Dictionaries

Т.М. Деева, Е.В. Кичапова, Н.А. Чхиквишвили's Англо-русский тематический словарь с иллюстрациями PDF

By Т.М. Деева, Е.В. Кичапова, Н.А. Чхиквишвили

Книга Англо-русский тематический словарь с иллюстрациями Англо-русский тематический словарь с иллюстрациями Книги Иностранные языки Автор: Т.М. Деева, Е.В. Кичапова, Н.А. Чхиквишвили Год издания: 1993 Формат: pdf Издат.:Прин-ди Страниц: ninety six Размер: 50 Язык: Английский0 (голосов: zero) Оценка:Настоящее издание англо-русского словаря является двуязычным переводным словарём с иллюстрациями. Он содержит seventy six иллюстраций отдельных предметов и их названия на английском и русском языках, охватывает fifty six тем из повседневной жизни, науки, техники, фауны, флоры и т.п. Словарь предназначен для широкого круга читателей, изучающих английский язык, или работающих с английским языком.

Show description

Read or Download Англо-русский тематический словарь с иллюстрациями PDF

Similar dictionaries books

King John (Webster's Korean Thesaurus Edition) - download pdf or read online

This variation is written in English. even though, there's a working Korean word list on the backside of every web page for the more challenging English phrases highlighted within the textual content. there are numerous variants of King John. This version will be necessary if you'd like

Timon of Athens (Webster's German Thesaurus Edition) by William Shakespeare PDF

This variation is written in English. even though, there's a operating German word list on the backside of every web page for the tougher English phrases highlighted within the textual content. there are numerous variants of Timon of Athens. This version will be priceless in case you may

Get Milet Picture Dictionary: English-Bengali PDF

This completely unique dictionary positive factors shiny photographs that stimulate creativity as young children learn how to establish gadgets and phrases.

McGraw-Hill’s Conversational American English: The - download pdf or read online

Research greater than 3,000 English expressions and communicate and comprehend the language simply As a brand new speaker of English, you'll pay attention a few expressions on your day-by-day conversations that you simply don't understand--yet. McGraw-Hill's Conversational American English can help you study those expressions, so not just have you learnt what an individual is announcing to you, yet so that you can use the expression your self!

Extra info for Англо-русский тематический словарь с иллюстрациями

Sample text

XZDLW $&(6 $XWRPDWHG &RGH (YDOXDWLRQ 6\VWHP $&(6( $VVRFLDWLRQ &DWDODQH SRXU O (QYLURQQHPHQW OD 6ROLGDULWp HW O (PSORL $&( VDWHOOLWH $GYDQFHG &RPSRVLWLRQ ([SORUHU VDWHOOLWH 86$  $FHW DEEU $FHW\OHQH $FHW\OHQH LV XVHG PDLQO\ LQ WKH V\QWKHVLV RI LQGXV WULDO FRPSRXQGV 2UJDQLF &KHPLVWU\ $&(80 $VVRFLDWLRQ &DQDGLHQQH GHV (FROHV 8QLYHUVLWDLUHV GH 0XVLTXH &DQDGLDQ $VVRFLDWLRQ $&) $FFHVV &RQWURO )LHOG $&) $GPLQLVWUDWLRQ IRU &KLOGUHQ DQG )DPLOLHV 86$  $&) $GYDQFHG &RPPXQLFDWLRQV )XQFWLRQ $&) $pUR&OXE GH )UDQFH )UHQFK LQLWLDOLVP RI WKH )UHQFK $HUR &OXE $&) $UP\ &DGHW )RUFH $&) $XWRPDWHG &RQWURO )XQFWLRQ $&) $XWRPRELOH &OXE GH )UDQFH )UHQFK LQLWLDOLVP RI WKH )UHQFK $XWRPRELOH &OXE $&)&, $VVHPEOpH GHV &KDPEUHV )UDQoDLVHV GH &RPPHUFH HW G·,QGXVWULH %HOJLXP  $&)(& $UELWUDO &HQWUH RI WKH )HGHUDO (FRQRPLF &KDPEHU $XVWULD  $&)/ DJUHHG FHDVHILUH OLQH OLJQH FHVVH]OHIHX DJUpp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pQpUDO GH FRQWU{OH DYDQFp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{OpH HQ YRO $&, $LU &DUJR ,QFRUSRUDWHG 86$  $&, $LUSRUWV &RXQFLO ,QWHUQDWLRQDO *HQHYD 6ZLW]HUODQG  $&, $OOLDQFH &RRSp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q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j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pH GH OD FDELQH $&/ $OO ZHDWKHU &DUULHU /DQGLQJ $&/ $VVRFLDWLRQ IRU &RPSXWDWLRQDO /LQJXLVWV $&/ $VVRFLDWLRQ RI &KULVWLDQ /LEUDULHV DFO DVVXUDQFH FRQWUH O LQFHQGLH )UHQFK LQLWLDOLVP PHDQLQJ ILUH LQVXUDQFH $&/ $XGLW &RPPDQG /DQJXDJH &RPSXWHUV $&/ $XWRPRELOH &OXE GX *UDQG'XFKp GH /X[HPERXUJ $&/$17 $OOLHG &RPPDQG $WODQWLF >UHSODFHG E\ 6& $WODQWLF@ &RPPDQGHPHQW DOOLp GH O $WODQWLTXH >UHPSODFp SDU OH 6& $WODQWLF@ $&/&3 $VVRFLDWHG &ROOHJH /LEUDULHV RI &HQWUDO 3HQQV\OYDQLD 86$  $&/,6 $XVWUDOLDQ &RXQFLO RI /LEUDULHV DQG ,QIRUPDWLRQ 6HUYLFHV $XVWUDOLD  $&/0 $PHULFDQ &ROOHJH RI /HJDO 0HGLFLQH $&/2 $VVRFLDWLRQDO &KXUFK /LEUDU\ 2UJDQL]DWLRQ $&/5 $SULFRW &KORURWLF /HDI 5ROO $&/6 $PHULFDQ &RXQFLO RI /HDUQHG 6RFLHWLHV $&/8 $PHULFDQ &LYLO /LEHUWLHV 8QLRQ $&0  DFRXVWLF FRXQWHUPHDVXUHV  FRQWUHPHVXUHV DFRXVWLTXHV  DLU FRPEDW PDQRHXYUH  PDQ±XYUH GH FRPEDW DpULHQ  DLUVSDFH FRQWURO PHDQV  PR\HQV GH FRQWU{OH GH O HVSDFH DpULHQ  DLUVSDFH FRQWURO PHDVXUH  PHVXUH GH FRQWU{OH GH O HVSDFH DpULHQ $&0 $GYDQFHG &RPSRVLWH 0DWHULDOV $&0 $LU &KLHI 0DUVKDO $&0 $VVRFLDWLRQ IRU &RPSXWLQJ 0DFKLQHU\ 7KH $&0 LV ORFDWHG LQ :DVKLQJWRQ '& 86$ $&0 $WRP&DYLW\ 0LFURVFRSH $&0 $XWKRUL]HG &RQWUROOHG 0DWHULDO $&0$ $VVRFLD]LRQH QD]LRQDOH &LFOR 0RWR $FFHVVRUL ,WDO\  $&0& $&&6 &RQILJXUDWLRQ 0DQDJHPHQW &RPPLWWHH &RPLWp GH JHVWLRQ GH OD FRQILJXUDWLRQ GH O $&&6 $&0& $IULFDQ &DSLWDO 0DUNHW &RQIHUHQFH $&0& 6FKRRO RI 0DQDJHPHQW  8QLYHUVLW\ RI 0LFKLJDQ 86$  $&0& $VVRFLDWLRQ RI &DQDGLDQ 0HGLFDO &ROOHJHV &DQDGD  $&0( $GYLVRU\ &RPPLWWHH RQ WKH 0DULQH (QYLURQPHQW 2I WKH ,QWHUQDWLRQDO &RXQFLO IRU WKH ([SORUDWLRQ RI WKH 6HD $&0( $VVRFLDWLRQ RI &RQVXOWLQJ 0DQDJHPHQW (QJLQHHUV $&0, DLU FRPEDW PDQRHXYULQJ LQVWUXPHQWDWLRQ LQVWUXPHQWDWLRQ GH VXLYL GH OD PDQ±XYUH GH FRP EDW DpULHQ $&0, $VVRFLD]LRQH &UHGLW 0DQDJHUV ,WDOLDQL ,WDO\  $&0/ $VVRFLDWLRQ RI &DQDGLDQ 0DS /LEUDULHV &DQDGD  $&03 $GYLVRU\ &RPPLWWHH RQ 0DULQH 3ROOXWLRQ  2I WKH ,QWHUQDWLRQDO &RXQFLO IRU WKH ([SORUDWLRQ RI WKH 6HD $&03 $OOLHG &RQILJXUDWLRQ 0DQDJHPHQW 3XEOLFDWLRQ SXEOLFDWLRQ LQWHUDOOLpH  JHVWLRQ GH OD FRQILJXUD WLRQ $&05 DLU FRPEDW PDQRHXYULQJ UDQJH SRO\JRQH G HQWUDvQHPHQW j OD PDQ±XYUH GH FRPEDW DpULHQ $&055 $GYLVRU\ &RPPLWWHH RI ([SHUWV RQ 0DULQH 5HVRXUFHV 5HVHDUFK $&06 $HURVRO &RPSRVLWLRQ 0DVV 6SHFWURPHWHU $WPRVSKHULF 3K\VLFV 0HWHRURORJ\ 0LGGOH $WPRVSKHUH 5HVHDUFK $&06 DXWRPDWHG FRPPXQLFDWLRQV PDQDJHPHQW V\VWHP V\VWqPH DXWRPDWLVp GH JHVWLRQ GHV WpOp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{OH GH O HVSDFH DpULHQ  DLUVSDFH FRRUGLQDWLRQ RUGHU  RUGUH GH FRRUGLQDWLRQ DpULHQQH $&2 $OWHUQDWLQJ &XUUHQW 2XWSXWV $&2 $VVRFLDWLRQ RI &RPPLVVLRQHG 2IILFHUV $&2 $YHUDJH &DOFXODWLQJ 2SHUDWLRQ 7KH DYHUDJH FDOFXODWLQJ RSHUDWLRQ LV XVHG WR HVWL PDWH FRPSXWHUV FDOFXODWLRQ VSHHGV &RPSXWHU 3URJUDPPLQJ $&2$ $GXOW &KLOGUHQ 2I $OFRKROLFV $&RG3 $OOLHG &RGLILFDWLRQ 3XEOLFDWLRQ SXEOLFDWLRQ LQWHUDOOLpH VXU OD FRGLILFDWLRQ $&2* DJHQFH FLYLOH 27$1 GX WHPSV GH JXHUUH 1$72 FLYLO ZDUWLPH DJHQF\ 1&:$  $&2+ $GYLVRU\ &RPPLWWHH IRU 2SHUDWLRQDO +\GURORJ\ 2I WKH :RUOG 0HWHRURORJLFDO 2UJDQL]DWLRQ $&ROO+ $VVRFLDWH RI WKH &ROOHJH RI +DQGLFUDIW $&RP3 $OOLHG &RPPXQLFDWLRQV 3XEOLFDWLRQ SXEOLFDWLRQ LQWHUDOOLpH VXU OHV FRPPXQLFDWLRQV $&205 $GYLVRU\ &RPPLWWHH RQ 2FHDQLF 0HWHRURORJLFDO 5HVHDUFK 2I WKH :RUOG 0HWHRURORJLFDO 2UJDQL]DWLRQ $&23 $VVRFLDomR GH &RQVHOKHLURV GH 2ULHQWDomR 3URILVVLRQDO 3RUWXJDO  3RUWXJXHVH $VVRFLDWLRQV 9RFDWLRQDO *XLGDQFH $&236 $GYLVRU\ &RPPLWWHH 2Q 3URWHFWLRQ RI WKH 6HD $&25' $GYLVRU\ &RXQFLO 2Q 5HVHDUFK DQG 'HYHORSPHQW *%  $&26 $VVLVWDQW &KLHI RI 6WDII VRXVFKHI G pWDWPDMRU 6&(0   $&267 $GYLVRU\ &RXQFLO 2Q 6FLHQFH DQG 7HFKQRORJ\ *%  $&3 $F\O &DUULHU 3URWHLQ 7KH $&3 LV D SURWHLQ LQ IDWW\ DFLG V\QWKHVLV %LRFKHPLVWU\ $&3  DGYDQFHG FRPPDQG SRVW  SRVWH GH FRPPDQGHPHQW GH O DYDQW  DLUERUQH FRPPDQG SRVW  SRVWH GH FRPPDQGHPHQW YRODQW  DLUVSDFH FRQWURO SODQ  SODQ GH FRQWU{OH GH O HVSDFH DpULHQ  $OOLHG &RPPXQLFDWLRQV 3XEOLFDWLRQ  SXEOLFDWLRQ LQWHUDOOLpH VXU OHV FRPPXQLFDWLRQV $&3 $IULFDQ &DULEEHDQ DQG 3DFLILF *URXS RI &RXQWULHV  $&3 $PHULFDQ &ROOHJH RI 3K\VLFLDQV 86$  $&3 $UFKHDQ &KXUFKLOO 3URYLQFH &DQDGD  $&3 $VVRFLDWH RI WKH &ROOHJH RI 3UHFHSWRUV $&3 $VVRFLDWLRQ RI &RUUHFWRUV RI WKH 3UHVV $&3 $XWRPDWLF &ROW 3LVWRO $&3$ $VVRFLDWLRQ RI &RPSXWHU 3URJUDPPHUV DQG $QDO\VWV $&3D\ $FFRXQW 3D\DEOH $&3& $VVRFLDWLRQ RI &RIIHH 3URGXFLQJ &RXQWULHV $&3) DSSURDFK $YHUDJHG&RXSOHG 3DLU )XQFWLRQDO DSSURDFK $&30 $VVRFLDWLRQ GH IRUPDWLRQ SRXU OD &RRSp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pWHFWLRQ HW FRQWU{OH DpULHQV  DLUILHOG FRQWURO UDGDU  UDGDU GH FRQWU{OH G Dp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q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pURQHIV  DLUVSDFH FRQWURO V\VWHP  V\VWqPH GH FRQWU{OH GH O HVSDFH Dp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p H[pFXWLI GHV VHUYLFHV GH FRXUULHU DOOLpV $&6(6 $XWRPDWHG &RPSXWHU 6FLHQFH (GXFDWLRQ 6\VWHP $&6) $VVRFLDWLRQ GHV &HQWUHV 6HUYHXUV )UDQo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p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pH VXU OH WUDLWHPHQW GHV GRQ QpHV $'$76 DLU GHIHQFH DQWLWDQN V\VWHP V\VWqPH GH GpIHQVH DQWLFKDU HW DQWLDpULHQQH $'$9 $YLRQ j 'HFROODJH HW $WWHULVVDJH 9HUWLFDX[ )UHQFK DFURQ\P PHDQLQJ 9HUWLFDO 7DNH2II DQG /DQGLQJ $LUFUDIW $'% $GMXVWHG 'HELW %DODQFH $'% $VLDWLF 'HYHORSPHQW %DQN $'%$&, $VVRFLDWLRQ SRXU OH 'pYHORSSHPHQW GH OD 'RFXPHQWDWLRQ GHV %LEOLRWKqTXHV HW $UFKLYHV GH OD &{WH G OYRLUH ,YRU\ &RDVW   $'%6 $VVRFLDWLRQ GHV 'RFXPHQWDOLVWHV HW GHV %LEOLRWKpFDLUHV 6SpFLDOLVpV $'%7 $VVRFLDWH 'LUHFWRU IRU %LRPHGLFDO 7HFKQRORJ\ $'& $GYDQFHG 'HYHORSPHQW &HQWHU $'& $LG WR 'HSHQGHQW &KLOGUHQ $'& $LGH'H&DPS $'& $QDORJWR'LJLWDO &RQYHUVLRQ $'& $QDORJWR'LJLWDO &RQYHUWHU 7KH $'& LV D GHYLFH WKDW FKDQJHV FRQWLQXRXV DQD ORJ VLJQDOV LQWR GLJLWDO RU GLVFUHWH VLJQDOV $OVR $' FRQYHUWHU (OHFWURQLFV $'& $VVLVWDQW 'LYLVLRQ &RPPDQGHU $'&$9 DpURQHI j GpFROODJH FRXUW HW DWWHUULVVDJH YHUWLFDO 6KRUW WDNHRII DQG YHUWLFDO ODQGLQJ DLUFUDIW 6729/  $'&% $EX 'KDEL &RPPHUFLDO %DQN 8QLWHG $UDE (PLUDWHV $'&& DLU GHIHQFH FRQWURO FHQWUH FHQWUH GH FRQWU{OH GH GpIHQVH DpULHQQH $'&& $QWLERG\'HSHQGHQW &HOOPHGLDWHG &\WRWR[LFLW\ ,PPXQRORJ\ $'&&3 $GYDQFHG 'DWD &RPPXQLFDWLRQV &RQWURO 3URFHGXUH $'&& SKHQRPHQRQ $QWLERG\GHSHQGHQW &HOO PHGLDWHG &\WRWR[LFLW\ SKHQRPHQRQ ,PPXQRORJ\ $'&0 $VVRFLDWH 'LUHFWRU &RPSDUDWLYH 0HGLFLQH $'&2 $LU 'HIHQFH &RRUGLQDWLRQ 2UJDQL]DWLRQ 2UJDQLVDWLRQ GH FRRUGLQDWLRQ GH OD GpIHQVH DpUL HQQH $'&20 DGPLQLVWUDWLYH FRPPDQG FRPPDQGHPHQW DGPLQLVWUDWLI $'&21 $'GUHVV &21VWDQW &RPSXWHU 3URJUDPPLQJ )RU IXUWKHU GHWDLOV VHH XQGHU $& $'&21 DGPLQLVWUDWLYH FRQWURO FRQWU{OH DGPLQLVWUDWLI $' FRQYHUWHU $QDORJWR'LJLWDO FRQYHUWHU )RU IXUWKHU GHWDLOV VHH XQGHU $'& (OHFWURQLFV $'&3 $FRXVWLF 'RSSOHU &XUUHQW 3URILOHU $'&6 $&( 'HSOR\DEOH &RPPDQG DQG &RQWURO 6\VWHP V\VWqPH GpSOR\DEOH GH FRPPDQGHPHQW HW GH FRQ WU{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pIHQVH Dp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pYHORSSHPHQW GH O (FRQRPLH /RFDOH )UDQFH  )UHQFK DFURQ\P RI WKH $JHQF\ IRU /RFDO (FRQRPLFV 'HYHORSPHQW $'(0 $VRFLDFLyQ GH (PSUHVDULDV 0H[LFDQDV $& 0H[LFR  0H[LFDQ $VVRFLDWLRQ $'(26 $'YDQFHG (DUWK 2EVHUYLQJ 6DWHOOLWH $'(3$ $VVRFLDWLRQ SRXU OH '(YHORSSHPHQW GH OD 3URGXFWLRQ $XWRPDWLVp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pYHORSSHPHQW GHV 7HFKQLTXHV GHV ,QGXVWULHV 0pFDQLTXHV )UHQFK DFURQ\P RI WKH $VVRFLDWLRQ IRU WKH '(YHORSPHQW RI 0HFKDQLFDO ,QGXVWULHV 7HFKQLTXHV )UDQFH  $'(: DLU GHIHQFH HDUO\ ZDUQLQJ D DOHUWH ORLQWDLQH GH GpIHQVH DpULHQQH E GpWHFWLRQ ORLQWDLQH GH GpIHQVH DpULHQQH $'(; DLU GHIHQFH H[HUFLVH H[HUFLVH GH GpIHQVH DpULHQQH $') $GPLQLVWUDWRU V 'LVFUHWLRQDU\ )XQG $') DGI $LUFUDIW 'LUHFWLRQ )LQGHU $') $OJRULWKP 'HYHORSPHQW )DFLOLW\ $') DGI $XWRPDWLF 'LUHFWLRQ )LQGHU RU 5DGLR &RPSDVV 1DYLJDWLRQ $') EUDQFK $GYDQFHG 'HYHORSPHQW )DFLOLW\ EUDQFK 2I WKH )RUHFDVW 6\VWHPV /DERUDWRU\  86 1DWLRQDO 2FHDQLF DQG $WPRVSKHULF $GPLQLVWUDWLRQ $' * DLU GHIHQFH JURXQG  GpIHQVH DpULHQQH VRO  $'* DLU GHIHQFH JXQ FDQRQ DQWLDpULHQ $'*% $LU 'HIHQFH RI *UHDW %ULWDLQ *%  $'*( $LU 'HIHQFH *URXQG (QYLURQPHQW LQIUDVWUXFWXUH pOHFWURQLTXH GH GpIHQVH Dp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pIHQVH Dp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pYHORSSHPHQW GHV ,QLWLDWLYHV (FRQRPLTXHV SRXU OHV )HPPHV )UHQFK DFURQ\P RI WKH )UHQFK $VVRFLDWLRQ IRU WKH 'HYHORSPHQW RI :RPHQ (FRQRPLF ,QLWLDWLYHV $',26 $VLDQ 'XVW ,QSXW WR WKH 2FHDQLF 6\VWHP $',3V $FFHOHUDWHG 'HYHORSPHQW DQG ,QWURGXFWLRQ 3ODQV $ IUDPHZRUN WR LQWURGXFH YDFFLQHV LQWR WKH GHYHO RSLQJ ZRUOG )RU IXUWKHU GHWDLOV VHH XQGHU *$9, $'LY3 $OOLHG 'LYLQJ 3XEOLFDWLRQ SXEOLFDWLRQ LQWHUDOOLpHSORQJpH $',= DLU GHIHQFH LGHQWLILFDWLRQ ]RQH =RQH G LGHQWLILFDWLRQ GH GpIHQVH DpULHQQH DGM DEEU DGMXVW DGM DEEU DGMXVWDEOH 0HFKDQLFDO 'HYLFHV  DGM DEEU DGMXVWPHQW (QJLQHHULQJ 0HWURORJ\ 3V\FKRORJ\ $'.

XZDLW $&(6 $XWRPDWHG &RGH (YDOXDWLRQ 6\VWHP $&(6( $VVRFLDWLRQ &DWDODQH SRXU O (QYLURQQHPHQW OD 6ROLGDULWp HW O (PSORL $&( VDWHOOLWH $GYDQFHG &RPSRVLWLRQ ([SORUHU VDWHOOLWH 86$  $FHW DEEU $FHW\OHQH $FHW\OHQH LV XVHG PDLQO\ LQ WKH V\QWKHVLV RI LQGXV WULDO FRPSRXQGV 2UJDQLF &KHPLVWU\ $&(80 $VVRFLDWLRQ &DQDGLHQQH GHV (FROHV 8QLYHUVLWDLUHV GH 0XVLTXH &DQDGLDQ $VVRFLDWLRQ $&) $FFHVV &RQWURO )LHOG $&) $GPLQLVWUDWLRQ IRU &KLOGUHQ DQG )DPLOLHV 86$  $&) $GYDQFHG &RPPXQLFDWLRQV )XQFWLRQ $&) $pUR&OXE GH )UDQFH )UHQFK LQLWLDOLVP RI WKH )UHQFK $HUR &OXE $&) $UP\ &DGHW )RUFH $&) $XWRPDWHG &RQWURO )XQFWLRQ $&) $XWRPRELOH &OXE GH )UDQFH )UHQFK LQLWLDOLVP RI WKH )UHQFK $XWRPRELOH &OXE $&)&, $VVHPEOpH GHV &KDPEUHV )UDQoDLVHV GH &RPPHUFH HW G·,QGXVWULH %HOJLXP  $&)(& $UELWUDO &HQWUH RI WKH )HGHUDO (FRQRPLF &KDPEHU $XVWULD  $&)/ DJUHHG FHDVHILUH OLQH OLJQH FHVVH]OHIHX DJUpp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pQpUDO GH FRQWU{OH DYDQFp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{OpH HQ YRO $&, $LU &DUJR ,QFRUSRUDWHG 86$  $&, $LUSRUWV &RXQFLO ,QWHUQDWLRQDO *HQHYD 6ZLW]HUODQG  $&, $OOLDQFH &RRSp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q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j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pH GH OD FDELQH $&/ $OO ZHDWKHU &DUULHU /DQGLQJ $&/ $VVRFLDWLRQ IRU &RPSXWDWLRQDO /LQJXLVWV $&/ $VVRFLDWLRQ RI &KULVWLDQ /LEUDULHV DFO DVVXUDQFH FRQWUH O LQFHQGLH )UHQFK LQLWLDOLVP PHDQLQJ ILUH LQVXUDQFH $&/ $XGLW &RPPDQG /DQJXDJH &RPSXWHUV $&/ $XWRPRELOH &OXE GX *UDQG'XFKp GH /X[HPERXUJ $&/$17 $OOLHG &RPPDQG $WODQWLF >UHSODFHG E\ 6& $WODQWLF@ &RPPDQGHPHQW DOOLp GH O $WODQWLTXH >UHPSODFp SDU OH 6& $WODQWLF@ $&/&3 $VVRFLDWHG &ROOHJH /LEUDULHV RI &HQWUDO 3HQQV\OYDQLD 86$  $&/,6 $XVWUDOLDQ &RXQFLO RI /LEUDULHV DQG ,QIRUPDWLRQ 6HUYLFHV $XVWUDOLD  $&/0 $PHULFDQ &ROOHJH RI /HJDO 0HGLFLQH $&/2 $VVRFLDWLRQDO &KXUFK /LEUDU\ 2UJDQL]DWLRQ $&/5 $SULFRW &KORURWLF /HDI 5ROO $&/6 $PHULFDQ &RXQFLO RI /HDUQHG 6RFLHWLHV $&/8 $PHULFDQ &LYLO /LEHUWLHV 8QLRQ $&0  DFRXVWLF FRXQWHUPHDVXUHV  FRQWUHPHVXUHV DFRXVWLTXHV  DLU FRPEDW PDQRHXYUH  PDQ±XYUH GH FRPEDW DpULHQ  DLUVSDFH FRQWURO PHDQV  PR\HQV GH FRQWU{OH GH O HVSDFH DpULHQ  DLUVSDFH FRQWURO PHDVXUH  PHVXUH GH FRQWU{OH GH O HVSDFH DpULHQ $&0 $GYDQFHG &RPSRVLWH 0DWHULDOV $&0 $LU &KLHI 0DUVKDO $&0 $VVRFLDWLRQ IRU &RPSXWLQJ 0DFKLQHU\ 7KH $&0 LV ORFDWHG LQ :DVKLQJWRQ '& 86$ $&0 $WRP&DYLW\ 0LFURVFRSH $&0 $XWKRUL]HG &RQWUROOHG 0DWHULDO $&0$ $VVRFLD]LRQH QD]LRQDOH &LFOR 0RWR $FFHVVRUL ,WDO\  $&0& $&&6 &RQILJXUDWLRQ 0DQDJHPHQW &RPPLWWHH &RPLWp GH JHVWLRQ GH OD FRQILJXUDWLRQ GH O $&&6 $&0& $IULFDQ &DSLWDO 0DUNHW &RQIHUHQFH $&0& 6FKRRO RI 0DQDJHPHQW  8QLYHUVLW\ RI 0LFKLJDQ 86$  $&0& $VVRFLDWLRQ RI &DQDGLDQ 0HGLFDO &ROOHJHV &DQDGD  $&0( $GYLVRU\ &RPPLWWHH RQ WKH 0DULQH (QYLURQPHQW 2I WKH ,QWHUQDWLRQDO &RXQFLO IRU WKH ([SORUDWLRQ RI WKH 6HD $&0( $VVRFLDWLRQ RI &RQVXOWLQJ 0DQDJHPHQW (QJLQHHUV $&0, DLU FRPEDW PDQRHXYULQJ LQVWUXPHQWDWLRQ LQVWUXPHQWDWLRQ GH VXLYL GH OD PDQ±XYUH GH FRP EDW DpULHQ $&0, $VVRFLD]LRQH &UHGLW 0DQDJHUV ,WDOLDQL ,WDO\  $&0/ $VVRFLDWLRQ RI &DQDGLDQ 0DS /LEUDULHV &DQDGD  $&03 $GYLVRU\ &RPPLWWHH RQ 0DULQH 3ROOXWLRQ  2I WKH ,QWHUQDWLRQDO &RXQFLO IRU WKH ([SORUDWLRQ RI WKH 6HD $&03 $OOLHG &RQILJXUDWLRQ 0DQDJHPHQW 3XEOLFDWLRQ SXEOLFDWLRQ LQWHUDOOLpH  JHVWLRQ GH OD FRQILJXUD WLRQ $&05 DLU FRPEDW PDQRHXYULQJ UDQJH SRO\JRQH G HQWUDvQHPHQW j OD PDQ±XYUH GH FRPEDW DpULHQ $&055 $GYLVRU\ &RPPLWWHH RI ([SHUWV RQ 0DULQH 5HVRXUFHV 5HVHDUFK $&06 $HURVRO &RPSRVLWLRQ 0DVV 6SHFWURPHWHU $WPRVSKHULF 3K\VLFV 0HWHRURORJ\ 0LGGOH $WPRVSKHUH 5HVHDUFK $&06 DXWRPDWHG FRPPXQLFDWLRQV PDQDJHPHQW V\VWHP V\VWqPH DXWRPDWLVp GH JHVWLRQ GHV WpOp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{OH GH O HVSDFH DpULHQ  DLUVSDFH FRRUGLQDWLRQ RUGHU  RUGUH GH FRRUGLQDWLRQ DpULHQQH $&2 $OWHUQDWLQJ &XUUHQW 2XWSXWV $&2 $VVRFLDWLRQ RI &RPPLVVLRQHG 2IILFHUV $&2 $YHUDJH &DOFXODWLQJ 2SHUDWLRQ 7KH DYHUDJH FDOFXODWLQJ RSHUDWLRQ LV XVHG WR HVWL PDWH FRPSXWHUV FDOFXODWLRQ VSHHGV &RPSXWHU 3URJUDPPLQJ $&2$ $GXOW &KLOGUHQ 2I $OFRKROLFV $&RG3 $OOLHG &RGLILFDWLRQ 3XEOLFDWLRQ SXEOLFDWLRQ LQWHUDOOLpH VXU OD FRGLILFDWLRQ $&2* DJHQFH FLYLOH 27$1 GX WHPSV GH JXHUUH 1$72 FLYLO ZDUWLPH DJHQF\ 1&:$  $&2+ $GYLVRU\ &RPPLWWHH IRU 2SHUDWLRQDO +\GURORJ\ 2I WKH :RUOG 0HWHRURORJLFDO 2UJDQL]DWLRQ $&ROO+ $VVRFLDWH RI WKH &ROOHJH RI +DQGLFUDIW $&RP3 $OOLHG &RPPXQLFDWLRQV 3XEOLFDWLRQ SXEOLFDWLRQ LQWHUDOOLpH VXU OHV FRPPXQLFDWLRQV $&205 $GYLVRU\ &RPPLWWHH RQ 2FHDQLF 0HWHRURORJLFDO 5HVHDUFK 2I WKH :RUOG 0HWHRURORJLFDO 2UJDQL]DWLRQ $&23 $VVRFLDomR GH &RQVHOKHLURV GH 2ULHQWDomR 3URILVVLRQDO 3RUWXJDO  3RUWXJXHVH $VVRFLDWLRQV 9RFDWLRQDO *XLGDQFH $&236 $GYLVRU\ &RPPLWWHH 2Q 3URWHFWLRQ RI WKH 6HD $&25' $GYLVRU\ &RXQFLO 2Q 5HVHDUFK DQG 'HYHORSPHQW *%  $&26 $VVLVWDQW &KLHI RI 6WDII VRXVFKHI G pWDWPDMRU 6&(0   $&267 $GYLVRU\ &RXQFLO 2Q 6FLHQFH DQG 7HFKQRORJ\ *%  $&3 $F\O &DUULHU 3URWHLQ 7KH $&3 LV D SURWHLQ LQ IDWW\ DFLG V\QWKHVLV %LRFKHPLVWU\ $&3  DGYDQFHG FRPPDQG SRVW  SRVWH GH FRPPDQGHPHQW GH O DYDQW  DLUERUQH FRPPDQG SRVW  SRVWH GH FRPPDQGHPHQW YRODQW  DLUVSDFH FRQWURO SODQ  SODQ GH FRQWU{OH GH O HVSDFH DpULHQ  $OOLHG &RPPXQLFDWLRQV 3XEOLFDWLRQ  SXEOLFDWLRQ LQWHUDOOLpH VXU OHV FRPPXQLFDWLRQV $&3 $IULFDQ &DULEEHDQ DQG 3DFLILF *URXS RI &RXQWULHV  $&3 $PHULFDQ &ROOHJH RI 3K\VLFLDQV 86$  $&3 $UFKHDQ &KXUFKLOO 3URYLQFH &DQDGD  $&3 $VVRFLDWH RI WKH &ROOHJH RI 3UHFHSWRUV $&3 $VVRFLDWLRQ RI &RUUHFWRUV RI WKH 3UHVV $&3 $XWRPDWLF &ROW 3LVWRO $&3$ $VVRFLDWLRQ RI &RPSXWHU 3URJUDPPHUV DQG $QDO\VWV $&3D\ $FFRXQW 3D\DEOH $&3& $VVRFLDWLRQ RI &RIIHH 3URGXFLQJ &RXQWULHV $&3) DSSURDFK $YHUDJHG&RXSOHG 3DLU )XQFWLRQDO DSSURDFK $&30 $VVRFLDWLRQ GH IRUPDWLRQ SRXU OD &RRSp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pWHFWLRQ HW FRQWU{OH DpULHQV  DLUILHOG FRQWURO UDGDU  UDGDU GH FRQWU{OH G Dp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q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pURQHIV  DLUVSDFH FRQWURO V\VWHP  V\VWqPH GH FRQWU{OH GH O HVSDFH Dp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p H[pFXWLI GHV VHUYLFHV GH FRXUULHU DOOLpV $&6(6 $XWRPDWHG &RPSXWHU 6FLHQFH (GXFDWLRQ 6\VWHP $&6) $VVRFLDWLRQ GHV &HQWUHV 6HUYHXUV )UDQo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p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pH VXU OH WUDLWHPHQW GHV GRQ QpHV $'$76 DLU GHIHQFH DQWLWDQN V\VWHP V\VWqPH GH GpIHQVH DQWLFKDU HW DQWLDpULHQQH $'$9 $YLRQ j 'HFROODJH HW $WWHULVVDJH 9HUWLFDX[ )UHQFK DFURQ\P PHDQLQJ 9HUWLFDO 7DNH2II DQG /DQGLQJ $LUFUDIW $'% $GMXVWHG 'HELW %DODQFH $'% $VLDWLF 'HYHORSPHQW %DQN $'%$&, $VVRFLDWLRQ SRXU OH 'pYHORSSHPHQW GH OD 'RFXPHQWDWLRQ GHV %LEOLRWKqTXHV HW $UFKLYHV GH OD &{WH G OYRLUH ,YRU\ &RDVW   $'%6 $VVRFLDWLRQ GHV 'RFXPHQWDOLVWHV HW GHV %LEOLRWKpFDLUHV 6SpFLDOLVpV $'%7 $VVRFLDWH 'LUHFWRU IRU %LRPHGLFDO 7HFKQRORJ\ $'& $GYDQFHG 'HYHORSPHQW &HQWHU $'& $LG WR 'HSHQGHQW &KLOGUHQ $'& $LGH'H&DPS $'& $QDORJWR'LJLWDO &RQYHUVLRQ $'& $QDORJWR'LJLWDO &RQYHUWHU 7KH $'& LV D GHYLFH WKDW FKDQJHV FRQWLQXRXV DQD ORJ VLJQDOV LQWR GLJLWDO RU GLVFUHWH VLJQDOV $OVR $' FRQYHUWHU (OHFWURQLFV $'& $VVLVWDQW 'LYLVLRQ &RPPDQGHU $'&$9 DpURQHI j GpFROODJH FRXUW HW DWWHUULVVDJH YHUWLFDO 6KRUW WDNHRII DQG YHUWLFDO ODQGLQJ DLUFUDIW 6729/  $'&% $EX 'KDEL &RPPHUFLDO %DQN 8QLWHG $UDE (PLUDWHV $'&& DLU GHIHQFH FRQWURO FHQWUH FHQWUH GH FRQWU{OH GH GpIHQVH DpULHQQH $'&& $QWLERG\'HSHQGHQW &HOOPHGLDWHG &\WRWR[LFLW\ ,PPXQRORJ\ $'&&3 $GYDQFHG 'DWD &RPPXQLFDWLRQV &RQWURO 3URFHGXUH $'&& SKHQRPHQRQ $QWLERG\GHSHQGHQW &HOO PHGLDWHG &\WRWR[LFLW\ SKHQRPHQRQ ,PPXQRORJ\ $'&0 $VVRFLDWH 'LUHFWRU &RPSDUDWLYH 0HGLFLQH $'&2 $LU 'HIHQFH &RRUGLQDWLRQ 2UJDQL]DWLRQ 2UJDQLVDWLRQ GH FRRUGLQDWLRQ GH OD GpIHQVH DpUL HQQH $'&20 DGPLQLVWUDWLYH FRPPDQG FRPPDQGHPHQW DGPLQLVWUDWLI $'&21 $'GUHVV &21VWDQW &RPSXWHU 3URJUDPPLQJ )RU IXUWKHU GHWDLOV VHH XQGHU $& $'&21 DGPLQLVWUDWLYH FRQWURO FRQWU{OH DGPLQLVWUDWLI $' FRQYHUWHU $QDORJWR'LJLWDO FRQYHUWHU )RU IXUWKHU GHWDLOV VHH XQGHU $'& (OHFWURQLFV $'&3 $FRXVWLF 'RSSOHU &XUUHQW 3URILOHU $'&6 $&( 'HSOR\DEOH &RPPDQG DQG &RQWURO 6\VWHP V\VWqPH GpSOR\DEOH GH FRPPDQGHPHQW HW GH FRQ WU{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pIHQVH DpULHQQH $'' $PHULFDQ 'LDOHFW 'LFWLRQDU\ $'' $WWHQWLRQ 'HILFLW 'LVRUGHU 0HGLFLQH 3V\FKRORJ\ $'' $XWRPDWLF 'LVWULEXWLRQ RI 'RFXPHQWV 2I WKH 86 'HSDUWPHQW RI 'HIHQVH $''(326 $VVRFLD]LRQH GHL 'LULWWL H GHL 'RYHUL GHL 326LWLYL H 3RUWDWRUL GHO 9LUXV GHOO $,'6 ,WDO\  $''(5 $XWRPDWLF 'LJLWDO'DWD(UURU 5HFRUGHU DGGU DEEU DGGUHVVLQJ &RPSXWHU 3URJUDPPLQJ $'( $VVRFLD]LRQH 'LVDELOL ( +DQGLFDSSDWL ,WDOLDQ $VVRFLDWLRQ $'(%,2 )UHQFK $VVRFLDWLRQ IRU WKH 'HYHORSPHQW RI %LRWHFKQRORJ\ DQG WKH %LRLQGXVWU\ $'(& $ODVND V 'HSDUWPHQW RI (QYLURQPHQWDO &RQVHUYDWLRQ DGHH DEEU DGGUHVVHH $'(/ $JHQFH SRXU OH 'pYHORSSHPHQW GH O (FRQRPLH /RFDOH )UDQFH  )UHQFK DFURQ\P RI WKH $JHQF\ IRU /RFDO (FRQRPLFV 'HYHORSPHQW $'(0 $VRFLDFLyQ GH (PSUHVDULDV 0H[LFDQDV $& 0H[LFR  0H[LFDQ $VVRFLDWLRQ $'(26 $'YDQFHG (DUWK 2EVHUYLQJ 6DWHOOLWH $'(3$ $VVRFLDWLRQ SRXU OH '(YHORSSHPHQW GH OD 3URGXFWLRQ $XWRPDWLVp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pYHORSSHPHQW GHV 7HFKQLTXHV GHV ,QGXVWULHV 0pFDQLTXHV )UHQFK DFURQ\P RI WKH $VVRFLDWLRQ IRU WKH '(YHORSPHQW RI 0HFKDQLFDO ,QGXVWULHV 7HFKQLTXHV )UDQFH  $'(: DLU GHIHQFH HDUO\ ZDUQLQJ D DOHUWH ORLQWDLQH GH GpIHQVH DpULHQQH E GpWHFWLRQ ORLQWDLQH GH GpIHQVH DpULHQQH $'(; DLU GHIHQFH H[HUFLVH H[HUFLVH GH GpIHQVH DpULHQQH $') $GPLQLVWUDWRU V 'LVFUHWLRQDU\ )XQG $') DGI $LUFUDIW 'LUHFWLRQ )LQGHU $') $OJRULWKP 'HYHORSPHQW )DFLOLW\ $') DGI $XWRPDWLF 'LUHFWLRQ )LQGHU RU 5DGLR &RPSDVV 1DYLJDWLRQ $') EUDQFK $GYDQFHG 'HYHORSPHQW )DFLOLW\ EUDQFK 2I WKH )RUHFDVW 6\VWHPV /DERUDWRU\  86 1DWLRQDO 2FHDQLF DQG $WPRVSKHULF $GPLQLVWUDWLRQ $' * DLU GHIHQFH JURXQG  GpIHQVH DpULHQQH VRO  $'* DLU GHIHQFH JXQ FDQRQ DQWLDpULHQ $'*% $LU 'HIHQFH RI *UHDW %ULWDLQ *%  $'*( $LU 'HIHQFH *URXQG (QYLURQPHQW LQIUDVWUXFWXUH pOHFWURQLTXH GH GpIHQVH DpULHQQH DGK DEEU DGKHVLYH 0DWHULDOV 6FLHQFH 3K\VLFV 6FLHQFH $'+ $QWLGLXUHWLF +RUPRQH $QWLGLXUHWLF +RUPRQH LV DOVR NQRZQ DV $UJLQLQH 9DVRSUHVVLQ (QGRFULQRORJ\ $'+' $WWHQWLRQ'HILFLW +\SHUDFWLYLW\ 'LVRUGHU 7KH $'+' LV D GLVRUGHU ZLWK JHQHWLF DV ZHOO DV HQYLURQPHQWDO GHWHUPLQDQWV PDQLIHVWHG E\ K\SHU DFWLYLW\ LQDWWHQWLRQ DQG LPSXOVLYLW\ &HOO %LRORJ\ (QGRFULQRORJ\ *HQHWLFV 0HGLFLQH 1HXURELRORJ\ 3V\FKLDWU\ 3HUVRQDOLW\ 7UDLWV $', $FFHSWDEOH 'DLO\ ,QWDNH $', UHIHUV WR WKH DPRXQW RI FKHPLFDOV DV IRRG DGGLWLYHV XVHG ZLWKRXW KDUPLQJ KXPDQ EHLQJV )RRG 7HFKQRORJ\ $', DLU GHIHQFH LQWHUFHSWRU LQWHUFHSWHXU GH GpIHQVH Dp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pYHORSSHPHQW GHV ,QLWLDWLYHV (FRQRPLTXHV SRXU OHV )HPPHV )UHQFK DFURQ\P RI WKH )UHQFK $VVRFLDWLRQ IRU WKH 'HYHORSPHQW RI :RPHQ (FRQRPLF ,QLWLDWLYHV $',26 $VLDQ 'XVW ,QSXW WR WKH 2FHDQLF 6\VWHP $',3V $FFHOHUDWHG 'HYHORSPHQW DQG ,QWURGXFWLRQ 3ODQV $ IUDPHZRUN WR LQWURGXFH YDFFLQHV LQWR WKH GHYHO RSLQJ ZRUOG )RU IXUWKHU GHWDLOV VHH XQGHU *$9, $'LY3 $OOLHG 'LYLQJ 3XEOLFDWLRQ SXEOLFDWLRQ LQWHUDOOLpHSORQJpH $',= DLU GHIHQFH LGHQWLILFDWLRQ ]RQH =RQH G LGHQWLILFDWLRQ GH GpIHQVH DpULHQQH DGM DEEU DGMXVW DGM DEEU DGMXVWDEOH 0HFKDQLFDO 'HYLFHV  DGM DEEU DGMXVWPHQW (QJLQHHULQJ 0HWURORJ\ 3V\FKRORJ\ $'.

XZDLW $&(6 $XWRPDWHG &RGH (YDOXDWLRQ 6\VWHP $&(6( $VVRFLDWLRQ &DWDODQH SRXU O (QYLURQQHPHQW OD 6ROLGDULWp HW O (PSORL $&( VDWHOOLWH $GYDQFHG &RPSRVLWLRQ ([SORUHU VDWHOOLWH 86$  $FHW DEEU $FHW\OHQH $FHW\OHQH LV XVHG PDLQO\ LQ WKH V\QWKHVLV RI LQGXV WULDO FRPSRXQGV 2UJDQLF &KHPLVWU\ $&(80 $VVRFLDWLRQ &DQDGLHQQH GHV (FROHV 8QLYHUVLWDLUHV GH 0XVLTXH &DQDGLDQ $VVRFLDWLRQ $&) $FFHVV &RQWURO )LHOG $&) $GPLQLVWUDWLRQ IRU &KLOGUHQ DQG )DPLOLHV 86$  $&) $GYDQFHG &RPPXQLFDWLRQV )XQFWLRQ $&) $pUR&OXE GH )UDQFH )UHQFK LQLWLDOLVP RI WKH )UHQFK $HUR &OXE $&) $UP\ &DGHW )RUFH $&) $XWRPDWHG &RQWURO )XQFWLRQ $&) $XWRPRELOH &OXE GH )UDQFH )UHQFK LQLWLDOLVP RI WKH )UHQFK $XWRPRELOH &OXE $&)&, $VVHPEOpH GHV &KDPEUHV )UDQoDLVHV GH &RPPHUFH HW G·,QGXVWULH %HOJLXP  $&)(& $UELWUDO &HQWUH RI WKH )HGHUDO (FRQRPLF &KDPEHU $XVWULD  $&)/ DJUHHG FHDVHILUH OLQH OLJQH FHVVH]OHIHX DJUpp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pQpUDO GH FRQWU{OH DYDQFp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{OpH HQ YRO $&, $LU &DUJR ,QFRUSRUDWHG 86$  $&, $LUSRUWV &RXQFLO ,QWHUQDWLRQDO *HQHYD 6ZLW]HUODQG  $&, $OOLDQFH &RRSp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q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j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pH GH OD FDELQH $&/ $OO ZHDWKHU &DUULHU /DQGLQJ $&/ $VVRFLDWLRQ IRU &RPSXWDWLRQDO /LQJXLVWV $&/ $VVRFLDWLRQ RI &KULVWLDQ /LEUDULHV DFO DVVXUDQFH FRQWUH O LQFHQGLH )UHQFK LQLWLDOLVP PHDQLQJ ILUH LQVXUDQFH $&/ $XGLW &RPPDQG /DQJXDJH &RPSXWHUV $&/ $XWRPRELOH &OXE GX *UDQG'XFKp GH /X[HPERXUJ $&/$17 $OOLHG &RPPDQG $WODQWLF >UHSODFHG E\ 6& $WODQWLF@ &RPPDQGHPHQW DOOLp GH O $WODQWLTXH >UHPSODFp SDU OH 6& $WODQWLF@ $&/&3 $VVRFLDWHG &ROOHJH /LEUDULHV RI &HQWUDO 3HQQV\OYDQLD 86$  $&/,6 $XVWUDOLDQ &RXQFLO RI /LEUDULHV DQG ,QIRUPDWLRQ 6HUYLFHV $XVWUDOLD  $&/0 $PHULFDQ &ROOHJH RI /HJDO 0HGLFLQH $&/2 $VVRFLDWLRQDO &KXUFK /LEUDU\ 2UJDQL]DWLRQ $&/5 $SULFRW &KORURWLF /HDI 5ROO $&/6 $PHULFDQ &RXQFLO RI /HDUQHG 6RFLHWLHV $&/8 $PHULFDQ &LYLO /LEHUWLHV 8QLRQ $&0  DFRXVWLF FRXQWHUPHDVXUHV  FRQWUHPHVXUHV DFRXVWLTXHV  DLU FRPEDW PDQRHXYUH  PDQ±XYUH GH FRPEDW DpULHQ  DLUVSDFH FRQWURO PHDQV  PR\HQV GH FRQWU{OH GH O HVSDFH DpULHQ  DLUVSDFH FRQWURO PHDVXUH  PHVXUH GH FRQWU{OH GH O HVSDFH DpULHQ $&0 $GYDQFHG &RPSRVLWH 0DWHULDOV $&0 $LU &KLHI 0DUVKDO $&0 $VVRFLDWLRQ IRU &RPSXWLQJ 0DFKLQHU\ 7KH $&0 LV ORFDWHG LQ :DVKLQJWRQ '& 86$ $&0 $WRP&DYLW\ 0LFURVFRSH $&0 $XWKRUL]HG &RQWUROOHG 0DWHULDO $&0$ $VVRFLD]LRQH QD]LRQDOH &LFOR 0RWR $FFHVVRUL ,WDO\  $&0& $&&6 &RQILJXUDWLRQ 0DQDJHPHQW &RPPLWWHH &RPLWp GH JHVWLRQ GH OD FRQILJXUDWLRQ GH O $&&6 $&0& $IULFDQ &DSLWDO 0DUNHW &RQIHUHQFH $&0& 6FKRRO RI 0DQDJHPHQW  8QLYHUVLW\ RI 0LFKLJDQ 86$  $&0& $VVRFLDWLRQ RI &DQDGLDQ 0HGLFDO &ROOHJHV &DQDGD  $&0( $GYLVRU\ &RPPLWWHH RQ WKH 0DULQH (QYLURQPHQW 2I WKH ,QWHUQDWLRQDO &RXQFLO IRU WKH ([SORUDWLRQ RI WKH 6HD $&0( $VVRFLDWLRQ RI &RQVXOWLQJ 0DQDJHPHQW (QJLQHHUV $&0, DLU FRPEDW PDQRHXYULQJ LQVWUXPHQWDWLRQ LQVWUXPHQWDWLRQ GH VXLYL GH OD PDQ±XYUH GH FRP EDW DpULHQ $&0, $VVRFLD]LRQH &UHGLW 0DQDJHUV ,WDOLDQL ,WDO\  $&0/ $VVRFLDWLRQ RI &DQDGLDQ 0DS /LEUDULHV &DQDGD  $&03 $GYLVRU\ &RPPLWWHH RQ 0DULQH 3ROOXWLRQ  2I WKH ,QWHUQDWLRQDO &RXQFLO IRU WKH ([SORUDWLRQ RI WKH 6HD $&03 $OOLHG &RQILJXUDWLRQ 0DQDJHPHQW 3XEOLFDWLRQ SXEOLFDWLRQ LQWHUDOOLpH  JHVWLRQ GH OD FRQILJXUD WLRQ $&05 DLU FRPEDW PDQRHXYULQJ UDQJH SRO\JRQH G HQWUDvQHPHQW j OD PDQ±XYUH GH FRPEDW DpULHQ $&055 $GYLVRU\ &RPPLWWHH RI ([SHUWV RQ 0DULQH 5HVRXUFHV 5HVHDUFK $&06 $HURVRO &RPSRVLWLRQ 0DVV 6SHFWURPHWHU $WPRVSKHULF 3K\VLFV 0HWHRURORJ\ 0LGGOH $WPRVSKHUH 5HVHDUFK $&06 DXWRPDWHG FRPPXQLFDWLRQV PDQDJHPHQW V\VWHP V\VWqPH DXWRPDWLVp GH JHVWLRQ GHV WpOp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{OH GH O HVSDFH DpULHQ  DLUVSDFH FRRUGLQDWLRQ RUGHU  RUGUH GH FRRUGLQDWLRQ DpULHQQH $&2 $OWHUQDWLQJ &XUUHQW 2XWSXWV $&2 $VVRFLDWLRQ RI &RPPLVVLRQHG 2IILFHUV $&2 $YHUDJH &DOFXODWLQJ 2SHUDWLRQ 7KH DYHUDJH FDOFXODWLQJ RSHUDWLRQ LV XVHG WR HVWL PDWH FRPSXWHUV FDOFXODWLRQ VSHHGV &RPSXWHU 3URJUDPPLQJ $&2$ $GXOW &KLOGUHQ 2I $OFRKROLFV $&RG3 $OOLHG &RGLILFDWLRQ 3XEOLFDWLRQ SXEOLFDWLRQ LQWHUDOOLpH VXU OD FRGLILFDWLRQ $&2* DJHQFH FLYLOH 27$1 GX WHPSV GH JXHUUH 1$72 FLYLO ZDUWLPH DJHQF\ 1&:$  $&2+ $GYLVRU\ &RPPLWWHH IRU 2SHUDWLRQDO +\GURORJ\ 2I WKH :RUOG 0HWHRURORJLFDO 2UJDQL]DWLRQ $&ROO+ $VVRFLDWH RI WKH &ROOHJH RI +DQGLFUDIW $&RP3 $OOLHG &RPPXQLFDWLRQV 3XEOLFDWLRQ SXEOLFDWLRQ LQWHUDOOLpH VXU OHV FRPPXQLFDWLRQV $&205 $GYLVRU\ &RPPLWWHH RQ 2FHDQLF 0HWHRURORJLFDO 5HVHDUFK 2I WKH :RUOG 0HWHRURORJLFDO 2UJDQL]DWLRQ $&23 $VVRFLDomR GH &RQVHOKHLURV GH 2ULHQWDomR 3URILVVLRQDO 3RUWXJDO  3RUWXJXHVH $VVRFLDWLRQV 9RFDWLRQDO *XLGDQFH $&236 $GYLVRU\ &RPPLWWHH 2Q 3URWHFWLRQ RI WKH 6HD $&25' $GYLVRU\ &RXQFLO 2Q 5HVHDUFK DQG 'HYHORSPHQW *%  $&26 $VVLVWDQW &KLHI RI 6WDII VRXVFKHI G pWDWPDMRU 6&(0   $&267 $GYLVRU\ &RXQFLO 2Q 6FLHQFH DQG 7HFKQRORJ\ *%  $&3 $F\O &DUULHU 3URWHLQ 7KH $&3 LV D SURWHLQ LQ IDWW\ DFLG V\QWKHVLV %LRFKHPLVWU\ $&3  DGYDQFHG FRPPDQG SRVW  SRVWH GH FRPPDQGHPHQW GH O DYDQW  DLUERUQH FRPPDQG SRVW  SRVWH GH FRPPDQGHPHQW YRODQW  DLUVSDFH FRQWURO SODQ  SODQ GH FRQWU{OH GH O HVSDFH DpULHQ  $OOLHG &RPPXQLFDWLRQV 3XEOLFDWLRQ  SXEOLFDWLRQ LQWHUDOOLpH VXU OHV FRPPXQLFDWLRQV $&3 $IULFDQ &DULEEHDQ DQG 3DFLILF *URXS RI &RXQWULHV  $&3 $PHULFDQ &ROOHJH RI 3K\VLFLDQV 86$  $&3 $UFKHDQ &KXUFKLOO 3URYLQFH &DQDGD  $&3 $VVRFLDWH RI WKH &ROOHJH RI 3UHFHSWRUV $&3 $VVRFLDWLRQ RI &RUUHFWRUV RI WKH 3UHVV $&3 $XWRPDWLF &ROW 3LVWRO $&3$ $VVRFLDWLRQ RI &RPSXWHU 3URJUDPPHUV DQG $QDO\VWV $&3D\ $FFRXQW 3D\DEOH $&3& $VVRFLDWLRQ RI &RIIHH 3URGXFLQJ &RXQWULHV $&3) DSSURDFK $YHUDJHG&RXSOHG 3DLU )XQFWLRQDO DSSURDFK $&30 $VVRFLDWLRQ GH IRUPDWLRQ SRXU OD &RRSp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pWHFWLRQ HW FRQWU{OH DpULHQV  DLUILHOG FRQWURO UDGDU  UDGDU GH FRQWU{OH G Dp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q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pURQHIV  DLUVSDFH FRQWURO V\VWHP  V\VWqPH GH FRQWU{OH GH O HVSDFH DpULHQ $&6 $ODVND &OHDQ 6HDV $&6 LV D 5HVHDUFK &RRSHUDWLYH IXQGHG E\ WZHOYH 2LO DQG *DV &RPSDQLHV $&6 $&6 $PHULFDQ &DQFHU 6RFLHW\ $&6 $PHULFDQ &KHPLFDO 6RFLHW\ $PHULFDQ &ROOHJH RI 6XUJHRQV 86$  $&6 $PHULFDQ &RPPXQLW\ 6XUYH\ 86 'HPRJUDSK\ $&6 $QWLUHWLFXODU &\WRWR[LF 6HUXP $&6 $QWLFRLQFLGHQFH 6KLHOG /XQDU 5HVHDUFK $&6 $56 &RQVHQVXV 6HTXHQFH $FV $XWLVWLFV DQG FRXVLQV $&6 $XWRPDWLF &RQWURO 6\VWHP $&6$' $UDE &HQWUH IRU WKH 6WXGLHV RI $ULG =RQHV DQG 'U\ /DQGV 6\ULD   $&6(& $OOLHG &RXULHU 6HUYLFHV ([HFXWLYH &RPPLWWHH &RPLWp H[pFXWLI GHV VHUYLFHV GH FRXUULHU DOOLpV $&6(6 $XWRPDWHG &RPSXWHU 6FLHQFH (GXFDWLRQ 6\VWHP $&6) $VVRFLDWLRQ GHV &HQWUHV 6HUYHXUV )UDQo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p -506@ $'$1 $VVRFLD]LRQH 'HJOL $OEHUJDWRUL 1DSROHWDQL 1DSOHV ,WDO\  $'$37 $FFHQW RQ 'HYHORSLQJ $EVWUDFW 3URFHVVHV DQG 7KRXJKW $'$37 $FWLYH 'XW\ $VVLVWDQFH 3URJUDP 7HDP $'$37 $'DSWDWLRQ RI $XWRPDWLFDOO\ 3URJUDPPHG 7RROV 'DWD 3URFHVVLQJ $'$37 $OFRKRO DQG 'UXJ $EXVH 3UHYHQWLRQ 7UHDWPHQW $'$37 $QDORJ'LJLWDO $XWRPDWLF 3URJUDP 7HVWHU 'DWD 3URFHVVLQJ $'$5 $GYDQFHG 'HVLJQ $UUD\ 5DGDU 0LOLWDU\ $'$5$ $PHULFDQ 'HDIQHVV $QG 5HKDELOLWDWLRQ $VVRFLDWLRQ 86$  $'$5V $GHQRVLQH 'HDPLQDVHV $FWLQJ RQ 51$ +XPDQ *HQHWLFV 0ROHFXODU %LRORJ\ $'$6 $JJUHJDWH 'HPDQG$JJUHJDWH 6XSSO\ $'$6 $LUERUQH 'DWD $FTXLVLWLRQ 6\VWHP $'DW3 $OOLHG 'DWD 3URFHVVLQJ 3XEOLFDWLRQ 3XEOLFDWLRQ LQWHUDOOLpH VXU OH WUDLWHPHQW GHV GRQ QpHV $'$76 DLU GHIHQFH DQWLWDQN V\VWHP V\VWqPH GH GpIHQVH DQWLFKDU HW DQWLDpULHQQH $'$9 $YLRQ j 'HFROODJH HW $WWHULVVDJH 9HUWLFDX[ )UHQFK DFURQ\P PHDQLQJ 9HUWLFDO 7DNH2II DQG /DQGLQJ $LUFUDIW $'% $GMXVWHG 'HELW %DODQFH $'% $VLDWLF 'HYHORSPHQW %DQN $'%$&, $VVRFLDWLRQ SRXU OH 'pYHORSSHPHQW GH OD 'RFXPHQWDWLRQ GHV %LEOLRWKqTXHV HW $UFKLYHV GH OD &{WH G OYRLUH ,YRU\ &RDVW   $'%6 $VVRFLDWLRQ GHV 'RFXPHQWDOLVWHV HW GHV %LEOLRWKpFDLUHV 6SpFLDOLVpV $'%7 $VVRFLDWH 'LUHFWRU IRU %LRPHGLFDO 7HFKQRORJ\ $'& $GYDQFHG 'HYHORSPHQW &HQWHU $'& $LG WR 'HSHQGHQW &KLOGUHQ $'& $LGH'H&DPS $'& $QDORJWR'LJLWDO &RQYHUVLRQ $'& $QDORJWR'LJLWDO &RQYHUWHU 7KH $'& LV D GHYLFH WKDW FKDQJHV FRQWLQXRXV DQD ORJ VLJQDOV LQWR GLJLWDO RU GLVFUHWH VLJQDOV $OVR $' FRQYHUWHU (OHFWURQLFV $'& $VVLVWDQW 'LYLVLRQ &RPPDQGHU $'&$9 DpURQHI j GpFROODJH FRXUW HW DWWHUULVVDJH YHUWLFDO 6KRUW WDNHRII DQG YHUWLFDO ODQGLQJ DLUFUDIW 6729/  $'&% $EX 'KDEL &RPPHUFLDO %DQN 8QLWHG $UDE (PLUDWHV $'&& DLU GHIHQFH FRQWURO FHQWUH FHQWUH GH FRQWU{OH GH GpIHQVH DpULHQQH $'&& $QWLERG\'HSHQGHQW &HOOPHGLDWHG &\WRWR[LFLW\ ,PPXQRORJ\ $'&&3 $GYDQFHG 'DWD &RPPXQLFDWLRQV &RQWURO 3URFHGXUH $'&& SKHQRPHQRQ $QWLERG\GHSHQGHQW &HOO PHGLDWHG &\WRWR[LFLW\ SKHQRPHQRQ ,PPXQRORJ\ $'&0 $VVRFLDWH 'LUHFWRU &RPSDUDWLYH 0HGLFLQH $'&2 $LU 'HIHQFH &RRUGLQDWLRQ 2UJDQL]DWLRQ 2UJDQLVDWLRQ GH FRRUGLQDWLRQ GH OD GpIHQVH DpUL HQQH $'&20 DGPLQLVWUDWLYH FRPPDQG FRPPDQGHPHQW DGPLQLVWUDWLI $'&21 $'GUHVV &21VWDQW &RPSXWHU 3URJUDPPLQJ )RU IXUWKHU GHWDLOV VHH XQGHU $& $'&21 DGPLQLVWUDWLYH FRQWURO FRQWU{OH DGPLQLVWUDWLI $' FRQYHUWHU $QDORJWR'LJLWDO FRQYHUWHU )RU IXUWKHU GHWDLOV VHH XQGHU $'& (OHFWURQLFV $'&3 $FRXVWLF 'RSSOHU &XUUHQW 3URILOHU $'&6 $&( 'HSOR\DEOH &RPPDQG DQG &RQWURO 6\VWHP V\VWqPH GpSOR\DEOH GH FRPPDQGHPHQW HW GH FRQ WU{OH GX &$( $'& YDOXHV $SSDUHQW 'HSWK RI &RPSHQVDWLRQ YDO XHV $'' $FRXVWLF 'HFHSWLRQ 'HYLFH $'' $FRXVWLF 'HWHFWLRQ 'HYLFH $'' $FRXVWLF 'LVFULPLQDWLRQ RI 'HFD\V DGG DEEU DGGHQGD $'' 7KH DLUSRUW FRGH IRU $GGLV $EDED DGG DEEU DGGUHVVHG DGG DEEU DGGLWLRQ &KHPLVWU\ 0DWKHPDWLFV $'' DEEU DGGXFWLRQ $GGXFWLRQ LV WKH PRYHPHQW RI D ERG\ SDUW WRZDUG WKH PDLQ D[LV RI WKH ERG\ RU WRZDUG DQRWKHU SDUW RI WKH ERG\ 3K\VLRORJ\ $'' DEEU DGGXFWRU 7KH DGGXFWRU LV D PXVFOH WKDW GUDZV D ERG\ SDUW WRZDUG WKH PLGOLQH D[LV $QDWRP\ $'' $GPLQLVWUDWLRQ RQ 'HYHORSPHQWDO 'LVDELOLWLHV 86$  $'' $HURVSDFH 'LJLWDO 'HYHORSPHQW $HURVSDFH 'HIHQVH 'HYHORSPHQW $'' DLU GHIHQFH GLVWULFW GLVWULFW GH GpIHQVH Dp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pYHORSSHPHQW GH O (FRQRPLH /RFDOH )UDQFH  )UHQFK DFURQ\P RI WKH $JHQF\ IRU /RFDO (FRQRPLFV 'HYHORSPHQW $'(0 $VRFLDFLyQ GH (PSUHVDULDV 0H[LFDQDV $& 0H[LFR  0H[LFDQ $VVRFLDWLRQ $'(26 $'YDQFHG (DUWK 2EVHUYLQJ 6DWHOOLWH $'(3$ $VVRFLDWLRQ SRXU OH '(YHORSSHPHQW GH OD 3URGXFWLRQ $XWRPDWLVp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pYHORSSHPHQW GHV 7HFKQLTXHV GHV ,QGXVWULHV 0pFDQLTXHV )UHQFK DFURQ\P RI WKH $VVRFLDWLRQ IRU WKH '(YHORSPHQW RI 0HFKDQLFDO ,QGXVWULHV 7HFKQLTXHV )UDQFH  $'(: DLU GHIHQFH HDUO\ ZDUQLQJ D DOHUWH ORLQWDLQH GH GpIHQVH DpULHQQH E GpWHFWLRQ ORLQWDLQH GH GpIHQVH DpULHQQH $'(; DLU GHIHQFH H[HUFLVH H[HUFLVH GH GpIHQVH DpULHQQH $') $GPLQLVWUDWRU V 'LVFUHWLRQDU\ )XQG $') DGI $LUFUDIW 'LUHFWLRQ )LQGHU $') $OJRULWKP 'HYHORSPHQW )DFLOLW\ $') DGI $XWRPDWLF 'LUHFWLRQ )LQGHU RU 5DGLR &RPSDVV 1DYLJDWLRQ $') EUDQFK $GYDQFHG 'HYHORSPHQW )DFLOLW\ EUDQFK 2I WKH )RUHFDVW 6\VWHPV /DERUDWRU\  86 1DWLRQDO 2FHDQLF DQG $WPRVSKHULF $GPLQLVWUDWLRQ $' * DLU GHIHQFH JURXQG  GpIHQVH DpULHQQH VRO  $'* DLU GHIHQFH JXQ FDQRQ DQWLDpULHQ $'*% $LU 'HIHQFH RI *UHDW %ULWDLQ *%  $'*( $LU 'HIHQFH *URXQG (QYLURQPHQW LQIUDVWUXFWXUH pOHFWURQLTXH GH GpIHQVH Dp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pIHQVH Dp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pYHORSSHPHQW GHV ,QLWLDWLYHV (FRQRPLTXHV SRXU OHV )HPPHV )UHQFK DFURQ\P RI WKH )UHQFK $VVRFLDWLRQ IRU WKH 'HYHORSPHQW RI :RPHQ (FRQRPLF ,QLWLDWLYHV $',26 $VLDQ 'XVW ,QSXW WR WKH 2FHDQLF 6\VWHP $',3V $FFHOHUDWHG 'HYHORSPHQW DQG ,QWURGXFWLRQ 3ODQV $ IUDPHZRUN WR LQWURGXFH YDFFLQHV LQWR WKH GHYHO RSLQJ ZRUOG )RU IXUWKHU GHWDLOV VHH XQGHU *$9, $'LY3 $OOLHG 'LYLQJ 3XEOLFDWLRQ SXEOLFDWLRQ LQWHUDOOLpHSORQJpH $',= DLU GHIHQFH LGHQWLILFDWLRQ ]RQH =RQH G LGHQWLILFDWLRQ GH GpIHQVH DpULHQQH DGM DEEU DGMXVW DGM DEEU DGMXVWDEOH 0HFKDQLFDO 'HYLFHV  DGM DEEU DGMXVWPHQW (QJLQHHULQJ 0HWURORJ\ 3V\FKRORJ\ $'.

Download PDF sample

Rated 4.88 of 5 – based on 33 votes