/,6(=(768,9(=$77(17,9(0(17&(6,16758&7,216
/,6(=(7&216(59(=&(6,16758&7,216
,16758&7,216'(6e&85,7e,03257$17(6
/,6(=7287(6/(6,16758&7,216$9$17'·87,/,6(5
*($SSOLDQFHVFRP
35e&$87,216(10$7,Ê5('(6e&85,7e
$9(57,66(0(17²
32855e'8,5(/(
5,648('·,1&(1',('(6(&2866(e/(&75,48(28'(%/(6685(
&25325(//(2%6(59(=/(635e&$87,21668,9$17(6
$ 1·XWLOLVH]FHWDSSDUHLOTXHGHODPDQLqUHSUpYXHSDUOHIDEULFDQW6LYRXV
DYH]GHVTXHVWLRQVDSSHOH]OHIDEULFDQW
% $YDQWGHUpSDUHURXGHQHWWR\HUYRWUHDSSDUHLOGpEUDQFKH]OHFRXUDQW
DXQLYHDXGXSDQQHDXGHVHUYLFHHWYHUURXLOOH]OHVPpFDQLVPHVGH
GpEUDQFKHPHQWGHVHUYLFHSRXUpYLWHUWRXWEUDQFKHPHQWDFFLGHQWHO
DXFRXUDQW6LYRXVQHSRXYH]SDVYHUURXLOOHUOHVPpFDQLVPHVGH
GpEUDQFKHPHQWGHVHUYLFHDWWDFKH]VRLJQHXVHPHQWXQDYHUWLVVHPHQW
ELHQYLVLEOHFRPPHXQHpWLTXHWWHDXSDQQHDXGHVHUYLFH
& 1·XWLOLVH]MDPDLVFHWDSSDUHLODYHFXQPpFDQLVPHGHUpJODJHGHOD
YLWHVVHjVHPLFRQGXFWHXUV
' 6LYRXVXWLOLVH]O·HQVHPEOHGHFRUGRQGHUDFFRUGHPHQWXWLOLVH
VHXOHPHQWDYHFO·HQVHPEOHGHFRUGRQGHUDFFRUGHPHQWSRXUKRWWH
-;+&6XLWHjXQH[DPHQWHFKQLTXHO·DUWLFOH-;+&V·HVWDYpUp
FRPSDWLEOHDYHFFHPRGqOHGHKRWWH
( &HWDSSDUHLOGRLWrWUHELHQPLVjODWHUUH
$77(17,21²81,48(0(1786$*('(
9(17,/$7,21*e1e5$/(1·87,/,6(=-$0$,63285/·e&+$33(0(17
'(0$7,Ê5(6(7'(9$3(856(;3/26,9(6
$9(57,66(0(17²32855e'8,5(/(
5,648('(%/(6685(&25325(//(6,'(/$*5$,66(35(1'
)(8685/$685)$&('(&8,6621'8)28568,9(=/(6
,16758&7,21668,9$17(6
$ e728))(=/(6)/$00(6DYHFXQFRXYHUFOHTXLFRQYLHQWXQHW{OHj
ELVFXLWVRXXQSODWHDXHQPpWDOSXLVpWHLJQH]OHEUOHXU)$,7(6%,(1
$77(17,21'(1(3$69286%5Ó/(56LOHVIODPPHVQHV·pWHLJQHQWSDV
LPPpGLDWHPHQW6257(=(7$33(/(=/(63203,(56
% 1('e3/$&(=-$0$,681(&$66(52//(48,)/$0%(²9RXVSRXYH]
YRXVEUOHU
& 1·87,/,6(=-$0$,6'·($8HQSDUWLFXOLHUGHVHUYLHWWHRXGHFKLIIRQ
PRXLOOp²LOVHSURGXLUDXQHH[SORVLRQYLROHQWHGHYDSHXUEUODQWH
' 1·87,/,6(=81(;7,1&7(85TXHVL
9RXVDYH]XQH[WLQFWHXUGHFODVVH$%&HWYRXVVDYH]FRPPHQW
O·XWLOLVHU
/HIHXHVWUpGXLWHWFRQILQpjO·HQGURLWRLODFRPPHQFp
9RXVDYH]GpMjDSSHOpOHVSRPSLHUV
9RXVFRPEDWWH]OHVIODPPHVHQWRXUQDQWOHGRVjXQHVRUWLH
%DVpVXUO·RXYUDJHLQWLWXOp©.LWFKHQ)LUH6DIHW\ªSXEOLpSDUOD1)3$
$9(57,66(0(17²3285352&85(581(
3527(&7,21&2175(/(6&+2&6e/(&75,48(6%5$1&+(=
'$16'(635,6(6&255(&7(0(170,6(6/$7(55(
6(8/(0(17
$9(57,66(0(17²5e'8,6(=/(5,648(
'·81)(8'(*5$,66(685/$685)$&('(&8,6621'8)285
$ 1HODLVVH]MDPDLVVDQVVXUYHLOODQFHOHVXQLWpVGHFXLVVRQGHVXUIDFHjXQH
WHPSpUDWXUHpOHYpH/HERXLOORQQHPHQWRFFDVLRQQHGHVGpERUGHPHQWV
IXPDQWVHWJUDLVVHX[TXLSHXYHQWSUHQGUHIHX&KDXIIH]jIHXGRX[OHV
VXEVWDQFHVKXLOHXVHVDYHFXQUpJODJHEDVRXPR\HQ
% 0HWWH]WRXMRXUVODKRWWHHQPDUFKHTXDQGYRXVFXLVLQH]jKDXWH
WHPSpUDWXUHRXTXDQGYRXVIDLWHVIODPEHUGHVDOLPHQWVSH[
FUqSHV6X]HWWHFHULVHV-XELOHH%±XIIODPEp3HSSHUFRUQ
& 1HWWR\H]OHVPpFDQLVPHVGHYHQWLODWLRQIUpTXHPPHQW,OQHIDXWSDV
SHUPHWWUHXQHDFFXPXODWLRQGHJUDLVVHVXUOHYHQWLODWHXURXVXUOHILOWUH
' 8WLOLVH]XQHFDVVHUROHGHERQQHWDLOOH8WLOLVH]WRXMRXUVXQXVWHQVLOHGH
FXLVLQHTXLFRQYLHQQHDXGLDPqWUHGHO·pOpPHQWGHFXLVVRQ
$9(57,66(0(17²
32855e'8,5(/(
5,648('·,1&(1',('(6(&2866(e/(&75,48(28'(%/(6685(
&25325(//(2%6(59(=/(635e&$87,21668,9$17(6
$ 9RXVGHYH]IDLUHH[pFXWHUWRXVOHVWUDYDX[G·LQVWDOODWLRQHWGHFkEODJH
pOHFWULTXHSDUXQHSHUVRQQHTXDOLILpHFRQIRUPpPHQWjWRXVOHVFRGHV
HWOHVQRUPHVHQYLJXHXUHQSDUWLFXOLHUFHX[GHFRQVWUXFWLRQUHODWLIV
DX[LQFHQGLHV
% 9RXVGHYH]DVVH]G·DLUSRXUDYRLUXQHERQQHFRPEXVWLRQHWSHUPHWWUH
O·pYDFXDWLRQGHVJD]SDUOHFRQGXLWGHFKHPLQpHGXPDWpULHOGH
FRPEXVWLRQGXFDUEXUDQWDILQG·pYLWHUWRXWUHWRXUG·DLU6XLYH]OHV
GLUHFWLYHVGXIDEULFDQWGHPDWpULHOGHFRPEXVWLRQHWOHVQRUPHV
GHVpFXULWpFRPPHFHOOHVSXEOLpHVSDUOD1DWLRQDO)LUH3URWHFWLRQ
$VVRFLDWLRQ1)3$O·$PHULFDQ6RFLHW\IRU+HDWLQJ5HIULJHUDWLRQDQG
$LU&RQGLWLRQLQJ(QJLQHHUV$6+5$(DLQVLTXHOHVPRGDOLWpVGHVFRGHV
ORFDX[
/HFDVpFKpDQWLQVWDOOH]XQV\VWqPHGHFRPSHQVDWLRQ
G·DLUUHPSODFHPHQWFRQIRUPpPHQWDX[FRQGLWLRQVGHVFRGHV
ORFDX[GXEkWLPHQW
& 6LYRXVIDLWHVXQWURXRXXQHRXYHUWXUHGDQVXQPXURXXQSODIRQG
Q·HQGRPPDJH]SDVOHVILOVpOHFWULTXHVHWOHVDXWUHVLQVWDOODWLRQV
FDFKpHVGHVHUYLFHSXEOLF
' 9RXVGHYH]WRXMRXUVDOLPHQWHUOHVYHQWLODWHXUVGDQVOHVFRQGXLWVHQDLU
HQSURYHQDQFHGHO·H[WpULHXU
$9(57,66(0(17²32855e'8,5(/(5,648(
'·,1&(1',((7e9$&8(5$'e48$7(0(17/·$,5$6685(=9286'()$,5(
'e%28&+(5/$&21'8,7('·$,5/·(;7e5,(85³1(9(17,/(=3$6/·$,5
e9$&8e'$16'(6(63$&(6&2035,6/·,17e5,(85'(0856'·81
3/$)21''·81*5(1,(5'·819,'(6$1,7$,5(28'·81*$5$*(
$9(57,66(0(17²32855e'8,5(/(
5,648('·,1&(1',(1·87,/,6(=48('(6&21'8,76(10e7$/
1·HVVD\H]MDPDLVGHUHPSODFHURXGHUpSDUHUXQpOpPHQWGHYRWUHKRWWH
VLOHSUpVHQWPDQXHOQHOHUHFRPPDQGHSDVH[SUHVVpPHQW7RXWDXWUH
HQWUHWLHQGRLWrWUHHIIHFWXpSDUXQWHFKQLFLHQTXDOLILp