)5
8WLOLVDWLRQ
&RPPHQWREWHQLUGHOśHDXGXGLVWULEX 
WHXU
 3ODFH]XQYHUUHVRXVODVRUWLHGHDX
 3RXVVH]O¨J§UHPHQWOHOHYLHUGXGLVWULEXWHXUGśHDX
)LJ3RXU¨YLWHUOHV¨FODERXVVXUHVDVVX
UH]YRXVTXHOHYHUUHHVWDXP©PHQLYHDXTXHOH
GLVWULEXWHXU
 5HWLUH] OśHDX GX SODWHDX %  WHPSV DXWUHPHQW
HOOHSRXUUDLWVHG¨YHUVHUORUVGHOśRXYHUWXUHHWGH
ODIHUPHWXUHGHODSRUWH
7(5',63(16(5
  5HPDUTXHb'LVWULEXWHXUGśHDX
▶ OLPLQH]OHDXU¨VLGXHOOHHWQHWWR\H]OHU¨VHUYRLUGHDXDYDQWGHOHUHPSOLU
▶ 6LYRXVQśDXUH]SDVEHVRLQGśHDXSHQGDQWXQHORQJXHS¨ULRGHYHXLOOH]YLGHUOHU¨VHU
YRLUGśHDXHWOHUHPHWWUHHQSODFHQHWWR\¨
▶ WKHFOHDQHGWDQN(QRXWUHOHFRXYHUFOH&VXUOHU¨VHUYRLUGśHDX)LJSHU
PHWG¨FRQRPLVHUGHO¨QHUJLH$XFDVR¸YRXVQDXUH]SDVEHVRLQGHDXSURYHQDQW
GXGLVWULEXWHXUGHDXSHQGDQWXQHORQJXHS¨ULRGHYHXLOOH]WRXWHIRLVLQVWDOOHUOHFRX
YHUFOHSRXUXQHPHLOOHXUHLVRODWLRQHWSRXU¨FRQRPLVHUGHO¨QHUJLH
 $VVXUH]YRXVTXHOHU¨VHUYRLUGHDXHVWFRUUHFWH
PHQWLQV¨U¨9RLU$33$5(,/
 )DLWHVWRXUQHUHWVRXOHYH]OHFRXYHUFOHDUURQGL$
HWUHPSOLVVH]OHU¨VHUYRLUGHDXDYHFGHOHDXSR
WDEOHIURLGH)LJ
 5HPSOLVVH]GHOHDXXQLTXHPHQWMXVTXODPDUTXH
ObFDUHOOHSRXUUDLWG¨ERUGHUORXYHUWXUHHW
ODIHUPHWXUHGHODSRUWH
 )HUPH]OHFRXYHUFOHDUURQGLMXVTXFHTXLOVHP
ERWHSDUIDLWHPHQW
$
&
 $9(57,66(0(17b
8WLOLVH]XQLTXHPHQWGHOHDXSRWDEOH