Download as pdf or txt
Download as pdf or txt
You are on page 1of 72



$O¶K{WHO
%,(19(18(¬3$5,6«

+(15,Ê9RWUHSHWLWGpMHXQHU$YHFOHVFRPSOLPHQWVGH1DGLD«
%RQDSSpWLW
/8&$6Ê(XK«0HUFL
฀฀
³6DPHGLQRYHPEUHPRQUHWRXUj3DULV´Ê ฀฀฀฀฀฀
/
 DQDYHWWHSRXUOHVK{WHOVjODSRUWHTXDWUH«$pURSRUWVGH
3DULV«
1$',$Ê$ORUV/XFDVXQWD[LYRXVrWHVG¶DFFRUG"
/8&$6Ê'¶DFFRUG
-($13,(55(1DGLD
1$',$Ê$KWXHVOj"6DOXW«(XK«/XFDVMHYRXVSUpVHQWH
-HDQ3LHUUHPRQFROOqJXH
-($13,(55(Ê(QFKDQWp«Ê
«
 $LU)UDQFHHVWDXWHUPLQDO)

$O¶K{WHO
+200(Ê7RL,FL,PEpFLOH-HW¶DYDLVGLW³ODLVVHWRPEHU´³2XWRI
P\ZD\´&DSLVFL"(WDWWHQWLRQ6DOXW
&21&+,7$Ê%RQMRXU0RQVLHXU«oDYD"
/8&$6Ê3DUGRQ« ³9286´(7³78´
&21&+,7$Ê0DLVQRQ0RQVLHXU/XFDV/HQXPpURWURLVF¶HVWOD 0DGDPH0RQVLHXU
FKDPEUHGH0DGHPRLVHOOH1DGLD9RXVF¶HVWODFKDPEUHFLQT 8QWD[LYRXVrWHVG¶DFFRUG"
$OOH]\ $PLIDPLOOH
/8&$6Ê0HUFL0DGDPH $KWXHVOj"6DOXW

฀ ฀ ฀ ฀

%21-285
³YRXV´
%RQMRXU0RQVLHXU%RQMRXU0DGDPH
%RQMRXU0RQVLHXU/XFDVdDYD"
dDYDPHUFLHWYRXV"
฀ ³WX´
฀ ฀฀ 6DOXW-HDQ3LHUUHdDYD"
dDYDPHUFL(WWRL"

/DFKDPEUHGH/XFDVRXGH1DGLD"

" /DFKDPEUHF¶HVWODFKDPEUHGH «««««««««««««««««««««««««


/DFKDPEUHF¶HVWODFKDPEUHGH «««««««««««««««««««««««««


8192/'$16/(-2851$/

฀ ³0DUGLQRYHPEUHDYHF/XFDV
฀ 
DXPXVpH´
฀ ฀ ฀ «0XVpHGHODYLHURPDQWLTXHERQMRXU«
฀฀ 1$',$(WYRLOjOHVDORQGH*HRUJH6DQG«$K
(WLHQQHWRLLFL"-HWHSUpVHQWH/XFDV«
(7,(11($KRXLYRXVrWHVMRXUQDOLVWH
(QFKDQWp-HVXLV(WLHQQH)DYUHOHGLUHFWHXU
Q XH
UHWR QWLT GHO¶+{WHOGHV$UWV(WYRLFLPRQDPL5HQp
DG LD%H5RPD
1 D9 L 'XERQSUp,OHVWDQWLTXDLUH
HO O
pHG DSWD
0XV UXH&K$5,6
/8&$6(QFKDQWp

 $935(
(WLHQQH)
'LUHFWHXU V $XEDUWDEDF
UW
+{WHOGHV$ /8&$6%RQMRXU0DGDPH8QSDTXHW«GH
3$5,6
UXHGXS
OkWUH

FLJDUHWWHVHWXQFDIpV¶LOYRXVSODvW
 ID [
 0DULH$QJH9RXVQ¶rWHVSDVIUDQoDLVKHLQ"
7pO WHO GHVDUWVIU
IDYUH# KR
/XFDV(XK«1RQMRXUQDOLVWH(XK«*HRUJH
6DQG«
0$5,($1*(*HRUJH6DQG"-XVWHPHQWLO\DXQ
81+200( 81()(00( DUWLFOHGDQVOHMRXUQDO
8QMRXUQDOLVWH 8QHMRXUQDOLVWH /8&$6$K0HUFL«³9ROjO¶+{WHOGHV$UWV´
8QDQWLTXDLUH 8QHDQWLTXDLUH (XKSDUGRQ³8QYRO´"
8QVHUYHXU 8QHVHUYHXVH 0$5,($1*(0DLVRXLXQYROOHFRIIUHWGH
8QGLUHFWHXU 8QHGLUHFWULFH *HRUJH6DQGHWSIIW«GLVSDUX
8QPXVLFLHQ 8QHPXVLFLHQQH /XFDV$K"/HFRIIUHW"
8QLQ¿UPLHU 8QHLQ¿UPLqUH 0DULH$QJH0DLVRXLH[DFWHPHQWXQFRIIUHW
DYHFGHVEDJXHV

(75( ฀VOLv฀
MHVXLV QRXVVRPPHV ฀฀฀฀฀฀฀
WXHV  YRXVrWHV
HOOHLOHVW HOOHVLOVVRQW

3$5'21" 6¶,/92863/$Ì70(5&,
-HQHVXLVSDVIUDQoDLV %RQMRXU0DGDPH8QFDIp
-HQHSDUOHSDVIUDQoDLV V¶LOYRXVSODvW
-HQHFRPSUHQGVSDV 0HUFL0DGDPHDXUHYRLU

³/HFRIIUHWGH*HRUJH6DQG´4X¶HVWFHTXHF¶HVW"

" &¶HVWXQ ««««««««««««««« DYHF ««««««««««««««««««««««



³0DERXODQJHULH´
$/$%28/$1*(5,(

«8QHEDJXHWWHSDVWURSFXLWH«7XYHX[TXRL
FRPPHERQERQFKpULH"«
1$',$4X¶HVWFHTXHWXYHX["
*$É//(-HYHX[GHVWDJDGDV
%28/$1*Ê5(%RQMRXU1DGLD4X¶HVWFHTXH
F¶HVW"8QPLFURSKRQH"
9RXVIDLWHVXQUHSRUWDJH"
1$',$&¶HVWSRXUPHVVRXYHQLUVGXTXDUWLHU 48¶(67&(48(&¶(67"
%28/$1*Ê5((WSRXUOHJR€WHU" &¶HVWXQFURLVVDQW
1$',$0PP«GHX[SDLQVDXFKRFRODW«HWGHV &¶HVWXQHEDJXHWWH
WDJDGDVSRXUODSHWLWH &¶HVWXQPLFURSKRQH
&HVRQWGHVVRXYHQLUV
$ODERXODQJHULH
«8QHEDJXHWWHFRXSpHHQGHX[
V¶LOYRXVSODvW« ฀ ฀
%28/$1*Ê5(%RQMRXU0RQVLHXU/XFDV$ORUV
YRXVrWHVVHXO"
฀ ฀ ฀ ฀ ฀
/8&$6(XKSDUGRQ³VHXO´"4X¶HVWFHTXH
฀ ฀ ฀
F¶HVW" ฀ ฀ ฀
%28/$1*Ê5(9RXVrWHVVHXOSDVGH1DGLD« ฀ ฀ ฀
/8&$62XLVHXO«1DGLD" ฀ ฀ ฀
%28/$1*Ê5(1DGLD"3DUWLHSIIIW&¶HVW
GRPPDJH«9RXVDYH]IDLP"
/8&$62XLIDLP
%28/$1*Ê5(1RQF¶HVW³M¶DLIDLP´9RXVDYH] ฀ ฀
IDLP,OIDXWJR€WHU9RXVYRXOH]TXRL"8Q ฀ ฀Á
SDLQDX[DPDQGHV"8QSDLQDXFKRFRODW"8Q ฀ ฀Á฀
FKDXVVRQDX[SRPPHV"8QHWDUWHOHWWH" ฀ ฀Á฀
/8&$6(XKXQSDLQDXFKRFRODWV¶LOYRXVSODvW ฀ ฀Á฀
%28/$1*Ê5(7HQH]oDIDLWHXURYLQJWDYHF
TXDWUHYLQJWoDIDLWGHX[HXURV ฀ ฀ ฀ ฀Á฀
$OOH]ERQQHMRXUQpH ฀ ฀ ฀ ฀Á฀

฀ ฀ ฀ ฀Á฀
฀ ฀ ฀ ฀Á฀
฀ ฀Á฀

฀ ฀
/DERXODQJqUHGLW³9RXVrWHVVHXO´

"
"
/XFDVHVW³VHXO´SRXUTXRL"Ê««««««««««««««««««««««««««««««


$//Ð"&¶(67/$32/,&(

/HV%XWWHV&KDXPRQW

«&¶HVWJXLJQROTXLYDFRPPHQFHU«
1DGLD$KQRQKHLQ«$OO{RXL"$KERQMRXU
฀ ฀฀ 1RQMHVXLVDXSDUF«OHV%XWWHV&KDXPRQW«
-HWUDYDLOOH«/DFRQIpUHQFHGHSUHVVHOH
฀ ฀฀ FRIIUHWGH*HRUJH6DQG«'HPDLQjKHXUHV
฀ ฀ jO¶+{WHOGHV$UWV«'¶DFFRUG$GHPDLQ
฀ ฀
$OO{"
/XFDV$OO{/XFDV;
0DJQH&RPPLVVDLUH0DJQH3ROLFH
-XGLFLDLUH
9RXVSRXYH]SDVVHUDXFRPPLVVDULDW
DXMRXUG¶KXL"2XGHPDLQ"
/XFDV3DUGRQ«(XK«-HQHSDUOHSDV
IUDQoDLV
0DJQH&¶HVWoD«-HYRXVGRQQHO¶DGUHVVH«
/XFDV$KDGUHVVH"
0DJQH6RL[DQWHQHXIVL[QHXIUXHGH
฀ ฀ ฀
&OLJQDQFRXUW
/XFDV6L[QHXIUXHGH&OLJQDQFRXUW
0DJQH&¶HVWoD$XUHYRLU0RQVLHXU

/(6&+,))5(6
XQGHX[WURLVTXDWUHFLQTVL[VHSWKXLWQHXIGL[

/$1e*$7,21
2XL 1RQ
-HSDUOHIUDQoDLV -HQHSDUOHSDVIUDQoDLV
/XFDVHVWEULWDQQLTXH /XFDVQ¶HVWSDVIUDQoDLV
-¶DLIDLP -HQ¶DLSDVIDLP
&¶HVWODFKDPEUHGH1DGLD &HQ¶HVWSDVODFKDPEUHGH/XFDV

75$9$,//(5
MHWUDYDLOOH QRXVWUDYDLOORQV
WXWUDYDLOOHV YRXVWUDYDLOOH]
HOOHLOWUDYDLOOH HOOHVLOVWUDYDLOOHQW

&RPPLVVDLUH&K««««««««««
4XLHVWDXWpOpSKRQH" 3ROLFHMXGLFLDLUH

" &RPSOpWH]ODFDUWHGHYLVLWHÊ ««««««««UXHGH&OLJQDQFRXUW


3$5,6



&KH]0DULH$QJH
/(-2851$/,67(e75$1*(5

0$5,($1*(%RQVRLUOHMRXUQDOLVWHpWUDQJHU
/8&$6%RQVRLU0DGDPH(XK«pWUDQJHU"
0$5,($1*('pFLGpPHQW0RLMHVXLVIUDQoDLVH
(WYRXV"
/8&$6$K-HVXLVEULWDQQLTXH
0$5,($1*(7LHQVWLHQV$ORUVXQFDIp"8QHELqUH"
/8&$6(XK«XQHELqUHV¶LOYRXVSODvW
0$5,($1*((WYRLOjOHGHPL$OOH]VDQWp
/8&$60HUFL3DUGRQ«F¶HVWTXRL³DXMRXUG¶KXL´"
0$5,($1*($XMRXUG¶KXLQRXVVRPPHVOXQGL
/8&$6$K«HW³GHPDLQ´" ฀ ฀ ฀ ฀ ฀
0$5,($1*(9R\RQVPRQSHWLWGHPDLQF¶HVWPDUGL ฀ ฀ ฀ ฀
/8&$6(XK«PHUFL

/$1$7,21$/,7e
,OHVWVXLVVH (OOHHVWVXLVVH
฀ ฀ ฀ /XFDVHVWEULWDQQLTXH -DQHHVWEULWDQQLTXH
(WLHQQHHVWIUDQoDLV 1DGLDHVWIUDQoDLVH
9RXVrWHVDPpULFDLQ 9RXVrWHVDPpULFDLQH
-XDQHVWHVSDJQRO 0DULDHVWHVSDJQROH
฀ ฀ ,OHVWFKLQRLV (OOHHVWFKLQRLVH
,OHVWFDPERGJLHQ (OOHHVWFDPERGJLHQQH

$XMRXUG¶KXLQRXVVRPPHVOXQGLOHQRYHPEUH

129(0%5(
1  ,   , ,   1  6 ,  -   
£ Ó Î

{ x È Ç n ™ £ä


££ £Ó £Î £{ £x £È £Ç

£n £™ Óä Ó£ ÓÓ ÓÎ Ó{

" ฀ '(0$,1


«$YRXV
4XDQG"&RPSOpWH]
_DXMRXUG¶KXL_GHPDLQ_YHQGUHGL_KXLW_QRYHPEUH_PDUGL_FLQT_
_QRYHPEUH_VDPHGL_GHX[_QRYHPEUH_

‡7pOpSKRQHGHODSROLFH««««««««««QRYHPEUH
³SDVVHUDXFRPPLVVDULDW«««««RX«««««´
‡$ODFRQIpUHQFHGHSUHVVH««««««««««QRYHPEUH
‡$XPXVpH««««««««««QRYHPEUH
‡$O¶DpURSRUW««««««««««QRYHPEUH

4XLHVWFH"&RPSOpWH]
_VXLV_QHVXLVSDV_HVW_VRQW_WUDYDLOOH_WUDYDLOOHQW

Q XH
UHWR QWLT
‡-H««««««««««j3DULV
DG LD%H5RPD
1 D9L
‡-H««««««««««MRXUQDOLVWH HO O
pHG DSWD
‡-H««««««««««SRXUXQMRXUQDO 0XV UXH&K$5,6

 $935(
‡-¶DLHXURV (WLHQQH)
'LUHFWHXU V
‡-H««««««««««IUDQoDLV UW
+{WHOGHV$
‡-HQ¶DLSDVGHVRXYHQLUV 3$5,6
OkWUH
‡1DGLDQ¶««««««««««SDVOj UXHGXS 
ID[
O
‡8QKRPPHGLW³DWWHQWLRQ´
7p
UH# KR WHO GHVDUWVIU
IDY

‡4XL««««««««««FH"

‡1DGLD««««««««««DX0XVpHGHOD9LHURPDQWLTXH
‡(WLHQQH««««««««««OHGLUHFWHXUGHO¶+{WHOGHV$UWV
‡1DGLDHW(WLHQQH««««««««««HQVHPEOH &RPPLVVDLUH&K0DJQH
‡,OV««««««««««IUDQoDLV 3ROLFHMXGLFLDLUH
UXHGH&OLJQDQFRXUW
3$5,6
‡7LWUHGXMRXUQDO³9ROjO¶+{WHOGHV$UWV´³8QYRO´
‡4X¶««««««««««FHTXHF¶««««««««««"
‡&KDUOHV0DJQHDXWpOpSKRQH
‡,O««««««««««FRPPLVVDLUHGHSROLFH
‡,O««««««««««jOD3ROLFHMXGLFLDLUH


 /(&2))5(7'(12+$17

³-HXGLQRYHPEUHDYHF/XFDVj
O¶+{WHOGHV$UWV´
³ &¶HVWH[WUDRUGLQDLUH´«³&¶HVWXQH h4U VOIS ICI
HQFKqUH0RQVLHXU" ´«&LQTXDQWH LE COFFRET AVEC LA BAGUEv
FLQTXDQWHFLQT«
1$',$7XYRLVLFLOHFRIIUHWDYHFODEDJXH
XQFDGHDXG¶$OIUHGGH0XVVHW«
/8&$6$KRXLOHEDJXH&¶HVWURPDQWLTXH«
1$',$0DLVQRQF¶HVWODEDJXHHWOHFRIIUHW
2
 KF¶HVWSOXVTXHURPDQWLTXH«O¶DPRXU
Q¶DSDVGHSUL[« ,A BAGUE
,E COFFRET
$
 O¶+{WHOGHV$UWV
/8&$6%RQMRXUMHVXLV/XFDV+XUGMRXUQDOLVWH«
(XKOHFRIIUHW"
5e&(37,211,67(/HFRIIUHW"$OOH]YRLU0RQVLHXU
'HODUXHVDOOH
/8&$6$KRXLPHUFL
-($13,(55($KD«0RQVLHXUOHMRXUQDOLVWH
/8&$6$wH«
-($13,(55(-HW¶DLGLW³ODLVVHWRPEHU´
&DSLVFL"
(7,(11(-HDQ3LHUUHWXHVOj"
-($13,(55((WWRLOHMRXUQDOLVWH«)RXVOHFDPS
2Ô"
,FL

/¶$57,&/( 6,1*8/,(5  3/85,(/


/HFRIIUHWGH*HRUJH6DQGHVWLFL
/j

 0DVFXOLQ )HPLQLQ -HDQ3LHUUHWXHVOj"


,QGp¿QL 8QFRIIUHW 8QHEDJXH 'HVFRIIUHWV /jEDV


 8QK{WHO 8QHDIIDLUH 'HVDIIDLUHV /¶+{WHOGHV$UWVHVWOjEDV

'p¿QL /HFRIIUHW /DEDJXH /HVFRIIUHWV
 /¶K{WHO /¶DIIDLUH /HVK{WHOV

/HVSUpQRPV-HDQ3LHUUHRX(WLHQQH"

" 0RQVLHXU'HODUXHF¶HVWÊooooooooo'HODUXH,OWUDYDLOOHj/¶+{WHOGHV
$UWVDYHFÊoooooooo)DYUH


$80$5&+e

0RQPDUFKp

8
 QHXURWUHQWHFLQTOHVGHX[PDQJXHVdD
IDLWGL[EDOOHV«'HVIUXLWVGHVOpJXPHVF¶HVW
SDULFL
0202%RQMRXUPDEHOOH'HVWRPDWHVHWXQ
FRQFRPEUHSRXUOHVVDQGZLFKV"
1$',$%RQMRXU0RPR,O\DGXPRQGH
DXMRXUG¶KXL
0202$KRXLPDEHOOH7LHQVGHX[
WRPDWHV(WXQFRQFRPEUH&DIDLWXQHXUR
1$',$0HUFL0RPRjGHPDLQ
- HYDLVYRXVSUHQGUHGHODPHQWKH«

$XPDUFKp
9(1'(85(WSRXUYRXV0RQVLHXU"
/8&$60RPR«HXK«0RPRHVWLFL"
9(1'(850RPR",O\DGXPRQGHLFLLO\D
GHV0DXULFHGHV0RKDPPHG«
/8&$6(XKQRQ0RPRSRXU«HXK«GHV
WRPDWHVHW«HXK
9(1'(85$K0RPR0RPRGHVIUXLWVHW
OpJXPHVRXLLOHVWOjEDV
/8&$6(XK«9RXVrWHV0RPR"'HVWRPDWHV
HWXQFRQFRPEUH«
฀ ฀ ฀ ฀ 0202$KOHVVDQGZLFKVSRXUODEHOOH"
฀ /8&$63DUGRQ³ODEHOOH´"
0202$KOjYRXVDYH]VRQDPLOjEDV+p
฀฀฀ ฀ ฀ -HDQ3LHUUH9LHQVYRLU

$80$5&+e
,O\DGHVPDQJXHV 'HX[PDQJXHVF¶HVWXQHXURWUHQWHFLQT
,O\DGHVWRPDWHV 8QNLORGHWRPDWHVF¶HVWGHX[HXURV
,O\DGHVFRQFRPEUHV 8QFRQFRPEUHF¶HVWXQHXUR
&20%,(1"
,O\DGHODPHQWKH 8QERXTXHWGHPHQWKHF¶HVWXQHXUR
,O\DGXFDIp 8QSDTXHWGHFDIpF¶HVWWURLVHXURV
,O\DGHO¶HDX 8QHERXWHLOOHG¶HDXF¶HVWXQHXURFLQTXDQWH

4XL"-HDQ3LHUUH0RPRRX1DGLD"

" oooooooHVW³ODEHOOH´ÊooooooYHQGGHVIUXLWVHWOpJXPHV
oooooooHVWDXPDUFKp3RXUTXRL"



0RQFRLIIHXU
0$5&/(&2,))(85

&
 ¶HVWSDVWURSFKDXG"3ODFH3LJDOOHHQ
IDFHGXPpWUR0DGDPH ฀
0$5&$ORUVjQRXV ฀ ฀ ฀ ฀
1$',$%RQMRXU0DUF-¶DLXQHFRQIpUHQFH
GHSUHVVH
0$5&$ORUVOHVFKHYHX[FODLUV"
1$',$2XLDYHFXQHFRXSHFRXUWH
0$5&dDURXOHPDELFKH

&
 KH]OHFRLIIHXU «
0$5&%RQMRXU0RQVLHXUF¶HVWSRXUXQHFRXSH"
/8&$6%RQMRXU«F¶HVWSRXU«0DUF
0$5&2XLF¶HVWPRL&¶HVWSRXUXQHFRXSH"
/8&$6(XK«-H«&¶HVWSRXU1DGLD
0$5&$K1DGLDHWVHV\HX[YHUWV
/8&$6/HV\HX["9HUWV"
0$5&2XLYRXVDYH]OHV\HX[PDUURQ
HOOHDOHV\HX[YHUWV$ORUVFHWWHFRXSH"
/8&$6(XKRXLPHUFL

฀ ฀ ฀
฀ ฀ ฀ ฀

$92,5 ฀฀ ฀Á
M¶DL QRXVDYRQV ฀฀ ฀Á
WXDV YRXVDYH] ฀ ฀฀ ฀Á
HOOHLOD HOOHVLOVRQW

&¶(67&200(17" &¶(673285482,"
8QHFRXSHFRXUWH /HVFRXSHVFRXUWHV &¶HVWSRXUXQHFRXSH"
/¶RHLOYHUW /HV\HX[YHUWV &¶HVWSRXU0DUF
&¶HVWSRXUOHFRIIUHW
&¶HVWSRXUPRQDUWLFOH

1DGLDHVWEHOOH3RXUTXRL"

" 1DGLDDOHV\HX[oooooooooooooooooooooooooo
(OOHDOHVFKHYHX[oooooooooooooooooooooooooo
(OOHDXQHFRXSHoooooooooooooooooooooooooo


฀ ฀
฀ ฀
/$&21)e5(1&('(35(66(
/HGRFWHXU-RVVHOLQ
jO¶K{WHO 

/XFDV%RQMRXU0RQVLHXU+HQUL
+HQUL%RQMRXU
+{WHO0RQWPDUWUH /XFDV(XK«3DUGRQF¶HVWSRXUODWrWH«HXK«XQGRFWHXU"
0HVVDJH +HQUL2XLELHQV€U0/XFDV«OHGRFWHXU
-RVVHOLQF¶HVWOH0pGHFLQGH1DGLD«M¶DSSHOOH

WRXWGHVXLWH
฀ ฀ ฀
/XFDV0HUFL
฀฀ ฀ ฀ ฀ ฀
FKH]OH0pGHFLQ
/XFDV%RQMRXU/XFDV;OHGRFWHXU-RVVHOLQ
F¶HVWLFL"&¶HVWSRXUODWrWH
2Ô" /DUpFHSWLRQQLVWH$KYRXVrWHVO¶DPLGH1DGLD
jOD jOD jO¶ jO¶ $WWHQGH]«
-¶DLPDOjODWrWH -¶DLPDOjO¶°LO /H0pGHFLQ(QWUH]0RQVLHXU«dDQHYDSDV"
jOH DX jOHV DX[ 9RXVDYH]PDO"
-¶DLPDODXYHQWUH -¶DLPDODX[EUDV /XFDV(XK«&¶HVWODWrWH
/H0pGHFLQ9RXVDYH]PDOjODWrWH"«
/XFDV«2XL
/H0pGHFLQ,FL"
$77(17,21 /XFDV$wH
-¶DLGHVWRPDWHV !-HQ¶DLSDVGHWRPDWHV /H0pGHFLQ/j"
,ODGHVVRXYHQLUV !,OQ¶DSDVGHVRXYHQLUV /H0pGHFLQ2KOjOjYRXVDYH]XQHERVVH
VXUODWrWH'HVVRXYHQLUV"
/XFDV1RQSDVGHVRXYHQLUV«
/H0pGHFLQ0KK8QHDPQpVLH%RQWURLVRX
TXDWUHVHPDLQHVHWDSUqVoDYD
฀ ฀ ฀ ฀ ฀ /XFDV$K(XK«3DUGRQYRXVrWHVOH
฀ ฀ ฀ ฀ ฀ 0pGHFLQ«GH1DGLD"
/H0pGHFLQ1DGLD"""1RQMHQ¶DLSDVGH1DGLD«
/XFDV2K"3DUGRQPHUFLHWDXUHYRLU

³9HQGUHGLQRYHPEUHPDFRQIpUHQFH
jO¶+{WHOGHV$UWV´
&¶HVWPDJQL¿TXH«9RXVWUDYDLOOH]SRXU
TXHOMRXUQDO"2HVWOHFRIIUHW"
1$',$5HJDUGH]FHFRIIUHWGH*HRUJH6DQGDXMRXUG¶KXL
jO¶+{WHOGHV$UWVHWELHQW{WDX0XVpHGHOD9LH
URPDQWLTXH9RLFLODEDJXHDYHFOHVLQLWLDOHVGH*HRUJH
6DQGHW$OIUHGGH0XVVHW$0*6«

2HVWOHFRIIUHWGH*HRUJH6DQGDXMRXUG¶KXL"

" /HQRYHPEUHOHFRIIUHWHVWooooooooooooooooooooo
³%LHQW{W´OHFRIIUHWHVWoooooooooooooooooooooooo
(WDXMRXUG¶KXL""""""


 dDYD"
&+(=0$5,($1*(

0$5,($1*($ORUVPRQSHWLWdDYD" ฀
9RXVDYH]IDLP"6RLI" ฀฀ ฀ Á
/8&$6-¶DLIDLP«HXKVRLI""" ฀ ฀
0$5,($1*(2XLM¶DLIDLPMHPDQJHXQ ฀ ฀ ฀ ฀
VDQGZLFK-¶DLVRLIMHERLVGHO¶HDX
/8&$6-¶DLPDOF¶HVWODWrWH ฀ ฀฀฀ Á
0$5,($1*(9RXVDYH]PDO"$ORUVMHYRXV
DSSRUWHODFDUWHHWXQHDVSLULQH
0$5,($1*(7HQH]PRQSHWLWXQHDVSLULQH ฀
SRXUODWrWH(WODFDUWH$ORUVXQVDQGZLFK ฀
XQHTXLFKHXQFURTXHPRQVLHXU
XQFURTXHPDGDPH"
/8&$6(XK«TX¶HVWFHTXHF¶HVWXQ
³FURTXHPDGDPH´" ฀ ฀ ฀
0$5,($1*(%HQF¶HVWXQWRDVWDYHFGX ฀ ฀
IURPDJHGXMDPERQ«HWXQ°XI ฀ ฀ ฀
/8&$6(XK«8QFURTXHPDGDPH
0$5,($1*((WYRLOjOHVDQGZLFK%RQ
DSSpWLW
/8&$60HUFL«HXKSDUGRQXQHIHPPH
HXK1DGLD""(XK«\HX[YHUWVFKHYHX[ &211$Ì75(
FRXUWV" MHFRQQDLV QRXVFRQQDLVVRQV
0$5,($1*((XKVLMHFRQQDLVXQH1DGLD" WXFRQQDLV YRXVFRQQDLVVH]
$KEHQRXLF¶HVWODIHPPHDXEDODGHXU« HOOHLOFRQQDvW HOOHVLOVFRQQDLVVHQW

4XDQG"
1  ,   , ,   1  6 ,  -   
£ Ó Î

{ x È Ç n ™ £ä
฀ ฀ ฀ ฀

฀ ฀
££ £Ó £Î £{ £x £È £Ç
฀ ฀ ฀ ฀ ฀ ฀
฀ ฀ ฀ ฀ ฀ ฀
฀ ฀ ฀
£n £™ Óä Ó£ ÓÓ ÓÎ Ó{
฀ ฀


«$YRXV
/¶DUWLFOHTX¶HVWFHTXHF¶HVW"&RPSOpWH]
_OH_OD_O¶_OHV_XQ_XQH_GHV_GH_GX_

‡-HPDQJH«««««FURTXHPDGDPH
‡-HERLVGH«««««HDX
‡9RLFL«««««FDUWHHW«««««DVSLULQHSRXU«««««WrWH
‡$XPDUFKp0RPRD«««««IUXLWVHWOpJXPHV
‡,O\D«««««PRQGHDXPDUFKp
‡1DGLDDFKqWH«««««WRPDWHVHW«««««FRQFRPEUHSRXU«««««VDQGZLFKV
‡8QPRQVLHXUDFKqWH«««««ERXTXHW«««««PHQWKH
‡-HQ¶DLSDV«««««VRXYHQLUV
‡-¶DLXQHERVVHVXU«««««WrWH
‡/HGRFWHXU-RVVHOLQQ¶HVWSDV«««««PpGHFLQGH1DGLD
‡0DLV«««««UpFHSWLRQQLVWHFRQQDvW1DGLD³$K9RXVrWHV«««««DPLGH1DGLD´"

/¶DGMHFWLIFRPPHQW"&RPSOpWH]
_FODLUV_FRXUWH_pWUDQJHU_IUDQoDLVH_PDUURQ_YHUWV_

/XFDVHVW««««««««««
1DGLDHVW««««««««««
(OOHDOHVFKHYHX[ÊÊÊ««««««««««
(OOHDXQHFRXSHÊÊÊ««««««««««
(OOHDOHV\HX[ÊÊ««««««««««°
/XFDVDOHV\HX[ÊÊÊ««««««««««ÊÊÊÊÊ

2"&RPSOpWH]
_j_DX_jOD_

‡/HQRYHPEUH/XFDVHW1DGLDVRQW«««««0XVpHGHOD9LH5RPDQWLTXH
‡/HQRYHPEUH/XFDVHW1DGLDVRQW«««««+{WHOGHV$UWV
‡/HQRYHPEUHOHVMRXUQDOLVWHVVRQW«««««FRQIpUHQFHGHSUHVVH
‡/HFRIIUHWGH*HRUJH6DQGHVWELHQW{W«««««0XVpHGHOD9LH5RPDQWLTXH
‡-HDQ3LHUUHWUDYDLOOH«««««O¶+{WHOGHV$UWV
‡0RPRWUDYDLOOH«««««PDUFKp


 &¶(67'(/$3$57'(48,"

9HQGUHGLQRYHPEUHFKDPSDJQH
«
 &RPPHQWoDYD0DGDPH"«&¶HVWXQH
ERQQHLGpHWLHQV«
1$',$0HUFLSRXUFHWWHVRLUpH(WLHQQH'LVPRL
-HDQ3LHUUHHVWOj"
(7,(11(1RQHWMHGLVTXHF¶HVWWDQWPLHX[
1$',$-HYRLV(W5HQpLOHVWYHQX"
(7,(11(2XLPDLVLOHVWGpMjSDUWL

+{WHOGHV$UWVERQMRXU
-($13,(55(+{WHOGHV$UWVERQMRXU
/8&$6%RQMRXU0RQVLHXUMHYRXGUDLVSDUOHUj«
0RQVLHXU(WLHQQH)DYUHV¶LOYRXVSODvW
-($13,(55(&¶HVWGHODSDUWGHTXL"
/8&$6(XK«/XFDV«/XFDV;«
-($13,(55($KF¶HVWWRL"4XHOFXORW(KEHQ
LOQ¶HVWSDVOj«SRXUWRL
/8&$6$OO{""(XK«YRLFL«HXK«YRLFLPRQ
QXPpUR
-($13,(55(3RXUTXRLIDLUH"-HW¶DLGLW³/DLVVH
WRPEHUª&DSLVFL"

฀ ฀ ฀ ฀ ฀ ฀

฀ ฀ ฀ ฀

/('e021675$7,)
OHVRLU FHVRLU
ODVRLUpH FHWWHVRLUpH
฀ ฀ ฀
O¶DUJHQW FHWDUJHQW
฀ ฀

/XFDVWpOpSKRQHjO¶+{WHOGHV$UWV

" 4XLUpSRQGDXWpOpSKRQH"oooooooooooooooooooooooÊ
(VWFHTX¶(WLHQQHHVWjO¶+{WHOGHV$UWV"ooooooooooooooooo


/¶$))$,5('8&2))5(7&¶(679286"

'
 HVMRXUQDOLVWHVSRXU/XFDV

«
 9RXVFUR\H]TX¶LOYDYHQLU"«
/8&$6(KERQMRXU«F¶HVWSRXU«XQID[
-2851$/,67(6+pF¶HVWOXL
+(15,2XLMXVWHPHQW0RQVLHXU/XFDV
LO\DGHVMRXUQDOLVWHVSRXUYRXV
-2851$/,67(2HVWOHFRIIUHW"
/8&$63RXUPRL"'HVMRXUQDOLVWHV"
-2851$/,67(³/¶DIIDLUHGXFRIIUHW´F¶HVWYRXV"
-2851$/,67(4X¶HVWFHTXHYRXVIDLWHVj3DULV"
-2851$/,67(2HVWOHFRIIUHW"
/8&$6(KQRQQRQMHQHFRPSUHQGVSDV«
-2851$/,67(2XLRXLDOOH]«SRXUODSKRWR
฀ /8&$6([FXVH]PRL«"
฀ ฀ ฀ ฀
6DPHGLQRYHPEUH
OHMRXUQDOWpOpYLVp
35e6(17$75,&(%RQVRLU+LHUYROP\VWpULHX[j
O¶+{WHOGHV$UWV«/HFRIIUHWGH*HRUJH6DQG
DGLVSDUXORUVG¶XQFRFNWDLO«$YHFQRXVHQ
฀ ฀ ฀ ฀ GXSOH[GHSXLVO¶,WDOLHOHFRPPLVVDLUH0DJQH
฀ ฀ VSpFLDOLVWHGXWUD¿FLQWHUQDWLRQDOjODSROLFH
฀ ฀ MXGLFLDLUH«&RPPLVVDLUH0DJQHERQVRLU«
0DQLIHVWHPHQWYRXVDYH]GHVLQIRUPDWLRQV
VXUFHYRO«
1$',$2K]XW2XLDOO{"

 , ,
 1  6 ,  -   
Ç n ™ £ä

฀฀ ฀ ฀ ฀

 , 1"1, ½1 

4XHIDLW/XFDVj3DULV"2HVWOHFRIIUHW"4XLHVWOH&RPPLVVDLUH0DJQH"

" ooooooooooooooooooooooooooooooooooo
ooooooooooooooooooooooooooooooooooo


 -¶$,81(&$57(3267$/(32859286

8QGvQHUHQWrWHDWrWH
«
 &¶HVWSRXUTXL"«DXUKXP«XQHDXWUHDX ฀
PLHO«'HX[FUrSHVGHX[« ฀
6(59(85«(KELHQYRLOj
/DFRPSOqWHSRXUYRXV ฀ ฀ ฀ ฀Á
/8&$60HUFL«0DLV«1DGLD«
1$',$6KKWIDLVDWWHQWLRQF¶HVWHQWUHQRXV ฀ ฀ ฀ ฀Á
SURPLV"7FKLQ
/8&$6%RQDSSpWLW ฀ ฀Á

$
 O¶K{WHO8QHFDUWHSRVWDOH ฀ ฀ ฀ ฀Á
/8&$6%RQMRXU0RQVLHXU+HQUL
+(15,-¶DLXQHFDUWHSRVWDOHSRXUYRXV« ฀
GH1DGLD ฀
/8&$68QHFDUWHSRVWDOHSRXUPRL" ฀ ฀ ฀ ฀Á
3DUGRQODFDUWHF¶HVWODSRVWH"
+(15,1RQdDQHYLHQWSDVGHODSRVWH ฀ ฀ ฀ ฀Á
F¶HVWXQPRQVLHXU
/8&$68QPRQVLHXU"«(XK« ฀ ฀ ฀Á
+(15,([FXVH]PRL/¶K{WHO0RQWPDUWUH
ERQMRXU«2XL0DGDPHQRXVDYRQVGHV
FKDPEUHV«&HVHUDLWSRXUTXHOOHGDWH"«
$WWHQGH]MHUHJDUGH«2XLHIIHFWLYHPHQW
0DGDPH«(KELHQpFRXWH]
0DGDPHMHYRXVQRWH«



฀ ฀฀ ฀ ฀
฀ ฀ ฀ ฀฀
฀ ฀
฀ ฀฀

02,72,«
(QWUHQRXVHQWUHWRLHWPRL
(QWUHHX[ HQWUHHOOHHWOXL

4XHOHVWOHVHFUHWHQWUH/XFDVHW1DGLD"

" ooooooooooooooooooooooooooooooooooo
ooooooooooooooooooooooooooooooooooo
ooooooooooooooooooooooooooooooooooo


48¶(67&(48(9286)$,7(6¬3$5,6"

0DUGLQRYHPEUHDXFRPPLVVDULDW

«
 3-&OLJQDQFRXUWM¶pFRXWH«&RPPLVVDULDW&OLJQDQFRXUWM¶pFRXWH«-¶DLSHUGX
PDFDUWHG¶LGHQWLWp«&¶HVWSRXUXQHGpFODUDWLRQGHYRO"«2XLLFLFRPPLVVDULDW
&OLJQDQFRXUW«&RPPLVVDLUH0DJQH"8QLQVWDQWV¶LOYRXVSODvW«
1$',$«&¶HVWPDIDXWH«$KFRPPLVVDLUH0DJQH"
0$*1($ORUV0DGDPH%UHWRQ1DGLD"$VVH\H]YRXV9RXVrWHVQpHOHPDUV«
1$',$2XL«
0$*1('RPLFLOH+{WHO0RQWPDUWUH«
1$',$&¶HVWoD«
0$*1((WTX¶HVWFHTXHYRXVIDLWHVDX0XVpHGHOD9LH5RPDQWLTXH"
1$',$-HWUDYDLOOHVXU*HRUJH6DQG«MXVWHPHQW« ฀ ฀ ฀

$
 XFRPPLVVDULDW
0$*1((QWUH]«$KYRLOjQRWUHMRXUQDOLVWH-HP¶DSSHOOH0DJQH&KDUOHV0DJQH9RWUHQRP"
/8&$6(XKMHP¶DSSHOOH;/XFDV;
0$*1($ORUVYRXVKDELWH]O¶+{WHO0RQWPDUWUHFRPPH1DGLD«4XHOOHHVWYRWUHQDWLRQDOLWp"
/8&$6(XK«QDWLRQDOLWp"2XL«MHVXLVÊÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚÚ
0$*1($K/¶H[SRVLWLRQVXUODYLHGH*6DQG«F¶HVWFKH]YRXV$ORUVTX¶HVWFHTXHYRXV
IDLWHVj3DULV"
/8&$63DUGRQ"9RXVIDLWHV"-HQHFRPSUHQGVSDV
0$*1(2XLYRXVDX0XVpHjO¶+{WHOGHV$UWVOHFRIIUHWKHLQ«DORUV"
/8&$6(XKMHWUDYDLOOH«MHVXLVMRXUQDOLVWH
0$*1(&¶HVWoD«(WOHFRIIUHWGH*HRUJH6DQGF¶HVWXQVRXYHQLUGHYDFDQFHV"

฀ ฀ ฀

48(/48(//( 3-&/,*1$1&2857
120 ฀
4XHOHVWYRWUHQRP"
35(120
4XHOOHHVWYRWUHQDWLRQDOLWp"
'$7('(1$,66$1&( ฀ ฀
'20,&,/(
฀ ฀ ฀ ฀ ฀ ฀ ฀ 
)$,5(
1$7,21$/,7(
MHIDLV QRXVIDLVRQV
352)(66,21 ฀
WXIDLV YRXVIDLWHV
(03/2<(85 ฀ ฀ ฀ ฀
HOOHLOIDLW HOOHVLOVIRQW
6,*1$785(
฀ 

/XFDVHVWLOHQYDFDQFHV"

" /HFRIIUHWGH*HRUJH6DQGHVWFHXQVRXYHQLUGHYDFDQFHV"Êoooooooo
oooooooooooooooooooooooooooooooooo


 &KH]0DULH$QJH
-(0¶$33(//(0$5,($1*(0213(7,7

0$5,($1*(%RQVRLU/XFDV
/8&$6%RQVRLU0DGDPH
0$5,($1*($ORUVTX¶HVWFHTXHYRXVSUHQH]" ฀ ฀ ฀฀ ฀
/8&$68QHELqUHV¶LOYRXVSODvW
0$5,($1*(-RMRWXP¶IDLVXQGHPLSRXU
0RQVLHXUV¶WHSODvW

$
 YRWUHVDQWp
0$5,($1*((KYRLOjOHGHPL8QHXUR
VRL[DQWHV¶LOYRXVSODvW
/8&$66RL[DQWH«HXK«YRLOj
0$5,($1*(8QHXURYLQJWTXDUDQWHHW
VRL[DQWH«0HUFL
0$5,($1*($ORUVPRQSHWLWYRXVIDLWHVODWrWH"
/8&$60DWrWH"
0$5,($1*(2XLHQILQYRXVDYH]XQSUREOqPH"
/8&$62XLoDQHYDSDV«ODSROLFHOHV
MRXUQDOLVWHV«
0$5,($1*($K-HYRXVFRPSUHQGV
฀ ฀ ฀ ฀
5HJDUGH]ODSKRWRF¶HVWYRXV
/8&$60DLVQRQ-HQHVXLVSDVYROHXU
0$5,($1*($OOH]MHYRXVRIIUHXQYHUUH
฀ ฀
/8&$62KPHUFL0DGDPH
0$5,($1*(-HP¶DSSHOOH0DULH$QJH ฀ ฀Á฀
PRQSHWLW ฀ ฀ ฀Á฀
฀ ฀Á฀
฀ ฀ ฀Á฀
฀ ฀ ฀ ฀Á
฀ ฀Á฀
฀ ฀ ฀

&RPSOpWH]
_2_4X¶HVWFHTXH_3RXUTXRL_4XHO_4XL_

‡/DFDUWHQ¶DSDVG¶DGUHVVH««««««HVW1DGLD"
‡««««««HVWFHTXH1DGLDGLW³$WWHQWLRQ´"
‡««««««MHIDLVGDQVFHWWHKLVWRLUH""
‡««««««HVWPRQVHFUHWDYHF1DGLD"
‡««««««HVWOHYROHXU"


«$YRXV
&RPSOpWH]
_OHYRO_OHFRFNWDLO_OHMRXUQDOWpOpYLVp_1DGLDDXFRPPLVVDULDW_

/81', 0$5', 0(5&5(', -(8', 9(1'5(', 6$0(', ',0$1&+(


£ Ó Î

{ x È Ç n ™ £ä

฀ ฀

££ £Ó £Î £{ £x £È £Ç

£n £™ Óä Ó£ ÓÓ ÓÎ Ó{

+LHU $XMRXUG·KXL 'HPDLQ

4XLGLWTXRL"
+HQUL_/HFRPPLVVDLUH0DJQH_OHVMRXUQDOLVWHV_-HDQ3LHUUH_1DGLD

1DGLD‡ ‡$KF¶HVWWRL"4XHOFXORW(KELHQLOQ¶HVWSDVOj«SRXUWRL

+HQUL‡ ‡2XLRXLDOOH]«SRXUODSKRWR

/HVMRXUQDOLVWHV‡ ‡6RXYHQLUVDYHFWRLOHFRIIUHW«XQFDGHDX

-HDQ3LHUUH‡ ‡&¶HVWoD«(WOHFRIIUHWGH*HRUJH6DQG
F¶HVWXQVRXYHQLUGHYDFDQFHV"

&RPPLVVDLUH0DJQH‡ ‡-¶DLXQHFDUWHSRVWDOHSRXUYRXV«GH1DGLD

0$,6-(1(68,63$692/(85



/D6HLQH
817285(1%$7($8

*8,'((WELHQ0HVGDPHVHW0HVVLHXUV
ELHQYHQXHVXUOHV9HGHWWHVGX3RQW1HXI
$GURLWHQRXVGpFRXYURQVOH/RXYUHOHSOXV
JUDQGPRQXPHQWSDULVLHQHWGHUULqUH
OHV7XLOHULHV
$YRWUHJDXFKHYRXVYR\H]OH0XVpHG¶2UVD\
*$É//(0DLVF¶HVWR"1DGLDMHQHYRLVULHQ

³
 /DLVVHWRPEHU´"
/8&$63DUGRQ0DGDPHOHEDWHDXOH3RQW1HXI"
'$0((XK/H3RQW1HXIYRXVYR\H]O¶,OH
GHOD&LWpOjEDV"9RXVWUDYHUVH]OHSRQW
SXLVYRXVGHVFHQGH]O¶HVFDOLHUjYRWUHGURLWH
'HUULqUHOHFKHYDOG¶+HQUL,9
OHV7XLOHULHV
/8&$6(XKPHUFL
-($13,(55($ORUVRQYRLWWDSKRWRGDQVOHV /H/RXYUH
MRXUQDX[KHLQ"7¶HVFpOqEUHPRQSRWH
/8&$6+KK« 0XVpHG¶2UVD\
-($13,(55(7¶RXEOLHVSDV7XODLVVHVWRPEHU /HVYHGHWWHVGX3RQW1HXI
&DSLVFL"

,OHGHOD&LWp

&¶(672Ô" 92,5
 MHYRLV QRXVYR\RQV
«
«
$JDXFKH $GURLWH WXYRLV YRXVYR\H]
«

HOOHLOYRLW HOOHVLOVYRLHQW
7RXW
GURLW
«
 'HYDQW 'HUULqUH «
9(5%(6
7UDYHUVHU 9RXVWUDYHUVH]OHSRQW
«
«
'HVFHQGUH 9RXVGHVFHQGH]O¶HVFDOLHU
«

0RQWHU 9RXVPRQWH]O¶HVFDOLHU
«

-HDQ3LHUUHGLW³7XODLVVHVWRPEHU´

" 3RXUTXRL"


'$16/(0e752

*pUDUGOHFORFKDUG

*pUDUG-HP¶DSSHOOH*pUDUGHWMHVXLV
FORFKDUG«
8QHSHWLWHSLqFHF¶HVWSDVJUDQGFKRVHPDLV
oDPHSHUPHWGHPDQJHUTXHOTXHFKRVH«
0HUFL«RK0DGDPH1DGLD
1DGLD7RXMRXUVVXUPDOLJQH"7HQH]«
*pUDUG«0HUFL«RK0DGDPH1DGLD
1DGLD7RXMRXUVVXUPDOLJQH"7HQH]«-HQH
VXLVSDVOjGHX[VHPDLQHV«
*pUDUG/HVYDFDQFHVDYHFYRWUH¿DQFp"
1DGLD1RQHWVXUWRXWQHOXLGLWHVULHQ«

'DQVOHPpWUR
&ORFKDUGV0¶VLHXU]¶DYH]XQHFLJDUHWWH"
8QHXUR"
/XFDV8QHFLJDUHWWH"RXL«PDLV«
*pUDUGHVWLFL"
&ORFKDUGV*pUDUG"*pUDUGQ¶HVWSDVLFLLOHVW
j6WUDVERXUJ6DLQW'HQLV'LUHFWLRQ³&UpWHLO´
/XFDV0HUFLPHUFL
/XFDV3DUGRQPDGDPH6WUDVERXUJ6DLQW
'HQLVV¶LOYRXVSODvW"
'DPH2KOjOj&HQ¶HVWSDVLFL&¶HVWOj«
5HJDUGH]³/LJQH%DODUG&UpWHLO´
/XFDV0HUFLPDGDPH

*pUDUGQ¶HVWSDVLFL *pUDUGQ¶HVWSDVjODVWDWLRQ³0DGHOHLQH´

&HQ¶HVWSDVLFL&¶HVWOj ³6WUDVERXUJ6DLQW'HQLV´Q¶HVWSDVVXUODOLJQHF¶HVWVXUODOLJQH

728-28561(«-$0$,6
*pUDUGHVWWRXMRXUVGDQVOHPpWUR /XFDVQ¶HVWMDPDLVGDQVOHPpWUR
1DGLDWUDYDLOOHWRXMRXUV *pUDUGQHWUDYDLOOHMDPDLV

4XHVWLRQ1DGLDQ¶HVWSDVj3DULVRHVWHOOH"ooooooooooo

" oooooooooooooooooooooooooooooooooo


$

 YHF(WLHQQH
$85(67$85$17

(7,(11(0PPP«FH%RXUJRJQHVRL[DQWH
GL[QHXIHVWH[FHOOHQW -($13,(55( 1$',$
/8&$6$KRXL«H[FHOOHQW0RQVLHXU &ROOqJXHV"
(7,(11($SSHOH]PRL(WLHQQH'LWHVPRL $PLV
/XFDV«9RXVDYH]GHVQRXYHOOHVGH1DGLD" )LDQFpV""
/8&$6(XK«(OOHQ¶HVWSDVOj«
(7,(11((W«-HDQ3LHUUHTX¶HVWFHTX¶LOGLW"
/8&$6-HDQ3LHUUH"6RQDPL" &+,))5(6;
(7,(11(2XLHQILQLOGLWTX¶LOHVWVRQ« 'L[ 
KUPK «¿DQFp«(QFRUHGXYLQ" 9LQJW 
/8&$6$KRXLPHUFL(W«5HQp" 7UHQWH 
(7,(11(5HQp"&¶HVWXQYLHLODPLGLVRQVTX¶LO 4XDUDQWH 
HVWFRPPHPRQIUqUH &LQTXDQWH 
/8&$6$K«RXL«HW«1DGLD" 6RL[DQWH 
(7,(11($QQHGLWTX¶HOOHYDELHQ« 6RL[DQWHGL[  
4XDWUHYLQJW [ 
$QQH 4XDWUHYLQJWGL[ [ 
6(59(85(WYRLOj0HVGDPHVGHX[NLUVHWGHV &HQW 
FDFDKXqWHV
$11(0HUFL$ORUVWXYLHQVFKH]PRL
G¶DFFRUG" DYDQWTXHM¶RXEOLH YRLFLPRQ
QXPpURDXWUDYDLO
1$',$'¶DFFRUGDORUVF¶HVW«TXDUDQWHWURLV ฀ ฀ ฀ ฀ ฀
YLQJW]pURTXDWUHTXDWUHYLQJWFLQT«
$11((WDORUVWRQDPRXUHX[" ฀
1$',$$OOH]jO¶DPRXUHWjODQ{WUHFRPPH ฀฀฀฀฀ ฀
GDQVOHERQYLHX[WHPSV
฀ ฀ ฀ ฀ ฀

',5(
MHGLV QRXVGLVRQV 4XDUDQWHWURLV
WXGLV
HOOHLOGLW
YRXVGLWHV
HOOHVLOVGLVHQW ª 9LQJW
=HURTXDWUH
4XDWUHYLQJWFLQT

4XLHVW³O¶DPRXUHX[´GH1DGLD"ooooooooooooooooooo

"

/(6<(8;'(1$',$

/D)RLUHGX7U{QH

*$É//(1DGLD1DGLD«7XYLHQVVXUOHPDQqJH"
1$',$$wH0HV\HX[*DsOOHRVRQWPHVOXQHWWHV"
*$É//(&DQHYDSDV"

0
 RQVLHXU-RVVHOLQRX0DGDPH-RVVHOLQ"
/8&$6%RQMRXU/XFDV;DPLGH1DGLDF¶HVW
SRXUXQUHQGH]YRXVDYHFOHGRFWHXU
5e&(37,211,67(&¶HVWXQUHQGH]YRXVSRXU1DGLD"
KGXPDWLQ /8&$61RQF¶HVWSRXUPRL
KGHO¶DSUqVPLGL 5e&(37,211,67($ORUVYRXVYHQH]SRXUPRQVLHXU
KGXVRLU -RVVHOLQOHJpQpUDOLVWHRXSRXU0DGDPH
-RVVHOLQO¶RSKWDOPR"
/8&$60RQVLHXU-RVVHOLQ«
5e&(37,211,67('HPDLQM¶DLKRXKHXUHV
&$%,1(7-266(/,15(1'(=9286 /8&$6(XKF¶HVWOHVRLU"
0DGDPH-RVVHOLQ 0RQVLHXU-RVVHOLQ 5e&(37,211,67(1RQKGXPDWLQKO¶DSUqVPLGL
2SKWDOPRORJLVWH *pQpUDOLVWH /8&$6$KRXLK«
0DWLQ 5e&(37,211,67(&¶HVWQRWpGHPDLQK
 ฀ ฀
 ฀ 
 ฀ ฀ ฀
 ฀ ฀ ฀
 ฀ ฀ ฀
 ฀ ฀ ฀
 ฀ ฀ ฀
$SUqVPLGL
 ฀ ฀ ฀ 9(1,5
 ฀ ฀ ฀ MHYLHQV QRXVYHQRQV
 ฀ ฀ ฀ WXYLHQV YRXVYHQH]
 ฀ ฀ ฀ HOOHLOYLHQW HOOHVLOVYLHQQHQW
 ฀ ฀ ฀ ฀
 ฀ ฀ ฀
 ฀ ฀ ฀
 ฀ ฀ ฀ 1 XQ°LO >XQHXLO@
 ฀ ฀ ฀ 11 'HX[\HX[ >'HX]LHX@
6RLU
8QSUREOqPHG¶\HX[ >GLHX@

" 4XLHVWOHPpGHFLQGH1DGLD"oooooooooooooooooooo
ooooooooooooooooooooooooooooooooooooo


 ,OSOHXW«
&+(=0$5,($1*(

/8&$6%RQVRLU0DULH$QJH ฀ ฀ ฀ ฀ ฀ ฀
0$5,($1*(2KODoDQHYDSDVKHLQ³,OSOHXUH ฀ ฀ ฀ ฀ ฀ ฀
GDQVPRQF°XUFRPPHLOSOHXWVXUODYLOOH«´
/8&$6,OSODvW"
0$5,($1*(1RQLOSOHXW9HUODLQHXQSRqWH
IUDQoDLV$ORUVYRXVYHQH]SRXUGXYLQ"
GXFDIp"
/8&$6(XKSRXUGXELqUHV¶LOYRXVSODvW
0$5,($1*(1RQF¶HVWOHYLQDORUVRQGLW³GX
YLQ´PDLVF¶HVWODELqUHDORUVRQGLW
³GHODELqUH´
/8&$62XLG¶DFFRUG
0$5,($1*(&DYLHQWWRXWGHVXLWHPRQSHWLW
DYHFGHVFDFDKXqWHV
0$5,($1*((WYRLOj6DQWp
/8&$60HUFL3DUGRQOHQXPpURGH
WpOpSKRQH«QHYDSDV
0$5,($1*(9R\RQV«F¶HVWj
3DULV"
฀ ฀ ฀ ฀
/8&$6(XK«
฀ ฀ ฀ ฀
0$5,($1*(3DULVF¶HVWPDLV/\RQF¶HVW
6WUDVERXUJF¶HVW«
/8&$6$KG¶DFFRUG«
0$5,($1*($ORUVPRQSHWLWoDYDPLHX["
฀ ฀ ฀ ฀ ฀
/8&$62XLPHUFL3DUGRQ0DULH$QJH«F¶HVW ฀ ฀ ฀ ฀ ฀
TXRL³XQYLHLODPL«FRPPHPRQIUqUH´" ฀฀ ฀ ฀ ฀ ฀
0$5,($1*((KELHQ«F¶HVWXQWUqVERQDPL ฀ ฀ ฀ ฀
8QIUqUHF¶HVWODIDPLOOH ฀ ฀ ฀ ฀
/8&$6$K ฀

¼ ·
,/3/(87 ,/)$,7%($8

48¶(67&(48(928635(1(=" «6¶,/92863/$Ì7
'XFDIp" 8QFDIp
'XYLQ" 8QYHUUHGHYLQ
'HODELqUH" 8QHELqUH
'HO¶HDX" 8QYHUUHG¶HDX


«$YRXV
4XLGLWTXRL"7URXYH]OHVSKUDVHVTXLFRUUHVSRQGHQW

  *DsOOHGLWTX¶HOOHQHYRLWULHQ‡ ‡³*pUDUGQ¶HVWSDVLFL´
  1DGLDGLWTX¶HOOHSDUWGHX[VHPDLQHV‡ ‡³5HQp"'LVRQVTX¶LOHVWFRPPHPRQIUqUH´
  1DGLDGLWTX¶HOOHDPDODX[\HX[‡ ‡³-HQHVXLVSDVOjGHX[VHPDLQHV´
  (WLHQQHGLWTXH5HQpHVWFRPPHVRQIUqUH‡ ‡³$wHPHV\HX[´ 
 /HVFORFKDUGVGLVHQWTXH*pUDUGQ¶HVWSDVOj‡ ‡³&¶HVWR"-HQHYRLVULHQ´

&RPSOpWH]OHVQRWHVGH/XFDVDYHFGHVFKLIIUHV
_______

‡/HQXPpURGHWpOpSKRQHG¶$QQHF¶HVWOH TXDUDQWHWURLV « YLQJW « ]pURTXDWUH « TXDWUHYLQJWFLQT «

‡/DOLJQH GRX]H GXPpWURYDGH³3LJDOOH´j³0DGHOHLQH´


$11(
‡/HYLQHVWGHO¶DQQpH VRL[DQWHGL[QHXI  &¶HVWR"
$3DULV"«««««
$6WUDVERXUJ"««««
$/\RQ"««««

'HTXLSDUOHWRQ"
_$QQH_5HQp_(WLHQQH_1DGLD_-HDQ3LHUUH_

«««««««HVWXQHDPLHG¶$QQH
«««««««HVWXQWUqVERQDPLG¶(WLHQQH
«««««««Q¶KDELWHSDVj3DULV ฀ ฀
«««««««HVWOH¿DQFpGH1DGLD ฀ ฀ ฀
«««««««Q¶DLPHSDV-HDQ3LHUUH ฀฀

฀ ฀ ฀
฀ ฀
฀ ฀฀฀

฀ ฀ ฀ ฀ ฀
฀ ฀

" 4XHOVVRQWOHVDPL H VGH1DGLDHWGH/XFDV"oooooooooo


ooooooooooooooooooooooooooooooooo



0DSRVWH
81&2855,(50<67(5,(8;

฀ ฀
«
 3DUGRQH[FXVH]PRL«%RQMRXU«2XL ฀
PHUFL«
+200(2KOjOjTX¶HVWFHTXHoDGXUH«PDLV
PDOHWWUHHVWWUqVLPSRUWDQWH
1$',$0RLMHYLHQVSRXUPRQFRXUULHU
«
 /DSHUVRQQHVXLYDQWHVLYRXVYRXOH]«
฀ ฀
+200($KF¶HVWPRQWRXU$XUHYRLU0DGDPH

5
 HWRXUDXFRPPLVVDULDW
0$*1((QWUH]%LHQ0RQVLHXU$ORUVSDUORQV
GHYRVDPLV
/8&$63DUGRQ"$PLV"
฀ ฀ ฀
0$*1(%HQRXL1DGLD%UHWRQ-HDQ3LHUUH
'HODUXH(WLHQQH)DYUH5HQp'XERQSUp
HW«$'XSLQ
/8&$62XL1DGLDF¶HVWXQHDPLH
0$*1($KDGRQFHOOHHVWYRWUHDPLH
(W-HDQ3LHUUH"
/8&$6(XK«QRQ
0$*1(,OQ¶HVWSDVYRWUHDPL"«(WFHWWHOHWWUH
VLJQpH$'XSLQ³/HUpVHDX6XG´9RXVYR\H]"
/8&$63DUGRQ"'XSLQ"/HUpVHDX6XG"
0$*1(%RQ&¶HVWWRXW$XUHYRLU0RQVLHXU
฀ ฀ ฀

฀ ฀

0DPRQPHV
/DOHWWUH 0DOHWWUH 9RWUHOHWWUH
/HFRXUULHU 0RQFRXUULHU 9RWUHFRXUULHU
/HVWLPEUHV 0HVWLPEUHV 9RVWLPEUHV

4XLHVW$'XSLQ"ooooooooooooooooooooooooooo

"

/(6$))$,5(6'(5(1e(7'¶(7,(11(

5HQpj&OLJQDQFRXUW

«
 1¶KpVLWH]SDVjYRXVUHQVHLJQHUVXUOHV
FXLUV«ODUHVWDXUDWLRQ«&HOXLOj"
-HSUHQGVFHOOHOj«
5(1e«&HPHXEOH/RXLV;,,,F¶HVW
HXURV«
1$',$6DOXW5HQp$ORUVOHQRXYHDX
EURFDQWHXUGH&OLJQDQFRXUW
5(1e2KF¶HVWPRQSODLVLUGXZHHNHQG/HV
YUDLHVDIIDLUHVF¶HVWTXDL0DODTXDLV

$
 X[3XFHVGH&OLJQDQFRXUW
/8&$63DUGRQ0DGDPH«5HQp'XERQSUp
EURFDQWHXU"
)(00(/DEURFDQWH"DOOH]YRLUOjEDV0DUFKp
9HUQDLVRQ«
«
 YRXVDYH]UDLVRQ«
9(1'(86(%RQMRXU0RQVLHXUMHSHX[YRXVDLGHU"
/8&$6(XKQRQPHUFLoDYD«
5(1e(FRXWHPRL&HWWHDIIDLUHF¶HVW
฀ ฀ ฀ ฀ SRXUQRXV
฀ ฀ ฀฀ (7,(11(0DLVoDQHYDSDV
5(1e«-HYDLVHQ,WDOLH$ORUVWXHVDYHFPRL"
(7,(11(1RQHWQRQdDQHYDSDV&¶HVWWURS
GDQJHUHX[

$'-(&7,)6120
1RXYHDX1RXYHOOH ! $QFLHQ$QFLHQQH
/HQRXYHDXPDUFKp ! /¶DQFLHQPDUFKp
/DQRXYHOOHPDLVRQ ! /¶DQFLHQQHPDLVRQ

-HXQH ! 9LHX[YLHLOOH


8QHMHXQH¿OOH ! 8QHYLHLOOHPDLVRQ
8QMHXQHJDUoRQ ! XQYLHX[PHXEOH

(WLHQQHQ¶HVWSDVG¶DFFRUGDYHF5HQp

" 3RXUTXRL"oooooooooooooooooooooooooooooooo
ooooooooooooooooooooooooooooooooooooo


 92,/¬/¶$5*(17«

$YHF(WLHQQHjO¶RSpUD
«
 'HPDQGH]OHSURJUDPPH«/H
SURJUDPPH«
฀ ฀Á฀
1$',$/RUHQ]DFFLRF¶HVWPDJQLILTXH
(7,(11((FRXWH1DGLDDOORQVQRXVDVVHRLU«
฀ ฀ ฀
9RLOjO¶DUJHQW« ฀ ฀
1$',$"
(7,(11(9DFKH]$QQHHWIDLVDWWHQWLRQjWRL ฀ ฀
7XHVFRPPHPD¿OOHDORUV« ฀ ฀

$
 O¶+{WHOGHV$UWV
/8&$6%RQMRXU/XFDV;(WLHQQH)DYUHHVWOj"
$*(172XLLOHVWGDQVO¶DWHOLHUDOOH]\
/8&$60HUFL
-($13,(55(&KH]$QQH"0DLVSRXUTXRL"(OOHQH
฀ ฀
P¶DULHQGLW
(7,(11(0DLVQHW¶LQTXLqWHSDV&¶HVWSOXVV€U
-($13,(55(3OXVV€U"-¶\YDLV
(7,(11(-HDQ3LHUUHFDOPHWRL

-($13,(55($WWHQWLRQ(WLHQQHM¶DLGHVDPLV
OjEDV$WWHQWLRQ
(7,(11($K/XFDVYRXVrWHVOj"([FXVH]PRL
PDLVMHQ¶DLSDVOHWHPSV

฀ ฀

$//(5 <
MHYDLV QRXVDOORQV -HYDLVFKH]$QQH-¶\YDLV
WXYDV YRXVDOOH] ,OHVWjO¶+{WHOGHV$UWV,O\HVW
HOOHLOYD HOOHVLOVYRQW

(WLHQQHHW-HDQ3LHUUHQHVRQWSDVG¶DFFRUG

" 3RXUTXRL"oooooooooooooooooooooooooooooooo
ooooooooooooooooooooooooooooooooooooo


³9286Ç7(6$55,9e¬3$5,6*$5('(/<21«´

0DJDUH

฀ ฀ «3DUGRQ0RQVLHXUOHWUDLQGH
฀ 0DUVHLOOHLODUULYHVXUTXHOOHYRLHV¶LOYRXV
฀ ฀ SODvW"«KHXUHVjODYRLH*«
-HYRXVUHPHUFLH«%RQDOOH]ERQYR\DJH
KHLQ«9RXVrWHVDUULYpj3DULV*DUHGH/\RQ
฀ ฀ WHUPLQXVGX7*9«
฀ ฀
&$)(7,(5(KERQMRXU8QFDIp"2XYRXVSDUWH]"
1$',$1RQ«-HSDUVDSUqVGHPDLQDYHFOH
7*9GHK
&$)(7,(5$KERQGRQFXQH[SUHVVRELHQVHUUp"
1$',$$KRXLPHUFL

$ODJDUH
«
 =XWLODHQFRUHGXUHWDUGVRQWUDLQ«
/8&$6%RQMRXUOH7 - 9GHK"
*8,&+(7,Ê5(9RXVYRXOH]GLUH7*9WUDLQj
JUDQGHYLWHVVH3RXUR"
/8&$6K
*8,&+(7,Ê5(4XHOOHYLOOH"
฀฀ ฀ ฀ /8&$6-HQHVDLVSDV«PDLVLOSDUWjK
฀ ฀ ฀ *8,&+(7,Ê5(KGXVRLURXGXPDWLQ"
/8&$6-HQHVDLVSDV
฀ ฀ *8,&+(7,Ê5(%RQM¶DLXQ0DUVHLOOHF¶HVWjK
฀ ฀ GXPDWLQ&¶HVWXQ7*9GLUHFW
/8&$6&¶HVWSDUIDLW0HUFL0DGDPH
*8,&+(7,Ê5(+RKp«HWYRWUHELOOHW""

3$57,5
MHSDUV QRXVSDUWRQV
WXSDUV YRXVSDUWH]
HOOHLOSDUW HOOHVLOVSDUWHQW
฀ ฀
฀ ฀ ฀

/DJXLFKHWLqUHFULH³(WYRWUHELOOHW"´

" 3RXUTXRL"ooooooooooooooooooooooooooooooo
oooooooooooooooooooooooooooooooooooo


 &KH]0DULH$QJH
21',5$,7/(5e6($868'

6(59(854X¶HVWFHTXHYRXVSUHQH]" ฀
/8&$68QHELqUHV¶LOYRXVSODvW
6(59(85(WYRLOjoDIDLWXQHXURYLQJW
/8&$69RLOj
฀ ฀
0$5,($1*(0DLVDORUV/XFDV(WYRWUH
฀ ฀ ฀Á฀ ฀Á
IDXWHXLO"«
฀ ฀ ฀ ฀ ฀Á ฀ ฀Á
/8&$6$KERQMRXU0DULH$QJH«$KRXLPRQ
฀ ฀ ฀Á ฀ ฀Á
IDXWHXLO«
0$5,($1*(0DLVDWWHQWLRQ/DELqUHHQVDOOH
F¶HVWSOXVFKHU
/8&$60DULH$QJH"$QWLTXDLUHF¶HVW
EURFDQWHXU"« ฀ ฀ ฀
0$5,($1*($KQRQ$QWLTXDLUHF¶HVWFKLF« ฀ ฀
%URFDQWHXUFHVRQWGHVEDELROHV« ฀ ฀ ฀
/8&$6³%DELROHV´"5HQp«XQDPLGXGLUHFWHXU ฀ ฀
GHO¶+{WHOGHV$UWV«LOHVWDQWLTXDLUHHWLOHVW
EURFDQWHXUOHVSXFHVGH&OLJQDQFRXUW«
0$5,($1*($K5HQp"«DQWLTXDLUHLOYHQG $77(17,21
GHVFKRVHVWUqVFKHU(WEURFDQWHXULOYHQG DOOHUjOD DOOHUjODJDUHjODSRVWH
GHVFKRVHVPRLQVFKHU«dDIDLWEHDXFRXS« DOOHUjO¶ DOOHUjO¶RSpUDjO¶K{WHO
/8&$60DULH$QJH"1DGLDSDUWj0DUVHLOOH DOOHUjOH DOOHUDXFRPPLVVDULDWDXFDIp
$QQHOH6XG« DOOHUjOHV DOOHUDX[3XFHVGH&OLJQDQFRXUW
0$5,($1*(1DGLDHVWj0DUVHLOOHFKH]$QQH
GDQVOH6XG«
/8&$6(W-HDQ3LHUUHGLW³M¶\YDLV´«(WLHQQH
GLW³QRQ´ 28"
0$5,($1*($KD-HDQ3LHUUHHW(WLHQQHGH 3HUVRQQHV
O¶+{WHOGHV$UWV"0DUVHLOOH"&¶HVWOH6XG« FKH]$QQHFKH]OHPpGHFLQFKH]OH
/8&$60DULH$QJH(WLHQQHDHXURV« FRLIIHXU«
SRXU1DGLD1DGLDDHXURVSRXUPRL« 9LOOHV
0$5,($1*(482,"9RXVDYH] j0DUVHLOOHj3DULV«
HXURV"" 3D\V
/8&$66KKKKW2XL5HQp«YDjO¶,WDOLH« HQ,WDOLHHQ)UDQFH
0$5,($1*((Q,WDOLH5HQpOHEURFDQWHXULO DX0H[LTXHDX'DQHPDUN
YDHQ,WDOLH"«0DUVHLOOH,WDOLH«0DLVGLVGRQF DX[(WDWV8QLVDX[3D\V%DV
PRQSHWLW«RQGLUDLWOHUpVHDX6XG /LHX[
GDQVOH6XGGDQVODUXH
jODJDUHjODSRVWH


«$YRXV
&RPSOpWH]
_j_jOD_jO¶_DX_DX[_FKH]_GDQV_HQ_

‡1DGLDYD««««««SRVWHSRXUVRQFRXUULHU«
‡0RLMHYDLV«««FRPPLVVDULDWOH&RPPLVVDLUH0DJQHDXQHOHWWUHDQRQ\PHVXUOH5pVHDX6XG
‡5HQpHW(WLHQQHIRQWGHVDIIDLUHV5HQpHVWEURFDQWHXULOYHQGGHVFKRVHV«««SXFHVGH
&OLJQDQFRXUW&¶HVWPRLQVFKHU,OHVWDXVVLDQWLTXDLUHLOYHQGGHVFKRVHVSOXVFKHU
‡5HQpYD«««,WDOLH(WLHQQHQ¶HVWSDVG¶DFFRUG
‡(WLHQQHGRQQH฀Áj1DGLD«««RSpUD
‡1DGLDYD«««$QQH«««0DUVHLOOH&¶HVW«««OHVXG(OOHSDUW«««KGXPDWLQ
0DUVHLOOHF¶HVW³SOXVV€U´«
‡-HDQ3LHUUHHVWWUqVIkFKpLOGLW³M¶\YDLV´,OYDDXVVL«««0DUVHLOOH(WLHQQHQ¶HVWSDV
G¶DFFRUG

&RPSOpWH]4XLHVWTXL"
_PD_PRQ_PHV_VD_VRQ_VHV_QRWUH_YRWUH_YRV_OHXUV_

([HPSOH/XFDV0DLVTXLVRQWPHVDPLV

1DGLD ‡-HDQ3LHUUHHVW«««¿DQFp$QQHHW(WLHQQHVRQW«««DPLV(W5HQp",OHVW
DXVVL«««DPL"(WPRLHW1DGLD"4XHOOHHVW«««KLVWRLUH"
(WLHQQH ‡1DGLDHVW³FRPPH«««¿OOH´,OGRQQHHXURVj1DGLD&¶HVW«««
DUJHQW"-HDQ3LHUUHHVW«««HPSOR\p5HQpHVW«««DPLPDLVLOVQHVRQWSDV
G¶DFFRUG5HQpHW(WLHQQHF¶HVWTXRL«««DIIDLUHV"
-HDQ3LHUUH ‡1DGLDHVW«««¿DQFpH«(WLHQQHHVW«««SDWURQ(WPRL"-HDQ3LHUUHQ¶HVW
SDV«««DPL
³$'XSLQ´ ‡4XLHVWFH"«««OHWWUHQ¶DSDVG¶DGUHVVH



8QHYLVLWHJXLGpH
-($13,(55((71$',$

/(352120³21´
DPELDQFH 2Q DQRQ\PHGHVJHQV
1$',$(WYRLFLOHPDQXVFULWGH*HRUJH6DQG $3DULVRQYLVLWHOHVPXVpHV
-($13,(55($ORUV"4X¶HVWFHTX¶RQIDLWSRXU $WWHQWLRQ
OHVEDJXHV" 2Q QRXV
1$',$-HDQ3LHUUHSDVLFL 4X¶HVWFHTX¶RQIDLWSRXUOHVEDJXHV"
-($13,(55(3RXUTXRL"2QFRPPHQFH
HQVHPEOHRQ¿QLWHQVHPEOHF¶HVW«
1$',$3DUFHTXH/DLVVHPRLGXWHPSV ฀ ฀
฀ ฀ ฀
-HDQ3LHUUH
-($13,(55(+pKR«TX¶HVWFHTXHWXIDLV
DYHFFHEDODGHXU"
/8&$63DUGRQ"
-($13,(55(&¶HVWOHEDODGHXUGH1DGLD$OOH]
GRQQH«
+(15,,O\DXQSUREOqPH0HVVLHXUV"
-($13,(55(8QSHXRXL&HWDSSDUHLOQ¶HVWSDV 3285482,"3$5&(48(
jOXL 3RXUTXRLOHZDONPDQHVWSRXU-HDQ3LHUUH"
+(15,,OHVWjYRXVFHWDSSDUHLO" 3DUFHTXH1DGLDHW-HDQ3LHUUHVRQWHQVHPEOH
/8&$6(XKRXLF¶HVWPRQDSSDUHLO
-($13,(55(&HOXLFLHVWjPRL'RQQH
+(15,-HYRLV«SHXWrWUHSRXUULRQVQRXV
YpUL¿HUDYHFODSROLFH«
-($13,(55(/HVIOLFV"1RQPHUFL$OOH]VDOXW

),1,5 ฀ ฀
MH¿QLV QRXV¿QLVVRQV
WX¿QLV YRXV¿QLVVH]
HOOHLO¿QLW HOOHVLOV¿QLVVHQW

฀ ฀ ฀ ฀ ฀ ฀
฀ ฀ ฀ ฀ ฀฀

$TXLHVWOHEDODGHXUGH1DGLD"Êoooooooooooooooooo

" oooooooooooooooooooooooooooooooooo


฀ ฀ ฀
&+$1*(0(17'¶+Ð7(/

8QQRXYHOK{WHO

฀ ฀ /8&$6$OO{"+{WHOGHOD3DL["9RXVDYH]XQH
FKDPEUH"
฀ ฀ ฀ ฀ ฀Á
5e&(37,211,67(3RXUXQHSHUVRQQH"
฀ ฀฀ ฀Á
/8&$62XL
฀ ฀฀ ฀Á
5e&(37,211,67(2XL«F¶HVWFHQWTXDWUHYLQJWHXURV
฀ ฀฀ ฀Á
/8&$6'¶DFFRUG
฀ 5e&(37,211,67(&¶HVWSRXUTXDQG"
฀ ฀ /8&$63RXUFHVRLU
5e&(37,211,67(9RWUHQRP"
/8&$6/XFDV;
5e&(37,211,67(3DUGRQ"F¶HVWXQ28RXXQ8"
฀ ฀ ฀฀ /8&$6(XK«F¶HVWXQ8
฀ ฀ ฀ 5e&(37,211,67(&¶HVWQRWp$FHVRLU
฀ ฀
(Q¿QVHXOH
 1DGLDFKDQWH&DUPHQ 
©
 6LWXQHP¶DLPHVSDVMHW¶DLPH
6LMHW¶DLPHSUHQGVJDUGHjWRL«ª

9286$9(=81(&+$0%5("
8QHFKDPEUHGRXEOHRXXQHFKDPEUHVLPSOH" 8QHFKDPEUHVLPSOHV¶LOYRXVSODvW
&¶HVWSRXUTXDQG" &¶HVWSRXUFHVRLU
&¶HVWFRPELHQ" &¶HVWFHQWTXDWUHYLQJWHXURV

9275(120"
$$QDWROH ))UpGpULF ..OpEHU 33LHUUH 88UVXOH ==Rp
%%HUWKH **DVWRQ //RXLV 44XHQWLQ 99LFWRU
&&pOHVWLQ ++HQUL 00DUFHO 55DRXO ::LOOLDP
''pVLUp ,,UPD 11LFRODV 66X]DQQH ;;DYLHU
((XJqQH --RVHSK 22VFDU 77KpUqVH <<YRQQH

/XFDVGLW³1DGLDHVWFRPPH&DUPHQ´

" 3RXUTXRL"oooooooooooooooooooooooooooooo
oooooooooooooooooooooooooooooooooÊ



0RQK{WHO
-(/$,66(720%(5

฀ ฀ ฀฀
*$É//(/HSDTXHWSRXU$QQHMHOHSUHQGV" ฀ ฀
1$',$1RQFHOXLOjF¶HVWSRXU(WLHQQH
j+HQUL 7HQH]+HQUL
F¶HVWSRXU0RQVLHXU)DYUH
+(15,'¶DFFRUGMHOHJDUGH$ORUV
YRXVSDUWH]GHPDLQ"%RQYR\DJH

8
 QHFDUWHSRVWDOH
&21&+,7$2KERQMRXU0RQVLHXU/XFDV
YRXVDYH]XQHVXUSULVHjODUpFHSWLRQ«
/8&$68QHVXUSULVH"
+(15,%RQMRXU0RQVLHXUHQFRUHXQFRXUULHU
SRXUYRXV«GH0DUVHLOOH
/8&$60HUFL(WXQFDIpV¶LOYRXVSODvW

฀ ฀

฀ ฀ ฀ ฀฀
฀ ฀ ฀ ฀฀
฀ ฀ ฀ ฀฀ ฀
฀ ฀ ฀฀ ฀ ฀
฀ ฀ ฀ ฀ ฀ ฀ ฀
฀ ฀
฀ ฀ ฀ ฀ ฀
฀ ฀฀฀฀฀฀฀฀
฀ ฀ ฀ ฀
฀ ฀
/(48(/"  /$48(//("
&HOXLFL"RX&HOXLOj" &HOOHFL"RX&HOOHOj"







XQSDTXHW XQDXWUHSDTXHW XQH¿OOH XQHDXWUH¿OOH

1DGLDpFULW³$WWHQWLRQSDVXQPRW´

" 3RXUTXRL"Êoooooooooooooooooooooooooooooo
oooooooooooooooooooooooooooooooooo


81$&&,'(17"

0DGHUQLqUHVRLUpHDYHF/XFDV
฀ ฀ 1$',$(KRXL«TXHOOHSRpVLH3DULVODQXLW«
฀ *e5$5'F¶HVWELHQODGDPHPDLVF¶HVWSDVOH
¿DQFp«
1$',$4X¶HVWFHTXHYRXVIDLWHVOjYRXV"
XQHPRWRDUULYH 
*e5$5'$WWHQWLRQ
FKRF 
/8&$6$wwwHHHHHHHH
1$',$/XFDV1HERXJHSDV&DYD"
/8&$6(XKDwH«RXL«
1$',$&¶HVWWDWrWH"

'
 DQVOHPpWUR
*e5$5'-HP¶DSSHOOH*pUDUGHWMHVXLV
FORFKDUG
XQHSHWLWHSLqFHSRXUYRXVF¶HVWSDVJUDQG
FKRVHPDLVSRXUPRLF¶HVWTXHGXERQKHXU
/8&$6(XK«WHQH]«
*e5$5'0HUFL$K0¶VLHXU
$ORUVoDYDODWrWH"
/8&$6$K/DWrWH"*pUDUGHXK«1HSDUWH]
SDV1DGLD«
*e5$5'-HQHGLVULHQ«DXILDQFp

฀ ฀ ฀ ฀ ฀ ฀

/¶,03e5$7,) /¶,1),1,7,)
1HGLWHVULHQ 9RXVQHGLWHVULHQG¶DFFRUG"
1HERXJHSDV 7XQHERXJHVSDVKHLQ"
1HSDUWH]SDV 9RXVQHSDUWH]SDVG¶DFFRUG"

*pUDUGDXQVHFUHWDYHF1DGLD«

" /HTXHO"ooooooooooooooooooooooooooooooo
ooooooooooooooooooooooooooooooooooo


 9RXVrWHVV€U"
0$5,($1*(

฀ ฀ ฀ ฀
/8&$6%RQVRLU0DULH$QJH ฀ ฀ ฀
0$5,($1*(/jYRXVYRXOH]PHSDUOHU ฀ ฀ ฀ ฀ ฀
/8&$69RXVYRXOH]"
0$5,($1*(0DLVRXLMHYHX[WXYHX[YRXVYRXOH]«F¶HVWOHYHUEHYRXORLU
/8&$60DULH$QJH«
0$5,($1*(4X¶HVWFHTX¶LO\DPRQSHWLW" ฀ ฀ ฀
/8&$6-HYDLV«jO¶+{WHOGHOD3DL[«j%DVWLOOH
0$5,($1*(0DLVF¶HVWORLQ3RXUTXRL"
/8&$60DULH$QJHOHUpVHDX« ฀ ฀
0$5,($1*(/HUpVHDX"$WWHQGH]YRXVSUHQH]XQZKLVN\" ฀ ฀ ฀ ฀ ฀

0$5,($1*((WVDQWp%RQDORUV«
/8&$6/HEDODGHXUQ¶HVWSDVSRXUPRL«,OHVWSRXU-HDQ3LHUUH
0$5,($1*(9RXVrWHVV€U"$WWHQGH]M¶DLXQFOLHQW

0$5,($1*($ORUV«
/8&$61DGLDHVWDYHF-HDQ3LHUUH,OOXLGLW«³RQILQLWHQVHPEOH´«HWLOSDUOHGH³EDJXHV´«OH
FRIIUHW
0$5,($1*(0DLV1RQPRQSHWLW&HQ¶HVWSDVSRVVLEOH1DGLDQ¶HVWSDVFRXSDEOH
/8&$63RXUTXRL"
0$5,($1*(0DLVSDUFHTXHOHEDODGHXUHVWSRXUYRXV
/8&$61RQ«-HDQ3LHUUHHVWVRQILDQFp1DGLDF¶HVW&DUPHQ³VLMHW¶DLPHSUHQGVJDUGH
jWRL´
0$5,($1*(&¶HVWEL]DUUH«

0$5,($1*((WYRLOjHQFRUHXQYHUUH/XFDVoDQHYDSDVYRWUHKLVWRLUH
/8&$6$KERQ"0DLV0DULH$QJHYRLFLXQHFDUWHGH1DGLD
0$5,($1*(7LHQVWLHQV«³SDVXQPRW´«YRWUH1DGLDHOOHDELHQXQVHFUHWPDLVDYHFYRXV
/HEDODGHXUDYHFODSUHXYHO¶DUJHQWF¶HVWSRXUYRXV
/8&$6/DSUHXYH"
0$5,($1*(/HEDODGHXUF¶HVWSRXUH[SOLTXHUTXHOTXHFKRVH

/8&$60DULH$QJH"«OHZDONPDQF¶HVW1275(VHFUHWG¶DFFRUG"
0$5,($1*('¶DFFRUG/XFDV
/8&$60HUFL0DULH$QJH$ELHQW{W
0$5,($1*()DLWHVDWWHQWLRQPRQSHWLW ฀ ฀ ฀ ฀ ฀
฀ ฀ ฀

928/2,5
MHYHX[ QRXVYRXORQV ฀
WXYHX[ YRXVYRXOH] ฀ ฀ ฀ ฀
HOOHLOYHXW HOOHVLOVYHXOHQW ฀ ฀ ฀


«$YRXV
/LH]OHVSKUDVHVDYHFOHVPRWVVXLYDQWV
_HW_PDLV_SDUFHTXH_SRXUTXRL_

‡-HGLV³DXUHYRLU´j0DULH$QJHooooÊMHYDLVj%DVWLOOH
‡0DULH$QJHQ¶HVWSDVFRQWHQWHooooÊF¶HVWORLQ
‡0DULH$QJHGHPDQGHooooÊ
‡ooooÊ1DGLDHVWDYHF-HDQ3LHUUHooooÊ-HDQ3LHUUHYHXWOHZDONPDQ
‡/HZDONPDQQ¶HVWSDVSRXUPRLooooÊSRXU-HDQ3LHUUH


0DULHDQJHQ¶HVWSDVG¶DFFRUG 4X¶HVWFHTX¶HOOHGLW"
_0DLVF¶HVWORLQ_&¶HVWEL]DUUH«_9RXVrWHVV€U"_
_1DGLDDELHQXQVHFUHWPDLVDYHFYRXV_0DLVQRQFHQ¶HVWSDVSRVVLEOH_

‡-HYDLVjO¶+{WHOGHOD3DL[j%DVWLOOHooooooooooooooooooooooo
‡/HEDODGHXUQ¶HVWSDVSRXUPRLoooooooooooooooooooooooo
‡1DGLDHVWFRXSDEOHooooooooooooooooooooo
‡1DGLDHVWFRPPH&DUPHQooooooooooooooooooooo
‡1DGLDpFULW³$WWHQWLRQSDVXQPRW´ooooooooooooooooooooo

³6L´«³$ORUV´«7HUPLQH]OHVSKUDVHV
_1DGLDHVWFRXSDEOH_1DGLDQ¶HVWSDVFRXSDEOH_
_-HDQ3LHUUHQHPHWURXYHSDV_LOVRQWOHFRIIUHW_MHIDLVDWWHQWLRQ_

‡6LMHVXLVjO¶K{WHOGHOD3DL[ooooooooooooooooooooo
‡6L1DGLDHW-HDQ3LHUUHVRQWHQVHPEOHooooooooooooooooooooo
‡6LOHEDODGHXUHVWSRXU-HDQ3LHUUHooooooooooooooooooooo
‡6L1DGLDHVWFRPPH&DUPHQooooooooooooooooooooo
‡6LOHEDODGHXUHVWSRXUPRLooooooooooooooooooooo

" 4X¶HVWFHTXH1DGLDYHXWH[SOLTXHUj/XFDV"
oooooooooooooooooooooooooooooooooo
ooooooooooooooooooooooooooooooooooo


 &¶(675(3$57,

6DPHGLQRYHPEUH
฀ ฀ ฀ ฀฀
PRQUHWRXUjSDULV
«
 /DQDYHWWHSRXUOHVK{WHOVjODSRUWH
฀ ฀ ฀ ฀ ฀
TXDWUH«
฀ ฀ ฀ ฀ ฀ ฀
1$',$$ORUV/XFDVXQWD[LYRXVrWHVG¶DFFRUG"
/8&$6'¶DFFRUG
-($13,(55(1DGLD
1$',$$KWXHVOj"6DOXW«(XK«/XFDVMH
YRXVSUpVHQWH-HDQ3LHUUHPRQFROOqJXH
-($13,(55((QFKDQWp
«
 $LU)UDQFHHVWDXWHUPLQDO)«$WWHQWLRQ
SRXUGHVUDLVRQVGHV€UHWp«

$
 O¶DJHQFHGHYR\DJH
/8&$6%RQMRXUMHP¶DSSHOOH/XFDV;0RQELOOHW
฀ ฀ ฀
G¶DYLRQOHQRYHPEUHoDQHYDSDV
$*(179RXVYRXOH]SDUWLUTXDQG"
/8&$6(XK«MHQHVDLVSDV
$*(179R\RQVVLYRXVQHVDYH]SDVMHQH
SHX[SDVFKDQJHUOHELOOHW
/8&$6(XKWURLVVHPDLQHV"
$*(179RXVYRXOH]SDUWLUGDQVWURLVVHPDLQHV" , 
'pVROpYRXVQHSRXYH]SDVSDUWLUPDUGL £ÇÊ  ,
OHYROHVWFRPSOHW0HUFUHGLoDYD"

/8&$6(XK«G¶DFFRUG
, 

$*(177UqVELHQ«9RLOjYRWUHELOOHW
/8&$60HUFL £äÊ  ,
*(17-HYRXVHQSULH

, 
ÎÊ  ,
32892,5
MHSHX[ QRXVSRXYRQV
WXSHX[ YRXVSRXYH] , 
HOOHLOSHXW HOOHVLOVSHXYHQW ÓÈÊ "6  ,

$8-285'·+8,

9UDLRXIDX["

" $O¶DpURSRUW1DGLDHVWVXUSULVHHW-HDQ3LHUUHHVWHQFKDQWpoooooooo
ooooooooooooooooooooooooooooooooooÊ


฀฀
5(1'(=9286$9(&(7,(11(

(
 WLHQQHDSSHOOH

/8&$6$OO{"
(7,(11(/XFDV"
/8&$62XL"
(7,(11(%RQMRXU(WLHQQHjO¶DSSDUHLO
3RXYH]YRXVrWUH3ODFHGHV9RVJHV
฀ ฀฀ ฀ ฀ GDQV«XQHKHXUH"
฀ ฀ ฀ /8&$6$XQHKHXUH"
(7,(11(1RQGDQVXQHKHXUHjGHX[KHXUHV
/8&$6$KG¶DFFRUG
฀ ฀ ฀ ฀

$ODSODFHGHV9RVJHV
(7,(11(-HQHVXLVSDVG¶DFFRUG&HQ¶HVWSDV
DVVH]«-¶DLGLW«,O\DXQULVTXH«
฀ ฀ ฀ 2XLGHSXLVXQHVHPDLQHj0DUVHLOOH«
1RQMHQHYHX[SDV«$OO{5HQp"2KoD
«$K/XFDVdDYD"
/8&$6dDYD
48(67,216 (7,(11(-HVXLVGpVROpMHGRLVSDUWLU«H[FXVH]PRL
3RXYH]YRXVYHQLU" 
(VWFHTXHYRXVSRXYH]YHQLU" 0DUGLQRYHPEUHDYHF/XFDVDX
9RXVSRXYH]YHQLU" PXVpH
«0XVpHGHOD9LH5RPDQWLTXHERQMRXU«
1$',$(WYRLOjOHVDORQGH*HRUJH6DQG«$K
(WLHQQHWRLLFL"-HWHSUpVHQWH/XFDV
(7,(11($KRXLYRXVrWHVMRXUQDOLVWH(QFKDQWp
-HVXLV(WLHQQH)DYUHOHGLUHFWHXUGHO¶+{WHO
GHV$UWV(WYRLFLPRQDPL5HQp'XERQSUp
,OHVWDQWLTXDLUH
/8&$6(QFKDQWp

-HQ¶DLSDVDVVH]G¶DUJHQW -¶DLDVVH]G¶DUJHQW -¶DLWURSG¶DUJHQW

Á Á Á

"
(WLHQQHQ¶HVWSDVG¶DFFRUGDYHF5HQp«
3RXUTXRL"ooooooooooooooooooooooooooooo
oooooooooooooooooooooooooooooooooo


 81(3(7,7($1121&(

-HXGLQRYHPEUHDYHF/XFDV &20%,(1"
jO¶+{WHOGHV$UWV 8QSHXGH!%HDXFRXSGH
«
 &¶HVWH[WUDRUGLQDLUH«&¶HVWXQH -¶DLXQSHXG¶DUJHQW
HQFKqUH0RQVLHXU"«FLQTXDQWH ,ODEHDXFRXSG¶DUJHQW
FLQTXDQWHFLQT« $VVH]GH!3DVDVVH]GH
1$',$7XYRLVLFLOHFRIIUHWDYHFODEDJXHXQ -¶DLDVVH]G¶DUJHQWSRXUSD\HU
FDGHDXG¶$OIUHGGH0XVVHW« O¶K{WHO
/8&$6$KRXLOHEDJXH&¶HVWURPDQWLTXH« ,OQ¶DSDVDVVH]G¶DUJHQWSRXU«
1$',$0DLVQRQF¶HVWODEDJXHHWOHFRIIUHW 3OXVTXH!0RLQVTXH
2
 KF¶HVWSOXVTXHURPDQWLTXH«O¶DPRXU -¶DLSOXVG¶DUJHQWTXHOXL
Q¶DSDVGHSUL[« ,ODPRLQVG¶DUJHQWTXHPRL

$O¶K{WHO
0$*1(2XLERQMRXULFL0DJQHSROLFH
MXGLFLDLUH5DSSHOH]PRL,O\DXQHSHWLWH
DQQRQFHGDQVOHMRXUQDO³/LEpUDWLRQ´
*$5d219RXVSUHQGUH]HQFRUHXQSHWLWFDIp"
/8&$62XLPHUFL3DUGRQTX¶HVWFHTXHF¶HVW
³/D'DPHGH1RKDQW´"
*$5d21%HQF¶HVWXQHIHPPHTXLKDELWHj
1RKDQWF¶HVWXQYLOODJHGDQVOHFHQWUHGHOD
)UDQFH
/8&$6$K«(W6DLQW&KDUOHVF¶HVWR"
*$5d21%HQLO\DODJDUHj0DUVHLOOHSHXW
rWUHDXVVLXQYLOODJH«
/8&$6/DJDUHj0DUVHLOOH"0HUFL ฀ ฀ ฀
฀ ฀ ฀
>0HVVDJHVSHUVRQQHOV@ ฀ ฀
-HW·DLPH5DSSHOOHPRL/RXORX

/DGDPHGH1RKDQWDOHVPDLQVYLGHV
&RPELHQSRXUOHVRUQHUj6DLQW&KDUOHV"
฀ ฀฀
7XPHPDQTXHV5HYLHQV

9RXVODWUHQWDLQHFKLF
฀ ฀ ฀ ฀
,O\DXQHSHWLWHDQQRQFHGDQVOHMRXUQDO³/LEpUDWLRQ´

" 3RXUTXRL"oooooooooooooooooooooooooooooo
ooooooooooooooooooooooooooooooooooo


(1&25($8&200,66$5,$7

8QHYLVLWHJXLGpH

1$',$(WYRLFLOHPDQXVFULWGH*HRUJH6DQG
-($13,(55($ORUV"4X¶HVWFHTX¶RQIDLWSRXU
OHVEDJXHV"
1$',$-HDQ3LHUUHSDVLFL
-($13,(55(3RXUTXRL"2QFRPPHQFH
HQVHPEOHRQ¿QLWHQVHPEOHF¶HVW«
1$',$3DUFHTXH/DLVVHPRLGXWHPSV

$
 XFRPPLVVDULDWDYHF-HDQ3LHUUH
0$*1($ORUV0HVVLHXUV3DUORQVGH1DGLD
0RQVLHXU'HODUXH
-($13,(55(-H«M¶DLWUDYDLOOpDYHF1DGLD
0$*1(+UPK(WYRXV"
/8&$61DGLDHVWXQHDPLH
-($13,(55(8QHDPLH"
฀ ฀ 0$*1(6LOHQFH1DGLDDTXLWWp3DULVOH
฀ ฀ ฀ QRYHPEUH9RXVVDYH]RHOOHHVW"«'HODUXH"
-($13,(55((QYDFDQFHV
0$*1((WYRXV0RQVLHXU/XFDV"
/8&$6(OOHHVWFKH]$QQHj0DUVHLOOH
-($13,(55(4XHOLPEpFLOH

/(3$66e&20326e³$92,5´SDUWLFLSHSDVVp
M¶DLWUDYDLOOp QRXVDYRQVWUDYDLOOp
WXDVWUDYDLOOp YRXVDYH]WUDYDLOOp
HOOHLODWUDYDLOOp HOOHVLOVRQWWUDYDLOOp

/(35(6(17 /(3$66e
$XMRXUG¶KXLPDLQWHQDQW +LHU«
-HDQ3LHUUHWUDYDLOOHDYHF(WLHQQH -HDQ3LHUUHDWUDYDLOOpDYHF1DGLD
1DGLDIDLWOHJXLGHDXPXVpH 1DGLDDIDLWOHJXLGHDXPXVpH
-¶pFRXWHOHPLQLGLVFGH1DGLD -¶DLpFRXWpOHPLQLGLVFGH1DGLD

9UDLRXIDX["

"
-HDQ3LHUUHHVWOH¿DQFpGH1DGLDÊooooooooooooooooooo
-HDQ3LHUUHHVWXQFROOqJXHGH1DGLDoooooooooooooooooo
1DGLDHVWHQYDFDQFHVj0DUVHLOOHoooooooooooooooooooo


 &KH]0DULH$QJH
216(',778'¶$&&25'"

/8&$6%RQVRLU0DULH$QJH
0$5,($1*(/XFDV7XYDVELHQ"(WWRQQRXYHOK{WHOHVWELHQ"2QVHGLW³WX´G¶DFFRUG"
/8&$6(XK«RXL2XL«HXK«HWWRLoDYD"
0$5,($1*(dDYD4X¶HVWFHTXHWXYHX[ERLUH"
/8&$68QHELqUHHXK«V¶LOWHSODvW
0$5,($1*('¶DFFRUG
0$5,($1*(9RLOj6DQWpPRQSHWLW$ORUV"
/8&$6(XK«-HYLHQVj3DULVVDPHGLQRYHPEUH
0$5,($1*(7XHVYHQXj3DULV&¶HVWOHSDVVp
/8&$6/HSDVVp"2XL«3XLVMHVXLVjO¶DpURSRUW
0$5,($1*(/HSDVVp/XFDV7XDVpWpjO¶DpURSRUW2QGLWMHVXLVYHQXPDLVM¶DLpWpYRXV
rWHVDOOp
/8&$6-HDQ3LHUUH«HXK«HVWYHQX«jO¶DpURSRUW
0$5,($1*('¶DFFRUG7XDVUHQFRQWUp-HDQ3LHUUH
/8&$6(WPDUGL«M¶DLUHQFRQWUp«(WLHQQHHW5HQp
0$5,($1*(+PPP«$WWHQGVM¶DLXQFOLHQW
/8&$60DULH$QJH(WLHQQHHW5HQpIRQWGHVDIIDLUHV(WLHQQHGLW«LO\DXQULVTXH«
0$5,($1*(8QGDQJHU"
/8&$62XL1DGLDHVWj0DUVHLOOHFKH]$QQH
0$5,($1*($QQH"7XSHX[H[SOLTXHU"
/8&$68QHDPLH
0$5,($1*(8QHDPLHG¶(WLHQQHRXGH5HQp"
฀ ฀ ฀ ฀ ฀

฀ ฀ ฀

฀ ฀ ฀ ฀ ฀

3$66e&20326e³(75(´3$57,&,3(3$66e
$YHFDOOHUYHQLUSDUWLUDUULYHUVRUWLUHQWUHUUHVWHUPRQWHUGHVFHQGUHWRPEHUQDvWUHPRXULU
MHVXLVYHQX H  QRXV VRPPHVYHQX H V
WXHVYHQX H  YRXV rWHVYHQX H V
HOOHHVWYHQXH HOOHV VRQWYHQXHV
LOHVWYHQX LOV VRQWYHQXV

-HDQ3LHUUHHVWYHQXjO¶DpURSRUW 1DGLDHVWSDUWLHOHQRYHPEUH
/XFDVHW-HDQ3LHUUHVRQWDOOpVDXFRPPLVVDULDW 1DGLDHW$QQHVRQWDOOpHVDXEDU
1DGLDHW-HDQ3LHUUHVRQWSDUWLV


«$YRXV
(WUHRXDYRLU"&RPSOpWH]DYHFO¶DX[LOLDLUHFRQMXJXp

$8;,/,$,5(³$92,5´ ‡/(6(9(1(0(176
ÇWUH !pWp -HVXLVDUULYpj3DULVOHVDPHGLQRYHPEUH
$YRLU!HX -¶ooooopWpjO¶DpURSRUWDYHF1DGLD
'LUH !GLW -HDQ3LHUUHoooooÊYHQXjO¶DpURSRUW
0DUGLQRYHPEUHMHoooooÊDOOpDXPXVpH
7UDYDLOOHU!WUDYDLOOp -¶oooooÊUHQFRQWUp(WLHQQHHW5HQp
4XLWWHU!TXLWWp -HXGL1DGLDHWPRLQRXVooooopWpDXPXVpH
5HQFRQWUHU!UHQFRQWUp /HQRYHPEUH1DGLDHW-HDQ3LHUUHoooooÊpWpDX
3DUOHU!SDUOp PXVpH,OVQHVRQWSDVG¶DFFRUG

0HQWLU!PHQWL ‡0$56(,//(
1DGLDoooooÊTXLWWp3DULV
HOOHoooooÊDOOpHFKH]$QQHj0DUVHLOOH
$8;,/,$,5(³(75(´ (OOHHVWj0DUVHLOOHGHSXLVXQHVHPDLQH
DOOHU !DOOpHV 3XLVLO\oooooÊHXO¶DQQRQFHGDQVOHMRXUQDO
YHQLU!YHQXHV (VWFHTXHOHFRIIUHWHVWDXVVLj0DUVHLOOH"

DUULYHU!DUULYpHV ‡7286&(6*(16
SDUWLU !SDUWLHV -HDQ3LHUUHGLWTX¶LO³oooooÊWUDYDLOOp´DYHF1DGLDHW
TX¶HOOHHVW³HQYDFDQFHV´
0DLVLOVDLWTX¶HOOHoooooÊSDUWLHj0DUVHLOOH
,OQ¶oooooÊULHQGLWjODSROLFH
3RXUTXRL"3DUFHTX¶LOHVWMDORX["
2XSDUFHTX¶LOoooooÊYROpOHFRIIUHW"

‡48,(67$11("
8QHDPLHGH1DGLDG¶(WLHQQHRXGH5HQp"
(VWFHTXH1DGLDHVWHQGDQJHUj0DUVHLOOH"
2XHVWFHTX¶HOOHoooooDOOpHj0DUVHLOOHSRXUrWUHHQ
VpFXULWp"

"
4XLHVWDYHF1DGLDHWTXLHVWFRQWUHHOOH"
oooooooooooooooooooooooooooooooooo
oooooooooooooooooooooooooooooooooo


 -($13,(55($',63$58

*pUDUGOHFORFKDUG
*pUDUG-HP¶DSSHOOH*pUDUGHWMHVXLV
FORFKDUG«8QHSHWLWHSLqFHF¶HVWSDV ฀ ฀ ฀
JUDQGFKRVHPDLVoDPHSHUPHWGH
PDQJHUTXDOTXHFKRVH«0HUFL« ฀ ฀ ฀฀
2K0DGDPH1DGLD
1$',$7RXMRXUVVXUPDOLJQH"7HQH]«
*e5$5'«0HUFL«RK0DGDPH1DGLD
1$',$7RXMRXUVVXUPDOLJQH"7HQH]«-HQH
VXLVSDVOjGHX[VHPDLQHV« ฀
*e5$5'/HVYDFDQFHVDYHFYRWUHILDQFp"
1$',$1RQHWVXUWRXWQHOXLGLWHVULHQ« ฀ ฀฀ ฀ ฀฀
 ฀
-
 HDQ3LHUUHHVWSDUWL
(03/2<e('(/¶+Ð7(/8QFRXUULHUSRXUYRXV
0RQVLHXU«
/8&$63RXUPRL"0HUFL«DWWHQWLRQ«1DGLD
HVWjPRL/DLVVHWRPEHU«
 OHWpOpSKRQHVRQQH 
/8&$6/XFDV;ERQMRXU
(7,(11(/XFDVF¶HVW(WLHQQH-HDQ3LHUUH
Q¶HVWSDVOj,OQ¶HVWSDVFKH]OXL-HFURLVTX¶LO
HVWSDUWLj0DUVHLOOH /(3$66e
/8&$63DUGRQ" ‡$FWLRQ SDVVpFRPSRVp
(7,(11(2XL,OpWDLWIXULHX[,OHVWSDUWL1DGLD ‡(WDW LPSDUIDLW
HVWHQGDQJHU-¶DSSHOOH$QQH
/8&$61DGLD"0DUVHLOOH"(XK«-¶DLXQHOHWWUH
GH-HDQ3LHUUH³$WWHQWLRQ1DGLDHVWjPRL´
(7,(11($KO¶LPEpFLOH ฀ ฀ ฀
฀ ฀
/¶,03$5)$,7³rWUH´
M¶pWDLV QRXVpWLRQV
WXpWDLV YRXVpWLH]
HOOHLOpWDLW HOOHVLOVpWDLHQW 2Ô(67-($13,(55("""
-HQHVDLVSDV !³,OQ¶HVWSDVOj´
MHQHVXLVSDVV€U !³,OHVWSHXWrWUHSDUWLj0DUVHLOOH´
-HFURLVTXH« !³-HFURLVTX¶LOHVWj0DUVHLOOH´
,OGLWTXH« !³,OGLWTX¶LOHVWVRQ¿DQFp´
&¶HVWV€U !³1DGLDHVWHQGDQJHU´

4XHOHVWOHVHFUHWGH1DGLDDYHF*pUDUG"

" oooooooooooooooooooooooooooooooooo
oooooooooooooooooooooooooooooooooo


/(6$))$,5(6'(5(1e

5HQpj&OLJQDQFRXUW

«
 1¶KpVLWH]SDVjYRXVUHQVHLJQHUVXUOHV
FXLUV«ODUHVWDXUDWLRQ«FHOXLOj"
MHSUHQGVFHOOHOj«
฀฀
5(1e«&HPHXEOH/RXLV;,,,F¶HVWHXURV«

1$',$6DOXW5HQp$ORUVOHQRXYHDX
EURFDQWHXUGH&OLJQDQFRXUW
5(1e2KF¶HVWPRQSODLVLUGXZHHNHQG/HV
YUDLHVDIIDLUHVF¶HVWTXDL0DODTXDLV

฀ /HVDIIDLUHVGH5HQp
5(1e DXWpOpSKRQH 2QDGLWHXURVHW
฀฀ SDVSOXV«(XKQHTXLWWHSDV«
j/XFDV
/HVYUDLHVDIIDLUHV  8QSODLVLUGXZHHNHQG
4XDL0DODTXDLV ! OHPDUFKpDX[3XFHV $K/XFDV«$WWHQGH]XQHVHFRQGH
5HQpIHUPHODSRUWH
/8&$6'¶DFFRUG«
5(1e%RQMHGLVDLV«3HXWrWUHSHXWrWUH«
฀ ฀ ฀ ฀ "-HQHVDLVSDV«LOIDXWTX¶RQSDUOH«
MHYLHQVj0LODQGDQVGL[MRXUV««RNFLDR«
5HQpRXYUHODSRUWH %RQMRXU/XFDV
/8&$6%RQMRXU«F¶HVWYRWUHPDJDVLQ"
&¶HVWV€U2QDGLWHXURVHWSDVSOXV 5(1e2XLMHVXLVVSpFLDOLVWHG¶REMHWVGHO¶pSRTXH
&HQ¶HVWSDVV€USHXWrWUH URPDQWLTXH([FXVH]PRLM¶DLjIDLUH
-HQHVDLVSDV«" $OOH]DXUHYRLU

',5(
3DVVpFRPSRVp RQDGLW«
,PSDUIDLW MHGLVDLV«

/(6$'-(&7,)6
$SUqVOHQRP $YDQWOHQRP
 EHDXERQMROLYLHX[MHXQHSHWLWJUDQGJURVPDXYDLV
8QHDIIDLUHLPSRUWDQWH /HQRXYHDXEURFDQWHXU
8QPDUFKpDQFLHQ /DQRXYHOOHSXEOLFLWp
8QHPDLVRQDQFLHQQH 8QEHDXPHXEOH
8QTXDUWLHUWRXULVWLTXH 8QHEHOOHDQWLTXLWp

" 5HQpYDHQ,WDOLH
3RXUTXRL"oooooooooooooooooooooooooooooo
ooooooooooooooooooooooooooooooooooo


 (7,(11((71$',$

$YHF(WLHQQHDO¶RSpUD
฀ ฀ ฀ ฀
«'HPDQGH]OHSURJUDPPH«
/HSURJUDPPH«
฀ ฀ ฀ ฀
1$',$/RUHQ]DFFLRF¶HVWPDJQLILTXH
(7,(11((FRXWH1DGLDDOORQVQRXVDVVHRLU«
YRLOjO¶DUJHQW«
1$',$"
(7,(11(9DFKH]$QQHHWIDLVDWWHQWLRQjWRL (7,(11(',7
7XHVFRPPHPD¿OOHDORUV« 1DGLDHVWFRPPHPD¿OOH
5HQpHVWFRPPHPRQIUqUH
$
 O¶,QWHUQHWFDIp
/8&$6(XKSDUGRQSRXUIDLUHXQHPDLO
V¶LOYRXVSODvW"
6(59(86(8QHPDLOF¶HVWHXURVODGHPL
KHXUH(XKSUHQH]O¶RUGLQDWHXUTXL
฀฀
HVWOjEDVOH
/8&$6/¶RUGLQDWHXU"
6(59(86(2XLFHOXLTXLHVWOjEDVGDQVOHFRLQ ฀ ฀ ฀
/8&$6'¶DFFRUGPHUFL ฀ ฀ ฀ ฀Á
฀ ฀ ฀ ฀Á
฀฀ ฀Á
'(92,5 ฀ ฀ ฀฀ ฀Á
MHGRLV QRXVGHYRQV
WXGRLV YRXVGHYH]
HOOHLOGRLW HOOHVLOVGRLYHQW

1DGLDDGRQQpHXURVj/XFDV

" 3RXUTXRL"ooooooooooooooooooooooooooooooo
ooooooooooooooooooooooooooooooooooo




฀ ฀ $QQH
$11(

฀ ฀ 6(59(85(WYRLOj0HVGDPHVGHX[NLUVHWGHV
฀ FDFDKXqWHV
$11(0HUFL$ORUVWXYLHQVFKH]PRL
G¶DFFRUG" DYDQWTXHM¶RXEOLH 9RLFLPRQ
QXPpURDXWUDYDLO
฀ ฀ ฀ ฀ ฀ ฀ 1$',$'¶DFFRUGDORUVF¶HVW«TXDUDQWHWURLV
฀ ฀ ฀ YLQJW]pURTXDWUHTXDWUHYLQJWFLQT«
฀ ฀ ฀ ฀ ฀ ฀ $11((WDORUVWRQDPRXUHX["
1$',$$OOH]jO¶DPRXUHWjODQ{WUHFRPPH
GDQVOHERQYLHX[WHPSV

0XVpH0XQLFLSDOGH0DUVHLOOH
ERQMRXU
/8&$6«
$11(0XVpHPXQLFLSDOGH0DUVHLOOH$QQH
'XSLQERQMRXU
/8&$6(XK«$QQH""«
$11(2XL0RQVLHXUF¶HVWHOOHPrPH
/8&$6(XK«F¶HVW/XFDV;OHMRXUQDOLVWH
$11($K/XFDV1DGLDSDUOHEHDXFRXSGH
6$17e YRXV

ÇÇ
$ODQ{WUH 9RXVDOOH]ELHQ"
$O¶DPLWLp /8&$6$KRXLPHUFL(XK«1DGLDHVWFKH]
$XERQYLHX[WHPSV YRXV"(OOHYDELHQ"
$11(2XLRXL1DGLDYDELHQPDLVHOOHQ¶HVW
SDVOj
/8&$6(XK«PRQHPDLO
$11((OOHDGLWTXHYRXVGHYH]SDUOHUj(WLHQQH
฀ ฀ ฀ ฀฀ /8&$6$KG¶DFFRUG0HUFL
฀ ฀ ฀ ฀฀ ฀ ฀ ฀ ฀ ฀ $11($ELHQW{W
฀ ฀ ฀ ฀ ฀
฀ ฀
3$5/(5¬'($9(&48(/48¶81
1DGLDSDUOHEHDXFRXSGHYRXV
/XFDVYHXWSDUOHUj1DGLD
/XFDVSDUOHDYHF$QQH

4XLDLQIRUPpODSROLFHVXUOH³UpVHDX6XG´"

" oooooooooooooooooooooooooooooooooo
ooooooooooooooooooooooooooooooooooÊ


 0$5,($1*(

/HVDPL H VGH1DGLD
0$5,($1*(+pERQMRXU/XFDV&DYDELHQ"7XDVGHVQRXYHOOHV"
/8&$6%RQMRXU LOVV¶HPEUDVVHQW &DYD$QQHHVWXQHDPLHGH1DGLD«HW(WLHQQHDXVVL
LOHVW³FRPPHVRQSqUH´
0$5,($1*($KERQ7XFURLVRXWXHVV€U"
/8&$6(XK«WXFURLV"
0$5,($1*(7XQ¶HVSDVV€U« ฀ ฀
/8&$61RQMHVXLVV€U«$QQHHW(WLHQQHVRQW2.
0$5,($1*(&¶HVWELHQ$ORUVXQYHUUH"

0$5,($1*($ORUVFHWWH$QQH"
/8&$66RQQXPpURGHWpOpSKRQH«F¶HVWOH0XVpHPXQLFLSDOGH0DUVHLOOH
0$5,($1*((WWXDVDSSHOp«"
/8&$6$SOp"""
0$5,($1*(%HQRXLM¶DSSHOOHPDLVM¶DLDSSHOp«
/8&$6$QQHF¶HVW$'XSLQODOHWWUHjODSROLFHOHUpVHDX6XG
0$5,($1*(%LHQ'RQF$QQHVDYDLWSRXUOHUpVHDX6XG«
/8&$60DULH$QJHM¶DLXQHOHWWUHGH-HDQ3LHUUH«
0$5,($1*(³1DGLDHVWjPRL´«$KGLVGRQF-HFRPSUHQGVLOHVWMDORX[WRQ-HDQ3LHUUH
/8&$6-HDQ3LHUUHHVWSDUWL«IXULHX[«(WLHQQHGLW1DGLDHVWHQGDQJHU
0$5,($1*($wH(WLHQQHHVWLQTXLHW
0$5,($1*(%RQDORUVHW5HQp"/HVDIIDLUHV"
/8&$65HQpDWUHQWHPLOOHHXURV«,OYDj0LODQ(WLHQQHQHYHXWSDV«5HQpHVWFRPPHVRQIUqUH
0$5,($1*(0DUVHLOOH0LODQ«/HUpVHDX6XG«%HQDORUVWRQ(WLHQQHMHVXLVV€UHTX¶LOHVWLQTXLHW

/¶,03$5)$,7³6DYRLU´
MHVDYDLV QRXVVDYLRQV
WXVDYDLV YRXVVDYLH]
HOOHLOVDYDLW HOOHVLOVVDYDLHQW

/$/2*,48(
LQWHUSHOODWLRQ $ORUV" $ORUV"«4XLHVWFHWWH$QQH"
FRQFOXVLRQ 'RQF $'XSLQF¶HVW$QQH'XSLQGRQFODOHWWUHDQRQ\PHQ¶pWDLWSDVXQHOHWWUHDQRQ\PH
FRQFOXVLRQ $ORUV 5HQpYDj0LODQHW(WLHQQHQHYHXWSDV$ORUV(WLHQQHHW5HQpQHVRQWSDVG¶DFFRUG
RSSRVLWLRQ 0DLV 5HQpYDj0LODQPDLV(WLHQQHQHYHXWSDV


«$YRXV
4XHVDLW/XFDV"'LWHVVLF¶HVWYUDLRXIDX[

‡-HVDLVTX¶$QQHHVWXQHDPLHGH1DGLD
‡-HFURLVTX¶$QQHHW(WLHQQHVRQWDPLV
‡-HFURLVTX¶$QQHP¶DLPHELHQ
‡-HQHFURLVSDVTXHO¶DPRXUHX[GH1DGLDHVW-HDQ3LHUUH
‡-HQHVDYDLVSDVTX¶$QQHpWDLW$'XSLQ

4XLDGLWTXRLDTXL"
_(WLHQQH_-HDQ3LHUUH_$QQH_1DGLD_5HQp_

‡oooooDGLWj1DGLDTX¶HOOHHVW³FRPPHVD¿OOH´
‡oooooDGLWj-HDQ3LHUUHTXHooooopWDLWj0DUVHLOOH
‡(WLHQQHDGLWTXHooooopWDLWIXULHX[
‡-¶DLGLWj0DULH$QJHTXHM¶DYDLVXQHOHWWUHGHooooo
‡'DQVODOHWWUHooooopFULW³1DGLDHVWjPRL´
‡oooooDGLWTXH1DGLDpWDLWHQGDQJHU
‡oooooDGLWDXWpOpSKRQHTXHMHGHYDLVSDUOHUj(WLHQQH
‡oooooDGLWTX¶LODOODLWj0LODQ
‡0DULH$QJHGLWTXHoooooHVWMDORX[
‡0DULH$QJHGLWTXHoooooHVWLQTXLHW

&RPSOpWH]OHVQRWHVGH/XFDV
_GRQF_DORUV_PDLV_HW_SDUFHTXH_

 $QQHWUDYDLOOHDX0XVpHPXQLFLSDOGH0DUVHLOOHoooooHOOHV¶DSSHOOH$'XSLQ
/DOHWWUHQ¶pWDLWSDVXQHOHWWUHDQRQ\PHF¶pWDLWXQHOHWWUHG¶$QQHjODSROLFH$QQHVDYDLW
SRXUOHUpVHDX6XG$QQHGLWTXH1DGLDSDUOHEHDXFRXSGHPRLoooooO¶DPRXUHX[GH
1DGLDFHQ¶HVWSHXWrWUHSDV-HDQ3LHUUHoooooPRL
 -HDQ3LHUUHHVWSDUWLoooooLOpWDLWIXULHX[-¶DLXQHOHWWUHGH-HDQ3LHUUH³1DGLDHVW
jPRL´ooooo-HDQ3LHUUHHVWMDORX[(WLHQQHHVWLQTXLHWooooo1DGLDHVWHQ
GDQJHUj0DUVHLOOH
 (WLHQQHDGRQQpOHVHXURVj1DGLDHW1DGLDDGRQQpO¶DUJHQWjPRLoooooMHQH
VDLVSDVSRXUTXRL5HQpHVWDQWLTXDLUH,OHVWDXWpOpSKRQH©2QDGLWHXURVHWSDVSOXV
"-HQHVDLVSDVªooooo5HQpDXQHDIIDLUHj0LODQ
 (WLHQQHHVWLQTXLHWooooo5HQpHVWFRPPHVRQIUqUHooooo0LODQF¶HVWSHXWrWUHOH
UpVHDX6XG

"
(VWFHTXH5HQpRX-HDQ3LHUUHRQWYROpOHFRIIUHWGH*HRUJH6DQG"
ooooooooooooooooooooooooooooooooooo


 5(7285$/$&21)e5(1&(

9HQGUHGLQRYHPEUHPDFRQIpUHQFH
jO¶+{WHOGHV$UWV
«
 &¶HVWH[WUDRUGLQDLUH«4XHOEHDX
FDWDORJXH«9RXVWUDYDLOOH]SRXUTXHOMRXUQDO"
1$',$5HJDUGH]FHFRIIUHWGH*HRUJH6DQG
DXMRXUG¶KXLjO¶+{WHOGHV$UWVHWELHQW{WDX0XVpH
GHOD9LHURPDQWLTXHYRLFLODEDJXHDYHFOHV
LQLWLDOHVGH*HRUJH6DQGHW$OIUHGGH0XVVHW
6OICI฀ ฀ ฀
$0*6

$
 O¶+{WHOGHV$UWV
/8&$6%RQMRXU/XFDV;(WLHQQH)DYUHHVWOj"
$*(171RQLOQ¶HVWSDVHQFRUHDUULYp
/8&$6'¶DFFRUG«3DUGRQ0RQVLHXUOH
฀ ฀ ฀ ฀
QRYHPEUH«OHYRO"
$*(17-HQ¶DLSDVWUDYDLOOpFHMRXUOj9RXVrWHV
GHODSROLFHRXTXRL"
/8&$61RQMHVXLVMRXUQDOLVWH
$*(17%RQQRXVDYRQVHXXQHFRQIpUHQFH/H
FRIIUHW\pWDLW3XLVTXHOTX¶XQDYROpOHFRIIUHW9RLOj 3$66e&20326e³$YRLU´
/8&$6$K«RXL -¶DLHX 1RXVDYRQVHX
7XDVHX 9RXVDYH]HX
,/HOOHDHX ,OVRQWHX

/$1e*$7,21$9(&/(3$66e&20326e
-¶DLWUDYDLOOpFHMRXUOj -HQ¶DLSDVWUDYDLOOpFHMRXUOj
,OHVWDUULYp ,OQ¶HVWSDVDUULYp

<5$33(//(/(/,(8
/HFRIIUHWpWDLWjO¶+{WHOGHV$UWV /HFRIIUHW\pWDLW
/HFRIIUHWQ¶pWDLWSDVDXFRFNWDLO /HFRIIUHWQ¶\pWDLWSDV

$ODFRQIpUHQFHGHSUHVVH1DGLDDPRQWUp

" XQHSKRWR XQFDWDORJXH OHFRIIUHW


(1&25('(6$))$,5(6«

/

 HVDIIDLUHVGH5HQpHWGH-HDQ3LHUUH
5(1e$K$K$K0DLV0LODQF¶HVWSOXVULVTXp
฀ ฀ ฀ TXH3DULV«'LVPRLWXFRQQDLVGXPRQGHOjEDV"
-($13,(55(-¶HQFRQQDLVSHXWrWUH«
5(1e(W«DYHFFHQWHXURV"
-($13,(55($KRXLRXLM¶HQFRQQDLV-H
W¶DSSHOOH6DOXW
&203$5$,621
0LODQF¶HVWSOXVULVTXpTXH3DULV 9HQGUHGLQRYHPEUHFKDPSDJQH
 0LODQF¶HVWDXVVLULVTXpTXH0DUVHLOOH" «
 &RPPHQWoDYD0DGDPH"«F¶HVWXQH
±3DULVF¶HVWPRLQVULVTXpTXH0LODQ ERQQHLGpHWLHQV«
1$',$0HUFLSRXUFHWWHVRLUpH(WLHQQH'LVPRL
-HDQ3LHUUHHVWOj"
(7,(11(1RQHWMHGLVTXHF¶HVWWDQWPLHX[
1$',$-HYRLV(W5HQpLOHVWYHQX"
(7,(11(2XLPDLVLOHVWGpMjSDUWL

(1
-HDQ3LHUUHFRQQDvWGXPRQGHj0LODQ -HDQ3LHUUHHQFRQQDvW
5HQpQ¶DSDVG¶LQIRUPDWLRQV 5HQpQ¶HQDSDV
5HQpDGHO¶DUJHQW 5HQpHQD
-HDQ3LHUUHQ¶DSDVG¶DUJHQW ,OQ¶HQDSDV

&RPSOpWH]4XL"

" oooooÊHWoooooÊpWDLHQWjODFRQIpUHQFHHWDXFRFNWDLO
oooooÊQ¶pWDLWSDVDXFRFNWDLO
ÚooooooooooÊpWDLWjODFRQIpUHQFHPDLVQ¶pWDLWSDVDXFRFNWDLO


 81($))$,5(¬0$56(,//(

6DPHGLQRYHPEUHOHMRXUQDOWpOpYLVp
35e6(17$75,&(%RQVRLU+LHUYROP\VWpULHX[j
O¶K{WHOGHV$UWV«/HFRIIUHWGH*HRUJH6DQGD ฀ ฀ ฀ ฀
GLVSDUXORUVG¶XQFRFNWDLO«$YHFQRXVHQGXSOH[GHSXLV ฀ ฀ ฀
O¶,WDOLHOHFRPPLVVDLUH0DJQH
VSpFLDOLVWHGXWUD¿FLQWHUQDWLRQDOjODSROLFH
MXGLFLDLUH«&RPPLVVDLUH0DJQHERQVRLU«
0DQLIHVWHPHQWYRXVDYH]GHVLQIRUPDWLRQVVXUFHYRO«
1$',$2K]XW2XLDOO{"

'
 vQHUFKH](WLHQQH
(7,(11(%RQMRXU/XFDV-HYRXVSUpVHQWH
PDIHPPH<YRQQH
/8&$6(QFKDQWp«
<9211((QFKDQWpH/XFDV-HVXLVFRQWHQWHGH
YRXVYRLU
(7,(11($VVH\H]YRXV/XFDV8QDSpULWLI"
$ORUVYRXVDYH]HX$QQHDXWpOpSKRQH ฀ ฀฀
/8&$6(XK«2XL«(XK«3DUGRQ«O¶DUJHQWF¶HVWSRXU
1DGLD3RXUTXRL"3RXUOHYRO"
(7,(11(2XLF¶HVWoD0DLVFHQ¶HVWSDVWRXW«
4XDQGHOOHHVWSDUWLHHOOHDGRQQpO¶DUJHQWHW
HOOHQ¶DULHQGLW"
/8&$64XDQGHOOHHVWSDUWLHHOOHHXK«HOOHDGLWHXK« ฀
<9211($WDEOH0HVVLHXUV$ORUV1DGLD"6HV ฀ ฀ ฀ ฀
\HX["2QYDO¶RSpUHU"/DSDXYUH«GHYHQLUDYHXJOH« ฀ ฀
฀ ฀ ฀Á฀ ฀

฀ ฀ ฀ ฀ ฀ ฀ ฀
฀ ฀ ฀ ฀ ฀ ฀

/H129(0%5(
1DGLDHVWSDUWLH
1DGLDDGRQQpO¶DUJHQWj/XFDV
PDLV1DGLDQ¶DULHQGLW

4XHOHVWOHVHFUHWGH1DGLD"««««««««««««««««««««««««««««

" ««««««««««««««««««««««««««««««««««««««««««««««««


³9286$9(=811289($80(66$*(«´

$O¶,QWHUQHWFDIp

/8&$6(XKSDUGRQOHFRPSXWHU«HXK«
O¶RUGLQDWHXUHVWOLEUH"
*$5d212XLRXL0RQVLHXUDOOH]\XQFDIp"
/8&$62XLPHUFL

0DUGLQRYHPEUH
DXFRPPLVVDULDW
«
 3-&OLJQDQFRXUWM¶pFRXWH«
&RPPLVVDULDW&OLJQDQFRXUWM¶pFRXWH«
&RPPLVVDLUH0DJQH"8QLQVWDQW
V¶LOYRXVSODvW«
1$',$«&¶HVWPDIDXWH«$KFRPPLVVDLUH0DJQH"
0$*1($ORUV0DGDPH%UHWRQ1DGLD"
$VVH\H]YRXV«9RXVrWHVQpHOHPDUV
«
฀ 1$',$2XL«
0$*1('RPLFLOH+{WHO0RQWPDUWUH«
฀ 1$',$&¶HVWoD«
0$*1((WTX¶HVWFHTXHYRXVIDLWHVDX0XVpH
GHOD9LH5RPDQWLTXH"
1$',$-HWUDYDLOOHVXU*HRUJH6DQG«
MXVWHPHQW«
%$148( «
*« ฀ ฀Á

$XFRPPLVVDULDW1DGLDGLW³&¶HVWPDIDXWH´

" (WHOOHpFULWj/XFDV³5HQGH]YRXVj0DUVHLOOH´3RXUTXRL"«««««««««««««
««««««««««««««««««««««««««««««««««««««««««««««««


 &KH]0DULH$QJH
$85(92,50$5,($1*(

0$5,($1*(/XFDVVDOXW-HW¶DWWHQGDLV
/8&$6$K"7XVDYDLVTXHMHYLHQV"
0$5,($1*(2XL/XFDVMHVDYDLVTXHWXYHQDLV«
/8&$60DULH$QJH«MHYDLVjODEDQTXHSRXUO¶DUJHQWHWj0DUVHLOOH
0$5,($1*(0DUVHLOOH"/¶DUJHQW"$ORUVWRXWYDELHQ0DLVWXQHSDUVSDVFRPPHoDPRQ
SHWLW
$OOH]FKDPSDJQH
฀ ฀ ฀ ฀
0$5,($1*($ORUV/XFDVUDFRQWH
/8&$6/HQRYHPEUH1DGLDDIDLWXQHFRQIpUHQFHVXUOHFRIIUHWGH*HRUJH6DQG/HFRIIUHW\
pWDLW3XLVTXHOTX¶XQDYROpOHFRIIUHWSHQGDQWOHFRFNWDLO
0$5,($1*(/HFRIIUHWpWDLWjODFRQIpUHQFHHWDSUqVDXFRFNWDLO"«
/8&$61RQOHFRIIUHWpWDLWjODFRQIpUHQFH(WSXLV-HDQ3LHUUHHW5HQpVRQWSDUWLV
0$5,($1*(dDDORUV

/8&$60DULH$QJHGHYHQLUDYHXJOHF¶HVWTXRL"
0$5,($1*(2KOj&¶HVWJUDYH&¶HVW1DGLD"&¶HVWTX¶HOOHQHYRLWSOXVULHQ/DSDXYUH«PDLV
DORUVF¶HVWSRXUoDOHVUHSRUWDJHVOHEDODGHXU
/8&$61DGLDDEHVRLQGHPRL«
0$5,($1*(0DLVWXHVDPRXUHX["
/8&$6%RQWLHQVSRXUOHFKDPSDJQHHW0DULH$QJHPHUFLSRXUWRXW
0$5,($1*($KQRQ&¶HVWPRLTXLRIIUHOHFKDPSDJQH$OOH]ERQQHFKDQFHPRQSHWLW)DLV
DWWHQWLRQHWUHYLHQVYLWHDYHF1DGLD


«$YRXV
&RPSOpWH]
_TXDQG_ORUV_SHQGDQW_DSUqV_DYDQW_SXLV_

/HYRO

‡9HQGUHGLQRYHPEUH1DGLDDIDLWXQHFRQIpUHQFH/HFRIIUHW\pWDLWHOOHDPRQWUp
OHFRIIUHW«««««««««ODFRQIpUHQFH(WLHQQH5HQpHWSHXWrWUH-HDQ3LHUUH\pWDLHQW
-¶\pWDLVDXVVL«««««««««5HQpHVWSDUWL
‡«««««««««ODFRQIpUHQFHLO\DHXXQFRFNWDLO(W«««««««««OHFRFNWDLOTXHOTX¶XQD
YROpOHFRIIUHW4XLHVWFH"5HQpHVWSDUWL«««««««««OHFRFNWDLOHW-HDQ3LHUUHQ¶\pWDLWSDV
‡«««««««««OHVDPHGLQRYHPEUHLO\DHXOHMRXUQDOWpOpYLVpDYHFOHFRPPLVVDLUH0DJQH
,OpWDLWHQ,WDOLH«««««««««GXYRO«HVWFHTX¶LO\pWDLWSRXUXQHHQTXrWHVXUOHUpVHDX
6XG"
‡/HVHXURVLOIDXWYHUVHUFHWDUJHQWVXUOHFRPSWHG¶$QQH0DLVSRXUTXRL"1DGLDTX¶HVW
FHTX¶HOOHDGLW«««««««««HOOHHVWSDUWLH"-HQHVDLVSDVMHQ¶DLSDVGHVRXYHQLUV«

&RPSOpWH]
(QRX\"

/HVDIIDLUHVGH5HQp

‡5HQpYHXWDOOHUj0LODQ,O«««««««««YDSRXUVHVDIIDLUHV"
‡,ODGHPDQGpGHO¶LQIRUPDWLRQj-HDQ3LHUUH3XLVLO«««««««««DDFKHWp ฀Á 
‡OOYHXWIDLUHGHVDIIDLUHVj0LODQ,OYHXW«««««««««IDLUHDYHFOHUpVHDX6XG"&¶HVWSRXU
oDTXH0LODQHVW³SOXVULVTXpTXH3DULV´"

1DGLD

‡1DGLDHVWj0DUVHLOOH-¶«««««««YDLVDXVVL(OOH««««««««HVWSRXUGHX[UDLVRQVOH
FRIIUHWHWVHV\HX[(VWFHTX¶HOOHGHYLHQWDYHXJOH"&¶HVWSRXUoDTX¶HOOHHQUHJLVWUDLWVHVVRXYHQLUV
‡/¶DUJHQW1DGLD««««««««DEHVRLQj0DUVHLOOH(OOHDDXVVLEHVRLQGHPRL-HYHUVHO¶DUJHQW
VXUOHFRPSWHG¶$QQHF¶HVWPRLQVULVTXp
‡0DULH$QJHSHQVHTXHMHVXLVDPRXUHX[GH1DGLD«%RQQHTXHVWLRQHVWFHTXHM¶«««««VXLV
DPRXUHX["



0RQK{WHO
*$É//(

*$É//(/HSDTXHWSRXU$QQHMHOHSUHQGV"
1$',$1RQFHOXLOjF¶HVWSRXU(WLHQQH7HQH]
+HQULF¶HVWSRXU0RQVLHXU)DYUH
+(15,'¶DFFRUGMHOHJDUGH$ORUVYRXV
SDUWH]GHPDLQ"%RQYR\DJH ฀ ฀ ฀

*DsOOH
*$É//(6DOXW
/8&$6$K«VDOXW ฀ ฀ ฀
*$É//(-HP¶DSSHOOH*DsOOH(WWRLWX
W¶DSSHOOHVFRPPHQW"
/8&$6 *DsOOH"« (XK«-HP¶DSSHOOH/XFDV
*$É//(7XHVHQYDFDQFHV" ¿qUH 0RLM¶DL
pWpHQYDFDQFHVDYHF1DGLD$0DUVHLOOH
/8&$61DGLD"$0DUVHLOOH"-H«FRQQDLV
*$É//($KRXDLV"0DLVF¶pWDLWSDVGU{OH1DGLD
HOOHMRXDLWjFDFKHFDFKHDORUVHOOHQ¶DYDLWSDV
OHWHPSVGHMRXHUDYHFPRL7XO¶DLPHVELHQ
1DGLD"
/8&$6(XK«RXLMHO¶DLPH«ELHQ
*$É//(0RLDXVVL(OOHPHPDQTXH7XMRXHV
jFDFKHFDFKH"
/8&$6(XK«MHQHVDLVSDV«

฀ ฀ ฀

35(1'5(
MHSUHQGV QRXVSUHQRQV
WXSUHQGV YRXVSUHQH]
HOOHLOSUHQG HOOHVLOVSUHQQHQW
฀ ฀ ฀

/(120 /(352120
-HSUHQGVOHSDTXHW -HOHSUHQGV
9RXVJDUGH]OHSDTXHW" '¶DFFRUGMHOHJDUGH
7XFRQQDLV1DGLD" 2XLMHODFRQQDLV
7XDLPHVELHQ1DGLD" 2XLMHO¶DLPHELHQ

3RXUTXRL1DGLDQHMRXDLWSDVDYHF*DsOOHj0DUVHLOOH"

" 3DUFHTXH«««««««««««««««««««««««««««««««««««««««


5(1'(=9286¬0$56(,//(

0DJDUH

«
 0pODQLHWXUHVWHVGHUULqUHPRL«2XL
MHWHVXLV«jODYRLH*«-HYRXVUHPHUFLH«
%RQDOOH]ERQYR\DJHKHLQ«9RXVrWHV
DUULYpj3DULV*DUHGH/\RQWHUPLQXVGX
7*9«
&$)(7,(5(KERQMRXU8QFDIp"2XYRXVSDUWH]"
1$',$1RQ«-HSDUVDSUqVGHPDLQDYHFOH7*9
GHK
&$)(7,(5$KERQGRQFXQH[SUHVVRELHQVHUUp"
1$',$$KRXLPHUFL

8
 QDOOHUSRXU0DUVHLOOHV¶LOYRXVSODvW
/8&$6%RQMRXUMHYRXGUDLVXQELOOHWSRXU
0DUVHLOOH«GLPDQFKH
*8,&+(7,Ê5(3RXUDSUqVGHPDLQ$TXHOOHKHXUH"
/8&$6(XK«OH7*9GHKV¶LOYRXVSODvW
*8,&+(7,Ê5(8QELOOHWGHSUHPLqUHRXGH
GHX[LqPHFODVVH"
/8&$63DUGRQ"
81%,//(7'(75$,1 *8,&+(7,Ê5((QGHX[LqPHF¶HVWHXURV(Q
8QDOOHUVLPSOH SUHPLqUHHXURV3RXUO¶DOOHU
3RXU0DUVHLOOH /8&$6'¶DFFRUG«DORUVGHX[LqPHV¶LOYRXVSODvW
'pSDUWDSUqVGHPDLQjVL[KHXUHVYLQJW *8,&+(7,Ê5(9RXVYRXOH]XQDOOHURXXQDOOHUUHWRXU"
(QGHX[LqPHFODVVH /8&$6(XK«DOOHUV¶LOYRXVSODvW
&DIDLWHXURV

4XHOOHHVWO¶DGUHVVHGH1DGLDj0DUVHLOOH"««««««««««««««««««

" ««««««««««««««««««««««««««««««««««««««««««««««««


 $/$%$148(

3DUOH]OHQWHPHQWV¶LOYRXVSODvW
/8&$6%RQMRXU0RQVLHXU-¶DLPHUDLV«HXK«
LOGpSOLHOHSDSLHUHWOHOLW YHUVHUOHV
฀ ฀
HXURVVXUOHFRPSWHG¶$QQHQXPpUR
฀ ฀
TXDWUHVHSWXQGHX[«
(03/2<e3DUGRQ"3DUOH]OHQWHPHQWV¶LOYRXV
SODvW$ORUVHXURV'HVWLQDWDLUH"
/8&$60DGDPH$QQH'XSLQ
(03/2<e3DUOH]SOXVFODLUHPHQWV¶LOYRXVSODvW >QVO\UQTTMM ]ZW[
0DGDPH$QQH«
/8&$6«'XSLQ
(03/2<e1XPpURGHFRPSWH"

/8&$6(XK«&UpGLW0DUVHLOODLVTXDWUHVHSWXQ«
(03/2<e$WWHQGH]DWWHQGH]«GRQQH]PRLOH
SDSLHU«9RLOj8QHVLJQDWXUHV¶LOYRXVSODvW

8QGvQHUHQWrWHjWrWH
«
 &¶HVWSRXUTXL"«)ODPEpHDXUKXP«
XQHDXWUHDXPLHO«'HX[FUrSHVGHX[« ฀ ฀ ฀ ฀
6(59(85«(KELHQYRLOjODFRPSOqWHSRXUYRXV
/8&$60HUFL«0DLV«1DGLD«SDUOH]SOXV
FODLUHPHQWV¶LOYRXVSODvW
1$',$6KKWIDLVDWWHQWLRQF¶HVWHQWUHQRXV
SURPLV"7FKLQ
/8&$6%RQDSSpWLW«

$'-(&7,) $'9(5%(
&¶HVWFRPPHQW" ,OHOOHIDLWFRPPHQW"
/¶HPSOR\pGHEDQTXHHVWOHQW ,OWUDYDLOOHOHQWHPHQW
6DYRL[HVWFODLUH ,OSDUOHFODLUHPHQW
1DGLDHVWGRXFH (OOHSDUOHGRXFHPHQW

³&¶HVWHQWUHQRXV´TXHOHVW³QRWUHVHFUHW´"

" ««««««««««««««««««««««««««««««««««««««««««««««««


/¶$&&,'(17

0DGHUQLqUHVRLUpHDYHF/XFDV

1$',$«(KRXL«TXHOOHSRpVLH3DULVODQXLW«
*e5$5'F¶HVWELHQODGDPHPDLVF¶HVWSDVOH
฀฀ ¿DQFp«
฀ ฀ ฀฀ 1$',$4X¶HVWFHTXHYRXVIDLWHVOjYRXV"
฀ ฀ ฀฀ XQHPRWRDUULYH
*e5$5'$WWHQWLRQ
/8&$62K$wH
1$',$/XFDV1HERXJHSDV&DYD"
/8&$6(XKDwH«RXL«
1$',$&¶HVWWDWrWH"

2XEOLH]
/8&$6*pUDUG*pUDUG
*e5$5'0KPKPKP«
/8&$6*pUDUGF¶HVWPRL/XFDV*pUDUG
1DGLD«O¶DFFLGHQW«PDWrWH«
*e5$5'$KMHPHUDSSHOOHRXDLV«9RXV
Q¶rWHVSDVVRQ¿DQFp«
/8&$61RQSDVVRQILDQFp«/¶DFFLGHQW0D
WrWH«MHQ¶DLSDVGHVRXYHQLUV«
*e5$5'«'¶DFFRUGF¶pWDLWSDVXQDFFLGHQW
฀ ฀ ฀ ฀ ฀ &¶HVWO¶DXWUH¿DQFp-HQHGLVULHQ9RXVQHYRXV
฀ ฀฀ ฀฀ UDSSHOH]SDV"&¶HVWELHQ2XEOLH]$XUHYRLU
/8&$6*pUDUG«(XK«$WWHQGH]
*e5$5'2XEOLH]

6(5$33(/(5 6(6289(1,5'(
-HPHUDSSHOOHO¶DFFLGHQW« -HPHVRXYLHQVGHO¶DFFLGHQW
-HQHPHUDSSHOOHSOXVULHQ -HQHPHVRXYLHQVGHULHQ

฀ ฀ ฀ ฀ ฀
฀ ฀

$TXL*pUDUGQHGLWULHQ"$/XFDV"$-HDQ3LHUUH"

" ««««««««««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««««««««


 $0DUVHLOOH
5(75289$,//(6

/8&$67D[L/HFORVGX&ODLU5HJDUGV¶LOYRXVSODvW
&+$8))(85&¶HVWFRPPHVLRQ\pWDLW
&+$8))(859RLOjRQHVWDUULYp ฀ ฀ ฀฀
/8&$6%RQMRXU0DGDPH1DGLD%UHWRQFKDPEUH ฀ ฀฀
,1),50,Ê5($KYRXVrWHVVRQDPL/XFDV"(OOHHVWGDQVOHMDUGLQ
/8&$60HUFL
1$',$/XFDV
/8&$61DGLD«
1$',$$ORUVXQELVRX"
/8&$6(XK«XQELMRX"
1$',$0DLVQRQSDVXQELMRXXQELVRXWXWHUDSSHOOHV«OHVURPDQWLTXHVO¶K{WHO
0RQWPDUWUH«YRLOj
/8&$6'¶DFFRUG
/8&$6+UPK«1DGLDM¶DLXQSUREOqPH«O¶DFFLGHQW«MHQHPHUDSSHOOHSDV«
1$',$7XDVRXEOLpO¶DFFLGHQW"
/8&$62XLPDLVDXVVLO¶DpURSRUWKUPK«WRL«
1$',$$WWHQGV«WXQHWHUDSSHOOHVGH5,(1"
/8&$6-HPHUDSSHOOH«GH«WDPDLQ$ODFUrSHULHHW«M¶DLpFRXWpOHEDODGHXU«
1$',$+HXUHXVHPHQW$ORUVPDLQWHQDQWWXPHFRQQDLVPLHX["
/8&$6(XK«2XLMHFURLV«
/8&$61DGLDO¶DFFLGHQW«
1$',$/¶DFFLGHQW"&DF¶HVW-HDQ3LHUUH«LOHVWMDORX[(FRXWH/XFDV«PHV\HX[«
/8&$62XLRXLMHVDLV
1$',$0DLVOHVPpGHFLQVQHVDYHQWSDVHQFRUH,OIDXWDWWHQGUH
/8&$6'¶DFFRUG(W«/HFRIIUHWGH*HRUJH6DQG"
1$',$7RXWYDELHQ7XDVO¶DUJHQW"
/8&$62XLO¶DUJHQWHVWjODEDQTXH
1$',$'¶DFFRUG3UHQGVXQWD[L$QQHW¶DWWHQGFKH]HOOH$OOH]jSOXVWDUG
/8&$6$SOXVWDUG"2XLjSOXVWDUG
1$',$$ORUVWRXMRXUVSDVGHELVRX"
/8&$6(XK«VL«
1$',$&¶HVWPLHX[FRPPHoD6DOXWOHMRXUQDOLVWH«(WEUDYRSRXUWRQIUDQoDLV

3$6(1&25( ! 'e-¬


$VL[KHXUHV/XFDVQ¶pWDLWSDVHQFRUHj0DUVHLOOH $QHXIKHXUHVHWGHPLH/XFDVpWDLWGpMj
  j0DUVHLOOH
0$,17(1$17 ! 3/867$5'
0DLQWHQDQWMHVXLVjO¶K{SLWDO 3OXVWDUGMHYDLVFKH]$QQH


«$YRXV
&¶HVWjSURSRVGHTXRL"7URXYH]O¶LQWUXV

‡/¶DFFLGHQW
 &¶HVW-HDQ3LHUUHLOHVWMDORX[
 7XQHWHUDSSHOOHVGHULHQ"
 -¶DLpFRXWpOHEDODGHXU«

‡/HV\HX[GH1DGLD
 (OOHYDrWUHDYHXJOH«
 0DLVOHVPpGHFLQVQHVDYHQWSDVHQFRUH«
 $QQHW¶DWWHQGFKH]HOOH

‡/HYROGXFRIIUHW
 7RXWYDELHQWXDVO¶DUJHQW"
 /¶DUJHQWHVWjODEDQTXH
 6DOXWOHMRXUQDOLVWH

5HPSODFH]OHVPRWVVRXOLJQpVSDU
_HQ_\_OH_OD_OHV_O¶_

‡-¶DUULYHDXFORVGX&ODLU5HJDUG-¶««««««DUULYHHQWD[L
‡0DLVMHQHYRLVSDV1DGLD-HQH«««««YRLVSDV
‡1DGLDVHVRXYLHQWGHQRWUHURPDQFHj3DULV-HQHP¶«««««VRXYLHQVSDV
‡-¶DLRXEOLpO¶DFFLGHQW-H«««««¶DLRXEOLp
‡-¶DLpFRXWpOHEDODGHXU-H«««««¶DLpFRXWp
‡-¶DLYHUVpOHVHXURVVXUOHFRPSWHG¶$QQH-H«««««DLYHUVpV
‡/¶DUJHQWHVWjODEDQTXH/¶DUJHQW«««««HVW

4XDQG"
_HQWURLVKHXUHV_GHSXLV_G¶DERUG_HQVXLWH_SDVHQFRUH_TXDQG_
_PDLQWHQDQW_SOXVWDUG_

‡$YHFOH7*9M¶pWDLVj0DUVHLOOH««««««««««««««««««««M¶DLSULVXQWD[LSRXUDOOHU
DX³&ORVGXFODLUUHJDUG´«««««M¶DLFKHUFKp1DGLDGDQVOHMDUGLQ
‡-HGLVj1DGLDTXHMHQHPHVRXYLHQVGHULHQPDLVTXHM¶DLpFRXWpOHZDONPDQHWTXHMHPH
VRXYLHQV«««««GHQRWUHGvQHUjODFUrSHULH
‡(OOHPHGLWTXHOHVPpGHFLQVQHVDYHQW«««««VLHOOHSHXWYRLU
‡-HOXLGLVTXHO¶DUJHQWHVWjODEDQTXH«««««DYDQWKLHU
‡«««««MHSDUVHOOHPHGLW³j«««««´

" (VWFHTXH1DGLDYDELHQ"«««««««««««««««««««««««««««



/H&RPPLVVDLUH-HDQQLQ
&+(=$11(

฀ ฀ ฀ ฀ ฀฀
$11(/XFDV,OHVWKHXUHV/HFDIpHVWSUrW
฀ ฀ ฀ ฀ ฀
/8&$62KERQMRXULOHVWQHXIKHXUHV"
฀ ฀
$11(2XLGpMj/DSROLFHDUULYH
/8&$6/DSROLFH"
$11(2XLOH&RPPLVVDLUH-HDQQLQSRXUOHYROLOQRXVFRQQDvW«
/8&$6(XK$QQH«
$11($WWHQGH]«%RQMRXU0RQVLHXUOHFRPPLVVDLUH
-($11,1%RQMRXU$KERQMRXUYRXVrWHVO¶DPLMRXUQDOLVWH"-HVXLVFRQWHQWGHYRXVYRLU«
9RXVDOOH]QRXVDLGHU9RXVDYH]OHVHQUHJLVWUHPHQWV"
/8&$6&¶HVWSRXUOHYRO"
-($11,12XLRQYDOHVpFRXWHU
/8&$6'¶DFFRUG«HXK«YRLOj«
-($11,19R\RQV«

0DSRVWH
«
 3DUGRQH[FXVH]PRL«%RQMRXU«2XLPHUFL«
+200(2KOjOjTX¶HVWFHTXHoDGXUH«PDLVPDOHWWUHHVWWUqVLPSRUWDQWH
1$',$0RLMHYLHQVSRXUPRQFRXUULHU
«
 /DSHUVRQQHVXLYDQWHVLYRXVYRXOH]« ฀ ฀฀ ฀
+200($KF¶HVWPRQWRXU$XUHYRLU0DGDPH ฀฀ ฀ ฀
฀฀ ฀
-($11,1+pKp«0DLVF¶HVWLQWpUHVVDQWoD
$11(0DLVF¶HVW1DGLDjODSRVWH6RQFRXUULHUSRVWHUHVWDQWH
/8&$6(XKSRVWHUHVWDQWH"3RXUTXRL"
$11(&¶HVWXQHFRSLHGHPHVOHWWUHVjODSROLFH6XUOHUpVHDX6XG«
-HOHVOXLHQYR\DLVSRVWHUHVWDQWH
/8&$6(XK«MH«OHV«OXL«HQYR\DLV"
$11(2XL/XFDV-¶HQYRLHOHVOHWWUHVj1DGLD-HOXLHQYRLHOHVOHWWUHV-HOHVOXLHQYRLH
-($11,13DUORQVGXUpVHDX6XG1DGLDDFRQWDFWpOHUpVHDX«SRXUDFKHWHU«HQILQ
F¶HVWFHTX¶LOVSHQVHQW«
/8&$6(XK«1DGLD"$FKHWHUOHFRIIUHWHWODEDJXH"³/DGDPHGH1RKDQW«OHVPDLQVYLGHV«OHV
RUQHU«j6DLQW&KDUOHV"´
-($11,12XLO¶DQQRQFHF¶HVWQRXVODSROLFH3RXUDWWUDSHUOHVYROHXUVHQIODJUDQWGpOLWYRXVFRPSUHQH]"
/8&$60DLVTXLVRQWOHVYROHXUV"
-($11,1$KQRXVQHVDYRQVSDVHQFRUH«XQDQWLTXDLUHSDULVLHQ«GHV,WDOLHQV«

3521206&203/e0(176'¶2%-(7
-¶HQYRLHOHVOHWWUHVj1DGLD -HOXLHQYRLHOHVOHWWUHV -HOHVOXLHQYRLH
-HGRQQHOHZDONPDQDX&RPPLVVDLUH-HDQQLQ -HOXLGRQQHOHZDONPDQ -HOHOXLGRQQH

" 1DGLDDFRQWDFWpOHUpVHDX
3RXUTXRL"««««««««««««««««««««««««««««««««««««««««««


&KH]$QQH
0$56(,//(«&(1(62173$6'(69$&$1&(6

$11(/XFDV-HSHX[pFRXWHUOHPLQLGLVF"&¶HVWELHQ« /$)$0,//(
/8&$6%RQG¶DFFRUG« /DV°XUG¶$QQHHVWODPqUHGH*DsOOH
+HQULHVWOHPDULGHODV°XUG¶$QQH
0DERXODQJHULH +HQULHVWOHSqUHGH*DsOOH
«
 8QHEDJXHWWHSDVWURSFXLWH«7XYHX[TXRLFRPPH *DsOOHHVWOD¿OOHGHODV°XUG¶$QQH
ERQERQFKpULH"« $QQHHVWODWDQWHGH*DsOOH
1$',$4X¶HVWFHTXHWXYHX[" *DsOOHHVWODQLqFHG¶$QQH
*$É//(-HYHX[GHVWDJDGDV
%28/$1*Ê5(%RQMRXU1DGLD4X¶HVWFHTXHF¶HVW"8Q
PLFURSKRQH"9RXVIDLWHVXQUHSRUWDJH" %,(19(18(
1$',$&¶HVWSRXUPHVVRXYHQLUVGXTXDUWLHU ,1752'8,6(=9275(&$57(
%28/$1*Ê5((WSRXUOHJR€WHU"
1$',$0PP«GHX[SDLQVDXFKRFRODW«HWGHVWDJDGDVSRXU
ODSHWLWH
$11(0DLV³ODSHWLWH´oDGRLWrWUH*DsOOH &20326(=
/8&$67DJDGD"4X¶HVWFHTXHF¶HVW" 9275(&2'(&21),'(17,(/

$11(2KGHVIUDLVHVWDJDGDF¶HVWGHVERQERQV« (79$/,'(=

/8&$64XLHVW*DsOOH"
$11(&¶HVWODILOOHGHPDV°XUGHO¶+{WHO0RQWPDUWUH
-HVXLVVDWDQWH1DGLDODVRUWDLWOHPHUFUHGL
/8&$61DGLDODVRUWDLW" &+2,6,66(=/(0217$17
$11(2XL1DGLDDOODLWDXFLQpPDDXSDUF«DYHF*DsOOH '(9275(5(75$,7

/8&$6$KRXL Á Á


$11(*DsOOHpWDLWLFLSRXUOHVYDFDQFHV«PDLVDYHFWRXWH Á Á
FHWWHDIIDLUHoDQ¶pWDLWSDVGU{OH
2KKp/XFDVLOIDXWDOOHUjODEDQTXH/¶DUJHQW
5(35(1(=
$
 ODEDQTXH 9275(&$57(

$11((WYRLOjODEDQTXH%RQMHYDLVFKHUFKHUO¶DUJHQW7X $),1'¶2%7(1,5

P¶DWWHQGVKHLQ" 926%,//(76

/8&$6'¶DFFRUG«
)(00(0DLV0RQVLHXUSDUGRQLOIDXWUHSUHQGUHYRWUHFDUWH«
/8&$62KPHUFL0DGDPH 35(1(=926%,//(76
$11(/XFDVoD\HVWM¶DLO¶DUJHQW«2QYDOHGRQQHUWRXWGH (79275(7,&.(7

VXLWHDX&RPPLVVDLUH-HDQQLQ«3UHQRQVXQWD[L
/8&$6'¶DFFRUG«RQYD«OHOXLGRQQHU7D[L 0(5&,'(9275(9,6,7(

/HVHFUHWHQWUH/XFDVHW1DGLDF¶HVWO¶DUJHQW0DLVSRXUIDLUHTXRL"

" ««««««««««««««««««««««««««««««««««««««««««««««««



(WLHQQHDUULYH
5(75289$,//(6

฀ ฀ ฀
(7,(11(/XFDV%RQMRXUdDPHIDLWSODLVLUGHYRXVYRLU
/8&$6%RQMRXU%LHQYHQXHj0DUVHLOOH0DLV«oDYD(WLHQQH"
(7,(11(2KF¶HVW5HQp«LOHVWj0LODQ«MHVXLVLQTXLHW/HUpVHDX6XGHWOHVDIIDLUHVGH
5HQp«MHVXLVLQTXLHW
/8&$6«9RXV"'HVDIIDLUHVDYHF5HQp"
(7,(11(1
 RQF¶HVWXQDPLM¶DLUDFKHWpVDERXWLTXHSRXUO¶DLGHU ฀ ฀ ฀ ฀ ฀
$11((WLHQQH(QWUHM¶DLIDLWGXFDIp2QLUDjWRQK{WHODSUqV ฀ ฀฀ ฀ ฀
/8&$62QLUD" ฀ ฀ ฀ ฀
$11(2XL/XFDVF¶HVWOHYHUEH³DOOHU´DXIXWXU-¶LUDLRQLUDQRXVLURQVGHPDLQ«
(7,(11(%RQDORUVFRPPHQWYD1DGLD"
$11((OOHYDELHQ/XFDV«RQpFRXWHOHVHQUHJLVWUHPHQWVGH1DGLDDYHF(WLHQQH"
(7,(11(/HEDODGHXU"&¶pWDLWSRXUVRQWUDYDLOQRQ"
/8&$62XLHWDXVVL«GHVVRXYHQLUV«pFRXWH]

0RQPDUFKp
«
 $ORUVXQHXURWUHQWHFLQTOHVGHX[PDQJXHV«dDIDLWGL[EDOOHV«'HVIUXLWVGHV
OpJXPHVF¶HVWSDULFL«
0202%RQMRXUPDEHOOH'HVWRPDWHVHWXQFRQFRPEUHSRXUOHVVDQGZLFKV"
1$',$%RQMRXU0RPR,O\DGXPRQGHDXMRXUG¶KXL
0202$KRXLPDEHOOH7LHQVGHX[WRPDWHV(WXQFRQFRPEUHdDIDLWXQHXUR
1$',$0HUFL0RPRjGHPDLQ
฀ ฀ ฀ ฀
(7,(11(³0DEHOOH´«PDLVTXLHVWFH0RPR"
฀ ฀ ฀ ฀
/8&$6,OFRQQDvW-HDQ3LHUUH
(7,(11(-HDQ3LHUUHHWVHVDIIDLUHV«&HQ¶HVWSDVXQKRPPHSRXU1DGLD
$11(1DGLDQHO¶DLPHSDVHOOHDSLWLpGHOXL$OOH]RQ\YD
(7,(11('¶DFFRUG$XUHYRLU/XFDV
/8&$6$XUHYRLU

)8785³$OOHU´
M¶LUDL QRXVLURQV
WXLUDV YRXVLUH]

HOOHLOLUD HOOHVLOVLURQW

(WLHQQHHVWLQTXLHW

" 3RXUTXRL"««««««««««««««««««««««««««««««««««««««««««


&KH]$QQH
/$&248(77((7/(0e'(&,1

$11('
 LV/XFDV«TX¶HVWFHTX¶LO\DG¶DXWUHVXUFHPLQLGLVF"
/8&$67
 LHQVWXYHX[pFRXWHU"/HYRLOj

0RQFRLIIHXU
«
 &¶HVWSDVWURSFKDXG"«ULHQG¶DXWUH"HQIDFHGXPpWUR0DGDPH
0$5&$
 ORUVjQRXV
1$',$%
 RQMRXU0DUF-¶DLXQHFRQIpUHQFHGHSUHVVH
0$5&$
 ORUVOHVFKHYHX[FODLUV"
1$',$2
 XLDYHFXQHFRXSHFRXUWH
0$5&d
 DURXOHPDELFKH

$11($
 K1DGLDHW0DUFVRQFRLIIHXU
฀ ฀QU ฀ ฀ ฀ ฀
$KODFRTXHWWH/HFRLIIHXUF¶pWDLWSRXUODFRQIpUHQFH
฀ ฀QUE฀ ฀ ฀ ฀
PDLVDXVVLSRXUrWUHEHOOHSRXUWRL/XFDV
/8&$6(
 W«-HDQ3LHUUH" 
$11(/
 XFDVVLWXHVLQWHOOLJHQWWXFRPSUHQGUDVTXHF¶HVWWRLTX¶HOOHDLPH«

$O¶K{SLWDO
/8&$6%
 RQMRXU«
1$',$$
 KERQMRXU/XFDVMHWHSUpVHQWHOHGRFWHXU0DQRSKWDOPRORJXH
/8&$6(
 QFKDQWpGRFWHXUdDYDELHQ"1DGLDQ¶HVWSDVDYHXJOH"
0e'(&,16
 LHOOHVHUHSRVHHOOHYHUUDSHXWrWUH
/8&$63
 DUGRQ"
0e'(&,1(
 OOHGRLWVHUHSRVHU'RUPLUHWQHSDVWUDYDLOOHU(WSDVG¶pPRWLRQV«
1$',$/
 XFDVV¶RFFXSHUDGHPRLGRFWHXU7XVDLVMHVRUWLUDLGHPDLQ7XYLHQGUDV"

/(&21',7,211(/6,35e6(17!)8785
6LWXHVLQWHOOLJHQWWXFRPSUHQGUDV«
6LHOOHVHUHSRVHHOOHYHUUDSHXWrWUH«

/()8785
9HUEHVHQ±HU 9HUEHVHQ±UH
-¶DUULYHUDL -HSUHQGUDL ,UCAS฀ A฀ ฀
7XVRUWLUDV 7XYHQGUDV *E฀ AI฀ ฀
,OWUDYDLOOHUD (OOHFRPSUHQGUD 4U฀ AS฀
1RXVDFKqWHURQV 1RXVFRQQDvWURQV
9RXVpFRXWHUH] 9RXVDSSUHQGUH]
,OVVHUDSSHOOHURQW ,OVSHUGURQW

/XFDVHVWLQTXLHWSRXU1DGLD

" 3RXUTXRL"«««««««««««««««««««««««««««««««««««««««««


 6RUWLHG¶K{SLWDO
3$57216'¶,&,

$11(/XFDV1RWUHWD[LHVWOjYLHQV1DGLDQRXVDWWHQG
฀ ฀ ฀ ฀
/8&$62XLM¶DUULYH«
฀ ฀
&+$8))(851RQPDLVTX¶HVWFHTX¶HOOHIDLWFHWWHPRWR"
/8&$62K«$QQH&¶HVW-HDQ3LHUUH
$11(-HDQ3LHUUH"$0DUVHLOOH"$wH$wH$wH,OVHUDjO¶K{SLWDODYDQWQRXV«
&+$8))(85(WYRLOjOH&ORVGX&ODLU5HJDUG
$11(7HQH]PHUFL0RQVLHXU
1$',$-HDQ3LHUUHV¶LOWHSODvWODLVVHPRLPDLQWHQDQW
-($13,(55(0DLVMHP¶RFFXSHUDLGHWRL2QVHPDULHUD7XQHSHX[SDVrWUHVHXOHHWDYHXJOH
1$',$(FRXWHF¶HVWILQL([FXVHPRL«$OOH]YDWHQ«
-($13,(55(&¶HVWFHMRXUQDOLVWHKHLQ$KOHYRLOj
$11(&DOPHWRL-HDQ3LHUUH1DGLDHVWHQFRUHPDODGH« ฀ ฀ ฀ ฀
-($13,(55(6DOXWDORUV0DLVDWWHQWLRQ&HQ¶HVWSDVILQL ฀
/8&$61DGLD«oDYD"
1$',$2KTXHOOHKLVWRLUH«M¶DLSHXU7XVDLVj3DULVLOYRXODLWP¶pSRXVHU«
/8&$67HSRXVVHU"
1$',$1RQP¶pSRXVHUPRLODIHPPHGH-HDQ3LHUUH«-HOXLDLGLW³/DLVVHPRLGXWHPSV´«
-HQHO¶DLPDLVSDVYUDLPHQW«
$11(/XFDV$TXRLWXSHQVHV" ฀
/8&$6$«ULHQ&¶HVWPDPpPRLUH«
1$',$%RQSDUWRQVG¶LFL«(WLHQQHOH&RPPLVVDLUH-HDQQLQHW)DELRDWWHQGHQW
/8&$6)DELR"
1$',$)DELRPRQFRQWDFWGXUpVHDX6XG«SRXUOHFRIIUHW1RXVDXURQVOHWHPSVG¶HQSDUOHU
/8&$61RXVDXURQV"""
1$',$2XL/XFDVSOXVWDUG«YLHQV

)8785³$YRLU´
M¶DXUDL QRXVDXURQV
WXDXUDV YRXVDXUH]
HOOHLODXUD HOOHVLOVDXURQW

฀ ฀ ฀

)8785³ÇWUH´
฀ ฀ ฀ ฀ ฀ ฀
MHVHUDL QRXVVHURQV
WXVHUDV YRXVVHUH]
HOOHLOVHUD HOOHVLOVVHURQW


«$YRXV
&KRLVLVVH]O¶H[SUHVVLRQTXLFRQYLHQW
_LQTXLHW_DLPH_FRQ¿DQFH_FRQWHQW_Pp¿H_SHXU_SLWLp_MDORX[_
_VpULHX[_IkFKp_

‡/H&RPPLVVDLUH-HDQQLQHVW««««««««««««GHPHYRLU³9RXVDOOH]QRXVDLGHU´
‡(WLHQQHHVW««««««««««««SRXU5HQp³/HUpVHDX6XGHWOHVDIIDLUHVGH5HQp«´
‡$QQHD««««««««««««GH-HDQ3LHUUH³-HDQ3LHUUH"$0DUVHLOOH"$wH´
‡-HDQ3LHUUHHVW««««««««««««GHPRL³&¶HVWFHMRXUQDOLVWHKHLQ´
‡$QQHPHIDLW««««««««««««³-HYDLVFKHUFKHUO¶DUJHQW7XP¶DWWHQGVKHLQ"´
‡(WLHQQHVH««««««««««««GH-HDQ3LHUUH³&HQ¶HVWSDVXQKRPPHSRXU1DGLD´
‡$QQH««««««««««««ELHQ(WLHQQH
‡1DGLDD«««««GH-HDQ3LHUUH³(FRXWHF¶HVW¿QL([FXVHPRL´
‡/HPpGHFLQHVWWUqV««««««««««««³(OOHGRLWVHUHSRVHU'RUPLUHWQHSDVWUDYDLOOHU´
‡-HDQ3LHUUHHVWWUqV««««««««««««³&HQ¶HVWSDV¿QL´

&RPSOpWH]
_VRUWLUDL_PDULHUD_YLHQGUDV_LUD_RFFXSHUDL_VHUD_

‡³-HDQ3LHUUH"$0DUVHLOOH"$wH,O««««««««««««jO¶K{SLWDODYDQWQRXV«´
‡-HDQ3LHUUHDLPH1DGLD³-HP¶««««««««««««GHWRL2QVH««««««««««««´
‡³(WLHQQH(QWUHM¶DLIDLWGXFDIp2Q««««««jWRQK{WHODSUqV´
‡1DGLDP¶DLPH³-H««««««««««««GHPDLQ7X««««««««««««"´

&RPSOpWH]
_P¶_OXL_QRXV_OHXU_

‡/H&RPPLVVDLUH-HDQQLQ«««««««««DGHPDQGpOHZDONPDQSRXUpFRXWHUOHV
HQUHJLVWUHPHQWV
‡$QQHHQYR\DLWXQHFRSLHGHVHVOHWWUHVj1DGLDHOOHOHV««««««HQYR\DLWSRVWHUHVWDQWH
‡(WLHQQHQHIDLWSDVYUDLPHQWGHVDIIDLUHVDYHF5HQpLO««««««DUDFKHWpVDERXWLTXH
SRXUO¶DLGHU
‡2QYDGRQQHUO¶DUJHQWDX&RPPLVVDLUH-HDQQLQRQYDOH««««««GRQQHU
‡1DGLDDFKqWHUDOHFRIIUHWDX[YROHXUVHOOHOH««««««DFKqWHUD
‡/H&RPPLVVDLUH-HDQQLQQRXVH[SOLTXHUDOHSODQELHQW{WLO««««««O¶H[SOLTXHUDELHQW{W



$XFRPPLVVDULDW
5(1'(=9286$9(&)$%,2

/8&$61DGLDHVWSDUWLH«WURLVKHXUHV
&200,66$,5(-($11,1&DOPH]YRXV/XFDV$KYRLOj1DGLD
1$',$6DOXWWRXWOHPRQGH&D\HVWM¶DLXQUHQGH]YRXV
&200,66$,5(-($11,1%UDYRMHXQHILOOH(WLHQQH$QQHYHQH]DYHFQRXV
$11($ORUV"
1$',$-¶DLO¶HQUHJLVWUHPHQW(FRXWH]
/¶$5*27
/¶DUJHQWFRQWUHXQHSKRWR /HEOp !O¶DUJHQW
)$%,2$ORUVOHEOp" )XWpH !LQWHOOLJHQWH
1$',$/DSKRWRG¶DERUG« /DPHXI !ODIHPPH
)$%,2)XWpHODPHXI«DOOH]ODYRLOj -HFDXVH !MHSDUOH
1$',$2XLF¶HVWELHQoDOHFRIIUHWODEDJXH 7XSLJHV" !WXFRPSUHQGV"
DYHFOHVLQLWLDOHV*6±$09RLOjO¶DUJHQW
)$%,22.«DORUVGL[KXLWGL[QHXIHWYLQJW'LPDQFKHjODPrPHKHXUH
-HFDXVHDXSDWURQ7XSLJHV"
/8&$63DUGRQF¶HVWTXRLOHEOp"
1$',$&¶HVWGHO¶DUJRW/HEOpF¶HVWO¶DUJHQW
)DELRP¶DPRQWUpODSKRWRGHVREMHWVHWMHOXLDLGRQQpOHVYLQJWPLOOHHXURV
/8&$67X«OHV«OXLDGRQQpV'¶DFFRUG
/8&$6«'LPDQFKH«³jODPrPHKHXUH´"
(7,(11(1DGLDDUHQFRQWUp)DELRjTXDWUHKHXUHVHWGHPL'LPDQFKHHOOHYHUUDOHSDWURQ
OHFKHIGHVYROHXUVSRXUOHFRIIUHWjTXDWUHKHXUHVHWGHPL$866,jODPrPHKHXUH
0DLV)DELRYDSDUOHUDYHFOHSDWURQG¶DERUG
/8&$6(WSXLV"
฀ ฀ ฀ ฀ ฀
(7,(11('LPDQFKH1DGLDUDFKqWHOHFRIIUHW-HQ¶DLPHSDVoD
฀ ฀ ฀ ฀ ฀ ฀ ฀
/8&$60RLDXVVL«SDUGRQPRLQRQSOXV&¶HVWTXRL³WXSLJHV´"
-($11,1&DYHXWGLUHWXFRPSUHQGV
/8&$6$K
-($11,1%RQLOHVWWDUG«RKOjKXLWKHXUHVPRLQVOHTXDUW2KOHUHQGH]YRXVDYHFOHSDWURQ
HVWGDQVWURLVMRXUV«1RXVDYRQVOHWHPSV«$ORUVjGHPDLQ¿VWRQ
/8&$6'¶DFFRUG$GHPDLQ

/(6)250(6'8)8785
48,$9$,7/¶$5*(17" /HIXWXUSOXVWDUG
(WLHQQHGRQQHHXURVj1DGLD 'LPDQFKH1DGLDYHUUDOHSDWURQ
1DGLDOHVGRQQHj/XFDV /HIXWXUSURFKHWUqVELHQW{W
/XFDVOHVYHUVHVXUOHFRPSWHG¶$QQH )DELRYDSDUOHUDXSDWURQ
/HSUpVHQW&DDUULYHUD&¶HVWV€U
'LPDQFKH1DGLDUDFKqWHOHFRIIUHW
4XHOMRXUVRPPHVQRXV"

" «««««««««««««««««««««««««««««««««««««««««««««««


8
 QHYRL[P\VWHULHXVH
48,(67$87e/e3+21("

&200,66$,5(-($11,1%LHQWRXWOHPRQGHHVWOj"$ORUVUpFDSLWXORQV
XQWpOpSKRQHVRQQH
&200,66$,5(-($11,1&¶HVWODOLJQHVSpFLDOH2QHQUHJLVWUH1DGLDYRXVSRXYH]UpSRQGUH
1$',$$OOR"

฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀
฀ ฀ ฀ ฀ ฀ ฀฀ ฀ ฀ ฀ ฀ ฀
฀ ฀ ฀ ฀ ฀ ฀

&200,66$,5(-($11,11HYRXVLQTXLpWH]SDV1DGLD«WRXWVHSDVVHUDELHQRQDO¶KDELWXGH%RQ
oDYHQDLWG¶XQHFDELQHWpOpSKRQLTXHSUqVGXSRUW5ppFRXWRQVDYHFOHVDQDO\VWHV«
$OOH]\0HVVLHXUV«
$11($KOjoDUHVVHPEOHjODYRL[GH-HDQ3LHUUH
1$',$0DLVQRQ&DQHSHXWSDVrWUHOXL-HDQ3LHUUHSDUOHSOXVOHQWHPHQW
(7,(11(3RXUWDQWFHWWHYRL[«-HO¶DLGpMjHQWHQGXH«
&200,66$,5(-($11,19RXVFRQQDLVVH]FHWWHYRL["9RXVrWHVV€U"
(7,(11((XK«&¶HVWWURSUDSLGH«MHQHVXLVSDVV€U«
&200,66$,5(-($11,1&¶HVWXQKRPPHG¶kJHPR\HQSDVLWDOLHQQLPDUVHLOODLV«
1$',$(QWRXWFDVFHQ¶HVWSDV-HDQ3LHUUH
1$',$/XFDVYLHQVMHYHX[WHSDUOHU
/8&$6'¶DFFRUG
1$',$/XFDVpFRXWH«-HDQ3LHUUHHVWXQSHXDJUHVVLIPDLVF¶HVWXQKRPPHIDLEOH,OHVWMDORX[
PDLVFHQ¶HVWSDVXQYROHXU


฀ ฀ ฀ ฀
฀ ฀ ฀ ฀ ฀ ฀
฀ ฀ ฀ ฀ ฀ ฀ ฀
฀ ฀ ฀ ฀ ฀ ฀ ฀
฀ ฀ ฀ ฀฀ ฀ ฀ ฀฀ ฀

&200(17"
-HDQ3LHUUHSDUOHSOXVOHQWHPHQW 9(5%(6352120,1$8;
&¶HVWWURSUDSLGH« 6HUDSSHOHU³5DSSHOH]YRXV´
-HDQ3LHUUHHVWXQSHXDJUHVVLI 6¶LQTXLpWHU³1HYRXVLQTXLpWH]SDV1DGLD´
-HDQ3LHUUHHVWXQKRPPHIDLEOH

6L1DGLDQHYLHQWSDVVHXOHTX¶HVWFHTXLDUULYHUD"

" ««««««««««««««««««««««««««««««««««««««««««««««««


 /
/(3/$1'(/$32/,&(

 HSODQGHODSROLFH /¶$5*27
&200,66$,5(-($11,1$ORUV1DGLDYRXVDYH]OHVLQVWUXFWLRQV" 8QWDFRW !XQWD[L
1$',$7RXWHVWOj(FRXWH] /HSRJQRQ !O¶DUJHQW
8QHJXHXOH !XQYLVDJH
/HVLQVWUXFWLRQVGH)DELR 'HVHPEURXLOOHV !GHVSUREOqPHV
)$%,25HQGH]YRXVGDQVODFDODQTXHG¶(Q9DXj&DVVLV7XYDVDUULYHUVHXOH3DVGHWDFRW
FRPSULV"7XYDVPHWWUHOHSRJQRQGDQVOHEDWHDX
1$',$(WOHFRIIUHW"
)$%,27XYDVWURXYHUGHVLQVWUXFWLRQV
1$',$$KERQ"
)$%,2(FRXWHW¶DVXQHEHOOHJXHXOH«V¶LOQ¶\DSDVG¶HPEURXLOOHVWXODJDUGHV6LQRQ«EHQoD
VHUDLWGRPPDJHKHLQ"
/8&$6&¶HVWTXRLOHSRJQRQ"
1$',$/¶DUJHQW
&200,66$,5(-($11,15HJDUGH]FHSODQ/HUHQGH]YRXVHVWGDQVFHWWHSHWLWHFDODQTXH
&¶HVWjNLORPqWUHVG¶LFL1DGLDYD\DOOHUVHXOH(OOHYDSUHQGUHXQHYRLWXUHGHORFDWLRQ
/8&$63DUGRQYD"«
&200,66,$5(-($11,1(OOHYD\DOOHUVHXOHHOOHLUDVHXOH
/8&$66HXOH"0DLV«OHWD[L«
&200,66$,5(-($11,11RQ/XFDVSDVGHWDFRWSDVGHWD[L'pVROpILVWRQ
1$',$/XFDVoDYDDOOHU
/8&$6'¶DFFRUGM¶DLFRPSULV
&200,66$,5(-($11,1%RQ0RLMHVHUDLGDQVODYRLWXUHGH1DGLDHWOH&RPPDQGDQW'DUULHUVHUD
VXUXQEDWHDXGDQVODPrPHFDODQTXH
/8&$63DUGRQHWPRL"4X¶HVWFHTXHMHYDLVIDLUH"
&200,66$,5(-($11,15LHQ(WLHQQH$QQH/XFDVYRXVrWHVWRXVGDQVXQHFDPLRQQHWWHEOLQGpH
/8&$61RQMHQHVXLVSDVG¶DFFRUG
(7,(11(/XFDVLOOHIDXW2QDXUDXQFRQWDFWUDGLRDYHF1DGLD&¶HVWWRXWSRXUOHVLQVWUXFWLRQV"
/8&$6&¶HVWTXRLXQHEHOOHJXHXOH"
$11(&¶HVWXQEHDXYLVDJH«
/8&$6(W«HPEURXLOOHV"
$11('HVSUREOqPHV«

7286!3(56211( GRLWDUULYHU
9RXVVHUH]WRXVGDQVXQHFDPLRQQHWWH !3HUVRQQHQHVHUDDYHF1DGLD
7287!1(5,(1
1DGLDIDLWWRXW !-HQHIDLVULHQ"
728-2856!1(-$0$,6
-HGRLVWRXMRXUVUHVWHUGDQVODFDPLRQQHWWH!-HQHGRLVMDPDLVVRUWLUGHODFDPLRQQHWWH

" 6¶LO\DGHVHPEURXLOOHVTX¶HVWFHTXLDUULYHUDj1DGLD"
«««««««««««««««««««««««««««««««««««««««««««««««


8
 QDQWLTXDLUHDUUrWp
$55(67$7,21(1,7$/,(

&200,66$,5(-($11,1%RQQRXVDYRQVUHoXXQDSSHOGHQRWUHFROOqJXH&RPPLVVDLUH0DJQH
VSpFLDOLVWHGXUpVHDX6XG«LOSDUOHG¶XQDQWLTXDLUHSDULVLHQ
(7,(11(8QDQWLTXDLUH"6RXSoRQQpGHYRO"
&200,66$,5(-($11,12QpFRXWHG¶DERUG0RQVLHXU)DYUHHWRQSDUOHUDDSUqV

0HVVDJHWpOpSKRQLTXH
&200,66$,5(0$*1(-HDQQLQF¶HVW0DJQH&KDUOHV0DJQHj0LODQ-¶DLXQHDUUHVWDWLRQGHX[
LWDOLHQVHWXQDQWLTXDLUHSDULVLHQ«0DLVSDVGHFRIIUHW)DvWHVDWWHQWLRQj0DUVHLOOH
/8&$6([FXVH]PRLMHQHFRPSUHQGVSDV«XQHDUUHVWDWLRQ"
(7,(11(2XLDUUrWpSDUODSROLFH«7XFRPSUHQGV"«
(7,(11(3DVGHFRIIUHWGRQFHX[LOVQHO¶RQWSDVYROp
&200,66$,5(0$*1((WLHQQHDSSHOH]TXDQGPrPHYRWUHDPL5HQp-HYRXVGRQQHODOLJQH
VSpFLDOH«LOHQVDLWSHXWrWUHSOXVTXH«RQYRXVHQUHJLVWUH
(7,(11(«'¶DFFRUG«
(7,(11($OOR"5HQp"
5(1e(WLHQQH&DYD"
(7,(11(5HQpRHVWX"
5(1e-HVXLVHQFRUHj0LODQ/HV3LDQRWWLRQWWURXYpGHVREMHWVLQWpUHVVDQWV«
MHOHXUHQDLDFKHWp(WDXMRXUG¶KXLMHOHVYRLVSRXUXQHDXWUHDIIDLUH
(7,(11()DLVDWWHQWLRQTXDQGPrPH
5(1e0DLVRXL«pFRXWHMHGRLV\DOOHUMHWHUDSSHOOHSOXVWDUG&LDR
&200,66$,5(-($11,1%RQFHWDQWLTXDLUHSDULVLHQFHQ¶HVWSDV5HQp'XERQSUp«
(7,(11(5HQpQ¶HVWSDVXQYROHXU«
&200,66$,5(-($11,1-HO¶HVSqUH«
฀฀
฀ ฀
฀ ฀
฀ ฀ ฀ ฀ ฀
฀ ฀ ฀ ฀ ฀
฀ ฀ ฀ ฀ ฀

฀ ฀

/(63521206&203/e0(176
/HV3LDQRWWLRQWWURXYpGHVREMHWVLQWpUHVVDQWV
-HOHXUHQDLDFKHWp 5HQpDDFKHWpGHVREMHWVLQWpUHVVDQWVDX[3LDQRWWL
$XMRXUG¶KXLMHOHVYRLVSRXUXQHDXWUHDIIDLUH 5HQpYRLWOHV3LDQRWWLSRXUXQHDXWUHDIIDLUH

" (VWFHTXH5HQpHVWDUUrWpSDUODSROLFHHQ,WDOLH"
«««««««««««««««««««««««««««««««««««««««««««««««


 /(-285-

/D¿QMXVWL¿HOHVPR\HQV
1$',$7HVWWHVWYRXVP¶HQWHQGH]"/XFDV"(WLHQQH"
/8&$61DGLD
$11($OOH]FKLQFKLQPDEHOOH
-($11,19RXVHQWHQGH]'DUULHU"
'$55,(52XL
1$',$9RXVP¶HQWHQGH]DXVVL"
'$55,(57UqVELHQ
1$',$%RQM¶\YDLV«2.M¶DLOHPRW«jJDXFKH«GDQVOHURFKHUEODQF«2.MHYRLVOH
FRIIUHW
M¶\YDLV$wHOHVROHLOPHV\HX[&¶HVWIRXWX
'$55,(5$WWHQWLRQ,O\DXQKRPPHVXUODSODJH
-($11,15HVWH]Oj/XFDV
(7,(11(/XFDV
/8&$6«$JDXFKH«DKXQFDUWRQ«
-($13,(55($K$KHOOHQ¶HVWSDVVHXOHpYLGHPPHQWVRQDPRXUHX[«HVWOj
/8&$62K-HDQ3LHUUH""
-($13,(55(1HERXJHSDV-HVXLVDUPp j1DGLD 9LHQVPD1DGLD«WRXWHVWSRXUWRL«
/8&$61RQ-HDQ3LHUUH«
-($13,(55(7RLUHVWHOj1DGLDHVWjPRL0DSULQFHVVHYLWH
1$',$-HDQ3LHUUHWXHVIRX/DLVVHPRLWXPHIDLVPDO7XHVIRX
-($11,1'HODUXHODLVVHWRPEHUWRQDUPH
-($13,(55(1DGLDHVWjPRLJDUGH]OHFRIIUHW$wH
-($11,10HUFL'DUULHU'HODUXHF¶HVWILQL
/8&$61DGLD&DYD"
1$',$&DYD«HW«-HDQ3LHUUH"$K«LOHVWIRX
/8&$6&¶HVWILQL«
(7,(11(/XFDVYRXVrWHVIRX1DGLDPDSHWLWHILOOHoDYD"
$11(%UDYR/XFDV7XDVOHFRIIUHW"
/8&$6/HFRIIUHW"YRLOj«
7286«ODEDJXH«DYHFOHVLQLWLDOHV$0*6«
-($11,1/XFDVYRXVrWHVWHUULEOH0DLVEUDYRILVWRQ$ORUV«YRXVDOOH]UHQWUHUFKH]YRXV"
1$',$&KH]OXL"
/8&$6(Q$QJOHWHUUH"$KQRQ«

/DYRLWXUHGH1DGLDHW-HDQQLQ
/DFDPLRQQHWWH
DYHF/XFDV
$QQHHW(WLHQQH
/DSODJH

/HEDWHDXGX
 FRPPDQGDQW'DUULHU
«$YRXV
4XLGLWTXRLHWTXDQG"0HWWH]OHVSKUDVHVGDQVO¶RUGUH

1DGLDWHVWHG¶DERUGODUDGLR ³$WWHQWLRQLO\DXQKRPPHVXUODSODJH´
(QVXLWHHOOHYDVXUODSODJH ³1DGLDHVWjPRL*DUGH]OHFRIIUHW´
(OOH\WURXYHOHVLQVWUXFWLRQV ³2.M¶DLOHPRW³$JDXFKHGDQVOHURFKHUEODQF´
0DLVHOOHWRPEH ³-¶DUULYH«jJDXFKH«´
3XLV'DUULHUYRLWTXHOTX¶XQVXUODSODJH ³$KHOOHQ¶HVWSDVVHXOHVRQDPRXUHX[HVWOj´
$ORUVPRLMHVRUVGHODFDPLRQQHWWH ³7HVWWHVWYRXVP¶HQWHQGH]"´
-HYRLVOHFRIIUHW ³0HUFL'DUULHU'HODUXHF¶HVW¿QL´
0DLV-HDQ3LHUUHPHPHQDFH ³%RQM¶\YDLV´
3XLV-HDQ3LHUUHSUHQG1DGLD ³9LHQVPD1DGLDWRXWHVWjWRL´
0DLV1DGLDQHYHXWSDVYHQLUDYHFOXL ³$wHPHV\HX[&¶HVWIRXWX´
-HDQ3LHUUHYRXODLW1DGLDHWSDVOHFRIIUHW ³'HODUXHODLVVHWRPEHUWRQDUPH´
/H&RPPLVVDLUH-HDQQLQHVWDUULYpVXUODSODJH ³DKXQFDUWRQ´
,ODUUrWH-HDQ3LHUUHJUkFHDX&RPPDQGDQW'DUULHU ³-HDQ3LHUUHODLVVHPRL7XPHIDLVPDO´
(WLHQQHHW$QQHVRQWDXVVLDUULYpV ³/DEDJXH«$YHFOHVLQLWLDOHV$0*6´
1RXVDYRQVWRXVUHJDUGpOHFRIIUHW« ³1DGLDPDSHWLWH¿OOHoDYD"´

)LQ



You might also like