%8//(7,12)),&,(/ 1ıUDELL,

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

'pFUHW Qƒ  GX  UDELL ,   PDUV  9XOHGpFUHWQƒGXFKDDEDQHRFWREUH
DSSURXYDQW OH FRQWUDW GH FDXWLRQQHPHQW FRQFOX OH IL[DQWODFRPSRVLWLRQHWOHVDWWULEXWLRQVGHVRUJDQLVPHVFKDUJpVGH
MDQYLHUHQWUHOH5R\DXPHGX0DURFHWOD%DQTXH ODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHODTXDOLWp HW
HXURSpHQQHG¶LQYHVWLVVHPHQWSRXUODJDUDQWLHGXSUrWGH GHO¶DPpOLRUDWLRQGHODSURGXFWLYLWp
 PLOOLRQV G¶HXURV FRQVHQWL SDU ODGLWH EDQTXH j OD 9XO¶DYLVIDYRUDEOHGXFRQVHLOVXSpULHXULQWHUPLQLVWpULHOGHOD
6RFLpWpQDWLRQDOHGHVDXWRURXWHVGX0DURF$'0SRXU
OHILQDQFHPHQWGXSURMHW©$XWRURXWHVGX0DURF9ª
BBBBBBBBBB
/(35(0,(50,1,675(
9X OH SDUDJUDSKH , GH O¶DUWLFOH  GH OD ORL GH ILQDQFHV
Qƒ SRXU O¶DQQpH  SURPXOJXpH SDU OH GDKLU Qƒ 
TXDOLWpHWGHODSURGXFWLYLWp&6,43UpXQLOHRFWREUH
$55Ç7(17
$57,&/( 35(0,(5±6RQW KRPRORJXpHV FRPPH QRUPHV
PDURFDLQHVOHVQRUPHVDQQH[pHVDXSUpVHQWDUUrWp
$57 ±/HV QRUPHV YLVpHV j O¶DUWLFOH SUHPLHU FLGHVVXV
VRQW WHQXHV j OD GLVSRVLWLRQ GHV LQWpUHVVpV DX PLQLVWqUH GH
GXUDELL,HUMDQYLHU O¶LQGXVWULH GX FRPPHUFH HW GHV QRXYHOOHV WHFKQRORJLHV VHUYLFH
6XUSURSRVLWLRQGXPLQLVWUHGHO¶pFRQRPLHHWGHVILQDQFHV GHQRUPDOLVDWLRQLQGXVWULHOOHPDURFDLQH61,0$
'e&5Ê7(
$57±/HSUpVHQWDUUrWpFRQMRLQWVHUDSXEOLpDX %XOOHWLQRIILFLHO
5DEDWOHVDIDUIpYULHU
$57,&/( 35(0,(5± (VW DSSURXYp WHO TX¶LO HVW DQQH[p j
O¶RULJLQDO GX SUpVHQW GpFUHW OH FRQWUDW GH FDXWLRQQHPHQW FRQFOX
OH  MDQYLHU  HQWUH OH 5R\DXPH GX 0DURF HW OD %DQTXH /HPLQLVWUHGHO¶LQGXVWULH
HXURSpHQQH G¶LQYHVWLVVHPHQW SRXU OD JDUDQWLH GX SUrW GH GXFRPPHUFH /HPLQLVWUHGHO¶HPSORL
PLOOLRQV G¶HXURV FRQVHQWL SDU ODGLWH EDQTXH j OD 6RFLpWp
HWGHVQRXYHOOHVWHFKQRORJLHV HWGHODIRUPDWLRQSURIHVVLRQQHOOH
QDWLRQDOHGHVDXWRURXWHVGX0DURF$'0SRXUOHILQDQFHPHQW $+0('5('$&+$0, -$0$/5+0$1,
GXSURMHW©$XWRURXWHVGX0DURF9ª
$57± /H PLQLVWUH GH O¶pFRQRPLH HW GHV ILQDQFHV  HVW

FKDUJp GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX
%XOOHWLQRIILFLHO


)DLWj5DEDWOHUDELL,PDUV $QQH[H
BBBB
$%%$6(/)$66,
10,62 (QJLQV GH PDQXWHQWLRQ FRQWLQXH SRXU
3RXUFRQWUHVHLQJ SURGXLWV HQ YUDF±'LVWULEXWHXUV HW
/HPLQLVWUHGHO¶pFRQRPLH WUDQVSRUWHXUVYLEUDQWVjDXJHVUHFWDQJXODLUHV
HWGHVILQDQFHV RXWUDSp]RwGDOHV
6$/$+('',1(0(=28$5 10,62 (QJLQV GH PDQXWHQWLRQ FRQWLQXH SRXU
SURGXLWVHQYUDF±7UDQVSRUWHXUVjYLV
BBBBBBBB 10,62 (QJLQV GH PDQXWHQWLRQ FRQWLQXH SRXU
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX SURGXLWV HQ YUDF±7UDQVSRUWHXUV j FRXUURLH
©%XOOHWLQRIILFLHOªQƒGXUDELL,PDUV HQ DXJH DXWUHV TXH PRELOHV±&RXUURLHV
WUDQVSRUWHXVHV
10,62 (QJLQV GH PDQXWHQWLRQ FRQWLQXH SRXU
SURGXLWV HQ YUDF±7UDQVSRUWHXUV j FRXUURLH
$UUrWpFRQMRLQWGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHWGHV HQDXJHDXWUHVTXHPRELOHV±7DPERXUV
QRXYHOOHVWHFKQRORJLHVHWGXPLQLVWUHGHO¶HPSORLHWGHOD 10,62 (QJLQV GH PDQXWHQWLRQ FRQWLQXH SRXU
IRUPDWLRQ SURIHVVLRQQHOOH Qƒ GX  VDIDU  SURGXLWV HQ YUDF±7UDQVSRUWHXUV j FRXUURLH
IpYULHU  SRUWDQW KRPRORJDWLRQ GH QRUPHV HQDXJHDXWUHVTXHPRELOHV±5RXOHDX[GH
PDURFDLQHV VRXWLHQ
BBBBBBBBB 10,62 (QJLQV GH PDQXWHQWLRQ FRQWLQXH SRXU
SURGXLWV HQ YUDF±7UDQVSRUWHXUV SDU
/( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '(6
VHFRXVVHV RX SDU LQHUWLH HW GLVWULEXWHXUV j
1289(//(67(&+12/2*,(6 PRXYHPHQWDOWHUQDWLIjDXJHVUHFWDQJXODLUHV
/( 0,1,675( '( /¶(03/2, (7 '( /$ )250$7,21 RXWUDSp]RwGDOHV
352)(66,211(//( 10,62 (QJLQV GH PDQXWHQWLRQ FRQWLQXH SRXU
SURGXLWVHQYUDF±'LVWULEXWHXUVHWWUDQVSRUWHXUV
9XOHGDKLUQƒGXMRXPDGD,MXLOOHW YLEUDQWVjDXJHVWXEXODLUHV
UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD 10,62 (QJLQV GH PDQXWHQWLRQ FRQWLQXH SRXU SURGXLWV
TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp HQYUDFHWSRXUFKDUJHVLVROpHV±7UDQVSRUWHXUV
PRGLILp SDU OH GDKLU SRUWDQW ORL Qƒ  GX UDELL ,  j FRXUURLH± &DUDFWpULVWLTXHV GH EDVH GHV
VHSWHPEUH WDPERXUVPRWHXUV
1ıUDELL, %8//(7,12)),&,(/ 

10,62 (QJLQVGHPDQXWHQWLRQFRQWLQXH±7UDQVSRUWHXUV 10,62 (QJLQV GH PDQXWHQWLRQ FRQWLQXH± (OpYDWHXUV

j FRXUURLH SRXU SURGXLWV HQ YUDF SRXU YHUWLFDX[ j JRGHWV j FKDvQHV FDOLEUpHV HQ
VHUYLFHPRGpUp DFLHUURQG±&DUDFWpULVWLTXHVJpQpUDOHV
10,62 (QJLQV GH PDQXWHQWLRQ FRQWLQXH± *RGHWV
10,62 (QJLQV GH PDQXWHQWLRQ FRQWLQXH SRXU
G¶pOpYDWHXUV SURIRQGV DYHF SDURL DUULqUH
SURGXLWV HQ YUDF±7UDQVSRUWHXUV SDU
SODQH±'LPHQVLRQVSULQFLSDOHV
VHFRXVVHV RX SDU LQHUWLH HW GLVWULEXWHXUV j 10,62 (QJLQV GH PDQXWHQWLRQ FRQWLQXH SRXU
PRXYHPHQWDOWHUQDWLIjDXJHVWXEXODLUHV SURGXLWV HQ YUDF±7UDQVSRUWHXUV j YLV±
10,62 (QJLQV GH PDQXWHQWLRQ FRQWLQXH SRXU SURGXLWV 5qJOHV SRXU OH FDOFXO GH OD SXLVVDQFH
HQYUDF±7UDQVSRUWHXUVjSDOHWWHVPpWDOOLTXHV G¶HQWUDvQHPHQW
10,62 (QJLQV GH PDQXWHQWLRQ FRQWLQXH SRXU 10,62 (QJLQV GH PDQXWHQWLRQ FRQWLQXH± &RGH GH
SURGXLWVHQYUDF±$pURJOLVVLqUHV VpFXULWp±5qJOHVSDUWLFXOLqUHV
10,62 (QJLQV GH PDQXWHQWLRQ SQHXPDWLTXH SRXU
SURGXLWVHQYUDF±7X\DXWHULH
10,62 (QJLQVGHPDQXWHQWLRQFRQWLQXH±7UDQVSRUWHXUV
$UUrWpFRQMRLQWGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHWGHV
pOpYDWHXUVPRELOHVHWSRUWDEOHV±6SpFLILFDWLRQV QRXYHOOHVWHFKQRORJLHVHWGXPLQLVWUHGHO¶HPSORLHWGHOD
SRXUODFRQVWUXFWLRQ IRUPDWLRQ SURIHVVLRQQHOOH Qƒ GX  VDIDU 
10,62 (QJLQV GH PDQXWHQWLRQ FRQWLQXHSRXU IpYULHU  SRUWDQW KRPRORJDWLRQ GH QRUPHV
PDURFDLQHV
SURGXLWV HQ YUDF±&XOEXWHXUV GH ZDJRQV
BBBBBBBBB
URWDWLIV RX j GpFKDUJHPHQW ODWpUDO RX
ORQJLWXGLQDO±&RGHGHVpFXULWp /( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '(6
1289(//(67(&+12/2*,(6
10,62 (QJLQV GH PDQXWHQWLRQ FRQWLQXH SRXU
/( 0,1,675( '( /¶(03/2, (7 '( /$ )250$7,21
SURGXLWV HQ YUDF±'LPHQVLRQV GHV FRXGHV
352)(66,211(//(
SRXUODPDQXWHQWLRQSQHXPDWLTXH
9XOHGDKLUQƒGXMRXPDGD,MXLOOHW
10,62 (QJLQV GH PDQXWHQWLRQ FRQWLQXH± UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD
&ODVVLILFDWLRQGHVFKDUJHVLVROpHV TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp
10,62 7UDQVSRUWHXUV j FRXUURLH±'LVTXHV DPRUWLVVHXUV PRGLILp SDU OH GDKLU SRUWDQW ORL Qƒ  GX UDELL , 
VHSWHPEUH
SRXU URXOHDX[ SRUWHXUV HW GLVTXHV DQWLFROPDWDQWV
SRXU URXOHDX[ GH UHWRXU±'LPHQVLRQV 9XOHGpFUHWQƒGXFKDDEDQHRFWREUH
IL[DQWODFRPSRVLWLRQHWOHVDWWULEXWLRQVGHVRUJDQLVPHVFKDUJpVGH
SULQFLSDOHV ODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHODTXDOLWp HW
10,62 (QJLQV GH PDQXWHQWLRQ FRQWLQXH SRXU GHO¶DPpOLRUDWLRQGHODSURGXFWLYLWp
SURGXLWV HQ YUDF±7X\DXWHULHV IOH[LEOHV HW 9XO¶DYLVIDYRUDEOHGXFRQVHLOVXSpULHXULQWHUPLQLVWpULHOGHOD
UDFFRUGV XWLOLVpV HQ PDQXWHQWLRQ TXDOLWpHWGHODSURGXFWLYLWp&6,43UpXQLOHMXLOOHW
SQHXPDWLTXH±&RGHGHVpFXULWp $55Ç7(17
10,6275 (QJLQV GH PDQXWHQWLRQ FRQWLQXH± &RGH GH $57,&/( 35(0,(5±6RQW KRPRORJXpHV FRPPH QRUPHV
VpFXULWp GHV WUDQVSRUWHXUV j FRXUURLH± PDURFDLQHVOHVQRUPHVDQQH[pHVDXSUpVHQWDUUrWp
([HPSOHV GH SURWHFWLRQ DX[ SRLQWV $57 ±/HV QRUPHV YLVpHV j O¶DUWLFOH SUHPLHU FLGHVVXV
VRQW WHQXHV j OD GLVSRVLWLRQ GHV LQWpUHVVpV DX PLQLVWqUH GH
G¶HQURXOHPHQW
O¶LQGXVWULH GX FRPPHUFH HW GHV QRXYHOOHV WHFKQRORJLHV VHUYLFH
10,6275 (QJLQV GH PDQXWHQWLRQ FRQWLQXH± &RGH GH GHQRUPDOLVDWLRQLQGXVWULHOOHPDURFDLQH61,0$
VpFXULWp GHV DSSDUHLOV j FKDvQHV±([HPSOHV $57±/HSUpVHQWDUUrWpFRQMRLQWVHUDSXEOLpDX%XOOHWLQ
GHSURWHFWLRQGHVSRLQWVG¶HQJUqQHPHQW RIILFLHO
10,6275 (QJLQV GH PDQXWHQWLRQ FRQWLQXH± 5DEDWOHVDIDUIpYULHU
&RQYR\HXUV j FKDvQHV DYHF GLVSRVLWLIV
SRUWHXUV RX V\VWqPHV G¶HQWUDvQHPHQW±
([HPSOHV GHV PHVXUHV GH SURWHFWLRQ FRQWUH /HPLQLVWUHGHO¶LQGXVWULH
GXFRPPHUFH /HPLQLVWUHGHO¶HPSORL
OHV DFFLGHQWV FRUSRUHOV SURYRTXpV SDU OHV HWGHVQRXYHOOHVWHFKQRORJLHV HWGHODIRUPDWLRQSURIHVVLRQQHOOH
SRXVVRLUVRXV\VWqPHVG¶HQWUDvQHPHQW
$+0('5('$&+$0, -$0$/5+0$1,
10,62 (QJLQVGHPDQXWHQWLRQFRQWLQXH±7UDQVSRUWHXUV
j FRXUURLH PXQLV GH URXOHDX[ SRUWHXUV ±
&DOFXOGHODSXLVVDQFHG¶HQWUDvQHPHQWHWGHV

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

9XOHGpFUHWQƒGXFKDDEDQHRFWREUH
$QQH[H
BBBB IL[DQWODFRPSRVLWLRQHWOHVDWWULEXWLRQVGHVRUJDQLVPHVFKDUJpVGH
ODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHODTXDOLWp HW
10,62 7UDQVSDOHWWHV±'LPHQVLRQVSULQFLSDOHV GHO¶DPpOLRUDWLRQGHODSURGXFWLYLWp
10,62 $SSDUHLOV GH OHYDJH j FKDUJH VXVSHQGXH±
9XO¶DYLVIDYRUDEOHGXFRQVHLOVXSpULHXULQWHUPLQLVWpULHOGHOD
3ODTXHVGHVFULSWLYHV±3DUWLHJpQpUDOLWpV
10,62 $SSDUHLOV GH OHYDJH j FKDUJH VXVSHQGXH± TXDOLWpHWGHODSURGXFWLYLWp&6,43UpXQLOHGpFHPEUH
3ODTXHVGHVFULSWLYHV±3DUWLHJUXHVjWRXU $55Ç7(
10,62 $SSDUHLOV GH OHYDJH j FKDUJH VXVSHQGXH±
$57,&/( 35(0,(5±6RQW KRPRORJXpHV FRPPH QRUPHV
/LPLWHXUVHWLQGLFDWHXUV±3DUWLH*pQpUDOLWpV
10,62 $SSDUHLOV GH OHYDJH j FKDUJH VXVSHQGXH± PDURFDLQHVOHVQRUPHVDQQH[pHVDXSUpVHQWDUUrWp
/LPLWHXUV HW LQGLFDWHXUV±3DUWLH   JUXHV $57 ±/HV QRUPHV YLVpHV j O¶DUWLFOH SUHPLHU FLGHVVXV
PRELOHV VRQW WHQXHV j OD GLVSRVLWLRQ GHV LQWpUHVVpV DX PLQLVWqUH GH
10,62 $SSDUHLOV GH OHYDJH j FKDUJH VXVSHQGXH±
O¶LQGXVWULH GX FRPPHUFH HW GHV QRXYHOOHV WHFKQRORJLHV VHUYLFH
/LPLWHXUV HW LQGLFDWHXUV±3DUWLH   JUXHV j
WRXU GHQRUPDOLVDWLRQLQGXVWULHOOHPDURFDLQH61,0$
10,62 (QJLQV GH WHUUDVVHPHQW±'LVSRVLWLIV GH $57±6RQWDEURJpV
VXSSRUWGXEUDVGHOHYDJH
±O¶DUUrWpGXPLQLVWUHGXFRPPHUFHHWGHO¶LQGXVWULHQƒ
10,62 $SSDUHLOV GH OHYDJH j FKDUJH VXVSHQGXH±
0DQXHOGHSLqFHVGHUHFKDQJH GX  NDDGD   MXLQ  HQ FH TXL FRQFHUQH VHV
10,62 $SSDUHLOV GH OHYDJH j FKDUJH VXVSHQGXH± GLVSRVLWLRQVUHODWLYHVDX[QRUPHVPDURFDLQHV10
0R\HQV G¶DFFqV GLVSRVLWLIV GH SURWHFWLRQ HW 10  10  10  10 
GHUHWHQXH±3DUWLHJpQpUDOLWpV 10  10  10  10 
10,62 $SSDUHLOV GH OHYDJH j FKDUJH VXVSHQGXH±
10  10  10  10 
0R\HQV G¶DFFqV GLVSRVLWLIV GH SURWHFWLRQ HW
10
GHUHWHQXH±3DUWLHJUXHVPRELOHV
10,62 $SSDUHLOV GH OHYDJH j FKDUJH VXVSHQGXH± ±O¶DUUrWpGXPLQLVWUHGXFRPPHUFHHWGHO¶LQGXVWULHQƒ
0R\HQV G¶DFFqV GLVSRVLWLIV GH SURWHFWLRQ HW GX  NDDGD  HU MXLQ  HQ FH TXL FRQFHUQH VHV
GHUHWHQXH±3DUWLHJUXHVjWRXU GLVSRVLWLRQVUHODWLYHVjODQRUPHPDURFDLQH10
10,62 $SSDUHLOV GH OHYDJH j FKDUJH VXVSHQGXH±
0R\HQV G¶DFFqV GLVSRVLWLIV GH SURWHFWLRQ HW ±O¶DUUrWp GX PLQLVWUH GX FRPPHUFH GH O¶LQGXVWULH HW GH
GH UHWHQXH±3DUWLH   SRQWV URXODQWV HW O¶DUWLVDQDW Qƒ  GX  PRKDUUHP   MXLQ 
SRUWLTXHV HQ FH TXL FRQFHUQH VHV GLVSRVLWLRQV UHODWLYHV j OD QRUPH
10,62 *UXHVPRELOHV±3UpVHQWDWLRQGHVWDEOHDX[GH PDURFDLQH10
FKDUJHV
±O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GH
O¶DUWLVDQDW Qƒ  GX HU UDELL ,,   MXLOOHW 
HQ FH TXL FRQFHUQH VHV GLVSRVLWLRQV UHODWLYHV j OD QRUPH
PDURFDLQH10,62
$UUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV
±O¶DUUrWp GX PLQLVWUH GH O¶LQGXVWULH GX FRPPHUFH HW GH OD
QRXYHOOHV WHFKQRORJLHV Qƒ GX  VDIDU 
PLVH j QLYHDX GH O¶pFRQRPLH Qƒ  GX  VDIDU 
IpYULHU  SRUWDQW KRPRORJDWLRQ GH QRUPHV
IpYULHU  HQ FH TXL FRQFHUQH VHV GLVSRVLWLRQV
PDURFDLQHV
UHODWLYHVDX[QRUPHVPDURFDLQHV10,6210,62
BBBBBBBBB
HW10,62
/( 0,1,675( '( /¶,1'8675,( '8 &200(5&( (7 '(6
$57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
1289(//(67(&+12/2*,(6
5DEDWOHVDIDUIpYULHU
9XOHGDKLUQƒGXMRXPDGD,MXLOOHW
UHODWLIjODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHOD $+0('5('$&+$0,
TXDOLWp HW GH O¶DPpOLRUDWLRQ GH OD SURGXFWLYLWp WHO TX¶LO D pWp

PRGLILp SDU OH GDKLU SRUWDQW ORL Qƒ  GX UDELL , 
VHSWHPEUH 
1ıUDELL, %8//(7,12)),&,(/ 

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

$UUrWpGXPLQLVWUHGHO¶LQGXVWULHGXFRPPHUFHHWGHVQRXYHOOHVWHFKQRORJLHVQƒ
GXVDIDUPDUVSRUWDQWKRPRORJDWLRQGHQRUPHVPDURFDLQHV
BBBBBBBBB

/(0,1,675('(/¶,1'8675,('8&200(5&((7'(61289(//(67(&+12/2*,(6

9X OH GDKLU Qƒ  GX  MRXPDGD ,   MXLOOHW  UHODWLI j OD QRUPDOLVDWLRQ
LQGXVWULHOOHHQYXHGHODUHFKHUFKHGHODTXDOLWpHWGHO¶DPpOLRUDWLRQGHODSURGXFWLYLWpWHOTX¶LODpWp
PRGLILpSDUOHGDKLUSRUWDQWORLQƒGXUDELL,VHSWHPEUH

9X OH GpFUHW Qƒ  GX  FKDDEDQH   RFWREUH  IL[DQW OD FRPSRVLWLRQ HW OHV
DWWULEXWLRQVGHVRUJDQLVPHVFKDUJpVGHODQRUPDOLVDWLRQLQGXVWULHOOHHQYXHGHODUHFKHUFKHGHODTXDOLWp
HWGHO¶DPpOLRUDWLRQGHODSURGXFWLYLWp

9X O¶DYLV IDYRUDEOH GX FRQVHLO VXSpULHXU LQWHUPLQLVWpULHO GH OD TXDOLWp HW GH OD SURGXFWLYLWp
&6,43UpXQLOHGpFHPEUH

$55Ç7(

$57,&/( 35(0,(5±6RQW KRPRORJXpHV FRPPH QRUPHV PDURFDLQHV OHV QRUPHV DQQH[pHV DX
SUpVHQWDUUrWp

$57 ±/HV QRUPHV YLVpHV j O¶DUWLFOH SUHPLHU FLGHVVXV VRQW WHQXHV j OD GLVSRVLWLRQ GHV
LQWpUHVVpV DX PLQLVWqUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV QRXYHOOHV WHFKQRORJLHV VHUYLFH GH
QRUPDOLVDWLRQLQGXVWULHOOHPDURFDLQH61,0$

$57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO

5DEDWOHVDIDUPDUV
 $+0('5('$&+$0,


1ıUDELL, %8//(7,12)),&,(/ 

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

$UUrWpFRQMRLQWGXPLQLVWUHGHO¶DJULFXOWXUH HWGHODSrFKH $57±/H SUL[ G¶DFKDW GHV VHPHQFHV FHUWLILpHV GH

PDULWLPH HW GX PLQLVWUH GH O¶pFRQRPLH HW GHV FpUpDOHVDXSUqVGHVPXOWLSOLFDWHXUVSRXUODFDWpJRULH5HVW
ILQDQFHV Qƒ  GX VDIDU   PDUV  GpWHUPLQpVXUODEDVHGXSUL[GXFRPPXQPDMRUpG¶XQHSULPH
IL[DQW OH WDX[ GH VXEYHQWLRQ j OD FRPPHUFLDOLVDWLRQ GHPXOWLSOLFDWLRQGH
GHV VHPHQFHV FpUpDOLqUHV FHUWLILpHV HW OD SULPH GH $57±/D VXEYHQWLRQ VHUD YHUVpH GLUHFWHPHQW DX[
VWRFNDJHDXWLWUHGHODFDPSDJQHDJULFROH
VRFLpWpV VHPHQFLqUHV DJUppHV TXL FRPPHUFLDOLVHQW OHV
BBBBBBBBBB
VHPHQFHV DX[ SUL[ VXEYHQWLRQQpV PD[LPD QH GpSDVVDQW HQ
/( 0,1,675( '( /¶$*5,&8/785( (7 '( /$ 3(&+( DXFXQFDVOHSUL[GXFRPPXQPDMRUpGHSDUUDSSRUWjOD
0$5,7,0( FDWpJRULH5

/(0,1,675('(/¶(&2120,((7'(6),1$1&(6 $57±3RXU OD UpFROWH  OH SUL[ GX FRPPXQ FLWp
FLGHVVXVV¶HQWHQGSRXU
9XOHGDKLUQƒGXMRXPDGD,MXLOOHW
UpJOHPHQWDQW OD SURGXFWLRQ HW OD FRPPHUFLDOLVDWLRQ GH ‡OHSUL[DQQRQFpSDUODFLUFXODLUHGHFRPPHUFLDOLVDWLRQ
VHPHQFHV HW GH SODQWV WHO TX¶LO D pWp PRGLILp SDU OH GDKLU SRXUOHEOpWHQGUH
SRUWDQWORLQƒGXFKDRXDOVHSWHPEUH ‡OHSUL[SXEOLpSDUO¶21,&/SRXUOHEOpGXUHWO¶RUJH
QRWDPPHQWVRQDUWLFOH
$57±/HV SUL[ GH YHQWH GHV VHPHQFHV GHV DXWUHV
$55Ç7(17 FDWpJRULHV VHURQW DUUrWpV VXU OD EDVH G¶XQ GLIIpUHQWLHO SDU
$57,&/(35(0,(5±/HVVHPHQFHVFHUWLILpHVGHFpUpDOHV UDSSRUWjFHX[GHODFDWpJRULH5FRPPHVXLW
FDWpJRULHV * * 5 HW 5 GH EOp GXU GH EOp WHQGUH HW ‡5 3UL[5'+4O
G¶RUJHFRPPHUFLDOLVpHVSDUOHVVRFLpWpVVHPHQFLqUHVDJUppHV
‡* 3UL[5'+4O
DX FRXUV GH OD FDPSDJQH DJULFROH  EpQpILFLHURQW
G¶XQHVXEYHQWLRQXQLWDLUHGH'+4O ‡* 3UL[5'+4O
 %8//(7,12)),&,(/ 1ıUDELL,

$57± /HV VRFLpWpV VHPHQFLqUHV DJUppHV EpQpILFLHURQW $QQH[HjO¶DUUrWpGXPLQLVWUHGHVILQDQFHVQƒ

G¶XQH SULPH GH VWRFNDJH GH  FLQT '+4OPRLV SHQGDQW XQH BBBBBB
SpULRGH pJDOH j QHXI PRLV &HWWH SULPH HVW DFFRUGpH SRXU XQ 7DEOHDXGHVEXUHDX[GHO¶DGPLQLVWUDWLRQGHVGRXDQHVHWLPS{WV
YROXPHPD[LPXPGH4[UpSDUWLVHQWUHOHVGLWHVVRFLpWpV
DX SURUDWD GX YROXPH FRPPHUFLDOLVp HQ VHPHQFHV FHUWLILpHV LQGLUHFWVDYHFLQGLFDWLRQVGHOHXUVFRPSpWHQFHV
DJUppHV DX FRXUV GH OD FDPSDJQH DJULFROH  HWOHVVSpFLDOLVDWLRQVSURSUHVjFHUWDLQVGHFHVEXUHDX[
GXHUVHSWHPEUHDXMDQYLHU
&$7(*25,(6 2%6(59$7,216
$57± /HV GLVSRVLWLRQV GX SUpVHQW DUUrWp FRQMRLQW TXL
VHUD SXEOLp DX %XOOHWLQ RIILFLHO HQWUHQW HQ YLJXHXU j SDUWLU GX ,±
HUlPDL ,,± %XUHDX[ QRQ RXYHUWV DX[
5DEDWOHVDIDUPDUV RSpUDWLRQV GH JDUDQWLH GHV
PDWLqUHV GH SODWLQH G¶RU HW
G¶DUJHQW
/HPLQLVWUHGHO¶DJULFXOWXUH /HPLQLVWUHGHO¶pFRQRPLH ,,,±%XUHDX[ GH SOHLQ H[HUFLFH
GRXDQH
HWGHODSrFKHPDULWLPH HWGHVILQDQFHV ±&DVDEODQFDSRUW
$=,=$.+$1128&+ 6$/$+('',1(0(=28$5 ±
±7DQJHU0pGLWHUUDQpH
BBBBBBBB ±7DQJHU,EQ%DWRXWD
±=RXM%HJKDO
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX ±)qVYLOOH
©%XOOHWLQRIILFLHOªQƒGXUDELL,PDUV
,9±
9±
%XUHDX[ QRQ RXYHUWV DX[
UpJLPHVGHO¶DGPLVVLRQ WHPSRUDLUH
$UUrWpGXPLQLVWUHGHO¶pFRQRPLHHWGHVILQDQFHVQƒGX SRXU SHUIHFWLRQQHPHQW DFWLI GH
 VDIDU   PDUV  PRGLILDQW HW FRPSOpWDQW O¶H[SRUWDWLRQ WHPSRUDLUH SRXU
O¶DUUrWp GX PLQLVWUH GHV ILQDQFHV Qƒ  GX SHUIHFWLRQQHPHQW SDVVLI HW GH
NDDGD   RFWREUH  IL[DQW OD OLVWH GHV O¶HQWUHS{WLQGXVWULHOIUDQF
EXUHDX[ GHV GRXDQHV HW LPS{WV LQGLUHFWV OHXUV 9,±
FRPSpWHQFHV HW GpVLJQDQW FHX[ SDU OHVTXHOV GRLYHQW
V¶HIIHFWXHU REOLJDWRLUHPHQW FHUWDLQHV RSpUDWLRQV GH
GpGRXDQHPHQW
BBBBBBBBBB
/(0,1,675('(/¶(&2120,((7'(6),1$1&(6 $UUrWpGXPLQLVWUHGHO¶pFRQRPLHHWGHVILQDQFHVQƒGX
9X OH FRGH GHV GRXDQHV DLQVL TXH GHV LPS{WV LQGLUHFWV  VDIDU   PDUV  PRGLILDQW HW FRPSOpWDQW
UHOHYDQW GH O¶DGPLQLVWUDWLRQ GHV GRXDQHV HW LPS{WV LQGLUHFWV O¶DUUrWp GX PLQLVWUH GHV ILQDQFHV Qƒ  GX
DSSURXYpSDUOHGDKLUSRUWDQWORLQƒGXFKDRXDO NDDGD   RFWREUH  IL[DQW OD OLVWH GHV
RFWREUHWHOTX¶LODpWpPRGLILpHWFRPSOpWpQRWDPPHQW EXUHDX[ HW SRVWHV GH GRXDQH VLWXpV j O¶LQWpULHXU GX
VHVDUWLFOHVƒHW UD\RQGHVGRXDQHV
9X O¶DUUrWp GX PLQLVWUH GHV ILQDQFHV Qƒ  GX BBBBBBBBBB
NDDGDRFWREUHIL[DQWODOLVWHGHVEXUHDX[GHV /(0,1,675('(/¶(&2120,((7'(6),1$1&(6
GRXDQHVHWLPS{WVLQGLUHFWVOHXUVFRPSpWHQFHVHWGpVLJQDQWFHX[
9X OH FRGH GHV GRXDQHV DLQVL TXH GHV LPS{WV LQGLUHFWV
SDU OHVTXHOV GRLYHQW V¶HIIHFWXHU REOLJDWRLUHPHQW FHUWDLQHV
UHOHYDQW GH O¶DGPLQLVWUDWLRQ GHV GRXDQHV HW LPS{WV LQGLUHFWV
RSpUDWLRQVGHGpGRXDQHPHQWWHOTX¶LODpWpPRGLILpHWFRPSOpWp
DSSURXYpSDUOHGDKLUSRUWDQWORLQƒGXFKDRXDO
$55Ç7( RFWREUHWHOTX¶LODpWpPRGLILpHWFRPSOpWpQRWDPPHQW
$57,&/( 35(0,(5±/H WDEOHDX DQQH[p j O¶DUUrWp Qƒ VRQDUWLFOH
GX  NDDGD   RFWREUH  VXVYLVp HVW PRGLILp HW 9XO¶DUUrWpGXPLQLVWUHGHVILQDQFHVQƒGXNDDGD
FRPSOpWp FRQIRUPpPHQW DX[ LQGLFDWLRQV SRUWpHV VXU OH WDEOHDX   RFWREUH  IL[DQW OD OLVWH GHV EXUHDX[ HW SRVWHV GH
DQQH[pDXSUpVHQWDUUrWp GRXDQH VLWXpV j O¶LQWpULHXU GX UD\RQ GHV GRXDQHV WHO TX¶LO D pWp
$57± /H GLUHFWHXU GH O¶DGPLQLVWUDWLRQ GHV GRXDQHV HW PRGLILpHWFRPSOpWp
GHV LPS{WV LQGLUHFWV HVW FKDUJp GH O¶H[pFXWLRQ GX SUpVHQW DUUrWp $SUqVDYLVGXPLQLVWUHGHO¶LQWpULHXU
TXL SUHQGUD HIIHW j FRPSWHU GH OD GDWH GH VD SXEOLFDWLRQ DX
%XOOHWLQRIILFLHO $55Ç7(

5DEDWOHVDIDUPDUV $57,&/( 35(0,(5±/¶DUWLFOH SUHPLHU GH O¶DUUrWp VXVYLVp

Qƒ GX  NDDGD   RFWREUH  HVW PRGLILp HW
6$/$+('',1(0(=28$5 FRPSOpWpFRPPHVXLW
©$UWLFOHSUHPLHU ±/HVEXUHDX[HWSRVWHVGHGRXDQHVLWXpV
©j O¶LQWpULHXU GX UD\RQ GHV GRXDQHV SUpYX SDU O¶DUWLFOH  GX
 ©FRGHGHVGRXDQHVVXVYLVpVRQWOHVVXLYDQWV
1ıUDELL, %8//(7,12)),&,(/ 

©D%XUHDX[ ©E3RVWHV

©±&DVDEODQFDSRUW ©±0HKG\D
©±
©±
©±
©± ©±
©± ©±
©±
©±
©±
©± ©±6DLGLD
©± ©±0DULQDGH6DLGLD
©±%HUNDQH
©±7DQJHU0pGLWHUUDQpH
©±
©±7DQJHU,EQ%DWRXWD
©±
©±/DUDFKH ©±
©± ©±
©±
©±
©±
©± ©±*XHUJXDUDWHª
©± $57± /H GLUHFWHXU GH O¶DGPLQLVWUDWLRQ GHV GRXDQHV HW
LPS{WV LQGLUHFWV HVW FKDUJp GH O¶H[pFXWLRQ GX SUpVHQW DUUrWp TXL
©± SUHQGUD HIIHW j FRPSWHU GH OD GDWH GH VD SXEOLFDWLRQ DX %XOOHWLQ
RIILFLHO
©±
5DEDWOHVDIDUPDUV
©±(G'DNKOD 6$/$+('',1(0(=28$5
 %8//(7,12)),&,(/ 1ıUDELL,

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

'pFUHW Qƒ GX  UDELL ,   PDUV  (Q RXWUH OD FUpDWLRQ GH OD VRFLpWp ©21( 6pQpJDO 6$ª
DXWRULVDQW O¶2IILFH QDWLRQDO GH O¶pOHFWULFLWp 21( j V¶LQVFULW GDQV OD VWUDJpJLH GH GpYHORSSHPHQW j O¶LQWHUQDWLRQDO GH
FUpHU XQH VRFLpWp GH GURLW SULYp VpQpJDODLV GpQRPPpH O¶21( TXL YLVH j V¶RXYULU VXU G¶DXWUHV PDUFKpV HW j UHQWDELOLVHU
©21(6pQpJDO6$ª VRQH[SHUWLVHGDQVOHVPpWLHUVGHO¶pOHFWULFLWp
BBBBBBBBBB
9X O¶DUWLFOH  GH OD ORL Qƒ  DXWRULVDQW OH WUDQVIHUW
/(35(0,(50,1,675( G¶HQWUHSULVHVSXEOLTXHVDXVHFWHXUSULYpSURPXOJXpHSDUOHGDKLU
QƒGXUDPDGDQDYULOWHOOHTX¶HOOHDpWp
(;326e'(6027,)6 PRGLILpHHWFRPSOpWpH
/¶2IILFH QDWLRQDO GH O¶pOHFWULFLWp 21( GHPDQGH 6XUSURSRVLWLRQGXPLQLVWUHGHO¶pFRQRPLHHWGHVILQDQFHV
O¶DXWRULVDWLRQUHTXLVHHQYHUWXGHVGLVSRVLWLRQVGHO¶DUWLFOHGHOD
ORL Qƒ  DXWRULVDQW OH WUDQVIHUW G¶HQWUHSULVHV SXEOLTXHV DX 'e&5Ê7(
VHFWHXUSULYpWHOOHTX¶HOOHDpWpPRGLILpHHWFRPSOpWpHSRXUFUpHU
XQHVRFLpWpGHGURLWSULYpVpQpJDODLVGpQRPPpH©21(6pQpJDO
6$ª
'DQVOHFDGUHGHO¶DSSHOG¶RIIUHVLQWHUQDWLRQDOSRXUO¶RFWURL
G¶XQH FRQFHVVLRQ G¶pOHFWULILFDWLRQ UXUDOH ODQFp SDU O¶$JHQFH
$57,&/( 35(0,(5±/¶2IILFH QDWLRQDO GH O¶pOHFWULFLWp 21(
HVWDXWRULVpjFUpHUXQHVRFLpWpGHGURLWSULYpVpQpJDODLVGpQRPPpH
©21(6pQpJDO6$ª
$57± /H PLQLVWUH GH O¶pFRQRPLH HW GHV ILQDQFHV HVW
FKDUJp GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX
VpQpJDODLVH G¶pOHFWULILFDWRQ UXUDOH $6(5 O¶21( D pWp GpFODUp %XOOHWLQRIILFLHO
DGMXGLFDWDLUH
)DLWj5DEDWOHUDELL,PDUV
&HW DSSHO G¶RIIUHV SRUWH VXU OD FRQFHVVLRQ G¶pOHFWULILFDWLRQ
UXUDOH GH WURLV GpSDUWHPHQWV GX QRUG GX 6pQpJDO j VDYRLU 6DLQW $%%$6(/)$66,
/RXLV'DJDQDHW3RGRU
(Q YHUWX GX FRQWUDW GH FRQFHVVLRQ O¶21( DVVXUHUD 3RXUFRQWUHVHLQJ
O¶pOHFWULILFDWLRQ OD GLVWULEXWLRQ HW OD JHVWLRQ SHQGDQW  DQV GHV
]RQHV UXUDOHV VXVYLVpHV FRXYUDQW SOXV GH  YLOODJHV HW /HPLQLVWUHGHO¶pFRQRPLH
UHJURXSDQWXQHSRSXODWLRQGHKDELWDQWV HWGHVILQDQFHV
6$/$+('',1(0(=28$5
3RXUHQWDPHUODUpDOLVDWLRQGHFHSURMHWSUHPLHUG¶XQHVpULH
GH FRQFHVVLRQV TXL FRXYUHQW WRXW OH WHUULWRLUH GX 6pQpJDO HW TXL BBBBBBBB
EpQpILFLHQW GX ILQDQFHPHQW HW GH OD VXSHUYLVLRQ GH OD %DQTXH /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
PRQGLDOH O¶21( D O¶REOLJDWLRQ GH FUpHU OD VRFLpWp GH SURMHW ©%XOOHWLQRIILFLHOªQƒGXUDELL,PDUV
VXVYLVpH TXL DVVXUHUD OD UpDOLVDWLRQ HW O¶H[SORLWDWLRQ GHV
LQVWDOODWLRQV HW GHV pTXLSHPHQWV QpFHVVDLUHV j OD GHVVHUWH HQ
pOHFWULFLWpGHVDERQQpVGHFHVORFDOLWpVUXUDOHVDLQVLTXHODYHQWH
G¶pOHFWULFLWp 'pFUHW Qƒ  GX  UDELL ,   PDUV 
UHFRQGXLVDQW OD JDUDQWLH GH O¶(WDW DX &HQWUH QDWLRQDO GH
/D VRFLpWp ©21( 6pQpJDO 6$ª VHUD GpWHQXH j  SDU O¶pQHUJLHGHVVFLHQFHVHWGHVWHFKQLTXHVQXFOpDLUHV
O¶21( HW GRWpH G¶XQ FDSLWDO VRFLDO GH  PLOOLRQV GH IUDQFV BBBBBBBBBB
&)$ VRLW O¶pTXLYDOHQW GH  PLOOLRQV '+ /HV SURMHFWLRQV
ILQDQFLqUHVDXWLWUHGHODSpULRGHSUpYRLHQWXQWDX[GH /(35(0,(50,1,675(
FURLVVDQFH DQQXHO PR\HQ GHV UHYHQXV QHWV GH SUqV GH  TXL
9XODORLQƒUHODWLYHjODUHVSRQVDELOLWpFLYLOHHQPDWLqUH
V¶pOqYHQWjPLOOLRQVGHIUDQFV&)$HQ
GH GRPPDJHV QXFOpDLUHV SURPXOJXpH SDU OH GDKLU Qƒ  GX
/H UpVXOWDW G¶H[SORLWDWLRQ GH SUqV GH  PLOOLRQV GH IUDQFV NDDGDMDQYLHUQRWDPPHQWVHVDUWLFOHVHW
&)$ HQ  HQUHJLVWUHUD XQ WDX[ GH FURLVVDQFH DQQXHO PR\HQ
9XOHGpFUHWQƒGXUDELL,DYULO
GH SOXV GH  SHUPHWWDQW DLQVL GH GpJDJHU XQ UpVXOWDW QHW
SULVSRXUO¶DSSOLFDWLRQGHODORLSUpFLWpHQƒQRWDPPHQWVRQ
SRVLWLIGHPLOOLRQVGHIUDQFV&)$jFRPSWHUGHOHTXHO
DUWLFOH
DFFXVHUDXQHSURJUHVVLRQDQQXHOOHPR\HQQHGHO¶RUGUHGH
9X OH GpFUHW Qƒ  GX  PRKDUUHP  HU IpYULHU
/HWDX[GHUHQWDELOLWpLQWHUQHGHFHSURMHWHVWHVWLPpj
&H SURMHW V¶LQVFULW GDQV OH FDGUH GHV GLVSRVLWLRQV GH OD ORL
QƒPRGLILDQWHWFRPSOpWDQWO¶DUWLFOHGXGDKLUQƒ
GXDR€WSRUWDQWFUpDWLRQGHO¶21(TXSUpYRLWTXHO¶RIILFH
SHXW GDQV OHV FRQGLWLRQV SUpYXHV SDU OHV GLVSRVLWLRQV GH
 HQ YHUWX GXTXHO OH &HQWUH QDWLRQDO GH O¶pQHUJLH GHV
VFLHQFHVHWGHVWHFKQLTXHVQXFOpDLUHVDEpQpILFLpGHODJDUDQWLHGH
O¶(WDWSRXUO¶DQQpHHQPDWLqUHGHGRPPDJHVQXFOpDLUHV
9XOHGpFUHWQƒGXPRKDUUHPIpYULHU
O¶DUWLFOH GH OD ORL Qƒ  DXWRULVDQW OH WUDQVIHUW G¶HQWUHSULVHV
SXEOLTXHV DX VHFWHXU SULYp FUpHU GHV ILOLDOHV RX SUHQGUH GHV
SDUWLFLSDWLRQV GDQV GHV VRFLpWpV WDQW DX 0DURF TX¶j O¶pWUDQJHU
D\DQWSRXUREMHWWRXWHDFWLYLWpHQWUDQWGDQVOHFKDPSG¶DFWLYLWpGH
VHVFRPSpWHQFHV
 UHFRQGXLVDQW SRXU O¶DQQpH  OD JDUDQWLH GH O¶(WDW HQ
IDYHXU GX &HQWUH QDWLRQDO GH O¶pQHUJLH GHV VFLHQFHV HW GHV
WHFKQLTXHVQXFOpDLUHV
6XUSURSRVLWLRQGXPLQLVWUHGHO¶pQHUJLHGHVPLQHVGHO¶HDX
HWGHO¶HQYLURQQHPHQWHWGXPLQLVWUHGHO¶pFRQRPLHHWGHVILQDQFHV
1ıUDELL, %8//(7,12)),&,(/ 

'e&5Ê7( /D SDUWLFLSDWLRQ GH O¶21(3 HW GH &'* 'pYHORSSHPHQW j

$57,&/( 35(0,(5± /¶(WDW UHFRQGXLW HQ IDYHXU GX &HQWUH
QDWLRQDO GH O¶pQHUJLH GHV VFLHQFHV HW GHV WHFKQLTXHV QXFOpDLUHV
OD JDUDQWLH FRQVHQWLH HQ YHUWX GX GpFUHW Qƒ  VXVYLVp
SRXU OD FRXYHUWXUH GH OD UHVSRQVDELOLWp FLYLOH GH FH GHUQLHU j
FRQFXUUHQFH GX PRQWDQW GH FLQT PLOOLRQV GH '76 SUpYX j
O¶DUWLFOHGHODORLQƒVXVPHQWLRQQpH
/D UHFRQGXFWLRQ GH OD JDUDQWLH DFFRUGpH SDU O¶(WDW SUHQG
HIIHWjSDUWLUGXHUMDQYLHUHWH[SLUHOHGpFHPEUH
$57± /H PLQLVWUH GH O¶pFRQRPLH HW GHV ILQDQFHV  HW OD
PLQLVWUHGHO¶pQHUJLHGHVPLQHVGHO¶HDXHWGHO¶HQYLURQQHPHQW
VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQH GH O¶H[pFXWLRQ GX
SUpVHQWGpFUHWTXLVHUDSXEOLpDX%XOOHWLQRIILFLHO
O¶DSSHO G¶RIIUHV LQWHUQDWLRQDO ODQFp SDU OH JRXYHUQHPHQW
FDPHURXQDLV SRXU OD UpDOLVDWLRQ GH FH SURMHW FRQVWLWXH XQ FKRL[
VWUDWpJLTXHXQHRSSRUWXQLWpSRXUQRXHUGHVSDUWHQDULDWVDYHFOHV
RSpUDWHXUV SXEOLFV HW SULYpV HW V¶LQVFULW GDQV OH FDGUH GH OHXU
VWUDWpJLHGHFURLVVDQFHHWG¶RXYHUWXUHjO¶LQWHUQDWLRQDO
$LQVLHWHQYXHGHODVLJQDWXUHGHVFRQWUDWVG¶DIIHUPDJHOHV
PHPEUHV FRQVWLWXDQW OH JURXSHPHQW FRPSRVp GH O¶21(3 GHV
VRFLpWpV©0('=ªHW©,1*(0$ªILOLDOHVGH&'*'pYHORSSHPHQW
HW GH OD VRFLpWp ©'HOWD +ROGLQJª VRQW DSSHOpV j FRQVWLWXHU OD
VRFLpWpGHGURLWFDPHURXQDLVVXVYLVpH
/HFRQVHLOG¶DGPLQLVWUDWLRQGHO¶21(3GXMXLOOHWD
DGRSWpXQHUpVROXWLRQDXWRULVDQWOHGLWRIILFHjFUpHUFHWWHVRFLpWp
)DLWj5DEDWOHUDELL,PDUV
/HSODQG¶DIIDLUHVGHODVRFLpWp©&DPHURXQDLVHGHVHDX[ª
$%%$6(/)$66,
PRQWUHTXHOHFKLIIUHG¶DIIDLUHVSDVVHUDHQpTXLYDOHQWGLUKDPVGH
3RXUFRQWUHVHLQJ  PLOOLRQV HQ  j  PLOOLRQV HQ  SRXU DWWHLQGUH
/HPLQLVWUHGHO¶pFRQRPLH PLOOLRQV HQ  HW OD VRFLpWp FRPPHQFHUD j UpDOLVHU GHV
HWGHVILQDQFHV EpQpILFHVQHWVjSDUWLUGHO¶DQQpH
6$/$+('',1(0(=28$5 /HWDX[GHUHQWDELOLWpLQWHUQHGXSURMHWHVWHVWLPpj
/DPLQLVWUHGHO¶pQHUJLH 9X O¶DUWLFOH  GH OD ORL Qƒ DXWRULVDQW OH WUDQVIHUW
GHVPLQHV G¶HQWUHSULVHVSXEOLTXHVDXVHFWHXUSULYpSURPXOJXpHSDUOHGDKLU
GHO¶HDXHWGHO¶HQYLURQQHPHQW QƒGXUDPDGDQDYULOWHOOHTX¶HOOHDpWp
$0,1$%(1.+$'5$ PRGLILpHHWFRPSOpWpH
BBBBBBBBBB 6XUSURSRVLWLRQGXPLQLVWUHGHO¶pFRQRPLHHWGHVILQDQFHV
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX 'e&5Ê7(
©%XOOHWLQRIILFLHOªQƒGXUDELL,PDUV
$57,&/( 35(0,(5± /¶2IILFH QDWLRQDO GH O¶HDX SRWDEOH HW OHV
VRFLpWpV©0('=ªHW©,1*(0$ªILOLDOHVGH&'*'pYHORSSHPHQW VRQW
DXWRULVpV j FUpHU DYHF G¶DXWUHV SDUWHQDLUHV XQH VRFLpWp DQRQ\PH GH
'pFUHWQƒGXUDELL,PDUVDXWRULVDQW
O¶2IILFHQDWLRQDOGHO¶HDXSRWDEOHHWOHVVRFLpWpV©0('=ª
HW ©,1*(0$ª ILOLDOHV GH &'* 'pYHORSSHPHQW j FUpHU
DYHF G¶DXWUHV SDUWHQDLUHV XQH VRFLpWp DQRQ\PH GH GURLW
FDPHURXQDLV GpQRPPpH ©&DPHURXQDLVH GHV HDX[ª SDU
DEUpYLDWLRQ©&'(ª
BBBBBBBBBB
GURLW FDPHURXQDLV GpQRPPpH ©&DPHURXQDLVH GHV HDX[ª SDU
DEUpYLDWLRQ©&'(ªDXFDSLWDOVRFLDOLQLWLDOG¶XQPRQWDQWpTXLYDOHQW
jPLOOLRQV'+
$57± /H PLQLVWUH GH O¶pFRQRPLH HW GHV ILQDQFHV HVW
FKDUJp GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX
%XOOHWLQRIILFLHO
)DLWj5DEDWOHUDELL,PDUV
/(35(0,(50,1,675(
(;326('(6027,)6 $%%$6(/)$66,
/¶2IILFH QDWLRQDO GH O¶HDX SRWDEOH 21(3 HW OD VRFLpWp 3RXUFRQWUHVHLQJ
&'* 'pYHORSSHPHQW GHPDQGHQW O¶DXWRULVDWLRQ UHTXLVH HQ YHUWX /HPLQLVWUHGHO¶pFRQRPLH
GHV GLVSRVLWLRQV GH O¶DUWLFOH  GH OD ORL Qƒ  DXWRULVDQW OH
HWGHVILQDQFHV
WUDQVIHUWG¶HQWUHSULVHVSXEOLTXHVDXVHFWHXUSULYpWHOOHTX¶HOOHD
pWp PRGLILpH HW FRPSOpWpH SRXU FUpHU XQH VRFLpWp DQRQ\PH GH 6$/$+('',1(0(=28$5
GURLW FDPHURXQDLV GpQRPPpH ©&DPHURXQDLVH GHV HDX[ª SDU BBBBB
DEUpYLDWLRQ ©&'(ª GRQW OH FDSLWDO VRFLDO pTXLYDOHQW j
PLOOLRQV '+ VHUD GpWHQX j KDXWHXU GH     HW /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
 UHVSHFWLYHPHQW SDU O¶21(3 HW OHV VRFLpWpV ©0('=ª HW ©%XOOHWLQRIILFLHOªQƒGXUDELL,PDUV
©,1*(0$ªILOLDOHVGH&'*'pYHORSSHPHQW
/D VRFLpWp ©&DPHURXQDLVH GHV HDX[ª DXUD SRXU REMHW 'pFUHW Qƒ  GX  UDELL ,   PDUV 
O¶H[SORLWDWLRQGXVHUYLFHSXEOLFGHODSURGXFWLRQGXWUDQVSRUWHWGH PRGLILDQW OH GpFUHW Qƒ  GX  HU VDIDU 
OD GLVWULEXWLRQ GH O¶HDX SRWDEOH VXU O¶HQVHPEOH GX SpULPqWUH DFWXHO RFWREUHSRUWDQWDXWRULVDWLRQGHFUpDWLRQHWGH
GHOD6RFLpWpQDWLRQDOHGHVHDX[GX&DPHURXQ61(&TXLFRXYUH SXEOLFDWLRQGHODUHYXH©&RQMRQFWXUHª
GHX[JUDQGHVYLOOHV<DRXQGpHW'RXDODHWSHWLWHVORFDOLWpV BBBBBBBBBB
&H SURMHW V¶LQVFULW GDQV OH FDGUH GH OD SROLWLTXH GH
SULYDWLVDWLRQ HW GH UpIRUPH VHFWRULHOOH GH O¶HDX SRWDEOH TXH OH /(35(0,(50,1,675(
JRXYHUQHPHQWGHOD5pSXEOLTXHGX&DPHURXQDPLVHQ°XYUHHQ 9XOHGpFUHWQƒGXHUVDIDURFWREUH
YHUWX GX GpFUHW Qƒ  GX  GpFHPEUH  IL[DQW OHV SRUWDQW DXWRULVDWLRQ GH FUpDWLRQ HW GH SXEOLFDWLRQ GH OD UHYXH
PRGDOLWpV GH GpOpJDWLRQ GHV VHUYLFHV SXEOLFV GH O¶HDX SRWDEOH HW ©&RQMRQFWXUHªWHOTX¶LODpWpPRGLILpSDUOHGpFUHWQƒ
GHO¶DVVDLQLVVHPHQWOLTXLGHHQPLOLHXXUEDLQHWSpULXUEDLQ GXFKDDEDQHQRYHPEUH
 %8//(7,12)),&,(/ 1ıUDELL,

6XU SURSRVLWLRQ GX PLQLVWUH GH OD FRPPXQLFDWLRQ SRUWH 'pFUHWQƒGXUDELL,PDUVSRUWDQW
SDUROHGXJRXYHUQHPHQW DXWRULVDWLRQGHO¶pGLWLRQGXMRXUQDO©/HV$IULTXHVªDX
0DURF
'e&5Ê7(
BBBBBBBBBB
$57,&/( 35(0,(5±/¶DUWLFOH SUHPLHU GX GpFUHW VXVYLVp
QƒGXHU VDIDURFWREUHHVWPRGLILpDLQVL /(35(0,(50,1,675(
TX¶LOVXLW 9XOHGDKLUQƒGXMRXPDGD,QRYHPEUH
©$UWLFOHSUHPLHU±/D&KDPEUHIUDQoDLVHGHFRPPHUFHHW
©G¶LQGXVWULH DX 0DURF VLVH DX  DYHQXH 0HUV VXOWDQ 
©&DVDEODQFD HVW DXWRULVpH j pGLWHU DX 0DURF OD UHYXH
©©&RQMRQFWXUHª SDUDLVVDQW HQ ODQJXH IUDQoDLVH GRQW OD
©GLUHFWLRQHVWDVVXUpHSDU0%HUQDUG'LJRLWª
$57±/HSUpVHQWGpFUHWVHUDSXEOLpDX%XOOHWLQRIILFLHO
 IRUPDQW FRGH GH OD SUHVVH HW GH O¶pGLWLRQ WHO TX¶LO D pWp
PRGLILpHWFRPSOpWpQRWDPPHQWVHVDUWLFOHVHW
6XU SURSRVLWLRQ GX PLQLVWUH GH OD FRPPXQLFDWLRQ
SRUWHSDUROHGXJRXYHUQHPHQW
'e&5Ê7(
$57,&/( 35(0,(5±/D VRFLpWp ©/HV $IULTXHV(GLWLRQ 
&RPPXQLFDWLRQª VLVH DX  ELV UXH GH &DURXJH 
)DLWj5DEDWOHUDELL,PDUV *HQqYH±6XLVVH HVW DXWRULVpH j pGLWHU DX 0DURF OH MRXUQDO
$%%$6(/)$66, KHEGRPDGDLUH ©/HV $IULTXHVª SDUDLVVDQW HQ ODQJXH IUDQoDLVH
GRQWODGLUHFWLRQHVWDVVXUpHSDU0'RPLQLTXH)ODX[
3RXUFRQWUHVHLQJ $57±/HSUpVHQWGpFUHWVHUDSXEOLpDX%XOOHWLQRIILFLHO
/HPLQLVWUHGHODFRPPXQLFDWLRQ )DLWj5DEDWOHUDELL,PDUV
SRUWHSDUROHGXJRXYHUQHPHQW
$%%$6(/)$66,
02+$0('.+$/,'1$&,5,
BBBBB 3RXUFRQWUHVHLQJ
/HPLQLVWUHGHODFRPPXQLFDWLRQ
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX SRUWHSDUROHGXJRXYHUQHPHQW
©%XOOHWLQRIILFLHOªQƒGXUDELL,PDUV
02+$0('.+$/,'1$&,5,
BBBBB
'pFUHWQƒGXUDELL,PDUV SRUWDQW
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
DXWRULVDWLRQ GH O¶pGLWLRQ GH OD UHYXH ©6ZLVVHFRª DX ©%XOOHWLQRIILFLHOªQƒGXUDELL,PDUV
0DURF
BBBBBBBBBB
'pFUHWQƒGXUDELL,PDUVSRUWDQW
/(35(0,(50,1,675( DXWRULVDWLRQGHO¶pGLWLRQGHODUHYXH©,PPRUHYXHªDX
0DURF
9XOHGDKLUQƒGXMRXPDGD,QRYHPEUH BBBBBBBBBB
 IRUPDQW FRGH GH OD SUHVVH HW GH O¶pGLWLRQ WHO TX¶LO D pWp
PRGLILpHWFRPSOpWpQRWDPPHQWVHVDUWLFOHVHW /(35(0,(50,1,675(
6XU SURSRVLWLRQ GX PLQLVWUH GH OD FRPPXQLFDWLRQ 9XOHGDKLUQƒGXMRXPDGD,QRYHPEUH
SRUWHSDUROHGXJRXYHUQHPHQW
'e&5Ê7(
$57,&/( 35(0,(5±/D &KDPEUH GH FRPPHUFH 6XLVVH DX
0DURF VLVH DX 5RPDQGLH ,, ERXOHYDUG %LU $Q]DUDQH
±&DVDEODQFD HVW DXWRULVpH j pGLWHU DX 0DURF OD UHYXH
©6ZLVVHFRª SDUDLVVDQW WULPHVWULHOOHPHQW HQ ODQJXH IUDQoDLVH
GRQWODGLUHFWLRQHVWDVVXUpHSDU06DPL=HUHOOL
$57±/HSUpVHQWGpFUHWVHUDSXEOLpDX%XOOHWLQRIILFLHO
 IRUPDQW FRGH GH OD SUHVVH HW GH O¶pGLWLRQ WHO TX¶LO D pWp
PRGLILpHWFRPSOpWpQRWDPPHQWVHVDUWLFOHVHW
6XU SURSRVLWLRQ GX PLQLVWUH GH OD FRPPXQLFDWLRQ
SRUWHSDUROHGXJRXYHUQHPHQW
'e&5Ê7(
$57,&/(35(0,(5±/DVRFLpWp©0*00pGLDªVLVHDX
DOOpH &DVVLRSpH +HUPLWDJH ±&DVDEODQFD HVW DXWRULVpH j
pGLWHU DX 0DURF OD UHYXH ©,PPRUHYXHª SDUDLVVDQW HQ ODQJXH
IUDQoDLVHGRQWODGLUHFWLRQHVWDVVXUpHSDU00DUF*pUDUG
)DLWj5DEDWOHUDELL,PDUV $57±/HSUpVHQWGpFUHWVHUDSXEOLpDX%XOOHWLQRIILFLHO
$%%$6(/)$66, )DLWj5DEDWOHUDELL,PDUV

3RXUFRQWUHVHLQJ $%%$6(/)$66,

/HPLQLVWUHGHODFRPPXQLFDWLRQ 3RXUFRQWUHVHLQJ
SRUWHSDUROHGXJRXYHUQHPHQW /HPLQLVWUHGHODFRPPXQLFDWLRQ
02+$0('.+$/,'1$&,5, SRUWHSDUROHGXJRXYHUQHPHQW
BBBBB 02+$0('.+$/,'1$&,5,
BBBBB
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
©%XOOHWLQRIILFLHOªQƒGXUDELL,PDUV ©%XOOHWLQRIILFLHOªQƒGXUDELL,PDUV
1ıUDELL, %8//(7,12)),&,(/ 

'pFUHWQƒGXUDELL,PDUVSRUWDQW $55Ç7(

DXWRULVDWLRQGHO¶pGLWLRQGXJXLGH©&OLSVªDX0DURF
$57,&/( 35(0,(5±/¶DUWLFOH  GH O¶DUUrWp Qƒ  GX
BBBBBBBBBB
MRXPDGD ,  HU MXLOOHW  VXVYLVp HVW PRGLILp DLQVL
/(35(0,(50,1,675( TX¶LOVXLW
9XOHGDKLUQƒGXMRXPDGD,QRYHPEUH ©$UWLFOH±/HSHUPLVGHUHFKHUFKH©7DUID\D6KDOORZ,ª
 IRUPDQW FRGH GH OD SUHVVH HW GH O¶pGLWLRQ WHO TX¶LO D pWp
©HVW GpOLYUp SRXU XQH SpULRGH LQLWLDOH GH TXDWUH DQV HW GHPL j
PRGLILpHWFRPSOpWpQRWDPPHQWVHVDUWLFOHVHW
©FRPSWHUGXMXLQª
6XU SURSRVLWLRQ GX PLQLVWUH GH OD FRPPXQLFDWLRQ
SRUWHSDUROHGXJRXYHUQHPHQW $57± /H SUpVHQW DUUrWp VHUD QRWLILp DX[ LQWpUHVVpV HW
SXEOLpDX%XOOHWLQRIILFLHO
'e&5Ê7(

$57,&/(35(0,(5±/DVRFLpWp©$WODQWHGLIIXVLRQªVLVHDX
'RXDU,G2PDU&52XQDJKD%3±(VVDRXLUDHVWDXWRULVpH
jpGLWHUDX0DURFOHJXLGH©&OLSVªSDUDLVVDQWWULPHVWULHOOHPHQW
HQODQJXHDQJODLVHGRQWODGLUHFWLRQHVWDVVXUpHSDU0PH 6RODQJH
<YHWWH%DUDXOW
$57±/HSUpVHQWGpFUHWVHUDSXEOLpDX%XOOHWLQRIILFLHO
5DEDWOHNDDGDQRYHPEUH
$0,1$%(1.+$'5$
$UUrWp GX PLQLVWUH GH O¶pQHUJLH GHV PLQHV GH O¶HDX HW GH
O¶HQYLURQQHPHQW Qƒ  GX  NDDGD 
QRYHPEUH  PRGLILDQW O¶DUUrWp GX PLQLVWUH GH
)DLWj5DEDWOHUDELL,PDUV
O¶pQHUJLHHWGHVPLQHVQƒGXMRXPDGD,
$%%$6(/)$66, HU MXLOOHW  DFFRUGDQW OH SHUPLV GH UHFKHUFKH GHV
3RXUFRQWUHVHLQJ K\GURFDUEXUHV GLW ©7DUID\D 6KDOORZ,,ª j O¶2IILFH
/HPLQLVWUHGHODFRPPXQLFDWLRQ QDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVHWjODVRFLpWp
SRUWHSDUROHGXJRXYHUQHPHQW ©0DHUVN2LO0RURFFR *0%+ ª
BBBBBBBBBB
02+$0('.+$/,'1$&,5,
BBBBB /$ 0,1,675( '( /¶(1(5*,( '(6 0,1(6 '( /¶($8 (7 '(
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX /¶(19,5211(0(17
©%XOOHWLQRIILFLHOªQƒGXUDELL,PDUV 9XO¶DUUrWpGXPLQLVWUHGHO¶pQHUJLHHWGHVPLQHVQƒ
GX  MRXPDGD ,  HU MXLOOHW  DFFRUGDQW OH SHUPLV GH
UHFKHUFKHGHVK\GURFDUEXUHVGLW©7DUID\D6KDOORZ,,ªjO¶2IILFH
$UUrWp GX PLQLVWUH GH O¶pQHUJLH GHV PLQHV GH O¶HDX HW GH
QDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVHWjODVRFLpWp©0DHUVN
O¶HQYLURQQHPHQW Qƒ  GX  NDDGD 
QRYHPEUH  PRGLILDQW O¶DUUrWp GX PLQLVWUH GH 2LO0RURFFR*0%+ª
O¶pQHUJLHHWGHVPLQHVQƒGXMRXPDGD, 9XO¶DUUrWpFRQMRLQWGXPLQLVWUHGHO¶pQHUJLHGHVPLQHVGH
HU MXLOOHWDFFRUGDQWOHSHUPLVGHUHFKHUFKHGHV O¶HDXHWGHO¶HQYLURQQHPHQWHWGXPLQLVWUHGHO¶pFRQRPLHHWGHV
K\GURFDUEXUHV GLW ©7DUID\D 6KDOORZ,ª j O¶2IILFH ILQDQFHV Qƒ  GX  NDDGD   QRYHPEUH 
QDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVHWjODVRFLpWp
DSSURXYDQWO¶DYHQDQWQƒjO¶DFFRUGSpWUROLHU©7DUID\D6KDOORZª
©0DHUVN2LO0RURFFR *0%+ ª
BBBBBBBBBB
FRQFOXOHUDPDGDQRFWREUHHQWUHO¶2IILFHQDWLRQDO
GHVK\GURFDUEXUHVHWGHVPLQHVUHSUpVHQWDQWOH5R\DXPHGX0DURF
/$ 0,1,675( '( /¶(1(5*,( '(6 0,1(6 '( /¶($8 (7 '(
HWODVRFLpWp©0DHUVN2LO0RURFFR*0%+ª
/¶(19,5211(0(17
$55Ç7(
9XO¶DUUrWpGXPLQLVWUHGHO¶pQHUJLHHWGHVPLQHVQƒ
GX  MRXPDGD ,  HU MXLOOHW  DFFRUGDQW OH SHUPLV GH $57,&/( 35(0,(5±/¶DUWLFOH  GH O¶DUUrWp Qƒ  GX
UHFKHUFKHGHVK\GURFDUEXUHVGLW©7DUID\D6KDOORZ,ªjO¶2IILFH MRXPDGD ,  HU MXLOOHW  VXVYLVp HVW PRGLILp DLQVL
QDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVHWjODVRFLpWp©0DHUVN TX¶LOVXLW
2LO0RURFFR*0%+ª
©$UWLFOH±/HSHUPLVGHUHFKHUFKH©7DUID\D6KDOORZ,,ª
9XO¶DUUrWpFRQMRLQWGXPLQLVWUHGHO¶pQHUJLHGHVPLQHVGH
©HVW GpOLYUp SRXU XQH SpULRGH LQLWLDOH GH TXDWUH DQV HW GHPL j
O¶HDXHWGHO¶HQYLURQQHPHQWHWGXPLQLVWUHGHO¶pFRQRPLHHWGHV
ILQDQFHV Qƒ  GX  NDDGD   QRYHPEUH  ©FRPSWHUGXMXLQª
DSSURXYDQW O¶DYHQDQW Qƒ j O¶DFFRUG SpWUROLHU ©7DUID\D $57± /H SUpVHQW DUUrWp VHUD QRWLILp DX[ LQWpUHVVpV HW
6KDOORZª FRQFOX OH  UDPDGDQ   RFWREUH  HQWUH SXEOLpDX%XOOHWLQRIILFLHO
O¶2IILFHQDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVUHSUpVHQWDQWOH
5R\DXPH GX 0DURF HW OD VRFLpWp ©0DHUVN 2LO 0RURFFR 5DEDWOHNDDGDQRYHPEUH
*0%+ª $0,1$%(1.+$'5$
 %8//(7,12)),&,(/ 1ıUDELL,

$UUrWp GX PLQLVWUH GH O¶pQHUJLH GHV PLQHV GH O¶HDX HW GH 9XO¶DUUrWpFRQMRLQWGXPLQLVWUHGHO¶pQHUJLHGHVPLQHVGH
O¶HQYLURQQHPHQW Qƒ  GX  NDDGD  O¶HDXHWGHO¶HQYLURQQHPHQWHWGXPLQLVWUHGHO¶pFRQRPLHHWGHV
QRYHPEUH  PRGLILDQW O¶DUUrWp GX PLQLVWUH GH ILQDQFHV Qƒ  GX  NDDGD   QRYHPEUH 
O¶pQHUJLHHWGHVPLQHVQƒGXMRXPDGD, DSSURXYDQW O¶DYHQDQW Qƒ j O¶DFFRUG SpWUROLHU ©7DUID\D
HU MXLOOHWDFFRUGDQWOHSHUPLVGHUHFKHUFKHGHV
K\GURFDUEXUHV GLW ©7DUID\D 6KDOORZ,,,ª j O¶2IILFH
QDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVHWjODVRFLpWp
©0DHUVN2LO0RURFFR *0%+ ª
BBBBBBBBBB
/$ 0,1,675( '( /¶(1(5*,( '(6 0,1(6 '( /¶($8 (7 '(
6KDOORZª FRQFOX OH  UDPDGDQ   RFWREUH  HQWUH
O¶2IILFH QDWLRQDO GHV K\GURFDUEXUHV HW GHV PLQHV UHSUpVHQWDQW OH
5R\DXPH GX 0DURF HW OD VRFLpWp ©0DHUVN 2LO 0RURFFR
*0%+ª
$55Ç7(
$57,&/( 35(0,(5±/¶DUWLFOH  GH O¶DUUrWp Qƒ  GX
MRXPDGD ,  HU MXLOOHW  VXVYLVp HVW PRGLILp DLQVL
/¶(19,5211(0(17
TX¶LOVXLW
9XO¶DUUrWpGXPLQLVWUHGHO¶pQHUJLHHWGHVPLQHVQƒ ©$UWLFOH±/HSHUPLVGHUHFKHUFKH©7DUID\D6KDOORZ,9ª
GX  MRXPDGD ,  HU MXLOOHW  DFFRUGDQW OH SHUPLV GH ©HVW GpOLYUp SRXU XQH SpULRGH LQLWLDOH GH TXDWUH DQV HW GHPL j
UHFKHUFKH GHV K\GURFDUEXUHV GLW ©7DUID\D 6KDOORZ ,,,ª j ©FRPSWHUGXMXLQª
O¶2IILFH QDWLRQDO GHV K\GURFDUEXUHV HW GHV PLQHV HW j OD VRFLpWp
$57± /H SUpVHQW DUUrWp VHUD QRWLILp DX[ LQWpUHVVpV HW
©0DHUVN2LO0RURFFR*0%+ª SXEOLpDX%XOOHWLQRIILFLHO
9XO¶DUUrWpFRQMRLQWGXPLQLVWUHGHO¶pQHUJLHGHVPLQHVGH 5DEDWOHNDDGDQRYHPEUH
O¶HDXHWGHO¶HQYLURQQHPHQWHWGXPLQLVWUHGHO¶pFRQRPLHHWGHV
$0,1$%(1.+$'5$
ILQDQFHV Qƒ  GX  NDDGD   QRYHPEUH 
DSSURXYDQW O¶DYHQDQW Qƒ j O¶DFFRUG SpWUROLHU ©7DUID\D
6KDOORZª FRQFOX OH  UDPDGDQ   RFWREUH  HQWUH
O¶2IILFHQDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVUHSUpVHQWDQWOH $UUrWp GX PLQLVWUH GH O¶pQHUJLH GHV PLQHV GH O¶HDX HW GH
5R\DXPH GX 0DURF HW OD VRFLpWp ©0DHUVN 2LO 0RURFFR O¶HQYLURQQHPHQW Qƒ  GX  NDDGD 
*0%+ª QRYHPEUH  PRGLILDQW O¶DUUrWp GX PLQLVWUH GH
$55Ç7( O¶pQHUJLHHWGHVPLQHVQƒGXMRXPDGD,
HU MXLOOHW  DFFRUGDQW OH SHUPLV GH UHFKHUFKH GHV
$57,&/( 35(0,(5±/¶DUWLFOH  GH O¶DUUrWp Qƒ  GX K\GURFDUEXUHV GLW ©7DUID\D 6KDOORZ9ª j O¶2IILFH
 MRXPDGD ,  HU MXLOOHW  VXVYLVp HVW PRGLILp DLQVL QDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVHWjODVRFLpWp
TX¶LOVXLW ©0DHUVN2LO0RURFFR *0%+ ª
BBBBBBBBBB
©$UWLFOH±/HSHUPLVGHUHFKHUFKH©7DUID\D6KDOORZ,,,ª
©HVW GpOLYUp SRXU XQH SpULRGH LQLWLDOH GH TXDWUH DQV HW GHPL j /$ 0,1,675( '( /¶(1(5*,( '(6 0,1(6 '( /¶($8 (7 '(
©FRPSWHUGXMXLQª /¶(19,5211(0(17
$57± /H SUpVHQW DUUrWp VHUD QRWLILp DX[ LQWpUHVVpV HW 9XO¶DUUrWpGXPLQLVWUHGHO¶pQHUJLHHWGHVPLQHVQƒ
SXEOLpDX%XOOHWLQRIILFLHO GX  MRXPDGD ,  HU MXLOOHW  DFFRUGDQW OH SHUPLV GH
UHFKHUFKHGHVK\GURFDUEXUHVGLW©7DUID\D6KDOORZ9ªjO¶2IILFH
5DEDWOHNDDGDQRYHPEUH QDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVHWjODVRFLpWp©0DHUVN
$0,1$%(1.+$'5$ 2LO0RURFFR*0%+ª
9XO¶DUUrWpFRQMRLQWGXPLQLVWUHGHO¶pQHUJLHGHVPLQHVGH
O¶HDXHWGHO¶HQYLURQQHPHQWHWGXPLQLVWUHGHO¶pFRQRPLHHWGHV
ILQDQFHV Qƒ  GX  NDDGD   QRYHPEUH 
$UUrWp GX PLQLVWUH GH O¶pQHUJLH GHV PLQHV GH O¶HDX HW GH DSSURXYDQW O¶DYHQDQW Qƒ j O¶DFFRUG SpWUROLHU ©7DUID\D
O¶HQYLURQQHPHQW Qƒ  GX  NDDGD  6KDOORZª FRQFOX OH  UDPDGDQ   RFWREUH  HQWUH
QRYHPEUH  PRGLILDQW O¶DUUrWp GX PLQLVWUH GH O¶2IILFH QDWLRQDO GHV K\GURFDUEXUHV HW GHV PLQHV UHSUpVHQWDQW OH
O¶pQHUJLHHWGHVPLQHVQƒGXMRXPDGD, 5R\DXPH GX 0DURF HW OD VRFLpWp ©0DHUVN 2LO 0RURFFR
HU MXLOOHWDFFRUGDQWOHSHUPLVGHUHFKHUFKHGHV *0%+ª
K\GURFDUEXUHV GLW ©7DUID\D 6KDOORZ,9ª j O¶2IILFH $55Ç7(
QDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVHWjODVRFLpWp
$57,&/( 35(0,(5±/¶DUWLFOH  GH O¶DUUrWp Qƒ  GX
©0DHUVN2LO0RURFFR *0%+ ª
MRXPDGD ,  HU MXLOOHW  VXVYLVp HVW PRGLILp DLQVL
BBBBBBBBBB
TX¶LOVXLW
/$ 0,1,675( '( /¶(1(5*,( '(6 0,1(6 '( /¶($8 (7 '( ©$UWLFOH±/HSHUPLVGHUHFKHUFKH©7DUID\D6KDOORZ9ª
/¶(19,5211(0(17 ©HVW GpOLYUp SRXU XQH SpULRGH LQLWLDOH GH TXDWUH DQV HW GHPL j
9XO¶DUUrWpGXPLQLVWUHGHO¶pQHUJLHHWGHVPLQHVQƒ ©FRPSWHUGXMXLQª
GX  MRXPDGD ,  HU MXLOOHW  DFFRUGDQW OH SHUPLV GH $57± /H SUpVHQW DUUrWp VHUD QRWLILp DX[ LQWpUHVVpV HW
UHFKHUFKH GHV K\GURFDUEXUHV GLW ©7DUID\D 6KDOORZ ,9ª j SXEOLpDX%XOOHWLQRIILFLHO
O¶2IILFH QDWLRQDO GHV K\GURFDUEXUHV HW GHV PLQHV HW j OD VRFLpWp 5DEDWOHNDDGDQRYHPEUH
©0DHUVN2LO0RURFFR*0%+ª $0,1$%(1.+$'5$
1ıUDELL, %8//(7,12)),&,(/ 

$UUrWp GX PLQLVWUH GH O¶pQHUJLH GHV PLQHV GH O¶HDX HW GH 9XO¶DUUrWpFRQMRLQWGXPLQLVWUHGHO¶pQHUJLHGHVPLQHVGH
O¶HQYLURQQHPHQW Qƒ  GX  NDDGD  O¶HDXHWGHO¶HQYLURQQHPHQWHWGXPLQLVWUHGHO¶pFRQRPLHHWGHV
QRYHPEUH  PRGLILDQW O¶DUUrWp GX PLQLVWUH GH ILQDQFHV Qƒ  GX  NDDGD   QRYHPEUH 
O¶pQHUJLHHWGHVPLQHVQƒGXMRXPDGD, DSSURXYDQW O¶DYHQDQW Qƒ j O¶DFFRUG SpWUROLHU ©7DUID\D
HU MXLOOHWDFFRUGDQWOHSHUPLVGHUHFKHUFKHGHV
K\GURFDUEXUHV GLW ©7DUID\D 6KDOORZ9,ª j O¶2IILFH
QDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVHWjODVRFLpWp
©0DHUVN2LO0RURFFR *0%+ ª
BBBBBBBBBB
/$ 0,1,675( '( /¶(1(5*,( '(6 0,1(6 '( /¶($8 (7 '(
6KDOORZª FRQFOX OH  UDPDGDQ   RFWREUH  HQWUH
O¶2IILFH QDWLRQDO GHV K\GURFDUEXUHV HW GHV PLQHV UHSUpVHQWDQW OH
5R\DXPH GX 0DURF HW OD VRFLpWp ©0DHUVN 2LO 0RURFFR
*0%+ª
$55Ç7(
$57,&/( 35(0,(5±/¶DUWLFOH  GH O¶DUUrWp Qƒ  GX
/¶(19,5211(0(17 MRXPDGD ,  HU MXLOOHW  VXVYLVp HVW PRGLILp DLQVL
TX¶LOVXLW
9XO¶DUUrWpGXPLQLVWUHGHO¶pQHUJLHHWGHVPLQHVQƒ
GX  MRXPDGD ,  HU MXLOOHW  DFFRUGDQW OH SHUPLV GH ©$UWLFOH±/HSHUPLVGHUHFKHUFKH©7DUID\D6KDOORZ9,,ª
©HVW GpOLYUp SRXU XQH SpULRGH LQLWLDOH GH TXDWUH DQV HW GHPL j
UHFKHUFKH GHV K\GURFDUEXUHV GLW ©7DUID\D 6KDOORZ 9,ª j
©FRPSWHUGXMXLQª
O¶2IILFH QDWLRQDO GHV K\GURFDUEXUHV HW GHV PLQHV HW j OD VRFLpWp
©0DHUVN2LO0RURFFR*0%+ª $57± /H SUpVHQW DUUrWp VHUD QRWLILp DX[ LQWpUHVVpV HW
SXEOLpDX%XOOHWLQRIILFLHO
9XO¶DUUrWpFRQMRLQWGXPLQLVWUHGHO¶pQHUJLHGHVPLQHVGH
O¶HDXHWGHO¶HQYLURQQHPHQWHWGXPLQLVWUHGHO¶pFRQRPLHHWGHV 5DEDWOHNDDGDQRYHPEUH
ILQDQFHV Qƒ  GX  NDDGD   QRYHPEUH  $0,1$%(1.+$'5$
DSSURXYDQW O¶DYHQDQW Qƒ j O¶DFFRUG SpWUROLHU ©7DUID\D
6KDOORZª FRQFOX OH  UDPDGDQ   RFWREUH  HQWUH $UUrWp GX PLQLVWUH GH O¶pQHUJLH GHV PLQHV GH O¶HDX HW GH
O¶2IILFHQDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVUHSUpVHQWDQWOH O¶HQYLURQQHPHQW Qƒ  GX  NDDGD 
5R\DXPH GX 0DURF HW OD VRFLpWp ©0DHUVN 2LO 0RURFFR QRYHPEUH  PRGLILDQW O¶DUUrWp GX PLQLVWUH GH
*0%+ª O¶pQHUJLHHWGHVPLQHVQƒGXMRXPDGD,
$55Ç7( HU MXLOOHW  DFFRUGDQW OH SHUPLV GH UHFKHUFKH GHV
K\GURFDUEXUHV GLW ©7DUID\D 6KDOORZ9,,,ª j O¶2IILFH
$57,&/( 35(0,(5±/¶DUWLFOH  GH O¶DUUrWp Qƒ  GX
QDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVHWjODVRFLpWp
 MRXPDGD ,  HU MXLOOHW  VXVYLVp HVW PRGLILp DLQVL
©0DHUVN2LO0RURFFR *0%+ ª
TX¶LOVXLW BBBBBBBBBB
©$UWLFOH±/HSHUPLVGHUHFKHUFKH©7DUID\D6KDOORZ9,ª /$ 0,1,675( '( /¶(1(5*,( '(6 0,1(6 '( /¶($8 (7 '(
©HVW GpOLYUp SRXU XQH SpULRGH LQLWLDOH GH TXDWUH DQV HW GHPL j
/¶(19,5211(0(17
©FRPSWHUGXMXLQª
9XO¶DUUrWpGXPLQLVWUHGHO¶pQHUJLHHWGHVPLQHVQƒ
$57± /H SUpVHQW DUUrWp VHUD QRWLILp DX[ LQWpUHVVpV HW GX  MRXPDGD ,  HU MXLOOHW  DFFRUGDQW OH SHUPLV GH
SXEOLpDX%XOOHWLQRIILFLHO UHFKHUFKH GHV K\GURFDUEXUHV GLW ©7DUID\D 6KDOORZ 9,,,ª j
5DEDWOHNDDGDQRYHPEUH O¶2IILFH QDWLRQDO GHV K\GURFDUEXUHV HW GHV PLQHV HW j OD VRFLpWp
$0,1$%(1.+$'5$ ©0DHUVN2LO0RURFFR*0%+ª
9XO¶DUUrWpFRQMRLQWGXPLQLVWUHGHO¶pQHUJLHGHVPLQHVGH
O¶HDXHWGHO¶HQYLURQQHPHQWHWGXPLQLVWUHGHO¶pFRQRPLHHWGHV
ILQDQFHV Qƒ  GX  NDDGD   QRYHPEUH 
$UUrWp GX PLQLVWUH GH O¶pQHUJLH GHV PLQHV GH O¶HDX HW GH DSSURXYDQW O¶DYHQDQW Qƒ j O¶DFFRUG SpWUROLHU ©7DUID\D
O¶HQYLURQQHPHQW Qƒ  GX  NDDGD  6KDOORZª FRQFOX OH  UDPDGDQ   RFWREUH  HQWUH
QRYHPEUH  PRGLILDQW O¶DUUrWp GX PLQLVWUH GH O¶2IILFH QDWLRQDO GHV K\GURFDUEXUHV HW GHV PLQHV UHSUpVHQWDQW OH
O¶pQHUJLHHWGHVPLQHVQƒGXMRXPDGD, 5R\DXPH GX 0DURF HW OD VRFLpWp ©0DHUVN 2LO 0RURFFR
HU MXLOOHWDFFRUGDQWOHSHUPLVGHUHFKHUFKHGHV *0%+ª
K\GURFDUEXUHV GLW ©7DUID\D 6KDOORZ9,,ª j O¶2IILFH $55Ç7(
QDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVHWjODVRFLpWp $57,&/( 35(0,(5±/¶DUWLFOH  GH O¶DUUrWp Qƒ  GX
©0DHUVN2LO0RURFFR *0%+ ª MRXPDGD ,  HU MXLOOHW  VXVYLVp HVW PRGLILp DLQVL
BBBBBBBBBB TX¶LOVXLW
/$ 0,1,675( '( /¶(1(5*,( '(6 0,1(6 '( /¶($8 (7 '( ©$UWLFOH±/HSHUPLVGHUHFKHUFKH©7DUID\D6KDOORZ9,,,ª
/¶(19,5211(0(17 ©HVW GpOLYUp SRXU XQH SpULRGH LQLWLDOH GH TXDWUH DQV HW GHPL j
©FRPSWHUGXMXLQª
9XO¶DUUrWpGXPLQLVWUHGHO¶pQHUJLHHWGHVPLQHVQƒ
GX  MRXPDGD ,  HU MXLOOHW  DFFRUGDQW OH SHUPLV GH $57± /H SUpVHQW DUUrWp VHUD QRWLILp DX[ LQWpUHVVpV HW
UHFKHUFKH GHV K\GURFDUEXUHV GLW ©7DUID\D 6KDOORZ 9,,ª j SXEOLpDX%XOOHWLQRIILFLHO
O¶2IILFH QDWLRQDO GHV K\GURFDUEXUHV HW GHV PLQHV HW j OD VRFLpWp 5DEDWOHNDDGDQRYHPEUH
©0DHUVN2LO0RURFFR*0%+ª $0,1$%(1.+$'5$
 %8//(7,12)),&,(/ 1ıUDELL,

$UUrWp GX PLQLVWUH GH O¶pQHUJLH GHV PLQHV GH O¶HDX HW GH $UUrWp GX PLQLVWUH GH O¶pQHUJLH GHV PLQHV GH O¶HDX HW GH
O¶HQYLURQQHPHQW Qƒ  GX  NDDGD  O¶HQYLURQQHPHQW Qƒ  GX  NDDGD 
QRYHPEUH  PRGLILDQW O¶DUUrWp GX PLQLVWUH GH QRYHPEUH  PRGLILDQW O¶DUUrWp GX PLQLVWUH GH
O¶pQHUJLHHWGHVPLQHVQƒGXUDPDGDQ O¶pQHUJLHHWGHVPLQHVQƒGXUDPDGDQ
 QRYHPEUH  DFFRUGDQW OH SHUPLV GH UHFKHUFKH
GHVK\GURFDUEXUHVGLW©7DQJHU/DUDFKHªjO¶2IILFH
QDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVHWjODVRFLpWp
©5HSVRO([SORUDFLRQVDª
BBBBBBBBBB
/$ 0,1,675( '( /¶(1(5*,( '(6 0,1(6 '( /¶($8 (7 '(
/¶(19,5211(0(17
9XO¶DUUrWpGXPLQLVWUHGHO¶pQHUJLHHWGHVPLQHVQƒ
 QRYHPEUH  DFFRUGDQW OH SHUPLV GH UHFKHUFKH
GHV K\GURFDUEXUHV GLW ©7DQJHU/DUDFKH ª j O¶2IILFH
QDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVHWjODVRFLpWp
©5HSVRO([SORUDFLRQVDª
BBBBBBBBBB
/$ 0,1,675( '( /¶(1(5*,( '(6 0,1(6 '( /¶($8 (7 '(
/¶(19,5211(0(17
9XO¶DUUrWpGXPLQLVWUHGHO¶pQHUJLHHWGHVPLQHVQƒGX
GX  UDPDGDQ   QRYHPEUH  DFFRUGDQW OH SHUPLV GH  UDPDGDQ   QRYHPEUH  DFFRUGDQW OH SHUPLV GH
UHFKHUFKH GHV K\GURFDUEXUHV GLW ©7DQJHU/DUDFKH ª j O¶2IILFH UHFKHUFKH GHV K\GURFDUEXUHV GLW ©7DQJHU/DUDFKH ª j O¶2IILFH
QDWLRQDO GHV K\GURFDUEXUHV HW GHV PLQHV HW j OD VRFLpWp © 5HSVRO QDWLRQDO GHV K\GURFDUEXUHV HW GHV PLQHV HW j OD VRFLpWp © 5HSVRO
([SORUDFLRQVDª ([SORUDFLRQVDª
9XO¶DUUrWpGXPLQLVWUHGHO¶pQHUJLHHWGHVPLQHVQƒ 9XO¶DUUrWpGXPLQLVWUHGHO¶pQHUJLHHWGHVPLQHVQƒ
GX  UDELL ,  HU DYULO  LQVWLWXDQW OD FHVVLRQ SDUWLHOOH GXUDELL,HUDYULOLQVWLWXDQWODFHVVLRQSDUWLHOOHSDU
SDU OD VRFLpWp ©5HSVRO ([SORUDFLRQ VDª DX SURILW GH OD VRFLpWp OD VRFLpWp ©5HSVRO ([SORUDFLRQ VDª DX SURILW GH OD VRFLpWp
©'DQD 3HWUROHXP ( 3 /LPLWHGª GHV SDUWV G¶LQWpUrW TX¶HOOH ©'DQD 3HWUROHXP ( 3 /LPLWHGª GHV SDUWV G¶LQWpUrW TX¶HOOH
GpWLHQW GDQV OHV SHUPLV GH UHFKHUFKH G¶K\GURFDUEXUHV GLWV GpWLHQW GDQV OHV SHUPLV GH UHFKHUFKH G¶K\GURFDUEXUHV GLWV
7DQJHU/DUDFKHj 7DQJHU/DUDFKHj
9X O¶DUUrWp FRQMRLQW GX PLQLVWUH GH O¶pQHUJLH GHV PLQHV GH 9X O¶DUUrWp FRQMRLQW GX PLQLVWUH GH O¶pQHUJLH GHV PLQHV GH
O¶HDX HW GH O¶HQYLURQQHPHQW HW GX PLQLVWUH GH O¶pFRQRPLH HW GHV O¶HDX HW GH O¶HQYLURQQHPHQW HW GX PLQLVWUH GH O¶pFRQRPLH HW GHV
ILQDQFHV Qƒ  GX  NDDGD   QRYHPEUH  ILQDQFHV Qƒ  GX  NDDGD   QRYHPEUH 
DSSURXYDQW O¶DYHQDQW Qƒ  j O¶DFFRUG SpWUROLHU ©7DQJHU/DUDFKH DSSURXYDQW O¶DYHQDQW Qƒ  j O¶DFFRUG SpWUROLHU ©7DQJHU/DUDFKH
2IIVKRUHª FRQFOX OH  FKDRXDO   QRYHPEUH  HQWUH 2IIVKRUHª FRQFOX OH  FKDRXDO   QRYHPEUH  HQWUH
O¶2IILFH QDWLRQDO GHV K\GURFDUEXUHV HW GHV PLQHV HW OHV VRFLpWpV O¶2IILFH QDWLRQDO GHV K\GURFDUEXUHV HW GHV PLQHV HW OHV VRFLpWpV
©5HSVRO([SORUDFLRQVDªHW©'DQD3HWUROHXP( 3/LPLWHGª ©5HSVRO([SORUDFLRQVDªHW©'DQD3HWUROHXP( 3/LPLWHGª
$55Ç7( $55Ç7(

$57,&/( 35(0,(5±/HV DUWLFOHV SUHPLHU HW  GH O¶DUUrWp $57,&/( 35(0,(5±/HV DUWLFOHV SUHPLHU HW  GH O¶DUUrWp
Qƒ GX  UDPDGDQ   QRYHPEUH  VXVYLVp Qƒ GX  UDPDGDQ   QRYHPEUH  VXVYLVp
VRQWPRGLILpVDLQVLTX¶LOVXLW VRQWPRGLILpVDLQVLTX¶LOVXLW
©$UWLFOH SUHPLHU±,O HVW DFFRUGp FRQMRLQWHPHQW j O¶2IILFH ©$UWLFOH SUHPLHU±,O HVW DFFRUGp FRQMRLQWHPHQW j O¶2IILFH
©QDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVHWDX[VRFLpWpV©5HSVRO ©QDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVHWDX[VRFLpWpV©5HSVRO
©([SORUDFLRQ VDª HW ©'DQD 3HWUROHXP ( 3 /LPLWHGª
©OHSHUPLVGHUHFKHUFKHG¶K\GURFDUEXUHVGLW©7DQJHU/DUDFKHªª
©$UWLFOH ±/H SHUPLV GH UHFKHUFKH ©7DQJHU/DUDFKH ª
©HVW GpOLYUp SRXU XQH SpULRGH LQLWLDOH GH WURLV DQV HW VL[ PRLV j
©FRPSWHUGXQRYHPEUHª
$57±/H SUpVHQW DUUrWp VHUD QRWLILp DX[ LQWpUHVVpV
HWSXEOLpDX%XOOHWLQRIILFLHO
©([SORUDFLRQ VDª HW ©'DQD 3HWUROHXP ( 3 /LPLWHGª
©OHSHUPLVGHUHFKHUFKHG¶K\GURFDUEXUHVGLW©7DQJHU/DUDFKHªª
©$UWLFOH ±/H SHUPLV GH UHFKHUFKH ©7DQJHU/DUDFKH ª
©HVW GpOLYUp SRXU XQH SpULRGH LQLWLDOH GH WURLV DQV HW VL[ PRLV j
©FRPSWHUGXQRYHPEUHª
$57±/H SUpVHQW DUUrWp VHUD QRWLILp DX[ LQWpUHVVpV
HWSXEOLpDX%XOOHWLQRIILFLHO
5DEDWOHNDDGD QRYHPEUH 5DEDWOHNDDGD QRYHPEUH
$0,1$%(1.+$'5$ $0,1$%(1.+$'5$
BBBBB BBBBB

/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
©%XOOHWLQRIILFLHOªQƒGXUDELL,PDUV ©%XOOHWLQRIILFLHOªQƒGXUDELL,PDUV
1ıUDELL, %8//(7,12)),&,(/ 

$UUrWp GX PLQLVWUH GH O¶pQHUJLH GHV PLQHV GH O¶HDX HW GH $UUrWpFRQMRLQWGXPLQLVWUHGHO¶pQHUJLHGHVPLQHVGHO¶HDXHW
O¶HQYLURQQHPHQW Qƒ  GX  NDDGD  GH O¶HQYLURQQHPHQW HW GX PLQLVWUH GH O¶pFRQRPLH HW GHV
QRYHPEUH  PRGLILDQW O¶DUUrWp GX PLQLVWUH GH ILQDQFHVQƒGX PRKDUUHP MDQYLHU
O¶pQHUJLHHWGHVPLQHVQƒGXUDPDGDQ DSSURXYDQW O¶DFFRUG SpWUROLHU ©7DUID\D 2QVKRUH ª
 QRYHPEUH  DFFRUGDQW OH SHUPLV GH UHFKHUFKH
GHVK\GURFDUEXUHVGLW©7DQJHU/DUDFKHªjO¶2IILFH
QDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVHWjODVRFLpWp
©5HSVRO([SORUDFLRQVDª
BBBBBBBBBB
FRQFOX OH  NDDGD   QRYHPEUH  HQWUH
O¶2IILFH QDWLRQDO GHV K\GURFDUEXUHV HW GHV PLQHV
UHSUpVHQWDQW OH 5R\DXPH GX 0DURF HW OHV VRFLpWpV
©,VODQG ,QWHUQDWLRQDO ([SORUDWLRQ 0RURFFR ª ©6DQ
/HRQ 0RURFFR /WG ª HW /RQJUHDFK 2LO DQG *DV
/$ 0,1,675( '( /¶(1(5*,( '(6 0,1(6 '( /¶($8 (7 '( 9HQWXUHV/LPLWHGª
BBBBBBBBBB
/¶(19,5211(0(17
/$ 0,1,675( '( /¶(1(5*,( '(6 0,1(6 '( /¶($8 (7 '(
9XO¶DUUrWpGXPLQLVWUHGHO¶pQHUJLHHWGHVPLQHVQƒ
/¶(19,5211(0(17
GX  UDPDGDQ   QRYHPEUH  DFFRUGDQW OH SHUPLV GH
UHFKHUFKH GHV K\GURFDUEXUHV GLW ©7DQJHU/DUDFKH ª j O¶2IILFH /(0,1,675('(/¶(&2120,((7'(6),1$1&(6
QDWLRQDO GHV K\GURFDUEXUHV HW GHV PLQHV HW j OD VRFLpWp © 5HSVRO 9XODORLQƒUHODWLYHjODUHFKHUFKHHWjO¶H[SORLWDWLRQGHV
([SORUDFLRQVDª JLVHPHQWVG¶K\GURFDUEXUHVSURPXOJXpHSDUOHGDKLUQƒGX
9XO¶DUUrWpGXPLQLVWUHGHO¶pQHUJLHHWGHVPLQHVQƒ  UDPDGDQ  HU DYULO  WHOOH TX¶HOOH D pWp PRGLILpH HW
GX  UDELL ,  HU DYULO  LQVWLWXDQW OD FHVVLRQ SDUWLHOOH FRPSOpWpHSDUODORLQƒSURPXOJXpHSDUOHGDKLUQƒ
SDU OD VRFLpWp ©5HSVRO ([SORUDFLRQ VDª DX SURILW GH OD VRFLpWp GXNDDGDIpYULHUQRWDPPHQWVHVDUWLFOHVHW
©'DQD 3HWUROHXP ( 3 /LPLWHGª GHV SDUWV G¶LQWpUrW TX¶HOOH
9X OH GpFUHW Qƒ  GX  MRXPDGD , 
GpWLHQW GDQV OHV SHUPLV GH UHFKHUFKH G¶K\GURFDUEXUHV GLWV
QRYHPEUH  SULV SRXU O¶DSSOLFDWLRQ GH OD ORL Qƒ 
7DQJHU/DUDFKHj
VXVYLVpHWHOTX¶LODpWpPRGLILpHWFRPSOpWpSDUOHGpFUHWQƒ
9X O¶DUUrWp FRQMRLQW GX PLQLVWUH GH O¶pQHUJLH GHV PLQHV GH GXKLMDPDUVQRWDPPHQWVRQDUWLFOH
O¶HDX HW GH O¶HQYLURQQHPHQW HW GX PLQLVWUH GH O¶pFRQRPLH HW GHV
9XO¶DFFRUGSpWUROLHUFRQFOXOHNDDGDQRYHPEUH
ILQDQFHV Qƒ  GX  NDDGD   QRYHPEUH 
HQWUH O¶2IILFH QDWLRQDO GHV K\GURFDUEXUHV HW GHV PLQHV
DSSURXYDQW O¶DYHQDQW Qƒ  j O¶DFFRUG SpWUROLHU ©7DQJHU/DUDFKH
UHSUpVHQWDQW OH 5R\DXPH GX 0DURF HW OHV VRFLpWpV ©,VODQG
2IIVKRUHª FRQFOX OH  FKDRXDO   QRYHPEUH  HQWUH
,QWHUQDWLRQDO([SORUDWLRQ0RURFFRª©6DQ/HRQ0RURFFR/WGª
O¶2IILFH QDWLRQDO GHV K\GURFDUEXUHV HW GHV PLQHV HW OHV VRFLpWpV
HW©/RQJUHDFK2LODQG*DV9HQWXUHV/LPLWHGªSRXUODUHFKHUFKH
©5HSVRO([SORUDFLRQVDªHW©'DQD3HWUROHXP( 3/LPLWHGª
$55Ç7(
$57,&/( 35(0,(5±/HV DUWLFOHV SUHPLHU HW  GH O¶DUUrWp
HW O¶H[SORLWDWLRQ GHV K\GURFDUEXUHV GDQV OD ]RQH G¶LQWpUrW GLWH
©7DUID\D 2QVKRUHª FRPSUHQDQW  SHUPLV GH UHFKHUFKH
GpQRPPpV©7DUID\D2QVKRUHGHjªVLWXpVHQRQVKRUH
Qƒ GX  UDPDGDQ   QRYHPEUH  VXVYLVp $55Ç7(17
VRQWPRGLILpVDLQVLTX¶LOVXLW
$57,&/( 35(0,(5±(VW DSSURXYp WHO TX¶LO HVW DQQH[p
©$UWLFOH SUHPLHU±,O HVW DFFRUGp FRQMRLQWHPHQW j O¶2IILFH
jO¶RULJLQDOGXSUpVHQWDUUrWpO¶DFFRUGSpWUROLHUFRQFOXOHNDDGD
©QDWLRQDOGHVK\GURFDUEXUHVHWGHVPLQHVHWDX[VRFLpWpV©5HSVRO
  QRYHPEUH  HQWUH O¶2IILFH QDWLRQDO GHV
©([SORUDFLRQ VDª HW ©'DQD 3HWUROHXP ( 3 /LPLWHGª
K\GURFDUEXUHVHWGHVPLQHVUHSUpVHQWDQWOH5R\DXPHGX0DURF
©OHSHUPLVGHUHFKHUFKHG¶K\GURFDUEXUHVGLW©7DQJHU/DUDFKHªª
HWOHVVRFLpWpV©,VODQG,QWHUQDWLRQDO([SORUDWLRQ0RURFFRª©6DQ
©$UWLFOH ±/H SHUPLV GH UHFKHUFKH ©7DQJHU/DUDFKH ª
©HVW GpOLYUp SRXU XQH SpULRGH LQLWLDOH GH WURLV DQV HW VL[ PRLV j
©FRPSWHUGXQRYHPEUHª
$57±/H SUpVHQW DUUrWp VHUD QRWLILp DX[ LQWpUHVVpV
HWSXEOLpDX%XOOHWLQRIILFLHO
/HRQ 0RURFFR /WGª HW ©/RQJUHDFK 2LO DQG *DV 9HQWXUHV
/LPLWHGª SRXU OD UHFKHUFKH HW O¶H[SORLWDWLRQ GHV K\GURFDUEXUHV
GDQVOD]RQHG¶LQWpUrWGLWH©7DUID\D2QVKRUHª
$57±/HSUpVHQWDUUrWpFRQMRLQWVHUDSXEOLpDX%XOOHWLQ
RIILFLHO
5DEDWOHNDDGD QRYHPEUH 5DEDWOHPRKDUUHPMDQYLHU
$0,1$%(1.+$'5$
BBBBB /DPLQLVWUHGHO¶pQHUJLH
GHVPLQHV /HPLQLVWUHGHO¶pFRQRPLH
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX GHO¶HDXHWGHO¶HQYLURQQHPHQW HWGHVILQDQFHV
©%XOOHWLQ RIILFLHOª Qƒ  GX  UDELL ,   PDUV  $0,1$%(1.+$'5$ 6$/$+('',1(0(=28$5
 %8//(7,12)),&,(/ 1ıUDELL,

$9,6(7&20081,&$7,216

'pFLVLRQ$157'*QƒGXPRKDUUHPMDQYLHU  ±ODGHVFULSWLRQGpWDLOOpHGHO¶LQIUDVWUXFWXUHGpSOR\pH
IL[DQW OHV FRQGLWLRQV GH IRXUQLWXUH GHV VHUYLFHV GH
WpOpSKRQLH SDU OHV H[SORLWDQWV GH UpVHDX[ SXEOLFV GH
WpOpFRPPXQLFDWLRQVSDUVDWHOOLWHVGHW\SH96$7
BBBBBBBB
/( ',5(&7(85 *(1(5$/ '( /¶$*(1&( 1$7,21$/( '(
5(*/(0(17$7,21'(67(/(&20081,&$7,216
9X OD ORL Qƒ UHODWLYH j OD SRVWH HW DX[
WpOpFRPPXQLFDWLRQV SURPXOJXpH SDU OH GDKLU Qƒ  GX

±OHV PHVXUHV PLVHV HQ °XYUH SRXU JDUDQWLU OH UHVSHFW GHV
GLVSRVLWLRQV GH OHXUV FDKLHUV GHV FKDUJHV HW QRWDPPHQW
OHXUVDUWLFOHV
±OH YROXPH GX WUDILF UpDOLVp DX WLWUH GH O¶DFWLYLWp GH
IRXUQLWXUH GHV VHUYLFHV GH WpOpSKRQLH YHQWLOp SDU
GHVWLQDWLRQ
±OH FKLIIUH G¶DIIDLUHV UpDOLVp DX WLWUH GH O¶DFWLYLWp GH
IRXUQLWXUH GHV VHUYLFHV GH WpOpSKRQLH VHORQ OD PrPH
UDELL ,,   DR€W  WHOOH TX¶HOOH D pWp PRGLILpH HW UpSDUWLWLRQ
FRPSOpWpH &HV LQIRUPDWLRQV pWDEOLHV VHORQ OHV IRUPDWV IL[pV SDU
9XOHGpFUHWQƒGXFKDRXDOIpYULHU O¶$157VRQWWUDQVPLVHVjO¶$157DXSOXVWDUGTXLQ]HMRXUV
SRUWDQW DSSOLFDWLRQ GHV GLVSRVLWLRQV GH OD ORL Qƒ  UHODWLYH  j OD DSUqVODILQGXWULPHVWUHFRQVLGpUp
SRVWH HW DX[ WpOpFRPPXQLFDWLRQV HQ FH TXL FRQFHUQH O¶$JHQFH /¶$157 SHXW GHPDQGHU WRXWH DXWUH LQIRUPDWLRQ
QDWLRQDOHGHUpJOHPHQWDWLRQGHVWpOpFRPPXQLFDWLRQV FRPSOpPHQWDLUH SRXU V¶DVVXUHU GX UHVSHFW GH OD UpJOHPHQWDWLRQ
9X OH GpFUHW Qƒ  GX  FKDRXDO  HQYLJXHXU
IpYULHU UHODWLI j O¶LQWHUFRQQH[LRQ GHV UpVHDX[ GH $57±/HV H[SORLWDQWV DGPLV HQ DSSOLFDWLRQ GH OD
WpOpFRPPXQLFDWLRQVWHOTX¶LODpWpPRGLILpHWFRPSOpWp SUpVHQWH GpFLVLRQ  j IRXUQLU GHV VHUYLFHV GH WpOpSKRQLH VRQW
9XOHGpFUHWQƒGXFKDRXDOIpYULHU DXWRULVpV j H[SORLWHU GHV LQIUDVWUXFWXUHV SURSUHV VXU OH WHUULWRLUH
UHODWLIDX[FRQGLWLRQVJpQpUDOHVG
H[SORLWDWLRQGHVUpVHDX[SXEOLFVGH PDURFDLQ DX[ ILQV G¶DFKHPLQHU H[FOXVLYHPHQW OHV
WpOpFRPPXQLFDWLRQVWHOTX¶LODpWpPRGLILpHWFRPSOpWp FRPPXQLFDWLRQVLQWHUQDWLRQDOHVGHOHXUVDERQQpV$FHWHIIHWLOV
9XOHVFDKLHUVGHVFKDUJHVGHVOLFHQFHVSRXUO¶pWDEOLVVHPHQWHW V¶HQJDJHQWjQ¶DFKHPLQHUTXHOHWUDILFGHVWLQpjOHXUVDERQQpVRX
O¶H[SORLWDWLRQGHUpVHDX[SXEOLFVGHWpOpFRPPXQLFDWLRQVSDUVDWHOOLWHV SURYHQDQWGHFHVGHUQLHUV
GHW\SH96$7 $57±(Q FDV GH GpSDVVHPHQW G€PHQW FRQVWDWp SDU
9X OD GpFLVLRQ GX FRQVHLO G¶DGPLQLVWUDWLRQ GH O¶$157 SULVH O¶$157 GX VHXLO IL[p j O¶DUWLFOH  FLGHVVXV OHV H[SORLWDQWV
ORUVGHVDVHVVLRQGXMDQYLHU FRQFHUQpV SUHQQHQW OHV PHVXUHV QpFHVVDLUHV j OD GHPDQGH GH
'e&,'( O¶DJHQFHHWVHORQOHVPRGDOLWpVTX¶HOOHIL[HjDILQGHUpJXODULVHU
OHXUVVLWXDWLRQVHQFRQVpTXHQFH
$57,&/( 35(0,(5±/D SUpVHQWH GpFLVLRQ D SRXU REMHW GH
GpILQLUOHVFRQGLWLRQVGDQVOHVTXHOOHVOHVH[SORLWDQWVWLWXODLUHVGH $57± /HV FRQGLWLRQV G¶H[SORLWDWLRQ GHV VHUYLFHV GH
OLFHQFHV G¶pWDEOLVVHPHQW HW G¶H[SORLWDWLRQ GH UpVHDX[ SXEOLFV GH WpOpSKRQLH SDU OHV H[SORLWDQWV GH UpVHDX[ SXEOLFV GH
WpOpFRPPXQLFDWLRQV SDU VDWHOOLWHV GH W\SH 96$7 SUpDODEOHPHQW WpOpFRPPXQLFDWLRQV SDU VDWHOOLWHV GH W\SH 96$7 GRLYHQW rWUH
DXWRULVpVSDUO¶$157jFHWHIIHWSHXYHQWIRXUQLUGHVVHUYLFHVGH FRQIRUPHV DX[ GLVSRVLWLRQV GH OHXUV FDKLHUV GHV FKDUJHV HW j OD
WpOpSKRQLHHQDSSOLFDWLRQGHVGLVSRVLWLRQVGHO¶DUWLFOHGHOHXUV UpJOHPHQWDWLRQHQYLJXHXU
FDKLHUVGHVFKDUJHVUHVSHFWLIV $57±(QFDVGHQRQUHVSHFWSDUOHVH[SORLWDQWVDXWRULVpV
$57 ±/H FKLIIUH G¶DIIDLUHV DQQXHO UpDOLVp SDU OHV GHV FRQGLWLRQV IL[pHV SRXU OD IRXUQLWXUH GHV VHUYLFHV GH
H[SORLWDQWVWLWXODLUHVGHOLFHQFHVG¶pWDEOLVVHPHQWHWG¶H[SORLWDWLRQ WpOpSKRQLH O¶$157 SHXW SURFpGHU DX UHWUDLW GH O¶DXWRULVDWLRQ
GH UpVHDX[ SXEOLFV GH WpOpFRPPXQLFDWLRQV SDU VDWHOOLWHV GH W\SH G¶H[SORLWDWLRQ GH FHV VHUYLFHV VDQV SUpMXGLFH GHV VDQFWLRQV
96$7 DX WLWUH GHV VHUYLFHV GH WpOpKSRQLH QH GRLW SDV H[FpGHU SUpYXHVSDUODOpJLVODWLRQHWODUpJOHPHQWDWLRQHQYLJXHXU
GXFKLIIUHG¶DIIDLUHVUpDOLVpHQYHUWXGHWRXWHVOHVOLFHQFHV
GpOLYUpHV VX OH WHUULWRLUH PDURFDLQ DX WLWUH GH OD IRXUQLWXUH GH $57± /¶$157 HVW FKDUJpH GH WUDQFKHU OHV OLWLJHV
VHUYLFHVGHWpOpSKRQLH SRXYDQW QDLWUH GH O¶H[pFXWLRQ GHV GLVSRVLWLRQV GH OD SUpVHQWH
GpFLVLRQ
/¶$157 V¶DVVXUH GX UHVSHFW SDU OHV H[SORLWDQWV GH FHWWH
GLVSRVLWLRQ$FHWHIIHWHOOHSUHQGWRXWHVOHVPHVXUHVQpFHVVDLUHV $57±/HGLUHFWHXUFHQWUDOGHODFRQFXUUHQFHHWGXVXLYL
SRXUYpULILHUODVLQFpULWpHWO¶H[DFWLWXGHGHVLQIRUPDWLRQVPLVHVj GHV RSpUDWHXUV HW OH GLUHFWHXU UHVSRQVDEOH GH OD PLVVLRQ
VD GLVSRVLWLRQ SDU OHV H[SORLWDQWV GDQV OHV IRUPHV HW OHV GpODLV UpJOHPHQWDWLRQ VRQW FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQH GH
TX¶HOOHIL[H O¶H[pFXWLRQGHODSUpVHQWHGpFLVLRQTXLVHUDSXEOLpHDX%XOOHWLQ
$57±/HV H[SORLWDQWV GH UpVHDX[ SXEOLFV GH RIILFLHO
WpOpFRPPXQLFDWLRQVSDUVDWHOOLWHVGHW\SH96$7IRXUQLVVDQWGHV 5DEDWOHPRKDUUHPMDQYLHU
VHUYLFHV GH WpOpSKRQLH VRQW WHQXV GH VRXPHWWUH j O¶$157 VXU /HGLUHFWHXUJpQpUDO
XQHEDVHWULPHVWULHOOHXQUDSSRUWGpWDLOODQW
GHO¶$JHQFHQDWLRQDOHGHUpJOHPHQWDWLRQ
±OHVW\SHVGHVHUYLFHGHWpOpSKRQLHIRXUQLV GHVWpOpFRPPXQLFDWLRQV
±OHVORFDOLWpVGHVVHUYLHV 02+$0('%(1&+$$%281