Mode d'emploi EPSON STYLUS C60 GUIDE DE RÉFÉRENCE

[. . . ] SRXU DSSOLTXHU YRV UpJODJHV HW UHYHQLU DX PHQX 3ULQFLSDO 6L YRXV VRXKDLWH] UHYHQLU DX PHQX 3ULQFLSDO VDQV DSSOLTXHU YRV UpJODJHV FOLTXH] VXU $QQXOHU 3RXU HQUHJLVWUHU YRV SDUDPqWUHV DYDQFpV SRXUVXLYH] j OD VHFWLRQ VXLYDQWH (QUHJLVWUHPHQW HW VXSSUHVVLRQ GH YRV SDUDPqWUHV 3RXU HQUHJLVWUHU YRV SDUDPqWUHV SHUVRQQDOLVpV GDQV OD OLVWH &RQILJ SHUVRQQDOLVpH FOLTXH] VXU (QUHJLVWUHU GDQV OD ERvWH GH GLDORJXH 3OXV G RSWLRQV /D ERvWH GH GLDORJXH 3HUVRQQDOLVp DSSDUDvW 6DLVLVVH] XQ QRP XQLTXH SRXU YRV SDUDPqWUHV GDQV OD ]RQH 1RP HW FOLTXH] VXU (QUHJLVWUHU 9RWUH FRQILJXUDWLRQ VHUD DMRXWpH j OD OLVWH &RQILJ SHUVRQQDOLVpH 5HPDUTXH /HV QRPV GHV FRQILJXUDWLRQV SUpGpILQLHV RX GHV PpWKRGHV GH FRUUHVSRQGDQFH GH FRXOHXU IRXUQLHV SDU (3621 QH SHXYHQW rWUH DSSOLTXpV j YRV FRQILJXUDWLRQV SHUVRQQDOLVpHV /HV FRQILJXUDWLRQV HW PpWKRGHV GH FRUUHVSRQGDQFH GH FRXOHXU SUpGpILQLHV QH SHXYHQW SDV rWUH VXSSULPpHV GH OD OLVWH &RQILJ SHUVRQQDOLVpH 3RXU VXSSULPHU XQH FRQILJXUDWLRQ GH OD OLVWH &RQILJ SHUVRQQDOLVpH VpOHFWLRQQH] VRQ QRP GDQV OD ERvWH GH GLDORJXH 3HUVRQQDOLVp SXLV FOLTXH] VXU (IIDFHU 8WLOLVDWLRQ GH YRV FRQILJXUDWLRQV HQUHJLVWUpHV 3RXU XWLOLVHU YRV FRQILJXUDWLRQV HQUHJLVWUpHV VpOHFWLRQQH] $YDQFp GDQV OD ]RQH 0RGH GX PHQX 3ULQFLSDO SXLV VpOHFWLRQQH] YRWUH FRQILJXUDWLRQ GDQV OD OLVWH &RQILJ SHUVRQQDOLVpH 6L YRXV PRGLILH] OHV SDUDPqWUHV 6XSSRUW RX &RXOHXU ORUVTXH OXQH GH YRV FRQILJXUDWLRQV SHUVRQQDOLVpHV HVW VpOHFWLRQQpH GDQV OD OLVWH &RQILJ SHUVRQQDOLVpH OD VpOHFWLRQ DIILFKpH GDQV OD OLVWH UHYLHQW VXU &RQILJ SHUVRQQDOLVpH /D PRGLILFDWLRQ QD DXFXQH LQFLGHQFH VXU OD FRQILJXUDWLRQ SHUVRQQDOLVpH SUpFpGHPPHQW VpOHFWLRQQpH 3RXU UHYHQLU j YRWUH FRQILJXUDWLRQ SHUVRQQDOLVpH UHVpOHFWLRQQH]OD VLPSOHPHQW GDQV OD OLVWH 'pILQLWLRQ GX SDUDPqWUH &RXOHXU 3RXU GpILQLU OH SDUDPqWUH &RXOHXU FOLTXH] VXU &RXOHXU SRXU LPSULPHU HQ FRXOHXU RX VXU 1RLUH SRXU LPSULPHU HQ QRLU HW EODQF RX HQ QLYHDX[ GH JULV $SHUoX DYDQW O LPSUHVVLRQ 3RXU DYRLU XQ DSHUoX GH YRWUH GRFXPHQW DYDQW GH O LPSULPHU FRFKH] OD FDVH $SHUoX DYDQW LPSUHVVLRQ GDQV OH PHQX 3ULQFLSDO /RUVTXH YRXV HQYR\H] XQ WUDYDLO GLPSUHVVLRQ j OLPSULPDQWH OD IHQrWUH (3621 $SHUoX DYDQW LPSUHVVLRQ VRXYUH HW YRXV SHUPHW GHIIHFWXHU GHV PRGLILFDWLRQV DYDQW OLPSUHVVLRQ /D EDUUH GRXWLOV (3621 $SHUoX DYDQW LPSUHVVLRQ FRQWLHQW SOXVLHXUV ERXWRQVLF{QHV TXL YRXV SHUPHWWHQW GHIIHFWXHU OHV IRQFWLRQV VXLYDQWHV *OLVVHU 'pSRVHU =RRP &H ERXWRQ YRXV SHUPHW GH VpOHFWLRQQHU HW GH GpSODFHU GHV ILOLJUDQHV &H ERXWRQ YRXV SHUPHW GDXJPHQWHU RX GH GLPLQXHU OD WDLOOH GH OD SDJH YLVXDOLVpH &H ERXWRQ YRXV SHUPHW GDMXVWHU OD WDLOOH GH OD SDJH YLVXDOLVpH GH IDoRQ TXHOOH WLHQQH GDQV OD IHQrWUH 6pOHFWLRQQH] FHWWH RSWLRQ VL YRXV YRXOH] YRLU WRXWH OD SDJH GXQ VHXO FRXS &H ERXWRQ YRXV SHUPHW GDIILFKHU OD SDJH DYHF OH QLYHDX GH ]RRP OH SOXV pOHYp SRVVLEOH $MXVWp j OpFUDQ =RRP PD[LPXP =RQH LPSULPDEOH 2XL1RQ 3RXU DIILFKHU RX PDVTXHU OHV OLJQHV GpOLPLWDQW OD ]RQH LPSULPDEOH /LPSULPDQWH QH SHXW LPSULPHU TXH FH TXL VH WURXYH j OLQWpULHXU GH FHWWH ]RQH &H ERXWRQ YRXV SHUPHW GRXYULU OD ERvWH GH GLDORJXH )LOLJUDQH GDQV ODTXHOOH YRXV SRXYH] DMRXWHU GHV ILOLJUDQHV DX GRFXPHQW HW PRGLILHU WRXW SDUDPqWUH GX ILOLJUDQH HQ FRXUV &OLTXH] VXU FH ERXWRQ SRXU UpWDEOLU OD FRQILJXUDWLRQ GHV SDUDPqWUHV GH ILOLJUDQH TXL pWDLW HQ YLJXHXU ORUV GH ORXYHUWXUH GH OD ERvWH GH GLDORJXH (3621 $SHUoX DYDQW LPSUHVVLRQ 6L DXFXQH PRGLILFDWLRQ QD pWp HIIHFWXpH FHWWH IRQFWLRQ QHVW SDV GLVSRQLEOH &H ERXWRQ YRXV SHUPHW GDIILFKHU OD SDJH TXL SUpFqGH FHOOH HQ FRXUV GH YLVXDOLVDWLRQ 6LO Q\ D DXFXQH SDJH SUpFpGHQWH FHWWH FDUDFWpULVWLTXH QHVW SDV GLVSRQLEOH &H ERXWRQ DIILFKH OD SDJH VXLYDQWH GX GRFXPHQW 6 LO Q \ D DXFXQH SDJH VXLYDQWH FHWWH IRQFWLRQQDOLWp Q HVW SDV GLVSRQLEOH )LOLJUDQH 9DOHXUV LQLWLDOHV GX ILOLJUDQH 3DJH SUpFpGHQWH 3DJH VXLYDQWH 9RXV SRXYH] DXVVL PDQLSXOHU OH GRFXPHQW YLVXDOLVp GH OXQH GHV PDQLqUHV VXLYDQWHV 6pOHFWLRQQHU HW YLVXDOLVHU GHV SDJHV LQGLYLGXHOOHV 5pGXLUH RX DJUDQGLU OD WDLOOH GH OD IHQrWUH GDSHUoX $JUDQGLU OH GRFXPHQW HQ DSHUoX 3RXU FHOD FOLTXH] VXU 9LVXDOLVHU SXLV VXU $JUDQGLU SRXU RXYULU OD IHQrWUH $JUDQGLU TXL DJUDQGLW OD ]RQH GX GRFXPHQW DIILFKp HQ DSHUoX GpOLPLWpH SDU XQ FDGUH URXJH (Q IDLVDQW JOLVVHU OH FDGUH URXJH YRXV SRXYH] DJUDQGLU QLPSRUWH TXHOOH SDUWLH GX GRFXPHQW $IILFKHU OHV SDJHV LQGLYLGXHOOHV TXL FRPSRVHQW XQ SRVWHU /D IHQrWUH 3RVWHU VRXYUH DXWRPDWLTXHPHQW ORUVTXH YRXV HQYR\H] XQ WUDYDLO GLPSUHVVLRQ DSUqV DYRLU VpOHFWLRQQp ORSWLRQ 3RVWHU GDQV OD ]RQH 0XOWL3DJHV GX PHQX 'LVSRVLWLRQ SDUWLU GH FHWWH IHQrWUH YRXV SRXYH] YLVXDOLVHU OHV SDJHV LQGLYLGXHOOHV TXL FRQVWLWXHQW XQ SRVWHU 9RXV SRXYH] DXVVL RXYULU FHWWH ERvWH GH GLDORJXH HQ FOLTXDQW VXU 9LVXDOLVHU SXLV VXU 3RVWHU $SSOLTXHU GHV ILOLJUDQHV /H ILOLJUDQH TXH YRXV VpOHFWLRQQH] VDIILFKHUD GDQV O LPDJH HQ DSHUoX 3RXU SOXV G LQIRUPDWLRQV VXU OD SHUVRQQDOLVDWLRQ GHV ILOLJUDQHV UHSRUWH]YRXV j OD VHFWLRQ 3DUDPqWUHV )LOLJUDQH , QGLTXHU OHV SDJHV GX GRFXPHQW TXH YRXV VRXKDLWH] LPSULPHU 3RXU DMRXWHU RX VXSSULPHU XQH SDJH FOLTXH] VXU O LF{QH HQ IRUPH GH SDJH GDQV OD OLVWH VLWXpH VXU OD JDXFKH GH OD IHQrWUH G DSHUoX SXLV XWLOLVH] OHV FRPPDQGHV GX PHQX 2SWLRQV G LPSUHVVLRQ /HV FRPPDQGHV GX PHQX 2SWLRQV G LPSUHVVLRQ VRQW OHV VXLYDQWHV $MRXWHU SDJH ([FOXUH SDJH &OLTXH] VXU FHWWH RSWLRQ SRXU DMRXWHU OHV SDJHV VpOHFWLRQQpHV j OD OLVWH GHV SDJHV j LPSULPHU &OLTXH] VXU FHWWH RSWLRQ SRXU VXSSULPHU OHV SDJHV VpOHFWLRQQpHV GH OD OLVWH GHV SDJHV j LPSULPHU $SUqV OD YLVXDOLVDWLRQ GX GRFXPHQW FOLTXH] VXU , PSULPHU SRXU ODQFHU O LPSUHVVLRQ RX VXU $QQXOHU SRXU O DQQXOHU 'pILQLWLRQ GHV SDUDPqWUHV GX PHQX 3DSLHU 8WLOLVH] OHV SDUDPqWUHV GX PHQX 3DSLHU SRXU FKDQJHU OD WDLOOH GX SDSLHU GpILQLU OH QRPEUH GH FRSLHV RX GDXWUHV SDUDPqWUHV UHODWLIV DX[ FRSLHV SUpFLVHU ORULHQWDWLRQ GX SDSLHU HW DMXVWHU OD ]RQH LPSULPDEOH 9RXV SRXYH] GpILQLU OHV SDUDPqWUHV VXLYDQWV GDQV OH PHQX 3DSLHU 7DLOOH SDSLHU &KRLVLVVH] OH IRUPDW GH SDSLHU TXH YRXOH] XWLOLVHU 9RXV SRXYH] DXVVL DMRXWHU XQ IRUPDW GH SDSLHU SHUVRQQDOLVp &KRLVLVVH] OH QRPEUH GH FRSLHV j LPSULPHU 9RXV SRXYH] FKRLVLU $VVHPEOpHV SRXU LPSULPHU XQ MHX j OD IRLV RX 2UGUH LQYHUVp SRXU LPSULPHU YRV GRFXPHQWV HQ VHQV LQYHUVH HQ FRPPHQoDQW SDU OD GHUQLqUH SDJH &KRLVLVVH] 3RUWUDLW YHUWLFDO RX 3D\VDJH KRUL]RQWDO SRXU PRGLILHU ORULHQWDWLRQ GH OLPSUHVVLRQ 6L YRXV VRXKDLWH] LPSULPHU SOXV SUqV GX ERUG LQIpULHXU GH OD SDJH FRFKH] OD FDVH 5RWDWLRQ &RSLHV 2ULHQWDWLRQ =RQH LPSULPDEOH 8WLOLVH] OHV RSWLRQV GH OD =RQH LPSULPDEOH SRXU DMXVWHU OD ]RQH WRWDOH GLVSRQLEOH SRXU OLPSUHVVLRQ 3RXU FHQWUHU OLPDJH LPSULPpH VpOHFWLRQQHU &HQWUpH 3RXU DJUDQGLU OD ]RQH LPSULPDEOH VpOHFWLRQQH] 0D[LPDOH 5HPDUTXH 1XWLOLVH] SDV O RSWLRQ 0D[LPDOH DYHF GX SDSLHU SKRWR JODFp 3UHPLXP /D TXDOLWp GLPSUHVVLRQ SHXW GpFOLQHU VXU OHV ERUGV GX WLUDJH ORUVTXH ORSWLRQ 0D[LPDOH HVW VpOHFWLRQQpH SRXU OD =RQH LPSULPDEOH $YDQW GLPSULPHU GHV WUDYDX[ GH IRUW YROXPH DYHF FHWWH RSWLRQ LPSULPH] XQH SDJH SRXU FRQWU{OHU OD TXDOLWp 4XDQG O RSWLRQ 0D[LPDOH HVW VpOHFWLRQQpH SRXU OD =RQH LPSULPDEOH YpULILH] TXH OH SDSLHU FKDUJp HVW ELHQ SODW 'pILQLWLRQ GHV SDUDPqWUHV GX PHQX 'LVSRVLWLRQ 'DQV OH PHQX 'LVSRVLWLRQ YRXV SRXYH] GpILQLU OHV SDUDPqWUHV , PSUHVVLRQ SURSRUWLRQQHOOH 0XOWL3DJHV HW )LOLJUDQH 5HSRUWH]YRXV j OD VHFWLRQ DSSURSULpH FLGHVVRXV 3DUDPqWUH , PSUHVVLRQ SURSRUWLRQQHOOH 8WLOLVH] OHV RSWLRQV GX SDUDPqWUH , PSUHVVLRQ SURSRUWLRQQHOOH GX PHQX 'LVSRVLWLRQ SRXU DMXVWHU OD WDLOOH LPSULPpH GH YRWUH GRFXPHQW 9RXV SRXYH] VpOHFWLRQQHU OHV SDUDPqWUHV VXLYDQWV =RRP $JUDQGLW RX UpGXLW SURSRUWLRQQHOOHPHQW OD WDLOOH GH YRWUH GRFXPHQW SRXU TXLO VDGDSWH DX IRUPDW GH SDSLHU FKRLVL GDQV OD OLVWH 7DLOOH GX SDSLHU 3HUPHW GDJUDQGLU RX GH UpGXLUH PDQXHOOHPHQW XQH LPDJH &OLTXH] VXU OHV IOqFKHV GH OD ]RQH 3URSRUWLRQ SRXU FKRLVLU XQH YDOHXU HQWUH HW 3HUVRQQDOLVpH 3DUDPqWUHV 0XOWL3DJHV 6L YRXV FRFKH] OD FDVH 0XOWL3DJHV YRXV SRXYH] FKRLVLU ORSWLRQ 1SDJHV RX 3RVWHU 5HSRUWH]YRXV j OD VHFWLRQ DSSURSULpH FLGHVVRXV 3DUDPqWUH 1SDJHV 3RXU LPSULPHU GHX[ RX TXDWUH SDJHV GH YRWUH GRFXPHQW VXU XQH VHXOH IHXLOOH GH SDSLHU VpOHFWLRQQH] OH SDUDPqWUH 1SDJHV GDQV OD ]RQH 0XOWL3DJHV GX PHQX 'LVSRVLWLRQ $SUqV DYRLU VpOHFWLRQQp 1SDJHV YRXV SRXYH] FKRLVLU OXQH GHV RSWLRQV VXLYDQWHV 3DJHV 3DJHV 3HUPHW GLPSULPHU RX SDJHV GH YRWUH GRFXPHQW VXU OD PrPH IHXLOOH GH SDSLHU 2UGUH GHV SDJHV 2XYUH OD ERvWH GH GLDORJXH 2UJDQLVDWLRQ TXL YRXV SHUPHW GH VSpFLILHU ORUGUH GDQV OHTXHO OHV SDJHV VHURQW LPSULPpHV VXU OD IHXLOOH GH SDSLHU &HUWDLQV SDUDPqWUHV SHXYHQW rWUH LQDFFHVVLEOHV HQ IRQFWLRQ GX FKRL[ HIIHFWXp SRXU OH SDUDPqWUH 2ULHQWDWLRQ GX PHQX 3DSLHU , PSULPH XQ FDGUH DXWRXU GHV SDJH LPSULPpHV VXU OD IHXLOOH GH SDSLHU (QFDGUHPHQW SDJH 'pILQLWLRQ GX SDUDPqWUH 3RVWHU 8QH SDJH GXQ GRFXPHQW SHXW rWUH DJUDQGLH SRXU FRXYULU RX IHXLOOHV 3RXU LPSULPHU XQH LPDJH GH OD WDLOOH GXQH DIILFKH VpOHFWLRQQH] OH SDUDPqWUH 3RVWHU GDQV OD ]RQH 0XOWL3DJHV 3RXU GpILQLU OH PRGH GLPSUHVVLRQ GH YRWUH SRVWHU FOLTXH] VXU OH ERXWRQ &RQILJXUDWLRQ SRVWHU /D ERvWH GH GLDORJXH &RQILJXUDWLRQ GX SRVWHU VRXYUH 9RXV SRXYH] GpILQLU OHV SDUDPqWUHV VXLYDQWV , PSULPHU OHV PDUTXHV GH FRXSH *XLGHV GH UHFRXYUHPHQW /LJQHV GH FRXSH &RFKH] FHWWH FDVH SRXU DFWLYHU O LPSUHVVLRQ GH PDUTXHV GH FRXSH )DLW VH FKHYDXFKHU OpJqUHPHQW OHV LPDJHV HW LPSULPH GHV JXLGHV GH UHFRXYUHPHQW SRXU XQ DOLJQHPHQW SOXV SUpFLV , PSULPH GHV OLJQHV GH FRXSH SRXU YRXV DLGHU j GpFRXSHU OHV SDJHV 6L YRXV QH VRXKDLWH] LPSULPHU TXH FHUWDLQHV SDUWLHV GX SRVWHU HW QRQ VD WRWDOLWp FOLTXH] VXU OHV SDUWLHV TXH YRXV QH VRXKDLWH] SDV LPSULPHU SXLV VXU 2. [. . . ] 'DQV OH 3DQQHDX GH FRQILJXUDWLRQ GRXEOHFOLTXH] VXU OLF{QH , PSULPDQWHV 5HPDUTXH 6L XQH ERvWH GH GLDORJXH VDIILFKH HW YRXV GHPDQGH OH &'520 GH :LQGRZV 0H RX LQVpUH] FH &'520 GDQV OH OHFWHXU GH &'520 HW VXLYH] OHV PHVVDJHV TXL VDIILFKHQW 6L XQH ERvWH GH GLDORJXH YRXV GHPDQGDQW GH UHGpPDUUHU YRWUH RUGLQDWHXU VDIILFKH IDLWHVOH 3XLV RXYUH] OH GRVVLHU , PSULPDQWHV HW UHSUHQH] j OpWDSH 6pOHFWLRQQH] YRWUH LPSULPDQWH GDQV OH GRVVLHU , PSULPDQWHV HW FOLTXH] VXU 3DUWDJHU GDQV OH PHQX )LFKLHU , QVWDOODWLRQ HQ UpVHDX GH YRWUH LPSULPDQWH 6pOHFWLRQQH] 3DUWDJp HQ WDQW TXH VDLVLVVH] OHV LQIRUPDWLRQV QpFHVVDLUHV HW FOLTXH] VXU 2. $FFqV j OLPSULPDQWH SDU OH UpVHDX 3RXU XWLOLVHU YRWUH LPSULPDQWH j SDUWLU G DXWUHV RUGLQDWHXUV GX UpVHDX YRXV GHYH] G DERUG O DMRXWHU j FKDTXH RUGLQDWHXU VXVFHSWLEOH G \ DFFpGHU 3URFpGH] FRPPH VXLW 5HPDUTXH 9RWUH LPSULPDQWH GRLW rWUH FRQILJXUpH FRPPH XQH UHVVRXUFH SDUWDJpH VXU ORUGLQDWHXU DXTXHO HOOH HVW GLUHFWHPHQW FRQQHFWpH DYDQW TXH YRXV SXLVVLH] \ DFFpGHU GHSXLV XQ DXWUH RUGLQDWHXU 3RXU DYRLU GHV LQVWUXFWLRQV UHSRUWH]YRXV j OD VHFWLRQ &RQILJXUDWLRQ GH YRWUH LPSULPDQWH FRPPH LPSULPDQWH SDUWDJpH &OLTXH] VXU 'pPDUUHU SRLQWH] 3DUDPqWUHV SXLV FOLTXH] VXU , PSULPDQWHV 'RXEOHFOLTXH] VXU OLF{QH $MRXW GLPSULPDQWH /pFUDQ $VVLVWDQW $MRXW GLPSULPDQWH VDIILFKH , QVWDOODWLRQ HQ UpVHDX GH YRWUH LPSULPDQWH &OLTXH] VXU 6XLYDQW &OLTXH] VXU , PSULPDQWH UpVHDX SXLV FOLTXH] VXU 6XLYDQW 6XU O pFUDQ VXLYDQW FOLTXH] VXU 3DUFRXULU 'RXEOHFOLTXH] VXU O LF{QH GH O RUGLQDWHXU GLUHFWHPHQW FRQQHFWp j O LPSULPDQWH &OLTXH] HQVXLWH VXU OLF{QH GH OLPSULPDQWH DSSURSULpH &OLTXH] VXU 2. HW VXLYH] OHV LQVWUXFWLRQV TXL VDIILFKHQW , QVWDOODWLRQ HQ UpVHDX GH YRWUH LPSULPDQWH 5HPDUTXH 3RXU VXUYHLOOHU O pWDW G XQH LPSULPDQWH SDUWDJpH YRXV GHYH] LQVWDOOHU (3621 6WDWXV 0RQLWRU VXU FKDTXH RUGLQDWHXU VXVFHSWLEOH G DFFpGHU j O LPSULPDQWH 3RXU DYRLU GHV LQVWUXFWLRQV UHSRUWH]YRXV j OD VHFWLRQ , QVWDOODWLRQ G (3621 6WDWXV 0RQLWRU , QVWDOODWLRQ G (3621 6WDWXV 0RQLWRU 3RXU VXUYHLOOHU O pWDW G XQH LPSULPDQWH DFFHVVLEOH VXU XQ UpVHDX YRXV GHYH] LQVWDOOHU (3621 6WDWXV 0RQLWRU VXU FKDTXH RUGLQDWHXU VXVFHSWLEOH G DFFpGHU j O LPSULPDQWH 3URFpGH] FRPPH VXLW , QVpUH] OH &'520 GX ORJLFLHO GLPSUHVVLRQ GDQV OH OHFWHXU DSSURSULp 6L OD ERvWH GH GLDORJXH GX SURJUDPPH G LQVWDOODWLRQ QH V DIILFKH SDV GRXEOHFOLTXH] VXU OH SURJUDPPH (3VHWXSH[H GX &'520 6pOHFWLRQQH] , QVWDOODWLRQ (3621 6WDWXV 0RQLWRU HW FOLTXH] VXU 6XLYH] OHV PHVVDJHV TXL VDIILFKHQW 6RXV :LQGRZV &HWWH VHFWLRQ GpFULW FRPPHQW FRQILJXUHU YRWUH LPSULPDQWH SRXU TXHOOH SXLVVH rWUH XWLOLVpH SDU GDXWUHV XWLOLVDWHXUV GX UpVHDX 5HPDUTXH &HWWH VHFWLRQ QH FRQFHUQH TXH OHV XWLOLVDWHXUV GH UpVHDX[ GH SHWLWH WDLOOH 6L YRXV rWHV VXU XQ UpVHDX GH SOXV JUDQGH HQYHUJXUH HW TXH YRXV VRXKDLWH] SDUWDJHU YRWUH LPSULPDQWH FRQVXOWH] YRWUH DGPLQLVWUDWHXU GH UpVHDX , QVWDOODWLRQ HQ UpVHDX GH YRWUH LPSULPDQWH 9RXV GHYH] GDERUG FRQILJXUHU OLPSULPDQWH FRPPH LPSULPDQWH SDUWDJpH VXU ORUGLQDWHXU DXTXHO HOOH HVW FRQQHFWpH 9RXV GHYH] HQVXLWH DMRXWHU O LPSULPDQWH j FKDTXH RUGLQDWHXU VXVFHSWLEOH G \ DFFpGHU SDU OH UpVHDX &RQILJXUDWLRQ GH YRWUH LPSULPDQWH FRPPH LPSULPDQWH SDUWDJpH 3RXU SDUWDJHU XQH LPSULPDQWH DYHF GDXWUHV RUGLQDWHXUV GX UpVHDX SURFpGH] FRPPH VXLW SRXU FRQILJXUHU ORUGLQDWHXU DXTXHO OLPSULPDQWH HVW FRQQHFWpH &OLTXH] VXU 'pPDUUHU SRLQWH] 3DUDPqWUHV SXLV FOLTXH] VXU , PSULPDQWHV &OLTXH] DYHF OH ERXWRQ GURLW VXU O LF{QH FRUUHVSRQGDQW j YRWUH LPSULPDQWH SXLV FOLTXH] VXU 3DUWDJH 6pOHFWLRQQH] 3DUWDJp HQ WDQW TXH SXLV VDLVLVVH] XQ QRP SRXU O LPSULPDQWH SDUWDJpH , QVWDOODWLRQ HQ UpVHDX GH YRWUH LPSULPDQWH 5HPDUTXH 1 XWLOLVH] SDV G HVSDFH RX GH WUDLW G XQLRQ SRXU OH QRP G LPSULPDQWH 6L YRXV YRXOH] TXH :LQGRZV WpOpFKDUJH DXWRPDWLTXHPHQW OHV SLORWHV G LPSULPDQWH VXU OHV RUGLQDWHXUV TXL Q H[pFXWHQW SDV :LQGRZV FOLTXH] VXU 3LORWHV VXSSOpPHQWDLUHV HW VpOHFWLRQQH] O HQYLURQQHPHQW HW OH V\VWqPH G H[SORLWDWLRQ GHV DXWUHV RUGLQDWHXUV &OLTXH] VXU 2. SRXU LQVWDOOHU OHV SLORWHV VXSSOpPHQWDLUHV &OLTXH] VXU 2. RX VXU )HUPHU VL YRXV DYH] LQVWDOOp GHV SLORWHV VXSSOpPHQWDLUHV $FFqV j OLPSULPDQWH SDU OH UpVHDX 3RXU XWLOLVHU YRWUH LPSULPDQWH j SDUWLU G DXWUHV RUGLQDWHXUV GX UpVHDX YRXV GHYH] G DERUG O DMRXWHU j FKDTXH RUGLQDWHXU VXVFHSWLEOH G \ DFFpGHU 3URFpGH] FRPPH VXLW , QVWDOODWLRQ HQ UpVHDX GH YRWUH LPSULPDQWH 5HPDUTXH 9RWUH LPSULPDQWH GRLW rWUH FRQILJXUpH FRPPH XQH UHVVRXUFH SDUWDJpH VXU ORUGLQDWHXU DXTXHO HOOH HVW GLUHFWHPHQW FRQQHFWpH DYDQW TXH YRXV SXLVVLH] \ DFFpGHU GHSXLV XQ DXWUH RUGLQDWHXU 3RXU DYRLU GHV LQVWUXFWLRQV UHSRUWH]YRXV j OD VHFWLRQ &RQILJXUDWLRQ GH YRWUH LPSULPDQWH FRPPH LPSULPDQWH SDUWDJpH &OLTXH] VXU 'pPDUUHU SRLQWH] 3DUDPqWUHV SXLV FOLTXH] VXU , PSULPDQWHV 'RXEOHFOLTXH] VXU OLF{QH $MRXW GLPSULPDQWH /pFUDQ $VVLVWDQW $MRXW GLPSULPDQWH VDIILFKH &OLTXH] VXU 6XLYDQW &OLTXH] VXU , PSULPDQWH UpVHDX SXLV FOLTXH] VXU 6XLYDQW 6XU O pFUDQ VXLYDQW FOLTXH] VXU 6XLYDQW , QVWDOODWLRQ HQ UpVHDX GH YRWUH LPSULPDQWH 'RXEOHFOLTXH] VXU O LF{QH GH O RUGLQDWHXU GLUHFWHPHQW FRQQHFWp j O LPSULPDQWH &OLTXH] HQVXLWH VXU OLF{QH GH OLPSULPDQWH DSSURSULpH &OLTXH] VXU 6XLYDQW HW VXLYH] OHV LQVWUXFWLRQV TXL VDIILFKHQW 5HPDUTXH (Q IRQFWLRQ GX V\VWqPH G H[SORLWDWLRQ HW GH OD FRQILJXUDWLRQ GH O RUGLQDWHXU DXTXHO O LPSULPDQWH HVW UDFFRUGpH O $VVLVWDQW $MRXW G LPSULPDQWH SHXW YRXV LQYLWHU j LQVWDOOHU OH SLORWH G LPSUHVVLRQ j SDUWLU GX &'520 GX ORJLFLHO G LPSUHVVLRQ 'DQV FH FDV FOLTXH] VXU OH ERXWRQ 'LVTXHWWH IRXUQLH HW VXLYH] OHV LQVWUXFWLRQV TXL V DIILFKHQW j O pFUDQ 3RXU VXUYHLOOHU O pWDW G XQH LPSULPDQWH SDUWDJpH YRXV GHYH] LQVWDOOHU (3621 6WDWXV 0RQLWRU VXU FKDTXH RUGLQDWHXU VXVFHSWLEOH G DFFpGHU j O LPSULPDQWH 3RXU DYRLU GHV LQVWUXFWLRQV UHSRUWH]YRXV j OD VHFWLRQ , QVWDOODWLRQ G (3621 6WDWXV 0RQLWRU , QVWDOODWLRQ G (3621 6WDWXV 0RQLWRU 3RXU VXUYHLOOHU O pWDW G XQH LPSULPDQWH DFFHVVLEOH VXU XQ UpVHDX YRXV GHYH] LQVWDOOHU (3621 6WDWXV 0RQLWRU VXU FKDTXH RUGLQDWHXU VXVFHSWLEOH G DFFpGHU j O LPSULPDQWH 3URFpGH] FRPPH VXLW , QVWDOODWLRQ HQ UpVHDX GH YRWUH LPSULPDQWH , QVpUH] OH &'520 GX ORJLFLHO GLPSUHVVLRQ GDQV OH OHFWHXU DSSURSULp 6L OD ERvWH GH GLDORJXH GX SURJUDPPH G LQVWDOODWLRQ QH V DIILFKH SDV GRXEOHFOLTXH] VXU OH SURJUDPPH (3VHWXSH[H GX &'520 6pOHFWLRQQH] , QVWDOODWLRQ (3621 6WDWXV 0RQLWRU HW FOLTXH] VXU 6XLYH] OHV PHVVDJHV TXL VDIILFKHQW 6XU 0DFLQWRVK &HWWH VHFWLRQ GpFULW FRPPHQW FRQILJXUHU YRWUH LPSULPDQWH SRXU TXHOOH SXLVVH rWUH XWLOLVpH VXU XQ UpVHDX $SSOH7DON (Q FRQILJXUDQW YRWUH LPSULPDQWH HQ WDQW TXLPSULPDQWH SDUWDJpH YRXV OD FRQQHFWH] DX UpVHDX HW YRXV SHUPHWWH] j GDXWUHV RUGLQDWHXUV GH OXWLOLVHU 9RXV GHYH] GDERUG FRQILJXUHU OLPSULPDQWH FRPPH LPSULPDQWH SDUWDJpH VXU ORUGLQDWHXU DXTXHO HOOH HVW FRQQHFWpH 9RXV GHYH] HQVXLWH VSpFLILHU OH FKHPLQ GDFFqV UpVHDX GH FHV RUGLQDWHXUV j OLPSULPDQWH HW LQVWDOOHU OH ORJLFLHO GLPSUHVVLRQ VXU FHV RUGLQDWHXUV &RQILJXUDWLRQ GH YRWUH LPSULPDQWH FRPPH LPSULPDQWH SDUWDJpH 3RXU SDUWDJHU XQH LPSULPDQWH DYHF GDXWUHV RUGLQDWHXUV VXU XQ UpVHDX $SSOH7DON SURFpGH] FRPPH VXLW SRXU FRQILJXUHU ORUGLQDWHXU DXTXHO OLPSULPDQWH HVW FRQQHFWpH 0HWWH] OLPSULPDQWH VRXV WHQVLRQ , QVWDOODWLRQ HQ UpVHDX GH YRWUH LPSULPDQWH &KRLVLVVH] 6pOHFWHXU GDQV OH PHQX 3RPPH HW FOLTXH] VXU OLF{QH FRUUHVSRQGDQW j YRWUH LPSULPDQWH 6pOHFWLRQQH] HQVXLWH OH SRUW DXTXHO OLPSULPDQWH HVW FRQQHFWpH &OLTXH] VXU OH ERXWRQ &RQILJXUDWLRQ /D ]RQH GH GLDORJXH 3DUWDJH G LPSULPDQWH VDIILFKH 6pOHFWLRQQH] OD FDVH j FRFKHU 3DUWDJHU FHWWH LPSULPDQWH SXLV WDSH] OH QRP GH OLPSULPDQWH HW OH PRW GH SDVVH VL QpFHVVDLUH &OLTXH] VXU 2. /H QRP GH OLPSULPDQWH SDUWDJpH VDIILFKH GDQV OD OLVWH GHV SRUWV GX 6pOHFWHXU )HUPH] OH 6pOHFWHXU , QVWDOODWLRQ HQ UpVHDX GH YRWUH LPSULPDQWH $FFqV j OLPSULPDQWH SDU OH UpVHDX 3RXU DFFpGHU j YRWUH LPSULPDQWH j SDUWLU GDXWUHV RUGLQDWHXUV GX UpVHDX SURFpGH] FRPPH VXLW SRXU FKDTXH RUGLQDWHXU GHYDQW DYRLU DFFqV j OLPSULPDQWH 0HWWH] OLPSULPDQWH VRXV WHQVLRQ , QVWDOOH] OH ORJLFLHO GLPSUHVVLRQ j SDUWLU GX &'520 &KRLVLVVH] OH 6pOHFWHXU GDQV OH PHQX 3RPPH &OLTXH] HQVXLWH VXU OLF{QH GLPSULPDQWH DSSURSULpH HW VpOHFWLRQQH] OH SRUW GLPSULPDQWH TXH YRXV YRXOH] XWLOLVHU GDQV OD OLVWH LQWLWXOpH 6pOHFWLRQQH] XQ SRUW 5HPDUTXH 6HXOHV OHV LPSULPDQWHV FRQQHFWpHV j YRWUH ]RQH $SSOH7DON DFWXHOOH VRQW GLVSRQLEOHV , QVWDOODWLRQ HQ UpVHDX GH YRWUH LPSULPDQWH 6L OD ]RQH GH GLDORJXH VXLYDQWH VDIILFKH HQWUH] OH PRW GH SDVVH SRXU OLPSULPDQWH HW FOLTXH] VXU 2. 6pOHFWLRQQH] OH FHUFOH GRSWLRQ , PSUHVVLRQ GH IRQG DSSURSULp SRXU DFWLYHU RX GpVDFWLYHU FHWWH FDUDFWpULVWLTXH )HUPH] OH 6pOHFWHXU , QVWDOODWLRQ HQ UpVHDX GH YRWUH LPSULPDQWH , QVWDOODWLRQ HQ UpVHDX GH YRWUH LPSULPDQWH $XJPHQWDWLRQ GH OD YLWHVVH G LPSUHVVLRQ 6XLYH] OHV LQVWUXFWLRQV GH FHWWH VHFWLRQ SRXU DXJPHQWHU OD YLWHVVH G LPSUHVVLRQ GH YRWUH LPSULPDQWH &RQVHLOV JpQpUDX[ 7RXW FRPPH O LPSUHVVLRQ HQ KDXWH UpVROXWLRQ QpFHVVLWH XQ WHPSV GH WUDLWHPHQW SOXV ORQJ TX HQ IDLEOH UpVROXWLRQ O LPSUHVVLRQ HQ FRXOHXU SUHQG SOXV GH WHPSV TX HQ QRLU HW EODQF FDU OH YROXPH GHV GRQQpHV G XQ GRFXPHQW FRXOHXU HVW EHDXFRXS SOXV LPSRUWDQW & HVW SRXUTXRL LO HVW LPSRUWDQW GH IDLUH SUHXYH GH GLVFHUQHPHQW ORUVTXH YRXV VRXKDLWH] LPSULPHU HQ FRXOHXU j XQH YLWHVVH pOHYpH 0rPH VL YRWUH GRFXPHQW UHTXLHUW OD UpVROXWLRQ OD SOXV pOHYpH HW XQH XWLOLVDWLRQ H[WHQVLYH GHV FRXOHXUV SDU H[HPSOH SRXU O LPSUHVVLRQ G XQ GRFXPHQW FRPSRVLWH ERQ j UHSURGXLUH LQFOXDQW GHV SKRWRJUDSKLHV HQ FRXOHXU LO HVW HQFRUH SRVVLEOH G RSWLPLVHU OD YLWHVVH G LPSUHVVLRQ HQ DMXVWDQW G DXWUHV SDUDPqWUHV 7RXWHIRLV QH SHUGH] SDV GH YXH TXH OD PRGLILFDWLRQ GH FHUWDLQV SDUDPqWUHV HQ YXH G DXJPHQWHU OD YLWHVVH SHXW VH UpSHUFXWHU GpIDYRUDEOHPHQW VXU OD TXDOLWp /H WDEOHDX VXLYDQW PRQWUH OHV IDFWHXUV TXL DIIHFWHQW YLWHVVH HW TXDOLWp G LPSUHVVLRQ GDQV GHV VHQV RSSRVpV ODPpOLRUDWLRQ GXQ SDUDPqWUH VH IDLW DX GpWULPHQW GH ODXWUH 4XDOLWp G LPSUHVVLRQ 9LWHVVH G LPSUHVVLRQ 3DUDPqWUHV GX ORJLFLHO G LPSUHVVLRQ 4XDOLWp G LPSUHVVLRQ 3OXV IDLEOH 3OXV pOHYpH (FRQRPLH 1RUPDO 3OXV pOHYpH 3OXV IDLEOH 3KRWR 'pVDFWLYp $FWLYp 0HQX RX ERvWH GH GLDORJXH %RvWH GH GLDORJXH 3OXV G RSWLRQV 9LWHVVH UDSLGH $FWLYp 'pWDLOV SOXV ILQV 'pVDFWLYp &DUDFWpULVWLTXHV GHV GRQQpHV 7DLOOH GH O LPDJH 5pVROXWLRQ 3HWLWH )DLEOH *UDQGH eOHYpH /H WDEOHDX FLGHVVRXV PRQWUH OHV IDFWHXUV TXL Q DJLVVHQW TXH VXU OD YLWHVVH G LPSUHVVLRQ 9LWHVVH G LPSUHVVLRQ 3OXV pOHYpH 3OXV IDLEOH &RXOHXU 0HQX RX ERvWH GH GLDORJXH %RvWH GH GLDORJXH 3OXV G RSWLRQV 0HQX 3ULQFLSDO :LQGRZV =RQH GH GLDORJXH , PSULPHU 0DFLQWRVK %RvWH GH GLDORJXH 3OXV G RSWLRQV 0HQX 3DSLHU :LQGRZV =RQH GH GLDORJXH 2UJDQLVDWLRQ 0DFLQWRVK 3DUDPqWUHV GX ORJLFLHO G LPSUHVVLRQ &RXOHXU :LQGRZV (QFUH 0DFLQWRVK 1RLUH 0LURLU KRUL]RQWDO 'pVDFWLYp $FWLYp $VVHPEOpHV 2UGUH LQYHUVp 'pVDFWLYp 'pVDFWLYp $FWLYp $FWLYp &DUDFWpULVWLTXHV GHV GRQQpHV &RQILJXUDWLRQ PDWpULHOOH &RXOHXUV 3HUIRUPDQFHV GX V\VWqPH (VSDFH OLEUH VXU '' 0pPRLUH OLEUH 1LYHDX[ GH JULV 3OXV pOHYpHV , PSRUWDQW , PSRUWDQWH 8QH 3DV XWLOLVpH &RXOHXU 3OXV IDLEOHV )DLEOH )DLEOH 3OXVLHXUV 8WLOLVpH eWDW GH[pF GHV ORJLFLHOV $SSOLFDWLRQVHQ FRXUV G H[pF 0pPRLUH YLUWXHOOH 9DULH HQ IRQFWLRQ GX ORJLFLHO G LPSUHVVLRQ HW GH O DSSOLFDWLRQ TXH YRXV XWLOLVH] 1LYHDX[ GH JULV VLJQLILH TXH O HQFUH QRLUH Q HVW XWLOLVpH TXH SRXU LPSULPHU GLYHUVHV QXDQFHV GH JULV TXL YRQW GX QRLU SXU DX EODQF SXU 8WLOLVDWLRQ GH OD ERvWH GH GLDORJXH 9LWHVVH HW 3URJUHVVLRQ :LQGRZV VHXOHPHQW /HV XWLOLVDWHXUV GH :LQGRZV SHXYHQW GpILQLU FHUWDLQV SDUDPqWUHV GH YLWHVVH GDQV OD ERvWH GH GLDORJXH 9LWHVVH HW 3URJUHVVLRQ &OLTXH] VXU OH ERXWRQ 9LWHVVH HW 3URJUHVVLRQ GX PHQX 8WLOLWDLUH GX ORJLFLHO GLPSUHVVLRQ /D ERvWH GH GLDORJXH VXLYDQWH V RXYUH /HV SDUDPqWUHV OLpV j OD YLWHVVH G LPSUHVVLRQ VRQW pQXPpUpV FLGHVVRXV 5HPDUTXH /HV RSWLRQV GX ORJLFLHO GLPSUHVVLRQ j YRWUH GLVSRVLWLRQ GpSHQGHQW GH OD YHUVLRQ GH :LQGRZV VRXV ODTXHOOH YRXV WUDYDLOOH] &RSLHV UDSLGHV 3RXU LPSULPHU UDSLGHPHQW SOXVLHXUV H[HPSODLUHV GH YRWUH GRFXPHQW VpOHFWLRQQH] &RSLHV UDSLGHV /D YLWHVVH HVW DXJPHQWpH FDU OHVSDFH GX GLVTXH GXU HVW XWLOLVp FRPPH XQ FDFKH SHQGDQW OLPSUHVVLRQ GH SOXVLHXUV H[HPSODLUHV GH YRWUH GRFXPHQW (3621 3ULQWHU 3RUW 3RXU OHV PRGqOHV XWLOLVDQW XQ SRUW SDUDOOqOH FRFKH] FHWWH FDVH SRXU DFWLYHU OH SRUW LQWLWXOp (3621 SULQWHU SRUW RSWLPLVp SRXU OHV LPSULPDQWHV (3621 DX OLHX GX SRUW LPSULPDQWH SDU GpIDXW GH :LQGRZV &HOD DFFpOqUH OD YLWHVVH GX WUDQVIHUW GHV GRQQpHV YHUV OHV LPSULPDQWHV (3621 /HV XWLOLVDWHXUV G XQ SRUW SDUDOOqOH SHXYHQW HQFRUH DFFURvWUH OD YLWHVVH G LPSUHVVLRQ HQ DFWLYDQW OH WUDQVIHUW '0$ FRPPH FHOD HVW H[SOLTXp FLGHVVRXV $FWLYDWLRQ GX WUDQVIHUW '0$ 6L YRWUH RUGLQDWHXU HVW pTXLSp G XQ SRUW SDUDOOqOH SUHQDQW HQ FKDUJH OH PRGH (&3 YRXV SRXYH] DFWLYHU OH WUDQVIHUW '0$ SRXU DFFpOpUHU O LPSUHVVLRQ 5HSRUWH]YRXV DX PDQXHO GH YRWUH RUGLQDWHXU SRXU VDYRLU VL FH GHUQLHU SUHQG HQ FKDUJH OH PRGH (&3 HW OH WUDQVIHUW '0$ 3RXU VDYRLU VL YRXV GHYH] DFWLYHU OH WUDQVIHUW '0$ FRPSDUH] OH PHVVDJH DIILFKp VRXV OD FDVH j FRFKHU (3621 3ULQWHU 3RUW DX WDEOHDX VXLYDQW HW HIIHFWXH] ODFWLRQ UHFRPPDQGpH 0HVVDJH 7UDQVIHUW UDSLGH '0$ DFWLYp 3RXU XQ WUDQVIHUW GH GRQQpHV SOXV UDSLGH XWLOLVH] OH 7UDQVIHUW '0$ $FWLRQ /H WUDQVIHUW '0$ HVW GpMj DFWLYp &OLTXH] VXU 2. SRXU IHUPHU OD ERvWH GH GLDORJXH 6XLYH] OHV LQVWUXFWLRQV GRQQpHV VRXV OH WDEOHDX SRXU DFWLYHU OH 7UDQVIHUW '0$ 0HVVDJH $XFXQ PHVVDJH $FWLRQ /H SDUDPpWUDJH GH YRWUH SRUW SDUDOOqOH QH SHUPHW SDV OH WUDQVIHUW '0$ &HSHQGDQW VL YRXV UpJOH] FH SDUDPqWUH VXU (&3 RX (QKDQFHG GDQV OD FRQILJXUDWLRQ GX %, 26 GH YRWUH RUGLQDWHXU YRXV SRXUUH] SHXWrWUH XWLOLVHU OH WUDQVIHUW '0$ 3RXU DYRLU SOXV GLQIRUPDWLRQV FRQVXOWH] OH PDQXHO RX OH FRQVWUXFWHXU GH YRWUH RUGLQDWHXU 8QH IRLV OH UpJODJH GX SRUW SDUDOOqOH PRGLILp VXLYH] OD SURFpGXUH FLGHVVRXV SRXU DFWLYHU OH WUDQVIHUW '0$ 5HPDUTXH $YDQW GH[pFXWHU OH SURJUDPPH GH FRQILJXUDWLRQ GX %, 26 GpVLQVWDOOH] OH ORJLFLHO GLPSUHVVLRQ HQ FOLTXDQW VXU OLF{QH $MRXW6XSSUHVVLRQ GH SURJUDPPHV GDQV OH 3DQQHDX GH FRQILJXUDWLRQ $SUqV DYRLU H[pFXWp OH SURJUDPPH GH FRQILJXUDWLRQ GX %, 26 UpLQVWDOOH] OH ORJLFLHO GLPSUHVVLRQ 3RXU DFWLYHU OH WUDQVIHUW '0$ VXLYH] FHWWH SURFpGXUH 'RXEOHFOLTXH] VXU OLF{QH 3RVWH GH WUDYDLO GX %XUHDX SXLV VXU 3DQQHDX GH FRQILJXUDWLRQ 'RXEOHFOLTXH] VXU OLF{QH 6\VWqPH SXLV FOLTXH] VXU ORQJOHW *HVWLRQQDLUH GH SpULSKpULTXHV 'RXEOHFOLTXH] VXU OLF{QH 3RUWV &20 HW /37 SXLV VXU OLF{QH /37 6L YRWUH LPSULPDQWH HVW FRQQHFWpH j XQ DXWUH SRUW TXH /37 GRXEOHFOLTXH] VXU OLF{QH GX SRUW DSSURSULp &OLTXH] VXU ORQJOHW 5HVVRXUFHV SXLV GpFRFKH] OD FDVH 8WLOLVHU OHV SDUDPqWUHV DXWRPDWLTXHV 1RWH] OHV YDOHXUV GHV SODJHV (QWUpH6RUWLH DIILFKpHV GDQV OD ]RQH 3DUDPqWUH 6pOHFWLRQQH] XQH FRQILJXUDWLRQ GH EDVH GDQV OD ]RQH 3DUDPqWUHV EDVpH VXU XQH OLVWH XWLOLVDQW OHV PrPHV SODJHV (QWUpH6RUWLH TXH FHOOHV TXH YRXV DYH] QRWpHV j OpWDSH HW YpULILH] TXH OH FDQDO '0$ DFFqV PpPRLUH GLUHFW HW OHV QXPpURV , 5 UHTXrWHV GLQWHUUXSWLRQ VRQW DOORXpV HW DIILFKpV 9pULILH] pJDOHPHQW TXH OD ]RQH /LVWH GH SpULSKpULTXHV HQ FRQIOLW LQGLTXH 3DV GH FRQIOLW &OLTXH] VXU 2. SRXU HQUHJLVWUHU OHV SDUDPqWUHV 5RXYUH] OD ERvWH GH GLDORJXH 9LWHVVH HW 3URJUHVVLRQ SRXU YpULILHU VL OH WUDQVIHUW '0$ D pWp DFWLYp 5HPDUTXH $YHF FHUWDLQV RUGLQDWHXUV YRXV QH SRXUUH] SDV XWLOLVHU OH WUDQVIHUW '0$ PrPH DSUqV DYRLU HIIHFWXp OD SURFpGXUH SUpFpGHQWH &RQVXOWH] OH IDEULFDQW GH YRWUH RUGLQDWHXU SRXU VDYRLU VL FH GHUQLHU SHXW RX QRQ SUHQGUH HQ FKDUJH OH WUDQVIHUW '0$ 5HPSODFHPHQW GHV FDUWRXFKHV GHQFUH 5HPSODFHPHQW GXQH FDUWRXFKH GHQFUH &HWWH LPSULPDQWH XWLOLVH GHV FDUWRXFKHV GHQFUH pTXLSpHV GXQH SXFH /D SXFH VXUYHLOOH DYHF SUpFLVLRQ OD TXDQWLWp GHQFUH XWLOLVpH SDU FKDTXH FDUWRXFKH $LQVL PrPH VL XQH FDUWRXFKH HVW UHWLUpH HW UHPLVH HQ SODFH SOXV WDUG WRXWH OHQFUH TXHOOH FRQWLHQW SRXUUD rWUH XWLOLVpH 7RXWHIRLV XQ SHX GHQFUH HVW FRQVRPPpH FKDTXH IRLV TXH OD FDUWRXFKH HVW PLVH HQ SODFH FDU O LPSULPDQWH HIIHFWXH DXWRPDWLTXHPHQW XQ WHVW GH ILDELOLWp 9RXV SRXYH] UHPSODFHU XQH FDUWRXFKH GHQFUH HQ XWLOLVDQW OH SDQQHDX GH FRQWU{OH GH OLPSULPDQWH RX OXWLOLWDLUH 6WDWXV 0RQLWRU 3RXU SOXV GH GpWDLOV YHXLOOH] YRXV UHSRUWHU j OD VHFWLRQ DSSURSULpH FLGHVVRXV 8WLOLVDWLRQ GX SDQQHDX GH FRQWU{OH GH OLPSULPDQWH /HV YR\DQWV OXPLQHX[ GH OLPSULPDQWH YRXV LQGLTXHQW j TXHO PRPHQW SUpYRLU XQH FDUWRXFKH GH UHFKDQJH HW j TXHO PRPHQW UHPSODFHU XQH FDUWRXFKH YLGH /H WDEOHDX FLGHVVRXV GpFULW OpWDW GHV YR\DQWV GH YRWUH LPSULPDQWH HW OHV PHVXUHV j SUHQGUH HQ FRQVpTXHQFH 9R\DQWV $FWLRQ 3URFXUH]YRXV XQH FDUWRXFKH G HQFUH GH UHFKDQJH QRLUH 7 RX FRXOHXU 7 5HPSODFHPHQW GHV FDUWRXFKHV GHQFUH 5HPSODFH] OD FDUWRXFKH GHQFUH QRLUH RX FRXOHXU YLGH 3RXU VDYRLU TXHOOH FDUWRXFKH HVW YLGH XWLOLVH] (3621 6WDWXV 0RQLWRU SRXU :LQGRZV RX (3621 6WDWXV0RQLWRU SRXU 0DFLQWRVK 9RXV SRXYH] DXVVL VDYRLU TXHOOH FDUWRXFKH HVW YLGH HQ FRQWU{ODQW OD YLWHVVH GH FOLJQRWHPHQW GX YR\DQW GHUUHXU b ORUVTXH OD WrWH GLPSUHVVLRQ VH GpSODFH YHUV OD SRVLWLRQ GH UHPSODFHPHQW GH FDUWRXFKH 5HSRUWH]YRXV DX WDEOHDX FLGHVVRXV 9R\DQWV $FWLRQ 5HPSODFH] OD FDUWRXFKH GHQFUH QRLUH VL OH YR\DQW GHUUHXU b FOLJQRWH j OD PrPH YLWHVVH TXH OH YR\DQW 0DUFKH$UUrW 5HPSODFH] OD FDUWRXFKH GHQFUH FRXOHXU VL OH YR\DQW GHUUHXU b FOLJQRWH GHX[ IRLV SOXV YLWH TXH OH YR\DQW 0DUFKH$UUrW 5HPSODFH] OD FDUWRXFKH GHQFUH QRLUH HW OD FDUWRXFKH GHQFUH FRXOHXU VL FH YR\DQW UHVWH DOOXPp w $WWHQWLRQ &RQVHUYH] OHV FDUWRXFKHV KRUV GH SRUWpH GHV HQIDQWV 1H OHV ODLVVH] SDV PDQLSXOHU OHV FDUWRXFKHV RX HQ ERLUH OH FRQWHQX 0DQLSXOH] OHV FDUWRXFKHV GHQFUH XVDJpH DYHF SUpFDXWLRQ ORULILFH SRXYDQW rWUH OpJqUHPHQW WDFKp GHQFUH (Q FDV GH FRQWDFW GH OHQFUH DYHF OD SHDX QHWWR\H] pQHUJLTXHPHQW OD UpJLRQ j OHDX HW DX VDYRQ (Q FDV GH FRQWDFW DYHF OHV \HX[ ULQFH]OHV DERQGDPPHQW DYHF GH OHDX 6L XQH JrQH RX GHV SUREOqPHV GH YLVLRQ VXEVLVWHQW DSUqV XQ QHWWR\DJH DSSURIRQGL FRQVXOWH] LPPpGLDWHPHQW XQ PpGHFLQ 5HPSODFHPHQW GHV FDUWRXFKHV GHQFUH c , PSRUWDQW 1RXV YRXV UHFRPPDQGRQV G XWLOLVHU GHV FDUWRXFKHV G RULJLQH (3621 /D JDUDQWLH (3621 QH SRXUUD VDSSOLTXHU VL YRWUH LPSULPDQWH HVW GpWpULRUpH SDU VXLWH GH OXWLOLVDWLRQ GH SURGXLWV QRQ IDEULTXpV SDU (3621 /DLVVH] ODQFLHQQH FDUWRXFKH GDQV OLPSULPDQWH WDQW TXH YRXV QDYH] SDV GH FDUWRXFKH GH UHFKDQJH VLQRQ OHQFUH SUpVHQWH GDQV OHV EXVHV GH OD WrWH GLPSUHVVLRQ ULVTXH GH VpFKHU 1H UHPSOLVVH] SDV OHV FDUWRXFKHV /LPSULPDQWH FDOFXOH OD TXDQWLWp GHQFUH UHVWDQWH j ODLGH GH OD SXFH VLWXpH VXU OD FDUWRXFKH GHQFUH 0rPH VL OD FDUWRXFKH HVW UHPSOLH OD TXDQWLWp GHQFUH UHVWDQWH QH VHUD SDV UHFDOFXOpH SDU OD SXFH HW OD TXDQWLWp GHQFUH GLVSRQLEOH SRXU XWLOLVDWLRQ QH YDULHUD SDV 5HPDUTXH 9RXV QH SRXYH] SDV SRXUVXLYUH OLPSUHVVLRQ VL OXQH GHV FDUWRXFKHV HVW YLGH PrPH VL ODXWUH QH OHVW SDV 5HPSODFH] OD FDUWRXFKH YLGH DYDQW GH SRXUVXLYUH OLPSUHVVLRQ 2XWUH VRQ XWLOLVDWLRQ SRXU OLPSUHVVLRQ GHV GRFXPHQWV GH OHQFUH HVW DXVVL FRQVRPPpH SHQGDQW OH QHWWR\DJH GH OD WrWH GLPSUHVVLRQ HW SHQGDQW OH F\FOH GDXWRQHWWR\DJH HIIHFWXp j OD PLVH VRXV WHQVLRQ GH OLPSULPDQWH HW SHQGDQW OH FKDUJHPHQW GX FLUFXLW HQ HQFUH ORUV GH OLQVWDOODWLRQ GH OD FDUWRXFKH GDQV OLPSULPDQWH 3RXU SOXV GLQIRUPDWLRQV VXU OHV FDUWRXFKHV GHQFUH UHSRUWH]YRXV j OD VHFWLRQ /RUV GH OD PDQLSXODWLRQ GHV FDUWRXFKHV GHQFUH 3RXU UHPSODFHU XQH FDUWRXFKH GHQFUH j ODLGH GH OD WRXFKH GH UHPSODFHPHQW GH FDUWRXFKH e SURFpGH] FRPPH VXLW 9pULILH] TXH OLPSULPDQWH HVW VRXV WHQVLRQ /H YR\DQW 0DUFKH$UUrW P GRLW rWUH DOOXPp VDQV FOLJQRWHU $EDLVVH] OH SODWHDX GH VRUWLH SXLV RXYUH] OH FDSRW GH OLPSULPDQWH 5HPSODFHPHQW GHV FDUWRXFKHV GHQFUH $SSX\H] VXU OD WRXFKH GH UHPSODFHPHQW GH FDUWRXFKH e /D WrWH GLPSUHVVLRQ VH GpSODFH YHUV OD SRVLWLRQ GH UHPSODFHPHQW GH FDUWRXFKH G HQFUH OH YR\DQW 0DUFKH$UUrW P FRPPHQFH j FOLJQRWHU HW OH YR\DQW GHUUHXU b FRPPHQFH j FOLJQRWHU RX UHVWH DOOXPp 3RXU VDYRLU TXHOOH FDUWRXFKH GRLW rWUH UHPSODFpH UHSRUWH]YRXV j OD VHFWLRQ 8WLOLVDWLRQ GX SDQQHDX GH FRQWU{OH GH OLPSULPDQWH RX XWLOLVH] (3621 6WDWXV 0RQLWRU SRXU :LQGRZV RX (3621 6WDWXV0RQLWRU SRXU 0DFLQWRVK c , PSRUWDQW 1H GpSODFH] SDV OD WrWH GLPSUHVVLRQ j OD PDLQ FDU FHOD SRXUUDLW GpWpULRUHU OLPSULPDQWH 8WLOLVH] WRXMRXUV OD WRXFKH GH UHPSODFHPHQW GH FDUWRXFKH b SRXU OD GpSODFHU 5HPSODFHPHQW GHV FDUWRXFKHV GHQFUH /HYH] j IRQG OH OHYLHU GH OD FDUWRXFKH GHQFUH /D FDUWRXFKH VH VRXOqYH SDUWLHOOHPHQW GX SRUWHFDUWRXFKH 5HWLUH] OD FDUWRXFKH GH O LPSULPDQWH HW MHWH]OD 1H OD GpPRQWH] SDV HW QH WHQWH] SDV GH OD UHPSOLU w $WWHQWLRQ 6L YRXV DYH] GH OHQFUH VXU OHV PDLQV ODYH]OHV j OHDX HW DX VDYRQ (Q FDV GH FRQWDFW DYHF OHV \HX[ ULQFH]OHV DERQGDPPHQW DYHF GH OHDX 6L XQH JrQH RX GHV SUREOqPHV GH YLVLRQ VXEVLVWHQW DSUqV XQ QHWWR\DJH DSSURIRQGL FRQVXOWH] LPPpGLDWHPHQW XQ PpGHFLQ 5HWLUH] OD FDUWRXFKH GH VRQ HPEDOODJH SURWHFWHXU (QVXLWH UHWLUH] XQLTXHPHQW OH UXEDQ DGKpVLI MDXQH GH OD FDUWRXFKH 1H WRXFKH] SDV j OD SXFH GH FRXOHXU YHUWH VXU OH F{Wp GH OD FDUWRXFKH 5HPSODFHPHQW GHV FDUWRXFKHV GHQFUH c , PSRUWDQW $YDQW GLQVWDOOHU OD FDUWRXFKH YRXV GHYH] UHWLUHU OD EDQGH GH VFHOOHPHQW MDXQH IDXWH GH TXRL OD FDUWRXFKH VHUDLW LQXWLOLVDEOH HW YRXV QH SRXUULH] SDV LPSULPHU 6L YRXV DYH] LQVWDOOp XQH FDUWRXFKH GHQFUH VDQV UHWLUHU OD EDQGH MDXQH YRXV GHYH] UHWLUHU OD FDUWRXFKH HW HQ LQVWDOOHU XQH QRXYHOOH 9HLOOH] j UHWLUHU OD EDQGH MDXQH SXLV LQVWDOOH] OD QRXYHOOH FDUWRXFKH GDQV OLPSULPDQWH 1H UHWLUH] SDV OD SDUWLH EOHXH GH OD EDQGH GH VFHOOHPHQW HQ KDXW GH OD FDUWRXFKH VLQRQ OD WrWH GLPSUHVVLRQ SRXUUDLW VH FROPDWHU HW HPSrFKHU WRXWH LPSUHVVLRQ $ILQ GpYLWHU WRXWH IXLWH GHQFUH QH UHWLUH] SDV OD EDQGH GH VFHOOHPHQW VLWXpH VRXV OD FDUWRXFKH 1H UHWLUH] SDV OD SXFH GH FRXOHXU YHUWH GX F{Wp GH OD FDUWRXFKH /LQVWDOODWLRQ GXQH FDUWRXFKH GHQFUH VDQV SXFH ULVTXH GH GpWpULRUHU OLPSULPDQWH 1H WRXFKH] SDV j OD SXFH GH FRXOHXU YHUWH VXU OH F{Wp GH OD FDUWRXFKH IDXWH GH TXRL LO SRXUUDLW HQ UpVXOWHU XQ IRQFWLRQQHPHQW DQRUPDO RX XQH LPSRVVLELOLWp GLPSULPHU 1H WRXFKH] SDV j FH FRPSRVDQW 5HPSODFHPHQW GHV FDUWRXFKHV GHQFUH $OLJQH] OHV ODQJXHWWHV GH OD FDUWRXFKH GH PDQLqUH TX HOOHV FRwQFLGHQW DYHF FHOOHV TXL GpSDVVHQW GH OD EDVH GHV OHYLHUV GH FDUWRXFKHV RXYHUWV $EDLVVH] OHV OHYLHUV MXVTXj FH TXLOV VH YHUURXLOOHQW IHUPHPHQW HQ SODFH c , PSRUWDQW /RUVTXH YRXV UHWLUH] XQH FDUWRXFKH GHQFUH GH OLPSULPDQWH YRXV GHYH] HQ LQVWDOOHU XQH DXWUH LPPpGLDWHPHQW 6L DXFXQH FDUWRXFKH QHVW LQVWDOOpH GDQV OLPSULPDQWH OD WrWH GLPSUHVVLRQ ULVTXH GH VpFKHU HW GHPSrFKHU WRXWH LPSUHVVLRQ )HUPH] OH FDSRW GH OLPSULPDQWH 5HPSODFHPHQW GHV FDUWRXFKHV GHQFUH $SSX\H] VXU OD WRXFKH GH UHPSODFHPHQW GH FDUWRXFKH e /LPSULPDQWH GpSODFH OD WrWH GLPSUHVVLRQ HW FKDUJH VRQ FLUFXLW GDOLPHQWDWLRQ HQ HQFUH &HWWH RSpUDWLRQ GXUH HQYLURQ WUHQWH VHFRQGHV 8QH IRLV OH FLUFXLW GDOLPHQWDWLRQ HQ HQFUH FKDUJp OD WrWH GLPSUHVVLRQ UHYLHQW j VD SRVLWLRQ LQLWLDOH OH YR\DQW 0DUFKH$UUrW P FHVVH GH FOLJQRWHU HW UHVWH DOOXPp HW OH YR\DQW GHUUHXU b VpWHLQW c , PSRUWDQW /H YR\DQW 0DUFKH$UUrW P FOLJQRWH WRXW DX ORQJ GX FKDUJHPHQW GH OHQFUH 1H PHWWH] MDPDLV OLPSULPDQWH KRUV WHQVLRQ SHQGDQW OD GXUpH GX FOLJQRWHPHQW IDXWH GH TXRL OH FKDUJHPHQW GH OHQFUH VHUDLW LQWHUURPSX 8WLOLVDWLRQ GH 6WDWXV 0RQLWRU 9RXV SRXYH] FRQWU{OHU OHV QLYHDX[ G HQFUH UHVWDQW GHSXLV YRWUH RUGLQDWHXU HW VXLYUH OHV LQVWUXFWLRQV DIILFKpHV j OpFUDQ SRXU UHPSODFHU XQH FDUWRXFKH TXL HVW YLGH RX YD ELHQW{W OrWUH j ODLGH G(3621 6WDWXV 0RQLWRU :LQGRZV RX (3621 6WDWXV0RQLWRU 0DFLQWRVK /RUVTXXQH FDUWRXFKH HVW YLGH RX SUHVTXH FOLTXH] VXU OH ERXWRQ &RPPHQW IDLUH GDQV OD IHQrWUH (3621 6WDWXV 0RQLWRU 6XLYH] OHV LQVWUXFWLRQV TXL VDIILFKHQW 5HPSODFHPHQW GHV FDUWRXFKHV GHQFUH 3RXU DYRLU SOXV G LQIRUPDWLRQV VXU O XWLOLVDWLRQ GH 6WDWXV 0RQLWRU UHSRUWH]YRXV j OD VHFWLRQ8WLOLVDWLRQ G(3621 6WDWXV 0RQLWRU SRXU :LQGRZV RX 8WLOLVDWLRQ G(3621 6WDWXV0RQLWRU SRXU 0DFLQWRVK &RQWU{OH GH ODOLPHQWDWLRQ HQ HQFUH 8WLOLVDWHXUV GH :LQGRZV 9RXV SRXYH] FRQWU{OHU OD TXDQWLWp GHQFUH UHVWDQWH GDQV OHV FDUWRXFKHV j ODLGH GH OXWLOLWDLUH (SVRQ 6WDWXV 0RQLWRU RX GH OD EDUUH GH SURJUHVVLRQ 3RXU SOXV GH GpWDLOV YHXLOOH] YRXV UHSRUWHU j OD VHFWLRQ DSSURSULpH FLGHVVRXV (3621 6WDWXV 0RQLWRU 2XYUH] OXWLOLWDLUH (3621 6WDWXV 0RQLWRU GH OXQH GHV IDoRQV VXLYDQWHV 'RXEOHFOLTXH] VXU OLF{QH GH UDFFRXUFL HQ IRUPH GLPSULPDQWH GDQV OD EDUUH GHV WkFKHV GH :LQGRZV 3RXU DMRXWHU XQH LF{QH GH UDFFRXUFL j OD EDUUH GHV WkFKHV UHSRUWH]YRXV j OD VHFWLRQ 3UpIpUHQFHV GX FRQWU{OH 2XYUH] OD IHQrWUH GX ORJLFLHO GLPSUHVVLRQ FOLTXH] VXU ORQJOHW 8WLOLWDLUH SXLV VXU OH ERXWRQ (3621 6WDWXV 0RQLWRU 5HPSODFHPHQW GHV FDUWRXFKHV GHQFUH 8Q JUDSKLTXH LOOXVWUDQW OD TXDQWLWp GHQFUH UHVWDQWH VDIILFKH 5HPDUTXH 3RXU OD FDUWRXFKH FRXOHXU FHVW OH QLYHDX GH OHQFUH OD SOXV XWLOLVpH TXL GpWHUPLQH OH QLYHDX DIILFKp SRXU WRXWHV OHV FRXOHXUV %DUUH GH SURJUHVVLRQ /D ERvWH GH GLDORJXH GH OD EDUUH GH SURJUHVVLRQ VDIILFKH DXWRPDWLTXHPHQW ORUVTXH YRXV ODQFH] XQ WUDYDLO GLPSUHVVLRQ (OOH YRXV LQIRUPH VXU OH QLYHDX GHQFUH UHVWDQW 5HPSODFHPHQW GHV FDUWRXFKHV GHQFUH 6XU 0DFLQWRVK 9RXV SRXYH] FRQWU{OHU OD TXDQWLWp GHQFUH UHVWDQWH GDQV OHV FDUWRXFKHV j ODLGH GH 6WDWXV0RQLWRU 3URFpGH] FRPPH VXLW &OLTXH] VXU , PSULPHU RX VXU )RUPDW GLPSUHVVLRQ GDQV OH PHQX )LFKLHU GH YRWUH DSSOLFDWLRQ /D ]RQH GH GLDORJXH , PSULPHU VDIILFKH &OLTXH] VXU OH ERXWRQ 8WLOLWDLUH SXLV VXU OH ERXWRQ (3621 6WDWXV0RQLWRU GDQV OD ERvWH GH GLDORJXH 8WLOLWDLUH 8Q JUDSKLTXH LOOXVWUDQW OD TXDQWLWp GHQFUH UHVWDQWH VDIILFKH 5HPDUTXH /H JUDSKLTXH DIILFKH OD TXDQWLWp GHQFUH TXL UHVWDLW ORUV GH OD SUHPLqUH RXYHUWXUH G(3621 6WDWXV0RQLWRU 3RXU PHWWUH j MRXU OHV LQIRUPDWLRQV UHODWLYHV DX QLYHDX GHQFUH FOLTXH] VXU OH ERXWRQ 0LVH j MRXU 3RXU OD FDUWRXFKH FRXOHXU FHVW OH QLYHDX GH OHQFUH OD SOXV XWLOLVpH TXL GpWHUPLQH OH QLYHDX DIILFKp SRXU WRXWHV OHV FRXOHXUV 5HPSODFHPHQW GHV FDUWRXFKHV GHQFUH 5HPSODFHPHQW GHV FDUWRXFKHV GHQFUH 0DLQWHQDQFH &RQWU{OH GHV EXVHV GH OD WrWH GLPSUHVVLRQ 6LO YRXV VHPEOH TXH OLPDJH LPSULPpH GHYLHQW SkOH RX TXLO PDQTXH GHV SRLQWV YRXV SRXUUH] LGHQWLILHU OD VRXUFH GX SUREOqPH HQ HIIHFWXDQW XQH YpULILFDWLRQ GHV EXVHV GH OD WrWH GLPSUHVVLRQ 9RXV SRXYH] FRQWU{OHU OHV EXVHV GHSXLV YRWUH RUGLQDWHXU j ODLGH GH OXWLOLWDLUH 9pULILFDWLRQ GHV EXVHV GX ORJLFLHO GLPSUHVVLRQ RX GLUHFWHPHQW GHSXLV OLPSULPDQWH j ODLGH GHV WRXFKHV GX SDQQHDX GH FRQWU{OH (PSORL GH OXWLOLWDLUH 9pULILFDWLRQ GHV EXVHV 5pIpUH]YRXV j OD VHFWLRQ DSSURSULpH FLGHVVRXV SRXU OHPSORL GH OXWLOLWDLUH 9pULILFDWLRQ GHV EXVHV 5HPDUTXH 1H ODQFH] SDV OXWLOLWDLUH 9pULILFDWLRQ GHV EXVHV SHQGDQW OLPSUHVVLRQ SRXU QH SDV WDFKHU YRV VRUWLHV SDSLHU 8WLOLVDWHXUV GH :LQGRZV (IIHFWXH] OHV pWDSHV FLGHVVRXV SRXU XWLOLVHU OXWLOLWDLUH GH 9pULILFDWLRQ GHV EXVHV 9HLOOH] j FH TXH GX SDSLHU GH IRUPDW $ RX /HWWHU VRLW FKDUJp GDQV OH EDF GDOLPHQWDWLRQ &OLTXH] DYHF OH ERXWRQ GURLW VXU O LF{QH HQ IRUPH G LPSULPDQWH GDQV OD EDUUH GHV WkFKHV SXLV VpOHFWLRQQH] 9pULILFDWLRQ GHV EXVHV 2X RXYUH] OH ORJLFLHO G LPSUHVVLRQ SXLV FOLTXH] VXU O RQJOHW 8WLOLWDLUH HW VXU OH ERXWRQ 9pULILFDWLRQ GHV EXVHV 0DLQWHQDQFH 6XLYH] OHV PHVVDJHV TXL VDIILFKHQW 6XU 0DFLQWRVK (IIHFWXH] OHV pWDSHV FLGHVVRXV SRXU XWLOLVHU OXWLOLWDLUH GH 9pULILFDWLRQ GHV EXVHV $FFpGH] j OD ]RQH GH GLDORJXH , PSULPHU RX )RUPDW GLPSUHVVLRQ FOLTXH] VXU OLF{QH 8WLOLWDLUH SXLV FOLTXH] VXU OH ERXWRQ 9pULILFDWLRQ GHV EXVHV GDQV OD ]RQH GH GLDORJXH 8WLOLWDLUH 6XLYH] OHV PHVVDJHV TXL VDIILFKHQW 8WLOLVDWLRQ GHV WRXFKHV GX SDQQHDX GH FRQWU{OH 6XLYH] OHV pWDSHV FLGHVVRXV SRXU HIIHFWXHU OD YpULILFDWLRQ GHV EXVHV GH OD WrWH GLPSUHVVLRQ j ODLGH GHV WRXFKHV GH SDQQHDX GH FRQWU{OH 0HWWH] OLPSULPDQWH KRUV WHQVLRQ 9HLOOH] j FH TXH GX SDSLHU GH IRUPDW $ RX /HWWHU VRLW FKDUJp GDQV OH EDF GDOLPHQWDWLRQ 0DLQWHQDQFH 0DLQWHQH] HQIRQFpH OD WRXFKH GH PDLQWHQDQFH b HW DSSX\H] VXU OD WRXFKH 0DUFKH$UUrW P SRXU PHWWUH OLPSULPDQWH VRXV WHQVLRQ 'DQV XQ SUHPLHU WHPSV UHOkFKH] VHXOHPHQW OD WRXFKH 0DUFKH$UUrW P /RUVTXH OLPSUHVVLRQ GH OD SDJH GH FRQWU{OH FRPPHQFH UHOkFKH] OD WRXFKH GH PDLQWHQDQFH b /LPSULPDQWH LPSULPH XQH SDJH GH WHVW GRQQDQW GHV LQIRUPDWLRQV VXU OD YHUVLRQ GH OD PpPRLUH PRUWH GH YRWUH LPSULPDQWH 520 OH FRGH GX FRPSWHXU GHQFUH HW XQ PRWLI GH YpULILFDWLRQ GHV EXVHV 'HV pFKDQWLOORQV VRQW UHSURGXLWV FLGHVVRXV eFKDQWLOORQ FRUUHFW /D WrWH GLPSUHVVLRQ D EHVRLQ GrWUH QHWWR\pH 0DLQWHQDQFH 6L OLPSUHVVLRQ GH OD SDJH GH YpULILFDWLRQ GHV EXVHV QHVW SDV VDWLVIDLVDQWH FHVW TXH OLPSULPDQWH SUpVHQWH XQ SUREOqPH , O SHXW VDJLU GXQH EXVH ERXFKpH RX GXQH WrWH PDO DOLJQpH 5HSRUWH]YRXV j OD VHFWLRQ 1HWWR\DJH GH OD WrWH GLPSUHVVLRQ SRXU DYRLU GHV GpWDLOV VXU OH QHWWR\DJH GH OD WrWH GLPSUHVVLRQ 3RXU DYRLU SOXV G LQIRUPDWLRQV VXU ODOLJQHPHQW GH OD WrWH GLPSUHVVLRQ UHSRUWH]YRXV j OD VHFWLRQ $OLJQHPHQW GH OD WrWH GLPSUHVVLRQ 1HWWR\DJH GH OD WrWH GLPSUHVVLRQ 6LO YRXV VHPEOH TXH OLPDJH LPSULPpH SkOLW RX TXLO PDQTXH GHV SRLQWV YRXV SRXUUH] UpVRXGUH FHV SUREOqPHV HQ QHWWR\DQW OD WrWH GLPSUHVVLRQ FH TXL JDUDQWLW XQH ERQQH GLIIXVLRQ GH OHQFUH 9RXV QHWWR\H] OD WrWH GHSXLV YRWUH RUGLQDWHXU DYHF OXWLOLWDLUH 1HWWR\DJH GHV WrWHV GX ORJLFLHO GLPSUHVVLRQ RX GHSXLV OLPSULPDQWH DYHF OHV WRXFKHV GX SDQQHDX GH FRQWU{OH 5HPDUTXH /H QHWWR\DJH GH OD WrWH XWLOLVH OHV HQFUHV QRLUH HW FRXOHXU 3RXU QH SDV HQ JDVSLOOHU QHIIHFWXH] FHWWH RSpUDWLRQ TXH VL OD TXDOLWp GLPLQXH VL OLPSUHVVLRQ HVW IORXH RX VL OHV FRXOHXUV VRQW LQFRUUHFWHV RX DEVHQWHV /DQFH] GDERUG OXWLOLWDLUH 9pULILFDWLRQ GHV EXVHV SRXU VDYRLU VL OD WrWH D EHVRLQ GrWUH QHWWR\pH &HOD pFRQRPLVH OHQFUH /RUVTXH OH YR\DQW GHUUHXU b FOLJQRWH RX UHVWH DOOXPp YRXV QH SRXYH] SDV QHWWR\HU OD WrWH GLPSUHVVLRQ &RPPHQFH] SDU UHPSODFHU OD FDUWRXFKH XVDJpH 1H ODQFH] SDV OXWLOLWDLUH 1HWWR\DJH GHV WrWHV RX 9pULILFDWLRQ GHV EXVHV SHQGDQW OLPSUHVVLRQ SRXU QH SDV WDFKHU YRV VRUWLHV SDSLHU 0DLQWHQDQFH (PSORL GH OXWLOLWDLUH 1HWWR\DJH GHV WrWHV 5pIpUH]YRXV j OD VHFWLRQ DSSURSULpH FLGHVVRXV SRXU OHPSORL GH OXWLOLWDLUH 1HWWR\DJH GHV WrWHV 8WLOLVDWHXUV GH :LQGRZV 6XLYH] OHV pWDSHV FLGHVVRXV SRXU QHWWR\HU OD WrWH GLPSUHVVLRQ j ODLGH GH OXWLOLWDLUH 1HWWR\DJH GHV WrWHV 9HXLOOH] YpULILHU TXH O LPSULPDQWH HVW VRXV WHQVLRQ HW TXH OH YR\DQW GHUUHXU b HVW pWHLQW 5HPDUTXH 6L OH YR\DQW GHUUHXU b FOLJQRWH RX UHVWH DOOXPp YRXV QH SRXYH] SDV QHWWR\HU OD WrWH GLPSUHVVLRQ &RPPHQFH] SDU UHPSODFHU OD FDUWRXFKH XVDJpH &OLTXH] DYHF OH ERXWRQ GURLW VXU O LF{QH HQ IRUPH G LPSULPDQWH GDQV OD EDUUH GHV WkFKHV SXLV VpOHFWLRQQH] 1HWWR\DJH GHV WrWHV 2X RXYUH] OH ORJLFLHO G LPSUHVVLRQ SXLV FOLTXH] VXU O RQJOHW 8WLOLWDLUH HW VXU OH ERXWRQ 1HWWR\DJH GHV WrWHV 6XLYH] OHV PHVVDJHV TXL VDIILFKHQW /H YR\DQW 0DUFKH$UUrW PFOLJQRWH SHQGDQW OD GXUpH GX F\FOH GH QHWWR\DJH c , PSRUWDQW 1H PHWWH] MDPDLV OLPSULPDQWH KRUV WHQVLRQ ORUVTXH OH YR\DQW 0DUFKH$UUrW P FOLJQRWH IDXWH GH TXRL OLPSULPDQWH SRXUUDLW rWUH HQGRPPDJpH 4XDQG OH YR\DQW 0DUFKH$UUrW P FHVVH GH FOLJQRWHU FOLTXH] VXU , PSULPHU OH PRWLI GH FRQWU{OH GHV EXVHV GDQV OD ERvWH GH GLDORJXH 1HWWR\DJH GHV WrWHV SRXU YpULILHU TXH OD WrWH HVW SURSUH HW SRXU UpLQLWLDOLVHU OH F\FOH GH QHWWR\DJH 0DLQWHQDQFH 'HV PRWLIV GH YpULILFDWLRQ GHV EXVHV VRQW UHSURGXLWV FLGHVVRXV eFKDQWLOORQ FRUUHFW /D WrWH GLPSUHVVLRQ D EHVRLQ GrWUH QHWWR\pH 6L OD SDJH GH YpULILFDWLRQ GHV EXVHV QH V LPSULPH SDV FRUUHFWHPHQW YRXV GHYUH] UHFRPPHQFHU OH QHWWR\DJH GH OD WrWH HW LPSULPHU GH QRXYHDX OH PRWLI GH YpULILFDWLRQ GHV EXVHV 6L OD TXDOLWp GLPSUHVVLRQ QH VHVW SDV DPpOLRUpH DSUqV DYRLU UpSpWp FHWWH SURFpGXUH TXDWUH RX FLQT IRLV PHWWH] OLPSULPDQWH KRUV WHQVLRQ HW DWWHQGH] WRXWH XQH QXLW (IIHFWXH] XQ DXWUH WHVW GH YpULILFDWLRQ GHV EXVHV DLQVL TX XQ QRXYHDX QHWWR\DJH GH OD WrWH VL QpFHVVDLUH 6L OD TXDOLWp QH VHVW WRXMRXUV SDV DPpOLRUpH LO VH SHXW TXH OXQH GHV FDUWRXFKHV GHQFUH RX OHV GHX[ VRLW DQFLHQQH RX HQGRPPDJpH HW DLW EHVRLQ GrWUH UHPSODFpH 3RXU UHPSODFHU XQH FDUWRXFKH GHQFUH DYDQW TXHOOH QH VRLW YLGH UHSRUWH]YRXV j OD VHFWLRQ 5HPSODFHPHQW GXQH FDUWRXFKH GHQFUH 6L OD TXDOLWp GLPSUHVVLRQ QHVW WRXMRXUV SDV VDWLVIDLVDQWH DSUqV UHPSODFHPHQW GHV FDUWRXFKHV FRQWDFWH] YRWUH UHYHQGHXU 5HPDUTXH 3RXU PDLQWHQLU XQH ERQQH TXDOLWp G LPSUHVVLRQ LO HVW FRQVHLOOp G LPSULPHU TXHOTXHV SDJHV DX PRLQV XQH IRLV SDU PRLV 0DLQWHQDQFH 6XU 0DFLQWRVK 6XLYH] OHV pWDSHV FLGHVVRXV SRXU QHWWR\HU OD WrWH GLPSUHVVLRQ j ODLGH GH OXWLOLWDLUH 1HWWR\DJH GHV WrWHV 9HXLOOH] YpULILHU TXH O LPSULPDQWH HVW VRXV WHQVLRQ HW TXH OH YR\DQW GHUUHXU b HVW pWHLQW $FFpGH] DX ORJLFLHO GLPSUHVVLRQ HW FOLTXH] VXU OH ERXWRQ 8WLOLWDLUH SXLV VXU OH ERXWRQ 1HWWR\DJH GHV WrWHV 6XLYH] OHV PHVVDJHV TXL VDIILFKHQW /H YR\DQW 0DUFKH$UUrW P FOLJQRWH SHQGDQW OD GXUpH GX F\FOH GH QHWWR\DJH c , PSRUWDQW 1H PHWWH] MDPDLV OLPSULPDQWH KRUV WHQVLRQ ORUVTXH OH YR\DQW 0DUFKH$UUrW P FOLJQRWH IDXWH GH TXRL OLPSULPDQWH SRXUUDLW rWUH HQGRPPDJpH 4XDQG OH YR\DQW P 0DUFKH$UUrW FHVVH GH FOLJQRWHU FOLTXH] VXU OH ERXWRQ &RQILUPDWLRQ GDQV OD ERvWH GH GLDORJXH 1HWWR\DJH GHV WrWHV SRXU LPSULPHU XQ PRWLI GH YpULILFDWLRQ GHV EXVHV HW UpLQLWLDOLVHU OH F\FOH GH QHWWR\DJH 8WLOLVH] OH PRWLI GH YpULILFDWLRQ SRXU YpULILHU TXH OD WrWH HVW SURSUH 6L OD TXDOLWp GLPSUHVVLRQ QH VHVW SDV DPpOLRUpH DSUqV DYRLU UpSpWp FHWWH SURFpGXUH TXDWUH RX FLQT IRLV PHWWH] OLPSULPDQWH KRUV WHQVLRQ HW DWWHQGH] WRXWH XQH QXLW (IIHFWXH] XQ DXWUH WHVW GH YpULILFDWLRQ GHV EXVHV DLQVL TX XQ QRXYHDX QHWWR\DJH GH OD WrWH VL QpFHVVDLUH 6L OD TXDOLWp QH VHVW WRXMRXUV SDV DPpOLRUpH LO VH SHXW TXH OXQH GHV FDUWRXFKHV GHQFUH RX OHV GHX[ VRLW DQFLHQQH RX HQGRPPDJpH HW DLW EHVRLQ GrWUH UHPSODFpH 3RXU UHPSODFHU XQH FDUWRXFKH GHQFUH YHXLOOH] YRXV UHSRUWHU j OD VHFWLRQ 5HPSODFHPHQW GXQH FDUWRXFKH GHQFUH 0DLQWHQDQFH 6L OD TXDOLWp GLPSUHVVLRQ QHVW WRXMRXUV SDV VDWLVIDLVDQWH DSUqV UHPSODFHPHQW GHV FDUWRXFKHV FRQWDFWH] YRWUH UHYHQGHXU 5HPDUTXH 3RXU PDLQWHQLU XQH ERQQH TXDOLWp G LPSUHVVLRQ LO HVW FRQVHLOOp G LPSULPHU TXHOTXHV SDJHV DX PRLQV XQH IRLV SDU PRLV 8WLOLVDWLRQ GHV WRXFKHV GX SDQQHDX GH FRQWU{OH 6XLYH] OHV pWDSHV FLGHVVRXV SRXU QHWWR\HU OD WrWH GLPSUHVVLRQ j ODLGH GHV WRXFKHV GH SDQQHDX GH FRQWU{OH 9HXLOOH] YpULILHU TXH OH YR\DQW 0DUFKH$UUrW P HVW DOOXPp HW TXH OH YR\DQW GHUUHXU b HVW pWHLQW 5HPDUTXH 6L OH YR\DQW GHUUHXU b FOLJQRWH RX HVW DOOXPp YRXV QH SRXYH] SDV QHWWR\HU OD WrWH G LPSUHVVLRQ HW OD SURFpGXUH GH UHPSODFHPHQW GH FDUWRXFKH VHUD ODQFpH 3RXU QH SDV UHPSODFHU GH FDUWRXFKH j FH PRPHQW Oj DSSX\H] VXU OD WRXFKH GH PDLQWHQDQFH b HW DLQVL UDPHQHU OD WrWH GLPSUHVVLRQ HQ SRVLWLRQ LQLWLDOH 0DLQWHQH] OD WRXFKH GH PDLQWHQDQFH b HQIRQFpH SHQGDQW WURLV VHFRQGHV 0DLQWHQDQFH 5HPDUTXH 6L YRXV UHOkFKH] OD WRXFKH GH PDLQWHQDQFH b DX ERXW G XQ WHPSV LQIpULHXU j WURLV VHFRQGHV OH SDSLHU DYDQFHUD $SSX\H] GH QRXYHDX VXU OD WRXFKH GH PDLQWHQDQFH b SRXU pMHFWHU OH SDSLHU SXLV UpSpWH] OpWDSH /LPSULPDQWH ODQFH OH QHWWR\DJH GH OD WrWH GLPSUHVVLRQ HW OH YR\DQW P 0DUFKH$UUrW FRPPHQFH j FOLJQRWHU c , PSRUWDQW 1H PHWWH] MDPDLV OLPSULPDQWH KRUV WHQVLRQ ORUVTXH OH YR\DQW 0DUFKH$UUrW P FOLJQRWH IDXWH GH TXRL OLPSULPDQWH SRXUUDLW rWUH HQGRPPDJpH 4XDQG OH YR\DQW P FHVVH GH FOLJQRWHU LPSULPH] XQ PRWLI GH YpULILFDWLRQ GHV EXVHV SRXU YpULILHU TXH OD WrWH HVW SURSUH HW UpLQLWLDOLVHU OH F\FOH GH QHWWR\DJH 6L OD TXDOLWp GLPSUHVVLRQ QH VHVW SDV DPpOLRUpH DSUqV DYRLU UpSpWp FHWWH SURFpGXUH TXDWUH RX FLQT IRLV PHWWH] OLPSULPDQWH KRUV WHQVLRQ HW DWWHQGH] WRXWH XQH QXLW (IIHFWXH] XQ DXWUH WHVW GH YpULILFDWLRQ GHV EXVHV DLQVL TX XQ QRXYHDX QHWWR\DJH GH OD WrWH VL QpFHVVDLUH 0DLQWHQDQFH 6L OD TXDOLWp QH V HVW WRXMRXUV SDV DPpOLRUpH LO VH SHXW TXH O XQH GHV FDUWRXFKHV G HQFUH RX OHV GHX[ VRLW DQFLHQQH RX HQGRPPDJpH HW DLW EHVRLQ G rWUH UHPSODFpH 3RXU UHPSODFHU XQH FDUWRXFKH G HQFUH DYDQW TX HOOH QH VRLW YLGH UHSRUWH]YRXV j OD VHFWLRQ 5HPSODFHPHQW GXQH FDUWRXFKH GHQFUH 6L OD TXDOLWp GLPSUHVVLRQ QHVW WRXMRXUV SDV VDWLVIDLVDQWH DSUqV UHPSODFHPHQW GHV FDUWRXFKHV FRQWDFWH] YRWUH UHYHQGHXU 5HPDUTXH 3RXU PDLQWHQLU XQH ERQQH TXDOLWp G LPSUHVVLRQ LO HVW FRQVHLOOp G LPSULPHU TXHOTXHV SDJHV DX PRLQV XQH IRLV SDU PRLV $OLJQHPHQW GH OD WrWH GLPSUHVVLRQ 6L YRXV UHPDUTXH] XQ GpFDODJH GHV OLJQHV YHUWLFDOHV VHUYH]YRXV GH OXWLOLWDLUH $OLJQHPHQW GHV WrWHV GX ORJLFLHO GLPSUHVVLRQ SRXU UpVRXGUH FH SUREOqPH GHSXLV YRWUH RUGLQDWHXU 5HSRUWH]YRXV j OD VHFWLRQ DSSURSULpH FLGHVVRXV 5HPDUTXH 1H ODQFH] SDV OXWLOLWDLUH $OLJQHPHQW GHV WrWHV SHQGDQW XQH LPSUHVVLRQ SRXU QH SDV WDFKHU YRV VRUWLHV SDSLHU 8WLOLVDWHXUV GH :LQGRZV 6XLYH] OHV pWDSHV FLGHVVRXV SRXU DOLJQHU OD WrWH GLPSUHVVLRQ j ODLGH GH OXWLOLWDLUH $OLJQHPHQW GHV WrWHV 9pULILH] TXH YRXV DYH] FKDUJp GX SDSLHU GH IRUPDW $ RX /HWWHU GDQV OH EDF GDOLPHQWDWLRQ 0DLQWHQDQFH &OLTXH] DYHF OH ERXWRQ GURLW VXU O LF{QH HQ IRUPH G LPSULPDQWH GDQV OD EDUUH GHV WkFKHV SXLV VpOHFWLRQQH] $OLJQHPHQW GHV WrWHV 2X RXYUH] OH ORJLFLHO G LPSUHVVLRQ SXLV FOLTXH] VXU O RQJOHW 8WLOLWDLUH HW VXU OH ERXWRQ $OLJQHPHQW GHV WrWHV 6XLYH] OHV LQVWUXFWLRQV TXL VDIILFKHQW SRXU DOLJQHU OD WrWH GLPSUHVVLRQ 6XU 0DFLQWRVK 6XLYH] OHV pWDSHV FLGHVVRXV SRXU DOLJQHU OD WrWH GLPSUHVVLRQ j ODLGH GH OXWLOLWDLUH $OLJQHPHQW GHV WrWHV 9pULILH] TXH YRXV DYH] FKDUJp GX SDSLHU GH IRUPDW $ RX /HWWHU GDQV OH EDF GDOLPHQWDWLRQ $FFpGH] DX ORJLFLHO GLPSUHVVLRQ HW FOLTXH] VXU OH ERXWRQ 8WLOLWDLUH SXLV VXU OH ERXWRQ $OLJQHPHQW GHV WrWHV 6XLYH] OHV LQVWUXFWLRQV TXL VDIILFKHQW SRXU DOLJQHU OD WrWH GLPSUHVVLRQ 1HWWR\DJH GH OLPSULPDQWH 3RXU PDLQWHQLU YRWUH LPSULPDQWH GDQV XQ pWDW GH IRQFWLRQQHPHQW RSWLPDO QHWWR\H]OD VRLJQHXVHPHQW SOXVLHXUV IRLV SDU DQ FRPPH VXLW 'pEUDQFKH] OH FRUGRQ GDOLPHQWDWLRQ GH OLPSULPDQWH 5HWLUH] WRXW OH SDSLHU GX EDF GDOLPHQWDWLRQ ODLGH GXQH EURVVH GRXFH pOLPLQH] VRLJQHXVHPHQW WRXWH WUDFH GH SRXVVLqUH HW GH VDOHWp GX EDF GDOLPHQWDWLRQ 0DLQWHQDQFH 6L OH ERvWLHU H[WpULHXU RX OLQWpULHXU GX EDF GDOLPHQWDWLRQ VRQW VDOHV QHWWR\H]OHV DYHF XQ FKLIIRQ SURSUH HW GRX[ LPSUpJQp GH GpWHUJHQW GRX[ 0DLQWHQH] OH FDSRW GH OLPSULPDQWH IHUPp SRXU TXH OHDX QH SpQqWUH SDV j OLQWpULHXU 6L OLQWpULHXU GH OLPSULPDQWH pWDLW DFFLGHQWHOOHPHQW WDFKp GHQFUH QHWWR\H]OH DYHF XQ FKLIIRQ KXPLGH w c $WWHQWLRQ 9HLOOH] j QH SDV WRXFKHU DX[ SLJQRQV VLWXpV j OLQWpULHXU GH OLPSULPDQWH , PSRUWDQW 3UHQH] JDUGH GH QH SDV HVVX\HU ODUEUH GX FKDULRW 1XWLOLVH] SDV GDOFRRO QL GH GLVVROYDQW SRXU QHWWR\HU OLPSULPDQWH (Q HIIHW FHV SURGXLWV FKLPLTXHV ULVTXHQW GHQGRPPDJHU OHV FRPSRVDQWV HW OH ERvWLHU GH OLPSULPDQWH 9HLOOH] j QH SDV UHQYHUVHU GHDX VXU OH PpFDQLVPH GH OLPSULPDQWH QL VXU VHV FRPSRVDQWV pOHFWURQLTXHV 1XWLOLVH] SDV GH EURVVH GXUH RX DEUDVLYH 1H YDSRULVH] SDV GH OXEULILDQW j OLQWpULHXU GH OLPSULPDQWH 'HV KXLOHV LQDSSURSULpHV SRXUUDLHQW HQGRPPDJHU OH PpFDQLVPH &RQWDFWH] YRWUH UHYHQGHXU RX XQ WHFKQLFLHQ TXDOLILp VL YRXV SHQVH] TXXQH OXEULILFDWLRQ HVW QpFHVVDLUH 7UDQVSRUW GH OLPSULPDQWH 6L YRXV GHYH] WUDQVSRUWHU OLPSULPDQWH UHSODFH]OD VRLJQHXVHPHQW GDQV VRQ FDUWRQ GRULJLQH RX GDQV XQ FDUWRQ VLPLODLUH DX[ GLPHQVLRQV DGDSWpHV DYHF GHV PDWpULDX[ GH SURWHFWLRQ FRPPH LQGLTXp FLGHVVRXV 3URFpGH] FRPPH VXLW 0DLQWHQDQFH 2XYUH] OH FDSRW GH OLPSULPDQWH HW YpULILH] TXH OD WrWH GLPSUHVVLRQ HVW HQ SRVLWLRQ LQLWLDOH j OH[WUrPH GURLWH 6L HOOH QH OHVW SDV PHWWH] OLPSULPDQWH VRXV WHQVLRQ HW DWWHQGH] MXVTXj FH TXH OD WrWH GLPSUHVVLRQ UHYLHQQH HQ SRVLWLRQ LQLWLDOH )HUPH] HQVXLWH OH FDSRW HW GpEUDQFKH] OLPSULPDQWH c , PSRUWDQW /DLVVH] OHV FDUWRXFKHV HQ SODFH SHQGDQW OH WUDQVSRUW GH OLPSULPDQWH SRXU QH SDV ULVTXHU GH OHQGRPPDJHU 'pEUDQFKH] OH FkEOH GLQWHUIDFH GH OLPSULPDQWH 5HWLUH] WRXW OH SDSLHU GX EDF GDOLPHQWDWLRQ DLQVL TXH OH JXLGH 2XYUH] GH QRXYHDX OH FDSRW GH OLPSULPDQWH , PPRELOLVH] OH VXSSRUW GH FDUWRXFKH GHQFUH VXU OLPSULPDQWH DYHF OH PDWpULDX GH SURWHFWLRQ HW GX UXEDQ DGKpVLI FRPPH LOOXVWUp FLGHVVRXV SXLV UHIHUPH] OH FDSRW 5HSOLH] OH SODWHDX GH VRUWLH )L[H] OHV PDWpULDX[ GH SURWHFWLRQ GH FKDTXH F{Wp GH OLPSULPDQWH 5HSODFH] OLPSULPDQWH HW OH FRUGRQ GDOLPHQWDWLRQ GDQV OHXU HPEDOODJH GRULJLQH 0DLQWHQH] OLPSULPDQWH j SODW SHQGDQW OH WUDQVSRUW 0DLQWHQDQFH 0LVH j MRXU HW GpVLQVWDOODWLRQ GHV ORJLFLHOV 5HSRUWH]YRXV j FHWWH VHFWLRQ SRXU OD PLVH j QLYHDX GX V\VWqPH GH[SORLWDWLRQ :LQGRZV SRXU OD PLVH j MRXU GX ORJLFLHO GLPSUHVVLRQ VRXV :LQGRZV 0H RX :LQGRZV RX SRXU OD GpVLQVWDOODWLRQ GX SLORWH GLPSUHVVLRQ SRXU :LQGRZV RX 0DFLQWRVK 0LVH j QLYHDX YHUV :LQGRZV 0H RX 6L YRXV DYH] PLV j QLYHDX OH V\VWqPH GH[SORLWDWLRQ GH YRWUH RUGLQDWHXU HQ SDVVDQW GH :LQGRZV j :LQGRZV 0H RX YRXV GHYH] GpVLQVWDOOHU YRWUH ORJLFLHO GLPSUHVVLRQ SXLV OH UpLQVWDOOHU 5HSRUWH]YRXV j OD VHFWLRQ 'pVLQVWDOODWLRQ GX SLORWH GLPSUHVVLRQ SRXU DYRLU GHV LQVWUXFWLRQV 0LVH j MRXU GX ORJLFLHO GLPSUHVVLRQ VRXV :LQGRZV 0H RX /RUVTXH YRXV PHWWH] j MRXU OH ORJLFLHO GLPSUHVVLRQ VRXV :LQGRZV 0H RX YHLOOH] j GpVLQVWDOOHU OH ORJLFLHO GLPSUHVVLRQ SUpFpGHQW DYDQW GLQVWDOOHU OH QRXYHDX /D PLVH j MRXU pFKRXHUD VL YRXV HVVD\H] GpFUDVHU ODQFLHQ ORJLFLHO GLPSUHVVLRQ 5HSRUWH]YRXV j OD VHFWLRQ 'pVLQVWDOODWLRQ GX SLORWH GLPSUHVVLRQ SRXU DYRLU GHV GpWDLOV VXU OD GpVLQVWDOODWLRQ GX ORJLFLHO G LPSUHVVLRQ 'pVLQVWDOODWLRQ GX SLORWH GLPSUHVVLRQ 3RXU :LQGRZV 0HWWH] OLPSULPDQWH KRUV WHQVLRQ HW GpEUDQFKH] OH FkEOH F{Wp LPSULPDQWH 0DLQWHQDQFH &OLTXH] VXU 'pPDUUHU HW VpOHFWLRQQH] 3DUDPqWUHV SXLV FOLTXH] VXU 3DQQHDX GH FRQILJXUDWLRQ 'RXEOHFOLTXH] VXU OLF{QH $MRXW6XSSUHVVLRQ GH SURJUDPPHV HW VpOHFWLRQQH] (3621 /RJLFLHO LPSULPDQWH GDQV OD OLVWH &OLTXH] HQVXLWH VXU OH ERXWRQ $MRXWHU6XSSULPHU 6pOHFWLRQQH] OLF{QH (3621 6W\OXV & 6HULHV HW FOLTXH] VXU 2. 5HPDUTXH 6L OLPSULPDQWH HVW FRQQHFWpH YLD XQ SRUW 86% VRXV :LQGRZV 0H RX YRXV GHYH] GpVLQVWDOOHU XQ FRPSRVDQW 86% VXSSOpPHQWDLUH 6pOHFWLRQQH] (3621 , PSULPDQWHV 86% GDQV OD OLVWH GH O XWLOLWDLUH $MRXW6XSSUHVVLRQ GH SURJUDPPHV SXLV FOLTXH] VXU OH ERXWRQ $MRXWHU6XSSULPHU HW FOLTXH] VXU 2. [. . . ] 6$1$<, 9( 7, &$5(7 /, 0, 7('1 6, 5. (7, , Q|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l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p 7DPERUp %DUXHUL 6mR 3DXOR 63 7HO )D[ 6XSSRUW WHFKQLTXH ZZZHSVRQFRPEU &KLOH (3621 &+, /( 6$ /D &RQFHSFLyQ 3URYLGHQFLD 6DQWLDJR 7HO )D[ ZZZHSVRQFO &RORPELD (3621 &2/20%, $ /7'$ 'LDJRQDO 1R %RJRWi &RORPELD 7HO )D[ ZZZHSVRQFRPFR &RVWD 5LFD (3621 &267$ 5, &$ 6$ (PEDMDGD $PHULFDQD 6XU \ 2HVWH 6DQ -RVp &RVWD 5LFD 7HO )D[ 6XSSRUW WHFKQLTXH ZZZHSVRQFUFRP 0H[LFR (3621 0e;, &2 6$ GH &9 $Y 6RQRUD 0p[LFR ') 7HO )D[ ZZZHSVRQFRPP[ 3HUX (3621 3(5 6$ $Y 'HO 3DUTXH 6XU 6DQ , VLGUR /LPD 3HU~ 7HO )D[ ZZZHSVRQFRP 9HQH]XHOD (3621 9(1(=8(/$ 6$ &DOOH FRQ &DOOH /D 8UELQD 6XU &DUDFDV 9HQH]XHOD 7HO )D[ 6XSSRUW WHFKQLTXH ZZZHSVRQFRPYH 86$ /DWLQ $PHULFD (3621 /$7, 1 $0(5, &$ %OXH /DJRRQ 'U 6WH 0LDPL )/ 7HO )D[ 86$ (3621 $0(5, &$ , 1& . LOUR\ $LUSRUW :D\ /RQJ %HDFK &$ 7HO )D[ ZZZHSVRQFRP 6XSSRUW WHFKQLTXH , QIRUPDWLRQV SURGXLWV &RQVLJQHV GH VpFXULWp &RQVLJQHV GH VpFXULWp LPSRUWDQWHV 9HXLOOH] OLUH OLQWpJUDOLWp GHV FRQVLJQHV GRQQpHV GDQV FHWWH VHFWLRQ DYDQW GXWLOLVHU YRWUH LPSULPDQWH 9HLOOH] pJDOHPHQW j VXLYUH OHV DYHUWLVVHPHQWV HW FRQVLJQHV UHSpUpV VXU OLPSULPDQWH , QVWDOODWLRQ GH OLPSULPDQWH 5HVSHFWH] OHV FRQVLJQHV VXLYDQWHV ORUV GH OLQVWDOODWLRQ GH OLPSULPDQWH 9HLOOH] j QH SDV REVWUXHU RX UHFRXYULU OHV RXYHUWXUHV PpQDJpHV GDQV OH ERvWLHU GH OLPSULPDQWH 8WLOLVH] XQLTXHPHQW OH W\SH GH VRXUFH GDOLPHQWDWLRQ LQGLTXp VXU OpWLTXHWWH GH OLPSULPDQWH 5HOLH] WRXV OHV DSSDUHLOV j GHV SULVHV GDOLPHQWDWLRQ FRUUHFWHPHQW PLVHV j OD WHUUH eYLWH] OXWLOLVDWLRQ GH SULVHV GH FRXUDQW UHOLpHV DX PrPH FLUFXLW TXH OHV SKRWRFRSLHXUV RX OHV V\VWqPHV GH FOLPDWLVDWLRQ TXL VRQW IUpTXHPPHQW DUUrWpV HW PLV HQ PDUFKH eYLWH] GXWLOLVHU GHV SULVHV GH FRXUDQW FRPPDQGpHV SDU XQ LQWHUUXSWHXU PXUDO RX XQH WHPSRULVDWLRQ DXWRPDWLTXH 3ODFH] OHQVHPEOH GX V\VWqPH LQIRUPDWLTXH j OpFDUW GHV VRXUFHV SRWHQWLHOOHV GH SDUDVLWHV pOHFWURPDJQpWLTXHV WHOOHV TXH OHV KDXWSDUOHXUV RX OHV EDVHV IL[HV GHV WpOpSKRQHV VDQV ILO &RQVLJQHV GH VpFXULWp 1XWLOLVH] SDV XQ FRUGRQ GDOLPHQWDWLRQ HQGRPPDJp RX XVp 6L YRXV XWLOLVH] XQ SURORQJDWHXU pOHFWULTXH DYHF OLPSULPDQWH YHLOOH] j FH TXH ODPSpUDJH PD[LPXP GHV SpULSKpULTXHV UHOLpV DX SURORQJDWHXU QH GpSDVVH SDV FHOXL GX FRUGRQ 'H PrPH YHLOOH] j FH TXH ODPSpUDJH WRWDO GHV SpULSKpULTXHV EUDQFKpV VXU OD SULVH GH FRXUDQW QH GpSDVVH SDV OH FRXUDQW PD[LPXP TXH FHOOHFL SHXW VXSSRUWHU 1HVVD\H] SDV GH UpSDUHU YRXVPrPH OLPSULPDQWH 'pEUDQFKH] OLPSULPDQWH HW IDLWHV DSSHO j XQ WHFKQLFLHQ GH PDLQWHQDQFH TXDOLILp GDQV OHV FLUFRQVWDQFHV VXLYDQWHV /H FRUGRQ GDOLPHQWDWLRQ RX VD ILFKH HVW HQGRPPDJp GX OLTXLGH D FRXOp GDQV OLPSULPDQWH OLPSULPDQWH HVW WRPEpH RX OH ERvWLHU D pWp HQGRPPDJp OLPSULPDQWH QH IRQFWLRQQH SDV QRUPDOHPHQW RX VHV SHUIRUPDQFHV RQW FKDQJp GH PDQLqUH VHQVLEOH 6L YRXV GHYH] XWLOLVHU OLPSULPDQWH HQ $OOHPDJQH OH UpVHDX pOHFWULTXH GH O LPPHXEOH GRLW rWUH SURWpJp SDU XQ GLVMRQFWHXU GH $PSqUHV SRXU DVVXUHU XQH SURWHFWLRQ DGpTXDWH FRQWUH OHV FRXUWVFLUFXLWV HW OHV VXULQWHQVLWpV /RUV GX FKRL[ GXQ HPSODFHPHQW SRXU OLPSULPDQWH 5HVSHFWH] OHV FRQVLJQHV VXLYDQWHV SRXU OH FKRL[ GXQ HPSODFHPHQW SRXU OLPSULPDQWH 3ODFH] OLPSULPDQWH VXU XQH VXUIDFH SODWH HW VWDEOH VHQVLEOHPHQW SOXV JUDQGH TXH OD EDVH GH OLPSULPDQWH /LPSULPDQWH QH IRQFWLRQQHUD SDV FRUUHFWHPHQW VL HOOH HVW SODFpH GDQV XQH SRVLWLRQ LQFOLQpH /DLVVH] VXIILVDPPHQW GH SODFH GHYDQW O LPSULPDQWH SRXU TXH OH SDSLHU SXLVVH rWUH pMHFWp VDQV SUREOqPH &RQVLJQHV GH VpFXULWp eYLWH] OHV HPSODFHPHQWV VRXPLV j GHV YDULDWLRQV UDSLGHV GH WHPSpUDWXUH HW GKXPLGLWp 0DLQWHQH] DXVVL OLPSULPDQWH j OpFDUW GX UD\RQQHPHQW VRODLUH GLUHFW GHV IRUWHV OXPLqUHV HW GHV VRXUFHV GH FKDOHXU eYLWH] OHV HPSODFHPHQWV H[SRVpV j OD SRXVVLqUH DX[ FKRFV HW DX[ YLEUDWLRQV /DLVVH] VXIILVDPPHQW GH SODFH DXWRXU GH OLPSULPDQWH SRXU SHUPHWWUH XQH YHQWLODWLRQ VDWLVIDLVDQWH 3ODFH] OLPSULPDQWH j SUR[LPLWp GXQH SULVH GH FRXUDQW SHUPHWWDQW XQ GpEUDQFKHPHQW IDFLOH GX FRUGRQ GDOLPHQWDWLRQ /RUV GH OXWLOLVDWLRQ GH OLPSULPDQWH 5HVSHFWH] OHV FRQVLJQHV VXLYDQWHV ORUV GH OXWLOLVDWLRQ GH OLPSULPDQWH 1 LQVpUH] DXFXQ REMHW j WUDYHUV OHV RULILFHV GX ERvWLHU GH OLPSULPDQWH 9HLOOH] j QH SDV UHQYHUVHU GH OLTXLGH VXU OLPSULPDQWH 1LQWURGXLVH] SDV YRV PDLQV GDQV OLPSULPDQWH HW QH WRXFKH] SDV OHV FDUWRXFKHV GHQFUH DX FRXUV GH OLPSUHVVLRQ 1H GpSODFH] SDV OD WrWH GLPSUHVVLRQ j OD PDLQ SRXU QH SDV ULVTXHU GHQGRPPDJHU OLPSULPDQWH 0HWWH] WRXMRXUV OLPSULPDQWH KRUV WHQVLRQ j ODLGH GH OD WRXFKH 0DUFKH$UUrW P /RUVTXH FHWWH WRXFKH HVW HQIRQFpH OH YR\DQW 0DUFKH$UUrW P FOLJQRWH 1H GpEUDQFKH] SDV OLPSULPDQWH HW QH FRXSH] SDV OH FRXUDQW DX QLYHDX GH VD SULVH GDOLPHQWDWLRQ WDQW TXH OH YR\DQW 0DUFKH$UUrW P FOLJQRWH &RQVLJQHV GH VpFXULWp $YDQW GH WUDQVSRUWHU OLPSULPDQWH DVVXUH]YRXV TXH OD WrWH GLPSUHVVLRQ HVW j VD SRVLWLRQ LQLWLDOH j OH[WUrPH GURLWH HW TXH OHV FDUWRXFKHV GHQFUH VRQW HQ SODFH /RUV GH OD PDQLSXODWLRQ GHV FDUWRXFKHV GHQFUH 5HVSHFWH] OHV FRQVLJQHV VXLYDQWHV SRXU OD PDQLSXODWLRQ GHV FDUWRXFKHV GHQFUH &RQVHUYH] OHV FDUWRXFKHV KRUV GH SRUWpH GHV HQIDQWV 1H OHV ODLVVH] SDV PDQLSXOHU OHV FDUWRXFKHV RX HQ ERLUH OH FRQWHQX 0DQLSXOH] OHV FDUWRXFKHV GHQFUH XVDJpH DYHF SUpFDXWLRQ ORULILFH SRXYDQW rWUH OpJqUHPHQW WDFKp GHQFUH (Q FDV GH FRQWDFW GH OHQFUH DYHF OD SHDX QHWWR\H] pQHUJLTXHPHQW OD UpJLRQ j OHDX HW DX VDYRQ 6L GH OHQFUH HQWUH HQ FRQWDFW DYHF YRV \HX[ ULQFH]OHV DERQGDPPHQW DYHF GH OHDX 6L XQH JrQH RX GHV SUREOqPHV GH YLVLRQ VXEVLVWHQW DSUqV XQ QHWWR\DJH DSSURIRQGL FRQVXOWH] LPPpGLDWHPHQW XQ PpGHFLQ 1H VHFRXH] SDV OHV FDUWRXFKHV GHQFUH DILQ GpYLWHU WRXW ULVTXH GH IXLWH , QVWDOOH] OD FDUWRXFKH GHQFUH LPPpGLDWHPHQW DSUqV ODYRLU UHWLUpH GH VRQ HPEDOODJH 8QH FDUWRXFKH UHVWpH ORQJWHPSV GpEDOOpH DYDQW XWLOLVDWLRQ SHXW SURGXLUH XQH LPSUHVVLRQ GH TXDOLWp LQIpULHXUH 1XWLOLVH] SDV XQH FDUWRXFKH DX GHOj GH OD GDWH LPSULPpH VXU OHPEDOODJH 3RXU REWHQLU OHV PHLOOHXUV UpVXOWDWV XWLOLVH] OHV FDUWRXFKHV GHQFUH GDQV OHV VL[ PRLV TXL VXLYHQW OHXU LQVWDOODWLRQ 1H GpPRQWH] SDV OHV FDUWRXFKHV HW QHVVD\H] SDV GH OHV UHPSOLU GHQFUH DILQ GpYLWHU WRXWH GpWpULRUDWLRQ GH OD WrWH &RQVLJQHV GH VpFXULWp /RUVTXH YRXV DSSRUWH] j OLQWpULHXU GXQ ORFDO XQH FDUWRXFKH GHQFUH SUpFpGHPPHQW VWRFNpH GDQV XQ HQGURLW IURLG ODLVVH]OD VH FRQGLWLRQQHU j OD WHPSpUDWXUH GH OD SLqFH SHQGDQW WURLV KHXUHV DX PRLQV DYDQW GH OXWLOLVHU 6WRFNH] OHV FDUWRXFKHV GHQFUH GDQV XQ HQGURLW IUDLV HW VRPEUH &KDTXH IRLV TXH OD FDUWRXFKH HVW PLVH HQ SODFH XQ SHX GHQFUH HVW FRQVRPPpH FDU OLPSULPDQWH HIIHFWXH DXWRPDWLTXHPHQW XQ WHVW GH ILDELOLWp 1H WRXFKH] SDV j OD SXFH GH FRXOHXU YHUWH VXU OH F{Wp GH OD FDUWRXFKH &HOD SRXUUDLW SHUWXUEHU OH IRQFWLRQQHPHQW QRUPDO HW OLPSUHVVLRQ /D SXFH FRQVHUYH XQ FHUWDLQ QRPEUH GLQIRUPDWLRQV OLpHV j OD FDUWRXFKH GHQFUH WHOOHV TXH OD TXDQWLWp GHQFUH UHVWDQWH FH TXL SHUPHW GH UHWLUHU SXLV GH UpLQVpUHU OLEUHPHQW OD FDUWRXFKH 7RXWHIRLV FKDTXH IRLV TXH OD FDUWRXFKH HVW PLVH HQ SODFH XQ SHX GHQFUH HVW FRQVRPPpH FDU OLPSULPDQWH HIIHFWXH DXWRPDWLTXHPHQW XQ WHVW GH ILDELOLWp 6L YRXV UHWLUH] XQH FDUWRXFKH GHQFUH SRXU OD UpXWLOLVHU XOWpULHXUHPHQW SURWpJH] OD ]RQH GDOLPHQWDWLRQ HQ HQFUH FRQWUH OHV VDOLVVXUHV HW OD SRXVVLqUH HW VWRFNH]OD GDQV OH PrPH HQYLURQQHPHQW TXH OLPSULPDQWH / RULILFH G DOLPHQWDWLRQ HQ HQFUH SRVVqGH XQH YDOYH TXL UHQG LQXWLOH OD SUpVHQFH G XQ FRXYHUFOH RX GXQ FDSXFKRQ PDLV QpFHVVLWH WRXWHIRLV FHUWDLQHV SUpFDXWLRQV GH PDQLSXODWLRQ SRXU pYLWHU GH WDFKHU GHV pOpPHQWV TXH OD FDUWRXFKH YLHQGUDLW j WRXFKHU 1H WRXFKH] SDV ORULILFH GDOLPHQWDWLRQ HQ HQFUH GH OD FDUWRXFKH QL OD ]RQH TXL OHQWRXUH &RQIRUPLWp (1(5*< 67$5 (Q VD TXDOLWp GH SDUWHQDLUH (1(5*< 67$5 (3621 JDUDQWLW TXH FH SURGXLW UpSRQG DX[ GLUHFWLYHV GX SURJUDPPH (1(5*< 67$5 SRXU OpFRQRPLH GpQHUJLH &RQVLJQHV GH VpFXULWp /H SURJUDPPH LQWHUQDWLRQDO (1(5*< 67$5 SRXU OH PDWpULHO GH EXUHDX HVW XQ SURJUDPPH GH SDUWHQDULDW YRORQWDLUH DYHF OHV FRQVWUXFWHXUV GH PDWpULHOV LQIRUPDWLTXHV HW EXUHDXWLTXHV SRXU SURPRXYRLU OLQWURGXFWLRQ GRUGLQDWHXUV GH PRQLWHXUV GLPSULPDQWHV GH WpOpFRSLHXUV HW GH FRSLHXUV j IDLEOH FRQVRPPDWLRQ GpQHUJLH GDQV OH FDGUH GXQ HIIRUW YLVDQW j OLPLWHU OD SROOXWLRQ DWPRVSKpULTXH , QGLFDWLRQV $WWHQWLRQ , PSRUWDQW HW 5HPDUTXHV w c $WWHQWLRQ DYHUWLVVHPHQW j VXLYUH j OD OHWWUH SRXU pYLWHU GHV EOHVVXUHV FRUSRUHOOHV , PSRUWDQW PLVH HQ JDUGH j UHVSHFWHU SRXU pYLWHU GHQGRPPDJHU YRWUH pTXLSHPHQW 5HPDUTXHV LQIRUPDWLRQV LPSRUWDQWHV HW FRQVHLOV XWLOHV VXU OH IRQFWLRQQHPHQW GH YRWUH LPSULPDQWH &RQVLJQHV GH VpFXULWp eOpPHQWV GH OLPSULPDQWH HW IRQFWLRQV GX SDQQHDX GH FRQWU{OH eOpPHQWV GH OLPSULPDQWH *XLGH SDSLHU VRXWLHQW OH SDSLHU FKDUJp GDQV OH EDF GDOLPHQWDWLRQ *XLGHV ODWpUDX[ SHUPHWWHQW GH PDLQWHQLU OH SDSLHU GURLW SHQGDQW OH FKDUJHPHQW 5pJOH] OD SRVLWLRQ GX JXLGH ODWpUDO JDXFKH j OD ODUJHXU GH YRWUH SDSLHU &DSRW SURWqJH OH PpFDQLVPH GLPSUHVVLRQ 1H VRXOHYH] FHV OHYLHUV TXH SRXU LQVWDOOHU RX UHPSODFHU GHV FDUWRXFKHV %DF GDOLPHQWDWLRQ UHoRLW OH SDSLHU YLHUJH HW SHUPHW VRQ HQWUDvQHPHQW DXWRPDWLTXH DX FRXUV GH OLPSUHVVLRQ 3ODWHDX GH VRUWLH UHoRLW OH SDSLHU pMHFWp ([WHQVLRQ GX SODWHDX GH VRUWLH 6RXWLHQW OH SDSLHU pMHFWp /HYLHUV GH YHUURXLOODJH GHV FDUWRXFKHV GHQFUH PDLQWLHQQHQW OHV FDUWRXFKHV GHQFUH HQ SODFH 1H VRXOHYH] FHV OHYLHUV TXH SRXU LQVWDOOHU RX UHPSODFHU GHV FDUWRXFKHV 7rWH GLPSUHVVLRQ SURMHWWH OHQFUH VXU OD SDJH 3DQQHDX GH FRQWU{OH FRQWU{OH GLIIpUHQWHV IRQFWLRQV GH OLPSULPDQWH 3RXU SOXV GH GpWDLOV UHSRUWH]YRXV j OD VHFWLRQ VXLYDQWH 3DQQHDX GH FRQWU{OH 7RXFKHV 7RXFKH )RQFWLRQ 0HW OLPSULPDQWH VRXV WHQVLRQ HW KRUV WHQVLRQ (IIDFH OD PpPRLUH GH OLPSULPDQWH VL YRXV DSSX\H] GHX[ IRLV GHVVXV SHQGDQW TXH OLPSULPDQWH HVW VRXV WHQVLRQ 0DUFKHDUUrW &KDUJH RX pMHFWH OH SDSLHU HQ FDV GDSSXL HW GH UHOkFKHPHQW HQ PRLQV GH WURLV VHFRQGHV 5HODQFH OLPSUHVVLRQ HQ FDV GDSSXL HW GH UHOkFKHPHQW DSUqV XQH HUUHXU ILQ GH SDSLHU 0DLQWHQDQFH 'pFOHQFKH OH QHWWR\DJH GH OD WrWH GLPSUHVVLRQ DSUqV XQ DSSXL PDLQWHQX GH VHFRQGHV ORUVTXH OH YR\DQW GHUUHXU b HVW pWHLQW 'pSODFH OD WrWH G LPSUHVVLRQ HQ SRVLWLRQ GH UHPSODFHPHQW GHV FDUWRXFKHV ORUVTX LO Q \ D SOXV G HQFUH 'pSODFH OD WrWH G LPSUHVVLRQ HQ SRVLWLRQ GH UHPSODFHPHQW GHV FDUWRXFKHV HW UHPSOLW OH FLUFXLW GHQFUH GH OLPSULPDQWH 5HPSODFHPHQW GH FDUWRXFKH GHQFUH 9R\DQWV 9R\DQW 'HVFULSWLRQ $OOXPp ORUVTXH OLPSULPDQWH HVW VRXV WHQVLRQ &OLJQRWH ORUVTXH OLPSULPDQWH UHoRLW GHV GRQQpHV SHQGDQW OLPSUHVVLRQ OH UHPSODFHPHQW GXQH FDUWRXFKH GHQFUH OH FKDUJHPHQW GX FLUFXLW GDOLPHQWDWLRQ HQ HQFUH RX OH QHWWR\DJH GH OD WrWH GLPSUHVVLRQ 0DUFKHDUUrW $OOXPp ORUVTXH OLPSULPDQWH QD SOXV GH SDSLHU 0HWWH] GX SDSLHU GDQV OH EDF GDOLPHQWDWLRQ SXLV DSSX\H] VXU OD WRXFKH GH PDLQWHQDQFH b SRXU UHSUHQGUH OLPSUHVVLRQ (UUHXU 6DOOXPH HQ FDV GH ERXUUDJH SDSLHU 5HWLUH] WRXW OH SDSLHU GX EDF GDOLPHQWDWLRQ SXLV UHPHWWH]OH HQ SODFH 6L OH YR\DQW FRQWLQXH GH FOLJQRWHU PHWWH] OLPSULPDQWH KRUV WHQVLRQ HW UHWLUH] DYHF VRLQ WRXW SDSLHU FRLQFp GDQV OLPSULPDQWH &OLJQRWH ORUVTXH OD FDUWRXFKH GHQFUH QRLUH RX FRXOHXU HVW SUHVTXH YLGH $OOXPp ORUVTXH OD FDUWRXFKH GHQFUH QRLUH RX FRXOHXU HVW YLGH 5HPSODFH] OD FDUWRXFKH GHQFUH QRLUH 7 RX OD FDUWRXFKH GHQFUH FRXOHXU 7 &OLJQRWH ORUVTXH OD WrWH G LPSUHVVLRQ VH GpSODFH YHUV OD SRVLWLRQ GH UHPSODFHPHQW GHV FDUWRXFKHV /H YR\DQW FOLJQRWH SOXV UDSLGHPHQW ORUVTXH FHVW OD FDUWRXFKH GHQFUH FRXOHXU TXL HVW YLGH 2SWLRQV HW FRQVRPPDEOHV 2SWLRQV 9RXV SRXYH] XWLOLVHU OHV RSWLRQV HW OHV FRQVRPPDEOHV VXLYDQWV SRXU YRWUH LPSULPDQWH &kEOHV GLQWHUIDFH (3621 IRXUQLW OHV FkEOHV GLQWHUIDFH VXLYDQWV SRXU YRWUH LPSULPDQWH 7RXWHIRLV YRXV SRXYH] XWLOLVHU QLPSRUWH TXHO FkEOH GLQWHUIDFH UpSRQGDQW j FHV FDUDFWpULVWLTXHV &RQVXOWH] OH PDQXHO GH YRWUH RUGLQDWHXU SRXU SOXV GLQIRUPDWLRQV &kEOH GLQWHUIDFH SDUDOOqOH EOLQGp & DYHF FRQQHFWHXU '68% EURFKHV F{Wp RUGLQDWHXU HW FRQQHFWHXU EURFKHV $PSKHQRO GH OD VpULH F{Wp LPSULPDQWH &kEOH GLQWHUIDFH 86% EOLQGp & DYHF FRQQHFWHXU VpULH $ j EURFKHV RUGLQDWHXU HW FRQQHFWHXU VpULH % j EURFKHV LPSULPDQWH 5HPDUTXH /DVWpULVTXH UHPSODFH OH GHUQLHU FKLIIUH GX QXPpUR GH UpIpUHQFH TXL YDULH VHORQ OH SD\V 6HORQ YRWUH ORFDOLVDWLRQ JpRJUDSKLTXH FH FkEOH SHXW QH SDV rWUH IRXUQL c , PSRUWDQW 8WLOLVH] GH SUpIpUHQFH OHV FkEOHV GLQWHUIDFH FLWpV FLGHVVXV /XWLOLVDWLRQ GDXWUHV FkEOHV QRQ FRXYHUWV SDU OD JDUDQWLH (3621 SHXW rWUH OD FDXVH GH G\VIRQFWLRQQHPHQWV GH OLPSULPDQWH &RQVRPPDEOHV 9RXV SRXYH] XWLOLVHU OHV FDUWRXFKHV HW VXSSRUWV VSpFLDX[ (3621 VXLYDQWV SRXU YRWUH LPSULPDQWH &DUWRXFKHV GHQFUH 9RXV SRXYH] XWLOLVHU OHV FDUWRXFKHV GHQFUH VXLYDQWHV &DUWRXFKH GHQFUH QRLUH &DUWRXFKH GHQFUH FRXOHXU 7 7 5HPDUTXH /D UpIpUHQFH GHV FDUWRXFKHV GHQFUH YDULH VHORQ OH SD\V 7\SHV GH VXSSRUWV (3621 YRXV SURSRVH GHV VXSSRUWV VSpFLDX[ SDUWLFXOLqUHPHQW ELHQ DGDSWpV DX[ LPSULPDQWHV j MHW GHQFUH SRXU GHV UpVXOWDWV GH SUHPLqUH TXDOLWp 5HPDUTXH 3RXU REWHQLU OHV GHUQLqUHV LQIRUPDWLRQV VXU OHV VXSSRUWV GLVSRQLEOHV GDQV YRWUH UpJLRQ FRQWDFWH] OH VHUYLFH FOLHQWqOH G(3621 3RXU DYRLU SOXV GH GpWDLOV UHSRUWH]YRXV j OD VHFWLRQ 6HUYLFHV FOLHQWqOH UpJLRQDX[ 3DSLHU RUGLQDLUH 3DSLHU EODQF 3UHPLXP SRXU MHW GHQFUH 3DSLHU EODQF EULOODQW $ 3DSLHU FRXFKp GSL 3DSLHU FRXFKp GSL $ I 3DSLHU WUDQVIHUW 7VKLUW $ I 3DSLHU FRXFKp TXDOLWp SKRWR 3DSLHU FRXFKp TXDOLWp SKRWR $ I 3DSLHU FRXFKp TXDOLWp SKRWR /HJDO &DUWHV MHW GHQFUH TXDOLWp SKRWR $ I 3DSLHU DGKpVLI TXDOLWp SKRWR $ I &DUWHV GH YX[ TXDOLWp SKRWR PP DYHF HQYHORSSHV 3DSLHU PDW pSDLV JP 3DSLHU PDW pSDLV $ I 3DSLHU SKRWR pSDLV JP 3DSLHU SKRWR $ I 3DSLHU SKRWR DYHF ERUGV SUpGpFRXSpV 3DSLHU SKRWR pSDLV I 3DSLHU SKRWR SDQRUDPLTXH I &DUWHV GH YLVLWH 3DSLHU SKRWR $ &'520 6 6 6 6 3$()6 6 6 6 6 6 6 6 6 6 6 3DSLHU SKRWR pSDLV VDQV ERUGV SUpGpFRXSpV6 )LOP JODFp TXDOLWp SKRWR )LOP JODFp TXDOLWp SKRWR $ I )LOP JODFp TXDOLWp SKRWR $ I 3KRWR VWLFNHUV $ I 3KRWR VWLFNHUV $ I 3KRWR VWLFNHUV $ I 7UDQVSDUHQWV SRXU MHW GHQFUH 7UDQVSDUHQWV $ I 3DSLHU SKRWR JODFp 3UHPLXP 3DSLHU SKRWR JODFp 3UHPLXP $ 3DSLHU SKRWR VHPLJODFp 3UHPLXP $ 5HPDUTXH /D GLVSRQLELOLWp GHV VXSSRUWV YDULH VHORQ OHV SD\V 6 6 6 &'520 &'520 6 6 3$()6 3$()6 3$()6 &DUDFWpULVWLTXHV WHFKQLTXHV GH OLPSULPDQWH , PSUHVVLRQ 0pWKRGH GLPSUHVVLRQ-HW GHQFUH j OD GHPDQGH &RQILJXUDWLRQ GHV EXVHV 5pVROXWLRQ 'LUHFWLRQ GLPSUHVVLRQ &RGH GH FRPPDQGH 0RQRFKURPH QRLUH EXVHV &RXOHXU F\DQ PDJHQWD MDXQH EXVHV >FKDTXH FRXOHXU@ 0D[LPXP SSS SSS %LGLUHFWLRQQHOOH DYHF UHFKHUFKH ORJLTXH (36213 5DVWHU (3621 5HPRWH 0pPRLUH WDPSRQ HQ . R HQWUpH 3DSLHU 5HPDUTXH /D TXDOLWp GHV PDUTXHV RX W\SHV GH SDSLHU SRXYDQW rWUH FKDQJpH SDU OH IDEULFDQW VDQV SUpDYLV (3621 QH SHXW JDUDQWLU OD TXDOLWp GDXFXQ SDSLHU GH PDUTXH DXWUH TXH (3621 3URFpGH] WRXMRXUV j GHV HVVDLV DYDQW GDFKHWHU GH JUDQGHV TXDQWLWpV GH SDSLHU RX GLPSULPHU GHV WUDYDX[ GH YROXPH LPSRUWDQW &DUDFWpULVWLTXHV WHFKQLTXHV GH OLPSULPDQWH 3DSLHU )HXLOOHV VLPSOHV )RUPDW $ PP PP $ PP PP /HWWHU PP PP +DOI OHWWHU PP PP /HJDO PP PP ([HFXWLYH PP PP 3DSLHU RUGLQDLUH SDSLHUV VSpFLDX[ GLVWULEXpV SDU (3621 PP j PP j SRXFH JP OE j JP OE 7\SHV GH SDSLHU eSDLVVHXU SDSLHU RUGLQDLUH *UDPPDJH SDSLHU RUGLQDLUH (QYHORSSHV )RUPDW 1 PP PP '/ PP PP & PP PP PP PP 3DSLHU RUGLQDLUH SDSLHU DYLRQ PP j PP j SRXFH JP OE j JP OE 7\SHV GH SDSLHU eSDLVVHXU *UDPPDJH &DUWHV )RUPDW $ PP PP PP PP PP PP 3DSLHUV VSpFLDX[ GLVWULEXpV SDU (3621 7\SHV GH SDSLHU &DUDFWpULVWLTXHV WHFKQLTXHV GH OLPSULPDQWH 7UDQVSDUHQWV ILOP JODFp SDSLHU JODFp )RUPDW $ PP PP /HWWHU PP PP $ PP PP SRXU OH ILOP JODFp 3DSLHUV VSpFLDX[ GLVWULEXpV SDU (3621 7\SHV GH SDSLHU 3DSLHU DGKpVLI )RUPDW 7\SHV GH SDSLHU 3DSLHU SKRWR )RUPDW $ PP PP 3DSLHUV VSpFLDX[ GLVWULEXpV SDU (3621 $ PP PP /HWWHU PP PP 3DQRUDPD PP PP PP PP PP PP PP PP PP PP 3DSLHUV VSpFLDX[ GLVWULEXpV SDU (3621 7\SHV GH SDSLHU 3DSLHU SKRWR JODFp 3UHPLXP )RUPDW 7\SHV GH SDSLHU /HWWHU PP PP $ PP PP 3DSLHUV VSpFLDX[ GLVWULEXpV SDU (3621 3DSLHU SKRWR VHPLJODFp 3UHPLXP )RUPDW 7\SHV GH SDSLHU /HWWHU PP PP $ PP PP 3DSLHUV VSpFLDX[ GLVWULEXpV SDU (3621 &DUDFWpULVWLTXHV WHFKQLTXHV GH OLPSULPDQWH 6WLFNHUV SKRWR )RUPDW 7\SHV GH SDSLHU 3DSLHU PDW pSDLV )RUPDW 7\SHV GH SDSLHU $ PP PP /HWWHU PP PP 3DSLHUV VSpFLDX[ GLVWULEXpV SDU (3621 $ PP PP DYHF RX FDGUHV 3DSLHUV VSpFLDX[ GLVWULEXpV SDU (3621 5HPDUTXH 'X SDSLHU GH PDXYDLVH TXDOLWp SHXW GLPLQXHU OD TXDOLWp GLPSUHVVLRQ HW SURYRTXHU GHV ERXUUDJHV RX GDXWUHV SUREOqPHV 6L YRXV UHQFRQWUH] EHDXFRXS GH SUREOqPHV FKRLVLVVH] GX SDSLHU GH TXDOLWp VXSpULHXUH 1H FKDUJH] SDV GX SDSLHU FRXUEp RX SOLp 8WLOLVH] OH SDSLHU GDQV GHV FRQGLWLRQV QRUPDOHV 7HPSpUDWXUH GH j & j ) +XPLGLWp UHODWLYH GH j /H ILOP JODFp TXDOLWp SKRWR (3621 HW OH SDSLHU DGKpVLI GRLYHQW rWUH FRQVHUYpV GDQV OHV FRQGLWLRQV VXLYDQWHV 7HPSpUDWXUH GH j & j ) +XPLGLWp UHODWLYH GH j &DUDFWpULVWLTXHV WHFKQLTXHV GH OLPSULPDQWH =RQH LPSULPDEOH )HXLOOHV VLPSOHV \ FRPSULV IRUPDW SDQRUDPLTXH HW FDUWHV A B-L B-R C (QYHORSSHV A B-L B-R C $ /D PDUJH VXSpULHXUH PLQLPDOH HVW GH PP 6L YRXV FKDUJH] SOXVLHXUV IHXLOOHV GH ILOP JODFp TXDOLWp SKRWR (3621 FHWWH PDUJH HVW GH PP %/ /D PDUJH JDXFKH PLQLPDOH HVW GH PP &DUDFWpULVWLTXHV WHFKQLTXHV GH OLPSULPDQWH %5 /D PDUJH GURLWH PLQLPDOH HVW OD VXLYDQWH PP SRXU OHV IHXLOOHV VLPSOHV HW OHV HQYHORSSHV & PP SRXU OHV HQYHORSSHV '/ PP SRXU OHV HQYHORSSHV 1 /D PDUJH LQIpULHXUH PLQLPDOH HVW GH PP 9RXV SRXYH] UDPHQHU OD PDUJH LQIpULHXUH PLQLPDOH j PP HQ VpOHFWLRQQDQW 0D[LPDOH FRPPH RSWLRQ GH =RQH LPSULPDEOH GDQV OH PHQX 3DSLHU GX ORJLFLHO GLPSUHVVLRQ :LQGRZV RX GDQV OD ]RQH GH GLDORJXH )RUPDW GLPSUHVVLRQ 0DFLQWRVK 7RXWHIRLV OD TXDOLWp SHXW GpFOLQHU GDQV OD ]RQH LPSULPpH JDJQpH VXU OD PDUJH LQIpULHXUH $YDQW GLPSULPHU GHV GRFXPHQWV YROXPLQHX[ HQ XWLOLVDQW FHWWH RSWLRQ LPSULPH] XQH SDJH SRXU YpULILHU OD TXDOLWp & 5HPDUTXH &KDUJH] WRXMRXUV OH SDSLHU GDQV OH EDF GDOLPHQWDWLRQ HQ OH SUpVHQWDQW SDU OH SHWLW F{Wp &KDUJH] OHV HQYHORSSHV HQ OHV SUpVHQWDQW SDU OH F{Wp DYHF OH UDEDW HQ SUHPLHU HW SODFp GHVVRXV &DUWRXFKHV GHQFUH &DUDFWpULVWLTXHV WHFKQLTXHV GH OLPSULPDQWH &DUWRXFKH GHQFUH QRLUH 7 &RXOHXU &DSDFLWp GLPSUHVVLRQ 'XUpH GH YLH GHV FDUWRXFKHV 7HPSpUDWXUH 1RLUH SDJHV$ VHORQ , 62, (& PRGqOH /HWWHU j GSL DQV j SDUWLU GH OD GDWH GH IDEULFDWLRQ PRLV DX SOXV DSUqV GpEDOODJH j & 6WRFNDJH j & PRLV j & 7UDQVSRUW j & PRLV j & KHXUHV j & *HO & PP / PP 3 PP + 'LPHQVLRQV &DUDFWpULVWLTXHV WHFKQLTXHV GH OLPSULPDQWH &DUWRXFKH GHQFUH FRXOHXU 7 &RXOHXU &DSDFLWp GLPSUHVVLRQ 'XUpH GH YLH GHV FDUWRXFKHV 7HPSpUDWXUH &\DQ PDJHQWD HW MDXQH SDJHV DYHF XQ WDX[ GH FRXYHUWXUH GH SRXU FKDTXH FRXOHXU &0- HQ WRXW DQV j SDUWLU GH OD GDWH GH IDEULFDWLRQ PRLV DX SOXV DSUqV GpEDOODJH j & 6WRFNDJH j & PRLV j & 7UDQVSRUW j & PRLV j & KHXUHV j & *HO & PP / PP 3 PP + 'LPHQVLRQV /H FKLIIUH LQGLTXp HVW EDVp VXU XQH LPSUHVVLRQ FRQWLQXH DSUqV UHPSODFHPHQW GH OD FDUWRXFKH GHQFUH /D FDSDFLWp GLPSUHVVLRQ UpHOOH SHXW YDULHU HQ IRQFWLRQ GH OXWLOLVDWLRQ GH OLPSULPDQWH HW GH OD IUpTXHQFH GH[pFXWLRQ GH OD IRQFWLRQ GH QHWWR\DJH GH OD WrWH GLPSUHVVLRQ & ) OHQFUH GpJqOH HQ KHXUHV HQYLURQ c , PSRUWDQW (3621 UHFRPPDQGH OXWLOLVDWLRQ GHV FDUWRXFKHV GHQFUH GH PDUTXH (3621 /D JDUDQWLH (3621 QH SRXUUD VDSSOLTXHU VL YRWUH LPSULPDQWH HVW GpWpULRUpH SDU VXLWH GH OXWLOLVDWLRQ GH SURGXLWV QRQ IDEULTXpV SDU (3621 1XWLOLVH] SDV XQH FDUWRXFKH GRQW OD GDWH GH SpUHPSWLRQ LQGLTXpH VXU OHPEDOODJH HVW GpSDVVpH &DUDFWpULVWLTXHV WHFKQLTXHV GH OLPSULPDQWH &DUDFWpULVWLTXHV PpFDQLTXHV 0pWKRGH GDOLPHQWDWLRQ HQ SDSLHU 7UDMHW GX SDSLHU &DSDFLWp GX EDF GDOLPHQWDWLRQ 'LPHQVLRQV )ULFWLRQ %DF GDOLPHQWDWLRQ LQWURGXFWLRQ SDU ODUULqUH (QYLURQ IHXLOOHV GH SDSLHU j JP 6WRFNDJH /DUJHXU PP 3URIRQGHXU PP +DXWHXU PP , PSUHVVLRQ /DUJHXU PP 3URIRQGHXU PP +DXWHXU PP 3RLGV NJ VDQV OHV FDUWRXFKHV GHQFUH &DUDFWpULVWLTXHV pOHFWULTXHV 0RGqOH 9 7HQVLRQ GHQWUpH )UpTXHQFH QRPLQDOH )UpTXHQFH GHQWUpH j 9 0RGqOH 9 j 9 j +] j +] &DUDFWpULVWLTXHV WHFKQLTXHV GH OLPSULPDQWH , QWHQVLWp QRPLQDOH &RQVRPPDWLRQ pOHFWULTXH $ (QYLURQ : IRUPDW /HWWHU , 62 (QYLURQ : HQ PRGH GDWWHQWH $ (QYLURQ : IRUPDW /HWWHU , 62 (QYLURQ : HQ PRGH GDWWHQWH 5HPDUTXH 9pULILH] OD WHQVLRQ GDOLPHQWDWLRQ GH OLPSULPDQWH VXU OpWLTXHWWH VLWXpH j ODUULqUH GH OLPSULPDQWH (QYLURQQHPHQW 7HPSpUDWXUH (Q IRQFWLRQQHPHQW j & 6WRFNDJH j & PRLV j & 7UDQVSRUW j & KHXUHV j & (Q IRQFWLRQQHPHQW j +5 6WRFNDJH j +5 +XPLGLWp 'DQV OH FRQGLWLRQQHPHQW GRULJLQH 6DQV FRQGHQVDWLRQ &DUDFWpULVWLTXHV WHFKQLTXHV GH OLPSULPDQWH 1RUPHV HW FRQIRUPLWp 0RGqOH DPpULFDLQ 6pFXULWp &(0 8/ &6$ & 1 )&& SDUW VXESDUW % FODVV % &6$ & &ODVV % 0RGqOH HXURSpHQ 'LUHFWLYH EDVVH (1 WHQVLRQ ((& 'LUHFWLYH &(0 ((& (1 &ODVV % (1 (1 (1 0RGqOH DXVWUDOLHQ &(0 $61=6 FODVV % &RQILJXUDWLRQ V\VWqPH UHTXLVH 3RXU O XWLOLVDWLRQ GH O LPSULPDQWH 5HSRUWH]YRXV j OD VHFWLRQ DSSURSULpH FLGHVVRXV SRXU FRQQDvWUH OHV FRQILJXUDWLRQV PLQLPDOH HW UHFRPPDQGpH QpFHVVDLUHV SRXU XWLOLVHU FHWWH LPSULPDQWH &DUDFWpULVWLTXHV WHFKQLTXHV GH OLPSULPDQWH 3RXU :LQGRZV 3RXU XWLOLVHU YRWUH LPSULPDQWH YRXV GHYH] XWLOLVHU 0LFURVRIW :LQGRZV 0LOOHQQLXP (GLWLRQ :LQGRZV :LQGRZV RX :LQGRZV HW O LPSULPDQWH GRLW rWUH UDFFRUGpH j O DLGH G XQ FkEOH SDUDOOqOH EOLQGp j SDLUHV WRUVDGpHV 6L YRXV YRXOH] UDFFRUGHU YRWUH LPSULPDQWH j XQ SRUW 86% YRXV GHYH] XWLOLVHU XQ RUGLQDWHXU VXU OHTXHO :LQGRZV RX :LQGRZV HVW SUpLQVWDOOp , O GRLW rWUH GRWp GXQ SRUW 86% HW O LPSULPDQWH GRLW rWUH UDFFRUGpH DX PR\HQ G XQ FkEOH VWDQGDUG 86% EOLQGp 9RWUH RUGLQDWHXU GRLW pJDOHPHQW DYRLU OD FRQILJXUDWLRQ VXLYDQWH &RQILJXUDWLRQ V\VWqPH PLQLPDOH 3URFHVVHXU 3HQWLXP 0+] SRXU :LQGRZV 0H 3HQWLXP SRXU :LQGRZV HW 3URFHVVHXU 3HQWLXP 0+] SRXU :LQGRZV 0R GH 5$0 SRXU :LQGRZV 0H 0R GH 5$0 SRXU :LQGRZV HW 0R GH 5$0 SRXU :LQGRZV 0R GHVSDFH GLVTXH GLVSRQLEOH SRXU :LQGRZV 0H HW 0R GHVSDFH GLVTXH GLVSRQLEOH SRXU :LQGRZV eFUDQ 9*$ 0R GHVSDFH GLVTXH GLVSRQLEOH SRXU :LQGRZV 0H HW 0R GHVSDFH GLVTXH GLVSRQLEOH SRXU :LQGRZV eFUDQ 9*$ RX VXSpULHXU &RQILJXUDWLRQ UHFRPPDQGpH 3URFHVVHXU 0+] RX SOXV SXLVVDQW SRXU :LQGRZV 0H 3URFHVVHXU 3HQWLXP RX SOXV SXLVVDQW SRXU :LQGRZV HW 3URFHVVHXU 0+] RX SOXV SXLVVDQW SRXU :LQGRZV 0R GH 5$0 RX SOXV /H UHYHQGHXU GH YRWUH RUGLQDWHXU SHXW YRXV DLGHU j PHWWUH j MRXU YRWUH V\VWqPH VL FHOXLFL QH UpSRQG SDV j OD FRQILJXUDWLRQ H[LJpH 3RXU 0DFLQWRVK 3RXU UHOLHU FHWWH LPSULPDQWH j XQ RUGLQDWHXU $SSOH 0DFLQWRVK YRXV GHYH] XWLOLVHU XQ FkEOH 86% &DUDFWpULVWLTXHV WHFKQLTXHV GH OLPSULPDQWH 9RWUH RUGLQDWHXU GRLW pJDOHPHQW DYRLU OD FRQILJXUDWLRQ V\VWqPH VXLYDQWH &RQILJXUDWLRQ V\VWqPH PLQLPDOH 0DF 26 0R GH PpPRLUH OLEUH 0R GH PpPRLUH OLEUH ORUVTXH OLPSUHVVLRQ GH IRQG HVW HQ IRQFWLRQ &RQILJXUDWLRQ UHFRPPDQGpH 0DF 26 0R RX SOXV GH PpPRLUH OLEUH 0R RX SOXV GH PpPRLUH OLEUH ORUVTXH OLPSUHVVLRQ GH IRQG HVW HQ IRQFWLRQ (3621 QH JDUDQWLW OH ERQ IRQFWLRQQHPHQW GH VHV SURGXLWV TXHQ DVVRFLDWLRQ DYHF OHV ORJLFLHOV GH[SORLWDWLRQ VXVYLVpV , O YRXV HVW FRQVHLOOp GH FRQWDFWHU YRWUH UHYHQGHXU SRXU WRXWH XWLOLVDWLRQ GH YRWUH PDWpULHO (3621 DYHF GHV YHUVLRQV DXWUHV RX XOWpULHXUHV 5HPDUTXH /D TXDQWLWp GH PpPRLUH OLEUH GpSHQG GX QRPEUH HW GX W\SH GHV DSSOLFDWLRQV RXYHUWHV 3RXU FRQQDvWUH OD TXDQWLWp GH PpPRLUH GLVSRQLEOH VpOHFWLRQQH] $ SURSRV GH YRWUH 0DFLQWRVK GDQV OH PHQX 3RPPH HW SUHQH] FRQQDLVVDQFH GH OD WDLOOH PpPRLUH DIILFKpH HQ . RFWHWV VRXV 0pPRLUH GLVSRQLEOH . R 0R /D FRQILJXUDWLRQ PpPRLUH LQGLTXpH FLGHVVXV VH UDSSRUWH j XQH LPSUHVVLRQ VXU GX SDSLHU GH IRUPDW /HWWHU /D FRQILJXUDWLRQ QpFHVVDLUH SHXW YDULHU HQ IRQFWLRQ GX IRUPDW GX SDSLHU GX W\SH GDSSOLFDWLRQ TXH YRXV XWLOLVH] HW GH OD FRPSOH[LWp GX GRFXPHQW TXH YRXV YRXOH] LPSULPHU (Q SOXV GH FHV H[LJHQFHV UHODWLYHV DX V\VWqPH HW j OD PpPRLUH YRXV GHYUH] GLVSRVHU GH 0R GHVSDFH OLEUH VXU OH GLVTXH GXU SRXU LQVWDOOHU OH ORJLFLHO GLPSUHVVLRQ 3RXU LPSULPHU YRXV DYH] pJDOHPHQW EHVRLQ GXQ HVSDFH OLEUH VXSSOpPHQWDLUH VXU OH GLVTXH pJDO j HQYLURQ GHX[ IRLV OD WDLOOH GX ILFKLHU TXH YRXV YRXOH] LPSULPHU &DUDFWpULVWLTXHV WHFKQLTXHV GH OLPSULPDQWH 3RXU O XWLOLVDWLRQ GX *XLGH GH UpIpUHQFH HQ OLJQH 5HSRUWH]YRXV j OD VHFWLRQ DSSURSULpH FLGHVVRXV SRXU FRQQDvWUH OD FRQILJXUDWLRQ V\VWqPH PLQLPDOH QpFHVVDLUH SRXU XWLOLVHU OH *XLGH GH UpIpUHQFH HQ OLJQH 3RXU :LQGRZV 6\VWqPH G H[SORLWDWLRQ &38 0LFURVRIW :LQGRZV 0LOOHQQLXP (GLWLRQ RX 3URFHVVHXU 3HQWLXP 0+] SRXU :LQGRZV 0H 3HQWLXP SRXU :LQGRZV HW 3HQWLXP 0+] SRXU :LQGRZV 0pPRLUH 0R GH 5$0 SRXU :LQGRZV HW 0R RX SOXV UHFRPPDQGpV 0R GH 5$0 SRXU :LQGRZV 0H HW (VSDFH OLEUH UHTXLV VXU OH GLVTXH GXU /HFWHXU GH &'520 $IILFKDJH 1DYLJDWHXU 0R SRXU LQVWDOOHU OH *XLGH GH UpIpUHQFH 'RXEOH YLWHVVH TXDGUXSOH YLWHVVH RX VXSpULHXUH UHFRPPDQGpH SL[HOV RX SL[HOV HQ FRXOHXUV ELWV RX ELWV 1DYLJDWHXU :HE 0LFURVRIW , QWHUQHW ([SORUHU RX VXSpULHXU UHFRPPDQGp 3RXU 0DFLQWRVK 6\VWqPH G H[SORLWDWLRQ 0pPRLUH 6\VWqPH 0R 0R RX SOXV UHFRPPDQGpV &DUDFWpULVWLTXHV WHFKQLTXHV GH OLPSULPDQWH (VSDFH OLEUH UHTXLV VXU OH GLVTXH GXU /HFWHXU GH &'520 $IILFKDJH 1DYLJDWHXU 0R SRXU LQVWDOOHU OH *XLGH GH UpIpUHQFH 'RXEOH YLWHVVH TXDGUXSOH YLWHVVH RX VXSpULHXUH UHFRPPDQGpH SL[HOV RX SL[HOV HQ FRXOHXUV ELWV RX ELWV 1DYLJDWHXU :HE 0LFURVRIW , QWHUQHW ([SORUHU RX VXSpULHXU UHFRPPDQGp &DUDFWpULVWLTXHV WHFKQLTXHV GH OLPSULPDQWH &DUDFWpULVWLTXHV WHFKQLTXHV GH OLPSULPDQWH *ORVVDLUH , PSUHVVLRQ VRXV :LQGRZV 3UpVHQWDWLRQ GX ORJLFLHO GLPSUHVVLRQ 3RXU HQ VDYRLU SOXV 2XYHUWXUH GX ORJLFLHO G LPSUHVVLRQ 'pILQLWLRQ GHV SDUDPqWUHV GX PHQX 3ULQFLSDO 'pILQLWLRQ GX SDUDPqWUH 6XSSRUW 'pILQLWLRQ GX SDUDPqWUH 0RGH $SHUoX DYDQW O LPSUHVVLRQ 'pILQLWLRQ GHV SDUDPqWUHV GX PHQX 3DSLHU 'pILQLWLRQ GHV SDUDPqWUHV GX PHQX 'LVSRVLWLRQ 3DUDPqWUH , PSUHVVLRQ SURSRUWLRQQHOOH 3DUDPqWUHV 0XOWL3DJHV 3DUDPqWUHV )LOLJUDQH (PSORL GHV XWLOLWDLUHV GLPSUHVVLRQ (3621 6WDWXV 0RQLWRU 9pULILFDWLRQ GHV EXVHV 1HWWR\DJH GHV WrWHV $OLJQHPHQW GHV WrWHV 9LWHVVH HW SURJUHVVLRQ 6 LQIRUPHU JUkFH j O DLGH HQ OLJQH $LGH HQ OLJQH j SDUWLU GH YRWUH DSSOLFDWLRQ $LGH j SDUWLU GX PHQX 'pPDUUHU GH :LQGRZV &RQWU{OH GH OpWDW GH OLPSULPDQWH HW JHVWLRQ GHV WUDYDX[ GLP SUHVVLRQ 8WLOLVDWLRQ GH OD EDUUH GH SURJUHVVLRQ &RQVHLOV G LPSUHVVLRQ (3621 0HVVDJHV GHUUHXU (PSORL GH OXWLOLWDLUH (3621 6SRRO 0DQDJHU 8WLOLVDWLRQ G(3621 6WDWXV 0RQLWRU 2XYHUWXUH GH OXWLOLWDLUH (3621 6WDWXV 0RQLWRU , QIRUPDWLRQV DIILFKpHV GDQV OXWLOLWDLUH (3621 6WDWXV 0RQLWRU , PSUHVVLRQ DYHF XQ 0DFLQWRVK 3UpVHQWDWLRQ GX ORJLFLHO GLPSUHVVLRQ 'pILQLWLRQV GHV SDUDPqWUHV GH OD ]RQH GH GLDORJXH , PSULPHU 'pILQLWLRQ GX SDUDPqWUH 6XSSRUW 'pILQLWLRQ GX SDUDPqWUH 0RGH 'pILQLWLRQ GH OKHXUH GLPSUHVVLRQ $SHUoX DYDQW O LPSUHVVLRQ (QUHJLVWUHPHQW GHV GRQQpHV GLPSUHVVLRQ GDQV XQ ILFKLHU 'pILQLWLRQ GHV SDUDPqWUHV GH OD ]RQH GH GLDORJXH )RUPDW GLPSUHVVLRQ 'pILQLWLRQ GXQH WDLOOH GH SDSLHU SHUVRQQDOLVpH 'pILQLWLRQ GHV SDUDPqWUHV GH OD ]RQH GH GLDORJXH 2UJDQLVDWLRQ 'pILQLWLRQ GX SDUDPqWUH =RRP 3DUDPqWUH )LOLJUDQH 3DUDPqWUHV 0XOWL3DJHV 'pILQLWLRQ GX SDUDPqWUH 2UGUH (PSORL GHV XWLOLWDLUHV GLPSUHVVLRQ (3621 6WDWXV0RQLWRU 9pULILFDWLRQ GHV EXVHV 1HWWR\DJH GHV WrWHV $OLJQHPHQW GHV WrWHV &RQILJXUDWLRQ 6 LQIRUPHU JUkFH j O DLGH HQ OLJQH &RQWU{OH GH OpWDW GH OLPSULPDQWH HW JHVWLRQ GHV WUDYDX[ GLP SUHVVLRQ 8WLOLVDWLRQ G(3621 6WDWXV0RQLWRU $FFqV j (3621 6WDWXV0RQLWRU 8WLOLVDWLRQ GH OD ]RQH GH GLDORJXH 3DUDPqWUHV GH FRQILJXUDWLRQ 8WLOLVDWLRQ G(3621 0RQLWRU 8WLOLVDWLRQ G(3621 0RQLWRU *HVWLRQ GHV WUDYDX[ GLPSUHVVLRQ j ODLGH G(3621 0RQLWRU 0RGLILFDWLRQ GH OD SULRULWp GHV WUDYDX[ GLPSUHVVLRQ &RPPHQW IDLUH 0DQLSXODWLRQ GX SDSLHU &KDUJHPHQW GH SDSLHU RUGLQDLUH &KDUJHPHQW GH SDSLHUV VSpFLDX[ HW DXWUHV VXSSRUWV &DSDFLWp GH FKDUJHPHQW GHV VXSSRUWV VSpFLDX[ (3621 &RQVHUYDWLRQ GX SDSLHU SKRWR (3621 &KDUJHPHQW G HQYHORSSHV , QVWDOODWLRQ HQ UpVHDX GH YRWUH LPSULPDQWH 6RXV :LQGRZV 0H HW &RQILJXUDWLRQ GH YRWUH LPSULPDQWH FRPPH LPSULPDQWH SDUWDJpH $FFqV j OLPSULPDQWH SDU OH UpVHDX 6RXV :LQGRZV &RQILJXUDWLRQ GH YRWUH LPSULPDQWH FRPPH LPSULPDQWH SDUWDJpH $FFqV j OLPSULPDQWH SDU OH UpVHDX 6XU 0DFLQWRVK &RQILJXUDWLRQ GH YRWUH LPSULPDQWH FRPPH LPSULPDQWH SDUWDJpH $FFqV j OLPSULPDQWH SDU OH UpVHDX $XJPHQWDWLRQ GH OD YLWHVVH G LPSUHVVLRQ &RQVHLOV JpQpUDX[ 8WLOLVDWLRQ GH OD ERvWH GH GLDORJXH 9LWHVVH HW 3URJUHVVLRQ :LQ GRZV VHXOHPHQW 5HPSODFHPHQW GHV FDUWRXFKHV GHQFUH 5HPSODFHPHQW GXQH FDUWRXFKH GHQFUH 8WLOLVDWLRQ GX SDQQHDX GH FRQWU{OH GH OLPSULPDQWH 8WLOLVDWLRQ GH 6WDWXV 0RQLWRU &RQWU{OH GH ODOLPHQWDWLRQ HQ HQFUH 8WLOLVDWHXUV GH :LQGRZV 6XU 0DFLQWRVK 0DLQWHQDQFH &RQWU{OH GHV EXVHV GH OD WrWH GLPSUHVVLRQ (PSORL GH OXWLOLWDLUH 9pULILFDWLRQ GHV EXVHV 8WLOLVDWLRQ GHV WRXFKHV GX SDQQHDX GH FRQWU{OH 1HWWR\DJH GH OD WrWH GLPSUHVVLRQ (PSORL GH OXWLOLWDLUH 1HWWR\DJH GHV WrWHV 8WLOLVDWLRQ GHV WRXFKHV GX SDQQHDX GH FRQWU{OH $OLJQHPHQW GH OD WrWH GLPSUHVVLRQ 8WLOLVDWHXUV GH :LQGRZV 6XU 0DFLQWRVK 1HWWR\DJH GH OLPSULPDQWH 7UDQVSRUW GH OLPSULPDQWH 0LVH j MRXU HW GpVLQVWDOODWLRQ GHV ORJLFLHOV 0LVH j QLYHDX YHUV :LQGRZV 0H RX 0LVH j MRXU GX ORJLFLHO GLPSUHVVLRQ VRXV :LQGRZV 0H RX 'pVLQVWDOODWLRQ GX SLORWH GLPSUHVVLRQ 'pSDQQDJH 'LDJQRVWLF GX SUREOqPH 'pSDQQDJH HQ OLJQH 9R\DQWV GHUUHXU (3621 6WDWXV 0RQLWRU ([pFXWLRQ GXQ FRQWU{OH GH IRQFWLRQQHPHQW GH OLPSULPDQWH 3UREOqPHV GH TXDOLWp GLPSUHVVLRQ %DQGHV KRUL]RQWDOHV 'pFDODJH YHUWLFDO RX EDQGHV 'LVFRQWLQXLWp GHV FRXOHXUV &RXOHXUV LQFRUUHFWHV RX PDQTXDQWHV , PSUHVVLRQV IORXHV RX WDFKpHV 3UREOqPHV GLPSUHVVLRQ QRQ OLpV j OD TXDOLWp GLPSUHVVLRQ &DUDFWqUHV GpIRUPpV RX LQFRUUHFWV 0DUJHV LQFRUUHFWHV , PDJH LQYHUVpH , PSUHVVLRQ GH SDJHV EODQFKHV 7DFKHV GHQFUH DX EDV GH OD SDJH /LPSUHVVLRQ HVW WURS OHQWH /DOLPHQWDWLRQ GX SDSLHU HVW LQFRUUHFWH /H SDSLHU QDYDQFH SDV (QWUDvQHPHQW GH SOXVLHXUV SDJHV j OD IRLV %RXUUDJHV SDSLHU /H SDSLHU QHVW TXH SDUWLHOOHPHQW pMHFWp RX HVW IURLVVp 3DV GLPSUHVVLRQ 7RXV OHV YR\DQWV VRQW pWHLQWV /HV YR\DQWV VH VRQW DOOXPpV SXLV pWHLQWV 6HXO OH YR\DQW 0DUFKH$UUrW HVW DOOXPp /H YR\DQW GHUUHXU FOLJQRWH RX UHVWH DOOXPp /H YR\DQW GHUUHXU HVW DOOXPp HW OH YR\DQW 0DUFKH$UUrW FOLJQRWH &RUUHFWLRQ GHV SUREOqPHV 86% &RQQH[LRQV 86% 6\VWqPH G H[SORLWDWLRQ :LQGRZV , QVWDOODWLRQ GX ORJLFLHO G LPSUHVVLRQ $QQXODWLRQ GH OLPSUHVVLRQ 6RXV :LQGRZV 0H HW 6RXV :LQGRZV 6XU 0DFLQWRVK 6XSSRUW WHFKQLTXH 6LWH :HE GX VXSSRUW WHFKQLTXH 6HUYLFHV FOLHQWqOH UpJLRQDX[ , QIRUPDWLRQV SURGXLWV &RQVLJQHV GH VpFXULWp &RQVLJQHV GH VpFXULWp LPSRUWDQWHV , QVWDOODWLRQ GH OLPSULPDQWH /RUV GX FKRL[ GXQ HPSODFHPHQW SRXU OLPSULPDQWH /RUV GH OXWLOLVDWLRQ GH OLPSULPDQWH /RUV GH OD PDQLSXODWLRQ GHV FDUWRXFKHV GHQFUH , QGLFDWLRQV $WWHQWLRQ , PSRUWDQW HW 5HPDUTXHV eOpPHQWV GH OLPSULPDQWH HW IRQFWLRQV GX SDQQHDX GH FRQWU{OH eOpPHQWV GH OLPSULPDQWH 3DQQHDX GH FRQWU{OH 2SWLRQV HW FRQVRPPDEOHV 2SWLRQV &RQVRPPDEOHV &DUDFWpULVWLTXHV WHFKQLTXHV GH OLPSULPDQWH , PSUHVVLRQ 3DSLHU 3DSLHU =RQH LPSULPDEOH &DUWRXFKHV GHQFUH &DUWRXFKH GHQFUH QRLUH 7 &DUWRXFKH GHQFUH FRXOHXU 7 &DUDFWpULVWLTXHV PpFDQLTXHV &DUDFWpULVWLTXHV pOHFWULTXHV (QYLURQQHPHQW 1RUPHV HW FRQIRUPLWp &RQILJXUDWLRQ V\VWqPH UHTXLVH 3RXU O XWLOLVDWLRQ GH O LPSULPDQWH 3RXU O XWLOLVDWLRQ GX *XLGH GH UpIpUHQFH HQ OLJQH , QGH[ , QGH[ $ $LGH HQ OLJQH 0DFLQWRVK :LQGRZV % %DF GDOLPHQWDWLRQ %RvWH GH GLDORJXH 3HUVRQQDOLVp :LQGRZV %RXUUDJH SDSLHU & &kEOHV &kEOHV GLQWHUIDFH &DSRW &DUDFWpULVWLTXHV &DUDFWpULVWLTXHV GH ]RQH LPSULPDEOH &DUWHV MHW GHQFUH &DUWRXFKHV GHQFUH 5HPSODFHPHQW 6SpFLILFDWLRQV &KDUJHPHQW GX SDSLHU &RQILJXUDWLRQ V\VWqPH UHTXLVH &RQVHLOV GLPSUHVVLRQ &RQVRPPDEOHV ' 'pILQLWLRQ GH OKHXUH GLPSUHVVLRQ 'pSDQQDJH %RXUUDJH SDSLHU 0HVVDJHV GHUUHXU 6XSSRUW WHFKQLTXH ( (QUHJLVWUHPHQW GH SDUDPqWUHV 0DFLQWRVK :LQGRZV (QYHORSSHV (3621 0RQLWRU (3621 6SRRO 0DQDJHU (3621 6WDWXV0RQLWRU 0DFLQWRVK ) )HXLOOHV GH QHWWR\DJH )LOP JODFp )LOP JODFp TXDOLWp SKRWR )RQFWLRQ $SHUoX 0DFLQWRVK :LQGRZV * *ORVVDLUH *XLGH SDSLHU *XLGHV ODWpUDX[ , , PSUHVVLRQ GH IRQG , PSUHVVLRQ PXOWLSDJHV 0DFLQWRVK :LQGRZV , PSULPDQWH &DUDFWpULVWLTXHV , QIRUPDWLRQV UHODWLYHV j OD VpFXULWp / /HYLHUV GHV FDUWRXFKHV GHQFUH /RJLFLHO GLPSUHVVLRQ SRXU 0DFLQWRVK /RJLFLHO GLPSUHVVLRQ SRXU :LQGRZV 0 0LVH j MRXU GX SLORWH 1 1HWWR\DJH 1HWWR\DJH GH OD WrWH 1RWLILFDWLRQ GHUUHXU 0DFLQWRVK :LQGRZV 2 2SWLRQV 3 3DQQHDX GH FRQWU{OH 1HWWR\DJH GH OD WrWH GLPSUHVVLRQ 5HPSODFHPHQW GHV FDUWRXFKHV GHQFUH 9pULILFDWLRQ GHV EXVHV 3DSLHU &DUDFWpULVWLTXHV 3DSLHU DGKpVLI 3DSLHU FRXFKp 3DSLHU JODFp TXDOLWp SKRWR 3DSLHU PDW pSDLV JP 3DSLHU SKRWR 3DSLHU SKRWR JODFp 3UHPLXP 3DSLHU VSpFLDO 3DSLHU WUDQVIHUW 3DUDPqWUH $XWRPDWLTXH 0DFLQWRVK :LQGRZV 3DUDPqWUH &RORU6\QF 0DFLQWRVK 3DUDPqWUH &RXOHXU :LQGRZV 3DUDPqWUH (FKHOOH 0DFLQWRVK 3DUDPqWUH (FRQRPLH :LQGRZV 3DUDPqWUH (QFUH 0DFLQWRVK 3DUDPqWUH )LOLJUDQH 0DFLQWRVK :LQGRZV 3DUDPqWUH , &0 3DUDPqWUH , PSUHVVLRQ SURSRUWLRQQHOOH :LQGRZV 3DUDPqWUH 4XDOLWp GLPSUHVVLRQ 0DFLQWRVK :LQGRZV 3DUDPqWUHV DYDQFpV 0DFLQWRVK :LQGRZV 3DUDPqWUHV GH FRQILJXUDWLRQ 3DUDPqWUHV 2ULHQWDWLRQ 0DFLQWRVK :LQGRZV 3DUDPqWUHV SHUVRQQDOLVpV 0DFLQWRVK :LQGRZV 3DUDPqWUHV 3KRWR(QKDQFH 0DFLQWRVK :LQGRZV 3DUDPqWUH V5*% 3DUDPqWUH 6XSSRUW 0DFLQWRVK :LQGRZV 3DUDPqWUHV 9LWHVVH HW SURJUHVVLRQ 3DUDPqWUH =RQH LPSULPDEOH 0DFLQWRVK :LQGRZV 3KRWR VWLFNHUV 3LORWHV VXSSOpPHQWDLUHV 3ODWHDX GH VRUWLH 5 5pVROXWLRQ 6 6SpFLILFDWLRQV 6SRRO 0DQDJHU 6WDWXV 0RQLWRU 0DFLQWRVK 6XSSRUW 6XSSRUW WHFKQLTXH 6XUYHLOODQFH GH OLPSUHVVLRQ 7 7DLOOH SDSLHU SHUVRQQDOLVpH 0DFLQWRVK :LQGRZV 7rWH GLPSUHVVLRQ 7RXFKHV 7UDQVIHUW '0$ 7UDQVSDUHQWV 8 8WLOLWDLUH $OLJQHPHQW GHV WrWHV GLPSUHVVLRQ 8WLOLWDLUHV 0DFLQWRVK :LQGRZV 9 9pULILFDWLRQ GHV EXVHV 9LWHVVH GLPSUHVVLRQ DXJPHQWDWLRQ :LQGRZV 9R\DQWV = =RQH GH GLDORJXH )RUPDW GLPSUHVVLRQ =RQH GH GLDORJXH 2UJDQLVDWLRQ 0DFLQWRVK =RQH GH GLDORJXH 3HUVRQQDOLVp 0DFLQWRVK =RRP 0DFLQWRVK :LQGRZV [. . . ]