Projet de la Loi de Finances 2012

±±

352-(7'(/2,'(),1$1&(61ƒ

3285/¶$11((%8'*(7$,5(

±±±±±±±±±±±±

35(0,(5(3$57,(

BBBBBB

'211((6*(1(5$/(6'(/¶(48,/,%5(

),1$1&,(5

BBBBBB

7,75(35(0,(5

'LVSRVLWLRQVUHODWLYHVDX[UHFHWWHVSXEOLTXHV ,±,

03276(75(9(186$8725,6(6

$UWLFOHSUHPLHU

,±6RXVUpVHUYHGHVGLVSRVLWLRQVGHODSUpVHQWHORLGHILQDQFHV FRQWLQXHURQW G¶rWUH RSpUpHV SHQGDQW O¶DQQpH EXGJpWDLUH FRQIRUPpPHQW DX[ GLVSRVLWLRQV OpJLVODWLYHV HW UpJOHPHQWDLUHV HQ YLJXHXU

ƒODSHUFHSWLRQGHVLPS{WVSURGXLWVHWUHYHQXVDIIHFWpVj O¶(WDW

ƒOD SHUFHSWLRQ GHV LPS{WV SURGXLWV WD[HV HW UHYHQXV DIIHFWpVDX[FROOHFWLYLWpVWHUULWRULDOHVDX[pWDEOLVVHPHQWVSXEOLFV HWRUJDQLVPHVG€PHQWKDELOLWpV

,,±/HJRXYHUQHPHQWHVWDXWRULVpjSURFpGHUDX[pPLVVLRQV G¶HPSUXQWV GDQV OHV FRQGLWLRQV SUpYXHV SDU OD SUpVHQWH ORL GH ILQDQFHV

,,,±7RXWHVFRQWULEXWLRQVGLUHFWHVRXLQGLUHFWHVDXWUHVTXH FHOOHV DXWRULVpHV SDU OHV GLVSRVLWLRQV OpJLVODWLYHV HW UpJOHPHQWDLUHV HQ YLJXHXU HW SDU OD SUpVHQWH ORL GH ILQDQFHV j TXHOTXH WLWUH HW VRXV TXHOTXH GpQRPLQDWLRQ TX¶HOOHV VH SHUoRLYHQW VRQW IRUPHOOHPHQW LQWHUGLWHV j SHLQH FRQWUH OHV DXWRULWpV TXL OHV RUGRQQHUDLHQW FRQWUH OHV HPSOR\pV TXL FRQIHFWLRQQHUDLHQWOHVU{OHVHWIL[HUDLHQWOHVWDULIVHWFRQWUHFHX[

TXL HQ IHUDLHQW OH UHFRXYUHPHQW G¶rWUH SRXUVXLYLV FRPPH FRQFXVVLRQQDLUHV VDQV SUpMXGLFH GH O¶DFWLRQ HQ UpSpWLWLRQ SHQGDQWWURLVDQQpHVFRQWUHOHVUHFHYHXUVSHUFHSWHXUVRXDXWUHV SHUVRQQHVTXLHQDXUDLHQWIDLWODSHUFHSWLRQ

6RQW pJDOHPHQW SXQLVVDEOHV GHV SHLQHV SUpYXHV j O¶pJDUG GHV FRQFXVVLRQQDLUHV WRXV GpWHQWHXUV GH O¶DXWRULWp SXEOLTXH RX IRQFWLRQQDLUHV SXEOLFV TXL VRXV XQH IRUPH TXHOFRQTXH HW SRXU TXHOTXHPRWLITXHFHVRLWDXURQWVDQVDXWRULVDWLRQOpJLVODWLYHRX UpJOHPHQWDLUHDFFRUGpGHVH[RQpUDWLRQVRXIUDQFKLVHVGHGURLWV LPS{WV RX WD[HV SXEOLTXHV RX DXURQW HIIHFWXpV JUDWXLWHPHQW OD GpOLYUDQFHGHSURGXLWVRXVHUYLFHVGHVpWDEOLVVHPHQWVGHO¶(WDW

'URLWVGHGRXDQHHWLPS{WVLQGLUHFWV

$UWLFOH

,±&RQIRUPpPHQW DX[ GLVSRVLWLRQV GH O¶DUWLFOH GH OD&RQVWLWXWLRQ HW SHQGDQW OD SpULRGH DOODQW GH OD GDWH GH SXEOLFDWLRQGHODSUpVHQWHORLGHILQDQFHVDX©%XOOHWLQRIILFLHOª HWMXVTX¶DXGpFHPEUHOHJRXYHUQHPHQWHVWDXWRULVpj

±PRGLILHURXVXVSHQGUHSDUGpFUHWVjO¶H[FOXVLRQGHODWD[H VXU OD YDOHXU DMRXWpH OHV TXRWLWpV WDULIDLUHV HW OHV DXWUHV GURLWV HW WD[HV SHUoXV j O¶LPSRUWDWLRQ HW j O¶H[SRUWDWLRQ DLQVLTXHOHVWD[HVLQWpULHXUHVGHFRQVRPPDWLRQSUpYXVSDU OH GDKLU SRUWDQW ORL Qƒ GX FKDRXDO RFWREUHGpWHUPLQDQWOHVTXRWLWpVDSSOLFDEOHVDX[

PDUFKDQGLVHV HW RXYUDJHV VRXPLV j WD[HV LQWpULHXUHV GH FRQVRPPDWLRQDLQVLTXHOHVGLVSRVLWLRQVVSpFLILTXHVjFHV PDUFKDQGLVHVHWRXYUDJHV

±PRGLILHURXFRPSOpWHUSDUGpFUHWVOHVOLVWHVGHVSURGXLWV RULJLQDLUHV HW HQ SURYHQDQFH GH FHUWDLQV SD\V G¶$IULTXH EpQpILFLDQW GH O¶H[RQpUDWLRQ GX GURLW G¶LPSRUWDWLRQ DLQVL TXHODOLVWHGHFHVSD\V

/HV GpFUHWV YLVpV FLGHVVXV GRLYHQW rWUH VRXPLV j OD UDWLILFDWLRQGX3DUOHPHQWGDQVODSOXVSURFKDLQHORLGHILQDQFHV

,,±&RQIRUPpPHQW DX[ GLVSRVLWLRQV GH O¶DUWLFOH GH OD

&RQVWLWXWLRQVRQWUDWLILpVOHVGpFUHWVFLDSUqVLQGLTXpVSULVHQYHUWX GHVGLVSRVLWLRQVGHO¶DUWLFOH±,GHODORLGHILQDQFHVQƒSRXU O¶DQQpHEXGJpWDLUH

±GpFUHW Qƒ GX MRXPDGD ,, PDL SRUWDQW PRGLILFDWLRQ GHV TXRWLWpV GX GURLW G¶LPSRUWDWLRQ DSSOLFDEOHjFHUWDLQVSURGXLWVDJURDOLPHQWDLUHV

±GpFUHWQƒGXFKDRXDOVHSWHPEUH SRUWDQW PRGLILFDWLRQ GX GURLW G¶LPSRUWDWLRQ DSSOLFDEOH j FHUWDLQV SURGXLWV

±GpFUHW Qƒ GX NDDGD RFWREUH SRUWDQW VXVSHQVLRQ GH OD SHUFHSWLRQ GX GURLW G¶LPSRUWDWLRQ DSSOLFDEOHDXEOpGXUHWDXEOpWHQGUH

±GpFUHWQƒGXVDIDUGpFHPEUH PRGLILDQWOHGpFUHWQƒGXNDDGDRFWREUH SRUWDQW VXVSHQVLRQ GH OD SHUFHSWLRQ GX GURLW G¶LPSRUWDWLRQ DSSOLFDEOHDXEOpGXUHWDXEOpWHQGUH

&RGHGHVGRXDQHVHWLPS{WVLQGLUHFWV

$UWLFOH

/HVGLVSRVLWLRQVGHVDUWLFOHVƒƒƒ

HW GX FRGH GHV GRXDQHV HW LPS{WV LQGLUHFWV UHOHYDQW GH

O¶DGPLQLVWUDWLRQGHVGRXDQHVHWLPS{WVLQGLUHFWVDSSURXYpSDUOH

GDKLUSRUWDQWORLQƒGXFKDRXDORFWREUH

VRQWPRGLILpHVHWFRPSOpWpHVFRPPHVXLW

±±

©$UWLFOH ±ƒ(Q FDV G¶XUJHQFH OHV TXRWLWpV WDULIDLUHV

©FRQIRUPpPHQWDX[GLVSRVLWLRQVGHO¶DUWLFOH

©GH OD &RQVWLWXWLRQ rWUH PRGLILpV RX VXVSHQGXV SDU OH

©JRXYHUQHPHQWHQYHUWXG¶XQHKDELOLWDWLRQOpJLVODWLYH

©ƒ±

ODVXLWHVDQVPRGLILFDWLRQ

©$UWLFOH±ƒ/HFDSLWDLQHRXVRQUHSUpVHQWDQWG€PHQW

©PDQGDWpGRLWGpSRVHUXQHGpFODUDWLRQVRPPDLUHDXEXUHDXGH

©GRXDQH DYDQW O¶DUULYpH GX QDYLUH GDQV OH SRUW HW FH GDQV OHV

©GpODLVIL[pVSDUDUUrWpGXPLQLVWUHFKDUJpGHVILQDQFHV

©/RUVTXHOHQDYLUHHVWDIIUpWpjGpEDUTXHU

©HWGRQWLODODFKDUJH

©/DGpFODUDWLRQVRPPDLUHQHSURGXLWVHVHIIHWVTX¶jSDUWLU

©GHODGDWHG¶DUULYpHGXGLWQDYLUH

© 6L j O¶H[SLUDWLRQ G¶XQ GpODL IL[p SDU DUUrWp GX PLQLVWUH

©FKDUJp GHV ILQDQFHV OH QDYLUH Q¶HVW SDV DUULYp OD GpFODUDWLRQ

©VRPPDLUHHVWDQQXOpHSDUO¶DGPLQLVWUDWLRQ

©ƒD ODVXLWHVDQVPRGLILFDWLRQ

©$UWLFOH ±ƒ/H SLORWH FRPPDQGDQW GH ERUG RX VRQ

©UHSUpVHQWDQW G€PHQW PDQGDWp GRLW GpSRVHU XQH GpFODUDWLRQ

©VRPPDLUHDXEXUHDXGHGRXDQHGHO¶DpURGURPHDYDQWO¶DUULYpH

©GH O¶DpURQHI HW FH GDQV XQ GpODL IL[p SDU DUUrWp GX PLQLVWUH

©FKDUJpGHVILQDQFHV

©/RUVTXHPDQGDWpGRLWGDQVOHGpODLSUpFLWp

©GpSRVHU DX EXUHDX GH GRXDQH GH O¶DpURGURPH XQH GpFODUDWLRQ

©VRPPDLUHGHVPDUFKDQGLVHVjGpFKDUJHUHWGRQWLODODFKDUJH

©/RUVTXHO¶DpURQHIQHjGpFKDUJHU©QpDQWª

©/DGpFODUDWLRQVRPPDLUHQHSURGXLWVHVHIIHWVTX¶jSDUWLU

©GHODGDWHG¶DUULYpHGHO¶DpURQHIFRQVLGpUp

© 6L j O¶H[SLUDWLRQ G¶XQ GpODL IL[p SDU DUUrWp GX PLQLVWUH

©FKDUJp GHV ILQDQFHV O¶DpURQHI FRQVLGpUp Q¶HVW SDV DUULYp OD

©GpFODUDWLRQVRPPDLUHHVWDQQXOpHSDUO¶DGPLQLVWUDWLRQ

©/DGpFODUDWLRQVRPPDLUHHVWLPPpGLDWHPHQW

©HQUHJLVWUpH

©ƒ

ODVXLWHVDQVPRGLILFDWLRQ

©$UWLFOH ±ƒ7RXWHV OHV PDUFKDQGLVHV XQ

©UpJLPHGRXDQLHU

©ƒ

©ƒ6RQWGLVSHQVpVGHFHWWHGpFODUDWLRQ

©±OHVQDYLUHVGHFRPPHUFHDX0DURF

©±OHVQDYLUHVGHFRPPHUFHXQSDYLOORQpWUDQJHU

©±OHV FRQWHQHXUV ORUV GH OHXU LPSRUWDWLRQ WHPSRUDLUH RX

©H[SRUWDWLRQ WHPSRUDLUH VRXV UpVHUYH GHV FRQGLWLRQV

©IL[pHVSDUOHGLUHFWHXUGHO¶DGPLQLVWUDWLRQ

©$UWLFOH ±(Q FDV G¶XUJHQFH OHV TXRWLWpV GHV WD[HV

©LQWpULHXUHVGHFRQVRPPDWLRQDX[GLVSRVLWLRQV

©GHO¶DUWLFOHGHOD&RQVWLWXWLRQrWUHPRGLILpHVRXVXVSHQGXHV

©SDUOHJRXYHUQHPHQWHQYHUWXG¶XQHKDELOLWDWLRQOpJLVODWLYH

©$UWLFOH±(QFDVGHFRQFRXUV

©

©pWDEOLHV7RXWHIRLVORUVTXHFHVLQIUDFWLRQVSRUWHQWVXUODPrPH

© PDUFKDQGLVH LO \ D OLHX G¶DSSOLTXHU OD FRQGDPQDWLRQ OD SOXV

©JUDYHª

7DULIGHVGURLWVGHGRXDQH

$UWLFOH

,±/HWDULIGHVGURLWVG¶LPSRUWDWLRQIL[pSDUO¶DUWLFOH†,GH OD ORL GH ILQDQFHV Qƒ SRXU OD SpULRGH GX

^HU

MXLOOHW DX GpFHPEUH SURPXOJXpH SDU OH GDKLU Qƒ GX UDELL,MXLQWHOTX¶LODpWpPRGLILpHWFRPSOpWp HVWPRGLILpFRPPHVXLW

X 1

0RWRF\FOHV \ FRPSULV OHV F\FORPRWHXUV HW F\FOHV pTXLSpV G¶XQ PRWHXUDX[LOLDLUHDYHFRXVDQVVLGHFDUVVLGHFDUV

±$XWUHV

±±±jPRWHXUpOHFWULTXH

±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±

&2',),&$7,21 '(6,*1$7,21'(6352'8,76 '52,7

G¶LPSRUWDWLRQ

81,7(

GHTXDQWLWp QRUPDOLVpH

81,7(6 FRPSOpPHQWDLUHV

±±

81,7('(

3(5&(37,21

4827,7(

'(6,*1$7,21'(6352'8,76 '+

NJV

NJV

±3UpSDUDWLRQV QRQ GpQRPPpHV QL FRPSULVHVDLOOHXUVFRQWHQDQWHQSRLGV XQH SURSRUWLRQ GKXLOHV GH SpWUROH RX GH PLQpUDX[ ELWXPLQHX[ VXSpULHXUH j HW GRQW FHV KXLOHV FRQVWLWXHQW OpOpPHQWGHEDVH

±3UpSDUDWLRQV OXEULILDQWHV FRQWHQDQW FRPPHFRQVWLWXDQWVGHEDVHPRLQVGH HQSRLGVG¶KXLOHVGHSpWUROHRX GHPLQpUDX[ELWXPLQHX[jO¶H[FHSWLRQ GH FHOOHV XWLOLVpHV SRXU OH WUDLWHPHQW GHV PDWLqUHV WH[WLOHV GX FXLU GHV SHOOHWHULHVRXG¶DXWUHV

ODVXLWHVDQVPRGLILFDWLRQ

,,±3DUGpURJDWLRQDX[GLVSRVLWLRQVGHO¶DUWLFOH†,GHODORL

GHILQDQFHVQƒSRXUODSpULRGHGX

^HU

MXLOOHWDXGpFHPEUH SURPXOJXpHSDUOHGDKLUQƒGXUDELL, MXLQWHOTX¶LODpWpPRGLILpHWFRPSOpWpOHVPDUFKDQGLVHV IDEULTXpHV GDQV OHV ]RQHV IUDQFKHV G¶H[SRUWDWLRQ WHOOHV TXH GpILQLHV SDU OD ORL Qƒ VRQW VRXPLVHV ORUV GH OHXU PLVH j OD FRQVRPPDWLRQ VXU OH WHUULWRLUH DVVXMHWWL j XQ GURLW G¶LPSRUWDWLRQ PLQLPXPDXWDX[GH

7RXWHIRLVODSURSRUWLRQPD[LPDOHGHVPDUFKDQGLVHVpOLJLEOHV j FH WDX[ PLQLPXP QH SHXW GpSDVVHU GX FKLIIUH G¶DIIDLUHV DQQXHOjO¶H[SRUWDWLRQ

/HVFRQGLWLRQVG¶RFWURLGHFHWDYDQWDJHVRQWIL[pHVSDUYRLH UpJOHPHQWDLUH

7D[HVLQWpULHXUHVGHFRQVRPPDWLRQ

$UWLFOH

/HV WDEOHDX[ & HW * GH O¶DUWLFOH GX GDKLU SRUWDQW ORL QƒGXFKDRXDORFWREUHGpWHUPLQDQW OHVTXRWLWpVDSSOLFDEOHVDX[PDUFKDQGLVHVHWRXYUDJHVVRXPLV jWD[HVLQWpULHXUHVGHFRQVRPPDWLRQDLQVLTXHOHVGLVSRVLWLRQV VSpFLILTXHV j FHV PDUFKDQGLVHV HW RXYUDJHV VRQW PRGLILpV FRPPHVXLW

©7,75(,,

©7

$%/($8;'(60$5&+$1',6(6(7'(62895$*(6

©6280,6$7$;(6,17(5,(85(6'(&216200$7,213(5&8(6

©3$5/$'0,1,675$7,21(74827,7(6$33/,&$%/(6

©$UWLFOH±/HVTXRWLWpVFLDSUqV

©

©

©&±7D[HV LQWpULHXUHV GH FRQVRPPDWLRQ DSSOLFDEOHV DX[

©SURGXLWVpQHUJpWLTXHVHWDX[ELWXPHV

KRUVFR€WGXPDUTXDJHILVFDO

7D[HVXUOHVERLVLPSRUWpV

$UWLFOH

/H

^HU

DOLQpD GH O¶DUWLFOH GH OD ORL GH ILQDQFHV SRXU O¶DQQpHQƒSURPXOJXpHSDUOHGDKLUQƒGX UDELL,,GpFHPEUHWHOTX¶LODpWpPRGLILpSDU O¶DUWLFOHGHODORLGHILQDQFHVQƒSRXUO¶DQQpHEXGJpWDLUH HVWPRGLILpFRPPHVXLW

©$UWLFOH

^HU

DOLQpD±,O HVW FUpp XQH WD[H DX WDX[ GH

© DG YDORUHP VXU OHV ERLV HW RXYUDJHV HQ ERLV LPSRUWpV

©UHOHYDQWGHVFKDSLWUHVHWGXWDULIGHVGURLWVG¶LPSRUWDWLRQ

©7RXWHIRLVOHWDX[GHFHWWHWD[HHVWIL[pjDGYDORUHPSRXU

©OHV SURGXLWV UHOHYDQW GH OD SRVLWLRQ WDULIDLUH Qƒ &HWWH

©WD[HTXLHVWjODFKDUJHGHO¶LPSRUWDWHXUHVWOLTXLGpHHWSHUoXH

©OHV LQIUDFWLRQV FRQVWDWpHV HW UpSULPpHV HW OHV SRXUVXLWHV

©HIIHFWXpHVFRPPHHQPDWLqUHGHGRXDQHª

$66,(77('(

7$;$7,21

4827,7(HQ SRXUFHQWDJH '(6,*1$7,21'(6352'8,76

3UL[GHYHQWH SXEOLFKRUV

WD[HVXUOD YDOHXU DMRXWpH

±LG±

±LG±

&LJDUHVHWFLJDULOORV

&LJDUHWWHV

$XWUHVWDEDFVPDQXIDFWXUpHV

©*±7D[HV LQWpULHXUHV GH FRQVRPPDWLRQ DSSOLFDEOHV DX[

©WDEDFVPDQXIDFWXUpV

81,7('(

3(5&(37,21

4827,7(

'(6,*1$7,21'(6352'8,76 '+

+XLOHVEUXWHVGHSpWUROHRXGHPLQpUDX[

ELWXPLQHX[

±$O¶HQWUpHGDQVOHVUDIILQHULHV +XLOHV GH SpWUROHV RX GH PLQpUDX[

ELWXPLQHX[ DXWUHV TXH OHV KXLOHV EUXWHVSUpSDUDWLRQVQRQGpQRPPpHV QL FRPSULVHV DLOOHXUV FRQWHQDQW HQ SRLGV XQH SURSRUWLRQ GKXLOH GH SpWUROH RX GH PLQpUDX[ ELWXPLQHX[

VXSpULHXUHRXpJDOHjHWGRQWFHV KXLOHVFRQVWLWXHQWOpOpPHQWGHEDVH

±+XLOHVOpJqUHV

±&DUEXUDQWV FRQVWLWXpV SDU OH PpODQJH G¶HVVHQFH GH SpWUROH RX GH PLQpUDX[

ELWXPLQHX[DYHFGDXWUHVFRPEXVWLEOHV OLTXLGHV

±±

&RGHJpQpUDOGHVLPS{WV

$UWLFOH

,±/HVGLVSRVLWLRQVGHVDUWLFOHV,,,9,, ,, ,, ,,'9,,, ,,/HWGXFRGHJpQpUDOGHVLPS{WVLQVWLWXpSDUO¶DUWLFOH GH OD ORL GH ILQDQFHV Qƒ SRXU O¶DQQpH EXGJpWDLUH SURPXOJXpH SDU OH GDKLU Qƒ GX KLMD GpFHPEUHWHOTXHPRGLILpHWFRPSOpWpVRQWPRGLILpHVHW FRPSOpWpHVFRPPHVXLW

©$UWLFOH±,,±([RQpUDWLRQVHWLPSRVLWLRQDXWDX[UpGXLW

©WHPSRUDLUHV

© $±([RQpUDWLRQV VXLYLHV GH O¶LPSRVLWLRQ WHPSRUDLUH DX

©WDX[UpGXLW

©ƒ±/HV HQWUHSULVHV TXL H[HUFHQW OHXUV DFWLYLWpV GDQV OHV

©]RQHVIUDQFKHVGH[SRUWDWLRQEpQpILFLHQW

©±

©±SRXUOHVYLQJWH[HUFLFHV

©FRQVpFXWLIVVXLYDQWV

© /¶H[RQpUDWLRQ HW O¶LPSRVLWLRQ DX WDX[ UpGXLW SUpFLWpHV

©V¶DSSOLTXHQW pJDOHPHQW GDQV OHV FRQGLWLRQV SUpYXHV j

©O¶DUWLFOH,;FLGHVVRXVDX[RSpUDWLRQVUpDOLVpHV

©±HQWUH OHV HQWUHSULVHV LQVWDOOpHV GDQV OD PrPH ]RQH

©IUDQFKHG¶H[SRUWDWLRQ

©±HWHQWUHOHVHQWUHSULVHVLQVWDOOpHVGDQVGLIIpUHQWHV]RQHV

©IUDQFKHVG¶H[SRUWDWLRQ

©7RXWHIRLVVRQWVRXPLVHVjO¶LPS{WVXUOHVVRFLpWpV

©ƒ±

©%±

©&±

©ƒ±%pQpILFLHQW GX WDX[ SUpYX j O¶DUWLFOH ,,& FLGHVVRXV

©SHQGDQW OHV FLQT SUHPLHUV H[HUFLFHV FRQVpFXWLIV VXLYDQW

©ODGDWHGXGpEXWGHOHXUH[SORLWDWLRQ

©D

©E

©FIRUPDWLRQSURIHVVLRQQHOOH

©G OHV VRFLpWpV VSRUWLYHV UpJXOLqUHPHQW FRQVWLWXpHV

©FRQIRUPpPHQW DX[ GLVSRVLWLRQV GH OD ORL Qƒ UHODWLYH j

©O¶pGXFDWLRQ SK\VLTXH HW DX[ VSRUWV SURPXOJXpH SDU OH GDKLU

©QƒGXUDPDGDQDR€W

©ƒ±%pQpILFLHQW ODVXLWHVDQVPRGLILFDWLRQ

©$UWLFOH±&RQGLWLRQVG¶H[RQpUDWLRQ

©,±

©,,±

©

©9,,,±

©HQPRQQDLHVpWUDQJqUHVFRQYHUWLEOHV

©,;±/HEpQpILFHGHVGLVSRVLWLRQVGHO¶DUWLFOH,,$ƒ

©

^H

DOLQpDFLGHVVXVHVWVXERUGRQQpDX[FRQGLWLRQVVXLYDQWHV

©±OHSURGXLWILQDOGRLWrWUHGHVWLQpjO¶H[SRUWDWLRQ

©±OH WUDQVIHUW GHV PDUFKDQGLVHV HQWUH OHV HQWUHSULVHV

©LQVWDOOpHVGDQVGLIIpUHQWHV]RQHVIUDQFKHVG¶H[SRUWDWLRQ

©GRLW rWUH HIIHFWXp FRQIRUPpPHQW j OD OpJLVODWLRQ HW OD

©UpJOHPHQWDWLRQGRXDQLqUHVHQYLJXHXUª

© $UWLFOH ±,9±1H VRQW SDV GpGXFWLEOHV GX UpVXOWDW

©ILVFDO

©±OHV PRQWDQWV GHV DFKDWV HW SUHVWDWLRQV UHYrWDQW XQ

©FDUDFWqUHGHOLEpUDOLWp

©±OHPRQWDQWGHODFRQWULEXWLRQSRXUO¶DSSXLjODFRKpVLRQ

©VRFLDOH PLVH j OD FKDUJH GHV VRFLpWpV LQVWLWXpH SDU

©O¶DUWLFOH GH OD ORL GH ILQDQFHV Qƒ SRXU O¶DQQpH

©EXGJpWDLUHª

©$UWLFOH±,,±7DX[VSpFLILTXHVGHO¶LPS{W

©/HVWDX[VSpFLILTXHVGHO¶LPS{WVXUOHVVRFLpWpVVRQWIL[pVj

©$±

©%±

©&±SRXU

©ƒ±

©

©

©ƒ±SUpYXVjO¶DUWLFOH,,&ƒFLGHVVXV

©ƒ±OHVVRFLpWpVVSRUWLYHVSUpYXHVjO¶DUWLFOH,,&ƒG

©FLGHVVXV

©'±

ODVXLWHVDQVPRGLILFDWLRQ

©$UWLFOH ±'pFODUDWLRQ GX UpVXOWDW ILVFDO HW GX FKLIIUH

©G¶DIIDLUHV

©,±

©,,±

©,,,±RQWpWpUpDOLVpHV

©,9±/HV VRFLpWpV VRQW WHQXHV GH MRLQGUH j WRXWH

©GpFODUDWLRQGHUpVXOWDWILVFDOQXORXGpILFLWDLUHXQpWDWH[SOLFDWLI

©GHO¶RULJLQHGXGpILFLWRXGXUpVXOWDWQXOGpFODUpVLJQpSDUOH

©UHSUpVHQWDQW OpJDO GH OD VRFLpWp FRQFHUQpH VRXV SHLQH GH

©O¶DSSOLFDWLRQGHVGLVSRVLWLRQVGHO¶DUWLFOHELVFLGHVVRXVª

±±

©$UWLFOH±,,±([RQpUDWLRQVHWLPSRVLWLRQDXWDX[UpGXLW

©WHPSRUDLUHV

©$±([RQpUDWLRQVXLYLHG¶XQHUpGXFWLRQWHPSRUDLUH

©/HVHQWUHSULVHVTXLH[HUFHQWOHXUVDFWLYLWpVGDQVOHV]RQHV

©IUDQFKHVGH[SRUWDWLRQEpQpILFLHQW

©±

©±SRXUOHVYLQJWDQQpHVFRQVpFXWLYHV

©VXLYDQWHV

©/¶H[RQpUDWLRQ HW O¶DEDWWHPHQW SUpFLWpV V¶DSSOLTXHQW

©pJDOHPHQWGDQVOHVFRQGLWLRQVSUpYXHVjO¶DUWLFOH,;FLGHVVXV

©DX[RSpUDWLRQVUpDOLVpHV

©±HQWUH OHV HQWUHSULVHV LQVWDOOpHV GDQV OD PrPH ]RQH

©IUDQFKHG¶H[SRUWDWLRQ

©±HWHQWUHOHVHQWUHSULVHVLQVWDOOpHVGDQVGLIIpUHQWHV]RQHV

©IUDQFKHVG¶H[SRUWDWLRQ

©7RXWHIRLVVRQWVRXPLVHVjOLPS{WVXUOHUHYHQX ODVXLWHVDQVPRGLILFDWLRQ

©$UWLFOH±$EDWWHPHQWVIRUIDLWDLUHV

©,±

©,,±,FLGHVVRXV

©,,,±/HVUHYHQXVVDODULDX[YHUVpVDX[VSRUWLIVSURIHVVLRQQHOV

©/HPRQWDQWEUXWGHVUHYHQXVVDODULDX[YHUVpVDX[VSRUWLIV

©SURIHVVLRQQHOVHVWVRXPLVjODUHWHQXHjODVRXUFHDXWDX[SUpYX

©j O¶DUWLFOH ,,* ƒ FLGHVVRXV DSUqV XQ DEDWWHPHQW

©IRUIDLWDLUHGH&HWWHUHWHQXHHVWOLTXLGpHHWYHUVpHGDQV

©OHVFRQGLWLRQVSUpYXHVDX[DUWLFOHV,

^HU

DOLQpDHW,

©FLGHVVRXV

©2Q HQWHQG SDU VSRUWLI SURIHVVLRQQHO WRXW VSRUWLI TXL

©SUDWLTXHFRQWUHUpPXQpUDWLRQjWLWUHSULQFLSDORXH[FOXVLIXQH

©DFWLYLWp VSRUWLYH HQ YXH GH SDUWLFLSHU j GHV FRPSpWLWLRQV RX

©PDQLIHVWDWLRQVVSRUWLYHVª

©$UWLFOH±,,±7DX[VSpFLILTXHV

©/HWDX[GHOLPS{WHVWIL[pFRPPHVXLW

©$±

©

©)±

©*±

©ƒ±

©

©

©ƒ±

©ƒ±SRXUOHVUHYHQXVVDODULDX[EUXWVSUpYXVjODUWLFOH,,,

©FLGHVVXVYHUVpVDX[VSRUWLIVSURIHVVLRQQHOV

©/HVSUpOqYHPHQWVDX[WDX[IL[pVDX[%&ƒHWƒ'

©)ƒƒƒƒƒƒHWƒHW*ƒƒHWƒFLGHVVXVVRQW

©OLEpUDWRLUHVGHO¶LPS{WVXUOHUHYHQXª

©$UWLFOH±'pFODUDWLRQDQQXHOOHGXUHYHQXJOREDO

©,±

©

©YLVpHVjO¶DUWLFOHFLGHVVXV

©,9±/HVFRQWULEXDEOHVVRXPLVjO¶LPS{WVXUOHUHYHQXDX

©WLWUHGHOHXUUHYHQXSURIHVVLRQQHOGpWHUPLQpVHORQOHUpJLPHGX

©UpVXOWDW QHW UpHO RX FHOXL GX UpVXOWDW QHW VLPSOLILp VRQW WHQXV

©HQFDV GH UpVXOWDW QXO RX GpILFLWDLUH GH MRLQGUH j OHXU

©GpFODUDWLRQGHUHYHQXJOREDOXQpWDWH[SOLFDWLIGHO¶RULJLQHGX

©GpILFLW RX GX UpVXOWDW QXO GpFODUp VLJQp SDU OH FRQWULEXDEOH

©FRQFHUQp VRXV SHLQH GH O¶DSSOLFDWLRQ GHV GLVSRVLWLRQV GH

©O¶DUWLFOHELVFLGHVVRXVª

©$UWLFOH ±'LVSHQVH GH OD GpFODUDWLRQ DQQXHOOH GX

©UHYHQXJOREDO

©1HVRQWSDVWHQXVFLGHVVXV

©ƒ±

©ƒ±jO¶DUWLFOH,FLGHVVRXV

©ƒ±OHVFRQWULEXDEOHVGLVSRVDQWXQLTXHPHQWGHUHYHQXVHW

©SURILWVVRXPLVjO¶LPS{WVXUOHUHYHQXVHORQOHVWDX[OLEpUDWRLUHV

©SUpYXVDXGHUQLHUDOLQpDGHO¶DUWLFOH,,FLGHVVXVª

©$UWLFOH±([RQpUDWLRQVVDQVGURLWjGpGXFWLRQ

©6RQWH[RQpUpHVGHODWD[HVXUODYDOHXUDMRXWpH

©,±$/HVYHQWHV

©

©(/HVRSpUDWLRQVGHYHQWHVSRUWDQWVXU

©ƒ±OHVMRXUQDX[OHVSXEOLFDWLRQV

©ƒ±LPSULPHULH

©ƒ±DEURJp

©ƒ±DEURJp

©ƒ±DEURJp

©,,±ƒ±OHVYHQWHVHWSUHVWDWLRQVUpDOLVpHV ODVXLWHVDQVPRGLILFDWLRQ

©$UWLFOH±([RQpUDWLRQVDYHFGURLWjGpGXFWLRQ

©,±6RQWH[RQpUpV

©ƒ±

©

©

©ƒ±OHVRSpUDWLRQVGXGLWWUDQVSRUW

©ƒ±OHV SURGXLWV OLYUpV HW OHV SUHVWDWLRQV GH VHUYLFHV

©UHQGXHV DX[ ]RQHV IUDQFKHV G¶H[SRUWDWLRQ HW SURYHQDQW GX

©WHUULWRLUHDVVXMHWWL

±±

©/HV RSpUDWLRQV HIIHFWXpHV j O¶LQWpULHXU HW HQWUH OHVGLWHV

©]RQHV GHPHXUHQW KRUV FKDPS G¶DSSOLFDWLRQ GH OD WD[H VXU

©ODYDOHXUDMRXWpH

©ƒ±

©

©ƒ±OHVRSpUDWLRQV

©ƒ±OHV ELHQV PDWpULHOV PDUFKDQGLVHVHW VHUYLFHV DFTXLV

©DLQVLTXHOHVSUHVWDWLRQVHIIHFWXpHVSDUOD)RQGDWLRQ0RKDPPHG9,

©SRXU OD SURPRWLRQ GHV °XYUHV VRFLDOHV GHV SUpSRVpV UHOLJLHX[

©FUppHSDUOHGDKLUQƒGXUDELL,IpYULHU

©FRQIRUPpPHQWDX[PLVVLRQVTXLOXLVRQWGpYROXHV

©,,±6RXVUpVHUYH ODVXLWHVDQVPRGLILFDWLRQ

©$UWLFOH±2SpUDWLRQVH[FOXHVGXGURLWjGpGXFWLRQ

©,±1¶RXYUHSDVGURLWjGpGXFWLRQODWD[HD\DQWJUHYp

©ƒ±

©

©ƒ±OHV SURGXLWV SpWUROLHUV QRQ XWLOLVpV FRPPH

©FRPEXVWLEOHV PDWLqUHV SUHPLqUHV RX DJHQWV GH IDEULFDWLRQ j

©OH[FOXVLRQGX

©±JDVRLO XWLOLVp SRXU OHV EHVRLQV G¶H[SORLWDWLRQ GHV

©YpKLFXOHVGHWUDQVSRUWFROOHFWLIURXWLHUGHVSHUVRQQHVHW

©GHV PDUFKDQGLVHV DLQVL TXH OH WUDQVSRUW URXWLHU GHV

©PDUFKDQGLVHV HIIHFWXp SDU OHV DVVXMHWWLV SRXU OHXU

©FRPSWHHWSDUOHXUVSURSUHVPR\HQV

©±JDVRLO XWLOLVp SRXU OHV EHVRLQV G¶H[SORLWDWLRQ GHV

©YpKLFXOHVGHWUDQVSRUWIHUURYLDLUHGHVSHUVRQQHVHWGHV

©PDUFKDQGLVHV

©±JDVRLOHWNpURVqQHXWLOLVpVSRXUOHVEHVRLQVGXWUDQVSRUW

©DpULHQ

©/HVPRGDOLWpVG¶DSSOLFDWLRQ ODVXLWHVDQVPRGLILFDWLRQ

©$UWLFOH±([RQpUDWLRQV

©6RQWH[RQpUpVGHODWD[HVXUODYDOHXUDMRXWpHjO¶LPSRUWDWLRQ

©ƒ±

©

©

©ƒ±OHVDFTXLVLWLRQVSUpFLWp

©ƒ±DEURJp

©ƒ±OHVELHQV

©

©

©ƒ±OHVHQJLQVpTXLSHPHQWV

©GHOD'pIHQVH1DWLRQDOH

©ƒ±OHVELHQVPDWpULHOVPDUFKDQGLVHVHWVHUYLFHVDFTXLV

©SDUOD)RQGDWLRQ0RKDPPHG9,SRXUODSURPRWLRQGHV°XYUHV

©VRFLDOHVGHVSUpSRVpVUHOLJLHX[FUppHSDUOHGDKLUQƒ

©GX UDELL , IpYULHU FRQIRUPpPHQW DX[

©PLVVLRQVTXLOXLVRQWGpYROXHV

©$UWLFOH±0RGDOLWpVG¶H[RQpUDWLRQV

©,±/HV H[RQpUDWLRQV SUpYXHV DX[ DUWLFOHV , ( ƒ

©,ƒƒƒƒHW,,ƒD

©ƒƒHWƒFLGHVVXV ODVXLWHVDQVPRGLILFDWLRQ

©$UWLFOH±([RQpUDWLRQV

©6RQWH[RQpUpVGHVGURLWVG¶HQUHJLVWUHPHQW

©,±

©

©

©,9±$FWHVUHODWLIVjO¶LQYHVWLVVHPHQW

©ƒ±

©

©ƒ±OHVDFWHVODORLQƒSUpFLWpH

©%pQpILFLHQW pJDOHPHQW GH O¶H[RQpUDWLRQ OHV DFTXLVLWLRQV

©SDU OHV HQWUHSULVHV LQVWDOOpHV GDQV OHV ]RQHV IUDQFKHV

©G¶H[SRUWDWLRQ GH WHUUDLQV QpFHVVDLUHV j OD UpDOLVDWLRQ GH OHXU

©SURMHWG¶LQYHVWLVVHPHQW

©ƒ±

©ƒ±OH WUDQVIHUW j OD VRFLpWp

©GpFUHWORLQƒSUpFLWp

©/¶$JHQFH VSpFLDOH

©EpQpILFLHQWGHVH[RQpUDWLRQVSUpYXHVDXƒ

©FLGHVVXV

©ƒ±OHVRSpUDWLRQV ODVXLWHVDQVPRGLILFDWLRQ

©$UWLFOH±&RQGLWLRQVGH[RQpUDWLRQ

©,±

©

©9±DEURJp

©9,±

ODVXLWHVDQVPRGLILFDWLRQ

©$UWLFOH±'URLWVSURSRUWLRQQHOV

©,±7DX[DSSOLFDEOHV

©$±6RQWVRXPLVDXWDX[GH

©

©

±±

©%±6RQWVRXPLVDXWDX[GH

©ƒ±OHVFHVVLRQVGHSDUWV

©O¶DSSRUWGHVGLWVELHQV

©ƒ±OHVFHVVLRQVHWWUDQVIHUWVGHUHQWHV

©jWLWUHRQpUHX[

©ƒ±DEURJp

©ƒ±DEURJp

©ƒ±OHVDGMXGLFDWLRQVYHQWHVUHYHQWHV

©ELHQVPHXEOHV

©ƒ±OHVWLWUHVFRQVWLWXWLIVGHSURSULpWp

©O¶DUWLFOH,&ƒFLGHVVXV

©ƒ±OD SUHPLqUH YHQWH GH ORJHPHQWV VRFLDX[ HW GH

©ORJHPHQWV j IDLEOH YDOHXU LPPRELOLqUH WHOV TXH GpILQLV

©UHVSHFWLYHPHQWDX[DUWLFOHV,ƒFLGHVVXVHW;,,$

©FLGHVVRXV

©&±

©'±

©(±

©)±6RQWVRXPLVDXWDX[GH

©ƒ±ODFTXLVLWLRQGHORFDX[FRQVWUXLWVSDUGHVSHUVRQQHV

©SK\VLTXHVRXPRUDOHVDXWUHVTXHOHVpWDEOLVVHPHQWVGHFUpGLWHW

©RUJDQLVPHVDVVLPLOpV%DQN$O0DJKULEOD&DLVVHGHGpS{WHW

©GHJHVWLRQHWOHVVRFLpWpVGDVVXUDQFHVHWGHUpDVVXUDQFHTXH

©FHV ORFDX[ VRLHQW j XVDJH G¶KDELWDWLRQ FRPPHUFLDO

©SURIHVVLRQQHORXDGPLQLVWUDWLI

©%pQpILFLHQW pJDOHPHQW GX WDX[ GH OHV WHUUDLQV VXU

©OHVTXHOVVRQWpGLILpVOHVORFDX[SUpFLWpVGDQVODOLPLWHGHFLQT

©IRLVODVXSHUILFLHFRXYHUWH

©ƒ±ODFTXLVLWLRQ j WLWUH RQpUHX[ GH WHUUDLQV QXV RX

©FRPSRUWDQW GHV FRQVWUXFWLRQV GHVWLQpHV j rWUH GpPROLHV HW

©UpVHUYpV j OD UpDOLVDWLRQ GRSpUDWLRQV GH ORWLVVHPHQW RX GH

©FRQVWUXFWLRQ GH ORFDX[ j XVDJH GKDELWDWLRQ FRPPHUFLDO

©SURIHVVLRQQHO RX DGPLQLVWUDWLI VRXV UpVHUYH GHV FRQGLWLRQV

©SUpYXHVjO¶DUWLFOH,FLDSUqV

©$UWLFOH±&RQGLWLRQVG¶DSSOLFDWLRQGHVWDX[UpGXLWV

©,±3RXU O¶DSSOLFDWLRQ GX WDX[ UpGXLW GH SUpYX j

©O¶DUWLFOH , ) ƒ FLGHVVXV ODFWH GDFTXLVLWLRQ GRLW

©FRPSRUWHU ODVXLWHVDQVPRGLILFDWLRQ

©$UWLFOH±2EOLJDWLRQVGHVQRWDLUHVGHVDGRXOGHVFDGL

©FKDUJpVGXWDRXWLTHWGHVVHFUpWDLUHVJUHIILHUV

©,±2EOLJDWLRQVGHVQRWDLUHV

©/HVQRWDLUHVVRQWWHQXVODOLTXLGDWLRQGHVGURLWV

©/HVQRWDLUHVGHVGURLWV

©/HVQRWDLUHVGRLYHQWGDQVOHGpODL

©SUHVFULWDXYXG¶XQHH[SpGLWLRQTX¶LOVpWDEOLVVHQWjFHWHIIHW

©7RXWHIRLVOHVLQVXIILVDQFHVGHSHUFHSWLRQ ODVXLWHVDQVPRGLILFDWLRQ

©$UWLFOH ±6DQFWLRQV SRXU LQIUDFWLRQ DX[ GLVSRVLWLRQV

©UHODWLYHVDXGURLWGHFRQWU{OHHWDX[SURJUDPPHVGHORJHPHQWV

©VRFLDX[RXGHFLWpVXQLYHUVLWDLUHV

©,±

©,,±

©,,,±

©,9±PRQWDQWSUpFLWp

©9±8QH DPHQGH GH GX PRQWDQW GH O¶LPS{W VXU

©OHVVRFLpWpV RX GH O¶LPS{W VXU OH UHYHQX HVW DSSOLFDEOH DX[

©EDLOOHXUV TXL Q¶RQW SDV UHVSHFWp OHV FRQGLWLRQV SUpYXHV j

©O¶DUWLFOH;9,%ELVFLGHVVRXVDVVRUWLHGHVVDQFWLRQVSRXU

©SDLHPHQWWDUGLISUpYXHVjO¶DUWLFOHFLGHVVRXVª

©$UWLFOH±6DQFWLRQV SRXU QRQ UHVSHFW GHV FRQGLWLRQV

©G¶H[RQpUDWLRQRXGHUpGXFWLRQGHVGURLWVG¶HQUHJLVWUHPHQW

©,±8QH PDMRUDWLRQ GH HVW

©GHFRQVWUXFWLRQYLVpVjO¶DUWLFOH,)ƒ

©FLGHVVXV

©&HWWHPDMRUDWLRQ

©,,±

©

©,,,±/HV GURLWV G¶HQUHJLVWUHPHQW VRQW OLTXLGpV DX SOHLQ

©WDULI SUpYX j O¶DUWLFOH , $ FLGHVVXV DXJPHQWpV G¶XQH

©PDMRUDWLRQ GH GH OHXU PRQWDQW GH OD SpQDOLWp HW GH OD

©PDMRUDWLRQGHUHWDUGSUpYXHVjO¶DUWLFOHFLGHVVRXVHQFDV

©GHUpWURFHVVLRQGHVWHUUDLQVRXLPPHXEOHVYLVpVjO¶DUWLFOH

©,9ƒ

^H

DOLQpD FLGHVVXV DYDQW O¶H[SLUDWLRQ GH OD GL[LqPH

©DQQpH VXLYDQW OD GDWH GH O¶REWHQWLRQ GH O¶DJUpPHQW VDXI VL OD

©UpWURFHVVLRQ HVW UpDOLVpH DX SURILW G¶XQH EDQTXH RIIVKRUH RX

©VRFLpWpKROGLQJRIIVKRUH

©,9±

ODVXLWHVDQVPRGLILFDWLRQ

©$UWLFOH±6DQFWLRQVDSSOLFDEOHVDX[QRWDLUHV

©8QHDPHQGHGHFHQWGLUKDPVFHWWHTXLWWDQFH

©8QH DPHQGH GH GHX[ FHQW FLQTXDQWH GLUKDPV SDU

©LQIUDFWLRQHVWDSSOLFDEOHDXQRWDLUHTXLGpOLYUHXQHJURVVHFRSLH

©RX H[SpGLWLRQ SRXU WRXW DFWH TXL Q¶D SDV pWp SUpDODEOHPHQW

©HQUHJLVWUp

©/HVQRWDLUHVVRQW ODVXLWHVDQVPRGLILFDWLRQ

©$UWLFOH ±3URFpGXUH QRUPDOH GH UHFWLILFDWLRQ GHV

©LPSRVLWLRQV

©,±

©

©

±±

©,9±/HVGpFLVLRQVGHODFRPPLVVLRQORFDOH

©H[SRVpGHVDUJXPHQWVLQYRTXpV

©/HUHFRXUVGXFRQWULEXDEOHVXLYDQWODGDWH

©GHODQRWLILFDWLRQDX[SDUWLHVGHODGpFLVLRQGHODFRPPLVVLRQ

©ORFDOHGHWD[DWLRQ

©/HGpIDXWGHUHFRXUV ODVXLWHVDQVPRGLILFDWLRQ

©$UWLFOH ±,,±'±/D FRPPLVVLRQ SHXW VDGMRLQGUH

©RXpJDOjFLQTXDQWHPLOOH

©GLUKDPV

©/HVGpFLVLRQVGHVFRPPLVVLRQVORFDOHVGHWD[DWLRQ

©SHXYHQWrWUHFRQWHVWpHVSDU

©O¶DGPLQLVWUDWLRQHWOHFRQWULEXDEOHSDUYRLHMXGLFLDLUHGDQVOHV

©FRQGLWLRQVHWOHVGpODLVSUpYXVjO¶DUWLFOHFLGHVVRXVª

©$UWLFOH ±9,,,±3DU GpURJDWLRQ DX[ GLVSRVLWLRQV

©UHODWLYHVDX[GpODLVGHSUHVFULSWLRQYLVpVFLGHVVXV

©ƒ±

©

©

©ƒ±VRQWLPPpGLDWHPHQWH[LJLEOHVDH[SLUp

©ƒ±VRQW LPPpGLDWHPHQW H[LJLEOHV OH PRQWDQW GH

©O¶LPS{WVXUOHVVRFLpWpVRXGHO¶LPS{WVXUOHUHYHQXODSpQDOLWp

©HWOHVVDQFWLRQVSRXUSDLHPHQWWDUGLISUpYXHVjO¶DUWLFOH9

©VXVYLVpGRQWVRQWUHGHYDEOHVOHVEDLOOHXUVFRQWUHYHQDQWVYLVpVj

©O¶DUWLFOH ;9,% ELV FLGHVVRXV PrPH VL OH GpODL GH

©SUHVFULSWLRQDH[SLUpª

©$UWLFOH±3URFpGXUHMXGLFLDLUHVXLWHDXFRQWU{OHILVFDO

©/HVGpFLVLRQVGpILQLWLYH

©SHXYHQWrWUHFRQWHVWpHVSDU

©O¶DGPLQLVWUDWLRQHWOHFRQWULEXDEOHSDUYRLHMXGLFLDLUHGDQVOH

©GpODLGHVRL[DQWHMRXUVVXLYDQWODGDWHGHQRWLILFDWLRQGHV

©GpFLVLRQVGHVGLWHVFRPPLVVLRQV

©/DGPLQLVWUDWLRQHWOHFRQWULEXDEOHSHXYHQWpJDOHPHQW

©RXGHIDLW

©/HVUHFWLILFDWLRQVGHVLPSRVLWLRQV ODVXLWHVDQVPRGLILFDWLRQ

©$UWLFOH±'DWHVG¶HIIHWHWGLVSRVLWLRQVWUDQVLWRLUHV

©,±

©

©

©

©

©;,,±$±/HVSURPRWHXUVLPPRELOLHUV

©GURLWVG¶HQUHJLVWUHPHQW

©2Q HQWHQG SDU ORJHPHQW j IDLEOH YDOHXU LPPRELOLqUH WRXWH

©XQLWpG¶KDELWDWLRQGRQWODVXSHUILFLHFRXYHUWHHVWGHFLQTXDQWH

©jVRL[DQWH PqWUH FDUUp HW GRQW OH SUL[ GH OD SUHPLqUH YHQWH

©QHGRLWSDVH[FpGHUFHQWTXDUDQWHPLOOHGLUKDPV

©3HXYHQWEpQpILFLHU

©FULWqUHVUHWHQXVFLGHVVXV

©&HV ORJHPHQWV VRQW GHVWLQpV j WLWUH G¶KDELWDWLRQ

©SULQFLSDOH j GHV FLWR\HQV GRQW OH UHYHQX PHQVXHO QH GpSDVVH

©SDVGHX[IRLVOHVDODLUHPLQLPXPLQWHUSURIHVVLRQQHOJDUDQWL

©RXVRQpTXLYDOHQWjFRQGLWLRQTX¶LOVQHVRLHQWSDVSURSULpWDLUHV

©G¶XQORJHPHQWGDQVODFRPPXQFRQVLGpUpH

©/HVGLWVORJHPHQWVGRLYHQWrWUHUpDOLVpVFRQIRUPpPHQWjOD

©OpJLVODWLRQ HW OD UpJOHPHQWDWLRQ HQ YLJXHXU HQ PDWLqUH

©G¶XUEDQLVPH

©&HSURJUDPPHGHFRQVWUXFWLRQ

©;,,,±

©;,9±

©;9±jO¶DUWLFOHFLGHVVXV

©;9,±$±/HVDYDQWDJHVDFFRUGpVDX[SURPRWHXUVLPPRELOLHUV

©/HVSURPRWHXUVLPPRELOLHUV

©

©G¶HQUHJLVWUHPHQWHWGHWLPEUH

©1HSHXYHQWEpQpILFLHUGHFHVH[RQpUDWLRQV

©DXWRULVDWLRQGHFRQVWUXLUH

©7RXWHIRLV OHV SURPRWHXUV LPPRELOLHUV SUpFLWpV SHXYHQW

©FpGHU DX SUL[ GH YHQWH SUpYX j O¶DUWLFOH ,ƒ FLGHVVXV DYHF

©DSSOLFDWLRQ GH OD WD[H VXU OD YDOHXU DMRXWpH DX SOXV GHV

©ORJHPHQWVVRFLDX[FRQVWUXLWVDX[ILQVGHORFDWLRQjGHVEDLOOHXUV

©SHUVRQQHVPRUDOHVRXSHUVRQQHVSK\VLTXHVUHOHYDQWGXUpJLPHGH

©UpVXOWDWQHWUpHOGDQVOHVFRQGLWLRQVSUpYXHVDX%ELVFLGHVVRXV

©/HVSURPRWHXUVLPPRELOLHUV

©DX[DUWLFOHVHWRXHWFLGHVVXV

©±XQH[HPSODLUHODSUHPLqUHDQQpH

©±XQpWDWGXQRPEUHGXFKLIIUHG¶DIIDLUHV

©\DIIpUHQW

© ±XQ pWDW IDLVDQW UHVVRUWLU OH FDV pFKpDQW OH QRPEUH GH

©ORJHPHQWVFpGpVDX[EDLOOHXUVYLVpVFLGHVVXVDX[ILQVGH

©ORFDWLRQHWOHPRQWDQWGXFKLIIUHG¶DIIDLUHV\DIIpUHQW

©±XQpWDWIDLVDQWUHVVRUWLUODFRQVWUXFWLRQ

©GHVGLWVORJHPHQWV

±±

0RQWDQW

38,66$1&(),6&$/(

&DWpJRULH

GHYpKLFXOHV ,QIpULHXUH

j&9 GHj&9 6XSpULHXUHRX pJDOHj&9 HQ'+ HQ'+

HQ'+

GHj

&9

HQ'+

©$UWLFOH±([RQpUDWLRQV

©6RQWH[RQpUpVGHODWD[H

©ƒ±

©

©

©ƒ±

©ƒ±OHV YpKLFXOHV GH FROOHFWLRQ WHOV TXH GpILQLV SDU

©ODUWLFOHGHODORLQƒSRUWDQWFRGHGHODURXWHSURPXOJXpH

©SDUOHGDKLUQƒGXVDIDUIpYULHU

©ƒ±OHVYpKLFXOHVFLDSUqV ODVXLWHVDQVPRGLILFDWLRQ

©$GpIDXW\DIIpUHQWHV

©%±

©%ELV±$YDQWDJHVDFFRUGpVDX[EDLOOHXUVGHORJHPHQWVVRFLDX[

©/HVEDLOOHXUVSHUVRQQHVPRUDOHVRXSHUVRQQHVSK\VLTXHV

©YLVpVDX$±

^H

DOLQpD FLGHVVXV TXL FRQFOXHQW XQH FRQYHQWLRQ

©DYHFO¶(WDWD\DQWSRXUREMHWO¶DFTXLVLWLRQG¶DXPRLQVYLQJWFLQT

© ORJHPHQWV VRFLDX[ HQ YXH GH OHV DIIHFWHU SHQGDQW XQH GXUpH

©PLQLPDOH GH KXLW DQV j OD ORFDWLRQ j XVDJH G¶KDELWDWLRQ

©SULQFLSDOHEpQpILFLHQWSRXUXQHSpULRGHPD[LPXPGHYLQJWDQV

©jSDUWLUGHO¶DQQpHGXSUHPLHUFRQWUDWGHORFDWLRQGH

©±O¶H[RQpUDWLRQGHO¶LPS{WVXUOHVVRFLpWpVRXGHO¶LPS{W

©VXU OH UHYHQX DX WLWUH GH OHXUV UHYHQXV SURIHVVLRQQHOV

©DIIpUHQWVjODGLWHORFDWLRQ

©±O¶H[RQpUDWLRQGHO¶LPS{WVXUOHVVRFLpWpVRXGHO¶LPS{W

©VXUOHUHYHQXDXWLWUHGHODSOXVYDOXHUpDOLVpHHQFDVGH

©FHVVLRQGHVORJHPHQWVSUpFLWpVDXGHOjGHODSpULRGHGH

©KXLWDQVVXVYLVpH

©&HV ORJHPHQWV GRLYHQW rWUH DFTXLV GDQV XQ GpODL

©Q¶H[FpGDQW SDV GRX]H PRLV j FRPSWHU GH OD GDWH GH OD

©VLJQDWXUHGHODGLWHFRQYHQWLRQHWPLVHQORFDWLRQGDQVXQGpODL

©Q¶H[FpGDQWSDVVL[PRLVjFRPSWHUGHODGDWHG¶DFTXLVLWLRQ

©GHVGLWVORJHPHQWV

©1RQREVWDQW WRXWHV GLVSRVLWLRQV FRQWUDLUHV OH PRQWDQW GX

©OR\HUHVWIL[pDXPD[LPXPjPLOOHGHX[FHQWVGLUKDPV

©,OSHXWrWUHUpYLVpSDUYRLHUpJOHPHQWDLUH

©/HORFDWDLUHHVWWHQXGHIRXUQLUDXEDLOOHXUXQHDWWHVWDWLRQ

©GpOLYUpH SDU O¶DGPLQLVWUDWLRQ ILVFDOH MXVWLILDQW TX¶LO Q¶HVW SDV

©DVVXMHWWLGDQVODFRPPXQHFRQVLGpUpHjO¶LPS{WVXUOHUHYHQX

©DXWLWUHGHVUHYHQXVIRQFLHUVjODWD[HG¶KDELWDWLRQHWjODWD[H

©GHVHUYLFHVFRPPXQDX[DVVLVHVXUOHVLPPHXEOHVVRXPLVjOD

©WD[HG¶KDELWDWLRQ

©(Q FDV GH QRQ UHVSHFW GH FHV FRQGLWLRQV OD FRQYHQWLRQ

©SUpFLWpHHVWUpSXWpHQXOOH

©3RXU EpQpILFLHU GHV H[RQpUDWLRQV SUpFLWpHV OHV EDLOOHXUV

©VXVYLVpV VRQW WHQXV GH WHQLU XQH FRPSWDEOLWp VpSDUpH SRXU

©O¶DFWLYLWpGHORFDWLRQHWMRLQGUHjODGpFODUDWLRQSUpYXHVHORQOH

©FDVDX[DUWLFOHVHWRXHWFLGHVVXV

©±XQH[HPSODLUHGHODFRQYHQWLRQHWGXFDKLHUGHVFKDUJHV

©HQFHTXLFRQFHUQHODSUHPLqUHDQQpH

©±XQpWDWIDLVDQWUHVVRUWLUOHQRPEUHGHORJHPHQWVPLVHQ

©ORFDWLRQHWODGXUpHGHODORFDWLRQSDUXQLWpGHORJHPHQW

©DLQVLTXHOHPRQWDQWGXFKLIIUHG¶DIIDLUHV\DIIpUHQW

©$GpIDXWG¶DIIHFWDWLRQGHWRXWRXSDUWLHGHVGLWVORJHPHQWV

©jODORFDWLRQGDQVOHVFRQGLWLRQVSUpFLWpHVXQRUGUHGHUHFHWWHV

©HVWpPLVSRXUOHUHFRXYUHPHQWGHO¶LPS{WVXUOHVVRFLpWpVRXGH

©O¶LPS{W VXU OH UHYHQX VDQV DYRLU UHFRXUV j OD SURFpGXUH GH

©UHFWLILFDWLRQ GHV EDVHV G¶LPSRVLWLRQ HW VDQV SUpMXGLFH GH

©O¶DSSOLFDWLRQGHVDPHQGHVSpQDOLWpVHWPDMRUDWLRQV\DIIpUHQWHV

©&±'DWHVG¶HIIHW

©

©

©

©$WLWUHWUDQVLWRLUHORJHPHQWV

©/HVGLVSRVLWLRQVGX%ELVFLGHVVXVVRQWDSSOLFDEOHVDX[

©EDLOOHXUV SUpFLWpV D\DQW FRQFOX XQH FRQYHQWLRQ DYHF O¶(WDW DX

©FRXUVGHODSpULRGHDOODQWGHODGDWHGHSXEOLFDWLRQDX%XOOHWLQ

©RIILFLHOGHODORLGHILQDQFHVQƒSRXUO¶DQQpHEXGJpWDLUH

©MXVTX¶DXGpFHPEUH

©/HVGLVSRVLWLRQVUHODWLYHVjODFHVVLRQDX[EDLOOHXUVGHV

©ORJHPHQWV VRFLDX[ YLVpV DX

^H

DOLQpD GX $ FLGHVVXV

©V¶DSSOLTXHQW DX[ FRQYHQWLRQV VLJQpHV SDU OHV SURPRWHXUV

©LPPRELOLHUVDYHFO¶(WDWjFRPSWHUGX

^HU

MDQYLHU

©;9,,±

©

©;;±/HV GLVSRVLWLRQV GH O¶DUWLFOH 9 GH OD ORL GH

©ILQDQFHV

©KRUVWD[HVXUODYDOHXUDMRXWpH

©;;,±6RQWH[RQpUpVGHWRXVLPS{WVHWWD[HV

©±OHV ELHQV PHXEOHV HW LPPHXEOHV GHV SDUWLV SROLWLTXHV

©QpFHVVDLUHVjO¶H[HUFLFHGHOHXUDFWLYLWp

©±OHVWUDQVIHUWVSDUOHVSHUVRQQHVSK\VLTXHVjWLWUHJUDWXLW

©GHOHXUVIRQGVHWELHQVLPPDWULFXOpVHQOHXUVQRPVjOD

©SURSULpWpGHVGLWVSDUWLV

©/HV RSpUDWLRQV GH WUDQVIHUW YLVpHV FLGHVVXV GRLYHQW

©V¶HIIHFWXHUGDQVOHVGHX[DQVVXLYDQWODGDWHGHSXEOLFDWLRQGHOD

©ORL GH ILQDQFHV Qƒ SRXU O¶DQQpH EXGJpWDLUH

©FRQIRUPpPHQWDX[GLVSRVLWLRQVGX

^H

DOLQpDGHO¶DUWLFOHGHOD

©ORLRUJDQLTXHQƒUHODWLYHDX[SDUWLVSROLWLTXHVSURPXOJXpH

©SDUOHGDKLUQƒGXNDDGDRFWREUH

©/HVFRQGLWLRQVHWPRGDOLWpVG¶DSSOLFDWLRQGHVGLVSRVLWLRQV

©GXSUpVHQWSDUDJUDSKHVRQWIL[pHVSDUYRLHUpJOHPHQWDLUH

©$UWLFOH ±,,±/± 6RQW VRXPLV j XQ GURLW IL[H

©FRPPHVXLW

©/RUV GH OHXU SUHPLqUH LPPDWULFXODWLRQ DX 0DURF OHV

©YpKLFXOHVjPRWHXUDVVXMHWWLVjODWD[HVSpFLDOHDQQXHOOHVXUOHV

©YpKLFXOHVDXWRPRELOHV

±±

©$UWLFOH±7DULI

©/HWDULIGHODWD[HHVWIL[pFRPPHLQGLTXpFLDSUqV

9pKLFXOHV jHVVHQFH 9pKLFXOHV jPRWHXUJDVRLO

38,66$1&(),6&$/(

&$7(*25,(

'(9(+,&8/(6 ,QIpULHXUH

j&9 GHj&9 6XSpULHXUHRX pJDOHj&9 HQ'+

HQ'+

HQ'+

GHj

&9

HQ'+

©7RXWHIRLVVRQWSDVVLEOHVGHODWD[Hª ODVXLWHVDQVPRGLILFDWLRQ

,,±/H FRGH JpQpUDO GHV LPS{WV SUpFLWp HVW FRPSOpWp SDU ODUWLFOHELVFLDSUqV

©$UWLFOHELV±6DQFWLRQSRXUGpIDXWGHSUpVHQWDWLRQGH

©OpWDWH[SOLFDWLIGHO¶RULJLQHGXGpILFLWRXGXUpVXOWDWQXOGpFODUp

©/RUVTXHOHFRQWULEXDEOHQHSURGXLWSDVOpWDWH[SOLFDWLIGH

©O¶RULJLQH GX GpILFLW RX GX UpVXOWDW QXO GpFODUp SUpYX DX[

©DUWLFOHV,9HW,9FLGHVVXVLOHVWLQYLWpSDUOHWWUHGDQV

©OHV IRUPHV SUpYXHV j ODUWLFOH FLGHVVRXV j GpSRVHU OHGLW

©pWDW GDQV XQ GpODL GH TXLQ]H MRXUV VXLYDQW OD GDWH GH

©UpFHSWLRQGHODGLWHOHWWUH

©$ GpIDXW GH SUpVHQWDWLRQ GH OpWDW VXVYLVp GDQV OH GpODL

©SUpFLWp ODGPLQLVWUDWLRQ LQIRUPH OH FRQWULEXDEOH SDU OHWWUH

©QRWLILpHGDQVOHVIRUPHVSUpYXHVjODUWLFOHFLGHVVRXVGH

©ODSSOLFDWLRQGXQHDPHQGHGHGHX[PLOOHGLUKDPV

©&HWWHDPHQGHHVWpPLVHSDUYRLHGHU{OHª ,,,±'DWHVG¶HIIHW

±/HV GLVSRVLWLRQV GH O¶DUWLFOH GX FRGH JpQpUDO GHV LPS{WVWHOOHVTXHFRPSOpWpHVSDUOHSDUDJUDSKH,FLGHVVXVVRQW DSSOLFDEOHV DX[ GpFODUDWLRQV GX UpVXOWDW ILVFDO GpSRVpHV j FRPSWHUGX

^HU

MDQYLHU

±/HV GLVSRVLWLRQV GH O¶DUWLFOH GX FRGH JpQpUDO GHV LPS{WVWHOOHVTXHFRPSOpWpHVSDUOHSDUDJUDSKH,FLGHVVXVVRQW DSSOLFDEOHVDX[GpFODUDWLRQVDQQXHOOHVGXUHYHQXJOREDOGpSRVpHV jFRPSWHUGX

^HU

MDQYLHU

±/HVGLVSRVLWLRQVGHVDUWLFOHVHWGXFRGHJpQpUDO GHV LPS{WV WHOOHV TXH PRGLILpHV SDU OH SDUDJUDSKH , FLGHVVXV VRQWDSSOLFDEOHVDX[DFWHVHWFRQYHQWLRQVFRQFOXVjFRPSWHUGHOD GDWH GH SXEOLFDWLRQ GH OD SUpVHQWH ORL GH ILQDQFHV DX ©%XOOHWLQ RIILFLHOª

±/HVGLVSRVLWLRQVGHODUWLFOH,,/GXFRGHJpQpUDO GHV LPS{WV WHOOHV TXH PRGLILpHV SDU OH SDUDJUDSKH , FLGHVVXV VRQW DSSOLFDEOHV j FRPSWHU GH OD GDWH GH SXEOLFDWLRQ GH OD SUpVHQWHORLGHILQDQFHVDX©%XOOHWLQRIILFLHOª

±/HVGLVSRVLWLRQVGHVDUWLFOHVHWGXFRGHJpQpUDO GHVLPS{WVWHOOHVTXHPRGLILpHVHWFRPSOpWpHVSDUOHSDUDJUDSKH, FLGHVVXVVRQWDSSOLFDEOHVjFRPSWHUGX

^HU

MDQYLHU

±3DUPRGLILFDWLRQGHVGLVSRVLWLRQVGHO¶DUWLFOH9,HW GH OD ORL GH ILQDQFHV Qƒ SRXU O¶DQQpH EXGJpWDLUH SURPXOJXpH SDU OH GDKLU Qƒ GX PRKDUUHP GpFHPEUHOHVGLVSRVLWLRQVGHVDUWLFOHV,,,HWƒ

GXFRGHJpQpUDOGHVLPS{WVVRQWDSSOLFDEOHVDX[SUHVWDWLRQVVHUYLHV jFRPSWHUGX

^HU

MDQYLHU

5HPERXUVHPHQWSDUDQWLFLSDWLRQGHVERQVG¶pTXLSHPHQW VXUUpVHUYHG¶LQYHVWLVVHPHQW

$UWLFOH

6HURQWUHPERXUVpVSDUDQWLFLSDWLRQHQSULQFLSDOHWLQWpUrWVOHV ERQVG¶pTXLSHPHQWYLVpVDXSDUDJUDSKH,,,GHO¶DUWLFOHGXGpFUHW 5R\DOQƒGXUDPDGDQGpFHPEUHSRUWDQW ORLGHILQDQFHVSRXUO¶DQQpHpPLVHWQRQpFKXVjODGDWHGH SXEOLFDWLRQ GH OD SUpVHQWH ORL GH ILQDQFHV DX %XOOHWLQ RIILFLHO j FRQGLWLRQ TXH FHV ERQV QH VRLHQW SDV DWWHLQWV SDU OD SUHVFULSWLRQ SUpYXHSDUODOpJLVODWLRQHQYLJXHXU

&RQWULEXWLRQSRXUO¶DSSXLjODFRKpVLRQVRFLDOH

$UWLFOH

,O HVW LQVWLWXp j FRPSWHU GH OD GDWH GH SXEOLFDWLRQ GH ODSUpVHQWHORLGHILQDQFHVDX%XOOHWLQRIILFLHODXWLWUHGHO¶DQQpH XQHFRQWULEXWLRQSRXUO¶DSSXLjODFRKpVLRQVRFLDOHPLVHj OD FKDUJH GHV VRFLpWpV WHOOHV TXH GpILQLHV DX SDUDJUDSKH ,,, GH O¶DUWLFOHGXFRGHJpQpUDOGHVLPS{WV

&HWWH FRQWULEXWLRQ HVW FDOFXOpH VXU OD EDVH GX PRQWDQW GX EpQpILFH QHW GH O¶H[HUFLFH FRPSWDEOH pJDO RX VXSpULHXU j GHX[

FHQW PLOOLRQV GH GLUKDPV '+ GpFODUp DX WLWUH GH O¶LPS{WVXUOHVVRFLpWpVHQ

/HWDX[GHFHWWHFRQWULEXWLRQHVWIL[pjGXGLWEpQpILFH /HPRQWDQWGHODGLWHFRQWULEXWLRQGRLWrWUHYHUVpVSRQWDQpPHQW DXSOXVWDUGOHMXLOOHWSDUOHVVRFLpWpVVXVYLVpHVDXSUqV GXUHFHYHXUGHO¶DGPLQLVWUDWLRQILVFDOHGXOLHXGHOHXUVLqJH&HV YHUVHPHQWVGRLYHQWrWUHDFFRPSDJQpVG¶XQHGpFODUDWLRQSUpFLVDQW OH PRQWDQW GX EpQpILFH QHW GpFODUp HW OH PRQWDQW GH OD FRQWULEXWLRQ\DIIpUHQWH

/HV DPHQGHV HW OHV PDMRUDWLRQV GH UHWDUG DIIpUHQWHV j FHWWH FRQWULEXWLRQVRQWFHOOHVSUpYXHVUHVSHFWLYHPHQWSDUOHVDUWLFOHV HWGXFRGHJpQpUDOGHVLPS{WV

7D[HVSpFLDOHVXUOHFLPHQW

$UWLFOH

/HVGLVSRVLWLRQVGXSDUDJUDSKH,,GHO¶DUWLFOHGHODORLGH ILQDQFHVQƒSRXUO¶DQQpHEXGJpWDLUHSURPXOJXpHSDUOH GDKLU Qƒ GX FKDRXDO GpFHPEUH WHO TX¶LO D pWp PRGLILp SDU O¶DUWLFOH GH OD ORL GH ILQDQFHV Qƒ

SRXUO¶DQQpHEXGJpWDLUHSURPXOJXpHSDUOHGDKLUQƒ

GXNDDGDGpFHPEUHVRQWPRGLILpHVFRPPHVXLW

©$UWLFOH±,,±/HWDX[GHFHWWHWD[HHVWIL[pjGLUKDP

©SDUNLORJUDPPHGHFLPHQWª

0RGLILFDWLRQGHVH[RQpUDWLRQVHQIDYHXUGXORJHPHQWVRFLDO

$UWLFOH

, /HV GLVSRVLWLRQV GH O¶DUWLFOH ELVGH OD ORL GH ILQDQFHV QƒSRXUO¶DQQpHEXGJpWDLUHSURPXOJXpHSDUOHGDKLU Qƒ GX PRKDUUHP GpFHPEUH VRQW PRGLILpHVFRPPHVXLW

©$UWLFOHELV±6RQWH[RQpUpVGHVGURLWVG¶LQVFULSWLRQ

©

ODVXLWHVDQVPRGLILFDWLRQ

±±

,,±'HPHXUHHQYLJXHXUO¶H[RQpUDWLRQGHODWD[HVSpFLDOH VXU OH FLPHQW DFFRUGpH HQ YHUWX GH O¶DUWLFOH ELV GH OD ORL GH ILQDQFHV Qƒ VXVYLVpH SRXU OHV FRQYHQWLRQV FRQFOXHV HQWUH O¶(WDWHWOHVSURPRWHXUVLPPRELOLHUVDYDQWODGDWHGHSXEOLFDWLRQ GHODSUpVHQWHORLGHILQDQFHVDX%XOOHWLQRIILFLHO

,,±5

(66285&(6$))(&7((6

$IIHFWDWLRQGHUHVVRXUFHVDX[UpJLRQV

$UWLFOH

(Q DSSOLFDWLRQ GHV GLVSRVLWLRQV GX SUHPLHU DOLQpD GH ODUWLFOHGHODORLQƒUHODWLYHjORUJDQLVDWLRQGHODUpJLRQ LO HVW DIIHFWp DX[ UpJLRQV DX WLWUH GH ODQQpH EXGJpWDLUH GXSURGXLWGHOLPS{WVXUOHVVRFLpWpV

$UWLFOH

(Q DSSOLFDWLRQ GHV GLVSRVLWLRQV GX SUHPLHU DOLQpD GH ODUWLFOHGHODORLQƒUHODWLYHjORUJDQLVDWLRQGHODUpJLRQ LOHVWDIIHFWpDX[UpJLRQVDXWLWUHGHODQQpHEXGJpWDLUH GXSURGXLWGHOLPS{WVXUOHUHYHQX

&RQILUPDWLRQGHVDIIHFWDWLRQVUpVXOWDQWGHVEXGJHWV GHVVHUYLFHVGHO(WDWJpUpVGHPDQLqUHDXWRQRPH

HWGHVFRPSWHVVSpFLDX[GX7UpVRU

$UWLFOH

6RXVUpVHUYHGHVGLVSRVLWLRQVGHODSUpVHQWHORLGHILQDQFHV OHVDIIHFWDWLRQVUpVXOWDQWGHVEXGJHWVGHVVHUYLFHVGHO(WDWJpUpV GHPDQLqUHDXWRQRPHHWGHVFRPSWHVVSpFLDX[GX7UpVRURXYHUWV j OD GDWH GX GpFHPEUH VRQW FRQILUPpHV SRXU ODQQpH EXGJpWDLUH

6

(59,&(6'(/

(

7$7*e5e6'(0$1,Ê5($872120(

&UpDWLRQGHVHUYLFHVGHO(WDWJpUpVGHPDQLqUHDXWRQRPH

$UWLFOH

6RQWFUppVHQWDQWTXHVHUYLFHVGHO¶(WDWJpUpVGHPDQLqUH DXWRQRPH

±XQ VHUYLFH GH O¶(WDW JpUp GH PDQLqUH DXWRQRPH LQWLWXOp

©&HQWUHPpGLFRFKLUXUJLFDOGHV)RUFHV$UPpHV5R\DOHVj (VVPDUDª UDWWDFKp j O¶DGPLQLVWUDWLRQ GH OD GpIHQVH QDWLRQDOH

±XQ VHUYLFH GH O¶(WDW JpUp GH PDQLqUH DXWRQRPH LQWLWXOp

©8QLWp GH IDEULFDWLRQ GH PDVTXHV GH OD *HQGDUPHULH 5R\DOHªUDWWDFKpjO¶DGPLQLVWUDWLRQGHODGpIHQVHQDWLRQDOH

±XQ VHUYLFH GH O¶(WDW JpUp GH PDQLqUH DXWRQRPH LQWLWXOp

©,QVWLWXW VXSpULHXU GHV PpWLHUV GH O¶DXGLRYLVXHO HW GX FLQpPDªUDWWDFKpDXPLQLVWqUHFKDUJpGHODFRPPXQLFDWLRQ 0RGLILFDWLRQGXVHUYLFHGHO¶(WDWJpUpGHPDQLqUHDXWRQRPH

LQWLWXOp©&HQWUHGHTXDOLILFDWLRQSURIHVVLRQQHOOHGHVDUWV WUDGLWLRQQHOVGH0HNQqVª

$UWLFOH

/¶LQWLWXOp GX VHUYLFH GH O¶(WDW JpUp GH PDQLqUH DXWRQRPH

©&HQWUHGHTXDOLILFDWLRQSURIHVVLRQQHOOHGHVDUWVWUDGLWLRQQHOVGH 0HNQqVªUDWWDFKpDXPLQLVWqUHFKDUJpGHO¶DUWLVDQDWHVWPRGLILp FRPPHVXLW

©,QVWLWXWGHVDUWVWUDGLWLRQQHOVGH0HNQqVª

6XSSUHVVLRQGXVHUYLFHGHO¶(WDWJpUpGHPDQLqUH DXWRQRPHLQWLWXOp©'LYLVLRQGHVDFFLGHQWVGXWUDYDLOª

$UWLFOH

,/HVGLVSRVLWLRQVGHO¶DUWLFOHGHODORLGHILQDQFHVQƒ

SRXUO¶DQQpHEXGJpWDLUHWHOTX¶LODpWpDEURJpHWUHPSODFpVRQW PRGLILpHVFRPPHVXLW

©$UWLFOH,±/HVHUYLFHGHO¶(WDWJpUpGHPDQLqUHDXWRQRPH

©LQWLWXOp©'LYLVLRQGHVDFFLGHQWVGXWUDYDLOªVHUDVXSSULPpj

©FRPSWHUGX

^HU

MXLOOHW

©,,±$FRPSWHU«««««««««««««««

©«««««««««««««««««««««««

©«««««««««««««SDUYRLHUpJOHPHQWDLUHª ,,±$YDQWODGDWHYLVpHjO¶DUWLFOHGHODORLGHILQDQFHV SUpFLWpH Qƒ WHO TX¶LO D pWp PRGLILp SDU OH † , FLGHVVXV OHSHUVRQQHOHQH[HUFLFHjOD©'LYLVLRQGHVDFFLGHQWVGXWUDYDLOª HVWVRLWUpDIIHFWpjXQHDXWUHDGPLQLVWUDWLRQSXEOLTXHFRQIRUPpPHQW DX[ GLVSRVLWLRQV GH O¶DUWLFOH ELV GX GDKLU Qƒ GX FKDDEDQH IpYULHU SRUWDQW VWDWXW JpQpUDO GH OD IRQFWLRQSXEOLTXHWHOTX¶LODpWpPRGLILpHWFRPSOpWpQRWDPPHQW SDUODORLQƒVRLWDGPLVjEpQpILFLHUGXGpSDUWYRORQWDLUH jODUHWUDLWHGDQVOHVFRQGLWLRQVIL[pHVSDUYRLHUpJOHPHQWDLUH

&

2037(663(&,$8;'875e625

&UpDWLRQG¶XQFRPSWHG¶DIIHFWDWLRQVSpFLDOH LQWLWXOp©)RQGVG¶DSSXLjODFRKpVLRQVRFLDOHª

$UWLFOH

,±(QYXHGHSHUPHWWUHODFRPSWDELOLVDWLRQGHVRSpUDWLRQV DIIpUHQWHVjO¶DSSXLjODFRKpVLRQVRFLDOHLOHVWFUppXQFRPSWH G¶DIIHFWDWLRQ VSpFLDOH LQWLWXOp © )RQGV G¶DSSXL j OD FRKpVLRQ VRFLDOHªGRQWOHPLQLVWUHFKDUJpGHVILQDQFHVHVWRUGRQQDWHXU

,,±&HFRPSWHUHWUDFHUD

$XFUpGLW

±ODFRQWULEXWLRQSRXUO¶DSSXLjODFRKpVLRQVRFLDOHPLVHjOD FKDUJH GHV VRFLpWpV VRXPLVHV j O¶LPS{W VXU OHV VRFLpWpV LQVWLWXpH SDU O¶DUWLFOH GH OD ORL Qƒ SRXU O¶DQQpH EXGJpWDLUH

± GX SUL[ GH YHQWH SXEOLF KRUV WD[H VXU OD YDOHXU DMRXWpHVHUYDQWDXFDOFXOGHODTXRWLWpGHODWD[HLQWpULHXUH GHFRQVRPPDWLRQVXUOHVFLJDUHWWHVSUpYXHSDUOHWDEOHDX*

GHO¶DUWLFOHGXGDKLUSRUWDQWORLSUpFLWpQƒGX FKDRXDORFWREUH

±OHVGRWDWLRQVGXEXGJHWJpQpUDO

±WRXWHVDXWUHVUHVVRXUFHVSRXYDQWrWUHDIIHFWpHVDXGLWIRQGV FRQIRUPpPHQW j OD OpJLVODWLRQ HW j OD UpJOHPHQWDWLRQ HQ YLJXHXURXGDQVXQFDGUHFRQYHQWLRQQHO

±OHVGRQVHWOHJV

±OHVUHFHWWHVGLYHUVHV

$XGpELW

±ODFRQWULEXWLRQDXILQDQFHPHQWGHVGpSHQVHVDIIpUHQWHVj

OD PLVH HQ °XYUH GX UpJLPH G¶DVVLVWDQFH PpGLFDOH

5$0('

±±

±OHV GpSHQVHV UHODWLYHV DX ILQDQFHPHQW GDQV XQ FDGUH FRQYHQWLRQQHOGHO¶DVVLVWDQFHDX[SHUVRQQHVHQVLWXDWLRQ GHKDQGLFDSQRWDPPHQWFHOOHVFRQVLVWDQWj

‡O¶DFTXLVLWLRQG¶DSSDUHLOODJHVVSpFLILTXHVHWDXWUHVDLGHV WHFKQLTXHV

‡O¶DPpOLRUDWLRQGHVFRQGLWLRQVGHVFRODULVDWLRQGHVHQIDQWV HQVLWXDWLRQGHKDQGLFDS

‡O¶LQFLWDWLRQ j O¶LQVHUWLRQ SURIHVVLRQQHOOH HW j OD SURPRWLRQG¶DFWLYLWpVJpQpUDWULFHVGHUHYHQXV

‡ODFRQWULEXWLRQjODPLVHHQSODFHHWDXIRQFWLRQQHPHQW GHVVWUXFWXUHVG¶DFFXHLO

±OHV GpSHQVHV UHODWLYHV j OD FRQWULEXWLRQ GDQV XQ FDGUH FRQYHQWLRQQHO j OD OXWWH FRQWUH O¶DEDQGRQ VFRODLUH QRWDPPHQWFHOOHVFRQVLVWDQWHQO¶RFWURLGHPDQXHOVHWGH IRXUQLWXUHV VFRODLUHV HW G¶DLGHV ILQDQFLqUHV GLUHFWHV DX SURILWGHVpOqYHVVFRODULVpVLVVXVGHIDPLOOHVGpPXQLHV

&UpDWLRQG¶XQFRPSWHGHSUrWVLQWLWXOp

©3UrWVjODVRFLpWpGHILQDQFHPHQW©-DwGDªª

$UWLFOH

,±(QYXHGHSHUPHWWUHODFRPSWDELOLVDWLRQGHVRSpUDWLRQV DIIpUHQWHVDX[SUrWVGX7UpVRUDFFRUGpVjODVRFLpWpGHILQDQFHPHQW

©-DwGD ª LO HVW FUpp XQ FRPSWH GH SUrWV LQWLWXOp ©3UrWV j OD VRFLpWp GH ILQDQFHPHQW © -DwGD ªª GRQW OH PLQLVWUH FKDUJp GHV ILQDQFHVHVWRUGRQQDWHXU

,,±&HFRPSWHUHWUDFHUD

$XFUpGLW

±OHVUHPERXUVHPHQWVHIIHFWXpVSDUODVRFLpWp©-DwGDªVXU FHVSUrWV

$XGpELW

±OHVVRPPHVPLVHVjODGLVSRVLWLRQGHODGLWHVRFLpWpDXWLWUH GHFHVSUrWV

0RGLILFDWLRQGXFRPSWHG¶DIIHFWDWLRQVSpFLDOH LQWLWXOp©)RQGVSRXUOHGpYHORSSHPHQWUXUDOª

$UWLFOH

/¶LQWLWXOp GX FRPSWH G¶DIIHFWDWLRQ VSpFLDOH © )RQGV SRXU OHGpYHORSSHPHQWUXUDOªHWOHVGLVSRVLWLRQVGHO¶DUWLFOHGHOD ORL GH ILQDQFHV SRXU O¶DQQpH Qƒ SURPXOJXpH SDU OH GDKLUQƒGXUDPDGDQIpYULHUWHOTX¶LO D pWp PRGLILp HW FRPSOpWp SDU O¶DUWLFOH GH OD ORL GH ILQDQFHV Qƒ SRXU OD SpULRGH GX

^HU

MXLOOHW DX GpFHPEUH SURPXOJXpHSDUOHGDKLUQƒGXUDELL,MXLQ VRQWPRGLILpVHWFRPSOpWpVFRPPHVXLW

© )RQGV SRXU OH GpYHORSSHPHQW UXUDO HW GHV ]RQHV GH PRQWDJQHª

© $UWLFOH ±,± (Q YXH «««««««««««««

©DIIpUHQWHVDXGpYHORSSHPHQWUXUDOHWGHV]RQHVGHPRQWDJQHLO

©HVWFUppXQFRPSWHG¶DIIHFWDWLRQVSpFLDOHLQWLWXOp©)RQGVSRXU

©OH GpYHORSSHPHQW UXUDO HW GHV ]RQHV GH PRQWDJQH ª GRQW OH

©&KHIGXJRXYHUQHPHQWHVWRUGRQQDWHXU

© /¶RUGRQQDWHXU SHXW LQVWLWXHU ««««««««

©GHVGpSHQVHVLPSXWpHVVXUOHGLWFRPSWH

©/¶HQJDJHPHQWGHVGpSHQVHV«««««««««««

©«««««««««««««««««SRXU

© OHGpYHORSSHPHQW UXUDO HW GHV ]RQHV GH PRQWDJQH DJUpp SDU

©OHJRXYHUQHPHQW

©,,±&HFRPSWHUHWUDFHUD

©$XFUpGLW

©«««««««««««««««««««««««

©«««««««««««««««««««««««

©$XGpELW

©±OHVGpSHQVHV«««UXUDOHWGHV]RQHVGHPRQWDJQH

©±OHVYHUVHPHQWV««««««««««««««

©«««««««UXUDOLQWpJUpHWGHV]RQHVGHPRQWDJQH

©±OHVYHUVHPHQWV«««««UXUDOLQWpJUpHWGHV]RQHV

©GHPRQWDJQHª

0RGLILFDWLRQGXFRPSWHG¶DIIHFWDWLRQVSpFLDOHLQWLWXOp

©)RQGVGHVRXWLHQjO¶LQLWLDWLYHQDWLRQDOH SRXUOHGpYHORSSHPHQWKXPDLQª

$UWLFOH

/HVGLVSRVLWLRQVGHO¶DUWLFOHSUHPLHUGXGpFUHWQƒ

GX MRXPDGD ,, MXLOOHW SRUWDQW FUpDWLRQ G¶XQ FRPSWH G¶DIIHFWDWLRQ VSpFLDOH LQWLWXOp © )RQGV GH VRXWLHQ j O¶LQLWLDWLYHQDWLRQDOHSRXUOHGpYHORSSHPHQWKXPDLQªWHOTX¶LOD pWp UDWLILp SDU O¶DUWLFOH GH OD ORL GH ILQDQFHV Qƒ SRXU O¶DQQpHEXGJpWDLUHSURPXOJXpHSDUOHGDKLUQƒGX NDDGD GpFHPEUH VRQW PRGLILpHV HW FRPSOpWpHV FRPPHVXLW

©$UWLFOHSUHPLHU±,±(QYXHGHSHUPHWWUHODFRPSWDELOLVDWLRQ

© GHV RSpUDWLRQV DIIpUHQWHV DX[ DFWLRQV HW SURJUDPPHV PHQWLRQQpV

©FLDSUqVHWHQWUHSULVGDQVOHFDGUHGHO¶LQLWLDWLYHQDWLRQDOHSRXU

©OHGpYHORSSHPHQWKXPDLQLOHVWFUppXQFRPSWHG¶DIIHFWDWLRQ

©VSpFLDOH LQWLWXOp © )RQGV GH VRXWLHQ j O¶LQLWLDWLYH QDWLRQDOH

©SRXUOH GpYHORSSHPHQW KXPDLQ ª GRQW OH &KHI GX JRXYHUQHPHQW

©HVWRUGRQQDWHXU

©±SURJUDPPH««««««««««HQPLOLHXUXUDO

©±SURJUDPPH«««««««««HQPLOLHXXUEDLQ

©±SURJUDPPH«««««««««««ODSUpFDULWp

©±SURJUDPPHWUDQVYHUVDO

©±SURJUDPPHGHPLVHjQLYHDXWHUULWRULDOH

©±VRXWLHQ««««««SRXUOHGpYHORSSHPHQWKXPDLQ

© /H &KHI GX JRXYHUQHPHQW SHXW LQVWLWXHU OHV PLQLVWUHV

©FKDUJpV UHVSHFWLYHPHQW GH O¶,QWpULHXU HW GX GpYHORSSHPHQW

©VRFLDO DLQVL TXH OHV ZDOLV HW JRXYHUQHXUV VRXVRUGRQQDWHXUV

©GXGLWFRPSWHHWOHVKDELOLWHUjGpVLJQHUGHVVRXVRUGRQQDWHXUV

©VXSSOpDQWV GDQV OHV IRUPHV SUpYXHV SDU OD UpJOHPHQWDWLRQ HQ

©YLJXHXU VXU OD FRPSWDELOLWp SXEOLTXH &HV VRXVRUGRQQDWHXUV

©DLQVL TXH OHXUV VXSSOpDQWV VRQW VRXVRUGRQQDWHXUV GHV UHFHWWHV

©HWGHVGpSHQVHVGXGLWIRQGV

©,,±&HFRPSWHUHWUDFHUD

©«««««««««««««««««««««

ODVXLWHVDQVPRGLILFDWLRQ

0RGLILFDWLRQGXFRPSWHG¶DIIHFWDWLRQVSpFLDOH LQWLWXOp©)RQGVVSpFLDOSRXUOHVRXWLHQGHVMXULGLFWLRQVª

$UWLFOH

/HVGLVSRVLWLRQVGHO¶DUWLFOHGHODORLGHILQDQFHVQƒ

SRXUO¶DQQpHEXGJpWDLUHSURPXOJXpHSDUOHGDKLUQƒGX PRKDUUHP GpFHPEUH VRQW PRGLILpHV HW FRPSOpWpHVFRPPHVXLW

©$UWLFOH±,±(QYXHGHSHUPHWWUH««««««««

© «««««««««««««««««««««««

±±

©,,±&HFRPSWHUHWUDFHUD

©$XFUpGLW

©

©

©$XGpELW

©±IUDLVG¶pWXGHV

©±IUDLVGHFRQVWUXFWLRQ«««««««GHVMXULGLFWLRQV

©±IUDLVGHFRQVWUXFWLRQG¶H[WHQVLRQGHUpQRYDWLRQHWGH

©UpDPpQDJHPHQWGHVEkWLPHQWVGHIRUPDWLRQ

©±IUDLVGHVpTXLSHPHQWV«««««««««««««

ODVXLWHVDQVPRGLILFDWLRQ

0RGLILFDWLRQGXFRPSWHG¶DIIHFWDWLRQVSpFLDOH LQWLWXOp©)RQGVG¶HQWUDLGHIDPLOLDOHª

$UWLFOH

/HVGLVSRVLWLRQVGHO¶DUWLFOHGHODORLGHILQDQFHVQƒ

SRXUO¶DQQpHEXGJpWDLUHSURPXOJXpHSDUOHGDKLUQƒ

GX PRKDUUHP GpFHPEUH VRQW PRGLILpHV HW FRPSOpWpHVFRPPHVXLW

©$UWLFOH±,±(QDSSOLFDWLRQGHVGLVSRVLWLRQV

©

©

©,,±&HFRPSWHUHWUDFHUD

©$XFUpGLW

©

©

©$XGpELW

©±OHVYHUVHPHQWVjO¶RUJDQLVPHGHGURLWSXEOLFFKDUJpGH

©OD JHVWLRQ GHV RSpUDWLRQV GX IRQGV GHV PRQWDQWV

©DIIpUHQWVDX[DYDQFHVDXWLWUHGHODSHQVLRQDOLPHQWDLUH

©DX SURILW GH OD PqUH GpPXQLH GLYRUFpH HW VHV HQIDQWV

©FRQIRUPpPHQWDX[GLVSRVLWLRQVGHODORLQƒIL[DQW

©OHVFRQGLWLRQVHWSURFpGXUHVSRXUEpQpILFLHUGHVSUHVWDWLRQV

©GX)RQGVG¶HQWUDLGHIDPLOLDOHSURPXOJXpHSDUOHGDKLU

©QƒGXPRKDUUHPGpFHPEUH

©HWGHVWH[WHVSULVSRXUVRQDSSOLFDWLRQ

©±OHVYHUVHPHQWVDXSURILWGHO¶RUJDQLVPHSUpFLWpGHVIUDLV

©GHJHVWLRQGHVGLWHVRSpUDWLRQV

©±OHV UHVWLWXWLRQV GHV VRPPHV LQG€PHQW LPSXWpHV DX

©FRPSWHª

0RGLILFDWLRQGXFRPSWHG¶DIIHFWDWLRQVSpFLDOHLQWLWXOp

©)RQGVSRXUODSURPRWLRQGXSD\VDJH DXGLRYLVXHOQDWLRQDOª

$UWLFOH

/HVGLVSRVLWLRQVGHODUWLFOHGHODORLGHILQDQFHVQƒ

SRXU ODQQpH EXGJpWDLUH SURPXOJXpH SDU OH GDKLU Qƒ GX VDIDU MXLQ WHO TX¶LO D pWp PRGLILpHWFRPSOpWpVRQWPRGLILpHVHWFRPSOpWpHVFRPPHVXLW

©$UWLFOH±$ILQGHSHUPHWWUH

© ©

©&HFRPSWHUHWUDFHUD

©$XFUpGLW

©

©

©±OHVVRPPHVUHVWDQWGXHV«DXWLWUHGXUHFRXYUHPHQW

©GHODFRQWULEXWLRQDXSURILWGHOD570

©±OHVVRPPHVUHVWLWXpHVDXWLWUHGHVDYDQFHVVXUUHFHWWHV

©RFWUR\pHV DX[ VRFLpWpV GH SURGXFWLRQ G¶°XYUHV

©DXGLRYLVXHOOHVHWGXFLQpPD

©±OHVUHFHWWHVGLYHUVHV

©$XGpELW

©

©

©±OHV GpSHQVHV UHODWLYHV DX[ pWXGHV JpQpUDOHV HW DX[

©FDPSDJQHVGHFRPPXQLFDWLRQ

©±OHV GpSHQVHV DIIpUHQWHV DX[ RSpUDWLRQV VXLYDQWHV VHORQ

©OHV FRQGLWLRQV HW SURFpGXUHV IL[pHV SDU YRLH

©UpJOHPHQWDLUH

©DYDQFHV VXU UHFHWWHV RFWUR\pHV DX[ VRFLpWpV GH

©SURGXFWLRQG¶°XYUHVDXGLRYLVXHOOHVHWGXFLQpPD

©DLGHV j OD QXPpULVDWLRQ OD PRGHUQLVDWLRQ HW OD

©FRQVWUXFWLRQGHVVDOOHVGHFLQpPD

©DLGHVDX[IHVWLYDOVGHFLQpPD

©±OD UHVWLWXWLRQ ««««««««««««« LPSXWpHV

©DXFRPSWHª

0RGLILFDWLRQGXFRPSWHG¶DIIHFWDWLRQVSpFLDOH LQWLWXOp©)RQGVGHUHPSORLGRPDQLDOª

$UWLFOH

/HV GLVSRVLWLRQV GH O¶DUWLFOH GX GDKLU SRUWDQW ORL GH ILQDQFHV SRXU O¶DQQpH Qƒ GX KLMD GpFHPEUHWHOTX¶LODpWpFRPSOpWpSDUO¶DUWLFOHGX GDKLUQƒGXUHMHEGpFHPEUHSRUWDQW ORLGHILQDQFHVSRXUO¶DQQpHHWSDUO¶DUWLFOHGHODORLGH ILQDQFHV SRXU O¶DQQpH Qƒ SURPXOJXpH SDU OH GDKLU QƒGXUDPDGDQIpYULHUVRQWPRGLILpHV FRPPHVXLW

©$UWLFOH±,±/HFRPSWH«««««««««««HW

©GHVpWDEOLVVHPHQWVSXEOLFV

©,,±&HFRPSWHUHWUDFHUD

©$XFUpGLW

©±

©±

©±OHVSURGXLWVSURYHQDQW«««««HQGpVKpUHQFH

©±OHVUHFHWWHVGLYHUVHV

©$XGpELW

©

ODVXLWHVDQVPRGLILFDWLRQ

±±

0RGLILFDWLRQGXFRPSWHG¶DIIHFWDWLRQVSpFLDOHLQWLWXOp

©)RQGVVSpFLDOGHVXUYHLOODQFHHWGHFRQWU {OH GHVDVVXUHXUVHWGHVVRFLpWpVG¶DVVXUDQFHVª

$UWLFOH

/¶LQWLWXOpGXFRPSWHG¶DIIHFWDWLRQVSpFLDOH©)RQGVVSpFLDO GH VXUYHLOODQFH HW GH FRQWU{OH GHV DVVXUHXUV HW GHV VRFLpWpV G¶DVVXUDQFHVªRXYHUWSDUO¶DUWLFOHGHODORLGHILQDQFHVSRXU O¶DQQpHQƒGXNDDGDDYULOWHOTX¶LOD pWpPRGLILpSDUO¶DUWLFOHGHODORLGHILQDQFHVSRXUO¶DQQpH SURPXOJXpHSDUOHGpFUHW5R\DOQƒGXUDPDGDQ GpFHPEUHHVWPRGLILpFRPPHVXLW

©)RQGV GH UpPXQpUDWLRQ GHV VHUYLFHV UHQGXV SDU OH

©PLQLVWqUHFKDUJpGHVILQDQFHVDXWLWUHGHVIUDLVGHVXUYHLOODQFH

©HWGHFRQWU{OHGHVHQWUHSULVHVG¶DVVXUDQFHVHWGHUpDVVXUDQFHª 0RGLILFDWLRQGXFRPSWHG¶DIIHFWDWLRQVSpFLDOHLQWLWXOp

©)RQGVGHVROLGDULWpGHVDVVXUDQFHVª

$UWLFOH

/HVGLVSRVLWLRQVGHO¶DUWLFOHGXGDKLUSRUWDQWORLQƒ

GXUDELL,,MDQYLHUpGLFWDQWGHVPHVXUHVG¶RUGUH ILQDQFLHU HQ DWWHQGDQW OD SURPXOJDWLRQ GH OD ORL GH ILQDQFHV SRXU O¶DQQpHWHOTX¶LODpWpDEURJpHWUHPSODFpSDUO¶DUWLFOHELVGH OD ORL GH ILQDQFHV Qƒ SRXU O¶DQQpH EXGJpWDLUH SURPXOJXpH SDU OH GDKLU Qƒ GX FKDRXDO GpFHPEUHHWPRGLILpHWFRPSOpWpSDUO¶DUWLFOHGHOD ORLGHILQDQFHVQƒSRXUO¶DQQpHEXGJpWDLUHSURPXOJXpH SDUOHGDKLUQƒGXNDDGDGpFHPEUH HW SDU O¶DUWLFOH GH OD ORL GH ILQDQFHV Qƒ SRXU O¶DQQpH EXGJpWDLUH SURPXOJXpH SDU OH GDKLU Qƒ GX NDDGDGpFHPEUHVRQWFRPSOpWpHVFRPPHVXLW

©$UWLFOH±,±(QYXHGHSHUPHWWUH

©

©,,±&HFRPSWHUHWUDFHUD

©$XFUpGLW

©

©

©$XGpELW

©

©

©±ODUHVWLWXWLRQGHVPRQWDQWV«««SUpFLWpH

©±OHVYHUVHPHQWVDXEXGJHWJpQpUDO

©±OD SDUWLFLSDWLRQ DX ILQDQFHPHQW GHV DFWLRQV GX

©JURXSHPHQW G¶LQWpUrW SXEOLF GpQRPPp ©,QVWLWXW

©QDWLRQDOGHVFRQGLWLRQVGHYLHDXWUDYDLOªª

0RGLILFDWLRQGXFRPSWHG¶DIIHFWDWLRQVSpFLDOHLQWLWXOp

©)RQGVVROLGDULWpKDELWDWª

$UWLFOH

/¶LQWLWXOp HW OHV GLVSRVLWLRQV GH O¶DUWLFOH GH OD ORL GH ILQDQFHVQƒSRXUO¶DQQpHEXGJpWDLUHSURPXOJXpHSDU OHGDKLUQƒGXFKDRXDOGpFHPEUHWHO TX¶LO D pWp PRGLILp HW FRPSOpWp VRQW PRGLILpHV HW FRPSOpWpHV FRPPHVXLW

©)RQGVVROLGDULWpKDELWDWHWLQWpJUDWLRQXUEDLQHª

©$UWLFOH±,±(QYXHGHSHUPHWWUHODFRPSWDELOLVDWLRQ

©GHV RSpUDWLRQV DIIpUHQWHV DX[ SURMHWV G¶KDELWDW VRFLDO HW DX[

©DFWLRQVHWSURJUDPPHVGHUpVRUSWLRQGHO¶KDELWDWLQVDOXEUHDX[

©RSpUDWLRQVG¶DPpQDJHPHQWHWG¶pTXLSHPHQWGHWHUUDLQVGHVWLQpV

©DX GpYHORSSHPHQW GH O¶KDELWDW VRFLDO DX[ RSpUDWLRQV SUpYXHV

©SDUOHGDKLUSRUWDQWORLQƒGXKLMDMDQYLHU

©UHODWLI j O¶LQWHUYHQWLRQ HW j O¶DLGH GH O¶(WDW SRXU O¶DFKDW HW

©O¶pTXLSHPHQWGHWHUUDLQVGHVWLQpVjO¶KDELWDWpFRQRPLTXHDLQVL

©TX¶DX[RSpUDWLRQVDIIpUHQWHVjODSROLWLTXHGHODYLOOHLOHVWFUpp

©XQ FRPSWH G¶DIIHFWDWLRQ VSpFLDOH LQWLWXOp ©)RQGV VROLGDULWp

©KDELWDWHWLQWpJUDWLRQXUEDLQHªGRQWOHPLQLVWUHGHO¶KDELWDWGH

©O¶XUEDQLVPHHWGHODSROLWLTXHGHODYLOOHHVWRUGRQQDWHXU

©,,±&HFRPSWHUHWUDFHUD

©$XFUpGLW

©

©$XGpELW

©±OHVGpSHQVHV««««««««««G¶KDELWDWVRFLDO

© ± OHV GpSHQVHV j FRQFXUUHQFH GH GX SURGXLW GH OD

©WD[HVSpFLDOHVXUOHFLPHQWLQVWLWXpHSDUO¶DUWLFOHGHOD

©ORL GH ILQDQFHV Qƒ SRXU O¶DQQpH EXGJpWDLUH

©WHO TX¶LO D pWp PRGLILp HW FRPSOpWp DIIpUHQWHV DX[

©FRQWULEXWLRQV GH O¶(WDW DX WLWUH GHV DFWLRQV HW

©SURJUDPPHVGHUpVRUSWLRQGHVELGRQYLOOHV\FRPSULVOH

©SURJUDPPHGXVXG

©±OHVGpSHQVHV««««««««KDELWDWLQVDOXEUH

©

©

©±OHVYHUVHPHQWV«««««««««DJHQFHVXUEDLQHV

© ± OHV GpSHQVHV DIIpUHQWHV DX[ FRQWULEXWLRQV GX PLQLVWqUH

©GHO¶KDELWDWGHO¶XUEDQLVPHHWGHODSROLWLTXHGHODYLOOH

©GDQV OH FDGUH GH SURJUDPPHV HW SURMHWV LQWpJUpV YLVDQW

©O¶DPpOLRUDWLRQ GX FDGUH G¶KDELWDELOLWp G¶pTXLSHPHQW HW

©GH GHVVHUWH HQ VHUYLFH GDQV OHV ]RQHV XUEDLQHV

©GpIDYRULVpHVHWFHGDQVXQFDGUHFRQYHQWLRQQHO

©±OHVUHVWLWXWLRQVGHVVRPPHVSHUoXHVUHODWLYHVjODWD[H

©VSpFLDOHVXUOHFLPHQWDXWLWUHGHO¶H[RQpUDWLRQDFFRUGpH

©HQIDYHXUGXORJHPHQWVRFLDOFRQIRUPpPHQWjO¶DUWLFOHELV

©GHODORLGHILQDQFHVQƒSRXUO¶DQQpHEXGJpWDLUH

©SURPXOJXpH SDU OH GDKLU Qƒ GX PRKDUUHP

©GpFHPEUHª

±±

0RGLILFDWLRQGXFRPSWHG¶DIIHFWDWLRQVSpFLDOHLQWLWXOp

©)RQGVVSpFLDOSRXUOHVRXWLHQ GHVpWDEOLVVHPHQWVSpQLWHQWDLUHVª

$UWLFOH

/HVGLVSRVLWLRQVGHO¶DUWLFOHGHODORLGHILQDQFHVQƒ

SRXUO¶DQQpHEXGJpWDLUHSURPXOJXpHSDUOHGDKLUQƒ

GX PRKDUUHP GpFHPEUH VRQW PRGLILpHV HW FRPSOpWpHVFRPPHVXLW

©$UWLFOH±,±(QYXHGHSHUPHWWUH««««««««

©««««««««««««««««HVWRUGRQQDWHXU

©,,±&HFRPSWHUHWUDFHUD

©$XFUpGLW

©

©

©$XGpELW

©±IUDLVG¶pWXGHV

©±IUDLVGHFRQVWUXFWLRQG¶H[WHQVLRQ««GHV

©pWDEOLVVHPHQWVSpQLWHQWLDLUHV

©±IUDLVG¶DFTXLVLWLRQGHVpTXLSHPHQWVGHVPDWpULHOVHWGHV

©IRXUQLWXUHVQpFHVVDLUHVDX[pWDEOLVVHPHQWVSpQLWHQWLDLUHV

©±IUDLVGHUpSDUDWLRQHWG¶HQWUHWLHQGHVpTXLSHPHQWVHWGX

©PDWpULHOQpFHVVDLUHVDX[pWDEOLVVHPHQWVSpQLWHQWLDLUHV

©±IUDLVG¶KDELOOHPHQW ODVXLWHVDQVPRGLILFDWLRQ

7,75(,,

'LVSRVLWLRQVUHODWLYHVDX[FKDUJHV ,±%

8'*(7*(1(5$/

+DELOLWDWLRQ

$UWLFOH

,±&RQIRUPpPHQWDX[GLVSRVLWLRQVGHODUWLFOHGHODORL RUJDQLTXHQƒUHODWLYHjODORLGHILQDQFHVOHJRXYHUQHPHQW HVWDXWRULVpHQFDVGHQpFHVVLWpLPSpULHXVHGLQWpUrWQDWLRQDOj RXYULU SRXU OD SpULRGH DOODQW GH OD GDWH GH SXEOLFDWLRQ GH OD SUpVHQWH ORL GH ILQDQFHV HW MXVTX¶DX GpFHPEUH SDU GpFUHWVGHVFUpGLWVVXSSOpPHQWDLUHV

/HV GpFUHWV YLVpV FLGHVVXV GRLYHQW rWUH VRXPLV j OD UDWLILFDWLRQGX3DUOHPHQWGDQVODSOXVSURFKDLQHORLGHILQDQFHV

,,±&RQIRUPpPHQW DX[ GLVSRVLWLRQV GH ODUWLFOH GH OD

&RQVWLWXWLRQ HVW UDWLILp OH GpFUHW FLDSUqV SULV HQ YHUWX GHV GLVSRVLWLRQV GH O¶DUWLFOH GH OD ORL GH ILQDQFHV Qƒ SRXU O¶DQQpHEXGJpWDLUH

/H GpFUHW Qƒ GX FKDRXDO VHSWHPEUH SRUWDQWRXYHUWXUHGHFUpGLWVVXSSOpPHQWDLUHVDXSURILWGXEXGJHW GHIRQFWLRQQHPHQW±FKDUJHVFRPPXQHV±

0LQLVWqUHGHOLQWpULHXU 0LQLVWqUHGHO¶pGXFDWLRQQDWLRQDOH

$GPLQLVWUDWLRQGHODGpIHQVHQDWLRQDOH 0LQLVWqUHGHODVDQWp 0LQLVWqUHGHODMXVWLFHHWGHVOLEHUWpV 0LQLVWqUHGHO¶pFRQRPLHHWGHVILQDQFHV 'pOpJDWLRQJpQpUDOHjO¶DGPLQLVWUDWLRQSpQLWHQWLDLUH HWjODUpLQVHUWLRQ 0LQLVWqUHGHV+DERXVHWGHVDIIDLUHVLVODPLTXHV 0LQLVWqUHGHO¶HQVHLJQHPHQWVXSpULHXUGHODUHFKHUFKH VFLHQWLILTXHHWGHODIRUPDWLRQGHVFDGUHV

&RXU 5R\DOH 0LQLVWqUHGHVDIIDLUHVpWUDQJqUHVHWGHODFRRSpUDWLRQ 0LQLVWqUHGHO¶pTXLSHPHQWHWGXWUDQVSRUW 0LQLVWqUHGHO¶DJULFXOWXUHHWGHODSrFKHPDULWLPH

±$JULFXOWXUH

±3rFKHPDULWLPH 0LQLVWqUHGHO¶pQHUJLHGHVPLQHVGHO¶HDXHWGH

O¶HQYLURQQHPHQW

±(DX±(QHUJLHHWPLQHV

±(QYLURQQHPHQW 0LQLVWqUHGHODMHXQHVVHHWGHVVSRUWV

&KHIGX*RXYHUQHPHQW -XULGLFWLRQV ILQDQFLqUHV 0LQLVWqUHGXWRXULVPH 0LQLVWqUHGHO¶DUWLVDQDW 0LQLVWqUH GH O¶LQGXVWULH GX FRPPHUFH HW GHV QRXYHOOHVWHFKQRORJLHV

±,QGXVWULHFRPPHUFHHWQRXYHOOHVWHFKQRORJLHV

±&RPPHUFHH[WpULHXU 0LQLVWqUH GH O¶KDELWDW GH O¶XUEDQLVPH HW GH OD

SROLWLTXHGHODYLOOH

±+DELWDW

±8UEDQLVPH +DXWFRPPLVVDULDWDX[HDX[HWIRUrWVHWjODOXWWH FRQWUHODGpVHUWLILFDWLRQ

&RQVHLOpFRQRPLTXHHWVRFLDO

&KDPEUHGHVUHSUpVHQWDQWV 0LQLVWqUHGHODFRPPXQLFDWLRQ 6HFUpWDULDWJpQpUDOGXJRXYHUQHPHQW 0LQLVWqUHGHODFXOWXUH +DXW FRPPLVVDULDW DX[ DQFLHQV UpVLVWDQWV HW DQFLHQVPHPEUHVGHO¶DUPpHGHOLEpUDWLRQ 'pOpJDWLRQLQWHUPLQLVWpULHOOHDX[GURLWVGHO¶+RPPH +DXWFRPPLVVDULDWDXSODQ 0LQLVWqUH GH OD VROLGDULWp GH OD IHPPH GH OD IDPLOOHHWGXGpYHORSSHPHQWVRFLDO 0LQLVWqUHGpOpJXpDXSUqVGX&KHIGXJRXYHUQHPHQW FKDUJp GHV PDURFDLQV UpVLGDQW j O¶pWUDQJHU 0LQLVWqUHFKDUJpGHVUHODWLRQVDYHFOHSDUOHPHQW HWODVRFLpWpFLYLOH 0LQLVWqUH GpOpJXp DXSUqV GX &KHI GX JRXYHUQHPHQW FKDUJpGHVDIIDLUHVJpQpUDOHVHWGHODJRXYHUQDQFH

727$/

'(3$57(0(1760,1,67(5,(/628,167,787,216 120%5(

'¶(03/2,6

&UpDWLRQG¶HPSORLV

$UWLFOH

,O HVW FUpp HPSORLV DX WLWUH GX EXGJHW JpQpUDO SRXU ODQQpHEXGJpWDLUH

,±HPSORLVDXSURILWGHVPLQLVWqUHVHWLQVWLWXWLRQVVXLYDQWV

±±

,,± /H JRXYHUQHPHQW HVW KDELOLWp j UpSDUWLU HPSORLV HQWUHOHVGLIIpUHQWVGpSDUWHPHQWVPLQLVWpULHOVRXLQVWLWXWLRQV

6XSSUHVVLRQGHVSRVWHVYDFDQWVQRQXWLOLVpV

$UWLFOH

/HVGLVSRVLWLRQVGHO¶DUWLFOHGHODORLGHILQDQFHVQƒ

SRXUO¶DQQpHEXGJpWDLUHSURPXOJXpHSDUOHGDKLUQƒ

GXPRKDUUHPGpFHPEUHWHOTX¶LODpWpDEURJp HWUHPSODFpSDUO¶DUWLFOHGHODORLGHILQDQFHVQƒSRXU O¶DQQpHEXGJpWDLUHSURPXOJXpHSDUOHGDKLUQƒGX PRKDUUHP GpFHPEUH VRQW DEURJpHV HW UHPSODFpHVFRPPHVXLW

©$UWLFOH ±,±6RQW VXSSULPpV SRXU FKDTXH DQQpH

©EXGJpWDLUHOHVSRVWHVYDFDQWVQRQXWLOLVpVDXMXLQGHO¶DQQpH

©TXLVXLWFHOOHGHODORLGHILQDQFHVFRQFHUQpHTXLQ¶RQWSDVIDLW

©O¶REMHWG¶DFWHVYLVpVSDUOHVVHUYLFHVGHOD7UpVRUHULHJpQpUDOH

©GX5R\DXPH

©,,±&HVVXSSUHVVLRQVQHV¶DSSOLTXHQWSDVDX[SRVWHVGX

©SHUVRQQHO GH OD &RXU 5R\DOH DX[ SRVWHV GHV PHPEUHV GX

©JRXYHUQHPHQW DX[ SRVWHV UpVHUYpV DX[ HPSORLV VXSpULHXUV

©QRPPpVSDUGDKLURXSDUGpFUHWDX[SRVWHVGHVFDELQHWVGHV

©PHPEUHVGXJRXYHUQHPHQWDX[SRVWHVGHFKDUJpVG¶pWXGHVHW

©DX[ SRVWHV GH FKDUJpV GH PLVVLRQV DXSUqV GX &KHI GX

©JRXYHUQHPHQWª

$QQXODWLRQGHVFUpGLWVGHSDLHPHQW Q¶D\DQWSDVIDLWO¶REMHWG¶HQJDJHPHQW

$UWLFOH

,±6RQWDQQXOpVOHVFUpGLWVGHSDLHPHQWRXYHUWVSDUODORL GH ILQDQFHV SRXU O¶DQQpH EXGJpWDLUH DX WLWUH GHV GpSHQVHV G¶LQYHVWLVVHPHQWGXEXGJHWJpQpUDOTXLjODGDWHGXGpFHPEUH Q¶RQWSDVIDLWO¶REMHWG¶HQJDJHPHQWVGHGpSHQVHVYLVpVSDU OHVVHUYLFHVGHOD7UpVRUHULHJpQpUDOHGX5R\DXPH

,,±/HVGLVSRVLWLRQVGXSDUDJUDSKH,FLGHVVXVQHVRQWSDV DSSOLFDEOHVDX[FUpGLWVGHSDLHPHQWRXYHUWVDXWLWUHGHO¶DQQpH DX SURILW GHV SURJUDPPHV HW SURMHWV EpQpILFLDQW GH IRQGV GH FRQFRXUVH[WpULHXUVVRXVIRUPHGHGRQV

,,, ± /HV FUpGLWV G¶LQYHVWLVVHPHQW GX EXGJHW JpQpUDO UHSRUWpVGHVH[HUFLFHVHWDQWpULHXUVVXUOHVH[HUFLFHV HW XOWpULHXUV FRUUHVSRQGDQW j GHV RSpUDWLRQV GH GpSHQVHV TXL Q¶RQW SDV IDLW O¶REMHW G¶RUGRQQDQFHPHQW G€PHQW YLVp SDU OHV VHUYLFHVGHOD7UpVRUHULHJpQpUDOHGX5R\DXPHGXUDQWODSpULRGH DOODQW GX

^HU

MDQYLHU DX GpFHPEUH HW DX WLWUH GHVTXHOOHVDXFXQHSURFpGXUHGHOLWLJHMXGLFLDLUHQ¶DpWpHQWDPpH VRQW DQQXOpV GH GURLW /HV HQJDJHPHQWV FRUUHVSRQGDQWV DX[GLWV FUpGLWVVRQWpJDOHPHQWDQQXOpVGHGURLW

,9±/RUVTXHOHVFUpGLWVG¶LQYHVWLVVHPHQWUHSRUWpVFRUUHVSRQGHQW j GHV PDUFKpV DFKHYpV OHVGLWV FUpGLWV HW OHV HQJDJHPHQWV FRUUHVSRQGDQWVVRQWDQQXOpVGHGURLW

/HVPRGDOLWpVG¶DSSOLFDWLRQGHFHWDUWLFOHVHURQWIL[pHVSDU YRLHUpJOHPHQWDLUH

,,±6

(59,&(6'(/¶

(

7$7*(5(6'(0$1,(5($872120(

+DELOLWDWLRQ

$UWLFOH

&RQIRUPpPHQW DX[ GLVSRVLWLRQV GH O¶DUWLFOH GH OD

&RQVWLWXWLRQ OH JRXYHUQHPHQW HVW DXWRULVp j FUpHU SDU GpFUHWV GHV VHUYLFHV GH O¶(WDW JpUpV GH PDQLqUH DXWRQRPH SHQGDQW OD SpULRGH DOODQW GH OD GDWH GH SXEOLFDWLRQ GH OD SUpVHQWH ORL GH ILQDQFHVDX%XOOHWLQRIILFLHOHWMXVTX¶DXGpFHPEUH

/HV GpFUHWV YLVpV FLGHVVXV GRLYHQW rWUH VRXPLV j OD

UDWLILFDWLRQGX3DUOHPHQWGDQVODSOXVSURFKDLQHORLGHILQDQFHV ,,,±&

2037(663(&,$8;'8

7

5(625

+DELOLWDWLRQ

$UWLFOH

&RQIRUPpPHQWDX[GLVSRVLWLRQVGHODUWLFOHGHODORL RUJDQLTXHQƒUHODWLYHjODORLGHILQDQFHVOHJRXYHUQHPHQW HVWDXWRULVpHQFDVGXUJHQFHHWGHQpFHVVLWpLPSpULHXVHjFUpHU SDUGpFUHWVGHQRXYHDX[FRPSWHVVSpFLDX[GX7UpVRUSHQGDQWOD SpULRGH DOODQW GH OD GDWH GH SXEOLFDWLRQ GH OD SUpVHQWH ORL GH ILQDQFHVDX%XOOHWLQRIILFLHOHWMXVTX¶DXGpFHPEUH

/HVQRXYHDX[FRPSWHVVSpFLDX[YLVpVFLGHVVXVGRLYHQWrWUH VRXPLVjODUDWLILFDWLRQGX3DUOHPHQWGDQVODSOXVSURFKDLQHORL GHILQDQFHV

$QQXODWLRQGHVFUpGLWVHWGHVHQJDJHPHQWV Q¶D\DQWSDVIDLWO¶REMHWG¶RUGRQQDQFHPHQWG€PHQWYLVp

$UWLFOH

,±/HVFUpGLWVFRUUHVSRQGDQWjGHVRSpUDWLRQVGHGpSHQVHV GHVFRPSWHVG¶DIIHFWDWLRQVSpFLDOHUHSRUWpVGHVH[HUFLFHVHW DQWpULHXUVVXUOHVH[HUFLFHVHWXOWpULHXUVHWTXLQ¶RQWSDVIDLW O¶REMHW G¶RUGRQQDQFHPHQW G€PHQW YLVp SDU OHV VHUYLFHV GH OD 7UpVRUHULH JpQpUDOH GX 5R\DXPH GXUDQW OD SpULRGH DOODQW GX

^HU

MDQYLHU DX GpFHPEUH HW DX WLWUH GHVTXHOOHV DXFXQH SURFpGXUH GH OLWLJH MXGLFLDLUH Q¶D pWp HQWDPpH VRQW DQQXOpVGHGURLW/HVHQJDJHPHQWVFRUUHVSRQGDQWVDX[GLWVFUpGLWV VRQWpJDOHPHQWDQQXOpVGHGURLW

,, ± /RUVTXH OHV RSpUDWLRQV GH GpSHQVHV GHV FRPSWHV G¶DIIHFWDWLRQ VSpFLDOH UHSRUWpHV FRUUHVSRQGHQW j GHV PDUFKpV DFKHYpVOHVFUpGLWVHWOHVHQJDJHPHQWV\DIIpUHQWVVRQWDQQXOpV GHGURLW

/HVPRGDOLWpVG¶DSSOLFDWLRQGHFHWDUWLFOHVHURQWIL[pHVSDU YRLHUpJOHPHQWDLUH

(QJDJHPHQWSDUDQWLFLSDWLRQVXUOHFRPSWHGDIIHFWDWLRQ VSpFLDOHLQWLWXOp©)RQGVGHVRXWLHQjOLQLWLDWLYHQDWLRQDOH

SRXUOHGpYHORSSHPHQWKXPDLQª

$UWLFOH

/HPRQWDQWGHVGpSHQVHVTXHOH&KHIGXJRXYHUQHPHQWHVW DXWRULVp j HQJDJHU SHQGDQW ODQQpH EXGJpWDLUH DX WLWUH GX FRPSWHG¶DIIHFWDWLRQVSpFLDOHLQWLWXOp©)RQGVGHVRXWLHQjOLQLWLDWLYH QDWLRQDOHSRXUOHGpYHORSSHPHQWKXPDLQªSDUDQWLFLSDWLRQVXUOHV FUpGLWVTXLOXLVHURQWRXYHUWVSRXUO¶DQQpHEXGJpWDLUHHVW IL[pjXQPLOOLDUGGHGLUKDPV'+

(QJDJHPHQWSDUDQWLFLSDWLRQVXUOHFRPSWHG¶DIIHFWDWLRQ VSpFLDOHLQWLWXOp©)RQGVGHOXWWHFRQWUHOHVHIIHWV

GHVFDWDVWURSKHVQDWXUHOOHVª

$UWLFOH

/HPRQWDQWGHVGpSHQVHVTXHOHPLQLVWUHFKDUJpGHO¶LQWpULHXU HVWDXWRULVpjHQJDJHUSHQGDQWODQQpHEXGJpWDLUHDXWLWUHGX FRPSWH G¶DIIHFWDWLRQ VSpFLDOH LQWLWXOp © )RQGV GH OXWWH FRQWUH OHV HIIHWVGHVFDWDVWURSKHVQDWXUHOOHVªSDUDQWLFLSDWLRQVXUOHVFUpGLWV TXL OXL VHURQW RXYHUWV SRXU O¶DQQpH EXGJpWDLUH HVW IL[p j WURLVFHQWVRL[DQWHGL[PLOOLRQVGHGLUKDPV'+

(QJDJHPHQWSDUDQWLFLSDWLRQVXUOHFRPSWH GDIIHFWDWLRQVSpFLDOHLQWLWXOp©)RQGVVSpFLDOURXWLHUª

$UWLFOH

/H PRQWDQW GHV GpSHQVHV TXH OH PLQLVWUH FKDUJp GH

OpTXLSHPHQWHVWDXWRULVpjHQJDJHUSHQGDQWODQQpHEXGJpWDLUH

DXWLWUHGXFRPSWHG¶DIIHFWDWLRQVSpFLDOHLQWLWXOp©)RQGVVSpFLDO