¢¡¤£¦ ¥¨§ ©

Transcription

¢¡¤£¦ ¥¨§ ©
-2+1'((5(&5(',7,1&
816(&85('6+2577(503520,6625<127(6
8QFRQGLWLRQDOO\*XDUDQWHHGE\
-RKQ'HHUH&DSLWDO&RUSRUDWLRQ
,1)250$7,210(025$1'80
-2+1'((5(&5(',7,1&
816(&85('6+2577(503520,6625<127(6
8QFRQGLWLRQDOO\*XDUDQWHHGE\
-RKQ'HHUH&DSLWDO&RUSRUDWLRQ
,1)250$7,210(025$1'80
7KHVH VKRUWWHUP SURPLVVRU\ QRWHV KDYH QRW EHHQ DQG ZLOO QRW EH UHJLVWHUHG XQGHU WKH 8QLWHG
6WDWHV6HFXULWLHV$FW RIDVDPHQGHGWKH´866HFXULWLHV$FWµDQGPD\QRWEHRIIHUHGIRU VDOHRU
VROGZLWKLQWKH8QLWHG6WDWHVRI$PHULFDRUWKHWHUULWRULHVRUSRVVHVVLRQVWKHUHRIWKH´8QLWHG6WDWHVµRU
WRRUIRUWKHEHQHILWRI863HUVRQVDVVXFKWHUPLVGHILQHGLQ5HJXODWLRQ´6µXQGHUWKH866HFXULWLHV
$FW DQG IRU 86 IHGHUDO LQFRPH WD[ SXUSRVHV 7KHVH VKRUWWHUP SURPLVVRU\ QRWHV PD\ QRW EH VROG
UHVROG WUDQVIHUUHG SOHGJHG RU RWKHUZLVH GLVSRVHG RI LQ WKH 8QLWHG 6WDWHV RU WR D 86 3HUVRQ RU
RWKHUZLVH WR D QRQUHVLGHQW RI &DQDGD IRU SXUSRVHV RI WKH ,QFRPH 7D[ $FW &DQDGD 1R VHFXULWLHV
UHJXODWRU\DXWKRULW\KDVUHYLHZHGRULQDQ\ZD\H[SUHVVHGDQRSLQLRQUHJDUGLQJHLWKHUWKLV,QIRUPDWLRQ
0HPRUDQGXP RU WKH PHULWV RI WKH VKRUWWHUP SURPLVVRU\ QRWHV DQG LW ZRXOG EH DQ RIIHQFH WR FODLP
RWKHUZLVH
7KLV,QIRUPDWLRQ0HPRUDQGXPGRHVQRWLQDQ\ZD\REOLJDWH-RKQ'HHUH&UHGLW,QFWRDFFHSWDQ
RIIHUWRSXUFKDVHWKHVKRUWWHUPSURPLVVRU\QRWHVGHVFULEHGKHUHLQ1RSHUVRQKDVEHHQDXWKRUL]HGWR
JLYHDQ\LQIRUPDWLRQRUWRPDNHDQ\UHSUHVHQWDWLRQQRWFRQWDLQHGLQWKLV,QIRUPDWLRQ0HPRUDQGXPDQG
LIJLYHQRUPDGHVXFKLQIRUPDWLRQRUUHSUHVHQWDWLRQPXVWQRWEHUHOLHGXSRQDVKDYLQJEHHQDXWKRUL]HG
-2+1'((5(&5(',7,1&
-RKQ'HHUH&UHGLW,QFWKH´,VVXHUµDQGLWVSUHGHFHVVRUVKDVFDUULHGRQLWVSULQFLSDOEXVLQHVVLQ
&DQDGDVLQFH$OORIWKH,VVXHU·VLVVXHGDQGRXWVWDQGLQJVKDUHVDUHRZQHGE\-RKQ'HHUH/LPLWHG
´-'/µ DQ DIILOLDWH RI -RKQ 'HHUH &DSLWDO &RUSRUDWLRQ WKH ´*XDUDQWRUµ -'/ DQG WKH *XDUDQWRU DUH
ZKROO\RZQHGVXEVLGLDULHVRI'HHUH&RPSDQ\´'HHUHµ'HHUHDQGLWVZKROO\RZQHGVXEVLGLDULHVDUH
FROOHFWLYHO\UHIHUUHGWRDV´-RKQ'HHUHµ7KH,VVXHULVDFRUSRUDWLRQIRUPHGXQGHUWKHODZVRI&DQDGD
DQG LV WKH VXFFHVVRU WR WKH DPDOJDPDWLRQ XQGHU WKH &DQDGD %XVLQHVV &RUSRUDWLRQV $FW RQ 2FWREHU RI-RKQ'HHUH)LQDQFH/LPLWHGDQG&DQDGLDQ(TXLSPHQW)LQDQFH&RUSRUDWLRQ7KH,VVXHU·VDUWLFOHV
RI DPDOJDPDWLRQ KDYH QRW EHHQ DPHQGHG VLQFH WKH DPDOJDPDWLRQ 7KH ,VVXHU GRHV QRW KDYH DQ\
VXEVLGLDULHV
7KHSULQFLSDOEXVLQHVVRIWKH,VVXHULVSURYLGLQJDQGDGPLQLVWHULQJILQDQFLQJIRUUHWDLOVDOHVDQG
OHDVHV RI QHZ DQG XVHG HTXLSPHQW PDQXIDFWXUHG E\ -RKQ 'HHUH·V DJULFXOWXUDO HTXLSPHQW FRPPHUFLDO
DQGFRQVXPHUHTXLSPHQWDQGFRQVWUXFWLRQDQGIRUHVWU\GLYLVLRQV7KH,VVXHUJHQHUDOO\SXUFKDVHVUHWDLO
LQVWDOPHQW VDOHV FRQWUDFWV ´UHWDLO QRWHVµ DQG ILQDQFH DQG RSHUDWLQJ OHDVHV IURP -'/ -'/ JHQHUDOO\
DFTXLUHV UHWDLO QRWHV DQG ILQDQFH DQG RSHUDWLQJ OHDVHV WKURXJK -RKQ 'HHUH UHWDLO GHDOHUV ORFDWHG DFURVV
&DQDGD7KH,VVXHUDOVRSXUFKDVHVDOLPLWHGDPRXQWRIQRQ'HHUHUHWDLOQRWHVDQGILQDQFHDQGRSHUDWLQJ
OHDVHV RULJLQDWHG E\ -RKQ 'HHUH DQG QRQ'HHUH GHDOHUV DQG OHDVHV D OLPLWHG DPRXQW RI QRQ'HHUH
HTXLSPHQWWRUHWDLOFXVWRPHUVILQDQFHDQGRSHUDWLQJOHDVHV
7KH ,VVXHU DOVR ILQDQFHV DQG VHUYLFHV UHYROYLQJ FKDUJH DFFRXQWV $J/LQHΠDFTXLUHG IURP DQG
RIIHUHG WKURXJK PHUFKDQWV LQ WKH DJULFXOWXUDO DQG FRPPHUFLDO DQG FRQVXPHU PDUNHWV DQG SURYLGHV D
OLPLWHGDPRXQWRIZKROHVDOHILQDQFLQJIRULQYHQWRULHVRI-RKQ'HHUHDJULFXOWXUDOHTXLSPHQWFRPPHUFLDO
DQGFRQVXPHUHTXLSPHQWDQGFRQVWUXFWLRQDQGIRUHVWU\HTXLSPHQWDVZHOODVQRQ'HHUHHTXLSPHQWKHOG
E\ GHDOHUV RI WKRVH SURGXFWV 7KH ,VVXHU DOVR ZRUNV ZLWK FHUWDLQ FURS LQSXW VXSSOLHUV WR RIIHU ORDQV IRU
FURSLQSXWVVXFKDVVHHGDQGIHUWLOL]HU
7KHEDVLVRQZKLFK-'/DFTXLUHVILQDQFLDOFRQWUDFWVZKLFKLQFOXGHVUHWDLOQRWHVUHYROYLQJFKDUJH
DFFRXQWV ILQDQFH OHDVHV DQG ZKROHVDOH QRWHV UHFHLYDEOHV FROOHFWLYHO\ ´)LQDQFLDO &RQWUDFWVµ DQG
RSHUDWLQJOHDVHVLVJRYHUQHGE\DJUHHPHQWVZLWK-RKQ'HHUHGHDOHUV,QSUDFWLFH)LQDQFLDO&RQWUDFWVDQG
RSHUDWLQJOHDVHVDUHDFTXLUHGIURPGHDOHUVRQO\LIWKHFUHGLWZRUWKLQHVVRIWKHFXVWRPHUVLVDFFHSWDEOHWR
WKH,VVXHUIRUSXUFKDVHIURP-'/7KH,VVXHUGHWHUPLQHVWKHDFFHSWDELOLW\RIWKH)LQDQFLDO&RQWUDFWVDQG
RSHUDWLQJOHDVHVIURPGHDOHUVIRULWVHOIDQG-'/
7KH EDVLV RQ ZKLFK WKH ,VVXHU DFTXLUHV )LQDQFLDO &RQWUDFWV LV JRYHUQHG E\ DQ DJUHHPHQW ZLWK
-'/7KH,VVXHUDJUHHVWR WKHWHUPVIRUSXUFKDVLQJVXFK)LQDQFLDO&RQWUDFWVDQGRSHUDWLQJ OHDVHVIURP
-'/-'/LVQRWREOLJDWHGWRVHOO)LQDQFLDO&RQWUDFWVDQGRSHUDWLQJOHDVHVIURPWKH,VVXHUDQGWKH,VVXHULV
QRWREOLJDWHGWRSXUFKDVHVXFK)LQDQFLDO&RQWUDFWVDQGRSHUDWLQJOHDVHV-'/KDVKRZHYHUDVVLJQHGWR
WKH,VVXHUDOORI-'/·VULJKWVDQGLQWHUHVWLQDOOSUHVHQWDQGIXWXUHUHWDLOQRWHVOHDVHVDQGOHDVLQJFRQWUDFWV
RWKHU WKDQ FHUWDLQ RSHUDWLQJ OHDVHV UHWDLQHG E\ -'/ EHWZHHQ -RKQ 'HHUH GHDOHUV LQ 4XHEHF DQG
SXUFKDVHUV RU OHVVHHV RI QHZ RU XVHG DJULFXOWXUDO FRQVWUXFWLRQ RU IRUHVWU\ HTXLSPHQW LQ 4XHEHF $Q\
VXFKUHWDLOQRWHVOHDVHVDQGOHDVLQJFRQWUDFWVWKDWDUHQRWDFFHSWDEOHWRWKH,VVXHUDUHUHDVVLJQHGWR-'/
-'/ DQG LWV SUHGHFHVVRUV KDV FRQWLQXRXVO\ FDUULHG RQ EXVLQHVV LQ &DQDGD VLQFH -'/
PDQXIDFWXUHVDJULFXOWXUDODQGFRPPHUFLDODQGFRQVXPHUHTXLSPHQWDQGGLVWULEXWHV-RKQ'HHUHSURGXFWV
WKURXJK GHDOHUV ORFDWHG DFURVV &DQDGD DQG PDMRU UHWDLO RXWOHWV -'/ DOVR GLVWULEXWHV +LWDFKL EUDQG
FRQVWUXFWLRQHTXLSPHQW-RKQ'HHUHSURGXFWVVROGLQ&DQDGDLQFOXGHDDIXOOOLQHRIIDUPHTXLSPHQW
DQG UHODWHG VHUYLFH SDUWV LQFOXGLQJ WUDFWRUV FRPELQH KDUYHVWHUV WLOODJH VHHGLQJ DQG VRLO SUHSDUDWLRQ
PDFKLQHU\ VSUD\HUV KD\ DQG IRUDJH HTXLSPHQW DQG LQWHJUDWHG DJULFXOWXUDO PDQDJHPHQW V\VWHPV
WHFKQRORJ\EDEURDGUDQJHRIPDFKLQHVDQGVHUYLFHSDUWVXVHGLQFRQVWUXFWLRQHDUWKPRYLQJPDWHULDO
KDQGOLQJDQGWLPEHUKDUYHVWLQJLQFOXGLQJEDFNKRHORDGHUVFUDZOHUGR]HUVDQGORDGHUVIRXUZKHHOGULYH
ORDGHUV H[FDYDWRUV PRWRU JUDGHUV DUWLFXODWHG GXPS WUXFNV ODQGVFDSH ORDGHUV VNLGVWHHU ORDGHUV DQG
ORJVNLGGHUVIHOOHUEXQFKHUVORJORDGHUVORJIRUZDUGHUVORJKDUYHVWHUVDQGUHODWHGDWWDFKPHQWVDQGF
HTXLSPHQW SURGXFWV DQG VHUYLFH SDUWV IRU FRPPHUFLDO DQG UHVLGHQWLDO XVHV LQFOXGLQJ WUDFWRUV IRU ODZQ
JDUGHQ FRPPHUFLDO DQG XWLOLW\ SXUSRVHV PRZLQJ HTXLSPHQW LQFOXGLQJ ZDONEHKLQG PRZHUV JROI
FRXUVHHTXLSPHQWXWLOLW\YHKLFOHVODQGVFDSHDQGQXUVHU\SURGXFWVDQGRWKHURXWGRRUSRZHUSURGXFWV
-'/OHDVHV-RKQ'HHUHHTXLSPHQWWRUHWDLOFXVWRPHUVDQGSURYLGHVZKROHVDOHILQDQFLQJWRGHDOHUV
IRU -RKQ 'HHUH DJULFXOWXUDO FRPPHUFLDO DQG FRQVXPHU DQG FRQVWUXFWLRQ DQG IRUHVWU\ HTXLSPHQW
7KURXJKLWVZKROO\RZQHGVXEVLGLDU\WKH,VVXHU-'/LSURYLGHVILQDQFLQJIRUUHWDLOVDOHVDQGOHDVHVRI
QHZ DQG XVHG HTXLSPHQW PDQXIDFWXUHG E\ -RKQ 'HHUH·V DJULFXOWXUDO HTXLSPHQW FRPPHUFLDO DQG
FRQVXPHU HTXLSPHQW DQG FRQVWUXFWLRQ DQG IRUHVWU\ GLYLVLRQV LL SXUFKDVHV D OLPLWHG DPRXQW RI QRQ
'HHUH UHWDLO LQVWDOPHQW VDOHV FRQWUDFWV DQG ILQDQFH DQG RSHUDWLQJ OHDVHV RULJLQDWHG E\ -RKQ 'HHUH DQG
QRQ'HHUHGHDOHUVDQGOHDVHVDOLPLWHGDPRXQWRIQRQ'HHUHHTXLSPHQWWRUHWDLOFXVWRPHUVILQDQFHDQG
RSHUDWLQJOHDVHVLLLILQDQFHVDQGVHUYLFHVUHYROYLQJFKDUJHDFFRXQWVLQWKHDJULFXOWXUDODQGFRPPHUFLDO
DQGFRQVXPHUPDUNHWVDQGLYSURYLGHVZKROHVDOHILQDQFLQJIRUDOLPLWHGDPRXQWRILQYHQWRU\RI-RKQ
'HHUHDJULFXOWXUDOFRPPHUFLDODQGFRQVXPHUFRQVWUXFWLRQDQGIRUHVWU\HTXLSPHQWDVZHOODVQRQ'HHUH
HTXLSPHQWKHOGE\GHDOHUVRIWKRVHSURGXFWV
-2+1'((5(&$3,7$/&25325$7,21
7KH *XDUDQWRU LV DQ LQGLUHFW ZKROO\RZQHG VXEVLGLDU\ RI 'HHUH DQG DQ DIILOLDWH RI WKH ,VVXHU
7KH*XDUDQWRU ZDVLQFRUSRUDWHGXQGHUWKHODZV RI 'HODZDUHDQGFRPPHQFHGRSHUDWLRQV LQ7KH
*XDUDQWRU DQG LWV VXEVLGLDULHV FROOHFWLYHO\ ´-RKQ 'HHUH &DSLWDOµ FRQGXFW EXVLQHVV LQ $XVWUDOLD 1HZ
=HDODQGWKH86DQGLQVHYHUDOFRXQWULHVLQ(XURSHDQG/DWLQ$PHULFD
-RKQ 'HHUH &DSLWDO SURYLGHV DQG DGPLQLVWHUV ILQDQFLQJ IRU UHWDLO SXUFKDVHV RI QHZ HTXLSPHQW
PDQXIDFWXUHG E\ 'HHUH·V DJULFXOWXUDO HTXLSPHQW FRPPHUFLDO DQG FRQVXPHU HTXLSPHQW DQG
FRQVWUXFWLRQDQGIRUHVWU\ GLYLVLRQVDQGXVHGHTXLSPHQWWDNHQ LQWUDGHIRUWKLVHTXLSPHQW -RKQ 'HHUH
&DSLWDOJHQHUDOO\SXUFKDVHVUHWDLOLQVWDOPHQWVDOHVDQGORDQFRQWUDFWVUHWDLOQRWHVIURP-RKQ'HHUH-RKQ
'HHUH JHQHUDOO\ DFTXLUHV WKHVH UHWDLO QRWHV WKURXJK -RKQ 'HHUH UHWDLO GHDOHUV -RKQ 'HHUH &DSLWDO DOVR
SXUFKDVHV DQG ILQDQFHV D OLPLWHG DPRXQW RI QRQ'HHUH UHWDLO QRWHV DQG FRQWLQXHV WR VHUYLFH D VPDOO
SRUWIROLR RI UHFUHDWLRQDO SURGXFWV DQG RWKHU UHWDLO QRWHV ,Q DGGLWLRQ -RKQ 'HHUH &DSLWDO OHDVHV -RKQ
'HHUHHTXLSPHQWDQGDOLPLWHGDPRXQWRIQRQ'HHUHHTXLSPHQWWRUHWDLOFXVWRPHUV-RKQ'HHUH&DSLWDO
DOVR ILQDQFHV DQG VHUYLFHV UHYROYLQJ FKDUJH DFFRXQWV LQ PRVW FDVHV DFTXLUHG IURP DQG RIIHUHG WKURXJK
PHUFKDQWVLQWKHDJULFXOWXUDOFRPPHUFLDODQGFRQVXPHUDQGFRQVWUXFWLRQDQGIRUHVWU\PDUNHWV)XUWKHU
-RKQ 'HHUH &DSLWDO ILQDQFHV DQG VHUYLFHV RSHUDWLQJ ORDQV LQ PRVW FDVHV RIIHUHG WKURXJK DQG DFTXLUHG
IURP IDUP LQSXW SURYLGHUV WKURXJK GLUHFW UHODWLRQVKLSV ZLWK DJULFXOWXUDO SURGXFHUV RU WKURXJK
DJULEXVLQHVVHV -RKQ 'HHUH &DSLWDO DOVR SURYLGHV ZKROHVDOH ILQDQFLQJ IRU LQYHQWRULHV RI -RKQ 'HHUH
DJULFXOWXUDO FRPPHUFLDO DQG FRQVXPHU DQG FRQVWUXFWLRQ DQG IRUHVWU\ HTXLSPHQW RZQHG E\ GHDOHUV RI
WKRVH SURGXFWV -RKQ 'HHUH &DSLWDO DOVR RIIHUV HQKDQFHG LQWHUQDWLRQDO H[SRUW ILQDQFLQJ WR VHOHFW
FXVWRPHUV DQG GHDOHUV ZKLFK JHQHUDOO\ LQYROYHV -RKQ 'HHUH SURGXFWV DQG RIIHUV FHUWDLQ FURS ULVN
PLWLJDWLRQ SURGXFWV LQ WKH 86 ,Q DGGLWLRQ -RKQ 'HHUH &DSLWDO LQYHVWV LQ ZLQG HQHUJ\ JHQHUDWLRQ E\
PDNLQJORDQVWRFHUWDLQDIILOLDWHGFRPSDQLHVWKDWKDYHGLUHFWO\LQYHVWHGLQZLQGHQHUJ\SURGXFWV
'((5(&203$1<
-RKQ'HHUH·VRSHUDWLRQVDUHFDWHJRUL]HGLQWRIRXUPDMRUEXVLQHVVVHJPHQWV
7KH DJULFXOWXUDO HTXLSPHQW VHJPHQW PDQXIDFWXUHV DQG GLVWULEXWHV D IXOO OLQH RI IDUP HTXLSPHQW
DQG UHODWHG VHUYLFH SDUWV LQFOXGLQJ WUDFWRUV FRPELQH FRWWRQ DQG VXJDUFDQH KDUYHVWHUV WLOODJH VHHGLQJ
DQG VRLO SUHSDUDWLRQ PDFKLQHU\ VSUD\HUV KD\ DQG IRUDJH HTXLSPHQW LQWHJUDWHG DJULFXOWXUDO
PDQDJHPHQWV\VWHPVWHFKQRORJ\DQGSUHFLVLRQDJULFXOWXUDOLUULJDWLRQHTXLSPHQW
7KH FRPPHUFLDO DQG FRQVXPHU HTXLSPHQW VHJPHQW PDQXIDFWXUHV DQG GLVWULEXWHV HTXLSPHQW
SURGXFWV DQG VHUYLFH SDUWV IRU FRPPHUFLDO DQG UHVLGHQWLDO XVHV LQFOXGLQJ WUDFWRUV IRU ODZQ JDUGHQ
FRPPHUFLDO DQG XWLOLW\ SXUSRVHV PRZLQJ HTXLSPHQW LQFOXGLQJ ZDONEHKLQG PRZHUV JROI FRXUVH
HTXLSPHQW XWLOLW\ YHKLFOHV ODQGVFDSH DQG QXUVHU\ SURGXFWV LUULJDWLRQ HTXLSPHQW DQG RWKHU RXWGRRU
SRZHUSURGXFWV
7KH FRQVWUXFWLRQ DQG IRUHVWU\ VHJPHQW PDQXIDFWXUHV GLVWULEXWHV WR GHDOHUV DQG VHOOV DW UHWDLO D
EURDG UDQJH RI PDFKLQHV DQG VHUYLFH SDUWV XVHG LQ FRQVWUXFWLRQ HDUWKPRYLQJ PDWHULDO KDQGOLQJ DQG
WLPEHU KDUYHVWLQJ LQFOXGLQJ EDFNKRH ORDGHUV FUDZOHU GR]HUV DQG ORDGHUV IRXUZKHHO GULYH ORDGHUV
H[FDYDWRUV PRWRU JUDGHUV DUWLFXODWHG GXPS WUXFNV ODQGVFDSH ORDGHUV VNLGVWHHU ORDGHUV DQG ORJ
VNLGGHUVIHOOHUEXQFKHUVORJORDGHUVORJIRUZDUGHUVORJKDUYHVWHUVDQGUHODWHGDWWDFKPHQWV
7KH SURGXFWV DQG VHUYLFHV SURGXFHG E\ WKH VHJPHQWV DERYH DUH PDUNHWHG SULPDULO\ WKURXJK
LQGHSHQGHQWUHWDLOGHDOHUQHWZRUNVDQGPDMRUUHWDLORXWOHWV
7KH FUHGLW VHJPHQW LQFOXGHV WKH RSHUDWLRQV RI -RKQ 'HHUH &DSLWDO -RKQ 'HHUH &UHGLW &RPSDQ\
WKH,VVXHU%DQFR-RKQ'HHUH6$%UD]LO-RKQ'HHUH&UHGLW2\)LQODQGDQG-RKQ'HHUH5HQHZDEOHV
//& DQG SULPDULO\ ILQDQFHV VDOHV DQG OHDVHV E\ -RKQ 'HHUH GHDOHUV RI QHZ DQG XVHG DJULFXOWXUDO
FRPPHUFLDODQGFRQVXPHUDQGFRQVWUXFWLRQDQGIRUHVWU\HTXLSPHQW,QDGGLWLRQLWSURYLGHVZKROHVDOH
ILQDQFLQJ WR GHDOHUV RI WKH IRUHJRLQJ HTXLSPHQW SURYLGHV RSHUDWLQJ ORDQV ILQDQFHV UHWDLO UHYROYLQJ
FKDUJHDFFRXQWVRIIHUVFHUWDLQFURSULVNPLWLJDWLRQSURGXFWVDQGLQYHVWVLQZLQGHQHUJ\JHQHUDWLRQ
!#"%$&'(*),+(-%.)0/12 &34&'*"5'5 675*$8&%/95':1; <
>@?#A0BDCFEHGJIEHKMLNK@OPIQ@?A0Q@K@CDISRTIU?JCWVXG#CFKMVYEHA#A0KMCUZ[L@KMI?0A
,VVXHU
-RKQ'HHUH&UHGLW,QF
*XDUDQWRU
-RKQ'HHUH&DSLWDO&RUSRUDWLRQ
'HDOHUV
7'6HFXULWLHV,QF5%&'RPLQLRQ6HFXULWLHV,QFDQG+6%&%DQN&DQDGD
,VVXLQJDQG3D\LQJ
$JHQW
7KH,VVXLQJDQG3D\LQJ$JHQWLV5R\DO%DQNRI&DQDGD
$PRXQW
7KH DJJUHJDWH SULQFLSDO DPRXQW RI WKH 1RWHV WR EH RXWVWDQGLQJ LV QRW
OLPLWHGWRDVSHFLILFDPRXQW
&XUUHQF\
7KH1RWHVZLOO EHSD\DEOH LQ&DQDGLDQGROODUV RULQ 8QLWHG6WDWHVGROODUV
ZKLFKHYHULVWKHFXUUHQF\RILVVXH
'HQRPLQDWLRQV
7KH1RWHVZLOOEHLVVXHGLQPXOWLSOHVRI&$'RU86'VXEMHFW
WR D PLQLPXP SXUFKDVH RI &$' RU WKH HTXLYDOHQW WKHUHRI LQ
8QLWHG6WDWHVGROODUV
,QWHUHVW
7KH1RWHVZLOOEHLQWHUHVWEHDULQJRULVVXHGDWDGLVFRXQWWRPDWXUHDWWKHLU
SULQFLSDO DPRXQW 5DWHV RI LQWHUHVW DUH DYDLODEOH XSRQ UHTXHVW IURP 7'
6HFXULWLHV,QF5%&'RPLQLRQ6HFXULWLHV,QFRU+6%&%DQN&DQDGD
0DWXULW\
7KH1RWHVZLOOPDWXUHQRWPRUHWKDQRQH\HDUIURPWKHGDWHRILVVXH
)RUPRI1RWHV
7KH1RWHVZLOOEHLVVXHGLQQHJRWLDEOHIRUPSD\DEOHWRWKHEHDUHURUWRWKH
RUGHU RI D SXUFKDVHU WKHUHRI $OWHUQDWLYHO\ DW WKH RSWLRQ RI WKH ,VVXHU WKH
1RWHVZLOOEHLVVXHGLQ¶¶ERRNHQWU\RQO\··IRUPWKH¶¶%RRN(QWU\1RWHV··
LQ ZKLFK FDVH WKH 1RWHV PXVW EH SXUFKDVHG RU WUDQVIHUUHG WKURXJK
SDUWLFLSDQWV ¶¶3DUWLFLSDQWV·· LQ WKH GHEW FOHDULQJ VHUYLFH RI &'6 &OHDULQJ
DQG'HSRVLWRU\6HUYLFHV,QF¶¶&'6··ZKLFK3DUWLFLSDQWVLQFOXGHVHFXULWLHV
EURNHUVDQGGHDOHUVDQGEDQNVDQGWUXVWFRPSDQLHV,QGLUHFWDFFHVVWRWKH
&'6 ERRNHQWU\ V\VWHP LV DOVR DYDLODEOH WR RWKHU LQVWLWXWLRQV ¶¶,QGLUHFW
3DUWLFLSDQWV·· WKDW PDLQWDLQ FXVWRGLDO UHODWLRQVKLSV ZLWK D 3DUWLFLSDQW
HLWKHUGLUHFWO\RULQGLUHFWO\
7KH ,VVXHU ZLOO FDXVH WKH %RRN (QWU\ 1RWHV WR EH GHOLYHUHG WR DQG
UHJLVWHUHG LQ WKH QDPH RI &'6 RU LWV QRPLQHH (DFK SXUFKDVHU RI D %RRN
(QWU\ 1RWH ZLOO UHFHLYH D FXVWRPHU FRQILUPDWLRQ RI SXUFKDVH IURP WKH
3DUWLFLSDQW RU ,QGLUHFW 3DUWLFLSDQW IURP ZKRP VXFK 1RWH LV SXUFKDVHG LQ
DFFRUGDQFH ZLWK WKH SUDFWLFHV DQG SURFHGXUHV RI WKDW SHUVRQ 3UDFWLFHV RI
3DUWLFLSDQWV DQG ,QGLUHFW 3DUWLFLSDQWV PD\ YDU\ EXW JHQHUDOO\ FXVWRPHU
FRQILUPDWLRQVDUHLVVXHGSURPSWO\DIWHUH[HFXWLRQRIDFXVWRPHURUGHU
1R KROGHU RI %RRN (QWU\ 1RWHV ZLOO EH HQWLWOHG WR D FHUWLILFDWH RU RWKHU
LQVWUXPHQW IURP WKH ,VVXHU RU &'6 HYLGHQFLQJ WKDW SHUVRQ·V LQWHUHVW LQ RU
RZQHUVKLS RI VXFK 1RWH RU ZLOO EH VKRZQ RQ WKH UHFRUGV PDLQWDLQHG E\
&'6 H[FHSW WKURXJK DQ DJHQW RI WKH KROGHU ZKR LV D 3DUWLFLSDQW RU DQ
,QGLUHFW 3DUWLFLSDQW RI &'6 5HJLVWUDWLRQ RI LQWHUHVWV LQ DQG WUDQVIHUV RI
%RRN (QWU\ 1RWHV ZLOO RQO\ EH PDGH WKURXJK WKH GHEW FOHDULQJ VHUYLFH RI
&'6$OOSD\PHQWVRQ%RRN(QWU\1RWHVE\WKH,VVXHUZLOOEHPDGHWR&'6
=
RU WR DQ\ SD\LQJ DJHQW DSSRLQWHG E\ WKH ,VVXHU ZKLFK ZLOO WKHQ PDNH
SD\PHQWV WR &'6 DQG VXFK SD\PHQWV ZLOO EH IRUZDUGHG E\ &'6 WR LWV
3DUWLFLSDQWV E\ 3DUWLFLSDQWV WR KROGHUV RI %RRN (QWU\ 1RWHV RU ZKHUH
DSSOLFDEOHE\3DUWLFLSDQWVWR,QGLUHFW3DUWLFLSDQWVDQGWKHUHDIWHUWRKROGHUV
RI%RRN(QWU\1RWHV
1RQHRIWKH,VVXHUWKH3DUWLFLSDQWVRUWKH,QGLUHFW3DUWLFLSDQWVZLOODVVXPH
DQ\ OLDELOLW\ IRU L DQ\ DVSHFW RI WKH UHFRUGV UHODWLQJ WR WKH EHQHILFLDO
RZQHUVKLSRIWKH%RRN(QWU\1RWHVKHOGE\&'6RU WKHSD\PHQWVUHODWLQJ
WKHUHWR LL PDLQWDLQLQJ VXSHUYLVLQJ RU UHYLHZLQJ DQ\ UHFRUGV UHODWLQJ WR
WKH%RRN(QWU\1RWHVRULLLDQ\DGYLFHRUUHSUHVHQWDWLRQPDGHE\RUZLWK
UHVSHFWWR&'6LQFOXGLQJWKRVHFRQWDLQHGLQWKLV,QIRUPDWLRQ0HPRUDQGXP
DQGUHODWLQJWRWKHUXOHVJRYHUQLQJ&'6RUDQ\DFWLRQWREHWDNHQE\&'6RU
DW WKH GLUHFWLRQ RI LWV 3DUWLFLSDQWV 7KH UXOHV JRYHUQLQJ &'6 SURYLGH WKDW
&'6 ZLOO KROG WKH %RRN (QWU\ 1RWHV LQ LWV GHSRVLWRU\ DQG FOHDULQJ VHUYLFH
RQ EHKDOI RI WKH 3DUWLFLSDQWV DQG &'6 KDV D VWDWXWRU\ GXW\ WR HQIRUFH
SD\PHQWRIWKH1RWHVRQEHKDOIRIWKH3DUWLFLSDQWV$VDUHVXOW3DUWLFLSDQWV
PXVWORRNVROHO\WR&'6DQGKROGHUVRI%RRN(QWU\1RWHVPXVWORRNVROHO\
WR 3DUWLFLSDQWV IRU WKH SD\PHQW RI WKH SULQFLSDO DQG LQWHUHVW RQ WKH %RRN
(QWU\ 1RWHV RQFH VXFK SD\PHQW LV PDGH E\ RU RQ EHKDOI RI WKH ,VVXHU WR
&'6
7KH DELOLW\ RI D KROGHU WR SOHGJH %RRN (QWU\ 1RWHV RU WDNH DFWLRQ ZLWK
UHVSHFWWKHUHWRRWKHUWKDQWKURXJKD3DUWLFLSDQWRUDQ,QGLUHFW3DUWLFLSDQW
PD\EHOLPLWHGGXHWRWKHODFNRISK\VLFDOFHUWLILFDWHV
7KH,VVXHUZLOOKDYHWKHRSWLRQWRWHUPLQDWHWKHERRNHQWU\V\VWHPWKURXJK
&'6DWDQ\WLPHLQZKLFKFDVH1RWHVLQFHUWLILFDWHGIRUPSD\DEOHWREHDUHU
RUWRWKHRUGHU RID KROGHUWKHUHRIZLOOEHLVVXHGWR KROGHUVRI%RRN(QWU\
1RWHVRUWKHLUQRPLQHHV
7KH %RRN (QWU\ 1RWHV ZLOO EH GHVLJQDWHG DV VXEMHFW WR WKH 'HSRVLWRU\ %LOOV
DQG1RWHV$FW&DQDGD
6SHFLPHQIRUPVRI1RWHVDUHLQFOXGHGLQWKLV,QIRUPDWLRQ0HPRUDQGXP
'HOLYHU\DQG
3D\PHQW
'HOLYHU\RI%RRN(QWU\1RWHVDQGDOOSD\PHQWVRQ%RRN(QWU\1RWHVZLOOEH
PDGHLQDFFRUGDQFHZLWKWKHUXOHVHVWDEOLVKHGE\&'6'HOLYHU\RI1RWHVLQ
FHUWLILFDWHG IRUP ZLOO EH PDGH DJDLQVW SD\PHQW E\ ZLUH WUDQVIHU FHUWLILHG
FKHTXHRUEDQNGUDIWSD\DEOHWRWKH,VVXHUDWWKHGHVLJQDWHGRIILFHVRIDQ\
LVVXLQJDQGSD\LQJDJHQWDSSRLQWHGE\WKH,VVXHULQWKH&LW\RI7RURQWRWKH
´GHOLYHU\ SRLQWµ 3D\PHQW RI WKH 1RWHV LQ FHUWLILFDWHG IRUP DW PDWXULW\
ZLOO EH PDGH RQ EHKDOI RI WKH ,VVXHU XSRQ VXUUHQGHU RI WKH 1RWHV DW WKH
GHOLYHU\SRLQW
7D[&RQVLGHUDWLRQV
1R RSLQLRQ LV JLYHQ ZLWK UHVSHFW WR WKH VWDWXV RI WKH 1RWHV DV TXDOLILHG
LQYHVWPHQWV XQGHU WKH ,QFRPH 7D[ $FW &DQDGD WKH ´,7$µ DQG WKH
UHJXODWLRQVWKHUHXQGHUIRUWUXVWVJRYHUQHGE\UHJLVWHUHGUHWLUHPHQWVDYLQJV
SODQVUHJLVWHUHGUHWLUHGLQFRPHIXQGVUHJLVWHUHGHGXFDWLRQVDYLQJVSODQV
UHJLVWHUHG GLVDELOLW\ VDYLQJV SODQV DQG GHIHUUHG SURILW VKDULQJ SODQV DQG
SRWHQWLDOSXUFKDVHUVRI1RWHVVKRXOGFRQVXOWWKHLURZQWD[DGYLVRUVLQWKLV
UHJDUG
\
5HGHPSWLRQ
7KH1RWHVDUHQRWUHGHHPDEOHSULRUWRPDWXULW\
3XUSRVH
1HWSURFHHGVIURPWKH1RWHVZLOOEHXVHGIRUJHQHUDOFRUSRUDWHSXUSRVHV
6HOOLQJ5HVWULFWLRQV 7KH1RWHVKDYHQRWEHHQDQGZLOOQRWEHUHJLVWHUHGXQGHUWKH866HFXULWLHV
$FWDQGPD\QRWEHRIIHUHGRUVROGZLWKLQWKH8QLWHG6WDWHVRUWRRUIRUWKH
EHQHILWRI´863HUVRQVµDVVXFKWHUPLVGHILQHGLQ5HJXODWLRQ´6µXQGHU
WKH866HFXULWLHV$FWDQGIRU86IHGHUDOLQFRPHWD[SXUSRVHV7KH1RWHV
ZLOOQRWEHVROGLQ&DQDGDWRDQ\SHUVRQZKRLVDQRQUHVLGHQWRI&DQDGD
IRUWKHSXUSRVHVRI,7$RUWRDQ\SHUVRQSXUFKDVLQJIRUUHVDOHWRRUIRUWKH
EHQHILWRIDQ\SHUVRQZKRDQRQUHVLGHQWRI&DQDGDIRUWKHSXUSRVHVRIWKH
,7$
5HVDOH5HVWULFWLRQV
1RWHV KHOG E\ D SXUFKDVHU PD\ QRW EH RIIHUHG VROG RU GHOLYHUHG DQG E\
SXUFKDVLQJ D 1RWH WKH SXUFKDVHU DJUHHV WKDW WKH SXUFKDVHU ZLOO QRW RIIHU
VHOO RU GHOLYHU WKH 1RWH H[FHSW WR DQ DXWKRUL]HG DJHQW RI WKH ,VVXHU RU WR
SHUVRQVDSSURYHGE\VXFKDQDXWKRUL]HGDJHQWDVQRWEHLQJD863HUVRQRU
DSHUVRQZKRLVDQRQUHVLGHQWRI&DQDGDIRUWKHSXUSRVHVRIWKH,7$
3XUFKDVHUV·
5HSUHVHQWDWLRQV
%\SXUFKDVLQJD1RWHWKHSXUFKDVHUUHSUHVHQWVDQGZDUUDQWVWKDWLWLVQRWD
863HUVRQRUDSHUVRQQRWUHVLGHQWLQ&DQDGDIRUWKHSXUSRVHVRIWKH,7$
DQG LV QRW SXUFKDVLQJ VXFK 1RWHV IRU WKH DFFRXQW RI RU IRU WKH EHQHILW RI
DQ\VXFK863HUVRQRUQRQUHVLGHQWSHUVRQ
6WDWXVRI1RWHVDQG
*XDUDQWHH
7KH1RWHVZLOOFRQVWLWXWHGLUHFWXQFRQGLWLRQDODQGXQVHFXUHGREOLJDWLRQVRI
WKH ,VVXHU DQG UDQN SDUL SDVVX ZLWKRXW DQ\ SUHIHUHQFH DPRQJ WKHPVHOYHV
DQG DW OHDVW SDUL SDVVX ZLWK DOO RWKHU XQVHFXUHG DQG XQVXERUGLQDWHG
REOLJDWLRQVRIWKH,VVXHU7KHJXDUDQWHHE\WKH*XDUDQWRUZLOOFRQVWLWXWHDQ
XQFRQGLWLRQDOJXDUDQWHHRISD\PHQWLQIXOORIWKHSULQFLSDORIDQGLQWHUHVW
LIDQ\RQWKH1RWHV
/LTXLGLW\
7KH *XDUDQWRU PDLQWDLQV OLQHV RI FUHGLW LQ DPRXQWV VXIILFLHQW LQ LWV YLHZ
IRU LWV RSHUDWLRQV LQFOXGLQJ LWV REOLJDWLRQV DV JXDUDQWRU RI WKH ,VVXHU·V
1RWHV
)LQDQFLDO
6WDWHPHQWV
7KH *XDUDQWRU·V UHFHQW DXGLWHG ILQDQFLDO VWDWHPHQWV FDQ EH YLHZHG DQG
SULQWHG IURP WKH ZHEVLWH PDLQWDLQHG E\ WKH 86 6HFXULWLHV DQG ([FKDQJH
&RPPLVVLRQ WKH ´6(&µ DW ZZZVHFJRY E\ VHDUFKLQJ XQGHU ´)LOLQJV )RUPV('*$5µIRUWKHQDPH´'HHUH-RKQ&DSLWDO&RUSµ
]
&(57,),('5(62/87,212)7+(%2$5'2)',5(&7256
2)-2+1'((5(&5(',7,1&
GHILQHGDVWKH´&RUSRUDWLRQµLQWKHUHVROXWLRQ
5(62/9('WKDW
7KH &RUSRUDWLRQ PD\ ERUURZ PRQH\ IURP WLPH WR WLPH E\ WKH LVVXH DQG VDOH RI
GHSRVLWRU\ QRWHV VXEMHFW WR WKH 'HSRVLWRU\ %LOOV DQG 1RWHV $FW &DQDGD DQG
FRPPHUFLDOSDSHUQRWHVFROOHFWLYHO\´1RWHVµHDFK1RWHWREHLQVXFKSULQFLSDO
DPRXQWZKHWKHULQ&DQDGLDQRUDQRWKHUFXUUHQF\LQVXFKIRUPRUDVERRNHQWU\
LQGHEWHGQHVVLQWHUHVWEHDULQJRUQRQLQWHUHVWEHDULQJSD\DEOHQRWPRUHWKDQRQH
\HDUIURPWKHGDWHRILVVXHDQGSD\DEOHWRVXFKSD\HHRUWREHDUHUDQGWRFRQWDLQ
VXFK RWKHU WHUPV DQG SURYLVLRQV DOO DV PD\ EH GHWHUPLQHG RQ EHKDOI RI WKH
&RUSRUDWLRQSULRUWRGHOLYHU\RIWKH1RWH
,Q FRQQHFWLRQ ZLWK WKH LVVXH DQG VDOH RI 1RWHV WKH &RUSRUDWLRQ LV KHUHE\
DXWKRUL]HGIURPWLPHWRWLPHWRDSSRLQWDQGHQWHULQWRDJUHHPHQWVZLWKLRQHRU
PRUHTXDOLILHGILQDQFLDOLQVWLWXWLRQVWRDFWDVDJHQWRUDJHQWVIRUWKH&RUSRUDWLRQ
IRU WKH VDIHNHHSLQJ FRPSOHWLRQ LVVXDQFH GHOLYHU\ DQG SD\PHQW RI 1RWHV RQ
EHKDOI RI WKH &RUSRUDWLRQ LLRQH RU PRUH FOHDULQJ KRXVHV WR DFW LQ FRQQHFWLRQ
ZLWKWKHFOHDULQJDQGVHWWOHPHQWRIWUDQVDFWLRQVLQ1RWHVWKDWDUHGHSRVLWHGZLWK
LWDQGLLLRQHRUPRUHDJHQWVWRRIIHU1RWHVIRUVDOHWRWKHSXEOLFLQ&DQDGDDQG
HOVHZKHUHRQEHKDOIRIWKH&RUSRUDWLRQ
$Q\WZRRIWKH3UHVLGHQWDQ\9LFH3UHVLGHQWWKH7UHDVXUHURUWKH6HFUHWDU\RIWKH
&RUSRUDWLRQDUHKHUHE\DXWKRUL]HGRQEHKDOIRIWKH&RUSRUDWLRQIURPWLPHWRWLPH
WR H[HFXWH 1RWHV HLWKHU E\ PDQXDO RU IDFVLPLOH VLJQDWXUH DQG WR DIIL[ WKHUHWR
PDQXDOO\RUE\IDFVLPLOHWKHFRUSRUDWHVHDORIWKH&RUSRUDWLRQDQGWRGHOLYHUVXFK
1RWHVLQVXFKDPRXQWVDQGXSRQVXFKWHUPVLQFOXGLQJPDWXULW\GDWHVDQGUDWHV
RI LQWHUHVW RU GLVFRXQW DV WKH\ PD\ GHWHUPLQH VXFK GHWHUPLQDWLRQ WR EH
FRQFOXVLYHO\HYLGHQFHGE\WKHLUH[HFXWLRQWKHUHRIDQGWRH[HFXWHDQGGHOLYHUDQ\
RUDOORWKHUDJUHHPHQWVDQGGRFXPHQWVDXWKRUL]HGKHUHE\1RWHVEHDULQJRQHRU
PRUHIDFVLPLOHVLJQDWXUHVRIVXFKRIILFHURURIILFHUVVKDOOKDYHWKHVDPHOHJDOHIIHFW
DQG VKDOO ELQG WKH &RUSRUDWLRQ DV IXOO\ DQG HIIHFWXDOO\ DV LI PDQXDOO\ VLJQHG E\
VXFKRIILFHURURIILFHUVUHJDUGOHVVRIZKDWHYHUKRZVRHYHURUE\ZKRPVRHYHUWKH
IDFVLPLOHVLJQDWXUHVKDYHEHHQPHFKDQLFDOO\DIIL[HG
1RWHVPD\EHSULQWHGLQELOLQJXDOIRUPLQERWKWKH(QJOLVKDQG)UHQFKODQJXDJHV
DQGLQWKDWFDVHWKH)UHQFKODQJXDJHYHUVLRQVKDOOEHDQDFFXUDWHWUDQVODWLRQRIWKH
(QJOLVKODQJXDJHYHUVLRQSURYLGHGWKDWLQWKHHYHQWRIDQ\GLVSXWHDULVLQJDVWR
WHUPVDQGSURYLVLRQVRIDQ\1RWHWKH(QJOLVKODQJXDJHYHUVLRQVKDOOEHGHHPHG
WREHDXWKRULWDWLYHQRWZLWKVWDQGLQJWKDWWKHUHPD\EHDGLVFUHSDQF\EHWZHHQWKH
LQWHUSUHWDWLRQ RI WKH (QJOLVK DQG )UHQFK ODQJXDJH YHUVLRQV DQG VXFK 1RWH VKDOO
EHLQWHUSUHWHGDQGHQIRUFHGDFFRUGLQJO\
$Q\ 1RWH LH[HFXWHG E\ WKH &RUSRUDWLRQ LQ DFFRUGDQFH ZLWK WKH SURYLVLRQV RI
WKLVUHVROXWLRQLLLIVRSURYLGHGLQWKHIRUPRI1RWHPDQXDOO\FRXQWHUVLJQHGRU
DXWKHQWLFDWHGRQEHKDOIRIWKH&RUSRUDWLRQE\DQ\LQGLYLGXDODXWKRUL]HGIRUVXFK
SXUSRVHE\WKH&RUSRUDWLRQ·VDJHQWIRUWKHFRPSOHWLRQDQGLVVXDQFHRI1RWHVIURP
WLPHWRWLPHDQGLLLGXO\LVVXHGDQGGHOLYHUHGE\VXFKDJHQWVKDOOFRQVWLWXWHD
YDOLGDQGELQGLQJREOLJDWLRQRIWKH&RUSRUDWLRQHQIRUFHDEOHLQDFFRUGDQFHZLWKLWV
WHUPVQRWZLWKVWDQGLQJWKDWDWDQ\WLPHDIWHUH[HFXWLRQRIVXFK1RWHDQ\SHUVRQ
^
GXO\DXWKRUL]HGWRH[HFXWHWKHVDPHFHDVHVWRKROGWKHRIILFHRUSRVLWLRQKHOGE\
VXFKSHUVRQDWWKHWLPHWKDWVXFKSHUVRQH[HFXWHGVXFK1RWH
$OO SULRU UHVROXWLRQV RI WKH %RDUG RI 'LUHFWRUV RI WKH &RUSRUDWLRQ UHODWLQJ WR WKH
VXEMHFW PDWWHU RI WKLV UHVROXWLRQ DUH KHUHE\ UHSHDOHG ZLWKRXW SUHMXGLFH WR DQ\
DFWLRQKHUHWRIRUHWDNHQSXUVXDQWWKHUHWR
,'DYLG5%XJDUHVWLWKH6HFUHWDU\RI-RKQ'HHUH&UHGLW,QFWKH´&RUSRUDWLRQµKHUHE\FHUWLI\
WKDWWKHIRUHJRLQJLVDWUXHDQGFRPSOHWHFRS\RIDUHVROXWLRQSDVVHGE\WKHGLUHFWRUVRIWKH&RUSRUDWLRQ
RQ6HSWHPEHUDQGVXFKUHVROXWLRQLVLQIXOOIRUFHDQGHIIHFWXQDPHQGHGRQWKHGDWHKHUHRI
'$7('0D\
'DYLG5%XJDUHVWL
6HFUHWDU\
_
&(57,),&$7(2),1&80%(1&<$1'63(&,0(16,*1$785(6
, 'DYLG 5 %XJDUHVWL 6HFUHWDU\ RI -RKQ 'HHUH &UHGLW ,QF WKH ´,VVXHUµ KHUHE\ FHUWLI\ WKDW WKH
IROORZLQJ SHUVRQ LV D GXO\ DSSRLQWHG DQG TXDOLILHG RIILFHU RI WKH ,VVXHU DQG KROGV WKH RIILFH LQGLFDWHG
RSSRVLWHWKH RIILFHU·VQDPHDQGWKH VSHFLPHQ VLJQDWXUHDSSHDULQJRSSRVLWHWKH RIILFHU·VQDPHLVDWUXH
VSHFLPHQRIWKHVLJQDWXUHRIWKDWRIILFHU
1DPHRI2IILFHU
2IILFH
&KDUOHV6:HOOV
3UHVLGHQW
6SHFLPHQ6LJQDWXUH
'$7('0D\
'DYLG5%XJDUHVWL
6HFUHWDU\
, &KDUOHV 6 :HOOV 3UHVLGHQW RI WKH ,VVXHU KHUHE\ FHUWLI\ WKDW WKH IROORZLQJ SHUVRQ LV D GXO\
DSSRLQWHG DQG TXDOLILHG RIILFHU RI WKH ,VVXHU DQG KROGV WKH RIILFH LQGLFDWHG RSSRVLWH WKH RIILFHU·V QDPH
DQGWKHVSHFLPHQVLJQDWXUHDSSHDULQJRSSRVLWHWKHRIILFHU·VQDPHLVDWUXHVSHFLPHQRIWKHVLJQDWXUHRI
WKDWRIILFHU
1DPHRI2IILFHU
2IILFH
'DYLG5%XJDUHVWL
6HFUHWDU\
6SHFLPHQ6LJQDWXUH
'$7('0D\
&KDUOHV6:HOOV
3UHVLGHQW
a`
&(57,),('5(62/87,212)7+(%2$5'2)',5(&7256
2)-2+1'((5(&$3,7$/&25325$7,21´&203$1<µ
$87+25,=,1**8$5$17<2)'(%72)
-2+1'((5(&5(',7,1&´-'&,µ
:+(5($6-'&,IURPWLPHWRWLPHIXOILOOVLWVVKRUWWHUPIXQGLQJQHHGVE\LVVXLQJFRPPHUFLDO
SDSHULQWKH&DQDGLDQPDUNHWDQGPD\IURPWLPHWRWLPHLQWKHIXWXUHIXOILOOLWVVKRUWWHUPIXQGLQJQHHGV
E\LVVXLQJFRPPHUFLDOSDSHULQMXULVGLFWLRQVRXWVLGH&DQDGD
:+(5($6WKHJXDUDQW\RIWKH&RPSDQ\ZRXOGIDFLOLWDWHWKHRIIHULQJRIVXFKFRPPHUFLDOSDSHU
E\-'&,
12: 7+(5()25( %( ,7 5(62/9(' WKDW WKH IXOO DQG XQFRQGLWLRQDO JXDUDQW\ E\ WKH
&RPSDQ\ RI FRPPHUFLDO SDSHU LVVXHG E\ -'&, LQ VXFK FXUUHQFLHV DQG LQ VXFK DPRXQWV DV VKDOO EH
DSSURYHG E\ WKH 7UHDVXUHU DQG &KLHI )LQDQFLDO 2IILFHU RI WKH &RPSDQ\ LV KHUHE\ DXWKRUL]HG DQG
DSSURYHGDQG
)857+(55(62/9('WKDWDQ\RIWKH&KDLUPDQ3UHVLGHQWDQ\9LFH3UHVLGHQWWKH7UHDVXUHU
WKH$VVLVWDQW7UHDVXUHUWKH6HFUHWDU\RUDQ\$VVLVWDQW6HFUHWDU\RIWKH&RPSDQ\LVKHUHE\DXWKRUL]HGWR
H[HFXWHPDQXDOO\E\IDFVLPLOHRUE\HOHFWURQLFVLJQDWXUHRUDQ\RIWKHPLQWKHQDPHDQGRQEHKDOIRI
WKH&RPSDQ\XQGHULWVFRUSRUDWHVHDORURWKHUZLVHDQGWRGHOLYHUDQ\JXDUDQW\DXWKRUL]HGSXUVXDQWWR
WKHSUHFHGLQJUHVROXWLRQDQGWRWDNHVXFKRWKHUDFWLRQDVVXFKRIILFHULQKLVRUKHUVROHGLVFUHWLRQGHHPV
QHFHVVDU\RUDGYLVDEOHWRHIIHFWXDWHWKHLVVXDQFHDQGVDOHRI-'&,FRPPHUFLDOSDSHUDVJXDUDQWHHGE\WKH
&RPSDQ\ DQG DOO DFWLRQ ZKLFK KDV KHUHWRIRUH EHHQ WDNHQ E\ DQ\ RIILFHU RI WKH &RPSDQ\ IRU VXFK
SXUSRVHVLVKHUHE\UDWLILHGDQGDSSURYHG
,0DU\.:-RQHV6HFUHWDU\RIWKH&RPSDQ\DFRUSRUDWLRQRUJDQL]HGDQGH[LVWLQJXQGHUWKH
ODZVRIWKH6WDWHRI'HODZDUHKHUHE\FHUWLI\WKDWWKHDERYHUHVROXWLRQVZHUHDGRSWHGDQGDSSURYHGE\
WKH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\RQ$XJXVWDQGVXFKUHVROXWLRQVDUHVWLOOLQIXOOIRUFHDQG
HIIHFWDUHXQDPHQGHGDQGQRSURFHHGLQJVKDYHEHHQWDNHQRUDUHSHQGLQJIRUUHSHDORUDPHQGPHQW
'$7('0D\
0DU\.:-RQHV
6HFUHWDU\
&(57,),&$7(2),1&80%(1&<$1'63(&,0(16,*1$785(6
, 0DU\ . : -RQHV 6HFUHWDU\ RI -RKQ 'HHUH &DSLWDO &RUSRUDWLRQ WKH ´*XDUDQWRUµ KHUHE\
FHUWLI\WKDWWKHIROORZLQJSHUVRQLVDGXO\DSSRLQWHGDQGTXDOLILHGRIILFHURIWKH*XDUDQWRUDQGKROGVWKH
RIILFHLQGLFDWHGRSSRVLWHWKHRIILFHU·VQDPHDQGWKHVSHFLPHQVLJQDWXUHDSSHDULQJRSSRVLWHWKHRIILFHU·V
QDPHLVDWUXHVSHFLPHQRIWKHVLJQDWXUHRIWKDWRIILFHU
1DPHRI2IILFHU
2IILFH
6SHFLPHQ6LJQDWXUH
-DPHV$'DYOLQ
9LFH3UHVLGHQWDQG7UHDVXUHU
'$7('0D\
0DU\.:-RQHV
6HFUHWDU\
,0DUN&5REHUWV$VVLVWDQW6HFUHWDU\RIWKH*XDUDQWRUKHUHE\FHUWLI\WKDWWKHIROORZLQJSHUVRQ
LV D GXO\ DSSRLQWHG DQG TXDOLILHG RIILFHU RI WKH *XDUDQWRU DQG KROGV WKH RIILFH LQGLFDWHG RSSRVLWH WKH
RIILFHU·VQDPHDQGWKHVSHFLPHQVLJQDWXUHDSSHDULQJRSSRVLWHWKHRIILFHU·VQDPHLVDWUXHVSHFLPHQRIWKH
VLJQDWXUHRIWKDWRIILFHU
1DPHRI2IILFHU
2IILFH
0DU\.:-RQHV
6HFUHWDU\
6SHFLPHQ6LJQDWXUH
'$7('0D\
0DUN&5REHUWV
$VVLVWDQW6HFUHWDU\
385&+$6(56·67$78725<5,*+76
6HFXULWLHV OHJLVODWLRQ LQ FHUWDLQ RI WKH &DQDGLDQ SURYLQFHV SURYLGHV SXUFKDVHUV RI VHFXULWLHV
SXUVXDQWWRWKLV,QIRUPDWLRQ0HPRUDQGXPZLWKDUHPHG\IRUGDPDJHVRUUHVFLVVLRQRUERWKLQDGGLWLRQ
WRDQ\RWKHUULJKWVWKH\PD\KDYHDWODZZKHUHWKLV,QIRUPDWLRQ0HPRUDQGXPDQGDQ\DPHQGPHQWWRLW
FRQWDLQVD´0LVUHSUHVHQWDWLRQµ:KHUHXVHGKHUHLQ´0LVUHSUHVHQWDWLRQµPHDQVDQXQWUXHVWDWHPHQWRID
PDWHULDO IDFW RU DQ RPLVVLRQ WR VWDWH D PDWHULDO IDFW WKDW LV UHTXLUHG WR EH VWDWHG RU WKDW LV QHFHVVDU\ WR
PDNHDQ\VWDWHPHQWQRWPLVOHDGLQJLQOLJKWRIWKHFLUFXPVWDQFHVLQZKLFKLWZDVPDGH7KHVHUHPHGLHV
RU QRWLFH ZLWK UHVSHFW WKHVH UHPHGLHV PXVW EH H[HUFLVHG RU GHOLYHUHG DV WKH FDVH PD\ EH E\ WKH
SXUFKDVHUZLWKLQWKHWLPHOLPLWVSUHVFULEHGE\DSSOLFDEOHVHFXULWLHVOHJLVODWLRQ
:LWKRXWOLPLWLQJWKHJHQHUDOLW\RIWKHIRUHJRLQJSXUFKDVHUVRI1RWHVUHVLGHQWLQWKH3URYLQFHRI
1RYD6FRWLDKDYHWKHIROORZLQJULJKWV
7KHULJKWRIDFWLRQIRUGDPDJHVRUUHVFLVVLRQGHVFULEHGKHUHLQLVFRQIHUUHGE\VHFWLRQRIWKH
6HFXULWLHV$FW1RYD6FRWLD6HFWLRQRIWKH6HFXULWLHV$FW1RYD6FRWLDSURYLGHVLQUHOHYDQWSDUWWKDW
LQ WKH HYHQW WKDW WKLV ,QIRUPDWLRQ 0HPRUDQGXP WRJHWKHU ZLWK DQ\ DPHQGPHQW WKHUHWR RU DQ\
DGYHUWLVLQJRUVDOHVOLWHUDWXUHDVGHILQHGLQWKH6HFXULWLHV$FW1RYD6FRWLDFRQWDLQVD0LVUHSUHVHQWDWLRQ
WKHSXUFKDVHUZLOOEHGHHPHGWRKDYHUHOLHGXSRQVXFK0LVUHSUHVHQWDWLRQLILWZDVD0LVUHSUHVHQWDWLRQDW
WKH WLPH RI SXUFKDVH DQG KDV VXEMHFW WR FHUWDLQ OLPLWDWLRQV DQG GHIHQFHV D VWDWXWRU\ ULJKW RI DFWLRQ IRU
GDPDJHVDJDLQVWWKH,VVXHUDQGVXEMHFWWRFHUWDLQDGGLWLRQDOGHIHQFHVHYHU\GLUHFWRURIWKH,VVXHUDWWKH
GDWH RI WKH ,QIRUPDWLRQ 0HPRUDQGXP DQG HYHU\ SHUVRQ ZKR VLJQHG WKH RIIHULQJ PHPRUDQGXP RU
DOWHUQDWLYHO\ ZKLOH VWLOO WKH RZQHU RI WKH VHFXULWLHV SXUFKDVHG E\ WKH SXUFKDVHU PD\ HOHFW LQVWHDG WR
H[HUFLVHDVWDWXWRU\ULJKWRIUHVFLVVLRQDJDLQVWWKH,VVXHULQZKLFKFDVHWKHSXUFKDVHUVKDOOKDYHQRULJKW
RI DFWLRQ IRU GDPDJHV DJDLQVW WKH ,VVXHU GLUHFWRUV RI WKH ,VVXHU RU SHUVRQV ZKR KDYH VLJQHG WKH
,QIRUPDWLRQ0HPRUDQGXPSURYLGHGWKDWDPRQJRWKHUOLPLWDWLRQV
D
QRDFWLRQVKDOOEHFRPPHQFHGWRHQIRUFHWKHULJKWRIDFWLRQIRUUHVFLVVLRQRUGDPDJHVE\D
SXUFKDVHUUHVLGHQWLQ1RYD6FRWLDODWHUWKDQGD\VDIWHUWKHGDWHRQZKLFKWKHLQLWLDO
SD\PHQWZDVPDGHIRUWKHVHFXULWLHV
E
QR SHUVRQ ZLOO EH OLDEOH LI LW SURYHV WKDW WKH SXUFKDVHU SXUFKDVHG WKH VHFXULWLHV ZLWK
NQRZOHGJHRIWKH0LVUHSUHVHQWDWLRQ
F
LQWKHFDVHRIDQDFWLRQIRUGDPDJHVQRSHUVRQZLOOEHOLDEOHIRUDOORUDQ\SRUWLRQRIWKH
GDPDJHV WKDW LW SURYHV GR QRW UHSUHVHQW WKH GHSUHFLDWLRQ LQ YDOXH RI WKH VHFXULWLHV DV D
UHVXOWRIWKH0LVUHSUHVHQWDWLRQUHOLHGXSRQDQG
G
LQ QR FDVH ZLOO WKH DPRXQW UHFRYHUDEOH LQ DQ\ DFWLRQ H[FHHG WKH SULFH DW ZKLFK WKH
VHFXULWLHVZHUHRIIHUHGWRWKHSXUFKDVHU
,Q DGGLWLRQ D SHUVRQ RU FRPSDQ\ RWKHU WKDQ WKH ,VVXHU ZLOO QRW EH OLDEOH LI WKDW SHUVRQ RU
FRPSDQ\SURYHVWKDW
D
WKH,QIRUPDWLRQ0HPRUDQGXPRUDPHQGPHQWWRWKH,QIRUPDWLRQ0HPRUDQGXPZDVVHQW
RUGHOLYHUHGWRWKHSXUFKDVHUZLWKRXWWKHSHUVRQ·VRUFRPSDQ\·VNQRZOHGJHRU FRQVHQW
DQG WKDW RQ EHFRPLQJ DZDUH RI LWV GHOLYHU\ WKH SHUVRQ RU FRPSDQ\ JDYH UHDVRQDEOH
JHQHUDO QRWLFH WKDW LW ZDV GHOLYHUHG ZLWKRXW WKH SHUVRQ·V RU FRPSDQ\·V NQRZOHGJH RU
FRQVHQW
E
DIWHU GHOLYHU\ RI WKH ,QIRUPDWLRQ 0HPRUDQGXP RU DPHQGPHQW WR WKH ,QIRUPDWLRQ
0HPRUDQGXPDQG EHIRUH WKHSXUFKDVHRIWKHVHFXULWLHVE\WKHSXUFKDVHU RQEHFRPLQJ
DZDUH RI DQ\ 0LVUHSUHVHQWDWLRQ LQ WKH RIIHULQJ PHPRUDQGXP RU DPHQGPHQW WR WKH
RIIHULQJ PHPRUDQGXP WKH SHUVRQ RU FRPSDQ\ ZLWKGUHZ WKH SHUVRQ·V RU FRPSDQ\·V
FRQVHQWWRWKHRIIHULQJPHPRUDQGXPRUDPHQGPHQWWRWKHRIIHULQJPHPRUDQGXPDQG
JDYHUHDVRQDEOHJHQHUDOQRWLFHRIWKHZLWKGUDZDODQGWKHUHDVRQIRULWRU
F
ZLWK UHVSHFW WR DQ\ SDUW RI WKH ,QIRUPDWLRQ 0HPRUDQGXP RU DPHQGPHQW WR WKH
,QIRUPDWLRQ0HPRUDQGXPSXUSRUWLQJLWREHPDGHRQWKHDXWKRULW\RIDQH[SHUWRULL
WREHDFRS\RIRUDQH[WUDFWIURPDUHSRUWDQRSLQLRQRUDVWDWHPHQWRIDQH[SHUWWKH
SHUVRQ RU FRPSDQ\ KDG QR UHDVRQDEOH JURXQGV WR EHOLHYH DQG GLG QRW EHOLHYH WKDW $
WKHUHKDGEHHQD0LVUHSUHVHQWDWLRQRU%WKHUHOHYDQWSDUWRIWKHRIIHULQJPHPRUDQGXP
RU DPHQGPHQW WR RIIHULQJ PHPRUDQGXP GLG QRW IDLUO\ UHSUHVHQW WKH UHSRUW RSLQLRQ RU
VWDWHPHQWRIWKHH[SHUWRUZDVQRWDIDLUFRS\RIRUDQH[WUDFWIURPWKHUHSRUWRSLQLRQ
RUVWDWHPHQWRIWKHH[SHUW
)XUWKHUPRUHQRSHUVRQRUFRPSDQ\RWKHUWKDQWKH,VVXHUZLOOEHOLDEOHZLWKUHVSHFWWRDQ\SDUW
RIWKH,QIRUPDWLRQ0HPRUDQGXPRUDPHQGPHQWWRWKH,QIRUPDWLRQ0HPRUDQGXPQRWSXUSRUWLQJDWR
EH PDGH RQ WKH DXWKRULW\ RI DQ H[SHUW RU E WR EH D FRS\ RI RU DQ H[WUDFW IURP D UHSRUW RSLQLRQ RU
VWDWHPHQWRIDQH[SHUWXQOHVVWKHSHUVRQRUFRPSDQ\LIDLOHGWRFRQGXFWDUHDVRQDEOHLQYHVWLJDWLRQWR
SURYLGH UHDVRQDEOH JURXQGV IRU D EHOLHI WKDW WKHUH KDG EHHQ QR 0LVUHSUHVHQWDWLRQ RU LL EHOLHYHG WKDW
WKHUHKDGEHHQD0LVUHSUHVHQWDWLRQ
,I D 0LVUHSUHVHQWDWLRQ LV FRQWDLQHG LQ D UHFRUG LQFRUSRUDWHG E\ UHIHUHQFH LQWR RU GHHPHG
LQFRUSRUDWHG E\ UHIHUHQFH LQWR WKH ,QIRUPDWLRQ 0HPRUDQGXP RU DPHQGPHQW WR WKH ,QIRUPDWLRQ
0HPRUDQGXPWKH0LVUHSUHVHQWDWLRQLVGHHPHGWREHFRQWDLQHGLQWKH,QIRUPDWLRQ0HPRUDQGXPRUDQ
DPHQGPHQWWRWKH,QIRUPDWLRQ0HPRUDQGXP
b
Deere & Company
Law Department
One John Deere Place, Moline, IL 61265 USA
Phone : (309) 765-4675
Fax : (309) 765-4735
E-mail : [email protected]
James R. Jenkins
Senior V.P. and General Counsel
0D\
-RKQ'HHUH&UHGLW,QF
6XLWH
&KDPSODLQ$YHQXH
%XUOLQJWRQ2QWDULR//=
6WLNHPDQ(OOLRWW//3
%D\6WUHHW
&RPPHUFH&RXUW:HVW
7RURQWR2QWDULR0/%
'HDU/DGLHVDQG*HQWOHPHQ
-RKQ'HHUH&UHGLW,QF6KRUW7HUP3URPLVVRU\1RWHV
*XDUDQWHHGE\-RKQ'HHUH&DSLWDO&RUSRUDWLRQ
, DP 6HQLRU 9LFH 3UHVLGHQW DQG *HQHUDO &RXQVHO RI 'HHUH &RPSDQ\ D 'HODZDUH
FRUSRUDWLRQ DQG , DP IDPLOLDU ZLWK WKH &HUWLILFDWH RI ,QFRUSRUDWLRQ WKH E\ODZV DQG WKH DIIDLUV RI
-RKQ 'HHUH &DSLWDO &RUSRUDWLRQ WKH ´&RUSRUDWLRQµ D ZKROO\ RZQHG VXEVLGLDU\ RI 'HHUH &RPSDQ\,DPDOVRIDPLOLDUZLWKWKHFRUSRUDWHSURFHHGLQJVWDNHQE\WKH&RUSRUDWLRQWRDXWKRUL]H
WKH H[HFXWLRQ DQG GHOLYHU\ RQ EHKDOI RI WKH &RUSRUDWLRQ RI WKH JXDUDQWHH WKH ´*XDUDQWHHµ E\ WKH
&RUSRUDWLRQ RI SD\PHQW RI WKH SULQFLSDO RI DQG LQWHUHVW RQ HDFK RI WKH XQVHFXUHG VKRUWWHUP
SURPLVVRU\ QRWHV WKH ´1RWHVµ WR EH LVVXHG IURP WLPH WR WLPH LQ WKH FRPPHUFLDO SDSHU PDUNHWV LQ
VXFK SULQFLSDO DPRXQW ZKHWKHU LQ &DQDGLDQ FXUUHQF\ RU FXUUHQF\ RI WKH 8QLWHG 6WDWHV WR EH LQ
FHUWLILFDWHGRUERRNHQWU\IRUPWREHLQWHUHVWEHDULQJRUQRQLQWHUHVWEHDULQJWREHSD\DEOHQRWPRUH
WKDQRQH\HDUIURPWKHGDWHRILVVXHDQGWRFRQWDLQVXFKRWKHUWHUPVDQGFRQGLWLRQVDVLQHDFKFDVH
PD\EHGHWHUPLQHGE\-RKQ'HHUH&UHGLW,QF´-RKQ'HHUH&UHGLWµD&DQDGLDQFRUSRUDWLRQSULRU
WRGHOLYHU\WKHUHRI
, KDYH H[DPLQHG RU FDXVHG WR EH H[DPLQHG LWKH IRUPV RI WKH 1RWHV LLWKH IRUP RI WKH
*XDUDQWHH LLLWKH QRWH LVVXDQFH VHUYLFH DJUHHPHQW WKH ´&DQDGLDQ 'ROODU 1RWH ,VVXDQFH
$JUHHPHQWµPDGHRQ-XQHEHWZHHQ-RKQ'HHUH&UHGLWDQG5R\DO%DQNRI&DQDGD´5%&µ
SURYLGLQJ DPRQJ RWKHU WKLQJV IRU WKH FRPSOHWLRQ LVVXDQFH GHOLYHU\ DQG SD\PHQW RI &DQDGLDQ
GROODU 1RWHV E\ 5%& RQ EHKDOI RI -RKQ 'HHUH &UHGLW LYWKH QRWH LVVXDQFH VHUYLFH DJUHHPHQW WKH
´86 'ROODU 1RWH ,VVXDQFH $JUHHPHQWµ PDGH RQ -XQH EHWZHHQ -RKQ 'HHUH &UHGLW DQG
5%& SURYLGLQJ DPRQJ RWKHU WKLQJV IRU WKH FRPSOHWLRQ LVVXDQFH GHOLYHU\ DQG SD\PHQW RI 86
GROODU 1RWHV E\ 5%& RQ EHKDOI RI -RKQ 'HHUH &UHGLW DQG Y WKH LQIRUPDWLRQ PHPRUDQGXP GDWHG
0D\UHODWLQJWRWKHRIIHULQJRIWKH1RWHV,QDGGLWLRQ,KDYHPDGHVXFKLQYHVWLJDWLRQVDQG
KDYHH[DPLQHGVXFKRWKHUGRFXPHQWVDV,KDYHFRQVLGHUHGQHFHVVDU\RUDSSURSULDWHLQRUGHUWRJLYH
WKLVRSLQLRQ
=
)RUWKHSXUSRVHVRIWKLVRSLQLRQ,KDYHDVVXPHG
D
WKDWHDFKRIWKH&DQDGLDQ'ROODU1RWH,VVXDQFH$JUHHPHQWDQGWKH86'ROODU1RWH
,VVXDQFH$JUHHPHQWKDVEHHQGXO\DXWKRUL]HGH[HFXWHGDQGGHOLYHUHGE\HDFKRIWKH
SDUWLHV WKHUHWR DQG FRQVWLWXWHV D OHJDO YDOLG DQG ELQGLQJ REOLJDWLRQ RI -RKQ 'HHUH
&UHGLWHQIRUFHDEOHLQDFFRUGDQFHZLWKLWVWHUPV
E
WKHGXHDXWKRUL]DWLRQDQGH[HFXWLRQRIWKH1RWHVE\-RKQ'HHUH&UHGLWDQGWKDWXSRQ
GHOLYHU\DVSURYLGHGLQWKH&DQDGLDQ'ROODU1RWH,VVXDQFH$JUHHPHQWDQGWKH86
'ROODU 1RWH ,VVXDQFH $JUHHPHQW WKH 1RWHV ZLOO FRQVWLWXWH OHJDO YDOLG DQG ELQGLQJ
REOLJDWLRQVRI-RKQ'HHUH&UHGLWHQIRUFHDEOHLQDFFRUGDQFHZLWKWKHLUWHUPVVXEMHFW
WR DOO DSSOLFDEOH EDQNUXSWF\ LQVROYHQF\ DQG VLPLODU ODZV DIIHFWLQJ FUHGLWRUV· ULJKWV
JHQHUDOO\DQGVXEMHFWDVWRHQIRUFHDELOLW\WRJHQHUDOSULQFLSOHVRIHTXLW\UHJDUGOHVV
RIZKHWKHUHQIRUFHPHQWLVVRXJKWLQDSURFHHGLQJLQHTXLW\RUDWODZDQG
F
WKDW WKH FKRLFH RI 2QWDULR ODZ DV WKH JRYHUQLQJ ODZ RI WKH &DQDGLDQ 'ROODU 1RWH
,VVXDQFH $JUHHPHQW DQG WKH 86 'ROODU 1RWH ,VVXDQFH $JUHHPHQW DQG WKH 1RWHV
LVVXHGWKHUHXQGHULVDYDOLGOHJDODQGERQDILGHFKRLFHRIODZQRWFRQWUDU\WRSXEOLF
SROLF\XQGHUWKHODZVRI,OOLQRLV
,DPTXDOLILHGWRSUDFWLFHODZLQWKH6WDWHVRI,OOLQRLVDQG0LFKLJDQDQGGRQRWSXUSRUWWREH
DQH[SHUWRQDQGGRQRWH[SUHVVDQ\RSLQLRQKHUHLQFRQFHUQLQJDQ\ODZVRWKHUWKDQWKHODZVRIWKH
6WDWHVRI,OOLQRLVDQG0LFKLJDQWKH*HQHUDO&RUSRUDWLRQ/DZRIWKH6WDWHRI'HODZDUHDQGWKH)HGHUDO
/DZVRIWKH8QLWHG6WDWHV
%DVHGXSRQWKHIRUHJRLQJ,DPRIWKHRSLQLRQWKDW
D
WKH &RUSRUDWLRQ KDV EHHQ GXO\ LQFRUSRUDWHG DQG LV YDOLGO\ H[LVWLQJ DV D
FRUSRUDWLRQLQJRRGVWDQGLQJXQGHUWKHODZVRIWKH6WDWHRI'HODZDUH
E
WKH&RUSRUDWLRQKDVWKHFRUSRUDWHSRZHUWRJXDUDQWHHWKH1RWHV
F
WKH *XDUDQWHHKDVEHHQGXO\DXWKRUL]HGDQG ZKHQIURP WLPHWRWLPHGXO\
VLJQHGHLWKHUPDQXDOO\RUE\IDFVLPLOHVLJQDWXUHE\DQ\SHUVRQKROGLQJWKH
RIILFH RI &KDLUPDQ 3UHVLGHQW DQ\ 9LFH 3UHVLGHQW WKH 7UHDVXUHU WKH
$VVLVWDQW 7UHDVXUHU WKH 6HFUHWDU\ RU DQ\ $VVLVWDQW 6HFUHWDU\ RI WKH
&RUSRUDWLRQ DQG GHOLYHUHG LQ FRQQHFWLRQ ZLWK DQ\ 1RWH VROG LQ WKH
FRPPHUFLDOSDSHUPDUNHWVZLOOFRQVWLWXWHDYDOLGDQGELQGLQJREOLJDWLRQRI
WKH &RUSRUDWLRQ DQG LI DQ\ RIILFHU RI WKH &RUSRUDWLRQ ZKR VLJQV RU ZKRVH
IDFVLPLOHVLJQDWXUHDSSHDUVRQWKH*XDUDQWHHVKDOOFHDVHWRKROGVXFKRIILFH
SULRUWRWKHLVVXDQFHWKHUHRIWKH*XDUDQWHHVKDOOQHYHUWKHOHVVEHYDOLGDQG
G WKH GHOLYHU\ E\ 5%& RI DQ\ 1RWHV SXUVXDQW WR WKH &DQDGLDQ 'ROODU 1RWH
,VVXDQFH $JUHHPHQW RU WKH 86 'ROODU 1RWH ,VVXDQFH $JUHHPHQW DV
DSSOLFDEOHZLOOFRQVWLWXWHGHOLYHU\RIWKH*XDUDQWHH
<RXUVWUXO\
a\
Stikeman Elliott LLP
Barristers & Solicitors
5300 Commerce Court West, 199 Bay Street, Toronto, Canada M5L 1B9
Tel: (416)·869-5500 Fax: (416) 947-0866 www.stikeman.com
0D\
-RKQ'HHUH&UHGLW,QF
6XLWH
&KDPSODLQ$YHQXH
%XUOLQJWRQ2QWDULR
//=
'HDU/DGLHVDQG*HQWOHPHQ
5H-RKQ'HHUH&UHGLW,QF²6KRUW7HUP3URPLVVRU\1RWHV
:H KDYH DFWHG DV OHJDO FRXQVHO WR -RKQ 'HHUH &UHGLW ,QF WKH ´,VVXHUµ LQ FRQQHFWLRQ
ZLWK WKH SURSRVHG LVVXH DQG VDOH IURP WLPH WR WLPH RI QHJRWLDEOH XQVHFXUHG VKRUWWHUP
SURPLVVRU\ QRWHV WKH ´1RWHVµ DV GHVFULEHG LQ GHWDLO LQ WKH ,QIRUPDWLRQ 0HPRUDQGXP RI WKH
,VVXHU GDWHG 0D\ WKH ´,QIRUPDWLRQ 0HPRUDQGXPµ DQG DV &DQDGLDQ OHJDO FRXQVHO WR
-RKQ 'HHUH &DSLWDO &RUSRUDWLRQ WKH ´*XDUDQWRUµ LQ FRQQHFWLRQ ZLWK D JXDUDQWHH E\ LW RI WKH
REOLJDWLRQVRIWKH,VVXHUXQGHUWKHWHUPVRIWKH1RWHV
:HKDYHSDUWLFLSDWHGLQWKHSUHSDUDWLRQRIWKH,QIRUPDWLRQ0HPRUDQGXPLQFOXGLQJWKH
VSHFLPHQ IRUPV RI 1RWHV UHSURGXFHG LQ WKH ,QIRUPDWLRQ 0HPRUDQGXP DQG KDYH H[DPLQHG
RULJLQDOV RU FRSLHV FHUWLILHG RU RWKHUZLVH LGHQWLILHG WR RXU VDWLVIDFWLRQ RI VXFK SXEOLF DQG
FRUSRUDWHUHFRUGVFHUWLILFDWHVDQGGRFXPHQWVDVZHKDYHFRQVLGHUHGQHFHVVDU\RUDSSURSULDWHIRU
WKHSXUSRVHRIWKLVRSLQLRQ
,QH[DPLQLQJDOOGRFXPHQWVDQGSURYLGLQJRXURSLQLRQVZHKDYHDVVXPHG
L
WKHOHJDOFDSDFLW\RIDOOLQGLYLGXDOV
LL
WKHDXWKRULW\RIDOOSHUVRQVVLJQLQJDOOGRFXPHQWV
LLL
WKHJHQXLQHQHVVRIDOOVLJQDWXUHVDQGWKHDXWKHQWLFLW\RIDOOGRFXPHQWVVXEPLWWHG
WRXVDVRULJLQDOV
LY
WKHFRQIRUPLW\WRDXWKHQWLFRURULJLQDOGRFXPHQWVRIDOOGRFXPHQWVVXEPLWWHGWRXV
DVFHUWLILHGFRQIRUPHGWHOHFRSLHGRUSKRWRVWDWLFFRSLHV
Y
WKDWQHLWKHUWKH,VVXHUQRUWKH*XDUDQWRULVD´PDUNHWLQWHUPHGLDU\µDVVXFKWHUPLV
GHILQHGLQVHFWLRQRIWKHUHJXODWLRQVXQGHUWKH6HFXULWLHV$FW2QWDULR
YL
YLL
WKDW DOO IDFWV VHW IRUWK LQ WKH RIILFLDO SXEOLF UHFRUGV FHUWLILFDWHV DQG GRFXPHQWV
VXSSOLHG E\ SXEOLF RIILFLDOV RU RWKHUZLVH FRQYH\HG WR XVH E\ SXEOLF RIILFLDOV DUH
FRPSOHWHWUXHDQGDFFXUDWH
WKHFHUWLILFDWHRILQFRUSRUDWLRQRI-RKQ'HHUH&UHGLW,QFLVFRQFOXVLYHHYLGHQFHWKDW
WKH,VVXHULVLQFRUSRUDWHGXQGHUWKH&DQDGD%XVLQHVV&RUSRUDWLRQV$FWDQG
a]
TORONTO
MONTREAL
OTTAWA
CALGARY
VANCOUVER
NEW YORK
LONDON
SYDNEY
YLLL
WKDW DOO IDFWV VHW IRUWK LQ WKH FHUWLILFDWHV VXSSOLHG E\ WKH UHVSHFWLYH RIILFHUV DQG
GLUHFWRUV RI WKH ,VVXHU DQG *XDUDQWRU LQFOXGLQJ ZLWKRXW OLPLWDWLRQ WKH 2IILFHUV·
&HUWLILFDWHVDUHFRPSOHWHWUXHDQGDFFXUDWH
2XURSLQLRQLVH[SUHVVHGZLWKUHVSHFWWRWKHDSSOLFDEOHODZVLQHIIHFWRQWKHGDWHRIWKLV
RSLQLRQDQGZHGRQRWDFFHSWDQ\UHVSRQVLELOLW\WRWDNHLQWRDFFRXQWRULQIRUPWKHDGGUHVVHHVRU
DQ\ RWKHU SHUVRQ DXWKRUL]HG WR UHO\ RQ WKLV RSLQLRQ RI DQ\ FKDQJHV LQ ODZ IDFWV RU RWKHU
GHYHORSPHQWVVXEVHTXHQWWRWKLVGDWHWKDWGRRUPD\DIIHFWWKHRSLQLRQVZHH[SUHVVQRUGRZH
KDYHDQ\REOLJDWLRQWRDGYLVH\RXRIDQ\RWKHUFKDQJHLQDQ\PDWWHUDGGUHVVHGLQWKLVRSLQLRQRU
WRFRQVLGHUZKHWKHULWZRXOGEHDSSURSULDWHIRUDQ\RWKHUSHUVRQRWKHUWKDQWKHDGGUHVVHHWRUHO\
RQRXURSLQLRQ
2XU RSLQLRQV LQ WKLV OHWWHU DUH JLYHQ RQO\ LQ UHVSHFW RI WKH ODZV RI WKH SURYLQFHV RI
2QWDULRDQG4XpEHFDQGWKHODZVRI&DQDGDDSSOLFDEOHWKHUHLQ$FFRUGLQJO\H[FHSWZLWKUHVSHFW
WR WKH HQIRUFHDELOLW\ RI WKH JXDUDQWHH LQ 2QWDULR LQ JLYLQJ WKH RSLQLRQ LQ SDUDJUDSKV DQG EHORZ UHODWLQJ WR WKH *XDUDQWRU ZH KDYH UHOLHG H[FOXVLYHO\ ZLWKRXW LQGHSHQGHQW YHULILFDWLRQ
XSRQ DQ RSLQLRQ RI HYHQ GDWH KHUHZLWK RI -DPHV 5 -HQNLQV 6HQLRU 9LFH 3UHVLGHQW DQG *HQHUDO
&RXQVHORI'HHUH&RPSDQ\
,QJLYLQJWKHRSLQLRQVHWIRUWKEHORZLQSDUDJUDSKZLWKUHVSHFWRQO\WRWKHODZVRIWKH
SURYLQFHVRI$OEHUWD%ULWLVK&ROXPELD0DQLWRED1HZ%UXQVZLFN1HZIRXQGODQG/DEUDGRU
1RYD 6FRWLD 3ULQFH (GZDUG ,VODQG DQG 6DVNDWFKHZDQ ZH KDYH UHOLHG ZLWKRXW LQGHSHQGHQW
YHULILFDWLRQXSRQRSLQLRQVRIOHJDOFRXQVHOLQVXFKSURYLQFHVZKLFKDUHDFFHSWDEOHWRXV7RWKH
H[WHQWWKDWDQ\RSLQLRQRIOHJDOFRXQVHOXSRQZKLFKZHKDYHUHOLHGLVVWDWHGWREHEDVHGRQDQ\
DVVXPSWLRQWREHJLYHQLQUHOLDQFHRQDQ\FHUWLILFDWHRURWKHUGRFXPHQWRUWREHVXEMHFWWRDQ\
OLPLWDWLRQ TXDOLILFDWLRQ RU H[FHSWLRQ WKH RSLQLRQV H[SUHVVHG KHUHLQ LQ UHOLDQFH RQ DQ\ VXFK
RSLQLRQ RI OHJDO FRXQVHO LV EDVHG XSRQ WKH VDPH DVVXPSWLRQ LV JLYHQ LQ UHOLDQFH RQ WKH VDPH
FHUWLILFDWHRUGRFXPHQWDQGLVVXEMHFWWRWKHVDPHOLPLWDWLRQTXDOLILFDWLRQRUH[FHSWLRQ
)RU WKH SXUSRVHV RI WKLV RSLQLRQ ZH KDYH H[DPLQHG RULJLQDOV RU FRSLHV FHUWLILHG RU
RWKHUZLVH LGHQWLILHG WR RXU VDWLVIDFWLRQ ZLWKRXW LQGHSHQGHQW LQYHVWLJDWLRQ RI WKH PDWWHUV
SURYLGHGWKHUHLQDQGUHOLHGXSRQWKHIROORZLQJGRFXPHQWV
L
WKHDUWLFOHVRILQFRUSRUDWLRQRIWKH,VVXHUDQGWKH*XDUDQWRU
LL
WKHE\ODZVRIWKH,VVXHUDQGWKH*XDUDQWRU
LLL
FHUWDLQUHVROXWLRQVRIWKH,VVXHUDQGWKH*XDUDQWRU
LY
FHUWLILFDWHV RI VWDWXV RU HTXLYDOHQW SURYLGHG E\ JRYHUQPHQWDO DXWKRULWLHV RI
2QWDULR$OEHUWD%ULWLVK&ROXPELD4XHEHFZLWKUHVSHFWWRWKH,VVXHU
Y
FHUWLILFDWHVRIUHSUHVHQWDWLYHVRIWKH,VVXHUDQGWKH*XDUDQWRU
YL
LQ UHVSHFW RI SDUDJUDSK EHORZ D &HUWLILFDWH RI &RPSOLDQFH GDWHG 0D\ LVVXHGLQUHVSHFWRIWKH,VVXHUSXUVXDQWWRWKH&DQDGD%XVLQHVV&RUSRUDWLRQV$FWDQG
YLL
LQ UHVSHFW RI SDUDJUDSK EHORZ D 0XWXDO 5HOLDQFH 5HYLHZ 6\VWHP 'HFLVLRQ
'RFXPHQW GDWHG $SULO JUDQWHG WR WKH ,VVXHU WKH ´0556 'HFLVLRQµ E\
WKH VHFXULWLHV UHJXODWRU\ DXWKRULW\ RU UHJXODWRU LQ HDFK RI $OEHUWD %ULWLVK
&ROXPELD 0DQLWRED 1HZ %UXQVZLFN 1HZIRXQGODQG /DEUDGRU 1RYD 6FRWLD
1XQDYXW 1RUWKZHVW 7HUULWRULHV 2QWDULR 3ULQFH (GZDUG ,VODQG 4XpEHF
^
6DVNDWFKHZDQDQG<XNRQFROOHFWLYHO\WKH´-XULVGLFWLRQVµ:HQRWHWKDWIRUHDFK
-XULVGLFWLRQWKH0556'HFLVLRQZLOOWHUPLQDWHRQWKHHDUOLHURILGD\VDIWHUWKH
FRPLQJLQWRIRUFHRIDQ\UXOHRWKHUUHJXODWLRQRUEODQNHWRUGHURUUXOLQJXQGHUWKH
OHJLVODWLRQ RI DQ\ -XULVGLFWLRQ WKDW DPHQGV VHFWLRQ RI 1DWLRQDO
,QVWUXPHQW 3URVSHFWXV DQG 5HJLVWUDWLRQ ([HPSWLRQV RU SURYLGHV DQ DOWHUQDWH
H[HPSWLRQDQGLL$SULO
:H XQGHUVWDQG WKDW WKH UHOLDQFHV OLPLWDWLRQV DQG DVVXPSWLRQV VHW IRUWK KHUHLQ DUH
VDWLVIDFWRU\WR\RX
%DVHGXSRQDQGVXEMHFWWRWKHIRUHJRLQJZHDUHRIWKHRSLQLRQWKDW
7KH,VVXHULVDFRUSRUDWLRQDPDOJDPDWHGDQGH[LVWLQJXQGHUWKHODZVRI&DQDGDDQG
KDV WKH FRUSRUDWH SRZHU WR HQWHU LQWR DQG SHUIRUP LWV REOLJDWLRQV XQGHU WKH
*XDUDQWHH WR ERUURZ PRQH\ E\ WKH LVVXH DQG VDOH RI WKH 1RWHV DQG DOO QHFHVVDU\
FRUSRUDWH DFWLRQ KDV EHHQ WDNHQ E\ WKH ,VVXHU WR DXWKRUL]H WKH LVVXH DQG VDOH RI WKH
1RWHV DQG WKH ERUURZLQJ RI PRQH\ WKHUHE\ 7KH *XDUDQWRU LV D FRUSRUDWLRQ
LQFRUSRUDWHG XQGHU WKH ODZV RI WKH 6WDWH RI 'HODZDUH 7KH *XDUDQWRU KDV WKH
FRUSRUDWHSRZHUWRDXWKRUL]HH[HFXWHDQGGHOLYHUWKH*XDUDQWHHDQGWRSHUIRUPLWV
REOLJDWLRQV WKHUHXQGHU 7KH *XDUDQWHH KDV EHHQ DXWKRUL]HG E\ DOO QHFHVVDU\
FRUSRUDWHDFWLRQRIWKH*XDUDQWRU
7KH VSHFLPHQ 1RWHV LQ WKH IRUPV FRQWDLQHG LQ WKH ,QIRUPDWLRQ 0HPRUDQGXP DUH
VDWLVIDFWRU\ DV WR DSSOLFDEOH IRUP UHTXLUHPHQWV XQGHU UHOHYDQW VWDWXWHV UXOHV RU
UHJXODWLRQVDQGWKH1RWHVZKHQLVVXHGLQDFFRUGDQFHZLWKWKHWHUPVDQGFRQGLWLRQV
RIWKH,QIRUPDWLRQ0HPRUDQGXPZLOOFRQVWLWXWHYDOLGDQGELQGLQJREOLJDWLRQVRIWKH
,VVXHUHQIRUFHDEOHLQDFFRUGDQFHZLWKWKHLUWHUPV
:KHQ H[HFXWHG DQG GHOLYHUHG LQ DFFRUGDQFH ZLWK WKH WHUPV DQG FRQGLWLRQV RI WKH
,QIRUPDWLRQ0HPRUDQGXPWKH*XDUDQWHHZLOOFRQVWLWXWHDOHJDOYDOLGDQGELQGLQJ
DJUHHPHQWRIWKH,VVXHUDQGWKH*XDUDQWRUHQIRUFHDEOHLQDFFRUGDQFHZLWKLWVWHUPV
7KHLVVXHDQGVDOHRIWKH 1RWHVLQDFFRUGDQFH ZLWKWKHWHUPVDQGFRQGLWLRQV RIWKH
,QIRUPDWLRQ 0HPRUDQGXP VXEMHFW WR FRPSOLDQFH ZLWK WKH WHUPV DQG FRQGLWLRQV RI
WKH 0556 'HFLVLRQ ZLOO EH H[HPSW IURP WKH SURVSHFWXV DQG UHJLVWUDWLRQ
UHTXLUHPHQWVRIWKHDSSOLFDEOHVHFXULWLHVODZV´$SSOLFDEOH6HFXULWLHV/DZVµRIWKH
3URYLQFHV H[FHSW LQ WKH FDVH RI WKH SURYLQFH RI 4XpEHF IRU WKH ILOLQJ RI WKH
,QIRUPDWLRQ 0HPRUDQGXP DQG DQ\ RWKHU GLVFORVXUH GRFXPHQWV GHOLYHUHG WR
SXUFKDVHUV RI WKH 1RWHV ZLWK O·$XWRULWp GHV PDUFKpV ILQDQFLHUV 4XpEHF DQG QR
SURVSHFWXVRURWKHUGRFXPHQWPXVWEHILOHGSURFHHGLQJVWDNHQRUDSSURYDOSHUPLW
FRQVHQW RU DXWKRUL]DWLRQ REWDLQHG E\ WKH ,VVXHU XQGHU VXFK $SSOLFDEOH 6HFXULWLHV
/DZVWRSHUPLWVXFKLVVXDQFHRIWKH1RWHVSURYLGHGWKDWLQHDFKFDVHDQGLQUHVSHFW
RIHDFKWUDGHHDFK1RWH
L
PDWXUHVQRWPRUHWKDQRQH\HDUIURPWKHGDWHRILVVXH
LL
LV QRW FRQYHUWLEOH RU H[FKDQJHDEOH LQWR RU DFFRPSDQLHG E\ D ULJKW WR SXUFKDVH
DQRWKHUVHFXULW\RWKHUWKDQ1RWHVDQG
LLL
KDVDUDWLQJLVVXHGE\RQHRIWKHIROORZLQJUDWLQJRUJDQL]DWLRQVRUDQ\RIWKHLU
VXFFHVVRUVDWRUDERYHRQHRIWKHIROORZLQJUDWLQJFDWHJRULHVRUUDWLQJFDWHJRU\
WKDWUHSODFHVDFDWHJRU\OLVWHGEHORZ
a_
5DWLQJ2UJDQL]DWLRQ
'RPLQLRQ%RQG5DWLQJ6HUYLFH/LPLWHG
)LWFK5DWLQJV/WG
0RRG\·V,QYHVWRUV6HUYLFH
6WDQGDUG3RRU·V
5DWLQJ
5ORZ
)
3
$
7KH )UHQFK ODQJXDJH YHUVLRQV RI WKH ,QIRUPDWLRQ 0HPRUDQGXP DQG WKH IRUPV RI
1RWHVFRQWDLQHGWKHUHLQDUHLQDOOPDWHULDOUHVSHFWVDFRPSOHWHDQGSURSHUWUDQVODWLRQ
RIWKHFRUUHVSRQGLQJ(QJOLVKODQJXDJHYHUVLRQVWKHUHRI
2XURSLQLRQZLWKUHVSHFWWRHQIRUFHDELOLW\LQSDUDJUDSKVDQGDERYHLVVXEMHFWWR
D DSSOLFDEOH EDQNUXSWF\ LQVROYHQF\ ZLQGLQJXS DUUDQJHPHQW UHRUJDQL]DWLRQ
PRUDWRULXP IUDXGXOHQW SUHIHUHQFH FRQYH\DQFH DQG DVVLJQPHQW DQG RWKHU VLPLODU ODZV
RIJHQHUDODSSOLFDWLRQDIIHFWLQJWKHHQIRUFHPHQWRIFUHGLWRUV·ULJKWVDQGUHPHGLHV
E JHQHUDO SULQFLSOHV RI HTXLW\ LQFOXGLQJ ZLWKRXW OLPLWDWLRQ FRQFHSWV RI PDWHULDOLW\
UHDVRQDEOHQHVV JRRG IDLWK DQG IDLU GHDOLQJ UHJDUGOHVV RI ZKHWKHU HQIRUFHPHQW LV
FRQVLGHUHG LQ D SURFHHGLQJ LQ HTXLW\ RU DW ODZ DQG WKH GLVFUHWLRQ RI FRXUWV JUDQWLQJ
HTXLWDEOH UHPHGLHV LQFOXGLQJ ZLWKRXW OLPLWDWLRQ WKH UHPHGLHV RI VSHFLILF SHUIRUPDQFH
DQGLQMXQFWLRQ
F
WKHGLVFUHWLRQRIFRXUWVWRGHFOLQHWRKHDUDQDFWLRQLILWLVQRWWKHSURSHUIRUXPWRKHDUWKH
DFWLRQRULIFRQFXUUHQWSURFHHGLQJVDUHEHLQJEURXJKWHOVHZKHUH
G WKHGLVFUHWLRQWKDWWKHFRXUWEHIRUHZKLFKSURFHHGLQJVPD\EHEURXJKWPD\KDYHWRVWD\
VXFKSURFHHGLQJVDVZHOODVWKHH[HFXWLRQRIMXGJPHQWV
H WKH GLVFUHWLRQ RI WKH FRXUW WR DFFHSW IDFWXDO DQG OHJDO GHWHUPLQDWLRQV RI D SDUW\
QRWZLWKVWDQGLQJ WKDW D FRQWUDFW RU LQVWUXPHQW SURYLGHV WKDW WKH GHWHUPLQDWLRQ RI WKDW
SDUW\PD\EHFRQFOXVLYH
I
WKH GLVFUHWLRQ RI FRXUWV WR GHWHUPLQH WKH DPRXQW RI FRVWV DQG H[SHQVHV WKDW PD\ EH
UHFRYHUHG 7KH UHFRYHUDELOLW\ RI FRVWV DQG H[SHQVHV PD\ EH OLPLWHG WR WKRVH D FRXUW
FRQVLGHUVWREHUHDVRQDEO\LQFXUUHG
J WKH KROGHUV RI 1RWHV PXVW H[HUFLVH JRRG IDLWK LQ WKH SHUIRUPDQFH DQG HQIRUFHPHQW RI
WKHLUULJKWVWKHUHXQGHU
K WKHHQIRUFHDELOLW\RIDQ\SURYLVLRQH[HPSWLQJDSHUVRQIURPDOLDELOLW\RUGXW\RWKHUZLVH
RZHGE\LWZDLYLQJOHJDODQGHTXLWDEOHGHIHQFHVDJUHHLQJQRWWRFKDOOHQJHWKHYDOLGLW\
RU HQIRUFHDELOLW\ RI UHPHGLHV RU WKDW SURYLGHV WKDW D GHWHUPLQDWLRQ RU FDOFXODWLRQ PDGH
E\ D SHUVRQ LV FRQFOXVLYH DQG ELQGLQJ RQ DQ\ RWKHU SHUVRQ PD\ EH OLPLWHG XQGHU
DSSOLFDEOHODZ
L
WKH &XUUHQF\ $FW &DQDGD SUHFOXGHV D FRXUW LQ &DQDGD IURP JLYLQJ MXGJPHQW LQ DQ\
FXUUHQF\RWKHUWKDQ&DQDGLDQFXUUHQF\,Q2QWDULRWKHFRXUW·VMXGJPHQWPD\EHEDVHG
RQDUDWHRIH[FKDQJHGHWHUPLQHGLQDFFRUGDQFHZLWKVHFWLRQRIWKH&RXUWVRI-XVWLFH
$FW2QWDULRZKLFKUDWH RIH[FKDQJHLVXVXDOO\DUDWHLQH[LVWHQFH RQWKHEXVLQHVVGD\
LPPHGLDWHO\SUHFHGLQJWKHGDWHRISD\PHQWRIWKHMXGJPHQW
a`
M
WKHOLPLWDWLRQVFRQWDLQHGLQWKH/LPLWDWLRQV$FW2QWDULR
N WKH1RWHVPD\EHVXEMHFWWRODZDSSOLFDEOHWRXQFODLPHGIXQGVDQG
O
6HFWLRQRI&ULPLQDO&RGH&DQDGD
)XUWKHUZHH[SUHVVQRRSLQLRQDVWRWKHIROORZLQJ
D WKH HQIRUFHDELOLW\ RI DQ\ SURYLVLRQ ZKLFK OLPLWV WKH MXULVGLFWLRQ RI SURFHHGLQJV
H[FOXVLYHO\ WR WKH FRXUWV LQ WKH SURYLQFH RI 2QWDULR DQG WKH ODZV RI &DQDGD DSSOLFDEOH
WKHUHLQ
E WKHHQIRUFHDELOLW\RIQRUDVWRWKHPDQQHUZKLFKDFRXUWZRXOGLQWHUSUHWDQGDSSO\DQ\
SURYLVLRQ RI WKH *XDUDQWHH ZKLFK L UHIHUV WR LQFRUSRUDWHV E\ UHIHUHQFH RU UHTXLUHV
FRPSOLDQFH ZLWK DQ\ ODZ VWDWXWH UXOH RU UHJXODWLRQ RI WKH 8QLWHG 6WDWHV RU LL
LQFRUSRUDWHV E\ UHIHUHQFH D GRFXPHQW RU DJUHHPHQW JRYHUQHG E\ D ODZ RWKHU WKDQ WKH
ODZV RI WKH SURYLQFHV RI 2QWDULR DQG 4XpEHF DQG WKH ODZV RI WKH &DQDGD DSSOLFDEOH
WKHUHLQ
F
WKH)UHQFKODQJXDJHYHUVLRQRIWKHQDPHVRIWKHFRPSDQLHVDQGHQWLWLHVPHQWLRQHGLQWKH
,QIRUPDWLRQ0HPRUDQGXPDQGWKHIRUPVRI1RWHVFRQWDLQHGWKHUHLQ
G WKH HQIRUFHDELOLW\ E\ RU DJDLQVW D SHUVRQ ZKR LV QRW D SDUW\ WR WKH *XDUDQWHH ZKLFK
SXUSRUWWRELQGRUDIIHFWRUFRQIHUDEHQHILWXSRQWKDWSHUVRQRU
H FRPSOLDQFHZLWKWKH3HUVRQDO,QIRUPDWLRQ3URWHFWLRQDQG(OHFWURQLF'RFXPHQWV$FWDQGRWKHU
SULYDF\ODZV
7KLVRSLQLRQUHODWHVH[FOXVLYHO\WRWKHWUDQVDFWLRQRXWOLQHGDERYHDQGLVIRUWKHVROHXVH
DQG EHQHILW RI WKH SDUWLHV WR ZKRP LW LV DGGUHVVHG IRU WKH SXUSRVH UHIHUUHG WR DERYH
$FFRUGLQJO\LWFDQQRWEHUHOLHGXSRQE\DQ\RWKHUSDUWLHVRUXVHGLQRWKHUWUDQVDFWLRQ ZLWKRXW
RXUH[SUHVVZULWWHQFRQVHQW
<RXUVWUXO\
c
d KMK@ef?#LgICUZ[K@LMhZUi7O(KMCWV
jk@lmjonpk7qUrtsvu4wx yz@j{,qWyH|D}ykmz~sz{Ukor€|D}Jsj9s.lD‚,srtsz}Sƒ
JOHN DEERE CREDIT INC.
CRÉDIT JOHN DEERE INC.
Note No.
Billet no.
Discount/Interest Bearing
À escompte/portant intérêt
PROMISSORY NOTE
BILLET
Unconditionally Guaranteed by
Cautionné inconditionnellement par
JOHN DEERE CAPITAL CORPORATION
Issue Date
Date d’émission
Due Date
Date d’échéance
This is a depository note subject to the Depository Bills and Notes Act (Canada).
Ce billet de dépôt est régi par la Loi sur les lettres et billets de dépôt (Canada).
JOHN DEERE CREDIT INC., for value received, hereby promises to pay to or to the order of
CRÉDIT JOHN DEERE INC., contre valeur reçue, promet par les présentes de payer à ou à l’ordre de
_____________________________________________________________________________________________________________
on the Due Date the sum of
dollars
à la date d’échéance la somme de ___________________________________________________________________________dollars
____________________________________________________________________________________________________________
plus interest thereon at
avec intérêt au taux de ______________________________________________________________________
per cent per annum
pour cent par année
payable in lawful money of
on presentation and surrender of this Promissory Note
payable en monnaie légale ______________________ sur présentation et remise du présent billet
to the main branch of the Royal Bank of Canada in Toronto
à la succursale principale de la Banque Royale du Canada à Toronto
JOHN DEERE CREDIT INC.
CRÉDIT JOHN DEERE INC.
By/par:
Authorized Signing Officer/Signataire autorisé
By/par:
Authorized Signing Officer/Signataire autorisé
BW?#CDIUEaO(EHBD„7I?0>…O(KMCWV
jk@lmjonpk7qUrtsw2s†{Ssq7}yan,{#‡ˆ}
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE CDS CLEARING AND DEPOSITORY
SERVICES INC. (“CDS”) FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN
RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO.,
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS
MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED HOLDER HEREOF, CDS & CO., HAS AN
INTEREST HEREIN.
À MOINS QUE LE PRÉSENT CERTIFICAT NE SOIT PRÉSENTÉ PAR UN
REPRÉSENTANT AUTORISÉ DE LA CAISSE CANADIENNE DE DÉPÔT DE
VALEURS LIMITÉE (LA CDS) AUX FINS DE L’INSCRIPTION D’UN TRANSFERT,
D’UN ÉCHANGE OU D’UN PAIEMENT, ET QU’UN CERTIFICAT ÉMIS À CET
ÉGARD SOIT IMMATRICULÉ AU NOM DE CDS & CO. OU À UN AUTRE NOM
DEMANDÉ PAR UN REPRÉSENTANT AUTORISÉ DE LA CDS (ET QU’UN
PAIEMENT SOIT EFFECTUÉ À CDS & CO. OU À UNE AUTRE ENTITÉ
DEMANDÉE PAR UN REPRÉSENTANT AUTORISÉ DE LA CDS), TOUT
TRANSFERT, GAGE OU AUTRE EMPLOI DU PRÉSENT BILLET EFFECTUÉ À
TITRE ONÉREUX OU AUTREMENT PAR UNE PERSONNE OU À SON INTENTION
EST ILLICITE PUISQUE LE PORTEUR INSCRIT DU PRÉSENT BILLET, CDS &
CO., A UN INTÉRÊT DANS CELUI-CI.
THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “U.S. SECURITIES ACT”). NEITHER THIS NOTE
NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD WITHIN
THE UNITED STATES OR TO ANY U.S. PERSON (AS EACH SUCH
TERM IS DEFINED IN REGULATION “S” UNDER THE U.S.
SECURITIES ACT). THIS NOTE WILL NOT BE SOLD OUTSIDE OF
CANADA OR TO ANY PERSON WHO IS NOT RESIDENT IN
CANADA (FOR PURPOSES OF THE INCOME TAX ACT (CANADA))
OR TO ANY PERSON PURCHASING FOR RESALE TO, OR FOR
THE ACCOUNT OR BENEFIT OF, ANY PERSON WHO IS NOT
RESIDENT IN CANADA.
BY ACCEPTING THIS NOTE, THE
HOLDER REPRESENTS AND WARRANTS THAT IT (I) IS NOT A
UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT
DESCRIBED IN SECTION 6049(b)(4) OF THE INTERNAL REVENUE
CODE AND THE REGULATIONS THEREUNDER; (II) IS NOT
HOLDING SUCH NOTE FOR OR ON BEHALF OF A UNITED
STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT
DESCRIBED IN SECTION 6049(b)(4) OF THE INTERNAL REVENUE
CODE AND THE REGULATIONS THEREUNDER); AND (III) IS NOT
A PERSON NOT RESIDENT IN CANADA (FOR PURPOSES OF THE
INCOME TAX ACT (CANADA)) AND IS NOT PURCHASING FOR
RESALE TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY
PERSON WHO IS NOT RESIDENT IN CANADA.
LE PRÉSENT BILLET (LE BILLET) N’A PAS ÉTÉ ENREGISTRÉ AUX TERMES DE
LA SECURITIES ACT OF 1933 DES ÉTATS-UNIS, EN SA VERSION MODIFIÉE (LA
SECURITIES ACT DES ÉTATS-UNIS). LE BILLET NE PEUT, NI EN TOTALITÉ NI
EN PARTIE, ÊTRE OFFERT OU VENDU AUX ÉTATS-UNIS OU À DES
PERSONNES DES ÉTATS-UNIS (AU SENS DU REGULATION “S” PRIS EN
APPLICATION DE LA SECURITIES ACT DES ÉTATS-UNIS). LE BILLET NE DOIT
PAS ÊTRE VENDU À L’EXTÉRIEUR DU CANADA, À UN NON-RÉSIDENT DU
CANADA (POUR L’APPLICATION DE LA LOI DE L’IMPÔT SUR LE REVENU
(CANADA)) OU À UNE PERSONNE QUI L’ACHÈTE À DES FINS DE REVENTE À
UN NON-RÉSIDENT DU CANADA, POUR LE COMPTE OU AU PROFIT DE CELUICI. EN ACCEPTANT LE BILLET, LE PORTEUR DÉCLARE ET GARANTIT (I) QU’IL
N’EST PAS UNE PERSONNE DES ÉTATS-UNIS (AUTRE QU’UN BÉNÉFICIAIRE
EXONÉRÉ (EXEMPT RECIPIENT) AU SENS DU SOUS-ALINÉA 6049(b)(4) DU
INTERNAL REVENUE CODE ET DE SON RÈGLEMENT D’APPLICATION), (II)
QU’IL NE DÉTIENT PAS CE BILLET POUR LE COMPTE D’UNE PERSONNE DES
ÉTATS-UNIS (AUTRE QU’UN BÉNÉFICIAIRE EXONÉRÉ (EXEMPT RECIPIENT)
AU SENS DU SOUS-ALINÉA 6049(b)(4) DE L’INTERNAL REVENUE CODE ET DE
SON RÈGLEMENT D’APPLICATION) ET (III) QU’IL N’EST PAS UN NONRÉSIDENT DU CANADA (POUR L’APPLICATION DE LA LOI DE L’IMPÔT SUR LE
REVENU (CANADA)) ET N’ACHÈTE PAS À DES FINS DE REVENTE À UN NONRÉSIDENT DU CANADA NI POUR LE COMPTE OU AU PROFIT DE CELUI-CI.
CE BILLET DE DÉPÔT EST RÉGI PAR LA LOI SUR LES LETTRES ET BILLETS
DE DÉPÔT (CANADA).
THIS IS A DEPOSITORY NOTE SUBJECT TO THE DEPOSITORY
BILLS AND NOTES ACT (CANADA).
GUARANTEE
CAUTIONNEMENT
FOR VALUE RECEIVED, John Deere Capital Corporation (the “Guarantor”),
a Delaware corporation, hereby irrevocably and unconditionally guarantees
payment of the face amount of the Note issued by John Deere Credit Inc.
(“JDC”) as issuer, when, where and as the same shall become due and
payable without any requirement that the holder first proceed against JDC.
CONTRE VALEUR REÇUE, John Deere Capital Corporation (la caution), société du
Delaware, cautionne irrévocablement et inconditionnellement, par les présentes, le
paiement de la valeur nominale du billet émis par Crédit John Deere Inc. (CJD) en qualité
d’émetteur, à l’échéance, sans que le porteur ne soit tenu d’intenter un recours contre CJD.
The Guarantor waives notice of acceptance of this guarantee and notice of
non-payment of the Note. The unconditional obligation of the Guarantor
hereunder will not be affected, impaired or released by any extension of time
for payment of the Note or by any other matter or thing whatsoever which
would otherwise release a guarantor.
This Note and guarantee shall be governed by and construed in accordance
with the laws of the Province of Ontario and the laws of Canada applicable
therein.
The date of this guarantee is the date of the Note.
La caution renonce à l’avis d’acceptation du présent cautionnement et à l’avis de nonpaiement du billet. La prolongation du délai de paiement du billet et les autres éléments
quels qu’ils soient qui libéreraient par ailleurs une caution n’ont aucun effet sur l’obligation
inconditionnelle de la caution et ne libèrent pas celle-ci.
Le présent billet et le cautionnement sont régis et interprétés conformément aux lois de
l’Ontario et aux lois du Canada qui s’y appliquent.
Le présent cautionnement porte la même date que le billet.
EN FOI DE QUOI, JOHN DEERE CAPITAL CORPORATION a fait dûment signer le présent
cautionnement pour son compte.
IN WITNESS WHEREOF, JOHN DEERE CAPITAL CORPORATION has
caused this guarantee to be duly executed on its behalf.
JOHN DEERE CAPITAL CORPORATION
By/Par:
Authorized Signing Officer – Signataire autorisé
‰WŠ#‹DŒUaŽ(H‰D7ŒŠ0…Ž(‘M‹W’
jk@lmjonpk7qUrtsw2s†{Ssq7}yan,{#‡ˆ}
JOHN DEERE CREDIT INC.
CRÉDIT JOHN DEERE INC.
Note No.
Billet no.
Discount/Interest Bearing
À escompte/portant intérêt
PROMISSORY NOTE
BILLET
Unconditionally Guaranteed by
Cautionné inconditionnellement par
JOHN DEERE CAPITAL CORPORATION
Issue Date
Date d’émission
Due Date
Date d’échéance
JOHN DEERE CREDIT INC., for value received, hereby promises to pay to or to the order of
CRÉDIT JOHN DEERE INC., contre valeur reçue, promet par les présentes de payer à ou à l’ordre de
_____________________________________________________________________________________________________________
on the Due Date the sum of
à la date d’échéance la somme de ___________________________________________________________________________
dollars
dollars
____________________________________________________________________________________________________________
plus interest thereon at
avec intérêt au taux de ______________________________________________________________________
per cent per annum
pour cent par année
payable in lawful money of
on presentation and surrender of this Promissory Note
payable en monnaie légale ______________________ sur présentation et remise du présent billet
to the main branch of the Royal Bank of Canada in Toronto
à la succursale principale de la Banque Royale du Canada à Toronto
Countersigned as issuing agent for John Deere Credit Inc.:
Contresigné en qualité d'
agent émetteur au nom de Crédit John Deere Inc.:
ROYAL BANK OF CANADA
BANQUE ROYALE DU CANADA
By/par:
Authorized Signing Officer/Signataire autorisé
JOHN DEERE CREDIT INC.
CRÉDIT JOHN DEERE INC.
By/par:
By/par:
Authorized Signing Officer/Signataire autorisé
Authorized Signing Officer/Signataire autorisé
This promissory note shall become valid only when manually countersigned by a duly authorized officer of the issuing agent Le présent billet n'est valide que
s'il est contresigné à la main par un dirigeant dûment autorisé de l'agent émetteur
“b”
‰WŠ#‹DŒUaŽ(H‰D7ŒŠ0…Ž(‘M‹W’
•–@—m•o˜p–7™Ušt›œ2›†S›™7žŸa˜,# ˆž
THIS PROMISSORY NOTE (“ NOTE” ) HAS NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “ U.S. SECURITIES ACT” ).
NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE
OFFERED OR SOLD WITHIN THE UNITED STATES OR TO ANY
U.S. PERSON (AS EACH SUCH TERM IS DEFINED IN
REGULATION “ S” UNDER THE U.S. SECURITIES ACT). THIS
NOTE WILL NOT BE SOLD OUTSIDE OF CANADA OR TO ANY
PERSON WHO IS NOT RESIDENT IN CANADA (FOR
PURPOSES OF THE INCOME TAX ACT (CANADA)) OR TO ANY
PERSON PURCHASING FOR RESALE TO, OR FOR THE
ACCOUNT OR BENEFIT OF, ANY PERSON WHO IS NOT
RESIDENT IN CANADA. BY ACCEPTING THIS NOTE, THE
HOLDER REPRESENTS AND WARRANTS THAT IT (I) IS NOT A
UNITED STATES PERSON (OTHER THAN AN EXEMPT
RECIPIENT DESCRIBED IN SECTION 6049(b)(4) OF THE
INTERNAL REVENUE CODE AND THE REGULATIONS
THEREUNDER; (II) IS NOT HOLDING SUCH NOTE FOR OR ON
BEHALF OF A UNITED STATES PERSON (OTHER THAN AN
EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(b)(4) OF
THE INTERNAL REVENUE CODE AND THE REGULATIONS
THEREUNDER); AND (III) IS NOT A PERSON NOT RESIDENT IN
CANADA (FOR PURPOSES OF THE INCOME TAX ACT
(CANADA)) AND IS NOT PURCHASING FOR RESALE TO, OR
FOR THE ACCOUNT OR BENEFIT OF, ANY PERSON WHO IS
NOT RESIDENT IN CANADA.
LE PRÉSENT BILLET (LE BILLET) N’A PAS ÉTÉ ENREGISTRÉ AUX
TERMES DE LA SECURITIES ACT OF 1933 DES ÉTATS-UNIS, EN
SA VERSION MODIFIÉE (LA SECURITIES ACT DES ÉTATS-UNIS).
LE BILLET NE PEUT, NI EN TOTALITÉ NI EN PARTIE, ÊTRE
OFFERT OU VENDU AUX ÉTATS-UNIS OU À DES PERSONNES
DES ÉTATS-UNIS (AU SENS DU REGULATION “S” PRIS EN
APPLICATION DE LA SECURITIES ACT DES ÉTATS-UNIS). LE
BILLET NE DOIT PAS ÊTRE VENDU À L’EXTÉRIEUR DU CANADA,
À UN NON-RÉSIDENT DU CANADA (POUR L’APPLICATION DE LA
LOI DE L’IMPÔT SUR LE REVENU (CANADA)) OU À UNE
PERSONNE QUI L’ACHÈTE À DES FINS DE REVENTE À UN NONRÉSIDENT DU CANADA, POUR LE COMPTE OU AU PROFIT DE
CELUI-CI. EN ACCEPTANT LE BILLET, LE PORTEUR DÉCLARE ET
GARANTIT
(I) QU’IL N’EST PAS UNE PERSONNE DES
ÉTATS-UNIS (AUTRE QU’UN BÉNÉFICIAIRE EXONÉRÉ (EXEMPT
RECIPIENT) AU SENS DU SOUS-ALINÉA 6049(b)(4) DU INTERNAL
REVENUE CODE ET DE SON RÈGLEMENT D’APPLICATION), (II)
QU’IL NE DÉTIENT PAS CE BILLET POUR LE COMPTE D’UNE
PERSONNE DES ÉTATS-UNIS (AUTRE QU’UN BÉNÉFICIAIRE
EXONÉRÉ
(EXEMPT
RECIPIENT)
AU
SENS
DU
SOUS-ALINÉA 6049(b)(4) DE L’INTERNAL REVENUE CODE ET DE
SON RÈGLEMENT D’APPLICATION) ET (III) QU’IL N’EST PAS UN
NON-RÉSIDENT DU CANADA (POUR L’APPLICATION DE LA LOI
DE L’IMPÔT SUR LE REVENU (CANADA)) ET N’ACHÈTE PAS À
DES FINS DE REVENTE À UN NON-RÉSIDENT DU CANADA NI
POUR LE COMPTE OU AU PROFIT DE CELUI-CI.
GUARANTEE
CAUTIONNEMENT
FOR VALUE RECEIVED, John Deere Capital Corporation (the
“Guarantor”), a Delaware corporation, hereby irrevocably and
unconditionally guarantees payment of the face amount of the Note
issued by John Deere Credit Inc. (“JDC”) as issuer, when, where
and as the same shall become due and payable without any
requirement that the holder first proceed against JDC.
CONTRE VALEUR REÇUE, John Deere Capital Corporation (la
caution), société du Delaware, cautionne irrévocablement et
inconditionnellement, par les présentes, le paiement de la valeur
nominale du billet émis par Crédit John Deere Inc. (CJD) en qualité
d’émetteur, à l’échéance, sans que le porteur ne soit tenu d’intenter un
recours contre CJD.
The Guarantor waives notice of acceptance of this guarantee and
notice of non-payment of the Note. The unconditional obligation of
the Guarantor hereunder will not be affected, impaired or released
by any extension of time for payment of the Note or by any other
matter or thing whatsoever which would otherwise release a
guarantor.
La caution renonce à l’avis d’acceptation du présent cautionnement et
à l’avis de non-paiement du billet. La prolongation du délai de
paiement du billet et les autres éléments quels qu’ils soient qui
libéreraient par ailleurs une caution n’ont aucun effet sur l’obligation
inconditionnelle de la caution et ne libèrent pas celle-ci.
This Note and guarantee shall be governed by and construed in
accordance with the laws of the Province of Ontario and the laws of
Canada applicable therein.
The date of this guarantee is the date of the Note.
IN
WITNESS
WHEREOF,
JOHN
DEERE
CAPITAL
CORPORATION has caused this guarantee to be duly executed on
its behalf.
Le présent billet et le cautionnement sont régis et interprétés
conformément aux lois de l’Ontario et aux lois du Canada qui s’y
appliquent.
Le présent cautionnement porte la même date que le billet.
EN FOI DE QUOI, JOHN DEERE CAPITAL CORPORATION a fait
dûment signer le présent cautionnement pour son compte.
JOHN DEERE CAPITAL CORPORATION
By/Par:
Authorized Signing Officer – Signataire autorisé
“¡
&5e',7-2+1'((5(,1&
%,//(76­&28577(50(121$66257,6'·81(6Õ5(7e
&DXWLRQQpVLQFRQGLWLRQQHOOHPHQWSDU
-RKQ'HHUH&DSLWDO&RUSRUDWLRQ
127,&('·2))5(
¢0£F¤m¥§¦
¨%©
ª%ª«
&5e',7-2+1'((5(,1&
%,//(76­&28577(50(121$66257,6'·81(6Õ5(7e
&DXWLRQQpVLQFRQGLWLRQQHOOHPHQWSDU
-RKQ'HHUH&DSLWDO&RUSRUDWLRQ
127,&('·2))5(
/HV ELOOHWV j FRXUW WHUPH GpFULWV DX[ SUpVHQWHV Q·RQW SDV pWp HW QH VHURQW SDV HQUHJLVWUpV DX[
WHUPHV GH OD 6HFXULWLHV $FW RI GHV eWDWV8QLV HQ VD YHUVLRQ PRGLILpH OD ©6HFXULWLHV $FW GHV eWDWV
8QLVªLOVQHSHXYHQWSDVrWUHRIIHUWVRXYHQGXVDX[eWDWV8QLVG·$PpULTXHRXGDQVOHXUVWHUULWRLUHVRX
SRVVHVVLRQV OHV ©eWDWV8QLVª QL j GHV SHUVRQQHV GHV eWDWV8QLV RX j OHXU SURILW ©86 3HUVRQVª DX
VHQVGX5HJXODWLRQ6SULVHQDSSOLFDWLRQGHOD6HFXULWLHV$FWGHVeWDWV8QLVHWSRXUO·DSSOLFDWLRQGHO·LPS{W
VXU OH UHYHQX IpGpUDO GHV eWDWV8QLV /HV ELOOHWV j FRXUW WHUPH GpFULWV DX[ SUpVHQWHV QH SHXYHQW IDLUH
O·REMHWG·XQHYHQWHG·XQHUHYHQWHG·XQWUDQVIHUWRXG·XQJDJHQLG·XQHDXWUHGLVSRVLWLRQTXHFHVRLWDX[
eWDWV8QLVjXQHSHUVRQQHGHVeWDWV8QLVRXSDUDLOOHXUVjXQQRQUpVLGHQWGX&DQDGDDXVHQVGHOD/RL
GHO·LPS{WVXUOHUHYHQX&DQDGD$XFXQHDXWRULWpHQYDOHXUVPRELOLqUHVQHV·HVWSURQRQFpHVXUODSUpVHQWH
QRWLFHG·RIIUHRXVXUODTXDOLWpGHVELOOHWVjFRXUWWHUPH4XLFRQTXHGRQQHjHQWHQGUHOHFRQWUDLUHFRPPHW
XQHLQIUDFWLRQ
/D SUpVHQWH QRWLFH G·RIIUH Q·REOLJH DXFXQHPHQW &UpGLW -RKQ 'HHUH,QF j DFFHSWHU XQH RIIUH
G·DFKDWGHVELOOHWVjFRXUWWHUPHGpFULWVDX[SUpVHQWHV3HUVRQQHQ·DpWpDXWRULVpjIDLUHGHVGpFODUDWLRQV
RX j GRQQHU GHV UHQVHLJQHPHQWV GLIIpUHQWV GH FHX[ ILJXUDQW GDQV OD SUpVHQWH QRWLFH G·RIIUH VL FHOD VH
SURGXLVDLWOHVDFKHWHXUVpYHQWXHOVQHGRLYHQWSDVV·\ILHU
¬
&5e',7-2+1'((5(,1&
&UpGLW -RKQ 'HHUH ,QF O·©pPHWWHXUª j OD VXLWH GHV VRFLpWpV TX·HOOH D UHPSODFpHV H[HUFH VHV
SULQFLSDOHV DFWLYLWpV DX &DQDGD GHSXLV 7RXWHV OHV DFWLRQV pPLVHV HW HQ FLUFXODWLRQ GH O·pPHWWHXU
DSSDUWLHQQHQWj-RKQ'HHUH/LPLWpH©-'/ªPHPEUHGXJURXSHGH-RKQ'HHUH&DSLWDO&RUSRUDWLRQOD
©FDXWLRQª -'/ HW OD FDXWLRQ VRQW GHV ILOLDOHV HQ SURSULpWp H[FOXVLYH LQGLUHFWHV GH 'HHUH &RPSDQ\
©'HHUHª 'HHUH HW VHV ILOLDOHV HQ SURSULpWp H[FOXVLYH VRQW FROOHFWLYHPHQW DSSHOpHV ©-RKQ 'HHUHª
/·pPHWWHXUDpWpFRQVWLWXpHQYHUWXGHVORLVGX&DQDGDHWSDUVXLWHG·XQHIXVLRQRSpUpHDX[WHUPHVGHOD
/RL FDQDGLHQQH VXU OHV VRFLpWpV SDU DFWLRQV OH RFWREUH D UHPSODFp -RKQ 'HHUH )LQDQFH /LPLWHG HW
&DQDGLDQ (TXLSPHQW )LQDQFH &RUSRUDWLRQ /HV VWDWXWV GH IXVLRQ GH O·pPHWWHXU Q·RQW SDV pWp PRGLILpV
GHSXLVODIXVLRQ/·pPHWWHXUQ·DSDVGHILOLDOH
/HV DFWLYLWpV SULQFLSDOHV GH O·pPHWWHXU VRQW GH IRXUQLU HW G·DGPLQLVWUHU OH ILQDQFHPHQW SRXU GHV
YHQWHV DX GpWDLO HW GHV FRQWUDWV GH ORFDWLRQ G·pTXLSHPHQW QHXI HW XVDJp IDEULTXp SDU OHV GLYLVLRQV GX
PDWpULHO DJULFROH GX PDWpULHO FRPPHUFLDO HW GH FRQVRPPDWLRQ HW GX PDWpULHO GH FRQVWUXFWLRQ HW GH
IRUHVWHULHGH-RKQ'HHUH/·pPHWWHXUDFKqWHJpQpUDOHPHQWj-'/GHVFRQWUDWVGHYHQWHjWHPSpUDPHQWDX
GpWDLO OHV ©ELOOHWV GH GpWDLOª HW GHV FRQWUDWV GH ORFDWLRQDFTXLVLWLRQ HW GH ORFDWLRQH[SORLWDWLRQ -'/
DFTXLHUWJpQpUDOHPHQWOHVELOOHWVGHGpWDLOHWOHVFRQWUDWVGHORFDWLRQDFTXLVLWLRQHWGHORFDWLRQH[SORLWDWLRQ
SDU O·LQWHUPpGLDLUH GH FRQFHVVLRQQDLUHV GpWDLOODQWV -RKQ 'HHUH j O·pFKHOOH GX &DQDGD /·pPHWWHXU DFKqWH
pJDOHPHQWXQQRPEUHUHVWUHLQWGHELOOHWVGHGpWDLOQRQOLpVj'HHUHHWGHFRQWUDWVGHORFDWLRQDFTXLVLWLRQ
HWGHORFDWLRQH[SORLWDWLRQOLpVj-RKQ'HHUHRXQRQOLpVj'HHUHHWORXHXQHTXDQWLWpOLPLWpHG·pTXLSHPHQW
QRQIDEULTXpSDU'HHUHDX[FOLHQWVGHGpWDLOFRQWUDWVGHORFDWLRQDFTXLVLWLRQHWGHORFDWLRQH[SORLWDWLRQ
/·pPHWWHXU DFTXLHUW DXVVL GHV FRPSWHV G·DFKDW j FUpGLW UHQRXYHODEOH $J/LQH RIIHUWV SDU GHV
PDUFKDQGVGHVVHFWHXUVDJULFROHFRPPHUFLDOHWGHFRQVRPPDWLRQLOILQDQFHFHVFRPSWHVHWHQDVVXUHOH
VHUYLFH (Q RXWUH LO RIIUH XQ FHUWDLQ ILQDQFHPHQW HQ JURV GHV VWRFNV GH PDWpULHO DJULFROH GH PDWpULHO
FRPPHUFLDOHWGHFRQVRPPDWLRQHWGHPDWpULHOGHFRQVWUXFWLRQHWGHIRUHVWHULH-RKQ'HHUHWRXWFRPPH
GHVVWRFNVGHPDWpULHOQRQIDEULTXpSDU'HHUHPDLVHQSRVVHVVLRQGHVFRQFHVVLRQQDLUHVGHFHVSURGXLWV
(QFROODERUDWLRQDYHFFHUWDLQVDJURIRXUQLVVHXUVO·pPHWWHXURIIUHDXVVLGHVSUrWVSRXUGHVDJURIRXUQLWXUHV
WHOOHVTXHOHVVHPHQFHVHWOHVHQJUDLV
®W¯
/·DFKDW SDU -'/ GH FRQWUDWV ILQDQFLHUV GRQW OHV ELOOHWV GH GpWDLO OHV FRPSWHV G·DFKDW j FUpGLW
UHQRXYHODEOH OHV FRQWUDWV GH ORFDWLRQDFTXLVLWLRQ HW OHV ELOOHWV HQ JURV j UHFHYRLU FROOHFWLYHPHQW OHV
©FRQWUDWVILQDQFLHUVªHWOHVFRQWUDWVGHORFDWLRQH[SORLWDWLRQHVWUpJLSDUGHVHQWHQWHVFRQFOXHVDYHFOHV
FRQFHVVLRQQDLUHV-RKQ'HHUH'DQVOHVIDLWV-'/DFKqWHOHVFRQWUDWVILQDQFLHUVHWGHORFDWLRQH[SORLWDWLRQ
DX[ FRQFHVVLRQQDLUHV VHXOHPHQW VL O·pPHWWHXU HVWLPH TXH OD VROYDELOLWp GHV FOLHQWV HVW DFFHSWDEOH
/·pPHWWHXUpYDOXHSRXUOXLPrPHHW-'/O·DFFHSWDELOLWpGHVFRQWUDWVILQDQFLHUVHWGHORFDWLRQH[SORLWDWLRQ
SURYHQDQWGHVFRQFHVVLRQQDLUHV
/·DFKDW SDU O·pPHWWHXU GHV FRQWUDWV ILQDQFLHUV HVW UpJL SDU XQH HQWHQWH FRQFOXH DYHF -'/
/·pPHWWHXUFRQYLHQWGHVFRQGLWLRQVDX[TXHOOHVLODFKqWHOHVFRQWUDWVILQDQFLHUVHWGHORFDWLRQH[SORLWDWLRQ
j -'/ -'/ Q·HVW SDV WHQXH GH YHQGUH GHV FRQWUDWV ILQDQFLHUV HW GH ORFDWLRQH[SORLWDWLRQ j O·pPHWWHXU HW
FHOXLFLQ·HVWSDVWHQXG·DFKHWHUGHVFRQWUDWVILQDQFLHUVHWGHORFDWLRQH[SORLWDWLRQj-'/7RXWHIRLV-'/D
FpGpjO·pPHWWHXUWRXVVHVGURLWVVXUO·HQVHPEOHGHVELOOHWVGHGpWDLOGHVEDX[HWGHVFRQWUDWVGHORFDWLRQ
DFWXHOVHWIXWXUVDXWUHVTXHFHUWDLQVFRQWUDWVGHORFDWLRQH[SORLWDWLRQFRQVHUYpVSDU-'/FRQFOXVHQWUHOHV
FRQFHVVLRQQDLUHV -RKQ 'HHUH DX 4XpEHF HW OHV DFKHWHXUV RX OHV ORFDWDLUHV GH PDWpULHO DJULFROH GH
FRQVWUXFWLRQ HW GH IRUHVWHULH QHXI RX XVDJp DX 4XpEHF /HV ELOOHWV GH GpWDLO OHV EDX[ HW OHV FRQWUDWV GH
ORFDWLRQTXHO·pPHWWHXUHVWLPHLQDFFHSWDEOHVVRQWFpGpVGHQRXYHDXj-'/
­
-'/jODVXLWHGHVVRFLpWpVTX·HOOHjUHPSODFpHVH[HUFHGHVDFWLYLWpVDX&DQDGDGHSXLV-'/
IDEULTXHGXPDWpULHODJULFROHFRPPHUFLDOHWGHFRQVRPPDWLRQHWGLVWULEXHGHVSURGXLWV-RKQ'HHUHSDU
O·LQWHUPpGLDLUH GH VHV FRQFHVVLRQQDLUHV VLWXpV SDUWRXW DX &DQDGD HW GDQV GH JUDQGV SRLQWV GH YHQWH DX
GpWDLO 'H SOXV -'/ GLVWULEXH GX PDWpULHO GH FRQVWUXFWLRQ GH PDUTXH +LWDFKL 3DUPL OHV SURGXLWV -RKQ
'HHUH YHQGXV DX &DQDGD RQ FRPSWH DXQH JDPPH FRPSOqWH GH PDWpULHO DJULFROH HW GH SLqFHV GH
UHFKDQJHQRWDPPHQWGHVWUDFWHXUVGHVPRLVVRQQHXVHVEDWWHXVHVGXPDWpULHODUDWRLUHG·HQVHPHQFHPHQW
HWGHWUDYDLOGXVROGHVSXOYpULVDWHXUVGXPDWpULHOSRXUOHIRLQHWODFXOWXUHIRXUUDJqUHGHODWHFKQRORJLH
GH V\VWqPHV GH JHVWLRQ DJULFROH LQWpJUpH EXQH YDVWH JDPPH GH PDFKLQHV HW GH SLqFHV GH UHFKDQJH
HPSOR\pHV GDQV OD FRQVWUXFWLRQ OH WHUUDVVHPHQW OD PDQXWHQWLRQ HW OD UpFROWH GX ERLV \ FRPSULV GHV
FKDUJHXVHVSHOOHWHXVHVGHVFKDUJHXVHVjURXHVRXjFKHQLOOHGHVFKDUJHXVHVjTXDWUHURXHVPRWULFHVGHV
H[FDYDWULFHV GHV QLYHOHXVHV DXWRPRWULFHV GHV FDPLRQV j EHQQH DUWLFXOpV GHV FKDUJHXUV j GLUHFWLRQ
GLIIpUHQWLHOOH GHV FKDUJHXUV j GLUHFWLRQ j JOLVVHPHQW GHV DEDWWHXVHVJURXSHXVHV GHV JUXHV GH
FKDUJHPHQWGHVGpEXVTXHXVHVGHVPRLVVRQQHXVHVGHERLVHWGHVDFFHVVRLUHVFRQQH[HVHWFGXPDWpULHO
GHVSURGXLWVHWGHVSLqFHVGHUHFKDQJHjXVDJHFRPPHUFLDOHWUpVLGHQWLHOQRWDPPHQWGHVWUDFWHXUVSRXU
SHORXVHHWMDUGLQXVDJHFRPPHUFLDORXXVDJHVPXOWLSOHVGXPDWpULHOSRXUODWRQWHGXJD]RQFRPPHGHV
WRQGHXVHVSRXVVpHVGXPDWpULHOSRXUWHUUDLQGHJROIGHVYpKLFXOHVXWLOLWDLUHVGHVSURGXLWVSRXUMDUGLQHW
SpSLQLqUHDLQVLTXHG·DXWUHVSURGXLWVPRWRULVpVSRXUO·H[WpULHXU
-'/ORXHGXPDWpULHO-RKQ'HHUHjGHVFOLHQWVGHGpWDLOHWIRXUQLWGXILQDQFHPHQWHQJURVjGHV
FRQFHVVLRQQDLUHVSRXUGX PDWpULHODJULFROHGXPDWpULHOFRPPHUFLDOHWGHFRQVRPPDWLRQHWGXPDWpULHO
GH FRQVWUXFWLRQ HW GH IRUHVWHULH -RKQ'HHUH 3DU O·LQWHUPpGLDLUH GH O·pPHWWHXU VD ILOLDOH HQ SURSULpWp
H[FOXVLYH -'/ LIRXUQLW GX ILQDQFHPHQW SRXU OHV ORFDWLRQV HW OHV YHQWHV DX GpWDLO GH PDWpULHO QHXI HW
XVDJpIDEULTXpSDUOHVGLYLVLRQVGXPDWpULHODJULFROHGXPDWpULHOFRPPHUFLDOHWGHFRQVRPPDWLRQHWGX
PDWpULHOGHFRQVWUXFWLRQGHIRUHVWHULHGH-RKQ'HHUHLLDFKqWHXQHTXDQWLWpOLPLWpHGHFRQWUDWVGHYHQWH
jWHPSpUDPHQWDXGpWDLOQRQOLpVj'HHUHHWGHFRQWUDWVGHORFDWLRQDFTXLVLWLRQHWGHORFDWLRQH[SORLWDWLRQ
FRQFOXVSDU-RKQ'HHUHHWGHVFRQFHVVLRQQDLUHVQRQOLpVj'HHUHHWORXHXQHTXDQWLWpOLPLWpHG·pTXLSHPHQW
QRQIDEULTXpSDU'HHUHDX[FOLHQWVGHGpWDLOFRQWUDWVGHORFDWLRQDFTXLVLWLRQHWGHORFDWLRQH[SORLWDWLRQ
LLLILQDQFH GHV FRPSWHV G·DFKDW j FUpGLW UHQRXYHODEOH VXU OHV PDUFKpV DJULFROH FRPPHUFLDO HW GH
FRQVRPPDWLRQ HW HQ DVVXUH OH VHUYLFH HW LYIRXUQLW GX ILQDQFHPHQW HQ JURV SRXU FHUWDLQV VWRFNV GH
PDWpULHO DJULFROH GH PDWpULHO FRPPHUFLDO HW GH FRQVRPPDWLRQ HW GH PDWpULHO GH FRQVWUXFWLRQ HW GH
IRUHVWHULH-RKQ'HHUHWRXWFRPPHSRXUGXPDWpULHOGHFRQVWUXFWLRQGHWUDQVSRUWHWGHPDQXWHQWLRQQRQ
IDEULTXpSDU'HHUHPDLVHQSRVVHVVLRQGHVFRQFHVVLRQQDLUHVGHFHVSURGXLWV
-2+1'((5(&$3,7$/&25325$7,21
/D FDXWLRQ HVW XQH ILOLDOH HQ SURSULpWp H[FOXVLYH LQGLUHFWH GH 'HHUH HW PHPEUH GX JURXSH GH
O·pPHWWHXU(OOHDpWpFRQVWLWXpHVRXVOHUpJLPHGHVORLVGX'HODZDUHHWDFRPPHQFpVHVDFWLYLWpVHQ
/D FDXWLRQ HW VHV ILOLDOHV FROOHFWLYHPHQW ©-RKQ 'HHUH &DSLWDOª H[HUFHQW OHXUV DFWLYLWpV HQ 1RXYHOOH
=pODQGHDX[eWDWV8QLVHWGDQVSOXVLHXUVSD\VG·(XURSHHWG·$PpULTXHODWLQH
-RKQ 'HHUH &DSLWDO IRXUQLW HW JqUH GX ILQDQFHPHQW SRXU OHV YHQWHV DX GpWDLO GH PDWpULHO QHXI
IDEULTXp SDU OHV GLYLVLRQV GX PDWpULHO DJULFROH GX PDWpULHO FRPPHUFLDO HW GH FRQVRPPDWLRQ HW GX
PDWpULHOGHFRQVWUXFWLRQHWGHIRUHVWHULHGH-RKQ'HHUHHWOHPDWpULHOXVDJpSULVHQpFKDQJH-RKQ'HHUH
&DSLWDODFKqWHJpQpUDOHPHQWGHVFRQWUDWVGHYHQWHjWHPSpUDPHQWDXGpWDLOHWGHVFRQWUDWVGHORFDWLRQOHV
©ELOOHWV GH GpWDLOª j -RKQ 'HHUH -RKQ 'HHUH DFTXLHUW JpQpUDOHPHQW FHV ELOOHWV GH GpWDLO SDU
O·LQWHUPpGLDLUHGHFRQFHVVLRQQDLUHVGpWDLOODQWV-RKQ'HHUH'HSOXV-RKQ'HHUH&DSLWDODFKqWHHWILQDQFH
XQFHUWDLQPRQWDQWGHELOOHWVGHGpWDLOQRQOLpVj-RKQ'HHUHHWFRQWLQXHGHJpUHUXQSHWLWSRUWHIHXLOOHGH
SURGXLWVUpFUpDWLIVHWG·DXWUHVELOOHWVGHGpWDLO(QRXWUH-RKQ'HHUH&DSLWDOORXHGXPDWpULHO-RKQ'HHUH
HW XQH TXDQWLWp OLPLWpH GH PDWpULHO QRQIDEULTXp SDU 'HHUH j GHV FOLHQWV GH GpWDLO -RKQ 'HHUH &DSLWDO
ILQDQFHHWJqUHSDUDLOOHXUVGHVFRPSWHVG·DFKDWjFUpGLWUHQRXYHODEOHRIIHUWVODSOXSDUWGXWHPSVSDUGHV
PDUFKDQGVGXVHFWHXUDJULFROHGXVHFWHXUFRPPHUFLDOGHODFRQVRPPDWLRQGXVHFWHXUGHODFRQVWUXFWLRQ
°
HWGHODIRUHVWHULH-RKQ'HHUH&DSLWDOILQDQFHHWJqUHGHVSUrWVG·H[SORLWDWLRQODSOXSDUWGXWHPSVRIIHUWV
SDUGHVDJURIRXUQLVVHXUVHWDFTXLVGHFHX[FLRXRIIHUWVGLUHFWHPHQWjGHVSURGXFWHXUVDJULFROHVRXjGHV
HQWUHSULVHV DJURDOLPHQWDLUHV -RKQ 'HHUH &DSLWDO IRXUQLW OH ILQDQFHPHQW HQ JURV GH VWRFNV GH PDWpULHO
DJULFROH GH PDWpULHO FRPPHUFLDO GH FRQVRPPDWLRQ GH PDWpULHO GH FRQVWUXFWLRQ HW GH IRUHVWHULH
-RKQ'HHUHDSSDUWHQDQWDX[FRQFHVVLRQQDLUHVGHFHVSURGXLWV-RKQ'HHUH&DSLWDORIIUHpJDOHPHQWjGHV
FOLHQWVHWFRQFHVVLRQQDLUHV DGPLVVLEOHVXQILQDQFHPHQWERQLILpjO·H[SRUWDWLRQ TXLYLVH JpQpUDOHPHQWOHV
SURGXLWV -RKQ 'HHUH HW HOOH RIIUH DX[ eWDWV8QLV FHUWDLQV SURGXLWV G·DWWpQXDWLRQ GHV ULVTXHV OLpV DX[
UpFROWHV 'H SOXV -RKQ 'HHUH &DSLWDO LQYHVWLW GDQV OD SURGXFWLRQ G·pQHUJLH pROLHQQH HQ FRQVHQWDQW GHV
SUrWVjFHUWDLQHVVRFLpWpVGHVRQJURXSHTXLRQWGLUHFWHPHQWLQYHVWLGDQVGHVSURMHWVG·pQHUJLHpROLHQQH
'((5(&203$1<
/HVDFWLYLWpVGH-RKQ'HHUHVRQWJURXSpHVHQTXDWUHSULQFLSDOHVGLYLVLRQVFRPPHUFLDOHV
/DGLYLVLRQGXPDWpULHODJULFROHIDEULTXHHWGLVWULEXHXQHJDPPHFRPSOqWHGHPDWpULHODJULFROHHW
GHSLqFHVGHUHFKDQJHQRWDPPHQWGHVWUDFWHXUVGHVPRLVVRQQHXVHVEDWWHXVHVHWGHVUpFROWHXVHVGHFRWRQ
HW GH FDQQH j VXFUH GX PDWpULHO DUDWRLUH G·HQVHPHQFHPHQW HW GH WUDYDLO GX VRO GHV SXOYpULVDWHXUV GX
PDWpULHOSRXUOHIRLQHWODFXOWXUHIRXUUDJqUHGHODWHFKQRORJLHGHJHVWLRQDJULFROHLQWpJUpHHWGXPDWpULHO
G·LUULJDWLRQDJULFROHGHSUpFLVLRQ
/D GLYLVLRQ GX PDWpULHO FRPPHUFLDO HW GH FRQVRPPDWLRQ IDEULTXH HW GLVWULEXH GX PDWpULHO GHV
SURGXLWV HW GHV SLqFHV GH UHFKDQJH j XVDJH FRPPHUFLDO HW UpVLGHQWLHO QRWDPPHQW GHV WUDFWHXUV SRXU
SHORXVHV HW MDUGLQV j XVDJH FRPPHUFLDO RX j XVDJHV PXOWLSOHV GX PDWpULHO SRXU OD WRQWH GX JD]RQ
FRPPH GHV WRQGHXVHV SRXVVpHV GX PDWpULHO SRXU WHUUDLQ GH JROI GHV YpKLFXOHV XWLOLWDLUHV GH
O·pTXLSHPHQWGHMDUGLQGHSpSLQLqUHHWG·DUURVDJHDLQVLTXHG·DXWUHVSURGXLWVPRWRULVpVSRXUO·H[WpULHXU
/DGLYLVLRQGXPDWpULHOGHFRQVWUXFWLRQHWGHIRUHVWHULHIDEULTXHHWGLVWULEXHDX[FRQFHVVLRQQDLUHVHW
YHQGDXGpWDLOXQHYDVWHJDPPHGHPDFKLQHVHWGHSLqFHVGHUHFKDQJHHPSOR\pHVGDQVODFRQVWUXFWLRQOH
WHUUDVVHPHQWODPDQXWHQWLRQHWODUpFROWHGXERLV\FRPSULVGHVFKDUJHXVHVSHOOHWHXVHVGHVFKDUJHXVHVj
URXHV RX j FKHQLOOHV GHV FKDUJHXVHV j TXDWUH URXHV PRWULFHV GHV H[FDYDWULFHV GHV QLYHOHXVHV
DXWRPRWULFHVGHVFDPLRQVjEHQQHDUWLFXOpHGHVFKDUJHXUVjGLUHFWLRQGLIIpUHQWLHOOHGHVFKDUJHXUV6NLG
6WHHU GHV GpEXVTXHXVHV GHV DEDWWHXVHVJURXSHXVHV GHV JUXHV GH FKDUJHPHQW GHV
DEDWWHXVHVWURQoRQQHXVHVGHVUpFROWHXVHVGHELOOHVHWGHVDFFHVVRLUHVFRQQH[HV
/HVSURGXLWVHWVHUYLFHVIRXUQLVSDUOHVGLYLVLRQVPHQWLRQQpHVFLGHVVXVVRQWYHQGXVVXUWRXWSDU
GHVUpVHDX[GHFRQFHVVLRQQDLUHVGpWDLOODQWVLQGpSHQGDQWVHWGDQVGHJUDQGVSRLQWVGHYHQWHDXGpWDLO
/D GLYLVLRQ GX FUpGLW FRPSUHQG -RKQ 'HHUH &DSLWDO -RKQ 'HHUH &UHGLW &RPSDQ\ O·pPHWWHXU
%DQFR -RKQ 'HHUH6$ %UpVLO -RKQ 'HHUH &UHGLW 2\ )LQODQGH HW -RKQ 'HHUH 5HQHZDEOHV//& 6RQ
DFWLYLWp SULQFLSDOH HVW OH ILQDQFHPHQW GHV YHQWHV HW GHV ORFDWLRQV GHV FRQFHVVLRQQDLUHV -RKQ 'HHUH GH
PDWpULHO DJULFROH GH PDWpULHO FRPPHUFLDO HW GH FRQVRPPDWLRQ HW GH PDWpULHO GH FRQVWUXFWLRQ HW GH
IRUHVWHULH QHXI HW XVDJp FHWWH GLYLVLRQ IRXUQLW DXVVL GX ILQDQFHPHQW HQ JURV DX[ FRQFHVVLRQQDLUHV GH FH
PDWpULHO FRQVHQW GHV SUrWV G·H[SORLWDWLRQ ILQDQFH GHV FRPSWHV G·DFKDW j FUpGLW UHQRXYHODEOH RIIUH
FHUWDLQV SURGXLWV G·DWWpQXDWLRQ GHV ULVTXHV OLpV DX[ UpFROWHV HW LQYHVWLW GDQV OD SURGXFWLRQ G·pQHUJLH
pROLHQQH
>/HUHVWHGHFHWWHSDJHHVWODLVVpHHQEODQFLQWHQWLRQQHOOHPHQW@
±
'(6&5,37,21'(6%,//(76­&28577(50(
ePHWWHXU
&UpGLW-RKQ'HHUH,QF
&RXUWLHUV
9DOHXUV PRELOLqUHV7',QF5%& 'RPLQLRQYDOHXUV PRELOLqUHV ,QFHW%DQTXH
+6%&&DQDGD
&DXWLRQ
-RKQ'HHUH&DSLWDO&RUSRUDWLRQ
$JHQWFKDUJpGHO·pPLVVLRQHWGX /·DJHQWFKDUJpGHO·pPLVVLRQHWGXSDLHPHQWHVWOD%DQTXH5R\DOHGX&DQDGD
SDLHPHQW
&DSLWDO
0RQQDLH
&RXSXUHV
,QWpUrW
eFKpDQFH
)RUPHGHVELOOHWV
/H FDSLWDO JOREDO GHV ELOOHWV TXL VHURQW HQ FLUFXODWLRQ Q·HVW SDV OLPLWp j XQ
PRQWDQWSUpFLV
/HVELOOHWVVHURQWSD\DEOHVHQGROODUVFDQDGLHQVRXHQGROODUVDPpULFDLQVVHORQ
ODPRQQDLHG·pPLVVLRQ
/HV ELOOHWV VHURQW pPLV HQ PXOWLSOHV GH &$ RX GH 86 VRXV
UpVHUYH G·XQ DFKDW PLQLPDO GH &$ RX GH O·pTXLYDOHQW HQ GROODUV
DPpULFDLQV
/HVELOOHWVSRUWHURQWLQWpUrWRXVHURQWpPLVjHVFRPSWHHWYLHQGURQWjpFKpDQFH
j OHXU PRQWDQW HQ FDSLWDO /HV WDX[ G·LQWpUrW TXL V·DSSOLTXHQW DX[ ELOOHWV
SHXYHQW rWUH REWHQXV VXU GHPDQGH DXSUqV GH 9DOHXUV PRELOLqUHV 7' ,QF GH
5%&'RPLQLRQYDOHXUVPRELOLqUHV,QFRXGH%DQTXH+6%&&DQDGD
/HV ELOOHWV YLHQGURQW j pFKpDQFH DX SOXV WDUG XQH DQQpH DSUqV OD GDWH
G·pPLVVLRQ
/HVELOOHWVVHURQWpPLVVRXVIRUPHQpJRFLDEOHHWVHURQWSD\DEOHVDXSRUWHXURX
jO·RUGUHGHOHXUDFKHWHXU$XJUpGHO·pPHWWHXUOHVELOOHWVSRXUURQWDXVVLrWUH
pPLVVRXVIRUPHG·©LQVFULSWLRQHQFRPSWHVHXOHPHQWªOHV©ELOOHWVLQVFULWVHQ
FRPSWHª DXTXHO FDV LOV GHYURQW rWUH DFKHWpV RX WUDQVIpUpV SDU O·HQWUHPLVH
G·DGKpUHQWV OHV ©DGKpUHQWVª GX VHUYLFH GH FRPSHQVDWLRQ GHV WLWUHV
G·HPSUXQW GHV 6HUYLFHV GH GpS{W HW GH FRPSHQVDWLRQ &'6LQF OD ©&'6ª
TXL FRPSUHQQHQW GHV FRXUWLHUV HQ YDOHXUV GHV EDQTXHV HW GHV VRFLpWpV GH
ILGXFLH'·DXWUHVpWDEOLVVHPHQWVOHV©DGKpUHQWVLQGLUHFWVªTXLHQWUHWLHQQHQW
DYHFXQDGKpUHQWGLUHFWHPHQWRXLQGLUHFWHPHQWGHVOLHQVHQPDWLqUHGHGpS{W
SHXYHQW pJDOHPHQW DYRLU LQGLUHFWHPHQW DFFqV DX V\VWqPH G·LQVFULSWLRQ HQ
FRPSWHGHOD&'6
/·pPHWWHXUIHUDHQVRUWHTXHOHVELOOHWVLQVFULWVHQFRPSWHVRLHQWOLYUpVjOD&'6
RX j VRQ SUrWHQRP HW VRLHQW LPPDWULFXOpV DX QRP GH O·XQ RX GH O·DXWUH
&KDTXH DFKHWHXU G·XQ ELOOHW LQVFULW HQ FRPSWH UHFHYUD XQH FRQILUPDWLRQ
G·DFKDW GpOLYUpH SDU O·DGKpUHQW RX O·DGKpUHQW LQGLUHFW GXTXHO FH ELOOHW HVW
DFKHWp FRQIRUPpPHQW DX[ SUDWLTXHV HW PpWKRGHV GX YHQGHXU /HV SUDWLTXHV
GHV DGKpUHQWV HW GHV DGKpUHQWV LQGLUHFWV SHXYHQW YDULHU PDLV GH IDoRQ
JpQpUDOHOHVFRQILUPDWLRQVG·DFKDWVRQWGpOLYUpHVUDSLGHPHQWDSUqVO·H[pFXWLRQ
GHO·RUGUHGXFOLHQW
$XFXQ SRUWHXU GH ELOOHWV LQVFULWV HQ FRPSWH Q·DXUD OH GURLW GH UHFHYRLU GH
O·pPHWWHXURXGHOD&'6XQFHUWLILFDWRXXQDXWUHGRFXPHQWDWWHVWDQWVRQGURLW
GDQV XQ ELOOHW $XFXQ SRUWHXU QH VHUD LQVFULW GDQV OHV UHJLVWUHV GH OD &'6
²
/LYUDLVRQHWSDLHPHQW
DXWUHPHQW TXH VRXV OH QRP GX PDQGDWDLUH GX SRUWHXU TXL HVW DGKpUHQW RX
DGKpUHQWLQGLUHFWGHOD&'6/·LQVFULSWLRQGHVGURLWVGDQVOHVELOOHWVLQVFULWVHQ
FRPSWH HW OHV WUDQVIHUWV GH FHX[FL VH IHURQW XQLTXHPHQW SDU O·HQWUHPLVH GX
VHUYLFH GH FRPSHQVDWLRQ GHV WLWUHV G·HPSUXQW GH OD &'6 7RXV OHV PRQWDQWV
GXVDXWLWUHGHVELOOHWVLQVFULWVHQFRPSWHVHURQWSD\pVSDUO·pPHWWHXUjOD&'6
RXjO·DJHQWFKDUJpGXSDLHPHQWQRPPpSDUO·pPHWWHXUTXLUHPHWWUDDORUVOHV
SDLHPHQWV j OD &'6 &HOOHFL OHV UHPHWWUD HQVXLWH j VHV DGKpUHQWV TXL j OHXU
WRXUOHVUHPHWWURQWDX[SRUWHXUVGHELOOHWVLQVFULWVHQFRPSWHRXOHFDVpFKpDQW
DX[DGKpUHQWVLQGLUHFWVTXLHX[PrPHVOHVUHPHWWURQWDX[SRUWHXUVGHVELOOHWV
LQVFULWVHQFRPSWH
1L O·pPHWWHXU QL OHV DGKpUHQWV QL OHV DGKpUHQWV LQGLUHFWV QH VHURQW
UHVSRQVDEOHV LGH WRXWH TXHVWLRQ TXL FRQFHUQH OHV UHJLVWUHV UHODWLIV j OD
SURSULpWp YpULWDEOH GHV ELOOHWV LQVFULWV HQ FRPSWH GpWHQXV SDU OD &'6 RX OHV
SDLHPHQWV DX WLWUH GH FHV ELOOHWV LLGH OD WHQXH GH OD VXSHUYLVLRQ RX GH OD
UpYLVLRQGHVUHJLVWUHVUHODWLIVDX[ELOOHWVLQVFULWVHQFRPSWHRXLLLGHVFRQVHLOV
GRQQpVRXGHVGpFODUDWLRQVIDLWHVSDUOD&'6RXjVRQpJDUG\FRPSULVFHX[
GRQW LO HVW TXHVWLRQ GDQV OD SUpVHQWH QRWLFH G·RIIUH HW TXL RQW WUDLW DX[ UqJOHV
UpJLVVDQWOD&'6RXGHVPHVXUHVSULVHVSDUOD&'6RXVXLYDQWOHVGLUHFWLYHVGH
VHVDGKpUHQWV/HVUqJOHVUpJLVVDQWOD &'6SUpYRLHQW TX·HOOHGpWLHQW OHVELOOHWV
LQVFULWVHQFRPSWHGDQVVRQVHUYLFHGHGpS{WHWGHFRPSHQVDWLRQDXQRPGHV
DGKpUHQWV HW TX·HOOH D O·REOLJDWLRQ OpJDOH GH UpFODPHU OH SDLHPHQW GHV ELOOHWV
SRXU OH FRPSWH GHV DGKpUHQWV 3DU FRQVpTXHQW OHV DGKpUHQWV SHXYHQW
XQLTXHPHQW V·DGUHVVHU j OD &'6 HW OHV SRUWHXUV GH ELOOHWV LQVFULWV HQ FRPSWH
SHXYHQW XQLTXHPHQW V·DGUHVVHU DX[ DGKpUHQWV HQ FH TXL FRQFHUQH OH
UHPERXUVHPHQW GX FDSLWDO GHV ELOOHWV LQVFULWV HQ FRPSWH HW OH YHUVHPHQW GHV
LQWpUrWV VXU FHX[FL XQH IRLV TXH OH SDLHPHQW j OD &'6 HVW HIIHFWXp SDU
O·pPHWWHXURXSRXUVRQFRPSWH
9XO·DEVHQFHGHFHUWLILFDWVPDWpULHOVODFDSDFLWpG·XQSRUWHXUGHELOOHWVLQVFULWV
HQFRPSWHGHGRQQHUFHVELOOHWVHQJDJHRXGHSUHQGUHG·DXWUHVPHVXUHVjOHXU
pJDUGDXWUHPHQWTXHSDUO·HQWUHPLVHG·XQDGKpUHQWRXG·XQDGKpUHQWLQGLUHFW
SHXWrWUHOLPLWpH
/·pPHWWHXU SHXW VH UHWLUHU GX V\VWqPH G·LQVFULSWLRQ HQ FRPSWH GH OD &'6
TXDQG LO OH VRXKDLWH DXTXHO FDV GHV ELOOHWV VRXV IRUPH GH FHUWLILFDWV SD\DEOHV
DXSRUWHXURXjO·RUGUHGHOHXUSRUWHXUVHURQWGpOLYUpVDX[SRUWHXUVGHELOOHWV
LQVFULWVHQFRPSWHRXjOHXUVSUrWHQRPV
/HVELOOHWVLQVFULWVHQFRPSWHVHURQWGpVLJQpVFRPPHpWDQWDVVXMHWWLVjOD/RLVXU
OHVOHWWUHVHWELOOHWVGHGpS{W&DQDGD
/DSUpVHQWHQRWLFHG·RIIUHFRQWLHQWGHVVSpFLPHQVGHELOOHWV
/D OLYUDLVRQ GHV ELOOHWV LQVFULWV HQ FRPSWH HW WRXV OHV SDLHPHQWV DX WLWUH GHV
ELOOHWV VHURQW HIIHFWXpV FRQIRUPpPHQW DX[ UqJOHV pWDEOLHV SDU OD &'6 /D
OLYUDLVRQ GHV ELOOHWV VRXV IRUPH GH FHUWLILFDWV VHUD HIIHFWXpH PR\HQQDQW
SDLHPHQWSDUYLUHPHQWpOHFWURQLTXHFKqTXHFHUWLILpRXWUDLWHEDQFDLUHSD\DEOH
j O·pPHWWHXU j WRXW EXUHDX GpVLJQp GH O·DJHQW FKDUJp GH O·pPLVVLRQ HW GX
SDLHPHQW QRPPp SDU O·pPHWWHXU GDQV OD YLOOH GH 7RURQWR OH ©SRLQW GH
OLYUDLVRQª/HSDLHPHQWGHVELOOHWVVRXVIRUPHGHFHUWLILFDWVjO·pFKpDQFHVHUD
HIIHFWXp SRXU OH FRPSWH GH O·pPHWWHXU VXU UHPLVH GHV ELOOHWV DX SRLQW GH
³
,QFLGHQFHVILVFDOHV
OLYUDLVRQ
$XFXQ DYLV Q·HVW GRQQp TXDQW j OD TXDOLWp GHV ELOOHWV FRPPH SODFHPHQWV
DGPLVVLEOHVHQYHUWXGHOD/RLGHO·LPS{WVXUOHUHYHQX&DQDGDOD©/,5ªHWGH
VRQ UqJOHPHQW G·DSSOLFDWLRQ SRXU OHV ILGXFLHV UpJLHV SDU GHV UpJLPHV
HQUHJLVWUpVG·pSDUJQHUHWUDLWHGHVIRQGVHQUHJLVWUpVGHUHYHQXVGHUHWUDLWHGHV
UpJLPHV HQUHJLVWUpV G·pSDUJQHpWXGHV GHV UpJLPHV HQUHJLVWUpV G·pSDUJQH
LQYDOLGLWpHWGHVUpJLPHVGHSDUWLFLSDWLRQGLIIpUpHDX[EpQpILFHV/HVDFKHWHXUV
pYHQWXHOVGHELOOHWVGHYUDLHQWFRQVXOWHUOHXUVFRQVHLOOHUVHQILVFDOLWpjFHWpJDUG
5HPERXUVHPHQW
/HVELOOHWVQHVRQWSDVUHPERXUVDEOHVDYDQWO·pFKpDQFH
5HVWULFWLRQVGHYHQWH
/HVELOOHWVQ·RQWSDVpWpHWQHVHURQWSDVHQUHJLVWUpVDX[WHUPHVGHOD6HFXULWLHV
$FWGHVeWDWV8QLVLOVQHSHXYHQWSDVrWUHRIIHUWVRXYHQGXVDX[eWDWV8QLVQL
j GHV SHUVRQQHV GHV eWDWV8QLV RX j OHXU SURILW 86 3HUVRQ DX VHQV GX
5HJXODWLRQ6 SULV HQ DSSOLFDWLRQ GH OD 6HFXULWLHV $FW GHV eWDWV8QLV HW SRXU
O·DSSOLFDWLRQ GH O·LPS{W VXU OH UHYHQX IpGpUDO GHV eWDWV8QLV /HV ELOOHWV QH
VHURQWSDVYHQGXVDX&DQDGDjXQQRQUpVLGHQWGX&DQDGDDXVHQVGHOD/,5
QL j XQH SHUVRQQH TXL DFKqWH j GHV ILQV GH UHYHQWH j XQ QRQUpVLGHQW GX
&DQDGDRXDXSURILWGHFHOXLFL
2EMHW
5HVWULFWLRQVGHUHYHQWH
'pFODUDWLRQVGHO·DFKHWHXU
6WDWXWGHVELOOHWVHW
FDXWLRQQHPHQW
/LTXLGLWp
eWDWVILQDQFLHUV
/H SURGXLW QHW WLUp GH OD YHQWH GHV ELOOHWV VHUD XWLOLVp DX[ ILQV JpQpUDOHV GH
O·HQWUHSULVH
/HV ELOOHWV TXH GpWLHQW XQ DFKHWHXU SHXYHQW rWUH RIIHUWV YHQGXV RX OLYUpV
XQLTXHPHQW j XQ PDQGDWDLUH DXWRULVp GH O·pPHWWHXU RX XQLTXHPHQW j XQH
SHUVRQQH TXH FH PDQGDWDLUH DXWRULVp UHFRQQDvW QH SDV rWUH XQH SHUVRQQH GHV
eWDWV8QLV RX XQ QRQUpVLGHQW GX &DQDGD DX VHQV GH OD /,5 (Q DFKHWDQW XQ
ELOOHW O·DFKHWHXU V·HQJDJH j RIIULU j YHQGUH RX j OLYUHU OH ELOOHW XQLTXHPHQW j
XQWHOPDQGDWDLUHRXXQHWHOOHSHUVRQQH
(QDFKHWDQWXQELOOHWO·DFKHWHXUVHWURXYHjGpFODUHUHWJDUDQWLUTX·LOQ·HVWSDV
XQHSHUVRQQHGHVeWDWV8QLVQLXQQRQUpVLGHQWGX&DQDGDDXVHQVGHOD/,5
HWTX·LOQ·DFKqWHSDVOHELOOHWHQTXHVWLRQSRXUXQHSHUVRQQHGHVeWDWV8QLVRX
XQQRQUpVLGHQWGX&DQDGDQLDXSURILWGHFHX[FL
/HV ELOOHWV FRQVWLWXHURQW GHV REOLJDWLRQV GLUHFWHV LQFRQGLWLRQQHOOHV HW QRQ
DVVRUWLHV G·XQH V€UHWp GH O·pPHWWHXU LOV RQW pJDOLWp GH UDQJ HQWUH HX[ VDQV
DXFXQH SUpIpUHQFH HW RQW DX PRLQV pJDOLWp GH UDQJ DYHF WRXWHV OHV DXWUHV
REOLJDWLRQV QRQ DVVRUWLHV G·XQH V€UHWp HW QRQ VXERUGRQQpHV GH O·pPHWWHXU /H
FDXWLRQQHPHQWGHODFDXWLRQFRQVWLWXHUDXQFDXWLRQQHPHQWLQFRQGLWLRQQHOGX
SDLHPHQW LQWpJUDO GX FDSLWDO GHV ELOOHWV HW GH O·LQWpUrW OH FDV pFKpDQW VXU
FHX[FL
/D FDXWLRQ PDLQWLHQW GHV OLJQHV GH FUpGLW VXIILVDQWHV VHORQ HOOH SRXU
O·H[SORLWDWLRQ GH VHV DFWLYLWpV QRWDPPHQW VHV REOLJDWLRQV HQ VD TXDOLWp GH
FDXWLRQGHVELOOHWVGHO·pPHWWHXU
2Q SHXW FRQVXOWHU HW LPSULPHU OHV SOXV UpFHQWV pWDWV ILQDQFLHUV YpULILpV GH OD
FDXWLRQ TXL VH WURXYHQW VXU OH VLWH :HE JpUp SDU OD 6HFXULWLHV DQG ([FKDQJH
&RPPLVVLRQ GHV eWDWV8QLV OD ©6(&ª DX ZZZVHFJRY HQ HIIHFWXDQW XQH
UHFKHUFKHjSDUWLUGHODUXEULTXH©)LOLQJV)RUPV('*$5ªHWHQLQVFULYDQW
OHQRP©'HHUH-RKQ&DSLWDO&RUSª
´
5e62/87,21&(57,),e('8&216(,/'·$'0,1,675$7,21
'(&5e',7-2+1'((5(,1&
GpILQLHFRPPHOD©6RFLpWpªGDQVODUpVROXWLRQ
,/(675e62/848(
/D6RFLpWpSHXWHPSUXQWHUGHO·DUJHQWDXPR\HQGHO·pPLVVLRQHWGHODYHQWHGHELOOHWVGH
GpS{WDVVXMHWWLVjOD/RLVXUOHVOHWWUHVHWELOOHWVGHGpS{W&DQDGDHWGHELOOHWVGHWUpVRUHULH
FROOHFWLYHPHQW OHV ©ELOOHWVª &KDTXH ELOOHW GRLW rWUH DVVRUWL GHV FRQGLWLRQV HW
GLVSRVLWLRQV pWDEOLHV SRXU OH FRPSWH GH OD 6RFLpWp DYDQW OD OLYUDLVRQ GH FHOXLFL
QRWDPPHQWHQFHTXLFRQFHUQHVRQFDSLWDOHQPRQQDLHFDQDGLHQQHRXDXWUHVDIRUPHRX
VDTXDOLWpGHWLWUHGHFUpDQFHLQVFULWHQFRPSWHODTXHVWLRQGHVDYRLUV·LOSRUWHLQWpUrWRX
QRQOHPRPHQWGHVRQUHPERXUVHPHQWTXLGRLWDYRLUOLHXDXSOXVWDUGXQHDQQpHDSUqV
OD GDWH G·pPLVVLRQ HW OD TXHVWLRQ GH VDYRLU VL OHV VRPPHV SD\DEOHV VHURQW YHUVpHV DX
EpQpILFLDLUHGpVLJQpSDUOD6RFLpWpRXDXSRUWHXU
'DQV OH FDGUH GH O·pPLVVLRQ HW GH OD YHQWH GH ELOOHWV OD 6RFLpWp HVW DXWRULVpH SDU OHV
SUpVHQWHVjQRPPHULXQHRXSOXVLHXUVLQVWLWXWLRQVILQDQFLqUHVDGPLVVLEOHVSRXUDJLUHQ
TXDOLWpGHPDQGDWDLUHVGHOD6RFLpWpSRXUODJDUGHODSHUIHFWLRQO·pPLVVLRQODOLYUDLVRQ
HWOHSDLHPHQWGHVELOOHWVSRXUOHFRPSWHGHOD6RFLpWpLLXQHRXSOXVLHXUVFKDPEUHVGH
FRPSHQVDWLRQ SRXU DJLU GDQV OH FDGUH GH OD FRPSHQVDWLRQ HW GX UqJOHPHQW GHV
WUDQVDFWLRQV YLVDQW OHV ELOOHWV TXL VRQW GpSRVpV DXSUqV G·HOOHV HW LLLXQ RX SOXVLHXUV
PDQGDWDLUHV SRXU RIIULU OHV ELOOHWV HQ YHQWH DX SXEOLF DX &DQDGD HW DLOOHXUV SRXU OH
FRPSWH GH OD 6RFLpWp OD 6RFLpWp HVW GH SOXV DXWRULVpH j FRQFOXUH GHV HQWHQWHV DYHF OHV
HQWLWpVVXVPHQWLRQQpHV
'HX[SHUVRQQHVSDUPLOH SUpVLGHQW XQ YLFHSUpVLGHQWOHWUpVRULHURXOHVHFUpWDLUHGHOD
6RFLpWpVRQWSDUOHVSUpVHQWHVDXWRULVpHVSRXUOHFRPSWHGHOD6RFLpWpjVLJQHUOHVELOOHWVj
OD PDLQ RX SDU IDFVLPLOp j DSSRVHU VXU OHV ELOOHWV PDQXHOOHPHQW RX SDU IDFVLPLOp OH
VFHDXGHOD6RFLpWpjOLYUHUOHVELOOHWVVHORQOHVPRQWDQWVHWOHVFRQGLWLRQV\FRPSULVOHV
GDWHVG·pFKpDQFHHWOHVWDX[G·LQWpUrWRXG·HVFRPSWHTXHOHVSHUVRQQHVVXVPHQWLRQQpHV
SHXYHQWpWDEOLUHWTXLVRQWDWWHVWpVGHPDQLqUHFRQFOXDQWHSDUODVLJQDWXUHGHVELOOHWVHWj
VLJQHUHWjOLYUHUWRXWDXWUHGRFXPHQWRXHQWHQWHDXWRULVpVSDUOHVSUpVHQWHV/HVELOOHWV
SRUWDQWODVLJQDWXUHSDUIDFVLPLOpG·XQRXGHSOXVLHXUVGHVGLULJHDQWVVXVPHQWLRQQpVRQW
ODPrPHSRUWpHMXULGLTXHHWOLHQWOD6RFLpWpDXWDQW TXHV·LOVDYDLHQWpWpVLJQpVjODPDLQ
SDUFHVGLULJHDQWVSHXLPSRUWHTXHOOHVVLJQDWXUHVRQWpWpDSSRVpHVPpFDQLTXHPHQWOD
IDoRQGRQWHOOHVRQWpWpDSSRVpHVRXTXLOHVDDSSRVpHV
/HV ELOOHWV SHXYHQW rWUH LPSULPpV VRXV IRUPH ELOLQJXH HQ DQJODLV HW HQ IUDQoDLV /H FDV
pFKpDQW OD YHUVLRQ IUDQoDLVH GRLW rWUH XQH WUDGXFWLRQ H[DFWH GH OD YHUVLRQ DQJODLVH
WRXWHIRLVVLXQOLWLJHVXUYLHQWUHODWLYHPHQWDX[FRQGLWLRQVHWDX[GLVSRVLWLRQVG·XQELOOHW
ODYHUVLRQDQJODLVHHVWUpSXWpHO·HPSRUWHUPrPHV·LO\DXQHGLYHUJHQFHG·LQWHUSUpWDWLRQ
HQWUHODYHUVLRQDQJODLVHHWODYHUVLRQIUDQoDLVHOHELOOHWGRLWrWUHLQWHUSUpWpHWH[pFXWpHQ
FRQVpTXHQFH
/HV ELOOHWV LVLJQpV SDU OD 6RFLpWp FRQIRUPpPHQW DX[ GLVSRVLWLRQV GH OD SUpVHQWH
UpVROXWLRQ LLFRQWUHVLJQpV j OD PDLQ RX DXWKHQWLILpV SRXU OD 6RFLpWp SDU XQH SHUVRQQH
DXWRULVpHjFHWWHILQSDUOH PDQGDWDLUHGHOD6RFLpWpSRXUODSHUIHFWLRQHWO·pPLVVLRQGHV
ELOOHWVVLFHODHVWSUpYXGDQVOHVSpFLPHQGHELOOHWHWLLLG€PHQWpPLVHWOLYUpVSDUFH
PDQGDWDLUH FRQVWLWXHQW GHV REOLJDWLRQV YDOLGHV GH OD 6RFLpWp TXL OD OLHQW HW TXL VRQW
H[pFXWRLUHVFRQIRUPpPHQWjOHXUVFRQGLWLRQVPrPHVLjWRXWPRPHQWDSUqVODVLJQDWXUH
µ
GHVELOOHWVOHVLJQDWDLUHDXWRULVpFHVVHG·RFFXSHUOHSRVWHTX·LORFFXSDLWDXPRPHQWRLOD
VLJQpOHVELOOHWV
7RXWHVOHVUpVROXWLRQVSUpFpGHQWHVGXFRQVHLOG·DGPLQLVWUDWLRQGHOD6RFLpWpOLpHVjO·REMHW
GH OD SUpVHQWH UpVROXWLRQ VRQW SDU OHV SUpVHQWHV DEURJpHV VDQV SRUWHU DWWHLQWH DX[
PHVXUHVSULVHVFRQIRUPpPHQWjFHVUpVROXWLRQVDYDQWOHVSUpVHQWHV
/HVRXVVLJQp'DYLG5%XJDUHVWLVHFUpWDLUHGH&UpGLW-RKQ'HHUH,QFOD©6RFLpWpªDWWHVWHSDU
OHVSUpVHQWHVTXHOHWH[WHFLGHVVXVHVWXQHFRSLHYpULGLTXHHWFRPSOqWHG·XQHUpVROXWLRQDGRSWpHSDUOHV
DGPLQLVWUDWHXUVGHOD6RFLpWpOHVHSWHPEUHHWTXHFHWWHUpVROXWLRQQ·DSDVpWpPRGLILpHHWTX·HOOH
HVWSOHLQHPHQWHQYLJXHXUjODGDWHGHVSUpVHQWHV
/HPDL
/HVHFUpWDLUH
¶
'DYLG5%XJDUHVWL
$77(67$7,21'()21&7,216(76,*1$785(6
/HVRXVVLJQp'DYLG5%XJDUHVWLVHFUpWDLUHGH&UpGLW-RKQ'HHUH,QFO·©pPHWWHXUªDWWHVWHSDU
OHV SUpVHQWHV TXH OD SHUVRQQH VXLYDQWH HVW XQ GLULJHDQW DGPLVVLEOH G€PHQW QRPPp GH O·pPHWWHXU HW
RFFXSHOHSRVWHLQGLTXpHQUHJDUGGHVRQQRPHWTXHOHVSpFLPHQGHVLJQDWXUHDSSRVpHQUHJDUGGHVRQ
QRPHVWXQVSpFLPHQYpULGLTXHGHVDVLJQDWXUH
1RPGXGLULJHDQW
&KDUOHV6:HOOV
)RQFWLRQ
3UpVLGHQW
6SpFLPHQGHVLJQDWXUH
/HPDL
/HVHFUpWDLUH
'DYLG5%XJDUHVWL
/HVRXVVLJQp&KDUOHV6:HOOVSUpVLGHQWGHO·pPHWWHXUDWWHVWHSDUOHVSUpVHQWHVTXHODSHUVRQQH
VXLYDQWHHVWXQGLULJHDQWDGPLVVLEOHG€PHQWQRPPpGHO·pPHWWHXUHWRFFXSHOHSRVWHLQGLTXpHQUHJDUG
GHVRQQRPHWTXHOHVSpFLPHQGHVLJQDWXUHDSSRVpHQUHJDUGGHVRQQRPHVWXQVSpFLPHQYpULGLTXHGH
VDVLJQDWXUH
1RPGXGLULJHDQW
'DYLG5%XJDUHVWL
)RQFWLRQ
6HFUpWDLUH
6SpFLPHQGHVLJQDWXUH
/HPDL
/HSUpVLGHQW
&KDUOHV6:HOOV
¬·
5e62/87,21&(57,),e('8&216(,/'·$'0,1,675$7,21
'(-2+1'((5(&$3,7$/&25325$7,21/$©62&,e7eª
$8725,6$17/(&$87,211(0(17'(6
&5e$1&(6'(&5e',7-2+1'((5(,1&©&-',ª
,/ (67 5e62/8 48( -'&, UHPSOLW VHV EHVRLQV GH ILQDQFHPHQW j FRXUW WHUPH HQ pPHWWDQW GX
SDSLHUFRPPHUFLDOVXUOHPDUFKpFDQDGLHQHWSHXWjO·DYHQLUUHPSOLUVHVEHVRLQVGHILQDQFHPHQWjFRXUW
WHUPHHQpPHWWDQWGXSDSLHUFRPPHUFLDOGDQVGHVWHUULWRLUHVDXWUHVTXHOH&DQDGD
$77(1'8 48( OH FDXWLRQQHPHQW GH OD 6RFLpWp IDFLOLWHUDLW OH SODFHPHQW GX SDSLHU FRPPHUFLDO
SDU-'&,
3$5 &216e48(17 ,/ (67 5e62/8 48( OH FDXWLRQQHPHQW WRWDO HW LQFRQGLWLRQQHO SDU OD
6RFLpWp GX SDSLHU FRPPHUFLDO pPLV SDU -'&, GDQV OHV PRQQDLHV HW SRXU OHV PRQWDQWV DSSURXYpV SDU OH
WUpVRULHUHWOHFKHIGHVVHUYLFHVILQDQFLHUVGHOD6RFLpWpHVWDXWRULVpSDUOHVSUpVHQWHV
,/ (67 '( 3/86 5e62/8 48( OH SUpVLGHQW GX FRQVHLO OH SUpVLGHQW OHV YLFHSUpVLGHQWV OH
WUpVRULHU OH WUpVRULHU DGMRLQW OH VHFUpWDLUH RX OH VHFUpWDLUH DGMRLQW GH OD 6RFLpWp VRQW SDU OHV SUpVHQWHV
DXWRULVpVSRXUOHFRPSWHGHOD6RFLpWpjVLJQHUOHSDSLHUFRPPHUFLDOjODPDLQRXSDUIDFVLPLOHRXHQFRUH
SDU VLJQDWXUH pOHFWURQLTXH VRXV OH VFHDX GH OD 6RFLpWp HW j FRQVHQWLU WRXW FDXWLRQQHPHQW DXWRULVp DX[
WHUPHVGHODUpVROXWLRQSUpFpGHQWHHWjSUHQGUHWRXWHVOHVPHVXUHVTX·XQGLULJHDQWMXJHUDLWQpFHVVDLUHVRX
VRXKDLWDEOHVHQYXHG·pPHWWUHHWGHYHQGUHGXSDSLHUFRPPHUFLDOGH-'&,FDXWLRQQpSDUOD6RFLpWp7RXWH
PHVXUH SULVH FRQIRUPpPHQW j FHV UpVROXWLRQV SDU XQ GLULJHDQW GH OD 6RFLpWp SRXU OHV UDLVRQV
VXVPHQWLRQQpHVHVWSDUOHVSUpVHQWHVDSSURXYpH
/D VRXVVLJQpH 0DU\ . : -RQHV VHFUpWDLUH GH OD 6RFLpWp VRFLpWp FRQVWLWXpH VRXV OH UpJLPH GHV
ORLVGHO·eWDWGX'HODZDUHDWWHVWHSDUOHVSUpVHQWHVTXHOHVUpVROXWLRQVVXVPHQWLRQQpHVRQWpWpDGRSWpHV
SDU OH FRQVHLO G·DGPLQLVWUDWLRQ GH OD 6RFLpWp OH DR€W HW TXH FHV UpVROXWLRQV VRQW WRXMRXUV
SOHLQHPHQWHQYLJXHXUHWQ·RQWSDVpWpPRGLILpHVHWTX·DXFXQHSURFpGXUHYLVDQWOHXUDEURJDWLRQRXOHXU
PRGLILFDWLRQQ·DpWpSULVHRXQ·HVWHQFRXUV
/HPDL
/DVHFUpWDLUH
0DU\.:-RQHV
¬¬
$77(67$7,21'()21&7,216(76,*1$785(6
/DVRXVVLJQpH0DU\ .:-RQHVVHFUpWDLUHGH-RKQ 'HHUH&DSLWDO&RUSRUDWLRQOD©FDXWLRQª
DWWHVWH SDU OHV SUpVHQWHV TXH OD SHUVRQQH VXLYDQWH HVW XQ GLULJHDQW DGPLVVLEOH G€PHQW QRPPp GH OD
FDXWLRQ HW RFFXSH OH SRVWH LQGLTXp HQ UHJDUG GH VRQ QRP HW TXH OH VSpFLPHQ GH VLJQDWXUH DSSRVp HQ
UHJDUGGHVRQQRPHVWXQVSpFLPHQYpULGLTXHGHVDVLJQDWXUH
1RPGXGLULJHDQW
)RQFWLRQ
-DPHV$'DYOLQ
6SpFLPHQGHVLJQDWXUH
9LFHSUpVLGHQWHWWUpVRULHU
/HPDL
/DVHFUpWDLUH
0DU\.:-RQHV
/H VRXVVLJQp 0DUN & 5REHUWV VHFUpWDLUH DGMRLQW GH OD FDXWLRQ DWWHVWH SDU OHV SUpVHQWHV TXH OD
SHUVRQQHVXLYDQWHHVWXQGLULJHDQWDGPLVVLEOHG€PHQWQRPPpGHODFDXWLRQHWRFFXSHOHSRVWHLQGLTXpHQ
UHJDUG GH VRQ QRP HW TXH OH VSpFLPHQ GH VLJQDWXUH DSSRVp HQ UHJDUG GH VRQ QRP HVW XQ VSpFLPHQ
YpULGLTXHGHVDVLJQDWXUH
1RPGXGLULJHDQW
)RQFWLRQ
0DU\.:-RQHV
6HFUpWDLUH
6SpFLPHQGHVLJQDWXUH
/HPDL
/HVHFUpWDLUHDGMRLQW
0DUN&5REHUWV
¬¸­
'52,76'(5e62/87,21(76$1&7,216&,9,/(6
/DOpJLVODWLRQHQYDOHXUVPRELOLqUHVGHFHUWDLQHVSURYLQFHVGX&DQDGDFRQIqUHDX[DFKHWHXUVGH
WLWUHVDX[WHUPHVGHODSUpVHQWHQRWLFHG·RIIUHOHGURLWGHGHPDQGHUODQXOOLWpRXGHVGRPPDJHVLQWpUrWV
RX OHV GHX[ HQ SOXV GHV DXWUHV GURLWV TXH OD ORL OHXU FRQIqUH VL OD SUpVHQWH QRWLFH G·RIIUH RX OHV
PRGLILFDWLRQV TXL OXL VRQW DSSRUWpHV FRQWLHQQHQW GHV LQIRUPDWLRQV IDXVVHV RX WURPSHXVHV /·H[SUHVVLRQ
©LQIRUPDWLRQV IDXVVHV RX WURPSHXVHVª XWLOLVpH DX[ SUpVHQWHV GpVLJQH OD GpFODUDWLRQ HUURQpH G·XQ IDLW
LPSRUWDQWRXO·RPLVVLRQGHGpFODUHUXQIDLWLPSRUWDQWTXLGRLWO·rWUHRX TXLHVW QpFHVVDLUHSRXUIDLUHHQ
VRUWH TXH O·LQIRUPDWLRQ QH VRLW SDV WURPSHXVH j OD OXPLqUH GHV FLUFRQVWDQFHV GDQV OHVTXHOOHV HOOH D pWp
IDLWH &HV UHFRXUV GRLYHQW rWUH H[HUFpV RX DYLV GRLW HQ rWUH GRQQp VHORQ OH FDV SDU O·DFKHWHXU GDQV OHV
GpODLVSUpYXVSDUODOpJLVODWLRQHQYDOHXUVPRELOLqUHVDSSOLFDEOH
6DQV TXH QH VRLW UHVWUHLQWH OD SRUWpH JpQpUDOH GH FH TXL SUpFqGH OHV DFKHWHXUV GH ELOOHWV TXL
UpVLGHQWHQ1RXYHOOHeFRVVHGLVSRVHQWGHVGURLWVVXLYDQWV
/H GURLW GH GHPDQGHU OD QXOOLWp RX GHV GRPPDJHVLQWpUrWV GpFULW DX[ SUpVHQWHV HVW FRQIpUp SDU
O·DUWLFOHGHOD6HFXULWLHV$FW1RXYHOOHeFRVVH/DGLVSRVLWLRQSHUWLQHQWHGHFHWDUWLFOHSUpYRLWTXHVLOD
SUpVHQWH QRWLFH G·RIIUH RX OHV PRGLILFDWLRQV TXL OXL VRQW DSSRUWpHV RX HQFRUH XQH SXEOLFLWp RX XQ
GRFXPHQW GH YHQWH DGYHUWLVLQJ RX VDOHV OLWHUDWXUH DX VHQV GH OD 6HFXULWLHV $FW 1RXYHOOHeFRVVH
FRQWLHQQHQW GHV LQIRUPDWLRQV IDXVVHV RX WURPSHXVHV O·DFKHWHXU HVW UpSXWp V·rWUH IRQGp VXU FHWWH
LQIRUPDWLRQIDXVVHRXWURPSHXVHVLFHOOHFLFRQVWLWXDLWXQHLQIRUPDWLRQIDXVVHRXWURPSHXVHDXPRPHQW
GHO·DFKDWHWLOSRVVqGHVRXVUpVHUYHGHFHUWDLQHVUHVWULFWLRQVHWGHFHUWDLQVPR\HQVGHGpIHQVHXQUHFRXUV
HQGRPPDJHVLQWpUrWVFRQWUHO·pPHWWHXUHWVRXVUpVHUYHGHFHUWDLQVPR\HQVGHGpIHQVHVXSSOpPHQWDLUHV
FRQWUH FKDTXH DGPLQLVWUDWHXU GH O·pPHWWHXU j OD GDWH GH OD SUpVHQWH QRWLFH G·RIIUH HW FRQWUH FKDTXH
SHUVRQQH TXL D VLJQp OD SUpVHQWH QRWLFH G·RIIUH LO SHXW pJDOHPHQW FKRLVLU DORUV TX·LO HVW WRXMRXUV
SURSULpWDLUH GHV WLWUHV G·H[HUFHU XQ GURLW GH UpVROXWLRQ FRQWUH O·pPHWWHXU DXTXHO FDV O·DFKHWHXU Q·DXUD
DXFXQ UHFRXUV HQ GRPPDJHVLQWpUrWV FRQWUH O·pPHWWHXU OHV DGPLQLVWUDWHXUV GH O·pPHWWHXU RX OHV
SHUVRQQHVTXLRQWVLJQpODSUpVHQWHQRWLFHG·RIIUHVRXVUpVHUYHGHFHTXLVXLW
D
DXFXQH SRXUVXLWH QH SHXW rWUH LQWHQWpH SRXU GHPDQGHU OD QXOOLWp RX GHV
GRPPDJHVLQWpUrWV SDU XQ DFKHWHXU TXL UpVLGH HQ 1RXYHOOHeFRVVH SOXV GH MRXUV
DSUqVODGDWHGXYHUVHPHQWGXSUHPLHUSDLHPHQWSRXUOHVWLWUHV
E
XQHSHUVRQQHQ·HVWSDVWHQXHUHVSRQVDEOHVLHOOHpWDEOLWTXHO·DFKHWHXUpWDLWDXFRXUDQWGH
O·LQIRUPDWLRQIDXVVHRXWURPSHXVH
F
GDQV OH FDGUH G·XQ UHFRXUV HQ GRPPDJHVLQWpUrWV XQH SHUVRQQH Q·HVW SDV WHQXH
UHVSRQVDEOH GH OD WRWDOLWp RX G·XQH SDUWLH GHV GRPPDJHV VL HOOH pWDEOLW TXH FHX[FL QH
UHSUpVHQWHQW SDV OD SHUWH GH YDOHXU GX WLWUH TXL UpVXOWH GH O·LQIRUPDWLRQ IDXVVH RX
WURPSHXVHVXUODTXHOOHV·HVWIRQGpO·DFKHWHXU
G
OH PRQWDQW UHFRXYUDEOH GDQV OH FDGUH G·XQH SRXUVXLWH QH SHXW MDPDLV GpSDVVHU OH SUL[
G·RIIUHGXWLWUH
'HSOXVDXFXQHSHUVRQQHQLDXFXQHVRFLpWpjO·H[FHSWLRQGHO·pPHWWHXUTXLSURXYHFHTXLVXLWQH
SHXWrWUHWHQXHUHVSRQVDEOH
D
/DQRWLFHG·RIIUHRXXQHPRGLILFDWLRQGHFHOOHFLDpWpHQYR\pHRXOLYUpHjO·DFKHWHXUVDQV
TX·HOOHHQDLWFRQQDLVVDQFHRXVDQVTX·HOOHDLWDFFRUGpVRQFRQVHQWHPHQWHWORUVTX·HOOHD
SULVFRQQDLVVDQFHGHODOLYUDLVRQHOOHDUDLVRQQDEOHPHQWIDLWVDYRLUGHIDoRQJpQpUDOHTXH
FHGRFXPHQWDpWpOLYUpVDQVTX·HOOHHQDLWFRQQDLVVDQFHRXVDQVVRQFRQVHQWHPHQW
¬¸°
E
$SUqV OD OLYUDLVRQ GH OD QRWLFH G·RIIUH RX G·XQH PRGLILFDWLRQ GH FHOOHFL HW DYDQW O·DFKDW
GHVWLWUHVSDUO·DFKHWHXUORUVTX·HOOHDHXFRQQDLVVDQFHGXIDLWTXHODQRWLFHG·RIIUHRXXQH
PRGLILFDWLRQGHFHOOHFLFRQWHQDLWXQHLQIRUPDWLRQIDXVVHRXWURPSHXVHHOOHDUHWLUpVRQ
FRQVHQWHPHQWjODQRWLFHG·RIIUHRXjODPRGLILFDWLRQGHFHOOHFLHWDUDLVRQQDEOHPHQWIDLW
FRQQDvWUHGHIDoRQJpQpUDOHOHUHWUDLWHWOHVUDLVRQVOHMXVWLILDQW
F
­O·pJDUGGHWRXWHSDUWLHGHODQRWLFHG·RIIUHRXGHODPRGLILFDWLRQGHFHOOHFLTXLSUpWHQG
VHORQOHFDVLrWUHIRQGpHVXUO·DXWRULWpG·XQH[SHUWLLrWUHXQHFRSLHRXXQH[WUDLWG·XQ
UDSSRUWG·XQDYLVRXG·XQHGpFODUDWLRQG·XQH[SHUWODSHUVRQQHRXODVRFLpWpQ·DYDLWSDV
GH PRWLIV UDLVRQQDEOHV GH FURLUH HW Q·D SDV FUX VHORQ OH FDV $TX·LO \ DYDLW XQH
LQIRUPDWLRQIDXVVHRXWURPSHXVH%TXHODSDUWLHSHUWLQHQWHGHODQRWLFHG·RIIUHRXG·XQH
PRGLILFDWLRQGHFHOOHFLQHUHSUpVHQWDLWSDVILGqOHPHQWOHUDSSRUWO·DYLVRXODGpFODUDWLRQ
GHO·H[SHUWRXQHFRQVWLWXDLWSDVXQHFRSLHILGqOHRXXQH[WUDLWGXUDSSRUWGHO·DYLVRXGH
ODGpFODUDWLRQGHO·H[SHUW
(Q RXWUH DXFXQH SHUVRQQH QL DXFXQH VRFLpWp j O·H[FHSWLRQ GH O·pPHWWHXU QH SHXW rWUH WHQXH
UHVSRQVDEOHG·XQHSDUWLHGHODQRWLFHG·RIIUHRXG·XQHPRGLILFDWLRQGHFHOOHFLTXLQHSUpWHQGSDVVHORQOH
FDVDrWUHIRQGpHVXUO·DXWRULWpG·XQH[SHUWErWUHXQHFRSLHRXXQH[WUDLWG·XQUDSSRUWG·XQDYLV RX
G·XQH GpFODUDWLRQ G·XQ H[SHUW j PRLQV TXH OD SHUVRQQH RX OD VRFLpWp LQ·DLW SDV PHQp G·HQTXrWH
UDLVRQQDEOH IRXUQLVVDQW GHV PRWLIV UDLVRQQDEOHV GH FURLUH HQ O·DEVHQFH G·LQIRUPDWLRQV IDXVVHV RX
WURPSHXVHVLLDLWFUXTX·LO\DYDLWXQHLQIRUPDWLRQIDXVVHRXWURPSHXVH
6L XQ GRFXPHQW LQWpJUp RX UpSXWp LQWpJUp SDU UHQYRL GDQV OD QRWLFH G·RIIUH RX GDQV XQH
PRGLILFDWLRQGHFHOOHFLFRQWLHQWXQHLQIRUPDWLRQIDXVVHRXWURPSHXVHFHOOHFLHVWUpSXWpHILJXUHUGDQVOD
QRWLFHG·RIIUHRXGDQVODPRGLILFDWLRQGHFHOOHFL
±
-
Deere & Company
Law Department
One John Deere Place, Moline, IL 61265 USA
-
Phone : (309) 765-4675
Fax : (309) 765-4735
E-mail : [email protected]
James R. Jenkins
Senior V.P. and General Counsel
/HPDL
&UpGLW-RKQ'HHUH,QF
6XLWH
&KDPSODLQ$YHQXH
%XUOLQJWRQ2QWDULR//=
6WLNHPDQ(OOLRWW6(1&5/VUO
%D\6WUHHW
&RPPHUFH&RXUW:HVW
7RURQWR2QWDULR0/%
2EMHW
%LOOHWVjFRXUWWHUPHGH&UpGLW-RKQ'HHUH,QF
FDXWLRQQpVSDU-RKQ'HHUH&DSLWDO&RUSRUDWLRQ
0HVGDPHV
0HVVLHXUV
-H VXLV YLFHSUpVLGHQW SULQFLSDO HW FKHI GX FRQWHQWLHX[ GH 'HHUH &RPSDQ\ VRFLpWp GX
'HODZDUHHWM·DLSULVFRQQDLVVDQFHGXFHUWLILFDWGHFRQVWLWXWLRQGHVUqJOHPHQWVHWGHVDIIDLUHVLQWHUQHV
GH -RKQ 'HHUH &DSLWDO &RUSRUDWLRQ OD ©6RFLpWpª ILOLDOH HQ SURSULpWp H[FOXVLYH GH 'HHUH &RPSDQ\'HSOXVMHFRQQDLVOHVPHVXUHVPLVHVHQ±XYUHSDUOD6RFLpWpDILQG·DXWRULVHUODVLJQDWXUH
HW OD OLYUDLVRQ HQ VRQ QRP GX FDXWLRQQHPHQW OH ©FDXWLRQQHPHQWª TX·HOOH DFFRUGH j O·pJDUG GX
UHPERXUVHPHQW GX FDSLWDO HW GX YHUVHPHQW GH O·LQWpUrW UHODWLIV j WRXV OHV ELOOHWV j FRXUW WHUPH QRQ
JDUDQWLVOHV©ELOOHWVªTXLVHURQWpPLVVXUOHVPDUFKpVGHSDSLHUFRPPHUFLDOHWTXLVHURQWDVVRUWLV
GHVFRQGLWLRQVpWDEOLHVSDU&UpGLW-RKQ'HHUH,QF©&UpGLW-RKQ'HHUHªVRFLpWpFDQDGLHQQHDYDQW
OD OLYUDLVRQ GHV ELOOHWV QRWDPPHQW HQ FH TXL FRQFHUQH OHXU FDSLWDO HQ PRQQDLH FDQDGLHQQH RX
DPpULFDLQHODTXHVWLRQGHVDYRLUV·LOVVHURQWpPLVVRXVIRUPHGHFHUWLILFDWRXG·LQVFULSWLRQHQFRPSWH
HWV·LOVSRUWHURQWRXQRQLQWpUrWHWOHPRPHQWGHOHXUUHPERXUVHPHQWTXLGRLWDYRLUOLHXDXSOXVWDUG
XQDQDSUqVODGDWHG·pPLVVLRQ
-·DLH[DPLQpRXIDLWHQVRUWHTXHVRLHQWH[DPLQpVLOHVVSpFLPHQVGHELOOHWVLLOHVSpFLPHQ
GH FDXWLRQQHPHQW LLLOH FRQWUDW GH VHUYLFHV UHODWLI j O·pPLVVLRQ GHV ELOOHWV OH ©FRQWUDW YLVDQW
O·pPLVVLRQGHVELOOHWVOLEHOOpVHQGROODUVFDQDGLHQVªFRQFOXOHMXLQHQWUH&UpGLW-RKQ'HHUH
HWOD%DQTXH5R\DOHGX&DQDGD5%&SUpYR\DQWQRWDPPHQWODFO{WXUHO·pPLVVLRQODOLYUDLVRQHWOH
SDLHPHQWGHVELOOHWVOLEHOOpVHQGROODUVFDQDGLHQVSDU5%&DXQRPGH&UpGLW-RKQ'HHUHLYOHFRQWUDW
GHVHUYLFHVUHODWLIjO·pPLVVLRQGHVELOOHWVOH©FRQWUDWYLVDQWO·pPLVVLRQGHVELOOHWVOLEHOOpVHQGROODUV
DPpULFDLQVªFRQFOXOHMXLQHQWUH&UpGLW-RKQ'HHUHHW5%&SUpYR\DQWQRWDPPHQWODFO{WXUH
O·pPLVVLRQ OD OLYUDLVRQ HW OH SDLHPHQW GHV ELOOHWV OLEHOOpV HQ GROODUV DPpULFDLQV SDU 5%& DX QRP GH
&UpGLW -RKQ 'HHUH HW YOD QRWLFH G·RIIUH GDWpH GX PDL UHODWLYH DX SODFHPHQW GHV ELOOHWV (Q
RXWUHM·DLPHQpOHVHQTXrWHVHWH[DPLQpOHVDXWUHVGRFXPHQWVTXHMHMXJHDLVQpFHVVDLUHVRXSHUWLQHQWV
DILQGHIRUPXOHUOHSUpVHQWDYLV
¬¸²
$X[ILQVGHFHWDYLVM·DLWHQXSRXUDFTXLVTXH
D
E
F
OHFRQWUDWYLVDQWO·pPLVVLRQGHVELOOHWVOLEHOOpVHQGROODUVFDQDGLHQVDLQVLTXHOHFRQWUDW
YLVDQW O·pPLVVLRQ GHV ELOOHWV OLEHOOpV HQ GROODUV DPpULFDLQV RQW pWp G€PHQW DXWRULVpV
VLJQpV HW OLYUpV SDU OHV SDUWLHV FRQWUDFWDQWHV HW FRQVWLWXHQW XQH REOLJDWLRQ OpJDOH HW
YDOLGHGH&UpGLW-RKQ'HHUHTXLOLHFHWWHGHUQLqUHHWTXLHVWH[pFXWRLUHFRQIRUPpPHQW
jVHVFRQGLWLRQV
O·DXWRULVDWLRQHWODVLJQDWXUHHQERQQHHWGXHIRUPHGHVELOOHWVSDU&UpGLW-RKQ'HHUH
HWTX·DXPRPHQWRLOVVHURQWOLYUpVFRQIRUPpPHQWDXFRQWUDWYLVDQWO·pPLVVLRQGHV
ELOOHWVOLEHOOpVHQGROODUVFDQDGLHQVHWOHFRQWUDWYLVDQWO·pPLVVLRQGHVELOOHWVOLEHOOpVHQ
GROODUV DPpULFDLQV OHV ELOOHWV FRQVWLWXHURQW GHV REOLJDWLRQV OpJDOHV HW YDOLGHV GH
&UpGLW -RKQ 'HHUH TXL OLHQW FHWWH GHUQLqUH HW TXL VRQW H[pFXWRLUHV FRQIRUPpPHQW j
OHXUV FRQGLWLRQV VRXV UpVHUYH GHV ORLV WRXFKDQW JpQpUDOHPHQW OHV GURLWV GHV
FUpDQFLHUV QRWDPPHQW HQ PDWLqUH GH IDLOOLWH HW G·LQVROYDELOLWp HW VRXV UpVHUYH HQ FH
TXL FRQFHUQH OHXU FDUDFWqUH H[pFXWRLUH GHV SULQFLSHV JpQpUDX[ HQ PDWLqUH G·HTXLW\
TXHO·H[pFXWLRQVRLWGHPDQGpHGDQVOHFDGUHG·XQHLQVWDQFHHQHTXLW\RXHQGURLW
OH FKRL[ GHV ORLV G·2QWDULR HQ WDQW TXH OpJLVODWLRQ DSSOLFDEOH DX FRQWUDW YLVDQW
O·pPLVVLRQ GHV ELOOHWV OLEHOOpV HQ GROODUV FDQDGLHQV DX FRQWUDW YLVDQW O·pPLVVLRQ GHV
ELOOHWVOLEHOOpVHQGROODUVDPpULFDLQVHWDX[ELOOHWVpPLVDX[WHUPHVGHVSUpVHQWHVHVW
XQFKRL[YDOLGHOpJDOHWGHERQQHIRLTXLQ·HVWSDVFRQWUDLUHjODSROLWLTXHSXEOLTXH
SUpYXHSDUOHVORLVGHO·,OOLQRLV
-HVXLVKDELOLWpjSUDWLTXHUOHGURLWGDQVOHVeWDWVGHO·,OOLQRLVHWGX0LFKLJDQPRQH[SHUWLVHVH
OLPLWHjODOpJLVODWLRQGHVeWDWVGHO·,OOLQRLVHWGX0LFKLJDQDXGURLWGHVVRFLpWpVGHO·eWDWGX'HODZDUH
HWDX[ORLVIpGpUDOHVGHVeWDWV8QLVHWOHVDYLVTXHMHIRUPXOHUDLDX[SUpVHQWHVQHYLVHURQWTXHOHVORLV
VXVPHQWLRQQpHV
(QIRQFWLRQGHFHTXLSUpFqGHMHVXLVG·DYLVTXH
D
E
F
G
OD6RFLpWpDpWpG€PHQWFRQVWLWXpHHOOHH[LVWHYDODEOHPHQWHWHVWHQUqJOHHQYHUWXGHV
ORLVGHO·eWDWGX'HODZDUH
OD6RFLpWpDOHSRXYRLULQWHUQHGHFDXWLRQQHUOHVELOOHWV
OHFDXWLRQQHPHQWDpWpG€PHQWDXWRULVpHWORUVTX·LOHVWG€PHQWVLJQpjODPDLQRX
SDUIDFVLPLOpSDUXQHSHUVRQQHRFFXSDQWOHSRVWHGHSUpVLGHQWGXFRQVHLOSUpVLGHQW
YLFHSUpVLGHQWWUpVRULHUWUpVRULHUDGMRLQWVHFUpWDLUHRXVHFUpWDLUHDGMRLQWGHOD6RFLpWp
HWOLYUpGDQVOHFDGUHGHODYHQWHG·XQELOOHWVXUOHVPDUFKpVGHSDSLHUFRPPHUFLDOLO
FRQVWLWXHXQHREOLJDWLRQYDOLGHGHOD6RFLpWpTXLODOLH6LXQGLULJHDQWGHOD6RFLpWp
GRQW OD VLJQDWXUH PDQXVFULWH RX IDFVLPLOp SDUDvW VXU OH FDXWLRQQHPHQW FHVVH
G·RFFXSHU FH SRVWH DYDQW O·pPLVVLRQ GX FDXWLRQQHPHQW FH GHUQLHU GHPHXUH
QpDQPRLQVYDOLGH
OD OLYUDLVRQ SDU 5%& GHV ELOOHWV HQ YHUWX GX FRQWUDW YLVDQW O·pPLVVLRQ GHV ELOOHWV
OLEHOOpV HQ GROODUV FDQDGLHQV RX GX FRQWUDW YLVDQW O·pPLVVLRQ GHV ELOOHWV OLEHOOpV HQ
GROODUVDPpULFDLQVVHORQOHFDVFRQVWLWXHUDXQHOLYUDLVRQGXFDXWLRQQHPHQW
-HYRXVSULHG·DJUpHU0HVGDPHV0HVVLHXUVPHVVDOXWDWLRQVGLVWLQJXpHV
¬³
6WLNHPDQ(OOLRWW6(1&5/VUO$YRFDWV
&RPPHUFH&RXUW:HVW%D\6WUHHW7RURQWR&DQDGD0/%
7pO 7pOHFZZZVWLNHPDQFRP
&UpGLW-RKQ'HHUH,QF
6XLWH
&KDPSODLQ$YHQXH
%XUOLQJWRQ2QWDULR
//=
/HPDL
2EMHW&UpGLW-RKQ'HHUH,QF³%LOOHWVjFRXUWWHUPH
0HVGDPHV
0HVVLHXUV
1RXVDYRQVDJLjWLWUHGHFRQVHLOOHUVMXULGLTXHVGH&UpGLW-RKQ'HHUH,QFO·©pPHWWHXUª
GDQV OH FDGUH GX SURMHW G·pPLVVLRQ HW GH YHQWH GH ELOOHWV j FRXUW WHUPH QpJRFLDEOHV QRQDVVRUWLV
G·XQH V€UHWp OHV ©ELOOHWVª GpFULW SOXV HQ GpWDLO GDQV OD QRWLFH G·RIIUH GH O·pPHWWHXU GDWpH GX
PDL OD ©QRWLFH G·RIIUHª 1RXV DYRQV DXVVL DJL FRPPH FRQVHLOOHUV MXULGLTXHV FDQDGLHQV
GH-RKQ'HHUH&DSLWDO&RUSRUDWLRQOD©FDXWLRQªGDQVOHFDGUHGXFDXWLRQQHPHQWSDUHOOHGHV
REOLJDWLRQVGHO·pPHWWHXUDX[WHUPHVGHVELOOHWV
1RXV DYRQV SDUWLFLSp j O·pWDEOLVVHPHQW GH OD QRWLFH G·RIIUH HW GHV VSpFLPHQV GH
ELOOHWV\ILJXUDQWHWDYRQVH[DPLQpOHVRULJLQDX[RXGHVFRSLHVFHUWLILpHVFRQIRUPHVRXDXWUHPHQW
LGHQWLILpHV j QRWUH VDWLVIDFWLRQ GHV GRVVLHUV SXEOLFV RX LQWHUQHV GHV FHUWLILFDWV HW GHV DXWUHV
GRFXPHQWVTXHQRXVDYRQVMXJpSHUWLQHQWVRXQpFHVVDLUHVDX[ILQVGXSUpVHQWDYLV
'DQVOHFDGUHGHO·H[DPHQGHVGRFXPHQWVHWGHODIRUPXODWLRQGHQRVRSLQLRQV
QRXVDYRQVWHQXSRXUDFTXLVFHTXLVXLW
L
WRXWHVOHVSHUVRQQHVFRQFHUQpHVDYDLHQWODFDSDFLWpMXULGLTXH
LL
WRXWHVOHVSHUVRQQHVpWDLHQWLQYHVWLHVGXSRXYRLUGHVLJQHUWRXVOHVGRFXPHQWV
LLL
OHV VLJQDWXUHV HW OHV GRFXPHQWV RULJLQDX[ TXL QRXV RQW pWp VRXPLV pWDLHQW
DXWKHQWLTXHV
LY
OHV FRSLHV FHUWLILpHV FRQIRUPHV WpOpFRSLHV SKRWRFRSLHV HW DXWUHV FRSLHV TXL QRXV
RQWpWpVRXPLVHVpWDLHQWFRQIRUPHVDX[RULJLQDX[
Y
YL
YLL
QL O·pPHWWHXU QL OD FDXWLRQ QH VRQW GHV ©LQWHUPpGLDLUHV GX PDUFKpª DX VHQV GH
O·DUWLFOHGXUqJOHPHQWG·DSSOLFDWLRQGHOD/RLVXUOHVYDOHXUVPRELOLqUHV2QWDULR
WRXV OHV IDLWV pQRQFpV GDQV OHV UHJLVWUHV OHV DWWHVWDWLRQV HW OHV GRFXPHQWV SXEOLFV
RIILFLHOVIRXUQLVSDUGHVIRQFWLRQQDLUHVRXTXLQRXVRQWSDUDLOOHXUVpWpWUDQVPLVSDU
FHX[FLVRQWH[KDXVWLIVYUDLVHWH[DFWV
OHFHUWLILFDWGHFRQVWLWXWLRQGH-RKQ'HHUH&UHGLW,QFHVWXQHSUHXYHFRQFOXDQWHTXH
O·pPHWWHXUHVWFRQVWLWXpHQYHUWXGHOD/RLFDQDGLHQQHVXUOHVVRFLpWpVSDUDFWLRQV
¬´
TORONTO
MONTRÉAL
OTTAWA
CALGARY
VANCOUVER
NEW YORK
LONDRES
SYDNEY
YLLL
WRXV OHV IDLWV pQRQFpV GDQV OHV DWWHVWDWLRQV IRXUQLHV SDU OHV GLULJHDQWV HW
DGPLQLVWUDWHXUV GH O·pPHWWHXU HW GH OD FDXWLRQ QRWDPPHQW OHV DWWHVWDWLRQV GHV
GLULJHDQWVVRQWH[KDXVWLIVYUDLVHWH[DFWV
/HVDYLVTXHQRXVH[SULPRQVVRQWFRQIRUPHVDX[ORLVDSSOLFDEOHVHQYLJXHXUjODGDWHGX
SUpVHQWDYLVHWQRXVQHQRXVHQJDJHRQVSDVjWHQLUFRPSWHGHVPRGLILFDWLRQVGHVORLVRXGHVIDLWV
RX G·DXWUHV pYpQHPHQWV DSUqV OD GDWH GHV SUpVHQWHV TXL WRXFKHQW RX SRXUUDLHQW WRXFKHU QRWUH
DYLVQLG·HQDYLVHUOHGHVWLQDWDLUHRXWRXWHDXWUHSHUVRQQHSRXYDQWVHILHUDXSUpVHQWDYLVHWQRXV
QHVRPPHVSDVGDQVO·REOLJDWLRQGHYRXVDYLVHUGHVFKDQJHPHQWVDX[TXHVWLRQVWUDLWpHVGDQVOH
SUpVHQW DYLV RX G·pYDOXHU V·LO HVW DSSURSULp TX·XQH SHUVRQQH DXWUH TXH OH GHVWLQDWDLUH VH ILH j
QRWUHDYLV
/HV DYLV TXH QRXV H[SULPRQV GDQV FHWWH OHWWUH UHSRVHQW XQLTXHPHQW VXU OHV ORLV GH
O·2QWDULRHWGX4XpEHFHWOHVORLVGX&DQDGDTXL\VRQWDSSOLFDEOHV 3DUFRQVpTXHQWVDXIHQFH
TXL D WUDLW DX FDUDFWqUH H[pFXWRLUH GX FDXWLRQQHPHQW HQ 2QWDULR QRWUH DYLV UHODWLI j OD FDXWLRQ
GRQQp DX[ SDUDJUDSKHV HW FLDSUqV VH IRQGH H[FOXVLYHPHQW VDQV TXH QRXV D\RQV IDLW GH
YpULILFDWLRQ LQGpSHQGDQWH VXU O·DYLV GRQQp j OD GDWH GHV SUpVHQWHV GH -DPHV 5 -HQNLQV YLFH
SUpVLGHQWSULQFLSDOHWFKHIGXFRQWHQWLHX[GHODFDXWLRQ
/·DYLVGRQQpDXSDUDJUDSKHFLDSUqVHQFHTXLDWUDLWXQLTXHPHQWDX[ORLVGHO·$OEHUWD
GH OD &RORPELH%ULWDQQLTXH GX 0DQLWRED GX 1RXYHDX%UXQVZLFN GH 7HUUH1HXYH HW GX
/DEUDGRUGHOD1RXYHOOHeFRVVHGHO·ÍOHGX3ULQFHeGRXDUGHWGHOD6DVNDWFKHZDQVHIRQGHQW
VDQVTXHQRXVD\RQVIDLWGHYpULILFDWLRQLQGpSHQGDQWHVXUOHVDYLVGHFRQVHLOOHUVMXULGLTXHVGHFHV
SURYLQFHV TXH QRXV MXJHRQV DFFHSWDEOHV 'DQV OD PHVXUH R O·DYLV GH FRQVHLOOHUV MXULGLTXHV VXU
OHTXHO VHIRQGHQRWUHDYLV SUpFLVHTX·LO VHUHSRVHVXU GHVK\SRWKqVHVGHVFHUWLILFDWVRXG·DXWUHV
GRFXPHQWV RX TX·LO HVW DVVXMHWWL j GHV UpVHUYHV j GHV SUpFLVLRQV RX j GHV H[FHSWLRQV OHV DYLV
H[SULPpVDX[SUpVHQWHVTXLVHIRQGHQW VXUO·DYLVGHFHVFRQVHLOOHUV MXULGLTXHVVHIRQGHQWVXUOHV
PrPHV K\SRWKqVHV FHUWLILFDWV RX DXWUHV GRFXPHQWV HW VRQW DVVXMHWWLV DX[ PrPHV UpVHUYHV
SUpFLVLRQVRXH[FHSWLRQV
'DQV OH FDGUH GX SUpVHQW DYLV QRXV DYRQV SDVVp HQ UHYXH OHV RULJLQDX[ RX OHV FRSLHV
FHUWLILpHVFRQIRUPHVRXDXWUHPHQWLGHQWLILpHVjQRWUHVDWLVIDFWLRQVDQVDYRLUHIIHFWXpXQHHQTXrWH
LQGpSHQGDQWH GHV TXHVWLRQV PHQWLRQQpHV DX[ SUpVHQWHV HW QRXV QRXV VRPPHV IRQGpV VXU OHV
GRFXPHQWVVXLYDQWV
L
OHVVWDWXWVFRQVWLWXWLIVGHO·pPHWWHXUHWGHODFDXWLRQ
LL
OHVUqJOHPHQWVGHO·pPHWWHXUHWGHODFDXWLRQ
LLL
FHUWDLQHVUpVROXWLRQVGHO·pPHWWHXUHWGHODFDXWLRQ
LY
OHVDWWHVWDWLRQVGXVWDWXWGHO·pPHWWHXURXO·pTXLYDOHQWGpOLYUpHVSDUOHVDXWRULWpV
JRXYHUQHPHQWDOHV GH O·2QWDULR GH O·$OEHUWD GH OD &RORPELH%ULWDQQLTXH HW GX
4XpEHF
Y
OHVDWWHVWDWLRQVGHVUHSUpVHQWDQWVGHO·pPHWWHXUHWGHODFDXWLRQ
YL
QRWUHDYLVDXSDUDJUDSKHFLDSUqVVHIRQGHVXUOHFHUWLILFDWGHFRQIRUPLWpGDWpGX
PDLGpOLYUpjO·pJDUGGHO·pPHWWHXUHQYHUWXGHOD/RLFDQDGLHQQHVXUOHVVRFLpWp
SDUDFWLRQV
µ
YLL
QRWUH DYLV DX SDUDJUDSKH VH IRQGH VXU XQ GRFXPHQW GH GpFLVLRQ GX 5pJLPH
G·H[DPHQ FRQFHUWp GDWp GX DYULO TXH OHV DXWRULWpV GH UpJOHPHQWDWLRQ HQ
YDOHXUV PRELOLqUHV RX OHV RUJDQLVPHV GH UpJOHPHQWDWLRQ GH O·$OEHUWD GH OD
&RORPELH%ULWDQQLTXH
GX
0DQLWRED
GX
1RXYHDX%UXQVZLFN
GH
7HUUH1HXYHHW/DEUDGRU GH OD 1RXYHOOHeFRVVH GX 1XQDYXW GHV 7HUULWRLUHV GX
1RUG2XHVW GH O·2QWDULR GH O·ÍOHGX3ULQFHeGRXDUG GX 4XpEHF GH OD
6DVNDWFKHZDQ HW GX <XNRQ FROOHFWLYHPHQW OHV ©WHUULWRLUHVª RQW WUDQVPLV j
O·pPHWWHXU OD©GpFLVLRQ GX 5(&ª 1RXV QRWRQV TXH SRXU FKDTXH WHUULWRLUH OD
GpFLVLRQGX5(&SUHQGUDILQLMRXUVDSUqVO·HQWUpHHQYLJXHXUG·XQHUqJOHG·XQ
UqJOHPHQWRXG·XQGpFUHWRXG·XQHGpFLVLRQJpQpUDOHHQYHUWXGHODOpJLVODWLRQG·XQ
WHUULWRLUHTXLYLHQWPRGLILHUOHSDUDJUDSKHGX5qJOHPHQWVXUOHVGLVSHQVHV
GH SURVSHFWXV HW G·LQVFULSWLRQ RX IRXUQLW XQH DXWUH GLVSHQVH LLDX SOXV WDUG OH
DYULO
1RXV FUR\RQV VDYRLU TXH YRXV MXJH] DFFHSWDEOHV OHV IRQGHPHQWV OLPLWHV HW K\SRWKqVHV
pQRQFpVDX[SUpVHQWHV
6XUOHIRQGHPHQWHWVRXVUpVHUYHGHFHTXLSUpFqGHQRXVVRPPHVG·DYLVTXH
/·pPHWWHXUDIXVLRQQpDYHFXQHDXWUHHQWUHSULVHHWLOH[LVWHVRXVOHUpJLPHGHVORLVGX
&DQDGD ,O D OH SRXYRLU LQWHUQH GH FRQFOXUH OH FDXWLRQQHPHQW HW G·H[pFXWHU VHV
REOLJDWLRQV DX[ WHUPHV GH FHOXLFL HW G·HIIHFWXHU XQ HPSUXQW G·DUJHQW DX PR\HQ GH
O·pPLVVLRQHWGHODYHQWHGHVELOOHWVHWLODSULVWRXWHVOHVPHVXUHVLQWHUQHVQpFHVVDLUHV
SRXUDXWRULVHUO·pPLVVLRQHWODYHQWHGHVELOOHWVHWO·HPSUXQWG·DUJHQW/DFDXWLRQDpWp
FRQVWLWXpH VRXV OH UpJLPH GHV ORLV GH O·eWDW GX 'HODZDUH /D FDXWLRQ D OH SRXYRLU
LQWHUQH SRXU DXWRULVHU VLJQHU HW OLYUHU OH FDXWLRQQHPHQW HW H[pFXWHU OHV REOLJDWLRQV
TXL \ VRQW SUpYXHV /D FDXWLRQ D SULV WRXWHV OHV PHVXUHV LQWHUQHV QpFHVVDLUHV SRXU
DXWRULVHUOHFDXWLRQQHPHQW
/H OLEHOOp GHV VSpFLPHQV GH ELOOHWV TXL ILJXUHQW GDQV OD QRWLFH G·RIIUH HVW FRQIRUPH
TXDQW DX[ H[LJHQFHV UHODWLYHV j OD IRUPH HQ YHUWX GHV ORLV UqJOHV HW UqJOHPHQWV
DSSOLFDEOHV /RUVTXH OHV ELOOHWV VHURQW pPLV FRQIRUPpPHQW j OD QRWLFH G·RIIUH LOV
FRQVWLWXHURQW GHV REOLJDWLRQV YDOLGHV GH O·pPHWWHXU TXL OH OLHURQW HW TXL VHURQW
H[pFXWRLUHVFRQIRUPpPHQWjOHXUVFRQGLWLRQV
8QH IRLV VLJQp HW UHPLV FRQIRUPpPHQW DX[ FRQGLWLRQV GH OD QRWLFH G·RIIUH OH
FDXWLRQQHPHQW FRQVWLWXHUD XQH HQWHQWH YDOLGH GH O·pPHWWHXU HW GH OD FDXWLRQ
H[pFXWRLUHFRQIRUPpPHQWjVHVFRQGLWLRQV
/·pPLVVLRQ HW OD YHQWH GHV ELOOHWV FRQIRUPpPHQW DX[ FRQGLWLRQV GH OD QRWLFH G·RIIUH
VRXVUpVHUYHGXUHVSHFWGHVFRQGLWLRQVGHODGpFLVLRQGX5(&VHURQWGLVSHQVpHVGHV
REOLJDWLRQV GH SURVSHFWXV HW G·LQVFULSWLRQ GH OD OpJLVODWLRQ HQ YDOHXUV PRELOLqUHV
SURYLQFLDOH DSSOLFDEOH OD ©OpJLVODWLRQ HQ YDOHXUV PRELOLqUHV DSSOLFDEOHª VRXV
UpVHUYH DX 4XpEHF GX GpS{W DXSUqV GH O·$XWRULWp GHV PDUFKpV ILQDQFLHUV 4XpEHF
GH OD QRWLFH G·RIIUH HW GHV DXWUHV GRFXPHQWV G·LQIRUPDWLRQ UHPLV DX[ DFKHWHXUV GHV
ELOOHWVHWO·pPHWWHXUQHVHUDSDVWHQXGHGpSRVHUXQSURVSHFWXVRXDXWUHGRFXPHQW
GH SUHQGUH XQH DXWUH PHVXUH RX G·REWHQLU XQH DSSUREDWLRQ XQH DXWRULVDWLRQ XQ
SHUPLV RX XQ FRQVHQWHPHQW HQ YHUWX GH OD OpJLVODWLRQ HQ YDOHXUV PRELOLqUHV
DSSOLFDEOH GDQV OH FDGUH GH O·pPLVVLRQ GHV ELOOHWV SRXUYX TXH VRLHQW UpXQLHV OHV
FRQGLWLRQVVXLYDQWHV
¦
L
OHV ELOOHWV GRLYHQW YHQLU j pFKpDQFH DX SOXV WDUG XQ DQ DSUqV OD GDWH GH OHXU
pPLVVLRQ
LL
OHV ELOOHWV QH SHXYHQW rWUH FRQYHUWLV HQ XQ WLWUH DXWUH TXH GHV ELOOHWV pFKDQJpV
FRQWUHXQWHOWLWUHRXDFFRPSDJQpVG·XQGURLWG·DFKHWHUXQWHOWLWUH
LLL
OHVELOOHWVRQWUHoXGHO·XQHGHVDJHQFHVGHQRWDWLRQVXLYDQWHVRXGHVDJHQFHVTXL
OHVUHPSODFHQWXQHQRWHDXPRLQVpJDOHjFHOOHVLQGLTXpHVFLDSUqVRXXQHQRWH
G·XQHFDWpJRULHTXLUHPSODFHOHVFDWpJRULHVPHQWLRQQpHV
$JHQFHGHQRWDWLRQ
&RWH
'RPLQLRQ%RQG5DWLQJ6HUYLFH/LPLWHG
5IDLEOH
)LWFK5DWLQJ/WG
)
0RRG\·V,QYHVWRUV6HUYLFH
3
6WDQGDUG3RRU·V
$
/D YHUVLRQ IUDQoDLVH GH OD QRWLFH G·RIIUH HW GHV VSpFLPHQV GH ELOOHWV TXL \ ILJXUHQW
VRQW j WRXV pJDUGV LPSRUWDQWV XQH WUDGXFWLRQ FRPSOqWH HW ILGqOH GX WH[WH DQJODLV
FRUUHVSRQGDQW
(QFHTXLDWUDLWDXFDUDFWqUHH[pFXWRLUHGHVREOLJDWLRQVGRQWLOHVWTXHVWLRQDX[SDUDJUDSKHVHW
GHVSUpVHQWHVQRWUHDYLVHVWGRQQpVRXVUpVHUYH
D GHVORLVDSSOLFDEOHVHQPDWLqUHGHIDLOOLWHG·LQVROYDELOLWpGHOLTXLGDWLRQG·DUUDQJHPHQW
GH UpRUJDQLVDWLRQ GH PRUDWRLUH GH SDLHPHQW SUpIpUHQWLHO GH WUDQVSRUW HW GH FHVVLRQ
DLQVL TXH GHV DXWUHV ORLV VHPEODEOHV G·DSSOLFDWLRQ JpQpUDOH TXL DIIHFWHQW OHV GURLWV HW
UHFRXUVGHVFUpDQFLHUV
E GHV SULQFLSHV JpQpUDX[ G·HTXLW\ QRWDPPHQW OH FRQFHSW GH FDUDFWqUH VXEVWDQWLHO GH
FDUDFWqUHUDLVRQQDEOHGHERQQHIRLHWG·XWLOLVDWLRQpTXLWDEOHSHXLPSRUWHVLOHUHFRXUVHVW
LQWHQWpHQYHUWXGHVSULQFLSHVGHO·HTXLW\RXGHODORLHWOHSRXYRLUGLVFUpWLRQQDLUHGHV
WULEXQDX[ G·DFFRUGHU XQH UpSDUDWLRQ HQ HTXLW\ QRWDPPHQW SDU YRLH G·H[pFXWLRQ HQ
QDWXUHHWG·LQMRQFWLRQ
F
GXSRXYRLUGLVFUpWLRQQDLUHGXWULEXQDOGHUHIXVHUG·LQVWUXLUHXQHDFWLRQV·LOHVWLPHQHSDV
rWUHOHWULEXQDOTXLFRQYLHQWRXHQFDVGHOLWLVSHQGDQFH
G GX SRXYRLU GLVFUpWLRQQDLUH GX WULEXQDO VDLVL GH OD FDXVH G·RUGRQQHU OD VXVSHQVLRQ GH
O·LQVWDQFHHWGHO·H[pFXWLRQGHODGpFLVLRQ
H GXSRXYRLUGLVFUpWLRQQDLUHGHVWULEXQDX[G·DFFHSWHUOHVSUpWHQWLRQVG·XQHSDUWLHVXUOHV
IDLWVHWVXUOHGURLWPrPHVLXQFRQWUDWRXXQDXWUHGRFXPHQWSUpYRLWTXHOHVSUpWHQWLRQV
GHODSDUWLHHQFDXVHSHXYHQWDYRLUIRUFHREOLJDWRLUH
I
GXSRXYRLUGLVFUpWLRQQDLUHGHVWULEXQDX[GHIL[HUOHPRQWDQWGHVIUDLVHWGpSHQVSRXYDQW
rWUHUHFRXYUpV/HUHFRXYUHPHQWGHVIUDLVHWGpSHQVSHXWrWUHOLPLWpjFHTXHOHWULEXQDO
FRQVLGqUHFRPPHUDLVRQQDEOH
J GXIDLW TXH OHVSRUWHXUVGHELOOHWVGRLYHQWIDLUHSUHXYHGHERQQHIRLGDQVO·H[pFXWLRQHW
O·DSSOLFDWLRQGHOHXUVGURLWV
­·
K GX IDLW TXH OH FDUDFWqUH H[pFXWRLUH GH WRXWH GLVSRVLWLRQ SDU ODTXHOOH XQH SHUVRQQH HVW
GLVSHQVpHG·XQHGHVHVREOLJDWLRQVRXG·XQGHVHVGHYRLUVUHQRQFHjXQHGpIHQVHSUpYXH
SDU OD ORL RX O·pTXLW\ DFFHSWH GH QH SDV FRQWHVWHU OD YDOLGLWp RX OH FDUDFWqUH H[pFXWRLUH
G·XQUHFRXUVRXpWDEOLWTX·XQHGpFLVLRQRXXQFDOFXOIDLWSDUXQHSHUVRQQHHVWVDQVDSSHO
HWDIRUFHH[pFXWRLUHSRXUWRXWHDXWUHSHUVRQQHSHXWIDLUHO·REMHWGHUHVWULFWLRQVHQYHUWX
GHVORLVDSSOLFDEOHV
L
GHOD/RLVXUODPRQQDLH&DQDGDTXLSUpYRLWTX·XQWULEXQDOFDQDGLHQQHSHXWSURQRQFHU
XQMXJHPHQWHQXQHPRQQDLHDXWUHTXHODPRQQDLHFDQDGLHQQH(Q2QWDULROHMXJHPHQW
GXWULEXQDOSHXWrWUHIRQGpVXUXQWDX[GHFKDQJHIL[pFRQIRUPpPHQWjO·DUWLFOHGHOD
/RL VXU OHV WULEXQDX[ MXGLFLDLUHV 2QWDULR OHTXHO WDX[ GH FKDQJH HVW KDELWXHOOHPHQW FHOXL
GXMRXURXYUDEOHSUpFpGHQWLPPpGLDWHPHQWODGDWHGHSDLHPHQWGXMXJHPHQW
M
GHODSUHVFULSWLRQSUpYXHSDUOD/RLGHVXUODSUHVFULSWLRQGHVDFWLRQV
N GX IDLW TXH OHV ELOOHWV SRXUUDLHQW rWUH DVVXMHWWLV DX[ ORLV DSSOLFDEOHV DX[ IRQGV QRQ
UpFODPpV
O
GHO·DUWLFOHGX&RGHFULPLQHO&DQDGD
1RXVQ·H[SULPRQVDXFXQDYLV
D TXDQW DX FDUDFWqUH H[pFXWRLUH G·XQH GLVSRVLWLRQ TXL DWWULEXH FRPSpWHQFH H[FOXVLYH DX[
WULEXQDX[ GH O·2QWDULR HW TXL IDLW UpJLU OH OLWLJH SDU OHV ORLV GX &DQDGD DSSOLFDEOHV GDQV
FHWWHSURYLQFH
E TXDQW DX FDUDFWqUH H[pFXWRLUH j O·LQWHUSUpWDWLRQ RX j O·DSSOLFDWLRQ SDU OH WULEXQDO G·XQH
GLVSRVLWLRQGXFDXWLRQQHPHQWLTXLUHQYRLHTXLHVWLQWpJUpHSDUUHQYRLRXTXLGRLWrWUH
FRQIRUPH j XQH ORL RX j XQ UqJOHPHQW GHV eWDWV8QLV LLTXL LQWqJUH SDU UHQYRL XQ
GRFXPHQWRXXQHHQWHQWHUpJLSDUOHVORLVDXWUHVTXHOHVORLVGHO·2QWDULRHWGX4XpEHFHW
FHOOHVGX&DQDGD\DSSOLFDEOHV
F
TXDQW j OD YHUVLRQ IUDQoDLVH GHV GpQRPLQDWLRQV VRFLDOHV GHV VRFLpWpV HW GHV HQWLWpV
PHQWLRQQpHVGDQVODQRWLFHG·RIIUHHWGDQVOHVVSpFLPHQVGHELOOHWVTXL\ILJXUHQW
G TXDQW j O·RSSRVDELOLWp GX FDXWLRQQHPHQW j XQ WLHUV RX j OD PLVH j H[pFXWLRQ GX
FDXWLRQQHPHQWSDUXQWLHUVHQIDYHXUGHTXLLOHVWFHQVprWUHVWLSXOp
H TXDQW DX UHVSHFW GH OD /RL VXU OD SURWHFWLRQ GHV UHQVHLJQHPHQWV SHUVRQQHOV HW OHV GRFXPHQWV
pOHFWURQLTXHVHWDX[DXWUHVORLVVXUODSURWHFWLRQGHVUHQVHLJQHPHQWVSHUVRQQHOV
1RWUH DYLV FRQFHUQH XQLTXHPHQW O·RSpUDWLRQ GpFULWH SUpFpGHPPHQW HW V·DGUHVVH
H[FOXVLYHPHQWjVHVGHVWLQDWDLUHVDX[ILQVGpFULWHVSOXVKDXW3DUFRQVpTXHQWDXFXQHDXWUHSDUWLH
QHSHXWVHIRQGHUVXUFHWDYLVTXLQHSHXWrWUHFLWpRXXWLOLVpjTXHOTXHDXWUHILQTXHFHVRLWVDQV
QRWUHDXWRULVDWLRQpFULWHH[SUHVVH
9HXLOOH] DJUpHU 0HVGDPHV 0HVVLHXUV O·H[SUHVVLRQ GH QRV VHQWLPHQWV OHV SOXV
GLVWLQJXpV
­¬
´%22.(175<21/<µ)250
6286)250(©'·,16&5,37,21(1&2037(6(8/(0(17ª
JOHN DEERE CREDIT INC.
CRÉDIT JOHN DEERE INC.
Note No.
Billet no.
Discount/Interest Bearing
À escompte/portant intérêt
PROMISSORY NOTE
BILLET
Unconditionally Guaranteed by
Cautionné inconditionnellement par
JOHN DEERE CAPITAL CORPORATION
Issue Date
Date d’émission
Due Date
Date d’échéance
This is a depository note subject to the Depository Bills and Notes Act (Canada).
Ce billet de dépôt est régi par la Loi sur les lettres et billets de dépôt (Canada).
JOHN
DEERE
CREDIT
INC.,
for
value
received,
hereby
promises
to
pay
to
CRÉDIT JOHN DEERE INC., contre valeur reçue, promet par les présentes de payer à ou à l’ordre de
or
to
the
order
of
_________________________________________________________________________________________
on the Due Date the sum of
à la date d’échéance la somme de______________________________________________________dollars
dollars
_________________________________________________________________________________________
plus interest thereon at
avec intérêt au taux de ____________________________________________________pour cent par année
per cent per annum
payable in lawful money of
on presentation and surrender of this Promissory Note
payable en monnaie légale ______________________ sur présentation et remise du présent billet
to the main branch of the Royal Bank of Canada in Toronto
à la succursale principale de la Banque Royale du Canada à Toronto
JOHN DEERE CREDIT INC.
CRÉDIT JOHN DEERE INC.
By/par:
By/par:
Authorized Signing Officer/Signataire autorisé
­­
Authorized Signing Officer/Signataire autorisé
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE CDS CLEARING AND DEPOSITORY
SERVICES INC. (“CDS”) FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN
RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO.,
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS
MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED HOLDER HEREOF, CDS & CO., HAS AN
INTEREST HEREIN.
À MOINS QUE LE PRÉSENT CERTIFICAT NE SOIT PRÉSENTÉ PAR UN
REPRÉSENTANT AUTORISÉ DES SERVICES DE DÉPÔT ET DE
COMPENSATION CDS INC. (LA « CDS ») AUX FINS DE L’INSCRIPTION
D’UN TRANSFERT, D’UN ÉCHANGE OU D’UN PAIEMENT, ET QU’UN
CERTIFICAT ÉMIS À CET ÉGARD SOIT IMMATRICULÉ AU NOM DE
CDS & CO. OU À UN AUTRE NOM DEMANDÉ PAR UN REPRÉSENTANT
AUTORISÉ DE LA CDS (ET QU’UN PAIEMENT SOIT EFFECTUÉ À CDS
& CO. OU À UNE AUTRE ENTITÉ DEMANDÉE PAR UN REPRÉSENTANT
AUTORISÉ DE LA CDS), TOUT TRANSFERT, GAGE OU AUTRE EMPLOI
DU PRÉSENT BILLET EFFECTUÉ À TITRE ONÉREUX OU AUTREMENT
PAR UNE PERSONNE OU À SON INTENTION EST ILLICITE PUISQUE
LE PORTEUR INSCRIT DU PRÉSENT BILLET, CDS & CO., A UN
INTÉRÊT DANS CELUI-CI.
THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “U.S. SECURITIES ACT”). NEITHER THIS NOTE
NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD WITHIN
THE UNITED STATES OR TO ANY U.S. PERSON (AS EACH SUCH
TERM IS DEFINED IN REGULATION “ S “ UNDER THE U.S.
SECURITIES ACT). THIS NOTE WILL NOT BE SOLD OUTSIDE OF
CANADA OR TO ANY PERSON WHO IS NOT RESIDENT IN CANADA
(FOR PURPOSES OF THE INCOME TAX ACT (CANADA)) OR TO
ANY PERSON PURCHASING FOR RESALE TO, OR FOR THE
ACCOUNT OR BENEFIT OF, ANY PERSON WHO IS NOT RESIDENT
IN CANADA.
BY ACCEPTING THIS NOTE, THE HOLDER
REPRESENTS AND WARRANTS THAT IT (I) IS NOT A UNITED
STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT
DESCRIBED IN SECTION 6049(b)(4) OF THE INTERNAL REVENUE
CODE AND THE REGULATIONS THEREUNDER; (II) IS NOT
HOLDING SUCH NOTE FOR OR ON BEHALF OF A UNITED STATES
PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN
SECTION 6049(b)(4) OF THE INTERNAL REVENUE CODE AND THE
REGULATIONS THEREUNDER); AND (III) IS NOT A PERSON NOT
RESIDENT IN CANADA (FOR PURPOSES OF THE INCOME TAX ACT
(CANADA)) AND IS NOT PURCHASING FOR RESALE TO, OR FOR
THE ACCOUNT OR BENEFIT OF, ANY PERSON WHO IS NOT
RESIDENT IN CANADA.
LE PRÉSENT BILLET (LE « BILLET ») N’A PAS ÉTÉ ENREGISTRÉ AUX
TERMES DE LA SECURITIES ACT OF 1933 DES ÉTATS-UNIS, EN SA
VERSION MODIFIÉE (LA « SECURITIES ACT DES États-Unis »). LE
BILLET NE PEUT, NI EN TOTALITÉ NI EN PARTIE, ÊTRE OFFERT OU
VENDU AUX ÉTATS-UNIS OU À DES PERSONNES DES ÉTATS-UNIS
(AU SENS DU REGULATION S PRIS EN APPLICATION DE LA
SECURITIES ACT DES ÉTATS-UNIS). LE BILLET NE DOIT PAS ÊTRE
VENDU À L’EXTÉRIEUR DU CANADA, À UN NON-RÉSIDENT DU
CANADA (POUR L’APPLICATION DE LA LOI DE L’IMPÔT SUR LE
REVENU (CANADA)) OU À UNE PERSONNE QUI L’ACHÈTE À DES FINS
DE REVENTE À UN NON-RÉSIDENT DU CANADA, POUR LE COMPTE
OU AU PROFIT DE CELUI-CI. EN ACCEPTANT LE BILLET, LE PORTEUR
DÉCLARE ET GARANTIT (I) QU’IL N’EST PAS UNE PERSONNE DES
ÉTATS-UNIS (AUTRE QU’UN BÉNÉFICIAIRE EXONÉRÉ (EXEMPT
RECIPIENT) AU SENS DU SOUS-ALINÉA 6049(b)(4) DU INTERNAL
REVENUE CODE ET DE SON RÈGLEMENT D’APPLICATION), (II) QU’IL
NE DÉTIENT PAS CE BILLET POUR LE COMPTE D’UNE PERSONNE
DES ÉTATS-UNIS (AUTRE QU’UN BÉNÉFICIAIRE EXONÉRÉ (EXEMPT
RECIPIENT) AU SENS DU SOUS-ALINÉA 6049(b)(4) DE L’INTERNAL
REVENUE CODE ET DE SON RÈGLEMENT D’APPLICATION) ET
(III) QU’IL N’EST PAS UN NON-RÉSIDENT DU CANADA (POUR
L’APPLICATION DE LA LOI DE L’IMPÔT SUR LE REVENU (CANADA)) ET
N’ACHÈTE PAS À DES FINS DE REVENTE À UN NON-RÉSIDENT DU
CANADA NI POUR LE COMPTE OU AU PROFIT DE CELUI-CI.
THIS IS A DEPOSITORY NOTE SUBJECT TO THE DEPOSITORY
BILLS AND NOTES ACT (CANADA).
CE BILLET DE DÉPÔT EST RÉGI PAR LA LOI SUR LES
LETTRES ET BILLETS DE DÉPÔT (CANADA).
GUARANTEE
CAUTIONNEMENT
FOR VALUE RECEIVED, John Deere Capital Corporation (the
“Guarantor”), a Delaware corporation, hereby irrevocably and
unconditionally guarantees payment of the face amount of the Note
issued by John Deere Credit Inc. (“JDC”) as issuer, when, where
and as the same shall become due and payable without any
requirement that the holder first proceed against JDC.
CONTRE VALEUR REÇUE, John Deere Capital Corporation (la
« caution »), société du Delaware, cautionne irrévocablement et
inconditionnellement, par les présentes, le paiement de la valeur
nominale du billet émis par Crédit John Deere Inc. (« CJD ») en qualité
d’émetteur, à l’échéance, sans que le porteur ne soit tenu d’intenter
d’abord un recours contre CJD.
The Guarantor waives notice of acceptance of this guarantee and
notice of non-payment of the Note. The unconditional obligation of
the Guarantor hereunder will not be affected, impaired or released
by any extension of time for payment of the Note or by any other
matter or thing whatsoever which would otherwise release a
guarantor.
La caution renonce à l’avis d’acceptation du présent cautionnement et
à l’avis de non-paiement du billet. La prolongation du délai de paiement
du billet et les autres éléments quels qu’ils soient qui libéreraient par
ailleurs une caution n’ont aucun effet sur l’obligation inconditionnelle de
la caution et ne libèrent pas celle-ci.
Le présent billet et le cautionnement sont régis et interprétés
conformément aux lois de l’Ontario et aux lois du Canada qui s’y
appliquent.
This Note and guarantee shall be governed by and construed in
accordance with the laws of the Province of Ontario and the laws of
Canada applicable therein.
Le présent cautionnement porte la même date que le billet.
The date of this guarantee is the date of the Note.
EN FOI DE QUOI, JOHN DEERE CAPITAL CORPORATION a fait
dûment signer le présent cautionnement pour son compte.
IN
WITNESS
WHEREOF,
JOHN
DEERE
CAPITAL
CORPORATION has caused this guarantee to be duly executed on
its behalf.
JOHN DEERE CAPITAL CORPORATION
By/Par:
Authorized Signing Officer – Signataire autorisé
­¸°
&(57,),&$7(')250
6286)250('(&(57,),&$7
JOHN DEERE CREDIT INC.
CRÉDIT JOHN DEERE INC.
Note No.
Discount/Interest Bearing
o
Billet n
À escompte/portant intérêt
PROMISSORY NOTE
BILLET
Unconditionally Guaranteed by
Cautionné inconditionnellement par
JOHN DEERE CAPITAL CORPORATION
Issue Date
Date d’émission
Due Date
Date d’échéance
JOHN DEERE CREDIT INC., for value received, hereby promises to pay to or to the order of
CRÉDIT JOHN DEERE INC., contre valeur reçue, promet par les présentes de payer à ou à l’ordre de
_________________________________________________________________________________________
on the Due Date the sum of
dollars
à la date d’échéance la somme de ___________________________________________________________________________dollars
____________________________________________________________________________________________________________
plus interest thereon at
avec intérêt au taux de ______________________________________________________________________
per cent per annum
pour cent par année
payable in lawful money of
on presentation and surrender of this Promissory Note
payable en monnaie ayant cours légal ______________________ sur présentation et remise du présent billet
to the main branch of the Royal Bank of Canada in Toronto
à la succursale principale de la Banque Royale du Canada à Toronto
Countersigned as issuing agent for John Deere Credit Inc.:
Contresigné en qualité d’agent émetteur au nom de Crédit John Deere Inc. :
ROYAL BANK OF CANADA
BANQUE ROYALE DU CANADA
By/par:
Authorized Signing Officer/Signataire autorisé
JOHN DEERE CREDIT INC.
CRÉDIT JOHN DEERE INC.
By/par:
Authorized Signing Officer/Signataire autorisé
By/par:
Authorized Signing Officer/Signataire autorisé
This promissory note shall become valid only when countersigned by a duly authorized officer of the issuing agent
Le présent billet n’est valide que s’il est contresigné à la main par un dirigeant dûment autorisé de l’agent émetteur
­¸±
THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “U.S. SECURITIES ACT”).
NEITHER THIS NOTE NOR ANY
PORTION HEREOF MAY BE OFFERED OR SOLD WITHIN THE UNITED
STATES OR TO ANY U.S. PERSON (AS EACH SUCH TERM IS DEFINED
IN REGULATION “S” UNDER THE U.S. SECURITIES ACT). THIS NOTE
WILL NOT BE SOLD OUTSIDE OF CANADA OR TO ANY PERSON WHO IS
NOT RESIDENT IN CANADA (FOR PURPOSES OF THE INCOME TAX ACT
(CANADA)) OR TO ANY PERSON PURCHASING FOR RESALE TO, OR
FOR THE ACCOUNT OR BENEFIT OF, ANY PERSON WHO IS NOT
RESIDENT IN CANADA. BY ACCEPTING THIS NOTE, THE HOLDER
REPRESENTS AND WARRANTS THAT IT (I) IS NOT A UNITED STATES
PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN
SECTION 6049(b)(4) OF THE INTERNAL REVENUE CODE AND THE
REGULATIONS THEREUNDER; (II) IS NOT HOLDING SUCH NOTE FOR
OR ON BEHALF OF A UNITED STATES PERSON (OTHER THAN AN
EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(b)(4) OF THE
INTERNAL REVENUE CODE AND THE REGULATIONS THEREUNDER);
AND (III) IS NOT A PERSON NOT RESIDENT IN CANADA (FOR
PURPOSES OF THE INCOME TAX ACT (CANADA)) AND IS NOT
PURCHASING FOR RESALE TO, OR FOR THE ACCOUNT OR BENEFIT
OF, ANY PERSON WHO IS NOT RESIDENT IN CANADA.
LE PRÉSENT BILLET (LE « BILLET ») N’A PAS ÉTÉ ENREGISTRÉ
AUX TERMES DE LA SECURITIES ACT OF 1933 DES ÉTATS-UNIS, EN SA
VERSION MODIFIÉE (LA SECURITIES ACT DES ÉTATS-UNIS). LE BILLET NE
PEUT, NI EN TOTALITÉ NI EN PARTIE, ÊTRE OFFERT OU VENDU AUX
ÉTATS-UNIS OU À DES PERSONNES DES ÉTATS-UNIS (AU SENS DU
REGULATION “S” PRIS EN APPLICATION DE LA SECURITIES ACT DES
ÉTATS-UNIS). LE BILLET NE DOIT PAS ÊTRE VENDU À L’EXTÉRIEUR DU
CANADA, À UN NON-RÉSIDENT DU CANADA (POUR L’APPLICATION DE LA
LOI DE L’IMPÔT SUR LE REVENU (CANADA)) OU À UNE PERSONNE QUI
L’ACHÈTE À DES FINS DE REVENTE À UN NON-RÉSIDENT DU CANADA,
POUR LE COMPTE OU AU PROFIT DE CELUI-CI. EN ACCEPTANT LE
BILLET, LE PORTEUR DÉCLARE ET GARANTIT (I) QU’IL N’EST PAS UNE
PERSONNE DES ÉTATS-UNIS (AUTRE QU’UN BÉNÉFICIAIRE EXONÉRÉ
(EXEMPT RECIPIENT) AU SENS DU SOUS-ALINÉA 6049(b)(4) DU INTERNAL
REVENUE CODE ET DE SON RÈGLEMENT D’APPLICATION), (II) QU’IL NE
DÉTIENT PAS CE BILLET POUR LE COMPTE D’UNE PERSONNE DES
ÉTATS-UNIS (AUTRE QU’UN BÉNÉFICIAIRE EXONÉRÉ (EXEMPT
RECIPIENT) AU SENS DU SOUS-ALINÉA 6049(b)(4) DE L’INTERNAL
REVENUE CODE ET DE SON RÈGLEMENT D’APPLICATION) ET (III) QU’IL
N’EST PAS UN NON-RÉSIDENT DU CANADA (POUR L’APPLICATION DE LA
LOI DE L’IMPÔT SUR LE REVENU (CANADA)) ET N’ACHÈTE PAS À DES
FINS DE REVENTE À UN NON-RÉSIDENT DU CANADA NI POUR LE COMPTE
OU AU PROFIT DE CELUI-CI.
GUARANTEE
CAUTIONNEMENT
FOR VALUE RECEIVED, John Deere Capital Corporation (the
“Guarantor”), a Delaware corporation, hereby irrevocably and
unconditionally guarantees payment of the face amount of the Note
issued by John Deere Credit Inc. (“JDC”) as issuer, when, where
and as the same shall become due and payable without any
requirement that the holder first proceed against JDC.
CONTRE VALEUR REÇUE, John Deere Capital Corporation (la
« caution »), société du Delaware, cautionne irrévocablement et
inconditionnellement, par les présentes, le paiement de la valeur
nominale du billet émis par Crédit John Deere Inc. (« CJD ») en qualité
d’émetteur, à l’échéance, sans que le porteur ne soit tenu d’intenter
d’abord un recours contre CJD.
The Guarantor waives notice of acceptance of this guarantee and
notice of non-payment of the Note. The unconditional obligation of
the Guarantor hereunder will not be affected, impaired or released
by any extension of time for payment of the Note or by any other
matter or thing whatsoever which would otherwise release a
guarantor.
La caution renonce à l’avis d’acceptation du présent cautionnement et
à l’avis de non-paiement du billet. La prolongation du délai de paiement
du billet et les autres éléments quels qu’ils soient qui libéreraient par
ailleurs une caution n’ont aucun effet sur l’obligation inconditionnelle de
la caution et ne libèrent pas celle-ci.
Le présent billet et le cautionnement sont régis et interprétés
conformément aux lois de l’Ontario et aux lois du Canada qui s’y
appliquent.
This Note and guarantee shall be governed by and construed in
accordance with the laws of the Province of Ontario and the laws of
Canada applicable therein.
Le présent cautionnement porte la même date que le billet.
The date of this guarantee is the date of the Note.
EN FOI DE QUOI, JOHN DEERE CAPITAL CORPORATION a fait
dûment signer le présent cautionnement pour son compte.
IN
WITNESS
WHEREOF,
JOHN
DEERE
CAPITAL
CORPORATION has caused this guarantee to be duly executed on
its behalf.
JOHN DEERE CAPITAL CORPORATION
By/Par:
Authorized Signing Officer – Signataire autorisé
¹¸º

Documents pareils

Inglés

Inglés ZHUHPRYHWKLVWD[RQIURPWKHV\QRQ\P\RIL. mactans )DEULFLXV ,QDGGLWLRQZHVXJJHVWWKDWL. mirabilis (Holmberg, 1876) may be junior synonym of L. thoracicus:HUHFRJQL]HWZRVSHFLHVR...

Plus en détail