Manuel D'entretien A40F-1

A35F/A35F FS/A40F/A40FS
MANUEL D’ENTRETIEN
A35F/A35F FS/A40F/A40f FS
Traduction des instuctions d’origine.
French
Ref. no. PUB 20024337-C French

2011.12 CST
Volvo, Braås
California
Proposition 65 Warning
Diesel engine exhaust and some of its constituents are
known to the State of California to cause cancer, birth
defects, and other reproductive harm.
California
Proposition 65 Warning
Battery posts, terminals and other related accessories
contain lead and lead compounds, chemicals known
to the State of California to cause cancer and other
reproductive harm.
Wash hands after handling.
A35F (37142)/A35F FS (37141)/A40F (37535)/A40F FS (37534)
3U«IDFH
/HSU«VHQW0DQXHOG HQWUHWLHQFRQVWLWXHXQJXLGHG XWLOLVDWLRQHWG HQWUHWLHQ
MANUEL D’ENTRETIEN
FRUUHFWVGHODPDFKLQH,OHVWSDUFRQV«TXHQWHVVHQWLHOGHELHQOLUHHW
FRPSUHQGUHVRQFRQWHQXDYDQWGHPHWWUHODPDFKLQHHQPDUFKHHWGH
O XWLOLVHURXDYDQWWRXWHLQWHUYHQWLRQGHPDLQWHQDQFHSU«YHQWLYH
&RQVHUYHUOHPDQXHOGDQVODFDELQHGHID©RQ¢FHTX LOVRLWWRXMRXUV
DFFHVVLEOH/HUHPSODFHULPP«GLDWHPHQWHQFDVGHSHUWH 7DEOHGHVPDWLªUHV
/HPDQXHOG«FULWOHVDSSOLFDWLRQVSRXUOHVTXHOOHVODPDFKLQHHVW
LQLWLDOHPHQWSU«YXHHWLOHVWU«GLJ«GHPDQLªUH¢¬WUHDSSOLFDEOH¢WRXVOHV
PDUFK«V& HVWSRXUTXRLQRXVYRXVGHPDQGRQVGHQ«JOLJHUOHVVHFWLRQV
TXLQHV DSSOLTXHQWSDV¢YRWUHPDUFK«RX¢YRWUHGRPDLQHG DSSOLFDWLRQ
3U«VHQWDWLRQ
$9,6
6LFHPDQXHOLQFOXWSOXVG XQHPDFKLQHOHVLQIRUPDWLRQVV DSSOLTXHQW¢
WRXWHVOHVPDFKLQHVVDXILQGLFDWLRQFRQWUDLUH
7DEOHDX[GHERUG
'HQRPEUHXVHVKHXUHVRQW«W«FRQVDFU«HV¢ODFRQFHSWLRQHW¢OD
SURGXFWLRQGHVRUWH¢UHQGUHODPDFKLQHDXVVLHIILFDFHHWV½UHTXH
SRVVLEOH/HVDFFLGHQWVTXLPDOJU«WRXWVXUYLHQQHQWVRQWSULQFLSDOHPHQW
FDXV«VSDUOHIDFWHXUKXPDLQ8QHSHUVRQQHVRXFLHXVHGHODV«FXULW«HW
XQHPDFKLQHELHQHQWUHWHQXHRIIUHQWXQHFRPELQDLVRQV½UHHIILFDFHHW $XWUHVFRPPDQGHV
UHQWDEOH,OFRQYLHQWGRQFGHOLUHOHVSUHVFULSWLRQVGHV«FXULW«HWGHOHV
VXLYUH
1RXVPHWWRQVWRXWHQĕXYUHSRXUDP«OLRUHUQRVSURGXLWVHWSRXUOHVUHQGUH
SOXVHIILFDFHVYLDGHVPRGLILFDWLRQVGHFRQFHSWLRQ1RXVQRXVU«VHUYRQV
OHGURLWGHSURF«GHU¢FHV«YROXWLRQVVDQVQRXVHQJDJHU¢OHVDSSOLTXHU ,QVWUXFWLRQVG XWLOLVDWLRQ
DX[SURGXLWVG«M¢OLYU«V1RXVQRXVU«VHUYRQV«JDOHPHQWOHGURLWGH
PRGLILHUVDQVSU«DYLVOHVFDUDFW«ULVWLTXHVHW«TXLSHPHQWVDLQVLTXHOHV
LQVWUXFWLRQVGHVHUYLFHHWDXWUHVPHVXUHVG HQWUHWLHQ
7HFKQLTXHGHFRQGXLWH
&RQVLJQHVGHV«FXULW«
,OLQFRPEHDXFRQGXFWHXUGHFRQQD°WUHHWG REVHUYHUOHVU«JOHPHQWDWLRQV
GHV«FXULW«QDWLRQDOHVHWORFDOHVHQYLJXHXUGDQVOHSD\VG XWLOLVDWLRQ/HV
FRQVLJQHVGHV«FXULW«FRQWHQXHVGDQVOHSU«VHQWPDQXHOV DSSOLTXHQW /DV«FXULW«ORUVGHO HQWUHWLHQ
H[FOXVLYHPHQWHQO DEVHQFHGHWHOOHVU«JOHPHQWDWLRQV
$9(57,66(0(17
/HV\PEROHG DYHUWLVVHPHQWFLGHVVXVDSSDUD°WHQGLII«UHQWVSRLQWVGX
(QWUHWLHQHWPDLQWHQDQFH
PDQXHOG XWLOLVDWLRQDFFRPSDJQ«G XQWH[WHG DYHUWLVVHPHQW/LVH]OHWH[WH
DYHFDWWHQWLRQYRWUHV«FXULW«HQG«SHQG,OHVWGHO REOLJDWLRQGX
FRQGXFWHXUGHV DVVXUHUTXHWRXVOHVDXWRFROODQWVG DYHUWLVVHPHQWVRQWHQ
SODFHVXUODPDFKLQHHWTX LOVVRQWOLVLEOHV
&DUDFW«ULVWLTXHV
$77(17,21
,QGLTXHXQHVLWXDWLRQSRWHQWLHOOHPHQWULVTX«HTXLSHXWU«VXOWHUHQGHV
GRPPDJHV¢ODPDFKLQH
5HJLVWUH$OSKDE«WLTXH
$9,6
(VWXWLOLV«SRXUFRPPXQLTXHUGHVLQIRUPDWLRQVGHSRVHG XWLOLVDWLRQRX
G HQWUHWLHQTXLVRQWLPSRUWDQWHVPDLVSDVUHODWLYHV¢GHVULVTXHV
)DLWHVHQVRUWHGHFRQQD°WUHOHVFDSDFLW«VHWOLPLWHVGHYRWUHPDFKLQH
5HI1R38%&
/DODQJXHGಬRULJLQHHVWOಬDQJODLV

&RS\ULJK Wk 9 R OYR & RQV WUXF WLRQ ( TX LSP HQ W& XV WRP H U6 XSSR UW7RXV G UR LWV U«VH UY«V
3U«IDFH
1XP«URGಬLGHQWLILFDWLRQ
1RWH]FLGHVVRXVOHVQXP«URVG LGHQWLILFDWLRQGHODPDFKLQHHWGHVFRPSRVDQWV,OVVHURQWQ«FHVVDLUHVORUVGH
WRXWHFRPPXQLFDWLRQDYHFOHFRQVWUXFWHXUDLQVLTXHSRXUODFRPPDQGHGHSLªFHVGHUHFKDQJH/ HPSODFHPHQW
GHVSODTXHVHVWLQGLTX«¢ODSDJH
&RQVWUXFWHXU 9ROYR&RQVWUXFWLRQ(TXLSPHQW
&DUO/LKQHOOVY¦J
6(%UD§V
6ZHGHQ
1XP«URG LGHQWLILFDWLRQSURGXLWGHODPDFKLQH
0RWHXU
7UDQVPLVVLRQ
%R°WHWUDQVIHUW
3RQW$9
3RQWDYDQWGHVWDQGHPV
3RQWDUULªUHGHVWDQGHPV
&DELQH
(QYR\HUYRVFRPPHQWDLUHVVXUOHPDQXHOG HQWUHWLHQ¢RP#YROYRFRP
9HXLOOH]HQYR\HUYRVFRPPHQWDLUHVFRQFHUQDQWOHPDQXHOGಬHQWUHWLHQ¢RP#YROYRFRP
7DEOHGHVPDWLªUHV

7DEOHGHVPDWLªUHV
3U«IDFH
7DEOHGHVPDWLªUHV
3U«VHQWDWLRQ
$JU«PHQW&(GLUHFWLYH(0&

TXLSHPHQWGHFRPPXQLFDWLRQLQVWDOODWLRQ
&RPSRVDQWVGHV«FXULW«
3ODTXHVSURGXLW
$XWRFROODQWVG LQIRUPDWLRQHWG DYHUWLVVHPHQW
/«JLVODWLRQGHVWDWV8QLVUHODWLYHVDX[«PLVVLRQV
7DEOHDX[GHERUG
7DEOHDXGHERUGF¶W«JDXFKH
7DEOHDXGHERUGFHQWUDO
8QLW«G DIILFKDJH
7DEOHDXGHERUGF¶W«GURLW
$XWUHVFRPPDQGHV
&RPPDQGHV
&DELQH
&RQIRUWGXFRQGXFWHXU
6\VWªPHGHFRQGLWLRQQHPHQWG DLU
,QVWUXFWLRQVG XWLOLVDWLRQ
&RQVLJQHVGHV«FXULW«ORUVGXIRQFWLRQQHPHQW
0HVXUHV¢SUHQGUHDYDQWODPLVHHQPDUFKH
0RWHXUGHG«PDUUDJH
&KDQJHPHQWGHYLWHVVH
%ORFDJHGHGLII«UHQWLHOV
'LUHFWLRQ
)UHLQDJH
5«J«Q«UDWLRQGXV\VWªPHGHSRVWWUDLWHPHQWGHVJD]
G «FKDSSHPHQW
$UU¬W
6WDWLRQQHPHQW
0HVXUHVHQFDVGHEORFDJH
5«FXS«UDWLRQHWUHPRUTXDJH
&XOEXWDJH
%HQQHEDVFXODQWH
6XVSHQVLRQ
7UDQVSRUWGHODPDFKLQH
7HFKQLTXHGHFRQGXLWH
&RQGXLWH«FRORJLTXH
9LEUDWLRQVWUDQVPLVHVDXFRUSVHQWLHU
2S«UDWLRQGHWUDQVSRUW
)RQFWLRQQHPHQWHQPRQW«HRXHQGHVFHQWH
)RQFWLRQQHPHQWKRUVURXWH
7UDYDLOHQ]RQHVGDQJHUHXVHV
&KDUJHPHQW
'«FKDUJHPHQW
+DXOHUFKDVVLV
6FK«PDGHVLJQDOLVDWLRQ
7DEOHGHVPDWLªUHV

/DV«FXULW«ORUVGHO HQWUHWLHQ
(QWUHWLHQ
$OLUHDYDQWGHSURF«GHU¢O HQWUHWLHQ
3U«SDUDWLRQVDYDQWOHVHUYLFH
3U«YHQWLRQGHVLQFHQGLHV
0DQLSXODWLRQGHVPDW«ULDX[GDQJHUHX[
,QVSHFWLRQJ«Q«UDOHGHPDFKLQH
3RLQWVG HQWUHWLHQ
0RWHXU
6\VWªPHG DOLPHQWDWLRQFDUEXUDQW
5HIURLGLVVHXUG DLUGHVXUDOLPHQWDWLRQ
)LOWUH¢DLUPRWHXU
6\VWªPHGHSRVWWUDLWHPHQWGHVJD]G «FKDSSHPHQW
6\VWªPHGHUHIURLGLVVHPHQW
6\VWªPH«OHFWULTXH
7UDQVPLVVLRQ
(VVLHX[
6\VWªPHGHIUHLQDJH
6\VWªPHG DLUFRPSULP«
&K¤VVLV
5RXH
&DELQH
&OLPDWLVDWLRQ
6\VWªPHK\GUDXOLTXH
%HQQHEDVFXODQWH
*UDLVVDJH
2UJDQLJUDPPHGHJUDLVVDJHHWG HQWUHWLHQ
&DUDFW«ULVWLTXHV
/XEULILDQWVUHFRPPDQG«V
&DSDFLW«VG HQWUHWLHQHWLQWHUYDOOHVGHYLGDQJH
0RWHXU
6\VWªPH«OHFWULTXH
%R°WHGHYLWHVVHV
)UHLQV
'LUHFWLRQ
5RXH
6XVSHQVLRQ
&DELQH
6\VWªPHK\GUDXOLTXH
3RLGVGHODPDFKLQH
'LPHQVLRQV
5«FDSLWXODWLIGHVHQWUHWLHQV
3U«VHQWDWLRQ

3U«VHQWDWLRQ
3U«VHQWDWLRQ

9
/H9
9ROYR$)$))6[HVWXQWRPEHUHDXDUWLFXO«¢
HVVLHX[DYHFVXVSHQVLRQXQHFDSDFLW«GHFKDUJHGHWRQQHV
WRQQHVDP«ULFDLQHV HWXQYROXPHGHFKDUJHGHP
IW/DPDFKLQHGLVSRVHG XQHWUDQVPLVVLRQVXUURXHVDYHF
HQFOHQFKHPHQWDXWRPDWLTXHGHVEORFDJHVGHGLII«UHQWLHO
ORQJLWXGLQDX[HWWUDQVPLVVLRQ[/HVEORFDJHVGHGLII«UHQWLHO
SHXYHQWDXVVL¬WUHHQFOHQFK«VPDQXHOOHPHQW
/H99ROYR$)$))6[HVWXQWRPEHUHDXDUWLFXO«¢
HVVLHX[DYHFVXVSHQVLRQXQHFDSDFLW«GHFKDUJHGHWRQQHV
WRQQHVDP«ULFDLQHV HWXQYROXPHGHFKDUJHGHP
IW/DPDFKLQHGLVSRVHG XQHWUDQVPLVVLRQVXUURXHVDYHF
HQFOHQFKHPHQWDXWRPDWLTXHGHVEORFDJHVGHGLII«UHQWLHO
ORQJLWXGLQDX[HWWUDQVPLVVLRQ[/HVEORFDJHVGHGLII«UHQWLHO
SHXYHQWDXVVL¬WUHHQFOHQFK«VPDQXHOOHPHQW
8WLOLVDWLRQSU«YXH
/DPDFKLQHGHEDVHHVWSU«YXHSRXUGHVFRQGLWLRQVG XWLOLVDWLRQ
TXLVRQWFHOOHVGHWHUUDVVHPHQWVHQSOHLQDLUHQWRXWWHUUDLQHW¢
XQHWHPS«UDWXUHDPELDQWHFRPSULVHHQWUHr& r) HWr&
r) WRXWHQFRQVHUYDQWFHVSHUIRUPDQFHV/HVFRQGLWLRQVTXL
V HQ«FDUWHQWVRQW«JDOHPHQWG«FULWHVGDQVOHPDQXHOG HQWUHWLHQ
3RXUXQHXWLOLVDWLRQVXUODYRLHSXEOLTXHODPDFKLQHGRLW¬WUH
DGDSW«HFRQIRUP«PHQW¢ODO«JLVODWLRQQDWLRQDOHHQYLJXHXU6L
HOOHHVWXWLOLV«H¢G DXWUHVILQVRXGDQVGHVFRQGLWLRQV
SRWHQWLHOOHPHQWGDQJHUHXVHVFRPPHGDQVGHVPLOLHX[H[SORVLIV
HWRXLQIODPPDEOHVRXGHV]RQHVFRQWHQDQWGHODSRXVVLªUH
G DPLDQWHOHVU«JOHPHQWDWLRQVVS«FLILTXHVHQPDWLªUHGHV«FXULW«
GRLYHQW¬WUHUHVSHFW«HVHWODPDFKLQHGRLW¬WUH«TXLS«HSRXUGH
WHOVXVDJHV3RXUSOXVG LQIRUPDWLRQVFRQWDFWHUOHFRQVWUXFWHXU
FRQFHVVLRQQDLUH
7UDYDX[VRXWHUUDLQV
/DQ«FHVVLW«GHYHQWLOHUOHVJD]G «FKDSSHPHQWVHUDY«ULIL«H
DYDQWG XWLOLVHUODPDFKLQHGDQVGHVWXQQHOVRXSHQGDQWG DXWUHV
WUDYDX[VRXWHUUDLQV' DXWUHVO«JLVODWLRQVHWU«JOHPHQWDWLRQV
SHXYHQWV DSSOLTXHUQRWDPPHQWOHVORLVQDWLRQDOHVHWFHOOHV
YLVDQW¢ODSURWHFWLRQDXWUDYDLO
3U«VHQWDWLRQ

([LJHQFHVHQYLURQQHPHQWDOHV
7HQH]FRPSWHGHVULVTXHVSRXUO HQYLURQQHPHQWSHQGDQW
O XWLOLVDWLRQHWO HQWUHWLHQGHODPDFKLQH5HVSHFWH]WRXMRXUVOD
U«JOHPHQWDWLRQQDWLRQDOHVXUO HQYLURQQHPHQWTXLV DSSOLTXH¢
O XWLOLVDWLRQGHODPDFKLQH
0RWHXU
';;+ /DPDFKLQHHVW«TXLS«HG XQPRWHXUGLHVHOTXDWUHWHPSV

VXUDOLPHQW«HW¢VL[F\OLQGUHVHQOLJQHDYHFLQMHFWLRQGLUHFWHHW
LQWHUFRROHU/HPRWHXUHVW¢DUEUH¢FDPHVHQW¬WHHWSU«VHQWHXQ
LQMHFWHXUSRPSHSDUF\OLQGUH/DFXODVVHHVWFRPPXQH¢WRXVOHV
'LHVHO 9ROXPH(QJLQH F\OLQGUHVHWGLVSRVHGHTXDWUHVRXSDSHVSDUF\OLQGUH
6ROXWLRQ 'HX[PRWHXUVGLII«UHQWVVRQWSURSRV«V';;)HW';;+
9
'«VLJQDWLRQGXPRWHXU (QYXHG LGHQWLILHUOHPRWHXUGRQWODPDFKLQHHVW«TXLS«HYRLU

SDJH
';;+
/HVPRWHXUVGHVWLQ«VDX[86$VRQWFRQIRUPHVDX[QRUPHV86
7LHULHW&DOLIRUQLD7LHUL
/HVPRWHXUVGHVWLQ«V¢O 8(VRQWFRQIRUPHVDX[QRUPHV
DQWLSROOXWLRQHXURS«HQQHV3KDVH,,,%
$9,6
/HVPDFKLQHV«TXLS«HVGHPRWHXUVGHVWLQ«VDXPDUFK«86$QH
GRLYHQWSDV¬WUHYHQGXHVRXXWLOLV«HVGDQVO 8(HWOHVPDFKLQHV
GHVWLQ«HVDXPDUFK«8(QHGRLYHQWSDV¬WUHYHQGXHVRXXWLOLV«HV
DX[86$¢PRLQVTXHOHPRWHXUQHVRLWUHPSODF«SDUXQPRWHXU
YDOLGHSRXUOHPDUFK«FRQFHUQ«/HPDUFK«DXTXHOHVWGHVWLQ«OH
PRWHXUHVWVLJQDO«SDUODSODTXHDQWLSROOXWLRQHWSDUOHQXP«URGH
V«ULHGXPRWHXU YRLUSDJH
$ILQGHU«GXLUHOHVR[\GHVG D]RWHOHVSDUWLFXOHVOHV
K\GURFDUEXUHVHWOHPRQR[\GHGHFDUERQHOHPRWHXUE«Q«ILFLH
G XQUHF\FODJHGHVJD]G «FKDSSHPHQW 5*( H[WHUQHHWUHIURLGL
DLQVLTXHG XQV\VWªPHGHSRVWWUDLWHPHQWGHVJD]
G «FKDSSHPHQW ($76
/HV\VWªPHG «FKDSSHPHQWHVWFHUWLIL«FRPPHSDUH«WLQFHOOH
VHORQODP«WKRGHGHWHVWG«FULWHGDQVODGLUHFWLYH(1
SDUDJUDSKHRX«TXLYDOHQWHWVHORQODP«WKRGHG«FULWH
VDQV%6DQQH[H%SDUDJUDSKH%
';;)
/HPRWHXUV DGUHVVH¢G DXWUHVPDUFK«V
3U«VHQWDWLRQ

6\VWªPHGHSRVWWUDLWHPHQWGHVJD]
G «FKDSSHPHQW
1HV DSSOLTXHTX DX[PDFKLQHV¢PRWHXU';;+ 7LHU

$ ( L6WDJHOOO%

DILQGHPLQLPLVHUOHUHMHWGHVSDUWLFXOHVHWGHVK\GURFDUEXUHVOH
PRWHXUHVW«TXLS«G XQILOWUH¢SDUWLFXOHVSRXUGLHVHO )$3 DLQVL
&
%
'
TXHG XQHXQLW«GHFRPPDQGHGHSRVWWUDLWHPHQW/HILOWUH¢
SDUWLFXOHVSRXUGLHVHOHVWGRW«G XQHU«J«Q«UDWLRQDFWLYHDYHF
EU½OHXU

4XDQGOHPRWHXUWRXUQHOHVSDUWLFXOHVV DFFXPXOHQWGDQVOH)$3
3RXUQHWWR\HUOHILOWUHFHVSDUWLFXOHVGRLYHQW¬WUHEU½O«HV
/ XQLW«GHVXSSRUWSRVWWUDLWHPHQW $68 FRPSUHQGODSRPSH¢

9 FDUEXUDQWO XQLW«G DWRPLVDWLRQ P«ODQJHDQWOHFDUEXUDQWHWO DLU
HWXQHERELQHG DOOXPDJH/DFRPEXVWLRQFRPPHQFHTXDQGOD
3RVWWUDLWHPHQWGHVJD]G «FKDSSHPHQWSHQGDQW
ODU«J«Q«UDWLRQ
KDXWHWHQVLRQGHODERELQHG DOOXPDJHJ«QªUHXQH«WLQFHOOHHQWUH
GHX[ERXJLHVSODF«HVHQDPRQWGXILOWUH¢SDUWLFXOHVFHTXLIDLW
3RPSH¢DLU
0RWHXU
EU½OHUOHP«ODQJHDLUFDUEXUDQW
&RPSUHVVHXU /HFRPSUHVVHXUDMRXWHGHO DLU¢KDXWHSUHVVLRQSRXUGLVSHUVHU
8QLW«GHVXSSRUWSRVWWUDLWHPHQW $68 ILQHPHQWOHFDUEXUDQWHWQHWWR\HUODEXVHGXEU½OHXU/DSRPSH¢
%U½OHXU DLUDSSRUWHGHO DLUGHFRPEXVWLRQVXSSO«PHQWDLUHDXEU½OHXUGH
)LOWUH¢SDUWLFXOHVSRXUGLHVHO )$3 VRUWHTX LOSXLVVHEU½OHUOHFDUEXUDQWTXLHVWDMRXW«
$ $LUGHFRPEXVWLRQYHQDQWGHODSRPSH¢DLU $XFRXUVGHODU«J«Q«UDWLRQODWHPS«UDWXUHG «FKDSSHPHQW
% &DUEXUDQW¢ILQHGLVSHUVLRQYHQDQWGHO $68 DXJPHQWHQHWWHPHQWDXGHO¢GHODWHPS«UDWXUHQRUPDOHDX
& $LUFRPSULP«YHQDQWGXFRPSUHVVHXU QLYHDXGXWX\DXWHUPLQDO(QUDLVRQGHODWHPS«UDWXUH«OHY«HOD
' *D]G «FKDSSHPHQWYHQDQWGXPRWHXU
U«J«Q«UDWLRQQ HVWSDVDXWRPDWLTXHPDLVHVWODQF«H
R& R) PDQXHOOHPHQW/HFRQGXFWHXUHVWDYHUWLTXHOHILOWUHGRLWVXELUXQH
( FKDSSHPHQWSHQGDQWU«J«Q«UDWLRQ
U«J«Q«UDWLRQYLDOHSDQQHDXG LQIRUPDWLRQVGHODPDFKLQH
MXVTX ¢R& R)
6\VWªPH«OHFWULTXH
/DPDFKLQHSRVVªGHOHVVHSWXQLW«VGHFRPPDQGH«OHFWURQLTXHV
(&8 VXLYDQWHV
9(&8
6LWX«HVXUOHF¶W«JDXFKHGHODFDELQHHQIDFHGHODFDUWH¢
FLUFXLWLPSULP«
*ªUHOHVIUHLQVOHFKDQJHPHQWGHYLWHVVHODGLUHFWLRQHWOH
YHQWLODWHXUGHUHIURLGLVVHPHQWGHODPDFKLQH
9(&8
6LWX«HVXUOHF¶W«JDXFKHGHODFDELQHHQIDFHGHODFDUWH¢
FLUFXLWLPSULP«
*ªUHOHV\VWªPHGHEDVFXOHPHQWOHV\VWªPHGH
UHIURLGLVVHPHQWGHVIUHLQVO $7&HWOHVEORFDJHVGHGLII«UHQWLHO
6LSU«VHQWHODVXVSHQVLRQLQW«JUDOH )XOO6XVSHQVLRQ HVW
«JDOHPHQWJ«U«HSDUOD9(&8
((&8
6LWX«HVXUOHF¶W«JDXFKHGXPRWHXU
*ªUHOHPRWHXU
:(&8
6LWX«HVXUOHF¶W«JDXFKHGHODFDELQHDXGHVVXVGHODFDUWH
¢FLUFXLWLPSULP«
3U«VHQWDWLRQ

*ªUHOH&DUH7UDFN V\VWªPHW«O«PDWLTXHGHW«O«VXUYHLOODQFH
GHVLQIRUPDWLRQVGHODPDFKLQH
+0,0(&8
6LWX«HVXUOHF¶W«JDXFKHGHODFDELQHDXGHVVXVGHODFDUWH
¢FLUFXLWLPSULP«
*ªUHOHVLQIRUPDWLRQVUHODWLYHVDX[LQVWUXPHQWVDXSDQQHDX
G LQIRUPDWLRQVDX[YR\DQWVDYHUWLVVHXUVHWXWLOLVHFHOOHVFLSRXU
LQIRUPHUOHFRQGXFWHXU
(&&(&8
6LWX«HGDQVODFDELQHF¶W«GURLWVRXVODFRPPDQGHGH
FKDQJHPHQWGHYLWHVVH
*ªUHOHV\VWªPHGHFRPPDQGHGHODFOLPDWLVDWLRQ DLU
FRQGLWLRQQ«
6 DSSOLTXHXQLTXHPHQWDXPRWHXU';;+ 7LHUL6WDJHOOO%
$&0(&8
6LWX«HVXUODFRXUEXUHGXILOWUH¢SDUWLFXOHV
*ªUHOHV\VWªPHGHSRVWWUDLWHPHQWGHVJD]G «FKDSSHPHQW
7UDQVPLVVLRQ
/DEER°WHGHYLWHVVHVHVWHQWLªUHPHQWDXWRPDWLTXHGHW\SH¢WUDLQ
SODQ«WDLUH(OOHGLVSRVHG XQFRQYHUWLVVHXUGHFRXSOHDYHFVWDWRU
¢URXHOLEUHHWG XQHPEUD\DJHGLUHFWDXWRPDWLTXH ORFNXS VXU
WRXVOHVUDSSRUWV/DPDFKLQHDQHXIUDSSRUWVHQPDUFKHDYDQW
HWWURLVUDSSRUWVHQPDUFKHDUULªUH
/DEER°WHGHWUDQVIHUWGLVSRVHG XQGLII«UHQWLHOTXLU«SDUWLWOHFRXSOH
HQWUHOHVHVVLHX[DYDQWHWDUULªUHFHTXLU«GXLWO XVXUHGHVSQHXV
HWGHODFKDXVV«HDLQVLTXHODFRQVRPPDWLRQGHFDUEXUDQW/H
GLII«UHQWLHOORQJLWXGLQDOHVWPXQLG XQHIRQFWLRQGHEORFDJH
/HV\VWªPH$$7& DQWLSDWLQDJHDXWRPDWLTXH FRPPDQGH

DXWRPDWLTXHPHQWO HQFOHQFKHPHQWHWOHG«VHQFOHQFKHPHQWGX
EORFDJHGHGLII«UHQWLHOORQJLWXGLQDOHWGHODWUDQVPLVVLRQ[VHORQ
EHVRLQ
/HVHVVLHX[PRWHXUVRQW«TXLS«VGHGLII«UHQWLHOVHWGHU«GXFWHXUV
GHPR\HX[GHW\SHSODQ«WDLUH7RXVVRQWPXQLVGHEORFDJHVGH
GLII«UHQWLHO
)UHLQV
)UHLQPRWHXU
(QIRQFWLRQGXU«JODJHGHVLQWHUUXSWHXUVOHIUHLQPRWHXUHVW
GLVSRQLEOHSRXUU«GXLUHO XVXUHGHVIUHLQV
)UHLQVGHURXWH
/DPDFKLQHHVWPXQLHGHIUHLQV¢EDLQG KXLOH¢FRPPDQGH
HQWLªUHPHQWK\GUDXOLTXH¢GHX[FLUFXLWVDYHFXQFLUFXLWSRXU
O «O«PHQWWUDFWHXUHWXQFLUFXLWSRXUO «O«PHQWEHQQH/HVXQLW«V
GHIUHLQVRQWFRQVWLWX«HVSDUGHVIUHLQV¢GLVTXHVUHIURLGLVSDU
KXLOHHWHQWLªUHPHQWHQIHUP«VDYHFUHIURLGLVVHPHQWH[WHUQH
3U«VHQWDWLRQ

)UHLQGHVWDWLRQQHPHQW
/HIUHLQGHVWDWLRQQHPHQWHVWGHW\SH¢UHVVRUWHWLODJLWVXUO DUEUH
¢FDUGDQ/RUVTXHOHEORFDJHGHGLII«UHQWLHOGHODER°WHGH
WUDQVIHUWHVWHQJDJ«HQP¬PHWHPSVTXHOHIUHLQGH
VWDWLRQQHPHQWHVWVHUU«FHGHUQLHUDJLWVXUOHVGHX[HVVLHX[
DYDQW/HIUHLQ¢UHVVRUWGLVSRVHG XQFLUFXLWSQHXPDWLTXHV«SDU«
SRXUOHGHVVHUUDJHGXIUHLQ
6\VWªPHGHGLUHFWLRQ
/HV\VWªPHGHGLUHFWLRQHVWK\GURP«FDQLTXH¢FRPSHQVDWLRQ
DXWRPDWLTXHHWGLVSRVHG XQHIRQFWLRQGHVHFRXUV8QHSRPSH

DVVHUYLHDX[URXHVVXUODER°WHGHWUDQVIHUWOXLSHUPHWGH
IRQFWLRQQHUP¬PHORUVTXHOHPRWHXUHVWDUU¬W«
&DELQH
/DFDELQHGLVSRVHG XQV\VWªPHGHFKDXIIDJHHWGHYHQWLODWLRQ¢
FRPPDQGHDXWRPDWLTXHDYHFV\VWªPHGHG«JLYUDJHSRXUOHV
YLWUHV/DFOLPDWLVDWLRQHVWGLVSRQLEOHHQRSWLRQ/DFDELQHHVW
GRW«HGHWURLVVRUWLHVGHVHFRXUVODSRUWLªUHHWOHVYLWUHVODW«UDOHV
DYDQW¢JDXFKHHW¢GURLWHTXLSHXYHQW¬WUHEULV«HVDYHFOH
PDUWHDXSU«VHQWGDQVODFDELQHVLFHWWHYRLHG «YDFXDWLRQHVW
Q«FHVVDLUH
)236HW5236
/DFDELQHHVWKRPRORJX«HHQWDQWTXHFDELQHGHV«FXULW«VHORQ
OHVQRUPHV)236HW5236YRLUSDJH)236HVW
O DEU«YLDWLRQGH)DOOLQJ2EMHFW3URWHFWLYH6WUXFWXUH 6WUXFWXUHGH
SURWHFWLRQFRQWUHOHVFKXWHVG REMHWV WDQGLVTXH5236VLJQLILH
5ROO2YHU3URWHFWLYH6WUXFWXUH 6WUXFWXUHGHSURWHFWLRQHQFDVGH
WRQQHDX
6LXQHSDUWLHGHO «TXLSHPHQWGHV«FXULW«GHODFDELQHVRXIIUHGH
G«IRUPDWLRQVRXGHGRPPDJHVODFDELQHGRLWLPP«GLDWHPHQW
¬WUHUHPSODF«H
1 HIIHFWXH]MDPDLVGHPRGLILFDWLRQVLQWHUGLWHVGHODFDELQH
QRWDPPHQWO DEDLVVHPHQWGHODKDXWHXUGHSODIRQGOHSHU©DJH
OHVRXGDJHGHIL[DWLRQVSRXUH[WLQFWHXUG LQFHQGLHDQWHQQHUDGLR
RXDXWUHV«TXLSHPHQWVVDQVHQDYRLUGLVFXW«YLDXQ
FRQFHVVLRQQDLUHDYHFOHG«SDUWHPHQWFRQFHSWLRQGH9ROYR&(
DXSDUDYDQW,ODSSDUWLHQW¢FHVHUYLFHGHG«WHUPLQHUVLOD
PRGLILFDWLRQULVTXHGHUHPHWWUHHQTXHVWLRQO KRPRORJDWLRQ
+\GUDXOLTXH
/HV\VWªPHK\GUDXOLTXHXWLOLVHVL[SRPSHVGHW\SH¢SLVWRQ¢
F\OLQGU«HFRQWLQXHOOHPHQWYDULDEOH7URLVSRPSHVVHUYHQW¢OD
GLUHFWLRQHWDXV\VWªPHGHEDVFXOHPHQWHWGHX[¢O HQWUD°QHPHQW
GXYHQWLODWHXUಧXQHGHFPHWXQHGHFP/DSOXVJURVVH
GHVGHX[DVVXUHDXVVLODFLUFXODWLRQGHO KXLOHGHUHIURLGLVVHPHQW
GHVIUHLQVDLQVLTXHODFLUFXODWLRQGXOLTXLGHGHUHIURLGLVVHPHQW
GDQVOHFLUFXLWVHFRQGDLUH/DSRPSHGHYHQWLODWHXUGXUDGLDWHXU
FP GHWRXWHVOHVPDFKLQHVGHV«ULH)IRXUQLWDXVVLOD
3U«VHQWDWLRQ

SUHVVLRQDXV\VWªPHGHIUHLQDJHSDUO LQWHUP«GLDLUHGHYDQQHV
K\GUDXOLTXHVTXLFRPPXWHQWHQWUHFKDUJHPHQWHW
UHIURLGLVVHPHQW
8QHSRPSHDVVHUYLHDX[URXHVHVWPRQW«HVXUODER°WHGH
WUDQVIHUW&HWWHSRPSHIRXUQLWO KXLOHSDUO LQWHUP«GLDLUHG XQFODSHW
DQWLUHWRXUDXUHVWHGXV\VWªPHGHGLUHFWLRQORUVTXHODPDFKLQH
URXOHHQDYDQW
7LSSV\VWHP
/DPDFKLQHHVW«TXLS«HG XQOHYLHUGHEDVFXOHPHQW«OHFWULTXH
DYHFGHX[«OHFWURYDQQHVTXLHQYRLHQWXQVLJQDOK\GUDXOLTXH¢OD
YDQQHGHEDVFXOHPHQWTXLFRPPDQGHOHPRXYHPHQWGHODEHQQH
8QDPRUWLVVHPHQWHVWSU«YXDX[SRVLWLRQVVXS«ULHXUHHW
LQI«ULHXUHGHODEHQQH
6WUXFWXUHVVXSSO«PHQWDLUHV UDWWUDSDJHV
7RXWHPRGLILFDWLRQGHODPDFKLQHGHEDVHDIIHFWHVDVWDELOLW«
&HODHVWOHFDVSDUH[HPSOHORUVTXHO RQPRQWHXQHUHKDXVVHGH
EHQQH
3RXUDVVXUHUODYDOLGLW«GHODJDUDQWLHOHV«TXLSHPHQWV
FRPSO«PHQWDLUHVGRLYHQW¬WUHKRPRORJX«VSDU9ROYR
&RQVWUXFWLRQ(TXLSPHQW
'LVSRVLWLIDQWLYRO
TXLSHPHQWRSWLRQQHO
/ LQVWDOODWLRQG XQHSURWHFWLRQDQWLYROUHQGOHYROGHODPDFKLQH
SOXVGLIILFLOH9ROYRSHXWOLYUHUODSURWHFWLRQDQWLYROHQWDQW
TX «TXLSHPHQWRSWLRQQHO6LYRWUHPDFKLQHQ HQHVWSDV«TXLS«H
UHQVHLJQH]YRXVDXSUªVGHYRWUHFRQFHVVLRQQDLUHVXUOHV
SRVVLELOLW«VG LQVWDOODWLRQ
0RGLILFDWLRQV
/HVPRGLILFDWLRQVGHFHWWHPDFKLQHLQFOXDQWO XWLOLVDWLRQG RXWLOV

G DFFHVVRLUHVG «TXLSHPHQWVRXGHSLªFHVQRQKRPRORJX«V
SHXYHQWPRGLILHUOHVFRQGLWLRQVHWRXOHVFDSDFLW«VGHODPDFKLQH
SRXUIRQFWLRQQHUFRPPHSU«YX/HVSHUVRQQHVRXRUJDQLVDWLRQV
TXLHIIHFWXHQWGHVPRGLILFDWLRQVQRQDXWRULV«HVSUHQQHQWO HQWLªUH
UHVSRQVDELOLW«GHVFRQV«TXHQFHVGXHVRXOL«HV¢FHV
PRGLILFDWLRQVGRPPDJHVVXUODPDFKLQHFRPSULV
$XFXQHPRGLILFDWLRQQHGRLW¬WUHHIIHFWX«HVXUFHSURGXLWVDQV
TXHFKDTXHPRGLILFDWLRQQHVRLWLQGLYLGXHOOHPHQWDXWRULV«HSDU
«FULWSDU9ROYR&RQVWUXFWLRQ(TXLSPHQW9ROYR&RQVWUXFWLRQ
(TXLSPHQWVHU«VHUYHOHGURLWGHG«FOLQHUWRXWHU«FODPDWLRQGDQV
OHFDGUHGHODJDUDQWLHHQUDSSRUWDYHFGHVSUREOªPHVFDXV«VSDU
FHVPRGLILFDWLRQV
/HVPRGLILFDWLRQVSHXYHQW¬WUHFRQVLG«U«HVFRPPHRIILFLHOOHPHQW
DXWRULV«HVVLDXPRLQVXQHGHVFRQGLWLRQVVXLYDQWHVHVWUHPSOLH
/HVRXWLOVDFFHVVRLUHV«TXLSHPHQWVRXSLªFHVRQW«W«
IDEULTX«VRXGLVWULEX«VSDU9ROYR&RQVWUXFWLRQ(TXLSPHQWHW
3U«VHQWDWLRQ

LQVWDOO«VVXLYDQWODP«WKRGHDSSURXY«HSDUO XVLQHG«FULWH
GDQVODSXEOLFDWLRQGLVSRQLEOHDXSUªVGH9ROYR&RQVWUXFWLRQ
(TXLSPHQWRX
/HVPRGLILFDWLRQVRQW«W«DSSURXY«HVSDU«FULWSDUOH
G«SDUWHPHQWFRQVWUXFWLRQGHFKDTXHW\SHGHSURGXLWGH9ROYR
'RQQ«HVGHODPDFKLQHHQUHJLVWU«HV
/DPDFKLQHHVW«TXLSHG XQORJLFLHOHQUHJLVWUDQWHWP«PRULVDQW
GLII«UHQWVW\SHVG LQIRUPDWLRQV/HVLQIRUPDWLRQVSHXYHQW¬WUH
WUDQVPLVHV¢9ROYRSRXU¬WUHXWLOLV«HV¢GHVILQVGH
G«YHORSSHPHQWGXSURGXLWDLQVLTXHSRXUOHVUHFKHUFKHVGH

SDQQH/HVLQIRUPDWLRQVP«PRULV«HVVRQWSDUH[HPSOHODYLWHVVH
ODFRQVRPPDWLRQGHFDUEXUDQWHWGLII«UHQWHVWHPS«UDWXUHV9ROYR
HWVHVDWHOLHUVDJU««VXWLOLVHURQWFHVLQIRUPDWLRQV
&DUH7UDFN
&HWWHPDFKLQHSHXW¬WUH«TXLS«HGH&DUH7UDFNXQV\VWªPH
W«O«PDWLTXHG«YHORSS«SDU9ROYR&RQVWUXFWLRQ(TXLSPHQWTXL
HQUHJLVWUHOHVLQIRUPDWLRQVFRQFHUQDQWODPDFKLQHFRPPHVD
SRVLWLRQOHQRPEUHG KHXUHVGHFRQGXLWHODFRQVRPPDWLRQHWOH
QLYHDXGHFDUEXUDQW&HVLQIRUPDWLRQVSHXYHQWHQVXLWH¬WUH
HQYR\«HV VDQVILO ¢XQRUGLQDWHXU&DUH7UDFNH[LVWHHQ
GLII«UHQWHVYHUVLRQVHQIRQFWLRQGHODTXDQWLW«G LQIRUPDWLRQV
VRXKDLW«H
&DUH7UDFNIDFLOLWHODSODQLILFDWLRQGHVHQWUHWLHQVHWU«GXLWOHV
LQWHUUXSWLRQVGHIRQFWLRQQHPHQWFR½WHXVHV/DSURGXFWLYLW«HVW
DP«OLRU«HJU¤FH¢ODSRVVLELOLW«GHVDYRLUVLODPDFKLQHHVWXWLOLV«H
FRUUHFWHPHQWHWGHFRQQD°WUHODTXDQWLW«GHFDUEXUDQW
FRQVRPP«H&DUH7UDFNSHUPHWDXVVLDXFOLHQWGHOLPLWHUOD]RQH
GHWUDYDLOGHODPDFKLQHHQXWLOLVDQWGHVOLPLWHVJ«RJUDSKLTXHV
YLUWXHOOHV&HODFRQWULEXH¢OLPLWHUOHULVTXHGHYROHWG XWLOLVDWLRQ
DEXVLYHGHODPDFKLQH3RXUGHSOXVDPSOHVLQIRUPDWLRQV
FRQWDFWH]XQFRQFHVVLRQQDLUHGH9ROYR&RQVWUXFWLRQ(TXLSPHQW
([WHQVLRQHQKDXWHXUGHFDUURVVHULHSRXU
PDW«ULDXO«JHU
TXLSHPHQWRSWLRQQHO
3RXUOHWUDQVSRUWGHPDW«ULDX[O«JHUVODPDFKLQHSHXW¬WUH
«TXLS«HG XQHVXU«O«YDWLRQGHEHQQH
/DVXU«O«YDWLRQGHEHQQHHVWIL[«HGLUHFWHPHQWVXUODEHQQH
RUGLQDLUHHWORUVTX HOOHHVWLQVWDOO«HVHXOVGHVPDW«ULDX[O«JHUV
SHXYHQW¬WUHWUDQVSRUW«VGDQVODEHQQH
+DXOHUFKDVVLV
$SSOLHVWRPRGHOV$) $)
/HFK¤VVLVGXWRPEHUHDXHVWVWDQGDUGVDQVEHQQHHWVHUWGH
SODWHIRUPHSRXUGLII«UHQWHVRS«UDWLRQVGHWUDQVSRUWHWGH
WUDFWLRQ
3U«VHQWDWLRQ

/HFRQFHSWFRPSUHQGXQWUDFWHXUDYHFFK¤VVLVDUULªUHSU«SDU«
SRXUUHFHYRLUXQHVXSHUVWUXFWXUH
)XOO6XVSHQVLRQ )6V\VWHP
$SSOLHVWRPRGHOV$))6 $))6
/HV$))6HW$))6VRQW«TXLS«VG XQHVXVSHQVLRQ
FRPSOªWH )XOO66XVSHQVLRQ TXLHVWXQV\VWªPHGHVXVSHQVLRQ
HQWLªUHPHQWK\GUDXOLTXH/HVPDFKLQHV¢VXVSHQVLRQFRPSOªWH
Q RQWSDVG «O«PHQWVGHERJLHVRUGLQDLUHVGHUHVVRUWVHQ
FDRXWFKRXFQLG DPRUWLVVHXUV$XOLHXGHFHODOHFK¤VVLVHWOHV
HVVLHX[VRQWUHOL«VSDUVL[Y«ULQVK\GUDXOLTXHV¢GRXEOHHIIHW&HOD
SHUPHW¢ODVXVSHQVLRQGHV DGDSWHUDX[FRQGLWLRQVGXWHUUDLQHW
¢ODFKDUJHFHTXLDP«OLRUHOHFRQIRUWGHURXOHPHQWSRXUOH
FRQGXFWHXU
3U«VHQWDWLRQ
/DEHO&(
'«FODUDWLRQGHFRQIRUPLW«
&HWWHPDFKLQHDOHPDUTXDJH&(&HODVLJQLILHTX ¢ODOLYUDLVRQ
HOOHHVWFRQIRUPHDX[([LJHQFHVHVVHQWLHOOHVG K\JLªQHHWGH
V«FXULW«VWLSXO«HVGDQVOHV'LUHFWLYHVHXURS«HQQHVVXUOD
6«FXULW«GHV0DFKLQHV&(
&HOXLTXLHIIHFWXHGHVPRGLILFDWLRQVDIIHFWDQWODV«FXULW«GHOD
PDFKLQHHVW«JDOHPHQWUHVSRQVDEOHGHFHVPRGLILFDWLRQV
&RPPHSUHXYHGHUHVSHFWGHVH[LJHQFHVXQHG«FODUDWLRQGH
FRQIRUPLW«HXURS«HQQHHWXQFHUWLILFDWUHODWLI¢ODPHVXUHGX
QLYHDXVRQRUHHQG% $ VRQWIRXUQLVDYHFODPDFKLQH/HFHUWLILFDW
UHODWLI¢ODPHVXUHGXQLYHDXVRQRUHFRPSUHQG¢ODIRLVOHVYDOHXUV
H[WHUQHVPHVXU«HVHWOHQLYHDXVRQRUHJDUDQWL&HVG«FODUDWLRQV
VRQWU«GLJ«HVSDU9ROYR&RQVWUXFWLRQ(TXLSPHQWSRXUFKDTXH
PDFKLQHLQGLYLGXHOOH&HWWHG«FODUDWLRQGHFRQIRUPLW«FRXYUH
«JDOHPHQWOHVDFFHVVRLUHVSURGXLWVSDU9ROYR&RQVWUXFWLRQ
(TXLSPHQW& &HVSDSLHUVVRQWGHVGRFXPHQWVLPSRUWDQWVTXL
GRLYHQW¬WUHFRQVHUY«VGDQVXQHQGURLWV½UHWSHQGDQWDXPRLQV
GL[DQV/HVGRFXPHQWVGRLYHQWWRXMRXUVVXLYUHODPDFKLQHHQFDV
GHYHQWH
6LODPDFKLQHHVWXWLOLV«HSRXUG DXWUHVXVDJHVRXDYHFG DXWUHV

DFFHVVRLUHVTXHFHX[G«FULWVGDQVOHSU«VHQWPDQXHOODV«FXULW«
GRLWWRXMRXUV¬WUHJDUDQWLHHWGDQVFKDTXHFDV8QHPRGLILFDWLRQ
SHXWSDUIRLVQ«FHVVLWHUXQQRXYHDXPDUTXDJH&(HWGRQFOD
U«GDFWLRQG XQHQRXYHOOHG«FODUDWLRQGHFRQIRUPLW«/D
UHVSRQVDELOLW«HQLQFRPEH¢ODSHUVRQQHDSSRUWDQWOD
PRGLILFDWLRQ
'LUHFWLYH&(0GHO 8(
'DQVFHUWDLQVFDVO «TXLSHPHQW«OHFWURQLTXHGHODPDFKLQHSHXW
SHUWXUEHUG DXWUHVV\VWªPHV«OHFWURQLTXHVRX¬WUHOXLP¬PH
SHUWXUE«SDUGHVLQWHUI«UHQFHV«OHFWURPDJQ«WLTXHVFHTXLDIIHFWH
ODV«FXULW«
/DGLUHFWLYH&(0GHO 8(FRQFHUQDQWOD&RPSDWLELOLW«
«OHFWURPDJQ«WLTXH&(GRQQHXQHGHVFULSWLRQ
J«Q«UDOHGHVH[LJHQFHVLPSRV«HV¢ODPDFKLQHGXSRLQWGHYXH
GHODV«FXULW«OHVYDOHXUVOLPLWHV«WDQWG«WHUPLQ«HVVHORQGHV
QRUPHVLQWHUQDWLRQDOHV
8QHPDFKLQHRXXQDSSDUHLOGRLWVDWLVIDLUHDX[QRUPHVSRXU
SRXYRLUE«Q«ILFLHUGXPDUTXDJH&(1RVPDFKLQHVVRQWWHVW«HV
DXQLYHDXGHVLQWHUI«UHQFHV«OHFWURPDJQ«WLTXHV/HPDUTXDJH
&(GHODPDFKLQHHWODG«FODUDWLRQGHFRQIRUPLW«FRPSUHQQHQW
«JDOHPHQWODGLUHFWLYH&(0
(QFDVGHPRQWDJHG XQDXWUH«TXLSHPHQW«OHFWURQLTXHVXUOD
PDFKLQHFHW«TXLSHPHQWGRLWSRUWHUOHPDUTXDJH&(HWLOGRLW
DYRLUIDLWO REMHWHQSODFHVXUODPDFKLQHGHWHVWVFRQFHUQDQWOHV
LQWHUI«UHQFHV«OHFWURPDJQ«WLTXHV
3U«VHQWDWLRQ
'«FODUDWLRQGHFRQIRUPLW«
/DSDJHVXLYDQWHPRQWUHXQHFRSLHGHOD' '«FODUDWLRQGH
FRQIRUPLW«&(GHODPDFKLQH ,,$ HW¢ODSDJHTXLVXLWLO\DXQH
FRSLHGHOD'
'«FODUDWLRQGHFRQIRUPLW«&(GHODPDFKLQH ,,%
$9,6
/DG«FODUDWLRQGHFRQIRUPLW«V DSSOLTXHXQLTXHPHQWDXVHLQGH
O 8QLRQHXURS«HQQH
3U«VHQWDWLRQ
9DODEOHSRXUOHV7RPEHUHDX[$UWLFXO«V9ROYR
&HGRFXPHQWQ HVWYDODEOHTXHGDQVO 8QLRQ(XURS«HQQH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'
'&/$5$7,21'(&21)250,7(8523(11('(60$&+,1(6 ,,$
9ROYR&RQVWUXFWLRQ(TXLSPHQW%5$6G«FODUHTXHOHSURGXLW
(
0DUTXH
7\SH
7
1XP«URG LGHQWLILFDWLRQGXSURGXLW 3,1
$
FRQFHUQ«SDUFHWWHG«FODUDWLRQU«SRQGDX[FULWªUHVSHUWLQHQWVGHVSULQFLSDX[FULWªUHVG K\JLªQHHWGHV«FXULW«
FRQIRUP«PHQW¢
/
ODGLUHFWLYH(&GX&RQVHLOGHO 8QLRQ(XURS«HQQHFRQFHUQDQWOHVPDFKLQHV
ODGLUHFWLYH&(GX&RQVHLOGHO 8QLRQ(XURS«HQQHFRQFHUQDQWO «PLVVLRQGHEUXLWGDQVO HQYLURQQHPHQW
GHODSDUWG «TXLSHPHQWVSU«YXVSRXUXQHPSORL¢O H[W«ULHXU
6 <
ODGLUHFWLYH&(GX&RQVHLOGHO 8QLRQHXURS«HQQHFRQFHUQDQWODFRPSDWLELOLW««OHFWURPDJQ«WLTXHDLQVL
TXHFHVDPHQGHPHQWVUHODWLIVDX[PDFKLQHVDLQVLTX ¢G DXWUHVGLUHFWLYHVDSSOLFDEOHV
3
1RUPHVG KDUPRQLVDWLRQDSSOLFDEOHV
1
66(1ದ$PHQGHPHQW $ (QJLQVGHWHUUDVVHPHQW6«FXULW«SUHVFULSWLRQVJ«Q«UDOHV
66(1ದ$PHQGHPHQW $ (QJLQVGHWHUUDVVHPHQW6«FXULW«SUHVFULSWLRQVDSSOLFDEOHV
2
DX[WRPEHUHDX[
$
&HWWHG«FODUDWLRQQ HVWYDODEOHTXHSRXUXQHPDFKLQHGDQVO «WDWTXL«WDLWOHVLHQ¢VRQLQWURGXFWLRQVXUOHPDUFK«
HWQHFRXYUHSDVOHVFRPSRVDQWVUDMRXW«VRXOHVWUDYDX[HIIHFWX«VDSUªVFHODSDUO XWLOLVDWHXUILQDO
5 &
6LJQDWXUHGXUHVSRQVDEOHHWSHUVRQQHDXWRULV«H¢ 6LJQDWXUHGXUHSU«VHQWDQWDXWRULV«GDQVO 8QLRQ
«ODERUHUOHGRVVLHUWHFKQLTXHWHOTXHG«FLG«SDUO 8QLRQ (XURS«HQQHDSWH¢PHQHU¢WHUPHOHSURFHVVXVGH
7
(XURS«HQQH IDEULFDWLRQHW«ODERUHUODG«FODUDWLRQGHFRQIRUPLW«GX
FRQVWUXFWHXU VLDSSOLFDEOH

6LJQDWXUH1RP HQPDMXVFXOHV 6LJQDWXUH1RP HQPDMXVFXOHV

3RVWHRXWLWUH 3RVWHRXWLWUH

$GUHVVHHWGDWHG «PLVVLRQ $GUHVVHHWGDWHG «PLVVLRQ
&HWWHG«FODUDWLRQFRXYUHOHVRXWLOVFRQ©XVIDEULTX«VKRPRORJX«VODEHOOLV«VHWFRPPHUFLDOLV«VSDUOH
FRQVWUXFWHXUVXVQRPP«
/HSURSUL«WDLUHGHODPDFKLQHGRLWFRQVHUYHUFHWWHG«FODUDWLRQSHQGDQWDXPRLQVGL[DQVDSUªVODOLYUDLVRQ
3U«VHQWDWLRQ
9DODEOHSRXUOHV7RPEHUHDX[$UWLFXO«V9ROYR
&HGRFXPHQWQ HVWYDODEOHTXHGDQVO 8QLRQ(XURS«HQQH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'
'&/$5$7,21'(&21)250,7(8523(11('(60$&+,1(6 ,,$
9ROYR&RQVWUXFWLRQ(TXLSPHQW%5$6G«FODUHTXHOHSURGXLW
(
0DUTXH
7\SH
7
1XP«URG LGHQWLILFDWLRQGXSURGXLW 3,1
$
FRQFHUQ«SDUFHWWHG«FODUDWLRQU«SRQGDX[FULWªUHVSHUWLQHQWVGHVSULQFLSDX[FULWªUHVG K\JLªQHHWGHV«FXULW«
FRQIRUP«PHQW¢
/
ODGLUHFWLYH(&GX&RQVHLOGHO 8QLRQ(XURS«HQQHFRQFHUQDQWOHVPDFKLQHV
ODGLUHFWLYH&(GX&RQVHLOGHO 8QLRQ(XURS«HQQHFRQFHUQDQWO «PLVVLRQGHEUXLWGDQVO HQYLURQQHPHQW
GHODSDUWG «TXLSHPHQWVSU«YXVSRXUXQHPSORL¢O H[W«ULHXU
6 <
ODGLUHFWLYH&(GX&RQVHLOGHO 8QLRQHXURS«HQQHFRQFHUQDQWODFRPSDWLELOLW««OHFWURPDJQ«WLTXHDLQVL
TXHFHVDPHQGHPHQWVUHODWLIVDX[PDFKLQHVDLQVLTX ¢G DXWUHVGLUHFWLYHVDSSOLFDEOHV
3
1RUPHVG KDUPRQLVDWLRQDSSOLFDEOHV
1
66(1ದ$PHQGHPHQW $ (QJLQVGHWHUUDVVHPHQW6«FXULW«SUHVFULSWLRQVJ«Q«UDOHV
66(1ದ$PHQGHPHQW $ (QJLQVGHWHUUDVVHPHQW6«FXULW«SUHVFULSWLRQVDSSOLFDEOHV
2
DX[WRPEHUHDX[
$
&HWWHPDFKLQHQHGRLWSDV¬WUHPLVHHQVHUYLFHDYDQWTXHODPDFKLQH¢ODTXHOOHHOOHGRLW¬WUHLQFRUSRU«HQ DLW
«W«G«FODU«HHQFRQIRUPLW«DYHFOHVGLVSRVLWLRQVGHODGLUHFWLYH
5 &
6LJQDWXUHGXUHVSRQVDEOHHWSHUVRQQHDXWRULV«H¢ 6LJQDWXUHGXUHSU«VHQWDQWDXWRULV«GDQVO 8QLRQ
«ODERUHUOHGRVVLHUWHFKQLTXHWHOTXHG«FLG«SDUO 8QLRQ (XURS«HQQHDSWH¢PHQHU¢WHUPHOHSURFHVVXVGH
7
(XURS«HQQH IDEULFDWLRQHW«ODERUHUODG«FODUDWLRQGHFRQIRUPLW«GX
FRQVWUXFWHXU VLDSSOLFDEOH

6LJQDWXUH1RP HQPDMXVFXOHV 6LJQDWXUH1RP HQPDMXVFXOHV

3RVWHRXWLWUH 3RVWHRXWLWUH

$GUHVVHHWGDWHG «PLVVLRQ $GUHVVHHWGDWHG «PLVVLRQ
&HWWHG«FODUDWLRQFRXYUHOHVRXWLOVFRQ©XVIDEULTX«VKRPRORJX«VODEHOOLV«VHWFRPPHUFLDOLV«VSDUOH
FRQVWUXFWHXUVXVQRPP«
/HSURSUL«WDLUHGHODPDFKLQHGRLWFRQVHUYHUFHWWHG«FODUDWLRQSHQGDQWDXPRLQVGL[DQVDSUªVODOLYUDLVRQ
3U«VHQWDWLRQ
TXLSHPHQWGHFRPPXQLFDWLRQLQVWDOODWLRQ
TXLSHPHQWGHFRPPXQLFDWLRQ
LQVWDOODWLRQ
$77(17,21
/HPRQWDJHG «TXLSHPHQWVGHFRPPXQLFDWLRQ«OHFWURQLTXHV
VXSSO«PHQWDLUHVQHSRXUUD¬WUHHIIHFWX«TXHSDUXQSHUVRQQHO
TXDOLIL«HWFRQIRUP«PHQWDX[LQVWUXFWLRQVGH9ROYR&RQVWUXFWLRQ
(TXLSPHQW
3URWHFWLRQFRQWUHOHVSHUWXUEDWLRQV
«OHFWURPDJQ«WLTXHV
&HWWHPDFKLQHD«W«WHVW«HHQFRQIRUPLW«DYHFODGLUHFWLYH
&((U«JOHPHQWDQWODFRPSDWLELOLW««OHFWURPDJQ«WLTXH
& HVWSRXUTXRLLOHVWWUªVLPSRUWDQWTXHWRXVOHVDFFHVVRLUHV
«OHFWURQLTXHVQRQDJU««VFRPPHOHV«TXLSHPHQWVGH
FRPPXQLFDWLRQVRLHQWWHVW«VDYDQWG ¬WUHLQVWDOO«VHWXWLOLV«VFDU
FHX[FLSHXYHQWSHUWXUEHUOHVV\VWªPHV«OHFWURQLTXHVGHOD
PDFKLQH
7«O«SKRQHVFHOOXODLUHV
8QHDQWHQQHH[W«ULHXUHGHYUD¬WUHXWLOLV«H¢G DXWUHVILQVTXHSRXU
GHVW«O«SKRQHVFHOOXODLUHVSRUWDEOHVHWGHYUD¬WUHLQVWDOO«H
FRQIRUP«PHQWDX[LQVWUXFWLRQVGXIDEULFDQW6LXQW«O«SKRQH
SRUWDEOHHVWXWLOLV«QRWHUTX LOSHXWFRQWLQXHUG «PHWWUHGHV
LQIRUPDWLRQV¢VDVWDWLRQGHEDVHP¬PHTXDQGOHW«O«SKRQHQ HVW
SDVXWLOLV«& HVWSRXUTXRLLOQHGRLWSDV¬WUHSODF«SUªV
G «TXLSHPHQWV«OHFWURQLTXHVGHODPDFKLQHSDUH[GLUHFWHPHQW
VXUXQSDQQHDXGHFRPPDQGHRX«TXLSHPHQWVLPLODLUH
3ULQFLSHVJ«Q«UDX[
/HVSULQFLSHVJ«Q«UDX[FLGHVVRXVGRLYHQW¬WUHUHVSHFW«V¢
O LQVWDOODWLRQ
&KRLVLUO HPSODFHPHQWGHO DQWHQQHGHPDQLªUH¢FHTX HOOH
V DGDSWHSDUIDLWHPHQW¢O HQYLURQQHPHQW
/HF¤EOHG DQWHQQHGRLW¬WUHGHW\SHFRD[LDO9HLOOHU¢FHTXH
OHF¤EOHVRLWLQWDFW¢FHTXHO LVRODWLRQQHVRLWSDVIHQGXHDX[
H[WU«PLW«VPDLVHQWRXUHELHQOHVJDLQHVGHFRQWDFWVHW
DVVXUHQWXQERQFRQWDFWJDOYDQLTXHDYHFFHX[FL
/DVXUIDFHHQWUHOHVXSSRUWGHPRQWDJHGHO DQWHQQHHWOHSRLQW
GHIL[DWLRQGRLW¬WUHSURSUHHWVDQVR[\GDWLRQ/HVVXUIDFHV
GRLYHQW¬WUHSURW«J«HVFRQWUHODFRUURVLRQDSUªVOHPRQWDJHGH
ID©RQ¢FRQVHUYHUXQERQFRQWDFWJDOYDQLTXH
9HLOOHU¢V«SDUHUOHVF¤EOHVSURYRTXDQWGHVLQWHUI«UHQFHVHWOHV
3RVHG DQWHQQH F¤EOHVOHVVXELVVDQW/HVF¤EOHVSURYRTXDQWGHVLQWHUI«UHQFHV
$QWHQQHUDGLR VRQWOHVF¤EOHVG DOLPHQWDWLRQGHO «TXLSHPHQWGH
$QWHQQHW«O«SKRQHUDGLRGHFRPPXQLFDWLRQ FRPPXQLFDWLRQHWOHF¤EOHG DQWHQQH/HVF¤EOHVSRXYDQWVXELU
GHVLQWHUI«UHQFHVVRQWOHVF¤EOHVUHOLDQWOHVXQLW«V
«OHFWURQLTXHVGHODPDFKLQH/HVF¤EOHVGRLYHQW¬WUHLQVWDOO«V
DXSOXVSUªVGHVVXUIDFHVGHW¶OHUHOL«HV¢ODPDVVHGHID©RQ
¢REWHQLUXQHIIHWGHSURWHFWLRQ
3U«VHQWDWLRQ
/HVSLªFHVGHUHFKDQJHG RULJLQH9ROYRJDUDQWLVVHQWODGXU«HGH
YLHODSOXVORQJXHODSOXVJUDQGHILDELOLW«HWODPHLOOHXUHV«FXULW«
SRXUODPDFKLQHHWSRXUVRQFRQGXFWHXU6LOHVSLªFHVXWLOLV«HV
QHVRQWQLILDEOHVQLFRQ©XHVFRUUHFWHPHQWODV«FXULW«VDQLWDLUH
HWPDW«ULHOOHDLQVLTXHOHIRQFWLRQQHPHQWGHODPDFKLQHVRQW
FRPSURPLV3RXUFRPPDQGHUGHVSLªFHVSUHQGUHFRQWDFWDYHF
XQFRQFHVVLRQQDLUHHWLQGLTXHUOHPRGªOHHWOHQXP«URGHV«ULH
QXP«UR3,1 GHODPDFKLQH3RXUO HPSODFHPHQWGHODSODTXH
3,1YRLUOHFKDSLWUH3ODTXHVSURGXLW
/HVFRQFHVVLRQQDLUHV9ROYRGLVSRVHQWGHVLQIRUPDWLRQVOHVSOXV
U«FHQWHVFRQFHUQDQWOHVSLªFHVGHUHFKDQJHJU¤FHDXV\VWªPH
G LQIRUPDWLRQ3526,6
3LªFHVGHUHFKDQJHHWGLVSRVLWLIVGHV«FXULW«
/HVSLªFHVGHUHFKDQJHHWGLVSRVLWLIVGHV«FXULW«LQGLTXHQWTXH
OHVFRPSRVDQWVGRLYHQWUHPSOLUXQU¶OHOL«¢ODV«FXULW«
([HPSOHGHSLªFHVGHUHFKDQJHHWGLVSRVLWLIVGHV«FXULW«
'LVSRVLWLIVGHSURWHFWLRQDPRYLEOHVVXUOHV«O«PHQWVURWDWLIVHW
OHVVXUIDFHVFKDXGHV
3ODTXHVGHSURWHFWLRQPDLQVFRXUDQWHVFDFKHVHW
PDUFKHSLHGV
&RPSRVDQWVLQW«JU«VDX[V\VWªPHVSHUPHWWDQWGHU«GXLUHOH
EUXLWHWOHVYLEUDWLRQV
&RPSRVDQWVLQW«JU«VDX[V\VWªPHVSHUPHWWDQWG DP«OLRUHUOD
YLVLELOLW«GXFRQGXFWHXU
6LªJHFRQGXFWHXUFRPSOHWDYHFFHLQWXUHGHV«FXULW«
DEGRPLQDOH
$XWRFROODQWVHWSODTXHV
)LOWUHGHFDELQH
$9,6
/HVSLªFHVGHUHFKDQJHHWGLVSRVLWLIVGHV«FXULW«GRLYHQW¬WUH
U«LQVWDOO«VU«SDU«VRXUHPSODF«VLPP«GLDWHPHQWV LOVRQW«W«
G«SRV«VRXHQGRPPDJ«V
/RUVGXFKDQJHPHQWGHFRQGXFWHXUSURSUL«WDLUHOHV
G\VIRQFWLRQQHPHQWVHWGRPPDJHVFRQFHUQDQWOHVSLªFHVGH
UHFKDQJHHWGLVSRVLWLIVGHV«FXULW«GRLYHQWLPP«GLDWHPHQWIDLUH
O REMHWG XQUDSSRUWHWXQSODQG DFWLRQGRLW¬WUH«WDEOL
&HPDQXHOG HQWUHWLHQFRQWLHQWG DXWUHVLQIRUPDWLRQVLPSRUWDQWHV

FRQFHUQDQWOHVFRPSRVDQWVGHV«FXULW«
3U«VHQWDWLRQ
3ODTXHVSURGXLW
3ODTXHVSURGXLW
/ LOOXVWUDWLRQHWOHWH[WHFLGHVVRXVPRQWUHQWOHVSODTXHVSURGXLWTXLVHWURXYHQWVXUODPDFKLQH
3RXUWRXWHFRPPDQGHGHSLªFHVGHUHFKDQJHRXGHPDQGHSDUW«O«SKRQHRXFRXUULHULOFRQYLHQWG LQGLTXHUOD
G«VLJQDWLRQGHPRGªOHHWOHQXP«URG LGHQWLILFDWLRQGHSURGXLW 3URGXFW,,GHQWLILFDWLRQ1
1XPEHU3
3,1
$
%

9
$XWRFROODQWG «FKDSSHPHQW';;+ 7LHUL

3ODTXHSURGXLWDYHFOH3 3URGXFW,,GHQWLILFDWLRQ1
1XPEHU3
3,1HW
PRGªOHQXP«URGHW\SHGHODPDFKLQHFRPSOªWHDLQVLTXHOH
QRPHWO DGUHVVHGXFRQVWUXFWHXU/DSODTXHVHWURXYHGXF¶W«
JDXFKHGXFK¤VVLVGHO «O«PHQWWUDFWHXUDXQLYHDXGH
O DUWLFXODWLRQ
$YHUVLRQGHSODTXHSURGXLWSRXUOHVPDUFK«VKRUV86$
%YHUVLRQGHSODTXHSURGXLWSRXUOHPDUFK«DP«ULFDLQ 86$
XQLTXHPHQW
$XWRFROODQWG «FKDSSHPHQW';;+ 3KDVH /HQXP«URGHIDEULFDWLRQGHODPDFKLQHHVWSRLQ©RQQ«GXF¶W«
,,,% JDXFKHGXFK¤VVLVGXWUDFWHXU¢F¶W«GHO DUWLFXODWLRQ
/HVQXP«URVGHV«ULHGHVSRQWVPRWHXUVVRQWLQGLTX«VVXUOHV
FDUWHUVGHSRQWV
/HQXP«URGHV«ULHGHODER°WHGHWUDQVIHUWVHWURXYH¢O DUULªUH
GHODER°WHGHWUDQVIHUWYHUVODGURLWH
/DG«VLJQDWLRQGHW\SHHWOHQXP«URGHIDEULFDWLRQGHODER°WH
GHYLWHVVHVVRQWLQGLTX«VGXF¶W«JDXFKHGHFHOOHFL
/ DXWRFROODQW,QIRUPDWLRQVLPSRUWDQWHVFRQFHUQDQWOHPRWHXU
HVWSODF«VXUODIDFHDYDQWGXPRWHXUHWVXUOHF¶W«JDXFKHGX
FK¤VVLVGHO «O«PHQWPRWHXUDXQLYHDXGHO DUWLFXODWLRQ
$XWRFROODQWG «FKDSSHPHQW';;) /DG«VLJQDWLRQGHW\SHOHQXP«URGHU«I«UHQFHHWOHQXP«UR
GHIDEULFDWLRQGXPRWHXUVRQWSRLQ©RQQ«VGHVGHX[F¶W«VGX
EORFPRWHXU
/HW\SHGHFDELQHO DJU«PHQWGHW\SHHWOHQXP«URGHV«ULH
VHWURXYHQWVXUOHF¶W«JDXFKHGHODFDELQHVXUOHPRQWDQW¢
JDXFKHGHODSRUWLªUH YXGHSXLVO LQW«ULHXUGHODFDELQH HWOH
SOXVSURFKHGHODOXQHWWHDUULªUH
$XWRFROODQWGHPRWHXUHWG «FKDSSHPHQWPHQWLRQQDQWOD
G«VLJQDWLRQGXW\SHGHPRWHXUHWOHQXP«URGHFRPSRVDQW
3ODTXHDGGLWLRQQHOOHSRXUSODTXHSURGXLW3RLGVGHOD
PDFKLQHSXLVVDQFHG«OLYU«HSDUOHPRWHXUDQQ«HGH
3U«VHQWDWLRQ
3ODTXHVSURGXLW
IDEULFDWLRQHWSRVLWLRQGXPDUTXDJH&( XQLTXHPHQWGDQVOHV
SD\VGHO 8(GHOD&((
3RXUOHSRLGVFRXUDQWGHODPDFKLQH FRQILJXUDWLRQODSOXV
FRXUDQWHGHODPDFKLQH YRLUSDJH
3U«VHQWDWLRQ
$XWRFROODQWVG LQIRUPDWLRQHW
G DYHUWLVVHPHQW
/DPDFKLQHFRPSRUWHOHVSODTXHVG DYHUWLVVHPHQWHW
G LQIRUPDWLRQVXLYDQWHV/HFRQGXFWHXUGRLWHQFRQQD°WUHOHVHQV
HWHQWHQLUFRPSWH/HVDXWRFROODQWVSODTXHVGLVSDUXV
HQGRPPDJ«VUHFRXYHUWVGHSHLQWXUHRXLOOLVLEOHVSRXUWRXWHDXWUH
UDLVRQGRLYHQW¬WUHLPP«GLDWHPHQWUHPSODF«V
/HQXP«URGHU«I«UHQFHHVWLQGLTX«VXUFKDTXHSODTXH
DXWRFROODQWDLQVLTXHGDQVOHFDWDORJXHGHSLªFHVGHUHFKDQJH
$9,6

/HWH[WH:$51,1*HVWLQGLTX«VXUOHVDXWRFROODQWV
G DYHUWLVVHPHQWHQ$P«ULTXHGX1RUG

9
3RLQWG DUULPDJH DXWRFROODQWSRXUPDFKLQH)6 5RELQHWGHEDWWHULH
9
$9(57,66(0(17/DFKDUJHGHODPDFKLQHQHGRLW
9 SDVG«SDVVHUFHOOHLQGLTX«HVXUO DXWRFROODQW
/RUVGXODYDJH«YLWHUGHGLULJHUOHMHWG HDXYHUVOHV «TXLSHPHQWRSWLRQQHOGHVPDFKLQHVDYHFVXU«O«YDWLRQ
SULVHVG DLU GHEHQQHSRXUPDW«ULDX[O«JHUV
127,&(5D
$&6<67(0
6<67(0'(6,*1(' $&&726$(-0$5
&$87,216<67(021/<72%(6(59,&('%<92/92&(
48$/,),('3(56211(/
6((92/92&(6( 59,&(,16758&7,21
$,5&21'&+$5*(':,7+.JJUD

9ROYR&RQVWUXFWLRQ(TXLSPHQW
9 9
$9(57,66(0(171HURXOH]SDVHQGHVFHQWHDYHF &OLPDWLVDWLRQUHPSOLHGHIOXLGH5D3UHVVLRQ
OHOHYLHUGHYLWHVVHDXSRLQWPRUW 1 5HO¤FKH] G RXYHUWXUHVRXSDSHGHV«FXULW« «TXLSHPHQW
LPS«UDWLYHPHQWO DFF«O«UDWHXUSRXUFKDQJHUGHUDSSRUW RSWLRQQHO
3U«VHQWDWLRQ
9
1LYHDXVRQRUH /Z$ ¢O H[W«ULHXUGHODPDFKLQH ,VVXHGHVHFRXUV
9
$9(57,66(0(175LVTXHGHFRLQFHPHQW $9(57,66(0(171HGHPHXUH]SDVGDQVOH
DUWLFXODWLRQGHFK¤VVLV UD\RQG DFWLRQGHODPDFKLQHORUVTX HOOHUHFXOH

9
1LYHDXVRQRUH /S$ GDQVODFDELQH
9
$9(57,66(0(171HYRXVSHQFKH]SDVVRXVOD
EHQQHEDVFXO«HVDQVO DYRLUSU«DODEOHPHQWYHUURXLOO«H
6\VWªPHGHIUHLQDJHVRXVSUHVVLRQ 3UHVVLRQGHJRQIODJHGHVSQHXV
9
&DUEXUDQW
+XLOHK\GUDXOLTXH
3U«VHQWDWLRQ
9 9
&DSRWGXPRWHXU WLTXHWWHG HQWUHWLHQ

$9(57,66(0(178WLOLVHUXQLTXHPHQWGXOLTXLGH
9
GHUHIURLGLVVHPHQW9ROYR9&6FRQVXOWHUOHPDQXHO
G HQWUHWLHQ +XLOHGHUHIURLGLVVHPHQWGHVIUHLQV

9
$)
$YDQWOHWUDQVSRUWG XQHPDFKLQH)6VXUXQDXWUH 9
Y«KLFXOHDEDLVVHUODPDFKLQHDXPD[LPXP 6FK«PDGHUDOHQWLVVHXU ¢ODSDJH

O DXWRFROODQWHVWUHSU«VHQW«HQSOXVJURVHWGDQVOD
YHUVLRQGHFKDTXHPRGªOHGHPDFKLQH
+<'5$8/,&
2,/'2127
0,;:,7+
(1*,1(2,/

9
$9(57,66(0(176XUIDFHVEU½ODQWHV
+XLOHK\GUDXOLTXH1HSDVP«ODQJHUDYHFO KXLOH
PRWHXU
3U«VHQWDWLRQ
5('8&('(19,5210(17$/,03$&7
6<17+(7,&
(67(5
9ROYR%LR+\GU2LO9*
9

(VWHUV\QWK«WLTXH
9
2ULILFHGHUHPSOLVVDJHG KXLOHGHWUDQVPLVVLRQ

9
2ULILFHGHUHPSOLVVDJHG KXLOHGHER°WHGHWUDQVIHUW
$9(57,66(0(17$YDQWGHEUDQFKHUOHVF¤EOHV
GHG«PDUUDJHOLUHOHPDQXHOG HQWUHWLHQ
$XWRFROODQWUHODWLIDXFDUEXUDQW XQLTXHPHQW8(
$XWRFROODQWUHODWLIDXFDUEXUDQW XQLTXHPHQW86$
9
(PSODFHPHQWSRXUOHPDQXHOG HQWUHWLHQ
9
$9(57,66(0(17/LTXLGHGHUHIURLGLVVHPHQW
EU½ODQW
3U«VHQWDWLRQ
/«JLVODWLRQGHVWDWV8QLVUHODWLYHV
DX[«PLVVLRQV
/DORLI«G«UDOHVXUODSXUHW«GHO DLU&RGH7LWUH86&KDSLWUH
6RXVFKDSLWUH,,3DUWLH$6HFWLRQ D $ %
LQWHUGLWODVXSSUHVVLRQRXODPLVHKRUVVHUYLFHGHWRXWGLVSRVLWLI
GHOXWWHFRQWUHODSROOXWLRQDWPRVSK«ULTXHDLQVLTXH
O HQGRPPDJHPHQWRXODPRGLILFDWLRQG XQPRWHXUQRQURXWLHU
KRPRORJX«(3$SRXUXQHFRQILJXUDWLRQQRQFHUWLIL«H/HV
FRPSRVDQWVHWV\VWªPHVLQVWDOO«VGHODPDFKLQHHWGXPRWHXU
SHXYHQW¬WUHDVVRFL«V¢GHV«PLVVLRQVPDLVQHGRLYHQWSDV¬WUH
PRGLIL«V&HVV\VWªPHVHWFRPSRVDQWVFRPSUHQQHQWGHV
V\VWªPHVG «FKDSSHPHQWHWG DGPLVVLRQG DLUGH

UHIURLGLVVHPHQWG DOLPHQWDWLRQHQFDUEXUDQWDLQVLTXHGHV
V\VWªPHVLQIRUPDWLTXHVHW«OHFWURQLTXHV
([WUDLWVGHODO«JLVODWLRQI«G«UDOHSRXUO DSSOLFDWLRQGHODORLVXUOD
SXUHW«GHO DLUGHVPRWHXUVQRQURXWLHUV&)5 E
7RXWHG«SRVHRXPLVHKRUVVHUYLFHG XQDSSDUHLORX«O«PHQW
LQVWDOO«GHSDUVHFRQFHSWLRQVXURXGDQVOHVPRWHXUV
«TXLSHPHQWVFRQIRUPHVDX[O«JLVODWLRQVDYDQWODYHQWHHWOD
OLYUDLVRQ¢O DFKHWHXUILQDOHVWLQWHUGLWH,OHVW«JDOHPHQWLQWHUGLWGH
VXSSULPHURXGHPHWWUHKRUVVHUYLFHGHWHOVDSSDUHLOVRX
«O«PHQWVDSUªVODYHQWHHWODOLYUDLVRQ¢O DFKHWHXUILQDO&HOD
FRPSUHQGSDUH[HPSOHO XWLOLVDWLRQGXPRWHXUDYHFXQFDUEXUDQW
RXG XQHKXLOHQRQFRQIRUPHHWUHQGDQWLQRS«UDQWOHV\VWªPHGH
G«SROOXWLRQ8QHDPHQGHO«JDOHSRXYDQWDOOHUMXVTX ¢
SRXUFKDTXHMRXUG XWLOLVDWLRQQRQFRQIRUPHGXPRWHXURXGHV
SLªFHVSHXW¬WUHDSSOLTX«H
$VVLVWDQFHFOLHQW
9ROYR&RQVWUXFWLRQ(TXLSPHQWWLHQW¢FRQWULEXHU¢ODERQQH
DGPLQLVWUDWLRQGHOD*DUDQWLHGXV\VWªPHDQWLSROOXWLRQ'DQVOH
FDVR»OHVHUYLFHVRXVJDUDQWLHREWHQXDXWLWUHGHOD*DUDQWLHGX
V\VWªPHDQWLSROOXWLRQQHFRUUHVSRQGUDLWSDVDXVHUYLFHDWWHQGX
QRXVYRXVUHFRPPDQGRQVGHFRQWDFWHUOHEXUHDXU«JLRQDO9ROYR
&RQVWUXFWLRQ(TXLSPHQWOHSOXVSURFKH
8WLOLVDWLRQQRUPDOHG XQPRWHXUQRQURXWLHU
/HVLQVWUXFWLRQVG HQWUHWLHQVXSSRVHQWTXHFHWWHPDFKLQH
WUDGLWLRQQHOOHVHUDXWLOLV«HFRQIRUP«PHQWDX[LQVWUXFWLRQVGX
0DQXHOG HQWUHWLHQHWXQLTXHPHQWDYHFOHFDUEXUDQWHWOHVKXLOHV
GHOXEULILFDWLRQVS«FLIL«V
(QWUHWLHQG XQPRWHXUQRQURXWLHU
/HVSURSUL«WDLUHVVRQWUHVSRQVDEOHVGHO HQWUHWLHQGHOHXUV
PDFKLQHV«TXLSHPHQWVVHORQOHVLQVWUXFWLRQVGXPDQXHO
G HQWUHWLHQ,OV DJLWG XQPRWHXUQRQURXWLHUGHFRQFHSWLRQ
FODVVLTXHHWWRXWFRQFHVVLRQQDLUHORFDODODSRVVLELOLW«G HIIHFWXHU
O HQWUHWLHQGXFRQWU¶OHG «PLVVLRQVQRQURXWLHUQ«FHVVDLUHWHOTXH
G«FULWGDQVOHPDQXHO
9ROYRUHFRPPDQGH¢O DFKHWHXUG XWLOLVHUSRXUOHPRWHXUQRQ

URXWLHUOHSURJUDPPHG HQWUHWLHQDSSHO«(QWUHWLHQSU«YHQWLI\
FRPSULVO HQWUHWLHQDQWLSROOXWLRQGXPRWHXUUHFRPPDQG«
3U«VHQWDWLRQ
$ILQGHGRFXPHQWHUO H[«FXWLRQG XQHQWUHWLHQFRUUHFWHWU«JXOLHU

GXPRWHXUQRQURXWLHU9ROYRUHFRPPDQGHDXSURSUL«WDLUHGH
FRQVHUYHUWRXVOHVFDUQHWVG HQWUHWLHQHWOHVUH©XVUHODWLIV¢
O HQWUHWLHQ&HVFDUQHWVHWUH©XVGRLYHQW¬WUHUHPLV¢WRXVOHV
DFKHWHXUVVXFFHVVLIVGXPRWHXUQRQURXWLHU
(QWUHWLHQHIIHFWX«SDUXQFRQFHVVLRQQDLUHORFDO
/HFRQFHVVLRQQDLUHORFDOHVWOHPLHX[TXDOLIL«SRXURIIULUXQ
HQWUHWLHQFRUUHFWHWILDEOHFDULOGLVSRVHG XQSHUVRQQHOWHFKQLTXH
FRPS«WHQWGHVSLªFHVGHUHFKDQJHG RULJLQHHWGHVRXWLOV
VS«FLDX[DLQVLTXHGHVSXEOLFDWLRQVWHFKQLTXHVOHVSOXVU«FHQWHV
&RQVXOWH]OHFRQFHVVLRQQDLUHORFDOFRQFHUQDQWOHVEHVRLQVHQ
HQWUHWLHQHWPDLQWHQDQFH,OSHXWPHWWUHDXSRLQWXQSURJUDPPH
G HQWUHWLHQVXUPHVXUH
(QFHTXLFRQFHUQHOHVHQWUHWLHQVRXU«YLVLRQVU«JXOLHUVLOHVW
FRQVHLOO«GHFRQWDFWHUOHFRQFHVVLRQQDLUHORFDO¢O DYDQFHGH
PDQLªUH¢IL[HUXQHGDWHDILQGHGLVSRVHUGHV«TXLSHPHQWV
Q«FHVVDLUHVHWGXWHFKQLFLHQFRPS«WHQWOHMRXUYRXOX&HOD
SHUPHWWUDDXFRQFHVVLRQQDLUHORFDOGHU«GXLUHOHWHPSV
G HQWUHWLHQGHODPDFKLQH
/HSURSUL«WDLUHSHXWFKRLVLUXQDWHOLHUGHU«SDUDWLRQRXXQ
P«FDQLFLHQGHVRQFKRL[SRXUODPDLQWHQDQFHOHUHPSODFHPHQW
RXODU«SDUDWLRQGHVDSSDUHLOVHWV\VWªPHVGHFRQWU¶OHGHV
«PLVVLRQV9ROYRUHFRPPDQGHDXSURSUL«WDLUHGHFRQVHUYHUWRXV
OHVFDUQHWVG HQWUHWLHQHWOHVUH©XVUHODWLIV¢O HQWUHWLHQ
3URJUDPPHG HQWUHWLHQSU«YHQWLI
$ILQGHFRQVHUYHUODILDELOLW«HWOHVSDUDPªWUHVGHSHUIRUPDQFHV
QLYHDXVRQRUHHWG «PLVVLRQVSDUH[HPSOH TXHOHPRWHXUQRQ
URXWLHUFRQYHQWLRQQHODYDLW¢VDOLYUDLVRQLOHVWHVVHQWLHOGHOXL
DVVXUHUXQHQWUHWLHQGHVLQVSHFWLRQVGHVU«JODJHVHWXQH
PDLQWHQDQFHU«JXOLHUVHWGHPDQLªUHSODQLIL«H
&DUEXUDQWVHWOXEULILDQWV
/HPRWHXUHVWFRQ©XSRXUIRQFWLRQQHUDYHFOHVFDUEXUDQWVHW
OXEULILDQWVPHQWLRQQ«VGDQVODVHFWLRQ/XEULILDQWVUHFRPPDQG«V
GHFHPDQXHO7RXWPDQTXHPHQW¢O XWLOLVDWLRQGHFDUEXUDQWVHW
OXEULILDQWVPHQWLRQQ«VSHXWFDXVHUOHG\VIRQFWLRQQHPHQWGHV
V\VWªPHVGHG«SROOXWLRQXQIRQFWLRQQHPHQWKRUVGHVWRO«UDQFHV
KRPRORJX«HVGHVGRPPDJHVSHUPDQHQWVDX[FRPSRVDQWVGHV
V\VWªPHVHWXQHU«GXFWLRQGHVLQWHUYDOOHVHQWUHOHVHQWUHWLHQV
5HFRPPDQGDWLRQVFRQFHUQDQWOHFDUEXUDQW
/HVPRWHXUVGLHVHOGHHWGHVDQQ«HVPRGªOHVVXLYDQWHV
VRQWFRQ©XVSRXUIRQFWLRQQHUXQLTXHPHQWDYHFGXFDUEXUDQW¢
7UªV%DVVH7HQHXUHQ6RXIUH 7%76 GRQWODWHQHXUPD[LPDOH
HVWGHSSP/ XWLOLVDWLRQG DXWUHVFDUEXUDQWVU«GXLUDO HIILFDFLW«
HWODGXU«HGHYLHGXPRWHXUFDXVHUDGHVGRPPDJHVSHUPDQHQWV
DX[V\VWªPHVDYDQF«VGHG«SROOXWLRQDXJPHQWHUDOD
FRQVRPPDWLRQGHFDUEXUDQWHWSHXWDXVVLHPS¬FKHUOH
IRQFWLRQQHPHQWGXPRWHXU/DJDUDQWLHVGXFRQVWUXFWHXUSHXYHQW
DORUV¬WUHDQQXO«HVHQUDLVRQGHO XWLOLVDWLRQG XQFDUEXUDQW
LQFRUUHFWRXLQDSSURSUL«/ XWLOLVDWLRQGHFDUEXUDQWVQRQ7%76
GDQVGHVPDFKLQHVDYHFPRWHXUGLHVHOHVWLOO«JDOHHWSXQLHSDU
ODORL
3U«VHQWDWLRQ
/HFKRL[GXFDUEXUDQWHVWHVVHQWLHOSRXUDVVXUHUXQHERQQH
«FRQRPLHOHVSHUIRUPDQFHVHWODGXU«HGHYLHGXPRWHXU/H
QXP«UR7%76'GRLW¬WUHXWLOLV«ORUVTXHOHVFRQGLWLRQV
FOLPDWLTXHVOHSHUPHWWHQW/HQXP«UR7%76'SHXW¬WUHXWLOLV«
GDQVGHVFRQGLWLRQVFOLPDWLTXHVIURLGHV/HVP«ODQJHVGHV
QXP«URV7%76'HW'SHXYHQW¬WUHXWLOLV«VSRXUXQHDGDSWDWLRQ
¢GHVFRQGLWLRQVFOLPDWLTXHVYDUL«HV,OHVWLPSRUWDQWTXHOH
FDUEXUDQWQHVRLWFRQWDPLQ«QLSDUGHODSRXVVLªUHQLSDUGHO HDX
TXLSRXUUDLHQWHQGRPPDJHUOHV\VWªPHG DOLPHQWDWLRQHQ
FDUEXUDQWGXPRWHXUHWDFF«O«UHUVRQXVXUH1 XWLOLVH]SDVGH
N«URVªQHQLGH-3QLG DGGLWLIVDYHFXQHIRUWHWHQHXUHQVRXIUH
$ILQG «YLWHUXQHV«GLPHQWDWLRQH[FHVVLYHHWGHU«GXLUHOHV
«PLVVLRQVGHGLR[\GHGHVRXIUHODWHQHXUHQVRXIUHGXFDUEXUDQW

GRLW¬WUHDXVVLEDVVHTXHSRVVLEOH1 XWLOLVH]SDVGHN«URVªQHQL
GH-3QLG DGGLWLIVDYHFXQHIRUWHWHQHXUHQVRXIUH/HVJD]ROHV
UHFRPPDQG«VGRLYHQWU«SRQGUH¢ODG«VLJQDWLRQ$670'
Qr' &% RXQr' 77 DYHFXQQLYHDXGHF«WDQHVXS«ULHXU
¢HWXQHWHQHXUHQVRXIUHLQI«ULHXUH¢SS
9RWUHPDFKLQHHVW«TXLS«HG XQILOWUH¢SDUWLFXOHVGLHVHO '3) ,O

HVWGRQFLPS«UDWLIG XWLOLVHUXQJD]ROHGRQWODWHQHXUHQVRXIUHHVW
LQI«ULHXUH¢SSP
/XEULILDQW
/ KXLOHPRWHXUGRLWDYRLUOHJUDGH%DVVHWHQHXUHQFHQGUHVRX
6$36 FHQGUHVVXOIDW«HVSKRVSKRUHHWVRXIUH EDVSRXU«YLWHUOH
FROPDWDJHGX'3)&RQVXOWH]OHFKDSLWUH&DUDFW«ULVWLTXHV
7DEOHDX[GHERUG

7DEOHDX[GHERUG
$9(57,66(0(17
1 XWLOLVH]SDVODPDFKLQHDYDQWGHFRQQD°WUHODIRQFWLRQHWOD
SRVLWLRQGHVLQVWUXPHQWVHWGHVFRPPDQGHV/LVH]
VRLJQHXVHPHQWOHPDQXHOG XWLOLVDWLRQYRWUHV«FXULW«HVWHQMHX
&RQVHUYH]OHPDQXHOGDQVODFDELQHGHVRUWHTX LOVRLWWRXMRXUV¢
SRUW«HGHPDLQ

9
7DEOHDXGHERUGF¶W«JDXFKH 7DEOHDXGHERUGF¶W«GURLW
7DEOHDX[GHERUG

0
0,55256
/ 5
0
3
9
9
5«WURYLVHXUV¢FRPPDQGH«OHFWULTXH «TXLSHPHQW
*\URSKDUHG DYHUWLVVHPHQW «TXLSHPHQWRSWLRQQHO
RSWLRQQHO
3KDUHV *UDGDWHXU
5«WURYLVHXUV¢FKDXIIDJH«OHFWULTXH «TXLSHPHQW
(FODLUDJHGHWUDYDLODYDQW «TXLSHPHQWRSWLRQQHO
RSWLRQQHO
)RQFWLRQGHPLQXWHULHSRXUOHFKDXIIDJHGHFDELQHHW
(FODLUDJHGHWUDYDLODUULªUH «TXLSHPHQWRSWLRQQHO
GHPRWHXU «TXLSHPHQWRSWLRQQHO
5«WURYLVHXUV¢FRPPDQGH«OHFWULTXH «TXLSHPHQW
0,55256 RSWLRQQHO
/ 5
6«OHFWLRQQHUOHU«WURYLVHXUJDXFKHRXGURLWHQG«SOD©DQWOHSHWLW
ERXWRQVXS«ULHXU
$MXVWHUOHVPLURLUVHQG«SOD©DQWOHERXWRQLQI«ULHXUGDQVOHVHQV
GHVIOªFKHV
9
$9,6
6HXOOHU«WURYLVHXUVXS«ULHXUGHVGHX[U«WURYLVHXUVODW«UDX[GH
FKDTXHF¶W«SHXW¬WUHU«JO««OHFWULTXHPHQW/HU«WURYLVHXU
FRQYH[HLQI«ULHXUGRLW¬WUHU«JO«PDQXHOOHPHQW
)HX[GHPDUFKH
,QWHUUXSWHXUDYHFODSDUWLHVXS«ULHXUHHQIRQF«H SKDUHVHW
«FODLUDJHGHVLQVWUXPHQWVDOOXP«V
,QWHUUXSWHXUHQSRVLWLRQFHQWUDOH IHX[GHVWDWLRQQHPHQWHW
«FODLUDJHGHVLQVWUXPHQWVDOOXP«V
,QWHUUXSWHXUDYHFODSDUWLHLQI«ULHXUHHQIRQF«H «FODLUDJH«WHLQW

8QW«PRLQGDQVOHWDEOHDXGHERUGFHQWUDOLQGLTXHVLOHVIHX[GH
URXWHVRQWDOOXP«V YRLU&KDSLWUH7
7DEOHDXGHERUGFHQWUDO¢OD
SDJH
7DEOHDX[GHERUG
(FODLUDJHGHWUDYDLODYDQW «TXLSHPHQWRSWLRQQHO
,QWHUUXSWHXUDYHFODSDUWLHVXS«ULHXUHHQIRQF«H OHVSKDUHVGH
WUDYDLOVXUOHGHVVXVGHODFDELQHVRQWDOOXP«V
,QWHUUXSWHXUDYHFODSDUWLHLQI«ULHXUHHQIRQF«H OHVSKDUHVGH
WUDYDLODYDQWVRQW«WHLQWV
$9,6

6HORQODWHPS«UDWXUHH[W«ULHXUHLOIDXWHQYLURQVHFRQGHVSRXU
TX XQSKDUHGHW\SH+,' G«FKDUJH¢KDXWHLQWHQVLW« DWWHLJQHVD
SOHLQHSXLVVDQFH'ªVORUVQHSDV«WHLQGUHSXLVUDOOXPHUOHV
SKDUHVGHWUDYDLOSOXVTXHQ«FHVVDLUH
$9,6
/HVSKDUHVGHWUDYDLOGRLYHQW¬WUH«WHLQWVHQFDVGHFLUFXODWLRQVXU
ODYRLHSXEOLTXH
(FODLUDJHGHWUDYDLODUULªUH «TXLSHPHQWRSWLRQQHO
,QWHUUXSWHXUDYHFODSDUWLHVXS«ULHXUHHQIRQF«H OHVSKDUHVGH
WUDYDLOYHUVO DUULªUHHWOHVSKDUHVGHWUDYDLOVXUOHVDLOHVGH
O «O«PHQWWUDFWHXUVRQWDOOXP«V
,QWHUUXSWHXUDYHFODSDUWLHLQI«ULHXUHHQIRQF«H OHVSKDUHVGH
WUDYDLODUULªUHVRQW«WHLQWV
$9,6

/HVSKDUHVGHWUDYDLOGRLYHQW¬WUH«WHLQWVHQFDVGHFLUFXODWLRQVXU
ODYRLHSXEOLTXH

,QWHUUXSWHXUDYHFODSDUWLHVXS«ULHXUHHQIRQF«H J\URSKDUHHQ
PDUFKHYRLU«JDOHPHQWSDJH
,QWHUUXSWHXUDYHFODSDUWLHLQI«ULHXUHHQIRQF«H J\URSKDUH«WHLQW
7DEOHDXGH
/HW«PRLQVXUOHWDEOHDXGHERUGFHQWUDO YRLUFKDSLWUH7
ERUGFHQWUDOSDJH LQGLTXHTXHOHJ\URSKDUHIRQFWLRQQH

*UDGDWHXU
,ODMXVWHO LQWHQVLW«GHO «FODLUDJHGHVV\PEROHVGHVLQWHUUXSWHXUV
«FODLU«VHWGHVV\PEROHVGHODFRPPDQGHGHFKDQJHPHQWGH
YLWHVVHDLQVLTXHGXOHYLHUGHFKDUJHPHQWHWGHEDVFXOHPHQW/H
V\PEROH«FODLU«GHO LQWHUUXSWHXUGHVIHX[GHG«WUHVVHHWOHW«PRLQ
YHUWGHVLQWHUUXSWHXUVLQGLTXDQWTX XQLQWHUUXSWHXUHVWDFWLY«QH
VRQWSDVFRQFHUQ«V
9 ,QWHUUXSWHXUHQIRQF«YHUVOHKDXW DXJPHQWDWLRQGHO LQWHQVLW«

OXPLQHXVH

7DEOHDX[GHERUG
,QWHUUXSWHXUHQIRQF«YHUVOHEDV U«GXFWLRQGHO LQWHQVLW«

OXPLQHXVH
$9,6
/HVSKDUHVGHURXWHRXGHWUDYDLOGRLYHQW¬WUHDOOXP«VSRXUTXH
O «FODLUDJHGHVV\PEROHVGHVLQWHUUXSWHXUVHWFVRLWDOOXP«
5«WURYLVHXUV¢FKDXIIDJH«OHFWULTXH «TXLSHPHQW
RSWLRQQHO
,QWHUUXSWHXUDYHFODSDUWLHVXS«ULHXUHHQIRQF«H FKDXIIDJHHQ
PDUFKH
,QWHUUXSWHXUDYHFODSDUWLHLQI«ULHXUHHQIRQF«H FKDXIIDJHDUU¬W«

)RQFWLRQGHPLQXWHULHSRXUOHFKDXIIDJHGHFDELQH

HWGHPRWHXU «TXLSHPHQWRSWLRQQHO
0
/DIRQFWLRQGHPLQXWHULHSRXUOHFKDXIIDJHGHODFDELQHHWGX
PRWHXUVHUW¢DFWLYHUOHFKDXIIDJHGXPRWHXUGLHVHOHWGHOD
FDELQH/HFKDXIIDJHSHXW¬WUHDFWLY«GLUHFWHPHQWRXSU«U«JO«
3 DYHFODIRQFWLRQGHPLQXWHULH
3RXUSOXVGHG«WDLOVFRQFHUQDQWODIRQFWLRQGHPLQXWHULHHWOH
FKDXIIDJHGXPRWHXUHWGHFDELQHYRLUSDJH
9

7DEOHDX[GHERUG
$XG«PDUUDJHWRXVOHVW«PRLQVGHFRQWU¶OHFOLJQRWHQW6LO XQGH
FHVW«PRLQVQHV DOOXPHSDVORUVTXHODFO«GHFRQWDFWHVWPLVHHQ
SRVLWLRQGHFRQGXLWH OHW«PRLQHVWG«IHFWXHX[RXXQHSDQQH
HVWVXUYHQXHGDQVOHV\VWªPH«OHFWULTXH&HSUREOªPHGRLW¬WUH
U«JO«DYDQWOHG«PDUUDJH

UPLQ[

PSK

NPK

9
)HX[GHURXWH EOHX &OLJQRWDQWV«O«PHQWEHQQH YHUW QRQXWLOLV«

*\URSKDUH RUDQJH 7HPS«UDWXUHGHO KXLOHGHUHIURLGLVVHPHQWGHVIUHLQV
)UHLQGHFKDUJHPHQWHWGHEDVFXOHPHQW RUDQJH 1LYHDXGHFDUEXUDQW
%HQQHOHY«H URXJH &RPSWHXUGHYLWHVVH
%DVVHSUHVVLRQG KXLOHPRWHXU URXJH &OLJQRWDQWJDXFKH YHUW
)UHLQGHVWDWLRQQHPHQW URXJH 9R\DQWG DYHUWLVVHPHQWSULQFLSDO URXJH
'«IDLOODQFHGXV\VWªPHGHFKDUJH URXJH 9R\DQWG DYHUWLVVHPHQWSULQFLSDO MDXQH
5DSSHOGHFHLQWXUHGHV«FXULW« URXJH $YHUWLVVHXUFHQWUDO YHUW
3RUWLªUHRXYHUWH URXJH &OLJQRWDQWGURLW YHUW
5«J«Q«UDWLRQUHTXLVH RUDQJH (FUDQG LQIRUPDWLRQ
5«J«Q«UDWLRQHQFRXUVWHPS«UDWXUH«OHY«HGHVJD] &RPSWHWRXUV
G «FKDSSHPHQW RUDQJH
$7& $XWRPDWLF7UDFWLRQ&RQWURO G«VDFWLY«H MDXQH 3UHVVLRQG DFFXPXODWHXUGDQVOHFLUFXLWGHIUHLQDJH
GHO «O«PHQWEHQQH
)UHLQVGHURXWHVHUU«V YHUW 3UHVVLRQG DFFXPXODWHXUGDQVOHFLUFXLWGHIUHLQDJH
GHO «O«PHQWWUDFWHXU
7DEOHDX[GHERUG
)HX[GHURXWH
/HW«PRLQHVWDOOXP«TXDQGOHVIHX[GHURXWHVRQWDOOXP«VYRLU
SDJH

/HW«PRLQHVWDOOXP«TXDQGOHJ\URSKDUHHVWDOOXP«YRLUSDJH

)UHLQGHFKDUJHPHQWHWGHEDVFXOHPHQW
/HW«PRLQHVWDOOXP«TXDQGODIRQFWLRQGHIUHLQGHFKDUJHPHQWHW
9
GHEDVFXOHPHQWHVWDFWLY«HYRLUSDJH

%HQQHVRXOHY«H

6 DOOXPHTXDQGODEHQQHHVWOHY«H
9

%DVVHSUHVVLRQG KXLOHPRWHXU
$9(57,66(0(17
$UU¬WHUODPDFKLQHHWFRQWU¶OHUOಬRULJLQHGHODSDQQH
9 LPP«GLDWHPHQW
$OOXP«VLODSUHVVLRQG KXLOHGXPRWHXUHVWLQVXIILVDQWH
)UHLQGHVWDWLRQQHPHQWVHUU«
$OOXP«ORUVTXHOHIUHLQGHVWDWLRQQHPHQWHVWVHUU«

&KDUJHLQFRUUHFWH
6 DOOXPHTXDQGO DOWHUQDWHXUQHG«OLYUHSOXVODWHQVLRQGHFKDUJH
6LOHW«PRLQV DOOXPHORUVGHO XWLOLVDWLRQODFDXVHGRLW¬WUHFRUULJ«H

VLQRQOHVEDWWHULHVSHXYHQW¬WUHHQGRPPDJ«HV
5DSSHOGHFHLQWXUHGHV«FXULW«QRQERXFO«H
/HW«PRLQHVWDOOXP«VLOHPRWHXUWRXUQHHWVLOHFRQGXFWHXUHVW
DVVLVVXUOHVLªJHFRQGXFWHXUVDQVDYRLUERXFO«VDFHLQWXUHGH
9
V«FXULW«

3RUWLªUH
6 DOOXPHORUVTXHODSRUWLªUHHVWRXYHUWH/RUVTXHODSRUWLªUHHVW
9
RXYHUWHODYLWHVVHPD[LPDOHGHODPDFKLQHHVWOLPLW«H

7DEOHDX[GHERUG
5«J«Q«UDWLRQ V DSSOLTXHXQLTXHPHQWDX[
PDFKLQHVDYHFPRWHXU';;+
9
/HW«PRLQHVWDOOXP«TXDQGOHILOWUH¢SDUWLFXOHVSRXUGLHVHOHVW
UHPSOLHWTX LOHVWWHPSVG HIIHFWXHUXQHU«J«Q«UDWLRQYRLUSDJH

7HPS«UDWXUH«OHY«HGHVJD]G «FKDSSHPHQW
V DSSOLTXHXQLTXHPHQWDX[PDFKLQHVDYHFPRWHXU
';;+
9
/HW«PRLQV DOOXPHTXDQGODU«J«Q«UDWLRQGXILOWUH¢SDUWLFXOHV
SRXUGLHVHOHVWHQFRXUVHWLOVLJQDOHTXHODWHPS«UDWXUHGHVJD]
G «FKDSSHPHQWVRUWDQWGXWX\DXG «FKDSSHPHQWHVWSOXV«OHY«H
TX KDELWXHOOHPHQW
$7& $XWRPDWLF7UDFWLRQ&RQWURO G«VDFWLY«H

/HW«PRLQHVWDOOXP«TXDQGODIRQFWLRQ$7& $XWRPDWLF7UDFWLRQ
9
&RQWURO HVWG«VDFWLY«H

)UHLQVGHURXWHDFWLY«V
/HW«PRLQHVWDOOXP«TXDQGODS«GDOHGHIUHLQHVWHQIRQF«H
9

,QXWLOLV«
9

7HPS«UDWXUHGHO KXLOHGHUHIURLGLVVHPHQWGHV
IUHLQV
,QGLTXHXQHWHPS«UDWXUHWUªV«OHY«HGHO KXLOHGHUHIURLGLVVHPHQW
GHVIUHLQVGHO HVVLHXDYDQWGHVHVVLHX[GHWDQGHPRXGDQVOH
U«VHUYRLUGHO KXLOHGHUHIURLGLVVHPHQWGHVIUHLQV6LOD
WHPS«UDWXUHG«SDVVHODWHPS«UDWXUHGHVHUYLFHQRUPDOHOH
FRQGXFWHXUHVWDYHUWLSDUXQHDODUPHVXUOHSDQQHDX
G LQIRUPDWLRQV9RLUOHFKDSLWUH88WLOLVDWLRQGXSDQQHDX
G LQIRUPDWLRQV¢ODSDJH
9

1LYHDXGHFDUEXUDQW
,QGLTXHOHQLYHDXGHFDUEXUDQWGDQVOHU«VHUYRLU4XDQGO DLJXLOOH
GHODMDXJHS«QªWUHGDQVOD]RQHURXJHGXFDGUDQOHW«PRLQ¢
JDXFKHGHODMDXJHV DOOXPH/HYROXPHGHFDUEXUDQWUHVWDQW¢FH
PRPHQWO¢HVWHVWLP«¢HQYLURQXQHKHXUHGHFRQGXLWHQRUPDOH
9

7DEOHDX[GHERUG
&RPSWHXUGHYLWHVVH
/HFRPSWHXUGHYLWHVVHLQGLTXHODYLWHVVHDFWXHOOHG«SODFHPHQW
GHODPDFKLQHHWHVWJUDGX«GH¢NPK PSK

PSK

NPK
9

&OLJQRWDQWJDXFKH
/HW«PRLQLQGLTXHOHIRQFWLRQQHPHQWGXFOLJQRWDQWJDXFKH/H
W«PRLQFOLJQRWHTXDQGOHOHYLHUHVWG«SODF«YHUVO DUULªUH9RLUOH
&RPPDQGHV¢ODSDJH
FKDSLWUH&

/HFRQGXFWHXUHVWLQIRUP«GHODG«IDLOODQFHG XQHDPSRXOHGH
FOLJQRWDQWSDUXQDYHUWLVVHPHQWVXUOHSDQQHDXG LQIRUPDWLRQV
9RLUOHFKDSLWUH8
8WLOLVDWLRQGXSDQQHDXG LQIRUPDWLRQV¢ODSDJH

$ODUPHDYHUWLVVHXUFHQWUDO URXJH
6LOHW«PRLQFOLJQRWHSHQGDQWODFRQGXLWH
$9(57,66(0(17

$UU¬WHUODPDFKLQHHWFRQWU¶OHUOಬRULJLQHGHODSDQQH
LPP«GLDWHPHQW
(QSOXVGXW«PRLQDOOXP«XQHDODUPHV DIILFKHVXUOHSDQQHDX
G LQIRUPDWLRQVHWV DMRXWH¢ODOLVWHGHVPHVVDJHVWDQGLVTXHOH
U«S«WLWHXUDFRXVWLTXHUHWHQWLWMXVTX ¢FHTXHOHSUREOªPHVRLW
U«VROX
$IILFKDJHGHVDODUPHV¢ODSDJH
9RLUOHFKDSLWUH$
$ODUPHDYHUWLVVHXUFHQWUDO RUDQJH
6 DOOXPHHQFDVGHVLWXDWLRQDQRUPDOH(QSOXVGXW«PRLQDOOXP«
XQHDODUPHV DIILFKHVXUOHSDQQHDXG LQIRUPDWLRQVHWV DMRXWH¢
ODOLVWHGHVPHVVDJHVWDQGLVTXHOHU«S«WLWHXUDFRXVWLTXH«PHW
TXDWUHVLJQDX[EUHIV,OVHSHXWTXHGHVDFWLRQVGRLYHQW¬WUHSULVHV
VHORQODIRQFWLRQFRQFHUQ«HUHFKHUFKHUO RULJLQHGXSUREOªPH¢
ODSURFKDLQHSDXVH9RLUSDJH
7DEOHDX[GHERUG
6\PEROHG LQIRUPDWLRQYHUW
,QGLTXHXQ«FDUWTXHOFRQTXH8QHDODUPHV DIILFKHVXUOHSDQQHDX
9 G LQIRUPDWLRQVHWOHU«S«WLWHXUDFRXVWLTXH«PHWTXDWUHVLJQDX[
$IILFKDJHGHVDODUPHV¢ODSDJH
EUHIV9RLUOHFKDSLWUH$
&OLJQRWDQWGURLW
/HW«PRLQLQGLTXHOHIRQFWLRQQHPHQWGXFOLJQRWDQWGURLW/HW«PRLQ
FOLJQRWHTXDQGOHOHYLHUHVWG«SODF«YHUVO DYDQW9RLUOHFKDSLWUH
&RPPDQGHV¢ODSDJH
/HFRQGXFWHXUHVWLQIRUP«GHODG«IDLOODQFHG XQHDPSRXOHGH
FOLJQRWDQWSDUXQDYHUWLVVHPHQWVXUOHSDQQHDXG LQIRUPDWLRQV
9RLUOHFKDSLWUH8
8WLOLVDWLRQGXSDQQHDXG LQIRUPDWLRQV¢ODSDJH

(FUDQG LQIRUPDWLRQ
2XWUHOHVPHVVDJHVG DODUPHO «FUDQLQGLTXHDXVVLODV«TXHQFH
GHG«PDUUDJHOHVLQIRUPDWLRQVHWOHVU«JODJHVG H[SORLWDWLRQ9RLU
8QLW«G DIILFKDJH¢ODSDJH
VHFWLRQ8
9

&RPSWHWRXUV
/HFRPSWHWRXUVLQGLTXHOHU«JLPHPRWHXUDFWXHO WUPLQ ,OHVW
JUDGX«GH¢WUPLQ FRUUHVSRQG¢[WUPLQF¢
GWUPLQ
UPLQ[

9

7DEOHDX[GHERUG
3UHVVLRQG DFFXPXODWHXUGDQVOHFLUFXLWGHIUHLQDJH
GHO «O«PHQWEHQQH
,QGLTXHODSUHVVLRQG DFFXPXODWHXUGDQVOHFLUFXLWGHIUHLQDJHGH
O «O«PHQWEHQQH
9

3UHVVLRQG DFFXPXODWHXUGDQVOHFLUFXLWGHIUHLQDJH
GHO «O«PHQWWUDFWHXU
,QGLTXHODSUHVVLRQG DFFXPXODWHXUGDQVOHFLUFXLWGHIUHLQDJHGH

O «O«PHQWWUDFWHXU
9

7DEOHDX[GHERUG
8QLW«G DIILFKDJH
8QLW«G DIILFKDJH
/ «FUDQG LQIRUPDWLRQVLWX«DXFHQWUHGXWDEOHDXGHERUGDIILFKH
5 ODV«TXHQFHGHG«PDUUDJHO LQIRUPDWLRQUHODWLYHDX[GLII«UHQWV
FRPSRVDQWVDLQVLTX DXIRQFWLRQQHPHQWGHODPDFKLQHOHVFRGHV
G DODUPHHWOHVPHVVDJHVHQFODLU

9
6HUUXUHGHFRQWDFW
3RVLWLRQ2))
5 3RVLWLRQUDGLR
3RVLWLRQPDUFKH
3RVLWLRQGHG«PDUUDJH

/RUVGHO DFWLYDWLRQGHVV\VWªPHV«OHFWURQLTXHVYRLFL
FHTXLV DIILFKH
+HXUHVPDFKLQH
/RUVTXHOHFRXSHEDWWHULHVHVWHQSRVLWLRQ0DUFKHHWODFO«GH
K FRQWDFWHQSRVLWLRQOHQRPEUHWRWDOG KHXUHVGHVHUYLFH
V DIILFKH
6LODPDFKLQHHVW«TXLS«HG XQHSURWHFWLRQDQWLYROYRLUSDJH

9
+HXUHVPDFKLQH

FUDQGHG«PDUUDJH
/HV\VWªPH«OHFWURQLTXHHVWDFWLY«ORUVTXHODFO«GHFRQWDFW
SDVVHGHODSRVLWLRQ¢ODSRVLWLRQ/HWHVWGHVW«PRLQVGH
FRQWU¶OHLQWHUYLHQWDORUVHWO «FUDQGHG«PDUUDJHV DIILFKHVXU
OHTXHODSSDUD°WXQORJR9ROYRHQPRXYHPHQW
&HWWHV«TXHQFHGHPDQGHTXHOTXHVVHFRQGHV(QVXLWHOH
V\VWªPH«OHFWURQLTXHHVWSU¬WSRXUOHG«PDUUDJHGXPRWHXUHWOD
FO«GHFRQWDFWSHXW¬WUHWRXUQ«HHQSRVLWLRQGHG«PDUUDJH
SRVLWLRQ
9
/RJRW\SH9ROYR

7DEOHDX[GHERUG
8QLW«G DIILFKDJH
$IILFKDJHGHFRQGXLWH
,OH[LVWHGHX[YHUVLRQVG DIILFKDJHGHFRQGXLWH YRLUSDJH

8QHIRLVOHG«PDUUDJH«OHFWURQLTXHWHUPLQ«O «FUDQDIILFK«DYDQW
ODGHUQLªUHG«VDFWLYDWLRQGHO «OHFWURQLTXHDSSDUD°W
9
([HPSOHG DIILFKDJHGHFRQGXLWH

/RUVGHO DUU¬WGHVV\VWªPHV«OHFWURQLTXHVYRLFLFHTXL
V DIILFKH
/RUVTXHODFO«GHFRQWDFWHVWWRXUQ«HGHODSRVLWLRQ¢ODSRVLWLRQ
5RXOHV\VWªPH«OHFWURQLTXHGHODPDFKLQHHVWG«VDFWLY«GH

PDQLªUHFRQWU¶O«H&HTX LQGLTXHODGLVSDULWLRQGHO «FUDQ
G LQIRUPDWLRQVXUO «FUDQGHFRQWU¶OH
/RUVTXHODFO«GHFRQWDFWHVWWRXUQ«HHQSRVLWLRQ$UU¬WOHWRWDO
K GHVKHXUHVGHVHUYLFHV DIILFKH
9
+HXUHVPDFKLQH

6LODIRQFWLRQ&RXSXUHUHWDUG«HGXPRWHXU RSWLRQ HVWDFWLY«H
$UU¬WWHPSRULV« «TXLSHPHQWRSWLRQQHO ¢ODSDJHOH
YRLU$
PRWHXUQHV DUU¬WHUDSDVDYDQWODILQGXG«ODL3HQGDQWFHWHPSV
VLODFO«GHFRQWDFWSDVVHGHODSRVLWLRQ¢OHUHWDUGVHUD
DQQXO«
9
&ODYLHU«FUDQG LQIRUPDWLRQ
/HFODYLHUSHUPHWDXFRQGXFWHXUG REWHQLUO LQIRUPDWLRQG«VLU«H

VXUO «WDWGHODPDFKLQHPDLVDXVVLG HQWUHUGHVSDUDPªWUHVVXU
O «FUDQG LQIRUPDWLRQ YRLU«JDOHPHQWSDJH
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
(6&

6(783

6(/(&7
9
0RWHXU
7UDQVPLVVLRQ
6\VWªPHK\GUDXOLTXH
3RQWVIUHLQV
6\VWªPH«OHFWULTXH
,QIRUPDWLRQVPDFKLQH
0HVVDJHVHQFODLU
(QWUHWLHQ
5«JODJHV
,QIRUPDWLRQUHODWLYHDX[F\FOHV
(6& /DFO«SHUPHWGHUHYHQLU¢O «FUDQSU«F«GHQWHWGH
YDOLGHUOHVDODUPHV
7RXFKHGHG«ILOHPHQWGXPHQXYHUVOHKDXW
9
7RXFKHGHG«ILOHPHQWGXPHQXYHUVOHKDXW
9
6/(&7 7RXFKHGHV«OHFWLRQ
(JDOHPHQWXWLOLV«HSRXUREWHQLUXQFRPSO«PHQW
G LQIRUPDWLRQORUVTXHO «FUDQDIILFKHXQH
LQIRUPDWLRQRXXQPHVVDJH
3RXUHQWUHUGHVYDOHXUVQXP«ULTXHVFRPPHSDU
H[HPSOHODGDWHRXOHFRGHGHSURWHFWLRQDQWLYRO
F HVWOHFKLIIUHILJXUDQWDXEDVGHFKDTXHWRXFKH¢
GURLWHTXLHVWYDODEOH
FUDQG DIILFKDJHGHVLQIRUPDWLRQVG XWLOLVDWLRQ
/RUVTXHOHPRWHXUWRXUQHHQPRGHGHIRQFWLRQQHPHQWQRUPDO
O DIILFKDJHGHFRQGXLWHDSSDUD°WVXUOHSDQQHDXG LQIRUPDWLRQV,O
H[LVWHGHX[YHUVLRQVGHO DIILFKDJHGHFRQGXLWHO DIILFKDJHGH
FRQGXLWHHWO DIILFKDJHGHFRQGXLWH/RUVTXHODPDFKLQHHVW
HQPDUFKHO DIILFKDJHGHFRQGXLWHSU«VHQW«ORUVGHO DUU¬W
SU«F«GHQWGHO «OHFWURQLTXHHVWWRXMRXUVDIILFK«$XSUHPLHU
G«PDUUDJHGHODPDFKLQHO DIILFKDJHGHFRQGXLWHHVWWRXMRXUV
DIILFK«
8WLOLVH]OHVWRXFKHVIO«FK«HVSRXUSDVVHUGHO XQ¢O DXWUH
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
$IILFKDJHGHFRQGXLWH
/HFRQWHQXGHVFKDPSVGHO «FUDQHVWOHVXLYDQW
8QHKRUORJHDQDORJLTXHDSSDUD°WDXWRPDWLTXHPHQWGDQVOH
FKDPSVXS«ULHXUGHO DIILFKDJHGHFRQGXLWHORUVTXHODPDFKLQH
URXOH
/HWRPEHUHDXILJXUHWRXMRXUVVXUO «FUDQGHFRQWU¶OHOHTXHO
SHXW«JDOHPHQWLQGLTXHUSDUH[HPSOHVLOHVEORFDJHVGH
GLII«UHQWLHOVVRQWHQFOHQFK«VRXVLODEHQQHHVWEDVFXO«H/H
FKDPS¢JDXFKHLQGLTXHSRXUVDSDUWTXHOHEORFDJHGH
GLII«UHQWLHOORQJLWXGLQDOHWODWUDFWLRQ[VRQWHQFOHQFK«V
,QGLFDWHXUG DQJOHG LQFOLQDLVRQSRVLWLRQKRUL]RQWDOH DQJOH
LQI«ULHXU¢ SHQWHDVFHQGDQWHRXGHVFHQGDQWH
/ LQGLFDWHXUGHUDSSRUWSHUPHWGHVDYRLUTXHOUDSSRUWHVW
HQJDJ«1555/DOHWWUH&
9
DFFRPSDJQHOHUDSSRUWHQPDUFKH$9RXHQPDUFKH$5VLOH
$IILFKDJHGHFRQGXLWH
YHUURXLOODJHHQSULVHGLUHFWHQ HVWSDVHQFOHQFK« YRLUSDJH
8QHOLJQHDXGHVVRXVHWDXGHVVXVGHFHUDSSRUWLQGLTXH
SDUFRQWUHTX LOO HVW YRLU
7HPS«UDWXUHDPELDQWH
3OXVLHXUVV«OHFWLRQVVRQWSRVVLEOHV$YHFO DIILFKDJHGH
FRQGXLWHLOHVWSRVVLEOHG XWLOLVHUODWRXFKHIO«FK«HYHUVOH
EDVGXFODYLHUGXSDQQHDXG LQIRUPDWLRQV YRLU SRXU
V«OHFWLRQQHUO DIILFKDJHGHFRQGXLWH
6LXQHTXHOFRQTXHLQIRUPDWLRQIDLWG«IDXWRXQHV DIILFKHSDVOH
V\PEROHDSSDUD°W
$IILFKDJHGHFRQGXLWH
/ «FUDQIRXUQLWODP¬PHLQIRUPDWLRQTXHO «FUDQPDLVDYHFHQ
SOXV
ODFRQVRPPDWLRQGHFDUEXUDQWLQVWDQWDQ«HHQOLWUHVSDUKHXUH
/RUVTXHFHW«FUDQHVWDFWLY«V«OHFWLRQQHUODIOªFKHRULHQW«HYHUV
OHKDXWVXUOHFODYLHUSRXUSDVVHU¢O «FUDQ YRLUOHV\PEROH
DIILFK«GDQVO DQJOHLQI«ULHXUGURLWVXUO LOOXVWUDWLRQ¢JDXFKH
6LXQHTXHOFRQTXHLQIRUPDWLRQIDLWG«IDXWRXQHV DIILFKHSDVOH
V\PEROHDSSDUD°W
9
$IILFKDJHGHFRQGXLWH

&KDPSU«VHUY«DX[V\PEROHV
,OHVWSRVVLEOHGDQVFHFKDPSG DIILFKHUHQVXUEULOODQFHOHV
GLII«UHQWVV\PEROHVDSSDUDLVVDQWVXUO «FUDQ
/DVLJQLILFDWLRQGHFHVV\PEROHVHVWODVXLYDQWH
SURFKDLQHYLVLWHG HQWUHWLHQ
PHVVDJHG«WHFW«
& & SU«FKDXIIDJHRXSRVWFKDXIIDJHDFWLY«
$8;
IUHLQPRWHXUDFWLY«
V\VWªPHK\GUDXOLTXHDX[LOLDLUHDFWLY« +DXOHUFKDVVLV YRLU
9
VRXV6\VWªPHK\GUDXOLTXHDX[LOLDLUH RSWLRQ GDQVOD
&RPPDQGHV¢SDUWLUGHODSDJH
VHFWLRQ&

7DEOHDX[GHERUG
8QLW«G DIILFKDJH
,QGLFDWHXUG DQJOHG LQFOLQDLVRQ

/ LQGLFDWHXUG LQFOLQDLVRQSHXWSUHQGUHSRVLWLRQV
3HQWHLQI«ULHXUH¢
9
3HQWHGHVFHQGDQWHHQ
9
3HQWHDVFHQGDQWHHQ
9
%ORFDJHVGHGLII«UHQWLHOV
$9,6
/RUVTXHO «FUDQHVWDIILFK«FHQ HVWTXHVLOHVEORFDJHVGH
GLII«UHQWLHOVVRQWHQFOHQFK«VPDQXHOOHPHQWTXHFHODDSSDUD°W
/ «FUDQHQUHYDQFKHIRXUQLWFHWWHLQGLFDWLRQLQG«SHQGDPPHQW
GXPRGHG HQFOHQFKHPHQWPDQXHORXDXWRPDWLTXH
/HVEORFDJHVGHGLII«UHQWLHOVVRQWHQFOHQFK«VDXWRPDWLTXHPHQW
RXPDQXHOOHPHQW
/ HQVHPEOHGHVEORFDJHVGHGLII«UHQWLHOVVRQWHQFOHQFK«V
OK
1 &
9
(QVHPEOHGHVEORFDJHVGHGLII«UHQWLHOV

/HEORFDJHGHGLII«UHQWLHOORQJLWXGLQDOHVWHQFOHQFK«
OK
1 &
9
%ORFDJHGHGLII«UHQWLHOORQJLWXGLQDO

7DEOHDX[GHERUG
8QLW«G DIILFKDJH
/HEORFDJHGHGLII«UHQWLHOORQJLWXGLQDOHWODWUDFWLRQ[VRQW
HQFOHQFK«V
OK
1 &
9
%ORFDJHGHGLII«UHQWLHOORQJLWXGLQDOHWWUDFWLRQ[

3RVLWLRQGHODEHQQH
/DSRVLWLRQHIIHFWLYHGHODEHQQHV DIILFKH
/RUVTXHODIRQFWLRQ+DXWHXUGHEDVFXOHPHQWPD[HVWDFWLY«H
XQHOLJQHDSSDUD°WDXGHVVXVGHODEHQQH

OK
1 &
9

$OWHUQDWLYH¢ODIRQFWLRQGHEDVFXOHPHQW
6LODPDFKLQHQ HVWSDV«TXLS«HG XQHEHQQH+DXOHUFKDVVLVSDU
H[HPSOHO DIILFKDJHGHFRQGXLWHQ DIILFKHSDVGHEHQQH,O
SUHQGUDO DSSDUHQFHFLFRQWUH
OK
1 &
9

6\VWªPH)6FRPPDQGHGHSRVLWLRQ
6\VWªPH)6HQSRVLWLRQLQG«ILQLH
3DUH[HPSOHDXG«PDUUDJHODSRVLWLRQGXV\VWªPH)6HVW
LQG«ILQLH/DIOªFKHDOWHUQHHQWUHXQDIILFKDJHDXGHVVXVRXHQ
GHVVRXVGXUHVVRUWVXUO «FUDQGXSDQQHDXG LQIRUPDWLRQV
9
3RVLWLRQLQG«ILQLH IOªFKHVURXJHVHWUHVVRUW

7DEOHDX[GHERUG
8QLW«G DIILFKDJH
/HV\VWªPH)6V DMXVWH¢ODSRVLWLRQGHVWDWLRQQHPHQW
/DIOªFKHVRXVOHUHVVRUWFOLJQRWH&HODLQGLTXHTXHODPDFKLQH
HVWHQWUDLQG DMXVWHUODSRVLWLRQLQI«ULHXUH
9
$MXVWHPHQW¢ODSRVLWLRQLQI«ULHXUH IOªFKHMDXQHHW
UHVVRUW

/HV\VWªPH)6DDWWHLQWODSRVLWLRQLQI«ULHXUH
9
3RVLWLRQLQI«ULHXUHDWWHLQWH IOªFKHYHUWHHWUHVVRUW

/HV\VWªPH)6V DMXVWH¢ODSRVLWLRQQRUPDOH/HVIOªFKHVDX
GHVVXVHWHQGHVVRXVGXUHVVRUWFOLJQRWHQW¢ODP¬PHIU«TXHQFH
9
$MXVWHPHQW¢ODSRVLWLRQQRUPDOH IOªFKHVMDXQHV
HWUHVVRUW

7DEOHDX[GHERUG
8QLW«G DIILFKDJH
/HV\VWªPH)6DDWWHLQWODSRVLWLRQQRUPDOH
/ DIILFKDJH FDPLRQHWUHVVRUWDYHFIOªFKH DSSDUD°WSHQGDQW
HQYLURQVHFRQGHVDSUªVDYRLUDWWHLQWODSRVLWLRQQRUPDOHSXLV
LOGLVSDUD°WGHO DIILFKDJHGHFRQGXLWH
9
3RVLWLRQQRUPDOHDWWHLQWH IOªFKHVYHUWHVHWUHVVRUW

7DEOHDX[GHERUG
8QLW«G DIILFKDJH
,QIRUPDWLRQ
/HVLQIRUPDWLRQVFRQFHUQDQWOHVWDWXWGHODPDFKLQHVRQW
REWHQXHVHQDSSX\DQWVXUFKDTXHIRQFWLRQVXUOHFODYLHUGX
SDQQHDXG LQIRUPDWLRQV YRLUSDJH
&KDTXHJURXSHGHIRQFWLRQVHVWUHSU«VHQW«SDUXQRXSOXVLHXUV
FKLIIUHVVXUO «FUDQRXPHQXV
8WLOLVHUOHVWRXFKHVIO«FK«HVSRXUSDUFRXULUOHPHQX
'HVPRGLILFDWLRQVGHSDUDPªWUHVVRQWSRVVLEOHVGDQVFHUWDLQV
PHQXVDXTXHOFDVOHWH[WHFRUUHVSRQGDQWDSSDUD°WHQ
VXUEULOODQFHGDQVXQFDGUHEODQF
3RXUUHYHQLU¢O DIILFKDJHGHFRQGXLWHDSSX\H]VXUODWRXFKH(6&
GXFODYLHUGXSDQQHDXG LQIRUPDWLRQV
0RWHXU
0RWHXU
7HPSGHOLTGHUHIURLG 1LYHDXG KXLOH
9 9
(OHY« %DV
1LYHDXGHOLTGHUHIURLG )LOWUH¢DLU
;;;;;
9
9
%DV
7HPS«UDWXUHG KXLOH 5«JLPHPRWHXU

;;;;WUPLQ
9
(OHY«
3UHVVLRQG KXLOH 9LWHVVHG XWLOLVDWLRQ

5«JLPHIL[«
9
%DV
/HPHQXFLGHVVXVV DIILFKHDSUªVDYRLUHQIRQF«ODWRXFKH
0RWHXU
7HPSGHOLTGHUHIURLGLQGLTXHOHVWDWXWDFWXHOGHOD
WHPS«UDWXUHGXOLTXLGHGHUHIURLGLVVHPHQWQRUPDOHRX«OHY«H
1LYHDXGHOLTGHUHIURLGLQGLTXHOHVWDWXWDFWXHOGXQLYHDX
GXOLTXLGHGHUHIURLGLVVHPHQWQRUPDORXEDV
7HPS«UDWXUHG KXLOHLQGLTXHOHVWDWXWDFWXHOGHODWHPS«UDWXUH
GHO KXLOHQRUPDOHRX«OHY«H
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
3UHVVLRQG KXLOHLQGLTXHOHVWDWXWDFWXHOGHODSUHVVLRQG KXLOH

QRUPDOHRXEDVVH
1LYHDXG KXLOHLQGLTXHOHVWDWXWDFWXHOGXQLYHDXGHO KXLOH
QRUPDORXEDV
/RUVTXHODPDFKLQHYLHQWMXVWHG ¬WUHG«PDUU«HHWTX HOOHQ D
SDVHXOHWHPSVGHUHOHYHUOHQLYHDXG KXLOHOHPHVVDJH1 1RQ
OXDSSDUD°WSUªVGHODEDUUH
)LOWUH¢DLULQGLTXHOHVWDWXWDFWXHOGXILOWUH¢DLUQRUPDORX
FROPDW«
5«JLPHPRWHXULQGLTXHOHU«JLPHPRWHXUDFWXHO WUPLQ
9LWHVVHG XWLOLVDWLRQSHUPHWGHU«JOHUOHU«JLPHGHVHUYLFH WU
PLQ VRXKDLW«3RXUHIIHFWXHUOHU«JODJHYRLUVRXV5«JODJHGX
U«JLPHGHVHUYLFH WUPLQ GDQVODVHFWLRQ5«JODJHVHQSDJH

7UDQVPLVVLRQ
&HPHQXV DIILFKHDSUªVDYRLUHQIRQF«ODWRXFKH7UDQVPLVVLRQ
7UDQVPLVVLRQ
3UHVVLRQG KXLOHLQGLTXHOHVWDWXWDFWXHOGHODSUHVVLRQG KXLOH
7HPS«UDWXUHG KXLOH QRUPDOHRXEDVVH
1LYHDXG KXLOHLQGLTXHOHVWDWXWDFWXHOGXQLYHDXGHO KXLOH
9
EDVQRUPDORX«OHY«
(OHY« /HQLYHDXGHO KXLOHGHWUDQVPLVVLRQQ HVWUHOHY«TXHVLOD
WHPS«UDWXUHGHO KXLOHHVWFRPSULVHHQWUHHWr&OD
PDFKLQHQ HVWSDV¢O KRUL]RQWDOOHPRWHXUWRXUQHODPDFKLQH
HVWLPPRELOH6LFHVFRQGLWLRQVQHVRQWSDVUHPSOLHVOHQLYHDX
3UHVVLRQG KXLOH G KXLOHQHVHUDSDVUHOHY«HWOHPHVVDJH1 1RQOXDSSDUD°WVXUOD
EDUUH
9
)LOWUH¢KXLOHLQGLTXHOHVWDWXWDFWXHOGXILOWUH¢KXLOHQRUPDO
%DV RXFROPDW«
1LYHDXG KXLOH
9
%DV (OHY«
)LOWUH¢KXLOH
;;;;;
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
6\VWªPHK\GUDXOLTXH
/HPHQXV DIILFKHDSUªVDYRLUHQIRQF«ODWRXFKH6\VWªPH
K\GUDXOLTXH
6\VWªPHK\GUDXOLTXH
7HPS«UDWXUHG KXLOH 1LYHDXG KXLOHLQGLTXHOHVWDWXWDFWXHOGXQLYHDXGHO KXLOH
QRUPDORXEDV
9
+DXWHXUGHG«YHUVPD[LLQGLTXHVLODIRQFWLRQ+DXWHXUGH
(OHY« EDVFXOHPHQWPD[HVWDFWLY«H$LQVLOHU«JODJHDFWXHOGHOD
+DXWHXUGHEDVFXOHPHQWDSSDUD°WVRXVODIRUPHG XQ
SRXUFHQWDJHGHODKDXWHXUGHEDVFXOHPHQWSRVVLEOH
$FWLRQHWG«VDFWLYDWLRQGHOD+DXWHXUGHEDVFXOHPHQWPD[
1LYHDXG KXLOH YRLUVRXV$FWLYDWLRQG«VDFWLYDWLRQGHODKDXWHXUGH
EDVFXOHPHQWPD[GDQVODVHFWLRQ5«JODJHV¢SDUWLUGHOD
9 SDJH
5«JODJHGHOD+DXWHXUGHEDVFXOHPHQWPD[YRLUVRXV
%DV 5«JODJHGHODKDXWHXUGHEDVFXOHPHQWPD[GDQVODVHFWLRQ
5«JODJHV¢SDUWLUGHODSDJH
$UU¬WEHQQHGXULQGLTXHVLODIRQFWLRQ%XW«HGHEDVFXOHPHQW
+DXWHXUGHG«YHUVPD[L HVWDFWLY«H
;; ;; $FWLYDWLRQHWG«VDFWLYDWLRQGHOD%XW«HGHEDVFXOHPHQWYRLU
VRXV$FWLYDWLRQG«VDFWLYDWLRQGHODEXW«HGHEDVFXOHPHQW
GDQVODVHFWLRQ5«JODJHV¢SDUWLUGHODSDJH
%XW«HGHEDVFXOHPHQW
;;
3RQWV)UHLQV
&HPHQXV DIILFKHDSUªVDYRLUHQIRQF«ODWRXFKHSRQWVIUHLQV
3RQWV)UHLQV 7HPSG KXLOHUHIURLGIUHLQVLQGLTXHOHVWDWXWGHOD
WHPS«UDWXUHGHO KXLOHGHUHIURLGLVVHPHQWGHIUHLQQRUPDOHRX
7HPSG KXLOHUHIURLGIUHLQV «OHY«H
1LYG KXLOHUHIURLGIUHLQVLQGLTXHOHVWDWXWGXQLYHDXGHO KXLOH
9 GHUHIURLGLVVHPHQWGHIUHLQEDVRXQRUPDO
(OHY«
1LYG KXLOHUHIURLGIUHLQV
9
%DV
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
6\VWªPH«OHFWULTXH
&HPHQXV DIILFKHDSUªVDYRLUHQIRQF«ODWRXFKH6\VWªPH
«OHFWULTXH
6\VWªPH«OHFWULTXH
7HQVLRQLQGLTXHOHVWDWXWGHODWHQVLRQV\VWªPHEDVVH
7HQVLRQ QRUPDOHRX«OHY«H
9
%DV (OHY«
,QIRUPDWLRQVY«KLFXOH
/HPHQXDSSDUD°WDSUªVXQHSUHVVLRQVXUODWRXFKHG LQIRUPDWLRQV
9
,QIRUPDWLRQVY«KLFXOH
PDFKLQH/HPHQXDIILFKHOHVLQIRUPDWLRQVGHFRQGXLWH
'DWHLQGLTXHODGDWHGXMRXU
7HPSVLQGLTXHO KHXUHU«HOOH
'DWH ;;;;;;;;
'LVWDQFHWRWDOHLQGLTXHODGLVWDQFHWRWDOHSDUFRXUXHHQNP
7HPSV ;;;;
RXHQPLOHV O XQLW«SHXW¬WUHV«OHFWLRQQ«HGDQVOHPHQXGH
'LVWDQFHWRWDOH ;;;;NP U«JODJHV GXF\FOHGHWUDYDLOOHSOXVLPSRUWDQW
+HXUHVPDFK ;;;;K +HXUHVPDFKLQGLTXHOHQRPEUHWRWDOG KHXUHVGHVHUYLFHGH
ODPDFKLQH
0HVVDJHVY«KLFXOH
/HPHQXDSSDUD°WDSUªVXQHSUHVVLRQVXUODWRXFKHGHPHVVDJH
0HVVDJHVY«KLFXOH V LOHQH[LVWH6LQRQOHFKDPSUHVWHYLHUJH
;;;;;;;; ;;;; ;;;;;;; ,OLQGLTXHODGDWHO KHXUHOHW\SHGHPHVVDJHHWOHFRGHGHG«IDXW

«YHQWXHO
;;;;;;;; ;;;; ;;;;;;;
3RXUOLUHOHVPHVVDJHVSURF«GHUVHORQODP«WKRGHH[SOLTX«H
;;;;;;;; ;;;; ;;;;;;; VRXV&RQVXOWHUOHVPHVVDJHVGDQVODVHFWLRQ5«JODJHV¢
SDUWLUGHODSDJH
(QWUHWLHQ
/HPHQXV DIILFKHDSUªVDYRLUHQIRQF«ODWRXFKH6HUYLFH
&HPHQXDIILFKHOHVLQIRUPDWLRQVFRQFHUQDQWOHSURFKDLQ
(QWUHWLHQ LQWHUYDOOHG HQWUHWLHQHWOHVWHVWV3RXUOHVPDFKLQHV«TXLS«HV
G XQHVXVSHQVLRQK\GUDXOLTXH $))6HW$))6 OHV
LQIRUPDWLRQVG HQWUHWLHQGH)6VHWURXYHQW«JDOHPHQWLFL
3URFKHQWUHW
7HVWV
6XVSK\GUDXOLTXH )6
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
3URFKHQWUHWFHVRXVPHQXDIILFKHOHVLQIRUPDWLRQV
FRQFHUQDQWO HQWUHWLHQ3RXUDFF«GHU¢FHVLQIRUPDWLRQV
(QWUHWLHQ QDYLJXHUMXVTX ¢3 3URFKHQWUHWGDQVOHPHQXDYHFOHVWRXFKHV
IO«FK«HV6«OHFWLRQQHUHQVXLWHDYHFODWRXFKH6(/(&7
3URFKHQWUHW 7HPSVUHVWDQWDIILFKHOHWHPSVUHVWDQWHQKHXUHVDYDQWOH
SURFKDLQHQWUHWLHQ
7HPSVUHVWDQW ;;;K
,QWHUYDOOHDIILFKHO LQWHUYDOOHG HQWUHWLHQVXLYDQW
,QWHUYDOOH K
7HVWVFHVRXVPHQXDIILFKHOHVWHVWVTXLSHXYHQW¬WUH
H[«FXW«V
(QWUHWLHQ
7HVWV
6XVSK\GUDXOLTXH )6 VRXVFHWWHOLJQHGXPHQXG HQWUHWLHQ

OHVLQIRUPDWLRQVFRQFHUQDQWOHVIRQFWLRQV)6VRQWDIILFK«HV
(QWUHWLHQ 1DYLJXHUYHUVOHEDVMXVTX ¢ODOLJQH6XVSK\GUDXOLTXH )6 GX
PHQXG HQWUHWLHQDYHFOHVWRXFKHVIO«FK«HVSXLVDSSX\HUVXU
ODWRXFKH6(/(&7/HVRXVPHQX)RQFWLRQV)6V RXYUH
)RQFWLRQV)6
)RQFWLRQV)6SHUPHWG REWHQLUOHVLQIRUPDWLRQVFRQFHUQDQW
3UHVVLRQ)6 ODSUHVVLRQGDQVOHV\VWªPH)6
1DYLJXHUYHUVOHEDVMXVTX ¢ODOLJQH3UHVVLRQ)6DYHFOHV
WRXFKHVIO«FK«HV$SSX\HUVXUODWRXFKH6(/(&7SRXU
DIILFKHUOHVLQIRUPDWLRQV
3UHVVLRQ)6SHUPHWG DIILFKHUODSUHVVLRQDFWXHOOHGDQV
OHV\VWªPH)6
(QWUHWLHQ /HVSUHVVLRQVDIILFK«HVDXGHVVXVHWDXGHVVRXVGX
WUDFWHXULQGLTXHQWODSUHVVLRQGHVF¶W«VGURLWHWJDXFKHGX
WUDFWHXU
)RQFWLRQV)6 /HVSUHVVLRQVDIILFK«HVDXGHVVXVHWDXGHVVRXVGHOD
UHPRUTXHLQGLTXHQWODSUHVVLRQGHVF¶W«VGURLWHWJDXFKH
EDU EDU GHODUHPRUTXH
EDU EDU
9
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
5«JODJHV
&HPHQXDSSDUD°WDSUªVXQHSUHVVLRQVXUODWRXFKH6(783&H
5«JODJHV PHQXDIILFKHOHVU«JODJHVDFWXHOVHWLOHVWSRVVLEOHLFLGHPRGLILHU
FHVU«JODJHV1DYLJXHUYHUVOHKDXWRXYHUVOHEDVGDQVOHPHQX
'DWH ;;;;;;;; DYHFOHVWRXFKHVIO«FK«HV
7HPSV ;;;; 3RXUREWHQLUGHVLQIRUPDWLRQVG«WDLOO«HVFRQFHUQDQWO H[«FXWLRQ
GHVU«JODJHVVXLYDQWVYRLUODVHFWLRQ5«JODJHV¢SDUWLUGHOD
/DQJXH ;;;;; SDJH
8QLW«V ;;;;; 'DWHSHUPHWGHPRGLILHUODGDWH
)RUPDWKHXUH ;;;; 7HPSVSHUPHWGHU«JOHUO KHXUHU«HOOH
)RUPDWGDWH ;;;;;; /DQJXHSHUPHWGHV«OHFWLRQQHUODODQJXH
,QWHQVLW«GHO «FUDQ ;; 8QLW«VSHUPHWGHV«OHFWLRQQHUVLOHVYDOHXUVVRQWDIILFK«HV
7H[WHVDLGHDIILFKDJH ;; VHORQOHV\VWªPHP«WULTXHRXDQJORVD[RQ
'XU«HFKDXIIEHQQHDFWLI )RUPDWKHXUHSHUPHWGHU«JOHUOHIRUPDWG DIILFKDJHGH
O KHXUHU«HOOH&KRLVLUHQWUHOHVIRUPDWVKHXUHVHWKHXUHV

0DUFKHDUULªUH ;;
)RUPDWGDWHSHUPHWGHU«JOHUO DIILFKDJHGHODGDWHMRXU
&KDUJHPEDVFXOHPHQW ;; PRLVDQQ«HDQQ«HPRLVMRXURXPRLVMRXUDQQ«H
,QWHQVLW«GHO «FUDQSHUPHWGHU«JOHUO LQWHQVLW«OXPLQHXVHGH
O «FUDQ
7H[WHVDLGHDIILFKDJHSHUPHWG DFWLYHURXGHG«VDFWLYHU
O DIILFKDJHGHPHVVDJHVSRXUOHVDODUPHV
'XU«HFKDXIIEHQQHDFWLI
0DUFKHDUULªUHSHUPHWG DFWLYHUHWGHG«VDFWLYHUOD
V«OHFWLRQGXFKDXIIDJHGHEHQQHORUVGHODPDUFKHDUULªUH
&KDUJHPEDVFXOHPHQWSHUPHWG DFWLYHUHWGHG«VDFWLYHU
ODV«OHFWLRQGXFKDXIIDJHGHEHQQHORUVGXFKDUJHPHQWHW
GXEDVFXOHPHQW
,QIRF\FOH
/HPHQXV DIILFKHDSUªVDYRLUHQIRQF«ODWRXFKHG LQIRUPDWLRQGH

,QIRF\FOH F\FOH
9
&HPHQXLQGLTXHOHVYDOHXUVHQUHJLVWU«HVGHSXLVODGHUQLªUH
7HPSV ;;;;;;; U«LQLWLDOLVDWLRQ
'LVWDQFH ;NP 7HPSVSHUPHWG DIILFKHUOHWHPSVG XWLOLVDWLRQGHODPDFKLQH
&\FOHV ;;; GHSXLVODGHUQLªUHLQLWLDOLVDWLRQ
&RQVRWRWDOH ;;;O 'LVWDQFHSHUPHWG DIILFKHUODGLVWDQFHSDUFRXUXHHQNPRX

HQPLOHVGHSXLVODGHUQLªUHLQLWLDOLVDWLRQ
5«LQLWLDOLVHU 2II
&\FOHVSHUPHWG DIILFKHUOHQRPEUHGHF\FOHVGHWUDYDLO
HIIHFWX«VGHSXLVODGHUQLªUHLQLWLDOLVDWLRQ
&RQVRWRWDOHDIILFKHODFRQVRPPDWLRQWRWDOHGHFDUEXUDQWHQ
OLWUHVRXHQJDOORQV86GHSXLVODGHUQLªUHLQLWLDOLVDWLRQ
5«LQLWLDOLVHUSHUPHWG LQLWLDOLVHUOHVYDOHXUVFLGHVVXV
1DYLJXHUYHUVOHEDVGDQVOHPHQXMXVTX ¢V«OHFWLRQQHUOHPRW
2II$SSX\HUVXUODWRXFKH6(/(&7GXFODYLHU/HPRW
5«LQLWLDOLVHUDSSDUD°WDORUVEULªYHPHQWSXLV2IIU«DSSDUD°W
/ LQLWLDOLVDWLRQHVWWHUPLQ«H
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
5«JODJHV
7RXWHVOHVV«OHFWLRQVVRQWYDOLG«HVDYHFODWRXFKH6(/(&7GX
(6&
FODYLHUGXSDQQHDXG LQIRUPDWLRQV
/DWRXFKH(6&SHXW¬WUHXWLOLV«H¢WRXWPRPHQWSRXUUHYHQLU¢OD
SDJHSU«F«GHQWH$SSX\HUXQHIRLVRXGHX[IRLVVXUODWRXFKH
(6&SRXUUHYHQLU¢O DIILFKDJHGHFRQGXLWH 9RLU«JDOHPHQW
6(783

6(/(&7
9

5«JODJHGXU«JLPHGHWUDYDLO «TXLSHPHQWRSWLRQQHO
$SSX\HUVXUODWRXFKH0RWHXU
8WLOLVHUOHVWRXFKHVIO«FK«HVSRXUV«OHFWLRQQHU5«JLPHIL[«
0RWHXU
DORUVTXH9LWHVVHG XWLOLVDWLRQHVWDIILFK«HQVXUEULOODQFH
9DOLGHUODV«OHFWLRQDYHFODWRXFKH6(/(&7
9LWHVVHG XWLOLVDWLRQ
5«JLPHIL[«
5«JOHUOHU«JLPHVRXKDLW«DYHFOHVWRXFKHVIO«FK«HVGX
FODYLHU
0RWHXU
&RQILUPHUOHU«JODJHHWIHUPHUOHVRXVPHQXDYHFODWRXFKH
6(/(&7
9LWHVVHG XWLOLVDWLRQ
;;;;WUPLQ
$FWLYDWLRQG«VDFWLYDWLRQGHODKDXWHXUGHEDVFXOHPHQW
PD[
/RUVTXHODKDXWHXUGHEDVFXOHPHQWPD[LHVWU«JO«HVXU21OD
KDXWHXUGHEDVFXOHPHQWPD[LPDOHSU«F«GHPPHQWU«JO«HVHUD
6\VWªPHK\GUDXOLTXH DXWRPDWLTXHPHQWDFWLY«H
$SSX\HUODWRXFKH6\VWªPHK\GUDXOLTXH
+DXWHXUGHG«YHUVPD[L 1DYLJXHUDYHFOHVWRXFKHVIO«FK«HVSRXUV«OHFWLRQQHUOH
;; ;; PHVVDJHOHSOXVSURFKHGXV\PEROHGHODEHQQHVRXV
+DXWHXUGHG«YHUVPD[L
$SSX\HUVXUODWRXFKH6(/(&7SRXURXYULUOHVRXVPHQXDYHF
OHVFKRL[GLVSRQLEOHV
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
8WLOLVHUOHVWRXFKHVIO«FK«HVSRXUV«OHFWLRQQHUOHFKRL[ 21RX
2)) G«VLU«
6\VWªPHK\GUDXOLTXH
$SSX\HUVXUODWRXFKH6(/(&7SRXUYDOLGHUODV«OHFWLRQHW
UHYHQLUDXPHQXGXV\VWªPHK\GUDXOLTXH
2))
21
5«JO«
5«JODJHGHODKDXWHXUGHEDVFXOHPHQWPD[
6LODKDXWHXUGHEDVFXOHPHQWPD[GRLW¬WUHDXJPHQW«HLO
FRQYLHQWGHU«JOHUG DERUG+DXWHXUGHG«YHUVPD[LVXU2))
6\VWªPHK\GUDXOLTXH &HODSHUPHWO «O«YDWLRQGHODEHQQHTXHOTXHVRLWOHSU«F«GHQW
U«JODJH
+DXWHXUGHG«YHUVPD[L /HYHUODEHQQH¢ODKDXWHXUGHEDVFXOHPHQWPD[VRXKDLW«H
;; ;; $SSX\HUODWRXFKH6\VWªPHK\GUDXOLTXH
1DYLJXHUYHUVOHEDVGDQVOHPHQXGXV\VWªPHK\GUDXOLTXH
DYHFOHVWRXFKHVIO«FK«HVSRXUV«OHFWLRQQHUOHPHVVDJH2))
VRXV+DXWHXUGHG«YHUVPD[L
$SSX\HUVXUODWRXFKH6(/(&7SRXURXYULUOHVRXVPHQX
1DYLJXHUYHUVOHEDVGDQVOHPHQXDYHFOHVWRXFKHVIO«FK«HV
SRXUV«OHFWLRQQHU5«JO«
6\VWªPHK\GUDXOLTXH
9DOLGHUOHU«JODJHHWUHYHQLUDXPHQXGXV\VWªPHK\GUDXOLTXH
HQDSSX\DQWVXUODWRXFKH6(/(&7
2))
21
5«JO«
$FWLYDWLRQG«VDFWLYDWLRQGHODEXW«HGHEDVFXOHPHQW
$SSX\HUODWRXFKH6\VWªPHK\GUDXOLTXH
6\VWªPHK\GUDXOLTXH 1DYLJXHUYHUVOHEDVGDQVOHPHQXGXV\VWªPHK\GUDXOLTXH
DYHFOHVWRXFKHVIO«FK«HVSRXUV«OHFWLRQQHUOHPHVVDJHVLWX«
SUªVGXV\PEROHGHODEHQQHVRXV$UU¬WEHQQHGXU
%XW«HGHEDVFXOHPHQW $FWLYHU 21 RXG«VDFWLYHU 2)) ODEXW«HGHEDVFXOHPHQW
;; DYHFODWRXFKH6(/(&7
5HWRXUQHU¢O DIILFKDJHGHFRQGXLWHDYHFODWRXFKH(6&
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
5«JODJHGHODGDWH
$SSX\HUVXUODWRXFKH5«JODJHVSRXURXYULUOHPHQXGH
5«JODJHV U«JODJHV
'DWH ;;;;;;;; 6«OHFWLRQQHUODGDWHGDQVOHPHQXGHU«JODJHVHQQDYLJXDQW
DYHFOHVWRXFKHVIO«FK«HV
7HPSV ;;;;
$SSX\HUVXUODWRXFKH6(/(&7SRXUV«OHFWLRQQHUODSUHPLªUH
/DQJXH ;;;;;; SDUWLHGHODGDWH O DQQ«HOHPRLVRXOHMRXUVHORQOHIRUPDWGH
8QLW«V ;;;;;; ODGDWHYRLUFLGHVVRXV
)RUPDWKHXUH ;;;;
)RUPDWGDWH ;;;;;;
,QWHQVLW«GHO «FUDQ ;;
7H[WHVDLGHDIILFKDJH ;;
0DUFKHDUULªUH ;;
&KDUJHPEDVFXOHPHQW ;;
8WLOLVHUOHVWRXFKHVIO«FK«HVRXOHVWRXFKHVQXP«ULTXHVSRXU
5«JODJHV PRGLILHUOHU«JODJH
'DWH ;;;;;;;;
$XEHVRLQDSSX\HUVXUODWRXFKH6(/(&7SRXUSDVVHU¢OD
5«JODJHV SDUWLHVXLYDQWHGHODGDWH
'DWH ;;;;;;;; 8WLOLVHUOHVWRXFKHVIO«FK«HVRXOHVWRXFKHVQXP«ULTXHVSRXU
PRGLILHUOHU«JODJHGHODVHFRQGHSDUWLHGHODGDWH
$SSX\HUVXUODWRXFKH6(/(&7SRXUSDVVHU¢ODWURLVLªPH
5«JODJHV SDUWLHGHODGDWH
'DWH ;;;;;;;; 8WLOLVHUOHVWRXFKHVIO«FK«HVRXOHVWRXFKHVQXP«URW«HVSRXU
PRGLILHUOHU«JODJH6LODPRGLILFDWLRQHVWHIIHFWX«HDYHFOHV
WRXFKHVQXP«URW«HVO HQVHPEOHGHODGDWHHVWGLUHFWHPHQW
PLVHHQVXUEULOODQFH6LQRQLOIDXGUDFRQILUPHUODPRGLILFDWLRQ
DYHFODWRXFKH6(/(&7
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
5«JODJHGHO KHXUHPRQWUH
$SSX\HUVXUODWRXFKH5«JODJHV
5«JODJHV
1DYLJXHUYHUVOHEDVDYHFOHVWRXFKHVIO«FK«HVSRXU
'DWH ;;;;;;;; V«OHFWLRQQHUO KHXUH
7HPSV ;;;;
/DQJXH ;;;;;;
8QLW«V ;;;;;;
)RUPDWKHXUH ;;;;
)RUPDWGDWH ;;;;;;
7H[WHVDLGHDIILFKDJH
;;

0DUFKHDUULªUH ;;
$SSX\HUVXUODWRXFKH6(/(&7SRXUV«OHFWLRQQHUOHVFKLIIUHV
5«JODJHV GHVKHXUHV
7HPSV 8WLOLVHUOHVWRXFKHVIO«FK«HVRXOHVWRXFKHVQXP«ULTXHVSRXU
PRGLILHUOHU«JODJHGHO KHXUH
$XEHVRLQDSSX\HUVXUODWRXFKH6(/(&7SRXUV«OHFWLRQQHU
5«JODJHV OHVFKLIIUHVGHVPLQXWHV
7HPSV 8WLOLVHUOHVWRXFKHVIO«FK«HVRXOHVWRXFKHVQXP«URW«HVSRXU
PRGLILHUOHU«JODJHGHVPLQXWHV$XEHVRLQFRQILUPHUDYHFOD
WRXFKH6(/(&7
5«JODJHGHODODQJXH
5«JODJHV
'DWH ;;;;;;;; SRXUV«OHFWLRQQHU/DQJXH
7HPSV ;;;;
/DQJXH ;;;;;;
8QLW«V ;;;;;;
)RUPDWKHXUH ;;;;;;
)RUPDWGDWH ;;;;;;
0DUFKHDUULªUH ;;
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
$SSX\HUVXUODWRXFKH6(/(&7SRXURXYULUOHVRXVPHQXDYHF
5«JODJHV OHVODQJXHVGLVSRQLEOHV
$QJODLV 1DYLJXHUGDQVOHPHQXDYHFOHVWRXFKHVIO«FK«HVSRXU
V«OHFWLRQQHUODODQJXHVRXKDLW«H
6ORYDTXH
&RQILUPHUODV«OHFWLRQHWUHWRXUQHUDXPHQXGHU«JODJHDYHF
6X«GRLV ODWRXFKH6(/(&7
$OOHPDQG
5«JODJHGHVXQLW«V
5«JODJHV
1DYLJXHUDYHFOHVWRXFKHVIO«FK«HVSRXUV«OHFWLRQQHUOH
'DWH ;;;;;;;; PHVVDJH¢GURLWHGH8QLW«V
7HPSV ;;;; $SSX\HUVXUODWRXFKH6(/(&7SRXUPRGLILHUOHV\VWªPH
G XQLW«V/HVV\VWªPHVSURSRV«VVRQWP«WULTXHHWDQJOR
/DQJXH ;;;;;; VD[RQ
8QLW«V ;;;;;; 5HWRXUQHU¢O DIILFKDJHGHFRQGXLWHHQDSSX\DQWVXUODWRXFKH
)RUPDWKHXUH ;;;; (6&
)RUPDWGDWH ;;;;;;
0DUFKHDUULªUH ;;
5«JODJHGXIRUPDWGHO KHXUH
5«JODJHV
1DYLJXHUYHUVOHEDVGDQVOHPHQXGHU«JODJHDYHFOHV
'DWH ;;;;;;;; WRXFKHVIO«FK«HVSRXUV«OHFWLRQQHU)RUPDWKHXUH
7HPSV ;;;; $SSX\HUVXUODWRXFKH6(/(&7SRXUDOWHUQHUHQWUHO DIILFKDJH
KHXUHV DPSP HWO DIILFKDJHKHXUHV
/DQJXH ;;;;;;
5HWRXUQHU¢O DIILFKDJHGHFRQGXLWHHQDSSX\DQWVXUODWRXFKH
8QLW«V ;;;; (6&
)RUPDWKHXUH ;;;;;;
)RUPDWGDWH ;;;;;;
0DUFKHDUULªUH ;;
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
5«JODJHGXIRUPDWGHODGDWH
5«JODJHV
'DWH ;;;;;;;; SRXUV«OHFWLRQQHU)RUPDWGDWH
7HPSV ;;;; 2XYULUOHVRXVPHQXHQDSSX\DQWVXUODWRXFKH6(/(&7
/DQJXH ;;;;;;
8QLW«V ;;;;
)RUPDWKHXUH ;;;;
)RUPDWGDWH ;;;;;;
7H[WHVDLGHDIILFKDJH
;;

0DUFKHDUULªUH ;;
1DYLJXHUGDQVOHPHQXDYHFOHVWRXFKHVIO«FK«HVSRXU
5«JODJHV V«OHFWLRQQHUOHIRUPDWGHGDWHVRXKDLW«
DDDDPPMM 9DOLGHUODV«OHFWLRQHWUHYHQLUDXPHQXGHU«JODJHHQDSSX\DQW
VXUODWRXFKH6(/(&7
PPMMDDDD
MMPPDDDD
5«JODJHGHO LQWHQVLW«OXPLQHXVHGHO «FUDQ

5«JODJHV
1DYLJXHUYHUVOHEDVGDQVOHPHQXGHU«JODJHDYHFOHV
'DWH ;;;;;;;; WRXFKHVIO«FK«HVSRXUV«OHFWLRQQHU,QWHQVLW«GHO «FUDQ
7HPSV ;;;; 2XYULUOHVRXVPHQXGH,QWHQVLW«GHO «FUDQHQDSSX\DQWVXU
ODWRXFKH6(/(&7
/DQJXH ;;;;;;
8QLW«V ;;;;
)RUPDWKHXUH ;;;;
)RUPDWGDWH ;;;;;;
0DUFKHDUULªUH ;;
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
6«OHFWLRQQHUO LQWHQVLW«OXPLQHXVHVRXKDLW«H
5«JODJHV
9DOLGHUODV«OHFWLRQHWUHYHQLUDXPHQXGHU«JODJHHQDSSX\DQW
VXUODWRXFKH6(/(&7

$FWLYDWLRQG«VDFWLYDWLRQGXWH[WHG DLGHHQPRGHGH
IRQFWLRQQHPHQW
5«JODJHV
1DYLJXHUYHUVOHEDVGDQVOHPHQXSRXUV«OHFWLRQQHUOHWH[WH
'DWH ;;;;;;;; SUªVGH7H[WHVDLGHDIILFKDJH
7HPSV ;;;; 8WLOLVHUODWRXFKH6(/(&7SRXUDOWHUQHUHQWUHOHVRSWLRQV2))
HW21
/DQJXH ;;;;;;
8QLW«V ;;;;;;
)RUPDWKHXUH ;;;;
)RUPDWGDWH ;;;;;;
0DUFKHDUULªUH ;;
$FWLYDWLRQG«VDFWLYDWLRQGXIRQFWLRQQHPHQWGX
FKDXIIDJHGHEHQQHORUVGHODPDUFKHDUULªUH
5«JODJHV
1DYLJXHUDYHFOHVWRXFKHVIO«FK«HVSRXUV«OHFWLRQQHUOHWH[WH
'DWH ;;;;;;;; SUªVGH0DUFKHDUULªUHVRXV'XU«HFKDXIIEHQQHDFWLI
7HPSV ;;;; $OWHUQHUHQWUHDFWLY« 21 HWG«VDFWLY« 2)) HQDSSX\DQWVXU
ODWRXFKH6(/(&7
/DQJXH ;;;;;;
8QLW«V ;;;;;;
)RUPDWKHXUH ;;;;
)RUPDWGDWH ;;;;;;
0DUFKHDUULªUH ;;
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
$FWLYDWLRQG«VDFWLYDWLRQGXIRQFWLRQQHPHQWGX
FKDXIIDJHGHEHQQHORUVGXFKDUJHPHQWEDVFXOHPHQW
5«JODJHV
'DWH ;;;;;;;; V«OHFWLRQQHU&KDUJHPEDVFXOHPHQWVRXV'XU«HFKDXII
EHQQHDFWLI
'XU«H7HPSV ;;;;
$OWHUQHUHQWUHDFWLY« 21 HWG«VDFWLY« 2)) DYHFODWRXFKH
/DQJXH ;;;;;; 6(/(&7
8QLW«V ;;;;;; 5HWRXUQHU¢O DIILFKDJHGHFRQGXLWHHQDSSX\DQWVXUODWRXFKH
)RUPDWKHXUH ;;;; (6&
)RUPDWGDWH ;;;;;;
0DUFKHDUULªUH ;;
,QLWLDOLVDWLRQGHVLQIRUPDWLRQUHODWLYHDX[F\FOHV
$SSX\HUVXUODWRXFKH,QIRUPDWLRQUHODWLYHDX[F\FOHVSRXU
,QIRF\FOH RXYULUOHPHQX
9
7HPSV ;;;;;;; V«OHFWLRQQHU2IISUªVGH5«LQLWLDOLVHU
'LVWDQFH ;NP $SSX\HUVXUODWRXFKH6(/(&7SRXULQLWLDOLVHUOHVLQIRUPDWLRQV
UHODWLYHVDX[F\FOHV/HWH[WH5«LQLWLDOLVHUDSSDUD°WSHQGDQW
&\FOHV ;;;
TXHOTXHVVHFRQGHVDYDQWODU«DSSDULWLRQGH2II
&RQVRWRWDOH ;;;O
5HWRXUQHU¢O DIILFKDJHGHFRQGXLWHHQDSSX\DQWVXUODWRXFKH
5«LQLWLDOLVHU 2II (6&
&RQVXOWDWLRQGHVPHVVDJHVHQFODLU
$SSX\HUVXUODWRXFKH0HVVDJHV
8QHOLVWHGHPHVVDJHVV DIILFKHVRXVIRUPHGHPHQX
0HVVDJHVY«KLFXOH 8WLOLVHUOHVWRXFKHVIO«FK«HVSRXUDIILFKHUOHPHVVDJHG«VLU«
HQVXUEULOODQFH
;;;;;;;; ;;;; ;;;;;;; 9DOLGHUODV«OHFWLRQDYHFODWRXFKH6(/(&7
;;;;;;;; ;;;; ;;;;;;; 8WLOLVHUOHVWRXFKHVIO«FK«HVSRXUV«OHFWLRQQHUFHPHVVDJH

YRLUSDJH
;;;;;;;; ;;;; ;;;;;;;
$SSX\HUXQHRXGHX[IRLVVXUODWRXFKH(6&SRXUUHYHQLU¢
O DIILFKDJHGHFRQGXLWH
FUDQVG DODUPH
/ «FUDQG DODUPHHVWDIILFK«WDQWTXHODSDQQHGHPHXUH
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
6LXQ«FUDQG DODUPHURXJHDSSDUD°WDUU¬WHULPP«GLDWHPHQWOD
PDFKLQHHWUHFKHUFKHUODFDXVHGHO DODUPH/HU«S«WLWHXU
DFRXVWLTXHUHWHQWLWHQLQWHUPLWWHQFHHWOHW«PRLQURXJHG DODUPH
FHQWUDOLV«HV DOOXPHDXWDEOHDXGHERUG
(FUDQG DODUPHURXJH /HFRQGXFWHXUQ DSDVODSRVVLELOLW«G DFFXVHUU«FHSWLRQGH
O DODUPH
6LXQ«FUDQG DODUPHMDXQHV DIILFKHODUHFKHUFKHGHODFDXVHGH

O DODUPHSHXWDWWHQGUHOHSURFKDLQDUU¬W/HU«S«WLWHXUDFRXVWLTXH
UHWHQWLW¢TXDWUHUHSULVHVHWOHW«PRLQMDXQHG DODUPHFHQWUDOLV«H
V DOOXPHDXWDEOHDXGHERUG
(FUDQG DODUPHMDXQH &HWWHDODUPHVHUDU«S«W«HORUVGXSURFKDLQG«PDUUDJHVLHOOHHVW
WRXMRXUVDFWLY«H
/DWRXFKH(6&SHUPHWG DFFXVHUU«FHSWLRQGHO DODUPH
8Q«FUDQG DODUPHYHUWLQGLTXHXQ«FDUWSDUUDSSRUWDX[YDOHXUV
GHFRQVLJQH/HU«S«WLWHXUDFRXVWLTXH«PHWXQEUHIVLJQDOHWOH
W«PRLQYHUWG DODUPHFHQWUDOLV«HV DOOXPHDXWDEOHDXGHERUG
9 /DWRXFKH(6&SHUPHWG DFFXVHUU«FHSWLRQGHO DODUPH
(FUDQG DODUPHYHUW
6LSOXVLHXUVDODUPHVVRQWG«FOHQFK«HVVLPXOWDQ«PHQWODSOXV
U«FHQWHV DIILFKHHQSUHPLHU6LXQHRXSOXVLHXUVG HQWUHHOOHV
G«FOHQFKHQWO DOOXPDJHGXW«PRLQURXJHG DODUPHFHQWUDOLV«HHW
O LQWHUYHQWLRQGXU«S«WLWHXUDFRXVWLTXHVHXOH V FHOOH V FL
V DIILFKH QW
,OQ HVWSDVSRVVLEOHG DOWHUQHUHQWUHGLII«UHQWVQLYHDXG DODUPH

MDXQHHWURXJHSDUH[HPSOH/HQLYHDXOHSOXV«OHY«URXJHHVW
WRXMRXUVSULRULWDLUH
$ODUPHV
/DILJXUHFLFRQWUHHVWXQH[HPSOHGHO DIILFKDJHG XQ
$YHUWLVVHPHQWVXUOHSDQQHDXG LQIRUPDWLRQV/HWH[WHOHVOLJQHV
HWOHVV\PEROHVVRQWDIILFK«VHQURXJHVXUXQIRQGQRLU
:DUQLQJ
/HV\PEROH YRLUOHWDEOHDXFLGHVVRXV
HWOHWH[WHLQGLTXHOHW\SHG DODUPHFRQFHUQ«'DQVFHFDV
F HVWXQHDODUPHURXJH$YHUWLVVHPHQW
6\PEROHFRUUHVSRQGDQW¢O DODUPHFRQFHUQ«HGDQVFHFDVOD
/RZVWHHUSUHVVXUH GLUHFWLRQ YRLUOHWDEOHDXFLGHVVRXV
7H[WHGHVFULSWLI YRLUOHWDEOHDXFLGHVVRXV
9

*«Q«UDOLW«V
9
3UHVVLRQGHGLUHFWLRQEDVVH 3DQQH«TXLSHPHQWH[WHUQH
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
0RWHXU
9 9
7HPSG KXLOHPRWHXU«OHY«H 3DQQHPRWHXU
3UHVVLRQGHFDUWHU«OHY«H
9 9
7HPS«UDWXUHGHVRUWLHGHFRPSUHVVHXUWXUER

9 9
6XUU«JLPHPRWHXU 1LYHDXG KXLOHPRWHXUEDV
9 9
3UHVVLRQG KXLOHPRWHXUEDVVH 3UHVVLRQG DPSOLILFDWLRQGHSXLVVDQFH«OHY«H
9 9
7HPSGHOLTGHUHIURLGPRWHXU«OHY«H 1LYHDXOLTGHUHIURLGEDV
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
9 9
7HPS«UDWXUHG DPSOLILFDWLRQGHSXLVVDQFH«OHY«H 5«J«Q«UDWLRQHQVWDWLRQQHPHQWUHTXLVH

PRWHXUV';;+XQLTXHPHQW
9 9
3DQQHGXV\VWªPHG «PLVVLRQGXPRWHXU (QWUHWLHQQ«FHVVDLUH

PRWHXUV';;+XQLTXHPHQW PRWHXUV';;+XQLTXHPHQW
6\VWªPH«OHFWULTXH
5«VHDX(&8&RPPXQLFLQWHUURPSXH
7UDQVPLVVLRQ
9 9
3UHVVLRQGHOXEULILFDWLRQGHWUDQVPLVVLRQEDVVH (UUHXUWUDQVPLVVLRQ
9 9
7HPS«UDWXUHG KXLOHGHWUDQVPLVVLRQ«OHY«H 1LYHDXG KXLOHGHWUDQVPLVVLRQ«OHY«

7DEOHDX[GHERUG
8QLW«G DIILFKDJH
9 9
1LYHDXG KXLOHGHWUDQVPLVVLRQEDV 3UHVVLRQG KXLOHGHWUDQVPLVVLRQEDVVH
9
5«GXLUHODYLWHVVH

)UHLQV
9 9
6HUUHUOHIUHLQGHVWDWSRXUODU«J«Q«UDWLRQ 3UHVVLRQGHIUHLQDJHEDVVH
9 9
)UHLQVWDW121VHUU« 3DQQHGHIUHLQGHVHFRXUV
9 9
3DQQHV\VWGHIUHLQDJH 7HPSG KXLOHGHUHIURLGGHVIUHLQV«OHY«H
&DELQH
9 9
3RUWHRXYHUWH 6HUUHUODFHLQWXUHGHV«FXULW«
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
6\VWªPHK\GUDXOLTXH
9
7HPSG KXLOHK\GUDXOLTXH«OHY«H 3DQQHKDXWHXUGHG«YHUVPD[L'«VDFWLYHU
9 9
3DQQHGHOHYLHUGHEDVFXOHPHQW 0RXYHPHQWGHEHQQH
9 9
3DQQHGHV\VWªPHGHG«YHUVHPHQW 3DQQHGHVXVSHQVLRQK\GUDXOLTXH
9«ULILHU
/DILJXUHFLFRQWUHHVWXQH[HPSOHGHO DIILFKDJHG XQ&
&RQWU¶OHVXU
OHSDQQHDXG LQIRUPDWLRQV/HWH[WHOHVOLJQHVHWOHVV\PEROHV
VRQWDIILFK«VHQMDXQHVXUXQIRQGQRLU
&KHFN
F HVWXQHDODUPHMDXQH&RQWU¶OH
%DWWHU\QRWFKDUJLQJ EDWWHULHOHV\VWªPH«OHFWULTXH YRLUOHWDEOHDXFLGHVVRXV
7H[WHGHVFULSWLI YRLUOHWDEOHDXFLGHVVRXV
FORVH (6& LQIR
9

7DEOHDX[GHERUG
8QLW«G DIILFKDJH
*«Q«UDOLW«V
9
7HPSVUHVWDQW;;;K $UU¬WG XUJHQFH

5«YVXLYLQWHUYDOOH;;;;K
9
3DQQH«TXLSHPHQWH[WHUQH /LPLWHGHYLWHVVHY«KLFXOHG«SDVV«H
0RWHXU
9
(DXGDQVOHFDUEXUDQW9LGHUFXYH 1LYHDXGHFDUEXUDQWEDV
9 9
3RVVLEOHIXLWHGHFDUEXUDQW )LOWUH¢FDUEXUDQWFROPDW«
9 9
3DQQHGXV\VWªPHG LQMHFWLRQGHFDUEXUDQW 7HPSG KXLOHPRWHXU«OHY«H
9 9
3UHVVLRQG DPSOLILFDWLRQGHSXLVVDQFHEDVVH 3UHVVLRQG DPSOLILFDWLRQGHSXLVVDQFH«OHY«H

7DEOHDX[GHERUG
8QLW«G DIILFKDJH
9 9
)LOWUH¢DLUFROPDW« 7HPS«UDWXUHG DPSOLILFDWLRQGHSXLVVDQFH«OHY«H
9 9
7HPSGHOLTGHUHIURLGPRWHXU«OHY«H 6RXVU«JLPHPRWHXU
9 9
6XUU«JLPHPRWHXU 3UHVVLRQGHFDUWHU«OHY«H
9 9
3DQQHPRWHXU 5HIURLGLVVHXUG DLUGHVXUDOLPHQWDWLRQFROPDW«
9 9
$UU¬WDXWRPDWLTXHGXPRWHXU 7HPS«OHY«HG«PDUUHXU$WWHQGUHPLQDYWG«PDUU
9 9
1LYHDXOLTGHUHIURLGEDV 1LYHDXG KXLOHPRWHXUEDV
9 9
9LWHVVHG XWLOLVDWLRQ 7HPS«UDWXUHGHVRUWLHGHFRPSUHVVHXUWXUER

7DEOHDX[GHERUG
8QLW«G DIILFKDJH
5«JLPHGHWXUER«OHY« 3DQQHGHFKDUJHWXUER
5«JLPHWXUEREDV 3DQQHGHWXUERFRPSUHVVHXU
9 9
3UREGHSRVWWUDLWHPHQWGHVJD]G «FKDSSHPHQW 5«J«Q«UDWLRQQ«FHVVDLUH

9
5«J«Q«UDWLRQUHTXLVH
6\VWªPH«OHFWULTXH
9 9
%DWWHULHKRUVFKDUJH 7HQVLRQV\VWªPH«OHY«H
9 9
7HQVLRQV\VWªPHEDVVH 3DQQHLQGLFGHGLUHFWLRQ
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
9
5«VHDX(&8&RPPXQLFU«GXLWH 5«VHDX(&8&RPPXQLFLQWHUURPSXH
(&8 7(67
(&8
9
7HVWPRGHDFWLYH
7UDQVPLVVLRQ
9 9
3UHVVLRQG KXLOHGHWUDQVPLVVLRQEDVVH 7HPS«UDWXUHG KXLOHGHWUDQVPLVVLRQ«OHY«H
)LOWUH¢KXLOHWUDQVP&ROPDW« )RQFWLRQV«OHFWUDSSU«GXLWH
)UHLQV
9 9
3DQQHIUHLQGHVWDWLRQQ9«ULILHUSURFKDLQDUU¬W 3DQQHGXUHIURLGLVVHPHQWSDUKXLOHGHVIUHLQV
9 9
3RPSHKXLOHUHIURLGIUHLQV +XLOHGHUHIURLGGHVIUHLQVWHPS«UDWXUH«OHY«H
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
9 9
3DQQHV\VWGHIUHLQDJH 1LYKXLOHUHIURLGIUHLQVEDV
9
3UHVVLRQGHIUHLQDJH«OHY«H

&DELQH
9
3RUWHRXYHUWH 3DQQH(&&
6\VWªPHK\GUDXOLTXH
9 9
7HPSG KXLOHK\GUDXOLTXH«OHY«H 1LYHDXG KXLOHK\GUDXOLTXHEDV
9 9
7HPS«UDWXUHG KXLOHK\GUDXOLTXHEDVVH 6XVSHQVLRQK\GUDXOLTXH
9 9
3DQQHYROHWGHFKDXIIDJHEHQQH 5LVTXHGHGRPPDJHEHQQH
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
9
%RG\KHDWV\VWHPIDLOXUH +DXWEDVFXOPD[LUHIXV«H
3DQQHKDXWHXUGHG«YHUVPD[L'«VDFWLYHU
,QIRUPDWLRQ
/DILJXUHFLFRQWUHHVWXQH[HPSOHGHO DIILFKDJHG XQ
,QIRUPDWLRQVXUOHSDQQHDXG LQIRUPDWLRQV/HWH[WHOHVOLJQHVHW
OHVV\PEROHVVRQWDIILFK«VHQYHUWVXUXQIRQGQRLU
,QIRUPDWLRQ
F HVWXQHDODUPHYHUWH,QIRUPDWLRQ
5HJHQHUDWLRQ U«J«Q«UDWLRQ YRLUOHWDEOHDXFLGHVVRXV
FDQFHOOHG 7H[WHGHVFULSWLI YRLUOHWDEOHDXFLGHVVRXV
9

0RWHXU
9 9
5«J«Q«UDWLRQDQQXO«H 5«J«Q«UDWLRQQRQQ«FHVVDLUH1LYVXLHEDV
7UDQVPLVVLRQ
9
6«OHFWHXUGHUDSSRUWQRQDXSRLQWPRUW
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
)UHLQV
9
3UHVVLRQGHIUHLQDJHEDVVH)UHLQGHVWDWVHUU«
0HVVDJHY«KLFXOH
/HPHVVDJHLQGLTXHTX XQHGHVSDUWLHVGXV\VWªPHQHIRQFWLRQQH
SDV/DFDXVHGRLW¬WUHG«WHUPLQ«HDXSURFKDLQDUU¬W6L
Q«FHVVDLUHFRQWDFWHUXQDWHOLHU9ROYRDJU««HQLQGLTXDQWOHFRGH
FRQFHUQ«SRXUIDFLOLWHUO LGHQWLILFDWLRQGXSUREOªPHUHQFRQWU«

6\PEROHGHPHVVDJH

3RXUREWHQLUXQFRPSO«PHQWG LQIRUPDWLRQVXUOHFRGHGHG«IDXW
HQIRQFHUODWRXFKH0HVVDJHV
(6& /HPHQX0HVVDJHVY«KLFXOHV DIILFKHDYHFO HQVHPEOHGHV
PHVVDJHVDFWLY«VGDQVO RUGUHFKURQRORJLTXH
8WLOLVHUOHVWRXFKHVIO«FK«HVSRXUV«OHFWLRQQHUOHPHVVDJH
VRXKDLW«&RQILUPHUODV«OHFWLRQDYHFODWRXFKH6(/(&7
/HPHVVDJHV DIILFKHVXUO «FUDQ8WLOLVHUOHVWRXFKHVIO«FK«HV
6(783 SRXUOHV«OHFWLRQQHU

6(/(&7
9

7DEOHDX[GHERUG
8QLW«G DIILFKDJH
/HW\SHGHPHVVDJHLQGLTXHTXHOW\SHGHPHVVDJHD«W«DFWLY«
7\SHGHPHVVDJH $YHUWLVVHPHQW&RQWU¶OHURX,QIRUPDWLRQ
(QW¬WH / HQW¬WHIDLWU«I«UHQFHDXW\SHGHSUREOªPHRXGHG«IDLOODQFH
VXUYHQX
$FWLY« ;;; $FWLY«LQGLTXHVLFHSUREOªPHHVWWRXMRXUVG DFWXDOLW«RXSDV
&RGH ;;;;;;;; &RGHLQGLTXHOHFRGHGHG«IDXWFRQFHUQ«
6RXUFHLQGLTXHTXHOOHXQLW«GHFRPPDQGH«OHFWURQLTXHD
6RXUFH ;;;; HQUHJLVWU«OHSUREOªPHRXODG«IDLOODQFHHQTXHVWLRQ
1EUG «Y«QHP ; 1EUG «Y«QHPLQGLTXHFRPELHQGHFRGHVGHG«IDXWOHSUREOªPH
RXODG«IDLOODQFHDJ«Q«U«V
HU«Y«QHP HU«Y«QHPLQGLTXHODGDWHHWO KHXUHDX[TXHOOHVOHFRGHGH
DDDDPPMM ;;;; ;;;;;K G«IDXWD«W«DFWLY«SRXUODSUHPLªUHIRLVDLQVLTXHOHQRPEUH
G KHXUHVGHVHUYLFHGHODPDFKLQH¢FHWLQVWDQWSU«FLV
'HUQ«Y«QHP 'HUQ«Y«QHPLQGLTXHODGDWHHWO KHXUHDX[TXHOOHVOHFRGHGH
DDDDPPMM ;;;; ;;;;;K G«IDXWD«W«DFWLY«OHSOXVU«FHPPHQWDLQVLTXHOHQRPEUH
G KHXUHVGHVHUYLFHGHODPDFKLQH¢FHWLQVWDQWSU«FLV
0RWHXU
;;;;;; 6\VWªPHGHJUDLVVDJH ;;;;;; 6\VWªPHGHUHIURLGLVVHPHQW
;;;;;; 6\VWªPHG DOLPHQWDWLRQ ;;;;;; &RPPDQGHVGXPRWHXU
;;;;;; 6\VWªPHVG DGPLVVLRQHWG «FKDSSHPHQW
6\VWªPH«OHFWULTXH
;;;;;; $OWHUQDWHXUHWU«JXODWHXUGHFKDUJH ;;;;;; &RQGXFWHXUVHWIXVLEOHV
;;;;;; 6\VWªPHGHG«PDUUDJH ;;;;;; ,QVWUXPHQWVG«WHFWHXUVHWV\VWªPH
G DODUPH
;;;;;; (TXLSHPHQWV«OHFWULTXHVGLYHUV
7UDQVPLVVLRQ
;;;;;; %R°WHGHYLWHVVHVK\GUDXOLTXH ;;;;;; 3RQWVPRWHXUV
;;;;;; %R°WHGHYLWHVVHVP«FDQLTXH
)UHLQV
;;;;;; 6\VWªPHGHIUHLQDJHK\GUDXOLTXH ;;;;;; )UHLQVGLYHUV
;;;;;; )UHLQGHVWDWLRQQHPHQW
'LUHFWLRQ
;;;;;; '«WHFWHXUG DQJOHGHEUDTXDJH
&DELQH
;;;;;; ,QW«ULHXUGHODFDELQH ;;;;;; 6\VWªPHGHFKDXIIDJHYHQWLODWLRQ
FOLPDWLVDWLRQ
6\VWªPHK\GUDXOLTXH
;;;;;; 6\VWªPHGHFRPPDQGHK\GUDXOLTXH
G RXWLOHWV\VWªPHG DVVLVWDQFH
7DEOHDX[GHERUG
8QLW«G DIILFKDJH
'LVSRVLWLIDQWLYRO
TXLSHPHQWRSWLRQQHO
/ «TXLSHPHQWGHSURWHFWLRQDQWLYROUHQGSOXVGLIILFLOHOHYROGHOD
PDFKLQH«WDQWGRQQ«TXH
OHPRWHXUQHG«PDUUHSDV
OHV«OHFWHXUGHYLWHVVHVQHIRQFWLRQQHSDV
LOQ HVWSDVSRVVLEOHGHGHVVHUUHUOHIUHLQGHVWDWLRQQHPHQW
3RXUG«PDUUHUOHPRWHXU
0HWWH]ODFO«GHFRQWDFWHQSRVLWLRQ
6\VWªPHDQWLYRO $WWHQGUHTXHO «FUDQFLDSUªVV DIILFKH

&RPSRVHUFRGH
BBBB
8WLOLVHUOHFODYLHUSRXUHQWUHUOHFRGH3,1¢FKLIIUHV
8QHIRLVHQWU«OHFRGHFRUUHFWODSURWHFWLRQDQWLYROHVW
(6& G«VDFWLY«HO «FUDQGHFRQWU¶OHV DIILFKHHWOHG«PDUUDJHGX
PRWHXUHVWSRVVLEOH
3RXUFRUULJHUXQFKLIIUHHUURQ«XWLOLVHUODWRXFKH(6&SRXU
G«SODFHUOHFXUVHXUYHUVODJDXFKH
(QFDVG HQWU«HG XQFRGH3,1HUURQ«O «FUDQGHG«PDUUDJH
6(783 V DIILFKH¢QRXYHDXDXWRPDWLTXHPHQW,OFRQYLHQWDORUV

G HQWUHU¢QRXYHDXOHFRGH3,1
6(/(&7
9

$SUªVHVVDLVLQIUXFWXHX[ODSURWHFWLRQDQWLYROHVWYHUURXLOO«H
6\VWªPHDQWLYRO SHQGDQWPLQXWHVDSUªVTXRLQRXYHDX[HVVDLVSHXYHQW¬WUH
HIIHFWX«V
/HFRGH3,1QHSHXW¬WUHPRGLIL«TXHSDUXQDWHOLHU9ROYR
7URSGHFRGHVHUURQ«V1EUGHWHQWDWLYHV DJU««
UHVWDQW 'DQVOHVPLQXWHVVXLYDQWO DUU¬WGXPRWHXULOHVWSRVVLEOH
GHOHUHG«PDUUHUVDQVDYRLU¢HQWUHUOHFRGH3,1

7DEOHDX[GHERUG
(6&

6(783

6(/(&7
9
6723

UPLQ
9
&ODYLHU«FUDQG LQIRUPDWLRQ 5«JLPHPRWHXUDPSOLIL« «TXLSHPHQWRSWLRQQHO

$UU¬WG XUJHQFH $UU¬WWHPSRULV« «TXLSHPHQWRSWLRQQHO
6HUUXUHGHFRQWDFW 6LªJHFRQGXFWHXU¢FKDXIIDJH«OHFWULTXH
$OOXPHFLJDUH 6\VWªPH)6 FRQFHUQHOHVPRGªOHV$))6HW$)
)6
5«J«Q«UDWLRQ V DSSOLTXHXQLTXHPHQWDX[PDFKLQHV )HX[GHG«WUHVVH
DYHFPRWHXU';;+
(6& /HFODYLHUSHUPHWGHV«OHFWLRQQHUO LPDJHRXODIRQFWLRQG«VLU«H
VXUOHSDQQHDXG LQIRUPDWLRQVLQW«JU«DXWDEOHDXGHERUGFHQWUDO
9RLUSDJH
3RXUSOXVGHSU«FLVLRQVVXUO «FUDQG LQIRUPDWLRQYRLUSDJH
6(783

6(/(&7
9

7DEOHDX[GHERUG
$UU¬WG XUJHQFH
/HERXWRQG DUU¬WG XUJHQFHSHUPHWG DUU¬WHULQVWDQWDQ«PHQWOD
PDFKLQHGªVTX LOHVWHQIRQF«9RLUSDJH
$9,6
1 XWLOLVHUOHERXWRQG DUU¬WG XUJHQFHTXHSRXUDUU¬WHUODPDFKLQH
HQFDVG XUJHQFH8WLOLVHUODFO«GHFRQWDFWSRXUO DUU¬WHU
QRUPDOHPHQW
9

6HUUXUHGHFRQWDFW
5
/DFO«GHFRQWDFWSHXWSUHQGUHSRVLWLRQVFRPPHOHPRQWUH
O LOOXVWUDWLRQ

3RVLWLRQ /RUVTXHODFO«HVWWRXUQ«HGDQVFHWWH

G«VDFWLY«H SRVLWLRQOHPRWHXUV DUU¬WHLQVWDQWDQ«PHQW

VDXIVLODIRQFWLRQ$UU¬WPRWHXUWHPSRULV«
RSWLRQ HVWDFWLY«HYRLUFLDSUªV
3RVLWLRQUDGLR 5 &HUWDLQV«TXLSHPHQWV«OHFWULTXHV
9
GHPHXUHQWDOLPHQW«VFRPPHSDUH[HPSOH
O DXWRUDGLR/RUVTXHODFO«HVWWRXUQ«HGDQV
FHWWHSRVLWLRQ OHPRWHXUV DUU¬WH
LQVWDQWDQ«PHQWVDXIVLODIRQFWLRQ$UU¬W
PRWHXUWHPSRULV« RSWLRQ HVWDFWLY«HYRLU
FLDSUªV
3RVLWLRQPDUFKH /HV\VWªPH«OHFWURQLTXHHVWDFWLY«HWHQ«WDW
GHIRQFWLRQQHPHQW
/DSURWHFWLRQDQWLYRO VLODPDFKLQHHQHVW
«TXLS«H HVWDFWLY«H
/ DUU¬WG XUJHQFHSHXW¬WUHDFWLY«
3RVLWLRQGH /HG«PDUUHXUHVWDFWLY«DYHFTXHOTXHV
G«PDUUDJH VHFRQGHVGHG«ODL
$OOXPHFLJDUH
/DSULVHGHO DOOXPHFLJDUHVSHXW«JDOHPHQW¬WUHXWLOLV«HFRPPH
SULVHG DOLPHQWDWLRQVXSSO«PHQWDLUH9'& $
9

5«J«Q«UDWLRQ V DSSOLTXHXQLTXHPHQWDX[PDFKLQHV
DYHFPRWHXU'[[+
/HW«PRLQGHFRQWU¶OHVLWX«VXUOHWDEOHDXGHERUGFHQWUDO YRLU
7DEOHDXGHERUGFHQWUDOSDJH V DOOXPHHWOHV\PEROH
FKDSLWUH7
DSSDUD°WORUVTXHOHILOWUH¢SDUWLFXOHVSRXUGLHVHOHVWSOHLQFHTXL
LQGLTXHTX XQHU«J«Q«UDWLRQHVWQ«FHVVDLUHYRLUSDJH
9
3RXUG
G«PDUUHUFHWWHU«J«Q«UDWLRQLOVXIILWG HQIRQFHUODSDUWLH

VXS«ULHXUHGXERXWRQ
/DU«J«Q«UDWLRQHVWGHP¬PHLLQWHUURPSXHHQHQIRQ©DQWODSDUWLH
LQI«ULHXUHGXERXWRQ
7DEOHDX[GHERUG
5«JLPHPRWHXUDPSOLIL« «TXLSHPHQWRSWLRQQHO
,QWHUUXSWHXUDYHFODSDUWLHVXS«ULHXUHHQIRQF«H U«JLPHDFFUX
UPLQ
DFWLY«
,QWHUUXSWHXUDYHFODSDUWLHLQI«ULHXUHHQIRQF«H U«JLPHDFFUX
G«VDFWLY«
9 /DU«JXODWLRQGXU«JLPHGHVHUYLFHHVWDFWLY«HVLOHVFRQGLWLRQV
VXLYDQWHVVRQWUHPSOLHV
/DIRQFWLRQ5«JLPHGHVHUYLFHHVWDFWLY«H¢SDUWLUGHO «FUDQ
VS«FLDOHQWUHWLHQRXDYHFO RXWLO9&$'63UR
$XFXQUDSSRUWHQJDJ« ER°WHGHYLWHVVHVDXSRLQWPRUW
3DUWLHLQI«ULHXUHGHO LQWHUUXSWHXUHQIRQF«H
$UU¬WWHPSRULV« «TXLSHPHQWRSWLRQQHO
6723
/HERXWRQFRPPDQGHO DFWLYDWLRQHWODG«VDFWLYDWLRQGHO DUU¬W
PRWHXUWHPSRULV«
3DUWLHLQI«ULHXUHGHO LQWHUUXSWHXUHQIRQF«H DUU¬WPRWHXU

WHPSRULV«G«VDFWLY«
9 3DUWLHVXS«ULHXUHGXFRPPXWDWHXUHQIRQF«H DUU¬WPRWHXU

WHPSRULV«DFWLY«HWIRQFWLRQHQFOHQFK«HVLOHVFRQGLWLRQV
VXLYDQWHVVRQW«JDOHPHQWUHPSOLHV
V«OHFWHXUGHYLWHVVHVDXSRLQWPRUW SRVLWLRQ1 HWDXFXQ
UDSSRUWHQJDJ«
FO«GHFRQWDFWHQSRVLWLRQ5RX
3RXUSOXVGHSU«FLVLRQVFRQFHUQDQWO DUU¬WUHWDUG«YRLUSDJH

6LªJHFRQGXFWHXU¢FKDXIIDJH«OHFWULTXH
,QWHUUXSWHXUDYHFODSDUWLHVXS«ULHXUHHQIRQF«H FKDXIIDJHHQ
PDUFKH
,QWHUUXSWHXUDYHFODSDUWLHLQI«ULHXUHHQIRQF«H FKDXIIDJHDUU¬W«
9

6\VWªPH)6
&RQFHUQHOHVPRGªOHV$))6HW$))6
3DUWLHVXS«ULHXUHGHO LQWHUUXSWHXUHQIRQF«H V\VWªPHHQ

SRVLWLRQGHFRQGXLWHQRUPDOH
([WU«PLW«EDVVHGHO LQWHUUXSWHXUHQIRQF«H V\VWªPHHQSRVLWLRQ

9 EDVVH
3RXUFKDQJHUODSRVLWLRQGHO LQWHUUXSWHXURQGRLWG DERUGDEDLVVHU

ODV½UHW« URXJH
7DEOHDX[GHERUG
6LJQDOLVDWLRQG«WUHVVH
$9,6
$Q XWLOLVHUTXHORUVTX LOHVWQ«FHVVDLUHG LPPRELOLVHUODPDFKLQH
O¢R»HOOHUHSU«VHQWHXQGDQJHUSRXUOHVDXWUHVXVDJHUV
3DUWLHVXS«ULHXUHGHO LQWHUUXSWHXUHQIRQF«H VLJQDOLVDWLRQ

G«WUHVVHDFWLY«H/RUVTXHO LQWHUUXSWHXUHVWHQSRVLWLRQ0DUFKH
OHW«PRLQOXPLQHX[URXJH¢ODSDUWLHLQI«ULHXUHGXERXWRQFOLJQRWH
DLQVLTXHOHVLQGLFDWHXUVGHGLUHFWLRQ¢O DYDQW¢O DUULªUHHWVXUOHV
F¶W«VGHODPDFKLQH
,QWHUUXSWHXUDYHFODSDUWLHLQI«ULHXUHHQIRQF«H IHX[GHG«WUHVVH
«WHLQWV

$XWUHVFRPPDQGHV
&RPPDQGHV
$XWUHVFRPPDQGHV
&RPPDQGHV

9
&RPPDQGHVFRORQQHGHGLUHFWLRQ 3«GDOHG DFF«O«UDWHXU

%ORFDJHVGHGLII«UHQWLHOVHWWUDFWLRQ[ 7DEOHDXGHFRPPDQGH
3ULVHGHVHUYLFH 9&$'63UR (FUDQGXV\VWªPHGHJUDLVVDJHDXWRPDWLTXH
«TXLSHPHQWRSWLRQQHO
9RLUSDJH
5«JODJHGXYRODQW 3ULVHGHVHUYLFHGXV\VWªPHGHJUDLVVDJH
DXWRPDWLTXH «TXLSHPHQWRSWLRQQHO
3«GDOHGHIUHLQ 3DQQHDXGHO XQLW«GHFRPPDQGHGHFOLPDWLVDWLRQ
YRLUFKDSLWUH8
8QLW«GHFRPPDQGHGHFOLPDWLVDWLRQHQ
SDJH
$XWUHVFRPPDQGHV
&RPPDQGHV
&RPPDQGHVFRORQQHGHGLUHFWLRQ
3KDUHVFRPPXWDWHXUGHIDLVFHDXGHURXWHIDLVFHDXGH
FURLVHPHQW
/HYLHUHQKDXW DSSHOVGHSKDUHV
3RVLWLRQFHQWUDOH IHX[GHFURLVHPHQW
/HYLHUHQEDV IHX[GHURXWH
9

$YHUWLVVHXUVRQRUH
/ HQIRQFHPHQWGXERXWRQDFWLRQQHO DYHUWLVVHXU
9

&RPPXWDWHXULQGLFDWHXUVGHGLUHFWLRQ
/HYLHUHQDYDQW LQGLFDWHXUGHGLUHFWLRQGURLW
/HYLHUHQDUULªUH LQGLFDWHXUGHGLUHFWLRQJDXFKH
(VVXLHJODFH

9
3RVLWLRQ- EDOD\DJHLQWHUPLWWHQW
3RVLWLRQ SRVLWLRQQHXWUHHVVXLHJODFHDUU¬W«

3RVLWLRQV,HW,, (VVXLHJODFH GHX[YLWHVVHV
%DJXHHQIRQF«H ODYHJODFHDYHFHVVX\DJHDXWRPDWLTXH
EDOD\DJHV
(VVXLHJODFH¢LQWHUPLWWHQFH
,OHVWSRVVLEOHGHPRGLILHUOHU\WKPHGHEDOD\DJHLQWHUPLWWHQW
O LQWHUYDOOHSRXYDQWLFL¬WUHU«JO«HQWUHHWVHFRQGHV3URF«GHU
FRPPHVXLW
7RXUQHUODPDQHWWHHQSRVLWLRQ- LQWHUPLWWHQFH
/DUDPHQHUHQVXLWHHQSRVLWLRQ SRVLWLRQQHXWUH
$WWHQGUHOHWHPSVFRUUHVSRQGDQW¢O LQWHUYDOOHVRXKDLW«SXLV
UDPHQHUODPDQHWWHHQSRVLWLRQ-
/DGXU«HGHO LQWHUYDOOHFRUUHVSRQGDXWHPSV«FRXO«HQWUH
O DUU¬WGXEDOD\DJHHWVRQUHG«PDUUDJHORUVTXHODIRXUFKHWWH
FKRLVLHHVWFRPSULVHHQWUHHWVHFRQGHV
(QWUHHWVHFRQGHVODGXU«HGHO LQWHUYDOOHSDVVH¢
VHFRQGHV
6LSOXVGHVHFRQGHVVHVRQW«FRXO«HVHQWUHO DUU¬WHWOH
UHG«PDUUDJHO LQWHUYDOOHUHYLHQWDXWRPDWLTXHPHQW¢ODYDOHXU
SU«F«GHPPHQWSURJUDPP«H
$XG«PDUUDJHGHODPDFKLQHO LQWHUYDOOHHVWGHVHFRQGHV
9

$XWUHVFRPPDQGHV
&RPPDQGHV
%ORFDJHVGHGLII«UHQWLHOVHWWUDFWLRQ[
/DU«JXODWLRQDXWRPDWLTXHGHODWUDFWLRQ $XWRPDWLF7UDFWLRQ
&RQWURO$7& TXLIDLWSDUWLHGHO «TXLSHPHQWVWDQGDUG
FRPPDQGHO HQFOHQFKHPHQWHWOHG«VHQFOHQFKHPHQWGHV
EORFDJHVGHGLII«UHQWLHOVHQIRQFWLRQGHVEHVRLQVFHTXLHVW
QRUPDOHPHQWVXIILVDQW
9
/ HQVHPEOHGHVEORFDJHVGHGLII«UHQWLHOVHWODWUDFWLRQ[
SHXYHQW¬WUHWRXWHIRLVHQFOHQFK«VHQHQIRQ©DQWODS«GDOHSU«YXH
¢FHWHIIHW O DIILFKDJHFRUUHVSRQGDQWV HIIHFWXHVXUOHSDQQHDX
G LQIRUPDWLRQVLQW«JU«DXWDEOHDXGHERUGFHQWUDO9RLUSDJH
&HWHQFOHQFKHPHQWGHPHXUHDFWLY«DXVVLORQJWHPSVTXHOD
S«GDOHHVWPDLQWHQXHHQIRQF«H
9RLUDXVVLODSDJH
3ULVHG HQWUHWLHQ
8QHSULVHGHVHUYLFHSRXUODFRQQH[LRQG XQRUGLQDWHXUDYHF
SURJUDPPH9&$'63URHVWSU«YXHGDQVODFDELQHVRXVOH
WDEOHDXGHERUG¢GURLWHGXYRODQW(OOHSHUPHWDX[WHFKQLFLHQV
GHPDLQWHQDQFHGHSURF«GHU¢XQHUHFKHUFKHGHVSDQQHV
G HIIHFWXHUGLYHUVU«JODJHVGHOLUHOHVGRQQ«HVHQUHJLVWU«HVHWF
5«JODJHGXYRODQW
/HYRODQWHVWU«JODEOHHQKDXWHXUHWHQLQFOLQDLVRQ
$ /HYLHUYHUVOH /HYRODQWSHXW¬WUHOHY«RXDEDLVV«
KDXW
% /HYLHUYHUVOH /HYRODQWSHXW¬WUHLQFOLQ«GDQVGLII«UHQWHV
EDV SRVLWLRQV
9

3«GDOHGHIUHLQ
'DQVODPHVXUHR»O LQWHUUXSWHXUGHFRPPDQGHGXIUHLQPRWHXU
HVWDFWLY« YRLUFLDSUªVVRXV
)UHLQPRWHXU ODS«GDOHGHIUHLQ
UHPSOLWIRQFWLRQVIUHLQPRWHXUHWIUHLQVGHURXWH
(QUHYDQFKHVLFHFRPPXWDWHXUHVWG«VDFWLY«ODS«GDOHGHIUHLQ
Q DJLWDORUVTXHVXUOHVIUHLQVGHURXWH
9 /RUVTXHODIRQFWLRQ)UHLQPRWHXUHVWDFWLY«H
*DPPH$ IUHLQGHVHUYLFHFRPELQ«¢O DFWLRQUHQIRUF«HGXIUHLQ

PRWHXU
*DPPH% IUHLQGHVHUYLFHFRPELQ«¢O DFWLRQPD[LPDOHGXIUHLQ

PRWHXU
/RUVTXHOHIUHLQPRWHXUHVWDFWLY«XQV\PEROHIIUHLQPRWHXU
DFWLY«V DIILFKHVXUOHSDQQHDXG LQIRUPDWLRQV,OHQHVWGHP¬PH
HQFDVGHIIUHLQVGHVHUYLFHDFWLY«VYRLUFKDSLWUH3
3DQQHDX
G LQIRUPDWLRQVSDJH
9RLUDXVVLODSDJH
$XWUHVFRPPDQGHV
&RPPDQGHV
3«GDOHG DFF«O«UDWHXU
6LO LQWHUUXSWHXUGHFRPPDQGHGXIUHLQPRWHXUHVWDFWLY«FHOXLFL
LQWHUYLHQWGªVTXHODFRQGXFWHXUUHO¤FKHODS«GDOHG DFF«O«UDWHXU
9RLUFLDSUªVVRXV )UHLQPRWHXUHWSDJH
7DEOHDXGHFRPPDQGH

'

5
1
$8
;
9
)UHLQPRWHXU (VVXLHJODFHVXUOXQHWWH$5 «TXLSHPHQWRSWLRQQHO

%ORFDJHGXFKDQJHPHQWGHYLWHVVHV QHXWUDOLVDWLRQ
GHVSDVVDJHV
6«OHFWHXUGHYLWHVVH )UHLQGHFKDUJHPHQWHWGHEDVFXOHPHQW
6\VWªPHK\GUDXOLTXHVXSSO«PHQWDLUH «TXLSHPHQW
&RPPDQGHGHEDVFXOHPHQW
RSWLRQQHO
$XWUHVFRPPDQGHV
&RPPDQGHV
)UHLQPRWHXU
3DUWLHVXS«ULHXUHGHO LQWHUUXSWHXUHQIRQF«H DFWLYDWLRQ
DXWRPDWLTXHGXIUHLQPRWHXUDYHFSXLVVDQFHOLPLW«HORUVTXHOH
FRQGXFWHXUUHO¤FKHODS«GDOHG DFF«O«UDWHXU
3DUWLHLQI«ULHXUHGHO LQWHUUXSWHXUHQIRQF«H IUHLQPRWHXUDYHF

SXLVVDQFHOLPLW«HG«VDFWLY«
9

$9,6
/HIUHLQPRWHXUQHGRLWSDV¬WUHXWLOLV«VXUFKDXVV«HJOLVVDQWH
9RLUDXVVL
9HUURXLOODJHGXFKDQJHPHQWGHYLWHVVH
/HGLVSRVLWLIGHYHUURXLOODJHGHODER°WHGHYLWHVVHVHPS¬FKHOD
PDFKLQHGHSDVVHUFRQWLQXHOOHPHQWG XQUDSSRUW¢O DXWUH
(QIRQFHUODSDUWLHVXS«ULHXUHGXFRPPXWDWHXUSRXUHQFOHQFKHUOH
YHUURXLOODJHGHFKDQJHPHQWGHYLWHVVHV&HFRPPXWDWHXUHVWGX
W\SH¢EDVFXOH UDSSHOSDUUHVVRUW 8QHGHX[LªPHSUHVVLRQ
G«VHQJDJHODIRQFWLRQGHYHUURXLOODJHGHFKDQJHPHQWGH
YLWHVVHV
9RLUDXVVLODSDJH
6«OHFWHXUGHYLWHVVH
$9(57,66(0(17
1HTXLWWH]MDPDLVODPDFKLQHORUVTXHOHV«OHFWHXUGHUDSSRUWHVW
HQPDUFKHDYDQWRXDUULªUHDORUVTXHOHPRWHXUHVWHQPDUFKHOD
PDFKLQHSRXUUDLWVHPHWWUHHQPRXYHPHQW

3RVLWLRQVGHUDSSRUW

3RVLWLRQ ªUH
' 3RVLWLRQ 3DVVDJHDXWRPDWLTXHªUHªPH
3RVLWLRQ 3DVVDJHDXWRPDWLTXHGHªUHªPHªPH
1 3RVLWLRQ' 3DVVDJHDXWRPDWLTXHªUHªPHªPHªPH
ªPHªPHªPHªPHªPH
5 3RVLWLRQ1 3RLQWPRUW
3RVLWLRQ5 3DVVDJHDXWRPDWLTXHGHªUHªPHªPH
9RLUDXVVLODSDJH
9

6\VWªPHK\GUDXOLTXHVXSSO«PHQWDLUH «TXLSHPHQW
$8; RSWLRQQHO
0DFKLQHV«TXLS«HVG XQFK¤VVLVYHUVLRQSRUWHXU «TXLSHPHQW
RSWLRQQHO
3DUWLHVXS«ULHXUHGHO LQWHUUXSWHXUHQIRQF«H IRQFWLRQDFWLY«H

9 3DUWLHLQI«ULHXUHGHO LQWHUUXSWHXUHQIRQF«H IRQFWLRQG«VDFWLY«H

$XWUHVFRPPDQGHV
&RPPDQGHV
(VVXLHJODFHVXUOXQHWWH$5 «TXLSHPHQW
RSWLRQQHO
&RPPXWDWHXUSUHVVLRQVXUSDUWLHVXS«ULHXUH FRPPXWDWHXU¢
EDVFXOH DFWLYDWLRQGHO HVVXLHJODFHHWGXODYHJODFHDUULªUH
&RPPXWDWHXUHQSRVLWLRQFHQWUDOH HVVXLHJODFHDUULªUHDFWLY«
9 3DUWLHLQI«ULHXUHGXFRPPXWDWHXUHQIRQF«H HVVXLHJODFH$5
G«VDFWLY«

3DUWLHVXS«ULHXUHGHO LQWHUUXSWHXUHQIRQF«H IUHLQGH
VWDWLRQQHPHQWVHUU«
3DUWLHLQI«ULHXUHGHO LQWHUUXSWHXUHQIRQF«H IUHLQGH

VWDWLRQQHPHQWGHVVHUU«
$SSOLFDWLRQ
0HWWH]ODFRPPDQGHGHV«OHFWHXUGHUDSSRUWDXSRLQWPRUW
(QIRQFHUODSDUWLHVXS«ULHXUHGHO LQWHUUXSWHXU

0HWWH]ODFO«GHFRQWDFWHQSRVLWLRQ
6LOHPRWHXUHVWDUU¬W«VDQVTXHOHIUHLQGHVWDWLRQQHPHQWDLW«W«
SU«DODEOHPHQWVHUU«¢O DLGHGHO LQWHUUXSWHXUFHVHUUDJHLQWHUYLHQW
DXWRPDWLTXHPHQW
/RUVTXHOHIUHLQGHVWDWLRQQHPHQWHVWVHUU«OHEORFDJHGH
GLII«UHQWLHOORQJLWXGLQDOHVWDXWRPDWLTXHPHQWHQFOHQFK«HWOD
ER°WHGHYLWHVVHVHVWSDUDLOOHXUVYHUURXLOO«HDXSRLQWPRUWFHTXL
HPS¬FKHGRQFG HQJDJHUXQUDSSRUWTXHOTX LOVRLW
$9,6
6LOHIUHLQGHVWDWLRQQHPHQWHVWVHUU«DORUVTXHODPDFKLQHHVWHQ
PRXYHPHQWLOVXELWXQHXVXUHDQRUPDOH,OGRLW«JDOHPHQW¬WUH
FRQWU¶O«V LOD«W«XWLOLV«FRPPHIUHLQGHVHFRXUV&RQWDFWHUXQ
DWHOLHU9ROYRDJU««
'HVVHUUDJH
5HSRXVVHUYHUVOHEDVODEDJXHVXUO LQWHUUXSWHXUHWHQIRQFHUOD
SDUWLHVXS«ULHXUHGHFHOXLFL
'HVVHUUDJHVLOHIUHLQGHVWDWLRQQHPHQWD«W«VHUU«
DXWRPDWLTXHPHQW
6HUUHUSXLVGHVVHUUHUOHIUHLQGHVWDWLRQQHPHQWDYHFO LQWHUUXSWHXU
9RLUDXVVLODSDJH
/HIUHLQGHFKDUJHPHQWHWGHEDVFXOHPHQWHVWDFWLY«ORUVGX
FKDUJHPHQWHWGXG«FKDUJHPHQWGHODPDFKLQH/RUVTXHFHIUHLQ
HVWDFWLRQQ«OHVIUHLQVGHURXHVOHVRQW«JDOHPHQW&HOD«YLWHGH
FKDUJHULQXWLOHPHQWOHIUHLQGHVWDWLRQQHPHQW/RUVTXHOHIUHLQGH
9 FKDUJHPHQWHWGHEDVFXOHPHQWHVWHQJDJ«ODWUDQVPLVVLRQSDVVH
DXWRPDWLTXHPHQWDXSRLQWPRUW

/HIUHLQGHFKDUJHPHQWHWGHEDVFXOHPHQWHVWDFWLY«SDUXQH
SUHVVLRQVXUVRQFRPPXWDWHXU
$XWUHVFRPPDQGHV
&RPPDQGHV
/HIUHLQGHFKDUJHPHQWHWGHEDVFXOHPHQWHVWG«VDFWLY«ORUVTXH
OHV«OHFWHXUGHYLWHVVHVTXLWWHODSRVLWLRQSRLQWPRUW
9RLU«JDOHPHQWOHWLWUH)
)UHLQVG DSSRLQW¢ODSDJH
GDQVODVHFWLRQ)

/HOHYLHUGHEDVFXOHPHQWSHXWSUHQGUHSRVLWLRQV
3RVLWLRQ 3RVLWLRQGHVFHQWHDYHFIRQFWLRQGHPDLQWLHQ
3RVLWLRQ 3RVLWLRQGHVFHQWH
&HWWHSRVLWLRQHVW¢UHWRXUDXWRPDWLTXH UHVVRUWGH
UDSSHO O LQWHUUXSWHXUGRLWGRQF¬WUHPDLQWHQX
PDQXHOOHPHQW
3RVLWLRQ 3RVLWLRQPDLQWLHQSRVLWLRQIORWWDQWH
3RVLWLRQ 3RVLWLRQGHEDVFXOHPHQW
3RVLWLRQ %DVFXOHPHQWMXVTX HQEXW«H
$9,6
(QFRXUVGHFKDUJHPHQWHWGHWUDQVSRUWODEHQQHGRLW¬WUHHQ
SRVLWLRQIORWWDQWH&HWWHSRVLWLRQHVWDXWRPDWLTXHPHQW
V«OHFWLRQQ«HORUVTXHODEHQQHDWWHLQWVDSRVLWLRQEDVVHHWTXHOH
OHYLHUGHEDVFXOHPHQWHVWHQSRVLWLRQ SRVLWLRQGHPDLQWLHQ
SRVLWLRQIORWWDQWH

$9,6
6LOHFRQGXFWHXUTXLWWHVRQVLªJHDORUVTXHODEHQQHDDPRUF«VD
9
GHVFHQWHRXTXHOHPRWHXUV HVWDUU¬W«OHOHYLHUGHEDVFXOHPHQW
SDVVHDXWRPDWLTXHPHQWHQSRVLWLRQPDLQWLHQ

%DVFXOHPHQWSDJH
9RLU«JDOHPHQWOHFKDSLWUH%
$XWUHVFRPPDQGHV
&RPPDQGHV
3ULVHGHFRXUDQW

8QHSULVH«OHFWULTXHGH9HVWSU«YXHVRXVOHVLªJHLQVWUXFWHXU
HWXQHDXWUHGH9VXUOHWDEOHDXVLWX«HQKDXWHXUGXF¶W«GURLW
GHODFDELQH YRLUFLDSUªV
9
3ULVH9

9
3ULVH9

7UDQVIRUPDWHXUGHWHQVLRQ «TXLSHPHQWRSWLRQQHO
8QWUDQVIRUPDWHXUGHWHQVLRQGH$SHXW¬WUHLQVWDOO«HQRSWLRQ
SRXUDOLPHQWHUO DXWRUDGLRHWODSULVHGH9SU«F«GHPPHQW
PHQWLRQQ«H
$XWUHVFRPPDQGHV
&RPPDQGHV
*UDLVVDJHFHQWUDOLV«DXWRPDWLTXH
TXLSHPHQWRSWLRQQHO
(FUDQ

/ «FUDQGXV\VWªPHGHJUDLVVDJHDXWRPDWLTXHHVWIL[«VXUOHSLOLHU
$GXF¶W«GURLWGHODFDELQH YRLUSDJH &HW«FUDQIRXUQLWDX
FRQGXFWHXUO LQIRUPDWLRQGRQWLODEHVRLQFRPPHSDUH[HPSOH
«WDWGXV\VWªPHQLYHDXGHJUDLVVHLQVXIILVDQWGDQVOHU«VHUYRLU
GHODSRPSHFRGHVGHG«IDXWHWDODUPHV,OOXLSHUPHW«JDOHPHQW
GHPRGLILHUO LQWHUYDOOHGHJUDLVVDJHHWF

/ «FUDQUHJURXSHOHVIRQFWLRQVVXLYDQWHV
&RPPXWDWHXU
$XWRPDWLF
&HERXWRQSHUPHWGHPRGLILHUO LQWHUYDOOHGHJUDLVVDJHRXGH
*UHDVLQJ V«OHFWLRQQHUOHPRGHWHVWDLQVLTXHG HIIDFHUOHVFRGHVGH
6\VWHP
G«IDXW
$IILFKDJH¢WURLVFKLIIUHV
&HW«FUDQDIILFKHOHVFRGHVGHG«IDXWO LQWHUYDOOHGHJUDLVVDJH
FKRLVLHWOHPRGHWHVW9RLUFLDSUªVVRXV&&RGHVDIILFK«VVXU
O «FUDQ¢FKLIIUHV

3RLQWG«FLPDO
9
,QGLTXHVLODPLQXWHULHHVWDFWLY«HRXHQPRGHDWWHQWH
6\VWªPHDFWLY«
8QHGLRGHGHFRXOHXUYHUWHLQGLTXHTXHOHV\VWªPHHVWDFWLY«
1LYHDXGHJUDLVVHLQVXIILVDQW
8QHGLRGHGHFRXOHXUMDXQHLQGLTXHTXHOHQLYHDXPLQLPXP
HVWDWWHLQWGDQVOHU«VHUYRLUGHJUDLVVH
$ODUPH
8QHGLRGHGHFRXOHXUURXJHLQGLTXHTX XQSUREOªPHHVW
VXUYHQXDXQLYHDXGXV\VWªPH
&RGHVDIILFK«VVXUO «FUDQ¢FKLIIUHV
&HTXLVXLWLQGLTXHOHVFRGHVHWOHVFRPELQDLVRQVGHFRGHHWGH
FRXOHXUGHGLRGHVXVFHSWLEOHVG LQWHUYHQLUDLQVLTXHOHXU
VLJQLILFDWLRQ
/ LPDJHG «FUDQ¢JDXFKHHVWFHOOHTXLDSSDUD°WORUVTXHODFO«GH
FRQWDFWHVWPLVHHQSRVLWLRQ0DUFKH/HVOLJQHVDSSDUDLVVHQWHW
GLVSDUDLVVHQWWRXU¢WRXUSRXUGRQQHUO LOOXVLRQG XQPRXYHPHQWGH
URWDWLRQGHO «FUDQ&HV\PEROHLQGLTXHTXHO «FUDQHVWHQOLDLVRQ
9
DYHFO XQLW«GHFRPPDQGHGHODSRPSH$SUªVVHFRQGHV
O LQWHUYDOOHGHSU«JUDLVVDJHV DIILFKHHQP¬PHWHPSVTXHODGLRGH
YHUWH V\VWªPHDFWLY« V DOOXPH
(FUDQVHORQO LOOXVWUDWLRQHQFRPELQDLVRQDYHFGLRGHYHUWHDOOXP«H
)DLEOHG«ELWHQIDLWFHU«JODJHFRUUHVSRQG¢XQLQWHUYDOOHGH
JUDLVVDJHFRUUHVSRQGDQW¢X XQG«ELWPR\HQHWDYHFXQLQWHUYDOOH
9
«JDOHPHQWPR\HQ G«ELWGHJUDLVVHQRUPDO
'«ELWPR\HQLQWHUYDOOHGHJUDLVVDJHQRUPDO
9
$XWUHVFRPPDQGHV
&RPPDQGHV
+DXWG«ELWLQWHUYDOOHGHJUDLVVDJHFRXUW JUDLVVDJHUHQIRUF«
9
/HQRPEUHGHF\FOHVDXWRPDWLTXHVUDSLGHVSURJUDPP«HVW
HIIHFWX«/HPRGHWHVWQ HVWSDVV«OHFWDEOHVXUO «FUDQ
9
/RUVTXHODSRPSHHIIHFWXHGHVF\FOHVDXWRPDWLTXHVUDSLGHV VDQV
! SUHVVLRQFRQVWDQWHQLEDLVVHGHSUHVVLRQQLS«ULRGHVGHUHSRV
O «FUDQDIILFKHDOWHUQDWLYHPHQW WRXWHVOHVVHFRQGHV 7HWOH
9
QRPEUHGHF\FOHVUHVWDQWV GDQVOHFDVSU«VHQW
(FUDQVHORQO LOOXVWUDWLRQHQFRPELQDLVRQDYHFGLRGHVMDXQHHWYHUWH
DOOXP«HV
/HQLYHDXPLQLPXPHVWDWWHLQWGDQVOHU«VHUYRLUGHJUDLVVH/DGLRGH
9
V «WHLQWDXWRPDWLTXHPHQWXQHIRLVOHU«VHUYRLUUHPSOL
(FUDQVHORQO LOOXVWUDWLRQHQFRPELQDLVRQDYHFGLRGHURXJH
9
DOOXP«H
'«IDLOODQFHGXV\VWªPH/DV«OHFWLRQGHO LQWHUYDOOHGHJUDLVVDJH
Q HVWSRVVLEOHTX DSUªVVROXWLRQGXSUREOªPH

3RLQWG«FLPDODOOXP«HQFRQWLQXODPLQXWHULHHVW¢O DUU¬W
3RLQWG«FLPDOFOLJQRWDQWODPLQXWHULHHVWHQPDUFKH
9
3RLQWG«FLPDOIORWWDQW
! ! 3KDVHDFWLYHGHSRPSDJH DYHFSUHVVLRQFRQVWDQWHHWSKDVHGH
U«GXFWLRQGHSUHVVLRQ
9
&RGHVGHSDQQH
/ «FUDQDIILFKH(HWOHVGLRGHVURXJH DODUPH HWMDXQH QLYHDX

GHJUDLVVHLQVXIILVDQW VRQWDOOXP«HV
5«VHUYRLUGHJUDLVVHYLGH
9
$XWUHVFRGHVGHG«IDXWDIILFK«V6LXXQDXWUHFRGHGHG«IDXWTXH
FHX[G«FULWVFLGHVVXVV DIILFKHVXUO «FUDQYYHXLOOHUFRQWDFWHUXQ
DWHOLHU9ROYRDJU««
$XWUHVFRPPDQGHV
&DELQH
&DELQH
6\VWªPHGHYLVLRQYHUVO DUULªUH
TXLSHPHQWRSWLRQQHO
/DFDP«UDVLWX«H¢O DUULªUHGHODPDFKLQHDVVRFL«HDXFDSWHXU
GDQVODFDELQHSHUPHWWHQWDXFRQGXFWHXUG DYRLUXQHERQQH
YLVLELOLW«GHO DUULªUHHQFDVGHPDUFKHDUULªUHGHEDVFXOHPHQW
HWF
/DFDP«UDGHUHFXOHVWDFWLY«HORUVTXHOHFRQWDFWHVWODSRVLWLRQ
HWSHXWHQVXLWH¬WUHHQYHLOOHRXHQPDUFKHHQIRQFWLRQGH
FRQILJXUDWLRQGHODFDP«UD6LODFDP«UDHVWFRQILJXU«HDXPRGH
YHLOOHOHFDSWHXUDIILFKHXQLTXHPHQWXQHLPDJHORUVTXHOH
V«OHFWHXUGHYLWHVVHVHVWHQSRVLWLRQGHPDUFKHDUULªUHVLQRQ HQ
SRVLWLRQ21 XQHLPDJHV DIILFKHGªVTXHOHFRQWDFWHVWSODF«HQ
SRVLWLRQ SRVLWLRQGHFRQGXLWH
/ «FUDQV DIILFKHHQFRXOHXURXHQQRLUHWEODQF
6%21 YHLOOHPDUFKH
/RUVTXHOHFDSWHXUHVWFRQILJXU«DXPRGH0DUFKHO LPDJH
V DIILFKHWDQWTXHODFO«GHG«PDUUDJHHVWHQSRVLWLRQGH
FRQGXLWH
/RUVTXHOHFDSWHXUHVWFRQILJXU«DXPRGH6%PRGHO LPDJH
V DIILFKHXQLTXHPHQWORUVTXHOHV«OHFWHXUGHYLWHVVHVHVWHQ
SRVLWLRQGHPDUFKHDUULªUH/ LQGLFDWHXUGHGLVWDQFHV DIILFKH
VXUO «FUDQDXP¬PHPRPHQW
/HPRGH6%HVWUHFRPPDQG«FRPPH«WDQWODSRVLWLRQ
QRUPDOHHWQHGRLWSDV¬WUHFKDQJ«HSHQGDQWODFRQGXLWHHQ
PDUFKHDYDQW
'LRGHV

$OOXPHUODODPSHOXPLQHXVHORUVTXHOHFDSWHXUHVWDFWLY«
/RUVTXHOHFDSWHXUHVWHQYHLOOHOHSKDUHHVWDOOXP«DYHFXQH
9 PRLQGUHLQWHQVLW«
&$06(/(&7
&HERXWRQHVWXWLOLV«SHQGDQWOHU«JODJHH[LQWHQVLW«GX
SKDUHFRQWUDVWHFRXOHXUHWFGHODFDP«UD
/RUVTXHOHERXWRQ&$06(/(&7HVWPDLQWHQXHQIRQF«
SHQGDQWXQSHXSOXVGHGHX[VHFRQGHVOHPHQXGHU«JODJH
V DIILFKHVXUO «FUDQGXFDSWHXU
/HFXUVHXUHVWG«SODF«JU¤FHDX[ERXWRQVȒHWY$SSX\HU
VXUOHERXWRQ&$06(/(&7SRXUHIIHFWXHUGHVV«OHFWLRQV
GDQVOHPHQXGHU«JODJH,OHVWSRVVLEOHG DXJPHQWHURXGH
GLPLQXHUOHVYDOHXUV¢U«JOHUDYHFOHVERXWRQV',0HW125
%/&
3RXUTXLWWHUOHPHQXGHU«JODJHPDLQWHQLUOHERXWRQ&$0
6(/(&7HQIRQF«SHQGDQWXQSHXSOXVGHGHX[VHFRQGHV
/RUVTXHOHFDSWHXUQ DSDV«W«WRXFK« DXFXQERXWRQQ HVW
DSSX\«RXDXFXQU«JODJHQ HVWHIIHFWX« SHQGDQWSUªVGHGL[
VHFRQGHVOHPHQXGHU«JODJHV «WHLQWHWO LPDJHGHODFDP«UD
V DIILFKH¢QRXYHDX
/HPHQXGHU«JODJHQHV DIILFKHSDVVXUOHFDSWHXUORUVTXHOH
V«OHFWHXUGHYLWHVVHVHVWHQSRVLWLRQGHPDUFKHDUULªUH
9
7RXFKHGHG«URXOHPHQWGXPHQXGHSDUDP«WUDJHYHUVOHEDV
ˉ
7RXFKHGHG«URXOHPHQWGXPHQXGHSDUDP«WUDJHYHUVOHKDXW
',0
$XWUHVFRPPDQGHV
&DELQH
&HERXWRQHVWXWLOLV«SRXUSHUPXWHUHQWUHO LPDJHOXPLQHXVH
HWO LPDJHVRPEUHVXUO «FUDQ/RUVTXHOHERXWRQHVWDSSX\«
OHFDSWHXUVHSODFH¢ODSRVLWLRQ21O LPDJHGHYLHQWVRPEUH
(QFDVGHU«JODJHVXU2))O LPDJHGHO «FUDQGHYLHQW
OXPLQHXVH
/RUVTXHOHPHQXGHU«JODJHHVWDFWLY«FHERXWRQIRQFWLRQQH
FRPPHXQERXWRQGHVFHQGUH
125%/&
/ «FUDQDMXVWHOHOXPLQRVLW«GHO LPDJHVXUO «FUDQ¢O «FODLUDJH
S«ULSK«ULTXH(QSOHLQMRXUO «FUDQSHXW¬WUHFRPSOªWHPHQW
VRPEUH&HERXWRQHVWXWLOLV«SRXULOOXPLQHUWHPSRUDLUHPHQW
O LPDJH¢O «FUDQ/ LPDJHUHWRXUQH¢O DIILFKHQRUPDODSUªVXQ
FHUWDLQWHPSVTXLSHXW¬WUHDMXVW«GDQVOHPHQXGHU«JODJH
%/&7,0(5
/RUVTXHOHPHQXGHU«JODJHHVWDFWLY«FHERXWRQIRQFWLRQQH
FRPPHXQERXWRQPRQWHU
(QWUHWLHQ
/HVHXOHQWUHWLHQQ«FHVVDLUHVXUO «TXLSHPHQWGHFDP«UDGHUHFXO
HVWGHV DVVXUHUTXHOHVOHQWLOOHVGHODFDP«UDVRQWSURSUHV
1HWWR\HUOHVOHQWLOOHVORUVTXHFHODHVWQ«FHVVDLUHHQXWLOLVDQWXQ
FKLIIRQKXPLGH HDX

8(HW86$«TXLSHPHQWGHV«ULH
$XWUHVPDUFK«V«TXLSHPHQWRSWLRQQHO
/DFDP«UDVLWX«H¢O DUULªUHGHODPDFKLQHDVVRFL«HDXFDSWHXU
GDQVODFDELQHSHUPHWWHQWDXFRQGXFWHXUG DYRLUXQHERQQH
YLVLELOLW«GHO DUULªUHHQFDVGHPDUFKHDUULªUHHWF
/DFDP«UDGHUHFXOHVWDFWLY«HORUVTXHOHFRQWDFWHVWHQSRVLWLRQ
/RUVTXHO XQGHVPRGHVGHU«JODJHHVWDFWLY«XQW«PRLQ'(/
URXJHV DOOXPH¢GURLWHGXPRGH RXGXERXWRQ GHU«JODJHDFWLY«
9RXVWURXYHUH]FLGHVVRXVOHVIRQFWLRQVGHVERXWRQVGX
PRQLWHXU
6«OHFWLRQFDP«UD
/HV\VWªPHQ DTX XQHVHXOHFDP«UDODIRQFWLRQQ HVWSDV
DSSOLFDEOH
/HW«PRLQ'(/¢GURLWHGXERXWRQFOLJQRWHDSUªVXQHSUHVVLRQ
8QHQRXYHOOHSUHVVLRQVXUOHERXWRQSHUPHWG «WHLQGUHOH
W«PRLQ
5«JODJHGHO «FODLUDJHGHO «FUDQ/&'
&HERXWRQSHUPHWGHFKDQJHUGHSRVLWLRQ DSSX\HU¢SOXVLHXUV
UHSULVHVMXVTX ¢REWHQLUO RSWLRQVRXKDLW«H
&RQWU¶OHDXWRPDWLTXH $%& FHWWHSRVLWLRQSHUPHWXQ
FRQWU¶OHDXWRPDWLTXHGHO «FODLUDJHGHO «FUDQHQWUHOHV
LQWHQVLW«VPLQLHWPD[LVHORQO «FODLUDJHDPELDQW
5«JODJHMRXU 'D\ OHU«JODJHGHO LQWHQVLW«OXPLQHXVHGH
O «FUDQHVWDMXVW«HQDSSX\DQWVXUOHVERXWRQVSOXVRX
9 PRLQV/HU«JODJHHVWVDXYHJDUG«
5«JODJHQXLW 1,7 OHU«JODJHGHO LQWHQVLW«OXPLQHXVHGH

O «FUDQHVWDMXVW«HQDSSX\DQWVXUOHVERXWRQVSOXVRX
PRLQV/HU«JODJHHVWVDXYHJDUG«
$XWUHVFRPPDQGHV
&DELQH
/RUVTXHFHPHQXGHU«JODJHVHVWRXYHUWXQW«PRLQ'(/
V DOOXPH¢GURLWHGXERXWRQVDXIVLOHU«JODJH$%&HVWDIILFK«
$SSX\HUVXUOHERXWRQSRXUTXLWWHUOHPRGHGHU«JODJH
&RQWUDVWH
$SSX\H]XQHIRLVVXUOHERXWRQSRXURXYULUOHPRGHGHU«JODJH
GXFRQWUDVWH8WLOLVH]OHVERXWRQVSOXVHWPRLQVSRXUU«JOHUOH
FRQWUDVWH
$SSX\HU¢QRXYHDXVXUOHERXWRQSRXUTXLWWHUOHPRGHGH
U«JODJHGXFRQWUDVWH/HW«PRLQ'(/DGURLWHGXERXWRQ
V «WHLQW
HW6DWXUDWLRQGHVFRXOHXUV
3RXURXYULUOHPRGHGHU«JODJHGHODVDWXUDWLRQGHVFRXOHXUV
DSSX\H]VLPXOWDQ«PHQWVXUOHVERXWRQVHW8WLOLVH]OHV
ERXWRQVSOXVHWPRLQVSRXUDMXVWHUODVDWXUDWLRQGHVFRXOHXUV
GHO LPDJH
3RXUTXLWWHUOHPRGHGHU«JODJHGHODVDWXUDWLRQGHVFRXOHXUV
DSSX\HUGHX[IRLVVXUOHERXWRQRXRXXQHVHXOHIRLVVXUOH
ERXWRQ
,QWHQVLW«OXPLQHXVH
$SSX\H]XQHIRLVVXUOHERXWRQSRXURXYULUOHPRGHGHU«JODJH
GHO LQWHQVLW«OXPLQHXVH8WLOLVH]OHVERXWRQVSOXVHWPRLQVSRXU
DMXVWHUO LQWHQVLW«OXPLQHXVH
3RXUTXLWWHUOHPRGHGHU«JODJHDSSX\HUXQHQRXYHOOHIRLVVXU
OHERXWRQ
$OWHUQDWLYH
/RUVTXHOHERXWRQ$OWHUQDWLYHHVWDFWLRQQ«XQHLPDJHIL[H
SURYHQDQWGHODFDP«UDDFWLY«HHVWJ«Q«U«H,OHVWSRVVLEOHGH
U«JOHUODGXU«HGHO DIILFKDJHGHFHWWHLPDJH SRXUFHODLO
FRQYLHQWGHFRQWDFWHUXQDWHOLHU9ROYR
6«OHFWLRQU«JODJHPRLQV
6«OHFWLRQU«JODJHSOXV
0HQXGHYHLOOH
6LOHERXWRQHVWDFWLRQQ«O «FUDQSDVVHDXPHQXGHYHLOOHR»
LOHVWSRVVLEOHGHFKRLVLUO RSWLRQG DFWLYDWLRQGHODFDP«UDHWGH
O «FUDQXQLTXHPHQWORUVTXHODPDUFKHDUULªUHHVWHQJDJ«H
1DYLJXHUGDQVOHPHQXDYHFOHVERXWRQVSOXVRXPRLQVHW
V«OHFWLRQQHUO RSWLRQ66WDQGE\ 9HLOOH $SSX\HUVXUOHERXWRQ
SRXUDFWLYHUOHPRGHGHYHLOOH$LQVLODFDP«UDHWO «FUDQQH
VHURQWDFWLY«VTXHORUVTXHODPDUFKHDUULªUHVHUDHQJDJ«H
3RXUTXLWWHUOHPRGHGHYHLOOHORUVTX LOHVWDFWLY«DSSX\HUXQH
IRLVVXUOHERXWRQ
/ DXWUHRSWLRQGXPHQXGHYHLOOH,QIRSHUPHWGHFRQVXOWHUOHV
LQIRUPDWLRQVFRQFHUQDQWOHV\VWªPHWHOOHVTXHODYHUVLRQGX
ORJLFLHOSDUH[HPSOH
3RXUTXLWWHUOHPHQXGHYHLOOHDSSX\HUDXPRLQVXQHIRLVVXU
OHERXWRQ
0HQXRS«UDWHXU 2SHUDWRUPHQX
2SHUDWRUPHQX 3RXUHIIHFWXHUOHVU«JODJHVGHODQJXHGHSRVLWLRQGXFXUVHXUVXU
O «FUDQHWGXFDQDOYLG«RYRXVGHYH]RXYULUOHPHQXRS«UDWHXUGH
O «FUDQ
/DQJXDJH 3RXUFHODDSSX\H]VLPXOWDQ«PHQWVXUOHVERXWRQV V«OHFWLRQ
U«JODJHPRLQV HW V«OHFWLRQU«JODJHSOXV
&DPHUDVHWWLQJV %RXWRQVGXPRQLWHXUXWLOLV«VHWPRGHG XWLOLVDWLRQ
$OWHUQDWLYHSHUPHWGHUHYHQLUDXPHQXSU«F«GHQW
6HWYLGHRFKDQQHO &+ 0RLQVSHUPHWGHQDYLJXHUYHUVOHEDVGDQVOHVRSWLRQVGH
PHQX
3OXVSHUPHWGHQDYLJXHUYHUVOHKDXWGDQVOHVRSWLRQVGH
PHQX
$XWUHVFRPPDQGHV
&DELQH
(QWU«HSHUPHWGHV«OHFWLRQQHURXG DFWLYHUO RSWLRQ

V«OHFWLRQQ«H
3RXUTXLWWHUOHVVRXVPHQXVHWOHPHQXDSSX\HUVXUOHERXWRQ
$OWHUQDWLYH
/DQJXH /DQJXDJH FHWWHRSWLRQSHUPHWG RXYULUOHPHQXGH

/DQJXDJH V«OHFWLRQGHODQJXH/DODQJXHV«OHFWLRQQ«HVHUDDSSOLTX«H¢
WRXVOHVPHQXV/HVODQJXHVGLVSRQLEOHVVRQWOHVVXLYDQWHV
DQJODLVQ«HUODQGDLVDOOHPDQGIUDQ©DLVWFKªTXHLWDOLHQ
(QJOLVK SRORQDLVSRUWXJDLVHVSDJQROWXUFVX«GRLVILQQRLVGDQRLVHW
QRUY«JLHQ
1HGHUODQGV
'HXWVFK
)UDQFDLV
,WDOLDQR

5«JODJHVFDP«UD &DPHUDVHWWLQJV $SSX\HUVXUOHERXWRQ

&DPHUDVHWWLQJV (QWU«H SRXUV«OHFWLRQQHUODFDP«UD&&RX&
& & & /LJQHGH SHUPHWG DFWLYHUHWGHG«VDFWLYHUXQH
+RUPDUNHU U«I«UHQFH OLJQHGHU«I«UHQFHKRUL]RQWDOHVXUO «FUDQ
KRUL]RQWDOH +RU GXPRQLWHXU
0DUNHUSRV PDUNHU
3RVLWLRQOLJQHGH SHUPHWG DMXVWHUODSRVLWLRQGHODOLJQHGH
9HUWPDUNHU U«I«UHQFH U«I«UHQFHKRUL]RQWDOHVXUO «FUDQGX
KRUL]RQWDOH PRQLWHXUHVWOHVRPPHWGHO «FUDQHW
0DUNHUSRV 0DUNHUSRV HQHVWOHEDV
3RXUPRGLILHUODYDOHXUQDYLJXHUYHUVOH
*UDWLFXOH
EDVGDQVOHPHQXMXVTX ¢DWWHLQGUHOH
U«JODJHVRXKDLW«$SSX\HUVXUOHERXWRQ
(QWU«H SXLVDMXVWHUDYHFOHVERXWRQV
SOXVHWPRLQV
/LJQHGH SHUPHWG DFWLYHUHWGHG«VDFWLYHUXQH
U«I«UHQFH OLJQHGHU«I«UHQFHYHUWLFDOHVXUO «FUDQGX
YHUWLFDOH 9HUW PRQLWHXU
PDUNHU
3RVLWLRQOLJQHGH SHUPHWG DMXVWHUODSRVLWLRQGHODOLJQHGH
U«I«UHQFH U«I«UHQFHYHUWLFDOHVXUO «FUDQGX
YHUWLFDOH 0DUNHU PRQLWHXU9DOHXUVHQHW/DGURLWH
SRV HWODJDXFKHVRQWLQWHUYHUWLHVDYHFOD
IRQFWLRQPLURLUGHODFDP«UD
3RXUPRGLILHUODYDOHXUQDYLJXHUYHUVOH
EDVGDQVOHPHQXMXVTX ¢DWWHLQGUHOH
U«JODJHVRXKDLW«$SSX\HUVXUOHERXWRQ
(QWU«H SXLVDMXVWHUDYHFOHVERXWRQV
SOXVHWPRLQV
*ULOOH *UDWLFXOH FHWWHRSWLRQSHUPHWG DIILFKHUVXUO «FUDQ
XQHOLJQHYLUWXHOOHGHG«SODFHPHQWGHOD
PDFKLQHHQPDUFKHDUULªUH
$XWUHVFRPPDQGHV
&DELQH
&DQDOYLG«R 6HWYLGHRFKDQQHO SHUPHWGHU«JOHUOHFDQDO

2SHUDWRUPHQX YLG«RXWLOLV«SDUOHVFDQQHU,OHVWSRVVLEOHGHV«OHFWLRQQHU&+
FDQDO¢&+ FDQDOHW$87 DXWRPDWLTXH
/DQJXDJH (QWUHWLHQ
/DVHXOHPDLQWHQDQFHQ«FHVVDLUHSRXUODFDP«UDHWOHPRQLWHXU
&DPHUDVHWWLQJV HVWOHQHWWR\DJH
1HWWR\H]O REMHFWLIGHODFDP«UDGHUHFXODYHFXQFKLIIRQ
6HWYLGHRFKDQQHO &+ KXPLGH HDX ORUVTXHFHODHVWQ«FHVVDLUH
1HWWR\H]O «FUDQGXPRQLWHXUGDQVODFDELQHDYHFXQHPRXVVH
GHQHWWR\DJHGHKDXWHTXDOLW«
$9,6
1 XWLOLVH]MDPDLVGHSURGXLWVFKLPLTXHVDJUHVVLIVQLGH
QHWWR\DQWVDEUDVLIVVXUO «FUDQ
$9,6
1HWRXFKH]SDVO «FUDQDYHFYRVGRLJWVYLWH]G DSSX\HU
IRUWHPHQWVXUO «FUDQSRXUQHSDVHQGRPPDJHUVHVSL[HOV
$XWUHVFRPPDQGHV
&RQIRUWGXFRQGXFWHXU
&RQIRUWGXFRQGXFWHXU
6LªJHFRQGXFWHXU
/HVLªJHFRQGXFWHXUHVWFRQIRUPHDX[QRUPHVVHORQ(1,62
%UHIFHODVLJQLILHTXHOHVLªJHHVWFRQ©XGHOD
PHLOOHXUHGHVPDQLªUHVSRXUU«GXLUHOHVYLEUDWLRQVGHO HQVHPEOH
GHODFDUURVVHULHDX[TXHOOHVHVWH[SRV«OHFRQGXFWHXUORUVTX LO
XWLOLVHODPDFKLQH/ DPSOHXUGHVYLEUDWLRQVG«SHQGGHGLII«UHQWV
IDFWHXUVGRQWSOXVLHXUVVRQWUHOL«V¢ODFRQFHSWLRQGHODPDFKLQH
WHOVTXHO «WDWGXFROODYLWHVVHRXOHVWHFKQLTXHVGHFRQGXLWH
*DUGHU¢O HVSULWOHVUHFRPPDQGDWLRQVVXLYDQWHV
U«JOHUOHVLªJHHQIRQFWLRQGXSRLGVHWGHODWDLOOHGXFRQGXFWHXU
PDLQWHQLUODVROGXOLHXGHWUDYDLOHQERQ«WDW
V«OHFWLRQQHUODWHFKQLTXHGHFRQGXLWHHWODYLWHVVHDSSURSUL«HV
HQIRQFWLRQGHVFRQGLWLRQVH[LVWDQWHV
$77(17,21
1HSDVU«JOHUOHVLªJHFRQGXFWHXUTXDQGODPDFKLQHHVWHQ
PRXYHPHQW

/RUVTX LOHVWFRUUHFWHPHQWU«JO«OHVLªJHFRQGXFWHXUDXJPHQWH
OHFRQIRUWHWODV«FXULW«GXFRQGXFWHXU0DOU«JO«OHVLªJHSHXW
SURYRTXHUGHVEOHVVXUHV/HVU«JODJHV¢HIIHFWXHUVRQWOHV
VXLYDQWV
LQFOLQDLVRQGXGRVVLHU DQJOH
DSSXLUHLQV
LQFOLQDLVRQ DQJOH HWVRXOªYHPHQWDEDLVVHPHQWGXFRXVVLQGH
VLªJH
SRLGVGXFRQGXFWHXU U«JODJHXQLTXHPHQWSRVVLEOHVXUOHVLªJH
FRQGXFWHXU¢VXVSHQVLRQSQHXPDWLTXH
VHQVGHODORQJXHXU HVSDFHSRXUOHVMDPEHV
/DFRQVROHGHIL[DWLRQGXVLªJHFRQGXFWHXUGLVSRVHGHSOXVLHXUV
WURXVSHUPHWWDQWGHIL[HUOHVLªJH$LQVLOHVLªJHFRQGXFWHXUSHXW
¬WUHG«SODF«VXUODFRQVROHGHIL[DWLRQFHTXLRIIUHG DXWUHV
SRVVLELOLW«VGHU«JODJHGDQVOHVHQVGHODORQJXHXU/H
G«SODFHPHQWGXVLªJHFRQGXFWHXUGRLW¬WUHHIIHFWX«SDUXQDWHOLHU
9ROYRDJU««
6LOHVLªJHFRQGXFWHXUGRLW¬WUHUHPSODF«DORUVOHQRXYHDXVLªJH
GRLW¬WUHWHVW«VHORQ,62FHTXLVLJQLILHTXHOH
IDEULFDQWGXVLªJHDFRQ©XHWDGDSW«OHVSURSUL«W«V
G DPRUWLVVHPHQWGHVYLEUDWLRQVGXVLªJHDXW\SHGHPDFKLQH
GDQVODTXHOOHLOGRLW¬WUHLQVWDOO«
$9,6
/HVLªJHGRLWDSSDUWHQLU¢ODFODVVH(0G DPRUWLVVHPHQWGH
YLEUDWLRQV,OHVWLQWHUGLWGHOHUHPSODFHUSDUXQQRXYHDXVLªJHTXL
Q DSDVODFDSDFLW«G DPRUWLVVHPHQWDSSURSUL«H
$XWUHVFRPPDQGHV
&RQIRUWGXFRQGXFWHXU
,OHVWLPSRUWDQWGHU«JOHUOHVLªJHFRQGXFWHXUSRXUREWHQLUXQ
FRQIRUWRSWLPDO&LGHVVRXVILJXUHQWOHVU«JODJHVSRVVLEOHVGHV
VLªJHVFRQGXFWHXU¢VXVSHQVLRQP«FDQLTXHHWSQHXPDWLTXH
/HVGHX[U«JODJHVVRQWSRVVLEOHVDYHFXQVLªJH¢FKDXIIDJH
«OHFWULTXH «TXLSHPHQWRSWLRQQHO
6LªJHFRQGXFWHXUP«FDQLTXHU«JODJH
9

9
,QFOLQDLVRQGXGRVVLHU
,QFOLQDLVRQGHO DVVLVH
+DXWHXUGHVLªJH
5«JODJHHQDYDQFHPHQW
$SSXLUHLQV
/LPLWDWLRQGHKDXWHXUDYHFIRQFWLRQYHUURXLOODJH
U«JODJHHQKDXWHXU¢SOHLQHFRXUVH FRPPDQGHYHUVOD
GURLWH
U«JODJHOLPLW«HQKDXWHXU FRPPDQGHDXFHQWUH
SRVLWLRQGHWUDQVSRUW Q HVWMDPDLVXWLOLV«HORUVGHOD
FRQGXLWH OHYLHUYHUVOHF¶W«JDXFKH
$XWUHVFRPPDQGHV
&RQIRUWGXFRQGXFWHXU
6LªJHFRQGXFWHXU¢VXVSHQVLRQSQHXPDWLTXHU«JODJH

9
9
,QFOLQDLVRQGXGRVVLHU
+DXWHXUGXERUGDUULªUHGXVLªJH
+DXWHXUGXERUGDYDQWGXVLªJH
$MXVWHPHQWGXSRLGV
5«JODJHHQDYDQFHPHQW
$SSXLUHLQV
,QVWUXFWHXUHPEDUTX«
/HVLªJHLQVWUXFWHXUHVWVLWX«VXUOHF¶W«GURLWGDQVODFDELQH
GHUULªUHOHVLªJHFRQGXFWHXU,OHVWFRQ©XSRXUSHUPHWWUH¢XQ
LQVWUXFWHXUGHFRQGXLUHWHPSRUDLUHPHQWODPDFKLQHSRXUGRQQHU
GHVLQVWUXFWLRQVHWIRUPHUOHFRQGXFWHXUDILQTXHFHGHUQLHUSXLVVH
FRQGXLUHHWPDQĕXYUHUO HQJLQGHPDQLªUHRSWLPDOH
$77(17,21
/HVLªJHG LQVWUXFWHXUQ HVWSDVSU«YXSRXUGHVSDVVDJHUV
/DIRUPDWLRQGHVFRQGXFWHXUVSDUGHVLQVWUXFWHXUV¢ERUGGRLW¬WUH
HIIHFWX«HVXUXQVROSODQR»OHULVTXHGHEDVFXOHPHQWGHOD
9
PDFKLQHRXGHFKRFVVXLWH¢ODFKXWHG REMHWVHVWPLQLPDO
6LªJHLQVWUXFWHXU /DYLWHVVHGHODPDFKLQHGRLW¬WUHOLPLW«H¢NPK PSK

&HLQWXUHGHV«FXULW«DEGRPLQDOH HWO LQVWUXFWHXUGRLWXWLOLVHUODFHLQWXUHGHV«FXULW«YHQWUDOHSHQGDQW
ODFRQGXLWH
,OHVWUHFRPPDQG«TXHOD]RQHGHIRUPDWLRQVRLWQLYHO«HHWOLVV«H
DYDQWODIRUPDWLRQSRXU«YLWHUG H[SRVHUO LQVWUXFWHXU¢GHVFKRFV
LQXWLOHVHW¢GHVPRXYHPHQWVEUXVTXHV
$XWUHVFRPPDQGHV
&RQIRUWGXFRQGXFWHXU
&HLQWXUHGHV«FXLULW«DEGRPLQDOH
/HV\PEROHGHUDSSHOGHODFHLQWXUHGHV«FXULW«HVWDFWLY«VLOD
FHLQWXUHQ HVWSDVDWWDFK«HORUVTXHOHPRWHXUWRXUQH YRLU
«JDOHPHQWODVHFWLRQ77DEOHDXGHERUGLQWHUP«GLDLUH¢ODSDJH
9

/DFHLQWXUHGHV«FXULW«DEGRPLQDOHFRPSOªWHOHGLVSRVLWLIGH
V«FXULW«GHODFDELQHHWGRLW¬WUHXWLOLV«HSRXUHPS¬FKHUO «MHFWLRQ
GXFRQGXFWHXUGHODFDELQHHQFDVGHEDVFXOHPHQWGHODPDFKLQH
8QHFHLQWXUHGHV«FXULW«VHUU«HSHUPHW«JDOHPHQWDXFRQGXFWHXU
G DYRLUXQHPD°WULVHGHODPDFKLQHVLHOOHWDQJXHVHEDODQFH
EUXVTXHPHQWRXUHQFRQWUHG DXWUHVGLIILFXOW«V
/DFHLQWXUHGHV«FXULW«HWVHVDFFHVVRLUHVGRLYHQW¬WUH
FRQWU¶O«VU«JXOLªUHPHQW5HPSODFHUO HQVHPEOHGHODFHLQWXUH
GHV«FXULW«LPP«GLDWHPHQWVLHOOHHVWXV«HG«FRXVXHRXVL
O HQURXOHXUQHIRQFWLRQQHSDV
5HPSODFHUODFHLQWXUHGHV«FXULW«VLODPDFKLQHD«W«LPSOLTX«H
GDQVXQDFFLGHQWORUVGXTXHOODFHLQWXUHD«W«VRXPLVH¢XQH
IRUWHFKDUJH
1HMDPDLVPRGLILHUODFHLQWXUHRXVHVIL[DWLRQV
/DFHLQWXUHGHV«FXULW«HVWSU«YXHXQLTXHPHQWSRXUXQDGXOWH
*DUGHUODFHLQWXUHGHV«FXULW«HQURXO«HORUVTX HOOHQHVHUWSDV
1HWWR\HUXQLTXHPHQW¢O HDXFKDXGHMDPDLVGHVDYRQQL
G DJHQWQHWWR\DQW/DLVVHUODFHLQWXUHGHV«FXULW«V«FKHU
HQWLªUHPHQWG«URXO«HDYDQWGHO HQURXOHU¢QRXYHDX6 DVVXUHU
TXHODFHLQWXUHGHV«FXULW«HVWPRQW«HFRUUHFWHPHQW
&RPSDUWLPHQWGHUDQJHPHQW
'HUULªUHOHGRVVLHUGXVLªJHLQVWUXFWHXUVHWURXYHOHFDVLHUGH
UDQJHPHQWTXLSHUPHWHQWUHDXWUHVGHFRQVHUYHUOHPDQXHO
G HQWUHWLHQ,OH[LVWH«JDOHPHQWXQFDVLHUGHUHQJHPHQWVRXVOH
VLªJHLQVWUXFWHXU
9
&DVLHUGHUDQJHPHQW
6LªJHLQVWUXFWHXU
&DVLHUGHUDQJHPHQW

$XWUHVFRPPDQGHV
&RQIRUWGXFRQGXFWHXU
6RUWLHVHFRQGDLUH

,OH[LVWHXQHVRUWLHDOWHUQDWLYHGHODPDFKLQH¢WUDYHUVODIHQ¬WUH
GHPLORQJXHXUGHYDQWOHPRQWDQWPLOLHXVXUOHF¶W«GURLWHWJDXFKH
GHODFDELQH8QHVRUWLHDOWHUQDWLYHHVWLQGLTX«HSDUXQ
DXWRFROODQW(QFDVG XUJHQFHFHVIHQ¬WUHVSHXYHQW¬WUHEULV«HV
DYHFXQPDUWHDX/RUVTXHODIHQ¬WUHHVWEULV«HODPRXOXUHHQWUH
OHVGHX[SDUWLHVGHODIHQ¬WUHVHG«WDFKH
$9,6
6HXOHVOHVIHQ¬WUHVDYHFXQDXWRFROODQWLQGLTXDQWODVRUWLH
DOWHUQDWLYHSHXYHQW¬WUHEULV«HVDYHFOHPDUWHDX
/HPDUWHDXHVWXWLOLV«GDQVGHVFDVG XUJHQFHSRXU
EULVHUODYLWUHGHODVRUWLHDOWHUQDWLYH
G«FRXSHUODFHLQWXUHGHV«FXULW«DYHFO DU¬WHWUDQFKDQWHDXGRV
GXPDUWHDX
9

6RUWLHDOWHUQDWLYH F¶W«GURLWGHODFDELQH
0DUWHDX

9
$XWRFROODQWVRUWLHDOWHUQDWLYH

$XWUHVFRPPDQGHV
,QVWDOODWLRQGHFKDXIIDJHHWGHYHQWLODWLRQ
*«Q«UDOLW«V
0DLQWHQLUODSRUWHIHUP«H
'LULJHUOHIOX[G DLUGHVRUWHTX LOQHVRXIIOHSDVVXUODSHDXQRQ
SURW«J«H
3DQQHDXV\VWªPHGHFOLPDWLVDWLRQ
/HSDQQHDXGHFRPPDQGHGHFKDXIIDJHHWGHYHQWLODWLRQVH
WURXYHVRXVOHWDEOHDXGHERUGJDXFKH
/HV\VWªPHHVWGHW\SHLQW«JU«FHTXLVLJQLILHTXHO DLUIUDLVILOWU«
ODFKDOHXUHWO DLUIURLGVRUWHQWSDUOHVP¬PHVEXVHV

9
&OLPDWLVDWLRQ
5HF\FODJHGHO DLUGDQVODFDELQHHWPLQXWHULHGXFKDXIIDJH
GHODYHQWLODWLRQGHODFDELQH
&RPPDQGHGXYHQWLODWHXU
&RPPDQGHGHWHPS«UDWXUH
5«JODJHGHODU«SDUWLWLRQGHO DLU
&OLPDWLVDWLRQ «TXLSHPHQWRSWLRQQHO
9
/DFOLPDWLVDWLRQHVWDFWLY«HHQDSSX\DQWVXUO LQWHUUXSWHXUHW
G«VDFWLY«HHQDSSX\DQW¢QRXYHDXVXUO LQWHUUXSWHXU
&OLPDWLVDWLRQ «TXLSHPHQWRSWLRQQHO
/DFOLPDWLVDWLRQDFWLY«HHVWLQGLTX«HSDUXQHGLRGHOXPLQHVFHQWH
YHUWHVXUO LQWHUUXSWHXU6LODFOLPDWLVDWLRQV DUU¬WHORUVTX HOOHHVW
DFWLY«H¢FDXVHSDUH[HPSOHG XQHWUªVIRUWHSUHVVLRQGDQVOH
V\VWªPHGHFOLPDWLVDWLRQODGLRGHOXPLQHVFHQWHFOLJQRWH
/DFOLPDWLVDWLRQQHIRQFWLRQQHSDVVLOHYHQWLODWHXUHVWDUU¬W« OD
FRPPDQGHGXYHQWLODWHXUHVWU«JO«H¢YRLUFLGHVVRXV
$9,6
/ LQWHUUXSWHXUGHODFOLPDWLVDWLRQHVW«JDOHPHQWLQVWDOO«VXUOHV
PDFKLQHVVDQVFHW«TXLSHPHQWRSWLRQQHOPDLVLOQ DDXFXQH
IRQFWLRQ
$XWUHVFRPPDQGHV
5HF\FODJHGHO DLUGDQVODFDELQHHWPLQXWHULHGX
FKDXIIDJHGHODYHQWLODWLRQGHODFDELQH
9
5HF\FODJHGHO DLUGDQVODFDELQHHWPLQXWHULHGX
5HF\FODJH
FKDXIIDJHGHODYHQWLODWLRQGHODFDELQH 3HUPHWXQP«ODQJHGHODUHFLUFXODWLRQGHO DLUGDQVODFDELQHDYHF
O DLUIUDLVSRXUPDLQWHQLUODVXUSUHVVLRQGDQVODFDELQH
/HUHF\FODJHSHXW¬WUHDFWLY«SDUXQHSUHVVLRQVXUO LQWHUUXSWHXU
HWG«VDFWLY«SDUXQHQRXYHOOHSUHVVLRQVXUFHP¬PH
LQWHUUXSWHXU
/DUHFLUFXODWLRQDFWLY«HHVWLQGLTX«HSDUXQHGLRGHOXPLQHVFHQWH
VXUO LQWHUUXSWHXU
0LQXWHULHGHFKDXIIDJHYHQWLODWLRQGHFDELQH «TXLSHPHQW
RSWLRQQHO
/DPLQXWHULHGHFKDXIIDJHYHQWLODWLRQGHFDELQHHVWXQHIRQFWLRQ
TXLSHUPHWDXFRQGXFWHXUGHPDLQWHQLUXQHWHPS«UDWXUH
FRQIRUWDEOHGDQVODFDELQHORUVTXHODPDFKLQHHVW¢O DUU¬W
/DFDELQHSHXW¬WUHYHQWLO«HSHQGDQWGHX[KHXUHVDXPD[LPXP
HWFKDXII«HSHQGDQWXQHKHXUHDXPD[LPXP
6LODWHPS«UDWXUHH[W«ULHXUHHVWLQI«ULHXUH¢r&OHFKDXIIDJH
GHODFDELQHHVWDFWLY«HWXWLOLVHODFKDOHXUSURYHQDQWGXV\VWªPH
GHUHIURLGLVVHPHQWGXPRWHXU6LODWHPS«UDWXUHH[W«ULHXUHHVW
VXS«ULHXUH¢r&ODFDELQHHVWYHQWLO«HDYHFO DLUH[W«ULHXU/H

IRQFWLRQQHPHQWGXV\VWªPHHVWU«JXO«SDUODWHPS«UDWXUH
H[W«ULHXUH SRXUODYHQWLODWLRQGHODFDELQH HWODWHPS«UDWXUHGX
OLTXLGHGHUHIURLGLVVHPHQWGXPRWHXU SRXUOHFKDXIIDJH /RUVTXH
OHFKDXIIDJHGHODFDELQHHVWDFWLY«OHV\VWªPHWHQWHGHPDLQWHQLU
ODWHPS«UDWXUHGHr&GDQVODFDELQHTXHOOHTXHVRLWOD
WHPS«UDWXUHU«JO«HVXUOHSDQQHDX,OHVWSRVVLEOHGHU«JOHUFHWWH
WHPS«UDWXUHSDUG«IDXW HQWUHHWr& DYHFO RXWLO
G HQWUHWLHQ
/DPLQXWHULHGHFKDXIIDJHYHQWLODWLRQGHODFDELQHSHXW¬WUH
DFWLY«HGDQVO LQWHUYDOOHGHWHPSVFRPSULVHQWUHVHFRQGHV
DYDQWHWVHFRQGHVDSUªVODFRXSXUHGXFRQWDFW6LHOFKDXIIDJH
GHODFDELQHD«W«DFWLY«LOIRQFWLRQQHUDP¬PHVLODFO«D«W«
UHWLU«HGXFRQWDFW
$FWLYDWLRQ
DSSX\HUVXUO LQWHUUXSWHXU SHQGDQWGHX[VHFRQGHV/DGLRGH
«OHFWUROXPLQHVFHQWHGHO LQWHUUXSWHXUFOLJQRWHSHQGDQWGHX[
VHFRQGHVSRXULQGLTXHUTXHODIRQFWLRQHVWDFWLY«H
'«VDFWLYDWLRQ
DSSX\HUVXUO LQWHUUXSWHXU SHQGDQWGHX[VHFRQGHV/DGLRGH
«OHFWUROXPLQHVFHQWHGHO LQWHUUXSWHXUFOLJQRWHSHQGDQWGHX[
VHFRQGHVSRXULQGLTXHUTXHODIRQFWLRQHVWG«VDFWLY«H
ORUVTXHOHPRWHXUHVWHQPDUFKH
VLODFKDOHXUGDQVOHV\VWªPHGHUHIURLGLVVHPHQWGXPRWHXU
Q HVWSDVVXIILVDQWHSRXUPDLQWHQLUXQHWHPS«UDWXUHGHr&
GDQVODFDELQHODIRQFWLRQHVWDXWRPDWLTXHPHQWG«VDFWLY«H
ORUVTXHODGXU«HPHQWLRQQ«HFLGHVVXVHVW¢VRQWHUPH
$XWUHVFRPPDQGHV
9HQWLODWHXUDUU¬W«
FRPPDQGHDXWRPDWLTXHYLWHVVHGHYHQWLODWHXULQILQLPHQW
YDULDEOH
U«JODJHPDQXHOGL[SRVLWLRQVSRXUODYLWHVVHGXYHQWLODWHXU
G«JLYUHXUಧSURGXLWXQHFKDOHXUPD[LPDOHXQHFOLPDWLVDWLRQ
VLODPDFKLQHHQHVW«TXLS«H HWXQHYHQWLODWLRQYLDOHVEXVHV
GHYHQWLODWLRQ¢WUDYHUVOHVIHQ¬WUHV

9

&KDOHXUPD[LPDOH
6«OHFWLRQGHODWHPS«UDWXUHG«VLU«H
5HIURLGLVVHPHQWPD[
9

FRPPDQGHDXWRPDWLTXH
«FKDSSHPHQWGHO DLU¢WUDYHUVOHVEXVHVYLDOHVRO
«FKDSSHPHQWGHO DLU¢WUDYHUVOHVEXVHVYLDOHVROHW¢WUDYHUV
OHVEXVHVGHYHQWLODWLRQGXWDEOHDXGHERUG
«FKDSSHPHQWGHO DLU¢WUDYHUVOHVEXVHVGHYHQWLODWLRQGX
WDEOHDXGHERUG
«FKDSSHPHQWGHO DLU¢WUDYHUVOHVIHQ¬WUHV
«FKDSSHPHQWGHO DLU¢WUDYHUVOHVIHQ¬WUHVHWOHVEXVHVYLDOH
VRO
«FKDSSHPHQWGHO DLU¢WUDYHUVOHVIHQ¬WUHVOHVEXVHVGH
9
YHQWLODWLRQGXWDEOHDXGHERUGHWOHVEXVHVYLDOHVRO

$XWUHVFRPPDQGHV
%XVHGHYHQWLODWLRQ
7DEOHDXGHERUG

RULHQWDWLRQYHUWLFDOHGXIOX[G DLU
RULHQWDWLRQKRUL]RQWDOHGXIOX[G DLU

IHUP«H

RXYHUWH
9

0RQWDQW%
RULHQWDWLRQGXIOX[G DLU
RXYHUWH
IHUP«H

9
6\VWªPHGHFOLPDWLVDWLRQU«JODJH
/HVLQVWUXFWLRQVFLGHVVRXVVRQWGHVUHFRPPDQGDWLRQVGHEDVH
,ODSSDUWLHQW¢FKDTXHLQGLYLGXGHG«WHUPLQHUODWHPS«UDWXUH
DSSURSUL«HGDQVODFDELQH& HVWSRXUTXRLFKDTXHFRQGXFWHXU
GRLWDSSUHQGUH¢FU«HUOHPHLOOHXUHQYLURQQHPHQWGHWUDYDLO
SRVVLEOHGDQVODFDELQHFHTXLVLJQLILHODWHPS«UDWXUHDG«TXDWH
VDQVFRXUDQWG DLU
3RXUDYRLUODPHLOOHXUHU«JXODWLRQGHWHPS«UDWXUHGDQVODFDELQH
HVVD\HUG DYRLUOHPD[LPXPGHEXVHVRXYHUWHVSRVVLEOH
5HFLUFXODWLRQPD[LPXPU«JO«HDYHFODFRPPDQGHGHU«SDUWLWLRQ
GHO DLU
3HXW¬WUHXWLOLV«HFRPPHU«JODJHSRXUU«GXLUHO HQWU«HGHO DLU

PDORGRUDQW&HODSHUPHW«JDOHPHQWGHU«GXLUHO DFFXPXODWLRQGH
ODSRXVVLªUHGDQVOHVILOWUHVG D«UDWLRQGHODFDELQH
(QFDVGHSU«VHQFHGHODEX«HVXUOHVIHQ¬WUHVSRVLWLRQQHUOH
'«JLYUDJH/H
YHQWLODWHXUHWOHU«JODJHGHODU«SDUWLWLRQGHO DLU¢'
FDV«FK«DQWQHWWR\HUHWY«ULILHURXUHPSODFHUOHILOWUHG D«UDWLRQ
GHODFDELQH9RLUSDJH
9RLFLFRPPHQWU«JOHU
XQHWHPS«UDWXUHGHWUDYDLODJU«DEOH
$XWUHVFRPPDQGHV
2XYULUFRPSOªWHPHQWWRXWHVOHVEXVHV
/RUVTXHODWHPS«UDWXUH¢O H[W«ULHXUHVWFKDXGHದPHWWUHHQ
PDUFKHODFOLPDWLVDWLRQ
&RPPDQGHGXYHQWLODWHXU¢ODSRVLWLRQ$87
&RPPDQGHGHWHPS«UDWXUHU«JO«H¢ODWHPS«UDWXUHUHTXLVH
5«JODJHGHODU«SDUWLWLRQGHO DLU¢ODSRVLWLRQ$87
G«VHPEXDJHGHWRXWHVOHVYLWUHV
%XVHVVXUOHVPRQWDQWVODW«UDX[RULHQW«HVYHUVODIHQ¬WUH
DUULªUHOHVIHQ¬WUHVODW«UDOHV
/HU«JODJHGHODU«SDUWLWLRQGHO DLUHQSRVLWLRQGHG«JLYUDJHFH
TXLSHUPHW
8QFKDXIIDJHPD[LPXP
8QHFOLPDWLVDWLRQPD[LPDOHVLODPDFKLQHHQHVW«TXLS«H
/DYLWHVVHGHYHQWLODWHXUODSOXV«OHY«H
3RXUU«GXLUHOHULVTXHGHIRUPDWLRQGHEX«HVXUODIDFH
LQW«ULHXUHGHVYLWUHVLOVXIILWGHOHVQHWWR\HUDYHFXQDJHQW
QHWWR\DQWSRXUYLWUHVRUGLQDLUH
/RUVTXHO HIIHWUHTXLVD«W«REWHQXHWTXHOHU«JODJHGHOD
U«SDUWLWLRQGHO DLUUHWRXUQH¢ODSRVLWLRQUHTXLVHOHV\VWªPHGH
U«JXODWLRQGHODFOLPDWLVDWLRQUHWRXUQH¢ODWHPS«UDWXUH
V«OHFWLRQQ«HHW¢ODYLWHVVHGHYHQWLODWHXUV«OHFWLRQQ«H2XYULUOHV
EXVHV
(WDEOLVVHPHQWG XQHERQQHYHQWLODWLRQ
1 XWLOLVH]MDPDLVODPDFKLQHSHQGDQWXQHS«ULRGHSURORQJ«HVDQV
YHQWLODWLRQRXFDELQHFRPSOªWHPHQWIHUP«HVDQVPHWWUHOH
YHQWLODWHXUHQPDUFKH
8QHPDXYDLVHD«UDWLRQSHXWFDXVHUODIDWLJXHTXLSHXWHQWUD°QHU
XQHU«GXFWLRQGHODFRQFHQWUDWLRQ
&OLPDWLVDWLRQ
TXLSHPHQWRSWLRQQHO
/HFRPSUHVVHXUGHODFOLPDWLVDWLRQG«PDUUHORUVTXHODPDFKLQH
VHPHWHQPDUFKHHWIRQFWLRQQHSHQGDQWTXHOTXHVLQVWDQWVSRXU
JUDLVVHUVHVMRLQWVG «WDQFK«LW«
3DUVRXFLGHVDQW«LOQHIDXWSDVU«GXLUHODWHPS«UDWXUHGHOD
FDELQHGHSOXVGHr& r) HQGHVVRXVGHODWHPS«UDWXUH
H[W«ULHXUH
3DUWHPSVKXPLGH
$YDQWG DUU¬WHUODFOLPDWLVDWLRQDXJPHQWHUO«JªUHPHQWOD
WHPS«UDWXUHSRXUHPS¬FKHUXQHIRUPDWLRQGHEX«HVXUOHV
IHQ¬WUHV
&RXUWHVDYHUVHV
(YLWHUG DUU¬WHUODFOLPDWLVDWLRQORUVGHFRXUWHVDYHUVHVFHTXL
SRXUUDLWSURYRTXHUODIRUPDWLRQGHEX«H/DFOLPDWLVDWLRQQH
IRQFWLRQQHTXHORUVTXHOHPRWHXUWRXUQHHWIRXUQLWVRQPD[LPXP
G HIILFDFLW«DYHFYLWUHVIHUP«HV
/DLVVHUXQDWHOLHU9ROYRDJU««Y«ULILHUODFOLPDWLVDWLRQFKDTXH
DQQ«H

/HSU«VHQWFKDSLWUHFRQWLHQWOHVUªJOHV¢DSSOLTXHUSRXUSRXYRLU
H[SORLWHUODPDFKLQHHQWRXWHV«FXULW«$QRWHUTXHFHVUªJOHV
GRLYHQW¬WUHVXLYLHVFRQMRLQWHPHQWDYHFOHVO«JLVODWLRQVRXDXWUHV
U«JOHPHQWDWLRQVQDWLRQDOHVDSSOLFDEOHVHQPDWLªUHGHV«FXULW«
URXWLªUHHWGHVFRQGLWLRQVGHWUDYDLO
/DYLJLODQFHOHGLVFHUQHPHQWHWOHUHVSHFWGHVU«JOHPHQWDWLRQV
GHV«FXULW«DSSOLFDEOHVVRQWDXWDQWGHIDFWHXUVTXLSHUPHWWHQW
G «YLWHUGHVULVTXHVG DFFLGHQWV
,QVWUXFWLRQVGHURGDJH
$XFRXUVGHVSUHPLªUHVKHXUHVGHVHUYLFHFRQGXLUHOD
PDFKLQHSUXGHPPHQW,OHVWLPSRUWDQWGHVRXYHQWFRQWU¶OHUOHV
QLYHDX[G KXLOHHWGHOLTXLGHGHUHIURLGLVVHPHQWSHQGDQWOD
S«ULRGHGHURGDJH
/HV«FURXVGHURXHGRLYHQW¬WUHY«ULIL«VDSUªVKHXUHVGH
FRQGXLWHSRXUV DVVXUHUTX LOVVRQWVHUU«V&HODV DSSOLTXH
«JDOHPHQWDSUªVOHFKDQJHPHQWGHURXH9RLU
3UHPLHUHQWUHWLHQ
2XWUHOHVLQWHUYDOOHVG HQWUHWLHQRUGLQDLUHFHUWDLQHVW¤FKHV
G HQWUHWLHQGRLYHQW¬WUHHIIHFWX«HVDSUªVOHVSUHPLªUHV
KHXUHVHWOHVSUHPLªUHVKHXUHV

9RLUODVHFWLRQUHODWLYH¢O HQWUHWLHQHW¢ODPDLQWHQDQFH¢ODSDJH
SRXUOHVW¤FKHVG HQWUHWLHQ¢HIIHFWXHUDILQGHPDLQWHQLUOD
YDOLGLW«GHODJDUDQWLHDLQVLTXHG DXWUHVLQIRUPDWLRQVDSSOLFDEOHV
DXSURJUDPPHG HQWUHWLHQ
/LPLWDWLRQGHYLWHVVH
$ODGHPDQGHGXFOLHQWRXHQUDLVRQGHVH[LJHQFHVGXPDUFK«LO
HVWSRVVLEOHGHU«JOHUODYLWHVVHGHFRQGXLWHGHODPDFKLQH¢
GLII«UHQWVQLYHDX[
&HVU«JODJHVSHXYHQWH[FOXVLYHPHQW¬WUHHIIHFWX«VSDUXQDWHOLHU
G HQWUHWLHQ¢O DLGHGHO RXWLO9&$'6SUR
9LVLELOLW«
$9(57,66(0(17
&HUWDLQVRXWLOVHW«TXLSHPHQWVSHXYHQWDIIHFWHUOHFKDPSGH
YLVLRQGXFRQGXFWHXU3U¬WH]DWWHQWLRQDX[DQJOHVPRUWVHQFDV
GHFRQGXLWHVXUOHVLWHRXVXUODYRLHSXEOLTXH)DLWHVYRXVDLGHU
GಬXQVLJQDOHXUVLQ«FHVVDLUH
/DYLVLELOLW«GHWRXWHVOHV]RQHVDXWRXUGHODPDFKLQHSHXWQHSDV
¬WUHSRVVLEOH'HVGLVSRVLWLIVHW«TXLSHPHQWVRSWLRQQHOVWHOVTXH
GHVV\VWªPHVG DYHUWLVVHPHQWGHVU«WURYLVHXUVXQDYHUWLVVHXU
VRQRUHGHUHFXOGHVFDP«UDVGHVXUYHLOODQFH &&79 HWF
SHXYHQW¬WUHXWLOLV«VSRXUREWHQLUXQHYLVLELOLW«DFFHSWDEOH

3RXUU«GXLUHOHVULVTXHVFDXV«VSDUXQHYLVLELOLW«U«GXLWHOD
GLUHFWLRQGXFKDQWLHUGRLWG«ILQLUOHVU«JOHVHWOHVSURF«GXUHV
DSSOLFDEOHVDXVLWHGHWUDYDLO3DUH[HPSOH
9HLOOHU¢FHTXHOHVFRQGXFWHXUVHWOHVRXYULHUVVXUOHVLWHDLHQW
UH©XGHVFRQVLJQHVGHV«FXULW«FRPSOªWHV
5«JXOHUODFLUFXODWLRQGHVPDFKLQHVHWDXWUHVY«KLFXOHV(YLWHU
VLSRVVLEOHOHUHFXO
5HVWUHLQGUHOD]RQHG DFWLYLW«GHODPDFKLQH
(PSOR\HUXQVLJQDOHXUSRXUDLGHUOHFRQGXFWHXU
3U«YRLUXQ«TXLSHPHQWGHFRPPXQLFDWLRQGRXEOHYRLHDX
EHVRLQ
9HLOOH]¢FHTXHOHVRXYULHUVVXUOHFKDQWLHUFRPPXQLTXHQW
DYHFOHFRQGXFWHXUDYDQWGHV DSSURFKHUGHODPDFKLQH
8WLOLVH]GHVSDQQHDX[G DYHUWLVVHPHQW
/DQRUPH,62(DUWKPRYLQJPDFKLQHU\ದ2SHUDWRU VILHOGRI
YLHZ (QJLQVGHWHUUDVVHPHQWದ9LVLELOLW«GXFRQGXFWHXU
FRQFHUQHODYLVLELOLW«GXFRQGXFWHXUWRXWDXWRXUGHODPDFKLQHHW
VHUW¢PHVXUHUHW«YDOXHUODYLVLELOLW«/HUHVSHFWGHFHWWHQRUPH
HVWREOLJDWRLUHGDQVOHVSD\VGHO 8(HWSHUPHWG REWHQLUXQH
PHLOOHXUHYLVLELOLW«DXWRXUGHODPDFKLQH
/DPDFKLQHHVWWHVW«HVHORQOHVP«WKRGHVHWFULWªUHVGHFHWWH
QRUPH/DP«WKRGHXWLOLV«HSRXU«YDOXHUODYLVLELOLW«QHSHXW
LQFOXUHWRXVOHVDVSHFWVGHODYLVLELOLW«GXFRQGXFWHXUPDLVSHUPHW
G DYRLUGHVLQIRUPDWLRQVDLGDQW¢G«WHUPLQHUVLO «TXLSHPHQW
RSWLRQQHOSRXUODYLVLELOLW«GLUHFWHHVWQ«FHVVDLUHH[V\VWªPHV
G DYHUWLVVHPHQW
/HWHVWHVWHIIHFWX«VXUGHVPDFKLQHVLPPRELOHVDYHFXQ
«TXLSHPHQWVWDQGDUGHWXQRXWLOVWDQGDUG6LODPDFKLQHHVW
PRGLIL«HRXOLYU«HDYHFG DXWUHV«TXLSHPHQWVRXRXWLOVDIIHFWDQW
ODYLVLELOLW«FHOOHFLGHYUD¬WUH¢QRXYHDXWHVW«HVHORQ,62
/HFRQGXFWHXUGRLW¬WUHLQIRUP«HQFDVG XWLOLVDWLRQG DXWUHV

«TXLSHPHQWVHWRXWLOVHWGHU«GXFWLRQGHODYLVLELOLW«
0HVXUHVDYDQWHWSHQGDQWODFRQGXLWH
9«ULILHUTXHOHVU«WURYLVHXUVHWDXWUHV«TXLSHPHQWVDP«OLRUDQW
ODYLVLELOLW«VRQWHQERQ«WDWSURSUHVHWFRUUHFWHPHQWU«JO«V
9«ULILHUTXHODFDP«UDGHUHFXO VLHOOHHVWLQVWDOO«H HVWSURSUH
HWIRQFWLRQQHFRPPHSU«YX
7RXMRXUVVXUYHLOOHUHWSU¬WHUDWWHQWLRQ¢OD]RQHDXWRXUGHOD
PDFKLQHDILQGHSRXYRLULGHQWLILHUWRXVREVWDFOHV
&RQVLJQHVGHV«FXULW«ORUVGX
IRQFWLRQQHPHQW
2EOLJDWLRQVGXFRQGXFWHXU
$9(57,66(0(17
)DLWHV«YDFXHUWRXWHVOHVSHUVRQQHVQRQDXWRULV«HVGHOD]RQH
GHWUDYDLOGHODPDFKLQH9«ULILH]O DEVHQFHGHSHUVRQQHVRX
G REMHWVGDQVWRXWHVOHVGLUHFWLRQV1HWRXFKH]SDVOHVOHYLHUV
HWLQWHUUXSWHXUVGHFRPPDQGHGXUDQWOHG«PDUUDJH)DLWHV
UHWHQWLUO DYHUWLVVHXUVRQRUHDYDQWGHG«PDUUHU
/HFRQGXFWHXUGRLWPDQĕXYUHUODPDFKLQHGHWHOOHID©RQTXH
OHVULVTXHVG DFFLGHQWVRLHQWPLQLPLV«V¢ODIRLVSRXUOH
FRQGXFWHXUSRXUOHVDXWUHVXVDJHUVGHODURXWHHWOHV
SHUVRQQHVVHWURXYDQWVXUOHVLWHGHWUDYDLO
/HFRQGXFWHXUGRLWELHQFRQQD°WUHO XWLOLVDWLRQHWO HQWUHWLHQGH
ODPDFKLQHHWGRLWDYRLUVXLYLODIRUPDWLRQQ«FHVVDLUH¢FHWHIIHW
/HFRQGXFWHXUGHODPDFKLQHGRLWVXLYUHOHVUªJOHVHW
UHFRPPDQGDWLRQVGXPDQXHOG HQWUHWLHQPDLVDXVVLSUHQGUH
HQFRQVLG«UDWLRQOHVSUHVFULSWLRQVVWDWXWDLUHVHWQDWLRQDOHV
«YHQWXHOOHVRXOHVH[LJHQFHVRXULVTXHVVS«FLILTXHVDX
FKDQWLHU
/HFRQGXFWHXUGRLW¬WUHELHQUHSRV«HWQHGRLWMDPDLVFRQGXLUH

ODPDFKLQHV LOHVWVRXVO HPSULVHGHO DOFRROG XQP«GLFDPHQW
LQFRPSDWLEOHDYHFODFRQGXLWHG XQY«KLFXOHRXG DXWUHV
GURJXHV
/HFRQGXFWHXUHVWUHVSRQVDEOHGHODFKDUJHGHODPDFKLQH
DXVVLELHQSRXUODFLUFXODWLRQVXUODYRLHSXEOLTXHTXHSRXUOHV
WUDYDX[VXUFKDQWLHU
,OQHGRLWSDVDYRLUGHULVTXHGHG«YHUVHPHQWGXFKDUJHPHQW
HQFRXUVGHURXWH
7RXMRXUVUHIXVHUG HPPHQHUXQHFKDUJHTXLSU«VHQWHXQ
ULVTXHGHV«FXULW««YLGHQW
5HVSHFWHUODFDSDFLW«GHFKDUJHPD[LPDOHLQGLTX«HSRXUOD
PDFKLQH1RWHUO HIIHWGHVYDULDWLRQVGHGLVWDQFHSDUUDSSRUW
DXFHQWUHGHJUDYLW«DLQVLTXHFHOXLGHV«TXLSHPHQWV
VXSSO«PHQWDLUHV
(YLWHUGHURXOHUDYHFEHQQHEDVFXO«HORUVTXHFHODSHXW
HQWUD°QHUOHULVTXHTXHODPDFKLQHVHUHQYHUVHFRPPHSDU
H[HPSOHVXUXQHIRUWHSHQWHRXVXUXQVROPHXEOH
/HFRQGXFWHXUGRLWPD°WULVHUOD]RQHGHWUDYDLOGHODPDFKLQH
(PS¬FKHUWRXWHSHUVRQQHG HQWUHUGDQVOD]RQH¢ULVTXH
F HVW¢GLUH¢DXPRLQVPªWUHV IW GHODPDFKLQH
6 DVVXUHUTX LOQ \DSHUVRQQHGDQVODFDELQHG XQY«KLFXOH
VWDWLRQQ«ORUVTX LO\DXQULVTXHTX HOOHVRLWKHXUW«HSDUGHV
/D]RQHGHGDQJHUDXWRXUGHVPDFKLQHVLPPRELOHV RXWLOVRXGHVFKXWHVG REMHWVFRPPHGHVURFKHUVRXGHV
HWHQVHUYLFHHVWG DXPRLQVPªWUHV IW
JUXPHV&HWWHFRQVLJQHQ HVWSDVDSSOLFDEOHVLODFDELQHHVW

VXIILVDPPHQWUREXVWHRXSURW«J«HSRXUU«VLVWHU¢O LPSDFW
GHWHOVPDW«ULDX[
/HFRQGXFWHXUGHODPDFKLQHQHSHXWDFFHSWHUXQLQVWUXFWHXU
¢ERUGTXHV LOH[LVWHXQVLªJHLQVWUXFWHXUDSSURXY«
$FFLGHQWV
/HVDFFLGHQWVHWDXWUHVLQFLGHQWVGRLYHQW¬WUHVLJQDO«V
LPP«GLDWHPHQW¢ODGLUHFWLRQGXFKDQWLHU
6LSRVVLEOHODLVVHUODPDFKLQHHQSRVLWLRQ
3UHQGUHXQLTXHPHQWOHVPHVXUHVQ«FHVVDLUHVSRXUU«GXLUHOHV
HIIHWVGHVGRPPDJHVHWQRWDPPHQWOHVEOHVVXUHV(YLWHUWRXWH
PHVXUHTXLSRXUUDLWUHQGUHXQHLQYHVWLJDWLRQSOXVGLIILFLOH
$WWHQGUHGHSOXVDPSOHVLQVWUXFWLRQVGHODSDUWGHODGLUHFWLRQ
GXFKDQWLHU
6«FXULW«GXFRQGXFWHXU
7RXMRXUVXWLOLVHUODFHLQWXUHGHV«FXULW«DEGRPLQDOH
5HVWHUWRXMRXUVDVVLVDXSRVWHGHFRQGXLWHORUVGXG«PDUUDJH
GHODPDFKLQH GXPRWHXU
9«ULILHUTXHODFHLQWXUHGHV«FXULW«DEGRPLQDOHQ HVWSDVXV«H
RXHQGRPPDJ«H9RLUSDJH
/DPDFKLQHGRLW¬WUHHQWLªUHPHQWRS«UDWLRQQHOOHFHTXLVLJQLILH
TXHOHVSDQQHVVXVFHSWLEOHVGHFDXVHUGHVDFFLGHQWVGRLYHQW
¬WUHU«SDU«HVDYDQWWRXWHXWLOLVDWLRQGHODPDFKLQH
3RUWHUGHVY¬WHPHQWVDSSURSUL«VSRXUPDQĕXYUHUHQWRXWH
9 V«FXULW«DLQVLTX XQFDVTXH
1HSDVXWLOLVHUGHW«O«SKRQHSRUWDEOHHQFRQGXLVDQWOD
PDFKLQH6XLYUHWRXWHVOHVU«JOHPHQWDWLRQVQDWLRQDOHV
UHODWLYHV¢O XWLOLVDWLRQGHW«O«SKRQHVSRUWDEOHVSHQGDQWOD
FRQGXLWH
8WLOLVHUOHVPDUFKHSLHGVHWOHVPDLQVFRXUDQWHVSRXUPRQWHU
GDQVODPDFKLQHRXHQGHVFHQGUH$SSOLTXHUXQHDSSURFKH
WURLVSRLQWVF HVW¢GLUHGHX[PDLQVHWXQSLHGRXGHX[SLHGV
HWXQHPDLQ)DLUHWRXMRXUVIDFH¢ODPDFKLQHQHSDVVDXWHU
/DSRUWLªUHGRLW¬WUHIHUP«HORUVTXHODPDFKLQHHVWHQ
PRXYHPHQW
/HVYLEUDWLRQVTXLVHSURGXLVHQWSHQGDQWODFRQGXLWHSHXYHQW
¬WUHQXLVLEOHVSRXUOHFRQGXFWHXUGHODPDFKLQH5HGXLUHFHOD
HQ
DMXVWH]OHVLªJH
9
FKRLVLVVH]ODVXUIDFHODSOXVU«JXOLªUH
HQDGDSWDQWODYLWHVVHGHODPDFKLQH
/DFDELQHDSRXUIRQFWLRQGHSURW«JHUOHFRQGXFWHXUHWVDWLVIDLW
DX[H[LJHQFHVGHODQRUPHG HVVDLGHVVWUXFWXUHVGHSURWHFWLRQ
FRQWUHOHUHWRXUQHPHQW 5236 3RXUFHWWHUDLVRQDJULSSHU
IHUPHPHQWOHYRODQWHQFDVGHUHWRXUQHPHQWGHODPDFKLQH
1HSDVVDXWHU
/DFDELQHU«VLVWHDX[FKXWHVG REMHWVGRQWOHSRLGVHVWLQI«ULHXU
¢FHOXLLQGLTX«GDQVOHVP«WKRGHVGHWHVW )236
0DUFKHURXVHWHQLUXQLTXHPHQWVXUGHVVXUIDFHVDYHFGHV
SURWHFWLRQVDQWLG«UDSDQWHV9RLUSDJH
1HSDVPRQWHUHQWUHUGDQVODPDFKLQHHWHQVRUWLUSHQGDQWXQ
RUDJH
6LYRXV¬WHVKRUVGHODPDFKLQHWHQH]YRXV«ORLJQ«GH
FHOOHFLMXVTX ¢ODILQGHO RUDJH
6LYRXV¬WHVGDQVODFDELQHUHVWH]\HWODLVVH]ODPDFKLQH
LPPRELOHMXVTX ¢ODILQGHO RUDJH1HWRXFKH]¢DXFXQH
FRPPDQGHQL¢DXFXQHSDUWLHHQP«WDO
/DFDELQHDWURLVLVVXHVGHVHFRXUVODSRUWHHWOHVYLWUHV
ODW«UDOHVGURLWHHWJDXFKH
'«SODFHPHQWVXUODYRLHSXEOLTXH
/HFRQGXFWHXUHVWFRQVLG«U«FRPPHXQXVDJHUGHODURXWHHWD
GRQFO REOLJDWLRQGHFRQQD°WUHHWGHUHVSHFWHUOHFRGHGHODURXWH
HWODU«JOHPHQWDWLRQURXWLªUHORFDOHDSSOLFDEOH
,OHVWLPSRUWDQWGHVHUDSSHOHUTXHODPDFKLQH¢ODGLII«UHQFHGHV
DXWUHVY«KLFXOHVVXUODURXWHHVW¢ODIRLVOHQWHHWODUJHHWSHXW
GRQFUHSU«VHQWHUXQREVWDFOH2EVHUYHUOHVY«KLFXOHVTXLVXLYHQW
ODPDFKLQHHWIDFLOLWHUOHXUSDVVDJH
/HVSURMHFWHXUVGHWUDYDLOOHVJ\URSKDUHVHWIHX[GHG«WUHVVHQH
GRLYHQWSDV¬WUHXWLOLV«VVXUODYRLHSXEOLTXHVDXIVLOD
U«JOHPHQWDWLRQO DXWRULVH
8WLOLVHUOHVSDQQHDX[GLVSRVLWLIVGHEDUUDJHGHODURXWHRXGH
V«FXULW«LPSRV«VUHODWLIV¢ODYLWHVVHODFLUFXODWLRQRXDXWUHV
FRQGLWLRQVORFDOHV
/HJ\URSKDUHSHXW¬WUHXWLOLV«
ORUVTXHOHY«KLFXOHFRQVWLWXHXQREVWDFOHRXXQGDQJHUSRXUOHV
DXWUHVY«KLFXOHV

HQFDVGHWUDYDLOVXUODFKDXVV«HRXVXUOHVDFFRWHPHQWV
5ªJOHVGHV«FXULW«HQFDVG LQFHQGLH
6LYRWUHSURSUHV«FXULW«Q HVWSDVLPP«GLDWHPHQWFRPSURPLVH
VXLYH]OHVUHFRPPDQGDWLRQVVXLYDQWHV
(QFDVG LQFHQGLHVXUOHVLWHGHWUDYDLO
6LSRVVLEOHG«SODFHUODPDFKLQHORLQGHOD]RQHGDQJHUHXVH
(QFOHQFKHUOHIUHLQGHVWDWLRQQHPHQW
$UU¬WHUOHPRWHXUDYHFODFOHIGHFRQWDFWRXHQDSSX\DQWVXU
O DUU¬WG XUJHQFHGDQVODFDELQHRXVXUO DLOHJDXFKH
4XLWWHUODFDELQH
&RXSHUOHFRXUDQW«ODFWULTXHGXVHFWHXUJU¤FHDXFRXSH
EDWWHULHVVLWX«¢F¶W«GHVHQWUHWRLVHVVXUO DLOHJDXFKH
6LSRVVLEOHHVVD\HUDXWDQWTXHSRVVLEOHG «WHLQGUHO LQFHQGLH
RXDSSHOHUOHVHUYLFHG LQFHQGLHDXEHVRLQ
(QFDVG LQFHQGLHGDQVODPDFKLQH
6LODPDFKLQHHVWHQVHUYLFH
6LSRVVLEOHVWDWLRQQHUGDQVXQHQGURLW¢O «SUHXYHGXIHX
(QFOHQFKHUOHIUHLQGHVWDWLRQQHPHQW
$UU¬WHUOHPRWHXUDYHFODFOHIGHFRQWDFWRXHQDSSX\DQWVXU
O DUU¬WG XUJHQFHGDQVODFDELQHRXVXUO DLOHJDXFKH
4XLWWHUODFDELQH
&RXSHUOHFRXUDQW«ODFWULTXHGXVHFWHXUJU¤FHDXFRXSH
EDWWHULHVVLWX«¢F¶W«GHVHQWUHWRLVHVVXUO DLOHJDXFKH
(VVD\HUG «WHLQGUHO LQFHQGLH

$SSHOHUOHVHUYLFHG LQFHQGLHVLQ«FHVVDLUH
0HVXUHV¢SUHQGUHDYDQWODPLVHHQ
PDUFKH
(IIHFWXHUTXRWLGLHQQHPHQWO HQWUHWLHQ9RLUSDJH
1HWWR\HUJUDWWHUODJODFHVXUOHVIHQ¬WUHVHWOHVU«WURYLVHXUV
9«ULILHUTXHODFDP«UDGHUHFXO VLHOOHHVWLQVWDOO«H HVWSURSUH
HWLQWDFWH
9«ULILHUTXHO HQVHPEOHGHO «FODLUDJHHVWSURSUHHWLQWDFW
9«ULILHUTX LOQ \DLWSDVGHSLªFHVG«IHFWXHXVHVGHVVHUU«HVHW
GHIXLWHVVXVFHSWLEOHVGHSURYRTXHUGHVGRPPDJHV
9«ULILH]TXHOHURELQHWGHEDWWHULHHVWEUDQFK«
9«ULILHUTXHOHYHUURXLOODJHG DUWLFXODWLRQGHGLUHFWLRQHVW
G«VHQJDJ«
9«ULILH]TXHOHVURXHVQHVRQWSDVEORTX«HV
9«ULILH]TXHOHFDSRWGXPRWHXUHVWIHUP«HWTXHOHVSODTXHV
GHSURWHFWLRQVRQWHQSODFH
5«JOHUOHVLªJHFRQGXFWHXUYRLUSDJHHWOHYRODQWYRLUSDJH

9«ULILH]TXHODFHLQWXUHGHV«FXULW«DEGRPLQDOHHVWLQWDFWHHW
TX HOOHSHXW¬WUHERXFO«H
%RXFOH]ODFHLQWXUHGHV«FXULW«DEGRPLQDOH
9«ULILH]TXHOHQLYHDXGHFDUEXUDQWHVWVXIILVDQWGDQVOH
U«VHUYRLU
9«ULILH]TXHSHUVRQQHQHVHWURXYH¢SUR[LPLW«GHODPDFKLQH
YRLUSDJH
$SUªVO XWLOLVDWLRQ
)DLUHOHSOHLQGXU«VHUYRLUGHFDUEXUDQW&HODHPS¬FKHOD
IRUPDWLRQGHODFRQGHQVDWLRQ
&KDXIIDJHPRWHXUHWFDELQHFDUEXUDQWGLHVHO
TXLSHPHQWRSWLRQQHO
/HFKDXIIDJHGHODFDELQHHWGXPRWHXUSHUPHWGHFKDXIIHUOH
PRWHXUGLHVHOHWODFDELQHDYDQWODS«ULRGHGHWUDYDLOVXLYDQW
ORUVTXHODPDFKLQHHVW¢O DUU¬WHWLPPRELOH/HFKDXIIDJHSHXW
¬WUHDFWLY«GLUHFWHPHQWRXSU«U«JO«DYHFODIRQFWLRQGHPLQXWHULH
/ XWLOLVDWLRQG XQFKDXIIDJHGHPRWHXUHWGHFDELQHU«GXLWOD
FRQVRPPDWLRQGHFDUEXUDQWO LPSDFWQ«IDVWHVXU
O HQYLURQQHPHQWO XVXUHGXPRWHXUHWOHFRQGXFWHXUE«Q«ILFLHG XQ
HQYLURQQHPHQWGHWUDYDLOSOXVFRQIRUWDEOH
&KDXIIDJHGHPRWHXUHWGHFDELQHHQWUHWLHQ
$FWLYHUOHFKDXIIDJHG DSSRLQWSHQGDQWDXPRLQVGL[PLQXWHV
WRXVOHVPRLVGHO DQQ«H
$YDQWODVDLVRQG XWLOLVDWLRQOHFKDXIIDJHG DSSRLQWGRLW¬WUH
WHVW«DILQGHFRQWU¶OHUVRQIRQFWLRQQHPHQW
$SUªVXQVWDWLRQQHPHQWSURORQJ«Y«ULILHUOHVFRQQH[LRQVG DLU
G DGPLVVLRQHWOHV\VWªPHG «FKDSSHPHQW1HWWR\HUDXEHVRLQ
/HVILOWUHV¢FDUEXUDQWHWGHUHQLIODUGGRLYHQW¬WUHUHPSODF«V
VHORQOHVLQIRUPDWLRQVIRXUQLHVHQSDJHVHW
3XUJHUOHU«VHUYRLU¢FDUEXUDQWDSUªVFKDTXHKLYHUHQ
UDFFRUGDQWOHIOH[LEOHGHSXUJHIRXUQLDYHFODPDFKLQH
)RQFWLRQGHPLQXWHULHSRXUOHFKDXIIDJHGHFDELQHHW
GHPRWHXU

$9,6
$SUªVXQSUREOªPHG DOLPHQWDWLRQODPLQXWHULHHVWU«LQLWLDOLV«HDX
0 U«JODJHGHEDVH/HVV\PEROHVFOLJQRWHQWVXUO «FUDQHWWRXVOHV
U«JODJHVGRLYHQW¬WUHU«HIIHFWX«V'HVFRXSXUHVG DOLPHQWDWLRQ
EUªYHVQ RQWDXFXQHLQFLGHQFHVXUODPLQXWHULH
6LOHFRQWDFWHVWHQSRVLWLRQ2))O «FUDQV «WHLQWVHFRQGHV

3 DSUªVVDGHUQLªUHXWLOLVDWLRQ
9
+HXUH
3U«SURJUDPPDWLRQ
&KDOHXU
5HWRXU
6XLYDQW
7«PRLQP«PRLUH
-RXUGHODVHPDLQHMRXUSU«SURJUDPP«
+HXUHDFWXHOOHKHXUHSU«SURJUDPP«H
7«PRLQGHIRQFWLRQQHPHQW
+HXUHHWMRXUSUHPLHUU«JODJH
$SSX\HUVXUOHERXWRQGHO KHXUH/ KHXUHVHPHW¢
FOLJQRWHU
9
5«JOHUO KHXUHDFWXHOOHDYHFOHVERXWRQV5HWRXUHW6XLYDQW
/RUVTXHOHMRXUFOLJQRWHO KHXUHHVWU«JO«H
5«JOHUOHMRXUDFWXHODYHFOHVERXWRQV5HWRXUHW6XLYDQW/H
MRXUHVWU«JO«ORUVTX LODUU¬WHGHFOLJQRWHU
9
6LOHFRQWDFWHVWHQSRVLWLRQ21O KHXUHHWOHMRXUDSSDUDLVVHQW
DORUV¢O «FUDQ6LOHFRQWDFWHVWHQSRVLWLRQ2))O «FUDQ
V «WHLQWDSUªVVHFRQGHV
+HXUHHWMRXUPRGLILFDWLRQ
$SSX\HUHWPDLQWHQLUOHERXWRQGHU«JODJHGHO KHXUHHQIRQF«
MXVTX ¢FHTXHO KHXUHVHPHWWH¢FOLJQRWHU
9
5«JOHUO KHXUHDFWXHOOHDYHFOHVERXWRQV5HWRXUHW6XLYDQW
/RUVTXHOHMRXUFOLJQRWHO KHXUHHVWU«JO«H
6LVHXOHO KHXUHGRLW¬WUHPRGLIL«HSDVVHUOHU«JODJHGXMRXU
HQDSSX\DQWGHX[IRLVVXUOHERXWRQGHU«JODJHGHO KHXUH
DSUªVDYRLUU«JO«O KHXUH
5«JOHUOHMRXUDFWXHODYHFOHVERXWRQV5HWRXUHW6XLYDQW/H
MRXUHVWU«JO«ORUVTX LODUU¬WHGHFOLJQRWHU
9 8QHSUHVVLRQVXUOHERXWRQGHU«JODJHGHO KHXUHORUVTXHOH
MRXUFOLJQRWHSHUPHWG DFF«O«UHUOHU«JODJH
$FWLYDWLRQGXFKDXIIDJHVDQVSU«SURJUDPPDWLRQ FRQWDFW
HQSRVLWLRQ2))
$SSX\HUVXUOHERXWRQGHFKDXIIDJH
9
/HFKDXIIDJHHVWDORUVDFWLY«HWOHV\PEROHFRUUHVSRQGDQW
DSSDUD°W¢O «FUDQDYHFOHWHPSVGHFKDXIIDJHSU«U«JO«¢
PLQXWHV,OHVWSRVVLEOHGHPRGLILHUWHPSRUDLUHPHQWFHWWH
GXU«HDYHFOHVERXWRQV5HWRXUHW6XLYDQWSRXUXQHYDOHXU
FRPSULVHHQWUHHWPLQXWHV
$FWLYDWLRQGXFKDXIIDJHVDQVSU«SURJUDPPDWLRQ FRQWDFW
HQSRVLWLRQ21
9
/HFKDXIIDJHHVWDFWLY«HWOHV\PEROHFRUUHVSRQGDQWDSSDUD°W
¢O «FUDQDYHFO KHXUHHWOHMRXU/HFKDXIIDJHUHVWHDFWLY«WDQW
TXHOHFRQWDFWUHVWHDFWLY«ODFRXSXUHGXFRQWDFWOH
FKDXIIDJHUHVWHDFWLY«SHQGDQWPLQXWHV,OHVWSRVVLEOHGH
PRGLILHUFHWWHGXU«HDYHFOHVERXWRQV5HWRXUHW6XLYDQWSRXU
XQHYDOHXUFRPSULVHHQWUHHWPLQXWHV

0RGLILFDWLRQSHUPDQHQWHGHODGXU«HGXFKDXIIDJH
0DLQWHQLUOHERXWRQ5HWRXUHQIRQF«SHQGDQWHQYLURQ
VHFRQGHVMXVTX ¢FHTXHODGXU«HDSSDUDLVVHHWVHPHWWH¢
9 FOLJQRWHU
5«JOHUODGXU«HG DFWLYDWLRQGXFKDXIIDJHDYHFOHVERXWRQV
5HWRXUHW6XLYDQW/DGXU«HSHXW¬WUHU«JO«HHQWUHHW
9 PLQXWHV
&KDXIIDJHG«VDFWLYDWLRQ
9
/HFKDXIIDJHHVWG«VDFWLY«HWOHV\PEROHV «WHLQW

$FWLYDWLRQGXFKDXIIDJHSU«SURJUDPPDWLRQ
/HVDFWLYDWLRQVGHFKDXIIDJHVXLYDQWHVVRQWSRVVLEOHV
WURLVS«ULRGHVGHFKDXIIDJHSRXUOHVSURFKDLQHVKHXUHV
RX
XQHS«ULRGHGHFKDXIIDJHGDQVOHVVHSWMRXUV
$9,6
,OQ HVWSRVVLEOHG DFWLYHUTX XQHVHXOHS«ULRGHGHFKDXIIDJH¢OD
IRLV
6«OHFWLRQHWDFWLYDWLRQGHODP«PRLUH
3
9
3UHPLªUHP«PRLUHDSSX\HUXQHIRLVVXUOHERXWRQGH
SU«SURJUDPPDWLRQ/HW«PRLQGHP«PRLUHDSSDUD°W¢O «FUDQ
6HFRQGHP«PRLUHDSSX\HUGHX[IRLVVXUOHERXWRQGH
SU«SURJUDPPDWLRQ/HW«PRLQGHP«PRLUHDSSDUD°W¢O «FUDQ
7URLVLªPHP«PRLUHOHW«PRLQGHP«PRLUHDSSDUD°W¢O «FUDQ
0RGHGHEDVHDSSX\HUTXDWUHIRLVVXUOHERXWRQGH
SU«SURJUDPPDWLRQ$XFXQW«PRLQGHP«PRLUHQ HVWDIILFK«
$FWLYDWLRQGXFKDXIIDJHGDQVOHVKHXUHV
/HMRXUHVWDXWRPDWLTXHPHQWSU«SURJUDPP«
3
9
$SSX\HUVXUOHERXWRQGHSU«SURJUDPPDWLRQMXVTX ¢FHTXHOD
P«PRLUHVRXKDLW«HVHPHWWH¢FOLJQRWHU$SSX\HUHQVXLWHVXU
OHERXWRQ5HWRXURX6XLYDQW/ KHXUHHWOHW«PRLQGHP«PRLUH
FOLJQRWHQW
$SSX\HUVXUOHERXWRQ5HWRXURX6XLYDQWSRXUU«JOHUO KHXUH
VRXKDLW«HG DFWLYDWLRQGXFKDXIIDJH/HU«JODJHQ HVWSRVVLEOH
9 TXHSHQGDQWOHFOLJQRWHPHQWGHO KHXUH
/HW«PRLQGHODP«PRLUHV«OHFWLRQQ«HDSSDUD°W¢O «FUDQHWOH
ERXWRQGHFKDXIIDJHFOLJQRWHSRXULQGLTXHUTXHODP«PRLUH
HVWXWLOLV«H
$FWLYDWLRQGXFKDXIIDJHGDQVOHVMRXUV
3
9
$SSX\HUVXUOHERXWRQGHSU«SURJUDPPDWLRQMXVTX ¢FHTXHOD
P«PRLUHVRXKDLW«HVHPHWWH¢FOLJQRWHU$SSX\HUHQVXLWHVXU
OHERXWRQ5HWRXURX6XLYDQW/ KHXUHHWOHW«PRLQGHP«PRLUH
FOLJQRWHQW
$SSX\HUVXUOHERXWRQ5HWRXURX6XLYDQWSRXUU«JOHUO KHXUH
VRXKDLW«HG DFWLYDWLRQGXFKDXIIDJH/HU«JODJHQ HVWSRVVLEOH
9 TXHSHQGDQWOHFOLJQRWHPHQWGHO KHXUH
&LQTVHFRQGHVHQYLURQDSUªVOHU«JODJHO KHXUHDUU¬WHGH
FOLJQRWHUHWOHMRXUVHPHW¢FOLJQRWHU5«JOHUOHMRXUDYHFOHV
ERXWRQV5HWRXUHW6XLYDQW
/HW«PRLQGHODP«PRLUHV«OHFWLRQQ«HDSSDUD°W¢O «FUDQHWOH
ERXWRQGHFKDXIIDJHFOLJQRWHSRXULQGLTXHUTXHODP«PRLUH
HVWXWLOLV«H
3
/ KHXUHSU«U«JO«HDSSDUD°WSHQGDQWFLQTVHFRQGHVSXLVVLOH
FRQWDFWHVWPLVO KRUORJHODUHPSODFH8QHSUHVVLRQVXUOHERXWRQ
9 GHSU«SURJUDPPDWLRQSHUPHWG DIILFKHUOHMRXUHWO KHXUHSU«U«JO«V
SHQGDQWFLQTVHFRQGHV

5HFKHUFKHGHSDQQH
/DPLQXWHULHHQUHJLVWUHOHVFLQTGHUQLHUVFRGHVGHSDQQH/D
SDQQHDFWXHOOHHVWLQGLTX«HSDU$)HWSODF«HHQSUHPLªUHSRVLWLRQ
GDQVODOLVWHGHVFRGHV
&RQWU¶OHGHODP«PRLUHGHSDQQH

9
0DLQWHQLUOHERXWRQG KHXUHHQIRQF«HWDSSX\HUVXUOHERXWRQ
GHSU«SURJUDPPDWLRQGDQVOHVGHX[VHFRQGHV
/HV«O«PHQWVVXLYDQWVDSSDUDLVVHQW
3
9
$) SDQQHDFWXHOOH
1XP«UR¢WURLVFKLIIUHV FRGHGHSDQQH
/HERXWRQGHFKDXIIDJHFOLJQRWH
$SSX\HUVXUOHERXWRQ6XLYDQWSRXUFRQVXOWHUOHVFRGHVGH
SDQQHDQW«ULHXUV
9

&RGHVGHSDQQH
&RGHVGH 'HVFULSWLRQGHOD &RPPHQWDLUHPHVXUH

SDQQH SDQQH

9
6DQVSDQQH ಧಧ

&RXUWFLUFXLW 9«ULILHUODFRQQH[LRQHWOHF¤EOHSDVVHF¤EOHFRXUWFLUFXLWGRPPDJH
9 GDQVODVRUWLH
$ODUPHDQWLYRO
'«FRQQH[LRQHQ 8QHVXUWHQVLRQGDQVOHPRGXOHGHFRPPDQGHSHQGDQWDXPRLQVVHFRQGHVVDQV
9 FDVGH LQWHUUXSWLRQHQWUD°QHO DUU¬WGXFKDXIIDJHGXPRWHXUHWGHODFDELQH
VXUWHQVLRQ '«EUDQFKHUODFRQQH[LRQGXIDLVFHDXGHF¤EOHFKDXIIDJHGHPRWHXUHWGHFDELQH
G«PDUUHUOHPRWHXUGHODPDFKLQHPHVXUHUODWHQVLRQVXUOHVFRQQHFWHXUV%3,1
$HW$
6LODWHQVLRQHVWVXS«ULHXUH¢9HW9OHU«JXODWHXUGHO DOWHUQDWHXUHWOD
EDWWHULHGRLYHQW¬WUHFRQWU¶O«V
'«FRQQH[LRQHQ 8QHVRXVWHQVLRQGDQVOHPRGXOHGHFRPPDQGHSHQGDQWDXPRLQVVHFRQGHV
9 FDVGHVRXV VDQVLQWHUUXSWLRQHQWUD°QHO DUU¬WGXFKDXIIDJHGXPRWHXUHWGHODFDELQH
WHQVLRQ '«EUDQFKHUODFRQQH[LRQGXIDLVFHDXGHF¤EOHFKDXIIDJHGHPRWHXUHWGHFDELQH
G«PDUUHUOHPRWHXUGHODPDFKLQHPHVXUHUODWHQVLRQVXUOHVFRQQHFWHXUV%3,1
$HW$
6LODWHQVLRQHVWLQI«ULHXUH¢9HW9OHVIXVLEOHVOHVF¤EOHVG DOLPHQWDWLRQ
OHVF¤EOHVGHPLVH¢ODPDVVHHWODERUQHSRVLWLYHGHODEDWWHULHGRLYHQW¬WUH
FRQWU¶O«VSRXUG«FHOHUWRXWHWUDFHGHFRUURVLRQSURYRTXDQWODFKXWHGHWHQVLRQ
6XUFKDXIIH /HFDSWHXUGHVXUFKDXIIHHQUHJLVWUHOHVWHPS«UDWXUHVVXS«ULHXUHV¢r&
9 r)
3XUJHUO DLUGDQVOHFKDXIIDJHGHPRWHXUHWGHFDELQH FDUHQFHHQHDX RXYULUOH
U«JXODWHXUGHFKDXIIDJHHWY«ULILHUOHG«ELWG HDX
&RGHVGH 'HVFULSWLRQGHOD &RPPHQWDLUHPHVXUH

SDQQH SDQQH
'LII«UHQFHWURS /DGLII«UHQFHGHPHVXUHHQWUHOHVYDOHXUVGHVFDSWHXUVGHVXUFKDXIIHHWGH
9 LPSRUWDQWHHQWUH WHPS«UDWXUHG«SDVVH.
OHVFDSWHXUVGH 3XUJHUO DLUGDQVOHFKDXIIDJHGHPRWHXUHWGHFDELQH FDUHQFHHQHDX RXYULUOH
VXUFKDXIIHHWGH U«JXODWHXUGHFKDXIIDJHHWY«ULILHUOHG«ELWG HDX
WHPS«UDWXUH
$XJPHQWDWLRQ 3XUJHUO DLUGDQVOHFKDXIIDJHGHPRWHXUHWGHFDELQH FDUHQFHHQHDX RXYULUOH
9 WURSUDSLGHGHOD U«JXODWHXUGHFKDXIIDJHHWY«ULILHUOHG«ELWG HDX
WHPS«UDWXUHGH 9«ULILHUOHFDSWHXUGHWHPS«UDWXUH
O HDX
0RWHXUGHG«PDUUDJH
0RWHXUGHG«PDUUDJH
5 $77(17,21
)DLUHWRXUQHUOHPRWHXUDXUDOHQWLOHQWSHQGDQWDXPRLQVXQHGHPL
PLQXWHDSUªVOHG«PDUUDJH&HODDVVXUHODOXEULILFDWLRQGX

WXUERFRPSUHVVHXU

6LODPDFKLQHHVW«TXLS«HG XQHSURWHFWLRQDQWLYROYRLUSDJH
0HWWUHODFRPPDQGHGHV«OHFWHXUGHUDSSRUWDXSRLQWPRUW
9 7RXUQHUODFOHIGHFRQWDFWHQSRVLWLRQ SRVLWLRQGHFRQGXLWH
DILQTXHOHWHVWGHIRQFWLRQHPHQWVRLWH[«FXW«
(QP¬PHWHPSVY«ULILHUTXHWRXVOHVV\PEROHVGHODUDQJ«H
3RVLWLRQ2)) VRQWDOOXP«VHWTXHOHVLQVWUXPHQWVDIILFKHQWXQHYDOHXU
5 (PSODFHPHQWGHODUDGLR FHUWDLQV $GHVWHPS«UDWXUHVHQGHVVRXVGHr& )
«TXLSHPHQWV«OHFWULTXHVVRQWDOLPHQW«VHQ
6LOHV\PEROHGHSU«FKDXIIDJHFOLJQRWH YRLUVHFWLRQ FUDQ
FRXUDQW
G DIILFKDJHGHVLQIRUPDWLRQVG XWLOLVDWLRQVRXVOHWLWUH&
&KDPS
3RVLWLRQPDUFKH
GHVV\PEROHV¢ODSDJH ODLVVHUODFO«GHFRQWDFWHQ
3RVLWLRQGHG«PDUUDJH SRVLWLRQMXVTX ¢FHTXHOHV\PEROHV «WHLJQH

$77(17,21
1 XWLOLVH]SDVG DJHQWVGHG«PDUUDJH «WKHUHWF FHOD
SRXUUDLWHQGRPPDJHUJUDYHPHQWOHPRWHXU
$9,6
1HMDPDLVIDLUHWRXUQHUOHPRWHXU¢KDXWU«JLPHORUVTX LOHVW
IURLGVLQRQODPDFKLQHSHXWVXELUGHJUDYHVG«J¤WV
7RXUQHUODFOHIGHFRQWDFWHQSRVLWLRQ SRVLWLRQGH
G«PDUUDJH 6LOHPRWHXUQHG«PDUUHSDVWRXUQHU¢QRXYHDX
ODFOHIHQSRVLWLRQDYDQWGHG«PDUUHU¢QRXYHDX
9«ULILHUTXHWRXVOHVYR\DQWVGHFRQWU¶OHHWDYHUWLVVHXUVRQW
«WHLQWV
6LODPDFKLQHHVW«TXLS«HGXV\VWªPH)6
9«ULILHUTXHOHV\VWªPH)6HVWHQSRVLWLRQGHPDUFKH YRLU
SDJH
$FWLRQQHUO DYHUWLVVHXUVRQRUH
$SSX\HUVXUODS«GDOHGHIUHLQHWUHO¤FKHUOHIUHLQGH
VWDWLRQQHPHQW
&KRLVLUXQUDSSRUWHWDXJPHQWHUOHU«JLPHPRWHXU
/LPLWDWLRQGHYLWHVVH
6LODSRUWHHVWRXYHUWHODYLWHVVHGHODPDFKLQHHVWOLPLW«H¢
NPK PSK
6LODYLWHVVHH[FªGHNPK PSK ORUVTXHODSRUWHHVWRXYHUWH
ODYLWHVVHHVWDORUVOLPLW«H¢ODYLWHVVHDFWXHOOHSXLVODOLPLWDWLRQ
EDLVVHDYHFODYLWHVVHGHODPDFKLQHMXVTX ¢NPK PSK

3RXUSOXVGHSU«FLVLRQVFRQFHUQDQWOHVFKLIIUHVGHO «FUDQ
G DODUPHYRLUSDJHV$YHUWLVVHPHQWVHW&RQWU¶OHU
&KDQJHPHQWGHYLWHVVH
&KDQJHPHQWGHYLWHVVH
$9(57,66(0(17
1HTXLWWH]MDPDLVODPDFKLQHORUVTXHOHV«OHFWHXUGHUDSSRUWHVW
HQPDUFKHDYDQWRXDUULªUHDORUVTXHOHPRWHXUHVWHQPDUFKHOD
PDFKLQHSRXUUDLWVHPHWWUHHQPRXYHPHQW
/DER°WHGHYLWHVVHVDXQHSRVLWLRQSRLQWPRUWQHXIUDSSRUWVGH

PDUFKHDYDQWHWWURLVUDSSRUWVGHPDUFKHDUULªUHDLQVLTX XQ

HPEUD\DJHGHWUDQVPLVVLRQGLUHFWHDXWRPDWLTXH YHUURXLOODJH

VXUWRXVOHVUDSSRUWV
'
1 /HVFKDQJHPHQWVGHUDSSRUWVRQWHQWLªUHPHQWDXWRPDWLTXHV
5 PDLVOHFRQGXFWHXUDODSRVVLELOLW«G LQWHUYHQLUPDQXHOOHPHQWSDU
O LQWHUP«GLDLUHGXV«OHFWHXUGHUDSSRUW
/HVFLUFXLWV«OHFWURQLTXHVGHODWUDQVPLVVLRQG«WHFWHQWODYLWHVVH
GHODPDFKLQHO DFF«O«UDWLRQHWODFKDUJHGXPRWHXU(QIRQFWLRQ
GHFHVSDUDPªWUHVOHVFLUFXLWV«OHFWURQLTXHVFRPPDQGHQWOHV
FKDQJHPHQWVGHYLWHVVHVDXWRPDWLTXHPHQWSRXURSWLPLVHUOH
FRQIRUWODFRQVRPPDWLRQGHFDUEXUDQWHWOHVSHUIRUPDQFHV
$8
;
9
6«OHFWHXUGHYLWHVVH

3RVLWLRQ'
3RVLWLRQQRUPDOHGXUDSSRUWSRXUXQHFRQGXLWHHQDYDQW
ªUHªPHHWªPH
/LPLWHOHSDVVDJHDXUDSSRUWVXS«ULHXU¢SDUWLUGHVUDSSRUWV
HW/HSDVVDJHDXUDSSRUWVXS«ULHXUHVWWRXWHIRLVDXWRULV«
SRXUHPS¬FKHUO HPEDOOHPHQW
3RVLWLRQGHUDSSRUW1
3RLQWPRUW
0DUFKH$5
0DUFKHDUULªUH 4XDQGODPDUFKHDUULªUHHVWV«OHFWLRQQ«HOD
WUDQVPLVVLRQDX[URXHVHVWHQJDJ«HDXWRPDWLTXHPHQW
&KDQJHPHQWGHYLWHVVH
%ORFDJHGHYLWHVVH
8WLOLV«SRXUHPS¬FKHUOHVFKDQJHPHQWVGHUDSSRUWGDQV
FHUWDLQHVVLWXDWLRQVF HVW¢GLUHXQHDXJPHQWDWLRQRXGLPLQXWLRQ
¢U«S«WLWLRQGHODYLWHVVH¢FRXUWLQWHUYDOOH
/HEORFDJHGHFKDQJHPHQWGHYLWHVVHVHVWG«YHUURXLOO«SDUXQH
SUHVVLRQVXUODSDUWLHDUULªUHGXERXWRQRXV LO\DXQULVTXH
G HPEDOOHPHQW

)RQFWLRQVGHV«FXULW«ORUVGHVFKDQJHPHQWVGHYLWHVVHV

/DPDFKLQHHVW«TXLS«HGHIRQFWLRQVGHV«FXULW«TXLSURWªJHQWOH
'
PRWHXUHWODER°WHGHYLWHVVHVSDUO LQWHUP«GLDLUHGHO XQLW«GH
1
FRPPDQGH«OHFWURQLTXHGHODER°WHGHYLWHVVHVFRQWUHOHV
5 IDXVVHVPDQĕXYUHV
&HVIRQFWLRQVVRQWOHVVXLYDQWHV
/HPRWHXUQHSHXWG«PDUUHUTXHVLOHV«OHFWHXUGHYLWHVVHHVW
DXSRLQWPRUW SRVLWLRQ1
/HV«OHFWHXUGHYLWHVVHVSHXWSDVVHU¢GLII«UHQWHVSRVLWLRQV¢
SDUWLUGHODSRVLWLRQ1PDLVDXFXQUDSSRUWQHSHXW¬WUHHQJDJ«
VLOHU«JLPHPRWHXUG«SDVVHWUPLQ WUV PDFKLQH¢
$8
O DUU¬W 6LOHU«JLPHG«SDVVHWUPLQ WUV LOHVWU«GXLW
;
DXWRPDWLTXHPHQW¢WUPLQ WUV DYDQWO HQJDJHPHQW

GXUDSSRUW
$XFXQUDSSRUWQHV HQJDJHORUVTXHOHIUHLQGHVWDWLRQQHPHQW

HVWVHUU«
9 $XFXQUDSSRUWQHV HQJDJHVLO DUU¬WWHPSRULV«HVWHQFOHQFK«
OHFRPSWH¢UHERXUVDFRPPHQF« «TXLSHPHQWRSWLRQQHO
%ORFDJHGXFKDQJHPHQWGHYLWHVVHV
QHXWUDOLVDWLRQGHVSDVVDJHV 6LOHV«OHFWHXUGHYLWHVVHHVWPLVDXSRLQWPRUWHQPDUFKH
/HUDSSRUWHQJDJ«QHFKDQJHSDVVLODYLWHVVHHVWVXS«ULHXUH
¢NPK PSK
6LODYLWHVVHHVWHQGHVVRXVGHNPK PSK ODER°WHGH
YLWHVVHVSDVVHDXSRLQWPRUW 1
6LOHV«OHFWHXUGHYLWHVVHVG«SDVVHOHSRLQWPRUW LQYHUVLRQGH
PDUFKHHQURXWH
/HUDSSRUWHQJDJ«QHFKDQJHSDVVLODYLWHVVHHVWVXS«ULHXUH
¢NPK PSK
6LODYLWHVVHHVWHQWUHNPK PSK HWNPK PSK OD
ER°WHSDVVHDXSRLQWPRUW
6LODYLWHVVHHVWLQI«ULHXUH¢NPK PSK HWVLOHU«JLPH
HVWLQI«ULHXU¢WUPLQ WUV XQDXWUHUDSSRUWSHXW¬WUH
V«OHFWLRQQ«
3URWHFWLRQDQWLVXUU«JLPHGXPRWHXU
(QFDVGHULVTXHG HPEDOOHPHQWGXPRWHXUOHSDVVDJHVHIDLW
VXUOHUDSSRUWLPP«GLDWHPHQWVXS«ULHXULQG«SHQGDPPHQWGH
ODSRVLWLRQGXV«OHFWHXUHWGXYHUURXLOODJHGXFKDQJHPHQWGH
YLWHVVH
$7& $XWRPDWLF7UDFWLRQ&RQWURO
/HEORFDJHGHGLII«UHQWLHOORQJLWXGLQDOHWODWUDFWLRQVXUURXHVGH
ODPDFKLQHVRQWFRPPDQG«VDXWRPDWLTXHPHQW/HEORFDJHGH
GLII«UHQWLHOORQJLWXGLQDOHWODWUDFWLRQVXUURXHVVRQWFRPPDQG«
V«SDU«PHQW
$77(17,21
1HSDVXWLOLVHUO HQWUD°QHPHQWHWOHVEORFDJHVGHGLII«UHQWLHOVXU
SOXVGHURXHVTXHFHODHVWUHQGXQ«FHVVDLUHSDUODVLWXDWLRQ8QH
XWLOLVDWLRQLQFRUUHFWHSHXWFDXVHUXQHXVXUHLQXWLOHGHVSQHXVXQH
DXJPHQWDWLRQGHODFRQVRPPDWLRQGHFDUEXUDQWHWGHVG«IDXWV
GHPDQRHXYUDELOLW«
/DPDFKLQHGLVSRVHGHGHX[FRPELQDLVRQVGHFRQGXLWH
SRVVLEOHV
3RVLWLRQDXWRPDWLTXH/HEORFDJHGHGLII«UHQWLHOORQJLWXGLQDOHW
ODWUDFWLRQVXUURXHVVRQWDXWRPDWLTXHPHQWDFWLY«VDXEHVRLQ
7RXVOHVEORFDJHVGHGLII«UHQWLHOVHWODWUDFWLRQVXUURXHVVRQW
HQFOHQFK«V¢O DLGHGHODS«GDOH
0RGHDXWRPDWLTXH
9
8WLOLV«SRXUWRXWHVOHVVRUWHVGHFRQGLWLRQVGHFRQGXLWH
&HPRGHHVWVWDQGDUGHWQHSHXW¬WUHG«VHQFOHQFK«
%RXWRQWRXVOHVEORFDJHVGHGLII«UHQWLHO

/DPDFKLQHFDSWHODYLWHVVHGHVURXHVHWO DQJOHGHGLUHFWLRQOH
EORFDJHGHGLII«UHQWLHOORQJLWXGLQDOHWODWUDFWLRQVXUURXHV
LQG«SHQGDPPHQWO XQGHO DXWUHVRQWDXWRPDWLTXHPHQW
HQFOHQFK«VRXG«VHQFOHQFK«VOHFDV«FK«DQW
(QVHPEOHGHVEORFDJHVGHGLII«UHQWLHOVHWWUDQVPLVVLRQ¢
URXHV
8WLOLV«HQFDVGHFRQGXLWHORUVTXHODIRUFHGHODWUDFWLRQPD[LPXP
HVWUHTXLVH$FWLY«¢O DLGHGXERXWRQVXUOHVRO
/HVW«PRLQVGHVWRXVOHVEORFDJHVGHGLII«UHQWLHOHWGHODWUDFWLRQ
VXUURXHVVRQWDFWLY«VVXUOHWDEOHDXGHERUG
$9,6
/HEORFDJHGHGLII«UHQWLHOQHGRLWMDPDLV¬WUHHQFOHQFK«DORUV
TX XQHGHVURXHVPRWULFHVSDWLQH
9 $9,6
/DPDQĕXYUHGHODPDFKLQHHVWU«GXLWHHQFDVGHFRQGXLWHDYHF
7«PRLQVEORFDJHVGHGLII«UHQWLHO WRXVOHVEORFDJHVGHGLII«UHQWLHOHQFOHQFK«V

'LUHFWLRQ
'LUHFWLRQ
/HV\VWªPHGHGLUHFWLRQHVWK\GURP«FDQLTXH¢FRPSHQVDWLRQ
DXWRPDWLTXH
'LUHFWLRQGHVHFRXUV
/DPDFKLQHHVW«TXLS«HG XQHGLUHFWLRQVHFRQGDLUHYLDXQH
9
SRPSHDVVHUYLHDX[URXHVVLWX«HVXUODER°WHGHWUDQVIHUWTXL
0LVHHQJDUGHFRQWUHXQHIDLEOHSUHVVLRQGH DVVXUHODGLUHFWLRQMXVTX ¢XQHYLWHVVHG HQYLURQNPK PSK
GLUHFWLRQ
P¬PHHQFDVGHSDQQHGXPRWHXU

(QFDVGHPLVH¢JDUGHUHODWLYH¢XQHIDLEOHSUHVVLRQGHGLUHFWLRQ
VXUO «FUDQDUU¬WHULPP«GLDWHPHQWODPDFKLQHHWFRQWDFWHUXQ
DW«OLHU9ROYRDJU««
(VVDLGHIRQFWLRQQHPHQWGLUHFWLRQGHVHFRXUV
&RQWU¶OHUOHV\VWªPHGHGLUHFWLRQGHVHFRXUVWRXWHVOHV
KHXUHV
3ODFHUOHY«KLFXOHHVWGDQVXQHSHQWHDYHFO DYDQWRULHQW«YHUV
OHEDVGDQVXQOLHXWUªVVSDFLHX[
0DLQWHQLUOHSLHGVXUOHIUHLQHWSODFHUOHV«OHFWHXUGHYLWHVVHV
DXSRLQWPRUW&RXSHUOHPRWHXUHQDSSX\DQWVXUO DUU¬W
G XUJHQFH
5HO¤FKHUODS«GDOHGHIUHLQHHWODLVVHUODPDFKLQHURXOHUHQ
DYDQW¢HQYLURQNPK PSK ,OGRLWDORUV¬WUHSRVVLEOHGH

UHPHWWUHODPDFKLQHHQOLJQHGURLWHDSUªVXQEUDTXDJH
$9,6
/DSUHVVLRQGDQVOHV\VWªPHGHIUHLQDJHGRLW¬WUHDXQLYHDX
PD[LPDODYDQWOHWHVW
$9,6
1HSDVRXEOLHUTXHODPDQLDELOLW«HVWOLPLW«HORUVTXHOHPRWHXUHVW
FRXS«
)UHLQDJH
)UHLQDJH
)UHLQGHURXWH
3RXUU«GXLUHO XVXUHGHVIUHLQVGHURXHVXWLOLVHUG DERUG

OHIUHLQPRWHXU
OHVIUHLQGHURXWH OHVIUHLQVGHURXHV
)UHLQVGHURXWH
)UHLQHUGRXFHPHQW&HODHVWSDUWLFXOLªUHPHQWLPSRUWDQWVXUXQ
WHUUDLQYHUJODF«HWJOLVVDQW
(QFDVGHFRQGXLWHHQPRQW«HXWLOLVHUG DERUGOHIUHLQPRWHXU
SRXUU«GXLUHO XVXUHGHVIUHLQVGHURXHV
/HVIUHLQVGHURXWHVRQWGLYLV«VHQGHX[FLUFXLWVGLVWLQFWV(QFDV
GHG\VIRQFWLRQQHPHQWGDQVO XQGHVFLUFXLWVODPDFKLQHSHXW
WRXMRXUV¬WUHIUHLQ«HDYHFOHFLUFXLWLQWDFW8QDYHUWLVVHPHQW
DSSDUD°WVXUO «FUDQG LQIRUPDWLRQVVLODSUHVVLRQHVWFRUUHFWHGDQV
XQFLUFXLW
$9,6
6LOHVIUHLQVVRQWG«IHFWXHX[DUU¬WHULPP«GLDWHPHQWODPDFKLQH
HWFRQWDFWHUXQDW«OLHU9ROYR&(DJU««SRXUOHVGLVSRVLWLRQV¢
SUHQGUH
)UHLQVGHURXWH
,QWHUUXSWHXUIUHLQPRWHXU $9,6
)UHLQGHVWDWLRQQHPHQW (QFDVGHG«IDLOODQFHGHVGHX[FLUFXLWVGHIUHLQDJHHQFOHQFKHU
OHIUHLQPRWHXUHWOHIUHLQGHVWDWLRQQHPHQWSRXUDUU¬WHUOD
PDFKLQH
)UHLQDX[LOLDLUH
/HIUHLQDX[LOLDLUHV DMRXWHDX[IUHLQVVWDQGDUGGHODPDFKLQH
)UHLQPRWHXU
/HIUHLQVXUPRWHXUDXJPHQWHODIRUFHGHIUHLQDJHGXPRWHXU
QRWDPPHQWHQOLPLWDQWOHG«ELWG «FKDSSHPHQW
/HIUHLQPRWHXURIIUHG H[FHOOHQWHVSHUIRUPDQFHVGHIUHLQDJHVXU
ODSODJHHQWLªUHGHU«JLPHVPRWHXU/HVSHUIRUPDQFHVGH
IUHLQDJHVRQWFHSHQGDQWO«JªUHPHQWSOXV«OHY«HVVXUOHVU«JLPHV
PRWHXU«OHY«V
/HIUHLQG DSSRLQWHVWXWLOLV«SRXUSHUPHWWUHXQHFRQGXLWHVRXSOH
HWFRQIRUWDEOHTXLU«GXLWHQRXWUHO XVXUHGXV\VWªPHGHIUHLQDJH
QRUPDOGHODPDFKLQH
/HIUHLQPRWHXUHVWXQIUHLQGRQWO HIIHWG«SHQGGXUDSSRUWSDVV«
F HVW¢GLUH
UDSSRUWLQI«ULHXUPHLOOHXUIUHLQDJH
UDSSRUWVXS«ULHXUIUHLQDJHLQI«ULHXU
,OHVWDYDQWDJHX[G XWLOLVHUOHEORFDJHGXFKDQJHPHQWGHYLWHVVHV
SHQGDQWOHIUHLQDJHDYHFOHUDOHQWLVVHXUSRXUDXJPHQWHUODSODJH
)UHLQDJH
GHYLWHVVHGXUDSSRUWHQJDJ«(QFDVGHULVTXHGHVXUU«JLPHOD
PDFKLQHSDVVHDXWRPDWLTXHPHQW¢XQUDSSRUWVXS«ULHXU
6 HQFOHQFKHVL
O LQWHUUXSWHXUGXIUHLQPRWHXUHVWDOOXP«
ORUVTXHODS«GDOHG DFF«O«UDWHXUHVWHQWLªUHPHQWUHO¤FK«H
OHU«JLPHPRWHXUHVWVXS«ULHXU¢WUPLQ WUV
WHPS«UDWXUHGXPRWHXUVXS«ULHXUH¢r& r)
9 ODS«GDOHGHIUHLQHVWDSSX\«H/HIUHLQDJHGXIUHLQPRWHXU
3«GDOHGHIUHLQ DXJPHQWHSURJUHVVLYHPHQWYHUVODSRVLWLRQ $ HWHVWDXPD[
ವ $)UHLQGHVHUYLFHFRPELQ«¢O DFWLRQ ¢ODSRVLWLRQ %
UHQIRUF«HGXIUHLQPRWHXU
ವ %)UHLQGHVHUYLFHFRPELQ«¢O DFWLRQ 6HG«VHQFOHQFKHVL
PD[LPDOHGXIUHLQPRWHXU ODS«GDOHG DFF«O«UDWHXUHVWHQIRQF«H

O LQWHUUXSWHXUGXIUHLQPRWHXUHVW«WHLQW
/HIUHLQGHFKDUJHPHQWHWGHEDVFXOHPHQWSHUPHWG DFWLYHUOHV
IUHLQVGHURXWHHWGHSDVVHUODER°WHGHYLWHVVHVDXSRLQWPRUW
&HODSHUPHWG «YLWHUO XVXUHGXIUHLQGHVWDWLRQQHPHQWHWOD
WUDQVPLVVLRQSHQGDQWOHFKDUJHPHQWHWOHEDVFXOHPHQW
9
%RXWRQSRXUIUHLQGHFKDUJHPHQWHWGH
EDVFXOHPHQW

$9,6
&HWWHIRQFWLRQQHVHUDDFWLY«HTXHORUVTXHODPDFKLQHVHUD

LPPRELOH
/DIRQFWLRQHVWEORTX«HDX[YLWHVVHVVXS«ULHXUHV¢NPK
PSK
/DIRQFWLRQHVWG«VDFWLY«HORUVTXHOHV«OHFWHXUGHUDSSRUWHVWVRUWL
GHODSRVLWLRQQHXWUH
$9,6
/HIUHLQGHVWDWLRQQHPHQWHVWVXMHW¢XQHXVXUHQRUPDOHV LOHVW
DSSX\«ORUVTXHOHPDFKLQHURXOH/HIUHLQGHVWDWLRQQHPHQWGRLW
¬WUHY«ULIL«V LOD«W«XWLOLV«FRPPHIUHLQGHVHFRXUV&RQWDFWHUXQ
DWHOLHU9ROYRDJU««
/RUVTXHOHIUHLQGHVWDWLRQQHPHQWHVWVHUU«DXFXQUDSSRUWQH
SHXW¬WUHHQJDJ«
%RXWRQGXIUHLQGHVWDWLRQQHPHQW
/HIUHLQGHVWDWLRQQHPHQWV DMXVWHGHOXLP¬PH
)UHLQGHVHFRXUV
(QVLWXDWLRQG XUJHQFHOHIUHLQGHVWDWLRQQHPHQWSHXW¬WUH
XWLOLV«FRPPHIUHLQGHVHFRXUV6LOHIUHLQGHVWDWLRQQHPHQWHVW
XWLOLV«FRPPHIUHLQGHVHFRXUVOHVIUHLQVGHURXHVVHURQW
HQJDJ«VDXWRPDWLTXHPHQWVLODYLWHVVHG«SDVVHNPK
PSK
/HIUHLQGHVWDWLRQQHPHQWHVWDXWRPDWLTXHPHQWVHUU«VLOD
SUHVVLRQGHIUHLQDJHHVWSHUGXHGDQVOHVFLUFXLWVDYDQWHW
DUULªUH
)UHLQDJH
9RLU«JDOHPHQWOHWLWUH
)UHLQGHVWDWLRQQHPHQWGDQVODVHFWLRQ
&RPPDQGHV¢ODSDJH
G «FKDSSHPHQW
5«J«Q«UDWLRQGXV\VWªPHGHSRVW
WUDLWHPHQWGHVJD]G «FKDSSHPHQW
(IIHFWXHUXQHU«J«Q«UDWLRQ
1HV DSSOLTXHTX DX[PDFKLQHV¢PRWHXU';;+ 7LHUL6WDJH

OOO%
$9(57,66(0(17
5LVTXHG LQFHQGLH
/DU«J«Q«UDWLRQSURGXLWGHVJD]G «FKDSSHPHQWFKDXGVHW
SURYRTXHO «FKDXIIHPHQWGXWX\DXG «FKDSSHPHQW
1HSDVSURF«GHU¢ODU«J«Q«UDWLRQGDQVXQHQYLURQQHPHQW
LQIODPPDEOH
$9(57,66(0(17
/HVFRPSRVDQWVGXV\VWªPHG «FKDSSHPHQWVRQWWUªVFKDXGVHW
SHXYHQWFDXVHUGHVEU½OXUHVJUDYHV
3LFWRJUDPPHG DODUPH
'«PDUUDJHGHODU«J«Q«UDWLRQ
/RUVTXHODWHQHXUHQVXLHGDQVOHILOWUH¢SDUWLFXOHVGLHVHODDWWHLQW
XQSLFWRJUDPPHG DODUPHDSSDUD°WVXUO DIILFKDJHGHV
LQIRUPDWLRQVGHIRQFWLRQQHPHQWHWXQV\PEROHV DOOXPHVXUOH
WDEOHDXGHERUGYRLUSDJH

9
'DQVOHVFRQGLWLRQVQRUPDOHVOHFRQGXFWHXUGRLWODQFHUOD
5«J«Q«UDWLRQQ«FHVVDLUH

U«J«Q«UDWLRQLPP«GLDWHPHQW&HODHVWYDODEOHVLODPDFKLQHHVW
GDQVXQH]RQHLJQLIXJHHWV LOQ HVWSDVSU«YXGHO DUU¬WHUSHQGDQW
6\PEROH
ODU«J«Q«UDWLRQ
,OHVWSOXV«FRQRPLTXHG HIIHFWXHUODU«J«Q«UDWLRQSHQGDQW
O XWLOLVDWLRQGHODPDFKLQH(QJ«Q«UDOFHODU«GXLWDXVVLODGXU«H
9
GHODU«J«Q«UDWLRQ/DU«J«Q«UDWLRQGXUHHQYLURQPLQXWHV
5«J«Q«UDWLRQQ«FHVVDLUH VHORQTXHODPDFKLQHHVWHQFRXUVG XWLOLVDWLRQRX¢O DUU¬WSHQGDQW

ODU«J«Q«UDWLRQ
127(
,OQ HVWSDVSRVVLEOHG HIIHFWXHUODU«J«Q«UDWLRQ¢PRLQVTXHOD
PDFKLQHHQDLWIDLWODUHTX¬WH
,QWHUUXSWHXUU«J«Q«UDWLRQ 3RXUG«PDUUHUODU«J«Q«UDWLRQDSSX\HUVXUODSDUWLHVXS«ULHXUH
GXFRPPXWDWHXU
/HV\PEROHLQGLTXDQWXQHWHPS«UDWXUH«OHY«HSRXUOHVWX\DX[GH
VRUWLHG «FKDSSHPHQWSDUUDSSRUWDXIRQFWLRQQHPHQWQRUPDOHVW
DOOXP«SHQGDQWWRXWHODGXU«HGHODU«J«Q«UDWLRQ
9
'(0$55$*(GHODU«J«Q«UDWLRQ
$55(7GHODU«J«Q«UDWLRQHQFRXUV

G «FKDSSHPHQW
6\PEROH 127(
/DPDFKLQHGRLW¬WUHGDQVXQOLHXLJQLIXJHSHQGDQWWRXWHODGXU«H
GHODU«J«Q«UDWLRQ OHV\PEROHHVWDOOXP«
127(
9 /HUDOHQWLPRQWH¢WUPLQSHQGDQWWRXWOHSURFHVVXVGH
7HPS«UDWXUHG «FKDSSHPHQW«OHY«H U«J«Q«UDWLRQ U«J«Q«UDWLRQ
HQFRXUV

5«J«Q«UDWLRQWDUGLYH
/DU«J«Q«UDWLRQSHXW¬WUHWDUGLYHVLODPDFKLQHHVWGDQVXQHQGURLW
(6& SU«VHQWDQWXQULVTXHG LQFHQGLHRXV LOHVWSU«YXG DUU¬WHUOD
PDFKLQHSHQGDQWODSKDVHGHU«J«Q«UDWLRQ
3RXUFRQILUPHU VXSSULPHU OHSLFWRJUDPPHG DODUPHVXU

O DIILFKDJHDSSX\HUVXUODWRXFKH(6&GXFODYLHUGHO DIILFKDJH
GHVLQIRUPDWLRQV
6(783
/HV\PEROHGHO DODUPHUHWRXUQHDSUªVPLQXWHV
6(/(&7 127(
WDQWGRQQ«TXHODTXDQWLW«GHVXLHVGDQVOHILOWUH¢SDUWLFXOHV
GLHVHODXJPHQWHFRQVLG«UDEOHPHQWLOHVWLPSRUWDQWGHQHSDV
9 UHSRUWHUODU«J«Q«UDWLRQLQXWLOHPHQW

&RQV«TXHQFHVG XQHU«J«Q«UDWLRQWDUGLYH
SXLVVDQFHGXPRWHXUU«GXLWH¢FDXVHGHO DXJPHQWDWLRQGHOD
FRQWUHSUHVVLRQ
FRQVRPPDWLRQGHFDUEXUDQWSOXV«OHY«H
GXU«HGHYLHSOXVFRXUWHSRXUOHILOWUH¢SDUWLFXOHV
OLPLWDWLRQGHYLWHVVHDFWLY«HHQFDVGHGHPDQGHGH
U«J«Q«UDWLRQHQVWDWLRQQHPHQW
VLODU«J«Q«UDWLRQHVWUHSRUW«HWURSORQJWHPSVOHV\VWªPHGH
SRVWWUDLWHPHQWULVTXHG ¬WUHHQGRPPDJ«
3LFWRJUDPPHVDIILFK«VORUVTXHODU«J«Q«UDWLRQHVWQ«FHVVDLUH
7H[WHVXU
O «FUDQ 6\PEROH¢O «FUDQ 1LYHDXG DODUPH $FWLRQ
G LQIRUPDWLRQV
5«J«Q«UDWLRQ 9«ULILHURUDQJH 6RQQHULHV (IIHFWXHUODU«J«Q«UDWLRQGªV
Q«FHVVDLUH ERXUGRQQDQWHV TXHSRVVLEOH
ಧಧಧಧ 127(
/HV\PEROHGH
/DPDFKLQHGRLW¬WUHGDQVXQ
O DODUPH
HQGURLWLJQLIXJHSHQGDQWWRXW
UHWRXUQHWRXWHV
OHVPLQXWHV OHSURFHVVXVGHU«J«Q«UDWLRQ
9 127(
/HUDOHQWLPRQWH¢WUPLQ
SHQGDQWWRXWOHSURFHVVXVGH
U«J«Q«UDWLRQ
5HTX¬WHSRXU 9«ULILHURUDQJH 6RQQHULHV (IIHFWXHULPP«GLDWHPHQWOD
OD ERXUGRQQDQWHV U«J«Q«UDWLRQ
U«J«Q«UDWLRQ ಧಧಧಧ 127(
/HV\PEROHGH
/DPDFKLQHGRLW¬WUHGDQVXQ
O DODUPH
HQGURLWLJQLIXJHSHQGDQWWRXW
UHWRXUQHWRXWHV
OHVPLQXWHV OHSURFHVVXVGHU«J«Q«UDWLRQ
9 127(
/HUDOHQWLPRQWH¢WUPLQ
SHQGDQWWRXWOHSURFHVVXVGH
U«J«Q«UDWLRQ
G «FKDSSHPHQW
$ODUPHVQ«FHVVLWDQWGHVPHVXUHVVS«FLDOHV
7H[WHVXU
O «FUDQ 6\PEROH¢O «FUDQ 1LYHDXG DODUPH $FWLRQ
G LQIRUPDWLRQV
6RQQHULHV *DUHUODPDFKLQHGDQVXQ
ERXUGRQQDQWHV HQGURLWLJQLIXJH6HUUHUOH
$YHUWLVVHPHQW IUHLQGHVWDWLRQQHPHQW
$YHUWLVVHPHQWURXJH FHQWUDOURXJH '«PDUUHUODU«J«Q«UDWLRQ
5HTX¬WHSRXU
XQH DOOXP« 127(
YLWHVVHGHOD /DU«J«Q«UDWLRQHVW
U«J«Q«UDWLRQ
PDFKLQHOLPLW«H DQQXO«HVLOHIUHLQGH
HQSRVLWLRQ
¢NPK VWDWLRQQHPHQWHVW
LPPRELOH GH PSK G«VHQFOHQFK«
VWDWLRQQHPHQ 127(
9
W /HUDOHQWLPRQWH¢WU
PLQSHQGDQWWRXWOH
SURFHVVXVGH
U«J«Q«UDWLRQ
%HVRLQ $YHUWLVVHPHQWURXJH 6RQQHULHV *DUHUODPDFKLQHGDQVXQ
G HQWUHWLHQ ERXUGRQQDQWHV HQGURLWLJQLIXJH
$YHUWLVVHPHQW &RXSH]OHPRWHXU
FHQWUDOURXJH &RQWDFWHUXQDWHOLHU9ROYR
DOOXP« DJU««SRXUOD
YLWHVVHGHOD U«J«Q«UDWLRQ
PDFKLQHOLPLW«H 127(
9 ¢NPK /DU«J«Q«UDWLRQHVW
PSK XQLTXHPHQWSRVVLEOHDYHF
%HVRLQ $YHUWLVVHPHQWURXJH 6RQQHULHV

O RXWLOG HQWUHWLHQGH9ROYR
*DUHUODPDFKLQHGDQVXQ

G HQWUHWLHQ ERXUGRQQDQWHV HQGURLWLJQLIXJH
$YHUWLVVHPHQW &RXSH]OHPRWHXU
FHQWUDOURXJH &RQWDFWHUXQDWHOLHU9ROYR
DOOXP« DJU««SRXUUHPSODFHUOH
YLWHVVHGHOD ILOWUH¢SDUWLFXOHVSRXU
PDFKLQHOLPLW«H GLHVHO
9 ¢NPK 127(
PSK / LQLWLDOLVDWLRQGHODFKDUJH
GHVXLHHVWXQLTXHPHQW
SRVVLEOHDYHFO RXWLO
G HQWUHWLHQGH9ROYR
$QQXODWLRQGHODU«J«Q«UDWLRQHQFRXUV
127(
8QHU«J«Q«UDWLRQDQQXO«HGRLW¬WUHUHSULVHGªVOHG«EXW3DU
FRQV«TXHQWDQQXOHUXQLTXHPHQWHQFDVG XUJHQFH
$SSX\HUVXUODSDUWLHLQI«ULHXUHGXERXWRQGHU«J«Q«UDWLRQ
3LFWRJUDPPHG DODUPH /HV\PEROHG XQHDODUPHVXUOHWDEOHDXGHERUGFRQILUPH

O DQQXODWLRQGHODU«J«Q«UDWLRQ
/DU«J«U«QDWLRQHVWDQQXO«HDXWRPDWLTXHPHQWHQFDV
GHG\VIRQFWLRQQHPHQW
GHG«PDUUDJHGHODPDFKLQHHWGHSU«VHQFHG XQHUHTX¬WH
SRXUXQHU«J«Q«UDWLRQHQSRVLWLRQLPPRELOH GHVWDWLRQQHPHQW
9
1LYHDX
5«J«Q«UDWLRQDQQXO«H

G DUU¬WGHODPDFKLQH
$UU¬W
$UU¬W
$9(57,66(0(17
5HVSHFWH]WRXMRXUVODUªJOHGHVWURLVSRLQWVSRXUPRQWHUGDQVOD
FDELQHRXODTXLWWHUF HVW¢GLUHGHX[PDLQVHWXQSLHGRXXQH
PDLQHWGHX[SLHGV'«SODFH]YRXVVXUOHVVXUIDFHVSU«YXHV¢FHW
HIIHWHWXWLOLVH]OHVSRLJQ«HV)DLWHVWRXMRXUVIDFH¢ODPDFKLQH
SRXUPRQWHUGHVVXVRXHQGHVFHQGUH1HVDXWH]SDVGHOD
PDFKLQHSRXUGHVFHQGUH
5HO¤FKHUODS«GDOHG DFF«O«UDWHXU
)UHLQHUHWPHWWUHOHV«OHFWHXUGHYLWHVVHVDXSRLQWPRUWORUVTXH
ODPDFKLQHV HVWLPPRELOLV«H
6HUUHUOHIUHLQGHVWDWLRQQHPHQW
6 DVVXUHUTXHODEHQQHHVWDEDLVV«H
/DLVVHUOHPRWHXUWRXUQHUDXUDOHQWLSHQGDQWTXHOTXHVPLQXWHV
DXPRLQVDYDQWO DUU¬WSRXUV DVVXUHUGXJUDLVVDJHHWGX
UHIURLGLVVHPHQWGXWXUERFRPSUHVVHXUDLQVLTXHGH
O «JDOLVDWLRQGHODFKDOHXUGDQVOHPRWHXU
0HWWUHODFO«GHFRQWDFWHQSRVLWLRQ DUU¬W
,QWHUUXSWHXUG DUU¬WG XUJHQFH

(6&
$9,6

6(783

1 XWLOLVHUOHERXWRQG DUU¬WG XUJHQFHTXHSRXUDUU¬WHUODPDFKLQH
HQFDVG XUJHQFH8WLOLVHUODFO«GHFRQWDFWSRXUO DUU¬WHU
6(/(& 7
9
67 23
QRUPDOHPHQW

UPLQ
9
%RXWRQGHVHFRXUVVXUOHWDEOHDXGHERUGGDQV
ODFDELQH

,O\DXQERXWRQG DUU¬WG XUJHQFH¢O LQW«ULHXUGHODFDELQH YRLU
SDJH VXUOHWDEOHDXGHERUGGURLW/RUVTX LOHVWDSSX\«OH
PRWHXUGHODPDFKLQHV DUU¬WHLPP«GLDWHPHQW8QDXWUHERXWRQ
G DUU¬WG XUJHQFHHVW«JDOHPHQWGLVSRQLEOH «TXLSHPHQW
RSWLRQQHO SRXULQVWDOODWLRQVXUO DLOHDYDQWJDXFKH¢O HQWU«HGHOD
FDELQH'DQVXQWHOFDVOHVGHX[ERXWRQVG DUU¬WG XUJHQFHVRQW
UDFFRUG«VHQV«ULHF HVW¢GLUHTX XQVHXOGRLW¬WUHDSSX\«SRXU
DUU¬WHUOHPRWHXU
5«WDEOLVVHPHQW
3RXUU«WDEOLUOHVDUU¬WVG XUJHQFHGHVRUWHTXHODPDFKLQHSXLVVH
¢QRXYHDX¬WUHPLVHHQPDUFKHWRXUQHUOHERXWRQG DUU¬W
9
G XUJHQFHGDQVOHVHQVGHVDLJXLOOHVG XQHPRQWUHMXVTX ¢FHTX LO
%RXWRQG DUU¬WHQFDVG H[WU¬PHXUJHQFHVXU VRUWH
O DLOHDYDQWJDXFKH «TXLSHPHQWRSWLRQQHO
$UU¬WDXWRPDWLTXHGXPRWHXU
TXLSHPHQWRSWLRQQHO
/DPDFKLQHSHXW¬WUH«TXLS«HG XQDUU¬WDXWRPDWLTXHGXPRWHXU
&HODVLJQLILHTXHOHPRWHXUHVWDXWRPDWLTXHPHQWFRXS«HWTXHOH
$UU¬W
IUHLQGHVWDWLRQQHPHQWHVWDXWRPDWLTXHPHQWDFWLY«VLOHPRWHXUD
WRXUQ«DXUDOHQWLSHQGDQWDXPRLQVTXDWUHPLQXWHVHWTXHOHV
DXWUHVFRQGLWLRQVG DUU¬WDXWRPDWLTXHGXPRWHXUVRQWUHPSOLHV
YRLUFLGHVVRXV/DGXU«HGXUDOHQWLDYDQWODFRXSXUHGXPRWHXU
SHXW¬WUHPRGLIL«HGDQV9&$'63UR
/RUVTX LOUHVWHVHFRQGHVOHFRQGXFWHXUHVWLQIRUP«SDUXQ
W«PRLQG DODUPHMDXQH,ODDORUVODSRVVLELOLW«G DQQXOHUODIRQFWLRQ
HQDSSX\DQWVXUODWRXFKH(6&GXFODYLHU
/HFRPSWH¢UHERXUVHVWODQF«VLOHVFRQGLWLRQVVXLYDQWHVVRQW
9
UHPSOLHV
OHV«OHFWHXUGHYLWHVVHHVWDXSRLQWPRUW SRVLWLRQ1
O DUU¬WUHWDUG«Q HVWSDVDFWLY«
DXFXQHU«J«Q«UDWLRQQ HVWHQFRXUV
OHU«JLPHPRWHXUDPSOLIL«Q HVWSDVDFWLI
ODPDFKLQHQ HVWSDVLQFOLQ«HGDQVVHQVGHODORQJXHXU
6LO XQHGHFHVFRQGLWLRQQ HVWSOXVUHPSOLHRXVLODWRXFKH(6HVW

HQIRQF«HOHFRPSWH¢UHERXUVUHFRPPHQFHGXG«EXW
$UU¬WWHPSRULV«
TXLSHPHQWRSWLRQQHO
/ DUU¬WUHWDUG«SHUPHWDXFRQGXFWHXUGHODLVVHUODPDFKLQH
UHIURLGLUOHQWHPHQWHQIDLVDQWWRXUQHUOHPRWHXUDXUDOHQWLSHQGDQW
XQFHUWDLQWHPSV

/HPRWHXU«YLWHDLQVLOHVFKDUJHVLQXWLOHV
/RUVTXHO LQWHUUXSWHXU$UU¬WGXPRWHXUUHWDUG« YRLU HVW

DFWLY«HWTXHODFO«GHFRQWDFWSDVVHGHODSRVLWLRQ¢ODSRVLWLRQ
6723
5RXOHPRWHXUFRQWLQXH¢WRXUQHUSHQGDQWWURLVPLQXWHV
VXSSO«PHQWDLUHV&HWWHGXU«HSHXW¬WUHPRGLIL«HDYHF9&$'6
3UR
&HWWHIRQFWLRQHVWDFWLY«HVLOHVFRQGLWLRQVVXLYDQWHVVRQW
UHPSOLHV
9

OHV«OHFWHXUGHYLWHVVHHVWDXSRLQWPRUW SRVLWLRQ1
ODFO«GHFRQWDFWHVWHQSRVLWLRQ 2))
O LQWHUUXSWHXUHVWDFWLY«
/RUVTXHODIRQFWLRQHVWDFWLY«HLOQ HVWSDVSRVVLEOHGH
SDVVHUXQUDSSRUW
FKDQJHUOHU«JLPHGXPRWHXU ODS«GDOHG DFF«O«UDWHXUHVW
G«FRQQHFW«H
3HQGDQWODGXU«HG DFWLYDWLRQGHO DUU¬WUHWDUG«OHWHPSVUHVWDQW

HVWDIILFK«¢O «FUDQ
6LOHFRQGXFWHXUDFKDQJ«G DYLVHWVRXKDLWHFRQWLQXHU¢XWLOLVHU
ODPDFKLQHLOGRLWUHPHWWUHODFO«GHFRQWDFWHQSRVLWLRQDYDQW
O DUU¬WGHVV\VWªPHV«OHFWURQLTXHHWGXPRWHXU
9
/HPRWHXUV DUU¬WHVLO LQWHUUXSWHXUG DUU¬WUHWDUG«HVWG«VDFWLY«
SHQGDQWTXHODIRQFWLRQHVWDFWLYH

6WDWLRQQHPHQW
6WDWLRQQHPHQW

9RO
1HSDVRXEOLHUSDVTXHOHULVTXHGHYROHWG HIIUDFWLRQSHXW¬WUH
PLQLPLV«VLO RQ
«YLWDQWGHJDUHUODPDFKLQHGDQVGHVHQGURLWV¢KDXWULVTXHGH
YROHIIUDFWLRQHWYDQGDOLVPH
UHWLUHODFO«GHFRQWDFWORUVTXHODPDFKLQHHVWODLVV«HVDQV
VXUYHLOODQFH
YHUURXLOOHODSRUWLªUHODJULOOHHWOHFRXYHUFOHGXFRPSDUWLPHQW
¢EDWWHULHV¢ODILQGHODMRXUQ«HGHWUDYDLO
9
FRXSHOHFRXUDQW¢O DLGHGXFRXSHEDWWHULHV5HWLUHUODSRLJQ«H
&RXSHEDWWHULHV
,OHVWSOXVIDFLOHG LGHQWLILHUOHVHQJLQVYRO«VVLOHQXP«UR3,1
RXOHQXP«URG HQUHJLVWUHPHQWHVWJUDY«VXUOHVYLWUHV
6WDWLRQQHPHQW
6LSRVVLEOHSODFHUODPDFKLQHVXUXQWHUUDLQSODW6LQRQLOIDXW
PXQLUOHVURXHVGHFDOHVSRXUHPS¬FKHUODPDFKLQHGHVH
PHWWUH¢URXOHUGHPDQLªUHLPSU«YXH
9HLOOHU¢FHTXHODEHQQHVRLWDEDLVV«H(YLWHUGHPHWWUHXQH
PDFKLQHFKDUJ«HHQVWDWLRQQHPHQW
9«ULILH]TXHO LQWHUUXSWHXUHWODFRPPDQGHVRQWHQSRVLWLRQ
OLEUHQHXWUH
)HUPHUOHVIHQ¬WUHVUHWLUHUODFOHIGHFRQWDFWHWYHUURXLOOHUOD
SRUWLªUHGHODFDELQH
&RXSHUOHFRXSHEDWWHULHVVLWX«VXUO DLOHJDXFKH¢F¶W«GHV
HQWUHWRLVHVGHODFDELQH
6WDWLRQQHPHQWGHORQJXHGXU«H
3UHQGUHGHVPHVXUHVWHOTXHG«FULWFLGHVVXV
1HSDVRXEOLHUTXHO «WDWGXWHUUDLQVXUOHTXHOODPDFKLQHVH
WURXYHSHXWFKDQJHUHQIRQFWLRQGXFOLPDW3UHQGUHGHV
PHVXUHVDSSURSUL«HV
6LODPDFKLQHHVW«TXLS«HGXV\VWªPH)6
$EDLVVHUODPDFKLQHHQSRVLWLRQLQI«ULHXUH YRLUSDJH
/DYHUODPDFKLQHHWUHWRXFKHUODSHLQWXUHSRXU«YLWHUOD
FRUURVLRQ
3URW«JHUFRQWUHODURXLOOHOHVFRPSRVDQWVH[SRV«VJUDLVVHU
OXEULILHUVRLJQHXVHPHQWODPDFKLQHJUDLVVHUWRXWHVOHV
VXUIDFHVQRQSHLQWHV Y«ULQVGHOHYDJHY«ULQVGHGLUHFWLRQ
&RQWU¶OH]ODSUHVVLRQGHVSQHXPDWLTXHV
5HPSOLVVH]OHVU«VHUYRLUVGHFDUEXUDQWHWK\GUDXOLTXH
MXVTX DXQLYHDXPD[LPXP
&RXYULUOHWX\DXG «FKDSSHPHQW
(YDFXHUO HDXGXU«VHUYRLUG DLUFRPSULP«
5HWLUHUOHIXVLEOHGXWUDQVIRUPDWHXUGHWHQVLRQ IXVLEOH /HV
EDWWHULHVSRXUUDLHQWVLQRQVHG«FKDUJHU
6WDWLRQQHPHQW
$SUªVXQHORQJXHS«ULRGHGHVWDWLRQQHPHQWY«ULILHUFHTXL
VXLW
O HQVHPEOHGHVQLYHDX[G KXLOHHWGHOLTXLGHV
ODWHQVLRQGHWRXWHVOHVFRXUURLHV
ODSUHVVLRQGHVSQHXPDWLTXHV
ILOWUH¢DLU
VWDWXWGHVEDWWHULHV

(WDSH FRQGXLWHHQ]LJ]DJPDUFKHHQFDQDUG
(QFOHQFKHUO HQVHPEOHGHVEORFDJHVGHGLII«UHQWLHOVDYHFOD
FRPPDQGHDXSLHG
$FF«O«UHUGHPDQLªUHELHQU«JXOLªUHHQ«YLWDQWTXHOHVURXHV
QHSDWLQHQW
%UDTXHU¢IRQGDOWHUQDWLYHPHQW¢GURLWHHW¢JDXFKH/RUVTXH
9
ODPDFKLQHHVWHQWLªUHPHQWEUDTX«HGDQVO XQGHVGHX[VHQV

FRQWLQXHUGDQVFHWWHGLUHFWLRQMXVTX ¢O DUU¬WSUHVTXHFRPSOHW
DYDQWGHEUDTXHU¢IRQGGDQVOHVHQVRSSRV«
6LODPDFKLQHV LPPRELOLVHWRWDOHPHQWDSUªV¢EUDTXDJHVRX
VLHOOHV HQIRQFHHQFRUHSOXVSURIRQG«PHQWDUU¬WHUHWSDVVHU¢OD
SKDVH
3KDVH G«VHQOLVHPHQWSDUEDODQFHPHQW
5HO¤FKHUODS«GDOHG DFF«O«UDWHXUSRXUTXHOHVURXHVFHVVHQW
GHSDWLQHU
(QFOHQFKHUOHVEORFDJHVGHGLII«UHQWLHOV
&KRLVLUODSRVLWLRQ'SRXUOHV«OHFWHXUGHYLWHVVHHWDFF«O«UHU
5HO¤FKHUO DFF«O«UDWHXUHWOHIUHLQ
&KRLVLUODSRVLWLRQ5HWDFF«O«UHU¢QRXYHDX
5«S«WHUFHPRGHRS«UDWRLUHMXVTX ¢FHTXHODPDFKLQHVH
G«VHQOLVHSDUEDODQFHPHQWG DYDQWHQDUULªUH
6LODPDFKLQHHVWWRXMRXUVHQOLV«HDUU¬WHUHWSDVVHU¢O «WDSH
9

3KDVH
5HFRXULU¢O DLGHG XQWUDFWHXUVXUFKHQLOOHVG XQHFKDUJHXVH
RXG XQHSHOOH
6 LOQ DSDV«W«SRVVLEOHGHG«YHUVHUOHFRQWHQXGHODEHQQH
HQUDLVRQGXULVTXHGHUHQYHUVHPHQWXWLOLVHUODPDFKLQH
DSSHO«H¢ODUHVFRXVVHSRXUFDOHUOHWRPEHUHDXORUVGX
EDVFXOHPHQWGHODEHQQH
5HWLUHUOHPDW«ULHO¢G«FKDUJHUGHODEHQQHHQXWLOLVDQWOD
PDFKLQHDSSHO«H¢ODUHVFRXVVH
5HGHVFHQGUHODEHQQH
'HPDQGHUDXFRQGXFWHXUGHODPDFKLQHDSSHO«H¢OD
UHVFRXVVHGHVRXOHYHUODEHQQH¢VDSDUWLHDUULªUHHWGH
SRXVVHUHQP¬PHWHPSVTXHOHWRPEHUHDXHVVDLHGHVH
G«VHQOLVHUVHORQODSKDVH
3KDVH
'«VHQOLVHPHQWDYHFDLGHH[W«ULHXUH
6LOHWRPEHUHDXQHV HVWSDVHQIRQF«PDLVSDWLQHLOHVWSRVVLEOH
GHOHG«VHQOLVHUHQOHWUDFWDQWDYHFXQHEDUUHULJLGHXQF¤EOHRX
XQHFKD°QHTXHO RQIL[HDX[ĕLOOHWVGHUHPRUTXDJHRXHQOH
SRXVVDQWDYHFXQHDXWUHPDFKLQH

$9(57,66(0(17
$YDQWGಬHQWDPHUOHVPHVXUHVGHG«SDQQDJHRXGHUHPRUTXDJH
LOIDXWVHUUHUOHIUHLQGHVWDWLRQQHPHQWHWFDOHUOHVURXHVSRXU
HPS¬FKHUODPDFKLQHGHURXOHU)DLUHSUHXYHGHODSOXVJUDQGH
SUXGHQFHORUVGXUHPRUTXDJHSRXU«YLWHUOHVEOHVVXUHV
FRUSRUHOOHV
$9(57,66(0(17
6LOHPRWHXUQHG«PDUUHSDVOHVIRQFWLRQVIUHLQDJHHWGLUHFWLRQ
VRQWOLPLW«HV'DQVFHWWHVLWXDWLRQOHUHPRUTXDJHGHODPDFKLQH
Q HVWDXWRULV«TX HQFDVG XUJHQFHVXUODGLVWDQFHODSOXVFRXUWH
SRVVLEOHHWVRXVODVXSHUYLVLRQG XQSHUVRQQHOFRPS«WHQWHQOD
PDWLªUH
3RXUOHG«SDQQDJHRXOHUHPRUTXDJHOHPRWHXUGRLW¬WUHVL
SRVVLEOHHQPDUFKHSRXUJDUDQWLUODFDSDFLW«GHIUHLQDJHHWGH
GLUHFWLRQ
'«SDQQDJH
8WLOLVHUXQHEDUUHGHUHPRUTXDJHXQF¤EOHRXXQHFKD°QHIL[«
DX[ĕLOOHWVGHUHPRUTXDJH¢O DYDQWRX¢O DUULªUHGHODPDFKLQH
SRXUWUDFWHUFHOOHFLMXVTX ¢XQHPSODFHPHQWDSSURSUL«RX
MXVTX ¢ODURXWHFDUURVVDEOHODSOXVSURFKH
/DEDUUHOHF¤EOHRXODFKD°QHXWLOLV«GRLW¬WUHGLPHQVLRQQ«HQ
IRQFWLRQGXSRLGVGHODPDFKLQH
/HVGHX[ĕLOOHWVGHUHPRUTXDJHGRLYHQW¬WUHXWLOLV«VSRXU
«YLWHUGHVHIIRUWVGHFLVDLOOHPHQWVXUOHVFDGUHV
6 DVVXUHUTXHSHUVRQQHQHVHWURXYHGDQVOD]RQHGHGDQJHU
5HPRUTXDJH
6LODPDFKLQHGRLWHQVXLWH¬WUHUHPRUTX«HMXVTX ¢XQDWHOLHUGH
U«SDUDWLRQXWLOLVHUXQHEDUUHRXXQF¤EOHIL[«DX[ĕLOOHWVGH
UHPRUTXDJHDYDQW
6LOHVIUHLQVQHIRQFWLRQQHQWSDVVXUODPDFKLQHUHPRUTX«H
XQHEDUUHULJLGHGRLW¬WUHREOLJDWRLUHPHQWXWLOLV«H
8QY«KLFXOHRXXQHPDFKLQHDVVXUDQWOHUHPRUTXDJHGRLW
WRXMRXUV¬WUHDXPRLQVDXVVLORXUG H TXHODPDFKLQH
UHPRUTX«HHWGLVSRVHUG XQHSXLVVDQFHPRWHXUHWG XQH
FDSDFLW«GHIUHLQDJHVXIILVDQWHVSRXUWUDFWHUHWIUHLQHUOHVGHX[
PDFKLQHVGDQVOHV«YHQWXHOOHVPRQW«HVHWGHVFHQWHV
/HUHPRUTXDJHGRLWWRXMRXUVV HIIHFWXHUVXUOHSOXVFRXUWWUDMHW
SRVVLEOH
9LWHVVHPD[LPDOHDXWRULV«HSRXUOHUHPRUTXDJHNPK
PSK
8WLOLVHUXQHUHPRUTXHVLSRVVLEOH
$9,6
,OQ HVWSDVSRVVLEOHGHG«PDUUHUOHPRWHXUHQUHPRUTXDQWOD
PDFKLQH
$9,6
/DPDFKLQHGRLW¬WUHG«FKDUJ«HSRXUOHG«SDQQDJHHWOH
UHPRUTXDJHVLQRQRQULVTXHXQHG«IDLOODQFHGHVMRLQWVGH
FK¤VVLV
&DV PRWHXUHQPDUFKH
/HV«OHFWHXUGHYLWHVVHVGRLW¬WUHDXSRLQWPRUWHWOHIUHLQGH
VWDWLRQQHPHQWGHVVHUU«/DPDFKLQHSHXW¬WUHUHPRUTX«HVXU
NPVDQVDXWUHVPHVXUHVSU«DODEOHV
&DV PRWHXUDUU¬W«
/HVPHVXUHVVXLYDQWHVGRLYHQW¬WUHSULVHVDYDQWOHUHPRUTXDJH
VDQVTXHOHPRWHXUQHVRLWHQWUDLQGHWRXUQHU
$9,6
/DEDUUHULJLGHGRLWWRXMRXUV¬WUHXWLOLV«HSHQGDQWOHUHPRUTXDJH
VDQVPHWWUHOHPRWHXUHQPDUFKH/DIRQFWLRQGHIUHLQDJHQHSHXW
FHSHQGDQWSDV¬WUHJDUDQWLH
)L[HUOHEDUUHGHUHPRUTXDJH8QHFKD°QHRXXQF¤EOHQ HVW
SDVDXWRULV«

/HIUHLQGHVWDWLRQQHPHQWHVWG«EUD\«P«FDQLTXHPHQW
/ DUEUH¢FDUGDQHVWUHWLU«HQWUHODER°WHGHYLWHVVHVHWODER°WH
GHWUDQVIHUW
5DFFRUGHPHQWGXY«KLFXOHGHUHPRUTXDJH
$9,6
/DEDUUHULJLGHGRLW¬WUHGLPHQVLRQQ«HHQIRQFWLRQGXSRLGVGHOD
PDFKLQHFRQFHUQ«H
$9,6
8WLOLVHUOHVGHX[ĕLOOHWVGHUHPRUTXDJHSRXU«YLWHUOHVHIIRUWVGH
FLVDLOOHPHQWVXUOHFK¤VVLV
6 DVVXUHUTXHODPDFKLQHQHSHXWSDVVHPHWWUH¢URXOHUGH
PDQLªUHLPSU«YXH
)L[HUODEDUUHULJLGH
5HO¤FKHUOHIUHLQGHVWDWLRQQHPHQW9RLUFLGHVVRXV
'DQVOHVFDVFRQFHUQ«VUHWLUHUO DUEUH¢FDUGDQHQWUHODER°WH
GHYLWHVVHVHWODER°WHGHWUDQVIHUW
5HWLUHUOHVFDOHVGHVURXHV
$9(57,66(0(17
5LVTXHVG DFFLGHQWPRUWHO
/HIUHLQGHVWDWLRQQHPHQWQHIRQFWLRQQHUDSDVDSUªVDYRLU«W«
GHVVHUU«PDQXHOOHPHQW/DPDFKLQHUHPRUTX«HSHXWDOOHUSOXV
YLWHTXHOHY«KLFXOHUHPRUTXHXU&HFLSHXWHQWUD°QHUGHV
DFFLGHQWVSURYRTXDQWGHVEOHVVXUHVJUDYHVRXODPRUW
8WLOLVH]WRXMRXUVXQHEDUUHGHUHPRUTXDJH
$VVXUH]YRXVTXHODSXLVVDQFHGHIUHLQDJHGXY«KLFXOH
UHPRUTXHXUHVWVXIILVDQWHSRXUDUU¬WHU¢ODIRLVOHY«KLFXOH
UHPRUTXHXUHWOHY«KLFXOHUHPRUTX«
$9(57,66(0(17
6LODPDFKLQHHVWODLVV«HVDQVUHPHWWUHHQVHUYLFHOHIUHLQGH
VWDWLRQQHPHQWFHFLGRLW¬WUHFODLUHPHQWLQGLTX«SDUXQSDQQHDX
VXUOHYRODQWVS«FLILDQWTXHOHIUHLQGHVWDWLRQQHPHQWD«W«
G«VDFWLY«
/DPDFKLQHQHGRLWSDV¬WUHXWLOLV«HMXVTX ¢FHTXHOHIUHLQGH
VWDWLRQQHPHQWDLW«W«UHPLVHQVHUYLFHFHTXLGRLW¬WUHHIIHFWX«
SDUXQDWHOLHUDJU««9ROYR&(
'«EUD\DJHP«FDQLTXHGXIUHLQGHVWDWLRQQHPHQW
6 LOHVWLPSRVVLEOHGHG«EUD\HUOHIUHLQGHVWDWLRQQHPHQWDYHF
O DLGHGHO LQWHUUXSWHXU¢FDXVHGHO DEVHQFHG DLUFRPSULP«GH
FRXUDQW«OHFWULTXHRXGHSUHVVLRQGHIUHLQDJHOHIUHLQSHXW¬WUH
G«EUD\«PDQXHOOHPHQW
(QFDVGHUHPRUTXDJHVXUGHORQJXHVGLVWDQFHVOHIUHLQGH
VWDWLRQQHPHQWGRLWWRXMRXUV¬WUHG«EUD\«P«FDQLTXHPHQW
3URF«GHUFRPPHVXLW
&DOHUOHVURXHVRXHPS¬FKHUSDUWRXWDXWUHPR\HQODPDFKLQH
GHVHPHWWUH¢URXOHUGHPDQLªUHLPSU«YXH
5HWLUHUODV«FXULW«GHWUDQVSRUW
6«SDUHUOHIODVTXHGXFRUSVGHF\OLQGUH
0HWWUHHQSODFHODV«FXULW«WUDQVSRUWGDQVOHFRUSVGHF\OLQGUH
HWODWRXUQHUGH~GHWRXUSRXUODYHUURXLOOHU
'«EUD\HUOHIUHLQGHVWDWLRQQHPHQWHQYLVVDQWODV«FXULW«
WUDQVSRUWGDQVOHVHQVGHVDLJXLOOHVG XQHPRQWUHMXVTX ¢FH
TXHOHVJDUQLWXUHVUHO¤FKHQWOHXUSUHVVLRQ
9

6«FXULW«WUDQVSRUW
)ODVTXH
&RUSVGHF\OLQGUH

'«SRVHGHVDUEUHV¢FDUGDQ
3XLVTX LOQ \DDXFXQJUDLVVDJHGHODWUDQVPLVVLRQORUVTXHOH

PRWHXUQHWRXUQHSDVO DUEUH¢FDUGDQHQWUHODWUDQVPLVVLRQHWOD
ER°WHGHWUDQVIHUWGRLW¬WUHUHWLU«$LQVLOHJUDLVVDJHGHODER°WHGH
WUDQVIHUWHVWREWHQXHWODPDFKLQHHVWFRQWU¶ODEOHJU¤FH¢OD
9 GLUHFWLRQGHVHFRXUV
3ODFH]ODPDFKLQHHQSRVLWLRQG HQWUHWLHQYRLU
$UEUH¢FDUGDQER°WHGHYLWHVVHVER°WHGH 3ODFHUGHVFDOHVVXUOHVURXHVDILQTXHODPDFKLQHQHVHPHWWUH
WUDQVIHUW SDV¢URXOHUGHPDQLªUHLPSU«YXH
'HVVHUUH]OHIUHLQGHVWDWLRQQHPHQW
3RXU«YLWHUGHVFRQWUDLQWHVGDQVODWUDQVPLVVLRQV DVVXUHU
TXHOHVURXHVDYDQWHWDUULªUHVRQWO«JªUHPHQWDXGHVVXVGX
VRODYDQWGHUHWLUHUOHVERXORQVGHO DUEUH¢FDUGDQ
'HVVHUUHUO DUEUH¢FDUGDQHWOHUHWLUHUFRPSOªWHPHQW
$SUªVG«SDQQDJHUHPRUTXDJH
$YDQWGHG«FURFKHUODEDUUHOHF¤EOHRXODFKD°QHDSUªVOH
UHPRUTXDJHSUHQGUHOHVPHVXUHVGHV«FXULW«VXLYDQWHV
3DUTXHUODPDFKLQHVXUXQVROSODQ
0XQLUOHVURXHVGHFDOHVSRXUHPS¬FKHUODPDFKLQHGHVH
PHWWUH¢URXOHUGHPDQLªUHLPSU«YXH
(QFOHQFKHUGXIUHLQGHVWDWLRQQHPHQWDSUªVOH
G«EUD\DJHP«FDQLTXH
$9(57,66(0(17
6LODPDFKLQHHVWODLVV«HVDQVUHPHWWUHHQVHUYLFHOHIUHLQGH
VWDWLRQQHPHQWFHFLGRLW¬WUHFODLUHPHQWLQGLTX«SDUXQSDQQHDX
VXUOHYRODQWVS«FLILDQWTXHOHIUHLQGHVWDWLRQQHPHQWD«W«
G«VDFWLY«
/DPDFKLQHQHGRLWSDV¬WUHXWLOLV«HMXVTX ¢FHTXHOHIUHLQGH
VWDWLRQQHPHQWDLW«W«UHPLVHQVHUYLFHFHTXLGRLW¬WUHHIIHFWX«
SDUXQDWHOLHUDJU««9ROYR&(
&DOHUOHVURXHVRXHPS¬FKHUSDUWRXWDXWUHPR\HQODPDFKLQH
GHVHPHWWUH¢URXOHUGHPDQLªUHLPSU«YXH
'«PDUUHUOHPRWHXUHWOHODLVVHUWRXUQHUMXVTX ¢FHTXHOH
V\VWªPHSQHXPDWLTXHDLWDWWHLQWODERQQHSUHVVLRQGH
IRQFWLRQQHPHQW
'HVVHUUH]OHIUHLQGHVWDWLRQQHPHQWDYHFO LQWHUUXSWHXUGX
SDQQHDXGHFRPPDQGH
'«YLVVHUODV«FXULW«GHWUDQVSRUWMXVTX ¢FHTX HOOHVHG«WDFKH
3RVHUOHFRXYHUFOHVXUOHFRUSVGHF\OLQGUHHWUHSRVHUOD
V«FXULW«GHWUDQVSRUWGDQVVRQVXSSRUW
&RQWU¶OHUHQVXLWHOHIRQFWLRQQHPHQWGXIUHLQGHVWDWLRQQHPHQW
&XOEXWDJH
&XOEXWDJH
(QFDVGHEDVFXOHPHQWOHVUHFRPPDQGDWLRQVVXLYDQWHVGRLYHQW
¬WUHUHVSHFW«HV
SRVHUODPDFKLQHWRXWGURLWDYHFODEHQQHVXUXQHVXUIDFHSODQH
V DVVXUHUTX LOQ \DSHUVRQQH¢SUR[LPLW«GHODPDFKLQH
6LOHVFRQGLWLRQVOHSHUPHWWHQWOHEDVFXOHPHQWSHXWV HIIHFWXHU
HQPDUFKH
3RVLWLRQGHVFHQWHDYHFIRQFWLRQGHPDLQWLHQ SRVLWLRQ
8WLOLV«HHQFDVG DEDLVVHPHQWGHODEHQQH8QHIRQFWLRQGH
PDLQWLHQVXUOHOHYLHUH[LVWHSRXUODSRVLWLRQ/RUVTXHODEHQQHD
DWWHLQWVDSRVLWLRQODSOXVEDVVHOHOHYLHUUHWRXUQH
DXWRPDWLTXHPHQW¢ODSRVLWLRQGHPDLQWLHQ

/ DPRUWLVVHPHQWGHILQGHFRXUVHSHUPHWXQDUU¬WHQGRXFHXUGH
ODEHQQHVXUOHFK¤VVLV
$9,6
6LOHFRQGXFWHXUTXLWWHVRQVLªJHOHOHYLHUGHEDVFXOHPHQWSDVVH
DXWRPDWLTXHPHQWHQSRVLWLRQGHPDLQWLHQ
3RVLWLRQG DEDLVVHPHQW SRVLWLRQ

3RVLWLRQDEDLVVHPHQWVDQVIRQFWLRQGHPDLQWLHQ
3RVLWLRQGHPDLQWLHQSRVLWLRQGHIORWWHPHQW SRVLWLRQ
8WLOLV«HSRXUDUU¬WHUOHEDVFXOHPHQWRXO DEDLVVHPHQW/DEHQQH
V DUU¬WH¢ODSRVLWLRQGHEXW«H(OOHVHG«SODFHYHUVODSRVLWLRQGH
IORWWHPHQWVLHOOHHVW¢VDSRVLWLRQODSOXVEDVVH 9RLUDXVVLOD

SRVLWLRQ
/RUVTXHOHOHYLHUGHEDVFXOHPHQWV HVWG«SODF«YHUVODSRVLWLRQ
GHPDLQWLHQOHPRGHSRVLWLRQDXWRPDWLTXHHVWDFWLY«6HVHUYLU
9 GHODSRVLWLRQGHIORWWHPHQWSRXUWRXWHFRQGXLWHDYHFODEHQQH
YLGHRXFKDUJ«H
3RVLWLRQGHVFHQWHDYHFIRQFWLRQGHPDLQWLHQ /HOHYLHUDERXWLWGDQVFHWWHSRVLWLRQVLOHFRQGXFWHXUTXLWWHOHVLªJH
3RVLWLRQGHVFHQWH RXDUU¬WHODPDFKLQHDYHFODFOHIGHFRQWDFW
3RVLWLRQGHPDLQWLHQSRVLWLRQGHIORWWHPHQW
3RVLWLRQGHEDVFXOHPHQW 3RVLWLRQGHG«YHUVHPHQW SRVLWLRQ
%DVFXOHPHQWMXVTX HQEXW«H 8WLOLV«HSHQGDQWOHEDVFXOHPHQW/DEHQQHGLVSRVHG XQ
DPRUWLVVHPHQWGHILQGHFRXUVHDXWRPDWLTXHTXLSHXW¬WUHDFWLY«
G«VDFWLY«DYHFOHFODYLHUGHO «FUDQYRLUSDJH
%DVFXOHPHQWFRQWUHODEXW«HULJLGH SRVLWLRQ
/ DPRUWLVVHPHQWGHILQGHFRXUVHHVWG«VDFWLY«VLOHOHYLHUHVWDOO«
DXGHO¢GHODSRVLWLRQGHEDVFXOHPHQWORUVTXHODEHQQHDSSURFKH
ODILQGHFRXUVHVXS«ULHXUH&HODSHUPHWGHG«ORJHUOHVPDW«ULDX[
TXLUHVWHQWGDQVODEHQQH
+DXWHXUGHEDVFXOHPHQWPD[
/DKDXWHXUGHEDVFXOHPHQWPD[SHXW¬WUHU«JO«H(OOHSHXW¬WUH
XWLOLV«HORUVTXHODPDFKLQHVHWURXYHGDQVGHVHQGURLWVDYHFXQH
KDXWHXUOLPLW«H9RLUSDJH
/LPLWDWLRQGHYLWHVVHDYHFODEHQQHVRXOHY«H
/DYLWHVVHHVWOLPLW«H¢NPK PSK ORUVTXHODEHQQHHVW
VRXOHY«HGXFK¤VVLV
/DYLWHVVHDXWRULV«HDYHFXQHEHQQHVRXOHY«HSHXW¬WUHU«JO«H¢
O DLGHG XQRXWLOG HQWUHWLHQ9&$'63URGH9ROYR
&XOEXWDJH
&KDXIIDJHGHO KXLOHK\GUDXOLTXH
&HWWHRSWLRQHVWXWLOLV«HORUVTXHO KXLOHK\GUDXOLTXHDEHVRLQG ¬WUH
FKDXII«H$SSX\HUVXUOHOHYLHUYHUVODSRVLWLRQG DEDLVVHPHQWHW
OHWHQLU¢FHWWHSRVLWLRQSHQGDQWVHFRQGHVSRXUDFWLYHUOD
SRVLWLRQGHU«FKDXIIDJH(OOHHVWDFWLY«HMXVTX DXUHO¤FKHPHQWGX
OHYLHU
%HQQHEDVFXODQWH
%HQQHEDVFXODQWH
%HQQHEDVFXODQWHFKDXII«HSDUJD]
G «FKDSSHPHQW
TXLSHPHQWRSWLRQQHO
3RXU«YLWHUTXHOHVPDW«ULDX[WUDQVSRUW«VQHULVTXHQWSDVGH
JHOHUODPDFKLQHSHXW¬WUH«TXLS«HG XQIOH[LEOHSHUPHWWDQWDX[
JD]G «FKDSSHPHQWGXPRWHXUGHYHQLUU«FKDXIIHUODEHQQH&H
IOH[LEOHHVWPXQLG XQHV«FXULW«HQFDVGHVXUFKDUJHHWHVWDFWLY«
VLODUHPRUTXHVHUHWRXUQH
6 DSSOLTXHDX[PDFKLQHVDYHFPRWHXU';;+ 7LHUL
6WDJHOOO%

9
0RWHXU';;+¢UHMHWVWKHUPLTXHV
7X\DXG «FKDSSHPHQWGXPRWHXU
9«ULQSQHXPDWLTXHSRXUOHFRQWU¶OHGXYROHW
7X\DXG «FKDSSHPHQWGHODEHQQH
2XYHUWXUHGXYROHW
9ROHWIHUP«
3URWHFWLRQHQFDVGHVXUFKDUJHGHODJ¤FKH
%HQQHEDVFXODQWH
$ILQG HPS¬FKHUOHFKDXIIDJHH[FHVVLIGHODEHQQHHWGHVWX\DX[
G «FKDSSHPHQWSHQGDQWODU«J«Q«UDWLRQLOH[LVWHXQYROHWDX
GHVVXVGXWX\DXG «FKDSSHPHQWTXLU«JXOHDXWRPDWLTXHPHQWOD
TXDQWLW«GHJD]G «FKDSSHPHQWTXLSDVVHQW¢WUDYHUVOHVFDQDX[
GHODEHQQH/HYROHWHVWU«JXO«SDUXQY«ULQSQHXPDWLTXH
/HYROHWHVWIHUP«SHQGDQWODFRQGXLWHQRUPDOH,OV RXYUHORUVTXH
ODFRQWUHSUHVVLRQGXPRWHXUDWWHLQWVDYDOHXUGHFRQVLJQH
/HYROHWV RXYUH«JDOHPHQW
ORUVTXHODPDFKLQHU«J«QªUH
ORUVTXHODPDUFKHDUULªUHHVWHQJDJ«H FHODHVWHIIHFWX«SRXU
XQHPHLOOHXUHYLVLELOLW«SHQGDQWODPDUFKHDUULªUH
ORUVTXHOHIUHLQGHFKDUJHPHQWHWGHEDVFXOHPHQWHVW
HQFOHQFK« SRXUHPS¬FKHUTXHOHVJD]G «FKDSSHPHQWQHVH
GLULJHQWYHUVODSHOOHK\GUDXOLTXHGHFKDUJHPHQW
/HVIRQFWLRQVRXYHUWXUHGHYROHWHQFDVGHPDUFKHDUULªUHHW
IUHLQGHFKDUJHPHQWHWGHEDVFXOHPHQWHQFOHQFK«SHXYHQW¬WUH
G«VDFWLY«HVLQG«SHQGDPPHQWO XQHGHO DXWUHVXUO «FUDQ
G LQIRUPDWLRQV9RLUSDJH
%HQQHEDVFXODQWH
6 DSSOLTXHDX[PDFKLQHVDYHFPRWHXU';;)

9
0RWHXU';;)¢UHMHWVWKHUPLTXHV
7X\DXG «FKDSSHPHQWGXPRWHXU
6LOHQFLHX[
7X\DXG «FKDSSHPHQW
&KDSHDXDYHF«WUDQJOHPHQW
3URWHFWLRQHQFDVGHVXUFKDUJHGHODJ¤FKH
/HVPDFKLQHVVRQWPXQLHVG XQFKDSHDXDYHFXQ«WUDQJOHPHQW
DXGHVVXVGXWX\DXG «FKDSSHPHQWTXL«WUDQJOHOHVJD]
G «FKDSSHPHQWGHVRUWHTX XQIOX[SDUWLHOVHGLULJHGDQVODEHQQH
6LOHFKDXIIDJHGHODFDUURVVHULHQ HVWSDVQ«FHVVDLUHOHFKDSHDX
SHXW¬WUHUHWLU«
%HQQHEDVFXODQWH
%HQQHEDVFXODQWHDEDLVVHPHQWDOWHUQDWLI
/HOHYLHUGHEDVFXOHPHQW«OHFWULTXHU«JXOHXQHYDOYH3:0TXL
FRQYHUWLWOHVLJQDO«OHFWULTXHHQXQHSUHVVLRQG DVVLVWDQFH
K\GUDXOLTXHTXLDJLWVXUODJOLVVLªUHGHEDVFXOHPHQW(QFDVGH
G\VIRQFWLRQQHPHQWG XQHPDFKLQHG«VDFWLYDQWODIRQFWLRQ
G DEDLVVHPHQWGHODEHQQHO DEDLVVHPHQWPDQXHOHVWSRVVLEOH
9 HQXWLOLVDQWXQHYLVVXUODYDOYHGHEDVFXOHPHQWTXLDJLWVXUOD
3RVLWLRQGXFRQGXFWHXUSRXUXQDEDLVVHPHQW JOLVVLªUHGHEDVFXOHPHQW
DOWHUQDWLI
$9(57,66(0(17
1HMDPDLVUHVWHUVRXVXQHEHQQHTXLQ HVWSDVIL[«H
$9(57,66(0(17
5LVTXHGHEOHVVXUHJUDYHRXGHPRUW
/ DEDLVVHPHQWGHODEHQQHDORUVTXHGHVSHUVRQQHVVHWURXYHQW
GDQVOD]RQH¢ULVTXHSHXWSURYRTXHUGHVDFFLGHQWVPRUWHOV
/RUVTX XQHYXHGLUHFWHGHOD]RQH¢ULVTXHQHSHXW¬WUHREWHQXH
G«OLPLWH]OD]RQHDYHFLQWHUGLFWLRQG \HQWUHURXFRQWDFWH]XQ
FROOªJXHTXLVXSHUYLVHUDO DEDLVVHPHQWGHODEHQQH
/DEHQQHSHXWDORUV¬WUHDEDLVV«HFRPPHVXLW
/DYDOYHGHGLUHFWLRQHWGHEDVFXOHPHQWHVWVLWX«HGHUULªUHOD
FDELQH
'HO H[W«ULHXUGHODPDFKLQHGHVVHUUHUOHFRQWUH«FURXVXUOD
YLVG DEDLVVHPHQWVHFRQGDLUHHWYLVVHUODFO«G DQQHDX
G DEDLVVHPHQWVHFRQGDLUH SRO\JRQDOH HWODFO«KH[DJRQDOH
LQFOXVHVGDQVODER°WH¢RXWLOVGHODPDFKLQH
$9,6
/DYLVDXQHFRXUVHGHU«JODJHG HQYLURQ¢WRXUVHWDJLWVXU
OHWLURLUGHODYDOYHGHEDVFXOHPHQW FRPSWHUOHQRPEUHGH
WRXUVHIIHFWX«V SRXUO DPHQHUHQSRVLWLRQLQI«ULHXUHIORWWDQWH
GHVFHQWHVDQVSUHVVLRQ
9
&RQWUH«FURX
9LV
&O«KH[DJRQDOH

%HQQHEDVFXODQWH
(QVXLWHODEHQQHGHVFHQGUDGRXFHPHQW¢PRLQVTX HOOHQH
VRLW¢SUR[LPLW«GHVDSRVLWLRQ«OHY«HRXTXHODPDFKLQHVH
SHQFKHYHUVO DUULªUH'DQVFHFDVODEHQQHDEHVRLQG XQH
DVVLVWDQFHSRXUGHVFHQGUHDYHFO DLGHG XQHSHOOHK\GUDXOLTXH
RXGHO «O«YDWLRQGHODFKDUJHXVHVXUSQHXV¢O DUULªUHGHOD
EHQQH
5«WDEOLUODYLV¢VDSRVLWLRQG RULJLQH
9

6XVSHQVLRQ
6XVSHQVLRQ
9
/DVXVSHQVLRQFRPSOªWHHVWXQV\VWªPHHQWLªUHPHQW
K\GUDXOLTXH
/HVIRQFWLRQVK\GUDXOLTXHVGXV\VWªPH)6F HVW¢GLUHOHOHYDJH
HWO DEDLVVHPHQWVRQWFRPPDQG«HVSDUXQERXWRQDXWDEOHDXGH
ERUG
/HV\VWªPH)6HVWDPHQ«HQSRVLWLRQGHWUDYDLOSRVLWLRQQRUPDOH
RXHQSRVLWLRQLQI«ULHXUHDXPR\HQGXFRPPXWDWHXU¢GURLWHGX
WDEOHDXGHERUG YRLUSDJH
3RXUPHWWUHODPDFKLQHHQSRVLWLRQGHWUDYDLOSRVLWLRQQRUPDOH
DSSX\HUVXUODSDUWLHVXS«ULHXUHGXFRPPXWDWHXU
3RXUPHWWUHODPDFKLQHHQSRVLWLRQLQI«ULHXUHDSSX\HUVXUOD
SDUWLHLQI«ULHXUHGXFRPPXWDWHXU
,OIDXWDSSX\HUVXUOHERXWRQGHYHUURXLOODJHHQP¬PHWHPSV

9
TX RQDFWLRQQHOHFRPPXWDWHXUSRXUFKDQJHUODSRVLWLRQGX
FRPPXWDWHXU
&RPPXWDWHXU)6
3RVLWLRQGHWUDYDLOSRVLWLRQQRUPDOH
3RVLWLRQLQI«ULHXUH &RPPDQGH
%RXWRQGHYHUURXLOODJH /DSRVLWLRQGHWUDYDLOHVWDFWLY«HLPP«GLDWHPHQWVLOH

FRPPXWDWHXUHVWPLVHQSRVLWLRQGHWUDYDLOORUVTXHOHPRWHXU
HVWHQPDUFKH
/HSDVVDJHGHODVXVSHQVLRQ¢ODSRVLWLRQGHWUDYDLOHVWDFWLY«
DXWRPDWLTXHPHQWVLOHFRPPXWDWHXUHVWHQSRVLWLRQGHWUDYDLO
HWVLODYLWHVVHGHODPDFKLQHHVWVXS«ULHXUH¢NPK PSK
/DYLWHVVHHVWOLPLW«H¢NPK PSK WDQWTXHODPDFKLQHQ D
SDVDWWHLQWODSRVLWLRQGHWUDYDLO
/DSRVLWLRQLQI«ULHXUHHVWDFWLY«HVLOHFRPPXWDWHXUHVWDPHQ«
¢ODSRVLWLRQLQI«ULHXUHORUVTXHOHPRWHXUHVWHQPDUFKHHWTXH
ODYLWHVVHGHODPDFKLQHHVWLQI«ULHXUH¢NPK PSK
6XVSHQVLRQ
/HSDVVDJHGHODSRVLWLRQGHWUDYDLO¢ODSRVLWLRQLQI«ULHXUHQH
SHXWDYRLUOLHXVLODYLWHVVHGHODPDFKLQHHVWVXS«ULHXUH¢
NPK PSK
3RXUDXJPHQWHUOHG«ELWK\GUDXOLTXHHWDFF«O«UHUOHSDVVDJH
GHODSRVLWLRQLQI«ULHXUH¢ODSRVLWLRQGHWUDYDLOOHU«JLPH
PRWHXUHVWDXJPHQW«VLODYLWHVVHGHODPDFKLQHHVWLQI«ULHXUH
¢NPK PSK HWOHV«OHFWHXUGHYLWHVVHVDXSRLQWPRUW
3RXUO DEDLVVHPHQWOHU«JLPHPRWHXUHVW«OHY«¢WUPLQ
VLODYLWHVVHGHODPDFKLQHHVWLQI«ULHXUH¢NPK PSK HW
OHV«OHFWHXUDXSRLQWPRUW
$9,6
3RXUO HQWUHWLHQHWOHVU«SDUDWLRQVGHODPDFKLQHDLQVLTXHSRXU
OHVWDWLRQQHPHQW¢ORQJWHUPHHWOHWUDQVSRUWGHODPDFKLQHOH
V\VWªPH)6GRLW¬WUHDEDLVV«¢VDSRVLWLRQLQI«ULHXUH
&RQWDFWH]XQDWHOLHUDJU««SDU9ROYR
VLOHPRWHXUV DUU¬WHDYHFOHV\VWªPHHQSRVLWLRQUHOHY«HHWQH
SHXWSOXVG«PDUUHUGDQVFHFDVLOQ HVWSDVSRVVLEOH
G DFWLRQQHUOHV\VWªPHDYHFOHFRPPXWDWHXU
SRXUDEDLVVHUOHV\VWªPHVLOHPRWHXUHVWDUU¬W«PDLVVLOHV
FLUFXLWV«OHFWURQLTXHVIRQFWLRQQHQW
VLOHVFLUFXLWV«OHFWURQLTXHVQHIRQFWLRQQHQWSDVQRQSOXV

$9(57,66(0(17
6XUYHLOOH]WRXMRXUVO DUWLFXODWLRQGHFK¤VVLVORUVTXHOHPRWHXUHVW
HQPDUFKH5LVTXHG «FUDVHPHQW
/RUVGHVLQWHUYHQWLRQVGHPDLQWHQDQFHDLQVLTXHGXOHYDJHHWGX
WUDQVSRUWGHODPDFKLQHO DUWLFXODWLRQGHFK¤VVLVGRLW¬WUH
YHUURXLOO«H
$9(57,66(0(17
6LODPDFKLQHGRLWURXOHUGXTXDLGHFKDUJHPHQWVXUODSODWHIRUPH
G XQY«KLFXOHRXG XQHUHPRUTXHYHLOOHU¢FHTXHOHY«KLFXOH
WUDQVSRUWHXUVRLWFRUUHFWHPHQWIUHLQ«HQEORTXDQWOHVURXHVSDU
H[HPSOH9HLOOHU¢«OLPLQHUWRXWULVTXHGHUHQYHUVHPHQWRXGH
G«SODFHPHQWEUXVTXHHQFRQGXLVDQWODPDFKLQHGXTXDLVXUOD
SODWHIRUPH
7UDQVSRUWVXUXQDXWUHY«KLFXOH
6LODPDFKLQHHVWSODF«HVXUXQDXWUHY«KLFXOHO DUWLFXODWLRQQH
GRLWSDV¬WUHYHUURXLOO«H9HUURXLOOHUO DUWLFXODWLRQORUVTXHOD
PDFKLQHVHWURXYHVXUOHY«KLFXOHGHWUDQVSRUW
/HY«KLFXOHGHWUDQVSRUWGRLW¬WUHLPPRELOLV«GHID©RQV½UHHW
VHVURXHVGRLYHQW¬WUHFDO«HV
(QFDVGHOHYDJHGHODPDFKLQHO DUWLFXODWLRQGHFK¤VVLVGRLW
¬WUHYHUURXLOO«H
6XUUDPSH
&RQWU¶OHUG DERUGTXHODUDPSHHVWDVVH]ODUJHHWTXHVD
FDSDFLW«HVWVXIILVDQWHHWTX HOOHQHSHXWSDVVHG«SODFHU
6LFHQ HVWSDVOHFDVLOFRQYLHQWGHVXLYUHODO«JLVODWLRQHWOD
U«JOHPHQWDWLRQQDWLRQDOHV
$77(17,21
6LODPDFKLQHHVWGRW«HGXV\VWªPH)6OHV\VWªPHGRLWWRXMRXUV
¬WUHHQSRVLWLRQDEDLVV«HORUVGHO HQWUHWLHQGXOHYDJHHWGX
WUDQVSRUWGHODPDFKLQH
QHSDVRXEOLHUORUVGHO DUULPDJHG XQHPDFKLQH«TXLS«H

GXV\VWªPHGHVXVSHQVLRQLQW«JUDOH)6 $))6HW$)
)6
3RXUXQHGHVFULSWLRQGHO DEDLVVHPHQWGXV\VWªPH)6HQ
SRVLWLRQLQI«ULHXUHYRLUSDJH
3RXU«YLWHUG HQGRPPDJHUODPDFKLQHSHQGDQWVRQWUDQVSRUW
9 LOFRQYLHQWGHV DVVXUHUTXHOHV\VWªPHGHVXVSHQVLRQHVWHQ
'HVFHQGUHODPDFKLQH)6 SRVLWLRQLQI«ULHXUHDYDQWVRQDUULPDJH6LOHV\VWªPH)6Q HVW
SDVHQSRVLWLRQLQI«ULHXUHO DUULPDJHULVTXHGHVHUHO¤FKHUORUV
GXWUDQVSRUWVLODVXVSHQVLRQWRPEHHQWUD°QDQWGHJUDQGV
ULVTXHV
/HV\VWªPH)6QHSHXWS SDV¬WUHDFWLY«MXVTX DXGHVVHUUDJHGH
O DUULPDJHSXLVTX LOH[LVWHGHVULVTXHVGHGRPPDJHVVXUOD
PDFKLQHHWOHGLVSRVLWLIG DUULPDJH
3U«SDUDWLRQG XQHPDFKLQH)6DYDQWVRQDUULPDJH
$EDLVVHUODPDFKLQHHQSRVLWLRQLQI«ULHXUHDYHFO LQWHUUXSWHXU
8QHIRLVODPDFKLQHDEDLVV«HODLVVHUOHPRWHXUWRXUQHUDX
(6&
UDOHQWLSHQGDQWHQYLURQPLQXWHVSRXU«YDFXHUO KXLOHHWOD

6(783
SUHVVLRQGHVDFFXPXODWHXUV

6(/(& 7
9
6723
9«ULILHUODSUHVVLRQGDQVOHVY«ULQVHQRXYUDQWOHPHQX

UPLQ
G HQWUHWLHQGXSDQQHDXG LQIRUPDWLRQVHWHQFKRLVLVVDQW66XVS
K\GUDXOLTXH )6 SXLV))RQFWLRQV)6HWHQILQ3
3UHVVLRQ)63RXU
9
XQHGHVFULSWLRQG«WDLOO«HGHO DFFªVDX[LQIRUPDWLRQVUHODWLYHV
DXV\VWªPH)6YRLUVRXV( (QWUHWLHQGDQVODVHFWLRQ
,QIRUPDWLRQVHQSDJH
&RPPXWDWHXUGXV\VWªPH)6

&HW«FUDQSHUPHWGHUHOHYHUODSUHVVLRQGDQVOHVY«ULQV/D
SUHVVLRQGRLW¬WUHGHEDU SVL SRXUWRXVOHVY«ULQVGH
(QWUHWLHQ VXVSHQVLRQ
$9,6
)RQFWLRQV)6
6LODPDFKLQHQ HVWSDVG«SUHVVXULV«HDSUªVDYRLUSODF«OH
EDU EDU ERXWRQHQSRVLWLRQLQI«ULHXUHG«SODFHUODPDFKLQHSRXU
REWHQLUXQO«JHUPRXYHPHQWGXERJLH0HWWUHO LQWHUUXSWHXUHQ
SRVLWLRQQRUPDOHSXLV¢QRXYHDXHQSRVLWLRQLQI«ULHXUH
EDU EDU
9 $9,6
6LODPDFKLQHQ HVWWRXMRXUVSDVHQSRVLWLRQLQI«ULHXUH
G«SUHVVXULV«HDSUªVOHVPHVXUHVFLGHVVXVFRQWDFWHUXQ
DWHOLHUDJU««SDU9ROYR
'«SODFHUODPDFKLQHGDQVODSRVLWLRQVRXKDLW«HSRXUVRQ
DUULPDJHSDUH[HPSOHODSODWHIRUPHGHUHPRUTXH
$9(57,66(0(17
5LVTXHVGHEOHVVXUHVSDU«FUDVHPHQW/DPDFKLQHSHXWWRXUQHU
9HUURXLOOHUOHYHUURXLOODJHGHGLUHFWLRQ
9HUURXLOODJHGHO DUWLFXODWLRQGHFK¤VVLV
3ODFHUODPDFKLQHHQOLJQHGURLWH
5HWLUHUODEURFKHGXVXSSRUWGHWUDQVSRUWHWSDVVHUDX
YHUURXLOODJHGHO DUWLFXODWLRQGHFK¤VVLV
0HWWUHHQSODFHHWYHUURXLOOHUODFODYHWWH
&RXSH]OHPRWHXU
$YDQWG XWLOLVHUODPDFKLQH¢QRXYHDXQHSDVRXEOLHUGH
G«YHUURXLOOHUO DUWLFXODWLRQGHFK¤VVLVHWGHIL[HUOHGLVSRVLWLIGH
YHUURXLOODJHGDQVOHVHPSODFHPHQWVSU«YXV¢FHWHIIHW
8QLTXHPHQWSRXUOHVPDFKLQHV)6/HV\VWªPH)6QHSHXW
SDV¬WUHDFWLY«MXVTX DXGHVVHUUDJHGHO DUULPDJHSXLVTX LOH[LVWH
9 GHVULVTXHVGHGRPPDJHVVXUODPDFKLQHHWOHGLVSRVLWLI
G DUULPDJH

$UULPHUXQHFKDUJH ODPDFKLQH FKDUJ«H

/ DUULPDJHGHODPDFKLQHFRPSUHQG
,QVWUXFWLRQVSRXUO DUULPDJHGHODFKDUJH
,QVWUXFWLRQVSRXUO DUULPDJHGHODFKDUJHPDFKLQHFKDUJ«H
DYHFVDSDUWLHDYDQWYHUVO DYDQW
,QVWUXFWLRQVSRXUO DUULPDJHGHODFKDUJHPDFKLQHFKDUJ«H
DYHFVDSDUWLHDUULªUHYHUVO DYDQW
,QVWUXFWLRQVSRXUO DUULPDJHGHODFKDUJH
/HVLQVWUXFWLRQVGHVSDJHVVXLYDQWHVQHV DSSOLTXHQWTXHVLOHV
FRQGLWLRQVVXLYDQWHVVRQWUHPSOLHV
'HPDQGHG DFF«O«UDWLRQ
/DPDFKLQHQHSHXW¬WUHVRXPLVH¢GHVDFF«O«UDWLRQV
VXS«ULHXUHVDX[YDOHXUVVXLYDQWHV*YHUVO DYDQW*
YHUVO DUULªUH*ODW«UDOHPHQWHW*YHUVOHKDXW
/HVDFF«O«UDWLRQVHQDYDQWHQDUULªUHHWODW«UDOHDJLVVHQW
LQGLYLGXHOOHPHQWHWHQFRPELQDLVRQ¢XQHIRUFHGH*YHUVOH
EDV
/ DFF«O«UDWLRQYHUVOHKDXWQ HVWSDVFRPELQ«H¢G DXWUHV
DFF«O«UDWLRQV
8QIDFWHXUGHV«FXULW«GHD«W«XWLOLV«SRXUFRPSHQVHUOD
GLVWULEXWLRQPDO«TXLOLEU«HGHVIRUFHVVXUOHVGLVSRVLWLIV
G DUULPDJH/ LQVWDOODWLRQSHXWDXVVLVXSSRUWHUXQHDFF«O«UDWLRQ
GH*YHUVO DYDQWVDQVIDFWHXUGHV«FXULW«
/DPDFKLQH
/DPDFKLQH DYHFRXVDQVRXWLO HVWIDEULTX«HSDU9ROYR
/HSRLGVPD[LPDOGHODPDFKLQHHVWGHNJ OEV
/DPDFKLQHGLVSRVHGHURXHVHQFDRXWFKRXFQHXYHVRXGRQW
O XVXUHHVWQRUPDOHRXGHMDQWHV¢SDWLQVHQERLVGHSLQRXGH
ERXOHDX6LOHVSDWLQVVRQWHQERXOHDXXQHHQWUHWRLVHHQ
FDRXWFKRXFHQWUHOHSDWLQHWODVXUIDFHSRXUXQIURWWHPHQWGH
GRLW¬WUHHPSOR\«H6LXQHHQWUHWRLVHHQFDRXWFKRXFQ HVW
SDVHPSOR\«HOHIURWWHPHQWQ HVWTXHGH
0DFKLQH)6DEDLVV«HHQSRVLWLRQLQI«ULHXUH
&KDUJHPHQWHWDUULPDJHVXUOHPR\HQGHWUDQVSRUW
/DPDFKLQHHVWFHQWU«HODW«UDOHPHQW sFP VXUOHPR\HQGH
WUDQVSRUWHWHVWVRXWHQXHVXUDXPRLQVODPRLWL«GHODODUJHXU
GHVSQHXPDWLTXHV
/HIUHLQGHVWDWLRQQHPHQWHVWVHUU«HWIRQFWLRQQHOHWVXSSRUWH
XQHLQFOLQDLVRQG DXPRLQVr
/ DUWLFXODWLRQGHFK¤VVLVHVWYHUURXLOO«H
/DPDFKLQHHVWFKDUJ«HHWIL[«HGHID©RQTX DXFXQFRPSRVDQW
VXUIDFHVSHLQWHVHWSQHXV QHULVTXHG ¬WUHHQGRPPDJ«
0R\HQGHWUDQVSRUW
/DPDFKLQHHVWFKDUJ«HVXUOHY«KLFXOHVXUXQHSODTXHGHERLV
GHFRQWUHSODTX«XQHW¶OHG DOXPLQLXPFDQQHO«HXQHW¶OH
G DFLHUVDQVSHLQWXUHRXXQHW¶OHG DFLHUSHLQWH
/DGHPDQGHG DFF«O«UDWLRQU«SRQGDX[QRUPHVGHEDVHGDQVODU«JOHPHQWDWLRQGXWUDQVSRUWVXUDXWRURXWHGHSUDWLTXHPHQW
WRXVOHVSD\V&HSHQGDQWGDQVFHUWDLQVSD\VGHVGLUHFWLYHVHWGHVU«JOHPHQWDWLRQVSHXYHQWUHTX«ULUXQEORFDJHHWRXXQ
DUULPDJHVXSSO«PHQWDLUH
/ «FDUWODW«UDOHQWUHOHVSRLQWVG DUULPDJHVXUOHY«KLFXOHGH
WUDQVSRUWHVWG HQYLURQPP LQ
/HVSRLQWVG DUULPDJHVXUODUHPRUTXHRQWDXPRLQVOHP¬PH
SRLQWGHUXSWXUHTXHOHVVDQJOHVG DUULPDJH
$UULPDJH VDQJOHV
/HVVDQJOHVG DUULPDJHVRQWWHQGXHV¢DXPRLQV1
NJ GXUDQWWRXWOHWUDQVSRUW
/HVVDQJOHVG DUULPDJHVRQWSODF«HVGHID©RQV\P«WULTXHSDU
SDLUHVHWIL[«HVGDQVOHVSRLQWVG DQFUDJHG«GL«VVXUOD
PDFKLQH8QHVHXOHVDQJOHGRLW¬WUHDWWDFK«H¢FKDTXHSRLQW
G DUULPDJH
/HVFURFKHWVG DUULPDJHQHGRLYHQWSDVSRXYRLUVHG«FURFKHU
VLOHVVDQJOHVVHG«WHQGHQW
8QFKDUJHPHQWV«FXULV«DYHFODFKD°QH 06//&6:/ HVWDX
PRLQVGXSRLQWGHUXSWXUH 0%/
,OFRQYLHQWG XWLOLVHUGHVDPRUWLVVHXUVHQFDVG HPSORLGH
FRXUWHVVDQJOHVYHUWLFDOHVVXUOHVPDFKLQHV«TXLS«HVGH
SQHXVHQFDRXWFKRXFDILQGHU«GXLUHOHVVHFRXVVHVHWOHV
FKRFVTXHSRXUUDLHQWVXELUOHVFKD°QHV
6LGHVVDQJOHVDYHFXQSRLQWGHUXSWXUHLQI«ULHXUVRQWXWLOLV«HV
LOFRQYLHQWGHUHVSHFWHUOHVLQVWUXFWLRQVGHVVDQJOHVD\DQWOH
SRLQWGHUXSWXUHOHSOXVEDV
/HVFRQGLWLRQVVXLYDQWHVVRQWYDODEOHVVLGHVFDOHVVRQW
XWLOLV«HVRXVLODPDFKLQHHVWEORTX«HFRQWUHOHFROGH
F\JQH
(QFDVG XWLOLVDWLRQGHFDOHVFHOOHVFLGRLYHQW¬WUHELHQIL[«HV

DYHFXQDQJOHG HQYLURQr XQHKDXWHXUG DXPRLQV
FP LQ HWHOOHVGRLYHQW¬WUHSODF«HVSDUSDLUHV8WLOLVHU
RXSDLUHVFRQIRUP«PHQWDXWDEOHDXGHSODFHPHQWGHFDOHV
FLGHVVXV
/HFRQWDFWGHMDQWHV¢URXHVHQFDRXWFKRXFSDWLQVHQERLV
GDQVGHV«YLGHPHQWVSRXUURXHVHVW«TXLYDOHQW¢O XWLOLVDWLRQ
GHFDOHV
/HFDODJHGHODSDUWLHDUULªUHGHODPDFKLQHRXGHVSDLUHVGH
URXHVGDQVODGLUHFWLRQMXVTX ¢DXPRLQVODPRLWL«GXUD\RQGH
EUDTXDJHFRQWUHOHFROGHF\JQHHPS¬FKHOHVPRXYHPHQWVHQ
DYDQW
8WLOLVHUGHVFDOHVDVVH]KDXWHVFRQWUHO LQW«ULHXURXO H[W«ULHXU
GHVTXDWUHURXHVSRXU«YLWHUOHVPRXYHPHQWVODW«UDX[
,QVWUXFWLRQVSRXUO DUULPDJHGHODFKDUJHPDFKLQH
FKDUJ«HDYHFVDSDUWLHDYDQWYHUVO DYDQW
/HVYDOHXUVHWOHVLQVWUXFWLRQVGXWDEOHDXVXLYDQWQHVRQWYDODEOHVTXHVLOHVFRQGLWLRQVG«FULWHVSU«F«GHPPHQW
GDQVODVHFWLRQLQWLWXO«H&RQGLWLRQVGHIL[DWLRQG XQFKDUJHPHQWVRQWUHVSHFW«HV
&
' (
/&5
/) /&) /&5 /5
/) /&) /&5 /5 9
) VHQVGHPDUFKH
/&5HVWODGLVWDQFHHQWUHOHVSRLQWV'
'HW(
(
'HVWOHSRLQWSURMHW«ODW«UDOHPHQW¢DQJOHGURLWGXERUGGHODUHPRUTXH¢SDUWLUGXSRLQWG DUULPDJH&
&VXUOD
PDFKLQH
(HVWOHSRLQWG DUULPDJHGHODUHPRUTXH
/)/
/&)HW/
/5VRQW«TXLYDOHQWV¢//&5
6XUIDFHGHIURWWHPHQWFDRXWFKRXFSLQERXOHDXDYHFHQWUHWRLVHVHQFDRXWFKRXF
SURSUHVHWVªFKHVRXKXPLGHV w
,QWHUYDOOHVSHUPLVHQWUHOHVVDQJOHVHQPªWUHV P LQ
&DOHVRXEORFDJH &KD°QHFDW«JRULHPLQPP &KD°QHFDW«JRULHPLQPP
FRQWUHOHFROGH 0%/WRQQHV/&N1 WRQQHV 0%/WRQQHV/&N1 WRQQHV
F\JQH D /) FURLV« /&) /&5 /5 FURLV« /) FURLV« /&) /&5 /5 FURLV«
6DQVFDOHV $OWHUQDWLYHVG DPDUUDJHQRQDSSURXY«HV ದ ದ ದ ದ
SDLUH ದ ದ ದ ದ ದ ದ ದ ದ
SDLUHV 1RQ 1RQ
ದ ದ ದ ದ ದ ದ
UHTXLV UHTXLV
SDLUHV 1RQ 1RQ
SDLUHV UHTXLV UHTXLV
%ORFDJHYHUV 1RQ 1RQ
O DYDQW UHTXLV UHTXLV
%ORFDJHODW«UDO $OWHUQDWLYHVG DPDUUDJHQRQDSSURXY«HV ದ ದ ದ ದ
%ORFDJHYHUV 1RQ 1RQ
O DYDQWHWODW«UDO UHTXLV UHTXLV
D 9RLU«JDOHPHQWODVHFWLRQ6LGHVFDOHVVRQWXWLOLV«HVRXVLODPDFKLQHHVWEORTX«HVFRQWUHOHFROGHF\JQHOHVFRQGLWLRQV
VXLYDQWHVVRQWDSSOLTX«HV
6XUIDFHGHIULFWLRQJLYUHJODFHQHLJHLPSXUHW«VERXOHDXVDQVHQWUHWRLVHVHQ

FDRXWFKRXF w
6DQVFDOHV $OWHUQDWLYHG DPDUUDJHQRQDSSURXY«H
SDLUH ದ ದ ದ ದ
SDLUHV ದ ದ ದ ದ
SDLUHV
ದ ದ ದ ದ
SDLUHV $OWHUQDWLYHVG DPDUUDJHQRQDSSURXY«HV
%ORFDJHYHUV
ದ ದ ದ ದ
O DYDQW
%ORFDJHODW«UDO $OWHUQDWLYHG DPDUUDJHQRQDSSURXY«H
%ORFDJHYHUV
ದ ದ ದ ದ
O DYDQWHWODW«UDO
,QVWUXFWLRQVSRXUO DUULPDJHGHODFKDUJHPDFKLQH
FKDUJ«HDYHFVDSDUWLHDUULªUHYHUVO DYDQW
/HVYDOHXUVHWOHVLQVWUXFWLRQVGXWDEOHDXVXLYDQWQHVRQWYDODEOHVTXHVLOHVFRQGLWLRQVG«FULWHVSU«F«GHPPHQW
GDQVODVHFWLRQLQWLWXO«H&RQGLWLRQVGHIL[DWLRQG XQFKDUJHPHQWVRQWUHVSHFW«HV
&
' (
/&5
/) /&) /&5 /5
/) /&) /&5 /5
) VHQVGHPDUFKH
/&5HVWODGLVWDQFHHQWUHOHVSRLQWV'
'HW(
(
'HVWOHSRLQWSURMHW«ODW«UDOHPHQW¢DQJOHGURLWGXERUGGHODUHPRUTXH¢SDUWLUGXSRLQWG DUULPDJH&
&VXUOD
PDFKLQH
(HVWOHSRLQWG DUULPDJHGHODUHPRUTXH
/)/
/&)HW/
/5VRQW«TXLYDOHQWV¢//&5
6XUIDFHGHIURWWHPHQWFDRXWFKRXFSLQERXOHDXDYHFHQWUHWRLVHVHQFDRXWFKRXF
SURSUHVHWVªFKHVRXKXPLGHV w
6DQVFDOHV $OWHUQDWLYHVG DPDUUDJHQRQDSSURXY«HV
$OWHUQDWLYHVG DPDUUDJHQRQDSSURXY«HV
SDLUHV 1RQ
ದ ದ ದ
UHTXLV
SDLUHV 1RQ 1RQ
SDLUHV UHTXLV UHTXLV
%ORFDJHYHUV 1RQ 1RQ
O DYDQW UHTXLV UHTXLV
%ORFDJHODW«UDO $OWHUQDWLYHVG DPDUUDJHQRQDSSURXY«HV $OWHUQDWLYHVG DPDUUDJHQRQDSSURXY«HV
%ORFDJHYHUV 1RQ 1RQ
O DYDQWHWODW«UDO UHTXLV UHTXLV
6XUIDFHGHIULFWLRQJLYUHJODFHQHLJHLPSXUHW«VERXOHDXVDQVHQWUHWRLVHVHQ

FDRXWFKRXF w
6DQVFDOHV $OWHUQDWLYHG DPDUUDJHQRQDSSURXY«H
SDLUHV $OWHUQDWLYHVG DPDUUDJHQRQDSSURXY«HV ದ ದ ದ ದ
%ORFDJHYHUV
ದ ದ ದ ದ
O DYDQW
%ORFDJHODW«UDO $OWHUQDWLYHG DPDUUDJHQRQDSSURXY«H
%ORFDJHYHUV
ದ ದ ದ ದ
O DYDQWHWODW«UDO
/HYDJHGHODPDFKLQH
/ RXWLOGHOHYDJHHVWXQ«TXLSHPHQWRSWLRQQHOTXLVHUWDXOHYDJH
GHODPDFKLQH,OHVWVRQWSU«YXSRXUXQSRLGVGHPDFKLQHGH
0$;NJ OE SRXU$)$))6
0$;NJ OE SRXU$)$))6
$77(17,21
6LODPDFKLQHHVWGRW«HGXV\VWªPH)6OHV\VWªPHGRLWWRXMRXUV
¬WUHHQSRVLWLRQDEDLVV«HORUVGHO HQWUHWLHQGXOHYDJHHWGX
WUDQVSRUWGHODPDFKLQH
$9(57,66(0(17
1HMDPDLVVHWHQLUVRXVODPDFKLQHORUVTXಬHOOHHVWVRXOHY«H
$9(57,66(0(17
1HSDVOHYHUODPDFKLQHSDUOHVĕLOOHWVGHODEHQQH
2XWLOGHOHYDJH
TXLSHPHQWRSWLRQQHO
$9(57,66(0(17
/ RXWLOGHOHYDJHQHGRLW¬WUHSRV«TX DYHFOHV«FURXVVS«FLDX[
IRXUQLV
$9,6
/HQRQUHVSHFWGHVLQVWUXFWLRQVSHXWHQWUD°QHUXQ
G«VHQFOHQFKHPHQWGHO RXWLOHWFDXVHUGHVEOHVVXUHVJUDYHV(Q
FDVGHUHWUDLWGHO RXWLOOHV«FURXVGHURXHRUGLQDLUHVGRLYHQW¬WUH
U«LQVWDOO«V
,OHVWLPSRUWDQWTXHGHVRXWLOVGHOHYDJHHW«FURXVDSSURSUL«V
VRLHQWXWLOLV«V
&RQWDFWHUXQFRQFHVVLRQQDLUH9ROYRDJU««SRXUGHVRXWLOV
DSSURSUL«V
,OHVWLPSRUWDQWTXHO RXWLOGHOHYDJHVRLWLQVWDOO«GHPDQLªUH
DSSURSUL«H
&RQWDFWHUXQFRQFHVVLRQQDLUH9ROYRDJU««SRXUGHV
LQIRUPDWLRQVVXUODP«WKRGHDSSURSUL«H
/HVRXWLOVGHOHYDJHQHGRLYHQW¬WUHLQVWDOO«VVXUODPDFKLQH
TXHSRXUOHOHYDJHHWOHWUDQVSRUW5HWLUH]O RXWLODSUªV
XWLOLVDWLRQ
/DID©RQODSOXVVLPSOHGHFRQVHUYHUOHV«FURXVGHO RXWLOGH
OHYDJHORUVTX LOVQHVRQWSDVXWLOLV«VHVWGHOHVODLVVHUVXUO RXWLO
/HV«FURXVGHURXHRUGLQDLUHVQHGRLYHQWSDVUHVWHUVXUO RXWLO
ORUVTXHFHOXLFLHVWLQVWDOO«VXUODPDFKLQH
/ RXWLOGHOHYDJHSRUWHGHX[DXWRFROODQWVLQGLTXDQWTXHORXWLOHW
TXHOV«FURXVGRLYHQW¬WUHXWLOLV«VHQFRPELQDLVRQDYHFOHV
MDQWHVHWOHVSQHXPDWLTXHV/HQXP«URGHU«I«UHQFHHVW
«JDOHPHQWSRLQ©RQQ«VXUO RXWLO
&RXSOHGHVHUUDJHSRXU«FURXVGHO RXWLOGHOHYDJHದ1P
ದOEIIW
3ODFHUODPDFKLQHVXUXQVROSODQ
/HPRWHXUGRLW¬WUHDUU¬W«HWOHFRXSHEDWWHULHVFRXS«
%ORTXHUO DUWLFXODWLRQGHGLUHFWLRQDYHFOHGLVSRVLWLIGH
YHUURXLOODJHGHO DUWLFXODWLRQGHGLUHFWLRQ
9
,QVWDOOHUO RXWLOGHOHYDJHVXUO HVVLHXDYDQWHWO HVVLHXGH

WDQGHPDYDQWSXLVVHUUHUOHV«FURXVHQGLDJRQDOH¢ದ
1P ದOEIIW

9
5DFFRUGHUTXDWUH«OLQJXHVGHOHYDJHDX[RXWLOVGHOHYDJH/HV
TXDWUH«OLQJXHVGHOHYDJHGRLYHQWDYRLUODP¬PHORQJXHXUHW
DYRLUXQHORQJXHXUPLQLPDOHGHP IW
6RXOHYHUODPDFKLQHHQXWLOLVDQWOHVĕLOOHWVGHOHYDJHGHV
URXHV
$EDLVVHUODPDFKLQH
'«FRQQHFWHUOHYHUURXLOODJHGHO DUWLFXODWLRQGHFK¤VVLVDYDQW
GHG«SODFHUODPDFKLQH
5HWLUHUO RXWLOGHOHYDJHHWUDQJHUOHV«FURXVFRQQH[HVVXUOH
F¤EOH
9

$9,6
5HSODFHUOHV«FURXVG RULJLQH
9
5DQJHPHQWGHV«FURXVGHURXHVXUO RXWLOGHOHYDJH

7HFKQLTXHGHFRQGXLWH

7HFKQLTXHGHFRQGXLWH
/HVSDJHVVXLYDQWHVFRQWLHQQHQWGHVFRQVHLOVHWGHVLQVWUXFWLRQV
FRQFHUQDQWO XWLOLVDWLRQGHODPDFKLQHHWGHVH[HPSOHVG RXWLOV
FRXUDPPHQWXWLOLV«V,OHVWLPSRUWDQWG HPSOR\HUOHVWHFKQLTXHV
GHFRQGXLWHDSSURSUL«HVSRXUU«DOLVHUOHVWUDYDX[GHPDQLªUHV½UH
HWHIILFDFH

7HFKQLTXHGHFRQGXLWH
&RQGXLWH«FRORJLTXH
&RQGXLWH«FRORJLTXH
0DLQWHQLUODYLWHVVHGHURWDWLRQGXPRWHXUOHSOXVEDVSRVVLEOH
GDQVWRXWHVOHVFRQGXLWHVDILQG XWLOLVHUODPDFKLQHGHPDQLªUH
RSWLPDOHHWDYHFXQHFRQVRPPDWLRQPLQLPDOHGHFDUEXUDQW
/DSDUWLHGHODFRQVRPPDWLRQHQFDUEXUDQWTXLSHXW¬WUHDIIHFW«H
SHQGDQWODFRQGXLWHHVWVXUWRXWUHOL«H¢ODYLWHVVHGHURWDWLRQGX
PRWHXU
8QHIDLEOHYLWHVVHGHURWDWLRQGXPRWHXUHQWUD°QHXQHIDLEOH
FRQVRPPDWLRQHQFDUEXUDQWXQQLYHDXGHEUXLWEDVHWRIIUHXQ
QLYHDXGHFRQIRUWSOXV«OHY«
8QHFRQGXLWHSHUPHWWDQWGHU«GXLUHODFRQVRPPDWLRQGH
FDUEXUDQWVLJQLILH«JDOHPHQWPRLQVG XVXUHHWPRLQVG LPSDFWVXU
O HQYLURQQHPHQW7RXMRXUVV HIIRUFHU¢
3U«SDUHUOHVLWHGHWUDYDLO
'«WHUPLQHUSU«SDUHUHWRUJDQLVHUVD]RQHGHWUDYDLOHQ
IRQFWLRQGHVPDFKLQHVTXLYRQW\WUDYDLOOHUSRXUTXHOHWUDYDLO
VRLWPLHX[RUJDQLV«HWSOXVHIILFLHQW
,WLQ«UDLUHV
7RXMRXUVUHFKHUFKHUO LWLQ«UDLUHOHSOXVFRXUWSRVVLEOH&HOD
SHUPHW¢ODIRLVXQHDXJPHQWDWLRQGHODSURGXFWLRQHWXQH
U«GXFWLRQGHODFRQVRPPDWLRQGHFDUEXUDQW
6 DVVXUHUTXHOHVLWLQ«UDLUHVVRQWDXVVLSODWVTXHSRVVLEOHVDQV
9
REVWDFOHVTXLSRXUUDLHQWSURYRTXHUXQIUHLQDJHLQXWLOH
3ODQLILHUODFRQGXLWHGHODPDFKLQH

3ODQLILHUODFRQGXLWHGHODPDFKLQHHWUHO¤FKHUO DFF«O«UDWHXU
DYDQWG DUU¬WHUHWGHURXOHUVXUODGHUQLªUHGLVWDQFHSOXW¶WTXH
GHIUHLQHUO «QHUJLHFLQ«WLTXH1HSDVXWLOLVHULQXWLOHPHQWOD
IRQFWLRQGHIUHLQDJHGXPRWHXU
&RRS«UHU
&RRS«UHUHWSODQLILHUDYHFOHVDXWUHVFRQGXFWHXUVDILQTXHOHV
WUDYDX[¢HIIHFWXHUDYHFOHVPDFKLQHVVRLHQWDXVVLHIILFLHQWV
TXHSRVVLEOH
5HVWHUGDQVODSODJHGHYLWHVVHVGHURWDWLRQ«FRQRPLTXH
8QU«JLPHPRWHXU«OHY«DP«OLRUHUDUHPHQWODSURGXFWLYLW«PDLV
DXJPHQWHVRXYHQWODFRQVRPPDWLRQGHFDUEXUDQW
$GDSWHUODFRQGXLWHGHODPDFKLQHDXW\SHGHWUDYDLO
6XLYUHOHVUHFRPPDQGDWLRQVGHVGLII«UHQWVW\SHVGHWUDYDX[
,OHVWLPSRUWDQWGHSUHQGUHVRLQGHVPDFKLQHVFRQIRUP«PHQW
DXSURJUDPPHG HQWUHWLHQ
5«J«Q«UDWLRQ
5«J«Q«UHUOHSOXVW¶WSRVVLEOHFRQIRUP«PHQW¢ODUHTX¬WHGH
ODPDFKLQH/ DXJPHQWDWLRQGHODFRQWUHSUHVVLRQGDQVOHILOWUH
¢SDUWLFXOHVHQWUD°QHXQHFRQVRPPDWLRQ«OHY«HHQFDUEXUDQW
9RLUSDJH
8WLOLVHUGHVSQHXVDSSURSUL«V
8WLOLVHUOHVSQHXVDYHFODP¬PHFLUFRQI«UHQFHGHURXOHPHQW
SRXU«YLWHUOHVFRQWUDLQWHVGDQVODWUDQVPLVVLRQ
8WLOLVHUOHVSQHXVDYHFGHVEDQGHVGHURXOHPHQWSRXU«YLWHU
XQSDWLQDJHLQXWLOH
0DLQWHQLUXQHSUHVVLRQGHJRQIODJHDSSURSUL«HGDQVOHVSQHXV
$ODSDJHVHWURXYHQWGHVUHFRPPDQGDWLRQVVXUOHV
SUHVVLRQVGHJRQIODJHGDQVOHVSQHXV8QHSUHVVLRQG DLU
DSSURSUL«HGDQVOHVSQHXVSHUPHWGHU«GXLUHODFRQVRPPDWLRQ
GHFDUEXUDQWHWO XVXUHGHODPDFKLQH
8WLOLVHUXQFKDXIIHPRWHXU
7HFKQLTXHGHFRQGXLWH
&RQGXLWH«FRORJLTXH
O XWLOLVDWLRQG XQFKDXIIHPRWHXUSDUWHPSVIURLG HQGHVVRXVGH

r& r) GLPLQXHO LPSDFWVXUO HQYLURQQHPHQWHWU«GXLWOD
FRQVRPPDWLRQGHFDUEXUDQWHWO XVXUHDXG«PDUUDJH
3DVGHU«JLPHGHUDOHQWLLQXWLOH
7RXWHIRLVVXLYUHOHVUHFRPPDQGDWLRQVSRXUO DUU¬WGHOD
PDFKLQH9RLUSDJHSRXUOHJUDLVVDJHGXWXUER
&RQWDFWHUYRWUHFRQFHVVLRQQDLUHSRXUSOXVG LQIRUPDWLRQVHWSRXU
ODSRVVLELOLW«GHSDUWLFLSHU¢XQHIRUPDWLRQRUJDQLV«HSDU9ROYR
GDQVODU«JLRQ

7HFKQLTXHGHFRQGXLWH
9LEUDWLRQVWUDQVPLVHVDXFRUSV
HQWLHU
/HVYLEUDWLRQVDXFRUSVHQWLHUFDXV«HVSDUOHVPDFKLQHVGH
FRQVWUXFWLRQVRQWDIIHFW«HVSDUSOXVLHXUVIDFWHXUVFRPPHOH
PRGHGHWUDYDLOOHWHUUDLQODYLWHVVHGHG«SODFHPHQWHWF
& HVWO RS«UDWHXUTXLGDQVXQHODUJHPHVXUHG«FLGHOXLP¬PH

GHVQLYHDX[U«HOVGHYLEUDWLRQV(QHIIHWF HVWOXLTXLFKRLVLWOD
YLWHVVHGHG«SODFHPHQWOHPRGHGHWUDYDLOGHODPDFKLQH
O LWLQ«UDLUHHWF
3DUFRQV«TXHQWLOSHXWH[LVWHUGLII«UHQWVQLYHDX[GHYLEUDWLRQV
SRXUXQP¬PHW\SHGHPDFKLQH3RXUOHVFDUDFW«ULVWLTXHVGHOD
FDELQHYRLUSDJH
'LUHFWLYHVSRXUODU«GXFWLRQGHVQLYHDX[GHYLEUDWLRQV
GHVHQJLQVGHWHUUDVVHPHQW
8WLOLVHUXQHPDFKLQHGHW\SHHWGHWDLOOHDSSURSUL«VDYHFGHV
RXWLOVHWGHV«TXLSHPHQWVRSWLRQQHOVDGDSW«VDXW\SHGH
WUDYDLO
9HLOOH]¢PDLQWHQLUOHVROHQERQ«WDW
OLPLQH]OHVURFKHUVRXREVWDFOHVGHJUDQGHWDLOOH
&RPEOH]IRVV«VHWWURXV
$YRLUGHV«TXLSHPHQWV¢GLVSRVLWLRQHWFRQVDFUHUGXWHPSV
¢O HQWUHWLHQGXWHUUDLQ
$GDSWH]ODYLWHVVHHWO LWLQ«UDLUHDILQGHU«GXLUHOHQLYHDXGH
YLEUDWLRQV
YLWH]OHVREVWDFOHVHWOHVWHUUDLQVDFFLGHQW«V
5«GXLUHODYLWHVVHV LOGHYLHQWQ«FHVVDLUHGHURXOHUVXUXQ
WHUUDLQLUU«JXOLHU
(QWUHWHQH]ODPDFKLQHFRQIRUP«PHQWDX[UHFRPPDQGDWLRQV
GXFRQVWUXFWHXU
3UHVVLRQG DLUGDQVOHVSQHXPDWLTXHV
6\VWªPHGHIUHLQDJHHWGHGLUHFWLRQ
2UJDQHVGHFRPPDQGHV\VWªPHK\GUDXOLTXHHWV\VWªPH
G DUWLFXODWLRQ
9HLOOH]¢FHTXHOHVLªJHFRQGXFWHXUVRLWHQWUHWHQXHWU«JO«
FRUUHFWHPHQW
5«JOHUOHVLªJHHWVDVXVSHQVLRQHQIRQFWLRQGXSRLGVHWGH
ODWDLOOHGHO RS«UDWHXU
,QVSHFWH]HWHQWUHWHQH]ODVXVSHQVLRQHWOHP«FDQLVPHGH
U«JODJHGXVLªJHFRQGXFWHXU
8WLOLVHUODFHLQWXUHGHV«FXULW«HWODU«JOHUFRUUHFWHPHQW
5«GXLUHOHVYLEUDWLRQVORUVGHORQJXHVSDVVHVGHWUDYDLORXORUV
GHORQJVG«SODFHPHQWV
7UDQVSRUWH]ODPDFKLQHHQFDVGHORQJXHVGLVWDQFHVHQWUH
OHVVLWHVGHWUDYDLO
7HFKQLTXHGHFRQGXLWH
/HVPDX[GHGRVSRXYDQW¬WUHSURYRTX«VSDUOHVYLEUDWLRQVDX
FRUSVHQWLHUSHXYHQWHQIDLW¬WUHFDXV«VSDUG DXWUHVIDFWHXUV
/HVSULQFLSHVVXLYDQWVSHXYHQWVHPRQWUHUHIILFDFHVSRXUU«GXLUH
OHVPDX[GHGRV
5«JOHUOHVLªJHHWOHVRUJDQHVGHFRPPDQGHGHID©RQ¢REWHQLU
XQHSRVLWLRQG DVVLVHFRQIRUWDEOH
5«JOH]OHVU«WURYLVHXUVSRXUU«GXLUHOHVWRUVLRQVGXFRUSV
3ODQLILHUGHVSDXVHVSRXU«YLWHUGHORQJXHVS«ULRGHV
G LPPRELOLW«
1HVDXWH]SDVGHODPDFKLQH
0DLQWHQH]XQSRLGVHWXQHFRQGLWLRQSK\VLTXHDFFHSWDEOHV

7HFKQLTXHGHFRQGXLWH
$9(57,66(0(17
/DPDFKLQHULVTXHGHVHUHWRXUQHU
8QHYLWHVVH«OHY«HSHXWHQWUD°QHUGHJUDYHVEOHVVXUHVRXODPRUW
'«SODFH]YRXVWRXMRXUVOHQWHPHQW
HQSHQWHGHVFHQGDQWH
GDQVOHVYLUDJHV
VXUOHVVXUIDFHVLUU«JXOLªUHV
VXUOHVVXUIDFHVJOLVVDQWHV
(QFRQGXLWHVXUURXWHORUVTXHOHVG«QLYHOODWLRQVVRQW
PRG«U«HVFKRLVLUODSRVLWLRQ'GXV«OHFWHXUGHYLWHVVH/D
9 PDFKLQHFKDQJHDORUVDXWRPDWLTXHPHQWGHYLWHVVHHQIRQFWLRQ
GXFRXSOHQ«FHVVDLUH

7LUH]SDUWLGHODYLWHVVHPD[LPDOHGHODPDFKLQHDYHF
GLVFHUQHPHQW
3RXUXQPD[LPXPGHV«FXULW«HWGHFRQIRUWODYLWHVVHGRLW
WRXMRXUV¬WUHDGDSW«H¢O DGK«UHQFHGHODFKDXVV«HDX[
LQ«JDOLW«VGHFHOOHFLHWDX[FRQGLWLRQVGHFLUFXODWLRQG XQH
PDQLªUHJ«Q«UDOH
6R\H]DWWHQWLIDX[PRXYHPHQWVGHO «O«PHQWEHQQHGXUDQWOD
FRQGXLWH
/HFKDUJHPHQWQHGRLWSDVULVTXHUGHVHG«YHUVHUHQFRXUVGH
URXWH
6LWRXVOHVEORFDJHVGHGLII«UHQWLHORQW«W«HQJDJ«VDYHFOD
FRPPDQGHDXSLHG YRLUSDJH QHSDVRXEOLHUGH
G«VHQJDJHUOHEORFDJHGHVGLII«UHQWLHOVSRXUURXOHUVXUERQQH
URXWH WHUUDLQIHUPH
1HSDVRXEOLHUTXHODPDFKLQHSHXWDYRLUXQSRLGVWRWDO
DWWHLJQDQWWRQQHV WRQQHVDP«ULFDLQHV /DGLVWDQFH
GHIUHLQDJHHVWGRQFSOXVORQJXHHQSDUWLFXOLHUVXUVXUIDFH
JOLVVDQWHRX¢YLWHVVH«OHY«H
7HFKQLTXHGHFRQGXLWH
)RQFWLRQQHPHQWHQPRQW«HRXHQ
GHVFHQWH
)DLUHIRQFWLRQQHUODPDFKLQHHQPRQW«H
&RQGXLWHHQPRQW«HHWHQGHVFHQWH
6DXIGDQVGHVFDVH[FHSWLRQHOVODPDFKLQHSHXWURXOHUVXUXQH
PRQW«HRXXQHSHQWHGH¢'HVIDFWHXUVWHOVTXHO HIIRUW
GHWUDFWLRQODSXLVVDQFHGHIUHLQDJHHWODWUDFWLRQVRQW
G«WHUPLQDQWVSRXUOHVW\SHVGHPRQW«HVVXUOHVTXHOOHVOD
PDFKLQHSHXWURXOHU
1HMDPDLVG«SDVVHUODYLWHVVHUHFRPPDQG«HVXUO DXWRFROODQWGH
G«F«O«UDWLRQVLWX«VXUODSDUHEULVH
&RQGXLWHVXUOHVSHQWHV
8QLTXHPHQWGDQVGHVFDVVS«FLDX[ODPDFKLQHSHXWURXOHUVXU
GHVSHQWHVGHSOXVGH'HVIDFWHXUVWHOVTX XQHWUDFWLRQ
OLPLW«HHWOHVFRQGLWLRQVGLIILFLOHVGHO LWLQ«UDLUHSHXYHQWSURYRTXHU
XQJOLVVHPHQWHWXQUHWRXUQHPHQWGHODPDFKLQHP¬PHVXUGHV
SHQWHVPRLQVDEUXSWHV
/DPDFKLQHHVWPXQLHG XQ$7& U«JXODWLRQDXWRPDWLTXHGHOD

WUDFWLRQ TXLSHUPHWGHU«GXLUHOHSDWLQDJHGHVURXHV
/DER°WHGHYLWHVVHVDXWRPDWLTXHDVVXUHQRUPDOHPHQWO REWHQWLRQ
G XQHSXLVVDQFHGHWUDFWLRQDG«TXDWHHQPRQW«H
'DQVFHUWDLQHVVLWXDWLRQVLOSHXWDUULYHUTXHODPDFKLQHVRLW¢
FKHYDOHQWUHGHX[UDSSRUWVF HVW¢GLUHTX HOOHSDVVH
FRQWLQXHOOHPHQWGHO XQ¢O DXWUHDOWHUQDWLYHPHQW

9
/DUDLVRQHVWTXHODSXLVVDQFHQ HVWSDVVXIILVDQWHSRXUUHVWHUVXU
OHUDSSRUWVXS«ULHXUPDLVTX HOOHO HVWSDUFRQWUHSRXUPRWLYHUOH
SDVVDJHGXUDSSRUWLQI«ULHXUVXUFHOXLFL
,OH[LVWHGHX[PDQLªUHVG «YLWHUFHSK«QRPªQH
&KRLVLUOHUDSSRUWLPP«GLDWHPHQWLQI«ULHXU
RX
$FWLYHUOHEORFDJHGHFKDQJHPHQWGHUDSSRUW¢O DLGHGH
O LQWHUUXSWHXUGXSDQQHDXGHFRPPDQGH
)RQFWLRQQHPHQWHQGHVFHQWH
$9(57,66(0(17
/RUVG XQG«SODFHPHQWHQSHQWHVRXVSOHLQHFKDUJHO DFWLRQ
FRPELQ«HGXIUHLQVXU«FKDSSHPHQWHWGXIUHLQPRWHXUSHXW
V DY«UHULQVXIILVDQW/DYLWHVVHGHG«SODFHPHQWDXJPHQWHDORUV
8WLOLVH]OHVIUHLQVGHURXWHSRXUU«GXLUHODYLWHVVH
9
3«GDOHGHIUHLQ $9(57,66(0(17
$)UHLQPRWHXUG «FKDSSHPHQW /DLVVHUODER°WHGHYLWHVVHDXSRLQWPRUWGDQVXQHGHVFHQWHSHXW
%)UHLQVGHURXWHHWIUHLQPRWHXUIUHLQ HQWUD°QHUGHVGRPPDJHV¢ODWUDQVPLVVLRQRXODSHUWHGHFRQWU¶OH
G «FKDSSHPHQWHQFRPELQDLVRQ GHODPDFKLQH3DVVH]WRXMRXUVXQUDSSRUWGHPDUFKHDYDQWGH
GHVFHQGUHXQHSHQWH
4XHOTXHVUªJOHV¢VXLYUH
7HFKQLTXHGHFRQGXLWH
5«GXLVH]ODYLWHVVHDYDQWXQHGHVFHQWH
6«OHFWLRQQHUOHP¬PHUDSSRUWSRXUODFRQGXLWHHQG«VFHQWH
TXHSRXUODFRQGXLWHHQPRQW«H
8WLOLVHUHQSULRULW«OHIUHLQPRWHXUG «FKDSSHPHQW

3RXU«YLWHUXQHXVXUHHWXQHFRQWUDLQWHLQXWLOHVGHODWUDQVPLVVLRQ
$)
VXLYUHOHVLQVWUXFWLRQVGHFRQGXLWHFLGHVVRXV
(QFDVGHULVTXHGHVXUU«JLPHOHSDVVDJHVHIDLWVXUOHUDSSRUW
LPP«GLDWHPHQWVXS«ULHXULQG«SHQGDPPHQWGHODSRVLWLRQGX
V«OHFWHXUGHYLWHVVHVHWGXYHUURXLOODJHGXFKDQJHPHQWGH
YLWHVVH'HODªUH¢ODªPHYLWHVVHOHFKDQJHPHQWVHSURGXLW
¢WUPLQ WUV SRXU$)HW¢WUPLQ WUV
9
SRXU$)
/RUVTXHODªPHYLWHVVHGHPDUFKHDYDQWRXODªPHGH
$)$))6 PDUFKHDUULªUHHVWDWWHLQWHHWTXHOHU«JLPHPRWHXUG«SDVVH
9LWHVVHPD[LPDOHDXWRULV«HHQPRQW«H WUPLQ WUV SRXU$)HWWUPLQ WUV SRXU
$)O HPEUD\DJHGHEORFDJHGDQVODER°WHGHYLWHVVHVHVW
G«VHQJDJ«HWOHVIUHLQVGHVHUYLFHVRQWDFWLRQQ«VDXERXWGH
GHX[VHFRQGHV
$WUPLQ WUV SRXU$)HWWUPLQ WUV
$)
SRXU$)OHVIUHLQVGHVHUYLFHVRQWDFWLRQQ«V
LPP«GLDWHPHQW
9
$)$))6
9LWHVVHPD[LPDOHDXWRULV«HHQPRQW«H

7HFKQLTXHGHFRQGXLWH
'LII«UHQWVW\SHVGHWHUUDLQVQ«FHVVLWHQWGLII«UHQWHVWHFKQLTXHVGH
FRQGXLWH([DPLQHUO «WDWGXWHUUDLQDYDQWG \FRQGXLUHODPDFKLQH
HQFDVG LQFHUWLWXGHVLO RQFUDLQWGHV HQOLVHU
7RXMRXUVXWLOLVHUODWUDQVPLVVLRQDX[URXHVSRXUO XWLOLVDWLRQ
WRXWWHUUDLQORUVTX LO\DULVTXHGHSDWLQDJHGHVURXHV
/HVEORFDJHVGHGLII«UHQWLHOVWUDQVYHUVDX[GRLYHQWWRXMRXUV
¬WUHHQFOHQFK«VDYDQWTX XQHGHVURXHVFRPPHQFH¢SDWLQHU
6XUOHVWUDMHWVHQWRXWWHUUDLQR»H[LVWHXQULVTXHG HQOLVHPHQW
XWLOLVHUO DUWLFXODWLRQGHFK¤VVLVHQFRPELQDLVRQDYHFOHV
EORFDJHVGHGLII«UHQWLHOVSRXUXQHPHLOOHXUHDGK«UHQFH
PDUFKHHQFDQDUG
9
2EWHQLUO DXWRULVDWLRQGHODGLUHFWLRQGXFKDQWLHUDYDQWGHURXOHU
HQWRXWWHUUDLQ
6XUVROPHXEOHORUVTXHO HVSDFHGLVSRQLEOHOHSHUPHWLOHVW
UHFRPPDQG«GHQHSDVURXOHUFKDTXHIRLVGDQVOHVP¬PH
WUDFHV&HOD«YLWHGHFUHXVHUGHVRUQLªUHVGHSOXVHQSOXV
SURIRQGHV
9
%ORFDJHVGHGLII«UHQWLHOVHWWUDFWLRQ[

7HFKQLTXHGHFRQGXLWH
$9,6
(YLWHUGHURXOHUHQWUDYHUVGHIRUWHVSHQWHVRXVXUGHVSLHUUHV
FRXSDQWHVRXGHVVRXFKHV
9
0DUFKHHQFDQDUG

7HFKQLTXHGHFRQGXLWH
1HSDVURXOHUWURSSUªVGHVERUGVGHTXDLGHVSDVVHUHOOHVHWF
0DQRHXYUHUOHQWHPHQWTXDQGO HVSDFHHVWFRPSW«HWY«ULILHU
TX LO\DVXIILVDPPHQWGHSODFHSRXUODPDFKLQHHWVDFKDUJH
3RXUWUDYDLOOHUVRXVWHUUHXQ«TXLSHPHQWVS«FLDOSDUH[HPSOH
XQPRWHXUKRPRORJX«HVWQ«FHVVDLUHDX[8HWGDQVOHV
SD\VGHOD&RPPXQDXW«HXURS«HQQH&RQWDFWHUOH
FRQFHVVLRQQDLUH
8WLOLVHUO «FODLUDJHGHODPDFKLQHSRXUWUDYDLOOHUGDQVGH
PDXYDLVHVFRQGLWLRQVG «FODLUDJHSDUH[HPSOH¢O LQW«ULHXURX
GDQVGHVWXQQHOV
1HSDVWUDYDLOOHUDYHFODPDFKLQHQLO XWLOLVHUTXDQGODYLVLELOLW«
HVWWUªVPDXYDLVHSH[GDQVXQ«SDLVEURXLOODUGORUVG XQH
WHPS¬WHGHQHLJHRXHQFDVGHIRUWHSOXLH
/DPDFKLQHGRLW¬WUH«TXLS«HVS«FLDOHPHQWSRXUWUDYDLOOHUGDQV
XQHQYLURQQHPHQWFRQWDPLQ«RXGDQJHUHX[SRXUODVDQW«
&RQWDFWHUOHFRQFHVVLRQQDLUH9«ULILHU«JDOHPHQWOD
U«JOHPHQWDWLRQORFDOHDYDQWG HQWUHUGDQVOD]RQH
/LJQHD«ULHQQHKDXWHWHQVLRQ
$9(57,66(0(17
6 DVVXUHUTXHODPDFKLQHQ HQWUHSDVHQFRQWDFWDYHFGHVOLJQHV
«OHFWULTXHV/HFRQWDFWG XQHSDUWLHGXFRUSVDYHFXQHPDFKLQH
TXLFRQGXLWO «OHFWULFLW«SHXWHQWUD°QHUGHVEOHVVXUHV
&RQWDFWH]WRXMRXUVVRQSURSUL«WDLUHDYDQW /DKDXWHWHQVLRQHVWWUªVGDQJHUHXVHHWVXIILVDPPHQW«OHY«H
G HIIHFWXHUGHVWUDYDX[SUªVG XQHLQVWDOODWLRQ¢
SRXUG«WUXLUHODPDFKLQHHWO RXWLO,OHVWH[WU¬PHPHQWGDQJHUHX[
KDXWHWHQVLRQ

G HQWUHUHQFRQWDFWDYHFRXG DSSURFKHUGHF¤EOHVKDXWHWHQVLRQ
&RQWDFWH]WRXMRXUVODFRPSDJQLHG «QHUJLHDYDQWGHWUDYDLOOHU¢
SUR[LPLW«GHF¤EOHVKDXWHWHQVLRQ&RQWU¶OH]OHVSUHVFULSWLRQV
VS«FLDOHV«WDEOLHVSDUODFRPSDJQLHG «QHUJLHFRQFHUQDQWOH
WUDYDLOODSU«VHQFHSUªVGHVF¤EOHV
&RQVLG«UH]WRXVOHVF¤EOHVFRPPHFRQGXFWHXUVGHFRXUDQW\
FRPSULVFHX[TXLHQSULQFLSHVRQWKRUVWHQVLRQ/HWUDYDLO
FRPSRUWHXQULVTXHWUªVV«ULHX[ORUVTXHODGLVWDQFHGHODPDFKLQH
RXGHVRQFKDUJHPHQWSDUUDSSRUW¢XQF¤EOHHVWLQI«ULHXUH¢OD
GLVWDQFHGHV«FXULW«PLQLPDOH9RLUOHWDEOHDXFLGHVVRXV
7HQVLRQ 'LVWDQFH
9ROWV 9 P IW
a
a
a
a
a
a
a
a
1 RXEOLH]SDVTXHODWHQVLRQGXF¤EOHKDXWHWHQVLRQG«WHUPLQH
ODGLVWDQFHGHV«FXULW«/HVG«FKDUJHV«OHFWULTXHVSHXYHQW
HQGRPPDJHUODPDFKLQHHWEOHVVHUOHFRQGXFWHXU¢XQH
GLVWDQFHUHODWLYHPHQWJUDQGHGXF¤EOH«OHFWULTXH
7HFKQLTXHGHFRQGXLWH
&RQWU¶OH]OHVPHVXUHV¢SUHQGUHVLXQFRQGXFWHXUHVWH[SRV«
¢XQHG«FKDUJH«OHFWULTXH
$77(17,21
/RUVGXWUDQVSRUWGHODPDFKLQHSUHQH]«JDOHPHQWHQFRPSWH
OHVOLJQHV«OHFWULTXHVD«ULHQQHV
&¤EOHVGHFRQWDFWGHVFKHPLQVGHIHU
$9(57,66(0(17
1HSDVRXEOLHUTXHOHVOLJQHV«OHFWULTXHVGHVYRLHVDGMDFHQWHV
SHXYHQW«JDOHPHQW¬WUHVRXVWHQVLRQ
/HFKDUJHPHQWHWOHG«FKDUJHPHQWQHVRQWDXWRULV«VTX HQWUHOHV
SODTXHVOLPLWHV/HVSODTXHVSHXYHQW¬WUHPRQW«HVGDQVOHF¤EOH
RXVXUGHVSRWHDX[VS«FLDX[
&RQWDFWH]OHSHUVRQQHOGHVFKHPLQVGHIHUKDELOLW«SRXUREWHQLU
O DXWRULVDWLRQQ«FHVVDLUHSRXUOHFKDUJHPHQWRXOH
G«FKDUJHPHQW
$SUªVXQHLQWHUUXSWLRQGXWUDYDLOUHSUHQH]WRXMRXUVFRQWDFW
DYHFOHSHUVRQQHOGHVFKHPLQVGHIHU
&KDPS«OHFWURPDJQ«WLTXH &(0
7UDYDLOOHUGDQVGHVHQGURLWVH[SRV«VDX[FKDPSV
«OHFWURPDJQ«WLTXHV(0)
/DGLUHFWLRQGXFKDQWLHUDO REOLJDWLRQGHVDYRLUV LOH[LVWHGHV
HQGURLWVR»VRQWSU«VHQWVGHVFKDPSV«OHFWURPDJQ«WLTXHV
SXLVVDQWVHWG HQLQIRUPHUOHFRQGXFWHXUGHODPDFKLQH
/HFRQGXFWHXUGRLWV LQIRUPHUSRXUVDYRLUVLOHVLWHGHWUDYDLOHVW
H[SRV«¢GHVFKDPSV«OHFWURPDJQ«WLTXHVSXLVVDQWV
&DQDOLVDWLRQVHWF¤EOHVHQWHUU«V
6 DVVXUHUTXHOHVDXWRULW«VRXHQWUHSULVHVUHVSRQVDEOHVGHV
F¤EOHVHWFDQDOLVDWLRQVHQWHUU«VRQW«W«FRQWDFW«HVHWTXHOHXUV
LQVWUXFWLRQVRQW«W«VXLYLHV3UHQGUH«JDOHPHQWFRQQDLVVDQFH
GHVUªJOHPHQWVV DSSOLTXDQWDXSHUVRQQHOHQPDWLªUH
G H[SRVLWLRQVGHF¤EOHVHWGHFDQDOLVDWLRQV1RUPDOHPHQWVHXOOH
SURSUHSHUVRQQHOGHVVRFL«W«VGHVHUYLFHSHXWG«JDJHUOHVF¤EOHV
HWHQU«DOLVHUXQHVXVSHQVLRQSURYLVRLUH
7UDYDLOHQSHQWH
)DLUHDWWHQWLRQHQFDVG RXYHUWXUHGHODSRUWLªUH«WDQWGRQQ«
TX HOOHSHXWVHEDODQFHU¢FDXVHGHVRQSRLGVPRUW(QFDVGH
IHUPHWXUHV DVVXUHUTX HOOHHVWFRPSOªWHPHQWIHUP«H
1HSDVGHVFHQGUHG XQHSHQWHHQPDUFKHDUULªUH
5RXOHUGRXFHPHQW¢O DSSURFKHG XQHPRQW«HRXVXUXQH
G«VFHQWH
1HSDVFKDQJHUGHGLUHFWLRQHQFDVGHFRQGXLWHVXUXQH
PRQW«HRXVXUOHF¶W«G XQHSHQWH
7HFKQLTXHGHFRQGXLWH
7UDYDLOGDQVO HDXRXVXUVROPDU«FDJHX[
)DLUHWUªVDWWHQWLRQHQFDVGHFRQGXLWHGDQVXQHPDVVHG HDXRX
GHWUDYHUV«HG XQUXLVVHDXQRWDPPHQWVLO HDXHVWQRLUHWURXEOH
RXWXUELGH/HFRXUVG HDXSRXUUDLWFDFKHUGHVREVWDFOHVVRXVOD
VXUIDFHRXODSURIRQGHXUSRXUUDLWFKDQJHUVRXGDLQHPHQWFHTXL
SRXUUDLWPHWWUHHQGDQJHUOHFRQGXFWHXUHWODPDFKLQH$EVWHQH]
YRXVGHFRQGXLUHGDQVOD]RQHVLYRXVQ ¬WHVSDVFHUWDLQGHOH
IDLUHVDQVSUHQGUHGHVULVTXHV
$SUªVDYRLUURXO«GDQVO HDXOHVSRLQWVGHOXEULILFDWLRQVXUOH
FK¤VVLVSRUWHXUTXLRQW«W«VRXVO HDXGRLYHQW¬WUHJUDLVV«V
SRXU«OLPLQHUO HDX
'HVSODQFKHVORXUGHVSHXYHQW¬WUHXWLOLV«HVSRXUVHUYLUGH
VXSSRUW¢ODPDFKLQHHQFDVGHFRQGXLWHVXUXQVRO
PDU«FDJHX[/HVSODQFKHVGRLYHQW¬WUHPDLQWHQXHVDXVVL
SODWHVHWSURSUHVTXHSRVVLEOH
7UDYDLOSDUWHPSVIURLG
$9(57,66(0(17
WUªVEDVVHWHPS«UDWXUHOHV\VWªPHK\GUDXOLTXHGHODPDFKLQH
U«DJLWOHQWHPHQW,OIDXWGRQF¬WUHSUXGHQWMXVTXಬ¢FHTXHOH
V\VWªPHDLWDWWHLQWVDWHPS«UDWXUHGಬH[SORLWDWLRQGHID©RQ¢«YLWHU
OHVDFFLGHQWV
/LUHOHVFRQVHLOVSRXUOHG«PDUUDJH9RLUSDJH
/HVIHQ¬WUHVGRLYHQW¬WUHH[HPSWHVGHJODFHHWGHQHLJHDYDQW
WRXWHXWLOLVDWLRQGHODPDFKLQH
3U¬WHUDWWHQWLRQDX[SLªFHVJOLVVDQWHVGHODPDFKLQH5RXOHU
XQLTXHPHQWGDQVGHVHQGURLWVR»OHVROHVWDQWLG«UDSDQW
8WLOLVHUXQJUDWWRLUSRXUHQOHYHUODJODFHVXUOHVIHQ¬WUHV$X
EHVRLQXWLOLVHUXQJUDWWRLUDYHFXQHORQJXHSRLJQ«HRXXQH
«FKHOOH
$9(57,66(0(17
YLWHUOHFRQWDFWHQWUHXQHSHDXQRQSURW«J«HHWGHVREMHWV
P«WDOOLTXHVWUªVIURLGVFDUODSHDXSHXWJHOHUVXUOHP«WDO
$9(57,66(0(17
'«EUDQFKH]OHFKDXIIDJH«OHFWULTXHGXPRWHXUDYDQWGHSURF«GHU
¢OಬHQWUHWLHQGHODPDFKLQHIDXWHGHTXRLLO\DULVTXHGHEU½OXUH
RXGHG«FKDUJH«OHFWULTXH
7UDYDLOHQ]RQHSROOX«H
/HVPDFKLQHVH[SORLW«HVGDQVGHV]RQHVSROOX«HVHWRX
GDQJHUHXVHVSRXUODVDQW«GRLYHQWGLVSRVHUG XQ«TXLSHPHQW
VS«FLDOSRXUFHWHQYLURQQHPHQW
/HVILOWUHV¢DLUGHFDELQHHWGHPRWHXUXWLOLV«VVXUGHVPDFKLQHV
WUDYDLOODQWGDQVGHVHQYLURQQHPHQWVFRQWHQDQWGHO DPLDQWHRX
G DXWUHVSRXVVLªUHVGDQJHUHXVHVGRLYHQW¬WUHSODF«VGDQVXQ
7HFKQLTXHGHFRQGXLWH
VDF«WDQFKHDFFRPSDJQDQWOHILOWUHQHXISXLV¬WUHFRQIL«VSRXU
GHVWUXFWLRQ
7HFKQLTXHGHFRQGXLWH
&KDUJHPHQW
&KDUJHPHQW
3ODFHUOHWRPEHUHDX¢O HQGURLWLQGLTX«7LUHUSDUWLGXFK¤VVLV
DUWLFXO«HWVHSODFHUVRXVO DQJOHOHPLHX[DSSURSUL«SRXUOH
FKDUJHPHQW6XUYHLOOHUVHVU«WURYLVHXUVHWJDUGHUOHFRQWDFW
YLVXHODYHFOHFRQGXFWHXUGHO HQJLQGHFKDUJHPHQWHQFDVGH
PDUFKHDUULªUH
$FWLYH]OHIUHLQGHFKDUJHPHQWHWGHEDVFXOHPHQWYRLUODSDJH

9
9HLOOHU¢FHTXHODEHQQHVRLWDEDLVV«HGXUDQWOHFKDUJHPHQW
6LQRQODWRWDOLW«GHODFKDUJHUHSRVHUDVXUOHVY«ULQVGHOHYDJH
DXOLHXGXFK¤VVLV
$9,6
1 RXEOLH]SDVTXHHQWDQWTXHFRQGXFWHXUYRXVDYH]OD
UHVSRQVDELOLW«GHODWDLOOHHWGXSRLGVGXFKDUJHPHQW9RLUSDJH

$YDQWGHG«PDUUHUFRQWU¶OHUTX DXFXQHSDUWLHGXFKDUJHPHQW
VRXFKHVRXSLHUUHVSDUH[HPSOHQHULVTXHGHWRPEHUGHODEHQQH
HWGHSURYRTXHUGHVG«J¤WV5HWLUHUSDUDLOOHXUVWRXWFHTXL
G«SDVVH
8WLOLVDWLRQ
/HVWRPEHUHDX[9ROYRRQWG H[FHOOHQWHVSURSUL«W«VWRXWWHUUDLQ
TX LOHVWVRXYHQWSRVVLEOHG XWLOLVHUSRXUUDFFRXUFLU¢ODIRLVOHV
WUDMHWVHWOHVWHPSVGHWUDQVSRUW
6XLYUHOHVLWLQ«UDLUHVLQGLTX«V6LYRXVFRQVLG«UH]TX LOHVW
SRVVLEOHG HPSUXQWHUXQUDFFRXUFLHQWRXWWHUUDLQRXGHTXLWWHUOD

URXWHSRXUIDFLOLWHUOHVFURLVHPHQWVDYHFGHVY«KLFXOHVURXODQWHQ
VHQVLQYHUVHLOIDXWSU«DODEOHPHQWREWHQLUO DXWRULVDWLRQGHOD
9
GLUHFWLRQGXFKDQWLHU
/ «WDWGHODURXWHDXQHJUDQGHLQIOXHQFHVXUOHVSHUIRUPDQFHVGX
WRPEHUHDX6LOHWUDMHWHVWORQJHWODFKDXVV«HHQPDXYDLV«WDW
HVVD\HUGHFRQYDLQFUHODGLUHFWLRQGXFKDQWLHUGHPDLQWHQLUXQ
PHLOOHXUVWDQGDUG¢FHQLYHDXDILQTXHYRXVSXLVVLH]URXOHUSOXV
YLWHHWGRQFJDJQHUHQHIILFDFLW«
PDW«ULDXO«JHU
TXLSHPHQWRSWLRQQHO
/HVPDFKLQHV«TXLS«HVG XQHEHQQHVXU«OHY«HSRXUPDW«ULDX[
O«JHUVQHGRLYHQW¬WUHXWLOLV«HVTXHSRXUOHVPDW«ULDX[O«JHUV/D
VWDELOLW«GHODPDFKLQHSHXW¬WUHPHQDF«HVLGHVPDW«ULDX[SOXV
ORXUGVVRQWSODF«VGDQVODEHQQH/HFHQWUHGHJUDYLW«GHOD
PDFKLQH«WDQWSOXVKDXWTXHVXUOHVPDFKLQHVVDQVEHQQH
VXU«OHY«HODYLWHVVHGHWUDQVSRUWGRLW¬WUHPRLQV«OHY«H
/ DXWRFROODQWGHFKDUJHPD[LPDOHHVWSODF«VXUODIHQ¬WUHGHOD
FDELQH
7HFKQLTXHGHFRQGXLWH
'«FKDUJHPHQW
'«FKDUJHPHQW
&XOEXWDJH
GHVFKDUJHV
$9(57,66(0(17
/DPDFKLQHULVTXHGHVHUHWRXUQHU
/DSHQWHSHXWHQWUD°QHUXQUHWRXUQHPHQWSURYRTXDQWGHJUDYHV
EOHVVXUHVRXODPRUW
&RQWU¶OH]O «WDWGXVRODYDQWGHG«FKDUJHU
(QFDVGHEDVFXOHPHQWVXUXQHSHQWHQHSDVIDLUHXQHPDUFKH
DUULªUHWDQWTXHO HVVLHXDUULªUHHVWHQFRUHVXUODWHUUHIHUPH
9«ULILHUOHVROLGLW«GHODSHQWH
/DP«WKRGHGHG«FKDUJHPHQWG«SHQGGHVFDUDFW«ULVWLTXHVGX
OLHXGHG«FKDUJHPHQW
0«WKRGH$&HFLHVWODPDQLªUHODSOXVUDSLGHGHG«FKDUJHUV LO\
DVXIILVDPPHQWG HVSDFHHWVLOHVPDW«ULDX[G«FKDUJ«VGRLYHQW
¬WUHHQVXLWHG«YHUV«VVXUXQHSHQWH
0«WKRGH%UHFXOHUDXVVLORLQTXHSRVVLEOHYHUVOHERUGGHVRUWH
TXHODPDMHXUHSDUWLHGXFKDUJHPHQWSDVVHOHERUG&HFLSHUPHW
G «YLWHUO XWLOLVDWLRQG XQHPDFKLQHGHG«EODLHPHQWVXUOHOLHXGH
G«FKDUJHPHQW
9 $9,6
1HIDLWHVSDVGHPDUFKHDUULªUHVLYRXVQ ¬WHVSDVV½UTXHO HVVLHX
DUULªUHHVWHQFRUHVXUODWHUUHIHUPH9«ULILH]OHVROLGLW«GHOD
SHQWH
6XUYHLOOHUWRXMRXUVOHVU«WURYLVHXUVGXUDQWODPDQĕXYUHGHUHFXO
6 DUU¬WHUORUVTXHOHVURXHVGHO HVVLHXDUULªUHDWWHLJQHQWOHERUG
(YLWHUG HPSUXQWHUWRXMRXUVOHVP¬PHVWUDFHVSRXUU«GXLUHOH
ULVTXHG HQOLVHPHQW8WLOLVHUXQHSDUWLHGXFKDUJHPHQWSRXUOH
SODFHUVXUOHERUGGHG«YHUVHPHQW
9

0«WKRGH&3RXUG«YHUVHUVXUXQWDVGHPDW«ULDXUHFXOHU
MXVTX DXWDVHWG«YHUVHU5RXOHUO«JªUHPHQWHQDYDQWSHQGDQWOD
SKDVHILQDOHGXG«YHUVHPHQW
9

7HFKQLTXHGHFRQGXLWH
'«FKDUJHPHQW
0«WKRGH'6 LOHVWSU«YXGHU«DOLVHUXQDFFRWHPHQWRXXQH
HVSODQDGHGHIDLEOHKDXWHXULOHVWDYDQWDJHX[G XWLOLVHUOHV
SURSUL«W«VWRXWWHUUDLQGHODPDFKLQHVXUO DLUHGHG«FKDUJHPHQW
3RXUWRXWG«YHUVHPHQW
$YDQWGHEDVFXOHUODEHQQHY«ULILHUTX LOQ \DSHUVRQQH¢
9
SUR[LPLW«GXWRPEHUHDX
1HSDVUHOHYHUODEHQQHHQFRXUVGHPDUFKHDUULªUHHQWHUUDLQ
DFFLGHQW«
6LOHVROHVWWURSLQFOLQ«ODW«UDOHPHQWUHSRVLWLRQQHUODPDFKLQH
DYDQWGHG«FKDUJHU
*DUHUODPDFKLQHHQOLJQHGURLWH(QFOHQFKHUOHIUHLQGH
FKDUJHPHQWHWGHEDVFXOHPHQW9RLUSDJH5HFXOHUOD
FRPPDQGHGHEDVFXOHPHQWMXVTX ¢GDQVODSRVLWLRQGH
EDVFXOHPHQWHWDXJPHQWHUOHU«JLPHPRWHXU
5«GXLVH]OHU«JLPHGXPRWHXUDYDQWTXHODEHQQHVRLWHQ
SRVLWLRQKDXWH
$YDQFHUGHTXHOTXHVPªWUHVDYDQWGHUHGHVFHQGUHODEHQQH
5DPHQHUODFRPPDQGHGHEDVFXOHPHQWHQSRVLWLRQGH
IORWWHPHQW
1HMDPDLVURXOHUDYHFODEHQQHEDVFXO«HSOXVTXHVWULFWHPHQW
Q«FHVVDLUH1HSDVHVVD\HUGHEUDTXHUGDQVXQVHQVRXGDQV
O DXWUHDXFDVR»OHFKDUJHPHQWFROOHDORUVTXHODEHQQHHVW
EDVFXO«H

7HFKQLTXHGHFRQGXLWH
+DXOHUFKDVVLV
+DXOHUFKDVVLV
' XQHPDQLªUHJ«Q«UDOHWRXWHVOHVLQVWUXFWLRQVG XWLOLVDWLRQ

FRQWHQXHVGDQVFH0DQXHOG HQWUHWLHQV DSSOLTXHQWDXVVLDX
FK¤VVLVGXY«KLFXOH7RXWHIRLVOHVLQVWUXFWLRQVUHODWLYHV¢OD
EHQQHQHVHURQWSHXW¬WUHSDVDSSOLFDEOHVVHORQTXHODYHUVLRQ
9 GXY«KLFXOHHVWRXQRQ«TXLS«HG XQHEHQQHEDVFXODQWH/HV
+DXOHUFKDVVLV+& LQIRUPDWLRQVVXUODVXSHUVWUXFWXUHDMRXW«HVHWURXYHQWGDQVOH
PDQXHOIRXUQLSDUOHFDUURVVLHU
7RXMRXUVJDUGHUFHVGRFXPHQWVGDQVODFDELQHHWOHVUHPSODFHU
V LOVVRQWSHUGXVRXVRQWGHYHQXVLOOLVLEOHV
/HVGLPHQVLRQVGHVGLII«UHQWHVYHUVLRQVVHWURXYHQW¢ODSDJH

/DVXSHUVWUXFWXUHDMRXW«HGHYUD¬WUHLQVWDOO«FRQIRUP«PHQWDX[
,QVWUXFWLRQVSRXUOHVFDUURVVLHUVGH9ROYR&RQVWUXFWLRQ
(TXLSPHQW
7HFKQLTXHGHFRQGXLWH
+DXOHUFKDVVLV
$FWLYDWLRQGXV\VWªPHK\GUDXOLTXHHWGXIUHLQ
GHFKDUJHPHQWHWGHEDVFXOHPHQW
/HV«TXLSHPHQWVK\GUDXOLTXHVVXSSO«PHQWDLUHVHWOHIUHLQGH
FKDUJHHWGHEDVFXOHPHQWVRQWDFWLY«VHWG«VDFWLY«VSDUGHV
FRPPXWDWHXUVVXUOHSDQQHDXGHFRPPDQGHGHODFDELQH3RXU
OHVPDFKLQHV+DXOHUFKDVVLVOHOHYLHUGHEDVFXOHPHQWQ HVWSDV
DFWLY« SDVFRQQHFW« HWHVWGRQFLQRS«UDQW
$9,6
9«ULILHUOHIRQFWLRQQHPHQWGHVFRPPXWDWHXUVHWFRPPDQGHV
GDQVOHPDQXHOG HQWUHWLHQGHODVXSHUVWUXFWXUHDMRXW«H
$FWLYDWLRQGHVIRQFWLRQVK\GUDXOLTXHV
VXSSO«PHQWDLUHV

/HVIRQFWLRQVK\GUDXOLTXHVVXSSO«PHQWDLUHVVRQWDFWLY«HVHW
G«VDFWLY«HVSDUOHFRPPXWDWHXUGHVV\VWªPHVK\GUDXOLTXHV

6\VWªPHVK\GUDXOLTXHV
VXSSO«PHQWDLUHVYRLUODUXEULTXH
VXSSO«PHQWDLUHV «TXLSHPHQWHQRSWLRQ GDQVODVHFWLRQ
' &RPPDQGHV¢SDUWLUGHODSDJH
1
5
$8;
$8
;

9
7DEOHDXGHFRPPDQGH
&RPPXWDWHXUSRXUIRQFWLRQVK\GUDXOLTXHV
VXSSO«PHQWDLUHV
&RPPXWDWHXUSRXUIUHLQGHFKDUJHPHQWHWGH
EDVFXOHPHQW

$FWLYDWLRQGXIUHLQGHFKDUJHPHQWHWGHEDVFXOHPHQW
/HIUHLQGHFKDUJHPHQWHWGHEDVFXOHPHQWHVWDFWLY«SDUXQH
SUHVVLRQVXUOHFRPPXWDWHXUFRUUHVSRQGDQWTXLHVWVLWX«VXUOH
SDQQHDXGHFRPPDQGH¢F¶W«GXOHYLHUGHEDVFXOHPHQW9RLUOD
UXEULTXH)UHLQGHFKDUJHPHQWHWGHEDVFXOHPHQWGDQVOD
VHFWLRQ&
7HFKQLTXHGHFRQGXLWH
+DXOHUFKDVVLV
(VVXLHJODFH
9LWUHDUULªUH
/ HVVXLHJODFHHWOHODYHJODFHGHYLWUHDUULªUHVRQWDFWLY«VSDUOH
FRPPXWDWHXUSU«YXVXUOHSDQQHDXGHFRPPDQGH9RLUOD
UXEULTXH
(VVXLHJODFHDUULªUH «TXLSHPHQWHQRSWLRQ GDQVOD
VHFWLRQ&

'
1
5
$8
;
9
7DEOHDXGHFRPPDQGH
&RPPXWDWHXUG HVVXLHJODFHHWODYHJODFH
GHYLWUHDUULªUH

7HFKQLTXHGHFRQGXLWH
6LODYLVLELOLW«GHO RS«UDWHXUHVWOLPLW«HSH[¢FDXVHG XQHJURVVH
FKDUJHIDLUHDSSHO¢XQVLJQDOHXU
3OXVOHOHYDJHO DEDLVVHPHQWRXOHPRXYHPHQWUHTXLVHVWUDSLGH
SOXVOHVPRXYHPHQWVGXVLJQDOHXUGHYURQW¬WUHYLIV6LGHX[RX
SOXVLHXUVRS«UDWHXUVXWLOLVHQWOHP¬PHVLJQDOHXUG«WHUPLQHU¢
O DYDQFHFRPPHQWOHOHYDJHGRLW¬WUHIDLWHWFRPPHQWOHVVLJQDX[
VHURQWGRQQ«V¢FKDTXHRS«UDWHXU
'0$55(5 6723 ),1

%UDV«WHQGXVKRUL]RQWDOHPHQW %UDVGURLWGLULJ«YHUVOHKDXWDYHF 0DLQVWHQXHVHQVHPEOH¢KDXWHXU
DYHFOHVSDXPHVRULHQW«HVYHUVOH ODSDXPHRULHQW«HYHUVO DYDQW GHODSRLWULQH
KDXW

/(9(5 $%$,66(5 ',67$1&(9(57,&$/(

%UDVGURLWGLULJ«YHUVOHKDXWDYHF %UDVGURLWGLULJ«YHUVOHEDVDYHFOD /HVPDLQVLQGLTXHQWODGLVWDQFH
ODSDXPHRULHQW«HYHUVO DYDQWHWOD SDXPHRULHQW«HYHUVO DYDQWHWOD DSSOLFDEOH
PDLQGHVVLQDQWOHQWHPHQWXQ PDLQGHVVLQDQWOHQWHPHQWXQ
FHUFOH FHUFOH
$9$1&(5 5(&8/(5 '$1*(5 $557' 85*(1&(

/HVGHX[EUDVUHSOL«VDYHFOHV /HVGHX[EUDVUHSOL«VDYHFOHV %UDVOHY«VDYHFOHVSDXPHV
SDXPHVRULHQW«VYHUVOHKDXWHWOHV SDXPHVRULHQW«VYHUVOHEDVHWOHV RULHQW«HVYHUVO DYDQW
DYDQWEUDVVHG«SOD©DQWOHQWHPHQW DYDQWEUDVVHG«SOD©DQWOHQWHPHQW
HWGHID©RQU«S«W«HYHUVOHFRUSV HWGHID©RQU«S«W«HYHUVOHFRUSV
7HFKQLTXHGHFRQGXLWH
0$12(895(5'$16/(6(16 0$12(895(5'$16/(6(16 ',67$1&(+25,=217$/(

,1',48 ,1',48 /HVPDLQVLQGLTXHQWODGLVWDQFH
%UDV«WHQGXKRUL]RQWDOHPHQWDYHF %UDV«WHQGXKRUL]RQWDOHPHQWDYHF DSSOLFDEOH
ODSDXPHRULHQW«HYHUVOHEDVHW ODSDXPHRULHQW«HYHUVOHEDVHW
SHWLWVPRXYHPHQWVOHQWVHQDUULªUH SHWLWVPRXYHPHQWVOHQWVHQDUULªUH
HWHQDYDQW¢GURLWH HWHQDYDQW¢JDXFKH

&HWWHVHFWLRQWUDLWHGHVUªJOHVGHV«FXULW«TXLGRLYHQW¬WUHVXLYLHV
HQFDVG LQVSHFWLRQRXG LQWHUYHQWLRQGDQVOHFDGUHG XQHQWUHWLHQ
9ROYR&RQVWUXFWLRQ(TXLSPHQWG«FOLQHWRXWHUHVSRQVDELOLW«VLOHV
RXWLOVGLVSRVLWLIVGHOHYDJHRXDXWUHVP«WKRGHVGHWUDYDLODXWUHV
TXHFHX[G«FULWVGDQVODSU«VHQWHSXEOLFDWLRQVRQWXWLOLV«V
' DXWUHVU«JOHVGHV«FXULW«LQIRUPDWLRQVHWWH[WHV
G DYHUWLVVHPHQWVRQWSU«VHQW«VGDQVFKDTXHVHFWLRQ
$9,6
/HOHYDJHDYHFXQFULFGRLW¬WUHH[FOXVLYHPHQWHIIHFWX«SDUXQ
SHUVRQQHOTXDOLIL«
$9(57,66(0(17
(QFDVGHWUDYDLOVXUODPDFKLQHDYDQWTXಬHOOHDLWHXOHWHPSVGH
UHIURLGLU)DLUHSUHXYHGHSUXGHQFHFDUOHVSLªFHVHWOHVOLTXLGHV
FKDXGVSHXYHQWSURYRTXHUGHVEU½OXUHV

(QWUHWLHQ
(QWUHWLHQ
(QWUHWLHQ
$9(57,66(0(17
(QFDVGHWUDYDLOVXUODPDFKLQHDYDQWTXಬHOOHDLWHXOHWHPSVGH
UHIURLGLU)DLUHSUHXYHGHSUXGHQFHFDUOHVSLªFHVHWOHVOLTXLGHV
FKDXGVSHXYHQWSURYRTXHUGHVEU½OXUHV
$77(17,21
6LODPDFKLQHHVW«TXLS«HG XQV\VWªPH)6DVVXUH]YRXVTXHOH
V\VWªPHHVWHQSRVLWLRQEDVVHDYDQWGHFRPPHQFHUWRXWWUDYDLO
G HQWUHWLHQ
$YDQWGHFRPPHQFHUWRXWWUDYDLOG HQWUHWLHQODPDFKLQHGRLW¬WUH
SU«SDU«HSRXUO HQWUHWLHQFRPPHVXLW

9
(QWUHWLHQ
8QLTXHPHQWSRXUOHVPDFKLQHV)6

(6&
/RUVTX LOUHVWHHQYLURQPªWUHVDYDQWG DWWHLQGUHOHOLHX

6(783
G HQWUHWLHQEDLVVHUODPDFKLQHHQSRVLWLRQLQI«ULHXUHDYHF

6(/(& 7
6723
9
O LQWHUUXSWHXU

UPLQ
6WDWLRQQHUODPDFKLQHVXUXQHVXUIDFHVROLGHHWQLYHO«H
9 6HUUHUOHIUHLQGHVWDWLRQQHPHQW
&RPPXWDWHXUGXV\VWªPH)6


(QWUHWLHQ 8QHIRLVODPDFKLQHDEDLVV«HODLVVHUOHPRWHXUWRXUQHUDX
UDOHQWLSHQGDQWHQYLURQPLQXWHVSRXU«YDFXHUO KXLOHHWOD
SUHVVLRQGHVDFFXPXODWHXUV
3URFKHQWUHWLHQ 9«ULILHUODSUHVVLRQGDQVOHVY«ULQVHQRXYUDQWOHPHQX
7HVWV (QWUHWLHQGXSDQQHDXG LQIRUPDWLRQVHWHQV«OHFWLRQQDQW6XVS
K\GUDXOLTXH )6
6XVSK\GUDXOLTXH )6
(QWUHWLHQ
&KRLVLUHQVXLWH3UHVVLRQ)6,OGHYLHQWDORUVSRVVLEOHGH
UHOHYHUODSUHVVLRQGDQVOHVF\OLQGUHV/DSUHVVLRQGRLW¬WUHGH
)RQFWLRQV)6 EDU SVL SRXUWRXVOHVY«ULQV
3UHVVLRQ)6
(QWUHWLHQ

)RQFWLRQV)6
EDU EDU
EDU EDU
9
(QWUHWLHQ
$9(57,66(0(17
5LVTXHVGHEOHVVXUHVSDU«FUDVHPHQW/DPDFKLQHSHXW
WRXUQHU9HUURXLOOHUOHYHUURXLOODJHGHGLUHFWLRQ
$9(57,66(0(17
5LVTXHGHSLQFHPHQW
8QHEHQQHVRXOHY«HTXLQ HVWSDVYHUURXLOO«HSHXWWRPEHU/D
FKXWHGHODEHQQHSHXWHQWUD°QHUGHVEOHVVXUHVJUDYHVRXOD
PRUW
2QGRLWWRXMRXUVYHUURXLOOHUODEHQQHDYDQWGHVHSODFHUHQ
GHVVRXV
%ORTXHUO DUWLFXODWLRQGXFK¤VVLV¢O DLGHGHVRQYHUURXLOODJH

9RLUSDJH$EDLVVHUODEHQQHVXUOHFK¤VVLV6LO HQWUHWLHQ
GRLW¬WUHHIIHFWX«DYHFODEHQQHVRXOHY«HIL[HUDYHFOH
YHUURXLOODJHGHODEHQQHRXOHVXSSRUWGHODEHQQH9RLUSDJH

)L[HUXQSDQQHDXGHPLVHHQJDUGHDYHFGHVLQIRUPDWLRQV
LQGLTXDQWTXHOHWUDYDLOG HQWUHWLHQHVWHQFRXUVRXXQGUDSHDX
URXJHVXUOHYRODQWSHQGDQWOHWUDYDLOG HQWUHWLHQ
&RXSHUOHPRWHXUHWUHWLUHUODFOHIGHG«PDUUDJH
%ORTXHUOHVURXHVGHODPDQLªUHDSSURSUL«H DXPR\HQGH
FDOHVSDUH[HPSOH
'«SUHVVXULVHU OLE«UHUODSUHVVLRQ WRXWHVOHVFRQGXLWHVHWOHV
U«VHUYRLUVVRXVSUHVVLRQ9RLUSDJH
/DLVVH]UHIURLGLUODPDFKLQH
$9,6
3RXUWRXWHLQWHUYHQWLRQVXUOHV\VWªPH)6FRQWDFWHUXQDWHOLHU
9ROYRDJU««
$9,6
3RXUWRXWHLQWHUYHQWLRQVXUOHV\VWªPHGHIUHLQDJHFRQWDFWHUXQ
DWHOLHU9ROYRDJU««
3U«YHQLUOHVEOHVVXUHV
/LUHOHVLQVWUXFWLRQVGXPDQXHOG HQWUHWLHQDYDQWGH
FRPPHQFHU¢XWLOLVHUODPDFKLQH,OHVWDXVVLLPSRUWDQWGHOLUH
HWGHUHVSHFWHUOHVLQIRUPDWLRQVHWOHVLQVWUXFWLRQVGHVSODTXHV
HWDXWRFROODQWV
1HSDVSRUWHUGHY¬WHPHQWVDPSOHVQLGHVELMRX[TXLSHXYHQW
¬WUHKDSS«VHWHQWUD°QHUGHVEOHVVXUHV
,OFRQYLHQWGHWRXMRXUVSRUWHUXQFDVTXHXQHSURWHFWLRQSRXU
OHV\HX[ OXQHWWHV HWSRXUOHVSLHGVDLQVLTXHGHVJDQWVORUVTXH
FHODHVWUHTXLVSRXUOHVRS«UDWLRQV
6 DVVXUHUTXHODYHQWLODWLRQHVWDG«TXDWHVLOHPRWHXUGRLW¬WUH
HQPDUFKH¢O LQW«ULHXUGHVORFDX[
1HSDVVHWHQLUGHYDQWRXGHUULªUHODPDFKLQHTXDQGOHPRWHXU

HVWHQPDUFKH
&RXSHUOHPRWHXUDYDQWGHG«SRVHUOHVFDFKHVGHSURWHFWLRQ
RXG RXYULUOHVFDSRWVGHPRWHXU
/DSUHVVLRQDFFXPXO«HVUHVWHGDQVOHV\VWªPHP¬PHDSUªVOD
FRXSXUHGXPRWHXU6LOHV\VWªPHHVWRXYHUWVDQVDYRLU
SU«DODEOHPHQWG«SUHVVXULV«GXOLTXLGHVRXVKDXWHSUHVVLRQ
ULVTXHGHMDLOOLU
8WLOLVHUXQHIHXLOOHSDSLHURXGHFDUWRQSRXUFRQWU¶OHUOHVIXLWHV
MDPDLVOHVPDLQV
9HLOOHU¢FHTXHOHVVXUIDFHVGHVPDUFKHSLHGVOHVPDLQV
FRXUDQWHVHWOHVVXUIDFHVDQWLG«UDSDQWHVVRLHQWH[HPSWHV
G KXLOHGHJD]ROHGHSRXVVLªUHRXGHJODFH
,OFRQYLHQWGHQHPRQWHUTXHVXUOHVSDUWLHVGHODPDFKLQH
SRXUYXHVGHVXUIDFHVDQWLG«UDSDQWHV
,OHVWLPSRUWDQWG XWLOLVHUOHVERQVRXWLOVHWOHERQ«TXLSHPHQW
/HVRXWLOVRX«TXLSHPHQWVG«IHFWXHX[GRLYHQW¬WUHU«SDU«VRX
UHPSODF«V
6LXQHLQWHUYHQWLRQVRXVXQRXWLOOHY«HVWQ«FHVVDLUHFHGHUQLHU
GRLWG DERUG¬WUHV«FXULV«$FWLYHUODFRPPDQGHGHEORFDJHHW
VHUUHUOHIUHLQGHVWDWLRQQHPHQWVLO RXWLOHVWLQVWDOO«VXUOD
PDFKLQH
3U«YHQLUOHVGRPPDJHV¢ODPDFKLQH
8WLOLVHUXQ«TXLSHPHQWGRQWODFDSDFLW«GHOHYDJHHVWVXIILVDQWH
VLODPDFKLQHRXGHVFRPSRVDQWVGRLYHQW¬WUHOHY«VRX
VRXWHQXV
9ROYR&RQVWUXFWLRQ(TXLSPHQWQ DVVXPHUDDXFXQH
UHVSRQVDELOLW«VLOHVGLVSRVLWLIVGHOHYDJHRXWLOVPRGHV
RS«UDWRLUHVOXEULILDQWVHWSLªFHVXWLOLV«VVRQWGLII«UHQWVGHFHX[
G«FULWVGDQVOHPDQXHOG HQWUHWLHQ
9HLOOHU¢Q RXEOLHUDXFXQRXWLORXDXWUHREMHWSRXYDQWSURYRTXHU
XQGRPPDJHGDQVRXVXUODPDFKLQH
5HO¤FKHUODSUHVVLRQGXV\VWªPHK\GUDXOLTXHDYDQWGH
FRPPHQFHUO HQWUHWLHQ
1HMDPDLVU«JOHUXQHYDOYHGHG«FKDUJH¢XQHSUHVVLRQ
VXS«ULHXUH¢FHOOHUHFRPPDQG«HSDUOHFRQVWUXFWHXUGHOD
YDOYH
/HVPDFKLQHVXWLOLV«HVGDQVGHV]RQHVFRQWDPLQ«HVRX
WR[LTXHVGRLYHQW¬WUH«TXLS«HVHQFRQV«TXHQFH,OFRQYLHQW
«JDOHPHQWG DSSOLTXHUOHVFRQVLJQHVGHV«FXULW«SDUWLFXOLªUHV
SRXUO HQWUHWLHQGHWHOOHVPDFKLQHV
/RUVGHO LQVWDOODWLRQG XQHUDGLRELGLUHFWLRQQHOOHG XQ
W«O«SKRQHPRELOHRXG XQ«TXLSHPHQWVLPLODLUHO LQVWDOODWLRQ
GRLW¬WUHHIIHFWX«HFRQIRUP«PHQWDX[LQVWUXFWLRQVGXIDEULFDQW
DILQG «OLPLQHUOHVLQWHUI«UHQFHVDYHFOHV\VWªPHVHWOHV
FRPSRVDQWV«OHFWURQLTXHVSU«YXVSRXUOHIRQFWLRQQHPHQWGH
ODPDFKLQHYRLUSDJH
2S«UDWLRQVFRQFHUQDQWOHVRXGDJHG «O«PHQWV«OHFWULTXHYRLU
SDJH
9«ULILHUTXHWRXWHVOHVSODTXHVGHSURWHFWLRQWRXVOHV
FRXYHUFOHVHWWRXVOHVFDSRWVGHODPDFKLQHVRQWHQSODFH
DYDQWGHG«PDUUHUOHPRWHXUHWG XWLOLVHUODPDFKLQH
8WLOLVHUODP«WKRGHHQWURLVSRLQWV GHX[SLHGVHWXQHPDLQ
SRXUQHWWR\HUHWJUDWWHUOHSDUHEULVH
3U«YHQLUOHVHIIHWVVXUO HQYLURQQHPHQW
7HQLUFRPSWHGHO HQYLURQQHPHQWSHQGDQWOHVRS«UDWLRQV
G HQWUHWLHQHWOHVU«YLVLRQV/ KXLOHHWDXWUHVOLTXLGHVQHGRLYHQW
MDPDLV¬WUHUHMHW«VGDQVODQDWXUHFDULOVVRQWQRFLIVSRXU
O HQYLURQQHPHQW/ KXLOHVHG«JUDGHWUªVOHQWHPHQWGDQVO HDXHW
OHVV«GLPHQWV8QHOLWUHG KXLOHSHXWG«WUXLUHGHVPLOOLRQVGHOLWUHV
G HDXSRWDEOH
$9,6
'DQVOHFDGUHGHFHTXLVXLWWRXVOHVPDW«ULDX[HWOLTXLGHVXVDJ«V
GRLYHQW¬WUHSULVHQFKDUJHSDUXQHVRFL«W«VS«FLDOHPHQW
DXWRULV«H¢FHWHIIHW
/RUVGHYLGDQJHVOHVKXLOHVXVDJ«HVHWDXWUHVOLTXLGHV
SROOXDQWVGRLYHQWU«FXS«U«VGDQVGHVU«FLSLHQWVDSSURSUL«VHW
OHVPHVXUHVDG«TXDWHVGRLYHQW¬WUHSULVHVSRXU«YLWHUOHV
G«YHUVHPHQWV
/HVILOWUHVXVDJ«VGRLYHQW¬WUHHQWLªUHPHQWYLGDQJ«VDYDQW
G ¬WUHPLVDXUHEXW/HVILOWUHVXVDJ«HVGHPDFKLQHVXWLOLV«HV
GDQVXQHQYLURQQHPHQWFRQWHQDQWGHO DPLDQWHRXDXWUHV
SRXVVLªUHVGDQJHUHXVHVGRLYHQW¬WUHSODF«VGDQVOHVDFKHW
IRXUQLDYHFOHILOWUHQHXI
/HVEDWWHULHVFRQWLHQQHQWGHVVXEVWDQFHVQRFLYHVSRXUOD
VDQW«HWO HQYLURQQHPHQW/HVEDWWHULHVXVDJ«HVGRLYHQWGRQF
¬WUHWUDLW«HVFRPPHGHVG«FKHWVQRFLIVSRXUO HQYLURQQHPHQW
/HVSURGXLWVQRQGXUDEOHV YLHX[FKLIIRQVJDQWVERXWHLOOHV
HWF SHXYHQWDXVVL¬WUHFRQWDPLQ«VSDUGHVKXLOHVHWOLTXLGHV
QRFLIVSRXUO HQYLURQQHPHQWHWGRLYHQWGRQF¬WUHWUDLW«VHQWDQW
TXHWHOV
3ODTXHVGHSURWHFWLRQ
$EDLVVHPHQWGHVW¶OHVGHIL[DWLRQ
3RXUFHUWDLQHVLQWHUYHQWLRQVGHPDLQWHQDQFHLOHVWQ«FHVVDLUHGH
UDEDWWUHRXG«SRVHUOHVW¶OHVGHIL[DWLRQ
7¶OHGHSURWHFWLRQDYDQW
$9(57,66(0(17
/HWUDYDLOLPSOLTXHODPDQXWHQWLRQGHFRPSRVDQWVORXUGV
VXVFHSWLEOHVGHSURYRTXHUGHVEOHVVXUHVJUDYHVSDUSLQFHPHQW
HQFDVG LQDWWHQWLRQ
6LSRVVLEOHSODFHUXQFULFVXUOHVURXHVVRXVOHERUGDUULªUHGH
ODW¶OHGHIL[DWLRQ/HSRLGVGHODW¶OHGHIL[DWLRQSURSUHDX
QLYHDXGXERUGDUULªUHHVWG HQYLURQNJ OEV
$9,6
/DERXHODVDOHW«HWFSHXWV DFFXPXOHUGDQVODW¶OHGH
IL[DWLRQFHTXLVLJQLILHTXHOHSRLGVDXJPHQWHGHPDQLªUH
VLJQLILFDWLYH
'«YLVVHUOHVYLVVLWX«HV¢ODSDUWLHDUULªUHGHODW¶OH/DW¶OH
HVWORXUGHHWHOOHHVWGRQFPDLQWHQXHSDUXQHFKD°QHTXL
O HPS¬FKHGHWRPEHU
'«SRVH]ODFODYHWWHGHIL[DWLRQGHODFKD°QHHWUDEDWWUHODW¶OH
DYHFSU«FDXWLRQ

9
&KD°QH
9LVLQI«ULHXUH
9LVVXS«ULHXUH
&ODYHWWH

7¶OHGHIL[DWLRQDUULªUH
5DEDWWH]OHVW¶OHVXQH¢XQH
5HWLUHUOHERXORQLQI«ULHXU
5HWLUHUOHERXORQVXS«ULHXU
'«SRVHUODFODYHWWHHWUDEDWWUHODW¶OH
3URF«GHUGHP¬PHSRXUODVHFRQGHW¶OH
&DSRWPRWHXU

$9(57,66(0(17
5LVTXHGHFRLQFHPHQW
9
/RTXHWVJULOOH

2XYHUWXUH
%DLVVHUOHVORTXHWV
5DEDWWUHODJULOOH
%DLVVHUOHVHQWUHWRLVHV¢O LQW«ULHXUGHODJULOOH
/DFO«¢GRXLOOHTXLSHUPHWG XWLOLVHUODSRPSHGHFDSRWHVW
VLWX«HGDQVXQVXSSRUWDXGHVVXVGHODSRPSH7RXUQHUOD
YDOYHGHODSRPSHGHFDSRW¢ODSRVLWLRQEDVVH¢O DLGHGHOD
FO«¢GRXLOOH
9
&RPPXWDWHXU
3RPSH¢PDLQ
9DOYH¢ODSRVLWLRQKDXWHEDVVH

2XYHUWXUHPDQXHOOH
9
&O«¢GRXLOOHDYHFUDOORQJH

6RUWLUODUDOORQJHIL[«HVXUODFDODQGUHHWODPRQWHUVXUODFO«¢
GRXLOOH
0HWWUHHQSODFHODFO«¢GRXLOOHVXUODSRPSHHWSRPSHUMXVTX ¢
FHTXHOHFDSRWGXPRWHXUVRLWSDUYHQXHQSRVLWLRQKDXWH
9

3RPSH¢PDLQ

2XYHUWXUH«OHFWULTXH «TXLSHPHQWRSWLRQQHO
0HWWUHHQSODFHODFO«¢GRXLOOHVXUO LQWHUUXSWHXUHWWRXUQHUGDQV
OHVHQVGHVDLJXLOOHVG XQHPRQWUHMXVTX HQEXW«H
/ LQWHUUXSWHXUHVW¢UHWRXUDXWRPDWLTXH
0HWWUHHQSODFHODFO«¢GRXLOOHVXUO LQWHUUXSWHXUHWWRXUQHUGDQV
OHVHQVGHVDLJXLOOHVG XQHPRQWUH/ LQWHUUXSWHXUHVW¢UHWRXU
DXWRPDWLTXH
9
&RPPXWDWHXU
3RPSH¢PDLQ
9DOYH¢ODSRVLWLRQKDXWHEDVVH

5DEDWWHPHQW
7RXUQHUODYDOYHGHODSRPSHGHFDSRW¢ODSRVLWLRQKDXWH¢
O DLGHGHODFO«¢GRXLOOH
5DEDWWHPHQWPDQXHO
6RUWLUODUDOORQJHIL[«HVXUODFDODQGUHHWODPRQWHUVXUODFO«¢
GRXLOOH
0HWWUHHQSODFHODFO«¢GRXLOOHVXUODSRPSHHWSRPSHUMXVTX ¢
FHTXHOHFDSRWGXPRWHXUVRLWSDUYHQXHQSRVLWLRQEDVVH
$9,6
(QFDVGHG«VDFFRXSOHPHQWGXY«ULQGHFDSRWLOSRXUUDLW¬WUH
Q«FHVVDLUHG DSSX\HUO«JªUHPHQWVXUOHFDSRWPRWHXUSRXUOH
EORTXHU
5DEDWWHPHQW«OHFWULTXH «TXLSHPHQWRSWLRQQHO
$SUªVUDEDWWHPHQW
5HPHWWUH¢OHXUSODFHODFO«¢GRXLOOHHWODUDOORQJH
5HOHYHUODFDODQGUH
6 DVVXUHUTXHOHP«FDQLVPHGHYHUURXLOODJHDYDQW
V HQFOHQFKH
9HUURXLOODJHG DUWLFXODWLRQGHGLUHFWLRQ
$9(57,66(0(17
5LVTXHVGHEOHVVXUHVSDU«FUDVHPHQW/DPDFKLQHSHXWWRXUQHU
9HUURXLOOHUOHYHUURXLOODJHGHGLUHFWLRQ
5HWLUHUODEURFKHGXVXSSRUWGHWUDQVSRUWHWSDVVHUDX
YHUURXLOODJHGHO DUWLFXODWLRQGHFK¤VVLV
0HWWUHHQSODFHHWYHUURXLOOHUODFODYHWWH
$9,6
/ DUWLFXODWLRQGHFK¤VVLVQHGRLWSDV¬WUHYHUURXLOO«HORUVTXHOD
9
PDFKLQHURXOH
9HUURXLOODJHGHEHQQHEDVFXODQWH

9
9HUURXLOODJHGHEHQQH

$9(57,66(0(17
1HSDVVH]MDPDLVVRXVXQHEHQQHVRXOHY«H6LXQHW¤FKHGRLW
¬WUHHIIHFWX«HVRXVXQHEHQQHVRXOHY«HHOOHGRLWG DERUG¬WUH
DVVXU«HDYHFOHYHUURXLOODJHGHEHQQHRXOHVXSSRUWGHEHQQH
%ORTXH]ODFRPPDQGHGHEDVFXOHPHQWDYHFOHYHUURXLOODJHGHV
FRPPDQGHV
9HUURXLOOHUODEHQQHFRPPHVXLW
%DVFXOHUODEHQQH¢O DQJOHPD[LPXP
9HUURXLOOHUODEHQQHDYHFOHYHUURXLOODJHRXDEDLVVHUODEHQQH
9 VXUXQVXSSRUWGHEHQQH
8QHIRLVO LQWHUYHQWLRQDFKHY«H
6XSSRUWGHEHQQH
/LE«UHUOHYHUURXLOODJHGHEHQQHRXUHWLUHUOHVXSSRUWGHEHQQH
5HGHVFHQGUHODEHQQH
$77(17,21
3«Q«WUH]WRXMRXUVVRXVODEHQQHEDVFXODQWHG XQF¶W«ORUVTXHOH
YHUURXLOODJHGHEHQQHEDVFXODQWHGRLW¬WUHYHUURXLOO«RX
G«YHUURXLOO«

$9(57,66(0(17
6LODPDFKLQHHVWXWLOLV«HVXUXQFKDQWLHUSDUWLFXOLªUHPHQWH[SRV«
DX[ULVTXHVGಬLQFHQGLHSDUH[HPSOHOHVPLOLHX[H[SORVLIVXQ
«TXLSHPHQWVS«FLDOHVWH[LJ«
/HULVTXHG LQFHQGLHH[LVWHWRXMRXUV6HUHQVHLJQHUVXUOHW\SH
G H[WLQFWHXUXWLOLV«VXUOHVLWHGHWUDYDLOHWVXUODP«WKRGH
G XWLOLVDWLRQ
6LODPDFKLQHHVW«TXLS«HG XQH[WLQFWHXUSRUWDEOHLOGRLW¬WUHGH
W\SH$%( $%&HQ$P«ULTXHGX1RUG /DG«VLJQDWLRQ$%(
VLJQLILHTX LOSHXW¬WUHXWLOLV«SRXU«WHLQGUHOHVLQFHQGLHVVXUOHV
PDW«ULDX[RUJDQLTXHVVROLGHVRXOHVOLTXLGHVHWTXHO DJHQW
H[WLQFWHXUQHFRQGXLWSDVO «OHFWULFLW«/DFODVVHG HIILFDFLW«,
VLJQLILHTXHO H[WLQFWHXUGRLWIRQFWLRQQHUHIILFDFHPHQWSHQGDQWDX
PRLQVVHFRQGHVODFODVVHG HIILFDFLW«,,SHQGDQWDXPRLQV
VHFRQGHVODFODVVHG HIILFDFLW«,,,SHQGDQWDXPRLQV
VHFRQGHV
(QJ«Q«UDOXQH[WLQFWHXUSRUWDEOH$%(,FRUUHVSRQG¢XQFRQWHQX
U«HOGHNJ OEV (1FODVVH$%& QRUPH(1
SDUWLHVHW
,OHVWLQWHUGLWGHIXPHURXG DOOXPHUGHVIODPPHVQXHV¢
SUR[LPLW«G XQHPDFKLQHHQFDVG DSSURYLVLRQQHPHQWHQ
FDUEXUDQWRXG RXYHUWXUHGXV\VWªPHG DOLPHQWDWLRQHQ
FDUEXUDQWHWGXFRQWDFWDYHFO DLUDPELDQW
/DU«J«Q«UDWLRQGRLWXQLTXHPHQW¬WUHHIIHFWX«HGDQVXQHQGURLW
¢O «SUHXYHGXIHX&HODVLJQLILHTX HOOHSHXWQHSDV¬WUH
HIIHFWX«HHQP¬PHWHPSVTXHO DSSURYLVLRQQHPHQWHQ
FDUEXUDQW
/HFDUEXUDQWGLHVHOHVWLQIODPPDEOHHWQHGRLWSDV¬WUHXWLOLV«
SRXUOHQHWWR\DJH8WLOLVHUSOXW¶WGHVSURGXLWVG HQWUHWLHQGH
Y«KLFXOHSU«YXVSRXUOHQHWWR\DJHRXOHG«JUDLVVDJH1HSDV
RXEOLHUTXHFHUWDLQVVROYDQWVSHXYHQWFDXVHUGHV«UXSWLRQV
FXWDQ«HVHWSHXYHQW¬WUHLQIODPPDEOHV
0DLQWHQLUO HQGURLWR»OHWUDYDLOG HQWUHWLHQHVWHIIHFWX«SURSUH
/ KXLOHHWO HDXSHXYHQWUHQGUHOHVVROVHWOHVHQWUHWRLVHV
JOLVVDQWV&HODSHXW¬WUHGDQJHUHX[ORUVGHO XWLOLVDWLRQG XQ
«TXLSHPHQW«OHFWULTXHRXG RXWLOV«OHFWULTXHV/HVY¬WHPHQWV
UHFRXYHUWVG KXLOHUHSU«VHQWHQWXQULVTXHG LQFHQGLHJUDYH
9«ULILHUTXRWLGLHQQHPHQWTXHODPDFKLQHHWO «TXLSHPHQWVRQW
H[HPSWVGHSRXVVLªUHGHG KXLOH&HODSHUPHWGHU«GXLUHOH
ULVTXHG LQFHQGLHHWIDFLOLWH«JDOHPHQWODG«WHFWLRQGHSLªFHV
O¤FKHVHWHQGRPPDJ«HV
$9,6
)DLUHDWWHQWLRQHQFDVG XWLOLVDWLRQG XQHURQGHOOHKDXWHSUHVVLRQ
SRXUOHQHWWR\DJH«WDQWGRQQ«TXHOHVFRPSRVDQWV«OHFWULTXHVHW
O LVRODWLRQGXF¤EOHSHXYHQW¬WUHHQGRPPDJ«V¢XQHSUHVVLRQHW
WHPS«UDWXUHUHODWLYHPHQWIDLEOHV3URW«JHUOHVFRPSRVDQWV
«OHFWULTXHVHWOHVF¤EOHVGHPDQLªUHDSSURSUL«H
)DLUHSUHXYHG XQHH[WU¬PHPLQXWLHSHQGDQWOHQHWWR\DJHG XQH

PDFKLQHPLVHHQPDUFKHGDQVGHVHQGURLWVSU«VHQWDQWXQ
ULVTXHG LQFHQGLHSDUH[HPSOHVXUOHVVLWHVGHVFLHULHHWGH
G«FKDUJH
/ H[WLQFWHXUGRLWE«Q«ILFLHUG XQHQWUHWLHQDILQGHSRXYRLU
IRQFWLRQQHUHQFDVGHEHVRLQ
9«ULILHUTXHOHVFRQGXLWHVGHFDUEXUDQWOHVIOH[LEOHV
K\GUDXOLTXHVHWGHIUHLQHWOHVF¤EOHV«OHFWULTXHVQHVRQWSDV
HQGRPPDJ«VSDUO XVXUHHWTX LOVQHULVTXHQWSDVGHO ¬WUHHQ
UDLVRQG XQPRQWDJHLQFRUUHFWRXGHFRLQFHPHQWV&HOD
FRQFHUQHSDUWLFXOLªUHPHQWOHVF¤EOHVOLEUHVURXJHVPDUTX«V
5 % HWTXLVHWURXYHQW
HQWUHOHVEDWWHULHV
HQWUHOHVEDWWHULHVHWOHG«PDUUHXU
HQWUHO DOWHUQDWHXUHWOHG«PDUUHXU
/HVF¤EOHV«OHFWULTXHVQHGRLYHQWSDV¬WUHHQFRQWDFWGLUHFWDYHF
GHVFRQGXLWVG KXLOHRXGHFDUEXUDQW
1HSDVVRXGHURXEUR\HUOHVFRPSRVDQWVFRQWHQDQWGHV
OLTXLGHVLQIODPPDEOHVSDUH[HPSOHOHVU«VHUYRLUVHWOHVWX\DX[
K\GUDXOLTXHV(WUHH[WU¬PHPHQWSUXGHQWSHQGDQWOHVWUDYDX[
J«Q«UDWHXUVGHFKDOHXU¢SUR[LPLW«GHOLTXLGHVLQIODPPDEOHV
8QH[WLQFWHXUGRLW¬WUHPDLQWHQX¢SUR[LPLW«
0HVXUHV¢SUHQGUHHQFDVG LQFHQGLH
6LOHVFRQGLWLRQVOHSHUPHWWHQWHWVLFHODHVWSRVVLEOHVDQVPHWWUH
HQS«ULOYRWUHV«FXULW«SUHQH]OHVPHVXUHVVXLYDQWHVDXPRLQGUH
VLJQHG LQFHQGLH
$UU¬WH]ODPDFKLQHVLHOOHHVWHQPRXYHPHQW
0HWWUHODFO«GHFRQWDFWHQSRVLWLRQ$UU¬W
4XLWWHUODFDELQH
&RXSHUOHFRXSHEDWWHULHVV LOHVWSRVVLEOHG \DFF«GHUHQWRXWH
V«FXULW«
$SSHOH]OHVSRPSLHUV
6LSRVVLEOHHVVD\HUG «WHLQGUHO LQFHQGLH'DQVOHFDV
FRQWUDLUHV «ORLJQHUGHODPDFKLQHRXGHOD]RQHGHGDQJHU

0HVXUHVDSUªVXQLQFHQGLH
$SUªVXQLQFHQGLHRXXQHH[SRVLWLRQGHODPDFKLQH¢XQWUªV
SXLVVDQWU«FKDXIIHPHQWLOFRQYLHQWGHSUHQGUHOHVPHVXUHVGH
V«FXULW«VXLYDQWHV
8WLOLVHUGHVJDQWVHQFDRXWFKRXF«SDLVHWSRUWHUGHVOXQHWWHV
GHSURWHFWLRQ
1HMDPDLVWRXFKHUGHFRPSRVDQWVEU½O«V¢PDLQVQXHVGH
ID©RQ¢«YLWHUWRXWFRQWDFWDYHFGHVPDW«ULDX[SRO\PªUHV
IRQGXV7RXMRXUVOHVODYHUG DERUGDYHFGHO HDXGHFKDX[
VROXWLRQG K\GUR[\GHGHFDOFLXPF HVW¢GLUHGHODFKDX[
«WHLQWH
7UDLWHPHQWGHFDRXWFKRXFIOXRU«H[SRV«¢ODFKDOHXUYRLUSDJH

0DQLSXODWLRQGHVPDW«ULDX[
GDQJHUHX[
3HLQWXUHH[SRV«H¢ODFKDOHXU
$9(57,66(0(17
/ H[SRVLWLRQGHVXUIDFHVSHLQWHVHWGHSLªFHVHQFDRXWFKRXFRX
HQSODVWLTXH¢GHKDXWHVWHPS«UDWXUHVSHXWHQWUD°QHUODIRUPDWLRQ
GHVXEVWDQFHVQRFLYHVSRXUODVDQW«RXO HQYLURQQHPHQW
3URF«GH]DYHFSU«FDXWLRQORUVSDUH[HPSOHGXVRXGDJH
SRQ©DJHRXR[\FRXSDJH3RUWH]XQ«TXLSHPHQWGHSURWHFWLRQ
$YHFODFKDOHXUODSHLQWXUHG«JDJHGHVJD]QRFLIV,OIDXWGRQF
«OLPLQHUODSHLQWXUHGDQVXQUD\RQGHFP LQ DYDQW
G H[«FXWHUGHVWUDYDX[GHVRXGXUHGHSRQ©DJHRXGHG«FRXSDJH
DXFKDOXPHDX2XWUHOHVHIIHWVGDQJHUHX[SRXUODVDQW«OD
SHLQWXUHFDXVHUDLWXQFRUGRQGHVRXGXUHGHTXDOLW«HWGH
U«VLVWDQFHP«GLRFUHTXLSRXUUDLWHQWUD°QHUXQHG«IDLOODQFH
XOW«ULHXUH
0«WKRGHVHWPHVXUHVGHV«FXULW«¢SUHQGUHSRXUOHG«FDSDJH
6DEODJH
HPSOR\H]XQHSURWHFWLRQUHVSLUDWRLUHHWSRUWH]GHVOXQHWWHVGH
SURWHFWLRQ
3URGXLWGHG«FDSDJHGHSHLQWXUHHWDXWUHVSURGXLWVFKLPLTXHV
HPSOR\HUGHVSURF«G«VG DVSLUDWLRQSDUSRLQWVGHSURWHFWLRQ
UHVSLUDWRLUHHWJDQWVGHSURWHFWLRQ
3RQFHXVH
HPSOR\H]GHVSURF«G«VG DVSLUDWLRQSDUSRLQWVGHSURWHFWLRQ
UHVSLUDWRLUHGHVJDQWVGHSURWHFWLRQHWGHVOXQHWWHVGH
SURWHFWLRQ
/HVSLªFHVSHLQWHVPLVHVDXUHEXWQHGRLYHQWMDPDLV¬WUHEU½O«HV
(OOHVGRLYHQW¬WUHWUDLW«HVSDUXQ«WDEOLVVHPHQWGHWUDLWHPHQWGHV
G«FKHWVDJU««
&DRXWFKRXFVHWSODVWLTXHVFKDXII«V
(QFDVG H[SRVLWLRQ¢ODFKDOHXUOHVPDW«ULDX[SRO\P«ULTXHV
G«JDJHQWGHVVXEVWDQFHVGDQJHUHXVHVSRXUO HQYLURQQHPHQWHW
SRXUODVDQW«HWQHGRLYHQWGRQFMDPDLV¬WUHEU½O«V
6LYRXVGHYH]FRXSHURXVRXGHU¢SUR[LPLW«GHWHOOHVPDWLªUHV
SUHQH]OHVPHVXUHVGHSURWHFWLRQVXLYDQWHV
3URW«JH]OHPDW«ULDXGHODFKDOHXU
3RUWH]GHVJDQWVGHSURWHFWLRQGHVOXQHWWHVGHSURWHFWLRQHW
XQHSURWHFWLRQUHVSLUDWRLUH
&DRXWFKRXFIOXRU«H[SRV«¢ODFKDOHXU
$9(57,66(0(17
/HVMRLQWVU«VLVWDQWV¢GHKDXWHVWHPS«UDWXUHVSHXYHQW¬WUHHQ
FDRXWFKRXFIOXRURFDUERQ«WUªVKDXWHWHPS«UDWXUHOH
FDRXWFKRXFIOXRURFDUERQ«G«JDJHGHVVXEVWDQFHVWUªV
FRUURVLYHVHWQRYLFHVSRXUODSHDXHWOHVSRXPRQV3RUWH]XQ
«TXLSHPHQWGHSURWHFWLRQ
$SUªVXQLQFHQGLHRXXQHH[SRVLWLRQGHODPDFKLQH¢XQWUªV
SXLVVDQWU«FKDXIIHPHQWLOFRQYLHQWGHSUHQGUHOHVPHVXUHVGH
V«FXULW«VXLYDQWHV
0HWWH]GHUREXVWHVJDQWVGHSURWHFWLRQHQFDRXWFKRXFHW
SRUWH]GHVOXQHWWHVGHSURWHFWLRQ
-HWHUOHVJDQWVOHVFKLIIRQVHWFTXLRQW«W«DXFRQWDFWGX
FDRXWFKRXFIOXRU«H[SRV«¢ODFKDOHXUDSUªVOHVDYRLUG DERUG
QHWWR\«V¢O HDXGHFKDX[ XQHVROXWLRQG K\GUR[\GHGH
FDOFLXPF HVW¢GLUHGHODFKDX[«WHLQWHGDQVGHO HDX
/D]RQHDXWRXUG XQHSLªFHTXLD«W«WUªVFKDXGHHWTXLSHXW
¬WUHHQFDRXWFKRXFIOXRU«GRLW¬WUHQHWWR\«HVRLJQHXVHPHQWHW
DERQGDPPHQW¢O HDXGHFKDX[
3DUPHVXUHGHV«FXULW«WRXVOHVMRLQWV MRLQWVWRULTXHVHWDXWUHV
MRLQWVG KXLOH GRLYHQW¬WUHWUDLW«VFRPPHV LOV«WDLHQWHQ
FDRXWFKRXFIOXRU«
/ DFLGHIOXRUK\GULTXHSHXW¬WUHWRXMRXUVSU«VHQWVGDQVOHV
SDUWLHVGHODPDFKLQHSOXVLHXUVDQQ«HVDSUªVO LQFHQGLH
(QFDVG HQIOHPHQWGHURXJLVVHPHQWRXGHEU½OXUHHWVLXQ
FRQWDFWDYHFGXFDRXWFKRXFIOXRU«HVWVXVSHFW«HQ¬WUH¢
O RULJLQHFRQVXOWHULPP«GLDWHPHQWXQP«GHFLQ/HV\PSW¶PH
SHXWVHPDQLIHVWHUDSUªVSOXVLHXUVKHXUHVVDQVVLJQH
SU«DODEOH
/ DFLGHQHSHXWSDV¬WUHQHWWR\«QLULQF«VXUODSHDX$SSOLTXHU
SOXW¶WGXJHO+\GURIOXRULF$FLG%XUQ-HOO\RXXQSURGXLWVLPLODLUH
DYDQWG DSSHOHUXQP«GHFLQ
5«IULJ«UDQW

$9,6
7RXWHQWUHWLHQVXUOHGLVSRVLWLIGHFOLPDWLVDWLRQGRLW¬WUHHIIHFWX«
GDQVXQDWHOLHUDJU««
$9(57,66(0(17
/H5DHVWPRG«U«PHQWQRFLI3RXUOHPDQLSXOHUXWLOLVH]GHV
OXQHWWHVGHSURWHFWLRQ«WDQFKHVHWGHVJDQWV6RXVIRUPHOLTXLGH
OHU«IULJ«UDQWSHXWSURYRTXHUGHVJHOXUHVHWVRXVIRUPHJD]HXVH
¢IRUWHFRQFHQWUDWLRQLODXQHIIHWDQHVWK«VLDQWWDQGLVTX ¢IDLEOH
FRQFHQWUDWLRQLODJLWHQSUHPLHUOLHXVXUOHV\VWªPHQHUYHX[
/HGLVSRVLWLIGHFOLPDWLVDWLRQGHODPDFKLQHHVWUHPSOLHQXVLQHGH
U«IULJ«UDQW5D/H5DQ DDXFXQHIIHWQRFLIVXUODFRXFKH
G R]RQHPDLVLOFRQWULEXH¢O HIIHWGHVHUUHHWQHGRLWGRQFMDPDLV
¬WUHOLE«U«G«OLE«U«PHQWGDQVO DLU
$77(17,21
/H5DQHGRLWMDPDLV¬WUHP«ODQJ«DYHFXQDXWUHW\SHGH
U«IULJ«UDQWSDUH[OH5FDUFHFLSHXWHQWUD°QHUXQHSDQQHGX
Y«KLFXOH
(QFDVGHFRQWDFWDYHFGXU«IULJ«UDQWSUHQH]OHVPHVXUHV
VXLYDQWHV
/HVJD]IRUP«VSDUU«FKDXIIHPHQWGXU«IULJ«UDQWSHXYHQW
HQWUD°QHUGHVGRPPDJHVV«ULHX[DX[SRXPRQVHWDXV\VWªPH
QHUYHX[P¬PH¢IDLEOHVFRQFHQWUDWLRQVSXLVTX LOVQHG«JDJHQW
DXFXQHRGHXU'HIRUWHVFRQFHQWUDWLRQVRQWXQHIIHW
DQHVWK«VLDQW8QHSHUVRQQHH[SRV«HGRLW¬WUHWUDQVSRUW«H
KRUVGHOD]RQH¢ULVTXHHW¢O DLUIUDLV&RQVXOWHUXQP«GHFLQ
VLOHVV\PSW¶PHVSHUVLVWHQW
O «WDWOLTXLGHOHU«IULJ«UDQWSHXWHQWUD°QHUGHVJHOXUHV
&KDXIIHUGRXFHPHQWODSDUWLHDWWHLQWHDYHFGHO HDXWLªGHRX
GHVY¬WHPHQWVFKDXGV&RQVXOWHUXQP«GHFLQVLOHV
V\PSW¶PHVSHUVLVWHQW
6LGXU«IULJ«UDQW¢O «WDWOLTXLGHHVWHQWU«HQFRQWDFWDYHFOHV
\HX[FRQVXOWH]XQP«GHFLQ
6LO RQVRXS©RQQHXQHIXLWHTXLWWHUOD]RQHGDQJHUHXVHHW
FRQWDFWHUXQDWHOLHUDJU««SRXUREWHQLUGHVLQIRUPDWLRQVVXUOHV
PHVXUHV¢SUHQGUH
%DWWHULHV
$9(57,66(0(17
/DPDQLSXODWLRQGHVEDWWHULHVSHXWHQWUD°QHUOHFRQWDFWGH
O «OHFWURO\WHDYHFOHV\HX[ODSHDXRXOHVY¬WHPHQWV3RUWH]XQ
«TXLSHPHQWGHSURWHFWLRQ(QFDVGHFRQWDFWDYHFOHV\HX[
ULQFH]LPP«GLDWHPHQW¢O HDX(QFDVGHFRQWDFWDYHFODSHDX
ODYH]LPP«GLDWHPHQWDYHFGHO HDXHWGXVDYRQ&RQVXOWH]XQ
P«GHFLQ
1HSDVIXPHU¢SUR[LPLW«GHVEDWWHULHV&HVGHUQLªUHVOLEªUHQW
GHVJD]H[SORVLIV
(YLWHUWRXWFRQWDFWHQWUHOHVERUQHVGHVEDWWHULHVHWGHVREMHWV
P«WDOOLTXHVFRPPHGHVRXWLOVGHVEDJXHVRXGHVPRQWUHV
6 DVVXUHUTXHOHVFDSXFKRQVGHVERUQHVGHVEDWWHULHVVRQW
WRXMRXUVLQVWDOO«V
1 LQFOLQH]MDPDLVXQHEDWWHULHGDQVTXHOTXHVHQVTXHFHVRLW
DILQG «YLWHUTXHO «OHFWURO\WHQHFRXOH¢O H[W«ULHXU
1HEUDQFKH]SDVHQV«ULHXQHEDWWHULHG«FKDUJ«HHWXQH
EDWWHULH¢SOHLQHFKDUJH&HODSRXUUDLWSURYRTXHUXQH
H[SORVLRQ
ODG«SRVHG XQHEDWWHULHG«EUDQFKH]G DERUGOHF¤EOHGH
PDVVHHWSRXUODSRVHEUDQFKH]OHF¤EOHGHPDVVHHQGHUQLªUH
DILQG «YLWHUOHULVTXHG «WLQFHOOHV
/HVEDWWHULHVPLVHVDXUHEXWGRLYHQW¬WUHWUDLW«HVVHORQOD
O«JLVODWLRQQDWLRQDOHHQYLJXHXU
5HFKDUJHGHVEDWWHULHVYRLUSDJH
'«PDUUDJHDYHFEDWWHULHVGHVHFRXUVYRLUSDJH
3RXVVLªUHGHFULVWDX[GHVLOLFH SRXVVLªUHGHTXDUW]
$9(57,66(0(17
/HVWUDYDX[GDQVGHVHQYLURQQHPHQWVFRQWHQDQWGHVSRXVVLªUHV
QRFLYHVSDUH[HPSOHGHO DPLDQWHSHXYHQWHQWUD°QHUGHJUDYHV
O«VLRQV'HVPHVXUHVVS«FLDOHVGRLYHQW¬WUHSULVHVSRXU
HPS¬FKHUODGLIIXVLRQGHFHVSRXVVLªUHV&RQWDFWH]XQDWHOLHU
DJU««9ROYRSRXUSOXVG LQIRUPDWLRQV
/HVFULVWDX[GHVLOLFHVRQWOHFRPSRVDQWGHEDVHGXVDEOHHWGX
JUDQLW'HQRPEUHXVHVDFWLYLW«VVXUGHVFKDQWLHUVRXGHVPLQHV
FRPPHSDUH[HPSOHO DII½WDJHOHVFLDJHHWOHSHU©DJH
SURYRTXHQWODIRUPDWLRQGHSRXVVLªUH¢FULVWDX[GHVLOLFH&HWWH
SRXVVLªUHSHXWSURYRTXHUODVLOLFRVH SQHXPRFRQLRVHGHV
PLQHXUV
/ HPSOR\HXURXODGLUHFWLRQGXFKDQWLHUGRLWLQIRUPHUOH
FRQGXFWHXUGHODSU«VHQFHGHFULVWDX[GHVLOLFHGDQVOD]RQHGH
WUDYDLOGRQQHUGHVLQVWUXFWLRQVVS«FLILTXHVGHWUDYDLOHWGH
V«FXULW«DLQVLTXHIRXUQLUDXSHUVRQQHOOHV«TXLSHPHQWVGH
V«FXULW«Q«FHVVDLUHV
9«ULILHU«JDOHPHQWOHVUªJOHPHQWVORFDX[HWQDWLRQDX[VXUOHVLOLFH
HWODVLOLFRVH


&HWWHVHFWLRQG«FULWOHVPHVXUHVG HQWUHWLHQHWGHPDLQWHQDQFH
TXHOHFRQGXFWHXUGHODPDFKLQHSHXWHIIHFWXHU&HVWUDYDX[VRQW
U«FDSLWXO«VGDQVODVHFWLRQ6FK«PDGHJUDLVVDJHHWG HQWUHWLHQ
VRXVIRUPHG LOOXVWUDWLRQVDYHFOHWDEOHDXDVVRFL«SRXUFKDTXH
LQWHUYDOOHYRLUSDJH
/HVDXWUHVPHVXUHVUHTXLªUHQWXQSHUVRQQHOG DWHOLHUTXDOLIL«RX
XQ«TXLSHPHQWVS«FLDO3UHQGUHFRQWDFWDYHFXQDWHOLHU9ROYR
DJU««
6\VWªPHGHFRQWU¶OHGHV«FKDSSHPHQWV
/HVV\VWªPHVGHFRQWU¶OHGHV«FKDSSHPHQWVGHVQRXYHDX[
PRWHXUV9ROYR&RQVWUXFWLRQ(TXLSPHQWRQW«W«FRQ©XVSURGXLWV
HWWHVW«VDYHFGHVSLªFHVG RULJLQHHWLOVRQW«W«FHUWLIL«VVHORQOHV
U«JXODWLRQVI«G«UDOHVDP«ULFDLQHVHWGH&DOLIRUQLHFRQFHUQDQWOH
FRQWU¶OHGHV«FKDSSHPHQWV&RQIRUP«PHQW¢FHVGLUHFWLYHV
WRXWHVOHVSLªFHVGHUHFKDQJHTXLGRLYHQW¬WUHXWLOLV«HVSRXUOD
PDLQWHQDQFHOHVU«SDUDWLRQVRXOHUHPSODFHPHQWGHV\VWªPHGH

FRQWU¶OHGHV«FKDSSHPHQWVGRLYHQW¬WUHIRXUQLHVSDU9ROYR
&RQVWUXFWLRQ(TXLSPHQW/HSURSUL«WDLUHSHXWFRQILHUOD
PDLQWHQDQFHOHUHPSODFHPHQWRXODU«SDUDWLRQGHVFRPSRVDQWV
GXV\VWªPHGHFRQWU¶OHGHV«FKDSSHPHQWV¢WRXWDWHOLHURX
P«FDQLFLHQFHUWLIL«SDUO $JHQFHGH3URWHFWLRQGH
O (QYLURQQHPHQWGHVWDWV8QLV/HSURSUL«WDLUHSHXWFKRLVLU
G XWLOLVHUGHVSLªFHVTXLQHVRQWSDVG RULJLQH9ROYR&RQVWUXFWLRQ
(TXLSPHQWSRXUODPDLQWHQDQFHOHUHPSODFHPHQWRXOD
U«SDUDWLRQGHFHV\VWªPHVDQVTXHODJDUDQWLHQHSHUGHVD
YDOLGLW«PDLVOHVFR½WVHQJDJ«VSRXUFHVVHUYLFHVHWFHVSLªFHV
QHVRQWDORUVSDVFRXYHUWVSDUODJDUDQWLH
/HFDUQHWG HQWUHWLHQGRLW¬WUHUHPSOLDSUªVFKDTXHHQWUHWLHQGDQV
XQDWHOLHUDJU««YRLUSDJH/HFDUQHWG HQWUHWLHQHVWXQ
GRFXPHQWGHYDOHXUXWLOHSDUH[HPSOH¢ODYHQWHGHODPDFKLQH
,QVSHFWLRQVG DUULY«HHWDYDQWOLYUDLVRQ
$YDQWGHTXLWWHUOಬXVLQHODPDFKLQHVXELWGHVHVVDLVHWGHV
U«JODJHV'HSOXVOHFRQFHVVLRQQDLUHGRLWSRXUYDOLGHUOD
JDUDQWLHHIIHFWXHUOHVFRQWU¶OHVGHU«FHSWLRQHWGHOLYUDLVRQVHORQ
OHIRUPXODLUHDSSOLFDEOHSXLVVLJQHUFHGHUQLHU

,QVWUXFWLRQVGHOLYUDLVRQ
/RUVGHODUHPLVHHQPDLQGHODPDFKLQH¢VRQSURSUL«WDLUHOH
FRQFHVVLRQQDLUHGRLWOXLWUDQVPHWWUHOHVಯ,QVWUXFWLRQVGHOLYUDLVRQರ
FRQIRUP«PHQWDXIRUPXODLUHDSSOLFDEOHTXLGRLWLPS«UDWLYHPHQW
¬WUHVLJQ«VLO RQYHXWTXHODJDUDQWLHV DSSOLTXH
3URJUDPPHG HQWUHWLHQ
3RXUTXHODJDUDQWLHXVLQHVRLWYDODEOHODPDFKLQHGRLW¬WUH
HQWUHWHQXHVHORQOHSURJUDPPHG HQWUHWLHQG«WHUPLQ«SDU9ROYR
/HSURJUDPPHG HQWUHWLHQHVWUHGRQGDQWDYHFGHVLQWHUYDOOHV
IL[HV/HWHPSVGHFRQGXLWHHQWUHOHVLQWHUYDOOHVQHVRQWYDODEOHV
TX ¢FRQGLWLRQTXHODPDFKLQHVRLWXWLOLV«HGDQVGHVFRQGLWLRQV
G H[SORLWDWLRQHWGDQVXQHQYLURQQHPHQWQRUPDX['HPDQGH]
FRQVHLO¢YRWUHFRQFHVVLRQQDLUH9ROYRSRXUYRWUHPDFKLQHHQ
SDUWLFXOLHU
2XWUHOHVHQWUHWLHQVU«JXOLHUVGHX[LQVSHFWLRQVFRPSO«PHQWDLUHV
GRLYHQW¬WUHHIIHFWX«HVXQHDSUªVOHVSUHPLªUHVKHXUHVHW
XQHDSUªVOHVSUHPLªUHVKHXUHV
1HWWR\DJHGHODPDFKLQH
/DPDFKLQHGRLW¬WUHQHWWR\«HU«JXOLªUHPHQWDYHFGHVSURGXLWV
FRQYHQWLRQQHOVSRXUYRLWXUHVDILQG «OLPLQHUOHVULVTXHVGH

GRPPDJHV¢ODSHLQWXUHHWDX[DXWUHVVXUIDFHVGHODPDFKLQH
$77(17,21
YLWH]G XWLOLVHUGHVDJHQWVQHWWR\DQWVRXSURGXLWVFKLPLTXHV
DJUHVVLIVDILQGHPLQLPLVHUOHULVTXHGHGRPPDJHV¢ODSHLQWXUH
$9,6
1HWWR\HUTXRWLGLHQQHPHQWOHV]RQHVGHODPDFKLQHR»GHOD
SRXVVLªUHGHVSDUWLFXOHVRXDXWUHVVRQWVXVFHSWLEOHVGH
V DFFXPXOHUGHID©RQ¢PLQLPLVHUOHULVTXHG LQFHQGLHYRLUSDJH

5HFRPPDQGDWLRQVGHQHWWR\DJHGHODPDFKLQH
$PHQHUODPDFKLQHMXVTX ¢XQHQGURLWSU«YXSRXUOHQHWWR\DJH
6XLYUHOHVLQVWUXFWLRQVG HPSORLGHVSURGXLWVG HQWUHWLHQ
/DWHPS«UDWXUHG HDXQHGRLWSDVG«SDVVHUr& r)

$YHFXQMHWGHODYDJH¢KDXWHSUHVVLRQPDLQWHQLUXQHGLVWDQFH
G DXPRLQVದFP ದLQ HQWUHOHMHWHWODPDFKLQH8QH
WURSIRUWHSUHVVLRQHWXQHGLVWDQFHWURSFRXUWHSHXWHQWUD°QHU
GHVGRPPDJHV3URW«JHUFRUUHFWHPHQWOHVF¤EOHV«OHFWULTXHV
$77(17,21
(QFDVGHODYDJHVRXVKDXWHSUHVVLRQYHLOOH]¢FHTXHOHV
DXWRFROODQWVQHVHG«FROOHQWSDV
8WLOLVHUXQH«SRQJHGHODYDJH¢VXUIDFHGRXFH
7HUPLQHUHQSDVVDQWWRXWHODPDFKLQH¢O HDX
7RXMRXUVOXEULILHUODPDFKLQHDSUªVOHODYDJH
(IIHFWXHUOHVUHWRXFKHVGHSHLQWXUHVLQ«FHVVDLUH
(QWUHWLHQGHODSHLQWXUHGHILQLWLRQ
/HVPDFKLQHVXWLOLV«HVGDQVGHVFRQGLWLRQVSURSLFHV¢OD
FRUURVLRQULVTXHQWGHVHURXLOOHUGDYDQWDJHTXHOHVDXWUHV
&RPPHPHVXUHGHSU«YHQWLRQRQUHFRPPDQGHGHUHSUHQGUHOD
SHLQWXUHGHILQLWLRQWRXVOHVVL[PRLV(QFDVGHGRXWHSRXUY«ULILHU
VLOHVFRQGLWLRQVVRQWSURSLFHV¢ODFRUURVLRQRXQRQFRQWDFWHU
YRWUHFRQFHVVLRQQDLUH
&RPPHQFHUSDUODYHUODPDFKLQH
$SSOLTXHUGX'LQRO% RXXQSURGXLWDQWLURXLOOHWUDQVSDUHQW
«TXLYDOHQW¢EDVHGHFLUH VXUXQH«SDLVVHXUGHದw
2QSHXWDSSOLTXHUXQHFRXFKHSURWHFWULFHG HQGXLWGHEDVGH
FDLVVH'LQLWURO RX«TXLYDOHQW VRXVOHVDLOHVO¢R»XQH
XVXUHP«FDQLTXHHVWSRVVLEOH
5HWRXFKHVGHSHLQWXUH
&RPPHQFHUSDUODYHUODPDFKLQH
9«ULILHUV LO\DGHVHQGURLWVR»ODSHLQWXUHHVWHQGRPPDJ«H
5«SDUHUODSHLQWXUHHQGRPPDJ«HGHID©RQSURIHVVLRQQHOOH

1HWWR\DJHGXFRPSDUWLPHQWPRWHXU

/HVPDFKLQHVHPSOR\«HVGDQVGHVHQYLURQQHPHQWVSRXVVL«UHX[
RX¢ULVTXHG LQFHQGLHFRPPHO LQGXVWULHGXERLVOHWUDQVSRUWGH
FRSHDX[HWODPDQLSXODWLRQG DXWUHVPDW«ULDX[LQIODPPDEOHV
Q«FHVVLWHQWXQFRQWU¶OHHWXQQHWWR\DJHTXRWLGLHQGX
FRPSDUWLPHQWPRWHXUHWGHV]RQHVDGMDFHQWHV
'DQVOHVDXWUHVW\SHVG HQYLURQQHPHQWXQFRQWU¶OHHWXQ
QHWWR\DJHVRQWUHTXLVDXPLQLPXPXQHIRLVSDUVHPDLQH
$9(57,66(0(17
$VVXUH]YRXVGHSRUWHUGHV«TXLSHPHQWVGHSURWHFWLRQ
DSSURSUL«VSRXUSURW«JHUOHV\HX[HWOHVSDUWLHVH[SRV«HVGX
FRUSVORUVG XQODYDJH¢O DLUFRPSULP«¢O HDXVRXVSUHVVLRQRX
¢ODYDSHXU
$9(57,66(0(17

9 $UU¬WH]WRXMRXUVOHPRWHXUHWODLVVH]OHUHIURLGLUDYDQWGHQHWWR\HU
ODPDFKLQH
6LOHQFLHX[
7X\DXG H[WU«PLW« FKHPLQ«H 'HSU«I«UHQFHODPDFKLQHGRLW¬WUHQHWWR\«H¢ODILQGHGX
G «FKDSSHPHQW VHUYLFHDYDQWVDPLVHHQVWDWLRQQHPHQW
)LOWUH¢SDUWLFXOHVSRXUGLHVHO )$3 (PSOR\H]XQ«TXLSHPHQWGHSURWHFWLRQSHUVRQQHOFRPPHGHV
(QWU«HG DLU OXQHWWHVGHSURWHFWLRQGHVJDQWVGHSURWHFWLRQHWXQ
7X\DXG «FKDSSHPHQW
UHVSLUDWHXU
7X\DXG «FKDSSHPHQW FKDXIIDJHGHOD
EHQQH
&RPPHQFH]SDUOHVSDUWLHVOHVSOXV«OHY«HVHWWHUPLQH]SDU
OHVSOXVEDVVHVVXUOHGHVVXVGXU«VHUYRLUGHFDUEXUDQWHWOHV

]RQHVDYRLVLQDQWHV
7RXWHPDWLªUHVHG«WDFKDQWGRLW¬WUH«OLPLQ«HSDUH[HPSOH¢
O DLUFRPSULP«
$SUªVOHQHWWR\DJHUHFKHUFKH]HWFRUULJH]OHVIXLWHV
«YHQWXHOOHV5HIHUPH]WRXVOHVFRXYHUFOHVHWFDSRWV
=RQHVGHYDQW¬WUHFRQWU¶O«HVHWQHWWR\«HV
VRPPHWGXU«VHUYRLUK\GUDXOLTXHHWGXU«VHUYRLUGHFDUEXUDQW
DLQVLTXHOHSRXUWRXUGXSRLQWGHUHPSOLVVDJHGHFDUEXUDQW
3ULVHG DLUGXPRWHXU

VXUIDFHVFKDXGHVFRPPHVLOHQFLHX[)$3WX\DX
G «FKDSSHPHQW GXWXUERDXVLOHQFLHX[)$3 FROOHFWHXU
G «FKDSSHPHQWWXUERERELQHGHSU«FKDXIIDJHDOWHUQDWHXUHW
G«PDUUHXU
ILOWUH¢KXLOHHWILOWUH¢FDUEXUDQW
LQW«ULHXUGXFDUWHUGHUDGLDWHXU
GDQVOHVSODTXHVGHSURWHFWLRQGHVRXEDVVHPHQWVRXVOD
PDFKLQHVXUWRXWDXWRXUGHVSRPSHVK\GUDXOLTXHV YRLUILJXUH
(QFDVGHQHWWR\DJHVRXVKDXWHSUHVVLRQSURF«GH]DYHF
9 SUXGHQFHDXQHWWR\DJHGHV«O«PHQWVVXLYDQWV
G«PDUUHXU
WXUERFRPSUHVVHXU
DOWHUQDWHXU
7¶OHVGHSURWHFWLRQGHVRXEDVVHPHQW UDGLDWHXU
3RPSHVK\GUDXOLTXHV
UHQLIODUGU«VHUYRLUK\GUDXOLTXHGHFDUEXUDQWHWODER°WHGH
YLWHVVHV
OHVFRQQHFWHXUVHQJ«Q«UDO

LVRODQWVSKRQLTXHV

9
5«VHUYRLUGHFDUEXUDQWDYHFSRLQWGH
UHPSOLVVDJH
5«VHUYRLUK\GUDXOLTXH
7X\ªUHGHYHQWLODWHXU UHIURLGLVVHXUG DLUGH
VXUDOLPHQWDWLRQ
7X\ªUHGHYHQWLODWHXU UDGLDWHXU
'«PDUUHXU PDVTX«VXUO LOOXVWUDWLRQ
5HODLVGHSU«FKDXIIDJH
&ROOHFWHXUG «FKDSSHPHQW PDVTX«VXU
O LOOXVWUDWLRQ
7XUER PDVTX«VXUO LOOXVWUDWLRQ
)LOWUH¢FDUEXUDQW
)LOWUH¢KXLOH
$OWHUQDWHXU

7RXVOHVHQJLQVGHWHUUDVVHPHQWVRQWVXMHWV¢GHVFRQWUDLQWHVHW
¢XQHXVXUHH[WU¬PHV& HVWSRXUTXRLLOHVWHVVHQWLHOGH
U«JXOLªUHPHQWUHFKHUFKHUOHVGRPPDJHVVWUXFWXUHOVHWY«ULILHU
TXHWRXVOHVV\VWªPHVIRQFWLRQQHQWFRUUHFWHPHQW
'HVLQVSHFWLRQVU«JXOLªUHVVRQWLPSRUWDQWHVSRXUU«GXLUHDX
PLQLPXPOHVULVTXHVG DFFLGHQWVHWG LPPRELOLVDWLRQV/ LQWHUYDOOH
HQWUHFHVLQVSHFWLRQVG«SHQGGHGLYHUVIDFWHXUVWHOVTXHO ¤JHGH
ODPDFKLQHOHW\SHG XWLOLVDWLRQOHV«TXLSHPHQWVDMRXW«VOD
QDWXUHGXFKDUJHPHQWO «WDWGHODYRLHGHURXOHPHQWHWO HQWUHWLHQ
GRQWHOOHIDLWO REMHW/HVWRPEHUHDX[XWLOLV«VGDQVGHVFRQGLWLRQV
SDUWLFXOLªUHPHQWGLIILFLOHVGRLYHQW¬WUHLQVSHFW«VSOXV
IU«TXHPPHQWPDLVQRXVUHFRPPDQGRQVWRXWHIRLVGHSURF«GHU¢
ODSUHPLªUHLQVSHFWLRQDSUªVKHXUHVSXLVWRXWHVOHV
KHXUHVMXVTX ¢KHXUHVHWHQVXLWHWRXWHVOHVKHXUHV
,OHVWSU«I«UDEOHGHFRQILHUFHVLQVSHFWLRQV¢XQDWHOLHUDJU««SDU
9ROYR
6LODPDFKLQHD«W«LPSOLTX«HGDQVXQHFROOLVLRQRXWRXWDXWUHW\SH
G DFFLGHQWLOIDXWODUHWLUHUDXVVLW¶WGXVHUYLFHHWO LQVSHFWHUDYHF
VRLQLQG«SHQGDPPHQWGHODGDWHGHODSU«F«GHQWHLQVSHFWLRQ
3RXUSRXYRLUHIIHFWXHUXQHLQVSHFWLRQFRUUHFWHLOHVWLPSRUWDQW
TXHOHWRPEHUHDXVRLWFRUUHFWHPHQWQHWWR\«
/DG«WHFWLRQHWODU«SDUDWLRQGHVSUREOªPHV¢XQVWDGHSU«FRFH
DVVXUHQWOHIRQFWLRQQHPHQWGHODPDFKLQHHWDP«OLRUHQWVD
GLVSRQLELOLW«WRXWHQU«GXLVDQWOHULVTXHG DFFLGHQW/DU«SDUDWLRQ
FRUUHFWHGHVFK¤VVLVHWGHVDXWUHVVWUXFWXUHVQ«FHVVLWHXQH
FRQQDLVVDQFHGHVPDW«ULDX[GHODFRQFHSWLRQGHVFRPSRVDQWV
GHVFK¤VVLVHWGHVWHFKQLTXHVGHU«SDUDWLRQUHFRPPDQG«HVSDU
OHFRQVWUXFWHXU
6LXQHU«SDUDWLRQHVWQ«FHVVDLUHLOYRXVHVWUHFRPPDQG«GH
FRQWDFWHUXQFRQFHVVLRQQDLUH9ROYR&RQVWUXFWLRQ(TXLSPHQW
TXDOLIL«SRXUHIIHFWXHUFHVU«SDUDWLRQV1RXVQHUHFRPPDQGRQV
SDVO DFFRPSOLVVHPHQWGHVU«SDUDWLRQVSDUG DXWUHVHQWLW«VTX XQ
FRQFHVVLRQQDLUHDJU««9ROYR&RQVWUXFWLRQ(TXLSPHQW
/HVFK¤VVLVDYDQWHWDUULªUHO DWWHODJHHWODEHQQHGRLYHQW¬WUH
LQVSHFW«VU«JXOLªUHPHQWGXSRLQWGHYXHGHVILVVXUHVHWGHV
G«IDXWVHQSDUWLFXOLHUOHVVWUXFWXUHVVRXG«HV

/HVSRLQWVVXUOHVTXHOVQRXVLQVLVWRQVLFLVRQWSDUWLFXOLªUHPHQW
LPSRUWDQWVPDLVFHODQHVLJQLILHSDVSRXUDXWDQWTX LOIDLOOH
Q«JOLJHUOHUHVWH7RXWGRLW¬WUHVRLJQHXVHPHQWLQVSHFW«
(VVDLGHIRQFWLRQQHPHQWHWFRQWU¶OH
(IIHFWX«TXRWLGLHQQHPHQW
$XWRFROODQWVGHPLVHHQJDUGH
9«ULILH]TXHWRXVOHVDXWRFROODQWVG DYHUWLVVHPHQWVRQWHQ
SODFHOLVLEOHVHWLQWDFWV3RVLWLRQYRLUSDJH
&RQWU¶OHH[W«ULHXU
9«ULILH]TXHODPDFKLQHQHSU«VHQWHSDVGHGRPPDJHV
H[W«ULHXUVHQSDUWLFXOLHUDXQLYHDXGHVSQHXPDWLTXHVGHV
IOH[LEOHVHWGHVWX\DX[
9«ULILH]TX LOQ \DSDVGHIXLWHVYLVLEOHV
1HWWR\H]IURWWH]OHVYLWUHVHWOHVU«WURYLVHXUV
9«ULILH]TXHODFDP«UDGHUHFXO OHFDV«FK«DQW HVWSURSUH
LQWDFWHHWIRQFWLRQQHFRUUHFWHPHQW
9«ULILH]TXHOHURELQHWGHEDWWHULHHVWEUDQFK«
9«ULILHUTXHOHYHUURXLOODJHG DUWLFXODWLRQGHGLUHFWLRQHVW
G«VHQJDJ«
9«ULILH]TXHOHVURXHVQHVRQWSDVEORTX«HV
9«ULILH]TXHOHFDSRWGXPRWHXUHVWIHUP«HWTXHOHVSODTXHV
GHSURWHFWLRQVRQWHQSODFH
9«ULILHUTXHODULGHOOHHWOHP«FDQLVPHGHYHUURXLOODJHQHVRQW
SDVXV«VQLHQGRPPDJ«V «TXLSHPHQWRSWLRQQHO
FODLUDJHVLQVWUXPHQWVHWFRPPDQGHV
5«JOH]OHVLªJHGXFRQGXFWHXUYRLU6LªJHFRQGXFWHXUHWYRODQW
GHGLUHFWLRQYRLUSDJH
0HWWH]OHFRQWDFWHQSRVLWLRQ SRVLWLRQGHIRQFWLRQQHPHQW
9«ULILH]TXHWRXVOHVW«PRLQVGHFRQWU¶OHV DOOXPHQWHWTXHOHV
MDXJHVVRQWDFWLYHV
9«ULILH]TXHOHQLYHDXGHFDUEXUDQWHVWVXIILVDQWGDQVOH
U«VHUYRLU
9«ULILH]OHIRQFWLRQQHPHQWGHO «FODLUDJHGHWUDYDLOHWGHV
SKDUHVHWY«ULILH]TX LOVVRQWSURSUHVHWLQWDFWV
9«ULILH]WRXVOHVU«IOHFWHXUV
9«ULILH]TXHSHUVRQQHQHVHWURXYH¢SUR[LPLW«GHODPDFKLQH
YRLUSDJH
9«ULILHUTXHODFHLQWXUHGHV«FXULW«DEGRPLQDOHSHXW¬WUH
DWWDFK«HHWTX HOOHQ HVWSDVHQGRPPDJ«H
%RXFOH]ODFHLQWXUHGHV«FXULW«DEGRPLQDOH
0HWWH]OHFRQWDFWHQSRVLWLRQ SRVLWLRQGHG«PDUUDJH
9«ULILH]TXHWRXVOHVW«PRLQVGHFRQWU¶OHHWG DYHUWLVVHPHQW
VRQW«WHLQWV/RUVTXHOHIUHLQGHVWDWLRQQHPHQWHVWVHUU«OH
W«PRLQG DYHUWLVVHPHQWGXIUHLQGHVWDWLRQQHPHQWHVWDOOXP«
9«ULILH]TXHO DYHUWLVVHXUVRQRUHIRQFWLRQQH
6\VWªPHGHIUHLQDJH IUHLQVGHURXWH
/DLVVH]OHPRWHXUWRXUQHUDXUDOHQWLDILQGHIDLUHPRQWHUOD
SUHVVLRQ
9«ULILH]TXHODSUHVVLRQGHIUHLQDJHDFFXPXO«HGDQVOHVGHX[
FLUFXLWVHVWQRUPDOH
'HVVHUUH]OHIUHLQGHVWDWLRQQHPHQWHWHQIRQFH]¢IRQGOD
S«GDOHGHIUHLQ9«ULILH]TX DXFXQHDODUPHQ HVWDFWLY«H
0HWWH]ODPDFKLQHHQPRXYHPHQWDYHFSU«FDXWLRQHWWHVWH]
OHVIUHLQV/HIUHLQDJHGRLWVHIDLUHHQGRXFHXUVDQVJ«Q«UHU
GHEUXLW
6\VWªPHGHIUHLQDJH IUHLQGHVWDWLRQQHPHQW

$9,6
$VVXUH]YRXVTXHSHUVRQQHQHVHWURXYH¢SUR[LPLW«GHOD
PDFKLQHFDUHOOHSHXWVHPHWWUHHQPRXYHPHQW
9«ULILH]DXWDEOHDXGHERUGTXHOHVQLYHDX[GHSUHVVLRQ
SHUPHWWHQWO XWLOLVDWLRQ
(QIRQFH]ODS«GDOHGHIUHLQGHVRUWHTXHODPDFKLQHQHVH
PHWWHSDVHQPRXYHPHQW
'HVVHUUH]OHIUHLQGHVWDWLRQQHPHQW
0HWWH]OHV«OHFWHXUGHUDSSRUWHQSRVLWLRQ'HWDVVXUH]YRXV
TXHOHUDSSRUWHVWHQJDJ«
5HO¤FKH]ODS«GDOHGHIUHLQ
9«ULILH]TXHOHIUHLQGHVWDWLRQQHPHQWSHXWPDLQWHQLUOD
PDFKLQH¢O DUU¬W¢XQU«JLPHGHWUPLQ WUV
9«ULILH]TX LOQ \DSDVG DYHUWLVVHPHQWVRXGHPHVVDJHV
G HUUHXU
6\VWªPHGHGLUHFWLRQ
7RXUQH]ODGLUHFWLRQ¢GURLWHHW¢JDXFKH
9«ULILH]TX LOQ \DSDVGHMHXRXGHEUXLWGDQVODGLUHFWLRQ
)RQFWLRQEDVFXOHPHQW
6RXOHYH]ODEHQQH9«ULILH]TX HOOHPRQWHQRUPDOHPHQW
9«ULILH]TXHO DPRUWLVVHPHQWGHILQGHFRXUVHIRQFWLRQQH
$EDLVVH]ODEHQQH9«ULILH]TX HOOHGHVFHQGQRUPDOHPHQW
9«ULILH]TXHODIRQFWLRQGHOLPLWDWLRQGHKDXWHXUGH
G«YHUVHPHQWIRQFWLRQQHVLHOOHHVWDFWLY«H
$ODUPHGHUHFXO
0HWWH]ODFRPPDQGHGHV«OHFWHXUGHUDSSRUWHQPDUFKH
DUULªUH
9«ULILH]TXHO DODUPHGHUHFXOIRQFWLRQQH
&RXSH]OHPRWHXU
0HVXUHV¢SUHQGUHDSUªVO XWLOLVDWLRQ
)DLWHVOHSOHLQGXU«VHUYRLUGHFDUEXUDQWFHTXLHPS¬FKHOD
IRUPDWLRQG HDXGHFRQGHQVDWLRQ
$9,6
&RQWDFWH]XQDWHOLHUDJU««SDU9ROYRHQFDVGHSUREOªPHVXUO XQ
GHVSRLQWVFLGHVVXV
3RLQWVG HQWUHWLHQ
3RLQWVG HQWUHWLHQ
3RLQWVG HQWUHWLHQ

9
&RXUURLHVWHQGHXUVGHFRXUURLH 6\VWªPHGHIUHLQDJHILOWUH¢KXLOHGHUHIRXOHPHQW
)LOWUH¢KXLOHPRWHXU 3RLQWGHUHPSOLVVDJHER°WHGHWUDQVIHUW
-DXJHGHQLYHDXG KXLOHPRWHXU 3RLQWGHUHPSOLVVDJHOLTXLGHODYHJODFH
3RLQWGHUHPSOLVVDJHKXLOHPRWHXU 3RLQWGHYLGDQJHKXLOHK\GUDXOLTXH
9DVHG H[SDQVLRQ )LOWUH¢KXLOHGHUHWRXUKXLOHK\GUDXOLTXH
)LOWUHGHUHQLIODUGGHWUDQVPLVVLRQ 3RLQWGHUHPSOLVVDJHKXLOHK\GUDXOLTXH
%DWWHULH )LOWUHGHYHQWLODWLRQU«VHUYRLUK\GUDXOLTXH
-DXJHG KXLOHKXLOHGHER°WHGHYLWHVVHV 3RLQWGHYLGDQJHKXLOHGHUHIURLGLVVHPHQWGHV
IUHLQV
3RLQWGHUHPSOLVVDJHKXLOHGHER°WHGHYLWHVVHV )LOWUH¢KXLOHGHUHWRXUKXLOHGHUHIURLGLVVHPHQW
GHVIUHLQV
)LOWUHG D«UDWLRQER°WHGHWUDQVIHUWHWSRQW$9 3RLQWGHUHPSOLVVDJHKXLOHGHUHIURLGLVVHPHQW
GHVIUHLQV
9HQWLODWHXUGHUHIURLGLVVHPHQWILOWUH¢KXLOHGH )LOWUHG D«UDWLRQU«VHUYRLUG KXLOHGH
UHWRXU UHIURLGLVVHPHQWGHVIUHLQV
3RLQWGHYLGDQJHHVVLHX[
3RLQWVG HQWUHWLHQ

9

)LOWUHG D«UDWLRQHVVLHX[WDQGHP )LOWUH¢KXLOHGHJUDLVVDJHER°WHGHYLWHVVHV
&DUWRXFKHGHVVLFFDQWH 3RLQWGHYLGDQJHKXLOHGHER°WHGHYLWHVVHV
)LOWUHGHFDELQH SU«ILOWUHHWILOWUHSULQFLSDO )LOWUH¢KXLOHSULPDLUHER°WHGHYLWHVVHV
)LOWUH¢DLUPRWHXU ILOWUHSULPDLUHHWILOWUH 3RLQWGHUHPSOLVVDJHKXLOHG HVVLHX
VHFRQGDLUH
)LOWUH¢FDUEXUDQWVHFRQGDLUH 3RLQWGHYLGDQJHKXLOHGHUHIURLGLVVHPHQWGHV
IUHLQVPR\HX
3U«ILOWUH¢FDUEXUDQW 3RLQWGHYLGDQJHER°WHGHWUDQVIHUW
3RLQWGHYLGDQJHOLTXLGHGHUHIURLGLVVHPHQW )LOWUH¢FDUEXUDQWFKDXIIDJHGHPRWHXUHWGH
FDELQH DYHFU«VHUYRLUGHFDUEXUDQWDX[LOLDLUH
3RLQWGHYLGDQJHKXLOHPRWHXU )LOWUH¢FDUEXUDQWFKDXIIDJHGHPRWHXUHWGH
FDELQH VDQVU«VHUYRLUGHFDUEXUDQWDX[LOLDLUH
&U«SLQHG DVSLUDWLRQSULVHGHIRUFH )LOWUHGHUHQLIODUGU«VHUYRLUGHFDUEXUDQWSRXU
FKDXIIDJHGHPRWHXUHWGHFDELQH «TXLSHPHQW
RSWLRQQHO

0RWHXU
0RWHXU
1LYHDXG KXLOHPRWHXUFRQWU¶OH

3ODFH]ODPDFKLQHHQSRVLWLRQG HQWUHWLHQYRLUSDJH
3RXUOHFRQWU¶OHSODFH]ODPDFKLQHVXUXQHVXUIDFH
KRUL]RQWDOH
/HQLYHDXGRLWVHWURXYHUHQWUHOHVUHSªUHVGHODMDXJH/D
TXDQWLW«G KXLOHHQWUHOHVUHSªUHVPLQHWPD[VXUODMDXJHHVW
G HQYLURQO 86JDO
/HQLYHDXG KXLOHHVW«JDOHPHQWLQGLTX«¢O «FUDQYRLUSDJH

8Q«FUDQG DODUPHHVWDIILFK«HQFDVGHQLYHDXG KXLOHPRWHXU
EDVYRLUSDJH
0DLQWHQH]OHQLYHDXDXPD[LPXPPDLVVDQVVXUUHPSOLVVDJH
9
$)$))6
-DXJH
&RQGXLWGHUHPSOLVVDJH

9
$)$))6
-DXJH
9
+XLOHPRWHXUHWILOWUHUHPSODFHPHQW
9LGDQJH]O KXLOHPRWHXUWRXWHVOHVKHXUHV
0RWHXU
9ROXPHG KXLOH¢ODYLGDQJH
$)DSSUR[OLWUHV 86JDO DYHFOHILOWUH
$)DSSUR[OLWUHV 86JDO DYHFOHILOWUH
&RQGLWLRQVSRXUTXHO LQWHUYDOOHGHKHXUHVVRLWDSSOLFDEOH
UHPSODFHPHQWGHVILOWUHV¢KXLOH¢FKDTXHYLGDQJHG KXLOH
ILOWUHV¢KXLOHmORQJXHGXU«HGHYLH}HWmG«ULYDWLRQ}G RULJLQH
9ROYR
KXLOHGHTXDOLW«FRUUHFWHYRLUSDJH
WHQHXUHQVRXIUHGXFDUEXUDQWPRWHXUFRQIRUPHDX[
FDUDFW«ULVWLTXHVWHFKQLTXHVYRLU
XQHKXLOHGHYLVFRVLW«FRUUHFWHSRXUOHVFRQGLWLRQVGH
WHPS«UDWXUHHVWV«OHFWLRQQ«HFRQIRUP«PHQWDXGLDJUDPPH
YRLUSDJH
5HVSHFWH]OHVLQWHUYDOOHVGHUHPSODFHPHQWGXWDEOHDXGHODSDJH
VHORQODTXDOLW«G KXLOHXWLOLV«HHWODWHQHXUHQVRXIUHGX
FDUEXUDQW
$9,6
,OHVWLPSRUWDQWG HPSOR\HUODFDW«JRULHG KXLOHUHFRPPDQG«HHQ
SDUWLFXOLHUSRXUOHPRWHXU';;+VRXVSHLQHGHYRLUDXJPHQWHU
OHFROPDWDJHGXILOWUH¢SDUWLFXOHVGLHVHO
9LGDQJH]O KXLOHPRWHXUDXPRLQVXQHIRLVSDUDQTXHOTXHVRLW
OHQRPEUHG KHXUHVGHVHUYLFH
$9(57,66(0(17
/ KXLOHFKDXGHSHXWHQWUD°QHUGHVEU½OXUHV3RUWH]XQ«TXLSHPHQW
GHSURWHFWLRQHWPDQLSXOH]O KXLOHFKDXGHDYHFJUDQGHSUXGHQFH
&ROOHFWHUO KXLOHHWPHWWH]ODDXUHEXWG XQHID©RQUHVSHFWXHXVH
GHO HQYLURQQHPHQW
$77(17,21
OLPLQHUOHVILOWUHVKXLOHVOLTXLGHVHQSU«VHUYDQWO HQYLURQQHPHQW
9RLUSDJH
9LGDQJH
%DVFXOH]ODJULOOHYHUVOHEDV

5HWLUH]OHIOH[LEOHGHYLGDQJHGHODJULOOH
9
)OH[LEOHGHYLGDQJH

0RWHXU
'«SRVH]OHERXFKRQGHSURWHFWLRQGXUDFFRUGGHYLGDQJH
9
%RXFKRQGHSURWHFWLRQSRLQWGHYLGDQJH

%UDQFKHUOHIOH[LEOHGHYLGDQJHVXUOHUDFFRUGGHYLGDQJH
9LGDQJHUO KXLOH
'«EUDQFKH]OHIOH[LEOHGXUDFFRUGGHYLGDQJH
5HPHWWH]HQSODFHOHERXFKRQGHSURWHFWLRQVXUOHUDFFRUGGH
YLGDQJH
5HSODFH]OHIOH[LEOHGHYLGDQJHGDQVODJULOOH
9
9LGDQJHG KXLOHPRWHXU

)LOWUHV¢KXLOHUHPSODFHPHQW
'«SRVH]OHVDQFLHQVILOWUHV¢KXLOHXWLOLVH]XQHSLQFH¢ILOWUH¢
KXLOH
5HPSOLVVH]OHVILOWUHVQHXIVG KXLOH
$77(17,21
,OHVWLPSRUWDQWTXHOHILOWUHVRLWUHPSOLG KXLOHDYDQWVDSRVH
DILQGHJDUDQWLUODOXEULILFDWLRQGXPRWHXUGLUHFWHPHQWDSUªVOH
G«PDUUDJH
$SSOLTXH]GHO KXLOHVXUOHVMRLQWVGHVILOWUHV¢KXLOH
9LVVH]OHILOWUH¢ODPDLQMXVTX ¢FHTXHOHMRLQWWRXFKHMXVWHOD
VXUIDFHG «WDQFK«LW«
6HUUH]DORUVOHILOWUHG HQYLURQWRXUVXSSO«PHQWDLUH
9
$9,6
)LOWUH¢SDVVDJHLQW«JUDO 6HUUHUSOXVIRUWQHVHUW¢ULHQ
)LOWUH¢G«ELWSDUWLHO

0RWHXU
5HPSOLVVDJH

5HPSOLVVH]G KXLOHSDUOHWX\DXGHUHPSOLVVDJH
9
$)$))6
-DXJH

9
$)$))6
-DXJH

&RQWU¶OH
$77(17,21
$SUªVOHUHPSODFHPHQWGHVILOWUHV¢KXLOHOHPRWHXUGRLWWRXUQHU
DXUDOHQWLOHQWSHQGDQWDXPRLQVXQHPLQXWH
'«PDUUHUOHPRWHXUHWFRQWU¶OHUO «WDQFK«LW«GHVMRLQWVGHILOWUH
(QFDVGHIXLWHG«SRVHUOHILOWUHHWFRQWU¶OHUODIDFH
G «WDQFK«LW«
)HUPH]OHFDSRWHWVRXOHYH]ODJULOOH
'LIIXVHXU(*5FRQWU¶OH

L6WDJHOOO%
/HWXEHYHQWXULGRLW¬WUHFRQWU¶O«WRXWHVOHVKHXUHV
0RWHXU
7RXWFRQWU¶OHRXFRUUHFWLRQGXWXEHYHQWXULGRLW¬WUHHIIHFWX«SDU
XQSURIHVVLRQQHO
&DUEXUDQWUHPSOLVVDJH
/HYROXPHGXU«VHUYRLUGHFDUEXUDQWHVWGH
$)$))6OLWUHV 86JDO
$)$))6OLWUHV 86JDO
4XDOLW«GHFDUEXUDQWYRLUSDJH
$9(57,66(0(17
$UU¬WH]OHPRWHXUDYDQWOHUHPSOLVVDJHGHFDUEXUDQW
$9(57,66(0(17
5LVTXHG LQFHQGLH
/DU«J«Q«UDWLRQSURGXLWGHVJD]G «FKDSSHPHQWFKDXGVHW
SURYRTXHO «FKDXIIHPHQWGXWX\DXG «FKDSSHPHQW
1HSDVSURF«GHU¢ODU«J«Q«UDWLRQGDQVXQHQYLURQQHPHQW
LQIODPPDEOH

6LOHQLYHDXGHFDUEXUDQWHVWEDVXQ«FUDQG DODUPHHVWDIILFK«
YRLUSDJH)DLWHVOHSOHLQGHFDUEXUDQWSRXU«YLWHUTXHGHO DLU
QHUHQWUHGDQVOHV\VWªPH
1HWWR\H]VRLJQHXVHPHQWOHSRXUWRXUGXERXFKRQGHU«VHUYRLU
GHFDUEXUDQWDYDQWGHOHG«SRVHU
9
YLWH]OHV«FRXOHPHQWVORUVGXUHPSOLVVDJH/DVDOHW«LPELE«H
GHJD]ROHSU«VHQWHXQULVTXHG LQFHQGLH
%RXFKRQGXU«VHUYRLUGHFDUEXUDQW
(QKLYHUWHQH]OHU«VHUYRLUGHFDUEXUDQWSOHLQSRXUHPS¬FKHU

ODFRQGHQVDWLRQGDQVOHU«VHUYRLU
6\VWªPHG DOLPHQWDWLRQHQFDUEXUDQWSXUJH
G DLU
$9(57,66(0(17
9HLOOHU¢FHTXHOHFDUEXUDQWVRXVKDXWHSUHVVLRQQ DUULYHSDVDX
FRQWDFWGHSDUWLHVQRQSURW«J«HVGXFRUSVORUVGXWUDYDLOVXU
O «TXLSHPHQWG LQMHFWLRQ
6LOHU«VHUYRLUD«W«PLV¢VHFRXVLSRXUXQHDXWUHUDLVRQGHO DLU
HVWHQWU«GDQVOHV\VWªPHFHGHUQLHUGRLW¬WUHSXUJ«
$9,6
1 RXYULUDXFXQUDFFRUG
$9,6
/DSRPSH¢PDLQQHGRLWSDV¬WUHHPSOR\«HORUVTXHOHPRWHXUHVW
HQPDUFKH
9
8WLOLVDWLRQGHODSRPSH¢PDLQ
$77(17,21
'HVWHQWDWLYHVGHG«PDUUDJHQHGRLYHQWHQDXFXQHFLUFRQVWDQFH
¬WUHHIIHFWX«HVDYDQWTXHOHV\VWªPHDLW«W«SXUJ«/DSRPSH
G DOLPHQWDWLRQHQFDUEXUDQWSHXW¬WUHJUDYHPHQWHQGRPPDJ«H
$SSX\H]VXUODSRPSH¢PDLQHWWRXUQH]ODGDQVOHVHQV
DQWLKRUDLUHMXVTX ¢FHTX HOOHVRLWHQSRVLWLRQGHSRPSDJH
3RPSHUDYHFODSRPSH¢PDLQMXVTX ¢FHTX LO\DLWU«VLVWDQFH
GDQVODSRPSH
9HUURXLOOH]ODSRPSH¢PDLQHQO HQIRQ©DQWHWHQODWRXUQDQW
HQVHQVKRUDLUH
'«PDUUH]OHPRWHXUHWODLVVH]OHWRXUQHUDXUDOHQWLOHQW
SHQGDQWHQYLURQFLQTPLQXWHV
$9,6
/HU«JLPHPRWHXUQHGRLWSDV¬WUHDFF«O«U«FDUWRXWDLUUHVW«
GDQVOHV\VWªPHSHXW¬WUHHQYR\«DX[LQMHFWHXUVFHTXL
HQWUD°QHGHVUDW«VG DOOXPDJH
6LOHPRWHXUDGHVGLIILFXOW«V¢G«PDUUHUSRPSH]¢QRXYHDX
¢O DLGHGHODSRPSH¢PDLQMXVTX ¢UHVVHQWLUXQHU«VLVWDQFH
(VVD\H]HQVXLWH¢QRXYHDXGHG«PDUUHU
9«ULILH]TX DXFXQFRGHGHSDQQHHVWDIILFK«GDQVOHSDQQHDX
G LQIRUPDWLRQV
)LOWUH¢FDUEXUDQWUHPSODFHPHQW
5HPSODFH]OHVILOWUHV¢FDUEXUDQWWRXWHVOHVKHXUHVRXORUV
GXUHPSODFHPHQWGXILOWUH¢KXLOHPRWHXU
8Q«FUDQG DODUPHHVWDIILFK«ORUVTXHOHVILOWUHV¢FDUEXUDQWVRQW
FROPDW«VSU«FRFHPHQWYRLUSDJHHWGRLYHQW¬WUHUHPSODF«V
$9(57,66(0(17
5LVTXHGHEU½OXUHV/HOLTXLGHSHXW¬WUHFKDXG
$77(17,21
9RLUSDJH
5HPSODFHPHQWGXILOWUH¢FDUEXUDQWVHFRQGDLUH
8WLOLVH]XQHSLQFHSRXUG«SRVHUOHILOWUH¢FDUEXUDQW
$SSOLTXH]GXJD]ROHVXUOHMRLQW
5HPSOLVVH]OHILOWUHGHJD]ROH SRXUIDFLOLWHUOHG«PDUUDJHGX
PRWHXU
$9,6
6HUUH]OHVILOWUHV¢ODPDLQORUVGHODSRVH
9
)LOWUH¢FDUEXUDQWVHFRQGDLUH
)LOWUH¢FDUEXUDQWSULPDLUHDYHFV«SDUDWHXU
G HDX

5HPSODFHPHQWGXILOWUH¢FDUEXUDQWSULPDLUH
'«EUDQFKHUOHF¤EOHGXFDSWHXUGXV«SDUDWHXUG HDXGX
FRQQHFWHXU/HFRQQHFWHXUHVWSODF«GHUULªUHOHVILOWUHV
'HVVHUUH]OHILOWUHXWLOLVH]XQHSLQFH¢ILOWUH
5HWLUH]ODFXYHHQSODVWLTXHGXILOWUH
1HWWR\H]ODFXYHHQSODVWLTXH
3RVHUOHFRXYHUFOHSODVWLTXHVXUOHILOWUHQHXI
$SSOLTXH]GXJD]ROHVXUOHMRLQW
5HPSOLVVH]OHILOWUHGHJD]ROH
3RVH]OHFRQQHFWHXUGXV«SDUDWHXUG HDXGH
9
3XUJH]OHV\VWªPHYRLUSDJH
&XYHSODVWLTXH
$9,6
&RQWDFW 6HUUH]OHVILOWUHV¢ODPDLQORUVGHODSRVH

'«S¶WVDXIRQGGXU«VHUYRLUGHFDUEXUDQW
YLGDQJH
/HVERXHVGRLYHQW¬WUH«YDFX«HVGXU«VHUYRLUGHFDUEXUDQWWRXWHV
OHVKHXUHV SOXVVRXYHQWVLQ«FHVVDLUH
$77(17,21
9RLUSDJH
'«SRVH]OHERXFKRQGHSURWHFWLRQGXUDFFRUGGHYLGDQJH
8WLOLVH]OHP¬PHIOH[LEOHGHYLGDQJHTXHSRXUO KXLOHPRWHXU
SODF«GDQVODJULOOH SRXU«YDFXHUODERXH
5HSRVH]OHFRXYHUFOHGHSURWHFWLRQ
9
%RXFKRQGHYLGDQJHU«VHUYRLUGHFDUEXUDQW
)OH[LEOHGHYLGDQJH
5«VHUYRLUGHFDUEXUDQWUHPSODFHPHQWGXILOWUH
G D«UDWLRQ
5HPSODFH]OHILOWUHG D«UDWLRQWRXWHVOHVKHXUHV
/HILOWUHHVWGHW\SHMHWDEOH
$77(17,21
9RLUSDJH
'«YLVVHUOHERXFKRQ
5HPSODFH]ODFDUWRXFKHILOWUDQWH
5HPRQWHUOHFDSRWGHUHFRXYUHPHQW
9
)LOWUHGHYHQWLODWLRQU«VHUYRLUGHFDUEXUDQW

6«SDUDWHXUG HDXSXUJH
6 LO\DGHO HDXGDQVOHFDUEXUDQWXQ«FUDQG DODUPHHVWDIILFK«

YRLUSDJH9LGDQJH]OHGHV«SDUDWHXUG HDXFRPPHVXLW
$77(17,21
9RLUSDJH
%UDQFKH]XQIOH[LEOHGHYLGDQJHVXUODYLVGHYLGDQJHDXEDV

GXV«SDUDWHXUG HDX
'HVVHUUH]ODYLVGHYLGDQJH
1HVHUUH]ODYLVGHYLGDQJHTXHORUVTXHGXFDUEXUDQWSURSUH
V «FRXOH
9
%UDQFKHPHQWGXIOH[LEOHGHYLGDQJH
3U«ILOWUH¢FDUEXUDQWUHPSODFHPHQW
5HPSODFH]ODFDUWRXFKHILOWUDQWHWRXWHVOHKHXUHV/HV
UHPSODFHPHQWVSHXYHQW¬WUHSOXVIU«TXHQWVVHORQOD
FRQVRPPDWLRQHWODTXDOLW«GXFDUEXUDQW
/HUHPSODFHPHQWGRLW«JDOHPHQWDYRLUOLHXHQP¬PHWHPSVTXH
OHUHPSODFHPHQWGHVILOWUHV¢FDUEXUDQWSULPDLUHHWVHFRQGDLUHVL
O DODUPHGHILOWUHFROPDW«V HVWG«FOHQFK«HYRLU

9
3U«ILOWUH¢FDUEXUDQW

9LGDQJH
9LGDQJH]OHILOWUHWRXVOHVMRXUV(IIHFWXH]«JDOHPHQWODYLGDQJH
ORUVGHODYLGDQJHGXV«SDUDWHXUG HDXVLO DODUPHLQGLTXDQWGH
O HDXGDQVOHFDUEXUDQWV HVWG«FOHQFK«HYRLU
9LGH]ODFXYHG HDXHW«OLPLQH]DXVVLOHVDXWUHVLPSXUHW«VHQ
WRXUQDQWOHURELQHWDXEDVGXILOWUH5«FXS«UH]O HDXGDQVXQ
U«FLSLHQW
)HUPH]HWOHURELQHWORUVTXHGXFDUEXUDQWSURSUHV «FRXOH
'«SRVHHWQHWWR\DJH
'«SRVH]OHFRXYHUFOHGHILOWUHHQYLVVDQWODSRLJQ«HHQ7HQ
VHQVDQWLKRUDLUH
5HWLUH]DYHFSU«FDXWLRQODFDUWRXFKHILOWUDQWHSDUXQ
PRXYHPHQWURWDWLIU«JXOLHU
1HWWR\H]ODFXYHG HDXDYHFGHO HDXVDYRQQHXVHHWXQFKLIIRQ
RXXQHEURVVHSURSUHHWGRX[1 XWLOLVH]SDVGHVROYDQWQL
G DJHQWQHWWR\DQWFRQWHQDQWXQDEUDVLI
5LQFH]HWHVVX\H]OHU«FLSLHQWG HDXVRLJQHXVHPHQW
0LVHHQSODFH
3RVH]ODFDUWRXFKHILOWUDQWHQHXYHHWHQIRQFH]ODMXVTX ¢OD
EXW«H
$MRXWH]GXFDUEXUDQW'LHVHOSXUMXVTX HQKDXW
5HPSODFH]OHMRLQWGXFRXYHUFOHHWOHMRLQWWRULTXHGHODSRLJQ«H
HQ7DXEHVRLQ$SSOLTXH]GXJD]ROHVXUFHVGHX[MRLQWV
)L[H]OHFRXYHUFOHGXILOWUHDYHFODSRLJQ«HHQ7
&KDXIIDJHGHPRWHXUHWFDELQHILOWUH¢
FDUEXUDQWUHPSODFHPHQW
TXLSHPHQWRSWLRQQHO
5HPSODFHUOHILOWUH¢FDUEXUDQWWRXWHVOHVKHXUHV
$9,6
8WLOLVHUXQ«TXLSHPHQWGHSURWHFWLRQSHUVRQQHO SDUH[SURWHFWLRQ
UHVSLUDWRLUH ORUVGXUHPSODFHPHQWGXILOWUH
$77(17,21
9RLUSDJH
)LOWUH¢FDUEXUDQWFKDXIIDJHGHPRWHXUHWGHFDELQH VDQV
U«VHUYRLUGHFDUEXUDQWDX[LOLDLUH
'HVVHUUHUOHVFROOLHUVGHVHUUDJHHWG«SRVHUOHILOWUH¢
FDUEXUDQW
0HWWUHHQSODFHOHQRXYHDXILOWUH¢FDUEXUDQW
)L[HUOHILOWUH¢FDUEXUDQWSDUGHVFROOLHUV
9
)LOWUH¢FDUEXUDQW
)LOWUH¢FDUEXUDQWFKDXIIDJHGHPRWHXUHWGHFDELQHDYHF
U«VHUYRLUGHFDUEXUDQWDX[LOLDLUH
5HWLUHUO «FURXHWOHERXORQTXLPDLQWLHQQHQWOHIOH[LEOHGH
FDUEXUDQW
'HVVHUUHUOHVFROOLHUVGHVHUUDJHHWG«SRVHUOHILOWUH¢
FDUEXUDQW
0HWWUHHQSODFHOHQRXYHDXILOWUH¢FDUEXUDQW
)L[HUOHILOWUH¢FDUEXUDQWSDUGHVFROOLHUV
0RQWHUO «FURXHWOHERXORQTXLPDLQWLHQQHQWOHIOH[LEOHGH
FDUEXUDQW
9
)LOWUH¢FDUEXUDQW
&KDXIIDJHPRWHXUHWFDELQHU«VHUYRLUGH
FDUEXUDQWVXSSO«PHQWDLUHILOWUHGHUHQLIODUG
UHPSODFHPHQW
TXLSHPHQWRSWLRQQHO
5HPSODFHUOHILOWUH¢FDUEXUDQWWRXWHVOHVKHXUHV
$9,6
$77(17,21
9RLUSDJH
'HVVHUUHUOHFROOLHUGHVHUUDJHHWG«SRVHUOHILOWUHGHUHQLIODUG
7UDQVI«UHUOHFROOLHUHWSRVHUOHILOWUHGHUHQLIODUGQHXI
9
)LOWUHGHYHQWLODWLRQ

5HIURLGLVVHXUG DLUGHVXUDOLPHQWDWLRQ
5HIURLGLVVHXUG DLUGH
VXUDOLPHQWDWLRQ
/HPRWHXUHVWPXQLG XQUHIURLGLVVHXUG DLUGHVXUDOLPHQWDWLRQGH
W\SHDLUDLU/HUHIURLGLVVHXUDEDLVVHODWHPS«UDWXUHGHO DLUDGPLV
G HQYLURQr& r) / DLUG DGPLVVLRQGHYLHQWDLQVLSOXV
GHQVHFHTXLSHUPHWO LQMHFWLRQHWODFRPEXVWLRQG XQSOXVJURV
YROXPHGHFDUEXUDQW,OHQU«VXOWHXQHDXJPHQWDWLRQGH
SXLVVDQFHGXPRWHXUPDLVO DLUSOXVIURLGU«GXLWHQRXWUHOHV
FRQWUDLQWHVVXUOHVVRXSDSHVHWOHVSLVWRQV

)LOWUH¢DLUPRWHXU
)LOWUH¢DLUPRWHXU
/HILOWUH¢DLUSU«YLHQWODS«Q«WUDWLRQGHSRXVVLªUHVHWG DXWUHV
FRQWDPLQDQWVGDQVOHPRWHXU/ DLUWUDYHUVHG DERUGOHSU«ILOWUH
SXLVOHILOWUHVHFRQGDLUH
/HGHJU«G XVXUHGXPRWHXUG«SHQGHQJUDQGHSDUWLHGHOD
SURSUHW«GHO DLULQGXLW,OHVWGRQFWUªVLPSRUWDQWTXHOHILOWUH¢DLU
VRLWU«JXOLªUHPHQWFRQWU¶O«HWFRUUHFWHPHQWHQWUHWHQX)DLUH
SUHXYHG XQHH[WU¬PHSURSUHW«ORUVGHVLQWHUYHQWLRQVVXUOHILOWUH
¢DLUHWOHVILOWUHV
$77(17,21
/HPRWHXUQHGRLWHQDXFXQHFLUFRQVWDQFHWRXUQHUVDQVILOWUHRX
DYHFXQILOWUHHQGRPPDJ«$\H]WRXMRXUVXQILOWUHGHUHFKDQJH¢
SRUW«HGHPDLQHWSURW«JH]OHGHVLPSXUHW«V
5«JXOLªUHPHQWV DVVXUHUGHO DEVHQFHGHIXLWHVDXQLYHDXGHV

UDFFRUGVGHIOH[LEOHVHWGHWX\DX[GXILOWUH¢DLUYHUVODWXEXOXUH
G DGPLVVLRQGXPRWHXU
)LOWUHSULPDLUHGXILOWUH¢DLUPRWHXUQHWWR\DJH
HWUHPSODFHPHQW
5HPSODFH]OHILOWUHWRXWHVOHVKHXUHVRXDXPRLQVXQHIRLV
SDUDQ6LOHW«PRLQV DOOXPHDYDQWFHODHWVLXQ«FUDQG DODUPH
HVWDIILFK«QHWWR\H]RXUHPSODFH]OHILOWUHSULPDLUH
LPP«GLDWHPHQW/DGXU«HHQWUHOHVQHWWR\DJHVUHPSODFHPHQWV
YDULHHQWLªUHPHQWVHORQO HQYLURQQHPHQWG XWLOLVDWLRQGHOD
PDFKLQH
/HILOWUHGRLW¬WUHQHWWR\«DXSOXV¢FLQTUHSULVHV,OGRLWHQVXLWH
¬WUHUHPSODF«5HPSODFH]OHILOWUHV LOHVWHQGRPPDJ«
6LOHW«PRLQUHVWHDOOXP«DSUªVOHQHWWR\DJHUHPSODFHPHQWOH
ILOWUHVHFRQGDLUHGRLW¬WUHUHPSODF«YRLUSDJH
$77(17,21
9RLUSDJH
9
)LOWUHSULPDLUH SULQFLSDO

1HWWR\DJHP«FDQLTXH
$9,6
1HSDVXWLOLVHUXQHVXUIDFHGXUH
7DSHUDYHFSU«FDXWLRQO H[WU«PLW«SODQHGXILOWUHFRQWUHXQ
VXSSRUWVRXSOHHWSURSUH
)LOWUH¢DLUPRWHXU
1HWWR\DJH¢O DLUFRPSULP«
8WLOLVHUGHO DLUFRPSULP«SURSUHHWVHF¢XQHSUHVVLRQPD[L
GHN3D EDU SVL 1HSDVDSSURFKHUODEXVH¢
PRLQVGHದFP ದLQ
1HWWR\HUOHILOWUHSDUVRXIIODJHGXF¶W«LQW«ULHXUSDUDOOªOHPHQW
DX[SOLV
1HWWR\DJH¢O DLUFRPSULP«

&RQWU¶OHGXILOWUH
&RQWU¶OH]OHILOWUHDYHFXQHODPSH
/HPRLQGUHWURXRXODPRLQGUH«UDIOXUHILVVXUHRXDXWUHREOLJH
¢PHWWUHOHILOWUHDXUHEXW
&RQWU¶OHDYHFXQHODPSH
$9,6
3RXUFRQWU¶OHUSOXVIDFLOHPHQWO «WDWGXILOWUHLOHVWUHFRPPDQG«
GHOHIDLUHVRXVXQ«FODLUDJHDWW«QX«
0RGLILHU
'«SRVH]OHFRXYHUFOHGXILOWUH¢DLU
'«SRVH]OHILOWUHSULPDLUHHQDSSX\DQWDYHFOHVGHX[SRXFHV
DXFHQWUHGXILOWUHSULPDLUHHQP¬PHWHPSVTX LOHVWUHWLU«
&HFLHPS¬FKHOHILOWUHVHFRQGDLUHG DFFRPSDJQHUOHILOWUH
SULPDLUH
0HWWUHHQSODFHOHQRXYHDXILOWUH
(VVX\H]OHFRXYHUFOHGHILOWUH¢DLU¢O DLGHG XQFKLIIRQKXPLGH
0RQWHUOHFDSRWGHUHFRXYUHPHQW
$9,6
3RVH]OHFRXYHUFOHGHVRUWHTXHODVRXSDSHQHVHUHWURXYHSDV
DXGHVVXVGXERXFKRQGHU«VHUYRLU
)LOWUH(21
TXLSHPHQWRSWLRQQHO
/HILOWUH(21UHPSODFHOHILOWUHSULQFLSDOVWDQGDUG
5HPSODFH]OHILOWUHORUVTXHO DODUPHGHFROPDWDJHGHILOWUH¢DLU
HVWDIILFK«HYRLUSDJH
$9,6
&HILOWUHQHGRLWSDV¬WUHQHWWR\«
)LOWUH¢DLUPRWHXU
)LOWUHVHFRQGDLUHGXILOWUH¢DLUPRWHXU
UHPSODFHPHQW
5HPSODFH]OHILOWUHVHFRQGDLUH
WRXVOHVGHX[DQVRX
WRXWHVOHVKHXUHVRX
WRXVOHVWURLVUHPSODFHPHQWVGXILOWUHSULPDLUHRX
ORUVTXHOHW«PRLQUHVWHDOOXP«DSUªVOHQHWWR\DJHRXOH
UHPSODFHPHQWGXILOWUHSULPDLUH

/HILOWUHVHFRQGDLUHIDLWRIILFHGHILOWUHGHSURWHFWLRQHQFDV
G HQGRPPDJHPHQWGXILOWUHSULPDLUH1HG«SRVH]MDPDLVOH
ILOWUHVHFRQGDLUH¢PRLQVTX LOGRLYH¬WUHUHPSODF«
/HILOWUHVHFRQGDLUHGRLW¬WUHUHPSODF«HWQRQQHWWR\«
/DG«SRVHGXILOWUHGHV«FXULW«GRLWV HIIHFWXHUDYHFSU«FDXWLRQ
HWXQPD[LPXPGHSURSUHW«SRXU«YLWHUTXHGHVLPSXUHW«VQH
S«QªWUHQWGDQVO DGPLVVLRQGXPRWHXU9«ULILH]VRLJQHXVHPHQW
TXHOHILOWUHVHFRQGDLUHQHXIHVWFRUUHFWHPHQWSRVLWLRQQ«
9 $77(17,21
)LOWUHGHV«FXULW«
9RLUSDJH
'«SRVH]OHILOWUHSULPDLUH
'«SRVH]OHILOWUHVHFRQGDLUH
(VVX\H]O LQW«ULHXUGXILOWUH¢DLUDYHFXQFKLIIRQGRX[1
1 XWLOLVH]
SDVG DLUFRPSULP«
1HWWR\H]OHFRXYHUFOH¢VRXSDSHGXILOWUH¢DLU
5HSRVH]OHILOWUHSULPDLUHHWOHFRXYHUFOHGDQVO RUGUHLQYHUVH
)LOWUH¢DLURSWLRQQHO
3RXUOHVPDFKLQHVH[SORLW«HVGDQVGHVHQYLURQQHPHQWV
SDUWLFXOLªUHPHQWSRXVVL«UHX[QRXVUHFRPPDQGRQVO LQVWDOODWLRQ
G XQILOWUH¢DLURSWLRQQHODOORQJHDQWOHVLQWHUYDOOHVGHQHWWR\DJH
HWGHUHPSODFHPHQW
)LOWUH¢DLUPRWHXU
)LOWUH¢DLU¢EDLQG KXLOH
TXLSHPHQWRSWLRQQHO
$9,6
/HILOWUH¢DLU¢EDLQG KXLOHQHSHXW¬WUHHPSOR\«TX DYHFXQILOWUH
(21
9
$)$))6

/HILOWUH¢DLU¢EDLQG KXLOHHVWLQVWDOO«HQV«ULHDYHFOHILOWUH(21
/DFDSDFLW«GHQHWWR\DJHGXILOWUH¢DLU¢EDLQG KXLOHHVWGH¢
FHTXLVLJQLILHSUDWLTXHPHQWTXHOHILOWUH(21IDLWRIILFHGH
ILOWUHVHFRQGDLUH
/HVPRGªOHV$)HW$))6RQWXQILOWUH¢DLU¢EDLQG KXLOH
/HVPRGªOHV$)HW$))6RQWGHX[ILOWUHV¢DLU¢EDLQG KXLOH
9
$)$))6
)LOWUH¢DLU¢EDLQG KXLOHFRQWU¶OH
&RQWU¶OH]O KXLOHGDQVVRQU«VHUYRLUWRXWHVOHVKHXUHV SOXV

VRXYHQWDXEHVRLQ
3ODFH]ODPDFKLQHHQFRQILJXUDWLRQGHVHUYLFH9RLUSDJH

$WWHQGH]PLQXWHVTXHO KXLOHV «FRXOHGDQVOHU«VHUYRLU
G KXLOH
'«WDFKH]OHU«VHUYRLUG KXLOHDYHFODFDUWRXFKHILOWUDQWH
LQI«ULHXUHHWG«SRVH]OH
&RQWU¶OH]ODTXDOLW«GHO KXLOH6LO KXLOHHVWERXHXVHHW
YLVTXHXVHLOFRQYLHQWGHODUHPSODFHUYRLUSDJH
9«ULILH]ODIDFHLQI«ULHXUHGHODFDUWRXFKHILOWUDQWH6 LO\DGHV
G«S¶WVO KXLOHGRLW¬WUHUHPSODF«HYRLUSDJHHWOH
U«VHUYRLUHWODFDUWRXFKHILOWUDQWHLQI«ULHXUHGRLYHQW¬WUH
QHWWR\«VYRLUSDJH
5HSRVH]OHU«VHUYRLUG KXLOH
)LOWUH¢DLUPRWHXU
+XLOHGHILOWUH¢DLU¢EDLQG KXLOHYLGDQJH
9LGDQJH]O KXLOHWRXWHVOHVKHXUHV
&DSDFLW«SRXUODYLGDQJHOLWUHV 86JDO SDUILOWUH¢DLU¢

EDLQG KXLOH
8WLOLVHUGHO KXLOHPRWHXUGHODP¬PHYLVFRVLW«TXHGDQVOHPRWHXU
$77(17,21
9RLUSDJH
$WWHQGUHPLQXWHVTXHO KXLOHV «FRXOHGDQVOHU«VHUYRLU
'HVVHUUHUOHU«VHUYRLUG KXLOHDYHFODFDUWRXFKHILOWUDQWH
LQI«ULHXUHHWOHG«SRVHU
9
5«VHUYRLUG KXLOHDYHFFDUWRXFKHILOWUDQWHLQI«ULHXUH

'«SRVHUODFDUWRXFKHILOWUDQWHHWYHUVHUO KXLOHGDQVXQ
U«FLSLHQWDSSURSUL«
9
&DUWRXFKHILOWUDQWH
5«VHUYRLUG KXLOH

1HWWR\HUODSODTXHHWOHU«VHUYRLUG KXLOHDYHFXQFKLIIRQ
,QVSHFWHUODFDUWRXFKHILOWUDQWHODQHWWR\HUVLQ«FHVVDLUH9RLU
1HWWR\DJH¢ODSDJH
'LVSRVHUODSODTXHLQW«ULHXUHGDQVOHU«VHUYRLUG KXLOH
5HPSOLUOHU«VHUYRLUG KXLOHQHXYH
'LVSRVHUODFDUWRXFKHILOWUDQWHGDQVOHU«VHUYRLUG KXLOH
$9,6
/DVDLOOLHGHODFDUWRXFKHILOWUDQWHGRLW¬WUHIDFHHQEDV
5HSRVHUOHU«VHUYRLUG KXLOH
9
3ODTXHLQW«ULHXUH
5«VHUYRLUG KXLOH

)LOWUH¢DLUPRWHXU
)LOWUH¢DLU¢EDLQG KXLOHQHWWR\DJH
1HWWR\H]WRXWHVOHVKHXUHVRXDXEHVRLQ
$9(57,66(0(17
1 XWLOLVH]MDPDLVG HVVHQFHRXG DXWUHVVROYDQWVSRXUQHWWR\HUOHV
«O«PHQWVGHILOWUH
$9(57,66(0(17
3RUWHUGHVOXQHWWHVGHSURWHFWLRQ
$9,6
8WLOLVH]XQLTXHPHQWGXJD]ROHORUVGXQHWWR\DJH
$77(17,21
9RLUSDJH

9
&DUWRXFKHILOWUDQWHLQI«ULHXUH
3ODTXHLQW«ULHXUH
5«VHUYRLUG KXLOH

3ODFH]ODPDFKLQHHQFRQILJXUDWLRQGHVHUYLFH9RLUSDJH

$WWHQGH]PLQXWHVTXHO KXLOHV «FRXOHGDQVOHU«VHUYRLU
G KXLOH
'«WDFKH]OHU«VHUYRLUG KXLOHDYHFODFDUWRXFKHILOWUDQWH
LQI«ULHXUHHWG«SRVH]OH
5HWLUH]ODFDUWRXFKHILOWUDQWHHWYHUVH]O KXLOHGDQVXQU«FLSLHQW
DSSURSUL«
1HWWR\H]ODSODTXHLQW«ULHXUHHWOHU«VHUYRLUG KXLOH
1HWWR\H]ODFDUWRXFKHILOWUDQWHDXJD]ROH
9
1HWWR\DJHGHODFDUWRXFKHILOWUDQWHDXJD]ROH

)LOWUH¢DLUPRWHXU
6RXIIOH]VXUODFDUWRXFKHILOWUDQWH¢O DLUFRPSULP«
V1066011
6«FKDJH¢O DLUFRPSULP«

,QVSHFWH]ODFDUWRXFKHILOWUDQWH¢O DLGHG XQHODPSH8QH
O«JªUHOXHXUGRLW¬WUHDSSDUD°WUH¢WUDYHUVODFDUWRXFKHILOWUDQWH
LQGLTXDQWTX HOOHHVWSURSUH
3ODFH]ODSODTXHLQW«ULHXUHGDQVOHU«VHUYRLUG KXLOH
3RXUOHUHPSOLVVDJHHQKXLOHYRLUYLGDQJHG KXLOHHQSDJH

3ODFH]ODFDUWRXFKHILOWUDQWHGDQVOHU«VHUYRLUG KXLOH
9
,QVSHFWLRQGHODFDUWRXFKHILOWUDQWH¢O DLGHG XQH

ODPSH
$9,6
/DSODTXHVDLOODQWHVXUODFDUWRXFKHILOWUDQWHGRLW¬WUHRULHQW«H
YHUVOHEDV
5HSRVH]OHU«VHUYRLUG KXLOH
0RWHXUSU«ILOWUH¢DLUFRQWU¶OHQHWWR\DJH
TXLSHPHQWRSWLRQQHO
1HWWR\H]OHSU«ILOWUHWRXWHVOHVKHXUHV6LOHILOWUHSULPDLUHGRLW
¬WUHQHWWR\«RXUHPSODF«SOXVVRXYHQWTXHWRXWHVOHVKHXUHV
HQUDLVRQGHVFRQGLWLRQVG XWLOLVDWLRQGHODPDFKLQHOHSU«ILOWUH
GRLWSUREDEOHPHQWDXVVL¬WUHQHWWR\«SOXVVRXYHQW
/HSU«ILOWUHHVWSODF«¢O DUULªUHGHODFDELQHGXF¶W«GURLW¢
O H[WU«PLW«GXWX\DXG DVSLUDWLRQG DLU/HSU«ILOWUH¢DLUV«SDUHOHV
JURVVHVLPSXUHW«VHWOHVUHQYRLHLPP«GLDWHPHQWGDQV
O DWPRVSKªUH
9
3DUWLHVXS«ULHXUHGXSU«ILOWUH¢DLU
&RUEHLOOH

1HWWR\DJHGXSU«ILOWUH¢DLUPRWHXU
$9(57,66(0(17
$VVXUH]YRXVGHSRUWHUGHV«TXLSHPHQWVGHSURWHFWLRQ
DSSURSUL«VSRXUSURW«JHUOHV\HX[HWOHVSDUWLHVH[SRV«HVGX
FRUSVORUVG XQODYDJH¢O DLUFRPSULP«¢O HDXVRXVSUHVVLRQRX
¢ODYDSHXU
)LOWUH¢DLUPRWHXU
'«EUDQFKH]OHILOWUH¢DLUGXWX\DXG DVSLUDWLRQG DLUGXILOWUH¢

DLU
$9(57,66(0(17
$WWHQWLRQDXPRPHQWG LQV«UHUYRWUHPDLQOHVDU¬WHVGHV
SODTXHVG DUU¬WSODF«HV¢O LQW«ULHXUGXILOWUHGHQHWWR\DJH
SHXYHQW¬WUHFRXSDQWHV1 HPSOR\H]SDVG DLUFRPSULP«VXU
OHURWRUYRXVSRXUULH]YRXVEOHVVHU
9«ULILH]HQSDVVDQWODPDLQTXHOHURWRUWRXUQHOLEUHPHQW6LOH
URWRUQHWRXUQHSDVFRQWDFWH]XQDWHOLHUDJU««SDU9ROYR
5HWRXUQH]OHSU«ILOWUH¢DLUHWQHWWR\H]VDSDUWLHVXS«ULHXUH¢
O DLUFRPSULP«
5HPHWWH]OHSU«ILOWUH¢DLU¢O HQGURLWHW«YDFXH]WRXWG«EULVGX
WDPLVGHO DLUFRPSULP«
5HSRVH]OHSU«ILOWUH¢DLU

G «FKDSSHPHQW
3RPSH¢DLUQLYHDXG KXLOHFRQWU¶OH

L6WDJHOOO%
9«ULILH]OHQLYHDXG KXLOHWRXWHVOHVKHXUHVRXDXPRLQVXQH
IRLVSDUDQ
/DSRPSH¢DLUHVWSODF«HVXUOHF¶W«GURLWGXPRWHXUVXUOHFLUFXLW
GHFRXUURLHGHODSRPSH¢OLTXLGHGHUHIURLGLVVHPHQWVHFRQGDLUH
(VVX\H]ODSRXVVLªUHHWOHVLPSXUHW«VGHODSRPSH¢DLU
'«SRVH]OHERXFKRQGHUHPSOLVVDJHDYHFODMDXJH
9
%RXFKRQGHUHPSOLVVDJH

(VVX\H]ODMDXJHLQV«UH]ODHWYLVVH]ODMXVTX DXERXW
5HWLUH]ODHWHIIHFWXH]XQHOHFWXUH/HQLYHDXGRLWVHWURXYHU
VXUODSDUWLHSODWH
)DLWHVO DSSRLQWOHFDV«FK«DQW
9
-DXJHDYHFSDUWLHSODWH
3RPSH¢DLUKXLOHYLGDQJH

L6WDJHOOO%
5HPSODFH]O KXLOHWRXWHVOHVKHXUHVRXDXPRLQVWRXVOHV
DQV
9ROXPHG KXLOHPO 86JDO
4XDOLW«G KXLOHYRLU
/DSRPSH¢DLUHVWSODF«HVXUOHF¶W«GURLWGXPRWHXUVXUOHFLUFXLW
GHFRXUURLHGHODSRPSH¢OLTXLGHGHUHIURLGLVVHPHQWVHFRQGDLUH
$77(17,21
9RLUSDJH
(VVX\H]ODSRXVVLªUHHWOHVLPSXUHW«VGHODSRPSH¢DLU
'«SRVH]OHERXFKRQGHYLGDQJH
9LGDQJHUO KXLOH
3RVH]OHERXFKRQGHYLGDQJHDYHFXQHURQGHOOHHQFXLYUH
QHXYH
9
%RXFKRQGHYLGDQJH
5«FLSLHQW

'«SRVH]OHERXFKRQGHUHPSOLVVDJHDYHFODMDXJH
9
%RXFKRQGHUHPSOLVVDJH

5HPSOLVVH]G KXLOHQHXYH&&RQVHLOXWLOLVH]XQHVHULQJXH
G LQMHFWLRQJUDGX«HSRXUREWHQLUOHYROXPHG KXLOHFRUUHFW
3RVH]OHERXFKRQGHUHPSOLVVDJHDYHFXQHURQGHOOHHQFXLYUH
QHXYH
9
3RLQWGHUHPSOLVVDJHG KXLOH
)LOWUH¢SDUWLFXOHVGLHVHOQHWWR\DJH
1HFRQFHUQHTXHOHVPDFKLQHV«TXLS«HVG XQPRWHXU
';;+ 7LHUL6WDJHOOO%
/HILOWUH¢SDUWLFXOHVGLHVHOGRLW¬WUHQHWWR\«WRXWHVOHV
KHXUHV
/HILOWUHHVWQHWWR\«SRXU«OLPLQHUOHVFHQGUHVJU¤FH¢XQV\VWªPH
G «FKDQJH
7RXWHLQWHUYHQWLRQLPSOLTXDQWOHILOWUH¢SDUWLFXOHVGLHVHOGRLW¬WUH
DVVXU«HSDUXQSURIHVVLRQQHO
%RXJLHVG DOOXPDJHUHPSODFHPHQW

L6WDJHOOO%
/HVERXJLHVGRLYHQW¬WUHUHPSODF«HVWRXWHVOHVKHXUHV
/HVERXJLHVODQFHQWODU«J«Q«UDWLRQHQDOOXPDQWOHP«ODQJHG DLU
HWGHFDUEXUDQWGDQVOHEU½OHXU
/HVERXJLHVGRLYHQW¬WUHUHPSODF«HVSDUXQSURIHVVLRQQHOIRUP«
¢FHWHIIHW
&¤EOHVG DOOXPDJHUHPSODFHPHQW
1HFRQFHUQHTXHOHVPDFKLQHVDYHFPRWHXU';;+
7LHUL6WDJHOOO%
/HVF¤EOHVG DOOXPDJHGRLYHQW¬WUHUHPSODF«VWRXWHVOHV
KHXUHV
/HVF¤EOHVG DOOXPDJHFRQGXLVHQWXQHKDXWHWHQVLRQHQWUHOD
ERELQHG DOOXPDJHHWODERXJLHGHO XQLW«GHSRVWWUDLWHPHQWGHV
JD]G «FKDSSHPHQW
/HUHPSODFHPHQWGHVF¤EOHVG DOOXPDJHGRLW¬WUHDVVXU«SDUXQ
SURIHVVLRQQHO
/LTXLGHGHUHIURLGLVVHPHQW
/HV\VWªPHGHUHIURLGLVVHPHQWHVWUHPSOLGHOLTXLGHGH
UHIURLGLVVHPHQW9ROYR9&6TXLUHPSOLWOHVH[LJHQFHVOHVSOXV
«OHY«HVHQPDWLªUHGHSURSUL«W«VDQWLJHODQWLFRUURVLRQHWDQWL
FDYLWDWLRQ3RXU«YLWHUOHVGRPPDJHVDXPRWHXULOHVWWUªV
LPSRUWDQWG HPSOR\HUGXOLTXLGHGHUHIURLGLVVHPHQW9ROYRSRXU
IDLUHO DSSRLQWRXORUVGHODYLGDQJHGXOLTXLGHGHUHIURLGLVVHPHQW
/HOLTXLGHGHUHIURLGLVVHPHQW9&69ROYRHVWGHFRXOHXUMDXQHHW
XQDXWRFROODQWDXSRLQWGHUHPSOLVVDJHLQGLTXHTXHOHV\VWªPH
FRQWLHQWFHOLTXLGH YRLUILJXUH
$77(17,21
3RXU«YLWHUWRXWGRPPDJHDXQLYHDXGXPRWHXUOHOLTXLGHGH
UHIURLGLVVHPHQW9ROYR&RRODQW9&6QHGRLWMDPDLV¬WUHP«ODQJ«

¢XQDXWUHW\SHGHOLTXLGHGHUHIURLGLVVHPHQWRXDQWLFRUURVLRQ
6LGXOLTXLGHGHUHIURLGLVVHPHQW9ROYR&RRODQW9&6FRQFHQWU«HW
GHO HDXSURSUH YRLUSDJH VRQWXWLOLV«VOHWDEOHDXFL
GHVVRXVLQGLTXHODTXDQWLW«DSSUR[LPDWLYHGHOLTXLGHFRQFHQWU«
Q«FHVVDLUHSRXUDVVXUHUODSURWHFWLRQFRQWUHOHJHO/DSURSRUWLRQ
GHOLTXLGH9ROYR&RRODQW9&6QHGRLWMDPDLV¬WUHLQI«ULHXUH¢
GXP«ODQJHWRWDO
(QFDVGHGRXWHTXDQW¢ODTXDOLW«GHO HDXXQOLTXLGHGH
UHIURLGLVVHPHQW9ROYR9&6SU«P«ODQJ«FRQWHQDQWGH
OLTXLGHGHUHIURLGLVVHPHQWFRQFHQWU«GRLW¬WUHHPSOR\«
$77(17,21
6LYRXVXWLOLVH]GXOLTXLGHGHUHIURLGLVVHPHQW9&69ROYRSU¬W¢
P«ODQJHUYRXVGHYH]OHP«ODQJHUDYHFXQDXWUHOLTXLGHGH
UHIURLGLVVHPHQW «JDOHPHQWGHVWLQ«¢¬WUHP«ODQJ« SRXU«YLWHU
G HQGRPPDJHUOHPRWHXU
3URWHFWLRQDQWLJHOMXVTX ¢ 7HQHXUHQOLTXLGHGH
r& r)
UHIURLGLVVHPHQWFRQFHQWU«
P«ODQJHG XVLQH

r& r)
r& r)
7UDLWH]OHVILOWUHVOHVKXLOHVHWOHVOLTXLGHVGHID©RQUHVSHFWXHXVH
GHO HQYLURQQHPHQWYRLUSDJH
1LYHDXGHOLTXLGHGHUHIURLGLVVHPHQWFRQWU¶OH
/HQLYHDXGHOLTXLGHUHIURLGLVVHPHQWSHXW¬WUHOXGDQVOHSDQQHDX
G LQIRUPDWLRQVYRLUSDJH6LOHQLYHDXGHOLTXLGH
UHIURLGLVVHPHQWHVWEDVXQ«FUDQG DODUPHHVWDIILFK«YRLUSDJH
6LODWHPS«UDWXUHGHOLTXLGHUHIURLGLVVHPHQWHVW«OHY«HOH
W«PRLQGHFRQWU¶OHHVWDOOXP«HWXQ«FUDQG DODUPHHVWDIILFK«
YRLUSDJH3UHQH]OHVPHVXUHVDG«TXDWHV
$9(57,66(0(17
5LVTXHGHEU½OXUHORUVGHOಬRXYHUWXUHGXFRXYHUFOHGXYDVH
GಬH[SDQVLRQHQUDLVRQGHODSUHVVLRQ«OHY«HGDQVOHV\VWªPHGH
UHIURLGLVVHPHQW
/LTXLGHGHUHIURLGLVVHPHQWFRQWU¶OHDSUªV
UHPSOLVVDJHRXYLGDQJH
/HYDVHG H[SDQVLRQGRLW¬WUHUHPSOLDX[F HVW¢GLUHMXVTX DX
UHSªUHPD[LORUVTXHOHPRWHXUHVWIURLG
/HQLYHDXGHOLTXLGHGHUHIURLGLVVHPHQWQHGRLWMDPDLVGHVFHQGUH
DXGHVVRXVGXUHSªUHPLQ
9
9DVHG H[SDQVLRQGHOLTXLGHGH
UHIURLGLVVHPHQW
3RLQWGHFRQJ«ODWLRQGXOLTXLGHGH
UHIURLGLVVHPHQWFRQWU¶OH
9«ULILH]ODSURWHFWLRQDQWLJHOGXOLTXLGHGHUHIURLGLVVHPHQWWRXWHV
OHVKHXUHVRXDXPRLQVXQHIRLVSDUDQ
$9(57,66(0(17
2XYULUDYHFSU«FDXWLRQOHERXFKRQGXYDVHGಬH[SDQVLRQ,OH[LVWH
HQHIIHWXQULVTXHGHEU½OXUHVHQUDLVRQGHODVXUSUHVVLRQU«JQDQW
GDQVOHV\VWªPHGHUHIURLGLVVHPHQW
$EDLVVH]ODJULOOHHWRXYUH]OHFDSRWPRWHXU
/RUVTXHOHPRWHXUDUHIURLGLRXYUH]OHERXFKRQGXYDVH
G H[SDQVLRQOHQWHPHQWSRXU«YLWHUOHVSURMHFWLRQVGHOLTXLGHGH
UHIURLGLVVHPHQW
&RQWU¶OHUODFRQFHQWUDWLRQGXOLTXLGHGHUHIURLGLVVHPHQWDYHF
XQDQDO\VHXUGHJO\FRO
$9,6
2QSHXWGHYRLUYLGDQJHUOHOLTXLGHGHUHIURLGLVVHPHQWSRXU
PRGLILHUODFRQFHQWUDWLRQYRLUSDJH
$9,6
&RQFHUQDQWODTXDOLW«HWOHP«ODQJHGHOLTXLGHUHIURLGLVVHPHQW
YRLUSDJH
$SUªVOHFRQWU¶OHIHUPH]OHFDSRWPRWHXUHWUHOHYH]ODJULOOH
/LTXLGHGHUHIURLGLVVHPHQWYLGDQJH
9LGDQJH]OHOLTXLGHGHUHIURLGLVVHPHQWWRXWHVOHVKHXUHVRX
WRXVOHVTXDWUHDQV
9ROXPHGXFLUFXLWGHUHIURLGLVVHPHQWSRXUODYLGDQJHHQYLURQ
OLWUHV 86JDO
9RLUSDJHFRQFHUQDQWOHOLTXLGHGHUHIURLGLVVHPHQW
$77(17,21
3RXU«YLWHUWRXWGRPPDJHDXQLYHDXGXPRWHXUOHOLTXLGHGH
UHIURLGLVVHPHQW9ROYR&RRODQW9&6QHGRLWMDPDLV¬WUHP«ODQJ«
¢XQDXWUHW\SHGHOLTXLGHGHUHIURLGLVVHPHQWRXDQWLFRUURVLRQ
$77(17,21
9RLUSDJH
9LGDQJH
$9(57,66(0(17
5LVTXHGHEU½OXUHORUVGHOಬRXYHUWXUHGXFRXYHUFOHGXYDVH
GಬH[SDQVLRQHQUDLVRQGHODSUHVVLRQ«OHY«HGDQVOHV\VWªPHGH
UHIURLGLVVHPHQW
$9,6
/HV\VWªPHDWURLVSRLQWVGHYLGDQJHPXQLVGHUDFFRUGV8QVH
WURXYHVXUOHWX\DXGHUHIURLGLVVHPHQWEUDQFK«¢ODSRPSH¢
OLTXLGHGHUHIURLGLVVHPHQWXQVHWURXYHVXUOHUDGLDWHXUHWOH
GHUQLHUVHWURXYHVXUOHWX\DXGHUHIURLGLVVHPHQWVRXVOHPRWHXU
$EDLVVH]ODSODTXHGHSURWHFWLRQLQI«ULHXUHDYDQWG«FURFKH]
ODFKD°QHHWODLVVH]ODUHSRVHUVXUOHVRO

9
%RXFKRQGXYDVHG H[SDQVLRQGHOLTXLGHGH
UHIURLGLVVHPHQW

2XYUH]OHERXFKRQGXYDVHG H[SDQVLRQDYHFSU«FDXWLRQHW
G«SRVH]OH
%UDQFKH]OHIOH[LEOHGHYLGDQJHDXUDFFRUGGXWX\DXGH
UHIURLGLVVHPHQWHWYLGDQJH]OHOLTXLGHGHUHIURLGLVVHPHQW
9
5DFFRUGGHYLGDQJH

3OLH]OHIOH[LEOHOHORQJGXUDGLDWHXUHWEUDQFKH]OHIOH[LEOHGH
YLGDQJHDXUDFFRUG
9
5DFFRUGGHYLGDQJHUDGLDWHXU

5HPSOLVVDJH
$77(17,21
1HUHPSOLVVH]MDPDLVXQPRWHXUFKDXGGHOLTXLGHGH
UHIURLGLVVHPHQWIURLGFDUFHFLSHXWSURYRTXHUGHVILVVXUHVGDQV
OHEORFF\OLQGUHVRXODFXODVVH/HG«IDXWGHYLGDQJHGHOLTXLGH
GHUHIURLGLVVHPHQWHQWUD°QHUDXQFROPDWDJHGXV\VWªPHGH
UHIURLGLVVHPHQWDYHFXQULVTXHGHGRPPDJHPRWHXU
HWPHWWH]ODFRPPDQGHGHFKDXIIDJHVXUOHFKDXIIDJH
PD[LPDO
&RXSH]OHFRQWDFW

/HUHPSOLVVDJHGHOLTXLGHGHUHIURLGLVVHPHQWSHXWV HIIHFWXHU
SDUOHYDVHG H[SDQVLRQRXSDUOHUDFFRUGGHYLGDQJHVXUOH
WX\DXHQGHVVRXVGXPRWHXU/HUHPSOLVVDJHSDUOHGHVVRXV
HVWUHFRPPDQG«FDULOHPS¬FKHODIRUPDWLRQGHSRFKHVG DLU
GDQVOHOLTXLGHGHUHIURLGLVVHPHQW
9
%RXFKRQGXYDVHG H[SDQVLRQGHOLTXLGHGH
UHIURLGLVVHPHQW
9
5DFFRUGGHUHPSOLVVDJHVRXVOHPRWHXU

/HUHPSOLVVDJHSDUOHGHVVRXVHVWOHSOXVVLPSOHDYHFXQ
FRQWHQHXUVRXOHY«
$9,6
/HERXFKRQGXYDVHG H[SDQVLRQGRLW¬WUHUHWLU«SRXUVLPSOLILHU
ODSXUJHG DLU
9
5HPSOLVVDJHGHOLTXLGHGHUHIURLGLVVHPHQW


2XYUH]OHVUDFFRUGVGHSXUJHVXUOHVWX\DX[GHOLTXLGHGH
UHIURLGLVVHPHQW)HUPH]OHVUDFFRUGVORUVTXHOHQLYHDXGH
OLTXLGHGHUHIURLGLVVHPHQWDXJPHQWHGDQVOHV\VWªPH
9HUVH]GXOLTXLGHGHUHIURLGLVVHPHQWMXVTX DXUHSªUH0$;VXU
OHYDVHG H[SDQVLRQ
9«ULILH]TXHODFRPPDQGHGHFKDXIIDJHHVWPLVHVXUOH
FKDXIIDJHPD[LPDOHWIDLWHVFKDXIIH]OHPRWHXUHQOHODLVVDQW
WRXUQHUDXUDOHQWL&HFLSXUJHOHV\VWªPHGHUHIURLGLVVHPHQW
)DLWHVO DSSRLQWHQOLTXLGHGHUHIURLGLVVHPHQWMXVTX DXUHSªUH
0$;VXUOHYDVHG H[SDQVLRQ
/HQLYHDXHVW¢FRQWU¶OHUDSUªVTXHOHPRWHXUDLWWRXUQ«XQ
9 PRPHQWSXLVDLWUHIURLGL
5DFFRUGVGHSXUJHVXUOHUDGLDWHXU

9
5DFFRUGGHSXUJHVXUOHPRWHXU

5DGLDWHXUHWUHIURLGLVVHXUVQHWWR\DJH
1HWWR\H]OHUDGLDWHXUWRXWHVOHVKHXUHVRXVHORQOHVEHVRLQV
$9(57,66(0(17
/HQHWWR\DJHGXUDGLDWHXUGRLWWRXMRXUV¬WUHHIIHFWX«ORUVTXHOH
PRWHXUHVWDUU¬W«
$9(57,66(0(17
3RUWHUGHVOXQHWWHVGHSURWHFWLRQ
2XYULUOHFDSRWGXPRWHXU
1HWWR\H]OHUDGLDWHXUGHSXLVO H[W«ULHXU¢O DLUFRPSULP«
1HWWR\HUO LQW«ULHXUGXUDGLDWHXU
5HIHUPHUOHFDSRWGXPRWHXU
5HOHYH]ODJULOOHYHUVOHKDXW
$77(17,21
/RUVTXHGHO DLUFRPSULP«HVWXWLOLV«WHQH]ODEXVH¢GLVWDQFHGHV
DLOHWWHVSRXUSU«YHQLUOHVGRPPDJHV'HVDLOHWWHVHQGRPPDJ«HV
SHXYHQWHQWUD°QHUGHVIXLWHVRXXQHVXUFKDXIIH
&RXUURLHFRQWU¶OHGHWHQGHXUGHFRXUURLH
&RQWU¶OH]OHVFRXUURLHVWRXWHVOHVKHXUHV
6HORQOHW\SHGHPRWHXULOH[LVWHGHX[RXWURLVFRXUURLHVGXW\SH
3RO\9
/HVWHQGHXUVGHFRXUURLHVRQW¢UHVVRUW

$9(57,66(0(17
/HPRWHXUGRLW¬WUHDUU¬W«ORUVGXFRQWU¶OHGHODWHQVLRQGH
FRXUURLHOHVSLªFHVURWDWLYHVSHXYHQWSURYRTXHUGHVEOHVVXUHV
FRUSRUHOOHV
9
$9,6
3URWHFWLRQGHFRXUURLH /HPRWHXUQHGRLWSDVIRQFWLRQQHUVDQVTXHWRXWHVOHVFRXUURLHV
VRLHQWHQSODFH
$EDLVVH]ODJULOOHHWRXYUH]OHFDSRWPRWHXU
'«SRVH]ODSURWHFWLRQGHFRXUURLH
/HPRWHXUHVW«TXLS«GHWHQGHXUVGHFRXUURLHPDLQWHQDQWOHV
FRXUURLHVWHQGXHV9«ULILH]TX LOVQHmO¤FKHQW}SDVDYHFXQH
SRLJQ«HGHLQ
&RQWU¶OH]OHVUDLQXUHVGHVFRXUURLHV5HPSODFH]OHVFRXUURLHV
«UDLOO«HVRXILVVXU«HV
5HSRVH]ODSURWHFWLRQGHFRXUURLH
)HUPH]OHFDSRWPRWHXUHWUHOHYH]ODJULOOH
9
7HQGHXUVGHFRXUURLH

6\VWªPH«OHFWULTXH
6\VWªPH«OHFWULTXH
%DWWHULHVFKDUJH
$9(57,66(0(17
3RXUODFKDUJHUDSLGHG«YLVVHUOHVERXFKRQVGHV«O«PHQWV(Q
FRXUVGHFKDUJHLOVHIRUPHGHVJD]G«WRQDQWVGDQVODEDWWHULH
8QFRXUWFLUFXLWXQHIODPPHQXHRXXQH«WLQFHOOH¢SUR[LPLW«GH
ODEDWWHULHSHXWDORUVSURYRTXHUXQHYLROHQWHH[SORVLRQ&RXSHU
V\VW«PDWLTXHPHQWOHFRXUDQWGHFKDUJHDYDQWGHG«EUDQFKHUOHV
SLQFHV%LHQD«UHUVXUWRXWVLODFKDUJHVಬHIIHFWXHGDQVXQORFDO
FORV
/ಬ«OHFWURO\WHGHODEDWWHULHFRQWLHQWGHOಬDFLGHVXOIXULTXHFRUURVLI
,PP«GLDWHPHQW«OLPLQHUWRXW«OHFWURO\WHDXFRQWDFWGHODSHDX6H
9 ODYHUDYHFGXVDYRQHWEHDXFRXSGಬHDX(QFDVGಬ«OHFWURO\WHGDQV
&KDUJHPHQWGHODEDWWHULH OHV\HX[RXVXUXQHDXWUHSDUWLHVHQVLEOHGXFRUSV
LPP«GLDWHPHQWVHULQFHUDERQGDPPHQW¢OಬHDXHWFRQVXOWHUXQ
P«GHFLQ
&RQQH[LRQGXFKDUJHXU
&RXSH]O DOLPHQWDWLRQ«OHFWULTXH¢O DLGHGXURELQHWGHEDWWHULH
YRLU
'«EUDQFKH]OHVF¤EOHVGHVERUQHVGHEDWWHULH
1HWWR\H]OHSRXUWRXUGHVERXFKRQVGHFHOOXOH
'«SRVH]OHVERXFKRQVGHFHOOXOH
)DLWHVO DSSRLQWDYHFGHO HDXGLVWLOO«HVLQ«FHVVDLUH3URW«JH]
ODEDWWHULHGHVLPSXUHW«V
%UDQFKH]OHVSLQFHVGXFKDUJHXUODSLQFHSRVLWLYHVXUODERUQH
SRVLWLYHHWODSLQFHQ«JDWLYHVXUODERUQHQ«JDWLYH
9HLOOH]¢FHTXHOHFKDUJHXUGHEDWWHULHVRLWU«JO«¢ODERQQH
WHQVLRQ
'«PDUUH]OHFKDUJHXU
'«EUDQFKHPHQWGXFKDUJHXU
$UU¬WH]OHFKDUJHXU
'«SRVH]OHVSLQFHVGXFKDUJHXU
%UDQFKH]OHVF¤EOHVGHEDWWHULH
5«WDEOLVVH]O DOLPHQWDWLRQ«OHFWULTXH¢O DLGHGXURELQHWGH
EDWWHULH
'«PDUUH]ODPDFKLQH
6\VWªPH«OHFWULTXH
&RXSHEDWWHULHV

$9,6
1HIHUPH]SDVOHURELQHWGHEDWWHULHORUVTXHOHPRWHXUHVWHQ
PDUFKH&HFLSHXWHQGRPPDJHUOHV\VWªPH«OHFWULTXH
/ LQWHUUXSWHXUFRXSHEDWWHULHHVWVLWX«VXUODSDUWLHH[W«ULHXUHGH
O DLOHJDXFKHSUªVGHVPDUFKHV&HWLQWHUUXSWHXULVROHOHF¤EOH
SRVLWLIGHODEDWWHULH
$9,6
0¬PHORUVTXHO DOLPHQWDWLRQ«OHFWULTXHHVWFRXS«H¢O DLGHGX
9
URELQHWGHEDWWHULHFHUWDLQHVSDUWLHVGXV\VWªPH«OHFWULTXHGHOD
PDFKLQHVRQWWRXMRXUVDOLPHQW«HV
&RXSHEDWWHULHV
%DWWHULHV
/HVEDWWHULHVVRQWSODF«HVVXUO DLOHJDXFKH
/HVEDWWHULHVGH9VRQWFRQQHFW«HVHQV«ULHHWSURFXUHXQH
WHQVLRQGXV\VWªPHGH9
9
%DWWHULHV
%DWWHULHFRQWU¶OHGHO «OHFWURO\WH
&RQWU¶OHUOHQLYHDXG «OHFWURO\WHGHEDWWHULHWRXWHVOHVKHXUHV
/HFRQWU¶OHUSOXVIU«TXHPPHQWDX[WHPS«UDWXUHVVXS«ULHXUHV¢
r& r)

/HQLYHDXG «OHFWURO\WHGRLWVHWURXYHU¢HQYLURQPP LQ
DXGHVVXVGHVSODTXHV
$9(57,66(0(17
*D]H[SORVLIV8QHIODPPHRXXQH«WLQFHOOHSHXWHQWUD°QHUXQH
H[SORVLRQ1HIXPH]SDV¢SUR[LPLW«GHVEDWWHULHV
5HPSOLVVDJH
YRLU
1HWWR\H]OHSRXUWRXUGHVERXFKRQVGHFHOOXOH
5HPSOLUDYHFGHO HDXG«PLQ«UDOLV«H
6\VWªPH«OHFWULTXH
)DLWHVIRQFWLRQQHUODPDFKLQHDSUªVUHPSOLVVDJHSRXUTXH
O HDXGLVWLOO«HVHP«ODQJH¢O «OHFWURO\WH&HFLHVW
SDUWLFXOLªUHPHQWLPSRUWDQWSDUWHPSVIURLG
9«ULILH]TXHOHVFRVVHVGHF¤EOHVHWOHVERUQHVVRQWSURSUHV
VHUU«HVHWJUDLVV«HVDYHFGHODYDVHOLQHSDUH[HPSOH
5«WDEOLVVH]O DOLPHQWDWLRQ«OHFWULTXH¢O DLGHGXURELQHWGH
EDWWHULH
%DWWHULHFRQWU¶OHGHO «WDWGHFKDUJH
/DFKDUJHGHVEDWWHULHVHVW¢FRQWU¶OHUDYHFXQSªVHDFLGH
/RUVTX LO\DULVTXHGHJHOLOHVWWRXWVS«FLDOHPHQWLPSRUWDQWTXH
OHVEDWWHULHVQHVRLHQWSDVG«FKDUJ«HVFDUO «OHFWURO\WHULVTXH
VLQRQGHJHOHUDYHFSRXUFRQV«TXHQFHGHG«W«ULRUHUODEDWWHULH
V1052146
&KDUJHFRQWU¶OH
'«PDUUDJHDYHFEDWWHULHVGHG«PDUUDJHGH
VHFRXUV

$9(57,66(0(17
8QSLFGಬLQWHQVLW«SHXWVHSURGXLUHDYHFSRXUFRQV«TXHQFHXQH
H[SORVLRQVXVFHSWLEOHGHSURYRTXHUGHVEOHVVXUHVFRUSRUHOOHVVL
XQHEDWWHULH¢SOHLQHFKDUJHYLHQW¢¬WUHEUDQFK«HVXUXQHEDWWHULH
G«FKDUJ«H
$77(17,21
/HVEDWWHULHVGHG«PDUUDJHGHVHFRXUVRXWRXWDXWUHVRXUFH
G DOLPHQWDWLRQGRLYHQWDYRLUODP¬PHWHQVLRQTXHOHVEDWWHULHVGH
ODPDFKLQH
$9,6
9
8QFKDUJHXUGHEDWWHULHVRXVWHQVLRQ EUDQFK«HQPDUFKH QHGRLW
¬WUHEUDQFK«HQDXFXQHFLUFRQVWDQFHDX[EDWWHULHVGHODPDFKLQH
&RQQH[LRQHQV«ULHGHVEDWWHULHV ORUVTXHO RQWHQWHGHG«PDUUHUOHPRWHXUFDUFHFLSHXW
&RQQH[LRQGHODERUQH GHODEDWWHULH HQGRPPDJHUOHV\VWªPH«OHFWURQLTXHGHODPDFKLQH
&RQQH[LRQGXSRLQWGHPDVVHVXUODPDFKLQH

YRLUSDJH
6\VWªPH«OHFWULTXH
%UDQFKH]GHX[EDWWHULHV9HQV«ULH%RUQH VXUXQH
EDWWHULH¢ODERUQH ದ VXUO DXWUH
9
&RQQH[LRQGHF¤EOH¢ODERUQH

%UDQFKH]HQSUHPLHUO XQGHVF¤EOHVGHG«PDUUDJHHQWUHOD
ERUQH GHODEDWWHULHGHODPDFKLQHHWODERUQH GHOD
EDWWHULHDX[LOLDLUH
%UDQFKH]O DXWUHF¤EOHGHG«PDUUDJHHQWUHODERUQH ದ GHOD
EDWWHULHG DSSRLQWHWOHSRLQWGHPDVVHGHODPDFKLQH/HSRLQW
GHPDVVHHVWSODF«HQWUHOHPRWHXUHWOHUDGLDWHXUFRPPH
LQGLTX«GDQVODILJXUHFLFRQWUH
%UDQFKHUOHVEDWWHULHVGHODPDFKLQHHQPHWWDQWO DOLPHQWDWLRQ
«OHFWULTXH¢O DLGHGXURELQHWGHEDWWHULH
$WWHQGH]XQHPLQXWHSXLVG«PDUUH]OHPRWHXU¢O DLGHGHODFO«
GHFRQWDFWGDQVODFDELQH
/RUVTXHOHPRWHXUDG«PDUU«DWWHQGH]TXHOTXHVPLQXWHVSXLV
G«EUDQFKH]OHF¤EOHGHG«PDUUDJHGXSRLQWGHPDVVHGHOD
PDFKLQHSXLVOHF¤EOHGHG«PDUUDJHGHODERUQH ದ GHOD
EDWWHULHG DSSRLQW
(QILQG«EUDQFKH]HQVXLWHOHF¤EOHUHOLDQWOHVERUQHV
5HPHWWUHHQSODFHOHVFDSXFKRQVGHSURWHFWLRQVXUOHVERUQHV
GHVEDWWHULHV
5HSRVH]ODSURWHFWLRQGHFDRXWFKRXFVXUOHVEDWWHULHVHW
9
IHUPH]OHFRXYHUFOH
&RQQH[LRQ¢ODPDVVHVXUODPDFKLQH
$OWHUQDWHXU
/HERQIRQFWLRQQHPHQWGHO DOWHUQDWHXUHVWIRQFWLRQG XQH

LQVWDOODWLRQFRUUHFWH,OHVWSDUFRQV«TXHQWUHFRPPDQG«GH
WRXMRXUVVXLYUHOHVLQVWUXFWLRQVFLDSUªV
'«FRQQH[LRQ
/HVF¤EOHVGHEDWWHULHHWG DOWHUQDWHXUQHGRLYHQWSDV¬WUH
G«EUDQFK«VORUVTXHOHPRWHXUHVWHQPDUFKH/ DOWHUQDWHXUHW
OHV\VWªPH«OHFWURQLTXHSHXYHQW¬WUHHQGRPPDJ«V
'«EUDQFKH]HWLVROH]OHVF¤EOHVGHVEDWWHULHVDYDQWG LQWHUYHQLU
VXUO DOWHUQDWHXU
6\VWªPH«OHFWULTXH
&RQQH[LRQ¢ODEDWWHULH
/HVERUQHVGHEDWWHULHQHGRLYHQWMDPDLV¬WUHFRQIRQGXHV
&KDTXHERUQHSRUWHFODLUHPHQWXQV\PEROH RX ದ 6LOHV
F¤EOHVVRQWLQFRUUHFWHPHQWEUDQFK«VOHUHGUHVVHXUGH
O DOWHUQDWHXUVHUDLPP«GLDWHPHQWHWLUU«P«GLDEOHPHQW
HQGRPPDJ«
3RXUG«EUDQFKHUOHVEDWWHULHVFRXSH]O DOLPHQWDWLRQ«OHFWULTXH
¢O DLGHGXURELQHWGHEDWWHULH
3RXUSOXVG LQIRUPDWLRQVFRQFHUQDQWOHVFRXUURLHVHWOHVWHQGHXUV
GHFRXUURLHYRLUSDJH
%¶WLHU«OHFWULTXH
/DPDFKLQHHVW«TXLS«HG XQER°WLHUG LQWHUFRQQH[LRQVSODF«GDQV

ODFDELQHVXUODSDURLJDXFKH/ LQW«ULHXUGXSDQQHDXHQSODVWLTXH
SRUWHXQDXWRFROODQWLQGLTXDQWO HPSODFHPHQWGHVGLII«UHQWV
IXVLEOHVHWUHODLVHWOHXUFDUDFW«ULVWLTXHVWHFKQLTXHV/HER°WLHU
G LQWHUFRQQH[LRQVFRQWLHQWODSOXSDUWGHVIXVLEOHVHWUHODLVGHOD
PDFKLQHYRLUSDJH6\VWªPH«OHFWULTXH
(QFDVGHSDQQHG XQUHODLVFHOOHFLSHXW¬WUHFRQWRXUQ«H
WHPSRUDLUHPHQWHQUHPSOD©DQWOHUHODLVG«IHFWXHX[SDUXQDXWUH
UHODLVGRQWODIRQFWLRQHVWPRLQVLPSRUWDQWH9«ULILH]
VRLJQHXVHPHQWTXHOHVUHODLVVRQWLGHQWLTXHV
$77(17,21
&RQWU¶OHUWRXMRXUVOHFDOLEUDJHGXIXVLEOH
$77(17,21
1 LQVWDOOH]MDPDLVXQIXVLEOHGRQWO LQWHQVLW«HVWVXS«ULHXUH¢FH
TXLHVWLQGLTX«VXUO DXWRFROODQWVRXVSHLQHGHGRPPDJHVRX
G LQFHQGLHGDQVODFDUWHGHFLUFXLW
6LXQIXVLEOHIRQGGHPDQLªUHU«S«W«HDXP¬PHHQGURLW
UHFKHUFKH]HQODFDXVH
6RXGDJH
/HVPHVXUHVVXLYDQWHVGRLYHQW¬WUHSULVHVDYDQWGHFRPPHQFHU
XQVRXGDJH«OHFWULTXHVXUODPDFKLQHRXVXUOHVRXWLOVDFFRXSO«V
¢ODPDFKLQH
$77(17,21
$YDQWG HQWDPHUXQVRXGDJH«OHFWULTXHOHVUDFFRUGVGHODRXOHV
EDWWHULH V GRLYHQW¬WUHG«EUDQFK«V7RXVOHVUDFFRUGVGHVXQLW«V
GHFRPPDQGH (&8 GRLYHQW¬WUHG«EUDQFK«V5DFFRUGHU
O «TXLSHPHQWGHVRXGDJHDXVVLSUªVGXSRLQWGHVRXGDJHTXH
SRVVLEOH

'«EUDQFKH]ODEDWWHULHODERUQHSRVLWLYHHWODERUQHQ«JDWLYH
'«EUDQFKH]OHVPRGXOHV«OHFWURQLTXHV9(&89(&8(
(&8:(&8+0,0(&8(&&(&8 $&0(&8
XQLTXHPHQWPRWHXU';;+ 7LHUL6WDJHOOO% 3RXUSOXV
G LQIRUPDWLRQVFRQWDFWH]XQDWHOLHUDJU««SDU9ROYR
6\VWªPH«OHFWULTXH
%UDQFKH]ODFRQQH[LRQGHPDVVHGHO «TXLSHPHQWGHVRXGDJH
DXVVLSUªVGXSRLQWGHVRXGDJHTXHSRVVLEOHHWDVVXUH]YRXV
TXHOHFRXUDQWQHWUDYHUVHSDVXQURXOHPHQW
(WDEOLVVHPHQWG XQHERQQHYHQWLODWLRQ
5HWLUH]WRXWHSHLQWXUHGDQVXQH]RQHG DXPRLQVFP LQ
DXWRXUGXSRLQWGHVRXGDJH
$9(57,66(0(17
/ H[SRVLWLRQGHVXUIDFHVSHLQWHVHWGHSLªFHVHQFDRXWFKRXFRX
HQSODVWLTXH¢GHKDXWHVWHPS«UDWXUHVSHXWHQWUD°QHUODIRUPDWLRQ
GHVXEVWDQFHVQRFLYHVSRXUODVDQW«RXO HQYLURQQHPHQW
3URF«GH]DYHFSU«FDXWLRQORUVSDUH[HPSOHGXVRXGDJH
SRQ©DJHRXR[\FRXSDJH3RUWH]XQ«TXLSHPHQWGHSURWHFWLRQ
$77(17,21
8QH[WLQFWHXUG LQFHQGLHGRLWWRXMRXUVVHWURXYHU¢SRUW«HGHOD
PDLQORUVGHWRXWWUDYDLOGHVRXGDJH
3KDUHVU«JODJH
3KDUHV
/HU«JODJHGXIDLVFHDXGHVSKDUHVHVWWUªVLPSRUWDQWHQ
SDUWLFXOLHUVLODPDFKLQHHPSUXQWHODYRLHSXEOLTXHGDQV
O REVFXULW«/HVIHX[GHFURLVHPHQWGHVSKDUHVVRQWGHW\SH
DV\P«WULTXH
3ODFHUODPDFKLQH¢YLGHVXUXQHVXUIDFHKRUL]RQWDOH
SHUSHQGLFXODLUHPHQW¢XQPXURXXQHVXUIDFHVLPLODLUH
6XUOHVPDFKLQHVDYHFV\VWªPH)6ODVXVSHQVLRQGRLW¬WUHHQ
SRVLWLRQQRUPDOH
$OOXPH]OHVIHX[GHURXWHRXOHVIHX[GHFURLVHPHQW
9
9LVGHU«JODJHIHX[GHURXWH
9LVGHU«JODJHIHX[GHFURLVHPHQW

)HX[GHURXWH

6\VWªPH«OHFWULTXH
5«JOH]OHIDLVFHDXOXPLQHX[¢O DLGHGHVWURLVYLVGHU«JODJH
SDUOHVRULILFHVGXFRXYHUFOH
'LPHQV
)HX[GHFURLVHPHQW )HX[GHURXWH
LRQV
% PP LQ PP LQ
)HX[GHFURLVHPHQW
+ PP LQ PP LQ
+ PP LQ PP LQ
/ PP LQ PP LQ
WHLJQH]OHVIHX[GHURXWHRXGHFURLVHPHQW
&LUFXODWLRQ¢JDXFKH¢GURLWHU«JODJH
/HSKDUHHVWOLYU«U«JO«SRXUODFRQGXLWH¢GURLWH
5«JODJHSRXUODFRQGXLWH¢JDXFKH
'«SRVH]ODYLV
'HVVHUUH]OHVYLV
)DLWHVWRXUQHUODSLªFHDUULªUHGHVRUWHTXHO RULILFH VH
UHWURXYHHQIDFHGHO RULILFHGHYLV
3RVH]ODYLV
6HUUH]OHVYLV
9 5HIHUPHUOHFDSRWGXPRWHXU
%RXORQ
%RXORQV
7URX
$PSRXOHUHPSODFHPHQW
$9,6
1HWRXFKH]SDVOHYHUUHGHO DPSRXOHQHXYHDYHFOHVGRLJWV

6\VWªPH«OHFWULTXH
2XYULUOHFDSRWPRWHXUG HQYLURQPP

'«EUDQFKH]OHIDLVFHDXGHF¤EODJH
9
)DLVFHDXGHF¤EODJH

7RXUQH]ODGRXLOOHG DPSRXOHHQVHQVDQWLKRUDLUHHWG«SRVH]
OD
5HPSODFH]O DPSRXOH
3RVH]ODGRXLOOHG DPSRXOHHWOHIDLVFHDXGHF¤EODJH
)HUPH]OHFDSRWPRWHXUHWY«ULILH]OHIRQFWLRQQHPHQW
9
$PSRXOH
'RXLOOHG DPSRXOH

6\VWªPH«OHFWULTXH
'RXLOOHG DPSRXOHUHPSODFHPHQW

'«SRVH]ODJULOOHGHSURWHFWLRQ WURLVYLV
9
9

'«SRVH]ODW¶OHVXSSRUWDQWOHER°WLHU GHX[YLV
9

6«SDUHUOHER°WLHUGHODW¶OH6RUWLUOHMRLQWHQFDRXWFKRXFHQOH
UHSRXVVDQW¢WUDYHUVOHWURX
9

6\VWªPH«OHFWULTXH

'«VDFFRXSOHUOHFRQQHFWHXUGXER°WLHU
9
9

6«SDUHUOHMRLQWHQFDRXWFKRXFGXER°WLHU
1HWWR\H]HWUHSRVH]HQRUGUHLQYHUVH
9«ULILH]TXHOHVIHX[IRQFWLRQQHQW
9

7UDQVPLVVLRQ
7UDQVPLVVLRQ
+XLOHGHER°WHGHYLWHVVHV
/HQLYHDXG KXLOHSHXW¬WUHOXGDQVOHSDQQHDXG LQIRUPDWLRQVYRLU

SDJH6LOHQLYHDXG KXLOHHVWLQFRUUHFW KDXWEDV XQ«FUDQ
G DODUPHHVWDIILFK«YRLUSDJH6LODWHPS«UDWXUHGHODER°WH
GHYLWHVVHVHVW«OHY«HOHW«PRLQGHFRQWU¶OHHVWDOOXP«HWXQ
«FUDQG DODUPHHVWDIILFK«YRLUSDJH
9
0RWHXU
&DUWHUGHYRODQWDYHFSULVHGHIRUFH
7UDQVPLVVLRQ
3RQW$9PRWHXU
%R°WHWUDQVIHUW
$UEUHGHWUDQVPLVVLRQ
3RQWDYDQWGHVWDQGHPV
3RQWDUULªUHGHVWDQGHPV
+XLOHGHER°WHGHYLWHVVHVQLYHDXFRQWU¶OH
1 RXEOLH]SDV
8QHTXDQWLW«LQVXIILVDQWHG KXLOHSHXWHQWUD°QHUXQ
IRQFWLRQQHPHQWLQFRUUHFWHWGHVGRPPDJHV¢ODER°WHGH
YLWHVVHV
8QQLYHDXG KXLOHH[FHVVLIFRQGXLWO KXLOH¢PRXVVHUORUVTX HOOH
HVWFKDXGHFHTXLHQWUD°QHXQHVXUFKDXIIHGHODER°WHGH
YLWHVVHV
&RQWU¶OHUO KXLOHORUVTXHVDWHPS«UDWXUHHVWG HQYLURQr&

r) GHSU«I«UHQFH¢ODILQG XQHMRXUQ«HGHWUDYDLO
9 $9,6

-DXJHKXLOHGHER°WHGHYLWHVVHV
1HWWR\HUVRLJQHXVHPHQWDXWRXUGHODMDXJHDYDQWGHFRQWU¶OHUOH
QLYHDXG KXLOH'HO KXLOHVRXLOO«HDE°PHODER°WHGHYLWHVVHV
8WLOLVH]XQFKLIIRQTXLQHSHOXFKHSDVSRXUHVVX\HUODMDXJH

3ODFH]ODPDFKLQHHQSRVLWLRQG HQWUHWLHQVXUXQHVXUIDFH
KRUL]RQWDOHYRLUSDJH
/DLVVHUWRXUQHUOHPRWHXUDXUDOHQWL
/HV«OHFWHXUGHUDSSRUWGRLW¬WUHDXSRLQWPRUW
$WWHQGH]HQYLURQXQHPLQXWHTXHOHQLYHDXG KXLOHVHVRLW
VWDELOLV«DYDQWG HIIHFWXHUOHFRQWU¶OH
2XYUH]OHFRXYHUFOHGHODFDJHGHEDWWHULH
(VVX\H]OHSRXUWRXUGHODMDXJHG KXLOH
6RUWH]ODMDXJHG KXLOHHWHVVX\H]ODSXLVUHSODFH]ODSRXUOD
PHVXUH
/HQLYHDXG KXLOHGRLW¬WUH¢PP LQ DXGHVVXV
GXUHSªUHPLQLPDOGHODMDXJHFHTXLFRUUHVSRQG¢¢
VXUOHSDQQHDXG LQIRUPDWLRQV
)DLWHVO DSSRLQWVLQ«FHVVDLUHWRXWHQ«YLWDQWOHWURSSOHLQ
/HYROXPHG KXLOHHQWUHOHVUHSªUHVPLQHWPD[GHODMDXJHHVW
G HQYLURQOLWUHV 86JDO
7UDQVPLVVLRQ
7UDQVPLVVLRQYLGDQJHGHO KXLOH
9LGDQJH]O KXLOHHWUHPSODFH]OHILOWUH¢KXLOHWRXWHVOHV
KHXUHV
&DSDFLW«G KXLOHSRXUODYLGDQJHOLWUHV 86JDOORQV DYHF

OHILOWUH
4XDOLW«G KXLOHYRLU
$9(57,66(0(17
GHO HQYLURQQHPHQW
$77(17,21
9RLUSDJH
&RQGLWLRQVSRXUTXHO LQWHUYDOOHGHKHXUHVVRLWDSSOLFDEOH
OHVGHX[ILOWUHV¢KXLOHVRQWUHPSODF«VWRXWHVOHVKHXUHV
OHVILOWUHV¢O KXLOHRQWGHVFDUDFW«ULVWLTXHVWHFKQLTXHV
FRQIRUPHV¢FHOOHVGH9ROYRFHTXLHVWOHFDVGHVILOWUHV
G RULJLQH9ROYR
O KXLOHHVWHPSOR\«HFRQIRUP«PHQWDX[UHFRPPDQGDWLRQVYRLU
SDJH
8QHKXLOHGHYLVFRVLW«FRUUHFWHSRXUOHVFRQGLWLRQVGH
WHPS«UDWXUHHVWV«OHFWLRQQ«HFRQIRUP«PHQWDXGLDJUDPPH
YRLUSDJH
9LGDQJH
$EDLVVH]OHVSODTXHVGHSURWHFWLRQLQI«ULHXUHVDUULªUH
'«SRVH]OHFDSXFKRQGHSURWHFWLRQGXUDFFRUGGHYLGDQJHVXU
OHFDUWHUG KXLOH
%UDQFKH]OHIOH[LEOHGHYLGDQJHHWYLGDQJH]O KXLOH/HIOH[LEOH
GHYLGDQJHHVWSODF«GDQVODJULOOHEDVFXODQWH
5HPSODFH]OHILOWUH¢KXLOHSULQFLSDOHWOHILOWUH¢KXLOHGH
JUDLVVDJHYRLUSDJH
'«EUDQFKH]OHIOH[LEOHGHYLGDQJHHWUHPHWWH]OH¢VDSODFH
VXUODJULOOHDYDQW
5HPHWWH]HQSODFHOHFDSXFKRQGHSURWHFWLRQVXUOHUDFFRUG
GHYLGDQJH
9
3RLQWGHYLGDQJHKXLOHGHER°WHGHYLWHVVHV

7UDQVPLVVLRQ
5HPSOLVVDJH
(IIHFWXH]XQUHPSOLVVDJHG KXLOHQHXYHSDUOHWX\DXGH
UHPSOLVVDJHSODF«VRXVOHFRXYHUFOHGHEDWWHULH
&RQWU¶OH]OHQLYHDXYRLUSDJH
9«ULILH]TX LOQ \DSDVGHIXLWHV
5HOHYH]OHVSODTXHVGHSURWHFWLRQLQI«ULHXUHVDUULªUH
9
3RLQWGHUHPSOLVVDJHOLTXLGHODYHJODFH
3RLQWGHUHPSOLVVDJHKXLOHGHER°WHGH
YLWHVVHV
)LOWUH¢KXLOHGHWUDQVPLVVLRQUHPSODFHPHQW
5HPSODFH]OHVILOWUHVWRXWHVOHVKHXUHV
/HVILOWUHVVRQWGHW\SHMHWDEOH
5HPSODFH]WRXMRXUVOHVGHX[ILOWUHVHQP¬PHWHPSV
$77(17,21
9RLUSDJH
9

)LOWUH¢KXLOHSULQFLSDO

7UDQVPLVVLRQ
'«SRVH
$EDLVVH]OHVW¶OHVGHSURWHFWLRQLQI«ULHXUHVDUULªUHSRXU
DFF«GHUDX[ILOWUHV/HILOWUH¢KXLOHSULQFLSDOVHWURXYHGXF¶W«
JDXFKHHWOHILOWUH¢KXLOHGHJUDLVVDJHGXFRW«GURLWGHODER°WH
GHYLWHVVHV
8WLOLVH]XQHSLQFHSRXUG«SRVHUOHVILOWUHV¢KXLOH
9
)LOWUH¢KXLOHGHJUDLVVDJH

0LVHHQSODFH
5HPSOLVVH]OHVILOWUHVG KXLOH
$SSOLTXH]GHO KXLOHVXUOHMRLQW
9LVVH]HQVXLWHOHVILOWUHV¢ODPDLQMXVTX ¢FHTXHOHMRLQW
WRXFKHMXVWHODVXUIDFHG «WDQFK«LW«
6HUUH]HQVXLWHOHVILOWUHVGHWRXUVVXSSO«PHQWDLUHV
$SUªVPLVHHQSODFH
'«PDUUHUOHPRWHXUHWFRQWU¶OHUO «WDQFK«LW«GXMRLQW6 LOQ HVW
SDV«WDQFKHG«SRVHUOHILOWUHHWFRQWU¶OHUODVXUIDFH
G «WDQFK«LW«
$9,6
6HUUH]OHVILOWUHV¢KXLOHSOXVIRUWQHVHUW¢ULHQ
)LOWUHGHUHQLIODUGGHODWUDQVPLVVLRQ
UHPSODFHPHQW
/HILOWUHHVWGXW\SHMHWDEOH,OQ HVWGRQFSDVQHWWR\DEOHPDLVVH
UHPSODFHWRXWVLPSOHPHQW
$77(17,21
9RLUSDJH
'HVVHUUH]OHFROOLHUGHVHUUDJHHWG«SRVH]OHILOWUH
7UDQVI«UHUOHFROOLHUHWPHWWUHHQSODFHOHQRXYHDXILOWUH
9
)LOWUHGHUHQLIODUGGHWUDQVPLVVLRQ

7UDQVPLVVLRQ
&U«SLQHG DVSLUDWLRQGHODSULVHGHIRUFH
QHWWR\DJH
/DFU«SLQHG DVSLUDWLRQGRLW¬WUHQHWWR\«HDXERXWGHV
SUHPLªUHVKHXUHVSXLVWRXWHVOHVKHXUHV
$9(57,66(0(17
GHO HQYLURQQHPHQW
/DFU«SLQHG DVSLUDWLRQHVWSODF«HVXUOHERUGDYDQWGHODSULVHGH
IRUFHVXUOHFDUWHUGHYRODQWPRWHXU
$77(17,21
9RLUSDJH
5HO¤FKH]ODSODTXHGHSURWHFWLRQLQI«ULHXUHDYDQWHWODLVVH]OD
SHQGUHSDUODFKD°QH
'«EUDQFKH]OHIOH[LEOH

$9,6
,OV «FRXOHHQYLURQOLWUH 86JDO G KXLOH
5HWLUH]OHUDFFRUG
5HWLUH]ODFU«SLQHHWQHWWR\H]OD
5HPHWWUHODFU«SLQHHWOHUDFFRUG
5HSRVHUOHIOH[LEOH
9 '«PDUUH]OHPRWHXUHWY«ULILH]TX LOQ \DSDVGHIXLWH
5HOHYH]ODSODTXHGHSURWHFWLRQLQI«ULHXUHDUULªUH
)OH[LEOH
5DFFRUG
&U«SLQHG DVSLUDWLRQ
%R°WHGHWUDQVIHUWQLYHDXG KXLOHFRQWU¶OH
&RQWU¶OH]OHQLYHDXG KXLOH¢LQWHUYDOOHVU«JXOLHUV
7UDQVPLVVLRQ
$9(57,66(0(17
GHO HQYLURQQHPHQW
'«SRVH]OHERXFKRQGHQLYHDX/HQLYHDXG KXLOHGRLWDUULYHU
DXERUGLQI«ULHXUGHO RULILFH
3RVH]OHERXFKRQGHQLYHDX
9
9R\DQWGHFRQWU¶OHGHQLYHDX
%RXFKRQGHYLGDQJH
%R°WHGHWUDQVIHUWFRQWU¶OHGHVIXLWHV
9«ULILH]O DEVHQFHGHIXLWHVWRXWHVOHVKHXUHV
5HFKHUFKH]OHVIXLWHV
%R°WHGHWUDQVIHUWYLGDQJHG KXLOH
&DSDFLW«G KXLOHSRXUODYLGDQJHHQYLURQOLWUHV 86JDOORQV
4XDOLW«G KXLOHYRLU
$9(57,66(0(17
GHO HQYLURQQHPHQW
$77(17,21
9RLUSDJH
7UDQVPLVVLRQ
5HWLUH]OHERXFKRQHWYLGDQJH]O KXLOH
5HPHWWUHOHERXFKRQHQSODFHDSUªVYLGDQJH

9
9R\DQWGHFRQWU¶OHGHQLYHDX
%RXFKRQGHYLGDQJH

(IIHFWXH]XQUHPSOLVVDJHG KXLOHQHXYHSDUOHWX\DXGH
UHPSOLVVDJH¢JDXFKHGHUULªUHODFDELQH
9
%R°WHGHWUDQVIHUWUHPSODFHPHQWGXILOWUHGH
UHQLIODUG
/HILOWUHHVWGHW\SHMHWDEOHHWLOHVWOHP¬PHTXHFHOXLGHO HVVLHX
DYDQW
&RQVXOWH]OHUHPSODFHPHQWGXILOWUHG D«UDWLRQGHO HVVLHXDYDQW

YRLUSDJH
7UDQVPLVVLRQ
-HXGHO DUEUHGHWUDQVPLVVLRQFRQWU¶OH
9
$UEUHV¢FDUGDQ

9
-RLQWGHFDUGDQ
-RLQW¢FRXOLVVHPHQW
$VVHPEODJHYLVV«

&RQWU¶OH]OHVDUEUHVGHWUDQVPLVVLRQWRXWHVOHVKHXUHV
5HO¤FKH]OHVFRQWUDLQWHVGDQVODWUDQVPLVVLRQ
$UU¬WH]ODPDFKLQH¢O HPSODFHPHQWFKRLVLSRXUO HQWUHWLHQ
ODLVVH]OHPRWHXUHQPDUFKH
'HVVHUUH]OHVIUHLQVGHURXWH
3ODFH]ODPDFKLQHHQSRVLWLRQG HQWUHWLHQFDOH]OHVURXHV
&RQWU¶OHGXMHX
$UEUHGHWUDQVPLVVLRQUHFKHUFKH]O XVXUHVXUFKDTXHMRLQW¢
FDUGDQ,OQHGRLWSDV\DYRLUGHMHXGDQVOHVMRLQWV¢FDUGDQ
-RLQWV¢FRXOLVVHPHQWVRXOHYH]SDUOHVMRLQWV¢FDQQHOXUHV,O
QHGRLWSDV\DYRLUGHMHXGDQVOHVMRLQWV¢FRXOLVVHPHQW
9
'LVSRVLWLIVGHIL[DWLRQY«ULILH]YLVXHOOHPHQWTXHOHVYLVGHV
URXOHPHQWVHWGHVEULGHVG HQWUD°QHPHQWVRQWVHUU«HVHWTXH
WRXWHVOHVEDJXHVGHYHUURXLOODJHVRQWHQSRVLWLRQFRUUHFWH
-RLQWGHFDUGDQ
-RLQW¢FRXOLVVHPHQW
$VVHPEODJHYLVV«

(VVLHX[
(VVLHX[
3RQWVFRQWU¶OHRFXODLUHGHO DEVHQFHGHIXLWHV
9«ULILH]O DEVHQFHGHIXLWHVWRXWHVOHVKHXUHV
9«ULILH]YLVXHOOHPHQWO DEVHQFHGHIXLWHVVXUOHVHVVLHX[
3RQWVFRQWU¶OHGXQLYHDXG KXLOH
3ODFH]ODPDFKLQHHQSRVLWLRQG HQWUHWLHQYRLUSDJHHW

ODLVVH]ODSHQGDQWPLQXWHV
'«SRVH]OHERXFKRQFRPELQ«QLYHDXUHPSOLVVDJH/HQLYHDX
G KXLOHGRLW¬WUHGHQLYHDXDYHFOHWURX
/HQLYHDXG KXLOHHVWFRQWU¶O«SDUOHERXFKRQGHQLYHDXHWGH
UHPSOLVVDJHVXUOHU«GXFWHXUILQDO FDUWHUGHGLII«UHQWLHO /HV
PR\HX[HPSORLHQWO KXLOHGHUHIURLGLVVHPHQWGHVIUHLQVSRXUOHXU
JUDLVVDJH
3RVLWLRQGXERXFKRQGHQLYHDXHWGHUHPSOLVVDJH
9
(VVLHXDYDQW«O«PHQWWUDFWHXUF¶W«GURLWYHUVO DYDQW
3RQWDYDQWGHVWDQGHPVF¶W«JDXFKHYHUVO DUULªUH
%RXFKRQGHQLYHDXHWGHUHPSOLVVDJH 3RQWDUULªUHGHVWDQGHPVF¶W«GURLWYHUVO DUULªUH
3RQWVYLGDQJHG KXLOH
9LGDQJH]O KXLOHSRXUODSUHPLªUHIRLVDXERXWGHKHXUHVSXLV
WRXWHVOHVKHXUHV
9ROXPH¢ODYLGDQJH
(VVLHXDYDQWWUDFWHXUOLWUHV 86JDO
(VVLHXGHWDQGHPDYDQWOLWUHV 86JDO
(VVLHXGHWDQGHPDUULªUHOLWUHV 86JDO
4XDOLW«G KXLOHYRLU
$9(57,66(0(17

GHO HQYLURQQHPHQW
$77(17,21
9RLUSDJH
(VVLHX[
9LGDQJH
'«GHSRVH]OHERXFKRQGHQLYHDXHWGHUHPSOLVVDJH

'«SRVH]OHERXFKRQGHYLGDQJHVXUOHFDUWHUG HVVLHX
9LGDQJH]WRXWHO KXLOH
9
%RXFKRQGHQLYHDXHWGHUHPSOLVVDJH

5HPSOLVVDJH
5HSRVH]OHERXFKRQGHYLGDQJHORUVTXHWRXWHO KXLOHV HVW
«FRXO«H
5HPSOLVVH]OHFDUWHUG HVVLHXG KXLOHQHXYHSDUO RULILFHGH
QLYHDXHWGHUHPSOLVVDJH
5HSRVH]OHERXFKRQGHQLYHDXHWGHUHPSOLVVDJH
9«ULILH]TXHOHVERXFKRQVGHYLGDQJHVRQW«WDQFKHV

$9,6
/HVPR\HX[VRQWUHPSOLVG KXLOHGHUHIURLGLVVHPHQWGHVIUHLQV
YRLUSDJH
3RVLWLRQGHVERXFKRQVGHQLYHDXHWGHUHPSOLVVDJH
(VVLHXDYDQW«O«PHQWWUDFWHXUF¶W«GURLWYHUVO DYDQW
3RQWDYDQWGHVWDQGHPVF¶W«JDXFKHYHUVO DUULªUH
3RQWDUULªUHGHVWDQGHPVF¶W«GURLWYHUVO DUULªUH
9
%RXFKRQGHYLGDQJH

(VVLHX[
)LOWUHVG D«UUDWLRQG HVVLHXUHPSODFHPHQW

5HPSODFH]OHVWURLVILOWUHVG D«UDWLRQGHVHVVLHX[WRXWHVOHV
KHXUHV
$77(17,21
9RLUSDJH
/ HVVLHXDYDQWHWODER°WHGHWUDQVIHUWRQWXQILOWUHFRPPXQSODF«
GHUULªUHODFDELQHVXUOHF¶W«JDXFKH
/HVILOWUHVGHVHVVLHX[WDQGHPVRQWSODF«VGHUULªUHOHVORQJHURQV
GHFK¤VVLVVXUO «O«PHQWEHQQH
(VVLHXDYDQWHWER°WHGHWUDQVIHUWUHPSODFHPHQWGXILOWUH
9 G D«UDWLRQ
'HVVHUUH]OHFROOLHUGHVHUUDJHHWG«SRVH]OHILOWUH
)LOWUHG D«UDWLRQHVVLHXDYDQWHWER°WHGH 7UDQVI«UHUOHFROOLHUHWSRVHUOHILOWUHQHXI
WUDQVIHUW
(VVLHX[WDQGHPUHPSODFHPHQWGXILOWUHG D«UDWLRQ
6RXOHYH]ODEHQQHHWV«FXULVH]OD¢O DLGHGXYHUURXLOODJHGH
EHQQHYRLUSDJH
'HVVHUUH]OHVFROOLHUGHVHUUDJHHWG«SRVH]OHVILOWUHV
7UDQVI«UH]OHVFROOLHUVHWSRVH]OHVILOWUHVQHXIV
'«SRVH]OHYHUURXLOODJHGHEHQQHYRLUSDJHHWDEDLVVH]
ODEHQQH
9
)LOWUHG D«UDWLRQHVVLHXWDQGHPDYDQW

9
)LOWUHG D«UDWLRQHVVLHXWDQGHPDUULªUH

6\VWªPHGHIUHLQDJH
6\VWªPHGHIUHLQDJH
/HV\VWªPHGHIUHLQDJHH[FHSW«OHIUHLQGHVWDWLRQQHPHQWTXLHVW
HQWLªUHPHQW¢FRPPDQGHSQHXPDWLTXHHVWHQWLªUHPHQW
K\GUDXOLTXHHWSDUWDJHVRQU«VHUYRLUG KXLOHDYHFOHV\VWªPH
K\GUDXOLTXH/HV\VWªPHGHIUHLQDJHHVWFKDUJ«YLDXQH
«OHFWURYDQQHSDUODP¬PHSRPSHK\GUDXOLTXHTXHFHOOH
HQWUD°QDQWOHYHQWLODWHXUGHUHIURLGLVVHPHQWVXUOHUDGLDWHXU& HVW
SRXUTXRLOHVP«WKRGHVGHFRQWU¶OHGXQLYHDXG KXLOHGHYLGDQJH
G KXLOHHWGHUHPSODFHPHQWGHVILOWUHVVHWURXYHQWGDQVODVHFWLRQ
GXV\VWªPHK\GUDXOLTXHVRXV/HUHPSODFHPHQWGXILOWUH¢
KXLOHGHUHIRXOHPHQWGXV\VWªPHGHIUHLQDJHVHWURXYDODSDJH

$9(57,66(0(17
8QHFHUWDLQHSUHVVLRQFXPXO«HGHPHXUH¢O LQW«ULHXUGXFLUFXLWGH
IUHLQDJHP¬PHDSUªVO DUU¬WGXPRWHXU(QFDVGHPLVH¢O DLUOLEUH
VDQVG«OHVWDJHSU«DODEOHGXOLTXLGHGHIUHLQVRXVKDXWHSUHVVLRQ
JLFOHUDDORUV
)RQFWLRQQHPHQWGHVIUHLQVFRQWU¶OH
&RQWU¶OH]TXRWLGLHQQHPHQWOHIRQFWLRQQHPHQWGXIUHLQDYDQWGH
G«PDUUHUOHPRWHXUYRLUSDJH
(QFDVGHIRQFWLRQQHPHQWLQFRUUHFWGXIUHLQDJHFRQWDFWH]XQ
DWHOLHUDJU««9ROYR
6\VWªPHGHIUHLQDJHSXUJHG DLU
$SUªVXQHLQWHUYHQWLRQVXUOHV\VWªPHGHIUHLQDJHRQGRLW
SURF«GHU¢XQHSXUJHG DLU&HOOHFLGRLW¬WUHHIIHFWX«HSDUXQ
DWHOLHUDJU««9ROYR
'«WHQWHXUGHSUHVVLRQ
$YDQWWRXWHLQWHUYHQWLRQVXUOHV\VWªPHGHIUHLQDJHGHODPDFKLQH
OHV\VWªPHGRLW¬WUHFRPSOªWHPHQWG«SUHVVXULV«YRLUSDJH
$9,6
/DSXUJHGXV\VWªPHGHIUHLQDJHGRLW¬WUHHIIHFWX«HDSUªVWRXWH
LQWHUYHQWLRQVXUOHV\VWªPH
$FFXPXODWHXUFRQWU¶OH
&RQWDFWH]XQDWHOLHUDJU««SDU9ROYR
6\VWªPHGHIUHLQDJHILOWUH¢KXLOHVRXV
SUHVVLRQUHPSODFHPHQW
5HPSODFH]OHILOWUHSRXUODSUHPLªUHIRLVDXERXWGHKHXUHV
SXLVWRXWHVOHVKHXUHV
6\VWªPHGHIUHLQDJH
$9(57,66(0(17
8QHFHUWDLQHSUHVVLRQFXPXO«HGHPHXUH¢O LQW«ULHXUGXFLUFXLWGH
IUHLQDJHP¬PHDSUªVO DUU¬WGXPRWHXU(QFDVGHPLVH¢O DLUOLEUH
VDQVG«OHVWDJHSU«DODEOHGXOLTXLGHGHIUHLQVRXVKDXWHSUHVVLRQ
JLFOHUDDORUV
$77(17,21
9RLUSDJH
$77(17,21
2EVHUYHUXQHSURSUHW«DEVROXH
9
)LOWUH¢KXLOHGHUHIRXOHPHQWGXV\VWªPHGH
IUHLQDJH

8WLOLVH]XQHFO«¢FOLTXHWRXXQDXWUHRXWLODG«TXDWSRXU
G«SRVHUOHFRXYHUFOHGHILOWUH
'«SRVHUOHILOWUH
5HYLVVHUOHERXFKRQ
'«PDUUH]OHPRWHXUHWUHFKHUFKH]OHVIXLWHV
)LOWUH¢KXLOHGHUHIRXOHPHQWVDQVFRXYHUFOH

9

5«JODJHGHVIUHLQV
/HVIUHLQVGHURXWHHWOHIUHLQGHVWDWLRQQHPHQWVRQW¢U«JODJH
DXWRPDWLTXH$XFXQU«JODJHFRPSO«PHQWDLUHQ HVWGRQF
Q«FHVVDLUH
)UHLQVGHURXWHXVXUHGHVGLVTXHVFRQWU¶OH
&RQWU¶OHUO XVXUHGHVGLVTXHVGHIUHLQVWRXWHVOHVKHXUHV
$9,6
&HODHVWYDODEOHSRXUOHVFRQGLWLRQVG XWLOLVDWLRQQRUPDOHV3RXU
GHVFRQGLWLRQVG XWLOLVDWLRQSOXVGLIILFLOHVOHVGLVTXHVGRLYHQW¬WUH
FRQWU¶O«VSOXVIU«TXHPPHQW
6\VWªPHGHIUHLQDJH
'«PDUUH]OHPRWHXUHWODLVVH]OHWRXUQHUMXVTX ¢FHTXHOD
SUHVVLRQFRPSOªWHGHIUHLQDJHDLW«W«DWWHLQWH
$FWLYH]OHIUHLQGHFKDUJHPHQWHWGHEDVFXOHPHQW
3URF«GH]FRPPHVXLWVXUFKDTXHIUHLQ

'«SRVH]OHFDSXFKRQGHO LQGLFDWHXUG XVXUH

9
&DSXFKRQGHSURWHFWLRQ
9
,QGLFDWHXUG XVXUH
,QV«UH]DYHFSU«FDXWLRQO LQGLFDWHXUG XVXUHDXVVLORLQTXH

SRVVLEOH¢O DLGHG XQSHWLWWRXUQHYLV0HVXUH]HQVXLWH
O LQVHUWLRQGHO LQGLFDWHXUG XVXUHGDQVODIDFHGXUDFFRUG
1RWH]ODPHVXUH
/HVGLVTXHVRQWDWWHLQWOHXUOLPLWHG XVXUHORUVTXHODPHVXUH;
«JDOHPP LQ
$)$))6 GDQVOHWDEOHDX;FRQFHUQHOHVGLVTXHV
QHXIV
3RQW$9 ; sPP ; sLQ
3RQWDYDQWGHV ; sPP ; sLQ
9
WDQGHPV
,QVHUWLRQGHO LQGLFDWHXU 3RQWDUULªUHGHV ; sPP ; sLQ
WDQGHPV
$)$))6 GDQVOHWDEOHDX;FRQFHUQHOHVGLVTXHV
QHXIV
6\VWªPHGHIUHLQDJH
3RQW$9 ; sPP ; sLQ

3RQWDYDQWGHV ; sPP ; sLQ
WDQGHPV
3RQWDUULªUHGHV ; sPP ; sLQ
WDQGHPV
6LOHVGLVTXHVVRQWXV«VFRQWDFWH]XQDWHOLHUDJU««9ROYR
3RVH]OHFDSXFKRQGHSURWHFWLRQVXUO LQGLFDWHXUGHIUHLQ
&RXSOHGHVHUUDJH1P OEIIW
$SUªVODPHVXUHGHWRXVOHVGLVTXHVGHIUHLQDUU¬WH]OH
PRWHXU
1LYHDXG KXLOHGHUHIURLGLVVHPHQWGHVIUHLQV
FRQWU¶OH
&RQWU¶OH]OHQLYHDXG KXLOHWRXWHVOHVKHXUHV
/HQLYHDXGRLWDWWHLQGUHOHVGHODSODJHGHPHVXUHGXUHJDUG
YLWU«SODF«VXUOHF¶W«JDXFKHGHODPDFKLQH
/HQLYHDXHVW«JDOHPHQWFRQWU¶O«SDUOHV\VWªPH«OHFWURQLTXHTXL
DIILFKHXQDYHUWLVVHPHQWHQFDVGHQLYHDXEDVYRLUSDJH
9
+XLOHGHUHIURLGLVVHPHQWGHVIUHLQVYLGDQJH
&DSDFLW«G KXLOHSRXUODYLGDQJHHQYLURQOLWUHV 86

JDOORQV

&RQFHUQDQWOHVTXDOLW«VG KXLOHYRLU
$77(17,21
5HVSHFWH]ODSOXVJUDQGHSURSUHW«SRVVLEOH

$9(57,66(0(17
9
5DFFRUGVGHYLGDQJHU«VHUYRLUG KXLOH
K\GUDXOLTXH &ROOHFWHUO KXLOHHWPHWWH]ODDXUHEXWG XQHID©RQUHVSHFWXHXVH
5DFFRUGGHYLGDQJHU«VHUYRLUG KXLOHGH GHO HQYLURQQHPHQW
UHIURLGLVVHPHQWGHVIUHLQV

$77(17,21
6\VWªPHGHIUHLQDJH
9RLUSDJH
%UDQFKHUOHIOH[LEOHGHYLGDQJHDXUDFFRUGGHYLGDQJHHW
YLGDQJHUO KXLOHHQYLURQOLWUHV 86JDO
'«EUDQFKH]OHIOH[LEOHGHYLGDQJHORUVTXHWRXWHO KXLOHV HVW
«FRXO«H
9LGDQJHUO KXLOHGHUHIURLGLVVHPHQWGHIUHLQVGHVPR\HX[
HQYLURQOLWUHV 86JDO SDUPR\HX
$9,6
8WLOLVH]XQFDQDOGHYLGDQJHSRXUSRXYRLUFROOHFWHUO KXLOH
5HSRVH]OHVERXFKRQVVXUOHVPR\HX[
'«SRVH]OHFRXYHUFOHVXUOHU«VHUYRLUG KXLOHGH
V1052027
$9,6
+XLOHGHUHIURLGLVVHPHQWGHVIUHLQVSRLQWGH 1HWWR\H]VRLJQHXVHPHQWOHSRXUWRXUGXFRXYHUFOH
YLGDQJHPR\HX

5HWLUH]ODFDUWRXFKHILOWUDQWHGXU«VHUYRLU
9
)LOWUHVGHUHWRXUG KXLOH

6\VWªPHGHIUHLQDJH
'«PRQWH]ODFDUWRXFKHILOWUDQWHFRQIRUP«PHQW¢O LOOXVWUDWLRQ
9
%DUUHDLPDQW«H
)LOWUH
3RUWHILOWUH
FURXGHIL[DWLRQ
1HWWR\H]VRLJQHXVHPHQWODWLJHDLPDQW«HHWSRVH]XQILOWUH
QHXIGDQVOHVXSSRUWGHILOWUH
&RQWU¶OHUOHVMRLQWVWRULTXHVGHODEDUUHPDJQ«WLTXHHWGX
FRXYHUFOH
V1052032 5HSRVH]ODFDUWRXFKHILOWUDQWHGDQVOHU«VHUYRLUG KXLOHHW
%DUUHDLPDQW«H SRVH]OHFRXYHUFOH

$9,6
$ILQG DVVXUHUODSURSUHW«LOHVWLPSRUWDQWG HIIHFWXHUOH
UHPSOLVVDJHG KXLOHSDUOHILOWUH
'«SRVH]OHERXFKRQGHUHPSOLVVDJHGXFRXYHUFOHSXLV
UHPSOLVVH]G KXLOHSDUO RULILFHMXVTX ¢DWWHLQGUHOHQLYHDX
PD[LPDOVXUOHUHJDUGYLWU«
3RVH]OHERXFKRQGHUHPSOLVVDJH
'«PDUUH]OHPRWHXUHWODLVVH]OHWRXUQHUSHQGDQWTXHOTXHV
PLQXWHV MXVTX ¢FHTXHO DODUPHGHQLYHDXEDVG KXLOHGH
UHIURLGLVVHPHQWGHVIUHLQVVRLWDIILFK«H GHVRUWHTXHOH
V\VWªPHHWOHVPR\HX[VRLHQWUHPSOLVG KXLOH
$9,6
$UU¬WH]LPP«GLDWHPHQWOHPRWHXUORUVTXHO DODUPHGHQLYHDX
EDVG KXLOHGHUHIURLGLVVHPHQWGHVIUHLQVHVWDIILFK«H¢O «FUDQ
$UU¬WH]OHPRWHXUIDLWHVO DSSRLQWMXVTX DXQLYHDXPD[LPDOVXU
OHUHJDUGYLWU«
3RVH]OHERXFKRQGHUHPSOLVVDJH

9
5HPSOLVVDJHSDUOHILOWUH¢KXLOHGHUHWRXU

6\VWªPHGHIUHLQDJH
'«PDUUH]OHPRWHXU¢QRXYHDX
3XUJH]OHVPR\HX[ORUVTXHOHPRWHXUHVWHQPDUFKHHQUHWLUDQW
OHVFDSXFKRQVGHVLQGLFDWHXUVG XVXUHVXUOHVPR\HX[
5HSRVH]OHVFDSXFKRQVORUVTXHGHO DLUQHVRUWSOXV
$UU¬WH]OHPRWHXUIDLWHVO DSSRLQWMXVTX DXQLYHDXPD[LPDOVXU
OHUHJDUGYLWU«
&RQWU¶OH]¢QRXYHDXOHQLYHDXDSUªVODFRQGXLWHG HVVDL
9
,QGLFDWHXUG XVXUHDYHFFDSXFKRQ
+XLOHGHUHIURLGLVVHPHQWGHVIUHLQV
UHPSODFHPHQWGXILOWUHG D«UDWLRQ

5HPSODFH]OHILOWUHG D«UDWLRQGXU«VHUYRLUG KXLOHGH
UHIURLGLVVHPHQWGHVIUHLQVWRXWHVOHVKHXUHV
/HILOWUHHVWGXW\SHMHWDEOH,OQ HVWGRQFSDVQHWWR\DEOHPDLVVH
UHPSODFHWRXWVLPSOHPHQW
$77(17,21
9RLUSDJH
'«YLVVHUOHERXFKRQ
9
)LOWUHG D«UDWLRQU«VHUYRLUG KXLOHGH


6\VWªPHGHIUHLQDJH
3ODTXHWWHVIUHLQGHVWDWLRQQHPHQW
&RQWU¶OH]O XVXUHGHVSODTXHWWHVGHIUHLQWRXWHVOHVKHXUHV
/ «SDLVVHXUPLQLPDOHGHVSODTXHWWHVGHIUHLQVHVWGHPP
LQ DXSRLQWG XVXUHPD[LPDOH
$9,6
6LO «SDLVVHXUGHVSODTXHWWHVGHIUHLQHVWLQI«ULHXUH¢PP
LQ OHVGLVTXHVSHXYHQW¬WUHHQGRPPDJ«V
6RXOHYH]ODEHQQHHWV«FXULVH]OD¢O DLGHGXYHUURXLOODJHGH
EHQQHRXDYHFXQVXSSRUWGHEHQQHYRLUSDJH
'«SRVH]ODSODTXHVXUOHIUHLQGHVWDWLRQQHPHQW
&RQWU¶OH]O «SDLVVHXUGHVSODTXHWWHV
5HSRVH]ODSODTXHVXUOHIUHLQGHVWDWLRQQHPHQW
'«SRVH]OHYHUURXLOODJHGHEHQQHHWDEDLVVH]ODEHQQH
6LOHVSODTXHWWHVGRLYHQW¬WUHUHPSODF«HVFRQWDFWH]XQDWHOLHU
DJU««SDU9ROYR
9
*DUQLWXUHVGHIUHLQV

5«VHUYRLUVG DLUFRPSULP«YLGDQJH
9LGDQJH]OHU«VHUYRLUG DLUFRPSULP«VLQ«FHVVDLUH
/DPDFKLQHHVW«TXLS«HGHGHX[U«VHUYRLUVG DLUFRPSULP«
8QU«VHUYRLUGHOLWUHV 86JDO VLWX«VXUOHF¶W«GURLWVRXVOD
FDELQH
8QU«VHUYRLUGHOLWUHV 86JDO VLWX«VXUOHF¶W«JDXFKH
GHUULªUHODFDELQH
/HVU«VHUYRLUVG DLUFRPSULP«VRQWPDLQWHQXVH[HPSWVGH
FRQGHQVDWLRQSDUXQGHVVLFFDWHXUG DLU
ODYLGDQJHGXU«VHUYRLUGHOLWUHV 86JDO LOQHGRLW
QRUPDOHPHQWSDV\DYRLUG HDXGHFRQGHQVDWLRQ
9
5«VHUYRLUG DLUFRPSULP«SRLQWGHYLGDQJH
5«VHUYRLUG DLUFRPSULP«VRXSDSHGH
SRPSH
6\VWªPHSQHXPDWLTXHUHPSODFHPHQWGHV
FDUWRXFKHVGHVVLFFDQWHV

5HPSODFH]ODFDUWRXFKHG«VK\GUDWDQWHGXGHVVLFFDWHXUG DLU
WRXWHVOHVKHXUHV
/HU«VHUYRLUGHVVLFFDWHXUHVWSODF«VXUOHF¶W«GURLWGHODPDFKLQH
GHUULªUHODFDELQH
9
3RVLWLRQGHODFDUWRXFKHGHVVLFFDQWH

'«SRVH]OHVYLVHWOHVVXSSRUWVGHODFDUWRXFKHGHVVLFFDQWH
9
6XSSRUWDYHFFDUWRXFKHGHVVLFFDQWH

7RXUQH]ODFDUWRXFKHGHVVLFFDQWHHWG«SRVH]ODGXVXSSRUW
3RVH]ODFDUWRXFKHGHVVLFFDQWHGDQVOHVXSSRUW7RXUQH]OD
FDUWRXFKHGHID©RQ¢ODYHUURXLOOHUHQSODFH
5HSRVH]OHVXSSRUW
9
&DUWRXFKHGHVVLFFDQWHG«SRV«H

&K¤VVLV
&K¤VVLV
)L[DWLRQVPRWHXUHWIL[DWLRQVGHER°WHGH
WUDQVIHUWFRQWU¶OH
&RQWU¶OH]OHVIL[DWLRQVGXPRWHXUHWGHODER°WHGHWUDQVIHUWWRXWHV
OHVKHXUHV
)L[DWLRQVPRWHXU
9
)L[DWLRQVPRWHXUDYDQW
$VVHPEODJHYLVV« SLªFHV
&RXVVLQHWGHFDRXWFKRXF

9«ULILH]TXHOHVFRXVVLQHWVGHFDRXWFKRXFDYDQWHWDUULªUH
SLªFHV VRQWLQWDFWVHWTXHOHVDVVHPEODJHVYLVV«VQHVRQWSDV
GHVVHUU«V
9
)L[DWLRQPRWHXUDUULªUHGURLWH
$VVHPEODJHYLVV« SLªFHV
&RXVVLQHWGHFDRXWFKRXF

&K¤VVLV
9«ULILH]TXHOHVFRXVVLQHWVGHFDRXWFKRXFVRQWLQWDFWVTXH
OHVDVVHPEODJHVYLVV«VQHVRQWSDVGHVVHUU«VHWTXHOHV
EDJXHVGHYHUURXLOODJHVRQWLQWDFWHV
$9,6
/HG«IDXWGHFRQWU¶OHGHVGRXLOOHVGHFDRXWFKRXFSHXWHQWUD°QHU
GHVGRPPDJHVDX[IL[DWLRQVHWUDFFRXUFLUODGXU«HGHYLHGHOD
PDFKLQH

9
)L[DWLRQVGHER°WHGHWUDQVIHUWGURLWH
$VVHPEODJHYLVV«
&RXVVLQHWGHFDRXWFKRXFDYHFEDJXHVGH
YHUURXLOODJH
&RQWU¶OHGHGRXLOOHGHFDRXWFKRXF
&RQWU¶OH]OHVGRXLOOHVGHFDRXWFKRXFGHVVL[Y«ULQV)6SRXUOD
SUHPLªUHIRLVDXERXWGHKHXUHVSXLVWRXWHVOHVKHXUHV
6LOHVGRXLOOHVGHFDRXWFKRXFVRQWXV«HVRXV LO\DEHDXFRXSGH
ILVVXUHVGDQVOHVGRXLOOHVGHFDRXWFKRXFFRQWDFWH]XQDWHOLHU
DJU««SDU9ROYRSRXUOHXUUHPSODFHPHQW
$9,6
/HG«IDXWGHFRQWU¶OHGHVGRXLOOHVGHFDRXWFKRXFSHXWHQWUD°QHU
GHVGRPPDJHVDX[Y«ULQVHWUDFFRXUFLUODGXU«HGHYLHGHOD
PDFKLQH
'RXLOOHVGHFDRXWFKRXF

$UWLFXODWLRQGHFK¤VVLVFRQWU¶OHHWU«JODJHGX
MHX
&RQWU¶OH]HWU«JOH]OHMHXGHVSDOLHUVG DUWLFXODWLRQGHFK¤VVLV
WRXWHVOHVKHXUHV
&HWWHW¤FKHGRLW¬WUHHIIHFWX«HSDUXQDWHOLHUDJU««9ROYR
5RXH
5RXH
3QHXPDWLTXHVFRQWU¶OHGHODSUHVVLRQGH
JRQIODJH
&RQWU¶OHUODSUHVVLRQGHJRQIODJHWRXWHVOHVKHXUHV
3RXUOHFRQWU¶OHGHODSUHVVLRQGHJRQIODJHOHSQHXGRLW¬WUH
IURLGHWODPDFKLQHGRLW¬WUHG«FKDUJ«H
/HVSUHVVLRQVGHJRQIODJHUHFRPPDQG«HVGRLYHQW¬WUH
QRUPDOHPHQWUHVSHFW«HVYRLUSDJH
'HVFRQGLWLRQVGHWHUUDLQVS«FLDOHVSRXUURQWQ«FHVVLWHUXQ
DMXVWHPHQWGHVSUHVVLRQVGHJRQIODJH
6XLYUHOHVLQVWUXFWLRQVGXIDEULFDQWGHVSQHXVHWQHSDV
G«SDVVHUOHVSUHVVLRQVGHJRQIODJHPD[LPDOHVDXWRULV«HV
,OHVWSRVVLEOHTXHODPDFKLQHDLW«W«OLYU«HG XVLQHDYHFGHV
SQHXVVXUJRQIO«V,OIDXWGRQFFRQWU¶OHUHWDMXVWHUODSUHVVLRQ
9 GHVSQHXVFRQIRUP«PHQWDX[UHFRPPDQGDWLRQVDYDQWOD
SUHPLªUHPLVHHQVHUYLFHGHODPDFKLQH
)OH[LEOHGHJRQIODJHORQJ
$9(57,66(0(17
/HVU«SDUDWLRQVRXOHVRXGDJHVXUXQHMDQWHDYHFXQ
SQHXPDWLTXHHQSODFHHWJRQIO«SHXWHQWUD°QHUODILVVXUDWLRQGHOD
MDQWHRXO H[SORVLRQGXSQHXPDWLTXH/HVWUDYDX[GHU«SDUDWLRQ
VXUOHVSQHXPDWLTXHVHWOHVMDQWHVGRLYHQW¬WUHHIIHFWX«VSDUGHV
SHUVRQQHVD\DQWUH©XXQHIRUPDWLRQVS«FLDOH
3QHXVJRQIODJH
/HVLQVWUXFWLRQVFLDSUªVFRQFHUQHQWXQSQHXJRQIO«GRQWLOIDXW
DXJPHQWHUODSUHVVLRQGHJRQIODJH6LOHSQHXHVWFRPSOªWHPHQW
¢SODWIDLUHDSSHO¢XQWHFKQLFLHQH[S«ULPHQW«
$9(57,66(0(17
/HJRQIODJHG XQSQHXPDWLTXHSHXWHQWUD°QHUVRQH[SORVLRQ&HFL
SHXWHQWUD°QHUGHVDFFLGHQWV8WLOLVH]XQUDFFRUGSQHXPDWLTXH¢
IL[DWLRQDXWRPDWLTXHDYHFXQIOH[LEOHVXIILVDPPHQWORQJSRXU
YRXVSHUPHWWUHGXUDQWOHJRQIODJHGHYRXVWHQLU¢SUR[LPLW«GH
ODEDQGHGHURXOHPHQWPDLVDXVVLORLQTXHSRVVLEOH
'HPDQGH]¢WRXWOHPRQGHGHTXLWWHUOD]RQHGDQJHUHXVH
GHYDQWODURXH
7HQH]YRXV¢F¶W«GXSQHX8QSQHXPRQW«VXUMDQWHGHX[
SLªFHVSHXWH[SORVHUHWSURYRTXHUGHVEOHVVXUHVJUDYHVYRLUH
9
PRUWHOOHVGDQVOHSLUHGHVFDV
/HVSQHXVGHVURXHVVWRFN«HV URXHVGHVHFRXUV GRLYHQW¬WUH
5«VHUYRLUG DLUFRPSULP«VRXSDSHGH FRXFK«VHWMXVWHDVVH]JRQIO«VSRXUPDLQWHQLUOHVFRPSRVDQWV
YLGDQJH GHVMDQWHVHQSODFH
5«VHUYRLUG DLUFRPSULP«VRXSDSHGH 1HSDVUHJRQIOHUXQSQHXV LOD«W«XWLOLV«¢XQHSUHVVLRQGH
SRPSH JRQIODJHLQI«ULHXUH¢GHODSUHVVLRQODSOXVEDVVH
UHFRPPDQG«HVHORQOHVVS«FLILFDWLRQVRXVLOHSQHXHWRXOD
MDQWHVRQWPDQLIHVWHPHQWHQGRPPDJ«VRXVRXS©RQQ«VGH
O ¬WUH
/DYDOYHGHSRPSHGHODPDFKLQHSHXW¬WUHXWLOLV«HSRXUSRPSHU
OHVSQHXV/HUDFFRUGHVWVLWX«VRXVOHU«VHUYRLUG DLUFRPSULP«
GHUULªUHOHF¶W«JDXFKHGHODFDELQH
5RXH
5HWLUHUOHFDSXFKRQSURWHFWHXUHWEUDQFKHUOHIOH[LEOHGH
SRPSHVXUODYDOYHGHUHPSOLVVDJH
%UDQFKHUOHIOH[LEOHGHJRQIODJHVXUOHSQHX
3QHXPDWLTXHVFRQWU¶OHGHO XVXUH
&RQWU¶OHUO XVXUHGHVSQHXVWRXWHVOHVKHXUHV
9«ULI
TXHOHVGHVVLQVGHODEDQGHGHURXOHPHQWVRQWVXIILVDPPHQW
SURIRQGV
TXHODFRUGHGHODEDQGHGHURXOHPHQWQ HVWSDVYLVLEOH
TXHOHVIODQFVGHVSQHXVQHSU«VHQWHQWSDVG HQWDLOOHV
SURIRQGHVMXVTX ¢ODFRUGH
FURXVGHURXHFRQWU¶OHGXVHUUDJH
$SUªVOHUHPSODFHPHQWRXODUHSRVHG XQHURXHOHV«FURXVGH
URXHGRLYHQW¬WUHUHVVHUU«VDSUªVKHXUHVGHIRQFWLRQQHPHQW
&RXSOHGHVHUUDJH1P OEIIW
$9,6
YLWHUG XWLOLVHUVXUOHP¬PHHVVLHXGHVSQHXVGHFLUFRQI«UHQFHV
GLII«UHQWHVGHGLII«UHQWVIDEULFDQWVRXGHG«VLJQDWLRQVGXW\SH
GLII«UHQWHV&HODSRXUUDLWHQWUD°QHUXQHXVXUHLQXWLOHGXJURXSH
PRWRSURSXOVHXUDLQVLTX XQFKDQJHPHQWGHVFDUDFW«ULVWLTXHVGH
ODPDFKLQH

&DELQH
&DELQH
&DELQHILOWUHGHYHQWLODWLRQ
&RQWU¶OHUOHVILOWUHVHWOHVQHWWR\HUVHORQEHVRLQ
/DPDFKLQHHVW«TXLS«HGHGHX[ILOWUHVGHYHQWLODWLRQGDQVOD
FDELQHXQSU«ILOWUHHWXQILOWUHSULQFLSDO/ HQFUDVVHPHQWGHV
ILOWUHVG«SHQGHQWLªUHPHQWGXPLOLHXGHWUDYDLOGHODPDFKLQH
$9,6
/HVILOWUHVGHODFDELQHRQWXQLTXHPHQWSRXUIRQFWLRQGHV«SDUHU
OHVSDUWLFXOHVVROLGHV SRXVVLªUH ,OVQ DUU¬WHQWSDUFRQWUHSDVOHV
JD]QRFLIV«YHQWXHOV
&DELQHSU«ILOWUHQHWWR\DJH
1HWWR\HUOHILOWUHVHORQEHVRLQ
$9,6
UHVSLUDWRLUHKRPRORJX«H ORUVGXQHWWR\DJHGHVILOWUHV
9
%R°WLHUGXSU«ILOWUHHWGXILOWUHSULQFLSDOGHODFDELQH

'«SRVHUOHER°WLHU
7RXUQHUOHVFOLSVHQSODVWLTXHHWG«SRVHUOHILOWUH
6HFRXHUOHVILOWUHVDYHFSU«FDXWLRQVDQVOHVHQGRPPDJHU
YLWHUOHQHWWR\DJH¢O DLUFRPSULP«¢O DVSLUDWHXURX¢O HDX
3RVHUOHILOWUHOHEORTXHUDYHFOHVFOLSVHQSODVWLTXH
3RVHUOHER°WLHU
9
3U«ILOWUH
&DELQHSU«ILOWUHUHPSODFHPHQW
5HPSODFH]OHILOWUHWRXWHVOHVKHXUHV
$9,6
$77(17,21
&DELQH
9RLUSDJH
/HILOWUHHVWVLWX«VXUOHF¶W«GURLWGHODFDELQH
3U«ILOWUHUHPSODFHPHQW
'«SRVHUOHER°WLHU
7RXUQHUOHVFOLSVHQSODVWLTXHHWG«SRVHUOHILOWUH
3RVHUOHILOWUHQHXIOHEORTXHUDYHFOHVFOLSVHQSODVWLTXH
3RVHUOHER°WLHU
9
3U«ILOWUH
&DELQHILOWUHSULQFLSDOUHPSODFHPHQW
5HPSODFH]OHILOWUHWRXWHVOHVKHXUHV
$9,6
$77(17,21
9RLUSDJH
/HILOWUHHVWVLWX«VXUOHF¶W«GURLWGHODFDELQH¢O LQW«ULHXUGXSU«
ILOWUH
'«SRVH]OHSU«ILOWUH
7RXUQHUOHVFOLSVHQSODVWLTXHHWUHWLUHUOHER°WLHUSDUGHVVXVOH
ILOWUHSULQFLSDO
'«SRVH]OHILOWUHSULQFLSDO
3RVH]OHILOWUHSULQFLSDOQHXI
3RVHUOHER°WLHUSDUGHVVXVOHILOWUHSULQFLSDOHWOHEORTXHUDYHF
OHVFOLSVHQSODVWLTXH
3RVHUOHSU«ILOWUHHWOHER°WLHU

$9,6
9
/HILOWUHSULQFLSDOQHGRLWSDV¬WUHQHWWR\«PDLVUHPSODF«
)LOWUHSULQFLSDO

&DELQH
%R°WH¢RXWLOV
/DER°WH¢RXWLOVHVWVLWX«HVRXVOHFRXYHUFOHGHEDWWHULHGXF¶W«
JDXFKHGHODFDELQH
9
%R°WH¢RXWLOV
5«VHUYRLUGHOLTXLGHODYHJODFH
)DLWHVO DSSRLQWOHFDV«FK«DQW
/HU«VHUYRLUGHOLTXLGHGHODYHJODFHHVWVLWX«GXF¶W«JDXFKHGH
ODFDELQHHQDYDQWGHODURXHHWDFFHVVLEOHORUVTXHOHFDSRWHVW
RXYHUW
9
/LTXLGHGHU«VHUYRLUGHODYHJODFH

&DELQH
$9,6
/RUVTXHODWHPS«UDWXUHWRPEHHQGHVVRXVGXSRLQWGH
FRQJ«ODWLRQXQDQWLJHOGRLW¬WUHDMRXW«DXOLTXLGHODYHJODFH
5HVSHFWH]OHVUHFRPPDQGDWLRQVGXIDEULFDQWFRQFHUQDQWOD
WHPS«UDWXUHDPELDQWH
9
3RLQWGHUHPSOLVVDJHOLTXLGHODYHJODFH
3RLQWGHUHPSOLVVDJHKXLOHGHER°WHGH
YLWHVVHV
)LOWUH¢DPLDQWH
TXLSHPHQWRSWLRQQHO
5HPSODFH]OHILOWUH ILOWUHSULQFLSDOHWSU«ILOWUH WRXWHVOHV
KHXUHVRXSOXVVRXYHQWVLQ«FHVVDLUH
$9(57,66(0(17
/HVWUDYDX[GDQVGHVHQYLURQQHPHQWVFRQWHQDQWGHVSRXVVLªUHV
QRFLYHVSDUH[HPSOHGHO DPLDQWHSHXYHQWHQWUD°QHUGHJUDYHV
O«VLRQV'HVPHVXUHVVS«FLDOHVGRLYHQW¬WUHSULVHVSRXU
HPS¬FKHUODGLIIXVLRQGHFHVSRXVVLªUHV&RQWDFWH]XQDWHOLHU
DJU««9ROYRSRXUSOXVG LQIRUPDWLRQV
$77(17,21
9RLUSDJH
/HILOWUH¢DPLDQWHHVWXQILOWUHSULQFLSDOVS«FLDOHPHQWSU«YXSRXU
OHVFRQGLWLRQVR»LOSHXW\DYRLUGHODSRXVVLªUHG DPLDQWH,OHVW
«YLGHPPHQWHIILFDFHFRQWUHWRXVOHVDXWUHVW\SHVGHSRXVVLªUH
ORUVTXHOHFRQGXFWHXUDEHVRLQG DLUH[WU¬PHPHQWILOWU«GDQVOD
FDELQH&HILOWUHU«SRQGDX[H[LJHQFHV(1GHVILOWUHVGH
FODVVH+7HQLUFRPSWHGHVU«JOHPHQWDWLRQVQDWLRQDOHVSRXU
WUDYDLOOHUGDQVOHVFRQGLWLRQVDSSURSUL«HV
4XHOTXHVFRQVHLOVSRXUOHWUDYDLOGDQVOHVFRQGLWLRQV
R»LO\DSU«VHQFHGHSRXVVLªUHG DPLDQWHRXDXWUHV
3RXUHQWUHUGDQVODFDELQHRXHQVRUWLUFKRLVLVVH]XQ
HPSODFHPHQW¢GLVWDQFHGHOD]RQHFRQWDPLQ«HSDUO DPLDQWH
SRXU«YLWHUWRXWHS«Q«WUDWLRQGHSRXVVLªUHG DPLDQWHSDUOD
SRUWHRXYHUWH
*DUGHUOHVY¬WHPHQWVHWFKDXVVXUHVDXVVLH[HPSWVGH
SRXVVLªUHTXHSRVVLEOH
&DELQH
1HWWR\HUIU«TXHPPHQWODFDELQHDYHFXQDVSLUDWHXUHQSRUWDQW
XQ«TXLSHPHQWGHSURWHFWLRQLQGLYLGXHOSDUH[HPSOHXQ
PDVTXH¢SRXVVLªUHVS«FLDODPLDQWH
/DSRUWLªUHGHODFDELQHGRLW¬WUHIHUP«H,OHVWSDUWLFXOLªUHPHQW
LPSRUWDQWGHFRQVHUYHUHQWUHWHQLUO «WDQFK«LW«GHODFDELQH
/DYHQWLODWLRQGRLWVHIDLUHSDUOHV\VWªPHGHYHQWLODWLRQGHOD
FDELQHTXLDVVXUHDXVVLXQHFHUWDLQHSUHVVXULVDWLRQ
3URF«GHUDYHFSU«FDXWLRQHQUHPSOD©DQWOHVILOWUHV SULQFLSDOHW
SU«ILOWUH GHPDQLªUH¢QHSDVHQGRPPDJHUOHVILOWUHVQHXIV
(QOHVSRVDQWY«ULILHUTXHOHERUGGHVILOWUHVIRUPHXQMRLQW
«WDQFKH
5HVSHFWHUO K\JLªQHHWO HQYLURQQHPHQWHQPDQLSXODQWOHV
ILOWUHVXVDJ«V/HVILOWUHVXVDJ«VGRLYHQW¬WUHSODF«VGDQVOH
VDFHQSODVWLTXHKHUP«WLTXHTXLHVWIRXUQLDYHFXQILOWUHQHXI
/HVDFFRQWHQDQWOHILOWUHXVDJ«GRLWDORUVPLVDXUHEXWGDQVXQ
OLHXVS«FLDOHPHQWSU«YXSRXUOHVG«FKHWVG DPLDQWH
&OLPDWLVDWLRQ
&OLPDWLVDWLRQ
&RQGHQVHXUQHWWR\DJH
TXLSHPHQWRSWLRQQHO
1HWWR\H]OHFRQGHQVHXUWRXWHVOHVKHXUHVRXVHORQOHV
EHVRLQV
1HWWR\HUOHFRQGHQVHXUSDUVRXIIODJH¢O DLUFRPSULP«
$9,6
$WWHQWLRQDX[IOH[LEOHVHQWUHFRPSUHVVHXUFRQGHQVHXUHW
«YDSRUDWHXU,OUHVWHWRXMRXUVXQHFHUWDLQHVXUSUHVVLRQGDQVOH
V\VWªPH
$9,6
1HMDPDLVRXYULUOHV\VWªPHHQUDLVRQGHFHWWHVXUSUHVVLRQ
&RQILHUFHWWHRS«UDWLRQ¢XQDWHOLHUDJU««SDU9ROYR
9
&RQGHQVHXU

6\VWªPHK\GUDXOLTXH
6\VWªPHK\GUDXOLTXH
$77(17,21
,OHVWWUªVLPSRUWDQWGHPDLQWHQLUOHV\VWªPHVK\GUDXOLTXHH[HPSW
GHSROOXDQWVFDUFHVGHUQLHUVULVTXHQWG HQWUD°QHUXQHXVXUH
DQRUPDOHHWGHVSHUWXUEDWLRQVGHVHUYLFHFRWHXVHV)DLUH
SUHXYHG XQHH[WU¬PHSURSUHW«ORUVGXPDQLHPHQWGHV
FRPSRVDQWVK\GUDXOLTXHVHWGHO KXLOHK\GUDXOLTXH
+XLOHK\GUDXOLTXH
$9,6
6LODPDFKLQHFRQWLHQWGHO KXLOHK\GUDXOLTXHELRORJLTXHPHQW
G«JUDGDEOHLOIDXWXWLOLVHUOHP¬PHW\SHG KXLOHSRXUIDLUHO DSSRLQW
HWDSUªVXQHYLGDQJH1HSDVP«ODQJHUGHVW\SHVGLII«UHQWV
G KXLOHK\GUDXOLTXHELRORJLTXHPHQWG«JUDGDEOH1HSDVXWLOLVHU
G KXLOHPLQ«UDOHDYHFXQHKXLOHK\GUDXOLTXHELRORJLTXHPHQW
G«JUDGDEOH3RXUSDVVHUG XQHKXLOHPLQ«UDOH¢XQHKXLOH
K\GUDXOLTXHELRORJLTXHPHQWG«JUDGDEOHFRQWDFWHUXQDWHOLHU
DJU««SDU9ROYR
1LYHDXG KXLOHK\GUDXOLTXHFRQWU¶OH
&RQWU¶OHUOHQLYHDXG KXLOHK\GUDXOLTXHVXUOHYLVHXUWUDQVSDUHQW
VLWX«VXUOHF¶W«JDXFKHGHODPDFKLQH66LOHQLYHDXG KXLOHHVW
WURSEDVXQHDODUPHV DIILFKHYRLUSDJH
&RQFHUQDQWOHVTXDOLW«VG KXLOHYRLU
$9,6
6LODPDFKLQHHVW«TXLS«HG XQV\VWªPH)6HOOHGRLW¬WUHHQ
SRVLWLRQQRUPDOHHWODEHQQHGRLW¬WUHYLGH
/DEHQQHGRLW¬WUHDEDLVV«HVXUOHFK¤VVLV
/HQLYHDXGRLWVHWURXYHUDX[GHODSODJHGHPHVXUHGX
UHJDUGYLWU«
$9,6
6LODPDFKLQHFRQWLHQWXQHKXLOHK\GUDXOLTXHELRG«JUDGDEOHOH
P¬PHW\SHG KXLOHGRLW¬WUHXWLOLV«SRXUIDLUHO DSSRLQWRXHQFDV
GHYLGDQJHGHO KXLOHK\GUDXOLTXH'LII«UHQWVW\SHVG KXLOH
9 ELRG«JUDGDEOHK\GUDXOLTXHQHGRLYHQWSDV¬WUHP«ODQJ«V
9LVHXUGHQLYHDXWUDQVSDUHQW

6\VWªPHK\GUDXOLTXH
5«VHUYRLUG KXLOHK\GUDXOLTXH«YDFXDWLRQGHV
V«GLPHQWV
9LGDQJHUOHU«VHUYRLUWRXWHVOHVKHXUHV
$9,6
9LGDQJHUSDUOHVGHX[UDFFRUGVGHYLGDQJHFDULOVVRQWUHOL«V¢
GHVFRPSDUWLPHQWVGLII«UHQWVGXU«VHUYRLUG KXLOHK\GUDXOLTXH
$77(17,21
9RLUSDJH
$EDLVVHUOHFDU«QDJHGHVRXEDVVHPHQWDYDQW
5HWLUHUOHVFRXYHUFOHVGHSURWHFWLRQGHVUDFFRUGVGHYLGDQJH
9LGDQJHUWRXWHODERXH8WLOLVHUOHP¬PHIOH[LEOHGHYLGDQJH
TXHSRXUO KXLOHPRWHXU VLWX«GDQVODJULOOH 5HPHWWUHOHV
ERXFKRQVGHSURWHFWLRQHQSODFH
5HOHYH]ODSODTXHGHSURWHFWLRQLQI«ULHXUHDUULªUH
9
K\GUDXOLTXH
5DFFRUGGHYLGDQJHU«VHUYRLUG KXLOHGH
5HPSODFHPHQWGHO KXLOHK\GUDXOLTXH
9LGDQJHUO KXLOHWRXWHVOHVKHXUHVVLOHV\VWªPHHVWUHPSOL
G KXLOHK\GUDXOLTXHPLQ«UDOHRXG KXLOHK\GUDXOLTXH
ELRG«JUDGDEOH9ROYR

9LGDQJH]O KXLOHWRXWHVOHVKHXUHVVLOHV\VWªPHHVWUHPSOL
G XQHDXWUHKXLOHELRG«JUDGDEOH
&DSDFLW«G KXLOHSRXUODYLGDQJH$)$)HQYLURQOLWUHV
86JDOORQV
&DSDFLW«G KXLOHSRXUODYLGDQJH$))6$))6HQYLURQ
OLWUHV 86JDOORQV
4XDOLW«G KXLOHYRLU
6\VWªPHK\GUDXOLTXH
$9(57,66(0(17
)DLUHDWWHQWLRQORUVGHODYLGDQJHFDUO KXLOHFKDXGHSHXWEUOHU
ODSHDXQRQSURW«J«H
$77(17,21
/RUVGHWRXWHLQWHUYHQWLRQGDQVOHV\VWªPHK\GUDXOLTXHIDLUH
SUHXYHG XQHH[WU¬PHSURSUHW«
$77(17,21
9RLUSDJH
8WLOLVHUOHP¬PHIOH[LEOHGHYLGDQJHTXHSRXUODYLGDQJHG KXLOH
PRWHXU VLWX«GDQVODJULOOH
$EDLVVHUOHFDU«QDJHGHVRXEDVVHPHQW
'«SRVHUOHVERXFKRQVSURWHFWHXUVGHVUDFFRUGVGHYLGDQJH
VRXVOHU«VHUYRLUG KXLOHK\GUDXOLTXHHW¢O H[WU«PLW«DUULªUH
SUªVGHVURXHV
%UDQFKH]OHIOH[LEOHGHYLGDQJHDX[UDFFRUGVGHYLGDQJH
9LGDQJHUO KXLOHHQYLURQOLWUHV 86JDO 9LGDQJHUSDU
OHVGHX[UDFFRUGVGHYLGDQJH
5HWLUHUOHIOH[LEOHGHYLGDQJHHWPRQWHUOHVFRXYHUFOHVGH
SURWHFWLRQVXUOHVUDFFRUGVGHYLGDQJH
9
K\GUDXOLTXH
5DFFRUGGHYLGDQJHU«VHUYRLUG KXLOHGH

5HPSODFHPHQWGXILOWUH¢KXLOHGHUHWRXU9RLUSDJH
$9,6
7RXMRXUVIDLUHOHSOHLQG KXLOHSDUO RULILFHGHUHPSOLVVDJHSRXU
TXHO KXLOHVRLWILOWU«H
5HPSOLUG KXLOHSDUO RULILFHGHUHPSOLVVDJHGHVRUWHTXHO KXLOH

SDVVHSDUOHILOWUH¢KXLOHGHUHWRXU5HPSOLUMXVTX DXQLYHDX
GXYLVHXUWUDQVSDUHQW
5HSRVH]OHERXFKRQGHUHPSOLVVDJH
0HWWUHOHPRWHXUHQPDUFKHHWFRQWU¶OHUOHQLYHDX
9
5HPSOLVVDJHSDUOHILOWUH¢KXLOHGHUHWRXU

6\VWªPHK\GUDXOLTXH
6LODPDFKLQHHVW«TXLS«HGXV\VWªPHIV
3ODFH]ODPDFKLQHHQSRVLWLRQG HQWUHWLHQ SRVLWLRQ
KRUL]RQWDOH YRLUSDJH
(6& 6 DVVXUHUTXHOHV\VWªPH)6HVWHQSRVLWLRQEDVVH/DLVVHU
WRXUQHUOHPRWHXUDXUDOHQWLHQYLURQPLQXWHVSRXUYLGDQJHU

6(783

6(/(& 7
O KXLOHHWODSUHVVLRQGHVDFFXPXODWHXUV

9
6723
9LGDQJHUVXLYDQWODP«WKRGHFLGHVVXV9ROXPHDSSUR[LPDWLI

UPLQ
OLWUHV 86JDO
5HPSODFHPHQWGXILOWUH¢KXLOHGHUHWRXUYRLUSDJH
9
)DLUHOHSOHLQG KXLOHSDUO RULILFHGHUHPSOLVVDJHGHVRUWH
TX HOOHSDVVHSDUOHILOWUH¢KXLOHGHUHWRXU5HPSOLUMXVTX DX
&RPPXWDWHXUGXV\VWªPH)6 QLYHDXPD[
5HSRVH]OHERXFKRQGHUHPSOLVVDJH
0HWWUHOHPRWHXUHQPDUFKHHWOHODLVVHUWRXUQHUDXUDOHQWL
PLQXWHVHQYLURQMXVTX ¢FHTXHOHVYHQWLODWHXUVWRXUQHQW
U«JXOLªUHPHQW
$FWLYHUOHV\VWªPH)6SRXUO DPHQHU¢ODSRVLWLRQQRUPDOHDYHF
OHFRPPXWDWHXUGXV\VWªPH)6
8QHIRLVOHV\VWªPH)6HQSRVLWLRQQRUPDOHDUU¬WHUOHPRWHXU
HWIDLUHO DSSRLQWMXVTX DXQLYHDXVXUOHYLVHXUWUDQVSDUHQW
+XLOHELRORJLTXH
(QFDVGHSDVVDJHG XQHKXLOHPLQ«UDOH¢XQHKXLOHELRFRQWDFWHU
XQDWHOLHUDJU««SDU9ROYR
6\VWªPHK\GUDXOLTXHILOWUHG D«UDWLRQ
'«YLVVHUOHERXFKRQ

9
)LOWUHGHYHQWLODWLRQU«VHUYRLUK\GUDXOLTXH

6\VWªPHK\GUDXOLTXH
6\VWªPHK\GUDXOLTXHUHPSODFHPHQWGXILOWUH¢
KXLOHGHUHWRXU
5HPSODFHUOHVILOWUHV¢KXLOHGHUHWRXUHWQHWWR\HUOHVWLJHV
PDJQ«WLTXHVSRXUODSUHPLªUHIRLV¢KHXUHVSXLVWRXWHVOHV
KHXUHVSDUODVXLWH
$77(17,21
$77(17,21
9RLUSDJH
1HWWR\HUVRLJQHXVHPHQWDXWRXUGXFRXYHUFOHGHILOWUHGH
UHWRXUG KXLOHK\GUDXOLTXH
9
)LOWUHVGHUHWRXUG KXLOH

'«YLVVHUOHERXFKRQ
9
&DUWRXFKHGXILOWUH¢KXLOHGHUHWRXU

6\VWªPHK\GUDXOLTXH
'«SRVHUOHVFDUWRXFKHVILOWUDQWHV
9
%DUUHDLPDQW«H
)LOWUH
3RUWHILOWUH
FURXGHIL[DWLRQ

'«PRQWH]OHVFDUWRXFKHVILOWUDQWHVFRQIRUP«PHQW¢
O LOOXVWUDWLRQ
1HWWR\H]VRLJQHXVHPHQWOHVWLJHVDLPDQW«HVHWSRVH]GHV
ILOWUHVQHXIVGDQVOHVVXSSRUWVGHILOWUH
&RQWU¶OH]OHVMRLQWVWRULTXHVGHVEDUUHVDLPDQW«HVHWGX
FRXYHUFOH
V1052032
5HSRVHUOHVFDUWRXFKHVILOWUDQWHVHWOHFRXYHUFOH
%DUUHDLPDQW«H
3UHVVLRQG DFFXPXODWHXUUHO¤FKHPHQW
$9(57,66(0(17
'«OHVWH]ODSUHVVLRQGDQVOHV\VWªPHK\GUDXOLTXHHWFRXSH]
O DOLPHQWDWLRQ«OHFWULTXHDYHFOHFRXSHEDWWHULHVDYDQWWRXWH
LQWHUYHQWLRQVXUODPDFKLQH
6\PEROHGHPLVHHQJDUGHSUHVVLRQDFFXPXO«H
$9(57,66(0(17
/HVDFFXPXODWHXUVPLVDXUHEXWFRQWLHQQHQWGXJD]VRXVKDXWH
SUHVVLRQHWSHXYHQWH[SORVHU)DLWHVSDUYHQLUOHVDFFXPXODWHXUV
PLVDXUHEXW¢XQDWHOLHUDJU««9ROYR
3ODFH]WRXMRXUVODPDFKLQHHQSRVLWLRQG HQWUHWLHQYRLUSDJH

6\VWªPHK\GUDXOLTXH
0RWHXUHQPDUFKHDPHQHUOHOHYLHUGHEDVFXOHPHQWHQ
SRVLWLRQDEDLVVHPHQWIORWWHPHQWYRLUSDJH
&RXSH]OHPRWHXU
7RXUQHUOHYRODQWGHGLUHFWLRQ¢JDXFKHHW¢GURLWH
6\VWªPHGHIUHLQDJH
&RXSH]OHPRWHXU
$SSX\HUದIRLVVXUODS«GDOHGHIUHLQ
6\VWªPHK\GUDXOLTXH
&RXSH]OHPRWHXU
9LGDQJHUOHU«VHUYRLUG DLUFRPSULP«
6\VWªPH)6
3DUTXHUODPDFKLQHVXUXQVROSODQ
3ODFHUOHFRPPXWDWHXUGXV\VWªPH)6HQSRVLWLRQ
G DEDLVVHPHQW
/DLVVHUWRXUQHUOHPRWHXUSHQGDQWPLQXWHVDSUªVTXHOD
PDFKLQHHVWDUULY«HHQSRVLWLRQEDVVHSRXUYLGDQJHUOHV
DFFXPXODWHXUV
$9,6
3RXUWUDYDLOOHUVXUOHVGLII«UHQWVV\VWªPHVFRQWDFWHUXQDWHOLHU
DJU««SDU9ROYR
$9,6
9
$YDQWGHWUDYDLOOHUVXUOHVV\VWªPHVEUDQFKHUXQPDQRPªWUHSRXU
Y«ULILHUTX LOQ \DSDVGHSUHVVLRQGDQVOHV\VWªPH
5«VHUYRLUG DLUFRPSULP«SRLQWGHYLGDQJH
5«VHUYRLUG DLUFRPSULP«VRXSDSHGH
SRPSH
9HQWLODWHXUGHUHIURLGLVVHPHQWILOWUH¢KXLOHGH
UHWRXUUHPSODFHPHQW
9LGDQJH]O KXLOHSRXUODSUHPLªUHIRLVDXERXWGHKHXUHVSXLV
WRXWHVOHVKHXUHV
$77(17,21
$77(17,21
9RLUSDJH
/HILOWUHHVWVLWX«VXUOHF¶W«JDXFKHGHODPDFKLQHGHUULªUHOD
SDURLGHODFDELQH
9
)LOWUHGHUHWRXUG KXLOHYHQWLODWHXUGH
UHIURLGLVVHPHQW

6\VWªPHK\GUDXOLTXH
'«SRVHUOHFRXYHUFOHGXILOWUH¢O DLGHG XQHFO«¢GRXLOOHDYHF

PDQFKH¢FOLTXHWRXG XQDXWUHRXWLODG«TXDW
'«SRVHUOHILOWUH
5HYLVVHUOHERXFKRQ
9
)LOWUH¢KXLOHGHUHWRXUVDQVFRXYHUFOH

%HQQHEDVFXODQWH
%HQQHEDVFXODQWH
9«ULILHUOHFRQWDFWGHVWDPSRQVHQFDRXWFKRXFHQWUHOHFK¤VVLVHW
ODEHQQHWRXWHVOHVKHXUHV
&RQWU¶OHGHVWDPSRQVHQFDRXWFKRXFGXFK¤VVLVHWGHOD
EHQQH
9«ULILHUTXHODEHQQHHVWYLGH
0HWWUHOHPRWHXUHQPDUFKHSRXUDFWLYHUODSRVLWLRQIORWWHPHQW
DXWRPDWLTXH
0HVXUHUHQWUHOHWDPSRQGHFDRXWFKRXFDYDQW HWODEHQQH
0HVXUHFRUUHFWHsPP sLQ /HMHXGRLW¬WUHOH
P¬PHSRXUWRXVOHVWDPSRQVHQFDRXWFKRXF
/HVWDPSRQVHQFDRXWFKRXFDUULªUH GRLYHQW¬WUH
FRPSULP«V«JDOHPHQWGHVGHX[F¶W«V
,OHVWLPSRUWDQWTXHOHSRXUWRXUHWOHGHVVRXVGHVWDPSRQVHQ
FDRXWFKRXFVRLHQWWHQXVSURSUHV/DVDOHW«TXLV \DFFXPXOH
7DPSRQVHQFDRXWFKRXF DFFUR°WFRQVLG«UDEOHPHQWOHULVTXHGHGRPPDJHV¢ODPDFKLQH
7DPSRQDYDQWHQFDRXWFKRXF VXUWRXWDXFK¤VVLV
7DPSRQDYDQWHQFDRXWFKRXF
7DPSRQDUULªUHHQFDRXWFKRXF 3RXUOHU«JODJHGHODVXUIDFHGHFRQWDFWGHVWDPSRQVHQ
FDRXWFKRXFV DGUHVVHU¢XQDWHOLHUDJU««SDU9ROYR
%HQQHU«JODJHFRQWUHOHFK¤VVLV
8QMHXODW«UDOPD[LPXPGHPP LQ HVWDXWRULV«DXQLYHDX
GXJXLGHDYDQWGHODEHQQHHWGHODIL[DWLRQDUULªUHGHODEHQQH
9
*XLGHDYDQWGHODEHQQH
-HXHQWUHEHQQHHWFK¤VVLV
3RXUOHU«JODJHODW«UDOGHODEHQQHV DGUHVVHU¢XQDWHOLHUDJU««
SDU9ROYR
$9(57,66(0(17
5LVTXHGHSLQFHPHQW
8QHEHQQHVRXOHY«HTXLQ HVWSDVYHUURXLOO«HSHXWWRPEHU/D
FKXWHGHODEHQQHSHXWHQWUD°QHUGHVEOHVVXUHVJUDYHVRXODPRUW
2QGRLWWRXMRXUVYHUURXLOOHUODEHQQHDYDQWGHVHSODFHUHQ
GHVVRXV
)L[DWLRQDUULªUHGHODEHQQH

%HQQHEDVFXODQWH
PDW«ULDXO«JHU
TXLSHPHQWRSWLRQQHO
&RQWU¶OHUWRXVOHVMRXUVDYDQWODPLVHHQVHUYLFHGHODPDFKLQH
TXHODULGHOOHHWOHP«FDQLVPHGHYHUURXLOODJHQHVRQWSDVXV«V
QLHQGRPPDJ«V
$XEHVRLQDMXVWHUOHP«FDQLVPHGHYHUURXLOODJHGHODULGHOOHHQ
WHQGDQWODFKD°QH
9
%HQQHEDVFXODQWHFKDXII«HSDUJD]
G «FKDSSHPHQW
TXLSHPHQWRSWLRQQHO
1HWWR\HUHWJUDLVVHUWRXWHVOHVKHXUHV

/XEULILHUOHVVXUIDFHVPDUTX«HV

9
%HQQHFKDXII«HSDUOHVJD]G «FKDSSHPHQW
PDFKLQH«TXLS«HGXPRWHXUG[[K
3ODTXHGHYHUURXLOODJH
6XUIDFHV¢QHWWR\HUHWJUDLVVHU

%HQQHEDVFXODQWH
$9,6
,OHVWLPSRUWDQWGHODLVVHUDXOXEULILDQWOHWHPSVGHV«FKHU
FRUUHFWHPHQW PLQLPXPPLQXWHV DYDQWGHUHEUDQFKHUOHWX\DX
HWOHIOH[LEOHG «FKDSSHPHQW
6LOHWXEHVHG«WDFKH
'HVVHUUHUOHVERXORQVGHVSODTXHVGHYHUURXLOODJH
5HPHWWUHOHWXEHHQSODFH
6HUUHUOHVERXORQV

9
%HQQHFKDXII«HSDUOHVJD]G «FKDSSHPHQW
PDFKLQH«TXLS«HGXPRWHXUG[[I
3ODTXHGHYHUURXLOODJH
6XUIDFHV¢QHWWR\HUHWJUDLVVHU

*UDLVVDJH
*UDLVVDJH
5RXOHPHQWVJUDLVVDJH
/DGXU«HGHYLHGHVEDJXHVHWGHVD[HVGHSLYRWVSHXW¬WUH
FRQVLG«UDEOHPHQWSURORQJ«HVLODPDFKLQHHVWJUDLVV«H
U«JXOLªUHPHQWHWFRUUHFWHPHQW
/HJUDLVVDJHGHVSDOLHUVDGHX[EXWVSULQFLSDX[
$MRXWH]GHODJUDLVVHDXSDOLHUSRXUU«GXLUHODIULFWLRQHQWUHD[H
HWEDJXH
5HPSODFHUO DQFLHQQHJUDLVVHTXLSHXWFRQWHQLUGHVSDUWLFXOHV
G LPSXUHW«V/DJUDLVVHFRQWHQXHGDQVO HVSDFHLQW«ULHXUGX
MRLQWH[W«ULHXUFROOHFWHODVDOHW«HWO HPS¬FKHDLQVLTXHO HDX
GHS«Q«WUHUGDQVOHURXOHPHQW
(VVX\HUOHVJUDLVVHXUVHWODSRPSH¢JUDLVVHDYDQWOHJUDLVVDJH
SRXU«YLWHUG LQWURGXLUHGHVLPSXUHW«VHWGXVDEOHSDUOHV
JUDLVVHXUV

*UDLVVDJH
/XEULILFDWLRQ
3RLQWVGHJUDLVVDJH

9
3RLQWVGHJUDLVVDJH LGHQWLTXHVGHVGHX[F¶W«VGHODPDFKLQH
5HS ,QWHUYDOOHGH
3RLQWGHJUDLVVDJH
ªUH JUDLVVDJH
+D\RQDUULªUHHQSRUWH¢IDX[ «TXLSHPHQWRSWLRQQHO 7RXWHVOHV
KHXUHV
3DOLHUGHY«ULQGHOHYDJHVXS«ULHXU 7RXWHVOHV
KHXUHV
-RLQWGHGLUHFWLRQ 7RXWHVOHV
KHXUHV
3DOLHUGHMRLQWGHEDVFXOHPHQW 7RXWHVOHV
KHXUHV
3DOLHUGHY«ULQGHOHYDJHLQI«ULHXU 7RXWHVOHV
KHXUHV
9«ULQGHGLUHFWLRQSDOLHUDUULªUH 7RXWHVOHV
KHXUHV
*UDLVVDJH
$UEUHGHWUDQVPLVVLRQER°WHGHWUDQVIHUWದHVVLHXDYDQW 7RXWHVOHV
KHXUHV
$UEUHGHWUDQVPLVVLRQER°WHGHWUDQVIHUWದMRLQWGHFK¤VVLV 7RXWHVOHV
KHXUHV
3RUWHFRXYHUFOHVFKDUQLªUHVHWF 7RXWHVOHV
KHXUHV

*UDLVVDJH
TXLSHPHQWRSWLRQQHO
/DPDFKLQHSHXW¬WUH«TXLS«HG XQV\VWªPHGHJUDLVVDJHFHQWUDO
TXLJUDLVVHDXWRPDWLTXHPHQWXQFHUWDLQQRPEUHGHSRLQWVVHORQ
XQF\FOHGHOXEULILFDWLRQSU«V«OHFWLRQQ«YRLUS
SRLQWVGHJUDLVVDJH
V\VWªPHGHJUDLVVDJHFHQWUDO¢ODSDJH6HORQOHVFRQGLWLRQV
GHWUDYDLOHWODFKDUJHGHODPDFKLQHGHX[LQWHUYDOOHVGH
JUDLVVDJHVRQWSRVVLEOHV
O«JHUPR\HQಧDYHFLQWHUYDOOHVPR\HQVHQWUHF\FOHVGH
OXEULILFDWLRQHW
ORXUGಧDYHFLQWHUYDOOHVFRXUWVHQWUHF\FOHVGHOXEULILFDWLRQ
XWLOLV«SRXUOHVFKDUJHVGHWUDYDLOV«YªUHV
/HVLQWHUYDOOHVGHVF\FOHVGHJUDLVVDJHVRQWSU«G«ILQLVDYHFO RXWLO
GXV\VWªPHGHJUDLVVDJHDXWRPDWLTXH3RXUDMXVWHUO LQWHUYDOOH
GHVF\FOHVGHJUDLVVDJHಧFRQWDFWHUXQDWHOLHUDJU««SDU9ROYR
/HJUDLVVDJHFHQWUDOHVWG«VDFWLY«DXWRPDWLTXHPHQWORUVTXHOH
9 IUHLQGHVWDWLRQQHPHQWHVWVHUU«PDQXHOOHPHQWHWUHG«PDUUH
3RVLWLRQGXU«VHUYRLUGHJUDLVVH ORUVTX LOHVWGHVVHUU«

/HV\VWªPHGHJUDLVVDJHGRLW¬WUHLQVSHFW«¢LQWHUYDOOHVU«JXOLHUV
HWLOGRLW¬WUHFRRUGRQQ«DYHFOHVDXWUHVRS«UDWLRQVG HQWUHWLHQHW
FRQWU¶OHVU«JXOLHUV
/HVFRQWU¶OHVVXLYDQWVGRLYHQW¬WUHHIIHFWX«V¢LQWHUYDOOHV
U«JXOLHUV
&RQWU¶OHUOHQLYHDXGHJUDLVVHGDQVOHU«VHUYRLUHWO «WDWGHOD
JUDLVVH
3RXUOHUHPSOLVVDJHGHJUDLVVHYRLUSDJH
$9,6
1HSDVUHPSOLUOHU«VHUYRLUGHJUDLVVHWDQWTXHO DIILFKDJHGH
ODFDELQHQ LQGLTXHSDVXQEDVQLYHDXGHJUDLVVHPDLVUHPSOLU
DXVVLW¶WTXHSRVVLEOHDSUªVTXHO DYHUWLVVHPHQWHVWDIILFK«
SRXU«YLWHUODS«Q«WUDWLRQG DLUGDQVOHV\VWªPH
9«ULILHUOHIRQFWLRQQHPHQWGHO DIILFKDJHGDQVODFDELQH
9«ULILHUTXHO LQWHUYDOOHGHOXEULILFDWLRQV«OHFWLRQQ«HVWDGDSW«
DX[FRQGLWLRQVGHWUDYDLOGHODPDFKLQH
3RXUFKDQJHUO LQWHUYDOOHGHOXEULILFDWLRQYRLUSDJH
&RQWU¶OHUO «WDWHWO «WDQFK«LW«GHODSRPSH
&RQWU¶OHUO «WDWHWO «WDQFK«LW«GHVFDQDOLVDWLRQVGHJUDLVVH
9«ULILHUTXHOHVSRLQWVGHJUDLVVDJHUH©RLYHQWVXIILVDPPHQWGH
JUDLVVH ODJUDLVVHGRLWUHVVRUWLUSDUOHVSRLQWVGHJUDLVVDJH
(PSODFHPHQWGHVSRLQWVGHJUDLVVDJHYRLUSDJH
9«ULILHUOHIRQFWLRQQHPHQWGXV\VWªPHHQH[«FXWDQWXQVHXO
F\FOHG HVVDLGHOXEULILFDWLRQYRLUHHVVDLGXV\VWªPH¢ODSDJH

1HWWR\HUODSRPSHHWOD]RQHHQYLURQQDQWH/LUHQ QHWWR\DJH¢
ODSDJH
*UDLVVDJH
1HWWR\HURXUHPSODFHUOHILOWUHVLWX«GHUULªUHOHUDFFRUGGH
UHPSOLVVDJHGHJUDLVVHVRXVOHU«VHUYRLUGHSRPSHWRXWHVOHV
KHXUHVYRLUSDJH
$9,6
3RXUOHGLDJQRVWLFOHU«JODJHRXODU«SDUDWLRQGHODSRPSH
V DGUHVVHU¢XQDWHOLHUDJU««SDU9ROYR

*UDLVVDJH
3RLQWVGHJUDLVVDJHJUDLVVDJHFHQWUDO

9

9
+D\RQDUULªUHHQSRUWH¢IDX[ «TXLSHPHQW
9«ULQGHGLUHFWLRQSDOLHUDUULªUH
RSWLRQQHO
3DOLHUGHY«ULQGHOHYDJHVXS«ULHXU 3DOLHUGHY«ULQGHOHYDJHVXS«ULHXU
+D\RQDUULªUHHQSRUWH¢IDX[ «TXLSHPHQW
-RLQWGHGLUHFWLRQ
RSWLRQQHO
3DOLHUGHMRLQWGHEDVFXOHPHQW -RLQWGHGLUHFWLRQ
3DOLHUGHY«ULQGHOHYDJHLQI«ULHXU 3DOLHUGHY«ULQGHOHYDJHLQI«ULHXU
9«ULQGHGLUHFWLRQSDOLHUDUULªUH 3DOLHUGHMRLQWGHEDVFXOHPHQW
*UDLVVDJH
5HPSOLVVDJHGHOXEULILDQW
6LO DIILFKDJHGDQVODFDELQHLQGLTXHXQEDVQLYHDXGHJUDLVVH
YRLUSDJH UHPSOLUOHU«VHUYRLUGHJUDLVVH
$9,6
1HSDVUHPSOLUOHU«VHUYRLUGHJUDLVVHWDQWTXHO DIILFKDJHGHOD
FDELQHQ LQGLTXHSDVXQEDVQLYHDXGHJUDLVVHPDLVUHPSOLU
DXVVLW¶WTXHSRVVLEOHDSUªVTXHO DYHUWLVVHPHQWHVWDIILFK«SRXU
«YLWHUODS«Q«WUDWLRQG DLUGDQVOHV\VWªPH
6XUODSRPSHVHWURXYHXQUDFFRUGGHUHPSOLVVDJH JUDLVVHXU
DXTXHOXQHSRPSHPDQXHOOHRXXQHSRPSHLQGXVWULHOOHSHXW¬WUH
EUDQFK«HSRXUOHUHPSOLVVDJH
$9,6
5DFFRUGGHUHPSOLVVDJH 6LXQHSRPSHLQGXVWULHOOHHVWXWLOLV«HLOHVWWUªVLPSRUWDQWTXHOH
ILOWUHHQWUHOHUDFFRUGHWODSRPSHVRLWQHWWR\«¢LQWHUYDOOHV
U«JXOLHUV DXPRLQVWRXWHVOHVKHXUHV YRLUSDJH8Q
ILOWUHFROPDW«SHXWIDFLOHPHQWVHILVVXUHUFHTXLHQWUD°QHUDLWXQ
ULVTXH«OHY«GHS«Q«WUDWLRQGHVDOHW«HWGHSHWLWHVSDUWLFXOHVGDQV
OHV\VWªPHGHJUDLVVHHWSRXUUDLWFDXVHUXQHSDQQH
3RXUWRXVUHQVHLJQHPHQWVVXUOHW\SHGHJUDLVVHYRLUOOXEULILDQWV
UHFRPPDQG«V¢ODSDJH
3URF«GHUFRPPHVXLW
1HWWR\HUVRLJQHXVHPHQWOHUDFFRUGGHUHPSOLVVDJHHW
O DFFRXSOHPHQWGXIOH[LEOHGHUHPSOLVVDJH
5HPSOLUFRPSOªWHPHQWGHJUDLVVHOHIOH[LEOHGHUHPSOLVVDJH
DYDQWGHFRPPHQFHU¢UHPSOLU&HODHPS¬FKHUDO DLUGH
S«Q«WUHUGDQVOHV\VWªPH
5HWLUHUOHFDSXFKRQSURWHFWHXUVXUOHUDFFRUGGHUHPSOLVVDJH
HWEUDQFKHUO DFFRXSOHPHQWVXUOHUDFFRUGGHUHPSOLVVDJH
5HPSOLUGHJUDLVVHMXVTX DXQLYHDXPD[VXUOHU«VHUYRLU
6 LOHVWGLIILFLOHGHIDLUHHQWUHUODJUDLVVHDYHFODSRPSHRXELHQ
OHILOWUHGHUULªUHOHUDFFRUGGHUHPSOLVVDJHHVWERXFK«RXELHQ
LOSHXW\DYRLUGHODVDOHW«GDQVOHUDFFRUGGHUHPSOLVVDJH
P¬PH1HWWR\HUOHILOWUHRXUHPSODFHUOHUDFFRUGVHORQEHVRLQ

YRLUSDJH HWHVVD\HUGHQRXYHDX
$9,6
/RUVTXHODJUDLVVHHVWIURLGHLOSHXWDXVVL¬WUHGLIILFLOHGHOD
SRPSHU,OHVWFRQVHLOO«GHVWRFNHUODJUDLVVHGDQVXQORFDO
FKDXGSRXUIDFLOLWHUOHUHPSOLVVDJH
5HSRVH]OHFRXYHUFOHGHSURWHFWLRQ
*DUGHUODSRPSH¢JUDLVVHGDQVXQOLHXH[HPSWGHSRXVVLªUH
SRXUTX HOOHQHVRLWSDVH[SRV«H¢ODVDOHW«
6LOHU«VHUYRLUHVWUHPSOLDXGHVVXVGXQLYHDXPD[LPXPO H[F«GHQWGHJUDLVVHHVWYLGDQJ«SDUO RULILFHGHUHQLIODUGGXF¶W«

JDXFKHGXU«VHUYRLU7RXWDLUSU«VHQWVRXVODSODTXHGDQVOHU«VHUYRLUHVWDXVVLYLGDQJ«SDUOHUHQLIODUG
*UDLVVDJH
0RGLILFDWLRQGHO LQWHUYDOOHGHJUDLVVDJH
6LO LQWHUYDOOHGHOXEULILFDWLRQSU«V«OHFWLRQQ«QHFRQYLHQWSDVDX[
FRQGLWLRQVGHWUDYDLORXGHFKDUJHGDQVOHVTXHOOHVHVWXWLOLV«HOD
PDFKLQHRQSHXWFKRLVLUXQDXWUHLQWHUYDOOHGHOXEULILFDWLRQDX
PR\HQGHO DIILFKDJHGDQVODFDELQH'HX[LQWHUYDOOHVGH
OXEULILFDWLRQSHXYHQW¬WUHV«OHFWLRQQ«V
O«JHUPR\HQಧLQWHUYDOOHVPR\HQVHQWUHF\FOHVGHJUDLVVDJH
SRXUFKDUJHVGHWUDYDLOO«JªUHV¢PR\HQQHV
ORXUGಧLQWHUYDOOHVFRXUWVHQWUHF\FOHVGHOXEULILFDWLRQ XWLOLV«
SRXUOHVFKDUJHVGHWUDYDLOV«YªUHV
3URF«GHUFRPPHVXLWSRXUFKDQJHUG LQWHUYDOOHGHOXEULILFDWLRQ
$SSX\HUVXUOHERXWRQSHQGDQWDXPRLQVVHFRQGHV
/ DIILFKDJH¢WURLVFKLIIUHVVXUO DIILFKDJHGHJUDLVVDJHFHQWUDO

VHPHW¢FOLJQRWHU
$SSX\HUSOXVLHXUVIRLVVXUOHERXWRQMXVTX ¢FHTXHO LQWHUYDOOH

GHJUDLVVDJHVRXKDLW«VRLWDIILFK«YRLUODVHFWLRQVV\VWªPHGH
JUDLVVDJHDXWRPDWLTXHDIILFKDJH¢ODSDJH
/DLVVHUFOLJQRWHUO LQWHUYDOOHGHJUDLVVDJHYRXOXSHQGDQWDX
$XWRPDWLF PRLQVVHFRQGHVMXVTX ¢FHTXHO LQWHUYDOOHGHJUDLVVDJH
*UHDVLQJ
6\VWHP V«OHFWLRQQ«V DOOXPH
&HODFRQILUPHTXHO LQWHUYDOOHGHJUDLVVDJHV«OHFWLRQQ«D«W«
FKDQJ«

9
$IILFKDJHGXV\VWªPHGHJUDLVVDJHDXWRPDWLTXH
&RPPXWDWHXU
$IILFKDJH¢WURLVFKLIIUHV
3RLQWG«FLPDO
'LRGH'(/YHUWHಧV\VWªPHDFWLI
'LRGH'(/MDXQHಧEDVQLYHDXGHJUDLVVH
GDQVOHU«VHUYRLU
'LRGH'(/URXJHಧDODUPH

*UDLVVDJH
(VVDLVV\VWªPH

([«FXWHUXQWHVWGXV\VWªPHSRXUY«ULILHUOHIRQFWLRQQHPHQWGX
V\VWªPHGHJUDLVVDJHRXSRXUREWHQLUXQJUDLVVDJH
VXSSO«PHQWDLUH
8QF\FOHG HVVDLQHSHXW¬WUHHIIHFWX«TXHORUVTXHODSRPSHHVW
HQWUHGHX[F\FOHVGHOXEULILFDWLRQRUGLQDLUHV SDVSHQGDQWXQF\FOH
GHJUDLVVDJHHQFRXUV / «WDEOLVVHPHQWHWODFRXSXUHGXFRQWDFW
QHPHWSDVILQDXF\FOHGHOXEULILFDWLRQ,OUHSUHQGDXSRLQWR»LO
VHWURXYDLWORUVTXHOHFRQWDFWHVWU«WDEOL
&\FOHGHOXEULILFDWLRQ¢VLPSOHWHVW
$XWRPDWLF
*UHDVLQJ /DSRPSHHIIHFWXHX XQVHXOF\FOHGHJUDLVVDJHYLDX XQH
6\VWHP
FDQDOLVDWLRQSULQFLSDOH8QF\FOHGHJUDLVVDJH¢VLPSOHWHVWSHXW
¬WUHHIIHFWX«SRXUY«ULILHUOHIRQFWLRQQHPHQWGXV\VWªPHGH
JUDLVVDJH
$SSX\HUVXUOHERXWRQGHO DIILFKDJHGHJUDLVVDJHFHQWUDOGDQV
ODFDELQHSHQGDQWDXPRLQVVHFRQGHV

/ DIILFKDJH¢WURLVFKLIIUHVVHPHW¢FOLJQRWHU
9 $SSX\HUSOXVLHXUVIRLVVXUOHERXWRQMXVTX ¢FHTXHW
$IILFKDJHGXJUDLVVDJHFHQWUDO DSSDUDLVVHVXUO DIILFKDJH¢WURLVFKLIIUHV
&RPPXWDWHXU /HF\FOHGHJUDLVVDJHFRPPHQFHORUVTXHOHFRGHWFHVVHGH
$IILFKDJH¢WURLVFKLIIUHV FOLJQRWHUHWGHYLHQWXQHOXPLªUHIL[H
3RLQWG«FLPDO 3HQGDQWOHF\FOHGHJUDLVVDJHODGLRGHYHUWHFOLJQRWHVXU
'LRGH'(/YHUWHಧV\VWªPHDFWLI O DIILFKDJHGHJUDLVVDJHFHQWUDO/HFRGHWHWXQSRLQWG«FLPDO
'LRGH'(/MDXQHಧEDVQLYHDXGHJUDLVVH
PRELOHLQGLTXHQWGDQVTXHOOHSDUWLHGXF\FOHGHJUDLVVDJHVH
GDQVOHU«VHUYRLU
'LRGH'(/URXJHಧDODUPH WURXYHOHV\VWªPH
/HF\FOHG HVVDLVHWHUPLQHDXWRPDWLTXHPHQW

,OHVW«JDOHPHQWSRVVLEOHGHODQFHUOHF\FOHG HVVDLHQDSSX\DQW
VXUOHERXWRQG HVVDLGHODSRPSHSHQGDQW ದVHFRQGHV6LQRQ
SURF«GHUFRPPHFLGHVVXV
&\FOHGHOXEULILFDWLRQG HVVDLFRQWLQX
/DSRPSHH[«FXWHX XQQRPEUHLOOLPLW«GHF\FOHVGHOXEULILFDWLRQ
F HVW¢GLUHTX HOOHSRPSHGHODJUDLVVHGHID©RQFRQWLQXHSDUOHV
GHX[FDQDOLVDWLRQVSULQFLSDOHV8 8WLOLV«DSUªVOHODYDJHGHOD
PDFKLQHRXHQQHWWR\DQWRXSXUJHDQWOHV\VWªPH

$SSX\HUVXUOHERXWRQGHO DIILFKDJHGHJUDLVVDJHFHQWUDOGDQV
ODFDELQHSHQGDQWDXPRLQVVHFRQGHV
/ DIILFKDJH¢WURLVFKLIIUHVVHPHW¢FOLJQRWHU
$SSX\HUSOXVLHXUVIRLVVXUOHERXWRQMXVTX ¢FHTXHW
DSSDUDLVVHVXUO DIILFKDJH¢WURLVFKLIIUHV
%RXWRQG HVVDL /HF\FOHGHJUDLVVDJHFRPPHQFHORUVTXHOHFRGHWFHVVHGH
FOLJQRWHUHWGHYLHQWXQHOXPLªUHIL[H
3HQGDQWOHF\FOHGHJUDLVVDJHODGLRGHYHUWHFOLJQRWHVXU
O DIILFKDJHGHJUDLVVDJHFHQWUDO/HFRGHWHWXQSRLQWG«FLPDO
PRELOHLQGLTXHQWGDQVTXHOOHSDUWLHGXF\FOHGHJUDLVVDJHVH
WURXYHOHV\VWªPH
7HUPLQHUOHF\FOHG HVVDLHQWRXUQDQWOHFRPPXWDWHXU
G DOOXPDJHHQSRVLWLRQ
$9,6
/HF\FOHG HVVDLQHVHWHUPLQHSDVDXWRPDWLTXHPHQW
*UDLVVDJH
,OHVW«JDOHPHQWSRVVLEOHGHODQFHUOHF\FOHG HVVDLHQDSSX\DQW
VXUOHERXWRQG HVVDLGHODSRPSHSHQGDQWS SOXVGHVHFRQGHV
6LQRQSURF«GHUFRPPHFLGHVVXV
3XUJH
6LOHU«VHUYRLUGHJUDLVVHD«W«YLG«HQGHVVRXVGXQLYHDXPLQ
DYDQWOHUHPSOLVVDJHGHJUDLVVHQHXYHHWVLOHV\VWªPHQH
IRQFWLRQQHSDVFRPPHSU«YXLO\DULVTXHGHSU«VHQFHGHSRFKHV
G DLUVRLWGDQVODSRPSHVRLWGDQVO XQHGHVFDQDOLVDWLRQV
SULQFLSDOHV,OIDXWSXUJHUOHV\VWªPH
6 DVVXUHUTXHOHU«VHUYRLUGHJUDLVVHD«W«UHPSOLMXVTX DX
UHSªUHPD[
$9(57,66(0(17
5LVTXHGHEOHVVXUH
5HWLUHUOHVERXFKRQVG H[WU«PLW« GHVFDQDOLVDWLRQV

SULQFLSDOHVVXUOHEORFGHGRVDJHVLWX«OHSOXVORLQGHODSRPSH
/HVFDQDOLVDWLRQVULVTXHQWG ¬WUHSUHVVXULV«HV3RXU«YLWHUGHV
EOHVVXUHVORUVTXHOHVERXFKRQVG H[WU«PLW«VRQWGHVVHUU«V
V DVVXUHUTXHSHUVRQQHQHVHWURXYHGLUHFWHPHQWGHYDQWOHV
9
ERXFKRQV
%RXFKRQ 0HWWH]OHFRQWDFWHQSRVLWLRQ SRVLWLRQGHIRQFWLRQQHPHQW

&DQDOLVDWLRQSULQFLSDOHD
'«PDUUHUOOHF\FOHGHFRQWU¶OHGHJUDLVVDJHFRQWLQXYRLUSDJH
&DQDOLVDWLRQSULQFLSDOHE

/DSXUJHHVWWHUPLQ«HORUVTXHGHODJUDLVVHH[HPSWHG DLUVRUW
GHVFDQDOLVDWLRQVSULQFLSDOHV
7RXUQHUOHFRPPXWDWHXUG DOOXPDJHHQSRVLWLRQHWUHSRVHU
OHVERXFKRQVG H[WU«PLW«V
([«FXWHUXQVLPSOHF\FOHG HVVDLGHOXEULILFDWLRQGHX[IRLVGH
VXLWHSRXUY«ULILHUOHIRQFWLRQQHPHQWGXV\VWªPHYRLUSDJH

1HWWR\DJH
1RUPDOHPHQWO HDXQHSHXWSDVS«Q«WUHUGDQVOHV\VWªPH(QFDV
GHQHWWR\DJHVRXVKDXWHSUHVVLRQOHULVTXHGHS«Q«WUDWLRQG HDX
DXJPHQWHFHSHQGDQWHWO XQLW«SRPSHGRLW¬WUHSURW«J«HFDUO HDX
QHGLVSDUD°WSDVG HOOHP¬PHHWULVTXHGHSURYRTXHUGHV
SHUWXUEDWLRQVGHIRQFWLRQQHPHQW$SUªVXQQHWWR\DJHVRXVKDXWH
SUHVVLRQLOHVWSU«FRQLV«G HIIHFWXHUXQ&
&\FOHGHWHVWGH
JUDLVVDJHFRQWLQX YRLUSDJH SRXUREWHQLUXQJUDLVVDJH
VXSSO«PHQWDLUH
*UDLVVDJH
*UDLVVDJHFHQWUDOLV«DXWRPDWLTXHILOWUH
QHWWR\DJHUHPSODFHPHQW
TXLSHPHQWRSWLRQQHO
1HWWR\HURXUHPSODFHUOHILOWUHWRXWHVOHVKHXUHV
'«SRVHUOHUDFFRUGGHUHPSOLVVDJH UDFFRUGGHJUDLVVH
3URWHFWLRQGXUDFFRUGGHUHPSOLVVDJH
5DFFRUGGHUHPSOLVVDJH

'«SRVH]OHILOWUHGHUHPSOLVVDJH
)LOWUHGHUHPSOLVVDJH

$9,6
,OQ HVWSDVQ«FHVVDLUHGHGHVVHUUHUO «FURXVXUOHILOWUHSRXU
G«SRVHUOHILOWUH

$9,6
6 LO\DXQWURXGDQVOHILOWUHLOIDXWQHWWR\HUVRLJQHXVHPHQW
WRXWHODSRPSH
1HWWR\HUVRLJQHXVHPHQWOHILOWUHDXFDUEXUDQWGLHVHO9«ULILHU
TX LOQ HVWSDVHQGRPPDJ«
6«FKHUFRPSOªWHPHQWOHILOWUH¢O DLUFRPSULP«
$9(57,66(0(17
$LUFRPSULP«(YLWH]OHFRQWDFWDYHFODSHDXQXH8WLOLVH]XQ
9
«TXLSHPHQWGHSURWHFWLRQ
)LOWUHGHUHPSOLVVDJH

2UJDQLJUDPPHGHJUDLVVDJHHW
G HQWUHWLHQ
([SOLFDWLRQGHVV\PEROHV
&HVV\PEROHVVWDQGDUGVRQWXWLOLV«VVXUOHVFK«PDGHJUDLVVDJH
HWG HQWUHWLHQYRLUWDEOHDXFLFRQWUH
/LUHOH0DQXHO 3UHVVLRQ (QWUHWLHQP«FDQLFLHQ

G HQWUHWLHQ
9
9 9
3RLQWGHOXEULILFDWLRQ 7UDQVPLVVLRQ 3QHXV

JUDLVVH
9 9
3RLQWGHOXEULILFDWLRQ %R°WHWUDQVIHUW )UHLQ

KXLOH
9 9
+XLOHOLTXLGH )LOWUHV )UHLQGHVWDWLRQQHPHQW
9
5DFFRUGGHJUDLVVDJH 7«PRLQOXPLQHX[ 6\VWªPHK\GUDXOLTXH
9 9
(DX 3RLQWGHYLGDQJH 0RWHXU

9
9
&DUEXUDQW &RQWU¶OHGHQLYHDX 'LII«UHQWLHOHW

U«GXFWHXUGHPR\HX
9
9
$QWLJHO 7HQVLRQGHFRXUURLH %DWWHULH
$LU
9
&HUWDLQHVRS«UDWLRQVG HQWUHWLHQHWGHPDLQWHQDQFHPHQWLRQQ«V
GDQVOH6FK«PDGHJUDLVVDJHHWG HQWUHWLHQQ«FHVVLWHQWXQ
SHUVRQQHOG DWHOLHUTXDOLIL«RXXQ«TXLSHPHQWVS«FLDO3RXUFHV
LQWHUYHQWLRQVQRXVUHFRPPDQGRQVXQHDWHOLHUDJU««SDU9ROYR
5«YLVLRQG HQWUHWLHQWRXWHVOHVHW
KHXUHV
K
K
K

K
K

K
K
K
K
K
9
&+$48(-285 WRXWHVOHVKHXUHV
$FWLRQ 3DJH 5HSªUH
9«ULILHUOHV«WLTXHWWHVG DYHUWLVVHPHQWGRPPDJHVH[W«ULHXUVIXLWHV
DPSRXOHVIHX[LQVWUXPHQWVFRPPDQGHVV\VWªPHGHIUHLQDJH IUHLQV

GHVHUYLFHHWGHVWDWLRQQHPHQW V\VWªPHGHGLUHFWLRQIRQFWLRQ
EDVFXOHPHQWHWDODUPHGHUHFXO
3U«ILOWUH¢FDUEXUDQWVXSSO«PHQWDLUHYLGDQJH «TXLSHPHQWHQRSWLRQ

7287(6/(6+(85(6
$SUªVO HQWUHWLHQMRXUQDOLHU
$FWLRQ 3DJH 5HSªUH
)LOWUH¢DLU¢EDLQG KXLOHU«VHUYRLUKXLOHFRQWU¶OH «TXLSHPHQWHQ

RSWLRQ
7287(6/(6+(85(6
$SUªVO HQWUHWLHQTXRWLGLHQHWGHVKHXUHV
$FWLRQ 3DJH 5HSªUH
%R°WHGHWUDQVIHUWIXLWHVFRQWU¶OH FRQWU¶OHYLVXHO
$VVLHX[IXLWHVFRQWU¶OH FRQWU¶OHYLVXHO
+XLOHGHUHIURLGLVVHPHQWGHIUHLQFRQWU¶OHGXQLYHDX
-RLQWVHWY«ULQVGHGLUHFWLRQSDOLHUDUULªUHJUDLVVDJH
9RLUUHSªUHVHW

3DOLHUGHY«ULQGHOHYDJHJUDLVVDJH
9RLUUHSªUHVHW

3DOLHUGHMRLQWGHEDVFXOHPHQWJUDLVVDJH

9RLUUHSªUH
+D\RQDUULªUHHQSRUWH¢IDX[JUDLVVDJH «TXLSHPHQWHQRSWLRQ
9RLUUHSªUH
)LOWUH¢DLU¢EDLQG KXLOHU«VHUYRLUQHWWR\DJHHWUHPSODFHPHQWGH

O KXLOH «TXLSHPHQWHQRSWLRQ
3U«ILOWUH¢FDUEXUDQWVXSSO«PHQWDLUHUHPSODFHPHQW «TXLSHPHQWHQ

RSWLRQ
0RWHXUSU«ILOWUH¢DLUFRQWU¶OHQHWWR\DJH
7287(6/(6+(85(6
$SUªVO HQWUHWLHQTXRWLGLHQHWGHVHWKHXUHV
$FWLRQ 3DJH 5HSªUH
5DGLDWHXUQHWWR\DJH
1LYHDXG «OHFWURO\WHGHEDWWHULHFRQWU¶OH
3QHXVSUHVVLRQGHJRQIODJHHWXVXUHFRQWU¶OH
0RWHXUKXLOHHWILOWUH¢KXLOHUHPSODFHPHQW
)LOWUH¢FDUEXUDQWILOWUHSULPDLUHHWVHFRQGDLUHUHPSODFHPHQW
DSSOLFDEOHXQLTXHPHQWDX[PDFKLQHV«TXLS«HVGXPRWHXUG[[I
DSSOLFDEOHXQLTXHPHQWDX[PDFKLQHV«TXLS«HVGXPRWHXUG[[I
&RQGLWLRQVG DSSOLFDWLRQ¢O LQWHUYDOOHGHVKHXUHVYRLUWDEOHDX 4XDOLW«GHO KXLOH ¢ODSDJH
RXORUVGXUHPSODFHPHQWGXILOWUH¢KXLOHPRWHXU6LOHILOWUHHVWFROPDW«SOXVW¶WOHUHPSODFHU
$UEUHGHWUDQVPLVVLRQER°WHGHWUDQVIHUWದHVVLHXDYDQWJUDLVVDJH

9RLUUHSªUH
&RQGHQVHXUQHWWR\DJH «TXLSHPHQWHQRSWLRQ
9LVLWHG HQWUHWLHQWRXWHVOHVKHXUHV
K

3
K
9
7287(6/(6+(85(6
$FWLRQ 3DJH 5HSªUH
,QIRUPDWLRQVGDQVPDWULVHWFRGHVG HUUHXUGDQVYFDGVSUROHFWXUH &RQWDFWHUXQ
DWHOLHUDJU««
&RXUURLHVHWWHQGHXUVGHFRXUURLHFRQWU¶OH
6XSSRUWVPRWHXUVXSSRUWVGHER°WHGHWUDQVIHUWFRQWU¶OH
$UEUHVGHWUDQVPLVVLRQFRQWU¶OHGXMHX
5«VHUYRLUGHFDUEXUDQWYLGDQJHGHODERXH
7UDQVPLVVLRQILOWUHV¢KXLOH ILOWUH¢KXLOHSULQFLSDOHWGHOXEULILFDWLRQ

UHPSODFHPHQW
5«VHUYRLUG KXLOHK\GUDXOLTXHYLGDQJHGHODERXH
)LOWUHGHUHQLIODUGGXU«VHUYRLUG KXLOHK\GUDXOLTXHUHPSODFHPHQW
%HQQHWDPSRQVGHFDRXWFKRXFFRQWU¶OH &RQWDFWHUXQ

DWHOLHUDJU««
)UHLQGHVWDWLRQQHPHQWFRQWU¶OHGHVSODTXHWWHV
3U«ILOWUHGHFDELQHUHPSODFHPHQW
6\VWªPHGHUHIURLGLVVHPHQWGHIUHLQILOWUH¢KXLOHGHUHWRXU

UHPSODFHPHQWHWQHWWR\DJHGHVWLJHVPDJQ«WLTXHV
-HXGHVSDOLHUVGHY«ULQGHGLUHFWLRQFRQWU¶OH &RQWDFWHUXQ

DWHOLHUDJU««
9«ULQV)6EDJXHVGHFDRXWFKRXFFRQWU¶OH &RQWDFWHUXQ
DWHOLHUDJU««
$UEUHGHWUDQVPLVVLRQER°WHGHWUDQVIHUWದMRLQWGHFK¤VVLVJUDLVVDJH

9RLUUHSªUH
&DELQHILOWUH¢DPLDQWHUHPSODFHPHQW «TXLSHPHQWHQRSWLRQ
&KDXIIDJHGHEHQQHWXEHG «FKDSSHPHQWQHWWR\DJHHWJUDLVVDJH

«TXLSHPHQWHQRSWLRQ

DSSOLFDEOHVHXOHPHQW¢$))6HW$))6
9LVLWHG HQWUHWLHQWRXWHVOHVKHXUHV

K

K
9
7287(6/(6+(85(6
$FWLRQ 3DJH 5HSªUH
+XLOHGHWUDQVPLVVLRQYLGDQJHHWUHPSODFHPHQW
)LOWUHGXUHQLIODUGGHWUDQVPLVVLRQUHPSODFHPHQW
)LOWUH¢DLUPRWHXUILOWUHSULPDLUHUHPSODFHPHQWHWQHWWR\DJHGX
FRXYHUFOH
$XPRLQVXQHIRLVSDUDQRXDXVLJQDO
)LOWUHGHUHQLIODUGGHU«VHUYRLUGHFDUEXUDQWUHPSODFHPHQW
6\VWªPHGHIUHLQDJHILOWUH¢KXLOHGHUHIRXOHPHQWUHPSODFHPHQW

3UHPLªUHIRLV¢KHXUHV
-HXGHVSDOLHUVGHMRLQWGHGLUHFWLRQFRQWU¶OH &RQWDFWHUXQ

3UHPLªUHIRLV¢KHXUHV DWHOLHUDJU««
6\VWªPHK\GUDXOLTXHUHPSODFHPHQWGHO KXLOH
6\VWªPHK\GUDXOLTXHILOWUH¢KXLOHGHUHWRXUUHPSODFHPHQWHW
QHWWR\DJHGHVWLJHVPDJQ«WLTXHV
/LTXLGHGHUHIURLGLVVHPHQWFRQWU¶OHGXSRLQWGHFRQJ«ODWLRQ

$XPRLQVXQHIRLVSDUDQ
&DELQHILOWUHSULQFLSDOUHPSODFHPHQW
6\VWªPHG DLUFRPSULP«FDUWRXFKHGHG«VK\GUDWDQWUHPSODFHPHQW
)LOWUHGXUHQLIODUGGHER°WHGHWUDQVIHUWUHPSODFHPHQW
)LOWUHVGHUHQLIODUGG HVVLHX[UHPSODFHPHQW
9HQWLODWHXUGHUHIURLGLVVHPHQWILOWUH¢KXLOHGHUHWRXUUHPSODFHPHQW

&U«SLQHG DVSLUDWLRQGHSULVHGHIRUFHQHWWR\DJH

)UHLQVGHVHUYLFHGLVTXHVGHIUHLQVXVXUHFRQWU¶OH
)LOWUHGHUHQLIODUGGXV\VWªPHG KXLOHGHUHIURLGLVVHPHQW

UHPSODFHPHQW
6\VWªPH)6DFFXPXODWHXUVSUHVVLRQGHJD]FRQWU¶OH &RQWDFWHUXQ

DWHOLHUDJU««
7XEHYHQWXULFRQWU¶OH &RQWDFWHUXQ

DWHOLHUDJU««
&KDUQLªUHVGHSRUWHGHFDELQHJUDLVVDJH
&RXYHUFOHVFKDUQLªUHVHWVHUUXUHVJDLVVDJH
)LOWUH¢DLU¢EDLQG KXLOHFDUWRXFKHILOWUDQWHQHWWR\DJH «TXLSHPHQW

HQRSWLRQ
YLGDQJHUO KXLOHWRXWHVOHVKHXUHVVLOHV\VWªPHHVWUHPSOLG KXLOHK\GUDXOLTXHPLQ«UDOHRXG KXLOHK\GUDXOLTXH

ELRG«JUDGDEOH9ROYR9LGDQJHUO KXLOHWRXWHVOHVKHXUHVVLOHV\VWªPHHVWUHPSOLG XQHDXWUHKXLOHELRG«JUDGDEOH
$SSOLFDEOHXQLTXHPHQW¢$))6HW$))6
KHXUHV
K
K

K
K
9
7287(6/(6+(85(6
$FWLRQ 3DJH 5HSªUH
0RWHXUFRQWU¶OHU«JODJHGHVVRXSDSHV &RQWDFWHUXQDWHOLHU

DJU««
+XLOHGHER°WHGHWUDQVIHUWYLGDQJH
(VVLHX[YLGDQJHG KXLOH

+XLOHGHUHIURLGLVVHPHQWGHIUHLQYLGDQJH
+XLOHGXV\VWªPHK\GUDXOLTXHUHPSODFHPHQW
-HXGHMRLQWGHFK¤VVLVFRQWU¶OH &RQWDFWHUXQDWHOLHU

DJU««
6\VWªPHGHJUDLVVDJHDXWRPDWLTXHQHWWR\DJHFKDQJHPHQWGHILOWUH

7287(6/(6+(85(6
$FWLRQ 3DJH 5HSªUH
)LOWUH¢SDUWLFXOHVGLHVHOQHWWR\DJH &RQWDFWHUXQDWHOLHU

DJU««
%RXJLHVG DOOXPDJHUHPSODFHPHQW &RQWDFWHUXQDWHOLHU

DJU««
3RPSH¢DLUQLYHDXG KXLOHFRQWU¶OH

$XPRLQVXQHIRLVSDUDQ

YLGDQJHUO KXLOHWRXWHVOHVKHXUHVVLOHV\VWªPHHVWUHPSOLG KXLOHK\GUDXOLTXHPLQ«UDOHRXG KXLOHK\GUDXOLTXH

ELRG«JUDGDEOH9ROYR9LGDQJHUO KXLOHWRXWHVOHVKHXUHVVLOHV\VWªPHHVWUHPSOLG XQHDXWUHKXLOHELRG«JUDGDEOH
OHQHWWR\DJHV HIIHFWXHSDUXQV\VWªPHG «FKDQJH
QHV DSSOLTXHTX DX[PDFKLQHV«TXLS«HVGXPRWHXUG[[K
$SSOLFDEOHVHXOHPHQWDX[PDFKLQHV«TXLS«HVGXPRWHXUG[[K
QHV DSSOLTXHTX DX[PDFKLQHV«TXLS«HVGXPRWHXUG[[K
KHXUHV
K
K
K
K
K
K
9
7287(6/(6+(85(6
$FWLRQ 3DJH 5HSªUH
/LTXLGHGHUHIURLGLVVHPHQWYLGDQJH

&HSHQGDQWDXPRLQVWRXVOHVDQV
)LOWUHVHFRQGDLUHGXILOWUH¢DLUUHPSODFHPHQW
&HSHQGDQWDXPRLQVWRXVOHVUHPSODFHPHQWVGXILOWUHSULPDLUHRXDX
PRLQVWRXVOHVGHX[DQV
7287(6/(6+(85(6
$FWLRQ 3DJH 5HSªUH
&¤EOHVG DOOXPDJHUHPSODFHPHQW &RQWDFWHUXQDWHOLHU
DJU««
7287(6/(6+(85(6
$FWLRQ 3DJH 5HSªUH
3RPSH¢DLUFKDQJHPHQWGHO KXLOH
&HSHQGDQWDXPRLQVWRXVOHVDQV

&DUDFW«ULVWLTXHV
&DUDFW«ULVWLTXHV
3RXUWRXWHVTXHVWLRQVVXUOHVKXLOHVOXEULILDQWVHWWHPS«UDWXUHVH[W«ULHXUHVH[WU¬PHVUHQVHLJQH]YRXVDXSUªV
GHYRWUHFRQFHVVLRQQDLUH
$9,6
*DUGH]¢O HVSULWOHW\SHGHPRWHXUTXL«TXLSHODPDFKLQHHWVXLYH]
OHVLQVWUXFWLRQVDSSOLFDEOHV¢FHPRWHXU
027(85';;+ 7LHUL6WDJHOOO%
$9,6
,OHVWLPSRUWDQWGHVXLYUHOHVLQVWUXFWLRQVUHODWLYHV¢ODTXDOLW«GH
O KXLOHVLQRQOHVG«S¶WVGHO KXLOHSRXUURQWFROPDWHUOHILOWUH¢
SDUWLFXOHV
4XDOLW«GHO KXLOH 9LVFRVLW«UHFRPPDQG«H¢GLII«UHQWHVWHPS«UDWXUHVDPELDQWHV

027(85 9ROYRXOWUDGLHVHOHQJLQHRLO
&
';;+ 7LHU 9'6RXDXWUHKXLOH )
L6WDJH PRWHXU9'6KRPRORJX«H
OOO%
6$(:
6$(:
6$(:
6$(:
6$(:
6$(
6$(
9
/HVYDOHXUVGHWHPS«UDWXUHGDQVOHGLDJUDPPH
FRQFHUQHQWODWHPS«UDWXUHGHO DLU
+XLOHV9'6KRPRORJX«HV'HVKXLOHVKRPRORJX«HVQRQ9'6
SHXYHQW¬WUHXWLOLV«HVMXVTX ¢r& r)
127(/ XWLOLVDWLRQG XQHKXLOHGHFDW«JRULHGHYLVFRVLW«:SOXW¶W
TXH:SHXWU«GXLUHODFRQVRPPDWLRQGHFDUEXUDQW
6HXOHPHQWGHVKXLOHV9'69'6HW9'6KRPRORJX«HV
'HVKXLOHV9'6HW9'6KRPRORJX«HVGHYLVFRVLW«:
$&($ದ(
$3,&-
5HVSHFWHUOHVLQWHUYDOOHVGH
YLGDQJHVUHFRPPDQG«V
VHORQODTXDOLW«GHO KXLOH
FDW«JRULHGHTXDOLW« HWOD
WHQHXUHQVRXIUHGX
FDUEXUDQW
3203($ +XLOHSRXUFRPSUHVVHXUV
$,50RWHXU 9ROYR
';;+ 7LHU 92(
L6WDJH
OOO%
5HVSHFWHUOHVLQWHUYDOOHVGHYLGDQJHUHFRPPDQG«VVHORQODFDW«JRULHGHO KXLOH TXDOLW«

&DUDFW«ULVWLTXHV
7HQHXUHQVRXIUHGXFDUEXUDQWHQSSP
4XDOLW«GHO KXLOH SSP !SSPQ HVWSDVDXWRULV«
,QWHUYDOOHGHYLGDQJHG KXLOH
+XLOHVPRWHXUVGLHVHOXOWUD9ROYR9'6 KHXUHV
$&($(
KHXUHV
$3,&-ದ
027(85';;)
$9,6
,OHVWWUªVLPSRUWDQWTXHOHVLQVWUXFWLRQVUHODWLYHV¢ODTXDOLW«GH
O KXLOHVRLHQWVXLYLHVSRXUOHVFDUEXUDQWV¢WHQHXUVHQVRXIUH
GLII«UHQWHVVLQRQOHVG«S¶WVDFLGHVSRXUURQW«FRXUWHUODGXU«HGH
YLHGXPRWHXU

027(85 +XLOHPRWHXUGLHVHOXOWUD
&
';;) 9ROYR9'6RXDXWUHKXLOH )
PRWHXU9'6KRPRORJX«H
RX
9ROYR6XSHU'LHVHO(QJLQH 6$(:
2LO9'6RXDXWUHKXLOH 6$(:
PRWHXU9'6KRPRORJX«H 6$(:
9'6SOXV$&($( 6$(:
9'6SOXV$3,&, 6$(:
9'6SOXV$3,&+ 6$(
6$(
9
/HVYDOHXUVGHWHPS«UDWXUHGDQVOHGLDJUDPPH
WHQHXUHQVRXIUHGX
FRQFHUQHQWODWHPS«UDWXUHGHO DLU
FDUEXUDQW +XLOHV9'6KRPRORJX«HV'HVKXLOHVKRPRORJX«HVQRQ
9ROYRXOWUDGLHVHOHQJLQHRLO 9'6SHXYHQW¬WUHXWLOLV«HVMXVTX ¢r& r)
9'6RXDXWUHKXLOHPRWHXU 127(/ XWLOLVDWLRQG XQHKXLOHGHFDW«JRULHGHYLVFRVLW«:
9'6KRPRORJX«H SOXW¶WTXH:SHXWU«GXLUHODFRQVRPPDWLRQGHFDUEXUDQW
6HXOHPHQWGHVKXLOHV9'69'6HW9'6KRPRORJX«HV
'HVKXLOHV9'6HW9'6KRPRORJX«HVGHYLVFRVLW«:
$&($ದ(
$3,&-
RX
WHQHXUHQVRXIUHGX
FDUEXUDQW
5HVSHFWHUOHVLQWHUYDOOHVGHYLGDQJHVUHFRPPDQG«VVHORQODTXDOLW«GHO KXLOH FDW«JRULHGHTXDOLW« HWODWHQHXU

HQVRXIUHGXFDUEXUDQW
&DUDFW«ULVWLTXHV
7HQHXUHQVRXIUHGXFDUEXUDQWHQSSP

SSP ದ ದ ದ !
4XDOLW«GHO KXLOH

,QWHUYDOOHGHYLGDQJHG KXLOH
+XLOHVPRWHXUVGLHVHOXOWUD9ROYR9'6
KHXUHV KHXUHV
KHXUHV
+XLOHVPRWHXUVGLHVHOVXSHU9ROYR9'6
9'6ದ$&($(
KHXUHV KHXUHV
9'6ದ$3,&, KHXUHV
9'6ದ$3,&+ದ
+XLOHVPRWHXUVGLHVHOXOWUD9ROYR9'6
KHXUHV KHXUHV
KHXUHV
$&($(
KHXUHV KHXUHV
$3,&-ದ KHXUHV

+8,/('( 9ROYR6XSHU:HW%UDNH
5()52,',6 7UDQVD[OH2LO
6(0(17 9ROYR:%
'(6)5(,16
:%
9
(66,(8; +XLOHSRXUHQJUHQDJHV
9ROYR6XSHU*HDURLO
:
*2
*2
9
%2,7('( +XLOHSRXUHQJUHQDJHV
75$16)(57 9ROYR6XSHU*HDURLO
:
*2
*2
9
75$160,66 9ROYR$XWRPDWLF
,21 7UDQVPLVVLRQ)OXLG$7
9ROYR $XWRPDWLF 7UDQVPLVVLRQ)OXLG $7
9
&DUDFW«ULVWLTXHV
6<670( 9ROYR6XSHU+\GUDXOLF2LO
+<'5$8/,4 ,OHVW«JDOHPHQWSRVVLEOH
8( G XWLOLVHU
O KXLOH9ROYR%LRGHJUDGDEOH
+\GUDXOLF2LO 9$9
3RXUSOXVGH 9$9
UHQVHLJQHPHQWVFRQWDFWH] ,629*+9
YRWUHFRQFHVVLRQQDLUH ,629*+9
9ROYRORFDO
9
&,5&8,7'( 9ROYR&RRODQW9&6
5()52,',6 9RLUSDJH
6(0(17
&DUEXUDQW
5HFRPPDQGDWLRQVGHFDUEXUDQWSRXUPRWHXUVFHUWLIL«V8(
PRWHXUV'+'+DYHFUHFLUFXODWLRQGHVJD]
G «FKDSSHPHQW(*5HWWUDLWHPHQWSRVWFRPEXVWLRQGHV
JD]G «FKDSSHPHQW GHO DQQ«HPRGªOH
/HVPRWHXUVGLHVHOSRXUO DQQ«HPRGªOHRXSOXVU«FHQWV
VRQWFRQ©XVSRXURS«UHUXQLTXHPHQWDYHFXQFDUEXUDQWVDQV
VRXIUHDYHFXQHWHQHXUHQVRXIIUHPD[LPDOHGHSSP
/ XWLOLVDWLRQG XQFDUEXUDQWDXWUHTXHOHFDUEXUDQWVDQVVRXIUH
U«GXLUDO HIILFDFLW«HWODGXUDELOLW«GXPRWHXUHQGRPPDJHUDGH
PDQLªUHSHUPDQHQWHOHVV\VWªPHVDYDQF«VGHFRQWU¶OHGHV
«PLVVLRQVDXJPHQWHUDODFRQVRPPDWLRQGHFDUEXUDQWHWSRXUUD
«YHQWXHOOHPHQWHPS¬FKHUOHIRQFWLRQQHPHQWGXPRWHXU/HV
JDUDQWLHVGXIDEULFDQWVHURQWYUDLVHPEODEOHPHQWDQQXO«HVSDU
O XWLOLVDWLRQG XQFDUEXUDQWLQFRUUHFWRXLQDSSURSUL«/DV«OHFWLRQ
GXFDUEXUDQWFRUUHFWHVWHVVHQWLHOOHSRXUREWHQLUXQERQQLYHDX
G «FRQRPLHGHSHUIRUPDQFHHWGHGXU«HGHYLHGXPRWHXU/D
QRUPH(1HXURS«HQQHVXUOHVFDUEXUDQWVGLHVHOVDWLVIDLVDQW
OHFDUEXUDQWGHPDUFK«GHYUD¬WUHXWLOLV«H/DQRUPHVX«GRLVH66
VDWLVIDLVDQWOHFDUEXUDQWVX«GRLV0NHVW«JDOHPHQW
DXWRULV«H,OHVWLPSRUWDQWTXHOHFDUEXUDQWQHVRLWSDVFRQWDPLQ«
SDUGHODSRXVVLªUHRXGHO HDXFDUFHFLSHXWHQGRPPDJHUOH
V\VWªPHG DOLPHQWDWLRQHQFDUEXUDQWGXPRWHXUHWDJJUDYHU
O XVXUHGXPRWHXU
5HFRPPDQGDWLRQVGHFDUEXUDQWSRXUPRWHXUVFHUWLIL«V86
PRWHXUV'+'+DYHFUHFLUFXODWLRQGHVJD]
G «FKDSSHPHQW(*5HWWUDLWHPHQWSRVWFRPEXVWLRQGHV
JD]G «FKDSSHPHQW GHO DQQ«HPRGªOH
/HVPRWHXUVGLHVHOSRXUO DQQ«HPRGªOHRXSOXVU«FHQWV
VRQWFRQ©XVSRXURS«UHUXQLTXHPHQWDYHFXQFDUEXUDQWGLHVHO¢
WUªVIDLEOHWHQHXUHQVRXIIUH 8/6' DYHFXQHWHQHXUPD[LPDOH
GHSSP/ XWLOLVDWLRQG XQFDUEXUDQWDXWUHTXHO 8/6'U«GXLUD
O HIILFDFLW«HWODGXUDELOLW«GXPRWHXUHQGRPPDJHUDGHPDQLªUH
SHUPDQHQWHOHVV\VWªPHVDYDQF«VGHFRQWU¶OHGHV«PLVVLRQV
DXJPHQWHUDODFRQVRPPDWLRQGHFDUEXUDQWHWSRXUUD
«YHQWXHOOHPHQWHPS¬FKHUOHIRQFWLRQQHPHQWGXPRWHXU/HV
JDUDQWLHVGXIDEULFDQWVHURQWYUDLVHPEODEOHPHQWDQQXO«HVSDU
O XWLOLVDWLRQG XQFDUEXUDQWLQFRUUHFWRXLQDSSURSUL«HWO XWLOLVDWLRQ
GHFDUEXUDQWVDXWUHVTXHO 8/6'VXUGHVPDFKLQHV¢PRWHXU
GLHVHOHVWLOO«JDOHHWSXQLHSDUGHVDPHQGHVDGPLQLVWUDWLYHV/D
&DUDFW«ULVWLTXHV
V«OHFWLRQGXFDUEXUDQWFRUUHFWHVWHVVHQWLHOOHSRXUREWHQLUXQERQ
QLYHDXG «FRQRPLHGHSHUIRUPDQFHHWGHGXU«HGHYLHGX
PRWHXU/HFDUEXUDQW8/6'QXP«UR'FRQIRUPH¢$670'
GHYUDLW¬WUHXWLOLV«ORUVTXHOHVFRQGLWLRQVFOLPDWLTXHVOH
SHUPHWWHQW/HFDUEXUDQW8/6'QXP«UR'FRQIRUPH¢$670'
GHYUDLW¬WUHXWLOLV«GDQVGHVFRQGLWLRQVFOLPDWLTXHVIURLGHV
/DFRPELQDLVRQGHVFDUEXUDQWV8/6'QXP«URV'HW'
FRQIRUPH¢$670'SHXW¬WUHXWLOLV«HVRXVGLYHUVHV
FRQGLWLRQVFOLPDWLTXHV,OHVWLPSRUWDQWTXHOHFDUEXUDQWQHVRLW
SDVFRQWDPLQ«SDUGHODSRXVVLªUHRXGHO HDXFDUFHFLSHXW
HQGRPPDJHUOHV\VWªPHG DOLPHQWDWLRQHQFDUEXUDQWGXPRWHXU
HWDJJUDYHUO XVXUHGXPRWHXU
5HPDUTXH
/HVJDUDQWLHVVHURQWYUDLVHPEODEOHPHQWDQQXO«HVSDUO XWLOLVDWLRQ
G XQFDUEXUDQWLQFRUUHFWRXLQDSSURSUL«
5HPDUTXH
6LYRXVQ ¬WHVSDVV½UGXW\SHGHFDUEXUDQWHQWUHSRV«GDQVOH
U«VHUYRLUGHVWRFNDJHQ XWLOLVH]3$6OHFDUEXUDQWVXUXQH
PDFKLQHDYHFXQPRWHXU'+'+
5HFRPPDQGDWLRQVGHFDUEXUDQWSRXUPRWHXUV PRWHXUV
')')VDQVWUDLWHPHQWSRVWFRPEXVWLRQGHVJD]
G «FKDSSHPHQW
&HPRWHXUGLHVHOHVWFRQ©XSRXURS«UHUDYHFGHVFDUEXUDQWV
GLHVHOGLVSRQLEOHVGDQVOHFRPPHUFH,OHVWUHFRPPDQG«G XWLOLVHU
XQFDUEXUDQWVDWLVIDLVDQWOHVQRUPHVQDWLRQDOHVHWLQWHUQDWLRQDOHV
SRXUOHFDUEXUDQWGLHVHO,OHVWSU«I«UDEOHG XWLOLVHUXQFDUEXUDQW
DYHFXQHIDLEOHWHQHXUHQVRXIUH LQI«ULHXUH¢SSP FDULO
U«GXLWO XVXUHDLQVLTXHO LPSDFWVXUO HQYLURQQHPHQW/DV«OHFWLRQ
GXFDUEXUDQWFRUUHFWHVWHVVHQWLHOOHSRXUREWHQLUXQERQQLYHDX
G «FRQRPLHGHSHUIRUPDQFHHWGHGXU«HGHYLHGXPRWHXU,OHVW
LPSRUWDQWTXHOHFDUEXUDQWQHVRLWSDVFRQWDPLQ«SDUGHOD
SRXVVLªUHRXGHO HDXFDUFHFLSHXWHQGRPPDJHUOHV\VWªPH
G DOLPHQWDWLRQHQFDUEXUDQWGXPRWHXUHWDJJUDYHUO XVXUHGX
PRWHXU
%LRFDUEXUDQWGLHVHO
'HVKXLOHVY«J«WDOHVHWRXHVWHUVDXVVLDSSHO«VELRJD]ROH SDU
H[HVWHUP«WK\OLTXHGHFRO]DFDUEXUDQW50( VRQWSURSRV«VVXU
FHUWDLQVPDUFK«VSXUVRXP«ODQJ«V¢GXJD]ROH
9ROYRDFFHSWHDXPD[LPXPGHELRJD]ROHGDQVOHJD]ROH
P«ODQJ«SDUOHVFRPSDJQLHVS«WUROLªUHV
1 XWLOLVH]TXHGXOLTXLGHGHUHIURLGLVVHPHQW9ROYR9&6SRXUIDLUHO DSSRLQWRX¢ODYLGDQJHGXOLTXLGHGH
UHIURLGLVVHPHQW3RXU«YLWHUOHVGRPPDJHDXPRWHXUHWDXV\VWªPHGHUHIURLGLVVHPHQWGHVOLTXLGHVGH
UHIURLGLVVHPHQWGLII«UHQWVHWGHVSURWHFWLRQVFRQWUHODFRUURVLRQGLII«UHQWHVQHGRLYHQWSDV¬WUHP«ODQJ«V
/RUVTXHO RQXWLOLVHGXOLTXLGHGHUHIURLGLVVHPHQW9&6FRQFHQWU«HWGHO HDXOHP«ODQJHGRLWFRQWHQLUOH¢
GHOLTXLGHGHUHIURLGLVVHPHQWFRQFHQWU«HW¢G HDX/DTXDQWLW«GHOLTXLGHGHUHIURLGLVVHPHQWFRQFHQWU«
QHGRLWMDPDLV¬WUHLQI«ULHXUH¢GXP«ODQJHWRWDOYRLUWDEOHDXFLGHVVRXV
3URWHFWLRQDQWLJHOMXVTX ¢ 4XDQWLW«P«ODQJ«HGHOLTXLGHUHIURLGLVVHPHQW
FRQFHQWU«
r& r)
r& r)
r& r)
&DUDFW«ULVWLTXHV
/HOLTXLGHGHUHIURLGLVVHPHQWFRQFHQWU«QHGRLWSDV¬WUHP«ODQJ«DYHFGHO HDX¢IRUWHWHQHXUHQFKDX[ HDXGXUH

VHORXP«WDX[
/ HDXSURSUHXWLOLV«HGDQVOHV\VWªPHGHUHIURLGLVVHPHQWGRLWDXVVLVDWLVIDLUHDX[H[LJHQFHVVXLYDQWHV
'HVFULSWLRQ 9DOHXU
1RPEUHWRWDOGHSDUWLFXOHVVROLGHV SSP
'XUHW«WRWDOH rG+
&KORUXUH SSP
6XOIDWH SSP
9DOHXUS+
6LOLFH PJ6L2OLWUH
)HU PJ)HOLWUH
0DQJDQªVH PJ0QOLWUH
&RQGXFWLYLW««OHFWULTXH w6FP
0DWLªUHRUJDQLTXH&2'0Q PJOLWUH
6LODTXDOLW«GHO HDXHVWHQGRXWHXWLOLVHUOHOLTXLGH9ROYR&RRODQW9&6SU«P«ODQJ«TXLFRQWLHQWGHOLTXLGH
GHUHIURLGLVVHPHQWFRQFHQWU«1HSDVP«ODQJHUDYHFG DXWUHVOLTXLGHVGHUHIURLGLVVHPHQWSU«P«ODQJ«VVRXV
SHLQHGHGRPPDJHVDXPRWHXU
*UDLVVH
*UDLVVHDXOLWKLXPDYHFDGGLWLIV(3HWFRQVLVWDQFH1/*,VDQV
DGRQFWLRQGHELVXOIXUHGHPRO\EGªQH 0R6 9ROYR6XSHU
*UHDVH/LWKLXP(39ROYR8OWUD*UHDVH/LWKLXP&RPSOH[(3
/HVH[LJHQFHVVXLYDQWHVV DSSOLTXHQW¢ODJUDLVVHHPSOR\«HGDQVOHV\VWªPHGHJUDLVVDJHFHQWUDO
ಧODJUDLVVHQHGRLWS SDVFRQWHQLUGHJUDSKLWHRXGH37)( W«IORQ
ಧO XWLOLVDWLRQG XQHJUDLVVHFRQWHQDQWGHELVXOIXUHGHPRO\EGªQH 0R6 PD[LPXPHVWDXWRULV«H
ಧODFDW«JRULH1/*,VXLYDQWHHVWUHFRPPDQG«H¢WHPS«UDWXUHGHIRQFWLRQQHPHQWHQWUH
3ODJHGHWHPS«UDWXUHGHIRQFWLRQQHPHQW &DW«JRULH1/*,
ದr& ದr) ¢r& r)
ದr& ದr) ¢r& r)
ದr& ದr) ¢r& r)

V\QWK«WLTXH

ದr& ದr) ¢r& r) V\QWK«WLTXH
&DUDFW«ULVWLTXHV
&DSDFLW«VG HQWUHWLHQHWLQWHUYDOOHV
GHYLGDQJH
9ROXPHVG HQWUHWLHQ
&DSDFLW«V $ODYLGDQJH
0RWHXUDYHFILOWUH$)$))6 OLWUHV 86JDO
0RWHXUDYHFILOWUH$)$))6 OLWUHV 86JDO
6\VWªPHGHUHIURLGLVVHPHQW OLWUHV 86JDO
7UDQVPLVVLRQDYHFILOWUH OLWUHV 86JDO
%R°WHWUDQVIHUW OLWUHV 86JDO
3RQW$9 OLWUHV 86JDO
3RQWDYDQWGHVWDQGHPV OLWUHV 86JDO
3RQWDUULªUHGHVWDQGHPV OLWUHV 86JDO
5«VHUYRLUG KXLOHK\GUDXOLTXH$)$) OLWUHV 86JDO
5«VHUYRLUG KXLOHK\GUDXOLTXH$))6$))6 OLWUHV 86JDO
+XLOHGHUHIURLGLVVHPHQWGHIUHLQ OLWUHV 86JDO
+XLOHGHSRPSH¢DLU PLOOLOLWUHV 86JDO
*UDLVVDJHDXWRPDWLTXH «TXLSHPHQWHQRSWLRQ OLWUHV 86JDO
)LOWUH¢KXLOH¢EDLQG KXLOH «TXLSHPHQWHQRSWLRQ $)$))6 OLWUHV 86JDO
)LOWUH¢KXLOH¢EDLQG KXLOH «TXLSHPHQWHQRSWLRQ $)$))6 OLWUHV 86JDO
7RWDO
5«VHUYRLUGHFDUEXUDQW$)$))6 OLWUHV 86JDO
5«VHUYRLUGHFDUEXUDQW$)$))6 OLWUHV 86JDO
5«VHUYRLUGHFDUEXUDQWDX[LOLDLUHFKDXIIDJHGHPRWHXUHWGHFDELQHDX OLWUHV 86JDO
JD]ROH «TXLSHPHQWRSWLRQQHO
9LGDQJHKXLOHHWOLTXLGHVLQWHUYDOOH
+HXUHV 3DJH
0RWHXU
3RPSH¢DLU
7UDQVPLVVLRQ
%R°WHWUDQVIHUW
3RQWV ' DERUGSXLV
+XLOHGHUHIURLGLVVHPHQWGHIUHLQ
+XLOHK\GUDXOLTXH
)LOWUH¢DLU¢EDLQG KXLOH «TXLSHPHQWHQRSWLRQ
$SSOLFDEOHVHXOHPHQWDX[PDFKLQHV«TXLS«HVGXPRWHXU';;+
&RQGLWLRQVG DSSOLFDWLRQGHO LQWHUYDOOHYRLUSDJH
9LGDQJH]OHOLTXLGHGHUHIURLGLVVHPHQWWRXWHVOHVKHXUHVRXWRXVOHVTXDWUHDQV
&RQGLWLRQVG DSSOLFDWLRQGHO LQWHUYDOOHYRLUSDJH
&DUDFW«ULVWLTXHV
5HPSODFHPHQWILOWUHVLQWHUYDOOH
0RWHXU
+HXUHV 3DJH
)LOWUH¢KXLOH
)LOWUH¢FDUEXUDQWVHFRQGDLUH
3U«ILOWUH¢FDUEXUDQW
)LOWUHSULPDLUHILOWUH¢DLU
)LOWUH¢DLUGHV«FXULW«
)LOWUHGHYHQWLODWLRQU«VHUYRLUGHFDUEXUDQW
)LOWUH¢SDUWLFXOHVGLHVHOQHWWR\DJH
3U«ILOWUH¢DLU «TXLSHPHQWHQRSWLRQ
)LOWUH¢FDUEXUDQWVXSSO«PHQWDLUH
«TXLSHPHQWHQRSWLRQ
)LOWUH¢FDUEXUDQWFKDXIIDJHGHPRWHXUHWGH
FDELQHDXJD]ROH «TXLSHPHQWRSWLRQQHO
)LOWUHGHUHQLIODUGU«VHUYRLUGHFDUEXUDQW
DX[LOLDLUHFKDXIIDJHGHPRWHXUHWGHFDELQH
DXJD]ROH «TXLSHPHQWRSWLRQQHO
7UDQVPLVVLRQ
+HXUHV 3DJH
)LOWUH¢KXLOHSULQFLSDO
)LOWUH¢KXLOHGHJUDLVVDJH
)LOWUHGHYHQWLODWLRQ
)LOWUH¢FDUEXUDQWFKDXIIDJHG DSSRLQW
%R°WHWUDQVIHUW
+HXUHV 3DJH
)LOWUHGHYHQWLODWLRQ
5HPSODFHU¢FKDTXHYLGDQJHG KXLOH

6LOHILOWUHHVWFROPDW«SOXVW¶WLOIDXWOHUHPSODFHU
8QILOWUH(21 HQRSWLRQ SHXW¬WUHPRQW«DXOLHXGXILOWUHSULPDLUHVWDQGDUG'RLW¬WUHUHPSODF«TXDQGOHW«PRLQV DOOXPH
2XDXVLJQDORXDXPRLQVXQHIRLVSDUDQ
2XDXPRLQVWRXVOHVUHPSODFHPHQWVGXILOWUHSULPDLUHRXDXPRLQVWRXVOHVGHX[DQV
/HQHWWR\DJHV HIIHFWXHSDUXQV\VWªPHG «FKDQJH
1HV DSSOLTXHTX DX[PDFKLQHV«TXLS«HVGXPRWHXU';;+
$SSOLFDEOHXQLTXHPHQWDX[PDFKLQHV«TXLS«HVGXPRWHXU';;)
,QWHUYDOOHSOXVFRXUWVLQ«FHVVDLUH
&DUDFW«ULVWLTXHV
3RQWV
+HXUHV 3DJH
)LOWUHGHYHQWLODWLRQ
6\VWªPHGHIUHLQDJH
+HXUHV 3DJH
)LOWUH¢KXLOHVRXVSUHVVLRQ ' DERUGSXLV
)LOWUHG D«UDWLRQU«VHUYRLUG KXLOHGH
)LOWUH¢KXLOHGHUHWRXUU«VHUYRLUG KXLOHGH
+HXUHV 3DJH
&DUWRXFKHGHVVLFFDQWH
&DELQH
+HXUHV 3DJH
3U«ILOWUH
)LOWUHSULPDLUH SULQFLSDO
)LOWUH¢DPLDQWH «TXLSHPHQWHQRSWLRQ
6\VWªPHK\GUDXOLTXH
+HXUHV 3DJH
)LOWUHGHYHQWLODWLRQU«VHUYRLUK\GUDXOLTXH
)LOWUHVGHUHWRXUG KXLOH ' DERUGSXLV
)LOWUHGHUHWRXUG KXLOHYHQWLODWHXUGH ' DERUGSXLV
UHIURLGLVVHPHQW
&DUDFW«ULVWLTXHV
0RWHXU
0RWHXU
0RWHXU
$) $)
0DUTXH 9ROYR
'«VLJQDWLRQ ') ')
'+ '+
3XLVVDQFHPD[L¢WUPLQ WUV ,62 N: FK N: FK
$&RXSOH¢WUPLQ WUV 1P OEIIW
$&RXSOH¢WUPLQ WUV 1P OEIIW
1RPEUHGHF\OLQGUHV
&\OLQGU«HWRWDOH O FXLQ O FXLQ
7DX[GHFRPSUHVVLRQ
')
'+
')
'+
2UGUHG LQMHFWLRQ
5«JLPHGHUDOHQWLOHQW WUPLQ WUV WUPLQ WUV
5«JLPHGHUDOHQWLUDSLGH WUPLQ WUV WUPLQ WUV
)LOWUH¢DLU
7\SH )LOWUHVHFDYHFILOWUHGHV«FXULW«
3U«ILOWUH¢DLU «TXLSHPHQWHQRSWLRQ
3U«ILOWUH
)LOWUH¢DLU¢EDLQG KXLOH «TXLSHPHQWHQRSWLRQ
'LVSRVLWLIGHG«PDUUDJH¢IURLG
7\SH %RELQH
$OLPHQWDWLRQERELQHGHSU«FKDXIIDJH N:
5HODLVWHPSRULV« LQW«JU« WHPSVG HQFOHQFKHPHQW 9DULDEOH
3RPSHG DOLPHQWDWLRQHQFDUEXUDQW
7\SH
3UHVVLRQG DOLPHQWDWLRQ¢WUPLQ
3RPSH¢HQJUHQDJHV
PLQN3D EDU SVL

3UHVVLRQG DOLPHQWDWLRQ¢WUPLQ PLQN3D EDU SVL
,QMHFWHXUXQLWDLUH
7\SH &RPPDQGH«OHFWURQLTXHGXG«ELWHWGXFDODJHGH
O LQMHFWLRQ
4XDQWLW«
9HQWLODWHXUGHUHIURLGLVVHPHQW
7\SH (QWUD°QHPHQWK\GUDXOLTXH
&DUDFW«ULVWLTXHV
0RWHXU
7KHUPRVWDW
6\VWªPHSULPDLUH
7\SH 7KHUPRVWDW¢SLVWRQ
4XDQWLW«
'«EXWG RXYHUWXUH¢ r& r)
2XYHUWXUHWRWDOH¢ r& r)
3UHVVLRQ 03D EDUV SVL
6\VWªPHVHFRQGDLUH
7\SH 7KHUPRVWDW¢GLVTXHV
4XDQWLW«
'«EXWG RXYHUWXUH¢ r& r)
2XYHUWXUHWRWDOH¢ r& r)
3UHVVLRQ 03D EDUV SVL
&DUDFW«ULVWLTXHV
6\VWªPH«OHFWULTXH
6\VWªPH«OHFWULTXH
6\VWªPH«OHFWULTXH
7HQVLRQGHVHUYLFH 9
%DWWHULH
$)$))6 $)$))6
4XDQWLW«
7HQVLRQEDWWHULH 9 9
&DSDFLW«GHVEDWWHULHV $K $K
3RLGV NJ OEV NJ OEV
&RQQH[LRQ¢ODPDVVH %RUQH %RUQH
'HQVLW«GHO «OHFWURO\WHGHVEDWWHULHV
%DWWHULH¢SOHLQHFKDUJH NJGP OEIW

/HVEDWWHULHVGRLYHQW¬WUHUHFKDUJ«HV¢ NJGP OEIW
$OWHUQDWHXU
3XLVVDQFH :
$PSRXOHV
/HVDPSRXOHVGRLYHQW¬WUHGHODSOXVKDXWHTXDOLW«LQVHQVLEOHV
DX[YLEUDWLRQVHWGHORQJXHGXU«H
$PSRXOHVWUDFWHXU
3XLVVDQFH &XORW
3KDUHV : +
)HX[GHURXWH SKDUHV : %DV
)HX[GHURXWH /(' :
,QGLFDWHXUVGHGLUHFWLRQ : 3<:
3URMHFWHXUVGHWUDYDLO «TXLSHPHQWRSWLRQQHO : +
*\URSKDUHG DYHUWLVVHPHQW «TXLSHPHQW : +
RSWLRQQHO
$PSRXOHVUHPRUTXH

3XLVVDQFH &XORW
)HX[GHSRVLWLRQDUULªUH /(' :
)HX[VWRS /(' :
,QGLFDWHXUVGHGLUHFWLRQ :
)HXGHUHFXO : +
&DUDFW«ULVWLTXHV
6\VWªPH«OHFWULTXH
&RQYHUWLVVHXUGHWHQVLRQ «TXLSHPHQWHQRSWLRQ
7HQVLRQGHVRUWLH 9&&
3XLVVDQFH PD[ :
&DUDFW«ULVWLTXHV
6\VWªPH«OHFWULTXH
)XVLEOHV
)XVLEOHVVXUFLUFXLWLPSULP«
$9,6
/HVIXVLEOHVSHXYHQW¬WUHWHVW«VVXUODFDUWHGHFLUFXLW9RLU)86(
7(67HQWUH)8HW)8
',
',
', ',
', ',
', ',
5
'$ ', '% '& ''
', ', ',
5
',
)8
)86( 7(67
5
5(
5( 5(
',
5)
',
',
5( 5(
',
5(
5( 5( 5( 5( 5( 5( 3
',
5( 5( 5(

5( 5( 5(
',
',
)8
5
',
5
3 5
5
',
',
5
5
5 '( ') '* '+ ',

5
Y
&DUWHGHFLUFXLW
'«VLJQDWLRQ_,QWHQVLW«_'HVFULSWLRQ
)8 $ )HX[VWRS
)8
)8
$ 7HQVLRQG DOLPHQWDWLRQ+0,0HW,&
$ 3URMHFWHXUVGHWUDYDLODYDQW

)8 $ 5HODLV5( V\VWªPHGHFOLPDWLVDWLRQ
)8 $ )HX[GHURXWHJDXFKHVU«WUR«FODLUDJHGHVLQVWUXPHQWVFRPPXWDWHXUVG «FODLUDJHGHYHLOOH
)8 $ )HX[GHURXWHGURLWV
)8 $ )HXGHFURLVHPHQWJDXFKH
)8 $ )HXGHFURLVHPHQWGURLW
)8 $ )HXGHUHFXODYHUWLVVHXUGHUHFXOIXVLEOH)8
)8 $ )HXGHURXWHGURLW
)8 $ )HXGHURXWHJDXFKH
)8 $ &RQYHUWLVVHXUGHWHQVLRQ WHQVLRQGHFRPPDQGH
&DUDFW«ULVWLTXHV
6\VWªPH«OHFWULTXH
)8 $ 5HODLV5(
)8 $ $OOXPDJH)XVLEOH)85HODLV5(5HODLV5(5HODLV5(
)8 $ 3URMHFWHXUVGHWUDYDLODUULªUH
)8 $ 5HODLV5(
)8 $ 5HODLV5(:(&8 &DUH7UDFN FRQWU¶OHGHSUHVVLRQG KXLOHGHWUDQVPLVVLRQFRQWU¶OHGH
SUHVVLRQGHILOWUH¢KXLOHGHWUDQVPLVVLRQDOWHUQDWHXUFRQWU¶OHGHQLYHDXG KXLOHK\GUDXOLTXH
FRPPXWDWHXUGHEORFDJHGHGLII«UHQWLHOFRQWDFWHXU$7&FRQWDFWHXUG DXJPHQWDWLRQGHU«JLPH
FRQWDFWHXUG DUU¬WWHPSRULV«GXPRWHXUFRQWDFWHXUGHU«J«Q«UDWLRQGXILOWUH¢SDUWLFXOHVWHQVLRQ
G DOLPHQWDWLRQ(&&FRQWU¶OHGHSRVLWLRQGHYHUURXGHGLII«UHQWLHOORQJLWXGLQDOFRQWU¶OHGH
SRVLWLRQGHERXFOHGHFHLQWXUHGHV«FXULW«FRQWDFWHXUGHYHUURXLOODJHGXV«OHFWHXUGHYLWHVVHV
FRQWDFWHXUGHIUHLQG «FKDSSHPHQWDXWRPDWLTXHSRXUDFF«O«UDWHXUHWS«GDOHGHIUHLQFRQWDFWHXU
GHIUHLQGHVWDWLRQQHPHQWIUHLQGHFKDUJHPHQWHWGHEDVFXOHPHQWFDSWHXUGHQLYHDXGX
U«VHUYRLUGHOLTXLGHGHUHIURLGLVVHPHQWFDSWHXUGHVHQVGHURWDWLRQGHODWUDQVPLVVLRQSRVLWLRQ
QRUPDOHRXLQI«ULHXUHG LQWHUUXSWHXU )6 IUHLQGHFKDUJHPHQWHWGHEDVFXOHPHQW
)8 $ 3ULVH«OHFWULTXH9&&
)8 $ &RPPXWDWHXUGHSKDUHVIXVLEOH)8IXVLEOH)8
)8 $ $OOXPHFLJDUH
)8 $ &RPPXWDWHXUGHJ\URSKDUHFRQWU¶OHGHSRVLWLRQGHSRUWH«FODLUDJHLQW«ULHXUIHX[GHG«WUHVVH
)8
)8 $ '«PDUUHXU
)8 $ ,QWHUUXSWHXUG DUU¬WGXPRWHXUIXVLEOH)8IXVLEOH)8IXVLEOH)8
)8 $ $OLPHQWDWLRQWHQVLRQGH9(&8
)8 $ 7HQVLRQG DOLPHQWDWLRQ(&& V\VWªPHGHFOLPDWLVDWLRQ YHQWLODWHXUG KDELWDFOHFRPSUHVVHXU
V\VWªPHGHFOLPDWLVDWLRQ
)8 $ 0LQXWHULHGHFKDXIIDJHGHFDELQHPLQXWHULHGHYHQWLODWHXUGHFDELQH
)8 $
)8 $ (OHFWURYDQQHFRPPDQGHGHIUHLQPRWHXU 9&% «OHFWURYDQQH3:0GHIUHLQG «FKDSSHPHQW
)8 $ $UU¬WPRWHXUUHODLVGHSU«FKDXIIDJHG DLUG DGPLVVLRQWXUER
)8
)8 $ &RQWDFWHXUG DSSHOGHSKDUHVIXVLEOH)8IXVLEOH)8
)8
)8 $ &RPPXWDWHXUG HVVXLHJODFHFRPPXWDWHXUGHODYHJODFHHVVXLHJODFHODYHJODFHFRQWDFWHXU
G DYHUWLVVHXUVRQRUHDYHUWLVVHXUVRQRUH
)8 $ 5HODLV5(
)8 $ )HX[GHG«WUHVVH
)8 $ &DP«UDGHUHFXO
)8 $ 5«WURYLVHXUV
)8 $ &RQWU¶OHGHQLYHDXGHOLTXLGHGHODYHJODFHU«FKDXIIDJHGXFDUEXUDQW
)8 $ &RPPXWDWHXUGHSURMHFWHXUVGHWUDYDLOIXVLEOH)8IXVLEOH)8UHODLV5(
)8 $
)8 $ &RQQH[LRQG HQWUHWLHQ93FRQQHFWHXU9( «TXLSHPHQWRSWLRQQHO
)8 $
)8 $ *UDLVVDJHFHQWUDO
)8 $
&DUDFW«ULVWLTXHV
6\VWªPH«OHFWULTXH
)8 $
)8 $ 5HODLV5(
)8 $

&DUDFW«ULVWLTXHV
6\VWªPH«OHFWULTXH
$XWUHVIXVLEOHV
)8 )8 5( )8 )8 )8 )8 )8
5(
5(
5(
5(
5(
5(
9
)8 )8 )8 )8 9
3RVLWLRQER°WLHUGHGLVWULEXWLRQ«OHFWULTXHGDQVODFDELQH 3RVLWLRQ$LOHJDXFKHGHFRPSDUWLPHQWPRWHXU JDUGH

ERXH
5(
)8
9
3RVLWLRQVRXVOHSDQQHDXGHFRPPDQGH
)8 $ (VVXLHJODFHOXQHWWHDUULªUH «TXLSHPHQWRSWLRQQHO
)8 $ 3U«FKDXIIDJHG DLUG DGPLVVLRQ
)8
$ )XVLEOHSULQFLSDO

)8 $ 3RPSHGHFDSRW
)8 $ &RQYHUWLVVHXUGHWHQVLRQ&DUH7UDFNDOWHUQDWHXU
)8 $ &KDXIIDJHGHPRWHXUHWGHFDELQHDXJD]ROH «TXLSHPHQWRSWLRQQHO
)8 $ &KDXIIDJHGHPRWHXUHWGHFDELQHDXJD]ROH «TXLSHPHQWRSWLRQQHO
)8 $ 0RGXOHGHFRPPDQGHGHEU½OHXUGHSRVWWUDLWHPHQW $&0
)8 $ &KDUJHXUGHEDWWHULH «TXLSHPHQWRSWLRQQHO
)8 $ &KDXIIDJHFDUEXUDQW «TXLSHPHQWRSWLRQQHO
)8 $ &KDXIIDJHGHEDWWHULH «TXLSHPHQWRSWLRQQHO
)8 $ &DP«UDGHUHFXO «TXLSHPHQWHQRSWLRQ
&DUDFW«ULVWLTXHV
6\VWªPH«OHFWULTXH
5HODLV
5HODLVVXUFLUFXLWLPSULP«
',
',
', ',
', ',
', ',
5
'$ ', '% '& ''
', ', ',
5
',
)8
)86( 7(67
5
5(
5( 5(
',
5)
',
',
5( 5(
',
5(
5( 5( 5( 5( 5( 5( 3
',
5( 5( 5(

5( 5( 5(
',
',
)8
5
',
5
3 5
5
',
',
5
5
5 '( ') '* '+ ',

5
Y
&DUWHGHFLUFXLW
'«VLJQDWLRQ_'HVFULSWLRQ
5(
5( )HXGHUHFXODYHUWLVVHXUGHUHFXOIXVLEOH)8
5(
5( 3URMHFWHXUVGHWUDYDLODUULªUH
5(
5( '«PDUUHXU

5( 3URMHFWHXUVGHWUDYDLODYDQW
5( FODLUDJHLQW«ULHXU
5( &RPPXWDWHXUG HVVXLHJODFHFRPPXWDWHXUGHODYHJODFHHVVXLHJODFHODYHJODFHFRQWDFWHXU
G DYHUWLVVHXUVRQRUHDYHUWLVVHXUVRQRUH
5( )HX[VWRS
5(
&DUDFW«ULVWLTXHV
6\VWªPH«OHFWULTXH
5( 5HODLV5(:(&8 &DUH7UDFN FRQWU¶OHGHSUHVVLRQG KXLOHGHWUDQVPLVVLRQFRQWU¶OHGHSUHVVLRQ
GHILOWUH¢KXLOHGHWUDQVPLVVLRQDOWHUQDWHXUFRQWU¶OHGHQLYHDXG KXLOHK\GUDXOLTXHFRPPXWDWHXUGH
EORFDJHGHGLII«UHQWLHOFRQWDFWHXU$7&FRQWDFWHXUG DXJPHQWDWLRQGHU«JLPHFRQWDFWHXUG DUU¬W
WHPSRULV«GXPRWHXUFRQWDFWHXUGHU«J«Q«UDWLRQGXILOWUH¢SDUWLFXOHVWHQVLRQG DOLPHQWDWLRQ(&&
FRQWU¶OHGHSRVLWLRQGHYHUURXGHGLII«UHQWLHOORQJLWXGLQDOFRQWU¶OHGHSRVLWLRQGHERXFOHGHFHLQWXUHGH
V«FXULW«FRQWDFWHXUGHYHUURXLOODJHGXV«OHFWHXUGHYLWHVVHVFRQWDFWHXUGHIUHLQG «FKDSSHPHQW
DXWRPDWLTXHSRXUDFF«O«UDWHXUHWS«GDOHGHIUHLQFRQWDFWHXUGHIUHLQGHVWDWLRQQHPHQWIUHLQGH
FKDUJHPHQWHWGHEDVFXOHPHQWFDSWHXUGHQLYHDXGXU«VHUYRLUGHOLTXLGHGHUHIURLGLVVHPHQWFDSWHXU
GHVHQVGHURWDWLRQGHODWUDQVPLVVLRQSRVLWLRQQRUPDOHRXLQI«ULHXUHG LQWHUUXSWHXU )6 IUHLQGH
FKDUJHPHQWHWGHEDVFXOHPHQW
5( &RQWDFWHXUG DUU¬WGXPRWHXU)XVLEOH)8)XVLEOH)8)XVLEOH)87HQVLRQG DOLPHQWDWLRQ9
(&87HQVLRQG DOLPHQWDWLRQ9(&8
5( 7HQVLRQG DOLPHQWDWLRQ(&& V\VWªPHGHFOLPDWLVDWLRQ YHQWLODWHXUG KDELWDFOHFRPSUHVVHXU V\VWªPH
GHFOLPDWLVDWLRQ 0LQXWHULHGHFKDXIIDJHGHFDELQHPLQXWHULHGHYHQWLODWHXUGHFDELQH
5( )UHLQGHVWDWLRQQHPHQW
5( &RQWDFWHXUG DSSHOGHSKDUHVIXVLEOH)8IXVLEOH)8FRPPXWDWHXUG HVVXLHJODFHFRPPXWDWHXU
GHODYHJODFHHVVXLHJODFHODYHJODFHFRQWDFWHXUG DYHUWLVVHXUVRQRUHDYHUWLVVHXUVRQRUHIHX[GH
G«WUHVVHFDP«UDGHUHFXOUHODLV5(
5( 5«WURYLVHXUVFRQWU¶OHGHQLYHDXGHOLTXLGHGHODYHJODFHU«FKDXIIDJHGXFDUEXUDQWFRPPXWDWHXUGH
SURMHFWHXUVGHWUDYDLOIXVLEOH)8IXVLEOH)8UHODLV5(
5( 7HQVLRQG DOLPHQWDWLRQ9(&8SULVHG HQWUHWLHQ93JUDLVVDJHFHQWUDOUHODLV5(WHQVLRQ
G DOLPHQWDWLRQ9(&8
&DUDFW«ULVWLTXHV
6\VWªPH«OHFWULTXH
$XWUHVUHODLV
5( )8 )8 5(
5(
5(
5(
5(
5(
5(
9
9
3RVLWLRQFRPSDUWLPHQWPRWHXU 3RVLWLRQER°WLHUGHGLVWULEXWLRQ«OHFWULTXHGDQVODFDELQH
5(
)8
9
3RVLWLRQVRXVOHSDQQHDXGHFRPPDQGH
5( 3U«FKDXIIDJHG DLUG DGPLVVLRQ
5( (VVXLHJODFHOXQHWWHDUULªUH «TXLSHPHQWRSWLRQQHO
5( )UHLQGHFKDUJHPHQWHWGHEDVFXOHPHQW
5( 0LQXWHULHGHFKDXIIDJHGHFDELQHPLQXWHULHGHYHQWLODWHXUGHFDELQH «TXLSHPHQWRSWLRQQHO
5( &KDXIIDJHGHPRWHXUHWGHFDELQHDXJD]ROH «TXLSHPHQWRSWLRQQHO
5( &KDXIIDJHGHPRWHXUHWGHFDELQHDXJD]ROH «TXLSHPHQWRSWLRQQHO
5( *UDLVVDJHDXWRPDWLTXH «TXLSHPHQWHQRSWLRQ

&DUDFW«ULVWLTXHV
%R°WHGHYLWHVVHV
%R°WHGHYLWHVVHV
7UDQVPLVVLRQ
%R°WHGHYLWHVVHV
0DUTXH 9ROYR
7\SH %R°WHGHYLWHVVHVDXWRPDWLTXH¢WUDLQVSODQ«WDLUHVDYHFQHXI
UDSSRUWVHQPDUFKHDYDQWHWWURLVUDSSRUWVHQPDUFKHDUULªUH
'«VLJQDWLRQ 37
&RQYHUWLVVHXUGHFRXSOHW\SH 6LPSOH«WDJHDYHFVWDWRU¢URXHOLEUHHWHPEUD\DJHGHSULVH
GLUHFWHDXWRPDWLTXH /RFNXS
%R°WHWUDQVIHUW
0DUTXH 9ROYR
'«VLJQDWLRQ ,/$7&
3ULVHGHIRUFH 3RXUSRPSHK\GUDXOLTXHDVVHUYLHDX[URXHV
7UDFWLRQ URXHVPRWULFHVFRQVWDPPHQWHQSULVH
%ORFDJHVGHGLII«UHQWLHOV
/RQJLWXGLQDO 'DQVODER°WHWUDQVIHUW
7UDQVYHUVDX[ 6XUOHVSRQWVPRWHXUV
3RQWVPRWHXUV
(O«PHQWWUDFWHXU 3RQWDYDQWGHV 3RQWDUULªUHGHV
WDQGHPV WDQGHPV
0DUTXH 9ROYR 9ROYR 9ROYR
'«VLJQDWLRQ$)$))6 $5%+ $5%+ $5%+
'«VLJQDWLRQ$)$))6 $5%+ $5%+ $5%+
&DUWHUGHGLII«UHQWLHO
WDQGHPV WDQGHPV
0DUTXH 9ROYR 9ROYR 9ROYR
5DSSRUWGHG«PXOWLSOLFDWLRQ$)$))6
5DSSRUWGHG«PXOWLSOLFDWLRQ$)$))6
%ORFDJHVGHGLII«UHQWLHOV $FFRXSOHPHQW¢ $FFRXSOHPHQW¢ $FFRXSOHPHQW¢
FUDERWV FUDERWV FUDERWV
URXHVPRWULFHV (QWUD°QHPHQWSDU
DFFRXSOHPHQW¢
FUDERWVGDQV
O HVVLHXGHWDQGHP
DYDQW
&DUDFW«ULVWLTXHV
%R°WHGHYLWHVVHV
5«GXFWHXUGHPR\HX
WDQGHPV WDQGHPV
7\SH 5«GXFWHXU 5«GXFWHXU 5«GXFWHXU
SODQ«WDLUH SODQ«WDLUH SODQ«WDLUH
5DSSRUWGHG«PXOWLSOLFDWLRQ
3ODJHVGHYLWHVVHV PD[L
$XU«JLPHPRWHXUGHWUPLQ WUV HWDYHFSQHXV
VWDQGDUG
5DSSRUW
0DUFKH$9
$) $)
ªUH NPK PSK NPK PSK
ªPH NPK PSK NPK PSK
0DUFKH$5
ªUH NPK PSK NPK PSK

&DUDFW«ULVWLTXHV
)UHLQV
)UHLQV
6\VWªPHGHIUHLQDJH
)UHLQVGHURXWH
)UHLQV¢EDLQG KXLOHHQWLªUHPHQWK\GUDXOLTXHV¢GRXEOHFLUFXLW
8QFLUFXLWSRXUOHWUDFWHXUHWXQSRXUODUHPRUTXH
)UHLQ¢GLVTXHDFWLRQQ«SDUUHVVRUW¢FRPPDQGHSQHXPDWLTXH
P«FDQLTXHDJLVVDQWVXUO DUEUHGHWUDQVPLVVLRQGHODUHPRUTXH
$JLWVXUO HVVLHXDYDQWHWVXUO HVVLHXGHWDQGHPDYDQWFDUOH
EORFDJHGHGLII«UHQWLHOGDQVODER°WHGHWUDQVIHUWHVWDFWLY«
DXWRPDWLTXHPHQWORUVTXHOHIUHLQGHVWDWLRQQHPHQWHVWVHUU«
&DUDFW«ULVWLTXHV
5«JXODWHXUG DLUFRPSULP«
3UHVVLRQG HPEUD\DJH ದN3D ದEDU
3UHVVLRQGHG«OHVWDJH ದN3D ದEDU
&RPSUHVVHXU
7\SH &RPSUHVVHXU¢SLVWRQPRQRF\OLQGUH
5«VHUYRLUVG DLUFRPSULP«
4XDQWLW«
5«VHUYRLUGHU«J«Q«UDWLRQGHOLWUHV
5«VHUYRLUGHFLUFXLWGHOLWUHV
6RXSDSHGHV½UHW«
3UHVVLRQG RXYHUWXUH sN3D sEDU sSVL
'HVVLFFDWHXUG DLU
4XDQWLW«
5«VHUYRLUG«VK\GUDWHXU

&DUDFW«ULVWLTXHV
'LUHFWLRQ
'LUHFWLRQ
6\VWªPHGHGLUHFWLRQ
7\SHGHGLUHFWLRQ 'LUHFWLRQSDUDUWLFXODWLRQFHQWUDOHK\GURP«FDQLTXH
$QJOHGHEUDTXDJH r
0RXYHPHQWGXYRODQWGHGLUHFWLRQ WRXUV
3UHVVLRQPD[ 03D EDUV SVL
&DUDFW«ULVWLTXHV
5RXH
5RXH
7DLOOHVHWSUHVVLRQVGHVSQHXPDWLTXHV
6LG DXWUHVSQHXPDWLTXHVTXHFHX[LQGLTX«VVRQWXWLOLV«V
FRQVXOWHUOHIDEULFDQWGHVSQHXPDWLTXHVSRXUOHVSUHVVLRQVGH
JRQIODJHFRUUHFWHV
3UHVVLRQGHJRQIODJHGHVSQHXVGH
$)$))6
WRQQHVP«WULTXHVGHFKDUJH
3QHXV
9
%ULGJHVWRQH59/7 N3D SVL

*RRG<HDU5*3' N3D SVL
*RRG<HDU57/$ N3D SVL
0LFKHOLQ5;$'1 N3D SVL
0LFKHOLQ5;683(57(55$,1 N3D SVL
0LFKHOLQ5;$' N3D SVL
<RNRKDPD557 N3D SVL
3UHVVLRQGHJRQIODJHGHVSQHXVGH
$)$))6
WRQQHVP«WULTXHVGHFKDUJH
3QHXV
9

*RRG<HDU57/$ N3D SVL
0LFKHOLQ5;$'1 N3D SVL
0LFKHOLQ5;$' N3D SVL
0LFKHOLQ5;683(57(55$,1 N3D SVL
<RNRKDPD557 N3D SVL
FURXVGHURXHFRXSOHGHVHUUDJH

&RXSOHVGHVHUUDJH 1P OEIIW
&DUDFW«ULVWLTXHV
6XVSHQVLRQ
6XVSHQVLRQ
9«ULQGHVXVSHQVLRQ)6FDUDFW«ULVWLTXHV
WHFKQLTXHV
$))6 $))6
1RPEUHGHF\OLQGUHV
$O«VDJHGHF\OLQGUHHVVLHXDYDQW PP LQ PP LQ
$O«VDJHGHF\OLQGUHHVVLHX[DUULªUH PP LQ PP LQ
'LDPªWUHGHWLJHGHSLVWRQHVVLHXDYDQW PP LQ PP LQ
'LDPªWUHGHWLJHGHSLVWRQHVVLHX[DUULªUH PP LQ PP LQ
&RXUVHHVVLHXDYDQW PP LQ PP LQ
&RXUVHHVVLHX[DUULªUH PP LQ PP LQ
1RPEUHG DFFXPXODWHXUVHVVLHXDYDQW
1RPEUHG DFFXPXODWHXUVHVVLHX[DUULªUH
&DUDFW«ULVWLTXHV
&DELQH
&DELQH
*«Q«UDOLW«V
/DFDELQHHVWPRQW«HVXUWDPSRQVHQFDRXWFKRXFLVRO«HHWPXQLHG XQSODQFKHUSODWUHFRXYHUWG XQWDSLVHQ
FDRXWFKRXF
7HVW«HHWKRPRORJX«HHQWDQWTXHFDELQHGHV«FXULW«5236WHVW«HFRQIRUP«PHQW¢,62ದHW)236
WHVW«HFRQIRUP«PHQW¢,62ದ
$P«QDJHPHQWLQW«ULHXUGHODFDELQH 5«VLVWDQFHDXIHXPHVXU«HFRQIRUP«PHQW¢,62
5«SRQGDXVVL¢0966
1RPEUHG LVVXHVGHVHFRXUV YLWUHVODW«UDOHVGURLWHHWJDXFKH
&KDXIIDJHHWYHQWLODWLRQ
(QYHUVLRQGHEDVHODPDFKLQHGLVSRVHG XQV\VWªPHGHFKDXIIDJHHWGHYHQWLODWLRQDYHFG«JLYUDJHGHWRXWHV
OHVYLWUHVHWU«SDUWLWLRQRSWLPDOHGHO DLU/HYHQWLODWHXUGHFDELQHHVWXQYHQWLODWHXUUDGLDOGRXEOH¢YLWHVVH
LQILQLPHQWYDULDEOH/DFOLPDWLVDWLRQHVWGLVSRQLEOHHQRSWLRQ
&KDXIIDJHGHPRWHXUHWGHFDELQHDXJD]ROH «TXLSHPHQWRSWLRQQHO
0DFKLQHV«TXLS«HVG XQ FKDXIIDJHGHPRWHXUHWGHFDELQH
3XLVVDQFHPD[ N:
&RQVRPPDWLRQGHFDUEXUDQWPD[L OK
&RQVRPPDWLRQ«OHFWULTXHPD[L :
0DFKLQHV«TXLS«HVGHGHX[ FKDXIIDJHVGHPRWHXUHWGHFDELQH
3XLVVDQFHPD[ N:
&RQVRPPDWLRQGHFDUEXUDQWPD[L OK
&RQVRPPDWLRQ«OHFWULTXHPD[L :
9ROXPHGHU«VHUYRLUVXSSO«PHQWDLUH O
4XDOLW«GHJD]ROH
3RXUOHVWHPS«UDWXUHVMXVTX ¢r& r) XWLOLVHUGXJD]ROHVS«FLDOKLYHUVHORQ',1(1
3RXUOHVWHPS«UDWXUHVFRPSULVHVHQWUHr& r) HWr& r) XWLOLVHUGXJD]ROHVS«FLDODUFWLTXHRX
SRODLUH
3RXUOHVPDFKLQHV«TXLS«HVG XQU«VHUYRLUVXSSO«PHQWDLUHSRXUOHFKDXIIDJHGHPRWHXUHWGHFDELQHOHJD]ROH
SHXW¬WUHP«ODQJ«¢GXN«URVªQHDXEHVRLQ
'DQVFHUWDLQVFDVSDUWLFXOLHUVHW¢GHVWHPS«UDWXUHVVXS«ULHXUHV¢r& r) GXFRPEXVWLEOHOLTXLGHFRQIRUPH
¢ODQRUPH',1SHXW¬WUHXWLOLV«
6LªJHFRQGXFWHXU &HWWHPDFKLQHHVW«TXLS«HG XQVLªJHFRQGXFWHXUU«SRQGDQWDX[

FULWªUHVGHVQRUPHV(1,62HW(0
5«JODJHHQKDXWHXU U«JODJHUDSLGH PP LQ
5«JODJHORQJLWXGLQDO PP LQ
5«JODJHSRXUSRLGVGXFRQGXFWHXU ದNJ ದOE
5«JODJHGXGRVVLHU LQFOLQDLVRQU«JODEOH r
*DUQLWXUH ,QLQIODPPDEOH
&HLQWXUHGHV«FXULW«YHQWUDOHDYHFHQURXOHXU 2XL
&DUDFW«ULVWLTXHV
&DELQH
,QIRUPDWLRQFRQFHUQDQWOHVYLEUDWLRQVHWOH
QLYHDXVRQRUH
9LEUDWLRQVGDQVOHVPDLQVHWOHVEUDV
/HVYLEUDWLRQVGDQVOHVPDLQVHWOHVEUDVJ«Q«U«HVHQFRQGLWLRQV
GHWUDYDLOU«HOOHVVLODPDFKLQHHVWXWLOLV«HGHODID©RQSU«YXH
VRQWLQI«ULHXUHV¢XQHDFF«O«UDWLRQ506 YDOHXUTXDGUDWLTXH
PR\HQQH GHPVFRQIRUP«PHQW¢,62
9LEUDWLRQVDXFRUSVHQWLHU
/ «PLVVLRQGHYLEUDWLRQVDXFRUSVHQWLHUHQFRQGLWLRQ
G H[SORLWDWLRQU«HOOHHWGDQVO XWLOLVDWLRQSRXUODTXHOOHODPDFKLQH
D«W«FRQ©XHHVWG«WDLOO«GDQVOHWDEOHDXFLGHVVRXV
9LEUDWLRQV«PLVHVYDOHXU 9LEUDWLRQV«PLVHVYDOHXU 9LEUDWLRQV«PLVHVYDOHXU

&RQGLWLRQVGHWUDYDLO
DZHT[ DZHT\ DZHT]
W\SLTXHV
PVtHII PVtHII PVtHII
&KDUJHPHQW
7UDQVSRUWHQFKDUJH
9LGDQJH
7UDQVSRUWVDQVFKDUJH
/HVVHQVGHVYLEUDWLRQVVXLYDQWVSHXYHQW¬WUHG«ILQLVFRPPH
VXLW
[ ORQJLWXGLQDOH
\ ODW«UDO
] YHUWLFDO
/HVYDOHXUVGHYLEUDWLRQVDXFRUSVHQWLHULQGLTX«HVFLGHVVXV
SURYLHQQHQWGHV5DSSRUWV7HFKQLTXHV,62&(1
$9,6
/HVYDOHXUVG «PLVVLRQVGHYLEUDWLRQVGDQVWRXWOHFRUSVRQW«W«
G«WHUPLQ«HVGDQVGHVFRQGLWLRQVVS«FLILTXHVGHIRQFWLRQQHPHQW
HWGHWHUUDLQ'ªVORUVHOOHVQHVRQWSDVUHSU«VHQWDWLYHVWRXWHV
OHVFRQGLWLRQVSRXYDQWVXUYHQLUGDQVOHFDGUHG XQHXWLOLVDWLRQ
QRUPDOHGHODPDFKLQH(OOHVQHGRLYHQWGRQFSDV¬WUHHPSOR\«HV
VHXOHVSRXUG«WHUPLQHUO H[SRVLWLRQDX[YLEUDWLRQVWUDQVPLVHVDX
FRUSVHQWLHUGHO RS«UDWHXUGHODPDFKLQH$FHWWHILQOHV
LQIRUPDWLRQVGX5DSSRUW7HFKQLTXH,62&(1VRQW
UHFRPPDQG«HV
3RXUV DVVXUHUTXHOHVYLEUDWLRQVJ«Q«U«HVDXFRUSVHQWLHUVRQW
PDLQWHQXHV¢ODYDOHXUODSOXVEDVVHSRVVLEOHSHQGDQWODFRQGXLWH
GHODPDFKLQHYRLUSDJH
,QIRUPDWLRQVFRQFHUQDQWOHEUXLW
$)$))6 $)$))6
1LYHDXGHSUHVVLRQDFRXVWLTXH /S$ DXSRVWHGH
/S$G% $ /S$G% $
FRQGXLWH P«WKRGHGHPHVXUHFRQIRUPH¢,62
&DUDFW«ULVWLTXHV
&DELQH
1LYHDXGHSXLVVDQFHDFRXVWLTXH /Z$ DXWRXUGHOD

PDFKLQH 0«WKRGHGHPHVXUHFRQIRUPH¢
/Z$G% $ /Z$G% $
(&DYHFDQQH[HVDSSOLFDEOHVHWP«WKRGHGHPHVXUH
FRQIRUPHV¢,62
1LYHDXGHSXLVVDQFHDFRXVWLTXH /Z$ DXWRXUGHOD
PDFKLQH 0«WKRGHGHPHVXUHFRQIRUPH¢
(&DYHFDQQH[HVDSSOLFDEOHVHWP«WKRGHGHPHVXUH /Z$G% $ /Z$G% $
FRQIRUPHV¢,62 $$YHF«TXLSHPHQW
LQVRQRULVDQWHQRSWLRQ

&DUDFW«ULVWLTXHV
6\VWªPHK\GUDXOLTXH
6\VWªPHK\GUDXOLTXH
6\VWªPHK\GUDXOLTXH
6\VWªPHGHEDVFXOHPHQW
$)$))6 $)$))6
9«ULQV 1RPEUH 1RPEUH
7\SH $GRXEOHHIIHW $GRXEOHHIIHW
7HPSVGHEDVFXOHPHQW VHFRQGHV VHFRQGHV
7HPSVGHGHVFHQWH VHFRQGHV VHFRQGHV
$QJOHGHEDVFXOHPHQW r r
&DUDFW«ULVWLTXHV
3RLGVGHODPDFKLQH
3RLGVGHODPDFKLQH
$)
/HVSRLGVVRQWDSSOLFDEOHVDYHFSQHXV5
3RLGV $)
3RLGVHQRUGUHGHPDUFKH DYHFFRQGXFWHXUHWWRXV NJ OE
OHVOLTXLGHV
3UHVVLRQVXUHVVLHXDYDQW SRLGVHQRUGUHGHPDUFKH NJ OE
3UHVVLRQVXUHVVLHXWDQGHP SRLGVHQRUGUHGH NJ OE
PDUFKH
&KDUJHPD[DXWRULV«HVXUO HVVLHXDYDQW NJ OE
&KDUJHPD[DXWRULV«HVXUOHWDQGHP NJ OE
&KDUJHPD[L NJ OE
3RLGVEUXW NJ OE
$))6
3RLGV $)
OHVOLTXLGHV
PDUFKH
&KDUJHPD[L NJ OE
3RLGVEUXW NJ OE

6LODPDFKLQHHVW«TXLS«HGHUHKDXVVHVSRXUPDW«ULDXO«JHUOHSRLGVHQRUGUHGHPDUFKHDXJPHQWHUDGHNJ
OE
OE
&DUDFW«ULVWLTXHV
3RLGVGHODPDFKLQH
$)
3RLGV $)
OHVOLTXLGHV
PDUFKH
&KDUJHPD[L NJ OE
3RLGVEUXW NJ OE
$))6
3RLGV $))6
OHVOLTXLGHV
PDUFKH
&KDUJHPD[L NJ OE
3RLGVEUXW NJ OE
OE
OE
&DUDFW«ULVWLTXHV
3RLGVGHODPDFKLQH
3RLGV
+DXOHUFKDVVLV
$)+&
3RLGV $)+&
3RLGVHQRUGUHGHPDUFKH DYHFFRQGXFWHXUHWWRXVOHV NJ OE
OLTXLGHV
3UHVVLRQVXUHVVLHXWDQGHP SRLGVHQRUGUHGHPDUFKH NJ OE
&KDUJHPD[L NJ OE
3RLGVEUXW NJ OE
$)+&
3RLGV $)+&
3RLGVHQRUGUHGHPDUFKH DYHFFRQGXFWHXUHWWRXVOHV NJ OE
OLTXLGHV
3UHVVLRQVXUHVVLHXWDQGHP SRLGVHQRUGUHGHPDUFKH NJ OE
&KDUJHPD[L NJ OE
3RLGVEUXW NJ OE

&DUDFW«ULVWLTXHV
'LPHQVLRQV
'LPHQVLRQV
&DUDFW«ULVWLTXHV
'LPHQVLRQV
6FK«PDGLPHQVLRQQHO
$)$)
/HVOHWWUHVXWLOLV«HVVXUOHVLOOXVWUDWLRQVUHQYRLHQWDXWH[WHGHOD
SDJHVXLYDQWH
D
% 0
&
& -
.
D ; /
( ,
' ) * +
2
& 3
; ; 5 5
< 9
= :
1 1
D
$
$
$
&DUDFW«ULVWLTXHV
'LPHQVLRQV
/HVGLPHQVLRQVV DSSOLTXHQW¢XQHPDFKLQH¢YLGH«TXLS«HGHSQHXV5 $) HW5 $)

'LPHQVLRQV $) $)
/RQJXHXUWRWDOH $ PP LQ PP LQ
/RQJXHXUWRWDOHPRWHXU $ PP LQ PP LQ
/RQJXHXUWRWDOH«O«PHQWEHQQH $ PP LQ PP LQ
/RQJXHXUGHODEHQQHVWDQGDUG % PP LQ PP LQ
+DXWHXUWRWDOHDXQLYHDXGXFRQGXLW
& PP LQ PP LQ
G «FKDSSHPHQW
+DXWHXUMXVTX DXWRLWGHODFDELQH & PP LQ PP LQ
/DUJHXUKRUVWRXWGHODFDELQH & PP LQ PP LQ
'«SDVVHPHQWĕLOOHWVGHUHPRUTXDJH ' PP LQ PP LQ
'LVWDQFHHVVLHXDYDQWD[HYHUWLFDOGH
( PP LQ PP LQ
O DUWLFXODWLRQGHFK¤VVLV
(PSDWWHPHQWSRQWPRWHXUV ) PP LQ PP LQ
(PSDWWHPHQWSRQWVGHVWDQGHPV * PP LQ PP LQ
3RUWH¢IDX[$5 + PP LQ PP LQ
3RUWH¢IDX[FK¤VVLV , PP LQ PP LQ
+DXWHXUGHFKDUJHPHQW - PP LQ PP LQ
+DXWHXUMXVTX ¢ODEHQQH . PP LQ PP LQ
+DXWHXUGHG«YHUVHPHQWOLEUH / PP LQ PP LQ
+DXWHXUKRUVWRXWEHQQHUHOHY«H 0 PP LQ PP LQ
5D\RQGHEUDTXDJHH[W«ULHXU 1 PP LQ PP LQ
5D\RQGHEUDTXDJHLQW«ULHXU 1 PP LQ PP LQ
/DUJHXUH[W«ULHXUHEHQQH 2 PP LQ PP LQ
/DUJHXULQW«ULHXUHEHQQH 3 PP LQ PP LQ
*DUGHDXVROPLQEHQQH 5 PP LQ PP LQ
*DUGHDXVRODXQLYHDXGHVSRQWVGHO «O«PHQW
5 PP LQ PP LQ
EHQQH
+DXWHXUPD[GRVVHUHWGHEHQQH 8 PP LQ PP LQ
9RLH«O«PHQWEHQQH 9 PP LQ PP LQ
/DUJHXUWRWDOH«O«PHQWEHQQH : PP LQ PP LQ
*DUGHDXVROPLQWUDFWHXU ; PP LQ PP LQ
*DUGHDXVRODXQLYHDXGXSRQW«O«PHQWWUDFWHXU ; PP LQ PP LQ
*DUGHDXVRODXQLYHDXGHO DUWLFXODWLRQGHFK¤VVLV ; PP LQ PP LQ
9RLH«O«PHQWWUDFWHXU
/DUJHXUWRWDOH«O«PHQWWUDFWHXU
<
=
PP
PP
LQ

PP
PP
LQ
LQ

$QJOHG DWWDTXH D r r
$QJOHGHEDVFXOHPHQW D r r
$QJOHGHEUDTXDJHPD[L D r r
&DUDFW«ULVWLTXHV
'LPHQVLRQV
6FK«PDGLPHQVLRQQHO
$))6$))6
SDJHVXLYDQWH
D
% 0
&
& -
.
D ; /
( ,
' ) * +
2
& 3
; ; 5 5
< 9
= :
1 1
D
$
$
$
&DUDFW«ULVWLTXHV
'LPHQVLRQV
/HVGLPHQVLRQVV DSSOLTXHQW¢XQHPDFKLQH¢YLGH«TXLS«HGHSQHXV5 $))6 HW5 $)

)6
'LPHQVLRQV $))6 $))6
/RQJXHXUWRWDOHPRWHXU $ PP LQ PP LQ
/RQJXHXUWRWDOH«O«PHQWEHQQH $ PP LQ PP LQ
/RQJXHXUGHODEHQQHVWDQGDUG % PP LQ PP LQ
+DXWHXUWRWDOHDXQLYHDXGXFRQGXLWG «FKDSSHPHQW & PP LQ PP LQ
+DXWHXUMXVTX DXWRLWGHODFDELQH & PP LQ PP LQ
'«SDVVHPHQWĕLOOHWVGHUHPRUTXDJH ' PP LQ PP LQ
'LVWDQFHHVVLHXDYDQWD[HYHUWLFDOGHO DUWLFXODWLRQ
( PP LQ PP LQ
GHFK¤VVLV
3RUWH¢IDX[$5 + PP LQ PP LQ
+DXWHXUGHFKDUJHPHQW - PP LQ PP LQ
+DXWHXUMXVTX ¢ODEHQQH . PP LQ PP LQ
+DXWHXUGHG«YHUVHPHQWOLEUH / PP LQ PP LQ
+DXWHXUKRUVWRXWEHQQHUHOHY«H 0 PP LQ PP LQ
/DUJHXUH[W«ULHXUHEHQQH 2 PP LQ PP LQ
/DUJHXULQW«ULHXUHEHQQH 3 PP LQ PP LQ
*DUGHDXVRODXQLYHDXGHVSRQWVGHO «O«PHQW
5 PP LQ PP LQ
EHQQH
+DXWHXUPD[GRVVHUHWGHEHQQH 8 PP LQ PP LQ
9RLH«O«PHQWWUDFWHXU
/DUJHXUWRWDOH«O«PHQWWUDFWHXU
<
=
PP
PP
LQ
LQ
PP
PP
LQ
LQ

$QJOHGHEDVFXOHPHQW D r r
&DUDFW«ULVWLTXHV
'LPHQVLRQV
6FK«PDGLPHQVLRQQHO
+DXOHUFKDVVLVಧ$)+&HW$)+&
SDJHVXLYDQWH
9
&DUDFW«ULVWLTXHV
'LPHQVLRQV
'LPHQVLRQV
$)+& $)+&
/RQJXHXUWRWDOH«O«PHQWEHQQH % PP LQ PP LQ
=RQHOLEUH % PP LQ PP LQ
'LVWDQFHERUGDYDQWWDQGHPದFHQWUHGHFKDUQLªUH
% PP LQ PP LQ
GHG«YHUVHPHQW
'«FDODJHGXFHQWUHGHJUDYLW«GHSXLVOHERUGDYDQW
% PP LQ PP LQ
GXWDQGHP
+DXWHXUWRWDOHDXQLYHDXGXFRQGXLWG «FKDSSHPHQW & PP LQ PP LQ
+DXWHXUDXGHVVXVGHODFDELQH & PP LQ PP LQ
3RUWH¢IDX[DYDQW ' PP LQ PP LQ
'LVWDQFHHVVLHXDYDQWD[HYHUWLFDOGHO DUWLFXODWLRQ
( PP LQ PP LQ
GHFK¤VVLV
'«FDODJHGXFHQWUHGHJUDYLW«GHSXLVOHFHQWUHGX
+ PP LQ PP LQ
WDQGHP
'LVWDQFHFHQWUHGXWDQGHPದFHQWUHGHFKDUQLªUHGH
- PP LQ PP LQ
G«YHUVHPHQW
+DXWHXUDXVRPPHWGXFK¤VVLV . PP LQ PP LQ
'«FDODJHGXFHQWUHGHJUDYLW«GHSXLVOHVRPPHWGX
/ PP LQ PP LQ
FK¤VVLV
0RXYHPHQWPD[LGXWDQGHPKDXWHXU 0 PP LQ PP LQ
FDUWDXFHQWUHGHODEHQQH¢PRXYHPHQWPD[LGX
0 PP LQ PP LQ
WDQGHP
*DUGHDXVRODXQLYHDXGHVSRQWVGHO «O«PHQWEHQQH 5 PP LQ PP LQ

9RLH«O«PHQWWUDFWHXU < PP LQ PP LQ
/DUJHXUWRWDOH«O«PHQWWUDFWHXU = PP LQ PP LQ
/HVGLPHQVLRQVV DSSOLTXHQW¢XQHPDFKLQH¢YLGH«TXLS«HGHURXHV5
/HVGLPHQVLRQVV DSSOLTXHQW¢XQHPDFKLQH¢YLGH«TXLS«HGHURXHV5
3DVGHVXSHUVWUXFWXUHDXWRULV«HGDQVFHWWH]RQH9DODEOHSRXUWRXWHODODUJHXUGHODPDFKLQH
/HFHQWUHGHJUDYLW«HVWFDOFXO«SRXUXQHVXSHUVWUXFWXUHDYHFFKDUJHPD[LPDOHDXWRULV«H
&DUDFW«ULVWLTXHV
(QWUHWLHQKHXUHV 7\SHG HQWUHWLHQ 6LJQDWXUHHWFDFKHW
'DWH +HXUHV SUHPLªUHVKHXUHV

'DWH +HXUHV (QWUHWLHQHWPDLQWHQDQFH


'DWH +HXUHV SUHPLªUHVKHXUHV












&DUDFW«ULVWLTXHV



















&DUDFW«ULVWLTXHV













&KDXIIDJHPRWHXUHWFDELQHU«VHUYRLUGH
5HJLVWUH$OSKDE«WLTXH FDUEXUDQWVXSSO«PHQWDLUHILOWUHGH
$OLUHDYDQWGHSURF«GHU¢O HQWUHWLHQ UHQLIODUGUHPSODFHPHQW
$FFLGHQWV &ODYLHU«FUDQG LQIRUPDWLRQ
$FFXPXODWHXUFRQWU¶OH &OLPDWLVDWLRQ
$FWLYDWLRQGXV\VWªPHK\GUDXOLTXHHWGX &RPPDQGHV
IUHLQGHFKDUJHPHQWHWGHEDVFXOHPHQW &RPSDUWLPHQWGHUDQJHPHQW
$JU«PHQW&(GLUHFWLYH(0& &RPSRVDQWVGHV«FXULW«
$OWHUQDWHXU &RQGHQVHXUQHWWR\DJH
$PSRXOHUHPSODFHPHQW &RQGXLWH«FRORJLTXH
$UU¬W &RQIRUWGXFRQGXFWHXU
$UU¬WDXWRPDWLTXHGXPRWHXU &RQVLJQHVGHV«FXULW«ORUVGX
$UU¬WWHPSRULV« IRQFWLRQQHPHQW
$UWLFXODWLRQGHFK¤VVLVFRQWU¶OHHWU«JODJH &RXSHEDWWHULHV
GXMHX &RXUURLHFRQWU¶OHGHWHQGHXUGHFRXUURLH
$7& $XWRPDWLF7UDFWLRQ&RQWURO &U«SLQHG DVSLUDWLRQGHODSULVHGHIRUFH
$XWRFROODQWVG LQIRUPDWLRQHW QHWWR\DJH
G DYHUWLVVHPHQW &XOEXWDJH
%DWWHULHFRQWU¶OHGHO «OHFWURO\WH '«FKDUJHPHQW
%DWWHULHFRQWU¶OHGHO «WDWGHFKDUJH '«PDUUDJHDYHFEDWWHULHVGHG«PDUUDJH
%DWWHULHV GHVHFRXUV
%DWWHULHVFKDUJH '«SODFHPHQWVXUODYRLHSXEOLTXH
%HQQHEDVFXODQWH '«S¶WVDXIRQGGXU«VHUYRLUGHFDUEXUDQW
%HQQHEDVFXODQWHFKDXII«HSDUJD] YLGDQJH
G «FKDSSHPHQW '«WHQWHXUGHSUHVVLRQ
%HQQHEDVFXODQWHDEDLVVHPHQWDOWHUQDWLI 'LIIXVHXU(*5FRQWU¶OH
%ORFDJHGHGLII«UHQWLHOV 'LPHQVLRQV
%ORFDJHGHYLWHVVH 'LUHFWLRQ
%R°WH¢RXWLOV 'LVSRVLWLIDQWLYRO
%R°WHGHWUDQVIHUWFRQWU¶OHGHVIXLWHV 'RQQ«HVGHODPDFKLQHHQUHJLVWU«HV
%R°WHGHWUDQVIHUWQLYHDXG KXLOHFRQWU¶OH 'RXLOOHG DPSRXOHUHPSODFHPHQW
%R°WHGHWUDQVIHUWUHPSODFHPHQWGXILOWUH FUDQG DIILFKDJHGHVLQIRUPDWLRQV
GHUHQLIODUG G XWLOLVDWLRQ
%R°WHGHWUDQVIHUWYLGDQJHG KXLOH FUDQVG DODUPH
%R°WHGHYLWHVVHV FURXVGHURXHFRQWU¶OHGXVHUUDJH
%¶WLHU«OHFWULTXH FURXVGHURXHFRXSOHGHVHUUDJH
%RXJLHVG DOOXPDJHUHPSODFHPHQW (IIHFWXHUXQHU«J«Q«UDWLRQ
&DELQH (QWUHWLHQGHODSHLQWXUHGHILQLWLRQ
&DELQHILOWUHGHYHQWLODWLRQ TXLSHPHQWGHFRPPXQLFDWLRQLQVWDOODWLRQ
&DELQHILOWUHSULQFLSDOUHPSODFHPHQW (VVDLGHIRQFWLRQQHPHQWHWFRQWU¶OH
&DELQHSU«ILOWUHQHWWR\DJH (VVDLGHIRQFWLRQQHPHQWGLUHFWLRQGH
&DELQHSU«ILOWUHUHPSODFHPHQW VHFRXUV
&¤EOHVG DOOXPDJHUHPSODFHPHQW (VVDLVV\VWªPH
&DQDOLVDWLRQVHWF¤EOHVHQWHUU«V (VVLHX[
&DSDFLW«VG HQWUHWLHQHWLQWHUYDOOHVGH (VVXLHJODFH
YLGDQJH ([LJHQFHVHQYLURQQHPHQWDOHV
&DSRWPRWHXU ([SOLFDWLRQGHVV\PEROHV
&DUEXUDQW ([WHQVLRQHQKDXWHXUGHFDUURVVHULHSRXU
&DUEXUDQWUHPSOLVVDJH PDW«ULDXO«JHU
&DUH7UDFN )DLUHIRQFWLRQQHUODPDFKLQHHQPRQW«H
&HLQWXUHGHV«FXLULW«DEGRPLQDOH
&KDPS«OHFWURPDJQ«WLTXH &(0
&KDQJHPHQWGHYLWHVVH
)LOWUH¢DLU¢EDLQG KXLOHFRQWU¶OH
)LOWUH¢DLU¢EDLQG KXLOHQHWWR\DJH

&KDUJHPHQW )LOWUH¢DLUPRWHXU
&K¤VVLV )LOWUH¢DPLDQWH
&KDXIIDJHGHPRWHXUHWFDELQHILOWUH¢ )LOWUH¢FDUEXUDQWUHPSODFHPHQW
FDUEXUDQWUHPSODFHPHQW )LOWUH¢KXLOHGHWUDQVPLVVLRQ
&KDXIIDJHPRWHXUHWFDELQHFDUEXUDQW UHPSODFHPHQW
GLHVHO )LOWUH¢SDUWLFXOHVGLHVHOQHWWR\DJH

)LOWUHGHUHQLIODUGGHODWUDQVPLVVLRQ 0DQLSXODWLRQGHVPDW«ULDX[GDQJHUHX[

UHPSODFHPHQW 0HVVDJHY«KLFXOH
)LOWUHSULPDLUHGXILOWUH¢DLUPRWHXU 0HVXUHV¢SUHQGUHDYDQWODPLVHHQ
QHWWR\DJHHWUHPSODFHPHQW PDUFKH
)LOWUHVHFRQGDLUHGXILOWUH¢DLUPRWHXU 0HVXUHVHQFDVGHEORFDJH
UHPSODFHPHQW 0RGLILFDWLRQGHO LQWHUYDOOHGHJUDLVVDJH
)LOWUHVG D«UUDWLRQG HVVLHXUHPSODFHPHQW 0RGLILFDWLRQV
)L[DWLRQVPRWHXUHWIL[DWLRQVGHER°WHGH 0RWHXU
WUDQVIHUWFRQWU¶OH 0RWHXUGHG«PDUUDJH
)RQFWLRQQHPHQWGHVIUHLQVFRQWU¶OH 0RWHXUSU«ILOWUH¢DLUFRQWU¶OHQHWWR\DJH
)RQFWLRQQHPHQWHQGHVFHQWH 1HWWR\DJH
)RQFWLRQQHPHQWHQPRQW«HRXHQ 1HWWR\DJHGHODPDFKLQH
GHVFHQWH 1HWWR\DJHGXFRPSDUWLPHQWPRWHXU
)RQFWLRQQHPHQWKRUVURXWH 1LYHDXGHOLTXLGHGHUHIURLGLVVHPHQW
)236HW5236 FRQWU¶OH
)UHLQDX[LOLDLUH 1LYHDXG KXLOHGHUHIURLGLVVHPHQWGHV
)UHLQGHURXWH IUHLQVFRQWU¶OH
)UHLQGHVWDWLRQQHPHQW 1LYHDXG KXLOHK\GUDXOLTXHFRQWU¶OH
)UHLQDJH 1LYHDXG KXLOHPRWHXUFRQWU¶OH
)UHLQV 2EOLJDWLRQVGXFRQGXFWHXU
)UHLQVGHURXWHXVXUHGHVGLVTXHV 2S«UDWLRQGHWUDQVSRUW
FRQWU¶OH 2UJDQLJUDPPHGHJUDLVVDJHHWG HQWUHWLHQ
*UDLVVDJH 3KDUHVU«JODJH
*UDLVVDJHFHQWUDOLV«DXWRPDWLTXH 3ODTXHVGHSURWHFWLRQ
3ODTXHVSURGXLW
*UDLVVDJHFHQWUDOLV«DXWRPDWLTXHILOWUH 3ODTXHWWHVIUHLQGHVWDWLRQQHPHQW
QHWWR\DJHUHPSODFHPHQW 3QHXPDWLTXHVFRQWU¶OHGHODSUHVVLRQGH
*UDLVVH JRQIODJH
+DXOHUFKDVVLV 3QHXPDWLTXHVFRQWU¶OHGHO XVXUH
+XLOHGHER°WHGHYLWHVVHV 3RLGV
+XLOHGHER°WHGHYLWHVVHVQLYHDXFRQWU¶OH 3RLGVGHODPDFKLQH
3RLQWGHFRQJ«ODWLRQGXOLTXLGHGH
+XLOHGHILOWUH¢DLU¢EDLQG KXLOHYLGDQJH UHIURLGLVVHPHQWFRQWU¶OH
+XLOHGHUHIURLGLVVHPHQWGHVIUHLQV 3RLQWVGHJUDLVVDJHJUDLVVDJHFHQWUDO
UHPSODFHPHQWGXILOWUHG D«UDWLRQ 3RLQWVG HQWUHWLHQ
+XLOHGHUHIURLGLVVHPHQWGHVIUHLQV 3RPSH¢DLUKXLOHYLGDQJH
YLGDQJH 3RPSH¢DLUQLYHDXG KXLOHFRQWU¶OH
+XLOHK\GUDXOLTXH 3RQWVFRQWU¶OHGXQLYHDXG KXLOH
+XLOHPRWHXUHWILOWUHUHPSODFHPHQW 3RQWVFRQWU¶OHRFXODLUHGHO DEVHQFHGH
+\GUDXOLTXH IXLWHV
,QIRUPDWLRQ 3RQWVYLGDQJHG KXLOH
,QIRUPDWLRQFRQFHUQDQWOHVYLEUDWLRQVHWOH 3U«ILOWUH¢FDUEXUDQWUHPSODFHPHQW
QLYHDXVRQRUH 3U«SDUDWLRQVDYDQWOHVHUYLFH
,QVSHFWLRQJ«Q«UDOHGHPDFKLQH 3UHVVLRQG DFFXPXODWHXUUHO¤FKHPHQW
,QVSHFWLRQVG DUULY«HHWDYDQWOLYUDLVRQ 3U«YHQWLRQGHVLQFHQGLHV
,QVWUXFWHXUHPEDUTX« 3ULVHGHFRXUDQW
,QVWUXFWLRQVGHOLYUDLVRQ 3URJUDPPHG HQWUHWLHQ
,QVWUXFWLRQVGHURGDJH 3URWHFWLRQDQWLVXUU«JLPHGXPRWHXU
,QWHUUXSWHXUG DUU¬WG XUJHQFH 3XUJH
-HXGHO DUEUHGHWUDQVPLVVLRQFRQWU¶OH 5DGLDWHXUHWUHIURLGLVVHXUVQHWWR\DJH
/«JLVODWLRQGHVWDWV8QLVUHODWLYHVDX[ 5«FDSLWXODWLIGHVHQWUHWLHQV
«PLVVLRQV 5«FXS«UDWLRQHWUHPRUTXDJH
/HYDJHGHODPDFKLQH 5HIURLGLVVHXUG DLUGHVXUDOLPHQWDWLRQ
/LJQHD«ULHQQHKDXWHWHQVLRQ 5«J«Q«UDWLRQGXV\VWªPHGHSRVW
/LPLWDWLRQGHYLWHVVH WUDLWHPHQWGHVJD]G «FKDSSHPHQW
/LTXLGHGHUHIURLGLVVHPHQW 5«JODJHGHVIUHLQV
/LTXLGHGHUHIURLGLVVHPHQWYLGDQJH 5«JODJHV
/XEULILDQWVUHFRPPDQG«V 5ªJOHVGHV«FXULW«HQFDVG LQFHQGLH
/XEULILFDWLRQ 5HPSODFHPHQWGHO KXLOHK\GUDXOLTXH

5HPSODFHPHQWILOWUHVLQWHUYDOOH 7UDYDLOHQ]RQHVGDQJHUHXVHV

5HPSOLVVDJHGHOXEULILDQW 7UDYDLOSDUWHPSVIURLG
5«VHUYRLUGHFDUEXUDQWUHPSODFHPHQWGX 8QLW«G DIILFKDJH
ILOWUHG D«UDWLRQ 8WLOLVDWLRQ
5«VHUYRLUGHOLTXLGHODYHJODFH 8WLOLVDWLRQSU«YXH
5«VHUYRLUG KXLOHK\GUDXOLTXH«YDFXDWLRQ 9HQWLODWHXUGHUHIURLGLVVHPHQWILOWUH¢KXLOH
GHVV«GLPHQWV GHUHWRXUUHPSODFHPHQW
5«VHUYRLUVG DLUFRPSULP«YLGDQJH 9«ULQGHVXVSHQVLRQ)6FDUDFW«ULVWLTXHV
5HWRXFKHVGHSHLQWXUH WHFKQLTXHV
5«YLVLRQG HQWUHWLHQWRXWHVOHV 9HUURXLOODJHG DUWLFXODWLRQGHGLUHFWLRQ
HWKHXUHV 9HUURXLOODJHGHEHQQHEDVFXODQWH
5«YLVLRQG HQWUHWLHQWRXWHVOHVHW 9LEUDWLRQVWUDQVPLVHVDXFRUSVHQWLHU
KHXUHV 9LGDQJHKXLOHHWOLTXLGHVLQWHUYDOOH
5«YLVLRQG HQWUHWLHQWRXWHVOHV 9LVLELOLW«
HWKHXUHV 9LVLWHG HQWUHWLHQWRXWHVOHVKHXUHV
5RXH 9LVLWHG HQWUHWLHQWRXWHVOHVKHXUHV
5RXOHPHQWVJUDLVVDJH
6FK«PDGLPHQVLRQQHO
6«FXULW«GXFRQGXFWHXU
6«SDUDWHXUG HDXSXUJH
6LªJHFRQGXFWHXU
6RUWLHVHFRQGDLUH
6RXGDJH
6WDWLRQQHPHQW
6WUXFWXUHVVXSSO«PHQWDLUHV UDWWUDSDJHV
6XVSHQVLRQ
6\VWªPHG DOLPHQWDWLRQHQFDUEXUDQW
SXUJHG DLU
6\VWªPHGHFOLPDWLVDWLRQU«JODJH
6\VWªPHGHGLUHFWLRQ
6\VWªPHGHIUHLQDJH
6\VWªPHGHIUHLQDJHILOWUH¢KXLOHVRXV
SUHVVLRQUHPSODFHPHQW
6\VWªPHGHIUHLQDJHSXUJHG DLU
G «FKDSSHPHQW
6\VWªPH«OHFWULTXH
6\VWªPHK\GUDXOLTXH
6\VWªPHK\GUDXOLTXHILOWUHG D«UDWLRQ
6\VWªPHK\GUDXOLTXHUHPSODFHPHQWGX
ILOWUH¢KXLOHGHUHWRXU
6\VWªPHSQHXPDWLTXHUHPSODFHPHQWGHV
FDUWRXFKHVGHVVLFFDQWHV
7DLOOHVHWSUHVVLRQVGHVSQHXPDWLTXHV

7LSSV\VWHP
7UDQVPLVVLRQ
7UDQVPLVVLRQYLGDQJHGHO KXLOH
7UDYDLOGDQVO HDXRXVXUVROPDU«FDJHX[
7UDYDLOHQSHQWH
7UDYDLOHQ]RQHSROOX«H

Manuel D'entretien A40F-1

Transféré par

Informations du document

Titre original

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Manuel D'entretien A40F-1

Transféré par

Droits d'auteur :

Formats disponibles

A35F/A35F FS/A40F/A40FS

Traduction des instuctions d’origine.

Ref. no. PUB 20024337-C French

';;+ /DPDFKLQHHVW«TXLS«HG XQPRWHXUGLHVHOTXDWUHWHPSV

'«VLJQDWLRQGXPRWHXU (QYXHG LGHQWLILHUOHPRWHXUGRQWODPDFKLQHHVW«TXLS«HYRLU

1HV DSSOLTXHTX DX[PDFKLQHV¢PRWHXU';;+ 7LHU

/ XQLW«GHVXSSRUWSRVWWUDLWHPHQW $68 FRPSUHQGODSRPSH¢

/HV\VWªPH$$7& DQWLSDWLQDJHDXWRPDWLTXH FRPPDQGH

/HVPRGLILFDWLRQVGHFHWWHPDFKLQHLQFOXDQWO XWLOLVDWLRQG RXWLOV

6LODPDFKLQHHVWXWLOLV«HSRXUG DXWUHVXVDJHVRXDYHFG DXWUHV

&HPDQXHOG HQWUHWLHQFRQWLHQWG DXWUHVLQIRUPDWLRQVLPSRUWDQWHV

$XWRFROODQWG «FKDSSHPHQW';;+ 7LHUL

3RLQWG DUULPDJH DXWRFROODQWSRXUPDFKLQH)6 5RELQHWGHEDWWHULH

1LYHDXVRQRUH /Z$ ¢O H[W«ULHXUGHODPDFKLQH ,VVXHGHVHFRXUV

1LYHDXVRQRUH /S$ GDQVODFDELQH

&DSRWGXPRWHXU WLTXHWWHG HQWUHWLHQ

$YDQWOHWUDQVSRUWG XQHPDFKLQH)6VXUXQDXWUH 9

Y«KLFXOHDEDLVVHUODPDFKLQHDXPD[LPXP 6FK«PDGHUDOHQWLVVHXU ¢ODSDJH

9ROYRUHFRPPDQGH¢O DFKHWHXUG XWLOLVHUSRXUOHPRWHXUQRQ

$ILQGHGRFXPHQWHUO H[«FXWLRQG XQHQWUHWLHQFRUUHFWHWU«JXOLHU

9RWUHPDFKLQHHVW«TXLS«HG XQILOWUH¢SDUWLFXOHVGLHVHO '3) ,O

*\URSKDUHG DYHUWLVVHPHQW «TXLSHPHQWRSWLRQQHO

9 ,QWHUUXSWHXUHQIRQF«YHUVOHKDXW DXJPHQWDWLRQGHO LQWHQVLW«

,QWHUUXSWHXUHQIRQF«YHUVOHEDV U«GXFWLRQGHO LQWHQVLW«

 )HX[GHURXWH EOHX  &OLJQRWDQWV«O«PHQWEHQQH YHUW QRQXWLOLV«

$7& $XWRPDWLF7UDFWLRQ&RQWURO G«VDFWLY«H

,OH[LVWHGHX[YHUVLRQVG DIILFKDJHGHFRQGXLWH YRLUSDJH 

/HFODYLHUSHUPHWDXFRQGXFWHXUG REWHQLUO LQIRUPDWLRQG«VLU«H

FUDQG DIILFKDJHGHVLQIRUPDWLRQVG XWLOLVDWLRQ

,QGLFDWHXUG DQJOHG LQFOLQDLVRQ

7HPSGHOLTGHUHIURLG 1LYHDXG KXLOH

7HPS«UDWXUHG KXLOH 5«JLPHPRWHXU

3UHVVLRQG KXLOH 9LWHVVHG XWLOLVDWLRQ

 3UHVVLRQG KXLOHLQGLTXHOHVWDWXWDFWXHOGHODSUHVVLRQG KXLOH

;;;;;;;; ;;;; ;;;;;;; ,OLQGLTXHODGDWHO KHXUHOHW\SHGHPHVVDJHHWOHFRGHGHG«IDXW

 6XVSK\GUDXOLTXH )6 VRXVFHWWHOLJQHGXPHQXG HQWUHWLHQ

/HPHQXV DIILFKHDSUªVDYRLUHQIRQF«ODWRXFKHG LQIRUPDWLRQGH

&RQVRWRWDOH ;;;O  'LVWDQFHSHUPHWG DIILFKHUODGLVWDQFHSDUFRXUXHHQNPRX

5«JODJHGHO LQWHQVLW«OXPLQHXVHGHO «FUDQ

;;;;;;;; ;;;; ;;;;;;;  8WLOLVHUOHVWRXFKHVIO«FK«HVSRXUV«OHFWLRQQHUFHPHVVDJH

6LXQ«FUDQG DODUPHMDXQHV DIILFKHODUHFKHUFKHGHODFDXVHGH

,OQ HVWSDVSRVVLEOHG DOWHUQHUHQWUHGLII«UHQWVQLYHDXG DODUPH

7HPSG KXLOHPRWHXU«OHY«H 3DQQHPRWHXU

6XUU«JLPHPRWHXU 1LYHDXG KXLOHPRWHXUEDV

3UHVVLRQG KXLOHPRWHXUEDVVH 3UHVVLRQG DPSOLILFDWLRQGHSXLVVDQFH«OHY«H

9 9 

7HPS«UDWXUHG DPSOLILFDWLRQGHSXLVVDQFH«OHY«H 5«J«Q«UDWLRQHQVWDWLRQQHPHQWUHTXLVH

3DQQHGXV\VWªPHG «PLVVLRQGXPRWHXU (QWUHWLHQQ«FHVVDLUH

7HPS«UDWXUHG KXLOHGHWUDQVPLVVLRQ«OHY«H 1LYHDXG KXLOHGHWUDQVPLVVLRQ«OHY«

1LYHDXG KXLOHGHWUDQVPLVVLRQEDV 3UHVVLRQG KXLOHGHWUDQVPLVVLRQEDVVH

3DQQHV\VWGHIUHLQDJH 7HPSG KXLOHGHUHIURLGGHVIUHLQV«OHY«H

7HPSG KXLOHK\GUDXOLTXH«OHY«H 3DQQHKDXWHXUGHG«YHUVPD[L'«VDFWLYHU

FORVH (6& LQIR

7HPSVUHVWDQW;;;K $UU¬WG XUJHQFH

3DQQHGXV\VWªPHG LQMHFWLRQGHFDUEXUDQW 7HPSG KXLOHPRWHXU«OHY«H

3UHVVLRQG DPSOLILFDWLRQGHSXLVVDQFHEDVVH 3UHVVLRQG DPSOLILFDWLRQGHSXLVVDQFH«OHY«H

)LOWUH¢DLUFROPDW« 7HPS«UDWXUHG DPSOLILFDWLRQGHSXLVVDQFH«OHY«H

3DQQHPRWHXU 5HIURLGLVVHXUG DLUGHVXUDOLPHQWDWLRQFROPDW«

1LYHDXOLTGHUHIURLGEDV 1LYHDXG KXLOHPRWHXUEDV

9LWHVVHG XWLOLVDWLRQ 7HPS«UDWXUHGHVRUWLHGHFRPSUHVVHXUWXUER

9 9 

3UREGHSRVWWUDLWHPHQWGHVJD]G «FKDSSHPHQW 5«J«Q«UDWLRQQ«FHVVDLUH

3UHVVLRQG KXLOHGHWUDQVPLVVLRQEDVVH 7HPS«UDWXUHG KXLOHGHWUDQVPLVVLRQ«OHY«H

'«VLJQDWLRQGXPRWHXU (QYXHG LGHQWLILHUOHPRWHXUGRQWODPDFKLQHHVW«TXLS«HYRLU

/ XQLW«GHVXSSRUWSRVWWUDLWHPHQW $68 FRPSUHQGODSRPSH¢

/HVPRGLILFDWLRQVGHFHWWHPDFKLQHLQFOXDQWO XWLOLVDWLRQG RXWLOV

$XWRFROODQWG «FKDSSHPHQW';;+ 7LHUL

3RLQWG DUULPDJH DXWRFROODQWSRXUPDFKLQH)6 5RELQHWGHEDWWHULH

1LYHDXVRQRUH /Z$ ¢O H[W«ULHXUGHODPDFKLQH ,VVXHGHVHFRXUV

1LYHDXVRQRUH /S$ GDQVODFDELQH

&DSRWGXPRWHXU WLTXHWWHG HQWUHWLHQ

$YDQWOHWUDQVSRUWG XQHPDFKLQH)6VXUXQDXWUH 9

Y«KLFXOHDEDLVVHUODPDFKLQHDXPD[LPXP 6FK«PDGHUDOHQWLVVHXU ¢ODSDJH

9RWUHPDFKLQHHVW«TXLS«HG XQILOWUH¢SDUWLFXOHVGLHVHO '3) ,O

*\URSKDUHG DYHUWLVVHPHQW «TXLSHPHQWRSWLRQQHO

9 ,QWHUUXSWHXUHQIRQF«YHUVOHKDXW DXJPHQWDWLRQGHO LQWHQVLW«

)HX[GHURXWH EOHX &OLJQRWDQWV«O«PHQWEHQQH YHUW QRQXWLOLV«

$7& $XWRPDWLF7UDFWLRQ&RQWURO G«VDFWLY«H

,OH[LVWHGHX[YHUVLRQVG DIILFKDJHGHFRQGXLWH YRLUSDJH

FUDQG DIILFKDJHGHVLQIRUPDWLRQVG XWLOLVDWLRQ

7HPSGHOLTGHUHIURLG 1LYHDXG KXLOH

3UHVVLRQG KXLOHLQGLTXHOHVWDWXWDFWXHOGHODSUHVVLRQG KXLOH

;;;;;;;; ;;;; ;;;;;;; ,OLQGLTXHODGDWHO KHXUHOHW\SHGHPHVVDJHHWOHFRGHGHG«IDXW

6XVSK\GUDXOLTXH )6 VRXVFHWWHOLJQHGXPHQXG HQWUHWLHQ

&RQVRWRWDOH ;;;O 'LVWDQFHSHUPHWG DIILFKHUODGLVWDQFHSDUFRXUXHHQNPRX

;;;;;;;; ;;;; ;;;;;;; 8WLOLVHUOHVWRXFKHVIO«FK«HVSRXUV«OHFWLRQQHUFHPHVVDJH

6LXQ«FUDQG DODUPHMDXQHV DIILFKHODUHFKHUFKHGHODFDXVHGH

,OQ HVWSDVSRVVLEOHG DOWHUQHUHQWUHGLII«UHQWVQLYHDXG DODUPH

7HPSG KXLOHPRWHXU«OHY«H 3DQQHPRWHXU

9 9

3DQQHV\VWGHIUHLQDJH 7HPSG KXLOHGHUHIURLGGHVIUHLQV«OHY«H

7HPSG KXLOHK\GUDXOLTXH«OHY«H 3DQQHKDXWHXUGHG«YHUVPD[L'«VDFWLYHU

FORVH (6& LQIR

3DQQHGXV\VWªPHG LQMHFWLRQGHFDUEXUDQW 7HPSG KXLOHPRWHXU«OHY«H

1LYHDXOLTGHUHIURLGEDV 1LYHDXG KXLOHPRWHXUEDV

9 9

3UREGHSRVWWUDLWHPHQWGHVJD]G «FKDSSHPHQW 5«J«Q«UDWLRQQ«FHVVDLUH

3UHVVLRQG KXLOHGHWUDQVPLVVLRQEDVVH 7HPS«UDWXUHG KXLOHGHWUDQVPLVVLRQ«OHY«H

7HPSG KXLOHK\GUDXOLTXH«OHY«H 1LYHDXG KXLOHK\GUDXOLTXHEDV

&ODYLHU«FUDQG LQIRUPDWLRQ 5«JLPHPRWHXUDPSOLIL« «TXLSHPHQWRSWLRQQHO

G«VDFWLY«H SRVLWLRQOHPRWHXUV DUU¬WHLQVWDQWDQ«PHQW

9 3DUWLHVXS«ULHXUHGXFRPPXWDWHXUHQIRQF«H DUU¬WPRWHXU

3RXUFKDQJHUODSRVLWLRQGHO LQWHUUXSWHXURQGRLWG DERUGDEDLVVHU

&RPPDQGHVFRORQQHGHGLUHFWLRQ 3«GDOHG DFF«O«UDWHXU

)UHLQPRWHXU (VVXLHJODFHVXUOXQHWWH$5 «TXLSHPHQWRSWLRQQHO

3DUWLHVXS«ULHXUHGHO LQWHUUXSWHXUHQIRQF«H IRQFWLRQDFWLY«H

/ «FUDQDIILFKH(HWOHVGLRGHVURXJH DODUPH HWMDXQH QLYHDX

(QWU«HSHUPHWGHV«OHFWLRQQHURXG DFWLYHUO RSWLRQ

/DQJXH /DQJXDJH FHWWHRSWLRQSHUPHWG RXYULUOHPHQXGH

5«JODJHVFDP«UD &DPHUDVHWWLQJV $SSX\HUVXUOHERXWRQ

&DQDOYLG«R 6HWYLGHRFKDQQHO SHUPHWGHU«JOHUOHFDQDO

6LªJHLQVWUXFWHXU /DYLWHVVHGHODPDFKLQHGRLW¬WUHOLPLW«H¢NPK PSK

(VVD\HUG «WHLQGUHO LQFHQGLH

6LOHFRQWDFWHVWHQSRVLWLRQ2))O «FUDQV «WHLQWVHFRQGHV

&RGHVGH 'HVFULSWLRQGHOD &RPPHQWDLUHPHVXUH

&RGHVGH 'HVFULSWLRQGHOD &RPPHQWDLUHPHVXUH

DXWRPDWLTXHPHQW¢WUPLQ WUV DYDQWO HQJDJHPHQW

3RXUU«GXLUHO XVXUHGHVIUHLQVGHURXHVXWLOLVHUG DERUG

1HV DSSOLTXHTX DX[PDFKLQHV¢PRWHXU';;+ 7LHUL6WDJH

%HVRLQ $YHUWLVVHPHQWURXJH 6RQQHULHV

/RUVTXHO LQWHUUXSWHXU$UU¬WGXPRWHXUUHWDUG« YRLU HVW

3HQGDQWODGXU«HG DFWLYDWLRQGHO DUU¬WUHWDUG«OHWHPSVUHVWDQW

3RVLWLRQG DEDLVVHPHQW SRVLWLRQ

QHSDVRXEOLHUORUVGHO DUULPDJHG XQHPDFKLQH«TXLS«H

/) /&) /&5 /5 9

0$;NJ OE SRXU$)$))6

,QVWDOOHUO RXWLOGHOHYDJHVXUO HVVLHXDYDQWHWO HVVLHXGH

O XWLOLVDWLRQG XQFKDXIIHPRWHXUSDUWHPSVIURLG HQGHVVRXVGH

& HVWO RS«UDWHXUTXLGDQVXQHODUJHPHVXUHG«FLGHOXLP¬PH

' XQHPDQLªUHJ«Q«UDOHWRXWHVOHVLQVWUXFWLRQVG XWLOLVDWLRQ

'0$55(5 6723 ),1

$9$1&(5 5(&8/(5 '$1(5 $557' 85(1&(

/RUVTX LOUHVWHHQYLURQPªWUHVDYDQWG DWWHLQGUHOHOLHX

%ORTXHUO DUWLFXODWLRQGXFK¤VVLV¢O DLGHGHVRQYHUURXLOODJH

/HQLYHDXG KXLOHHVW«JDOHPHQWLQGLTX«¢O «FUDQYRLUSDJH

6 LO\DGHO HDXGDQVOHFDUEXUDQWXQ«FUDQG DODUPHHVWDIILFK«

&RQWU¶OH]O KXLOHGDQVVRQU«VHUYRLUWRXWHVOHVKHXUHV SOXV

&DSDFLW«SRXUODYLGDQJHOLWUHV 86JDO SDUILOWUH¢DLU¢

'«EUDQFKH]OHILOWUH¢DLUGXWX\DXG DVSLUDWLRQG DLUGXILOWUH¢

&RXSH]O DOLPHQWDWLRQ«OHFWULTXH¢O DLGHGXURELQHWGHEDWWHULH