:SLVXMH]GDM F\SU]HG 
0LHMVFH  UR]SRF] FLHPSUDF\ 
QDQDNOHMN   
 
]NRGHP 
.2'='$- &(*2 
0-)5$3

 






32=,2052=6=(5=21< $5.86=,9


$UNXV],9 0$-
 52.
52=80,(1,(=(68&+8 
 
&]DVSUDF\PLQXW 
 
,QVWUXNFMDGOD]GDM FHJR 
 
 3URV] VSUDZG]LF]\DUNXV]HJ]DPLQDF\MQ\]DZLHUDVWURQ\ 
(ZHQWXDOQ\ EUDN QDOH \ ]JRVL SU]HZRGQLF] FHPX ]HVSRX 
QDG]RUXM FHJRHJ]DPLQ 
 2ERN ND GHJR ]DGDQLD SRGDQD MHVW PDNV\PDOQD OLF]ED 
SXQNWyZNWyU PR QDX]\VND]DMHJRSRSUDZQHUR]ZL ]DQLH 
 2FHQD NR FRZD MHVW RWU]\P\ZDQD Z Z\QLNX SRPQR HQLD 
SU]H]  VXP\ SXQNWyZ X]\VNDQ\FK ]H ZV]\VWNLFK DUNXV]\ 
GDQHJRSR]LRPX 
 1DOH \ SLVD F]\WHOQLH W\ONR Z NRORU]H QLHELHVNLP 
OXEF]DUQ\P 
 1LH ZROQR X \ZD NRUHNWRUD % GQH ]DSLV\ QDOH \ Z\UD QLH 
SU]HNUH OL 
 'R RVWDWQLHM NDUWNL DUNXV]D GR F]RQD MHVW NDUWD RGSRZLHG]L 
NWyU ZW\PDUNXV]XZ\SHQLD]GDM F\ 
 : NDUFLH RGSRZLHG]L ]DPDOXM FDNRZLFLH NUDWN  ] OLWHU  =DUR]ZL ]DQLH
R]QDF]DM F  ZD FLZ  RGSRZLHG  QS  -H OL VL  SRP\OLV] ZV]\VWNLFK]DGD 
E GQH ]D]QDF]HQLH REZLHG  NyNLHP    L ]DPDOXM  LQQ  PR QDRWU]\PD
RGSRZLHG  F]QLHSXQNWyZ
 3RGF]DVWHMF] FLHJ]DPLQXQLHPR QDNRU]\VWD]HVRZQLND
 \F]\P\SRZRG]HQLD


:SLVXMH]GDM F\SU]HGUR]SRF] FLHPSUDF\
          

3(6(/='$- &(*2
 (J]DPLQPDWXUDOQ\]M ]\NDIUDQFXVNLHJR
 $UNXV],9 

=DGDQLHSNW
=DSR]QDM VL  ] WUH FL  ]DGDQLD 1DVW SQLH Z\VXFKDM GZXNURWQLH RGSRZLHG]L DNWRUD
IUDQFXVNLHJR +HQUL 9LUORJHX[ 6SR UyG S\WD  ]DSURSRQRZDQ\FK GR ND GHM ] SL FLX
RGSRZLHG]L Z\ELHU] L ]D]QDF] WR NWyUH ]RVWDR ]DGDQH SU]H] G]LHQQLNDU]D =D ND GH
SUDZLGRZRZVND]DQHS\WDQLHPR HV]RWU]\PDSXQNW

 

$ 4XHOHVWYRWUHPHLOOHXUVRXYHQLUGHQIDQFH"

% 4XHOpYpQHPHQWDLQIOXHQFpOHSOXVYRWUHHQIDQFH"

& 4XHOOHHQIDQFHDYH]YRXVHXH"

 

$ 9RXVDYH]IDLWEHDXFRXSGHWpOpILOPV"

% 9RXVYRXVVHQWH]SOXW{WDFWHXUGHWKpkWUH"

& 9RXVDYH]OLQWHQWLRQGHIDLUHGXFLQpPD"

 

$ (VWFHTXHYRXVDUULYH]jDYRLUXQHYLHGHIDPLOOHQRUPDOH"

% (VWFHTXLOHVWSRVVLEOHGHYLYUHXQHYLHGDUWLVWHORUVTXRQHVWPDULp
jXQHFRPpGLHQQH"

& (VWFHTXHYRWUHIHPPHYRXVHQFRXUDJHGDQVYRWUHFDUULqUHGDFWHXU"

 

$ 4XHOOHVVRQWYRVOHFWXUHVSUpIpUpHV"

% 4XHOOHVVRQWYRVGHYRLUVTXRWLGLHQV"

& 4XHOVVRQWYRVSURMHWVSURIHVVLRQQHOV"

 

$ 4XHVWFHTXLYRXVODLVVHLQGLIIpUHQW"

% 4XHVWFHTXLYRXVPHWOHSOXVHQFROqUH"

& 4XHVWFHTXLYRXVUHQGHQWKRXVLDVWH"



35=(1,( 52=:, =$1,(1$.$57 2'32:,('=,





 (J]DPLQPDWXUDOQ\]M ]\NDIUDQFXVNLHJR 
 $UNXV],9 

=DGDQLHSNW
=DSR]QDM VL  ] WUH FL  ]DGDQLD D QDVW SQLH Z\VXFKDM GZXNURWQLH WHNVWX
SU]HGVWDZLDM FHJR -DFTXHVD *RGGHW 1D SRGVWDZLH ]DZDUW\FK Z WHN FLH LQIRUPDFML
] ]DSURSRQRZDQ\FK SRQL HM  Z\ELHU] L ]D]QDF] Z WDEHOL ]QDNLHP ; SL  IXQNFML
SHQLRQ\FK SU]H] -DFTXHVD *RGGHW =D ND G  SUDZLGRZR Z\EUDQ  IXQNFM  PR HV]
X]\VNDSXQNW

$  )RQGDWHXUHQGXSpULRGLTXH/$XWR9pOR 
% &RPPHQWDWHXUDX[-HX[2O\PSLTXHVGH/RV$QJHOHVHQ 
& -RXUQDOLVWHDXWHXUGDUWLFOHVVXUOH7RXUGH)UDQFH 
' &\FOLVWHSDUWLFLSDQWDX7RXUGH)UDQFH 
( 'LUHFWHXUGX7RXUGH)UDQFH 
) &KHIGXMRXUQDO/(TXLSH 
* 6SRQVRUGHQRPEUHXVHVFRPSpWLWLRQVVSRUWLYHV 
+ 3UpVLGHQWGXQFOXEGHIRRWEDOO 
, )RQGDWHXUGHOD/LJXHGHV&KDPSLRQV 
- ,QLWLDWHXUGHODFRQVWUXFWLRQGX3DODLVGH%HUF\ 


35=(1,( 52=:, =$1,(1$.$57 2'32:,('=,

=DGDQLHSNW
=DSR]QDMVL ]WUH FL ]DGDQLD3RGZXNURWQ\PZ\VXFKDQLXQDJUDQLDZVND RSLQLHRVyE
Z\SRZLDGDM F\FK VL  QD WHPDW ]DMPRZDQ\FK SU]H] QLH PLHV]ND  =D]QDF]
Z WDEHOL ; Z\EUDQ  RSLQL  MHGQ  GOD ND GHM RVRE\ =D ND G  SUDZLGRZR Z\EUDQ 
RSLQL PR HV]X]\VNDSXQNW
8ZDJDZWDEHOLSRGDQRMHGQ RSLQL ZL FHM

 $ % & ' ( )
\YRLW
HQDFFHSWHOHV \pSURXYH \UHWURXYH
 /H GHVDYDQWDJHV V\VHQWWURS \DSSUpFLHODYLH
LQFRQYpQLHQWV GHOD OHJRW
SURSULpWDLUH HWGHV H[SRVpH FRPPXQDXWDLUH
DYHFKXPRXU VROLWXGH GXSDVVp
LQFRQYpQLHQWV
 &\ULO      
 0LFKHOLQH      
 0DWKLHX      
 6WpSKDQLH      
 /RwF      


35=(1,( 52=:, =$1,(1$.$57 2'32:,('=,
 (J]DPLQPDWXUDOQ\]M ]\NDIUDQFXVNLHJR
 $UNXV],9 


75$16.5<3&-$7(.678'2=$'$1,$

1RXVDYRQVUHQFRQWUp+HQUL9LUORJHX[

 3DV WUqV MR\HXVH 0HV SDUHQWV QH EDGLQDLHQW SDV DYHF OD PRUDOH HW OD SROLWHVVH

-H PH VRXYLHQV GDYRLU pWp PLV TXDWUH MRXUV DX SDLQ VHF SRXU DYRLU WUDLWp

GH 0 &DURWWH XQ DPL GH OD IDPLOOH TXL VDSSHODLW 0 1DYHW +HXUHXVHPHQW

PRQRQFOHPHPPHQDLWDXWKpkWUH



 &HUWDLQHVDQQpHVMDLWHQXMXVTXjGL[U{OHV6LOHSHWLWpFUDQPHFRPEOHFHQHVWSDV

OH FDV GX JUDQG 2Q QH PDSSHOOH TXH SRXU GHV SHUVRQQDJHV VDQV LQWpUrW &RPPH

ODWpOpYLVLRQPHJkWHFHVWGHYHQXPRQFLQpPD



 'DQVQRWUHFDVj9pURQLTXH6LOYHUHWjPRLRXLHWPrPHWUqVELHQ-HYLVHQSOHLQH

IRUrW GH 5DPERXLOOHW DYHF PRQ FKDW HW 9pURQLTXH KDELWH j 3DULV (W QRXV SDVVRQV

ZHHNHQGVHWYDFDQFHVHQVHPEOHFRPPHGHMHXQHVPDULpV



 7RXWFHTXLHVWjODSRUWpHGHODPDLQPDLVMDYRXHTXHMHVXLVXQGLQJXHGHODSUHVVH

-HSDUFRXUVDXPRLQVTXDWUHjFLQTMRXUQDX[FKDTXHPDWLQ&HVWDVVH]LQVWUXFWLI

 HWpGLILDQW



 /LQMXVWLFH3DUH[HPSOHODORXUGHFRQGDPQDWLRQGH05RJHU5RFKHUH[SUpVLGHQWGXFOXEGHIRRWEDOO

GH 6DLQWeWLHQQH 6L MpWDLV 0LFKHO 3ODWLQL MH GpPLVVLRQQHUDLV

GHOpTXLSHGH)UDQFHGHIRRWSDUVROLGDULWp

'DSUqV)HPPH$FWXHOOHRFWREUH


 (J]DPLQPDWXUDOQ\]M ]\NDIUDQFXVNLHJR 
 $UNXV],9 

75$16.5<3&-$7(.678'2=$'$1,$

8QJpDQWTXLWWHODURXWH

-DFTXHV *RGGHW VHVW pWHLQW j  DQV HW FHVW OH PRQGH GX VSRUW TXL HVW HQ GHXLO
&DU0RQVLHXU-DFTXHVDpWpjODIRLVXQWpPRLQHWXQRUJDQLVDWHXUGHSOXVLHXUVpYpQHPHQWV
VSRUWLIV
6RQ SqUH 9LFWRU D pWp HQ HIIHW IRQGDWHXU GX MRXUQDO /$XWR9pOR HQ  7UqV YLWH
-DFTXHV VHVW LPSRVp GDQV OH MRXUQDOLVPH 1RPPp UpGDFWHXU HQ FKHI j /$XWR LO YD
DX GHYDQW GH OpYpQHPHQW HQ pWDQW OH VHXO HQYR\p VSpFLDO GH OD SUHVVH IUDQoDLVH DX[ -HX[
2O\PSLTXHVGH/RV$QJHOHVHQ
(Q  LO D HIIHFWXp VRQ SUHPLHU UHSRUWDJH VXU OH 7RXU GH )UDQFH /D PDJLH GH OpSUHXYH
VHVWRSpUpHWUqVYLWHVXUOHMHXQHKRPPH/DQQpHVXLYDQWHLOSDUWLFLSHDXGpYHORSSHPHQW
jODUpYROXWLRQGLURQWFHUWDLQVGX7RXU
3DV pWRQQDQW TXLO HQ GHYLHQQH SDWURQ HQ  VXFFpGDQW j +HQUL 'HVJUDQJH ,O HQ VHUD
OH SHUVRQQDJH FHQWUDO UHFRQQDLVVDEOH HQWUH WRXV DYHF VRQ FDVTXH FRORQLDO FKHPLVH HW VKRUW
NDNL/KLVWRLUHGDPRXUGXUHUDMXVTXjODUULYpHVXUOHV&KDPSV(O\VpHVHQ
0DLV ODFWLYLWp GH -DFTXHV *RGGHW QH SHXW VH UpVXPHU DX 7RXU GH )UDQFH (Q IpYULHU 
GHX[ DQV DSUqV OD GLVSDULWLRQ GH /$XWR LO FUpH /(TXLSH TXRWLGLHQ VSRUWLI TXLO
GLULJHUD SHQGDQW TXDUDQWH DQV *UkFH j VHV LGpHV OH TXRWLGLHQ VSRUWLI VH GpYHORSSHUD
GHPDQLqUHIXOJXUDQWHDXSRLQWGHGHYHQLUDXMRXUGKXLODSHQVpHXQLTXHHQ)UDQFH
(WVLOHVIRRWEDOOHXUVIUDQoDLVRQWYpFXGHVLQVWDQWVPDJLTXHVVXUOHVSHORXVHVHXURSpHQQHVLOV
OHOXLGRLYHQWELHQXQSHX&DU-DFTXHVDFUppHQODFpOqEUHFRXSHG(XURSHGHVFOXEV
FKDPSLRQVUHEDSWLVpH/LJXHGHV&KDPSLRQV
$X GpEXW GHV DQQpHV  -DFTXHV &KLUDF DORUV PDLUH GH 3DULV OXL FRQILH OH VRLQ GH PHWWUH
HQSODFHOHSDODLV2PQLVSRUWVGH%HUF\TXLHVWGHYHQXXQS{OHGDWWUDFWLRQVLQGpQLDEOH
5HWLUpGHVDIIDLUHV-DFTXHV*RGGHWDYDLWTXDQGPrPHLPDJLQpXQ7RXUVXUOHVOLHX[
KLVWRULTXHVGXVLqFOH
'DSUqV)UDQFH6RLUGXGpFHPEUH




75$16.5<3&-$7(.678'2=$'$1,$
 (J]DPLQPDWXUDOQ\]M ]\NDIUDQFXVNLHJR
 $UNXV],9 

-KDELWHGDQVXQHERXWLTXH

'DQV OHV DQQpHV  RQ UrYDLW GH ORJHPHQWVDWHOLHUV $XMRXUGKXL FH VRQW OHV H[EDUV
ERXWLTXHVDWHOLHUVGDUWLVDQVTXLIRQWIDQWDVPHUOHVDPDWHXUVGHOLHX[GHYLHLQpGLWV&HVW
FRPPHQWODYLHj3DULVGDQVXQORJHPHQWTXLGRQQHVXUODUXH"

&\ULO /HV VRLUV GH IrWH MH IDLV OH YLJLOH -H QH UHVWH SDV j OD SRUWH PDLV MH UHJDUGH FH TXL
VH SDVVH &H TXL HVW SOXW{W GU{OH DXVVL FHVW OH PDWLQ TXDQG OHV JHQV UHQWUHQW HW GHPDQGHQW
XQ FDIp &HVW VUHPHQW j FDXVH GH OHQVHLJQH %DU GH ODYHQWXUH 0DLV oD QDUULYH SDV
VRXYHQW

0LFKHOLQH-DLYpFXjODFDPSDJQHMXVTXjPHVDQVj6DLQWH0qUHO(JOLVH-HPHVXLV
LQVWDOOpHLFLLO\DWUHQWHGHX[DQV&pWDLWXQHDQFLHQQHpSLFHULHFRPSOqWHPHQWGpODEUpH-DL
YRXOXUHWURXYHUPD1RUPDQGLHOHVSULWGHODFDPSDJQH/HVLPPHXEOHVGH3DULVVRQWWURS
VWULFWVjPRQJRW&HVWSRXUoDTXHMDLYRXOXXQHIDoDGHFRPPHFKH]PRL&HOLHXPH
UDSSHOOHPRQHQIDQFHPHVRULJLQHVQRUPDQGHVODWDEOHOHVULGHDX[OHVFDVVHUROHVHQFXLYUH

0DWKLHX2QYRXODLWXQJUDQGHVSDFHSRXUSDVFKHU$ORUVTXDQGRQQRXVDDQQRQFpOHSUL[
RQQDSDVKpVLWp&HVWXQHDQFLHQQHELMRXWHULHTXLGpJDJHXQHDWPRVSKqUHSDUWLFXOLqUHDYHF
OHV SLHUUHV OHV GDOOHV HQ PDUEUH OH ERLV 2Q DPpQDJH ELHQW{W PDLV RQ VH SRVH SDV PDO GH
TXHVWLRQV 2Q VH GLW TXLO \ DXUD SHXWrWUH WURS GH FLUFXODWLRQ WURS GH JHQV TXL SDVVHQW OHV
SRXEHOOHVOHPDWLQ%UHIRQVHGHPDQGHVLODUXHQHYDSDVHQYDKLUQRWUHYLH

6WpSKDQLH-DLOLPSUHVVLRQGHYLYUHGDQVXQHPDLVRQDYHFXQHYLHGHYLOODJHDXWRXU&HVW
XQH SHWLWH UXH WRXW OH PRQGH VH FRQQDvW VH VRXULW 4XDQG MH ODLVVH OD IHQrWUH RXYHUWH
RQVHSDUOHFRPPHoD

/RwF9LYUHGDQVXQHERXWLTXHFHVWELHQTXDQGODUXHHVWFDOPHVLQRQRQHQDYLWHPDUUH
/HVRLUTXDQGLO\DGHODOXPLqUHXQHERXJLHRXODWpOpDOOXPpHRQVHQWELHQTXHOHVJHQV
MHWWHQW XQ RHLO 3DUIRLV MH QH VXLV SDV VXSHU j ODLVH j FDXVH GXQH SUpVHQFH WURS IRUWH TXH
MHUHVVHQVGDQVPRQGRV
'DSUqV%LEDVHSWHPEUH
 (J]DPLQPDWXUDOQ\]M ]\NDIUDQFXVNLHJR 
 $UNXV],9 


6&+(0$72'32:,('=,,02'(/2&(1,$1,$

$5.86=,9

=DGDQLH
=DND GHSRSUDZQHUR]ZL ]DQLHSU]\]QDMHP\SXQNW0DNVLPXPSXQNWyZ
[
=DGDQLH $ % &
   ;
 ;  
  ; 
 ;  
  ; 


=DGDQLH
=DND GHSRSUDZQHUR]ZL ]DQLHSU]\]QDMHP\SXQNW0DNVLPXPSXQNWyZ
[

.  )RQGDWHXUHQGXSpULRGLTXH/$XWR9pOR 
/ &RPPHQWDWHXUDX[-HX[2O\PSLTXHVGH/RV$QJHOHVHQ ;
0 -RXUQDOLVWHDXWHXUGDUWLFOHVVXUOH7RXUGH)UDQFH ;
1 &\FOLVWHSDUWLFLSDQWDX7RXUGH)UDQFH 
2 'LUHFWHXUGX7RXUGH)UDQFH ;
3 &KHIGXMRXUQDO/(TXLSH ;
4 6SRQVRUGHQRPEUHXVHVFRPSpWLWLRQVVSRUWLYHV 
5 3UpVLGHQWGXQFOXEGHIRRWEDOO 
6 )RQGDWHXUGHOD/LJXHGHV&KDPSLRQV ;
7 ,QLWLDWHXUGHODFRQVWUXFWLRQGX3DODLVGH%HUF\ 

=DGDQLH
=DND GHSRSUDZQHUR]ZL ]DQLHSU]\]QDMHP\SXQNW0DNVLPXPSXQNWyZ
[
=DGDQLH $ % & ' ( )
  ;     
    ;   
     ;  
       ;
      ;