%8//(7,12)),&,(/ 1ıUHMHE 

©$UWLFOH ± /D FRRSpUDWLYH HVW DGPLQLVWUpH SDU 'e&5Ê7(

©O¶DVVHPEOpHJpQpUDOHHWSDUVRQFRQVHLOG¶DGPLQLVWUDWLRQª &KDSLWUHSUHPLHU
©$UWLFOH± /¶DVVHPEOpHJpQpUDOHHVWFRPSRVpHGHWRXV 'HVQRUPHVGHTXDOLWpGHO¶HDXSRWDEOH
©OHVSRUWHXUVGHSDUWV(OOHHVWUpXQLHSDUOHSUpVLGHQWGXFRQVHLO
©G¶DGPLQLVWUDWLRQDJLVVDQWjODGHPDQGHGHFHFRQVHLORXHQFDV $57,&/(35(0,(5±/HVQRUPHVGHTXDOLWpGHO¶HDXSRWDEOH
©G¶XUJHQFHGHVFRPPLVVDLUHVDX[FRPSWHV YLVpHV j O¶DUWLFOH  GH OD ORL Qƒ  VXVYLVpH VRQW IL[pHV SDU
DUUrWpFRQMRLQWGHVDXWRULWpVJRXYHUQHPHQWDOHVFKDUJpHVGHO¶HDX
©&KDTXHVRFLpWDLUHGLVSRVH GH O¶HQYLURQQHPHQW GH OD VDQWp HW DSUqV DYLV GH O¶DXWRULWp
©,OQHSHXWDYRLU JRXYHUQHPHQWDOHFKDUJpHGHO¶LQWpULHXU
©1XOQHSHXWUHSUpVHQWHU /HV JHVWLRQQDLUHV H[SORLWDQWV HW RX SURSULpWDLUHV GHV
LQVWDOODWLRQVGHSURGXFWLRQRXGHGLVWULEXWLRQGHO¶HDXSRWDEOHRX
©/HV GpFLVLRQV GH O¶DVVHPEOpH JpQpUDOH  GHV LQVWDOODWLRQV GH UDYLWDLOOHPHQW HQ HDX SRWDEOH VRQW WHQXV GH
©PrPHSRXUOHVDEVHQWV SUHQGUHWRXWHVOHVPHVXUHVQpFHVVDLUHVSRXUVHFRQIRUPHUjWRXW
©$FHVUpXQLRQVDVVLVWHQWHQRXWUHjWLWUHFRQVXOWDWLI PRPHQWDX[QRUPHVYLVpHVjO¶DOLQpDSUpFpGHQW
©ª $57  ± 6L SDU VXLWH G¶XQ G\VIRQFWLRQQHPHQW RX G¶XQ
/DVXLWHVDQVPRGLILFDWLRQ LQFLGHQW SDUWLFXOLHU OHV QRUPHV GH TXDOLWp GH O¶HDX SRWDEOH QH
SHXYHQW SDV rWUH UHVSHFWpHV OH JHVWLRQQDLUH H[SORLWDQW RX
©$UWLFOH ± /H FRQVHLO G¶DGPLQLVWUDWLRQ VH UpXQLW VXU OD SURSULpWDLUHGHVLQVWDOODWLRQVGHSURGXFWLRQRXGHGLVWULEXWLRQGH
©FRQYRFDWLRQ GH VRQ SUpVLGHQW DJLVVDQW GH VD SURSUH LQLWLDWLYH O¶HDX SRWDEOH RX GHV LQVWDOODWLRQV GH UDYLWDLOOHPHQW HQ HDX
RX©jODGHPDQGHpFULWHGHODPRLWLpDXPRLQVGHVPHPEUHVGX SRWDEOHHVWWHQX
©FRQVHLO DX VLqJH GH OD FRRSpUDWLYH DXVVL VRXYHQW TXH O¶LQWpUrW
±G¶LQIRUPHUO¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGHODVDQWp
©GHODVRFLpWpO¶H[LJHHWDXPRLQVTXDWUHIRLVSDUDQ
HWOHVFROOHFWLYLWpVORFDOHVFRQFHUQpHDLQVLTXHO¶DJHQFHGX
©,OQHSHXWYDODEOHPHQWGpOLEpUHUTXHVLODPRLWLpDXPRLQV EDVVLQ K\GUDXOLTXH FRQFHUQpH ORUVTXH OH SUREOqPH D SRXU
©GHVHVPHPEUHVVRQWSUpVHQWVª RULJLQHO¶pWDWGHODUHVVRXUFHHQHDX
©$UWLFOH ± /D FRPSWDELOLWp GH OD FRRSpUDWLYH GRLW rWUH ±G¶HIIHFWXHU LPPpGLDWHPHQW OHV HQTXrWHV HW OHV
©WHQXH FRQIRUPpPHQW DX[ SUHVFULSWLRQV GX FRGH JpQpUDO GH LQYHVWLJDWLRQV QpFHVVDLUHV SRXU GpWHUPLQHU OHV FDXVHV GX
©QRUPDOLVDWLRQ FRPSWDEOH VRXV UpVHUYH OH FDV pFKpDQW GHV G\VIRQFWLRQQHPHQW RX GH O¶LQFLGHQW D\DQW HQWUDvQp OH QRQ
©GLVSRVLWLRQVUpJOHPHQWDLUHVSDUWLFXOLqUHV UHVSHFWGHVQRUPHVGHTXDOLWpGHO¶HDXSRWDEOH
©/DFRRSpUDWLYHGRLWª ±GH SUHQGUH HQ FRQFHUWDWLRQ DYHF OHV DXWRULWpV
JRXYHUQHPHQWDOHV FKDUJpHV GH O¶LQWpULHXU HW GH
/DVXLWHVDQVPRGLILFDWLRQ
O¶HQYLURQQHPHQW OHV FROOHFWLYLWpV ORFDOHV FRQFHUQpHV HW
©$UWLFOH±/DFRRSpUDWLYHQHVHUDSRLQWGLVVRXWH O¶DJHQFHGXEDVVLQK\GUDXOLTXHpYHQWXHOOHPHQWWRXWHVOHV
©HOOH PHVXUHV QpFHVVDLUHV SRXU UpWDEOLU OD VLWXDWLRQ HW VH
©FRQWLQXHUDGHSOHLQGURLWHQWUHOHVDXWUHVVRFLpWDLUHVVDXIVLOHXU FRQIRUPHU DX[ QRUPHV GH TXDOLWp GH O¶HDX SRWDEOH HW
©QRPEUHHVWGpILQLWLYHPHQWUpGXLWjPRLQVGHVHSW SUpVHUYHUODVDQWpGHVSRSXODWLRQV
©'DQVFHFDVODGLVVROXWLRQGHODFRRSpUDWLYHHVWSURQRQFpH $57  ± (Q YHUWX GX H DOLQpD GH O¶DUWLFOH  GH OD ORL
©FRQIRUPpPHQW DX[ PRGDOLWpV HW FRQGLWLRQV SUpYXHV DX[ SUpFLWpH Qƒ  O¶XVDJH GLUHFW RX LQGLUHFW j GHV ILQV
©DUWLFOHV  WHU HW  TXDWHU GX GDKLU SRUWDQW ORL SUpFLWp DOLPHQWDLUHV GHV HDX[ QH UpSRQGDQW SDV DX[ QRUPHV GH TXDOLWp
©QƒGXNDDGD GpFHPEUH WHOTX¶LOD YLVpHV j O¶DUWLFOH SUHPLHU SHXW HQ FDV GH QpFHVVLWp OLpH j OD
©pWpPRGLILpHWFRPSOpWpª FRPSRVLWLRQ QDWXUHOOH GH O¶HDX rWUH DXWRULVp SDU O¶DXWRULWp
JRXYHUQHPHQWDOHFKDUJpHGHODVDQWpDSUqVDYLVGXGLUHFWHXUGH
²²²
O¶DJHQFH GX EDVVLQ K\GUDXOLTXH FRQFHUQpH VL O¶HDX REMHW GH
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX O¶DXWRULVDWLRQ QH SUpVHQWH DXFXQ ULVTXH VDQLWDLUH V¶LO Q¶\ D SDV
©%XOOHWLQRIILFLHOªQƒGXUHMHE DR€W  G¶DXWUHV DOWHUQDWLYHV HW VL OD VDWLVIDFWLRQ GH WRXWHV OHV H[LJHQFHV
GHVQRUPHVGHTXDOLWpGHO¶HDXSRWDEOHQ¶HVWSDVIDLVDEOHGDQVGHV
FRQGLWLRQVpFRQRPLTXHVUDLVRQQDEOHV
$57  ± /D GHPDQGH G¶DXWRULVDWLRQ GHV HDX[ YLVpHV  j
'pFUHWQƒGXMRXPDGD,, MXLOOHW O¶DUWLFOH  FLGHVVXV HVW DGUHVVpH j O¶DXWRULWp JRXYHUQHPHQWDOH
UHODWLIDX[HDX[jXVDJHDOLPHQWDLUH FKDUJpHGHODVDQWpDFFRPSDJQpHG¶XQHpWXGHMXVWLILDQWO¶DEVHQFH
BBBBBBBB G¶DXWUHV DOWHUQDWLYHV O¶LPSRVVLELOLWp GH UHQGUH O¶HDX REMHW GH OD
/(35(0,(50,1,675( GHPDQGHSRWDEOHGDQVGHVFRQGLWLRQVpFRQRPLTXHVUDLVRQQDEOHV
HWGpPRQWUDQWO¶DEVHQFHGHULVTXHVSRXUODVDQWp
9XODORLQƒVXUO¶HDXSURPXOJXpHSDUOHGDKLUQƒ
GXUDELL, DR€W QRWDPPHQWVHVDUWLFOHVj /D GHPDQGH G¶DXWRULVDWLRQ GRLW rWUH DFFRPSDJQpH G¶XQ
GRFXPHQWIDLVDQWpWDWGXVXLYLGHODTXDOLWpGHO¶HDXVXUXQHGXUpH
9XOHGpFUHWQƒGXFKDRXDO IpYULHU
FRQYHQXH DYHF O¶DXWRULWp JRXYHUQHPHQWDOH FKDUJpH GH OD VDQWp
UHODWLIDX[QRUPHVGHTXDOLWpGHVHDX[HWjO¶LQYHQWDLUHGXGHJUpGH &HOOHFLGpFLGHGHODVXLWHjUpVHUYHUjODGHPDQGHG¶DXWRULVDWLRQ
SROOXWLRQGHVHDX[ GDQV XQ GpODL GH VL[   PRLV DX SOXV WDUG j FRPSWHU GH OD
$SUqV H[DPHQ SDU OH FRQVHLO GHV PLQLVWUHV UpXQL OH UpFHSWLRQ GH ODGLWH GHPDQGH 3DVVp FH GpODL O¶DXWRULVDWLRQ HVW
MRXPDGD,, MXLOOHW  UpSXWpHDFFRUGpH
1ıUHMHE  %8//(7,12)),&,(/ 

$57  ± /¶DXWRULVDWLRQ GHV HDX[ YLVpHV j O¶DUWLFOH  &KDSLWUH,,,

FLGHVVXVGRQWODGXUpHQHGRLWSDVGpSDVVHUDQVGRLWLQGLTXHU 'XUDYLWDLOOHPHQWGHVSRSXODWLRQV SDUWRQQHDX[
OHVGLVSRVLWLRQVjSUHQGUHSDUOHWLWXODLUHGHO¶DXWRULVDWLRQSRXUVH RXFLWHUQHVPRELOHV
FRQIRUPHUDX[QRUPHVGHTXDOLWpGHO¶HDXSRWDEOH
$57  ± /H UDYLWDLOOHPHQW GHV SRSXODWLRQV HQ HDX SDU
$57  ± /HV XVDJHV GLUHFWV RX LQGLUHFWV j GHV ILQV WRQQHDX[RXFLWHUQHVPRELOHVHVWVRXPLVjDXWRULVDWLRQGpOLYUpH
DOLPHQWDLUHV GHV HDX[ QH UpSRQGDQW SDV DX[ QRUPHV GH TXDOLWp SDUO¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGHODVDQWp
YLVpHV j O¶DUWLFOH SUHPLHU FLGHVVXV H[LVWDQW j OD GDWH GH
/HV WRQQHDX[ HWRX OHV FLWHUQHV REMHW GH O¶DXWRULVDWLRQ
SXEOLFDWLRQGXSUpVHQWGpFUHWGLVSRVHQWG¶XQGpODLG¶XQDQSRXU
GRLYHQW rWUH SURSUHV GpVLQIHFWpV HW QH GRLYHQW HQ DXFXQ FDV
rWUH GpFODUpV &HWWH GpFODUDWLRQ YDXW GHPDQGH G¶DXWRULVDWLRQ HW DYRLU VHUYL DX VWRFNDJH RX DX WUDQVSRUW GHV SURGXLWV SRXYDQW
HVWLQVWUXLWHFRPPHWHOOH DYRLUXQLPSDFWQpJDWLIVXUODTXDOLWpGHO¶HDXRXHQJHQGUDQWXQ
&KDSLWUH,, ULVTXHVDQLWDLUH
'XWUDLWHPHQWGHVHDX[jXVDJHDOLPHQWDLUH $57  ± /D GHPDQGH G¶DXWRULVDWLRQ FRPSRUWHUD OHV
$57  ± /H WUDLWHPHQW GHV HDX[ j XVDJH DOLPHQWDLUH HVW LQGLFDWLRQVVXU
VRXPLV j DXWRULVDWLRQ GpOLYUpH SDU O¶DXWRULWp JRXYHUQHPHQWDOH ±OH PDWpULDX GH FRQVWUXFWLRQ GHV WRQQHDX[ HWRX GHV
FKDUJpHGHODVDQWp FLWHUQHVOHXUVFDSDFLWpVOHXUVIRUPHV
$57±/DGHPDQGHG¶DXWRULVDWLRQHVWDGUHVVpHjO¶DXWRULWp ±OHQRPEUHGHSHUVRQQHVjDOLPHQWHU
JRXYHUQHPHQWDOH FKDUJpH GH OD VDQWp (OOH GRLW LQGLTXHU O¶RULJLQH ±XQHFRSLHGHO¶DXWRULVDWLRQGHSUpOqYHPHQWG¶HDXGpOLYUpH
GHO¶HDXHWOHVSURGXLWVjXWLOLVHU(OOHGRLWrWUHDFFRPSDJQpH SDUO¶DJHQFHGHEDVVLQK\GUDXOLTXHRXSDUOHJHVWLRQQDLUH
±G¶XQH FRSLH GH O¶DXWRULVDWLRQ RX GH OD FRQFHVVLRQ GH GX UpVHDX SXEOLF VXU OHTXHO VH IDLW pYHQWXHOOHPHQW OH
SUpOqYHPHQWG¶HDX SUpOqYHPHQW

± G¶XQH pWXGH WHFKQLTXH UHODWLYH QRWDPPHQW j OD TXDOLWp GH ±ODTXDOLWpGHO¶HDXjWUDQVSRUWHU

O¶HDX j WUDLWHU DX[ SURGXLWV j XWLOLVHU j O¶LPSDFW pYHQWXHO ±OD GLVWDQFH HQWUH OH SRLQW GH SUpOqYHPHQW G¶HDX HW OHV
GHFHWUDLWHPHQWVXUODVDQWpGHVSRSXODWLRQVDX[SURFpGpV SRSXODWLRQVjDOLPHQWHU
GH WUDLWHPHQW j XWLOLVHU HW DX[ GLIIpUHQWHV SKDVHV GH ±OH OLHX GH SUpOqYHPHQW G¶HDX VD VLWXDWLRQ HW VHV
WUDLWHPHQW FRRUGRQQpHV /DPEHUW V¶LO V¶DJLW G¶XQH VRXUFH G¶XQ SXLWV
/¶pWXGH FLGHVVXV PHQWLRQQpH GRLW rWUH HIIHFWXpH SRXU OH RXG¶XQIRUDJH
FRPSWHGHO¶LQWpUHVVpHWjVHVIUDLVSDUXQpWDEOLVVHPHQWDJUppSDU ±XQH DWWHVWDWLRQ GX GHPDQGHXU  DWWHVWDQW TXH OHV WRQQHDX[
GpFLVLRQGHO¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGHODVDQWp HWRX OHV FLWHUQHV Q¶RQW MDPDLV VHUYL DX VWRFNDJH RX DX
/¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGHODVDQWpGpFLGHGHOD WUDQVSRUWGHSURGXLWVSRXYDQWDYRLUXQLPSDFWQpJDWLIVXU
VXLWH j UpVHUYHU j OD GHPDQGH G¶DXWRULVDWLRQ GDQV XQ GpODL GH ODTXDOLWpGHO¶HDXRXHQJHQGUDQWXQULVTXHVDQLWDLUH
TXDWUHYLQJWGL[  MRXUVDXSOXVWDUGjFRPSWHUGHODUpFHSWLRQ ±OHVGLVSRVLWLRQVHQYLVDJpHVSRXUPDLQWHQLUO¶HDXSRWDEOH
GH ODGLWH GHPDQGH 3DVVp FH GpODL O¶DXWRULVDWLRQ HVW UpSXWpH ±OHV FRQGLWLRQV GH VXUYHLOODQFH GH OD TXDOLWp GH O¶HDX j
DFFRUGpH PHWWUHHQ°XYUHSDUOHSpWLWLRQQDLUH
$57  ± /¶DXWRULVDWLRQ GH WUDLWHPHQW GHV HDX[ j XVDJH $57±/¶DXWRULVDWLRQGHUDYLWDLOOHPHQWGHVSRSXODWLRQV
DOLPHQWDLUH GRQW OD GXUpH QH GRLW SDV GpSDVVHU  DQV GRLW HQHDXSDUWRQQHDX[RXFLWHUQHVPRELOHVIL[HQRWDPPHQW
LQGLTXHUQRWDPPHQW
±O¶LGHQWLWpGHO¶DWWULEXWDLUH
±OHV VSpFLILFDWLRQV GHV SURGXLWV XWLOLVDEOHV SRXU OH
± ODGXUpHGHO¶DXWRULVDWLRQ TXLQHGRLWSDV GpSDVVHU GRX]H
WUDLWHPHQWDLQVLTXHFHOOHVGHVSURGXLWVGHVXEVWLWXWLRQHQ  PRLVUHQRXYHODEOH
FDVGHSpQXULHGHVSUHPLHUV
±OHYROXPHMRXUQDOLHUDXWRULVp
±OH GRVDJH PD[LPXP GHV SURGXLWV j XWLOLVHU SRXU OH
±OHPDWpULDXGHFRQVWUXFWLRQGHVWRQQHDX[RXGHVFLWHUQHV
WUDLWHPHQWGHO¶HDX
±OHOLHXGHSUpOqYHPHQWHWVHVFRRUGRQQpHV/DPEHUW
±OHVPRGDOLWpVGHVXUYHLOODQFHGHODTXDOLWpGHO¶HDX
± OHV FRQGLWLRQV GH SURORQJDWLRQ GH UHQRXYHOOHPHQW RX GH
±OD GXUpH DLQVL TXH OHV FRQGLWLRQV GH UHQRXYHOOHPHQW GH
UHWUDLWGHO¶DXWRULVDWLRQ
PRGLILFDWLRQHWGHUHWUDLWGHO¶DXWRULVDWLRQ
±OHV FRQGLWLRQV GH SUpOqYHPHQW G¶HDX ORUVTXH FHOXLFL HVW
$57  ± /HV WUDLWHPHQWV GHV HDX[ j XVDJH DOLPHQWDLUH
HIIHFWXpGDQVXQRXYUDJHSXEOLF
H[LVWDQWjODGDWHGHSXEOLFDWLRQGXSUpVHQWGpFUHWGLVSRVHQWG¶XQ
GpODLG¶XQDQSRXUrWUHGpFODUpV&HWWHGpFODUDWLRQYDXWGHPDQGH ±OHVFRQGLWLRQVGHVXUYHLOODQFHGHODTXDOLWpGHO¶HDX
G¶DXWRULVDWLRQHWHVWLQVWUXLWHFRPPHWHOOH ±ODTXDOLWpGHO¶HDXjWUDQVSRUWHU
 %8//(7,12)),&,(/ 1ıUHMHE 

&KDSLWUH,9 $UUrWpGXPLQLVWUHGHVILQDQFHVHWGHODSULYDWLVDWLRQQƒ
'HODVXUYHLOODQFHGHODTXDOLWpGHVHDX[ GX  HU MRXPDGD ,,    MXLQ  PRGLILDQW HW
jXVDJHDOLPHQWDLUH FRPSOpWDQW O¶DUUrWp GX PLQLVWUH GHV ILQDQFHV GX
FRPPHUFHGHO¶LQGXVWULHHWGHO¶DUWLVDQDWQƒGX
$57±/DVXUYHLOODQFHSDUOHVJHVWLRQQDLUHVH[SORLWDQWV UHMHE    QRYHPEUH  IL[DQW OHV PRGDOLWpV GH
RXSURSULpWDLUHVGHVLQVWDOODWLRQVGHSURGXFWLRQRXGHGLVWULEXWLRQ IRQFWLRQQHPHQW GHV SURYLVLRQV GH SUpYR\DQFH HW GHV
GH OD TXDOLWp GH O¶HDX SRWDEOH SURGXLWH RX GLVWULEXpH GRLW rWUH UpVHUYHVGHOD&DLVVHPDURFDLQHGHVUHWUDLWHVDLQVLTXHOD
SHUPDQHQWHHWVHIDLUHVHORQOHVQRUPHVHQYLJXHXU/HVUpVXOWDWV UpSDUWLWLRQGHVUHVVRXUFHVHQWUHOHVHPSORLVDXWRULVpV
GHFHWWHVXUYHLOODQFHVRQWDGUHVVpVDXPRLQVXQHIRLVSDUDQDX[ BBBBBBBB
VHUYLFHVH[WpULHXUVUHOHYDQWGHO¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpH
GHODVDQWp /(0,1,675('(6),1$1&(6(7'(/$35,9$7,6$7,21
/HV ODERUDWRLUHV VSpFLDOHPHQW DJUppV PHQWLRQQpV DX 9X O¶DUUrWp GX PLQLVWUH GHV ILQDQFHV GX FRPPHUFH GH
GHX[LqPH DOLQpD GH O¶DUWLFOH  GH OD ORL SUpFLWpH Qƒ  VRQW O¶LQGXVWULH HW GH O¶DUWLVDQDW Qƒ  GX  UHMHE 
GpVLJQpV SDU GpFLVLRQ FRQMRLQWH GHV DXWRULWpV JRXYHUQHPHQWDOHV QRYHPEUH  IL[DQW OHV PRGDOLWpV GH IRQFWLRQQHPHQW GHV
FKDUJpHVGHODVDQWpGHO¶HDXHWGHO¶HQYLURQQHPHQW SURYLVLRQVGHSUpYR\DQFHHWGHVUpVHUYHVGHOD&DLVVHPDURFDLQH
$57  ± 3RXU SURFpGHU DX[ YpULILFDWLRQV QpFHVVDLUHV DX[ GHV UHWUDLWHV DLQVL TXH OD UpSDUWLWLRQ GHV UHVVRXUFHV HQWUH OHV
FRQWU{OHVGXUHVSHFWGHVFRQGLWLRQVYLVpHVDX[DUWLFOHVSUHPLHUHW HPSORLVDXWRULVpVWHOTX¶LODpWpPRGLILpHWFRPSOpWp
FLGHVVXVOHVDJHQWVFRPPLVVLRQQpVSDUO¶DXWRULWpJRXYHUQHPHQWDOH $55Ç7(
FKDUJpH GH OD VDQWp RQW OLEUH DFFqV DX[ LQVWDOODWLRQV HW DX[ $57,&/(35(0,(5 ±/HVGLVSRVLWLRQVGHVDUWLFOHVHWGH
UpVXOWDWV GH OD VXUYHLOODQFH DVVXUpH SDU OHV SHUVRQQHV SXEOLTXHV O¶DUUrWp VXVYLVp Qƒ  GX  UHMHE    QRYHPEUH 
RX SULYpHV JHVWLRQQDLUHV GHV LQVWDOODWLRQV GH SURGXFWLRQ RX GH VRQWPRGLILpHVHWFRPSOpWpHVFRPPHVXLW
GLVWULEXWLRQGHO¶HDXSRWDEOH
©$UWLFOH  ± /HV YDOHXUV  j FRQFXUUHQFH
&KDSLWUH9 ©GHVOLPLWDWLRQVVXLYDQWHV
'LVSRVLWLRQVWUDQVLWRLUHVHWILQDOHV ©
$57±'HVDPSOLDWLRQVGHVGpFLVLRQVG¶DXWRULVDWLRQVDLQVL ©
TXHGHOHXUPRGLILFDWLRQGHOHXUUpYRFDWLRQGHOHXUUHQRXYHOOHPHQW
GH OHXU UHWUDLW RX GH OHXU WUDQVIHUW GpOLYUpHV HQ YHUWX GX SUpVHQW © %LHQV LPPRELOLHUV  WHUUDLQV LPPHXEOHV HW SDUWV HW
GpFUHWVRQWDGUHVVpHVSDUO¶DXWRULWpJRXYHUQHPHQWDOHFKDUJpHGHOD ©DFWLRQVGHVVRFLpWpVGRQWO¶DFWLYLWpSRUWHHVVHQWLHOOHPHQWVXU OH
VDQWpDXGLUHFWHXUGHO¶DJHQFHGXEDVVLQK\GUDXOLTXHFRQFHUQpH ©VHFWHXU LPPRELOLHU VXU DXWRULVDWLRQ GX PLQLVWUH FKDUJp GHV
©ILQDQFHVHWFHGDQVODOLPLWHGHGHVHPSORLVª
$57±(QDSSOLFDWLRQGHVGLVSRVLWLRQVGHO¶DUWLFOHGHOD
ORLSUpFLWpHQƒOHVDWWULEXWLRQVUHFRQQXHVSDUOHSUpVHQWGpFUHW ©$UWLFOH±(QFHTXLFRQFHUQH
DX[ DJHQFHV GH EDVVLQV K\GUDXOLTXHV VRQW H[HUFpHV GDQV OHV ]RQHV ©QHSHXW
QRQ FRXYHUWHV SDU OHVGLWHV DJHQFHV SDU O¶DXWRULWp JRXYHUQHPHQWDOH ©±HPSOR\HU SOXV GH  GH VHV UHVVRXUFHV HQ YDOHXUV
FKDUJpHGHO¶HDX ©pPLVHV SDU XQ PrPH pPHWWHXU 7RXW HPSORL GH FHV
$57  ± (VW DEURJp O¶DUUrWp YL]LULHO GX  UHMHE  ©UHVVRXUFHVDXGHOjGHFHVHXLOHVWVRXPLVjO¶DXWRULVDWLRQ
PDL  VXU OD SURWHFWLRQ GHV HDX[ GHVWLQpHV j ©SUpDODEOHGXPLQLVWUHFKDUJpGHVILQDQFHV
O¶DOLPHQWDWLRQGHVYLOOHVRXDJJORPpUDWLRQV ©
$57  ± /H PLQLVWUH GH O¶DPpQDJHPHQW GX WHUULWRLUH GH /HUHVWHVDQVFKDQJHPHQW
O¶HDXHWGHO¶HQYLURQQHPHQWHWOHPLQLVWUHGHODVDQWpVRQWFKDUJpV
$57±/HSUpVHQWDUUrWpVHUDSXEOLpDX%XOOHWLQRIILFLHO
GH O¶DSSOLFDWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX %XOOHWLQ
RIILFLHO 5DEDWOHHU MRXPDGD,, MXLQ 
)DLWj5DEDWOHMRXPDGD,, MXLOOHW  )$7+$//$+28$/$/28

'5,66-(7728
3RXUFRQWUHVHLQJ
$UUrWp GX PLQLVWUH GH O¶pQHUJLH HW GHV PLQHV Qƒ  GX
/HPLQLVWUH
MRXPDGD ,,    MXLQ  UHODWLI DX UpVHDX GH
GHO¶DPpQDJHPHQWGXWHUULWRLUH
GLVWULEXWLRQ DX GpWDLO GHV UHSUHQHXUV HQ UDIILQHULH
GHO¶HDXHWGHO¶HQYLURQQHPHQW
G¶K\GURFDUEXUHVUDIILQpVDXWUHVTXHOHVJD]GHSpWUROH
02+$0('(/<$=*+, OLTXpILpV
/HPLQLVWUHGHODVDQWp BBBBBBBB

02+$0('&+(,.+%,$',//$+ /(0,1,675('(/¶(1(5*,((7'(60,1(6
/HPLQLVWUHGHO¶LQWpULHXU 9X OH GDKLU SRUWDQW ORL Qƒ GX  PRKDUUHP 
&+$.,%%(102866$  IpYULHU  VXU O¶LPSRUWDWLRQ O¶H[SRUWDWLRQ OH UDIILQDJH OD
UHSULVH HQ UDIILQHULH HW HQ FHQWUH HPSOLVVHXU OH VWRFNDJH HW OD
²²² GLVWULEXWLRQGHVK\GURFDUEXUHVWHOTX¶LODpWpPRGLILpHWFRPSOpWpSDU
/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX ODORLQƒSURPXOJXpHSDUOHGDKLUQƒGXUDELL,
©%XOOHWLQRIILFLHOªQƒGXUHMHE DR€W  DR€W