<RXUQHZ*(ZDWHUGLVSHQVHULFHPDNHUZDWHUUHSODFHPHQWILOWHUJLYHV\RXXSWRJDOORQVRUPRQWKVRIJUHDWWDVWLQJZDWHU)LOWHUVKRXOGEHFKDQJHGDIWHUPRQWKVRIXVH
9RWUHQRXYHDXILOWUHGHUHPSODFHPHQWjHDX*(SRXUJpQpUDWHXUGHJODoRQVSURFXUHMXVTX·jOLWUHVJDOORQVG·XQHHDXG·H[FHOOHQWHTXDOLWppTXLYDODQWjHQYLURQPRLVG·XWLOLVDWLRQ
2QGHYUDLWFKDQJHUOHILOWUHDSUqVPRLVG·XWLOLVDWLRQ
6XQXHYRILOWURGHUHHPSOD]R*(SDUDHOGLVSHQVDGRUGHDJXDPiTXLQDGHKLHORVOHRIUHFHKDVWDJDORQHVRPHVHVGHDJXDGHH[FHOHQWHVDERU(OILOWURGHEHUiFDPELDUVHGHVSXpVGHPHVHVGHXVR
7HVWHGDQGFHUWLILHGE\16),QWHUQDWLRQDODJDLQVW16)$16,
6WDQGDUGDQGLQPRGHOV*;695*1695%/DQG
*1695::IRUWKHUHGXFWLRQRIWKHFODLPVVSHFLILHGRQWKH
3HUIRUPDQFH'DWD6KHHW
7HVWpHWKRPRORJXpSDU16),QWHUQDWLRQDOVHORQOHVQRUPHV
1RHW1R16)$16,GDQVOHVPRGqOHV*;695*1695%/
HW*1695::SRXUODUpGXFWLRQGHVSUpWHQWLRQVLQGLTXpHVGDQVOD
IHXLOOHGHVGRQQpHVGHSHUIRUPDQFH
3UREDGR\FHUWLILFDGRSRU16),QWHUQDWLRQDOFRQWUDORV
(VWiQGDUHV16)$16,\HQORVPRGHORV*;695*1695%/
\*1695::SDUDODUHGXFFLyQGHORVUHFODPRVHVSHFLILFDGRVHQOD
+RMDGH'DWRVGH'HVDUUROOR
5HSODFHPHQW)LOWHU&DUWULGJHV(VWLPDWHG5HSODFHPHQW&RVWV
)469)³5HSODFHPHQWILOWHUFDQLVWHU²
)RUUHSODFHPHQWSDUWVFDOOWROOIUHH86
&DQDGD(QJOLVK&DQDGD)UHQFK
&DUWRXFKHVILOWUDQWHVGHUHPSODFHPHQW&RWVGHUHPSODFHPHQWHVWLPpV
)469)³&DUWRXFKHjILOWUHGHUHPSODFHPHQW²
3RXUGHVSLqFHVGHUHPSODFHPHQWFRPSRVHUOHQXPpURVDQVIUDLVe8
&DQDGD$QJODLV&DQDGD)UDQoDLVH
&DUWXFKRVGHILOWURGHUHHPSOD]RFRVWRVHVWLPDGRVGHUHSRVLFLyQ
)469)³5HSRVLFLyQGHOUHFLSLHQWHGHOILOWUR²
3DUDSDUWHVGHUHHPSOD]ROODPHJUDWLVDO((88
&DQDGiLQJOpV&DQDGiIUDQFpV
*(1(5$/(/(&75,&&203$1<$SSOLDQFH3DUN/RXLVYLOOH.<
*($SSOLDQFHVFRP
*(
(/(0(172'(
5((03/$=2
e/e0(17'(
5(03/$&(0(17
5(3/$&(0(17
(/(0(17
,QVWDOODWLRQ
,QVWUXFWLRQV
5HSODFHPHQW)LOWHU
,QVWUXFWLRQVG·LQVWDOODWLRQ
)LOWUHGHUHPSODFHPHQW
,QVWUXFFLRQHVGHLQVWDODFLyQ
)LOWURGHUHFDPELR
)469)
7RUHGXFHWKHULVNDVVRFLDWHGZLWKWKHLQJHVWLRQRIFRQWDPLQDQWVGRQRWXVH
ZLWKZDWHUWKDWLVPLFURELRORJLFDOO\XQVDIHRURIXQNQRZQTXDOLW\ZLWKRXW
DGHTXDWHGLVLQIHFWLRQEHIRUHRUDIWHUWKHV\VWHP
6PDOOSDUWVUHPDLQLQJDIWHUWKHLQVWDOODWLRQFRXOGEHDFKRNHKD]DUG'LVFDUG
VDIHO\
:$51,1*
$9(57,66(0(17
$ILQGHUHGXFLUHOULHVJRDVRFLDGRFRQODLQJHVWLyQGHFRQWDPLQDQWHVQR
XVHFRQDJXDTXHQRVHDVHJXUDDQLYHOPLFUREDFWHULROyJLFRRGHFDOLGDG
GHVFRQRFLGDVLQXQDGHVLQIHFFLyQDGHFXDGDDQWHVRGHVSXpVGHOVLVWHPD
/DVSHTXHxDVSLH]DVTXHVREUDQGHVSXpVGHODLQVWDODFLyQSXHGHQFRQVWLWXLUXQ
ULHVJRGHDVIL[LD'HVpFKHODVDGHFXDGDPHQWH
$'9(57(1&,$
3RXUUpGXLUHOHULVTXHOLpjO·LQJHVWLRQGHFRQWDPLQDQWVQ·XWLOLVH]SDVOH
V\VWqPHDYHFGHO·HDXLQVDOXEUHRXG·XQHTXDOLWpGRXWHXVHVDQVDYRLU
SURFpGpjXQHGpVLQIHFWLRQHQDPRQWHWHQDYDOGXV\VWqPH
/HVSHWLWHVSLqFHVQRQXWLOLVpHVDSUqVO·LQVWDOODWLRQSHXYHQWVXVFLWHU
XQULVTXHG·pWRXIIHPHQWSRXUOHVMHXQHVHQIDQWV9HLOOHUjOHVpOLPLQHU