'pFUHW QƒGXPDLPRGLILDQWOHGpFUHW  OHVDLGHVSRQFWXHOOHVjO RFFDVLRQG XQHQDLVVDQFHRXG XQH

Qƒ  GX PDUVIL[DQWODOLVWHGHVDYDQWDJHV FLUFRQFLVLRQ RX j O RFFDVLRQ GHV IrWHVUHOLJLHXVHVGDQVODOLPLWH

H[FOXVGHO DVVLHWWHGHFRWLVDWLRQDXWLWUHGHVUpJLPHVGH G XQ VDODLUH PHQVXHO SODIRQQp jXQ60,*PHQVXHOUpJLPHGH
VpFXULWpVRFLDOH KHXUHVGHWUDYDLOSDUVHPDLQH
/H3UpVLGHQWGHOD5pSXEOLTXH JUDWLILFDWLRQGHILQGHVHUYLFH
6XUSURSRVLWLRQGXPLQLVWUHGHVDIIDLUHVVRFLDOHV  SRXU OHV PRQWDQWV GpSDVVDQW O LQGHPQLVDWLRQ SUpYXHSDUOH
9X OD ORL Qƒ  GX  GpFHPEUH  UHODWLYH j FRGH GX WUDYDLO HW jFRQGLWLRQGHO DSSUREDWLRQGHO LQVSHFWLRQGX
O RUJDQLVDWLRQGHVUpJLPHVGHVpFXULWpVRFLDOHWHOOHTX DPHQGpHSDU WUDYDLORXGHODFRPPLVVLRQGHFRQWU{OHGHVOLFHQFLHPHQWV
ODORLQƒGXQRYHPEUHQRWDPPHQWVRQDUWLFOH   OHV MHWRQV GH SUpVHQFH DFFRUGpV DX[ HPSOR\pVGDQVOD
9X OH GpFUHW Qƒ  GX  PDUV  IL[DQWODOLVWHGHV PHVXUH R FHV MHWRQV VRQW DFFRUGpV j O HPSOR\p HQ VD TXDOLWp
DYDQWDJHV H[FOXV GHO DVVLHWWHGHFRWLVDWLRQDXWLWUHGHVUpJLPHVGH G DFWLRQQDLUHHWGHPHPEUHGXFRQVHLOG DGPLQLVWUDWLRQ
VpFXULWpVRFLDOH   OHV FRPPLVVLRQV DFFRUGpHV DX[ LQWHUPpGLDLUHV QRQ
9XO DYLVGXPLQLVWUHGHVILQDQFHV HPSOR\pV SDU O HQWUHSULVH HW VXU SUpVHQWDWLRQ GHV SLqFHV
MXVWLILFDWLYHV
9XO DYLVGXWULEXQDODGPLQLVWUDWLI
  OHV YrWHPHQWVGHWUDYDLO\FRPSULVOHVWHQXHVQpFHVVLWpHV
'pFUqWH
SDU OHVEHVRLQVGHVHUYLFHRXGHSURWHFWLRQGHPHXUDQWSURSULpWpGH
$UWLFOH SUHPLHU/HVGLVSRVLWLRQVGHVDUWLFOHVSUHPLHUHWWURLV O HQWUHSULVH
GX GpFUHW Qƒ  GX  PDUV  VXVYLVp VRQW DEURJpHVHW
  OHODLWOHVDYRQHWDXWUHVSURGXLWVDFFRUGpVDX[HPSOR\pV
UHPSODFpHVSDUOHVGLVSRVLWLRQVVXLYDQWHV
GDQV OH FDGUH GH OD SUpVHUYDWLRQ GH OD VDQWpHWGHODVpFXULWpDX
$UWLFOH SUHPLHU QRXYHDX  /DOLVWHGHVDYDQWDJHVH[FOXVGH WUDYDLO
O DVVLHWWH GHVFRWLVDWLRQVDXWLWUHGHVUpJLPHVGHVpFXULWpVRFLDOHHVW
  OHVIUDLVGHORJHPHQWHWGHUHVWDXUDWLRQDFFRUGpVDXSURILW
GpWHUPLQpHFRPPHVXLW
GHV VDODULpV DVWUHLQWV j UHVWHU VXUOHVOLHX[GXWUDYDLOGXIDLWGHOD
 OHVIUDLVGHPLVVLRQjO LQWpULHXUGHOD5pSXEOLTXH\FRPSULV QDWXUHGHO DFWLYLWpRXGHO pORLJQHPHQWGXOLHXGXWUDYDLO
OH VpMRXU OD UHVWDXUDWLRQ HW OH WUDQVSRUW VRXV UpVHUYH GH
OHVIUDLVGHWUDQVSRUW
SUpVHQWDWLRQG XQRUGUHGHPLVVLRQ
D  OHV IUDLV GH WUDQVSRUW GX SHUVRQQHO j GHVWLQDWLRQ HW HQ
  OHV IUDLV GH GpSODFHPHQW HW GH PLVVLRQV WHPSRUDLUHV j
SURYHQDQFH GX OLHX GH OHXU WUDYDLO DVVXUp GLUHFWHPHQW SDU
O pWUDQJHU VXU SUpVHQWDWLRQGHVSLqFHVMXVWLILDQWO DFFRPSOLVVHPHQW
O HQWUHSULVH
GHODPLVVLRQ
E OHVPRQWDQWVHQJDJpVDXWLWUHGHUHPERXUVHPHQWGHIUDLVDX
  OD FRQWUHSDUWLHGHVPLVVLRQVDFFRPSOLHVSDUGHVDIILOLpVj
SURILWGHVDJHQWVGRQWODQDWXUHGHOHXUWUDYDLOQpFHVVLWHO XWLOLVDWLRQ
XQ DXWUH UpJLPH GH VpFXULWpVRFLDOHjFRQGLWLRQTXHFHVPLVVLRQV
GH OHXUVPR\HQVSHUVRQQHOVGHWUDQVSRUWDXSURILWGHO HQWUHSULVHHW
WHPSRUDLUHV VRLHQW DXWRULVpHVSDUO HPSOR\HXUVHWFHGDQVODOLPLWH
FH GDQV OD OLPLWH GH  GX60,*KRUDLUHUpJLPHKHXUHVGH
GH  KHXUHV SDU VHPDLQH SRXU OH VHFWHXU GH O HQVHLJQHPHQW
WUDYDLO SDU VHPDLQH SDU NLORPqWUH VRXV UpVHUYH GH UHPSOLU OHV
SULPDLUH HW VHFRQGDLUH HWGHKHXUHVSDUVHPDLQHSRXUOHVDXWUHV
FRQGLWLRQVVXLYDQWHV
VHFWHXUV
ODGLWHLQGHPQLWpQHGRLWSDVrWUHJpQpUDOLVpH
OHVIUDLVGHUpFHSWLRQVHWGHEDQTXHWV
(OOH GRLW rWUH OLPLWpH DX[ SHUVRQQHV GRQW OD QDWXUH GHOHXU
  OHV IUDLVGHUHVWDXUDWLRQGDQVODOLPLWHGHIRLVOH60,*
DFWLYLWpQpFHVVLWHOHGpSODFHPHQW
KRUDLUH UpJLPH GH  KHXUHV SDUVHPDLQHGHWUDYDLOSDUUHSDVHW
SDUMRXUGHWUDYDLOjGRXEOHVpDQFH  OD SUpVHQWDWLRQ GHV SLqFHV MXVWLILDQW O DFFRPSOLVVHPHQW GH
FHWWH RSpUDWLRQ RUGUH GH PLVVLRQ SLqFHV MXVWLILFDWLYHV
 SULPHGHUHQWUpHVFRODLUHGDQVODOLPLWHGHGX60,*
QpFHVVDLUHV 
PHQVXHO UpJLPH GH  KHXUHV SDU VHPDLQHGHWUDYDLOSDUHQIDQW
VFRODULVp  OHQRPUHFRXUVDX[IUDLVGHWUDQVSRUWVXLYDQWXQPRQWDQWIL[H
HWUpSpWLWLI
  SULPH GH FUqFKH HW GHMDUGLQG HQIDQWVGDQVODOLPLWHGH
 GX 60,* PHQVXHO GH KHXUHVSDUVHPDLQHGHWUDYDLOSDU   OH WUDQVSRUW GX SHUVRQQHO GHV FRPSDJQLHV DpULHQQHV
PRLVHWSDUHQIDQW PDULWLPHVHWWHUUHVWUHV
SULPHGHFRORQLHVGHYDFDQFHVGDQVODOLPLWHGHVPRQWDQWV   OHV DLGHV H[FHSWLRQQHOOHV HW SRQFWXHOOHV DFFRUGpHV j
RFWUR\pV SDUODFDLVVHQDWLRQDOHGHVpFXULWpVRFLDOHDXSURILWGHVHV O RFFDVLRQG XQpYqQHPHQWPDOKHXUHX[RXG XQGpFqV
DIILOLpV OHVGRPPDJHVHWLQWpUrWVIL[pVMXGLFLDLUHPHQW
  SULPH GHUpXVVLWHGDQVOHFDVGHUpXVVLWHGHO DJHQWRXGH   OHV LQGHPQLWpV TXL RQW WUDLW DX[ DFWLRQV FXOWXUHOOHV
O XQ GH VHV HQIDQWV  GDQV OD OLPLWH GH  GX60,*PHQVXHO VSRUWLYHV RX GH ORLVLU WHOOHV TXH OHV LQGHPQLWpV DFFRUGpHVDX[
UpJLPHGHKHXUHVGHWUDYDLOSDUVHPDLQH DVVRFLDWLRQV DX VHLQ GH O HQWUHSULVH RX O RUJDQLVDWLRQ GHV
H[FXUVLRQV
  SULPH GH PpGDLOOH GX WUDYDLO  GDQV OD OLPLWH G XQH
PHQVXDOLWp GH VDODLUH SODIRQQp j GHX[ IRLV OH 60,* PHQVXHO   OHV LQGHPQLWpV VSpFLILTXHV DFFRUGpHV DX[ DJHQWV GH
UpJLPHGHKHXUHVGHWUDYDLOSDUVHPDLQH O HQWUHSULVH FRPPLV j O pWUDQJHU GDQVOHFDGUHGHODUpDOLVDWLRQGH
PDUFKpV RX GH O H[SRUWDWLRQ GH VHUYLFHV HW G pFKDQJHV
  OHV FDGHDX[ HQQDWXUHHWHQHVSqFHDFFRUGpVjO RFFDVLRQ G H[SpULHQFHV GDQV OD OLPLWH GH ODSDUWLHGpSDVVDQWOHXUVVDODLUHV
GHODPLVHjODUHWUDLWHGDQVODOLPLWHGHPHQVXDOLWpVGHVDODLUH KDELWXHOVDFFRUGpVjOHXUVKRPRORJXHVHQ7XQLVLH
  OHV DLGHV SRQFWXHOOHV j O RFFDVLRQ G XQ PDULDJH RX G XQ  OHVPRQWDQWVHWDYDQWDJHVDFFRUGpVDX[pWXGLDQWVHWpOqYHV
SqOHULQDJH GDQVODOLPLWHG XQHPHQVXDOLWpGHVDODLUHSODIRQQpjGHX[ HQ FRQWUH SDUWLH GHV VWDJHV RX GHWUDYDX[VDLVRQQLHUVDFFRPSOLV
IRLVOH60,*PHQVXHOUpJLPHGHKHXUHVGHWUDYDLOSDUVHPDLQH GXUDQWOHVYDFDQFHVRIILFLHOOHV

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²PDL 3DJH

   OHV VDODLUHV RFWUR\pV SDU OHV HQWUHSULVHV GH SUHVVHDX[ 0,1,67(5('875$163257
SLJLVWHV RFFDVLRQQHOV HQ FRQWUH SDUWLH GH OHXUV PLVVLRQV
WHPSRUDLUHVVHORQOHVFRQGLWLRQVVXLYDQWHV
$UUrWp GX PLQLVWUH GX WUDQVSRUWGXPDLSRUWDQW
OHXUDFWLYLWpGRLWrWUHDXWRULVpHSDUO HPSOR\HXUG RULJLQH
SXEOLFDWLRQ GX FDKLHUGHVFKDUJHVIL[DQWOHVFRQGLWLRQV
LOVGRLYHQWrWUHFRXYHUWVDXWLWUHGHOHXUDFWLYLWpSULQFLSDOHSDU G RFWURL G DXWRULVDWLRQ G H[SORLWDWLRQ G DYLRQV GRQW OD
XQUpJLPHOpJDOGHFRXYHUWXUHVRFLDOH PDVVH QHGpSDVVHSDVWRQQHVGDQVOHVDFWLYLWpVGH
WUDQVSRUWDpULHQjODGHPDQGHHWGHWUDYDLODpULHQ
 OH PRQWDQW PHQVXHO DFFRUGp DXSLJLVWHRFFDVLRQQHOQHGRLW
SDV GpSDVVHU OHGRXEOHGX60,*PHQVXHOUpJLPHGHKHXUHVGH /HPLQLVWUHGXWUDQVSRUW
WUDYDLOSDUVHPDLQH 9X OD ORL Qƒ  GX  MXLQUHODWLYHjODQDYLJDWLRQ
DpULHQQH
 OH PRQWDQW JOREDO GHV VDODLUHV HWLQGHPQLWpVDFFRUGpVDX[
SLJLVWHV RFFDVLRQQHOV VXVFHSWLEOHV G rWUH H[FOXV QH GRLW SDV 9XODORLQƒGXVHSWHPEUHSRUWDQWDGKpVLRQGH
GpSDVVHU OH WDX[ VXLYDQW GH O HQVHPEOH GHV VDODLUHV VHUYLV SDU OD 5pSXEOLTXH 7XQLVLHQQH j OD FRQYHQWLRQ UHODWLYH j O DYLDWLRQ
FLYLOHLQWHUQDWLRQDOHVLJQpHj&KLFDJROHGpFHPEUH
O HQWUHSULVHGHSUHVVH
9X OH GpFUHW Qƒ  GX  MXLOOHW  UpJOHPHQWDQW OD
HQFHTXLFRQFHUQHOHVMRXUQDX[TXRWLGLHQV QDYLJDWLRQDpULHQQHHWQRWDPPHQWVRQDUWLFOH
  HQ FH TXL FRQFHUQH OHV MRXUQDX[ KHEGRPDGDLUHV HW 9X OH GpFUHW Qƒ  GX  VHSWHPEUH  IL[DQW OHV
DXWUHV DWWULEXWLRQVGXPLQLVWqUHGXWUDQVSRUW
  OHV SULPHV VXSSRUWpHV SDU O HPSOR\HXU DX WLWUH GH 9X OHGpFUHWQƒGXPDLUHODWLIjODUHODWLRQHQWUH
O DVVXUDQFHJURXSH GH O DVVXUDQFHYLH HW GHV DVVXUDQFHV O DGPLQLVWUDWLRQHWVHVXVDJHUVHWQRWDPPHQWVHVDUWLFOHVHW
FRPSOpPHQWDLUHVDXSURILWGHVHVHPSOR\pV 9X O DUUrWp GX VHFUpWDLUH G (WDW DX[ WUDYDX[ SXEOLFV HW j
$UW  QRXYHDX  OHPRQWDQWJOREDOGHVDYDQWDJHVH[FOXVGH O KDELWDW GXDYULOUHODWLIDX[FRQGLWLRQVGHQDYLJDELOLWpGHV
O DVVLHWWH GHFRWLVDWLRQDXWLWUHGHVpOpPHQWVFLWpVjO DUWLFOHSUHPLHU DpURQHIVFLYLOV
GX SUpVHQW GpFUHW QH SHXW GpSDVVHU OH WDX[ GH  GHVVDODLUHV $UUrWH
DFFRUGpVSDUO HQWUHSULVH $UWLFOH XQLTXH  (VW SXEOLp DX -RXUQDO 2IILFLHO GH OD
7RXWHIRLV HQ FDV G RFWURL GH GRPPDJHV HW LQWpUrWV IL[pV 5pSXEOLTXH 7XQLVLHQQHOHFDKLHUGHVFKDUJHVIL[DQWOHVFRQGLWLRQV
MXGLFLDLUHPHQW RX G LQGHPQLWpV DX WLWUH GHJUDWLILFDWLRQGHILQGH G RFWURL G DXWRULVDWLRQ G H[SORLWDWLRQ G DYLRQV GRQW OD PDVVHQH
GpSDVVH SDV  WRQQHV GDQVOHVDFWLYLWpVGHWUDQVSRUWDpULHQjOD
VHUYLFH HW HQ FDV G H[LVWHQFH GH SULPHV G DVVXUDQFHJURXSH
GHPDQGHHWGHWUDYDLODpULHQDQQH[pDXSUpVHQWDUUrWp
VXSSRUWpHV SDU O HQWUHSULVH OHV PRQWDQWV FRUUHVSRQGDQWVQHVRQW
SULV HQ FRPSWH SRXU OD GpWHUPLQDWLRQ GX SODIRQGYLVpjO DOLQpD 7XQLVOHPDL
SUpFpGHQW /H0LQLVWUHGX7UDQVSRUW
+RXVVLQH&KRXN
$UW   /H SUpVHQWGpFUHWHQWUHHQYLJXHXUjFRPSWHUGXHU 9X
DYULO /H3UHPLHU0LQLVWUH
$UW   /H PLQLVWUH GHV DIIDLUHV VRFLDOHV HVW FKDUJp GH +DPHG.DURXL
O H[pFXWLRQ GXSUpVHQWGpFUHWTXLVHUDSXEOLpDX-RXUQDO2IILFLHOGH
OD5pSXEOLTXH7XQLVLHQQH &DKLHUGHVFKDUJHV
7XQLVOHPDL IL[DQWOHVFRQGLWLRQVG RFWURLG DXWRULVDWLRQG H[SORLWDWLRQ
=LQH(O$ELGLQH%HQ$OL G DYLRQVGRQWODPDVVHQHGpSDVVHSDVWRQQHV
GDQVOHVDFWLYLWpVGHWUDQVSRUWDpULHQjODGHPDQGH
HWGHWUDYDLODpULHQ

0,1,67(5('(6),1$1&(6 $UWLFOHSUHPLHU'LVSRVLWLRQVJpQpUDOHV
/H SUpVHQW FDKLHU GHV FKDUJHV D SRXU REMHW GH IL[HU OHV
120,1$7,21 FRQGLWLRQV HW OHV PR\HQV QpFHVVDLUHVSRXUO H[SORLWDWLRQG DYLRQV
GRQW OD PDVVH QH GpSDVVH SDV  WRQQHV GDQV OHV DFWLYLWpVGH
3DUGpFUHWQƒGXPDL WUDQVSRUW DpULHQ j ODGHPDQGHHWGHWUDYDLODpULHQjO H[FHSWLRQGH
0RQVLHXU %pFKLU <RXQVL HVW QRPPpSUpVLGHQWGXFRQVHLOGX ODIRUPDWLRQDXSLORWDJHG DYLRQV
PDUFKpILQDQFLHUHWFHjFRPSWHUGXDYULO 7RXW SURPRWHXU GH QDWLRQDOLWp WXQLVLHQQHTX LOVRLWSHUVRQQH
SK\VLTXH RX PRUDOH UHPSOLVVDQW OHVFRQGLWLRQVGXSUpVHQWFDKLHU
GHV FKDUJHVSHXWREWHQLUO DXWRULVDWLRQG H[SORLWDWLRQG DYLRQVGRQW
ODPDVVHQHGpSDVVHSDVWRQQHV
0,1,67(5( /H SURPRWHXU GRLW DYRLU XQH H[SpULHQFH VXIILVDQWH GDQV OH
'(/$&223(5$7,21,17(51$7,21$/( GRPDLQH RX rWUH DVVLVWp GDQV OD FRQFHSWLRQ OD UpDOLVDWLRQ HW
(7'(/ ,19(67,66(0(17(;7(5,(85 O H[SORLWDWLRQ GH VRQ SURMHW SDU GHV SHUVRQQHVTXDOLILpHVGDQVOH
GRPDLQHDpURQDXWLTXH
,O GRLW GpSRVHU DXSUqV GHVVHUYLFHVFRPSpWHQWVGXPLQLVWqUH
120,1$7,21 FKDUJp GH O DYLDWLRQ FLYLOH XQGRVVLHULQLWLDODXYXGXTXHOLOSHXW
REWHQLU XQ DFFRUG GH SULQFLSH OXL SHUPHWWDQW G HQWDPHU OD
3DUGpFUHWQƒGXPDL UpDOLVDWLRQGHVRQSURMHW
0RQVLHXU 0DQVRXU $EGHVVDOHP HVWQRPPpGLUHFWHXUJpQpUDO /H SURMHW GX GRVVLHU LQLWLDO Q LPSOLTXH SDVO DXWRPDWLFLWpGH
GHO DJHQFHGHSURPRWLRQGHO LQYHVWLVVHPHQWH[WpULHXU O REWHQWLRQGHO DFFRUGGHSULQFLSH

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²PDL 1ƒ