Mode d'emploi SAUNIER DUVAL ISOTWIN CONDENS F25

[. . . ] [. . . ] ƒ&      QRQ QRQ QRQ RXL RXL /H PHQX VXLYDQW V DI¿FKH VL XQH VRQGH H[WpULHXUH QRQ IRXUQL HVW LQVWDOOpH VXU O DSSDUHLO B    6DXQLHU 'XYDO    , 167$//$7, 21 &RGH G G G G G G 3DUDPqWUH 7HPSpUDWXUH H[WpULHXUH 2IIVHW QXLW 7HPSV UHVWDQW DYDQW OD ¿Q GH O DQWL FRXUW F\FOH HQ PRGH FKDXIIDJH 7HPSpUDWXUH GH FRQVLJQH PD[ GX GpSDUW FKDXIIDJH 3XLVVDQFH PLQLPDOH GH O DSSDUHLO 'pWHFWLRQ G XQ WKHUPRVWDW G DPELDQFH H%86 5HPLVH j ]pUR GH OD OLVWH GHV FRGHV GpIDXWV 8QLWp ƒ& ƒ& PLQ ƒ& N:  'HVFULSWLRQ $I¿FKH OD WHPSpUDWXUH PHVXUpH SDU OD VRQGH H[WpULHXUH &KRL[ GH O¶DEDLVVHPHQW GH FRQVLJQH HQWUH OH MRXU SpULRGH &21)257 GX 7$ HW OD QXLW SpULRGH (&2 GX 7$ &KRLVLVVH] XQH YDOHXU HQWUH  HW ƒ& $I¿FKH OH WHPSV UHVWDQW DYDQW OD ¿Q GH O DQWLFRXUW F\FOH 6pOHFWLRQQH] XQH YDOHXU HQWUH ƒ& HW ƒ& &KRLVLVVH] XQH YDOHXU  )  / Ź  j  N: )  / Ź  j  N:   1RQ GpWHFWp 'pWHFWp 5pJODJH XVLQH        3DUDPqWUH PRGL¿DEOH QRQ RXL QRQ RXL RXL QRQ G  &HWWH IRQFWLRQ SHUPHW GH UHPHWWUH j ]pUR OD OLVWH GHV FRGHV GpIDXWV DSSDUXV VXU O DSSDUHLO  1RQ  5HPLVH j ]pUR GHV GpIDXWV  RXL  (WDW GH O DSSDUHLO ‡ $SSX\H] VXU OD WRXFKH GX PRGH SHQGDQW SOXV GH  VHFRQGHV SRXU FRQQDvWUH O pWDW GH IRQFWLRQQHPHQW HQ FRXUV GH O DSSDUHLO /¶pFUDQ DI¿FKH O pWDW GH O DSSDUHLO 6;;  GX PRGH ‡ $SSX\H] VXU OD WRXFKH VHFRQGHV SRXU VRUWLU GH FH PHQX (WDW 6 6 6 6 6 6 6 6 6 (WDW 6 6 6 6 6 6 6 6 (WDW SHQGDQW SOXV GH  0RGH &KDXIIDJH 3DV GH GHPDQGH FKDXIIDJH 3UpEDOD\DJH YHQWLODWHXU 3UpEDOD\DJH SRPSH $OOXPDJH %U€OHXU DOOXPp 3RVW EDOD\DJH SRPSH  YHQWLODWHXU 3RVW EDOD\DJH YHQWLODWHXU 3RVW EDOD\DJH SRPSH 7HPSRULVDWLRQ DQWL FRXUWF\FOHV DSUqV FKDXIIDJH 5pFKDXIIDJH VDQLWDLUH &\FOH UpFKDXIIDJH GX EDOORQ 3UpEDOD\DJH YHQWLODWHXU $OOXPDJH %U€OHXU DOOXPp 3RVW EDOD\DJH SRPSH  YHQWLODWHXU 3RVW EDOD\DJH YHQWLODWHXU 3RVW EDOD\DJH SRPSH /D FKDXGLqUH EORTXH OH UpFKDXIIDJH GX EDOORQ DSUqV XQ F\FOH GH UpFKDXIIDJH 0HVVDJHV SDUWLFXOLHUV 6 6 6 6 6 6 6 6 6 6 6 (WDW SDU GpIDXW SDV GH GHPDQGH FKDXIIDJH QL VDQLWDLUH 6L XQ 7$ (%86 HVW UDFFRUGp VXU OD FKDXGLqUH YpUL¿H] TXH OH VKXQW HVW SUpVHQW VXU OHV ERUQHV  HW  GH OD FDUWH SULQFLSDOH GH OD FKDXGLqUH 0RGH GH IRQFWLRQQHPHQW (DX FKDXGH VHXOH &\FOH GH FRQWU{OH  OD YLWHVVH GX YHQWLODWHXU HQ SKDVH GH IRQFWLRQQHPHQW HVW KRUV WROpUDQFH 0RGH GH IRQFWLRQQHPHQW 3URWHFWLRQ FRQWUH OH JHO &RQWDFW SODQFKHU FKDXIIDQW RXYHUW 3UHVVLRQ G HDX WURS pOHYpH &\FOH G DWWHQWH  GLIIpUHQFH GH WHPSpUDWXUH HQWUH OH GpSDUW HW OH UHWRXU FKDXIIDJH WURS pOHYpH 6L ¨7 ! IRUoDJH j 3PLQ &\FOH G DWWHQWH  PDQTXH G HDX GDQV O LQVWDOODWLRQ  PRQWpH HQ WHPSpUDWXUH HQWUH OH GpSDUW HW OH UHWRXU FKDXIIDJH WURS pOHYpH 7HVW GX FDSWHXU GH WHPSpUDWXUH GX UHWRXU FKDXIIDJH 7HVW GHV FDSWHXUV GH WHPSpUDWXUH GpSDUW HW UHWRXU FKDXIIDJH RX O DSSDUHLO HVW HQ GpIDXW 5HPSOLVVDJH DXWRPDWLTXH HQ FRXUV    B    6DXQLHU 'XYDO , 167$//$7, 21  0RGHV GH WHVW  0HVXUH GX &2   (Q DFWLYDQW FHV GLIIpUHQWV PRGHV GH WHVW YRXV SRXYH] GpFOHQFKHU GHV IRQFWLRQV VSpFLDOHV VXU O DSSDUHLO ‡ $SSX\H] VXU OH ERXWRQ PDUFKHDUUrW SRXU pWHLQGUH O DSSDUHLO HQIRQFpH SHQGDQW SOXV ‡ 7RXW HQ PDLQWHQDQW OD WRXFKH GH  VHFRQGHV DSSX\H] VXU OH ERXWRQ PDUFKHDUUrW /¶pFUDQ DI¿FKH OH SUHPLHU PRGH GH WHVW 3  RX GX PRGH ‡ $SSX\H] VXU OD WRXFKH PRGH GH WHVW TXH YRXV VRXKDLWH] ODQFHU SRXU FKRLVLU OH SRXU ODQFHU OH PRGH GH WHVW ‡ $SSX\H] VXU /H QXPpUR GX PRGH GH WHVW 3; HW 2Q FOLJQRWHQW VXU O pFUDQ ‡ /H PRGH GH WHVW VHUD DXWRPDWLTXHPHQW DUUrWp DX ERXW GH  PLQXWHV ‡ /RUVTXH YRXV DYH] WHUPLQp DSSX\H] SHQGDQW SOXV GH   VHFRQGHV VXU OD WRXFKH &RGH 3DUDPqWUH )RUoDJH GX EU€OHXU j SXLVVDQFH DMXVWDEOH HQ FKDXIIDJH )RUoDJH GX EU€OHXU j 3PD[ HQ FKDXIIDJH )RUoDJH GX EU€OHXU j SXLVVDQFH DOOXPDJH HQ FKDXIIDJH 5HPSOLVVDJH GH O DSSDUHLO 'pJD]DJH GH O LQVWDOODWLRQ 'pJD]DJH GH O DSSDUHLO 'HVFULSWLRQ /¶DSSDUHLO IRQFWLRQQH j XQH SXLVVDQFH DMXVWDEOH GH 3PLQ j  HQ XWLOLVDQW OHV WRXFKHV RX GX PRGH DSUqV XQ DOOXPDJH UpXVVL /¶DSSDUHLO IRQFWLRQQH j OD SXLVVDQFH PD[ GH O DSSDUHLO DSUqV XQ DOOXPDJH UpXVVL  /pJHQGH  9LV GH UpJODJH GH OD SXLVVDQFH PD[  3ULVH GH PHVXUH  %RXFKRQ ‡ (QOHYH] WRXW G¶DERUG OD IDoDGH pWDQFKH ‡ (QOHYH] OH ERXFKRQ  SXLV UDFFRUGH] XQ DQDO\VHXU GH &2 SDU OD SULVH GH PHVXUH  ‡ 5pJOH] O DSSDUHLO VXU OH PRGH GH WHVW 3  IRUoDJH EU€OHXU j 3 PD[  5HSRUWH]YRXV DX FKDSLWUH 0RGHV GH WHVW  ‡ $WWHQGH] HQYLURQ  PLQXWHV SRXU OLUH XQH YDOHXU GH &2 VWDELOLVpH ‡ 6L OD YDOHXU Q HVW SDV FRUUHFWH DMXVWH] SURJUHVVLYHPHQW OH UpJODJH HQ WRXUQDQW OD YLV  SRXU REWHQLU OD YDOHXU GH &2 LQGLTXpH GDQV OH WDEOHDX FLDSUqV 3 3 3 /¶DSSDUHLO IRQFWLRQQH j OD SXLVVDQFH DOOXPDJH DSUqV XQ DOOXPDJH UpXVVL /D YDQQH  YRLHV HVW HQ SRVLWLRQ FHQWUDOH OD SRPSH HW OH EU€OHXU V DUUrWHQW SRXU UHPSOLU O DSSDUHLO /D IRQFWLRQ HVW DFWLYpH SRXU XQH GXUpH GH  PLQXWHV VXU OH FLUFXLW FKDXIIDJH $VVXUH]YRXV TXH OH SXUJHXU HVW RXYHUW /D IRQFWLRQ HVW DFWLYpH SRXU XQH GXUpH GH  PLQXWHV VXU OH FLUFXLW FRXUW VXLYL GH  PLQXWH VXU OH FLUFXLW FKDXIIDJH $VVXUH]YRXV TXH OH SXUJHXU HVW RXYHUW 3 3 b 5pJODJH 7RXW VFHOODJH GpWUXLW GRLW rWUH UHFRQVWLWXp *       *       *       3 &2 IDoDGH RXYHUWH &2 IDoDGH IHUPpH  1RXYHOOH YpUL¿FDWLRQ HW UHPLVH HQ IRQFWLRQQHPHQW ‡ 8QH IRLV TXH O¶DSSDUHLO HVW LQVWDOOp YpUL¿H] VRQ IRQFWLRQQHPHQW ‡ 0HWWH] O¶DSSDUHLO HQ IRQFWLRQQHPHQW SRXU YRXV DVVXUHU TXH OHV UpJODJHV VRQW RSpUDWLRQQHOV HW YpUL¿H] TXH O¶DSSDUHLO IRQFWLRQQH HQ WRXWH VpFXULWp ‡ (IIDFH] O KLVWRULTXH GHV FRGHV GpIDXWV DSSDUXV VXU O DSSDUHLO 3RXU FH IDLUH UHSRUWH]YRXV DX FKDSLWUH 5pJODJHV j O LQVWDOODWLRQ HW XWLOLVH] OH FRGH G  ‡ 9pUL¿H] O pWDQFKpLWp GH O DSSDUHLO JD] HW HDX HW pOLPLQH] OHV IXLWHV pYHQWXHOOHV ‡ 9pUL¿H] TXH OHV IXPpHV VRQW pYDFXpHV FRUUHFWHPHQW ‡ &RQWU{OH] O HQVHPEOH GHV GLVSRVLWLI GH FRPPDQGH HW GH VpFXULWp OHXUV UpJODJHV HW OHXUV pWDWV GH IRQFWLRQQHPHQW B    6DXQLHU 'XYDO    , 167$//$7, 21  , QIRUPDWLRQV XWLOLVDWHXU $X WHUPH GH O¶LQVWDOODWLRQ O¶LQVWDOODWHXU GRLW   H[SOLTXHU j O¶XWLOLVDWHXU OH IRQFWLRQQHPHQW GH O¶DSSDUHLO GHV GLVSRVLWLIV GH VpFXULWp HW VL QpFHVVDLUH IDLUH XQH GpPRQVWUDWLRQ HW UpSRQGUH DX[ TXHVWLRQV  GRQQHU j O¶XWLOLVDWHXU WRXV OHV GRFXPHQWV UHODWLIV j O DSSDUHLO  UHPSOLU OHV GRFXPHQWV OH FDV pFKpDQW  LQIRUPHU O¶XWLOLVDWHXU VXU OHV SUpFDXWLRQV j SUHQGUH SRXU QH SDV HQGRPPDJHU OH V\VWqPH O¶DSSDUHLO HW OH ORFDO  UDSSHOHU j O¶XWLOLVDWHXU GH IDLUH HIIHFWXHU XQ HQWUHWLHQ DQQXHO  H[SOLTXH] j O XWLOLVDWHXU FRPPHQW YLGDQJHU O DSSDUHLO HW OXL PRQWUHU OHV pOpPHQWV j PDQLSXOHU    B    6DXQLHU 'XYDO 0$, 17(1$1&( 0$, 17(1$1&(  'pSDQQDJH  'LDJQRVWLF GH SDQQHV ‡ $YDQW GH SURFpGHU j XQ GLDJQRVWLF VSpFL¿TXH SURFpGH] DX[ YpUL¿FDWLRQV VXLYDQWHV   9pUL¿H] TX¶LO Q¶\ D SDV GH FRXSXUH GX UpVHDX pOHFWULTXH HW TXH O¶DSSDUHLO HVW FRUUHFWHPHQW EUDQFKp  9pUL¿H] O DOLPHQWDWLRQ HQ JD] GH O DSSDUHLO  $VVXUH]YRXV TXH OHV URELQHWV G DUUrW VRLHQW RXYHUWV  $VVXUH]YRXV TXH O¶LQGLFDWHXU GH SUHVVLRQ DI¿FKH XQH YDOHXU GH  EDU VLQRQ UHPSOLVVH] O DSSDUHLO  9pUL¿H] OH ERQ IRQFWLRQQHPHQW GHV RUJDQHV GH UpJXODWLRQ H[WHUQHV WKHUPRVWDW G DPELDQFH VRQGH H[WpULHXUH  HW OH PHVVDJH U( 6(W V DI¿FKHQW j O pFUDQ  6L OH V\PEROH DSSX\H] VXU OH ERXWRQ UHVHW SRXU UHGpPDUUHU O DSSDUHLO  +LVWRULTXH GHV FRGHV GpIDXWV &H PHQX SHUPHW G DI¿FKHU OHV  GHUQLHUV FRGHV GpIDXWV DSSDUXV VXU O DSSDUHLO ‡ 3RXU DI¿FKHU O KLVWRULTXH GHV FRGHV GpIDXWV DSSX\H] HW GX PRGH SHQGDQW VLPXOWDQpPHQW VXU OHV WRXFKHV SOXV GH  VHFRQGHV / pFUDQ DI¿FKH OH SUHPLHU GpIDXW  ;;  ‡ 3RXU DI¿FKHU OHV DXWUHV GpIDXWV DSSDUXV VXU O DSSDUHLO DSSX\H] VXU OD WRXFKH GX PRGH  +LVWRULTXH           &RGH GpIDXW ;; ;; ;; ;; ;; ;; ;; ;; ;; ;; 'HVFULSWLRQ 5HSRUWH]YRXV DX FKDSLWUH &RGHV GpIDXWV  5HSRUWH]YRXV DX FKDSLWUH &RGHV GpIDXWV  5HSRUWH]YRXV DX FKDSLWUH &RGHV GpIDXWV  5HSRUWH]YRXV DX FKDSLWUH &RGHV GpIDXWV  5HSRUWH]YRXV DX FKDSLWUH &RGHV GpIDXWV  5HSRUWH]YRXV DX FKDSLWUH &RGHV GpIDXWV  5HSRUWH]YRXV DX FKDSLWUH &RGHV GpIDXWV  5HSRUWH]YRXV DX FKDSLWUH &RGHV GpIDXWV  5HSRUWH]YRXV DX FKDSLWUH &RGHV GpIDXWV  5HSRUWH]YRXV DX FKDSLWUH &RGHV GpIDXWV  ‡ 3RXU HIIDFHU O KLVWRULTXH GHV FRGHV GpIDXWV DSSDUXV VXU O DSSDUHLO UHSRUWH]YRXV DX FKDSLWUH 5pJODJHV j O LQVWDOODWLRQ HW XWLOLVH] OH FRGH G  B    6DXQLHU 'XYDO    0$, 17(1$1&(  &RGHV GpIDXWV /HV SDQQHV GpFULWHV GDQV FH FKDSLWUH GRLYHQW rWUH WUDLWpHV SDU XQ SURIHVVLRQQHO TXDOL¿p HW VL QpFHVVDLUH SDU OH VHUYLFH DSUqVYHQWH &RGH &DXVH GpIDXW ) ) ) ) )  ) )  ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) 'pIDXW GH OD FDUWH SULQFLSDOH ) ) )  ) ) )   ) ) ) ) 5RELQHW G¶DUULYpH G HDX IHUPp 3RPSH GpFRQQHFWpH )XLWH GDQV O LQVWDOODWLRQ 3DV G¶DUULYpH GH JD]  'pELW JD] LQVXI¿VDQW 0DXYDLV UpJODJH GX PpFDQLVPH JD] (OHFWURGH G¶DOOXPDJH HW GH FRQWU{OH GH ÀDPPH GpIHFWXHXVHV $OOXPHXU GpIHFWXHX[ 9LWHVVH GX YHQWLODWHXU LQFRUUHFWH 6pFXULWp GH VXUFKDXIIH DFWLYpH ƒ& 0DXYDLV GpJD]DJH &DSWHXU GpFRQQHFWp &RXUWFLUFXLW GX FDSWHXU &DSWHXU GpFRQQHFWp &RXUWFLUFXLW GX FDSWHXU GH WHPSpUDWXUH GX EDOORQ 'pIDXW FDSWHXU GH WHPSpUDWXUH GX EDOORQ &DSWHXU GH SUHVVLRQ HQ FRXUWFLUFXLW RX GpFRQQHFWp &DSWHXU GH SUHVVLRQ HQ GpIDXW &DSWHXU GH WHPSpUDWXUH UHWRXU FKDXIIDJH GpFRQQHFWp &RXUWFLUFXLW GX FDSWHXU GH WHPSpUDWXUH UHWRXU FKDXIIDJH &DSWHXU GpFRQQHFWp &RXUWFLUFXLW GX FDSWHXU GH WHPSpUDWXUH GH UpJXODWLRQ VDQLWDLUH 'pIDXW VXU OD OLJQH (%86 &RXUW FLUFXLW VXU OH FRQQHFWHXU (%86 'pIDXW GH FRPPDQGH GH OD YDQQH JD] 'pIDXW GH IHUPHWXUH GH OD YDQQH JD] 'pIDXW GH PpPRLUH GH OD FDUWH SULQFLSDOH )OXFWXDWLRQ UDSLGH GX FDSWHXU GpSDUW RX UHWRXU FKDXIIDJH 7HPSpUDWXUH GH OD FDUWH SULQFLSDOH WURS pOHYpH 'pIDXW GX VLJQDO GH ÀDPPH VXU OD FDUWH SULQFLSDOH &RXUWFLUFXLW GX PRWHXU PpFDQLVPH JD] &kEOHV GpFRQQHFWpV RX GpIHFWXHX[ 0pFDQLVPH JD] GpIHFWXHX[ 3RPSH j FRQGHQVDWV GpIHFWXHXVH HQ RSWLRQ 'pWHFWLRQ GH ÀDPPH DQRUPDOH 6ROXWLRQ ‡ 5HPSOLVVH] O LQVWDOODWLRQ ‡ 3XUJH] O LQVWDOODWLRQ ‡ 9pUL¿H] OHV FRQQH[LRQV GH OD SRPSH ‡ 9pUL¿H] OHV FRQQH[LRQV GHV FDSWHXUV GpSDUW HW UHWRXU FKDXIIDJH ‡ 9pUL¿H] TX LO Q \ D SDV GH IXLWH ‡ 9pUL¿H] OH FLUFXLW G¶DUULYpH JD] URELQHW JD] RXYHUW ‡ 9pUL¿H] OH UpJODJH GX PpFDQLVPH JD] ‡ 9pUL¿H] OHV FRQQH[LRQV GH O¶DOOXPHXU ‡ 9pUL¿H] O¶pWDW GH O pOHFWURGH FRUURVLRQ ‡ 9pUL¿H] O¶DUULYpH G¶DLU HW O¶pYDFXDWLRQ GHV IXPpHV ‡ 9pUL¿H] OHV FRQQHFWLRQV pOHFWULTXHV GX YHQWLODWHXU ‡ 9pUL¿H] OH IRQFWLRQQHPHQW GH OD SRPSH ‡ 9pUL¿H] TXH OHV URELQHWV G DUUrW GpSDUW HW UHWRXU FKDXIIDJH VRQW RXYHUWV ‡ 9pUL¿H] OHV FRQQH[LRQV GX FDSWHXU ‡ 9pUL¿H] OHV FkEOHV GX FDSWHXU ‡ 9pUL¿H] OH FDSWHXU ‡ 9pUL¿H] OHV FRQQH[LRQV GX FDSWHXU ‡ 9pUL¿H] OH FDSWHXU ‡ 9pUL¿H] OHV FRQQH[LRQV GX FDSWHXU ‡ 9pUL¿H] OHV FkEOHV GX FDSWHXU ‡ 9pUL¿H] OH FDSWHXU ‡ 9pUL¿H] OHV FRQQH[LRQV GX FDSWHXU ‡ 9pUL¿H] OHV FkEOHV GX FDSWHXU ‡ 9pUL¿H] OH FDSWHXU ‡ 9pUL¿H] OD FKDUJH VXU OD OLJQH (%86 i 'HVFULSWLRQ 0DQTXH G HDX GDQV O LQVWDOODWLRQ  EDU $EVHQFH G HDX GDQV O LQVWDOODWLRQ  SDV G pOpYDWLRQ GH WHPSpUDWXUH PDLV OH EU€OHXU HVW DOOXPp 'pIDXW G¶DOOXPDJH 3HUWH GH ÀDPPH HQ IRQFWLRQQHPHQW )OXFWXDWLRQ GX VLJQDO GH OD ÀDPPH 'pIDXW G¶H[WUDFWLRQ RX GH O¶DVSLUDWLRQ GH O¶DLU 'pIDXW GH VXUFKDXIIH 'pIDXW GX FDSWHXU GH WHPSpUDWXUH GpSDUW FKDXIIDJH 'pIDXW GX FDSWHXU GH WHPSpUDWXUH GX EDOORQ 'pIDXW GX FDSWHXU GH SUHVVLRQ FLUFXLW FKDXIIDJH 'pIDXW FDSWHXU GH WHPSpUDWXUH UHWRXU FKDXIIDJH 'pIDXW GX FDSWHXU GH WHPSpUDWXUH GH UpJXODWLRQ VDQLWDLUH 'pIDXW GH WHQVLRQ (%86 ‡ 9pUL¿H] O¶HQVHPEOH GHV FRQQH[LRQV GH OD FDUWH SULQFLSDOH ‡ 9pUL¿H] OD FDUWH pOHFWURQLTXH ‡ 9pUL¿H] OH FRGH SURGXLW ‡ )DLWHV XQ UHVHW GH O¶DSSDUHLO ‡ 9pUL¿H] OHV FRQQH[LRQV GX PpFDQLVPH JD] ‡ 9pUL¿H] OH IRQFWLRQQHPHQW GX PpFDQLVPH JD] ‡ 9pUL¿H] OH IRQFWLRQQHPHQW GH OD SRPSH j FRQGHQVDWV HQ RSWLRQ 'pIDXW GX PRWHXU GX PpFDQLVPH JD] 'pIDXW GH GpWHFWLRQ GH ÀDPPH 'pIDXW GH O LQWHUIDFH XWLOLVDWHXU 'pIDXW GX FDSWHXU GH WHPSpUDWXUH GpSDUW FKDXIIDJH , QWHUIDFH XWLOLVDWHXU LQFRPSDWLEOH DYHF OD FDUWH SULQFLSDOH 'pIDXW GH FLUFXODWLRQ G¶HDX (FDUW GH WHPSpUDWXUH PD[LPXP DWWHLQW HQWUH GpSDUW HW UHWRXU FKDXIIDJH ‡ 9pUL¿H] O¶pOHFWURGH GH GpWHFWLRQ GH ÀDPPH ‡ 9pUL¿H] OD FDUWH SULQFLSDOH 0pFDQLVPH JD] GpIHFWXHX[ ‡ 9pUL¿H] O DOOXPHXU &DUWH LQWHUIDFH GpIHFWXHXVH ‡ 5HPSODFH] OD FDUWH LQWHUIDFH &DSWHXU GH WHPSpUDWXUH GpSDUW FKDXIIDJH ‡ 9pUL¿H] OHV FRQQH[LRQV GX FDSWHXU GpFOLSVp RX GpIHFWXHX[ SDV GH YDULDWLRQ GH ‡ $VVXUH]YRXV TXH OH FDSWHXU HVW FOLSVp VXU OD WHPSpUDWXUH WXEXOXUH ‡ 9pUL¿H] OH FRGH SURGXLW 0DXYDLV FRGH SURGXLW ‡ 9pUL¿H] OD UpIpUHQFH GH OD FDUWH 0DXYDLV IRQFWLRQQHPHQW GH OD SRPSH PRQWpH HQ ‡ 9pUL¿H] TXH OHV URELQHWV G DUUrW GpSDUW HW UHWRXU WHPSpUDWXUH WURS UDSLGH FKDXIIDJH VRQW RXYHUWV ‡ 9pUL¿H] OD FRQQH[LRQ GHV FDSWHXUV GpSDUW HW UHWRXU 3UREOqPH GH FLUFXODWLRQ G¶HDX FKDXIIDJH ‡ 9pUL¿H] OD YLWHVVH GH OD SRPSH    B    6DXQLHU 'XYDO 0$, 17(1$1&( 'HVFULSWLRQ (FDUW GH WHPSpUDWXUH SHUPDQHQW HQWUH OHV FDSWHXUV GpSDUW HW UHWRXU FKDXIIDJH 'pIDXW GX IXVLEOH WKHUPLTXH &RGH &DXVH GpIDXW , QFRKpUHQFH HQWUH OHV WHPSpUDWXUHV GpSDUW HW ) UHWRXU FKDXIIDJH pFDUW SHUPDQHQW &DSWHXUV GH WHPSpUDWXUH GpSDUW HW UHWRXU ) FKDXIIDJH LQYHUVpV RX GpFRQQHFWpV &DSWHXUV GH WHPSpUDWXUH GpIHFWXHX[ )XVLEOH WKHUPLTXH GpFRQQHFWp ) )XVLEOH WKHUPLTXH GpIHFWXHX[ 6ROXWLRQ ‡ 9pUL¿H] OHV FRQQH[LRQV GHV FDSWHXUV GH WHPSpUDWXUH ‡ 5HPSODFH] OHV FDSWHXUV GpIHFWXHX[ ‡ 9pUL¿H] OHV FRQQH[LRQV GX IXVLEOH ‡ 5HPSODFH] OH FRUSV GH FKDXIIH ‡ 9pUL¿HU VL   FDSWHXU GH WHPSpUDWXUH PDO FOLSpH VRUWLH pFKDQJHXU j SODTXHV  SRPSH VDQLWDLUH KRUV VHUYLFH  FODSHW DQWL UHWRXU EORTXp  pFKDQJHXU j SODTXH ERXFKp  FDQQHV EDOORQV ERXFKpHV  DLU GDQV OH FLUFXLW SULPDLUH  SRPSH SULQFLSDOH KRUV VHUYLFH ‡ 9pUL¿H] OHV FRQQH[LRQV GHV FDSWHXUV GH WHPSpUDWXUH 'pIDXW VXU OH FLUFXLW VDQLWDLUH ) 6XUFKDXIIH VXU OH FLUFXLW VDQLWDLUH 'pIDXW GHV FDSWHXUV GpSDUW HW UHWRXU FKDXIIDJH ) &DSWHXUV GH WHPSpUDWXUH GpSDUW HW UHWRXU FKDXIIDJH FRQQHFWpV VXU OD PrPH WXEXOXUH  &KDQJHPHQW GH JD] 3RXU XQ IRQFWLRQQHPHQW DYHF XQ JD] DXWUH TXH FHOXL SUpYX HQ XVLQH LO IDXW HIIHFWXHU FHUWDLQV UpJODJHV DX QLYHDX GX PpFDQLVPH JD] b  7RXW VFHOODJH GpWUXLW GRLW rWUH UHFRQVWLWXp 5pJODJH GX PpFDQLVPH JD] ‡ $SSX\H] VXU OH ERXWRQ PDUFKHDUUrW SRXU PHWWUH KRUV VHUYLFH O¶DSSDUHLO ‡ 7RXUQH] OD YLV HQ UHVSHFWDQW OH VHQV HW OH QRPEUH GH WRXUV LQGLTXpV GDQV OH WDEOHDX FLDSUqV 5pJODJH FKDQJHPHQW GH JD]  5pJODJHV   0RGqOH * Ź * * Ź * * Ź * )  WRXU  WRXUV )  WRXUV   5pJODJH GH OD SXLVVDQFH PD[LPDOH ‡ 5pJOH] O DSSDUHLO VXU OH PRGH GH WHVW 3  IRUoDJH EU€OHXU j 3 PD[  5HSRUWH]YRXV DX FKDSLWUH 0RGHV GH WHVW  ‡ $WWHQGH] HQYLURQ  PLQXWHV SRXU OLUH XQH YDOHXU GH &2 VWDELOLVpH /pJHQGH  9LV GH UpJODJH GH OD SXLVVDQFH PD[  3ULVH GH PHVXUH  %RXFKRQ ‡ &RPSDUH] OD YDOHXU PHVXUpH DYHF OHV YDOHXUV LQGLTXpH GDQV OH WDEOHDX FLDSUqV 5pJODJH FKDQJHPHQW GH JD] &2 IDoDGH RXYHUWH &2 IDoDGH IHUPpH ‡ (QOHYH] WRXW G¶DERUG OD IDoDGH pWDQFKH ‡ (QOHYH] OH ERXFKRQ  SXLV UDFFRUGH] XQ DQDO\VHXU GH &2 SDU OD SULVH GH PHVXUH  0RGqOH ) ) * Ź *  “   “  * Ź *  “   “  * Ź *  “   “  ‡ 9pUL¿H] OH WDX[ GH &2 GDQV OHV SURGXLWV GH FRPEXVWLRQ HW FRPSDUH]OH DYHF OHV YDOHXUV LQGLTXpHV DX FKDSLWUH 'RQQpHV WHFKQLTXHV LO GRLW rWUH LQIpULHXU j  SSP B    6DXQLHU 'XYDO    0$, 17(1$1&(  5HPLVH HQ VHUYLFH  9LGDQJH  &LUFXLW GH FKDXIIDJH ‡ 5HPHWWH] HQ SODFH OH ERXFKRQ GX FRXGH GH YHQWRXVH ‡ 5HPRQWH] OD IDoDGH pWDQFKH GH O¶DSSDUHLO 1RWD  DSUqV UHPRQWDJH GH OD IDoDGH pWDQFKH OD YDOHXU GH &2 FKDQJH HW GRLW FRUUHVSRQGUH j FHOOH LQGLTXpH GDQV OH WDEOHDX FLGHVVXV     /pJHQGH  (PSODFHPHQW pWLTXHWWH FKDQJHPHQW GH JD]  (PSODFHPHQW FRGH GpIDXW  3ODTXH VLJQDOpWLTXH /pJHQGH  5RELQHW GH YLGDQJH FKDXIIDJH ‡ &ROOH] O¶pWLTXHWWH GH FKDQJHPHQW GH JD] IRXUQLH DYHF O¶DSSDUHLO VXU O¶HPSODFHPHQW  GX FRXYHUFOH GX ERvWLHU pOHFWULTXH ‡ (Q IRQFWLRQ GHV pWLTXHWWHV GH FKDQJHPHQW GH JD] FRFKH] VXU O pWLTXHWWH OH W\SH GH JD] UDFFRUGp ‡ 2XYUH] OH URELQHW GH YLGDQJH  VLWXp HQ GHVVRXV GH OD FKDXGLqUH ‡ )DLWHV XQH SULVH G¶DLU HQ RXYUDQW SDU H[HPSOH XQ SXUJHXU GH O¶LQVWDOODWLRQ ‡ 3RXU YLGDQJHU XQLTXHPHQW O¶HDX GX FLUFXLW FKDXIIDJH SUpVHQWH GDQV O¶DSSDUHLO IHUPH] WRXW G¶DERUG OHV URELQHWV G¶DUUrW GpSDUW HW UHWRXU FKDXIIDJH  5HGpPDUUDJH HW QRXYHOOH YpUL¿FDWLRQ DYDQW PLVH HQ IRQFWLRQQHPHQW ‡ $YDQW GH PHWWUH O¶DSSDUHLO HQ IRQFWLRQQHPHQW VXLYH] OHV FRQVLJQHV GX FKDSLWUH 5pJODJH VSpFL¿TXH  &LUFXLW G¶HDX FKDXGH VDQLWDLUH ‡ )HUPH] OH URELQHW G DUULYpH G¶HDX GH O¶LQVWDOODWLRQ ‡ )DLWHV XQH SULVH G¶DLU HQ RXYUDQW XQ URELQHW G¶HDX FKDXGH  0DLQWHQDQFH ‡ 5HSRUWH]YRXV DX FKDSLWUH &RQVLJQHV GH VpFXULWp SRXU FRQVXOWHU OD OLVWH GHV RSpUDWLRQV j HIIHFWXHU DYDQW GH SURFpGHU j OD PDLQWHQDQFH GH O DSSDUHLO ‡ 8QH IRLV OHV RSpUDWLRQV GH PDLQWHQDQFH WHUPLQpHV UHSRUWH] YRXV DX FKDSLWUH 0LVH HQ VHUYLFH SRXU UHGpPDUUHU O DSSDUHLO    B    6DXQLHU 'XYDO 0$, 17(1$1&(   0DLQWHQDQFH DQQXHOOH 9pUL¿FDWLRQ GHV FRPSRVDQWV /H GRVDJH GH FHV SURGXLWV QpFHVVLWH GH FRQQDvWUH OH YROXPH G HDX GDQV O LQVWDOODWLRQ , O HVW UHFRPPDQGp GH QRWHU FH YROXPH SRXU GH IXWXUV EHVRLQV /HV LQKLELWHXUV GRLYHQW rWUH FRPSDWLEOHV DYHF OHV PDWpULDX[ XWLOLVpV GDQV O LQVWDOODWLRQ ‡ 9pUL¿H] TXH OH GpWHFWHXU GH GpELW IRQFWLRQQH FRUUHFWHPHQW ‡ 9pUL¿H] TXH OH PpFDQLVPH JD] PRGXOH FRUUHFWHPHQW ‡ 9pUL¿H] TXH OHV FDSWHXUV GH WHPSpUDWXUH IRQFWLRQQHQW FRUUHFWHPHQW ‡ 9pUL¿H] OD TXDOLWp GH O LRQLVDWLRQ ‡ 9pUL¿H] TXH OH IXVLEOH WKHUPLTXH DVVXUH OD SURWHFWLRQ GH O DSSDUHLO FRQWUH OHV VXUFKDXIIHV ‡ 9pUL¿H] TXH OH GpWHFWHXU GH SUHVVLRQ IRQFWLRQQH FRUUHFWHPHQW ‡ 9pUL¿H] OD SUHVVLRQ GX YDVH G H[SDQVLRQ  'pSRVH GH OD IDoDGH DYDQW  %  $XWUHV YpUL¿FDWLRQV ‡ 9pUL¿H] OH WDX[ GH &2 GDQV OHV SURGXLWV GH FRPEXVWLRQ HW FRPSDUH]OH DYHF OHV YDOHXUV LQGLTXpHV DX FKDSLWUH 0HVXUH GX &2  ‡ 9pUL¿H] TX LO Q \ D SDV GH IXLWHV DX QLYHDX GHV MRLQWV GHV VRXSDSHV GH VpFXULWp HW GX GLVFRQQHFWHXU ‡ 9pUL¿H] TX LO Q \ D SDV GH IXLWHV GH JD] ‡ 9pUL¿H] O pWDW GX MRLQW GX FRQGXLW G pYDFXDWLRQ GHV SURGXLWV GH FRPEXVWLRQ ‡ 9pUL¿H] OH UDFFRUGHPHQW j OD WHUUH GH O DSSDUHLO  $  1HWWR\DJH GHV FRPSRVDQWV $ /pJHQGH  9LV GH ¿[DWLRQ GH OD IDoDGH DYDQW  )DoDGH DYDQW ‡ 1HWWR\H] OHV FRPSRVDQWV VXLYDQWV   /H ¿OWUH HDX IURLGH  /H ¿OWUH FKDXIIDJH  /H UpFXSpUDWHXU GH FRQGHQVDWV  /H FRUSV GH FKDXIIH  /H EU€OHXU  /H YHQWLODWHXU  /H ¿OWUH j SDUWLFXOHV ‡ 5HWLUH] OD IDoDGH DYDQW GH O DSSDUHLO HQ UHVSHFWDQW O¶RUGUH GHV RSpUDWLRQV $ HW %  3URWHFWLRQ DQWLFRUURVLRQ HW DQWLERXHV 3RXU pYLWHU WRXW SKpQRPqQH GH FRUURVLRQ LO HVW UHFRPPDQGp G DMRXWHU XQ LQKLELWHXU GH FRUURVLRQ GDQV O HDX GX FLUFXLW FKDXIIDJH &HW LQKLELWHXU DXUD SRXU UpVXOWDW G DUUrWHU OHV UpDFWLRQV pOHFWULTXHV HQWUH OHV GLIIpUHQWV PpWDX[ GH O LQVWDOODWLRQ , O pYLWHUD DXVVL SDU YRLH GH FRQVpTXHQFH OD IRUPDWLRQ GH JD] TXL SRXUUDLHQW VH SURGXLUH ORUV GHV UpDFWLRQV FKLPLTXHV /H WUDLWHPHQW G HDX HVW SDUWLFXOLqUHPHQW LPSRUWDQW VXU OHV SODQFKHUV FKDXIIDQWV FDU OD EDVVH WHPSpUDWXUH HVW IDYRUDEOH j OD SUROLIpUDWLRQ EDFWpULHQQH , O SHXW HQ UpVXOWHU GHV ERXHV TXL SHXYHQW ERXFKHU WRXW HQ SDUWLH GHV FLUFXLWV B    6DXQLHU 'XYDO    0$, 17(1$1&(  'pPRQWDJH GX VLOHQFLHX[ ‡ &RQWU{OH] OD SUHVVLRQ G¶DOLPHQWDWLRQ GX YDVH G¶H[SDQVLRQ YRLU FKDSLWUH 'RQQpHV WHFKQLTXHV  SDU OD SULVH GH SUHVVLRQ VLWXpH DXGHVVRXV GX YDVH G H[SDQVLRQ HW DGDSWH]OD VL QpFHVVDLUH ‡ $SUqV OH PRQWDJH G¶XQ YDVH G¶H[SDQVLRQ QHXI UHPSOLVVH] HW SXUJH] O¶DSSDUHLO RX O¶LQVWDOODWLRQ VL QpFHVVDLUH & %    'pPRQWDJH YDVH G H[SDQVLRQ VDQLWDLUH $  9  /pJHQGH  9LV GH ¿[DWLRQ GX VLOHQFLHX[  6LOHQFLHX[  ‡ 5HWLUH] OD YLV GH ¿[DWLRQ GX VLOHQFLHX[  ‡ (QOHYH] OH VLOHQFLHX[  ‡ 1HWWR\H] O¶LQWpULHXU GX VLOHQFLHX[ DYHF XQ FKLIIRQ VHF VL QpFHVVDLUH HQ SUHQDQW VRLQ GH QH SDV DEvPHU OD PRXVVH LQWpULHXUH ‡ 3URFpGH] GDQV O¶RUGUH LQYHUVH GHV RSpUDWLRQV SRXU UHPRQWHU OH VLOHQFLHX[  9  /pJHQGH  9DVH G H[SDQVLRQ VDQLWDLUH i , O Q HVW SDV QpFHVVDLUH GH GHSRVHU OH YDVH G H[SDQVLRQ FKDXIIDJH SRXU GpSRVHU OH YDVH G H[SDQVLRQ VDQLWDLUH  9DVH G H[SDQVLRQ FKDXIIDJH ‡ &RQWU{OH] OD SUHVVLRQ G¶DOLPHQWDWLRQ GX YDVH G¶H[SDQVLRQ VDQLWDLUH YRLU FKDSLWUH 'RQQpHV WHFKQLTXHV  SDU OD SULVH GH SUHVVLRQ VLWXpH DXGHVVXV GX YDVH G H[SDQVLRQ HW DGDSWH]OD VL QpFHVVDLUH ‡ $SUqV OH PRQWDJH G¶XQ YDVH G¶H[SDQVLRQ QHXI UHPSOLVVH] HW SXUJH] O¶DSSDUHLO RX O¶LQVWDOODWLRQ VL QpFHVVDLUH   9  /pJHQGH  9DVH G H[SDQVLRQ FKDXIIDJH    B    6DXQLHU 'XYDO 0$, 17(1$1&(  'pPRQWDJH ¿OWUH j SDUWLFXOHV    9  /pJHQGH  )LOWUH j SDUWLFXOHV  &OLSV i 'HPRQWH] OH ¿OWUH j SDUWLFXOHV SRXU YpUL¿HU VRQ pWDW ‡ &RQWU{OH] O pWDW GX ¿OWUH j SDUWLFXOHV 3RXU GpSRVHU OH ¿OWUH j SDUWLFXOHV  UHWLUHU OHV  FOLSV  ‡ /H ¿WUH j SDUWLFXOHV GRLW rWUH GHPRQWHU HW QHWWR\HU ORUV GH VD VHV  SUHPLqUHV DQQpHV G XWLOLVDWLRQ ‡ 1HWWR\H] OD JULOOH TXL VH WURXYH j O LQWpULHXU ‡ $SUqV OH PRQWDJH G XQ ¿OWUH j SDUWLFXOHV QHXI UHPSOLVVH] HW SXUJHU O DSSDUHLO RX O LQVWDOODWLRQ VL QpFHVVDLUH B    6DXQLHU 'XYDO    0$, 17(1$1&(  %ORF K\GUDXOLTXH                       /pJHQGH  5DOORQJH GX URELQHW GH UHPSOLVVDJH  &OLS GH ¿[DWLRQ GX ¿OWUH FKDXIIDJH  )LOWUH FKDXIIDJH  &OLS GH ¿[DWLRQ GH OD WXEXOXUH VDQLWDLUH  5RELQHW GH UHPSOLVVDJH  &OLS GH ¿[DWLRQ GX URELQHW GH UHPSOLVVDJH  &OLS GH ¿[DWLRQ GH OD WXEXOXUH VDQLWDLUH  3RPSH VDQLWDLUH  3RPSH FKDXIIDJH  %RXFKRQ GX SXUJHXU  &RQQHFWHXU GX FDSWHXU GH SUHVVLRQ FLUFXLW FKDXIIDJH  &OLS GH ¿[DWLRQ GH OD SRPSH VDQLWDLUH               &DSWHXU GH SUHVVLRQ FLUFXLW FKDXIIDJH (FKDQJHXU VDQLWDLUH &OLS GH ¿[DWLRQ GX FDSWHXU GH SUHVVLRQ FLUFXLW FKDXIIDJH 6RXSDSH GH VpFXULWp FKDXIIDJH &OLS GH ¿[DWLRQ GH OD VRXSDSH GH VpFXULWp VDQLWDLUH 9DQQH  YRLHV 6RXSDSH GH VpFXULWp VDQLWDLUH 'LVFRQQHFWHXU &OLS GH ¿[DWLRQ GH OD WXEXOXUH VDQLWDLUH 5pFXSpUDWHXU GH FRQGHQVDWV %RXFKRQ GX UpFXSpUDWHXU GH FRQGHQVDWV (OHFWURYDQQH VXLYDQW PRGqOHV    B    6DXQLHU 'XYDO 0$, 17(1$1&(  )LOWUH HDX IURLGH ‡ )HUPH] O¶DOLPHQWDWLRQ JpQpUDOH HQ HDX IURLGH ‡ 'pJDJH] OH FOLS GH ¿[DWLRQ GX ¿OWUH DX IURLGH  ‡ (QOHYH] OH ¿OWUH HDX IURLGH  HW QHWWR\H]OH  )LOWUH FKDXIIDJH /H ¿OWUH FKDXIIDJH DPpOLRUH OH GpJD]DJH GX FLUFXLW FKDXIIDJH ‡ )HUPH] OHV URELQHWV G¶DUUrW GpSDUW HW UHWRXU FKDXIIDJH SXLV YLGDQJH] OD FKDXGLqUH ‡ 'pJDJH] OH FOLS GH ¿[DWLRQ GX ¿OWUH  SODFp VRXV OD SRPSH ‡ (QOHYH] OH ¿OWUH FKDXIIDJH  ‡ 1HWWR\H] SXLV UHPHWWH]OH HQ SODFH HQ SRVLWLRQQDQW FRUUHFWHPHQW O¶HUJRW  5pFXSpUDWHXU GH FRQGHQVDWV $WWHQWLRQ  OHV FRQGHQVDWV VRQW WUqV DFLGHV XWLOLVH] GHV JDQWV GH SURWHFWLRQ ‡ 'pVROLGDULVH] OH ÀH[LEOH G¶pYDFXDWLRQ SODFp VRXV OH UpFXSpUDWHXU GH FRQGHQVDWV  ‡ (QOHYH] OH UpFXSpUDWHXU GH FRQGHQVDWV HQ SUHQDQW VRLQ GH QH SDV UHQYHUVHU GH OLTXLGH ‡ 1HWWR\H] OHV ÀH[LEOHV HW HQOHYH] OHV GpEULV pYHQWXHOOHPHQW SUpVHQWV ‡ 1HWWR\H] OH UpFXSpUDWHXU GH FRQGHQVDWV HQ OH SDVVDQW VRXV O¶HDX ‡ 5HPRQWH] O¶HQVHPEOH HQ SUHQDQW VRLQ GH ELHQ SRVLWLRQQHU OHV MRLQWV G¶pWDQFKpLWp a B    6DXQLHU 'XYDO    0$, 17(1$1&(  %ORF GH FRPEXVWLRQ PRGqOH SQHXPDWLTXH W\SH $                 /pJHQGH  &RQQHFWHXU GX PpFDQLVPH JD]  9LV GH ¿[DWLRQ GH O¶pOHFWURGH G¶DOOXPDJH HW GH FRQWU{OH GH ÀDPPH  (OHFWURGH G¶DOOXPDJH HW GH FRQWU{OH GH ÀDPPH  -RLQW GH O pOHFWURGH G¶DOOXPDJH HW GH FRQWU{OH GH ÀDPPH  (FURX GH ¿[DWLRQ GH O¶HQVHPEOH EU€OHXU  9LV GH ¿[DWLRQ GH O¶HQVHPEOH EU€OHXU  &RQQHFWHXU GX IXVLEOH WKHUPLTXH  ([WUDFWLRQ IXPpH         6HUSHQWLQ &RUSV GH FKDXIIH -RLQW GX EU€OHXU %U€OHXU 0pFDQLVPH JD] 9HQWLODWHXU &RQQHFWHXU GX YHQWLODWHXU 7XEXOXUH JD]    B    6DXQLHU 'XYDO 0$, 17(1$1&(  'pPRQWDJH GH O¶HQVHPEOH EU€OHXU  5HPSODFHPHQW GX FkEOH G¶DOLPHQWDWLRQ /H FkEOH GRLW rWUH UHPSODFp SDU OH IDEULFDQW VRQ VHUYLFH DSUqVYHQWH RX GHV SHUVRQQHV GH TXDOL¿FDWLRQ VLPLODLUH D¿Q G pYLWHU XQ GDQJHU ‡ 'pPRQWH] OH VLOHQFLHX[ UHSRUWH]YRXV DX FKDSLWUH 'pPRQWDJH GX VLOHQFLHX[  ‡ 'pFRQQHFWH] HW GpSRVH] OD YHQWRXVH G pYDFXDWLRQ ‡ 'pFRQQHFWH] OH FRQQHFWHXU GH O¶pOHFWURGH G¶DOOXPDJH HW GH FRQWU{OH GH ÀDPPH  j SDUWLU GH O¶DOOXPHXU ‡ (QOHYH] OD WXEXOXUH JD]  ‡ 5HWLUH] OHV FRQQHFWHXUV GX PpFDQLVPH JD]  HW GX YHQWLODWHXU  ‡ 'HVVHUUH] OHV  pFURXV  ‡ 5HWLUH] O¶HQVHPEOH EU€OHXU GX FRUSV GH FKDXIIH  /HV YLV  VRXGpHV VXU OH FRUSV GH FKDXIIH QH GRLYHQW SDV rWUH HQGRPPDJpHV 'DQV OH FDV FRQWUDLUH UHPSODFH] OH FRUSV GH FKDXIIH /¶LVRODWLRQ GH OD SRUWH GX EU€OHXU VXU O¶HQVHPEOH EU€OHXU QH GRLW SDV rWUH HQGRPPDJpH 'DQV OH FDV FRQWUDLUH UHPSODFH]OD e ‡ 6L OH FkEOH G¶DOLPHQWDWLRQ HVW HQGRPPDJp UHPSODFH]OH HQ VXLYDQW OHV UHFRPPDQGDWLRQV GX FKDSLWUH ©5DFFRUGHPHQW pOHFWULTXHª  3LqFHV GH UHFKDQJH $¿Q GH JDUDQWLU OD VpFXULWp GX IRQFWLRQQHPHQW GH O¶DSSDUHLO DLQVL TXH VD ORQJpYLWp XWLOLVH] GHV SLqFHV G¶RULJLQH DJUppHV SDU OH IDEULFDQW i &HW DSSDUHLO SRUWH OH PDUTXDJH &( GH FRQIRUPLWp 8WLOLVH] XQLTXHPHQW GHV SLqFHV GpWDFKpHV G¶RULJLQH QHXYHV HW DJUppHV SDU OH IDEULFDQW  1HWWR\DJH GX FRUSV GH FKDXIIH ‡ $VVXUH]YRXV TXH OHV SLqFHV GpWDFKpHV VRQW FRUUHFWHPHQW LQVWDOOpHV HW SRVLWLRQQpHV GDQV OH ERQ VHQV $SUqV WRXWH LQVWDOODWLRQ GH SLqFH HW WRXW HQWUHWLHQ FRQWU{OH] O¶DSSDUHLO HW YpUL¿H] TX¶LO IRQFWLRQQH FRUUHFWHPHQW ‡ 1HWWR\H] OH VHUSHQWLQ  GX FRUSV GH FKDXIIH  DYHF GH O¶HDX  &RQWU{OH GX EU€OHXU /H EU€OHXU  QH QpFHVVLWH DXFXQ HQWUHWLHQ HW Q¶D SDV EHVRLQ G¶rWUH QHWWR\p ‡ 9pUL¿H] TXH VD VXUIDFH Q¶HVW SDV HQGRPPDJpH 5HPSODFH] OH EU€OHXU VL QpFHVVDLUH ‡ $SUqV OH FRQWU{OH RX OH UHPSODFHPHQW GX EU€OHXU PRQWH] O¶HQVHPEOH EU€OHXU FRPPH GpFULW DX FKDSLWUH VXLYDQW  0RQWDJH GH O¶HQVHPEOH EU€OHXU ‡ 5HPSODFH] OH MRLQW  ‡ 3ODFH] O¶HQVHPEOH EU€OHXU VXU OH FRUSV GH FKDXIIH  ‡ 6HUUH] SURJUHVVLYHPHQW OHV  pFURXV  GDQV XQ RUGUH FURLVp ‡ 5HPRQWH] OH VLOHQFLHX[ ‡ 5DFFRUGH] OD WXEXOXUH JD]  DYHF XQ MRLQW QHXI VXU O¶HQVHPEOH EU€OHXU ‡ %UDQFKH] OH FRQQHFWHXU GH O¶pOHFWURGH G¶DOOXPDJH HW GH FRQWU{OH GH ÀDPPH  VXU O¶DOOXPHXU ‡ %UDQFKH] OH FRQQHFWHXU GX PpFDQLVPH JD]  HW GX YHQWLODWHXU  ‡ 5HPRQWH] HW FRQQHFWH] OD YHQWRXVH G pYDFXDWLRQ ‡ 2XYUH] O¶DUULYpH GH JD] GH O¶DSSDUHLO ‡ 9pUL¿H] O¶pWDQFKpLWp VXU OH UDFFRUG GH JD] B    6DXQLHU 'XYDO    0$, 17(1$1&(  'RQQpHV WHFKQLTXHV &KDXGLqUH W\SH & & & & & %3 'HVFULSWLRQ &DWpJRULH JD] &KDXIIDJH 3XLVVDQFH XWLOH PLQ j ƒ&ƒ& 3 PLQ 3XLVVDQFH XWLOH PD[ j ƒ&ƒ& 3 PD[ 3XLVVDQFH XWLOH PLQ j ƒ&ƒ& 3 PLQ 3XLVVDQFH XWLOH PD[ j ƒ&ƒ& 3 PD[ 5HQGHPHQW VXU 3&,  j ƒ&ƒ& 5HQGHPHQW VXU 3&,  j ƒ&ƒ& 5HQGHPHQW j FKDUJH SDUWLHOOH   VXU 3&,  j ƒ&ƒ& 1LYHDX GH UHQGHPHQW VHORQ OD 'LUHFWLYH (XURSpHQQH  'pELW FDORUL¿TXH PLQLPDO 4 PLQ 'pELW FDORUL¿TXH PD[LPDO 4 PD[ 'pELW PLQLPXP GH FKDXIIDJH 7HPSpUDWXUH GpSDUW FKDXIIDJH PLQ 7HPSpUDWXUH GpSDUW FKDXIIDJH PD[ 9DVH G¶H[SDQVLRQ FDSDFLWp XWLOH 3UHVVLRQ GH SUpJRQÀDJH GX YDVH G¶H[SDQVLRQ &DSDFLWp PD[L GH O¶LQVWDOODWLRQ j ƒ& 6RXSDSH GH VpFXULWp SUHVVLRQ PD[LPDOH GH VHUYLFH 306 6DQLWDLUH 3XLVVDQFH XWLOH PLQ 3 PLQ 3XLVVDQFH XWLOH PD[ 3 PD[ N: N: N: N: 8QLWp )  $ / OO(VL3        &RQGHQVDWLRQ                                           )  $ / OO(VL3         N: N: OK ƒ& ƒ& O EDU 03D O EDU 03D N: N:  'pELW FDORUL¿TXH PLQ 4 PLQ N:  'pELW FDORUL¿TXH PD[ 4 PD[ N:  7HPSpUDWXUH HDX FKDXGH PLQ ƒ&  7HPSpUDWXUH HDX FKDXGH PD[ ƒ&  'pELW VSpFL¿TXH ' VHORQ (1  OPLQ  'pELW VSpFL¿TXH VHORQ (1  OPLQ  &RQIRUW VDQLWDLUH VHORQ (1   'pELW VHXLO GH IRQFWLRQQHPHQW OPLQ  &DSDFLWp EDOORQ VDQLWDLUH O  /LPLWHXU GH GpELW HDX IURLGH OPLQ  6RXSDSH GH VpFXULWp SUHVVLRQ PD[LPDOH GH VHUYLFH 30: EDU  03D  EDU  3UHVVLRQ G¶DOLPHQWDWLRQ PLQ 03D  EDU  3UHVVLRQ G¶DOLPHQWDWLRQ FRQVHLOOpH   03D  EDU  3UHVVLRQ G¶DOLPHQWDWLRQ PD[   03D    5pJODJH FRQVHLOOp SRXU OH UHPSOLVVDJH GH O¶LQVWDOODWLRQ FRPSWH WHQX GH OD SHUWH GH FKDUJH GX GLVFRQQHFWHXU   3RXU XQH SUHVVLRQ G DOLPHQWDWLRQ VXSpULHXUH j  EDU LO HVW FRQVHLOOp G LQVWDOOHU XQ UpGXFWHXU GH SUHVVLRQ &RPEXVWLRQ 'pELW G¶DLU QHXI  PEDU  ƒ&  PK 'pELW G¶pYDFXDWLRQ GHV JD] EU€OpV j 3PLQ JV  'pELW G¶pYDFXDWLRQ GHV JD] EU€OpV j 3PD[ JV  'pELW G¶pYDFXDWLRQ GHV JD] EU€OpV HQ PRGH HDX FKDXGH VDQLWDLUH JV  7HPSpUDWXUH IXPpHV j 3 PLQ ƒ&ƒ& ƒ&  7HPSpUDWXUH IXPpHV j 3 PLQ ƒ&ƒ& ƒ&  7HPSpUDWXUH IXPpHV j 3 PD[ ƒ&ƒ& ƒ&  7HPSpUDWXUH IXPpHV j 3 PD[ ƒ&ƒ& ƒ&  7HPSpUDWXUH GHV IXPpHV HQ PRGH HDX FKDXGH VDQLWDLUH DYHF XQH ƒ&  WHPSpUDWXUH G HDX FKDXGH GH ƒ& 7HPSpUDWXUH GHV IXPpHV HQ VXUFKDXIIH ƒ&               B    6DXQLHU 'XYDO 0$, 17(1$1&( 'HVFULSWLRQ 8QLWp )  $ / )  $ /      9 +]    , 3;' , )  $ /     9DOHXUV GHV SURGXLWV GH OD FRPEXVWLRQ PHVXUpH DX GpELW FDORUL¿TXH QRPLQDO HW DYHF OH JD] GH UpIpUHQFH * HQ FKDXIIDJH  SSP  &2 PJN:K  &2  SSP  12[ SRQGpUp PJN:K  (OHFWULTXH 9 7HQVLRQ G¶DOLPHQWDWLRQ 9+] +] 3XLVVDQFH PD[LPDOH DEV RUEpH :  , QWHQVLWp $  )XVLEOH $  3URWHFWLRQ pOHFWULTXH , 3;' &ODVVH pOHFWULTXH , 'HVFULSWLRQ 'LPHQVLRQV  +DXWHXU /DUJHXU 3URIRQGHXU 3RLGV QHW 1XPpUR &( 'HVFULSWLRQ *D] QDWXUHO *    'pELW JD] j SXLVVDQFH PD[LPDOH VDQLWDLUH 'pELW JD] j SXLVVDQFH PD[LPDOH FKDXIIDJH 'pELW JD] j SXLVVDQFH PLQLPDOH 3UHVVLRQ G¶DOLPHQWDWLRQ HQ JD] *D] QDWXUHO *    'pELW JD] j SXLVVDQFH PD[LPDOH VDQLWDLUH 'pELW JD] j SXLVVDQFH PD[LPDOH FKDXIIDJH 'pELW JD] j SXLVVDQFH PLQLPDOH 3UHVVLRQ G¶DOLPHQWDWLRQ HQ JD] *D] OLTXLGH *    'pELW JD] j SXLVVDQFH PD[LPDOH VDQLWDLUH 'pELW JD] j SXLVVDQFH PD[LPDOH FKDXIIDJH 'pELW JD] j SXLVVDQFH PLQLPDOH 3UHVVLRQ G¶DOLPHQWDWLRQ HQ JD]   UpI ƒ&   PEDU JD] VHF PP PP PP NJ     8QLWp )  $ / 8QLWp PK PK PK PEDU 03D PK PK PK PEDU 03D NJK NJK NJK PEDU 03D )  $ /                )  $ /                B    6DXQLHU 'XYDO    9$, //$17 *5283 )5$1&( 6$ ©/H 7HFKQLSROHª   DYHQXH 3DEOR 3LFDVVR  )RQWHQD\VRXV%RLV FHGH[ ± )UDQFH 7pOpSKRQH       7pOpFRSLH       6LWH , QWHUQHW  ZZZVDXQLHUGXYDOIU 6$ $X FDSLWDO GH  (XURV    5&6 &5(7(, / 6, 5(1    B   6RXV UpVHUYH GH PRGL¿FDWLRQV WHFKQLTXHV [. . . ] [. . . ]