352&('(6,1'8675,(/602'8/(352&('(6,1'8675,(/6628602'8/(352'8&7,21'(0(7$/)(8,//('(&$/&8/)(8,//('(1,9($8D(0,66,216'(&2(7$3($0DVVHGªDJHQW
UpGXFWHXU
W%)DFWHXU
GªpPLVVLRQ
W&2W
GªDJHQWUpGXFWHXU

02'8/(352&('(6,1'8675,(/6628602'8/(352'8&7,21'(0(7$/)(8,//('(&$/&8/)(8,//('&2pPLV(&2pPLVW*J'  $[% &( '&7HQHXUHQFDUERQH
GXPLQHUDLPRLQV
WHQHXUHQFDUERQH
GXPpWDO [W&2WFDUERQH

'()(5(7$&,(51,9($8E(0,66,216'(&2(7$3($4XDQWLWpGHIHURX
GªDFLHUSURGXLWHW%)DFWHXUGªpPLVVLRQ&
&2pPLV'&2pPLV

W&2WGHIHURXGªDFLHUSURGXLWH

W*J&  $[%' &

02'8/(352&('(6,1'8675,(/6628602'8/(352'8&7,21'(0(7$/)(8,//('(&$/&8/)(8,//('()(5(7$&,(5(0,66,216'(12[&2910&2(762
(7$3($4XDQWLWpGH)HURX
GªDFLHUSURGXLWHW%)DFWHXUGªpPLVVLRQJJD]WGHIHURX
GªDFLHUSURGXLWH&*D]pPLV'*D]pPLV

J*J&  $[%' &

12[&2910

12[&2910&2&262

62

/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp 

352&('(6,1'8675,(/602'8/(352&('(6,1'8675,(/6628602'8/(352'8&7,21'(0(7$/)(8,//('(&$/&8/)(8,//('()(552$//,$*(61,9($8E(0,66,216'(&2(7$3($4XDQWLWpGHIHUURDOOLDJH
SURGXLWHW%)DFWHXUGªpPLVVLRQ&&2pPLV'&2pPLV

 W&2WGHIHUURDOOLDJHSURGXLWHW

 *J&  $[%' &/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp



352&('(6,1'8675,(/602'8/(628602'8/()(8,//('(&$/&8/)(8,//($4XDQWLWpGªDOXPLQLXPSURGXLWH
W

02'8/(628602'8/()(8,//('(&$/&8/)(8,//($7\SHGHFHOOXOH%
4XDQWLWp
GªDOXPLQLXPSURGXLWH
WRQQHV

352&('(6,1'8675,(/6352'8&7,21'(0(7$/'($/80,1,801,9($8E(0,66,216'(&2(7$3(&%&2pPLV)DFWHXUGªpPLVVLRQ
W&2WGªDOXPLQLXPSURGXLWH
W&  $[%352&('(6,1'8675,(/6352'8&7,21'(0(7$/'($/80,1,801,9($8E(0,66,216'(&)
(7$3()(&'1RPEUH
(IILFLHQFH&RQVWDQWH)UDFWLRQ
GªHIIHWVFRXUDQWH&)
PR\HQQHGHGªDQRGH
JD]GHFXYH
SDUMRXU
SHQGDQWOHV
HIIHWVIUDFWLRQGªDQRGH*'XUpHGHOªHIIHW
GªDQRGH PLQXWHV02'8/(628602'8/()(8,//('(&$/&8/)(8,//($7\SH
GH
FHOOXOH%
4XDQWLWp
GªDOXPLQLXPSURGXLWH
WRQQHV

352&('(6,1'8675,(/6352'8&7,21'(0(7$/'($/80,1,801,9($8E(0,66,216'(&)
(7$3(*)(&''XUpHGH
1RPEUH(IILFLHQFH&RQVWDQWH)UDFWLRQOªHIIHWGªHIIHWVFRXUDQWH
PR\HQQHGHGªDQRGHGªDQRGH
JD]GHFXYH
SDUMRXU&)
SHQGDQWOHV
HIIHWVGªDQRGH
 PLQXWHVIUDFWLRQ'&2pPLV*J' &+&)pPLVNJ,&)pPLV*J+  %[&['[([)[*, ++&)pPLV,&)pPLV

NJ+  %[&['[([)[**J, +

/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp 352&('(6,1'8675,(/602'8/(628602'8/()(8,//('(&$/&8/)(8,//($4XDQWLWpGªDOXPLQLXPSURGXLWH
W

352&('(6,1'8675,(/6352'8&7,21'(0(7$/'($/80,1,801,9($8F(0,66,216'(&)
(7$3(&'%&)pPLV&)pPLV)DFWHXUGªpPLVVLRQ
NJ&)W
GªDOXPLQLXPNJ*J
SURGXLWH&  $[%' &

02'8/(628602'8/()(8,//('(&$/&8/)(8,//(352&('(6,1'8675,(/6352'8&7,21'(0(7$/'($/80,1,801,9($8F (0,66,216'(&)
(7$3(%)DFWHXUGªpPLVVLRQGH&)&)&)

$(PLVVLRQVWRWDOHV&)
*J&&)pPLV*J&  $[%

02'8/(628602'8/()(8,//('(&$/&8/)(8,//(352&('(6,1'8675,(/6352'8&7,21'(0(7$/'($/80,1,80(0,66,216'(12 [&2(762

(7$3($4XDQWLWpGªDOXPLQLXPSURGXLWHW%)DFWHXUGªpPLVVLRQNJJD]WGªDOXPLQLXPSURGXLWH
12[&262

&
3ROOXDQWpPLV'
3ROOXDQWpPLV

 NJ&  $[%*J' &
12[&262

/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp



352&('(6,1'8675,(/602'8/(352&('(6,1'8675,(/6628602'8/(352'8&7,21'(0(7$/)(8,//('(&$/&8/)(8,//('(6)87,/,6('$16/(6)21'(5,(6'¶$/80,1,80(0,66,216'(6)

(7'(0$*1(6,80

(7$3($&RQVRPPDWLRQGH6)
W%6)pPLV
W% $&6)pPLV*J& %/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp 

352&('(6,1'8675,(/602'8/(628602'8/()(8,//('(&$/&8/)(8,//(352&('(6,1'8675,(/6,1'8675,(6'(/$38/3((7'83$3,(5'((0,66,216'(12[&2910(7&2(7$3(7\SHGHSURFpGp
SRXUODSXOSH$4XDQWLWpGH
SXOSHVpFKpHj
OªDLUSURGXLWHW%)DFWHXUGªpPLVVLRQ NJJD]WGH
SXOSHVpFKpHjOªDLUSURGXLWH&3ROOXDQWpPLV'
3ROOXDQWpPLV

NJ*J' &&  $[%.UDIW

12[.UDIW&2910

12[&2910.UDIW&2&202'8/(628602'8/()(8,//('(&$/&8/)(8,//(352&('(6,1'8675,(/6,1'8675,(6'(/$38/3((7'83$3,(5'((0,66,216'(62(7$3(7\SHGHSURFpGpSRXUOD
SXOSH$
4XDQWLWp
GHSXOSH
VpFKpHjOªDLUSURGXLWHW%)DFWHXUGªpPLVVLRQ NJ62WGH
SXOSHVpFKpHjOªDLUSURGXLWH&62pPLV'62pPLVNJ*J&  $[%' &.UDIW
6XOIDWHGªDFLGH

7RWDO *J /LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp



352&('(6,1'8675,(/602'8/(628602'8/()(8,//('(352&('(6,1'8675,(/6$/,0(17$7,21(7%2,6621

&$/&8/)(8,//('(352'8&7,21'(%2,66216$/&22/,6((6(0,66,216'(&2910(7$3(7\SHGHERLVVRQDOFRROLVpH$4XDQWLWpGHERLVVRQDOFRROLVpH
SURGXLWH
KO%)DFWHXUGªpPLVVLRQ
NJ&2910KOGHERLVVRQSURGXLWH&&2910pPLV'&2910pPLV

NJ*J&  $[%' &7RWDO *J 

02'8/(628602'8/()(8,//('(&$/&8/)(8,//(352&('(6,1'8675,(/6$/,0(17$7,21(7%2,6621'(352'8&7,21'(3$,1(7$875(6$/,0(176(0,66,216'(&2910(7$3(7\SHGHSURGXFWLRQ
DOLPHQWDLUH$4XDQWLWp
GªDOLPHQW
SURGXLWHW%)DFWHXUGªpPLVVLRQ
NJ&2910W
GªDOLPHQWWUDQVIRUPp&&2910pPLV'&2910pPLVNJ*J&  $[%' &7RWDO *J /LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp 

352&('(6,1'8675,(/602'8/(628602'8/()(8,//('(&$/&8/)(8,//(352&('(6,1'8675,(/6352'8&7,21'(+$/2&$5%21(6(7'¶+(;$)/82585('(628)5('(352'8,76'(5,9(6(0,66,216'(+)&6(73)&6(7$3($4XDQWLWpGH
KDORFDUERQH
SURGXLWH

7\SHGHKDORFDUERQH

W

02'8/(628602'8/()(8,//('(&$/&8/)(8,//(%)DFWHXU
GªpPLVVLRQNJGHKDORFDUERQH
SURGXLWGpULYpSDU
WRQQHGH
KDORFDUERQH
SURGXLWH&+DORFDUERQHpPLV'+DORFDUERQHpPLV

NJ*J&  $[%' &

352&('(6,1'8675,(/6352'8&7,21'(+$/2&$5%21(6(7'¶+(;$)/82585('(628)5('((0,66,216)8*,7,9(6(0,66,216'(+)&(73)&(7$3(7\SHGHKDORFDUERQH$4XDQWLWpGH
KDORFDUERQH
SURGXLWHW%)DFWHXUGªpPLVVLRQNJKDORFDUERQHSHUGXSDUWRQQH
GHKDORFDUERQH
SURGXLWH&KDORFDUERQHpPLV'KDORFDUERQHpPLVNJ*J&  $[%' &

/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp

352&('(6,1'8675,(/602'8/(628602'8/()(8,//('(&$/&8/)(8,//(352&('(6,1'8675,(/6&216200$7,21'(+$/2&$5%21(6(7'¶+(;$)/82585('(628)5('(1,9($8D(71,9($8E(0,66,216'(+$/2&$5%21(6(1*526120'8+$/2&$5%21((7$3($4XDQWLWpGHKDORFDUERQH
SURGXLWHW%
4XDQWLWpGH
KDORFDUERQH
LPSRUWpHHQ
JURVW&4XDQWLWpGH
KDORFDUERQH
H[SRUWpHHQJURVW'
4XDQWLWpGH
KDORFDUERQHGpWUXLWHW((PLVVLRQSRWHQWLHOOHGXKDORFDUERQHHQ
JURVW( $%&'02'8/(628602'8/()(8,//('(&$/&8/)(8,//(352&('(6,1'8675,(/6&216200$7,21'(+$/2&$5%21(6(7'¶+(;$)/825,85('(628)5('(1,9($8E81,48(0(17352'8,7&217(1$17'(6+$/2&$5%21(6120'8+$/2&$5%21((7$3(7\SHGHSURGXLW)
1RPEUHGªXQLWpVLPSRUWpHV  RX
H[SRUWpHV *
4XDQWLWpGH
SURGXLWSDU
XQLWp
NJ+)UDFWLRQGH
KDORFDUERQH
GDQVOHSURGXLW ,(PLVVLRQVSRWHQWLHOOHVGH
SURGXLW
KDORFDUERQHW, )[*[+7RWDO *J /LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp 

352&('(6,1'8675,(/602'8/(628602'8/(352&('(6,1'8675,(/6&216200$7,21'(+$/2&$5%21(6(7'¶+(;$)/825,85('(628)5(1,9($8D(71,9($8E5(&$3,78/$7,)'(6(0,66,216'(+$/2&$5%21(6)(8,//('(&$/&8/)(8,//('(120'8+$/2&$5%21((7$3((PLVVLRQVSRWHQWLHOOHVGH
KDORFDUERQHHQJURVW.
(PLVVLRQVSRWHQWLHOOHGHSURGXLWKDORFDUERQH
W/(PLVVLRQSRWHQWLHOOHWRWDOHGHKDORFDUERQH
W- (jSDUWLUGHOªpWDSH. ,jSDUWLUGHOªpWDSH/ -.

02'8/(628602'8/(0(PLVVLRQVSRWHQWLHOOHVWRWDOHVGHKDORFDUERQH*J0 0352&('(6,1'8675,(/6&216200$7,21'(+$/2&$5%21(6(7'¶+(;$)/82585('(628)5(7<3('(5()5,*(5$7,21120'8+$/2&$5%21()(8,//('(&$/&8/)(8,//('($66(0%/$*('(0$7(5,(/'(5()5,*(5$7,211,9($8
(0,66,216'(+)&(73)&(7$3($%&'4XDQWLWpGH+)&3)&
FKDUJpHGDQVGHVQRXYHDX[V\VWqPHVDXFRXUVGH
OªDQQpHW(FKDUJp W
W

3HUWHVORUVGHOªDVVHPEODJH
N+DORFDUERQHpPLV+DORFDUERQHpPLVW*J&  $[%' &

/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp



352&('(6,1'8675,(/602'8/(628602'8/(352&('(6,1'8675,(/6&216200$7,21'(+$/2&$5%21(6(7'¶+(;$)/82585('(628)5(7<3('(5()5,*(5$7,21120'8+$/2&$5%21()(8,//('(&$/&8/)(8,//('()21&7,211(0(17'80$7(5,(/'(5()5,*(5$7,211,9($8(0,66,216'(+)&(73)&(7$3((4XDQWLWpGH+)&3)&
VWRFNpHGDQVOHVV\VWqPHV
H[LVWDQWSHQGDQWOªDQQpHW(VWRFN WW)
7DX[DQQXHOGHIXLWH[*+DORFDUERQHpPLV++DORFDUERQHpPLVW*J* ([)

+ *

02'8/( 352&('(6,1'8675,(/6628602'8/( &216200$7,21'(+$/2&$5%21(6(7'¶+(;$)/82585('(628)5(7<3(5()5,*(5$7,21120'8+$/2&$5%21()(8,//('(&$/&8/ )(8,//( '((/,0,1$7,21'80$7(5,(/'(5()5,*(5$7,211,9($8
(0,66,216+)&6(73)&6(7$3(,4XDQWLWpGH+)&3)&FKDUJpH
GDQVOHVQRXYHDX[V\VWqPHVDXFRXUVGHOªDQQpHWQ(LFKDUJH WQ'XUpHGHYLH
PR\HQQHGHOªpTXLSHPHQWQ

DQQpHVW.
4XDQWLWpGH+)&3)&GDQVOHV
V\VWqPHVDX
PRPHQWGH
OªpOLPLQDWLRQHQSRXUFHQWDJHGHOD
FKDUJHLQLWLDOH \/4XDQWLWpGH+)&3)&UpFXSpUpHHQ
SRXUFHQWDJH
GHODFKDUJHUpHOOH]
0+DORFDUERQH
pPLV

1+DORFDUERQH
pPLVW

*J

0 ,[>.@[>¥/ @1 0

/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp 

352&('(6,1'8675,(/602'8/(628602'8/(352&('(6,1'8675,(/6&216200$7,21'(+$/2&$5%21(6(7'¶+(;$)/82585('(628)5(7<3('(5()5,*(5$7,21120'8+$/2&$5%21()(8,//('(&$/&8/)(8,//('(5(&$3,78/$7,)'80$7(5,(/'(5()5,*(5$7,211,9($8
(0,66,216'(+)&6(73)&6(7$3(2$VVHPEODJH

3)RQFWLRQQHPHQW

4(OLPLQDWLRQ

5(PLVVLRQVWRWDOHVGHKDORFDUERQH
*J

*J

*J

*J

2 'jSDUWLUGHOªpWDSH

3 +jSDUWLUGHOªpWDSH

4 1jSDUWLUGHOªpWDSH5 234

02'8/( 352&('(6,1'8675,(/6628602'8/( &216200$7,21'(+$/2&$5%21(6(7'¶+(;$)/82585('(628)5()(8,//('( &$/&8/)(8,//( '(352'8,76$%$6('(02866(1,9($8(0,66,216'(+)&6(73)&6(7$3(7\SHGHPRXVVH$4XDQWLWpGH+)&3)&XWLOLVpH
W

2XYHUWH&)UDFWLRQGH
SHUWHDXFRXUVGHOD
SURGXFWLRQ%
4XDQWLWpGH+)&3)&HQ
FRXUV
GªXWLOLVDWLRQW')UDFWLRQGH
SHUWHDXFRXUVGHOªXWLOLVDWLRQ

1$(+)&3)&
pPLV)+)&3)&
pPLV

W*J(  $[& %[') ( 1$)HUPpH
1$ 1RQ$SSOLFDEOH
02'8/(628602'8/()(8,//('(&$/&8/)(8,//(7RWDO *J 352&('(6,1'8675,(/6&216200$7,21'(+$/2&$5%21(6(7'¶+(;$)/82585('(628)5('((;7,1&7(8561,9($8(0,66,216'(+)&63)&6(76)
(7$3(7\SHGªH[WLQFWHXU$
4XDQWLWpWRWDOHGH+)&3)&6)XWLOLVpH
GDQVOHVQRXYHDX[H[WLQFWHXUVW%)DFWHXUGHSHUWHIUDFWLRQQHO&+)&3)&6)
pPLV'+)&3)&6)
pPLV

W

*J&  $[%' &

3RUWDEOH)L[H7RWDO *J /LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp



352&('(6,1'8675,(/602'8/(628602'8/()(8,//('(&$/&8/)(8,//(352&('(6,1'8675,(/6&216200$7,21'(+$/2&$5%21(6(7'¶+(;$)/82585('(628)5('(1,9($8(0,66,216'¶$(5262/6+)&(73)&(7$3($8WLOLVDWLRQGH+)&3)&
SRXUOHVDpURVROVGDQV
OªLQYHQWDLUHDQQXHO
W%8WLOLVDWLRQGH+)&
3)&SRXUOHV
DpURVROVGDQV
OªDQQpHDQWpULHXUH
W&3HUWHGªXWLOLVDWLRQDXFRXUVGHOªDQQpH((PLVVLRQGH+)&3)&
SURYHQDQW
GªDpURVROV*J( ''(PLVVLRQGH+)&3)&
SURYHQDQW
GªDpURVROVW'  $[&% &02'8/(628602'8/()(8,//('(&$/&8/)(8,//(352&('(6,1'8675,(/6&216200$7,21'(+$/2&$5%21(6(7'¶+(;$)/82585('(628)5('(62/9$1761,9($8(0,66,216'(+)&(73)&(7$3($8WLOLVDWLRQGH+)&3)&SRXUOHVVROYDQWVDXFRXUVGH
OªDQQpHGªLQYHQWDLUH
W

02'8/(628602'8/()(8,//('(%8WLOLVDWLRQGH+)&3)&SRXU
OHVVROYDQWVDXFRXUVGHOªDQQpH
SUpFpGHQWHW&3HUWHGªXWLOLVDWLRQDXFRXUVGHOªDQQpH'(PLVVLRQGH+)&3)&
SURYHQDQWGH
VROYDQWVW((PLVVLRQGH+)&3)&
SURYHQDQWGHVROYDQWV*J'  $[&% &( '

352&('(6,1'8675,(/6&216200$7,21'(+$/2&$5%21(6(7'¶+(;$)/82585('(628)5(&$/&8/)(8,//('($875(6$33/,&$7,2161,9($8(0,66,216'(+)&(73)&(7$3($8WLOLVDWLRQGH+)&3)&SRXU
GªDXWUHVDSSOLFDWLRQVGXUDQW
OªDQQpHGªLQYHQWDLUH
W%
8WLOLVDWLRQGH+)&
3)&SRXUGªDXWUHVDSSOLFDWLRQVGXUDQW
OªDQQpHSUpFpGHQWHW&3HUWHGªXWLOLVDWLRQDXFRXUVGHOªDQQpH'(PLVVLRQGH+)&3)&
SURYHQDQWGªDXWUHVDSSOLFDWLRQVW'  $[&% ¥&((PLVVLRQGH+)&3)&SURYHQDQW
GªDXWUHVDSSOLFDWLRQV*J( '/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp 

352&('(6,1'8675,(/602'8/( 352&('(6,1'8675,(/6628602'8/( &216200$7,21'(+$/2&$5%21(6(7'¶+(;$)/82585('(628)5()(8,//('(&$/&8/ )(8,//( '((0,66,216'(6)
(7$3($4XDQWLWpGH6) XWLOLVpH
GXUDQWOªDQQpHGªLQYHQWDLUHW%)DFWHXU
GHSHUWHSRXUOH6)HQ
FRXUV
GªXWLOLVDWL
RQ&4XDQWLWpGH6) XWLOLVpH
DQVDYDQW
OªDQQpHGH
OªLQYHQWDLUH
W')UDFWLRQUHVWDQWH
GDQV
OªpTXLSHPHQWGH6)DXPRPHQW
GHODPLVHDXUHEXW(6)pPLV)6)pPLVW*J(  $[% &[') (

/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp