5HY
6LYRWUHSLqFH*($SSOLDQFHVV¶DYqUHGpIHFWXHXVHHQUDLVRQGXQGpIDXWGHIDEULFDWLRQGDQVOHVWUHQWHMRXUVjFRPSWHUGHODGDWHGDFKDW
LQLWLDOHQRXVYRXVIRXUQLURQVJUDWXLWHPHQWXQHQRXYHOOHSLqFHRXjQRWUHJUpXQHSLqFHUHFRQVWUXLWH5HQYR\H]ODSLqFHGpIHFWXHXVHDX
IRXUQLVVHXUGHSLqFHVDXSUqVGXTXHOFHWWHSLqFHDpWpDFKHWpHDYHFXQHFRSLHGHODSUHXYHGDFKDWGHODSLqFH6LODSLqFHHVWGpIHFWXHXVHHW
Q¶LQGLTXHDXFXQVLJQHG¶XQHXWLOLVDWLRQDEXVLYHFHOOHFLVHUDpFKDQJpH/DJDUDQWLHQHFRXYUHSDVODGpIDLOODQFHGHSLqFHVTXLVRQW
HQGRPPDJpHVHQYRWUHSRVVHVVLRQVRQWXWLOLVpHVGHIDoRQDEXVLYHRXRQWpWpPDOLQVWDOOpHV(OOHQHFRXYUHSDVOHVIUDLVGHUHWRXUGHODSLqFH
DXIRXUQLVVHXUDXSUqVGXTXHOHOOHDpWpDFKHWpH(OOHQHFRXYUHSDVQRQSOXVOHFRWGHPDLQG¶RHXYUHSRXUUHWLUHURXLQVWDOOHUFHWWHSLqFHSRXU
GLDJQRVWLTXHUODSDQQH(OOHQHFRXYUHSDVOHVSLqFHVXWLOLVpHVGDQVOHVSURGXLWVjXVDJHFRPPHUFLDOVDXIGDQVOHFDVGHVpTXLSHPHQWVGH
FOLPDWLVDWLRQ(QDXFXQFDV*($SSOLDQFHVQHSHXWrWUHWHQXUHVSRQVDEOHGHVGRPPDJHVLQGLUHFWV
*DUDQW*($SSOLDQFHV
, a
+DLHU
company
/RXLVYLOOH.<
9HQGHXU
1RP
$GUHVVH
9LOOH
eWDW
&RGHSRVWDO
6LJQDWXUH
'DWH
$FKHWHXU
1RP
$GUHVVH
9LOOH
eWDW
&RGHSRVWDO
6LJQDWXUH
'DWH
&HTXLQ¶HVWSDVFRXYHUW
Ŷ
/HVGpSODFHPHQWVjYRWUHGRPLFLOHSRXUYRXVH[SOLTXHUO¶XWLOLVDWLRQGHFHSURGXLW
Ŷ
8QHLQVWDOODWLRQLQFRUUHFWH
Ŷ
8QHSDQQHGXSURGXLWSDUDEXVG¶XWLOLVDWLRQSDUPDXYDLVHXWLOLVDWLRQSDUPRGLILFDWLRQRXV¶LODpWpXWLOLVpGDQVXQEXWDXWUHTXH
FHOXLSRXUOHTXHOLODpWpIDEULTXpRXV¶LODpWpXWLOLVpjGHVILQVFRPPHUFLDOHV
Ŷ
/HUHPSODFHPHQWGHVIXVLEOHVRXOHUpHQFOHQFKHPHQWGXGLVMRQFWHXUGXGRPLFLOH
Ŷ
7RXWGRPPDJHFDXVpSDUDFFLGHQWLQFHQGLHLQRQGDWLRQRXFDWDVWURSKHQDWXUHOOH
Ŷ
7RXWGRPPDJHIRUWXLWRXLQGLUHFWFDXVpSDUGHVGpIDXWVpYHQWXHOVGHFHWDSSDUHLO
*DUDQWLHOLPLWpHGHODFDUWRXFKHILOWUDQWH
&HWWHJDUDQWLHOLPLWpHHVWpWHQGXHjO¶DFKHWHXUG¶RULJLQHHWDX[SURSULpWDLUHVVXLYDQWVSRXUWRXWSURGXLWDFKHWpSRXUXQHXWLOLVDWLRQ
GRPHVWLTXHDX[(WDWV8QLV(Q$ODVNDFHWWHJDUDQWLHOLPLWpHH[FOXWOHFRWG¶H[SpGLWLRQRXGHGpSDQQDJHjYRWUHGRPLFLOH
&HUWDLQVpWDWVQ¶DFFHSWHQWSDVG¶H[FOXVLRQRXGHOLPLWHVDX[GRPPDJHVLQGLUHFWVFRQVpFXWLIV&HUWDLQVGURLWVSDUWLFXOLHUVYRXVVRQW
GpYROXVHQYHUWXGHODSUpVHQWHJDUDQWLHOLPLWpHHWSHXYHQWVDFFRPSDJQHUGDXWUHVGURLWVTXLYDULHQWG¶XQpWDWjXQDXWUH3RXU
FRQQDvWUHYRVGURLWVYHXLOOH]FRQVXOWHUYRWUHEXUHDXORFDORXOHEXUHDXG¶pWDWGHVDIIDLUHVDX[FRQVRPPDWHXUVRXOH3URFXUHXU
*pQpUDOGHYRWUHpWDW
3RXUOHVDFKDWVHIIHFWXpVHQ,RZD
&HIRUPXODLUHGRLWrWUHVLJQpHWGDWpSDUODFKHWHXUHWOHYHQGHXUDYDQWODUpDOLVDWLRQGHFHWWH
YHQWH
&HIRUPXODLUHGRLWrWUHFRQVHUYpDXGRVVLHUSDUOHYHQGHXUSHQGDQWXQHSpULRGHPLQLPDOHGHGHX[DQV
3HQGDQWODSpULRGHGH
JDUDQWLHGH
1RXVUHPSODFHURQVJUDWXLWHPHQW
7UHQWHMRXUV
$FRPSWHUGHODGDWH
GDFKDWLQLWLDO
7RXWHSLqFH
GHODFDUWRXFKHILOWUDQWHTXLV¶DYqUHGpIHFWXHXVHHQUDLVRQG¶XQGpIDXWGHPDWpULDXRX
GHIDEULFDWLRQSHQGDQWFHWWH
SpULRGHGHJDUDQWLHGHWUHQWHMRXUV
&RPPXQLTXH]DYHFQRXVVXU
FDIHDSSOLDQFHVFDSDUWV
(;&/86,21'(6*$5$17,(67$&,7(6
9RWUHUHFRXUVH[FOXVLIHVWO¶pFKDQJHGXSURGXLWVXLYDQWOHVPRGDOLWpVGHOD*DUDQWLH/LPLWpH7RXWHVJDUDQWLHVWDFLWHV\FRPSULV
OHVJDUDQWLHVGHYDOHXUVPDUFKDQGHVRXG¶DGpTXDWLRQjGHVILQVSDUWLFXOLqUHVVRQWOLPLWpHVjXQHGXUpHGHVL[PRLVRXjOD
GXUpHODSOXVFRXUWHDXWRULVpHSDUODORL
*$5$17,(/,0,7e(
3RXUEpQpILFLHUGXVHUYLFHGHUpSDUDWLRQVRXVJDUDQWLH
XQHSUHXYHGHODGDWHG¶DFKDWLQLWLDOHVWQpFHVVDLUH