(67,7 $QQpH MHXGL QRYHPEUH

&0 0*$ ',

'HYRLU 6XUYHLOOp
$8720$7,60(6 ,1'8675,(/6
'XUpH K PLQ VDQV GRFXPHQW VDQV FDOFXODWULFH

*UDIFHW 'pSODFHPHQW GH FKDULRWV SRLQWV

2Q FRQVLGqUH GHX[ FKDULRWV &+ HW &+ SRXYDQW VH GpSODFHU VXU GHV UDLOV GH JXLGDJH YHUV OD
JDXFKH RX YHUV OD GURLWH HQWUH GHX[ SRVLWLRQV D HW E SRXU &+ HW D HW E SRXU &+ /HV FKDULRWV
VRQW WRXV G HX[ DX UHSRV HQ D HW D HW ORUVTX RQ DSSXLH VXU XQ ERXWRQ 0 LOV SDUWHQW
VLPXOWDQpPHQW YHUV OD GURLWH /H SUHPLHU FKDULRW TXL DUULYH j O H[WUpPLWp GURLWH UHSDUW j JDXFKH HW
SURYRTXH OH UHWRXU GH O DXWUH FKDULRW 8Q QRXYHDX GpSDUW QH SHXW rWUH GRQQp TXH V LOV VRQW WRXV G HX[
HQ SRVLWLRQ JDXFKH
)DLUH OH JUDIFHW IRQFWLRQQHO FRUUHSRQGDQW

&+ &+ &KDULRW

* GpSODFHPHQW j JDXFKH GH &+
D E ' GpSODFHPHQW j GURLWH &+
* ' D SRVLWLRQ JDXFKH GH &+
E SRVLWLRQ GURLWH GH &+
&+
UHPSODFHU SDU SRXU OH FKDULRW
0 GpSDUW F\FOH
D E
* '

*UDIFHW &KDvQH GH QHWWR\DJH SRLQWV

& & & & &

* '
K

% % %

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'6 $XWRPDWLVPHV ,QGXVWULHOV &0 0*$ ', 3DJH
8Q FKDULRW VH GpSODFH VXU XQ UDLO HW SHUPHW HQ VH SRVLWLRQQDQW DX GHVVXV G XQ EDF GH QHWWR\HU GHV
SLqFHV VXVSHQGXHV SDU XQH SLQFH HQ OHV WUHPSDQW GDQV GLIIpUHQWV EDFV % % %

/H FKDUJHPHQW HW OH GpFKDUJHPHQW V HIIHFWXHQW DXWRPDWLTXHPHQW HQ SRVLWLRQ EDVVH O XQ j OD SDUWLH

JDXFKH SRVLWLRQ &O O DXWUH j OD SDUWLH GURLWH SRVLWLRQ &

/ RUGUH GH GpSDUW GX F\FOH HVW GRQQp SDU O DUULYpH G XQH SLqFH VXU OH WDSLV URXODQW j JDXFKH

/H FKDULRW QH VH GpSODFH TX¶DYHF OD SLQFH HQ SRVLWLRQ KDXWH K /H WUHPSDJH VH IDLW HQ SRVLWLRQ

EDVVH / LQIRUPDWLRQ © FKDULRW DX GHVVXV G XQ EDF ª & & RX & HVW XWLOLVpH FRPPH UpFHSWLYLWp
'HX[ W\SHV GH SLqFHV SHXYHQW DUULYpHV VXU OH WDSLV j JDXFKH WUqV VDOH RX SHX VDOH

'HX[ GpURXOHPHQWV VRQW SRVVLEOHV

• 8QH SLqFH WUqV VDOH DUULYH $ FRQGLWLRQ TX¶LO \ DLW SUpVHQFH GH OD SLQFH j JDXFKH SULVH GH OD
SLqFH GpSODFHPHQW GX FKDULRW WUHPSDJH HQ % SHQGDQW VHFRQGHV DYDQFH GX FKDULRW
WUHPSDJH HQ % SHQGDQW VHFRQGHV &HV GHX[ RSpUDWLRQV WUHPSDJH HQ % SXLV HQ % VRQW
H[pFXWpHV IRLV 3XLV DYDQFH GX FKDULRW WUHPSDJH HQ % SHQGDQW VHFRQGHV DYDQFH GX
FKDULRW GpFKDUJHPHQW SXLV UHWRXU DX SRVWH GH FKDUJHPHQW

• 8QH SLqFH SHX VDOH DUULYH $ FRQGLWLRQ TX¶LO \ DLW SUpVHQFH GH OD SLQFH j JDXFKH SULVH GH OD
SLqFH GpSODFHPHQW GX FKDULRW WUHPSDJH HQ % SHQGDQW VHFRQGHV DYDQFH GX FKDULRW
GpFKDUJHPHQW SXLV UHWRXU DX SRVWH GH FKDUJHPHQW

9RXV SUHQGUH] FRPPH QRWDWLRQ

* GpSODFHPHQW GX FKDULRW j JDXFKH

' GpSODFHPHQW GX FKDULRW j GURLWH
K E SLQFH HQ SRVLWLRQ KDXWH SLQFH HQ SRVLWLRQ EDVVH
& «& &KDULRW HQ SRVLWLRQ «
03 '3 0RQWHU SLQFH GHVFHQGUH 3LQFH
23 )3 2XYHUWXUH SLQFH IHUPHWXUH SLQFH
SR SI 3LQFH 2XYHUWH SLQFH )HUPpH
WV SUpVHQFH SLqFH WUqV VDOH
SV SUpVHQFH SLqFH SHX VDOH

6L YRXV XWLOLVH] GHV QRWDWLRQV FRPSOpPHQWDLUHV YHXLOOH] OH SUpFLVHU

)DLUH OH JUDIFHW IRQFWLRQQHO GH FHW DXWRPDWLVPH HQ IDLVDQW DSSDUDvWUH XQH UHSULVH GH VpTXHQFH SRXU OH
QHWWR\DJH GHV SLqFHV WUqV VDOH HW XQ VDXW G pWDSH SRXU OHV SLqFHV SHX VDOHV

4XHVWLRQ GH FRXUV SRLQWV

([SOLTXHU HQ LOOXVWUDQW YRV SURSRV OH IUDQFKLVVHPHQW G XQH pWDSH FRQGLWLRQV UHTXLVHV HW

UqJOHV GH IUDQFKLVVHPHQW

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'6 $XWRPDWLVPHV ,QGXVWULHOV &0 0*$ ', 3DJH