Download Contents Language Page English 1 French 38 WIRELESS 915 MHz
Transcript
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x KRXUWLPHVHWWLQJ x +RXUDQGPLQXWHGLVSOD\ x &DOHQGDUGLVSOD\ x :HDWKHUIRUHFDVWLQJZLWKHDV\WRUHDGZHDWKHUIRUHFDVWVLJQVIHDWXUHGE\:HDWKHU PDQ x ,QGRRUFRPIRUWOHYHOLQGLFDWRU x 'LVSOD\LQGRRUDQGRXWGRRUWHPSHUDWXUHLQGHJUHHV&HOVLXV&RU)DKUHQKHLW) x 'LVSOD\LQGRRUKXPLGLW\5+ x 0,10$;GLVSOD\RILQGRRUDQGRXWGRRUWHPSHUDWXUHV x $OO0,10$;UHFRUGLQJVFDQEHUHVHW x /RZEDWWHU\LQGLFDWRU x 6LJQDOUHFHSWLRQLQWHUYDOVDWVHFRQG x :LUHOHVVWUDQVPLVVLRQDW0+] x 7DEOHVWDQGLQJ:DOOPRXQWLQJ x 5HPRWHWUDQVPLVVLRQRIRXWGRRUWHPSHUDWXUHWRWHPSHUDWXUH 6WDWLRQE\0+] x :HDWKHUUHVLVWDQWFDVLQJ x :DOOPRXQWLQJFDVH x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³0RXQWLQJ´DQG³0+]5HFHSWLRQ´ ,167$//$1'5(3/$&(%$77(5,(6,17+(:($7+(567$7,21 1RWH7KLVZHDWKHUVWDWLRQUHFHLYHVRQO\RQHRXWGRRUWUDQVPLWWHU )LUVWLQVHUWWKHEDWWHULHVLQWRWKH7HPSHUDWXUHWUDQVPLWWHUVHH³,QVWDOODQGUHSODFHEDWWHULHVLQ WKH7HPSHUDWXUHWUDQVPLWWHU³ ,PPHGLDWHO\DIWHUDQGZLWKLQVHFRQGVLQVHUWWKHEDWWHULHVLQWR:HDWKHUVWDWLRQVHH³,QVWDOO DQGUHSODFHEDWWHULHVLQWKH:HDWKHUVWDWLRQ´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x 3UHVVDQGKROGWKHNH\WRHQWHUPDQXDOVHWWLQJPRGHV0DQXDOWLPH&DOHQGDUKRXU GLVSOD\DQG7HPSHUDWXUHXQLW&)VHWWLQJ NH\ x 7RPDNHDGMXVWPHQWIRUYDULRXVVHWWLQJV /&'6&5((1$1'6(77,1*6 ,1NH\ x 3UHVVWRGLVSOD\WKH0,1DQG0$;LQGRRUWHPSHUDWXUHUHFRUGV x 3UHVVDQGKROGWRUHVHWWKHLQGRRU0,10$;WHPSHUDWXUHUHFRUGV 287NH\ x 3UHVVWRGLVSOD\WKH0,1DQG0$;RXWGRRUWHPSHUDWXUHUHFRUGV x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x 'LVSOD\WKHRXWGRRUWHPSHUDWXUH x 'LVSOD\WKHVLJQDOUHFHSWLRQV\PEROLQGLFDWLQJWKDWUHFHLYHULVUHFHLYLQJRXWGRRUGDWD 6HFWLRQ,1'2257(03(5$785(,1'225+80,',7<'$7($1':($7+(50$1,&21 x 'LVSOD\WKHFXUUHQWLQGRRUWHPSHUDWXUHDQGKXPLGLW\LQQRUPDOGLVSOD\ x 'LVSOD\WKHZHDWKHUFRQGLWLRQWREHH[SHFWHGLQIRUPRIIDQF\ZHDWKHUV\PEROVIHDWXUHGE\ :HDWKHUPDQZKLFKFKDQJHWKHLUDSSHDUDQFHGHSHQGLQJRQWKHDLUSUHVVXUHGHYHORSPHQWDQG WKHFXUUHQWRXWGRRUWHPSHUDWXUH x 'LVSOD\WKHZHDWKHUWHQGHQF\LQGLFDWRUDQGLQGRRUFRPIRUWOHYHOLQGLFDWRU x 'LVSOD\WKHGDWH 6HFWLRQ7,0( x 'LVSOD\WKHFXUUHQWWLPH 0$18$/6(77,1*6 7KHIROORZLQJPDQXDOVHWWLQJVFDQEHGRQHLQWKHVHWWLQJPRGH x 0DQXDOWLPH x &DOHQGDU x KRXUGLVSOD\ x 7HPSHUDWXUHXQLW&)VHWWLQJ 3UHVVDQGKROGWKH6(7NH\IRUDERXWVHFRQGVWRDGYDQFHWRWKHVHWWLQJPRGH 0$18$/7,0(6(77,1* +RXUV IODVKLQJ 3UHVVWKH6(7NH\WRHQWHUWKHPRQWKVHWWLQJPRGH 7KHPRQWKGLJLWZLOOEHIODVKLQJ3UHVVWKHNH\WRVHWWKHPRQWKDQGWKHQSUHVVWKH6(7NH\WR JRWRWKHGDWHVHWWLQJ 7KHGDWHGLJLWZLOOEHIODVKLQJ3UHVVWKHNH\WRVHWWKHGDWH &RQILUPZLWKWKH6(7NH\DQGHQWHUWKH³WLPHGLVSOD\VHWWLQJ 7RVHWWKHFORFN 7KHKRXUGLJLWVVWDUWIODVKLQJLQWKHWLPHGLVSOD\VHFWLRQ 8VHWKHNH\WRDGMXVWWKHKRXUVDQGWKHQSUHVV6(7NH\WRJRWRWKHPLQXWHVHWWLQJ 7KHPLQXWHZLOOEHIODVKLQJ3UHVVWKHNH\WRMXVWWKHPLQXWHV &RQILUPZLWKWKH6(7NH\DQGHQWHUWKH³&DOHQGDU6HWWLQJ´ &$/(1'$56(77,1* +2857,0(',63/$<6(77,1* <HDU 'D\0RQWKIRUKWLPHGLVSOD\ 0RQWK'D\IRUKWLPHGLVSOD\ 7KHGDWHGHIDXOWRIWKH:HDWKHUVWDWLRQLVRIWKH\HDUDIWHULQLWLDOVHWXS7KHGDWHFDQDOVREH VHWPDQXDOO\7RGRWKLV 8VLQJWKHNH\VHWWKH\HDUUHTXLUHG7KHUDQJHUXQVIURPWRGHIDXOWLV 0LQXWHVIODVKLQJ IODVKLQJ 3UHVVWKH6(7NH\³K´RU³K´IODVKHVLQWKH/&'GHIDXOWK 3UHVVWKHNH\WRVHOHFWWKH³K´RU³K´GLVSOD\PRGH 3UHVVWKH6(7DJDLQWRFRQILUPDQGWRHQWHUWKH³&)7HPSHUDWXUHXQLWVHWWLQJ´ 1RWH:KHQKPRGHGLVSOD\LVVHOHFWHGWKHFDOHQGDUIRUPDWZLOOEH'D\0RQWKGLVSOD\:KHQK PRGHGLVSOD\LVVHOHFWHGWKHFDOHQGDUIRUPDWZLOOEH0RQWK'D\GLVSOD\ &)7(03(5$785(81,76(77,1* IODVKLQJ 7KHGHIDXOWWHPSHUDWXUHUHDGLQJLVVHWWR)GHJUHH)DKUHQKHLW7RVHOHFW&GHJUHH&HOVLXV 7KH³&RUq)´ZLOOEHIODVKLQJXVHWKHNH\WRWRJJOHEHWZHHQ³&´DQG³)´ 2QFHWKHGHVLUHGWHPSHUDWXUHXQLWKDVEHHQFKRVHQFRQILUPZLWKWKH6(7NH\DQGH[LWWKH VHWWLQJPRGH :($7+(5)25(&$67$1'7(1'(1&< 7KHZHDWKHUIRUHFDVWLFRQV:HDWKHUPDQ 2QHRIWKHGLIIHUHQWZHDWKHULFRQVIHDWXUHGE\:HDWKHUPDQZLWKGLIIHUHQWFORWKLQJLVGLVSOD\HGLQ WKHFHQWHURI/&'ZKLFKLQGLFDWHVWKHGLIIHUHQWIRUHFDVWZHDWKHUFRQGLWLRQV6XQQ\6XQQ\&ORXG\RU &ORXG\5DLQ\GXHWRFKDQJHLQDLUSUHVVXUHOHYHODQGWKHFXUUHQWRXWGRRUWHPSHUDWXUH qq& t tqq) WRqq& WR qq) qq& WRqq& t tqq) WRqq) WRqq& WRqq) qq&qq) WRqq& WRqq) WRqq& WRqq) qq&qq) 6XQQ\ WRqq& WRqq) 6XQQ\ &ORXG\ &ORXG\5DLQ\ qq& WRqq& WRqq& t tqq) WRqq) WRqq) WRqq& WRqq) qq&qq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x 2QFHWKHZHDWKHUWHQGHQF\LQGLFDWRUKDVUHJLVWHUHGDFKDQJHLQDLUSUHVVXUHLWZLOOUHPDLQ SHUPDQHQWO\YLVXDOL]HGRQWKH/&' x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³-´LQGLFDWLQJDWHPSHUDWXUHOHYHOEHWZHHQ&DQG& )WR)DQGUHODWLYHKXPLGLW\UHDGLQJEHWZHHQDQG 8QFRPIRUWDEOH $VDGIDFHLFRQ³/´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³´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x x x x x :LWKWKHIROGRXWVWDQGWKHZHDWKHUVWDWLRQFDQEHSODFHGRQWRDQ\IODWVXUIDFH &$5($1'0$,17(1$1&( x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x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x x 1HYHUWRXFKWKHH[SRVHGHOHFWURQLFFLUFXLWRIWKHGHYLFHDVWKHUHLVDGDQJHURIHOHFWULFVKRFN VKRXOGLWEHFRPHH[SRVHG 'RQRWH[SRVHWKHXQLWVWRH[WUHPHDQGVXGGHQWHPSHUDWXUHFKDQJHVWKLVPD\OHDGWRUDSLG FKDQJHVLQIRUHFDVWVDQGUHDGLQJVDQGWKHUHE\UHGXFHWKHLUDFFXUDF\ 63(&,),&$7,216 7HPSHUDWXUHPHDVXULQJUDQJH ,QGRRU &WR&ZLWK&UHVROXWLRQ )WR)ZLWK)UHVROXWLRQ ³2)/´GLVSOD\HGLIRXWVLGHWKLVUDQJH 2XWGRRU &WR&ZLWK&UHVROXWLRQ )WR)ZLWK)UHVROXWLRQ ³2)/´GLVSOD\HGLIRXWVLGHWKLVUDQJH 5HODWLYHKXPLGLW\PHDVXULQJUDQJH ,QGRRU WRZLWKUHVROXWLRQGLVSOD\V³´RXWVLGHWKLVUDQJH ,QGRRUWHPSHUDWXUHFKHFNLQJLQWHUYDO HYHU\VHFRQGV ,QGRRUKXPLGLW\FKHFNLQJLQWHUYDO HYHU\VHFRQGV HPDLO VXSSRUW#ODFURVVHWHFKQRORJ\FRP ZDUUDQW\ZRUN VDOHV#ODFURVVHWHFKQRORJ\FRP LQIRUPDWLRQRQRWKHUSURGXFWV ZHE ZZZODFURVVHWHFKQRORJ\FRP 4XHVWLRQ",QVWUXFWLRQV"3OHDVHYLVLW ZZZODFURVVHWHFKQRORJ\FRPLWF $OOULJKWVUHVHUYHG7KLVKDQGERRNPXVWQRWEHUHSURGXFHGLQDQ\IRUPHYHQLQH[FHUSWVRUGXSOLFDWHGRU SURFHVVHGXVLQJHOHFWURQLFPHFKDQLFDORUFKHPLFDOSURFHGXUHVZLWKRXWZULWWHQSHUPLVVLRQRIWKHSXEOLVKHU 7KLVKDQGERRNPD\FRQWDLQPLVWDNHVDQGSULQWLQJHUURUV7KHLQIRUPDWLRQLQWKLVKDQGERRNLVUHJXODUO\FKHFNHG DQGFRUUHFWLRQVPDGHLQWKHQH[WLVVXH:HDFFHSWQROLDELOLW\IRUWHFKQLFDOPLVWDNHVRUSULQWLQJHUURUVRUWKHLU FRQVHTXHQFHV $OOWUDGHPDUNVDQGSDWHQWVDUHDFNQRZOHGJHG 2XWGRRUGDWDUHFHSWLRQ 3RZHUFRQVXPSWLRQ :HDWKHUVWDWLRQ 7HPSHUDWXUHWUDQVPLWWHU %DWWHU\OLIHF\FOH 'LPHQVLRQV/[:[+ :HDWKHUVWDWLRQ 7HPSHUDWXUHWUDQVPLWWHU HYHU\VHFRQGV [$$,(&/59 [$$,(&/59 $SSUR[LPDWHO\PRQWKV$ONDOLQHEDWWHULHVUHFRPPHQGHG [[PP [[PP :$55$17< )RUZDUUDQW\ZRUNWHFKQLFDOVXSSRUWRULQIRUPDWLRQFRQWDFW /D&URVVH7HFKQRORJ\/WG /RVH\%OYG6 /D&URVVH:, 3KRQH )D[ 6SULQJILHOG/DFURVVH&DQDGD 7KLPHQV5G 0RQWUHDO4XHEHF +5& )&&,'2027;8,7&$WUDQVPLWWHU )&&',6&/$,0(5 5)([SRVXUHPRELOH 7KHLQWHUQDOH[WHUQDODQWHQQDVXVHGIRUWKLVPRELOHWUDQVPLWWHUPXVWSURYLGHDVHSDUDWLRQGLVWDQFHRI DWOHDVWFPLQFKHVIURPDOOSHUVRQVDQGPXVWQRWEHFRORFDWHGRURSHUDWLQJLQFRQMXQFWLRQZLWK DQ\RWKHUDQWHQQDRUWUDQVPLWWHU 6WDWHPHQWDFFRUGLQJWR)&&SDUW 7KLVGHYLFHFRPSOLHVZLWK3DUWRIWKH)&&5XOHV2SHUDWLRQLVVXEMHFWWRWKHIROORZLQJWZR FRQGLWLRQVWKLVGHYLFHPD\QRWFDXVHKDUPIXOLQWHUIHUHQFHDQGWKLVGHYLFHPXVWDFFHSWDQ\ LQWHUIHUHQFHUHFHLYHGLQFOXGLQJLQWHUIHUHQFHWKDWPD\FDXVHXQGHVLUHGRSHUDWLRQ 6WDWHPHQWDFFRUGLQJWR)&&SDUW 0RGLILFDWLRQVQRWH[SUHVVO\DSSURYHGE\WKLVFRPSDQ\FRXOGYRLGWKHXVHU VDXWKRULW\WRRSHUDWHWKH HTXLSPHQW 6WDWHPHQWDFFRUGLQJWR)&&SDUW 127(7KLVHTXLSPHQWKDVEHHQWHVWHGDQGIRXQGWRFRPSO\ZLWKWKHOLPLWVIRUD&ODVV%GLJLWDOGHYLFH SXUVXDQWWR3DUWRIWKH)&&5XOHV7KHVHOLPLWVDUHGHVLJQHGWRSURYLGHUHDVRQDEOHSURWHFWLRQ DJDLQVWKDUPIXOLQWHUIHUHQFHLQDUHVLGHQWLDOLQVWDOODWLRQ7KLVHTXLSPHQWJHQHUDWHVXVHVDQGFDQ UDGLDWHUDGLRIUHTXHQF\HQHUJ\DQGLIQRWLQVWDOOHGDQGXVHGLQDFFRUGDQFHZLWKWKHLQVWUXFWLRQVPD\ FDXVHKDUPIXOLQWHUIHUHQFHWRUDGLRFRPPXQLFDWLRQV +RZHYHUWKHUHLVQRJXDUDQWHHWKDWLQWHUIHUHQFHZLOOQRWRFFXULQDSDUWLFXODULQVWDOODWLRQ,IWKLV HTXLSPHQWGRHVFDXVHKDUPIXOLQWHUIHUHQFHWRUDGLRRUWHOHYLVLRQUHFHSWLRQZKLFKFDQEHGHWHUPLQHGE\ WXUQLQJWKHHTXLSPHQWRIIDQGRQWKHXVHULVHQFRXUDJHGWRWU\WRFRUUHFWWKHLQWHUIHUHQFHE\RQHRU PRUHRIWKHIROORZLQJPHDVXUHV x 5HRULHQWRUUHORFDWHWKHUHFHLYLQJDQWHQQD x ,QFUHDVHWKHVHSDUDWLRQEHWZHHQWKHHTXLSPHQWDQGUHFHLYHU x &RQQHFWWKHHTXLSPHQWLQWRDQRXWOHWRQDFLUFXLWGLIIHUHQWIURPWKDWWRZKLFKWKHUHFHLYHULV FRQQHFWHG x &RQVXOWWKHGHDOHURUDQH[SHULHQFHGUDGLR79WHFKQLFLDQIRUKHOS 7KLV&DWHJRU\,,UDGLRFRPPXQLFDWLRQGHYLFHFRPSOLHVZLWK,QGXVWU\&DQDGD6WDQGDUG566 5pFHSWLRQ0+] 0LVHHQSODFH (QWUHWLHQV 6SHFLILFDWLRQV *DUDQWLH &HSURGXLWRIIUH ,167$1775$160,66,21HVWODQRXYHOOH WHFKQRORJLHGHWUDQVPLVVLRQVDQVILOGHSRLQWH FRQoXHHWGpYHORSSpHHQH[FOXVLYLWpSDU/$ &5266(7(&+12/2*<,167$17 75$160,66,21DVVXUHODPLVHjMRXULPPpGLDWH WRXWHVOHVVHFRQGHVGHWRXWHVOHVGRQQpHV H[WpULHXUHVUHOHYpHVSDUOHVFDSWHXUVVXLYH]OHV YDULDWLRQVFOLPDWLTXHVHQWHPSVUpHO 3DJH 3RVWHGHWHPSpUDWXUHVDQVILO &DSWHXUGHWHPSpUDWXUHVDQVILO7;8,7HWVXSSRUW 0RGHG¶HPSORL 6XMHW ,QYHQWDLUHGXFRQWHQX &DUDFWpULVWLTXHV 0RQWDJH ,QVWDOODWLRQGHVSLOHV &RPPDQGHV (FUDQ/&'HWUpJODJHV 5pJODJHVPDQXHOV 3UpYLVLRQHWWHQGDQFHPpWpR $IILFKDJHGHVUHOHYpVGHWHPSpUDWXUHHWG¶KXPLGLWpLQWpULHXUHV $IILFKDJHGHVUHOHYpVGHWHPSpUDWXUHH[WpULHXUHV $IILFKDJHVGHV0,10$;LQWpULHXUVHQUHJLVWUpV 5pLQLWLDOLVDWLRQGHVGRQQpHVLQWpULHXUHV0,10$; $IILFKDJHVGHV0,10$;H[WpULHXUVHQUHJLVWUpV 5pLQLWLDOLVDWLRQGHVGRQQpHVH[WpULHXUHV0,10$; ,19(17$,5( 7$%/('(60$7,(5(6 67$7,210(7(20+] x x x x 0DQXHOG¶8WLOLVDWLRQ &$5$&7(5,67,48(6 6WDWLRQPpWpR (QFRFKHGH VXVSHQVLRQ $IILFKDJH/&' &RXYHUFOHGHVSLOHV 7RXFKHVGH IRQFWLRQ 6RFOHUDEDWWDEOH (PHWWHXUGHWHPSpUDWXUHH[WpULHXUH x 7UDQVPLVVLRQjGLVWDQFHGHODWHPSpUDWXUHH[WpULHXUHYHUVODVWDWLRQ PpWpRSDURQGHV0+] x %RvWLHUUpVLVWDQWjO¶HDX x 6XSSRUWPXUDO x /¶pPHWWHXUH[WpULHXUQHGHYUDLWSDVrWUHSODFpjODOXPLqUHGLUHFWHGX VROHLO/DOXPLqUHGLUHFWHGXVROHLOSHUWXUEHUDOHVOHFWXUHVSUpFLVHVGH ODWHPSpUDWXUH x x x x x x x x x ,167$//$7,21 1RWH/D6WDWLRQPpWpRQHIRQFWLRQQHTX¶DYHFXQVHXOpPHWWHXU &RPPHQFHUSDULQVWDOOHUOHVSLOHVGDQVO¶pPHWWHXUGHWHPSpUDWXUHYRLU³,QVWDOODWLRQHW UHPSODFHPHQWGHVSLOHVGDQVO¶pPHWWHXUGHWHPSpUDWXUH'DQVOHVVHFRQGHVTXLVXLYHQW 3HQGXOHjTXDUW]DXIRUPDWG¶DIILFKDJHRXKHXUHV $IILFKDJHGHVKHXUHVPLQXWHVHWVHFRQGHV $IILFKDJHGXFDOHQGULHU $IILFKDJHGHO¶XQHGHVLF{QHVGHFRQGLWLRQGHWHPSpUDWXUHIDFLOHVjOLUHUHSUpVHQWpHVSDU 0RQVLHXUPpWpR ,QGLFDWHXUGHFRQIRUWLQWpULHXU $IILFKDJHGHVWHPSpUDWXUHVLQWpULHXUHVHWH[WpULHXUHVHQGHJUpV&HOVLXV&RX)DKUHQKHLW) $IILFKDJHGHO¶KXPLGLWpLQWpULHXUH5+ $IILFKDJH0,10$;SRXUOHVWHPSpUDWXUHVLQWpULHXUHHWH[WpULHXUH 7RXWHVOHVGRQQpHVHQUHJLVWUpHV0,10$;SHXYHQWrWUHUpLQLWLDOLVpHV ,QGLFDWHXUGHSLOHVIDLEOHV 7UDQVPLVVLRQVDQVILOSDURQGHV0+] 7UDQVPLVVLRQGHVGRQQpHVH[WpULHXUHVWRXWHVOHVVHFRQGHV 6¶DFFURFKHDXPXURXVHSRVHVXUXQHWDEOH LQVWDOOHUOHVSLOHVGDQVOD6WDWLRQPpWpRYRLU³,QVWDOODWLRQHWUHPSODFHPHQWGHVSLOHVGDQVOD 6WDWLRQPpWpR´ 8QHIRLVTXHOHVSLOHVVRQWHQSODFHWRXVOHVVHJPHQWVGX/&'V¶DOOXPHQWEULqYHPHQWjODVXLWH GHTXRLO¶KHXUHVRXVODIRUPH©ªHWO¶LF{QH0RQVLHXUPpWpRV¶DIILFKHQW6LFHV LQIRUPDWLRQVQHV¶DIILFKHQWSDVVXUOH/&'GDQVOHVVHFRQGHVUHWLUHUOHVSLOHVHWDWWHQGUHDX PRLQVVHFRQGHVDYDQWGHOHVUpLQVpUHU 4XDQGOHVSLOHVVRQWHQSODFHGDQVO¶pPHWWHXUOD6WDWLRQPpWpRFRPPHQFHjHQUHFHYRLUOHV GRQQpHV /DWHPSpUDWXUHH[WpULHXUHHWO¶LF{QHGHUpFHSWLRQGXVLJQDOGHYUDLHQWV¶DIILFKHUVXUOD6WDWLRQ PpWpR6LFHFLQHVHSURGXLWSDVGDQVOHVPLQXWHVTXLVXLYHQWODPLVHHQRHXYUHUHWLUHUOHV SLOHVGHVGHX[DSSDUHLOVHWUHFRPPHQFHUjSDUWLUGHO¶pWDSH 3RXUDVVXUHUXQHERQQHWUDQVPLVVLRQ0+]ODGLVWDQFHHQWUHOD6WDWLRQPpWpRHWO¶pPHWWHXU QHGRLWSDVH[FpGHUPSLHGVHQFKDPSVOLEUHYRLUOHVSDUDJUDSKHV³0LVHHQSODFH´HW ³5pFHSWLRQ0+]´ ,167$//(5(75(03/$&(5/(63,/(6'$16/$67$7,210(7(2 /D6WDWLRQPpWpRIRQFWLRQQHDYHFSLOHV$$,(&/593RXUOHV LQVWDOOHURXOHVUHPSODFHUVXLYUHOHVpWDSHVFLGHVVRXV 5HWLUHUOHFRXYHUFOHjO¶DUULqUHGHOD6WDWLRQPpWpR ,QVpUHUOHVSLOHVHQUHVSHFWDQWOHVSRODULWpVYRLUOHPDUTXDJHLQWHUQH 5HSODFHUOHFRXYHUFOH ,167$//(5(75(03/$&(5/(63,/(6'$16/¶(0(77(85'(7(03(5$785( /¶pPHWWHXUGHWHPSpUDWXUHIRQFWLRQQHDYHFSLOHV$$,(&/593RXUOHVLQVWDOOHURXOHV UHPSODFHUVXLYUHOHVpWDSHVFLGHVVRXV 2XYULUOHFRPSDUWLPHQWGHVSLOHVHQOHIDLVDQWJOLVVHU ,QVpUHUOHVSLOHVHQUHVSHFWDQWOHVSRODULWpVYRLUOHPDUTXDJHLQWHUQH 5HSODFHUOHFRXYHUFOHGXFRPSDUWLPHQWGHVSLOHV 1RWH 4XDQGRQUHPSODFHOHVSLOHVGHO¶XQGHVDSSDUHLOVLOHVWQpFHVVDLUHGHUpLQLWLDOLVHU WRXVOHVDSSDUHLOVFRQIRUPpPHQWDX[SURFpGXUHVGHPLVHHQRHXYUH(QHIIHWXQ FRGHGHVpFXULWpHVWDWWULEXpGHIDoRQDOpDWRLUHSDUO¶pPHWWHXUDXPRPHQWGHOD PLVHHQIRQFWLRQHWFHFRGHGRLWrWUHUHoXHWVWRFNpHQPpPRLUHSDUOD6WDWLRQ PpWpRHWFHGDQVOHVPLQXWHVTXLVXLYHQWODPLVHHQSODFHGHVSLOHV 5(03/$&(0(17'(63,/(6 ,OHVWUHFRPPDQGpGHUHPSODFHUUpJXOLqUHPHQWOHVSLOHVGHWRXVOHVDSSDUHLOVSRXUHQDVVXUHUXQ PD[LPXPGHSUpFLVLRQ&\FOHGHYLHGHVSLOHVYRLUOHV6SpFLILFDWLRQVFLGHVVRXV 3DUWLFLSH]jODSURWHFWLRQGHO¶HQYLURQQHPHQWHWGpSRVH]WRXWHVSLOHVXVDJpHVGDQV XQHGpFKDUJHDXWRULVpH 7RXFKHµ¶ x 3HUPHWG¶HIIHFWXHUOHVGLIIpUHQWVUpJODJHV 728&+(6'()21&7,21 6WDWLRQPpWpR /D6WDWLRQPpWpRSRVVqGHTXDWUHWRXFKHVGHIRQFWLRQIDFLOHVjXWLOLVHU 7RXFKH6(7 7RXFKH287 UpJODJH 7RXFKH 7RXFKH,1 7RXFKH6(75pJODJH x 3HUPHWOHUpJODJHGHVIRQFWLRQVVXLYDQWHVUpJODJHPDQXHOGHO¶KHXUHDQQpHPRLVMRXUIRUPDW G DIILFKDJHGHO¶KHXUH+XQLWpGHWHPSpUDWXUHHQ&) 7RXFKH,1 x 3HUPHWG¶DOWHUQHUHQWUHOHVGRQQpHVGHWHPSpUDWXUHLQWpULHXUHV0,1HW0$; x 3HUPHWGHUpLQLWLDOLVHUWRXWHVOHVGRQQpHVGHWHPSpUDWXUHV0,10$;HQUHJLVWUpHVSRXUO¶LQWpULHXU 7RXFKH287 x 3HUPHWG¶DOWHUQHUHQWUHOHVGRQQpHVGHWHPSpUDWXUHH[WpULHXUH0,1HW0$; x 3HUPHWGHUpLQLWLDOLVHUWRXWHVOHVGRQQpHVGHWHPSpUDWXUHV0,10$;HQUHJLVWUpHVSRXU O¶H[WpULHXU (&5$1/&'(75(*/$*(6 ,F{QHGHSLOHVIDLEOHVGHOD VWDWLRQPpWpR +XPLGLWpLQWpULHXUHHQ ,F{QHGHO LQGLFDWHXU GHFRQIRUW ,QGLFDWHXUGH WHQGDQFHPpWpR 7HPSpUDWXUH LQWpULHXUH ,F{QH 0RQVLHXUPpWpR &DOHQGULHU $IILFKDJHGH O¶KHXUH x x 7HPSpUDWXUHH[WpULHXUH ,F{QHGHSLOHVIDLEOHV GDQVOHWUDQVPHWWHXU ,F{QHGHUpFHSWLRQGX VLJQDOH[WpULHXU /HIRUPDWGHVLF{QHVGH0RQVLHXU0pWpRIDLWUpIpUHQFHDX[©,&21(0216,(850(7(2ª $IILFKDJHGXFDOHQGULHU 6HFWLRQ+(85( x $IILFKDJHGHO¶KHXUH 5(*/$*(60$18(/6 /HVUpJODJHVVXLYDQWVSHXYHQWrWUHHIIHFWXpVGDQVODIRQFWLRQGHUpJODJH x 5pJODJHPDQXHOGHO¶KHXUH x 5pJODJHGXFDOHQGULHU x 5pJODJHGXIRUPDWG DIILFKDJHGHO¶KHXUH+ x 5pJODJHGHO¶XQLWpGHWHPSpUDWXUHHQ&) $SSX\HUVXUODWRXFKH6(7SHQGDQWVHFRQGHVHQYLURQSRXUHQWUHUGDQVODIRQFWLRQGHUpJODJH 4XDQGOHVLJQDOGHO¶pPHWWHXUH[WpULHXUHVWFDSWpSDUOD6WDWLRQPpWpRFHWWHLF{QHV¶DOOXPH'DQVOH FDVG¶XQHQRQUpFHSWLRQO¶LF{QHQHV¶DIILFKHSDVVXUOH/&'&HFLSHUPHWjO¶XWLOLVDWHXUGHVDYRLUVLOD GHUQLqUHUpFHSWLRQDUpXVVLLF{QHSUpVHQWHRXQRQLF{QHDEVHQWH 3RXUSOXVGHFODUWpO¶pFUDQ/&'HVWGLYLVpHQVHFWLRQVTXLDIILFKHQWO¶KHXUHHWOHVGRQQpHVLQWpULHXUHV OHVSUpYLVLRQVPpWpRHWOHVGRQQpHVH[WpULHXUHV 6HFWLRQ7(03(5$785((;7(5,(85( x $IILFKHODWHPSpUDWXUHH[WpULHXUHDFWXHOOH x 8QV\PEROHGHUpFHSWLRQGHVLJQDOV¶DIILFKHSRXULQGLTXHUTXHOHUpFHSWHXUUHoRLWOD WHPSpUDWXUHH[WpULHXUH 6HFWLRQ±'211((6,17(5,(85(6,1',&$7(85'(7(03(5$785(5(35(6(17(3$5 0216,(85 0(7(2(7&$/(1'5,(5 x $IILFKDJHGHODWHPSpUDWXUHHWGHO¶KXPLGLWpLQWpULHXUHV x /HVFRQGLWLRQVGHWHPSpUDWXUHDFWXHOOHVVRQWDIILFKpHVVRXVIRUPHGHLF{QHVUHSUpVHQWpVSDU 0RQVLHXU0pWpRHWFKDQJHQWHQIRQFWLRQGHODWHPSpUDWXUHH[WpULHXUHDFWXHOOH 5(*/$*(0$18(/'(/¶+(85( +HXUHVFOLJQ 0LQXWHVFOLJQ 3RXUUpJOHUO¶KHXUH /HVFKLIIUHVGHVKHXUHVHWGHVPLQXWHVVHPHWWHQWjFOLJQRWHUVXUODVHFWLRQG¶DIILFKDJHGH O¶KHXUH 8WLOLVHUODWRXFKHSRXUUpJOHUOHVKHXUHVSXLVDSSX\HUEULqYHPHQWVXUODWRXFKH6(7SRXU UpJOHUOHVPLQXWHV /HVPLQXWHVVHPHWWURQWjFOLJQRWHU8WLOLVHUjQRXYHDXODWRXFKHSRXUUpJOHUOHVPLQXWHV &RQILUPHUOHUpJODJHHQDSSX\DQWVXUODWRXFKH6(7HWSDVVHUDX³5pJODJHGXFDOHQGULHU´ )250$7'(/¶+(85(+ 5(*/$*('8&$/(1'5,(5 $QQpH 'DWH0RLVKIRUPDW 0RLV'DWHKIRUPDW /DGDWHGHOD6WDWLRQPpWpRHVWUpJOpHSDUGpIDXWVXUGHO¶DQQpH,OHVWSRVVLEOHGHUpJOHUOD GDWHPDQXHOOHPHQW3RXUFHIDLUH 8WLOLVHUODWRXFKHSRXUUpJOHUO¶DQQpHGHjUpJODJHSDUGpIDXW $SSX\HUHQVXLWHEULqYHPHQWVXUODWRXFKH6(7SRXUSDVVHUDXUpJODJHGXPRLV /HVFKLIIUHVGXPRLVVHPHWWHQWjFOLJQRWHU8WLOLVHUODWRXFKHSRXUUpJOHUOHPRLVSXLVDSSX\HU VXU6(7SRXUSDVVHUDXUpJODJHGHODGDWH /HVFKLIIUHVGHODGDWHVHPHWWHQWjFOLJQRWHU8WLOLVHUODWRXFKHSRXUUpJOHUODGDWH &RQILUPHUOHUpJODJHjO¶DLGHGHODWRXFKH6(7HWSDVVHUDXUpJODJHGHOD³)RUPDWGHO¶KHXUH KHXUHV FOLJQRWDQW /¶XQLWpG¶DIILFKDJHGHODWHPSpUDWXUHSDUGpIDXWHVWOHGHJUp)GHJUpV)DKUHQKHLW3RXUFKDQJHUFHWWH XQLWpHQGHJUp&GHJUpV&HOVLXVSURFpGHUFRPPHLQGLTXp ³&q)´FOLJQRWHUD8WLOLVHUODWRXFKHSRXUDOWHUQHUHQWUH³&´HW³)´ $SUqVDYRLUVpOHFWLRQQpO¶XQLWpGHWHPSpUDWXUHGpVLUpHDSSX\HUVXUODWRXFKH6(7DILQGHVRUWLU GHODIRQFWLRQGHUpJODJH ,&21(0216,(850(7(2,F{QHVGHVFRQGLWLRQVGHWHPSpUDWXUH /¶XQHGHVLF{QHVGLIIpUHQWHVGHWHPSpUDWXUHUHSUpVHQWpHVSDU0RQVLHXU0pWpRDYHFGLIIpUHQWV KDELWVHVWDIILFKpHDXFHQWUHGHO¶pFUDQLQGLTXDQWOHVGLIIpUHQWHVFRQGLWLRQVGHWHPSpUDWXUHHQIRQFWLRQ GHODWHPSpUDWXUHH[WpULHXUHDFWXHOOHYDOHXUGHWHPSpUDWXUHUHOHYpHSDUOHWUDQVPHWWHXUH[WpULHXU FOLJQRWDQW / KHXUHSHXWrWUHDIILFKpHDXIRUPDW+RX++SDUGpIDXW %DVFXOH]HQWUHOHVIRUPDWV+HW+jO DLGHGHODWRXFKH &RQILUPHUOHUpJODJHjO¶DLGHGHODWRXFKH6(7HWSDVVHUDX³5(*/$*('(/¶81,7('( 7(03(5$785(&28) 1RWH/RUVTXHOHIRUPDWG¶DIILFKDJHKHVWVpOHFWLRQQpOHFDOHQGULHUHVWDIILFKpVRXVODIRUPHGDWH PRLV/RUVTXHOHIRUPDWG¶DIILFKDJHKHVWVpOHFWLRQQpOHIRUPDWGXFDOHQGULHUHVWPRLVGDWH 5(*/$*('(/¶81,7('(7(03(5$785(&28) tqq& qq) qq& qq) (QVROHLOOp qq& qq) qq& qq) qq&qq) tqq& qq) qq& qq) qq& qq) qq& qq) qq&qq) (QVROHLOOp 1XDJHX[ tqq& qq) qq& qq) qq& qq) qq& qq) qq&qq) 1XDJHX[ 3OXYLHX[ $FKDTXHFKDQJHPHQWVRXGDLQRXVLJQLILFDWLIGHODSUHVVLRQDWPRVSKpULTXHOHVLF{QHVPpWpR V¶DFWXDOLVHQWDILQGHUHSUpVHQWHUFHFKDQJHPHQW6LOHVLF{QHVQHFKDQJHQWSDVFHFLVLJQLILHTXHOD SUHVVLRQDWPRVSKpULTXHQ¶DSDVFKDQJpRXTXHOHFKDQJHPHQWDpWpWURSOHQWSRXUTXHOD6WDWLRQ 0pWpRSXLVVHO¶HQUHJLVWUHU&HSHQGDQWVLO¶LF{QHDIILFKpHHVWO¶LF{QH©VROHLOªRXO¶LF{QH©SOXLHªOHV LF{QHVQHFKDQJHURQWSDVVLOHWHPSVV¶DPpOLRUHDYHFO¶LF{QHGHVROHLORXVHGpJUDGHDYHFO¶LF{QHGH SOXLHFDUHOOHVVRQWGpMjGHVH[WUrPHV /HVLF{QHVDIILFKpHVDQQRQFHQWOHWHPSVHQWHUPHVG¶DPpOLRUDWLRQRXGHGpJUDGDWLRQPDLVSDV QpFHVVDLUHPHQWHQWHUPHVGHVROHLORXGHSOXLH3DUH[HPSOHVLOHWHPSVDFWXHOHVWQXDJHX[HWTXH O¶LF{QHGHSOXLHHVWDIILFKpHFHFLQHVLJQLILHSDVTXHO¶DSSDUHLOHVWGpIHFWXHX[SDUFHTX¶LOQHSOHXWSDV &HFLLQGLTXHVLPSOHPHQWTXHODSUHVVLRQDWPRVSKpULTXHDEDLVVpHWTXHOHWHPSVGHYUDLWVHGpJUDGHU VDQVTX¶LOSOHXYHQpFHVVDLUHPHQW HQGURLWVROHWHPSVUHVWHFRQVWDQWODSOXSDUWGXWHPSVSDUH[HPSOHEHDXWHPSVTXDVLFRQVWDQW 6LYRXVGpSODFH]OD6WDWLRQ0pWpRYHUVXQHQGURLWjSOXVKDXWHRXSOXVEDVVHDOWLWXGHSDUUDSSRUWjVRQ HPSODFHPHQWG RULJLQHSDUH[HPSOHGXUH]GHFKDXVVpHDX[pWDJHVVXSpULHXUVG XQHPDLVRQUHWLUH] HQOHVSLOHVSXLVUpLQVpUH]OHVDSUqVVHFRQGHVHQYLURQ&HFLpYLWHUDTXHOD6WDWLRQ0pWpRQHSUHQQH FHGpSODFHPHQWSRXUXQFKDQJHPHQWGHSUHVVLRQDWPRVSKpULTXHFHOXLFLQ¶pWDQWGTX¶DXOpJHU FKDQJHPHQWG DOWLWXGH8QHIRLVGHSOXVQHWHQH]SDVFRPSWHGHVSUpYLVLRQVPpWpRSRXUOHVj KHXUHVVXLYDQWHVDILQGHODLVVHUVHVWDELOLVHUOHVUHOHYpVjDOWLWXGHFRQVWDQWH 5HPDUTXH /HVSUpYLVLRQVPpWpRGHVjSUHPLqUHVKHXUHVTXLVXLYHQWODPLVHHQRHXYUHQHGRLYHQWSDVrWUH SULVHVHQFRPSWH/D6WDWLRQ0pWpRDEHVRLQGHFROOHFWHUOHVGRQQpHVVXUODSUHVVLRQDWPRVSKpULTXHj DOWLWXGHFRQVWDQWHDILQGHSRXYRLUSURGXLUHGHVUHOHYpVSUpFLV &RPPHSRXUWRXWHSUpYLVLRQPpWpRO H[DFWLWXGHDEVROXHQHSHXWrWUHJDUDQWLH/DSUpFLVLRQGHOD SUpYLVLRQPpWpRHVWHVWLPpHjHQYLURQFRPSWHWHQXGHVGLYHUVHQGURLWVGDQVOHVTXHOVO XWLOLVDWLRQ GHOD6WDWLRQ0pWpRHVWSUpYXH'DQVOHVHQGURLWVROHVFKDQJHPHQWVGHWHPSVVRQWEUXVTXHVSDU H[HPSOHEHDXWHPSVVXLYLGHSOXLHOHVUHOHYpVGHOD6WDWLRQ0pWpRVHURQWSOXVSUpFLVTXHGDQVOHV /HVLQGLFDWHXUVGHWHQGDQFHIOqFKHDVFHQGDQWHHWGHVFHQGDQWHSUqVGH00pWpRIRQFWLRQQHQWHQ WDQGHPDYHFOHVLF{QHVPpWpR/RUVTXHO LQGLFDWHXUSRLQWHYHUVOHKDXWODSUHVVLRQDWPRVSKpULTXH DXJPHQWHHWXQHDPpOLRUDWLRQGXWHPSVHVWDWWHQGXHSDUFRQWUHORUVTXHO LQGLFDWHXUSRLQWHYHUVOH ,1',&$7(85'(7(1'$1&(0e7e2 EDVODSUHVVLRQDWPRVSKpULTXHGLPLQXHHWXQHGpWpULRUDWLRQHVWDWWHQGXH ,1',&$7(85'(&21)257,17e5,(85 $LQVLYRXVSRXYH]UHPDUTXHUO pYROXWLRQSDVVpHGXWHPSVHWODWHQGDQFHjYHQLU3DUH[HPSOHVL O LQGLFDWHXUHVWWRXUQpYHUVOHEDVHWTXHOHVLF{QHVQXDJHX[VRQWDIILFKpHVOHGHUQLHUFKDQJHPHQW LPSRUWDQWGXWHPSVV HVWSURGXLWORUVTX LOIDLVDLWEHDXLF{QHEHDXWHPSVXQLTXHPHQW'RQFOHSURFKDLQ FKDQJHPHQWVHUDO DIILFKDJHGHVLF{QHVQXDJHX[SXLVTXHO LQGLFDWHXUVHUDWRXUQpYHUVOHEDV &RQIRUWDEOH8QHLF{QHVRXULDQWH³-´LQGLTXHXQHWHPSpUDWXUHHQWUH&HW&)j) HWXQHKXPLGLWpUHODWLYHHQWUHHW ,QFRQIRUWDEOH8QHLF{QHJULPDoDQWH³/´LQGLTXHGHVYDOHXUVHQGHKRUVGHODSODJHGHFRQIRUW 5HPDUTXH /RUVTXHO LQGLFDWHXUGHWHQGDQFHDHQUHJLVWUpXQFKDQJHPHQWGHSUHVVLRQDWPRVSKpULTXHLOUHVWH DIILFKpjO pFUDQ /DWHPSpUDWXUHHWO¶KXPLGLWpLQWpULHXUHVVRQWUHOHYpHVHWDIILFKpHVVXUODGHX[LqPHVHFWLRQGHO¶pFUDQ /&' +XPLGLWpLQWpULHXUHUHODWLYH HQ x /RUVTXHO LQGLFDWHXUGHWHQGDQFHSRLQWYHUVODGURLWHSRVLWLRQKRUL]RQWDOHFHODVLJQLILHTX¶LOQ¶\D SDVGHFKDQJHPHQWGHSUHVVLRQGpWHFWpSDUODVWDWLRQ/HWHPSVHVWGRQFVWDEOHLGHQWLTXHDX WHPSVDFWXHO 75(1' 7HPSVVWDEOHLGHQWLTXHDXWHPSVDFWXHO /DSUHPLqUHVHFWLRQGHO¶pFUDQ/&'LQGLTXHODWHPSpUDWXUHH[WpULHXUH ,F{QHGHGRQQpHV 7HPSpUDWXUH H[WpULHXUHV H[WpULHXUH $)),&+$*('(6'211(6,17(5,(85(60$;,080(70,1,080 (15(*,675((6 $)),&+$*('(65(/(9(6'(7(03(5$785((7'¶+80,',7(,17(5,(85(6 $)),&+$*('(/$7(03(5$785((;7(5,(85( ,F{QHPD[LPXP 7HPSpUDWXUHLQWpULHXUH PD[LPXP 7HPSpUDWXUH LQWpULHXUH $SDUWLUGHO¶DIILFKDJHSULQFLSDODSSX\HUXQHIRLVVXUODWRXFKH,1/DWHPSpUDWXUHLQWpULHXUH PLQLPXPV¶DIILFKHUD $SSX\HUHQFRUHXQHIRLVVXUODWRXFKH,1SRXUDIILFKHUODWHPSpUDWXUHLQWpULHXUHPD[LPXP $SSX\HUHQFRUHXQHGHUQLqUHIRLVVXU,1SRXUUHWRXUQHUjO¶DIILFKDJHSULQFLSDO 5(,1,7,$/,6$7,21'(6'211(6,17(5,(85(60$;,080(70,1,080 (15(*,675((6 5HPDUTXH/HVUHOHYpV0,1HW0$;LQWpULHXUHVYRQWrWUHUpLQLWLDOLVpVHQPrPHWHPSV ,F{QHGHGRQQpHV LQWpULHXUHV ,F{QHGHGRQQpHV LQWpULHXUHV $SDUWLUGHO¶DIILFKDJHSULQFLSDODSSX\H]VXUODWRXFKH,1/HVGRQQpHVLQWpULHXUHVPLQLPXPYRQW V¶DIILFKHU $SSX\H]HWPDLQWHQH]HQVXLWHODSUHVVLRQVXUODWRXFKH,1SHQGDQWVHFRQGHVSRXUUpLQLWLDOLVHU OHVGRQQpHVGHWHPSpUDWXUHLQWpULHXUHVPLQLPXPHWPD[LPXPDX[YDOHXUVDFWXHOOHV $)),&+$*('(6'211(6(;7(5,(85(60$;,080(70,1,080 (15(*,675((6 ,F{QHGHGRQQpHV H[WpULHXUHV 7HPSpUDWXUH H[WpULHXUH ,F{QHPLQLPXP $SDUWLUGHO¶DIILFKDJHSULQFLSDODSSX\HUXQHIRLVVXUODWRXFKH287/DWHPSpUDWXUHH[WpULHXUH PLQLPXPV¶DIILFKHUD $SSX\HUHQFRUHXQHIRLVVXUODWRXFKH287SRXUDIILFKHUODWHPSpUDWXUHH[WpULHXUHPD[LPXP $SSX\HUHQFRUHXQHGHUQLqUHIRLVVXUODWRXFKH287SRXUUHWRXUQHUjO¶DIILFKDJHSULQFLSDO 5(,1,7,$/,6$7,21'(6'211(6(;7(5,(85(60$;,080(70,1,080 (15(*,675((6 5HPDUTXH/HVUHOHYpV0,1HW0$;H[WpULHXUHVYRQWrWUHUpLQLWLDOLVpVHQPrPHWHPSV /¶XWLOLVDWLRQG¶DXWUHVDSSDUHLOVpOHFWULTXHVWHOVTXHGHVFDVTXHVRXHQFHLQWHVIRQFWLRQQDQWVXUOD PrPHIUpTXHQFHGHVLJQDO0+]SHXWHPSrFKHUXQHERQQHWUDQVPLVVLRQHWUpFHSWLRQGX VLJQDO 'HVYRLVLQVXWLOLVDQWGHVDSSDUHLOVpOHFWULTXHVVXUODIUpTXHQFHGHVLJQDO0+]SHXYHQWDXVVL EURXLOOHUODWUDQVPLVVLRQGHVGRQQpHV 7(02,1'(3,/(6)$,%/(6 8QWpPRLQGHSLOHVIDLEOHVV¶DIILFKHVXUOH/&'TXDQGLOHVWQpFHVVDLUHGHFKDQJHUOHVSLOHVVRLWGDQVOD 6WDWLRQPpWpRVRLWGDQVO¶pPHWWHXU 5e&(37,210+] /D6WDWLRQPpWpRGHYUDLWUHFHYRLUODWHPSpUDWXUHH[WpULHXUHGDQVOHVPLQXWHVTXLVXLYHQWODPLVHHQ RHXYUH(QFDVGHQRQUpFHSWLRQGHVGRQQpHVH[WpULHXUHVGDQVOHVPLQXWHVTXLVXLYHQWODPLVHHQ RHXYUHRXVLGDQVO¶DIILFKDJHSULQFLSDOODUpFHSWLRQGXVLJQDOHVWFRQVWDPPHQW©GpUDQJpHª O¶DIILFKDJHH[WpULHXULQGLTXDQWDORUV³´YpULILHUOHVSRLQWVVXLYDQWV /D6WDWLRQPpWpRRXO¶pPHWWHXUGHYUDLWrWUHVLWXpjPqWUHVDXPRLQVGHWRXWHVVRXUFHV G¶LQWHUIpUHQFHVWHOOHVTXHOHVPRQLWHXUVG¶RUGLQDWHXUVRXWpOpYLVHXUV (YLWHUGHSRVLWLRQQHUO¶pPHWWHXUVXURXjSUR[LPLWpLPPpGLDWHGHFDGUHVGHIHQrWUHVPpWDOOLTXHV 0,6((13/$&('(/$67$7,210(7(2 /D6WDWLRQPpWpRHVWFRQoXHSRXUV¶DFFURFKHUjXQPXURXVHSRVHUVXUXQHWDEOH 6XUXQPXU 1RWH 4XDQGODUpFHSWLRQGXVLJQDO0+]HVWFRUUHFWHLOHVWFRQVHLOOpGHQHSDVURXYULUOHFRXYHUFOHGHV SLOHVGHO¶pPHWWHXURXGHOD6WDWLRQPpWpRFDUOHVSLOHVULVTXHUDLHQWGHVHGpJDJHUGHOHXUVFRQWDFWVHW GHIRUFHUXQHIDXVVHUpLQLWLDOLVDWLRQ6LFHODFHSURGXLWUpLQLWLDOLVHUWRXVOHVDSSDUHLOVYRLUOHSDUDJUDSKH ©,QVWDOODWLRQªFLGHVVXVHWpYLWHUDLQVLOHVSUREOqPHVGHWUDQVPLVVLRQ /HUD\RQGHWUDQVPLVVLRQGHO¶pPHWWHXUYHUVOD6WDWLRQPpWpRHVWG¶HQYLURQPHQHVSDFHGpJDJp &HSHQGDQWFHFLGpSHQGGHO¶HQYLURQQHPHQWHWGHVQLYHDX[G¶LQWHUIpUHQFH6LODUpFHSWLRQUHVWH LPSRVVLEOHDORUVTXHWRXVFHVIDFWHXUVRQWpWpUHVSHFWpVUpLQLWLDOLVHUWRXVOHVDSSDUHLOVYRLUOH SDUDJUDSKH©,QVWDOODWLRQªFLGHVVXV $SDUWLUGHO¶DIILFKDJHSULQFLSDODSSX\H]VXUODWRXFKH287/HVGRQQpHVH[WpULHXUHVPLQLPXP YRQWV¶DIILFKHU $SSX\H]HWPDLQWHQH]HQVXLWHODSUHVVLRQVXUODWRXFKH287SHQGDQWVHFRQGHVSRXU UpLQLWLDOLVHUOHVGRQQpHVGHWHPSpUDWXUHH[WpULHXUHVPLQLPXPHWPD[LPXPDX[YDOHXUVDFWXHOOHV (YLWHUG¶LQVWDOOHUO¶DSSDUHLOVXUXQPXUH[SRVpDX[UD\RQVGXVROHLO$YDQWGHIL[HU O¶DSSDUHLOGHIDoRQGpILQLWLYHV¶DVVXUHUGHODERQQHWUDQVPLVVLRQGHVGRQQpHVGH WHPSpUDWXUHH[WpULHXUHjSDUWLUGHO¶HQGURLWVpOHFWLRQQp )L[HUXQHYLVQRQIRXUQLHGDQVOHPXUGpVLUpHQODLVVDQWGpSDVVHUODWrWH G¶HQYLURQPP 5DEDWWUHODVRFOHGHOD6WDWLRQPpWpRHWDFFURFKHUOD6WDWLRQjODYLV 6¶DVVXUHUGXERQPDLQWLHQWGHOD6WDWLRQDYDQWGHODOkFKHU 6XUXQPXU )L[HUOHVXSSRUWDXPXUGpVLUpjO¶DLGHGHVYLVHWFKHYLOOHVIRXUQLHV (QFDVWUHUO¶pPHWWHXUGHWHPSpUDWXUHGDQVOHVXSSRUW 3RVpH *UkFHjVRQVRFOHUDEDWWDEOHOD6WDWLRQPpWpRSHXWVHSRVHUVXUQ¶LPSRUWHTXHOOH VXUIDFHSODQH 0,6((13/$&('(/¶(0(77(85'(7(03(5$785( /¶pPHWWHXUHVWIRXUQLDYHFXQVXSSRUWTXLSHXWVHIL[HUDXPXUjO¶DLGHGHVGHX[YLV IRXUQLHV2QSHXWDXVVLOHSRVHUVXUXQHVXUIDFHSODQHHWIL[DQWOHVXSSRUWjODEDVH GHO¶pPHWWHXU x x x x x x x 5HWLUHULPPpGLDWHPHQWWRXWHVOHVSLOHVIDLEOHVSRXUpYLWHUIXLWHVHWGpJkWV1HOHVUHPSODFHUTXH SDUGHVSLOHVQHXYHVGXW\SHUHFRPPDQGp 1HWWR\HUO¶DIILFKDJHHWOHERvWLHUDYHFXQFKLIIRQGRX[KXPLGHVHXOHPHQW1HSDVXWLOLVHUGH SURGXLWVGLVVROYDQWVRXDEUDVLIVTXLULVTXHQWGHUD\HUOH/&'HWOHERvWLHU 1HSDVLPPHUJHUO¶DSSDUHLOGDQVO¶HDX 0DQLSXOHUO¶DSSDUHLODYHFSUpFDXWLRQVLO¶DIILFKDJH/&'HVWDEvPp/HVFULVWDX[OLTXLGHVVRQW WR[LTXHV 1HSDVWHQWHUGHUpSDUHUO¶DSSDUHLO/HUHWRXUQHUDXSRLQWG¶DFKDWSRXUOHIDLUHUpSDUHUSDUXQ WHFKQLFLHQTXDOLILp2XYULUHWPRILGLHUO¶DSSDUHLOHQDQQXOHODJDUDQWLH 1HMDPDLVWRXFKHUDXFLUFXLWpOHFWURQLTXHV¶LOHVWjGpFRXYHUWFDULOSUpVHQWHGDQVFHFDVXQ ULVTXHG¶pOHFWURFXWLRQ 1HSDVH[SRVHUOHVDSSDUHLOVjGHVFKDQJHPHQWVGHWHPSpUDWXUHVEUXWDX[HWH[FHVVLIVFDUFHFL SHXWHQWUDvQHUGHVFKDQJHPHQWVWUqVUDSLGHVGHUHOHYpVHWGHSUpYLVLRQVFHTXLHQGLPLQXHOD SUpFLVLRQ 1RWH $YDQWGHIL[HUO¶pPHWWHXUDXPXUGHIDoRQGpILQLWLYHSODFHUWRXVOHVDSSDUHLOVDX[ HQGURLWVGpVLUpVHWV¶DVVXUHUGHODERQQHUpFHSWLRQGHODWHPSpUDWXUHH[WpULHXUHVXU OD6WDWLRQPpWpR(QFDVGHQRQUpFHSWLRQGXVLJQDOFKDQJHUO¶pPHWWHXUGHSODFHRX OHGpSODFHUOpJqUHPHQWFHFLSRXYDQWDLGHUjODUpFHSWLRQGXVLJQDO 62,1(7(175(7,(1 x x (YLWHUOHVWHPSpUDWXUHVH[FHVVLYHVOHVYLEUDWLRQVHWOHVFKRFVTXLULVTXHQWG¶HQGRPPDJHU O¶DSSDUHLOHWGHSURGXLUHGHVUHOHYpVHWSUpYLVLRQVLQH[DFWV 0DQLSXOHUOHVSLOHVDYHFSUpFDXWLRQ,OH[LVWHGHVULVTXHVGHEOHVVXUHVEUOXUHVRXGpJkW PDWpULHOVLOHVSLOHVVRQWHQFRQWDFWDYHFGHVPDWpULDX[FRQGXFWHXUVODFKDOHXUGHVPDWpULDX[ FRUURVLIVRXGHVH[SORVLIV6RUWLUOHVSLOHVGHO¶DSSDUHLODYDQWGHUDQJHUFHGHUQLHUSHQGDQWXQH ORQJXHSpULRGH 63(&,),&$7,216 3ODJHGHUHOHYpGHWHPSpUDWXUH ,QWpULHXUH &j&UpVROXWLRQGH& )j)j)SUqV ³2)/´DIILFKpHQGHKRUVGHFHUD\RQ ([WpULHXUH &j&UpVROXWLRQGH& )j)j)SUqV ³2)/´DIILFKpHQGHKRUVGHFHUD\RQ 3ODJHGHUHOHYpGHO¶KXPLGLWpUHODWLYH ,QWpULHXUH jjSUqV DIILFKH³´DIILFKpHQGHKRUVGHFHUD\RQ 5HOHYpGHODWHPSpUDWXUHLQWpULHXUH WRXWHVOHVVHFRQGHV 5HOHYpGHO¶KXPLGLWpLQWpULHXUH WRXWHVOHVVHFRQGHV 5pFHSWLRQGHVGRQQpHVH[WpULHXUHV WRXWHVOHVVHFRQGHV $OLPHQWDWLRQ 6WDWLRQPpWpR [$$,(&/59 (PHWWHXUGHWHPSpUDWXUH [$$,(&/59 VDOHV#ODFURVVHWHFKQRORJ\FRP LQIRUPDWLRQVXUG¶DXWUHVSURGXLWV &\FOHGHYLHGHVSLOHVSLOHVDOFDOLQHVUHFRPPDQGpHV $SSUR[LPDWLYHPHQWPRLV 'LPHQVLRQV/[O[+ 6WDWLRQPpWpR [[PP (PHWWHXUGHWHPSpUDWXUH [[PP 7RLOH ZZZODFURVVHWHFKQRORJ\FRP *$5$17,( 3RXUWRXWWUDYDLOGHJDUDQWLHVXSSRUWWHFKQLTXHRXLQIRUPDWLRQFRQWDFWHU /D&URVVH7HFKQRORJ\/WG /RVH\%OYG6 /D&URVVH:, 3KRQH )D[ 6SULQJILHOG/DFURVVH&DQDGD 7KLPHQV5G 0RQWUHDO4XHEHF +5& &RXUULHO VXSSRUW#ODFURVVHWHFKQRORJ\FRP WUDYDX[VRXVJDUDQWLH )&&,'2027;8,7&$pPHWWHXU $9,65(/$7,)¬/$)&& 5DGLDWLRQGHIUpTXHQFHVUDGLR /HVDQWHQQHVLQWHUQHVH[WHUQHVXWLOLVpHVSRXUFHWpPHWWHXUPRELOHGRLYHQWSHUPHWWUHXQHGLVWDQFHGH VpFXULWpG¶DXPRLQVFPSRGHWRXWLQGLYLGXHWQHGRLYHQWSDVrWUHLQVWDOOpHVjSUR[LPLWpRX IRQFWLRQQHUFRQMRLQWHPHQWDYHFXQHDXWUHDQWHQQHRXXQDXWUHpPHWWHXU 'pFODUDWLRQHQYHUWXGHODSDUWLHGHVUqJOHVGHOD)&& &HWDSSDUHLOVDWLVIDLWDX[GLVSRVLWLRQVGHODSDUWLHGHVUqJOHVGHOD)&&6RQIRQFWLRQQHPHQWHVW DVVXMHWWLDX[GHX[FRQGLWLRQVVXLYDQWHVOHGLVSRVLWLIQHGRLWSDVRFFDVLRQQHUGHEURXLOODJH SUpMXGLFLDEOHHWO¶XWLOLVDWHXUGXGLVSRVLWLIGRLWrWUHSUrWjDFFHSWHUWRXWEURXLOODJHUHoXPrPHVLFH EURXLOODJHHVWVXVFHSWLEOHGHFRPSURPHWWUHOHIRQFWLRQQHPHQWGXGLVSRVLWLI 'pFODUDWLRQHQYHUWXGHODSDUWLHGHVUqJOHVGHOD)&& /HVPRGLILFDWLRQVQRQH[SUHVVpPHQWDXWRULVpHVSDUFHWWHHQWUHSULVHSHXYHQWHQWUDvQHUO¶DQQXODWLRQGX GURLWG¶XWLOLVDWLRQGHFHWDSSDUHLO 4XHVWLRQ",QVWUXFWLRQV"9LVLWHU ZZZODFURVVHWHFKQRORJ\FRPLWF 7RXVGURLWVUpVHUYpV&HOLYUHWQHSHXWSDVrWUHUHSURGXLWVRXVDXFXQHIRUPH\FRPSULVH[WUDLWVQLGXSOLTXpVRX WUDLWpVSDUSURFpGppOHFWURQLTXHPpFDQLTXHRXFKLPLTXHVDQVO¶DXWRULVDWLRQpFULWHGHO¶pGLWHXU &HOLYUHWSHXWFRQWHQLUGHVHUUHXUVRXIDXWHVG¶LPSUHVVLRQ/HVLQIRUPDWLRQVTX¶LOFRQWLHQWVRQWYpULILpHV UpJXOLqUHPHQWHWFRUULJpHVQpFHVVDLUHPHQWGDQVO¶pGLWLRQVXLYDQWH1RXVGpFOLQRQVWRXWHUHVSRQVDELOLWpSRXUWRXW GpIDXWWHFKQLTXHRXHUUHXUG¶LPSULPHULHRXOHXUVFRQVpTXHQFHV 7RXWHVOHVPDUTXHVGHIDEULTXHHWSDWHQWHVVRQWUHFRQQXHV 'pFODUDWLRQHQYHUWXGHODSDUWLHGHVUqJOHVGHOD)&& 127(FHGLVSRVLWLIDpWpWHVWpHWGpFODUpFRQIRUPHDX[OLPLWHVpWDEOLHVSRXUXQDSSDUHLOQXPpULTXHGH FODVVH%VHORQODSDUWLHGHVUqJOHVGHOD)&&&HVOLPLWHVVHUYHQWjDVVXUHUXQHSURWHFWLRQ UDLVRQQDEOHFRQWUHOHEURXLOODJHSUpMXGLFLDEOHGDQVXQHLQVWDOODWLRQUpVLGHQWLHOOH&HWpTXLSHPHQW SURGXLWXWLOLVHHWSHXWUD\RQQHUGHO¶pQHUJLHUDGLRIUpTXHQFHHWV¶LOQ¶HVWSDVLQVWDOOpHWXWLOLVp FRQIRUPpPHQWDX[LQVWUXFWLRQVSHXWFDXVHUXQEURXLOODJHSUpMXGLFLDEOHDX[FRPPXQLFDWLRQVUDGLR,O Q¶HVWWRXWHIRLVSDVJDUDQWLTX¶DXFXQEURXLOODJHQHVHSURGXLUDSRXUXQHLQVWDOODWLRQSDUWLFXOLqUH6LFHW pTXLSHPHQWFDXVHXQEURXLOODJHSUpMXGLFLDEOHjODUpFHSWLRQUDGLRRXWpOpYLVXHOOHFHTXLSHXWrWUH GpWHUPLQpHQpWHLJQDQWO¶pTXLSHPHQWHWHQOHUDOOXPDQWO¶XWLOLVDWHXUHVWLQYLWpjWHQWHUG¶pOLPLQHUOH EURXLOODJHSDUO¶XQHRXSOXVLHXUVGHVPpWKRGHVVXLYDQWHV x UpRULHQWHURXGpSODFHUO¶DQWHQQHGHUpFHSWLRQ x DXJPHQWHUODGLVWDQFHVpSDUDQWO¶pTXLSHPHQWHWOHUpFHSWHXU x EUDQFKHUO¶pTXLSHPHQWVXUXQHSULVHG¶XQFLUFXLWGLIIpUHQWGHFHOXLVXUOHTXHOOHUpFHSWHXUHVW EUDQFKp x FRQVXOWHUOHUHYHQGHXURXXQUpSDUDWHXUGHUDGLRHWWpOpYLVLRQH[SpULPHQWp &HGLVSRVLWLIGHUDGLRFRPPXQLFDWLRQGHFDWpJRULH,,UHVSHFWHODQRUPH&15G¶,QGXVWULH &DQDGD (-,1/ 3ULQWHGLQ&KLQD,PSULPpHQ&KLQH