Shindaiwa 320TS User manual

Brand: Shindaiwa

Model: 320TS

Type: User manual

This manual is also suitable for

269TS_269TCS_320TS

)UDQoDLV

&HWWHWURQoRQQHXVHHVWVSpFLDOHPHQWFRQoXHDX[

¿QVGHO¶HQWUHWLHQGHVDUEUHVHWGRLWXQLTXHPHQWrWUH

XWLOLVpHSDUXQRSpUDWHXUIRUPpjFHWUDYDLO

/LVH]DWWHQWLYHPHQWOHVLQVWUXFWLRQVIRXUQLHVGDQV

FHPDQXHOHWUHVSHFWH]WRXMRXUVOHVFRQVLJQHVGH

VpFXULWp

/HQRQUHVSHFWGHFHVFRQVLJQHVYRXVH[SRVHjGHV

EOHVVXUHVJUDYHV



$9(57,66(0(17

0$18(/'·87,/,6$7,216+,1'$,:$

7V 7521d211(86(

7&V 7521d211(86(

7V 7521d211(86(

)UDQoDLV)5B1RWLFHRULJLQDOH

)5B

)UDQoDLV

,QWURGXFWLRQ

&HPDQXHOFRQWLHQWOHVFRQVLJQHVGHVpFXULWp

HWOHVLQVWUXFWLRQVUHODWLYHVjO¶XWLOLVDWLRQOD

UpSDUDWLRQHWO¶HQWUHWLHQGHYRWUHWURQoRQQHXVH

7RXMRXUVVXLYUHFHVLQVWUXFWLRQVHOOHV

JDUDQWLURQWOHERQIRQFWLRQQHPHQWHWODGXUpH

GHYLHGHYRWUHRXWLO8QHXWLOLVDWLRQLQFRUUHFWH

GHYRWUHWURQoRQQHXVHSHXWYRXVH[SRVHUjGHV

EOHVVXUHVSK\VLTXHVJUDYHV

,OHVWHVVHQWLHOGHFRPSUHQGUHSOHLQHPHQW

WRXWHVOHVFRQVLJQHVGHVpFXULWpDYDQWG¶XWLOLVHU

FHWWHWURQoRQQHXVH

&HWWHWURQoRQQHXVHHVWFRQoXHSRXUODFRXSH

GHERLVRXGHSURGXLWVjEDVHGHERLV1H

MDPDLVWHQWHUGHFRXSHUGHVREMHWVPpWDOOLTXHV

GHODW{OHGXSODVWLTXHRXWRXWPDWpULDX

DXWUHTXHGXERLV

1HMDPDLVODLVVHUXQHQIDQW

PDQLSXOHUODWURQoRQQHXVH

6LYRXVQHSDUYHQH]SDVjFRPSUHQGUHXQH

GLUHFWLYHIRXUQLHGDQVFHPDQXHOYHXLOOH]

FRQWDFWHUYRWUHUHSUpVHQWDQWVKLQGDLZD

&DUDFWpULVWLTXHVGHFHPRGqOH

6\VWqPHGHODQFHXUjUDSSHO©(DV\WR3XOOª

IDFLOHjWLUHU685(67$57

 *pQqUHVXI¿VDPPHQWGHSXLVVDQFHGH

URWDWLRQSRXUIDLUHWRXUQHUOHYLOHEUHTXLQj

XQHYLWHVVHSHUPHWWDQWG¶DOOXPHUOHPRWHXU

DYHFXQUHERQGTXDVLLQH[LVWDQW

 3HUPHWGHGpPDUUHUOHPRWHXUDYHFXQH

LQFUR\DEOHIDFLOLWp

7DEOHGHV0DWLHUHV

3DJH

,QWURGXFWLRQ 

$XWRFROODQWVHW6\PEROH

&RQVLJQHVGH6pFXULWp

3UpFDXWLRQV*pQpUDOHV

&RQVLJQHVGH6pFXULWp5HODWLYHVDX5HFXO

$XWUHV3UpFDXWLRQVGH6pFXULWp

 

'HVFULSWLRQ

$VVHPEODJH 

)RQFWLRQQHPHQW 

8WLOLVDWLRQ&RUUHFWHGX)UHLQGH&KDvQH 

,QVWUXFWLRQV5HODWLYHVjOD&RXSH 

*XLGHG¶(QWUHWLHQHWGH5pSDUDWLRQ

'pSDQQDJH

(QWUHWLHQ

(QWUHWLHQGHOD&KDvQH

5HPLVDJH 

0LVHDX5HEXW 

6SpFL¿FDWLRQV

'pFODUDWLRQGH&RQIRUPLWp 

$XWRFROODQWVHW6\PEROHV

/LUHDWWHQWLYHPHQWOHPDQXHO

GHO¶XWLOLVDWHXU

&HWWHWURQoRQQHXVHGRLWrWUH

XQLTXHPHQWXWLOLVpHSDUXQ

RSpUDWHXUIRUPpjO¶pODJDJHGHV

DUEUHV

/¶XWLOLVDWLRQGHODWURQoRQQHXVH

jXQHPDLQSHXWrWUH

GDQJHUHXVH

3RUWHUGHVGLVSRVLWLIVGH

SURWHFWLRQSRXUOHV\HX[HWOHV

RUHLOOHVDLQVLTX¶XQFDVTXHGH

SURWHFWLRQ

8WLOLVHUGHVGLVSRVLWLIVGH

SURWHFWLRQDSSURSULpVSRXUYRV

SLHGVHWMDPEHVPDLQVHWEUDV

$YHUWLVVHPHQW

5LVTXHGHUHFXO

$UUrWG¶XUJHQFH



)RQFWLRQQHPHQWGXIUHLQGH

FKDvQH

0pODQJHG¶KXLOHHWG¶HVVHQFH

2UL¿FHGHUHPSOLVVDJHGH

O¶KXLOHGHFKDvQHSRPSHj

KXLOH

5pJODJHGXKXLOHXUGHFKDvQH

3RPSHGHSXUJHDPRUoDJH

5pJODJHGXFDUEXUDWHXU

0pODQJHjIDLEOHUpJLPH

5pJODJHGXFDUEXUDWHXU

0pODQJHjKDXWUpJLPH

5pJODJHGXFDUEXUDWHXU

5DOHQWL

5pJLPHPRWHXUPD[LPXP

UHFRPPDQGp

1LYHDXVRQRUHJDUDQWL

'$1*(5

&HV\PEROHDVVRFLpDXPRW³'$1*(5´

VLJQDOHXQHDFWLRQRXXQHVLWXDWLRQ

SUpVHQWDQWXQULVTXHGHEOHVVXUH

FRUSRUHOOHJUDYHRXG¶DFFLGHQWPRUWHO

SRXUO¶XWLOLVDWHXUHWOHVSHUVRQQHVj

SUR[LPLWp

$9(57,66(0(17

&HV\PEROHDVVRFLpDXPRW

³$9(57,66(0(17´VLJQDOHXQH

DFWLRQRXXQHVLWXDWLRQSUpVHQWDQW

XQULVTXHGHEOHVVXUHFRUSRUHOOH

JUDYHRXG¶DFFLGHQWPRUWHOSRXU

O¶XWLOLVDWHXUHWOHVSHUVRQQHVj

SUR[LPLWp

0,6((1*$5'(

/HWHUPH³0,6((1*$5'(´

LQGLTXHXQHVLWXDWLRQSRWHQWLHOOHPHQW

GDQJHUHXVHTXLVLHOOHQ¶HVWSDVpYLWpH

SHXWHQWUDvQHUGHVEOHVVXUHVOpJqUHVRX

PRGpUpHV

8QFHUFOHEDUUpLQGLTXHTXH

O¶RSpUDWLRQLGHQWL¿pHSDUFH

V\PEROHHVWLQWHUGLWH

5HPDUTXH

8QPHVVDJHHQFDGUpDLQVLIRXUQLWGHVFRQVHLOV

UHODWLIVjO¶XWLOLVDWLRQODPDLQWHQDQFHHW

O¶HQWUHWLHQGHYRWUHRXWLO

)DEULFDQW

<$0$%,.2&25325$7,21

68(+,52&+2&+20(2+0(72.<2-$321

5HSUpVHQWDQWDXWRULVpHQ(XURSH

$WODQWLF%ULGJH/LPLWHG

$WODQWLF+RXVH32%R[(DUOH\5HDGLQJ5**%5R\DXPH8QL

)5B

)UDQoDLV

&RQVLJQHVGH6pFXULWp

5HPDUTXH

/RUVGXUHPSODFHPHQWGXJXLGHFKDvQHRXGH

ODFKDvQHGHYRWUHWURQoRQQHXVHWRXMRXUVYRXV

DGUHVVHUjYRWUHUHYHQGHXUVKLQGDLZD

Ŷ &HWWHWURQoRQQHXVHHVWVSpFLDOHPHQW

FRQoXHDX[¿QVGHO¶pODJDJHGHVDUEUHV

F¶HVWjGLUHOHWUDYDLOHQKDXWHXUVXU

OHVIURQGDLVRQVGDQVOHFDGUHGHWHOOHV

RSpUDWLRQVHOOHGRLWXQLTXHPHQWrWUH

XWLOLVpHSDUGHVRSpUDWHXUVIRUPpVjFH

WUDYDLO

/¶XWLOLVDWLRQGHODWURQoRQQHXVHjXQHPDLQ

SHXWrWUHGDQJHUHXVH

Ŷ 7RXMRXUVVHPp¿HUGHVSKpQRPqQHVGH

³SDWLQDJH´HWGH³UHERQG´HWWHQLUFRPSWHGX

ULVTXHDFFUXGHUHFXO

7RXMRXUVYHLOOHUjQHSDVSHUGUHO¶pTXLOLEUH

VXLWHjXQH³FKXWH´GHODWURQoRQQHXVHHQ

¿QGHFRXSH

Ŷ 6LO¶RSpUDWHXUH[pFXWHGHVWUDYDX[HQ

KDXWHXULOGRLWrWUHIRUPpDX[WHFKQLTXHV

G¶HVFDODGHDGpTXDWHVHWjO¶XWLOLVDWLRQ

GHWRXVOHVpTXLSHPHQWVGHVpFXULWp

UHFRPPDQGpVWHOVOHVKDUQDLVERXFOHV

VDQJOHVHWPRXVTXHWRQVSRXUOXLPrPHHW

ODWURQoRQQHXVH

Ŷ /RUVTX¶LOHVWQpFHVVDLUHGHVRXOHYHU

XQHWURQoRQQHXVHjO¶DLGHG¶XQHFRUGH

VXVSHQGXHjXQFURFKHWGHOHYDJHD¿Q

GHUpDOLVHUGHVWUDYDX[G¶pODJDJHGDQV

XQDUEUHWRXMRXUVYHLOOHUjFHTXHOH

FURFKHWGHOHYDJHQHVRLWSDVVRXPLVjXQH

FRQWUDLQWHH[FHVVLYH

7URQoRQQHXVHSRXUO·eODJDJHGHV$UEUHV

/¶RSpUDWHXUG¶XQHWURQoRQQHXVHSRXUO¶pODJDJH

GHVDUEUHVWUDYDLOODQWHQKDXWHXUDYHFFRUGHHW

KDUQDLVQHGRLWMDPDLVWUDYDLOOHUVHXO

,OGRLWVHIDLUHDLGHUSDUXQWUDYDLOOHXUDXVRO

IRUPpDX[SURFpGXUHVG¶XUJHQFHDSSURSULpHV

/¶RSpUDWHXUG¶XQHWURQoRQQHXVHSRXUO¶pODJDJH

GHVDUEUHVGRLWrWUHIRUPpDX[WHFKQLTXHV

G¶HVFDODGHHWGHSRVLWLRQVGHWUDYDLODGpTXDWHV

HWrWUHpTXLSpGHKDUQDLVFRUGHVVDQJOHV

PRXVTXHWRQVHWDXWUHVpTXLSHPHQWVSHUPHWWDQW

G¶DGRSWHUXQHSRVLWLRQGHWUDYDLOVUHSRXUOXL

PrPHHWODWURQoRQQHXVH

/HWUDYDLOOHXUDXVROGRLWFRQWU{OHUOD

WURQoRQQHXVHIDLUHOHSOHLQGHFDUEXUDQW

GpPDUUHUODWURQoRQQHXVHHWODIDLUHWRXUQHU

MXVTX¶jFHOHPRWHXUVRLWFKDXGSXLVO¶DUUrWHU

DYDQWGHODPRQWHUjO¶RSpUDWHXUGDQVO¶DUEUH

/DWURQoRQQHXVHGRLWrWUHSRXUYXHG¶XQH

VDQJOHDGpTXDWHSRXUSRXYRLUOD¿[HUDX

KDUQDLVGHO¶RSpUDWHXU

D)L[HUODVDQJOHDXWRXUGXSRLQWGH

¿[DWLRQjO¶DUULqUHGHODWURQoRQQHXVH

EeTXLSHUOHVPRXVTXHWRQVDGpTXDWVSRXU

SHUPHWWUHXQH¿[DWLRQLQGLUHFWHSDUOD

VDQJOHHWGLUHFWHDXSRLQWGH¿[DWLRQGH

ODWURQoRQQHXVHGHODWURQoRQQHXVHDX

KDUQDLVGHO¶RSpUDWHXU

F9pUL¿HUTXHODWURQoRQQHXVHHVW

VROLGHPHQW¿[pHDYDQWGHODIDLUH

SDUYHQLUjO¶RSpUDWHXU

G&RQWU{OHUTXHODWURQoRQQHXVHHVW

VROLGHPHQW¿[pHDXKDUQDLVDYDQWGHOD

GpFURFKHUGHVpTXLSHPHQWVD\DQWSHUPLV

GHODPRQWHU

/DSRVVLELOLWpGH¿[HUGLUHFWHPHQWOD

WURQoRQQHXVHDXKDUQDLVUpGXLWOHVULVTXHV

G¶HQGRPPDJHPHQWGHO¶pTXLSHPHQWORUVGX

GpSODFHPHQWDXWRXUGHO¶DUEUH

7RXMRXUVDUUrWHUODWURQoRQQHXVHORUVTX¶HOOH

HVWGLUHFWHPHQW¿[pHDXKDUQDLV

/DWURQoRQQHXVHGRLWrWUHXQLTXHPHQW¿[pHVXU

OHVSRLQWVGH¿[DWLRQUHFRPPDQGpVGXKDUQDLV

&HX[FLSHXYHQWrWUHORFDOLVpVDXFHQWUHj

O¶DYDQWRXjO¶DUULqUHRXVXUOHVF{WpV

/RUVTXHFHODHVWSRVVLEOH¿[HUOD

WURQoRQQHXVHVXUODSDUWLHFHQWUDOHDUULqUHGX

KDUQDLVSRXUHQpYLWHUOHFRQWDFWGLUHFWDYHFOHV

FRUGHVG¶HVFDODGHHWSRXUTXHVRQSRLGVVRLW

UpSDUWLFHQWUDOHPHQWVXUODFRORQQHYHUWpEUDOH

GHO¶RSpUDWHXU

/RUVTXHODWURQoRQQHXVHHVWGpSODFpHG¶XQ

SRLQWGH¿[DWLRQjXQDXWUHO¶RSpUDWHXUGRLW

V¶DVVXUHUTXHODWURQoRQQHXVHHVWVROLGHPHQW

¿[pHVXUOHQRXYHDXSRLQWGH¿[DWLRQDYDQWGH

ODGpFURFKHUGHO¶DQFLHQSRLQWGH¿[DWLRQ

5HFRPPDQGDWLRQV*pQpUDOHV

3UpSDUDWLRQjO·8WLOLVDWLRQGHOD7URQoRQQHXVHGDQVO·$UEUH

)5B

)UDQoDLV

(QUqJOHJpQpUDOHSRXUSRXYRLUWHQLUOD

WURQoRQQHXVHjGHX[PDLQVO¶RSpUDWHXUGRLW

DGRSWHUXQHSRVLWLRQGHWUDYDLOVUHGDQV

ODTXHOOHLOXWLOLVHODWURQoRQQHXVH

Ŷ ¬KDXWHXUGHKDQFKHSRXUOHVFRXSHV

KRUL]RQWDOHVHW

Ŷ ¬KDXWHXUGXSOH[XVVRODLUHSRXUOHVFRXSHV

YHUWLFDOHV

/RUVTXHO¶RSpUDWHXUWUDYDLOOHjXQHGLVWDQFH

SHXpORLJQpHG¶XQWURQFYHUWLFDODYHFGHV

IRUFHVODWpUDOHVSHXpOHYpHVVXUODSRVLWLRQGH

WUDYDLOXQDSSXLIHUPHSHXWrWUHVXI¿VDQWSRXU

JDUDQWLUXQHSRVLWLRQGHWUDYDLOVUH

1pDQPRLQVORUVTXHO¶RSpUDWHXUV¶pORLJQHGX

WURQFLOGRLWIDLUHHQVRUWHGHVXSSULPHURX

GHQHXWUDOLVHUODIRUFHODWpUDOHFURLVVDQWHSDU

H[HPSOHHQUHGLULJHDQWODFRUGHSULQFLSDOH

YLDXQSRLQWG¶DQFUDJHVXSSOpPHQWDLUH

RXHQXWLOLVDQWXQHVDQJOHUpJODEOHUHOLDQW

GLUHFWHPHQWOHKDUQDLVjXQSRLQWG¶DQFUDJH

VXSSOpPHQWDLUH

/¶XWLOLVDWLRQG¶XQpWULHUWHPSRUDLUHUpDOLVpj

SDUWLUG¶XQHpOLQJXHVDQV¿QSHXWFRQWULEXHUj

XQHSRVLWLRQGHWUDYDLOVWDEOH

/RUVGXGpPDUUDJHGHODWURQoRQQHXVHGDQV

O¶DUEUHO¶RSpUDWHXUGRLW

D$SSOLTXHUOHIUHLQGHFKDvQHDYDQWGH

SURFpGHUDXGpPDUUDJH

E7HQLUODWURQoRQQHXVHjVDJDXFKHRXj

VDGURLWHORUVGXGpPDUUDJH

 3RXUXQSRUWjJDXFKHWHQLUODSRLJQpH

DYDQWGHODWURQoRQQHXVHGHODPDLQ

JDXFKHHWDFWLRQQHUODWURQoRQQHXVHGDQV

OHVHQVRSSRVpDXFRUSVWRXWHQWHQDQW

ODFRUGHGXODQFHXUjUDSSHOGHODPDLQ

GURLWH

 3RXUXQSRUWjGURLWHWHQLUO¶XQHGHV

SRLJQpHVGHODWURQoRQQHXVHGHODPDLQ

GURLWHHWDFWLRQQHUODWURQoRQQHXVHGDQV

OHVHQVRSSRVpDXFRUSVWRXWHQWHQDQW

ODFRUGHGXODQFHXUjUDSSHOGHODPDLQ

JDXFKH

/HIUHLQGHFKDvQHGRLWWRXMRXUVrWUHHQJDJp

DYDQWG¶DEDLVVHUXQHWURQoRQQHXVHHQPDUFKH

VXUVRQKDUQDLV

/¶RSpUDWHXUGRLWWRXMRXUVYpUL¿HUTXHOD

WURQoRQQHXVHDVXI¿VDPPHQWGHFDUEXUDQW

DYDQWG¶HQWUHSUHQGUHGHVFRXSHVLPSRUWDQWHV

/¶RSpUDWHXUQHGRLWSDVXWLOLVHUODWURQoRQQHXVH

SRXUO¶pODJDJHGHVDUEUHVjXQHPDLQORUVTXH

ODSRVLWLRQGHWUDYDLOQ¶HVWSDVVWDEOHRXGH

SUpIpUHQFHjXQHVFLHjPDLQORUVGHODFRXSH

GHERLVGHSHWLWGLDPqWUHHQERXWGHEUDQFKH

/DWURQoRQQHXVHSRXUO¶pODJDJHGHVDUEUHV

GRLWrWUHXWLOLVpHjXQHVHXOHPDLQXQLTXHPHQW

ORUVTXH

Ŷ /DSRVLWLRQGHWUDYDLOGHO¶RSpUDWHXUQH

SHUPHWSDVXQHXWLOLVDWLRQjGHX[PDLQV

Ŷ ,ODEHVRLQGHVWDELOLVHUVDSRVLWLRQGH

WUDYDLOG¶XQHPDLQ

Ŷ /¶RSpUDWHXUV¶pWLUHFRPSOqWHPHQWSRXU

XWLOLVHUODWURQoRQQHXVHFHOOHFLpWDQWHQ

DQJOHGURLWHWQRQDOLJQpHVXUOHFRUSVGH

O¶RSpUDWHXU

/¶RSpUDWHXUQHGRLWMDPDLV

Ŷ (IIHFWXHUGHFRXSHDYHFXQH]RQHGH

UHERQGjO¶H[WUpPLWpGXJXLGHFKDvQHGHOD

WURQoRQQHXVH

Ŷ 7HQLUODVHFWLRQjFRXSHU

Ŷ 7HQWHUG¶DWWUDSHUOHVVHFWLRQVHQWUDLQGH

WRPEHU

2EWHQWLRQG·XQH3RVLWLRQGH7UDYDLO6UHSRXUXQH8WLOLVDWLRQjGHX[0DLQV

'pPDUUDJHGHOD7URQoRQQHXVHGDQVO·$UEUH

8WLOLVDWLRQGHOD7URQoRQQHXVHjXQH0DLQ

8QHDQDO\VHGHVDFFLGHQWVVXUYHQXVDYHF

FHW\SHGHWURQoRQQHXVHORUVGHVRSpUDWLRQV

G¶pODJDJHUpYqOHTXHODSULQFLSDOHFDXVH

G¶DFFLGHQWHVWO¶XWLOLVDWLRQLQDSSURSULpHGHOD

WURQoRQQHXVHjXQHVHXOHPDLQ

'DQVODPDMRULWpGHVFDVO¶RSpUDWHXUQ¶DGRSWH

SDVXQHSRVLWLRQGHWUDYDLOVUHOXLSHUPHWWDQW

GHWHQLUOHVSRLJQpHVGHODWURQoRQQHXVHjGHX[

PDLQV

&HFLDXJPHQWHOHULVTXHGHEOHVVXUHVSRXUOHV

UDLVRQVVXLYDQWHV

Ŷ /DWURQoRQQHXVHQ¶HVWSDVWHQXHIHUPHPHQW

HQFDVGHUHERQG

Ŷ OHFRQWU{OHGHODWURQoRQQHXVHHVW

LQVXI¿VDQWHQWUDvQDQWXQSOXVJUDQGULVTXH

GHFRQWDFWDYHFOHVFRUGHVG¶HVFDODGHHW

DYHFOHVSDUWLHVGXFRUSVGHO¶RSpUDWHXUHQ

SDUWLFXOLHUODPDLQHWOHEUDVJDXFKH

Ŷ ODSRVLWLRQGHWUDYDLOLQVWDEOHSHXWHQWUDvQHU

XQHSHUWHGHFRQWU{OHHWXQFRQWDFWFRUSRUHO

DYHFODWURQoRQQHXVHPRXYHPHQWVRXGDLQ

ORUVGHO¶XWLOLVDWLRQGHODWURQoRQQHXVH

8WLOLVDWLRQGHOD7URQoRQQHXVHGDQVO·$UEUH

6LODFKDvQHGHODWURQoRQQHXVHVHFRLQFHORUV

GHODFRXSHO¶RSpUDWHXUGRLW

Ŷ $UUrWHUODWURQoRQQHXVHHWOD¿[HU

VROLGHPHQWjODSDUWLHLQWpULHXUHGHO¶DUEUH

YHUVOHWURQFSDUUDSSRUWjODFRXSHRXVXU

XQHFRUGHGLVWLQFWHVHUYDQWjDFFURFKHUOHV

RXWLOV

'pJDJHPHQWG·XQH&KDvQH&RLQFpH

Ŷ ([WUDLUHODFKDvQHGHO¶HQWDLOOHWRXWHQ

VRXOHYDQWODEUDQFKHGDQVODPHVXUH

QpFHVVDLUH

Ŷ $XEHVRLQXWLOLVHUXQHVFLHjPDLQRXXQH

GHX[LqPHWURQoRQQHXVHSRXUGpJDJHUOD

FKDvQHFRLQFpHHQHIIHFWXDQWXQHFRXSHj

FPPLQLPXPGHODFKDvQHFRLQFpH

/RUVTX¶XQHVFLHjPDLQRXXQHGHX[LqPH

WURQoRQQHXVHHVWXWLOLVpHSRXUGpJDJHUXQH

FKDvQHFRLQFpHODFRXSHGRLWWRXMRXUVrWUH

UpDOLVpHYHUVO¶H[WpULHXUYHUVO¶H[WUpPLWpGHOD

EUDQFKHSRXUpYLWHUTXHODFKDvQHVRLWSULVH

GDQVODVHFWLRQFRPSOLTXDQWGDYDQWDJHOD

VLWXDWLRQ

)5B

)UDQoDLV

Ŷ /LUHDWWHQWLYHPHQWOHPDQXHOGH

O¶XWLOLVDWHXUGHODWURQoRQQHXVH3UHQGUH

OHWHPSVGHVHIDPLOLDULVHUORQJXHPHQW

DYHFOHVFRPPDQGHVGHODWURQoRQQHXVHHW

O¶XWLOLVDWLRQFRUUHFWHGHFHOOHFL

/HQRQUHVSHFWGHVLQVWUXFWLRQVH[SRVH

O¶RSpUDWHXUjGHVEOHVVXUHVSK\VLTXHV

Ŷ 1HMDPDLVXWLOLVHUXQHWURQoRQQHXVH

ORUVTXHYRXVrWHVIDWLJXpHRXVRXV

O¶LQÀXHQFHGHO¶DOFRROGHPpGLFDPHQWVRX

GHGURJXHV

Ŷ 3RXUXWLOLVHUFHWWHWURQoRQQHXVHHQWRXWH

VpFXULWpYRXVGHYH]rWUHHQERQQHVDQWp

SK\VLTXHHWPHQWDOH

3UpFDXWLRQV*pQpUDOHV

0DQXDHOG·8WLOLVDWLRQ

Ŷ 3RXUWRXWHTXHVWLRQRXGLI¿FXOWpFRQWDFWHU

YRWUHUHSUpVHQWDQWVKLQGDLZD

&RQGLWLRQ3K\VLTXH

Ŷ 'HVHUUHXUVGHMXJHPHQWRXG¶H[pFXWLRQ

SHXYHQWHQWUDvQHUGHVEOHVVXUHVJUDYHV

YRLUHPRUWHOOHV6LYRWUHFRQGLWLRQ

SK\VLTXHQHSHXWVRXWHQLUXQHIIRUW

SK\VLTXHLQWHQVHFRQVXOWH]YRWUH

PpGHFLQDYDQWGHFRPPHQFHUjXWLOLVHUOD

WURQoRQQHXVH













eTXLSHPHQWV3HUVRQQHOV

Ŷ 7RXMRXUVSRUWHUGHVGLVSRVLWLIVGHSURWHFWLRQ

GHV\HX[HWGHVRUHLOOHVDLQVLTX¶XQFDVTXH

GHSURWHFWLRQORUVGHO¶XWLOLVDWLRQGHFHW

DSSDUHLOD¿QVHYRXVSURWpJHUGHVpFODWVGH

ERLVGHODVFLXUHGHVEULVGHEUDQFKHVGX

EUXLWHWF

0,6((1*$5'(

,OHVWGpFRQVHLOOpGHVHERXFKHUOHV

RUHLOOHVDYHFGXFRWRQK\GURSKLOH

Ŷ /HVSHUVRQQHVXWLOLVDQWIUpTXHPPHQW

XQHWURQoRQQHXVHGDQVOHFDGUHGHOHXU

SURIHVVLRQGRLYHQWUpJXOLqUHPHQWIDLUH

FRQWU{OHUOHXUDXGLWLRQD¿QGHGpFHOHUWRXWH

GpWpULRUDWLRQGHFHOOHFL

Ŷ 5pGXLUHOHULVTXHGHWURXEOHVDXGLWLIVHQ

SRUWDQWXQGLVSRVLWLIGHSURWHFWLRQGHW\SH

³FDVTXH´RXGHVERXOHVTXLqVKRPRORJXpHV

SDUXQRUJDQLVPHDJUpp

Ŷ 7RXMRXUVSRUWHUXQFKDSHDXRXXQHFDVTXHWWH

ORUVTXHYRXVXWLOLVH]XQHWURQoRQQHXVH/H

SRUWG¶XQFDVTXHGHVpFXULWpHVWIRUWHPHQW

UHFRPPDQGpORUVGHWUDYDX[G¶DEDWWDJH

RXGHWUDYDX[VRXVOHVDUEUHVORUVTXHGHV

REMHWVULVTXHQWGHYRXVWRPEHUGHVVXV

Ŷ 3RUWHUGHVJDQWVGHWUDYDLODQWLGpUDSDQWV

pSDLVSRXUDVVXUHUXQHERQQHSULVHHW

SURWpJHUOHVPDLQVGXIURLGHWGHOD

YLEUDWLRQ

Ŷ /HSRUWGHFKDXVVXUHVRXGHERWWHVGH

VpFXULWpFRTXpHVHVWIRUWHPHQWUHFRPPDQGp

Ŷ 1HMDPDLVSRUWHUGHYrWHPHQWVDPSOHVRX

jPDQFKHVpYDVpHVRXjUHYHUVGHYHVWHV

QRQERXWRQQpHVG¶pFKDUSHVGHFUDYDWHV

RXGHFUDYDWHVLQGLHQQHVGHFROOLHUVGH

JRXUPHWWHVRXG¶DXWUHVELMRX[VXVFHSWLEOHV

GHVHSUHQGUHGDQVODFKDvQHGHOD

WURQoRQQHXVHRXOHVEUDQFKDJHV

Ŷ 9RVYrWHPHQWVGRLYHQWrWUHFRQVWLWXpVG¶XQ

PDWpULDXUREXVWHHWSURWHFWHXU,OVGRLYHQW

rWUHDMXVWpVD¿QG¶pOLPLQHUWRXWULVTXH

G¶DFFURFKDJHPDLVrWUHDVVH]DPSOHV

SRXUSURFXUHUXQHOLEHUWpGHPRXYHPHQW

VDWLVIDLVDQWH

Ŷ /HVMDPEHVGHYRWUHSDQWDORQQHGRLYHQW

SDVrWUHpYDVpHVRXjUHYHUVHWGRLYHQWrWUH

UHQWUpHVGDQVYRVERWWHVRXFRXSpHVFRXUW

Ŷ 'HVYHVWHVGHVpFXULWpGHVMDPELqUHV

WDEOLHUHWGHVSDQWDORQVGHEFKHURQ

UpDOLVpVGDQVGHVPDWpULDX[EDOLVWLTXHVVRQW

GLVSRQLEOHVGDQVOHFRPPHUFH,OUHOqYHGH

ODUHVSRQVDELOLWpGHO¶RSpUDWHXUGHSRUWHU

GHVDFFHVVRLUHVGHSURWHFWLRQGHFHWWHQDWXUH

ORUVTXHOHVFRQGLWLRQVO¶H[LJHQW

Ŷ 1HMDPDLVXWLOLVHUXQHWURQoRQQHXVHORUVTXH

YRXVrWHVVHXO8QHSHUVRQQHGRLWWRXMRXUV

VHWURXYHUjSRUWHUGHYRL[D¿QGHSRXYRLU

YRXVDLGHUHQFDVGHQpFHVVLWp

)5B

)UDQoDLV

'$1*(5

■

/¶HVVHQFHHWOHFDUEXUDQWVRQW

H[WUrPHPHQWLQÀDPPDEOHV(QFDVGH

GpYHUVRXG¶DOOXPDJHDXFRQWDFWG¶XQH

VRXUFHG¶LQÀDPPDWLRQFHVSURGXLWV

SHXYHQWGpFOHQFKHUXQLQFHQGLHHW

SURYRTXHUGHJUDYHVEOHVVXUHVHWGHV

GHVWUXFWLRQVGHSURSULpWp/¶HVVHQFH

HWOHFDUEXUDQWGRLYHQWWRXMRXUV

rWUHPDQLSXOpVDYHFODSOXVJUDQGH

SUpFDXWLRQ

■

$SUqVDYRLUSURFpGpDXUHPSOLVVDJHHQ

FDUEXUDQWELHQUHVVHUUHUOHERXFKRQ

GXUpVHUYRLUjFDUEXUDQWHWFRQWU{OHU

O¶DEVHQFHGHIXLWHV(QFDVGHIXLWHGH

FDUEXUDQWUpSDUHUV\VWpPDWLTXHPHQW

O¶pOpPHQWPLVHQFDXVHDYDQWGH

GpPDUUHUODWURQoRQQHXVHHQUDLVRQGX

ULVTXHLPSRUWDQWG¶LQFHQGLH

Ŷ 8WLOLVHUXQUpFLSLHQWjFDUEXUDQWDGpTXDW

Ŷ 7RXMRXUVHPSRUWHUXQH[WLQFWHXURXXQHSHOOHHQ

FDVGHGpPDUUDJHG¶LQFHQGLH

Ŷ 1HMDPDLVIXPHURXDSSURFKHUXQHpWLQFHOOHRX

XQHÀDPPHQXHGHYRWUHUpVHUYHGHFDUEXUDQW

Ŷ ,OHVWSRVVLEOHTX¶XQHFHUWDLQHSUHVVLRQ

V¶DFFXPXOHGDQVOHUpVHUYRLUjFDUEXUDQW

7RXMRXUVFRPPHQFHUSDUGHVVHUUHUOHERXFKRQ

GXUpVHUYRLUjFDUEXUDQWHWDWWHQGUHHQVXLWH

TXHODSUHVVLRQV¶pJDOLVHDYDQWGHOHUHWLUHU

FRPSOqWHPHQW

Ŷ 6¶LOV¶DYqUHLPSRVVLEOHGHUHWLUHUOHERXFKRQGX

UpVHUYRLUjFDUEXUDQWRXGXUpVHUYRLUG¶KXLOHj

ODPDLQXWLOLVHUODFOpKH[DJRQDOHIRXUQLHSRXU

GHVVHUUHUOHERXFKRQGXUpVHUYRLUHQOHIDLVDQW

WRXUQHUGDQVOHVHQVDQWLKRUDLUH

5HPDUTXH

1HSDVH[HUFHUXQHSUHVVLRQWURSLPSRUWDQWHVXU

ODFOpKH[DJRQDOHFDUOHERXFKRQGXUpVHUYRLU

HVWHQPDWLqUHSODVWLTXH8QHSUHVVLRQWURS

pOHYpHULVTXHUDLWG¶HQGRPPDJHUOHERXFKRQ

GXUpVHUYRLU6LOHERXFKRQGXUpVHUYRLUHVW

HQGRPPDJpQHSDVGpPDUUHUOHPRWHXUHWYRXV

SURFXUHUXQERXFKRQGHUHFKDQJHDXSUqVGH

YRWUHUHSUpVHQWDQWVKLQGDLZD

Ŷ 5HPSOLUOHUpVHUYRLUjFDUEXUDQWj

O¶H[WpULHXUVXUXQWHUUDLQGpQXGpSXLV

UHVVHUUHUIHUPHPHQWOHERXFKRQGXUpVHUYRLU

jHVVHQFH1HSDVSURFpGHUDXUHPSOLVVDJH

HQFDUEXUDQWORUVTXHYRXVrWHVjO¶LQWpULHXU

Ŷ (VVX\HUWRXWGpYHUVGHFDUEXUDQWVXU

O¶DSSDUHLO

Ŷ 1HMDPDLVUHPSOLUOHUpVHUYRLUGHFDUEXUDQW

WDQWTXHOHPRWHXUHVWFKDXG

Ŷ 1HMDPDLVHQWUHSRVHUO¶DSSDUHLOORUVTXH

OHUpVHUYRLUFRQWLHQWHQFRUHGHO¶HVVHQFH

VDFKH]TXHWRXWHIXLWHGHFDUEXUDQWHVW

VXVFHSWLEOHGHGpFOHQFKHUXQLQFHQGLH

%RXFKRQGXUpVHUYRLU

jFDUEXUDQW

%RXFKRQGXUpVHUYRLUG¶KXLOH

'HVVHUUDJH

6HUUDJH

%RXFKRQGXUpVHUYRLU

jFDUEXUDQW

%RXFKRQGXUpVHUYRLUG¶KXLOH

Ŷ eORLJQHUODWURQoRQQHXVHGHPqWUHVDX

PRLQVGXOLHXGHUHPSOLVVDJHHQFDUEXUDQW

DYDQWGHGpPDUUHUOHPRWHXU

Ŷ 1HMDPDLVODLVVHUTXHOTX¶XQV¶DSSURFKHU

GHODWURQoRQQHXVHORUVGXGpPDUUDJHRX

GHO¶XWLOLVDWLRQGHFHOOHFL7RXMRXUVWHQLU

OHVREVHUYDWHXUVHWOHVDQLPDX[jGLVWDQFH

GHOD]RQHG¶XWLOLVDWLRQ1HMDPDLVODLVVHU

TXHOTX¶XQWHQLUXQPRUFHDXGHERLVSHQGDQW

ODFRXSH

Ŷ 1HMDPDLVSURFpGHUjODFRXSHWDQWTXH

YRXVQHGLVSRVH]SDVG¶XQHVSDFHGH

WUDYDLOGpJDJpG¶DSSXLVIHUPHVHWG¶XQH

pFKDSSDWRLUHYRXVSHUPHWWDQWG¶pYLWHU

O¶DUEUHORUVGHVDFKXWH

Ŷ $YDQWGHGpPDUUHUOHPRWHXUV¶DVVXUHU

TX¶DXFXQREMHWQ¶HQWUDYHOHPRXYHPHQWGH

ODFKDvQH

Ŷ *DUGHUOHVSRLJQpHVGHODWURQoRQQHXVH

VqFKHVSURSUHVHWH[HPSWHVG¶KXLOHRXGH

FDUEXUDQW

Ŷ 8WLOLVHUXQLTXHPHQWODWURQoRQQHXVH

GDQVXQH]RQHELHQYHQWLOpH/HVJD]

G¶pFKDSSHPHQWOHVSURMHFWLRQVG¶KXLOH

GXHVjODOXEUL¿FDWLRQGHODFKDvQHHWOD

VFLXUHVRQWQRFLIV

Ŷ 7RXMRXUVLQVWDOOHUOHFRXYHUFOHGHJXLGH

FKDvQHGHPDQLqUHDGpTXDWHORUVGX

WUDQVSRUWGHODWURQoRQQHXVH

7UDQVSRUW

Ŷ /RUVGXGpPDUUDJHGHODWURQoRQQHXVH

SRVHUO¶DSSDUHLOVXUXQWHUUDLQSODWVDLVLUOD

SRLJQpHDYDQWGHODPDLQJDXFKHHWSRVHU

IHUPHPHQWOHJHQRXGURLWVXUO¶H[WUpPLWp

DUULqUHGHODSRLJQpHDUULqUHSXLVWLUHUGHOD

PDLQGURLWHVXUODFRUGHGHGpPDUUDJH

&RXYHUFOHGXJXLGHFKDvQH

Ŷ 7RXMRXUVDUUrWHUOHPRWHXURULHQWHUOH

JXLGHFKDvQHHWODFKDvQHYHUVO¶DUULqUHHW

WHQLUOHVLOHQFLHX[pORLJQpGHYRWUHFRUSV

SRXUWUDQVSRUWHUODWURQoRQQHXVH

'pPDUUDJHGX0RWHXU

P

&DUEXUDQW

'$1*(5

1HSDVGpPDUUHUODWURQoRQQHXVH

HQODWHQDQWjODPDLQFHWWH

PpWKRGHSODFHODWURQoRQQHXVHGDQV

XQHSRVLWLRQSHXVUHHWH[SRVH

O¶RSpUDWHXUjGHVEOHVVXUHVSK\VLTXHV

7RXMRXUVGpPDUUHUODWURQoRQQHXVH

FRUUHFWHPHQW

)5B

)UDQoDLV

'$1*(5

&RQVLJQHVGHVpFXULWpUHODWLYHV

DXUHFXOSRXUOHVXWLOLVDWHXUVGH

WURQoRQQHXVHVOHSKpQRPqQHGHUHFXO

SHXWVHSURGXLUHORUVTXHODSRLQWHRX

O¶H[WUpPLWpGXJXLGHFKDvQHHQWUHHQ

FRQWDFWDYHFXQREMHWRXORUVTXHOHERLV

VHUHIHUPHHW©SLQFHªODFKDvQHGDQV

O¶HQWDLOOH

&RQVLJQHVGH6pFXULWp5HODWLYHVDX5HFXO

Ŷ 8QFRQWDFWDXQLYHDXGHO¶H[WUpPLWpGX

JXLGHFKDvQHSHXWSURYRTXHUXQHUpDFWLRQ

GHUHFXOH[WUrPHPHQWYLROHQWHHWSURMHWHU

OHJXLGHFKDvQHHQKDXWHXUSXLVHQ

GLUHFWLRQGHO¶RSpUDWHXUFHSKpQRPqQHHVW

DSSHOp©UHFXOURWDWLIª

/HFRLQFHPHQWGHODFKDvQHGHOD

WURQoRQQHXVHDXQLYHDXGXERUGVXSpULHXU

GXJXLGHFKDvQHSHXWSURYRTXHUXQUHFXO

UDSLGHGXJXLGHFKDvQHHQGLUHFWLRQGH

O¶XWLOLVDWHXUFHSKpQRPqQHHVWDSSHOp©

UHFXOOLQpDLUHª

Ŷ &HVSKpQRPqQHVGHUHFXOSHXYHQWWRXV

GHX[SURYRTXHUXQHSHUWHGHFRQWU{OHGHOD

WURQoRQQHXVHVXLYLHG¶XQFRQWDFWHQWUHOD

WURQoRQQHXVHHWO¶XWLOLVDWHXUHWO¶H[SRVHU

DLQVLjGHVEOHVVXUHVSK\VLTXHVJUDYHV

(QWDQWTX¶XWLOLVDWHXUG¶XQHWURQoRQQHXVH

YRXVGHYH]SUHQGUHSOXVLHXUVGLVSRVLWLRQV

D¿QG¶pYLWHUWRXWDFFLGHQWRXEOHVVXUH

SHQGDQWYRVWUDYDX[GHFRXSH

Ŷ &RPSUHQGUHHQTXRLFRQVLVWHOH

PRXYHPHQWGHUHFXOSHUPHWGHUpGXLUH

RXG¶pOLPLQHUOHIDFWHXUGHVXUSULVH/H

IDFWHXUGHVXUSULVHFRQWULEXHDX[DFFLGHQWV

&RPSUHQGUHTXHOHUHFXOURWDWLISHXWrWUH

pYLWpHQpYLWDQWWRXWFRQWDFWHQWUHOHJXLGH

FKDvQHQRQSURWpJpHWXQREMHWRXOHVRO

Ŷ 1HMDPDLVWHQLUXQHWURQoRQQHXVHjXQH

PDLQ

/¶XWLOLVDWLRQGHODWURQoRQQHXVHjXQHPDLQ

SHXWH[SRVHUO¶RSpUDWHXUVHVFROOqJXHVRX

GHVSDVVDQWVjGHJUDYHVEOHVVXUHV$¿Q

GHJDUGHUOHFRQWU{OHGHODWURQoRQQHXVH

WRXMRXUVODWHQLUjGHX[PDLQVHQYRXV

VHUYDQWG¶XQHPDLQSRXUDFWLRQQHUOD

JkFKHWWHG¶DFFpOpUDWLRQ/HQRQUHVSHFWGH

FHWWHFRQVLJQHSHXWSURYRTXHUOH©SDWLQDJH

ªRXOHGpUDSDJHGHODWURQoRQQHXVHHW

HQWUDvQHUDLQVLGHVEOHVVXUHVSK\VLTXHV

VXLWHjODSHUWHGHFRQWU{OHGHO¶DSSDUHLO

Ŷ 7HQLUIHUPHPHQWODWURQoRQQHXVHGHVGHX[

PDLQVORUVTXHOHPRWHXUHVWHQPDUFKH

SODFHUODPDLQGURLWHVXUODSRLJQpHDUULqUH

HWODPDLQJDXFKHVXUODSRLJQpHDYDQW

%LHQUHIHUPHUYRVGRLJWVHWYRVSRXFHVVXU

OHVSRLJQpHVGHODWURQoRQQHXVH8QHSULVH

IHUPHSHUPHWGHUpGXLUHOHUHFXOGHO¶RXWLO

WRXWHQJDUGDQWXQERQFRQWU{OHGHOD

WURQoRQQHXVH7RXMRXUVVHVHUYLUGHVGHX[

PDLQVSRXUFRQWU{OHUODWURQoRQQHXVH

Ŷ 1HSDVV¶pWLUHURXWUHPHVXUHRXUpDOLVHUGH

FRXSHDXGHVVXVGXQLYHDXGHODSRLWULQH

Ŷ 6¶DVVXUHUTXHOD]RQHGHWUDYDLOQ¶HVWSDV

HQFRPEUpHGHTXHOTXHPDQLqUHeYLWHU

WRXWFRQWDFWLQYRORQWDLUHHQWUHOHJXLGH

FKDvQHHWXQHEFKHXQHEUDQFKHRXWRXW

DXWUHREVWDFOHSHQGDQWO¶XWLOLVDWLRQGHOD

WURQoRQQHXVH

Ŷ 5pDOLVHUGHVFRXSHVjXQUpJLPHPRWHXU

pOHYpSHXWFRQWULEXHUjUpGXLUHOHVULVTXHV

GHUHFXO7RXWHIRLVUpDOLVHUGHVFRXSHV

jPLUpJLPHRXjEDVUpJLPHSURFXUHXQ

PHLOOHXUFRQWU{OHGHODWURQoRQQHXVHGDQV

GHVVLWXDWLRQVGpOLFDWHVHWSHXWpJDOHPHQW

FRQWULEXHUjUpGXLUHOHULVTXHGHUHFXO

Ŷ 7RXMRXUVVXLYUHOHVLQVWUXFWLRQVGX

IDEULFDQWFRQFHUQDQWO¶DIIWDJHHW

O¶HQWUHWLHQGHODWURQoRQQHXVH

Ŷ 8WLOLVHUXQLTXHPHQWGHVJXLGHVFKDvQH

HWGHVFKDvQHVGHUHFKDQJHFRQIRUPHV

DX[VSpFL¿FDWLRQVGXIDEULFDQWRXXQH

SLqFHDGDSWDEOHGHTXDOLWpVWULFWHPHQW

pTXLYDOHQWH



)5B

)UDQoDLV

8QHPDODGLHDSSHOpH©PDODGLHGH5D\QDXGª

TXLDIIHFWHOHVGRLJWVGHFHUWDLQVLQGLYLGXVSHXW

rWUHGpFOHQFKpHSDUXQHH[SRVLWLRQSURORQJpHDX

IURLGHWjGHVYLEUDWLRQV

&¶HVWODUDLVRQSRXUODTXHOOHYRWUHWURQoRQQHXVH

GLVSRVHGHVXSSRUWVDPRUWLVVHXUVGHVWLQpVj

UpGXLUHO¶LQWHQVLWpGHVYLEUDWLRQVSHUoXHVDX

WUDYHUVGHVSRLJQpHV

8QHH[SRVLWLRQSURORQJpHDXIURLGHWDX[

YLEUDWLRQVSHXWSURYRTXHUGHVVHQVDWLRQVGH

SLFRWHPHQWVHWGHEUOXUHVVXLYLHVG¶XQH

GLVSDULWLRQGHODFRXOHXUHWG¶XQHVHQVDWLRQ

G¶HQJRXUGLVVHPHQWGHVGRLJWV1RXVYRXV

UHFRPPDQGRQVGHSUHQGUHOHVSUpFDXWLRQV

VXLYDQWHVFDUO¶H[SRVLWLRQPLQLPDOHVXVFHSWLEOH

GHGpFOHQFKHUFHWWHPDODGLHUHVWHLQFRQQXH

Ŷ 7RXMRXUVV¶KDELOOHUFKDXGHPHQWHQYHLOODQW

SDUWLFXOLqUHPHQWjVHFRXYULUODWrWHHWOH

FRXOHVSLHGVHWOHVFKHYLOOHVDLQVLTXHOHV

PDLQVHWOHVSRLJQHWV

Ŷ 9HLOOHUjHQWUHWHQLUYRWUHFLUFXODWLRQ

VDQJXLQHHQHIIHFWXDQWGHYLJRXUHX[

PRXYHPHQWVGHVEUDVORUVGHSDXVHV

IUpTXHQWHVHWV¶DEVWHQLUGHIXPHU

Ŷ /LPLWHUOHQRPEUHG¶KHXUHVG¶XWLOLVDWLRQ

GHODWURQoRQQHXVH7HQWHUG¶RFFXSHUXQH

SDUWLHGHFKDTXHMRXUQpHGHWUDYDLODYHF

GHVWkFKHVDXWUHVTXHO¶XWLOLVDWLRQG¶XQH

WURQoRQQHXVH

Ŷ (QFDVG¶DSSDULWLRQG¶XQHVHQVDWLRQ

G¶LQFRQIRUWG¶XQHURXJHXUHWG¶XQH

LQÀDPPDWLRQGHVGRLJWVVXLYLHVGH

O¶DSSDULWLRQGHEODQFKHXUHWGHSHUWHGHV

VHQVDWLRQVFRQVXOWHUYRWUHPpGHFLQDYDQW

GHYRXVH[SRVHUGHQRXYHDXDXIURLGHWDX[

YLEUDWLRQV

Ŷ 1HMDPDLVXWLOLVHUXQHWURQoRQQHXVH

HQGRPPDJpHPDOUpJOpHRXDVVHPEOpHGH

PDQLqUHLQFRUUHFWH

Ŷ 1HMDPDLVXWLOLVHUGHWURQoRQQHXVH

GRQWOHVLOHQFLHX[HVWGpIHFWXHX[RX

LQFRUUHFWHPHQWDVVHPEOp

Ŷ 1HSDVWUDYDLOOHUHQKDXWHXURXGDQVXQ

DUEUHDYHFXQHWURQoRQQHXVHjPRLQV

G¶DYRLUUHoXXQHIRUPDWLRQVSpFL¿TXHj

FHWWH¿Q

Ŷ 7HQLUWRXWHVOHVSDUWLHVGHYRWUHFRUSV

pORLJQpHVGHODWURQoRQQHXVHORUVTXHOH

PRWHXUHVWHQPDUFKH

Ŷ 7RXMRXUVSURFpGHUDYHFSUpFDXWLRQORUV

GHODFRXSHGHEXLVVRQVHWG¶DUEULVVHDX[

GHSHWLWHWDLOOHFDUGHVPDWpULDX[¿QV

SHXYHQWV¶DFFURFKHUGDQVODFKDvQHGH

ODWURQoRQQHXVHHWrWUHSURMHWpVYHUV

O¶RSpUDWHXURXDXFRQWUDLUHULVTXHUGHYRXV

GpVpTXLOLEUHU

Ŷ /RUVGHWUDYDX[GHWURQoRQQDJHRX

G¶pEUDQFKDJHWRXMRXUVVHWHQLUHQDPRQW

G¶XQURQGLQVXVFHSWLEOHGHURXOHUDSUqV

Ŷ /RUVTXHYRXVFRXSH]XQHEUDQFKHVRXV

WHQVLRQWRXMRXUVDQWLFLSHUO¶HIIHWGH©

UHVVRUWªD¿QGHQHSDVULVTXHUG¶rWUHIUDSSp

SDUODEUDQFKHRXODWURQoRQQHXVHORUVTXH

ODWHQVLRQH[HUFpHVXUOHV¿EUHVGHERLVVHUD

VRXODJpH

$XWUHV3UpFDXWLRQVGH6pFXULWp

9LEUDWLRQVHW)URLG

$9(57,66(0(17

1HMDPDLVPRGL¿HUXQHWURQoRQQHXVH

GHTXHOTXHPDQLqUH8WLOLVHU

XQLTXHPHQWGHVSLqFHVGHUHFKDQJHHW

DFFHVVRLUHVSUpFRQLVpVSDUVKLQGDLZD

ORUVGHVUpSDUDWLRQVHWGHO¶HQWUHWLHQGH

O¶RXWLO

eWDWGHO·$SSDUHLO

&RXSH

8QHVROOLFLWDWLRQH[FHVVLYHGHVPXVFOHVHW

WHQGRQVGHVGRLJWVGHVPDLQVGHVEUDVHW

GHVpSDXOHVSHXWSURYRTXHUXQHJrQHGHV

LQÀDPPDWLRQVXQHQJRXUGLVVHPHQWXQH

IDLEOHVVHHWGHVGRXOHXUVLQWHQVHVGDQVFHV

]RQHV

$¿QGHUpGXLUHOHULVTXHG¶DSSDULWLRQGH

PLFURWUDXPDWLVPHVUpSpWLWLIVSUHQGUH

VLPSOHPHQWOHVSUpFDXWLRQVVXLYDQWHV

0LFURWUDXPDWLVPHV5pSpWLWLIV

Ŷ eYLWHUGHWUDYDLOOHUDYHFOHVSRLJQHWVHQ

SRVLWLRQÀpFKLHpWLUpHRXWRUGXH$XOLHX

GHFHODWRXMRXUVHVVD\HUGHFRQVHUYHUOHV

SRLJQHWVGURLWV'HSOXVHQVDLVLVVDQWOD

WURQoRQQHXVHWRXMRXUVXWLOLVHUWRXWHOD

PDLQHWQRQMXVWHOHSRXFHHWO¶LQGH[

Ŷ 3UHQGUHGHVSDXVHVjLQWHUYDOOHV

UpJXOLHUVD¿QGHUpGXLUHODUpSpWLWLRQGHV

PRXYHPHQWVHWSUHQGUHOHWHPSVGHVH

UHSRVHUOHVPDLQV

Ŷ 5pGXLUHODUDSLGLWpHWODIRUFHDYHFODTXHOOH

VRQWHIIHFWXpVOHVPRXYHPHQWVUpSpWLWLIV

Ŷ (IIHFWXHUGHVH[HUFLFHVD¿QGHUHQIRUFHUOHV

PXVFOHVGHODPDLQHWGXEUDV

Ŷ &RQVXOWHUXQPpGHFLQHQFDV

G¶DSSDULWLRQGHVHQVDWLRQVGHSLFRWHPHQW

G¶HQJRXUGLVVHPHQWRXGHGRXOHXUGDQVOHV

GRLJWVOHVPDLQVOHVSRLJQHWVRXOHVEUDV

Ŷ ,OHVWH[WUrPHPHQWGDQJHUHX[GHUpDOLVHU

GHVWUDYDX[GHFRXSHVXUXQHpFKHOOH

FDUO¶pFKHOOHSHXWJOLVVHUGHSOXVYRWUH

FRQWU{OHGHODWURQoRQQHXVHGDQVFHWWH

VLWXDWLRQHVWH[WUrPHPHQWOLPLWp

1RXVYRXVUHFRPPDQGRQVGHODLVVHU

O¶H[pFXWLRQGHWUDYDX[HQKDXWHXUDX[

SURIHVVLRQQHOV

Ŷ )HUPHPHQWJDUGHUOHVGHX[SLHGVHQDSSXL

DXVRO1HMDPDLVWUDYDLOOHUGDQVXQH

SRVLWLRQVXUpOHYpH

Ŷ 7RXMRXUVDUUrWHUOHPRWHXUDYDQWGHSRVHUOD

WURQoRQQHXVHDXVRO

Ŷ 6¶DVVXUHUTXHODFKDvQHGHODWURQoRQQHXVH

FHVVHGHWRXUQHUORUVTXHODJkFKHWWH

G¶DFFpOpUDWLRQHVWUHOkFKpH

0,6((1*$5'(

1HSDVWRXFKHUOHVVXUIDFHVFKDXGHV

GXFRXYHUFOHGHF\OLQGUHHWGX

VLOHQFLHX[DSUqVDYRLUXWLOLVpOD

WURQoRQQHXVH

)5B

)UDQoDLV

Ŷ 7RXWHVOHVRSpUDWLRQVG¶HQWUHWLHQGH

ODWURQoRQQHXVHH[FHSWLRQIDLWHGHV

RSpUDWLRQVPHQWLRQQpHVGDQVODVHFWLRQ

FRQWHQDQWOHVFRQVLJQHVG¶HQWUHWLHQGH

FHPDQXHOGHO¶XWLOLVDWHXUGRLYHQWrWUH

UpDOLVpHVSDUGXSHUVRQQHOG¶HQWUHWLHQ

FRPSpWHQW

Ŷ 3RXUXWLOLVHUXQHWURQoRQQHXVHHQWRXWH

VpFXULWpO¶RSpUDWHXUGRLWGLVSRVHUG¶XQ

RXWLOHQSDUIDLWpWDWGHPDUFKHG¶XQERQ

VHQVGXMXJHPHQWHWG¶XQHFRQQDLVVDQFH

GHVPpWKRGHVjDSSOLTXHUGDQVOHV

GLIIpUHQWHVVLWXDWLRQVGHFRXSH

Ŷ 1HMDPDLVODLVVHUTXHOTX¶XQXWLOLVHU

YRWUHWURQoRQQHXVHjPRLQVG¶DYRLUSULV

FRQQDLVVDQFHGHFHPDQXHOGHO¶XWLOLVDWHXU

HWG¶HQFRPSUHQGUHSOHLQHPHQWOHV

LQVWUXFWLRQV

Ŷ 8QLTXHPHQWXWLOLVHUYRWUHWURQoRQQHXVH

SRXUFRXSHUGXERLVRXGHVSURGXLWVjEDVH

GHERLV1HMDPDLVWHQWHUGHFRXSHUGHV

REMHWVPpWDOOLTXHVGHODW{OHGXSODVWLTXH

RXWRXWPDWpULDXDXWUHTXHGXERLV

2SpUDWLRQVG·(QWUHWLHQ

3DUH[HPSOHVLXQRXWLOLQDGpTXDWHVW

XWLOLVpSRXUEORTXHUOHYRODQWORUVGX

GpPRQWDJHGHO¶HPEUD\DJHOHYRODQWSHXW

VXELUGHVGpJkWVVWUXFWXUHOVVXVFHSWLEOHV

G¶HQSURYRTXHUOHEULV

&RQVLJQHV5HODWLYHVjOD&RXSHGX%RLV

)5B

)UDQoDLV

 3URWqJHPDLQ$YDQW3URWHFWLRQ

SRVLWLRQQpHHQWUHODSRLJQpHDYDQWHWOD

FKDvQHGHODWURQoRQQHXVHGHVWLQpHjpYLWHU

WRXWHEOHVVXUHGHODPDLQHWjIDFLOLWHUOH

FRQWU{OHGHODWURQoRQQHXVHVLODPDLQ

GHO¶RSpUDWHXUJOLVVHGHODSRLJQpH&HWWH

SURWHFWLRQSHUPHWG¶DFWLYHUOHIUHLQGH

FKDvQHTXLEORTXHjVRQWRXUOHPRXYHPHQW

GHODFKDvQHGHODWURQoRQQHXVH

 3RLJQpH$UULqUH0DLQ'URLWH3RLJQpH

GHVRXWLHQVLWXpHDXGHVVXVGXFDUWHU

PRWHXU

 %RXWRQGH&RQWU{OHGX6WDUWHUeOpPHQW

SHUPHWWDQWG¶HQULFKLUOHPpODQJHFDUEXUDQW

DLUjO¶LQWpULHXUGXFDUEXUDWHXUD¿QGH

IDFLOLWHUOHVGpPDUUDJHVjIURLG

 &RXYHUFOHGX6LOHQFLHX[5HFRXYUH

OHVLOHQFLHX[D¿QG¶pYLWHUWRXWFRQWDFW

HQWUHO¶RSpUDWHXUHWODVXUIDFHFKDXGHGX

VLOHQFLHX[

 &RXYHUFOHG¶(PEUD\DJH&DUWHU

SURWpJHDQWOHJXLGHFKDvQHODFKDvQH

O¶HPEUD\DJHHWOHSLJQRQORUVTXHOD

WURQoRQQHXVHHVWHQFRXUVG¶XWLOLVDWLRQ

 'LVSRVLWLIGH5pJODJHGHOD7HQVLRQGHOD

&KDvQH&HGLVSRVLWLISHUPHWGHUpJOHUOD

WHQVLRQGHODFKDvQH

 $UUrWGH&KDvQH3DUWLHVDLOODQWHGHVWLQpH

jUpGXLUHOHULVTXHGHYRLUODPDLQGH

O¶RSpUDWHXUIUDSSpHSDUODFKDvQHHQFDVGH

UXSWXUHRXGpUDLOOHPHQWFHWWHGHUQLqUHHQ

FRXUVGHFRXSH

 *XLGHFKDvQH3LqFHVHUYDQWjVRXWHQLUHW

JXLGHUODFKDvQHGHODWURQoRQQHXVH

 &KDvQH&KDvQHXWLOLVpHHQWDQWTX¶RXWLOGH

FRXSH

3RLJQpH$YDQW0DLQ*DXFKH3RLJQpH

GHVRXWLHQVLWXpHjJDXFKHGXORJHPHQWGX

PRWHXU

%RXFKRQGX5pVHUYRLUj&DUEXUDQW6HUW

jIHUPHUOHUpVHUYRLUjHVVHQFH7RXUQHUOH

ERXFKRQGDQVOHVHQVKRUDLUHSRXUOHVHUUHU

/HVHUUHUIHUPHPHQWjODPDLQ

%RXFKRQGX5pVHUYRLUG¶+XLOH6HUW

jIHUPHUOHUpVHUYRLUG¶KXLOH7RXUQHUOH

ERXFKRQGDQVOHVHQVKRUDLUHSRXUOHVHUUHU

/HVHUUHUIHUPHPHQWjODPDLQ

&RUGHGH'pPDUUDJH3RLJQpHGX

GpPDUUHXUSHUPHWWDQWGHODQFHUOHPRWHXU

&RXYHUFOHGX)LOWUHj$LU&RXYUHOH¿OWUH

jDLU

%RXFKRQGX&RXYHUFOHGX)LOWUHj$LU

'LVSRVLWLISHUPHWWDQWGH¿[HUOHFRXYHUFOH

GX¿OWUHjDLU7RXUQHUOHERXWRQGX

FRXYHUFOHGX¿OWUHjDLUGDQVOHVHQVKRUDLUH

SRXUOHVHUUHU/HVHUUHUIHUPHPHQWjOD

PDLQ

3RPSHG¶$PRUoDJH$YDQWGHGpPDUUHUOH

PRWHXUDFWLRQQHUODSRPSHG¶DPRUoDJHj

RXUHSULVHV7VHW7&V

*kFKHWWHG¶$FFpOpUDWLRQ'LVSRVLWLI

DFWLRQQpSDUOHGRLJWGHO¶RSpUDWHXU

SHUPHWWDQWGHFRQWU{OHUOHUpJLPHPRWHXU

9HUURXGHOD*kFKHWWHG¶$FFpOpUDWLRQ

%RXWRQGHVpFXULWpVXUOHTXHOO¶RSpUDWHXU

GRLWDSSX\HUDYDQWGHSRXYRLUDFWLRQQHUOD

JkFKHWWHG¶DFFpOpUDWLRQSHUPHWG¶pYLWHU

WRXWHPDQLSXODWLRQDFFLGHQWHOOHGHOD

JkFKHWWHG¶DFFpOpUDWLRQ

&RPPXWDWHXUG¶$OOXPDJH'LVSRVLWLI

SHUPHWWDQWGHFRQQHFWHUHWGpFRQQHFWHU

OHV\VWqPHG¶DOOXPDJHDXWRULVDQWDLQVLOH

GpPDUUDJHHWO¶DUUrWGXPRWHXU

$XWRFROODQWGH6pFXULWp1XPpURGHSLqFH

;

&URFKHWGH/HYDJH3RXUOHWUDYDLOHQ

KDXWHXUO¶RSpUDWHXUGRLWrWUHIRUPpDX[

WHFKQLTXHVG¶HVFDODGHDGpTXDWHVHWj

O¶XWLOLVDWLRQGHWRXVOHVpTXLSHPHQWVGH

VpFXULWpUHFRPPDQGpV

0DQXHOGHO¶8WLOLVDWHXU)RXUQLDYHF

O¶DSSDUHLO/LUHDWWHQWLYHPHQWOHPDQXHO

SUpDODEOHPHQWjWRXWHXWLOLVDWLRQHWOH

FRQVHUYHUjGHV¿QVGHUpIpUHQFHXOWpULHXUH

GDQVOHEXWGHPDvWULVHUGHVWHFKQLTXHV

G¶XWLOLVDWLRQFRUUHFWHVHWVUHV

2XWLOV&OpjPDQFKHHQ7îPP

FOpPL[WHjERXJLHSHWLWWRXUQHYLV

&RXYHUFOHGH*XLGHFKDvQH'LVSRVLWLI

VXUOHJXLGHFKDvQHHWODFKDvQHORUVTXHYRXV

WUDQVSRUWH]ODWURQoRQQHXVHRXQHO¶XWLOLVH]

SDV

'HVFULSWLRQ

7V7VHW7&V



















































 





)5B

)UDQoDLV

¬ODOLYUDLVRQOHJXLGHFKDvQHHWODFKDvQHQH

VRQWSDVDVVHPEOpV,QVWDOOHUOHJXLGHFKDvQHHW

ODFKDvQHFRPPHVXLW

Ŷ 'pYLVVHUO¶pFURXSXLVUHWLUHUOHFRXYHUFOHGH

O¶HPEUD\DJH

Ŷ $VVHPEOHUOHJXLGHSXLVOHIDLUHJOLVVHUYHUV

O¶HPEUD\DJHD¿QGHIDFLOLWHUO¶LQVWDOODWLRQGH

ODFKDvQH

Ŷ ,QVWDOOHUODFKDvQHGHODWURQoRQQHXVH

FRPPHLQGLTXp6¶DVVXUHUTXHOHVFRXWHDX[

VRQWRULHQWpVGDQVODERQQHGLUHFWLRQ

Ŷ ,QVWDOOHUOHFRXYHUFOHGHO¶HPEUD\DJHHW

ODJULIIHG¶DEDWWDJH7V7&V

RSWLRQ1XPpURGHSLqFH&

HQOHSRVLWLRQQDQWVXUOHJRXMRQGXJXLGH

FKDvQH6HUUHUO¶pFURXjODPDLQ6¶DVVXUHU

TXHOHGLVSRVLWLIGHUpJODJHGHODWHQVLRQ

GHODFKDvQHV¶LQVqUHFRUUHFWHPHQWGDQV

O¶RXYHUWXUHGXJXLGH

Ŷ 5HOHYHUOHJXLGHFKDvQHSXLVWRXUQHUOH

GLVSRVLWLIGHUpJODJHGHODWHQVLRQGHOD

FKDvQHMXVTX¶jFHTXHODFKDvQHYLHQQHHQ

DSSXLFRQWUHODSDUWLHLQIpULHXUHGXJXLGH

0,6((1*$5'(

 7RXVOHVUpJODJHVGRLYHQWrWUH

HIIHFWXpVVXUXQPRWHXUIURLG

 7RXMRXUVSRUWHUGHVJDQWVORUVTXH

YRXVWUDYDLOOH]VXUXQHFKDvQH

 1HMDPDLVXWLOLVHUXQH

WURQoRQQHXVHGRQWODFKDvQHHVW

GpWHQGXH

/HFDUEXUDQWHVWXQPpODQJHG¶HVVHQFHVDQV

SORPEHWG¶XQHKXLOHGHPDUTXHVSpFLDOHSRXU

PRWHXUjGHX[WHPSVUHIURLGLVSDUDLU1RXV

SUpFRQLVRQVO¶XWLOLVDWLRQG¶HVVHQFHVDQVSORPE

SRVVpGDQWXQLQGLFHG¶RFWDQHPLQLPDOGH1H

SDVXWLOLVHUGHFDUEXUDQWFRQWHQDQWGXPpWKDQRO

RXSOXVGHG¶DOFRROpWK\OLTXH

5DSSRUWGHPpODQJHUHFRPPDQGp

SRXUGHO¶KXLOHGHFDWpJRULH,62/(*',62

&'-$62)&HW)'8WLOLVHUVHXOHPHQW

GXFDUEXUDQWSURSUHHWIUDLV

0,6((1*$5'(

/RUVGHO¶RXYHUWXUHGXUpVHUYRLUj

FDUEXUDQWWRXMRXUVGHVVHUUHUOH

ERXFKRQWUqVOHQWHPHQWHWDWWHQGUH

O¶pJDOLVDWLRQGHODSUHVVLRQDFFXPXOpH

GDQVOHUpVHUYRLUDYDQWGHUHWLUHUOH

ERXFKRQFRPSOqWHPHQW

8QHOXEUL¿FDWLRQFRUUHFWHGHODFKDvQHSHQGDQW

O¶XWLOLVDWLRQGHODWURQoRQQHXVHUpGXLWDX

PLQLPXPOHVIURWWHPHQWVHQWUHODFKDvQHHW

OHJXLGHFKDvQHHWJDUDQWLWXQHGXUpHGHYLH

DFFUXHGHFHVpOpPHQWV8WLOLVHUXQLTXHPHQWGH

O¶KXLOHGHFKDvQHGHTXDOLWpjFHWWH¿Q

$9(57,66(0(17

3RXUYRWUHSURSUHVpFXULWpWRXMRXUV

DUUrWHUOHPRWHXUDYDQWGHUpDOLVHUO¶XQH

GHVRSpUDWLRQVVXLYDQWHV

$VVHPEODJH

$VVHPEODJHGX*XLGHFKDvQHHWGHOD&KDvQH

Ŷ 6HUUHUXQERXORQHQUHOHYDQWOHJXLGH

FKDvQH

Ŷ 3RVLWLRQQHUODFKDvQHDXWRXUGXJXLGHjOD

PDLQ'HVVHUUHUOHGLVSRVLWLIGHUpJODJHGH

ODWHQVLRQVLYRXVVHQWH]GHVSRLQWVGXUVVXU

ODFKDvQH

Ŷ 'pPDUUHUOHPRWHXUHWOHODLVVHUWRXUQHUj

IDLEOHUpJLPH$UUrWHUOHPRWHXUHWUpJOHUj

QRXYHDXVLQpFHVVDLUH

$¿QG¶pYLWHUWRXWLQFLGHQWDXQLYHDXGHOD

SRPSHjKXLOHQHMDPDLVXWLOLVHUG¶KXLOH

XVDJpHRXUHF\FOpH

(QFDVG¶XUJHQFHLOHVWSRVVLEOHG¶XWLOLVHUGH

O¶KXLOHPRWHXUSHQGDQWXQHSpULRGHGHWHPSV

OLPLWpH

6$( HQpWp

6$( HQKLYHURXSRXUODFRXSHGHERLV

WUqVUpVLQHX[

Ŷ 1HSDVUpDOLVHUOHPpODQJHGLUHFWHPHQWGDQV

OHUpVHUYRLUjFDUEXUDQW

Ŷ eYLWHUWRXWGpYHUVG¶HVVHQFHHWG¶KXLOH

7RXMRXUVHVVX\HUOHVpYHQWXHOVGpYHUVGH

FDUEXUDQW

Ŷ 0DQLSXOHUOHFDUEXUDQWDYHFVRLQHQUDLVRQ

GHVRQLQÀDPPDELOLWp

Ŷ 7RXMRXUVFRQVHUYHUOHFDUEXUDQWGDQVXQ

UpFLSLHQWKRPRORJXp

7HQVLRQ

FRUUHFW

7HQVLRQ

LQFRUUHFWH

&RXYHUFOHG¶HPEUD\DJH

2XYHUWXUH

5HPDUTXH

'pSODFHUOHOHYLHUGHIUHLQGHFKDvQHSURWqJH

PDLQDYDQWFRPSOqWHPHQWYHUVO¶DUULqUHSRXU

HQOHYHURXLQVWDOOHUOHFDUWHUG¶HPEUD\DJHVXU

ODWURQoRQQHXVH

)RQFWLRQQHPHQW

7VHW7&V

*ULIIHG¶DEDWWDJH

RSWLRQ

7V

/XEULÀDQWGHOD&KDvQH

&DUEXUDQWHW/XEULÀDQW

'LVSRVLWLIGH

UpJODJHGHOD

WHQVLRQ

'LVSRVLWLIGHUpJODJHGHODWHQVLRQ

)5B

)UDQoDLV

'pSODFHUOHSURWqJHPDLQYHUVO¶DYDQW

&¶HVWjGLUH$&7,9(5OHIUHLQGHFKDvQH

'pSODFHUOHFRPPXWDWHXUG¶DOOXPDJHVXU

ODSRVLWLRQ©67$57ª'e0$55$*(

7VHW7&V

'pSODFHUO¶LQWHUUXSWHXUG¶DOOXPDJHVXUOD

SRVLWLRQGHGpPDUUDJHjFKDXG7V

7HQLUODWURQoRQQHXVHIHUPHPHQW

7LUHUVXUODFRUGHGHGpPDUUDJH

5HPSOLUOHUpVHUYRLUjFDUEXUDQW,OHVW

LQWHUGLWGHUHPSOLUOHUpVHUYRLUGHFDUEXUDQW

DXGHVVXVGHO¶pSDXOHPHQWGXUpVHUYRLUGH

FDUEXUDQW

5HPSOLUOHUpVHUYRLUG¶KXLOHGHFKDvQHGH

OXEUL¿DQW

'pSODFHUOHSURWqJHPDLQYHUVO¶DYDQW

&¶HVWjGLUH$&7,9(5OHIUHLQGHFKDvQH

'pSODFHUO¶LQWHUUXSWHXUG¶DOOXPDJHVXU

ODSRVLWLRQ©67$57ª'e0$55$*(

7VHW7&V

'pSODFHUO¶LQWHUUXSWHXUG¶DOOXPDJHVXUOD

SRVLWLRQGHGpPDUUDJHjIURLG7V

$FWLRQQHUODSRPSHG¶DPRUoDJHMXVTX¶j

FHTXHODSUpVHQFHGHFDUEXUDQWVRLWYLVLEOH

GDQVODSRPSHG¶DPRUoDJHHWWRXUQHUOH

ERXWRQGHFRQWU{OHGXVWDUWHUGDQVOHVHQV

DQWLKRUDLUHF¶HVWjGLUHHQSRVLWLRQIHUPpH

7VHW7&V

5HPDUTXH

1HMDPDLVGpURXOHUHQWLqUHPHQWODFRUGH

GHGpPDUUDJH1HSDVODLVVHUODSRLJQpH

GHGpPDUUDJHYHQLUSHUFXWHUOHFDUWHUGHOD

WURQoRQQHXVH

$9(57,66(0(17

Ŷ /RUVTXHYRXVIDLWHVWRXUQHUOHERXWRQ

GHFRQWU{OHGXVWDUWHUHWOHUDPHQH]

HQVXLWHGDQVVDSRVLWLRQGHGpSDUW

OHSDSLOORQGHO¶DFFpOpUDWHXUUHVWH

OpJqUHPHQWRXYHUWDFWLRQGXORTXHW

Ŷ 6LYRXVGpPDUUH]OHPRWHXU

GDQVFHWWHVLWXDWLRQODFKDvQH

FRPPHQFHUDjWRXUQHU1HSDV

GpPDUUHUOHPRWHXUDYDQWG¶DYRLU

VHUUpOHIUHLQGHFKDvQH$FWLYDWHG

'pPDUUDJHGX0RWHXU)URLG

'pPDUUDJHGX0RWHXU&KDXG

)UHLQGHFKDvQH

3RPSH

G¶DPRUoDJH

&RUGHGH

GpPDUUDJH

&RPPXWDWHXUG¶DOOXPDJH %RXWRQGHFRQWU{OH

)HUPHPHQW

*kFKHWWHG¶DFFpOpUDWLRQ

9HURXGH

ODJkFKHWWH

G¶DFFpOpUDWLRQ

2XYHUWXUH

&RUGHGH

GpPDUUDJH

7HQLUODWURQoRQQHXVHIHUPHPHQW/RUV

GXGpPDUUDJHGHODWURQoRQQHXVHSRVHU

O¶DSSDUHLOVXUXQWHUUDLQSODWVDLVLUOD

SRLJQpHDYDQWGHODPDLQJDXFKHHWSRVHU

IHUPHPHQWOHJHQRXGURLWVXUO¶H[WUpPLWp

DUULqUHGHODSRLJQpHDUULqUHSXLVWLUHUGHOD

PDLQGURLWHVXUODFRUGHGHGpPDUUDJH

6¶DVVXUHUTXHOHJXLGHFKDvQHHWODFKDvQH

QHVRQWHQFRQWDFWDYHFDXFXQREMHWORUVGX

GpPDUUDJHGHODWURQoRQQHXVH

7LUHUSOXVLHXUVIRLVVXUODFRUGHGH

GpPDUUDJHMXVTX¶jFHTXHYRXVHQWHQGLH]OH

SUHPLHUVRQG¶DOOXPDJH

7RXUQHUOHERXWRQGHFRQWU{OHGXVWDUWHU

GDQVOHVHQVKRUDLUHF¶HVWjGLUHHQ

SRVLWLRQRXYHUWH7VHW7&V

5DPHQHUO¶LQWHUUXSWHXUG¶DOOXPDJHHQ

SRVLWLRQGpPDUUDJHjFKDXG7V

7LUHUjQRXYHDXVXUODFRUGHGHGpPDUUDJH

0,6((1*$5'(

Ŷ $SUqVDYRLUGpPDUUpOHPRWHXU

DSSX\HUGRXFHPHQWVXUODJkFKHWWH

G¶DFFpOpUDWLRQD¿QGHOLEpUHUOH

ORTXHWGHO¶DFFpOpUDWHXUHWUDPHQHU

HQWLqUHPHQWOHSURWqJHPDLQDYDQW

HQGLUHFWLRQGHO¶RSpUDWHXU)UHLQGH

FKDvQHHQSRVLWLRQ'e6$&7,9e(

Ŷ 1HSDVDXJPHQWHUOHUpJLPHPRWHXU

WDQWTXHOHIUHLQGHFKDvQHHVW

HQFOHQFKp

Ŷ 8WLOLVHUOHIUHLQGHFKDvQH

XQLTXHPHQWORUVGXGpPDUUDJHGX

PRWHXURXHQFDVG¶XUJHQFH

Ŷ 1HMDPDLVXWLOLVHUOHORTXHWGH

O¶DFFpOpUDWHXUSHQGDQWODFRXSH

/¶XWLOLVHUXQLTXHPHQWSRXUGpPDUUHU

OHPRWHXU

%RXWRQGHFRQWU{OH

,OHVWSRVVLEOHG¶XWLOLVHUOHVWDUWHUVL

QpFHVVDLUHGDQVFHFDVGqVOHSUHPLHUVRQ

G¶DOOXPDJHWLUHUGRXFHPHQWVXUODJkFKHWWH

G¶DFFpOpUDWLRQD¿QG¶DFWLRQQHUO¶DFFpOpUDWHXU

HWOHVWDUWHU

/RUVTXHYRXVIDLWHVWRXUQHUOHERXWRQGH

FRQWU{OHGXVWDUWHUHWOHUDPHQH]HQVXLWH

GDQVVDSRVLWLRQGHGpSDUWOHSDSLOORQ

GHO¶DFFpOpUDWHXUUHVWHOpJqUHPHQWRXYHUW

DFWLRQGXORTXHW

)5B

)UDQoDLV

Ŷ 5HOkFKHUODJkFKHWWHG¶DFFpOpUDWLRQHW

ODLVVHUOHPRWHXUWRXUQHUDXUDOHQWL

Ŷ 'pSODFHUOHFRPPXWDWHXUG¶DOOXPDJHVXUOD

SRVLWLRQ©6723ª$55Ç7

5HPDUTXH

6LOHPRWHXUUHIXVHGHV¶DUUrWHUWRXUQHUOH

ERXWRQGHFRQWU{OHGXVWDUWHUGDQVOHVHQV

DQWLKRUDLUHSRXUDUUrWHUOHPRWHXU7V

HW7&VRXDPHQHUO¶LQWHUUXSWHXU

G¶DOOXPDJHHQSRVLWLRQGpPDUUDJHjIURLGSRXU

FRXSHUOHPRWHXU7V

5DPHQHUODWURQoRQQHXVHFKH]XQUHYHQGHXU

DJUppVKLQGDLZDSRXUIDLUHYpUL¿HUHW

UpSDUHUO¶LQWHUUXSWHXUPDUFKHDUUrWDYDQWGH

UHGpPDUUHUOHPRWHXU

Ŷ 3UHQGUHOHWHPSVGHVHIDPLOLDULVHUDYHF

VDWURQoRQQHXVHDYDQWGHFRPPHQFHUj

UpDOLVHUGHVFRXSHV

Ŷ ¬FHWWH¿QQRXVYRXVUHFRPPDQGRQV

GHYRXVHQWUDvQHUHQFRXSDQWjSOXVLHXUV

UHSULVHVGHVEFKHVRXGHVEUDQFKHVGH

IDLEOHVHFWLRQ

Ŷ 7HQLUOHVSHUVRQQHVHWOHVDQLPDX[pORLJQpV

GHOD]RQHGHWUDYDLO3OXVLHXUVRSpUDWHXUV

WRXMRXUVPDLQWHQLUXQHGLVWDQFHGHVpFXULWp

HQWUHGHX[RSpUDWHXUVRXGDYDQWDJH

VLSOXVLHXUVSHUVRQQHVVRQWDPHQpHVj

WUDYDLOOHUHQVHPEOH

Ŷ $SUqVDYRLUGpPDUUpOHPRWHXUOHODLVVHU

WRXUQHUDXUDOHQWLSHQGDQWTXHOTXHV

PLQXWHV

Ŷ 5DPHQHULPPpGLDWHPHQWOHSURWqJHPDLQ

DYDQWYHUVO¶XWLOLVDWHXU)UHLQGHFKDvQHHQ

SRVLWLRQ5(/$&+(

Ŷ $SSX\HUSURJUHVVLYHPHQWVXUODJkFKHWWH

D¿QG¶DXJPHQWHUOHUpJLPHPRWHXU

Ŷ /DFKDvQHFRPPHQFHjVHGpSODFHUORUVTXH

OHPRWHXUDWWHLQWWUPLQHQYLURQ

8WLOLVDWLRQ

Ŷ 9HLOOHUjFHTXHO¶DFFpOpUDWLRQVHGpURXOH

FRUUHFWHPHQWHWFRQWU{OHUODOXEUL¿FDWLRQGH

ODFKDvQHHWGXJXLGH

Ŷ 1HSDVIDLUHIRQFWLRQQHUOHPRWHXUjKDXW

UpJLPHVDQVUDLVRQ

Ŷ 6¶DVVXUHUTXHODFKDvQHGHODWURQoRQQHXVH

FHVVHGHVHGpSODFHUORUVTXHODJkFKHWWH

G¶DFFpOpUDWLRQHVWUHOkFKpH

$UUrWGX0RWHXU

(VVDLGH&RXSH3UpDODEOH

Ŷ 1RXVYRXVUHFRPPDQGRQVGHYpUL¿HU

UpJXOLqUHPHQWODWHQVLRQGHODFKDvQHHQ

FRXUVG¶XWLOLVDWLRQHWGHODFRUULJHUVL

QpFHVVDLUH

Ŷ 7HQGUHODFKDvQHDXWDQWTXHSRVVLEOHWRXW

HQYHLOODQWjFHTX¶HOOHSXLVVHrWUHGpSODFpH

jODPDLQOHORQJGXJXLGHFKDvQH

3RVLWLRQQHUODFKDvQHMXVWHDXGHVVXVG¶XQH

VXUIDFHVqFKHSXLVDFFpOpUHUHWIDLUHWRXUQHU

OHPRWHXUjPLUpJLPHSHQGDQWVHFRQGHV

HQYLURQ

8Q¿QWUDLWGHSURMHFWLRQVG¶KXLOHGHYUDLWrWUH

YLVLEOHVXUODVXUIDFHVqFKH

$9(57,66(0(17

6¶DVVXUHUTXHOHPRWHXUHVWDUUrWp

DYDQWGHYpUL¿HUODWHQVLRQGHOD

FKDvQH

9pULÀFDWLRQGHOD7HQVLRQGHOD&KDvQH

(VVDLGH/XEULÀFDWLRQGHOD&KDvQH

9HUURXGHODJkFKHWWHG¶DFFpOpUDWLRQ

*kFKHWWHG¶DFFpOpUDWLRQ

&RPPXWDWHXUG¶DOOXPDJH

5HPDUTXH

7RXMRXUVGHVVHUUHUO¶pFURXGXFDUWHU

G¶HPEUD\DJHDYDQWGHWRXUQHUOHVGLVSRVLWLIVGH

UpJODJHGHWHQVLRQGHODFKDvQHVLQRQOHFDUWHU

G¶HPEUD\DJHHWOHWHQGHXUGHFKDvQHVHURQW

HQGRPPDJpV

)5B

)UDQoDLV

/HIUHLQGHFKDvQHDXWRPDWLTXHSHUPHW

G¶LQWHUURPSUHOHIRQFWLRQQHPHQWGHOD

WURQoRQQHXVHD¿QTX¶XQHIIHWGHUHFXOJpQpUpDX

QLYHDXGHO¶H[WUpPLWpGXJXLGHFKDvQHDFWLRQQH

OHIUHLQGHFKDvQHGHPDQLqUHDXWRPDWLTXH

3URFpGHUFRPPHVXLWD¿QGHFRQWU{OHUOHERQ

IRQFWLRQQHPHQWGXIUHLQGHFKDvQH

$UUrWHUOHPRWHXUGHODWURQoRQQHXVH

6DLVLUOHVSRLJQpHVDYDQWHWDUULqUHVDQVOHV

VHUUHUWURSIRUWHPHQWD¿QTXHOHJXLGH

FKDvQHVHWURXYHjXQHKDXWHXUGHFP

HQYLURQDXGHVVXVG¶XQVXSSRUWFRPPH

UHSUpVHQWpVXUOD¿JXUH

5HPDUTXH

Ŷ 3RXUYRXVIDPLOLDULVHUDYHFODWURQoRQQHXVH

ORUVGHODFRXSHG¶XQDUEUHGHIDLEOH

GLDPqWUHGpSODFHUOHSURWqJHPDLQYHUV

O¶DYDQWD¿QG¶HQFOHQFKHUOHIUHLQGHFKDvQH

Ŷ (QWRXWHFLUFRQVWDQFHV¶DVVXUHUTXHOHIUHLQ

GHFKDvQHIRQFWLRQQHFRUUHFWHPHQWDYDQW

FKDTXHWkFKH

Ŷ (QFDVG¶DFFXPXODWLRQG¶pFODWVGHERLVDX

QLYHDXGXIUHLQGHFKDvQHO¶HI¿FDFLWpGH

FHOXLFLVHWURXYHUDUpGXLWH7RXMRXUVJDUGHU

FHGLVSRVLWLISURSUH

Ŷ 1HSDVDXJPHQWHUOHUpJLPHPRWHXUWDQWTXH

OHIUHLQGHFKDvQHHVWHQFOHQFKp

Ŷ 8WLOLVHUOHIUHLQGHFKDvQHHQFDVG¶XUJHQFH

1HSDVO¶XWLOLVHUVDXIHQFDVG¶DEVROXH

QpFHVVLWp

Ŷ (QFDVG¶XWLOLVDWLRQGXORTXHWG¶DFFpOpUDWHXU

DXGpPDUUDJHPDLQWHQLUOHIUHLQGHFKDvQH

HQSRVLWLRQDFWLYpH$SUqVDYRLUGpPDUUp

OHPRWHXUGpVDFWLYHUOHIUHLQGHFKDvQH

LPPpGLDWHPHQW

Ŷ 1HMDPDLVWHVWHUOHIUHLQGHFKDvQHGDQVXQ

ORFDOFRQWHQDQWGHVYDSHXUVG¶HVVHQFHRXGH

FDUEXUDQW

'pEORFDJHGX)UHLQGH&KDvQH

)UHLQGH&KDvQH$XWRPDWLTXH

3RVHUODWURQoRQQHXVHVXUOHVRO

7HQLUODSRLJQpHjGHX[PDLQVHWDFWLRQQHU

ODJkFKHWWHG¶DFFpOpUDWLRQD¿QGHIDLUH

IRQFWLRQQHUOHPRWHXUjKDXWUpJLPH

$FWLRQQHUOHIUHLQGHFKDvQHHQYHQDQW

DSSX\HUVXUOHSURWqJHPDLQDYDQWDYHFOH

SRLJQHWJDXFKHVDQVOkFKHUODSRLJQpHDYDQW

5HWLUHUGRXFHPHQWODPDLQJDXFKHGHOD

SRLJQpHDYDQWHWSRVHUO¶H[WUpPLWpGXJXLGH

FKDvQHVXUOHERLVRXWRXWVXSSRUWDQDORJXH

SODFpVRXVODWURQoRQQHXVHD¿QTXHOD

PDFKLQHVXELVVHXQLPSDFW

jFHVWDGHELHQVDLVLUODSRLJQpHDUULqUHGH

ODPDLQGURLWH

/¶LPSDFWVHSURSDJHUDDXOHYLHUGHIUHLQTXL

DFWLRQQHUDjVRQWRXUOHIUHLQGHFKDvQH

,PSRUWDQW

/RUVGHODYpUL¿FDWLRQGXIRQFWLRQQHPHQW

GXIUHLQGHFKDvQHDXWRPDWLTXHXWLOLVHU

XQPDWpULDXWHQGUHWHOTXHOHERLVD¿Q

G¶pYLWHUTXHO¶LPSDFWQ¶HQGRPPDJHOD

FKDvQH

/¶H[WUpPLWpGXJXLGHFKDvQHSXHWrWUH

SRVLWLRQQpHjXQHKDXWHXUGHFPHQYLURQ

6DLVLUOpJqUHPHQWOD

SRLJQpHDUULqUHGH

ODPDLQGURLWH

FP

/DFKDvQHGRLWV¶DUUrWHULPPpGLDWHPHQW

5HOkFKHUODJkFKHWWHG¶DFFpOpUDWLRQ

6LODFKDvQHQHV¶DUUrWHSDVLPPpGLDWHPHQW

ORUVTXHYRXVDFWLRQQH]OHIUHLQGHFKDvQH

DPHQHUODWURQoRQQHXVHFKH]YRWUHUHSUpVHQWDQW

VKLQGDLZDD¿QGHODIDLUHUpSDUHU

FP

&RQWU{OHGX)RQFWLRQQHPHQWGX)UHLQGH&KDvQH

Ŷ 3RXUGpEORTXHUOHIUHLQGHFKDvQHUDPHQHU

FRPSOqWHPHQWOHSURWqJHPDLQYHUV

O¶RSpUDWHXU

'pEORTXHUOHIUHLQ

GHFKDvQH

'$1*(5

/HSKpQRPqQHGHUHFXOHVWWUqV

GDQJHUHX[

6LO¶H[WUpPLWpGXJXLGHFKDvQHWRXFKH

GXERLVRXXQDXWUHREVWDFOHOHJXLGH

FKDvQHHVWLQVWDQWDQpPHQWUHSRXVVp

YHUVO¶DUULqUH

/HIUHLQGHFKDvQHUpGXLWOHVULVTXHVGH

EOHVVXUHVGXHVDXUHFXO

7RXMRXUVYpUL¿HUTXHOHIUHLQGH

FKDvQHIRQFWLRQQHFRUUHFWHPHQWDYDQW

XWLOLVDWLRQ

)UHLQGHFKDvQH

8WLOLVDWLRQ&RUUHFWHGX)UHLQGH&KDvQH

/¶XWLOLWpGXIUHLQGHFKDvQHFRQVLVWHjDUUrWHUOD

URWDWLRQGHODFKDvQHHQFDVGHSKpQRPqQHGH

UHERQG7RXWHIRLVLOQ¶HPSrFKHRXQHUpGXLW

DXFXQHPHQWFHSKpQRPqQH1HMDPDLVFRPSWHU

VXUOHIUHLQGHFKDvQHSRXUYRXVSURWpJHUFRQWUH

OHUHERQG0rPHVLODWURQoRQQHXVHGLVSRVH

G¶XQIUHLQGHFKDvQHWRXMRXUVXWLOLVHUGXERQ

VHQVHWGHVPpWKRGHVGHFRXSHDGpTXDWHV

FRPPHVLODWURQoRQQHXVHQ¶pWDLWSDVpTXLSpH

GHFHGLVSRVLWLI0rPHORUVGHO¶XWLOLVDWLRQ

FRUUHFWHG¶XQDSSDUHLOFRUUHFWHPHQWHQWUHWHQX

OHWHPSVGHUpDFWLRQGXIUHLQGHFKDvQHSHXWVH

WURXYHUDXJPHQWp

/HVIDFWHXUVVXLYDQWVSHXYHQWDIIHFWHUOD

FDSDFLWpGXIUHLQjSURWpJHUO¶RSpUDWHXU

Ŷ 7URQoRQQHXVHWHQXHLQFRUUHFWHPHQWWURS

SURFKHGXFRUSVGHO¶RSpUDWHXU0rPHVLOH

IUHLQGHFKDvQHHVWSDUIDLWHPHQWHQWUHWHQX

OHSKpQRPqQHGHUHERQGSHXWVHPRQWUHU

WURSUDSLGHSRXUSHUPHWWUHDXIUHLQG¶DJLUj

WHPSV

Ŷ /DPDLQGHO¶RSpUDWHXUQ¶HVWSDV

FRUUHFWHPHQWSRVLWLRQQpHHWQHSHXWHQWUHU

HQFRQWDFWDYHFOHSURWqJHPDLQ/HIUHLQQH

V¶HQFOHQFKHUDDORUVSDV

Ŷ /HQRQUHVSHFWG¶XQSURJUDPPHG¶HQWUHWLHQ

FRUUHFWDXJPHQWHOHGpODLG¶DFWLRQGXIUHLQ

HWUpGXLWVRQHI¿FDFLWp

Ŷ /¶LQWUXVLRQGHVFLXUHGHJUDLVVHG¶KXLOH

GHSRL[HWFGDQVOHVSLqFHVHQPRXYHPHQW

GXPpFDQLVPHSHXWDXJPHQWHUOHGpODLGH

UpDFWLRQGXIUHLQ

Ŷ /¶XVXUHHWODIDWLJXHGXUHVVRUWG¶DFWLYDWLRQ

GXIUHLQHWO¶XVXUHGXIUHLQWDPERXU

G¶HPEUD\DJHHWGHVSRLQWVG¶DUWLFXODWLRQ

SHXYHQWDXJPHQWHUOHVGpODLVG¶DFWLRQGX

IUHLQ

Ŷ /HVpYHQWXHOVGRPPDJHVRFFDVLRQQpVDX

SURWqJHPDLQRXjODJkFKHWWHG¶DFFpOpUDWLRQ

SHXYHQWUpGXLUHFRQVLGpUDEOHPHQW

O¶HI¿FDFLWpGXIUHLQ

)5B

)UDQoDLV

&HUWDLQHVVXEVWDQFHVSHXYHQWHQGRPPDJHUOH

FDUWHUGHYRWUHWURQoRQQHXVH

3DUH[HPSOHDFLGHGHSDOPLHUHQJUDLVHWF

$¿QG¶pYLWHUWRXWHGpWpULRUDWLRQGXFDUWHU

pOLPLQHUWRXWHODVFLXUHDFFXPXOpHDXWRXUGH

O¶HPEUD\DJHHWGXJXLGHFKDvQHHWULQFHUj

O¶HDXFODLUH

'DQVWRXVOHVFDVGH¿JXUHO¶XWLOLVDWLRQGHOD

WURQoRQQHXVHGRLWXQLTXHPHQWrWUHFRQ¿pHj

XQHVHXOHSHUVRQQH

,OYRXVVHUDSDUIRLVGLI¿FLOHGHJDUDQWLUYRWUH

SURSUHVpFXULWpDXVVLQRXVYRXVGpFRQVHLOORQV

IRUPHOOHPHQWG¶DYRLUjYHLOOHUVXUODVpFXULWp

G¶XQFROOqJXHSHQGDQWYRWUHWUDYDLO

/RUVTXHYRXVDXUH]DFTXLVOHVWHFKQLTXHV

G¶XWLOLVDWLRQIRQGDPHQWDOHVGHOD

WURQoRQQHXVHYRWUHPHLOOHXUDVVLVWDQWVHUD

YRWUHSURSUHERQVHQV

/DPDQLqUHFRQYHQXHGHWHQLUODWURQoRQQHXVH

FRQVLVWHjVHWHQLUjJDXFKHGHODWURQoRQQHXVH

HQSODoDQWODPDLQJDXFKHVXUODSRLJQpH

DYDQWFHTXLSHUPHWG¶DFWLRQQHUODJkFKHWWH

G¶DFFpOpUDWLRQDYHFO¶LQGH[GHODPDLQGURLWH

$YDQWGHWHQWHUG¶DEDWWUHXQDUEUHWRXMRXUV

V¶H[HUFHUjFRXSHUGHVEFKHVRXGHVEUDQFKHV

GHIDLEOHVHFWLRQ

$SSUHQGUHjELHQFRQQDvWUHOHVFRPPDQGHVHW

OHVUpDFWLRQVGHODWURQoRQQHXVH

'pPDUUHUOHPRWHXUHWV¶DVVXUHUTX¶LOWRXUQH

FRQYHQDEOHPHQW$SSX\HUVXUODJkFKHWWH

G¶DFFpOpUDWLRQD¿QGHIDLUHDFFpOpUHUOHPRWHXU

jSOHLQUpJLPHSXLVFRPPHQFHUODFRXSH,O

Q¶HVWSDVQpFHVVDLUHG¶DSSX\HUIRUWHPHQWVXU

O¶RXWLOSRXUTXHODWURQoRQQHXVHFRXSHOHERLV

6LODFKDvQHHVWFRUUHFWHPHQWDIIWpHODFRXSH

GHYUDLWV¶HIIHFWXHUVDQVHIIRUWH[FHVVLI

([HUFHUXQHSUHVVLRQWURSLPSRUWDQWHVXU

ODWURQoRQQHXVHUpGXLUDOHUpJLPHPRWHXU

UHQGDQWDX¿QDOODFRXSHSOXVGLI¿FLOH

'$1*(5

3RXUpYLWHUWRXWPRXYHPHQWGHUHFXO

EUXVTXHOHJXLGHFKDvQHRXO¶H[WUpPLWp

GXJXLGHFKDvQHQHGRLWULHQWRXFKHU

ORUVTXHOHPRWHXUHVWHQPDUFKH

,QVWUXFWLRQV5HODWLYHVjOD&RXSH

&RQVLGpUDWLRQV*pQpUDOHV

/DFKXWHG¶XQDUEUHSHXWJUDYHPHQW

HQGRPPDJHUOHVREMHWVVXUOHVTXHOVO¶DUEUH

WRPEHXQHYRLWXUHXQHPDLVRQXQHFO{WXUH

XQHOLJQHjKDXWHWHQVLRQRXXQDXWUHDUEUH

,OH[LVWHXQHPDQLqUHGHGpWHUPLQHUO¶HQGURLW

RO¶DUEUHWRPEHUDYRXVGHYH]GRQFG¶DERUG

FRPPHQFHUSDUGpFLGHUGHFHOXLFL

$YDQWGHSURFpGHUjODFRXSHFRPPHQFHUSDU

QHWWR\HUHWGpEURXVVDLOOHUOD]RQHDXWRXUGH

O¶DUEUH3RXUWUDYDLOOHUHI¿FDFHPHQWYRXVGHYH]

GLVSRVHUG¶DSSXLVIHUPHVHWGHYH]SRXYRLU

PDQLHUODWURQoRQQHXVHVDQVYRXVKHXUWHUjXQ

REVWDFOHTXHOFRQTXH

(QVXLWHGp¿QLUXQHpFKDSSDWRLUH

/RUVTXHO¶DUEUHHQWDPHVDFKXWHYRXVGHYH]

SRXYRLUYRXVpORLJQHUUDSLGHPHQWjXQDQJOH

GHGHJUpVHWG¶DXPRLQVPSDUUDSSRUWj

ODGLUHFWLRQGHODFKXWHD¿QG¶pYLWHUODEDVHGX

9RLUOD¿JXUHFLGHVVXV

&RPPHQFHUODFRXSHVXUOHF{WpGXTXHOYRXV

VRXKDLWH]YRLUWRPEHUO¶DUEUH

5pDOLVHUXQHHQWDLOOHG¶XQHSURIRQGHXU

pTXLYDOHQWHjHQYLURQGXGLDPqWUHGH

O¶DUEUH9RLUOD¿JXUH$

/DSRVLWLRQGHFHWWHHQWDLOOHHVWLPSRUWDQWH

9RLUOD¿JXUH$

/DFRXSHG¶DEDWWDJHGRLWHQVXLWHrWUHUpDOLVpHGH

O¶DXWUHF{WpGXWURQFSDUUDSSRUWjO¶HQWDLOOH

3RXUUpDOLVHUODFRXSHG¶DEDWWDJHSRVLWLRQQHU

XQHJULIIHG¶DEDWWDJHHQWUHFPHWFP

DXGHVVXVGHODEDVHGHO¶HQWDLOOHHWDUUrWHUOD

FRXSHjXQHGLVWDQFHpTXLYDOHQWHjHQYLURQ

GXGLDPqWUHGXWURQFGXERUGLQWHUQH

GHO¶HQWDLOOHYRLUOD¿JXUH%D¿QTXHOD

SRUWLRQQRQFRXSpHGXWURQFDJLVVHFRPPHXQH

FKDUQLqUH

1HSDVWHQWHUG¶DWWHLQGUHO¶HQWDLOOHDYHFOD

FRXSHG¶DEDWWDJH

/¶pSDLVVHXUGHERLVUHVWDQWHQWUHO¶HQWDLOOHHWOD

FRXSHG¶DEDWWDJHIHUDDORUVRI¿FHGHFKDUQLqUH

ORUVGHODFKXWHGHO¶DUEUHHWOHJXLGHUDGDQVOD

GLUHFWLRQVRXKDLWpH

/RUVTXHO¶DUEUHHQWDPHVDFKXWHDUUrWHUOH

PRWHXUSRVHUODWURQoRQQHXVHVXUOHVROWHUUHHW

V¶pORLJQHUUDSLGHPHQW

3RXUDEDWWUHOHVJUDQGVDUEUHVGRQWOHGLDPqWUH

GXWURQFHVWGHX[IRLVVXSpULHXUjODORQJXHXUGX

JXLGHFKDvQHFRPPHQFHUOHVFRXSHVG¶HQWDLOOH

VXUXQF{WpGHO¶HQWDLOOHSXLVIDLUHJOLVVHUOD

WURQoRQQHXVHYHUVO¶DXWUHERUG

&RPPHQFHUOHWUDLWG¶DEDWWDJHG¶XQF{Wp

GHO¶DUEUHDSUqVDYRLUSRVLWLRQQpXQHJULIIH

G¶DEDWWDJHSXLVGpSODFHUODWURQoRQQHXVHVXUOH

F{WpGHPDQLqUHjIRUPHUODFKDUQLqUHVRXKDLWpH

VXUFHPrPHF{Wp

(QVXLWHUHWLUHUODWURQoRQQHXVHD¿QGHSURFpGHU

jODGHX[LqPHFRXSH

(QJDJHUODWURQoRQQHXVHGDQVODSUHPLqUH

FRXSHDYHFSUpFDXWLRQD¿QG¶pYLWHUWRXW

SKpQRPqQHGHUHFXO

3RXUUpDOLVHUODFRXSH¿QDOHHQJDJHUOD

WURQoRQQHXVHGDQVO¶HQWDLOOHD¿QG¶DWWHLQGUHOD

FKDUQLqUH9RLUOD¿JXUH&

$EDWWDJHG·XQ$UEUH

&KXWH

eFKDSSDWRLUH

3DVSDULFL

%RLVQRQFRXSpFKDUQLqUH

GXGLDPqWUH

(QWDLOOH

GXGLDPqWUH

&RXSH

G¶DEDWWDJH

&DOHV

VLSRVVLEOH

&+87(

&RXSHG¶HQWDLOOH

/DLVVHUGX

GLDPqWUHFKDUQLqUH

)LJXUH&

7UDLWG¶DEDWWDJH

&DOHV

&RXSHG¶HQWDLOOH

9XGHGHVVXV

0pWKRGHGH

GpSODFHPHQW

P

Û

)LJXUH$

9XGHF{Wp

7UDLWG¶DEDWWDJH

)LJXUH% 9XGHGHVVXV

Û











FP

(QWDLOOH

Û

Û



)5B

)UDQoDLV

/HVPpWKRGHVG¶pEUDQFKDJHG¶XQDUEUH

V¶DSSDUHQWHQWjFHOOHVGXWURQoRQQDJH

1HMDPDLVpEUDQFKHUXQDUEUHVXUOHTXHOYRXV

YRXVWHQH]GHERXW

7RXMRXUVYHLOOHUjFHTXHO¶H[WUpPLWpGXJXLGH

FKDvQHQHWRXFKHDXFXQHDXWUHEUDQFKH

7RXMRXUVXWLOLVHUOHVGHX[PDLQV

0,6((1*$5'(

1HSDVUpDOLVHUGHFRXSHDXGHVVXVGX

QLYHDXGHODSRLWULQH

/HWURQoRQQDJHFRQVLVWHjGpELWHUXQHEFKH

RXXQDUEUHDEDWWXHQPRUFHDX[GHSOXVSHWLWH

WDLOOH

4XHOTXHVUqJOHVIRQGDPHQWDOHVV¶DSSOLTXHQWj

WRXWHVOHVRSpUDWLRQVGHWURQoRQQDJH

*DUGHUHQSHUPDQHQFHOHVGHX[PDLQVVXUOHV

SRLJQpHV

$9(57,66(0(17

/¶H[pFXWLRQGHWUDYDX[G¶pEUDQFKDJH

jSUR[LPLWpG¶XQHOLJQHjKDXWH

WHQVLRQH[SRVHO¶RSpUDWHXUjXQULVTXH

G¶pOHFWURFXWLRQ

7RXMRXUVLQWHUURPSUHO¶DOLPHQWDWLRQ

pOHFWULTXHDYDQWGHFRPPHQFHUXQ

WUDYDLOG¶pEUDQFKDJH

0,6((1*$5'(

7RXMRXUVVHWHQLUHQDPRQWGHVEFKHV

eEUDQFKDJH

1HSDVUpDOLVHUGHFRXSHHQWHQDQWOD

WURQoRQQHXVHDXGHVVXVGHVRLRXHQRULHQWDQW

OHJXLGHFKDvQHHQSRVLWLRQYHUWLFDOH'DQV

FHWWHVLWXDWLRQVLODWURQoRQQHXVHSUpVHQWDLWXQ

PRXYHPHQWGHUHFXOYRWUHFRQWU{OHGHO¶RXWLO

QHYRXVSHUPHWWUDLWVDQVGRXWHSDVG¶pYLWHUXQH

EOHVVXUH

0rPHORUVGHO¶pEUDQFKDJHO¶XWLOLVDWLRQG¶XQH

JULIIHG¶DEDWWDJHIDFLOLWHOHFRQWU{OHGHOD

WURQoRQQHXVHHWOLPLWHOHSKpQRPqQHGHUHFXO

7URQoRQQDJH

1HSDVUpDOLVHUGHFRXSHDXGHVVXVGXQLYHDX

GHODSRLWULQH

&RQQDvWUHOHVWHQVLRQVH[HUFpHVVXUOHV

EUDQFKHV

1HSDVVHWHQLUGHERXWVXUODEFKH 7RXMRXUVVHWHQLUHQDPRQWGHVEFKHV

*OLVVHUGHVEFKHVGH

VRXWqQHPHQWVRXVOHWURQF

*DUGHUOHVEUDQFKHV

SRUWHXVHVSRXUOD¿Q

$YDO

&DOHUOHVEFKHVVLSRVVLEOH

6LOHVFRXSHVVRQWUpDOLVpHVVXUXQHSHQWHRX

XQYHUVDQWGHFROOLQHWRXMRXUVVHSODFHUHQ

DPRQWGHODEFKH

)5B

)UDQoDLV

0,6((1*$5'(

6LYRXVpYDOXH]PDOOHVHIIHWV

GHWHQVLRQHWGHFRPSUHVVLRQHW

FRPPHQFH]YRWUHFRXSHGXPDXYDLV

F{WpGHODEFKHOHERLVVHUHIHUPHUD

VXUOHJXLGHFKDvQHHWODFKDvQHHW

EORTXHUDYRWUHWURQoRQQHXVH

)DLUHWRXUQHUOHPRWHXUjSOHLQ

UpJLPHORUVTXHODFKDvQHHVWFRLQFpH

IHUDIRQGUHO¶HPEUD\DJHGHOD

WURQoRQQHXVH

)RUFHUQHVHUWjULHQVLODFKDvQHHVW

EORTXpHHWYRXVHPSrFKHG¶H[WUDLUHOD

WURQoRQQHXVHGHO¶HQWDLOOH

'DQVFHFDVDUUrWHUODWURQoRQQHXVH

HWHQIRQFHUXQHFDOHGDQVO¶HQWDLOOHD¿Q

GHO¶RXYULU

1HMDPDLVIRUFHUVXUODWURQoRQQHXVH

ORUVTXHFHOOHFLHVWFRLQFpH

1HMDPDLVIRUFHUSRXUHQJDJHUOD

WURQoRQQHXVHGDQVO¶HQWDLOOH

8QHFKDvQHpPRXVVpHFRQVWLWXHXQ

ULVTXHHWHQWUDvQHXQHXVXUHH[FHVVLYH

GHVDFFHVVRLUHVGHFRXSH

6LYRWUHWURQoRQQHXVHSURGXLWGHOD

VFLXUHSOXW{WTXHGHVpFODWVGHERLVORUV

GHODFRXSHLOHVWSUREDEOHTXHYRWUH

FKDvQHVRLWpPRXVVpH

$9(57,66(0(17

1HMDPDLVXWLOLVHUOHORTXHW

G¶DFFpOpUDWHXUORUVGHWUDYDX[GH

FRXSH

7HQVLRQHW&RPSUHVVLRQGX%RLV

&RXSHIUDJLOLVDQWHSRXUWHUPLQHU

D¿QG¶pYLWHU

XQHFDVVXUH

8QPRUFHDXGHERLVJLVDQWjPrPHOHVROHVW

VRXPLVjGHVWHQVLRQVHWGHVFRPSUHVVLRQVHQ

IRQFWLRQGHVRQSRLQWG¶DSSXLSULQFLSDO

/RUVTXHOHPRUFHDXGHERLVHVWHQDSSXL

DXQLYHDXGHVHVH[WUpPLWpVOHSRLQWGH

FRPSUHVVLRQVHWURXYHVXUODIDFHVXSpULHXUH

GXERLVHWOHSRLQWGHWHQVLRQVXUODIDFH

LQIpULHXUH

3RXUUpDOLVHUXQHFRXSHHQWUHFHVSRLQWV

G¶DSSXLUpDOLVHUODSUHPLqUHFRXSHYHUVOH

EDVMXVTX¶jXQHSURIRQGHXUpTXLYDOHQWHj

HQYLURQGXGLDPqWUHGXERLV

/DGHX[LqPHFRXSHV¶HIIHFWXHYHUVOHKDXWHW

GRLWUHMRLQGUHODSUHPLqUH

/RUVTXHOHPRUFHDXGHERLVVHWURXYHHQ

DSSXLjO¶XQHGHVHVH[WUpPLWpVVHXOHPHQW

UpDOLVHUODSUHPLqUHFRXSHYHUVOHKDXWVXU

XQHSURIRQGHXUpTXLYDOHQWHjHQYLURQ

GXGLDPqWUHGXWURQF/DGHX[LqPHFRXSH

V¶HIIHFWXHYHUVOHEDVHWGRLWUHMRLQGUHOD

SUHPLqUH

7HQVLRQLPSRUWDQWH

7URQoRQQDJH

%$6

([WU

PLW

VDQVDSSXL

+$87

7URQoRQQDJHSDUOHEDV

&DOH

5pDOLVHUXQHFRXSHGHELDLVORUVTX¶XQHVHFWLRQ



ULVTXHGHYHQLUHV¶pFUDVHUFRQWUHO¶DXWUH

)HUQp

2XYHUW

&KDUQLqUH

)5B

)UDQoDLV

 &RPSRVDQW 2SHUDWLRQVG·(QWUHWLHQ 3DJH $YDQW8WLOLVDWLRQ 3HULRGLFLWH0HQVXHOOH

)LOWUHjDLU 1HWWR\HU5HPSODFHU  ■

)LOWUHjFDUEXUDQW ,QVSHFWHU1HWWR\HU5HPSODFHU  ■

%RXJLH ,QVSHFWHU1HWWR\HU5pJOHU5HPSODFHU   ■

&DUEXUDWHXU $GMXVWHU5HPSODFHUHW5pJOHU   ■

6\VWqPHGHUHIURLGLVVHPHQW ,QVSHFWHU1HWWR\HU  ■

6LOHQFLHX[ ,QVSHFWHU5HVVHUUHU1HWWR\HU 

 ■

)LOWUHjKLOH ,QVSHFWHU1HWWR\HU5HPSODFHU  ■

3LJQRQ ,QVSHFWHU5HPSODFHU   ■

)UHLQGHFKDvQH ,QVSHFWHU5HPSODFHU  ■

'pPDUUHXU ,QVSHFWHU 

 ■

*XLGHFKDvQH ,QVSHFWHU1HWWR\HU  ■

6\VWqPHG¶DOLPHQWDWLRQ ,QVSHFWHU5pSDUHU  ■

9LVERXORQVHWpFURXV ,QVSHFWHU5HVVHUUHU5HPSODFHU 

 ■

,PSRUWDQW

/HVLQWHUYDOOHVGHWHPSVSUpVHQWpVLFLVRQWOHVLQWHUYDOOHVPD[LPXP

9RWUHXWLOLVDWLRQHWYRWUHH[SpULHQFHGHODWURQoRQQHXVHGpWHUPLQHQWODIUpTXHQFHGHO¶HQWUHWLHQQpFHVVDLUH

*XLGHG·(QWUHWLHQHWGH5pSDUDWLRQ

$9(57,66(0(17

7RXWHVOHVRSpUDWLRQVG¶HQWUHWLHQGHODWURQoRQQHXVHH[FHSWLRQIDLWHGHVRSpUDWLRQVPHQWLRQQpHVGDQVFHPDQXHOGHO¶XWLOLVDWHXU

GRLYHQWrWUHUpDOLVpHVSDUGXSHUVRQQHOG¶HQWUHWLHQFRPSpWHQW

/HVYDSHXUVGHFDUEXUDQWVRQWH[WUrPHPHQWLQÀDPPDEOHVHWSHXYHQWHQWUDvQHUXQLQFHQGLHHWRXXQHH[SORVLRQ

1HMDPDLVWHVWHUO¶pWLQFHOOHG¶DOOXPDJHjSUR[LPLWpGHO¶RUL¿FHGHODERXJLHGXF\OLQGUHRXGHVEOHVVXUHVSK\VLTXHVJUDYHV

SHXYHQWV¶HQVXLYUH

3UREOqPH

&DXVH 6ROXWLRQ

0RWHXU 'pPDUUDJHGLI¿FLOH

'pPDUUDJHLPSRVVLEOH

/HPRWHXUVH

ODQFH

&DUEXUDQWGDQV

OHFDUEXUDWHXU

$EVHQFHGHFDUEXUDQW

GDQVOHFDUEXUDWHXU

)LOWUHjFDUEXUDQWHQFUDVVp

&RQGXLWHG¶HVVHQFHREVWUXp

&DUEXUDWHXU

1HWWR\HURXUHPSODFHU

1HWWR\HU

'HPDQGHUFRQVHLOjYRWUHUHYHQGHXU

VKLQGDLZD

&DUEXUDQWGDQV

OHF\OLQGUH

$EVHQFHGHFDUEXUDQW

GDQVOHF\OLQGUH

&DUEXUDWHXU 'HPDQGHUFRQVHLOjYRWUHUHYHQGHXU

VKLQGDLZD

3UpVHQFHGH

FDUEXUDQWGDQVOH

VLOHQFLHX[

/HPpODQJHGHFDUEXUDQWHVWWURSULFKH 2XYULUOHVWDUWHU

1HWWR\HUUHPSODFHUOHILOWUHjDLU

5pJOHUOHFDUEXUDWHXU

'HPDQGHUFRQVHLOjYRWUHUHYHQGHXU

VKLQGDLZD

eWLQFHOOHjO¶H[WUpPLWp

GX¿OGHODERXJLH

$EVHQFHG¶pWLQFHOOHj

O¶H[WUpPLWpGX¿OGH

ODERXJLH

&RPPXWDWHXUG¶DOOXPDJHHQSRVLWLRQ

³6723´$UUrW

3UREOqPHpOHFWULTXH

3ODFHUOHFRPPXWDWHXUG¶DOOXPDJH

VXUSRVLWLRQ³21´0DUFKH

'HPDQGHUFRQVHLOjYRWUHUHYHQGHXU

VKLQGDLZD

eWLQFHOOHDXQLYHDXGH

ODERXJLH

$EVHQFHG¶pWLQFHOOH

DXQLYHDXGHOD

ERXJLH

eFDUWHPHQWLQFRUUHFWGHO¶HOHFWURGHODERXJLH

eOHFWURGHFRXYHUWHGHFDUERQH

eOHFWURGHHQFUDVVpHSDUOHFDUEXUDQW

%RXJLHGpIHFWXHXVH

5pJOHUHQWUHHWPP

1HWWR\HURXUHPSODFHU

5HPSODFHUODERXJLH

/HPRWHXUQH

VHODQFHSDV

3UREOqPHPRWHXULQWHUQH 'HPDQGHUFRQVHLOjYRWUHUHYHQGHXU

VKLQGDLZD

/HPRWHXUVH

ODQFH

&DOHRXDFFpOqUHPDO )LOWUHjDLUHQFUDVVp

)LOWUHjFDUEXUDQWHQFUDVVp

0LVHjO¶DLUOLEUHREVWUXpH

%RXJLH

&DUEXUDWHXU

6\VWqPHGHUHIURLGLVVHPHQWHQFUDVVp

2ULILFHG¶pFKDSSHPHQWRXVLOHQFLHX[REVWUXp

1HWWR\HURXUHPSODFHU

1HWWR\HU

1HWWR\HUHWUpJOHUUHPSODFHU

5pJOHU

1HWWR\HU

1HWWR\HU

'pSDQQDJH

)5B

)UDQoDLV

1HSDVPRGL¿HUOHUpJODJHGXFDUEXUDWHXUVL

FHODQ¶HVWSDVQpFHVVDLUH

3RXUUpJOHUOHFDUEXUDWHXUSURFpGHUFRPPH

VXLW

Ŷ 7RXUQHUODYLVGHUpJODJHGXPpODQJHjEDV

UpJLPH/HWODYLVGHUpJODJHGXPpODQJH

jKDXWUpJLPH+GDQVOHVHQVDQWLKRUDLUH

MXVTX¶jODEXWpH

0,6((1*$5'(

7RXUQHUODYLVGHUpJODJHGXUpJLPH

GHUDOHQWL7GHVRUWHTXHODFKDvQH

QHWRXUQHSDVORUVGXGpPDUUDJHGHOD

WURQoRQQHXVH

(QFDVGHSUREOqPHDIIHFWDQWOH

FDUEXUDWHXUFRQWDFWHUYRWUHUHYHQGHXU

RXGLVWULEXWHXUVKLQGDLZD

&RQWU{OHUFHWpOpPHQWDYDQWFKDTXH

XWLOLVDWLRQ

Ŷ &RXSHUOHVWDUWHU

7RXUQHUOHERXWRQGXFRXYHUFOHGH¿OWUHj

DLUGDQVOHVHQVLQYHUVHGHVDLJXLOOHVG¶XQH

PRQWUHHWGpPRQWHUOHFRXYHUFOHSXLVOH

¿OWUHjDLU

(VVX\HUGRXFHPHQWD¿QG¶pOLPLQHUOD

SRXVVLqUHRXQHWWR\HUjO¶DLUFRPSULPpRX

UHPSODFHUOH¿OWUHjDLUVLQpFHVVDLUH

&RQWU{OHUFHWpOpPHQWSpULRGLTXHPHQW

Ŷ eYLWHUjWRXWSUL[O¶LQWUXVLRQGHSRXVVLqUH

GDQVOHUpVHUYRLUjFDUEXUDQW

Ŷ /¶DFFXPXODWLRQG¶LPSXUHWpVGDQVOH

¿OWUHjFDUEXUDQWHQWUDvQHXQHGLI¿FXOWpj

GpPDUUHUOHPRWHXURXGHVDQRPDOLHVGDQV

OHIRQFWLRQQHPHQWGHFHOXLFL

Ŷ ([WUDLUHOH¿OWUHjFDUEXUDQWjWUDYHUV

O¶RUL¿FHG¶DOLPHQWDWLRQHQFDUEXUDQWj

O¶DLGHG¶XQPRUFHDXGH¿OGHIHURXDXWUH

Ŷ 6LOH¿OWUHHVWHQFUDVVpOHUHPSODFHU

&RQWU{OHUFHWpOpPHQWSpULRGLTXHPHQW

Ŷ eYLWHUjWRXWSUL[O¶LQWUXVLRQGHSRXVVLqUH

GDQVOHUpVHUYRLUG¶KXLOH

Ŷ /¶HQFUDVVHPHQWGX¿OWUHjKXLOHDIIHFWH

OHERQIRQFWLRQQHPHQWGXV\VWqPHGH

OXEUL¿FDWLRQ

'$1*(5

/¶HVVHQFHHWOHFDUEXUDQWVRQW

H[WUrPHPHQWLQÀDPPDEOHV

/¶HVVHQFHHWOHFDUEXUDQWGRLYHQW

WRXMRXUVrWUHPDQLSXOpVDYHFODSOXV

JUDQGHSUpFDXWLRQ

Ŷ 'pPDUUHUOHPRWHXUHWOHODLVVHUWRXUQHUDX

UDOHQWLMXVTX¶jFHTX¶LOVRLWFKDXG

Ŷ 7RXUQHUODYLVGHUpJODJHGXUpJLPHGH

UDOHQWL7GDQVOHVHQVDQWLKRUDLUHMXVTX¶j

FHTXHODFKDvQHFHVVHGHVHGpSODFHU

Ŷ 7RXUQHUHQVXLWHODYLVGHUpJODJHGX

UpJLPHGHUDOHQWL7G¶XQGHPLWRXU

VXSSOpPHQWDLUHGDQVOHVHQVDQWLKRUDLUH

Ŷ $FFpOpUHUjSOHLQUpJLPHD¿QGHYpUL¿HU

TXHODWUDQVLWLRQGXUDOHQWLjSOHLQUpJLPH

V¶HIIHFWXHFRUUHFWHPHQW

)LOWUHj$LU

)LOWUHj&DUEXUDQW

Ŷ 6LO¶LQWpULHXUGXUpVHUYRLUjFDUEXUDQWHVW

VDOHOHQHWWR\HUHQULQoDQWOHUpVHUYRLU

DYHFGHO¶HVVHQFH

)LOWUHj+XLOH

Ŷ ([WUDLUHOH¿OWUHjWUDYHUVO¶RUL¿FHGH

UHPSOLVVDJHHQKXLOHjO¶DLGHG¶XQ

PRUFHDXGH¿OGHIHURXDXWUH

Ŷ 6LOH¿OWUHjKXLOHHVWHQFUDVVpOHQHWWR\HU

DYHFGHO¶HVVHQFHRXOHUHPSODFHUVL

QpFHVVDLUH

3RXUWRXWHTXHVWLRQRXGLI¿FXOWpFRQWDFWHU

YRWUHUHSUpVHQWDQWVKLQGDLZD

Ŷ /HVpFKHUFRPSOqWHPHQWDYDQWLQVWDOODWLRQ

Ŷ 5pLQVWDOOHUOH¿OWUHjDLUHWOHFRXYHUFOH

)LOWUHjDLU

%RXWRQGXFRXYHUFOH

GX¿OWUHjDLU

&RXYHUFOH

GX¿OWUHjDLU

Ŷ 6LO¶LQWpULHXUGXUpVHUYRLUG¶KXLOHHVWVDOH

OHQHWWR\HUHQULQoDQWOHUpVHUYRLUDYHF

GHO¶HVVHQFH6LO¶LQWpULHXUGXUpVHUYRLU

G¶KXLOHHVWVDOHOHQHWWR\HUHQULQoDQWOH

UpVHUYRLUDYHFGHO¶HVVHQFH

)LOWUHjFDUEXUDQW

)LOWUHjKXLOH

79LVGHUpJODJHGXUpJLPHGHUDOHQWL

+9LVGHUpJODJHGXPpODQJH

jKDXWUpJLPH

/9LVGHUpJODJHGXPpODQJH

jEDVUpJLPH

(QWUHWLHQ

&DUEXUDWHXU

)5B

)UDQoDLV

9LVGHUHJODJHGXGHQELWG¶KXLOH

1HWWR\HUFHWpOpPHQWDYDQWXWLOLVDWLRQ

Ŷ 1HWWR\HUODUDLQXUHGXJXLGHFKDvQHDYHFXQ

SHWLWWRXUQHYLVSDUH[HPSOH

Ŷ 1HWWR\HUOHVRUL¿FHVGXKXLOHXUDYHFXQ

PRUFHDXGH¿OGHIHU

5HWRXUQHUOHJXLGHFKDvQHSpULRGLTXHPHQW

1HWWR\HUOHSLJQRQO¶HPEUD\DJHHWOD]RQH

G¶DVVHPEODJHGXJXLGHFKDvQHDYDQWGH

UpLQVWDOOHUOHJXLGHFKDvQH

5HPDUTXH

/RUVGXUHPSODFHPHQWGXJXLGHFKDvQHRXGH

ODFKDvQHGHYRWUHWURQoRQQHXVHWRXMRXUVYRXV

DGUHVVHUjYRWUHUHYHQGHXUVKLQGDLZD

6¶LOHVWHQGRPPDJpOHSLJQRQHVWVXVFHSWLEOH

GHG¶HQWUDvQHUGHVGpJkWVRXXQHXVXUH

SUpPDWXUpHGHODFKDvQH

Ŷ 6LOHSLJQRQSUpVHQWHXQHXVXUHGHPP

RXGDYDQWDJHOHUHPSODFHU

/HGpELWGXKXLOHXUDXWRPDWLTXHHVWUpJOpHQ

XVLQHjHQYLURQPOPLQjWUPLQ

&RQWU{OHUFHWpOpPHQWSpULRGLTXHPHQW

Ŷ /¶pFDUWHPHQWVWDQGDUGGHO¶pOHFWURGHHVWGH

jPP

&RQWU{OHUFHWpOpPHQWSpULRGLTXHPHQW

Ŷ /¶HQFUDVVHPHQWGHVDLOHWWHVHVWVXVFHSWLEOH

GHQXLUHDXUHIURLGLVVHPHQWGXPRWHXU

*XLGHFKDvQH

3LJQRQ

+XLOHXU$XWRPDWLTXH

Ŷ 3RXUDFFURvWUHOHGpELWWRXUQHUODYLVGH

UpJODJHGDQVOHVHQVDQWLKRUDLUH/RUVTXH

ODYLVGHUpJODJHDWWHLQWODEXWpHFHWWH

SRVLWLRQVLJQDOHOHGpELWPD[LPDO

P/PLQjWUPLQ

%RXJLH

Ŷ &RUULJHUO¶pFDUWHPHQWGHO¶pOHFWURGHV¶LO

HVWVXSpULHXURXLQIpULHXUjO¶pFDUWHPHQW

VWDQGDUG

Ŷ &RXSOHGHVHUUDJHj1Pj

NJIFP

&RQWU{OHUO¶pWDWGXSLJQRQORUVGHO¶LQVWDOODWLRQ

G¶XQHQRXYHOOHFKDvQH5HPSODFHUOHSLJQRQVL

QpFHVVDLUH

Ŷ 1HSDVWHQWHUGHWRXUQHUODYLVGHUpJODJHDX

GHOjGHVSRVLWLRQVFRUUHVSRQGDQWDX[GpELWV

PLQLPDORXPD[LPDO

Ŷ eOLPLQHUV\VWpPDWLTXHPHQWO¶DFFXPXODWLRQ

GHSRXVVLqUHHWGHVFLXUHHQWUHOHVDLOHWWHVD¿Q

TXHO¶DLUGHUHIURLGLVVHPHQWSXLVVHFLUFXOHU

IDFLOHPHQW

2UL¿FHVGHOXEUL¿FDWLRQGHODFKDvQH

PP

5HGXLUH $XJPHQWHU



PP

5DLQXUH

%LOHWWHVGX&\OLQGUH6\VWqPHGH5HIURLGLVVHPHQW

Page is loading ...

Shindaiwa 320TS User manual

Brand: Shindaiwa

Model: 320TS

Type: User manual

This manual is also suitable for

269TS_269TCS_320TS

Download PDF

report

Shindaiwa 320TS User manual

This manual is also suitable for

Shindaiwa 320TS User manual

Other documents