Offres
API
Connexion
Documents similaires
Arrêté - Préfecture - Landes - RAA M 07 2002 cle074843
Arrêté - Préfecture - Landes - RAA M 04 2003 cle031d56
Arrêté - Préfecture - Landes - RAA M 03 2003 cle0b818c
Arrêté - Préfecture - Landes - RAA M 06 2003 cle0197a1
Arrêté - Préfecture - Landes - RAA M 07 2003 cle0f4a31
Arrêté - Préfecture - Landes - RAA M 02 2003 cle072d62
Arrêté - Préfecture - Landes - RAA M 05 2003 cle01d6d6
Arrêté - Préfecture - Landes - RAA M 04 2002 cle0231fd
Arrêté - Préfecture - Landes - RAA M 09 2003 cle0ad8f1
Arrêté - Préfecture - Landes - RAA M 12 2003 cle0465bb
Arrêté - Préfecture - Landes - RAA M 01 2003 cle033b44
Document publié le Mercredi 1 janvier 2003
Lien du pdf (Arrêté - Préfecture - Landes - RAA M 01 2003 cle033b44)
Thèmes du document : Industrie, Investissement et développement économique, Intelligence artificielle et robotique,
5e38%/,48()5$1d$,6(
35e)(&785('(6/$1'(6
BBBBBBBB
5(&8(,/ BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'(6 $&7(6 $'0,1,675$7,)6 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'(66(59,&(6'(/¶e7$7'$16 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
/( 'e3$57(0(17'(6/$1'(6 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB B
-$19,(5 1LOHVWSRVVLEOHGHFRQVXOWHUOH5$$GDQVVRQLQWpJUDOLWp
GDQVVDYHUVLRQSDSLHU
jODSUpIHFWXUHGH0RQWGH0DUVDQ
jODVRXVSUpIHFWXUHGH'D[
GDQVVDYHUVLRQpOHFWURQLTXH
VXUOHVLWH,QWHUQHWGHODSUpIHFWXUHZZZODQGHVSUHIJRXYIUMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV $
&$%,1(7'835e)(7
$55Ç7e3257$17'e/e*$7,21'(6,*1$785(¬0216,(85-($13,(55(0$55(&200,66$,5( 35,1&,3$/',5(&7(85'e3$57(0(17$/'(/$6e&85,7e38%/,48('(6/$1'(6 ),&+,(5'(6081,&,3$/,7(6 ),&+,(5'(6081,&,3$/,7(6
',5(&7,21'(/ $'0,1,675$7,21*(1(5$/((7'(/$5(*/(0(17$7,21
$55(7(' $8725,6$7,21'()21&7,211(0(17' 81((175(35,6('(6859(,//$1&((7'( *$5',(11$*( 35'$*51 $55(7('(5(75$,7'¶81($8725,6$7,21'()21&7,211(0(17' 81((175(35,6('( 6859(,//$1&((7'(*$5',(11$*( 35'$*51 $55(7(35()(&725$/3257$175(1289(//(0(17'(/$&200,66,21'(3$57(0(17$/('(6 6<67(0(6'(9,'(26859(,//$1&(
',5(&7,21'(6$))$,5(6'e&(175$/,6e(6
6<1',&$7,17(5&20081$/' (1/(9(0(17(7'(75$,7(0(17'(625'85(60(1$*(5(6'( &+$/266( 6,(720'(&+$/266( &20081$87('(&20081(6'8*$%$5'$1 35'$' 35'$' 6<1',&$70,;7(' (/,0,1$7,21'(6'(&+(76'(/$+$87(/$1'( 35'$' 35'$' 6<1',&$7,17(5&20081$/'8125'(67/$1'$,6 &20081$87('(&20081(6'83$<6'(5248()257 6<1',&$70,;7('83$<6/$1'(61$785(&27(' $5*(17 2)),&(38%/,&081,&,3$/' +/0'('$; 2)),&(38%/,&'(3$57(0(17$/' +/0'(6/$1'(6 6<1',&$7,17(5&20081$/' $0(1$*(0(17'8%$66,19(56$17'8%26 $&7(&2167,787,)'(/¶$662&,$7,21)21&,(5(85%$,1('(/$5(6,'(1&($48,7$1,$,,¬ 02/,(76(70$$ $&7(&2167,787,)'(/¶$662&,$7,216<1',&$/(/,%5('8/27,66(0(17'(6%58<(5(6¬ %,6&$55266( $&7(&2167,787,)'(/¶$662&,$7,216<1',&$/('(63523,5(7$,5(6'8/27,66(0(17 /(&/26'(6$5%286,(56¬3$5(17,6(1%251
',5(&7,21'(6$&7,216'(/¶e7$7
35'$(Ê0(%85($81 $55(7(3257$1702',),&$7,21'(/$&20326,7,21'(/¶2%6(59$72,5('(3$57(0(17$/ '¶(48,3(0(17&200(5&,$/ © /(*5$1'0$,/ ª¬6$,173$8//(6'$; © &$37$,12/,9(5 ª¬6$,173,(55('80217 (;7(16,21'8683(50$5&+(© &+$03,21 ª¬+$*(70$8
628635e)(&785(
$55(7(35()(&725$/3257$1702',),&$7,21'(667$7876'86,983285/(5(*5283(0(17 3('$*2*,48('(6(&2/,(56'(0,6621(70,0%$67(
32/,&('(/ ($8(7'(60,/,(8;$48$7,48(6
$55(7(35()(&725$/$8725,6$17/(0,1,67Ê5('(/ (48,3(0(17'(675$1632576'8 /2*(0(17'87285,60((7'(/$0(5¬5e$/,6(5(7¬(;3/2,7(5$87,75('(/$ /2,1'8-$19,(5685/ ($8/(62895$*(6&211(;(6¬/$'e9,$7,215287,Ê5( 3(50(77$17/(&2172851(0(17'(/¶$**/20e5$7,21'¶$,5(685/¶$'285686&(37,%/(6 '(3529248(5'(6())(76685/ ($8(7/(60,/,(8;$48$7,48(6 $55Ç7e
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7 $55Ç7e35e)(&725$/3257$175(1289(//(0(17'(/¶$662&,$7,21)21&,Ê5('( 5(0(0%5(0(17'(0286&$5'(6 $55Ç7e35e)(&725$/3257$175(1289(//(0(17'(/¶$662&,$7,21)21&,Ê5('( 5(0(0%5(0(17'(&$67$1'(7 $55Ç7e35e)(&725$/3257$175(1289(//(0(17'(/¶$662&,$7,21)21&,Ê5('( 5(0(0%5(0(17' $8%$*1$1 '(&,6,21'¶$8725,6$7,21'¶(;3/2,7(5$&&25'((¬0216,(857+,(55<&$=$8%21 QRYHPEUH 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV %
'(&,6,21'¶$8725,6$7,21'¶(;3/2,7(5$&&25'((¬0216,(853+,/,33(%23 '(&,6,21'¶$8725,6$7,21'¶(;3/2,7(5$&&25'((¬0216,(85$/$,1'83$57 '(&,6,21'¶$8725,6$7,21'¶(;3/2,7(5$&&25'((¬0216,(85$172,1('83$57 '(&,6,21'¶$8725,6$7,21'¶(;3/2,7(5$&&25'((¬0216,(85'20,1,48(/$)(1(75( '(&,6,21'¶$8725,6$7,21'¶(;3/2,7(5$&&25'((¬0216,(85*e5$5'328%/$1 '(&,6,21'¶$8725,6$7,21'¶(;3/2,7(5$&&25'((¬0216,(85',',(5/$',1 '(&,6,21'¶$8725,6$7,21'¶(;3/2,7(5$&&25'((¬0216,(856(5*('858 '(&,6,21'¶$8725,6$7,21'¶(;3/2,7(57(0325$,5($&&25'((¬0216,(85/8&,(1'(6328<6 '(&,6,21'¶$8725,6$7,21'¶(;3/2,7(57(0325$,5($&&25'((¬0216,(85%(575$1'/$9$//(( '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5/'(&+$0$/( '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/$6&($'(%((1; '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5/'(3,48(77( '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5/'(028121 '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5/6$,173,(55( '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5/$1$&/(7 '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5/'(%(//(526( '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5/'(75$2848(7 '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5// (&85(8,/ '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5/'(3(028,//$7 '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5/'(*8,0217 '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5//(/$11( '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5/%$5%$67( '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5/'(/$7$,//$'( '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/$6&($'()/2848(7 '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5/3,*1(0(7&+ '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5/'8)5(&+( '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5/'(/$66(*8(77( '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5/0$7+,28 '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5/'(/$+,77( '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5/'8&$67$*1(7 '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶($5/'(+(28*$ '(&,6,21' $8725,6$7,21' (;3/2,7(57(0325$,5($&&25'(($/¶($5//$*(/28=( '(&,6,21'(5()86' $8725,6$7,21' (;3/2,7(5&21&(51$170216,(85&+5,67,$1 '(6%(5%$648(
',5(&7,21'(3$57(0(17$/('(/¶$*5,&8/785((7'(/$)25(76(59,&(6 9e7e5,1$,5(6 691 691
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6 $55Ç7e $55Ç7e $55Ç7e''$661$8725,6$17'(',63(16(5'(662,16$8;$6685e662&,$8;3285 3/$&(6$8)2<(5'¶$&&8(,/0e',&$/,6e5e6,'(1&(7$51262&e$1¬7$5126 $55Ç7e''$661'8'e&(0%5(),;$17/()25)$,762,16$33/,&$%/(¬&2037(5 '8-$19,(5$8)2<(5'¶$&&8(,/0e',&$/,6e5e6,'(1&(7$51262&e$1¬7$5126 $55Ç7e''$661'8'e&(0%5(),;$17/(635,;'(-2851e($33/,&$%/(6¬ 7,75(&216(59$72,5(¬/¶,167,7870e',&2('8&$7,)/(6+,521'(//(6¬0217'(0$56$1 ¬&2037(5'8(5-$19,(5 $55Ç7e''$661'8'e&(0%5(),;$17¬7,75(&216(59$72,5(/$'27$7,21 */2%$/(&21&(51$17/¶(;(5&,&(%8'*e7$,5('86(59,&('¶('8&$7,2163e&,$/((7'( 62,16¬'20,&,/(5$77$&+e¬/¶,167,787&+$/266$,6'(5ee'8&$7,21 $55Ç7e''$661'8-$19,(5),;$17/(35,;'(-2851e($33/,&$%/(¬7,75( &216(59$72,5(¬/¶,17(51$7(7$86(0,,17(51$7'(/¶,167,787&+$/266$,6'( 5ee'8&$7,21'¶+$*(70$8¬&2037(5'8(5 -$19,(5 $55Ç7e''$661'8'e&(0%5(),;$17¬7,75(&216(59$72,5(/$'27$7,21 */2%$/(&21&(51$17/¶(;(5&,&(%8'*e7$,5('86(59,&('¶('8&$7,2163e&,$/((7'( 62,16¬'20,&,/( 6(66' '(/¶$662&,$7,21'(63$5$/<6e6'()5$1&(¬0217'(0$56$1 $55Ç7e''$661'8'e&(0%5(),;$17/(7$5,)$33/,&$%/(¬7,75( &216(59$72,5($8&033'8&(175('e3$57(0(17$/'(/¶(1)$1&(¬&2037(5 '8(5 -$19,(5 $55Ç7e''$661'8'e&(0%5(),;$17/(635,;'(-2851e($33/,&$%/(6¬ 7,75(&216(59$72,5(¬/¶,167,7870e',&2('8&$7,)(7352)(66,211(/¬0,0,=$1¬ &2037(5'8(5 -$19,(5 QRYHPEUH 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV &
$55Ç7e''$661'8'e&(0%5(),;$17/()25)$,7+(%'20$'$,5($33/,&$%/( ¬7,75(&216(59$72,5(¬&2037(5'8(5 -$19,(5¬/¶,533'8&(175( 'e3$57(0(17$/'(/¶(1)$1&(¬'$; $55Ç7e''$661'8'e&(0%5(),;$17/(635,;'(-2851e($33/,&$%/(6¬ 7,75(&216(59$72,5(¬/$0$,621'¶$&&8(,/63e&,$/,6e© 6,021(6,*125(7 ª¬ 0217'(0$56$1¬&2037(5'8(5 -$19,(5 $55Ç7e''$661'8'e&(0%5(),;$17/()25)$,7'(62,16$33/,&$%/(¬ 7,75(&216(59$72,5(¬&2037(5'8(5 -$19,(5$8)2<(5'(9,( ³&+Æ7($8'(&$81(,//(´¬&$81(,//( $55Ç7e1(1'$7('8-$19,(502',),$17/$'27$7,21*/2%$/((7/(6 7$5,)6'(35(67$7,216'8&(175(+263,7$/,(5'(6$,176(9(5 $55Ç7e1'8-$19,(502',),$17/$'27$7,21*/2%$/((7/(67$5,)6'( 35(67$7,216'8&(175('(/21*6e-285'(025&(1; $55Ç7e1'8-$19,(502',),$17/$'27$7,21*/2%$/((7/(67$5,)6'( 35(67$7,216'8&(175(+263,7$/,(5'(0217'(0$56$1 $55Ç7e1'8-$19,(502',),$17/$'27$7,21*/2%$/((7/(67$5,)6'( 35(67$7,216'8&(175('(62,16'(68,7((7'(5e$'$37$7,21±&(175('(62,16'( /21*8('85e(±,167,787© +e/,20$5,1 ª'(/$%(11( $55Ç7e1'8-$19,(502',),$17/$'27$7,21*/2%$/((7/(67$5,)6'( 35(67$7,216'(/$&/,1,48(0e',&$/((73e'$*2*,48(© -($16$55$,/+ ª'( $,5(685/¶$'285 $55Ç7e1'8-$19,(502',),$17/$'27$7,21*/2%$/((7/(67$5,)6'( 35(67$7,216'(/$0$,621'(5(326© 6$,17/28,6 ª¬%8*/26( $55Ç7e1'8-$19,(502',),$17/$'27$7,21*/2%$/((7/(67$5,)6'( 35(67$7,216'8&(175(+263,7$/,(5'('$; $55Ç7e1'8-$19,(502',),$17/$&20326,7,21'8&216(,/ '¶$'0,1,675$7,21'8&(175(+263,7$/,(5'(0217'(0$56$1 $55Ç7e1'8-$19,(502',),$17/$'27$7,21*/2%$/((7/(67$5,)6'( 35(67$7,216'86<1',&$7,17(5+263,7$/,(5'(6/$1'(6 $55Ç7e1'8-$19,(502',),$17/$'27$7,21*/2%$/((7/(67$5,)6'( 35(67$7,216'8&(175('(62,16'(68,7((7'(5e$'$37$7,21±&(175('(62,16'( /21*8('85e(±,167,787© +e/,20$5,1 ª'(/$%(11( $55(7(''$661'8-$19,(52895$1781&21&2856685(35(89(63285/( 5(&587(0(17'¶81021,7(85'¶$7(/,(5$/¶,0(37$51(7*$5211('(0,0,=$1 $55(7(''$661'8-$19,(53257$17289(5785('¶81&21&2856685 (35(89(63285/(5(&587(0(17'¶8135(3$5$7(85(13+$50$&,($8&(175(+263,7$/,(5 '(0217'(0$56$1 $9,6'(&21&28566857,75(3285/(5(&587(0(17'¶81(,1),50,Ê5(',3/Ð0e(e7$7¬ /¶(+3$'³/$3257('¶$48,7$,1(´58('(6%8,6±/$52&+(&+$/$,6 $9,6'(9$&$1&('¶813267('¶$*(17&+()Ê0(&$7e*25,('(9$17Ç75(328598$8&+2,; $9,6'(9$&$1&('¶813267('¶$*(177(&+1,48('¶(175(7,(1'(9$17Ç75(328598$8&+2,; $9,6'(9$&$1&('¶813267('(&2175(0$Ì75('(9$17Ç75(328598$8&+2,; $9,6'(9$&$1&('('(8;3267(6'(0$Ì75(2895,(5'(9$17Ç75(3285986$8&+2,; $9,6'(9$&$1&('(3267(6'¶2895,(56352)(66,211(/663e&,$/,6e6'(9$17Ç75( 3285986$8&+2,;
',5(&7,21'e3$57(0(17$/('(/$&21&855(1&('(/$&216200$7,21(7'(/$ 5e35(66,21'(6)5$8'(6
$55Ç7e5(/$7,)$8;7$5,)60$;,0$'(75$163257'(692<$*(8563$57$;,6$87202%,/(6 e48,3e6'(&2037(856+252.,/20e75,48(6'$16/('e3$57(0(17'(6/$1'(6
',5(&7,21'e3$57(0(17$/('(/¶e48,3(0(17
$55Ç7e35e)(&725$/1'8-$19,(53257$17'e/e*$7,21'(6,*1$785(¬ 0 0,&+(/5(121,1*e1,(85(1&+()'(632176(7&+$866e(6',5(&7(85'e3$57(0(17$/ '(/ (48,3(0(17
',5(&7,215e*,21$/('(6$))$,5(60$5,7,0(6 $55Ç7e'85(1'$172%/,*$72,5(6/(6'e/,%e5$7,2161±(71'8 2&72%5('8&20,7e5e*,21$/'(63Ç&+(60$5,7,0(6(7'(6e/(9$*(60$5,16'¶$48,7$,1( ),;$175(63(&7,9(0(17/(0217$17(7/(120%5('(/,&(1&(6'(3Ç&+('(/¶$1&+2,6¬/$ 6(11(72851$17( %2/,1&+( '$16/(6($8;'(/$',5(&7,21,17(5'e3$57(0(17$/('(6 $))$,5(60$5,7,0(6'(63<5e1e(6±$7/$17,48(6(7'(6/$1'(63285/¶$11e(
',5(&7,215e*,21$/('(6$))$,5(66$1,7$,5(6(762&,$/(6'¶$48,7$,1( QRYHPEUH 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV '
$55Ç7e02',),&$7,)'8129(0%5(&21&(51$17/(6<1',&$7,17(5+263,7$/,(5 '(6/$1'(6 $8725,6$7,21'e/,95e('$16/(&$'5('(6$57,&/(6/(7/'8&2'('(/$ 6$17e38%/,48($8&(175(+263,7$/,(5'(0217'(0$56$1 5(1289(//(0(17'(6 3/$&(6'¶$1(67+e6,(28&+,585*,($0%8/$72,5( 'e&,6,21'e/,95e('$16/(&$'5('(6$57,&/(6/(7/'8&2'('(/$6$17e 38%/,48($8&(175(+263,7$/,(5'(0217'(0$56$1± &219(56,21'(/,76 $8725,6$7,21'e/,95e('$16/(&$'5('(/¶$57,&/(/'8&2'('(/$6$17e38%/,48( $8&(175(+263,7$/,(5'(0217'(0$56$1± $8*0(17$7,21'(&$3$&,7e'(621 6(59,&('(*<1e&2/2*,(2%67e75,48( $8725,6$7,21'e/,95e('$16/(&$'5('(6$57,&/(6/(7/'8&2'('(/$6$17e 38%/,48($8&(175(+263,7$/,(5'('$;± 5(1289(//(0(17'(63/$&(6'¶$1(67+e6,( 28&+,585*,($0%8/$72,5( $8725,6$7,21'e/,95e('$16/(&$'5('(6$57,&/(6/(7/'8&2'('(/$ 6$17e38%/,48($8&(175(+263,7$/,(5'('$;± 5(1289(//(0(17'(63/$&(6 '¶+263,7$/,6$7,21¬7(0363$57,(/ $8725,6$7,21'e/,95e('$16/(&$'5('(6$57,&/(6/(7/'8&2'('(/$ 6$17e38%/,48(¬/¶$662&,$7,216$17e6(59,&('$;± 5(1289(//(0(17'(63/$&(6 '¶+263,7$/,6$7,21¬'20,&,/( $8725,6$7,21'e/,95e('$16/(&$'5('(6$57,&/(6/(7/'8&2'('(/$ 6$17e38%/,48(¬/$6$&/,1,48('(6/$1'(6¬0217'(0$56$1± 5(1289(//(0(17 '(63/$&(6'¶$1(67+e6,(28&+,585*,($0%8/$72,5( $8725,6$7,21'e/,95e('$16/(&$'5('(6$57,&/(6/(7/'8&2'('(/$ 6$17e38%/,48(¬/$6$&/,1,48('(6/$1'(6¬0217'(0$56$1± 5(1289(//(0(17 '¶81(3/$&('¶+263,7$/,6$7,21¬7(0363$57,(/ $8725,6$7,21'e/,95e('$16/(&$'5('(6$57,&/(6/(7/'8&2'('(/$ 6$17e38%/,48(¬/$6$&/,1,48('(6/$1'(6¬0217'(0$56$1± &(66$7,21'( /¶$&7,9,7e'¶2%67e75,48( 'e&,6,21 $55(7(3257$1702',),&$7,21'(/$/,67('(60(0%5(6'8&20,7('(*(67,21'8)21'6 '¶$,'($/$48$/,7('(662,16'(9,//('¶$48,7$,1(
',5(&7,215(*,21$/('875$9$,/'(/¶(03/2, '(/$)250$7,21 352)(66,211(//(
'e&,6,21'(5e081e5$7,21&(175('(5ee'8&$7,21352)(66,211(//('(&/$,59,95( 6$/$*1$& $55Ç7e3257$17$*5(0(17'(352*5$00(6'¶$&7,216'¶(78'(6'(5(&+(5&+(6(7 '¶(;3(5,0(17$7,21$87,75('(/¶$57,&/(/&2'('875$9$,/
6(59,&(5e*,21$/'(/ ,163(&7,21'875$9$,/'(/ (03/2,(7'(/$32/,7,48( 62&,$/($*5,&2/(6' $48,7$,1(
$9,6' (;7(16,21'(/ $9(1$171'8-$19,(5$/$&219(17,21&2//(&7,9('8 129(0%5(&21&(51$17/(6(;3/2,7$7,216$*5,&2/(6'8'(3$57(0(17'(6/$1'(6
0,1,67(5('(/ $*5,&8/785('(/¶$/,0(17$7,21'(/$3(&+((7'(6$))$,5(6 585$/(6
$9,6'(&21&2856(;7(51(3285/(5(&587(0(17'(0$,75(62895,(56'(6(7$%/,66(0(176 ' (16(,*1(0(17$*5,&2/( $9,6'(&21&2856(;7(51(3285/(5(&587(0(17' $'-2,1767(&+1,48(6'(66(59,&(6 '(&21&(175(6 MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
&$%,1(7'835e)(7
35&$%1
$55Ç7e3257$17'e/e*$7,21'(6,*1$785(¬0216,(85-($13,(55(0$55( &200,66$,5(35,1&,3$/',5(&7(85'e3$57(0(17$/'(/$6e&85,7e38%/,48('(6 /$1'(6
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHGpFUHWQGXPDLIL[DQWOHVGLVSRVLWLRQVFRPPXQHVDSSOLFDEOHVDX[IRQFWLRQQDLUHVDFWLIVGHVVHUYLFHVGHOD 3ROLFH1DWLRQDOH
9XOHGpFUHWQGXPDLSRUWDQWVWDWXWSDUWLFXOLHUGXFRUSVGHPDvWULVHHWG¶DSSOLFDWLRQGHOD3ROLFH1DWLRQDOH 9XOHGpFUHWQGXHU DRWUHODWLIDX[GLVSRVLWLRQVVWDWXWDLUHVFRPPXQHVDSSOLFDEOHVDX[FRUSVG¶DGMRLQWV DGPLQLVWUDWLIVGHVDGPLQLVWUDWLRQVGHeWDW
9XOHGpFUHWQGXHU DRWUHODWLIDX[GLVSRVLWLRQVVWDWXWDLUHVFRPPXQHVDSSOLFDEOHVDX[FRUSVG¶DJHQWV DGPLQLVWUDWLIVGHVDGPLQLVWUDWLRQVGHeWDW
9XOHGpFUHWGXHU DRWPRGLILDQWOHGpFUHWQGXMDQYLHUUHODWLIjO RUJDQLVDWLRQGHVFDUULqUHVGHV IRQFWLRQQDLUHVGHVFDWpJRULHV&HW'
9XOHGpFUHWQGXQRYHPEUHSRUWDQWGpFRQFHQWUDWLRQHQPDWLqUHGHJHVWLRQGHVSHUVRQQHOVGHOD3ROLFH 1DWLRQDOHHWO¶DUUrWpGX0LQLVWUHGHO¶,QWpULHXUGXPrPHMRXU
9XO¶DUUrWpHQGDWHGXDYULOSRUWDQWQRPLQDWLRQGH0RQVLHXU0$55(&RPPLVVDLUH3ULQFLSDOHQTXDOLWpGH'LUHFWHXU 'pSDUWHPHQWDOGHOD6pFXULWp3XEOLTXHGHV/DQGHV
6XUODSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV $55Ç7(
$57,&/(
'pOpJDWLRQHVWGRQQpHj0-HDQ3LHUUH0$55(&RPPLVVDLUH3ULQFLSDO'LUHFWHXU'pSDUWHPHQWDOGHOD6pFXULWp3XEOLTXHGHV /DQGHVjO¶HIIHWGHSURQRQFHUOHVVDQFWLRQVGXSUHPLHUJURXSH DYHUWLVVHPHQWEOkPH jO¶HQFRQWUHGHVSHUVRQQHOVGXFRUSVGH PDvWULVHHWG¶DSSOLFDWLRQGHVDGMRLQWVDGPLQLVWUDWLIVHWGHVSHUVRQQHOVGHFDWpJRULH&GHODSROLFHQDWLRQDOHSODFpVVRXVVRQ DXWRULWp
$57,&/(
00OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHVHWOH'LUHFWHXU'pSDUWHPHQWDOGHOD6pFXULWp3XEOLTXHVRQWFKDUJpV FKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHV6HUYLFHV GHO¶eWDWGDQVOHGpSDUWHPHQWGHV/DQGHV
)DLWj0RQWGH0DUVDQOHGpFHPEUH
/H3UpIHW
-DFTXHV6$16
&$%,1(7'835()(7
),&+,(5'(6081,&,3$/,7(6
%$6&216
'pPLVVLRQGH0RQVLHXU-HDQ5REHUW/$8521GHVHVIRQFWLRQVGH0DLUHFRQVHUYHVRQPDQGDWGHFRQVHLOOHUP XQLFLSDO 0RQVLHXU&ODXGH/(63(6DpWppOX0DLUHOHGpFHPEUH
0((6
'pPLVVLRQGH0DGDPH$UOHWWH%('$7SUHPLqUHDGMRLQWHDX0DLUH
7$5126
'pPLVVLRQGH0DGDPH5RVH0DULH'8)2854TXDWULqPHDGMRLQWH VHUDUHPSODFpHXOWpULHXUHPHQW GpFHPEUH
3RXUOH3UpIHWOH6RXV3UpIHW'LUHFWHXUGH&DELQHW
3KLOLSSH0$/,=$5'
&$%,1(7'835()(7
),&+,(5'(6081,&,3$/,7(6
/(21
'pPLVVLRQGH0-HDQ/$66$//(GHVHVPDQGDWVGHFRQVHLOOHUPXQLFLSDOHWGH qPH DGMRLQW 7$5126
0DGDPH6\OYLH0,5(0217UHPSODFH0DGDPH5RVH0DULH'8)28540-HDQ0,5(0217HVWpOX qPH DGMRLQW 7(5&,6
eOHFWLRQGH0RQVLHXU5RODQG&$67(76 qPH DGMRLQW
8&+$&4
'pPLVVLRQGH0RQVLHXU$UPHO/(%,+$1GHVHVPDQGDWVGHFRQVHLOOHUPXQLFLSDOHWGHHUDGMRLQW MDQYLHU
3RXUOH3UpIHWOH6RXV3UpIHW'LUHFWHXUGH&DELQHW
3KLOLSSH0$/,=$5'MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
',5(&7,21'(/ $'0,1,675$7,21*(1(5$/((7'(/$5(*/(0(17$7,21 35'$*5
$55(7(' $8725,6$7,21'()21&7,211(0(17' 81((175(35,6('(6859(,//$1&((7 '(*$5',(11$*(
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XODORLQGXMXLOOHWUpJOHPHQWDQWOHVDFWLYLWpVSULYpHVGHVXUYHLOODQFHGHJDUGLHQQDJHHWGHWUDQVSRUWGH IRQGVQRWDPPHQWVRQDUWLFOH
9XOHGpFUHWQGXVHSWHPEUHUHODWLIjO DXWRULVDWLRQDGPLQLVWUDWLYHHWDXUHFUXWHPHQWGHVSHUVRQQHOVGHV HQWUHSULVHVGHVXUYHLOODQFHHWGHJDUGLHQQDJHGHWUDQVSRUWGHIRQGVHWGHSURWHFWLRQGHSHUVRQQHVQRWDPPHQWVHVDUWLFOHVHW
9XODGHPDQGHSUpVHQWpHSDU0RQVLHXU3DVFDO'(67,=216HQYXHG¶REWHQLUO¶DXWRULVDWLRQGHIRQFWLRQQHPHQWGHO¶HQWUHSULVH GHVXUYHLOODQFHHWGHJDUGLHQQDJHGpQRPPpH©/$1'¶6(&85,7(ªGRQWOHVLqJHVRFLDOHVWIL[p EOG/pRQ/HVSDUUH± '$;
&RQVLGpUDQWTXHO¶HQWUHSULVHGH0RQVLHXU3DVFDO'(67,=216HVWFRQVWLWXpHFRQIRUPpPHQWjODOpJLVODWLRQHQYLJXHXU 6XUODSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV $55Ç7(
$57,&/(
/¶pWDEOLVVHPHQW© /$1'¶6(&85,7(ªVLWXpEOG/pRQ/HVSDUUH±'$;GLULJpSDU0RQVLHXU3DVFDO'(67,=216 HVWDXWRULVpjH[HUFHUVHVDFWLYLWpVGHVXUYHLOODQFHHWGHJDUGLHQQDJHjFRPSWHUGHODGDWHGXSUpVHQWDUUrWp $57,&/(
/HSUpVHQWDUUrWpVHUDSXEOLpDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHVVHUYLFHVGHO eWDWGDQVOHGpSDUWHPHQW $57,&/(
0RQVLHXUOH6HFUpWDLUH*pQpUDOHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQWDUUrWp 0217GH0$56$1OHPDUV
/H3UpIHWSRXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(/ $'0,1,675$7,21*(1(5$/((7'(/$5(*/(0(17$7,21
35'$*51
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHVDUWLFOHV/HW/GX&RGH*pQpUDOGHV&ROOHFWLYLWpV7HUULWRULDOHV 9XODORLGXHUMXLOOHWUHODWLYHDXFRQWUDWG¶DVVRFLDWLRQ
9XODORLQGXDRWUHODWLYHDXFRQJpGHUHSUpVHQWDWLRQHQIDYHXUGHVDVVRFLDWLRQVHWGHVPXWXHOOHVHWDX FRQWU{OHGHVFRPSWHVGHVRUJDQLVPHVIDLVDQWDSSHOjODJpQpURVLWpSXEOLTXH 9XOHGpFUHWQGXVHSWHPEUHUHODWLIDXFRQWU{OHGHVFRPSWHVGHVRUJDQLVPHVIDLVDQWDSSHOjODJpQpURVLWp SXEOLTXH
9XOHVDUUrWpVSUpIHFWRUDX[GHVMXLOOHWHWMXLQUpJOHPHQWDQWOHVTXrWHVVXUODYRLHSXEOLTXH 9XODFLUFXODLUHQ,17'&GX0LQLVWUHGHO¶,QWpULHXUGHOD6pFXULWp,QWpULHXUHHWGHV/LEHUWpV/RFDOHVHQGDWHGX GpFHPEUH UHODWLYHDXFDOHQGULHUGHVMRXUQpHVQDWLRQDOHVG¶DSSHOjODJpQpURVLWpSXEOLTXHSRXU 6XUODSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV $55Ç7(
$57,&/(
/HFDOHQGULHUGHVMRXUQpHVQDWLRQDOHVG¶DSSHOjODJpQpURVLWpSXEOLTXHSRXUO¶DQQpHHVWIL[pDLQVLTX¶LOVXLW MDQYLHUDXIpYULHU &DPSDJQHGHODMHXQHVVHDXSOHLQDLUDYHFTXrWHOHIpYULHU MDQYLHU -RXUQpHQDWLRQDOHDYHFTXrWHSRXUOD&DPSDJQHPRQGLDOHHQIDYHXUGHVOpSUHX[ PDUV -RXUQpHVQDWLRQDOHVGHVSHUVRQQHVKDQGLFDSpHVSK\VLTXHVDYHFTXrWHOHVHWPDUV DXPDUV &DPSDJQHQDWLRQDOHGHOXWWHFRQWUHOHFDQFHUDYHFTXrWHOHPDUV DXPDL &DPSDJQHQDWLRQDOHGX%OHXHWGH)UDQFHDYHFTXrWHOHVHWPDL DXPDL 4XLQ]DLQHQDWLRQDOHGHO¶pFROHSXEOLTXHDYHFTXrWHOHPDL DXPDL &DPSDJQH1DWLRQDOHGHOD&URL[5RXJH)UDQoDLVHDYHFTXrWHOHPDL DXPDL 6HPDLQHQDWLRQDOHGHODIDPLOOHDYHFTXrWHOHPDL
DXMXLQ &DPSDJQH1DWLRQDOHGHO¶8QLRQ)UDQoDLVHGHV&HQWUHVG H9DFDQFHVDYHFTXrWHOHMXLQ MXLOOHW -RXUQpHQDWLRQDOHDYHFTXrWHSRXUOD)RQGDWLRQ0DUpFKDOGH/DWWUH DXVHSWHPEUH 6HPDLQHQDWLRQDOHGXFRHXUDYHFTXrWHOHVHSWHPEUH HWRFWREUH -RXUQpHVQDWLRQDOHVGHVDYHXJOHVHWGHOHXUVDVVRFLDWLRQ VDYHFTXrWHOHVHWRFWREUH DXRFWREUH &DPSDJQHGHO¶8QLRQ1DWLRQDOHGHV$VVRFLDWLRQVGH3DUHQWVHW$PLVGH3HUVRQQHV +DQGLFDSpHV0HQWDOHVSDVGHTXrWH
DXRFWREUH 6HPDLQHEOHXHGHVUHWUDLWpVHWSHUVRQQHVkJpHVSDVGHTXrWH HUDXQRYHPEUH &DPSDJQHQDWLRQDOHGX%OHXHWGH)UDQFHDYHFTXrWHOHVHWQRYHPEUH DXQRYHPEUH &DPSDJQHQDWLRQDOHFRQWUHODWXEHUFXORVHHWOHVPDODGLHVUHVSLUDWRLUHVDYHFTXrWHOH QRYHPEUHMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
QRYHPEUHDXGpFHPEUH &DPSDJQHQDWLRQDOHSRXUOHI RQGVGHV1DWLRQV8QLHVSRXUO¶(QIDQFHRUJDQLVpHSDUOH FRPLWpIUDQoDLV),6(81,&()
/¶$VVRFLDWLRQQDWLRQDOHGX6RXYHQLU)UDQoDLVFKDUJpHG¶HQWUHWHQLUOHVWRPEHVGHVPRUWVSRXUOD)UDQFHHWOHVPRQXPHQWVTXL SHUSpWXHQWOHXUVRXYHQLUSHXWG¶DXWUHSDUWrWUHDXWRULVpHjTXrWHUOHHUQRYHPEUHDX[SRUWHVGHVFLPHWLqUHV $57,&/(
6HXOVOHVRHXYUHVHWRUJDQLVPHVGpVLJQpVSDUOHVGpSDUWHPHQWVPLQLVWpULHOVTXLH[HUFHQWVXUHX[XQSRXYRLUGHWXWHOOHSHXYHQW rWUHDXWRULVpVjSDUWLFLSHUDX[RSpUDWLRQVGHFROOHFWHVGDQVOHFDGUHGHVMRXUQpHVQDWLRQDOHVTXLOHXUVRQWGpYROXHV/HVTXrWHV QHSHXYHQWDYRLUOLHXTX¶DX[GDWHVSUpYXHVjO¶DUWLFOHHUFLGHVVXV
$57,&/(
6RQWWRXWHIRLVDXWRULVpHVOHVTXrWHVHIIHFWXpHVODYHLOOHGXMRXUIL[pjFHWHIIHWSDUOHFDOHQGULHUGpWHUPLQpjO¶DUWLFOHHUFL GHVVXVORUVTXHFHMRXUHVWXQGLPDQFKH
$57,&/(
/HVSHUVRQQHVKDELOLWpHVjTXrWHUGRLYHQWSRUWHUG¶XQHIDoRQRVWHQVLEOHXQHFDUWHLQGLTXDQWO¶RHXYUHDXSURILWGHODTXHOOHHOOHV FROOHFWHQWGHVIRQGVHWODGDWHGHODTXrWH&HWWHFDUWHQ¶HVWYDODEOHTXHSRXUODGXUpHGHODTXrWHDXWRULVpH HOOHGRLWrWUHYLVpH SDUOH3UpIHW
$57,&/(
/HSUpVHQWDUUrWpVHUDLQVpUpDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHVVHUYLFHVGHeWDWGDQVOHGpSDUWHPHQWGHV/DQGHV0OH 6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV0OH6RXV3UpIHWGH'D[0OH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV 6DQLWDLUHVHW6RFLDOHV0OH/LHXWHQDQW&RORQHOFRPPDQGDQWOH*URXSHPHQWGH*HQGDUPHULHGHV/DQGHV0OH3UpVLGHQWGH O¶$VVRFLDWLRQGHV0DLUHVGHV/DQGHV0HVGDPHVHW0HVVLHXUVOHV0DLUHVGXGpSDUWHPHQWVRQWFKDUJpVFKDFXQHQFHTXLOH FRQFHUQHGHO H[pFXWLRQGXSUpVHQWDUUrWpGRQWDPSOLDWLRQVHUDDGUHVVpHj00OHV3URFXUHXUVSUqVOH7ULEXQDOGH*UDQGH ,QVWDQFHGH0RQWGH0DUVDQHWGH'D[
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(/ $'0,1,675$7,21*(1(5$/((7'(/$5(*/(0(17$7,21 35'$*5
$55(7('(5(75$,7'¶81($8725,6$7,21'()21&7,211(0(17' 81((175(35,6('( 6859(,//$1&((7'(*$5',(11$*(
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XODORLQGXMXLOOHWUpJOHPHQWDQWOHVDFWLYLWpVSULYpHVGHVXUYHLOODQFHGHJDUGLHQQDJHHWGHWUDQVSRUWGH IRQGVQRWDPPHQWVHVDUWLFOHHW DOLQpD
9XOHGpFUHWQGXVHSWHPEUHUHODWLIjO DXWRULVDWLRQDGPLQLVWUDWLYHHWDXUHFUXWHPHQWGHVSHUVRQQHOVGHV HQWUHSULVHVGHVXUYHLOODQFHHWGHJDUGLHQQDJHGHWUDQVSRUWGHIRQGVHWGHSURWHFWLRQGHSHUVRQQHVQRWDPPHQWVHVDUWLFOHV HW
9XO¶DUUrWpSUpIHFWRUDOQGXVHSWHPEUHDXWRULVDQWO¶HQWUHSULVH©*36 ªVLVHUXH+HQUL,,±0217$87 GLULJpHSDU0/DXUHQW*8,//(<jH[HUFHUOHVDFWLYLWpVGHVXUYHLOODQFHHWGHJDUGLHQQDJH 9XODPHQWLRQSRUWpHVXUOHEXOOHWLQQGXFDVLHUMXGLFLDLUHGH0/DXUHQW*8,//(<GpOLYUpSRVWpULHXUHPHQWjO¶DXWRULVDWLRQ SUpIHFWRUDOHVRLWOHQRYHPEUHSDUOHVVHUYLFHVGXFDVLHUMXGLFLDLUHGH1DQWHV &RQVLGpUDQWTXH0RQVLHXU/DXUHQW*8,//(<QHUHPSOLWSDVOHVFRQGLWLRQVSUpYXHVjO¶DUWLFOHGHODORLGXMXLOOHW VXVYLVpH
&RQVLGpUDQWTXHO¶DOLQpDGHO¶DUWLFOHGHODORLQGXMXLOOHWIDLWREOLJDWLRQHQSDUHLOFDVDX3UpIHWGHUHWLUHU O¶DXWRULVDWLRQGpOLYUpH
6XUODSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV $55Ç7(
$57,&/(
/¶DXWRULVDWLRQDGPLQLVWUDWLYHG¶H[HUFHUOHVDFWLYLWpVGHVXUYHLOODQFHHWGHJDUGLHQQDJHHVWUHWLUpHj0RQVLHXU/DXUHQW *8,//(<jFRPSWHUGHODQRWLILFDWLRQGXSUpVHQWDUUrWp
$57,&/(
/HSUpVHQWDUUrWpVHUDSXEOLpDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHVVHUYLFHVGHeWDWGDQVOHGpSDUWHPHQW $57,&/(
/DSUpVHQWHGpFLVLRQSRXUUDIDLUHO¶REMHWG¶XQUHFRXUVHQDQQXODWLRQSDUO¶LQWpUHVVpGHYDQWOH7ULEXQDO$GPLQLVWUDWLIGH3DX GDQVOHVGHX[PRLVVXLYDQWVDQRWLILFDWLRQ
$57,&/(
0RQVLHXUOH6HFUpWDLUH*pQpUDOHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQWDUUrWpGRQWDPSOLDWLRQVHUDQRWLILpHj0/DXUHQW *8,//(<SDUOHVVHUYLFHVGHJHQGDUPHULH
0217GH0$56$1OHMDQYLHU
/H3UpIHWSRXUOH3UpIHWOH6RXV3UpIHW'LUHFWHXUGH&DELQHW
3KLOLSSH0$/,=$5'MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
',5(&7,21'(/¶$'0,1,675$7,21*e1e5$/((7'(/$5e*/(0(17$7,21
35'$*51
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOH&RGHGHO¶(QYLURQQHPHQW
9XOHGpFUHWQGXVHSWHPEUHPRGLILpQRWDPPHQWO¶DUWLFOH 9XOHGpFUHWQGXHU RFWREUHSRUWDQWDEURJDWLRQGHVGLVSRVLWLRQVUpJOHPHQWDLUHVUHODWLYHVjODFHUWLILFDWLRQ FRQIRUPHGHVFRSLHVGHGRFXPHQWVGpOLYUpVSDUOHVDXWRULWpVDGPLQLVWUDWLYHV 9XO¶DUUrWpSUpIHFWRUDOQGXMXLOOHWSRUWDQWRUJDQLVDWLRQGHO¶LQVSHFWLRQGHVLQVWDOODWLRQVFODVVpHVGDQVOH GpSDUWHPHQWGHV/DQGHV
9XO¶DUUrWpSUpIHFWRUDOQGXMXLOOHWSRUWDQWQRPLQDWLRQGH0OH0DULQH+(5%20(=HQTXDOLWpG¶LQVSHFWHXUGHV LQVWDOODWLRQVFODVVpHV
9XO¶DUUrWpSUpIHFWRUDOQGXVHSWHPEUHSRUWDQWQRPLQDWLRQG¶LQVSHFWHXUVGHVLQVWDOODWLRQVFODVVpHVGDQVOH GpSDUWHPHQWGHV/DQGHV
9XO¶DWWHVWDWLRQGH0OH'LUHFWHXU5pJLRQDOGHO¶,QGXVWULHGHOD5HFKHUFKHHWGHO¶(QYLURQQHPHQWGXMXLOOHWSRUWDQW FHVVDWLRQGHVIRQFWLRQVG¶LQVSHFWHXUGHVLQVWDOODWLRQVFODVVpHVGDQVOHGpSDUWHPHQWGHV/DQGHVGH0(PPDQXHO%$1',(5$ 9XOH&HUWLILFDWDGPLQLVWUDWLIpWDEOLSDU0OH'LUHFWHXUGHV6HUYLFHV9pWpULQDLUHVGHV/DQGHVOHMDQYLHUSRUWDQW FHVVDWLRQGHVIRQFWLRQVG¶LQVSHFWHXUGHVLQVWDOODWLRQVFODVVpHVGDQVOHGpSDUWHPHQWGHV/DQGHVGH0OH0DULQH+(5%20(= 9XOH&HUWLILFDWDGPLQLVWUDWLIpWDEOLSDU0OH'LUHFWHXUGHV6HUYLFHV9pWpULQDLUHVGHV/DQGHVOHGpFHPEUHSRUWDQWSULVH GHIRQFWLRQHQTXDOLWpG¶LQVSHFWHXUGHVLQVWDOODWLRQVFODVVpHVGDQVOHGpSDUWHPHQWGHV/DQGHVGH0OH6DQGULQH(675(0 6XU ODSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV $55Ç7(
$57,&/(
0OH6DQGULQH(675(07HFKQLFLHQQHGHV6HUYLFHV9pWpULQDLUHVjOD'LUHFWLRQ'pSDUWHPHQWDOHGHO¶$JULFXOWXUHHWGHOD)RUrW ±6HUYLFHV9pWpULQDLUHVHVWQRPPpH,QVSHFWHXUGHV,QVWDOODWLRQV&ODVVpHVGDQVOHGpSDUWHPHQWGHV/DQGHVjFRPSWHUGX GpFHPEUH
$57,&/(
,OHVWPLVILQDX[IRQFWLRQVG¶LQVSHFWHXUGHVLQVWDOODWLRQVFODVVpHVSRXUODSURWHFWLRQGHO¶HQYLURQQHPHQWGH 0(PPDQXHO%$1',(5$GHSXLVOHMXLOOHWWHFKQLFLHQjOD'5,5($TXLWDLQH 0OH0DULQH+(5%20(=GHSXLVOHDRWWHFKQLFLHQQHjOD'LUHFWLRQGHV6HUYLFHV9pWpULQDLUHVGHV/DQGHV $57,&/(
00OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHVOH'LUHFWHXU5pJLRQDOGHO¶,QGXVWULHGHOD5HFKHUFKHHWGH O¶(QYLURQQHPHQWOH'LUHFWHXU'pSDUWHPHQWDOGHO¶$JULFXOWXUHHWGHOD)RUrWOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV 6DQLWDLUHVHW6RFLDOHVOH'LUHFWHXUGHV6HUYLFHV9pWpULQDLUHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGX SUpVHQWDUUrWpTXLVHUDSXEOLpDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHOD3UpIHFWXUHGHV/DQGHVHWGRQWFRSLHVHUDDGUHVVpHj0OH 6DQGULQH(675(000(PPDQXHO%$1',(5$HW0OH0DULQH+(5%20(= )DLWj0RQWGH0DUVDQOHMDQYLHU
3RXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(/ $'0,1,675$7,21*(1(5$/((7'(/$5(*/(0(17$7,21 35'$*51
$55(7(35()(&725$/3257$175(1289(//(0(17'(/$&200,66,21 '(3$57(0(17$/('(66<67(0(6'(9,'(26859(,//$1&( /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶KRQQHXU
9XODORLQGXMDQYLHUG¶RULHQWDWLRQHWGHSURJUDPPDWLRQUHODWLYHjODVpFXULWpQRWDPPHQWVRQDUWLFOH 9XOHGpFUHWQGXRFWREUHUHODWLIjODYLGpRVXUYHLOODQFH
9XO¶DUUrWpSUpIHFWRUDO'$*5QGXMDQYLHULQVWLWXDQWODFRPPLVVLRQGpSDUWHPHQWDOHGHVV\VWqPHVGH YLGpRVXUYHLOODQFH
9XO¶DUUrWpSUpIHFWRUDO'$*5QGXMDQYLHUSRUWDQWUHQRXYHOOHPHQWGHODFRPPLVVLRQGpSDUWHPHQWDOHGHV V\VWqPHVGHYLGpRVXUYHLOODQFH
9XODFLUFXODLUHG¶DSSOLFDWLRQGH0RQVLHXUOH0LQLVWUHGHO¶,QWpULHXUQ&GXRFWREUH 9XOHVGpVLJQDWLRQVHIIHFWXpHVSDU
0RQVLHXUOH3UHPLHU3UpVLGHQWGHODFRXUG¶DSSHOGH3$8
0RQVLHXUOH3UpVLGHQWGXWULEXQDODGPLQLVWUDWLIGH3$8
0RQVLHXUOH3UpVLGHQWGHO¶DVVRFLDWLRQGHVPDLUHVGHV/DQGHV
0RQVLHXUOH3UpVLGHQWGHODFKDPEUHGHFRPPHUFHHWG¶LQGXVWULHGHV/DQGHV 6XUODSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV $55Ç7(
$57,&/(
(QDSSOLFDWLRQGHVDUWLFOHVHWGXGpFUHWQGXRFWREUHUHODWLIjODYLGpRVXUYHLOODQFHLOHVWSURFpGpDX UHQRXYHOOHPHQWGHODFRPPLVVLRQGpSDUWHPHQWDOHGHVV\VWqPHVGHYLGpRVXUYHLOODQFHMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
&HWWHFRPPLVVLRQFRPSUHQG
0DGHPRLVHOOH&KDQWDO6,*1$&PDJLVWUDWYLFHSUpVLGHQWDXWULEXQDOGHJUDQGHLQVWDQFHGH0217'(0$56$1HQTXDOLWp GHSUpVLGHQWWLWXODLUH
0RQVLHXU'HQLV6&27(7MXJHDXWULEXQDOGHJUDQGHLQVWDQFHGH0217'(0$56$1HQTXDOLWpGHSUpVLGHQWVXSSOpDQW 0RQVLHXU%HUQDUG*2'%,//21FRQVHLOOHUDXWULEXQDODGPLQLVWUDWLIGH3$8HQTXDOLWpGHPHPEUHWLWXODLUH 0RQVLHXU(ULF5(<%(7+%('(5FRQVHLOOHUDXWULEXQDODGPLQLVWUDWLIGH3$8HQTXDOLWpGHPHPEUHVXSSOpDQW 0RQVLHXU-HDQ*285'21PDLUHGH0(=26HQTXDOLWpGHPHPEUHWLWXODLUH 0RQVLHXU*LOEHUW'$50$17+(PDLUHGH6$,17-8/,(1(1%251HQTXDOLWpGHPHPEUHVXSSOpDQW 0RQVLHXU-HDQ&ODXGH0$1&,1,PHPEUHGHODFKDPEUHGHFRPPHUFHHWG¶LQGXVWULHGHV/DQGHVHQTXDOLWpGHPHPEUH WLWXODLUH
0DGDPH6RSKLH%8',1PHPEUHGHODFKDPEUHGHFRPPHUFHHWG¶LQGXVWULHGHV/DQGHVHQTXDOLWpGHPHPEUHVXSSOpDQW 0RQVLHXU0LFKHO/$0227GHPHXUDQWLPSDVVHGHV&KrQHV6$,173(5'21HQTXDOLWpGHPHPEUHWLWXODLUH 0RQVLHXU-HDQ
$57,&/(
/HVPHPEUHVGHOD&RPPLVVLRQWLWXODLUHVHWVXSSOpDQWVVRQWGpVLJQpVSRXUWURLVDQV $57,&/(
/D&RPPLVVLRQGpSDUWHPHQWDOHVLqJHjOD3UpIHFWXUHGHV/DQGHVUXH9LFWRU+XJR0217'(0$56$1&('(; 6RQVHFUpWDULDWVHUDDVVXUpSDUOH%XUHDXGHVeOHFWLRQVHWGHOD5pJOHPHQWDWLRQGHOD'LUHFWLRQGHO¶$GPLQLVWUDWLRQ*pQpUDOHHW GHOD5pJOHPHQWDWLRQ
$57,&/(
0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDX5HFXHLOGHV$FWHV $GPLQLVWUDWLIVGHV6HUYLFHVGHeWDWGDQVOHGpSDUWHPHQW
0217GH0$56$1OHMDQYLHU
/H3UpIHWSRXUOH3UpIHWOH6RXV3UpIHW'LUHFWHXUGH&DELQHW
3KLOLSSH0$/,=$5'
',5(&7,21'(6$))$,5(6'e&(175$/,6e(6
35'$'
6<1',&$7,17(5&20081$/' (1/(9(0(17(7'(75$,7(0(17'(625'85(6 0(1$*(5(6'(&+$/266( 6,(720'(&+$/266(
$55(7(,17(535()(&725$/3257$17$'+(6,216(75(75$,7'(&20081$87(6'(&20081(6 75$16)250$7,216(16<1',&$70,;7((702',),&$7,21'(667$7876 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG +RQQHXU /H3UpIHWGHV3\UpQpHV$WODQWLTXHV 9XODORLQHQGDWHGXMXLOOHWUHODWLYHDXUHQIRUFHPHQWHWjODVLPSOLILFDWLRQGHODFRRSpUDWLRQLQWHUFRPPXQDOH 9XOH&RGH*pQpUDOGHV&ROOHFWLYLWpV7HUULWRULDOHVQRWDPPHQWOHVDUWLFOHV///HW/ 9XO DUUrWpSUpIHFWRUDOHQGDWHGXMDQYLHUSRUWDQWFUpDWLRQG XQV\QGLFDWG pWXGHGHODFROOHFWHHWGXWUDLWHPHQWGHV RUGXUHVPpQDJqUHVGH&KDORVVH
9XO DUUrWpSUpIHFWRUDOHQGDWHGXIpYULHUPRGLILpSDUO DUUrWpSUpIHFWRUDOGXPDLSRUWDQWWUDQVIRUPDWLRQGX V\QGLFDWG pWXGHHQV\QGLFDWGHUpDOLVDWLRQD\DQWSRXUREMHWODFROOHFWHHWOHWUDLWHPHQWGHVRUGXUHVPpQDJqUHVGDQVOHV FRPPXQHVFRPSULVHVGDQVOHSpULPqWUHGXJURXSHPHQW
9XOHVDUUrWpVSUpIHFWRUDX[HQGDWHGHVPDLHWIpYULHUSRUWDQWDGKpVLRQGHFRPPXQHV 9XO DUUrWpSUpIHFWRUDOHQGDWHGXMXLOOHWHQWpULQDQWOHVVWDWXWVGXV\QGLFDW 9XO DUUrWpLQWHUSUpIHFWRUDOHQGDWHGXMXLQSRUWDQWDGKpVLRQGHVFRPPXQHVGH%DLJWVGH%pDUQHW6DXOWGH1DYDLOOHVDX V\QGLFDW
9XO DUUrWpLQWHUSUpIHFWRUDOHQGDWHGXMXLOOHWSRUWDQWPRGLILFDWLRQGHO REMHWGXV\QGLFDW 9XOHVDUUrWpVLQWHUSUpIHFWRUDX[HQGDWHGHVVHSWHPEUHPDUVHWRFWREUHHWGpFHPEUHSRUWDQW DGKpVLRQHWUHWUDLWGHFRPPXQHV
9XO DUUrWpSUpIHFWRUDOHQGDWHGXVHSWHPEUHSRUWDQWH[WHQVLRQGHVFRPSpWHQFHVGHOD&RPPXQDXWpGH&RPPXQHVGX 3D\V7DUXVDWHjODFROOHFWHHWDXWUDLWHPHQWGHVGpFKHWVGHVPpQDJHV
9XODGpOLEpUDWLRQGX&RQVHLO&RPPXQDXWDLUHGHOD&RPPXQDXWpGH&RPPXQHVGXFDQWRQGH0RQWIRUWHQ&KDORVVHHQGDWHGX MXLQGpFLGDQWG DGKpUHUDX6,(720GH&KDORVVHHQOLHXHWSODFHGHVHVFRPPXQHVPHPEUHV 9XODGpOLEpUDWLRQGX&RQVHLO&RPPXQDXWDLUHGHOD&RPPXQDXWpGH&RPPXQHVGXFDQWRQG 2UWKH]HQGDWHGXMXLQ VROOLFLWDQWVRQUHWUDLWGXV\QGLFDWSRXUOHFRPSWHGHVFRPPXQHVGH%DLJWVGH%pDUQ%RQQXW3X\RR5DPRXVHW6DXOWGH 1DYDLOOHV
9XODGpOLEpUDWLRQGX&RQVHLO&RPPXQDXWDLUHGHOD&RPPXQDXWpGH&RPPXQHVGH3RXLOORQHQGDWHGXVHSWHPEUH GpFLGDQWG DGKpUHUDX6,(720GH&KDORVVHHQOLHXHWSODFHGHVHVFRPPXQHVPHPEUHV 9XODGpOLEpUDWLRQGX&RQVHLO&RPPXQDXWDLUHGHOD&RPPXQDXWpGH&RPPXQHVGX7XUVDQHQGDWHGXRFWREUHGpFLGDQW G DGKpUHUDX6,(720GH&KDORVVHHQOLHXHWSODFHGHVHVFRPPXQHVPHPEUHV 9XODGpOLEpUDWLRQGX&RQVHLO&RPPXQDXWDLUHGHOD&RPPXQDXWpGH&RPPXQHVGX&DSGH*DVFRJQHHQGDWHGXRFWREUH GpFLGDQWG DGKpUHUDX6,(720GH&KDORVVHHQOLHXHWSODFHGHVHVFRPPXQHVPHPEUHV 9XODGpOLEpUDWLRQGX&RQVHLOFRPPXQDXWDLUHGHOD&RPPXQDXWpGH&RPPXQHVGX3D\V7DUXVDWHHQGDWHGXQRYHPEUHMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
GpFLGDQWG DGKpUHUDX6,(720GH&KDORVVHHQOLHXHWSODFHGHVHVFRPPXQHVPHPEUHV 9XOHVGpOLEpUDWLRQVGX&RPLWp6\QGLFDOGX6,(720GH&KDORVVHHQGDWHGXVHSWHPEUHDFFHSWDQWOHUHWUDLWGHOD &RPPXQDXWpGH&RPPXQHVGXFDQWRQG 2UWKH]HWO DGKpVLRQGHV&RPPXQDXWpVGH&RPPXQHVGXFDQWRQGH0RQWIRUWHQ &KDORVVHGH3RXLOORQGX&DSGH*DVFRJQHHWGX7XUVDQHQOLHXHWSODFHGHOHXUVFRPPXQHVPHPEUHVHWSURSRVDQWXQH PRGLILFDWLRQGHVVWDWXWV
9XODGpOLEpUDWLRQGX&RPLWp6\QGLFDOGX6,(720GH&KDORVVHHQGDWHGXGpFHPEUHDFFHSWDQWO DGKpVLRQGHOD &RPPXQDXWpGH&RPPXQHVGX3D\V7DUXVDWHFRPSUHQDQWOHVVHL]HFRPPXQHVPHPEUHV 6XUSURSRVLWLRQGX6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHVHWGX6HFUpWDLUH*pQpUDOGHV3\UpQpHV$WODQWLTXHV $55Ç7(17
$57,&/(
/D&RPPXQDXWpGH&RPPXQHVGXFDQWRQG 2UWKH]UHSUpVHQWDQWOHVFRPPXQHVGH%DLJWVGH%pDUQ%RQQXW3X\RR5DPRXVHW 6DXOWGH1DYDLOOHVHVWDXWRULVpHjVHUHWLUHUGX6,(720GH&KDORVVHjFRPSWHUGX HU MDQYLHU $57,&/(
$FRPSWHUGXHU MDQYLHUOD&RPPXQDXWpGH&RPPXQHVGXFDQWRQGH0RQWIRUWHQ&KDORVVHOD&RPPXQDXWpGH &RPPXQHVGH3RXLOORQOD&RPPXQDXWpGH&RPPXQHVGX&DSGH*DVFRJQHOD&RPPXQDXWpGH&RPPXQHVGX7XUVDQHWOD &RPPXQDXWpGH&RPPXQHVGX3D\V7DUXVDWHVHVXEVWLWXHQWHQOLHXHWSODFHGHOHXUVFRPPXQHVPHPEUHVDXVHLQGX6,(720 GHOD&KDORVVHTXLGHYLHQWV\QGLFDWPL[WHFRQIRUPpPHQWjO DUWLFOH/GX&RGH*pQpUDOGHV&ROOHFWLYLWpV7HUULWRULDOHV SRXUO H[HUFLFHGHOHXUVFRPSpWHQFHVFROOHFWHHWRXWUDLWHPHQWGHVGpFKHWV $57,&/(
/H6,(720GH&KDORVVHHVWWUDQVIRUPpHQ6\QGLFDW0L[WHjFRPSWHUGX HU MDQYLHU $57,&/(
/H6\QGLFDWDSRXUREMHWG DVVXUHU
ODFROOHFWHHWODUpFXSpUDWLRQGHVGpFKHWVGHVPpQDJHV
OHWUDLWHPHQWGHVGpFKHWVGHVPpQDJHV
ODFROOHFWHGHVGpFKHWVSURGXLWVSDUOHVDGPLQLVWUDWLRQV
OHWUDLWHPHQWGHVGpFKHWVSURGXLWVSDUOHVDGPLQLVWUDWLRQV
ODUpFXSpUDWLRQGHVGpFKHWVDVVLPLODEOHVDX[RUGXUHVPpQDJqUHVGHVFRPPHUoDQWVHWDUWLVDQVGDQVODOLPLWHGHOLWUHVSDU VHPDLQH
OHWUDLWHPHQWGHVGpFKHWVDVVLPLODEOHVDX[RUGXUHVPpQDJqUHVGHVFRPPHUoDQWVHWDUWLVDQVGDQVODOLPLWHGHOLWUHVSDU VHPDLQH
ODUpFXSpUDWLRQGHV'pFKHWV,QGXVWULHOV%DQDOV ',%
OHWUDLWHPHQWGHV',%
&RPSpWHQFHVFRQFHUQDQWODFROOHFWH
FROOHFWHGHVRUGXUHVPpQDJqUHV
FROOHFWHGHVGpFKHWVSURGXLWVSDUOHVDGPLQLVWUDWLRQV
FROOHFWHVpOHFWLYHHWWULFRQGLWLRQQHPHQWGHVGpFKHWVUHF\FODEOHV
UpFXSpUDWLRQGHVGpFKHWVGHVPpQDJHVDXPR\HQGHGpFKHWWHULHV
UpFXSpUDWLRQGHVGpFKHWVDVVLPLODEOHVDX[RUGXUHVPpQDJqUHVGHVFRPPHUoDQWVHWDUWLVDQVDXPR\HQGHGpFKHWWHULHVGDQVOD OLPLWHGHOLWUHVSDUVHPDLQH
UpFXSpUDWLRQGHV',%DXPR\HQGHGpFKHWWHULHV
&RPSpWHQFHVFRQFHUQDQWOHWUDLWHPHQW
WUDLWHPHQWGHVRUGXUHVPpQDJqUHV
WUDLWHPHQWSDUVWRFNDJHGHVGpFKHWVXOWLPHVGDQVXQ&HQWUHGH6WRFNDJHGHFODVVH,,GHV'pFKHWV0pQDJHUVHW$VVLPLOpV &6'0$ RXGDQVGHVFHQWUHVGHVWRFNDJHGHFODVVH,,,
WUDLWHPHQWGHVGpFKHWVSURGXLWVSDUOHVDGPLQLVWUDWLRQV
WUDLWHPHQWGHVGpFKHWVYpJpWDX[
WUDLWHPHQWGHVGpFKHWVDVVLPLODEOHVDX[RUGXUHVPpQDJqUHVGHVFRPPHUoDQWVHWDUWLVDQV WUDLWHPHQWGHV',%
$57,&/(
8QH[HPSODLUHGHVVWDWXWVPRGLILpVHVWDQQH[pDXSUpVHQWDUUrWp
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHVOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV3\UpQpHV$WODQWLTXHVOH6RXV 3UpIHWGH'D[OH3UpVLGHQWGX6,(720GH&KDORVVHOHV3UpVLGHQWVGHV&RPPXQDXWpVGH&RPPXQHVFRQFHUQpHVHWOHVPDLUHV GHVFRPPXQHVFRQFHUQpHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDX[ 5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHVVHUYLFHVGHO (WDWGDQVOHVGpSDUWHPHQWVGHV/DQGHVHWGHV3\UpQpHV$WODQWLTXHV 3DXOHGpFHPEUH 0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWGHV3\UpQpHV$WODQWLTXHV 3RXUOH3UpIHWGHV/DQGHV
/H'LUHFWHXUGH&DELQHW /H6HFUpWDLUH*pQpUDO
'HQLV*$8',1 -HDQ3DXO&(/(7
',5(&7,21'(6$))$,5(6'e&(175$/,6e(6
35'$'MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
&20081$87('(&20081(6'8*$%$5'$1
$55(7(35()(&725$/3257$1702',),&$7,21'(667$7876(7(;7(16,21'(6&203(7(1&(6 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG +RQQHXU
9XODORLQGXMXLOOHWUHODWLYHDXUHQIRUFHPHQWHWjODVLPSOLILFDWLRQGHODFRRSpUDWLRQLQWHUFRPPXQDOH 9XOHGpFUHWQGXVHSWHPEUHUHODWLIDX[SD\VHWSRUWDQWDSSOLFDWLRQGHO DUWLFOHGHODORLQGX IpYULHUPRGLILpHSDUODORLQ GXMXLQG RULHQWDWLRQSRXUO DPpQDJHPHQWHWOHGpYHORSSHP HQWGXUDEOHGX WHUULWRLUH
9XOH&RGH*pQpUDOGHV&ROOHFWLYLWpV7HUULWRULDOHVQRWDPPHQWO DUWLFOH/ 9XO DUUrWpSUpIHFWRUDOHQGDWHGXGpFHPEUHSRUWDQWFUpDWLRQGHOD&RPPXQDXWpGH&RPPXQHVGX*DEDUGDQ 9XO DUUrWpSUpIHFWRUDOHQGDWHGXPDLSRUWDQWPRGLILFDWLRQGHVVWDWXWV 9XODGpOLEpUDWLRQGX&RQVHLOFRPPXQDXWDLUHGHOD&RPPXQDXWpGH&RPPXQHGX*DEDUGDQHQGDWHGXVHSWHPEUH VROOLFLWDQWO H[WHQVLRQGHVFRPSpWHQFHVHQPDWLqUHG DPpQDJHPHQWGHO HVSDFHORJHPHQWHWFDGUHGHYLHSURWHFWLRQHWPLVHHQ YDOHXUGHO HQYLURQQHPHQWDFWLRQVRFLDOHpGXFDWLRQFXOWXUHVSRUWVWHFKQRORJLHVGHO LQIRUPDWLRQHWGHODFRPPXQLFDWLRQ LQIRUPDWLRQFRPPXQLFDWLRQSURPRWLRQ
9XOHVGpOLEpUDWLRQVFRQFRUGDQWHVGHVFRPPXQHVPHPEUHVSULVHVjO XQDQLPLWp 6XUSURSRVLWLRQGH0OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV
$55Ç7(
$57,&/(
/ DUWLFOHGHO DUUrWpSUpIHFWRUDOGXGpFHPEUHVXVYLVpHVWPRGLILpHWFRPSOpWpDLQVLTX LOVXLW &RPSpWHQFHVREOLJDWRLUHV
$PpQDJHPHQWGHO HVSDFH
DFTXLVLWLRQJHVWLRQHWUpWURFHVVLRQpYHQWXHOOHjGHVWLHUVGHUpVHUYHVIRQFLqUHVDXVHQVGHVDUWLFOH/HW/GX&RGH GHO 8UEDQLVPH
&RQIRUPpPHQWDX[GLVSRVLWLRQVGHODORLQGXMXLQG RULHQWDWLRQSRXUO $PpQDJHPHQWHWOH'pYHORSSHPHQW 'XUDEOHGX7HUULWRLUHHWSRUWDQWPRGLILFDWLRQGHODORLQGXIpYULHUG 2ULHQWDWLRQSRXUO $PpQDJHPHQWHWOH 'pYHORSSHPHQWGXWHUULWRLUHHWGXGpFUHWQGXVHSWHPEUHUHODWLIDX3$<6OD&RPPXQDXWpGH&RPPXQHV HVWFRPSpWHQWHSRXU
O LQLWLDWLYHGHIDLUHUHFRQQDvWUHXQ3$<6
GpOLEpUHUVXUODFRPSRVLWLRQGX&RQVHLOGH'pYHORSSHPHQW
SDUWLFLSHUjO pODERUDWLRQO DGRSWLRQHWODUpYLVLRQGHOD&KDUWHGH3$<6
SDUWLFLSHUjODFRQVWLWXWLRQG XQ6\QGLFDW0L[WHRXXQ*URXSHPHQWG ,QWpUrW3XEOLFGH'pYHORSSHPHQW/RFDOGHVWLQpj UHSUpVHQWHUOH3$<6
&RPSpWHQFHVRSWLRQQHOOHV
/RJHPHQWHWFDGUHGHYLH
/HVSURJUDPPHVORFDX[GHO KDELWDW 3/+ HWOHVRSpUDWLRQVSURJUDPPpHVGHO KDELWDW 23$+ VRQWGHFRPSpWHQFH FRPPXQDXWDLUH
3URWHFWLRQHWPLVHHQYDOHXUGHO HQYLURQQHPHQW
&ROOHFWHWUDLWHPHQWHWYDORULVDWLRQGHVGpFKHWVGHVPpQDJHVHWGpFKHWVDVVLPLOpVWHOVTXHSUpYXVjO DUWLFOH/GX &RGH*pQpUDOGHV&ROOHFWLYLWpV7HUULWRULDOHV
$FWLRQVVRFLDOH
3HUVRQQHVkJpHV
*HVWLRQGXVHUYLFHDLGHjGRPLFLOH
DLGHPpQDJqUH
DX[LOLDLUHGHYLHHWJDUGHGHMRXUGDQVOHFDGUHGHO $3$
(QIDQFH-HXQHVVH
7RXWHVpWXGHVHWDFWLRQVG LQWpUrWFRPPXQDXWDLUHYLVDQWjO LQVHUWLRQVRFLDOHHWSURIHVVLRQQHOOHGHODMHXQHVVHHWQRWDPPHQW VRXWLHQjOD0LVVLRQ/RFDOH/DQGDLVH
7RXWHVpWXGHVHWDFWLRQVYLVDQWjIDYRULVHUO DFFXHLOGHODSHWLWHHQIDQFHHWQRWDPPHQWOHVRXWLHQjO $VVRFLDWLRQ/RXV3HWLWV (VEpULWV
(GXFDWLRQ&XOWXUH6SRUW
7RXWHVpWXGHVHWDFWLRQVG LQWpUrWFRPPXQDXWDLUHYLVDQWjIDYRULVHUOHGpYHORSSHPHQWGHO pGXFDWLRQQRWDPPHQW ¾ SDUODSDUWLFLSDWLRQjO pODERUDWLRQHWjODPLVHHQ°XYUHG XQ&RQWUDW(GXFDWLIORFDO ¾ SDUOHILQDQFHPHQWRXODPLVHjGLVSRVLWLRQG LQWHUYHQDQWVDJUppVSDUO (GXFDWLRQ1DWLRQDOHGDQVOHVpFROHVSULPDLUHV 7RXWHVpWXGHVHWDFWLRQVG LQWpUrWFRPPXQDXWDLUHYLVDQWjIDYRULVHUODGLIIXVLRQHWOHVSUDWLTXHVFXOWXUHOOHVQRWDPPHQW ¾ SDUO RUJDQLVDWLRQGHPDQLIHVWDWLRQVFXOWXUHOOHV
¾ SDUOHVRXWLHQILQDQFLHUHWRXPDWpULHODX[DVVRFLDWLRQVFXOWXUHOOHVVRXVUpVHUYHGHODVLJQDWXUHGHFRQYHQWLRQV 7RXWHVpWXGHVHWDFWLRQVYLVDQWjIDYRULVHUOHGpYHORSSHPHQWGXVSRUWQRWDPPHQW ¾ SDUOHUHFUXWHPHQWG XQDQLPDWHXUVSRUWLI
¾ SDUO RUJDQLVDWLRQGHPDQLIHVWDWLRQVVSRUWLYHVG LQWpUrWFRPPXQDXWDLUH
7HFKQRORJLHVGHO LQIRUPDWLRQHWGHODFRPPXQLFDWLRQ
7RXWHVpWXGHVHWDFWLRQVG LQWpUrWFRPPXQDXWDLUHYLVDQWjGpYHORSSHUO XWLOLVDWLRQGHVWHFKQRORJLHGHO LQIRUPDWLRQHWGHOD FRPPXQLFDWLRQVXUOHWHUULWRLUHGHODFRPPXQDXWpHWQRWDPPHQWODJHVWLRQG XQDWHOLHUPXOWLVHUYLFHVLQIRUPDWLTXH ,QIRUPDWLRQFRPPXQLFDWLRQSURPRWLRQMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
7RXWHVpWXGHVHWDFWLRQVG LQIRUPDWLRQGHFRPPXQLFDWLRQRXGHSURPRWLRQVXVFHSWLEOHVGHIDYRULVHUO LQIRUPDWLRQGHV KDELWDQWVOHOLHQVRFLDOHQWUHOHVKDELWDQWVHWSURPRXYRLUO LGHQWLWpFRPPXQDXWDLUH $57,&/(
8QH[HPSODLUHGHVVWDWXWVPRGLILpVHVWDQQH[pDXSUpVHQWDUUrWp
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHOH3UpVLGHQWGHOD&RPPXQDXWpGH&RPPXQHVGX*DEDUGDQOHVPDLUHVGHVFRPPXQHV FRQFHUQpHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDX5HFXHLOGHV$FWHV $GPLQLVWUDWLIVGHVVHUYLFHVGHO (WDWGDQVOHGpSDUWHPHQW
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(6$))$,5(6'e&(175$/,6e(6
35'$'
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG +RQQHXU
9XO DUUrWpSUpIHFWRUDOHQGDWHGHFHMRXUSRUWDQWLQVWLWXWLRQG XQHUpJLHGHUHFHWWHVDXSUqVGHODSROLFHPXQLFLSDOHGHOD FRPPXQHGH0LPL]DQ
6XUSURSRVLWLRQGX0DLUHGH0LPL]DQHQGDWHGXRFWREUHHWDSUqVDYLVIDYRUDEOHGXWUpVRULHUSD\HXUJpQpUDOHQGDWHGX GpFHPEUH
$55Ç7(
$57,&/(
0&KULVWLDQ%5867,6UHVSRQVDEOHGHODSROLFHPXQLFLSDOHGHODFRPPXQHGH0LPL]DQHVWQRPPpUpJLVVHXUWLWXODLUHSRXU SHUFHYRLUOHSURGXLWGHVDPHQGHVIRUIDLWDLUHVGHODSROLFHGHODFLUFXODWLRQHQDSSOLFDWLRQGHO DUWLFOH/GXFRGHJpQpUDO GHVFROOHFWLYLWpVWHUULWRULDOHVHWOHSURGXLWGHVFRQVLJQDWLRQVSUpYXHVSDUO DUWLFOH/GXFRGHGHODURXWH $57,&/(
0(ULF'8&20HVWGpVLJQpVXSSOpDQW
$57,&/(
/HVDXWUHVSROLFLHUVPXQLFLSDX[GHODFRPPXQHGH0LPL]DQVRQWGpVLJQpVPDQGDWDLUHV $57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHVHVWFKDUJpGHO H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDX5HFXHLOGHV $FWHV$GPLQLVWUDWLIV
)DLWj0RQWGH0DUVDQOHMDQYLHU
3RXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(6$))$,5(6'e&(175$/,6e(6
35'$'
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG +RQQHXU
9XOHFRGHJpQpUDOGHVFROOHFWLYLWpVWHUULWRULDOHVQRWDPPHQWVRQDUWLFOH/ 9XOHGpFUHWQGXGpFHPEUHSRUWDQWUqJOHPHQWJpQpUDOVXUODFRPSWDELOLWpSXEOLTXHQRWDPPHQWVRQDUWLFOH
9XOHGpFUHWQGXQRYHPEUHUHODWLIjODUHVSRQVDELOLWpSHUVRQQHOOHHWSpFXQLDLUHGHVUpJLVVHXUVPRGLILpSDUOH GpFUHWQGXMDQYLHU
9XOHGpFUHWQGXMXLOOHWUHODWLIDX[UpJLHVGHUHFHWWHVHWDX[UpJLHVG DYDQFHVGHVRUJDQLVPHVSXEOLFV 9XOHFRGHGHODURXWHQRWDPPHQWVRQDUWLFOH5
9XO DUUrWpGXPDLUHODWLIDX[WDX[GHO LQGHPQLWpGHUHVSRQVDELOLWpVXVFHSWLEOHG rWUHDOORXpHDX[UpJLVVHXUVG DYDQFHV HWDX[UpJLVVHXUVGHUHFHWWHVUHOHYDQWGHVRUJDQLVPHVSXEOLFVHWPRQWDQWGXFDXWLRQQHPHQWLPSRVpjFHVDJHQWVPRGLILpSDU O DUUrWpGXVHSWHPEUH
9XO DUUrWpLQWHUPLQLVWpULHOGXMXLOOHWPRGLILpKDELOLWDQWOHVSUpIHWVjLQVWLWXHURXjPRGLILHUGHVUpJLHVG DYDQFHVHWGH UHFHWWHVGHO (WDWDXSUqVGHVVHUYLFHVUpJLRQDX[RXGpSDUWHPHQWDX[UHOHYDQWGXPLQLVWqUHGHO LQWpULHXUHWGHO DPpQDJHPHQWGX WHUULWRLUH
9XO DUUrWpGXGpFHPEUHUHODWLIDXVHXLOGHGLVSHQVHGHFDXWLRQQHPHQWGHVUpJLVVHXUVG DYDQFHVHWGHVUpJLVVHXUVGH UHFHWWHV
9XODGHPDQGHGXPDLUHGHODFRPPXQHGH0LPL]DQHQGDWHGXRFWREUHVROOLFLWDQWODFUpDWLRQG XQHUpJLHGHUHFHWWH SRXUODSHUFHSWLRQGHVDPHQGHVIRUIDLWDLUHVGHODSROLFHGHODFLUFXODWLRQHWGHVFRQVLJQDWLRQVSDUOHVDJHQWVGHODSROLFH PXQLFLSDOH
9XO DYLVIDYRUDEOHGXWUpVRULHUSD\HXUJpQpUDOHQGDWHGXGpFHPEUH 6XUSURSRVLWLRQGH0OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV
$55Ç7(
$57,&/(
,OHVWLQVWLWXpDXSUqVGHODSROLFHPXQLFLSDOHGHODFRPPXQHGH0LPL]DQXQHUpJLHGHUHFHWWHVGHO (WDWSRXUSHUFHYRLUOH SURGXLWGHVDPHQGHVIRUIDLWDLUHVGHODSROLFHGHODFLUFXODWLRQHQDSSOLFDWLRQGHO DUWLFOH/ GXFRGHJpQpUDOGHVMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
FROOHFWLYLWpVWHUULWRULDOHVHWOHSURGXLWGHVFRQVLJQDWLRQVSUpYXHVSDUO DUWLFOH/GXFRGHGHODURXWH $57,&/(
/HUpJLVVHXUUHVSRQVDEOHGHODSROLFHPXQLFLSDOHSHXWrWUHDVVLVWpG DXWUHVDJHQWVGHSROLFHPXQLFLSDOHGpVLJQpVFRPPH PDQGDWDLUHV
$57,&/(
/HUpJLVVHXUHWVHVPDQGDWDLUHVHQFDLVVHQWHWUHYHUVHQWOHVIRQGVjODWUpVRUHULHGH0LPL]DQ/HWUpVRULHUSD\HXUJpQpUDOGRLW WRXMRXUVrWUHHQSRVVHVVLRQGHODOLVWHH[KDXVWLYHGHVPDQGDWDLUHV
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHVHVWFKDUJpGHO H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDXUHFXHLOGHV DFWHVDGPLQLVWUDWLIV
)DLWj0RQWGH0DUVDQOHMDQYLHU
3RXUOH3UpIHWGHV/DQGHVOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(6$))$,5(6'e&(175$/,6e(6
35'$'
6<1',&$70,;7(' (/,0,1$7,21'(6'(&+(76'(/$+$87(/$1'( $55(7(35()(&725$/3257$17&5($7,21'86<1',&$70,;7(' (/,0,1$7,21'(6'(&+(76'(/$ +$87(/$1'((175(/$&20081$87('(&20081(6'83$<6025&(1$,6/$&20081$87('( &20081(6'83$<6' $/%5(7(7/(6&20081(6'(&200(16$&4/8*/216$%5(662/)(5,12(7 75(16$&4
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG +RQQHXU
9XODORLQHQGDWHGXMXLOOHWUHODWLYHDXUHQIRUFHPHQWHWjODVLPSOLILFDWLRQGHODFRRSpUDWLRQLQWHUFRPPXQDOH 9XOHFRGHJpQpUDOGHVFROOHFWLYLWpVWHUULWRULDOHVQRWDPPHQWO DUWLFOH/ 9XODGpOLEpUDWLRQGX&RQVHLOFRPPXQDXWDLUHGHOD&RPPXQDXWpGH&RPPXQHVGX3D\V0RUFHQDLVHQGDWHGXGpFHPEUH VROOLFLWDQWODFUpDWLRQG XQV\QGLFDWG pOLPLQDWLRQGHVGpFKHWVGpQRPPp6\QGLFDW0L[WHG (OLPLQDWLRQGHV'pFKHWVGHOD +DXWH/DQGHHWDSSURXYDQWOHVVWDWXWV
9XODGpOLEpUDWLRQGX&RQVHLOFRPPXQDXWDLUHGHOD&RPPXQDXWpGH&RPPXQHVGX3D\VG $OEUHWHQGDWHGXGpFHPEUH VROOLFLWDQWODFUpDWLRQG XQV\QGLFDWG pOLPLQDWLRQGHVGpFKHWVGpQRPPp6\QGLFDW0L[WHG (OLPLQDWLRQGHV'pFKHWVGHOD+DXWH /DQGHHWDSSURXYDQWOHVVWDWXWV
9XOHVGpOLEpUDWLRQVGHVFRQVHLOVPXQLFLSDX[GHVFRPPXQHVGH&RPPHQVDFT GpFHPEUH /XJORQ GpFHPEUH 6DEUHV GpFHPEUH 6ROIpULQR GpFHPEUH 7UHQVDFT GpFHPEUH VROOLFLWDQWODFUpDWLRQG XQ V\QGLFDWG pOLPLQDWLRQGHVGpFKHWVGpQRPPp6\QGLFDW0L[WHG (OLPLQDWLRQGHV'pFKHWVGHOD+DXWH/DQGHHWDSSURXYDQWOHV VWDWXWV
9XODGpVLJQDWLRQGXUHFHYHXUGXV\QGLFDWSDUOH7UpVRULHU3D\HXU*pQpUDOGHV/DQGHVHQGDWHGXGpFHPEUH 6XUSURSRVLWLRQGH0OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV
$55Ç7(
$57,&/(
,OHVWFUppjFRPSWHUGHFHMRXUXQV\QGLFDWG pOLPLQDWLRQGHVGpFKHWVGpQRPPp6\QGLFDW0L[WHG (OLPLQDWLRQGHV'pFKHWVGH OD+DXWH/DQGHHQWUH
OD&RPPXQDXWpGH&RPPXQHVGX3D\V0RUFHQDLVSRXUO HQVHPEOHGHVHVFRPPXQHVPHPEUHV OD&RPPXQDXWpGH&RPPXQHVGX3D\VG $OEUHWSRXUOHVVHXOHVFRPPXQHVG $UJHORXVH&DOOHQ/X[H\HW6RUH OHVFRPPXQHVGH&RPPHQVDFT/XJORQ6DEUHV6ROIpULQRHW7UHQVDFT
$57,&/(
/HV\QGLFDWH[HUFHGHSOHLQGURLWDX[OLHXHWSODFHGHVHVFRPPXQHVPHPEUHVODFRPSpWHQFH pOLPLQDWLRQGHVGpFKHWV
$57,&/(
/HVLqJHGXV\QGLFDWHVWIL[pjOD&RPPXQDXWpGH&RPPXQHVGX3D\V0RUFHQDLVSODFH/pR%RX\VVRXj0RUFHQ[ $57,&/(
/HV\QGLFDWHVWFRQVWLWXpSRXUXQHGXUpHLOOLPLWpH
$57,&/(
/HV\QGLFDWHVWDGPLQLVWUpSDUXQFRQVHLOFRQVWLWXpGHPHPEUHVGpOpJXpVpOXVSDUOHVDVVHPEOpHVGpOLEpUDQWHVGHVPHPEUHVj UDLVRQGH
UHSUpVHQWDQWVWLWXODLUHVHWUHSUpVHQWDQWVVXSSOpDQWVSRXUOD&RPPXQDXWpGH&RPPXQHVGX3D\V0RUFHQDLV UHSUpVHQWDQWVWLWXODLUHVHWUHSUpVHQWDQWVVXSSOpDQWVSRXUOD&RPPXQDXWpGH&RPPXQHVGX3D\VG $OEUHW UHSUpVHQWDQWWLWXODLUHHWUHSUpVHQWDQWVXSSOpDQWSDUFRPPXQHLQGLYLGXHOOH $57,&/(
/HEXUHDXGXV\QGLFDWHVWFRPSRVpG XQ3UpVLGHQWHWGHYLFHSUpVLGHQWVGRQWOHQRPEUHVHUDGpWHUPLQpSDUOH&RPLWp6\QGLFDO HWGHPHPEUHV
$57,&/(
/HVIRQFWLRQVGHUHFHYHXUGXV\QGLFDWVHURQWH[HUFpHVSDUOH5HFHYHXUGHOD5HFHWWH3HUFHSWLRQGH0RUFHQ[MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
$57,&/(
/H6\QGLFDW0L[WHG (OLPLQDWLRQGHV'pFKHWVGHOD+DXWH/DQGHHVWUpJLVHORQOHVPRGDOLWpVIL[pHVGDQVOHVVWDWXWVDQQH[pVDX SUpVHQWDUUrWp
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHVOH7UpVRULHU3D\HXU*pQpUDOGHV/DQGHVOH3UpVLGHQWGHOD&RPPXQDXWpGH &RPPXQHVGX3D\V0RUFHQDLVOH3UpVLGHQWGHOD&RPPXQDXWpGH&RPPXQHVGX3D\VG $OEUHWOHVPDLUHVGH&RPPHQVDFT /XJORQ6DEUHV6ROIpULQRHW7UHQVDFTVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUD SXEOLpDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHVVHUYLFHVGHO (WDWGDQVOHGpSDUWHPHQW 0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(6$))$,5(6'e&(175$/,6e(6
35'$'
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG +RQQHXU
9XODORLQGXMXLOOHWUHODWLYHDXUHQIRUFHPHQWHWjODVLPSOLILFDWLRQGHODFRRSpUDWLRQLQWHUFRPPXQDOHHW QRWDPPHQWVHVDUWLFOHVHW $UWLFOHV//HWVXLYDQWVGX&RGH*pQpUDOGHV&ROOHFWLYLWpV 7HUULWRULDOHVTXLQTXLHV&HWQRQLHV&GX&RGH*pQpUDOGHV,PS{WV 9XO DUUrWpSUpIHFWRUDOPRGLILpGXGpFHPEUHSRUWDQWFUpDWLRQGHOD&RPPXQDXWpGH&RPPXQHVGXFDQWRQG $LUHVXU O $GRXU
9XO DUUrWpSUpIHFWRUDOPRGLILpGXGpFHPEUHSRUWDQWFUpDWLRQGHOD&RPPXQDXWpGH&RPPXQHVGX&DSGH*DVFRJQH 9XO DUUrWpSUpIHFWRUDOPRGLILpGXGpFHPEUHSRUWDQWFUpDWLRQGHOD&RPPXQDXWpGH&RPPXQHVGX3D\V*UHQDGRLV 9XO DUUrWpSUpIHFWRUDOPRGLILpGXGpFHPEUHSRUWDQWFUpDWLRQGHOD&RPPXQDXWpGH&RPPXQHV0DUHPQH$GRXU&{WH 6XG
9XO DUUrWpSUpIHFWRUDOGXQRYHPEUHSRUWDQWFUpDWLRQGHOD&RPPXQDXWpGH&RPPXQHVGHV*UDQGV/DFV 9XODGpOLEpUDWLRQHQGDWHGXRFWREUHGHOD&RPPXQDXWpGH&RPPXQHVGXFDQWRQG $LUHVXUO $GRXULQVWDXUDQWOD WD[HSURIHVVLRQQHOOHXQLTXHjFRPSWHUGX HU MDQYLHU
9XODGpOLEpUDWLRQHQGDWHGXVHSWHPEUHGHOD&RPPXQDXWpGH&RPPXQHVGX&DSGH*DVFRJQHLQVWDXUDQWODWD[H SURIHVVLRQQHOOHXQLTXHjFRPSWHUGX HU MDQYLHU
9XODGpOLEpUDWLRQHQGDWHGXQRYHPEUHGHOD&RPPXQDXWpGH&RPPXQHVGX3D\V*UHQDGRLVLQVWDXUDQWODWD[H SURIHVVLRQQHOOHXQLTXHjFRPSWHUGX HU MDQYLHU
9XODGpOLEpUDWLRQHQGDWHGXMDQYLHUGHOD&RPPXQDXWpGH&RPPXQHV0DUHPQH$GRXU&{WH6XGLQVWDXUDQWODWD[H SURIHVVLRQQHOOHXQLTXHjFRPSWHUGX HU MDQYLHU
9XODGpOLEpUDWLRQHQGDWHGXGpFHPEUHGHOD&RPPXQDXWpGH&RPPXQHVGHV*UDQGV/DFVLQVWDXUDQWODWD[H SURIHVVLRQQHOOHXQLTXHjFRPSWHUGX HU MDQYLHU
9XO DUUrWpSUpIHFWRUDOPRGLILpGXGpFHPEUHIL[DQWODOLVWHGHVFRPPXQDXWpVGHFRPPXQHVUHOHYDQWGHVGLVSRVLWLRQVGH O DUWLFOH/GX&RGH*pQpUDOGHV&ROOHFWLYLWpV7HUULWRULDOHV
&RQVLGpUDQWTXHFHVFRPPXQDXWpVGHFRPPXQHVUHPSOLVVHQWOHVFRQGLWLRQVGpPRJUDSKLTXHVSUpYXHVSDUO DUWLFOH/ GX&RGH*pQpUDOGHV&ROOHFWLYLWpV7HUULWRULDOHV
6XUSURSRVLWLRQGH0OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV
$55Ç7(
$57,&/(
/DOLVWHGHVFRPPXQDXWpVGHFRPPXQHVUHPSOLVVDQWO HQVHPEOHGHVFRQGLWLRQVSUpYXHVjO DUWLFOH/GX&RGH *pQpUDOGHV&ROOHFWLYLWpV7HUULWRULDOHVHVWFRPSOpWpHFRPPHVXLW
&RPPXQDXWpGH&RPPXQHVGXFDQWRQG $LUHVXUO $GRXU
&RPPXQDXWpGH&RPPXQHVGX&DSGH*DVFRJQH
&RPPXQDXWpGH&RPPXQHVGX3D\V*UHQDGRLV
&RPPXQDXWpGH&RPPXQHV0DUHPQH$GRXU&{WH6XG
&RPPXQDXWpGH&RPPXQHVGHV*UDQGV/DFV
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHHWOH6RXV3UpIHWGH'D[VRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGHOD SUpVHQWHGpFLVLRQTXLVHUDSXEOLpHDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHVVHUYLFHVGHO (WDWGDQVOHGpSDUWHPHQW 0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(6$))$,5(6'e&(175$/,6e(6
35'$'
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG +RQQHXU
9XODORLQGXMXLOOHWUHODWLYHDXUHQIRUFHPHQWHWjODVLPSOLILFDWLRQGHODFRRSpUDWLRQLQWHUFRPPXQDOHHW QRWDPPHQWVHVDUWLFOHVHW $UWLFOHV//HWVXLYDQWVGX&RGH*pQpUDOGHV&ROOHFWLYLWpV 7HUULWRULDOHVTXLQTXLHV&HWQRQLHV&GX&RGH*pQpUDOGHV,PS{WV MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
9XOHVDUUrWpVSUpIHFWRUDX[GXGpFHPEUHGXGpFHPEUHGXGpFHPEUHHWGXGpFHPEUHIL[DQW ODOLVWHGHVFRPPXQDXWpVGHFRPPXQHVUHOHYDQWGHVGLVSRVLWLRQVGHO DUWLFOH/GX&RGH*pQpUDOGHV&ROOHFWLYLWpV 7HUULWRULDOHV
9XO DUUrWpSUpIHFWRUDOPRGLILpGXGpFHPEUHSRUWDQWFUpDWLRQGHOD&RPPXQDXWpGH&RPPXQHVGX3D\VGH5RTXHIRUW 9XO DUUrWpSUpIHFWRUDOPRGLILpGXGpFHPEUHSRUWDQWFUpDWLRQGHOD&RPPXQDXWpGH&RPPXQHVGX3D\VGH9LOOHQHXYH GH0DUVDQHQ$UPDJQDFODQGDLV
9XODGpOLEpUDWLRQHQGDWHGXGpFHPEUHGHOD&RPPXQDXWpGH&RPPXQHVGX3D\VGH5RTXHIRUWLQVWDXUDQWODWD[H SURIHVVLRQQHOOHXQLTXHjFRPSWHUGX HU MDQYLHU
9XODGpOLEpUDWLRQHQGDWHGXRFWREUHGHOD&RPPXQDXWpGH&RPPXQHVGX3D\VGH9LOOHQHXYHGH0DUVDQHQ $UPDJQDF/DQGDLVLQVWDXUDQWODWD[HSURIHVVLRQQHOOHXQLTXHjFRPSWHUGX HU MDQYLHU &RQVLGpUDQWTXHFHVFRPPXQDXWpVGHFRPPXQHVUHPSOLVVHQWOHVFRQGLWLRQVSUpYXHVSDUO DUWLFOH/GX&RGH*pQpUDO GHV&ROOHFWLYLWpV7HUULWRULDOHV
6XUSURSRVLWLRQGH0OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV
$55Ç7(
$57,&/(
/DOLVWHGHVFRPPXQDXWpVGHFRPPXQHVUHPSOLVVDQWO HQVHPEOHGHVFRQGLWLRQVSUpYXHVjO DUWLFOH/GX&RGH *pQpUDOGHV&ROOHFWLYLWpV7HUULWRULDOHVHVWFRPSOpWpHFRPPHVXLW
&RPPXQDXWpGH&RPPXQHVGX3D\VGH5RTXHIRUW
&RPPXQDXWpGH&RPPXQHVGX3D\VGH9LOOHQHXYHGH0DUVDQHQ$UPDJQDF/DQGDLV $57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHHVWFKDUJpGHO H[pFXWLRQGHODSUpVHQWHGpFLVLRQTXLVHUDSXEOLpHDX5HFXHLOGHV$FWHV $GPLQLVWUDWLIVGHVVHUYLFHVGHO (WDWGDQVOHGpSDUWHPHQW
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(6$))$,5(6'e&(175$/,6e(6
35'$'
6<1',&$7,17(5&20081$/'8125'(67/$1'$,6
$UUrWpSUpIHFWRUDOSRUWDQWUHWUDLWGHODFRPPXQHGH6$5%$=$1GX6\QGLFDW,QWHUFRPPXQDOGX1RUG(VW/DQGDLV /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG +RQQHXU
9XODORLQGXMXLOOHWUHODWLYHDXUHQIRUFHPHQWHWjODVLPSOLILFDWLRQGHODFRRSpUDWLRQLQWHUFRPPXQDOH 9XOH&RGH*pQpUDOGHV&ROOHFWLYLWpV7HUULWRULDOHVHWQRWDPPHQWO DUWLFOH/ 9XO DUUrWpSUpIHFWRUDOHQGDWHGXVHSWHPEUHSRUWDQWFUpDWLRQGX6\QGLFDW,QWHUFRPPXQDOGX1RUG(VW/DQGDLV 9XOHVDUUrWpVSUpIHFWRUDX[GHVGpFHPEUHIpYULHUHWMXLQPDLHU DYULOVHSWHPEUH MXLOOHWPDUVHWRFWREUHHWVHSWHPEUHSRUWDQWPRGLILFDWLRQGHVVWDWXWVDGKpVLRQHWUHWUDLWGH FRPPXQHVWUDQVIRUPDWLRQHQV\QGLFDWjODFDUWHHWWUDQVIHUWGXVLqJHVRFLDO 9XODGpOLEpUDWLRQGXFRQVHLOPXQLFLSDOGHODFRPPXQHGH6$5%$=$1HQGDWHGXGpFHPEUHVROOLFLWDQWVRQUHWUDLWGX 6\QGLFDW,QWHUFRPPXQDOGX1RUG(VW/DQGDLV
9XODGpOLEpUDWLRQGX&RPLWp6\QGLFDOGX6\QGLFDW,QWHUFRPPXQDOGX1RUG(VW/DQGDLVHQGDWHGXMXLQGpFLGDQW G DFFHSWHUOHUHWUDLWGHODFRPPXQHGH6$5%$=$1HWIL[DQWOHVPRGDOLWpVILQDQFLqUHVGHFHUHWUDLW 9XODGpOLEpUDWLRQGXFRQVHLOPXQLFLSDOGHODFRPPXQHGH6$5%$=$1HQGDWHGXGpFHPEUHDFFHSWDQWOHVFRQGLWLRQV ILQDQFLqUHVGHUHWUDLWIL[pHVSDUOH&RPLWp6\QGLFDOGX6\QGLFDW,QWHUFRPPXQDOGX1RUG(VW/DQGDLV 9XOHVGpOLEpUDWLRQVFRQFRUGDQWHVGHVFRQVHLOVPXQLFLSDX[GHVFRPPXQHVPHPEUHVVHSURQRQoDQWIDYRUDEOHPHQWGDQVOHV FRQGLWLRQVGHPDMRULWpUHTXLVHVXUOHUHWUDLWGHODFRPPXQHGH6$5%$=$1 6XUODSURSRVLWLRQGX6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV
$55Ç7(
$57,&/(
/DFRPPXQHGH6$5%$=$1HVWDXWRULVpHjVHUHWLUHUGX6\QGLFDW,QWHUFRPPXQDOGX1RUG(VW/DQGDLVjFRPSWHUGX HU MDQYLHU
$57,&/(
(QFRQWUHSDUWLHODFRPPXQHGH6$5%$=$1V HQJDJHjYHUVHUDX6\QGLFDW,QWHUFRPPXQDOGX1RUG(VW/DQGDLVXQH LQGHPQLWpILQDQFLqUHVHORQOHVPRGDOLWpVIL[pHVG XQFRPPXQDFFRUGSDUGpOLEpUDWLRQVGHVDVVHPEOpHVGpOLEpUDQWHVGHVGHX[ SDUWLHVYLVpHVFLGHVVXV
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHVOH7UpVRULHU3D\HXU*pQpUDOGHV/DQGHVOH3UpVLGHQWGX6\QGLFDW ,QWHUFRPPXQDOGX1RUG(VW/DQGDLVOHVPDLUHVGHVFRPPXQHVFRQFHUQpHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGH O H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHVVHUYLFHVGHO (WDWGDQVOHGpSDUWHPHQW 0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
',5(&7,21'(6$))$,5(6'e&(175$/,6e(6
35'$'
&20081$87('(&20081(6'83$<6'(5248()257
$55Ç7e35e)(&725$/3257$17$'+e6,21'(/$&20081('(5(7-21602',),&$7,21'(667$7876 (7(;7(16,21'(6&203e7(1&(6
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG +RQQHXU
9XODORLQHQGDWHGXMXLOOHWUHODWLYHDXUHQIRUFHPHQWHWjODVLPSOLILFDWLRQGHODFRRSpUDWLRQLQWHUFRPPXQDOH 9XOHGpFUHWQGXVHSWHPEUHUHODWLIDX[3D\VHWSRUWDQWDSSOLFDWLRQGHO DUWLFOHGHODORLQGX IpYULHUPRGLILpSDUODORLQGXMXLQG RULHQWDWLRQSRXUO DPpQDJHPHQWHWOHGpYHORSSHPHQWGXUDEOHGX WHUULWRLUH
9XOH&RGH*pQpUDOGHV&ROOHFWLYLWpV7HUULWRULDOHVQRWDPPHQWOHVDUWLFOHV/HW/ 9XO DUUrWpSUpIHFWRUDOHQGDWHGXGpFHPEUHSRUWDQWFUpDWLRQGHOD&RPPXQDXWpGH&RPPXQHVGX3D\VGH5RTXHIRUW 9XOHVDUUrWpVSUpIHFWRUDX[HQGDWHGHVPDUVMDQYLHUHWGpFHPEUHHWDYULOSRUWDQWH[WHQVLRQGHV DWWULEXWLRQVPRGLILFDWLRQGHVVWDWXWVGHOD&RPPXQDXWpHWDGKpVLRQGHFRPPXQHV 9XODGpOLEpUDWLRQGX&RQVHLO0XQLFLSDOGHODFRPPXQHGH5HWMRQVHQGDWHGXQRYHPEUHVROOLFLWDQWVRQDGKpVLRQjOD &RPPXQDXWpGH&RPPXQHVGX3D\VGH5RTXHIRUW
9XOHVGpOLEpUDWLRQVGX&RQVHLO&RPPXQDXWDLUHGHOD&RPPXQDXWpGH&RPPXQHVGX3D\VGH5RTXHIRUWHQGDWHGX GpFHPEUHDFFHSWDQWO DGKpVLRQGHODFRPPXQHGH5HWMRQVHWVROOLFLWDQWODPRGLILFDWLRQGHVVWDWXWVHWO H[WHQVLRQGHV FRPSpWHQFHV
9XOHVGpOLEpUDQWHVFRQFRUGDQWHVGHVFRQVHLOVPXQLFLSDX[GHVFRPPXQHVPHPEUHVSULVHVjO XQDQLPLWp 6XUSURSRVLWLRQGH0OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV
$55Ç7(
$57,&/(
/DFRPPXQHGH5HWMRQVHVWDXWRULVpHjDGKpUHUjOD&RPPXQDXWpGH&RPPXQHVGX3D\VGH5RTXHIRUWjFRPSWHUGX HU MDQYLHU VHORQOHVPRGDOLWpVILQDQFLqUHVMRLQWHVHQDQQH[H
$57,&/(
/ DUWLFOHGHO DUUrWpSUpIHFWRUDOGXGpFHPEUHVXVYLVpHVWPRGLILpHWFRPSOpWpDLQVLTX LOVXLW /D&RPPXQDXWpGH&RPPXQHVH[HUFHGHSOHLQGURLWDX[OLHX[HWSODFHGHVFRPPXQHVPHPEUHVOHVFRPSpWHQFHVVXLYDQWHV $&RPSpWHQFHVREOLJDWRLUHV
$PpQDJHPHQWGHO HVSDFH
&RQIRUPpPHQWDX[GLVSRVLWLRQVGHODORLQGXMXLQG RULHQWDWLRQSRXUO DPpQDJHPHQWHWOHGpYHORSSHPHQW GXUDEOHGXWHUULWRLUHHWSRUWDQWPRGLILFDWLRQGHODORLQGXIpYULHUG RULHQWDWLRQSRXUO DPpQDJHPHQWHWOH GpYHORSSHPHQWGXWHUULWRLUHHWGXGpFUHWQGXVHSWHPEUHUHODWLIDX[3D\VOD&RPPXQDXWpGH&RPPXQHV HVWFRPSpWHQWHSRXU
O LQLWLDWLYHGHIDLUHUHFRQQDvWUHXQSD\V
GpOLEpUHUVXUODFRPSRVLWLRQGXFRQVHLOGHGpYHORSSHPHQW
SDUWLFLSHUjO pODERUDWLRQO DGRSWLRQHWODUpYLVLRQGHODFKDUWHGXSD\V
SDUWLFLSHUjODFRQVWLWXWLRQG XQV\QGLFDWPL[WHRXG XQJURXSHPHQWG LQWpUrWSXEOLFGHGpYHORSSHPHQWORFDOGHVWLQpj UHSUpVHQWHUOHSD\V
$FWLRQVGHGpYHORSSHPHQWpFRQRPLTXH
/D&RPPXQDXWpGH&RPPXQHVSUHQGUDHQFKDUJH
OHV2SpUDWLRQVGH5HVWUXFWXUDWLRQGHO $UWLVDQDWHWGX&RPPHUFH 25$& O DFTXLVLWLRQHWO DPpQDJHPHQWGHOD=$VLWXpHj5RTXHIRUWSRXUXQHVXSHUILFLHWRWDOHGHKDDFD FDGDVWUpHDLQVL 6HFWLRQ$Qj HQYXHGHUpWURFHVVLRQjGHVHQWUHSULVHV
%&RPSpWHQFHVRSWLRQQHOOHV
&RQVWUXFWLRQHQWUHWLHQHWIRQFWLRQQHPHQWG pTXLSHPHQWFXOWXUHOHWVSRUWLI / LQWpUrWFRPPXQDXWDLUHFXOWXUHOpGXFDWLIHWVSRUWLIVHGpILQLWSDUWRXWHDFWLRQQRXYHOOHGRQWO DLUHG LQIOXHQFHWRXFKHOHV FRPPXQHVGHOD&RPPXQDXWpHWQHV RSSRVHQWSDVDX[DFWLRQVHWRXDX[pTXLSHPHQWVGpMjSUpVHQWVGDQVOHVFRPPXQHVP HPEUHV
&RQIRUPpPHQWjO LQWpUrWFRPPXQDXWDLUHGpILQLSDUOHVFRPPXQHVPHPEUHVOH&RQVHLO&RPPXQDXWDLUHSHXWGpFLGHUGH SDUWLFLSHUjGHVDFWLRQVUHODWLYHVDX[pTXLSHPHQWVFXOWXUHOVpGXFDWLIVHWVSRUWLIVHWQRWDPPHQW 5pKDELOLWDWLRQHWJHVWLRQGHO DQFLHQIR\HUPXQLFLSDOGH5RTXHIRUWHQ&HQWUH&XOWXUHOGHOD&RPPXQDXWpGH&RPPXQHVGX 3D\VGH5RTXHIRUWGDQVOHEXWGHUHQIRUFHUO RIIUHFXOWXUHOOHFRPPXQDXWDLUHHQSDUWLFXOLHUFLQpPDWKpkWUHPXVLTXHHWWRXWH DXWUHPDQLIHVWDWLRQVHUYDQWODSROLWLTXHFXOWXUHOOHGHOD&RPPXQDXWpGH&RPPXQHV &UpDWLRQHWDQLPDWLRQG XQ$WHOLHU0XOWLVHUYLFHV,QIRUPDWLTXHYLVDQWjGpPRFUDWLVHUO RXWLOLQIRUPDWLTXHHWOHVQRXYHOOHV WHFKQRORJLHVG LQIRUPDWLRQHWGHFRPPXQLFDWLRQ
3ROLWLTXHGXORJHPHQWHWGXFDGUHGHYLH
/D&RPPXQDXWpGH&RPPXQHVSUHQGUDHQFKDUJHOHV2SpUDWLRQV3URJUDPPpHVG $PpOLRUDWLRQGHO +DELWDW 23$+ $57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHVOH3UpVLGHQWGHOD&RPPXQDXWpGH&RPPXQHVGX3D\VGH5RTXHIRUWOHV PDLUHVGHVFRPPXQHVFRQFHUQpHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLp DX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHVVHUYLFHVGHO (WDWGDQVOHGpSDUWHPHQW 0RQWGH0DUVDQOHGpFHPEUHMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
3RXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(6$))$,5(6'e&(175$/,6e(6
35'$'
6<1',&$70,;7('83$<6/$1'(61$785(&27(' $5*(17 $55Ç7e35e)(&725$/3257$17&5e$7,21'86<1',&$70,;7('83$<6/$1'(61$785(&Ð7( ' $5*(17
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG +RQQHXU
9XODORLQHQGDWHGXMXLOOHWUHODWLYHDXUHQIRUFHPHQWHWjODVLPSOLILFDWLRQGHODFRRSpUDWLRQLQWHUFRPPXQDOH 9XOHGpFUHWQGXVHSWHPEUHUHODWLIDX[3D\VHWSRUWDQWDSSOLFDWLRQGHO DUWLFOHGHODORLQGX IpYULHUPRGLILpSDUODORLQGXMXLQG RULHQWDWLRQSRXUO DPpQDJHPHQWHWOHGpYHORSSHPHQWGXUDEOHGX WHUULWRLUH
9XOH&RGH*pQpUDOGHV&ROOHFWLYLWpV7HUULWRULDOHVQRWDPPHQWO DUWLFOH/ 9XODGpOLEpUDWLRQGX&RQVHLO&RPPXQDXWDLUHGHOD&RPPXQDXWpGH&RPPXQHVGH0LPL]DQHQGDWHGXGpFHPEUH GpFLGDQWG DGKpUHUDX6\QGLFDW0L[WHGX3D\V/DQGHV1DWXUH&{WHG $UJHQWHWDSSURXYDQWOHVVWDWXWVGX6\QGLFDW 9XODGpOLEpUDWLRQGX&RQVHLO&RPPXQDXWDLUHGHOD&RPPXQDXWpGH&RPPXQHVGX&DQWRQGH&DVWHWVHQGDWHGXGpFHPEUH GpFLGDQWG DGKpUHUDX6\QGLFDW0L[WHGX3D\V/DQGHV1DWXUH&{WHG $UJHQWHWDSSURXYDQWOHVVWDWXWVGXV\QGLFDW 9XODGpOLEpUDWLRQGX&RQVHLO&RPPXQDXWDLUHGHOD&RPPXQDXWpGH&RPPXQHVGHV*UDQGV/DFVHQGDWHGXGpFHPEUH GpFLGDQWG DGKpUHUDX6\QGLFDW0L[WHGX3D\V/DQGHV1DWXUH&{WHG $UJHQWHWDSSURXYDQWOHVVWDWXWVGXV\QGLFDW 9XODGpOLEpUDWLRQGX&RQVHLO0XQLFLSDOGHODFRPPXQHGH/HHQGDWHGXGpFHPEUHGpFLGDQWG DGKpUHUDX6\QGLFDW 0L[WHGX3D\V/DQGHV1DWXUH&{WHG $UJHQWHWDSSURXYDQWOHVVWDWXWVGXV\QGLFDW 9XODGpOLEpUDWLRQGX&RQVHLO0XQLFLSDOGHODFRPPXQHGH0p]RVHQGDWHGXGpFHPEUHGpFLGDQWG DGKpUHUDX 6\QGLFDW0L[WHGX3D\V/DQGHV1DWXUH&{WHG $UJHQWHWDSSURXYDQWOHVVWDWXWVGXV\QGLFDW &RQVLGpUDQWO DYLVIDYRUDEOHGHOD&RPPLVVLRQ5pJLRQDOHSRXUO $PpQDJHPHQWGX7HUULWRLUHHQGDWHGXQRYHPEUHVXU OHSURMHWGHSpULPqWUHG pWXGHGX3D\V&{WHG $UJHQW
9XO DYLVGX7UpVRULHU3D\HXU*pQpUDOGHV/DQGHV
6XUSURSRVLWLRQGH0OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV
$55Ç7(
$57,&/(
,OHVWFUppjFRPSWHUGXHU MDQYLHUXQV\QGLFDWPL[WHGpQRPPp6\QGLFDW0L[WHGX3D\V/DQGHV1DWXUH&{WHG $UJHQW HQWUH
OD&RPPXQDXWpGH&RPPXQHVGHV*UDQGV/DFV
OD&RPPXQDXWpGH&RPPXQHVGH0LPL]DQ
OD&RPPXQDXWpGH&RPPXQHVGXFDQWRQGH&DVWHWV
OHVFRPPXQHVGH/HHW0p]RV
$57,&/(
/HV\QGLFDWDSRXUREMHWG DVVXUHUODFRKpUHQFHG XQHSROLWLTXHGHGpYHORSSHPHQWHWG DPpQDJHPHQWJOREDOHHWGXUDEOHGX WHUULWRLUHGXSD\V
,OFRRUGRQQHUDOHGpYHORSSHPHQWGX3D\VSDUODPLVHHQFRPSOpPHQWDULWpGHVDFWLRQVLQVFULWHVGDQVODFKDUWHHWRXSURSRVpHV SDUVHVPHPEUHVGDQVOHVGRPDLQHVGHO pFRQRPLHGXVRFLDOGHODVDQWpGHVVHUYLFHVjODSHUVRQQHHWDX[HQWUHSULVHVGHOD FXOWXUHGXVSRUWGXWRXULVPHGHVORLVLUVGHO HQYLURQQHPHQWGHO KDELWDWGXWUDQVSRUWHWGHVLQIUDVWUXFWXUHVGHOD FRPPXQLFDWLRQHWGHODSURPRWLRQGHODIRUPDWLRQGHO HPSORLGHVQRXYHOOHVWHFKQRORJLHVGHO LQIRUPDWLRQHWGHOD FRPPXQLFDWLRQRXDXWUHGRPDLQHVRXKDLWpSDUOHVSDUWHQDLUHVGX3D\V
$57,&/(
/HVLqJHGXV\QGLFDWHVWIL[pj0LPL]DQ
$57,&/(
/HV\QGLFDWHVWFUppSRXUXQHGXUpHLOOLPLWpH
$57,&/(
/HVIRQFWLRQVGHUHFHYHXUGXV\QGLFDWVHURQWH[HUFpHVSDUOH5HFHYHXUGHOD5HFHWWH3HUFHSWLRQGH0LPL]DQ $57,&/(
/HV\QGLFDWHVWDGPLQLVWUpSDUXQ&RQVHLOFRPSRVpGHGpOpJXpVWLWXODLUHVHWGHGpOpJXpVVXSSOpDQWVpOXVSDUOHVRUJDQHV GpOLEpUDQWVGHVPHPEUHVjUDLVRQGH
&RPPXQDXWpGH&RPPXQHVGHV*UDQGV/DFV GpOpJXpVWLWXODLUHVHWVXSSOpDQWV &RPPXQDXWpGH&RPPXQHVGH0LPL]DQ GpOpJXpVWLWXODLUHVHW VXSSOpDQWV &RPPXQDXWpGH&RPPXQHVGH&DVWHWV GpOpJXpVWLWXODLUHVHWVXSSOpDQWV &RPPXQHGH0p]RVHWGH/H GpOpJXpWLWXODLUHHWVXSSOpDQW
$57,&/(
/HEXUHDXGXV\QGLFDWHVWFRPSRVpG XQ3UpVLGHQWGH9LFH3UpVLGHQWVHWDXWUHVPHPEUHV $57,&/(
/H6\QGLFDW0L[WHGX3D\V/DQGHV1DWXUH&{WHG $UJHQWHVWUpJLVHORQOHVPRGDOLWpVIL[pHVGDQVOHVVWDWXWVDQQH[pVDXSUpVHQW DUUrWpMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHVOH3UpVLGHQWGHOD&RPPXQDXWpGH&RPPXQHVGHV*UDQGV/DFVOH3UpVLGHQW GHOD&RPPXQDXWpGH&RPPXQHVGH0LPL]DQOH3UpVLGHQWGHOD&RPPXQDXWpGH&RPPXQHVGXFDQWRQGH&DVWHWVOHVPDLUHV GH/HHW0p]RVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDX5HFXHLOGHV $FWHV$GPLQLVWUDWLIVGHVVHUYLFHVGHO (WDWGDQVOHGpSDUWHPHQW
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(6$))$,5(6'e&(175$/,6e(6
35'$'
2)),&(38%/,&081,&,3$/' +/0'('$;
&20326,7,21'8&216(,/' $'0,1,675$7,21
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOH&RGHGHOD&RQVWUXFWLRQHWGHO +DELWDWLRQQRWDPPHQWVHVDUWLFOHV5j5 9XO DUUrWpSUpIHFWRUDOGXHU RFWREUHSRUWDQWFRPSRVLWLRQGX&RQVHLOG $GPLQLVWUDWLRQGHO 2IILFH3XEOLF0XQLFLSDO G +/0GH'$;PRGLILpSDUO DUUrWpGX RFWREUH
9XOHUpVXOWDWGHO pOHFWLRQGXGpFHPEUHGHVUHSUpVHQWDQWVGHVORFDWDLUHVDXVHLQGHFHWRUJDQLVPH 6XUSURSRVLWLRQGH0OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUH
$55Ç7(
$57,&/(
/ DUWLFOHHUGHVDUUrWpVSUpIHFWRUDX[VXVYLVpVSRUWDQWFRPSRVLWLRQGX&RQVHLOG $GPLQLVWUDWLRQGHO 2IILFH3XEOLF0XQLFLSDO G +/0GH'$;HVWPRGLILpDLQVLTX LOVXLW
2QWpWppOXV
0PH*HQHYLqYH*2'()52,'
0PH0LFKqOH'528,1
0PH&ODXGH'8&2851$8
$57,&/(
/HPDQGDWGHVPHPEUHVpOXVOHGpFHPEUHSDUOHVORFDWDLUHVSRXUVLpJHUDX&RQVHLOG $GPLQLVWUDWLRQGHO 2IILFH3XEOLF 0XQLFLSDOG +/0GH'$;G XQHGXUpHGHWURLVDQVSUHQGUDILQORUVGHVSURFKDLQHVpOHFWLRQVGHVORFDWDLUHV $57,&/(
00OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV0OH6RXV3UpIHWGH'$;HWOH3UpVLGHQWGX&RQVHLOG $GPLQLVWUDWLRQ GHO 2IILFH3XEOLF0XQLFLSDOG +/0GH'$;VRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQWDUUrWpTXL VHUDSXEOLpDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
0RQWGH0DUVDQOHMDQYLHU
3RXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(6$))$,5(6'e&(175$/,6e(6
35'$'
2)),&(38%/,&'(3$57(0(17$/' +/0'(6/$1'(6
&20326,7,21'8&216(,/' $'0,1,675$7,21
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOH&RGHGHOD&RQVWUXFWLRQHWGHO +DELWDWLRQQRWDPPHQWVHVDUWLFOHV5j5 9XO DUUrWpSUpIHFWRUDOGXQRYHPEUHSRUWDQWFRPSRVLWLRQGX&RQVHLOG $GPLQLVWUDWLRQGHO 2IILFH3XEOLF'pSDUWHPHQWDO G +/0GHV/DQGHVPRGLILpSDUOHVDUUrWpVGHVGpFHPEUHHWVHSWHPEUH 9XOHUpVXOWDWGHO pOHFWLRQGXGpFHPEUHGHVUHSUpVHQWDQWVGHVORFDWDLUHVDXVHLQGX&RQVHLOG $GPLQLVWUDWLRQGH O 2IILFH3XEOLF'pSDUWHPHQWDOG +/0GHV/DQGHV
6XUSURSRVLWLRQGH0OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUH
$55Ç7(
$57,&/(
/ DUWLFOHHUGHVDUUrWpVSUpIHFWRUDX[VXVYLVpVSRUWDQWFRPSRVLWLRQGX&RQVHLOG $GPLQLVWUDWLRQGHO 2IILFH3XEOLF 'pSDUWHPHQWDOG +/0GHV/DQGHVHVWPRGLILpDLQVLTX LOVXLW
2QWpWppOXV
0$ODLQ%$&+(
0+LODULR0$7,$6
0PH0RQLTXH3(7,7
$57,&/(
/HPDQGDWGHVPHPEUHVpOXVOHGpFHPEUHSDUOHVORFDWDLUHVSRXUVLpJHUDX&RQVHLOG $GPLQLVWUDWLRQGHO 2IILFH3XEOLF 'pSDUWHPHQWDOG +/0GHV/DQGHVG XQHGXUpHGHWURLVDQVSUHQGUDILQORUVGHVSURFKDLQHVpOHFWLRQVGHVORFDWDLUHV $57,&/(
00OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHVHWOH3UpVLGHQWGX&RQVHLOG $GPLQLVWUDWLRQGHO 2IILFH3XEOLFMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
'pSDUWHPHQWDOG +/0GHV/DQGHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLp DX5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
0RQWGH0DUVDQOHMDQYLHU
3RXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(6$))$,5(6'e&(175$/,6e(6
35'$'
6<1',&$7,17(5&20081$/' $0(1$*(0(17'8%$66,19(56$17'8%26 $55Ç7e35e)(&725$/3257$17$'237,21'(667$7876
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG +RQQHXU
9XODORLQHQGDWHGXMXLOOHWUHODWLYHDXUHQIRUFHPHQWHWjODVLPSOLILFDWLRQGHODFRRSpUDWLRQLQWHUFRPPXQDOH 9XOH&RGH*pQpUDOGHV&ROOHFWLYLWpV7HUULWRULDOHVQRWDPPHQWO DUWLFOH/ 9XO DUUrWpSUpIHFWRUDOHQGDWHGXQRYHPEUHSRUWDQWFUpDWLRQGX6\QGLFDW,QWHUFRPPXQDOG $PpQDJHPHQWGX%DVVLQ 9HUVDQWGX%RV
9XOHVDUUrWpVSUpIHFWRUDX[HQGDWHGHVQRYHPEUHHWRFWREUHSRUWDQWDGKpVLRQGHFRPPXQHV 9XODGpOLEpUDWLRQGX&RPLWp6\QGLFDOGX6\QGLFDW,QWHUFRPPXQDOG $PpQDJHPHQWGX%DVVLQ9HUVDQWGX%RVHQGDWHGX VHSWHPEUHSURSRVDQWO DGRSWLRQGHVVWDWXWV
9XOHVGpOLEpUDWLRQVFRQFRUGDQWHVGHV&RQVHLOV0XQLFLSDX[GHVFRPPXQHVPHPEUHVSULVHVGDQVOHVFRQGLWLRQVGHPDMRULWp UHTXLVH
6XUSURSRVLWLRQGH0OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV
$55Ç7(
$57,&/(
/HVVWDWXWVWHOVTXHUpGLJpVSDUOH&RPLWp6\QGLFDOGX6\QGLFDW,QWHUFRPPXQDOG $PpQDJHPHQWGX%DVVLQ9HUVDQWGX%RV VRQWDSSURXYpV
$57,&/(
8QH[HPSODLUHGHVVWDWXWVHVWDQQH[pDXSUpVHQWDUUrWp
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHVOH3UpVLGHQWGX6\QGLFDW,QWHUFRPPXQDOG $PpQDJHPHQWGX%DVVLQ 9HUVDQWGX%RVOHVPDLUHVGHVFRPPXQHVFRQFHUQpHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQW DUUrWpTXLVHUDSXEOLpDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHVVHUYLFHVGHO (WDWGDQVOHGpSDUWHPHQW 0RQWGH0DUVDQOHMDQYLHU
3RXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(6$))$,5(6'e&(175$/,6e(6
$&7(&2167,787,)'(/¶$662&,$7,21)21&,(5(85%$,1('(/$5(6,'(1&($48,7$1,$ ,,¬02/,(76(70$$
$X[WHUPHVGHO¶$VVHPEOpH*pQpUDOHFRQVWLWXWLYHGXRFWREUHDpWpFRQVWLWXpHO¶$VVRFLDWLRQ)RQFLqUH8UEDLQHGHOD 5pVLGHQFH$TXLWDQLD,,LO{WV()*+,-j0ROLHWVHW0DDFRQIRUPpPHQWDX[GLVSRVLWLRQVGHODORLGHVMXLQHW GpFHPEUHPRGLILpH
&HWWHDVVRFLDWLRQGpQRPPpH$VVRFLDWLRQ)RQFLqUH8UEDLQHGHOD5pVLGHQFH$TXLWDQLD,,DSRXUREMHW pOHFWLRQGX3UpVLGHQWGHO¶$VVRFLDWLRQ6\QGLFDOH
DFTXpULUGH%28<*8(6,002%,/,(5OHVHVSDFHVYHUWVHWODSODFHWWHGHVVHUYDQWOHVPDLVRQVG¶KDELWDWLRQGpSHQGDQWGHV LO{WV
UpWURFpGHUjODFRPPXQHGH0ROLHWVHW0DDOHVHVSDFHVYHUWVHWODSODFHWWHGHVVHUYDQWOHVPDLVRQVG¶KDELWDWLRQGpSHQGDQWGHV LO{WV
/HVLqJHVRFLDOGHO¶DVVRFLDWLRQDpWpIL[pj0ROLHWVHW0DD
0RQWGH0DUVDQOHMDQYLHU
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH
0DULH'(%$,*
',5(&7,21'(6$))$,5(6'e&(175$/,6e(6
$&7(&2167,787,)'(/¶$662&,$7,216<1',&$/(/,%5('8/27,66(0(17'(6 %58<(5(6¬%,6&$55266(
$X[WHUPHVGHO¶$VVHPEOpH*pQpUDOHFRQVWLWXWLYHGXGpFHPEUHDpWpFRQVWLWXpHO¶$VVRFLDWLRQ6\QGLFDOH/LEUHGX ORWLVVHPHQWGHV%UX\qUHVj%LVFDUURVVHFRQIRUPpPHQWDX[GLVSRVLWLRQVGHODORLGHVMXLQHWGpFHPEUH PRGLILpH
&HWWHDVVRFLDWLRQGpQRPPpH$VVRFLDWLRQ6\QGLFDOH/LEUHGXORWLVVHPHQWGHV%UX\qUHVDSRXUREMHW O DFTXLVLWLRQODJHVWLRQO HQWUHWLHQHWO DPpOLRUDWLRQGHVHVSDFHVFRPPXQVWRXWHVLQVWDOODWLRQVG LQWpUrWVFRPPXQVHWWRXV WHUUDLQVSURSULpWpVGHO DVVRFLDWLRQMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
O DVVRFLDWLRQDXUDODSURSULpWpGHVRXYUDJHVTXLVHURQWUpDOLVpVGDQVOHEXWFLGHVVXVHWTXLQ DXUDLHQWpWpUHPLVjODFRPPXQH O HQWUHWLHQODFRQVHUYDWLRQHWODVXUYHLOODQFHJpQpUDOHGXORWLVVHPHQWRXGHFHUWDLQVpOpPHQWVGHFHOXLFLWHOVTXHMDUGLQV FO{WXUHVHWKDLHV
ODFUpDWLRQGHWRXVpOpPHQWVG pTXLSHPHQWVQRXYHDX[
OHFRQWU{OHHWO DSSOLFDWLRQGXUqJOHPHQWHWGXFDKLHUGHVFKDUJHV
O H[HUFLFHGHWRXWHVDFWLRQVDIIpUHQWHVDXGLWFRQWU{OHDLQVLTX DX[RXYUDJHVG pTXLSHPHQWV ODUpSDUWLWLRQGHVGpSHQVHVGHJHVWLRQHWG HQWUHWLHQHQWUHOHVPHPEUHVGHO DVVRFLDWLRQHWOHXUUHFRXYUHPHQW /HVLqJHVRFLDOGHO¶DVVRFLDWLRQDpWpIL[pjODPDLULHGH%LVFDUURVVH
0RQWGH0DUVDQOHMDQYLHU
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH
0DULH'(%$,*
',5(&7,21'(6$))$,5(6'e&(175$/,6e(6
$&7(&2167,787,)'(/¶$662&,$7,216<1',&$/('(63523,5(7$,5(6'8/27,66(0(17 /(&/26'(6$5%286,(56¬3$5(17,6(1%251
$X[WHUPHVGHO¶$VVHPEOpH*pQpUDOHFRQVWLWXWLYHGXQRYHPEUHDpWpFRQVWLWXpHO¶$VVRFLDWLRQ6\QGLFDOHGHV SURSULpWDLUHVGXORWLVVHPHQW/H&ORVGHV$UERXVLHUVj3DUHQWLVHQ%RUQFRQIRUPpPHQWDX[GLVSRVLWLRQVGHODORLGHVMXLQ HWGpFHPEUHPRGLILpH
&HWWHDVVRFLDWLRQGpQRPPpH$VVRFLDWLRQ6\QGLFDOHGHVSURSULpWDLUHVGXORWLVVHPHQW/H&ORVGHV$UERXVLHUVDSRXUREMHW O DFTXLVLWLRQODJHVWLRQO HQWUHWLHQHWO DPpOLRUDWLRQGHODYRLULHGHVHVSDFHVYHUWVGHVUpVHDX[GLYHUVHWWRXWHVLQVWDOODWLRQV G LQWpUrWVFRPPXQVDXORWLVVHPHQW
/HVLqJHVRFLDOGHO¶DVVRFLDWLRQDpWpIL[pDXGRPLFLOHGX3UpVLGHQWUpVLGHQFH/D)RUrWj3DUHQWLVHQ%RUQ 0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH
0DULH'(%$,*
',5(&7,21'(6$&7,216'(/¶e7$7
35'$(Ê0(%85($81
&200,66,21'e3$57(0(17$/(' e48,3(0(17&200(5&,$/ /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XODORLQGXGpFHPEUHG¶RULHQWDWLRQGXFRPPHUFHHWGHO¶DUWLVDQDWPRGLILpHSDUODORLQGX GpFHPEUHODORLQGXMDQYLHUHWODORLQGX MXLOOHWUHODWLYHDXGpYHORSSHPHQWHWjOD SURPRWLRQGXFRPPHUFHHWGHO¶DUWLVDQDW
9XOHVDUWLFOHV///HW/GX&RGH*pQpUDOGHV&ROOHFWLYLWpV7HUULWRULDOHV 9XOHGpFUHWQGXPDUVPRGLILpSDUOHVGpFUHWVQGXQRYHPEUHHWQGX QRYHPEUHUHODWLIjO DXWRULVDWLRQG H[SORLWDWLRQFRPPHUFLDOHGHFHUWDLQVPDJDVLQVGHFRPPHUFHGHGpWDLOHWGHFHUWDLQV pWDEOLVVHPHQWVK{WHOLHUVDX[REVHUYDWRLUHVHWDX[FRPPLVVLRQVG¶pTXLSHPHQWFRPPHUFLDO &RQVLGHUDQWTXHOHPDQGDWGXUHSUpVHQWDQWGHVDVVRFLDWLRQVGHFRQVRPPDWHXUVDUULYHUDjpFKpDQFHOHGpFHPEUH 9XOHVGpVLJQDWLRQVIDLWHVSDUOHFROOqJHGHVFRQVRPPDWHXUVHWXVDJHUVGXFRPLWpGpSDUWHPHQWDOGHODFRQVRPPDWLRQGDQVVRQ FRXUULHUGXRFWREUH
6XUODSURSRVLWLRQGH0OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV $55Ç7(
$57,&/(
/DFRPPLVVLRQGpSDUWHPHQWDOHG pTXLSHPHQWFRPPHUFLDOGHV/DQGHVHVWFRQVWLWXpHFRPPHVXLW 3UpVLGHQW
/HSUpIHWRXVRQUHSUpVHQWDQW
0HPEUHVD\DQWYRL[GpOLEpUDWLYH
OHPDLUHGHODFRPPXQHG¶LPSODQWDWLRQRXVRQUHSUpVHQWDQW
OHSUpVLGHQWRXXQpOXORFDOTX¶LOGpVLJQHGHO¶pWDEOLVVHPHQWSXEOLFGHFRRSpUDWLRQLQWHUFRPPXQDOHFRPSpWHQWHQPDWLqUH G¶DPpQDJHPHQWGHO¶HVSDFHHWGHGpYHORSSHPHQWGRQWHVWPHPEUHODFRPPXQHG¶LPSODQWDWLRQRXjGpIDXWOHFRQVHLOOHU JpQpUDOGXFDQWRQG¶LPSODQWDWLRQ
OHPDLUHGHODFRPPXQHODSOXVSHXSOpHGHO¶DUURQGLVVHPHQWFRQFHUQpDXWUHTXHODFRPPXQHG¶LPSODQWDWLRQRXVRQ UHSUpVHQWDQW GDQVOHFDVRODFRPPXQHG¶LPSODQWDWLRQDSSDUWLHQWjXQHDJJORPpUDWLRQPXOWLFRPPXQDOHFRPSRUWDQWDXPRLQV FLQTFRPPXQHVOHPDLUHGHODFRPPXQHODSOXVSHXSOpHHVWFKRLVLSDUPLOHVFRPPXQHVGHODGLWHDJJORPpUDWLRQ OHSUpVLGHQWGHODFKDPEUHGHFRPPHUFHHWG¶LQGXVWULHGHV/DQGHVRXXQPHPEUHGHVRQEXUHDXGPHQWPDQGDWpjFHWHIIHW OHSUpVLGHQWGHODFKDPEUHGHPpWLHUVRXXQPHPEUHGHVRQEXUHDXGPHQWPDQGDWpjFHWHIIHW XQUHSUpVHQWDQWGHVDVVRFLDWLRQVGHFRQVRPPDWHXUVGXGpSDUWHPHQW
7LWXODLUH 0-RVHSK628%,528
&6)
SODFH5LFKDUG)HXLOOHW
21'5(6MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
6XSSOpDQW 00DUF$//,0$17
$'(,&
&ORVGHO¶$QJHDYHQXH)RFK
0217'(0$56$1
/RUVTXHOHPDLUHGHODFRPPXQHG¶LPSODQWDWLRQRXOHPDLUHGHODFRPPXQHODSOXVSHXSOpHGHO¶DUURQGLVVHPHQWRXGH O¶DJJORPpUDWLRQPXOWLFRPPXQDOHDXWUHTXHODFRPPXQHG¶LPSODQWDWLRQHVWHQPrPHWHPSVOHFRQVHLOOHUJpQpUDOGXFDQWRQOH SUpIHWGpVLJQHSRXUOHUHPSODFHUOHPDLUHGHODGHX[LqPHFRPPXQHODSOXVSHXSOpHVLWXpHGDQVO¶DJJORPpUDWLRQ PXOWLFRPPXQDOHRXO¶DUURQGLVVHPHQWFRQFHUQp
&HVQRPLQDWLRQVSUHQGURQWHIIHWjFRPSWHUGXGpFHPEUH
$57,&/(
/HPDQGDWGXUHSUpVHQWDQWGHVDVVRFLDWLRQVGHFRQVRPPDWHXUVHVWGHWURLVDQV/HPHPEUHWLWXODLUHQHSHXWHIIHFWXHUGHX[ PDQGDWVFRQVpFXWLIVTXHFHVRLWHQTXDOLWpGHWLWXODLUHRXGHVXSSOpDQW
$57,&/(
3RXUFKDTXHGHPDQGHG¶DXWRULVDWLRQXQDUUrWpSUpIHFWRUDOIL[HODFRPSRVLWLRQGHODFRPPLVVLRQ $57,&/(
/HVHFUpWDULDWGHODFRPPLVVLRQGpSDUWHPHQWDOHG pTXLSHPHQWFRPPHUFLDOHVWDVVXUpSDUOD3UpIHFWXUHGHV/DQGHV±'LUHFWLRQ GHVDFWLRQVGHO¶(WDW±%XUHDXGHO¶DFWLRQpFRQRPLTXHGHO¶HPSORLGHODIRUPDWLRQHWGXWRXULVPHTXLH[DPLQHODUHFHYDELOLWp GHVGHPDQGHV
/H'LUHFWHXUGpSDUWHPHQWDOGHODFRQFXUUHQFHGHODFRQVRPPDWLRQHWGHODUpSUHVVLRQGHVIUDXGHVRXVRQUHSUpVHQWDQW UDSSRUWHOHVGRVVLHUV
/H'pOpJXpUpJLRQDODXWRXULVPHRXVRQUHSUpVHQWDQWSUpVHQWHO¶DYLVH[SULPpSDUODFRPPLVVLRQGpSDUWHPHQWDOHGHO¶DFWLRQ WRXULVWLTXHVXUOHVSURMHWVG¶pWDEOLVVHPHQWVK{WHOLHUVGpILQLVDXWLWUHGXGH,GHO¶DUWLFOHGHODORLGXGpFHPEUH VXVYLVpH
/H'LUHFWHXUGpSDUWHPHQWDOGHO¶pTXLSHPHQW'LUHFWHXUGpSDUWHPHQWDOGHODFRQFXUUHQFHGHODFRQVRPPDWLRQHWGHOD UpSUHVVLRQGHVIUDXGHVHWOH'LUHFWHXUGpSDUWHPHQWDOGXWUDYDLOGHO¶HPSORLHWGHODIRUPDWLRQSURIHVVLRQQHOOHRXOHXUV UHSUpVHQWDQWVDVVLVWHQWDX[VpDQFHV
$57,&/(
/¶DUUrWpQ35'$(qPH%XUHDXQGXGpFHPEUHHVWDEURJp $57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHVHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDXUHFXHLOGHV DFWHVDGPLQLVWUDWLIV
0RQWGH0DUVDQOHGpFHPEUH
/H3UpIHW
-DFTXHV6$16
',5(&7,21'(6$&7,216'(/ (7$7
35'$(1
$55(7(3257$1702',),&$7,21'(/$&20326,7,21'(/¶2%6(59$72,5( '(3$57(0(17$/'¶(48,3(0(17&200(5&,$/
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XODORLQGXMDQYLHUUHODWLYHjODSUpYHQWLRQGHODFRUUXSWLRQHWjODWUDQVSDUHQFHGHODYLHpFRQRPLTXHHWGHV SURFpGXUHVSXEOLTXHVHWQRWDPPHQWVRQDUWLFOH
9XOHVDUWLFOHV/j/GX&RGHGHFRPPHUFH
9XOHVDUWLFOHV/HW/GX&RGHGHO¶XUEDQLVPH
9XOHVDUWLFOHV//HW/GX&RGHJpQpUDOGHVFROOHFWLYLWpVWHUULWRULDOHV 9XOHGpFUHWQGXQRYHPEUHUHODWLIjO¶DXWRULVDWLRQG¶H[SORLWDWLRQFRPPHUFLDOHGHFHUWDLQVPDJDVLQVGH FRPPHUFHGHGpWDLOHWGHFHUWDLQVpWDEOLVVHPHQWVK{WHOLHUVHWPRGLILDQWOHGpFUHWQGXPDUV 9XO¶DUUrWpPLQLVWpULHOGXPDLUHODWLIDX[REVHUYDWRLUHVGpSDUWHPHQWDX[G pTXLSHPHQWFRPPHUFLDO 9XO¶DUUrWp35'$(qPH%XUHDX1GXMXLOOHWSRUWDQWFRPSRVLWLRQGHO¶REVHUYDWRLUHGpSDUWHPHQWDO G pTXLSHPHQWFRPPHUFLDOGHV/DQGHV
9XODOHWWUHHQGDWHGXQRYHPEUHGH0%(5*(5SDUODTXHOOHLODFFHSWHOHVIRQFWLRQVGHPHPEUHVXSSOpDQWGH O¶REVHUYDWRLUHGpSDUWHPHQWDOG pTXLSHPHQWFRPPHUFLDOGHV/DQGHVHQWDQWTXHUHSUpVHQWDQWGHVHQWUHSULVHVH[SORLWDQWHVGH JUDQGVPDJDVLQVRXPDJDVLQVSRSXODLUHV
6XUODSURSRVLWLRQGH0OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV $55Ç7(
$57,&/(
/¶DUWLFOHHUGHO¶DUUrWp35'$(qPH%XUHDX1GXMXLOOHWHVWPRGLILpFRPPHVXLWHQFHTXLFRQFHUQHOHV UHSUpVHQWDQWVGHVDFWLYLWpVFRPPHUFLDOHVHWDUWLVDQDOHV
5HSUpVHQWDQWGHVHQWUHSULVHVH[SORLWDQWHVGHJUDQGVPDJDVLQVRXPDJDVLQVSRSXODLUHV 7LWXODLUH VDQVFKDQJHPHQW
6XSSOpDQW 0*pUDUG%(5*(5'LUHFWHXUGHV1RXYHOOHV *DOHULHVGH'$;MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
5HSUpVHQWDQWGHVHQWUHSULVHVH[SORLWDQWHVGHFRPPHUFHVVSpFLDOLVpVGHJUDQGHVXUIDFH 7LWXODLUH VDQVFKDQJHPHQW
6XSSOpDQW 0&KULVWRSKH%$1748,1
/HUHVWHHVWVDQVFKDQJHPHQW
$57,&/(
/DGDWHG¶H[SLUDWLRQGHVPDQGDWVGHFKDFXQGHVPHPEUHVFLGHVVXVGpVLJQpVHVWOHMXLOOHWDXSOXVWDUG $57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHVHVWFKDUJpGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDX5HFXHLOGHV $FWHV$GPLQLVWUDWLIVGHV/DQGHV
0RQWGH0DUVDQOHGpFHPEUH
/H3UpIHW
-DFTXHV6$16
',5(&7,21'(6$&7,216'(/ (7$7
&200,66,21'(3$57(0(17$/(' (48,3(0(17&200(5&,$/ © /(*5$1'0$,/ ª¬6$,173$8//(6'$;
$XFRXUVGHVDUpXQLRQGXGpFHPEUHODFRPPLVVLRQGpSDUWHPHQWDOHG¶pTXLSHPHQWFRPPHUFLDOGHV/DQGHVDGpFLGp G¶DFFRUGHUO¶DXWRULVDWLRQVROOLFLWpHSDUOD6&,©-$&48(0$,1 ªHQYXHGHSURFpGHUjODFUpDWLRQG¶XQHQVHPEOH FRPPHUFLDOGHPSDUH[WHQVLRQGHPG¶XQFHQWUHGpMjH[LVWDQW©/(*5$1'0$,/ ª P HWjOD FUpDWLRQGHPG¶DFWLYLWpVQRXYHOOHVj6$,173$8/OHV'$;
/HWH[WHGHFHWWHGpFLVLRQHVWHQDSSOLFDWLRQGHO¶DUWLFOHGXGpFUHWQGXPDUVPRGLILpDIILFKpjODSRUWHGH ODPDLULHGH6$,173$8/OHV'$;SHQGDQWGHX[PRLV
0RQWGH0DUVDQOHGpFHPEUH
/H3UpIHWSRXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(6$&7,216'(/ (7$7
&200,66,21'(3$57(0(17$/(' (48,3(0(17&200(5&,$/ © &$37$,12/,9(5 ª¬ 6$,173,(55('80217
$XFRXUVGHVDUpXQLRQGXQRYHPEUHODFRPPLVVLRQGpSDUWHPHQWDOHG¶pTXLSHPHQWFRPPHUFLDOGHV/DQGHVDGpFLGp G¶DFFRUGHUO¶DXWRULVDWLRQVROOLFLWpHSDUOD6$5/©&{Wp,QWpULHXU ªHQYXHGHSURFpGHUDXWUDQVIHUWDYHFH[WHQVLRQGHP GXPDJDVLQ© &$37$,12/,9(5 ªGH0217GH0$56$1j6$,173,(55(GX0217G¶XQHVXUIDFHGHYHQWHWRWDOHGH P
/HWH[WHGHFHWWHGpFLVLRQHVWHQDSSOLFDWLRQGHO¶DUWLFOHGXGpFUHWQGXPDUVPRGLILpDIILFKpjODSRUWHGH ODPDLULHGH6$,173,(55(GX0217SHQGDQWGHX[PRLV
0RQWGH0DUVDQOHGpFHPEUH
/H3UpIHWSRXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(6$&7,216'(/ (7$7
&200,66,21'(3$57(0(17$/(' (48,3(0(17&200(5&,$/ (;7(16,21'8683(50$5&+(© &+$03,21 ª¬+$*(70$8 $XFRXUVGHVDUpXQLRQGXQRYHPEUHODFRPPLVVLRQGpSDUWHPHQWDOHG¶pTXLSHPHQWFRPPHUFLDOGHV/DQGHVDGpFLGp G¶DFFRUGHUO¶DXWRULVDWLRQVROOLFLWpHSDUOD6$©+$*(70$8',675,%87,21 ªHQYXHGHSURFpGHUjO¶H[WHQVLRQGHP GXVXSHUPDUFKp© &+$03,21 ªj+$*(70$8SRUWDQWODVXUIDFHGHYHQWHWRWDOHj P /HWH[WHGHFHWWHGpFLVLRQHVWHQDSSOLFDWLRQGHO¶DUWLFOHGXGpFUHWQGXPDUVPRGLILpDIILFKpjODSRUWHGH ODPDLULHGH+$*(70$8SHQGDQWGHX[PRLV
0RQWGH0DUVDQOHGpFHPEUH
/H3UpIHWSRXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
628635e)(&785(
1
$55(7(35()(&725$/3257$1702',),&$7,21'(667$7876'86,983285/( 5(*5283(0(173('$*2*,48('(6(&2/,(56'(0,6621(70,0%$67( /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOH&RGH*pQpUDOGHV&ROOHFWLYLWpV7HUULWRULDOHVQRWDPPHQWO¶DUWLFOH/ 9XO¶DUUrWpSUpIHFWRUDOHQGDWHGX-XLOOHWDXWRULVDQWODFRQVWLWXWLRQGX©6,98SRXUOHUHJURXSHPHQWSpGDJRJLTXHGHV pFROLHUVGH0LVVRQHW0LPEDVWH ª
9XO¶DUUrWpSUpIHFWRUDOHQGDWHGX-XLQDXWRULVDQWODPRGLILFDWLRQGHVVWDWXWVGX6\QGLFDWMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
9XO¶DUUrWpSUpIHFWRUDOHQGDWHGX'pFHPEUHGRQQDQWGpOpJDWLRQGHVLJQDWXUHj03DWULFN)(5,16RXV3UpIHWGH O¶$UURQGLVVHPHQWGH'$;
9XODGpOLEpUDWLRQGX&RPLWp6\QGLFDOGX6,98SRXUOHUHJURXSHPHQWSpGDJRJLTXHGHVpFROLHUVGH0LVVRQHW0LPEDVWHHQ GDWHGX0DUVVROOLFLWDQWODPRGLILFDWLRQGHO¶DUWLFOHGHVVWDWXWVGX6\QGLFDW 9XOHVGpOLEpUDWLRQVFRQFRUGDQWHVGHVGHX[FRPPXQHVPHPEUHVGXV\QGLFDW 6XUSURSRVLWLRQGH0OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV
$55Ç7(
$57,&/(
(VWDXWRULVpHODPRGLILFDWLRQGHO¶DUWLFOHGHVVWDWXWVGX6,98SRXUOHUHJURXSHPHQWSpGDJRJLTXHGHV(FROLHUVGH0LVVRQHW 0LPEDVWH
$57,&/(
/HQRXYHODUWLFOHUHODWLIjO¶REMHWGXV\QGLFDWHVWFRPSOpWpFRPPHVXLW
qPHDOLQpDSUHQGUHHQFKDUJHO¶DFTXLVLWLRQGHPDWpULHOHWPRELOLHUGHEXUHDX $57,&/(
0OH6RXV3UpIHWGH'$;0PHOD7UpVRULqUHGH328,//210OH3UpVLGHQWGX6\QGLFDWHWOHV0DLUHVGHVFRPPXQHV PHPEUHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDXUHFXHLOGHV$FWHV $GPLQLVWUDWLIVGHV6HUYLFHVGHO¶(WDWGDQVOH'pSDUWHPHQWGHV/DQGHV
3RXUOH3UpIHWSDUGpOpJDWLRQOH6RXV3UpIHWGH'$;
3DWULFN)(5,1
32/,&('(/ ($8(7'(60,/,(8;$48$7,48(6
$55(7(35()(&725$/$8725,6$17/(0,1,67Ê5('(/ (48,3(0(17'(675$1632576 '8/2*(0(17'87285,60((7'(/$0(5¬5e$/,6(5(7¬(;3/2,7(5$87,75('(/$ /2,1'8-$19,(5685/ ($8/(62895$*(6&211(;(6¬/$'e9,$7,21 5287,Ê5(3(50(77$17/(&2172851(0(17'(/¶$**/20e5$7,21'¶$,5(685 /¶$'285686&(37,%/(6'(3529248(5'(6())(76685/ ($8(7/(60,/,(8; $48$7,48(6
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHFRGHGHO (QYLURQQHPHQW
9XO DUWLFOH/GX&RGH5XUDO
9XOHGpFUHWQGXPDUVUHODWLIDX[SURFpGXUHVG DXWRULVDWLRQHWGHGpFODUDWLRQSUpYXHVSDUO DUWLFOH GHODORL VXUO HDXGX-DQYLHU
9XOHGpFUHWQGXPDUVUHODWLIjODQRPHQFODWXUHGHVRSpUDWLRQVVRXPLVHVjDXWRULVDWLRQHWjGpFODUDWLRQHQ DSSOLFDWLRQGHO DUWLFOHGHODORLGX-DQYLHUVXUO HDX
9XO¶DUUrWpSUpIHFWRUDOGX-DQYLHUSUHVFULYDQWXQHHQTXrWHSXEOLTXHGXIpYULHUDX0DUV 9XO DYLVIDYRUDEOHGX&RPPLVVDLUH(QTXrWHXUGX$YULO
9XO DYLVIDYRUDEOHGX&RQVHLO'pSDUWHPHQWDOG +\JLqQHGXVHSWHPEUH 6XUSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV $55Ç7(
&+$3,75(,HU'LVSRVLWLRQVJpQpUDOHV
$57,&/(
/H0LQLVWqUHGHO¶(TXLSHPHQWGHV7UDQVSRUWVGX/RJHPHQWGX7RXULVPHHWGHOD0HUUHSUpVHQWpSDU 0RQVLHXUOH'LUHFWHXU'LUHFWLRQ'pSDUWHPHQWDOHGHO¶(TXLSHPHQW
%RXOHYDUG6DLQW0pGDUG
%3
0217'(0$56$1&('(;
GpVLJQpFLDSUqVOHSHUPLVVLRQQDLUHHVWDXWRULVpjUpDOLVHUHWH[SORLWHUOHVRXYUDJHVHWDPpQDJHPHQWVFRQQH[HVjODGpYLDWLRQ URXWLqUHSHUPHWWDQWOHFRQWRXUQHPHQWGHO¶DJJORPpUDWLRQG¶$LUHVXUO¶$GRXU LQIUDVWUXFWXUHVHUDFFRUGDQWjODURXWHQDWLRQDOH QDXVXGGXFHQWUHXUEDLQG¶$LUHVXUO¶$GRXUDXQLYHDXGXOLHXGLW©*LURQ ªHWDXQRUGGXFHQWUHXUEDLQDXQLYHDXGX FDUUHIRXUGHODURXWHQDWLRQDOHQHWGHODURXWHGpSDUWHPHQWDOHQFDUUHIRXUGLW© GX7UpPD ª &HWWHDXWRULVDWLRQHVWGpOLYUpHDXWLWUHGHVUXEULTXHVGHODQRPHQFODWXUHGHVRXYUDJHVLQVWDOODWLRQVWUDYDX[HWDFWLYLWpV UpJOHPHQWpVDXWLWUHGHODORLQGX-DQYLHUVXLYDQWHV
2895$*(6,167$//$7,216$&7,9,7(6 58%5,48( 5(*,0(
,QVWDOODWLRQjO¶RULJLQHG¶XQHIIOXHQWVLJQLILDQWXQDSSRUWDX
PLOLHXDTXDWLTXHGHSOXVGHWMRXUGHVHOVGLVVRXV $XWRULVDWLRQ
,QVWDOODWLRQRXYUDJHVFRQGXLVDQWjPRGLILHUOHSURILOHQORQJ
RXHQWUDYHUVG XQFRXUVG HDXRXFRQGXLVDQWjODGpULYDWLRQRX
DXGpWRXUQHPHQWG XQUXLVVHDX
$XWRULVDWLRQMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
&RXYHUWXUHG XQFRXUVG HDXQDWXUHOVXUXQHORQJXHXUFRPSULVH
HQWUHHWPqWUHV 'pFODUDWLRQ
2XYUDJHUHPEODLVHWpSLVGDQVOHOLWPLQHXUG XQFRXUVG HDX
FRQVWLWXDQWXQREVWDFOHjO pFRXOHPHQWGHVFUXHV $XWRULVDWLRQ
5HPEODLVG XQHKDXWHXUVXSpULHXUHjPDXGHVVXVGX
QLYHDXGXWHUUDLQQDWXUHOGDQVOHOLWPDMHXUG XQFRXUVG HDXOD
VXUIDFHVRXVWUDLWHpWDQWVXSpULHXUHj Pð
$XWRULVDWLRQ
&RQVROLGDWLRQRXSURWHFWLRQGHEHUJH $XWRULVDWLRQ
$VVqFKHPHQWLPSHUPpDELOLVDWLRQUHPEODLVGH]RQHVKXPLGHV
RXGHPDUDLVOD]RQHDVVpFKpHpWDQWVXSpULHXUHjKD $XWRULVDWLRQ
5HMHWG HDX[SOXYLDOHVGDQVOHVHDX[VXSHUILFLHOOHVRXGDQVXQ
EDVVLQG LQILOWUDWLRQODVXSHUILFLHWRWDOHGHVVHUYLHpWDQW!j
KDPDLVjKD
'pFODUDWLRQ
$57,&/(
/HSHUPLVVLRQQDLUHHVWWHQXGHUHVSHFWHUOHVHQJDJHPHQWVHWYDOHXUVDQQRQFpVGDQVOHGRVVLHUGHGHPDQGHG DXWRULVDWLRQGqV ORUVTX LOVQHVRQWSDVFRQWUDLUHVDX[GLVSRVLWLRQVGXSUpVHQWDUUrWpQLDX[SULQFLSHVpULJpVSDUODORLQGX-DQYLHU VXUO HDX
(QRXWUHORUVGHODUpDOLVDWLRQGHO LQVWDOODWLRQGHO RXYUDJHRXGHVWUDYDX[GDQVOHXUPRGHG H[SORLWDWLRQRXG H[pFXWLRQRX GDQVO H[HUFLFHGHO DFWLYLWpOHSHUPLVVLRQQDLUHQHGRLWHQDXFXQFDVGpSDVVHUOHVVHXLOVGHGpFODUDWLRQRXG DXWRULVDWLRQGHV DXWUHVUXEULTXHVGHODQRPHQFODWXUHVDQVHQDYRLUIDLWDXSUpDODEOHODGpFODUDWLRQRXODGHPDQGHG DXWRULVDWLRQHWDYRLUREWHQX OHUpFpSLVVpGHGpFODUDWLRQRXO DXWRULVDWLRQFRUUHVSRQGDQWH
$57,&/(
/HVRXYUDJHVRXLQVWDOODWLRQVVRQWUpJXOLqUHPHQWHQWUHWHQXVGHPDQLqUHjJDUDQWLUOHERQpFRXOHPHQWGHVHDX[HWOHERQ IRQFWLRQQHPHQWGHVGLVSRVLWLIVGHVWLQpVjODSURWHFWLRQGHODUHVVRXUFHHQHDXHWGHVPLOLHX[DTXDWLTXHV,OVGRLYHQWrWUH FRPSDWLEOHVDYHFOHVGLIIpUHQWVXVDJHVGHVFRXUVG HDX
$57,&/(
/ H[pFXWLRQGHVWUDYDX[GRLWrWUHH[pFXWpHGDQVXQGpODLPD[LPXPGHKXLWDQVjFRPSWHUGHODGDWHGHWUDQVPLVVLRQGHFHW DUUrWpDXSHUPLVVLRQQDLUH
$57,&/(
/ DXWRULVDWLRQHVWDFFRUGpHjWLWUHSHUVRQQHOSUpFDLUHHWUpYRFDEOHVDQVLQGHPQLWp/HVGURLWVGHVWLHUVVRQWHWGHPHXUHQW UpVHUYpV
&+$3,75(,,/HVRXYUDJHVGHIUDQFKLVVHPHQW
7,75('LVSRVLWLRQVWHFKQLTXHVJpQpUDOHV
$57,&/(
/DORFDOLVDWLRQGHVRXYUDJHVHWWUDYDX[GRLWSUHQGUHHQFRPSWHOHVVSpFLILFLWpVHQYLURQQHPHQWDOHVORFDOHV(OOHGRLWQRWDPPHQW QHSDVrWUHGHQDWXUHjSHUWXUEHUVHQVLEOHPHQWOHV]RQHVGXPLOLHXWHUUHVWUHFRPPHDTXDWLTXHSUpVHQWDQWXQLQWpUrWIORULVWLTXH HWIDXQLVWLTXHHWQHSDVHQJHQGUHUGHSHUWXUEDWLRQ V GXUpJLPHK\GUDXOLTXHGXFRXUVG HDXHWGHO pFRXOHPHQWQDWXUHOGHVHDX[ DXGHOjGHFHOOHVUHFRQQXHVGDQVOHVGRFXPHQWVG¶LQFLGHQFHVSURGXLWVSDUOHSHUPLVVLRQQDLUH $57,&/(
/ LPSODQWDWLRQGHVRXYUDJHVQHGRLWSDVSURYRTXHUGHPDQLqUHVLJQLILFDWLYHG LUUpJXODULWpGDQVOHSURILOHQORQJGXFRXUVG HDX VXUOHWURQoRQFRQFHUQpQLGHUXSWXUHGHSHQWHQLGHVXUFUHXVHPHQWGXOLWQLG pURVLRQUpJUHVVLYHRXSURJUHVVLYH/HVRXYUDJHV QHGRLYHQWSDVSURYRTXHUG DIIRXLOOHPHQWHWGHIUDJLOLVDWLRQGHVRXYUDJHVH[LVWDQWV $57,&/(
/HVWUDYDX[GHFRQVROLGDWLRQRXGHSURWHFWLRQGHEHUJHVSDUDSSRUWG¶HQURFKHPHQWVQHGHYURQWSDVUpGXLUHODVHFWLRQQDWXUHOOH G¶pFRXOHPHQWGXFRXUVG¶HDX
/DGLPHQVLRQGHVEORFVG¶HQURFKHPHQWRXGHVPDWpULDX[GHSURWHFWLRQjXWLOLVHUGRLWrWUHGpWHUPLQpHHWOHXUPLVHHQSODFH HIIHFWXpHVXLYDQWOHVUqJOHVGHO DUWHQWHQDQWFRPSWHGHVFRQWUDLQWHVDX[TXHOOHVLOVGHYURQWUpVLVWHU YLWHVVHSURIRQGHXU« /HVHQURFKHPHQWVGRLYHQWOLPLWHUDXPD[LPXPODPLJUDWLRQGHVVpGLPHQWVILQVGHVEHUJHVHQUHSRVDQWSDUH[HPSOHVXUGHV ILOWUHV
6LFHVWUDYDX[VRQWGHVWLQpVjFRQWU{OHUXQHpURVLRQGHSLHGLOVGRLYHQWrWUHUpDOLVpVHQGHVFHQGDQWODSURWHFWLRQGHWDOXVDYHF XQHEXWpHRXHQFUpDQWXQWDSLVGHSLHGTXLSHUPHWWUDDX[HQURFKHPHQWVGHV HQIRQFHUHWGHV DGDSWHU $57,&/(
/ H[SORLWDWLRQGHVRXYUDJHVHQFDVG DPRQFHOOHPHQWG HPEkFOHVRXGHGpS{WGHPDWpULDX[HQDPRQWRXHQDYDOLPSRVHGH SRXUYRLUDXQHWWR\DJHGXOLWDX[DERUGVLPPpGLDWVGHVRXYUDJHVHWGHSURFpGHUHQFDVGHEHVRLQjWRXWHRSpUDWLRQGH GpVHQFRPEUHPHQWTXLV DYqUHUDLWQpFHVVDLUHMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
7,75(,,'LVSRVLWLRQVWHFKQLTXHVVSpFLILTXHV
6HFWLRQ/ RXYUDJHGHIUDQFKLVVHPHQWGHO $GRXU
6RXVVHFWLRQ'DQVODVHFWLRQVLWXpHHQOLWPLQHXU
$57,&/(
/DFRQFHSWLRQGHO RXYUDJHGHIUDQFKLVVHPHQWGHO $GRXUSHUPHWWUDOHWUDQVIHUWG¶XQHFUXHH[FHSWLRQQHOOHGXIOHXYHGH UpFXUUHQFHFHQWFLQTXDQWHQQDOH /DFUXHGHUpIpUHQFHHVWFHOOHLQWHUYHQXHHQ $57,&/(
/¶LQFLGHQFHGHO¶RXYUDJHHQWHUPHGHKDXWHXUG¶HDXGHGXUpHGHVXEPHUVLRQHWGHIUpTXHQFHG¶LQRQGDWLRQQHGRLWSDVHQWUDvQHU XQHDJJUDYDWLRQGHVULVTXHVSRXUODVpFXULWpGHVELHQVHWGHVSHUVRQQHVRFFXSDQWGHVKDELWDWLRQVVLWXpHVHQ]RQHLQRQGDEOH DX GHOjGHFHOOHDSSUpFLpHGDQVOHVGRFXPHQWVG¶LQFLGHQFHVSURGXLWVSDUOHSHUPLVVLRQQDLUH $57,&/(
/ RXYUDJHGHIUDQFKLVVHPHQWGHO $GRXUSUpVHQWHUDOHVFDUDFWpULVWLTXHVVXLYDQWHV
/RQJXHXU PHQYLURQ
$SSXLV
FXOpHVVXUEHUJHV
SLOHVSODFpHVHQOLWPLQHXU
SLOHSODFpHHQWUHODEHUJHULYHJDXFKHGHO¶$GRXUHWO¶DQFLHQQHJUDYLqUH
SLOHSODFpHGDQVO¶DQFLHQQHJUDYLqUH
$OWLWXGHLQWUDGR P1*)VRLWXQWLUDQWG DLUSDUUDSSRUWDXQLYHDXGHVSOXVKDXWHVHDX[FRQQXHVGH PjO¶D[HGHO¶pFRXOHPHQW
$57,&/(
/HGLVSRVLWLIGHIUDQFKLVVHPHQWVHUDFRPSOpWpSDUGHVSURWHFWLRQVHQHQURFKHPHQWVDILQG¶pYLWHUODGpVWDELOLVDWLRQGHVEHUJHVDX GURLWGHO¶RXYUDJHHWGHFRQVROLGHUOHFRUGRQGHWHUUHHQWUHO¶$GRXUHWO¶DQFLHQQHJUDYLqUHULYHJDXFKH $57,&/(
/HVWUDYDX[VLJQLILDQWGHVLQWHUYHQWLRQVGDQVOHOLWGXIOHXYHGHYURQWrWUHUHVWUHLQWVSHQGDQWOHVSpULRGHVGHPLJUDWLRQSULQFLSDOH GHVDGXOWHVGHVHVSqFHVSLVFLFROHVPLJUDWULFHVSUpVHQWHVVXUO $GRXUVRLWGH0DLj-XLQSRXUODJUDQGHDORVH $ORVDDORVD HWGH 0DUVj$YULOSRXUODODPSURLHPDULQH 3HWURP\]RQPDULQXV
6RXVVHFWLRQ'DQVODVHFWLRQVLWXpHHQOLWPDMHXU
$57,&/(
/HVUHPEODLVGHVYRLHVG DFFqVjO RXYUDJHGHIUDQFKLVVHPHQWGHO $GRXUVRQWFRQoXVHWUpDOLVpVVXLYDQWOHVUqJOHVGHO DUW,OV GRLYHQWQRWDPPHQWUpVLVWHUjO pURVLRQGHVHDX[UHVWHUVWDEOHVHQFUXHHWHQGpFUXHrWUHPXQLVGHGLVSRVLWLIVGHGUDLQDJH LQWHUQHSRXUpYDFXHUOHVHDX[G LQILOWUDWLRQVXVFHSWLEOHVGHOHVGpVWDELOLVHU8QWUDLWHPHQWDSSURSULpGHODIRQGDWLRQHVWOHFDV pFKpDQWPLVHHQ°XYUH
$57,&/(
/HSHUPLVVLRQQDLUHYHLOOHjDVVXUHUODVXUYHLOODQFHHWO HQWUHWLHQGXUHPEODLURXWLHUHWQRWDPPHQWGHODYpJpWDWLRQTXLSRXUUDLW DSSDUDvWUHHWQXLUHjVDVWDELOLWp
6HFWLRQ/HVRXYUDJHVGHIUDQFKLVVHPHQWGHVpFRXOHPHQWVVHFRQGDLUHV
6RXVVHFWLRQ'LVSRVLWLRQVJpQpUDOHV
$57,&/(
/HGLPHQVLRQQHPHQWGHVRXYUDJHVGRLWSHUPHWWUHGHIDLUHWUDQVLWHUODFUXHFHQWHQQDOHVDQVPRGLILHUVHQVLEOHPHQWOHVFRQGLWLRQV G pFRXOHPHQWHQDPRQWHWHQDYDOGHVRXYUDJHVHWVDQVDJJUDYHUGHPDQLqUHVLJQLILFDWLYHOHVULVTXHVG LQRQGDWLRQHWGHUXSWXUH GHVGLJXHVH[LVWDQWHV
$57,&/(
/ RUJDQLVDWLRQLQLWLDOHGHVpFRXOHPHQWVVHFRQGDLUHVQHVHUDSDVPRGLILpHFKDTXHUXLVVHDXHWFKDTXHIRVVpjpFRXOHPHQW SHUPDQHQWLQWHUPLWWHQWYRLUHRFFDVLRQQHOIHUDO REMHWG XQUpWDEOLVVHPHQWVSpFLILTXH (FKDSSHjFHWWHUqJOHOHFDVGXWKDOZHJFRUUHVSRQGDQWDXEDVVLQYHUVDQWQSRXUOHTXHOOHUpWDEOLVVHPHQWVHIHUDSDUXQIRVVp GHSLHGGHUHPEODLHQGLUHFWLRQGXUXLVVHDXGX%URXVVHDX
$57,&/(
/HVRXYUDJHVLPSODQWpVGDQVOHVUXLVVHDX[RUHFqOHjSULRULO H[LVWHQFHG XQHIDXQHSLVFLFROHDVVXUHURQWDXWDQWTXHSRVVLEOHSDU OHXUVPRGDOLWpVGHFRQVWUXFWLRQXQpFODLUHPHQWQDWXUHO WLUDQWG DLUVXIILVDQWpYDVHPHQWGHVH[WUpPLWpV /DWUDQVLWLRQHQWUHOD SOHLQHOXPLqUHHWO LQWHQVLWpOXPLQHXVHVRXVO RXYUDJHGRLWrWUHSURJUHVVLYH &HVRXYUDJHVWRXFKDQWDX[EHUJHVRXDXUDGLHUOHVGLVSRVLWLRQVVHURQWSULVHVSRXUPDLQWHQLUODFLUFXODWLRQGHVSRLVVRQV(Q SDUWLFXOLHUODSHQWHQDWXUHOOHGXOLWGXFRXUVG HDXGRLWrWUHSUpVHUYpHSRXUTXHODYLWHVVHG pFRXOHPHQWQDWXUHOGHO HDXQHVRLW SDVGpSDVVpH(QFDVGHUXSWXUHVGHSHQWHRXGHFUpDWLRQVGHFKXWHG HDXGHVGLVSRVLWLIVVSpFLDX[GLVVLSDWHXUVG pQHUJLHGRLYHQW rWUHDPpQDJpVGHIDoRQjPDLQWHQLUOHIUDQFKLVVHPHQWGHVSRLVVRQV/HUDGLHUVHUDVLWXpjHQYLURQFLQTXDQWHFHQWLPqWUHVDX GHVVRXVGXOLWPR\HQGXFRXUVG HDXHWUHFRXYHUWG XQPDWpULDXGHPrPHQDWXUHTXHFHOXLGXFRXUVG HDX 6RXVVHFWLRQ'LVSRVLWLRQVVSpFLILTXHV
$57,&/(
3RXUOHVUpWDEOLVVHPHQWVGHVpPLVVDLUHVGHVEDVVLQVYHUVDQWVQQQHQUDLVRQGHVIRUWHVSHQWHVGHVWKDOZHJVGHV DPpQDJHPHQWVVSpFLILTXHV GHVFHQWHVG¶HDXHQURFKHPHQWV« VHURQWUpDOLVpVSRXUFRQWU{OHUOHVYLWHVVHVHWpYLWHUOHVpURVLRQV VLJQLILFDWLYHVjSUR[LPLWpLPPpGLDWHHWjO LQWpULHXUGHO RXYUDJHMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
3RXUOHVUpWDEOLVVHPHQWVGXUXLVVHDXGX%URXVVHDXOHVDPpQDJHPHQWVVSpFLILTXHVFRQVLVWHURQWHQODUpDOLVDWLRQGHVHXLOVQR\pV HQHQURFKHPHQWVjO¶DYDOGHVRXYUDJHV
$57,&/(
/HVFDUDFWpULVWLTXHVGHFHVRXYUDJHVGHIUDQFKLVVHPHQWVRQWOHVVXLYDQWHV
5pIpUHQFH %DVVLQYHUVDQW
FRQFHUQp
(PLVVDLUH
3ULQFLSDO &DUDFWpULVWLTXHVFRQVWUXFWLYHV 'LVSRVLWLRQVVSpFLILTXHV
2XYUDJH
+\GUDXOLTXHQ
%DVVLQ9HUVDQW
Q
PP
/ P
2+Q
%9Q 5XLVVHDXGHV
$UUDWVRXGH
/DJUDYH
'DORW
O PK P/ PP
&DODJHGXILOG HDXFPVRXV
OHIRQGGXOLWDFWXHO
2+Q %9Q 5XLVVHDXGH %DLOOp 'DORW O PK P/ PP &DODJHGXILOG HDXFPVRXV OHIRQGGXOLWDFWXHO
2+QELV %9Q 5XLVVHDXGH %DLOOp 'DORW O PK P/ P &DODJHGXILOG HDXFPVRXV OHIRQGGXOLWDFWXHO
2+QWHU %9Q 5XLVVHDXGH %DLOOp 'DORW O PK P/ P &DODJHGXILOG HDXFPVRXV OHIRQGGXOLWDFWXHO
2+Q
%9Q 5XLVVHDXGH
9HUJRLJQDQ
'DORW
O PK P/ PP
P
&DODJHGXILOG HDXFPVRXV
OHIRQGGXOLWDFWXHO
2+Q %9Q PP/ P
2+Q %9Q PP/ P
2+Q %9Q PP/ P
2+Q %9Q PP/ P
2+Q %9Q PP/ P
2+Q %9Q PP/ P
2+Q %9Q )RVVpGHSLHGGHUHPEODL
2+Q %9Q PP/ P
2+Q %9Q PP/ P
2+Q %9Q PP/ P
2+Q %9Q PP/ P
2+Q %9Q PP/ P
2+Q %9Q PP/ P
5pIpUHQFH %DVVLQ9HUVDQW
FRQFHUQp
(PLVVDLUH
3ULQFLSDO &DUDFWpULVWLTXHVFRQVWUXFWLYHV 'LVSRVLWLRQVVSpFLILTXHV
2+Q %9Q PP/ P
2+Q %9Q PP/ P
2+Q %9Q PP/ P
2+Q %9Q PP/ P
2+Q
%URXVVHDX$PRQW
5XLVVHDXGX
%URXVVHDX
'DORW
O PK P/ P
&DODJHGXILOG HDXFPVRXV
OHIRQGGXOLW
&UpDWLRQG XQVHXLOGHIL[DWLRQMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
GXOLWjO DYDOGHO RXYUDJH
2+Q
%URXVVHDX$YDO
5XLVVHDXGX
%URXVVHDX
5pWDEOLVVHPHQWK\GUDXOLTXH
O PK P/ P
2XYUDJHJpQpUDO
O PK P/ P
&DODJHGXILOG HDXFPVRXV
OHIRQGGXOLW
&UpDWLRQG XQVHXLOGHIL[DWLRQ
GXOLWjO DYDOGHO RXYUDJH
5pWDEOLVVHPHQWK\GUDXOLTXH
LQWpJUpGDQVXQRXYUDJH
FRPSUHQDQWpJDOHPHQWXQ
SDVVDJHJUDQGHIDXQH
&+$3,75(,,,$PpQDJHPHQWVGHUXLVVHDX[
6HFWLRQ'LVSRVLWLRQVJpQpUDOHV
$57,&/(
/HVDPpQDJHPHQWVGHUXLVVHDX[FRQVLVWDQWHQGHVGpWRXUQHPHQWVGHVUHFWLILFDWLRQVRXGHVUHSURILODJHVGXOLWQHGHYURQWSDV LQGXLUHGHGpVpTXLOLEUHPRUSKRORJLTXHGHVUXLVVHDX[FRQFHUQpV
/HVWUDYDX[GHFXUDJHVHURQWH[pFXWpVGHIDoRQjQHSDVGpSDVVHUOHFDUDFWqUH©YLHX[IRQGVYLHX[ERUGV ª $57,&/(
'HVWUDYDX[GHSURWHFWLRQGHEHUJHVGHVQRXYHDX[WUDFpVGHUXLVVHDX[RXG¶pPLVVDLUHVH[LVWDQWVVHURQWFRQGXLWVDILQG pYLWHUOHV pURVLRQVVLJQLILFDWLYHVGXSURILOHQWUDYHUV
' XQHPDQLqUHJpQpUDOHOHVSURWHFWLRQVGHEHUJHVWURSOLVVHVVRQWSURVFULWHVHWOHVWHFKQLTXHVTXLSHUPHWWHQWG REWHQLUODPrPH UXJRVLWpTXHFHOOHGHODULYLqUHGRLYHQWrWUHSULYLOpJLpHVSRXUpYLWHUOHVULVTXHVG DIIRXLOOHPHQWGLUHFWHPHQWjO DYDOHW G DFFpOpUDWLRQGHO pFRXOHPHQWGHVHDX[
/RUVTX LOHVWIDLWXVDJHGHWHFKQLTXHVYpJpWDOHVFHVWUDYDX[Q LQWHUYLHQGURQWTX DSUqVVWDELOLVDWLRQSUpDODEOHGXSURILOHQORQJ /HVHVSqFHVYpJpWDOHVGRLYHQWrWUHFKRLVLHVSDUPLOHVHVSqFHVQDWXUHOOHPHQWSUpVHQWHVVXUOHVEHUJHVHWOHVULYHVGHVFRXUVG HDX RXpFRORJLTXHPHQWDGDSWpHV KpORSK\WHVDXOQHVVDXOHV« /HVSODQWDWLRQVGHYpJpWDWLRQjV\VWqPHUDFLQDLUHSHXSURIRQGQH SHUPHWWDQWSDVXQHERQQHVWDELOLVDWLRQGHEHUJHVHWSRXYDQWHQWUDvQHUGHVSHUWXUEDWLRQVLPSRUWDQWHVGHO pFRXOHPHQWGHVHDX[ HQFDVGHGpUDFLQHPHQWQRWDPPHQWOHSHXSOLHUVRQWSURVFULWHV
/HUHFRXUVjGHVWHFKQLTXHVDUWLILFLHOOHVRXGHVWHFKQLTXHVPL[WHV FRQVLVWDQWSDUH[HPSOHjHQURFKHUOHVSLHGVGHEHUJHHWj LPSODQWHUGHVYpJpWDX[HQSDUWLHKDXWHGHODEHUJH SOXW{WTXHO HPSORLGHWHFKQLTXHVIDLVDQWDSSHODXJpQLHELRORJLTXHHVW SUpFRQLVpORUVTXHODKDXWHXUGHEHUJHHVWWUqVQHWWHPHQWVXSpULHXUHjFHOOHTXLSHXWrWUHFRORQLVpHSDUGHVUDFLQHVORUVTXHOD YLWHVVHHVWH[FHVVLYHRXORUVTXHODYpJpWDWLRQQHGLVSRVHUDLWSDVGXWHPSVQpFHVVDLUHSRXUV LQVWDOOHU /HVSUHVFULSWLRQVUHODWLYHVjO HPSORLGHWHFKQLTXHVSDUHQURFKHPHQWILJXUHQWjO DUWLFOHGXSUpVHQWDUUrWp 6HFWLRQ&RQVLVWDQFHGHVWUDYDX[
$57,&/(
/HVDPpQDJHPHQWVGHUXLVVHDX[FRQVLVWHURQWHQ
%DVVLQYHUVDQWRXQRPGH
O¶pPLVVDLUH 7\SHGHWUDYDX[
/RFDOLVDWLRQ ,PSRUWDQFH
/DJUDYH 'pWRXUQHPHQW $YDOGHO¶RXYUDJH K\GUDXOLTXHQ P
%URXVVHDX 'pWRXUQHPHQW 3URILOVHQWUDYHUVQj QGXSURMHW P
%URXVVHDX 'pSODFHPHQWG¶XQFRXGHGX UXLVVHDX
(QWUHOHSRQW© 0DUFKDQG ª
HWODURXWHGpSDUWHPHQWDOH
Q
'pFDODJHGHPGXF{Wp
FRQYH[H
%DVVLQYHUVDQWQ &UpDWLRQG¶XQpPLVVDLUH $YDOGHO¶RXYUDJH K\GUDXOLTXHQ P
%DVVLQYHUVDQWQ &XUDJHHWUHSURILODJHG¶XQpPLVVDLUH $YDOGHO¶RXYUDJH K\GUDXOLTXHQ P
%DVVLQYHUVDQWQ &XUDJHG¶XQpPLVVDLUH $YDOGHO¶RXYUDJH K\GUDXOLTXHQ P
$57,&/(
/HIRQGGXSURILOHQWUDYHUVGHODGpULYDWLRQGXUXLVVHDXGX%URXVVHDXVHUDREOLTXHGHIDoRQjSHUPHWWUHODFRQFHQWUDWLRQGX GpELWG¶pWLDJHHWODFRQVHUYDWLRQG¶XQHKDXWHXUG¶HDXPLQLPXPVXVFHSWLEOHGHSHUPHWWUHODOLEUHFLUFXODWLRQGHVHVSqFHV SLVFLFROHVVDXYDJHV
&HWWHGpULYDWLRQVHUDpWDEOLHjXQHGLVWDQFHPLQLPDOHGHPGXWDOXVGHODYRLHURXWLqUHDILQTXHVRLWPpQDJpHXQH]RQHGH VpFXULWpHQFDVG¶DIIDLVVHPHQWGHVEHUJHVGXQRXYHDXWUDFp
$57,&/(
6LOHSURMHWGHGpSODFHPHQWGXOLWGX%URXVVHDXSUpYXHQWUHOHSRQW©0DUFKDQG ªHWODURXWHGpSDUWHPHQWDOHQVLJQLILDLWXQH GLPLQXWLRQSUpMXGLFLDEOHGXOLQpDLUHGHULYLqUHDXUHJDUGGHO DFFHQWXDWLRQGHVYLWHVVHVG pFRXOHPHQWODQpFHVVLWpGHFUpHUXQ VHXLODILQGHVWDELOLVHUOHSURILOHQORQJHWGHUHWURXYHUOHVFRQGLWLRQVQDWXUHOOHVG pTXLOLEUHVHUDpWXGLpH/DKDXWHXUGHFHVHXLOMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
QHVHUDSDVGHQDWXUHjHQWUDYHUODOLEUHFLUFXODWLRQGHVSRLVVRQV
&+$3,75(,95HMHWGHVHDX[SOXYLDOHV
6HFWLRQ,PSDFWVXUOHUpJLPHGHVHDX[
$57,&/(
$ILQTXHOHVUHMHWVG HDX[SOXYLDOHVUXLVVHOpHVVXUOHVSDUWLHVLPSHUPpDELOLVpHVGHODSODWHIRUPHURXWLqUHQ LQGXLVHQWSDV G DXJPHQWDWLRQGHVGpELWVGHVFRXUVG HDXUpFHSWHXUVQRWDPPHQWORUVTXHFHX[FLSUpVHQWHQWGHVUpJLPHVK\GURORJLTXHVSHX VRXWHQXVRXGHVFDSDFLWpVG pFRXOHPHQWSHXLPSRUWDQWHVRXHQFRUHORUVTXHFHX[FLGHYLHQGUDLHQWVHQVLEOHVDXULVTXHGH GpERUGHPHQW GXIDLWGXUHMHWG HDXSOXYLDOH XQHUpJXODWLRQV\VWpPDWLTXHGHVGpELWVUHMHWpVG RULJLQHURXWLqUHVHUDPLVHQSODFH DXPR\HQGHEDVVLQVG pFUrWHPHQWV
$57,&/(
/HVGpELWVGHUHVWLWXWLRQDXPLOLHXQDWXUHOGHFHVGLVSRVLWLIVVRQWGpWHUPLQpVGHIDoRQjFHTX LOVQHGpSDVVHQWSDVOHGpELWTXL VHUDLWDUULYpQDWXUHOOHPHQWUHMHWpSDUODPrPHVXUIDFHVDQVDPpQDJHPHQWURXWLHUGDQVOHVPrPHVFRQGLWLRQVK\GURORJLTXHV /HVYDOHXUVUHWHQXHVVRQWOHVVXLYDQWHV
%DVVLQG¶pFUrWHPHQW 0LOLHXUpFHSWHXU
LPPpGLDW
0LOLHXUpFHSWHXU
ILQDO
'pELWGHIXLWH
OV
%DVVLQ )RVVp $GRXU
%DVVLQ 5XLGH%DLOOp $GRXU
%DVVLQ 5XLGH%DLOOp $GRXU
%DVVLQ$ 5XLGH%DLOOp $GRXU
%DVVLQ% 5XLGH%DLOOp $GRXU
%DVVLQ 5XLGH9HUJRLJQDQ $GRXU
%DVVLQ )RVVp $GRXU
%DVVLQ )RVVp 5XLGX%URXVVHDX
%DVVLQ )RVVp 5XLGX%URXVVHDX
%DVVLQ )RVVp 5XLGX%URXVVHDX
%DVVLQ )RVVp 5XLGX%URXVVHDX
%DVVLQD )RVVp 5XLGX%URXVVHDX
%DVVLQE )RVVp 5XLGX%URXVVHDX
6HFWLRQ,PSDFWVXUODTXDOLWpGHVHDX[UpFHSWULFHV
6RXVVHFWLRQ'LVSRVLWLIGHWUDLWHPHQW
$57,&/(
/HVFDUDFWpULVWLTXHVSULQFLSDOHVGXGLVSRVLWLIG DVVDLQLVVHPHQWGHO LQIUDVWUXFWXUHVRQWOHVVXLYDQWHV VpSDUDWLRQGHVHDX[GHUXLVVHOOHPHQWLVVXHVGHODSODWHIRUPHURXWLqUHGHFHOOHVLVVXHVGHVEDVVLQVYHUVDQWVQDWXUHOV UHFXHLOFROOHFWHGHVHDX[LVVXHVGHVEDVVLQVYHUVDQWVQDWXUHOVGDQVGHVIRVVpVHQKHUEpV IRVVpGHSLHGGHWDOXVGHUHPEODLHW IRVVpGHSLHGGHGpEODL HWpYDFXDWLRQGLUHFWHGDQVOHPLOLHXQDWXUHO
FROOHFWHHWWUDQVIHUWGHVHDX[GHUXLVVHOOHPHQWLVVXHVGHODSODWHIRUPHGDQVXQUpVHDXVSpFLILTXH WUDQVIHUWGHVHDX[YHUVGHVEDVVLQVPXOWLIRQFWLRQVDVVXUDQWODGpFDQWDWLRQGHVPDWLqUHVHQVXVSHQVLRQOHSLpJHDJHGHV K\GURFDUEXUHVO pFUrWHPHQWGHVGpELWVHWOHFRQILQHPHQWG XQHpYHQWXHOOHSROOXWLRQDFFLGHQWHOOH $57,&/(
/HUpVHDXGHFROOHFWHGHVHDX[GHUXLVVHOOHPHQWLVVXHVGHODSODWHIRUPHGLIIpUHUDVHORQODYXOQpUDELOLWpGXPLOLHX VXUOD]RQHjIRUWHYXOQpUDELOLWp GXURQGSRLQWGLW©GX7UpPD ªMXVTX¶jODURXWHGpSDUWHPHQWDOHQ OHVRXYUDJHVGHFROOHFWH VHURQWpWDQFKHV
VXUOD]RQHPRLQVVHQVLEOH GHODURXWHGpSDUWHPHQWDOHQMXVTX¶DXUDFFRUGHPHQWVXUODURXWHQDWLRQDOHQ OHVRXYUDJHV UHFRPPDQGpVVRQWGHVFXQHWWHVRXIRVVpVHQJD]RQQpVpYHQWXHOOHPHQWVXUULVEHUPHV ,OVHUDGLPHQVLRQQpSRXUDFFHSWHUGHVpYpQHPHQWVSOXYLHX[GHWHPSVGHUHWRXUDQV $57,&/(
/HVEDVVLQVPXOWLIRQFWLRQVSHUPHWWURQWOHWUDLWHPHQWGHVIOX[SROOXDQWVSDUGpFDQWDWLRQHWGpVKXLODJH/HXUVFDUDFWpULVWLTXHV SULQFLSDOHVVRQWOHVVXLYDQWHVMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
%DVVLQG¶pFUrWHPHQW 6XUIDFHFRQWU{OpH KD 0LOLHXUpFHSWHXU
LPPpGLDW
0LOLHXUpFHSWHXU
ILQDO
9ROXPHGHEDVVLQ
P
%DVVLQ )RVVp $GRXU
%DVVLQ 5XLGH%DLOOp $GRXU
%DVVLQ 5XLGH%DLOOp $GRXU
%DVVLQ$ 5XLGH%DLOOp $GRXU
%DVVLQ% 5XLGH%DLOOp $GRXU
%DVVLQ 5XLGH
9HUJRLJQDQ
$GRXU
%DVVLQ )RVVp $GRXU
%DVVLQ )RVVp 5XLGX%URXVVHDX
%DVVLQ )RVVp 5XLGX%URXVVHDX
%DVVLQ )RVVp 5XLGX%URXVVHDX
%DVVLQ )RVVp 5XLGX%URXVVHDX
%DVVLQD )RVVp 5XLGX%URXVVHDX
%DVVLQE
)RVVp 5XLGX%URXVVHDX
,OVGRLYHQWSHUPHWWUHOHWUDLWHPHQWGXUHMHWFRQVpFXWLIjXQHSOXLHGHSpULRGHGHUHWRXUGHDQV(QFDVGHSOXLH H[FHSWLRQQHOOHVXSpULHXUHjXQHIUpTXHQFHGpFHQQDOHWRXVOHVDSSRUWVVXSSOpPHQWDLUHVGHYURQWrWUHpYDFXpVSDUGpULYDWLRQHQ DPRQWGXEDVVLQ&HWWHGpULYDWLRQFRQVLVWHUDHQXQHVXUYHUVHYHUVOHPLOLHXUpFHSWHXURXVXUOHVWHUUDLQVDYRLVLQDQWVORUVTXH FHX[FLRQWXQXVDJHDJULFROH/HGLPHQVLRQQHPHQWGHFHWWHGpULYDWLRQDPRQWSHUPHWWUDHQFDVG pYpQHPHQWRUDJHX[GHORQJXH SpULRGHGHUHWRXUG pYLWHUGHVHIIHWVGHUHPLVHHQVXVSHQVLRQGHVSDUWLFXOHVVpGLPHQWpHVTXLUHODUJXpHVGDQVOHPLOLHX SRXUUDLHQWrWUHjO RULJLQHGHSROOXWLRQVGLWHVDFFLGHQWHOOHVFKURQLTXHV
/HGLPHQVLRQQHPHQWGHVEDVVLQVHVWWHOTX¶LOVDVVXUHQWOHVFRQGLWLRQVGHGpFDQWDWLRQSRXUOHVSDUWLFXOHVGH ODTXHOOH GpSHQGGHODYLWHVVHGHVpGLPHQWDWLRQGHFHVSDUWLFXOHV HWTX¶LOVSHUPHWWHQWDXVVLODVpSDUDWLRQGHVSKDVHVSRXUOHVSROOXDQWVGH GHQVLWpLQIpULHXUHjFHOOHGHO¶HDX ODTXHOOHGpSHQGGHODYLWHVVHDVFHQWLRQQHOOHGHVSURGXLWVFRQVLGpUpV / DFFqVDX[EDVVLQVVHIHUDSDUXQFKHPLQFDUURVVDEOHSHUPHWWDQWOHSDVVDJHGHVYpKLFXOHVG HQWUHWLHQ8QHUDPSHG DFFqVj O LQWpULHXUGHVEDVVLQVVHUDDPpQDJpHSRXUDVVXUHUO HQOqYHPHQWGHVERXHV8QHFO{WXUHJULOODJpHVHUDPLVHHQSODFHDXWRXUGHV RXYUDJHV/HVEDVVLQVVHURQWHQRXWUHpTXLSpVGHFODSHWVDQWLUHWRXUHWGHGLVSRVLWLIVG REWXUDWLRQ $57,&/(
/HIRVVpDFFXHLOODQWOHUHMHWGXEDVVLQYHUVDQWQVHUDpWDQFKpwILp DUJLOH MXVTX¶jVRQGpERXFKpGDQVXQpPLVVDLUHj pFRXOHPHQWSHUPDQHQW(QDXFXQFDVFRPSWHWHQXGHODYXOQpUDELOLWpGXPLOLHXHQYLURQQDQWLOQHGHYUDrWUHFRQVLGpUpFRPPH XQIRVVpG¶LQILOWUDWLRQ
$57,&/(
/ HQVHPEOHGXGLVSRVLWLIG DVVDLQLVVHPHQWHVWUpJXOLqUHPHQWHQWUHWHQXGHPDQLqUHjJDUDQWLUVRQERQIRQFWLRQQHPHQW / HQWUHWLHQGXUpVHDXGHIRVVpGHFROOHFWHGHVHDX[GHSODWHIRUPHFRQVLVWHUDjUHWLUHUWRXWREVWDFOHjO pFRXOHPHQWGHVHDX[RX GLPLQXDQWOHVFDSDFLWpVG pFRXOHPHQWLQLWLDOH
/ HQWUHWLHQGHVEDVVLQVPXOWLIRQFWLRQVFRQVLVWHUDHQ
ODUpFXSpUDWLRQGHVFRUSVIORWWDQWVSLpJpVSDUOHV\VWqPHGHGpJULOODJH
ODUHSULVHGHVKXLOHVHWK\GURFDUEXUHVSLpJpVSDUOHV\VWqPHGHGpVKXLODJH
O pYDFXDWLRQGHVERXHVGpFDQWpHV
6RXVVHFWLRQ(IILFDFLWpGXV\VWqPHGHWUDLWHPHQW
&DVGHVSROOXWLRQVFKURQLTXHV
$57,&/(
/HGLVSRVLWLIGHWUDLWHPHQWSHUPHWWUDSDUpOLPLQDWLRQGHVSDUWLFXOHVGHWDLOOHVXSpULHXUHjXQDEDWWHPHQWGHODFKDUJH SROOXDQWHEUXWHFROOHFWpHVXUODSODWHIRUPHURXWLqUHH[SULPpHQUHQGHPHQWVpSXUDWRLUHVSDUFDWpJRULHGHSROOXDQWVVXLYDQW y 3DUGpFDQWDWLRQ0DWLqUHVHQVXVSHQVLRQ 0(6
0pWDX[ORXUGV 3ORPEHW=LQF
'HPDQGH&KLPLTXHHQ2[\JqQH '&2
y 3DUGpVKXLODJH+\GURFDUEXUHV
$57,&/(
(QDSSURFKHPR\HQQHODTXDOLWpGHVUHMHWVH[SULPpHHQFRQFHQWUDWLRQVQHWWHV DSUqVWUDLWHPHQW GHVSROOXDQWVFDUDFWpULVWLTXHV HOOHVPrPHVFDOFXOpHVVXUODEDVHGHFKDUJHVEUXWHVDQQXHOOHVQHGRLWSDVrWUHGHQDWXUHDJJUDYDQWHDXUHJDUGGHODGpPDUFKH YLVDQWODUHFRQTXrWHGHODTXDOLWpIL[pHSRXUO $GRXUSDUOH6FKpPD'LUHFWHXUG $PpQDJHPHQWHWGH*HVWLRQGHV(DX[MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
6'$*( DXQLYHDX% VHORQODJULOOHG DSSUpFLDWLRQPXOWLXVDJH
3DUH[WHQVLRQFHVGLVSRVLWLRQVV¶DSSOLTXHQWpJDOHPHQWDX[UXLVVHDX[DIIOXHQWVGHO¶$GRXUGHOD]RQHG¶pWXGH /HVYDOHXUVVHXLOVDYDQWGLOXWLRQVRQWOHVVXLYDQWHV
,QGLFDWHXU 9DOHXUVHXLO
0DWLqUHVRUJDQLTXHV '&2 jPJO
0DWLqUHVHQVXVSHQVLRQ 0(6 PJO
3ORPE 3E PJO
0pWDX[
=LQF =Q jPJO 0DWLqUHVWR[LTXHV
+\GURFDUEXUHV )OXRUDQWKqQH JO
$57,&/(
(QDSSURFKHGHSRLQWHODTXDOLWpGHVUHMHWVH[SULPpHHQFRQFHQWUDWLRQVQHWWHV DSUqVWUDLWHPHQW GHVSROOXDQWVFDUDFWpULVWLTXHV HOOHVPrPHVFDOFXOpHVVXUODEDVHGHFKDUJHVEUXWHVFRUUHVSRQGDQWjXQHSUpFLSLWDWLRQGHPPFRQVpFXWLYHPHQWjMRXUVGH WHPSVVHFQHGRLWSDVrWUHGHQDWXUHjUHPHWWUHHQFDXVHPrPHGHIDoRQWHPSRUDLUHO XVDJHRXODYRFDWLRQGXPLOLHXUpFHSWHXU $XGURLWGHVUHMHWVODIRQFWLRQSRWHQWLDOLWpVELRORJLTXHVWHOOHTXHGpILQLHSDUOH6\VWqPHG (YDOXDWLRQGHOD4XDOLWpGHO (DX 6(4(DX HVWDVVLJQpHDX[PLOLHX[UpFHSWHXUVUHFHODQWVjSULRULXQHDFWLYLWpELRORJLTXH/HVGLVSRVLWLRQVGXSUpVHQWDUWLFOHQH V¶DSSOLTXHQWGRQFSDVDXIRVVpDFFXHLOODQWOHUHMHWGXEDVVLQG¶pFUrWHPHQWQPDLVjO¶pPLVVDLUHjpFRXOHPHQWSHUPDQHQWGDQV OHTXHOFHOXLFLVHMHWWHUD
/HVYDOHXUVVHXLOVFRUUHVSRQGDQWHVDSUqVGLOXWLRQVRQWOHVVXLYDQWHV
,QGLFDWHXU 9DOHXUVHXLO
0DWLqUHVRUJDQLTXHV '&2 PJO
0DWLqUHVHQVXVSHQVLRQ 0(6 PJO
$PPRQLDF 1+ PJO
$57,&/(
/HGLVSRVLWLIGHVXLYLFRQVLVWHUDHQGHVPHVXUHVGHVWLQpHVjYpULILHUOHERQIRQFWLRQQHPHQWGXV\VWqPHGHWUDLWHPHQW4XDWUH FDPSDJQHVGHPHVXUHVVHURQWUpDOLVpHVDXFRXUVGHODSUHPLqUHDQQpHG H[SORLWDWLRQGHO LQIUDVWUXFWXUH XQHSDUWULPHVWUH OHV DQDO\VHVSRUWHURQWVXUGHVpFKDQWLOORQVQRQGLOXpV
/HSpWLWLRQQDLUHV HIIRUFHUDGHUpDOLVHUODFDPSDJQHGHPHVXUHHVWLYDOHDSUqVXQpYpQHPHQWSOXYLRPpWULTXHGXW\SHGHFHOXL FRUUHVSRQGDQWjO DSSURFKHGHSRLQWHOHVpFKDQWLOORQVSUpOHYpVSHUPHWWURQWGDQVFHFDVGHSURFpGHUjGHVDQDO\VHVDYDQWHW DSUqVGLOXWLRQGHVUHMHWV
6HURQWUHFKHUFKpHVOHVYDOHXUVGHVSDUDPqWUHVIL[pVjO DUWLFOHVXUGHVpFKDQWLOORQVSUpOHYpVDYDQWGLOXWLRQHWGHFHX[IL[pVj O DUWLFOHVXUOHVpFKDQWLOORQVSUpOHYpVDSUqVGLOXWLRQ
8QUDSSRUWVXUOHVUpVXOWDWVREWHQXV DSSURFKHPR\HQQHHWDSSURFKHGHSRLQWH VHUDSURGXLWHWWUDQVPLVjODSROLFHGHO HDX 6RXVVHFWLRQ(IILFDFLWpGXV\VWqPHGHWUDLWHPHQW
&DVG XQHSROOXWLRQDFFLGHQWHOOH
$57,&/(
/DFDSDFLWpGHVWRFNDJHGHVEDVVLQVPXOWLIRQFWLRQVSHUPHWWUDOHSLpJHDJHGHO HQVHPEOHGXYROXPHUpVXOWDQWG XQGpYHUVHPHQW DFFLGHQWHOSDUWHPSVGHSOXLHG XQFDPLRQFLWHUQHpTXLSpG XQHFXYHGHP /HVEDVVLQVPXOWLIRQFWLRQVVHURQWSRXUYXVGHV\VWqPHVG REWXUDWLRQDILQGHFRQILQHUODSROOXWLRQDFFLGHQWHOOHHWpYLWHUDLQVL WRXWUHMHWYHUVOHPLOLHXUpFHSWHXU
$57,&/(
6XUOD]RQHjIRUWHYXOQpUDELOLWpGXPLOLHXOHVUpVHDX[GHIRVVpVGXV\VWqPHG DVVDLQLVVHPHQWVHURQWpWDQFKHVDILQG pYLWHUWRXW ULVTXHGHSROOXWLRQGHVHDX[VRXWHUUDLQHV
6RXVVHFWLRQ&DVGHVSROOXWLRQVVDLVRQQLqUHV
$57,&/(
/HUHVSHFWGHVPRGHVRSpUDWRLUHVHWGHVGRVHVRSWLPDOHVSHUPHWWURQWGHOLPLWHUO LQFLGHQFHVXUOHPLOLHXQDWXUHOGHVpSDQGDJHV VXUODFKDXVVpHGHVHOVGHGpYHUJODoDJHHQSpULRGHKLYHUQDOH
&+$3,75(93URWHFWLRQGHVHDX[VRXWHUUDLQHVHWGHVFDSWDJHV
$57,&/(
6LOHVGpEODLVHWUHPEODLVGXWUDFpURXWLHULQGXLVDLHQWGHVHIIHWVORFDOLVpVGHUDEDWWHPHQWGHODSLp]RPpWULHGHQDSSHV SKUpDWLTXHVOHVTXHOVSRXUUDLHQWDIIHFWHUO XVDJHGHSXLWVRXGHIRUDJHVVLWXpVjSUR[LPLWpGHO LWLQpUDLUHjXVDJHGRPHVWLTXHRX DJULFROHGHVPHVXUHVFRPSHQVDWRLUHVGHYURQWrWUHSULVHVMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
$57,&/(
8QVXLYLSLp]RPpWULTXHVHUDDORUVUpDOLVpDILQGHSHUFHYRLUO LPSDFWUpHOGXSURMHWVXUFHVXVDJHV&HVXLYLFRQVLVWHUDHQGHV PHVXUHVDYDQWSHQGDQWHWDSUqVODUpDOLVDWLRQGHVWUDYDX[GHODSLp]RPpWULH/HSURWRFROHGHVXUYHLOODQFHVXFFHVVLIDX[WUDYDX[ FRQVLVWHUDHQGHX[PHVXUHVDQQXHOOHV KDXWHVHDX[HWEDVVHVHDX[ SHQGDQWDQVOHVDQQpHVLPSDLUHV DQQpHHW &+$3,75(9,$FWLYLWpVWHPSRUDLUHVHQSKDVHGHFKDQWLHU
6HFWLRQ'LVSRVLWLRQVJpQpUDOHV
$57,&/(
/HSHUPLVVLRQQDLUHpWDEOLWXQSODQGHFKDQWLHUHWXQSODQQLQJYLVDQWOHFDVpFKpDQWjPRGXOHUGDQVOHWHPSVHWGDQVO HVSDFH O DFWLYLWpHQIRQFWLRQ
GHVFRQGLWLRQVK\GURG\QDPLTXHVK\GUDXOLTXHVRXPpWpRURORJLTXHV
GHODVHQVLELOLWpGHO pFRV\VWqPHHWGHVULVTXHVGHSHUWXUEDWLRQGHVRQIRQFWLRQQHPHQWOHVWUDYDX[QHGRLYHQWQRWDPPHQWSDV rWUHGHQDWXUHjGpWUXLUHOHV]RQHVGHIUD\qUHVOHV]RQHVGHFURLVVDQFHRXOHV]RQHVG DOLPHQWDWLRQRXGHUpVHUYHVGHQRXUULWXUH GHODIDXQHSLVFLFROH,OVQHGRLYHQWSDVQRQSOXVSURYRTXHUGHSROOXWLRQVPpFDQLTXHVQLG DFFHQWXDWLRQSURORQJpHGHOD WXUELGLWpGHO HDXFRQVpFXWLYHPHQWjODPLVHHQVXVSHQVLRQGHSDUWLFXOHVVROLGHV GHODQDWXUHHWGHO DPSOHXUGHVDFWLYLWpVGHQDYLJDWLRQGHSrFKHHWG DJUpPHQW $57,&/(
3HQGDQWODGXUpHGHVWUDYDX[OHSHUPLVVLRQQDLUHYHLOOHjQHSDVHQWUDYHUO pFRXOHPHQWGHVHDX[,OGRLWHQRXWUHJDUDQWLUXQH FDSDFLWpG LQWHUYHQWLRQUDSLGHGHMRXURXGHQXLWDILQG DVVXUHUOHUHSOLHPHQWGHVLQVWDOODWLRQVGXFKDQWLHUHQFDVGHFUXH FRQVpFXWLYHjXQRUDJHRXXQSKpQRPqQHSOXYLHX[GHIRUWHDPSOLWXGH
$57,&/(
3HQGDQWODGXUpHGHVWUDYDX[WRXWDSSRUWDX[PLOLHX[DTXDWLTXHVGHSROOXDQWRXGHFKDUJHVROLGHLPPpGLDWRXGLIIpUpHVW SURVFULW/HSHUPLVVLRQQDLUHSUHQGUDWRXWHVOHVGLVSRVLWLRQVQpFHVVDLUHVjFHWpJDUG $XVVLW{WDSUqVO DFKqYHPHQWGHVWUDYDX[OHSHUPLVVLRQQDLUHHQOqYHWRXVOHVGpFRPEUHVWHUUHVGpS{WVGHPDWpULDX[TXL SRXUUDLHQWVXEVLVWHU
$57,&/(
3RXUPLQLPLVHUO LPSDFWGXFKDQWLHUVXUODIDXQHHWODIORUHQRWDPPHQWGDQVODWUDYHUVpHGHODSODLQHGHO $GRXURGHV]RQHV GHYpJpWDWLRQFDUDFWpULVWLTXHVFRPPHOHVVDOLJXHVSHXYHQWrWUHUHQFRQWUpHVOHVPHVXUHVVXLYDQWHVVHURQWSULVHV EDOLVDJHGHVHVSqFHVYpJpWDOHVLQWpUHVVDQWHVRXGHV]RQHVGHYpJpWDWLRQFDUDFWpULVWLTXHVjSUR[LPLWpGXFKDQWLHUDILQ G pYLWHU OHXUGHVWUXFWLRQDFFLGHQWHOOH
PLVHHQSODFHGHFO{WXUHVGDQVOHV]RQHVVHQVLEOHVSHUPHWWDQWG LVROHUSK\VLTXHPHQWO HPSULVHGXFKDQWLHUSRXUpYLWHUWRXWH GLYDJDWLRQGHVHQJLQV
$57,&/(
$ILQGHSUpYHQLUXQGpYHUVHPHQWDFFLGHQWHOGHSURGXLWVSROOXDQWV K\GURFDUEXUHV jODVXLWHG DYDULHVXUOHVHQJLQVGHFKDQWLHU SDQQHRXDFFLGHQW RXWUHOHVGLVSRVLWLRQVSUpYXHVSDUO DUWLFOHVHURQWpWDEOLV XQSODQGHFLUFXODWLRQHWG HQWUHWLHQGHVHQJLQV
XQSODQG LQWHUYHQWLRQSRXUOHWUDLWHPHQWGHVSROOXWLRQVSDUK\GURFDUEXUHVSUpYR\DQWODPRELOLVDWLRQUDSLGHGHSRPSHVGH PDWpULHOVGHWHUUDVVHPHQWHWODFUpDWLRQSUpDODEOHG XQHDLUHLPSHUPpDELOLVpHSRXUOHVWRFNDJHGHVWHUUHVSROOXpHV $57,&/(
(QFDVG LQFLGHQWORUVGHVWUDYDX[VXVFHSWLEOHGHSURYRTXHUXQHSROOXWLRQDFFLGHQWHOOHRXXQGpVRUGUHGDQVO pFRXOHPHQWGHV HDX[jO DYDORXjO DPRQWGXVLWHOHSHUPLVVLRQQDLUHGRLWLPPpGLDWHPHQWLQWHUURPSUHOHVWUDYDX[LQWHUYHQLUVXUO RULJLQHGH O LQFLGHQWSURYRTXpHWSUHQGUHOHVGLVSRVLWLRQVDILQGHOLPLWHUO HIIHWGHO LQFLGHQWVXUOHPLOLHXHWVXUO pFRXOHPHQWGHVHDX[HW G pYLWHUTX LOQHVHUHSURGXLVH OHVWHUUHVVRXLOOpHVGHYURQWQRWDPPHQWrWUHHQOHYpHVLPPpGLDWHPHQWHWWUDQVSRUWpHVGDQVGHV GpFKDUJHVDJUppHVSRXUUHFHYRLUFHW\SHGHGpFKHWV,OLQIRUPHpJDOHPHQWGDQVOHVPHLOOHXUVGpODLVOHVHUYLFHFKDUJpGHOD SROLFHGHO HDXGHO LQFLGHQWHWGHVPHVXUHVSULVHVSRXU\IDLUHIDFH
6HFWLRQ,QVWDOODWLRQVGHFKDQWLHU
$57,&/(
$ILQGHPLQLPLVHUOHVULVTXHVLQKpUHQWVDX[LQVWDOODWLRQVGHFKDQWLHUOHVSULQFLSHVGHEDVHVXLYDQWVV¶LPSRVHQW HDX[GHEDVVLQYHUVDQWQDWXUHOUpFXSpUpHVGDQVXQUpVHDXGHIRVVpVFHLQWXUDQWOHVLQVWDOODWLRQVSXLVUHMHWpHVGDQVOHPLOLHX QDWXUHOjO¶DYDOGHVLQVWDOODWLRQV
HDX[GHVSDUNLQJVGHVHQJLQV OHSDUNLQJVHUDFRQVWLWXpSDUXQHFRXFKHGHPDWpULDX[FRPSDFWpV8QIRVVpGHFHLQWXUH SHUPHWWUDGHUpFXSpUHUOHVHDX[GHUXLVVHOOHPHQWHWXQEDVVLQGHGpFDQWDWLRQpTXLSpG¶XQV\VWqPHG¶REWXUDWLRQVHUDSUpYXj O¶DYDODYDQWUHMHWGDQVOHPLOLHXQDWXUHO
OHVHDX[YDQQHVHWOHVHDX[XVpHVVHURQWWUDLWpHVVXUSODFHRXpYDFXpHVYHUVXQHVWDWLRQG¶pSXUDWLRQ OHV]RQHVGHVWRFNDJHGHVOXEULILDQWVHWGHVK\GURFDUEXUHVVHURQWUHQGXHVpWDQFKHVHWFRQILQpHV SODWHIRUPHpWDQFKHDYHF UHERUGHWFRQWDLQHUSHUPHWWDQWGHUHFXHLOOLUXQYROXPHOLTXLGHDXPRLQVpTXLYDOHQWjFHOXLGHVFXYHVGHVWRFNDJHV $57,&/(
/HVYLGDQJHVQHWWR\DJHVHWHQWUHWLHQGHVHQJLQVGHYURQWLPSpUDWLYHPHQWrWUHUpDOLVpVVXUGHVHPSODFHPHQWVDPpQDJpVjFHW HIIHW SODWHIRUPHpWDQFKHDYHFUHFXHLOGHVHDX[GDQVXQEDVVLQRXXQEDF/HVSURGXLWVGHYLGDQJHVHURQWUHFXHLOOLVHWpYDFXpV HQIWVIHUPpVYHUVGHVGpFKDUJHVDJUppHV
/HVUDYLWDLOOHPHQWVVHURQWUpDOLVpVGHPDQLqUHjFHTX DXFXQpFRXOHPHQWQ DLWOLHXYHUVOHPLOLHXQDWXUHO 6HFWLRQ7HUUDVVHPHQWVHWWUDYDX[VXUFKDXVVpH
$57,&/(
$ILQGHUpGXLUHO LQFLGHQFHGHVWUDYDX[GHWHUUDVVHPHQWOHVTXHOVVLJQLILHQWGHVPRXYHPHQWVGHPDWpULDX[LPSRUWDQWVMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
VXVFHSWLEOHVGHSURYRTXHUXQHQWUDvQHPHQWFRQVpTXHQWGHSDUWLFXOHVILQHVOHVSUpFDXWLRQVVXLYDQWHVVHURQWSULVHV FHLQWXUHUOHV]RQHVGHWHUUDVVHPHQWGHIRVVpVGHUpFXSpUDWLRQGHVHDX[SOXYLDOHV PXQLUFHX[FLGHV\VWqPHVGHILOWUDWLRQUXVWLTXHV ERWWHVGHSDLOOH«
FRQVWUXLUHVLSRVVLEOHUDSLGHPHQWOHVEDVVLQVGHWUDLWHPHQWHWIDLUHWUDQVLWHUOHVHDX[GHVIRVVpVGDQVFHVEDVVLQV SUpYRLUODUHYpJpWDOLVDWLRQUDSLGHGHVWDOXVHWGpODLVVpV
$57,&/(
/HVULVTXHVGHSROOXWLRQGHODQDSSHSKUpDWLTXHVXUOHV]RQHVVHQVLEOHVGHVSDVVDJHVHQGpEODLGXWUDFpLPSOLTXHURQWRXWUHOD SURJUDPPDWLRQG XQHLQWHUYHQWLRQpYHQWXHOOHVXVFHSWLEOHGHOLPLWHUO LQWURGXFWLRQGHSROOXDQWVGDQVODQDSSHO DYHUWLVVHPHQW GHVSHUVRQQHOVGHFKDQWLHUVXUODQDWXUHGHFHVULVTXHVHWOHVPR\HQVjPHWWUHHQ°XYUH $57,&/(
$ILQGHSUpYHQLUO LQFLGHQFHGHODPLVHHQSODFHGXUHYrWHPHQWJRXGURQQpODTXHOOHSHXWVLJQLILHUXQHUpWHQWLRQLPSRUWDQWH G K\GURFDUEXUHVGHVGLVSRVLWLIVGHFRQILQHPHQWGHODSROOXWLRQVHURQWUpDOLVpVHQGpEXWGHODSKDVHFKDXVVpHRXVHURQWXWLOLVpV OHVEDVVLQVPXOWLIRQFWLRQVGpILQLWLIV
6HFWLRQ2XYUDJHVGHIUDQFKLVVHPHQW
6RXVVHFWLRQ'LVSRVLWLRQVJpQpUDOHV
$57,&/(
$ILQGHSUpYHQLUWRXWHIXLWHGHSROOXDQWHWOLPLWHUDXPD[LPXPOHULVTXHG DSSRUWGHFKDUJHVROLGHDX[PLOLHX[DTXDWLTXHVOHV SULQFLSHVGHSURWHFWLRQVXLYDQWVVHURQWVXLYLV
LQWHUGLFWLRQGHVWRFNHUGHVPDWpULDX[OHVVLYDEOHVRXSROOXDQWVjSUR[LPLWpLPPpGLDWHGXOLWLOVVHURQWHQWUHSRVpVVXUGHV]RQHV GHGpS{WVSpFLILTXHVpTXLSpHVGHGLVSRVLWLIVSURYLVRLUHVGHWUDLWHPHQWGHVHDX[SOXYLDOHV GpFDQWDWLRQ VLEHVRLQHVW LQWHUGLFWLRQGHVWDWLRQQHUGHVHQJLQVGHFKDQWLHUjSUR[LPLWpLPPpGLDWHGXFRXUVG HDXO DSSURYLVLRQQHPHQWGHVHQJLQVOHXU HQWUHWLHQHWOHXUUpSDUDWLRQVHIHURQWVHORQOHVUHFRPPDQGDWLRQVSUHVFULWHVSDUO DUWLFOH LQWHUGLFWLRQGHUHMHWHUGLUHFWHPHQWOHVHDX[GHODYDJHGHVRXYUDJHVVHORQOHW\SHG RXYUDJHXQGLVSRVLWLIG DVVDLQLVVHPHQW SURYLVRLUHSRXUUDrWUHPLVHQ°XYUHDVVXUDQWOHUHFXHLOSXLVOHWUDLWHPHQWGHVHDX[DYDQWUHMHW OHVSHUWHVGHODLWLHUGHFLPHQWHWOHVSURGXLWVGHGpFRIIUDJHGHYURQWrWUHpYLWpHVDLQVLTXHO HQWUDvQHPHQWGHILQHVORUVGHOD UpDOLVDWLRQGHVSURWHFWLRQGHEHUJHV
6RXVVHFWLRQ'LVSRVLWLRQVVSpFLILTXHV
$57,&/(
6LODUpDOLVDWLRQGHVDSSXLVGHO RXYUDJHGHIUDQFKLVVHPHQWGHO $GRXUGRQWGDQVOHOLWPLQHXUHWGDQVODJUDYLqUHDWWHQDQWH LPSOLTXHODPLVHKRUVG HDXGHVWUDYDX[SDULVROHPHQWGHOD]RQHGHWUDYDLOGHVHDX[GXIOHXYHSDUXWLOLVDWLRQGHEDWDUGHDX[HQ SDOSODQFKHVpWDQFKHVSDUH[HPSOHWRXWHVOHVPHVXUHVQpFHVVDLUHVVHURQWSULVHVSRXUUpGXLUHODPLVHHQVXVSHQVLRQGHV SDUWLFXOHVORUVGHODUpDOLVDWLRQGHFHVRXYUDJHVVSpFLILTXHVOHXUGpODLGHFRQVWUXFWLRQVHUDUpGXLWDXPD[LPXPHWODUpDOLVDWLRQ VHUDH[pFXWpHjSDUWLUG¶XQHEDUJHG XQSRQWRQRXG XQHHVWDFDGH
7RXWHVOHVPHVXUHVVHURQWSULVHVSDUDLOOHXUVHPSrFKHUOHVSHUWHVGHODLWLHUGHFLPHQW $57,&/(
&RQFHUQDQWOHVRXYUDJHVVHFRQGDLUHVOHVGpULYDWLRQVSURYLVRLUHVGHVUXLVVHDX[GXUDQWODSKDVHGHVWUDYDX[VRQWUpDOLVpHV SULRULWDLUHPHQWjVHFHQYXHG XQHSHUWXUEDWLRQPLQLPDOHGHVpFRXOHPHQWV 3RXUFHIDLUHGHVGLVSRVLWLIVDPRQWVGHGpULYDWLRQGHW\SHEDWDUGHDXVHURQWPDLQWHQXVGXUDQWWRXWHODSKDVHG H[pFXWLRQ/HV WUDFpVGHVGpULYDWLRQVGRLYHQWrWUHOHSOXVFRXUWRXOHPRLQVGRPPDJHDEOHSRVVLEOH /HVFDQDX[QRXYHOOHPHQWFUppVSUpVHQWHURQWGHVFDUDFWpULVWLTXHVJpRPpWULTXHV VHFWLRQSHQWH FRPSDUDEOHVDX[ FDUDFWpULVWLTXHVLQLWLDOHVDILQGHFRQVHUYHUHQO pWDWOHVFRQGLWLRQVG pFRXOHPHQW'HVSURWHFWLRQVGHVEHUJHVQRXYHOOHPHQW FUppHVVHURQWpYHQWXHOOHPHQWPLVHVHQ°XYUHHQIRQFWLRQGHVFRQGLWLRQVORFDOHVSRXUSUpYHQLUWRXWSKpQRPqQHG pURVLRQ /DPLVHHQHDXGHODGpULYDWLRQVHIHUDGHIDoRQSURJUHVVLYH
/DVXSSUHVVLRQGHVGpULYDWLRQVWHPSRUDLUHVV RSqUHUDSDUFRPEOHPHQWDYHFOHVPDWpULDX[LQHUWHVSURYHQDQWVLSRVVLEOHGHOHXU FUHXVHPHQW6LQpFHVVDLUHGHVUHQIRUFHPHQWVHWVWDELOLVDWLRQVGHVEHUJHVGXFRXUVG HDXGpYLpVRQWRSpUpVDX[SRLQWVGH UDFFRUGHPHQWDPRQWDYDOGHO DQFLHQQHGpULYDWLRQ
&+$3,75(9,,0R\HQVG LQWHUYHQWLRQHQFDVG DFFLGHQW
'HVGLVSRVLWLRQVVRQWSULVHVGHIDoRQjPDvWULVHUODVLWXDWLRQHQFDVG DFFLGHQWSURFpGXUHG DOHUWHPR\HQVG LQWHUYHQWLRQSRXU OLPLWHUOHVHIIHWVG XQHSROOXWLRQSXLVSRXUOHVWUDLWHU
6HFWLRQ3ODQG LQWHUYHQWLRQG XUJHQFH
$57,&/(
/HSHUPLVVLRQQDLUHGRLWpWDEOLUXQSURMHWG LQWHUYHQWLRQG XUJHQFHHWXQPpPHQWRGHVPR\HQVG LQWHUYHQWLRQjGpSRVHUDXSUqVGH 0RQVLHXUOH3UpIHWHWGXVHUYLFHFKDUJpGHODSROLFHGHO HDXVL[PRLVDXPRLQVDYDQWODGDWHGHPLVHHQH[SORLWDWLRQGH O LQIUDVWUXFWXUH
/HSODQG LQWHUYHQWLRQG XUJHQFHGRLWV DSSX\HUQRWDPPHQWVXUOHVSULQFLSHVVXLYDQWV PRGDOLWpVG LGHQWLILFDWLRQGHO DFFLGHQW ORFDOLVDWLRQQRPEUHGHYpKLFXOHVLPSOLTXpVQDWXUHGHVPDWLqUHVFRQFHUQpHV OLVWHGHVSHUVRQQHVHWRUJDQLVPHVjSUpYHQLUHQSULRULWp
LQYHQWDLUHGHVPR\HQVG DFWLRQHPSODFHPHQWLWLQpUDLUHG DFFqVORFDOLVDWLRQGHVGLVSRVLWLIVGHUpWHQWLRQPRGDOLWpVGH IHUPHWXUH
$57,&/(
/HIRQFWLRQQHPHQWGHVGLVSRVLWLIVGHSURWHFWLRQGRLWrWUHGpFULWGDQVOHSODQG LQWHUYHQWLRQ/HVSRLQWVG LQWHUYHQWLRQSRVVLEOHV SRXUDUUrWHUXQHSROOXWLRQDFFLGHQWHOOHGRLYHQWrWUHVLJQDOpVSRXUrWUHIDFLOHPHQWUHSpUDEOHVSDUOHSHUVRQQHOG H[SORLWDWLRQ/HV GpODLVG LQWHUYHQWLRQGRLYHQWrWUHSUpFLVpVGDQVOHSODQG LQWHUYHQWLRQMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
$57,&/(
7RXWHVOHVFRQVLJQHVSUpYXHVSDUOHSODQG LQWHUYHQWLRQVRQWWHQXHVjMRXUHWGDWpHVOHSHUPLVVLRQQDLUHV DVVXUHTX HOOHVRQW ELHQpWpSRUWpHVjODFRQQDLVVDQFHGXSHUVRQQHOFRQFHUQpRXVXVFHSWLEOHGHO rWUH 6HFWLRQ,QIRUPDWLRQGXVHUYLFHFKDUJpGHODSROLFHGHO HDX
$57,&/(
7RXWDFFLGHQWRXLQFLGHQWVXVFHSWLEOHGHSRUWHUDWWHLQWHDX[LQWpUrWVYLVpVjO DUWLFOHGHODORLGX -DQYLHUVXUO HDXGRLWrWUHVLJQDOpLPPpGLDWHPHQWDXVHUYLFHFKDUJpGHODSROLFHGHO HDXHWIDLUHO REMHWG XQUDSSRUWTXL OXLHVWDGUHVVp
&HUDSSRUWV HIIRUFHGHGpJDJHUOHVFDXVHVGHO LQFLGHQWRXGHO DFFLGHQWHWLQGLTXHOHVGLVSRVLWLRQVSULVHVSRXU\UHPpGLHUHW SRXUpYLWHUVRQUHQRXYHOOHPHQW
6HFWLRQ&RQWU{OHVHWDQDO\VHV
$57,&/(
/HVHUYLFHFKDUJpGHODSROLFHGHO HDXSHXWGHPDQGHUTXHGHVSUpOqYHPHQWVGHVFRQWU{OHVGHVPHVXUHVRXGHVDQDO\VHV FRQFHUQDQWOHVUHMHWVHWOHPLOLHXUpFHSWHXUHQFRPSOpPHQWGHVGLVSRVLWLRQVGHVXLYLSUpYXHVjO DUWLFOHVRLHQWHIIHFWXpVSDU XQRUJDQLVPHLQGpSHQGDQWGRQWOHFKRL[HVWVRXPLVjVRQDSSUREDWLRQGDQVOHEXWGHYpULILHUOHUHVSHFWGHVSUHVFULSWLRQVGX SUpVHQWDUUrWpOHVIUDLVRFFDVLRQQpVSDUFHVLQWHUYHQWLRQVVHURQWVXSSRUWpVSDUO H[SORLWDQW &+$3,75(9,,,0HVXUHVFRPSHQVDWRLUHV
$57,&/(
/¶DPSXWDWLRQG¶XQHSDUWLHGHO¶KDELWDWGHVDQFLHQQHVJUDYLqUHVGX6DOLJDWVHUDFRPSHQVpHSDUXQHUpKDELOLWDWLRQpFRORJLTXHGX PLOLHXUHVWDQW
&HWWHUpKDELOLWDWLRQDXUDSRXUEXWjO¶DLGHG¶RXWLOVGHJpQLHpFRORJLTXHGHUHFRQVWLWXHUGHVKDELWDWVQDWXUHOVIDYRUDEOHV QRWDPPHQWDX[SRLVVRQVDX[DPSKLELHQVDX[FLVWXGHVG¶(XURSHHWDX[RLVHDX[ &+$3,75(,;,QIRUPDWLRQGHVWLHUVDPSOLDWLRQGLIIXVLRQ
$57,&/(
(QYXHGHO LQIRUPDWLRQGHVWLHUVO DUUrWpVHUDSXEOLpDXUHFXHLOGHVDFWHVDGPLQLVWUDWLIVGHOD3UpIHFWXUHHWXQHFRSLHHQVHUD GpSRVpHGDQVOHVPDLULHVG¶$LUHVXUO¶$GRXUGH&D]qUHVVXUO $GRXUHWGH'XKRUW%DFKHQRLOSRXUUDrWUHFRQVXOWp &HWDUUrWpVHUDDIILFKpDX[PDLULHVG¶$LUHVXUO¶$GRXUGH&D]qUHVVXUO $GRXUHWGH'XKRUW%DFKHQSHQGDQWXQHGXUpH PLQLPXPG XQPRLVSURFqVYHUEDOGHO DFFRPSOLVVHPHQWGHFHVIRUPDOLWpVVHUDGUHVVpSDUOHVVRLQVGXPDLUH 8QDYLVHVWLQVpUpSDUOHVVRLQVGX3UpIHWHWDX[IUDLVGHO H[SORLWDQWGDQVGHX[MRXUQDX[ORFDX[RXUpJLRQDX[GLIIXVpVGDQVOH GpSDUWHPHQW
$57,&/(
0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHO¶(TXLSHPHQWGHV /DQGHV0RQVLHXUOH&KHIGHOD0LVVLRQ,QWHUVHUYLFHVGHO (DXGHV/DQGHV0HVVLHXUVOHV0DLUHVG¶$LUHVXUO¶$GRXUHWGH 'XKRUW%DFKHQ0DGDPHOH0DLUHGH&D]qUHVVXU$GRXUVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQW DUUrWp
$0RQWGH0DUVDQOHVHSWHPEUH
3RXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
32/,&('(/ ($8(7'(60,/,(8;$48$7,48(6
$55Ç7e
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XO DUWLFOH/GX&RGHGHO (QYLURQQHPHQW
9XOH'pFUHWQGXRFWREUHUHODWLIjODSURFpGXUHDSSOLFDEOHDX[RSpUDWLRQVHQWUHSULVHVGDQVOHFDGUHGH O DUWLFOH/GX&RGHGHO (QYLURQQHPHQW
9XOHVDUWLFOHV//j/GXFRGHUXUDO
9XO DUUrWpSUpIHFWRUDOQGX0DUVGRQQDQWGpOpJDWLRQGHVLJQDWXUHj0DGDPH9pURQLTXH%211('LUHFWULFH 'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrWGHV/DQGHV
9XOHVGpOLEpUDWLRQVHQGDWHVGX0DUVHWGX0DUVSDUOHVTXHOOHVOH6\QGLFDW,QWHUFRPPXQDOj9RFDWLRQ 8QLTXHGHJHVWLRQGHVEDVVLQVYHUVDQWVGHO $QJXLOOqUH3DOLEH1RUWKRQHW$\JDVHWOH6\QGLFDW0L[WHGH5LYLqUH%RXUUHW %RXGLJDXVROOLFLWHQWODGpFODUDWLRQG LQWpUrWJpQpUDOGHVWUDYDX[GHUHVWDXUDWLRQHWG HQWUHWLHQGHULYLqUHVD\DQWIDLWO REMHWGX FRQWUDWGHULYLqUHGHVEDVVLQVYHUVDQWVGX%RXUUHWGX%RXGLJDXHWGHO $\JDV &RQVLGHUDQWO DYLVIDYRUDEOHGXFRPPLVVDLUHHQTXrWHXUUHQGXDSUqVO HQTXrWHSXEOLTXHSUHVFULWHSDUO DUUrWpSUpIHFWRUDOGX 0DL
$55Ç7(
$57,&/(
6RQWGpFODUpVG LQWpUrWJpQpUDOOHVWUDYDX[SUpYXVDXSURJUDPPHTXLQTXHQQDO GHUHVWDXUDWLRQGHVFRXUVG HDX pPLVVDLUHVSULQFLSDX[HWOHXUVDIIOXHQWV GHVEDVVLQVYHUVDQWVGX%RXUUHWGX%RXGLJDXHWGHO $\JDVWHOVTXHGpILQLVjO DUWLFOH DLQVLTXHOHVWUDYDX[XOWpULHXUVG HQWUHWLHQO HQVHPEOHGHFHVWUDYDX[GHYDQWrWUHUpDOLVpVDX[FRQGLWLRQVGHO DUWLFOHGX SUpVHQWDUUrWp
$57,&/(
/HVWUDYDX[GHUHVWDXUDWLRQVHURQWUpDOLVpVVXUO HQVHPEOHGXFRXUVGHODULYLqUHHQSURFpGDQWDXGpVHQFRPEUHPHQWGXOLW SDUMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
O HQOqYHPHQWGHVHPEkFOHVGHVYpJpWDX[HQYDKLVVDQWVHWGHVDWWHUULVVHPHQWV jO DPpOLRUDWLRQGHODULSLV\OYH SDUFRXSH G DVVDLQLVVHPHQW DEDWWDJHVpOHFWLIGHVDUEUHVSHQFKpVHWGpSpULVVDQWV SDUFRXSHG DPpOLRUDWLRQYLVDQWODPLVHHQSODFHG XQH YpJpWDWLRQDX[FODVVHVG kJHVYDULpHVHWFRPSRVpHGHGLIIpUHQWHVHVVHQFHVSDUpODJDJHGHODYpJpWDWLRQVXUEHUJHV jOD UHFRQVWLWXWLRQGHODULSLV\OYHOjRHOOHHVWDEVHQWHSDUSODQWDWLRQ DYHFRXVDQVSURWHFWLRQGHEHUJH /HVWUDYDX[G HQWUHWLHQFRQVLVWHQWjPDLQWHQLUO pFRXOHPHQWQRUPDOGHVHDX[HWjDVVXUHUODERQQHWHQXHGHVEHUJHV $57,&/(
/HVWUDYDX[VHURQWUpDOLVpVSDUXQHHQWUHSULVHVSpFLDOLVpHFRPSpWHQWHHQPDWLqUHGHUHVWDXUDWLRQHWG HQWUHWLHQGHULYLqUH,OV GHYURQWrWUHFRQIRUPHVDX[UqJOHVGHO DUWHWUHVSHFWHUODQpFHVVDLUHSUpVHUYDWLRQGXERQIRQFWLRQQHPHQWGHVpFRV\VWqPHV DTXDWLTXHVHWGHO HQVHPEOHGHVXVDJHVD\DQWFRXUVVXUFHWWHULYLqUH
$57,&/(
3HQGDQWODGXUpHGHVWUDYDX[OHVSURSULpWDLUHVVRQWWHQXVGHODLVVHUSDVVHUVXUOHXUVWHUUDLQVOHVIRQFWLRQQDLUHVHWDJHQWVFKDUJpV GHODVXUYHLOODQFHOHVHQWUHSUHQHXUVHWRXYULHUVDLQVLTXHOHVHQJLQVPpFDQLTXHVVWULFWHPHQWQpFHVVDLUHVjODUpDOLVDWLRQGHV WUDYDX[
/HVWHUUDLQVDFWXHOOHPHQWEkWLVRXFORVGHPXUVDLQVLTXHOHVFRXUVHWOHVMDUGLQVDWWHQDQWDX[KDELWDWLRQVVRQWH[HPSWpVGHOD VHUYLWXGHHQFHTXLFRQFHUQHOHSDVVDJHGHVHQJLQV
&HGURLWV H[HUFHUDDXWDQWTXHSRVVLEOHHQVXLYDQWODULYHGXFRXUVG HDXHWHQUHVSHFWDQWOHVDUEUHVHWOHVSODQWDWLRQVH[LVWDQWV $57,&/(
&HWWHGpFLVLRQGHYLHQGUDFDGXTXHVLOHVWUDYDX[TX HOOHFRQFHUQHQ RQWSDVIDLWO REMHWG XQFRPPHQFHPHQWGHUpDOLVDWLRQDYDQW OH'pFHPEUH
$57,&/(
/HSUpVHQWDUUrWpVHUDLQVpUpDXUHFXHLOGHVDFWHVDGPLQLVWUDWLIV8QHDPSOLDWLRQVHUDDGUHVVpHDX[PDLUHVGHVFRPPXQHVGH G $QJUHVVH%pQHVVH0DUHPQH%LDUURWWH%LDXGRV&DSEUHWRQ-RVVH/DEHQQH2QGUHV2U[ 6DLQW$QGUpGH6HLJQDQ[6DLQW*HRXUVGH0DUHPQH6DLQW-HDQGH0DUVDFT6DLQW0DUWLQGH+LQ[6DLQW0DUWLQGH6HLJQDQ[ 6DLQW9LQFHQWGH7\URVVH6DXELRQ6DXEULJXHV6HLJQRVVH6RRUWV+RVVHJRU7DUQRV7RVVH /DQGHV HW%RXFDX 3\UpQpHV $WODQWLTXHV TXLSURFpGHURQWjVRQDIILFKDJHXQPRLVDYDQWHWSHQGDQWODGXUpHGHVRSpUDWLRQV3UpFpGHPPHQWFKDFXQHGHV WUDQFKHVGHWUDYDX[HWjPLQLPDXQPRLVjO DYDQFH0RQVLHXUOH3UpVLGHQWGX6\QGLFDW0L[WHGHULYLqUHV%RXUUHWHW%RXGLJDX HW0RQVLHXUOH3UpVLGHQWGX6\QGLFDW,QWHUFRPPXQDOj9RFDWLRQ8QLTXHGHJHVWLRQGHVEDVVLQVYHUVDQWVGHO $QJXLOOqUH3DOLEH 1RUWKRQHW$\JDVSUpYLHQGURQWjFHWWHILQFKDTXHPDLUHFRQFHUQpSDUODWUDQFKHGHWUDYDX[GHO DQQpHHQFRXUVGXGpEXWHWGH ILQGHVRSpUDWLRQV
$57,&/(
0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV0DGDPHOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD )RUrWGHV/DQGHV0RQVLHXUOH3UpVLGHQWGX6\QGLFDW0L[WHGHULYLqUHV%RXUUHWHW%RXGLJDX0RQVLHXUOH3UpVLGHQWGX6\QGLFDW ,QWHUFRPPXQDOj9RFDWLRQ8QLTXHGHJHVWLRQGHVEDVVLQVYHUVDQWVGHO $QJXLOOqUH3DOLEH1RUWKRQHW$\JDV0HVGDPHVHW 0HVVLHXUVOHVPDLUHVGHVFRPPXQHVFLWpHVjO DUWLFOHVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQW DUUrWp
0RQWGH0DUVDQOH6HSWHPEUH
3DUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
$55Ç7e35e)(&725$/3257$175(1289(//(0(17'(/¶$662&,$7,21)21&,Ê5('( 5(0(0%5(0(17'(0286&$5'(6
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHFRGHUXUDOQRWDPPHQWOHVDUWLFOHV//j/55j5 9XODORLGXMXLQPRGLILpHHWVRQGpFUHWG¶DSSOLFDWLRQGXGpFHPEUHUHODWLIVDX[DVVRFLDWLRQVV\QGLFDOHV 9XO DUUrWpSUpIHFWRUDOHQGDWHGX MXLQSRUWDQWGHUQLqUHGpVLJQDWLRQGHVPHPEUHVGXEXUHDX &RQVLGHUDQWTX¶LO\DOLHXGHSURFpGHUDXUHPSODFHPHQWGHFHVPHPEUHV
9XOHVOLVWHVGHVSURSULpWDLUHVVXVFHSWLEOHVGHIDLUHSDUWLHGXEXUHDXGHO¶DVVRFLDWLRQIRQFLqUHpWDEOLHVSDUOHFRQVHLOPXQLFLSDO GHODFRPPXQHGH0286&$5'(6 HWSDUODFKDPEUHG¶DJULFXOWXUH
9XOHVSURSRVLWLRQVGHODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWGHV/DQGHV 6XUODSURSRVLWLRQGXVHFUpWDLUHJpQpUDOGHODSUpIHFWXUHGHV/DQGHV
$55Ç7(
$57,&/(
6RQWQRPPpVPHPEUHVGXEXUHDXGHO¶DVVRFLDWLRQIRQFLqUHGH 0286&$5'(6 SRXUVL[DQVjFRPSWHUGHFHMRXU 0HPEUHVGHGURLW
OHPDLUHGH0286&$5'(6 RXXQFRQVHLOOHUPXQLFLSDOGpVLJQpSDUOXL
OHGpOpJXpGHODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWGHV/DQGHV 0HPEUHVGpVLJQpVSDUODFKDPEUHG¶DJULFXOWXUH
7LWXODLUHV
+20$7( )UDQoRLV 3RORQLV&KHPLQ5DWHODQH 0286&$5'(6 /$127'RPLQLTXH /DEDLJWVURXWHJUDQG$UULJDQG 0286&$5'(6 &2167$17-HDQ 3RXH\URXWHJUDQG$UULJDQG 0286&$5'(6MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
6XSSOpDQWV
'(6&$=($8;&ODXGH 0286&$5'(6
0$5&$'($QGUp URXWH2UWKH] 0286&$5'(6
0HPEUHVGpVLJQpVSDUOHFRQVHLOPXQLFLSDOGH 0286&$5'(6
7LWXODLUHV
/(6*285*8(66HUJH URXWHGH'$; 0286&$5'(6
6,%(5&+,&27&ODXGH URXWHGX*UDQG$UULJDQ 0286&$5'(6 %$5(5()UDQFLQH FKHPLQGH%DGHLFK 0286&$5'(6
6XSSOpDQWV
'8328<3DWULFH FKHPLQGHV0RXHWV 0286&$5'(6
/$%$,*7-HDQ FKHPLQGH7DVWHW 0286&$5'(6
3UpVLGHQW
(QDSSOLFDWLRQGHO¶DUWLFOH5GXFRGHUXUDOOHEXUHDXpOLWOHSUpVLGHQWOHYLFHSUpVLGHQWHWOHVHFUpWDLUH $57,&/(
/HVHFUpWDLUHJpQpUDOGHODSUpIHFWXUHGHV/DQGHVODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWGHV/DQGHVOH PDLUHGH0286&$5'(6 VRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDDIILFKpjOD PDLULHGH0286&$5'(6 HWTXLVHUDSXEOLpDXUHFXHLOGHVDFWHVDGPLQLVWUDWLIVGHVVHUYLFHVGHO¶(WDWGDQVOHGpSDUWHPHQWGHV /DQGHV
0RQWGH0DUVDQOHMDQYLHU
3RXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
$55Ç7e35e)(&725$/3257$175(1289(//(0(17'(/¶$662&,$7,21)21&,Ê5('( 5(0(0%5(0(17'(&$67$1'(7
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHFRGHUXUDOQRWDPPHQWOHVDUWLFOHV//j/55j5 9XODORLGXMXLQPRGLILpHHWVRQGpFUHWG¶DSSOLFDWLRQGXGpFHPEUHUHODWLIVDX[DVVRFLDWLRQVV\QGLFDOHV 9XO DUUrWpSUpIHFWRUDOHQGDWHGX PDL SRUWDQWGHUQLqUHGpVLJQDWLRQGHVPHPEUHVGXEXUHDX &RQVLGHUDQWTX¶LO\DOLHXGHSURFpGHUDXUHPSODFHPHQWGHFHVPHPEUHV
9XOHVOLVWHVGHVSURSULpWDLUHVVXVFHSWLEOHVGHIDLUHSDUWLHGXEXUHDXGHO¶DVVRFLDWLRQIRQFLqUHpWDEOLHVSDUOHFRQVHLOPXQLFLSDO GHODFRPPXQHGH&$67$1'(7 HWSDUODFKDPEUHG¶DJULFXOWXUH
9XOHVSURSRVLWLRQVGHODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWGHV/DQGHV 6XUODSURSRVLWLRQGXVHFUpWDLUHJpQpUDOGHODSUpIHFWXUHGHV/DQGHV
$55Ç7(
$57,&/(
6RQWQRPPpVPHPEUHVGXEXUHDXGHO¶DVVRFLDWLRQIRQFLqUHGH &$67$1'(7 SRXUVL[DQVjFRPSWHUGHFHMRXU 0HPEUHVGHGURLW
OHPDLUHGH&$67$1'(7 RXXQFRQVHLOOHUPXQLFLSDOGpVLJQpSDUOXL
OHGpOpJXpGHODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWGHV/DQGHV 0HPEUHVGpVLJQpVSDUODFKDPEUHG¶DJULFXOWXUH
7LWXODLUHV
/$027+( 5RODQG &$67$1'(7
'8&/$9(&KULVWLDQ &KHPLQGH%DLOOHW &$67$1'(7
*,5$5',3KLOLSSH 5RXWHGH0DQGLOORW &$67$1'(7
6XSSOpDQWV
0$57,1(=)HUQDQG /RXPDJQH &$67$1'(7
/$027+(*DVWRQ 3pERXp &$67$1'(7
0HPEUHVGpVLJQpVSDUOHFRQVHLOPXQLFLSDOGH &$67$1'(7
7LWXODLUHV
*$8/,13KLOLSSH URXWHGH0RQWGH0DUVDQ &$67$1'(7
&$',/+21*LOEHUW FKHPLQGH-RXDQGLOKRQ &$67$1'(7
*285'21-HDQ0DUF FKHPLQGX1DRX &$67$1'(7
6XSSOpDQWV
%$5(5(%HUQDGHWWH FKHPLQGX9LQFHQW &$67$1'(7
&285$/(7*HRUJHV URXWHGH0DQGLOORW &$67$1'(7
3UpVLGHQW
(QDSSOLFDWLRQGHO¶DUWLFOH5GXFRGHUXUDOOHEXUHDXpOLWOHSUpVLGHQWOHYLFHSUpVLGHQWHWOHVHFUpWDLUH $57,&/(
/HVHFUpWDLUHJpQpUDOGHODSUpIHFWXUHGHV/DQGHVODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWGHV/DQGHVOH PDLUHGH&$67$1'(7 VRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDDIILFKpjODPDLULH GH&$67$1'(7 HWTXLVHUDSXEOLpDXUHFXHLOGHVDFWHVDGPLQLVWUDWLIVGHVVHUYLFHVGHO¶(WDWGDQVOHGpSDUWHPHQWGHV/DQGHVMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
0RQWGH0DUVDQOHYHQGUHGLMDQYLHU
3RXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
$55Ç7e35e)(&725$/3257$175(1289(//(0(17'(/¶$662&,$7,21)21&,Ê5('( 5(0(0%5(0(17' $8%$*1$1
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHFRGHUXUDOQRWDPPHQWOHVDUWLFOHV//j/55j5 9XODORLGXMXLQPRGLILpHHWVRQGpFUHWG¶DSSOLFDWLRQGXGpFHPEUHUHODWLIVDX[DVVRFLDWLRQVV\QGLFDOHV 9XO DUUrWpSUpIHFWRUDOHQGDWHGX MXLOOHW SRUWDQWGHUQLqUHGpVLJQDWLRQGHVPHPEUHVGXEXUHDX &RQVLGHUDQWTX¶LO\DOLHXGHSURFpGHUDXUHPSODFHPHQWGHFHVPHPEUHV
9XOHVOLVWHVGHVSURSULpWDLUHVVXVFHSWLEOHVGHIDLUHSDUWLHGXEXUHDXGHO¶DVVRFLDWLRQIRQFLqUHpWDEOLHVSDUOHFRQVHLOPXQLFLSDO GHODFRPPXQHG $8%$*1$1 HWSDUODFKDPEUHG¶DJULFXOWXUH
9XOHVSURSRVLWLRQVGHODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWGHV/DQGHV 6XUODSURSRVLWLRQGXVHFUpWDLUHJpQpUDOGHODSUpIHFWXUHGHV/DQGHV
$55Ç7(
$57,&/(
6RQWQRPPpVPHPEUHVGXEXUHDXGHO¶DVVRFLDWLRQIRQFLqUH G $8%$*1$1 SRXUVL[DQVjFRPSWHUGHFHMRXU 0HPEUHVGHGURLW
OHPDLUHG $8%$*1$1 RXXQFRQVHLOOHUPXQLFLSDOGpVLJQpSDUOXL
OHGpOpJXpGHODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWGHV/DQGHV 0HPEUHVGpVLJQpVSDUODFKDPEUHG¶DJULFXOWXUH
7LWXODLUHV
'$55,&$8 3KLOLSSH FKHPLQ7DPERXULQ $8%$*1$1
'$57+26$QGUp %R\ $8%$*1$1
0$85,1'RPLQLTXH %XVV\ $8%$*1$1
6XSSOpDQWV
'8328<0DUF /DUJRXQHV $8%$*1$1
352(5(63LHUUH %LEp $8%$*1$1
0HPEUHVGpVLJQpVSDUOHFRQVHLOPXQLFLSDOGH $8%$*1$1
7LWXODLUHV
)5$',1-HDQ*HRUJH%HUWLQ $8%$*1$1
0$85,1-HDQ&ODXGH $8%$*1$1
'()(6%$5%('LGLHU $8%$*1$1
6XSSOpDQWV
'$57+26-HDQ*X\ $8%$*1$1
7(//(&+($-HDQ)UDQoRLV $8%$*1$1
3UpVLGHQW
(QDSSOLFDWLRQGHO¶DUWLFOH5GXFRGHUXUDOOHEXUHDXpOLWOHSUpVLGHQWOHYLFHSUpVLGHQWHWOHVHFUpWDLUH $57,&/(
/HVHFUpWDLUHJpQpUDOGHODSUpIHFWXUHGHV/DQGHVODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWGHV/DQGHVOH PDLUHG $8%$*1$1 VRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDDIILFKpjODPDLULH G $8%$*1$1 HWTXLVHUDSXEOLpDXUHFXHLOGHVDFWHVDGPLQLVWUDWLIVGHVVHUYLFHVGHO¶(WDWGDQVOHGpSDUWHPHQWGHV/DQGHV 0RQWGH0DUVDQOHMDQYLHU
3RXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21'¶$8725,6$7,21'¶(;3/2,7(5$&&25'((¬ 0216,(85 7+,(55<&$=$8%21 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GX&RGH5XUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGH0RQVLHXU 7KLHUU\&$=$8%21HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH HQVDVpDQFHGXGpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
0RQVLHXU 7KLHUU\&$=$8%21GRPLFLOLp j6$,173(5'21HVWDXWRULVp jH[SORLWHUXQIRQGVDJULFROHG XQHVXSHUILFLHGH KD VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH 6$,17MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
3(5'21
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21'¶$8725,6$7,21'¶(;3/2,7(5$&&25'((¬ 0216,(85 3+,/,33(%23 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GX&RGH5XUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGH0RQVLHXU 3KLOLSSH%23HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH HQVDVpDQFHGXGpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
0RQVLHXU 3KLOLSSH%23GRPLFLOLp j$,5(685/ $'285HVWDXWRULVp jH[SORLWHUXQIRQGVDJULFROHG XQHVXSHUILFLHGH KD VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH &$=(5(6 685/ $'285
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21'¶$8725,6$7,21'¶(;3/2,7(5$&&25'((¬ 0216,(85 $/$,1'83$57 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GX&RGH5XUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGH0RQVLHXU $ODLQ'83$57HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH HQVDVpDQFHGXGpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
0RQVLHXU $ODLQ'83$57GRPLFLOLp j328<'(66($8;HVWDXWRULVp jH[SORLWHUXQIRQGVDJULFROHG XQHVXSHUILFLHGH DUHV VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH 328<'(66($8;
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21'¶$8725,6$7,21'¶(;3/2,7(5$&&25'((¬ 0216,(85 $172,1('83$57 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GX&RGH5XUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGH0RQVLHXU $QWRLQH'83$57HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH HQVDVpDQFHGXGpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
0RQVLHXU $QWRLQH'83$57GRPLFLOLp j9,//(1(89('(0$56$1HVWDXWRULVp jH[SORLWHUXQIRQGVDJULFROHG XQH VXSHUILFLHGHKD VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH328<'(66($8;
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21'¶$8725,6$7,21'¶(;3/2,7(5$&&25'((¬ 0216,(85 '20,1,48( /$)(1(75(
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GX&RGH5XUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGH0RQVLHXU 'RPLQLTXH/$)(1(75(HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH HQVDVpDQFHGXGpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
0RQVLHXU 'RPLQLTXH/$)(1(75(GRPLFLOLp j)$5*8(6HVWDXWRULVp jH[SORLWHUXQIRQGVDJULFROHG XQHVXSHUILFLHGH KD VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH 38-2/( 3/$1
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21'¶$8725,6$7,21'¶(;3/2,7(5$&&25'((¬ 0216,(85 *e5$5'328%/$1 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GX&RGH5XUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGH0RQVLHXU *pUDUG328%/$1HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH HQVDVpDQFHGXGpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
0RQVLHXU *pUDUG328%/$1GRPLFLOLp j85*216HVWDXWRULVp jH[SORLWHUXQIRQGVDJULFROHG XQHVXSHUILFLHGH KD VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH 85*216 0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21'¶$8725,6$7,21'¶(;3/2,7(5$&&25'((¬ 0216,(85 ',',(5/$',1 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GX&RGH5XUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGH0RQVLHXU 'LGLHU/$',1HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH HQVDVpDQFHGXGpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
0RQVLHXU 'LGLHU/$',1GRPLFLOLp j0,0%$67(HVWDXWRULVp jH[SORLWHUXQIRQGVDJULFROHG XQHVXSHUILFLHGH KD VHORQ UpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH 328,//21 0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21'¶$8725,6$7,21'¶(;3/2,7(5$&&25'((¬ 0216,(85 6(5*('858 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GX&RGH5XUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGH0RQVLHXU 6HUJH'858HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH HQVDVpDQFHGXGpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
0RQVLHXU 6HUJH'858GRPLFLOLp j6$,17*(,1HVWDXWRULVp jH[SORLWHUXQIRQGVDJULFROHG XQHVXSHUILFLHGH KD VHORQ UpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH /$*/25,(86( 0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21'¶$8725,6$7,21'¶(;3/2,7(57(0325$,5($&&25'((¬ 0216,(85 /8&,(1 '(6328<6
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GX&RGH5XUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO 9XODGHPDQGHGH0RQVLHXU /XFLHQ'(6328<6HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH HQVDVpDQFHGXGpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
&RQVLGpUDQWTXH0RQVLHXU/XFLHQ'(6328<6DQVWHFKQLFLHQDJULFROHjPLWHPSVVRXKDLWHORXHUSHUVRQQHOOHPHQWOHELHQ REMHWGHODGHPDQGHSRXUV¶LQVWDOOHUMHXQHDJULFXOWHXU
&RQVLGpUDQWO¶DEVHQFHGHFDQGLGDWXUHFRQFXUUHQWHSRXUOHELHQDJULFROHREMHWGHODGHPDQGHG¶DXWRULVDWLRQG¶H[SORLWHU 'e&,'(
0RQVLHXU /XFLHQ'(6328<6GRPLFLOLp j0(,/+$1HVWDXWRULVp jH[SORLWHUWHPSRUDLUHPHQWXQIRQGVDJULFROHG XQH VXSHUILFLHGHKD VLWXpVXUOD RXOHV FRPPXQH V FLDSUqVGpVLJQpH V &RPPXQHGH0(,/+$1
6HFWLRQ V =+
&HWWHDXWRULVDWLRQWHPSRUDLUHHVWDFFRUGpHMXVTX¶DXGpFHPEUHHWSRXUUDrWUHUHQRXYHOpHDXYXGHO¶pWDWG¶DYDQFHPHQW GXSDUFRXUVjO¶LQVWDOODWLRQGXMHXQH/XFLHQ'(6328<6
0RQWGH0DUVDQOHMDQYLHU
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21'¶$8725,6$7,21'¶(;3/2,7(57(0325$,5($&&25'((¬ 0216,(85 %(575$1'/$9$//((
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GX&RGH5XUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO 9XODGHPDQGHGH0RQVLHXU %HUWUDQG/$9$//((HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH HQVDVpDQFHGXGpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
&RQVLGpUDQWTXH0RQVLHXU%HUWUDQG/$9$//((DQVVRXKDLWHORXHUSHUVRQQHOOHPHQWOHELHQREMHWGHODGHPDQGHSRXU V¶LQVWDOOHUMHXQHDJULFXOWHXU
&RQVLGpUDQWO¶DEVHQFHGHFDQGLGDWXUHFRQFXUUHQWHSRXUOHELHQDJULFROHREMHWGHODGHPDQGHG¶DXWRULVDWLRQG¶H[SORLWHU 'e&,'(
0RQVLHXU %HUWUDQG/$9$//((GRPLFLOLp j%(148(7HVWDXWRULVp jH[SORLWHUWHPSRUDLUHPHQWXQIRQGVDJULFROHG XQH VXSHUILFLHGHKD VLWXpVXUOD RXOHV FRPPXQH V FLDSUqVGpVLJQpH V &RPPXQHGH%(148(7
6HFWLRQ V +%HW&$,$HW' &RPPXQHGH %$60$8&2
6HFWLRQ V %%MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
&HWWHDXWRULVDWLRQWHPSRUDLUHHVWDFFRUGpHMXVTX¶DXGpFHPEUHHWSRXUUDrWUHUHQRXYHOpHDXYXGHO¶pWDWG¶DYDQFHPHQW GXSDUFRXUVjO¶LQVWDOODWLRQGXMHXQH%HUWUDQG/$9$//((
0RQWGH0DUVDQOHMDQYLHU
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5/'(&+$0$/( /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHO¶($5/'(&+$0$/( HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/¶($5/'(&+$0$/( GRQWOHVDVVRFLpV VRQW006)UpGpULFHW-HDQ3LHUUH%25'$&$+$5 SDUWLFLSDQWWRXVOHVGHX[ HIIHFWLYHPHQWjO H[SORLWDWLRQ D\DQWVRQVLqJHVRFLDOj3(&25$'(HVWDXWRULVpHjH[SORLWHUXQIRQGVDJULFROHG¶XQH VXSHUILFLHGHKD VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH&$67(/1$87856$1*($81(3(&25$'(HW625%(76
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/$ 6&($'(%((1; /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHOD6&($'(%((1; HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/D6&($'(%((1; GRQWOHVDVVRFLpV VRQW0PH0DUWLQH'(/3(&+0-HDQ0DUF/(63$55( SDUWLFLSDQWWRXVOHV GHX[HIIHFWLYHPHQWjO H[SORLWDWLRQ D\DQWVRQVLqJHVRFLDOj/28(5HVWDXWRULVpHjH[SORLWHUXQIRQGVDJULFROHG¶XQH VXSHUILFLHGHKD VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH*$0$5'(/(6%$,16*226/28(5HW 35(&+$&4/(6%$,16 0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5/'(3,48(77( /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHO¶($5/'(3,48(77( HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/¶($5/'(3,48(77( GRQWOHVDVVRFLpV VRQW0PH%HUQDGHWWHHW05pP\/$08'( SDUWLFLSDQWWRXVOHVGHX[ HIIHFWLYHPHQWjO H[SORLWDWLRQ D\DQWVRQVLqJHVRFLDOj&/('(6HVWDXWRULVpHjH[SORLWHUXQIRQGVDJULFROHG¶XQHVXSHUILFLHGH KD VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH &/('(6MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5/'(028121 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHO¶($5/'(028121 HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/¶($5/'(028121 GRQWO¶DVVRFLp HVW0-DFTXHV2OLYLHU0$56$1 SDUWLFLSDQWHIIHFWLYHPHQWjO H[SORLWDWLRQ D\DQWVRQ VLqJHVRFLDOj6$,17(&2/20%(HVWDXWRULVpHjH[SORLWHUXQIRQGVDJULFROHG¶XQHVXSHUILFLHGH KD VHORQUpIpUHQFHV FDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH (<5(6021&8%( HW6$,17( &2/20%(
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5/6$,173,(55( /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHO¶($5/6$,173,(55( HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/¶($5/6$,173,(55( GRQWO¶DVVRFLpH HVW0PH/\GLH%5(7+(6 SDUWLFLSDQWHIIHFWLYHPHQWjO H[SORLWDWLRQ D\DQWVRQ VLqJHVRFLDOj0217$87HVWDXWRULVpHjH[SORLWHUXQIRQGVDJULFROHG¶XQHVXSHUILFLHGH KD VHORQUpIpUHQFHVFDGDVWUDOHV HWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH 0217$87 0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5/$1$&/(7 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHO¶($5/$1$&/(7 HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/¶($5/$1$&/(7 GRQWOHVDVVRFLpV VRQW03KLOLSSH$1$&/(7 SDUWLFLSDQWHIIHFWLYHPHQWjO H[SORLWDWLRQ 0PHV 0RQLTXHHW1DWKDOLH$1$&/(7D\DQWVRQVLqJHVRFLDOj%$60$8&2HVWDXWRULVpHjH[SORLWHUXQIRQGVDJULFROHG¶XQH VXSHUILFLHGHKD VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH%$60$8&2+$870$8&2
0RQWGH0DUVDQOHGpFHPEUHMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5/'(%(//(526( /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHO¶($5/'(%(//(526( HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/¶($5/'(%(//(526( GRQWO¶DVVRFLp HVW07KLHUU\/$0$548( SDUWLFLSDQWHIIHFWLYHPHQWjO H[SORLWDWLRQ D\DQWVRQ VLqJHVRFLDOj3(<5(HVWDXWRULVpHjH[SORLWHUXQIRQGVDJULFROHG¶XQHVXSHUILFLHGH KD VHORQUpIpUHQFHVFDGDVWUDOHVHW SURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH &$67$,*1266286/(16 HW3(<5( 0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5/'(75$2848(7 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHO¶($5/'(75$2848(7 HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/¶($5/'(75$2848(7 GRQWOHVDVVRFLpV VRQW0PH(YHO\QHHW0-HDQ&ODXGH/$3(<5( SDUWLFLSDQWWRXVOHVGHX[ HIIHFWLYHPHQWjO H[SORLWDWLRQ D\DQWVRQVLqJHVRFLDOj3$<526&$=$87(76HVWDXWRULVpHjH[SORLWHUXQIRQGVDJULFROH G¶XQHVXSHUILFLHGHKD VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH3$<526&$=$87(76 HW85*216
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5// (&85(8,/ /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHO¶($5// (&85(8,/ HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/¶($5// (&85(8,/ GRQWOHVDVVRFLpV VRQW0PH'DQLHOOH006$ODLQHW3DWULFN&+,%5$& SDUWLFLSDQWWRXVOHVWURLV HIIHFWLYHPHQWjO H[SORLWDWLRQ D\DQWVRQVLqJHVRFLDOj*(/28;HVWDXWRULVpHjH[SORLWHUXQIRQGVDJULFROHG¶XQHVXSHUILFLH GHKD VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH *(/28;
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5/'(3(028,//$7 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHO¶($5/'(3(028,//$7 HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/¶($5/'(3(028,//$7 GRQWO¶DVVRFLp HVW03DVFDO/$),77( SDUWLFLSDQWHIIHFWLYHPHQWjO H[SORLWDWLRQ D\DQWVRQ VLqJHVRFLDOj0217*$,//$5'HVWDXWRULVpHjH[SORLWHUXQIRQGVDJULFROHG¶XQHVXSHUILFLHGH KD VHORQUpIpUHQFHV FDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH '8+257%$&+(1 0217*$,//$5'HW 0217628(
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5/'(*8,0217 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHO¶($5/'(*8,0217 HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/¶($5/'(*8,0217 GRQWOHVDVVRFLpV VRQW0PH'HOSKLQHHW0(ULF6$55(6 SDUWLFLSDQWWRXVOHVGHX[HIIHFWLYHPHQWj O H[SORLWDWLRQ D\DQWVRQVLqJHVRFLDOj0217)257(1&+$/266(HVWDXWRULVpHjH[SORLWHUXQIRQGVDJULFROHG¶XQH VXSHUILFLHGHKD VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH*$0$5'(/(6%$,16/28548(1HW 0217)257(1&+$/266( 0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5//(/$11( /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHO¶($5//(/$11( HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/¶($5//(/$11( GRQWOHVDVVRFLpV VRQW0PH&ODXGH*5,+21HW0'HQLV/$%5, SDUWLFLSDQWWRXVOHVGHX[ HIIHFWLYHPHQWjO H[SOORLWDWLRQ HW0PH0DULH/RXLVH/$%5, D\DQWVRQVLqJHVRFLDOj6$%5(6HVWDXWRULVpHjH[SORLWHUXQ IRQGVDJULFROHG¶XQHVXSHUILFLHGH KD VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH6$%5(6HW62/)(5,12
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5/%$5%$67( /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHO¶($5/%$5%$67( HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/¶($5/%$5%$67( GRQWO¶DVVRFLp HVW0-HDQ3LHUUH/$66(55( SDUWLFLSDQWHIIHFWLYHPHQWjO H[SORLWDWLRQ D\DQWVRQ VLqJHVRFLDOj25,67HVWDXWRULVpHjH[SORLWHUXQIRQGVDJULFROHG¶XQHVXSHUILFLHGH KD VHORQUpIpUHQFHVFDGDVWUDOHVHW SURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH 25,676$,17/21/(60,1(6HW 6$8%866(
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5/'(/$7$,//$'( /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHO¶($5/'(/$7$,//$'( HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/¶($5/'(/$7$,//$'( GRQWOHVDVVRFLpV VRQW07KLHUU\6$,17$021 SDUWLFLSDQWHIIHFWLYHPHQWjO H[SORLWDWLRQ HW 0PH1DWKDOLH6$,17$021D\DQWVRQVLqJHVRFLDOj328,//21HVWDXWRULVpHjH[SORLWHUXQIRQGVDJULFROHG¶XQHVXSHUILFLH GHKD VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH 328,//21
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/$ 6&($'()/2848(7 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHOD6&($'()/2848(7 HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/D6&($'()/2848(7 GRQWOHVDVVRFLpV VRQW0PH(YHO\QH/$027+(HW03KLOLSSH6$55$0$*1$1 SDUWLFLSDQW WRXVOHVGHX[HIIHFWLYHPHQWjO H[SORLWDWLRQ D\DQWVRQVLqJHVRFLDOj85*216HVWDXWRULVpHjH[SORLWHUXQIRQGVDJULFROH G¶XQHVXSHUILFLHGHKD VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH85*216
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7 '(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5/3,*1(0(7&+ /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO 9XODGHPDQGHGHO¶($5/3,*1(0(7&+ HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/¶($5/3,*1(0(7&+ GRQWOHVDVVRFLpV VRQW006*pUDUGHW%DSWLVWH%21$,1 SDUWLFLSDQWWRXVOHVGHX[HIIHFWLYHPHQWj O H[SORLWDWLRQ D\DQWVRQVLqJHVRFLDOj+(50HVWDXWRULVpH
jH[SORLWHUXQIRQGVDJULFROHG¶XQHVXSHUILFLHGH KD VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVOD GHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH &$67(76*285%(5$+(50HW 6$,173$8//(6'$; jFUpHUXQpOHYDJHGHYRODLOOHVODEHOGHPðGHSRXODLOOHU
'DQVOHFDVGHFUpDWLRQRXH[WHQVLRQG¶DWHOLHUKRUVVROUHOHYDQWGHODSURFpGXUHGHVLQVWDOODWLRQVFODVVpHVSRXUODSURWHFWLRQGH O¶HQYLURQQHPHQWODPLVHHQ°XYUHGHODSUpVHQWHDXWRULVDWLRQHVWFRQGLWLRQQpHjO¶REWHQWLRQSUpDODEOHGHO¶DXWRULVDWLRQDXWLWUH GHVpWDEOLVVHPHQWVFODVVpV
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5/'8)5(&+( /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO 9XODGHPDQGHGHO¶($5/'8)5(&+( HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/¶($5/'8)5(&+( GRQWOHVDVVRFLpV VRQW0PH&ODXGHWWHHW0)UDQoRLV/$/$11( SDUWLFLSDQWWRXVOHVGHX[ HIIHFWLYHPHQWjO H[SORLWDWLRQ D\DQWVRQVLqJHVRFLDOj$5%28&$9(HVWDXWRULVpH jH[SORLWHUXQIRQGVDJULFROHG¶XQHVXSHUILFLHGH KD VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVOD GHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH $5%28&$9(
jFUpHUXQpOHYDJHGHPðGHYRODLOOHVODEHO
'DQVOHFDVGHFUpDWLRQRXH[WHQVLRQG¶DWHOLHUKRUVVROUHOHYDQWGHODSURFpGXUHGHVLQVWDOODWLRQVFODVVpHVSRXUODSURWHFWLRQGH O¶HQYLURQQHPHQWODPLVHHQ°XYUHGHODSUpVHQWHDXWRULVDWLRQHVWFRQGLWLRQQpHjO¶REWHQWLRQSUpDODEOHGHO¶DXWRULVDWLRQDXWLWUH GHVpWDEOLVVHPHQWVFODVVpV
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5/'(/$66(*8(77( /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHO¶($5/GH/$66(*8(77( HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/¶($5/GH/$66(*8(77( GRQWO¶DVVRFLp HVW0%HUQDUG0$*(6&$6 SDUWLFLSDQWHIIHFWLYHPHQWjO H[SORLWDWLRQ D\DQW VRQVLqJHVRFLDOj0,6621HVWDXWRULVpHjIDLUHXQHH[WHQVLRQGHVRQpOHYDJHGHYRODLOOHVODEHOGHjPðGHSRXODLOOHU MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
'DQVOHFDVGHFUpDWLRQRXH[WHQVLRQG¶DWHOLHUKRUVVROUHOHYDQWGHODSURFpGXUHGHVLQVWDOODWLRQVFODVVpHVSRXUODSURWHFWLRQGH O¶HQYLURQQHPHQWODPLVHHQ°XYUHGHODSUpVHQWHDXWRULVDWLRQHVWFRQGLWLRQQpHjO¶REWHQWLRQSUpDODEOHGHO¶DXWRULVDWLRQDXWLWUH GHVpWDEOLVVHPHQWVFODVVpV
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5/0$7+,28 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHO¶($5/0$7+,28 HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XO¶DYLVGHODVHFWLRQ© VWUXFWXUHpFRQRPLHGHVH[SORLWDWLRQVHWFRRSpUDWLYHVªGHODFRPPLVVLRQGpSDUWHPHQWDOHG¶RULHQWDWLRQ GHO¶DJULFXOWXUHGX*HUVHQVDVpDQFHGXGpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/¶($5/0$7+,28 GRQWOHVDVVRFLpV VRQW03DWULFN/$)$5*8( SDUWLFLSDQWHIIHFWLYHPHQWjO H[SORLWDWLRQ HW0PH 0RQLTXH/$)$5*8(D\DQWVRQVLqJHVRFLDOj/$75,//(HVWDXWRULVpHjH[SORLWHUXQIRQGVDJULFROHG¶XQHVXSHUILFLHGH KD VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH /$75,//(HW6(*26
0RQWGH0DUVDQOHMDQYLHU
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5/'(/$+,77( /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHO¶($5/'(/$+,77( HQUHJLVWUpHHQGDWHGXRFWREUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
&RQVLGpUDQWODGHPDQGHFRQFXUUHQWHGH0PH6DELQH'$8*5(,/+
&RQVLGpUDQWOHFDUDFWqUHIDPLOLDOGXELHQREMHWGHODGHPDQGH
'e&,'(
/¶($5/'(/$+,77( GRQWOHVDVVRFLpV VRQW0)UDQoRLV)('(16,(8 SDUWLFLSDQWHIIHFWLYHPHQWjO H[SORLWDWLRQ 0PH 6LPRQHHW00DUFHO)('(16,(8D\DQWVRQVLqJHVRFLDOj&$=$/,6HVWDXWRULVpHjH[SORLWHUXQIRQGVDJULFROHG¶XQH VXSHUILFLHGHKD VLWXpVXUOD RXOHV FRPPXQH V FLDSUqVGpVLJQpHV
&RPPXQHGH&$=$/,6
6HFWLRQ V $j$
&RPPXQHGH 0208<
6HFWLRQ V $
&RPPXQHGH 6$,17&5,&4&+$/266(
6HFWLRQ V ='
&RPPXQHGH6$,173(5'21
6HFWLRQ V $1
0RQWGH0DUVDQOHMDQYLHU
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5/'8&$67$*1(7 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXUMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHO¶($5/'8&$67$*1(7 HQUHJLVWUpHHQGDWHGXRFWREUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX QRYHPEUH
9XO¶DYLVGHODVHFWLRQ© VWUXFWXUHVpFRQRPLHGHVH[SOR LWDWLRQVHWFRRSpUDWLYHV ªGHODFRPPLVVLRQGpSDUWHPHQWDOH G¶RULHQWDWLRQGHO¶DJULFXOWXUHGX*HUVHQVDVpDQFHGXQRYHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/¶($5/'8&$67$*1(7 GRQWOHVDVVRFLpV VRQW0PH0DXULFHWWH5(0$=(,//(6006-HDQ%HUQDUGHW-pU{PH 5(0$=(,//(6 SDUWLFLSDQWWRXVOHVWURLVHIIHFWLYHPHQWjO H[SORLWDWLRQ D\DQWVRQVLqJHVRFLDOj*$%$55(7HVWDXWRULVpHj H[SORLWHUXQIRQGVDJULFROHG¶XQHVXSHUILFLHGH KD VHORQUpIpUHQFHVFDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVOD GHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH %$8',*1$1(6&$/$16*$%$55(75,0%(=(7%$8',(76 &$=$8%21 HW/$5((
0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(5$&&25'(($/¶ ($5/'(+(28*$ /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGHO¶($5/'(+(28*$ HQUHJLVWUpHHQGDWHGXRFWREUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX QRYHPEUH
9XO DYLVGHODVHFWLRQVWUXFWXUHVpFRQRPLHGHVH[SORLWDWLRQVHWFRRSpUDWLYHVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQ GHO DJULFXOWXUHGHV3\UpQpHV$WODQWLTXHVHQVDVpDQFHGX QRYHPEUH 9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
'e&,'(
/¶($5/'(+(28*$ GRQWO¶DVVRFLp HVW0%HUQDUG/$),77('$9(5$7 SDUWLFLSDQWHIIHFWLYHPHQWjO H[SORLWDWLRQ D\DQW VRQVLqJHVRFLDOj3+,/21'(1;HVWDXWRULVpHjH[SORLWHUXQIRQGVDJULFROHG¶XQHVXSHUILFLHGH KD VHORQUpIpUHQFHV FDGDVWUDOHVHWSURGXFWLRQVLQGLTXpHVGDQVODGHPDQGH VLWXpVXUOD RXOHV FRPPXQH V GH /$&$-817(3+,/21'(1; 3,0%26(55(6/286(7$55,%$16 HW$5=$&4$55$=,*8(7 0RQWGH0DUVDQOHGpFHPEUH
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21' $8725,6$7,21' (;3/2,7(57(0325$,5($&&25'(($/¶ ($5//$*(/28=( /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGH/¶($5//$*(/28=( HQUHJLVWUpHHQGDWHGXQRYHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH GHV/DQGHVHQVDVpDQFHGX GpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
&RQVLGpUDQWXQHSUHPLqUHGpFLVLRQG¶DXWRULVDWLRQG¶H[SORLWHUWHPSRUDLUHDFFRUGpHOHIpYULHUjO¶($5//$*(/28=( &RQVLGpUDQWTXH0RQVLHXU'8&$66(*XLOODXPHDQVpWXGLDQWVRXKDLWHV¶LQVWDOOHUMHXQHDJULFXOWHXUDXVHLQGHO¶($5/ /$*(/28=(jO¶LVVXHGHVDIRUPDWLRQDJULFROH
&RQVLGpUDQWO¶DEVHQFHGHFDQGLGDWXUHFRQFXUUHQWHSRXUOHELHQREMHWGHODGHPDQGHG¶DXWRULVDWLRQG¶H[SORLWHU 'e&,'(
/¶($5//$*(/28=( GRQWOHVDVVRFLpV VRQW006$QGUpHW*XLOODXPH'8&$66( SDUWLFLSDQWWRXVOHVGHX[HIIHFWLYHPHQW jO H[SORLWDWLRQ 0PH1DGLQHHW02OLYLHU'8&$66( D\DQWVRQVLqJHVRFLDOj(67,%($8;HVWDXWRULVpHjH[SORLWHU WHPSRUDLUHPHQWXQIRQGVDJULFROHG¶XQHVXSHUILFLHGH KD VLWXpVXUOD RXOHV FRPPXQH V FLDSUqVGpVLJQpHV &RPPXQHGH(67,%($8;MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
6HFWLRQ V 'j$=, GDQVO¶DWWHQWHGHO¶LQVWDOODWLRQGH0*XLOODXPH'8&$66(jO¶LVVXHGHVDVFRODULWp &HWWHDXWRULVDWLRQWHPSRUDLUHHVWDFFRUGpHMXVTX¶DXGpFHPEUHHWSRXUUDrWUHUHQRXYHOpHDXYXHGHO¶pWDWG¶DYDQFHPHQW GXSDUFRXUVjO¶LQVWDOODWLRQGXMHXQH*XLOODXPH
0RQWGH0DUVDQOHMDQYLHU
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/ $*5,&8/785((7'(/$)25(7
'(&,6,21'(5()86' $8725,6$7,21' (;3/2,7(5&21&(51$17 0216,(85 &+5,67,$1 '(6%(5%$648(
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHOLYUH,,,WLWUH,,,GXFRGHUXUDOHWQRWDPPHQWOHVDUWLFOHV/j/HW5j5 9XO DUUrWpSUpIHFWRUDOGXPDLIL[DQWO¶XQLWpGHUpIpUHQFHHWpWDEOLVVDQWOHVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVSRXU OHGpSDUWHPHQWGHV/DQGHVPRGLILpSDUDUUrWpSUpIHFWRUDOGXDYULO
9XODGHPDQGHGH0RQVLHXU &KULVWLDQ'(6%(5%$648(HQUHJLVWUpHHQGDWHGXVHSWHPEUH 9XO DYLVGHODVHFWLRQVWUXFWXUHVHWpFRQRPLHGHVH[SORLWDWLRQVGHODFRPPLVVLRQGpSDUWHPHQWDOHG RULHQWDWLRQGHO DJULFXOWXUH HQVDVpDQFHGXGpFHPEUH
9XODGpOpJDWLRQGHVLJQDWXUHDFFRUGpHjODGLUHFWULFHGpSDUWHPHQWDOHGHO¶DJULFXOWXUHHWGHODIRUrWSDUOHSUpIHWGHV/DQGHVSDU DUUrWpQGXPDUV
&RQVLGpUDQWTXHOHVRULHQWDWLRQVGXVFKpPDGLUHFWHXUGHVVWUXFWXUHVDJULFROHVVRQWQRWDPPHQWGHSULYLOpJLHUOHVH[SORLWDQWVj WLWUHSULQFLSDOHWGHSUHQGUHHQFRPSWHOHVSOXULDFWLIVTXLV¶HQJDJHQWjGHYHQLUDJULFXOWHXUjWLWUHSULQFLSDO &RQVLGpUDQWTXHOHSURMHWGH0&KULVWLDQ'(63(5%$648(QHUpSRQGSDVjFHVRULHQWDWLRQV &RQVLGpUDQWO¶kJHGXGHPDQGHXUODSHWLWHVXUIDFHGHO¶H[SORLWDWLRQHWODIDLEOHVVHGHVPR\HQVGHSURGXFWLRQ 'e&,'(
0RQVLHXU &KULVWLDQ'(6%(5%$648(GRPLFLOLp j6$8%5,*8(6Q HVWSDVDXWRULVp jH[SORLWHUOHVSDUFHOOHVGHWHUUHG XQH VXSHUILFLHGHKD HWFLDSUqVGpVLJQpHV
&RPPXQHGH6$8%5,*8(6
6HFWLRQ V )±$%±$&
DXPRWLITXHOHVpOpPHQWVILJXUDQWGDQVODGHPDQGHG¶DXWRULVDWLRQG¶H[SORLWHUQHSHUPHWWHQWSDVGHFURLUHjO¶DXWRQRPLHOD YLDELOLWpGHO¶H[SORLWDWLRQHWjO¶HQJDJHPHQWGH0'(63(5%$648(GHGHYHQLUDJULFXOWHXUjWLWUHSULQFLSDO 0RQWGH0DUVDQOHMDQYLHU
3RXUOH3UpIHWHWSDUGpOpJDWLRQOD'LUHFWULFH'pSDUWHPHQWDOHGHO $JULFXOWXUHHWGHOD)RUrW 9pURQLTXH%211(
',5(&7,21'(3$57(0(17$/('(/¶$*5,&8/785((7'(/$)25(7 6(59,&(69e7e5,1$,5(6
691
/H3UpIHWGHV/DQGHV
9XOH&RGH5XUDOHWQRWDPPHQWVHVDUWLFOHV///HW/ 9XOH'pFUHW1GX-XLOOHWUHODWLIjO¶H[pFXWLRQGHVPHVXUHVGHSURSK\OD[LHFROOHFWLYHGHVPDODGLHVGHVDQLPDX[ 9XOH'pFUHW1GX-XLQUHODWLIjO¶H[HUFLFHGHVDFWLYLWpVGHYpWpULQDLUHHWQRWDPPHQWVRQDUWLFOH 9XOH'pFUHW1GX1RYHPEUHUHODWLIDXPDQGDWVDQLWDLUHLQVWLWXpSDUO¶DUWLFOH/GX&RGH5XUDO 9XODGHPDQGHGHO¶LQWpUHVVpHQGDWHGX1RYHPEUH
6XUSURSRVLWLRQGH0RQVLHXUOH'LUHFWHXUGHV6HUYLFHV9pWpULQDLUHV
$55Ç7(
$57,&/(
/HPDQGDWVDQLWDLUHSUpYXjO¶DUWLFOH/GX&RGH5XUDOVXVYLVpHVWRFWUR\pSRXUXQHGXUpHG¶XQDQj 0DGHPRLVHOOH&2857(6,VDEHOOH'RFWHXU9pWpULQDLUHDOOpHGHV3LQV7UDQTXLOOHV+266(*25 $57,&/(
0DGHPRLVHOOH&2857(6,VDEHOOH'RFWHXU9pWpULQDLUHj+266(*25V¶HQJDJHjUHVSHFWHUOHVSUHVFULSWLRQVWHFKQLTXHV UHODWLYHVjO¶H[pFXWLRQGHVRSpUDWLRQVGHSURSK\OD[LHFROOHFWLYHGHVPDODGLHVGHVDQLPDX[GLULJpHVSDUO¶(WDWHWGHVRSpUDWLRQV GHSROLFHVDQLWDLUH
$57,&/(
0RQVLHXUOH6HFUpWDLUH*pQpUDOGHODSUpIHFWXUHGHVODQGHVHW0RQVLHXUOH'LUHFWHXUGHV6HUYLFHV9pWpULQDLUHVVRQWFKDUJpV FKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGHVGLVSRVLWLRQVGXSUpVHQWDUUrWpTXLVHUDSXEOLpDX5HFXHLOGHV$FWHV $GPLQLVWUDWLIVGXGpSDUWHPHQW
)DLWj0RQWGH0DUVDQOH-DQYLHU
3RXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
',5(&7,21'(3$57(0(17$/('(/¶$*5,&8/785((7'(/$)25(7'(6/$1'(6 6(59,&(69e7e5,1$,5(6
691
/H3UpIHWGHV/DQGHV
9XOH&RGH5XUDOHWQRWDPPHQWVHVDUWLFOHV///HW/ 9XOH'pFUHW1GX-XLOOHWUHODWLIjO¶H[pFXWLRQGHVPHVXUHVGHSURSK\OD[LHFROOHFWLYHGHVPDODGLHVGHVDQLPDX[ 9XOH'pFUHW1GX-XLQUHODWLIjO¶H[HUFLFHGHVDFWLYLWpVGHYpWpULQDLUHHWQRWDPPHQWVRQDUWLFOH 9XOH'pFUHW1GX1RYHPEUHUHODWLIDXPDQGDWVDQLWDLUHLQVWLWXpSDUO¶DUWLFOH/GX&RGH5XUDO 9XODGHPDQGHGHO¶LQWpUHVVpHQGDWHGX1RYHPEUH
6XUSURSRVLWLRQGH0RQVLHXUOH'LUHFWHXUGHV6HUYLFHV9pWpULQDLUHV
$55Ç7(
$57,&/(
/HPDQGDWVDQLWDLUHSUpYXjO¶DUWLFOH/GX&RGH5XUDOVXVYLVpHVWRFWUR\pSRXUXQHGXUpHG¶XQDQj 0RQVLHXU/$%$55,(5(9LQFHQW'RFWHXU9pWpULQDLUH©/H+RXGLH ªURXWHGHODIRUrW6$8*1$&(7&$0%5$1 $57,&/(
0RQVLHXU/$%$55,(5(9LQFHQW'RFWHXU9pWpULQDLUHj+$*(70$8V¶HQJDJHjUHVSHFWHUOHVSUHVFULSWLRQVWHFKQLTXHV UHODWLYHVjO¶H[pFXWLRQGHVRSpUDWLRQVGHSURSK\OD[LHFROOHFWLYHGHVPDODGLHVGHVDQLPDX[GLULJpHVSDUO¶(WDWHWGHVRSpUDWLRQV GHSROLFHVDQLWDLUH
$57,&/(
0RQVLHXUOH6HFUpWDLUH*pQpUDOGHODSUpIHFWXUHGHVODQGHVHW0RQVLHXUOH'LUHFWHXUGHV6HUYLFHV9pWpULQDLUHVVRQWFKDUJpV FKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGHVGLVSRVLWLRQVGXSUpVHQWDUUrWpTXLVHUDSXEOLpDX5HFXHLOGHV$FWHV $GPLQLVWUDWLIVGXGpSDUWHPHQW
)DLWj0RQWGH0DUVDQOH-DQYLHU
3RXUOH3UpIHWOH6HFUpWDLUH*pQpUDO
-HDQ3DXO&(/(7
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHFRGHJpQpUDOGHVFROOHFWLYLWpVWHUULWRULDOHVQRWDPPHQWVHVDUWLFOHV/j/HW/ 9XOHFRGHGHODVDQWpSXEOLTXHHWQRWDPPHQWVHVDUWLFOHV///j//HW/ 9XOHFRGHGHO¶HQYLURQQHPHQW
9XODORLQGXMXLOOHWUHODWLYHjO¶RUJDQLVDWLRQGHODVpFXULWpFLYLOHjODSURWHFWLRQGHODIRUrWHWjODSUpYHQWLRQ GHVULVTXHVPDMHXUV
9XOHGpFUHWQGXDYULOUHODWLIDX[SRXYRLUVGHVSUpIHWVHQPDWLqUHGHGpIHQVHQRQPLOLWDLUHPRGLILpSDUOH GpFUHWQGXQRYHPEUHHWSDUOHGpFUHWQGX HU MXLOOHW 9XOHGpFUHWQGXDYULOPRGLILpIL[DQWOHVQRUPHVG¶K\JLqQHHWGHVpFXULWpDSSOLFDEOHVDX[SLVFLQHVHWDX[ EDLJQDGHVDPpQDJpHV
9XODFLUFXODLUHGX3UHPLHU0LQLVWUHGXPDUVUHODWLYHjODPLVHHQYLJXHXUG¶LQVWUXFWLRQVWUDLWDQWGHODOXWWHFRQWUHOHV SROOXWLRQVDFFLGHQWHOOHVGXPLOLHXPDULQHWGHO¶pWDEOLVVHPHQWGHVSODQVGHVHFRXUVjQDXIUDJpV 9XO¶LQVWUXFWLRQGX3UHPLHU0LQLVWUHGXPDUVUHODWLYHjODOXWWHFRQWUHODSROOXWLRQGXPLOLHXPDULQ GRFXPHQWDWLRQ QDWLRQDOH32/0$5
9XOHSODQ32/0$57(55(GHV/DQGHVGXGpFHPEUHPRGLILp
9XO¶DUUrWpSUpIHFWRUDOGXGpFHPEUHUHODWLIDXGpFOHQFKHPHQWGXSODQ32/0$57(55(GDQVOHGpSDUWHPHQWGHV /DQGHV
&RQVLGpUDQWDSUqVDYRLUSULVHQFRPSWHO¶DYLVGHVH[SHUWVTXHODSROOXWLRQHQJHQGUpHSDUOHQDXIUDJHGXSpWUROLHU© 3UHVWLJH ª V¶RULHQWHUDSLGHPHQWYHUVO¶HQVHPEOHGXOLWWRUDOGHV/DQGHV
&216,'(5$17TXHODSROOXWLRQVXVYLVpHDGpMjDWWHLQWODF{WHVXUOHVVLWHVGH%,6&$55266(0,0,=$167-8/,(1HQ %251/,7(70,;(9,(//(67*,521602/,(76HW0$$0(66$1*(69,(8;%28&$862867216 6(,*1266(
&RQVLGpUDQWOHGDQJHUTXHSUpVHQWHFHWWHSROOXWLRQSRXUODVDQWpSXEOLTXH
6XUSURSRVLWLRQGH0RQVLHXUOH'LUHFWHXUGH&DELQHWGHOD3UpIHFWXUHGHV/DQGHV $55Ç7(
$57,&/(
/HOLWWRUDOF{WLHUGHVFRPPXQHVGH%,6&$55266(0,0,=$167-8/,(1HQ%251/,7(70,;(9,(//(67 *,521602/,(76HW0$$9,(8;%28&$8628672166(,*1266(HVWWHPSRUDLUHPHQWLQWHUGLWG¶DFFqVVRQW LQWHUGLWVQRWDPPHQWODEDLJQDGHOHVXUIHWWRXVVSRUWVQDXWLTXHVDLQVLTXHOHUDPDVVDJHGHFRTXLOODJHVHWODSrFKH $57,&/(
0PHHW0UVOHV0DLUHVGHVFRPPXQHVFRQFHUQpVVRQWGHVWLQDWDLUHVGHFHWDUUrWpHWVRQWFKDUJpVGHVRQDSSOLFDWLRQGHVRQ DIILFKDJHLPPpGLDWHWGHO¶LQIRUPDWLRQGHVXVDJHUV
$57,&/(
0PHHW0UVOHV0DLUHVGHVFRPPXQHVFRQFHUQpHVVHURQWWHQXVLQIRUPpVSDUDUUrWpSUpIHFWRUDOGHOHYpHGHFHWWHLQWHUGLFWLRQMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
GHODGDWHjFRPSWHUGHODTXHOOHODUHSULVHGHFHVDFWLYLWpVVHUDDXWRULVpH
$57,&/(
0OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV0OH6RXV3UpIHW'LUHFWHXUGH&DELQHW0OH6RXV3UpIHWGH'$;0 OH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV0OH'LUHFWHXU'pSDUWHPHQWDOGHO¶(TXLSHPHQW0PHHW0UV OHV0DLUHVGHVFRPPXQHVGH%,6&$55266(0,0,=$167-8/,(1HQ%251/,7(70,;(9,(//(67*,5216 02/,(76HW0$$0(66$1*(6 9,(8;%28&$8 628672166(,*1266(VRQWFKDUJpVFKDFXQHQFHTXLOH FRQFHUQHGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIV 0RQWGH0DUVDQOHMDQYLHU
/H3UpIHW
-DFTXHV6$16
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOHFRGHJpQpUDOGHVFROOHFWLYLWpVWHUULWRULDOHVQRWDPPHQWVHVDUWLFOHV/j/HW/ 9XOHFRGHGHODVDQWpSXEOLTXHHWQRWDPPHQWVHVDUWLFOHV///j//HW/ 9XOHFRGHGHO¶HQYLURQQHPHQW
9XODORLQGXMXLOOHWUHODWLYHjO¶RUJDQLVDWLRQGHODVpFXULWpFLYLOHjODSURWHFWLRQGHODIRUrWHWjODSUpYHQWLRQ GHVULVTXHVPDMHXUV
9XOHGpFUHWQGXDYULOUHODWLIDX[SRXYRLUVGHVSUpIHWVHQPDWLqUHGHGpIHQVHQRQPLOLWDLUHPRGLILpSDUOH GpFUHWQGXQRYHPEUHHWSDUOHGpFUHWQGX HU MXLOOHW 9XOHGpFUHWQGXDYULOPRGLILpIL[DQWOHVQRUPHVG¶K\JLqQHHWGHVpFXULWpDSSOLFDEOHVDX[SLVFLQHVHWDX[ EDLJQDGHVDPpQDJpHV
9XODFLUFXODLUHGX3UHPLHU0LQLVWUHGXPDUVUHODWLYHjODPLVHHQYLJXHXUG¶LQVWUXFWLRQVWUDLWDQWGHODOXWWHFRQWUHOHV SROOXWLRQVDFFLGHQWHOOHVGXPLOLHXPDULQHWGHO¶pWDEOLVVHPHQWGHVSODQVGHVHFRXUVjQDXIUDJpV 9XO¶LQVWUXFWLRQGX3UHPLHU0LQLVWUHGXPDUVUHODWLYHjODOXWWHFRQWUHODSROOXWLRQGXPLOLHXPDULQ GRFXPHQWDWLRQ QDWLRQDOH32/0$5
9XOHSODQ32/0$57(55(GHV/DQGHVGXGpFHPEUHPRGLILp
9XO¶DUUrWpSUpIHFWRUDOGXGpFHPEUHUHODWLIDXGpFOHQFKHPHQWGXSODQ32/0$57(55(GDQVOHGpSDUWHPHQWGHV /DQGHV
9XO¶DUUrWpSUpIHFWRUDOGXMDQYLHULQWHUGLVDQWWHPSRUDLUHPHQWO¶DFFqVDX[SODJHVVXUXQHSDUWLHGXOLWWRUDO 9XO¶DUUrWpSUpIHFWRUDOGXMDQYLHUFRQFHUQDQWODGpURJDWLRQSRXUODSrFKHPDULWLPHSURIHVVLRQQHOOHGHODFLYHOOH &RQVLGpUDQWTXHODSROOXWLRQDDWWHLQWODF{WHVXUOHVVLWHVGH7$512621'5(6/$%(11(622576+266(*25HW &$3%5(721
&RQVLGpUDQWOHGDQJHUTXHSUpVHQWHFHWWHSROOXWLRQSRXUODVDQWpSXEOLTXH
6XUSURSRVLWLRQGH0RQVLHXUOH'LUHFWHXUGH&DELQHWGHOD3UpIHFWXUHGHV/DQGHV $55Ç7(
$57,&/(
/HOLWWRUDOF{WLHUGHVFRPPXQHVGH7$512621'5(6/$%(11(622576+266(*25HW&$3%5(721HVW WHPSRUDLUHPHQWLQWHUGLWG¶DFFqV VRQWLQWHUGLWVQRWDPPHQWODEDLJQDGHOHVXUIHWWRXVVSRUWVQDXWLTXHVDLQVLTXHOHUDPDVVDJH GHFRTXLOODJHVHWODSrFKHjO¶H[FHSWLRQGHODSrFKHPDULWLPHSURIHVVLRQQHOOHGHODFLYHOOHGDQVOHVFRQGLWLRQVGHO DUUrWp SUpIHFWRUDOGXMDQYLHUVXVYLVp
$57,&/(
0PHHW0UVOHV0DLUHVGHVFRPPXQHVFRQFHUQpVVRQWGHVWLQDWDLUHVGHFHWDUUrWpHWVRQWFKDUJpVGHVRQDSSOLFDWLRQGHVRQ DIILFKDJHLPPpGLDWHWGHO¶LQIRUPDWLRQGHVXVDJHUV
$57,&/(
0PHHW0UVOHV0DLUHVGHVFRPPXQHVFRQFHUQpHVVHURQWWHQXVLQIRUPpVSDUDUUrWpSUpIHFWRUDOGHOHYpHGHFHWWHLQWHUGLFWLRQ GHODGDWHjFRPSWHUGHODTXHOOHODUHSULVHGHFHVDFWLYLWpVVHUDDXWRULVpH
$57,&/(
0OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV0OH6RXV3UpIHW'LUHFWHXUGH&DELQHW0OH6RXV3UpIHWGH'$;0 OH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV0OH'LUHFWHXU'pSDUWHPHQWDOGHO¶(TXLSHPHQW0OH 'LUHFWHXU,QWHUGpSDUWHPHQWDOGHV$IIDLUHV0DULWLPHVGHV3\UpQpHV$WODQWLTXHVHWGHV/DQGHV0PHHW0UVOHV0DLUHVGHV FRPPXQHVGH7$512621'5(6/$%(11(622576+266(*25HW&$3%5(721VRQWFKDUJpVFKDFXQHQFHTXLOH FRQFHUQHGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIV 0RQWGH0DUVDQOHMDQYLHU
/H3UpIHW
-DFTXHV6$16
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e''$661$8725,6$17'(',63(16(5'(662,16$8;$6685e662&,$8; 32853/$&(6$8)2<(5'¶$&&8(,/0e',&$/,6e5e6,'(1&(7$51262&e$1¬7$5126 /H3UpIHWGHV/DQGHV /H3UpVLGHQWGX&RQVHLO*pQpUDOGHV/DQGHVMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
9XOH&RGHGHO $FWLRQ6RFLDOHHWGHV)DPLOOHV
9XOH&RGHGHOD6pFXULWp6RFLDOH
9XODORLQGXMXLOOHWFRPSOpWDQWODORLQGXMDQYLHUUHODWLYHjODUpSDUWLWLRQGHVFRPSpWHQFHVHQWUH OHVFRPPXQHVOHVGpSDUWHPHQWVOHVUpJLRQVHWO (WDW
9XODORLQGXMDQYLHUUpQRYDQWO DFWLRQVRFLDOHHWPpGLFRVRFLDOH 9XOHGpFUHWQGXIpYULHUUHODWLIjODSURFpGXUHGHFUpDWLRQGHWUDQVIRUPDWLRQHWG H[WHQVLRQGHVpWDEOLVVHPHQWV HWVHUYLFHVVRFLDX[HWPpGLFRVRFLDX[
9XODFLUFXODLUHQGXIpYULHUUHODWLYHjODPLVHHQSODFHG XQSURJUDPPHH[SpULPHQWDOG pWDEOLVVHPHQWV G KpEHUJHPHQWSRXUDGXOWHVORXUGHPHQWKDQGLFDSpV
9XODFLUFXODLUHQ0GXMXLOOHWSRUWDQWH[WHQVLRQGXSURJUDPPHH[SpULPHQWDODXWRULVpSDUODFLUFXODLUHQGX IpYULHU
9XO DUUrWpQGXPDLFRQMRLQWGX3UpIHWGHV/DQGHVHWGX3UpVLGHQWGX&RQVHLO*pQpUDOGHV/DQGHVDXWRULVDQWOD FUpDWLRQG XQ)R\HUj'RXEOH7DULILFDWLRQGHSODFHVGRQWSODFHVPpGLFDOLVpHVSDUO $VVRFLDWLRQ(XURSpHQQHGHV +DQGLFDSpV0RWHXUVj7$5126
9XODQRWLILFDWLRQGHFUpGLWVG $VVXUDQFH0DODGLHGXMXLOOHWGX'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV G $TXLWDLQHDX'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHVSRXUXQPRQWDQWGH HXURVHQ DQQpHSOHLQHVRLWHXURVVXUKXLWPRLVGDQVOHFDGUHGXSODQWULHQQDO±YROHW3HUVRQQHVWUDXPDWLVpHV FUkQLHQQHV
9XODQRWLILFDWLRQGHFUpGLWVG $VVXUDQFH0DODGLHGXRFWREUHGX0LQLVWUHGHOD6DQWpGHOD)DPLOOHHWGHV3HUVRQQHV +DQGLFDSpHVDX3UpIHWGHODUpJLRQ$TXLWDLQHSRXUXQPRQWDQWGH HXURVHQDQQpHSOHLQHVRLWHXURVVXUKXLW PRLVGDQVOHFDGUHGXSODQSOXULDQQXHOGHFUpDWLRQVGHSODFHVSRXUOHVDGXOWHVORXUGHPHQWKDQGLFDSpV 9XOHVFRQFOXVLRQVGHODYLVLWHGHFRQIRUPLWpGXGpFHPEUH
6XUSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHVHWGH0RQVLHXUOH'LUHFWHXUGH&DELQHWGH 0RQVLHXUOH3UpVLGHQWGX&RQVHLO*pQpUDOGHV/DQGHV
$55Ç7(17
$57,&/(
/ DUWLFOHGHO DUUrWpQGXPDLHVWPRGLILpFRPPHVXLW
/ DXWRULVDWLRQGHGLVSHQVHUGHVVRLQVDX[DVVXUpVVRFLDX[HVWDFFRUGpHSRXUSODFHV $57,&/(
0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV0RQVLHXUOH'LUHFWHXUGX&DELQHWGH0RQVLHXUOH3UpVLGHQWGX &RQVHLO*pQpUDOGHV/DQGHV0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVHW0RQVLHXUOH'LUHFWHXU GHOD6ROLGDULWp'pSDUWHPHQWDOHVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQWDUUrWpGRQWPHQWLRQVHUD SDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHVVHUYLFHVGHO (WDWGDQVOHGpSDUWHPHQWGHV/$1'(6 )DLWj0RQWGH0DUVDQOHGpFHPEUH
/H3UpIHW /H3UpVLGHQWGX&RQVHLO*pQpUDO
-DFTXHV6$16 +HQUL(00$18(//,
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e''$661'8'e&(0%5(),;$17/()25)$,762,16$33/,&$%/(¬ &2037(5'8-$19,(5$8)2<(5'¶$&&8(,/0e',&$/,6e5e6,'(1&(7$5126 2&e$1¬7$5126
35,;'()25)$,7'(62,16
/H3UpIHWGHV/DQGHV
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOH&RGHGHO $FWLRQ6RFLDOHHWGHV)DPLOOHV
9XOH&RGHGHOD6pFXULWp6RFLDOH
9XOD/RLQGXMXLQPRGLILpHG¶RULHQWDWLRQHQIDYHXUGHVSHUVRQQHVKDQGLFDSpHV 9XOD/RLQGXMDQYLHUSRUWDQWGLYHUVHVPHVXUHVUHODWLYHjOD6pFXULWp6RFLDOHQRWDPPHQWHQVRQ$UWLFOHVXUOH IRUIDLWMRXUQDOLHU
9XOD/RLQGXMDQYLHUUpQRYDQWO DFWLRQVRFLDOHHWPpGLFRVRFLDOH 9XOD/RLGXMXLOOHWUHODWLYHjODUpSDUWLWLRQGHVFRPSpWHQFHVHQWUHOHV&RPPXQHVOHV'pSDUWHPHQWVOHV5pJLRQVHW O¶(WDW
9XOH'pFUHWQGXPDUVUHODWLIjODJHVWLRQEXGJpWDLUHHWFRPSWDEOHHWDX[PRGDOLWpVGHILQDQFHPHQWGHFHUWDLQV pWDEOLVVHPHQWV6RFLDX[HW0pGLFR6RFLDX[jODFKDUJHGHO¶(WDWRXGHO¶$VVXUDQFH0DODGLH 9XOH'pFUHWQGXIpYULHUUHODWLIjODSURFpGXUHGHFUpDWLRQGHWUDQVIRUPDWLRQHWG H[WHQVLRQGHVpWDEOLVVHPHQWV HWVHUYLFHVVRFLDX[HWPpGLFRVRFLDX[
9XO DUUrWpQGXPDLFRQMRLQWGX3UpIHWGHV/DQGHVHWGX3UpVLGHQWGX&RQVHLO*pQpUDOGHV/DQGHVDXWRULVDQWOD FUpDWLRQG XQ)R\HUj'RXEOH7DULILFDWLRQGHSODFHVGRQWSODFHVPpGLFDOLVpHVSDUO $VVRFLDWLRQ(XURSpHQQHGHV +DQGLFDSpV0RWHXUVj7$5126O DXWRULVDWLRQGHGLVSHQVHUGHVVRLQVDX[DVVXUpVVRFLDX[pWDQWUHIXVpH 9XO DUUrWpQGXGpFHPEUHFRQMRLQWGX3UpIHWGHV/DQGHVHWGX3UpVLGHQWGX&RQVHLO*pQpUDOGHV/DQGHV DFFRUGDQWO DXWRULVDWLRQGHGLVSHQVHUGHVVRLQVDX[DVVXUpVVRFLDX[SRXUSODFHV 9XOHVFRQFOXVLRQVGHODYLVLWHGHFRQIRUPLWpGXGpFHPEUHMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
9XOHVSURSRVLWLRQVGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV 6XUSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6 $55Ç7(
$57,&/(
/HIRUIDLWGHVRLQVDSSOLFDEOHjFRPSWHUGX HU MDQYLHUDXIR\HUG DFFXHLOPpGLFDOLVp5pVLGHQFH7DUQRV2FpDQj 7$5126HVWIL[pj(XURV
$57,&/(
/HVUHFRXUVFRQWHQWLHX[FRQWUHOHSUpVHQW$UUrWpGRLYHQWSDUYHQLUDX6HFUpWDULDWGHOD&RPPLVVLRQ,QWHUUpJLRQDOHGHOD 7DULILFDWLRQ6DQLWDLUHHW6RFLDOHG $48,7$,1(GDQVOHGpODLIUDQFG XQPRLVjFRPSWHUGHVDQRWLILFDWLRQSRXUOHVSHUVRQQHV DX[TXHOOHVLODpWpQRWLILpRXGHVDSXEOLFDWLRQSRXUOHVDXWUHVSHUVRQQHV
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6OH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVOH 'LUHFWHXUGHO pWDEOLVVHPHQWVXVYLVpVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQW$UUrWpGRQWPHQWLRQ VHUDSDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHVVHUYLFHVGHO (WDWGDQVOHGpSDUWHPHQWGHV/$1'(6 $57,&/(
1RWLILFDWLRQGXSUpVHQW$UUrWpVHUDIDLWHHQRXWUHjWRXWHVILQVXWLOHVj
0RQVLHXUOH7UpVRULHU3D\HXU*pQpUDO
0RQVLHXUOH'LUHFWHXUGHOD&DLVVH5pJLRQDOHG $VVXUDQFH0DODGLHG $48,7$,1( 0RQVLHXUOH'LUHFWHXUGHOD&DLVVH3ULPDLUHG $VVXUDQFH0DODGLHGH%$<211( 0RQVLHXUOH'LUHFWHXUGHOD0XWXDOLWp6RFLDOH$JULFROHGHV/$1'(6
)DLWj0RQWGH0DUVDQOHGpFHPEUH
/H3UpIHWSRXUOH3UpIHWHWSDUGpOpJDWLRQOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV 362/(77,
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e''$661'8'e&(0%5(),;$17/(635,;'(-2851e( $33/,&$%/(6¬7,75(&216(59$72,5(¬/¶,167,7870e',&2('8&$7,)/(6 +,521'(//(6¬0217'(0$56$1¬&2037(5'8(5-$19,(5 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOH&RGHGHO $FWLRQ6RFLDOHHWGHV)DPLOOHV
9XOH&RGHGHOD6pFXULWp6RFLDOH
9XOD/RLQ GXMXLQPRGLILpHG¶RULHQWDWLRQHQIDYHXUGHVSHUVRQQHVKDQGLFDSpHV 9XOD/RLQGXMDQYLHUSRUWDQWGLYHUVHVPHVXUHVUHODWLYHjOD6pFXULWp6RFLDOHQRWDPPHQWHQVRQ$UWLFOHVXUOH IRUIDLWMRXUQDOLHU
9XOD/RLGXMXLOOHWUHODWLYHjODUpSDUWLWLRQGHVFRPSpWHQFHVHQWUHOHV&RPPXQHVOHV'pSDUWHPHQWVOHV5pJLRQVHW O¶(WDW
9XOD/RLQGXMDQYLHUUpQRYDQWO¶DFWLRQVRFLDOHHWPpGLFRVRFLDOH 9XOH'pFUHWQ GXPDUVUHODWLIjODJHVWLRQEXGJpWDLUHHWFRPSWDEOHHWDX[PRGDOLWpVGHILQDQFHPHQWGH FHUWDLQVpWDEOLVVHPHQWV6RFLDX[HW0pGLFR6RFLDX[jODFKDUJHGHO¶(WDWRXGHO¶$VVXUDQFH0DODGLH 9XOHVSURSRVLWLRQVGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV 6XUSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6 $55Ç7(
$57,&/(
/HVSUL[GHMRXUQpHDSSOLFDEOHVjWLWUHFRQVHUYDWRLUHjO¶,QVWLWXW0pGLFR(GXFDWLI© /HV+LURQGHOOHV ªj0RQWGH0DUVDQj FRPSWHUGXHU MDQYLHUVRQWIL[pVj
,QWHUQDW(XURV
6HPLLQWHUQDW(XURV
$57,&/(
/HSUL[GHMRXUQpHIL[pSRXUO¶LQWHUQDWQHFRPSUHQGSDVOH)RUIDLW-RXUQDOLHU+RVSLWDOLHU $57,&/(
/HVUHFRXUVFRQWHQWLHX[FRQWUHOHSUpVHQW$UUrWpGRLYHQWSDUYHQLUDX6HFUpWDULDWGHOD&RPPLVVLRQ,QWHUUpJLRQDOHGHOD 7DULILFDWLRQ6DQLWDLUHHW6RFLDOHG $48,7$,1(GDQVOHGpODLIUDQFG XQPRLVjFRPSWHUGHVDQRWLILFDWLRQSRXUOHVSHUVRQQHV DX[TXHOOHVLODpWpQRWLILpRXGHVDSXEOLFDWLRQSRXUOHVDXWUHVSHUVRQQHV
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6OH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVOH 'LUHFWHXUGHO¶pWDEOLVVHPHQWVXVYLVpVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQW$UUrWpGRQWPHQWLRQ VHUDSDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGX'pSDUWHPHQW $57,&/(
1RWLILFDWLRQGXSUpVHQW$UUrWpVHUDIDLWHHQRXWUHjWRXWHVILQVXWLOHVj
0RQVLHXUOH7UpVRULHU3D\HXU*pQpUDOMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
0RQVLHXUOH'LUHFWHXUGHOD&DLVVH5pJLRQDOHG $VVXUDQFH0DODGLHG $48,7$,1( 0DGDPHOH'LUHFWHXUGHOD&DLVVH3ULPDLUHG $VVXUDQFH0DODGLHGHV/$1'(6 0RQVLHXUOH'LUHFWHXUGHOD0XWXDOLWp6RFLDOH$JULFROHGHV/$1'(6
)DLWj0RQWGH0DUVDQOHGpFHPEUH
/H3UpIHWSRXUOH3UpIHWHWSDUGpOpJDWLRQOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV /¶,QVSHFWHXU3ULQFLSDO
)DELHQQH5$%$8
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e''$661'8'e&(0%5(),;$17¬7,75(&216(59$72,5(/$ '27$7,21*/2%$/(&21&(51$17/¶(;(5&,&(%8'*e7$,5('86(59,&( '¶('8&$7,2163e&,$/((7'(62,16¬'20,&,/(5$77$&+e¬/¶,167,787&+$/266$,6 '(5ee'8&$7,21
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOH&RGHGHO $FWLRQ6RFLDOHHWGHV)DPLOOHV
9XOH&RGHGHOD6pFXULWp6RFLDOH
9XOD/RLQGXMXLQPRGLILpHG¶RULHQWDWLRQHQIDYHXUGHVSHUVRQQHVKDQGLFDSpHV 9XOD/RLQGXMDQYLHUUpQRYDQWO DFWLRQVRFLDOHHWPpGLFRVRFLDOH 9XOD/RLQGXMDQYLHUSRUWDQWGLYHUVHVPHVXUHVUHODWLYHjOD6pFXULWp6RFLDOHQRWDPPHQWHQVRQ$UWLFOHVXUOH IRUIDLWMRXUQDOLHU
9XOD/RLGXMXLOOHWUHODWLYHjODUpSDUWLWLRQGHVFRPSpWHQFHVHQWUHOHV&RPPXQHVOHV'pSDUWHPHQWVOHV5pJLRQVHW O¶(WDW
9XOH'pFUHWQGXPDUVUHODWLIjODJHVWLRQEXGJpWDLUHHWFRPSWDEOHHWDX[PRGDOLWpVGHILQDQFHPHQWGH FHUWDLQVpWDEOLVVHPHQWV6RFLDX[HW0pGLFR6RFLDX[jODFKDUJHGHO¶(WDWRXGHO¶$VVXUDQFH0DODGLH 9XOH'pFUHWQGXMDQYLHUUHODWLIjODGRWDWLRQJOREDOHGHVVHUYLFHVPpGLFRpGXFDWLIVSRXUMHXQHVKDQGLFDSpV 9XODFLUFXODLUH'*$6%5&)%QGXDYULOUHODWLYHDXSDVVDJHGHVVHUYLFHVG¶pGXFDWLRQVSpFLDOHHWGH VRLQVjGRPLFLOH 6(66$' GDQVOHV\VWqPHGHWDULILFDWLRQSDUGRWDWLRQJOREDOH 9XOHVSURSRVLWLRQVGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV 6XUSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6 $55Ç7(
$57,&/(
/DGRWDWLRQJOREDOHFRQFHUQDQWO H[HUFLFHEXGJpWDLUHGX6HUYLFHG (GXFDWLRQ6SpFLDOHHWGH6RLQVj'RPLFLOHUDWWDFKpj O¶,QVWLWXW&KDORVVDLVGH5ppGXFDWLRQHVWIL[pHjWLWUHFRQVHUYDWRLUHj
(XURV
$57,&/(
/DGRWDWLRQGHIRQFWLRQQHPHQWSRXUVHUDYHUVpHjFRPSWHUGX HU MDQYLHUHQGRX]HPHQVXDOLWpVGHHXURV $57,&/(
/HVUHFRXUVFRQWHQWLHX[FRQWUHOHSUpVHQW$UUrWpGRLYHQWSDUYHQLUDX6HFUpWDULDWGHOD&RPPLVVLRQ,QWHUUpJLRQDOHGHOD 7DULILFDWLRQ6DQLWDLUHHW6RFLDOHG $48,7$,1(GDQVOHGpODLIUDQFG XQPRLVjFRPSWHUGHVDQRWLILFDWLRQSRXUOHVSHUVRQQHV DX[TXHOOHVLODpWpQRWLILpRXGHVDSXEOLFDWLRQSRXUOHVDXWUHVSHUVRQQHV
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6OH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVOH 'LUHFWHXUGHO¶pWDEOLVVHPHQWVXVYLVpVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQW$UUrWpGRQWPHQWLRQ VHUDSDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGX'pSDUWHPHQW $57,&/(
1RWLILFDWLRQGXSUpVHQW$UUrWpVHUDIDLWHHQRXWUHjWRXWHVILQVXWLOHVj
0RQVLHXUOH7UpVRULHU3D\HXU*pQpUDO
0RQVLHXUOH'LUHFWHXUGHOD&DLVVH5pJLRQDOHG $VVXUDQFH0DODGLHG $48,7$,1( 0DGDPHOH'LUHFWHXUGHOD&DLVVH3ULPDLUHG $VVXUDQFH0DODGLHGHV/$1'(6 0RQVLHXUOH'LUHFWHXUGHOD0XWXDOLWp6RFLDOH$JULFROHGHV/$1'(6
)DLWj0RQWGH0DUVDQOHGpFHPEUH
/H3UpIHWSRXUOH3UpIHWHWSDUGpOpJDWLRQOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV /¶,QVSHFWHXU3ULQFLSDO
)DELHQQH5$%$8
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e''$661'8-$19,(5),;$17/(35,;'(-2851e($33/,&$%/( ¬7,75(&216(59$72,5(¬/¶,17(51$7(7$86(0,,17(51$7'(/¶,167,787 &+$/266$,6'(5ee'8&$7,21'¶+$*(70$8¬&2037(5'8 (5 -$19,(5 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXUMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOH&RGHGHO $FWLRQ6RFLDOHHWGHV)DPLOOHV
9XOH&RGHGHOD6pFXULWp6RFLDOH
9XOD/RLQGXMXLQPRGLILpHG¶RULHQWDWLRQHQIDYHXUGHVSHUVRQQHVKDQGLFDSpHV 9XOD/RLQGXMDQYLHUSRUWDQWGLYHUVHVPHVXUHVUHODWLYHjOD6pFXULWp6RFLDOHQRWDPPHQWHQVRQ$UWLFOHVXUOH IRUIDLWMRXUQDOLHU
9XOD/RLQGXMDQYLHUUpQRYDQWO DFWLRQVRFLDOHHWPpGLFRVRFLDOH 9XOD/RLGXMXLOOHWUHODWLYHjODUpSDUWLWLRQGHVFRPSpWHQFHVHQWUHOHV&RPPXQHVOHV'pSDUWHPHQWVOHV5pJLRQVHW O¶(WDW
9XOH'pFUHWQGXPDUVUHODWLIjODJHVWLRQEXGJpWDLUHHWFRPSWDEOHHWDX[PRGDOLWpVGHILQDQFHPHQWGH FHUWDLQVpWDEOLVVHPHQWV6RFLDX[HW0pGLFR6RFLDX[jODFKDUJHGHO¶(WDWRXGHO¶$VVXUDQFH0DODGLH 9XOHVSURSRVLWLRQVGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV 6XUSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6 $55Ç7(
$57,&/(
/HSUL[GHMRXUQpHDSSOLFDEOHjWLWUHFRQVHUYDWRLUHjO¶LQWHUQDWHWDXVHPLLQWHUQDWGHO¶,QVWLWXW&KDORVVDLVGH5ppGXFDWLRQ G¶+DJHWPDXjFRPSWHUGXHU MDQYLHUHVWIL[pj
(XURV
$57,&/(
/HSUL[GHMRXUQpHIL[pQHFRPSUHQGSDVOH)RUIDLW-RXUQDOLHU+RVSLWDOLHUSRXUO¶LQWHUQDW $57,&/(
/HVUHFRXUVFRQWHQWLHX[FRQWUHOHSUpVHQW$UUrWpGRLYHQWSDUYHQLUDX6HFUpWDULDWGHOD&RPPLVVLRQ,QWHUUpJLRQDOHGHOD 7DULILFDWLRQ6DQLWDLUHHW6RFLDOHG $48,7$,1(GDQVOHGpODLIUDQFG XQPRLVjFRPSWHUGHVDQRWLILFDWLRQSRXUOHVSHUVRQQHV DX[TXHOOHVLODpWpQRWLILpRXGHVDSXEOLFDWLRQSRXUOHVDXWUHVSHUVRQQHV
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6OH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVOH 'LUHFWHXUGHO¶pWDEOLVVHPHQWVXVYLVpVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQW$UUrWpGRQWPHQWLRQ VHUDSDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGX'pSDUWHPHQW $57,&/(
1RWLILFDWLRQGXSUpVHQW$UUrWpVHUDIDLWHHQRXWUHjWRXWHVILQVXWLOHVj
0RQVLHXUOH7UpVRULHU3D\HXU*pQpUDO
0RQVLHXUOH'LUHFWHXUGHOD&DLVVH5pJLRQDOHG $VVXUDQFH0DODGLHG $48,7$,1( 0DGDPHOH'LUHFWHXUGHOD&DLVVH3ULPDLUHG $VVXUDQFH0DODGLHGHV/$1'(6 0RQVLHXUOH'LUHFWHXUGHOD0XWXDOLWp6RFLDOH$JULFROHGHV/$1'(6
)DLWj0RQWGH0DUVDQOHGpFHPEUH
/H3UpIHWSRXUOH3UpIHWHWSDUGpOpJDWLRQOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV /¶,QVSHFWHXU3ULQFLSDO
)DELHQQH5$%$8
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e''$661'8'e&(0%5(),;$17¬7,75(&216(59$72,5(/$ '27$7,21*/2%$/(&21&(51$17/¶(;(5&,&(%8'*e7$,5('86(59,&( '¶('8&$7,2163e&,$/((7'(62,16¬'20,&,/( 6(66' '(/¶$662&,$7,21'(6 3$5$/<6e6'()5$1&(¬0217'(0$56$1
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOH&RGHGHO $FWLRQ6RFLDOHHWGHV)DPLOOHV
9XOH&RGHGHOD6pFXULWp6RFLDOH
9XOD/RLQGXMXLQPRGLILpHG¶RULHQWDWLRQHQIDYHXUGHVSHUVRQQHVKDQGLFDSpHV 9XOD/RLQGXMDQYLHUUpQRYDQWO DFWLRQVRFLDOHHWPpGLFRVRFLDOH 9XOD/RLGXMXLOOHWUHODWLYHjODUpSDUWLWLRQGHVFRPSpWHQFHVHQWUHOHV&RPPXQHVOHV'pSDUWHPHQWVOHV5pJLRQVHW O¶(WDW
9XOH'pFUHWQGXPDUVUHODWLIjODJHVWLRQEXGJpWDLUHHWFRPSWDEOHHWDX[PRGDOLWpVGHILQDQFHPHQWGH FHUWDLQVpWDEOLVVHPHQWV6RFLDX[HW0pGLFR6RFLDX[jODFKDUJHGHO¶(WDWRXGHO¶$VVXUDQFH0DODGLH 9XOH'pFUHWQGXMDQYLHUUHODWLIjODGRWDWLRQJOREDOHGHVVHUYLFHVPpGLFRpGXFDWLIVSRXUMHXQHVKDQGLFDSpV 9XOHVSURSRVLWLRQVGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV 6XUSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6 $55Ç7(
$57,&/(
/DGRWDWLRQJOREDOHFRQFHUQDQWO H[HUFLFHEXGJpWDLUHGX6HUYLFHG (GXFDWLRQ6SpFLDOHHWGH6RLQVj'RPLFLOH 6(66' GHO $VVRFLDWLRQGHV3DUDO\VpVGH)UDQFHj0217'(0$56$1HVWIL[pHjWLWUHFRQVHUYDWRLUHj (XURVMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
$57,&/(
/DGRWDWLRQGHIRQFWLRQQHPHQWSRXUVHUDYHUVpHjFRPSWHUGX HU MDQYLHUHQGRX]HPHQVXDOLWpVGHHXURV $57,&/(
/HVUHFRXUVFRQWHQWLHX[FRQWUHOHSUpVHQW$UUrWpGRLYHQWSDUYHQLUDX6HFUpWDULDWGHOD&RPPLVVLRQ,QWHUUpJLRQDOHGHOD 7DULILFDWLRQ6DQLWDLUHHW6RFLDOHG $48,7$,1(GDQVOHGpODLIUDQFG XQPRLVjFRPSWHUGHVDQRWLILFDWLRQSRXUOHVSHUVRQQHV DX[TXHOOHVLODpWpQRWLILpRXGHVDSXEOLFDWLRQSRXUOHVDXWUHVSHUVRQQHV
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6OH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVOD 'LUHFWULFHGXVHUYLFHVXVYLVpVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQW$UUrWpGRQWPHQWLRQVHUD SDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGX'pSDUWHPHQW
$57,&/(
1RWLILFDWLRQGXSUpVHQW$UUrWpVHUDIDLWHHQRXWUHjWRXWHVILQVXWLOHVj
0RQVLHXUOH7UpVRULHU3D\HXU*pQpUDO
0RQVLHXUOH'LUHFWHXUGHOD&DLVVH5pJLRQDOHG $VVXUDQFH0DODGLHG $48,7$,1( 0DGDPHOH'LUHFWHXUGHOD&DLVVH3ULPDLUHG $VVXUDQFH0DODGLHGHV/$1'(6 0RQVLHXUOH'LUHFWHXUGHOD0XWXDOLWp6RFLDOH$JULFROHGHV/$1'(6
)DLWj0RQWGH0DUVDQOHGpFHPEUH
/H3UpIHWSRXUOH3UpIHWHWSDUGpOpJDWLRQOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV /¶,QVSHFWHXU3ULQFLSDO
)DELHQQH5$%$8
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e''$661'8'e&(0%5(),;$17/(7$5,)$33/,&$%/(¬7,75( &216(59$72,5($8&033'8&(175('e3$57(0(17$/'(/¶(1)$1&(¬&2037(5'8 (5 -$19,(5
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOH&RGHGHO $FWLRQ6RFLDOHHWGHV)DPLOOHV
9XOH&RGHGHOD6pFXULWp6RFLDOH
9XOD/RLQGXMXLQPRGLILpHG¶RULHQWDWLRQHQIDYHXUGHVSHUVRQQHVKDQGLFDSpHV 9XOD/RLQGXMDQYLHUSRUWDQWGLYHUVHVPHVXUHVUHODWLYHjOD6pFXULWp6RFLDOHQRWDPPHQWHQVRQ$UWLFOHVXUOH IRUIDLWMRXUQDOLHU
9XOD/RLGXMXLOOHWUHODWLYHjODUpSDUWLWLRQGHVFRPSpWHQFHVHQWUHOHV&RPPXQHVOHV'pSDUWHPHQWVOHV5pJLRQVHW O¶(WDW
9XOD/RLQGXMDQYLHUUpQRYDQWO¶DFWLRQVRFLDOHHWPpGLFRVRFLDOH 9XOH'pFUHWQGXPDUVUHODWLIjODJHVWLRQEXGJpWDLUHHWFRPSWDEOHHWDX[PRGDOLWpVGHILQDQFHPHQWGH FHUWDLQVpWDEOLVVHPHQWV6RFLDX[HW0pGLFR6RFLDX[jODFKDUJHGHO¶(WDWRXGHO¶$VVXUDQFH0DODGLH 9XOHVSURSRVLWLRQVGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV 6XUSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6 $55Ç7(
$57,&/(
/HWDULIDSSOLFDEOHjWLWUHFRQVHUYDWRLUHDX&033GX&HQWUH'pSDUWHPHQWDOGHO¶(QIDQFHjFRPSWHUGX HU MDQYLHUHVWIL[p j(XURV
$57,&/(
/HVUHFRXUVFRQWHQWLHX[FRQWUHOHSUpVHQW$UUrWpGRLYHQWSDUYHQLUDX6HFUpWDULDWGHOD&RPPLVVLRQ,QWHUUpJLRQDOHGHOD 7DULILFDWLRQ6DQLWDLUHHW6RFLDOHG $48,7$,1(GDQVOHGpODLIUDQFG XQPRLVjFRPSWHUGHVDQRWLILFDWLRQSRXUOHVSHUVRQQHV DX[TXHOOHVLODpWpQRWLILpRXGHVDSXEOLFDWLRQSRXUOHVDXWUHVSHUVRQQHV
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6OH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVOH 'LUHFWHXUGHO¶pWDEOLVVHPHQWVXVYLVpVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQW$UUrWpGRQWPHQWLRQ VHUDSDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGX'pSDUWHPHQW $57,&/(
1RWLILFDWLRQGXSUpVHQW$UUrWpVHUDIDLWHHQRXWUHjWRXWHVILQVXWLOHVj
0RQVLHXUOH7UpVRULHU3D\HXU*pQpUDO
0RQVLHXUOH'LUHFWHXUGHOD&DLVVH5pJLRQDOHG $VVXUDQFH0DODGLHG $48,7$,1( 0DGDPHOH'LUHFWHXUGHOD&DLVVH3ULPDLUHG $VVXUDQFH0DODGLHGHV/$1'(6 0RQVLHXUOH'LUHFWHXUGHOD0XWXDOLWp6RFLDOH$JULFROHGHV/$1'(6
)DLWj0RQWGH0DUVDQOHGpFHPEUH
/H3UpIHWSRXUOH3UpIHWHWSDUGpOpJDWLRQOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV /¶,QVSHFWHXU3ULQFLSDO
)DELHQQH5$%$8MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e''$661'8'e&(0%5(),;$17/(635,;'(-2851e( $33/,&$%/(6¬7,75(&216(59$72,5(¬/¶,167,7870e',&2('8&$7,)(7 352)(66,211(/¬0,0,=$1¬&2037(5'8 (5 -$19,(5 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOH&RGHGHO $FWLRQ6RFLDOHHWGHV)DPLOOHV
9XOH&RGHGHOD6pFXULWp6RFLDOH
9XOD/RLQGXMXLQPRGLILpHG¶RULHQWDWLRQHQIDYHXUGHVSHUVRQQHVKDQGLFDSpHV 9XOD/RLQGXMDQYLHUSRUWDQWGLYHUVHVPHVXUHVUHODWLYHjOD6pFXULWp6RFLDOHQRWDPPHQWHQVRQ$UWLFOHVXUOH IRUIDLWMRXUQDOLHU
9XOD/RLGXMXLOOHWUHODWLYHjODUpSDUWLWLRQGHVFRPSpWHQFHVHQWUHOHV&RPPXQHVOHV'pSDUWHPHQWVOHV5pJLRQVHW O¶(WDW
9XOD/RLQGXMDQYLHUUpQRYDQWO¶DFWLRQVRFLDOHHWPpGLFRVRFLDOH 9XOH'pFUHWQGXPDUVUHODWLIjODJHVWLRQEXGJpWDLUHHWFRPSWDEOHHWDX[PRGDOLWpVGHILQDQFHPHQWGH FHUWDLQVpWDEOLVVHPHQWV6RFLDX[HW0pGLFR6RFLDX[jODFKDUJHGHO¶(WDWRXGHO¶$VVXUDQFH0DODGLH 9XOHVSURSRVLWLRQVGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV 6XUSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6 $55Ç7(
$57,&/(
/HVSUL[GHMRXUQpHDSSOLFDEOHVjWLWUHFRQVHUYDWRLUHjO¶,QVWLWXW0pGLFR(GXFDWLIHW3URIHVVLRQQHOj0,0,=$1jFRPSWHUGX HU MDQYLHUVRQWIL[pVj
,QWHUQDW (XURV
6HPLLQWHUQDW (XURV
$57,&/(
/HSUL[GHMRXUQpHIL[pSRXUO¶LQWHUQDWQHFRPSUHQGSDVOHIRUIDLWMRXUQDOLHUKRVSLWDOLHU $57,&/(
/HVUHFRXUVFRQWHQWLHX[FRQWUHOHSUpVHQW$UUrWpGRLYHQWSDUYHQLUDX6HFUpWDULDWGHOD&RPPLVVLRQ,QWHUUpJLRQDOHGHOD 7DULILFDWLRQ6DQLWDLUHHW6RFLDOHG $48,7$,1(GDQVOHGpODLIUDQFG XQPRLVjFRPSWHUGHVDQRWLILFDWLRQSRXUOHVSHUVRQQHV DX[TXHOOHVLODpWpQRWLILpRXGHVDSXEOLFDWLRQSRXUOHVDXWUHVSHUVRQQHV
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6OH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVOH 'LUHFWHXUGHO¶pWDEOLVVHPHQWVXVYLVpVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQW$UUrWpGRQWPHQWLRQ VHUDSDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGX'pSDUWHPHQW $57,&/(
1RWLILFDWLRQGXSUpVHQW$UUrWpVHUDIDLWHHQRXWUHjWRXWHVILQVXWLOHVj
0RQVLHXUOH7UpVRULHU3D\HXU*pQpUDO
0RQVLHXUOH'LUHFWHXUGHOD&DLVVH5pJLRQDOHG $VVXUDQFH0DODGLHG $48,7$,1( 0DGDPHOH'LUHFWHXUGHOD&DLVVH3ULPDLUHG $VVXUDQFH0DODGLHGHV/$1'(6 0RQVLHXUOH'LUHFWHXUGHOD0XWXDOLWp6RFLDOH$JULFROHGHV/$1'(6
)DLWj0RQWGH0DUVDQOHGpFHPEUH
/H3UpIHWSRXUOH3UpIHWHWSDUGpOpJDWLRQOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV /¶,QVSHFWHXU3ULQFLSDO
)DELHQQH5$%$8
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e''$661'8'e&(0%5(),;$17/()25)$,7+(%'20$'$,5( $33/,&$%/(¬7,75(&216(59$72,5(¬&2037(5'8 (5 -$19,(5¬/¶,533'8 &(175('e3$57(0(17$/'(/¶(1)$1&(¬'$;
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOH&RGHGHO $FWLRQ6RFLDOHHWGHV)DPLOOHV
9XOH&RGHGHOD6pFXULWp6RFLDOH
9XOD/RLQGXMXLQPRGLILpHG¶RULHQWDWLRQHQIDYHXUGHVSHUVRQQHVKDQGLFDSpHV 9XOD/RLQGXMDQYLHUSRUWDQWGLYHUVHVPHVXUHVUHODWLYHjOD6pFXULWp6RFLDOHQRWDPPHQWHQVRQ$UWLFOHVXUOH IRUIDLWMRXUQDOLHU
9XOD/RLGXMXLOOHWUHODWLYHjODUpSDUWLWLRQGHVFRPSpWHQFHVHQWUHOHV&RPPXQHVOHV'pSDUWHPHQWVOHV5pJLRQVHW O¶(WDW
9XOD/RLQGXMDQYLHUUpQRYDQWO¶DFWLRQVRFLDOHHWPpGLFRVRFLDOH 9XOH'pFUHWQGXPDUVUHODWLIjODJHVWLRQEXGJpWDLUHHWFRPSWDEOHHWDX[PRGDOLWpVGHILQDQFHPHQWGH FHUWDLQVpWDEOLVVHPHQWV6RFLDX[HW0pGLFR6RFLDX[jODFKDUJHGHO¶(WDWRXGHO¶$VVXUDQFH0DODGLH 9XOHVSURSRVLWLRQVGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
6XUSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6 $55Ç7(
$57,&/(
/HIRUIDLWKHEGRPDGDLUHDSSOLFDEOHjWLWUHFRQVHUYDWRLUHjFRPSWHUGX HU MDQYLHUjO¶,533GX&HQWUH'pSDUWHPHQWDO GHO¶(QIDQFHj'$;HVWIL[pj(XURV
$57,&/(
/HVUHFRXUVFRQWHQWLHX[FRQWUHOHSUpVHQW$UUrWpGRLYHQWSDUYHQLUDX6HFUpWDULDWGHOD&RPPLVVLRQ,QWHUUpJLRQDOHGHOD 7DULILFDWLRQ6DQLWDLUHHW6RFLDOHG $48,7$,1(GDQVOHGpODLIUDQFG XQPRLVjFRPSWHUGHVDQRWLILFDWLRQSRXUOHVSHUVRQQHV DX[TXHOOHVLODpWpQRWLILpRXGHVDSXEOLFDWLRQSRXUOHVDXWUHVSHUVRQQHV
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6OH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVOH 'LUHFWHXUGHO¶pWDEOLVVHPHQWVXVYLVpVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQW$UUrWpGRQWPHQWLRQ VHUDSDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGX'pSDUWHPHQW $57,&/(
1RWLILFDWLRQGXSUpVHQW$UUrWpVHUDIDLWHHQRXWUHjWRXWHVILQVXWLOHVj
0RQVLHXUOH7UpVRULHU3D\HXU*pQpUDO
0RQVLHXUOH'LUHFWHXUGHOD&DLVVH5pJLRQDOHG $VVXUDQFH0DODGLHG $48,7$,1( 0DGDPHOH'LUHFWHXUGHOD&DLVVH3ULPDLUHG $VVXUDQFH0DODGLHGHV/$1'(6 0RQVLHXUOH'LUHFWHXUGHOD0XWXDOLWp6RFLDOH$JULFROHGHV/$1'(6
)DLWj0RQWGH0DUVDQOHGpFHPEUH
/H3UpIHWSRXUOH3UpIHWHWSDUGpOpJDWLRQOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV /¶,QVSHFWHXU3ULQFLSDO
)DELHQQH5$%$8
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e''$661'8'e&(0%5(),;$17/(635,;'(-2851e( $33/,&$%/(6¬7,75(&216(59$72,5(¬/$0$,621'¶$&&8(,/63e&,$/,6e©6,021( 6,*125(7 ª¬0217'(0$56$1¬&2037(5'8(5 -$19,(5 /H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOH&RGHGHO $FWLRQ6RFLDOHHWGHV)DPLOOHV
9XOH&RGHGHOD6pFXULWp6RFLDOH
9XOD/RLQGXMXLQPRGLILpHG¶RULHQWDWLRQHQIDYHXUGHVSHUVRQQHVKDQGLFDSpHV 9XOD/RLQGXMDQYLHUSRUWDQWGLYHUVHVPHVXUHVUHODWLYHjOD6pFXULWp6RFLDOHQRWDPPHQWHQVRQ$UWLFOHVXUOH IRUIDLWMRXUQDOLHU
9XOD/RLGXMXLOOHWUHODWLYHjODUpSDUWLWLRQGHVFRPSpWHQFHVHQWUHOHV&RPPXQHVOHV'pSDUWHPHQWVOHV5pJLRQVHW O¶(WDW
9XOD/RLQGXMDQYLHUUpQRYDQWO¶DFWLRQVRFLDOHHWPpGLFRVRFLDOH 9XOH'pFUHWQGXPDUVUHODWLIjODJHVWLRQEXGJpWDLUHHWFRPSWDEOHHWDX[PRGDOLWpVGHILQDQFHPHQWGH FHUWDLQVpWDEOLVVHPHQWV6RFLDX[HW0pGLFR6RFLDX[jODFKDUJHGHO¶(WDWRXGHO¶$VVXUDQFH0DODGLH 9XOHVSURSRVLWLRQVGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV 6XUSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6 $55Ç7(
$57,&/(
/HVSUL[GHMRXUQpHDSSOLFDEOHVjWLWUHFRQVHUYDWRLUHjOD0DLVRQG¶$FFXHLO6SpFLDOLVp© 6LPRQH6LJQRUHW ªj0217GH 0$56$1jFRPSWHUGXHU MDQYLHUVRQWIL[pVj
,QWHUQDW (XURV
$FFXHLOGHMRXU (XURV
$57,&/(
/HSUL[GHMRXUQpHIL[pSRXUO¶LQWHUQDWQHFRPSUHQGSDVOHIRUIDLWMRXUQDOLHUKRVSLWDOLHU $57,&/(
/HVUHFRXUVFRQWHQWLHX[FRQWUHOHSUpVHQW$UUrWpGRLYHQWSDUYHQLUDX6HFUpWDULDWGHOD&RPPLVVLRQ,QWHUUpJLRQDOHGHOD 7DULILFDWLRQ6DQLWDLUHHW6RFLDOHG $48,7$,1(GDQVOHGpODLIUDQFG XQPRLVjFRPSWHUGHVDQRWLILFDWLRQSRXUOHVSHUVRQQHV DX[TXHOOHVLODpWpQRWLILpRXGHVDSXEOLFDWLRQSRXUOHVDXWUHVSHUVRQQHV
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6OH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVOD 'LUHFWULFHGHO¶pWDEOLVVHPHQWVXVYLVpVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQW$UUrWpGRQWPHQWLRQ VHUDSDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGX'pSDUWHPHQW $57,&/(
1RWLILFDWLRQGXSUpVHQW$UUrWpVHUDIDLWHHQRXWUHjWRXWHVILQVXWLOHVj
0RQVLHXUOH7UpVRULHU3D\HXU*pQpUDO
0RQVLHXUOH'LUHFWHXUGHOD&DLVVH5pJLRQDOHG $VVXUDQFH0DODGLHG $48,7$,1(MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
0DGDPHOH'LUHFWHXUGHOD&DLVVH3ULPDLUHG $VVXUDQFH0DODGLHGHV/$1'(6 0RQVLHXUOH'LUHFWHXUGHOD0XWXDOLWp6RFLDOH$JULFROHGHV/$1'(6
)DLWj0RQWGH0DUVDQOHGpFHPEUH
/H3UpIHWSRXUOH3UpIHWHWSDUGpOpJDWLRQOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV /¶,QVSHFWHXU3ULQFLSDO
)DELHQQH5$%$8
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e''$661'8'e&(0%5(),;$17/()25)$,7'(62,16 $33/,&$%/(¬7,75(&216(59$72,5(¬&2037(5'8 (5 -$19,(5$8)2<(5'(9,( ³&+Æ7($8'(&$81(,//(´¬&$81(,//(
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOH&RGHGHO $FWLRQ6RFLDOHHWGHV)DPLOOHV
9XOH&RGHGHOD6pFXULWp6RFLDOH
9XOD/RLQGXMXLQPRGLILpHG¶RULHQWDWLRQHQIDYHXUGHVSHUVRQQHVKDQGLFDSpHV 9XOD/RLQGXMDQYLHUSRUWDQWGLYHUVHVPHVXUHVUHODWLYHjOD6pFXULWp6RFLDOHQRWDPPHQWHQVRQ$UWLFOHVXUOH IRUIDLWMRXUQDOLHU
9XOD/RLGXMXLOOHWUHODWLYHjODUpSDUWLWLRQGHVFRPSpWHQFHVHQWUHOHV&RPPXQHVOHV'pSDUWHPHQWVOHV5pJLRQVHW O¶(WDW
9XOD/RLQGXMDQYLHUUpQRYDQWO¶DFWLRQVRFLDOHHWPpGLFRVRFLDOH 9XOH'pFUHWQGXPDUVUHODWLIjODJHVWLRQEXGJpWDLUHHWFRPSWDEOHHWDX[PRGDOLWpVGHILQDQFHPHQWGH FHUWDLQVpWDEOLVVHPHQWV6RFLDX[HW0pGLFR6RFLDX[jODFKDUJHGHO¶(WDWRXGHO¶$VVXUDQFH0DODGLH 9XOHVSURSRVLWLRQVGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV 6XUSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6 $55Ç7(
$57,&/(
/HIRUIDLWGHVRLQVDSSOLFDEOHjWLWUHFRQVHUYDWRLUHjFRPSWHUGX HU MDQYLHUDX)R\HUGH9LH© &KkWHDXGH&DXQHLOOH ªj &$81(,//(HVWIL[pj(XURV
$57,&/(
/HVUHFRXUVFRQWHQWLHX[FRQWUHOHSUpVHQW$UUrWpGRLYHQWSDUYHQLUDX6HFUpWDULDWGHOD&RPPLVVLRQ,QWHUUpJLRQDOHGHOD 7DULILFDWLRQ6DQLWDLUHHW6RFLDOHG $48,7$,1(GDQVOHGpODLIUDQFG XQPRLVjFRPSWHUGHVDQRWLILFDWLRQSRXUOHVSHUVRQQHV DX[TXHOOHVLODpWpQRWLILpRXGHVDSXEOLFDWLRQSRXUOHVDXWUHVSHUVRQQHV
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6OH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVOH 'LUHFWHXUGHO¶pWDEOLVVHPHQWVXVYLVpVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQW$UUrWpGRQWPHQWLRQ VHUDSDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGX'pSDUWHPHQW $57,&/(
1RWLILFDWLRQGXSUpVHQW$UUrWpVHUDIDLWHHQRXWUHjWRXWHVILQVXWLOHVj
0RQVLHXUOH7UpVRULHU3D\HXU*pQpUDO
0RQVLHXUOH'LUHFWHXUGHOD&DLVVH5pJLRQDOHG $VVXUDQFH0DODGLHG $48,7$,1( 0DGDPHOH'LUHFWHXUGHOD&DLVVH3ULPDLUHG $VVXUDQFH0DODGLHGHV/$1'(6 0RQVLHXUOH'LUHFWHXUGHOD0XWXDOLWp6RFLDOH$JULFROHGHV/$1'(6
)DLWj0RQWGH0DUVDQOHGpFHPEUH
/H3UpIHWSRXUOH3UpIHWHWSDUGpOpJDWLRQOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV /¶,QVSHFWHXU3ULQFLSDO
)DELHQQH5$%$8
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e1(1'$7('8-$19,(502',),$17/$'27$7,21*/2%$/((7 /(67$5,)6'(35(67$7,216'8&(175(+263,7$/,(5'(6$,176(9(5 /H'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQ G G $ $T TX XL LW WD DL LQ QH H
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOD/RLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHPRGLILpHSDUOD/RLQGXMDQYLHU 9XO¶RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO¶KRVSLWDOLVDWLRQSXEOLTXHHWSULYpH 9XOD/RLQGXGpFHPEUHGHILQDQFHPHQWGHODVpFXULWpVRFLDOHSRXU 9XODFLUFXODLUH'+262)'66$QGXGpFHPEUHUHODWLYHjODFDPSDJQHEXGJpWDLUHSRXUGHV pWDEOLVVHPHQWVVDQLWDLUHVILQDQFpVSDUGRWDWLRQJOREDOH KRUVXQLWpVGHVRLQVGHORQJXHGXUpH 9XOH%XGJHW3ULPLWLIDSSURXYpOHMDQYLHU
9XO¶DYLVGHOD&RPPLVVLRQ([pFXWLYHGHO¶$5+$
9XOHVpOpPHQWVFRQWHQXVGDQVOHUDSSRUWEXGJpWDLUHHQGDWHGXMDQYLHU 6XUSURSRVLWLRQGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHVMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
$55Ç7(
$57,&/(
/DGRWDWLRQJOREDOHGX&HQWUH+RVSLWDOLHUGH6$,176(9(5HVWIL[pHDXWLWUHGHO¶DQQpHj ¼ (OOHVHGpFRPSRVHGHODIDoRQVXLYDQWH (XURV
0pGHFLQHHWVRLQVGHVXLWHHWGHUpDGDSWDWLRQ ¼
6RLQVGHORQJXHGXUpH ¼
727$/ ¼
$57,&/(
/HVWDULIVGHSUHVWDWLRQVDSSOLFDEOHVjFRPSWHUGX HU IpYULHUVRQWIL[pVDLQVLTX¶LOVXLW &RGH 0RQWDQW
+RVSLWDOLVDWLRQFRPSOqWH
0pGHFLQH ¼
6RLQVGHVXLWHHWGHUpDGDSWDWLRQ ¼
6RLQVGHORQJXHGXUpH *,5HW ¼
*,5HW ¼
*,5HW ¼
+RVSLWDOLVDWLRQGHMRXU
0pGHFLQH ¼
$57,&/(
8QGpODLG¶XQPRLVjGDWHUGHODQRWLILFDWLRQHVWLPSDUWLSRXUO¶LQWURGXFWLRQpYHQWXHOOHG¶XQUHFRXUVFRQWUHODSUpVHQWHGpFLVLRQ $57,&/(
0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHV0RQVLHXUOH'LUHFWHXUGX&HQWUH +RVSLWDOLHUGH6$,176(9(5HW0RQVLHXUOH'LUHFWHXUGHOD&DLVVH3ULPDLUHG¶$VVXUDQFH0DODGLHGHV/DQGHVVRQWFKDUJpV FKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGXSUpVHQWDUUrWpGRQWPHQWLRQVHUDSDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV $GPLQLVWUDWLIVGHVVHUYLFHVGHO¶(WDWGDQVOHGpSDUWHPHQWGHV/DQGHV
$57,&/(
1RWLILFDWLRQGXSUpVHQWDUUrWpVHUDIDLWHHQRXWUHj
y 0RQVLHXUOH7UpVRULHU3D\HXU*pQpUDO
y 0DGDPHOH'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG¶$TXLWDLQH y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVH5pJLRQDOHG¶$VVXUDQFH0DODGLHG¶$TXLWDLQH y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVHGH0XWXDOLWp6RFLDOH$JULFROHGHV/DQGHV /H'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG $TXLWDLQH
$ODLQ*$5&,$
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e1'8-$19,(502',),$17/$'27$7,21*/2%$/((7/(67$5,)6 '(35(67$7,216'8&(175('(/21*6e-285'(025&(1; /H'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG¶$TXLWDLQH
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOD/RLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHPRGLILpHSDUOD/RLQGXMDQYLHU 9XO¶RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO¶KRVSLWDOLVDWLRQSXEOLTXHHWSULYpH 9XOD/RLQGXGpFHPEUHGHILQDQFHPHQWGHODVpFXULWpVRFLDOHSRXU 9XODFLUFXODLUH'+262)'66$QGXGpFHPEUHUHODWLYHjODFDPSDJQHEXGJpWDLUHSRXUGHV pWDEOLVVHPHQWVVDQLWDLUHVILQDQFpVSDUGRWDWLRQJOREDOH KRUVXQLWpVGHVRLQVGHORQJXHGXUpH 9XOH%XGJHW3ULPLWLIDSSURXYpOHMDQYLHU
9XO¶DYLVGHOD&RPPLVVLRQ([pFXWLYHGHO¶$5+$
9XOHVpOpPHQWVFRQWHQXVGDQVOHUDSSRUWEXGJpWDLUHHQGDWHGXMDQYLHU 6XUSURSRVLWLRQGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHV $55Ç7(
$57,&/(
/DGRWDWLRQJOREDOHGX&HQWUHGH/RQJ6pMRXUGH025&(1;HVWSRUWpHDXWLWUHGHO¶DQQpHj ¼ (OOHVHGpFRPSRVHGHODIDoRQVXLYDQWH
%XGJHWJpQpUDO/RQJ6pMRXU ¼
)RUIDLWVRLQVGHOD0DLVRQGH5HWUDLWH ¼
6HUYLFHGH6RLQV,QILUPLHUVj'RPLFLOH ¼
727$/ ¼
$57,&/(
/HVWDULIVGHSUHVWDWLRQVDSSOLFDEOHVjFRPSWHUGX HU IpYULHUVRQWIL[pVDLQVLTX¶LOVXLW &RGH 0RQWDQW
6RLQVGHORQJXHGXUpH
Ö )RUIDLWVRLQVMRXUQDOLHU±*,5HW ¼MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
Ö )RUIDLWVRLQVMRXUQDOLHU±*,5HW ¼
*,5HW ¼
(+3$'±0DLVRQGH5HWUDLWH
Ö )RUIDLWVRLQVMRXUQDOLHU
*,5HW ¼
*,5HW ¼
*,5HW ¼
6$'
Ö )RUIDLWVRLQVMRXUQDOLHU ¼
$57,&/(
8QGpODLG¶XQPRLVjGDWHUGHODQRWLILFDWLRQHVWLPSDUWLSRXUO¶LQWURGXFWLRQpYHQWXHOOHG¶XQUHFRXUVFRQWUHODSUpVHQWHGpFLVLRQ $57,&/(
0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHV0DGDPHOD'LUHFWULFHGX&HQWUHGH/RQJ 6pMRXUGH025&(1;HW0RQVLHXUOH'LUHFWHXUGHOD&DLVVH3ULPDLUHG¶$VVXUDQFH0DODGLHGHV/DQGHVVRQWFKDUJpVFKDFXQ HQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGXSUpVHQWDUUrWpGRQWPHQWLRQVHUDSDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV $GPLQLVWUDWLIVGHVVHUYLFHVGHO¶(WDWGDQVOHGpSDUWHPHQWGHV/DQGHV
$57,&/(
1RWLILFDWLRQGXSUpVHQWDUUrWpVHUDIDLWHHQRXWUHj
y 0RQVLHXUOH7UpVRULHU3D\HXU*pQpUDO
y 0DGDPHOH'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG¶$TXLWDLQH y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVH5pJLRQDOHG¶$VVXUDQFH0DODGLHG¶$TXLWDLQH y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVHGH0XWXDOLWp6RFLDOH$JULFROHGHV/DQGHV /H'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG $TXLWDLQH
$ODLQ*$5&,$
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e1'8-$19,(502',),$17/$'27$7,21*/2%$/((7/(67$5,)6 '(35(67$7,216'8&(175(+263,7$/,(5'(0217'(0$56$1 /H'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG¶$TXLWDLQH
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOD/RLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHPRGLILpHSDUOD/RLQGXMDQYLHU 9XO¶RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO¶KRVSLWDOLVDWLRQSXEOLTXHHWSULYpH 9XOD/RLQGXGpFHPEUHGHILQDQFHPHQWGHODVpFXULWpVRFLDOHSRXU 9XODFLUFXODLUH'+262)'66$QGXGpFHPEUHUHODWLYHjODFDPSDJQHEXGJpWDLUHSRXUGHV pWDEOLVVHPHQWVVDQLWDLUHVILQDQFpVSDUGRWDWLRQJOREDOH KRUVXQLWpVGHVRLQVGHORQJXHGXUpH 9XOH%XGJHW3ULPLWLIDSSURXYpOHMDQYLHU
9XO¶DYLVGHOD&RPPLVVLRQ([pFXWLYHGHO¶$5+$
9XOHVpOpPHQWVFRQWHQXVGDQVOHUDSSRUWEXGJpWDLUHHQGDWHGXMDQYLHU 6XUSURSRVLWLRQGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHV $55Ç7(
$57,&/(
/DGRWDWLRQJOREDOHGX&HQWUH+RVSLWDOLHUGH0RQWGH0DUVDQHVWIL[pHDXWLWUHGHO¶DQQpHj ¼ (OOHVHGpFRPSRVHGHODIDoRQVXLYDQWH
0RQWDQW
±%XGJHWJpQpUDO +RVSLWDOLVDWLRQHW&RQVXOWDWLRQV([WHUQHV ¼ ±%XGJHWDQQH[H/RQJ6pMRXU ¼
±%XGJHWDQQH[HGHVDFWLYLWpVUHOHYDQWGHODORLGXMXLQ
0DLVRQGH5HWUDLWH ¼
727$/ ¼
$57,&/(
/HVWDULIVGHSUHVWDWLRQVDSSOLFDEOHVjFRPSWHUGX HU IpYULHUVRQWIL[pVDLQVLTX¶LOVXLW
5pJLPHFRPPXQ UpJLPHSDUWLFXOLHU
+RVSLWDOLVDWLRQj7HPSV&RPSOHW 0RQWDQW 0RQWDQW
±0pGHFLQH ¼ ¼
±&KLUXUJLH ¼ ¼
±*\QpFRORJLH2EVWpWULTXH ¼ ¼
±6SpFLDOLWpV&RWHXVHV ¼
±0R\HQ6pMRXU ¼ ¼
+RVSLWDOLVDWLRQGHMRXU 0RQWDQW
±+pPRGLDO\VH ¼
±&KLPLRWKpUDSLH ¼MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
±5ppGXFDWLRQ)RQFWLRQQHOOH ¼
±0pGHFLQHDPEXODWRLUH ¼
±FKLUXUJLHDPEXODWRLUH ¼
3V\FKLDWULH 0RQWDQW
±+RVSLWDOLVDWLRQFRPSOqWHDGXOWHV ¼
±+RVSLWDOLVDWLRQGHMRXUDGXOWHV ¼
±+RVSLWDOLVDWLRQGHMRXUHQIDQWV ¼
±+RVSLWDOLVDWLRQGHQXLW ¼
/HWDULIGHWUDQVSRUWWHUUHVWUHHVWIL[pj ¼ODGHPLKHXUH
/HWDULIGHWUDQVSRUWDpULHQHVWIL[pj ¼ODPLQXWH
$57,&/(
8QGpODLG¶XQPRLVjGDWHUGHODQRWLILFDWLRQHVWLPSDUWLSRXUO¶LQWURGXFWLRQpYHQWXHOOHG¶XQUHFRXUVFRQWUHODSUpVHQWHGpFLVLRQ $57,&/(
0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHV0RQVLHXUOH'LUHFWHXUGX&HQWUH +RVSLWDOLHUGH0RQWGH0DUVDQHW0RQVLHXUOH'LUHFWHXUGHOD&DLVVH3ULPDLUHG¶$VVXUDQFH0DODGLHGHV/DQGHVVRQWFKDUJpV FKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGXSUpVHQWDUUrWpGRQWPHQWLRQVHUDSDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV $GPLQLVWUDWLIVGHVVHUYLFHVGHO¶(WDWGDQVOHGpSDUWHPHQWGHV/DQGHV
$57,&/(
1RWLILFDWLRQGXSUpVHQWDUUrWpVHUDIDLWHHQRXWUHj
y 0RQVLHXUOH7UpVRULHU3D\HXU*pQpUDO
y 0DGDPHOH'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG¶$TXLWDLQH y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVH5pJLRQDOHG¶$VVXUDQFH0DODGLHG¶$TXLWDLQH y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVHGH0XWXDOLWp6RFLDOH$JULFROHGHV/DQGHV /H'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG $TXLWDLQH
$ODLQ*$5&,$
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e1'8-$19,(502',),$17/$'27$7,21*/2%$/((7/(67$5,)6 '(35(67$7,216'8&(175('(62,16'(68,7((7'(5e$'$37$7,21±&(175('( 62,16'(/21*8('85e(±,167,787© +e/,20$5,1 ª'(/$%(11( /H'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG¶$TXLWDLQH
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOD/RLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHPRGLILpHSDUOD/RLQGXMDQYLHU 9XO¶RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO¶KRVSLWDOLVDWLRQSXEOLTXHHWSULYpH 9XOD/RLQGXGpFHPEUHGHILQDQFHPHQWGHODVpFXULWpVRFLDOHSRXU 9XODFLUFXODLUH'+262)'66$QGXGpFHPEUHUHODWLYHjODFDPSDJQHEXGJpWDLUHSRXUGHV pWDEOLVVHPHQWVVDQLWDLUHVILQDQFpVSDUGRWDWLRQJOREDOH KRUVXQLWpVGHVRLQVGHORQJXHGXUpH 9XOH%XGJHW3ULPLWLIDSSURXYpOHMDQYLHU
9XO¶DYLVGHOD&RPPLVVLRQ([pFXWLYHGHO¶$5+$
9XOHVpOpPHQWVFRQWHQXVGDQVOHUDSSRUWEXGJpWDLUHHQGDWHGXMDQYLHU 6XUSURSRVLWLRQGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHV $55Ç7(
$57,&/(
/DGRWDWLRQJOREDOHGX&HQWUHGHVRLQVGHVXLWHHWGHUpDGDSWDWLRQHWGHVRLQVGHORQJXHGXUpH,QVWLWXW© +pOLR0DULQ ªGH /$%(11(HVWIL[pHDXWLWUHGHO¶DQQpHj ¼
(OOHVHGpFRPSRVHGHODIDoRQVXLYDQWH
6RLQVGHVXLWHHWGHUpDGDSWDWLRQ ¼
6RLQVGHORQJXHGXUpH ¼
727$/ ¼
$57,&/(
/HVWDULIVGHSUHVWDWLRQVDSSOLFDEOHVjFRPSWHUGX HU IpYULHUVRQWIL[pVDLQVLTX¶LOVXLW &RGH 0RQWDQW
6HUYLFHVRLQVGHVXLWHHWGHUpDGDSWDWLRQ ¼
)RUIDLWVRLQVGHORQJXHGXUpHMRXUQDOLHU *,5HW ¼
*,5HW ¼
*,5HW ¼
$57,&/(
/HVUHFRXUVFRQWHQWLHX[FRQWUHOHSUpVHQW$UUrWpGRLYHQWSDUYHQLUDX6HFUpWDULDWGHOD&RPPLVVLRQ,QWHUUpJLRQDOHGHOD 7DULILFDWLRQ6DQLWDLUHHW6RFLDOHGH%RUGHDX[GDQVOHGpODLIUDQFG¶XQPRLVjFRPSWHUGHVDQRWLILFDWLRQSRXUOHVSHUVRQQHV DX[TXHOOHVLODpWpQRWLILpRXGHVDSXEOLFDWLRQSRXUOHVDXWUHVSHUVRQQHVMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
$57,&/(
0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHV0RQVLHXUOH'LUHFWHXUGHOD&DLVVH 3ULPDLUHG¶$VVXUDQFH0DODGLHOH'LUHFWHXUGHO¶pWDEOLVVHPHQWVXVYLVpVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGH O¶H[pFXWLRQGXSUpVHQWDUUrWpGRQWPHQWLRQVHUDSDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHVVHUYLFHVGHO¶(WDW GDQVOHGpSDUWHPHQWGHV/DQGHV
$57,&/(
1RWLILFDWLRQGXSUpVHQWDUUrWpVHUDIDLWHHQRXWUHj
y 0RQVLHXUOH7UpVRULHU3D\HXU*pQpUDO
y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVH5pJLRQDOHG¶$VVXUDQFH0DODGLHG¶$TXLWDLQH y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVH3ULPDLUHG¶$VVXUDQFH0DODGLHGHV/DQGHV y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVHGH0XWXDOLWp6RFLDOH$JULFROHGHV/DQGHV y 0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHOD&RQFXUUHQFHGHOD&RQVRPPDWLRQHWGHOD5pSUHVVLRQGHV)UDXGHV /H'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG $TXLWDLQH
$ODLQ*$5&,$
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e1'8-$19,(502',),$17/$'27$7,21*/2%$/((7/(67$5,)6 '(35(67$7,216'(/$&/,1,48(0e',&$/((73e'$*2*,48(©-($16$55$,/+ ª'( $,5(685/¶$'285
/H'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG¶$TXLWDLQH
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOD/RLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHPRGLILpHSDUOD/RLQGXMDQYLHU 9XO¶RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO¶KRVSLWDOLVDWLRQSXEOLTXHHWSULYpH 9XOD/RLQGXGpFHPEUHGHILQDQFHPHQWGHODVpFXULWpVRFLDOHSRXU 9XODFLUFXODLUH'+262)'66$QGXGpFHPEUHUHODWLYHjODFDPSDJQHEXGJpWDLUHSRXUGHV pWDEOLVVHPHQWVVDQLWDLUHVILQDQFpVSDUGRWDWLRQJOREDOH KRUVXQLWpVGHVRLQVGHORQJXHGXUpH 9XOH%XGJHW3ULPLWLIDSSURXYpOHMDQYLHU
9XO¶DYLVGHOD&RPPLVVLRQ([pFXWLYHGHO¶$5+$
9XOHVpOpPHQWVFRQWHQXVGDQVOHUDSSRUWEXGJpWDLUHHQGDWHGXMDQYLHU 6XUSURSRVLWLRQGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHV $55Ç7(
$57,&/(
/DGRWDWLRQJOREDOHGHOD&OLQLTXH-HDQ6DUUDLOKj$,5(VXU$'285HVWIL[pHDXWLWUHGHO¶DQQpHj ¼ $57,&/(
/HVWDULIVGHSUHVWDWLRQVDSSOLFDEOHVjFRPSWHUGX HU IpYULHUVRQWIL[pVDLQVLTX¶LOVXLW &RGH 0RQWDQW
+RVSLWDOLVDWLRQjWHPSVFRPSOHW ¼
+RVSLWDOLVDWLRQGHMRXU ¼
+RVSLWDOLVDWLRQGHQXLW ¼
+RVSLWDOLVDWLRQHQSRVWFXUH ¼
$57,&/(
/HVUHFRXUVFRQWHQWLHX[FRQWUHOHSUpVHQW$UUrWpGRLYHQWSDUYHQLUDX6HFUpWDULDWGHOD&RPPLVVLRQ,QWHUUpJLRQDOHGHOD 7DULILFDWLRQ6DQLWDLUHHW6RFLDOHGH%RUGHDX[GDQVOHGpODLIUDQFG¶XQPRLVjFRPSWHUGHVDQRWLILFDWLRQSRXUOHVSHUVRQQHV DX[TXHOOHVLODpWpQRWLILpRXGHVDSXEOLFDWLRQSRXUOHVDXWUHVSHUVRQQHV
$57,&/(
0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHV0RQVLHXUOH'LUHFWHXUGHOD&3$0GHV /DQGHVOH'LUHFWHXUGHO¶pWDEOLVVHPHQWVXVYLVpVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGXSUpVHQWDUUrWp GRQWPHQWLRQVHUDSDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHVVHUYLFHVGHO¶(WDWGDQVOHGpSDUWHPHQWGHV /DQGHV
$57,&/(
1RWLILFDWLRQGXSUpVHQWDUUrWpVHUDIDLWHHQRXWUHj
y 0RQVLHXUOH7UpVRULHU3D\HXU*pQpUDO
y 0DGDPHOH'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG¶$TXLWDLQH y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVH5pJLRQDOHG¶$VVXUDQFH0DODGLHG¶$TXLWDLQH y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVH3ULPDLUHG¶$VVXUDQFH0DODGLHGHV/DQGHV y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVHGH0XWXDOLWp6RFLDOH$JULFROHGHV/DQGHV y 0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHOD&RQFXUUHQFHGHOD&RQVRPPDWLRQHWGHOD5pSUHVVLRQGHV)UDXGHV /H'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG $TXLWDLQH
$ODLQ*$5&,$
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e1'8-$19,(502',),$17/$'27$7,21*/2%$/((7/(67$5,)6MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
'(35(67$7,216'(/$0$,621'(5(326©6$,17/28,6 ª¬%8*/26( /H'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG¶$TXLWDLQH
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOD/RLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHPRGLILpHSDUOD/RLQGXMDQYLHU 9XO¶RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO¶KRVSLWDOLVDWLRQSXEOLTXHHWSULYpH 9XOD/RLQGXGpFHPEUHGHILQDQFHPHQWGHODVpFXULWpVRFLDOHSRXU 9XODFLUFXODLUH'+262)'66$QGXGpFHPEUHUHODWLYHjODFDPSDJQHEXGJpWDLUHSRXUGHV pWDEOLVVHPHQWVVDQLWDLUHVILQDQFpVSDUGRWDWLRQJOREDOH KRUVXQLWpVGHVRLQVGHORQJXHGXUpH 9XOH%XGJHW3ULPLWLIDSSURXYpOHMDQYLHU
9XO¶DYLVGHOD&RPPLVVLRQ([pFXWLYHGHO¶$5+$
9XOHVpOpPHQWVFRQWHQXVGDQVOHUDSSRUWEXGJpWDLUHHQGDWHGXMDQYLHU 6XUSURSRVLWLRQGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHV $55Ç7(
$57,&/(
/DGRWDWLRQJOREDOHGHOD0DLVRQGH5HSRV©6DLQW/RXLV ªj%8*/26(HVWIL[pHDXWLWUHGHO¶DQQpHj ¼ $57,&/(
/HVWDULIVGHSUHVWDWLRQVDSSOLFDEOHVjFRPSWHUGX HU IpYULHUVRQWIL[pVDLQVLTX¶LOVXLW &RGH 0RQWDQW
0R\HQ6pMRXUSHUVRQQHVkJpHV ¼
&KDPEUHSDUWLFXOLqUH ¼
$57,&/(
/HVUHFRXUVFRQWHQWLHX[FRQWUHOHSUpVHQWDUUrWpGRLYHQWSDUYHQLUDXVHFUpWDULDWGHOD&RPPLVVLRQ,QWHUUpJLRQDOHGHOD 7DULILFDWLRQ6DQLWDLUHHW6RFLDOHGH%RUGHDX[GDQVOHGpODLIUDQFG¶XQPRLVjFRPSWHUGHVDQRWLILFDWLRQSRXUOHVSHUVRQQHV DX[TXHOOHVLODpWpQRWLILpRXGHVDSXEOLFDWLRQSRXUOHVDXWUHVSHUVRQQHV
$57,&/(
0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHVOH'LUHFWHXUGHOD&DLVVH3ULPDLUH G¶$VVXUDQFH0DODGLHOH'LUHFWHXUGHO¶pWDEOLVVHPHQWVXVYLVpVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGX SUpVHQWDUUrWpGRQWPHQWLRQVHUDSDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHVVHUYLFHVGHO¶(WDWGDQVOH GpSDUWHPHQWGHV/DQGHV
$57,&/(
1RWLILFDWLRQGXSUpVHQWDUUrWpVHUDIDLWHHQRXWUHj
y 0RQVLHXUOH7UpVRULHU3D\HXU*pQpUDO
y 0DGDPHOH'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG¶$TXLWDLQH y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVH5pJLRQDOHG¶$VVXUDQFH0DODGLHG¶$TXLWDLQH y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVH3ULPDLUHG¶$VVXUDQFH0DODGLHGHV/DQGHV y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVHGH0XWXDOLWp6RFLDOH$JULFROHGHV/DQGHV y 0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHOD&RQFXUUHQFHGHOD&RQVRPPDWLRQHWGHOD5pSUHVVLRQGHV)UDXGHV /H'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG $TXLWDLQH
$ODLQ*$5&,$
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e1'8-$19,(502',),$17/$'27$7,21*/2%$/((7/(67$5,)6 '(35(67$7,216'8&(175(+263,7$/,(5'('$;
/H'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG¶$TXLWDLQH
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOD/RLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHPRGLILpHSDUOD/RLQGXMDQYLHU 9XO¶RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO¶KRVSLWDOLVDWLRQSXEOLTXHHWSULYpH 9XOD/RLQGXGpFHPEUHGHILQDQFHPHQWGHODVpFXULWpVRFLDOHSRXU 9XODFLUFXODLUH'+262)'66$QGXGpFHPEUHUHODWLYHjODFDPSDJQHEXGJpWDLUHSRXUGHV pWDEOLVVHPHQWVVDQLWDLUHVILQDQFpVSDUGRWDWLRQJOREDOH KRUVXQLWpVGHVRLQVGHORQJXHGXUpH 9XOH%XGJHW3ULPLWLIDSSURXYpOHMDQYLHU
9XO¶DYLVGHOD&RPPLVVLRQ([pFXWLYHGHO¶$5+$
9XOHVpOpPHQWVFRQWHQXVGDQVOHUDSSRUWEXGJpWDLUHHQGDWHGXMDQYLHU 6XUSURSRVLWLRQGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHV $55Ç7(
$57,&/(
/DGRWDWLRQJOREDOHGX&HQWUH+RVSLWDOLHUGH'D[HVWIL[pHDXWLWUHGHO¶DQQpHj ¼ (OOHVHGpFRPSRVHGHODIDoRQVXLYDQWH
0RQWDQW
±%XGJHWJpQpUDO +RVSLWDOLVDWLRQHWHW&RQVXOWDWLRQV([WHUQHV ¼ ±%XGJHWDQQH[H/RQJ6pMRXU ¼
±%XGJHWDQQH[HGHVDFWLYLWpVUHOHYDQWGHODORLGXMXLQ0DLVRQGH5HWUDLWH ¼MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
±%XGJHWDQQH[H±&$063 ¼
±%XGJHWDQQH[H±&&$$ ¼
727$/ ¼
$57,&/(
/HVWDULIVGHSUHVWDWLRQVDSSOLFDEOHVjFRPSWHUGX HU IpYULHUVRQWIL[pVDLQVLTX¶LOVXLW +RVSLWDOLVDWLRQj7HPSV&RPSOHW 0RQWDQW 0RQWDQW
±0pGHFLQH ¼ ¼
±&KLUXUJLH ¼ ¼
± 3V\FKLDWULH ¼ ¼
±*\QpFRORJLH2EVWpWULTXH ¼ ¼
±6SpFLDOLWpV&RWHXVHV ¼ ¼
±0R\HQ6pMRXU ¼ ¼
± 7KHUPDO±0R\HQ6pMRXU ¼ ¼
SRXUOHVFKDPEUHVGHqUH FDWpJRULH
¼
SRXUOHVFKDPEUHVGHqPH FDWpJRULH
¼
SRXUOHVFKDPEUHVGHqPH FDWpJRULH
+RVSLWDOLVDWLRQGHMRXU 0RQWDQW 0RQWDQW
±0DODGLHGHOD1XWULWLRQ ¼ ¼
±&KLPLRWKpUDSLH ¼ ¼
±+{SLWDOGH-RXU*pULDWULH ¼ ¼
±+{SLWDOGH-RXU(QIDQWVHW$GROHVFHQWV ¼ ¼
±+{SLWDOGH-RXU0pGHFLQH ¼ ¼
±+{SLWDOGH-RXU&KLUXUJLH ¼ ¼
/HWDULIGHWUDQVSRUWWHUUHVWUHHVWIL[pj ¼ODGHPLKHXUH
/HWDULIGHWUDQVSRUWDpULHQHVWIL[pj ¼ODPLQXWH
$57,&/(
8QGpODLG¶XQPRLVjGDWHUGHODQRWLILFDWLRQHVWLPSDUWLSRXUO¶LQWURGXFWLRQpYHQWXHOOHG¶XQUHFRXUVFRQWUHODSUpVHQWHGpFLVLRQ $57,&/(
0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHV0RQVLHXUOH'LUHFWHXUGX&HQWUH +RVSLWDOLHUGH'$;HW0RQVLHXUOH'LUHFWHXUGHOD0XWXDOLWp6RFLDOH$JULFROHVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGH O¶H[pFXWLRQGXSUpVHQWDUUrWpGRQWPHQWLRQVHUDSDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHVVHUYLFHVGHO¶(WDW GDQVOHGpSDUWHPHQWGHV/DQGHV
$57,&/(
1RWLILFDWLRQGXSUpVHQWDUUrWpVHUDIDLWHHQRXWUHj
y 0RQVLHXUOH7UpVRULHU3D\HXU*pQpUDO
y 0DGDPHOH'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG¶$TXLWDLQH y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVH5pJLRQDOHG¶$VVXUDQFH0DODGLHG¶$TXLWDLQH y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVH3ULPDLUHG¶$VVXUDQFH0DODGLH
/H'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG $TXLWDLQH
$ODLQ*$5&,$
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e1'8-$19,(502',),$17/$&20326,7,21'8&216(,/ '¶$'0,1,675$7,21'8&(175(+263,7$/,(5'(0217'(0$56$1 /H'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG $TXLWDLQH
9XODORLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHPRGLILpHSDUODORLQGXMDQYLHU 9XO RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO KRVSLWDOLVDWLRQSXEOLTXHHWSULYpHQRWDPPHQWOHVDUWLFOHVHW
9XOHGpFUHWQGXRFWREUHUHODWLIjODFRPSRVLWLRQHWDXIRQFWLRQQHPHQWGHV&RQVHLOVG $GPLQLVWUDWLRQGHV pWDEOLVVHPHQWVSXEOLFVGHVDQWpHWPRGLILDQWOHFRGHGHODVDQWpSXEOLTXH
9XO¶DUUrWpGHFUpDWLRQjFRPSWHUGX HU MDQYLHUSDUWUDQVIRUPDWLRQG¶XQQRXYHOpWDEOLVVHPHQWSXEOLFGHVDQWp FRPPXQDOGpQRPPp&HQWUH+RVSLWDOLHUGH0RQWGH0DUVDQUHJURXSDQWOH&HQWUH+RVSLWDOLHUGH0RQWGH0DUVDQHWOH&HQWUH +RVSLWDOLHUGHV/DQGHV
9XODFRUUHVSRQGDQFHGH0RQVLHXUOH'LUHFWHXUGX&HQWUH+RVSLWDOLHUGH0RQWGH0DUVDQHQGDWHGXQRYHPEUH 9XODFRUUHVSRQGDQFHGH0DGDPHOD3UpVLGHQWHGX6\QGLFDWGHV0DVVHXUV.LQpVLWKpUDSHXWHV5ppGXFDWHXUVGHV/DQGHVHQGDWH GXQRYHPEUH
9XODFRUUHVSRQGDQFHGH0DGDPHOD3UpVLGHQWH'pOpJXpHHQGDWHGXQRYHPEUH 9XODFRUUHVSRQGDQFHGH0RQVLHXUOH3UpVLGHQWGHO¶2UGUH1DWLRQDOGHV0pGHFLQVHQGDWHGXRFWREUH 9XODFRUUHVSRQGDQFHGH0DGDPHOD3UpVLGHQWHGHO¶8QLRQ'pSDUWHPHQWDOHGHV$VVRFLDWLRQV)DPLOLDOHVGHV/DQGHVHQGDWHGX RFWREUHMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
6XUSURSRVLWLRQGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV $55Ç7(
$57,&/(
/HVSDUDJUDSKHV,;HW;,GHO¶DUUrWpGXQRYHPEUHSRUWDQWFRPSRVLWLRQQRPLQDWLYHGX&RQVHLOG DGPLQLVWUDWLRQGX &HQWUH+RVSLWDOLHUGH0217'(0$56$1VRQWPRGLILpVOHSDUDJUDSKH;UHVWDQWLQFKDQJp $57,&/(
/DFRPSRVLWLRQQRPLQDWLYHGX&RQVHLOG $GPLQLVWUDWLRQGX&HQWUH+RVSLWDOLHUGH0217'(0$56$1HVWIL[pHFRPPHVXLW ,3UpVLGHQW
0RQVLHXU3KLOLSSH/$%(<5,(
6pQDWHXU0DLUHGH0RQWGH0DUVDQ
,,±5HSUpVHQWDQWVGpVLJQpVSDUOH&RQVHLO0XQLFLSDOGH0RQWGH0DUVDQ
0RQVLHXU0LFKHO/$55$7
0DLUH$GMRLQW
0RQVLHXU)UDQoRLV58,=
0DLUH$GMRLQW
0RQVLHXU&KULVWLDQ&$=$'(
$GMRLQWDX0DLUH
,,,±5HSUpVHQWDQWVGHGHX[DXWUHVFRPPXQHVGHODUpJLRQ
0RQVLHXU%HUQDUG6$3+<
&RQVHLOOHU0XQLFLSDOGH6DLQW3LHUUHGX0RQW
0RQVLHXU-DFTXHV48,77$1&21
5HSUpVHQWDQWOHPDLUHGH6DLQW6HYHU
,9±5HSUpVHQWDQWGXGpSDUWHPHQW
0RQVLHXU$ODLQ9,'$/,(6
&RQVHLOOHU*pQpUDO
9±5HSUpVHQWDQWGHOD5pJLRQ
$GpVLJQHU
9,±0HPEUHVGHOD&RPPLVVLRQ0pGLFDOHG¶(WDEOLVVHPHQW
'RFWHXU*LOOHV&+$89,1
3UpVLGHQW
'RFWHXU3DWULFN7(;(5($8
9LFH3UpVLGHQW
'RFWHXU$ODLQ%211()286
'RFWHXU-DFTXHV%8(67(/
9,,±0HPEUHGHODFRPPLVVLRQGXVHUYLFHGHVRLQVLQILUPLHUV
0DGDPH,VDEHOOH5(%5,&$5'
9,,,±5HSUpVHQWDQWVGHVSHUVRQQHOVWLWXODLUHV
0RQVLHXU*LOOHV5(*1,(5
0RQVLHXU0DUF%581($8
0RQVLHXU-HDQ-DFTXHV5,&+$5'
,;±3HUVRQQDOLWpVTXDOLILpHV
'RFWHXU$QWRLQH)$648(//(
0DGDPH0LFKqOH0,//27/$+28=(
.LQpVLWKpUDSHXWH
0 $GpVLJQHU
;±5HSUpVHQWDQWVGHVXVDJHUV
0DGDPH$UOHWWH9(5*(=
81$)$0±/$1'(6
0DGDPH0DULH5RVH5$62772
8'$)
;,±5HSUpVHQWDQWjWLWUHFRQVXOWDWLIGHVIDPLOOHVDFFXHLOOLHVGDQVOHVXQLWpVGHORQJ VpMRXU
$GpVLJQHU
$57,&/(
/HPDQGDWGHVPHPEUHVGX&RQVHLOG $GPLQLVWUDWLRQSUHQGILQHQPrPHWHPSVTXHOHPDQGDWRXOHVIRQFWLRQVDXWLWUHGHVTXHOV OHVLQWpUHVVpVRQWpWpGpVLJQpV
/DGXUpHGXPDQGDWGHVPHPEUHVTXLVLqJHQWHQTXDOLWpGHSHUVRQQDOLWpVTXDOLILpHVGHUHSUpVHQWDQWVGHVXVDJHUVRXGHV IDPLOOHVGHSHUVRQQHVDFFXHLOOLHVGDQVGHVXQLWpVGHVRLQVGHORQJXHGXUpHHVWIL[pHjWURLVDQVjFRPSWHUGHODVLJQDWXUHGX SUpVHQWDUUrWp
$57,&/(
0RQVLHXUOH3UpVLGHQWGX&RQVHLOG $GPLQLVWUDWLRQGX&HQWUH+RVSLWDOLHUGH0RQWGH0DUVDQHW0RQVLHXUOH'LUHFWHXU 'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQW$UUrWp TXLVHUDSXEOLpDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHVVHUYLFHVGHO (WDWGDQVOHGpSDUWHPHQWGHV/DQGHVMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
)DLWj0RQWGH0DUVDQOHMDQYLHU
3RXUOH'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG $TXLWDLQH
OH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV
3LHUUH62/(77,
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e1'8-$19,(502',),$17/$'27$7,21*/2%$/((7/(67$5,)6 '(35(67$7,216'86<1',&$7,17(5+263,7$/,(5'(6/$1'(6 /H'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG¶$TXLWDLQH
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOD/RLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHPRGLILpHSDUOD/RLQGXMDQYLHU 9XO¶RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO¶KRVSLWDOLVDWLRQSXEOLTXHHWSULYpH 9XOD/RLQGXGpFHPEUHGHILQDQFHPHQWGHODVpFXULWpVRFLDOHSRXU 9XODFLUFXODLUH'+262)'66$QGXGpFHPEUHUHODWLYHjODFDPSDJQHEXGJpWDLUHSRXUGHV pWDEOLVVHPHQWVVDQLWDLUHVILQDQFpVSDUGRWDWLRQJOREDOH KRUVXQLWpVGHVRLQVGHORQJXHGXUpH 9XOH%XGJHW3ULPLWLIDSSURXYpOHMDQYLHU
9XO¶DYLVGHOD&RPPLVVLRQ([pFXWLYHGHO¶$5+$
9XOHVpOpPHQWVFRQWHQXVGDQVOHUDSSRUWEXGJpWDLUHHQGDWHGXMDQYLHU 6XUSURSRVLWLRQGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHV $55Ç7(
$57,&/(
/DGRWDWLRQJOREDOHGX6\QGLFDW,QWHUKRVSLWDOLHUGHV/DQGHVHVWIL[pHDXWLWUHGHO¶DQQpHj ¼ $57,&/(
8QGpODLG¶XQPRLVjGDWHUGHODQRWLILFDWLRQHVWLPSDUWLSRXUO¶LQWURGXFWLRQpYHQWXHOOHG¶XQUHFRXUVFRQWUHODSUpVHQWHGpFLVLRQ $57,&/(
0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHVHW0RQVLHXUOH'LUHFWHXUGHOD&DLVVH 3ULPDLUHG¶$VVXUDQFH0DODGLHGHV/DQGHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGXSUpVHQWDUUrWpGRQW PHQWLRQVHUDSDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHVVHUYLFHVGHO¶(WDWGDQVOHGpSDUWHPHQWGHV/DQGHV $57,&/(
1RWLILFDWLRQGXSUpVHQWDUUrWpVHUDIDLWHHQRXWUHj
y 0RQVLHXUOH7UpVRULHU3D\HXU*pQpUDO
y 0DGDPHOH'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG¶$TXLWDLQH y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVH5pJLRQDOHG¶$VVXUDQFH0DODGLHG¶$TXLWDLQH /H'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG $TXLWDLQH
$ODLQ*$5&,$
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55Ç7e1'8-$19,(502',),$17/$'27$7,21*/2%$/((7/(67$5,)6 '(35(67$7,216'8&(175('(62,16'(68,7((7'(5e$'$37$7,21±&(175('( 62,16'(/21*8('85e(±,167,787© +e/,20$5,1 ª'(/$%(11( /H'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG¶$TXLWDLQH
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOD/RLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHPRGLILpHSDUOD/RLQGXMDQYLHU 9XO¶RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO¶KRVSLWDOLVDWLRQSXEOLTXHHWSULYpH 9XOD/RLQGXGpFHPEUHGHILQDQFHPHQWGHODVpFXULWpVRFLDOHSRXU 9XODFLUFXODLUH'*6'66$'+262)QGXGpFHPEUHUHODWLYHjODFDPSDJQHEXGJpWDLUHSRXUGHV pWDEOLVVHPHQWVVDQLWDLUHVILQDQFpVSDUGRWDWLRQJOREDOH KRUVXQLWpVGHVRLQVGHORQJXHGXUpH 9XODGpFLVLRQPRGLILFDWLYHQ
9XO¶DYLVGHOD&RPPLVVLRQ([pFXWLYHGHO¶$5+$
6XUSURSRVLWLRQGH0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHV $55Ç7(
$57,&/(
/¶DUUrWpQHVWPRGLILp
$57,&/(
/DGRWDWLRQJOREDOHGX&HQWUHGHVRLQVGHVXLWHHWGHUpDGDSWDWLRQHWGHVRLQVGHORQJXHGXUpH,QVWLWXW© +pOLR0DULQ ªGH /$%(11(HVWIL[pHDXWLWUHGHO¶DQQpHj
(OOHVHGpFRPSRVHGHODIDoRQVXLYDQWH
6RLQVGHVXLWHHWGHUpDGDSWDWLRQ ¼
6RLQVGHORQJXHGXUpH ¼
727$/ ¼
$57,&/(
/HVWDULIVGHSUHVWDWLRQVVRQWLQFKDQJpVMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
$57,&/(
/HVUHFRXUVFRQWHQWLHX[FRQWUHOHSUpVHQW$UUrWpGRLYHQWSDUYHQLUDX6HFUpWDULDWGHOD&RPPLVVLRQ,QWHUUpJLRQDOHGHOD 7DULILFDWLRQ6DQLWDLUHHW6RFLDOHGH%RUGHDX[GDQVOHGpODLIUDQFG¶XQPRLVjFRPSWHUGHVDQRWLILFDWLRQSRXUOHVSHUVRQQHV DX[TXHOOHVLODpWpQRWLILpRXGHVDSXEOLFDWLRQSRXUOHVDXWUHVSHUVRQQHV
$57,&/(
0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHV0RQVLHXUOH'LUHFWHXUGHOD&DLVVH 3ULPDLUHG¶$VVXUDQFH0DODGLHOH'LUHFWHXUGHO¶pWDEOLVVHPHQWVXVYLVpVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGH O¶H[pFXWLRQGXSUpVHQWDUUrWpGRQWPHQWLRQVHUDSDUDLOOHXUVLQVpUpHDX5HFXHLOGHV$FWHV$GPLQLVWUDWLIVGHVVHUYLFHVGHO¶eWDW GDQVOHGpSDUWHPHQWGHV/DQGHV
$57,&/(
1RWLILFDWLRQGXSUpVHQWDUUrWpVHUDIDLWHHQRXWUHj
y 0RQVLHXUOH7UpVRULHU3D\HXU*pQpUDO
y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVH5pJLRQDOHG¶$VVXUDQFH0DODGLHG¶$TXLWDLQH y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVH3ULPDLUHG¶$VVXUDQFH0DODGLHGHV/DQGHV y 0RQVLHXUOH'LUHFWHXUGHOD&DLVVHGH0XWXDOLWp6RFLDOH$JULFROHGHV/DQGHV y 0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHOD&RQFXUUHQFHGHOD&RQVRPPDWLRQHWGHOD5pSUHVVLRQGHV)UDXGHV 3RXUOH'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG $TXLWDLQHOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW 6RFLDOHV
3RXUOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVO¶,QVSHFWHXU3ULQFLSDO )DELHQQH5$%$8
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55(7(''$661'8-$19,(52895$1781&21&2856685(35(89(6 3285/(5(&587(0(17'¶81021,7(85'¶$7(/,(5$/¶,0(37$51(7*$5211('( 0,0,=$1
/H3UpIHWGHV/DQGHV
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOD/RLQGXMDQYLHUSRUWDQWGLVSRVLWLRQVVWDWXWDLUHVUHODWLYHVjOD)RQFWLRQ3XEOLTXH+RVSLWDOLqUH 9XOHGpFUHWQGXPDUVSRUWDQWVWDWXWSDUWLFXOLHUGHVPRQLWHXUVG¶DWHOLHUGHOD)RQFWLRQ3XEOLTXH+RVSLWDOLqUH PRGLILpSDUOHGpFUHWQGXPDL
9XO DUUrWpGXMXLOOHWUHODWLIjO¶RUJDQLVDWLRQGXFRQFRXUVVXUpSUHXYHVSRXUOHUHFUXWHPHQWGHPRQLWHXUVG¶DWHOLHUGHOD )RQFWLRQ3XEOLTXH+RVSLWDOLqUHPRGLILpSDUO¶DUUrWpGXDRW
9XO¶DYLVGHYDFDQFHG¶XQSRVWHGHPRQLWHXUG¶DWHOLHU©HVSDFHVYHUWV ªjO¶,0(3GH0,0,=$1SDUXVXU+263,02%OH QRYHPEUHVRXVODUpIpUHQFHQ
&RQVLGpUDQWTXHO¶pWDEOLVVHPHQWQ¶DSDVSRXUYXFHSRVWH
6XUSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV $55Ç7(
$57,&/(
8QFRQFRXUVVXUpSUHXYHVSRXUOHUHFUXWHPHQWG¶XQPRQLWHXUG¶DWHOLHU©HVSDFHVYHUWV ªHVWRXYHUWjO¶,0(3GH0,0,=$1 GDQVOHV/DQGHV
$57,&/(
3HXYHQWIDLUHDFWHGHFDQGLGDWXUHOHVSHUVRQQHVWLWXODLUHVG¶XQFHUWLILFDWG¶DSWLWXGHSURIHVVLRQQHOOHRXG¶XQEUHYHWG¶pWXGHV SURIHVVLRQQHOOHVD\DQWDFTXLVGHSXLVO¶REWHQWLRQGHOHXUGLSO{PHXQHH[SpULHQFHSURIHVVLRQQHOOHGHDQVGDQVOHXU VSpFLDOLVDWLRQ
$57,&/(
/HVFDQGLGDWXUHVGRLYHQWrWUHDGUHVVpHVDX'LUHFWHXUGHO¶,0(3
0RQVLHXU=(5%,%*DEULHO
5XHGX%HOYpGqUH
0,0,=$13/$*(7pO)D[
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHVOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVHWOH 'LUHFWHXUGHO¶,0(3GH0,0,=$1VRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQWDUUrWp )DLWj0RQWGH0DUVDQOHPDUV
3RXUOH3UpIHWHWSDUGpOpJDWLRQOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV 362/(77,
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55(7(''$661'8-$19,(53257$17289(5785('¶81&21&2856 685(35(89(63285/(5(&587(0(17'¶8135(3$5$7(85(13+$50$&,($8&(175( +263,7$/,(5'(0217'(0$56$1
/H3UpIHWGHV/DQGHVMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
9XOH&RGHGHOD6DQWp3XEOLTXH
9XOD/RLQGXMDQYLHUSRUWDQWGLVSRVLWLRQVVWDWXWDLUHVUHODWLYHVjOD)RQFWLRQ3XEOLTXH+RVSLWDOLqUH 9XOD/RLQGXMDQYLHUUHODWLYHjODUpVRUSWLRQGHO¶HPSORLSUpFDLUHHWjODPRGHUQLVDWLRQGXUHFUXWHPHQWGDQVOD )RQFWLRQ3XEOLTXH
9XOHGpFUHWQGXHUVHSWHPEUHPRGLILpSRUWDQWVWDWXWVSDUWLFXOLHUVGHVSHUVRQQHOVPpGLFRWHFKQLTXHVGHOD )RQFWLRQ3XEOLTXH+RVSLWDOLqUH
9XOHGpFUHWQGXGpFHPEUHUHODWLIjODUHFRQQDLVVDQFHGHO¶H[SpULHQFHSURIHVVLRQQHOOHHQpTXLYDOHQFHGHV FRQGLWLRQVGHWLWUHVRXGHGLSO{PHVUHTXLVHVSRXUVHSUpVHQWHUDX[FRQFRXUVUpVHUYpVRUJDQLVpVHQYXHGHODUpVRUSWLRQGH O¶HPSORLSUpFDLUHGDQVOD)RQFWLRQ3XEOLTXH+RVSLWDOLqUH
9XOHGpFUHWQGXGpFHPEUHUHODWLIjODUpVRUSWLRQGHO¶HPSORLSUpFDLUHGDQVOD)RQFWLRQ3XEOLTXH +RVSLWDOLqUHSULVSRXUO¶DSSOLFDWLRQGXFKDSLWUH,,,GXWLWUH,HUGHODORLQGXMDQYLHU 9XO DUUrWpGXIpYULHUIL[DQWODFRPSRVLWLRQGXMXU\HWOHVPRGDOLWpVG¶RUJDQLVDWLRQGHVFRQFRXUVHWH[DPHQV SURIHVVLRQQHOVSUpYXVDXFKDSLWUH,,,GXWLWUH,HUGHODORLQGXMDQYLHU 9XOD&LUFXODLUH'+263QGXPDLUHODWLYHjODPLVHHQSODFHGDQVOD)RQFWLRQ3XEOLTXH+RVSLWDOLqUHGX GLVSRVLWLIGHUpVRUSWLRQGHO¶HPSORLSUpFDLUHSUpYXSDUODORLQGXMDQYLHU 9XODGHPDQGHpPDQDQWGX&HQWUH+RVSLWDOLHUGH0RQWGH0DUVDQHQGDWHGXGpFHPEUHG¶RXYULUXQFRQFRXUVH[WHUQH VXUpSUHXYHVSRXUOHUHFUXWHPHQWG¶XQSUpSDUDWHXUHQSKDUPDFLHKRVSLWDOLqUH 6XUSURSRVLWLRQGH0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHV $55Ç7(
$57,&/(
8QFRQFRXUVH[WHUQHVXUpSUHXYHVSRXUOHUHFUXWHPHQWG¶XQSUpSDUDWHXUHQSKDUPDFLHKRVSLWDOLqUHHVWRXYHUWDX&HQWUH +RVSLWDOLHUGH0RQWGH0DUVDQ
$57,&/(
&HFRQFRXUVRUJDQLVpSDUOH&HQWUH+RVSLWDOLHUGH0RQWGH0DUVDQDXUDOLHXOHVHWIpYULHU $57,&/(
/HVFDQGLGDWVpOLJLEOHVDXGLVSRVLWLIGHUpVRUSWLRQGHO¶HPSORLSUpFDLUHGRLYHQWUHPSOLUOHVFRQGLWLRQVVXLYDQWHV -XVWLILHUHQWUHOHMXLOOHWHWOHMXLOOHWSHQGDQWXQHGXUpHPLQLPDOHGHGHX[PRLVGHODTXDOLWpG¶DJHQWQRQ WLWXODLUHGHGURLWSXEOLFUHFUXWpjWLWUHWHPSRUDLUHHWD\DQWDVVXUpGHVPLVVLRQVGpYROXHVDX[DJHQWVWLWXODLUHVGDQVXQRXGHV pWDEOLVVHPHQWVPHQWLRQQpVjO¶DUWLFOHGHODORLGXMDQYLHU
$YRLUpWpSHQGDQWFHWWHSpULRGHHQIRQFWLRQVRXDYRLUEpQpILFLpG¶XQFRQJpHQDSSOLFDWLRQGXGpFUHWQGXIpYULHU UHODWLIDX[GLVSRVLWLRQVJpQpUDOHVDSSOLFDEOHVDX[DJHQWVFRQWUDFWXHOV -XVWLILHUDXSOXVWDUGjODGDWHGHODQRPLQDWLRQGDQVOHFRUSVGHVWLWUHVRXGLSO{PHVUHTXLVSRXUODSUpVHQWDWLRQGXFRQFRXUVRX GHO¶H[DPHQSURIHVVLRQQHOH[WHUQHG¶DFFqVDXFRUSVFRQFHUQp
-XVWLILHUDXSOXVWDUGjODGDWHGHODFO{WXUHGHVLQVFULSWLRQVDXFRQFRXUVRXjO¶H[DPHQSURIHVVLRQQHOG¶XQHGXUpHGHVHUYLFHV SXEOLFVDXPRLQVpJDOHjWURLVDQVG¶pTXLYDOHQWWHPSVSOHLQDXFRXUVGHVKXLWGHUQLqUHVDQQpHVHIIHFWXpHVHQWDQWTX¶DJHQWQRQ WLWXODLUHGDQVOHVWURLVIRQFWLRQVSXEOLTXHVG¶eWDW+RVSLWDOLqUHRX7HUULWRULDOHRXGDQVOHXUVpWDEOLVVHPHQWVSXEOLFVjFDUDFWqUH DGPLQLVWUDWLI
/HVPLVVLRQVH[HUFpHVSHQGDQWODSpULRGHGHWURLVDQVGpILQLHFLGHVVXVGRLYHQWUHOHYHUG¶XQQLYHDXGHFDWpJRULHDXSOXVpJDO DXQLYHDXGHVPLVVLRQVFRUUHVSRQGDQWDXFRUSVG¶DFFXHLODXTXHOLOVVRXKDLWHQWDFFpGHU H[HPSOH SRXUXQFRUSVGHFDWpJRULH$ OHVPLVVLRQVH[HUFpHVGRLYHQWrWUHGHFDWpJRULH$SRXUXQFRUSVGHFDWpJRULH%OHVPLVVLRQVH[HUFpHVSHXYHQWrWUHGH FDWpJRULH$RX%
/HVFDQGLGDWVSHXYHQWREWHQLUODUHFRQQDLVVDQFHGHOHXUH[SpULHQFHSURIHVVLRQQHOOHHQpTXLYDOHQFHGHVFRQGLWLRQVGHWLWUHVRX GHGLSO{PHVUHTXLVHVSRXUVHSUpVHQWHUDX[FRQFRXUVUpVHUYpVHQDSSOLFDWLRQGXGpFUHWQGXGpFHPEUHHW GHO¶DUUrWpGXPLQLVWUHFKDUJpGHODVDQWpHQGDWHGXDYULO
$57,&/(
/HGRVVLHUGHFDQGLGDWXUHGHYUDFRPSRUWHU
8QHDWWHVWDWLRQGHSUpVHQFHGDQVXQpWDEOLVVHPHQWPHQWLRQQpjO¶DUWLFOHGHODORLGXMDQYLHUG¶XQHSpULRGHPLQLPDOHGH GHX[PRLVHQWUHOHMXLOOHWHWOHMXLOOHWGPHQWYDOLGpHSDUOHGLUHFWHXUG¶pWDEOLVVHPHQW /HVDWWHVWDWLRQVGHVVHUYLFHVHIIHFWXpVGPHQWYDOLGpHVSDUOHVGLUHFWHXUVG¶pWDEOLVVHPHQWRXOHVDXWRULWpVDGPLQLVWUDWLYHV FRPSpWHQWHV )RQFWLRQ3XEOLTXHeWDW)RQFWLRQ3XEOLTXH+RVSLWDOLqUHRX)RQFWLRQ3XEOLTXH7HUULWRULDOHeWDEOLVVHPHQWV 3XEOLFV LQGLTXDQWODGXUpHHQpTXLYDOHQWWHPSVSOHLQHWOHVIRQFWLRQVH[HUFpHVHQSUpFLVDQWOHQLYHDXGHFDWpJRULH FDWpJRULH$ %&RX'
/HVWLWUHRXGLSO{PHVH[LJLEOHVSRXUO¶DFFqVDXFRUSVFRQFHUQpRXXQHFRSLHGHFHVGRFXPHQWV/HVFDQGLGDWVD\DQWREWHQXOD UHFRQQDLVVDQFHGHOHXUH[SpULHQFHSURIHVVLRQQHOOHHQpTXLYDOHQFHGHVWLWUHVRXGLSO{PHVH[LJLEOHVSRXUO¶DFFqVDXFRUSV FRQFHUQpIRXUQLURQWODGpFLVLRQGHO¶DXWRULWpSUpIHFWRUDOHSULVHHQDSSOLFDWLRQGXGpFUHWQGXGpFHPEUH (WGHYUDrWUHDGUHVVpj0RQVLHXUOH'LUHFWHXUGX&HQWUH+RVSLWDOLHU'LUHFWLRQGHV5HVVRXUFHV+XPDLQHV$Y3LHUUHGH &RXEHUWLQ%30217'(0$56$1&HGH[
$57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHVOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVHWOH 'LUHFWHXUGX&HQWUH+RVSLWDOLHUGH0RQWGH0DUVDQVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQW DUUrWp
)DLWj0RQWGH0DUVDQOHPDUVMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
3RXUOH3UpIHWHWSDUGpOpJDWLRQOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHV 362/(77,
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$9,6'(&21&28566857,75(3285/(5(&587(0(17'¶81(,1),50,Ê5(',3/Ð0e( e7$7¬/¶(+3$'³/$3257('¶$48,7$,1(´58('(6%8,6±/$52&+(&+$/$,6 'LUHFWLRQGpSDUWHPHQWDOHGHVDIIDLUHVVDQLWDLUHVHWVRFLDOHV±3{OHVDQWp±VHUYLFHRIIUHGHVRLQVHWKDQGLFDS 8QFRQFRXUVVXUWLWUH GpFUHWGXQRYHPEUHSRUWDQWVWDWXWSDUWLFXOLHUGHVSHUVRQQHOVLQILUPLHUVGHOD)RQFWLRQ SXEOLTXHKRVSLWDOLqUH DXUDOLHXjO¶(+3$'GHO52&+(&+$/$,6 'RUGRJQH HQYXHGHSRXUYRLUSRVWHG¶LQILUPLqUH GLSO{PpHeWDWYDFDQWGDQVO¶pWDEOLVVHPHQW
/HVFDQGLGDWVGRLYHQWrWUHkJpVGHDQVDXPRLQVHWGHDQVDXSOXVDXHUMDQYLHUGHO¶DQQpHHQFRXUV&HWWHOLPLWHG¶kJH HVWUHFXOpHGDQVOHVFRQGLWLRQVSUpYXHVDX[DUWLFOHVHWGHODORLQGXMDQYLHUHWSDUO¶DUWLFOHGXGpFUHWQ GXIpYULHUPRGLILpSDUOHVGpFUHWVQGXVHSWHPEUHHWQGXQRYHPEUH /HVFDQGLGDWXUHVGRLYHQWrWUHDGUHVVpHVSDUpFULWj
0RQVLHXUOH'LUHFWHXU
(+3$'
³/D3RUWHG¶$TXLWDLQH´
5XHGHV%XLV
/$52&+(&+$/$,6
GDQVXQGpODLGHPRLVjFRPSWHUGHODSXEOLFDWLRQDXUHFXHLOGHVDFWHVDGPLQLVWUDWLIVGHOD'RUGRJQH eGLWLRQVSpFLDOH /HGRVVLHUGHFDQGLGDWXUHFRPSUHQGUD
XQHILFKHG¶pWDWFLYLOHWGHQDWLRQDOLWpIUDQoDLVH
XQHFRSLHFHUWLILpHFRQIRUPHGXGLSO{PHSURIHVVLRQQHOG¶LQILUPLqUHGLSO{PpHeWDW XQHOHWWUHGHPRWLYDWLRQDFFRPSDJQpHG¶XQFXUULFXOXPYLWDH
XQFHUWLILFDWPpGLFDOG¶DSWLWXGHDX[IRQFWLRQVG¶LQILUPLqUHGLSO{PpHeWDW
XQHSKRWRG¶LGHQWLWpUpFHQWH
/HVPRGDOLWpVG¶RUJDQLVDWLRQGXFRQFRXUVVHURQWFRPPXQLTXpHVDX[FDQGLGDWVGqVUpFHSWLRQGHOHXUVGRVVLHUV
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$9,6'(9$&$1&('¶813267('¶$*(17&+()Ê0(&$7e*25,('(9$17Ç75(328598 $8&+2,;
8QSRVWHG¶DJHQWFKHIqPHFDWpJRULHHVWjSRXUYRLUSDUOLVWHG¶DSWLWXGHDX&HQWUH+RVSLWDOLHUGH'D[ 3HXYHQWIDLUHDFWHGHFDQGLGDWXUHOHVFRQWUHPDvWUHVSULQFLSDX[DLQVLTXHOHVFRQWUHPDvWUHVFRPSWDQWDXPRLQVDQVGHVHUYLFHV HIIHFWLIVGDQVOHFRUSV
/HVGHPDQGHVDFFRPSDJQpHVGHWRXWHVSLqFHVMXVWLILFDWLYHVGHODVLWXDWLRQDGPLQLVWUDWLYHGHVFDQGLGDWVGRLYHQWrWUHDGUHVVpHV DX'LUHFWHXUGHFHWpWDEOLVVHPHQWGDQVXQGpODLG XQPRLVjFRPSWHUGHODGDWHGHSXEOLFDWLRQGXSUpVHQWDYLVDXUHFXHLOGHV DFWHVDGPLQLVWUDWLIV
&RRUGRQQpHV0RQVLHXUOH'LUHFWHXUGX&HQWUH+RVSLWDOLHU
%RXOHYDUG
'$;
7pO )D[
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$9,6'(9$&$1&('¶813267('¶$*(177(&+1,48('¶(175(7,(1'(9$17Ç75(328598 $8&+2,;
8QSRVWHG¶DJHQWWHFKQLTXHG¶HQWUHWLHQHVWjSRXUYRLUSDUOLVWHG¶DSWLWXGHDX&HQWUH+RVSLWDOLHUGH'D[ 3HXYHQWIDLUHDFWHGHFDQGLGDWXUHOHVIRQFWLRQQDLUHVKRVSLWDOLHUVDSSDUWHQDQWjXQFRUSVFODVVpHQFDWpJRULH&RX'HWFRPSWDQW DXPRLQVDQVGHVHUYLFHVSXEOLFV
/HVGHPDQGHVDFFRPSDJQpHVGHWRXWHVSLqFHVMXVWLILFDWLYHVGHODVLWXDWLRQDGPLQLVWUDWLYHGHVFDQGLGDWVGRLYHQWrWUHDGUHVVpHV DX'LUHFWHXUGHFHWpWDEOLVVHPHQWGDQVXQGpODLG XQPRLVjFRPSWHUGHODGDWHGHSXEOLFDWLRQGXSUpVHQWDYLVDXUHFXHLOGHV DFWHVDGPLQLVWUDWLIV
&RRUGRQQpHV0RQVLHXUOH'LUHFWHXUGX&HQWUH+RVSLWDOLHU
%RXOHYDUG
'$;
7pO )D[
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$9,6'(9$&$1&('¶813267('(&2175(0$Ì75('(9$17Ç75(328598$8&+2,; 8QSRVWHGHFRQWUHPDvWUHHVWjSRXUYRLUSDUOLVWHG¶DSWLWXGHjOD0DLVRQGHUHWUDLWHGH&$3%5(721 3HXYHQWIDLUHDFWHGHFDQGLGDWXUHOHVPDvWUHVRXYULHUVFRPSWDQWDXPRLQVDQVGHVHUYLFHVHIIHFWLIVGDQVOHJUDGHHWOHVMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
RXYULHUVSURIHVVLRQQHOVTXDOLILpVD\DQWDWWHLQWDXPRLQVOHqPHpFKHORQGXJUDGH /HVGHPDQGHVDFFRPSDJQpHVGHWRXWHVSLqFHVMXVWLILFDWLYHVGHODVLWXDWLRQDGPLQLVWUDWLYHGHVFDQGLGDWVGRLYHQWrWUHDGUHVVpHV DX'LUHFWHXUGHFHWpWDEOLVVHPHQWGDQVXQGpODLG XQPRLVjFRPSWHUGHODGDWHGHSXEOLFDWLRQGXSUpVHQWDYLVDXUHFXHLOGHV DFWHVDGPLQLVWUDWLIV
&RRUGRQQpHV0RQVLHXUOH'LUHFWHXUGHOD0DLVRQGHUHWUDLWH
5XHGHOD3pSLQLqUH
&$3%5(721
7pO )D[
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$9,6'(9$&$1&('('(8;3267(6'(0$Ì75(2895,(5'(9$17Ç75(3285986$8 &+2,;
'HX[SRVWHVGHPDvWUHRXYULHUVRQWjSRXUYRLUSDUOLVWHG¶DSWLWXGH
DX&HQWUH+RVSLWDOLHUGH'D[
DX&HQWUH+RVSLWDOLHUGH0RQWGH0DUVDQ
3HXYHQWIDLUHDFWHGHFDQGLGDWXUHOHVRXYULHUVSURIHVVLRQQHOVTXDOLILpVD\DQWDWWHLQWDXPRLQVOHqPHpFKHORQGXJUDGHHWOHV RXYULHUVSURIHVVLRQQHOVVSpFLDOLVpVFRPSWDQWDXPRLQVDQVGHVHUYLFHVHIIHFWLIVGDQVOHFRUSV /HVGHPDQGHVDFFRPSDJQpHVGHWRXWHVSLqFHVMXVWLILFDWLYHVGHODVLWXDWLRQDGPLQLVWUDWLYHGHVFDQGLGDWVGRLYHQWrWUHDGUHVVpHV DX'LUHFWHXUGHFHWpWDEOLVVHPHQWGDQVXQGpODLG XQPRLVjFRPSWHUGHODGDWHGHSXEOLFDWLRQGXSUpVHQWDYLVDXUHFXHLOGHV DFWHVDGPLQLVWUDWLIV
&RRUGRQQpHV0RQVLHXUOH'LUHFWHXUGX&HQWUH+RVSLWDOLHU
%RXOHYDUG
'$;
7pO)D[
&RRUGRQQpHV0RQVLHXUOH'LUHFWHXUGX&HQWUH+RVSLWDOLHU
$Y3LHUUHGH&RXEHUWLQ%3
0RQWGH0DUVDQ&HGH[
7pO)D[
',5(&7,21'(3$57(0(17$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$9,6'(9$&$1&('(3267(6'¶2895,(56352)(66,211(/663e&,$/,6e6'(9$17Ç75( 3285986$8&+2,;
4XDWUHSRVWHVG¶RXYULHUVSURIHVVLRQQHOVVSpFLDOLVpVVRQWjSRXUYRLUSDUOLVWHG¶DSWLWXGHDX&HQWUH+RVSLWDOLHUGH0RQWGH 0DUVDQ
3HXYHQWIDLUHDFWHGHFDQGLGDWXUHOHVIRQFWLRQQDLUHVKRVSLWDOLHUVDSSDUWHQDQWjXQFRUSVFODVVpHQFDWpJRULH&RX'HWFRPSWDQW DXPRLQVDQVGHVHUYLFHVSXEOLFV
/HVGHPDQGHVDFFRPSDJQpHVGHWRXWHVSLqFHVMXVWLILFDWLYHVGHODVLWXDWLRQDGPLQLVWUDWLYHGHVFDQGLGDWVGRLYHQWrWUHDGUHVVpHV DX'LUHFWHXUGHFHWpWDEOLVVHPHQWGDQVXQGpODLG XQPRLVjFRPSWHUGHODGDWHGHSXEOLFDWLRQGXSUpVHQWDYLVDXUHFXHLOGHV DFWHVDGPLQLVWUDWLIV
&RRUGRQQpHV0RQVLHXUOH'LUHFWHXUGX&HQWUH+RVSLWDOLHU
$Y3LHUUHGH&RXEHUWLQ%3
0RQWGH0DUVDQ&HGH[
7pO )D[
',5(&7,21'e3$57(0(17$/('(/$&21&855(1&('(/$&216200$7,21(7'( /$5e35(66,21'(6)5$8'(6
35'$(1
$55Ç7e5(/$7,)$8;7$5,)60$;,0$'(75$163257'(692<$*(8563$57$;,6 $87202%,/(6e48,3e6'(&2037(856+252.,/20e75,48(6'$16/('e3$57(0(17 '(6/$1'(6
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XO¶DUWLFOH/GX&RGHGH&RPPHUFHHWOH'pFUHWQGXGpFHPEUHIL[DQWVHVFRQGLWLRQVG¶DSSOLFDWLRQ 9XODORLQGXMDQYLHUUHODWLYHjO DFFqVjO DFWLYLWpGHFRQGXFWHXUHWjODSURIHVVLRQG H[SORLWDQWGHWD[L 9XOHGpFUHWQGX0DUVUHODWLIjO H[SORLWDWLRQGHVWD[LVHWGHVYpKLFXOHVGHUHPLVH 9XOHGpFUHWQGXPDUVUpJOHPHQWDQWODFDWpJRULHG¶LQVWUXPHQWVGHPHVXUHWD[LPqWUHV 9XOHGpFUHWQGX$RWSRUWDQWDSSOLFDWLRQGHODORLQGX-DQYLHUUHODWLYHjO DFFqVjO DFWLYLWp GHFRQGXFWHXUHWjODSURIHVVLRQG H[SORLWDQWGHWD[L
9XOHGpFUHWQGXPDLUHODWLIDXFRQWU{OHGHVLQVWUXPHQWVGHPHVXUH 9XO DUUrWpGXMXLOOHWUHODWLIDX[WD[LPqWUHVHQVHUYLFH
9XOHGpFUHWQGX$YULOUpJOHPHQWDQWOHVWDULIVGHFRXUVHGHVWD[LV 9XO¶DUUrWpGXGpFHPEUHUHODWLIjO¶LQIRUPDWLRQGXFRQVRPPDWHXUVXUOHVSUL[PRGLILpSDUO¶DUUrWpGXMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
QRYHPEUH
9XO DUUrWpPLQLVWpULHOGXGpFHPEUHUHODWLIDX[WDULIVGHVFRXUVHVGHWD[L 9XO¶DUUrWpSUpIHFWRUDOQGXMXLQUpJOHPHQWDQWODFLUFXODWLRQHWO¶H[SORLWDWLRQGHVWD[LVHWYRLWXUHVGHSHWLWHUHPLVH GDQVOHGpSDUWHPHQWGHV/DQGHV
9XO¶DUUrWpSUpIHFWRUDOGXQRYHPEUHUHODWLIDX[WDULIVGHVWD[LVPRGLILpSDUO¶DUUrWpSUpIHFWRUDOGX GpFHPEUH 6XUODSURSRVLWLRQGH0OH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6 $55Ç7(
$57,&/(
'DQVOHGpSDUWHPHQWGHV/$1'(6OHV7D[LVWHOVTX LOVVRQWGpILQLVSDUO¶DUWLFOH HU GHODORLQ GXMDQYLHU O¶DUWLFOHHU GHVRQGpFUHWG¶DSSOLFDWLRQQGXDRWHWOHGpFUHWGXPDUVVXVYLVpVVRQWVRXPLVDX[ GLVSRVLWLRQVGXSUpVHQWDUUrWp
&RQIRUPpPHQWjODORLQGXMDQYLHUDXGpFUHWQGXDRWDXGpFUHWGXPDUVHW DXGpFUHWGXPDUVHWGHVHVDUUrWpVG¶DSSOLFDWLRQOHVWD[LVGRLYHQWrWUHREOLJDWRLUHPHQWSRXUYXVGHVVLJQHV GLVWLQFWLIVVXLYDQWV
XQFRPSWHXUKRURNLORPpWULTXHGLWWD[LPqWUHDSSURXYpSDUOD'LUHFWLRQ5pJLRQDOHGHO ,QGXVWULHGHOD5HFKHUFKHHWGH O (QYLURQQHPHQWHWLQVWDOOpGDQVOHYpKLFXOHGHWHOOHVRUWHTXHOHSUL[jSD\HUHWOHVSRVLWLRQVGHIRQFWLRQQHPHQWSXLVVHQWrWUH OXVIDFLOHPHQWGHODSODFHGHO XVDJHU
XQGLVSRVLWLIH[WpULHXUOXPLQHX[ODQXLWSRUWDQWOD PHQWLRQ7$;,DJUppSDUOD'LUHFWLRQ5pJLRQDOHGHO ,QGXVWULHGHOD 5HFKHUFKHHWGHO (QYLURQQHPHQW
O LQGLFDWLRQYLVLEOHGHO H[WpULHXUGHODFRPPXQHRXGHO HQVHPEOHGHVFRPPXQHVG DWWDFKHPHQWDLQVLTXHOHQXPpUR G DXWRULVDWLRQGXVWDWLRQQHPHQW
$57,&/(
/HVWDULIVOLPLWHVDSSOLFDEOHVDXWUDQVSRUWGHVYR\DJHXUVSDUWD[LVDXWRPRELOHVVRQWIL[pVFRPPHVXLWGDQVOHGpSDUWHPHQWGHV /$1'(6WRXWHVWD[HVFRPSULVHVHWTXHOTXHVRLWOHQRPEUHGHSODFHVTXHODYRLWXUHFRPSRUWHTXHFHVSODFHVVRLHQWWRXWHV RFFXSpHVRXQRQ
3RXUXQHYDOHXUGHFKXWHGH ¼OHWDULI$FRUUHVSRQGjXQLQWHUYDOOHGHFKXWHGHPqWUHVDXWDULINLORPpWULTXHHWGH VHFRQGHVDXWDULIKRUDLUH
32857286/(67$5,)6
3ULVHHQFKDUJH ¼
1% 7RXWHIRLVSRXUOHVFRXUVHVGHSHWLWHGLVWDQFH OHPRQWDQWGHODSULVHHQFKDUJHSHXWrWUHDXJPHQWpGDQVODOLPLWHGH ¼jFRQGLWLRQTXHOHPRQWDQWWRWDOGHODFRXUVHVXSSOpPHQWVLQFOXVQHGpSDVVHSDV ¼ 8QHLQIRUPDWLRQSDUYRLHG¶DIILFKHWWHVDSSRVpHVGDQVOHVYpKLFXOHVGRLWLQGLTXHUjODFOLHQWqOHOHVFRQGLWLRQVG¶DSSOLFDWLRQGHOD SULVHHQFKDUJH
/HVDIILFKHWWHVGHYURQWUHSUHQGUHODIRUPXOHVXLYDQWH© TXHOTXHVRLWOHPRQWDQWLQVFULWDXFRPSWHXUODVRPPHSHUoXHSDUOH FKDXIIHXUQHSHXWrWUHLQIpULHXUHj ¼ª
7DULIKRUDLUH ¼
DWWHQWHRXPDUFKHOHQWH
7$5,)6.,/20(75,48(6DSSOLFDEOHVHQIRQFWLRQGHODQDWXUHGXWUDQVSRUWHIIHFWXp 7$5,) ',67$1&('(
7$5,) 1$785('875$163257())(&78( .,/20(75, &+87(3285¼ $ &RXUVHGHMRXU GH+j +
DYHFUHWRXUHQFKDUJHjODVWDWLRQ ¼ P
% &RXUVHGHQXLW GH+j+
DLQVLTXHOHGLPDQFKHHWOHVMRXUVIpULpVDYHF
UHWRXUHQFKDUJHjODVWDWLRQ ¼ P
& &RXUVHGHMRXU GH+j+
DYHFUHWRXUjYLGHjODVWDWLRQ ¼ P
' &RXUVHGHQXLW GH+j+
DLQVLTXH'LPDQFKHHWMRXUVIpULpV
DYHFUHWRXUjYLGHjODVWDWLRQ ¼ P
/HFRQGXFWHXUGHWD[LGRLWPHWWUHOHWD[LPqWUHHQSRVLWLRQGHIRQFWLRQQHPHQWGqVOHGpEXWGHODFRXUVHHQDSSOLTXDQW OHVWDULIVUpJOHPHQWDLUHVHWVLJQDOHUDXFOLHQWWRXWFKDQJHPHQWLQWHUYHQDQWSHQGDQWODFRXUVH $57,&/(
3RXUOHVWUDQVSRUWVVXUDSSHOV WpOpSKRQLTXHVRXDXWUHV LOVHUDIDLWVXFFHVVLYHPHQWXVDJHGHVGLIIpUHQWVWDULIVGDQVOHV FRQGLWLRQVGpFULWHVFLDSUqV
'XSRLQWGHGpSDUWGHODVWDWLRQMXVTX jODSULVHHQFKDUJHGXFOLHQWDSSOLFDWLRQGXWDULI& RX' (QFDVG DSSHOWpOpSKRQLTXHDXGRPLFLOHGXFKDXIIHXUGHWD[LODQXLWHQWUH+HW+OHWDULI'SHXWrWUHDSSOLTXpGqVOH GpSDUWGXYpKLFXOHGHVRQJDUDJH
3XLVjODSULVHHQFKDUJHGXFOLHQWLOVHUDIDLWDSSOLFDWLRQGHODWDULILFDWLRQFRUUHVSRQGDQWHjO XQHGHVVLWXDWLRQVVXLYDQWHV D VLjODGHPDQGHGXFOLHQWOHWD[LHIIHFWXHXQWUDQVSRUWFLUFXODLUHDYHFGpSDUWHWUHWRXUHQFKDUJHDXSRLQWGHSULVHHQFKDUJH GXFOLHQWDSSOLFDWLRQGXWDULI$ RX%
E VLODGHVWLQDWLRQGXFOLHQWpORLJQHOHWD[LGHVRQSRLQWGHGpSDUWDSSOLFDWLRQGXWDULI& RX' F VLODGHVWLQDWLRQGXFOLHQWFRQGXLWOHWD[LjUHYHQLUHQGLUHFWLRQGHODVWDWLRQGHGpSDUWGDQVWRXVOHVFDVTX HOOHTXHVRLWODMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
GLVWDQFHjSDUFRXULUOHFRPSWHXUGHYUDrWUHG DERUGUHPLVHQSRVLWLRQOLEUHDXPRPHQWGHODSULVHHQFKDUJHGXFOLHQWSXLV HQFOHQFKpVXUOHWDULI& RX' /HSUL[jSD\HUVHUDFHOXLDIILFKpDXFRPSWHXUDXPRPHQWGHODGHVFHQWHGXFOLHQWPrPHVLOD FRXUVHHVWLQIpULHXUHjODGLVWDQFHSDUFRXUXHSDUOHWD[LSRXUYHQLUFKHUFKHUOHFOLHQW $57,&/(
'HVVXSSOpPHQWVSRXUURQWrWUHSHUoXVGDQVOHVFDVVXLYDQWV
¼SRXUOHWUDQVSRUWG XQHTXDWUL qPHSHUVRQQHDGXOWH
¼SRXUOHWUDQVSRUWG DQLPDX[
¼SRXUOHVEDJDJHVORXUGVWUDQVSRUWpVGDQVOHFRIIUHRXVXUOHWRLWGHODYRLWXUH $57,&/(3($*(6
/HVGURLWVGHSpDJHSHXYHQWrWUHIDFWXUpVHQVXVSRXUOHVSDUFRXUVHQFKDUJHH[FOXVLYHPHQW $57,&/($)),&+$*(
/HVWDULIVSUpYXVSDUOHSUpVHQWDUUrWpGHYDQWREOLJDWRLUHPHQWrWUHDIILFKpVGDQVOHVWD[LVODPRGLILFDWLRQGHVFRPSWHXUVGHYUD rWUHWHUPLQpHDXSOXVWDUGGHX[PRLVjFRPSWHUGHODSXEOLFDWLRQGXGLWDUUrWp $YDQWODPRGLILFDWLRQGXFRPSWHXUXQHKDXVVHPD[LPDOHGHSRXUUDrWUHDSSOLTXpHDXPRQWDQWGHODFRXUVHDIILFKpHQ XWLOLVDQWXQWDEOHDXGHFRQFRUGDQFHPLVjODGLVSRVLWLRQGHODFOLHQWqOH
$57,&/('(/,95$1&('(127(
(QDSSOLFDWLRQGHO DUUrWpPLQLVWpULHOQ$GX2&72%5(WRXWVHUYLFHGRLWIDLUHO REMHWGqVTX LODpWpUHQGXHWHQ WRXWpWDWGHFDXVHDYDQWOHSDLHPHQWGXSUL[ORUVTXHFHOXLFLHVWVXSpULHXUj ¼ 79$FRPSULVH GHODGpOLYUDQFHG XQH QRWHFRPSRUWDQWDXPLQLPXPRXWUHODGDWHHWOHOLHXOHQRPHWO DGUHVVHGHO HQWUHSULVHOHGpFRPSWHGpWDLOOpHQTXDQWLWpHWSUL[ GHVSUHVWDWLRQVIRXUQLHVVHORQOHPRGqOHMRLQWHQDQQH[HQ/ RULJLQDOGHODQRWHHVWUHPLVDXFOLHQWOHGRXEOHGRLWrWUH FRQVHUYpSDUO HQWUHSULVHSHQGDQWGHX[DQVSRXUOHVSUHVWDWLRQVGHVHUYLFHGRQWOHSUL[QHGpSDVVHSDV ¼ 79$ FRPSULVH ODGpOLYUDQFHGHODQRWHHVWIDFXOWDWLYHPDLVFHOOHFLGRLWrWUHUHPLVHDXFOLHQWV LOODGHPDQGHH[SUHVVpPHQW /HVFRQGLWLRQVGDQVOHVTXHOOHVODGpOLYUDQFHGHODQRWHHVWREOLJDWRLUHRXIDFXOWDWLYHVHURQWUDSSHOpHVjODFOLHQWqOHSDUXQH DIILFKHOLVLEOHGXOLHXRXV H[pFXWHOHSDLHPHQWGXSUL[
8QPRGqOHGHQRWHHVWDQQH[pDXSUpVHQWDUUrWp
$57,&/(',6326,7,)5(3(7,7(85/80,1(8; 9(5,),&$7,213(5,2',48( D /HVWD[LVGRLYHQWrWUHPXQLVG XQGLVSRVLWLIUpSpWLWHXUOXPLQHX[GHWDULIVH[WpULHXUDJUppSDUOD'LUHFWLRQ5pJLRQDOHGH O ,QGXVWULHGHOD5HFKHUFKHHWGHO (QYLURQQHPHQWFRQIRUPpPHQWDX[GLVSRVLWLRQVGHO DUUrWpPLQLVWpULHOGX$RWSULV HQDSSOLFDWLRQGXGpFUHWGX0DUV
E /HVWD[LPqWUHVVRQWVRXPLVjODYpULILFDWLRQSULPLWLYHjODYpULILFDWLRQSpULRGLTXHHWjODVXUYHLOODQFHSUpYXHVDX[DUWLFOHV HWGX'pFUHWGX0DUVVXLYDQWOHVPRGDOLWpVIL[pHVGDQVVHVDUUrWpVG DSSOLFDWLRQ &HVFRQWU{OHVVRQWDVVXUpVSDUOD'LUHFWLRQ5pJLRQDOHGHO ,QGXVWULHGHOD5HFKHUFKHHWGHO (QYLURQQHPHQWDYHF pYHQWXHOOHPHQWODFROODERUDWLRQGHVVHUYLFHVWHFKQLTXHVGpSDUWHPHQWDX[RXPXQLFLSDX[ $57,&/(
/RUVTXHOHWD[LPqWUHDXUDpWpWUDQVIRUPpODOHWWUHPDMXVFXOH6GHFRXOHXUYHUWH GLIIpUHQWHGHFHOOHGpVLJQDQWOHVSRVLWLRQV WDULIDLUHVHWG XQHKDXWHXUPLQLPDOHGHPLOOLPqWUHV VHUDDSSRVpHVXUOHFDGUDQGXWD[LPqWUH $57,&/(
/HVGLVSRVLWLRQVGHO DUUrWpSUpIHFWRUDOGXQRYHPEUHUHODWLIDX[WDULIVGHVWD[LVVRQWDEURJpHV $57,&/(
/H6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/$1'(6OH628635()(7GH'$;OHV0DLUHVGXGpSDUWHPHQWOH'LUHFWHXU 5pJLRQDOGHO ,QGXVWULHGHOD5HFKHUFKHHWGHO (QYLURQQHPHQWG $TXLWDLQHOH'LUHFWHXU'pSDUWHPHQWDOGHOD&RQFXUUHQFHGH OD&RQVRPPDWLRQHWGHOD5pSUHVVLRQGHV)UDXGHVOH&RPPDQGDQWGX*URXSHPHQWGH*HQGDUPHULHGHV/DQGHVOH'LUHFWHXU 'pSDUWHPHQWDOGHVSROLFHVXUEDLQHVDLQVLTXHWRXWHVDXWRULWpVGHFRQWU{OHVRQWFKDUJpVFKDFXQHQFHTXLOHVFRQFHUQHGH O H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDDIILFKpFRQIRUPpPHQWjODUpJOHPHQWDWLRQHQYLJXHXUHWLQVpUpDX5HFXHLOGHV$FWHV $GPLQLVWUDWLIV
0217'(0$56$1OHMDQYLHU
/H3UpIHW
-DFTXHV6$16
$11(;(102'(/('(127(
7$;,1
120 3UpQRP
$GUHVVH
7pOpSKRQH
50
1PLQpUDORJLTXH
5(&8ODVRPPHGH
&2856(HIIHFWXpHGH j
+HXUHGpSDUW +HXUHG DUULYpH
7$5,)6DSSOLTXpV$%&'
1RPEUHGHEDJDJHV
$WWHQWH
$ OH
120HW6LJQDWXUHGX&OLHQW 6LJQDWXUHGX&KDXIIHXUMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
127$$XFXQHLQGHPQLWpGHUHWRXUQ HVWGXH/HFOLHQWQ HVWWHQXGHSD\HUTXHODVRPPHLQGLTXpHDXFRPSWHXUjO¶H[FHSWLRQ GHVFRXUVHVGHSHWLWHGLVWDQFHSRXUOHVTXHOOHVXQPLQLPXPGH ¼SHXWrWUHGHPDQGp 6XSSOpPHQWVpYHQWXHOVEDJDJHVDXWRURXWHqPHSHUVRQQHDQLPDX[
5D\HUOHVPHQWLRQVLQXWLOHV
',5(&7,21'e3$57(0(17$/('(/¶e48,3(0(17
$55Ç7e35e)(&725$/1'8-$19,(53257$17'e/e*$7,21'(6,*1$785( ¬0 0,&+(/5(121,1*e1,(85(1&+()'(632176(7&+$866e(6',5(&7(85 'e3$57(0(17$/'(/ (48,3(0(17
/H3UpIHWGHV/DQGHV&KHYDOLHUGHOD/pJLRQG¶+RQQHXU
9XODORLQGXPDUVUHODWLYHDX[GURLWVHWOLEHUWpVGHVFRPPXQHVGHVGpSDUWHPHQWVHWGHVUpJLRQVHW QRWDPPHQWO DUWLFOHFRPSOpWpSDUODORLG RULHQWDWLRQQGXIpYULHUUHODWLYHjO DGPLQLVWUDWLRQWHUULWRULDOHGHOD 5pSXEOLTXH
9XODORLQGXMDQYLHUFRPSOpWpHSDUODORLQGXMXLOOHWUHODWLYHjODUpSDUWLWLRQGHVFRPSpWHQFHV HQWUHOHVFRPPXQHVOHVGpSDUWHPHQWVOHVUpJLRQVHWO (WDW
9XOH&RGHGHO XUEDQLVPH
9XOH&RGHGHODFRQVWUXFWLRQHWGHO KDELWDWLRQ
9XOH&RGHGHODURXWH
9XOH&RGHGXGRPDLQHSXEOLFIOXYLDOHWGHODQDYLJDWLRQLQWpULHXUH
9XOH&RGHGXGRPDLQHGHO (WDW
9XOH&RGHGHO H[SURSULDWLRQ
9XOH&RGHUXUDO
9XOHGpFUHWQGXPDLUHODWLIDX[SRXYRLUVGHVFRPPLVVDLUHVGHOD5pSXEOLTXHHWjO DFWLRQGHVVHUYLFHVHW RUJDQLVPHVSXEOLFVGHO (WDWGDQVOHVGpSDUWHPHQWVHWQRWDPPHQWO DUWLFOHFRPSOpWpSDUOHGpFUHWQGXHUMXLOOHW SRUWDQWFKDUWHGHODGpFRQFHQWUDWLRQ
9XOHGpFUHWQGXPDUVPRGLILpSRUWDQWGpFRQFHQWUDWLRQHQPDWLqUHGHJHVWLRQGHVSHUVRQQHOVUHOHYDQWGX PLQLVWUHFKDUJpGHO XUEDQLVPHGXORJHPHQWHWGHVWUDQVSRUWV
9XOHGpFUHWQGXGpFHPEUHSRUWDQWGpFRQFHQWUDWLRQGHVGpFLVLRQVUHODWLYHVjO¶DWWULEXWLRQGHODQRXYHOOH ERQLILFDWLRQLQGLFLDLUHGDQVOHVVHUYLFHVGXPLQLVWqUHGHO¶pTXLSHPHQWGHVWUDQVSRUWVHWGXORJHPHQW 9XOHGpFUHWGXIpYULHUQRPPDQW0-DFTXHV6DQVSUpIHWGHV/DQGHV 9XO DUUrWpPLQLVWpULHOQGXPDUVSRUWDQWQRPLQDWLRQjFRPSWHUGXPDUVGH00LFKHO5HQRQ LQJpQLHXUHQFKHIGHV3RQWVHW&KDXVVpHVHQTXDOLWpGHGLUHFWHXUGpSDUWHPHQWDOGHO (TXLSHPHQWGHV/DQGHV 9XO¶DUUrWpQGXPDUVPRGLILpSDUOHVDUUrWpVQGXPDL QGXHU MXLOOHWQGXDRWHWQGXGpFHPEUH GRQQDQWGpOpJDWLRQGHVLJQDWXUHj00LFKHO5HQRQLQJpQLHXUHQFKHIGHV3RQWVHW&KDXVVpHVGLUHFWHXUGpSDUWHPHQWDOGH O¶(TXLSHPHQW
6XUODSURSRVLWLRQGH0OHVHFUpWDLUHJpQpUDOGHODSUpIHFWXUHGHV/DQGHV
$55Ç7e02',),&$7,)
$57,&/(
/HWDEOHDXLQVpUpGDQVO¶DUWLFOHHVWPRGLILpFRPPHVXLW
DXOLHXGH
5248()257
06HUJH'LHPXQVFK 76&(
OLUHjODSODFH
5248()257
03DVFDO&DOLRW 763(
$57,&/(
/HWDEOHDXLQVpUpGDQVO¶DUWLFOHHVWPRGLILpFRPPHVXLW
DXOLHXGH
5248()257
06HUJH'LHPXQVFK 00LFKHO'XSRX\ $'0,1,675$7,21*(1(5$/( FRQJpVDQQXHOVHWDXWRULVDWLRQVG DEVHQFHGXSHUVRQQHODIIHFWpjVRQ
XQLWpWHUULWRULDOH
$33/,&$7,21'8'52,7'(662/6
EFHWG
OLUHjODSODFH
5248()257
03DVFDO&DOLRW 00LFKHO'XSRX\ $'0,1,675$7,21*(1(5$/(
FRQJpVDQQXHOVHWDXWRULVDWLRQVG DEVHQFHGXSHUVRQQHODIIHFWpjVRQ
XQLWpWHUULWRULDOH
$33/,&$7,21'8'52,7'(662/6
EFHWGMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
$57,&/(
/HSUpVHQWDUUrWpPRGLILHO¶DUUrWpSUpIHFWRUDOQGXPDUVPRGLILpSDUOHVDUUrWpVQGXPDLQ GXHU MXLOOHWQGXDRWHWQGXGpFHPEUHSRXUOHVDUWLFOHVSUpFLWpV $57,&/(
/HVDXWUHVWHUPHVGHO¶DUUrWpQGXPDUVVRQWPDLQWHQXV
$57,&/(
0RQVLHXUOH6HFUpWDLUH*pQpUDOGHOD3UpIHFWXUHGHV/DQGHVHW0RQVLHXUOH'LUHFWHXU'pSDUWHPHQWDOGHO (TXLSHPHQWVRQW FKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGHVGLVSRVLWLRQVGXSUpVHQWDUUrWpTXLVHUDSXEOLpDX5HFXHLOGHV$FWHV $GPLQLVWUDWLIVGHV6HUYLFHVGHO (WDWGDQVOH'pSDUWHPHQWGHV/DQGHV
/H3UpIHW
-DFTXHV6$16
',5(&7,215e*,21$/('(6$))$,5(60$5,7,0(6
$55Ç7e'85(1'$172%/,*$72,5(6/(6'e/,%e5$7,2161±(71 '82&72%5('8&20,7e5e*,21$/'(63Ç&+(60$5,7,0(6(7'(6e/(9$*(6 0$5,16'¶$48,7$,1( ),;$175(63(&7,9(0(17/(0217$17(7/(120%5('( /,&(1&(6'(3Ç&+('(/¶$1&+2,6¬/$6(11(72851$17( %2/,1&+( '$16/(6($8; '(/$',5(&7,21,17(5'e3$57(0(17$/('(6$))$,5(60$5,7,0(6'(63<5e1e(6± $7/$17,48(6(7'(6/$1'(63285/¶$11e(
/H3UpIHWGHODUpJLRQ$TXLWDLQH3UpIHWGHOD*LURQGH2IILFLHUGHOD/pJLRQG +RQQHXU 9XOHUqJOHPHQW &( GX&RQVHLOGXPDUVPRGLILpSUpYR\DQWFHUWDLQHVPHVXUHVWHFKQLTXHVGHFRQVHUYDWLRQGHV UHVVRXUFHVGHSrFKH
9XODORLQGXPDLPRGLILpHUHODWLYHjO RUJDQLVDWLRQLQWHUSURIHVVLRQQHOOHGHVSrFKHVPDULWLPHVHWGHVpOHYDJHV PDULQVHWjO RUJDQLVDWLRQGHODFRQFK\OLFXOWXUHQRWDPPHQWVRQDUWLFOH
9XOHGpFUHWQGXMDQYLHUPRGLILpSULVSRXUO DSSOLFDWLRQGHO DUWLFOHGXGpFUHWGXMDQYLHUPRGLILp IL[DQWOHVFRQGLWLRQVJpQpUDOHVG H[HUFLFHGHODSrFKHPDULWLPHGDQVOHVHDX[VRXPLVHVjODUpJOHPHQWDWLRQFRPPXQDXWDLUHGH FRQVHUYDWLRQHWGHJHVWLRQ
9XOHGpFUHWQGXPDUVPRGLILpIL[DQWOHVUqJOHVG RUJDQLVDWLRQHWGHIRQFWLRQQHPHQWGXFRPLWpQDWLRQDOGHV SrFKHVPDULWLPHVHWGHVpOHYDJHVPDULQVDLQVLTXHGHVFRPLWpVUpJLRQDX[HWORFDX[GHVSrFKHVPDULWLPHVHWGHVpOHYDJHV PDULQVQRWDPPHQWO¶DUWLFOH
9XO¶DUUrWpPLQLVWpULHOGXPDUVSRUWDQWFHVVDWLRQWHPSRUDLUHGHODSrFKHjO¶DQFKRLV 9XO¶DUUrWpGXSUpIHWGHODUpJLRQ$TXLWDLQHGXDYULOPRGLILpSRUWDQWQRPLQDWLRQGHVPHPEUHVGXFRQVHLOGXFRPLWp UpJLRQDOGHVSrFKHVPDULWLPHVHWGHVpOHYDJHVPDULQVG¶$TXLWDLQH
9XO¶DUUrWpGXSUpIHWGHODUpJLRQ$TXLWDLQHGXSRUWDQWQRPLQDWLRQGXSUpVLGHQWHWGHVYLFHSUpVLGHQWVGXFRPLWpUpJLRQDOGHV SrFKHVPDULWLPHVHWGHVpOHYDJHVPDULQVG¶$TXLWDLQH
9XO¶DUUrWpGXSUpIHWGHODUpJLRQ$TXLWDLQHGXRFWREUHGRQQDQWGpOpJDWLRQGHVLJQDWXUHDXGLUHFWHXUUpJLRQDOGHV DIIDLUHVPDULWLPHVG¶$TXLWDLQH
9XODGpOLEpUDWLRQQGXDYULOGXFRPLWpUpJLRQDOGHVSrFKHVPDULWLPHVHWGHVpOHYDJHVPDULQVG¶$TXLWDLQH 9XODGpOLEpUDWLRQQGXRFWREUHGXFRPLWpUpJLRQDOGHVSrFKHVPDULWLPHVHWGHVpOHYDJHVPDULQV G¶$TXLWDLQH
9XODGpOLEpUDWLRQQGXRFWREUHGXFRPLWpUpJLRQDOGHVSrFKHVPDULWLPHVHWGHVpOHYDJHVPDULQV G¶$TXLWDLQH
6XUSURSRVLWLRQGXGLUHFWHXUUpJLRQDOGHVDIIDLUHVPDULWLPHVG¶$TXLWDLQH
$55Ç7(
$57,&/(
6RQWUHQGXHVREOLJDWRLUHVjFRPSWHUGX HU MDQYLHUOHVGpOLEpUDWLRQVGXFRPLWpUpJLRQDOGHVSrFKHVPDULWLPHVHWGHV pOHYDJHVPDULQVG¶$TXLWDLQH QHWQIL[DQWUHVSHFWLYHPHQWOHPRQWDQWHWOHQRPEUHGHOLFHQFHVGHSrFKHGH O¶DQFKRLVjODVHQQHWRXUQDQWH EROLQFKH GDQVOHVHDX[GHODGLUHFWLRQLQWHUGpSDUWHPHQWDOHGHVDIIDLUHVPDULWLPHVGHV3\UpQpHV $WODQWLTXHVHWGHV/DQGHV
$57,&/(
/HGLUHFWHXUUpJLRQDOGHVDIIDLUHVPDULWLPHVG¶$TXLWDLQHHWOHGLUHFWHXULQWHUGpSDUWHPHQWDOGHVDIIDLUHVPDULWLPHVGHV3\UpQpHV $WODQWLTXHVHWGHV/DQGHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDX UHFXHLOGHVDFWHVDGPLQLVWUDWLIVGHVSUpIHFWXUHVGHV3\UpQpHV$WODQWLTXHVHWGHV/DQGHV )DLWj%RUGHDX[OHQRYHPEUH
3RXUOH3UpIHWGH5pJLRQHWSDUGpOpJDWLRQOH'LUHFWHXU5pJLRQDOGHV$IIDLUHV0DULWLPHVG $TXLWDLQH -HDQ%HUQDUG35e927
',5(&7,215e*,21$/('(6$))$,5(66$1,7$,5(6(762&,$/(6'¶$48,7$,1(
$55Ç7e02',),&$7,)'8129(0%5(&21&(51$17/(6<1',&$7 ,17(5+263,7$/,(5'(6/$1'(6
/H'LUHFWHXUGHO $JHQFH5pJLRQDOHGHO +RVSLWDOLVDWLRQG¶$TXLWDLQHMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
9XO¶DUWLFOHGHODORLQq GXMXLOOHW $UWLFOH/GX&RGHGHOD6DQWp3XEOLTXH 9XOH&RGHGHOD6DQWp3XEOLTXHQRWDPPHQWVRQDUWLFOH/HWVXLYDQW 9XO¶RUGRQQDQFHQq GXMXLQHWVRQDQQH[H
9XOHGpFUHWQq GXVHSWHPEUHSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVDX[pWDEOLVVHPHQWVSXEOLFVGHVDQWpHW DX[V\QGLFDWVLQWHUKRVSLWDOLHUV
9XO¶DUUrWpGXIpYULHUGH0RQVLHXUOH3UpIHWGHV/DQGHVSRUWDQWFRQVWLWXWLRQGX6\QGLFDW,QWHUKRVSLWDOLHUGHV/DQGHV 9XOHVDUUrWpVGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQHGHVGpFHPEUHHWPDL SRUWDQWFUpDWLRQGX6\QGLFDW,QWHUKRVSLWDOLHUGHV/DQGHVj0217'(0$56$1 9XOHVGpOLEpUDWLRQVGHV&RQVHLOVG¶$GPLQLVWUDWLRQGX6\QGLFDW,QWHUKRVSLWDOLHUHWGHVGHX[pWDEOLVVHPHQWVFRQVWLWXDQWOH 6\QGLFDW,QWHUKRVSLWDOLHU
6XUSURSRVLWLRQGH0OH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVGHV/DQGHV $55Ç7e
$57,&/(
/¶DUWLFOHGHO¶DUUrWpGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQHQGDWHGXGpFHPEUHHVWPRGLILp FRPPHVXLW
³/H6\QGLFDW,QWHUKRVSLWDOLHUHVWDXWRULVpjH[HUFHUOHVPLVVLRQVG¶pWDEOLVVHPHQWGHVDQWp VXLYDQWHV
¾ LPDJHULHSDUUpVRQDQFHPDJQpWLTXHQXFOpDLUHPRELOH
¾ JHVWLRQGHSRVWHVGHGLDO\VH DSSDUHLOG¶HQWUDvQHPHQW
¾ DFWLYLWpGHVRLQVHQQpRQDWRORJLHDYHFVRLQVLQWHQVLIVG¶XQHFDSDFLWpGHOLWVGRQW OLWVGHVRLQVLQWHQVLIV´ /HUHVWHVDQVFKDQJHPHQW
$57,&/(
/H'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG¶$TXLWDLQHHWOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW 6RFLDOHVGHV/DQGHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDXUHFXHLOGHV DFWHVDGPLQLVWUDWLIVGHV3UpIHFWXUHVGHOD5pJLRQ$TXLWDLQHHWGXGpSDUWHPHQWGHV/DQGHV )DLWj%RUGHDX[OHQRYHPEUH
/H'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQH
$ODLQ*$5&,$
',5(&7,215(*,21$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$8725,6$7,21'e/,95e('$16/(&$'5('(6$57,&/(6/(7/'8&2'('( /$6$17e38%/,48($8&(175(+263,7$/,(5'(0217'(0$56$1 5(1289(//(0(17'(63/$&(6'¶$1(67+e6,(28&+,585*,($0%8/$72,5( /D&RPPLVVLRQ([pFXWLYHGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQH 9XOH&RGHGHOD6DQWp3XEOLTXH
9XO¶RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO¶KRVSLWDOLVDWLRQSXEOLTXHHWSULYpH 9XO¶RUGRQQDQFHQGXMXLQHWVRQDQQH[H
9XOHGpFUHWQGXGpFHPEUHUHODWLIjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVSULVSRXUO¶DSSOLFDWLRQGHOD ORLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHHWPRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH 9XOHVGpFUHWVQGXGpFHPEUHHWQGXGpFHPEUHSULVSRXUO¶DSSOLFDWLRQGHODORLQ GXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHUHODWLIVjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVHWPRGLILDQWOH&RGHGHOD 6DQWp3XEOLTXH
9XOHVGpFUHWVQHWGXRFWREUHSRUWDQWDSSOLFDWLRQGHO¶DUWLFOH/GX&RGHGHOD6DQWp 3XEOLTXH
9XOHGpFUHWQGXPDUVUHODWLIjODGXUpHGHYDOLGLWpGHVDXWRULVDWLRQVPHQWLRQQpHVjO¶DUWLFOH/GX &RGHGHOD6DQWp3XEOLTXH
9XOHGpFUHWQGXGpFHPEUHUHODWLIDX[FRQGLWLRQVWHFKQLTXHVGHIRQFWLRQQHPHQWGHVpWDEOLVVHPHQWVGHVDQWp HQFHTXLFRQFHUQHODSUDWLTXHGHO¶DQHVWKpVLHHWPRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH 9XOHGpFUHWQGXDRWSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjO¶RUJDQLVDWLRQHWO¶pTXLSHPHQWVDQLWDLUHVHW PRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH
9XOHGpFUHWQGXGpFHPEUHUHODWLIDX[FRQGLWLRQVGHUpDOLVDWLRQGHO¶pYDOXDWLRQSUpYXHjO¶DUWLFOH/ GX&RGHGHOD6DQWp3XEOLTXHHWPRGLILDQWFH&RGH
9XOHGpFUHWQGXIpYULHUSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVDLQVL TXHGHVGLVSRVLWLRQVFRPSOpWDQWOHGpFUHWQGXIpYULHUHWPRGLILDQWOHWLWUH,HUGXOLYUH9,,GX&RGHGHOD6DQWp 3XEOLTXHDLQVLTXHO ¶UWLFOH5GX&RGHGHOD6pFXULWp6RFLDOH
9XO¶DUUrWpGXMDQYLHUUHODWLIDX[FDUDFWpULVWLTXHVGXVHFWHXURSpUDWRLUHPHQWLRQQpjO¶DUWLFOH'GX&RGHGHOD 6DQWp3XEOLTXHSRXUOHVVWUXFWXUHVSUDWLTXDQWO¶DQHVWKpVLHRXODFKLUXUJLHDPEXODWRLUHYLVpHVjO¶DUW 5 E GHFHPrPH &RGH
9XO¶DUUrWpPLQLVWpULHOGXRFWREUHUHODWLIDX[PRGDOLWpVG¶XWLOLVDWLRQHWGHFRQWU{OHGHVPDWpULHOVHWGLVSRVLWLIVPpGLFDX[ DVVXUDQWOHVIRQFWLRQVHWDFWHVFLWpVDX[DUWLFOHV'HW'GX&RGHGHOD6DQWp3XEOLTXH 9XO¶DUUrWpGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQHGXVHSWHPEUHIL[DQWOH6FKpPD UpJLRQDOG¶RUJDQLVDWLRQVDQLWDLUHHWVRQDQQH[HMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
9XO¶DUUrWpGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQHGXIpYULHUUHODWLIjODIL[DWLRQGX FDOHQGULHUG¶H[DPHQGHVGHPDQGHVG¶DXWRULVDWLRQHWGHUHQRXYHOOHPHQWG¶DXWRULVDWLRQ 9XODGpFLVLRQGHOD&RPPLVVLRQ([pFXWLYHGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQHQGDWHGXGpFHPEUH DXWRULVDQWODFUpDWLRQGHSODFHVG¶DQHVWKpVLHRXFKLUXUJLHDPEXODWRLUHDXVHLQGX&HQWUH+RVSLWDOLHUGH 0217'( 0$56$1VLVDYHQXH&URQVWDGW±%3±±0217'(0$56$1 9XOHUpVXOWDWSRVLWLIGHODYLVLWHGHFRQIRUPLWpGHFHVSODFHVG¶DQHVWKpVLHRXFKLUXUJLHDPEXODWRLUHGLOLJHQWpHOH MDQYLHU
9XODGHPDQGHGpFODUpHFRPSOqWHOHMXLQSUpVHQWpHSDUOH&RQVHLOG¶$GPLQLVWUDWLRQGX&HQWUH+RVSLWDOLHUGH0217 '(0$56$1±DYHQXH&URQVWDGW±%3± 0217'(0$56$1HQYXHGXUHQRXYHOOHPHQWGHO¶DXWRULVDWLRQ GH
SODFHVG¶DQHVWKpVLHRXFKLUXUJLHDPEXODWRLUHDXVHLQGHO¶pWDEOLVVHPHQW
9XO¶DYLVGX&RPLWp5pJLRQDOGHO¶2UJDQLVDWLRQ6DQLWDLUHHW6RFLDOH±VHFWLRQVDQLWDLUH±HQVDVpDQFHGXQRYHPEUH &RQVLGHUDQWO¶DGpTXDWLRQGHO¶DFWLYLWpGXVHUYLFHjODFDSDFLWpGRQWOHUHQRXYHOOHPHQWHVWVROOLFLWp &RQVLGHUDQWODVDWLVIDFWLRQGHODVWUXFWXUHDX[FRQGLWLRQVWHFKQLTXHVGHIRQFWLRQQHPHQW &RQVLGHUDQWOHGRVVLHUG¶pYDOXDWLRQSURSRVpSDUO¶pWDEOLVVHPHQW
'e&,'(
$57,&/(
/¶DXWRULVDWLRQSUpYXHjO¶DUWLFOH/GX&RGHGHOD6DQWp3XEOLTXHHVWDFFRUGpHDX&RQVHLOG¶$GPLQLVWUDWLRQGX&HQWUH +RVSLWDOLHUGH0217'(0$56$1±DYHQXH&URQVWDGW±%3±0217'(0$56$1HQ YXHGX UHQRXYHOOHPHQWGH
SODFHVG¶DQHVWKpVLHRXFKLUXUJLHDPEXODWRLUHDXVHLQGHO¶pWDEOLVVHPHQW
1),1(66GHO¶pWDEOLVVHPHQW
&RGHFDWpJRULH ©FHQWUHKRVSLWDOLHUª
$57,&/(
/¶DXWRULVDWLRQHVWVXERUGRQQpHDXUHVSHFWG¶HQJDJHPHQWVUHODWLIVG¶XQHSDUWDX[GpSHQVHVjODFKDUJHGHO¶DVVXUDQFHPDODGLH RXDXYROXPHG¶DFWLYLWpHWG¶DXWUHSDUWDX[UpVXOWDWVGHO¶pYDOXDWLRQSURSRVpHSDUO¶pWDEOLVVHPHQW $57,&/(
/DGDWHG¶HIIHWGXUHQRXYHOOHPHQWGHFHVSODFHVG¶DQHVWKpVLHRXFKLUXUJLHDPEXODWRLUHHVWIL[pHDXMDQYLHU $57,&/(
/DGXUpHGHYDOLGLWpGHFHWWHDXWRULVDWLRQHVWIL[pHjDQVjSDUWLUGXMDQYLHU $57,&/(
8QUHFRXUVKLpUDUFKLTXHFRQWUHFHWWHGpFLVLRQSHXWrWUHIRUPpSDUWRXWLQWpUHVVpGHYDQWOH0LQLVWUHGHOD6DQWpGHOD)DPLOOHHW GHV3HUVRQQHV+DQGLFDSpHVTXLVWDWXHGDQVXQGpODLPD[LPXPGHVL[PRLVVXUDYLVGX&RPLWp1DWLRQDOGHO¶2UJDQLVDWLRQ 6DQLWDLUHHW6RFLDOH
$57,&/(
/H'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG¶$TXLWDLQHHWOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW 6RFLDOHVGHV/DQGHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGHODSUpVHQWHGpFLVLRQTXLVHUDSXEOLpHDX[ UHFXHLOVGHVDFWHVDGPLQLVWUDWLIVGHV3UpIHFWXUHVGHOD5pJLRQ$TXLWDLQHHWGXGpSDUWHPHQWGHV/DQGHV )DLWj%RUGHDX[OHGpFHPEUH
/H3UpVLGHQW'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQ
$ODLQ*$5&,$
',5(&7,215(*,21$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
'e&,6,21'e/,95e('$16/(&$'5('(6$57,&/(6/(7/'8&2'('(/$ 6$17e38%/,48($8&(175(+263,7$/,(5'(0217'(0$56$1± &219(56,21'( /,76
/D&RPPLVVLRQ([pFXWLYHGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQH 98OH&RGHGHOD6DQWp3XEOLTXH
9XO¶RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO¶KRVSLWDOLVDWLRQSXEOLTXHHWSULYpH 9XO¶RUGRQQDQFHQGXMXLQHWVRQDQQH[H
9XOHGpFUHWQGXGpFHPEUHUHODWLIjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVSULVSRXUO¶DSSOLFDWLRQGHOD ORLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHHWPRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH 9XOHVGpFUHWVQGXGpFHPEUHHWQGXGpFHPEUHSULVSRXUO¶DSSOLFDWLRQGHODORLQ GXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHUHODWLIVjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVHWPRGLILDQWOH&RGHGHOD 6DQWp3XEOLTXH
9XOHVGpFUHWVQHWGXRFWREUHSRUWDQWDSSOLFDWLRQGHO¶DUWLFOH/GX&RGHGHOD6DQWp 3XEOLTXH
9XOHGpFUHWQGXPDUVUHODWLIjODGXUpHGHYDOLGLWpGHVDXWRULVDWLRQVPHQWLRQQpHVjO¶DUWLFOH/GX &RGHGHOD6DQWp3XEOLTXH
9XOHGpFUHWQGXDRWSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjO¶RUJDQLVDWLRQHWO¶pTXLSHPHQWVDQLWDLUHVHW PRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH
9XOHGpFUHWQGXGpFHPEUHUHODWLIDX[FRQGLWLRQVGHUpDOLVDWLRQGHO¶pYDOXDWLRQSUpYXHjO¶DUWLFOH/MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
GX&RGHGHOD6DQWp3XEOLTXHHWPRGLILDQWFH&RGH
9XOHGpFUHWQGXIpYULHUSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVDLQVL TXHGHVGLVSRVLWLRQVFRPSOpWDQWOHGpFUHWQGXIpYULHUHWPRGLILDQWOHWLWUH,HUGXOLYUH9,,GX&RGHGHOD6DQWp 3XEOLTXHDLQVLTXHO¶DUWLFOH5GX&RGHGHOD6pFXULWp6RFLDOH
9XO¶DUUrWpGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQHGXVHSWHPEUHIL[DQWOH6FKpPD UpJLRQDOG¶RUJDQLVDWLRQVDQLWDLUHHWVRQDQQH[H
9XO¶DUUrWpGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQHGXIpYULHUUHODWLIjODIL[DWLRQGX FDOHQGULHUG¶H[DPHQGHVGHPDQGHVG¶DXWRULVDWLRQHWGHUHQRXYHOOHPHQWG¶DXWRULVDWLRQ 9XODGHPDQGHGpFODUpHFRPSOqWHOHMXLQSUpVHQWpHSDUOH&RQVHLOG¶$GPLQLVWUDWLRQGX&HQWUH+RVSLWDOLHUGH0217 '(0$56$1±DYHQXH&URQVWDGW±±0217'(0$56$1&pGH[HQYXH GHODFRQYHUVLRQGHOLWVG¶KRVSLWDOLVDWLRQFRPSOqWHHQFKLUXUJLHHQSODFHVG¶KRVSLWDOLVDWLRQjWHPSVSDUWLHOHQPpGHFLQHj RULHQWDWLRQGLDEpWRORJLTXHDXVHLQGHO¶pWDEOLVVHPHQW
9XO¶DYLVGX&RPLWp5pJLRQDOGHO¶2UJDQLVDWLRQ6DQLWDLUHHW6RFLDOH±VHFWLRQVDQLWDLUH±HQVDVpDQFHGX QRYHPEUH
&RQVLGHUDQWTX¶XQYROHW© GLDEpWRORJLH ªGXVFKpPDUpJLRQDOG¶RUJDQLVDWLRQVDQLWDLUHHQFRXUVG¶pODERUDWLRQGRLWIL[HUSRXU FKDTXHVHFWHXUVDQLWDLUHGHVSURSRVLWLRQVGHUpSDUWLWLRQGHVK{SLWDX[GHMRXUGpGLpVjODGLDEpWRORJLH &RQVLGHUDQWGDQVFHVFRQGLWLRQVTXHODGHPDQGHGX&HQWUH+RVSLWDOLHUGH0217'(0$56$1HVWSUpPDWXUpH 'e&,'(
$57,&/(
/¶DXWRULVDWLRQSUpYXHjO¶DUWLFOH/GX&RGHGHOD6DQWp3XEOLTXHHVWUHIXVpHDX&RQVHLOG¶$GPLQLVWUDWLRQGX&HQWUH +RVSLWDOLHUGH0217'(0$56$1±DYHQXH&URQVWDGW±±0217'(0$56$1&pGH[HQYXHGH ODFRQYHUVLRQGHOLWVG¶KRVSLWDOLVDWLRQFRPSOqWHHQFKLUXUJLHHQSODFHVG¶KRVSLWDOLVDWLRQjWHPSVSDUWLHOHQPpGHFLQHj RULHQWDWLRQGLDEpWRORJLTXHDXVHLQGHO¶pWDEOLVVHPHQW
$57,&/(
8QUHFRXUVKLpUDUFKLTXHFRQWUHFHWWHGpFLVLRQSHXWrWUHIRUPpSDUWRXWLQWpUHVVpGHYDQWOH0LQLVWUHGHOD6DQWpGHOD)DPLOOHHW GHV3HUVRQQHV+DQGLFDSpHVTXLVWDWXHGDQVXQGpODLPD[LPXPGHVL[PRLVVXUDYLVGX&RPLWp1DWLRQDOGHO¶2UJDQLVDWLRQ 6DQLWDLUHHW6RFLDOH
$57,&/(
/H'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG¶$TXLWDLQHHWOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW 6RFLDOHVGHV/DQGHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGHODSUpVHQWHGpFLVLRQTXLVHUDSXEOLpHDX[ UHFXHLOVGHVDFWHVDGPLQLVWUDWLIVGHV3UpIHFWXUHVGHOD5pJLRQ$TXLWDLQHHWGXGpSDUWHPHQWGHV/DQGHV )DLWj%RUGHDX[OHGpFHPEUH
/H3UpVLGHQW'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQ
$ODLQ*$5&,$
',5(&7,215(*,21$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$8725,6$7,21'e/,95e('$16/(&$'5('(/¶$57,&/(/'8&2'('(/$6$17e 38%/,48($8&(175(+263,7$/,(5'(0217'(0$56$1± $8*0(17$7,21'( &$3$&,7e'(6216(59,&('(*<1e&2/2*,(2%67e75,48( /D&RPPLVVLRQ([pFXWLYHGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQH 9XOH&RGHGHOD6DQWp3XEOLTXH
9XO¶RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO¶KRVSLWDOLVDWLRQSXEOLTXHHWSULYpH 9XO¶RUGRQQDQFHQGXMXLQHWVRQDQQH[H
9XOHGpFUHWQGXGpFHPEUHUHODWLIjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVSULVSRXUO¶DSSOLFDWLRQGHOD ORLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHHWPRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH 9XOHVGpFUHWVQGXGpFHPEUHHWQGXGpFHPEUHSULVSRXUO¶DSSOLFDWLRQGHODORLQ GXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHUHODWLIVjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVHWPRGLILDQWOH&RGHGHOD 6DQWp3XEOLTXH
9XOHGpFUHWQGXPDUVUHODWLIjODGXUpHGHYDOLGLWpGHVDXWRULVDWLRQVPHQWLRQQpHVjO¶DUWLFOH/GX &RGHGHOD6DQWp3XEOLTXH
9XOHGpFUHWQGXGpFHPEUHUHODWLIDX[FRQGLWLRQVGHUpDOLVDWLRQGHO¶pYDOXDWLRQSUpYXHjO¶DUWLFOH/ GX&RGHGHOD6DQWp3XEOLTXHHWPRGLILDQWFH&RGH
9XOHGpFUHWQGXIpYULHUSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVDLQVL TXHGHVGLVSRVLWLRQVFRPSOpWDQWOHGpFUHWQGXIpYULHUHWPRGLILDQWOHWLWUH,HUGXOLYUH9,,GX&RGHGHOD6DQWp 3XEOLTXHDLQVLTXHO DUWLFOH5GX&RGHGHOD6pFXULWp6RFLDOH
9XOHGpFUHWQGXRFWREUHPRGLILDQWOHWLWUHHUGXOLYUH9,,GX&RGHGHOD6DQWp3XEOLTXHHWUHODWLIDX[ pWDEOLVVHPHQWVGHVDQWpSXEOLFVHWSULYpVSUDWLTXDQWO¶REVWpWULTXHODQpRQDWRORJLHRXODUpDQLPDWLRQQpRQDWDOH 9XOHGpFUHWQGXRFWREUHUHODWLIDX[FRQGLWLRQVWHFKQLTXHVGHIRQFWLRQQHPHQWDX[TXHOOHVGRLYHQWVDWLVIDLUHOHV pWDEOLVVHPHQWVGHVDQWpSRXUrWUHDXWRULVpVjSUDWLTXHUOHVDFWLYLWpVG¶REVWpWULTXHGHQpRQDWRORJLHRXGHUpDQLPDWLRQQpRQDWDOH HWPRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH
9XO¶DUUrWpGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQHGXVHSWHPEUHIL[DQWOH6FKpPD UpJLRQDOG¶RUJDQLVDWLRQVDQLWDLUHHWVRQDQQH[HMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
9XO¶DUUrWpGXDYULOUHODWLIDX[ORFDX[GHSUpWUDYDLOHWGHWUDYDLODX[GLVSRVLWLIVPpGLFDX[HWDX[H[DPHQVSUDWLTXpVHQ QpRQDWRORJLHHWHQUpDQLPDWLRQQpRQDWDOHSUpYXVjODVRXVVHFWLRQ,9©FRQGLWLRQV WHFKQLTXHVGHIRQFWLRQQHPHQWUHODWLYHVj O¶REVWpWULTXHjODQpRQDWRORJLHHWjODUpDQLPDWLRQQpRQDWDOHªGX&RGHGHOD6DQWp3XEOLTXH 9XO¶DUUrWpGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQHGXIpYULHUUHODWLIjODIL[DWLRQGX FDOHQGULHUG¶H[DPHQGHVGHPDQGHVG¶DXWRULVDWLRQHWGHUHQRXYHOOHPHQWG¶DXWRULVDWLRQ 9XO¶DUUrWpGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQHGXMXLQUHODWLIDXELODQGHOD FDUWHVDQLWDLUHSRXUODGLVFLSOLQHG¶REVWpWULTXH
9XODGHPDQGHGpFODUpHFRPSOqWHOHDRWSUpVHQWpHSDUOH&HQWUH+RVSLWDOLHUGH0217'(0$56$1±DYHQXH 3LHUUHGH&RXEHUWLQ±%3±0217'(0$56$1 HQYXHGHO¶DXJPHQWDWLRQGHFDSDFLWpGH OLWV G¶REVWpWULTXHDX&HQWUH+RVSLWDOLHUGH0217'(0$56$1
9XO¶DYLVGX&RPLWp5pJLRQDOGHO¶2UJDQLVDWLRQ6DQLWDLUHHW6RFLDOH±VHFWLRQVDQLWDLUH±HQVDVpDQFHGXQRYHPEUH &RQVLGHUDQWOHVRXKDLWGHOD&OLQLTXHGHV/DQGHVGHPHWWUHILQjO¶DFWLYLWpGHJ\QpFRORJLHREVWpWULTXHjFRPSWHU GXGpFHPEUH HWODVXSSUHVVLRQGHVOLWVG¶REVWpWULTXHTXLHQGpFRXOH &RQVLGHUDQWTXHOHELODQGHODFDUWHVDQLWDLUHG¶REVWpWULTXHIDLWDSSDUDvWUHXQWDX[GHGpILFLWGHVXUOH VHFWHXUVDQLWDLUHQ© /DQGHV ª
&RQVLGHUDQWGDQVFHVFRQGLWLRQVTXHFHWWHRSpUDWLRQQHJpQqUHSDVGHPRGLILFDWLRQGHODFDSDFLWpGHVOLWVG¶REVWpWULTXH UHJURXSpV
'e&,'(
$57,&/(
/¶DXWRULVDWLRQSUpYXHjO¶DUWLFOH/GX&RGHGHOD6DQWp3XEOLTXHHVWDFFRUGpHDX&HQWUH+RVSLWDOLHUGH0217 0$56$1±$YHQXH3LHUUHGH&RXEHUWLQ±%3± ±0217'(0$56$1HQYXHGHO¶DXJPHQWDWLRQGHFDSDFLWpGH VRQVHUYLFHGHJ\QpFRORJLHREVWpWULTXHGHOLWV
1),1(66GHO¶pWDEOLVVHPHQW
&RGHFDWpJRULH ©FHQWUHKRVSLWDOLHUª
$57,&/(
/DFDSDFLWpGX&HQWUH+RVSLWDOLHUGH0217'(0$56$1GpVRUPDLVIL[pHjOLWVHWSODFHVHVWUpSDUWLHGDQVOHV GLVFLSOLQHVVDQLWDLUHVFLDSUqV
PpGHFLQH OLWVHWSODFHVGRQWSODFHVG¶KRVSLWDOLVDWLRQjWHPSVSDUWLHOGHMRXU pWDQWGpGLpHVjODFKLPLRWKpUDSLHDPEXODWRLUH
FKLUXUJLH OLWVHWSODFHVGRQWSODFHVGHFKLUXUJLHDPEXODWRLUH
J\QpFRORJLHREVWpWULTXH OLWV
SV\FKLDWULHJpQpUDOH OLWVHWSODFHVGRQWSODFHVG¶KRVSLWDOLVDWLRQLQFRPSOqWHHWDOWHUQDWLYHV SV\FKLDWULHLQIDQWRMXYpQLOH OLWVHWSODFHVGRQWSODFHVG¶KRVSLWDOLVDWLRQjWHPSVSDUWLHO VRLQVGHVXLWHHWGHUpDGDSWDWLRQ OLWVHWSODFHVGRQWOLWVHWSODFHVGHUpDGDSWDWLRQIRQFWLRQQHOOHVRLW OLWVG¶KRVSLWDOLVDWLRQFRPSOqWH
SODFHVG¶KRVSLWDOLVDWLRQjWHPSVSDUWLHO
VRLQVGHORQJXHGXUpH OLWV
$57,&/(
/¶DXWRULVDWLRQHVWUpSXWpHFDGXTXHVLO¶RSpUDWLRQQ¶DSDVIDLWO¶REMHWG¶XQFRPPHQFHPHQWG¶H[pFXWLRQGDQVXQGpODLGHWURLV DQV/¶DXWRULVDWLRQHVWpJDOHPHQWUpSXWpHFDGXTXHSRXUODSDUWLHGHO¶pWDEOLVVHPHQWGHO¶LQVWDOODWLRQRXGHO¶DFWLYLWpGHVRLQV GRQWODUpDOLVDWLRQODPLVHHQ°XYUHRXO¶LPSODQWDWLRQQ¶HVWSDVDFKHYpHGDQVXQGpODLGHTXDWUHDQV $57,&/(
/DSUpVHQWHDXWRULVDWLRQYDXWGHSOHLQGURLWDXWRULVDWLRQGHIRQFWLRQQHUVRXVUpVHUYHGXUpVXOWDWSRVLWLIGHODYLVLWHGH FRQIRUPLWpSUpYXHjO¶DUWLFOH/
$57,&/(
/DGXUpHGHYDOLGLWpGHFHWWHDXWRULVDWLRQHVWIL[pHjDQVjSDUWLUGXMRXURHVWFRQVWDWpOHUpVXOWDWSRVLWLIGHODYLVLWHGH FRQIRUPLWp
$57,&/(
/¶pWDEOLVVHPHQWTXLUpDOLVHUDSOXVGHDFFRXFKHPHQWVSDUDQGHYUDVHFRQIRUPHUDX[SUHVFULSWLRQVGHVGpFUHWVGX RFWREUHHWGHO¶DUUrWpGXDYULOHQODPDWLqUH
$57,&/(
/¶DXWRULVDWLRQHVWVXERUGRQQpHDXUHVSHFWG¶HQJDJHPHQWVUHODWLIVG¶XQHSDUWDX[GpSHQVHVjODFKDUJHGHO¶DVVXUDQFHPDODGLH RXDXYROXPHG¶DFWLYLWpHWG¶DXWUHSDUWDX[UpVXOWDWVGHO¶pYDOXDWLRQSURSRVpHSDUO¶pWDEOLVVHPHQW $57,&/(
/DGDWHG¶HIIHWGHFHWWHDXWRULVDWLRQHVWIL[pHjODGDWHGHODSUpVHQWHGpFLVLRQ $57,&/(
8QUHFRXUVKLpUDUFKLTXHFRQWUHFHWWHGpFLVLRQSHXWrWUHIRUPpSDUWRXWLQWpUHVVpGHYDQWOH0LQLVWUHGHOD6DQWpGHOD)DPLOOHHW GHV3HUVRQQHV+DQGLFDSpHVTXLVWDWXHGDQVXQGpODLPD[LPXPGHVL[PRLVVXUDYLVGX&RPLWp1DWLRQDOGHO¶2UJDQLVDWLRQ 6DQLWDLUHHW6RFLDOH
$57,&/(
/H'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG¶$TXLWDLQHHWOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW 6RFLDOHVGHV/DQGHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGHODSUpVHQWHGpFLVLRQTXLVHUDSXEOLpHDX[ UHFXHLOVGHVDFWHVDGPLQLVWUDWLIVGHV3UpIHFWXUHVGHOD5pJLRQ$TXLWDLQHHWGXGpSDUWHPHQWGHV/DQGHVMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
)DLWj%RUGHDX[OHGpFHPEUH
/H3UpVLGHQW'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQ
$ODLQ*$5&,$
',5(&7,215(*,21$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$8725,6$7,21'e/,95e('$16/(&$'5('(6$57,&/(6/(7/'8&2'('( /$6$17e38%/,48($8&(175(+263,7$/,(5'('$;± 5(1289(//(0(17'(6 3/$&(6'¶$1(67+e6,(28&+,585*,($0%8/$72,5(
/D&RPPLVVLRQ([pFXWLYHGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQH 9XOH&RGHGHOD6DQWp3XEOLTXH
9XO¶RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO¶KRVSLWDOLVDWLRQSXEOLTXHHWSULYpH 9XO¶RUGRQQDQFHQGXMXLQHWVRQDQQH[H
9XOHGpFUHWQGXGpFHPEUHUHODWLIjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVSULVSRXUO¶DSSOLFDWLRQGHOD ORLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHHWPRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH 9XOHVGpFUHWVQGXGpFHPEUHHWQGXGpFHPEUHSULVSRXUO¶DSSOLFDWLRQGHODORLQ GXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHUHODWLIVjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVHWPRGLILDQWOH&RGHGHOD 6DQWp3XEOLTXH
9XOHVGpFUHWVQHWGXRFWREUHSRUWDQWDSSOLFDWLRQGHO¶DUWLFOH/GX&RGHGHOD6DQWp 3XEOLTXH
9XOHGpFUHWQGXPDUVUHODWLIjODGXUpHGHYDOLGLWpGHVDXWRULVDWLRQVPHQWLRQQpHVjO¶DUWLFOH/GX &RGHGHOD6DQWp3XEOLTXH
9XOHGpFUHWQGXGpFHPEUHUHODWLIDX[FRQGLWLRQVWHFKQLTXHVGHIRQFWLRQQHPHQWGHVpWDEOLVVHPHQWVGHVDQWp HQFHTXLFRQFHUQHODSUDWLTXHGHO¶DQHVWKpVLHHWPRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH 9XOHGpFUHWQGXDRWSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjO¶RUJDQLVDWLRQHWO¶pTXLSHPHQWVDQLWDLUHVHW PRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH
9XOHGpFUHWQGXGpFHPEUHUHODWLIDX[FRQGLWLRQVGHUpDOLVDWLRQGHO¶pYDOXDWLRQSUpYXHjO¶DUWLFOH/ GX&RGHGHOD6DQWp3XEOLTXHHWPRGLILDQWFH&RGH
9XOHGpFUHWQGXIpYULHUSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVDLQVL TXHGHVGLVSRVLWLRQVFRPSOpWDQWOHGpFUHWQGXIpYULHUHWPRGLILDQWOHWLWUH,HUGXOLYUH9,,GX&RGHGHOD6DQWp 3XEOLTXHDLQVLTXHO ¶UWLFOH5GX&RGHGHOD6pFXULWp6RFLDOH
9XO¶DUUrWpGXMDQYLHUUHODWLIDX[FDUDFWpULVWLTXHVGXVHFWHXURSpUDWRLUHPHQWLRQQpjO¶DUWLFOH'GX&RGHGHOD 6DQWp3XEOLTXHSRXUOHVVWUXFWXUHVSUDWLTXDQWO¶DQHVWKpVLHRXODFKLUXUJLHDPEXODWRLUHYLVpHVjO¶DUW 5 E GHFHPrPH &RGH
9XO¶DUUrWpPLQLVWpULHOGXRFWREUHUHODWLIDX[PRGDOLWpVG¶XWLOLVDWLRQHWGHFRQWU{OHGHVPDWpULHOVHWGLVSRVLWLIVPpGLFDX[ DVVXUDQWOHVIRQFWLRQVHWDFWHVFLWpVDX[DUWLFOHV'HW'GX&RGHGHOD6DQWp3XEOLTXH 9XO¶DUUrWpGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQHGXVHSWHPEUHIL[DQWOH6FKpPD UpJLRQDOG¶RUJDQLVDWLRQVDQLWDLUHHWVRQDQQH[H
9XO¶DUUrWpGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQHGXIpYULHUUHODWLIjODIL[DWLRQGX FDOHQGULHUG¶H[DPHQGHVGHPDQGHVG¶DXWRULVDWLRQHWGHUHQRXYHOOHPHQWG¶DXWRULVDWLRQ 9XODGpFLVLRQGHOD&RPPLVVLRQ([pFXWLYHGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQHQGDWHGXPDLUHQRXYHODQW O¶DXWRULVDWLRQGHSODFHVG¶DQHVWKpVLHRXFKLUXUJLHDPEXODWRLUHDXVHLQGX&HQWUH+RVSLWDOLHUGH'$;VLVERXOHYDUG
9XODGHPDQGHGpFODUpHFRPSOqWHOHMXLQSUpVHQWpHSDUOH&RQVHLOG¶$GPLQLVWUDWLRQGX&HQWUH+RVSLWDOLHUGH'$; ERXOHYDUG
9XO¶DYLVGX&RPLWp5pJLRQDOGHO¶2UJDQLVDWLRQ6DQLWDLUHHW6RFLDOH±VHFWLRQVDQLWDLUH±HQVDVpDQFHGXQRYHPEUH &RQVLGHUDQWO¶DGpTXDWLRQGHO¶DFWLYLWpGXVHUYLFHjODFDSDFLWpGRQWOHUHQRXYHOOHPHQWHVWVROOLFLWp &RQVLGHUDQWODVDWLVIDFWLRQGHODVWUXFWXUHDX[FRQGLWLRQVWHFKQLTXHVGHIRQFWLRQQHPHQW &RQVLGHUDQWOHGRVVLHUG¶pYDOXDWLRQSURSRVpSDUO¶pWDEOLVVHPHQW
'e&,'(
$57,&/(
/¶DXWRULVDWLRQSUpYXHjO¶DUWLFOH/GX&RGHGHOD6DQWp3XEOLTXHHVWDFFRUGpHDX&RQVHLOG¶$GPLQLVWUDWLRQGX&HQWUH +RVSLWDOLHUGH'$;ERXOHYDUG
1),1(66GHO¶pWDEOLVVHPHQW
&RGHFDWpJRULH © FHQWUHKRVSLWDOLHUª
$57,&/(
/DFDSDFLWpGX&HQWUH+RVSLWDOLHUGH'$;HVWUpSDUWLHGDQVOHVGLVFLSOLQHVFLDSUqV PpGHFLQH OLWVHWSODFHVGRQWSODFHVG¶KRVSLWDOLVDWLRQjWHPSVSDUWLHO FKLUXUJLH OLWVHWSODFHVGRQWSODFHVG¶DQHVWKpVLHRXFKLUXUJLHDPEXODWRLUH J\QpFRORJLHREVWpWULTXH OLWVHWOLWVG¶RUWKRJpQLH
SV\FKLDWULH OLWVHWSODFHVMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
VRLQVGHVXLWHHWGHUpDGDSWDWLRQ OLWV
FXUHWKHUPDOH OLWV
VRLQVGHORQJXHGXUpH OLWV
$57,&/(
/¶DXWRULVDWLRQHVWVXERUGRQQpHDXUHVSHFWG¶HQJDJHPHQWVUHODWLIVG¶XQHSDUWDX[GpSHQVHVjODFKDUJHGHO¶DVVXUDQFHPDODGLH RXDXYROXPHG¶DFWLYLWpHWG¶DXWUHSDUWDX[UpVXOWDWVGHO¶pYDOXDWLRQSURSRVpHSDUO¶pWDEOLVVHPHQW $57,&/(
/DGDWHG¶HIIHWGXUHQRXYHOOHPHQWGHFHVSODFHVG¶DQHVWKpVLHRXFKLUXUJLHDPEXODWRLUHHVWIL[pHDXMXLOOHW $57,&/(
/DGXUpHGHYDOLGLWpGHFHWWHDXWRULVDWLRQHVWIL[pHjDQVjSDUWLUGXMXLOOHW $57,&/(
8QUHFRXUVKLpUDUFKLTXHFRQWUHFHWWHGpFLVLRQSHXWrWUHIRUPpSDUWRXWLQWpUHVVpGHYDQWOH0LQLVWUHGHOD6DQWpGHOD)DPLOOHHW GHV3HUVRQQHV+DQGLFDSpHVTXLVWDWXHGDQVXQGpODLPD[LPXPGHVL[PRLVVXUDYLVGX&RPLWp1DWLRQDOGHO¶2UJDQLVDWLRQ 6DQLWDLUHHW6RFLDOH
$57,&/(
/H'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG¶$TXLWDLQHHWOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW 6RFLDOHVGHV/DQGHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGHODSUpVHQWHGpFLVLRQTXLVHUDSXEOLpHDX[ UHFXHLOVGHVDFWHVDGPLQLVWUDWLIVGHV3UpIHFWXUHVGHOD5pJLRQ$TXLWDLQHHWGXGpSDUWHPHQWGHV/DQGHV )DLWj%RUGHDX[OHGpFHPEUH
/H3UpVLGHQW'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQ
$ODLQ*$5&,$
',5(&7,215(*,21$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$8725,6$7,21'e/,95e('$16/(&$'5('(6$57,&/(6/(7/'8&2'('( /$6$17e38%/,48($8&(175(+263,7$/,(5'('$;± 5(1289(//(0(17'(6 3/$&(6'¶+263,7$/,6$7,21¬7(0363$57,(/
/D&RPPLVVLRQ([pFXWLYHGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQH 9XOH&RGHGHOD6DQWp3XEOLTXH
9XO¶RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO¶KRVSLWDOLVDWLRQSXEOLTXHHWSULYpH 9XO¶RUGRQQDQFHQGXMXLQHWVRQDQQH[H
9XOHGpFUHWQGXGpFHPEUHUHODWLIjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVSULVSRXUO¶DSSOLFDWLRQGHOD ORLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHHWPRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH 9XOHVGpFUHWVQGXGpFHPEUHHWQGXGpFHPEUHSULVSRXUO¶DSSOLFDWLRQGHODORLQ GXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHUHODWLIVjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVHWPRGLILDQWOH&RGHGHOD 6DQWp3XEOLTXH
9XOHVGpFUHWVQHWGXRFWREUHSRUWDQWDSSOLFDWLRQGHO¶DUWLFOH/GX&RGHGHOD6DQWp 3XEOLTXH
9XOHGpFUHWQGXPDUVUHODWLIjODGXUpHGHYDOLGLWpGHVDXWRULVDWLRQVPHQWLRQQpHVjO¶DUWLFOH/GX &RGHGHOD6DQWp3XEOLTXH
9XOHGpFUHWQGXDRWSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjO¶RUJDQLVDWLRQHWO¶pTXLSHPHQWVDQLWDLUHVHW PRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH
9XOHGpFUHWQGXGpFHPEUHUHODWLIDX[FRQGLWLRQVGHUpDOLVDWLRQGHO¶pYDOXDWLRQSUpYXHjO¶DUWLFOH/ GX&RGHGHOD6DQWp3XEOLTXHHWPRGLILDQWFH&RGH
9XOHGpFUHWQGXIpYULHUSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVDLQVL TXHGHVGLVSRVLWLRQVFRPSOpWDQWOHGpFUHWQGXIpYULHUHWPRGLILDQWOHWLWUH,HUGXOLYUH9,,GX&RGHGHOD6DQWp 3XEOLTXHDLQVLTXHO¶DUWLFOH5GX&RGHGHOD6pFXULWp6RFLDOH
9XO¶DUUrWpGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQHGXVHSWHPEUHIL[DQWOH6FKpPD UpJLRQDOG¶RUJDQLVDWLRQVDQLWDLUHHWVRQDQQH[H
9XO¶DUUrWpGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQHGXIpYULHUUHODWLIjODIL[DWLRQGX FDOHQGULHUG¶H[DPHQGHVGHPDQGHVG¶DXWRULVDWLRQHWGHUHQRXYHOOHPHQWG¶DXWRULVDWLRQ 9XODGpFLVLRQGH0RQVLHXUOH3UpIHWGHOD5pJLRQ$TXLWDLQHHQGDWHGXMXLOOHWDXWRULVDQWODFUpDWLRQGH SODFHVG¶KRVSLWDOLVDWLRQjWHPSVSDUWLHOHQPpGHFLQHGRQWSODFHVGpGLpHVjODFKLPLRWKpUDSLHDXVHLQGX&HQWUH+RVSLWDOLHU GH'$;VLVERXOHYDUG
9XODGpFLVLRQGHOD&RPPLVVLRQ([pFXWLYHGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQHQGDWHGXMXLQUHFRQQDLVVDQW O¶H[LVWHQFHGHSODFHVG¶KRVSLWDOLVDWLRQjWHPSVSDUWLHOHQPpGHFLQHDXVHLQGHO¶pWDEOLVVHPHQW 9XODGHPDQGHGpFODUpHFRPSOqWHOHMXLQSUpVHQWpHSDUOH&RQVHLOG¶$GPLQLVWUDWLRQGX&HQWUH+RVSLWDOLHUGH'$; ERXOHYDUG
'e&,'(MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
$57,&/(
/¶DXWRULVDWLRQSUpYXHjO¶DUWLFOH/GX&RGHGHOD6DQWp3XEOLTXHHVWDFFRUGpHDX&RQVHLOG¶$GPLQLVWUDWLRQGX&HQWUH +RVSLWDOLHUGH'$;ERXOHYDUG
&RGHFDWpJRULH © FHQWUHKRVSLWDOLHUª
$57,&/(
/DFDSDFLWpGX&HQWUH+RVSLWDOLHUGH'$;HVWUpSDUWLHGDQVOHVGLVFLSOLQHVFLDSUqV PpGHFLQH OLWVHWSODFHVGRQWSODFHVG¶KRVSLWDOLVDWLRQjWHPSVSDUWLHO FKLUXUJLH OLWVHWSODFHVGRQWSODFHVG¶DQHVWKpVLHRXFKLUXUJLHDPEXODWRLUH J\QpFRORJLHREVWpWULTXH OLWVHWOLWVG¶RUWKRJpQLH
SV\FKLDWULH OLWVHWSODFHV
VRLQVGHVXLWHHWGHUpDGDSWDWLRQ OLWV
FXUHWKHUPDOH OLWV
VRLQVGHORQJXHGXUpH OLWV
$57,&/(
/¶DXWRULVDWLRQHVWVXERUGRQQpHDXUHVSHFWG¶HQJDJHPHQWVUHODWLIVG¶XQHSDUWDX[GpSHQVHVjODFKDUJHGHO¶DVVXUDQFHPDODGLH RXDXYROXPHG¶DFWLYLWpHWG¶DXWUHSDUWDX[UpVXOWDWVGHO¶pYDOXDWLRQSURSRVpHSDUO¶pWDEOLVVHPHQW $57,&/(
/DGDWHG¶HIIHWGXUHQRXYHOOHPHQWGHFHVSODFHVG¶KRVSLWDOLVDWLRQjWHPSVSDUWLHOHQPpGHFLQHHVWIL[pHDXMXLOOHW $57,&/(
/DGXUpHGHYDOLGLWpGHFHWWHDXWRULVDWLRQHVWIL[pHjDQVjSDUWLUGXMXLOOHW $57,&/(
8QUHFRXUVKLpUDUFKLTXHFRQWUHFHWWHGpFLVLRQSHXWrWUHIRUPpSDUWRXWLQWpUHVVpGHYDQWOH0LQLVWUHGHOD6DQWpGHOD)DPLOOHHW GHV3HUVRQQHV+DQGLFDSpHVTXLVWDWXHGDQVXQGpODLPD[LPXPGHVL[PRLVVXUDYLVGX&RPLWp1DWLRQDOGHO¶2UJDQLVDWLRQ 6DQLWDLUHHW6RFLDOH
$57,&/(
/H'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG¶$TXLWDLQHHWOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW 6RFLDOHVGHV/DQGHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGHODSUpVHQWHGpFLVLRQTXLVHUDSXEOLpHDX[ UHFXHLOVGHVDFWHVDGPLQLVWUDWLIVGHV3UpIHFWXUHVGHOD5pJLRQ$TXLWDLQHHWGXGpSDUWHPHQWGHV/DQGHV )DLWj%RUGHDX[OHGpFHPEUH
/H3UpVLGHQW'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQ
$ODLQ*$5&,$
',5(&7,215(*,21$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$8725,6$7,21'e/,95e('$16/(&$'5('(6$57,&/(6/(7/'8&2'('( /$6$17e38%/,48(¬/¶$662&,$7,216$17e6(59,&('$;± 5(1289(//(0(17'(6 3/$&(6'¶+263,7$/,6$7,21¬'20,&,/(
/D&RPPLVVLRQ([pFXWLYHGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQH 9XOH&RGHGHOD6DQWp3XEOLTXH
9XO¶RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO¶KRVSLWDOLVDWLRQSXEOLTXHHWSULYpH 9XO¶RUGRQQDQFHQGXMXLQHWVRQDQQH[H
9XOHGpFUHWQGXGpFHPEUHUHODWLIjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVSULVSRXUO¶DSSOLFDWLRQGHOD ORLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHHWPRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH 9XOHVGpFUHWVQGXGpFHPEUHHWQGXGpFHPEUHSULVSRXUO¶DSSOLFDWLRQGHODORLQ GXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHUHODWLIVjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVHWPRGLILDQWOH&RGHGHOD 6DQWp3XEOLTXH
9XOHVGpFUHWVQHWGXRFWREUHSRUWDQWDSSOLFDWLRQGHO¶DUWLFOH/GX&RGHGHOD6DQWp 3XEOLTXH
9XOHGpFUHWQGXPDUVUHODWLIjODGXUpHGHYDOLGLWpGHVDXWRULVDWLRQVPHQWLRQQpHVjO¶DUWLFOH/GX &RGHGHOD6DQWp3XEOLTXH
9XOHGpFUHWQGXDRWSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjO¶RUJDQLVDWLRQHWO¶pTXLSHPHQWVDQLWDLUHVHW PRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH
9XOHGpFUHWQGXGpFHPEUHUHODWLIDX[FRQGLWLRQVGHUpDOLVDWLRQGHO¶pYDOXDWLRQSUpYXHjO¶DUWLFOH/ GX&RGHGHOD6DQWp3XEOLTXHHWPRGLILDQWFH&RGH
9XOHGpFUHWQGXIpYULHUSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVDLQVL TXHGHVGLVSRVLWLRQVFRPSOpWDQWOHGpFUHWQGXIpYULHUHWPRGLILDQWOHWLWUH,HUGXOLYUH9,,GX&RGHGHOD6DQWp 3XEOLTXHDLQVLTXHO¶DUWLFOH5GX&RGHGHOD6pFXULWp6RFLDOH
9XO¶DUUrWpGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQHGXVHSWHPEUHIL[DQWOH6FKpPD UpJLRQDOG¶RUJDQLVDWLRQVDQLWDLUHHWVRQDQQH[H
9XO¶DUUrWpGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQHGXIpYULHUUHODWLIjODIL[DWLRQGX FDOHQGULHUG¶H[DPHQGHVGHPDQGHVG¶DXWRULVDWLRQHWGHUHQRXYHOOHPHQWG¶DXWRULVDWLRQMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
9XODGpFLVLRQGH0RQVLHXUOH3UpIHWGHOD5pJLRQ$TXLWDLQHHQGDWHGXDYULODXWRULVDQWODFUpDWLRQGH SODFHVG¶KRVSLWDOLVDWLRQjGRPLFLOHHQPpGHFLQHDXVHLQGH6DQWp6HUYLFH'$;±UXHGHV)UrQHV±%3±'$; &pGH[
9XODGHPDQGHGpFODUpHFRPSOqWHOHMXLQSUpVHQWpHSDUO¶$VVRFLDWLRQ6DQWp6HUYLFH'$;±UXHGHV)UrQHV±± '$;&pGH[HQYXHGXUHQRXYHOOHPHQWGHO¶DXWRULVDWLRQGH
SODFHVG¶KRVSLWDOLVDWLRQjGRPLFLOHHQPpGHFLQHDXVHLQGXVHUYLFH
9XO¶DYLVGX&RPLWp5pJLRQDOGHO¶2UJDQLVDWLRQ6DQLWDLUHHW6RFLDOH±VHFWLRQVDQLWDLUH±HQVDVpDQFHGXQRYHPEUH &RQVLGHUDQWODVDWLVIDFWLRQGHODVWUXFWXUHDX[FRQGLWLRQVWHFKQLTXHVGHIRQFWLRQQHPHQW &RQVLGHUDQWOHGRVVLHUG¶pYDOXDWLRQSURSRVpSDUO¶pWDEOLVVHPHQW
'e&,'(
$57,&/(
/¶DXWRULVDWLRQSUpYXHjO¶DUWLFOH/GX&RGHGHOD6DQWp3XEOLTXHHVWDFFRUGpHjO¶$VVRFLDWLRQ6DQWp6HUYLFH'$;±UXH GHV)UrQHV± ±'$;&pGH[HQYXHGXUHQRXYHOOHPHQWGH
SODFHVG¶KRVSLWDOLVDWLRQjGRPLFLOHHQPpGHFLQHDXVHLQGXVHUYLFH
1),1(66GHO¶pWDEOLVVHPHQW 6DQWp6HUYLFH'$;±+RVSLWDOLVDWLRQjGRPLFLOH± &RGHFDWpJRULH © +RVSLWDOLVDWLRQjGRPLFLOH ª
$57,&/(
/DFDSDFLWpGX6HUYLFH+RVSLWDOLVDWLRQj'RPLFLOHGH6DQWp6HUYLFH'$;HVWIL[pHjSODFHVG¶KRVSLWDOLVDWLRQj GRPLFLOHHQPpGHFLQH
$57,&/(
/¶DXWRULVDWLRQHVWVXERUGRQQpHDXUHVSHFWG¶HQJDJHPHQWVUHODWLIVG¶XQHSDUWDX[GpSHQVHVjODFKDUJHGHO¶DVVXUDQFHPDODGLH RXDXYROXPHG¶DFWLYLWpHWG¶DXWUHSDUWDX[UpVXOWDWVGHO¶pYDOXDWLRQSURSRVpHSDUO¶pWDEOLVVHPHQW $57,&/(
/DGDWHG¶HIIHWGXUHQRXYHOOHPHQWGHFHVSODFHVG¶KRVSLWDOLVDWLRQjGRPLFLOHHQPpGHFLQHHVWIL[pHDXDYULO $57,&/(
/DGXUpHGHYDOLGLWpGHFHWWHDXWRULVDWLRQHVWIL[pHjDQVjSDUWLUGXDYULO $57,&/(
8QUHFRXUVKLpUDUFKLTXHFRQWUHFHWWHGpFLVLRQSHXWrWUHIRUPpSDUWRXWLQWpUHVVpGHYDQWOH0LQLVWUHGHOD6DQWpGHOD)DPLOOHHW GHV3HUVRQQHV+DQGLFDSpHVTXLVWDWXHGDQVXQGpODLPD[LPXPGHVL[PRLVVXUDYLVGX&RPLWp1DWLRQDOGHO¶2UJDQLVDWLRQ 6DQLWDLUHHW6RFLDOH
$57,&/(
/H'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG¶$TXLWDLQHHWOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW 6RFLDOHVGHV/DQGHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGHODSUpVHQWHGpFLVLRQTXLVHUDSXEOLpHDX[ UHFXHLOVGHVDFWHVDGPLQLVWUDWLIVGHV3UpIHFWXUHVGHOD5pJLRQ$TXLWDLQHHWGXGpSDUWHPHQWGHV/DQGHV )DLWj%RUGHDX[OHGpFHPEUH
/H3UpVLGHQW'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQ
$ODLQ*$5&,$
',5(&7,215(*,21$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$8725,6$7,21'e/,95e('$16/(&$'5('(6$57,&/(6/(7/'8&2'('( /$6$17e38%/,48(¬/$6$&/,1,48('(6/$1'(6¬0217'(0$56$1± 5(1289(//(0(17'(63/$&(6'¶$1(67+e6,(28&+,585*,($0%8/$72,5( /D&RPPLVVLRQ([pFXWLYHGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQH 9XOH&RGHGHOD6DQWp3XEOLTXH
9XO¶RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO¶KRVSLWDOLVDWLRQSXEOLTXHHWSULYpH 9XO¶RUGRQQDQFHQGXMXLQHWVRQDQQH[H
9XOHGpFUHWQGXGpFHPEUHUHODWLIjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVSULVSRXUO¶DSSOLFDWLRQGHOD ORLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHHWPRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH 9XOHVGpFUHWVQGXGpFHPEUHHWQGXGpFHPEUHSULVSRXUO¶DSSOLFDWLRQGHODORLQ GXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHUHODWLIVjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVHWPRGLILDQWOH&RGHGHOD 6DQWp3XEOLTXH
9XOHVGpFUHWVQHWGXRFWREUHSRUWDQWDSSOLFDWLRQGHO¶DUWLFOH/GX&RGHGHOD6DQWp 3XEOLTXH
9XOHGpFUHWQGXPDUVUHODWLIjODGXUpHGHYDOLGLWpGHVDXWRULVDWLRQVPHQWLRQQpHVjO¶DUWLFOH/GX &RGHGHOD6DQWp3XEOLTXH
9XOHGpFUHWQGXGpFHPEUHUHODWLIDX[FRQGLWLRQVWHFKQLTXHVGHIRQFWLRQQHPHQWGHVpWDEOLVVHPHQWVGHVDQWp HQFHTXLFRQFHUQHODSUDWLTXHGHO¶DQHVWKpVLHHWPRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH 9XOHGpFUHWQGXDRWSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjO¶RUJDQLVDWLRQHWO¶pTXLSHPHQWVDQLWDLUHVHW PRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH
9XOHGpFUHWQGXGpFHPEUHUHODWLIDX[FRQGLWLRQVGHUpDOLVDWLRQGHO¶pYDOXDWLRQSUpYXHjO¶DUWLFOH/ GX&RGHGHOD6DQWp3XEOLTXHHWPRGLILDQWFH&RGH
9XOHGpFUHWQGXIpYULHUSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVDLQVLMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
TXHGHVGLVSRVLWLRQVFRPSOpWDQWOHGpFUHWQGXIpYULHUHWPRGLILDQWOHWLWUH,HUGXOLYUH9,,GX&RGHGHOD6DQWp 3XEOLTXHDLQVLTXHO ¶UWLFOH5GX&RGHGHOD6pFXULWp6RFLDOH
9XO¶DUUrWpGXMDQYLHUUHODWLIDX[FDUDFWpULVWLTXHVGXVHFWHXURSpUDWRLUHPHQWLRQQpjO¶DUWLFOH'GX&RGHGHOD 6DQWp3XEOLTXHSRXUOHVVWUXFWXUHVSUDWLTXDQWO¶DQHVWKpVLHRXODFKLUXUJLHDPEXODWRLUHYLVpHVjO¶DUW 5 E GHFHPrPH &RGH
9XO¶DUUrWpPLQLVWpULHOGXRFWREUHUHODWLIDX[PRGDOLWpVG¶XWLOLVDWLRQHWGHFRQWU{OHGHVPDWpULHOVHWGLVSRVLWLIVPpGLFDX[ DVVXUDQWOHVIRQFWLRQVHWDFWHVFLWpVDX[DUWLFOHV'HW'GX&RGHGHOD6DQWp3XEOLTXH 9XO¶DUUrWpGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQHGXVHSWHPEUHIL[DQWOH6FKpPD UpJLRQDOG¶RUJDQLVDWLRQVDQLWDLUHHWVRQDQQH[H
9XO¶DUUrWpGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQHGXIpYULHUUHODWLIjODIL[DWLRQGX FDOHQGULHUG¶H[DPHQGHVGHPDQGHVG¶DXWRULVDWLRQHWGHUHQRXYHOOHPHQWG¶DXWRULVDWLRQ 9XODGpFLVLRQGHOD&RPPLVVLRQ([pFXWLYHGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQHQGDWHGXMXLQUHQRXYHODQW O¶DXWRULVDWLRQGHSODFHVG¶DQHVWKpVLHRXFKLUXUJLHDPEXODWRLUHDXVHLQGHOD&OLQLTXHGHV/DQGHVVLVHUXH+HQUL'XSDUF ±±0217'(0$56$1
9XODGHPDQGHGpFODUpHFRPSOqWHOHMXLQSUpVHQWpHSDUOD6$&OLQLTXHGHV/DQGHVUXH+HQUL'XSDUF±± 0217'(0$56$1 HQYXHGXUHQRXYHOOHPHQWGHO¶DXWRULVDWLRQGH
SODFHVG¶DQHVWKpVLHRXFKLUXUJLHDPEXODWRLUHDXVHLQGHO¶pWDEOLVVHPHQW
9XO¶DYLVGX&RPLWp5pJLRQDOGHO¶2UJDQLVDWLRQ6DQLWDLUHHW6RFLDOH±VHFWLRQVDQLWDLUH±HQVDVpDQFHGXQRYHPEUH &RQVLGHUDQWO¶DGpTXDWLRQGHO¶DFWLYLWpGXVHUYLFHjODFDSDFLWpGRQWOHUHQRXYHOOHPHQWHVWVROOLFLWp &RQVLGHUDQWODVDWLVIDFWLRQGHODVWUXFWXUHDX[FRQGLWLRQVWHFKQLTXHVGHIRQFWLRQQHPHQW &RQVLGHUDQWOHGRVVLHUG¶pYDOXDWLRQSURSRVpSDUO¶pWDEOLVVHPHQW
'e&,'(
$57,&/(
/¶DXWRULVDWLRQSUpYXHjO¶DUWLFOH/GX&RGHGHOD6DQWp3XEOLTXHHVWDFFRUGpHjOD6$&OLQLTXHGHV/DQGHVUXH +HQUL'XSDUF±±0217'(0$56$1 HQYXHGXUHQRXYHOOHPHQWGH SODFHVG¶DQHVWKpVLHRXFKLUXUJLHDPEXODWRLUHDXVHLQGHO¶pWDEOLVVHPHQW
1),1(66GHO¶pWDEOLVVHPHQW
&RGHFDWpJRULH © pWDEOLVVHPHQWGHVRLQVSOXULGLVFLSOLQDLUHVª
$57,&/(
/¶DXWRULVDWLRQHVWVXERUGRQQpHDXUHVSHFWG¶HQJDJHPHQWVUHODWLIVG¶XQHSDUWDX[GpSHQVHVjODFKDUJHGHO¶DVVXUDQFHPDODGLH RXDXYROXPHG¶DFWLYLWpHWG¶DXWUHSDUWDX[UpVXOWDWVGHO¶pYDOXDWLRQSURSRVpHSDUO¶pWDEOLVVHPHQW $57,&/(
/DGDWHG¶HIIHWGXUHQRXYHOOHPHQWGHFHVSODFHVG¶DQHVWKpVLHRXFKLUXUJLHDPEXODWRLUHHVWIL[pHDXMXLQ $57,&/(
/DGXUpHGHYDOLGLWpGHFHWWHDXWRULVDWLRQHVWIL[pHjDQVjSDUWLUGXMXLQ $57,&/(
8QUHFRXUVKLpUDUFKLTXHFRQWUHFHWWHGpFLVLRQSHXWrWUHIRUPpSDUWRXWLQWpUHVVpGHYDQWOH0LQLVWUHGHOD6DQWpGHOD)DPLOOHHW GHV3HUVRQQHV+DQGLFDSpHVTXLVWDWXHGDQVXQGpODLPD[LPXPGHVL[PRLVVXUDYLVGX&RPLWp1DWLRQDOGHO¶2UJDQLVDWLRQ 6DQLWDLUHHW6RFLDOH
$57,&/(
/H'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG¶$TXLWDLQHHWOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW 6RFLDOHVGHV/DQGHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGHODSUpVHQWHGpFLVLRQTXLVHUDSXEOLpHDX[ UHFXHLOVGHVDFWHVDGPLQLVWUDWLIVGHV3UpIHFWXUHVGHOD5pJLRQ$TXLWDLQHHWGXGpSDUWHPHQWGHV/DQGHV )DLWj%RUGHDX[OHGpFHPEUH
/H3UpVLGHQW'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQ
$ODLQ*$5&,$
',5(&7,215(*,21$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$8725,6$7,21'e/,95e('$16/(&$'5('(6$57,&/(6/(7/'8&2'('( /$6$17e38%/,48( ¬/$6$&/,1,48('(6/$1'(6 ¬0217'(0$56$1± 5(1289(//(0(17'¶81(3/$&('¶+263,7$/,6$7,21¬7(0363$57,(/ /D&RPPLVVLRQ([pFXWLYHGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQH 9XOH&RGHGHOD6DQWp3XEOLTXH
9XO¶RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO¶KRVSLWDOLVDWLRQSXEOLTXHHWSULYpH 9XO¶RUGRQQDQFHQGXMXLQHWVRQDQQH[H
9XOHGpFUHWQGXGpFHPEUHUHODWLIjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVSULVSRXUO¶DSSOLFDWLRQGHOD ORLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHHWPRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH 9XOHVGpFUHWVQGXGpFHPEUHHWQGXGpFHPEUHSULVSRXUO¶DSSOLFDWLRQGHODORLQ GXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHUHODWLIVjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVHWPRGLILDQWOH&RGHGHOD 6DQWp3XEOLTXH
9XOHVGpFUHWVQHWGXRFWREUHSRUWDQWDSSOLFDWLRQGHO¶DUWLFOH/GX&RGHGHOD6DQWp 3XEOLTXHMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
9XOHGpFUHWQGXPDUVUHODWLIjODGXUpHGHYDOLGLWpGHVDXWRULVDWLRQVPHQWLRQQpHVjO¶DUWLFOH/GX &RGHGHOD6DQWp3XEOLTXH
9XOHGpFUHWQGXDRWSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjO¶RUJDQLVDWLRQHWO¶pTXLSHPHQWVDQLWDLUHVHW PRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH
9XOHGpFUHWQGXGpFHPEUHUHODWLIDX[FRQGLWLRQVGHUpDOLVDWLRQGHO¶pYDOXDWLRQSUpYXHjO¶DUWLFOH/ GX&RGHGHOD6DQWp3XEOLTXHHWPRGLILDQWFH&RGH
9XOHGpFUHWQGXIpYULHUSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVDLQVL TXHGHVGLVSRVLWLRQVFRPSOpWDQWOHGpFUHWQGXIpYULHUHWPRGLILDQWOHWLWUH,HUGXOLYUH9,,GX&RGHGHOD6DQWp 3XEOLTXHDLQVLTXHO¶DUWLFOH5GX&RGHGHOD6pFXULWp6RFLDOH
9XO¶DUUrWpGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQHGXVHSWHPEUHIL[DQWOH6FKpPD UpJLRQDOG¶RUJDQLVDWLRQVDQLWDLUHHWVRQDQQH[H
9XO¶DUUrWpGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQHGXIpYULHUUHODWLIjODIL[DWLRQGX FDOHQGULHUG¶H[DPHQGHVGHPDQGHVG¶DXWRULVDWLRQHWGHUHQRXYHOOHPHQWG¶DXWRULVDWLRQ 9XODGpFLVLRQGH0RQVLHXUOH3UpIHWGHOD5pJLRQ$TXLWDLQHHQGDWHGXMXLQDXWRULVDQWODFUpDWLRQGH SODFHG¶KRVSLWDOLVDWLRQjWHPSVSDUWLHOHQPpGHFLQHGpGLpHjODFKLPLRWKpUDSLHDXVHLQGHOD&OLQLTXHGHV/DQGHVVLVHUXH +HQUL'XSDUF±±0217'(0$56$1
9XODGHPDQGHGpFODUpHFRPSOqWHOHMXLQSUpVHQWpHSDUOD6$&OLQLTXHGHV/DQGHVUXH+HQUL'XSDUF±± 0217'(0$56$1HQYXHGXUHQRXYHOOHPHQWGHO¶DXWRULVDWLRQGH
SODFHG¶KRVSLWDOLVDWLRQjWHPSVSDUWLHOHQPpGHFLQHDXVHLQGHO¶pWDEOLVVHPHQW 9XO¶DYLVGX&RPLWp5pJLRQDOGHO¶2UJDQLVDWLRQ6DQLWDLUHHW6RFLDOH±VHFWLRQVDQLWDLUH±HQVDVpDQFHGXQRYHPEUH &RQVLGHUDQWTXHFHWWHSODFHG¶KRVSLWDOLVDWLRQjWHPSVSDUWLHODSHUPLVOHGpYHORSSHPHQWG¶XQHDFWLYLWpGHFKLPLRWKpUDSLH DPEXODWRLUHMXVTX¶HQ
&RQVLGHUDQWTXHO¶pWDEOLVVHPHQWDFHVVpFRXUDQWVRQDFWLYLWpGHFKLPLRWKpUDSLHFRQIRUPpPHQWDX[UHFRPPDQGDWLRQVGX VFKpPDUpJLRQDOG¶RUJDQLVDWLRQVDQLWDLUHDILQTXHFHWWHDFWLYLWpVRLWFHQWUDOLVpHVXUOH&HQWUH+RVSLWDOLHUGH0217'( 0$56$1
&RQVLGHUDQWTXHOD&OLQLTXHVHSURSRVHGHGpYHORSSHUDXVHLQGHODVWUXFWXUHG¶KRVSLWDOLVDWLRQjWHPSVSDUWLHOXQHDFWLYLWpGH SQHXPRORJLHHWGHJDVWURHQWpURORJLHDFWXHOOHPHQWUpDOLVpHVXUOHVS{OHVKRVSLWDOLHUVGH%$<211(3$8HW%25'($8; &RQVLGHUDQWO¶LQWpUrWGHGpYHORSSHUFHWWHDFWLYLWpVXUOHS{OHKRVSLWDOLHUGH0217'(0$56$1 &RQVLGHUDQWSDUDLOOHXUVOHERQIRQFWLRQQHPHQWGHODVWUXFWXUHDFWXHOOH
&RQVLGHUDQWOHGRVVLHUG¶pYDOXDWLRQSURSRVpSDUO¶pWDEOLVVHPHQW
'e&,'(
$57,&/(
/¶DXWRULVDWLRQSUpYXHjO¶DUWLFOH/GX&RGHGHOD6DQWp3XEOLTXHHVWDFFRUGpHjOD6$&OLQLTXHGHV/DQGHVUXH +HQUL'XSDUF±±0217'(0$56$1HQYXHGXUHQRXYHOOHPHQWGH SODFHG¶KRVSLWDOLVDWLRQjWHPSVSDUWLHOHQPpGHFLQHDXVHLQGHO¶pWDEOLVVHPHQW 1),1(66GHO¶pWDEOLVVHPHQW
&RGHFDWpJRULH ©pWDEOLVVHPHQWGHVRLQVSOXULGLVFLSOLQDLUHVª
$57,&/(
/¶DXWRULVDWLRQHVWVXERUGRQQpHDXUHVSHFWG¶HQJDJHPHQWVUHODWLIVG¶XQHSDUWDX[GpSHQVHVjODFKDUJHGHO¶DVVXUDQFHPDODGLH RXDXYROXPHG¶DFWLYLWpHWG¶DXWUHSDUWDX[UpVXOWDWVGHO¶pYDOXDWLRQSURSRVpHSDUO¶pWDEOLVVHPHQW $57,&/(
/DGDWHG¶HIIHWGXUHQRXYHOOHPHQWGHFHWWHSODFHG¶KRVSLWDOLVDWLRQjWHPSVSDUWLHOHQPpGHFLQHHVWIL[pHDXMXLQ $57,&/(
/DGXUpHGHYDOLGLWpGHFHWWHDXWRULVDWLRQHVWIL[pHjDQVjSDUWLUMXLQ $57,&/(
8QUHFRXUVKLpUDUFKLTXHFRQWUHFHWWHGpFLVLRQSHXWrWUHIRUPpSDUWRXWLQWpUHVVpGHYDQWOH0LQLVWUHGHOD6DQWpGHOD)DPLOOHHW GHV3HUVRQQHV+DQGLFDSpHVTXLVWDWXHGDQVXQGpODLPD[LPXPGHVL[PRLVVXUDYLVGX&RPLWp1DWLRQDOGHO¶2UJDQLVDWLRQ 6DQLWDLUHHW6RFLDOH
$57,&/(
/H'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG¶$TXLWDLQHHWOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW 6RFLDOHVGHV/DQGHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGHODSUpVHQWHGpFLVLRQTXLVHUDSXEOLpHDX[ UHFXHLOVGHVDFWHVDGPLQLVWUDWLIVGHV3UpIHFWXUHVGHOD5pJLRQ$TXLWDLQHHWGXGpSDUWHPHQWGHV/DQGHV )DLWj%RUGHDX[OHGpFHPEUH
/H3UpVLGHQW'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQ
$ODLQ*$5&,$
',5(&7,215(*,21$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$8725,6$7,21'e/,95e('$16/(&$'5('(6$57,&/(6/(7/'8&2'('( /$6$17e38%/,48(¬/$6$&/,1,48('(6/$1'(6¬0217'(0$56$1± &(66$7,21 '(/¶$&7,9,7e'¶2%67e75,48(
/D&RPPLVVLRQ([pFXWLYHGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQH 9XOH&RGHGHOD6DQWp3XEOLTXHMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
9XO¶RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO¶KRVSLWDOLVDWLRQSXEOLTXHHWSULYpH 9XO¶RUGRQQDQFHQGXMXLQHWVRQDQQH[H
9XOHGpFUHWQGXGpFHPEUHUHODWLIjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVSULVSRXUO¶DSSOLFDWLRQGHOD ORLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHHWPRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH 9XOHGpFUHWQGXIpYULHUSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVDLQVL TXHGHVGLVSRVLWLRQVFRPSOpWDQWOHGpFUHWQGXIpYULHUHWPRGLILDQWOHWLWUH,HUGXOLYUH9,,GX&RGHGHOD6DQWp 3XEOLTXHDLQVLTXHO DUWLFOH5GX&RGHGHOD6pFXULWp6RFLDOH
9XOHGpFUHWQGXRFWREUHPRGLILDQWOHWLWUHHUGXOLYUH9,,GX&RGHGHOD6DQWp3XEOLTXHHWUHODWLIDX[ pWDEOLVVHPHQWVGHVDQWpSXEOLFVHWSULYpVSUDWLTXDQWO¶REVWpWULTXHODQpRQDWRORJLHRXODUpDQLPDWLRQQpRQDWDOH 9XODOHWWUHGHOD6$&OLQLTXHGHV/DQGHVHQGDWHGXDRWLQIRUPDQWGHODFHVVDWLRQGHO¶DFWLYLWpG¶REVWpWULTXHGH O¶pWDEOLVVHPHQWjFRPSWHUGXGpFHPEUH
&RQVLGHUDQWTXHFHWWHFHVVDWLRQG¶DFWLYLWpJpQpUHUDGRQFjFRPSWHUGHFHWWHPrPHGDWHODIHUPHWXUHGHVOLWVGH J\QpFRORJLHREVWpWULTXHGHOD&OLQLTXH
'e&,'(
$57,&/(
/HVDXWRULVDWLRQVDFFRUGpHVjOD6$5/&OLQLTXHGHV/DQGHVUXH+HQUL'XSDUF±±0217'(0$56$1SDU GpFLVLRQGHOD&RPPLVVLRQ([pFXWLYHGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQGXMDQYLHUHQYXH GXUHQRXYHOOHPHQWGHOLWVGHJ\QpFRORJLHREVWpWULTXH
GHO¶H[HUFLFHGHO¶DFWLYLWpGHVRLQVHQREVWpWULTXH
DXVHLQGHO¶pWDEOLVVHPHQWVRQWDEURJpHV
$57,&/(
&HWWHGpFLVLRQSUHQGUDHIIHWjFRPSWHUGXGpFHPEUH
$57,&/(
/DFDSDFLWpGHODGLWH&OLQLTXHHVWGpVRUPDLVIL[pHjOLWVHWSODFHVUpSDUWLVGDQVOHVGLVFLSOLQHVFLDSUqV PpGHFLQH SODFHG¶KRVSLWDOLVDWLRQjWHPSVSDUWLHOGHMRXU
FKLUXUJLH OLWVHWSODFHVGRQWSODFHVG¶DQHVWKpVLHHWGHFKLUXUJLHDPEXODWRLUH $57,&/(
8QUHFRXUVKLpUDUFKLTXHFRQWUHFHWWHGpFLVLRQSHXWrWUHIRUPpSDUWRXWLQWpUHVVpGHYDQWOH0LQLVWUHGHOD6DQWpGHOD)DPLOOHHW GHV3HUVRQQHV+DQGLFDSpHVTXLVWDWXHGDQVXQGpODLPD[LPXPGHVL[PRLVVXUDYLVGX&RPLWp1DWLRQDOGHO¶2UJDQLVDWLRQ 6DQLWDLUHHW6RFLDOH
$57,&/(
/H'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG¶$TXLWDLQHHWOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW 6RFLDOHVGHV/DQGHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO¶H[pFXWLRQGHODSUpVHQWHGpFLVLRQTXLVHUDSXEOLpHDX[ UHFXHLOVGHVDFWHVDGPLQLVWUDWLIVGHV3UpIHFWXUHVGHOD5pJLRQ$TXLWDLQHHWGXGpSDUWHPHQWGHV/DQGHV )DLWj%RUGHDX[OHGpFHPEUH
/H3UpVLGHQW'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQ
$ODLQ*$5&,$
',5(&7,215(*,21$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
'e&,6,21
/D&RPPLVVLRQ([pFXWLYHGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQH 9XOH&RGHGHOD6DQWp3XEOLTXH
9XO¶RUGRQQDQFHQGXDYULOSRUWDQWUpIRUPHGHO¶KRVSLWDOLVDWLRQSXEOLTXHHWSULYpH 9XO¶RUGRQQDQFHQGXMXLQHWVRQDQQH[H
9XOHGpFUHWQGXGpFHPEUHUHODWLIjO RUJDQLVDWLRQHWjO pTXLSHPHQWVDQLWDLUHVSULVSRXUO DSSOLFDWLRQGHOD ORLQGXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHHWPRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH 9XOHVGpFUHWVQGXGpFHPEUHHWQGXGpFHPEUHSULVSRXUO DSSOLFDWLRQGHODORLQ GXMXLOOHWSRUWDQWUpIRUPHKRVSLWDOLqUHUHODWLIVjO RUJDQLVDWLRQHWjO pTXLSHPHQWVDQLWDLUHVHWPRGLILDQWOH&RGHGHOD 6DQWp3XEOLTXH
9XOHGpFUHWQGXRFWREUHPRGLILpUHODWLIDX[FRQGLWLRQVWHFKQLTXHVGHIRQFWLRQQHPHQWDX[TXHOOHVGRLYHQW VDWLVIDLUHOHVVWUXFWXUHVGHVRLQVDOWHUQDWLYHVjO¶KRVSLWDOLVDWLRQPHQWLRQQpHVjO¶DUWLFOH/GX&RGHGHOD6DQWp3XEOLTXH HQDSSOLFDWLRQGHO¶DUWLFOH/
GHFHPrPH&RGH
9XOHGpFUHWQGXPDUVUHODWLIjODGXUpHGHYDOLGLWpGHVDXWRULVDWLRQVPHQWLRQQpHVjO DUWLFOH/GX &RGHGHOD6DQWp3XEOLTXH
9XOHGpFUHWQGXGpFHPEUHUHODWLIDX[FRQGLWLRQVWHFKQLTXHVGHIRQFWLRQQHPHQWGHVpWDEOLVVHPHQWVGHVDQWp HQFHTXLFRQFHUQHODSUDWLTXHGHO¶DQHVWKpVLHHWPRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH 9XOHGpFUHWQGXDRWSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjO¶RUJDQLVDWLRQHWO¶pTXLSHPHQWVDQLWDLUHVHW PRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH
9XOHGpFUHWQGXIpYULHUSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVDLQVL TXHGHVGLVSRVLWLRQVFRPSOpWDQWOHGpFUHWQGXIpYULHUHWPRGLILDQWOHWLWUH,HUGXOLYUH9,,GX&RGHGHOD6DQWp 3XEOLTXHDLQVLTXHO¶DUWLFOH5GX&RGHGHOD6pFXULWp6RFLDOHMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
9XOHGpFUHWQGXDYULOSRUWDQWGLYHUVHVGLVSRVLWLRQVUHODWLYHVjO¶RUJDQLVDWLRQHWjO¶pTXLSHPHQWVDQLWDLUHVDLQVL TX¶DX[V\QGLFDWVLQWHUKRVSLWDOLHUVHWPRGLILDQWOH&RGHGHOD6DQWp3XEOLTXH 9XOHGpFUHWQGXPDLUHODWLIDX[FRQGLWLRQVGHFUpDWLRQGHSODFHVG¶DQHVWKpVLHRXGHFKLUXUJLHDPEXODWRLUHVHW PRGLILDQWOH&RGHGHOD6DQWpSXEOLTXH
9XO¶DUUrWpGXMDQYLHUUHODWLIDX[FDUDFWpULVWLTXHVGXVHFWHXURSpUDWRLUHPHQWLRQQpjO¶DUWLFOH'GX&RGHGHOD 6DQWp3XEOLTXHSRXUOHVVWUXFWXUHVSUDWLTXDQWO¶DQHVWKpVLHRXODFKLUXUJLHDPEXODWRLUHYLVpHVjO¶DUWLFOH5 E GHFH PrPH&RGH
9XO¶DUUrWpGXRFWREUHUHODWLIDX[PRGDOLWpVG¶XWLOLVDWLRQHWGHFRQWU{OHGHVPDWpULHOVHWGLVSRVLWLIVPpGLFDX[ 9XOHVDUUrWpVGHVVHSWHPEUHHWMXLOOHWUHODWLIVDXUHFXHLOHWDXWUDLWHPHQWGHVGRQQpHVG¶DFWLYLWpPpGLFDOH YLVpHVjO¶DUWLFOH/GX&RGHGHOD6DQWp3XEOLTXH
9XO¶DUUrWpGXPDLSRUWDQWDSSOLFDWLRQGHO¶DUWLFOH'GX&RGHGHOD6DQWp3XEOLTXHHWUHODWLIjO¶HQJDJHPHQW VRXVFULWjO¶RFFDVLRQG¶XQHGHPDQGHG¶DXWRULVDWLRQGHFUpDWLRQRXGHUHQRXYHOOHPHQWG¶DXWRULVDWLRQGHVWUXFWXUHG¶DQHVWKpVLH RXGHFKLUXUJLHDPEXODWRLUHV
9XO¶DUUrWpGH0OH'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQG¶$TXLWDLQHHQGDWHGXIpYULHUUHODWLIjOD IL[DWLRQGXFDOHQGULHUG¶H[DPHQGHVGHPDQGHVG¶DXWRULVDWLRQHWGHUHQRXYHOOHPHQWG¶DXWRULVDWLRQ 9XODGHPDQGHGpFODUpHFRPSOqWHOHMXLQSUpVHQWpHSDUOD6$5/³&OLQLTXHGHOD&URL[%ODQFKH´UXHGHOD&URL[ %ODQFKH0217'(0$56$1&pGH[HQYXHGHO¶H[WHQVLRQG¶XQHSODFHGHFKLUXUJLHDPEXODWRLUHDXVHLQGH O¶pWDEOLVVHPHQWSDUVXSSUHVVLRQG¶XQOLWG¶KRVSLWDOLVDWLRQFRPSOqWHGHFKLUXUJLH 9XO¶DYLVGX&RPLWp5pJLRQDOGHO¶2UJDQLVDWLRQ6DQLWDLUHHW6RFLDOH6HFWLRQ6DQLWDLUHHQVDVpDQFHGXQRYHPEUH &RQVLGpUDQWO¶LQVXIILVDQFHGHODFDSDFLWpGHODVWUXFWXUHDFWXHOOHGHFKLUXUJLHDPEXODWRLUHGHFHWpWDEOLVVHPHQWSRXUVDWLVIDLUH XQHGHPDQGHFURLVVDQWHGHVSDWLHQWV
&RQVLGpUDQWO¶HQJDJHPHQWGXGHPDQGHXU
GHPDLQWHQLURXGHGpYHORSSHUXQHDFWLYLWpGHFKLUXUJLHDPEXODWRLUHDOWHUQDWLYHjO¶KRVSLWDOLVDWLRQFRPSOqWHDSSUpFLpHDX PR\HQG¶XQLQGLFDWHXUGHUpIpUHQFH
GHUpDOLVHUGHVVpMRXUVGHFKLUXUJLHDPEXODWRLUHFRUUHVSRQGDQWjXQHYDOHXUGHO¶LQGLFDWHXUGHUpIpUHQFHVXSpULHXUHj SHUPHWWDQWDLQVLODUpGXFWLRQG¶XQOLWG¶KRVSLWDOLVDWLRQFRPSOqWHHQFKLUXUJLHSDUSODFHFUppH &RQVLGpUDQWGDQVFHVFRQGLWLRQVTXHO¶RSpUDWLRQHQYLVDJpHLQGXLWODUpGXFWLRQG¶XQOLWG¶KRVSLWDOLVDWLRQFRPSOqWHHQFKLUXUJLH 'e&,'(
$57,&/(
/ DXWRULVDWLRQYLVpHDX[DUWLFOHV/HW'GX&RGHGHOD6DQWp3XEOLTXHHVWDFFRUGpHjOD6$5/³&OLQLTXHGHOD &URL[%ODQFKH´UXHGHOD&URL[%ODQFKH0217'(0$56$1&pGH[HQYXHGHO¶H[WHQVLRQG¶XQHSODFHGH FKLUXUJLHDPEXODWRLUHDXVHLQGHOD&OLQLTXHGHOD&URL[%ODQFKH
1),1(66GHO¶pWDEOLVVHPHQW
&RGHFDWpJRULH ³(WDEOLVVHPHQWGHVRLQVFKLUXUJLFDX[´
$57,&/(
&HWWHRSpUDWLRQV¶DFFRPSDJQHUDGHODIHUPHWXUHFRUUpODWLYHG¶XQOLWG¶KRVSLWDOLVDWLRQFRPSOqWHGHFKLUXUJLHDXVHLQGH O¶pWDEOLVVHPHQW
$57,&/(
/DFDSDFLWpGHOD&OLQLTXHGHOD&URL[%ODQFKHHVWGpVRUPDLVIL[pHjOLWVHWSODFHVGHFKLUXUJLHGRQWSODFHVGHFKLUXUJLH DPEXODWRLUH
$57,&/(
/¶DXWRULVDWLRQHVWUpSXWpHFDGXTXHVLO¶LQVWDOODWLRQQ¶DSDVIDLWO¶REMHWG¶XQ FRPPHQFHPHQWG¶H[pFXWLRQGDQVXQ GpODLGHWURLVDQV/¶DXWRULVDWLRQHVWpJDOHPHQWUpSXWpHFDGXTXHSRXUODSDUWLHGHO¶pWDEOLVVHPHQWGHO¶LQVWDOODWLRQRXGH O¶DFWLYLWpGHVRLQVGRQWODUpDOLVDWLRQODPLVHHQRHXYUHRXO¶LPSODQWDWLRQQ¶HVWSDVDFKHYpHGDQVXQGpODLGHTXDWUHDQV $57,&/(
/DSUpVHQWHDXWRULVDWLRQYDXWGHSOHLQGURLWDXWRULVDWLRQGHIRQFWLRQQHUVRXVUpVHUYHGXUpVXOWDWSRVLWLIGHODYLVLWHGH FRQIRUPLWpSUpYXHjO¶DUWLFOH/GX&RGHGHOD6DQWp 3XEOLTXH
$57,&/(
/DGXUpHGHYDOLGLWpGHO¶DXWRULVDWLRQGHFHWWHSODFHGHFKLUXUJLHDPEXODWRLUHHVWIL[pHj DQVjSDUWLUGXMRXURHVWFRQVWDWpOHUpVXOWDWSRVLWLIGHODYLVLWHGHFRQIRUPLWpVXVPHQWLRQQpH $57,&/(
&HWWHDXWRULVDWLRQHVWVXERUGRQQpHDXUHVSHFWGHVHQJDJHPHQWVUHODWLIVDX[GpSHQVHVjODFKDUJHGHVRUJDQLVPHVG¶DVVXUDQFH PDODGLHDXPDLQWLHQHWDXGpYHORSSHPHQWG¶XQHDFWLYLWpGHFKLUXUJLHDPEXODWRLUHDOWHUQDWLYHjO¶KRVSLWDOLVDWLRQFRPSOqWHHW DX[UpVXOWDWVGHO¶pYDOXDWLRQSURSRVpHSDUO¶pWDEOLVVHPHQW
$57,&/(
/HWLWXODLUHGHO¶DXWRULVDWLRQGHYUDWUDQVPHWWUHFKDTXHDQQpHjO¶$JHQFH5pJLRQDOHGH O¶+RVSLWDOLVDWLRQOHVGRQQpHV G¶DFWLYLWpPpGLFDOHGpILQLHVjO¶DUWLFOHGHO¶DUUrWpGX PDL
$57,&/(
/DGDWHG¶HIIHWGHFHWWHDXWRULVDWLRQHVWIL[pHjODGDWHGHODSUpVHQWHGpFLVLRQ $57,&/(
8QUHFRXUVKLpUDUFKLTXHFRQWUHFHWWHGpFLVLRQSHXWrWUHIRUPpSDUWRXWLQWpUHVVpGHYDQW OH0LQLVWUHGHOD6DQWpGHOD)DPLOOH HWGHV3HUVRQQHV+DQGLFDSpHVTXLVWDWXHGDQVXQ GpODLPD[LPXPGHVL[PRLVVXUDYLVGX&RPLWp1DWLRQDOGH O¶2UJDQLVDWLRQ6DQLWDLUHHW6RFLDOHMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
$57,&/(
/H'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG $TXLWDLQHHWOH'LUHFWHXU'pSDUWHPHQWDOGHV$IIDLUHV6DQLWDLUHVHW 6RFLDOHVGHV/DQGHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO H[pFXWLRQGHODSUpVHQWHGpFLVLRQTXLVHUDSXEOLpHDX[ UHFXHLOVGHVDFWHVDGPLQLVWUDWLIVGHV3UpIHFWXUHVGHOD5pJLRQ$TXLWDLQHHWGXGpSDUWHPHQWGHV/DQGHV )DLWj%RUGHDX[OH'pFHPEUH
/H3UpVLGHQW'LUHFWHXUGHO¶$JHQFH5pJLRQDOHGHO¶+RVSLWDOLVDWLRQ
$ODLQ*$5&,$
',5(&7,215(*,21$/('(6$))$,5(66$1,7$,5(6(762&,$/(6
$55(7(3257$1702',),&$7,21'(/$/,67('(60(0%5(6'8&20,7('(*(67,21'8 )21'6'¶$,'($/$48$/,7('(662,16'(9,//('¶$48,7$,1( /H3UpIHWGHODUpJLRQ$TXLWDLQH3UpIHWGHOD*LURQGH2IILFLHUGHOD/pJLRQG +RQQHXU 9XO¶DUWLFOHGHODORLGXGpFHPEUHGHILQDQFHPHQWGHOD6pFXULWp6RFLDOHSRXUFUpDQWDXVHLQGHOD &1$076XQIRQGVG¶DLGHjODTXDOLWpGHVVRLQVGHYLOOH
9XO¶DUWLFOHGXGpFUHWQGXQRYHPEUHUHODWLIjODFRQVWLWXWLRQGDQVFKDTXHUpJLRQDXVHLQGHO¶8QLRQ 5pJLRQDOHGHV&DLVVHVG¶$VVXUDQFH0DODGLHGX&RPLWp5pJLRQDOGH*HVWLRQGX)RQGVG¶$LGHjOD4XDOLWpGHV6RLQVGH9LOOH 9XO¶DUUrWpSUpIHFWRUDOGXVHSWHPEUHPRGLILpOHVQRYHPEUHPDUVHWQRYHPEUHIL[DQWOD OLVWHGHVPHPEUHVGXFRPLWpGHJHVWLRQGXIRQGVG¶DLGHjODTXDOLWpGHVVRLQVGHYLOOHG¶$TXLWDLQH 9XO¶DUUrWpSUpIHFWRUDOHQGDWHGXDRWPRGLILpSDUO¶DUUrWpGXVHSWHPEUHGRQQDQWGpOpJDWLRQGHVLJQDWXUHj 0RQVLHXU-DFTXHV%(&27'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG¶$TXLWDLQH $55Ç7(
$57,&/(
/¶DUWLFOHGHO¶DUUrWpVXVYLVpHVWDLQVLPRGLILp
$UWLFOH HVWQRPPpHHQWDQWTXHSHUVRQQHTXDOLILpHGDQVOHGRPDLQHGHODVDQWpRXGHODSURWHFWLRQVRFLDOH 0DGDPH&KULVWLQH',$5'
HQUHPSODFHPHQWGH0PH)ORUHQFH7$%28/(7
$57,&/(
/H6HFUpWDLUH*pQpUDOSRXUOHV$IIDLUHV5pJLRQDOHVOH'LUHFWHXU5pJLRQDOGHV$IIDLUHV6DQLWDLUHVHW6RFLDOHVG¶$TXLWDLQHOH &KHIGX6HUYLFH5pJLRQDOGHO¶,QVSHFWLRQGX7UDYDLOGHO¶(PSORLHWGHOD3ROLWLTXH6RFLDOH$JULFROHVVRQWFKDUJpVFKDFXQHQ FHTXLOHFRQFHUQHGHO¶H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDXUHFXHLOGHVDFWHVDGPLQLVWUDWLIVGHOD3UpIHFWXUHGH FKDFXQGHVGpSDUWHPHQWVGHOD5pJLRQ$TXLWDLQH
)DLWj%RUGHDX[OHMDQYLHU
/H3UpIHWSRXUOH3UpIHWSRXUOH'LUHFWHXU5pJLRQDO/H'LUHFWHXU$GMRLQW 0LFKHO/$)25&$'(
',5(&7,215(*,21$/('875$9$,/'(/¶(03/2, '(/$)250$7,21 352)(66,211(//(
'e&,6,21'(5e081e5$7,21&(175('(5ee'8&$7,21352)(66,211(//('( &/$,59,95( 6$/$*1$&
/H3UpIHWGHODUpJLRQ$TXLWDLQH3UpIHWGHOD*LURQGH2IILFLHUGHOD/pJLRQG +RQQHXU 9XOHOLYUH,;GX&RGHGX7UDYDLO
9XO RUGRQQDQFHGXPDUV
9XOHGpFUHWQGXGpFHPEUHUHODWLIDXUHFODVVHPHQWSURIHVVLRQQHOGHVSHUVRQQHVKDQGLFDSpHV 9XOHGpFUHWQGXVHSWHPEUHFRQFHUQDQWODUpPXQpUDWLRQGHVVWDJLDLUHV 9XOHVGpFUHWVQHWGXDYULOUHODWLIVDX[UpPXQpUDWLRQVHWjODSURWHFWLRQVRFLDOHGHV VWDJLDLUHVGHODIRUPDWLRQSURIHVVLRQQHOOH
9XOHGpFUHWQGXDRWPRGLILDQWOHGpFUHWQGXDYULOIL[DQWOHVWDX[HWOHV PRQWDQWVGHVUpPXQpUDWLRQVYHUVpHVDX[VWDJLDLUHVGHODIRUPDWLRQSURIHVVLRQQHOOH 9XOHGpFUHWQGXPDLUHODWLIDX[FHQWUHVGHUppGXFDWLRQSURIHVVLRQQHOOH $55Ç7(
$57,&/(
/HVDFWLRQVGHIRUPDWLRQGLVSHQVpHVSDUO RUJDQLVPHFLDSUqV&53GH&/$,59,95(HQDSSOLFDWLRQGHODFRQYHQWLRQGH IRUPDWLRQSURIHVVLRQQHOOH'(+$FRQFOXHDYHFO RUJDQLVPHVRQWDJUppHVDXVHQVGHVDUWLFOHV/HW/GX &RGHGX7UDYDLOGXMDQYLHUDXGpFHPEUH
/HVFRQGLWLRQVGHGXUpHHWG HIIHFWLIVVRQWLQGLTXpHVGDQVOHWDEOHDXFLDSUqV $57,&/(
/H'LUHFWHXU5pJLRQDOGX7UDYDLOGHO (PSORLHWGHOD)RUPDWLRQ3URIHVVLRQQHOOHG $TXLWDLQHOH&HQWUHUpJLRQDOSRXU O DPpQDJHPHQWGHVVWUXFWXUHVGHVH[SORLWDWLRQVDJULFROHV &1$6($ HWOHVHUYLFHLQVWUXFWHXUVRQWFKDUJpVFKDFXQHQFHTXLOH FRQFHUQHGHO H[pFXWLRQGHODSUpVHQWHGpFLVLRQTXLVHUDSXEOLpHDXUHFXHLOGHVDFWHVDGPLQLVWUDWLIVGHVGpSDUWHPHQWVGHOD UpJLRQ$TXLWDLQH
)DLWj%RUGHDX[OHGpFHPEUHMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
/H'LUHFWHXU5pJLRQDOGX7UDYDLOGHO (PSORLHWGHOD)RUPDWLRQ3URIHVVLRQQHOOH -HDQ1,7.2:6.,
',5(&7,215(*,21$/('875$9$,/'(/¶(03/2,(7'(/$)250$7,21 352)(66,211(//(
$55Ç7e3257$17$*5(0(17'(352*5$00(6'¶$&7,216'¶(78'(6'(5(&+(5&+(6 (7'¶(;3(5,0(17$7,21$87,75('(/¶$57,&/(/&2'('875$9$,/ /H3UpIHWGHODUpJLRQ$TXLWDLQH3UpIHWGHOD*LURQGH2IILFLHUGHOD/pJLRQG +RQQHXU 9XOH/LYUH,;GXFRGHGXWUDYDLOSRUWDQWRUJDQLVDWLRQGHODIRUPDWLRQSURIHVVLRQQHOOHGDQVOHFDGUHGHO¶pGXFDWLRQSHUPDQHQWH HWQRWDPPHQWVRQDUWLFOH/GXFRGHGXWUDYDLO
9XO¶DYLVGX0LQLVWqUHGHO¶(PSORLHWGHOD6ROLGDULWpUHODWLIjODSDUWLFLSDWLRQGHVHPSOR\HXUVGHGL[VDODULpVHWSOXVDX GpYHORSSHPHQWGHODIRUPDWLRQSURIHVVLRQQHOOHFRQWLQXHSXEOLpDX-RXUQDO2IILFLHOGXPDUV 9XOHVGHPDQGHVSUpVHQWpHVSDUOHVRUJDQLVPHVVROOLFLWDQWO¶DJUpPHQWDXWLWUHGHO¶DUWLFOHVXVYLVp $SUqVFRQVXOWDWLRQpFULWHSRXUDYLVGHVPHPEUHVGX&RPLWpGH&RRUGLQDWLRQ5pJLRQDOHGHO (PSORLHWGHOD)RUPDWLRQ 3URIHVVLRQQHOOHHQGDWHGXGpFHPEUH
$55Ç7(
$57,&/(
6RQWDJUppVDXWLWUHGHO¶DUWLFOH/GX/LYUH,;GXFRGHGXWUDYDLOOHVSURJUDPPHVG¶DFWLRQVG¶pWXGHVGHUHFKHUFKHV HWG¶H[SpULPHQWDWLRQSUpVHQWpVSDUOHVRUJDQLVPHVGHIRUPDWLRQILJXUDQWVXUODOLVWHFLDQQH[pH &HVRUJDQLVPHVVRQWKDELOLWpVjUHFHYRLUGHVYHUVHPHQWVGHVHPSOR\HXUVDVVXMHWWLVjO¶REOLJDWLRQGHSDUWLFLSHUDX GpYHORSSHPHQWGHODIRUPDWLRQSURIHVVLRQQHOOHGDQVODOLPLWHGHGHFHWWHSDUWLFLSDWLRQREOLJDWRLUH $57,&/(
/DFROOHFWHHIIHFWXpHHQDSSOLFDWLRQGHO¶DUWLFOH HUQHSHXWH[FpGHUGHFHOOHLQVFULWHGDQVOHEXGJHWSUpYLVLRQQHO O¶RUJDQLVPHSURSRVHUDDORUVGHVDMXVWHPHQWVRXSUpVHQWHUDXQSURJUDPPHFRPSOpPHQWDLUHSRXUFHVXSSOpPHQWGHFROOHFWH /HVVRPPHVH[FpGDQWODOLPLWHGHGHODFROOHFWHVXSSOpPHQWDLUHDXWRULVpHIHURQWO¶REMHWG¶XQUHYHUVHPHQWDX7UpVRU SXEOLF
$57,&/(
&HWDJUpPHQWHVWYDODEOHSRXUOHVIRQGVUHoXVDXWLWUHGHODSDUWLFLSDWLRQGHO¶DQQpHHWGHVWLQpVjILQDQFHUOHVSURJUDPPHV G¶DFWLRQVGHO¶DQQpH
$57,&/(
&HVRUJDQLVPHVGHIRUPDWLRQVRQWWHQXVGHVHSUrWHUDXFRQWU{OHGHO¶XWLOLVDWLRQGHVIRQGVUHoXVHWGHYURQWSURGXLUHDXSOXV WDUGOHPDUVODOLVWHGHVHQWUHSULVHVD\DQWYHUVpGHVIRQGVDYHFO¶LQGLFDWLRQGHOHXUVPRQWDQWV $57,&/(
&HVRUJDQLVPHVGHIRUPDWLRQGHYURQWSURGXLUHjODGLUHFWLRQUpJLRQDOHGXWUDYDLOGHO¶HPSORLHWGHODIRUPDWLRQ SURIHVVLRQQHOOHDXSOXVWDUGOHQRYHPEUHXQGpFRPSWHIDLVDQWDSSDUDvWUHO¶HPSORLGHVIRQGVFROOHFWpVDFFRPSDJQp GHVUpVXOWDWVGHVpWXGHVRXG¶XQUDSSRUWGpWDLOOpVXUOHVFRQGLWLRQVGHGpURXOHPHQWHWOHVFRQFOXVLRQVpYHQWXHOOHVGHVDFWLRQV H[SpULPHQWDOHV
$57,&/(
/H6HFUpWDLUH*pQpUDOSRXUOHV$IIDLUHV5pJLRQDOHVHWOH'LUHFWHXU5pJLRQDOGX7UDYDLOGHO¶(PSORLHWGHOD)RUPDWLRQ 3URIHVVLRQQHOOHVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO¶DSSOLFDWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDXUHFXHLOGHVDFWHV DGPLQLVWUDWLIVGHFKDFXQHGHVSUpIHFWXUHVGHVGpSDUWHPHQWVGHODUpJLRQ$TXLWDLQH )DLWj%RUGHDX[OHMDQYLHU
3RXUOH3UpIHWGHODUpJLRQ$TXLWDLQH/H'LUHFWHXU5pJLRQDOGX7UDYDLOGHO (PSORLHWGHOD)RUPDWLRQ3URIHVVLRQQHOOH -HDQ1,7.2:6.,
/,67('(625*$1,60(6'()250$7,21'217/(352*5$00($118(/' $&7,216' (78'(6'( 5(&+(5&+(6(7' (;3(5,0(17$7,216(67$*5(($87,75('(/ $57,&/(/'8&2'('8 75$9$,/
$)3,6XG2XHVW
DYHQXH0DU\VH%DVWLp%3%58*(6&HGH[
1RXYHOOHVWHFKQRORJLHVG HQVHLJQHPHQWjGLVWD QFH
&ROOHFWHDXWRULVpH¼
&5&,$TXLWDLQH
FRXUVGX0pGRF%3%25'($8;&HGH[
1RXYHOOHpWXGHGXOLHQHPSORLIRUPDWLRQHQ$TXLWDLQH
&ROOHFWHDXWRULVpH¼
,)5%$
0DLVRQGX%73±%RUGHDX[/DF± %25'($8;&HGH[
/HVEHVRLQVHQIRUPDWLRQHQPDW LqUHG (QYLURQQHPHQWGDQVOHVHQWUHSULVHVGH%73G $TXLWDLQH (YDOXDWLRQGHVULVTXHVSURIHVVLRQQHOVOHVEHVRLQVGHIRUPDWLRQLQGXLWV
7UDQVIHUWGHODPpWKRGRORJLHG DFFRPSDJQHPHQWG XQHGpPDUFKHFRPSpWHQFH /D9DOLGDWLRQGHV$FTXLVGHO ([SpULHQFHDXVHU YLFHGHVFRPSpWHQFHV
$QDO\VHGHVHPSORLVGHODILOLqUHPHQXLVHULHPpWDOOLTXHMDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
&ROOHFWHDXWRULVpH¼
3$3$%RXVFDW 3UpYHQWLRQ$FWLRQDXSUqVGHV3HUVRQQHV$JpHV
DYHQXHGHOD/LEpUDWLRQ±/(%286&$7
/DSHUVRQQHkJpHHQPDLVRQGHUHWUDLWH&RPPHQWPLHX[UpSRQGUHDX[EHVRLQVGHVSHUVRQQHVkJpHVHWGpSHQGDQWHVHQ LQVWLWXWLRQ"
&ROOHFWHDXWRULVpH¼
6(59,&(5e*,21$/'(/ ,163(&7,21'875$9$,/'(/ (03/2,(7'(/$32/,7,48( 62&,$/($*5,&2/(6' $48,7$,1(
$9,6' (;7(16,21'(/ $9(1$171'8-$19,(5$/$&219(17,21&2//(&7,9( '8129(0%5(&21&(51$17/(6(;3/2,7$7,216$*5,&2/(6'8'(3$57(0(17 '(6/$1'(6
/H3UpIHWGXGpSDUWHPHQWGHV/DQGHVHQYLVDJHGHSUHQGUHHQDSSOLFDWLRQGHVDUWLFOHV///HW/GX FRGHGXWUDYDLOXQDUUrWpWHQGDQWjUHQGUHREOLJDWRLUHSRXUWRXVOHVHPSOR\HXUVHWWRXVOHVVDODULpVFRPSULVGDQVOHFKDPS G DSSOLFDWLRQSURIHVVLRQQHOHWWHUULWRULDOGHODFRQYHQWLRQFROOHFWLYHGHWUDYDLOGXQRYHPEUH FRQFHUQDQWOHV H[SORLWDWLRQVDJULFROHVGXGpSDUWHPHQWGHV/$1'(6O DYHQDQWQGXMDQYLHUjODGLWHFRQYHQWLRQFRQFOXj0217 '(0$56$1HQWUH
/D)pGpUDWLRQ'pSDUWHPHQWDOHGHV6\QGLFDWVG ([SORLWDQWV$JULFROHV
/D)pGpUDWLRQGHV6\QGLFDWV$JULFROHV&*$±02'()
/D)pGpUDWLRQGHV&80$
G XQHSDUWHW
/ 8QLRQGpSDUWHPHQWDOH&)'7G DXWUHSDUW
&HWDYHQDQWDSRXUREMHWODPRGLILFDWLRQGHVDUWLFOHVVXLYDQWV
16DODLUHVKRUDLUHVHWVDODLUHVPHQVXHOVGXSHUVRQQHOG H[pFXWLRQ
15pPXQpUDWLRQ SHUVRQQHOG HQFDGUHPHQW
/HWH[WHGHFHWDFFRUGDpWpGpSRVpOHMDQYLHUVRXVOHQXPpURDXVHUYLFHGpSDUWHPHQWDOGHO ,QVSHFWLRQGX 7UDYDLOGHO (PSORLHWGHOD3ROLWLTXH6RFLDOH$JULFROHVGHV/DQGHVRLOSHXWrWUHFRQVXOWp /HVRUJDQLVDWLRQVHWSHUVRQQHVLQWpUHVVpHVVRQWSULpHVFRQIRUPpPHQWDX[GLVSRVLWLRQVGHVDUWLFOHV/HW5GXFRGH GXWUDYDLOGHIDLUHFRQQDvWUHGDQVXQGpODLGHTXLQ]HMRXUVjFRPSWHUGHODSXEOLFDWLRQGXSUpVHQWDYLVOHXUVREVHUYDWLRQVDX VXMHWGHO H[WHQVLRQHQYLVDJpH
/HXUVFRPPXQLFDWLRQVGHYURQWrWUHDGUHVVpHVDX6HUYLFHGpSDUWHPHQWDOGHO ,QVSHFWLRQGX7UDYDLOGHO (PSORLHWGHOD 3ROLWLTXH6RFLDOH$JULFROHVGHV/DQGHV±3ODFH6DLQW/RXLV±%3±0217'(0$56$1
0,1,67(5('(/ $*5,&8/785('(/¶$/,0(17$7,21'(/$3(&+((7'(6$))$,5(6 585$/(6
$9,6'(&21&2856(;7(51(3285/(5(&587(0(17'(0$,75(62895,(56'(6 (7$%/,66(0(176' (16(,*1(0(17$*5,&2/(
8QFRQFRXUVH[WHUQHSRXUOHUHFUXWHPHQWGHPDvWUHVRXYULHUVGHVpWDEOLVVHPHQWVG¶HQVHLJQHPHQWDJULFROHHVWRXYHUWHQ /HQRPEUHGHSRVWHVjSRXUYRLUHVWOHVXLYDQW
/HQLYHDXGHUHFUXWHPHQW
&HFRQFRXUVHVWRXYHUWDX[FDQGLGDWVkJpVGHDQVDXSOXVDXHUMDQYLHUGHO DQQpHGXFRQFRXUVHWWLWXODLUHV VRLWG XQEUHYHWG pWXGHVSURIHVVLRQQHOOHVDJULFROHV
RXG¶XQGLSO{PHpTXLYDOHQWILJXUDQWVXUXQHOLVWHDUUrWpHSDUOHV0LQLVWUHVFKDUJpVGHO¶$JULFXOWXUHHWGHODIRQFWLRQSXEOLTXH RXMXVWLILDQWGHDQQpHVGHSUDWLTXHSURIHVVLRQQHOOHFRQGXLVDQWjODPrPHTXDOLILFDWLRQ 'DWHGHVpSUHXYHVOHVpSUHXYHVpFULWHVDXURQWOLHXOHPDUV
OHVGDWHVGHVpSUHXYHVSUDWLTXHVHWRUDOHVVHURQWIL[pHVXOWpULHXUHPHQW
/HFHQWUHG pSUHXYHVpFULWHVHVW/(*7$GH/,%2851(0217$*1( 'DWHOLPLWHGHUHWUDLWGHVGRVVLHUVG LQVFULSWLRQ)(95,(5
/HVGHPDQGHVGHGRVVLHUVGHYURQWrWUHDGUHVVpHVDXVHUYLFHLQGLTXpFLGHVVRXVHWrWUHDFFRPSDJQpHVG XQHHQYHORSSH IRUPDW [ DIIUDQFKLHj¼SRUWDQWOHVQRPSUpQRPHWDGUHVVHFRPSO qWHGXGHPDQGHXU 'DWHOLPLWHGHGpS{WGHVGRVVLHUVG LQVFULSWLRQ)(95,(5
3RXUREWHQLUWRXWUHQVHLJQHPHQWUHODWLIjFHFRQFRXUVDLQVLTXHOHVGHPDQGHVGHSDUWLFLSDWLRQOHVFDQGLGDWVV DGUHVVHURQWj '5$)$48,7$,1(±&(3(&
UXH.LpVHU±%25'($8;&('(;
3HUVRQQHjFRQWDFWHU 9pURQLTXH9(57
7pO
&RXUULHUpOHFWURQLTXH YHURQLTXHYHUW#HGXFDJULIU
0,1,67(5('(/ $*5,&8/785('(/¶$/,0(17$7,21'(/$3(&+((7'(6$))$,5(6 585$/(6MDQYLHU 3UpIHFWXUHGHV/DQGHV 5HFXHLOGHV$FWHV$GPLQLVWUDWLIV
$9,6'(&21&2856(;7(51(3285/(5(&587(0(17' $'-2,1767(&+1,48(6'(6 6(59,&(6'(&21&(175(6
8QFRQFRXUVH[WHUQHSRXUOHUHFUXWHPHQWG DGMRLQWVWHFKQLTXHVGHVVHUYLFHVGpFRQFHQWUpVGDQVOHVVSpFLDOLWpVWHFKQLTXHV DJULFROHVJpQLHUXUDOHWWUDYDX[IRUHVWLHUVHVWRXYHUWHQ
/HQRPEUHGHSRVWHVjSRXUYRLUHVWOHVXLYDQW
WHFKQLTXHVDJULFROHV
JpQLHUXUDO
WUDYDX[IRUHVWLHUV
&HFRQFRXUVHVWRXYHUWDX[FDQGLGDWVkJpVGHDQVDXSOXVDXHUMDQYLHUGHO DQQpHGXFRQFRXUVHWWLWXODLUHV VRLWG XQEUHYHWG pWXGHVSURIHVVLRQQHOOHVRXMXVWLILDQWGHDQQpHVGHSUDWLTXHSURIHVVLRQQHOOHFRQGXLVDQWjODPrPH TXDOLILFDWLRQ
VRLWG XQWLWUHRXGLSO{PHTXLpWDQWGpOLYUpRXUHFRQQXGDQVG DXWUHVpWDWVPHPEUHVGHODFRPPXQDXWpHXURSpHQQHRXGDQV GHV(WDWVSDUWLHjO¶DFFRUGVXUO¶(VSDFHpFRQRPLTXHHXURSpHQDXWUHTXHOD)UDQFHHVWDVVLPLOpDXPRLQVDXEUHYHWG pWXGHV SURIHVVLRQQHOOHVDSUqVDYLVGHODFRPPLVVLRQFKDUJpHGHVHSURQRQFHUVXUOHVGHPDQGHVG DVVLPLODWLRQGHVGLSO{PHVSRXU O DFFqVDX[FRQFRXUVGHODIRQFWLRQSXEOLTXHGHO (WDW
'DWHGHVpSUHXYHVOHVpSUHXYHVpFULWHVDXURQWOLHXOHDYULO
OHVpSUHXYHVRUDOHVDXURQWOLHXGDQVODqPHTXLQ]DLQHGHMXLQ
/HFHQWUHG pSUHXYHVpFULWHVHVW%25'($8;
'DWHOLPLWHGHUHWUDLWGHVGRVVLHUVG LQVFULSWLRQ)(95,(5
/HVGHPDQGHVGHGRVVLHUVFDUWRQQpVGHYURQWrWUHDGUHVVpHVDXVHUYLFHLQGLTXpFLGHVVRXVHWrWUHDFFRPSDJQpHVG XQHHQYHORSSH IRUPDW[ DIIUDQFKLHj¼SRUWDQWOHVQRPSUpQRPHWDGUHVVHFRPSO qWHGXGHPDQGHXU 'DWHOLPLWHGHGpS{WGHVGRVVLHUVG LQVFULSWLRQ0$56
3RXUREWHQLUWRXWUHQVHLJQHPHQWUHODWLIjFHFRQFRXUVDLQVLTXHOHVGHPDQGHVGHSDUWLFLSDWLRQOHVFDQGLGDWVV DGUHVVHURQWj '5$)$48,7$,1(±65)'&(3(&
UXH.LpVHU±%25'($8;&('(;
3HUVRQQHjFRQWDFWHU 9pURQLTXH9(57
7pO
&RXUULHUpOHFWURQLTXHYHURQLTXHYHUW#HGXFDJULIU
DE