-RXPDGD(WKDQLD -2851$/2)),&,(/'(/$5(38%/,48($/*(5,(11(1$

MXLOOHW 

25'211$1&(6

2UGRQQDQFH Q$  GX  -RXPDGD (WKDQLD 
FRUUHVSRQGDQW DX  MXLOOHW  SRUWDQW ORL GH
ILQDQFHVFRPSOpPHQWDLUHSRXU
³³³³
$UW³/HVGLVSRVLWLRQVGH O·DUWLFOHGXFRGHGHV
LPS{WV GLUHFWV HW WD[HV DVVLPLOpHV VRQW PRGLILpHV HW
FRPSOpWpHVSDUXQSDUDJUDSKHUpGLJpFRPPHVXLW
´$UW    ³  VDQV
/H3UpVLGHQWGHOD5pSXEOLTXH FKDQJHPHQW
²VDQVFKDQJHPHQW
9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW
 ² /HV SOXVYDOXHV GH FHVVLRQ G·DFWLRQV UpDOLVpHV SDU
9X OD ORL Q$  GX  MXLOOHW  PRGLILpH HW OHV VRFLpWpV GH FDSLWDO LQYHVWLVVHPHQW QRQ UpVLGHQWHV
FRPSOpWpHUHODWLYHDX[ORLVGHILQDQFHV EpQpILFLHQW G·XQ DEDWWHPHQW GH  VXU OHXUV PRQWDQWV
LPSRVDEOHVµ
9X OD ORL Q$  GX  'KRX (O .DDGD 
FRUUHVSRQGDQW DX  GpFHPEUH  SRUWDQW ORL GH $UW  ³ /HV GLVSRVLWLRQV GH O·DUWLFOH  GH OD ORL GH
ILQDQFHVSRXU ILQDQFHVSRXUVRQWPRGLILpHVHWUpGLJpHVFRPPH
VXLW
/HFRQVHLOGHVPLQLVWUHVHQWHQGX ´$UW  ³ /HV SHUVRQQHV VRXVFULYDQW YRORQWDLUHPHQW
XQ FRQWUDW G·DVVXUDQFH GH SHUVRQQHV LQGLYLGXHO RX
3URPXOJXHO·RUGRQQDQFHGRQWODWHQHXUVXLW FROOHFWLI G·XQH GXUpH PLQLPDOH GH KXLW  DQV
',6326,7,21635(/,0,1$,5(6
$UWLFOH HU ³ /D ORL Q$  GX  'KRX (O .DDGD
 FRUUHVSRQGDQW DX  GpFHPEUH  SRUWDQW ORL GH
ILQDQFHV SRXU  HVW PRGLILpH HW FRPSOpWpH SDU OHV
GLVSRVLWLRQV FLDSUqV TXL FRQVWLWXHQW OD ORL GH ILQDQFHV
FRPSOpPHQWDLUHSRXU
EpQpILFLHQW DX WLWUH GH O·LPS{W VXU OH UHYHQX JOREDO G·XQ
DEDWWHPHQW pJDO j  GX PRQWDQW GH OD SULPH QHWWH
YHUVpHDQQXHOOHPHQWGDQVODOLPLWHGH'$
/HV PRGDOLWpV G·DSSOLFDWLRQ GX SUpVHQW DUWLFOH VHURQW
GpILQLHV HQ WDQW TXH GH EHVRLQ SDU DUUrWp GX PLQLVWUH
FKDUJpGHVILQDQFHVµ
6HFWLRQ
(QUHJLVWUHPHQW
35(0,(5(3$57,( 3RXUPpPRLUH
92,(6(702<(16'(/·(48,/,%5( 6HFWLRQ
),1$1&,(5
7LPEUH
&+$3,75(35(0,(5 $UW  ³ /HV GLVSRVLWLRQV GH O
DUWLFOH  GX FRGH
',6326,7,2165(/$7,9(6$/·(;(&87,21 GXWLPEUHVRQWPRGLILpHVHWFRPSOpWpHVFRPPHVXLW
'8%8'*(7(7$8;23(5$7,216 ´$UW ³ /H WDULI GX GURLW GH WLPEUH JUDGXp HVW
),1$1&,(5(6'875(625 FDOFXOpVHORQOHEDUqPHGpJUHVVLIFLDSUqV
3RXUPpPRLUH ³  '$ SRXU OHV SULPHV G
DVVXUDQFH G
XQ PRQWDQW
LQIpULHXURXpJDOj'$
&+$3,75( ³   SRXU OHV SULPHV G
DVVXUDQFH G
XQ PRQWDQW
',6326,7,216),6&$/(6 VXSpULHXUj'$HWLQIpULHXURXpJDOj'$

6HFWLRQ ³   SRXU OHV SULPHV G

DVVXUDQFH G
XQ PRQWDQW
VXSpULHXUj'$HWLQIpULHXURXpJDOj'$
,PS{WVGLUHFWVHWWD[HVDVVLPLOpHV
³   SRXU OHV SULPHV G
DVVXUDQFH G
XQ PRQWDQW
$UW³/HVGLVSRVLWLRQVGH O·DUWLFOHGXFRGHGHV VXSpULHXUj'$
LPS{WV GLUHFWV HW WD[HV DVVLPLOpHV VRQW PRGLILpHV HW OHUHVWHVDQVFKDQJHPHQWµ
UpGLJpHVFRPPHVXLW
´$UW    ³ /H WDX[ GH O·LPS{W VXU OHV EpQpILFHV 6HFWLRQ
GHVVRFLpWpVHVWIL[pj 7D[HVVXUOHFKLIIUHG
DIIDLUHV

/HV EpQpILFHV UpLQYHVWLV VRQW VRXPLV DX WDX[ UpGXLW GH $UW  ³ /HV GLVSRVLWLRQV GH O
DUWLFOH  GX FRGH GHV
VXLYDQWVDQVFKDQJHPHQWMXVTX·j WD[HVVXUOHFKLIIUHG
DIIDLUHVVRQWPRGLILpHVFRPSOpWpHVHW
UpGLJpHVFRPPHVXLW
 ² /HV WDX[ GHV UHWHQXHV OH UHVWH VDQV ´$UW ³ /H IDLW JpQpUDWHXU GH OD WD[H VXU OD YDOHXU
FKDQJHPHQWµ DMRXWpHHVWFRQVWLWXp
 -2851$/2)),&,(/'(/$5(38%/,48($/*(5,(11(1$ -RXPDGD(WKDQLD
 MXLOOHW

D  3RXU OHV YHQWHV SDU OD OLYUDLVRQ MXULGLTXH RX 3RXUOHVDIIDLUHVUpDOLVpHVSDUOHVHQWUHSULVHVUHOHYDQWGH

PDWpULHOOHGHODPDUFKDQGLVH OD FRPSpWHQFH GH OD GLUHFWLRQ GHV JUDQGHV HQWUHSULVHV OD
TXRWHSDUW UHYHQDQW DX[ FRPPXQHV HVW DIIHFWpH DX IRQGV
7RXWHIRLV  VDQV FKDQJHPHQW MXVTX
j SDUWLHOOH GX FRPPXQGHVFROOHFWLYLWpVORFDOHV
SUL[
³OHUHVWHVDQVFKDQJHPHQWª
/H IDLW JpQpUDWHXU HVW FRQVWLWXp SDU O
HQFDLVVHPHQW WRWDO
RX SDUWLHO GX SUL[ SRXU OHV YHQWHV UpDOLVpHV GDQV OH FDGUH 6HFWLRQ
GH PDUFKpV SXEOLFV $ GpIDXW G
HQFDLVVHPHQW OD 79$ ,PS{WVLQGLUHFWV
GHYLHQWH[LJLEOHDXGHOjGXGpODLG
XQDQjFRPSWHUGH
ODGDWHGHOLYUDLVRQMXULGLTXHRXPDWpULHOOH $UW³/HVGLVSRVLWLRQVGH O
DUWLFOHELV GXFRGH
GHVLPS{WVLQGLUHFWVVRQWPRGLILpHVHWFRPSOpWpHVFRPPH
EOHUHVWHVDQVFKDQJHPHQWµ VXLW
©$UWELV³,OHVWSHUoXVDQVFKDQJHPHQW
$UW  ³ /HV GLVSRVLWLRQV GH O
DUWLFOH  GX FRGH GHV
WD[HV VXU OH FKLIIUH G
DIIDLUHV VRQW PRGLILpHV HW UpGLJpHV VDQVFKDQJHPHQWª
FRPPHVXLW VDQVFKDQJHPHQWMXVTX
j'$O
XQLWp
´$UW³/DGpGXFWLRQHVWRSpUpHDXWLWUHGXPRLVDX 3DU©SUL[ªLOHVWHQWHQGX
FRXUDQWGXTXHOHOOHDpWpUpHOOHPHQWDFTXLWWpHª
³jO
LPSRUWDWLRQODYDOHXUHQGRXDQH
$UW³/HVGLVSRVLWLRQVGH O
DUWLFOH SDUDJUDSKH  ³jO
LQWpULHXUOHSUL[VRUWLHXVLQH
GXFRGHGHVWD[HVVXUOHFKLIIUHG
DIIDLUHVVRQWPRGLILpHVHW OHUHVWHGHO
DUWLFOHVDQVFKDQJHPHQWª
UpGLJpHVFRPPHVXLW
´ $UW  ³ /HV ELHQV HW VHUYLFHV SUpYXV SDU OD 6HFWLRQELV
OpJLVODWLRQ HQ YLJXHXU DFTXLV SDU OHV IRXUQLVVHXUV GHV 3URFpGXUHVILVFDOHV
VRFLpWpV SpWUROLqUHV GHVWLQpV j rWUH DIIHFWpV GLUHFWHPHQW
DX[DFWLYLWpVGHSURVSHFWLRQGHUHFKHUFKHG
H[SORLWDWLRQ $UW³/HVGLVSRVLWLRQVGH O
DUWLFOH GX FRGH GHV
GH OLTXpIDFWLRQ HW GH WUDQVSRUW SDU FDQDOLVDWLRQ GHV SURFpGXUHV ILVFDOHV VRQW PRGLILpHV HW FRPSOpWpHV FRPPH
K\GURFDUEXUHVOLTXLGHVHWJD]HX[DLQVLTXHODFRQVWUXFWLRQ VXLW
GHV RXYUDJHV GH UDIILQDJH HW GH WUDQVIRUPDWLRQ GHV
© $UW  ³ 7RXWH SHUVRQQH HIIHFWXDQW VDQV
K\GURFDUEXUHVµ
FKDQJHPHQWMXVTX
jPHQWLRQHQHVWIDLWH
$UW  ³ /HV GLVSRVLWLRQV GH O
DUWLFOH  GX FRGH GHV /HV PDQTXHPHQWV DX[ UqJOHV GH IDFWXUDWLRQ FRQVWDWpV
WD[HV VXU OH FKLIIUH G
DIIDLUHV VRQW PRGLILpHV HW UpGLJpHV ORUV GH O
H[HUFLFH GX GURLW G
HQTXrWH GRQQHQW OLHX j
FRPPHVXLW O
DSSOLFDWLRQGHVVDQFWLRQVILVFDOHVIL[pHVjO
DUWLFOH
© $UW  ³ (Q ILQ G
H[HUFLFH HW DX SOXV WDUG OH  GH   OD   ORL   GH   ILQDQFHV   SRXU      PRGLILp   HW
MDQYLHU OHV EpQpILFLDLUHV G
DFKDWV HQ IUDQFKLVH GH OD WD[H FRPSOpWpª
VXU OD YDOHXU DMRXWpH 79$ GHYURQW GpSRVHU DX EXUHDX 6HFWLRQ
GHVWD[HVVXUOHFKLIIUHG·DIIDLUHVGRQWLOVGpSHQGHQWVRXV 'LVSRVLWLRQVILVFDOHVGLYHUVHV
SHLQH G
XQH DPHQGH ILVFDOH GH  '$ XQ pWDW
GpWDLOOpSDUQDWXUHHWYDOHXUGHVVWRFNVGHSURGXLWVREMHWV $UW³,OHVWLQVWLWXpDXSUqVGHODGLUHFWLRQJpQpUDOH
RXPDUFKDQGLVHVDFTXLVHQIUDQFKLVHGHO
LPS{WHWGpWHQXV GHV LPS{WV XQ ILFKLHU QDWLRQDO GHV IUDXGHXUV DXWHXUV
SDUHX[OHHUMDQYLHUj]pURKHXUH G·LQIUDFWLRQV JUDYHV DX[ OpJLVODWLRQV HW UpJOHPHQWDWLRQV
ILVFDOHFRPPHUFLDOHHWGRXDQLqUH
/RUVTXH FHV SURGXLWV REMHWV RX PDUFKDQGLVHV QH /HVPRGDOLWpVG·RUJDQLVDWLRQHWGHJHVWLRQGHFHILFKLHU
SHXYHQW IDLUH O
REMHW G
XQ LQYHQWDLUH GpWDLOOp SDU QDWXUH HW VHURQWGpWHUPLQpHVSDUYRLHUpJOHPHQWDLUH
YDOHXULOHVWDGPLVTXHOHPRQWDQWGHFHVVWRFNVVRLW
GpWHUPLQpJOREDOHPHQWSDUUpIpUHQFHjODYDOHXUG
DFKDW $UW³(VWH[RQpUpHGHVGURLWVHWWD[HVODUpDOLVDWLRQ
GHV PDUFKDQGLVHV H[SRUWpHV RX OLYUpHV FRQIRUPpPHQW j GHV LQIUDVWUXFWXUHV G·pTXLSHPHQWV HW GHV ORJHPHQWV
OHXUGHVWLQDWLRQSHQGDQWO
H[HUFLFHpFRXOpª VRFLDX[DXSURILWGHO·(WDWILQDQFpHSDUXQGRQH[WHUQH
/HV PRGDOLWpV G·DSSOLFDWLRQ GX SUpVHQW DUWLFOH VHURQW
$UW³/HVGLVSRVLWLRQVGHO
DUWLFOHGXFRGHGHV SUpFLVpHVSDUDUUrWpGXPLQLVWUHFKDUJpGHVILQDQFHV
WD[HVVXUOHFKLIIUHG
DIIDLUHVVRQWPRGLILpHVHWFRPSOpWpHV
FRPPHVXLW &+$3,75(
©$UW³/HSURGXLWGHODWD[HVXUODYDOHXUDMRXWpH $875(6',6326,7,2165(/$7,9(6
79$HVWUpSDUWLFRPPHVXLW $8;5(66285&(6
3RXUOHVDIIDLUHVIDLWHVjO
LQWpULHXU
6HFWLRQ
³DXSURILWGXEXGJHWGHO
(WDW
'LVSRVLWLRQVGRXDQLqUHV
³DXSURILWGHVFRPPXQHVGLUHFWHPHQW
$UW  ³ /H WDULI GRXDQLHU DX QLYHDX GH OD VWUXFWXUH
³   DX SURILW GX IRQGV FRPPXQ GHV FROOHFWLYLWpV GH OD VRXVSRVLWLRQ WDULIDLUH Q$  HVW PRGLILp
ORFDOHV FRPPHVXLW