,QVWUXFWLRQ0DQXDO
)URQW %DFN
$
$
$
$
$
$
$
$
)URQW %DFN
$
$
$
$
$
$
$
$
$
$
)URQW %DFN
$
$
$
$
$
$
$
$
$
$
$
$
)URQW %DFN
$
$
$
$
)URQW %DFN
$
$
$
$
)URQW %DFN
$
$
$
$
$
$
$
$
$
$
6SHFLILFDWLRQV
8/3OXJ %63OXJ *63OXJ
,QSXWYROWDJH 9$& 9$& 9$&
2XWSXWYROWDJH 9
&KDUJLQJFXUUHQW P$$$P$$$$
6L]H &DSDFLW\
&KDUJLQJ 7LPH
KRXUV
VHULHV a
VHULHV a
VHULHV a
VHULHV a
$$
VHULHV a
P$K a
P$K a
P$K a
*3
1L0+
6L]H &DSDFLW\
&KDUJLQJ 7LPH
KRXUV
VHULHV a
VHULHV a
VHULHV a
P$K a
P$K a
$$$
P$K a
P$K a
P$K a
P$K a
&KDUJLQJ 7LPH
*3 3RZHU%DQN HVW FRQoX VHXOHPHQW SRXU XQH XWLOLVDWLRQ j O·LQWpULHXU 1H ,·H[SRVH]
SDVj,·KXPLGLWpjODSOXLHRXjODQHLJH
5HFKDUJH] VHXOHPHQW OHV SLOHV UHFKDUJHDEOHV 1L0+ 'DXWUHV W\SHV GH SLOHV
SRXUUDLHQWFDXVHUGHVEOHVVXUHVRXGHVGRPPDJHVFRUSRUHOV
1H SDV PpODQJHU GLIIpUHQWV W\SHV GH SLOHV 1L0+ 1L&G DOFDOLQHV HWF GDQV ODSSDUHLO
5HWLUH] OHV SLOHV UHFKDUJHDEOHV GH ODSSDUHLO VLO QHVW SDV XWLOLVp SHQGDQW ORQJWHPSV
1HSDVLQFLQpUHUGpVDVVHPEOHURXFRXUWFLUFXLWHUOHVSLOHVUHFKDUJHDEOHV
6LODSHUIRUPDQFHGHVSLOHVYLHQWjVDOWpUHUFHVWOHPRPHQWGHOHVUHPSODFHU
/D SULVH GH FRXUDQW GLUHFW GHYUD UHVSHFWHU OD ERQQH SRVLWLRQ GX FKDUJHXU HQ YHUWLFDO
RXVXUOHVRO
7HPSpUDWXUHGHFKDUJHGHao&WHPSpUDWXUHGHVWRFNDJHGHVSLOHV
UHFKDUJHDEOHVao&
/DSSDUHLO QHVW SDV SUpYX SRXU rWUH XWLOLVp SDU OHV MHXQHV HQIDQWV RX OHV SHUVRQQHV
LQILUPHV j PRLQV TX LOV VRLHQW VXUYHLOOpV SDU XQH SHUVRQQH UHVSRQVDEOH TXL SXLVVH
DVVXUHU OXWLOLVDWLRQ HQ WRXWH VpFXULWp /HV MHXQHV HQIDQWV GHYUDLHQW rWUH VXUYHLOOpV
DILQTXLOVQHMRXHQWSDVDYHFODSSDUHLO
,QVWUXFWLRQVGHFKDUJH
)
%UDQFKH] GLUHFWHPHQW *3 3RZHU%DQN VXU OD SULVH GH FRXUDQW Q·XWLOLVH] SDV GH
UDOORQJHpOHFWULTXH
&KDUJH] XQLTXHPHQW GHV SLOHV UHFKDUJHDEOHV *3 1L0+ SDU SDLUHV GDQV
*3 3RZHU%DQN /HV GHX[ IRUPDWV GH SLOHV UHFKDUJHDEOHV $$ HW $$$ SHXYHQW
rWUHFKDUJpVHQPrPHWHPSV
,QVpUH] OHV SLOHV UHFKDUJHDEOHV GDQV *3 3RZHU%DQN FRQIRUPpPHQW DX[
SRODULWpV(YLWH]GHUHFKDUJHUGDQVOHVHQVFRQWUDLUH
1H SDV UHFKDUJHU OHV PrPHV IRUPDWV GH SLOHV UHFKDUJHDEOHV GH FDSDFLWp
GLIIpUHQWHHQPrPHWHPSV
/HV LQGLFDWLRQV GHV /(' VRQW HQ URXJH GXUDQW OD FKDUJH /HV LQGLFDWHXUV
VRQW pWHLQWV VHXOHPHQW ORUVTXH OH FKDUJHXU HVW GpEUDQFKp RX TXH OHV SLOHV
VRQWUHWLUpHV
,PSRUWDQW
$YHF GHV SLOHV QHXYHV LO IDXW GH D F\FOHV GH FKDUJH HW GpFKDUJH SRXU REWHQLU
GHVSHUIRUPDQFHVRSWLPDOHV
6L OHV SLOHV Q·RQW SDV pWp XWLOLVpHV SHQGDQW XQH VHPDLQH UHFKDUJH] OHV DYDQW
XWLOLVDWLRQ
1HSDVMHWHUOHVDSSDUHLOVpOHFWULTXHVFRPPHODSOXSDUWGHVGpFKHWVGRPHVWLTXHVXWLOLVH]
OHV pTXLSHPHQWV GH FROOHFWHV GH WULV VpOHFWLIV &RQWDFWH] YRWUH DXWRULWp ORFDOH SRXU REWHQLU
GHVLQIRUPDWLRQVFRQFHUQDQWOHV\VWqPHGHFROOHFWH6LOHVDSSDUHLOVpOHFWULTXHVVRQWMHWpV
GDQV OD QDWXUH RX GDQV OHV GpFKDUJHV GHV VXEVWDQFHV SROOXDQWHV SRXUUDLHQW FRXOHU GDQV
OD QDSSH SKUpDWLTXH HW LPSDFWHU OD FKDLQH DOLPHQWDLUH SRXYDQW FDXVHU DLQVL GHV GRPPDJHV
SRXUYRWUHVDQWpRXOHELHQrWUHGHWRXV
1/
*HEUXLN GH *3 3RZHU%DQN HQNHO YRRU KHW KHUODGHQ YDQ 1L0+EDWWHULMHQ +HW
JHEUXLN YDQ DQGHUH VRRUWHQ EDWWHULMHQ NDQ LPPHUV OHLGHQ WRW H[SORVLH PHW
OLFKDPHOLMNOHWVHOWRWJHYROJ
*HEUXLN QRRLW YHUVFKLOOHQGH EDWWHULMV\VWHPHQ GRRU HONDDU LQ KHW]HOIGH WRHVWHO
EY1L0+1L&GDONDOLQHHQ]
+DDO GH EDWWHULMHQ XLW KHW WRHVWHO LQGLHQ GLW YRRU ODQJHUH WLMG QLHW ]DO ZRUGHQ
JHEUXLNW
%DWWHULMHQQRRLWLQYXXUZHUSHQGHPRQWHUHQRINRUWVOXLWHQ
,QGLHQ GH SUHVWDWLHV YDQ GH EDWWHULMHQ DDQ]LHQOLMN WHUXJORSHQ LV KHW WLMG GH]H WH
YHUYDQJHQ
*HEUXLNGLWVWHNNHUPRGHOHQNHOLQYHUWLFDOHSRVLWLHUHFKWVWDDQG
/DDGWHPSHUDWXXUo&WRWo&
%HZDDUWHPSHUDWXXUYRRUEDWWHULMo&WRWo&
'LW WRHVWHO LV QLHW JHVFKLNW YRRU JHEUXLN GRRU MRQJH NLQGHUHQ HQ PLQGHUEHJDDIGHQ
WHQ]LM ]LM ZRUGHQ ELMJHVWDDQ GRRU HHQ YROZDVVHQH GLH KHQ GH ZHUNLQJ HUYDQ
XLWOHJW HQ NDQ LQVWDDQ YRRU KXQ YHLOLJKHLG -RQJH NLQGHUHQ PRHWHQ HU ERYHQGLHQ
RSDWWHQWZRUGHQJHPDDNWGDWHHQEDWWHULMODGHUJHHQVSHHOJRHGLV
%HODQJULMN
1LHXZH EDWWHULMHQ GLHQHQ HHUVW WRW PDDO YROOHGLJ JHODGHQ HQ RQWODGHQ WH ZRUGHQ
YRRUXRYHUKXQYROOHGLJHFDSDFLWHLWNXQWEHVFKLNNHQ
%DWWHULMHQ GLH PHHU GDQ HHQ ZHHN ZHUGHQ RSJHVODJHQ GLHQHQ YRRU JHEUXLN HHUVW
WHZRUGHQRSJHODGHQ
'H *3 3RZHU%DQN LV RQWZLNNHOG YRRU JHEUXLN ELQQHQVKXLV /DGHU QLHW EORRWVWHOOHQ
DDQUHJHQRIVQHHXZ
6WRS GH *3 3RZHU%DQN LQ KHW VWRSFRQWDFW *HEUXLN QRRLW HHQ YHUOHQJVQRHU
/DDG HQNHO *3 1L0+EDWWHULMHQ LQ GH *3 3RZHU%DQN %DWWHULMHQ YDQ KHW IRUPDDW
$$HQ$$$NXQWXWHJHOLMNHUWLMGODGHQ
3ODDWV GH *3 1L0+EDWWHULMHQ LQ GH *3 3RZHU%DQN YROJHQV GH MXLVWH SRODULWHLW
²
/DDGEDWWHULMHQPHWYHUVFKLOOHQGHFDSDFLWHLWHQQLHWWHJHOLMNHUWLMGRS
'H URGH /('V OLFKWHQ RS WHU FRQWUROH GDW GH EDWWHULMHQ MXLVW ]LMQ LQJHOHJG HQ KHW
ODDGSURFHV LV JHVWDUW 'H /('V JDDQ SDV XLW DOV GH ODGHU XLW KHW VWRSFRQWDFW ZRUGW
JHKDDOGRIDOVGHEDWWHULMHQXLWGHODGHUZRUGHQJHQRPHQ
/DDGLQVWUXFWLHV
'DV *3 /DGHJHUlW LQ HLQH :DQGVWHFNGRVH KLQHLQVWHFNHQ %HQXW]HQ 6LH NHLQ
9HUOlQJHUXQJVNDEHO
6RZRKO 9 $$ DOV DXFK $$$ $NNXV N|QQHQ JOHLFK]HLWLJ JHODGHQ ZHUGHQ (V
GUIHQ QXU GLH *3 1L0+ $NNXV LQ GLHVHP *HUlW JHODGHQ ZHUGHQ %LWWH EHDFKWHQ
6LHGDVVGLHDQJHJHEHQHQ$NNXVQXULQ3DDUHQJHODGHQZHUGHQN|QQHQ
/HJHQ 6LH GD]X GLH $NNXV HQWVSUHFKHQG GHU 3ROXQJ LQ GDV *3 /DGHJHUlW KLQHLQ
$FKWHQ 6LH GDUDXI GDVV 6LH GLH $NNXV QLFKW XPJHNHKUW LQ GDV /DGHJHUlW KLQHLQOHJHQ
$NNXV GHV JOHLFKHQ 7\SV MHGRFK PLW HLQHU XQWHUVFKLHGOLFKHQ .DSD]LWlW GUIHQ
QLHPDOV]XUVHOEHQ=HLWLQGHP*HUlWJHODGHQZHUGHQ
'LH URWH /(' $Q]HLJHODPSH ZLUG ZlKUHQG GHP $XIODGHQ DXIOHXFKWHQ 1XU ZHQQ
6LH GDV /DGHJHUlW DXV GHU 6WHFNGRVH ]LHKHQ RGHU GLH $NNXV HQWIHUQHQ ZLUG GLH
$Q]HLJHODPSHHUO|VFKHQ
/DGHQ
'
:LFKWLJ
%UDQGQHXH $NNXV VROOWHQ ELV PDO DXIJHODGHQ XQG GXUFK GHUHQ 9HUZHQGXQJ
HQWODGHQZHUGHQXPLKUEHVWHV/HLVWXQJXQJYHUKDOWHQVLFKHU]XVWHOOHQ
:HQQ GLH $NNXV OlQJHU DOV HLQH :RFKH XQEHQXW]W JHODJHUW ZHUGHQ VROOWHQ 6LH
LPPHUYRUGHP*HEUDXFKQHXDXIJHODGHQZHUGHQ
'DV *3 /DGHJHUlW LVW QXU IU GHQ ,QQHQJHEUDXFK YRUJHVHKHQ .HLQHP 5HJHQ
RGHU6FKQHHDXVVHW]HQ
1XU ZLHGHUDXIODGEDUH 1L0+ $NNXV YHUZHQGHQ $QGHUH $NNXVRUWHQ N|QQHQ
DXVODXIHQRGHUH[SORGLHUHQXQG 9HUOHW]XQJHQXQG6FKlGHQYHUXUVDFKHQ
1LHPDOV JOHLFK]HLWLJ XQWHUVFKLHGOLFKH $NNXVRUWHQ 1L&G 1L0+ $ONDOLEDWWHULH
XVZLQHLQHP*HUlWYHUZHQGHQ
(QWQHKPHQ 6LH GLH $NNXV DXV GHP *HUlW ZHQQ GDV *HUlW IU HLQHQ ODQJHQ
=HLWUDXPQLFKWEHQXW]WZLUG
$NNXVQLFKWYHUEUHQQHQ|IIQHQRGHUNXU]VFKOLHHQ
%HL/HLVWXQJVDEIDOOGHU$NNXVELWWHGLHVHHUVHW]HQ
'LHVHV 6WHFNWHLO/DGHJHUlW VROOWH RUGQXQJVJHPl LQ VHLQHU VHQNUHFKWHQ RGHU
GHP)XVVERGHQDXVJHULFKWHWHQ/DJHDQJHEUDFKWZHUGHQ
/DGHWHPSHUDWXUo&
²
o&/DJHUXQJVWHPSHUDWXUo&
²
o&
'LH %HGHXWXQJ GHU GXUFKJHVWULFKHQHQ 0OOWRQQH (QWVRUJHQ 6LH HOHNWULVFKH *HUlWH QLFKW
LP +DXVPOO QXW]HQ 6LH GLH 6DPPHOVWHOOHQ LQ ,KUHU *HPHLQGH )UDJHQ 6LH ,KUH
*HPHLQGHYHUZDOWXQJ QDFK GHQ 6WDQGRUWHQ GHU 6DPPHOVWHOOHQ:HQQ HOHNWULVFKH *HUlWH
XQNRQWUROOLHUW HQWVRUJW ZHUGHQ N|QQHQ ZlKUHQG GHU 9HUZLWWHUXQJ JHIlKUOLFKH 6WRIIH LQV
*UXQGZDVVHU XQG GDPLW LQ GLH 1DKUXQJVNHWWH JHODQJHQ RGHU )ORUD RGHU )DXQD DXI -DKUH
YHUJLIWHWZHUGHQ