qdwxuhoohv lqvsludwlrqv

81,9(566$//('(%$,16
*(),%*()-
ZZZFHGDPIU
LQVSLUDWLRQV QDWXUHOOHV
(;(03/(6
(
(;
;(0
(03
3/
/(
(6
6
'(
'
(&
&20
203
032
326,
6,7,
7,21
216
'(&20326,7,216
8QHVDOOHGHEDLQ
¹YRWUHLPDJH
/DVDOOHGHEDLQHVWXQHVSDFHGHELHQÃWUHHWGHGÂWHQWH(OOHHVW
OHUHßHWGHFKDTXHSHUVRQQDOLWÂHWGRLWUÂSRQGUH¹GHVH[LJHQFHV
SUÂFLVHVIRQFWLRQQHOOHVHWHUJRQRPLTXHV
3RXUGRQQHUYLH¹YRVDVSLUDWLRQVODVRFLÂWÂ&('$0YRXVSURSRVH
FROOHFWLRQVGHPHXEOHVGHVDOOHVGHEDLQ9RXVSRXYH]ODLVVHUOLEUH
FRXUW¹YRWUHLPDJLQDWLRQHW¹YRVHQYLHVJU»FH¹XQFKRL[WUÁVODUJH
GHIRUPHVUHFWLOLJQHVJDOEÂHVVXUSLHGRX¹VXVSHQGUHGHVW\OHV
PRGHUQHFODVVLTXHGHVLJQHWGHGÂFRUVGLIIÂUHQWV
3RXU FRPSOÂWHU KDUPRQLHXVHPHQW YRWUH DJHQFHPHQW QRXV YRXV
SURSRVRQV ÂJDOHPHQW OHV FROOHFWLRQV GH YDVTXHV FRORQQHV HW GH
EDLJQRLUHVHQUÂVLQH'XURFRDWˆGRQWOHVIRUPHVHWODPDWLÁUHVRQW
LGHQWLTXHVDX[YDVTXHVGHQRVPHXEOHV
,QVWDOOÂHGHSXLVSOXVGHDQVHQ$OVDFH&HGDPHVWDXMRXUGoKXLXQ
DFWHXUPDMHXUGDQVODIDEULFDWLRQGHPHXEOHVGHVDOOHGHEDLQHQ)UDQFH
1RWUHREMHFWLIYRWUHVDWLVIDFWLRQ
$PDXU\%ORFK
'LUHFWHXU*‰Q‰UDOGH&HGDP
&ROOHFWLRQ
2ULJLQH /ÂD
)HHOLQJ
)RU*XHVWV
+DUPRQLH
6WDU/LQH
+RUL]RQ
(WHUQLW\
2DNODQG
6N\/LQH 7UL­
&UHVFHQGR *ORVV $OOXUH
(OLWH 6ZLQJ
3OD]]D
&RRO/LQH
&LQWUD
4ELJ
6WUHOOD /RRSLQJ
=RÂ
/DXUD 9DVTXHVFRORQQH6ROR (OOD
9DVTXHV¹SRVHU
*DÈD %DLJQRLUHV
2SÂUD
&HGDP5DQJHPHQW
7RZHU
&RORULV
/,*1(
(;(03/(6
'(&20326,7,216
2ULJLQH
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
$YHF GHV SRUWHV HW GHV WLURLUV ¹
FDGUHERLVOHPRGÁOHRULJLQHHVWXQ
UHWRXUDX[VRXUFHV'LVSRQLEOHHQ
GÂFRUVGHFKÃQHDXFKRL[LOVDXUD
SDUIDLWHPHQW VoLQWÂJUHU GDQV XQH
DPELDQFH]HQ
3ORQJH]DXFRHXUGHODQDWXUH
'¢&256'()$ $'(6(7&­7¢6
%UXQ
WUDQFKÂ
&KÃQH
6DQUHPR
&KÃQH
EODQF
&KÃQH
QRLU
/,*1(
(;(03/(6
'(&20326,7,216
)HHOLQJ
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
0RGÁOH LGHQWLTXH ¹ Oo+DUPRQLH LO VH
GLIIÂUHQFLH DYHF VHV IDÀDGHV ¹ SULVH GH
PDLQVDQVSRLJQÂH&HPRGÁOHHVWVREUH
HW VSDFLHX[ JU»FH ¹ XQH SURIRQGHXU GH
PHXEOHGHFPHWGHJUDQGVHVSDFHVGH
UDQJHPHQW'LVSRQLEOHDYHFGHX[W\SHVGH
SODQUÂVLQHHWYHUUHDLQVLTXoXQHYDVTXH
GÂFDOÂH¹GURLWHRX¹JDXFKH
'¢&256'()$ $'(6(7&­7¢6
%ODQF
EULOODQW
&KÃQH
6DQUHPR
%DVDOWH
/,*1(
(;(03/(6
'(&20326,7,216
+DUPRQLH
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
0RGÁOH DX[ PXOWLSOHV IDFHWWHV SRXU
XQH VDOOH GH EDLQ IRQFWLRQQHOOH DYHF
GHJUDQGVHVSDFHVGHUDQJHPHQW
'LVSRQLEOH HQ ÞQLWLRQV GRQW QRXYHOOHVEUXQWUDQFKÂHWFKÃQHQRLU
2SWLRQ GH GHX[ WLURLUV FRXOLVVDQWV
ODWÂUDX[SRXURSWLPLVHUOHUDQJHPHQW
GHV
ßDFRQV
HW
YDSRULVDWHXUV
3RVVLELOLWÂ GoXQ SODQ GH WRLOHWWH
GÂFHQWUÂSRXUSOXVGHVXUIDFHXWLOH
'¢&256'()$ $'(6(7&­7¢6
%ODQF
EULOODQW
*UÁJH
EULOODQW
*DOHW
EULOODQW
%OHX
SDFLÞTXH
EULOODQW
$XEHUJLQH
EULOODQW
7DXSH
EULOODQW
%DVDOWH
EULOODQW
1RLU
EULOODQW
%UXQ
WUDQFKÂ
&KÃQH
YLQWDJH
5RXJH
EULOODQW
&KÃQH
QRLU
/,*1(
(;(03/(6
'(&20326,7,216
+RUL]RQ
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
8QHOLJQHKRUL]RQWDOHHWÂSXUÂHSHUPHWWDQW
OHVXUPHVXUHJU»FH¹XQHJUDQGHOLEHUWÂ
GoDJHQFHPHQWGHVPHXEOHVVRXVYDVTXHV
W\SHVGHSODQVGHWRLOHWWHGLVSRQLEOHV
HQPDUEUHUHFRQVWLWXÂEULOODQWHQYHUUHRX
HQVWUDWLÞÂDYHFYDVTXHV¹SRVHU
'¢&256'()$ $'(6(7&­7¢6
%ODQF
EULOODQW
*UÁJH
EULOODQW
*DOHW
EULOODQW
%OHX
$XEHUJLQH
SDFLÞTXH
EULOODQW
EULOODQW
5RXJH
EULOODQW
7DXSH
EULOODQW
%DVDOWH
EULOODQW
1RLU
EULOODQW
%UXQ
WUDQFKÂ
&KÃQH
YLQWDJH
&KÃQH
QRLU
/,*1(
(;(03/(6
'(&20326,7,216
2DNODQG
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
0RGÁOHGHVWLQÂDX[LQFRQGLWLRQQHOV GX ERLV
PDVVLI&HPRGÁOHHQFKÃQHHVWHQWLÁUHPHQW
IDEULTXÂ ¹ OD PDLQ 0HXEOH ¹ SRVHU RX ¹
VXVSHQGUH LO VoLQWÁJUH GDQV WRXW W\SH GH
VDOOHGHEDLQFRQWHPSRUDLQRXWUDGLWLRQQHO
2DNODQG HVW GLVSRQLEOH HQ GÂFRUV HW
ÞQLWLRQV 6XFFRPEH] ¹ VRQ FKDUPH
'¢&256'()$ $'(6(7&­7¢6
%2,60$66,)%5266(28/,66(
%ODQF
*ULV
1DWXUHO
7HDN
)XPÂ
&DUERQ
/,*1(
(;(03/(6
'(&20326,7,216
7UL­
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
0RGÁOH WLURLUV DOOLDQW JUDQGH FDSDFLWÂ
GH UDQJHPHQW HW ÂOÂJDQFH DYHF VD
YHUVLRQFRPPRGHSDUIDLWHSRXUOHVVXLWHV
SDUHQWDOHV 'LVSRQLEOH DYHF XQ SODQ
YDVTXHGHVLJQHQFÂUDPLTXHRXHQPDUEUH
UHFRQVWLWXÂ6DFDSDFLWÂGHUDQJHPHQWHW
VRQGHVLJQVDXURQWYRXVVÂGXLUH
'¢&256'()$ $'(6(7&­7¢6
%ODQF
EULOODQW
*UÁJH
EULOODQW
$XEHUJLQH
EULOODQW
7DXSH
EULOODQW
%DVDOWH
EULOODQW
%UXQ
WUDQFKÂ
&KÃQH
YLQWDJH
&KÃQH
QRLU
*ORVV
pU
(;(03/(6
'(&20326,7,216
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
&
DP
LT
XH
/,*1(
0RGÁOH HQWLÁUHPHQW ODTXÂ *ORVV H[LVWH DYHF RX VDQV SRLJQÂH
SULVH GH PDLQ SODQV YDVTXH DX FKRL[ PDUEUH UHFRQVWLWXÂ
FÂUDPLTXHJUDQGHODUJHXUIRUPDWÁPHRXYHUUH'LVSRQLEOH
GDQVFRORULVHQÞQLWLRQVGHODTXHEULOODQWHRXVDWLQÂHSRXU
UÂSRQGUH¹WRXWHVOHVHQYLHV
'¢&256'()$ $'(6(7&­7¢6
7RXVOHVGÂFRUVVRQWGLVSRQLEOHVHQÞQLWLRQEULOODQWHRXVDWLQÂHVDXIOHFKDPSDJQHSHUOÂXQLTXHPHQWGLVSRQLEOHHQEULOODQW
%ODQF
&KDPSDJQH
SHUOÂ
6DEOH
&DFDR
)HXWULQH
3DUPH
3UXQH
)UDPERLVH
&KLOL
2UDQJH
3RPPH
7XUTXRLVH
%OHXQXLW
9ROFDQ
5ÂJOLVVH
1RLU
/,*1(
(;(03/(6
'(&20326,7,216
(OLWH
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
'HV IDÀDGHV ODTXÂHV DYHF
GÂFRXSHV ¹ OoRQJOHW DVVRFLÂHV
¹ XQ SODQ GH WRLOHWWH ÞQ HW
ÂOÂJDQW /D JDPPH VoHQULFKLH
GoXQ QRXYHDX PLURLU ¹ FDGUH HW
GoXQH DUPRLUH GH WRLOHWWH 7RXW
FRPPH OH PRGÁOH *ORVV (OLWH
HVW PDLQWHQDQW GLVSRQLEOH GDQV
FRORULVGHODTXHHWÞQLWLRQV
EULOODQWHHWVDWLQÂH
8QGHVLJQLWDOLHQPDGHLQ)UDQFH
'¢&256'()$ $'(6(7&­7¢6
7RXVOHVGÂFRUVVRQWGLVSRQLEOHVHQÞQLWLRQEULOODQWHRXVDWLQÂHVDXIOHFKDPSDJQHSHUOÂXQLTXHPHQWGLVSRQLEOHHQEULOODQW
%ODQF
&KDPSDJQH
SHUOÂ
6DEOH
&DFDR
)HXWULQH
3DUPH
3UXQH
)UDPERLVH
&KLOL
2UDQJH
3RPPH
7XUTXRLVH
%OHXQXLW
9ROFDQ
5ÂJOLVVH
1RLU
/,*1(
(;(03/(6
'(&20326,7,216
3OD]]D
/DUJHXUFP
/DUJHXUFP
0RGÁOHGRWÂGoXQSODQGHWRLOHWWH
ODTXÂGoXQHÂSDLVVHXUGHFP
LO HVW GLSRQLEOH HQ GLPHQVLRQV
Þ[HV HQ EODQF HW FP
HW GDQV OHV FRORULV HQ ÞQLWLRQ
EULOODQWH VXU PHVXUH MXVTXo¹ FP&HWWHJDPPHDOOLHVREULÂWÂHW
ÂOÂJDQFH,OQHUHVWHTXo¹FKRLVLU
ODYDVTXHTXLFRQYLHQGUDOHPLHX[¹
HQFDVWUHURX¹SRVHU
'¢&256'()$ $'(6(7&­7¢6
7RXVOHVGÂFRUVVRQWGLVSRQLEOHVHQÞQLWLRQEULOODQWHRXVDWLQÂHVDXIOHFKDPSDJQHSHUOÂXQLTXHPHQWGLVSRQLEOHHQEULOODQW
%ODQF
&KDPSDJQH
SHUOÂ
6DEOH
&DFDR
)HXWULQH
3DUPH
3UXQH
)UDPERLVH
&KLOL
2UDQJH
3RPPH
7XUTXRLVH
%OHXQXLW
9ROFDQ
5ÂJOLVVH
1RLU
/,*1(
(;(03/(6
'(&20326,7,216
&LQWUD
/DUJHXUFP
/DUJHXUFP
8QHJDPPHWRXWHHQFRXUEXUHDYHFW\SHVGHSODQV
GHWRLOHWWHYHUUHRXPDUEUHUHFRQVWLWXÂEULOODQWRX
PDW8QQRXYHDXPLURLURYDOH¹OHGYLHQWFRPSOÂWHU
FHPRGÁOH/DVÂGXFWLRQWRXWHQURQGHXU
'¢&256'()$ $'(6(7&­7¢6
%ODQF
EULOODQW
*UÁJH
EULOODQW
$XEHUJLQH
EULOODQW
5RXJH
EULOODQW
7DXSH
EULOODQW
:HQJÂ
SRUHERLV
/,*1(
(;(03/(6
'(&20326,7,216
6WUHOOD
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
8QH OLJQH FRQWHPSRUDLQH GRWÂH GH EHDX[
GÂFRUVODTXÂVEULOODQWV'LVSRQLEOHDYHFW\SHV
GHSODQVGHWRLOHWWHPDUEUHUHFRQVWLWXÂPDWRX
EULOODQWSODWHDXVROLGVXUIDFHYDVTXH¹SRVHU
VHPLHQFDVWUÂHRXSDUHQGHVVRXVYHUUHRX
VWUDWLÞÂ 8Q PHXEOH TXL VoDGDSWH ¹ WRXV OHV
HVSDFHVHQWUHFPHWFPWRXVOHVFP
'¢&256'()$ $'(6(7&­7¢6
%ODQF
EULOODQW
9HUW
5RXJH
$QWKUDFLWH
$XEHUJLQH
/,*1(
(;(03/(6
'(&20326,7,216
=RÂ
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
&HPRGÁOHDX[WHLQWHVGRXFHVHWQDWXUHOOHVHVW
XQHLQYLWDWLRQ¹ODGÂWHQWHHW¹ODUHOD[DWLRQ/D
JDPPHVoHQULFKLHGHQRXYHDX[GÂFRUVERLV
DX[WRQVWUÁVUÂDOLVWHVHWGÂFRUVXQLVPDW
&HPHXEOHVoDGDSWHDXVVL¹WRXVOHVHVSDFHV
HQWUH FP HW FP WRXV OHV FP
'¢&256'()$ $'(6(7&­7¢6
'XQHPDW
6DYDQHPDW
%HLJH
WUDQFKÂ
*ULV
WUDQFKÂ
&KÃQH
6DQUHPR
&KÃQH
EODQF
&KÃQH
QRLU
/,*1(
(;(03/(6
'(&20326,7,216
/DXUD
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
8QH JDPPH WUÁV DFFHVVLEOH HW
GLVSRQLEOHHQODUJHXUV/HPHXEOH
VRXVYDVTXH H[LVWH HQ YHUVLRQ
SRUWHVRXWLURLUV6RQSODQGHWRLOHWWH
WRXW HQ ÞQHVVH HW VHV FRXOHXUV
YLYHVFRQIÁUHQW¹FHPRGÁOH/DXUD
XQORRNMHXQHHWG\QDPLTXH
'¢&256'()$ $'(6(7&­7¢6
%ODQF
EULOODQW
0DQGDULQH
EULOODQW
9HUWDQLV
EULOODQW
$XEHUJLQH
EULOODQW
*UÁJH
EULOODQW
%DVDOWH
EULOODQW
%ODQF
H[RWLTXH
*UL[
H[RWLTXH
/,*1(
(OOD
0RGÁOH LQQRYDQW HW DVWXFLHX[ DYHF PLWLJHXU
PXUDO SODQ YDVTXH HQ † / ” DUPRLUH
GH WRLOHWWH DYHF UDQJHPHQWV FRXOLVVDQWV
ODWÂUDX[ HW LQWHUUXSWHXU LQIUDURXJH VDQV
FRQWDFW SRXU OH EDQGHDX OXPLQHX[ 0HXEOH
† WRXW HQ XQ ” SRXU XQH LQVWDOODWLRQ IDFLOH
TXL SHUPHW GoÂYLWHU OHV WUDYDX[ GH JURV
yXYUH ([LVWH HQ YHUVLRQ RX WLURLUV
'¢&256'()$ $'(6(7&­7¢6
(;(03/(6
'(&20326,7,216
/DUJHXUFP
%ODQF
EULOODQW
*UÁJH
EULOODQW
7DXSH
EULOODQW
5RXJH
EULOODQW
1RLUEULOODQW
1
&KÃQHQRLU
/,*1(
*DÈD
/H PRGÁOH *DÈD HVW OD UÂSRQVH
SRXU OHV SHUVRQQHV ¹ PRELOLWÂ
UÂGXLWH HW SOXV JÂQÂUDOHPHQW ¹
WRXV OHV FOLHQWV TXL UHFKHUFKHQW
¹ DOOLHU OD IRQFWLRQQDOLWÂ ¹
OoHVWKÂWLVPH(QEUHIXQHVROXWLRQ
DGDSWÂH DX[ SOXV MHXQHV FRPPH
DX[SOXV»JÂVHQWRXWHVÂFXULWÂ
3RVVLELOLWÂ GH PRQWH HW EDLVVH
ÂOHFWULTXH 0RGÁOH ÂFRFRQÀX
'¢&256'()$ $'(6
%ODQF
EULOODQW
&KÃQH
EODQFKL
1R\HU
IRQFÂ
9HUWPDW
5RXJHPDW
$XEHUJLQH
$XEHUJLQH
PDW
*UÁJH
EULOODQW
*DOHW
EULOODQW
'¢&256&$,66216
%ODQF
EULOODQW
(;(03/(6
'(&20326,7,216
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
&KÃQH
EODQFKL
1R\HUIRQFÂ
/,*1(
2SÂUD
/H QDWXUHO HW OD OÂJÁUHWÂ FDUDFWÂULVH FH PHXEOH ¹ VXVSHQGUH RX VXU
SLHGV ([LVWH HQ FRQVROH RXYHUWH RX DYHF PHXEOH WLURLU /HV GÂFRUV ERLV
OXL FRQIÁUHQW XQ DVSHFW FKDOHXUHX[ FKÃQH FODLU ZHQJÂ HW ERLV EODQF
&H PRGÁOH HVW ÂJDOHPHQW DGDSWÂ SRXU OHV SHUVRQQHV ¹ PRELOLWÂ UÂGXLWH
'¢&256'()$ $'(6(7&­7¢6
&KÃQH
(;(03/(6
'(&20326,7,216
/DUJHXUFP
/DUJHXUFP
:HQJÂ
%RLVEODQF
/,*1(
7RZHU
8QHVROXWLRQ†WRXWHQXQ”SRXUOHVSHWLWVHVSDFHV8QHQFRPEUHPHQWPLQLPXP
ODUJHXUFPDYHFXQPD[LPXPGHUDQJHPHQWPHXEOHWLURLUSODWHDXYDVTXH
¹SRVHUPLWLJHXUDUPRLUHGHWRLOHWWH9HUVLRQPLQLPDOHGXPRGÁOH2SÂUD
'¢&256'()$ $'(6(7&­7¢6
:HQJÂ
%RLV
EODQF
/,*1(
/ÂD
/DYHPDLQVIRQFWLRQQHODYHFXQSODQGH
WRLOHWWHÂOÂJDQWHQPDUEUHUHFRQVWLWXÂ
/D IDLEOH SURIRQGHXU GH FH PRGÁOH
FP OXL SHUPHW GH VoLQWÂJUHU
IDFLOHPHQWGDQVWRXVOHVSHWLWVHVSDFHV
'¢&256'()$ $'(6(7&­7¢6
%ODQF
EULOODQW
0DQGDULQH
EULOODQW
9HUWDQLV
EULOODQW
$XEHUJLQH
EULOODQW
*UÁJH
EULOODQW
5RXJH
EULOODQW
%DVDOWH
EULOODQW
7DXSH
EULOODQW
%ODQF
H[RWLTXH
1RLU
H[RWLTXH
*ULV
H[RWLTXH
&KÃQH
YLQWDJH
&KÃQH
QRLU
/,*1(
)RU*XHVWV
)RU *XHVWV SURSRVH PRGÁOHV DGDSWÂV ¹ GH SHWLWHV VXUIDFHV 8QH
VROXWLRQLGÂDOHHWHVWKÂWLTXHSRXUYRVSRLQWVGoHDXODUJHXUVSURSRVÂHV
FP HW FP HW SURIRQGHXUV GH FP ¹ FP
'¢&256'()$ $'(6(7&­7¢6
%ODQF
H[RWLTXH
1RLU
H[RWLTXH
1R\HUGH
'LMRQ
$QWKUDFLWH
EULOODQW
*ULV
H[RWLTXH
$UDELFD
&KÃQH
YLQWDJH
&KÃQH
WUXIIÂ
%ODQF
EULOODQW
/,*1(
(;(03/(6
'(&20326,7,216
6WDU/LQH
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
*DPPH DX GHVLJQ SXULVWH HW DX[
GÂWDLOV UDIÞQÂV IRUPHV GH SODQV
GH WRLOHWWH HQ PDUEUH UHFRQVWLWXÂ
SURSRVDQWGHVJUDQGHVGLPHQVLRQV
DOODQW MXVTXo¹ FP ,O VDLW VH
PHWWUHHQYDOHXUJU»FH¹XQV\VWÁPH
GoÂFODLUDJH /(' KDUPRQLHXVHPHQW
HQFDVWUÂVRXVODYDVTXH
'¢&256'()$ $'(6(7&­7¢6
%ODQF
EULOODQW
%ODQF
H[RWLTXH
1RLU
H[RWLTXH
1R\HUGH
'LMRQ
3RLULHU
$QWKUDFLWH
EULOODQW
*ULV
H[RWLTXH
$UDELFD
&KÃQH
YLQWDJH
&KÃQH
WUXIIÂ
/,*1(
(;(03/(6
'(&20326,7,216
(WHUQLW\
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
&H PRGÁOH FLQWUÂ HW ÂOÂJDQW HVW GLVSRQLEOH HQ ODUJHXUVFPFPFPHWFP
'RWÂ GoXQ SODQ YDVTXH WUÁV GHVLJQ HQ PDUEUH
UHFRQVWLWXÂEULOODQWLOHVWÂJDOHPHQWSRVVLEOHGHOH
UHKDXVVHUDYHFXQOLVHUÂÂFODLUDQW/('
'¢&256'()$ $'(6(7&­7¢6
%ODQF
EULOODQW
%ODQF
H[RWLTXH
1RLU
H[RWLTXH
1R\HUGH
'LMRQ
$QWKUDFLWH
EULOODQW
*ULV
H[RWLTXH
$UDELFD
&KÃQH
YLQWDJH
&KÃQH
WUXIIÂ
/,*1(
(;(03/(6
'(&20326,7,216
6N\OLQH
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
*DPPHHQWLÁUHPHQWPRGXODEOHSRXUUÂSRQGUH¹WRXWHVYRVHQYLHV
'LVSRQLEOHDYHFXQSODQGHWRLOHWWHHQPDUEUHUHFRQVWLWXÂRXHQ0')
HQUREÂGHSRO\PÁUHDYHFYDVTXH¹HQFDVWUHU([LVWHHQODUJHXUV
GH¹FP
'¢&256'()$ $'(6675,¢(7&­7¢6
%ODQF
EULOODQW
%ODQF
H[RWLTXH
1RLU
H[RWLTXH
1R\HUGH
'LMRQ
*ULV
H[RWLTXH
$UDELFD
/,*1(
(;(03/(6
'(&20326,7,216
&UHVFHQGR
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
/DLVVH]YRXVVÂGXLUHSDUOHJDOEHDV\PÂWULTXHGXPRGÁOH&UHVFHQGR
'LVSRQLEOHHQGLPHQVLRQVHWFPDYHFYDVTXH¹GURLWH
RX¹JDXFKH
'¢&256'()$ $'(6(7&­7¢6
%ODQF
EULOODQW
1RLU
H[RWLTXH
1R\HUGH
'LMRQ
$QWKUDFLWH
EULOODQW
*ULV
H[RWLTXH
$UDELFD
&KÃQH
YLQWDJH
&KÃQH
WUXIIÂ
/,*1(
(;(03/(6
'(&20326,7,216
$OOXUH
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
4XDWUH GLPHQVLRQV GLVSRQLEOHV SRXU FH
PRGÁOHWRXWHQFRXUEHVFRQFDYHVHWFRQYH[HV
DJUÂPHQWÂ GoXQ SODQ GH WRLOHWWH HQ UÂVLQH
(YHUPLWH WRXW HQ ÞQHVVH ,O HVW ÂJDOHPHQW
SRVVLEOHGHOHPHWWUHHQYDOHXUDYHFXQOLVHUÂ
ÂFODLUDQW/('
'¢&256'()$ $'(6(7&­7¢6
%ODQF
EULOODQW
%ODQF
H[RWLTXH
1RLU
H[RWLTXH
1R\HUGH
'LMRQ
$QWKUDFLWH
EULOODQW
*ULV
H[RWLTXH
$UDELFD
&KÃQH
YLQWDJH
&KÃQH
WUXIIÂ
/,*1(
(;(03/(6
'(&20326,7,216
6ZLQJ
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
0RGÁOHDYHFXQSODQYDVTXHHQIRUPH
GHJRXWWHGoHDX8QHOLJQHJDOEÂHTXL
VXLWOHPRXYHPHQWHWTXLIDLWODSDUW
EHOOHDXUDQJHPHQW*U»FH¹VRQVRXV
YDVTXHGHFPHWOHVVRXVSODQ
DXFKRL[LOSDVVHGH¹RX¹
FPVDQVGLIÞFXOWÂ,OHVWSURSRVÂ
DYHF W\SHV GH SODQ GH WRLOHWWH DX
FKRL[ HQ PDUEUH UHFRQVWLWXÂ RX HQ
YHUUHFRORULV
'¢&256'()$ $'(6(7&­7¢6
%ODQF
EULOODQW
%ODQF
H[RWLTXH
1RLU
H[RWLTXH
1R\HUGH
'LMRQ
$QWKUDFLWH
EULOODQW
*ULV
H[RWLTXH
$UDELFD
&KÃQH
YLQWDJH
&KÃQH
WUXIIÂ
5REXVWD
/,*1(
(;(03/(6
'(&20326,7,216
&RROOLQH
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
0HXEOHGURLWGLVSRQLEOHHQODUJHXUVHW
FP 3RVVLELOLWÂ GH FKRLVLU XQ SODQ YDVTXH VLPSOH RX
GRXEOH VXU OD ODUJHXU GH FP FRORULV DX FKRL[
SRXU OHV IDÀDGHV HW OHV FÍWÂV 0HXEOH DJUÂPHQWÂ VRLW
GoXQOLVHUÂGÂFRUDWLIHQWUHODYDVTXHHWOHPHXEOHVRXV
YDVTXHFRORULVDXFKRL[VRLWGoXQFDGUHÂFODLUDQW
/('SHUPHWWDQWGHPHWWUHHQYDOHXUOHPHXEOH
'¢&256'()$ $'(6(7&­7¢6
%ODQFPDW
3RLULHU
1R\HU
%ODQF
H[RWLTXH
1RLU
H[RWLTXH
*ULV
H[RWLTXH
$UDELFD
&KÃQH
YLQWDJH
&KÃQH
WUXIIÂ
:HQJÂ
1R\HU
GHGLMRQ
%ODQF
EULOODQW
$QWKUDFLWH
EULODQW
%OHXVDSKLU
EULOODQW
&DURXEH
EULOODQW
5RXJH
EULOODQW
*ULVWLWDQH
EULOODQW
/,*1(
(;(03/(6
'(&20326,7,216
4ELJ
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
0RGÁOH FODVVLTXH GLVSRQLEOH DYHF SRUWHV RX WLURLUV
GLVSRVDQWGoXQHSDOHWWHGHGÂFRUVDXFKRL[(QODUJHXU
FP FH PHXEOH RIIUH OD SRVVLELOLWÂ GH FKRLVLU HQWUH
SRVLWLRQV GH SODQV GH WRLOHWWH HQ PDUEUH UHFRQVWLWXÂ
YDVTXH¹JDXFKHYDVTXH¹GURLWHRXYDVTXHFHQWUÂH
'¢&256'()$ $'(6(7&­7¢6
%ODQFPDW
3RLULHU
1R\HU
%ODQF
H[RWLTXH
1RLU
H[RWLTXH
*ULV
H[RWLTXH
$UDELFD
&KÃQH
YLQWDJH
&KÃQH
WUXIIÂ
:HQJÂ
1R\HU
GHGLMRQ
%ODQF
EULOODQW
$QWKUDFLWH
EULODQW
%OHXVDSKLU
EULOODQW
&DURXEH
EULOODQW
5RXJH
EULOODQW
/,*1(
(;(03/(6
'(&20326,7,216
/RRSLQJ
/DUJHXUFP
/DUJHXUFP
/DUJHXUFP
1RXYHDX PRGÁOH JDOEÂ
GLVSRQLEOHHQODUJHXUV
HW FP HW HQ GÂFRUV
,O GLVSRVH GH WLURLUV
SRXU WRXMRXUV SOXV GH
FDSDFLWÂGHUDQJHPHQW
(OÂJDQWHWVREUH¹ODIRLV
'¢&256'()$ $'(6(7&­7¢6
1R\HU
GHGLMRQ
$UDELFD
1RLU
H[RWLTXH
*ULV
H[RWLTXH
%ODQF
EULOODQW
$QWKUDFLWH
EULOODQW
/,*1(
6ROR
9DVTXHV FRORQQHV HQ PDUEUH UHFRQVWLWXÂ
'XURFRDW# EULOODQW RIIUDQW OD SRVVLELOLWÂ
GoRSWHUDXVVLELHQSRXUGHVPLWLJHXUVPXUDX[
TXH SRXU GHV PLWLJHXUV VXU SODQ 8Q GHVLJQ
HW XQH IRQFWLRQQDOLWÂ H[FHSWLRQQHOV (OOHV
VoDVVRFLHQW SDUIDLWHPHQW DYHF OHV QRXYHDX[
PRGÁOHVGHEDLJQRLUHVHWGHYDVTXHV¹SRVHU
9DVTXHV¹SRVHU
8QFKRL[H[FHSWLRQQHOGHPRGÁOHVGHYDVTXHV¹SRVHU
SRXU UÂSRQGUH ¹ WRXWHV OHV IDQWDLVLHV HW ¹ WRXWHV OHV
PHVXUHV (OOHV IHURQW GH YRWUH VDOOH GH EDLQ XQ YÂULWDEOH
FKHIGoRHXYUH
PHXEOHVQRQFRQWUDFWXHOV
%DLJQRLUHV
/DQRXYHDXWÂFKH]&HGDPXQHJDPPHFRPSOÁWHGHEDLJQRLUHV
HQÇORWVGHVLJQ)DEULTXÂHVHQPDUEUHUHFRQVWLWXÂ'XURFRDWˆHOOHV
VRQW JDUDQWLHV DQV (OOHV VH PDULHQW ¹ OD SHUIHFWLRQ DYHF OHV
YDVTXHVFRORQQHV6RORHWOHVYDVTXHV¹SRVHU
&('$05$1*(0(17
5ÂYÂOH]
YRWUHLQWÂULHXU
8QFDGUHGHYLHHVWEHDXFRXSSOXVTXoXQDSSDUWHPHQW
RX XQH PDLVRQ &oHVW DYDQW WRXW OoHVSDFH GDQV
OHTXHO FKDFXQ ERXJH PDQJH GRUW WUDYDLOOH VH
GÂWHQG &oHVW OoHVSDFH GDQV OHTXHO QRXV H[LVWRQV
,OGRLWÃWUH¹ODIRLVSUDWLTXHHWDJUÂDEOH/HUDQJHPHQW
HQHVWGRQFXQÂOÂPHQWHVVHQWLHO
/RUVGHODFRQFHSWLRQGHVOLJQHV&('$05$1*(0(17QRV
GHVLJQHUVVHVRQWSRVÂVOHVPÃPHVTXHVWLRQVTXHYRXV
SRXUOoDPÂQDJHPHQWGHYRWUHFDGUHGHYLH1RWUHFRQFHSW
DSSRUWHGHYUDLHVVROXWLRQV¹YRVDWWHQWHVHWH[LJHQFHV
8QFRQFHSWVXUPHVXUH
0RGXODEOH3HUVRQQDOLVDEOH
&RORULV
'¢&256
'¢&256
%RLV
%RLVPDVVLI
$UDELFD
&KÃQHEODQF
*ULVH[RWLTXH
3RLULHU
&KÃQHPDVVLIEODQF
%HLJHWUDQFKÂ
&KÃQHVWUXFWXUÂ
*ULVWUDQFKÂ
5REXVWD
&KÃQHPDVVLIQDWXUHO
%ODQFH[RWLTXH
&KÃQHQRLU
1RLUH[RWLTXH
:HQJÂ
VWUXFWXUÂRXOLVVH
&KÃQHPDVVLIJULV
%RLVEODQF
&KÃQH6DQUHPR
1R\HU
&KÃQHPDVVLIWHDN
%UXQWUDQFKÂ
&KÃQHWUXIIÂ
1R\HUGH'LMRQ
&KÃQHPDVVLIIXPÂ
&KÃQHEODQFKL
&KÃQHYLQWDJH
1R\HUIRQFÂ
&KÃQHPDVVLIFDUERQ
$QWKUDFLWH
&DURXEH
*ULVWLWDQH
5RXJH
$XEHUJLQH
&KDPSDJQHSHUOÂ
0DQGDULQH
6DEOH
%ODQFEULOODQW
&KLOL
1RLU
6DYDQHPDW
%DVDOWH
'XQHPDW
2UDQJH
7DXSH
%OHXQXLW
)HXWULQH
3DUPH
7XUTXRLVH
%OHXSDFLÞTXH
)UDPERLVH
3RPPH
9HUWDQLV
%OHXVDSKLU
*DOHW
3UXQH
9HUW
&DFDR
*UÁJH
5ÂJOLVVH
9ROFDQ
8QLV
$77(17,217RXVOHVWRQVERLVHWFRORULVQHVRQWSDVGLVSRQLEOHVGDQVWRXWHVOHVFROOHFWLRQV
UXHGHOo([SDQVLRQ=$(6XG
%32EHUQDL&HGH[
7ÂO)D[
ooo&[]\Ye&^j