2/-!.

0(/4/3INDD 
 (-!#*7, $*-0# 0-1*'# *3!'# -*'4'#0 1-.&'# %#-0%#1

&#,0'#22# !*3"# +30'#* #"-30" $0,}-'1 4'4',# $*'6

*BP@LJžAFBKP
‡-RFHO\Q%HQG\3HVQD ‡(GRXDUG'DYLG6LWERQ
%XVKLQHQJXpRULJLQDLUHGX6XULQDPH3LURJXLHU0DULpj/XFLH &pOLEDWDLUH0pWURSROLWDLQ
HQIDQWV$XQHGHX[LqPHIHPPHjO¶H[WpULHXU5RVDOLH ‡)UDQoRLV*DsO&DEHOJXHQ
)UpTXHQWHpJDOHPHQW)ORUH 0pGHFLQjO¶K{SLWDOGH6DLQW/DXUHQWGX0DURQL
‡)ORUH5RVHO\QH$MLQWRHQD ‡9LYLDQH,MHOWD.DJR
%XVKLQHQJXp0DvWUHVVHGH-RFHO\Q(VWKpWLFLHQQH 0DvWUHVVHRFFDVLRQQHOOHGH*HRUJHV6pURSRVLWLYH
‡5RVDOLH0LOOLH'LPSD\ ‡)pOL[/REE\$IDMRQD
%XVKLQHQJXp'HX[LqPHIHPPHGH-RFHO\Q8QHQIDQWXQ¿OV *XpULVVHXU
-DORXVH3RVVHVVLYH
‡&KDQWDO$JQqV1DZDQJ
‡/XFLH0DJGD6HHVL *pUDQWHG¶XQLQVWLWXWGHEHDXWpj6DLQW/DXUHQWGX0DURQL
%XVKLQHQJXp3UHPLqUHIHPPHGH-RFHO\Q6HFUpWDLUHPpGLFDOH
jO¶K{SLWDOGH6DLQW/DXUHQWGX0DURQL'HX[HQIDQWVGHX[¿OOHV ‡-HDQLQH-RKDQQD%RHZDL
(PDQFLSpHFXOWLYpHLQGpSHQGDQWH &OLHQWHGHO¶LQVWLWXWGHEHDXWp

‡2OLYLHU5LFKDUG%RQMDVNLQJ ‡*DsWDQ-RVHSK$PHWH
&OLHQWGX%DUSLUDWHGH-DFTXHOLQH0HLOOHXUDPLGH*HRUJHV 3LURJXLHU

‡6RSKLH6DPDQWKD1DZDQJ ‡-DTXHOLQH:LOKHOPLQD3RPSHD
3HWLWHDPLHG¶2OLYLHU 3DWURQQHGXEDUSLUDWH9HQGGHVSUpVHUYDWLIV

‡*HRUJHV'pYL$MLQWRHQD ‡0LFKHO/XGRYLF3ROXPDU
)LOVG¶+HQULHWWHHW&ODXGH3LURJXLHU6pURSRVLWLI 6HUYHXUDXEDU³/H6XULPER´

‡+HQULHWWH0DULD0DQJR0RVDOHV ‡1RpO\VH*LRYDQQD.DJR
0qUHGH*HRUJHV )LOOHGH-RFHO\QHW/XFLH

‡&ODXGH5RQDOG&RI¿ ‡&ODLUH(EUDwVQD.DJR
3qUHGH*HRUJHV )LOOHGH-RFHO\QHW/XFLH

‡0XULHO+pOqQH$MLQWRHQD ‡+XJR'DQLHO)DQDV
6RHXUGH)ORUH6HUYHXVHDXEDU³/H6XULPER´j6DLQW/DXUHQW )LOVGH-RFHO\QHW5RVDOLH
GX0DURQL

/HV¿JXUDQWV 6FpQDULVWHV%UXQR*DVSDULQLHQFROODERUDWLRQDYHF$JQqV1DZDQJ
1RRZOLH$JRXVVD0DULH3LHUUH*LMPSDL&ROHWWH0LFKHO
6DEULQD.DJR)DELROD&DVWROLNO\WH)DQDV&DULQR%DQWLIR 5pDOLVDWHXU%UXQR*DVSDULQL
$VVLVWDQWHUpDOLVDWLRQHWGLUHFWULFHGHFDVWLQJ$JQqV1DZDQJ
/HV&RPpGLHQV ¿JXUDQWV
3KRWRJUDSKH'DYLG/HGRX[
/HVSHUVRQQDJHVGHFHURPDQSKRWRVRQW¿FWLIVHWVRQWLQWHUSUp
$VVLVWDQWSKRWRJUDSKH$UQDXG/HGRX[
WpVSDUGHVFRPpGLHQVHW¿JXUDQWV/HVVLWXDWLRQVGpFULWHVVRQW
LPDJLQDLUHV
5pJLVVHXUJpQpUDOHWUHSpUDJHV.DUHQ'DYLG
5HPHUFLHPHQWV
0DTXLOOHXVH/pOLDQD$VVHODV
1RXVUHPHUFLRQVWRXWSDUWLFXOLqUHPHQWO¶K{SLWDOGH6DLQW/DXUHQW
GX0DURQLHWO¶K{WHOOD7HQWLDLUHj6DLQW/DXUHQWGX0DURQLSRXU 'LUHFWLRQGHODSXEOLFDWLRQ,13(6
OHXUDFFXHLOHWOHXUDLPDEOHFROODERUDWLRQ &KDUJpGHFRPPXQLFDWLRQ,13(66WpSKDQH'HODXQD\

(WQRXVUHPHUFLRQVO¶HQVHPEOHGHVpWDEOLVVHPHQWVHWWRXWHVOHV &RRUGLQDWLRQHWUHODWLRQFOLHQWqOH6WpSKDQLH%DUWR]]L
SHUVRQQHVTXLRQWDFFHSWpGHPHWWUHOHXUVORFDX[PDLVRQVHW 3URGXFWLRQ3DUWHQDLUH3URGXFWLRQ
DSSDUWHPHQWVjGLVSRVLWLRQSRXUOHURPDQSKRWR &RQFHSWLRQJUDSKLTXHZZZRSL[LGRFRP

&RS\ULJKW,13(6

2/-!. 0(/4/3INDD 

$SUqVSOXVLHXUVMRXUVSDVVpVVXUOHÀHXYH 6DOXW-RFHO\Q
-RFHO\QHVWGHUHWRXUj6DLQW/DXUHQWGX0DURQL

6DOXW *DpWDQ  6L WX

VDYDLV FRPPH MH VXLV
FRQWHQWGHUHQWUHU

&D IDLW GL[ MRXUV TXH MH ERVVH 3HXDSUqVGDQVO¶LQWLPLWpG¶XQHFKDPEUHG¶K{WHO

FRPPHXQIRX-¶DLEHVRLQGHPH -RFHO\QHW)ORUHV¶DSSUrWHQWjIDLUHO¶DPRXU
'HTXRLWHSODLQVWX"7XDVGH
FKDQJHUOHVLGpHV
OD FKDQFH WRQ DIIDLUH PDUFKH
SOXW{WELHQ

8QHIRLVOHGpVLUDVVRXYL -HVDLVPDFKpULHPDLVWXFRQQDLVODVLWXDWLRQ
4X¶HVWFHTX¶LO\D"
$TXRLWXSHQVHV"
7XDVO¶DLUWULVWH

2XLELHQV€UPDLVFHQ¶HVW
7RXWHVOHVIRLVRQVHYRLWHQFRXS
SDVIDFLOHSRXUPRL
GHYHQWF¶HVWWURSIUXVWUDQW

2/-!. 0(/4/3INDD 

 $ FKDTXH IRLV WX PH UHVVRUV OH
PrPHEDUDWLQ,O\DGHVMRXUVRMH
(VWFH TXH WX DV GLW j /XFLH HW 5RVDOLH PHGHPDQGHVLMHQHVXLVSDVMXVWH
TXH WX YDV PH SUHQGUH SRXU WURLVLqPH ERQQHjWHGRQQHUGXSODLVLU
pSRXVH"(WWDIDPLOOHHVWFHTX¶LOVVRQW
DXFRXUDQWDXVVL"

3DVHQFRUHPDLVMHFRPSWDLV
OHIDLUHFHVMRXUVFL

0
$UUrWHSRXUTXRLWXGLVoD"
S

'HSXLV VL[ PRLV TX¶RQ

VH IUpTXHQWH WX PHWV
WRXMRXUV XQ SUpVHUYDWLI
TXDQGRQIDLWO¶DPRXU"

2QHQDGpMjSDUOpHWWXFRQQDLVPRQSRLQW $
GHYXHOjGHVVXV-¶XWLOLVHV\VWpPDWLTXHPHQW $X FRQWUDLUH VL M¶XWLOLVH OH
OD FDSRWH HQ GHKRUV GH PHV GHX[ DXWUHV SUpVHUYDWLI DYHF WRL F¶HVW
IHPPHV&¶HVWFRPPHoD SDUFH TXH MH WH UHVSHFWH
4XDQG QRWUH XQLRQ VHUD
RI¿FLDOLVpH QRXV IHURQV OH
WHVW HQVHPEOH $SUqV RQ
SRXUUDHQYLVDJHUOHVFKRVHV
GLIIpUHPPHQWHQWUHQRXV

&¶HVWULGLFXOH0RQGHUQLHUWHVW
9,+ GDWH GX PRLV GHUQLHU HW LO
pWDLWQpJDWLI&¶HVWTXHWXQHPH
IDLVSDVFRQ¿DQFHDORUV"

0DOJUpVHVH[SOLFDWLRQV)ORUHQHVHPEOHSDVFRQYDLQFXH 'HUHWRXUFKH]HOOH)ORUHQHSHXWV¶HPSrFKHUGHIDLUHSDUWGHVHVGRXWHV $
jVDV°XUFDGHWWH0XULHODYHFODTXHOOHHOOHSDUWDJHXQDSSDUWHPHQW
$OOH]QHIDLVSDVFHWWH
WrWH7XVDLVELHQTXH 9UDLPHQWMHQHWHFRPSUHQGVSDV7¶DV XQWUDYDLOW¶HV
MHW¶DLPHGRXGRX LQGpSHQGDQWH¿QDQFLqUHPHQW4X¶HVWFHTXHWXSHX[HVSpUHU
G¶XQW\SHPDULpDYHFGHX[IHPPHVHWGHVHQIDQWV"

-HO¶DLPHMHO¶DLGDQVOD
SHDXF¶HVWFRPPHoD

2/-!. 0(/4/3INDD 

 6HXOHPHQWLOIDXWTXHM¶DUULYHjLQWpJUHUOHIDLWGHOH 0rPH VL OD WUDGLWLRQ OH SHUPHW
SDUWDJHUFRPPHOHYHXWODWUDGLWLRQ$SUqVWRXW/XFLH SHXWrWUH HQFRUH MH WH UDSSHOOH
VDSUHPLqUHpSRXVHDSSDUHPPHQWHOOHOHYLWELHQ TXHPDLQWHQDQWODORLHQ)UDQFH
LQWHUGLWODSRO\JDPLH

0pGHFLQRULJLQDLUHGHODPpWURSROH)UDQoRLVDUpFHPPHQW $YHFPRQERXORWGHWUDQVSRUWHXUMHVXLV
SULVVHVIRQFWLRQVjO¶K{SLWDOGH6DLQW/DXUHQW
VRXYHQWVXUOHÀHXYH-¶DLSHXWrWUHDWWUDSp
ODGHQJXH&¶HVWIUpTXHQWSDULFL
$ORUVGLWHVPRLFHTXLYRXVDPqQH"

dDIDLWGHX[MRXUVTXHMHQHPH
VHQVSDVELHQHWM¶DLGHOD¿qYUH

(W ELHQ QRXV DOORQV

YRLUoDGHSOXVSUqV

$O¶LVVXHGHO¶H[DPHQ« -HSUpIqUHQHULHQODLVVHUDXKDVDUG$FRPPHQFHUSDU
GHVH[DPHQVVDQJXLQVFRPSOHWVD¿QGHYpUL¿HUTX¶RQ
$ORUV GRFWHXU YRXV
HVWELHQHQSUpVHQFHGXYLUXVGHODGHQJXH3RXUOHWHVW
SHQVH]TXHF¶HVWoD"
GXYLUXVGX6LGDLOPHIDXWQpDQPRLQVYRWUHDFFRUG

2XLELHQV€U

dDSRXUUDLWO¶rWUHHIIHFWLYHPHQW
PDLV GDQV OH GRXWH LO HVW
SUpIpUDEOHGHSURFpGHUjGHV
H[DPHQVSOXVDSSURIRQGLV

$SUqVOHGpSDUWGH*HRUJHV« '¶RULJLQH%XVKLQHQJXpVDVHFUpWDLUHOXLIDFLOLWHODWkFKHGDQV
VHVUDSSRUWVDYHFOHVSDWLHQWVHWOHSHUVRQQHOGHO¶K{SLWDO

V 7HQH]GRFWHXUMHYRXVDLDSSRUWpOH
&RPPHQW IHUDLVMH VDQV YRXV"
U GRVVLHUTXHYRXVP¶DYH]GHPDQGp
9RXVP¶rWHVSUpFLHXVHMHQHFHVVH
GHOHUpSpWHUDXWRXUGHPRL

$K RXL MH YRXV

UHPHUFLH/XFLH

2KLOQHIDXWSDVH[DJpUHU
M¶HVVDLHVHXOHPHQWGHIDLUH
GHPRQPLHX[

2/-!. 0(/4/3INDD 

 $ SURSRV M¶DL XQ VHUYLFH j YRXV GHPDQGHU
/XFLH$YRVPRPHQWVSHUGXVM¶DLSHQVpTXH
YRXVSRXUULH]SHXWrWUHP¶DSSUHQGUHTXHOTXHV
UXGLPHQWVGH%XVKLQHQJXHWRQJR
3
9RXVVDYH]PRQPDULHVWSLURJXLHU6LoDYRXVGLWMH
SRXUUDLVOXLGHPDQGHUGHYRXVHPPHQHUXQGLPDQFKH
DYHFOXLMXVTX¶j$SDWRXdDYRXVSHUPHWWUDLWG¶DYRLUXQH
PHLOOHXUHLGpHGHODSRSXODWLRQTXLYLWVXUOHÀHXYH

&¶HVW XQH WUqV ERQQH

LGpH-¶HQVHUDLVUDYL
&HVHUDDYHFSODLVLU

'HVRQF{Wp-RFHO\QUHQGYLVLWHj5RVDOLHVDGHX[LqPHpSRXVH (O

(Q¿QWHYRLOj-HPHGHPDQGDLV
VLQRXVDYLRQVHQFRUHXQHSODFH
GDQVWDYLH &¶HVWoD3RXUDOOHUUHWURXYHU
WRQHVWKpWLFLHQQH

4XHODFFXHLO-HSHQVDLVTXHWX
VHUDLVSOXW{WFRQWHQWHGHPHYRLU
6LWXYHX[MHSHX[UHSDUWLU«
-HYRLVTX¶RQW¶D
ELHQ LQIRUPpH
-¶DOODLV GH WRXWH
IDoRQW¶HQSDUOHU
-HYDLVODSUHQGUH
FRPPHWURLVLqPH
pSRXVH

/DVHXOHLGpHGHVHYRLUVXSSODQWHUSDUXQHDXWUHIHPPH
GHVXUFURvWSOXVMHXQHTX¶HOOHOXLHVWLQVXSSRUWDEOH
6LWXFURLVTXHMHYDLVDFFHSWHU
oDWXPHFRQQDLVPDO

-HQHOHODLVVHUDL
SDVP¶LPSRVHUFHWWH
VLWXDWLRQDKoDQRQ

-HW¶HQSULHQHFULHSDV
VLIRUWWXIDLVSHXUDX
SHWLW

2/-!. 0(/4/3INDD 

3HQGDQWFHWHPSVDXEDUSLUDWHWHQXSDU-DFTXHOLQH 'LVPRL2OLYLHUF¶HVW
QRXYHDX FH JULVJULV
DXSRLJQHW"
1HGLVSDVQ¶LPSRUWHTXRL7RXVYRVWUXFVOjOHVJULV
JULVHWOHVFHLQWXUHVoDQHSURWqJHQWHQULHQGX9,+
0RQSHWLW¿OVOXLDXVVLLOHQSRUWDLW0DLVoDQ¶DULHQ
IDLWHWLODFRQWUDFWpOHYLUXV4XDQGoDDpWpGpFRXYHUW
LOpWDLWGpMjDXVWDGHGX6LGDHWLOQ¶DSDVVXUYpFX

d¶HVWSRXUPHSURWpJHU
GX6LGD$YHFoDMHQH
FUDLQVULHQ

(OOHVRUWXQHERvWHGHSUpVHUYDWLIVGHGHUULqUHVRQFRPSWRLU $SUqVDYRLUSDVVpSOXVLHXUVMRXUVDYHF5RVDOLH-RFHO\Q
HVWGHUHWRXUFKH]/XFLHVDSUHPLqUHIHPPH

3DSD

$KPHVFKpULHVoDPH
6LWXYHX[YUDLPHQWWHSURWpJHU
IDLWSODLVLUGHYRXVUHYRLU
LOQ¶\DTXHOHSUpVHUYDWLITXLVRLW
9RXVP¶DYH]PDQTXp
UpHOOHPHQWHI¿FDFH&¶HVWFHTX¶LO
\DGHSOXV¿DEOH(WHQSOXVF¶HVW
HQODWH[XQSURGXLWQDWXUHO

6L&ODLUHHW1RpO\VHOXLIRQWODIrWH/XFLHVHWLHQWHQUHWUDLWOHYLVDJHIHUPp
'¶DSUqVFHTX¶RQGLWFHWWH¿OOHQ¶DSDV
4X¶HVWFHTXLVHSDVVH"dDQ¶DSDV ERQQHUpSXWDWLRQ-HQHYRXGUDLVSDV
O¶DLUG¶DOOHU«-¶DLO¶LPSUHVVLRQTXH TXHWXPHUDPqQHVOH6LGDRXG¶DXWUHV
WXQ¶HVSDVFRQWHQWHGHPHYRLU PDODGLHVVRXVQRWUHWRLW

7XFURLVTXHoDPHIDLWSODLVLU
G¶DSSUHQGUH SDU OHV DXWUHV
TXHWXYDVSUHQGUH)ORUH%HOp
SRXUWURLVLqPHpSRXVH"

-H YRLV TXH

OHVQRXYHOOHV
YRQWYLWH

2/-!. 0(/4/3INDD 

 0DOJUpVHVDUJXPHQWV/XFLHQHGpVDUPHSDVSRXUDXWDQW
-XUHPRLTXHWXPHWVOHSUpVHUYDWLIDYHFHOOH
'¶DFFRUGPDLVDORUVDYDQWGHODSUHQGUH
SRXU pSRXVH HW GH OXL IDLUH XQ HQIDQW
DVVXUHWRL DX PRLQV TX¶HOOH Q¶HVW SDV
VpURSRVLWLYHdDYDXGUDLWPLHX[

7RXMRXUVV¶LOQ¶\DTXHoDSRXU
WHUDVVXUHU(WSXLVG¶DERUG
F¶HVWXQH¿OOHVpULHXVHHWHOOH
DXQWUDYDLO

$X PrPH PRPHQW DX O\FpH SRXU 6RSKLH 7XDVYX,OHVWHQFRUH 'HSXLVGHX[VHPDLQHVTX¶LOVVHIUpTXHQWHQW2OLYLHUDSULVO¶KDELWXGH

HWVHVFDPDUDGHVF¶HVWOD¿QGHVFRXUV YHQXO¶DWWHQGUH4X¶HVW GHYHQLUODFKHUFKHUFKDTXHMRXUjODVRUWLHGHVFRXUV
FHTXHMHWHGLVDLV«
0DWHXQSHXVDEDJQROHHOOH 6DOXWPDEHDXWp
HVW G¶HQIHU  /D 6RSKLH HOOH &¶HVWODIRUPH"
QHFKRLVLWSDVQ¶LPSRUWHTXL

-¶DLWURXYpOHWHPSVORQJ
DXMRXUG¶KXL-¶DYDLVKkWH
GHWHYRLU

0RLDXVVL6LoDWHGLWMHFRQQDLVXQSHWLWK{WHO 1H W¶LQTXLqWH SDV EpEp IDLVPRL

V\PSDGDQVOHFRLQ2QSRXUUDLW\DOOHU« FRQ¿DQFH-HWHUDPqQHUDLFKH]WRL
SRXUK$WRLGHGpFLGHU«

&¶HVWTXHMH«-HQHYRXGUDLVSDVUHQWUHU
WURSWDUGjODPDLVRQVLQRQMHYDLVHQFRUH
PHSUHQGUHXQVDYRQSDUPDPqUH
'¶DFFRUGDOORQV\

&¶HVWOHXUSUHPLqUHIRLVHQVHPEOH 9RXVOHVPHFVYRXVrWHVWRXVSDUHLOV 3
+HXUHXVHPHQWTXHMHSHQVHjWRXW W

$WWHQGV SDV VL YLWH 7X DV 2KQRQSDVoD3DVHQWUH

GHVSUpVHUYDWLIVDYHFWRL" QRXVTXDQGPrPH

1RQ PDLV WX SHX[ PH IDLUH FRQ¿DQFH

2QVHFRQQDvWELHQPDLQWHQDQW

2/-!. 0(/4/3INDD 

 6DQVFDSRWHF¶HVWQLHW-¶DLELHQO¶LQWHQWLRQ
GHSRXUVXLYUHPHVpWXGHVHWMHQ¶DLSDVHQYLH (W MH QH WLHQV SDV QRQ SOXV j
GHPHUHWURXYHUDYHFXQEpEpVXUOHVEUDV DWWUDSHUXQHLQIHFWLRQVH[XHOOHPHQW
FRPPHEHDXFRXSGH¿OOHVGHPRQkJH WUDQVPLVVLEOHRXPrPHOH6LGD

'pVROp PDLV WX QH PH IHUDV SDV PHWWUH FH

PDFKLQOj-HGpWHVWH&¶HVWSDVFRQIRUWDEOH

dDQ¶HVWSDVXQHTXHVWLRQGHFRQIRUW

J
H

4X¶HVWFH TXH WX

IDLV"2WXYDV"

6RSKLHMHW¶HQSULHQHGpFRQQHSDV
&¶HVWULGLFXOH3RXUVLSHX«

-HPHWLUH3XLVTXHWXQHFRPSUHQGVULHQ«

&¶HVWWRLTXLGpFRQQH2OLYLHUMHUHJUHWWH(WMHQH
YRLVSDVODQpFHVVLWpGHSRXUVXLYUHQRWUHUHODWLRQ
VLWXW¶REVWLQHVGDQVFHWWHDWWLWXGHDYHFPRL

3HQGDQWFHWHPSVjO¶LQVWLWXWGHEHDXWp (FRXWHPRL-HDQLQH,OIDXWTXHWD¿OOHOXL
WHQXSDU&KDQWDOR)ORUHWUDYDLOOH H[SOLTXH TXH SRUWHU OH SUpVHUYDWLI F¶HVW
FKRLVLUG¶DYRLUGHVHQIDQWVDYHFTXLRQYHXW
H 0DLV VXUWRXW oD SURWqJH GHV LQIHFWLRQV
0D¿OOHQHVDLWSDVTXRLIDLUHDYHFVRQ VH[XHOOHPHQWWUDQVPLVVLEOHVHWGX6LGD
FRPSDJQRQ,OV¶HVWPLVHQWrWHGHQH
SOXVPHWWUHGHSUpVHUYDWLIVRXVSUpWH[WH
TXHFHODHPSrFKHG¶DYRLUGHVHQIDQWV

2/-!. 0(/4/3INDD 

 $SUqVOHGpSDUWGH-HDQLQH« '
6LVRQFRPSDJQRQHWHOOHYHXOHQW
UpHOOHPHQWGHVHQIDQWVDYDQWGH 'LVPRL«dDIDLWXQPRPHQWTXH
QH SOXV XWLOLVHU OH SUpVHUYDWLI WXQHPHSDUOHVSOXVGH-RFHO\Q
LOV GRLYHQW IDLUH WRXV OHV GHX[ &¶HQHVWRYRXVGHX["
OH WHVW GH GpSLVWDJH GX 6LGD
&¶HVWLPSpUDWLI

7RXMRXUVDXPrPHSRLQW
/D VLWXDWLRQ Q¶D JXqUH
pYROXp0DLVERQ«

4XHOTXHVWHPSVSOXVWDUG«
-HVXLV5RVDOLHODIHPPHGH-RFHO\Q
-HYHX[VLPSOHPHQWWHGLUHTXHMHQ¶DL
SDVO¶LQWHQWLRQGHWHODLVVHUPHSUHQGUH
)ORUH%HOp"
PRQPDULVDQVULHQIDLUH(QIRQFHWRL
ELHQoDGDQVOHFUkQH

2XL"

dDF¶HVWjOXLHWjOXLVHXOG¶HQGpFLGHU

(OOHQHGRLWVRQVDOXWTX¶jO¶LQWHUYHQWLRQ
5RVDOLHOXLHPERvWHOHSDVYLVLEOHPHQWGpWHUPLQpH
GHGHX[JDUoRQVWpPRLQVGHODVFqQH
jHQGpFRXGUHDYHFHOOH

3XWDLQ1LGj6LGD6XUWRXWTXH
MHQHWHYRLHSOXVU{GHUDXWRXUGH
PRQPDULVLQRQMHWHMXUHTXHWX
OHUHJUHWWHUDV

$LHDXPRLQVOHFRXUDJHGHPHUHJDUGHU
HQIDFHTXDQGMHWHSDUOH

)ORUH DFFpOqUH OH SDV PDLV

O¶DXWUHODUDWWUDSHHWO¶HPSRLJQH
(VSqFHGHVDOHJDUFH9ROHXVHGHPDUL
SDUOHVFKHYHX[
7XQHYDVSDVW¶HQWLUHUFRPPHoD

$wH/kFKHPRL

2/-!. 0(/4/3INDD 

'HVRQF{Wp*HRUJHVHVWUHWRXUQpjO¶K{SLWDOSRXUOHUpVXOWDWGHVHVDQDO\VHV %RXOHYHUVpSDUODQRXYHOOHLOUHVWHVDQVYRL[

-HQ¶DLPDOKHXUHXVHPHQWSDVXQH -HFRPSUHQGVFHTXHYRXV
ERQQHQRXYHOOHjYRXVDQQRQFHU UHVVHQWH]-HVDLVTXHF¶HVW
6LO¶H[DPHQGHVDQJQ¶DSDVGpWHFWp XQPRPHQWWUqVGLI¿FLOHSRXU
OHYLUXVGHODGHQJXHHQUHYDQFKH YRXVPDLVQRXVVRPPHVOj
LODUpYpOpTXHYRXVrWHVVpURSRVLWLI SRXUYRXVDLGHU
SRUWHXUGX9,+

,O H[LVWH GHV WUDLWHPHQWV TXL QH '¶DXWDQWTX¶LO\DGHIRUWHVFKDQFHV

JXpULVVHQWSDVGp¿QLWLYHPHQWPDLVTXL SRXUTXHYRXVD\H]pWpLQIHFWpGHSXLV
VRLJQHQWHWHPSrFKHQWODSURJUHVVLRQ SOXVLHXUVDQQpHVVDQVOHVDYRLU
GHODPDODGLH&¶HVWWUqVLPSRUWDQWTXH
YRXVVR\H]ELHQVXUYHLOOp

&¶HVWELHQSRVVLEOH«-HPHVXLV
UDUHPHQWSURWpJpDYHFODSOXSDUW
GHPHVSDUWHQDLUHV

-¶LQVLVWH VXU OD QpFHVVLWp GH SUHQGUH DYHF &¶HVWOHVHXOPR\HQGHEORTXHUODPXOWLSOLFDWLRQGXYLUXV

XQH JUDQGH UpJXODULWp OH WUDLWHPHQW TXH MH GDQVOHVDQJHWG¶pYLWHUODSURJUHVVLRQGHODPDODGLH
YDLVYRXVSURSRVHU&¶HVWXQHGHVFRQGLWLRQV
SRXUTXHOHWUDLWHPHQWVRLWHI¿FDFH

-¶DLELHQFRPSULV

(Q FH TXL FRQFHUQH YRV DQFLHQQHV /DPpGHFLQHDIDLWGHVSDVGH

SDUWHQDLUHVFHVHUDLWELHQTXHYRXVOHV JpDQWGDQVFHGRPDLQH3OXV
UHFRQWDFWLH]SRXUTX¶HOOHVIDVVHQWHOOHV OHGpSLVWDJHHVWIDLWW{WSOXV
DXVVLXQWHVW-HVDLVTXHFHQ¶HVWSDV RQDGHFKDQFHG¶HQUD\HUOD
IDFLOHPDLVF¶HVWWUqVLPSRUWDQW SURJUHVVLRQGHODPDODGLH

2/-!. 0(/4/3INDD 

 (WGRUpQDYDQWXWLOLVH]V\VWpPDWLTXHPHQWOH $
-HYRXVFURLVYRORQWLHUVPDLVYRXVSRXYH]HQ
SUpVHUYDWLIDYHFYRVIXWXUHVSDUWHQDLUHVSRXU WURXYHUDLOOHXUVTXHGDQVOHVSKDUPDFLHV/D
pYLWHUGHOHVFRQWDPLQHUjOHXUWRXU SOXSDUW GHV EDUV SLUDWHV HW GHV pSLFHULHV HQ
YHQGHQW9RXVSRXYH]DXVVLYRXVHQSURFXUHU
JUDWXLWHPHQWGDQVOHVGLVSHQVDLUHVOHV&'$* 
HWOHVDVVRFLDWLRQV$ORUVSHQVH]\

&HQ¶HVWSDVWRXMRXUVpYLGHQWGHV¶HQ
SURFXUHUTXDQGRQHVWVXUOHÀHXYH
,OQ¶\DSDVGHSKDUPDFLHV

&RQVXOWDWLRQGHGpSLVWDJHDQRQ\PHHWJUDWXLW

,QIRUPp DSUqV FRXS GHV GHUQLHUV IDLWV G¶DUPH GH 5RVDOLH (

-RFHO\QOXLUHQGYLVLWHSRXUXQHH[SOLFDWLRQKRXOHXVH

6LM¶DLDJLDLQVLF¶HVWDYDQWWRXWSRXUWH
SURWpJHUHWPHSURWpJHU-HQHSHX[
/DMDORXVLHWHUHQGFRPSOqWHPHQW SDVUHVWHUVDQVULHQIDLUHDORUVTXHFHWWH
IROOHRXTXRL"8QFRQVHLOVXUWRXW ¿OOHPHWWDYLHHWODPLHQQHHQGDQJHU
QHUHFRPPHQFHMDPDLVSOXV

0
2KHWSXLVM¶HQDLDVVH]GHWHVVFqQHVGHMDORXVLHjUpSpWLWLRQ/XFLH
$FDXVHG¶HOOHWX¿QLUDVSDUDWWUDSHUOH HOOHDXPRLQVHOOHQHIDLWSDVDXWDQWG¶KLVWRLUHV$ORUVFRQWLQXH
6LGDPRLMHWHOHGLV G¶DJLUFRPPHWXOHIDLVHWMHWHTXLWWH'RUpQDYDQWWXHVSUpYHQXH

&¶HVWYUDLPHQWXQHLGpH¿[HFKH]WRLPDSDUROH

0rPHVLDXIRQGGHOXLLOQHVRXKDLWHSDVHQDUULYHUOjFHWWHPHQDFHUHSUpVHQWHjVHV
\HX[OHVHXOPR\HQGHPHWWUHODSUHVVLRQVXU5RVDOLHSRXUODSRXVVHUjDFFHSWHU)ORUH

2/-!. 0(/4/3INDD 

$XPrPHPRPHQWDX6XULPERXQEDUGXYLHX[TXDUWLHU

(W WRL DPqQHWRL Oj TXH 1HMRXHSDVOHVSUXGHVDYHFPRLoDQH

M¶DGPLUHWHVMROLHVIHVVHV PDUFKH SDV  3HXWrWUH TXH WX QH
FRPSUHQGVTXHODPDQLqUHIRUWH«
8QSHXGHUHVSHFW
MHYRXVHQSULH
1HPHWRXFKH]SDV

(OOHOHJLÀHYLROHPPHQWSRXUVHGpJDJHU 0DLV LO Q¶D SDV OH WHPSV GH IDLUH TXRL TXH FH
VRLW/¶KRPPHDVVLVjXQHWDEOHYRLVLQHERQGLW
GHVDFKDLVHHWO¶LPPRELOLVH

6DOHSHWLWHJDUFH7XYDVOHUHJUHWWHU

-H WH FRQVHLOOH GH WH

FDOPHUVLQRQMHWHIDLVWD
IrWH7¶DVFRPSULV"

0LFKHOOHEDUPDQLQWHUYLHQWjVRQWRXU /DWHQVLRQHVWUHWRPEpHHWO¶LQFLGHQWHVWFORV

6RUVG¶LFLRXM¶DSSHOOHOHVJHQGDUPHV

0HUFLEHDXFRXS
6L YRXV Q¶DYLH]
SDVpWpOj«
2NF¶HVWERQMHP¶HQYDLV1HYRXV
pQHUYH]SDV-HSODLVDQWDLV-HQH
YRXODLVSDVOXLIDLUHGHPDO
9RXVQ¶DYH]SDVjPHUHPHUFLHU&¶HVW
WRXWjIDLWQRUPDO-HP¶DSSHOOH(GRXDUG
(WYRXV"

0XULHO  0DLV GLWHVPRL YRXV Q¶rWHV /RUVTX¶LOSUHQGFRQJpHOOHOHUHJDUGH

SDVGXFRLQ"-HQ¶DLSDVVRXYHQLUGH SDUWLUVRQJHXVHYLVLEOHPHQWVRXVOH
YRXVDYRLUGpMjYXSDUFKH]QRXV« FKDUPH

(QHIIHW«-HYLVHQPpWURSROH-HQHVXLV 3DVWUqVEDYDUGPDLV
GHSDVVDJHLFLTXHSRXUTXHOTXHVMRXUV SOXW{WEHDXJDUoRQ«

2/-!. 0(/4/3INDD 

$SUqVrWUHUHVWpSOXVLHXUVMRXUVVDQVVRUWLU*HRUJHVDUHSULV
VRQDFWLYLWpGHSLURJXLHU&¶HVWDORUVTX¶LOUHQFRQWUH2OLYLHU
VRQPHLOOHXUDPL

dDIDLWXQEDLOTXHWXQHPHSDUOHVSOXV
GH9LYLDQH"7XQHODYRLVSOXV"

(W WRL WX IUpTXHQWHV 2K DYHF HOOH F¶HVW ¿QL /j
WRXMRXUV$JQqV" M¶pWDLV VXU XQ FRXS DYHF XQH
DXWUHQDQDPDLVGHSXLVWURLV
MRXUVHOOHPHIDLWODJXHXOH

1RQHWLO\DGpMj
XQPRPHQW«

3RXUTXRL" $

(OOHP¶DSULVODWrWHDYHFVHV
KLVWRLUHVGHFDSRWH0RLFHV
PDFKLQV Oj MH Q¶DL SDV
O¶KDELWXGHFHQ¶HVWSDVPRQ
WUXF

7XDVWRUW3DUOHVWHPSVTXLFRXUHQWHW -XVTX¶j SUpVHQW SDV WRXMRXUV /

DYHFWRXWFHTXLWUDvQH« 0DLVGRUpQDYDQWMHFRPSWHELHQ
OHIDLUHV\VWpPDWLTXHPHQW(WM¶DL
DSSULV TX¶LO \ D GHV FKRVHV j
YpUL¿HUO¶LQVFULSWLRQ1)RX&(
VXU O¶HPEDOODJH OD GDWH OLPLWH
G¶XWLOLVDWLRQ«

7XSHX[SDUOHU«7XHQPHWV
WRLGHVSUpVHUYDWLIV"

(WVXUWRXWSDVGHSpQpWUDWLRQDYHFGHVOXEUL¿DQWVJUDV 3DU OD IRUFH GHV $

,OV DEvPHQW OHV SUpVHUYDWLIV $YHF OHV FDSRWHV RQ FKRVHV7XVDLV
UHFRPPDQGHSOXW{WG¶XWLOLVHUXQJHOjEDVHG¶HDX(Q -HYLHQVG¶DSSUHQGUH
SOXVoDDXJPHQWHOHFRQIRUW TXH M¶DYDLV DWWUDSp
OHYLUXV

4X¶HVWFHTXHWXUDFRQWHV"
-HQHWHFURLVSDV

'LVGRQFWXDVO¶DLUG¶HQFRQQDvWUH
XQUD\RQVXUOHVXMHW«

2/-!. 0(/4/3INDD 

 3RXUWDQW F¶HVW OD YpULWp -H O¶DL ,OHVWWDUGHW0XULHOYLHQWGH¿QLUVRQVHUYLFH&¶HVWDORUVTX¶LO
OXLVHPEOHUHFRQQDvWUH(GRXDUGYLVLEOHPHQWHQGLI¿FXOWp
DSSULVLO\DTXHOTXHVMRXUV3RXU
O¶LQVWDQWMHQHO¶DLGLWjSHUVRQQH
SDVPrPHjPHVSDUHQWV6LMH
W¶HQSDUOHjWRLF¶HVWSDUFHWXHV
j PRQDPLPDLVVXUWRXWWXJDUGHV
oDSRXUWRL7XPHOHMXUHV" (GRXDUG"
H
V 7XDVPDSDUROH

$FHWLQVWDQWHOOHUHPDUTXHTX¶LOSRUWHXQHEOHVVXUHDXEUDV 9RXVQHSRXYH]SDVUHVWHUFRPPHoD
0DLVYRXVVDLJQH]4X¶HVWFH 9HQH] MH YRXV HPPqQH FKH] PRL 
TXLYRXVHVWDUULYp" -¶KDELWHWRXWSUqVG¶LFL

8Q SHWLW SUREOqPH

PDLV FH VHUDLW WURS
ORQJjH[SOLTXHU &¶HVWV\PSDPHUFLEHDXFRXS

/RUVTX¶HOOHDUULYHjO¶DSSDUWHPHQW)ORUHQHFDFKHSDVVRQGpVDSSRLQWHPHQW (OOHHQWUHSUHQGDXVVLW{WGHGpVLQIHFWHUVDEOHVVXUH

4XLHVWFH"7XDXUDLVSX
DXPRLQVPHSUpYHQLU« $SSDUHPPHQWODSODLHQH
VHPEOHSDVWUqVSURIRQGH

-HW¶H[SOLTXHUDLDSUqV3RXU
O¶LQVWDQW LO IDXW TXH MH OH
VRLJQHLOHVWEOHVVp

$SUqVDYRLUSDQVpOHEUDVG¶(GRXDUGHOOHSUHQGVDV°XUjSDUW
1H VRLV SDV SDUDQR  ,O Q¶D TXDQG
PrPHSDVXQHWrWHGHGpOLQTXDQW

(FRXWHLOHVWWDUGHWLOQ¶DSDVG¶HQGURLWR
GRUPLUdDWHGpUDQJHUDLWTX¶LOGRUPHVXU
OHFDQDSp"

'¶DFFRUGPDLVHQDWWHQGDQW
%RQ2N0DLVMXVWHSRXUFHWWH WXQHVDLVULHQGHOXL
QXLWMHQHYHX[SDVG¶HQQXLV

2/-!. 0(/4/3INDD 


6LHOOHFURLWTXHMHQ¶DLSDV
UHPDUTXpODIDoRQGRQWHOOHOH
UHJDUGH,OQHIDXGUDLWSDVTX¶HOOH
V¶HQWLFKHGHOXL-HQHVDLVSDV
SRXUTXRLPDLVFHW\SHMHQHOH
VHQVSDVWURS«
&¶HVWWRS,OP¶DODLVVp
VRQQXPpURGHSRUWDEOH
$XPRLQVM¶DLXQHFKDQFH
GHOHUHYRLU«
(OOHMHWWHXQFRXSG¶°LOUDSLGHVXUOHFDUQHWGHUHQGH]YRXV
$FHU\WKPHOjVLoDFRQWLQXHMHP¶DWWHQGV
DXSLUHSRXUOHVMRXUVjYHQLU
&¶HVWVXUSUHQDQW6XUWRXWGHOD
SDUWGH/LO\HW-HDQLQH&HQ¶HVW
SDVGDQVOHXUVKDELWXGHV«
2/-!.
0(/4/3INDD
0XULHOV¶HVWOHYpHDYDQW)ORUH/RUVTX¶HOOH
SpQqWUH GDQV OH VDORQ HOOH FRQVWDWH
jUHJUHWTX¶(GRXDUGQ¶HVWSOXVOj
0RLTXLSHQVDLVTX¶LO
GRUPDLWHQFRUH«
-HQHO¶DLPrPHSDV
HQWHQGXVRUWLU
(Q HQWUDQW GDQV OD FXLVLQH VRQ
UHJDUG WRPEH HQ DUUrW VXU XQ SHWLW
PRWJULIIRQQpjVRQDWWHQWLRQ
$ O¶LQVWLWXW GH EHDXWp &KDQWDO SDUDvW YLVLEOHPHQW FRQWUDULpH $
DSUqVDYRLUUDFFURFKpDYHFXQHFOLHQWH
(WXQHGHSOXV&¶HVWODWURLVLqPHTXL
VHGpFRPPDQGHGHSXLVFHPDWLQ
&KDQWDO¿QLWSDUOXLGLUHODYpULWpVXUODUDLVRQGHFHVDQQXODWLRQVODUXPHXU -
FRXUWHQYLOOHTXH)ORUHDXUDLWFRQWUDFWpOH6LGD
V
$XWDQW WH SUpYHQLU« 'H H
WRXWHIDoRQWXDXUDLVELHQ
¿QLSDUO¶DSSUHQGUH
5RVDOLH«dDQH
SHXWTXHYHQLU
G¶HOOH

(OOHGpFLGHGHUpDJLUVDQVDWWHQGUH &RPPHQWWXRVHVYHQLU 6LQRQTXRL"7XFURLVTXHWXP¶LPSUHVVLRQQHV"
LFLGDQVPDPDLVRQ" 'HWRXWHIDoRQMDPDLV-RFHO\QQHW¶DSSDUWLHQGUD
/HV¿OOHVGHWRQJHQUHQHV¶pSRXVHQWSDV

-HYHX[TXHWXFHVVHVGH
UpSDQGUHWHVVDORSHULHVVXU
PRLRXVLQRQ«
dDF¶HVWWRLTXLOHGLV0DLVLOYD
ELHQ IDOORLU WH IDLUH XQH UDLVRQ
%LHQW{WMHVHUDLVDIHPPH

7XSHX[WRXMRXUVUrYHU3DUFHTX¶DXFDVRLOQH )ORUHDFFXVHOHFRXSVDQVEURQFKHUSXLV
WHO¶DSDVGLWM¶DWWHQGVXQEpEp(WFHWHQIDQWF¶HVW V¶pORLJQH YLVLEOHPHQW pEUDQOpH SDU FHWWH
OHIUXLWGHQRWUHOLHQTXHWXOHYHXLOOHVRXQRQ QRXYHOOH VRXV OH UHJDUG GH 5RVDOLH TXL
VDYRXUHVDYLFWRLUH

/HVDODXG
LOV¶HVWELHQJDUGp
GHPHOHGLUH

$SUqVDYRLUORQJWHPSVKpVLWp *HRUJHV D GpFLGp GH VXLYUH OHV FRQVHLOV -¶DLHXGHVUDSSRUWVQRQSURWpJpVDYHFXQJDUoRQHWLOYLHQW

GXPpGHFLQHWG¶DOOHUSDUOHUj9LYLDQH9LYLDQHVDQVDWWHQGUHVHUHQGj G¶DSSUHQGUH TX¶LO pWDLW VpURSRVLWLI 'HSXLV MH VXLV WUqV
O¶K{SLWDOSRXUIDLUHXQWHVW DQJRLVVpHMHQHGRUVSOXVODQXLW&¶HVWOXLTXLP¶DLQFLWpHj
YHQLUYRXVYRLU
9RXVDYH]GHVUDLVRQVSDUWLFXOLqUHV
TXLYRXVSRXVVHQWjIDLUHYRWUHWHVW"
9RXVSHQVH]DYRLUSULVGHVULVTXHV"

-H FRPSUHQGV YRWUH LQTXLpWXGH PDLV VDFKH] TXH VL YRWUH WHVW -¶LQVLVWHOjGHVVXVFDUTXLGLWSULVHHQFKDUJH
V¶DYpUDLWSRVLWLILOH[LVWHGHVWUDLWHPHQWV'HSOXVYRXVVHULH] SUpFRFHGLWHVSpUDQFHGHYLHSOXVORQJXH
HQWLqUHPHQWSULVHHQFKDUJHLFLFKH]QRXVjO¶K{SLWDO

9UDLPHQW"

2/-!. 0(/4/3INDD 

 4XHOTXHVMRXUVSOXVWDUG«
/HVFKLIIUHVO¶RQWGpPRQWUp(WXQWUDLWHPHQWQHYRXV )ORUH,OIDXWTX¶RQVHSDUOH
HPSrFKHUDLWSDVGHPHQHUXQHYLHQRUPDOHG¶DYRLU
XQDPLELHQpYLGHPPHQWHQPHWWDQWXQHFDSRWHj
FKDTXHUDSSRUWVH[XHO

'pVROpHPDLVOjMHQ¶DLYUDLPHQW
SDVOHWHPSV-HVXLVSUHVVpH

-¶DLODLVVpSOXVLHXUVPHVVDJHVFKH]WRLHWVXU (OOH¿QLSDUOXLUHODWHUVRQHQWUHYXHDYHF5RVDOLH
WRQ SRUWDEOH HW WX QH PH UDSSHOOHV MDPDLV 3RXUTXRL P¶DYRLU FDFKp TX¶HOOH
-¶DLPHUDLVDXPRLQVVDYRLUSRXUTXRL DWWHQGDLWjQRXYHDXXQHQIDQW"

-HQHYRLVSDVSRXUTXRLWXWHSUHQGVODWrWH
DYHFoD,OQ¶\DSDVOLHXG¶HQIDLUHXQGUDPH
HWHQFHTXLPHFRQFHUQHoDQHUHWLUHULHQ
DX[VHQWLPHQWVTXHM¶DLSRXUWRL

/D GpWHUPLQDWLRQ TX¶LO OLW GDQV VRQ UHJDUG OXL IDLW FRPSUHQGUH /
TX¶LOQ¶\DSOXVULHQjIDLUHSRXUUHWRXUQHUODVLWXDWLRQ F
$UUrWHMHQHFURLVSOXV
HQ WHV EHOOHV SDUROHV 
(WSRXUrWUHIUDQFKHDYHF
WRL MH SUpIqUH TX¶RQ
DUUrWHOj-¶DLUpÀpFKLHW
MHQHPHVHQVSDVSUrWH
jIDLUHOHVVDFUL¿FHVTXH
P¶LPSRVHUDLWFHPDULDJH
DYHFWRL

'H VRQ F{Wp *HRUJHV D ¿QDOHPHQW DQQRQFp VD VpURSRVLWLYLWp j VHV /H UHJDUG SORQJp GDQV VRQ DVVLHWWH &ODXGH (
SDUHQWV'HSXLVVRQSqUHQHOXLDGUHVVHTXDVLPHQWSOXVODSDUROH LJQRUHODERXWHLOOHTXHOXLWHQGVRQ¿OV

+HQULHWWH SDVVHPRL OD

ERXWHLOOHG¶HDXV¶LOWHSODLW
7LHQVSDSD

2/-!. 0(/4/3INDD 

&¶HQHVWWURSSRXU*HRUJHV
7RXWoDF¶HVWGHWDIDXWH3RXUTXRLWXOHWUDLWHV
FRPPHXQSHVWLIpUp"'HTXRLWXDVSHXU"

2WXYDV"7XQ¶DVPrPH
SDV¿QLWRQDVVLHWWH

-HQ¶DLSOXVIDLP

-HQ¶DLSDVHQYLHTX¶LO
PHUH¿OHVDPDODGLH
F¶HVWWRXW

1HVRLVSDVULGLFXOH/H6LGDQHV¶DWWUDSHSDVHQEXYDQWGDQV &¶HVWpFULWGDQVFHWWHEURFKXUHPpGLFDOH©/H
OHPrPHYHUUHRXHQPDQJHDQWGDQVODPrPHDVVLHWWHRXjOD 6LGDQHV¶DWWUDSHSDVSDUOHVPRXVWLTXHVOHV
PrPHWDEOH'HSXLVOHWHPSVoDVHVDXUDLW WRLOHWWHVVDOHVRXHQFRUHHQHPEUDVVDQWRXHQ
VHUUDQWODPDLQGHTXHOTX¶XQª

7XP¶HPErWHVDYHFoD«
(W SXLV MH Q¶DL SDV PHV
OXQHWWHV

/D QXLW HVW ELHQ DYDQFpH PDLV 0XULHO Q¶HVW SDV HQFRUH /¶LQVWDQWG¶DSUqV«
FRXFKpH(GRXDUGRFFXSHWRXWHVVHVSHQVpHV

0XULHO oD PH

IDLW SODLVLU GH
(WVLMHO¶DSSHODLV YRXVHQWHQGUH
PDLQWHQDQW" -HSHQVDLVTXH
YRXV P¶DYLH]
RXEOLp«

3DVGXWRXW$XFRQWUDLUHMHSHQVDLVVRXYHQWj
YRXVdDYRXVGLWGHSDVVHU"0DV°XUHVWGpMjDX
OLW2QSRXUUDLWEDYDUGHUWUDQTXLOOHPHQW«

(GRXDUGQHV¶HVWSDVIDLWSULHUHWXQHGHPLKHXUHSOXVWDUG« $SUqV TX¶LOV DLHQW IDLW O¶DPRXU LO V¶HVW YLWH HQGRUPL
0XULHOHOOHQHSDUYLHQWSDVjWURXYHUOHVRPPHLO

,OQ¶DSDVPLVGH
SUpVHUYDWLI0DLVVLMH
OXLDYDLVSURSRVpG¶HQ
PHWWUHXQLODXUDLW
SHXWrWUHSHQVpTXHMH
VXLVXQH¿OOHIDFLOH

2/-!. 0(/4/3INDD 

$X SHWLW PDWLQ )ORUH D GX PDO j 7XSHX[P¶H[SOLTXHUFH
FDFKHU VD VXUSULVH HQ GpFRXYUDQW TX¶LOIDLWOj"1HPHGLV
(GRXDUGHQWUDLQGHSUHQGUHVRQFDIp
SDVTX¶LODSDVVpODQXLW
VXUODWHUUDVVH
LFL"

%HQRXLHWDORUV"2
HVWOHSUREOqPH"

,OP¶DVHPEOpSRXUWDQWDYRLU
-¶HVSqUHELHQLOQHPDQTXHUDLW
pWpFODLUO¶DXWUHMRXU«
SOXVTXHoD

1HSDUOHSDVVLIRUW7XYHX[
TX¶LOW¶HQWHQGH"
-
M
&¶HVWERQFDOPHWRL'HWRXWHIDoRQ
V
LOQ¶DSDVO¶LQWHQWLRQGHV¶pWHUQLVHULFL
T
Q
X

(WWXYDVOHVXLYUHFRPPHoDVDQV
5DVVXUHWRLLOUHSDUWHQPpWURSROH
ULHQFRQQDvWUHGHOXL"7XHVYUDLPHQW
GDQVTXHOTXHVMRXUV,OP¶DGLWTX¶LO
QDwYHSDUPRPHQWV
SRXYDLWPHWURXYHUXQHPSORLGH
EDUPDLGj3DULV$SSDUHPPHQW
LOFRQQDvWXQWDVGHPRQGHOjEDV
,O P¶D SURSRVp GH P¶HPPHQHU
DYHFOXL
-HQHYRLVSDVHQTXRL

&
)
(FRXWHMHWHSUpYLHQVVLWXW¶HQWrWHVDYHF
oD M¶LQIRUPH OHV SDUHQWV SRXU TX¶LOV WH
UHSUHQQHQWDXYLOODJHDYHFHX[

6LWXFURLVP¶LPSUHVVLRQQHU«'H
WRXWHIDoRQMHVXLVPDMHXUH

2/-!. 0(/4/3INDD 

 'HVRQF{WpHQGpVHVSRLUGHFDXVH+HQULHWWHVHUHQGFKH]
XQJXpULVVHXUUpSXWpGDQVODFRPPXQDXWp%XVKLQHQJXp
0RQ ¿OV D DWWUDSp OH .DQGRXH j
FDXVH G¶XQH IHPPH TXL Q¶D SDV
UHVSHFWp VRQ YHXYDJH 7RL VHXO
SHX[OHJXpULU)pOL[

[

-¶DLPHUDLVSRXYRLUOHIDLUHPDLV
,OVHWUDQVPHWORUVGHUDSSRUWVVH[XHOVQRQSURWpJpV
MH Q¶DL SDV GH UHPqGH SRXU
HW SDV VHXOHPHQW ORUV GHV PHQVWUXDWLRQV /HV
VRLJQHUOH6LGD1¶pFRXWHSDVFH
JXpULVVHXUVTXLSUpWHQGHQWDYRLUGHVUHPqGHVSRXU
TXHOHVJHQVGLVHQW/H.DQGRXH
JXpULUGHVSHUVRQQHVGX6LGDVRQWGHVPHQWHXUV
Q¶HVWSDVOH6LGD&HQ¶HVWSDV
XQHPDODGLHVSLULWXHOOH

&RPSUHQDQW VRQ GpVDUURL

7XQ¶DVSDVjDYRLUSHXUSRXU
)pOL[VHYHXWUDVVXUDQW (WOHVEDLQVGHIHXLOOHV"
WRQ¿OV$XMRXUG¶KXLJUkFHDX[
SURJUqV GH OD PpGHFLQH LO
H[LVWH GHV WUDLWHPHQWV SRXU
PHWWUHOHYLUXVHQVRPPHLO&H
TXLHVWLPSRUWDQWDXVVLSRXUOXL
F¶HVWOHVRXWLHQGHVVLHQV

6LVHXOHPHQWPRQPDUL
SRXYDLWW¶HQWHQGUH« (FRXWHPRLELHQQLOHVEDLQVGHIHXLOOHV
QLOHVJULVJULVQHIRQFWLRQQHQWVXUOH
6LGD4XDQGOHYLUXVHVWHQWUpGDQVOH
VDQJRQQHSHXWSDVOHIDLUHSDUWLU

2/-!. 0(/4/3INDD 

3RXU)ORUHODMRXUQpHWRXFKHjVD¿Q(QDWWHQGDQWOHEXVHOOHSDUFRXUWOH /¶DUWLFOHUHODWHTXHO¶KRPPHHVWDFWLYHPHQWUHFKHUFKp $
MRXUQDO6RXGDLQXQHSKRWRjODUXEULTXHGHVIDLWVGLYHUVDWWLUHVRQDWWHQWLRQ SDUOHVJHQGDUPHVSRXUFRQWUHEDQGH D
FR

©/HVXVSHFWDXUDLWpWp
DSHUoXjSOXVLHXUVUHSULVHV
&HYLVDJHPDLVMHOH GDQVOHVHQYLURQVGH6DLQW
FRQQDLV«2QGLUDLW /DXUHQW«ª
(GRXDUG«

3ULVHGHSDQLTXHHOOHHVVDLHDXVVLW{WGHMRLQGUHVDV°XUVXUVRQSRUWDEOH $
-R
VX

0DLVTX¶HVWFHTX¶HOOH¿FKH"
&HQ¶HVWSDVSRVVLEOHHOOHHVW
HQFRUHVXUPHVVDJHULH

(OOHYDSRXUFRPSRVHUOHQXPpURGHODJHQGDUPHULH $UULYpHjO¶DSSDUWHPHQWHOOHWURXYHXQHOHWWUHGH0XULHOOXL &

PDLVDXGHUQLHUPRPHQWHOOHVHUDYLVH« DQQRQoDQWVRQGpSDUWDYHF(GRXDUGSRXU*UDQ6DQWL

1RQFHQ¶HVWSHXWrWUH
SDVXQHERQQHLGpH ,OQHPDQTXDLW
6¶LOVO¶LQWHUSHOOHQW SOXVTXHoD
RQSRXUUDLWO¶DFFXVHU
G¶rWUHVDFRPSOLFH«
-HGRLVWURXYHUXQH
DXWUHVROXWLRQ

5DYDODQWVRQRUJXHLOHOOHGpFLGH
GHIDLUHDSSHOj-RFHO\Q

7XQHFURLVSDVTX¶LOVDXUDLHQWSX
SUHQGUHXQHDXWUHGLUHFWLRQ"

dDPHSDUDvWSHXSUREDEOH«

2/-!. 0(/4/3INDD 

$ODKDXWHXUGHO¶vOHGHV /pSUHX[ LOV FURLVHQW *DsWDQ TXL OHV LQIRUPH DYRLU DSHUoX *HRUJHV /¶LQVWDQWG¶DSUqV«
DX[FRPPDQGHVGHVDSLURJXHDYHFjVRQERUG0XULHOHWXQDXWUHKRPPHGRQWODGHVFULSWLRQ *HRUJHVF¶HVW
FRUUHVSRQGjFHOOHG¶(GRXDUG
PRL-RFHO\Q
7XSHQVHVTX¶RQSHXW 7XP¶HQWHQGV"
HQFRUHOHVUDWWUDSHU" 6XUWRXWQHGLV
ULHQ HW pFRXWH
ELHQFHTXHMH
YDLVWHGLUH«

1RQLOVRQWSULVWURS
G¶DYDQFH 0DLV M¶DL
XQHLGpH«

$SUqVDYRLUUHPRQWpOHÀHXYHHQGLUHFWLRQG¶$SDWRX 6RXGDLQ GHV DSSHOV DX VHFRXUV OHXU

-HQHFRPSUHQGVSDV«2
-RFHO\Q UHFRQQDvW OD SLURJXH GH *HRUJHV DPDUUpH SDUYLHQQHQWjTXHOTXHVPqWUHVGHOj«
VXUXQHEHUJH0DLVLOQ¶\DSHUVRQQHjERUG RQWLOVSXDOOHU"3RXUYXTX¶LO
QHOHXUVRLWULHQDUULYp«

dDYLHQWGHO¶DXWUH
F{WpDOORQV\
&DOPHWRLdDQHVHUWjULHQ
GHSDQLTXHU,OVQHSHXYHQW
SDVrWUHWUqVORLQ«
7XDVHQWHQGX"
&¶HVW 0XULHO 
-HUHFRQQDLVVD
YRL[

&¶HVWDORUVTX¶LOVGpFRXYUHQW0XULHOHQODUPHVHW*HRUJHVjGHPLLQFRQVFLHQW
7RXWYDELHQ0XULHO
&DOPHWRLRQHVWOj

4XHOXLHVWLODUULYp"

2/-!. 0(/4/3INDD 

 3HXDSUqVjO¶K{SLWDO« &
$LGH]PRLjOHWUDQVSRUWHU
VXUODSLURJXH $ORUVGRFWHXUFRPPHQWYDWLO"

5DVVXUH]YRXV VHV MRXUV QH VRQW SDV HQ

GDQJHU,OVRXIIUHMXVWHG¶XQHOpJqUHFRPPRWLRQ
ULHQGHJUDYH0DLVSDUSUpFDXWLRQQRXVDOORQV
OHJDUGHUKHXUHVHQREVHUYDWLRQ

(GRXDUGHWOXLVHVRQWEDWWXV
/¶DXWUHOXLDGRQQpXQFRXSj
ODQXTXH(WSXLVLOV¶HVWHQIXL
YHUVODIRUrW7XDXUDLVYXFHWWH
PpFKDQFHWpVXUVRQYLVDJH«
2QDXUDLWGLWXQIRXIXULHX[

-HYLHQVG¶DYRLU*DsWDQDXWpOpSKRQH
/HVJHQGDUPHVRQWUpXVVLjLQWHUSHOOHU
OHW\SHTXLO¶DDJUHVVp
/RUVTXH)ORUHUHMRLQW0XULHOSRXUOXLDQQRQFHUO¶DUUHVWDWLRQ
G¶(GRXDUGODMHXQH¿OOHQHSHXWSOXVUHWHQLUVHVODUPHV
6LWXVDYDLVFRPPHMHP¶HQ
YHX[-¶DLWHOOHPHQWKRQWH
-HQHW¶DLRFFDVLRQQpTXH
GHVHQQXLV-HWHGHPDQGH
SDUGRQ

2QFRPPHWWRXV
7DQWPLHX[&¶HVWGpMj GHVHUUHXUV0RL
XQHERQQHFKRVH ODSUHPLqUH

'HX[MRXUVSOXVWDUG*HRUJHVSHXWHQ¿QTXLWWHUO¶K{SLWDO

3RXUTXRL3DSDQ¶HVWSDVYHQX"

2XLPDLVSRXU(GRXDUG
MHQHW¶DLSDVWRXWGLW/XL ,OQ¶DSDVHXOHWHPSVLODYDLW
HWPRLRQDIDLWO¶DPRXU XQHFRXUVHjIDLUHj$OELQD
VDQVSUpVHUYDWLI

%RQQHH[FXVH'HWRXWHIDoRQGHSXLV
TX¶LOVDLWTXHMHVXLVVpURSRVLWLILOQH
V¶LQWpUHVVHSOXVjPRL

1HFURLVSDVoD7XVDLVGHSXLVWRXWHV
FHVDQQpHVM¶DLDSSULVjOHFRQQDvWUH
/DLVVHOXLXQSHXGHWHPSV7XYHUUDV
LO¿QLUDSDUUHYHQLUYHUVWRL

2/-!. 0(/4/3INDD 

 &¶HVWDORUVTX¶LOVFURLVHQW9LYLDQH«
3DUOHPRLSOXW{WGHWRL«&RPPHQWoDYD"
9LYLDQH
0LHX[TX¶LO\DTXHOTXHV
VHPDLQHV«

*HRUJHV4XHOOHVXUSULVH«
-HVXLVFRQWHQWHGHYRLUTXH
WXHVUpWDEOL-¶DLDSSULVFH
TXLW¶HVWDUULYpHQOLVDQWOH
MRXUQDO«

'HPHXUpHHQUHWUDLW+HQULHWWHPDQLIHVWHTXHOTXHVVLJQHVG¶LPSDWLHQFH
-¶DLIDLWPRQWHVW9,+FRPPHWXPHO¶DYDLV
FRQVHLOOp,OV¶DYqUHTXHMHVXLVVpURSRVLWLYH &¶HVWPDPqUHHOOHP¶DWWHQG«6LWXYHX[
9XTXHPHVDQDO\VHVVDQJXLQHVQHVRQW RQSHXWGpMHXQHUHQVHPEOH'HPDLQSDU
SDVWUqVERQQHVOHPpGHFLQP¶DSURSRVpH H[HPSOH«2QSRXUUDLWSDUOHUSOXVORQJXHPHQW
GH VXLYUH XQH WULWKpUDSLH /j MH YLHQV WRXVOHVGHX[dDWHGLW"
FKHUFKHUPRQWUDLWHPHQW

XV
RL

2NDYHFSODLVLU7XDVWRXMRXUV
PRQQXPpURGHSRUWDEOH"

%LHQV€U

2/-!. 0(/4/3INDD 

3OXVLHXUVPRLVRQW -RFHO\QFRQWLQXHGHSDUWDJHUVRQH[LVWHQFHHQWUH/XFLHHW
SDVVp/HVUpVXOWDWVGX 5RVDOLHTXLYLHQWGHOXLGRQQHUXQGHX[LqPHJDUoRQ
WHVW9,+GH0XULHOVH
VRQWDYpUpVQpJDWLIVj
VRQJUDQGVRXODJHPHQW
(EUDQOpHSDUFHWWH
H[SpULHQFHHOOHHVW
ELHQGpFLGpHjLPSRVHU
V\VWpPDWLTXHPHQWOH
SUpVHUYDWLIORUVGHVHV
IXWXUVUDSSRUWVVH[XHOV

'HVRQF{Wp&ODXGHV¶HVWHQ¿QUDSSURFKpGH*HRUJHV

2OLYLHUDSULVGHERQQHVUpVROXWLRQVDXJUDQGERQKHXUGH6RSKLH

),1
2/-!. 0(/4/3INDD 
 4XHVLJQL¿H³6,'$´" ¬ODFRQVXOWDWLRQGHGpSLVWDJHDQRQ\PH
‡ $6\QGURPH,QYHQWpSRXU'pFRXUDJHUOHV  HWJUDWXLW&'$*
  $PRXUHX[ ‡ $MHSD\HHWMHQHGRQQHSDVPRQQRP
‡ %6\QGURPHGHO¶,PPXQR'p¿FLHQFH$FTXLVH ‡ %MHQHSD\HULHQHWMHGRQQHPRQQRP
‡ &6\VWqPH,QWHOOLJHQWGH'pIHQVHHWG¶$FWLRQ ‡ &MHQHSD\HULHQHWMHQHGRQQHSDVPRQQRP
/HYLUXVGXVLGDSHXWVHWUDQVPHWWUH 8WLOLVHUXQSUpVHUYDWLIF¶HVW
‡ $HQEXYDQWGDQVOHPrPHYHUUHTX¶XQHSHUVRQQH ‡ $VHSURWpJHUHWSURWpJHUVRQRXVDSDUWHQDLUH
  LQIHFWpHRXHQSDUWDJHDQWVRQUHSDV   GXYLUXVGXVLGDGHVLQIHFWLRQVVH[XHOOHPHQW
‡ %SDUOHVPRXVWLTXHVGDQVOHVWRLOHWWHVVDOHV   WUDQVPLVVLEOHVHWGHVJURVVHVVHVQRQGpVLUpHV

‡ &SDUOHVUHODWLRQVVH[XHOOHVQRQSURWpJpHVDYHF ‡  %UpVHUYpDX[SHUVRQQHVTXLRQWEHDXFRXS
 GHSDUWHQDLUHV
  XQHSHUVRQQHVpURSRVLWLYH
‡ &LQXWLOH
/RUVTX¶RQHVWVpURSRVLWLISRUWHXUGXYLUXV
‡ $RQHVWIRUFpPHQWWUqVPDLJUH 6LO¶RQHVWVpURSRVLWLILOIDXWHVVD\HUGH

‡ %RQSHXWVHVHQWLUHQERQQHVDQWpSHQGDQW ‡ $QHSDVUHVWHUVHXO
  SOXVLHXUVDQQpHV ‡ %QHMDPDLVFRQWDFWHUOHVDVVRFLDWLRQVG¶DLGH
‡ &FHODVHYRLWIRUFpPHQWVXUOHYLVDJHRXVXU   DX[SHUVRQQHVDWWHLQWHV
  OHFRUSV ‡ &IXLUOHVJHQVTX¶RQIUpTXHQWDLWDYDQWVDPDODGLH
/HVWUDLWHPHQWVFRQWUHOHYLUXVGXVLGDVRQW 6LO¶RQYHXWDLGHUXQHSHUVRQQHLQIHFWpH
‡ $SRVVLEOHVVDQVDYRLUjDYDQFHUG¶DUJHQWSRXU  SDUOHYLUXV
  WRXWHSHUVRQQHYLYDQWHQ)UDQFHTXHOOHTXH ‡ $LOYDXWPLHX[QHSOXVODIUpTXHQWHU
  VRLWVDQDWLRQDOLWpRXVDVLWXDWLRQDGPLQLVWUDWLYH
‡ %LOHVWLPSRUWDQWG¶rWUHjO¶pFRXWHGHODVRXWHQLU
‡ %UpVHUYpVDX[SHUVRQQHVTXLRQWEHDXFRXSG¶DUJHQW   HWG¶rWUHRXGHUHVWHUXQYUDLDPLVXUTXLO¶RQ
‡ &UpVHUYpVDX[SHUVRQQHVTXLRQWXQHERQQH   SHXWFRPSWHU
  PXWXHOOH ‡ &LOIDXWODODLVVHUVHGpEURXLOOHU
)DLUHVRQWHVWOHSOXVW{WSRVVLEOH 9RXVSRXYH]rWUHFRQWDPLQpSDUOHYLUXVGXVLGD
‡ $SHUPHWGHEpQp¿FLHUGHVWUDLWHPHQWVSRXUrWUH ‡ $HQXWLOLVDQWOHVPrPHVWRLOHWWHVTX¶XQHSHUVRQQH
  PLHX[VRLJQpHVLO¶RQHVWVpURSRVLWLIYH   LQIHFWpHSDUOHYLUXV
‡ %HVWLQXWLOHFDUPLHX[YDXWQHMDPDLVVDYRLU ‡ %HQD\DQWGHVUDSSRUWVVH[XHOVQRQSURWpJpV
‡ &QHVHUWjULHQFDURQVHQWELHQTXDQGRQHVW   DYHFXQHSHUVRQQHVpURSRVLWLYH
  DWWHLQWSDUODPDODGLH ‡ &HQWRXFKDQWRXHQHPEUDVVDQWXQHSHUVRQQH
  VpURSRVLWLYH
/HWHVWGXVLGDHVW
‡ $SD\DQWSRXUWRXWOHPRQGH /HYLUXVVHWUDQVPHWSDUOHVDQJTXDQG

‡ %JUDWXLWHWDQRQ\PHSRXUWRXVGDQVOHVFRQVXOWD ‡ $RQWRXFKHXQHSHUVRQQHLQIHFWpHSDUOHYLUXV
  WLRQVGHGpSLVWDJHDQRQ\PHHWJUDWXLW&'$* ‡ %RQHPEUDVVHXQHSHUVRQQHLQIHFWpHSDUOHYLUXV
‡ &UpVHUYpDX[SHUVRQQHVD\DQWXQHFDUWHG¶LGHQWLWp ‡ &RQUHoRLWRXDUHoXXQHLQMHFWLRQDYHFXQH
  IUDQoDLVHRXXQWLWUHGHVpMRXU   DLJXLOOHVRXLOOpHSDUGXVDQJFRQWDPLQp
‡‡‡

2/-!. 0(/4/3INDD 

 68,7(
2QQ¶DDXFXQULVTXHG¶DYRLUpWpLQIHFWpSDU
 OHYLUXVORUVG¶XQUDSSRUWVH[XHO
‡ $VLRQDHXVHXOHPHQWGHVSDUWHQDLUHVGH
  FRQ¿DQFH
‡ %VLRQDHXWUqVSHXGHSDUWHQDLUHV
‡ &VLRQDWRXMRXUVXWLOLVpGHVSUpVHUYDWLIVORUV
  GHVUDSSRUWVVH[XHOV
(QFDVGHUXSWXUHGHSUpVHUYDWLIDYHFXQH
 SHUVRQQHVpURSRVLWLYHLO\DPRLQVGHK
‡ $LOIDXWVHUHQGUHOHSOXVUDSLGHPHQWSRVVLEOH
  GDQVXQK{SLWDOYRLUXQPpGHFLQ
‡ %LOIDXWDWWHQGUHHWIDLUHOHWHVWGDQVPRLV
‡ &LOIDXWIDLUHXQODYDJHLQWLPHDYHFXQH
  ORWLRQVSpFLDOH
/HWUDLWHPHQWGHO¶LQIHFWLRQSDUOH9,+
‡  $2QOHSUHQGXQHIRLVSDUVHPDLQH
‡  %2QOHSUHQGXQLTXHPHQWTXDQGRQHVWWUqVPDODGH
‡ &2QYRLWDYHFOHPpGHFLQjTXHOPRPHQWLO
  IDXWFRPPHQFHU
&RPPHQWVDYRLURIDLUHJUDWXLWHPHQWXQ
 WHVWGXVLGD"
‡ $HQDSSHODQWJUDWXLWHPHQW6LGDLQIRVHUYLFHDX
4XLSHXWrWUHFRQWDPLQpSDUOHYLUXVGXVLGD"
‡ $OHVSHUVRQQHVTXLRQWXQHPDXYDLVHpGXFDWLRQ
‡ %WRXWOHPRQGHSHXWO¶DWWUDSHUGqVTX¶RQQH
  UHVSHFWHSDVOHVFRQVHLOVGHSUpYHQWLRQ
‡ &OHVSHUVRQQHVQRQYDFFLQpHV
6LOHWHVWGHGpSLVWDJHGXYLUXVVLGDHVW
 ³SRVLWLI´FHODVLJQL¿H
‡ $TXHO¶RQHVWSRUWHXUGXYLUXVGXVLGD
‡ %TXHO¶RQQ¶HVWSDVLQIHFWpSDUOHYLUXVGXVLGD
‡ &TXHOHODERUDWRLUHQ¶DSDVSXUpDOLVHUO¶H[DPHQ
6LXQDPLYRXVGLWTX¶LOHVWVpURSRVLWLI
 FHODVLJQL¿H
‡ $TX¶LOYDPRXULUWRXWGHVXLWH
‡ %TX¶LOSHXWUHVWHUHQERQQHVDQWpSHQGDQW
  GHVDQQpHVHQVXLYDQWXQWUDLWHPHQW
‡ &TX¶LOQHSRXUUDMDPDLVDYRLUG¶HQIDQWV
&RPPHQWVDYRLUVLO¶RQHVWRXQRQVpURSRVLWLI
‡ $HQDWWHQGDQWGHUHVVHQWLUGHVVLJQHVGHPDODGLH
‡ %TXDQGRQDPDXYDLVHPLQH
‡ &HQIDLVDQWXQWHVWGHGpSLVWDJHGXYLUXVGXVLGD
/HSUpVHUYDWLIIpPLQLQ
  RXVXUZZZVLGDLQIRVHUYLFHRUJ
‡ %LOQ¶H[LVWHSDVGHOLHXRO¶RQSHXWIDLUHOH
  WHVWJUDWXLWHPHQW
‡ &OHVFRQVXOWDWLRQVGHGpSLVWDJHDQRQ\PHHWJUDWXLW ‡  &HVWXQH[FHOOHQWPR\HQGHSURWHFWLRQGX9,+
  VRQWUpVHUYpHVDX[SHUVRQQHVGHQDWLRQDOLWp
  IUDQoDLVHRXpWUDQJqUHVHQVLWXDWLRQUpJXOLqUH
/HVSUpVHUYDWLIV
‡ $VRQWWRXVGHPrPHWDLOOH
‡ %VRQWYHQGXVXQLTXHPHQWHQSKDUPDFLH
‡ &GRLYHQWSRUWHUODPDUTXH&(RX1)SRXU
  TX¶RQVRLWV€UTX¶LOVVRQWGHERQQHTXDOLWp
4XHOOHHVWODGLIIpUHQFHHQWUH³rWUHVpURSR
‡ $Q¶H[LVWHSDV
‡ %HVWUpVHUYpDX[SURVWLWXpHV
 GHV,67HWGHVJURVVHVVHVQRQGpVLUpHV
3RXUELHQXWLOLVHUXQSUpVHUYDWLIPDVFXOLQ
‡ $LOIDXWYpUL¿HUODGDWHGHSpUHPSWLRQ
‡ %LOIDXWOHJDUGHUDXUpIULJpUDWHXU
‡ &LOIDXWOHSRVHUSOXVLHXUVKHXUHVDYDQWOH
  UDSSRUWVH[XHO
&RPPHQWFRPEDWWUHOHYLUXVGXVLGD"
‡ $LOVXI¿WGHVHIDLUHYDFFLQHU
 VLWLYLIYHSRXUOH9,+´HW³rWUHPDODGHGXVLGD´" ‡ %LOH[LVWHDXMRXUG¶KXLGHVWUDLWHPHQWVHI¿FDFHV
‡ $DXFXQHF¶HVWODPrPHFKRVH   TXLFRQWU{OHQWODPDODGLH
‡ %³rWUHVpURSRVLWLI´F¶HVWrWUHSRUWHXUGXYLUXV ‡ &RQSHXWWXHUOHYLUXVJUkFHjFHUWDLQHVSODQWHV
  ³DYRLUOHVLGD´F¶HVWDYRLUGpYHORSSpODPDODGLH
‡ &oDQ¶DULHQjYRLULOQHV¶DJLWSDVGXPrPHYLUXV
5pSRQVHV%&%$$%&$$%%&&$&$&%%$%&&$%

2/-!. 0(/4/3INDD 

 /3 # 1 2 ' - , 1 
5e3216(6
&¶HVWTXRLOH³6,'$´"
/H VLGD 6\QGURPH G¶,PPXQR 'p¿FLHQFH $FTXLVH HVW XQH PDODGLH SURYRTXpH SDU XQ YLUXV &H YLUXV HVW
DSSHOp 9,+ YLUXV GH O¶LPPXQRGp¿FLHQFH  KXPDLQH 3URJUHVVLYHPHQW LO GpWUXLW OH V\VWqPH GH GpIHQVH GH
O¶RUJDQLVPHOHV\VWqPHLPPXQLWDLUH,OV¶DWWDTXHHQSDUWLFXOLHUDX[JOREXOHVEODQFVDSSHOpV³O\PSKRF\WHV&'´


&¶HVWTXRL³rWUHVpURSRVLWLI´"
(WUHVpURSRVLWLISRXUOH9,+YLUXVGHO¶LPPXQRGp¿FLHQFHKXPDLQHUHVSRQVDEOHGXVLGDF¶HVWrWUHSRUWHXUGX
YLUXVPrPHVLDXFXQVLJQHGHODPDODGLHQ¶DSSDUDvW8QHSHUVRQQHVpURSRVLWLYHSHXWYLYUHGHVDQQpHVDYHF
OHYLUXVHQVHVHQWDQWHQERQQHVDQWpVDQVTXHODPDODGLHQHVHGpFODUH

&¶HVWTXRL³DYRLUOHVLGD´"
/HYLUXVGXVLGD9,+GpWUXLWFHUWDLQVpOpPHQWVHVVHQWLHOVGHGpIHQVHGHO¶RUJDQLVPHGXV\VWqPHLPPXQLWDLUH
HQSDUWLFXOLHUOHVJOREXOHVEODQFVDSSHOpV³O\PSKRF\WHV&'´4XDQGOHQRPEUHGH&'HVWWURSEDVGHV
LQIHFWLRQVJUDYHVSHXYHQWVXUYHQLUTXHO¶RQDSSHOOHOHV³LQIHFWLRQVRSSRUWXQLVWHV´HWF¶HVWjFHVWDGHTXHO¶RQ
SDUOHGHODPDODGLHGXVLGD

&RPPHQWVHWUDQVPHWOHYLUXVGXVLGD"
&KH]XQHSHUVRQQHVpURSRVLWLYHSRUWHXVHGXYLUXVGXVLGDOHYLUXVHVWSUpVHQWGDQVFHUWDLQVOLTXLGHVGH
VRQFRUSVOHVDQJOHVSHUPHHWOHOLTXLGHTXLVXUYLHQWDYDQWO¶pMDFXODWLRQOLTXLGHSUpVpPLQDOOHVVpFUpWLRQV
YDJLQDOHVOHODLWPDWHUQHO
3DUFHVOLTXLGHVWURLVYRLHVGHWUDQVPLVVLRQVRQWSRVVLEOHVHWFHVRQWOHVVHXOHV
ODWUDQVIXVLRQVDQJXLQHOHVLQMHFWLRQVRXSHUIXVLRQVUpDOLVpHVDYHFGXPDWpULHOVRXLOOpOHFRQWDFWGHVDQJ
LQIHFWpDYHFXQHSODLHRXYHUWH
ODWUDQVPLVVLRQVH[XHOOHORUVGHUDSSRUWVVH[XHOVQRQSURWpJpVDYHFXQHSHUVRQQHLQIHFWpH
ODWUDQVPLVVLRQGHODPqUHjO¶HQIDQWORUVTX¶XQHIHPPHVpURSRVLWLYHHVWHQFHLQWHOHYLUXVSHXWSDVVHUGH
ODPqUHDXI°WXVDXFRXUVGHODJURVVHVVHRXGHO¶DFFRXFKHPHQW/DPqUHSHXWpJDOHPHQWFRQWDPLQHUVRQ
HQIDQWSDUOHODLWPDWHUQHOVLELHQTX¶RQFRQVHLOOHDX[PqUHVVpURSRVLWLYHVGHQHSDVDOODLWHU

,O Q¶H[LVWH SDV G¶DXWUHV PRGH GH WUDQVPLVVLRQ GX YLUXV /H YLUXV QH VH WUDQVPHW QL SDU OD VDOLYH QL SDU OHV
PRXVWLTXHV2QQHSHXWSDVDWWUDSHUOHYLUXVHQHPEUDVVDQWXQHSHUVRQQHVpURSRVLWLYHHQOXLVHUUDQWODPDLQ
HQEXYDQWGDQVOHPrPHYHUUHTX¶HOOHRXHQSDUWDJHDQWVRQUHSDV
‡‡‡

2/-!. 0(/4/3INDD 

 /3 # 1 2 ' - , 1 
5e3216(6
68,7(

&RPPHQWVHSURWpJHUGXYLUXVGXVLGD"
/HVHXOPR\HQGHVHSURWpJHUGXYLUXVGXVLGDORUVG¶XQUDSSRUWVH[XHOHVWG¶XWLOLVHUXQSUpVHUYDWLI/HVSUpVHUYDWLIV
PDVFXOLQVHWIpPLQLQVSURWqJHQWGXYLUXVGXVLGDGHVLQIHFWLRQVVH[XHOOHPHQWWUDQVPLVVLEOHV,67HWGHV
JURVVHVVHVQRQGpVLUpHV
,OHVWLPSRUWDQWDXGpEXWG¶XQHUHODWLRQDSSHOpHjGXUHUHWDYDQWGHFHVVHUG¶XWLOLVHUOHSUpVHUYDWLIGHIDLUHOH
WHVWGHGpSLVWDJH6LOHWHVWHVWSRVLWLIFHODSHUPHWG¶rWUHSULVHQFKDUJHPpGLFDOHPHQWPDLVDXVVLGHSUHQGUH
GHVSUpFDXWLRQVSRXUQHSDVWUDQVPHWWUHOHYLUXVHWFRQWLQXHUjDYRLUXQHYLHVH[XHOOHUHVSRQVDEOH6LOHWHVW
HVWQpJDWLISRXUOHVGHX[SDUWHQDLUHVHWTXHOHVGHX[SDUWHQDLUHVVRQW¿GqOHVO¶XQjO¶DXWUHLOHVWDORUVSRVVLEOH
G¶DEDQGRQQHUOHSUpVHUYDWLI
/HVSHUVRQQHVTXLV¶LQMHFWHQWGHVGURJXHVGRLYHQWXWLOLVHUGXPDWpULHOVWpULOHHWpYLWHUGHSDUWDJHUOHXUPD
WpULHOG¶LQMHFWLRQ
(Q)UDQFHLOQ¶\DSDVGHULVTXHVGHWUDQVPLVVLRQGXYLUXVORUVG¶XQGRQGHVDQJRXG¶XQHWUDQVIXVLRQVDQJXLQH

&RPPHQWGpSLVWHWRQOHYLUXVGXVLGD"
(QIDLVDQWXQHSULVHGHVDQJ/RUVTX¶RQIDLWOHWHVWGHGpSLVWDJHRQYDUHFKHUFKHUGDQVOHVDQJODSUpVHQFH
GHVDQWLFRUSVF¶HVWjGLUHFHOOXOHVTXHOHFRUSVYDSURGXLUHSRXUVHGpIHQGUHFRQWUHOHYLUXV

)DXWLOTXHYRXVIDVVLH]XQWHVWGHGpSLVWDJHGXYLUXVGXVLGD"
2XLYRLFLOHVVLWXDWLRQVVXLWHDX[TXHOOHVLOHVWLPSRUWDQWGHIDLUHXQWHVWGHGpSLVWDJH
9RXVQ¶DYH]SDVXWLOLVpGHSUpVHUYDWLISRXUXQHSpQpWUDWLRQYDJLQDOHRXDQDOHRXSRXUXQUDSSRUWERXFKH
VH[HSUpVHQFHGHVSHUPHGDQVODERXFKH
/HSUpVHUYDWLIDFUDTXp
9RXVDYH]UHoXGDQVXQSD\VpWUDQJHUXQHSHUIXVLRQHWRXXQHLQMHFWLRQDYHFGXPDWpULHOG¶LQMHFWLRQVRXLOOp
RXTXLDYDLWGpMjpWpXWLOLVpSRXUXQHDXWUHSHUVRQQH
/DFRQWDPLQDWLRQGDQVOHVFDVpYRTXpVQ¶HVWSDVV\VWpPDWLTXHPDLVLOVXI¿WG¶81()2,6SRXUrWUHFRQWDPLQp
&¶HVWSRXUTXRLLOHVWWUqVLPSRUWDQWGHFRQVXOWHUVDQVDWWHQGUH

4XDQGIDLUHXQWHVWGHGpSLVWDJH"
9RXVDYH]SULVXQULVTXH
9RXVHWYRWUHSDUWHQDLUHYLYH]XQHUHODWLRQVWDEOHHWYRXVYRXOH]DEDQGRQQHUO¶XWLOLVDWLRQGXSUpVHUYDWLI
9RXVHQYLVDJH]G¶DYRLUXQHQIDQW
'DQVWRXWHVFHVVLWXDWLRQVLOHVWLPSRUWDQWG¶DOOHUGDQVXQHFRQVXOWDWLRQGHGpSLVWDJHDQRQ\PHHWJUDWXLW&'$*
RXGHFRQVXOWHUVRQPpGHFLQ&HOXLFLYRXVpFRXWHUDUpSRQGUDjYRVGHPDQGHVG¶LQIRUPDWLRQHWYRXVFRQVHLOOHU
(QDWWHQGDQWOHVUpVXOWDWVGXWHVWLOIDXGUDVHSURWpJHUDLQVLTXHVRQRXVDRXVHVSDUWHQDLUHV

2/-!. 0(/4/3INDD 

 4XHIDLUHTXDQGRQDSULVXQULVTXH"
'HX[VLWXDWLRQVVHSUpVHQWHQW
9RXVDYH]SULVXQULVTXHLO\DPRLQVGHKHXUHVMRXUVDYHFXQSDUWHQDLUHGRQWYRXVVDYH]TX¶LOHOOH
HVW VpURSRVLWLIYH RX DYHF XQH SDUWHQDLUH GRQW YRXV QH VDYH] SDV VL LOHOOH HVW RX QRQ VpURSRVLWLIYH 
UHQGH]YRXVVLSRVVLEOHDYHFYRWUHSDUWHQDLUHDX[XUJHQFHVG¶XQK{SLWDO/HPpGHFLQH[DPLQHUDDYHFYRXVOD
VLWXDWLRQHWYRXVSURSRVHUDpYHQWXHOOHPHQWXQWUDLWHPHQWG¶XQPRLVTXLSHXWHPSrFKHUODFRQWDPLQDWLRQ
9RXVDYH]SULVXQULVTXHLO\DSOXVGHKHXUHVFRQVXOWH]GDQVXQFHQWUHGHGpSLVWDJHjO¶K{SLWDORXFKH]
YRWUHPpGHFLQ2QYRXVGLUDTXDQGIDLUHOHWHVWHWRQYRXVGRQQHUDWRXVOHVFRQVHLOVXWLOHV6LYRXVDYH]XQ
GRXWHQ¶KpVLWH]SDVjFRQVXOWHUOHSOXVW{WSRVVLEOH
(QDWWHQGDQWOHVUpVXOWDWVGXWHVWLOIDXGUDPHWWUHGHVSUpVHUYDWLIVDYHFVRQRXVDSDUWHQDLUH

&RPPHQWDLGHUXQHSHUVRQQHVpURSRVLWLYH"
/RUVTX¶RQYHXWDLGHUXQHSHUVRQQHVpURSRVLWLYHXQSURFKHRXXQDPLOHSOXVLPSRUWDQWHVWG¶rWUHjO¶pFRXWH
G¶rWUHRXGHUHVWHUXQYUDLDPLVXUTXLRQSHXWFRPSWHU/HSULQFLSDOHVWGHVDYRLUrWUHOjORUVTX¶LORXHOOHHQ
UHVVHQWOHEHVRLQ
6LGDLQIRVHUYLFHHWGLYHUVHVDVVRFLDWLRQVVRQWOjSRXUUpSRQGUHDX[TXHVWLRQV9RXVSRXYH]
DXVVLFRQVHLOOHUjYRWUHDPLHGHOHVDSSHOHUD¿QTX¶LORXHOOHSXLVVHUHQFRQWUHUXQHSHUVRQQHVSpFLDOLVpH
GDQVO¶pFRXWHGHVSHUVRQQHVVpURSRVLWLYHVRXGHOHXUVSURFKHV

2IDLUHXQWHVWGHGpSLVWDJHGXYLUXVGXVLGD"
3RXUIDLUHXQGpSLVWDJHGXYLUXVGXVLGD9,+YRXVSRXYH]FKRLVLUHQWUHSOXVLHXUVSRVVLELOLWpV
5HQFRQWUHUXQPpGHFLQGDQVXQHFRQVXOWDWLRQGHGpSLVWDJHDQRQ\PHHWJUDWXLW&'$*,O\HQDDXPRLQV
XQHGDQVFKDTXHGpSDUWHPHQW'DQVOHV&'$*OHWHVWHVWJUDWXLWHWDQRQ\PHLOQ¶HVWSDVQpFHVVDLUHGH
GRQQHUVHVSDSLHUVQLGHGRQQHUVRQQRP3RXUVDYRLURVHWURXYHOD&'$*ODSOXVSURFKHGHFKH]YRXV
DSSHOH]6LGD,QIR6HUYLFHDXDSSHODQRQ\PHFRQ¿GHQWLHOHWJUDWXLWG¶XQSRVWH¿[HRXFRQVXO
WHUOHVLWHZZZVLGDLQIRVHUYLFHRUJ
 &RQVXOWHU YRWUH PpGHFLQ TXL YRXV GpOLYUHUD O¶RUGRQQDQFH SHUPHWWDQW GH IDLUH OH WHVW GDQV XQ ODERUDWRLUH
G¶DQDO\VHVPpGLFDOHV
9RXVUHQGUHGDQVXQFHQWUHGHSODQL¿FDWLRQIDPLOLDOHRXGDQVXQGLVSHQVDLUHDQWLYpQpULHQRXGDQVXQK{SLWDO

&RPPHQWVRLJQHWRQXQHSHUVRQQHSRUWHXVHGXYLUXVGXVLGD"
3RXUOHPRPHQWLOQ¶H[LVWHSDVGHWUDLWHPHQWTXLSHUPHWG¶pOLPLQHURXGHWXHUOHYLUXVPDLVRQSHXWUHWDUGHUOH
SDVVDJHDXVWDGHJUDYHGXVLGD&HVWUDLWHPHQWVIUHLQHQWO¶pYROXWLRQGHODPDODGLHHWDPpOLRUHQWOHVFRQGLWLRQV
GHYLHGHVSHUVRQQHV&HVWUDLWHPHQWVFRQWUDLJQDQWVRQWSRXUEXWGHIDLUHEDLVVHUODTXDQWLWpGHYLUXVSUpVHQW
GDQVOHVDQJPDLVQHSHUPHWWHQWSDVGHO¶pOLPLQHUGp¿QLWLYHPHQW(Q)UDQFHWRXWHSHUVRQQHSRUWHXVHGX9,+
SHXWEpQp¿FLHUG¶XQHSULVHHQFKDUJHVRFLDOHHWPpGLFDOH,OQHIDXWSDVDYDQFHUG¶DUJHQW

3HXWRQDYRLUGHVHQIDQWVORUVTX¶RQHVWDWWHLQWSDUOHYLUXVGXVLGD"
2XL0rPHORUVTXHO¶RQHVWSRUWHXUGXYLUXVGXVLGDRQSHXWDYRLUGHVHQIDQWV&HODHVWSRVVLEOHGDQVOHFDV
GHFRXSOHVVpURGLIIpUHQWVVHXOO¶KRPPHRXVHXOHODIHPPHHVWVpURSRVLWLIYH
/DSURFUpDWLRQVRXVFRQWU{OHPpGLFDOSHXWSHUPHWWUHDXMRXUG¶KXLDX[HQIDQWVGHQHSDVrWUHFRQWDPLQpVORUV
GH OD PDWHUQLWp (Q )UDQFH LO HVW IRUWHPHQW GpFRQVHLOOp DX[ PqUHV VpURSRVLWLYHV G¶DOODLWHU OHXU HQIDQW SRXU
pYLWHUWRXWHFRQWDPLQDWLRQSDUOHODLWPDWHUQHO

2/-!. 0(/4/3INDD 

 2Ô6¶,1)250(5(72Ô !6$,17/$85(17'80$521,

6()$,5('e3,67(5 &'$*  &'$* &HQWUHKRVSLWDOLHUGHO¶2XHVW*X\DQDLV

3285/(9,+6,'$ 7pOpSKRQH
+RUDLUHVOXQGLDXMHXGLGHKKHWKK
(1*8<$1(" YHQGUHGLKKHWOHHUVDPHGLGHFKDTXHPRLV
GHKK

!3$57287(1*8<$1( $VVRFLDWLRQ$,'(6
ELVUXH6FKRHOFKHU
6LGD,QIR6HUYLFH 7pOpSKRQH
KFRQ¿GHQWLHO +RUDLUHVPDUGLKK
QXPpURJUDWXLWGHSXLVXQSRVWH¿[H PHUFUHGLHWVDPHGLKK
DLGHVVWODXUHQWGXPDURQL#DLGHVRUJ
!&$<(11(
&RRUGLQDWLRQGHVDFWLRQVGHSUpYHQWLRQ
7pOpSKRQH
&'$* &HQWUHKRVSLWDOLHU$QGUp5RVHPRQ
7pOpSKRQH
5pVHDX0DWRXWRX
+RUDLUHVPHUFUHGLYHQGUHGLKK
DYHQXH/LHXWHQDQW&RORQHO&KDQGRQ
VDPHGLKK
6DLQW/DXUHQWGX0DURQL
7pOpSKRQH
&'$* $QWHQQHGX&HQWUH3UpYHQWLRQ6DQWp
+RUDLUHVOXQGLDXYHQGUHGLLQFOXVGHKjK
GHOD&URL[5RXJH)UDQoDLVH
UXH%DUUDW
7pOpSKRQH !0$,6$866,
+RUDLUHVOXQGLDXYHQGUHGLGHKK
GDQVOHVFHQWUHVGH30,HWGHYDFFLQDWLRQ
$VVRFLDWLRQ(QWU¶DLGHV*X\DQH
GDQVOHVFHQWUHVHWSRVWHVGHVDQWp
UXH3LFKHYLQ
$XSUqVGHYRWUHPpGHFLQWUDLWDQWVXUSUHVFULSWLRQ
7pOpSKRQH
PpGLFDOHSDVJUDWXLWPDLVUHPERXUVpSDUOD6pFXULWp
+RUDLUHVOXQGLPDUGLHWMHXGLKKHWKK
6RFLDOH
PHUFUHGLHWYHQGUHGLKK
HQWUDLGHVJX\DQH#ZDQDGRRIU

$VVRFLDWLRQ6LGD,QIR6HUYLFH
UXHGX&DSLWDLQH%HUQDUG
7pOpSKRQH
+RUDLUHVOXQGLDXMHXGL++HW++
YHQGUHGL++HW++
JX\DQH#VLGDLQIRVHUYLFHRUJ
GDQVOHVFHQWUHVGH30,
!.28528
&'$*
&HQWUH0pGLFRFKLUXUJLFDOGH.RXURX
7pOpSKRQH
+RUDLUHVPDUGLKKPHUFUHGLKK
MHXGLKK
$VVRFLDWLRQ*5,'SURJUDPPH³SDUORQVHQ´
7pOpSKRQH
&'$*FRQVXOWDWLRQGHGpSLVWDJHDQRQ\PHHWJUDWXLW
2Ô75289(5'(635e6(59$7,)6
0$6&8/,16(7)e0,1,16"
*UDWXLWV
GDQVOHV&'$*
HWGHYDFFLQDWLRQOHVFHQWUHVGHVRLQV
GDQVGHWUqVQRPEUHXVHVDVVRFLDWLRQV
3D\DQWV
GDQVOHVSKDUPDFLHVGDQVOHVGLVWULEXWHXUV
FKH]OHVFRPPHUoDQWV
$WWHQWLRQ
YpUL¿H]TXHOHVSUpVHUYDWLIVSRUWHQWODQRUPH³&(´
RX³(1´TX¶LOVVRQWVWRFNpVGDQVGHERQQHV
FRQGLWLRQVTX¶LOVQHVRQWSDVSpULPpV
%

2/-!. 0(/4/3INDD