Issuu on Google+

*(1(5$725(1*e1e5$7(856

%(1=,1((66(1&(

GHWDLOVZZZY\QFNLHUEL]

7$.7 7(036

0$18$/67$57

7$.7 7(036

(/(&75,&67$57

9:

*(

LQFOEDWWHULM EDWWHULHLQFO

SNFY +DXWRQRPLH 2UGHUQU

¼  9 0$18$/67$57

7$.7 7(036

:

*(

SNFY +DXWRQRPLH 2UGHUQU

¼ 

9

:

*(

SNFY +DXWRQRPLH 2UGHUQU ¼

*(

SNFY +DXWRQRPLH 2UGHUQU

9

:



¼



*(0$1 SNFY +DXWRQRPLH 2UGHUQU ¼

 

0DFKLQH

7RRO

9

:

*(

SNFY +DXWRQRPLH 2UGHUQU

¼ 

9

N9$


722/6725$*(722/6725$*(

',(6(/

(/(&75,&67$57

*(

9

N9$

SNFY +DXWRQRPLH 2UGHUQU ¼



LQFOEDWWHULM EDWWHULHLQFO

0$18$/67$57

*(

9

N9$

9

N9$

SNFY +DXWRQRPLH 2UGHUQU

¼ 

',(6(/:(/'(5 (/(&75,&67$57

*(/

/DVJHQHUDWRU *URXSHGLHVHOVRXGHXVH SNFY +DXWRQRPLH 2UGHUQU

¼  LQFOEDWWHULM EDWWHULHLQFO

/DVNDEHOVHW00$ .LWGHVRXGDJH00$ PPðP'; 2UGHUQU

¼  :$7(53203(13203(6¬($8

%(1=,1((66(1&(

:3

9XLOZDWHUSRPS 3RPSHjHDXXVpH ´DDQVOXLWLQJUDFFRUG SNFY &DSOWPLQ 2UGHUQU

:3

9XLOZDWHUSRPS 3RPSHjHDXXVpH ´DDQVOXLWLQJUDFFRUG SNFY &DSOWPLQ 2UGHUQU

0$18$/67$57

¼  0$18$/67$57

¼



0DFKLQH

7RRO




672)(1:$7(5=8,*(56$63,5$7(856($8(732866,Ê5(

1250$/ 7HFKQRFOHDQHU

O

%8'*(7 7(&+12&/($1(5 : 7DQN&XYHO =XLJNUDFKW3XLVVDQFHP%DU 2UGHUQU

¼ 

3&

O

6PDOODQGVWURQJ

3&3 OLQ

6SUD\&OHDQ'U\

&$56($7&/($1(5

5HLQLJHQHQGURJHQ 1HWWR\HUHWVpFKHU

LQFO

LQFO

3&

3&3

¼ 

¼ 

: 7DQN&XYHSRO\SURS\OHQHO =XLJNUDFKW3XLVVDQFHP%DU NJ 2UGHUQU

3&

O

: 7DQN&XYHSRO\SURS\OHQHO =XLJNUDFKW3XLVVDQFHP%DU NJ 2UGHUQU

3&7(

O

%LJDQGVWURQJ LQFO 6FKXNRW\SHFRQWDFW PD[:9

LQFO

3&7RROV(YROXWLRQ

3&

: 7DQN&XYHSRO\SURS\OHQHO =XLJNUDFKW3XLVVDQFHP%DU NJ 2UGHUQU

¼  

0DFKLQH

7RRO

: 6WRSFRQWDFWPD[RXWSXW 3XLVVDQFHSULVHPD[: 7DQN&XYHSRO\SURS\OHQHO =XLJNUDFKW3XLVVDQFHP%DU NJ 2UGHUQU

¼ 

([FO


9/2(,672) /,48,'(6 722/6725$*(722/6725$*( '522* 6(&

,1'8675< 3& ,12;O

3&733

:RUNVKRSPRGHO

3 5 ( 6 7 , * , 2  (  4 8 $ / , 7 ¬  0 $ ' (  , 1  , 7$ /<

O

%OD]HQ 6RXIÃ&#x20AC;HU

6FKXNRW\SHFRQWDFW9 PD[:

3&

3&733ODVWLF

: 7DQN&XYHLQR[O =XLJNUDFKW3XLVVDQFHP%DU NJ 2UGHUQU

¼ 

3&73

LQFO

O

,12;

: 6WRSFRQWDFWPD[RXWSXW3XLVVDQFHSULVHPD[: 7DQN&XYHSRO\SURS\OHQHO =XLJNUDFKW3XLVVDQFHP%DU NJ 2UGHUQU LQFO

¼ 

3&37$

O

%OD]HQ 6RXIÃ&#x20AC;HU

%OD]HQ 6RXIÃ&#x20AC;HU ,QGXVWU\W\SHFRQWDFW9 PD[:

6FKXNRW\SHFRQWDFW9 PD[: 2XWOHWDLUSRVW¿OWHU

[)[0´

3&7ZLQ3RZHU

3&3ODVWLF7RROV$LU





: 6WRSFRQWDFWPD[RXWSXW3XLVVDQFHSULVHPD[: /XFKWGUXNDDQVOXLWLQJ5DFFRUGDLUFRPSULPp 7DQN&XYHLQR[O =XLJNUDFKW3XLVVDQFHP%DU NJ 2UGHUQU ¼ LQFO 

: 6WRSFRQWDFWPD[RXWSXW3XLVVDQFHSULVHPD[: /XFKWGUXNDDQVOXLWLQJ5DFFRUGDLUFRPSULPp[´0 7DQN&XYHSRO\SURS\OHQHO =XLJNUDFKW3XLVVDQFHP%DU NJ 2UGHUQU ¼ LQFO 

0DFKLQH

7RRO




&2035(6625(1&2035(66(856 $,5&/$66,&02%,/%2<

8QLYHUVHHOLQ]HWEDDUYRRUJHEUXLNLQPRQWDJHHQYRRUGHGRHKHW]HOYHU(HQWKHUPLVFKHPR WRUEHYHLOLJLQJEHVFKHUPWGHPRWRUWHJHQRYHUYHUKLWWLQJHQRYHUEHODVWLQJ7UDSORRVLQVWHOOHQ ZHUNGUXN7ZHHPDQRPHWHUVYRRUWDQNHQZHUNGUXN'HNHWHOLVJHSRHGHUJHODNW9RODXWRPD WLVFKHLQHQXLWVFKDNHOLQJ*HERXZGYROJHQVGHJHOGHQGH&(QRUPHQ $LUFODVVLF0RELOER\&RPSUHVVHXUVSRUWDEOHVSRXUO¶XWLOLVDWLRQXQLYHUVHOOH3URWHFWLRQWKHUPL TXHGXPRWHXUFRQWUHOHVVXUFKDUJHVHWOHVVXUFKDXIIHV'HX[PDQRPqWUHVSRXUODSUHVVLRQ GDQVODFXYHHWGDQVOHWUDYDLO&XYHHVWHQSHLQWXUHpSR[\)DEULTXpVHORQOHVQRUPHV&(

$,5%2<6,/(1&(352

$,5%2<

+$1'<2)

Y OP#EDU %DU NZ .HWHOLQKRXGFRQWHQXGHODFXYHO [[PP NJ ¼ 2UGHUQU 

9 OP#EDU EDU N: .HWHOLQKRXG&RQWHQXGHODFXYHO [[PP NJ ¼ 2UGHUQU 

9 OP#EDU EDU N: .HWHOLQKRXG&RQWHQXGHODFXYHO [[PP NJ 2UGHUQU

&203$&7$,5(

02%,/%2<

02%,/%2<(

9 OP#EDU EDU N: .HWHOLQKRXG&RQWHQXGHODFXYHO [[PP NJ ¼ 2UGHUQU 

9 OP#EDU EDU N: .HWHOLQKRXG&RQWHQXGHODFXYHO [[PP NJ 2UGHUQU

9 OP#EDU EDU N: .HWHOLQKRXG&RQWHQXGHODFXYHO [[PP NJ 2UGHUQU







0DFKLQH

7RRO



¼ 

¼ 

¼ 


722/6725$*(722/6725$*(

$,567$5

$,567$5

$,567$5

9 OP#EDU EDU N: .HWHOLQKRXG&RQWHQXGHODFXYHO [[PP 2UGHUQU

9 OP#EDU EDU N: .HWHOLQKRXG&RQWHQXGHODFXYHO [[PP 1(: 2UGHUQU

[9 OP#EDU EDU N: .HWHOLQKRXG&RQWHQXGHODFXYHO [[PP 1(: 2UGHUQU

$,567$5

$,5352),

$,5352),6,/(17

9 OP#EDU EDU N: .HWHOLQKRXG&RQWHQXGHODFXYHO [[PP 2UGHUQU 

[9 OP#EDU EDU N: .HWHOLQKRXG&RQWHQXGHODFXYHO [[PP ¼  2UGHUQU

9 OP#EDU EDU N: .HWHOLQKRXG&RQWHQXGHODFXYHO [[PP 2UGHUQU

¼ 

¼ 

¼ ¼   



¼ ¼    

 ¼ 

0DFKLQH

7RRO




/8&+7'58.*(5(('6&+$3287,/6'(35(66,21'¶$,5 $5$5

6ODJPRHUVOHXWHOƒGUDDLEDUHNRSSHOLQJ/LQNVUHFKWVGUDDLHQG 9LHUNDQWHDDQVOXLWLQJYRRUVODJGRSSHQ &OLTXHWjFKRF5DFFRUGSLYRWDQWjƒ7RXUQHGURLWHJDXFKH 5DFFRUGFDUUpSRXUGRXLOOHVjFKRF /XFKWYHUEUXLN ELMLQWHUYDO  &RQVRPPDWLRQG¶DLU LQWHUYDOOH OPLQ

$5

$DQVOXLWLQJ5DFFRUG³ 2UGHUQU ¼

$5

$DQVOXLWLQJ5DFFRUG³ 2UGHUQU ¼









7$7$

+DDNVHVODJPRHUVOHXWHOVHW %HYDWVODJGRSSHQYDQ WRWPPYHUOHQJVWXN XQLYHUVHOHNRSSHOLQJHQPLQL ROLHYHUQHYHODDU &OLTXHWjFKRFVHW &RQWLHQWGRXLOOHVjFKRF GHjPPUDOORQJH UDFFRUGXQLYHUVHOHW PLQLOXEUL¿FDWHXU

7$

$DQVOXLWLQJ5DFFRUG³ 2UGHUQU ¼

 

7$

$DQVOXLWLQJ5DFFRUG³ 2UGHUQU ¼

 

56352

&203$&7352

$DQVOXLWLQJ5DFFRUGLQFK :HUNGUXN3UHVVLRQGHWUDYDLOEDU /XFKWYHUEUXLN&RQVRPPDWLRQG¶DLUOPLQ 7RUVLH7RUTXH1P 7RHUHQWDO5pJLPHPLQ NJ 2UGHUQU

$DQVOXLWLQJ5DFFRUGLQFK :HUNGUXN3UHVVLRQGHWUDYDLOEDU /XFKWYHUEUXLNODVWORRS&RQVRPPDWLRQG¶DLUDYHFRXWLOOPLQ /XFKWYHUEUXLNOHHJORRS&RQVRPPDWLRQG¶DLUVDQVRXWLOOPLQ .RSSHOUHFKWVORRS&RXSOHGURLWH1P .RSSHOOLQNVORRS&RXSOHJDXFKH1P NJ 2UGHUQU

+DDNVHVODJPRHUVOHXWHO´ 5XEEHUNRSYRRUNUDVYULMZHUNHQ &OpjFKRF´ 7rWHHQFDRXWFKRXFSRXUWUDYDLOOHUVDQVUD\XUHV

¼ 

6ODJPRHUVOHXWHO´0HWFRPSRVLHW EHKXL]LQJXLWVODJYDVWHNXQVWVWRI &OpjFKRF´$YHFXQHFRQVLVWDQFH GHFRPSRVLWHHQFDRXWFKRXF

¼ 

:6352

+DDNVHVOLMSHU 9RRUVFKLMYHQWRWGLDPHWHU PP 0HOHXVHG¶DQJOH 3RXUGLVTXHVMXVTXH PPGHGLDPqWUH

676352

$DQVOXLWLQJ5DFFRUGPP :HUNGUXN3UHVVLRQGHWUDYDLOEDU /XFKWYHUEUXLN&RQVRPPDWLRQG¶DLUOPLQ 7RHUHQWDO5pJLPHPLQ NJ 2UGHUQU

$DQVOXLWLQJ5DFFRUGPP :HUNGUXN3UHVVLRQGHWUDYDLOEDU /XFKWYHUEUXLN&RQVRPPDWLRQG¶DLUOPLQ 7RHUHQWDO5pJLPHPLQ J 2UGHUQU

¼  

0DFKLQH

7RRO

5HFKWHVOLMSHUVHW 6HWPHOHXVHjSLQFH

¼ 


722/6725$*(722/6725$*( 77'$:&77'$:0

6ODJPRHUVOHXWHO77'$:&PHWEHKXL]LQJLQFRPSRVLHW 77'$:0PHWHHQVWDQGDDUGEHKXL]LQJ 2PNHHUEDDUWUDSVYRRUXLWHQWUDSVDFKWHUXLW &OpjFKRF/HPRGqOH77'$:&W\SHFRPSRVLWH 77'$:0W\SHVWDQGDUG 5pYHUVLEOHYLWHVVHVYHUV O¶DYDQWHWYLWHVVHVYHUV O¶DUULqUH

7$

6ODJPRHUVOHXWHOVHW 2PNHHUEDDUWUDSVYRRUXLW HQWUDSVDFKWHUXLW %HYDWVODJGRSSHQYDQ WRWPPYHUOHQJVWXN GLHSHZLHOGRSSHQHQPLQL ROLHYHUQHYHODDU &OpjFKRFVHW 5pYHUVLEOHYLWHVVHV PDUFKHDYDQWPDUFKH DUULqUHFRQWLHQWGRXLOOHVj FKRFGHjPPUDOORQJH GRXLOOHVSURIRQGHVHWPLQL OXEUL¿FDWHXU

77'$:&

&20 326,7( 2UGHUQU $DQVOXLWLQJ5DFFRUG³

77'$:0

7$&

&20 $DQVOXLWLQJ5DFFRUG³ 326,7( 2UGHUQU

7$0

¼ 

¼ 

¼ 

¼ 

/,*+7 0(7$/ 2UGHUQU $DQVOXLWLQJ5DFFRUG³

352

/,*+7 $DQVOXLWLQJ5DFFRUG³ 0(7$/ 2UGHUQU 

6ODJPRHUVOHXWHO´0HWFRPSRVLHWEH KXL]LQJXLWVODJYDVWHNXQVWVWRI &OpjFKRF´3RLJQpHUHFRXYHUWHHQ FDRXWFKRXF

352

$DQVOXLWLQJ5DFFRUGLQFK :HUNGUXN3UHVVLRQGHWUDYDLOEDU /XFKWYHUEUXLNODVWORRS&RQVRPPDWLRQG¶DLUDYHFRXWLOOPLQ /XFKWYHUEUXLNOHHJORRS&RQVRPPDWLRQG¶DLUVDQVRXWLOOPLQ .RSSHOUHFKWVORRS&RXSOHGURLWH1P .RSSHOOLQNVORRS&RXSOHJDXFKH1P NJ 2UGHUQU

$DQVOXLWLQJ5DFFRUGLQFK :HUNGUXN3UHVVLRQGHWUDYDLOEDU /XFKWYHUEUXLNODVWORRS&RQVRPPDWLRQG¶DLUDYHFRXWLOOPLQ /XFKWYHUEUXLNOHHJORRS&RQVRPPDWLRQG¶DLUVDQVRXWLOOPLQ .RSSHOUHFKWVORRS&RXSOHGURLWH1P .RSSHOOLQNVORRS&RXSOHJDXFKH1P NJ 2UGHUQU

¼ 



6ODJPRHUVOHXWHO´0HWFRPSRVLHWEHKXL]LQJ XLWVODJYDVWHNXQVWVWRI &OpjFKRF´3RLJQpHUHFRXYHUWHHQFDRXWFKRXF

¼

%0352

%RRUPDFKLQH/LQNVUHFKWVGUDDLHQG 0HWFRPSRVLHWEHKXL]LQJ 3HUFHXVH5pYHUVLEOHJDXFKHGURLWH 3RLJQpHUHFRXYHUWHHQFDRXWFKRXF :HUNGUXN3UHVVLRQGHWUDYDLOEDU /XFKWYHUEUXLN&RQVRPPDWLRQG¶DLUOPLQ 7RHUHQWDO5pJLPHPLQ J 2UGHUQU

¼ 

0+%352

+DNKDPHU/LFKWHHQKDQGLJH KDNKDPHUYRRUXQLYHUVHHO JHEUXLN 0DUWHDXEXULQHXU%XULQHXU OpJHUHWPDQLDEOHSRXUOHWUDYDLO XQLYHUVHO

$DQVOXLWLQJ5DFFRUGPP :HUNGUXN3UHVVLRQGHWUDYDLOEDU /XFKWYHUEUXLN&RQVRPPDWLRQG¶DLUOPLQ $DQWDOVODJHQ1RPEUHGHFRXSHVPLQ NJ 2UGHUQU

¼ 

0DFKLQH

7RRO




6/,-30$&+,1(60$&+,1(6¬$))Ã&#x201C;7(5 'HUREXXVWHSROLHUPDFKLQHYRRUKHWSROLHUHQYDQPH KDUGHSROLHUVFKLMI 'HVSROLVVRLUVUREXVWHVSRXUOHSROLVVDJHGXPpWDO/

7\SH4604XDQWXP 7\SH3UR¿

460

6OLMSDIP'LPPHXOH[[PP :±9 NJ 2UGHUQU

¼ 460

460

6OLMSDIP'LPPHXOH[[PP :±9 NJ 2UGHUQU

6OLMSDIP'LPPHXOH[[PP :±9 NJ 2UGHUQU

¼





360

¼ 

¼ 

3ROLHUVFKLMIDIPHWLQJHQ 'LPHQVLRQV'LVTXHGHSROLVVDJH [[PP :±9 NJ 2UGHUQU

¼



360



3ROLHUVFKLMIDIPHWLQJHQ 'LPHQVLRQV'LVTXHGH [[PP :±[9 NJ 2UGHUQU



7\SH602SWLPXP 7\SHLQGXVWULHO

60

6OLMSDIP'LPPHXOH [[PP :±9 NJ 2UGHUQU

60

¼

 

60

60

6OLMSDIP'LPPHXOH [[PP :±9 NJ 2UGHUQU

6OLMSDIP'LPPHXOH [[PP :±[9 NJ 2UGHUQU

¼

¼

6OLMSDIP'LPPHXOH [[PP :±[9 NJ 2UGHUQU ¼













60

6OLMSDIP'LPPHXOH [[PP :±[9 NJ 2UGHUQU ¼

 

60



60

0DFKLQH

7RRO

:DQGKRXGHUYRRUVOLMSHQSROLHUPDFKLQHV 46060HQ360 6RFOHPXUDOSRXUWRXUHWVjPHXOHU±SROLV VHXVHV46060HW360 $IPHWLQJHQGLPHQVLRQV[[PP 2UGHUQU ¼ 




722/6725$*(722/6725$*(

HWDOHQ6WDQGDDUGJHOHYHUGPHW]DFKWHHQ

+($/7+6$)(7<0$76)257+(:25.6+23

/LYUpGHVpULHGLVTXHjSROLUGRX[HWGXU

Q HSROLVVDJH

360

3ROLHUVFKLMIDIPHWLQJHQ 'LPHQVLRQV'LVTXHGHSROLVVDJH [[PP :±[9 NJ 2UGHUQU

¼ 

 

GLNWHpSDLVVHXU PP GLNWHpSDLVVHXU PP

0DFKLQHYRHWYRRUVOLMSHQSROLHUPDFKLQHV 46060HQ360 6RFOHSRXUWRXUHWVjPHXOHU±SROLVVHXVHV 46060HW360 $IPHWLQJHQ'LPHQVLRQV[[PP 2UGHUQU ¼ 



76

6FKLMIVFKXXUPDFKLQH 3RQFHXVHjGLVTXH

$QWLYHUPRHGKHLGVPDWLQSYF9RRUNRPWRYHUEHODVWHHQYHUPRHLGHYRHWHQHQEHQHQGRRU ODQJGXULJVWLOVWDDQELMPDFKLQHVZHUNWDIHOV0HWJHOHYHLOLJKHLGVERRUG ]LMGHQ 2SDDQ YUDDJOHYHUEDDURSURO 7DSLVDQWLIDWLJXHHQSYF(YLWHG¶DYRLUGHVMDPEHVHWGHVSLHGVORXUGVHWIDWLJXpVGÂ&#x20AC;DXIDLW TXHYRXVUHVWH]GHERXWSHQGDQWXQHORQJXHSpULRGH$YHFERUGGHVpFXULWpMDXQH F{WpV  /LYUDEOHHQURXOHDXVXUGHPDQGH

'LDPHWHUVFKXXUVFKLMI 'LDPqWUHGLVTXHDEUDVVLYHPP :±9 NJ 2UGHUQU

'LNWH(SDLVVHXUPP [PP 2UGHUQU

¼ 

1(:

$)03

¼

$)06350

'

'LNWH(SDLVVHXUPP [PP 2UGHUQU

¼

1(:  

0DFKLQH

7RRO




%$1'6&+8850$&+,1(6321&(86(6¬%$1'( %DQGHQVFKLMIVFKXXUPDFKLQHPHW]ZHQNEDUHVFKXXUDUPWDIHOPRGHO 3RQFHXVHjEDQGHHWjGLVTXHDYHFEUDVRULHQWDEOH±PRGqOHG¶pWDEOLV

%DQGVFKXXUPDFKLQH 3RQFHXVHGHEDQGH

'%6

9N: :LHOURXHPP %DQGEDQGH[PP NJ 2UGHUQU ¼



W\SH9



0%60

'%6

[9N: 2UGHUQU

¼

9N: :LHOURXHPP %DQGEDQGH[PP NJ 2UGHUQU ¼

1(:

0%60

9N: :LHOURXHPP EDQGEDQGH[PP NJ 2UGHUQU

0RGHORSVRNNHOPRGqOHVXUVRFOH0%60

VRNNHOYRRU VRFOHSRXU0%60 2UGHUQU

¼

1(: %76

9ROWDJH9N: :LHOURXHPP %DQGEDQGH[PP NJ 2UGHUQU

¼  

0DFKLQH

7RRO

¼

1(:


722/6725$*(722/6725$*( %DQGVFKXXUPDFKLQH±YRHWPRGHOPHWWZHHDDQVOXLWLQJHQ YRRUVSDDQGHUDI]XLJLQJ2QGHUKRHNYHUVWHOEDDU 3RQFHXVHjEDQGH±PRGqOHVXUSLHGDYHFGHX[UDFFRUGV SRXUDVSLUDWLRQGHVFRSHDX[,QFOLQDEOH

6OLMSPDFKLQHYRRUPHWDOHQEXL]HQHQSUR¿HOHQPHWWZHHVQHO KHGHQSULVPDEHNPHWDDQVODJLQVWHOEDDU]RQGHUVOHXWHOV *HOHYHUGPHWVOLMSEDQG.RUUHOHQppQVOLMSUROGLDPHWHU PP 3RQFHXVHjEDQGHSRXUWXEHVjYLWHVVHV EHFHQIRUPHGHSULVPH

%60

[9N: 6QHOKHLG9LWHVVHPVHF EDQGEDQGH[PP NJ 2UGHUQU

¼ 

RSWLRQHOHVOLMSUROOHQ URXOHDX[RSWLRQQHOV 5360

%60

[9N: 2UGHUQU ¼



[9N: %DQGEDQGH[PP 6QHOKHLG9LWHVVHPVHF ±ƒ NJ 2UGHUQU

¼  

6-25%$1'(16$1*/(6

%$6%

/PP%UHHGWH/DUJXHXUPP &DS /& GD1 &DS 6+) GD1 ¼ 2UGHUQU 



%60

[9N: 6QHOKHLG9LWHVVHPVHF %DQG%DQGH[PP NJ 2UGHUQU

%$3&/6

/PP%UHHGWHODUJXHXUPP &DS /& GD1 &DS 6+) GD1 ¼ 2UGHUQU 



¼  

%60

[9N: 2UGHUQU ¼



%$6$

/P%UHHGWH/DUJHXUPP &DS /& GD1&DS 6+) GD1 2UGHUQU

¼ 

0DFKLQH

7RRO




%2250$&+,1(6)25(86(6 5,(0$$1*('5(9(1± (175$,1(0(173$5&28552,(6 5,(0$$1*('5(9(1±(175$,1(0(173$5&28552,(6 %²%²%²%²%²% 48$1780 6WDQGDDUGJHOHYHUGPHWQRRGVWRS WDQGNUDQVERRUNRSPP %  VQHOVSDQERRUNRSPP % PP !%  PRUVHFRQXV7ERXWHQERRUNRSEHVFKHUPLQJPHWPLFURVZLWFK HQULHPHQGHNVHOHYHQHHQVPHWPLFURVZLWFKEHYHLOLJLQJ

6WDQGDUGDYHFDUUrWG XUJHQFHPDQGULQjFOpP %  PDQGULQDXWRVHUUDQWPP % PP !%  FRQHPRUVHWDVVHDX[HQ7SURWHFWLRQGHPDQGULQDYHF PLFURVZLWFKHWFDUWHUGHSURWHFWLRQGHVFRXUURLHV pJDOHPHQWDYHFPLFURVZLWFK

%

%

%

%

%

¼ 

¼ 

¼ 

¼ 

¼ 

%

%

%

¼ 

¼ 

¼ 

N:9 &DSPD[PP LQVWDDOGDQVO¶DFLHU 8LWODGLQJ&RXUVHGH ODEURFKHPP 2UGHUQU 

N:9 &DSPD[PP LQVWDDOGDQVO¶DFLHU 8LWODGLQJ&RXUVHGH ODEURFKHPP 2UGHUQU 

N:9 &DSPD[PP LQVWDDOGDQVO¶DFLHU 8LWODGLQJ&RXUVHGH ODEURFKHPP 2UGHUQU 

[9 2UGHUQU 

N:9 &DSPD[PP LQVWDDOGDQVO¶DFLHU 8LWODGLQJ&RXUVHGH ODEURFKHPP 2UGHUQU 

[9 2UGHUQU 

%

[9 2UGHUQU 

¼

¼



 &00.

%

N:9 &DSPD[PP LQVWDDOGDQVO¶DFLHU 8LWODGLQJ&RXUVHGH ODEURFKHPP 2UGHUQU 

¼ 



0DFKLQH

7RRO

&00.

[9 2UGHUQU 

%

[9 2UGHUQU 

&00.

N:9 &DSPD[PP LQVWDDOGDQVO¶DFLHU 8LWODGLQJ&RXUVHGH ODEURFKHPP 2UGHUQU 

&00.


722/6725$*(722/6725$*( %352²%352²%352²%352 237,080 6WDQGDDUGJHOHYHUGPHWQRRGVWRS 52+0VQHOVSDQERRUNRSPPPRUVHFRQXV7ERXWHQ ERRUNRSEHVFKHUPLQJPHWPLFURVZLWFKHQULHPHQGHNVHO HQPHWPLFURVZLWFKEHYHLOLJLQJ 6WDQGDUGDYHFDUUrWG¶XUJHQFHPDQGULQ DXWRVHUUDQW52+0PPFRQHPRUVHWDVVHDX[HQ7 SURWHFWLRQGHPDQGULQDYHFPLFURVZLWFKHWFDUWHUGHSURWHFWLRQ GHVFRXUURLHVpJDOHPHQWDYHFPLFURVZLWFK &00.

&00.

%352

N:9 &DSPD[PP LQVWDDOGDQVO¶DFLHU 8LWODGLQJ&RXUVHGHODEURFKHPP 2UGHUQU ¼



%352

[9 2UGHUQU ¼

%352

N:9 &DSPD[PP LQVWDDOGDQVO¶DFLHU 8LWODGLQJ&RXUVHGHODEURFKHPP 2UGHUQU



¼



&00. &00.

%352

%352

¼ 

¼ 

%352

%352

¼ 

¼ 

%352

%352

¼ 

¼ 

N:9 &DSPD[PP LQVWDDOGDQVO¶DFLHU 8LWODGLQJ&RXUVHGHODEURFKHPP 2UGHUQU

[9 2UGHUQU

[9 2UGHUQU

N:9 &DSPD[PP LQVWDDOGDQVO¶DFLHU 8LWODGLQJ&RXUVHGHODEURFKHPP 2UGHUQU

[9 2UGHUQU

[9 2UGHUQU

0DFKLQH

7RRO




%2250$&+,1(6)25(86(6 5,(0$$1*('5(9(1±(175$,1(0(173$5&28552,(6

0.&0

0.&0

0.&0

0.&0

%+

N:9 &DSPD[PP LQVWDDOGDQVO¶DFLHU 8LWODGLQJ&RXUVHGHOD EURFKHPP 2UGHUQU

¼  %+9$5,2 N:9 2UGHUQU

%+

%+9$5,2

N:9 N:9 &DSPD[PP 2UGHUQU LQVWDDOGDQVO¶DFLHU ¼ 8LWODGLQJ&RXUVHGHOD  EURFKHPP 2UGHUQU 



%+

%+9$5,2

N:9 N:9 &DSPD[PP 2UGHUQU LQVWDDOGDQVO¶DFLHU ¼ 8LWODGLQJ&RXUVHGH  ODEURFKHPP 2UGHUQU 



%+

N:[9 &DSPD[PP LQVWDDOGDQVO¶DFLHU 8LWODGLQJ&RXUVHGH ODEURFKHPP 2UGHUQU

¼ 

¼ 

N:[9 2UGHUQU

 N:[9 2UGHUQU

%+9$5,2

¼ 

¼  

¼ 

¼ 





¼  N:9 2UGHUQU



9/2(,%2256(76-(8;'()/823(5&(86(6 7+(50'5,//

7KHUPLVFKERUHQHHQWLMGHQNRVWHQEHVSDUHQGDOWHUQDWLHI&RPELQDWLHYDQERUHQHQWKHUPLVFKYRUPHQ3HUIHFWWDSJDW]RQGHUWRHYRHJLQJYDQPDWHULDDO 7LMGVEHVSDUHQG7RWGULHNHHUPHHUGUDDGZLQGLQJHQLQHHQ]HOIGHGLNWHYDQPDWHULDDO5HVXOWDDWHHQ]HHUNZDOLWDWLHYHHQVWDELHOHGUDDGYHUELQGLQJ /HIRUDJHWKHUPLTXHXQHDOWHUQDWLYHTXLIDLWJDJQHUGXWHPSVHWGHFRÂ&#x20AC;WV&RPELQDLVRQGHSHUoDJHHWIRUDJH 3HUFHUXQWURXSUpFLVVDQVHQOqYHPHQWGHPDWLqUH FRSHDX[ *DLQGHWHPSV+DXWHXUGH¿OHWDJHMXVTX¶jIRLVSOXVLPSRUWDQWHGDQVO¶pSDLVVHXUGXPDWpULHO

68.0

6WDUWXSNLW0EHVWDDQGHXLWFRPSRVpGH 7KHUPGULOOÃ&#x20AC;XRSHUFHXVH0³)RUP´RIRX³&XW´ 2QWRROGUDDGWDSWDUDXGHXVH0 JHUHHGVFKDSVKRXGHU0.PHW$OXNRHOULQJSRUWHRXWLOV&0DYHFGLVTXHGHUHIURLGLVVHPHQW VSDQWDQJSLQFH0 YHUSDNNLQJ)RUPGULOOSDVWDOXEUL¿DQWSRXUOHÃ&#x20AC;XRSHUoDJH YHUSDNNLQJ)RUPGULOOWDSROLHOXEUL¿DQWSRXUOHÃ&#x20AC;XRWDUDXGDJH



0DFKLQH

7RRO


722/6725$*(722/6725$*( 0.&0

0.&0 7DQGZLHODDQJHGUHYHQNRORP ERRUPDFKLQHPHWDXWRPDWLVFKH ERRUYRHGLQJHQYDULDEHOUHJHO EDDUWRHUHQWDO 0HWDXWRPDWLVFKHERRUYRH GLQJ9RRUSUHFLVLHGLHSWHER ULQJHQRIYHU]LQNHQNDQGH DXWRPDWLVFKHYRHGLQJRSLHGHU PRPHQWZRUGHQLQHQXLWJH VFKDNHOGGRRUHHQGUXNRS ppQYDQGHJURHQHNQRSSHQ RSGHWUHNKHQGHOV )RUHXVHjHQWUDvQHPHQWSDUHQ JUHQDJHVpTXLSpHG¶XQHDYDQFH DXWRPDWLTXHHWUpJODJHGHODYL WHVVHSDUYDULDWHXUGHIUpTXHQFH $YDQFHDXWRPDWLTXH3RXUOH IRUDJHGHSUpFLVLRQHQSURIRQGHXU RXODJDOYDQLVDWLRQO¶DYDQFHDX WRPDWLTXHSHXWrWUHFRQQHFWpHHW GpFRQQHFWpHjWRXWPRPHQWSDUXQH SUHVVLRQVXUXQGHVERXWRQVYHUWVVXU OHVOHYLHUVGHWUDLW 2SWLH 2SWLRQ

%%69$5,2 N:9 &DSPD[PP LQVWDDOGDQVO¶DFLHU 8LWODGLQJ&RXUVHGHOD EURFKHPP 2UGHUQU

%9*0

N:9 &DSPD[PP LQVWDDOGDQVO¶DFLHU 8LWODGLQJ&RXUVHGH ODEURFKHPP 2UGHUQU 

¼

 

1(:

IRUP

¼ 

FXW

68.0)60&0.IRUPNRUWFRXUW 2UGHUQU 68.0)/0&0.IRUPODQJORQJ 2UGHUQU 68.0&60&0.FXWNRUWFRXUW 2UGHUQU 68.0&/0&0.FXWODQJORQJ 2UGHUQU 

¼  ¼  ¼



¼ 

68.0)60&0.IRUPNRUWFRXUW 2UGHUQU 68.0&60&0.FXWNRUWFRXUW 2UGHUQU 68.0)/0&0.IRUPODQJORQJ 2UGHUQU 68.0&/0&0.FXWODQJORQJ 2UGHUQU

¼  ¼



¼

 

¼ 

0DFKLQH

7RRO




%2250$&+,1(6)25(86(6 0$*1((7%2250$&+,1(6 )25(86(6¬%$6(0$*1e7,48( $FFHVVRLUHV

%RRUNRSDGDSWRU $GDSWDWHXUPDQGULQ $DQVOXLWLQJ5DFFRUG´[PP

7$1':,(/$$1*('5(9(1¬(1*5(1$*(6      0.&0 8QLYHUVHOHWDQGZLHODDQJHGUHYHQNRORPERRUPDFKLQHPHWYHU VQHOOLQJHQDXWRPDWLVFKHYRHGLQJHQNDQWHOEDUHERRUWDIHO.RSSHOLQJ RPYDQPDQXHOHVQHOYRHGLQJQDDU¿MQHYRHGLQJWHJDDQ,QJHERXZ GHNRHOPLGGHOLQULFKWLQJ0DFKLQHNRSHQERRUWDIHO LQKRRJWHYHUVWHOEDDUYLDWDQGKHXJHO )RUHXVHDYHFHQWUDvQHPHQWSDUERvWHG¶HQJUHQDJHVYLWHVVHV DYDQFHDXWRPDWLTXHGHODEURFKHHWWDEOHGHWUDYDLOEDVFXODQW -RQFWLRQSRXUDOOHUG¶XQHDYDQFHPDQXHOOHjYLWHVVHjXQHDYDQFH ¿QH,QVWDOODWLRQGHUpIULJpUDQWLQWpJUpH7rWHGHPDFKLQHHWWDEOHGH WUDYDLOUpJODEOHHQKDXWHXUSDUO¶pWULHU

2UGHUQU *HVFKLNWYRRUSRXU0%

¼  %RRUNRSPHWERRUVOHXWHO 0DQGULQjFRXURQQHHWFOp

0%

N:9 &DSPPVQHOKYLW 2UGHUQU

*HVFKLNWYRRUSRXU0% 0DDW´[PP 2UGHUQU

¼ 

¼ 



0.&0 1(:

¼ 



%RRUNRSDGDSWRU0. $GDSWDWHXU&0 *HVFKLNWYRRUSRXU0% 2UGHUQU

¼  

%37(

0%

N:9 &DSPPVQHOKYLW 2UGHUQU

¼  

0DFKLQH 

7RRO

%RRUNRSPHWERRUVOHXWHO 0DQGULQjFRXURQQHHWFOp *HVFKLNWYRRUSRXU0%0% 0DDWPHVXUHPP 2UGHUQU

¼  

N:[90.&0 &DSPD[PPLQVWDDOGDQVO¶DFLHU 8LWODGLQJ&RXUVHGHODEURFKHPP 2UGHUQU


722/6725$*(722/6725$*(  









0.&0

8QLYHUVHOHWDQGZLHODDQJHGUHYHQNRORPERRUPDFKLQH PHWYHUVQHOOLQJHQ )RUHXVHDYHFHQWUDvQHPHQWSDUERvWHG¶HQJUHQDJHVjYLWHVVHV N:[9 &DSPD[PP VWDDODFLHU







0.&0

0HWDXWRPDWLVFKHYRHGLQJ6WDQGDDUGPHWVQHOVSDQERRUNRS PPZHUNODPSHQNRHOSRPS $YHFGHVFDQWHDXWRPDWLTXH)RXUQLHVWDQGDUGDYHFPDQGULQDXWR VHUUDQWPPODPSHGHWUDYDLOHWSRPSHFRXODQWH

%*63

%*7

PHWPHFKDQLVFKHNRSSHOLQJ± DYHFHPEUD\DJHPpFDQLTXH

N:[9 &DSPD[PPLQVWDDOGDQVO¶DFLHU 8LWODGLQJ&RXUVHGHODEURFKHPP 2UGHUQU

8LWODGLQJ &RXUVHGHODEURFKHPP 2UGHUQU

¼

¼ 

%*60 %*6

8LWODGLQJ&RXUVHGHODEURFKHPP 2UGHUQU

¼ 

PHWHOHNWURPDJQHWLVFKHNRSSHOLQJ± DYHFHPEUD\DJHHOHFWURPpFDQLTXH

N:[9 &DSPD[PPLQVWDDOGDQVO¶DFLHU 8LWODGLQJ&RXUVHGHODEURFKHPP 2UGHUQU

¼ 

%*6

NDQWHOEDUHERRUWDIHO±WDEOHGHWUDYDLOEDVFXODQW

8LWODGLQJ&RXUVHGHODEURFKHPP 2UGHUQU ¼

 %*6[9 2UGHUQU ¼



%*60

PHWHOHNWURPDJQHWLVFKHNRSSHOLQJ± DYHFHPEUD\DJHHOHFWURPpFDQLTXH

N:[9 &DSPD[PPLQVWDDOGDQVO¶DFLHU 8LWODGLQJ&RXUVHGHODEURFKHPP 2UGHUQU

¼

0DFKLQH

7RRO




)5((60$&+,1(6)5$,6(86(6 )UHHVPDFKLQHVPHWWDQGZLHODDQGULMYLQJ 6WDELHOH]ZDOXZVWDDUWJHOHLGLQJPHWQDVWHOEDUHVSLHOLMVWHQRSGHGULHDVVHQ

%)9$5,2

%)9$5,2

%)/9$5,2

237,(237,21

237,(237,21

237,(237,21

0DFKLQHYRHW6RFOHXQLYHUVHO [[PP 2UGHUQU

¼



2UGHUQU

¼



0DFKLQHYRHW6RFOHXQLYHUVHO [[PP 2UGHUQU

%)9$5,2

%)9$5,2

%)/9$5,2

¼ 

¼ 

¼ 

9N: %RRUFDSDFLWHLWLQVWDDOFDSDFLWpHQDFLHUPP )UHHVFDSDFLWHLWYLQJHUIUHHVFDSDFLWpGHIUDLVDJHPP 6SLORSQDPH&{QHPRUVH0.&00 7RHUHQWDOVSLQGHOURWDWLRQGHEURFKH5SP NJ 2UGHUQU

 

0DFKLQHYRHW6RFOHXQLYHUVHO [[PP

0DFKLQH

7RRO

9N: %RRUFDSDFLWHLWLQVWDDOFDSDFLWpHQDFLHUPP )UHHVFDSDFLWHLWYLQJHUIUHHVFDSDFLWpGHIUDLVDJHPP 6SLORSQDPH&{QHPRUVH0.&00 7RHUHQWDOVSLQGHOURWDWLRQGHEURFKH5SP NJ 2UGHUQU



¼



9N: %RRUFDSDFLWHLWLQVWDDOFDSDFLWpHQDFLHUPP )UHHVFDSDFLWHLWYLQJHUIUHHVFDSDFLWpGHIUDLVDJHPP 6SLORSQDPH&{QHPRUVH0.&00 7RHUHQWDOVSLQGHOURWDWLRQGHEURFKH5SP NJ 2UGHUQU




722/6725$*(722/6725$*( )UDLVHXVHVDYHFHQWUDvQHPHQWjHQJUHQDJHV *XLGHVjTXHXHG¶DURQGHDYHFODUGRQVUpJODEOHVVXUOHVWURLVD[HV

%)9$5,2

%)9$5,2

03$

2UGHUQU

%)9DULR&1&

¼



([FO0RQWDJH

237,(237,21

6SDQWDQJHQKRXGHUHQ IUHHVNOHP 3RUWHSLQFHHWpWDX

237,(237,21

%RRUPqFKH

237,(237,21

237,(237,21

0DFKLQHYRHW6RFOHXQLYHUVHO [[PP

0DFKLQHYRHW6RFOHXQLYHUVHO [[PP ¼ 2UGHUQU 



%)9$5,2

%)9$5,2

¼ 

¼ 

9N: %RRUFDSDFLWHLWLQVWDDOFDSDFLWpHQDFLHUPP )UHHVFDSDFLWHLWYLQJHUIUHHVFDSDFLWpGHIUDLVDJHPP 6SLORSQDPH&{QHPRUVH0.&00 7RHUHQWDOVSLQGHOURWDWLRQGHEURFKH5SP $IPHWLQJHQWDIHOGLPHQVLRQVWDEOH[PP NJ 2UGHUQU



¼



2UGHUQU

9N: %RRUFDSDFLWHLWLQVWDDOFDSDFLWpHQDFLHUPP )UHHVFDSDFLWHLWYLQJHUIUHHVFDSDFLWpGHIUDLVDJHPP 6SLORSQDPH&{QHPRUVH,620 7RHUHQWDOVSLQGHOURWDWLRQGHEURFKH5SP $IPHWLQJHQWDIHOGLPHQVLRQVWDEOH[PP NJ 2UGHUQU



0DFKLQH

7RRO




)5((60$&+,1(6)5$,6(86(6 5ROOHQEDDQ9RRUDDQHQDIYRHUYDQGHZHUNVWXN NHQ5HJHOEDDULQKRRJWHYDQWRWPP,Q VFKDNHOEDDUELMGHPHHVWH]DDJPDFKLQHV6WHYLJH VWDOHQUROOHQ &RQYR\HXUjURXOHDX[3RXUGHVSLqFHVORQJXHV HWORXUGHV5pJODEOHHQKDXWHXUGHjPP &RQYLHQWSRXUVFLHVjUXEDQHWWURQoRQQHXVHV 5RXOHDX[PDVVLIVHWUREXVWH HQDFLHU 065

065

)( %HGLHQLQJVSDQHHO1RRGVWRSVFKDNHODDU .HX]HVFKDNHODDUGUDDLULFKWLQJ.UDFKWLJH N:GULMINUDFKWPRWRU%RRU±IUHHV GLHSWHLQVWHOOLQJ7DQGZLHORYHUEUHQJLQJ 3UHFLVLHYRHGLQJYDQGHVSLQGHOPHW KDQGZLHORSGHYRRUNDQW.RORP0DVVLH YH]ZDOXZVWDDUWXLWYRHULQJ8LWHUVWSUHFLHV DIJHZHUNW0HWDOHQ]ZDOXZVWDDUWEHVFKHU PLQJYDQGH=DV0DVVLHYHNUXLVWDIHO XLWHUVWSUHFLHVHQPHWJURRWZHUNRSSHU YODN0HW7PRHUHQ1DVWHOEDUHVSLHOLMV WHQ9HUVWHOEDDUGPYGULHKDQGZLHOHQ ,QJHZHUNWHODQJVPHHWVFKDDO ,QVWHOEDUHHLQGDDQVODJ

¼

1(:

065

/[%U/D[+PP &DSNJ 2UGHUQU 

¼   

065

/[%U/DPP[+PP &DSNJ ¼ 2UGHUQU   



 'LJLWDDOPHHWV\VWHHPPHWHHQPDJQHHWEDQGYRRU PRQWDJHRSGH065UROOHQEDDQ*DUDQGHHUWHHQ SHUIHFWHOHQJWHPHWLQJHQSRVLWLRQHULQJ0HHWQDXZ NHXULJKHLG[[PHHWOHQJWH 6\VWqPHGHPHVXUHGLJLWDOHDYHFEDQGHPDJQp WLTXHSRXUPRQWDJHVXUWUDQVSRUWHXUjURXOHDX[ 065*DUDQWLHXQHPHVXUHORQJLWXGLQDOHSDUIDLWH HWSRVLWLRQQHPHQWH[DFWH([DFWLWXGHGHPHVXUH [[ORQJXHXUGHPHVXUH

/06

/06



/PP 2UGHUQU ¼   



 /06

 /06





/PP 2UGHUQU ¼    /PP 2UGHUQU ¼   





0DFKLQH

7RRO

/PP 2UGHUQU ¼   



237,(237,21

0DFKLQHYRHW6RFOHXQLYHUVHO [[PP ¼  2UGHUQU



3DQQHDXGHFRPPDQGH$UUrWG¶XUJHQFH 6pOHFWHXUGHGLUHFWLRQ0RWHXUSXLVVDQW N:5pJODJHSHUFHXVHIUDLVHXVH %RvWHGHYLWHVVH9RODQWVDYHFJUDGXD WLRQVUpJODEOH$VVXUHjODPDFKLQHXQH ULJLGLWpHWXQHSUpFLVLRQFRQVWDQWHORUV GHVXVLQDJHV/DPHOOHVGHSURWHFWLRQHQ PpWDOSRXUSURWpJHUO¶D[H=7DEOHFURLVpH 0DVVLYHH[WUrPHPHQWSUpFLVHHWGH JUDQGHVXUIDFH$YHFUDLQXUHVHQ7/DU GRQVDMXVWDEOHV5pJODEOHYLDYRODQWV %XWpHGH¿QGHFRXUVHUpJODEOH

)(

[9N: %RRUFDSDFLWHLWLQVWDDOFDSDFLWpHQDFLHUPP )UHHVFDSDFLWHLWYLQJHUIUHHVFDSDFLWpGHIUDLVDJHPP 6SLORSQDPH&{QHPRUVH0.&00 7RHUHQWDOVSLQGHOURWDWLRQGHEURFKH5SP $IPHWLQJHQWDIHOGLPHQVLRQVWDEOH[PP NJ 2UGHUQU


722/6725$*(722/6725$*( 0HWDDODINRUW]DDJ7ZHHVQHOKHGHQPRWRU 7UDDJGUDDLHQG'XEEHOHFHQWUDOHNOHPPLQJ 6WDQGDDUGPHWYRHWHQNRHOSRPS=RQGHU ]DDJEODG 7URQoRQQHXVHSRXUPpWDX[0RWHXUj YLWHVVHV9LWHVVHOHQWH(WDXGRXEOHDYHF FODPDJHFHQWULTXH6WDQGDUGDYHFVRFOHHW SRPSHFRXODQWH6DQVODPH

90%6

9HUWLFDOHEDQG]DDJPDFKLQHYRRUPHWDOHQ0HWLQJHERXZGHODVHHQKHLG VQLMGHQVOLMSHQHQ YHUODVVHQ YRRUKHWKHUVWHOOHQHQRSOHQJWHDDQPDNHQYDQQLHXZH]DDJEODGHQYDQDIURO =DDJVQHOKHLGWUDSORRVUHJHOEDDULQ]RZHOWUDJHDOVKRJHVQHOKHGHQ*LHWLM]HUHQYHUOLFKWH ZHUNWDIHO*HOHYHUGPHWDDQVODJ]RQGHU]DDJEODG 6FLHjUXEDQYHUWLFDOHSRXUPpWDX[DYHFXQLWpGHVRXGXUHLQFRUSRUpH FRXSHUSROLUHW VRXGHU SHUPHWGHUpSDUHUHWSURGXLUHVXUORQJXHXUGHVQRXYHOOHVODPHVGHVFLHjSDUWLUGX URXOHDX9LWHVVHGHODODPHGHVFLHUpJODEOHSDUGHJUpjEDVVHHWKDXWHYLWHVVH7DEOHGH WUDYDLOHQDFLHUDOOpJp/LYUpDYHFEXWpHVDQVODPHGHVFLH

VWDQGDDUGPHWLQJHERXZGH ODVHHQKHLG VQLMGHQVOLMSHQHQODVVHQ

VWDQGDUGDYHFVRXGHXVH LQWpJUpHSRXUFRXSHUSROLU HWVRXGHU

&6

[9N: 'LDP]DDJOLQWODPHPP =DDJVQHOKHLG9LWHVVHODPHPPLQ NJ 2UGHUQU ¼ 

 &6

[9N: 'LDP]DDJOLQWODPHPP =DDJVQHOKHLG9LWHVVHODPHPPLQ NJ 2UGHUQU ¼ 



8LWODGLQJ&RXUVHPP 0D[VQLMKRRJWH+DXWHXUGHFRXSHPD[PP 7DIHOJURRWWH7DEOH[PP :HUNKRRJWH+DXWHXUGHWUDYDLO,QFOLQDWLRQJDXFKHGURLWHPP 7DIHOKHOOLQJVKRHNZHUNOLQNVUHFKWVƒ 7DIHOKHOOLQJVKRHNZHUNYRRUDFKWHU,QFOLQDWLRQDYDQWDUULqUHƒ =DDJEDQGOHQJWH/RQJXHXUGXODPHPP 0D[]DDJEDQGEUHHGWH/DUJHXUODPHPD[PP =DDJVQHOKHLG HJDQJ 9LWHVVHODPH HYLWHVVH PPLQ =DDJVQHOKHLG HJDQJ 9LWHVVHODPH HYLWHVVH PPLQ PD[]DDJEDQGEUHHGWHODVXQLW/DUJHXUODPHPD[GHODVRXGHXVHPP 9HUPRJHQPRWRU3XLVVDQFHPRWHXUN: [[PP NJ 2UGHUQU

=DDJEODG/DPH90%6 7 2UGHUQU ¼

1(:

¼

1(:

0DFKLQH

7RRO




=$$*0$&+,1(60$&+,1(6¬6&,(5 0DQXHOHFLUNHO]DDJPDFKLQH±YRRUSUR¿HOHQ=RQGHU]DDJEODG 6FLHFLUFXODLUHPDQXHOOHSRXUSUR¿OHV6DQVGLVTXH

9 'LDPHWHU]DDJOLQWODPHPP N:PPLQ NJ 2UGHUQU ¼ 



=DDJEODG/DPH 7 2UGHUQU ¼ 



6*

9 =DDJOLQWODPH[[PP 9HUPRJHQPRWRU3XLVVDQFHPRWHXU: =DDJVQHOKHLG9LWHVVHODPHPPLQ NJ 2UGHUQU ¼ 



6

=DDJOLQWODPH[[PP 9HUPRJHQPRWRU3XLVVDQFHPRWHXU: =DDJVQHOKHLG9LWHVVHODPHPPLQ NJ 9 2UGHUQU ¼ 



[9 2UGHUQU ¼ 



WDQGZLHONDVWDDQGULMYLQJ HQWUDvQHPHQWSDUHQJUHQDJH

6*

9 =DDJOLQWODPH[[PP 9HUPRJHQPRWRU3XLVVDQFHPRWHXU: =DDJVQHOKHLG9LWHVVHODPHPPLQ NJ 2UGHUQU ¼ 

 

0DFKLQH

7RRO

237,(237,216*

0DFKLQHYRHW6RFOHXQLYHUVHO 2UGHUQU ¼ 




722/6725$*(722/6725$*( 0HWDDOEDQG]DDJPDFKLQHVPHWRQGHUYHUVWHNLQVWHOEDUH]DDJEHXJHO 6WDQGDDUGJHOHYHUGPHWYRHWOLQW]DDJEODGNRHOJURHSVSDQHQERUVWHO DXWRPDWLVFKHDIVODJQDKHWGRRU]DJHQYDQKHWZHUNVWXNVQHOVSDQNOHPPLQJ 6FLHjUXEDQSRXUOHPpWDODYHFXQDUFGHVFLHRULHQWDEOH 6WDQGDUGDYHFVRFOHUXEDQJURXSHG¶DUURVDJHEURVVHjFRSHDX[ DUUrWDXWRPDWLTXHSDUEXWpHHQ¿QGHFRXSHpWDXjVHUUDJHUDSLGH

6*

6*+

9 =DDJOLQWODPH[[PP 9HUPRJHQPRWRUSXLVVDQFHPRWHXU: =DDJVQHOKHLGYLWHVVHODPHPPLQ NJ 2UGHUQU ¼ 



ULHPDDQGULMYLQJ HQWUDvQHPHQWSDUFRXUURLHV

+pWSRSXODLUHPRGHO 0HW]DDJVQHOKHGHQ± EHK9  ± XLWJHUXVWPHWHHQK\GUDXOLVFKHGDDOFLOLQGHU /HPRGqOHOHSOXVSRSXODLUH $YLWHVVHVGHFRXSH VDXI9  ± GHVFHQWHGHO¶DUFSDUYpULQK\GUDXOLTXH =DDJOLQWODPH[[PP 9HUPRJHQPRWRU3XLVVDQFHPRWHXUN: =DDJVQHOKHLG9LWHVVHODPHPPLQ NJ 9 2UGHUQU ¼ 



[9 2UGHUQU ¼ 



[9 2UGHUQU ¼ 



6*

=DDJOLQWODPH[[PP 9HUPRJHQPRWRU3XLVVDQFHPRWHXU: =DDJVQHOKHLG9LWHVVHODPHPPLQ NJ 9 2UGHUQU ¼ 



[9 2UGHUQU ¼ 



6*

'HJURWHUHEURHUYDQGH 6*/LQNVHQUHFKWVƒ /HSOXVJUDQGPRGqOHGX 6**DXFKHHWGURLWHƒ 9 =DDJOLQWODPH[[PP 9HUPRJHQPRWRU3XLVVDQFHPRWHXUN: =DDJVQHOKHLG9LWHVVHODPHPPLQ NJ 2UGHUQU ¼ 



0DFKLQH

7RRO




&1&*(67885'(0$&+,1(60$&+,1(6&1& )5((60$&+,1(6)5$,6(86(6 0&1&0/&1&0+6&1&0&1&

6WDELHOH&1&IUHHVPDFKLQHPHWSURIHVVLRQHOH6LHPHQV6EDVHOLQHVWXULQJ +,:,1NRJHORPORRSVSLQGHOVRSGHGULHDVVHQ.DQWHOEDDUGLVSOD\&HQWUDOHVPHULQJ±6LJQDDOOLFKW.RHOPLGGHOLQULFKWLQJ )UDLVHXVHUREXVWHjFRPPDQGHQXPpULTXHSURIHVVLRQHOOH6LHPHQV6EDVHOLQH 9LVjELOOHV+,:,1D[HV±pFUDQEDVFXODQW±JUDLVVDJHFHQWUDOH±ODPSHGHVLJQDOLVDWLRQ±V\VWqPHGHUHIURLGLVVHPHQWLQWpJUp

0&1&

9:0.&00 &DSLQVWDDO&DSGDQVO¶DFLHUPP $IPWDIHOGLPWDEOH[PP 6SLQGHOVQHOKHLGYLWHVVHGHODEURFKHUSP NJ 2UGHUQU ¼

0+6&1&

¼ 

¼ 

9N:6. &DSLQVWDDO&DSGDQVO¶DFLHUPP $IPWDIHOGLPGHODWDEOH[PP 6SLQGHOVQHOKHLGYLWHVVHGHODEURFKHUSP NJ 2UGHUQU

9:0.&00 FDSVWDDO&DSGDQVO¶DFLHUPP $IPWDIHOGLPGHODWDEOH[PP 6SLQGHOVQHOKHLGYLWHVVHGHODEURFKHUSP NJ 2UGHUQU ¼



0&1&

0/&1&



[9N:(5 &DSLQVWDDO&DSGDQVO¶DFLHUPP $IPWDIHOGLPGHODWDEOH[PP 6SLQGHOVQHOKHLGYLWHVVHGHODEURFKHUSP NJ 2UGHUQU

0+6&1&

9N:(5 &DSLQVWDDO&DSGDQVO¶DFLHUPP $IPGLPGHODWDEOH[PP 6SLQGHOVQHOKHLGYLWHVVHGHODEURFKHUSP NJ 2UGHUQU

¼  

0DFKLQH

7RRO


722/6725$*(722/6725$*( '5$$,%$1.(172856¬0e7$8; )&1&)7&&1&

&1&IUHHVPDFKLQHPHWJHUHHGVFKDSZLVVHODDUXLWHUPDWHPHW 6LHPHQV'6O )7&&1& RI'&1& )7&&1&  VWXULQJVSDNNHWHQ6LQXPHULFEHGLHQLQJ $XWRPDWLVFKHFHQWUDOHVPHULQJ$OOHKRRIGDVVHQYDQNRJHORPORRS VSLQGHOVYRRU]LHQ,QJHERXZGHPDFKLQHYHUOLFKWLQJHQ.RHOPLGGHOLQ ULFKWLQJ$XWRPDWLVFKHJHUHHGVFKDSZLVVHODDUPHWPDJD]LMQYRRU JHUHHGVFKDSSHQ$XWRPDWLVFKHJHUHHGVFKDSZLVVHO )UDLVHXVHjFRPPDQGHQXPpULTXHDYHFWRXUHOOHjFKDQJHPHQW UDSLGHHWFRPPDQGH6LHPHQV'6O )7&&1& RRI' &1& )7&&1& HW6LQXPHULF *UDLVVDJHFHQWUDOHDXWRPDWLTXH±YLVjELOOHVVXUOHVD[HV±ODPSH GHWUDYDLOHWV\VWqPHGHUHIURLGLVVHPHQWLQWpJUp±WRXUHOOHjFKDQJH PHQWUDSLGHDXWRPDWLTXHRXWLOV

/&1&/&1&

&1&JHVWXXUGHYODNEHGGUDDLEDQNPHWSURIHVVLRQHOH6LHPHQV 6EDVHOLQHVWXULQJ &HQWUDOHVPHULQJ+,:,1NRJHORPORRSVSLQGHOV$XWRPDWLVFKH YRXGLJHJHUHHGVFKDSZLVVHODDU YRXGLJELM/&1& ,QJH ERXZGHNRHOPLGGHOLQULFKWLQJ0DFKLQHYHUOLFKWLQJ 7RXUjFRPPDQGHQXPpULTXHSURIHVVLRQHOOH6LHPHQV6 EDVHOLQH *UDLVVDJHFHQWUDOH±YLVjELOOHV+,:,1±7RXUHOOHjFKDQJHPHQW UDSLGHSRVLWLRQV SRVLWLRQVSRXUOH/&1& ±V\VWqPHGH UHIURLGLVVHPHQWLQWpJUp±ODPSHGHWUDYDLOLQWpJUpH

/&1&

)7&&1&PHWDYHF6LHPHQV'6/3UR [9N:%7 &DSLQVWDDO&DSGDQVO¶DFLHUPP $IPWDIHOGLPGHODWDEOH[PP 6SLQGHOVQHOKHLGYLWHVVHGHODEURFKHUSP NJ 2UGHUQU

9N:0.&0 6SLQGHOVQHOKHLGYLWHVVHGHODEURFKHUSP 'UDDLGLDPHWHUGLDPqWUHGHWRXUQDJHPP &HQWHUOHQJWHGLVW(QWUHOHVSRLQWVPP 6SLOERULQJSDVVDJHEURFKHPP NJ 2UGHUQU ¼ 



¼ 

)7&&1&PHWDYHF6LHPHQV'6LQXPHULN [9N:%7 &DSLQVWDDO&DSGDQVO¶DFLHUPP $IPWDIHOGLPGHODWDEOH[PP 6SLQGHOVQHOKHLGYLWHVVHGHODEURFKHUSP NJ 2UGHUQU

¼ 

/&1&

9N:0.&0 6SLQGHOVQHOKHLGYLWHVVHGHODEURFKHUSP &HQWHUOHQJWHGLVW(QWUHOHVSRLQWVPP 6SLOERULQJSDVVDJHEURFKHPP NJ 2UGHUQU ¼



0DFKLQH

7RRO




'5$$,%$1.(172856¬0e7$8; ';9$5,2

';9$5,2

'[9$5,2'['[

W\SH9$5,2

'['[

2UGHUQU 0RGHO0RGqOH 9ROWDJH &HQWHUKRRJWH+DXWHXUGHVSRLQWV &HQWHUDIVWDQG'LDPqWUHHQWUHOHVSRLQWV 'UDDLGLDPHWHUERYHQEHG'LDPPD[XVLQDEOH 7RHUHQWDOVSLQGHO5pJLPHGHODEURFKH $DQWDOVQHOKHGHQ1RPEUHGHYLWHVVHV 6SLONRQXV3RXSpHPRELOH 6SLOERULQJ$OpVDJHGHODEURFKH .RQXVORVVHNRS&{QHSRXSpHPRELOH 9HUPRJHQPRWRU3XLVVDQFHPRWHXU $IPHWLQJHQ O[E[K 'LPHQVLRQV /[O[K

*HZLFKW3RLGV 3ULMV3UL[



9 PP PP PP PLQ 0. PP 0. : PP NJ ¼

0DFKLQH

7RRO

 '[9DULR      WUDSORRVYDULR     [[ 

 '[9DULR      WUDSORRVYDULR     [[ 

 '[           [[ 

 '[9DULR      WUDSORRVYDULR     [[ 

 '[*           [[ 

¼ 

¼ 

¼ 

¼ 

¼ 


722/6725$*(722/6725$*( %(,7(/6(76-(8'·287,/6

'['&9$5,2'['&9$5,2

+0EHLWHOVHWVPHWRSJHODVWH KDUGPHWDDOSODDWMHV -HXG¶RXWLOVUHFRXYHUWVGHFDUEXUH

9 0. : &HQWHUKRRJWH+DXWHXUGHVSRLQWVPP &HQWHUDIVWDQG'LDPHQWUHOHVSRLQWVPP 7RHUHQWDOUpJLPHPLQ 6SLOERULQJ$OpVDJHGHODEURFKHPP [[PP ¼  2UGHUQU

6FKDFKW4XHXH

3ULMV3UL[



PP



PP



PP

¼  ¼  ¼ 

+0EHLWHOVHWVPHW+0ZLVVHOSODDWMHV0HW WLWDQLXPFRDWLQJ -HXG¶RXWLOVGHWRXU+0DYHFSODTXHWWHV LQWHUFKDQJHDEOHV5HFRXYHUWVGHWLWDQH

2SWLHRSWLRQ

9RHW3LHG

2UGHUQU

¼ 

2SWLHRSWLRQ



6QHOZLVVHOEHLWHOKRXGHU 7RXUHOOHjFKDQJHPHQWUDSLGH 2UGHUQU

0$&+,1($//,1 ',*,7$/5($'287530

2UGHUQU

¼ 

9$5,2

0RQWDJHVQHOZLVVHOEHLWHOKRXGHU WRXUHOOHjFKDQJHPHQWUDSLGHK 2UGHUQU

¼ 

2UGHUQU

6FKDFKW4XHXH

3ULMV3UL[



PP



PP



PP



PP



PP

¼  ¼  ¼  ¼  ¼ 

 '[* [          [[ 

 '['&9DULR      WUDSORRVYDULR     [[ 

 '[           [[ 

 '[ [          [[ 

 '[*           [[ 

 '[* [          [[ 

 '['&9DULR      WUDSORRVYDULR     [[ 

¼ 

¼ 

¼ 

¼ 

¼ 

¼ 

¼ 

0DFKLQH

7RRO




'5$$,%$1.(172856¬0e7$8;

'[

9 N: 'UDDLGLDPHWHUGLDPqWUHGHWRXUQDJHPP &HQWHUDIVWDQGGLVWDQFHHQWUHOHVSRLQWHVPP 6SLOERULQJDOpVDJHPP 2UGHUQU

¼



'[

9 N: 'UDDLGLDPHWHUGLDPqWUHGHWRXUQDJHPP &HQWHUDIVWDQGGLVWDQFHHQWUHOHVSRLQWHVPP 6SLOERULQJDOpVDJHPP 2UGHUQU

¼



'[

9 N: 'UDDLGLDPHWHUGLDPqWUHGHWRXUQDJHPP &HQWHUDIVWDQGGLVWDQFHHQWUHOHVSRLQWHVPP 6SLOERULQJDOpVDJHPP 2UGHUQU

 '3$



 6:+

0DFKLQH

7RRO

¼




722/6725$*(722/6725$*( '3$

'[

9 N: 'UDDLGLDPHWHUGLDPqWUHGHWRXUQDJHPP &HQWHUDIVWDQGGLVWDQFHHQWUHOHVSRLQWHVPP 6SLOERULQJDOpVDJHPP

Â&#x201E;'3$YHUVLHEHVWDDQGHXLW 'LJLWDDOPHHWV\VWHHP'3$ *ODVPHHWOLMVWHQYRRUGHGULHDVVHQ ,QFO0RQWDJH Â&#x201E;9HUVLRQ'3$VHFRPSRVDQWGH 6\VWqPHGHPHVXUH'3$ 5qJOHVGLJLWDOHVD[HV 0RQWDJHLQFO 

2UGHUQU

¼



6:+VQHOZLVVHOEHLWHOKRXGHU 6:+7RXUHOOHjFKDQJHPHQWUDSLGH 6WDQGDDUGJHOHYHUGPHWEHLWHOKRXGHUVYRRUYLHUNDQWH EHLWHOVHQYRRUURQGHEHLWHOV /LYUpGHVpULHDYHFRXWLOVSRXUEXULQV FDUUpVHWSRXUEXULQVURQGV

'3$

'[

9 N: 'UDDLGLDPHWHUGLDPqWUHGHWRXUQDJHPP &HQWHUDIVWDQGGLVWDQFHHQWUHOHVSRLQWHVPP 6SLOERULQJDOpVDJHPP 2UGHUQU

¼



2UGHUQU

 '3$

'[

 6:+

9 N: 'UDDLGLDPHWHUGLDPqWUHGHWRXUQDJHPP &HQWHUDIVWDQGGLVWDQFHHQWUHOHVSRLQWHVPP 6SLOERULQJDOpVDJHPP 2UGHUQU



¼ 

¼H[FO '3$ 6:+ %7:79$

'UDDLEDQN7RXU



'[9





'[9:





'[9





'[9





'[9'3$





'[9





'[9'3$





'[9





'[9'3$





'[9





'[9'3$





'[9





'[9'3$6:+ 



'[9





'[9'3$6:+





'[9





'[9'3$6:+ 



'[9





'[9'3$6:+





'[9





'[9'3$6:+





'[9





'[9'3$6:+



9 9 9 9 9

9

9

9

9

9

9

9

9

9

9

9

$OOHPRGHOOHQ]LMQOHYHUEDDUPHWGLJLWDOHXLWOH]LQJHQVQHOZLVVHOKRXGHU ±FRQWDFWHHURQ]HFRPPHUFLsOHGLHQVW 7RXVOHVPRGqOHVVRQWOLYUDEOHVDYHFOHFWXUHGLJLWDOHHWWRXUHOOHj FKDQJHPHQWUDSLGH±FRQWDFWH]QRWUHVHUYLFHFRPPHUFLDO

0DFKLQH

7RRO




$7(/,(53(56(135(66(6'¶$7(/,(5

&$776

7DIHOPRGHO 0RGqOHpWDEOL &DS7 .RHUVFRXUVHPP [PP NJ 2UGHUQU

+<'52 31(80$7,&

&$730

&$7

0RGHOPHWÃ&#x20AC;HVNULN 0RGqOHDYHFFULFERXWHLOOH &DS7 .RHUVFRXUVHPP [[PP NJ 2UGHUQU ¼

 

0DFKLQH

7RRO

+\GUDXOLVFKHDWHOLHUSHUV&DS7/LQNVUHFKWVYHUVFKXLIEDUHFLOLQGHU%HGLHQLQJRIZHO PDQXHHORIZHOPHWHHQYRHWEHGLHQGHK\GURSQHXPDWLVFKHSRPS5REXXVWJHODVWIUDPH +\GUDXOLVFKRYHUEHODVWLQJVYHQWLHO$XWRPDWLVFKHWHUXJNHHUYDQGHFLOLQGHUGPYLQJHERXZGH YHHU9HUFKURRPGHDV*HOHYHUGPHWPDQRPHWHUHQGUXNSODWHQPHWYODNNHNDQWHQ9NDQW DDQGHDQGHUHNDQW8LWJHUXVWPHWHHQZLQGDVYRRUKHWRSKHIIHQYDQGHWDIHO 3UHVVHK\GUDXOLTXH&DS79pULQPRELOHJDXFKHGURLWH&RPPDQGHjPDLQRXDYHF SRPSHK\GURSQHXPDWLTXHDYHFFRPPDQGHjODSLHG&KDVVLVUREXVWHVRXGp6pFXULWp K\GUDXOLTXHHQFDVGHVXUFKDUJH5HWRXUDXWRPDWLTXHGXSLVWRQSDUXQUHVVRUWLQWpJUpGDQV OHYpULQ7LJHFKURPpH/LYUpDYHFPDQRPqWUHSODTXHVG¶DSSXLDYHFF{WpSODWHWF{WpHQ9 HWZLQFKSRXUOHYHUODWDEOH 2UGHUQU &DS7 NJ ¼

1(:


722/6725$*(722/6725$*(

0RWRULVFKHK\GUDXOLVFKHDWHOLHUSHUV %HGLHQLQJGPYHHQFRQWUROHYHQWLHO 0HWK\GUDXOLVFKRYHUEHODVWLQJVYHQWLHO 9HUFKURRPGHDV*HOHYHUGPHWPDQRPHWHU HQ9GUXNSODWHQ'H7LVXLWJHUXVWPHW HHQNDEHOOLHURPGHGUXNWDIHORSWHWLOOHQ 'HHQ7KHEEHQHHQNHWWLQJV\VWHHP 3UHVVHK\GUDXOLTXHPRWRULVpH&RPPDQGH SDUYDOYH$YHFVpFXULWpK\GUDXOLTXHHQFDV GHVXUFKDUJH7LJHFKURPpH)RXUQLDYHF MHXGHSULVPHVHQ9/H7HVWPXQLDYHF XQV\VWqPHGHUHOHYDJHGXSODQGHWUDYDLO /HHW7RQWXQV\VWqPHGHUHOHYDJH DYHFFKDwQH

7

/LQNVUHFKWVYHUVFKXLIEDUHFLOLQGHU 0DQXHOHVQHOKHGHQSRPS 77 +\GUDXOLVFKRYHUEHODVWLQJVYHQWLHO $XWRPDWLVFKHWHUXJNHHUYDQGHFLOLQGHU 9HUFKURRPGHDV0DQRPHWHU 0HW9VWXNNHQ 0HWZLQGDVYRRUKHWRSKHIIHQYDQGHZHUNWDIHO HQNHO7 7

9pULQPRELOHJDXFKHGURLWH 3RPSHPDQXHOOHGRXEOHYLWHVVH 6pFXULWpK\GUDXOLTXHHQFDVGHVXUFKDUJH 5HWRXUDXWRPDWLTXHGXSLVWRQ 7LJHFKURPpH0DQRPqWUH -HXGHSULVPHVj9 $YHFV\VWqPHGHUHOHYDJHGXSODQGHWUDYDLO VHXOHPHQWSRXUW\SH7 7

$*0&30

&DS7 0RWRUN:[9 ZHUNUXLPWHGLPGHWUDYDLO[PP 2UGHUQU

¼  

$*0&30

&DS7 0RWRUN:[9 ZHUNUXLPWHGLPGHWUDYDLO[PP NJ 2UGHUQU

¼  &$720$6

&$720$6

&$720$7

¼ 

¼ 

¼ 

&DS7 NJ 2UGHUQU

&DS7 NJ 2UGHUQU

&DS7 NJ 2UGHUQU



$*0&30

&DS7 0RWRUN:[9 ZHUNUXLPWHGLPGHWUDYDLO[PP 2UGHUQU ¼

 

0DFKLQH

7RRO




61,-(13/22,0$&+,1(60$&+,1(6¬&283(5(7¬3/,(5

&$3 7

&$7

+\GUDXOLVFKHEXL]HQSORRLHU0HWPDQXHOHÀHV NULN1LHWJHVFKLNWYRRUGXQZDQGLJHEXL]HQ 3OLHXVHK\GUDXOLTXHSRXUWXEHV7\SHFULFERX WHLOOHPDQXHOOH1HSDVXWLOLVHUSRXUGHVWXEHV ¿QV &DS%XL]HQ±WX\DX[PD[´ 0DWULM]HQ JHVFKLNWHZDQGGLNWH  0DWULFHV SRXUpSDLVVHXUWXEH ´ PP ´ PP ´ PP ´ PP ´ PP ´ PP  2UGHUQU ¼ 



1LHWLQEHJUHSHQ 3DVLQFOXV

%0 &$79

0DQXHHOSORRLWRHVWHO0HWPDWULM]HQ 3OLHXVHPDQXHOOH$YHFPDWULFHV´´ &DSSODW[PP[PP &DSURQGPP NJ 2UGHUQU ¼ 



5ROPDFKLQH 5RXOHXVH 0D[PDWHULDDOEUHHGWH/DUJHXUPD[PDWpULDX[PP 0LQLPXPEXLJGLDPHWHU'LDPPLQSOLDJHPP 0D[EXLJGLDPHWHU'LDPPD[SOLDJHRQEHJUHQVGPP &DSEXLJHQEXL]HQ&DSSOLDJHWX\DXPP 'LDPHWHUUROOHQ'LDPqWUHURXOHDX[PP NJ 2UGHUQU ¼ 



&$3 7 +<'52 31(80$7,& &$73

+\GUDXOLVFKHEXL]HQSORRLHU%HGLHQGYLDHHQ K\GUDXSQHXPDWLVFKHÀHVNULN1LHWJHVFKLNW YRRUGXQZDQGLJHEXL]HQ 3OLHXVHK\GUDXOLTXHSRXUWXEHV&RPPDQGp SDUFULFERXWHLOOHK\GUDXSQHXPDWLTXH1HSDV XWLOLVHUSRXUGHVWXEHV¿QV &DS%XL]HQ±WX\DX[PD[´ 0DWULM]HQ JHVFKLNWHZDQGGLNWH  0DWULFHV SRXUpSDLVVHXUWXEH ´ PP ´ PP ´ PP ´ PP ´ PP ´ PP ´ PP ´ PP  2UGHUQU ¼ 





0DFKLQH

7RRO

&$7

8QLYHUVHOHSORRLPDFKLQH7\SH:LOOLHV*LHWLM ]HUHQFRQVWUXFWLH3ORRLKRHNWRWƒ 3OLHXVHXQLYHUVHOOH7\SH:LOOLHV&RQVWUXFWLRQ HQIRQWH$QJOHGHSOLDJHMXVTX¶jƒ &DSSODW[PP &DSURQG YLHUNDQWFDUUpPP NJ 2UGHUQU ¼ 



)3

=HWEDQNMH 3OLHXVH

1LHWLQEHJUHSHQ 3DVLQFOXV

0D[PDWHULDDOEUHHGWH/DUJHXUPD[PDWpULDX[PP 0D[SODDWGLNWH(SDLVVHXUW{OHPD[PP 0D[FDSUROOHQDOXNRSHU &DSURXOHDX[ PD[ DOXFXLYUH[PP &DSSODDWVWDDOW{OH[PP NJ 2UGHUQU ¼ 




722/6725$*(722/6725$*( %,553

3ODDWHQSUR¿HOVFKDDU6QLMGWVWDDOSODDWURQGHHQYLHUNDQWHEDUHQ7 HQ/SUR¿HOHQ*HOHYHUGPHWKHQGHOHQSODDWQHHUKRXGHU=ZDDUPRGHO &LVDLOOHVSRXUPpWDOHWSUR¿O3RXUFRXSHUODW{OHG¶DFLHUHWEDUUHVURQ GHVHWFDUUpHV)RXUQLDYHFPDQFKHHWVHUUHW{OH0RGqOHORXUG

&DSSODWPP &DSURQGPP &DSYLHUNDQWFDUUpPP &DS7SUR¿HOSUR¿O7[PP &DS/SUR¿HOSUR¿O/[PP NJ 2UGHUQU ¼ 



3ODDWVFKDDU6QLMGWVWDDOSODDWHQURQGHEDUHQ*HOHYHUGPHWKHQGHOHQ SODDWQHHUKRXGHU &LVDLOOHVSRXUPpWDO3RXUFRXSHUW{OHG¶DFLHUHWEDUUHVURQGHV)RXUQL DYHFPDQFKHHW¿[DWLRQSRXUODW{OH

%,5%+

%,5%+





6+

0DQXHOHSODDWVFKDDU0HWYDVWRQGHUPHVHQPRELHOERYHQPHV EHGLHQGGRRUGHYRHW9RRU]LHQYDQYRRUDDQVODJDFKWHUDDQ VODJHQYLQJHUEHVFKHUPLQJ &LVDLOOHPDQXHOOH0XQLG¶XQHEXWpHDYDQWHWDUULqUH3URWHFWLRQ GHVGRLJWV&RPPDQGHDX[SLHGV

&DSPP[PP [[PP NJ 2UGHUQU ¼ 





)7%60

7DIHOSODDWVFKDDUPHWYRHWEHGLHQLQJ*HODVWHVWDELHOHVWDOHQFRQVWUXFWLH EHGRHOGYRRUKHWVQLMGHQYDQRDPHWDOHQHQSDSLHU9HUOLFKWHVQLMOLMQ 9  &(JHNHXUG &LVDLOOHGHWDEOHDYHFFRPPDQGHjSLHG&RQVWUXFWLRQVWDEOHVRXGpHFRQoXH SRXUFRXSHUOHVPpWDX[OHSDSLHU«OLJQHGHFRXSHpFODLUFLH 9 DWWHVWD WLRQ&(

&DSURQGPPSODWPP &DSURQGPPSODWPP NJ NJ 2UGHUQU 2UGHUQU ¼ ¼  

%,5%+

&DSURQGPPSODWPP *HZLFKW3RLGVNJ 2UGHUQU ¼ 

&DSPP[PP [[PP NJ 2UGHUQU ¼ 





+7%60

3ODDWVFKDDU6QLMGWVWDDOSODDWHQURQGHEDUHQ*HOHYHUGPHWKHQGHOHQ SODDWQHHUKRXGHU &LVDLOOHVSRXUPpWDO3RXUFRXSHUOHVW{OHVG¶DFLHUHWEDUUHVURQGHV )RXUQLDYHFPDQFKHHW¿[DWLRQSRXUODW{OH

%,5%+

%,5%+





&DSURQGPPSODWPPOPP NJ 2UGHUQU ¼ 

&DSURQGPPSODWPPOPP NJ 2UGHUQU ¼ 

(OHNWULVFKDDQJHGUHYHQSODDW VFKDDU9RRUKHWVQLMGHQYDQ PHWDDONXQVWVWRISDSLHUHQ] 9RRU]LHQYDQHOHNWURPRWRUHQ YHUOLFKWHVQLMOLMQ,GHDDOYRRU VHULHZHUN &LVDLOOHGHSUpFLVLRQSURIHVVL RQQHOOHSRXUFRXSHUPpWDOPD WLqUHV\QWKpWLTXHSDSLHUHFW 0XQLHG¶XQPRWHXUHOHFWURQLTXH HWXQHOLQJQHVpFDQWHLOOXPLQp 3DUIDLWSRXUWUDYDLOHQVpULH &DS[PP 6QHGHQPLQ&RXSSDUPLQ 9N: NJ 2UGHUQU ¼ 



0DFKLQH

7RRO




61,-(13/22,0$&+,1(60$&+,1(6¬&283(5(7¬3/,(5 352),(/%8,*0$&+,1(6&,175(86(6 =ZDUHJHODVWHFRQVWUXFWLHVWDQGDDUGPHWRQGHUERXZYRHWSHGDDOEH GLHQLQJPHWQRRGVWRSSDDO9RRU]LHQYDQ]LMGHOLQJVHULFKWUROOHQWUDSORRV UHJHOEDDUYRRUKHWEXLJHQYDQVSLUDOHQ9RRUVWDQGDDUGPHHJHOHYHUGH UROOHQHQRSWLHV]LHZZZY\QFNLHUEL] &RQVWUXFWLRQVRXGpHHWDFLHU6WDQGDUGDYHFVRFOHHWSpGDOHjFRP PDQGH3UpYXGHURXOHDX[G¶DOLJQHPHQWODWpUDOHVUpJODEHSRXUOH SOLDJHGHVUHVVRUWV3RXUOHVURXOHDX[VWDQGDUGVHWRSWLRQV YRLUZZZY\QFNLHUEL] %LMEHVWHOOLQJVWHHGVGHEXLWHQDIPHWLQJHQKHWWH YHUZHUNHQPDWHULDDORSJHYHQ 9HXLOOH]PHQWLRQQHUOHPDWpULHOjWUDYDLOOHUjOD FRPPDQGH

5%0

&DS[PP 5ROOHQURXOHDX[PP 0LQGLDPEXLJFRXUEHPP NJ 2UGHUQU

¼ 

3500

3UR¿HOEXLJPDFKLQHPHW PDQXHOHEHGLHQLQJ0HW UROOHQYRRUSODWVWDDO &LQWUHXVHPDQXHOOH$YHF URXOHDX[SRXUDFLHUSODW YHUWLFDDOPRGHO 'LDPDVD[HPP PRGqOHYHUWLFDOH NJ 2UGHUQU

¼  KRUL]RQWDDOHQYHUWLFDDOPRGHO PRGqOHKRUL]RQWDOHHWYHUWLFDOH

5%0(&2

%50)

&DSN:9 PPLQ NJ 2UGHUQU

&DS[PP 5ROOHQURXOHDX[PP 0LQGLDPEXLJFRXUEHPP NJ 2UGHUQU

¼ 

¼  KRUL]RQWDDOHQYHUWLFDDOPRGHO PRGqOHKRUL]RQWDOHHWYHUWLFDOH

350')

&DSN:[9 'LDPDVD[HPP PPLQ NJ 2UGHUQU

¼  

0DFKLQH

7RRO

5%0

&DS[PP 5ROOHQURXOHDX[PP 0LQGLDPEXLJFRXUEHPP NJ 2UGHUQU

¼ 


722/6725$*(722/6725$*(  0HFKDQLVFKHKDQGSHUV 3UHVVHjPDLQ &DS7 NJ 2UGHUQU

¼  &DS7 NJ 2UGHUQU ¼



&DS7 NJ 2UGHUQU

¼  +6%0+6

%HYHVWLJLQJVUDLO 5DLOGH¿[DWLRQ W\SH%$5

%$5$,/0 /PP 2UGHUQU

¼ 

%$5$,/0

%$5$,/0

/PP 2UGHUQU

/PP 2UGHUQU 

¼



¼ 

6MRUEDQGPHWUDWHOSDVVHQGRSGHEHYHVWLJLQJVUDLOW\SH%$56HW EHVWDDQGHXLWUDWHOPHWEDQGHQHLQG¿WWLQJ&DS/&UHFKWJHEUXLN GD1 6DQJOHDYHFUDFDJQDFSRXUOHUDLOGH¿[DWLRQW\SH%$56HWFRQWHQDQW XQUDFDJQDFDYHFVDQJOHHWUDFFRUG&DS/&ORUVG XQHWUDFWLRQ GURLWHGD1

=HWEDQN.OHLQWDIHOPRGHO 3OLHXVH3HWLWPRGqOHpWDEOL

3%/6-

/P 2UGHUQU 

¼ 

3%/6-

/P 2UGHUQU 

3%/6-

/P 2UGHUQU 

¼



&DS[PP 0D[SORRLKRHN$QJOHGHSOLDJHƒ [[PP NJ 2UGHUQU

¼ 

)6%0(=HWEDQN3OLDJH

0HWJHVHJPHQWHHUGERYHQPHV+DQGHQYRHWEHGLHQGYRHWPRGHO $YHFODPHVXSpULHXUHVHJPHQWpH0RGqOHVXUVRFOH±FRPPDQGHj PDLQHWjSLHG

¼ )6%06=HWEDQN3OLDJH

0HWJHVHJPHQWHHUGERYHQqQRQGHUPHV $YHFODPHVXSpULHXUHHWLQIpULHXUHVHJPHQWpH

&DS[PP 0D[SORRLKRHN$QJOHPD[GHSOLDJHƒ [[PP NJ 2UGHUQU ¼



)6%0(

)6%0(

¼ 

¼ 

&DS[PP 0D[SORRLKRHN $QJOHGHSOLDJHƒ [[PP NJ 2UGHUQU

&DS[PP 0D[SORRLKRHN $QJOHGHSOLDJHƒ [[PP NJ 2UGHUQU

0DFKLQH

7RRO




+287%(:(5.,1*60$&+,1(60$&+,1(63285/(%2,6 +RXWHQZHUNEDQN (WDEOLHQERLV

6,(),1& /8

+%

/86

,1&

$'+

9ODNHQYDQGLNWHEDQN 5DERWHXVHGpJDXFKLVVHXVH

+%

+%

+%

¼ 

¼ 

[[PP 3ODDWGLNWH(SDLVVPP NJ 2UGHUQU

[[PP 3ODDWGLNWH(SDLVVPP NJ 2UGHUQU

8QLYHUVHOHEDQGVFKLMIVFKXXUPDFKLQH9RRU RQWEUDPHQDIYODNNHQHQVOLMSHQ*HVFKLNW YRRUDOOHPDWHULDOHQHQYRUPHQ 3RQFHXVHjEDQGHXQLYHUVHOOH3RXUpEDYX UHUDSODQLUHWSROLU3UpYXSRXUWRXWHVIRUPHV HWPDWpULDX[

9 N: :HUNEUHHGWH/DUJGHWUDYDLOPP ,QFOVFKDDIPHVVHQODPHV NJ 2UGHUQU

¼  7.66&

7DIHO]DDJPDFKLQH 6FLHjERLV

%76

9: GLDPPP [[PP 2UGHUQU

¼ 

176

QDW GURRJVOLMSPDFKLQH $IIÂ&#x20AC;WHXVHjHDXHW PHXOHXVHjVHF  9 : USP [[PP 2UGHUQU

¼  

0DFKLQH

7RRO

9 N: =DDJEODG QLHWLQFO /DPHGHVFLH SDVLQFO PP 7DIHO7DEOH[PP NJ 2UGHUQU

%76

9: GLDPPP [[PP 2UGHUQU

¼ 

¼




722/6725$*(722/6725$*( +RXWGUDDLEDQNHQ0. 7RXUVjERLV0.

6WRI]XLJHUVYRRU IUHHVVFKDDIHQ ]DDJVSDDQGHUV $VSLUDWHXUV3RXU FRSHDX[GHWRXUQDJH UDERWDJHVFLDJH

$6$

9 : PñK [[PP 2UGHUQU

'%

'%

/PP+PP 5SPVQHOKHGHQYLWHVVHV &DS:9 2UGHUQU

/PP+PP 5SPVQHOKHGHQYLWHVVHV &DS:9 2UGHUQU

¼

¼ 

¼









'%

/PP+PP 5SPVQHOKHGHQYLWHVVHV &DS:9 2UGHUQU

¼  

$6$

9 : PñK [[PP 2UGHUQU

¼ 

8:7

8QLYHUVHOHZHUNWDIHOHQUROOHQEDDQPHWVQHONOHPV\VWHHP*HVFKLNWYRRUVFKXXUPD FKLQHV DINRUW]DJHQ HQ] 6WDELHOH DOXVWDOHQ FRQVWUXFWLH 8LWVFKXLIEDUH RSOHJDU PHQWRWPD[PP0D[EHODVWLQJNJ &RQYR\HXU j URXOHDX[ XQL YHUVHODYHFV\VWqPHG¶pWDX 3UpYX SRXU SRQFHXVHV VFLHV j RQJOHWV HWF &RQ VWUXFWLRQ VROLGH HQ DFLHU DOX 5pJODEOH HQ KDXWHXU HW EUDV H[WHQVLEOHV MXVTX¶j PP &KDUJHPHQW PD[LPXPNJ

'.69$5,2 .DQWHOEDUH¿JXXU]DDJ 6FLHjFKDQWRXUQHU

9 0RWRU0RWHXU: 7RHUHQSHUPLQ7RXUVSDUPLQ NJ 2UGHUQU

¼ 

2UGHUQU 0LQPD[KRRJWHOHJYODN +DXWHXUGHFKDUJHPLQPD[PP %UHHGWH/DUJHXUPD[PP [[PP NJ ¼ 



0DFKLQH

7RRO




+287%(:(5.,1*60$&+,1(60$&+,1(63285/(%2,6 .(51%25(16&,(6¬75e3$1 .HUQERUHQVHWVPHWFHQWUHHUSLQQHQPP:HOGRQRSQDPH 2SWLPDOHVQLMUHVXOWDWHQ6WDDO10DGHLQ*HUPDQ\ -HX[GHVFLHVjWUpSDQHWSRLQWHDX[ $YHFUDFFRUG:HOGRQGHPP5pVXOWDWRSWLPDO$FLHU1 )DEULTXpHQ$OOHPDJQH 0DWHQ0HVXUHV PP GHOLJSFV

/HQJWH/RQJXHXUPP ¼ 2UGHUQU 

 

/HQJWH/RQJHXUPP 2UGHUQU

¼ 

/PP /PP

0DWHQ0HVXUHV PP GHOLJSFV

/HQJWH/RQJXHXUPP ¼ 2UGHUQU 



/HQJWH/RQJXHXUPP 2UGHUQU

+%6

%DQG]DDJPDFKLQHYRRUKRXWYRRUGHOLFKWH PRGHOERXZHUHQKREE\LVW 6FLHjUXEDQSRXUOHERLV3RXUOHEULFROHXU HWOHSDVVLRQQpGHPRGpOLVPH

9 : LQFO]DDJEODGODPH PD[]DDJKRRJWHKDXWHXUGHVFLHPP [[PP 2UGHUQU ¼

 

0DFKLQH

7RRO

¼ +%6

+%66

3UHFLVLHYHUWLNDOHEDQG]DDJPDFKLQHYRRUKRXW =ZDUHLQGXVWULsOHYHUWLFDOH 6FLHjUXEDQSUpFLVHHWYHUWLFDOHSRXUOHERLV EDQG]DDJPDFKLQHYRRUGHSURIHVVLRQDO 6FLHjUXEDQSUpFLVHHWYHUWLFDOHSRXUOH SURIHVVLRQQHO0DFKLQHORXUGH

9 : LQFO]DDJEODGODPH PD[]DDJKRRJWHKDXWHXUGHVFLHPP [[PP 2UGHUQU ¼



[9 : PD[]DDJKRRJWHKDXWHXUGHVFLHPP [[PP 2UGHUQU

¼ 


722/6725$*(722/6725$*( 9(57,&$/(3$1((/=$$*0$&+,1(6 0$&+,1(6¬6&,(5'(63$11($8;9(57,&$/(6 0RELHOHZHUI]DDJ9RRUKRUL]RQWDDOHQYHUWLFDDO]DJHQ0HWWXVVHQVWXNYRRU KHW]DJHQYDQNOHLQHSDQHOHQ3ORRLEDDULQHHQSDDUVHFRQGHQ/LFKWHQ FRPSDFW.DQJHPDNNHOLMNLQHHQEHVWHOZDJHQ*HOHYHUGLQJHERXZGHPHHW ODW]RQGHUDI]XLJNLW]RQGHU]DDJPDFKLQHHQ]RQGHUVWRI]XLJHU*HVFKLNW YRRUPRQWDJHYDQDOOHGUDDJEDUH]DDJPDFKLQHVWRWGLDPPP )HVWR 'HZDOW%RVFK

6FLHPRELOHGHFKDQWLHU3RXUGpFRXSHUKRUL]RQ WDOHPHQWHWYHUWLFDOHPHQW$YHFSODQLQWHUPpGLDLUH SRXUOHVSHWLWVSDQQHDX[5HSOLDEOHHQTXHOTXHVVH FRQGHV/pJHUHWFRPSDFWH(QWUHIDFLOHPHQWGDQV XQIRXUJRQ/LYUpDYHFUXEDQVGHPHVXUHVDQVNLW G¶DVSLUDWLRQHWVDQVDVSLUDWHXU$FFHSWHWRXWHVOHV VFLHVSRUWDWLYHVGHPPGHGLDP )HVWR'HZDOW %RVFK  *HOHYHUG]RQGHU ]DDJPDFKLQH /LYUpVDQV PRWHXUGHVFLH

KRUL]RQWDDO]DJHQ GpFRXSHKRUL]RQWDOH

YHUWLNDDO]DJHQ GpFRXSHYHUWLFDOH'e &283( 'e&283(9(57,&$/(

9(57,&$/(

PHWWXVVHQVWXNYRRUKHW]DJHQYDQNOHLQHSDQHOHQ DYHFSODQLQWHUPpGLDLUHSRXUSHWLWVSDQQHDX[

SORRLEDDULQHHQSDDUVHF UHSOLDEOHHQTXHOTXHVVHFRQGHV

2UGHUQU1ƒGHFGH 2ULJQU1ƒRULJ 0D[]DDJKRRJWH+DXWHXUGHVFLHPD[ =DDJOHQJWH/RQJXHXUGHVFLDJH $IPHWLQJHQRSHQ'LPHQVLRQVRXYHUW $IPHWLQJHQVDPHQJHYRXZHQ'LPHQVLRQVUHSOLpH *HZLFKW3RLGV 3ULMV3UL[

OLFKWHQFRPSDFW.DQJHPDNNHOLMNLQHHQEHVWHOZDJHQ OpJqUHHWFRPSDFW3DVVHIDFLOHPHQWGDQVXQIRXUJRQ

PP PP PP NJ ¼

 =.  LQ¿QL [[ [[ 

¼ 

 =.  LQ¿QL [[ [[ 

¼ 

0DFKLQH

7RRO




+287%(:(5.,1*60$&+,1(60$&+,1(63285/(%2,6

DI]XLJNLW RSWLH  NLWG¶DVSLUDWLRQ RSWLRQ  2UGHUQU

]DDJEODGHQODPHVGHVFLH

¼ 

SOH[LDOXSYF 2UGHUQU

¼ 

LQNODSEDUHYRHW SLHGUHSOLDEOH

SOH[LKRXWERLVSYF 2UGHUQU

¼ 

WXVVHQVWXN VWDQGDDUGRS 9PRGHOOHQ

DDQVODJ VWDQGDDUGRS 9 9PRGHOOHQ 

SODQLQWHUPpGLDLUH EXWpH VWDQGDUGVXUPRGqOHV VWDQGDUGVXUPRGqOHV 9 9

9 9

*HOHYHUG]RQGHU ]DDJPDFKLQH

0$'(,186$

/LYUpVDQV PRWHXUGHVFLH &

9HUWLFDOHSDQHHO]DDJ.OHLQHFRPSDFWHPDFKLQHPHWYHU]LQNWIUDPH3HUIHFWYRRUNOHLQHUXLPWHV0RELHOJHOHYHUGRSZLHOHQHQYDVWHYRHW & RILQNODSEDUHYRHW & *HHQPXXUEHYHVWLJLQJQRGLJ*HOHYHUGPHWVWHUNHPRWRU9:]RQGHU]DDJEODG'H]HPRWRULVƒ GUDDLEDDUGLHDO]RHHQKRUL]RQWDOHRIYHUWLFDOH]DDJVQHGHPRJHOLMNPDDNW6WDQGDDUGJHOHYHUGPHWDDQVODJ/PPPHWVWRS 0DGHLQ86$ 0RGHO&9&9LQFOXVLHIWXVVHQVWXNYRRUNOHLQHSDQHOHQ 6FLHYHUWLFDOHjSDQQHDX[0DFKLQHFRPSDFWHjSHWLWHVGLPHQVLRQVDYHFFDGUH]LQJXp & RXFDGUHODTXp & SRXUXQWUDQVSRUWIDFLOHHW SRXUGHVSHWLWHVHQWUHSULVHV0RELOHpTXLSpGHURXOHWWHVHWVXSSRUW¿[H & RXVXSSRUWUDEDWWDEOH & SDVGH¿[DWLRQDXVRORXPXU $YHFPRWHXUPRQRSKDVp:/HPRWHXUHVWRULHQWDEOHjƒSRXUFRXSHKRUL]RQWDOHHWYHUWLFDOH6WDQGDUGDYHFXQEXWpH/PP DYHFDUUrW0DGHLQ86$ 0RGqOH&9&9LQFOXVSODQLQWHUPpGLDLUHSRXUSHWLWVSDQQHDX[ 2UGHUQU1ƒGHFGH 2ULJQU1ƒRULJ 0RGHO0RGqOH 0D[]DDJKRRJWH+DXWHXUGHVFLDJHPD[ 0D[]DDJOHQJWH/RQJXHXUGHVFLDJHPD[ 0D[]DDJGLNWH(SDLVVHXUPD[ 'LDP]DDJEODG'LDPGHODODPH 9ROWDJH =DDJQDXZNHXULJKHLG3UpFLVLRQGHFRXSH %UHHGWHFKDVVLV/DUJHXUGXFDGUH +RRJWHPDFKLQH+DXWHXUGHODPDFKLQH *HZLFKW3RLGV 3ULMV3UL[



0DFKLQH

7RRO

PP PP PP PP 9 PP PP PP NJ ¼

 66&&9 &9         

¼ 

 66&&9 &9         

¼ 

 66&&9 &9  LQ¿QLRQHLQGLJ       

¼ 

 66&&9 &9  LQ¿QLRQHLQGLJ       

¼ 


722/6725$*(722/6725$*( 

DI]XLJNLW RSWLH  NLWG¶DVSLUDWLRQ RSWLRQ  2UGHUQU

0$'(,186$

¼ 

WXVVHQVWXN  VWDQGDDUGRS9PRGHOOHQ  SODQLQWHUPpGLDLUH VWDQGDUGVXUPRGqOHV9 9

*HOHYHUG]RQGHU ]DDJPDFKLQH /LYUpVDQV PRWHXUGHVFLH

DDQVODJ VWDQGDDUGRS9 9PRGHOOHQ  EXWpH VWDQGDUGVXUPRGqOHV9 9

YHUOHQJVWXNNHQ/PP RSWLH  UDOORQJHV/PP RSWLRQ

66+& 2UGHUQU

VWRI]XLJHU RSWLH  DVSLUDWHXU RSWLRQ  2UGHUQU

¼ 

¼ 

9HUWLFDOHSDQHHO]DDJ *HOHYHUGRSZLHOHQHQPHWYDVWHYRHW*HODNWIUDPH*HHQPXXUEHYHVWLJLQJQRGLJ*HOHYHUGPHWVWHUNHPRWRU9:]RQGHU ]DDJEODG'H]HPRWRULVƒGUDDLEDDUGLHDO]RHHQKRUL]RQWDOHRIYHUWLFDOH]DDJVQHGHPRJHOLMNPDDNW6WDQGDDUGJHOHYHUGPHWDDQVODJ/ PPPHWVWRS0DGHLQ86$ 0RGHO+9+9+9LQFOXVLHIWXVVHQVWXNYRRUNOHLQHSDQHOHQ 6FLHYHUWLFDOHjSDQQHDX[ (TXLSpGHURXOHWWHVHWVXSSRUW¿[HSDVGH¿[DWLRQDXVRORXPXU$YHFPRWHXUPRQRSKDVp:VDQVODPHGHVFLH/HPRWHXUHVWRULHQ WDEOHjƒSRXUFRXSHKRUL]RQWDOHHWYHUWLFDOH6WDQGDUGDYHFXQEXWpH/PPDYHFDUUrW0DGHLQ86$ 0RGqOH+9+9+9LQFOXVSODQLQWHUPpGLDLUHSRXUSHWLWVSDQQHDX[ 2UGHUQU1ƒGHFGH 2ULJQU1ƒRULJ 0RGHO0RGqOH 0D[]DDJKRRJWH+DXWHXUGHVFLDJHPD[ 0D[]DDJOHQJWH/RQJXHXUGHVFLDJHPD[ 0D[]DDJGLNWH(SDLVVHXUPD[ 'LDP]DDJEODG'LDPGHODODPH 9ROWDJH =DDJQDXZNHXULJKHLG3UpFLVLRQGHFRXSH %UHHGWHFKDVVLV/DUJHXUGXFDGUH +RRJWHPDFKLQH+DXWHXUGHODPDFKLQH *HZLFKW3RLGV 3ULMV3UL[

PP PP PP PP 9 PP PP PP NJ ¼

      66&+9 66&+9 66&+9 66&+9 66&+9 66&+9 +9 +9 +9 +9 +9 +9       LQ¿QLRQHLQGLJ LQ¿QLRQHLQGLJ LQ¿QLRQHLQGLJ LQ¿QLRQHLQGLJ LQ¿QLRQHLQGLJ LQ¿QLRQHLQGLJ                                          

¼ 

¼ 

¼ 

¼ 

¼ 

¼ 




722/6(76

:$$*8:.$167(17(=9275(&+$1&(

*5$7,6 *5$7,6 *5$78,7

07&$5

&RPSOHHWDVVRUWLPHQWYRRUKHW UHLQLJHQYDQGHDXWR $VVRUWLPHQWFRPSOHWSRXUOH QHWWR\DJHGHODYRLWXUH 2UGHUQU

GHOLJHGRSSHQVHW´ PP PHW ELWVHQHQDFFHVVRLUHV -HXGHGRXLOOHV´ PP DYHF HPERXWVHWDFFHVVRLUHVSFV &KURPH9DQDGLXP ¼ 2UGHUQU 1(: 



7&12

*HUHHGVFKDSVNRIIHU6HULH PHWUROJHODJHUGHODGHV &RIIUHjRXWLOV6pULHDYHF WLURLUVDPRYLEOHV 2UGHUQU

¼ 

¼

Š

Š



95$$*48(67,21 2SZHONHSDJLQDYLQGWXppQYDQ GH7HQJ7RROVVWLFNHUVJHVFKLNWYRRU XZ7HQJ7RROVJHUHHGVFKDSVZDJHQ" 6XUTXHOOHSDJHWURXYH]YRXVXQGHV DXWRFROODQWV7HQJ7RROVSUpYXSRXU YRWUHVHUYDQWH7HQJ7RROV"

Š

WUHNNLQJHQWLUDJHVDXVRUW QRYMDQPDU 5HJOHPHQW5qJOHPHQWYLDZZZY\QFNLHUEL]

620(/8&.<:,11(56%()25(<28 %HOX[

/HYHQG:DWHUODDQ $YHQXHGHO¶(DX9LYH %0RHVNURHQ0RXVFURQ

'HDOHU

,QGLFDWLHYHSULM]HQHQDFWLHV VSHFLDOHSULM]HQHQJUDWLVSURGXNWHQJHNRSSHOGDDQGH]HIROGHU LQ¼H[FO%7:JHOGLJWRWPDDU]LMQJHHQV]LQV 

ELQGHQGHQNXQQHQWHQDOOHWLMGHZRUGHQDDQJHSDVWUHNHQLQJKRXGHQGPHWJHEHXUOLMNHNRHUVVFKRPPHOLQJHQ 3UL[LQGLFDWLIVHWDFWLRQV SUL[VSpFLDX[HWSURGXLWVJUDWXLWVOLpVjFHIROGHU HQ¼KRUV79$YDODEOHVMXVTX¶DXPDLVSRXYDQWrWUHPRGL¿pVSHQGDQW FHWWHSHULRGHHQWHQDQWFRPSWHGHVÀXFWXDWLRQVGHVPRQQDLHV

1HGHUODQG

'LVWULEXWLHZHJ 1/(-'HOIJDXZ

98(5%DUW9\QFNLHU0RXVFURQUHI97-287 09HUERGHQRSGHRSHQEDUHZHJWHJRRLHQ,QWHUGLWGHMHWHUVXUODYRLHSXEOLTXH

%7


REIKCNYV B