'RFXPHQWG$SSOLFDWLRQ
UpIpUHQFH$YLV7HFKQLTXH
$QQXOHHWUHPSODFHO$YLV7HFKQLTXHHW$GGLWLI 0RG


3DQQHDX[LVRODQWVQRQSRUWHXUVHQODLQHPLQpUDOH
0:SDUHPHQWpVELWXPpVVXSSRUWGpWDQFKpLWp

,VRODQWWKHUPLTXHQRQ
SRUWHXUVXSSRUWGpWDQFKpLWp
1RQORDGEHDULQJLQVXODWLRQ
DVEDVHIRUZDWHUSURRILQJ
1LFKWWUDJHQGHU
:lUPHGlPPVWRIIDOV
8QWHUJUXQG)U$EGLFKWXQJHQ

5RFN8S%6RXGDEOH


UHOHYDQWGHODQRUPH

1)(1

7LWXODLUH

6RFLpWp5RFNZRRO,VRODWLRQ
UXHGX&KkWHDXGHV5HQWLHUV
)3DULV


8VLQH

6RFLpWp5RFNZRRO,VRODWLRQ
)6DLQWeOR\OHV0LQHV3X\GH'{PH






&RPPLVVLRQFKDUJpHGHIRUPXOHUGHV$YLV7HFKQLTXHV

DUUrWpGXGpFHPEUH

*URXSH6SpFLDOLVpQ

7RLWXUHVFRXYHUWXUHVpWDQFKpLWpV
9XSRXUHQUHJLVWUHPHQWOHMXLQ
6HFUpWDULDWGHODFRPPLVVLRQGHV$YLV7HFKQLTXHV&67%DYHQXHGX5HFWHXU3RLQFDUp)3DULV&HGH[
7pO  )D[  ,QWHUQHWZZZFVWEIU

/HV$YLV7HFKQLTXHVVRQWSXEOLpVSDUOH6HFUpWDULDWGHV$YLV7HFKQLTXHVDVVXUpSDUOH&67%/HVYHUVLRQVDXWKHQWLILpHVVRQWGLVSRQLEOHVJUDWXLWHPHQWVXUOHVLWHLQWHUQHWGX&67%KWWSZZZFVWEIU

&67%

/H *URXSH 6SpFLDOLVp Q  7RLWXUHV &RXYHUWXUHV eWDQFKpLWpV GH OD &RPPLVVLRQ

FKDUJpHGHIRUPXOHUOHV$YLV7HFKQLTXHVDH[DPLQpOHPDUVODGHPDQGHUHODWLYH
j OLVRODQW WKHUPLTXH QRQ SRUWHXU VXSSRUW GpWDQFKpLWp 5RFN 8S % 6RXGDEOH IDEULTXp HW
GLVWULEXp SDU OD VRFLpWp 5RFNZRRO ,VRODWLRQ /H SUpVHQW GRFXPHQW DXTXHO HVW DQQH[p OH
GRVVLHU WHFKQLTXH pWDEOL SDU OH GHPDQGHXU WUDQVFULW ODYLV IRUPXOp SDU OH *URXSH
6SpFLDOLVp Q  7RLWXUHV &RXYHUWXUHV eWDQFKpLWpV VXU OHV GLVSRVLWLRQV GH PLVH HQ
XYUHSURSRVpHVSRXUOXWLOLVDWLRQGXSURFpGpGDQVOHGRPDLQHGHPSORLYLVpHWGDQVOHV
FRQGLWLRQV GH OD )UDQFH HXURSpHQQH &H GRFXPHQW DQQXOH HW UHPSODFH O$YLV 7HFKQLTXH
HW 0RG
 'pILQLWLRQVXFFLQFWH

 $9,6

 'HVFULSWLRQVXFFLQFWHGXSURFpGp

 'RPDLQHG
HPSORLDFFHSWp

3DQQHDX[ LVRODQWV QRQ SRUWHXUV HQ ODLQH PLQpUDOH GRQW XQH IDFH HVW
UHFRXYHUWHGHELWXPHGHGLPHQVLRQV

,GHQWLTXHDXGRPDLQHSURSRVpSDUOH'RVVLHU7HFKQLTXH

 ORQJXHXUODUJHXU[PPHW[PP
 pSDLVVHXUVjPP
XWLOLVDEOHV
 HQOLWVVLPSOHV
 RXHQOLWVVXSHUSRVpVDXGHVVXVGHSDQQHDX[5RFN8S%1XFI
$YLV7HFKQLTXHFRQVWLWXDQWODFRXFKHLVRODQWHLQIpULHXUH
,OVV
HPSORLHQWVXUpOpPHQWVSRUWHXUV
 HQ PDoRQQHULH FRQIRUPH j OD QRUPH 1) 3  UpI '78
HQFOLPDWGHSODLQHSHQWHQXOOHDGPLVHRXGHPRQWDJQH
 RX HQ EpWRQ FHOOXODLUH DXWRFODYp FRQIRUPH DX &DKLHU GX &67%
 GRFWREUH  &RQGLWLRQV JpQpUDOHV GHPSORL GHV GDOOHV
GHWRLWXUHHQEpWRQFHOOXODLUHDXWRFODYpDUPpHGHSHQWH

&HW$YLVQHYLVHSDV
 OHVWHUUDVVHVHWOHV]RQHVWHFKQLTXHV

 $SSUpFLDWLRQVXUOHSURFpGp


6pFXULWpDXIHX
'DQV OHV ORLV HW UqJOHPHQWV HQ YLJXHXU OHV GLVSRVLWLRQV j FRQVLGpUHU
SRXUOHVWRLWXUHVSURSRVpHVRQWWUDLWjODWHQXHDXIHXYHQDQWGHO
H[Wp
ULHXUHWGHO
LQWpULHXU
 9LVjYLVGXIHXYHQDQWGHOH[WpULHXU
 OHV WRLWXUHVVRXV SURWHFWLRQ ORXUGH VRQWVXVFHSWLEOHV GXQFODVVH
PHQW0
 OHFODVVHPHQWGHWHQXHDXIHXGHVUHYrWHPHQWVDSSDUHQWVHVWLQ
GLTXpGDQVOHV$YLV7HFKQLTXHVSDUWLFXOLHUVDX[UHYrWHPHQWV

 HQWUDYDX[QHXIVRXGHUpIHFWLRQV
/HV WRLWXUHV SHXYHQW rWUH SODWHV RX LQFOLQpHV HW OHV WHUUDVVHV VRQW
LQDFFHVVLEOHV \ FRPSULV FKHPLQV GH FLUFXODWLRQ WHUUDVVHV HW ]RQHV
WHFKQLTXHVH[FOXHV
/HVSDQQHDX[5RFN8S%1XVRQWFROOpVjO
($&RXDXOLDQW),; 83

,OVV
HPSORLHQWFRPPHVXSSRUWGHUHYrWHPHQWGpWDQFKpLWpHQV\VWqPH
DGKpUHQWSDUVRXGDJHjODIODPPHRXYHUWHHQDSSDUHQWRXVRXVXQH
SURWHFWLRQORXUGHUDSSRUWpH

 0LVHVXUOHPDUFKp
/HVSURGXLWVUHOHYDQWGHODQRUPH1)(1VRQWVRXPLVSRXUOHXU
PLVH VXU OH PDUFKp DX[ GLVSRVLWLRQV GH ODUUrWp GX  IpYULHU 
SRUWDQW DSSOLFDWLRQ SRXU OHV SURGXLWV GLVRODWLRQ WKHUPLTXH PDQXIDFWX
UpV SRXU OH EkWLPHQW GX GpFUHW Q  GX  MXLOOHW  PRGLILp
FRQFHUQDQWODSWLWXGHjOHPSORLGHVSURGXLWVGHFRQVWUXFWLRQ

 ,GHQWLILFDWLRQ
/
pWLTXHWDJH GHV SDOHWWHV FRPSRUWH OH QRP FRPPHUFLDO OHV GLPHQ
VLRQVODVXUIDFHODGDWHGHIDEULFDWLRQOXVLQHGRULJLQHOHQXPpURGH
O$YLV7HFKQLTXHOHPDUTXDJH$&(50,HQFDVGHFHUWLILFDWLRQ
6HORQOpSDLVVHXUGHVSDQQHDX[
 LOV QRQW TXXQH VHXOH GHQVLWp  PP  pSDLVVHXU   PP HW
FRPSRUWHQWOHVXIIL[H
 LOVRQWXQHGRXEOHGHQVLWpPPpSDLVVHXUPPHWFRP
SRUWHQWOHVXIIL[H
/HVSURGXLWVPLVVXUOHPDUFKpSRUWHQWOHPDUTXDJH&(DFFRPSDJQp
GHVLQIRUPDWLRQVYLVpHVSDUODQQH[H=GHODQRUPH1)(1


$SWLWXGHjO
HPSORL

 9LVjYLVGXIHXLQWpULHXUOHVGLVSRVLWLRQVUpJOHPHQWDLUHVjFRQVLGp
UHU VRQW IRQFWLRQ GH OD GHVWLQDWLRQ GHV ORFDX[ GH OD QDWXUH HW GX
FODVVHPHQWGHUpDFWLRQDXIHXGHOLVRODQWHWGHVRQVXSSRUW
/HVSDQQHDX[5RFN8S%6RXGDEOHVRQWFODVVpV(XURFODVVH)

3UpYHQWLRQGHVDFFLGHQWVORUVGHODPLVHHQXYUHRXGH
O
HQWUHWLHQ
(OOH SHXW rWUH QRUPDOHPHQW DVVXUpH &HSHQGDQW OD VXUIDFH GHV SDQ
QHDX[5RFN8S%6RXGDEOHHVWJOLVVDQWHORUVTXHKXPLGH

,VRODWLRQWKHUPLTXH
/H SDUDJUDSKH  GX 'RVVLHU 7HFKQLTXH GRQQH OHV UpVLVWDQFHV
WKHUPLTXHVGXSDQQHDXLVRODQWGpSDLVVHXUjPPFHUWLILpHVSDU
O$&(50, SRXU ODQQpH  ,O DSSDUWLHQGUD FHSHQGDQW j OXWLOLVDWHXU
GHYpULILHUTXHOHV&HUWLILFDWV$&(50,VRQWWRXMRXUVYDOLGHVIDXWHGH
TXRLLO\DXUDLWOLHXGHVHUHSRUWHUDX[5qJOHV7K8SRXUGpWHUPLQHUOD
FRQGXFWLYLWp WKHUPLTXH GH OLVRODQW RX j OD FRQGXFWLYLWp WKHUPLTXH
GpFODUpH'PDMRUpHGHFIOHIDVFLFXOHGHV5qJOHV7K8
3RXUOHVFRQVWUXFWLRQVQHXYHVTXLHQWUHQWGDQVOHFKDPSGDSSOLFDWLRQ
GH OD 5pJOHPHQWDWLRQ 7KHUPLTXH  OD SDURL GDQV ODTXHOOH HVW
LQFRUSRUpH OLVRODQW VXSSRUW GpWDQFKpLWp 5RFN 8S % 6RXGDEOH GHYUD
VDWLVIDLUH DX[ H[LJHQFHV GX WDEOHDX 9,,, GX IDVFLFXOH  &RHIILFLHQW
8EkWGHV5qJOHV7K8TXLGpILQLWOHFRHIILFLHQW8VXUIDFLTXHPD[L
PXPDGPLVVLEOHSRXUODWRLWXUH

$FFHVVLELOLWpGHODWRLWXUH
/H5RFN8S%6RXGDEOHXWLOLVpFRPPHVXSSRUWGpWDQFKpLWpFRQYLHQW
DYHF OHV GLVSRVLWLRQV SUpYXHV DX[ $YLV 7HFKQLTXHV SDUWLFXOLHUV DX[
UHYrWHPHQWV RX VHORQ OHV QRUPHV 1) 3  HW 1) 3  UpI
'78  HW '78  DX[ WRLWXUHV LQDFFHVVLEOHV DYHF FKHPLQV GH
FLUFXODWLRQ HQ FDV GH UHYrWHPHQW DSSDUHQW VHORQ OHV GLVSRVLWLRQV
SUHVFULWHVGDQVOH'RVVLHU7HFKQLTXH

(PSORLHQFOLPDWGHPRQWDJQH
/HV SDQQHDX[ 5RFN 8S % 6RXGDEOH SHXYHQW rWUH HPSOR\pV HQ SDUWLH
FRXUDQWHDVVRFLpjXQSRUWHQHLJHGDQVOHVFRQGLWLRQVSUpYXHVSDUOH
*XLGHGHVWRLWXUHVHQFOLPDWGHPRQWDJH&DKLHUGX&67%GH
VHSWHPEUHHWGHODQRUPH1)3UpI'78










'XUDELOLWp(QWUHWLHQ

 5HPDUTXHVFRPSOpPHQWDLUHV
GX*URXSH6SpFLDOLVp

'DQV OH GRPDLQH G

HPSORL SURSRVp OLVRODQW 5RFN 8S% 6RXGDEOHHVW
DSWH j UHFHYRLU OHV UHYrWHPHQWV VRXV $7HF ORUVTXH O$YLV 7HFKQLTXH
SDUWLFXOLHU DX UHYrWHPHQW DFFHSWH OHPSORL DGKpUHQW SDU VRXGDJH VXU
ODLQH PLQpUDOH VXU pOpPHQWV SRUWHXUV HQ PDoRQQHULH RX EpWRQ FHOOX
ODLUHDXWRFODYp

,O HVW UDSSHOp TXH OHV FKHPLQV GH FLUFXODWLRQ GHVWHUUDVVHV LQDFFHVVL
EOHVQHGRLYHQWUHFHYRLUTXXQHFLUFXODWLRQUpGXLWHOLpHjOHQWUHWLHQGX
UHYrWHPHQW GpWDQFKpLWp RX GDFFHVVRLUHV GH WRLWXUH \ FRPSULV HQ
SKDVHFKDQWLHUHWFHFLTXHOTXHVRLWOLPSRUWDQFHGHVSDVVDJHVSHQGDQW
OHVWUDYDX[

(QWUHWLHQ
&IQRUPHV1)3VpULH'78VpULH



/DEVHQFH GXQH SURWHFWLRQ DGDSWpH ORUV GHV LQWHUYHQWLRQV GHV DXWUHV

FRUSVGpWDWVXUODWRLWXUHWHUUDVVHSHQGDQWWRXWHODGXUpHGXFKDQWLHU
HQWUDvQHUD GHV GpJUDGDWLRQV WDVVHPHQW GH OLVRODQW HWF SRXYDQW
UHPHWWUHHQFDXVHOHFORVGHORXYUDJH

)DEULFDWLRQ

(IIHFWXpHHQXVLQHHOOHFRPSUHQGO
DXWRFRQWU{OHQpFHVVDLUH



&HV FKHPLQV GH FLUFXODWLRQ QH GRLYHQW SDV rWUH FRQIRQGXV DYHF OHV
DFFqV DX[ ]RQHV WHFKQLTXHV TXLGRLYHQW rWUH FRQVLGpUpV FRPPH XQH
]RQHWHFKQLTXHjSDUWHQWLqUH

0LVHHQXYUH

/DPLVHHQXYUHHVWIDLWHSDUOHVHQWUHSULVHVG
pWDQFKpLWpTXDOLILpHV
6RXVFHWWHFRQGLWLRQHOOHQHSUpVHQWHSDVGHGLIILFXOWpSDUWLFXOLqUH

 &DKLHUGHV3UHVFULSWLRQV7HFKQLTXHV

/H5DSSRUWHXUGX*URXSH6SpFLDOLVpQ
(6$/,0%(1,

&DVGHODUpIHFWLRQ
,O HVW UDSSHOp TXLO DSSDUWLHQW DX0DvWUH GRXYUDJH RX j VRQ UHSUpVHQ
WDQW GH IDLUH YpULILHU DX SUpDODEOH OD VWDELOLWp GH ORXYUDJH GDQV OHV
FRQGLWLRQV GH OD QRUPH 1) 3  UpI '78  YLV j YLV GHV
ULVTXHVGDFFXPXODWLRQGHDX


&RQFOXVLRQV
$SSUpFLDWLRQJOREDOH

/
XWLOLVDWLRQ GX SURFpGp GDQV OH GRPDLQH G
HPSORL DFFHSWp FI
SDUDJUDSKHHWFRPSOpWpSDUOH&DKLHUGHV3UHVFULSWLRQV7HFK
QLTXHVHVWDSSUpFLpHIDYRUDEOHPHQW

9DOLGLWp
&LQTDQVYHQDQWjH[SLUDWLRQOHPDUV


3RXUOH*URXSH6SpFLDOLVpQ
/H3UpVLGHQW
&'8&+(61(





'RVVLHU7HFKQLTXH
pWDEOLSDUOHGHPDQGHXU

$ 'HVFULSWLRQ
 'HVWLQDWLRQGXSURGXLW
/H5RFN8S%6RXGDEOHHVWXQSDQQHDXLVRODQWWKHUPLTXHQRQSRUWHXU
XWLOLVpHQXQRXSOXVLHXUVOLWVVXU5RFN8S%1XFIVXSSRUW
GLUHFWGHUHYrWHPHQWVGpWDQFKpLWpGHWRLWXUHV
3ODWHVHWLQFOLQpHV
 LQDFFHVVLEOHV \ FRPSULV OHV FKHPLQV GH FLUFXODWLRQ HQ H[FOXDQW
OHVWHUUDVVHVHW]RQHVWHFKQLTXHV
 jpOpPHQWVSRUWHXUVHQPDoRQQHULHWRXWHVSHQWHVWHOOHVTXHGpIL
QLHV GDQV OHV QRUPHV 1) 3  '78  HW 1) 3 
'78
 jpOpPHQWVSRUWHXUVHQGDOOHVGHEpWRQFHOOXODLUHDXWRFODYpGpILQLV
GDQVOHV&RQGLWLRQVJpQpUDOHVGHPSORLGHVGDOOHVGHWRLWXUHHQ
EpWRQFHOOXODLUHDXWRFODYpGHSHQWHDXPRLQVpJDOHj
/HVSDQQHDX[SHXYHQWrWUHFROOpVjO
($&LOVSHXYHQWpJDOHPHQWrWUH
FROOpVDYHFOHOLDQW),;83
/HV UHYrWHPHQWV GpWDQFKpLWp VRQW SRVpV HQ DGKpUHQFH WRWDOH SDU
VRXGXUHjODIODPPH

 'HVFULSWLRQ
 'pVLJQDWLRQFRPPHUFLDOH
3DQQHDX5RFN8S%6RXGDEOH
 5RFN8S%6RXGDEOHSRXUOHVpSDLVVHXUVjPPLQFOX
VHV
 5RFN8S%6RXGDEOHSRXUOHVpSDLVVHXUVPP

 'pILQLWLRQGXPDWpULDX[
/HSURGXLWHVWFRQVWLWXpGHILEUHVGHURFKHGLDEDVHHQVLPpHVGHUpVL
QHVSKpQROLTXHV
/HSDQQHDX5RFN8S%1XDLQVLIDEULTXpHVWUHYrWXGXQHFRXFKHGH
ELWXPH HW GXQ ILOP WKHUPRIXVLEOH HW SUHQG ODSSHOODWLRQ 5RFN 8S %
6RXGDEOH





 0DWpULDX[SRXUEDUULqUHGHYDSHXU
2Q XWLOLVH OHV IHXWUHV ELWXPpV  6 OHV ELWXPHV DUPpV W\SH  OHV
ELWXPHVXVXHOVGHFROODJH($&OHVIHXLOOHVPpWDOELWXPHHWOHVDXWUHV
IHXLOOHV HW PDWpULDX[ WUDGLWLRQQHOV SUHVFULWV SDU OHV QRUPHV 1) 3 
'78HW1)3'78
6XU GDOOHV GH EpWRQ FHOOXODLUH DXWRFODYp RQ XWLOLVH FHX[ YLVpV SDU OHV
$YLV7HFKQLTXHVSDUWLFXOLHUVjFHVGDOOHVDUPpHV
'DQVOHVGHX[FDVRQXWLOLVHpJDOHPHQWOHVpFUDQVYDSHXUGpFULWVGDQV
OHV$YLV7HFKQLTXHVSDUWLFXOLHUVDX[UHYrWHPHQWV
'DQVOHVORFDX[jIRUWHK\JURPpWULHODIDFHVXSpULHXUHGXSDUHYDSHXU
QHGRLWSDVFRPSRUWHUGDOXPLQLXP

 $FFHVVRLUHVGHIL[DWLRQ
2QXWLOLVH
 /HVELWXPHVXVXHOVGHFROODJHFIQRUPHV1)3'78
HW1)3'78
 /HOLDQW),;83GpILQLDXGX'RVVLHU7HFKQLTXH

 0DWpULDX[GpWDQFKpLWp
,OVVRQWSRVpVHWVRXGpVjODIODPPHVXUOHSDQQHDX5RFN8S%6RX
GDEOH $X FRXUV GH ORSpUDWLRQ GH VRXGXUH OH ILOP WKHUPRIXVLEOH GH
VXUIDFH GX SDQQHDX 5RFN 8S % 6RXGDEOH GRLW rWUH IRQGX /H FROODJH
GLUHFWjO($&VXUSDQQHDXFRPSRUWDQWXQILOPWKHUPRIXVLEOHHVWLQWHU
GLW
2Q XWLOLVH OHV UHYrWHPHQWV GpWDQFKpLWp VRXV $7HF FRQoXV SRXU OH
VRXGDJH j OD IODPPH ORUVTXH OHXUV $YLV 7HFKQLTXHV SDUWLFXOLHUV SUp
YRLHQWFHWWHDSSOLFDWLRQVXUSDQQHDX[GHODLQHPLQpUDOH
/HV H[LJHQFHV GH UpVLVWDQFH DX SRLQoRQQHPHQW HQ FODVVH ),7 ,
RX,ILJXUHQWGDQVOHVWDEOHDX[HW

 )DEULFDWLRQGXPDWpULDX
 &HQWUHVGHIDEULFDWLRQ

3RXUOHVpSDLVVHXUVPPOHVSDQQHDX[VRQWGpVLJQpVVRXVOHFRGH
LOVVRQWHQELGHQVLWpOHXUIDFHVXSpULHXUHpWDQWVXUGHQVLILpH

/DIDEULFDWLRQHVWHIIHFWXpHGDQVOXVLQHGHODVRFLpWp

3RXUOHVpSDLVVHXUVjPPOHVSDQQHDX[VRQWGpVLJQpVVRXVOH
FRGHLOVVRQWHQPRQRGHQVLWp

 'HVFULSWLRQGHODIDEULFDWLRQ

 &DUDFWpULVWLTXHVGX5RFN8S%6RXGDEOH


 5RFNZRRO,VRODWLRQj6DLQWeOR\OHV0LQHV

/DIDEULFDWLRQFRPSRUWHOHVSULQFLSDOHVpWDSHVVXLYDQWHV
 ODSUpSDUDWLRQGHILEUHVGHURFKH
 OHQFROODJHGHVILEUHV

6SpFLILFDWLRQVGXPDWpULDX[

9RLUWDEOHDXHQILQGH'RVVLHU7HFKQLTXH

 OHSUHVVDJHHWODSRO\PpULVDWLRQGXPDWHQWXQQHO



 OHVXUIDoDJHDXELWXPH

 OHGpFRXSDJH

$XWUHVFDUDFWpULVWLTXHVLQGLFDWLYHV

9RLUWDEOHDXHQILQGH'RVVLHU7HFKQLTXH



5pVLVWDQFHVWKHUPLTXHV

/HVWDEOHDX[HWELVGRQQHQWSRXUFKDTXHpSDLVVHXUODUpVLVWDQFH
WKHUPLTXHXWLOHjSUHQGUHHQFRPSWHSRXUOHFDOFXOGHVFRHIILFLHQWVGH
GpSHUGLWLRQ WKHUPLTXH /HV YDOHXUV VRQW FHOOHV GHV GHX[ &HUWLILFDWV
$&(50, Q   PP  pSDLVVHXUV   PP HW Q
  PP  pSDLVVHXUV   PP HQ FRXUV GH YDOLGLWp HQ
 ,O DSSDUWLHQGUD j OXWLOLVDWHXU GH VH UpIpUHU DX[ &HUWLILFDWV
$&(50,GHODQQpHHQFRXUVGpIDXWGXQFHUWLILFDWYDOLGHOHVUpVLV
WDQFHVWKHUPLTXHVGHOLVRODQWVHURQWFDOFXOpHVHQSUHQDQWODFRQGXFWL
YLWpVHORQOHV5qJOHV7K8FODVVH5%

 OHPEDOODJH

 1RPHQFODWXUHGHVFRQWU{OHVGHIDEULFDWLRQ
/DXWRFRQWU{OHVHIDLWFRQIRUPpPHQWjODQRUPH(1HWIDLWOREMHW
GXQ VXLYL GDQV OH FDGUH GH OD FHUWLILFDWLRQ $&(50, HW GX PDUTXDJH
&(
/HVDXWRFRQWU{OHVSRUWHQWQRWDPPHQWVXUOHVSRLQWVVXLYDQWV
D6XUFKDvQHGHIDEULFDWLRQ
 HQFRQWLQXSRLGVDVSHFW
E6XUSURGXLWVILQLV
 HQ GpEXW GH IDEULFDWLRQ SXLV XQ SDQQHDX  KHXUH ORQJXHXU ODU
JHXUpSDLVVHXUGHQVLWp

9RLUWDEOHDXHQILQGH'RVVLHU7HFKQLTXH

 HQGpEXWGHIDEULFDWLRQSXLVXQSDQQHDXKHXUHVSHUWHDXIHX
FRPSUHVVLRQjWUDFWLRQSHUSHQGLFXODLUHDX[IDFHVHWpTXHU
UDJH
 PHQVXHOOHPHQWDEVRUSWLRQGHDXjORQJWHUPHHWSODQpLWp
 MRXUQDOLHUFRQGXFWLYLWpWKHUPLTXH





 &RQGLWLRQQHPHQWPDUTXDJH
/HVSDQQHDX[VRQWHPEDOOpVVRXVILOPSRO\pWK\OqQHWKHUPRUpWUDFWp

eOpPHQWVSRUWHXUVHQPDoRQQHULH



&ROODJHjO($&

/HV SDQQHDX[ VHURQW FROOpV VXU OH SDUHYDSHXU j UDLVRQ GH  NJP
DXPLQLPXPG($&UpJXOLqUHPHQWUpSDUWLOHGHUQLHUOLWG($&GXSDUH
YDSHXUQHSRXYDQWSDVVHUYLUDXFROODJHGHVSDQQHDX[LVRODQWV

&KDTXH FROLV RX SDOHWWH SRUWH XQH pWLTXHWWH SUpFLVDQW PDUTXH FRP
PHUFLDOH GLPHQVLRQV VXUIDFH UpVLVWDQFH WKHUPLTXH QXPpUR GH FRQ
WU{OHXVLQHGRULJLQHQXPpURG$YLV7HFKQLTXHHWOHPDUTXDJH&(

/RUVTXH OD SHQWH GpSDVVH   OHV SDQQHDX[ VRQW EXWpV VXU GHV
OLWHDX[RXFKHYURQVHQERLVWUDLWpVFHOOpVGDQVODPDoRQQHULHVXLYDQW
GHVOLJQHVGHQLYHDXHVSDFpHVG
DXSOXVP

/HVXVLQHVVRQWUHSpUpHVSDUXQQXPpUR
 OXVLQHGH6DLQWeOR\OHV0LQHV6(/0SRUWHOHQXPpUR

/H FROODJH GHV SDQQHDX[ 5RFN 8S % 6RXGDEOH VRXV XQ UHYrWHPHQW
DGKpUHQW DSSDUHQW LPSOLTXH XQH OLPLWH YLV j YLV DX YHQW H[WUrPH GH
3DFI5qJOHV9DYHFPRGLILFDWLIQ

 0LVHHQXYUH
 &RQGLWLRQVGHPSORL



/HV SDQQHDX[ 5RFN 8S % 6RXGDEOH VRQW IL[pV VXU OD EDUULqUH GH YD
SHXU/HUHYrWHPHQWGpWDQFKpLWpHVWPLVHQXYUHHQDGKpUHQFHSDU
VRXGDJH j OD IODPPH VRLW VRXV SURWHFWLRQ ORXUGH UDSSRUWpH VRLW HQ
DSSDUHQW

&ROODJHHQSOHLQDYHFOHOLDQW),;83

 /HVFRQGLWLRQVJpQpUDOHVGHPSORLGX),;83VRQWGpFULWHVGDQV
OH0DQXHOGXWLOLVDWLRQGX),;83GLVSRQLEOHFKH]OHWLWXODLUH
GHO$YLV7HFKQLTXH
 /HFROODJHDXOLDQW),;83HVWDGPLVMXVTXjXQHOLPLWHDXYHQW
H[WUrPHGH3DFI5qJOHV9DYHFPRGLILFDWLIQ

/HV WDEOHDX[  HW  HQ ILQ GH 'RVVLHU 7HFKQLTXH V\QWKpWLVHQW OHV
FRQGLWLRQVGHPSORLGHVUHYrWHPHQWVGpWDQFKpLWp

 /DSHQWHPD[LPDOHGHPSORLHVW

 3UHVFULSWLRQVUHODWLYHV
DX[pOpPHQWVSRUWHXUV

 /HVVXSSRUWVDGPLVVRQWOHVSDUHYDSHXUHWOHVUHYrWHPHQWVELWXPL
QHX[SDUIDLWHPHQWQHWWR\pVHWFRQIRUPHVDX$'DQVOHFDVGH
UpQRYDWLRQ VXU DQFLHQQH pWDQFKpLWp DYHF DXWRSURWHFWLRQ DOXPLQLXP
FHOOHFLHVWGpODUGpH/HVIODTXHVGHDXVRQWpOLPLQpHV8QHKXPLGLWp
UpVLGXHOOHSDUH[HPSOHURVpHHVWDFFHSWpH

/HVpOpPHQWVSRUWHXUVHQPDoRQQHULHVRQWFRQIRUPHVjODQRUPH1)3
'78
/HV pOpPHQWV SRUWHXUV HQ GDOOHV GH EpWRQ FHOOXODLUH DXWRFODYp VRQW
FRQIRUPHV j OHXUV $YLV 7HFKQLTXHV SDUWLFXOLHUV HW DX[ &RQGLWLRQV
JpQpUDOHV GHPSORL GHV GDOOHV GH EpWRQ FHOOXODLUH DXWRFODYp DUPp
&DKLHUGX&67%RFWREUH

 7HPSpUDWXUHVOLPLWHVGHPSORLVXSSRUW&DLU&
 'pEXWGHSULVHjK
 )LQGHSULVHjK

 3UHVFULSWLRQVUHODWLYHVDX[VXSSRUWV
FRQVWLWXpVSDUGDQFLHQVUHYrWHPHQW
GpWDQFKpLWp

 &RQVRPPDWLRQVDFGHNJjPVHORQODSODQpLWpGX
VXSSRUW
 3UpSDUDWLRQGXOLDQW
 'pYHUVHUXQVDFGHSRXGUHNJGDQVOLWUHVGHDXDJLWpHSDU
XQPDOD[HXUjKpOLFHjWRXUVPLQXWHDXPRLQV

&H VRQW GDQFLHQQHV pWDQFKpLWpV UHYrWHPHQWV LQGpSHQGDQWV H[FOXV

W\SHPXOWLFRXFKHELWXPHR[\GpRXjEDVHGHELWXPHPRGLILpSRXYDQW
rWUH VXU GLIIpUHQWV SRUWHXUV PDoRQQHULH EpWRQ FHOOXODLUH DXWRFODYp
LVRODQWVVXUpOpPHQWVSRUWHXUVSUpFLWpV

 /H PDOD[DJH HVW SRXUVXLYL SHQGDQW  PLQXWHV DX PRLQV MXVTXj

REWHQLUXQHSkWHKRPRJqQH/HPpODQJHHVWDORUVSUrWjrWUHXWLOL
Vp7HPSVRXYHUWPLQXWHVHQYLURQ

/HV FULWqUHV QpFHVVDLUHV GH FRQVHUYDWLRQ HW GH SUpSDUDWLRQ GH FHV
DQFLHQQHV pWDQFKpLWpV DLQVL TXH GHV DXWUHV pOpPHQWV GH WRLWXUH pOp
PHQWV SRUWHXUV SDUHYDSHXU LVRODQW WKHUPLTXH SURWHFWLRQ VRQW GpIL
QLHVGDQVODQRUPH1)3'78

 eSDQGDJH GX OLDQW YHUVHU SDU SDUWV OH FRQWHQX GX UpFLSLHQWPD
OD[HXUVXUOHVXSSRUWHWpWDOHUjODUDFOHWWHFUDQWpHVXUXQHpSDLV
VHXUGHPPHQYLURQ
 3RVHGHVSDQQHDX[

 0LVHHQXYUHGHODEDUULqUHGHYDSHXU

 3RVHUOHVSDQQHDX[VXUOHEDLQGHOLDQWGpYHUVpVDQVFKHUFKHU
jIDLUHUHPRQWHUOHOLDQWGDQVOHVMRLQWV/HGpSODFHPHQWODWpUDO
RX OH VRXOqYHPHQW GXQ SDQQHDXHVW SRVVLEOH GDQV XQH OLPLWH
GHPLQXWHV6LXQSDQQHDXHVWVRXOHYpXQHFRXFKHIUDvFKH
GHOLDQWGRLWrWUHUHpWDOpHDYDQWUHSRVH/DFLUFXODWLRQQRUPDOH
GH FKDQWLHU VXU OHV SDQQHDX[ HVW SRVVLEOH VDQV FRQWUDLQWH GH
GpODL

6XUpOpPHQWVSRUWHXUVHQPDoRQQHULHRQVHFRQIRUPHUDDX[SUHVFULS
WLRQVGHVQRUPHV1)3'78RX1)3'78
RXjFHOOHVGHV$YLV7HFKQLTXHVSDUWLFXOLHUVDX[UHYrWHPHQWV
6XUpOpPHQWVSRUWHXUVHQEpWRQFHOOXODLUHDXWRFODYpRQVHFRQIRUPHUD
DX[ &RQGLWLRQV JpQpUDOHV GHPSORL GHV GDOOHV GH EpWRQ FHOOXODLUH
DUPp&DKLHUGX&67%GRFWREUH2QXWLOLVHUDpJDOHPHQW
OHV pFUDQV YDSHXU GpFULWV GDQV OHV $YLV 7HFKQLTXHV SDUWLFXOLHUV DX[
UHYrWHPHQWVGpWDQFKpLWpGDQVOHVFRQGLWLRQVGHFHV$YLV

 3RVHGHOpWDQFKpLWp
 /H UHYrWHPHQW SHXW rWUH SRVp j ODYDQFHPHQW (Q HIIHW OHDX
GHJkFKDJHHVWDEVRUEpHSDUODSULVHOHUHVVXDJHHVWQXO

/HV SDQQHDX[ pWDQW GHVWLQpV j rWUH FROOpV HQ SOHLQ ($& RXOLDQW),;
83  OHV SDUHYDSHXU VHURQW H[FOXVLYHPHQW GX W\SH ELWXPLQHX[
VDXIVXUIDFHDOXPLQLXP

 /DVRFLpWp5RFNZRRO,VRODWLRQDSSRUWHVRQDVVLVWDQFH
 /HVSURGXLWV),;83HWXQHUDFOHWWHFUDQWpHVRQWFRPPHUFLDOL
VpVSDUODVRFLpWp5RFNZRRO,VRODWLRQ

&DVGHODUpKDELOLWDWLRQWKHUPLTXHVXUWRLWXUHH[LVWDQWHDSUqVUpYLVLRQ
GHODQFLHQQHpWDQFKpLWpVHORQOHVSUHVFULSWLRQVGHODQRUPH1)3
 '78  ODQFLHQQH pWDQFKpLWp FRQVHUYpH SHXW FRQVWLWXHU OH
SDUHYDSHXU



&DVSDUWLFXOLHUGHVWRLWXUHVFRXUEHV

/DSRVHGXSDQQHDXVHIDLWHQOLWXQLTXHVXLYDQWODQRUPH1)3
'78

 0LVHHQXYUHGHVSDQQHDX[LVRODQWV




/HVGLPHQVLRQVGHVSDQQHDX[VHURQWFRQIRUPHVDX[SUHVFULSWLRQVGH
ODQRUPH1)3'78

*pQpUDOLWpV

3RXUQHSDVGpWpULRUHUOHVSDQQHDX[TXLUHoRLYHQWXQSDVVDJHIUpTXHQW
SHQGDQW OHV WUDYDX[ LO FRQYLHQW GH OHV UHFRXYULU SURYLVRLUHPHQW GXQH
SURWHFWLRQULJLGHSDUH[HPSOHXQSODWHODJHHQERLV

 FROODJHGHOLVRODQW/

5 5pWDQWOHUD\RQGHFRXUEXUH


/DFRQVRPPDWLRQGXOLDQW),;83SHXWDWWHLQGUHVXLYDQWOHUD\RQ
GHFRXUEXUHNJP

$XFXQSDQQHDXQHGHYUDrWUHXWLOLVpVLOHVWKXPLGLILpGDQVVRQpSDLV
VHXU
/HV SDQQHDX[ VHURQW UHFRXYHUWV SDU OD SUHPLqUH FRXFKH GpWDQFKpLWp
GqVOHXUSRVH
/HV SDQQHDX[ 5RFN 8S % 6RXGDEOH VRQW SRVpV IDFH UHYrWXH YHUV OH
KDXW,OVVRQWSRVpVHQXQOLWGpSDLVVHXUjPPRXHQGHX[LqPH
OLWVXUXQSUHPLHUOLWGH5RFN8S%1X/HVSDQQHDX[VRQWGLVSRVpVHQ
TXLQFRQFHMRLQWLIVHWIL[pVVHORQOHVGLVSRVLWLRQVFLDSUqV







&DVSDUWLFXOLHUGHVLVRODWLRQVHQSOXVLHXUVOLWV

/DSRVHOLEUHHVWH[FOXH
/HVSDQQHDX[5RFN8S%6RXGDEOHSHXYHQWrWUHHPSOR\pVHQFRXFKH
VXSpULHXUH GXQH LVRODWLRQ j GHX[ OLWV GH SDQQHDX[ LVRODQWV YRLU WD
EOHDXHQILQGH'RVVLHU7HFKQLTXH
/HFROODJHHQWUHFRXFKHVGLVRODQWSDU($&HVWUpDOLVpSDUXQFROODJHj
O($& j UDLVRQ GH  NJPPLQLPXP HQ ]RQHV UpJXOLqUHPHQW UpSDU
WLHV VXU XQH SUHPLqUH FRXFKH G($& UHIURLGLH FHWWH GHUQLqUH pWDQW
SUpDODEOHPHQW UpDOLVpH VXU OD IDFH VXSpULHXUH GX SUHPLHU OLW GH SDQ
QHDX[

 (PSORLHQFOLPDWGHPRQWDJQH
2Q VH UHSRUWHUD DX[ SUHVFULSWLRQV GH OD QRUPH 1) 3  '78
HWDX[$YLV7HFKQLTXHVGHVUHYrWHPHQWVGpWDQFKpLWp

% 5pVXOWDWVH[SpULPHQWDX[
1RPHQFODWXUHGHVUpVXOWDWVG
HVVDLV

/HFROODJHjO($&GHVOLWVGHSDQQHDX[5RFN8S%6RXGDEOHVRXVXQ
UHYrWHPHQW DGKpUHQW DSSDUHQW LPSOLTXH XQH OLPLWH YLV j YLV DX YHQW
H[WUrPHGH3DFI5qJOHV9DYHFPRGLILFDWLIQ

 3DQQHDX[ 5RFN 8S %  GHV HVVDLV RQW pWp H[pFXWpV VXU SDQ
QHDX[5RFNWHUUDVVRXGDEOHVHORQOHVPRGDOLWpVGX*XLGH8($WF
SRXUODJUpPHQWGHVLVRODQWVVXSSRUWVGpWDQFKpLWp&RPSWH5HQGX
GX&67%QGXMXLQSRXUHVSURGXLWVGRULJLQH6(/0



 3DQQHDX5RFN8S%6RXGDEOHGHVHVVDLVRQWpWpUpDOLVpVSDU
OH%XUHDX9HULWDV

3RVHVXUpOpPHQWVSRUWHXUV
HQEpWRQFHOOXODLUHDXWRFODYp

 5DSSRUWGHVVDLVQQ*(1,:GXGpFHPEUH

/HVSDQQHDX[VRQWSRVpVHQTXLQFRQFHVXUOHGHUQLHU($&GHODEDU
ULqUH GH YDSHXU VHORQ OHV &RQGLWLRQV JpQpUDOHV GHPSORL GHV GDOOHV
GHEpWRQFHOOXODLUHDXWRFODYpDUPp

 (VVDL GH FRPSRUWHPHQW VRXV FKDUJH VWDWLTXHV UpSDUWLHV HW

WHPSpUDWXUHVpOHYpHV
 (VVDLGHFRPSUHVVLRQj

/HGHUQLHUOLWG($&GXSDUHYDSHXUQHSHXWSDVVHUYLUDXFROODJHGHV
SDQQHDX[LVRODQWV
/HFROODJHjO($&GHSDQQHDX[5RFN8S%6RXGDEOHVRXVXQUHYrWH
PHQWDGKpUHQWDSSDUHQWLPSOLTXHXQHOLPLWHYLVjYLVDXYHQWH[WUrPH
GH3DFI5qJOHV9DYHFPRGLILFDWLIQ

 0LVHHQXYUHGXUHYrWHPHQWGpWDQFKpLWp

 5DSSRUW GHVVDLV Q *(1,:  GX  QRYHPEUH 

HVVDLGHWUDFWLRQSHUSHQGLFXODLUHVHORQ1)(1
 &HUWLILFDWV$&(50,QHWQ

& 5pIpUHQFHV

/HUHYrWHPHQWGpWDQFKpLWpGRLWrWUHDSSOLTXpVXUOLVRODQWVHFFRQIRU
PpPHQWDXGX'RVVLHU7HFKQLTXH

3OXVGHGHX[PLOOLRQVGHPqWUHVFDUUpVRQWpWpSRVpV

/HV SUHVFULSWLRQV GH SHUIRUPDQFH VHORQ OHV HPSORLV ILJXUHQW VXU OHV
WDEOHDX[HW

/HV FRQGLWLRQV GH SRVH GHV UHYrWHPHQWV VDQV ($& VXU LVRODQWV HQ
ODLQHGHURFKHILJXUHQWGDQVOHV$YLV7HFKQLTXHVSDUWLFXOLHUVDX[UHYr
WHPHQWV

 3URWHFWLRQGHOpWDQFKpLWp
2QVHUHSRUWHUDDX[SUHVFULSWLRQVGHVQRUPHV1)3VpULH'78
VpULHRXDX[$YLV7HFKQLTXHVGHVUHYrWHPHQWV





7DEOHDX[GX'RVVLHU7HFKQLTXH

7DEOHDX&DUDFWpULVWLTXHVVSpFLILpHVGX5RFN8S%6RXGDEOH
6SpFLILFDWLRQV
5RFN8S%
6RXGDEOH

6SpFLILFDWLRQV
5RFN8S%
6RXGDEOH

8QLWp

PR\HQQH
PR\HQQH

NJP
NJP

eSDLVVHXUVHWPP
eSDLVVHXUVHWPP

PR\HQQH
PR\HQQH

NJP
NJP

eSDLVVHXUVPPHPP
eSDLVVHXUPP

 GHODFRXFKHVXSpULHXUH

PR\HQQH

NJP

 GHODSDUWLHLQIpULHXUH

PR\HQQH

NJP





JP

%LWXPH





&DUDFWpULVWLTXHV
3RQGpUDOHV
0DVVHYROXPLTXH
 JOREDOHGXSDQQHDX
5RFN8S%6RXGDEOH


0DVVHVXUIDFLTXH
GHODILQLWLRQGHVXUIDFH
)LOPWKHUPRIXVLEOH
'LPHQVLRQQHOOHV

1RUPHGHUpIpUHQFHRXREVHUYDWLRQV
1)(1


RX


RX

PP
PP

j
GHHQ

j
GHHQ

PP
PP

/pSDLVVHXUHVWPHVXUpHVRXVXQHSUHVVLRQGH
3D



PP





PP

6RXVXQEUDVGHP

&RQWUDLQWHGHFRPSUHVVLRQj

PR\HQQH

PR\HQQH

N3D

1)(1

&RQWUDLQWHGHUXSWXUHHQWUDFWLRQ
SHUSHQGLFXODLUHDX[IDFHV

PR\HQQH

PR\HQQH

N3D

1)(1
eSURXYHWWHVGH[[HPP/HVSODTXHV
GHWUDFWLRQVRQWFROOpHVDXKROWPHOW9LWHVVHGH
GpSODFHPHQWPPQ7HPSpUDWXUHDPELDQWH





N3D

$SUqVWUDLWHPHQWGKXPLGLILFDWLRQKj&
+5VXLYLGHKjODPELDQFH

&ODVVH%

&ODVVH%

PR\HQQH

PR\HQQH

NJP

&ODVVH)

&ODVVH)

/RQJXHXU
/DUJHXU
eSDLVVHXUV
eSDLVVHXUGHODFRXFKHVXSpULHXUH
'pIDXWVGpTXHUUDJH
0pFDQLTXHV


7DVVHPHQWVRXVFKDUJHUpSDUWLH
N3D
$EVRUSWLRQGHDXORQJWHUPH
5pDFWLRQDXIHX
(XURFODVVH
5pVLVWDQFHWKHUPLTXHXWLOH

1)(1

'LPHQVLRQVFRXUDQWHV

*XLGH8($WF
(1LPPHUVLRQWRWDOH

FIWDEOHDX

P.: &HUWLILFDW$&(50,Q

FIWDEOHDXELV

P.: &HUWLILFDW$&(50,Q

&RQGXFWLYLWpWKHUPLTXH



:P. &HUWLILFDW$&(50,Q



:P. &HUWLILFDW$&(50,Q

$VSHFW

/HSDQQHDXSUpVHQWHDXSOXVXQHOHQWLOOHQRQSRO\PpULVpHFODLUHGRQWOHGLDPqWUHQH[FqGHSDVFP






7DEOHDX&DUDFWpULVWLTXHVLQGLFDWLYHVGX5RFN8S%6RXGDEOH
&DUDFWpULVWLTXHV

9DOHXUGXWLOLVDWLRQ

+\JURWKHUPLTXH

8QLWp

&RQGLWLRQVGHVVDLHWGREVHUYDWLRQ

j
j
j





6WDELOLWpGLPHQVLRQQHOOH
&RHIILFLHQWGHGLODWDWLRQWKHUPLTXH
'pIRUPDWLRQUpVLGXHOOHj&
9DULDWLRQGLPHQVLRQQHOOHHQVWDELOLVDWLRQHQDPELDQFH




QpJOLJHDEOH




&
PPP
PPP
PPP

5pDFWLRQDXIHXGXSULPLWLILVRODQW5RFN8S%1X

&ODVVH$

(XURFODVVH

$EVRUSWLRQGHDXHQLPPHUVLRQ

eSURXYHWWHV[[FP
DSUqVLPPHUVLRQKHXUHVj&
DSUqVLPPHUVLRQKHXUHVj&
DSUqVLPPHUVLRQMRXUVHWVDWXUDWLRQ
5HWRXUDXSRLGVLQLWLDOHQKHXUHV


$SUqVVWDELOLVDWLRQj&
(QWUH+5HW+5
(QWUH+5HW+5
&HUWLILFDWVGHFRQIRUPLWp&(
Q&3'HWQ&3'


7DEOHDXELV&DUDFWpULVWLTXHVLQGLFDWLYHV
&DUDFWpULVWLTXHV

5RFN8S%1X 5RFN8S%1X 8QLWp

1RUPHGHUpIpUHQFHRXREVHUYDWLRQV

0pFDQLTXHV
7DVVHPHQWVRXVFRPSUHVVLRQN3D


PR\HQQH


PR\HQQH




/HIIRUWHVWDSSOLTXpSHQGDQWPLQXWHVpSURXYHWWHV
[[HPPWHPSpUDWXUHDPELDQWHPPPQ

6WDELOLWp
*RQIOHPHQWjOKXPLGLWp


PR\HQQH


PR\HQQH




eSURXYHWWHVGH[[HPPPDLQWHQXHV
PQj&+5SXLVUHIURLGLHVjODPELDQFH


7DEOHDX5pVLVWDQFHVWKHUPLTXHVSRXU5RFN8S%VHORQ&HUWLILFDW$&(50,Q
eSDLVVHXUPP
5WKP.:

















7DEOHDXELV5pVLVWDQFHVWKHUPLTXHVSRXU5RFN8S%VHORQ&HUWLILFDW$&(50,Q
eSDLVVHXUPP
5WKP.:






































































7DEOHDXWHU$XWUHVFDUDFWpULVWLTXHVFHUWLILpHV$&(50,VHORQOHVFHUWLILFDWVQHWQ
&DUDFWpULVWLTXHV

1LYHDX

7ROpUDQFHGpSDLVVHXU

7

6WDELOLWpGLPHQVLRQQHOOHGDQVOHVFRQGLWLRQVGHWHPSpUDWXUHHWGKXPLGLWpVSpFLILpHV

'67+

&RQWUDLQWHHQFRPSUHVVLRQ

&6?<

5pVLVWDQFHjODWUDFWLRQSHUSHQGLFXODLUHDX[IDFHV

75

&KDUJHSRQFWXHOOH

3/

$EVRUSWLRQGHDXjORQJWHUPHSDULPPHUVLRQWRWDOH

:/3


7DEOHDX&RQGLWLRQVGHPSORLSRXUWRLWXUHVLQDFFHVVLEOHV
eOpPHQW
SRUWHXU
0DoRQQHULH
%pWRQFHOOXODLUHDXWRFODYp

3HQWH

5HYrWHPHQWVVRXGpVVRXV$YLV7HFKQLTXH



3URWHFWLRQORXUGHPHXEOH

j

&ODVVH),7,

!

j

&ODVVH),7,

!

$XWRSURWHFWLRQ
&ODVVH),7
,HQV\VWqPHPRQRFRXFKH
,HQV\VWqPHELFRXFKH
/HVFDVHVJULVpHVFRUUHVSRQGHQWjGHVH[FOXVLRQVGHPSORL

&ODVVH),7,5pVLVWDQFHDXSRLQoRQQHPHQW1)3GXUHYrWHPHQWGpWDQFKpLWp$YLV7HFKQLTXHVSDUWLFXOLHUV

6HORQQRUPHV1)3HW1)3'78HW'78HW$YLV7HFKQLTXHV
6HORQ&DKLHUGX&67%GRFWREUHHW$YLV7HFKQLTXHV








7DEOHDX&RQGLWLRQVGHPSORLSRXUFKHPLQVGHFLUFXODWLRQ


3HQWH

eOpPHQWSRUWHXU



3URWHFWLRQUDSSRUWpHSDUGDOOHWWHVSUpIDEULTXpHV

j

0DoRQQHULH
%pWRQFHOOXODLUHDXWRFODYp

5HYrWHPHQWVVRXGpVVRXV$YLV7HFKQLTXH

!

j

!

$XWRSURWHFWLRQ
&ODVVH),7,
HQV\VWqPHPRQRFRXFKHRXELFRXFKH

/HVFDVHVJULVpHVFRUUHVSRQGHQWjGHVH[FOXVLRQVGHPSORL

&ODVVH),7,5pVLVWDQFHDXSRLQoRQQHPHQW1)3GXUHYrWHPHQWGpWDQFKpLWp$YLV7HFKQLTXHVSDUWLFXOLHUV

6HORQQRUPHV1)3HW1)3'78HW'78HW$YLV7HFKQLTXHV
6HORQ&DKLHUGX&67%GRFWREUHHW$YLV7HFKQLTXHV

7DEOHDX0RGHGHOLDLVRQQHPHQWSRXUOH5RFN8S%6RXGDEOHHQOLWVXSpULHXUGXQHLVRODWLRQjSOXVLHXUVOLWV

HU

 OLW
/LWVXSpULHXU

&KRL[GXOLDLVRQQHPHQWGHVSDQQHDX[

3DQQHDX[

($&

5RFN8S%1X

&ROODJH($&FI

5RFN8S%6RXGDEOH

&ROODJH($&FI

&I$YLV7HFKQLTXH
8QHSUHPLqUHFRXFKHG($&HVWSUpDODEOHPHQWUpDOLVpHVXUOHVSDQQHDX[GXOLWLQIpULHXUOHFROODJHVHIIHFWXDQWSDUXQHVHFRQGHFRXFKH
G($&UpSDQGXHVXUODSUHPLqUHFRXFKHUHIURLGLH