Post on 10-Aug-2020
��������)5pY� 1
5HPSODFH *HW 3&1 0
0$18(/ '·,16758&7,216 ��/,67( '( 3,Ë&(6
*0 ����75$&(85 '( /,*1( 6$16 $,5$9(& 027(85 (66(1&(/LQH/D]HU3UHVVLRQ PD[LPXP GH VHUYLFH���� EDU� ���� 03D
0RGqOH ��������� 6pULH $$YHF SLVWROHW� SURWHFWLRQ GH EXVH 5$& ,99 'ULS/HVVZ�EXVHV /LQH/D]HU GH WDLOOH ��� HW 6ZLWFK7LSZ GH WDLOOH ����HW IOH[LEOH GH �� P�
0RGqOH ��������,GHQWLTXH j �������� j O·H[FHSWLRQ GH OD SUpVHQWDWLRQGX NLW GH VHFRQG SLVWROHW ��������
5(0$548(� 2Q WURXYHUD FL�GHVVRXV XQ H[HPSOH GH O·pWLTXHWWH GH'$1*(5 ILJXUDQW VXU OH SXOYpULVD�WHXU� &HWWH pWLTXHWWH HVW IRXUQLH HQ G·DXWUHV ODQJXHV DYHF O·DSSDUHLO� $YDQW TXH O·DSSDUHLOQH VRLW XWLOLVp� LO FRQYLHQW G·\ DSSRVHU XQH pWLTXHWWH '$1*(5 GDQV OD ODQJXH DSSURSULpH�HQ VXLYDQW OHV LQVWUXFWLRQV IRXUQLHV GLUHFWHPHQW DYHF O·DSSDUHLO�
/D SXOYpULVDWLRQ VDQV DLU HW OHV IXLWHV VRXV KDXWH SUHVVLRQ �HQ SDUWLFXOLHUFHOOHV SURYHQDQW GH IOH[LEOHV GpIHFWXHX[� SHXYHQW HQWUDvQHU O·LQMHFWLRQ GHOLTXLGHV GDQV OH FRUSV�5HVWHU j GLVWDQFH GH OD EXVH� 1H MDPDLV HVVD\HU G·REWXUHU XQH IXLWHDYHF XQH SDUWLH GX FRUSV� (OLPLQHU WRXWH SUHVVLRQ DYDQW GH GpSRVHU GHVSLqFHV GH O·DSSDUHLO� (YLWHU WRXW GpFOHQFKHPHQW DFFLGHQWHO GX SLVWROHW HQHQFOHQFKDQW WRXMRXUV OD VpFXULWp JkFKHWWH GqV TXH O·RQ FHVVH OD SXOYp�ULVDWLRQ�1H MDPDLV SXOYpULVHU VDQV TX·XQH SURWHFWLRQ GH EXVH Q·DLW pWp PRQWpHVXU OH SLVWROHW�(Q FDV G·LQMHFWLRQ DFFLGHQWHOOH GH SURGXLW� IDLUH WUDLWHU OD EOHVVXUH´FKLUXUJLFDOHPHQWµ GDQV OHV SOXV EUHIV GpODLV�/H QRQ��UHVSHFW GH FHW DYHUWLVVHPHQW SHXW rWUH OD FDXVH GH EOHVVXUHFRUSRUHOOH JUDYH SRXYDQW DOOHU MXVTX·j O·DPSXWDWLRQ�
'$1*(5 '·,1&(1',(28 '·(;3/26,21 '$1*(5 '·,1-(&7,21
9(,//(5 %,(1 /,5( (7 %,(1 &2035(1'5( 7286 /(6 0$18(/6 '·,16758&7,216 (7 e7,48(77(6'·$9(57,66(0(17 $9$17 '( 6( 6(59,5 '8 0$7e5,(/
/D SHLQWXUH DX SLVWROHW� OH ULQoDJH RX OH QHWWR\DJH G·pTXLSHPHQWV DYHFGHV OLTXLGHV LQIODPPDEOHV GDQV GHV OLHX[ FRQILQpV SHXYHQW rWUH GHVFDXVHV G·LQFHQGLH RX G·H[SORVLRQ� XWLOLVHU j O·H[WpULHXU RX GDQV GHV OLHX[ H[WUrPHPHQW ELHQ YHQWLOpV�5HOLHU j OD WHUUH WRXV OHV pTXLSHPHQWV� OHV IOH[LEOHV� OHV UpFLSLHQWV HW OHVREMHWV j SHLQGUH�eYLWHU WRXWH VRXUFH G·LQIODPPDWLRQ� WHOOH TXH OD FKDUJH G·pOHFWULFLWpVWDWLTXH G·XQH EkFKH SODVWLTXH� OHV IODPPHV QXHV WHOOHV FHOOHV GHYHLOOHXVHV� OHV pOpPHQWV GpJDJHDQW GH OD FKDOHXU �FLJDUHWWHV DOOXPpHV��OHV DUFV pOHFWULTXHV SURGXLWV ORUV GX EUDQFKHPHQW RX GX GpEUDQFKH�PHQW GH FRUGRQV G·DOLPHQWDWLRQ RX GH O·DOOXPDJH�O·H[WLQFWLRQ G·pFODLU�DJH�/H QRQ��UHVSHFW GH FHW DYHUWLVVHPHQW SHXW HQWUDvQHU GHV EOHVVXUHVFRUSRUHOOHV JUDYHV SRXYDQW HQWUDvQHU OD PRUW�
�����&
'$1*(5
*5$&2 6�$���� 5XH GH O·(VWHUHO
6LOLF ���)������� 5XQJLV &HGH[
7pO�� �� �� �� �� �� �� )D[� �� �� �� �� ��.&23<5,*+7 ����� *5$&2 ,1&�
&H PDQXHO FRQWLHQW GHV PLVHV HQ JDUGH HWGHV LQIRUPDWLRQV LPSRUWDQWHV� /,5( (7 &216(59(5 &200(5e)e5(1&(,16758&7,216
� ��������
,GHQWLILFDWLRQ GHV SLqFHV
/e*(1'(
$ /HYLHU GH FRPPDQGH GH URXOHWWH GLUHFWULFH% 6pOHFWHXU GH SLVWROHW& )OH[LEOH SULQFLSDO' )OH[LEOH G·DVSLUDWLRQ( )LOWUH SURGXLW) 5RELQHW GH GpFRPSUHVVLRQ* %UDV+ 0RQWDQW- %DUUH VXSSRUW �FRXOLVVDQWH�. 3RUWH�SLVWROHW/ 3URWHFWLRQ GH EXVH 5DF ,90 %XVH 6ZLWFK 7LS1 3LVWROHW )OH[2 %DV GH SRPSH3 5RXOHWWH GLUHFWULFH4 &kEOH GH VpOHFWLRQ GX SLVWROHW5 &RPPDQGH GH SUHVVLRQ6 )LO GH ERXJLH7 )LOWUH j DLU8 6LOHQFLHX[ G·pFKDSSHPHQW9 5pVHUYRLU G·HVVHQFH: 2HLOOHW G·DFFURFKDJH �VHUW j EULGHU OH VHDX RX
OH FRXYHUFOH GH VHDX VXU OH FKDULRW�; &RXYHUFOH GH VHDX< &kEOH GH URXOHWWH GLUHFWULFH= )LO HW SLQFH GH WHUUH
$
%
&
'
(
)
*
+
-.
/
0
1
2
3
4
5
6
78
9:
;
<
�����&
=
���������
7DEOH GHV PDWLqUHV0LVH HQ JDUGH �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �,QVWDOODWLRQ �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �5HPSOLVVDJH GX UpVHUYRLU ��� � � � � � � � � � � � � � � � � � � � � � � � � � � �0RQWDJH GX VHFRQG SLVWROHW HW GH VRQ IOH[LEOH ��� � � � � � � � � � �&RQVLJQHV GH ULQoDJH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �0LVH HQ VHUYLFH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �%XVH GH SXOYpULVDWLRQ HW SURWHFWLRQ GH EXVH ��� � � � � � � � � � � �
&KRL[ G·XQ MRLQW ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � �0RQWDJH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �8WLOLVDWLRQ ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �'pERXFKDJH G·XQH EXVH REVWUXpH ��� � � � � � � � � � � �0DLQWHQDQFH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
&KRL[ GH OD EXVH GH SXOYpULVDWLRQ ��� � � � � � � � � � � � � � � � � � � � �&RQVHLOV G·XWLOLVDWLRQ GH OD EXVHGH SXOYpULVDWLRQ ��� � � � � � � � � � � � � � � � � � � � � � � � � � � �
7HFKQLTXHV GH SXOYpULVDWLRQ ��� � � � � � � � � � � � � � � � � � � � � � � � � �5pJODJH GH OD ODUJHXU GH OLJQH ��� � � � � � � � � � � � � � � �
3RVLWLRQQHPHQW GH O·HQVHPEOH EUDVVXSSRUW GH SLVWROHW ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
3RVLWLRQQHPHQW GX SUHPLHU RX GX VHFRQGSLVWROHW GDQV OH SODQ YHUWLFDO ��� � � � � � � � � � � � � � � � � �3RVLWLRQQHPHQW GX SUHPLHU SLVWROHW VXUOH SODQ KRUL]RQWDO ��� � � � � � � � � � � � � � � � � � � � � � � � � � �3RVLWLRQQHPHQW GX VHFRQG SLVWROHW VXUOH SODQ KRUL]RQWDO ��� � � � � � � � � � � � � � � � � � � � � � � � � � �0RQWDJH GHV SLVWROHWV F{Wp PRWHXU GX FKDULRW ��� � �&RQILJXUDWLRQ SRXU WUDoDJH G·DUFV GH FHUFOH ��� � � � �
5pJODJH GX GpFOHQFKHPHQW VLPXOWDQp GHV SLVWROHWV ��� � � � � �3RVLWLRQV GHV EUDV VXSSRUW GH SLVWROHW ��� � � � � � � � � � � � � � � � �6\VWqPH GH OHYLHU FkEOH GH FRPPDQGHGH URXOHWWH GLUHFWULFH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
8WLOLVDWLRQ ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �0DLQWHQDQFH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �5HPSODFHPHQW GX SQHX GH ODURXOHWWH GLUHFWULFH ��� � � � � � � � � � � � � � � � � � � � � � � � � � �
5pJODJH GH OD WHQVLRQ GX FkEOH GH FRPPDQGH ��� �$OLJQHPHQW GH OD URXOHWWH GLUHFWULFH ��� � � � � � � � � � � �
0RQWDJH GX SLVWROHW ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �8WLOLVDWLRQ GX FkEOH G·DFWLRQQHPHQW GH JkFKHWWH GX VpOHFWHXU GH SLVWROHW ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � �
)RQFWLRQQHPHQW GX VpOHFWHXU GX SLVWROHW ��� � � � � � �'pFURFKDJH GX FkEOH GX VpOHFWHXU GH SLVWROHW ��� � �5pJODJH GH OD WHQVLRQ GX FkEOHG·DFWLRQQHPHQW GH JkFKHWWH ��� � � � � � � � � � � � � � � � � �
0DLQWHQDQFH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �*XLGH GH GpSDQQDJH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �5pSDUDWLRQ RX UHPSODFHPHQW
%DV GH SRPSH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � �&RPPDQGH GH SUHVVLRQ ��� � � � � � � � � � � � � � � � � � � � �eWDORQQDJH GH OD FRPPDQGH GH SUHVVLRQ ��� � � � � �&DUWHU GH SDOLHU HW WLJH GH OLDLVRQ ��� � � � � � � � � � � � � �&DUWHU GH WUDQVPLVVLRQ ��� � � � � � � � � � � � � � � � � � � � � �&DUWHU GH SLJQRQQHULH ��� � � � � � � � � � � � � � � � � � � � � � �(PEUD\DJH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �0RWHXU ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �,QGXFWHXU IDLVFHDX GH FkEODJH ��� � � � � � � � � � � � � �%ULGH GH IL[DWLRQ ��� � � � � � � � � � � � � � � � � � � � � � � � � � � �&DUWHU G·HPEUD\DJH ��� � � � � � � � � � � � � � � � � � � � � � � � �5HPRQWDJH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
3LqFHV3LqFHV GX EDV GH SRPSH ��� � � � � � � � � � � � � � � � � � � �3LqFHV GH OD FRPPDQGH GH SUHVVLRQ ��� � � � � � � � � �3LqFHV GX FKDULRW ��� � � � � � � � � � � � � � � � � � � � � � � � � � �2UJDQHV PpFDQLTXHV ��� � � � � � � � � � � � � � � � � � � � � � �(OpPHQWV GH PRQWDJH GX SLVWROHW ��� � � � � � � � � � � � � �(OpPHQW GH SLJQRQQHULH ��� � � � � � � � � � � � � � � � � � � � �
&DUDFWpULVWLTXHV WHFKQLTXHV ��� � � � � � � � � � � � � � � � � � � � � � � � � �$FFHVVRLUHV ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �*DUDQWLH ��� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
6\QWKqVH GH PRGLILFDWLRQ GX PDQXHO- /D PLVH j MRXU GH FH PDQXHO LQFOXW OHV PRGLILFDWLRQV LQWHUYHQXHV GHSXLV O·LQGLFH 3&1 0� VDXI SRXU OD UpI� ��������
�528/(77(� RULHQWDEOH��
- /D PRGLILFDWLRQ GH FH PDQXHO SUHQG HQ FRPSWH OD PLVH j MRXU GX V\VWqPH GH GpFRPSUHVVLRQ VHORQ (&2 )�����
- /HV HUUHXUV H[LVWDQW GDQV OD OLVWH GHV SLqFHV RQW pWp FRUULJpHV�
� ��������
6\PEROHV6\PEROH GH PLVH HQ JDUGH
0,6( (1 *$5'(&H V\PEROH YRXV DYHUWLW GX ULVTXH GH EOHVVXUH JUDYH RX GHGpFqV HQ FDV GH QRQ�UHVSHFW GHV FRQVLJQHV�
6\PERO G·DYHUWLVVHPHQW
$77(17,21&H V\PEROH YRXV DYHUWLW GX ULVTXH GH GRPPDJHV PDWpULHOVHQ FDV GH QRQ�UHVSHFW GHV FRQVLJQHV�
0,6( (1 *$5'(
,16758&7,216
'$1*(5 (1 &$6 '( 0$89$,6( 87,/,6$7,21 '( /·81,7e
7RXWH PDXYDLVH XWLOLVDWLRQ GX PDWpULHO SHXW SURYRTXHU VD GHVWUXFWLRQ RX XQ G\VIRQFWLRQQHPHQW HW FDXVHU GHV EOHV�VXUHV JUDYHV�
- &H PDWpULHO HVW GHVWLQp j XQ XVDJH VWULFWHPHQW SURIHVVLRQHO�
- /LUH DWWHQWLYHPHQW WRXV OHV PDQXHOV G·LQVWUXFWLRQ� DIILFKHV HW pWLTXHWWHV DYDQW GH PHWWUH OH PDWpULHO HQ VHUYLFH�
- 1·XWLOLVHU OH PDWpULHO TXH SRXU O·XVDJH DXTXHO LO HVW GHVWLQp� (Q FDV GH GRXWH� DSSHOHU YRWUH GLVWULEXWHXU *UDFR�
- 1H MDPDLV WUDQVIRUPHU QL PRGLILHU FH PDWpULHO�
- 9pULILHU OH PDWpULHO TXRWLGLHQQHPHQW� 5pSDUHU RX UHPSODFHU LPPpGLDWHPHQW OHV SLqFHV XVpHV RX DEvPpHV�
- 1H MDPDLV GpSDVVHU OD SUHVVLRQ GH VHUYLFH PD[LPXP GH O·pOpPHQW OH SOXV IDLEOH GH YRWUH V\VWqPH� 6H UHSRUWHUDX[ &DUDFWpULVWLTXHV 7HFKQLTXHV GH OD SDJH �� SRXU YpULILHU OD SUHVVLRQ PD[LPXP GH VHUYLFH GX PDWpULHO�
- 6·DVVXUHU TXH OHV SURGXLWV HW OHV VROYDQWV XWLOLVpV VRLHQW FRPSDWLEOHV DYHF OHV SLqFHV HQ FRQWDFW DYHF OHSURGXLW� 6H UHSRUWHU DX[ &DUDFWpULVWLTXHV 7HFKQLTXHV GDQV FKDTXH PDQXHO GH O·XQLWp� 7RXMRXUV OLUH ODGRFXPHQWDWLRQ GX IDEULFDQW DYDQW G·XWLOLVHU XQ SURGXLW RX XQ VROYDQW�
- 1H MDPDLV XWLOLVHU GH IOH[LEOHV SRXU WLUHU OH PDWpULHO�
- (ORLJQHU OHV IOH[LEOHV GHV ]RQHV GH FLUFXODWLRQ� GHV ERUGV FRXSDQWV� GHV SLqFHV HQ PRXYHPHQW� HW GHV VXU�IDFHV� 1H MDPDLV H[SRVHU GHV IOH[LEOHV *UDFR j GHV WHPSpUDWXUHV VXSpULHXUHV j ��E & RX LQIpULHXUHV j ���E &�
- 1H MDPDLV VRXOHYHU XQ PDWpULHO VRXV SUHVVLRQ�
- 7RXMRXUV UHVSHFWHU OHV OpJLVODWLRQV ORFDOH� IpGpUDOH HW QDWLRQDOH DSSOLFDEOHV HQ PDWLqUH G·LQFHQGLH� G·pOHFWULFLWpHW GH VpFXULWp�
- 3RUWHU XQ FDVTXH DQWL�EUXLW ORUV GH O·XWLOLVDWLRQ GX PDWpULHO�
- 1H SDV XWLOLVHU GH WULFKORUpWKDQH ������ GH FKORUXUH GH PpWK\OqQH HW G·DXWUHV VROYDQWV G·K\GURFDUEXUH KDORJp�QpV RX GHV SURGXLWV FRQWHQDQW FHV VROYDQWV GDQV XQ pTXLSHPHQW VRXV SUHVVLRQ HQ DOXPLQLXP� 8QH WHOOHXWLOLVDWLRQ SRXUUDLW HQWUDvQHU XQH UpDFWLRQ FKLPLTXH SRXYDQW SURYRTXHU XQH H[SORVLRQ�
���������
0,6( (1 *$5'(5,648( '·,1-(&7,21
'HV SXOYpULVDWLRQV SURYHQDQW GX SLVWROHW� GH IXLWHV GDQV OHV WX\DX[ RX GH FRPSRVDQWV GpIHFWXHX[ SHXYHQWHQWUDvQHU GHV LQMHFWLRQV GH SURGXLW GDQV OH FRUSV� HW FDXVHU GHV EOHVVXUHV H[WUrPHPHQW JUDYHV� YRLUH O·DPSXWDWLRQ�/D SXOYpULVDWLRQ GH SURGXLW GDQV OHV \HX[ RX VXU OD SHDX SHXW pJDOHPHQW SURYRTXHU GHV EOHVVXUHV JUDYHV�
- 8QH LQMHFWLRQ GH SURGXLW GDQV OD SHDX SHXW SUpVHQWHU O·DVSHFW G·XQH VLPSOH FRXSXUH� FHSHQGDQW LO V·DJLW ELHQG·XQH EOHVVXUH JUDYH TXL H[LJH GHV VRLQV PpGLFDX[ LPPpGLDWV�
- 1H MDPDLV GLULJHU OH SLVWROHW YHUV TXLFRQTXH RX TXHOTXH SDUWLH GX FRUSV TXH FH VRLW�
- 1H MDPDLV SODFHU OHV PDLQV RX OHV GRLJWV GHYDQW OD EXVH GH SXOYpULVDWLRQ�
- 1H MDPDLV FROPDWHU QL GpYLHU OHV IXLWHV DYHF OD PDLQ� OH FRUSV� XQ JDQW RX XQ FKLIIRQ�
- 1H MDPDLV HVVD\HU GH UHIRXOHU OH SURGXLW FDU LO QH V·DJLW SDV G·XQ DSSDUHLO GH SXOYpULVDWLRQ j DLU FRPSULPp�
- 7RXMRXUV FRQVHUYHU OD SURWHFWLRQ GH EXVH HW OH YHUURXLOODJH GH JkFKHWWH VXU OH SLVWROHW ORUV GH OD SXOYpULVDWLRQ�
- 9pULILHU OH IRQFWLRQQHPHQW GX GLIIXVHXU GX SLVWROHW XQH IRLV SDU VHPDLQH� 6H UHSRUWHU DX PDQXHO GX SLVWROHW�
- 6·DVVXUHU GX IRQFWLRQQHPHQW GH OD JkFKHWWH GX SLVWROHW DYDQW WRXWH SXOYpULVDWLRQ�
- 9HUURXLOOHU OD VpFXULWp GH JkFKHWWH GX SLVWROHW ORUV GH O·DUUrW GH OD SXOYpULVDWLRQ�
- 6XLYUH OD 3URFpGXUH GH GpFRPSUHVVLRQ GH OD SDJH � j FKDTXH GpFRPSUHVVLRQ� DUUrW GH OD SXOYpULVDWLRQ�QHWWR\DJH� YpULILFDWLRQ RX HQWUHWLHQ GH O·pTXLSHPHQW� PRQWDJH RX QHWWR\DJH GH OD EXVH�
- 6HUUHU WRXV OHV UDFFRUGV SURGXLW DYDQW GH PHWWUH HQ VHUYLFH OH PDWpULHO�
- 9pULILHU OHV IOH[LEOHV� OHV WX\DX[ HW OHV UDFFRUGV TXRWLGLHQQHPHQW� 5HPSODFHU LPPpGLDWHPHQW OHV SLqFHV XVD�JpHV� HQGRPPDJpHV RX GHVVHUUpHV� 1H SDV UpSDUHU OHV IOH[LEOHV EUDQFKpV HQ SHUPDQHQFH� ,O IDXW UHPSODFHUO·HQVHPEOH GX IOH[LEOH�
- 1·XWLOLVHU TXH GHV IOH[LEOHV KRPRORJXpV SDU *UDFR� 1H SDV HQOHYHU OHV SURWHFWLRQV j UHVVRUW PRQWpHV SRXUHPSrFKHU WRXWH UXSWXUH VXLWH j XQ YULOODJH RX XQH IOH[LRQ GX IOH[LEOH j SUR[LPLWp GHV DFFRXSOHPHQWV�
'$1*(56 '( 352'8,76 72;,48(6
'HV SURGXLWV GDQJHUHX[ RX GHV YDSHXUV WR[LTXHV SHXYHQW SURYRTXHU GHV EOHVVXUHV JUDYHV� YRLUH OD PRUW� HQ FDVGH SURMHFWLRQ GDQV OHV \HX[ RX VXU OD SHDX� G·LQKDODWLRQ RX G·LQJHVWLRQ�
- &RQQDvWUH OHV GDQJHUV SUpVHQWpV SDU OH SURGXLW XWLOLVp�
- 6WRFNHU OH SURGXLW GDQJHUHX[ GDQV XQ UpVHUYRLU KRPRORJXp� /·XWLOLVHU FRQIRUPpPHQW DX[ GLUHFWLYHV ORFDOHV�QDWLRQDOHV HW IpGpUDOHV�
- 7RXMRXUV SRUWHU OXQHWWHV� JDQWV� YrWHPHQWV HW UHVSLUDWHXU GH VpFXULWp FRPPH FRQVHLOOp SDU OH IDEULFDQW GX SUR�GXLW HW GX VROYDQW�
'$1*(5 ,1+e5(17 $8 &$5%85$17
/H FDUEXUDQW XWLOLVp GDQV FHW DSSDUHLO HVW LQIODPPDEOH HW SHXW SUHQGUH IHX DX FRQWDFW G·XQH VXUIDFH FKDXGH�
- 1H MDPDLV UHPSOLU OH UpVHUYRLU GH FDUEXUDQW TXDQG OH PRWHXU WRXUQH RX TXDQG LO HVW FKDXG�
'$1*(5 ,1+e5(17 $8; *$= '·e&+$33(0(17
/HV JD] G·pFKDSSHPHQW FRQWLHQQHQW GX GLR[\GH GH FDUERQH TXL HVW XQ JD] GDQJHUHX[ LQFRORUH HW LQRGRUH�
- 1H SDV IDLUH IRQFWLRQQHU FHW DSSDUHLO GDQV XQ ORFDO IHUPp�
� ��������
0,6( (1 *$5'('$1*(5 '·,1&(1',( 28 '·(;3/26,21
8QH PLVH j OD WHUUH LQFRUUHFWH� XQH PDXYDLVH YHQWLODWLRQ� GHV IODPPHV RX GHV pWLQFHOOHV SHXYHQW JpQpUHU XQHVLWXDWLRQ GDQJHUHXVH HW SURYRTXHU XQ LQFHQGLH RX XQH H[SORVLRQ HW GHV EOHVVXUHV JUDYHV�
- 6L YRXV FRQVWDWH] OD PRLQGUH IRUPDWLRQ G·pWLQFHOOHV G·pOHFWULFLWp VWDWLTXH� RX VL YRXV UHVVHQWH] OH PRLQGUH FKRFHQ XWLOLVDQW OH PDWpULHO� FHVVHU LPPpGLDWHPHQW OH SRPSDJH� 1H SDV UpXWLOLVHU OH PDWpULHO DYDQW TXH OHSUREOqPH QH VRLW LGHQWLILp HW UpVROX�
- $VVXUHU XQH ERQQH YHQWLODWLRQ DILQ G·pYLWHU O·DFFXPXODWLRQ GH YDSHXUV LQIODPPDEOHV SURYHQDQW GHV VROYDQWV HWSURGXLWV SXOYpULVpV�
- 0DLQWHQLU OD ]RQH GH WUDYDLO H[HPSWH GH GpEULV� \ FRPSULV GH VROYDQWV� FKLIIRQV HW HVVHQFH�
- 'pEUDQFKHU O·DOLPHQWDWLRQ pOHFWULTXH GH WRXV OHV pTXLSHPHQWV GDQV OD ]RQH GH WUDYDLO�
- eWHLQGUH WRXWHV OHV IODPPHV HW YHLOOHXVHV GDQV OD ]RQH GH WUDYDLO�
- 1H SDV IXPHU GDQV OD ]RQH GH WUDYDLO�
- 1·DFWLRQQHU DXFXQ LQWHUUXSWHXU GH OXPLqUH GDQV OD ]RQH GH WUDYDLO SHQGDQW OH IRQFWLRQQHPHQW RX HQ SUpVHQFHGH YDSHXUV�
- 1H MDPDLV IDLUH IRQFWLRQQHU XQ PRWHXU j HVVHQFH GDQV OD ]RQH GH WUDYDLO�
- 5HOLHU OH SXOYpULVDWHXU j XQH SULVH GH WHUUH YpULWDEOH DX PR\HQ GX ILO HW GH OD SLQFH GH WHUUH �IRXUQLV��
- 1·XWLOLVHU TXH GHV IOH[LEOHV FRQGXFWHXUV pOHFWULTXHV�
'$1*(5 5(35e6(17e 3$5 /(6 3,Ë&(6 (1 0289(0(17
3UHQGUH JDUGH DX[ SLqFHV HQ PRXYHPHQW� YRXV ULVTXH] GH YRXV SLQFHU RX GH YRXV VHFWLRQQHU OHV GRLJWV�
- 6H WHQLU j O·pFDUW GH WRXWHV OHV SLqFHV HQ PRXYHPHQW ORUV GX GpPDUUDJH RX GX IRQFWLRQQHPHQW GH OD SRPSH�
- $YDQW GH SURFpGHU j O·HQWUHWLHQ GX PDWpULHO� WRXMRXUV UHVSHFWHU OD 3URFpGXUH GH GpFRPSUHVVLRQ GH OD SDJH �DILQ G·pYLWHU OH GpPDUUDJH LQRSLQp GX PDWpULHO�
���������
,QVWDOODWLRQ,QIRUPDWLRQV JpQpUDOHV
5(0$548(� OHV QRPEUHV HW OHV OHWWUHV GH UpIpUHQFH DSSD�UDLVVDQW HQWUH SDUHQWKqVHV GDQV OH WH[WH VHUDSSRUWHQW DX[ OpJHQGHV GHV ILJXUHV HW GHVYXHV pFODWpHV�
5(0$548(� WRXMRXUV XWLOLVHU GHV SLqFHV HW DFFHVVRLUHV*UDFR G·RULJLQH GLVSRQLEOHV FKH] YRWUH GLVWULEX�WHXU *UDFR�
0LVH j OD WHUUH
0,6( (1 *$5'(5,648( '·,1&(1',( 28'·(;3/26,21$YDQW GH PHWWUH OD SRPSH HQ VHUYLFH� UDF�FRUGHU OH V\VWqPH j OD WHUUH FRPPH LQGLTXpFL�GHVVRXV� /LUH DXVVL OD UXEULTXH '$1*(5'·,1&(1',( 28 '·(;3/26,21 j ODSDJH ��
�� 3XOYpULVDWHXU� V·DVVXUHU TXH OD FKDvQH GH PLVH j ODWHUUH ����� VRLW ELHQ HQ FRQWDFW DYHF OH VRO� 9RLU SDJH ���3RXU XQH SXOYpULVDWLRQ VXU SODFH� UHOLHU OH ILO GH WHUUH HW ODSLQFH ����� j XQH WHUUH YpULWDEOH�
�� 7X\DX[ IOH[LEOHV� DILQ G·DVVXUHU OD FRQWLQXLWp GH OD PLVH jOD WHUUH� Q·XWLOLVHU TXH GHV WX\DX[ FRPSRUWDQW XQH PLVH jOD WHUUH HW D\DQW XQH ORQJXHXU PD[LPXP FRPELQpH GH��� P�
�� 3LVWROHW� UpDOLVHU OD PLVH j OD WHUUH HQ OH UDFFRUGDQW j XQWX\DX IOH[LEOH HW j XQ SXOYpULVDWHXU GpMj FRQYHQDEOHPHQWUHOLp j OD WHUUH�
�� 2EMHW� PDWpULHO RX VXUIDFH UHFHYDQW OD SXOYpULVDWLRQ�REVHUYHU OH FRGH RX OHV UpJOHPHQWDWLRQV ORFDOHV�
�� 5pVHUYRLU GH SURGXLW� UHVSHFWHU OD UpJOHPHQWDWLRQ ORFDOH�
�� 6HDX[ GH VROYDQW XWLOLVpV SRXU OH ULQoDJH� REVHUYHU ODUpJOHPHQWDWLRQ ORFDOH� 1·XWLOLVHU TXH GHV VHDX[ PpWDOOL�TXHV FRQGXFWHXUV G·pOHFWULFLWp SRVpV VXU XQH VXUIDFHUHOLpH j OD WHUUH� 1H SDV PHWWUH OH VHDX VXU XQH VXUIDFHQRQ FRQGXFWULFH� HQ SDSLHU RX HQ FDUWRQ SDU H[HPSOH�FDU FHOD LQWHUURPSUDLW OD FRQWLQXLWp GH OD PLVH j OD WHUUH�
�� 3RXU FRQVHUYHU OD FRQWLQXLWp GH OD PLVH j OD WHUUH TXDQGRQ ULQFH OH PDWpULHO RX TXDQG RQ OLEqUH OD SUHVVLRQ�PDLQWHQLU XQH SDUWLH PpWDOOLTXH GX SLVWROHW IHUPHPHQWDSSX\pH FRQWUH OHV F{WpV G·XQ VHDX HQ PpWDO UHOLp j ODWHUUH� SXLV DSSX\HU VXU OD GpWHQWH GX SLVWROHW�
)LJ� �
���
3URFpGXUH GH GpFRPSUHVVLRQ
0,6( (1 *$5'(5,648( '·,1-(&7,21'X SURGXLW VRXV KDXWH SUHVVLRQ ULVTXH G·rWUHLQMHFWp VRXV OD SHDX HW GH FDXVHU GHV EOHV�VXUHV JUDYHV� 3RXU UpGXLUH OHV ULVTXHV GH
EOHVVXUHV SDU LQMHFWLRQ� SURMHFWLRQ GH SURGXLW RX SLqFHVHQ PRXYHPHQW� VXLYUH OD 3URFpGXUH GH GpFRPSUHVVLRQORUV GH FKDTXH�
- UHOkFKHPHQW GH OD SUHVVLRQ�- DUUrW GH OD SXOYpULVDWLRQ�- YpULILFDWLRQ RX HQWUHWLHQ G·XQ pTXLSHPHQW GX V\VWqPH�- PRQWDJH RX QHWWR\DJH GHV EXVHV�
�� (QJDJHU OH YHUURX GH VpFXULWp GX SLVWROHW
�� 0HWWUH OH OHYLHU G·DUUrW GX PRWHXU VXU $55È7 �2))��
�� 0HWWUH O·LQWHUUXSWHXU GH FRPPDQGH GH SUHVVLRQ VXU$55È7 �2))��
�� 'pVHQJDJHU OH YHUURX GH VpFXULWp GX SLVWROHW� 7RXW HQPDLQWHQDQW XQH SDUWLH PpWDOOLTXH GX SLVWROHW IHUPHPHQWDSSX\pH FRQWUH OH F{Wp G·XQ VHDX HQ PpWDO� DFWLRQQHU OHSLVWROHW SRXU OLEpUHU OD SUHVVLRQ�
�� (QJDJHU OH YHUURX GH VpFXULWp GX SLVWROHW�
�� $SSX\HU IHUPHPHQW OH WX\DX GH GpFKDUJH FRQWUH OD SDURLG·XQ VHDX PpWDOOLTXH PLV j OD WHUUH HW RXYULU OD YDQQH GHGpFKDUJH� /DLVVHU FHWWH YDQQH RXYHUWH MXVTX·j OD SXOYp�ULVDWLRQ VXLYDQWH�
�� 'pEUDQFKHU OH FkEOH GH OD ERXJLH SRXU HPSrFKHU XQUHGpPDUUDJH LQWHPSHVWLI�
6L O·RQ VRXSoRQQH TXH OH WX\DX RX OD EXVH HVW FRPSOqWHPHQWERXFKp� RX TXH OD SUHVVLRQ Q·D SDV pWp FRPSOqWHPHQW OLEpUpHDSUqV DYRLU SURFpGp DX[ RSpUDWLRQV FL�GHVVXV� HQURXOHU XQFKLIIRQ DXWRXU GH O·pFURX GH UHWHQXH GH OD SURWHFWLRQ GH ODEXVH RX GX UDFFRUG GX IOH[LEOH HW OH GHVVHUUHU WUqV OHQWH�PHQW� OLEpUHU SURJUHVVLYHPHQW OD SUHVVLRQ� HW HQILQ GHVVHUUHUFRPSOqWHPHQW� 5HWLUHU O·REVWDFOH SUpVHQW GDQV OD EXVH RX OHIOH[LEOH�
�����)LJ� �
9DQQH UHSUpVHQWpHHQ SRVLWLRQ )(50e(
9DQQH UHSUpVHQWpHHQ SRVLWLRQ 289(57(
7XEHG·DVSLUDWLRQ
7X\DX GHGpFRPSUHVVLRQ
)OH[LEOHVRXV SUHVVLRQ
� ��������
,QVWDOODWLRQ�� /LUH HW VXLYUH OHV PLVHV HQ JDUGH GHV SDJHV ���� DYDQW
GH SURFpGHU j O·LQVWDOODWLRQ RX j O·XWLOLVDWLRQ GH O·DSSDUHLO�
�� 'pEDOOHU OH /LQH/D]HU� 6RXOHYHU OHV PDQFKHURQV ����DYHF SUpFDXWLRQ SRXU OHV DPHQHU HQ SRVLWLRQ YHUWLFDOH�2Q WURXYHUD GDQV XQ VDFKHW TXDWUH YLV ���� HW FRQWUH�pFURXV ����� 0RQWHU OHV GHX[ YLV DUULqUHV ���$� HW VHUUHUOHXUV pFURXV j OD PDLQ ���$�� 0RQWHU XQH YLV ���%� HW XQpFURX ���%� GH FKDTXH F{Wp GHV PDQFKHURQV� %LHQ VHU�UHU OHV TXDWUH pFURXV� 9RLU )LJ� ��
$77(17,21/RUVTXH O·RQ VRXOqYH OHV PDQFKHURQV GX FKDULRW ����� YHLO�OHU j FH TXH OHV FkEOHV QH VH FRLQFHQW SDV GDQV OH FKkVVLVRX QH VH SOLHQW SDV�
�� 3RXU PRQWHU XQ VHFRQG HQVHPEOH IOH[LEOH HW SLVWROHW� YRLUSDJH ���
�� 5HPSOLU O·pFURX�FRXSHOOH GH SUHVVH�pWRXSH ����� DX ���GH OLTXLGH OXEULILDQW 76/ IRXUQL� HW YHLOOHU j FH TX·LO VRLWUHPSOL HQ WRXW WHPSV� DILQ G·DXJPHQWHU OD ORQJpYLWp GH ODSRPSH� 9RLU )LJ� ��
�� &RQWU{OHU OH QLYHDX G·KXLOH PRWHXU� 9RLU OH PDQXHO IRXUQLUHODWLI DX PRWHXU +RQGD� 2Q WURXYHUD FL�DSUqV XQ UpVXPpGHV LQIRUPDWLRQV TX·LO FRQWLHQW� UHWLUHU O·XQ GHV ERXFKRQVGH UHPSOLVVDJH G·KXLOH �$�� O·KXLOH GRLW SUDWLTXHPHQW Gp�ERUGHU� 9RLU )LJ� �� 6L QpFHVVDLUH� DMRXWHU GH O·KXLOH� 9RLUpJDOHPHQW OD UXEULTXH (QWUHWLHQ� SDJH ���
/·KXLOH PRWHXU UHFRPPDQGpH� XWLOLVHU XQH KXLOH GpWHU�JHQWH GH KDXWH TXDOLWp� G·LQGLFH 6$( ��:���� FODVVpH
´3285 6(59,&( 6( RX 6)µ�
�� 5DFFRUGHU OH SXOYpULVDWHXU j OD WHUUH� 8QH PLVH j OD WHUUHFRUUHFWH HVW OD FRQGLWLRQ HVVHQWLHOOH GH OD VpFXULWp pOHFWUL�TXH GX V\VWqPH� /LUH pJDOHPHQW HW VXLYUH OD UXEULTXH'$1*(5 '·,1&(1',( 28 '·(;3/26,21 GH ODSDJH ��
0,6( (1 *$5'(5DFFRUGHU OH SXOYpULVDWHXU j OD WHUUH ORUV GH FKDTXH SXO�YpULVDWLRQ j O·LQWpULHXU G·XQ EkWLPHQW� TX·LO V·DJLVVH G·XQSLVWROHW SXOYpULVDWHXU j SRVWH PRELOH RX j SRVWH IL[H�'DQV OD SOXSDUW GHV XVLQHV� OHV VROV VRQW FRXYHUWV G·XQUHYrWHPHQW TXL OHV UHQG SHX FRQGXFWHXUV� &HFL DXJPHQWHOH ULVTXH GH GpFKDUJH G·pOHFWULFLWp VWDWLTXH TXL SHXW FDXV�HU GHV EOHVVXUHV JUDYHV� XQ LQFHQGLH RX XQH H[SORVLRQ HWGHV GpJkWV PDWpULHOV�
3RXU FKDTXH ULQoDJH� UDFFRUGHU OD SLQFH GH PLVH j ODWHUUH ����� j XQH PLVH j OD WHUUH YpULWDEOH�
8WLOLVDWLRQ G·XQ SXOYpULVDWHXU j O·H[WpULHXU� YHLOOHU j FHTXH OD FKDvQH G·pOHFWULFLWp VWDWLTXH UDFFRUGpH DX EDV GXFKDULRW UHVWH WRXMRXUV HQ FRQWDFW DYHF OH VRO SRXU IDFLOLWHUOD GLVVLSDWLRQ GH O·pOHFWULFLWp VWDWLTXH� 5DFFRUGHU OH SXOYp�ULVDWHXU j XQH SULVH GH WHUUH YpULWDEOH FRQIRUPpPHQW DX[
UHFRPPDQGDWLRQV GX FRGH pOHFWULTXH ORFDO�
8WLOLVDWLRQ G·XQ SXOYpULVDWHXU j O·LQWpULHXU� UDFFRUGHU OHSXOYpULVDWHXU ORUV GH FKDTXH SXOYpULVDWLRQ j O·LQWpULHXU
G·XQ EkWLPHQW� /H FkEOH GH PLVH j OD WHUUH IRXUQL DYHF OHSXOYpULVDWHXU Q·HVW SDV DVVH] ORQJ SRXU SHUPHWWUH j O·R�SpUDWHXU XQH JUDQGH OLEHUWp GH PRXYHPHQW� /·RSpUDWHXUGRLW GRQF IRXUQLU XQ FkEOH GH PLVH j OD WHUUH SOXV ORQJ RXSUpYRLU WRXWH DXWUH PpWKRGH GH UDFFRUGHPHQW j OD WHUUHHIILFDFH FRQIRUPpPHQW DX[ UHFRPPDQGDWLRQV GX FRGH
pOHFWULTXH ORFDO�
�� 3UpYRLU XQH ERQQH YHQWLODWLRQ ORUV GHV RSpUDWLRQV GHSXOYpULVDWLRQ j O·LQWpULHXU�
0,6( (1 *$5'(/RUV GH O·XWLOLVDWLRQ GH O·DSSDUHLO /LQH/D]HU j O·LQWpULHXU GHEkWLPHQW� YHLOOHU j GLULJHU OHV JD] G·pFKDSSHPHQW YHUVO·H[WpULHXU RX SUpYRLU XQH YHQWLODWLRQ FRUUHFWH FRQIRUPp�PHQW DX[ UHFRPPDQGDWLRQV GX FRGH ORFDO� &HFL HVW GHVWL�Qp j UpGXLUH OH ULVTXH G·HPSRLVRQQHPHQW SDU PRQR[\GHGH FDUERQH�
�� 5HPSOLU OH UpVHUYRLU G·HVVHQFH� 9RLU OD UXEULTXH 5HPSOLV�VDJH GX UpVHUYRLU� SDJH ���
�� 5LQFHU OD SRPSH SRXU pOLPLQHU O·KXLOH OpJqUH TXL D pWpODLVVpH j O·LQWpULHXU SRXU SURWpJHU OHV SLqFHV GH OD URXLOOH�6XLYUH OHV LQGLFDWLRQV GH OD UXEULTXH 5LQoDJH� SDJH ���
��� 3UpSDUHU OD SHLQWXUH FRQIRUPpPHQW DX[ UHFRPPDQGD�WLRQV GX IDEULFDQW� (QOHYHU OD SHDX TXL SHXW V·rWUH IRUPpHj VD VXUIDFH� %UDVVHU OD SHLQWXUH SRXU PpODQJHU OHVSLJPHQWV�
)LOWUHU OD SHLQWXUH GDQV XQ VDF GH ILOWUDJH ILQ HQ Q\ORQ HWPHVXUDEOH HQ PLFURQV �TXH O·RQ SHXW VH SURFXUHU FKH] ODSOXSDUW GHV UHYHQGHXUV GH SHLQWXUH� DILQ G·HQ pOLPLQHU OHVSDUWLFXOHV TXL SRXUUDLHQW FROPDWHU OH ILOWUH RX REVWUXHU ODEXVH GH SXOYpULVDWLRQ� ,O V·DJLW VDQV GRXWH GH OD SOXV LP�
SRUWDQWH RSpUDWLRQ VL O·RQ QH YHXW SDV FRQQDvWUH GHSUREOqPHV ORUV GH OD SXOYpULVDWLRQ�
)LJ� �
��
��$
��$
��%
��%
�����%
��� ����
)LJ� �
�
�
0DLQWHQLU WRXMRXUVUHPSOL GH 76/
$
���������
,QVWDOODWLRQ��� 6XLYUH OHV FRQVHLOV GHV PHQWLRQV ´$77(17,21µ FL�DSUqV
SRXU pYLWHU WRXW HQGRPPDJHPHQW GH OD FRPPDQGH GHSUHVVLRQ�
$77(17,213RXU pYLWHU G·HQGRPPDJHU OD FRPPDQGH GH SUHVVLRQ�REVHUYHU OHV SUpFDXWLRQV VXLYDQWHV�
- 3HUPHWWUH DX IOH[LEOH SULQFLSDO GH VH FRPSRUWHU HQDPRUWLVVHXU GH SXOVDWLRQV� WRXMRXUV XWLOLVHU XQ IOH[LEOHGH SXOYpULVDWLRQ HQ Q\ORQ G·DX PRLQV �� P GH ORQJXHXUSRXU OH SLVWROHW SULQFLSDO� QH MDPDLV XWLOLVHU GH IOH[LEOH jWUHVVH PpWDOOLTXH� XQ WHO IOH[LEOH HVW WURS ULJLGH�
- 1H MDPDLV PRQWHU GH URELQHW j ELOOHV RX DXWUH GLVSRVLWLIG·DUUrW HQWUH OH ILOWUH HW OH IOH[LEOH GH �� P�
- 1H SDV ODLVVHU JHOHU G·HDX RX GH SHLQWXUH j O·HDX GDQVOD FRPPDQGH GH SUHVVLRQ�
$77(17,210HWWUH OH OHYLHU QRLU G·DUUrW GH FDUEXUDQW HQ SRVLWLRQ GHIHUPHWXUH FKDTXH IRLV TXH O·RQ WUDQVSRUWH O·DSSDUHLO DILQG·pYLWHU TXH OH PRWHXU QH VRLW LQRQGp GH FDUEXUDQW�
7HQLU O·DSSDUHLO HQ SRVLWLRQ GURLWH HW GH QLYHDX ORUVTXH O·RQV·HQ VHUW HW SHQGDQW VRQ WUDQVSRUW� &HFL pYLWHUD OD UHPRQWpHG·KXLOH GX FDUWHU GH WUDQVPLVVLRQ GDQV OD FKDPEUH GH FRP�EXVWLRQ� TXL UHQGUDLW OH GpPDUUDJH WUqV GLIILFLOH�
��� 3RXU EORTXHU OD URXOHWWH� VRXOHYHU OD SRLJQpH GX IUHLQ�$��SDUWLH LQIpULHXUH DUULqUH GX FKDULRW� SRXU HQFOHQFKHU OHIUHLQ� )DLUH GHVFHQGUH OD SRLJQpH SRXU UHOkFKHU OH IUHLQ�9RLU )LJ� �� 3RXU XQ IUHLQDJH SRVLWLI� YHLOOHU j OD ERQQHSUHVVLRQ HW j O·DEVHQFH G·XVXUH GHV SQHXV�
��� 3RXU FRQQDvWUH OD IDoRQ GH VH VHUYLU HW GH UpJOHU OHVGLYHUVHV IRQFWLRQQDOLWpV GH OD /LQH/D]HU� YRLUSDJHV �������
��� 'pPDUUHU O·DSSDUHLO� 9RLU SDJH ���
)LJ� � �����
$
�� ��������
5HPSOLVVDJH GX UpVHUYRLU
0,6( (1 *$5'(/·HVVHQFH HVW XQ SURGXLW H[WUrPHPHQW LQIODPPDEOH HWPrPH H[SORVLI GDQV FHUWDLQHV FRQGLWLRQV� 3RXU UpGXLUHOHV ULVTXHV G·LQFHQGLH RX G·H[SORVLRQ�
�� 7RXMRXUV DUUrWHU OH PRWHXU DYDQW GH IDLUH OH SOHLQ GHFDUEXUDQW�
�� )DLUH OH SOHLQ GH FDUEXUDQW GDQV XQ HQGURLW SDUIDLWH�PHQW YHQWLOp�
�� 1H SDV IXPHU HW LQWHUGLUH WRXWH SUpVHQFH GH IODPPHVRX G·pWLQFHOOHV Oj R� O·RQ UHIDLW OH SOHLQ GH FDUEXUDQW HWj O·HQGURLW R� O·HVVHQFH HVW HQWUHSRVpH�
�� 1H SDV UHPSOLU H[FHVVLYHPHQW OH UpVHUYRLU� 9HLOOHU jELHQ UHIHUPHU OH ERXFKRQ GH UpVHUYRLU DSUqV DYRLU IDLWOH SOHLQ�
�� /HV YDSHXUV G·HVVHQFH HW O·HVVHQFH UpSDQGXHSHXYHQW SUHQGUH IHX� 6L O·RQ UHQYHUVH GH O·HVVHQFHSHQGDQW OH UHPSOLVVDJH GX UpVHUYRLU� YHLOOHU j ELHQDVVpFKHU OHV DOHQWRXUV DYDQW GH GpPDUUHU OH PRWHXU�
�� 6SpFLILFDWLRQV FRQFHUQDQW O·HVVHQFH� 8WLOLVHU GHO·HVVHQFH DXWRPRELOH D\DQW XQ LQGLFH G·RFWDQH j ODSRPSH GH �� RX SOXV� 6L OH PRWHXU FRJQH RX pPHW GHVFOLTXHWLV� XWLOLVHU XQ FDUEXUDQW D\DQW XQ LQGLFH G·RFWDQHVXSpULHXU� 2Q SULYLOpJLHUD O·XWLOLVDWLRQ G·HVVHQFH VDQVSORPE� TXL HQFUDVVH PRLQV OD FKDPEUH GH FRPEXVWLRQ�
�� 0pODQJHV HVVHQFH � DOFRRO �JDVRKRO�� 1H SDV XWLOLVHU GHJDVRKRO FRQWHQDQW GX PpWKDQRO� V·LO QH FRQWLHQW SDVpJDOHPHQW GHV FRVROYDQWV HW LQKLELWHXUV GH FRUURVLRQSRXU FRQWUHU O·DFWLRQ GX PpWKDQRO� 0rPH V·LO FRQWLHQW GHWHOV DGGLWLIV� QH SDV XWLOLVHU OH JDVRKRO VL VD WHQHXU HQPpWKDQRO HVW VXSpULHXUH j ���
5(0$548(� OD JDUDQWLH GX PRWHXU +21'$ QH FRXYUH SDVOHV GRPPDJHV GXV j O·XWLOLVDWLRQ G·HVVHQFHFRQWHQDQW GH O·DOFRRO� 3RXU WRXW UHQVHLJQHPHQWFRPSOpPHQWDLUH� YRLU OH PDQXHO GX PRWHXU+21'$�
�� *pQpUDOLWpV� 1H SDV XWLOLVHU GH PpODQJHV HVVHQFH � KXLOHRX G·HVVHQFH SROOXpH� eYLWHU WRXWH SpQpWUDWLRQ GH VDOH�WpV� SRXVVLqUHV HW HDX j O·LQWpULHXU GX UpVHUYRLU GH FDUEX�UDQW�
�� &DSDFLWp GX UpVHUYRLU� ��� OLWUHV� /DLVVHU XQ HVSDFH OLEUHGH �� PP DX VRPPHW GX UpVHUYRLU DILQ TXH O·HVVHQFHSXLVVH VH GLODWHU�
�� $YDQW GH IDLUH OH SOHLQ G·HVVHQFH� PHWWUH OH FRXSH�FLUFXLWGX PRWHXU �$� VXU OD SRVLWLRQ $55È7 �2))��
�� $SUqV DYRLU UHPSOL OH UpVHUYRLU� ELHQ UHVVHUUHU VRQ ERX�FKRQ �%��
$%
����)LJ� �
��
&
�
��� ���
�
���
���(
��
���
���
'(
$%
���
���
)
��
��
���
��
'e7$,/ %
���
)LJ� �
�6HUUHU j ��� 1�P HW HIIHFWXHU HQWUH���� HW ��� GH WRXU
����$
�
�
0RQWDJH GX FkEOH
&kEOH FRUUHFWHPHQW PRQWp
�
������%
�
'e7$,/ $0217$*( '8 &Ç%/(
����������
0RQWDJH GX VHFRQG SLVWROHW HWGH VRQ IOH[LEOH
5(0$548(� OD ILJXUH � UHSUpVHQWH O·LQVWDOODWLRQ DX SRLQW ��
5(0$548(� SRXU IDLUH SDVVHU OHV SLVWROHWV F{Wp PRWHXU GXFKDULRW� YRLU OHV LQVWUXFWLRQV GRQQpHV j ODSDJH �� DYDQW GH PRQWHU OH NLW GH VHFRQGSLVWROHW�
�� 'pFURFKHU OH FkEOH GH GpFOHQFKHPHQW GX EORTXHXU ����GX SLVWROHW G·RULJLQH GH O·DSSDUHLO� 9RLU SDJH ���(QFOHQFKHU OD VpFXULWp JkFKHWWH GX SLVWROHW�
�� 'HVVHUUHU OHV pWULHUV �%� &� GH OD EDUUH FRXOLVVDQWH�'pJDJHU OD EDUUH FRXOLVVDQWH ��� GX FKDULRW HQ OD IDLVDQWFRXOLVVHU�
�� 3RXU PRQWHU OD EDUUH GX VHFRQG SLVWROHW F{Wp SRPSH GXFKDULRW� HQILOHU XQ pWULHU ����$� VXU OD EDUUH FRXOLV�VDQWH ���� (QILOHU OD EDUUH FRXOLVVDQWH GDQV O·pWULHU �%�F{Wp SRPSH HW O·DPHQHU DX FHQWUH GX FKDULRW� (QILOHUHQVXLWH XQ VHFRQG pWULHU ����%� VXU OD EDUUH FRXOLVVDQWH�9RLU )LJ� ��
3RXU PRQWHU OD EDUUH GX VHFRQG SLVWROHW F{Wp PRWHXU GXFKDULRW� HIIHFWXHU O·RSpUDWLRQ �� FL�GHVVXV� HQ HQILODQW OD
EDUUH FRXOLVVDQWH �&� GDQV O·pWULHU F{Wp PRWHXU HW HQO·DPHQDQW DX FHQWUH GX FKDULRW� /HV PROHWWHV GH VHUUDJH
GHV pWULHUV ����$� ���%� GRLYHQW rWUH WRXUQpHV YHUVO·DUULqUH� IDFH DX[ PDQFKHURQV�
�� (QILOHU OD EDUUH FRXOLVVDQWH ��� GDQV O·pWULHU GH VHUUDJHRSSRVp� 6HUUHU OHV pWULHUV �%� &��
�� (QILOHU OD EDUUH ����� GX VHFRQG SLVWROHW DVVH] ORLQ GDQVOD EDUUH FRXOLVVDQWH SRXU TXH O·pWULHU ����%� VHUUH ODEDUUH� 3RVLWLRQQHU OHV pWULHUV ����$� ���%� VXU OHVHQFRFKHV �$� GH OD EDUUH FRXOLVVDQWH ��� HW VHUUHU OHVpWULHUV�
5(0$548(� SRXU DVVXUHU XQ IRQFWLRQQHPHQW VWDEOH GHVSLVWROHWV� LO HVW FRQVHLOOp GH QH SDV IDLUH Gp�SDVVHU OD EDUUH ����� GX VHFRQG SLVWROHW GH ODEDUUH FRXOLVVDQWH GH SOXV GH ��� PP HQYLURQ�
�� 'pFURFKHU OH FkEOH G·DFWLRQQHPHQW GH OD JkFKHWWH GXVHFRQG SLVWROHW DX QLYHDX GH OD YLV ����� 9RLU )LJ� ��'e7$,/ %�
�� 'pYLVVHU OH ERXFKRQ ���� REWXUDQW OD GHX[LqPH VRUWLH GXILOWUH� 9LVVHU OH IOH[LEOH FRXUW ����� VXU OH UDFFRUG GX ILOWUH�
�� ÑWHU OD YLV ���� GX FROOLHU VHUUH�FkEOH�
�� (QIRQFHU O·HPERXW GH JDLQH GX FkEOH �(� GDQV OD SOD�TXHWWH GH JXLGDJH �'�� )DLUH SDVVHU OH FkEOH G·DFWLRQQH�PHQW GH OD JkFKHWWH ����� SDUDOOqOHPHQW DX FkEOH GXSLVWROHW SULQFLSDO� HQ RXYUDQW OH FROOLHU VHUUH�FkEOH �����DILQ GH IDLUH SDVVHU OH FkEOH j O·LQWpULHXU� 5HPRQWHU ODYLV ���� GX VHUUH�FkEOH HW OD VHUUHU� )DLUH SDVVHU OH FkEOHGDQV OH JXLGH�FkEOH ��� HW O·DPHQHU DX VHFRQG SLVWROHW�
��� (QILOHU O·H[WUpPLWp GX FkEOH ����� SRXUYX G·XQ FURFKHWGDQV OH WURX �)� GH OD SODWLQH GH OHYLHU ������ )DLUH SLYRWHUOH FURFKHW HW OH UDPHQHU HQ DUULqUH GH IDoRQ j FH TX·LOV·DFFURFKH j OD SODWLQH� 9RLU 'e7$,/ $�
��� 5HEUDQFKHU OH FkEOH G·DFWLRQQHPHQW GH OD JkFKHWWH DXVHFRQG SLVWROHW DX QLYHDX GH OD YLV ����� 6HUUHU OD YLV DXFRXSOH GH ��� 1�P� SXLV OD GHVVHUUHU G·XQ ���� j ��� GHWRXU HW VHUUHU OH FRQWUH�pFURX ���� WRXW HQ PDLQWHQDQW ODYLV ����� 9HLOOHU j FH TXH OD SODWLQH ���� SXLVVH VH PRX�YRLU OLEUHPHQW�
��� ,QVWDOOHU OH FOLS ����� SRXU PDLQWHQLU OH FkEOH FRQWUH OHFKkVVLV�
��� 3DVVHU OHV GHX[ FkEOHV G·DFWLRQQHPHQW GH JkFKHWWHGDQV OHXUV EORTXHXUV ����� (QVXLWH UpJOHU OD WHQVLRQ GHVFkEOHV� 9RLU SDJHV �������
��� 1H SDV PRQWHU GH EXVH GH SXOYpULVDWLRQ WDQW TXH OHV\VWqPH Q·D SDV pWp DPRUFp�
��� 5pJOHU OHV SLVWROHWV HQ YXH GH OHXU GpFOHQFKHPHQW VLPXO�WDQp� 9RLU SDJH ���
�� ��������
&RQVLJQHV GH ULQoDJH0,6( (1 *$5'(
3RXU UpGXLUH OH ULVTXH GH EOHVVXUH JUDYH ORUVTXH YRXVGHYH] GpFRPSUHVVHU� WRXMRXUV UHVSHFWHU OD 3URFpGXUHGH GpFRPSUHVVLRQ GH OD SDJH ��
6·DVVXUHU TXH OD SRPSH VRLW FRUUHFWHPHQW PLVH j OD WHUUH�
$77(17,211H MDPDLV ODLVVHU G·HDX GDQV OH SXOYpULVDWHXU V·LO \ D OHPRLQGUH ULVTXH TX·HOOH JqOH� &KDVVHU O·HDX FRQWHQXH GDQVO·DSSDUHLO DX PR\HQ G·XQ VROYDQW FRPSDWLEOH� /D SUpVHQFHG·HDX JHOpH GDQV OH WXEH GH OD FRPPDQGH GH SUHVVLRQHPSrFKH OH SXOYpULVDWHXU GH GpPDUUHU� HW SHXW FDXVHU G·LP�SRUWDQWV GRPPDJHV j OD FRPPDQGH GH SUHVVLRQ�
4XDQG ULQFHU"
�� 5LQFHU XQ SXOYpULVDWHXU QHXI SRXU pOLPLQHU O·KXLOH SURWHF�WULFH TX·LO FRQWLHQW�
$YDQW G·XWLOLVHU XQH SHLQWXUH j O·HDX� ULQFHU DYHF XQ VRO�YDQW FRPSDWLEOH� SXLV DYHF GH O·HDX VDYRQQHXVH� HW HQILQ
j O·HDX FODLUH�
$YDQW G·XWLOLVHU XQH SHLQWXUH j O·KXLOH� ULQFHU DYHF XQ VRO�YDQW FRPSDWLEOH�
�� &KDQJHPHQW GH FRXOHXUV� 5LQFHU DYHF XQ VROYDQW FRP�SDWLEOH�
�� 3DVVDJH G·XQH SHLQWXUH j O·HDX j XQH SHLQWXUH j O·KXLOH�5LQFHU j O·HDX VDYRQQHXVH WLqGH� SXLV DYHF XQ VROYDQWFRPSDWLEOH�
�� 3DVVDJH G·XQH SHLQWXUH j O·KXLOH j XQH SHLQWXUH j O·HDX�5LQFHU DYHF XQ VROYDQW FRPSDWLEOH� SXLV j O·HDX VDYRQ�QHXVH WLqGH� HW HQILQ j O·HDX FODLUH�
�� 5HPLVDJH� $SUqV DYRLU ULQFp DYHF XQ VROYDQW FRPSDWLEOH�GpFRPSUHVVHU� PDLV QH SDV YLGDQJHU OH VROYDQW�
�� 'pPDUUDJH DSUqV UHPLVDJH�$YDQW G·XWLOLVHU XQH SHLQWXUH j O·HDX� FKDVVHU OH VROYDQWFRPSDWLEOH DYHF GH O·HDX VDYRQQHXVH� SXLV DYHF GHO·HDX FODLUH�
/RUV GH O·XWLOLVDWLRQ G·XQH SHLQWXUH j O·KXLOH� FKDVVHU OHVROYDQW FRPSDWLEOH DYHF OD SHLQWXUH j SXOYpULVHU�
&RPPHQW ULQFHU"
�� 'pFRPSUHVVHU�
�� 'pSRVHU OH FRUSV �$� HW OH WDPLV �%�� YRLUPDQXHO ��������� 0RQWHU OH FRUSV HW OH VXSSRUW �&��VDQV OH WDPLV SRXU OH ULQFHU� 1HWWR\HU OH WDPLVVpSDUpPHQW� 9RLU )LJ� ��
�� )HUPHU OH URELQHW GH GpFRPSUHVVLRQ �����
�� 3ORQJHU OH WXEH G·DVSLUDWLRQ GDQV XQ VHDX �PLV j OD WHUUH�G·HDX RX GH VROYDQW�
�� 'pFURFKHU OH �OHV� SLVWROHW�V� GH VRQ �OHXUV� VXSSRUW�V��5HWLUHU OD �OHV� EXVH�V� GH SXOYpULVDWLRQ SRXU pYLWHU OHVpFODERXVVXUHV�
0,6( (1 *$5'(3RXU UpGXLUH OHV ULVTXHV GH FKDUJHV G·pOHFWULFLWp VWDWLTXHHW G·pFODERXVVXUHV ORUV GX ULQoDJH� WRXMRXUV UHWLUHU ODEXVH GH SXOYpULVDWLRQ GX SLVWROHW� HW PDLQWHQLU XQH SDUWLHPpWDOOLTXH GX SLVWROHW IHUPHPHQW DSSX\pH FRQWUH OHUHERUG G·XQ VHDX HQ PpWDO PLV j OD WHUUH� OH SLVWROHW pWDQWSRLQWp j O·LQWpULHXU GX VHDX�
�� 6XLYUH OHV LQGLFDWLRQV GH OD UXEULTXH 0LVH HQ VHUYLFH�SDJH ��� 0DLQWHQLU OH SLVWROHW GpFOHQFKp MXVTX·j FH TXHGH O·HDX RX GX VROYDQW SURSUH V·HQ pFRXOH� 9RLU )LJ� ��5HOkFKHU OD JkFKHWWH HW HQFOHQFKHU OD VpFXULWp JkFKHWWHGX SLVWROHW�
5(0$548(� VL O·RQ GLVSRVH GH GHX[ SLVWROHWV� GpVHQJDJHUOD VpFXULWp JkFKHWWH GX VHFRQG SLVWROHW HW Gp�FOHQFKHU FHOXL�FL MXVTX·j FH TXH GH O·HDX RX GXVROYDQW SURSUH V·HQ pFRXOH� 3RXU V·DVVXUHU TXHOHV IOH[LEOHV VRLHQW ELHQ ULQFpV� ULQFHU OH SUH�PLHU SLVWROHW� SXLV OH VHFRQG DX PRLQV XQH IRLVGH SOXV�
�� &RQWU{OHU WRXV OHV UDFFRUGV GH SURGXLW HQ UHFKHUFKDQWG·pYHQWXHOOHV IXLWHV� 'pFRPSUHVVHU DYDQW GH UHVVHUUHUOHV UDFFRUGV� 'pPDUUHU OH SXOYpULVDWHXU� 5HYpULILHU VL OHVUDFFRUGV QH IXLHQW SDV�
�� 6RUWLU OH WXEH G·DVSLUDWLRQ GX VHDX GH VROYDQW� 'pVHQ�JDJHU OD VpFXULWp JkFKHWWH GX SLVWROHW� 'pFOHQFKHU OHSLVWROHW SRXU FKDVVHU O·HDX RX OH VROYDQW GX IOH[LEOH� 1HSDV ODLVVHU OD SRPSH EDWWUH j VHF SHQGDQW SOXV GH�� VHFRQGHV SRXU pYLWHU G·HQGRPPDJHU OHV MRLQWV�'pFRPSUHVVHU�
)LJ� �
%
&
����
$��
)LJ� �
�
����
0DLQWHQLU XQ FRQWDFW PpWDOFRQWUH PpWDO IHUPH ORUV GXULQoDJH SRXU UpGXLUH OHV ULVTXHVGH GpFKDUJHV G·pOHFWULFLWpVWDWLTXH HW G·pFODERXVVXUHV�
�
�� 6L O·RQ YLHQW GH SXOYpULVHU GH OD SHLQWXUH� {WHU OD FUpSLQH�OH WXEH G·DVSLUDWLRQ HW OH IOH[LEOH G·DVSLUDWLRQ HW OHV QHW�WR\HU VpSDUpPHQW SRXU V·DVVXUHU TXH WRXV OHV VpGLPHQWVGH SHLQWXUH VRQW ELHQ pOLPLQpV� /D SHLQWXUH VpFKpH SHXWV·DFFXPXOHU GDQV OH WXEH G·DVSLUDWLRQ HW HQJHQGUHU SOXVWDUG GHV SUREOqPHV GH IRQFWLRQQHPHQW�
��� 5HPRQWHU OH WDPLV GX ILOWUH SURSUH� 0RQWHU OH FRUSV GXILOWUH HW OH VHUUHU j OD PDLQ�
��� 9RLU OHV LQVWUXFWLRQV UHODWLYHV DX 5HPLVDJH HW DX&KDQJHPHQW GH FRXOHXUV� FL�GHVVXV� 'pFRPSUHVVLRQ�
����������
0LVH HQ VHUYLFH$YDQW GH GpPDUUHU OH WUDFHXU GH OLJQH�� 9RLU UXEULTXH 5LQoDJH� SDJH �� SRXU GpWHUPLQHU VL OH
/LQH/D]HU GRLW rWUH ULQFp�
�� 9pULILHU TXH OH UpVHUYRLU G·HVVHQFH HVW UHPSOL�
�� &RQWU{OHU OH QLYHDX G·KXLOH PRWHXU�
5(0$548(� VL OH QLYHDX G·KXLOH PRWHXU HVW WURS EDV� OHPRWHXU V·DUUrWHUD GH OXL PrPH RX UHIXVHUD GHGpPDUUHU� 6L O·RQ WHQWH GH OH UHGpPDUUHU VDQVUDMRXWHU G·KXLOH� XQ WpPRLQ URXJH �$� YDV·DOOXPHU j F{Wp GX FRQWDFWHXU PDUFKH�DUUrW GXPRWHXU ORUVTXH O·RQ WLUHUD OH FRUGRQ GX ODQFHXU�
�� 9HLOOHU j FH TXH OH FDSXFKRQ GX ILO GH ERXJLH �-� VRLW ELHQHQIRQFp VXU OD ERXJLH�
0LVH HQ VHUYLFH �9RLU )LJ� ����� /RUVTXH O·RQ GpPDUUH XQ SXOYpULVDWHXU TXL 1·$ 3$6 e7e
$025&e� UHWLUHU OD EXVH GH SXOYpULVDWLRQ�
�� 3ORQJHU OH WXEH G·DVSLUDWLRQ �6� GDQV OH UpFLSLHQW GHSHLQWXUH� G·HDX RX GH VROYDQW� HQ IRQFWLRQ GH FH TXH O·RQGpVLUH ULQFHU� O·DSSDUHLO RX HQWUHSUHQGUH XQH SXOYpULVD�WLRQ�
�� 3ODFHU OH OHYLHU QRLU �(� GX URELQHW G·DUUrW G·HVVHQFH HQSRVLWLRQ G·RXYHUWXUH HQ OH SRXVVDQW GDQV OH VHQV GH ODIOqFKH�
$77(17,211H MDPDLV GpPDUUHU OH PRWHXU VL OD SUHVVLRQ GH SURGXLW Q·DSDV pWp GpWHQGXH HW O·LQWHUUXSWHXU GH OD FRPPDQGH GH SUHV�VLRQ SODFp VXU $55È7 �2))�� 7RXWH WHQWDWLYH GH GpPDUUDJHGX PRWHXU DORUV TXH O·DSSDUHLO HVW VRXV SUHVVLRQ SHXWHQGRPPDJHU OH V\VWqPH pOHFWULTXH
�� 3ODFHU O·LQWHUUXSWHXU �.� GH OD FRPPDQGH GH SUHVVLRQ VXU$55È7 �2))��
�� 3RXU GpPDUUHU OH PRWHXU�
D� 7RXUQHU OH ERXWRQ �/� GH UpJODJH GH OD SUHVVLRQ DXPD[LPXP GDQV OH VHQV DQWL�KRUDLUH SRXU O·DPHQHUVXU OD SRVLWLRQ GH UpJODJH OD SOXV EDVVH�
E� 'pSODFHU OD PDQHWWH GH JD] HQ PpWDO �&� j O·RSSRVpGX UpVHUYRLU G·HVVHQFH SRXU O·DPHQHU HQ SRVLWLRQG·RXYHUWXUH PD[LPDOH �DX PD[LPXP j JDXFKH��
F� 6L OH PRWHXU HVW IURLG� IHUPHU OH YROHW GH VWDUWHU HQPDQRHXYUDQW OH OHYLHU JULV �'��
G� 6L OH PRWHXU HVW FKDXG� RXYULU OH YROHW GH VWDUWHU HQDPHQDQW OH OHYLHU JULV �'� j PL�FRXUVH RX HQ QH OHPDQRHXYUDQW SDV GX WRXW�
H� 0HWWUH OH FRQWDFWHXU �%� GX PRWHXU VXU OD SRVLWLRQ0$5&+( �21��
0,6( (1 *$5'(8Q FRUGRQ GH ODQFHXU TXH O·RQ ODLVVH VH UpHQURXOHU WURSYLWH ULVTXH GH IUDSSHU TXHOTX·XQ HW SURYRTXHU GHV EOHV�VXUHV FRUSRUHOOHV JUDYHV� /H FRUGRQ SHXW pJDOHPHQW VHFRLQFHU GDQV OH PpFDQLVPH GH UpHQURXOHPHQW�
I� 0DLQWHQLU OH FKkVVLV GX SXOYpULVDWHXU HW WLUHU OHFRUGRQ GX ODQFHXU �*� UDSLGHPHQW HW IHUPHPHQW�&RQWLQXHU j WHQLU OH FRUGRQ WDQGLV TX·RQ OH ODLVVH VHUpHQURXOHU� 7LUHU OH FRUGRQ HW OH UpHQURXOHU MXVTX·j FHTXH OH PRWHXU GpPDUUH�
J� 'qV TXH OH PRWHXU D GpPDUUp� RXYULU OH YROHW GHVWDUWHU� VDXI SDU WHPSV IURLG� 'DQV FH GHUQLHU FDV�ODLVVHU OH YROHW IHUPp SHQGDQW �� j �� VHFRQGHVDYDQW GH O·RXYULU� DILQ G·pYLWHU TXH OH PRWHXU QH FDOH�
�� 5HOkFKHU OH FkEOH G·DFWLRQQHPHQW GH OD JkFKHWWH HW HQ�FOHQFKHU OD VpFXULWp JkFKHWWH GX SLVWROHW� 9RLU SDJH ���
�� (QOHYHU OH SLVWROHW GH VRQ SRUWH�SLVWROHW HQ GHVVHUUDQW ODPROHWWH GX SRUWH�SLVWROHW HW HQ VRXOHYDQW OH SLVWROHW�
�� 3RXU GpPDUUHU OD SRPSH�
5(0$548(� SRXU IDFLOLWHU O·DPRUoDJH� UpGXLUH OH UpJODJH GHOD FRPPDQGH GH JD]�
D� 2XYULU OH URELQHW GH GpFRPSUHVVLRQ �5��
E� 3ODFHU O·LQWHUUXSWHXU �.� GH OD FRPPDQGH GH SUHV�VLRQ VXU 0$5&+( �21��
F� 7RXUQHU OH ERXWRQ �/� GH OD FRPPDQGH GH SUHVVLRQG·HQYLURQ ��� GH WRXU j SDUWLU GX UpJODJH PLQLPXP�/DLVVHU EDWWUH OD SRPSH MXVTX·j FH TXH GX SURGXLWV·pFRXOH UpJXOLqUHPHQW GX URELQHW GH GpFRPSUHV�VLRQ� LQGLTXDQW TXH OD SRPSH HVW WRWDOHPHQW DPRU�FpH�
G� 5HIHUPHU OH URELQHW GH GpFRPSUHVVLRQ �5��
H� 'pVHQJDJHU OD VpFXULWp JkFKHWWH GX SLVWROHW HQPDLQWHQDQW XQH SDUWLH PpWDOOLTXH GX SLVWROHW IHUPH�PHQW DSSX\pH FRQWUH OH UHERUG G·XQ VHDX HQ PpWDOPLV j OD WHUUH� GpFOHQFKHU OH SLVWROHW GDQV OH VHDXMXVTX·j FH TXH GX SURGXLW V·HQ pFRXOH�
I� 5HOkFKHU OD JkFKHWWH� (QFOHQFKHU OD VpFXULWp GHJkFKHWWH�
5(0$548(� VL O·RQ XWLOLVH GHX[ SLVWROHWV� UHSUHQGUH OHVSRLQWV H HW I FL�GHVVXV SRXU OH VHFRQG SLVWROHW�
�� 6L O·RQ Q·D SDV HQFRUH DPRUFp OH SXOYpULVDWHXU DYHF ODSHLQWXUH� SORQJHU OH WXEH G·DVSLUDWLRQ �6� GDQV OH UpFLSL�HQW GH SHLQWXUH� 'pVHQJDJHU OD VpFXULWp GH JkFKHWWH�'pFOHQFKHU OH SLVWROHW GDQV OH VHDX G·HDX�GH VROYDQW HWOH PDLQWHQLU MXVTX·j FH TXH OD SHLQWXUH DSSDUDLVVH�5HOkFKHU OD JkFKHWWH HW HQFOHQFKHU OD VpFXULWp JkFKHWWH�5pSpWHU O·RSpUDWLRQ SRXU OH VHFRQG SLVWROHW� VL RQ HQ XWL�OLVH GHX[�
��� 3ODFHU OH FRXYHUFOH GX VHDX �)� VXU OH VHDX�
0,6( (1 *$5'(3RXU UpGXLUH OH ULVTXH GH EOHVVXUH JUDYH SDU LQMHFWLRQ GHSURGXLW� QH MDPDLV VH VHUYLU GX SLVWROHW GH SXOYpULVDWLRQVDQV TXH OD SURWHFWLRQ GH EXVH QH VRLW HQ SODFH�
��� 0RQWHU OD SURWHFWLRQ GH EXVH HW OD EXVH GH SXOYpULVD�WLRQ �0�� 9RLU SDJH ���
��� 0RQWHU OH SLVWROHW GDQV OH VXSSRUW GH SLVWROHW� 9RLUSDJH ���
��� $FFURFKHU OH FkEOH G·DFWLRQQHPHQW GH OD JkFKHWWH� 9RLUSDJH ���
$77(17,218WLOLVHU OD SUHVVLRQ SURGXLW HW OH UpJODJH G·DFFpOpUDWHXU OHVSOXV EDV SRVVLEOHV� 'HV UpJODJHV SOXV KDXWV HQWUDvQHQW GHVF\FODJHV H[FHVVLIV GH O·HPEUD\DJH DLQVL TX·XQH XVXUH SUp�PDWXUpH GH OD EXVH HW GH OD SRPSH�
��� $MXVWHU OH UpJLPH GH URWDWLRQ GX PRWHXU HW OD SUHVVLRQ GHSRPSDJH� 'pFOHQFKHU OH SLVWROHW VXU XQH IHXLOOH GH SDSLHUSRXU WHVWHU OD IRUPH GX MHW HW O·DWRPLVDWLRQ GX SURGXLW�7RXUQHU OH ERXWRQ GH UpJODJH GH SUHVVLRQ �/�� MXVTX·j FHTXH OD IRUPH GX MHW VRLW ERQQH� (QVXLWH� EDLVVHU SURJUHV�VLYHPHQW OH UpJODJH GH OD FRPPDQGH GH JD] �&� OH SOXVSRVVLEOH VDQV TXH FHOD PRGLILH OD IRUPH GX MHW�
(
$
%
+
&'
����$ /·$55,Ë5( '8 027(85 ����
/e*(1'($ 7pPRLQ GH QLYHDX G·KXLOH
GX PRWHXU% &RQWDFWHXU PDUFKH�DUUrW
GX PRWHXU& 0DQHWWH GHV JD]' /HYLHU JULV GX VWDUWHU( /HYLHU QRLU GX URELQHW G·DUUrW
G·HVVHQFH) &RXYHUFOH GX VHDX* &RUGRQ GX ODQFHXU+ )LOWUH j DLU- )LO GH ERXJLH. ,QWHUUXSWHXU PDUFKH�DUUrW GH OD
FRPPDQGH GH SUHVVLRQ/ %RXWRQ GH UpJODJH GH SUHVVLRQ0 %XVH 6ZLWFK7LS1 3URWHFWLRQ GH EXVH 5DF ,93 6pFXULWp JkFKHWWH GX SLVWROHW4 &kEOH G·DFWLRQQHPHQW j GLVWDQFH
GH OD JkFKHWWH5 5RELQHW GH GpFRPSUHVVLRQ6 7XEH G·DVSLUDWLRQ
)
*
+
-
/
01
34
5
6
5HSUpVHQWp HQ SRVLWLRQ G·DUUrW
5HSUpVHQWp HQ SRVLWLRQGH YROHW GH VWDUWHU IHUPp
5HSUpVHQWp HQ SRVLWLRQGH IHUPHWXUH
)LJ� ��
�
�
�
�
�
�
.
�����&
�� ��������
0LVH HQ VHUYLFH��� /LUH OD UXEULTXH 7HFKQLTXHV GH SXOYpULVDWLRQ� SDJH ���
$77(17,210HWWUH OH OHYLHU QRLU G·DUUrW GH FDUEXUDQW �(� HQ SRVLWLRQ GHIHUPHWXUH FKDTXH IRLV TXH O·RQ WUDQVSRUWH O·DSSDUHLO DILQG·pYLWHU TXH OH PRWHXU QH VRLW LQRQGp GH FDUEXUDQW�
7HQLU O·DSSDUHLO HQ SRVLWLRQ GURLWH HW GH QLYHDX ORUVTXH O·RQV·HQ VHUW HW SHQGDQW VRQ WUDQVSRUW� &HFL pYLWHUD OD UHPRQWpHG·KXLOH GX FDUWHU PRWHXU GDQV OD FKDPEUH GH FRPEXVWLRQ�TXL UHQGUDLW OH GpPDUUDJH WUqV GLIILFLOH�
����������
%XVH GH SXOYpULVDWLRQ HW SURWHFWLRQ GH EXVH
0,6( (1 *$5'(3RXU UpGXLUH OH ULVTXH GH EOHVVXUH JUDYH ORUVTXH YRXVGHYH] GpFRPSUHVVHU� WRXMRXUV UHVSHFWHU OD 3URFpGXUHGH GpFRPSUHVVLRQ GH OD SDJH ��
0,6( (1 *$5'((Q FDV GH PRQWDJH RX G·XWLOLVDWLRQ LQFRUUHFW�H� GH ODSURWHFWLRQ GH EXVH 5$& ,9� O·RSpUDWHXU FRXUW OH ULVTXH TXHOH MHW GH SURGXLW QRQ GLULJp O·DWWHLJQH DX[ \HX[ RX VXU ODSHDX� 9HLOOHU j�
- 8WLOLVHU OH MRLQW TXL FRQYLHQW DX VROYDQW XWLOLVp�
- ,QWURGXLUH FRPSOqWHPHQW OD EXVH GDQV OD JDUGH�
- %LHQ VHUUHU j IRQG OD SURWHFWLRQ GH EXVH VXU OH SLVWROHWDX PR\HQ G·XQH FOp�
- 7RXUQHU OD PDQHWWH GH OD EXVH GH IDoRQ j FH TX·HOOHVRLW SDUDOOqOH DX FDQRQ GX SLVWROHW�
- 7RXMRXUV PRQWHU XQ MRLQW HW XQ VLqJH QHXI ORUV GXUHPSODFHPHQW G·XQH EXVH GH SXOYpULVDWLRQ XVpH�
&KRL[ G·XQ MRLQW
0,6( (1 *$5'(3RXU UpGXLUH OHV ULVTXHV GH UHIOX[� G·pFODERXVVXUH GDQVOHV \HX[ RX VXU OD SHDX� XWLOLVHU OH MRLQW DSSURSULp WHO TXHVSpFLILp GDQV OHV LQVWUXFWLRQV TXL VXLYHQW�
8WLOLVHU OH MRLQW GH FDRXWFKRXF QRLU �'� 81,48(0(17DYHF GHV SHLQWXUHV j EDVH GH ODWH[ HW G·KXLOH� VROYDQWV 6WRG�GDUG� ZKLWH�VSLULW� HVVHQFH GH WpUpEHQWKLQH HW HDX� $YHF FHMRLQW� OD EXVH SHXW rWUH GpPRQWpH HW FKDQJpH VDQV TX·LO VRLWQpFHVVDLUH G·XWLOLVHU XQ RXWLO�
8WLOLVHU OH MRLQW HQ SODVWLTXH URXJH RX MDXQH �&� DYHF OHVPrPHV SURGXLWV TXH FL�GHVVXV DLQVL TX·DYHF OD SOXSDUW GHVDXWUHV VROYDQWV� \ FRPSULV OHV GLOXDQWV SRXU ODTXH� OH WULFKOR�UR�pWK\OqQH� OH 0pWK\O�(WK\O�&pWRQH� O·DFpWRQH� OH QHWWR\DQW jSLQFHDX[� HW OH [\ORO� /RUVTXH O·RQ XWLOLVH FH MRLQW� GHVVHUUHUO·pFURX GH UHWHQXH GH OD SURWHFWLRQ GH EXVH 5$& ,9 SRXUHQOHYHU OD EXVH GH SXOYpULVDWLRQ�
0RQWDJH
'pFRPSUHVVHU� 0RQWHU XQH EXVH �)� SRXU TXH OD EULGH �*� GXF\OLQGUH V·HQJDJH GDQV OHV UDLQXUHV �+� j OD EDVH GH ODSURWHFWLRQ GH EXVH �-�� 9RLU )LJ� ���
3ODFHU OH VLqJH �(� VXU XQ FUD\RQ� IDFH LQFXUYpH YHUV O·H[Wp�ULHXU� DLQVL TX·LOOXVWUp j OD ILJXUH ��� (QILOHU OH VLqJH GDQVO·pFURX GH UHWHQXH �$� HW OH WRXUQHU MXVTX·j FH TX·LO FKHYDXFKHOH F\OLQGUH GH OD EXVH GH SXOYpULVDWLRQ �)�� 'pSRVHU OH MRLQWDSSURSULp GDQV OH ORJHPHQW HW O·HQIRQFHU� 6L O·RQ XWLOLVH OH MRLQWURXJH RX MDXQH �&�� YHLOOHU j FH TXH VD IDFH SODQH VRLW RULHQ�WpH YHUV O·H[WpULHXU GH O·pFURX GH UHWHQXH �$�� 9RLU )LJ� ���
9LVVHU VDQV VHUUHU OD SURWHFWLRQ GH EXVH VXU OH SLVWROHW� HQ ODPDLQWHQDQW GDQV OD SRVLWLRQ GpVLUpH WRXW HQ VHUUDQW O·pFURX GHUHWHQXH �$��
3RXU VHUUHU OD SURWHFWLRQ GH EXVH �-� HQ SODVWLTXH� 1(-$0$,6 XWLOLVHU GH FOp SRXU QH SDV HQGRPPDJHU OD EXVH�
8WLOLVDWLRQ
0,6( (1 *$5'(3UHQGUH JDUGH j OD EXVH GX SLVWROHW� /H SURGXLW VRXVKDXWH SUHVVLRQ SURYHQDQW GH IXLWH RX GH OD SXOYpULVDWLRQSHXW SpQpWUHU VRXV OD SHDX HW HQWUDvQHU GHV EOHVVXUHVH[WUrPHPHQW JUDYHV� DOODQW MXVTX·j QpFHVVLWHU O·DPSXWD�WLRQ� /D SURWHFWLRQ GH EXVH IRXUQLW XQ VXSSOpPHQW GHSURWHFWLRQ FRQWUH O·LQMHFWLRQ� PDLV QH O·HPSrFKH SDVWRWDOHPHQW� 1H MDPDLV VH VHUYLU GH OD EXVH VDQV VDSURWHFWLRQ�
9HLOOHU j FH TXH OD PDQHWWH GH OD EXVH VH WURXYH j IRQG HQSRVLWLRQ '( 38/9e5,6$7,21 DYDQW GH VH VHUYLU GX SLVWROHW�9RLU )LJ� ���
'pERXFKDJH G·XQH EXVH REVWUXpH'pFURFKHU OH�V� FkEOH�V� GH JkFKHWWH� (QFOHQFKHU OD VpFXULWpJkFKHWWH GX SLVWROHW� 7RXUQHU OD PDQHWWH HQ IRUPH GH IOqFKHSRXU O·DPHQHU $8 0$;,080 HQ SRVLWLRQ GH 1(772<$*(�9RLU )LJ� ��� 'pVHQJDJHU OD VpFXULWp JkFKHWWH HW GpFOHQFKHUOH SLVWROHW� /D SUHVVLRQ GX SURGXLW GRLW H[SXOVHU O·REVWUXFWLRQ�5DPHQHU OD PDQHWWH j IRQG HQ SRVLWLRQ GH SXOYpULVDWLRQ� 6LO·REVWUXFWLRQ SHUVLVWH� VXLYUH OD 3URFpGXUH GH GpFRPSUHV�VLRQ GH OD SDJH � HW GpSRVHU OD EXVH SRXU OD QHWWR\HU�
0DLQWHQDQFH/RUVTXH OD EXVH GH SXOYpULVDWLRQ HVW XVpH� FKDQJHU HQ PrPHWHPSV OH VLqJH HW OH MRLQW� FHV WURLV SLqFHV V·XVHQW j SHX SUqVDX PrPH U\WKPH�
$
&
'
(
)*+
-
12,5
528*( RX -$81(
����)LJ� ��
($
) ����)LJ� ��
326,7,21 '( 1(772<$*(326,7,21 '( 38/9e5,6$7,21
(0%28&+85('8 3,672/(7
0$1(77('( /$ %86(
3527(&7,21'( %86($QWL�JRXWWH5$& ,9'ULSOHVV ����
)LJ� ��
�� ��������
&KRL[ GH OD EXVH GH SXOYpULVDWLRQ$XWUHV DSSOLFDWLRQV7HUUDLQ GH VSRUW�OLJQH GH � FP GH ODUJHXU ���� ���3DVVDJH SLpWRQ�OLJQH GH �� FP GH ODUJHXU�� SLVWROHW ���� ���� ���$pURSRUW�OLJQH GH �� FP GH ODUJHXU�GHX[ SLVWROHWV ���3HLQWXUH DX SRFKRLU ��� � ��� $SSOLFDWLRQ JpQpUDOH GH SHLQWXUHj SRVWH IL[H ���a
)LJ� ��
SLHG OLQpDLUH�PLQXWH�YLWHVVH j ODTXHOOH O·DSSDUHLO VH GpSODFH�
EDVp VXU XQH OLJQH GH �µ GH ODUJH HW XQH FRXFKH GHSHLQWXUH GH �������H GH SRXFH
$SSOLFDWLRQ ��� ��� ��� ��� ��� ��� ��� ���
3ODFHV GH SDUNLQJODUJHXU �� FP ��� //7����� ^ ��� ��� ���ODUJHXU �� FP ��� ��� ��� ��� ���
/LJQHV ORQJXHV�����µ GH ODUJH ��� ��� ��� ��� ��� ���
%RUGXUHV GHWURWWRLUV ��� ���
%XVHV SRXYDQW rWUH XWLOLVpHV DYHF GHX[ SLVWROHWV�a )RXUQLH DYHF OH /LQH/D]HU�
&RQVHLOV G·XWLOLVDWLRQ GH OD EXVH
7HFKQLTXHV GH SXOYpULVDWLRQ&HV WHFKQLTXHV GH SXOYpULVDWLRQ H[SOLTXHQW OH PRGH G·XWLOLVD�WLRQ HW GH UpJODJH GHV FRPSRVDQWV GX /LQH/D]HU� /D WHFK�QLTXH GH O·RSpUDWHXU� OHV FRQGLWLRQV GX OLHX GH UpDOLVDWLRQ GHVWUDYDX[ HW OHV FRQGLWLRQV FOLPDWLTXHV GRLYHQW pJDOHPHQW rWUHSULVH HQ FRQVLGpUDWLRQ�
�� 3RXU O·HQWUDvQHPHQW j OD WHFKQLTXH GH SXOYpULVDWLRQ DLQVLTXH SRXU OHV UpJODJHV GH SRVLWLRQQHPHQW GHV SLVWROHWV�XWLOLVHU GH O·HDX SOXW{W TXH GH OD SHLQWXUH�
�� 9HLOOHU j FH TXH OD SURWHFWLRQ GH EXVH 5$& ,9 VRLW WRX�MRXUV SDUDOOqOH DX VRO HW j FH TXH OHV ´DLOHWWHVµ GH ODSURWHFWLRQ VRLHQW RULHQWpHV YHUV O·DYDQW HW YHUV O·DUULqUHGH O·XQLWp� DLQVL TX·LOOXVWUp j OD ILJXUH ���
0,6( (1 *$5'(3RXU UpGXLUH OH ULVTXH GH EOHVVXUH SDU LQMHFWLRQ GHSURGXLW� WRXMRXUV GpFURFKHU OH FkEOH GH GpFOHQFKHPHQW jGLVWDQFH GX �GHV� SLVWROHW�V� HW HQJDJHU OD �OHV�JkFKHWWH�V� GH VpFXULWp GX SLVWROHW DYDQW GH GpSODFHU RXG·LQWHUYHQLU VXU OHV SURWHFWLRQV GH EXVH� OHV SLVWROHWV RXOHV EUDV VXSSRUWV GH SLVWROHWV� 9RLU SDJH ���
�� 8WLOLVHU OD SUHVVLRQ OD SOXV IDLEOH QpFHVVDLUH j XQH ERQQHDWRPLVDWLRQ GX SURGXLW� 8QH SUHVVLRQ WURS pOHYpH SHXWHQWUDvQHU XQH DFFXPXODWLRQ GH SHLQWXUH H[FHVVLYH HWHQWUDvQHU GHV UHWRPEpHV�
�� 'pSODFHU OH /LQH/D]HU DYDQW GH GpFOHQFKHU OH SLVWROHW�DILQ G·pYLWHU OHV H[FqV GH SHLQWXUH HQ GpEXW GH OLJQH�5HOkFKHU OD JkFKHWWH XQH VHFRQGH DYDQW O·DUUrW GHO·DSSDUHLO� $YDQFHU WRXMRXUV j OD PrPH YLWHVVH�
�� 7RXMRXUV FRQWU{OHU OHV UpJODJHV GX SLVWROHW VXU GX FDUWRQRX GX SDSLHU DYDQW G·HQWUHSUHQGUH XQ WUDYDLO UpHO� 3RXUSHLQGUH GHV ERUGXUHV� FRPPHQFHU SDU XQ HQGURLW SHXYLVLEOH�
�� 1H SDV RXEOLHU TXH QRPEUHX[ VRQW OHV IDFWHXUV TXL SHX�YHQW LQIOXHU VXU OD UHFWLWXGH G·XQH OLJQH� SDUPL OHVTXHOVGHV LUUpJXODULWpV GH VXUIDFH� QLGV GH SRXOH� SLHUUHV HWDXWUHV GpEULV RX HQFRUH O·REVWUXFWLRQ RX O·XVXUH GH ODEXVH GH SXOYpULVDWLRQ� 9RLU SDJH ��� SRXU VDYRLU FRP�PHQW GpERXFKHU RX FKDQJHU XQH EXVH�
�� 3RXU PLQLPLVHU O·HIIHW GHV FDKRWV VXU OD IRUPH GX MHW�PDLQWHQLU OD SURWHFWLRQ GH EXVH GX SLVWROHW FHQWUpH VXUO·D[H GHV URXHV DYDQW�
�� /D WDLOOH GH OD EXVH GH SXOYpULVDWLRQ HW OD YLWHVVH jODTXHOOH O·RQ IDLW DYDQFHU OH SXOYpULVDWHXU GpWHUPLQHQWO·pSDLVVHXU GH OD FRXFKH GH SHLQWXUH� '·XQH PDQLqUHJpQpUDOH� SOXV O·RQ DYDQFH YLWH� SOXV OH GLDPqWUH GHO·RULILFH GH OD EXVH GRLW rWUH JUDQG� /·LQGLFH GH ODUJHXU GHMHW GH OD EXVH LQGLTXH TX·HOOH VHUD DSSUR[LPDWLYHPHQW ODODUJHXU GH OD OLJQH� 9RLU WDEOHDX� )LJ� �� SRXU OHV UHFRP�PDQGDWLRQV TXDQW DX[ DSSOLFDWLRQV GH EXVHV GH SXOYp�ULVDWLRQ�
�� 3RVLWLRQQHU OHV SLVWROHWV HQ IRQFWLRQ GHV EHVRLQV GHO·DSSOLFDWLRQ� $ FH VXMHW� OLUH OD UXEULTXH FL�GHVVRXV DLQVLTXH OHV SDJHV �� j ���
��� /HV SHLQWXUHV GH FLUFXODWLRQ URXWLqUH SHXYHQW FRQYHQLU jXQH SXOYpULVDWLRQ DYHF RX VDQV DLU RX HQFRUH QH UpSRQ�GUH j DXFXQH IRUPXOH SDUWLFXOLqUH� (Q JpQpUDO� OHV IRUPX�OHV SRXU SXOYpULVDWLRQ SQHXPDWLTXH VRQW SUpGLOXpHV HWFRQYLHQGURQW WRXW j IDLW DX /LQH/D]HU� PDLV LO ULVTXH GH VHSURGXLUH XQH SXOYpULVDWLRQ H[FHVVLYH� /HV IRUPXOHV VDQVDLU RQW WHQGDQFH j IRXUQLU XQH SOXV JUDQGH ORQJXHXU GHOLJQH DX OLWUH VDQV SXOYpULVDWLRQ H[FHVVLYH GX IDLW TXH OHUHYrWHPHQW OHV DEVRUEH PRLQV IDFLOHPHQW�
��� 6L O·RQ XWLOLVH XQH SHLQWXUH GH VLJQDOLVDWLRQ URXWLqUH jVpFKDJH UDSLGH SDU XQH MRXUQpH GH IRUWH FKDOHXU� YHUVHUXQH SHWLWH TXDQWLWp GH VROYDQW FRPSDWLEOH j OD VXUIDFH GHOD SHLQWXUH SRXU pYLWHU OD IRUPDWLRQ G·XQH SHDX�
5pJODJH GH OD ODUJHXU GH OLJQH
3OXVLHXUV IDFWHXUV LQWHUYLHQQHQW VXU OD ODUJHXU GH OD OLJQH� ODGLVWDQFH VpSDUDQW OD EXVH GH SXOYpULVDWLRQ GH OD VXUIDFH jSHLQGUH GDQV OH VHQV YHUWLFDO� O·LQGLFH GH ODUJHXU GH MHW GH ODEXVH� O·XWLOLVDWLRQ G·XQ RX GHX[ SLVWROHWV� OD SUHVVLRQ GH ODSHLQWXUH� HW O·pWDW G·XVXUH RX O·REVWUXFWLRQ GH OD EXVH�
/HV FRQGLWLRQV UHTXLVHV SRXU SURGXLUH XQH OLJQH GH �� FP GHODUJHXU VRQW OHV VXLYDQWHV� EXVH GH SXOYpULVDWLRQ /LQH/D]HUGH WDLOOH ��� �IRXUQLH�� SLVWROHW SRVLWLRQQp j ��� FP DX GHVVXVGH OD SRVLWLRQ GH IL[DWLRQ YHUWLFDOH OD SOXV EDVVH HW SUHVVLRQMXVWH VXIILVDQWH SRXU DWRPLVHU OD SHLQWXUH� (Q IRQFWLRQ GH O·LQ�GLFH GH ODUJHXU GX MHW GH OD EXVH� XWLOLVHU XQ SLVWROHW SRXUSHLQGUH GHV OLJQHV GH � j �� FP� RX XWLOLVHU GHX[ SLVWROHWVSRXU SHLQGUH GHV OLJQHV GH �� j �� FP�
3RXU UpGXLUH OD ODUJHXU GH OD OLJQH� IL[HU OH SLVWROHW SOXV EDV �VLSRVVLEOH� RX XWLOLVHU XQH EXVH SURGXLVDQW XQ MHW SOXV pWURLW�
3RXU DXJPHQWHU OD ODUJHXU GH OD OLJQH� IL[HU OH SLVWROHW SOXVKDXW� RX XWLOLVHU XQH EXVH SURGXLVDQW XQ MHW SOXV ODUJH� RXHQFRUH XWLOLVHU GHX[ SLVWROHWV�
����������
3RVLWLRQQHPHQW GH O·HQVHPEOHEUDV VXSSRUW GH SLVWROHW
'
��
���%
���$
���
�
�
&Ñ7e 027(85&Ñ7e 3203(
%
´$,/(77(6µ '( /$ 3527(&7,21 '( %86(
%
(
$
'
'e7$,/ $
�
���
)LJ� ��
�
����'
�����
'e7$,/ %
5(0$548(� SRXU HPSrFKHU XQH XVXUH SUpPDWXUpH GXFROOLHU GH VHUUDJH ���� LO IDXW V·DVVXUHU TXH ODPRLWLp GX FROOLHU PDLQWHQDQW OH EUDV GH VXSSRUWGX SLVWROHW UHSRVH ELHQ VXU O·HQWDLOOH SUDWLTXpHVXU OH F{Wp� 9RLU )LJ� ��� 'e7$,/ %�
/HV EUDV VXSSRUW GX SLVWROHW SHXYHQW rWUH SRVLWLRQQpV GHIDoRQ j UpSRQGUH j GHV EHVRLQV WUqV YDULpV HQ PDWLqUH GHSXOYpULVDWLRQ� /HV VFKpPDV GH OD SDJH �� PRQWUHQW SULQFL�SDOHPHQW OHV SLVWROHWV PRQWpV F{Wp SRPSH GH OD /LQHVWULSHU�7RXWHIRLV� RQ SHXW PRQWHU O·XQ GHV SLVWROHWV RX PrPH OHVGHX[� F{Wp PRWHXU�
'pSODFHPHQW GHV SLVWROHWV
$77(17,211H SDV IDLUH GH SOLXUH DX[ FkEOHV� FH TXL OHV HPSrFKHUDLWGH ELHQ GpFOHQFKHU RX DUUrWHU OHV SLVWROHWV�
'pFURFKHU OHV FkEOHV G·DFWLRQQHPHQW GH JkFKHWWH HW YHU�URXLOOHU OD JkFKHWWH GHV SLVWROHWV WRXW G·DERUG� 9RLU SDJH ���1H SDV SOLHU OHV FkEOHV GH JkFKHWWH� 'pYLGHU XQ SHX SOXV OHIOH[LEOH �� P� VL QpFHVVDLUH�
$SUqV DYRLU GpSODFp OHV SLVWROHWV� UHSRVLWLRQQHU OD SURWHFWLRQGH EXVH GH WHOOH VRUWH TX·HOOH VRLW SDUDOOqOH DX VRO HW TXH VHV´DLOHWWHVµ VRLHQW RULHQWpHV HQ GLUHFWLRQ GH O·DYDQW HW GH O·DUULqUHGX SXOYpULVDWHXU� 'pVHQJDJHU OHV VpFXULWp JkFKHWWH GHV SLVWR�OHWV HW DFFURFKHU OHV FkEOHV G·DFWLRQQHPHQW GH JkFKHWWH�
3RVLWLRQQHPHQW YHUWLFDO GHV SLVWROHWV
'HVVHUUHU O·pWULHU GH VHUUDJH ��� GX EUDV VXSSRUW GH SLVWROHW HWGpSODFHU OH SLVWROHW YHUV OH KDXW RX YHUV OH EDV� 5HVVHUUHUO·pWULHU� $FFURFKHU OH FkEOH G·DFWLRQQHPHQW GH OD JkFKHWWH�
3RVLWLRQQHPHQW GX SUHPLHU SLVWROHW VXU OHSODQ KRUL]RQWDO
0pWKRGH �� 'pFURFKHU OH FkEOH G·DFWLRQQHPHQW GH ODJkFKHWWH� 'HVVHUUHU OHV pWULHUV GH VHUUDJH �%� '� HW GpSODFHUOD EDUUH FRXOLVVDQWH ��� YHUV OD JDXFKH RX YHUV OD GURLWH GHWHOOH VRUWH TXH OH SLVWROHW QH VH WURXYH SDV VXU OH FKHPLQ GHVURXHV� 5HVVHUUHU OHV pWULHUV� $FFURFKHU OH FkEOH G·DFWLRQQH�PHQW GH OD JkFKHWWH�
0pWKRGH �� 'pFURFKHU OH FkEOH G·DFWLRQQHPHQW GH ODJkFKHWWH� 'HVVHUUHU O·pWULHU ��� GX EUDV VXSSRUW GX SLVWROHW HWIDLUH SLYRWHU OH SLVWROHW GH F{Wp� 5HVVHUUHU O·pWULHU� $FFURFKHU OHFkEOH G·DFWLRQQHPHQW GH OD JkFKHWWH�
5(0$548(� FRPELQHU OHV PpWKRGHV � HW � SRXU pORLJQHU DXPD[LPXP OH SLVWROHW GH O·DSSDUHLO� FH TXL SHXWrWUH XWLOH ORUVTXH O·RQ SXOYpULVH DXWRXU G·RE�VWDFOHV�
3RVLWLRQQHPHQW GX VHFRQG SLVWROHW VXU OH SODQKRUL]RQWDO
0pWKRGH �� 'pFURFKHU OH FkEOH G·DFWLRQQHPHQW GH ODJkFKHWWH� 'HVVHUUHU OHV pWULHUV GH VHUUDJH ����$� ���%��'pSODFHU OD EDUUH GX VHFRQG SLVWROHW ����� GDQV OH SODQKRUL]RQWDO� HQ V·DVVXUDQW TXH OHV GHX[ pWULHUV SUHQQHQW ELHQWRXV GHX[ OD EDUUH� 5HVVHUUHU OHV pWULHUV� $FFURFKHU OH FkEOHG·DFWLRQQHPHQW GH OD JkFKHWWH�
0pWKRGH �� 'pFURFKHU OH FkEOH G·DFWLRQQHPHQW GH ODJkFKHWWH� 'HVVHUUHU O·pWULHU ��� GX EUDV VXSSRUW GX SLVWROHW HWIDLUH SLYRWHU OH SLVWROHW GH F{Wp� 5HVVHUUHU O·pWULHU� $FFURFKHU OHFkEOH G·DFWLRQQHPHQW GH OD JkFKHWWH�
5(0$548(� FRPELQHU OHV PpWKRGHV � HW � SRXU REWHQLU XQHQWUD[H PD[LPXP GH �� FP HQWUH OHV GHX[SLVWROHWV�
�� ��������
3RVLWLRQQHPHQW GH O·HQVHPEOHEUDV VXSSRUW GH SLVWROHW
0RQWDJH GHV SLVWROHWV F{Wp PRWHXU GX FKDULRW
�� 6XU OHV GHX[ SLVWROHWV� GpFURFKHU OH FkEOH G·DFWLRQQH�PHQW GH OD JkFKHWWH HW HQJDJHU OD VpFXULWp JkFKHWWH� 9RLUSDJH ���
�� 'HVVHUUHU OHV PROHWWHV GX SRUWH�SLVWROHW ���� HW UHWLUHU OHSLVWROHW� 5DQJHU OHV SLVWROHWV GH F{Wp�
�� ÑWHU OHV PROHWWHV �(� GHV GHX[ pWULHUV GH VHUUDJH �%� '��OD EDUUH FRXOLVVDQWH ��� HW OHV UDOORQJHV G·pWULHU �$� YRQWWRPEHU G·HOOHV�PrPHV� 9RLU )LJ� ��� 'e7$,/ $�
�� 6RXOHYHU OD URXH DYDQW HW IDLUH SLYRWHU OD EDUUH FRXOLV�VDQWH GH ���E SDU GHVVRXV OH FKDULRW SRXU O·DPHQHU GHO·DXWUH F{Wp GH FHOXL�FL�
�� 3RVLWLRQQHU OD EDUUH FRXOLVVDQWH HQ GHVVRXV GHV GHX[pWULHUV �%� '�� $OLJQHU OHV WURXV DX VRPPHW GHV UDOORQJHVG·pWULHU �$� VXU FHX[ GHV pWULHUV GH EDUUH FRXOLVVDQWH HWUHPRQWHU OHV PROHWWHV �(�� 9RLU )LJ� ��� 'e7$,/ $�
�� 'HVVHUUHU OHV pWULHUV ��� GH EUDV VXSSRUW GX SLVWROHW HWIDLUH SLYRWHU OHV SLVWROHWV YHUV O·DYDQW� 5HVVHUUHU OHVpWULHUV�
�� 0HWWUH OHV SLVWROHWV HQ SODFH� 1RWHU j TXHO SLVWROHW HW jTXHOOH SRVLWLRQ VXU OHV VpOHFWHXUV GH SLVWROHW FRUUHVSRQGFKDFXQ GHV FkEOHV �� HW ����� 9pULILHU OH UDFFRUGHPHQWGHV FkEOHV HW GHV IOH[LEOHV GH IDoRQ j pYLWHU WRXWH SOLXUH�5HSRVLWLRQQHU OHV SURWHFWLRQV GH EXVH� 'pVHQJDJHU ODVpFXULWp JkFKHWWH GX SLVWROHW HW DFFURFKHU OHV FkEOHVG·DFWLRQQHPHQW GH JkFKHWWH�
&RQILJXUDWLRQ SRXU WUDoDJH G·DUFV GH FHUFOH�� 'pFURFKHU OH FkEOH G·DFWLRQQHPHQW GH OD JkFKHWWH ��� HW
HQJDJHU OD VpFXULWp JkFKHWWH GX SLVWROHW� 9RLU SDJH ���
�� 'HVVHUUHU O·pWULHU ��� GX EUDV VXSSRUW GH SLVWROHW HW IDLUHSLYRWHU OH EUDV �$� YHUV O·DUULqUH SRXU O·DPHQHU j SUR[LPLWpGH OD URXH DUULqUH HQVXLWH� SRVLWLRQQHU OH EUDV GH WHOOHVRUWH TXH OD SURWHFWLRQ GH EXVH VRLW DOLJQpH VXU O·HVVLHXDUULqUH GH O·DSSDUHLO� 5HVVHUUHU O·pWULHU�
�� 'pSOR\HU OD EDUUH FRXOLVVDQWH ��� RX OD EDUUH GX VHFRQGSLVWROHW ����� GH IDoRQ j FH TXH O·RQ SXLVVH YRLU OD OLJQHSHQGDQW TX·RQ OD SHLQW HW SRXU pYLWHU GH URXOHU GHVVXV�9RLU SDJH ���
�� 5pJOHU OD SRVLWLRQ GX SLVWROHW GDQV OHV SODQV KRUL]RQWDO HWYHUWLFDO�
�� 3HLQGUH O·DUF GH FHUFOH HQ VXLYDQW VRQ FRQWRXU H[WpULHXU�
�
�
$
�
)LJ� �������%
5pJODJH GX GpFOHQFKHPHQW VLPXOWDQp GHV SLVWROHWV
0,6( (1 *$5'(3RXU UpGXLUH OHV ULVTXHV GH EOHVVXUH SDU LQMHFWLRQ GH SUR�GXLW� WRXMRXUV GpFURFKHU OH FkEOH G·DFWLRQQHPHQW GHJkFKHWWH GX �GHV� SLVWROHW�V� HW HQFOHQFKHU OD VpFXULWpJkFKHWWH DYDQW GH GpSODFHU RX GH UpJOHU OHV SLVWROHWV RXOHV EUDV VXSSRUW GHV SLVWROHWV�
�� $OLJQHU O·DYDQW GHV SLVWROHWV HQ DJLVVDQW VXU OHV EUDVVXSSRUW GHV SLVWROHWV� 9RLU SDJH ���
�� 3RVLWLRQQHU OH VpOHFWHXU GH SLVWROHW GH IDoRQ j Gp�FOHQFKHU OHV GHX[ SLVWROHWV j OD IRLV� 9RLU SDJH ���
�� 'pPDUUHU OH SXOYpULVDWHXU� HQ SXOYpULVDQW GH O·HDX� RXELHQ SXOYpULVHU VXU GX FDUWRQ� 9RLU SDJH ��� 'pFOHQFKHUOHV SLVWROHWV SRXU YRLU VL OHV OLJQHV FRPPHQFHQW HQPrPH WHPSV HW DX PrPH HQGURLW�
6L O·XQ GHV SLVWROHWV VH GpFOHQFKH DYDQW O·DXWUH� UpGXLUH ODWHQVLRQ GX FkEOH FRPPDQGDQW OH SLVWROHW TXL VH Gp�
FOHQFKH OH SUHPLHU� 9RLU OD UXEULTXH 5pJODJH GH OD WHQ�VLRQ GX FkEOH G·DFWLRQQHPHQW GH JkFKHWWH j OD SDJH
���
6L XQH OLJQH FRPPHQFH GHYDQW O·DXWUH� DMXVWHU OD SRVLWLRQGHV SLVWROHWV� 9RLU SDJH ���
'pFOHQFKHU j QRXYHDX OHV SLVWROHWV SRXU FRQWU{OHU O·HIIHWGHV UpJODJHV�
����������
3RVLWLRQ GHV EUDV VXSSRUW GH SLVWROHW
%25'85( $9(& 81 3,672/(7/,*1( 6,03/(
'28%/( /,*1( 28 /,*1( 6,03/( -8648·$ �� &0'( /$5*(85
%25'85( $9(& '(8; 3,672/(7
'28%/( /,*1( 28 /,*1( 6,03/( -8648·$ �� &0'( /$5*(85
/,*1( 6,03/( 28 '28%/(� 38/9e5,6$7,21$87285 '·2%67$&/(6
����
�� ��������
6\VWqPH GH OHYLHU HW FkEOH GH FRPPDQGH GHURXOHWWH GLUHFWULFH
$77(17,21/D URXOHWWH GLUHFWULFH $FFX7UDFNZ HVW UpJOpH HQ XVLQH ��SRXU XQ GpSODFHPHQW UHFWLOLJQH� $XFXQ UpJODJH Q·HVW HQSULQFLSH QpFHVVDLUH VDXI HQ FDV GH UHPSODFHPHQW� 6L O·RQFRQVWDWH XQ GpIDXW GH VXLYL GH OLJQH GURLWH� HIIHFWXHU OHVYpULILFDWLRQV VXLYDQWHV DYDQW GH SURFpGHU j O·DOLJQHPHQW�
�� 3UHVVLRQ GH JRQIODJH GHV URXHV DUULqUHV XQLIRUPH�
�� 7HQVLRQ XQLIRUPH VXU OHV SDOLHUV GHV URXHV DUULqUHV�DJLU VXU OHV pFURXV ���� OH FDV pFKpDQW�� 9RLU SDJH ���
�� 6HUUDJH XQLIRUPH GHV YLV �)� GH URXOHWWH GLUHFWULFH� 9RLU)LJ� ���
�� ,UUpJXODULWp GH OD VXUIDFH j SHLQGUH�
�� 7HFKQLTXH GH O·RSpUDWHXU�
8WLOLVDWLRQ
(Q PRGH XWLOLVDWLRQ QRUPDO� OD URXOHWWH $FFX7UDFNZ HVWEORTXpH HQ SRVLWLRQ GH GpSODFHPHQW UHFWLOLJQH�
�� 3RXU ODLVVHU OD URXOHWWH SLYRWHU OLEUHPHQW� DSSX\HU VXU OHOHYLHU GH FRPPDQGH ���� HW OH PDLQWHQLU HQIRQFp�
�� 3RXU EORTXHU OD URXOHWWH HQ SRVLWLRQ GH SLYRWHPHQW OLEUH�DSSX\HU VXU OH OHYLHU� HQIRQFHU OH ERXWRQ �$� HW OH PDLQWH�QLU DLQVL� SXLV UHOkFKHU OH OHYLHU� 9RLU )LJ� ���
�� 3RXU UHYHQLU DX PRGH QRUPDO� DSSX\HU VXU OH OHYLHU SXLVOH UHOkFKHU HW IDLUH DYDQFHU OH /LQH/D]HU WRXW GURLW SRXUEORTXHU OD URXOHWWH HQ SRVLWLRQ GH GpSODFHPHQW UHFWLOLJQH�
��$
����)LJ� ��
0DLQWHQDQFH �9RLU )LJ� ���
/D SHLQWXUH WHQG j V·DFFXPXOHU VXU OH PpFDQLVPH GHFRPPDQGH GH OD URXOHWWH GLUHFWULFH� 3RXU DVVXUHU VRQ ERQIRQFWLRQQHPHQW� DSSOLTXHU XQH SRPSH j JUDLVVH VXU OHVJUDLVVHXUV ���$� ��%� SRXU FKDVVHU OD SHLQWXUH DFFXPXOpH�UpSpWHU O·RSpUDWLRQ GH GHX[ j TXDWUH IRLV SDU PRLV� HQ IRQFWLRQGH OD GHQVLWp G·XWLOLVDWLRQ�
5HPSODFHPHQW GX SQHX GH OD URXOHWWH GLUHFWULFH�9RLU )LJ� ���
ÑWHU OHV YLV �)� GH OD IRXUFKH GH URXOHWWH GLUHFWULFH �(�� (QOH�YHU OD YLV �*� HW OH SQHX ����D�� 0RQWHU OH SQHX QHXI HWUHPRQWHU OHV YLV �)�� /HV VHUUHU GH IDoRQ XQLIRUPH MXVTX·j FHTXH OH SQHX Q·DLW SOXV GH MHX PDLV SXLVVH TXDQG PrPHWRXUQHU OLEUHPHQW�
5pJODJH GH OD WHQVLRQ GX FkEOH GH FRPPDQGH�9RLU )LJ� ���
�� 'HVVHUUHU O·pFURX �$� VLWXp MXVWH DX GHVVXV GH O·pWULHU GHVHUUDJH �%��
�� /D JRXSLOOH �'� pWDQW HQIRQFpH j IRQG GDQV OD IRXUFKH GHURXOHWWH GLUHFWULFH �(�� WLUHU VXU OH FkEOH ��� SRXU DXJPHQ�WHU VD WHQVLRQ� RX OH UHSRXVVHU SRXU OD UpGXLUH� 5HVVHUUHUPDQXHOOHPHQW O·pFURX �+�� %LHQ VHUUHU O·pFURX �$��
5HSUpVHQWp DLQVL j OD VHXOHILQ GH ELHQ OD YLVXDOLVHU $
�
%
����$
��%
'
'
���D
()
6HUUHU XQLIRUPpPHQW GH IDoRQ jVXSSULPHU OH MHX PDLV j ODLVVHUOH SQHX WRXUQHU OLEUHPHQW
*
+
����)LJ� ��
�
�
�
�
$OLJQHPHQW GH OD URXOHWWH GLUHFWULFH
1H SURFpGHU j FH UpJODJH TXH VL OD URXOHWWH RX VRQ SQHX D pWpUHPSODFp�H�� RX VL O·RQ Q·D SX WURXYHU DXFXQH DXWUH VROXWLRQ jXQ VXLYL GH OLJQH GpIHFWXHX[�
�� 'HVVHUUHU OHV GHX[ YLV j WrWH ����� 6DLVLU OD URXOHWWH HWO·DOLJQHU YLVXHOOHPHQW� 5HVVHUUHU XQLIRUPpPHQW OHV YLV jWrWH� )DLUH DYDQFHU O·DSSDUHLO WRXW GURLW� 6L OD URXOHWWHVHPEOH GURLWH� GpPDUUHU OH SXOYpULVDWHXU HW HQ SXOYpULVDQWGH O·HDX� VXLYUH XQH OLJQH HIIHFWLYHPHQW GURLWH� 0RGLILHU OHUpJODJH OH FDV pFKpDQW� 9RLU )LJ� ���
0RQWDJH GX SLVWROHW�� 5HOkFKHU OD SUHVVLRQ� 9RLU SDJH ��
�� 'pFURFKHU OH FkEOH G·DFWLRQQHPHQW GH OD JkFKHWWH� 9RLUSDJH ��� (QFOHQFKHU OD VpFXULWp JkFKHWWH �%� GX SLVWROHW�
�� 'HVVHUUHU OD PROHWWH ���� GX SRUWH�SLVWROHW�
�� 3RVLWLRQQHU OH SLVWROHW GH WHOOH VRUWH TXH OD JkFKHWWHUHSRVH VXU OH OHYLHU �$� G·DFWLRQQHPHQW j GLVWDQFH GH ODJkFKHWWH�
�� 9HLOOHU j FH TXH OH SLVWROHW VRLW PRQWp ELHQ GURLW� SXLVUHVVHUUHU IHUPHPHQW OD PROHWWH �����
�� 'pVHQJDJHU OD VpFXULWp JkFKHWWH� $FFURFKHU OH FkEOHG·DFWLRQQHPHQW GH OD JkFKHWWH� 9RLU SDJH ���
��
��
$
%
)LJ� �� ����%
����������
8WLOLVDWLRQ GX FkEOH G·DFWLRQQHPHQW GHJkFKHWWH GX VpOHFWHXU GH SLVWROHW
&� RX ���
$
%
���G
����
)LJ� ��
�5HSUpVHQWp GDQV OHVWURLV SRVLWLRQV SRVVLEOHV
�
)RQFWLRQQHPHQW GX VpOHFWHXU GH SLVWROHW�9RLU )LJ� ���
2Q GpFOHQFKH OH SLVWROHW j GLVWDQFH j O·DLGH GX VpOHFWHXU GHSLVWROHW IL[p DX PDQFKHURQ GURLW� /H SLVWROHW HVW PRQWp VXU OHSRUWH�SLVWROHW GH IDoRQ j FH TXH OD JkFKHWWH UHSRVH VXU XQOHYLHU G·DFWLRQQHPHQW OXL�PrPH UHOLp DX VpOHFWHXU GH SLVWROHWSDU O·LQWHUPpGLDLUH GX FkEOH G·DFWLRQQHPHQW GH OD JkFKHWWH�
/H FkEOH GX SLVWROHW SULQFLSDO HVW QRLU� /RUV G·XQH XWLOLVDWLRQDYHF GHX[ SLVWROHWV� OH FkEOH ����� GX VHFRQG SLVWROHW HVW QRLUDYHF XQH JDLQH URXJH FODLU j FKDTXH H[WUpPLWp� 6H VHUYLU GHFH FRGH FRXOHXU SRXU GpWHUPLQHU FRPPHQW FKDTXH FkEOHG·DFWLRQQHPHQW GH JkFKHWWH HVW DFKHPLQp DX VpOHFWHXU GHSLVWROHW�
$77(17,217RXMRXUV QRWHU j TXHO SLVWROHW HW j TXHOOH SRVLWLRQ GX VpOHF�WHXU �&� DUULYH FKDTXH FkEOH GH IDoRQ j ELHQ GpFOHQFKHU OHSLVWROHW OH PRPHQW YHQX�
3RXU GpFOHQFKHU XQLTXHPHQW OH SLVWROHW SULQFLSDO� GpSODFHU OHVpOHFWHXU �&� YHUV OD JDXFKH MXVTX·j FH TXH OH URXOHDX ����G�SDVVH j WUDYHUV OD SODWLQH �%� HW VRUWH GH O·DXWUH SODWLQH �$��
3RXU GpFOHQFKHU XQLTXHPHQW OH VHFRQG SLVWROHW �HQ RSWLRQ��GpSODFHU OH VpOHFWHXU �&� YHUV OD GURLWH MXVTX·j FH TXH OHURXOHDX SDVVH j WUDYHUV OD SODWLQH �$� HW VRUWH GH O·DXWUH SOD�WLQH �%��
3RXU GpFOHQFKHU OHV GHX[ SLVWROHWV� FHQWUHU OH VpOHFWHXU �&��
'pFURFKDJH GX FkEOH GH VpOHFWHXU GH SLVWROHW
0,6( (1 *$5'(/H SLVWROHW HVW GpFOHQFKp j GLVWDQFH j O·DLGH G·XQ VpOHF�WHXU GH SLVWROHW VLWXp VXU OHV PDQFKHURQV�
3RXU UpGXLUH OHV ULVTXHV GH EOHVVXUH SDU LQMHFWLRQ GHSURGXLW GX j XQ GpFOHQFKHPHQW DFFLGHQWHO GX SLVWROHW jGLVWDQFH� WRXMRXUV GpFURFKHU OH FkEOH G·DFWLRQQHPHQW GHJkFKHWWH GH VRQ EORTXHXU DYDQW GH PDQLSXOHU OH SLVWROHW�9RLU )LJ� ��� 'e7$,/ $� /RUV GX GpFURFKDJH GX FkEOH�OH SLVWROHW YD VH GpFOHQFKHU EULqYHPHQW� $YDQW GHGpSRVHU OH SLVWROHW GH VRQ SRUWH�SLVWROHW� HQFOHQFKHU ODVpFXULWp JkFKHWWH�
�� 3RXU GpFURFKHU OH FkEOH� VDLVLU OH FkEOH �� RX ���� MXVWHGHUULqUH OH EORTXHXU ����� /H WLUHU VXU �� PP HQYLURQ HW OHGpJDJHU GX EORTXHXU HQ OH VRXOHYDQW� /H SLVWROHW YD VHGpFOHQFKHU EULqYHPHQW� 9RLU )LJ� ���
�� 3RXU DFFURFKHU OH FkEOH G·DFWLRQQHPHQW GH ODJkFKHWWH ���� O·HQILOHU GDQV OH EORTXHXU ����� HQ YHLOODQW jFH TXH O·HPERXW GH OD JDLQH GX FkEOH VRLW IHUPHPHQWDSSX\p j O·LQWpULHXU GX VLqJH GX EORTXHXU� /H SLVWROHW YDVH GpFOHQFKHU EULqYHPHQW� 9RLU )LJ� ���
$77(17,217HQLU OH VLqJH PpQDJp GDQV OH EORTXHXU GH FkEOH ���� HWO·HPERXW GH OD JDLQH GX FkEOH WRXMRXUV SURSUHV DILQ GHV·DVVXUHU G·XQ SDUIDLW IRQFWLRQQHPHQW GX FkEOH�
$77(17,216L OH FkEOH HVW GpWHQGX� OH SLVWROHW TX·LO DFWLRQQH QH VHUDSDV GpFOHQFKp j IRQG� FH TXL SURYRTXH O·XVXUH SUpPDWXUpHGH VRQ SRLQWHDX� 3DU FRQWUH� XQ FkEOH WURS WHQGX YDHPSrFKHU OD JkFKHWWH G·rWUH UHOkFKpH j IRQG� OH SLVWROHW YDDORUV JRXWWHU HW OD EXVH V·XVHU SUpPDWXUpPHQW� 6XLYUH OHVLQGLFDWLRQV GH OD UXEULTXH 5pJODJH GH OD WHQVLRQ GX FkEOHG·DFWLRQQHPHQW GH JkFKHWWH� YRLU SDJH ���
�� ��������
8WLOLVDWLRQ GX FkEOH G·DFWLRQQHPHQW GHJkFKHWWH HW GX VpOHFWHXU GH SLVWROHW
5pJODJH GH OD WHQVLRQ GX FkEOH G·DFWLRQQHPHQWGH JkFKHWWH �9RLU )LJ� ����� /LEpUHU OD SUHVVLRQ� 9RLU SDJH ��
�� 9HLOOHU j FH TXH OH SLVWROHW VRLW FRQYHQDEOHPHQW PRQWpGDQV VRQ SRUWH�SLVWROHW VHORQ OHV LQVWUXFWLRQV GH ODSDJH ���
�� 7LUHU OH OHYLHU G·DFWLRQQHPHQW ���� YHUV O·DYDQW HW OH PDLQ�WHQLU GDQV FHWWH SRVLWLRQ� 6RXOHYHU OD JkFKHWWH �$� GXSLVWROHW MXVTX·j VHQWLU XQH OpJqUH UpVLVWDQFH� &RQWU{OHUYLVXHOOHPHQW OD SUpVHQFH G·XQ pFDUWHPHQW GH � j � PPHQWUH OH OHYLHU GH JkFKHWWH �%� HW O·HQGURLW R� OD JkFKHWWHGX SLVWROHW SUHQG FRQWDFW DYHF OD EDUUH�
�� 3RXU UpJOHU OD WHQVLRQ� GHVVHUUHU OD YLV �&� GX EOR�TXHXU ����� )DLUH FRXOLVVHU OH EORTXHXU YHUV O·DYDQW SRXUDXJPHQWHU O·pFDUWHPHQW HW YHUV O·DUULqUH SRXU OH UpGXLUH�5HVVHUUHU OD YLV�
�� 5HFRQWU{OHU O·pFDUWHPHQW HW UpJOHU VL QpFHVVDLUH�
$77(17,211H SDV ODLVVHU OH FkEOH ����� IURWWHU FRQWUH OHV ERUGV H[Wp�ULHXUV GH OD UDLQXUH �+� SUDWLTXpH GDQV OH EORTXHXU �����FHFL DILQ G·pYLWHU XQH XVXUH SUpPDWXUpH GHV FkEOHV� )DLUHOpJqUHPHQW SLYRWHU OH EORTXHXU DILQ G·pOLPLQHU WRXW IURWWH�PHQW� 9RLU )LJ� ��� 'e7$,/ $�
� RX ���
��
���� PP
��
$
%
9(56 /·$9$17
9HLOOHU j FH TXH O·HPERXW GHOD JDLQH GX FkEOH YLHQQHV·DSSX\HU j FHW HQGURLW� 7HQLUOD JDLQH HW OH VLqJH SURSUHV�
� RX ���
����
��&
'e7$,/ $
����
����)LJ� ��
����������
0DLQWHQDQFH
0,6( (1 *$5'(3RXU UpGXLUH OHV ULVTXHV GH EOHVVXUH JUDYH� WRXMRXUVVXLYUH OD 3URFpGXUH GH GpFRPSUHVVLRQ GRQQpH j ODSDJH �� DYDQW WRXW FRQWU{OH� UpJODJH� QHWWR\DJH HW DUUrWGX SXOYpULVDWHXU GH OD /LQH /D]HU�
$77(17,213RXU SOXV G·LQIRUPDWLRQV VXU O·HQWUHWLHQ HW OHV FDUDFWpULVWL�TXHV GX PRWHXU� YRLU OH PDQXHO +21'$ VpSDUp�
7RXV OHV MRXUV� YpULILHU OH QLYHDX G·KXLOH PRWHXU HW DMRXWHU GHO·KXLOH VL QpFHVVDLUH�
7RXV OHV MRXUV� YpULILHU OH QLYHDX G·HVVHQFH GDQV OH UpVHUYRLUHW IDLUH OH SOHLQ VL QpFHVVDLUH�
$X WHUPH GHV �� SUHPLqUHV KHXUHV G·XWLOLVDWLRQ HW WRXWHVOHV ��� KHXUHV SDU OD VXLWH� YLGDQJHU OH PRWHXU HW UHPSODFHUO·KXLOH�
7RXWHV OHV VHPDLQHV� GpSRVHU OH FDSRW GX ILOWUH j DLU HW QHW�WR\HU OD FDUWRXFKH ILOWUDQWH� 'DQV OHV HQGURLWV SDUWLFXOLqUHPHQWSRXVVLpUHX[� FRQWU{OHU OH ILOWUH j DLU WRXV OHV MRXUV� 5HPSODFHUOD FDUWRXFKH ILOWUDQWH VL QpFHVVDLUH� ,O HVW SRVVLEOH GH VH SUR�FXUHU GHV FDUWRXFKHV GH ILOWUH j DLU GH UHFKDQJH DXSUqV GHYRWUH GLVWULEXWHXU +21'$�
7RXWHV OHV VHPDLQHV� YpULILHU OH QLYHDX GH OLTXLGH 76/ GDQVO·pFURX GH SUHVVH�pWRXSH GX EDV GH SRPSH� 5HPSOLU VLQpFHVVDLUH� 9HLOOHU j WRXMRXUV DYRLU GX OLTXLGH 76/ GDQVO·pFURX GH SUHVVH�pWRXSH DILQ TXH OHV MRLQWV GH OD SRPSHUHVWHQW OXEULILpV� 9RLU SDJH ��
7RXWHV OHV VHPDLQHV� j O·DLGH G·XQH SRPSH j JUDLVVH�LQMHFWHU GH OD JUDLVVH GDQV OHV UDFFRUGV JUDLVVHXUV ���� GHO·DSSDUHLO� /D JUDLVVH FRQWULEXH j SXUJHU OHV SLYRWV GH ODSHLQWXUH TXL V·\ DFFXPXOH� 9RLU )LJ� ���
%RXJLH� XWLOLVHU H[FOXVLYHPHQW XQH ERXJLH %3�(6 RX%35�(6 �PDUTXH 1*.�� 9pULILHU TXH OHV pOHFWURGHV VRLHQWpFDUWpHV GH ��� j ��� PP� 3RXU GpPRQWHU�UHPRQWHU ODERXJLH� WRXMRXUV XWLOLVHU XQH FOp j ERXJLH�
8Q JUDLVVHXU VXU FKDTXH SRUWH�SLVWROHW
8Q JUDLVVHXU VXU OH YHUURX GH URXOHWWH GLUHFWULFH
8Q JUDLVVHXU VXU OH OHYLHU GH FRPPDQGH GH URXOHWWH GLUHFWULFH
8Q JUDLVVHXU VXU OH VpOHFWHXU GH SLVWROHW
)LJ� ��
�
�
�
�
�
�
�
�
� 8Q JUDLVVHXU VXU OD URXOHWWH SURSUHPHQW GLWH
������&
�� ��������
*XLGH GH GpSDQQDJH
0,6( (1 *$5'(3RXU UpGXLUH OH ULVTXH GH EOHVVXUH JUDYH ORUVTXH YRXVGHYH] GpFRPSUHVVHU� WRXMRXUV UHVSHFWHU OD 3URFpGXUHGH GpFRPSUHVVLRQ GH OD SDJH ��
3DVVHU WRXW OH WDEOHDX HQ UHYXH DYDQW GH GpPRQWHU OH SXOYpUL�VDWHXU�
352%/Ë0( &$86( 62/87,21
/H PRWHXU�OH SXOYpULVDWHXU QHGpPDUUH SDV�
&RQWDFWHXU GX PRWHXU QRQ SODFp VXUPDUFKH �21��
0HWWUH OH FRQWDFWHXU GX PRWHXU VXU PDUFKH �21��
5pVHUYRLU G·HVVHQFH YLGH� 5HIDLUH OH SOHLQ G·HVVHQFH�
1LYHDX G·KXLOH WURS EDV� (VVD\HU GH GpPDUUHU OH PRWHXU� 6L OH WpPRLQ jO·DUULqUH GX PRWHXU V·DOOXPH� UHIDLUH OH SOHLQ G·KXLOHPRWHXU�
)LO GH ERXJLH GpEUDQFKp RX ERXJLHHQGRPPDJpH�
%UDQFKHU OH FkEOH DX VRPPHW GX PRWHXU RXUHPSODFHU OD ERXJLH�
(DX JHOpH GDQV OD FRPPDQGH GH SUHVVLRQ� 5HQYR\HU OD FRPPDQGH GH SUHVVLRQ j XQUHYHQGHXU DJUpp SRXU UpSDUDWLRQ�
/H PRWHXU ´QH SUHQG SDVµ� )XLWH G·KXLOH GDQV OD FKDPEUH GHFRPEXVWLRQ�
(QOHYHU OD ERXJLH� 7LUHU WURLV RX TXDWUH IRLV OHFRUGRQ GX ODQFHXU� 1HWWR\HU OD ERXJLH HW ODUHPSODFHU� (VVD\HU GH GpPDUUHU� 7HQLU OHSXOYpULVDWHXU GURLW SRXU pYLWHU OH UHIOX[ G·KXLOH�
/H PRWHXU IRQFWLRQQH� PDLV SDV OHEDV GH SRPSH�
,QWHUUXSWHXU GH OD FRPPDQGH GH SUHVVLRQHQ SRVLWLRQ $55È7�
0HWWUH O·LQWHUUXSWHXU GH OD FRPPDQGH GH SUHVVLRQVXU PDUFKH �21��
5pJODJH GH SUHVVLRQ WURS IDLEOH� $XJPHQWHU OD SUHVVLRQ�
)LOWUH GH VRUWLH GX EDV GH SRPSH HQFUDVVp� 1HWWR\HU OH ILOWUH�
%XVH ERXFKpH RX ILOWUH GH EXVH FROPDWp� 1HWWR\HU OD EXVH RX OH ILOWUH GH EXVH�
7LJH GH SLVWRQ EORTXpH SDU GH OD SHLQWXUHVpFKpH�
5pSDUHU OD SRPSH� 9RLU SDJH ���
7LJH GH OLDLVRQ XVpH RX HQGRPPDJpH� 5HPSODFHU OD WLJH GH OLDLVRQ� 9RLU SDJH ���
&DUWHU GH WUDQVPLVVLRQ XVp RXHQGRPPDJp�
5HPSODFHU OH FDUWHU GH WUDQVPLVVLRQ� 9RLU SDJH ���
/H FRXUDQW pOHFWULTXH Q·H[FLWH SDVO·LQGXFWHXU�
9pULILHU OHV EUDQFKHPHQWV GX FkEODJH� 9RLUSDJH ���/·LQWHUUXSWHXU GH OD FRPPDQGH GH SUHVVLRQ pWDQWVXU PDUFKH �21� HW OD SUHVVLRQ UpJOpH DX0$;,080� YpULILHU j O·DLGH G·XQH ODPSH GHFRQWU{OH OD FRQWLQXLWp HQWUH OHV ILOV QRLU HW EODQF GHOD FRPPDQGH GH SUHVVLRQ�)DLUH FRQWU{OHU OD FRPPDQGH GH SUHVVLRQ SDU XQUHYHQGHXU DJUpp *UDFR�
(PEUD\DJH XVp RX HQGRPPDJp� 5pSDUHU O·HPEUD\DJH� 9RLU SDJH ���
(QVHPEOH GH SLJQRQQHULH XVp RXHQGRPPDJp�
5pSDUHU O·HQVHPEOH GH SLJQRQQHULH� 9RLU SDJH ���
/H PRWHXU GpPDUUH PDLV V·pWHLQW� 1LYHDX G·KXLOH D\DQW FKXWp HQ GHVVRXV GXFDSWHXU GH SUHVVLRQ G·KXLOH�
$MRXWHU GH O·KXLOH�
'pELW GX EDV GH SRPSH IDLEOH VXU ODFRXUVH DVFHQGDQWH�
&UpSLQH G·DVSLUDWLRQ FROPDWpH� 1HWWR\HU OD FUpSLQH�
&ODSHW GX SLVWRQ QH SRUWDQW SDV ELHQ� 5pSDUHU OH FODSHW j ELOOH GH SLVWRQ� 9RLU SDJH ���
-RLQWV GH SLVWRQ XVpV RX HQGRPPDJpV� 5HPSODFHU OHV MRLQWV� 9RLU SDJH ���
-RLQW GH FKHPLVH GX EDV GH SRPSH XVp RXHQGRPPDJp�
5HPSODFHU OH MRLQW GH FKHPLVH� 9RLU SDJH ���
����������
5HFKHUFKH GHV SDQQHV352%/Ë0( &$86( 62/87,21
'pELW GX EDV GH SRPSH IDLEOH VXU ODFRXUVH GHVFHQGDQWH RX OHV GHX[FRXUVHV�
&UpSLQH G·DVSLUDWLRQ GH OD SRPSH FROPDWpH 1HWWR\HU OD FUpSLQH�
5pJODJH GH FRPPDQGH GH SUHVVLRQ WURSIDLEOH
$XJPHQWHU OD SUHVVLRQ� 9RLU 0LVH HQ VHUYLFH�SRLQW ��� SDJH ���
)LOWUH GH VRUWLH� ILOWUH GH EXVH RX EXVHHQFUDVVp�H�
1HWWR\HU OHV ILOWUHV HW�RX OHV EXVHV�
-RLQWV GH SLVWRQ XVpV RX HQGRPPDJpV 5HPSODFHU OHV MRLQWV� 9RLU SDJH ���
%LOOH GH FODSHW GH SLHG PDO SODFpHV 1HWWR\HU HW UpSDUHU OH FODSHW GH SLHG� 9RLU SDJH ���
5pJLPH PRWHXU WURS IDLEOH $XJPHQWHU OH UpJODJH GH OD FRPPDQGH GH JD]�9RLU 0LVH HQ VHUYLFH� SRLQWV �E HW ��� SDJH ���
(PEUD\DJH XVp RX HQGRPPDJp 5HPSODFHU O·HPEUD\DJH� 9RLU SDJH ���
(QVHPEOH GH WXEH G·DVSLUDWLRQSDUWLHOOHPHQW ERXFKp
'pSRVHU OH WXEH G·DVSLUDWLRQ HW OH QHWWR\HU� /RUV GXULQoDJH QRUPDO� GpSRVHU O·HQVHPEOH GX WXEHG·DVSLUDWLRQ HW OH QHWWR\HU VpSDUpPHQW SRXU pYLWHUGH OH FROPDWHU XQ SHX SOXV�
)RUWH FKXWH GH SUHVVLRQ 8WLOLVHU XQ IOH[LEOH GH SOXV JUDQG GLDPqWUH�
)XLWHV GH SHLQWXUH GDQV OD FRXSHOOHGH SUHVVH�pWRXSH�
eFURX GH SUHVVH�pWRXSH GHVVHUUp 5HVVHUUHU O·pFURX GH SUHVVH�pWRXSH VXIILVDPPHQWSRXU DUUrWHU OD IXLWH�
-RLQWV GH SUHVVH�pWRXSH XVpV RXHQGRPPDJpV
5HPSODFHU OHV MRLQWV� 9RLU SDJH ���
7LJH GH SLVWRQ XVpH RX HQGRPPDJpH 5HPSODFHU OD WLJH GH SLVWRQ� 9RLU SDJH ���
/H SLVWROHW FUDFKRWH� 3UpVHQFH G·DLU GDQV OH EDVH GH SRPSH RXOH IOH[LEOH
9pULILHU OD SUpVHQFH pYHQWXHOOH GH UDFFRUGVGHVVHUUpV DX QLYHDX GX FODSHW GH SLHG HW OHVUHVVHUUHU� (QVXLWH DPRUFHU OD SRPSH� 9RLU 0LVH HQVHUYLFH� SDJH ���
%XVH SDUWLHOOHPHQW ERXFKpH 1HWWR\HU O·REVWUXFWLRQ� 9RLU SDJH ���
1LYHDX GH SURGXLW WURS EDV RX UpFLSLHQWG·DOLPHQWDWLRQ YLGH
5HIDLUH OH SOHLQ HW DPRUFHU OD SRPSH� 9RLU 0LVH HQVHUYLFH� SDJH ��� 9pULILHU VRXYHQW O·DOLPHQWDWLRQHQ SURGXLW SRXU pYLWHU GH IDLUH EDWWUH OD SRPSH jVHF�
3UpVHQFH GH SDUWLFXOHV GH SHLQWXUH VpFKpHSURYHQDQW GH O·HQVHPEOH GH WXEHG·DVSLUDWLRQ PDO QHWWR\p
'pSRVHU OH WXEH G·DVSLUDWLRQ HW OH QHWWR\HU� /RUV GXULQoDJH QRUPDO� GpSRVHU O·HQVHPEOH GX WXEHG·DVSLUDWLRQ HW OH QHWWR\HU VpSDUpPHQW SRXU pYLWHUGH OH FROPDWHU XQ SHX SOXV�
�� ��������
%DV GH SRPSH
0,6( (1 *$5'(3RXU UpGXLUH OH ULVTXH GH EOHVVXUH JUDYH ORUVTXH YRXVGHYH] GpFRPSUHVVHU� WRXMRXUV UHVSHFWHU OD 3URFpGXUHGH GpFRPSUHVVLRQ GH OD SDJH ��
'pSRVH GH OD SRPSH �9RLU )LJ� ����� 5LQFHU OD SRPSH� 'pFRPSUHVVHU�
�� 7HQLU OH FODSHW GH SLHG ����� DX PR\HQ G·XQH FOp HWGpYLVVHU OH UDFFRUG XQLRQ WRXUQDQW ���� GX WXEH G·DVSLUD�WLRQ� 'pYLVVHU OH IOH[LEOH ������
�� 5HSRXVVHU OH UHVVRUW GH UHWHQXH ���� YHUV OH KDXW�&KDVVHU OD JRXSLOOH ���� SDU O·DUULqUH�
�� 'HVVHUUHU OH FRQWUH�pFURX ������ 'pYLVVHU OD SRPSH�
)LJ� ��
��
����
���
���
���
���
���
������
���
��
'pPRQWDJH GH OD SRPSH�� 'pYLVVHU OH FODSHW GH SLHG ����� HW HQOHYHU WRXWHV OHV
SLqFHV� 9RLU )LJ� ���
�� ÑWHU OH ERXFKRQ ������ 'pYLVVHU O·pFURX GH SUHVVH�pWRXSH ������ 9RLU )LJ� ���
)LJ� ��
���
���
���
���
������
���
���
������
����
�� (Q WDSRWDQW GHVVXV� HQIRQFHU OD WLJH GX SLVWRQ ����� SXLVOD WLUHU SDU OH EDV GX F\OLQGUH ����� SRXU O·HQ H[WUDLUH� 9RLU)LJ� ���
�� ÑWHU OHV DQQHDX[ SUHVVH�MRLQWV ���� � ��� � HW OHV MRLQWVHQ Y ���� � ��� � GX SUHVVH�pWRXSH� 9RLU )LJ� ���
�� 6HUUHU OHV PpSODWV GH OD WLJH GX SLVWRQ ����� GDQV XQpWDX� 'HVVHUUHU OH SLVWRQ ������ 'pYLVVHU O·pFURX ����� GXSLVWRQ� ÑWHU OHV DQQHDX[ SUHVVH�MRLQWV ���� � ��� � HW OHVMRLQWV ���� � ��� � ��� � GX SLVWRQ� 9RLU )LJ� ���
)LJ� ��
���
���
���
���
���
���
���
���
���
���
���
���
���
���
���
���
���
���
����
�
�
�
�
&XLU
3RO\pWK\OqQH
/HV OqYUHV GRLYHQW rWUHRULHQWpHV YHUV OH EDV/HV OqYUHV GRLYHQW rWUHRULHQWpHV YHUV OH KDXW
� �� �
���
�
�
�
6HUUHU DX FRXSOH GH�� 1�P
�
����������
%DV GH SRPSH0,6( (1 *$5'(
3RXU UpGXLUH OHV ULVTXHV GH EOHVVXUH GXH j XQH UXSWXUHGH OD SRPSH� XWLOLVHU H[FOXVLYHPHQW O·RXWLO �������� SRXUHQOHYHU OD FKHPLVH� 6L OD FKHPLVH HVW FROOpH� HQYR\HU OHF\OLQGUH j YRWUH GLVWULEXWHXU *UDFR SRXU TX·LO UpDOLVH OHGpPRQWDJH�
���
%
$
����)LJ� ��
�� /RUV G·XQH LQWHUYHQWLRQ VXU OD SRPSH� GpSRVHU ODFKHPLVH� 8WLOLVHU H[FOXVLYHPHQW O·RXWLO VSpFLDO� UpIpUHQFH1R �������� j FHW HIIHW� 9LVVHU O·pFURX �%� GDQV OHF\OLQGUH ������ )DLUH GHVFHQGUH OD WLJH �$� HQ OD YLVVDQWSRXU IDLUH VRUWLU OD FKHPLVH� 9RLU )LJ� ���
5HPRQWDJH GH OD SRPSH
5(0$548(� OH NLW GH UpSDUDWLRQ �������� HVW GLVSRQLEOH�3RXU REWHQLU OHV PHLOOHXUV UpVXOWDWV SRVVLEOHV�XWLOLVHU WRXWHV OHV SLqFHV GH FH NLW� /HV SLqFHVFRPSULVHV GDQV FH NLW VRQW UHSpUpHV SDU XQDVWpULVTXH� S� H[� ��� �
5(0$548(� WUHPSHU OHV MRLQWV GDQV O·KXLOH� HW HQGXLUHG·KXLOH OD WLJH HW OD SDURL LQWHUQH GX F\OLQGUH�
5(0$548(� DOWHUQHU OHV MRLQWV HQ FXLU HW HQ SODVWLTXH� 9HLOOHUj FH TXH OHV OqYUHV GHV MRLQWV HQ 9 VRLHQWRULHQWpHV GDQV OH VHQV LQGLTXp� 8Q PRQWDJHLQFRUUHFW HQGRPPDJHUD OHV MRLQWV HW HQWUDvQHUDGHV IXLWHV GH OD SRPSH�
�� 9pULILHU OD VXUIDFH GH OD WLJH GX SLVWRQ ����� HW OD SDURLLQWHUQH GH OD FKHPLVH ����� SRXU YRLU VL HOOH FRPSRUWHGHV UD\XUHV RX pUDIOXUHV� 6L FHV SLqFHV VRQW HQGRPPD�JpHV� OHV MRLQWV QHXIV Q·DVVXUHURQW SDV XQH ERQQH pWDQ�FKpLWp�
�� (PSLOHU OHV MRLQWV GX SLVWRQ VXU OH SLVWRQ ����� DLQVL TX·LO�OXVWUp j OD ILJXUH ���
�� 6HUUHU O·pFURX GX SLVWRQ ����� VXU OH SLVWRQ DX FRXSOH GH��� 1�P� SRXU HQIRQFHU OHV MRLQWV HQ SODFH� SXLV OHV Gp�YLVVHU HW OHV UHYLVVHU j OD PDLQ�
���
���
���
'pSRVHU XQH JRXWWH G·pWDQ�FKpLILDQW VXU FHV ILOHWDJHV ���
����)LJ� ��
�
�
5(0$548(� 1RWHU O·DOLJQHPHQW GX SLVWRQ ����� SDU UDSSRUWj O·pFURX ����� HW OH PDLQWHQLU WRXW DX ORQJ GHVRSpUDWLRQV �� � HW ��
�� 'pSRVHU 81( JRXWWH G·DGKpVLI� IRXUQL DYHF OH NLW GH Up�SDUDWLRQ� VXU OHV ILOHWDJHV GX SLVWRQ� 3ODFHU OD ELOOH ���� �VXU OH SLVWRQ� 9LVVHU OH SLVWRQ j OD PDLQ VXU OD WLJH �����MXVTX·j FH TXH O·pFURX ����� SUHQQH FRQWDFW DYHF OD WLJH�,PPRELOLVHU OHV PpSODWV GH FHOOH�FL GDQV XQ pWDX�
�� 6HUUHU O·pFURX ����� VXU OD WLJH ����� DX FRXSOH �� 1�P�6H VHUYLU GH GHX[ FOpV SRXU PDLQWHQLU O·DOLJQHPHQWpYRTXp DX SRLQW ��
�� (PSLOHU OHV MRLQWV GH SUHVVH�pWRXSH DX VRPPHW GXF\OLQGUH ������ 0RQWHU O·pFURX GH SUHVVH�pWRXSH �����VDQV OH VHUUHU�
& '
���
���
���
����
)LJ� ��
�� ,QWURGXLUH O·HQVHPEOH GH WLJH GH SLVWRQ �&� GDQV OHVRPPHW GH OD FKHPLVH ������ 0RQWHU OH MRLQW ���� � VXUOD FKHPLVH� (QILOHU O·HQVHPEOH GH FKHPLVH GDQV OH F\OLQ�GUH ����� SDU OH EDV GH FHOXL�FL� 2Q QRWHUD TXH O·H[WUpPL�Wp FRQLTXH �'� GH OD FKHPLVH HVW VD SDUWLH LQIpULHXUH� 9RLU)LJ� ���
�� 5HPRQWHU OH FODSHW GH SLHG HW OH PHWWUH HQ SODFH� 3RVHUXQ MRLQW ���� � QHXI� 6HUUHU OH FODSHW DX FRXSOH GH�� 1�P� 9RLU )LJ� ���
5HPLVH HQ SODFH GH OD SRPSH �9RLU )LJ� �� HW ����� 9LVVHU OD SRPSH DX ��� GDQV OH FDUWHU GH SDOLHU �����
7HQLU OD JRXSLOOH ���� HQ IDFH GX WURX GH JRXSLOOH GH ODWLJH GH OLDLVRQ ���� HW FRQWLQXHU j YLVVHU OD SRPSH MXVTX·jFH TXH OD JRXSLOOH FRXOLVVH DLVpPHQW GDQV VRQ WURX�
�� $OLJQHU OHV ILOHWV VXSpULHXU GX F\OLQGUH DX UDV GH ODIDFH �(� GX FDUWHU GH SDOLHU GH IDoRQ j FH TXH OH UDFFRUGGH VRUWLH ���� VRLW RULHQWp IDFH j O·DUULqUH GH O·DSSDUHLO�
�� 5HSRXVVHU FRPSOqWHPHQW OH UHVVRUW GH UHWHQXH ����GDQV OD JRUJH GH OD WLJH GH OLDLVRQ� 6HUUHU OH FRQWUH�pFURX����� WUqV IRUW DX FRXSOH GH ��� 1�P� DILQ GH O·HPSrFKHUGH VH GHVVHUUHU HW G·HQGRPPDJHU OHV ILOHWV GX FDUWHU GHSDOLHU�
6HUUHU DX FRXSOH GH��� 1�P ��
����
���
��
(
����
�
�
)LJ� ��
0,6( (1 *$5'(9HLOOHU j FH TXH OH UHVVRUW GH UHWHQXH ���� VRLW ELHQ LQVWDO�Op GDQV OD JRUJH� WRXW DXWRXU GH FHOOH�FL� SRXU pYLWHU TXH ODJRXSLOOH ���� QH VH GpORJH VRXV O·HIIHW GHV YLEUDWLRQV�
6L OD EURFKH VH GpORJH� HOOH�PrPH RX G·DXWUHV SLqFHVSHXYHQW VH URPSUH VRXV OD IRUFH GH O·DFWLRQ GH SRPSDJHHW rWUH SURMHWpHV HQ O·DLU� (OOHV ULVTXHQW DORUV GH FDXVHUGHV GRPPDJHV FRUSRUHOV RX PDWpULHOV JUDYHV� \ FRPSULVVXU OD ELHOOH GH OD SRPSH HW OH FDUWHU GH WUDQVPLVVLRQ�
�� 5HVVHUUHU O·pFURX GH SUHVVH�pWRXSH ����� MXVWH FH TX·LOIDXW SRXU DUUrWHU OHV IXLWHV� /H UHPSOLU DX ��� GH OLTXLGHG·pWDQFKpLWp 76/ *UDFR HW UHPRQWHU OHV SLqFHV UHVWDQ�WHV�
�� ��������
&RPPDQGH GH SUHVVLRQ
0,6( (1 *$5'(3RXU UpGXLUH OH ULVTXH GH EOHVVXUH JUDYH ORUVTXH YRXVGHYH] GpFRPSUHVVHU� WRXMRXUV UHVSHFWHU OD 3URFpGXUHGH GpFRPSUHVVLRQ GH OD SDJH ��
�� 'pEUDQFKHU OHV GHX[ IOH[LEOHV ����� DX QLYHDX GHVUDFFRUGV XQLRQ WRXUQDQWV ����� GH OD FRPPDQGH GHSUHVVLRQ� 1RWHU O·HPSODFHPHQW G·RULJLQH GH FKDTXHIOH[LEOH SRXU rWUH V�U GH OH GpFOHQFKHU DX ERQ HQGURLW j ODILQ GH OD SUpVHQWH SURFpGXUH� 9RLU )LJ� ���
�� (Q SDVVDQW SDU GHVVRXV OD SODTXH GH PRQWDJH GXPRWHXU VXU OH FKDULRW� GpEUDQFKHU OHV ILOV GH OD FRPPDQ�GH GH SUHVVLRQ DX SRLQW $� ÑWHU OHV TXDWUH pFURXV ���� HWOHV DXWUHV pOpPHQWV GH ERXORQQHULHV GHV YLV j WrWH ��� ����
�� 'pSRVHU OHV FDSRWV ���� GH OD FRPPDQGH GH SUHVVLRQ�9RLU )LJ� ���
�� 'pEUDQFKHU OHV ILOV URXJH� QRLU HW EODQF GX UHGUHV�VHXU ����� TXL VH WURXYHQW VRXV OD PrPH JDLQH TXH OHFRQGXFWHXU ������ 'pYLVVHU OH FRQQHFWHXU ����� GH ODFRPPDQGH GH SUHVVLRQ� HQ VRUWDQW DYHF OXL OHV ILOV HW OHFRQGXFWHXU� 9RLU )LJ� ���
�� $ O·DLGH G·XQH FOp� PDLQWHQLU OD SDUWLH KH[DJRQDOH GHVDGDSWDWHXUV �&� WRXW HQ HQOHYDQW OHV UDFFRUGV XQLRQ WRXU�QDQWV ������ 9RLU )LJ� ���
0,6( (1 *$5'(3RXU UpGXLUH OHV ULVTXHV G·pOHFWURFXWLRQ� YHLOOHU j FH TXHWRXV OHV pOpPHQWV GH PLVH j OD WHUUH GH OD FRPPDQGH GHSUHVVLRQ VRLHQW FRQYHQDEOHPHQW DVVHPEOpV�
- ILO GH WHUUH ����� EUDQFKp j O·LQWpULHXU GH OD FRPPDQGHGH SUHVVLRQ�
- YLV j WrWH j pSDXOHPHQW FDQQHOp SRXU PRQWHU OD FRP�PDQGH GH SUHVVLRQ VXU OH FKDULRW�
- FKDvQH GH PLVH j OD WHUUH ����� FRQQHFWpH DX PR\HQGH OD ORQJXH YLV GH PRQWDJH ���� GH OD FRPPDQGH GHSUHVVLRQ�
�� 5HPRQWHU OD FRPPDQGH GH SUHVVLRQ GDQV O·RUGUH LQYHUVHGH VRQ GpPRQWDJH� (QJDJHU OD ORQJXH YLV GH PRQ�WDJH ���� GH OD FRPPDQGH GH SUHVVLRQ GDQV OH WURX %�3DU OH GHVVRXV GH OD SODTXH GH PRQWDJH ���� PRQWHU ODFKDvQH GH PLVH j OD WHUUH ������ OD URQGHOOH ����� HW O·p�FURX ���� VXU OD YLV� 9RLU )LJ� ���
�� (IIHFWXHU OD SURFpGXUH G·pWDORQQDJH GH OD FRPPDQGHGH SUHVVLRQ GRQQpH j OD SDJH �� DYDQW GH UHPHWWUH OHSXOYpULVDWHXU HQ IRQFWLRQQHPHQW QRUPDO�
12,5
528*(
%/$1&
���
&
%5$1&+(0(17 '8 5('5(66(85 �����
7(55(
12,5528*(
%/$1&
���
���
���
���
���
��
���
��
��
�����
���
���
%
$
9(56 /( ),/75(9(56 /$ 3203(
9(56 /( 027(85
��
�����
����
����)LJ� �� )LJ� ��
����������
eWDORQQDJH GH OD FRPPDQGH GH SUHVVLRQ
)DLUH H[WUrPHPHQW DWWHQWLRQ HQ H[pFXWDQW FHWWHSURFpGXUH G·pWDORQQDJH� FHFL DILQ GH UpGXLUH OHV ULVTXHVGH EOHVVXUH SDU LQMHFWLRQ GH SURGXLW RX DXWUH EOHVVXUH FRU�SRUHOOH JUDYH� SRXYDQW UpVXOWHU G·XQH UXSWXUH GH SLqFH� G·XQFKRF pOHFWULTXH� G·XQ LQFHQGLH� G·XQH H[SORVLRQ RX GH O·DF�WLRQ GH SLqFHV HQ PRXYHPHQW�
&HWWH SURFpGXUH UqJOH OH SXOYpULVDWHXU VXU XQH SUHVVLRQPD[LPDOH GH VHUYLFH GH ��� j ��� EDU ����������� 03D��
(IIHFWXHU FHWWH SURFpGXUH FKDTXH IRLV TXH OD FRPPDQGH GHSUHVVLRQ HVW GpSRVpH HW UHSRVpH RX UHPSODFpH� DILQ GHV·DVVXUHU TXH OH SXOYpULVDWHXU HVW SDUIDLWHPHQW pWDORQQp�
8Q PDXYDLV pWDORQQDJH SHXW FRQGXLUH j VXUSUHVVXULVHU OHSXOYpULVDWHXU� HW GpERXFKHU VXU XQH UXSWXUH GH SLqFH� XQLQFHQGLH RX XQH H[SORVLRQ� ,O SHXW DXVVL DYRLU SRXU HIIHW
G·HPSrFKHU OH SXOYpULVDWHXU G·DWWHLQGUH OD SUHVVLRQ PD[L�PDOH GH VHUYLFH� G·R� XQ PDXYDLV IRQFWLRQQHPHQW�
1( -$0$,6 WHQWHU G·DXJPHQWHU OD SUHVVLRQ GH VRUWLH SUR�GXLW HQ HIIHFWXDQW FHV RSpUDWLRQV G·pWDORQQDJH G·XQH DXWUHIDoRQ� 1H MDPDLV GpSDVVHU OD SUHVVLRQ PD[LPDOH GH VHUYLFHGH ��� EDU� ���� 03D� /H IRQFWLRQQHPHQW QRUPDO GH O·DSSD�UHLO j GHV SUHVVLRQV SOXV pOHYpHV SHXW FRQGXLUH j XQH UXS�WXUH GHV SLqFHV� XQ LQFHQGLH RX XQH H[SORVLRQ�
/RUVTXH O·RQ H[pFXWH FHWWH SURFpGXUH� 728-2856 XWLOLVHUXQ IOH[LEOH GH SXOYpULVDWLRQ QHXI G·XQH ORQJXHXU GH����� P� FRQoX SRXU HQFDLVVHU XQH SUHVVLRQ PD[LPDOH GHVHUYLFH GH ��� EDU� ���� 03D� $YHF XQ IOH[LEOH XVp� RXG·XQH UpVLVWDQFH LQVXIILVDQWH� RQ FRXUW OH ULVTXH G·XQH IXLWHKDXWH SUHVVLRQ RX G·XQH UXSWXUH�
0,6( (1 *$5'(
2XWLOODJH QpFHVVDLUH�- 8Q IOH[LEOH GH SXOYpULVDWLRQ VDQV DLU HQ Q\ORQ
QHXI GH ����� P� FDSDFLWp ��� EDU� ���� 03D�1R UpI� ��������
- 8Q PDQRPqWUH j EDLQ G·KXLOH JUDGXpGH � j ��� EDU� ���� 03D1R UpI���������
- 8QH EXVH GH SXOYpULVDWLRQ QHXYH� WDLOOH ����� WR �����- XQH FOp SRXU pFURX GH ���µ- 8Q VHDX GH �� O� G·HDX RX GH ZKLWH�VSLULW- 5DFFRUG WRXUQDQW� QR UpI� ��������- 5DFFRUG� QR UpI� ��������- 7p� QR UpI� ��������
3UpSDUDWLIV�� 6XLYUH OD SURFpGXUH GH GpFRPSUHVVLRQ GH OD SDJH ��
�� 0RQWHU OH V\VWqPH FRPPH O·LOOXVWUH OD ILJXUH ���
5pJODJH GH OD SODJH G·LQVHQVLELOLWp�SUHVVLRQ GLIIpUHQWLHOOH��� 'pSRVHU OH FDSRW GH OD FRPPDQGH GH SUHVVLRQ�
5(0$548(� QH SDV WRXFKHU j FH UpJODJH VL OD URXH HVW GpMjSRVLWLRQQpH FRPPH LOOXVWUp j OD ILJXUH ���
�� $JLU VXU OD URXH GLIIpUHQWLHOOH EODQFKH �$� GX PLFUR�FRPPXWDWHXU� /D WRXUQHU GH WHOOH VRUWH TXH OD OHWWUH ) VRLWFDFKpH SDU GHUULqUH OH FRPPXWDWHXU HW TXH OD OHWWUH ( VRLWOD SUHPLqUH j DSSDUDvWUH�
0LVH HQ SUHVVLRQ�� 'pPDUUHU OH SXOYpULVDWHXU HW O·DPRUFHU�
�� 5pJOHU OD SUHVVLRQ VXU ��� EDU� ���� 03D�
�� $UUrWHU OH PRWHXU� 6L OD SUHVVLRQ FKXWH DSUqV O·DUUrW GXPRWHXU� UHPSODFHU OHV MRLQWV GH OD SRPSH DYDQW GH SRXU�VXLYUH� 9RLU SDJH ���
5pJODJH GH OD SUHVVLRQ �9RLU )LJ� ����� ÑWHU OH ERXFKRQ ����� DX IRQG GH OD FRPPDQGH�
�� 7RXUQHU OH ERXWRQ �%� GH OD FRPPDQGH GH SUHVVLRQ VXU ODSUHVVLRQ PD[LPDOH HW OH PDLQWHQLU GDQV FHWWH SRVLWLRQ�
�� $JLU VXU O·pFURX � & �� ,QWURGXLUH OH WRXUQHYLV j WUDYHUVO·RULILFH �'� GH OD FRPPDQGH GH SUHVVLRQ� RX ELHQ HQJD�JHU XQH FOp SDU O·DYDQW GH FHOOH�FL�
)LJ� ��
��������
��������
��������
��������
��������
����
)LJ� ��
�
9XH LQWHUQH GH OD FRPPDQGHGH SUHVVLRQ HQ UHJDUGDQW F{WpURXH GLIIpUHQWLHOOH
$
����
�
)LJ� ��
%
&���
'
����
D� 'pYLVVHU O·pFURX MXVTX·j HQWHQGUH XQ GpFOLF HWDUUrWHU�
E� 5HYLVVHU SURJUHVVLYHPHQW O·pFURX MXVTX·j HQWHQGUHXQ QRXYHDX GpFOLF HW DUUrWHU�
�� 5HPHWWUH HQ SODFH OH ERXFKRQ ����� HW OH FDSRW GH ODFRPPDQGH GH SUHVVLRQ�
�� ��������
&DUWHU GH SDOLHU HW WLJH GH OLDLVRQ
0,6( (1 *$5'(3RXU UpGXLUH OH ULVTXH GH EOHVVXUH JUDYH ORUVTXH YRXVGHYH] GpFRPSUHVVHU� WRXMRXUV UHVSHFWHU OD 3URFpGXUHGH GpFRPSUHVVLRQ GH OD SDJH ��
5(0$548(� SRXU OHV SRLQWV � j ��� VH UpIpUHU j OD ILJXUH ���
�� 6H UpIpUHU j GpSRVH GH OD SRPSH� SDJH ���
�� ÑWHU OHV TXDWUH YLV ���� HW OHV URQGHOOHV G·DUUrW ���� GXFDUWHU GH SDOLHU �����
�� 7RXW HQ WLUDQW O·HQVHPEOH GH WLJH GH OLDLVRQ ���� G·XQHPDLQ� WDSRWHU OpJqUHPHQW DYHF XQ PDLOOHW HQ SODVWLTXH HQEDV GX FDUWHU GH SDOLHU ���� j O·DUULqUH GH FHOXL�FL DILQ GHOH GLVVRFLHU GX FDUWHU GH WUDQVPLVVLRQ ����� 6pSDUHU OHFDUWHU GH SDOLHU HW O·HQVHPEOH GH WLJH GH OLDLVRQ GX FDUWHUGH WUDQVPLVVLRQ�
�� ,QVSHFWHU OH YLOHEUHTXLQ �$� HQ UHFKHUFKDQW OHV WUDFHVG·XVXUH H[FHVVLYH HW UHPSODFHU OHV SLqFHV OH FDVpFKpDQW�
�� /XEULILHU XQLIRUPpPHQW O·LQWpULHXU GX SDOLHU HQ EURQ]H �'�GDQV OH FDUWHU GH SDOLHU ����� DLQVL TXH O·LQWpULHXU GX UDF�FRUG �&� GH OD WLJH GH OLDLVRQ DX PR\HQ G·KXLOH PRWHXU GHKDXWH TXDOLWp� (QGXLUH JpQpUHXVHPHQW GH OD JUDLVVH jURXOHPHQW IRXUQLH ���G� OH SDOLHU j URXOHDX[ �%� GH O·HQ�VHPEOH GH WLJH GH OLDLVRQ �����
�� $VVHPEOHU OD WLJH GH OLDLVRQ ���� HW OH FDUWHU GHSDOLHU �����
�� 1HWWR\HU OHV VXUIDFHV MRLQWLYHV GX FDUWHU GH SDOLHU HW GXFDUWHU GH WUDQVPLVVLRQ�
�� $PHQHU OD WLJH GH OLDLVRQ HQ UHJDUG GX YLOHEUHTXLQ �$� HWDOLJQHU DYHF SUpFDXWLRQ OHV HUJRWV GH SRVLWLRQQHPHQW �(�GX FDUWHU GH WUDQVPLVVLRQ ���� VXU OHV WURXV GX FDUWHU GHSDOLHU ����� 3RXVVHU OH FDUWHU GH SDOLHU FRQWUH OH FDUWHU GHWUDQVPLVVLRQ RX ELHQ O·HQIRQFHU HQ SODFH HQ WDSRWDQWGHVVXV j O·DLGH G·XQ PDLOOHW HQ SODVWLTXH�
$77(17,211H SDV VH VHUYLU GH OD YLV ���� GX FDUWHU GH SDOLHU SRXUDOLJQHU OH FDUWHU GH SDOLHU RX OH PHWWUH HQ SODFH FRQWUH OHFDUWHU GH WUDQVPLVVLRQ� &HV pOpPHQWV GRLYHQW rWUH DOLJQpV jO·DLGH GHV HUJRWV GH SRVLWLRQQHPHQW �(�� SRXU pYLWHU XQHXVXUH SUpPDWXUpH GHV SDOLHUV�
�� 0RQWHU OHV YLV ���� HW OHV URQGHOOHV G·DUUrW ���� VXU OHFDUWHU GX SDOLHU� 6HUUHU XQLIRUPpPHQW OHV YLV DX FRXSOHGH �� 1�P�
��� 6H UpIpUHU j OD UXEULTXH 5HPLVH HQ SODFH GH OD SRPSH�SDJH ���
)LJ� ��
��� ��
(
'
��
��
�����
��
��� ��
$
��
%&
��
����
��
��
��
��
� 6HUUHU DX FRXSOH GH �� 1�P
�
����������
&DUWHU GH WUDQVPLVVLRQ
0,6( (1 *$5'(3RXU UpGXLUH OH ULVTXH GH EOHVVXUH JUDYH ORUVTXH YRXVGHYH] GpFRPSUHVVHU� WRXMRXUV UHVSHFWHU OD 3URFpGXUHGH GpFRPSUHVVLRQ GH OD SDJH ��
5(0$548(� SRXU OD SUpVHQWH SURFpGXUH� VH UpIpUHU j ODILJXUH ���
�� 'pSRVHU OH FDSRW IURQWDO �����
�� 'pEUDQFKHU OH IOH[LEOH GH VRUWLH GH OD SRPSH ������
�� ÑWHU OHV TXDWUH YLV ���� HW OHV URQGHOOHV G·DUUrW ���� GXFDUWHU GH SDOLHU �����
�� 7DSRWHU OpJqUHPHQW DYHF XQ PDLOOHW HQ SODVWLTXH j O·DU�ULqUH GX FDUWHU GX SDOLHU ����� 7LUHU OD SRPSH� OH FDUWHU GHSDOLHU HW OD WLJH GH OLDLVRQ DILQ GH OHV GLVVRFLHU GX FDUWHUGH WUDQVPLVVLRQ VRXV OD IRUPH G·XQ HQVHPEOH FRPSOHW�
�� ÑWHU OHV GHX[ YLV ���� GX FDUWHU GH SDOLHU HW OHV URQGHOOHVG·DUUrW ����� ÑWHU OHV TXDWUH YLV ���� GX FDUWHU GH SLJQRQ�QHULH HW OHV URQGHOOHV G·DUUrW �����
�� 7DSRWHU OpJqUHPHQW WRXW DXWRXU GX FDUWHU GH WUDQVPLV�VLRQ ���� j O·DLGH G·XQ PDLOOHW HQ SODVWLTXH SRXU OHGLVVRFLHU GX FDUWHU GH SLJQRQQHULH ����S��
$77(17,211( 3$6 ODLVVHU WRPEHU OH WUDLQ GH SLJQRQV ���� HQ GpSR�VDQW OH FDUWHU GH WUDQVPLVVLRQ ����� /H WUDLQ GH SLJQRQVV·HQGRPPDJH IDFLOHPHQW� /HV SLJQRQV SHXYHQW UHVWHU OR�JpV VRLW GDQV OH FDUWHU GH WUDQVPLVVLRQ VRLW GDQV OH FDUWHUGH SLJQRQQHULH�
1H SDV SHUGUH OHV ELOOHV GH EXWpH ���F HW ���N� VLWXpHV jFKDTXH H[WUpPLWp GX WUDLQ GH SLJQRQV� &HV ELOOHV TXL VRQWHQGXLWHV G·XQH pSDLVVH FRXFKH GH JUDLVVH UHVWHQW JpQp�UDOHPHQW HQ SODFH GDQV OHV pYLGHPHQWV GH O·DUEUH PDLVHOOHV SHXYHQW V·HQ GpORJHU� 6L HOOHV VH FRLQFHQW HQWUH OHVSLJQRQV HW QH VRQW SDV HQOHYpHV� HOOHV YRQW JUDYHPHQWHQGRPPDJHU OH FDUWHU GH WUDQVPLVVLRQ� 6L HOOHV QH VRQW SDVHQ SODFH� OHV SDOLHUV YRQW V·XVHU SUpPDWXUpPHQW�
�� (QGXLUH JpQpUHXVHPHQW GH JUDLVVH j URXOHPHQW ���G�IRXUQLH� OH WUDLQ GH SLJQRQV ����� 9HLOOHU j FH TXH OHVELOOHV GH EXWpH ���F HW ���N� VRLHQW ELHQ HQ SODFH�
�� 3ODFHU OD URQGHOOH FRXOHXU EURQ]H ���D� SXLV OD URQGHOOHFRXOHXU DUJHQW ���E� VXU O·DUEUH IDLVDQW VDLOOLH KRUV GXJURV SDOLHU GX FDUWHU GH WUDQVPLVVLRQ ����� $OLJQHU OHVSLJQRQV HW HQIRQFHU OH QRXYHDX FDUWHU GH WUDQVPLVVLRQWRXW GURLW VXU OH FDUWHU GH SLJQRQQHULH HW VXU OHV HUJRWV GHSRVLWLRQQHPHQW �%��
�� (Q SDUWDQW GX SRLQW �� SURFpGHU j UHERXUV SRXU UHPRQWHUOH SXOYpULVDWHXU� RX ELHQ SDVVHU j OD UXEULTXH VXLYDQWH GHFH PDQXHO VL G·DXWUHV UpSDUDWLRQV VRQW UHTXLVHV�
����$
����
���N��
��F
��
��
��
����
����D
��E���S
����
%
��
��
6HUUHU DX FRXSOH GH �� 1�P
��
���
)LJ� ��
�
�� ��������
3LJQRQQHULH� HPEUD\DJH� EULGH� LQGXFWHXU PRWHXU
/H GpPRQWDJH GH FHV SLqFHV SHXW GpPDUUHU GX FDUWHU GHSLJQRQQHULH RX GH O·HPEUD\DJH� VL DXFXQH LQWHUYHQWLRQ Q·HVWj IDLUH VXU OD SLJQRQQHULH�
6L O·RQ GpEXWH SDU OH FDUWHU GH SLJQRQQHULH� HIIHFWXHU WRXWG·DERUG OHV SRLQWV � j � GH OD UXEULTXH &$57(5 '( 75$16�0,66,21 j OD SDJH ��� SXLV SRXUVXLYUH HQ H[pFXWDQW ODSURFpGXUH FL�GHVVRXV�
6L O·RQ GpEXWH SDU O·HPEUD\DJH� YRLU SDJH ���
&DUWHU GH SLJQRQQHULH'pSRVH GX FDUWHU GH SLJQRQQHULH
0,6( (1 *$5'(3RXU UpGXLUH OH ULVTXH GH EOHVVXUH JUDYH ORUVTXH YRXVGHYH] GpFRPSUHVVHU� WRXMRXUV UHVSHFWHU OD 3URFpGXUHGH GpFRPSUHVVLRQ GH OD SDJH ��
5(0$548(� SRXU OHV SRLQWV � j �� VH UpIpUHU j OD ILJXUH ���
�� ÑWHU OHV GHX[ YLV LQIpULHXUHV ���� HQ SUHPLHU� HW HQVXLWHOHV WURLV YLV VXSpULHXUHV �����
�� 6pSDUHU OH FDUWHU GH SLJQRQQHULH ����S� GX FDUWHU G·HP�EUD\DJH ���� HQ OH WLUDQW� /·LQGXLW ���D� YD YHQLU DYHF OXL�
�� 6RUWLU O·LQGXLW ���D� HQ WLUDQW GHVVXV�
$77(17,211H SDV SHUGUH OD ELOOH GH EXWpH ����N�� 9RLU OD PHQWLRQ$77(17,21� SDJH �� SRXU GH SOXV DPSOHV UHQVHLJQH�PHQWV�
5(0$548(� SRXU GpSRVHU OD SLJQRQQHULH� SRXUVXLYUH DYHFOD UXEULTXH UpSDUDWLRQ GH OD SLJQRQQHULH�FL�GHVVRXV� 3RXU FRQWLQXHU OH GpPRQWDJH GXSXOYpULVDWHXU� SDVVHU j OD SDJH ��� 3RXUUHPRQWHU OH SXOYpULVDWHXU j SDUWLU GH FH VWDGH�DOOHU GLUHFWHPHQW j OD UXEULTXH UHPRQWDJHSDJH ��� SRLQW ��
5pSDUDWLRQ GH OD SLJQRQQHULH
5(0$548(� VL O·RQ DFKqWH OHV SLqFHV GH OD SLJQRQQHULH LQGL�YLGXHOOHPHQW� LO HVW QpFHVVDLUH GH GLVSRVHUG·XQH SUHVVH K\GUDXOLTXH SRXU OHV RSpUDWLRQVGH GpPRQWDJH HW GH UHPRQWDJH� 6L O·RQ QHGLVSRVH SDV G·XQH WHOOH SUHVVH� XWLOLVHU OH NLW GHUpSDUDWLRQ QR UpI� ��������� TXL FRQWLHQW XQDUEUH HW GHV SDOLHUV SUp�PRQWpV HW OXEULILpV�
5(0$548(� VDXI LQGLFDWLRQ VSpFLILTXH� VH UpIpUHU j ODILJXUH ���
6L O·RQ XWLOLVH OH NLW GH UpSDUDWLRQ QR UpI� ��������� VXLYUH OHVSRLQWV � j � FL�GHVVRXV�
�� (QOHYHU OD SHWLWH EDJXH ����H� GX PR\HX ����I� HW ODJURVVH EDJXH ����P� GX ORJHPHQW GH SDOLHU GX FDUWHU GHSLJQRQQHULH ����S��
�� $SSX\HU VXU OD SDUWLH IURQWDOH GH O·DUEUH ����E� SRXUFKDVVHU O·HQVHPEOH SDOLHU HW PR\HX KRUV GXFDUWHU ����S��
�� 0RQWHU O·HQVHPEOH G·DUEUH ����D� HQ OH SRXVVDQW MXVTX·jO·pSDXOHPHQW GX FDUWHU GH SLJQRQQHULH ����S��
�� 0RQWHU OHV EDJXHV ����H HW ���P��
�� 3DVVHU GLUHFWHPHQW j OD UXEULTXH 5HPRQWDJH� SDJH ���SRLQW ��� RX ELHQ SRXUVXLYUH j OD SDJH �� �
)LJ� ��
���N
��D
����
��
����
���S
9RLU SDJH ��
����
�
�
����������
&DUWHU GH SLJQRQQHULH
)LJ� ��
���K
���P
���D���Q
���H
���I
���G
���E
���F
���M���N
���J
98( (1 &283( '8 &$57(5'( 3,*1211(5,( ����S�
'e7$,/ $
����
���� �
�
�
�
$UULqUH GX FDUWHU GH SLJQRQQHULH
(QIRQFHU OH SHWLW SDOLHU ����F� HW O·HPEUD\DJH j JDOHW ����J� LFL�
���S �
�
/XEULILHU O·H[WpULHXU
�
�
/XEULILHU OHV GLDPqWUHV LQWpULHXUV HW H[WpULHXUV
�
�
�
/XEULILHU OD GHQWXUH
�
6L O·RQ V·HVW SURFXUp OHV SLqFHV VpSDUpPHQW� VXLYUH OHV LQVWUXF�WLRQV FL�DSUqV� /LPLWHU OH GpPRQWDJH DX VWULFW QpFHVVDLUH SRXUOHV SLqFHV j UHPSODFHU�
5(0$548(� OHV DQFLHQV SDOLHUV ����F HW ���G� YRQW rWUHHQGRPPDJpV ORUV GH OHXU GpSRVH� )DLUH HQVRUWH G·HQ DYRLU GHV H[HPSODLUHV GH UHFKDQJHj GLVSRVLWLRQ VL O·RQ GRLW OHV HQOHYHU SRXU TXHO�TXH UDLVRQ TXH FH VRLW�
�� (QOHYHU OD SHWLWH EDJXH ����H� GX PR\HX ����M��
�� (QOHYHU OH FLUFOLS ����P� GX ORJHPHQW GH SDOLHU GX FDUWHUGH SLJQRQQHULH ����S��
�� $SSX\HU VXU OD SDUWLH IURQWDOH GH O·DUEUH ����E� SRXUFKDVVHU O·HQVHPEOH SDOLHU HW PR\HX KRUV GXFDUWHU ����S��
)LJ� ��
326,7,21 '(6 &$/(6 (1 $&,(5 (7 025&($8; '(%$55( '·$&,(5 3285 (;75$&7,21 /$ 35(66,21
'8 *526 3$/,(5
����
�
�
�
�
�
%DUUH URQGH HQ DFLHU GHVWLQpHj SRXVVHU VXU O·DUEUH ����E�
�
*URV URXOHPHQW
���G�0R\HX
0RUFHDX HQ EDUUH G·DFLHU
'HX[ FDOHV HQ DFLHU
���I�
�
�
�
�
3UHVVH K\GUDXOLTXH
�
�
6XSSRUW GH SUHVVH
�� $ O·DLGH G·XQH SUHVVH K\GUDXOLTXH� DSUqV DYRLU SODFpOHV PRUFHDX[ GH EDUUHV G·DFLHU VXU OD EDJXH GH URXOH�PHQW LQWpULHXUH GX JURV SDOLHU ����G�� FKDVVHU O·DUEUH jWUDYHUV OH PR\HX HW OH SDOLHU� 9RLU )LJ� ���
�� $SSOLTXHU GX OXEULILDQW VXU OHV SLqFHV LQGLTXpHV j ODILJXUH ���
$77(17,21/D IOqFKH ILJXUDQW VXU O·HPEUD\DJH j JDOHW ����J� GRLW rWUHGLULJpH VXU OH SHWLW SDOLHU ����F� SRXU TXH O·DUEUH ����E�WRXUQH GDQV OH ERQ VHQV�
�� $ O·DLGH GH OD SUHVVH� PRQWHU OHV SLqFHV VXLYDQWHV�
- /H JURV SDOLHU ����G� FRQWUH O·pSDXOHPHQW GHO·DUEUH ����E��
- /H SHWLW SDOLHU ����F� FRQWUH O·pSDXOHPHQW GHO·DUEUH ����E��
- /H PR\HX ����I� VXU O·DUEUH ����E� HQ O·DPHQDQWMXVTX·DX JURV SDOLHU ����G��
�� 0HWWUH HQ SODFH O·HQVHPEOH G·DUEUH ����D� HQ O·HQIRQoDQWMXVTX·j O·pSDXOHPHQW GX FDUWHU ����S��
�� 0RQWHU OHV EDJXHV ����H HW ���P��
�� 3DVVHU GLUHFWHPHQW j OD UXEULTXH 5HPRQWDJH� SDJH ���SRLQW �� RX ELHQ SRXUVXLYUH j OD SDJH VXLYDQWH�
�� ��������
(PEUD\DJH5(0$548(� O·HQVHPEOH G·HPEUD\DJH ���� HVW FRQVWLWXp GH
O·LQGXLW ���D� HW GX URWRU ���E�� /·LQGXLW HW OHURWRU GRLYHQW rWUH UHPSODFpV HQ PrPH WHPSVGH IDoRQ j FH TXH OHXU XVXUH VRLW XQLIRUPH�
5(0$548(� VL O·HQVHPEOH GH SLJQRQQHULH ����� Q·D SDVHQFRUH pWp VpSDUp GX FDUWHU G·HPEUD\DJH�VXLYUH OHV SRLQWV � j �� 'DQV OH FDV FRQWUDLUH�SDVVHU GLUHFWHPHQW DX SRLQW ��
�� 6XLYUH OD 3URFpGXUH GH GpFRPSUHVVLRQ GH OD SDJH ��
�� 'pEUDQFKHU OH IOH[LEOH ����� GX EDV GH SRPSH�
�� ÑWHU OHV GHX[ YLV LQIpULHXUHV ���� GX FDUWHU G·HPEUD\�DJH ���� HW HQVXLWH OHV WURLV YLV UHVWDQWHV �����
�� $ O·DLGH G·XQ PDLOOHW HQ SODVWLTXH� WDSRWHU OpJqUHPHQW VXUO·DUULqUH GX FDUWHU GH WUDQVPLVVLRQ ���� DILQ GH GLVVRFLHUO·HQVHPEOH �'� GX FDUWHU G·HPEUD\DJH ����� 6RUWLU O·HQ�VHPEOH� O·LQGXLW ���D� VRUWLUD DYHF OXL�
�� (QOHYHU O·LQGXLW GH O·DUEUH GH SLJQRQQHULH�
�� ÑWHU OHV TXDWUH YLV j WrWH VL[ SDQV FUHX[ ����� HW OHV URQ�GHOOHV G·DUUrW ������ 0RQWHU GHX[ GHV YLV GDQV OHV WURXVWDUDXGpV GDQV OH URWRU ���E�� 6HUUHU DOWHUQDWLYHPHQW FHVGHX[ YLV MXVTX·j FH TXH OH URWRU VRUWH� 9RLU )LJ� ���
�� 3DVVHU GLUHFWHPHQW j OD UXEULTXH 5HPRQWDJH� SDJH ���SRLQW �� RX ELHQ SRXUVXLYUH j OD SDJH VXLYDQWH�
)LJ� ��
$
%&
'
��D���
�����E
����
��
6HUUHU DX FRXSOH GH ��� 1�P
87,/,6(5 81 $55$&+(�92/$173285 'e0217(5 /( 52725
��
������
����$
�
�
� $UEUH GH SLJQRQQHULH
7URXV WDUDXGpV
�
�
�
����������
5pJODJH GX URWRU�LQGXFWHXU G·HPEUD\DJH
0,6( (1 *$5'(3RXU UpGXLUH OH ULVTXH GH EOHVVXUH JUDYH ORUVTXH YRXVGHYH] GpFRPSUHVVHU� WRXMRXUV UHVSHFWHU OD 3URFpGXUHGH GpFRPSUHVVLRQ GH OD SDJH ��
/LVWH G·RXWLOV
- &Op KH[DJRQDOH ��� LQ�
- &Op KH[DJRQDOH ��� LQ�
- 6ROYDQW GH QHWWR\DJH
5pJODJH �9RLU )LJ� ���
�� (QOHYHU WRXV OHV UpVLGXV GH O·LQWpULHXU GX FDUWHUG·HPEUD\DJH �����
�� (QIRQFHU O·LQGXFWHXU ���� FDUUpPHQW GDQV OH FDUWHUG·HPEUD\DJH� 1H SDV VHUUHU OHV TXDWUH YLV VDQV WrWH GHO·LQGXFWHXU �����
�� 0RQWHU OH URWRU ��E�� 5pJOHU O·pFDUWHPHQW HQWUH OHGLDPqWUH H[WpULHXU GX URWRU HW OH GLDPqWUH LQWpULHXU GHO·LQGXFWHXU j O·DLGH GHV TXDWUH FDOLEUHV GH ���� PP �$�IRXUQLV� 'pFDOHU OHV FDOLEUHV GH ����
�� 5pJOHU OD SRVLWLRQ GH O·LQGXFWHXU j O·DLGH GHV TXDWUH YLVVDQV WrWH GH O·LQGXFWHXU SRXU PDLQWHQLU XQ pFDUWHPHQWPLQLPXP GH ���� PP WRXW DXWRXU GX URWRU�
�� 6HUUHU OHV TXDWUH YLV VDQV WrWH GH O·LQGXFWHXU GH IDoRQXQLIRUPH j ��� 1�P� (QOHYHU OHV TXDWUH FDOLEUHV�
�����
$
��
��
)LJ� ��
��E
��
�� ��������
0RWHXU�� (Q SDVVDQW SDU GHVVRXV OD SODTXH GH PRQWDJH ���� GX
FKDULRW� {WHU OD YLV ����� OD URQGHOOH G·DUUrW ����� HW OD URQ�GHOOH ���� TXL PDLQWLHQQHQW OH FDUWHU G·HPEUD\DJH ���� DXFKDULRW� 9RLU )LJ� ���
�� 7RXMRXUV HQ GHVVRXV GH OD SODTXH GH PRQWDJH� {WHU OHVGHX[ FRQWUH�pFURXV ����� SXLV WLUHU OHV YLV ���� KRUV GHO·HPEDVH GX PRWHXU� 'pEUDQFKHU OH ILO URXJH GX FkEOHPRWHXU� 'pEUDQFKHU OHV ILOV QRLU HW EODQF ���� GH O·LQGXF�WHXU� 7LUHU OHV ILOV DYHF SUpFDXWLRQ j WUDYHUV OHV SDVVH�ILOVDYDQW GH GpSRVHU OH PRWHXU� 9RLU )LJ� �� HW ���
�� 6RXOHYHU OH PRWHXU DYHF SUpFDXWLRQ HW OH SODFHU VXU XQpWDEOL�
�� (QOHYHU O·LQGXFWHXU HW OH IDLVFHDX GH FkEODJH� OD EULGHHW OH FDUWHU G·HPEUD\DJH� VHORQ OHV LQVWUXFWLRQV GHVSDJHV �� HW ���
�� 3DVVHU GLUHFWHPHQW j OD UXEULTXH 5HPRQWDJH� SDJH ���SRLQW ��
5(0$548(� WRXWHV OHV LQWHUYHQWLRQV VXU OH PRWHXU GRLYHQWrWUH HIIHFWXpHV SDU XQ UHYHQGHXU +21'$DJUpp�
��
���
��
����
��
��
��
�����
����)LJ� ��
)LJ� ��
98( '8 '(66286 '( /$ 3/$48( '(0217$*( '8 027(85
528*(
9(56 /·,1'8&7(85
9(56 /( 027(85 ��
����
����������
,QGXFWHXU IDLVFHDX GH FkEODJH5(0$548(� VH UpIpUHU j OD ILJXUH ����� 'HVVHUUHU OHV TXDWUH YLV ���� PDLQWHQDQW O·LQGXFWHXU ����
FRQWUH OH FDUWHU G·HPEUD\DJH ����� 'pEUDQFKHU OHIDLVFHDX GH FkEODJH ���� G·HQ GHVVRXV OD SODTXH GHPRQWDJH GX PRWHXU� 6RUWLU O·LQGXFWHXU GH IDoRQ j PHWWUH jMRXU OHV ILOV QRLU HW EODQF �����
�� 7LUHU OHV FDSXFKRQV �$� GHV YLV ���� GH IL[DWLRQ GHVFRVVHV HQ GHX[ HQGURLWV GH O·LQGXFWHXU� 'HVVHUUHU OHV YLVHW GpFURFKHU OHV ILOV �����
�� 3DVVHU GLUHFWHPHQW j OD UXEULTXH 5HPRQWDJH� SDJH ���SRLQW ��
)LJ� ��
�� ��
$
��
��
��
����
)LJ� ��
��
��
��
6HUUHU DX FRXSOH GH �� 1�P
%
&
$
����
�
�
)LJ� ��
��
��
������
��
����
�� ��������
%ULGH GH IL[DWLRQ5(0$548(� LO HVW QpFHVVDLUH GH GLVSRVHU G·XQ DUUDFKH�
YRODQW VWDQGDUG SRXU GpSRVHU OD EULGH GH IL[D�WLRQ� ,O IDXW pJDOHPHQW VH SURFXUHU GHX[ YLV������� GH � RX � LQ� GH ORQJXHXU�
5(0$548(� VH UpIpUHU j OD ILJXUH ����� 'HVVHUUHU OHV GHX[ YLV ���� GH OD EULGH ���� HQ
SDVVDQW SDU OD IHQWH SUDWLTXpH DX IRQG GX FDUWHUG·HPEUD\DJH �����
�� 0RQWHU OHV GHX[ YLV �%� GH O·RXWLO �$� GDQV GHX[GHV WURXV WDUDXGpV GDQV OD EULGH� 6HUUHU OHVYLV �&� MXVTX·j FH TXH OD EULGH VRUWH�
�� 3DVVHU GLUHFWHPHQW j OD UXEULTXH 5HPRQWDJH�SDJH ��� SRLQW �� RX ELHQ FRQWLQXHU SDU OD SURFp�GXUH FL�GHVVRXV�
&DUWHU G·HPEUD\DJH5(0$548(� VH UpIpUHU j OD ILJXUH ���
�� 2WHU OHV TXDWUH YLV j WrWH ����� HW OHV URQGHOOHVG·DUUrW ����� TXL PDLQWLHQQHQW OH FDUWHU G·HPEUD�\DJH ���� DX PRWHXU �����
�� (QOHYHU OD FODYHWWH ���� GX PRWHXU�
�� 'pJDJHU OH OH FDUWHU G·HPEUD\DJH ���� HQ OH WLUDQW�
�� 3DVVHU GLUHFWHPHQW j OD UXEULTXH 5HPRQWDJH�SDJH ��� SRLQW ��
����������
5HPRQWDJH�� 0RQWHU OH FDUWHU G·HPEUD\DJH ����� OHV YLV j WrWH �����
HW OHV URQGHOOHV G·DUUrW ����� VXU OH PRWHXU� 9RLU )LJ� ����� 0HWWUH HQ SODFH OD FODYHWWH ���� GH O·DUEUH PRWHXU� 9RLU
)LJ� ����� 0RQWHU OD EULGH GH IL[DWLRQ ���� VXU O·DUEUH PRWHXU �$��
5HVSHFWHU OD FRWH GH ����µ��� ����� PP LQGLTXpH j ODILJXUH ���3RXU YpULILHU FHWWH FRWH� SODFHU XQ ERXW GURLW GH EDUUHG·DFLHU ULJLGH �%� HQ WUDYHUV GH OD IDFH GX FDUWHU G·HP�EUD\DJH ����� $ O·DLGH G·XQ DSSDUHLO GH PHVXUH SUpFLV�PHVXUH OD GLVWDQFH HQWUH OH F{Wp LQWHUQH GH OD EDUUH HW ODIDFH GH OD EULGH� /H FDV pFKpDQW� DMXVWHU OD SRVLWLRQ GH ODEULGH� 6HUUHU OHV GHX[ YLV ���� DX FRXSOH GH �� 1�P�
�� %UDQFKHU OHV ILOV GX IDLVFHDX ���� DX[ YLV ���� HQ GHX[HQGURLWV GH O·LQGXFWHXU� 5DPHQHU OHV FDSXFKRQV HQ SODV�WLTXH �&� YHUV OHV YLV HW OHV HQFOLTXHWHU HQ SODFH� (QILOHUOHV ILOV GX IDLVFHDX ���� GDQV OH FDUWHU G·HPEUD\DJH HQOHV IDLVDQW SDVVHU SDU OD IHQWH� *OLVVHU O·LQGXFWHXU ����GDQV OH FDUWHU G·HPEUD\DJH� $PHQHU OHV FKDQIUHLQV GHVYLV GH O·LQGXFWHXU HW GX FDUWHU G·HPEUD\DJH ���� HQ UH�JDUG OHV XQV GHV DXWUHV� 6HUUHU OHV YLV ���� HQ FURL[ HWXQLIRUPpPHQW DX FRXSOH GH ��� 1�P� 9RLU )LJ� ���
)LJ� ��
%UDQFKHU OH IDLVFHDX GH FkEODJH ���� j FHW HQGURLWDYDQW GH JOLVVHU O·LQGXFWHXU ���� GDQV OH FDUWHU ����
6HUUHU HQ FURL[ HW XQLIRUPpPHQW DX FRXSOH GH ��� 1�P
��
��
�������
���
��
��
��
$
6HUUHU DX FRXSOH GH �� 1�P
��
&'
����
�
�
�
�
�
�
)LJ� ��
����� PP
��
98( (1 &283( /$7e5$/( '8&$57(5 '·(0%5$<$*(
$
%
��
)DFH GX FDUWHU
����
�
�
�
��
�
6HUUHU DX FRXSOH GH �� 1�P
�� ��������
5HPRQWDJH�� 3ODFHU O·HQVHPEOH PRWHXU ���� VXU OH FKDULRW� $OLJQHU OHV
WURXV GH PRQWDJH� (QILOHU OH FkEOH PRWHXU �$� GDQV OHFROOLHU j O·DUULqUH GH OD SODTXH GH PRQWDJH ����� 9RLU 'e�7$,/ $� )DLUH SDVVHU OH IDLVFHDX GH FkEODJH ���� YHQDQWGH O·LQGXFWHXU j WUDYHUV OH SDVVH�ILO ���� GH OD SODTXH GHPRQWDJH ����� 0RQWHU OHV YLV j pSDXOHPHQW FDQQHOp ����HW OHV pFURXV ���� HW OHV VHUUHU DX FRXSOH GH ���� 1�P�0RQWHU OHV YLV j WrWH ����� OHV URQGHOOHV G·DUUrW ����� HW ODURQGHOOH ���� SDU OH GHVVRXV GH OD SODTXH GH PRQWDJH GXPRWHXU DILQ GH IL[HU OH FDUWHU G·HPEUD\DJH ����� 5DFFRU�GHU OH FkEOH GX PRWHXU �$� DX ILO URXJH� HW EUDQFKHU OHVILOV QRLU HW EODQF GH OD FRPPDQGH GH SUHVVLRQ DX SRLQW %�DLQVL TXH O·LOOXVWUH OH 'e7$,/ $� )LJ� ���
�� %LHQ V·DVVXUHU TXH OD IDFH GX URWRU ���E� HW O·LQGXF�WHXU ���� VRLHQW H[HPSWV G·KXLOH HW GH VDOHWpV� 0RQWHU OHURWRU� OHV URQGHOOHV G·DUUrW ���� HW OHV YLV j WrWH �����6HUUHU OHV YLV DX FRXSOH GH ��� 1�P� 9RLU )LJ� ���
$SUqV DYRLU PRQWp OH URWRU ���E�� WLUHU OHV FRUGRQV GXODQFHXU VXU OH PRWHXU SRXU V·DVVXUHU TXH FHV GHUQLHUVWRXUQHQW ELHQ VDQV FRLQFHU HW TX·LO Q·\ D SDV GH IURWWH�PHQW HQWUH OH URWRU ���E� HW O·LQGXFWHXU ���� (Q FDV GHIURWWHPHQW� GHVVHUUHU OHV YLV ���� HW UHSRVLWLRQQHU O·LQGXF�WHXU ���� OH FDV pFKpDQW� 6HUUHU OHV YLV HQ FURL[ HW XQLIRU�PpPHQW DX FRXSOH GH ��� 1�P� 9HLOOHU pJDOHPHQW j FHTX·LO Q·\ DLW SDV GH EDYXUHV VXU OH UHERUG H[WpULHXU GXURWRU�
�� %LHQ V·DVVXUHU TXH OD IDFH GH O·LQGXLW ���D� VRLW SURSUH�0RQWHU O·LQGXLW VXU O·DUEUH GDQV OH FDUWHU GH SLJQRQQH�ULH �&�� 8Q FLUFOLS VLWXp j O·LQWpULHXU GH O·LQGXLW UHQG GLIILFLOHO·DVVHPEODJH GH FHV GHX[ SLqFHV� 3RXU REWHQLU OHV PHLO�OHXUV UpVXOWDWV� FRPPHQFHU SDU HQJDJHU TXHOTXHV XQHVGHV FDQQHOXUHV GHV GHX[ SLqFHV� SXLV� j O·DLGH G·XQ WRXU�QHYLV� UHSRXVVHU GRXFHPHQW OH FLUFOLS GDQV O·LQGXLW� HWHQJDJHU OHV FDQQHOXUHV UHVWDQWHV� (QIRQFHU O·LQGXLW VXUO·DUEUH MXVTX·j FH TX·LO WRXFKH DYHF OD EDJXH�
�� 0RQWHU O·HQVHPEOH FDUWHU GH WUDQVPLVVLRQ�FDUWHU GHSLJQRQQHULH �&� VXU OH FDUWHU G·HPEUD\DJH j O·DLGH GHVYLV j WrWH ���� HW GHV URQGHOOHV G·DUUrW ����� 9RLU )LJ� ���
)LJ� ��
6HUUHU DX FRXSOH GH��� 1�P
��
��
����
��
��E��
��
��D
���Q����N��
&/D IDFH GRLW rWUH SURSUH
$
98( '8 '(66286 '( /$3/$48( '( 0217$*( '8027(85
'e7$,/ $
6HUUHU DX FRXSOH ���� 1�P
��
��
9HUV OH ILOWUH9HUV OD SRPSH
��
�����
9HUV O·LQGXFWHXU
9HUV OH PRWHXU
��
��
%
��
6HUUHU HQ GLDJRQDOH HWXQLIRUPpPHQW j ��� 1�P
����
����$
����
�
�
�
�
��D
���I�
([WUpPLWp FKDQIUHLQpHGX PR\HX
'e7$,/ %
�
�
�
�
�
����������
5HPDUTXHV
�� ��������
3LqFHV GX EDV GH SRPSH0RGqOH ��������� 6pULH $%DV GH SRPSH FKHPLVp
&RPSRUWH OHV UHSqUHV ��� j ���5HS�1R� 5pI� 1R� 'pVLJQDWLRQ 4Wp���� �������� -2,17� WRULTXH� 7pIORQ9 ���� �������� -2,17 '·e7$1&+e,7e� HQ X�
SRO\XUpWKDQH ���� �������� %,//( ���� �������� %28&+21 ���� �������� -2,17 (1 9� FXLU ���� �������� -2,17 (1 9� FXLU ���� �������� $11($8 35(66(�-2,176� PkOH ���� �������� $11($8 35(66(�-2,176� IHPHOOH ���� �������� $11($8 35(66(�-2,176� PkOH ���� �������� (&528� GH UHWHQXH VL[ SDQV ���� �������� -2,17 (1 9� SRO\pWK\OqQH ���� �������� -2,17 (1 9� SRO\pWK\OqQH ���� �������� 521'(//(� GH UHQIRUW ���� �������� $11($8 35(66(�-2,176� IHPHOOH ���� �������� (&528� GH SUHVVH�pWRXSH ���� �������� -2,17 ���� �������� &+(0,6(� F\OLQGUH ���� �������� &</,1'5( ���� �������� *8,'(� ELOOH ���� �������� *283,//(� DUUrW GH ELOOH ���� �������� &/$3(7� SLVWRQ ���� �������� &/$3(7� GH SLHG ���� �������� 7,*(� SLVWRQ ���� �������� %,//( �
&HV SLqFHV VRQW DXVVL FRPSULVHV GDQV OH NLW GH UpSDUD�WLRQ �������� TXL SHXW rWUH DFKHWp VpSDUpPHQW�
���
���
���
��� ���
���
���
���
���
���
���
��� ���
���
���
���
���
���
���
���
���
���
���
���
����������
3LqFHV GH OD FRPPDQGH GH SUHVVLRQ5pI� 1R� �������� �� 6\VWqPH GH FRQWU{OH GH OD SUHVVLRQ SRXU OHV SXOYpULVDWHXUV $OO *0 ����
/H QXPpUR GH UpI� �������� FRPSRUWH WRXWHV OHV SLqFHV UHSpUpHV SDU XQ V\PEROH A� (OOH QH FRPSUHQG SDV OHV SLqFHV QRQ UHSp�UpHV� &RPPDQGHU OD UpI� �������� HW�RX OHV UHSqUHV ��� RX ��� VHORQ OHV QpFHVVLWpV�
5HS�1R� 5pI� 1R� 'pVLJQDWLRQ 4Wp�
���A �������� &200$1'( '( 35(66,21&RPSUHQG OHV UHSqUHV ��� j ��� �
���A �������� e7,48(77(� GH PLVH HQ JDUGH ����A �������� ,17(55837(85 0$5&+(�$55È7 ����A �������� 0$1&+21 (1 &$287&+28&�
SRXU LQWHUUXSWHXU ����A �������� 3527(&7,21� YHUURXLOODEOH ����A �������� 521'(//( '·$55È7� LQWHUQH 1R� � ����A �������� e&528� VL[ SDQV� ����� ����A �������� &21'8&7(85� URXJH �
5HS�1R� 5pI� 1R� 'pVLJQDWLRQ 4Wp�
��� �������� &21'8&7(85� URXJH� EODQF� QRLU ����A �������� 9,6� PpFDQLTXH j WrWH F\OLQGULTXH IHQGXH
����� [ �����µ ����A �������� 9,6� PpFDQLTXH j WrWH SODWH� ����� [ �����µ ���� �������� &211(&7(85� ��E ����A �������� 75,$& ����A �������� 9,6� j WrWH SODWH� ����� [ ����� ����A �������� e&528� VL[ SDQV� ����� ����A �������� 521'(//( '·$55È7� H[WHUQH 1R� � ����A �������� %28&+21� ILOHWp� ��� QSW �
12,5
528*(
%/$1&
���A528*(
���A����A����A
���A
���A
���A
���A528*(
���A���A
���
���A� ���A� ���A
���A
���A
,17(55837(8535,1&,3$/
07�
07�
*
5
528*(
528*(
,1'8&7(85'·(0%5$<$*(
,1'8&7(85'·(0%5$<$*(
5('5(66(85
&
12
027(85
6&+e0$ '( 35,1&,3( '8 &Ç%/$*(
%/$1&
528*(
12,5
%/$1&
&200$1'('(
35(66,21
5(*/$%/(
7(55(
528*(
528*(
���A
���
���
e7,48(77(
���A
��
�
528*( 12,5
%/$1& 7(55(
%5$1&+(0(17 '8 5('5(66(85 �����
����
����
�� ��������
3LqFHV GX FKDULRW
��
��
��
��
����
��
����
��
�� ��
����
��
��
��
��
��
��
��
��
��
���
���
�
���
�����
��
��
��
�������
��
����
���
��
������
���
��
��
�������
��
��
��
��
��
��
� ��
��
���
5(3� �
(
(
��
���
9RLU SDJH ��
9RLU SDJH ��
eWLTXHWWH
�
�
�
�
�
�
�
9RLU SDJH ��
�
���
���
���
���
5(3� ��
���
�����$
���
���D
���E
���F
���G
���H��
���
����������
3LqFHV GX FKDULRW0RGqOH ��������� 6pULH $ DYHF XQ SLVWROHW&RPSRUWH OHV UHSqUHV ������
0RGqOH �������� DYHF GHX[ SLVWROHWV&RPSRUWH OHV UHSqUHV ������� HW �������� �YRLU SDJH ���
5HS�1R� 5HI� 1R� 'pVLJQDWLRQ 4Wp�
� �������� &Ç%/(� GH VpOHFWHXU GH SLVWROHW�ORQJXHXU ��� P �
� �������� )/(;,%/(� Q\ORQ� 'LDPqWUH ���µ�ORQJXHXU�� P� UDFFRUG ��� QSVP� PLV j OD WHUUH�UHVVRUWV DQWL�FDVVXUH DX[ GHX[ H[WUpPLWpV �
� �������� &$%/(� ORQJXHXU ��� P ��� �������� e&528 ��� �������� 528(� j SQHX� GLDPqWUH ��µ ��� �������� 0$1&+(521 ��� �������� 32,*1e(� GH PDQFKHURQ ��� �������� '(0,�&2//,(5� GH IL[DWLRQ GH OHYLHU GH
GpEORFDJH ��� �������� /(9,(5� GH GpEORFDJH ��� �������� &289(5&/(� GH VHDX ��� �������� %$*8(� j HQIRQFHU ��� �������� 3/$48(� GH PRQWDJH ��� �������� &2175(�e&528� j IUHLQ Q\ORQ �������� ��� �������� 9,6� j WrWH VL[ SDQV j pSDXOHPHQWV
FDQQHOpV� �������� [ ���µ ��� �������� 9,6 $ 7È7(� VL[ SDQV� ������� [ ������µ ��� �������� 021785(� GH PRWHXU ��� �������� 02/(77( ��� �������� e48(55(� DUULqUH GH URXOHWWH GLUHFWULFH ��� �������� 5$&&25'� JUDLVVHXU ��� �������� 3$/,(5� j pSDXOHPHQWV ��� �������� 9,6� PpFDQLTXH j WrWH F\OLQGULTXH
UDLQXUpH ������� [ �µ ��� �������� e&528� KH[DJRQDO� ������� ��� �������� $;(� SLYRW ��� �������� 9,6 $ 7È7(� �������� [ ������µ ��� �������� e48(55(� DYDQW GH URXOHWWH GLUHFWULFH ��� �������� 9,6 $ 7È7(� VL[ SDQV j pSDXOHPHQWV
FDQQHOpV ������� [ �µ ��� �������� &2175(�e&528� j IUHLQ Q\ORQ ������� ����? �������� e7,48(77(� G·DYHUWLVVHPHQW �FkEOH
G·DFWLRQQHPHQW GH JkFKHWWH� ��� �������� 5$//21*(� G·pWULHU GH VHUUDJH ��� �������� &2//,(5� SRXU IOH[LEOH� ������µ ��� �������� 78<$8 G·DVSLUDWLRQ� �� O� �µ ��� �������� &/,3 6(55(�&Ç%/(� j UHVVRUW ��� �������� )/(;,%/(� DFFRXSOHPHQW ����µ [ ��µ ��� �������� &2//,(5 6(55(�&Ç%/( ��� �������� )/(;,%/( G·DVSLUDWLRQ� 'LDPqWUH �µ�
ORQJXHXU ���� PP ��� �������� 9,6 $ 7È7(� VL[ SDQV j pSDXOHPHQW
FDQQHOp� ������� [ ���µ ��� �������� 7$0,6� ���� PLFURQV ��� �������� /(9,(5 G·DFWLRQQHPHQW� ��� �������� &2175(�e&528� KH[DJRQDO ������� ���� �������� 3$77(� VHUUH�ILO ���� �������� 521'(//(� ���µ �
5HS�1R� 5pI� 1R� 'pVLJQDWLRQ 4Wp�
��� �������� e7,48(77(� PLVH j OD WHUUH�QRQ UHSUpVHQWpH �
��� �������� &+$5,27 ���� �������� 9(5528,//$*( '( 528/(77(
FRPSUHQDQW � UHS� �� ���� �������� 528/(77( 25,(17$%/(
FRPSUHQDQW UHS� ���D�����F ����D �������� 9,6� j WrWH KH[� ����E �������� 528/(0(17 j DLJXLOOHV ����F �������� &+(0,1 '( 528/(0(17� DLJXLOOH ����G �������� -2,17 ����H �������� 5(66257 GH %HOOHYLOOH��� �������� e&528� j IUHLQ Q\ORQ ������� ���� �������� 521'(//(� SODWH� ���µ ���� �������� 9,6 $ 7È7(� VL[ SDQV j pSDXOHPHQW
FDQQHOp� ������� [ ������µ ���� �������� .,7 '·$&7,211(0(17 '( *Ç&+(77(
',67$1&(� FRPSRUWH OHV UHSqUHV���D j ���H �
���D �������� �5(66257� GH FRPSUHVVLRQ ����E �������� �528/(0(17� j ELOOHV� ����µ ����F �������� *Ç&+(77( ����G �������� 528/($8� GH VpOHFWHXU GH FkEOH ����H �������� 02/(77( ���� �������� %/2&� GH PRQWDJH ���� �������� $;(� GH SLYRW GH JkFKHWWH ���� �������� 3$/,(5� j EULGH ���� �������� 3/$7,1(� GH OHYLHU ���� �������� &2175(�e&528� DYHF IUHLQ Q\ORQ
������ XQI��E ���� �������� 521'(//(� SODWH ���µ ���� �������� /,48,'( 76/� IODFRQ GH ���� O ���� �������� 3,1&( '( 7(55( ���� �������� (175(72,6( ���� �������� 9,6� PpFDQLTXH j WrWH F\OLQGULTXH
������ [ ����µ ���� �������� .,7 '( )5(,1
6H UHSRUWHU DX[ LQVWUXFWLRQV GDQV OHPDQXHO �������� �
��� �������� 521'(//( ���� �������� 9,6� j WrWH KH[�� WDUDXGHXVH ���� �������� 6833257� GpFRPSUHVVLRQ ���� �������� 9,6� j WrWH ERPEpH ����� [ ���µ ���� �������� e75,(5� GpFRPSUHVVLRQ ���� �������� e&528 ���� �������� 9,6� j WrWH KH[� �
? /HV pWLTXHWWHV GH GDQJHU HW GH PLVH HQ JDUGH VRQW UHP�SODFpHV JUDWXLWHPHQW�
��
������
���
���D���E
���H���G
���
���F
���
������
'e7$,/ '( /·$&7,211(0(17 ',67$1&(�5pI 1R� ���� FRPSUHQG OHV UHSqUHV ���D�����H
���
����
.,7 '( )5(,1�5pI 1R� ���� FRPSUHQG OHV SLqFHV GH FRXOHXU VROLGHV
��������
�� ��������
2UJDQHV PpFDQLTXHV
��
��
��
��
��
���
���
��
��
��
����
��
���
��
��
���
��
����
��
��
��
���� ���
����
��
��
��
��
��
��
����
������
��
����
����
���
���
5(3� ��
��
���
5(3� ���
���
�����
��
5(3� ���
��
���
��
��
��
5(3� �
��D
��E
��
��D��E
��F���
�������
��
5(3� ��
�� ��
��
����
���
����
��
���
��
���
5(3� ��
9RLU SDJH ��
9RLU SDJH ��
eWLTXHWWH
$SSRVpH VXU OH IRQG
$SSRVpH j O·LQWpULHXU GX FDSRW
$SSRVpH j O·H[WpULHXU GX FDSRW
�
�
�
�
�
�
�
�
�
� �
�
�
�
�
5(3� ��
��
�����%
�
&'
���
$
����������
2UJDQHV PpFDQLTXHV5HS�1R� 5pI� 1R� 'pVLJQDWLRQ 4Wp�
5HS�1R� 5pI� 1R� 'pVLJQDWLRQ 4Wp�
�� �������� 5$&&25'� KH[DJRQDO� ��� QSW [ ��� QSVPORQJXHXU �������µ �
�� �������� 9$11(� GpFRPSUHVVLRQ ��� �������� &$38&+21� GH VRUWLH VHFRQGDLUH
GX ILOWUH ��� �������� 5$&&25'� KH[DJRQDO� ��� QSW [ ��� QSVP
ORQJXHXU �������µ ��� �������� ),/75( 352'8,7�
YRLU �������� SRXU OHV SLqFHV ��� �������� %28&+21� ��� QSW ��� �������� $'$37$7(85� ��� QSVP [ ��� QSW ��� �������� &2175(�e&528� DYHF IUHLQ Q\ORQ
�������� ��� �������� &2175(�e&528� DYHF IUHLQ
Q\ORQ ������� ��� �������� 9,6� j WrWH VL[ SDQV j pSDXOHPHQW FDQQHOp�
������� [ ���µ ��� �������� 521'(//( '·$55È7� j FROOHW KDXW ���µ� ��� �������� 521'(//(� SODWH� ���µ ��� �������� 9,6 $ 7È7(� VL[ SDQV� ������� [ ���µ ��� �������� &2//,(5� SRXU IOH[LEOH� ������µ ��� �������� 5$&&25'� ���E� ', IOH[LEOH �µ
[ MRLQW WRXUQDQW ��� QSVP ��� �������� .,7 '( %$6 '( 3203(
YRLU SDJH �� SRXU OHV SLqFHV ��� �������� (0%5$<$*(
FRPSUHQDQW OHV UHS� ��D HW ��E ���D ,1'8,7 ���E 52725� G·HPEUD\DJH ��� �������� 9,6� PpFDQLTXH VHUUH�ILOV j WrWH IHQGXH
����� [ ���µ ��� �������� &21'8&7(85� pOHFWULTXH ��� �������� 521'(//( '·$55(7� ���µ ���� �������� 9,6 $ 7(7(� KH[DJRQDOH VFK� ������� [ �µ ��� �������� &$57(5 '·(0%5$<$*( ��� �������� 9,6 6$16 7È7(� ������� [ ����µ ��� �������� 9,6� j WrWH VL[ SDQV j pSDXOHPHQW FDQQHOp�
�������� [ ������µ ��� �������� 027(85� HVVHQFH� � &9 ���? �������� e7,48(77(� DYHUWLVVHPHQW VXU PRWHXU ��� �������� &/$9(77(� G·DUEUH ��� �������� 9,6� j WrWH KH[DJRQDOH VFK� ������� [ ���µ ��� �������� %5,'(� GH PRQWDJH GX URWRU ��� �������� *28-21� ���� [ �µ ��� �������� .,7 '·,1'8&7(85 ��� �������� *283,//(� ��� [ ������µ �VSpFLDOH� ��� �������� 5$&&25'� ��E� ��� QSW [
MRLQW WRXUQDQW ��� QSVP ��� �������� 9,6� j WrWH F\OLQGULTXH j UDLQXUHV�
����� [ ������µ ��� �������� .,7 &$327 &$57(5 '(
75$160,66,21 �
�� �������� 5(66257� GH UHWHQXH ��� �������� .,7 &2536 '( 3$/,(5 ��� �������� &$57(5 '( 75$160,66,21
&RPSRUWH OHV UHS� ��D j ��F ���D �������� � 521'(//(� EURQ]H ���E �������� �521'(//(� DUJHQW ���F �������� �%,//( ��� �������� .,7 5e'8&7(85 ��� �������� 7,*( '( /,$,621 ��� �������� 9,6� j WrWH VL[ SDQV VFK� ������� [ �µ ��� �������� 9,6� j WrWH VFK� ������� [ ������µ �VSpFLDOH� ��� �������� &2//,(5 6(55(�&Ç%/( ��� �������� 9,6� j WrWH VL[ SDQV j pSDXOHPHQW FDQQHOp�
������� [ ������µ ��� �������� 9,6� PpFDQLTXH DXWR�WDUDXGHXVH j WrWH
F\OLQGULTXH� ������ [ ���µ ��� �������� e48(55(� PRQWDJH GH FRPPDQGH GH
SUHVVLRQ ��� �������� 9,6� j WrWH VL[ SDQV j pSDXOHPHQW FDQQHOp�
������� [ ���µ ��� �������� e7,48(77( ���� �������� 521'(//(� ���µ ���� �������� &+$Í1( '( 0,6( /$ 7(55(�
PDLOORQ PDVVLI� ORQJXHXU �������µ ���� �������� e7,48(77(� GH PLVH j OD WHUUH ���� �������� 5$&&25'� GURLW� ��� QSW�P� [
��� QSW�I� WRXUQDQW ���� �������� .,7 &200$1'( '( 35(66,21 ����? �������� e7,48(77( '·$9(57,66(0(17 VXU ILOWUH ���� �������� e7,48(77(� G·LGHQWLILFDWLRQ VXU FDSRW GH
FDUWHU GH WUDQVPLVVLRQ ����? �������� e7,48(77(� '$1*(5
VXU FDUWHU GH WUDQVPLVVLRQ ���� �������� 521'(//( '·$55(7� ���µ ���� �������� )/(;,%/(� GLDPqWUH ���µ [ ��µ�
UDFFRUG ��� QSW�P� [ ��� QSVP�I��UHVVRUW DQWL�FDVVXUH DX[ GHX[ H[WUpPLWpV �
��� �������� %28&+21� ILOHWp� ��� QSW ���� �������� e&528� KH[DJRQDO �VSpFLDO� ���� �������� &$57(5 '( 3,*1211(5,(
9RLU OHV SLqFHV HQ SDJH �� ����? �������� e7,48(77(� DYHUWLVVHPHQW j O·LQWpULHXU
GX FDSRW GH OD FRPPDQGH GH SUHVVLRQ ���� �������� )$,6&($8 '( &Ç%/$*( ���� �������� 9,6� j WrWH� �������� [ ���µ ���� �������� 521'(//( '·$55È7� ����µ ���� �������� $'$37$7(85� ��� QSW�P� [ ��� QSVP �P� �
? /HV pWLTXHWWHV GH GDQJHU HW GH PLVH HQ JDUGH VRQWUHPSODFpV JUDWXLWHPHQW�
����$
�
�
�
����
��
��� ����
����
5(3� �
����
������
���
�����
���
��
��
����
��
���� ������
.,7 '( 6(&21' 3,672/(7 (7 )/(;,%/(
����$
���� ������
��
����
����
��
�����
��
��
�������������
������
5(3� ���
���
��
���
���
���
���
�
�
���� ��
���
���
�� ��������
(OpPHQWV GH PRQWDJH GX SLVWROHW5HS�1R� 5pI� 1R� 'HVLJQDWLRQ 4Wp�
� �������� %$55( &28/,66$17(�VXSSRUW GH SLVWROHW �
� �������� e75,(5� EUDV VXSSRUW GHSLVWROHW �
� �������� *8,'( GH FkEOH ��� �������� 5$&&25'� JUDLVVHXU ��� �������� 3$/,(5� j pSDXOHPHQWV ��� �������� 9,6� PpFDQLTXH j WrWH
F\OLQGULTXH� ������� [ �µ ��� �������� e&528� KH[�� ������� ��� �������� 521'(//(
'·$55È7� ���µ ��� �������� %5$6� VXSSRUW GH SLVWROHW ��� �������� 9,6� j WrWH KH[DJRQDOH�
������� [ �µ � RX ��� �������� %/248(85� G·DFFURFKDJH
GX FkEOH ��� �������� 9,6� j WrWH KH[DJRQDOH�
������� [ �µ ��� �������� 02/(77( ��� �������� /(9,(5� G·DFWLRQQHPHQW ��� �������� 3257(� SLVWROHW ��� �������� 9,6� j pSDXOHPHQW�
��� [ ���µ ��� �������� 0Ç&+2,5(� G·pWULHU ��� �������� 3,672/(7 )/(;
9RLU PDQXHO ��������SRXU OHV SLqFHV �
�� �������� &2175(�e&528�KH[DJRQDO� ������� �
��� �������� 3$/,(5� WXEXODLUH ���� �������� 9,6� j WrWH�
������� [ ������µ ���� �������� 9,6� j pSDXOHPHQW�
���� [ �µ ���� //7����� %XVH /LQH/D]HU� WDLOOH ��� ���� �������� 521'(//( ���� �������� 521'(//( '·$55(7� ���µ ���� �������� 3527(&7,21 '( %86(
$QWL�JRXWWH 5$& ,9'ULSOHVV �
��� �������� %XVH 6ZLWFK7LS� WDLOOH ��� �
.,7 '( 6(&21' 3,672/(7 (7 )/(;,%/( (1237,21 0RGqOH ��������/LYUp VHXOHPHQW DYHF OH SXOYpULVDWHXU ��������
&H NLW FRPSRUWH OHV SLqFHV LOOXVWUpHV GDQVO·HQFDGUp FL�FRQWUH� F·HVW j GLUH OHVUHSqUHV ��� j ��� HW OHV SLqFHV UpSHUWRULpHVFL�GHVVXV� j O·H[FHSWLRQ GX UHSqUH ��
5HS�1R� 5pI� 1R� 'HVLJQDWLRQ 4Wp�
��� �������� &/,3� j UHVVRUW ���� �������� &Ç%/(� G·DFWLRQQHPHQW j
GLVWDQFH GH OD JkFKHWWH ���� �������� )/(;,%/(� GLDPqWUH ����
UDFFRUG ������� QSVP�I�ORQJXHXU ��� P PLV j OD WHUUH�DYHF UHVVRUWV DQWL�FDVVXUH �
��� �������� 5$//21*(� GH EDUUHFRXOLVVDQWH �
��� �������� e75,(5� GH UDOORQJH �
����������
(OpPHQWV GH SLJQRQQHULH5HS� 1R� ���&DUWHU GH SLJQRQQHULH&RPSRUWH OHV UHSqUHV ���D j ���I5HS�1R� 5pI� 1R� 'pVLJQDWLRQ 4Wp�
���D �������� (16(0%/( '·$5%5( '( 3,*1211(5,(&RPSRUWH OHV UHSqUHV ���E j ���I �
���E �������� �$5%5(� GH SLJQRQQHULH ����F �������� �528/(0(17� j DLJXLOOHV ����G �������� �528/(0(17� j ELOOHV ����H �������� �%$*8(� GH UHWHQXH H[WHUQH ����I �������� �02<(8� G·LQGXLW �
5HS�1R� 5pI� 1R� 'pVLJQDWLRQ 4Wp�
5(0$548(� OHV UHSqUHV ���K j ���S QH IRQW SDV SDUWLHG·XQ NLW� /HV FRPPDQGHU VpSDUpPHQW VHORQ OHVQpFHVVLWpV�
���K �������� 528/(0(17� j URXOHDX[ ����M �������� 528/(0(17� j DLJXLOOHV ����N �������� %,//(� DFLHU LQR[\GDEOH ����P �������� &,5&/,3� LQWHUQH ����Q �������� *28-21� GH JXLGDJH �
���K
���P
���D
���Q
���H
���I
���G
���E
���F
���M���N
���S
�
�
�
/XEULILHU O·H[WpULHXU
/XEULILHU OHV GLDPqWUHV LQWpULHXUV HW H[WpULHXUV
/XEULILHU OD GHQWXUH
�
�
�
�
�
����
�� ��������
&DUDFWpULVWLTXHV WHFKQLTXHV0RWHXU ��� PDUTXH +RQGD� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �3UHVVLRQ PD[LPXP GH VHUYLFH ��� EDU� ���� 03D� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �1LYHDX GH EUXLW
3XLVVDQFH VRQRUH ��� GE$� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �3UHVVLRQ VRQRUH �� GE$ # j � PqWUH GDQV OHV FRQGLWLRQV PD[LPXP� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
G·XWLOLVDWLRQ VHORQ OD QRUPH ,62������1RPEUH GH F\FOHV SDU OLWUH ���� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �'pELW PD[LPXP ��� OLWUHV�PLQ� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �&DSDFLWp GX UpVHUYRLU GH FDUEXUDQW ��� OLWUHV� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �7DLOOH GH EXVH PD[LPXP � SLVWROHW DYHF EXVH GH ������� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
� SLVWROHWV DYHF EXVH GH ������ SLVWROHWV DYHF EXVH GH �����
)LOWUH G·HQWUpH GH SHLQWXUH ���� PLFURQV� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �7DPLV HQ DFLHU LQR[\GDEOH� UpXWLOLVDEOH
)LOWUH GH VRUWLH GH SHLQWXUH ��� PLFURQV� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �7DPLV HQ DFLHU LQR[\GDEOH� UpXWLOLVDEOH
5DFFRUG G·HQWUpH GH SRPSH ��� QSW �P�� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �5DFFRUG GH VRUWLH GH SURGXLW ��� QSVP SRXU OH ILOWUH SURGXLW� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �^)�`3LqFHV HQ FRQWDFW DYHF OH SURGXLW
%DV GH SRPSH $FLHU VWDQGDUG ]LQJXp� DFLHU LQR[\GDEOH�� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �DFLHU LQR[\GDEOH FKURPp� SRO\pWK\OqQH�
FDUEXUH GH WXQJVWqQH� FXLU� SRO\XUpWKDQH)LOWUH DFLHU VWDQGDUG ]LQJXp� DFLHU LQR[\GDEOH� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
3RLGV �VHF� VDQV HPEDOODJH� ��� NJ� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �+DXWHXU ���� PP� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �/RQJXHXU ���� PP� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �/DUJHXU ��� PP� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
$FFHVVRLUHV87,/,6(5 (;&/86,9(0(17 '(6 3,Ë&(6 '( 5(&+$1*( (7 $&&(662,5(6 '·25,*,1(
IUDQoDLV ��������HVSDJQRO ��������DOOHPDQG ��������JUHF ��������FRUpHQ ��������DQJODLV ��������
3RVHU O·pWLTXHWWH UpGLJpH GDQVXQH DXWUH ODQJXH j FHW HQGURLW
����
e7,48(77( '( '$1*(5/·pWLTXHWWH GH '$1*(5 HQ IUDQoDLV ILJXUDQW HQ SDJH � GXPDQXHO HVW pJDOHPHQW SUpVHQWH VXU OH SXOYpULVDWHXU� 6L DXVHLQ GX SHUVRQQHO� FHUWDLQV SHLQWUHV QH FRPSUHQQHQW SDVOH IUDQoDLV� FRPPDQGHU O·XQH GHV pWLTXHWWHV VXLYDQWHVFKH] YRWUH UHYHQGHXU*UDFR SRXU OD FROOHU VXU OH SXOYpULVD�WHXU� /H VFKpPD FL�GHVVRXV LQGLTXH O·HPSODFHPHQW LGpDOSRXU FROOHU O·pWLTXHWWH� /HV pWLTXHWWHV VRQW GLVSRQLEOHVJUDWXLWHPHQW�
.,7 '( 5e3$5$7,21 '( %$6( '(3203( ��������9RLU VRQ FRQWHQX j OD SDJH ��� /HV LQVWUXFWLRQV GH UpSDUDWLRQVRQW IRXUQLHV DYHF OH NLW�
.,7 '( 5e3$5$7,21 '( 3,672/(7 )/(; ��������
&RPSRUWH SRLQWHDX� MRLQW HW VLqJH�GLIIXVHXU�
32,17(85 '( *8,'$*(
1H IRQFWLRQQH TX·DYHF OH VHFRQG SLVWROHW HW OH NLWIOH[LEOH ���������&RPPDQGHU FKDTXH pOpPHQW VXLYDQW HQ XQ H[HPSODLUH��������� 9LV�������� 6XSSRUW G·LQGLFDWHXU�������� ,QGLFDWHXU GH OLJQH
287,/ '·(;75$&7,21 '( &+(0,6( ��������
1pFHVVDLUH SRXU H[WUDLUH OD FKHPLVH GX EDV GH SRPSH ORUVG·XQH UpSDUDWLRQ�
/,48,'( /8%5,),$17 76/
/LTXLGH QRQ pYDSRUDQW SRXU SUHVVH�pWRXSH� &RQWULEXH jHPSrFKHU O·DFFXPXODWLRQ GH SHLQWXUH VXU OD WLJH GH SLVWRQ HWOHV MRLQWV GH SUHVVH�pWRXSH DILQ G·HPSrFKHU XQH XVXUH SUp�PDWXUpH�
�������� ��� J�������� ���� O�������� ��� O
����������
5HPDUTXH
�� ��������
*DUDQWLH *UDFR*UDFR JDUDQWLW TXH O·pTXLSHPHQW LGHQWLILp GDQV FHWWH QRWLFH� IDEULTXp SDU *UDFR HW TXL SRUWH VRQ QRP� HVW H[HPSW GH GpIDXWV GH PD�WpULDX HW GH IDEULFDWLRQ j OD GDWH GH YHQWH SDU XQ GLVWULEXWHXU *UDFR DJUpp� j O·DFKHWHXU�XWLOLVDWHXU LQLWLDO� 3HQGDQW XQH SpULRGH GHGRX]H PRLV� j SDUWLU GH OD GDWH GH YHQWH� *UDFR UpSDUHUD RX UHPSODFHUD WRXWH SLqFH GH O·pTXLSHPHQW MXJpH GpIHFWXHXVH SDU *UDFR�&HWWH JDUDQWLH V·DSSOLTXH XQLTXHPHQW TXDQG O·pTXLSHPHQW HVW LQVWDOOp� XWLOLVp HW HQWUHWHQX FRQIRUPpPHQW DX[ UHFRPPDQGDWLRQVpFULWHV GH *UDFR�
&HWWH JDUDQWLH Q·LQWHUYLHQW SDV� HW OD UHVSRQVDELOLWp GH *UDFR Q·HVW SDV HQJDJpH HQ FDV G·XVXUH QRUPDOH� RX WRXW G\VIRQFWLRQQHPHQW�GRPPDJH RX XVXUH SURYRTXpV SDU XQ GpIDXW G·LQVWDOODWLRQ� XQH PDXYDLVH DSSOLFDWLRQ� O·DEUDVLRQ� OD FRUURVLRQ� XQH PDLQWHQDQFH LQ�FRUUHFWH RX LQDSSURSULpH� XQH QpJOLJHQFH� XQ DFFLGHQW� O·DOWpUDWLRQ GH SLqFHV RX OHXU UHPSODFHPHQW SDU GHV FRPSRVDQWV DXWUHV TXH*UDFR� 'HPrPH�*UDFR Q·HVW SDV UHVSRQVDEOH HQ FDV GH G\VIRQFWLRQQHPHQW� GRPPDJH RX XVXUH SURYRTXpV SDU O·LQFRPSDWLELOLWp GHO·pTXLSHPHQW *UDFR DYHF O·HQYLURQQHPHQW� OHV DFFHVVRLUHV� pTXLSHPHQWV RX PDWpULHOV QRQ IRXUQLV SDU *UDFR� RX SDU XQ GpIDXW GHFRQFHSWLRQ� GH IDEULFDWLRQ� G·LQVWDOODWLRQ� G·XWLOLVDWLRQ RX GH PDLQWHQDQFH RX SDU O·HQYLURQQHPHQW� GHV DFFHVVRLUHV� pTXLSHPHQWV RXPDWpULHOV QRQ IRXUQLV SDU *UDFR�
&HWWH JDUDQWLH V·DSSOLTXH j FRQGLWLRQ TXH O·pTXLSHPHQW REMHW GH OD UpFODPDWLRQ VRLW UHWRXUQp j XQ GLVWULEXWHXU *UDFR DJUpp SRXU YpULIL�FDWLRQ GX GpIDXW VLJQDOp� 6L OH GpIDXW HVW YpULILp� *UDFR UpSDUHUD RX UHPSODFHUD WRXWHV OHV SLqFHV MXJpHV GpIHFWXHXVHV JUDWXLWHPHQW�/·pTXLSHPHQW VHUD UHWRXUQp j O·DFKHWHXU LQLWLDO HQ SRUW SD\p� 6L O·H[DPHQ GH O·pTXLSHPHQW QH UpYqOH DXFXQ GpIDXW GH PDWpULDX RX GHIDEULFDWLRQ� OHV UpSDUDWLRQV VHURQW HIIHFWXpHV j XQ FR�W UDLVRQQDEOH SRXYDQW LQFOXUH OH FR�W GHV SLqFHV� GH OD PDLQ G·RHXYUH HW GXWUDQVSRUW�
/D VHXOH REOLJDWLRQ GH *UDFR HW OH VHXO UHFRXUV GH O·DFKHWHXU� SRXU WRXW GpIDXW UHOHYDQW GH OD JDUDQWLH VRQW WHOV TXH GpMj GpILQLV FL�GHVVXV� /·DFKHWHXU FRQYLHQW TX·DXFXQ DXWUH GpGRPPDJHPHQW QH VHUDSRVVLEOH �\ FRPSULV� VDQVTXH FHODQH VRLWXQH OLVWHH[KDXVWLYH�OHV GRPPDJHV GLUHFWV RX LQGLUHFWV SRXU SHUWH GH SURILW� SHUWH GH FKLIIUH G·DIIDLUHV� EOHVVXUHV FRUSRUHOOHV RX GpJkWV PDWpULHOV� RX WRXWHDXWUH FRQVpTXHQFH GLUHFWH RX LQGLUHFWH�� 7RXWH DFWLRQ IDLVDQW LQWHUYHQLU OD JDUDQWLH GHYUD rWUH LQWHQWpH GDQV OHV GHX[ ��� DQV TXLVXLYHQW OD GDWH GH YHQWH�
*UDFR QH JDUDQWLW SDV HW Q·DFFRUGH DXFXQH JDUDQWLH UHODWLYH DX[ DFFHVVRLUHV� pTXLSHPHQWV�PDWpULHO HW FRPSRVDQWV YHQGXVPDLV QRQIDEULTXpV SDU *UDFR� &HV pTXLSHPHQWV YHQGXV PDLV QRQ IDEULTXpV SDU *UDFR VRQW FRXYHUWV SDU OD JDUDQWLH� V·LO \ HQ D XQH� GH OHXUIDEULFDQW� *UDFR DVVLVWHUD UDLVRQQDEOHPHQW O·DFKHWHXU SRXU WRXWH UpFODPDWLRQ IDLVDQW DSSHO j FHV JDUDQWLHV�
/HV SRLQWV VXLYDQWV QH VRQW SDV FRXYHUWV SDU OD JDUDQWLH *UDFR�
- 5pJODJH GHV JDUQLWXUHV GH SUHVVH�pWRXSH�
- 5HPSODFHPHQW GHV MRLQWV RX GHV JDUQLWXUHV VXLWH j XQH XVXUH QRUPDOH�
/·XVXUH QRUPDOH Q·HVW SDV FRQVLGpUpH FRPPH XQ GpIDXW GH IDEULFDWLRQ�
/,0,7(6 '( 5(63216$%,/,7e
*UDFR QH VHUD HQ DXFXQ FDV UHVSRQVDEOH GHV GRPPDJHV GLUHFWV RX LQGLUHFWV� SDUWLFXOLHUV RX FRQVpFXWLIV� UpVXOWDQW GH OD IRXUQLWXUH SDU*UDFR GH O·pTXLSHPHQW LGHQWLILp GDQV OD SUpVHQWH QRWLFH RX ELHQ SDU OD IRXUQLWXUH� OH IRQFWLRQQHPHQW RX O·XWLOLVDWLRQ GH WRXW DXWUH PDWp�ULHO RX DXWUHPDUFKDQGLVH YHQGXV DFFHVVRLUHPHQW� TXH FH VRLW GDQV OH FDVGH QRQ UHVSHFW GHFRQWUDW� GHGpIDXW UHOHYDQWGH ODJDUDQWLH�GH QpJOLJHQFH GH OD SDUW GH *UDFR RX DXWUH�
%XUHDX[ GH 9HQWHV � $WODQWD� &KLFDJR� 'DOODV� 'pWURLW� /RV $QJHOHV� 0W� $UOLQJWRQ �1�-��%XUHDX[ j O·(WUDQJHU � &DQDGD � $QJOHWHUUH � &RUpH � 6XLVVH � )UDQFH � $OOHPDJQH � +RQJ .RQJ � -DSRQ
*5$&2 6�$���� UXH GH O·(VWHUHO
6LOLF ���)������� 5XQJLV &HGH[
7pO�� �� �� �� �� �� �� )D[� �� �� �� �� ��,035,0( (1 %(/*,48( �������� �����