287,/6(70$7e5,(/1e&(66$,5(6
*DQWVSRXUYRXVSURWpJHUGHVSDUWLHVWUDQFKDQWHV
7RXUQHYLVFUXFLIRUPHHW7
3HUFH]DYHFGHVIRUHWVPP
µHWPPµ
/XQHWWHVSURWHFWULFHV
1LYHDX
&UD\RQ
&H.LWFRPSUHQG
3DQQHDXGHVXSSRUWPXUDO
3DQQHDXPXULQIpULHXU
7RSFRYHUZLWKVKHOI
3ODTXHLQIpULHXUH
6DFKHWGHPDWpULHOFRQWHQDQW
²WRUQLOORVDXWRURVFDQWHV
7RU[GHDFHURLQR[LGDEOH
²WRUQLOORVGHHVWUHOODSDUD
PDGHUDGHFDEH]DWURQFRFyQLFD
²WRUQLOORVGHFDEH]DVHJPHQWDGD
GHDFHURLQR[LGDEOHSDUD
XQPpWRGRGHLQVWDODFLyQDOWHUQDWLYR
$9(57,66(0(17
$ILQG·pYLWHUTXHOHVPDWpULDX[LQIODPPDEOHVQHSUHQQHQW
IHXODWRWDOLWpGHODVXUIDFHGXPXUVHWURXYDQWDXGHVVXV
GHODFXLVLQLqUHGRLWrWUHSURWpJpHSDUXQGRVVHUHWLJQLIXJH
$&&(662,5(6³'266(5(7$-867$%/(µµQRQIRXUQL
=;$'-%366=;$'-%366=;$'-%366,QVWDOODWLRQG·DFFHVVRLUHV
,167$//(=/(63$11($8;
'(6833257085$/
$9(57,66(0(17
/HVSDQQHDX[
GHVXSSRUWPXUDOGRLYHQWrWUHFRUUHFWHPHQWIL[pV
DXPXUDILQG·pYLWHUWRXWHEOHVVXUHRXGRPPDJH
PDWpULHO
,03257$17
&HGRVVHUHWHVWFRQoXSRXUFRXYULUOHPXU
HQWUHODSDUWLHVXSpULHXUHGHODFXLVLQLqUHHWODSDUWLH
LQIpULHXUHGHODKRWWH/DKRWWHG·H[WUDFWLRQGRLWrWUHLQVWDOOpH
VXUODWDEOHGHFXLVVRQRXGHODFXLVLQLqUHDYDQWG·LQVWDOOHU
OHGRVVHUHW
,QVWDOOH]HWDMXVWH]ODSRVLWLRQGHODWDEOH
GHFXLVVRQFXLVLQLqUHFRQIRUPpPHQWDX[FRQVLJQHV
G·LQVWDOODWLRQ
5HWLUH]O·HPEDOODJHGXGRVVHUHWHWOHILOPSURWHFWHXU
/RFDOLVH]OHVSRWHDX[PXUDX[VXUFKDTXHF{Wp
(QO·DEVHQFHGHSRWHDX[XWLOLVH]SOXW{WGHVFKHYLOOHV
PXUDOHVQRQIRXUQLHV
8WLOLVH]XQQLYHDXSRXUWUDFHUDXFUD\RQOLJQHV
KRUL]RQWDOHVVXUOHPXUXQHjµVRXVODKRWWH
G·H[WUDFWLRQHWO·DXWUHjµDXGHVVXVGHODWDEOH
GHFDLVVRQFXLVLQLqUH&HWHVSDFHGHµIDLWTXHOH
SDQQHDXGHUHFRXYUHPHQWVHVXSHUSRVHDX[VXSSRUWV
PXUDX[
)L[H]OHSDQQHDXPXUDOVXSpULHXUDXPXUjO·DLGHGH
YLVjERLVjWUDYHUVOHVSRWHDX[H[WHUQHV
8WLOLVH]YLVjERLVSRXUIL[HUVXSSRUWPXUDOLQIpULHXU
/DUDLQXUHFHQWUDOHGRLWrWUHSODFpHHQKDXW
/·HVSDFHVpSDUDQWOHSDQQHDXGHVXSSRUWGXEDVGHFHOXL
GXKDXWVHUDFRPEOpSDUODSODTXHVXSpULHXUDYHFpWDJqUH
PP
)L[H]OH
SDQQHDX
VXSpULHXUDX
PXUDYHFYLV
jERLV
PP
)L[H]OH
SDQQHDX
LQIpULHXUDX
PXUDYHFYLV
jERLV
)OqFKH
FHQWUDOH
9LVjERLV
YLVj
ERLV
6XSSRUWPXUDO
VXSpULHXU
3ODTXH
VXSpULHXUH
DYHFpWDJqUH
3ODTXHLQIpULHXUH
6XSSRUWPXUDO
LQIpULHXUH
6DFKHW
GHPDWpULHO
$9$17'(&200(1&(5
/LVH]DWWHQWLYHPHQWO·HQVHPEOHGHV
FRQVLJQHV
,03257$17&RQVHUYH]FHVFRQVLJQHVHOOHVSHXYHQW
YRXVrWUHXWLOHVSRXUWRXWHLQVSHFWLRQGHYRWUH
LQVWDOODWLRQ
,03257$175(63(&7(=7287(6/(61250(6$,16,
48(/(65(&200$1'$7,21635e&21,6e(63$5
/(6$8725,7e6&203e7(17(6
5(0$548(/·$77(17,21'(/·,167$//$7(85
$SUqVLQWHUYHQWLRQDVVXUH]YRXVG·DYRLUUHPLVFHV
LQVWUXFWLRQVjO·XWLOLVDWHXU
5(0$548(/·$77(17,21'(/·87,/,6$7(85
&RQVHUYH]FHVLQVWUXFWLRQVDYHFOHPDQXHOGH
O·XWLOLVDWHXUSRXUWRXWHFRQVXOWDWLRQXOWpULHXUH
&HGRVVHUHWHVWFRQoXFRPEOHUO·HVSDFHHQWUH
OHKDXWGHODFXLVLQLqUHHWOHEDVGHODKRWWHHQWUH
XQHKDXWHXUPD[LPDOHGHFPHWFP
/HSRLGVPD[LPDOGHSRUWDQFHGHO·pWDJqUH
HVWGHNJ