*$5$17,(
&HSURGXLWGDLHUHVWJDUDQWLORUVGHVRQH[SÑGLWLRQGDQVVRQ
HPEDOODJHGRULJLQHFRQWUHWRXWGÑIDXWGHPDLQGjXYUHRXGHIDEULFDWLRQ
/HIDEULFDQWDFFHSWHÎVDGLVFUÑWLRQGHUÑSDUHURXGHUHPSODFHUOHSURGXLW
GÑIHFWXHX[SDUXQDSSDUHLOQHXIRXUHPLVÎQHXIGHW\SHÑTXLYDOHQWSRXUOHV
SLÔFHVODPDLQGjXYUHHWODSÑULRGHLQGLTXÑHVFLGHVVRXV
&HWWHJDUDQWLHQHVDSSOLTXHSDVÎODSSDUHQFHRXÎOH[WÑULHXUGXSURGXLWVL
FHOXLFLDÑWÑHQGRPPDJÑUHQGXLOOLVLEOHDOWÑUÑRXPRGLILÑDXQLYHDXGHVD
FRQFHSWLRQRXGHVDFRQVWUXFWLRQ/DJDUDQWLHQHVjDSSOLTXHSDVDX[DFFHVVRLUHV
VXSSOÑPHQWDLUHVLQGLTXÑVFLGHVVRXV
/DJDUDQWLHFRPPHQFHOHMRXUGHODFKDWGjRULJLQHGHOjDSSDUHLOHWOHUH£XGRLWÒWUH
SUÑVHQWÑDXFHQWUHGHVHUYLFHDXWRULVÑDYDQWGHIIHFWXHUXQHUÑSDUDWLRQGDQVOH
FDGUHGHODJDUDQWLH
/DJDUDQWLHOLPLWÑHGÑFULWHGDQVFHGRFXPHQWVDMRXWHÎWRXWHJDUDQWLHLPSOLFLWH
DFFRUGÑHDX[DFKHWHXUVSDUODORL7287(*$5$17,(,03/,&,7(,1&/8$17
/$*$5$17,('(48$/,7µ0$5&+$1'((7'j$'$37$7,21²81
86$*(3$57,&8/,(5(67/,0,7µ($8;3µ5,2'(6,1',48µ(6&,'(66286
²&2037(5'(/$'$7('$&+$7&HUWDLQVµWDWVQHSHUPHWWHQWSDVOD
OLPLWDWLRQVXUODGXUÑHGHODJDUDQWLHLPSOLFLWHGDQVFHVFDVOHVOLPLWHVÑYRTXÑHV
SDUODSUÑVHQWHSHXYHQWQHSDVVDSSOLTXHUÎYRXV
1LOHSHUVRQQHOGHYHQWHQLDXFXQHDXWUHSHUVRQQHQHVRQWDXWRULVÑVÎGRQQHU
SRXUOHFDLHUGjDXWUHJDUDQWLHTXHFHOOHVGÑFULWHVGDQVFHGRFXPHQW
QLÎHQSURORQJHUODGXUÑHDXGHOÎGHODSÑULRGHLQGLTXÑH
/HVJDUDQWLHVGÑFULWHVGDQVFHGRFXPHQWVRQWOHVVHXOHVJDUDQWLHVH[FOXVLYHVDFFRUGÑHV
SDU+DLHUHWVRQWOHVVHXOVUHFRXUVH[FOXVLIVPLVÎGLVSRVLWLRQGHOjDFKHWHXU/DFRUUHFWLRQ
GHVGÑIDXWVHIIHFWXÑHWHOTXjLQGLTXÑHWGDQVODSÑULRGHLQGLTXÑHGDQVFHGRFXPHQW
FRQVWLWXHOjXQLTXHUHVSRQVDELOLWÑHWHQJDJDLHUHQYHUVOjDFKHWHXUHQFHTXL
FRQFHUQHOHSURGXLWHWFRQVWLWXHODVDWLVIDFWLRQFRPSOÔWHGHWRXWHVOHVSODLQWHVTXjHOOHV
VRLHQWEDVÑHVVXUXQFRQWUDWXQHQÑJOLJHQFHXQHUHVSRQVDELOLWÑVWULFWHDLHU
QHSHXWÒWUHWHQXHUHVSRQVDEOHGjDXFXQHPDQLÔUHSRXUGHVGRPPDJHVRXGÑIDXWVDX
SURGXLWFDXVÑVSDUXQHUÑSDUDWLRQRXXQHWHQWDWLYHGHUÑSDUDWLRQHIIHFWXÑHSDUXQH
SHUVRQQHRXXQFHQWUHGHVHUYLFHQRQDXWRULVÑVSDU+DLHU+DLHUQHVHUDSDVQRQSOXV
WHQXHUHVSRQVDEOHGjDFFLGHQWVGLUHFWVRXFRQVÑFXWLIVRXGHGRPPDJHVÎODSURSULÑWÑ
&(77(*$5$17,(9286'211('(6'52,76/µ*$8;63µ&,),48(6(79286
32855,(=$92,5'j$875(6'52,7648,9$5,(17'j81µ7$7²81$875(
/DSÑULRGHGHJDUDQWLHSRXU/(&HW/(&HVWGHDQSLÔFHVHWPDLQ
GjXYUH
/HVDFFHVVRLUHVVXSSOÑPHQWDLUHVH[FOXVGHODJDUDQWLHOHVSLOHVQRQUHFKDUJHDEOHV3RXU
REWHQLUXQHUÑSDUDWLRQRXGHODGRFXPHQWDWLRQGHVDFFHVVRLUHVRXGHVIRXUQLWXUHV
UHOLÑVDXSURGXLWRXSRXUREWHQLUXQVRXWLHQWHFKQLTXHDSSHOH]OH
3HQVH]ÎSUÑSDUHUYRWUHSUHXYHGDFKDW