1ƒ±NDDGD  %8//(7,12)),&,(/ ±LO HVW SRUWp j GL[ DQV GH UpFOXVLRQ FULPLQHOOH ORUVTXH O¶LQIUDFWLRQHVWSXQLHGHFLQTDQVGHUpFOXVLRQFULPLQHOOH ±LO HVW SRUWp DX GRXEOH  ORUVTXH O¶LQIUDFWLRQ HVW SXQLH GH WURLVDQVG¶HPSULVRQQHPHQWDXSOXV 7RXWHIRLV OHV GLVSRVLWLRQV GX SUpVHQW DUWLFOH QH VRQW SDV DSSOLFDEOHV j O¶DXWHXU RX DX FRPSOLFH GH O¶LQIUDFWLRQ TXL j OD GHPDQGHGHVDXWRULWpVMXGLFLDLUHVRXDGPLQLVWUDWLYHVOHXUDUHPLV OD YHUVLRQ HQ FODLU GHV PHVVDJHV FKLIIUpV DLQVL TXH OHV FRQYHQWLRQVVHFUqWHVQpFHVVDLUHVDXGpFKLIIUHPHQW $UWLFOH 6DXI j GpPRQWUHU TX¶HOOHV Q¶RQW FRPPLV DXFXQH IDXWH LQWHQWLRQQHOOH RX QpJOLJHQFH OHV SHUVRQQHV IRXUQLVVDQW GHV SUHVWDWLRQV GH FU\SWRJUDSKLH j GHV ILQV GH FRQILGHQWLDOLWp VRQW UHVSRQVDEOHV DX WLWUH GH FHV SUHVWDWLRQV GX SUpMXGLFH FDXVp DX[ SHUVRQQHVOHXUFRQILDQWODJHVWLRQGHOHXUVFRQYHQWLRQVVHFUqWHVHQ FDVG¶DWWHLQWHVjO¶LQWpJULWpjODFRQILGHQWLDOLWpRXjODGLVSRQLELOLWp GHVGRQQpHVWUDQVIRUPpHVjO¶DLGHGHFHVFRQYHQWLRQV $UWLFOH (VWSXQLG¶XQHPSULVRQQHPHQWG¶XQDQjFLQTDQVHWG¶XQH DPHQGH GH  '+ j  '+ TXLFRQTXH XWLOLVH GH PDQLqUHLOOpJDOHOHVpOpPHQWVGHFUpDWLRQGHVLJQDWXUHSHUVRQQHOV UHODWLIVjODVLJQDWXUHG¶DXWUXL $UWLFOH (VW  SXQL G¶XQH DPHQGH GH  '+ j  '+ HW G¶XQHPSULVRQQHPHQWGHWURLVPRLVjVL[PRLVWRXWSUHVWDWDLUHGH VHUYLFHV GH FHUWLILFDWLRQ pOHFWURQLTXH TXL QH UHVSHFWH SDV O¶REOLJDWLRQ G¶LQIRUPDWLRQ  GH  O¶DXWRULWp QDWLRQDOH SUpYXH j O¶DUWLFOHFLGHVVXV (Q RXWUH OH FRXSDEOH SHXW rWUH IUDSSp SRXU XQH GXUpH GH FLQT DQV GH O¶LQWHUGLFWLRQ GH O¶H[HUFLFH GH WRXWH DFWLYLWp GH SUHVWDWLRQGHVHUYLFHVGHFHUWLILFDWLRQpOHFWURQLTXH $UWLFOH (VWSXQLG¶XQHDPHQGHGH'+j'+HWG¶XQ HPSULVRQQHPHQW GH VL[ PRLV j GHX[ DQV WRXW WLWXODLUH G¶XQ FHUWLILFDWpOHFWURQLTXHTXLFRQWLQXHjXWLOLVHUOHGLWFHUWLILFDWDUULYp jpFKpDQFHRXUpYRTXp $UWLFOH  /RUVTXHOHVDFWLYLWpVGXFRQWUHYHQDQWVRQWGHQDWXUHjSRUWHU DWWHLQWH DX[ H[LJHQFHV GH OD GpIHQVH QDWLRQDOH RX GH OD VpFXULWp LQWpULHXUHRXH[WpULHXUHGHO¶(WDWO¶DXWRULWpQDWLRQDOHHVWKDELOLWpH j SUHQGUH WRXWHV PHVXUHV FRQVHUYDWRLUHV QpFHVVDLUHV SRXU IDLUH FHVVHU OHVGLWHV DFWLYLWpV VDQV SUpMXGLFH GHV SRXUVXLWHV SpQDOHV TX¶HOOHVDSSHOOHQW $UWLFOH /RUVTXHO¶DXWHXUGHO¶LQIUDFWLRQHVWXQHSHUVRQQHPRUDOHHW VDQV SUpMXGLFH GHV SHLQHV TXL SHXYHQW rWUH DSSOLTXpHV j VHV GLULJHDQWVDXWHXUVGHO¶XQHGHVLQIUDFWLRQVSUpYXHVFLGHVVXVOHV DPHQGHVSUpYXHVSDUOHSUpVHQWFKDSLWUHVRQWSRUWpHVDXGRXEOH (Q RXWUH OD SHUVRQQH PRUDOH SHXW rWUH SXQLH GH O¶XQH GHV SHLQHVVXLYDQWHV ±ODFRQILVFDWLRQSDUWLHOOHGHVHVELHQV ±ODFRQILVFDWLRQSUpYXHjO¶DUWLFOHGXFRGHSpQDO ±OD IHUPHWXUH GH RX GHV pWDEOLVVHPHQWV GH OD SHUVRQQH PRUDOHD\DQWVHUYLjFRPPHWWUHOHVLQIUDFWLRQV $UWLFOH 2XWUHOHVRIILFLHUVHWDJHQWVGHSROLFHMXGLFLDLUHHWOHVDJHQWV GHV GRXDQHV GDQV OHXU GRPDLQH GH FRPSpWHQFH OHV DJHQWV GH O¶DXWRULWp QDWLRQDOH KDELOLWpV j FHW HIIHW HW DVVHUPHQWpV GDQV OHV IRUPHV GX GURLW FRPPXQ SHXYHQW UHFKHUFKHU HW FRQVWDWHU SDU SURFqVYHUEDO OHV LQIUDFWLRQV DX[ GLVSRVLWLRQV GH OD SUpVHQWH ORL HWGHVWH[WHVSULVSRXUVRQDSSOLFDWLRQ/HXUVSURFqVYHUEDX[VRQW WUDQVPLVGDQVOHVFLQTMRXUVDX3URFXUHXUGX5RL /HV DJHQWV HW RIILFLHUV YLVpV j O¶DOLQpD SUpFpGHQW SHXYHQW DFFpGHU DX[ ORFDX[ WHUUDLQV RX PR\HQV GH WUDQVSRUW j XVDJH SURIHVVLRQQHO GHPDQGHU OD FRPPXQLFDWLRQ GH WRXV GRFXPHQWV SURIHVVLRQQHOVHWHQSUHQGUHFRSLHUHFXHLOOLUVXUFRQYRFDWLRQRX VXUSODFHOHVUHQVHLJQHPHQWVHWMXVWLILFDWLRQV ,OVSHXYHQWSURFpGHUGDQVFHVPrPHVOLHX[jODVDLVLHGHV PR\HQV YLVpV j O¶DUWLFOH  FLGHVVXV VXU RUGUH GX 3URFXUHXU GX 5RLRXGXMXJHG¶LQVWUXFWLRQ 6DQVSUpMXGLFHGHGLVSRVLWLRQVSpQDOHVSOXVVpYqUHVHVWSXQL G¶XQH DPHQGH GH  j  '+ TXLFRQTXH XWLOLVH LQG€PHQWXQHUDLVRQVRFLDOHXQHSXEOLFLWpHWGHPDQLqUHJpQpUDOH WRXWH H[SUHVVLRQ IDLVDQW FURLUH TX¶LO HVW DJUpp FRQIRUPpPHQW DX[ GLVSRVLWLRQVGHO¶DUWLFOHFLGHVVXV /HV PR\HQV VDLVLV ILJXUHQW DX SURFqVYHUEDO GUHVVp VXU OHV OLHX[ /HV RULJLQDX[ GX SURFqVYHUEDO HW GH O¶LQYHQWDLUH VRQW WUDQVPLVjO¶DXWRULWpMXGLFLDLUHTXLDRUGRQQpODVDLVLH $UWLFOH 'LVSRVLWLRQVILQDOHV /RUVTXHVXUOHUDSSRUWGHVHVDJHQWVRXG¶H[SHUWVO¶DXWRULWp QDWLRQDOH FRQVWDWH TXH OH SUHVWDWDLUH GH VHUYLFHV GH FHUWLILFDWLRQ pOHFWURQLTXH GpOLYUDQW GHV FHUWLILFDWV VpFXULVpV QH UpSRQG SOXV j O¶XQH GHV FRQGLWLRQV SUpYXHV j O¶DUWLFOH  FLGHVVXV RX TXH VHV DFWLYLWpV QH VRQW SDV FRQIRUPHV DX[ GLVSRVLWLRQV GH OD SUpVHQWH ORLRXGHVUqJOHPHQWVSULVSRXUVRQDSSOLFDWLRQHOOHO¶LQYLWHjVH FRQIRUPHU DX[GLWHV FRQGLWLRQV RX GLVSRVLWLRQV GDQV OH GpODL TX¶HOOHGpWHUPLQH $UWLFOH 3DVVp FH GpODL VL OH SUHVWDWDLUH QH V¶\ HVW SDV FRQIRUPp O¶DXWRULWp QDWLRQDOH UHWLUH O¶DJUpPHQW GpOLYUp  SURFqGH j OD UDGLDWLRQGXSUHVWDWDLUHGXUHJLVWUHGHVSUHVWDWDLUHVDJUppVHWjOD SXEOLFDWLRQDX©%XOOHWLQRIILFLHOªG¶XQH[WUDLWGHODGpFLVLRQGH UHWUDLWGHO¶DJUpPHQW &KDSLWUH9, /HV FRQGLWLRQV HW PRGDOLWpV G¶DSSOLFDWLRQ GHV GLVSRVLWLRQV GHODSUpVHQWHORLDX[GURLWVUpHOVVRQWIL[pHVSDUGpFUHW $UWLFOH 3DU GpURJDWLRQ DX[ GLVSRVLWLRQV GX SUHPLHU DOLQpD GH O¶DUWLFOH  FLGHVVXV OH JRXYHUQHPHQW SHXW VXU SURSRVLWLRQ GH O¶DXWRULWpQDWLRQDOHYLVpHjO¶DUWLFOHHWVRXVUpVHUYHGHO¶LQWpUrW GX VHUYLFH SXEOLF DJUpHU OHV SHUVRQQHV PRUDOHV GH GURLW SXEOLF SRXUpPHWWUHHWGpOLYUHUGHVFHUWLILFDWVpOHFWURQLTXHVVpFXULVpVHW JpUHUOHVVHUYLFHVTXL\VRQWDIIpUHQWVGDQVOHVFRQGLWLRQVIL[pHV SDUODSUpVHQWHORLHWOHVWH[WHVSULVSRXUVRQDSSOLFDWLRQ