&2192&$7,21'(/ e/Ê9(02'Ê/(¬3(56211$/,6(5

1RPGHO¶pWDEOLVVHPHQW
7LPEUHFRPSOHW
9LOOH OH

/H3ULQFLSDOGX&ROOqJH/H3URYLVHXUGXO\FpH
j
3UpQRPHW1RPGHO¶pOqYH
DGUHVVH
5HFRPPDQGp$5

2EMHW&RQYRFDWLRQGHYDQWOHFRQVHLOGHGLVFLSOLQH

5pIpUHQFHVDUWLFOHV55'j5'j''HW'
GXFRGHGHO¶pGXFDWLRQ

0DGHPRLVHOOH0RQVLHXU

-H YRXV SULH GH ELHQ YRXORLU YRXV SUpVHQWHU GHYDQW OH FRQVHLO GH GLVFLSOLQH GH
O¶pWDEOLVVHPHQWTXLVHUpXQLUDOH
MRXU  GDWH  PRLV jKHXUHV
$ OLHX 

¬ FHWWH RFFDVLRQ YRXV VHUH] HQWHQGX SDU OH FRQVHLO GH GLVFLSOLQH TXL DXUD j VWDWXHU VXU
YRWUHVLWXDWLRQ
/HVIDLWVTXLPRWLYHQWYRWUHFRPSDUXWLRQVRQWOHVVXLYDQWV




9RXVSRXUUH]SUpVHQWHUYRWUHGpIHQVHRUDOHPHQWRXSDUpFULWRXHQYRXVIDLVDQWDVVLVWHU
SDUXQHSHUVRQQHGHYRWUHFKRL['DQVFHFDVYRXVYRXGUH]ELHQPHFRPPXQLTXHUGDQV
OHVSOXVEUHIVGpODLVVHVQRPSUpQRPHWDGUHVVHDILQTXHMHSXLVVHODFRQYRTXHU

-H YRXV SUpFLVH TXH YRXV SRXYH] SUHQGUH FRQQDLVVDQFH GH YRWUH GRVVLHU DXSUqV GH PRQ
VHFUpWDULDW SUpFLVHUOHVGDWHVHWOHVKRUDLUHV 

-H YRXV SULH GH FURLUH 0RQVLHXU 0DGHPRLVHOOH HQ O¶DVVXUDQFH GH PHV VHQWLPHQWV OHV
PHLOOHXUV

1RPGXFKHIG pWDEOLVVHPHQW 
VLJQDWXUH 

/D FRQYRFDWLRQ SHXWrWUHUHPLVHHQPDLQSURSUH,O FRQYLHQWDORUVGHIDLUHVLJQHU

XQUHoXGRQWXQPRGqOHHVWSURSRVpjODILQGHFHGRVVLHU

'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU
 &2192&$7,21'(65(35(6(17$176/e*$8;02'Ê/(¬3(56211$/,6(5

1RPGHO¶pWDEOLVVHPHQW
7LPEUHFRPSOHW
9LOOH OH

/H3ULQFLSDOGX&ROOqJH/H3URYLVHXUGXO\FpH
j
0DGDPH0RQVLHXU
DGUHVVH
5HFRPPDQGp$5

2EMHW&RQYRFDWLRQGHYDQWOHFRQVHLOGHGLVFLSOLQH

5pIpUHQFHVDUWLFOHV55'j5'j''HW'
GXFRGHGHO¶pGXFDWLRQ

0DGDPH0RQVLHXU

9RWUHHQIDQW©QRPSUpQRPGHO¶pOqYHªHVWFRQYRTXpGHYDQWOHFRQVHLOGHGLVFLSOLQHGH
O¶pWDEOLVVHPHQWTXLVHUpXQLUDOH
MRXU  GDWH  PRLV jKHXUHV
$ OLHX 

/HVIDLWVTXLPRWLYHQWVDFRPSDUXWLRQVRQWOHVVXLYDQWV




-HYRXVSULHGHELHQYRXORLUDFFRPSDJQHUYRWUHHQIDQWGHYDQWOHFRQVHLOGHGLVFLSOLQHHW
YRXV LQIRUPH TXH YRXV SRXYH] SUHQGUH FRQQDLVVDQFH GH VRQ GRVVLHU DXSUqV GH PRQ
VHFUpWDULDW 3UpFLVHUOHVGDWHVHWOHVKRUDLUHV 

-HSUpFLVHTXHYRWUHHQIDQWSHXWSUpVHQWHUOXLPrPHVDGpIHQVHRUDOHPHQWRXSDUpFULW

,O SHXW DXVVLVHIDLUHDVVLVWHUSDUXQHSHUVRQQHGHVRQFKRL['DQVFHFDVYRXVYRXGUH]

ELHQ PH FRPPXQLTXHU GDQV OHV SOXV EUHIV GpODLV OHV QRP SUpQRP HW DGUHVVH GH OD
SHUVRQQHFKDUJpHGHODGpIHQVHGHYRWUHHQIDQWDILQTXHMHSXLVVHODFRQYRTXHU

-H YRXV SULH GH FURLUH 0RQVLHXU 0DGDPH HQ O¶DVVXUDQFH GH PHV VHQWLPHQWV OHV
PHLOOHXUV

1RPGXFKHIG pWDEOLVVHPHQW 
VLJQDWXUH 
/D FRQYRFDWLRQ SHXWrWUHUHPLVHHQPDLQSURSUH ,O FRQYLHQWDORUVGHIDLUHVLJQHU
XQUHoXGRQWXQPRGqOHHVWSURSRVpjODILQGHFHGRVVLHU

'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU
 &2192&$7,21'8'(0$1'(8502'Ê/(¬3(56211$/,6(56,%(62,1

1RPGHO¶pWDEOLVVHPHQW
7LPEUHFRPSOHW

9LOOH OH

/H3ULQFLSDOGX&ROOqJH/H3URYLVHXUGXO\FpH
j
0DGDPH0RQVLHXU
DGUHVVH
5HFRPPDQGp$5

2EMHW&RQYRFDWLRQGHYDQWOHFRQVHLOGHGLVFLSOLQH

5pIpUHQFHVDUWLFOHV55'j5'j''HW'
GXFRGHGHO¶pGXFDWLRQ

0DGDPHRX0RQVLHXU

3DUOHWWUHHQGDWHGX©GDWHªYRXVDYH]GHPDQGpODFRPSDUXWLRQGHO¶pOqYH©QRPSUpQRP
GH O¶pOqYHª VFRODULVp HQ FODVVH GH©ª GHYDQW OH FRQVHLO GH GLVFLSOLQH GH O¶pWDEOLVVHPHQW
TXHM¶DLGpFLGpGHUpXQLUOH
 MRXU  GDWH  PRLV jKHXUHV
$ OLHX 

/HVIDLWVTXLPRWLYHQWVDFRPSDUXWLRQVRQWOHVVXLYDQWV




-H VROOLFLWH GRQF YRWUH SUpVHQFH DX[ GDWHV HW KHXUHV LQGLTXpHV FLGHVVXV DILQ G¶rWUH
HQWHQGX H SDUOHFRQVHLOGHGLVFLSOLQH

-H YRXV SULH GH FURLUH 0RQVLHXU 0DGDPH HQ O¶DVVXUDQFH GH PHV VHQWLPHQWV OHV
PHLOOHXUV

1RPGXFKHIG pWDEOLVVHPHQW 
VLJQDWXUH 

/DFRQYRFDWLRQSHXWrWUHUHPLVHHQPDLQSURSUH,OFRQYLHQWDORUVGHIDLUHVLJQHU
XQUHoXGRQWXQPRGqOHHVWSURSRVpjODILQGHFHGRVVLHU

'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU
 &2192&$7,21'8'e)(16(8502'Ê/(¬3(56211$/,6(5

1RPGHO¶pWDEOLVVHPHQW
7LPEUHFRPSOHW
9LOOH OH

/H3ULQFLSDOGX&ROOqJH/H3URYLVHXUGXO\FpH
j
0RQVLHXU0DGDPH0DvWUH
DGUHVVH
5HFRPPDQGp$5

2EMHW&RQYRFDWLRQGHYDQWOHFRQVHLOGHGLVFLSOLQH

5pIpUHQFHVDUWLFOHV55'j5'j''HW'
GXFRGHGHO¶pGXFDWLRQ

0RQVLHXURX0DGDPHRX0DvWUH

/HVSDUHQWVGHO¶pOqYH©QRPSUpQRPGHO¶pOqYHªVFRODULVpHQFODVVHGH©ªP¶RQWLQIRUPp
TXHYRXVVHUH]FKDUJpGHSUpVHQWHUODGpIHQVHGHOHXUHQIDQWTXLGRLWFRPSDUDvWUHGHYDQW
OHFRQVHLOGHGLVFLSOLQHGHO¶pWDEOLVVHPHQWOH
MRXU  GDWH  PRLV jKHXUHV
$ OLHX 

/HVIDLWVTXLPRWLYHQWVDFRPSDUXWLRQVRQWOHVVXLYDQWV




-HVROOLFLWHGRQFYRWUHSUpVHQFHDX[GDWHVHWKHXUHVLQGLTXpHVFLGHVVXV
-H YRXV LQIRUPH TXH YRXV SRXYH] SUHQGUH FRQQDLVVDQFHGXGRVVLHUGHO¶pOqYHDXSUqVGH
PRQVHFUpWDULDW 3UpFLVHUOHVGDWHVHWOHVKRUDLUHV 

-HYRXVSULHGHFURLUH0RQVLHXU0DGDPH0DvWUHHQO¶DVVXUDQFHGHPHVVHQWLPHQWVOHV
PHLOOHXUV

1RPGXFKHIG pWDEOLVVHPHQW 
VLJQDWXUH 

'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU
 &2192&$7,21'(7e02,102'Ê/(¬3(56211$/,6(56,%(62,1

1RPGHO¶pWDEOLVVHPHQW
7LPEUHFRPSOHW
9LOOH OH

/H3ULQFLSDOGX&ROOqJH/H3URYLVHXUGXO\FpH
j
0RQVLHXU0DGDPH
DGUHVVH
5HFRPPDQGp$5

2EMHW&RQYRFDWLRQGHYDQWOHFRQVHLOGHGLVFLSOLQH

5pIpUHQFHVDUWLFOHV55'j5'j''HW'
GXFRGHGHO¶pGXFDWLRQ

0RQVLHXU0DGDPH

9RXV DYH] pWp WpPRLQV GHV IDLWV TXL VH VRQW GpURXOpV OH««««HW TXL FRQFHUQHQW
O¶pOqYH©QRPSUpQRPGHO¶pOqYHªVFRODULVpHQFODVVHGH©ª&HGHUQLHUFRPSDUDvWGHYDQW
OHFRQVHLOGHGLVFLSOLQHGHO¶pWDEOLVVHPHQWTXHM¶DLGpFLGpGHUpXQLUOH
 MRXU  GDWH  PRLV jKHXUHV
$ OLHX 

/HVIDLWVTXLPRWLYHQWVDFRPSDUXWLRQVRQWOHVVXLYDQWV




-H VROOLFLWH GRQF YRWUH SUpVHQFH DX[ GDWHV HW KHXUHV LQGLTXpHV FLGHVVXV DILQ G¶rWUH
HQWHQGX H SDUOHFRQVHLOGHGLVFLSOLQH

-H YRXV SULH GH FURLUH 0RQVLHXU 0DGDPH HQ O¶DVVXUDQFH GH PHV VHQWLPHQWV OHV
PHLOOHXUV

1RPGXFKHIG pWDEOLVVHPHQW 
VLJQDWXUH 

/D FRQYRFDWLRQ SHXWrWUH UHPLVH HQPDLQSURSUH,O FRQYLHQWDORUVGHIDLUHVLJQHU

XQUHoXGRQWXQPRGqOHHVWSURSRVpjODILQGHFHGRVVLHU

'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU
 &2192&$7,21'(60(0%5(602'Ê/(¬3(56211$/,6(5

1RPGHO¶pWDEOLVVHPHQW
7LPEUHFRPSOHW
9LOOH OH

/H3ULQFLSDOGX&ROOqJH/H3URYLVHXUGXO\FpH
j
0RQVLHXU0DGDPH
DGUHVVH
5HFRPPDQGp$5

2EMHW&RQYRFDWLRQGXOHFRQVHLOGHGLVFLSOLQH

5pIpUHQFHVDUWLFOHV55'j5'j''HW'
GXFRGHGHO¶pGXFDWLRQ

0RQVLHXU0DGDPH

-HYRXVSULHGHELHQYRXORLUSDUWLFLSHUjODUpXQLRQGXFRQVHLOGHGLVFLSOLQHTXHM¶DLGpFLGp
GHUpXQLUOH
 MRXU  GDWH  PRLV jKHXUHV
$ OLHX 
&HWWHLQVWDQFHjODTXHOOHYRXVDSSDUWHQH]H[DPLQHUDODVLWXDWLRQGHO¶pOqYH©QRPSUpQRP
GHO¶pOqYHªVFRODULVpHQFODVVHGH©ª
/HVIDLWVTXLPRWLYHQWVDFRPSDUXWLRQVRQWOHVVXLYDQWV




9RXV DYH] OD SRVVLELOLWp GH FRQVXOWHU OH GRVVLHU FRQVWLWXWLI GX FRQVHLO GH GLVFLSOLQH HQ
SUHQDQWUHQGH]YRXVDXSUqVGHPRQVHFUpWDULDW
$ILQ GH JDUDQWLU OD VpUpQLWp GHV GpEDWV MH UDSSHOOH TXH OD FRQILGHQWLDOLWp HVW LPSpUDWLYH
FRQFHUQDQWWRXVOHVIDLWVHWGRFXPHQWVTXHYRXVVHUH]DPHQp H jFRQQDvWUH

-H YRXV SULH GH FURLUH 0RQVLHXU 0DGDPH HQ O¶DVVXUDQFH GH PHV VHQWLPHQWV OHV
PHLOOHXUV

1RPGXFKHIG pWDEOLVVHPHQW 
VLJQDWXUH 

/D FRQYRFDWLRQ SHXWrWUH UHPLVHHQPDLQSURSUH,O FRQYLHQWDORUVGHIDLUHVLJQHU

XQUHoXGRQWXQPRGqOHHVWSURSRVpjODILQGHFHGRVVLHU

'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU
 &2192&$7,21'(63(56211(6¬(17(1'5(02'Ê/(¬3(56211$/,6(5

1RPGHO¶pWDEOLVVHPHQW
7LPEUHFRPSOHW
9LOOH OH

/H3ULQFLSDOGX&ROOqJH/H3URYLVHXUGXO\FpH
j
0RQVLHXU0DGDPH
DGUHVVH
5HFRPPDQGp$5

2EMHW&RQYRFDWLRQGHYDQWOHFRQVHLOGHGLVFLSOLQH

5pIpUHQFHVDUWLFOHV55'j5'j''HW'
GXFRGHGHO¶pGXFDWLRQ

0RQVLHXU0DGDPH

(QYRWUHTXDOLWpGH GpOpJXpHQVHLJQDQW«GHOD FODVVHGH©ª MH VROOLFLWHYRWUHSUpVHQFH

DX[GDWHVHWKHXUHVLQGLTXpHVFLGHVVRXV
(Q HIIHW OHV PHPEUHV GX FRQVHLO GH GLVFLSOLQH VRXKDLWHQW YRXV HQWHQGUH DX VXMHW GH
O¶pOqYH©QRPSUpQRPGHO¶pOqYHªVFRODULVpHQFODVVHGH©ª
&HGHUQLHUFRPSDUDvWGHYDQWOHFRQVHLOGHGLVFLSOLQHGHO¶pWDEOLVVHPHQWTXHM¶DLGpFLGpGH
UpXQLUOH
 MRXU  GDWH  PRLV jKHXUHV
$ OLHX 

/HVIDLWVTXLPRWLYHQWVDFRPSDUXWLRQVRQWOHVVXLYDQWV




-H YRXV SULH GH FURLUH 0RQVLHXU 0DGDPH HQ O¶DVVXUDQFH GH PHV VHQWLPHQWV OHV
PHLOOHXUV

1RPGXFKHIG pWDEOLVVHPHQW 
VLJQDWXUH 

/D FRQYRFDWLRQ SHXWrWUHUHPLVHHQPDLQSURSUH,O FRQYLHQWDORUVGHIDLUHVLJQHU

XQUHoXGRQWXQPRGqOHHVWSURSRVpjODILQGHFHGRVVLHU

'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU
 127,),&$7,21'¶81(0(685(&216(59$72,5(02'Ê/(¬3(56211$/,6(5

1RPGHO¶pWDEOLVVHPHQW
7LPEUHFRPSOHW

9LOOH OH

0RQVLHXU0DGDPH
DGUHVVH

5HFRPPDQGp$5

2EMHW1RWLILFDWLRQG¶XQHPHVXUHFRQVHUYDWRLUH

5pIpUHQFHDUWLFOHV'RX'GXFRGHGHO¶pGXFDWLRQ

0RQVLHXU0DGDPH

/H©GDWHGHVIDLWVªYRWUHHQIDQW©SUpQRPQRPGHO¶pOqYHªDFRPPLVOHVIDLWVVXLYDQWV



-HYRXVLQIRUPHTXHM¶DLGpFLGpHQYHUWXGHVGLVSRVLWLRQVGHVDUWLFOHVFLWpVHQUpIpUHQFH
GHSURQRQFHUjVRQHQFRQWUHXQHPHVXUHFRQVHUYDWRLUH
(QFRQVpTXHQFHO¶DFFqVjO¶pWDEOLVVHPHQWOXLHVWLQWHUGLWMXVTX¶jVDFRPSDUXWLRQGHYDQWOH
FRQVHLOGHGLVFLSOLQH

-H YRXV SULH GH FURLUH 0RQVLHXU 0DGDPH HQ O¶DVVXUDQFH GH PHV VHQWLPHQWV OHV
PHLOOHXUV

/HFKHIG¶pWDEOLVVHPHQW
VLJQDWXUH 

/DQRWLILFDWLRQSHXWrWUHUHPLVHHQPDLQSURSUH,OFRQYLHQWDORUVGHIDLUHVLJQHUXQ
UHoXGRQWXQPRGqOHHVWSURSRVpjODILQGHFHGRVVLHU

'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU
 127,),&$7,21'(/$'e&,6,21'8&216(,/'(',6&,3/,1($/ e/Ê9(
¬3(56211$/,6(5(7
¬(192<(5/(-2850Ç0((15(&200$1'e$5

1RPGHO¶pWDEOLVVHPHQW
7LPEUHFRPSOHW
 9LOOH OH

/H3ULQFLSDOGX&ROOqJH/H3URYLVHXUGXO\FpH

$

0RQVLHXU0DGHPRLVHOOH
DGUHVVH
5HFRPPDQGp$5

2EMHW1RWLILFDWLRQGHODGpFLVLRQGXFRQVHLOGHGLVFLSOLQH
5pIpUHQFHDUWLFOH5j5GXFRGHGHO¶pGXFDWLRQ

0RQVLHXU0DGHPRLVHOOH

/H FRQVHLO GH GLVFLSOLQH GH O pWDEOLVVHPHQW UpXQL OH  D SURQRQFp ODVDQFWLRQ
VXLYDQWHjYRWUHHQFRQWUH
««««««««««««««««««««««««««««««««««««
««««««««««««««««««««««««««««««««««««

$X [ PRWLI V 
««««««««««««««««««««««««««««««««««««
««««««««««««««««««««««««««««««««««««
««««««««««««««««««««««««««««««««««««

&HWWHGpFLVLRQHVWLPPpGLDWHPHQWH[pFXWRLUH

(QDSSOLFDWLRQGHO DUWLFOH5HWVXLYDQWVGXFRGHGHO eGXFDWLRQWRXWHGpFLVLRQGX

FRQVHLOGHGLVFLSOLQHGHO pWDEOLVVHPHQWRXGXFRQVHLOGHGLVFLSOLQHGpSDUWHPHQWDOSHXWrWUH
GpIpUpHDXUHFWHXUGHO DFDGpPLHGDQVXQGpODLGHKXLWMRXUVjFRPSWHUGHVDQRWLILFDWLRQ
pFULWHSDUOHUHSUpVHQWDQWOpJDOGHO pOqYHRXSDUFHGHUQLHUV LOHVWPDMHXU/DMXULGLFWLRQ
DGPLQLVWUDWLYHQHSHXWrWUHUpJXOLqUHPHQWVDLVLHTX DSUqVPLVHHQ°XYUHGHVGLVSRVLWLRQV
SUpFpGHQWHV(QFRQVpTXHQFHVLYRXVHQWHQGH]FRQWHVWHUFHWWHGpFLVLRQYRXVSRXYH]IDLUH
DSSHO GH FHWWH GpFLVLRQ DXSUqV GX UHFWHXU GH O $FDGpPLH G $L[0DUVHLOOH  6HUYLFH 9LH
6FRODLUH3ODFH/XFLHQ3D\H$L[HQ3URYHQFH&HGH[GDQVOHGpODLLQGLTXpFL
GHVVXVjFRPSWHUGHODGDWHGHUpFHSWLRQGHODQRWLILFDWLRQGHODSUpVHQWHGpFLVLRQ

-H YRXV SULH GH FURLUH 0RQVLHXU 0DGHPRLVHOOH HQ O¶DVVXUDQFH GH PHV VHQWLPHQWV OHV
PHLOOHXUV

1RPGXFKHIG pWDEOLVVHPHQW 
VLJQDWXUH 
/D QRWLILFDWLRQ SHXWrWUH UHPLVH HQ PDLQ SURSUH ,O FRQYLHQW DORUV GH IDLUH VLJQHU XQ
UHoXGRQWXQPRGqOHHVWSURSRVpjODILQGHFHGRVVLHU

'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU
 127,),&$7,21'(/$'e&,6,21'8&216(,/'(',6&,3/,1(
$8;3$5(17628$85(35e6(17$17/e*$/
¬(192<(5/(-2850Ç0(

1RPGHO¶pWDEOLVVHPHQW
7LPEUHFRPSOHW

9LOOH OH

0RQVLHXU0DGDPH
DGUHVVH
5HFRPPDQGp$5

2EMHW1RWLILFDWLRQGHODGpFLVLRQGXFRQVHLOGHGLVFLSOLQH
5pIpUHQFHDUWLFOH5j5GXFRGHGHO¶pGXFDWLRQ

0RQVLHXU0DGDPH

/H FRQVHLO GH GLVFLSOLQH GH O pWDEOLVVHPHQW UpXQL OH  D SURQRQFp OD VDQFWLRQ
VXLYDQWH j O HQFRQWUH GH YRWUH HQIDQW QRP
SUpQRP «««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««««
«««««««««««««««««««««««««««««««««««««««««««
DX [ PRWLI V 
««««««««««««««««««««««««««««««««««««««««««
««««««««««««««««««««««««««««««««««««««««««
««««««««««««««««««««««««««««««««««««««««««
&HWWHGpFLVLRQHVWLPPpGLDWHPHQWH[pFXWRLUH

5HFRXUV
(QDSSOLFDWLRQGHO DUWLFOH5HWVXLYDQWVGXFRGHGHO eGXFDWLRQWRXWHGpFLVLRQGX
FRQVHLOGHGLVFLSOLQHGHO pWDEOLVVHPHQWRXGXFRQVHLOGHGLVFLSOLQHGpSDUWHPHQWDOSHXWrWUH
GpIpUpHDXUHFWHXUGHO DFDGpPLHGDQVXQGpODLGHKXLWMRXUVjFRPSWHUGHVDQRWLILFDWLRQ
pFULWHSDUOHUHSUpVHQWDQWOpJDOGHO pOqYHRXSDUFHGHUQLHUV LOHVWPDMHXU/DMXULGLFWLRQ
DGPLQLVWUDWLYHQHSHXWrWUHUpJXOLqUHPHQWVDLVLHTX DSUqVPLVHHQ°XYUHGHVGLVSRVLWLRQV
SUpFpGHQWHV(QFRQVpTXHQFHVLYRXVHQWHQGH]FRQWHVWHUFHWWHGpFLVLRQYRXVSRXYH]IDLUH
DSSHO GH FHWWH GpFLVLRQ DXSUqV GX UHFWHXU GH O $FDGpPLH G $L[0DUVHLOOH  6HUYLFH 9LH
6FRODLUH3ODFH/XFLHQ3D\H$L[HQ3URYHQFH&HGH[GDQVOHGpODLLQGLTXpFL
GHVVXVjFRPSWHUGHODGDWHGHUpFHSWLRQGHODQRWLILFDWLRQGHODSUpVHQWHGpFLVLRQ

-H YRXV SULH GH FURLUH 0RQVLHXU 0DGDPH HQ O¶DVVXUDQFH GH PHV VHQWLPHQWV OHV
PHLOOHXUV

 1RPGXFKHIG pWDEOLVVHPHQW 
VLJQDWXUH 

/D QRWLILFDWLRQ SHXW rWUH UHPLVH HQ PDLQ SURSUH ,O FRQYLHQW DORUV GH IDLUH VLJQHU XQ
UHoXGRQWXQPRGqOHHVWSURSRVpjODILQGHFHGRVVLHU

'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU
 352&Ê69(5%$/'8&216(,/'(',6&,3/,1(

1RPGHO¶pWDEOLVVHPHQW
7LPEUHFRPSOHW
/HSURFqVYHUEDOGpFULWOHGpURXOHPHQWFRPSOHWGXFRQVHLOGHGLVFLSOLQHGHO¶RXYHUWXUHjODILQGHODVpDQFH

352&Ê69(5%$/'8&216(,/'(',6&,3/,1(
(1'$7('8
3UpVLGHQWGHVpDQFH
«««««««««««««««««««««««««««««««
6HFUpWDLUHGHVpDQFH
«««««««««««««««««««««««««««««««

c ,GHQWLWpGHO¶pOqYH
1RP     3UpQRP
6H[H
'DWHGHQDLVVDQFH
1DWLRQDOLWp
&ODVVHIUpTXHQWpH
4XDOLWp LQWHUQH3HQVLRQQDLUHH[WHUQH 
%RXUVLHU

d 5HVSRQVDEOHOpJDO
1RP 3UpQRP
$GUHVVH
7pOpSKRQH
3URIHVVLRQ
/LHQDYHFO¶pOqYH
d 5HVSRQVDEOHOpJDO
1RP 3UpQRP
$GUHVVH
7pOpSKRQH
3URIHVVLRQ
/LHQDYHFO¶pOqYH

e 'DWHGHODOHWWUHGHFRQYRFDWLRQ
jO¶pOqYH
DXUHVSRQVDEOHOpJDO
DX[PHPEUHVGXFRQVHLO
DXGpIHQVHXU

e 'DWHGHODOHWWUHGHQRWLILFDWLRQ
jO¶pOqYH
DXUHVSRQVDEOHOpJDO
DXGpIHQVHXU

f 1RPSUpQRPDGUHVVHTXDOLWpGXGpIHQVHXUGHO¶pOqYH


g 0RWLI V jO¶RULJLQHGHODFRPSDUXWLRQGHO¶pOqYH



'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU
 /HTXRUXPpWDQWDWWHLQWODVpDQFHHVWRXYHUWHjKHXUHV

h 3DUFRXUVVFRODLUHGHO¶pOqYH
‹ 5HQVHLJQHPHQWVVXUO¶pOqYH LQGLFDWLRQVJpQpUDOHVHWFRPSRUWHPHQW
‹ 6DQFWLRQVDQWpULHXUHVDYHFPRWLIV QHSDVUHPRQWHUDXGHOjG¶XQDQVDXIH[FOXVLRQGpILQLWLYH
‹ 3DUFRXUVVFRODLUHDQWpULHXUGHO pOqYH pWDEOLVVHPHQWVIUpTXHQWpV
‹ ,QGLFDWLRQGXVXLYLSDUOHVVHUYLFHVPpGLFDX[VRFLDX[pGXFDWLIYLHVFRODLUH

i &RPSWHUHQGXGHVGpEDWV$XPLQLPXPRQGRLWSRXYRLU\OLUH
‹ /HVJULHIVLQYRTXpVjO HQFRQWUHGHO pOqYHHQFDXVHOHVFLUFRQVWDQFHV GDWHVHWOLHX[ 
‹ /HVWpPRLJQDJHVjFKDUJHHWjGpFKDUJH GRLYHQWrWUHMRLQWVHQDQQH[HOHVGRFXPHQWVWHOVTXHUDSSRUWV
GHSURIHVVHXUVWpPRLJQDJHVHWF« 
‹ 7RXWHVOHVTXHVWLRQVSRVpHVGHSDUWHWG¶DXWUH
‹ /HVUpSRQVHVIRXUQLHVGHSDUWHWG¶DXWUHDX[TXHVWLRQVSRVpHVDXFRXUVGHODVpDQFH
‹ 7RXWFHTXLSHXWpFODLUHUODFRPPLVVLRQG¶DSSHOVLHOOHHVWUpXQLHLQMXUHVPHQDFHVDYHX[«
‹ /HVREVHUYDWLRQVSUpVHQWpHVSDUOHGpIHQVHXUGHO¶pOqYH


j 9RWH
03ULQFLSDO3URYLVHXUFRQFOXWOHGpEDWHWGpFLGHGHSURFpGHUDXYRWHjEXOOHWLQVHFUHW

/HVSHUVRQQHVTXLQHVRQWSDVPHPEUHVGXFRQVHLOGHGLVFLSOLQHVRQWLQYLWpHVjTXLWWHUOD
VDOOH

/HSULQFLSDO3URYLVHXULQYLWHjYRWHUHQSURSRVDQWODVDQFWLRQVXLYDQWH


ÖH[FOXVLRQWHPSRUDLUH MRXUVPD[LPXP 
GXDX

Ö0HVXUHVpYHQWXHOOHVG DFFRPSDJQHPHQWHWRXGHUpSDUDWLRQHWRXGHUHVSRQVDELOLVDWLRQ


927( jEXOOHWLQVVHFUHWVjODPDMRULWpGHVVXIIUDJHVH[SULPpVHQFDVGHSDUWDJHGHVYRL[OD
YRL[GXSUpVLGHQWHVWSUpSRQGpUDQWH 
(QFDVGHGRXWHOHFRQVHLOGHGLVFLSOLQHSHXWGpFLGHUTX¶LOQ¶\DSDVOLHXGHVDQFWLRQQHUO¶pOqYH
5pVXOWDWVGXYRWH
1RPEUHGHYRWDQWV 
1RPEUHGHEXOOHWLQVEODQFVQXOVHWDEVWHQWLRQV
6XIIUDJHVH[SULPpV
3RXUODVDQFWLRQSURSRVpH YRL[
&RQWUHODVDQFWLRQSURSRVpH YRL[
k 'pFLVLRQGX&RQVHLOGHGLVFLSOLQH
/HFRQVHLOGHGLVFLSOLQHDGpFLGpjODPDMRULWpGHVVXIIUDJHVH[SULPpVGHSURQRQFHU
LQGLTXHUODVDQFWLRQ DX [ PRWLI V 
35(&,6(5 /$ 6$1&7,21 352326(( DX YRWH HW OH 027,) TXL ILJXUHUD VXU OD
QRWLILFDWLRQjO¶pOqYHDLQVLTXHODORLRXO¶DUWLFOHGXUqJOHPHQWLQWpULHXUTXLDpWpYLROp

(QFDVG H[FOXVLRQWHPSRUDLUHPHVXUHVG DFFRPSDJQHPHQWSURSRVpHV

'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU
 (QFDVG H[FOXVLRQGpILQLWLYHSURSRVLWLRQGXFKHIG pWDEOLVVHPHQWHQYXHG XQHVFRODULVDWLRQRX
G XQHLQVHUWLRQ
V1RWLILFDWLRQGHOD'pFLVLRQGX&RQVHLOGHGLVFLSOLQH

/D GpFLVLRQ pWDQW XQ DFWH DGPLQLVWUDWLI LQGLYLGXHO HOOH GRLW rWUH QRWLILpH SHUVRQQHOOHPHQW SDU
OHWWUHUHFRPPDQGpHDYHFDFFXVpGHUpFHSWLRQjO¶pOqYHHWjVHVUHVSRQVDEOHVOpJDX[VLO¶pOqYHHVW
PLQHXUjO¶pOqYHOXLPrPHV¶LOHVWPDMHXU
/¶pOqYHHWVHVSDUHQWV RXVRQUHSUpVHQWDQWOpJDO VRQWLQWURGXLWVGDQVODVDOOHSRXUOD
QRWLILFDWLRQLPPpGLDWHGHODGpFLVLRQGXFRQVHLOGHGLVFLSOLQH
,OVVRQWLQIRUPpVTXHFHWWHQRWLILFDWLRQVHUDFRQILUPpHOHMRXUPrPHSDUOHWWUH
UHFRPPDQGpHDYHFDFFXVpGHUpFHSWLRQ/HFKHIG¶pWDEOLVVHPHQWSUpFLVHTX¶LOSHXWrWUHIDLWDSSHO
GHFHWWHGpFLVLRQDXSUqVGXUHFWHXUGHO¶$FDGpPLHG¶$L[0DUVHLOOHGDQVXQGpODLGHKXLWMRXUV
FRQIRUPpPHQWDX[GLVSRVLWLRQVGX&RGHGHO¶(GXFDWLRQ/LYUHFLQTXLqPH7LWUHSUHPLHU
&KDSLWUHXQLTXH6HFWLRQ,,6RXVVHFWLRQUHODWLIDXUpJLPHGLVFLSOLQDLUHGHVpOqYHVGDQVOHV
pWDEOLVVHPHQWVSXEOLFVORFDX[G¶HQVHLJQHPHQW VHFRQGGHJUp HQVRQDUWLFOH5WUDLWDQW
SOXVSDUWLFXOLqUHPHQWGHO¶DSSHOGHVGpFLVLRQVGXFRQVHLOGHGLVFLSOLQHGHO¶pWDEOLVVHPHQW RXGX
FRQVHLOGHGLVFLSOLQHGpSDUWHPHQWDO 

&HWDSSHOQ¶pWDQWSDVVXVSHQVLIODGpFLVLRQGHPHXUHGRQFLPPpGLDWHPHQWH[pFXWRLUH

(Q DSSOLFDWLRQ GH O DUWLFOH /  GX FRGH GH O eGXFDWLRQ OH PDLUH GH OD FRPPXQH R HVW
GRPLFLOLpO pOqYHGRLWrWUHLQIRUPpGHODGXUpHGHVVDQFWLRQVG H[FOXVLRQWHPSRUDLUHRXGpILQLWLYH
GHO pWDEOLVVHPHQWSURQRQFpHVjO HQFRQWUHGHVpOqYHVDILQGHOXLGRQQHUODSRVVLELOLWpGHSUHQGUH
OHVPHVXUHVjFDUDFWqUHVRFLDORXpGXFDWLIDSSURSULpHVGDQVOHFDGUHGHVHVFRPSpWHQFHV

6(&5(77RXWHVOHVSHUVRQQHVD\DQWSDUWLFLSpjXQFRQVHLOGHGLVFLSOLQHVRQWVRXPLVHVjO REOLJDWLRQ
GX VHFUHW HQ FH TXL FRQFHUQH OHV IDLWV HW GRFXPHQWV GRQW HOOHV RQW HX FRQQDLVVDQFH DLQVL TXH OH
GpURXOHPHQWGHVGpEDWVHWGpOLEpUDWLRQV

/DVpDQFHHVWOHYpHj
/H D VHFUpWDLUHGHVpDQFH /H3UpVLGHQWGX&RQVHLO
QRPSUpQRPHWVLJQDWXUH   QRPSUpQRPHWVLJQDWXUH 

'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU
 /,67('¶e0$5*(0(17

1RPGHO¶pWDEOLVVHPHQW
7LPEUHFRPSOHW

¬MRLQGUHDXSURFqVYHUEDOGXFRQVHLOGHGLVFLSOLQH

&216(,/'(',6&,3/,1((1'$7('8

&RPSRVLWLRQGX&RQVHLOGH $EVHQWV 3UpVHQWV VLJQDWXUH 

'LVFLSOLQH

3UpVLGHQWGHVpDQFH
6HFUpWDLUHGHVpDQFH
1RPHWTXDOLWpGHVPHPEUHVGX
FRQVHLO















1RPHWTXDOLWpGHVSHUVRQQHV
HQWHQGXHV















'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU
 %RUGHUHDXGHVSLqFHVjMRLQGUHREOLJDWRLUHPHQW
DXGRVVLHUGXFRQVHLOGHGLVFLSOLQH

/HSURFqVYHUEDOFRPSOHWGRLWrWUHDGUHVVpGDQVOHVFLQTMRXUVTXLVXLYHQWODVpDQFH
DFFRPSDJQpGXERUGHUHDXJpQpUpSDUO¶DSSOLFDWLRQFRQVHLOGHGLVFLSOLQH
jO ,QVSHFWLRQ$FDGpPLTXH
 DX5HFWRUDW6HUYLFH9LH6FRODLUH
/¶RULJLQDOGRLWrWUHFRQVHUYpXQDQGDQVOHGRVVLHUGHO¶pOqYHSXLVGXUDQWGL[
DQVDX[DUFKLYHVGHO¶pWDEOLVVHPHQW

&RQYRFDWLRQGHO pOqYHPLVHQFDXVHDYHFO DFFXVpGHUpFHSWLRQ

&RQYRFDWLRQGXUHSUpVHQWDQWOpJDODYHFO DFFXVpGHUpFHSWLRQ

&RQYRFDWLRQOHFDVpFKpDQWGXGpIHQVHXUDYHFO DFFXVpGHUpFHSWLRQ

/LVWHG pPDUJHPHQWGHVPHPEUHVGXFRQVHLOGHGLVFLSOLQHSUpVHQWV

1RWLILFDWLRQGHGpFLVLRQjO pOqYHPLVHQFDXVHDYHFO DFFXVpGHUpFHSWLRQ

1RWLILFDWLRQGHGpFLVLRQDXUHSUpVHQWDQWOpJDODYHFO DFFXVpGHUpFHSWLRQ

/HRXOHVEXOOHWLQVWULPHVWULHOVGHO DQQpHVFRODLUHHQFRXUV

5DSSRUWFLUFRQVWDQFLpGXFKHIG pWDEOLVVHPHQW

5DSSRUWGHODSHUVRQQHD\DQWGHPDQGpODUpXQLRQGXFRQVHLOGHGLVFLSOLQH

5DSSRUWGXSURIHVVHXUSULQFLSDOVLFHOXLFLQ HVWSDVHQWHQGXSDUOHFRQVHLOGHGLVFLSOLQH

5DSSRUW V GXRXGHVWpPRLQVGHO DIIDLUHD\DQWHQWUDvQpODUpXQLRQGXFRQVHLOGHGLVFLSOLQH

5qJOHPHQWLQWpULHXUGHO¶pWDEOLVVHPHQW

eOpPHQW V FRPSOpPHQWDLUH V pYHQWXHO V FRQFHUQDQW

x VDQFWLRQVDQWpULHXUHVGHO DQQpHVFRODLUHHQFRXUV
x PHVXUHVpGXFDWLYHVLQWHUQHVSULVHVSRXUO DFFRPSDJQHPHQWGHO pOqYH FRPPLVVLRQGHYLH
VFRODLUHSDUH[HPSOH
x VLJQDOHPHQWjODFRPPLVVLRQGHFLUFRQVFULSWLRQGXVHFRQGGHJUpjO ,QVSHFWHXUG $FDGpPLH
DX3URFXUHXUGHOD5pSXEOLTXH
x GRFXPHQWVUHODWLIVDXVXLYLGHO pOqYHDVVLVWDQWHVRFLDOHpGXFDWHXUDFFRPSDJQpVGHOD
QDWXUHGHVLQWHUYHQWLRQVHQJDJpHV DFWLRQpGXFDWLYHHQPLOLHXRXYHUW 

-RLQGUHDXSURFqVYHUEDOXQH[HPSODLUHGHODSUpVHQWHOLVWHG€PHQWVHUYLH

'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU
 ([HPSOHGHUHoX

-HVRXVVLJQp0

PHPEUHGXFRQVHLOGHGLVFLSOLQHGH pWDEOLVVHPHQW 

DWWHVWHSDUODSUpVHQWHDYRLUUHoXOHODFRQYRFDWLRQDXFRQVHLOGHGLVFLSOLQHTXL
HVWUpXQL

OHjKHXUHVj

3RXUH[DPLQHUOHFDVGHO pOqYH

)DLWjOH

6LJQDWXUH

'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU
 0,6((1¯895('8&2175$',&72,5(9,6$9,6'(/¶e/Ê9(
02'Ê/(¬3(56211$/,6(5

1RPGHO¶pWDEOLVVHPHQW
7LPEUHFRPSOHW

9LOOH OH

/H3ULQFLSDOGX&ROOqJH/H3URYLVHXUGXO\FpH
j
0DGHPRLVHOOH0RQVLHXU
DGUHVVH

5HFRPPDQGp$5
2XVLJQDWXUHG¶XQ©SULVFRQQDLVVDQFHOH«ª

2EMHWPLVHHQ°XYUHGXSULQFLSHGXFRQWUDGLFWRLUH
5pIpUHQFHVDUWLFOHV'²HW'GX&RGHGHO¶pGXFDWLRQUqJOHPHQWLQWpULHXUGH
O¶pWDEOLVVHPHQWUDSSRUWGH00PH0OOH QRPHWIRQFWLRQGDQVO¶pWDEOLVVHPHQW «GX««««
YRWUHGRVVLHUGLVFLSOLQDLUH

0DGHPRLVHOOH0RQVLHXU

$SUqVOHFWXUHGXUDSSRUWPRWLYDQWODSURSRVLWLRQGHVDQFWLRQSRXUOH V PRWLI V VXLYDQW V 

-¶HQJDJHXQHSURFpGXUHGLVFLSOLQDLUHjYRWUHHQFRQWUH
9RXVDYH]ODSRVVLELOLWpGDQVXQGpODLGHWURLVMRXUVRXYUDEOHVGHSUpVHQWHUYRWUHGpIHQVHRUDOHPHQWRX
SDUpFULWHWRXGHYRXVIDLUHDVVLVWHUSDUODSHUVRQQHGHYRWUHFKRL[

-H YRXV LQIRUPH TXH YRXV SRXYH] FRPPH OD SHUVRQQH FKDUJpH GH YRXV DVVLVWHU SUHQGUH
FRQQDLVVDQFHGHYRWUHGRVVLHUDXSUqVGHPRQVHFUpWDULDW 3UpFLVHUOHVFRQWDFWVHWOHVKRUDLUHV 

6LJQDWXUH
3UpQRPQRPOHSULQFLSDOOHSURYLVHXU 

'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU
 0,6((1¯895('8&2175$',&72,5(9,6$9,6'(63$5(176'(/¶e/Ê9(
02'Ê/(¬3(56211$/,6(5

1RPGHO¶pWDEOLVVHPHQW
7LPEUHFRPSOHW

9LOOH OH

/H3ULQFLSDOGX&ROOqJH/H3URYLVHXUGXO\FpH
j
0DGDPH0RQVLHXU
DGUHVVH

5HFRPPDQGp$5
2XVLJQDWXUHG¶XQ©SULVFRQQDLVVDQFHOH«ª

2EMHWPLVHHQ°XYUHGXSULQFLSHGXFRQWUDGLFWRLUH
5pIpUHQFHVDUWLFOHV'²HW'GX&RGHGHO¶pGXFDWLRQUqJOHPHQWLQWpULHXUGH
O¶pWDEOLVVHPHQWUDSSRUWGH00PH0OOH QRPHWIRQFWLRQGDQVO¶pWDEOLVVHPHQW «GX««««
YRWUHGRVVLHUGLVFLSOLQDLUH

0DGDPH0RQVLHXU

$SUqVOHFWXUHGXUDSSRUWPRWLYDQWODSURSRVLWLRQGHVDQFWLRQSRXUOH V PRWLI V VXLYDQW V 

-¶HQJDJHXQHSURFpGXUHGLVFLSOLQDLUHjO¶HQFRQWUHGHYRWUHHQIDQW
9RXVDYH]ODSRVVLELOLWpGDQVXQGpODLGHWURLVMRXUVRXYUDEOHVGHSUpVHQWHUVDGpIHQVHRUDOHPHQWRX
SDUpFULWHWRXGHOHIDLUHDVVLVWHUSDUODSHUVRQQHGHYRWUHFKRL[

-H YRXV LQIRUPH TXH YRXV SRXYH] FRPPH YRWUH HQIDQW HW OD SHUVRQQH FKDUJpH GH O¶DVVLVWHU
SUHQGUH FRQQDLVVDQFH GX GRVVLHU DXSUqV GH PRQ VHFUpWDULDW 3UpFLVHU OHV FRQWDFWV HW OHV
KRUDLUHV 

6LJQDWXUH
3UpQRPQRPOHSULQFLSDOOHSURYLVHXU 

'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU
 127,),&$7,21'('e&,6,21'(6$1&7,21'8&+()'¶e7$%/,66(0(17$8;
5(35e6(17$176/e*$8;02'Ê/(¬3(56211$/,6(5

1RPGHO¶pWDEOLVVHPHQW
7LPEUHFRPSOHW

9LOOH OH

/H3ULQFLSDOGX&ROOqJH/H3URYLVHXUGXO\FpH
j
0DGDPH0RQVLHXU
DGUHVVH

5HFRPPDQGp$5

2EMHWGpFLVLRQGXFKHIG¶pWDEOLVVHPHQWHQGDWHGX«««
5pIpUHQFHVDUWLFOHV5±j5±GX&RGHGHO¶pGXFDWLRQUqJOHPHQWLQWpULHXUGH
O¶pWDEOLVVHPHQWUDSSRUWGH00PH0OOH QRPHWIRQFWLRQGDQVO¶pWDEOLVVHPHQW «GX««««
GRVVLHUGLVFLSOLQDLUHGH00OOHpOqYHGH©ª

0DGDPH0RQVLHXU

$SUqVDYRLUHQWHQGXYRWUHHQIDQWYRXVPrPHHQWDQWTXHUHVSRQVDEOHOpJDO OpJDX[ 00PH

«««««««««GpIHQVHXU OHFDVpFKpDQW 

-¶DLGpFLGpGHSURQRQFHUODVDQFWLRQVXLYDQWHjO¶HQFRQWUHGHYRWUHHQIDQW

3RXUOHVPRWLIVVXLYDQWV

&HWWHVDQFWLRQSUHQGHIIHWGX DX

9RLHVHWGpODLVGHUHFRXUV
6LYRXVHQWHQGH]FRQWHVWHUFHWWHGpFLVLRQLOYRXVDSSDUWLHQWGDQVXQGpODLGHGHX[PRLVjFRPSWHUGH
VDQRWLILFDWLRQGHVDLVLUOHWULEXQDODGPLQLVWUDWLIFRPSpWHQW
9RXV SRXYH] pJDOHPHQW VDQV FRQGLWLRQ GH GpODL IRUPHU XQ UHFRXUV DGPLQLVWUDWLI JUDFLHX[ GHYDQW OH
FKHIG pWDEOLVVHPHQWRXKLpUDUFKLTXHGHYDQWOHUHFWHXU6LXQWHOUHFRXUVHVWIRUPpGDQVOHGpODLGHGHX[
PRLVGXUHFRXUVFRQWHQWLHX[GHYDQWOHWULEXQDODGPLQLVWUDWLILOSURURJHOHGpODLG H[HUFLFHGXUHFRXUV
FRQWHQWLHX[9RXVFRQVHUYHUH]DLQVLODSRVVLELOLWpGHIRUPHUXQUHFRXUVGHYDQWOHWULEXQDODGPLQLVWUDWLI
FRPSpWHQW GDQV XQ GpODL GH GHX[ PRLV j FRPSWHU GH OD GpFLVLRQ LQWHUYHQXH VXU UHFRXUV JUDFLHX[ RX
KLpUDUFKLTXH/HVLOHQFHGHO DGPLQLVWUDWLRQSHQGDQWGHX[PRLVYDXWUHMHWGXUHFRXUVDGPLQLVWUDWLI

6LJQDWXUH
3UpQRPQRPOHSULQFLSDOOHSURYLVHXU 

'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU
 127,),&$7,21'('e&,6,21'(6$1&7,21'8&+()'¶e7$%/,66(0(17
¬/¶e/Ê9(02'Ê/(¬3(56211$/,6(5

1RPGHO¶pWDEOLVVHPHQW
7LPEUHFRPSOHW

9LOOH OH

/H3ULQFLSDOGX&ROOqJH/H3URYLVHXUGXO\FpH
j
0DGHPRLVHOOH0RQVLHXU
DGUHVVH

5HFRPPDQGp$5

2EMHWGpFLVLRQGXFKHIG¶pWDEOLVVHPHQWHQGDWHGX«««
5pIpUHQFHVDUWLFOHV5±j5±GX&RGHGHO¶pGXFDWLRQUqJOHPHQWLQWpULHXUGH
O¶pWDEOLVVHPHQWUDSSRUWGH00PH0OOH QRPHWIRQFWLRQGDQVO¶pWDEOLVVHPHQW «GX««««
YRWUHGRVVLHUGLVFLSOLQDLUH

0DGHPRLVHOOH0RQVLHXU

$SUqVYRXVDYRLUHQWHQGXDLQVLTXH00PH«««««««««YRWUHGpIHQVHXU OHFDVpFKpDQW 

-¶DLGpFLGpGHSURQRQFHUjYRWUHHQFRQWUHODVDQFWLRQVXLYDQWH

3RXUOHVPRWLIVVXLYDQWV

&HWWHVDQFWLRQSUHQGHIIHWGX DX

9RLHVHWGpODLVGHUHFRXUV
6LYRXVHQWHQGH]FRQWHVWHUFHWWHGpFLVLRQLOYRXVDSSDUWLHQWGDQVXQGpODLGHGHX[PRLVjFRPSWHUGH
VDQRWLILFDWLRQGHVDLVLUOHWULEXQDODGPLQLVWUDWLIFRPSpWHQW
9RXV SRXYH] pJDOHPHQW VDQV FRQGLWLRQ GH GpODL IRUPHU XQ UHFRXUV DGPLQLVWUDWLI JUDFLHX[ GHYDQW OH
FKHIG pWDEOLVVHPHQWRXKLpUDUFKLTXHGHYDQWOHUHFWHXU6LXQWHOUHFRXUVHVWIRUPpGDQVOHGpODLGHGHX[
PRLVGXUHFRXUVFRQWHQWLHX[GHYDQWOHWULEXQDODGPLQLVWUDWLILOSURURJHOHGpODLG H[HUFLFHGXUHFRXUV
FRQWHQWLHX[9RXVFRQVHUYHUH]DLQVLODSRVVLELOLWpGHIRUPHUXQUHFRXUVGHYDQWOHWULEXQDODGPLQLVWUDWLI
FRPSpWHQW GDQV XQ GpODL GH GHX[ PRLV j FRPSWHU GH OD GpFLVLRQ LQWHUYHQXH VXU UHFRXUV JUDFLHX[ RX
KLpUDUFKLTXH/HVLOHQFHGHO DGPLQLVWUDWLRQSHQGDQWGHX[PRLVYDXWUHMHWGXUHFRXUVDGPLQLVWUDWLI

6LJQDWXUH
3UpQRPQRPOHSULQFLSDOOHSURYLVHXU 

'RFXPHQWGRQQpjWLWUHLQGLFDWLI 3DJHVXU