&216,*1(6'(6e&85,7e
/,6(=$ 77(17,9(0(17/(6&216,*1(6'(6e&85,7e&,'(66286$ 9 $17'¶87,/,6(5/(352'8,7
x &HFKDXIIDJHGHWHUUDVVHHVWFRQoXH[FOXVLYHPHQWSRXUXWLOLVDWLRQjO¶H[WpULHXU
x &HWDSSDUHLOGHFKDXIIDJHH[WpULHXUQHSHXWSDVrWUHLQVWDOOpVXUGHVEDWHDX[RXYpKLFXOHVGHORLVLU
x 1XWLOLVH]SDVOHFKDXIIDJHGHWHUUDVVHSRXUFKDXIIHUGHVEkWLPHQWV
x 1XWLOLVH]SDVOHFKDXIIDJHGHWHUUDVVHGDQVXQHFDYHRXXQVRXWHUUDLQ
x / ¶LQVWDOODWLRQGRLWrWUHFRQIRUPHDX[SUHVFULSWLRQVORFDOHVHQYLJXHXU
x / ¶LQVWDOODWLRQHWOHVUpSDUDWLRQVGRLYHQWrWUHHIIHFWXpHVSDUXQLQVWDOODWHXUTXDOLILp
x 7 RXWPRQWDJHUpJODJHRXPRGLILFDWLRQLQDSSURSULpVVRQWVXVFHS WLEOHVGHFDXVHUGHVEOHVVXUHVHWGHVGRPPDJHV
x 1¶HVVD\H]SDVG¶DSSRUWHUGHVPRGLILFDWLRQVjO¶DSSDUHLO
x 1HUHPSODFH]MDPDLVOHGpWHQGHXUSDUXQPRGqOHDXWUHTXHFHOXLFRQVHLOOpSDUOHIDEULFDQWPEDU
x ÐWH]O¶HPEDOODJHGHSURWHFWLRQDYDQWG¶XWLOLVHUO¶DSSDUHLO
x 1HVWRFNH]SDVHWQ¶XWLOLVH]SDVG¶HVVHQFHHWG¶DXWUHVOLTXLGHVRXJD]HX[LQIODPPDEOHVGDQVO¶XQLWpGHFKDXIIDJH
x 8WLOLVH]GX7pIORQSRXUUDFFRUGHUOHGpWHQGHXU DILQGHSUpYHQLUWRXWHIXLWH
x $YDQWXWLOLVDWLRQHWDXPRLQVXQHIRLVSDUDQIDLWHVFRQWU{OHUSDUXQLQVWDOODWHXUTXDOLILpO¶HQVHPEOHGXV\VWqPH
OHIOH[LEOHOHGpWHQGHXU ODYHLOOHXVHHWOHEUOHXU
x /HFRQWU{OHGHVIXLWHVGRLWrWUHHIIHFWXpDXPR\HQG¶XQHVROXWLRQVDYRQQHXVH
1¶XWLOLVH]MDPDLVGHIODPPHQXHSRXUUHFKHUFKHUXQHIXLWH
x 1¶XWLOLVH]O¶DSSDUHLOTXHORUVTXHWRXVOHVUDFFRUGHPHQWVRQWpWpFRQWU{OpVUHFKHUFKHGHIXLWHV
x )HUPH]LPPpGLDWHPHQWOHURELQHWGHJD]ORUVTXHYRXVVHQWH]XQHRGHXUGHJD]
x 1HGpSODFH]SDVO¶DSSDUHLOORUVTX¶LOHVWDOOXPp
x 'pSODFH]O¶DSSDUHLOXQLTXHPHQWORUVTX¶LOHVWpWHLQWHWUHIURLGL
x 9 HLOOH]jFHTXHOHVRULILFHVGHYHQWLODWLRQVRLHQWWRXMRXUVSURSUHVHWGpJDJpV
x 1HMDPDLVPHWWUHHQSHLQWXUHOHSURWqJHIODPPHOHSDQQHDXGHFRPPDQGHRXODFRXSROHGXUpIOHFWHXU
x 9 HLOOH]jFHTXHOHSDQQHDXGHFRPPDQGHOHEUOHXUHWOHVRULILFHVGHYHQWLODWLRQGHO¶DSSDUHLOUHVWHQWSURSUHV
1HWWR\H]O¶DSSDUHLODXVVLVRXYHQWTXHQpFHVVDLUH
x )HUPH]ODERXWHLOOHGHJD]ORUVTXHO¶DSSDUHLOQ¶HVWSDVXWLOLVp
x &RQWU{OH]O¶DSSDUHLOGDQVOHVFDVVXLYDQWV
OHFKDXIIDJHQ¶DWWHLQWSDVODWHPSpUDWXUHUHTXLVH
OHEUOHXUSURGXLWXQEUXLWVRXUGDORUVTX¶LOHVWHQVHUYLFHORUVTX¶RQO¶pWHLQW
LOHVWQRUPDOG¶HQWHQGUHXQOpJHUEUXLW
YRXVSHUFHYH]XQHRGHXUGHJD]HWOHVIODPPHVGXEUOHXUSUpVHQWHQWXQHORQJXHSRLQWHMDXQH
x 1HSDVLQKDOHUOHVIXPpHVTXLVHGpJDJHQWGHO¶DSSDUHLOORUVGHVDSUHPLqUHXWLOLVDWLRQ
/ ¶KXLOHXWLOLVpHORUVGHODIDEULFDWLRQEUOHFHTXLIRUPHGHODIXPpHHWGpJDJHXQHFHUWDLQHRGHXU
&HSKpQRPqQHGLVSDUDvWDXERXWG¶HQYLURQPLQXWHV
x 1HGpSRVH]SDVOHIOH[LEOHVXUXQHDOOpHRO¶RQSRXUUDLWWUpEXFKHURXjXQHQGURLWRLOULVTXHUDLWG¶rWUH
HQGRPPDJp
x 9 HLOOH]jFHTXHOHIOH[LEOHVRLWH[HPSWGHSOLXUHV
x 9pULILH]O¶pWDWGXIOH[LEOHXQHIRLVSDUPRLVHWFKDTXHIRLVTXHYRXVUHPSODFH]ODERXWHLOOH
8QIOH[LEOHHQGRPPDJpGRLWrWUHUHPSODFpLPPpGLDWHPHQW
x 5HPSODFH]OHIOH[LEOHWRXWHVOHVDQQpHV/RQJXHXUIOH[LEOHPD[PqWUH
x /HVFDFKHVFDSRWVHWpOpPHQWVGHSURWHFWLRQHQOHYpVSRXUO¶HQWUHWLHQGHO¶DSSDUHLOGRLYHQWrWUH
UHPLVHQSODFHDYDQWWRXWHQRXYHOOHXWLOLVDWLRQ
x /HVDGXOWHVHWOHVHQIDQWVGRLYHQWYHLOOHUjQHSDVDSSURFKHUOHVVXUIDFHVEUODQWHVLOVULVTXHUDLHQWGHVH
EUOHUHWOHXUVYrWHPHQWVSRXUUDLHQWSUHQGUHIHX
x 9 HLOOH]jFHTXHOHVHQIDQWVQ¶DSSURFKHQWSDVGHO¶DSSDUHLO
x 1HSODFH]DXFXQYrWHPHQWRXDXWUHPDWpULDXLQIODPPDEOHVXURXjSUR[LPLWpGHO¶DSSDUHLO
/ ¶XWLOLVDWHXUDFFHSWHWRXVOHVULVTXHVUHODWLIVDXPRQWDJHHWjO¶XWLOLVDWLRQGXFKDXIIDJHGHWHUUDVVH
/HQRQUHVSHFWGHVFRQVLJQHVHWLQVWUXFWLRQVGXSUpVHQWPDQXHOSHXWHQWUDvQHUGHVEOHVVXUHVJUDYHV
ODPRUWRXGHVGRPPDJHVPDWpULHOV&RQWDFWH]YRWUHUHYHQGHXU VLYRXVQHFRPSUHQH]SDVOHPDQXHO
/HIRXUQLVVHXUQ¶HVWSDVUHVSRQVDEOHGHODQpJOLJHQFHGHO¶XWLOLVDWHXU
$ 77(17,21
(03/$&(0(17&255(&7
x / ¶DSSDUHLOHVWXQLTXHPHQWGHVWLQpjXQXVDJHH[WpULHXU
1HO¶XWLOLVH]SDVjO¶LQWpULHXURXGDQVXQHVSDFHFORV
/ ¶XWLOLVDWLRQGHFHWDSSDUHLOGDQVXQHVSDFHFORVHVWLQWHUGLWH
HQUDLVRQGHVGDQJHUVTXHFHODFRPSRUWH
(QFDVG¶XWLOLVDWLRQVRXVXQHWRLWXUHRXHQWUHGHVPXUV
LOIDXWSUpYRLUXQHYHQWLODWLRQVXIILVDQWHXQGHVORQJVF{WpV
GHO¶HVSDFHGRLWrWUHRXYHUWVRLWDXPRLQVGHODVXSHUILFLH
WRWDOHGHVF{WpVYRLULOOXVWUDWLRQ9 HLOOH]WRXMRXUVjXQH
YHQWLODWLRQVXIILVDQWH
3ODFH]WRXMRXUVO¶DSSDUHLOjXQHGLVWDQFHVXI ILVDQWHGHPDWpULDX[
LQIODPPDEOHVVRLWjFPDXPLQLPXPGHODSDUWLHVXSpULHXUHHW
jFPDXPLQLPXPGHVSDUWLHVODWpUDOHVYRLULOOXVWUDWLRQ
3ODFH]O¶DSSDUHLOVXUXQHVXUIDFHSODQHHWVWDEOH
1¶XWLOLVH]MDPDLVO¶DSSDUHLOjSUR[LPLWpGHPDWpULDX[H[SORVL IV
SDUH[HPSOHGDQVXQHQGURLWRVRQWVWRFNpVGHO¶HVVHQFHHWDXWUHV
OLTXLGHVRXJD]LQIODPPDEOHV
)L[H]VROLGHPHQWODEDVHGDQVOHVRODXPR\HQGHERXORQVSRX USURWpJHU
O¶DSSDUHLOFRQWUHOHVYHQWVYLROHQWV
35(6&5,37,2165(/$ 7,9(6$8*$=
x 8WLOLVH]XQLTXHPHQWGXSURSDQHRXGXEXWDQH
/HFKDXI IDJHGHWHUUDVVHDpWpFRQoXSRXUrWUHXWLOLVpDYHFXQHERXWHLOOHGHJD]GHNJ
'LPHQVLRQVPD[LPDOHVGHODERXWHLOOH¡FPKDXWHXUFP
/DSUHVVLRQG¶HQWUpHPD[LPDOHGXGpWHQGHXUGHSURSDQHHVWGH EDU
8QHSUHVVLRQG¶DOLPHQWDWLRQPLQLPDOHGHPEDUHVWQpFHVVDLU HSRXUDVVXUHU
O¶DOLPHQWDWLRQGHSURSDQH/HGpWHQGHXUHWOHIOH[LEOHGRLYHQWrWUHUDFFRUGpVFRQIRUPpPHQW
DX[SUHVFULSWLRQVORFDOHVHQYLJXHXU
/ ¶LQVWDOODWLRQGRLWVDWLVIDLUHDX[SUHVFULSWLRQVORFDOHVHQY LJXHXURXVLFHOOHVFLIRQWGpIDXW
jODQRUPHGHVWRFNDJHHWGHWUDLWHPHQWGHVJD]GHSpWUROHOLTXpILpV
7 RXWHERXWHLOOHGHSURSDQHURXLOOpHRXHQGRPPDJpHSHXWrWUHGDQJHUHXVHHWGRLWrWUH
FRQWU{OpHSDUYRWUHIRXUQLVVHXU 1¶XWLOLVH]MDPDLVXQHERXWHLOOHGRQWOHUDFFRUGHVWHQGRPPDJp
/ ¶HVSDFHRHVWSODFpHODERXWHLOOHGRLWrWUHDPpQDJpGHWHOO HVRUWHTXHOHVYDSHXUVSXLVVHQW
V¶pFKDSSHUOLEUHPHQW
1HUDFFRUGH]MDPDLVXQUpVHUYRLUGHSURSDQHQRQVWDELOLVpjO ¶DSSDUHLO
'pEUDQFKH]OHIOH[LEOHVLO¶DSSDUHLOQ¶HVWSDVXWLOLVpSHQGDQ WXQHORQJXHSpULRGH
&2175Ð/('(6)8,7(6
/HVUDFFRUGHPHQWVGHJD]RQWpWpVRXPLVjXQFRQWU{OHG¶pWDQFKpLWpHQXVLQHDYDQWH[SpGLWLRQ
/RUVGHO¶LQVWDOODWLRQLOFRQYLHQWG¶HIIHFWXHUXQFRQWU{OHG¶pWDQFKpLWpFRPSOHWHQUDLVRQG¶pYHQWXHOOHV
HUUHXUVGHPDQXWHQWLRQRXG¶XQHIRUWHSUHVVLRQDXFRXUVGXWUDQVSRUW
9pULILH]O¶DSSDUHLOORUVTXHODERXWHLOOHHVWSOHLQH
9 HLOOH]jFHTXHOHERXWRQGHJD]VHWURXYHHQSRVLWLRQ$55Ç72))
3UpSDUH]XQHVROXWLRQVDYRQQHXVHTXDQWLWpGHVDYRQOLTXLGHSRXUTXDQWLWpG¶HDX
9 RXVSRXYH]DSSOLTXHUFHWWHVROXWLRQDXPR\HQG¶XQYDSRULVDWHXU G¶XQHEURVVHRXG¶XQFKLIIRQ
(QFDVGHIXLWHGHVEXOOHVGHVDYRQVHIRUPHQW
7 RXUQH]OHERXWRQGHJD]HQSRVLWLRQ0$5&+(21
6LYRXVFRQVWDWH]XQHIXLWHWRXUQH]OHERXWRQHQSRVLWLRQ$55Ç72))
5HVVHUUH]OHVUDFFRUGVSUpVHQWDQWGHVIXLWHVRXYUH]jQRXYHDXO¶DOLPHQWDWLRQHQJD]HWYpULILH]
jQRXYHDX6LYRXVFRQVWDWH]WRXMRXUVODSUpVHQFHGHEXOOHVGHVDYRQFRQWDFWH]YRWUHUHYHQGHXU
RXYRWUHIRXUQLVVHXUGHJD]
1¶HIIHFWXH]MDPDLVXQFRQWU{OHG¶pWDQFKpLWpORUVTXHYRXVIXPH]