352%/Ê0(
&$86(3266,%/(
/(0,187(85
9RXVQHSRXYH]SDVXWLOLVHUOHPLQXWHXUVLOHIRXUHVWHQPRGHQHWWR\DJH
1(0$5&+(3$6
DXWRPDWLTXH
/$7(03e5$785(
/HWKHUPRVWDWGXIRXUGRLWrWUHUpJOp9RLUODVHFWLRQ5pJODJH
'8)285(677523
GXWKHUPRVWDWGXIRXU
)$,%/(287523)257(
/$3257('8)285
/HIRXUHVWWURSFKDXG/DLVVH]OHUHIURLGLUVRXVODWHPSpUDWXUHGHIHUPHWXUH
1(6·2895(3$63(1'$17
81352*5$00(
'(1(772<$*(
/(0(66$*(© &/26(GRRU ª
/HSURJUDPPHGHQHWWR\DJHDXWRPDWLTXHDpWpVpOHFWLRQQpPDLVODSRUWH
)HUPH]ODSRUWH
Q·HVWSDVIHUPpH)HUPH]ODSRUWHGXIRXU/H V\PEROHDSSDUDvWUDVXU
'e),/(685/·e&5$1
O·pFUDQ
(67(1&/(1&+e
/DSRUWHGXIRXUHVWYHUURXLOOpHFDUODWHPSpUDWXUHGXIRXUQ·DSDVEDLVVp
/25648($,7(=
VRXVODWHPSpUDWXUHGHIHUPHWXUH7RXUQH]OHERXWRQGHVpOHFWLRQGHPRGH
/$1&(5/$&8,6621
GXIRXUHWOHERXWRQ7HPSpUDWXUHVXU2))/DLVVH]OHIRXUUHIURLGLU
)(781180e52
/HIRXUDXQFRGHG·HUUHXUGHIRQFWLRQQHPHQW7RXUQH]OHERXWRQGH
&/,*127(17685/·e&5$1
VpOHFWLRQGHPRGHGXIRXUHWOHERXWRQ7HPSpUDWXUHVXU2))/DLVVH]OHIRXU
UHIURLGLUSHQGDQWXQHKHXUH5HPHWWH]OHIRXUHQURXWH
&RXSH]O·DOLPHQWDWLRQGXIRXUSHQGDQWVHFRQGHVHWUHEUDQFKH]
O·DOLPHQWDWLRQ6LOHFRGHG·HUUHXUVHUpSqWHDSSHOH]XQUpSDUDWHXU
/·e&5$1(6712,5
/·pFUDQHVWQRLUORUVTXHOHIRXURXOHPLQXWHXUQ·HVWSDVXWLOLVp
8QIXVLEOHGHYRWUHPDLVRQSHXWrWUHJULOOpRXOHGLVMRQFWHXUGpFOHQFKp
5HPSODFH]OHIXVLEOHRXUpHQFOHQFKH]OHGLVMRQFWHXU
/·e&5$11(3(873$6
/HVERXWRQV
7,0(5
0LQXWHXUHW
0,1,.12%
0LQLERXWRQGRLYHQWrWUH
$)),&+(5© 6) ª
HQIRQFpVHQPrPHWHPSVHWPDLQWHQXVSHQGDQWVHFRQGHV
/(0(66$*(© 352%( ª
&HFLDSRXUEXWGHYRXVUDSSHOHUG·LQWURGXLUHODVRQGHGHWHPSpUDWXUH
6RQGH6·$)),&+(
DSUqVO·DYRLUEUDQFKp,QWURGXLVH]XQHVRQGHGHWHPSpUDWXUH
685/·e&5$1
/(0(66$*(6·$)),&+(
/HPRGH6DEEDWKDpWpVpOHFWLRQQp
685/·e&5$1
&28385('(&285$17
6LYRXVDYH]XWLOLVpOHIRXUSHQGDQWXQHFRXSXUHGHFRXUDQW
RXXQHVXUWHQVLRQUHGpPDUUH]OHIRXU7RXUQH]OHERXWRQGHVpOHFWLRQ
GHPRGHGXIRXUHWOHERXWRQ7HPSpUDWXUHVXU2))5pJOH]jQRXYHDX
OHVERXWRQVGHFRPPDQGHSRXUUHGpPDUUHU
9$3(853529(1$17
6LYRXVO·XWLOLVH]HQPRGHFRQYHFWLRQLOHVWQRUPDOGHYRLUGHODIXPpH
'(/·e9(17
V·pFKDSSHUGHO·pYHQWGXIRXU/HQRPEUHGHSRVLWLRQVGHFXLVVRQV
RXODTXDQWLWpG·DOLPHQWVHQFRXUVGHFXLVVRQDXJPHQWDQWODTXDQWLWp
GHYDSHXUDXJPHQWHUD
2'(85'·+8,/(28
&·HVWQRUPDOGDQVXQIRXUQHXIO·RGHXUGLVSDUDvWUD
'(%5Ó/e3529(1$17
'(/·e9(17
812'(85)257(
&·HVWSURYLVRLUH,OHVWIUpTXHQWTX·XQHRGHXUSURYHQDQWGHO·LVRODWLRQTXL
HQWRXUHO·LQWpULHXUGXIRXUVHGpJDJHORUVGHVSUHPLqUHVPLVHVHQURXWH
%58,7'89(17,/$7(85
8QYHQWLODWHXUGHFRQYHFWLRQRXGHUHIURLGLVVHPHQWVHORQODIRQFWLRQTXH
YRXVXWLOLVH]SHXWV·DOOXPHU&·HVWQRUPDO/HYHQWLODWHXUGHUHIURLGLVVHPHQW
V·DOOXPHUDSRXUUHIURLGLUOHVFRPSRVDQWVLQWHUQHV,OIRQFWLRQQHUD
SUREDEOHPHQWDSUqVO·H[WLQFWLRQGXIRXU/HYHQWLODWHXUGHFRQYHFWLRQ
SHXWV·DOOXPHUHWV·pWHLQGUHMXVTX·jFHTXHODIRQFWLRQVRLWWHUPLQpH
RXTXHODSRUWHV·RXYUH
*XLGHGHGpSDQQDJH
&XLVLQLqUHPL[WHSURIHVVLRQQHOOH
