOOH/D3RUWH
UHWHQXFRPPHWRXWOHPRQGHHQ$QJOHWHUUHSDUOHVRUGUHVGXURL&KDUOHV,HU
DUULYDSRUWHXUGXGHUQLHUHWIXQqEUHSUpVHQWTXH%XFNLQJKDPHQYR\DLWjODUHLQH
/DMRLHGXURLDYDLWpWpWUqVYLYHLOQHVHGRQQDSDVODSHLQHGHOD
GLVVLPXOHUHWODILWPrPHpFODWHUDYHFDIIHFWDWLRQGHYDQWODUHLQH/RXLV;,,,
FRPPHWRXVOHVFRHXUVIDLEOHVPDQTXDLWGHJpQpURVLWp
0DLVELHQW{WOHURLUHGHYLQWVRPEUHHWPDOSRUWDQWVRQIURQWQ
pWDLWSDVGH
FHX[TXLV
pFODLUFLVVHQWSRXUORQJWHPSVLOVHQWDLWTX
HQUHWRXUQDQWDXFDPSLO
DOODLWUHSUHQGUHVRQHVFODYDJHHWFHSHQGDQWLO\UHWRXUQDLW
/HFDUGLQDOpWDLWSRXUOXLOHVHUSHQWIDVFLQDWHXUHWLOpWDLWOXLO
RLVHDXTXL
YROWLJHGHEUDQFKHHQEUDQFKHVDQVSRXYRLUOXLpFKDSSHU
$XVVLOHUHWRXUYHUV/D5RFKHOOHpWDLWLOSURIRQGpPHQWWULVWH1RVTXDWUHDPLV
VXUWRXWIDLVDLHQWO
pWRQQHPHQWGHOHXUVFDPDUDGHVLOVYR\DJHDLHQWHQVHPEOH

F{WHjF{WHO
RHLOVRPEUHHWODWrWHEDLVVpH$WKRVUHOHYDLWVHXOGHWHPSVHQ
WHPSVVRQODUJHIURQWXQpFODLUEULOODLWGDQVVHV\HX[XQVRXULUHDPHU
SDVVDLWVXUVHVOqYUHVSXLVSDUHLOjVHVFDPDUDGHVLOVHODLVVDLWGHQRXYHDX
DOOHUjVHVUrYHULHV
$XVVLW{WO
DUULYpHGHO
HVFRUWHGDQVXQHYLOOHGqVTX
LOVDYDLHQWFRQGXLWOH
URLjVRQORJLVOHVTXDWUHDPLVVHUHWLUDLHQWRXFKH]HX[RXGDQVTXHOTXH
FDEDUHWpFDUWpRLOVQHMRXDLHQWQLQHEXYDLHQWVHXOHPHQWLOVSDUODLHQWj
YRL[EDVVHHQUHJDUGDQWDYHFDWWHQWLRQVLQXOQHOHVpFRXWDLW
8QMRXUTXHOHURLDYDLWIDLWKDOWHVXUODURXWHSRXUYROHUODSLHHWTXHOHV
TXDWUHDPLVVHORQOHXUKDELWXGHDXOLHXGHVXLYUHODFKDVVHV
pWDLHQWDUUrWpV
GDQVXQFDEDUHWVXUODJUDQGHURXWHXQKRPPHTXLYHQDLWGH/D5RFKHOOHjIUDQF
pWULHUV
DUUrWDjODSRUWHSRXUERLUHXQYHUUHGHYLQHWSORQJHDVRQUHJDUG
GDQVO
LQWpULHXUGHODFKDPEUHRpWDLHQWDWWDEOpVOHVTXDWUHPRXVTXHWDLUHV
+ROj0RQVLHXUG
$UWDJQDQGLWLOQ
HVWFHSRLQWYRXVTXHMHYRLVOjEDV"

'
$UWDJQDQOHYDODWrWHHWSRXVVDXQFULGHMRLH&HWKRPPHTX
LODSSHODLWVRQ
IDQW{PHF
pWDLWVRQLQFRQQXGH0HXQJGHODUXHGHV)RVVR\HXUVHWG
$UUDV
'
$UWDJQDQWLUDVRQpSpHHWV
pODQoDYHUVODSRUWH
0DLVFHWWHIRLVDXOLHXGHIXLUO
LQFRQQXV
pODQoDjEDVGHVRQFKHYDOHW
V
DYDQoDjODUHQFRQWUHGHG
$UWDJQDQ
$K0RQVLHXUGLWOHMHXQHKRPPHMHYRXVUHMRLQVGRQFHQILQFHWWHIRLV
YRXVQHP
pFKDSSHUH]SDV
&HQ
HVWSDVPRQLQWHQWLRQQRQSOXV0RQVLHXUFDUFHWWHIRLVMHYRXV
FKHUFKDLVDXQRPGXURLMHYRXVDUUrWHHWGLVTXHYRXVD\H]jPHUHQGUHYRWUH
pSpH0RQVLHXUHWFHODVDQVUpVLVWDQFHLO\YDGHODWrWHMHYRXVHQ
DYHUWLV
4XLrWHVYRXVGRQF"GHPDQGDG
$UWDJQDQHQEDLVVDQWVRQpSpHPDLVVDQVOD
UHQGUHHQFRUH
-HVXLVOHFKHYDOLHUGH5RFKHIRUWUpSRQGLWO
LQFRQQXO
pFX\HUGH0OH
FDUGLQDOGH5LFKHOLHXHWM
DLRUGUHGHYRXVUDPHQHUj6RQ(PLQHQFH
1RXVUHWRXUQRQVDXSUqVGH6RQ(PLQHQFH0RQVLHXUOHFKHYDOLHUGLW$WKRVHQ
V
DYDQoDQWHWYRXVDFFHSWHUH]ELHQODSDUROHGH0G
$UWDJQDQTX
LOYDVH
UHQGUHHQGURLWHOLJQHj/D5RFKHOOH
-HGRLVOHUHPHWWUHHQWUHOHVPDLQVGHVJDUGHVTXLOHUDPqQHURQWDXFDPS
1RXVOXLHQVHUYLURQV0RQVLHXUVXUQRWUHSDUROHGHJHQWLOVKRPPHVPDLVVXU
QRWUHSDUROHGHJHQWLOVKRPPHVDXVVLDMRXWD$WKRVHQIURQoDQWOHVRXUFLO0
G
$UWDJQDQQHQRXVTXLWWHUDSDV
/HFKHYDOLHUGH5RFKHIRUWMHWDXQFRXSG
RHLOHQDUULqUHHWYLWTXH3RUWKRVHW
$UDPLVV
pWDLHQWSODFpVHQWUHOXLHWODSRUWHLOFRPSULWTX
LOpWDLW

FRPSOqWHPHQWjODPHUFLGHFHVTXDWUHKRPPHV
0HVVLHXUVGLWLOVL0G
$UWDJQDQYHXWPHUHQGUHVRQpSpHHWMRLQGUHVD
SDUROHjODYRWUHMHPHFRQWHQWHUDLGHYRWUHSURPHVVHGHFRQGXLUH0G
$UWDJQDQ
DXTXDUWLHUGH0RQVHLJQHXUOHFDUGLQDO
9RXVDYH]PDSDUROH0RQVLHXUGLWG
$UWDJQDQHWYRLFLPRQpSpH
&HODPHYDG
DXWDQWPLHX[DMRXWD5RFKHIRUWTX
LOIDXWTXHMHFRQWLQXHPRQ
YR\DJH
6LF
HVWSRXUUHMRLQGUH0LODG\GLWIURLGHPHQW$WKRVF
HVWLQXWLOHYRXVQH
ODUHWURXYHUH]SDV
4X
HVWHOOHGRQFGHYHQXH"GHPDQGDYLYHPHQW5RFKHIRUW
5HYHQH]DXFDPSHWYRXVOHVDXUH]
5RFKHIRUWGHPHXUDXQLQVWDQWSHQVLISXLVFRPPHRQQ
pWDLWSOXVTX
jXQH
MRXUQpHGH6XUJqUHVMXVTX
ROHFDUGLQDOGHYDLWYHQLUDXGHYDQWGXURLLO
UpVROXWGHVXLYUHOHFRQVHLOG
$WKRVHWGHUHYHQLUDYHFHX[
'
DLOOHXUVFHUHWRXUOXLRIIUDLWXQDYDQWDJHF
pWDLWGHVXUYHLOOHUOXLPrPHVRQ
SULVRQQLHU
2QVHUHPLWHQURXWH
/HOHQGHPDLQjWURLVKHXUHVGHO
DSUqVPLGLRQDUULYDj6XUJqUHV/HFDUGLQDO
\DWWHQGDLW/RXLV;,,,/HPLQLVWUHHWOHURL\pFKDQJqUHQWIRUFHFDUHVVHVVH
IpOLFLWqUHQWGHO
KHXUHX[KDVDUGTXLGpEDUUDVVDLWOD)UDQFHGHO
HQQHPLDFKDUQp
TXLDPHXWDLWO
(XURSHFRQWUHHOOH$SUqVTXRLOHFDUGLQDOTXLDYDLWpWp
SUpYHQXSDU5RFKHIRUWTXHG
$UWDJQDQpWDLWDUUrWpHWTXLDYDLWKkWHGHOHYRLU
SULWFRQJpGXURLHQO
LQYLWDQWjYHQLUYRLUOHOHQGHPDLQOHVWUDYDX[GHOD
GLJXHTXLpWDLHQWDFKHYpV
(QUHYHQDQWOHVRLUjVRQTXDUWLHUGXSRQWGH/D3LHUUHOHFDUGLQDOWURXYD
GHERXWGHYDQWODSRUWHGHODPDLVRQTX
LOKDELWDLWG
$UWDJQDQVDQVpSpHHWOHV
WURLVPRXVTXHWDLUHVDUPpV
&HWWHIRLVFRPPHLOpWDLWHQIRUFHLOOHVUHJDUGDVpYqUHPHQWHWILWVLJQHGH
O
RHLOHWGHODPDLQjG
$UWDJQDQGHOHVXLYUH
'
$UWDJQDQREpLW
1RXVW
DWWHQGURQVG
$UWDJQDQGLW$WKRVDVVH]KDXWSRXUTXHOHFDUGLQDO
O
HQWHQGvW
6RQ(PLQHQFHIURQoDOHVRXUFLOV
DUUrWDXQLQVWDQWSXLVFRQWLQXDVRQFKHPLQ
VDQVSURQRQFHUXQHVHXOHSDUROH
'
$UWDJQDQHQWUDGHUULqUHOHFDUGLQDOHW5RFKHIRUWGHUULqUHG
$UWDJQDQOD
SRUWHIXWJDUGpH

6RQ(PLQHQFHVHUHQGLWGDQVODFKDPEUHTXLOXLVHUYDLWGHFDELQHWHWILWVLJQH
j5RFKHIRUWG
LQWURGXLUHOHMHXQHPRXVTXHWDLUH
5RFKHIRUWREpLWHWVHUHWLUD
'
$UWDJQDQUHVWDVHXOHQIDFHGXFDUGLQDOF
pWDLWVDVHFRQGHHQWUHYXHDYHF
5LFKHOLHXHWLODYRXDGHSXLVTX
LODYDLWpWpELHQFRQYDLQFXTXHFHVHUDLWOD
GHUQLqUH
5LFKHOLHXUHVWDGHERXWDSSX\pFRQWUHODFKHPLQpHXQHWDEOHpWDLWGUHVVpHHQWUH
OXLHWG
$UWDJQDQ
0RQVLHXUGLWOHFDUGLQDOYRXVDYH]pWpDUUrWpSDUPHVRUGUHV
2QPHO
DGLW0RQVHLJQHXU
6DYH]YRXVSRXUTXRL"
1RQ0RQVHLJQHXUFDUODVHXOHFKRVHSRXUODTXHOOHMHSRXUUDLVrWUHDUUrWp
HVWHQFRUHLQFRQQXHGH6RQ(PLQHQFH
5LFKHOLHXUHJDUGDIL[HPHQWOHMHXQHKRPPH
2K2KGLWLOTXHYHXWGLUHFHOD"
6L0RQVHLJQHXUYHXWP
DSSUHQGUHG
DERUGOHVFULPHVTX
RQP
LPSXWHMHOXL
GLUDLHQVXLWHOHVIDLWVTXHM
DLDFFRPSOLV
2QYRXVLPSXWHGHVFULPHVTXLRQWIDLWFKRLUGHVWrWHVSOXVKDXWHVTXHOD
Y{WUH0RQVLHXUGLWOHFDUGLQDO
/HVTXHOV0RQVHLJQHXU"GHPDQGDG
$UWDJQDQDYHFXQFDOPHTXLpWRQQDOH
FDUGLQDOOXLPrPH
2QYRXVLPSXWHG
DYRLUFRUUHVSRQGXDYHFOHVHQQHPLVGXUR\DXPHRQYRXV
LPSXWHG
DYRLUVXUSULVOHVVHFUHWVGHO
(WDWRQYRXVLPSXWHG
DYRLUHVVD\pGH
IDLUHDYRUWHUOHVSODQVGHYRWUHJpQpUDO
(WTXLP
LPSXWHFHOD0RQVHLJQHXU"GLWG
$UWDJQDQTXLVHGRXWDLWTXH
O
DFFXVDWLRQYHQDLWGH0LODG\XQHIHPPHIOpWULHSDUODMXVWLFHGXSD\VXQH
IHPPHTXLDpSRXVpXQKRPPHHQ)UDQFHHWXQDXWUHHQ$QJOHWHUUHXQHIHPPHTXLD
HPSRLVRQQpVRQVHFRQGPDULHWTXLDWHQWpGHP
HPSRLVRQQHUPRLPrPH
4XHGLWHVYRXVGRQFOj"0RQVLHXUV
pFULDOHFDUGLQDOpWRQQpHWGHTXHOOH
IHPPHSDUOH]YRXVDLQVL"
'H0LODG\GH:LQWHUUpSRQGLWG
$UWDJQDQRXLGH0LODG\GH:LQWHUGRQW
VDQVGRXWH9RWUH(PLQHQFHLJQRUDLWWRXVOHVFULPHVORUVTX
HOOHO
DKRQRUpHGH
VDFRQILDQFH
0RQVLHXUGLWOHFDUGLQDOVL0LODG\GH:LQWHUDFRPPLVOHVFULPHVTXHYRXV
GLWHVHOOHVHUDSXQLH

(OOHO
HVW0RQVHLJQHXU
(WTXLO
DSXQLH"
1RXV
(OOHHVWHQSULVRQ"
(OOHHVWPRUWH
0RUWHUpSpWDOHFDUGLQDOTXLQHSRXYDLWFURLUHjFHTX
LOHQWHQGDLW
PRUWH1
DYH]YRXVSDVGLWTX
HOOHpWDLWPRUWH"
7URLVIRLVHOOHDYDLWHVVD\pGHPHWXHUHWMHOXLDYDLVSDUGRQQpPDLV
HOOHDWXpODIHPPHTXHM
DLPDLV$ORUVPHVDPLVHWPRLQRXVO
DYRQVSULVH
MXJpHHWFRQGDPQpH
'
$UWDJQDQDORUVUDFRQWDO
HPSRLVRQQHPHQWGH0PH%RQDFLHX[GDQVOHFRXYHQWGHV
&DUPpOLWHVGH%pWKXQHOHMXJHPHQWGDQVODPDLVRQLVROpHO
H[pFXWLRQVXUOHV
ERUGVGHOD/\V
8QIULVVRQFRXUXWSDUWRXWOHFRUSVGXFDUGLQDOTXLFHSHQGDQWQHIULVVRQQDLW
SDVIDFLOHPHQW
0DLVWRXWjFRXSFRPPHVXELVVDQWO
LQIOXHQFHG
XQHSHQVpHPXHWWHOD
SK\VLRQRPLHGXFDUGLQDOVRPEUHMXVTX
DORUVV
pFODLUFLWSHXjSHXHWDUULYDj
ODSOXVSDUIDLWHVpUpQLWp
$LQVLGLWLODYHFXQHYRL[GRQWODGRXFHXUFRQWUDVWDLWDYHFODVpYpULWpGH
VHVSDUROHVYRXVYRXVrWHVFRQVWLWXpVMXJHVVDQVSHQVHUTXHFHX[TXLQ
RQWSDV
PLVVLRQGHSXQLUHWTXLSXQLVVHQWVRQWGHVDVVDVVLQV
0RQVHLJQHXUMHYRXVMXUHTXHMHQ
DLSDVHXXQLQVWDQWO
LQWHQWLRQGH
GpIHQGUHPDWrWHFRQWUHYRXV-HVXELUDLOHFKkWLPHQWTXH9RWUH(PLQHQFHYRXGUD
ELHQP
LQIOLJHU-HQHWLHQVSDVDVVH]jODYLHSRXUFUDLQGUHODPRUW
2XLMHOHVDLVYRXVrWHVXQKRPPHGHFRHXU0RQVLHXUGLWOHFDUGLQDODYHF
XQHYRL[SUHVTXHDIIHFWXHXVHMHSXLVGRQFYRXVGLUHG
DYDQFHTXHYRXVVHUH]
MXJpFRQGDPQpPrPH
8QDXWUHSRXUUDLWUpSRQGUHj9RWUH(PLQHQFHTX
LODVDJUkFHGDQVVDSRFKH
PRLMHPHFRQWHQWHUDLGHYRXVGLUH2UGRQQH]0RQVHLJQHXUMHVXLVSUrW
9RWUHJUkFH"GLW5LFKHOLHXVXUSULV
2XL0RQVHLJQHXUGLWG
$UWDJQDQ
(WVLJQpHGHTXL"GXURL"
(WOHFDUGLQDOSURQRQoDFHVPRWVDYHFXQHVLQJXOLqUHH[SUHVVLRQGHPpSULV
1RQGH9RWUH(PLQHQFH

'HPRL"YRXVrWHVIRX0RQVLHXU"
0RQVHLJQHXUUHFRQQDvWUDVDQVGRXWHVRQpFULWXUH
(WG
$UWDJQDQSUpVHQWDDXFDUGLQDOOHSUpFLHX[SDSLHUTX
$WKRVDYDLWDUUDFKpj
0LODG\HWTX
LODYDLWGRQQpjG
$UWDJQDQSRXUOXLVHUYLUGHVDXYHJDUGH
6RQ(PLQHQFHSULWOHSDSLHUHWOXWG
XQHYRL[OHQWHHWHQDSSX\DQWVXUFKDTXH
V\OODEH
&
HVWSDUPRQRUGUHHWSRXUOHELHQGHO
(WDWTXHOHSRUWHXUGXSUpVHQWDIDLW
FHTX
LODIDLW
$XFDPSGHYDQW/D5RFKHOOHFHDRW
5,&+(/,(8
/HFDUGLQDODSUqVDYRLUOXFHVGHX[OLJQHVWRPEDGDQVXQHUrYHULHSURIRQGH
PDLVLOQHUHQGLWSDVOHSDSLHUjG
$UWDJQDQ
,OPpGLWHGHTXHOJHQUHGHVXSSOLFHLOPHIHUDPRXULUVHGLWWRXWEDV
G
$UWDJQDQ(KELHQPDIRLLOYHUUDFRPPHQWPHXUWXQJHQWLOKRPPH
/HMHXQHPRXVTXHWDLUHpWDLWHQH[FHOOHQWHGLVSRVLWLRQSRXUWUpSDVVHU
KpURwTXHPHQW
5LFKHOLHXSHQVDLWWRXMRXUVURXODLWHWGpURXODLWOHSDSLHUGDQVVHVPDLQV(QILQ
LOOHYDODWrWHIL[DVRQUHJDUGG
DLJOHVXUFHWWHSK\VLRQRPLHOR\DOHRXYHUWH
LQWHOOLJHQWHOXWVXUFHYLVDJHVLOORQQpGHODUPHVWRXWHVOHVVRXIIUDQFHVTX
LO
DYDLWHQGXUpHVGHSXLVXQPRLVHWVRQJHDSRXUODWURLVLqPHRXTXDWULqPHIRLV
FRPELHQFHWHQIDQWGHYLQJWHWXQDQVDYDLWG
DYHQLUHWTXHOOHVUHVVRXUFHVVRQ
DFWLYLWpVRQFRXUDJHHWVRQHVSULWSRXYDLHQWRIIULUjXQERQPDvWUH
'
XQDXWUHF{WpOHVFULPHVODSXLVVDQFHOHJpQLHLQIHUQDOGH0LODG\O
DYDLHQW
SOXVG
XQHIRLVpSRXYDQWp,OVHQWDLWFRPPHXQHMRLHVHFUqWHG
rWUHjMDPDLV
GpEDUUDVVpGHFHFRPSOLFHGDQJHUHX[
,OGpFKLUDOHQWHPHQWOHSDSLHUTXHG
$UWDJQDQOXLDYDLWVLJpQpUHXVHPHQWUHPLV
-HVXLVSHUGXGLWHQOXLPrPHG
$UWDJQDQ
(WLOV
LQFOLQDSURIRQGpPHQWGHYDQWOHFDUGLQDOHQKRPPHTXLGLW6HLJQHXU
TXHYRWUHYRORQWpVRLWIDLWH
/HFDUGLQDOV
DSSURFKDGHODWDEOHHWVDQVV
DVVHRLUpFULYLWTXHOTXHVOLJQHV
VXUXQSDUFKHPLQGRQWOHVGHX[WLHUVpWDLHQWGpMjUHPSOLVHW\DSSRVDVRQVFHDX

&HFLHVWPDFRQGDPQDWLRQGLWG
$UWDJQDQLOP
pSDUJQHO
HQQXLGHOD%DVWLOOH
HWOHVOHQWHXUVG
XQMXJHPHQW&
HVWHQFRUHIRUWDLPDEOHjOXL
7HQH]0RQVLHXUGLWOHFDUGLQDODXMHXQHKRPPHMHYRXVDLSULVXQ
EODQFVHLQJHWMHYRXVHQUHQGVXQDXWUH/HQRPPDQTXHVXUFHEUHYHWYRXV

O
pFULUH]YRXVPrPH
'
$UWDJQDQSULWOHSDSLHUHQKpVLWDQWHWMHWDOHV\HX[GHVVXV
&
pWDLWXQHOLHXWHQDQFHGDQVOHVPRXVTXHWDLUHV
'
$UWDJQDQWRPEDDX[SLHGVGXFDUGLQDO
0RQVHLJQHXUGLWLOPDYLHHVWjYRXVGLVSRVH]HQGpVRUPDLVPDLVFHWWH
IDYHXUTXHYRXVP
DFFRUGH]MHQHODPpULWHSDVM
DLWURLVDPLVTXLVRQWSOXV
PpULWDQWVHWSOXVGLJQHV
9RXVrWHVXQEUDYHJDUoRQG
$UWDJQDQLQWHUURPSLWOHFDUGLQDOHQOXL
IUDSSDQWIDPLOLqUHPHQWVXUO
pSDXOHFKDUPpTX
LOpWDLWG
DYRLUYDLQFXFHWWH
QDWXUHUHEHOOH)DLWHVGHFHEUHYHWFHTX
LOYRXVSODLUD6HXOHPHQW
UDSSHOH]YRXVTXHTXRLTXHOHQRPVRLWHQEODQFF
HVWjYRXVTXHMHOHGRQQH
-HQHO
RXEOLHUDLMDPDLVUpSRQGLWG
$UWDJQDQ9RWUH(PLQHQFHSHXWHQrWUH
FHUWDLQH
/HFDUGLQDOVHUHWRXUQDHWGLWjKDXWHYRL[
5RFKHIRUW
/HFKHYDOLHUTXLVDQVGRXWHpWDLWGHUULqUHODSRUWHHQWUDDXVVLW{W
5RFKHIRUWGLWOHFDUGLQDOYRXVYR\H]0G
$UWDJQDQMHOHUHoRLVDXQRPEUH
GHPHVDPLVDLQVLGRQFTXHO
RQV
HPEUDVVHHWTXHO
RQVRLWVDJHVLO
RQWLHQW
jFRQVHUYHUVDWrWH
5RFKHIRUWHWG
$UWDJQDQV
HPEUDVVqUHQWGXERXWGHVOqYUHVPDLVOHFDUGLQDO
pWDLWOjTXLOHVREVHUYDLWGHVRQRHLOYLJLODQW
,OVVRUWLUHQWGHODFKDPEUHHQPrPHWHPSV
1RXVQRXVUHWURXYHURQVQ
HVWFHSDV0RQVLHXU"
4XDQGLOYRXVSODLUDILWG
$UWDJQDQ
/
RFFDVLRQYLHQGUDUpSRQGLW5RFKHIRUW
+HLQ"ILW5LFKHOLHXHQRXYUDQWODSRUWH
/HVGHX[KRPPHVVHVRXULUHQWVHVHUUqUHQWODPDLQHWVDOXqUHQW6RQ(PLQHQFH
1RXVFRPPHQFLRQVjQRXVLPSDWLHQWHUGLW$WKRV
0HYRLOjPHVDPLVUpSRQGLWG
$UWDJQDQQRQVHXOHPHQWOLEUHPDLVHQ
IDYHXU
9RXVQRXVFRQWHUH]FHOD"
'qVFHVRLU

(QHIIHWGqVOHVRLUPrPHG
$UWDJQDQVHUHQGLWDXORJLVG
$WKRVTX
LOWURXYD
HQWUDLQGHYLGHUVDERXWHLOOHGHYLQG
(VSDJQHRFFXSDWLRQTX
LODFFRPSOLVVDLW
UHOLJLHXVHPHQWWRXVOHVVRLUV
,OOXLUDFRQWDFHTXLV
pWDLWSDVVpHQWUHOHFDUGLQDOHWOXLHWWLUDQWOH
EUHYHWGHVDSRFKH
7HQH]PRQFKHU$WKRVYRLOjGLWLOTXLYRXVUHYLHQWWRXWQDWXUHOOHPHQW
$WKRVVRXULWGHVRQGRX[HWFKDUPDQWVRXULUH
$PLVGLWLOSRXU$WKRVF
HVWWURSSRXUOHFRPWHGH/D)qUHF
HVWWURS
SHX*DUGH]FHEUHYHWLOHVWjYRXVKpODVPRQ'LHXYRXVO
DYH]DFKHWp
DVVH]FKHU
'
$UWDJQDQVRUWLWGHODFKDPEUHG
$WKRVHWHQWUDGDQVFHOOHGH3RUWKRV
,OOHWURXYDYrWXG
XQPDJQLILTXHKDELWFRXYHUWGHEURGHULHVVSOHQGLGHVHWVH
PLUDQWGDQVXQHJODFH
$KDKGLW3RUWKRVF
HVWYRXVFKHUDPLFRPPHQWWURXYH]YRXVTXHFH
YrWHPHQWPHYD"
$PHUYHLOOHGLWG
$UWDJQDQPDLVMHYLHQVYRXVSURSRVHUXQKDELWTXLYRXV
LUDPLHX[HQFRUH
/HTXHO"GHPDQGD3RUWKRV
&HOXLGHOLHXWHQDQWDX[PRXVTXHWDLUHV
'
$UWDJQDQUDFRQWDj3RUWKRVVRQHQWUHYXHDYHFOHFDUGLQDOHWWLUDQWOHEUHYHW
GHVDSRFKH
7HQH]PRQFKHUGLWLOpFULYH]YRWUHQRPOjGHVVXVHWVR\H]ERQFKHISRXU
PRL
3RUWKRVMHWDOHV\HX[VXUOHEUHYHWHWOHUHQGLWjG
$UWDJQDQDXJUDQG
pWRQQHPHQWGXMHXQHKRPPH
2XLGLWLOFHODPHIODWWHUDLWEHDXFRXSPDLVMHQ
DXUDLVSDVDVVH]ORQJWHPSV
jMRXLUGHFHWWHIDYHXU3HQGDQWQRWUHH[SpGLWLRQGH%pWKXQHOHPDULGHPD
GXFKHVVHHVWPRUWGHVRUWHTXHPRQFKHUOHFRIIUHGXGpIXQWPHWHQGDQWOHV
EUDVM
pSRXVHODYHXYH7HQH]M
HVVD\DLVPRQKDELWGHQRFHJDUGH]OD
OLHXWHQDQFHPRQFKHUJDUGH]
(WLOUHQGLWOHEUHYHWjG
$UWDJQDQ
/HMHXQHKRPPHHQWUDFKH]$UDPLV
,OOHWURXYDDJHQRXLOOpGHYDQWXQSULH'LHXOHIURQWDSSX\pFRQWUHVRQOLYUH
G
KHXUHVRXYHUW

,OOXLUDFRQWDVRQHQWUHYXHDYHFOHFDUGLQDOHWWLUDQWSRXUODWURLVLqPHIRLV
VRQEUHYHWGHVDSRFKH
9RXVQRWUHDPLQRWUHOXPLqUHQRWUHSURWHFWHXULQYLVLEOHGLWLODFFHSWH]
FHEUHYHWYRXVO
DYH]PpULWpSOXVTXHSHUVRQQHSDUYRWUHVDJHVVHHWYRV
FRQVHLOVWRXMRXUVVXLYLVGHVLKHXUHX[UpVXOWDWV
+pODVFKHUDPLGLW$UDPLVQRVGHUQLqUHVDYHQWXUHVP
RQWGpJRWpWRXWj
IDLWGHODYLHG
KRPPHG
pSpH&HWWHIRLVPRQSDUWLHVWSULVLUUpYRFDEOHPHQW
DSUqVOHVLqJHM
HQWUHFKH]OHV/D]DULVWHV*DUGH]FHEUHYHWG
$UWDJQDQOH
PpWLHUGHVDUPHVYRXVFRQYLHQWYRXVVHUH]XQEUDYHHWDYHQWXUHX[FDSLWDLQH
'
$UWDJQDQO
RHLOKXPLGHGHUHFRQQDLVVDQFHHWEULOODQWGHMRLHUHYLQWj$WKRV
TX
LOWURXYDWRXMRXUVDWWDEOpHWPLUDQWVRQGHUQLHUYHUUHGHPDODJDjODOXHXU
GHODODPSH
(KELHQGLWLOHX[DXVVLP
RQWUHIXVp
&
HVWTXHSHUVRQQHFKHUDPLQ
HQpWDLWSOXVGLJQHTXHYRXV
,OSULWXQHSOXPHpFULYLWVXUOHEUHYHWOHQRPGHG
$UWDJQDQHWOHOXLUHPLW
-HQ
DXUDLGRQFSOXVG
DPLVGLWOHMHXQHKRPPHKpODVSOXVULHQTXH
G
DPHUVVRXYHQLUV
(WLOODLVVDWRPEHUVDWrWHHQWUHVHVGHX[PDLQVWDQGLVTXHGHX[ODUPHV
URXODLHQWOHORQJGHVHVMRXHV
9RXVrWHVMHXQHYRXVUpSRQGLW$WKRVHWYRVVRXYHQLUVDPHUVRQWOHWHPSVGH
VHFKDQJHUHQGRX[VRXYHQLUV
&RS\ULJKWYLUWXDOERRNVFRPEU
7RGRVRVGLUHLWRVUHVHUYDGRVD(GLWRUD9LUWXDO%RRNV2QOLQH0 0(GLWRUHV/WGD
eSURLELGDDUHSURGXomRGRFRQWH~GRGHVWDSiJLQDHPTXDOTXHUPHLRGHFRPXQLFDomR
HOHWU{QLFRRXLPSUHVVRVHPDXWRUL]DomRHVFULWDGD(GLWRUD

Vous aimerez peut-être aussi