▼
Scroll to page 2
of
56
(2&3; .2&%3; )5 )RXUYDSHXU 1RWLFHG XWLOLVDWLRQ Profiter pleinement de vos appareils électroménagers Pour un accès rapide aux modes d’emploi en ligne, guides pratiques, aide et plus encore, enregistrez vos produits via photo en visitant electrolux.com/register ZZZHOHFWUROX[FRP 7$%/('(60$7,5(6 ,1)250$7,21685/$6&85,7 &216,*1(6'(6&85,7 '(6&5,37,21'(/ $33$5(,/ %$1'($8'(&200$1'( $9$17/$35(0,5(87,/,6$7,21 87,/,6$7,214827,',(11( )21&7,216'(/ +25/2*( 352*5$00(6$8720$7,48(6 87,/,6$7,21'(6$&&(662,5(6 )21&7,2166833/0(17$,5(6 &216(,/6 (175(7,(1(71(772<$*( '3$11$*( ,167$//$7,21 5(1'(0(171(5*7,48( 12863(162169286 0HUFLG DYRLUFKRLVLFHSURGXLW(OHFWUROX[$YHFFHSURGXLWYRXVE«Q«ILFLH]GH GL]DLQHVG DQQ«HVG H[S«ULHQFHSURIHVVLRQQHOOHHWG LQQRYDWLRQ,QJ«QLHX[HW «O«JDQWLOD«W«FRQ©XVXUPHVXUHSRXUYRXV*U¤FH¢FHWDSSDUHLOYRXVVDYH] TXHFKDTXHXWLOLVDWLRQYRXVDSSRUWHUDVDWLVIDFWLRQ %LHQYHQXHFKH](OHFWUROX[ 9LVLWH]QRWUHVLWH,QWHUQHWSRXU 2EWHQLUGHVFRQVHLOVG XWLOLVDWLRQGHVEURFKXUHVGHO DLGHGHVLQIRUPDWLRQV ZZZHOHFWUROX[FRPZHEVHOIVHUYLFH (QUHJLVWUH]YRWUHSURGXLWSRXUREWHQLUXQPHLOOHXUVHUYLFH ZZZUHJLVWHUHOHFWUROX[FRP $FKHWHUGHVDFFHVVRLUHVFRQVRPPDEOHVHWSLªFHVGHUHFKDQJHG RULJLQHSRXU YRWUHDSSDUHLO ZZZHOHFWUROX[FRPVKRS 6(59,&($3569(17( 8WLOLVH]WRXMRXUVGHVSLªFHVG RULJLQH $YDQWGHFRQWDFWHUOHVHUYLFHDSUªVYHQWHDVVXUH]YRXVGHGLVSRVHUGHV LQIRUPDWLRQVVXLYDQWHV0RGªOH31&QXP«URGHV«ULH 9RXVWURXYHUH]FHVLQIRUPDWLRQVVXUODSODTXHVLJQDO«WLTXH $YHUWLVVHPHQW&RQVLJQHVGHV«FXULW« ,QIRUPDWLRQVJ«Q«UDOHVHWFRQVHLOV ,QIRUPDWLRQVHQPDWLªUHGHSURWHFWLRQGHO HQYLURQQHPHQW 6RXVU«VHUYHGHPRGLILFDWLRQV )5$1$,6 ,1)250$7,21685/$6&85,7 $YDQWG LQVWDOOHUHWG XWLOLVHUFHWDSSDUHLOOLVH] VRLJQHXVHPHQWOHVLQVWUXFWLRQVIRXUQLHV/HIDEULFDQWQH SRXUUD¬WUHWHQXSRXUUHVSRQVDEOHGHVEOHVVXUHVHW G«J¤WVU«VXOWDQWG XQHPDXYDLVHLQVWDOODWLRQRX XWLOLVDWLRQ&RQVHUYH]WRXMRXUVOHVLQVWUXFWLRQVGDQVXQ OLHXV½UHWDFFHVVLEOHSRXUYRXV\U«I«UHUXOW«ULHXUHPHQW 6«FXULW«GHVHQIDQWVHWGHVSHUVRQQHV YXOQ«UDEOHV ವ ವ ವ ವ ವ ವ ವ ವ &HWDSSDUHLOSHXW¬WUHXWLOLV«SDUGHVHQIDQWVGHSOXV GHDQVDLQVLTXHGHVSHUVRQQHVGRQWOHVFDSDFLW«V SK\VLTXHVVHQVRULHOOHVHWPHQWDOHVVRQWU«GXLWHVRX GRQWOHVFRQQDLVVDQFHVHWO H[S«ULHQFHVRQW LQVXIILVDQWHV¢FRQGLWLRQG ¬WUHVXUYHLOO«VRXG DYRLU UH©XGHVLQVWUXFWLRQVFRQFHUQDQWO XWLOLVDWLRQV«FXULV«H GHO DSSDUHLOHWGHFRPSUHQGUHOHVULVTXHVHQFRXUXV /HVHQIDQWVHQWUHHWDQVHWOHVSHUVRQQHVD\DQWXQ KDQGLFDSWUªVLPSRUWDQWHWFRPSOH[HGRLYHQW¬WUH WHQXV¢O «FDUW¢PRLQVG ¬WUHVXUYHLOO«VHQ SHUPDQHQFH /HVHQIDQWVGHPRLQVGHDQVGRLYHQW¬WUHWHQXV¢ O «FDUW¢PRLQVG ¬WUHVXUYHLOO«VHQSHUPDQHQFH 1HODLVVH]SDVOHVHQIDQWVMRXHUDYHFO DSSDUHLO 1HODLVVH]SDVOHVHPEDOODJHV¢ODSRUW«HGHVHQIDQWV HWMHWH]OHVFRQYHQDEOHPHQW 7HQH]OHVHQIDQWVHWOHVDQLPDX[«ORLJQ«VGH O DSSDUHLOORUVTX LOHVWHQFRXUVGHIRQFWLRQQHPHQWRX ORUVTX LOUHIURLGLW/HVSDUWLHVDFFHVVLEOHVVRQW FKDXGHV 6LO DSSDUHLOHVW«TXLS«G XQGLVSRVLWLIGHV«FXULW« HQIDQWVQRXVYRXVUHFRPPDQGRQVGHO DFWLYHU /HVHQIDQWVQHGRLYHQWSDVQHWWR\HUQLHQWUHSUHQGUH XQHRS«UDWLRQGHPDLQWHQDQFHVXUO DSSDUHLOVDQV VXUYHLOODQFH ZZZHOHFWUROX[FRP 6«FXULW«J«Q«UDOH ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ ವ / DSSDUHLOGRLW¬WUHLQVWDOO«HWOHF¤EOHUHPSODF« XQLTXHPHQWSDUXQSURIHVVLRQQHOTXDOLIL« $9(57,66(0(17/ DSSDUHLOHWVHVSDUWLHV DFFHVVLEOHVGHYLHQQHQWFKDXGVSHQGDQWVRQ IRQFWLRQQHPHQW9HLOOH]¢QHSDVWRXFKHUOHV«O«PHQWV FKDXIIDQWV 8WLOLVH]WRXMRXUVGHVJDQWVGHFXLVLQHSRXUUHWLUHURX HQIRXUQHUGHVDFFHVVRLUHVRXGHVSODWVDOODQWDXIRXU $YDQWG HIIHFWXHUXQHRS«UDWLRQGHPDLQWHQDQFH G«EUDQFKH]O DSSDUHLOGHODSULVHVHFWHXU $VVXUH]YRXVTXHO DSSDUHLOHVW«WHLQWHWG«EUDQFK« DYDQWGHUHPSODFHUO «FODLUDJHDILQG «YLWHUWRXWULVTXH GHFKRF«OHFWULTXH 1 XWLOLVH]SDVGHQHWWR\HXUYDSHXUSRXUQHWWR\HU O DSSDUHLO 1 XWLOLVH]SDVGHSURGXLWVDEUDVLIVQLGHUDFORLUV SRLQWXVHQP«WDOSRXUQHWWR\HUODSRUWHHQYHUUHFDULOV SHXYHQWUD\HUVDVXUIDFHFHTXLSHXWEULVHUOHYHUUH 6LOHF¤EOHG DOLPHQWDWLRQHVWHQGRPPDJ«LOGRLW¬WUH UHPSODF«SDUOHIDEULFDQWXQVHUYLFHGHPDLQWHQDQFH DJU««RXXQWHFKQLFLHQTXDOLIL«DILQG «YLWHUWRXW GDQJHUOL«¢O «OHFWULFLW« 5HWLUH]OHSOXVJURVGHVVDOLVVXUHVDYDQWOHQHWWR\DJH SDUS\URO\VH5HWLUH]WRXVOHVDFFHVVRLUHVGXIRXU 3RXUUHWLUHUOHVVXSSRUWVGHJULOOHWLUH]G DERUGVXU O DYDQWGHFHX[FLSXLVVXUO DUULªUHSRXUOHV«FDUWHU GHVSDURLVODW«UDOHV5«LQVWDOOH]OHVVXSSRUWVGHJULOOH HQU«S«WDQWFHWWHSURF«GXUHGDQVO RUGUHLQYHUVH 8WLOLVH]XQLTXHPHQWODVRQGH¢YLDQGHUHFRPPDQG«H SRXUFHWDSSDUHLO )5$1$,6 &216,*1(6'(6&85,7 ,QVWDOODWLRQ $9(57,66(0(17 / DSSDUHLOGRLW¬WUHLQVWDOO« XQLTXHPHQWSDUXQ SURIHVVLRQQHOTXDOLIL« ವ ವ ವ ವ ವ ವ ವ ವ 5HWLUH]O LQW«JUDOLW«GHO HPEDOODJH 1 LQVWDOOH]SDVHWQHEUDQFKH]SDVXQ DSSDUHLOHQGRPPDJ« 6XLYH]VFUXSXOHXVHPHQWOHV LQVWUXFWLRQVG LQVWDOODWLRQIRXUQLHV DYHFO DSSDUHLO 6R\H]WRXMRXUVYLJLODQWVORUVTXHYRXV G«SODFH]O DSSDUHLOFDULOHVWORXUG 8WLOLVH]WRXMRXUVGHVJDQWVGHV«FXULW« HWGHVFKDXVVXUHVIHUP«HV 1HWLUH]MDPDLVO DSSDUHLOSDUOD SRLJQ«H 5HVSHFWH]O HVSDFHPHQWPLQLPDO UHTXLVSDUUDSSRUWDX[DXWUHV DSSDUHLOVHW«O«PHQWV ,QVWDOOH]O DSSDUHLOGDQVXQOLHXV½UHW DGDSW«U«SRQGDQWDX[H[LJHQFHV G LQVWDOODWLRQ &HWDSSDUHLOHVW«TXLS«G XQV\VWªPH GHUHIURLGLVVHPHQW«OHFWULTXH,OGRLW ¬WUHXWLOLV«ORUVTXHO DSSDUHLOHVW UDFFRUG«¢XQHSULVHVHFWHXU ವ ವ ವ ವ ವ ವ ವ %UDQFKHPHQW«OHFWULTXH $9(57,66(0(17 5LVTXHG LQFHQGLHRX G «OHFWURFXWLRQ ವ ವ ವ ವ ವ ವ / HQVHPEOHGHVEUDQFKHPHQWV «OHFWULTXHVGRLW¬WUHHIIHFWX«SDUXQ WHFKQLFLHQTXDOLIL« / DSSDUHLOGRLW¬WUHUHOL«¢ODWHUUH 9«ULILH]TXHOHVSDUDPªWUHVILJXUDQW VXUODSODTXHVLJQDO«WLTXH FRUUHVSRQGHQWDX[GRQQ«HV «OHFWULTXHVGHYRWUHU«VHDX 8WLOLVH]WRXMRXUVXQHSULVHGHFRXUDQW GHV«FXULW«FRUUHFWHPHQWLQVWDOO«H 1 XWLOLVH]SDVG DGDSWDWHXUV PXOWLSULVHVQLGHUDOORQJHV 9HLOOH]¢QHSDVHQGRPPDJHUODILFKH VHFWHXUQLOHF¤EOHG DOLPHQWDWLRQ/H UHPSODFHPHQWGXF¤EOHG DOLPHQWDWLRQ GHO DSSDUHLOGRLW¬WUHHIIHFWX«SDU QRWUHVHUYLFHDSUªVYHQWHDJU«« ವ ವ 1HODLVVH]SDVOHVF¤EOHV G DOLPHQWDWLRQHQWUHUHQFRQWDFWDYHF ODSRUWHGHO DSSDUHLOSDUWLFXOLªUHPHQW ORUVTXHODSRUWHHVWFKDXGH /DSURWHFWLRQFRQWUHOHVFKRFVGHV SDUWLHVVRXVWHQVLRQHWLVRO«HVGRLW ¬WUHIL[«HGHWHOOHPDQLªUHTX HOOHQH SHXWSDV¬WUHHQOHY«HVDQVRXWLOV 1HEUDQFKH]ODILFKHG DOLPHQWDWLRQ¢ ODSULVHGHFRXUDQWTX ¢ODILQGH O LQVWDOODWLRQ$VVXUH]YRXVTXHOD SULVHGHFRXUDQWHVWDFFHVVLEOHXQH IRLVO DSSDUHLOLQVWDOO« 6LODSULVHGHFRXUDQWHVWO¤FKHQH EUDQFKH]SDVODILFKHG DOLPHQWDWLRQ VHFWHXU 1HWLUH]MDPDLVVXUOHF¤EOH G DOLPHQWDWLRQSRXUG«EUDQFKHU O DSSDUHLO7LUH]WRXMRXUVVXUODILFKH 1 XWLOLVH]TXHGHVV\VWªPHV G LVRODWLRQDSSURSUL«VGHVFRXSH FLUFXLWVGHVIXVLEOHV OHVIXVLEOHV¢ YLVVHUGRLYHQW¬WUHUHWLU«VGXVXSSRUW XQGLVMRQFWHXUGLII«UHQWLHOHWGHV FRQWDFWHXUV / LQVWDOODWLRQ«OHFWULTXHGRLW¬WUH «TXLS«HG XQGLVSRVLWLIG LVROHPHQW¢ FRXSXUHRPQLSRODLUH/HGLVSRVLWLI G LVROHPHQWGRLWSU«VHQWHUXQH GLVWDQFHG RXYHUWXUHGHVFRQWDFWV G DXPRLQVPP )HUPH]ELHQODSRUWHGHO DSSDUHLO DYDQWGHEUDQFKHUODILFKH¢ODSULVH VHFWHXU &HWDSSDUHLOHVWFRQIRUPHDX[ GLUHFWLYHV&(( 8WLOLVDWLRQ $9(57,66(0(17 5LVTXHGHEOHVVXUHVGH EU½OXUHVG «OHFWURFXWLRQRX G H[SORVLRQ ವ ವ ವ ವ &HWDSSDUHLOHVWH[FOXVLYHPHQW GHVWLQ«¢XQHXWLOLVDWLRQGRPHVWLTXH 1HPRGLILH]SDVOHVFDUDFW«ULVWLTXHV GHFHWDSSDUHLO $VVXUH]YRXVTXHOHVRULILFHVGH YHQWLODWLRQQHVRQWSDVERXFK«V 1HODLVVH]MDPDLVO DSSDUHLOVDQV VXUYHLOODQFHSHQGDQWVRQ IRQFWLRQQHPHQW ZZZHOHFWUROX[FRP ವ ವ ವ ವ ವ ವ ವ ವ WHLJQH]O DSSDUHLODSUªVFKDTXH XWLOLVDWLRQ 6R\H]SUXGHQWORUVGHO RXYHUWXUHGH ODSRUWHGHO DSSDUHLOORUVTXHFHOXLFL HVWHQIRQFWLRQQHPHQW'HO DLUEU½ODQW SHXWV HQ«FKDSSHU 1 XWLOLVH]MDPDLVFHWDSSDUHLODYHFOHV PDLQVPRXLOO«HVRXORUVTX LOHVWHQ FRQWDFWDYHFGHO HDX 1 H[HUFH]MDPDLVGHSUHVVLRQVXUOD SRUWHRXYHUWH 1 XWLOLVH]MDPDLVO DSSDUHLOFRPPH SODQGHWUDYDLORXFRPPHSODQGH VWRFNDJH 2XYUH]SUXGHPPHQWODSRUWHGH O DSSDUHLO6LYRXVXWLOLVH]GHV LQJU«GLHQWVFRQWHQDQWGHO DOFRROXQ P«ODQJHG DOFRROHWG DLUIDFLOHPHQW LQIODPPDEOHSHXW«YHQWXHOOHPHQWVH IRUPHU 1HODLVVH]SDVGHV«WLQFHOOHVRXGHV IODPPHVQXHVHQWUHUHQFRQWDFWDYHF O DSSDUHLOORUVTXHYRXVRXYUH]OD SRUWH 1HSODFH]SDVGHSURGXLWV LQIODPPDEOHVRXG «O«PHQWVLPELE«V GHSURGXLWVLQIODPPDEOHV¢O LQW«ULHXU RX¢SUR[LPLW«GHO DSSDUHLOQLVXU FHOXLFL $9(57,66(0(17 5LVTXHG HQGRPPDJHPHQW GHO DSSDUHLO ವ ವ 3RXU«YLWHUWRXWHQGRPPDJHPHQWRX G«FRORUDWLRQGHO «PDLO ದ QHSRVH]SDVGHSODWVDOODQWDX IRXUQLDXFXQDXWUHREMHW GLUHFWHPHQWVXUOHIRQGGH O DSSDUHLO ದ QHSODFH]MDPDLVGHIHXLOOHV G DOXPLQLXPGLUHFWHPHQWVXUOH IRQGGHODFDYLW«GHO DSSDUHLO ದ QHYHUVH]MDPDLVG HDX GLUHFWHPHQWGDQVO DSSDUHLO ORUVTX LOHVWFKDXG ದ XQHIRLVODFXLVVRQWHUPLQ«HQH ODLVVH]MDPDLVG DOLPHQWVRXGH SODWVKXPLGHV¢O LQW«ULHXUGH O DSSDUHLO ದ IDLWHVDWWHQWLRQORUVTXHYRXV UHWLUH]RXUHPHWWH]HQSODFHOHV DFFHVVRLUHV /DG«FRORUDWLRQGHO «PDLORXGHO DFLHU LQR[\GDEOHHVWVDQVHIIHWVXUOHV SHUIRUPDQFHVGHO DSSDUHLO ವ ವ ವ ವ 8WLOLVH]XQSODW¢U¶WLUSRXUREWHQLUGHV J¤WHDX[PRHOOHX[/HVMXVGHIUXLWV FDXVHQWGHVWDFKHVTXLSHXYHQW¬WUH SHUPDQHQWHV &HWDSSDUHLOHVWH[FOXVLYHPHQW GHVWLQ«¢XQXVDJHFXOLQDLUH1H O XWLOLVH]SDVSRXUGHVXVDJHVDXWUHV TXHFHOXLSRXUOHTXHOLOD«W«FRQ©X¢ GHVILQVGHFKDXIIDJHSDUH[HPSOH /DSRUWHGXIRXUGRLWWRXMRXUV¬WUH IHUP«HSHQGDQWODFXLVVRQ 6LO DSSDUHLOHVWLQVWDOO«GHUULªUHOD SDURLG XQPHXEOH SDUH[XQHSRUWH YHXLOOH]¢FHTXHODSRUWHQHVRLW MDPDLVIHUP«HORUVTXHO DSSDUHLOHVW HQPDUFKH/DFKDOHXUHWO KXPLGLW« SHXYHQWV DFFXPXOHUGHUULªUHODSRUWH IHUP«HGXPHXEOHHWSURYRTXHU G LPSRUWDQWVG«J¤WVVXUO DSSDUHLOOH PHXEOHRXOHVRO1HIHUPH]SDVOD SDURLGXPHXEOHWDQWTXHO DSSDUHLOQ D SDVFRPSOªWHPHQWUHIURLGL &XLVVRQ¢ODYDSHXU $9(57,66(0(17 5LVTXHGHEU½OXUHVHWGH GRPPDJHVPDW«ULHOV¢ O DSSDUHLO ವ /DYDSHXUTXLV «FKDSSHSHXW SURYRTXHUGHVEU½OXUHV ದ $XFRXUVGHODFXLVVRQ¢OD YDSHXUQ RXYUH]SDVODSRUWHGH O DSSDUHLO ದ 6R\H]SUXGHQWHQRXYUDQWODSRUWH GHO DSSDUHLODSUªVXQHFXLVVRQ¢ ODYDSHXU (QWUHWLHQHWQHWWR\DJH $9(57,66(0(17 5LVTXHGHEOHVVXUH G LQFHQGLHRXGHGRPPDJHV PDW«ULHOVVXUO DSSDUHLO ವ ವ ವ $YDQWWRXWHRS«UDWLRQG HQWUHWLHQ «WHLJQH]O DSSDUHLOHWG«EUDQFKH]OD ILFKHGHODSULVHVHFWHXU 9«ULILH]TXHO DSSDUHLOHVWIURLG/HV SDQQHDX[GHYHUUHULVTXHQWGHVH EULVHU 5HPSODFH]LPP«GLDWHPHQWOHVYLWUHV GHODSRUWHVLHOOHVVRQW HQGRPPDJ«HV&RQWDFWH]YRWUH VHUYLFHDSUªVYHQWHDJU«« )5$1$,6 ವ ವ ವ ವ ವ 6R\H]SUXGHQWORUVTXHYRXV G«PRQWH]ODSRUWHGHO DSSDUHLO(OOH HVWORXUGH 1HWWR\H]U«JXOLªUHPHQWO DSSDUHLODILQ GHPDLQWHQLUOHUHY¬WHPHQWHQERQ «WDW 1HWWR\H]O DSSDUHLODYHFXQFKLIIRQ GRX[KXPLGH8WLOLVH]XQLTXHPHQWGHV SURGXLWVGHODYDJHQHXWUHV1 XWLOLVH] SDVGHSURGXLWVDEUDVLIVGHWDPSRQV ¢U«FXUHUGHVROYDQWVQLG REMHWV P«WDOOLTXHV 6LYRXVXWLOLVH]XQVSUD\SRXUIRXU VXLYH]OHVFRQVLJQHVGHV«FXULW« ILJXUDQWVXUO HPEDOODJH 1 XWLOLVH]DXFXQSURGXLWG«WHUJHQW SRXUQHWWR\HUO «PDLOFDWDO\WLTXH OH FDV«FK«DQW ವ 1HWWR\DJHSDUS\URO\VH $9(57,66(0(17 5LVTXHGHEOHVVXUHV G LQFHQGLHG «PLVVLRQV FKLPLTXHV IXP«HV HQ PRGHS\URO\VH ವ ವ ವ ವ $YDQWG XWLOLVHUODIRQFWLRQGH QHWWR\DJHSDUS\URO\VHRXODIRQFWLRQ 3UHPLªUHXWLOLVDWLRQUHWLUH]GHOD FDYLW«GXIRXU ದ WRXWU«VLGXH[FHVVLIGHQRXUULWXUH WRXWG«S¶WRXWRXWH«FODERXVVXUH GHJUDLVVHRXG KXLOH ದ WRXWREMHWDPRYLEOH \FRPSULVOHV JULOOHVOHVUDLOVHWFIRXUQLVDYHF OHSURGXLW HQSDUWLFXOLHUOHV U«FLSLHQWVSODWHDX[SODTXHV XVWHQVLOHVHWFDQWLDGK«VLIV /LVH]DWWHQWLYHPHQWWRXWHVOHV LQVWUXFWLRQVUHODWLYHVDXQHWWR\DJHSDU S\URO\VH 7HQH]OHVHQIDQWV«ORLJQ«VGH O DSSDUHLOORUVTXHOHQHWWR\DJHSDU S\URO\VHHVWHQFRXUV / DSSDUHLOGHYLHQWWUªVFKDXGHWGH O DLUFKDXGV «FKDSSHGHVIHQWHV G D«UDWLRQDYDQW /HQHWWR\DJHSDUS\URO\VHHVWXQ SURFHVVXV¢KDXWHWHPS«UDWXUHTXL SHXWG«JDJHUGHODIXP«HSURYHQDQW GHVU«VLGXVDOLPHQWDLUHVHWGHV PDW«ULDX[GRQWHVWIDLWOHIRXU3DU FRQV«TXHQWQRXVUHFRPPDQGRQV¢ QRVFOLHQWVGHVXLYUHOHVFRQVHLOVFL GHVVRXV ವ ವ ವ FODLUDJHLQW«ULHXU $9(57,66(0(17 5LVTXHG «OHFWURFXWLRQ ವ ದ DVVXUH]YRXVTXHODYHQWLODWLRQGH O DSSDUHLOHVWDG«TXDWHSHQGDQWHW DSUªVFKDTXHSKDVHGHQHWWR\DJH SDUS\URO\VH ದ DVVXUH]YRXVTXHODYHQWLODWLRQGH O DSSDUHLOHVWDG«TXDWHSHQGDQWHW DSUªVODSUHPLªUHXWLOLVDWLRQ¢ WHPS«UDWXUHPD[LPDOH &RQWUDLUHPHQWDX[KXPDLQVFHUWDLQV RLVHDX[HWUHSWLOHVVRQWH[WU¬PHPHQW VHQVLEOHVDX[IXP«HVSRXYDQWVH G«JDJHUORUVGXSURFHVVXVGH QHWWR\DJHGHVIRXUV¢S\URO\VH ದ 1HODLVVH]DXFXQDQLPDOHQ SDUWLFXOLHUDXFXQRLVHDX¢ SUR[LPLW«GHO DSSDUHLOSHQGDQWHW DSUªVXQQHWWR\DJHSDUS\URO\VH ODSUHPLªUHIRLVXWLOLVH]OD WHPS«UDWXUHGHIRQFWLRQQHPHQW PD[LPDOHGDQVXQHSLªFHELHQ YHQWLO«H /HVDQLPDX[GHSHWLWHWDLOOHSHXYHQW «JDOHPHQW¬WUHWUªVVHQVLEOHVDX[ FKDQJHPHQWVGHWHPS«UDWXUH VXUYHQDQW¢SUR[LPLW«G XQIRXU¢ S\URO\VHORUVTXHOHSURFHVVXVGH QHWWR\DJHHVWHQFRXUV /HVVXUIDFHVDQWLDGK«VLYHVGHV XVWHQVLOHVGHFXLVLQH SR¬OHV FDVVHUROHVSODTXHVGHFXLVVRQHWF SHXYHQW¬WUHHQGRPPDJ«HVSDUOD WUªVKDXWHWHPS«UDWXUHQ«FHVVDLUHDX QHWWR\DJHSDUS\URO\VHHWSHXYHQW «JDOHPHQWG«JDJHUGDQVXQH PRLQGUHPHVXUHGHVIXP«HVQRFLYHV /HVIXP«HVG«JDJ«HVSDUOHVIRXUV¢ S\URO\VHOHVU«VLGXVGHFXLVVRQVRQW G«FULWHVFRPPH«WDQWQRQQRYLFHV SRXUOHV¬WUHVKXPDLQV\FRPSULV SRXUOHVHQIDQWVHQEDV¤J«HWOHV SHUVRQQHV¢ODVDQW«IUDJLOH /HVDPSRXOHVFODVVLTXHVRX KDORJªQHVXWLOLV«HVGDQVFHWDSSDUHLO VRQWGHVWLQ«HVXQLTXHPHQW¢XQ XVDJHDYHFGHVDSSDUHLOVP«QDJHUV 1HOHVXWLOLVH]SDVSRXU«FODLUHUYRWUH ORJHPHQW ZZZHOHFWUROX[FRP ವ $YDQWGHFKDQJHUO DPSRXOH G«EUDQFKH]O DSSDUHLOGHODSULVH VHFWHXU 1 XWLOLVH]TXHGHVDPSRXOHVD\DQWOHV P¬PHVVS«FLILFDWLRQV ವ ವ ವ ವ 0DLQWHQDQFH ವ 3RXUU«SDUHUO DSSDUHLOFRQWDFWH]XQ VHUYLFHDSUªVYHQWHDJU«« 8WLOLVH]H[FOXVLYHPHQWGHVSLªFHV G RULJLQH ವ '«EUDQFKH]O DSSDUHLOGH O DOLPHQWDWLRQ«OHFWULTXH &RXSH]OHF¤EOHG DOLPHQWDWLRQDXUDV GHO DSSDUHLOHWPHWWH]OHDXUHEXW 5HWLUH]OHGLVSRVLWLIGHYHUURXLOODJHGX KXEORWSRXUHPS¬FKHUOHVHQIDQWVHW OHVDQLPDX[GHV HQIHUPHUGDQV O DSSDUHLO 0LVHDXUHEXW $9(57,66(0(17 5LVTXHGHEOHVVXUHRX G DVSK\[LH '(6&5,37,21'(/ $33$5(,/ 9XHG HQVHPEOH 1 12 11 2 3 4 5 5 4 3 3 2 1 6 7 10 9 8 $FFHVVRLUHV ವ ವ *ULOOHP«WDOOLTXH 3HUPHWGHSRVHUGHVSODWV¢U¶WL¢ JUDWLQHWGHVPRXOHV¢J¤WHDX S¤WLVVHULH 3ODWHDXGHFXLVVRQ 3RXUODFXLVVRQGHJ¤WHDX[HWGH ELVFXLWVJ¤WHDX[VHFV ವ ವ %DQGHDXGHFRPPDQGH 3URJUDPPDWHXU«OHFWURQLTXH %DF¢HDX 3ULVHSRXUODVRQGH¢YLDQGH 5«VLVWDQFH FODLUDJH 9HQWLODWHXU 6XSSRUWGHJULOOHDPRYLEOH 7X\DXGHYLGDQJH 9DQQHGHYLGDQJHGHO HDX 3RVLWLRQGHVJULOOHV 7X\DXG DUULY«HGHODYDSHXU 3ODW¢U¶WLU 3RXUFXLUHHWJULOOHURX¢XWLOLVHU FRPPHSODWSRXUUHFXHLOOLUODJUDLVVH 6RQGH¢YLDQGH 3RXUPHVXUHUOHGHJU«GHFXLVVRQGHV DOLPHQWV )5$1$,6 %$1'($8'(&200$1'( 3URJUDPPDWHXU«OHFWURQLTXH 1 2 3 4 5 6 7 8 9 10 11 /HVWRXFKHVVHQVLWLYHVSHUPHWWHQWGHIDLUHIRQFWLRQQHUOHIRXU )RQFWLRQ &RPPHQWDLUH 0$5&+( $55(7 3RXUDOOXPHUHW«WHLQGUHOHIRXU 0RGHV'H&XLVಣ VRQRX&XLVVRQ $VVLVW«H $SSX\H]XQHIRLVVXUODWRXFKHVHQVLWLYHSRXU FKRLVLUXQPRGHGHFXLVVRQRXOHPHQX&XLVಣ VRQ$VVLVW«H$SSX\H]¢QRXYHDXVXUODWRXFKH VHQVLWLYHSRXUQDYLJXHUHQWUHOHVPHQXV0Rಣ GHV'H&XLVVRQ&XLVVRQ$VVLVW«H3RXUDFWLಣ YHURXG«VDFWLYHUO «FODLUDJHDSSX\H]VXUOD WRXFKHSHQGDQWVHFRQGHV 5HWRXU 3RXUUHPRQWHUG XQQLYHDXGDQVOHPHQX3RXU DIILFKHUOHPHQXSULQFLSDODSSX\H]VXUFHWWH WRXFKHSHQGDQWVHFRQGHV 6«OHFWLRQGHOD WHPS«UDWXUH 3U«FKDXIIDJH 5DSLGH 3RXUU«JOHUODWHPS«UDWXUHRXDIILFKHUODWHPS«ಣ UDWXUHDFWXHOOHGXIRXU$SSX\H]VXUODWRXFKH SHQGDQWVHFRQGHVSRXUDFWLYHURXG«VDFWLYHU ODIRQFWLRQ3U«FKDXIIDJH5DSLGH 3URJUDPPHV 3U«I«U«V 3RXUVDXYHJDUGHUYRVSURJUDPPHVSU«I«U«VHW \DFF«GHU $IILFKDJH $IILFKHOHVU«JODJHVDFWXHOVGXIRXU +DXW 3RXUVHG«SODFHUYHUVOHKDXWGDQVOHPHQX %DV 3RXUVHG«SODFHUYHUVOHEDVGDQVOHPHQX 7RXFKH VHQVLWL഻ YH ZZZHOHFWUROX[FRP 7RXFKH VHQVLWL഻ YH )RQFWLRQ &RPPHQWDLUH 3RXUU«JOHUG DXWUHVIRQFWLRQV/RUVTX XQPRGH +HXUHHWIRQFಣ WLRQVVXSSO«PHQಣ GHFXLVVRQHVWHQFRXUVDSSX\H]VXUODWRXFKH VHQVLWLYHSRXUU«JOHUODPLQXWHULHRXOHVIRQFಣ WDLUHV WLRQV7RXFKHV9HUURXLO3URJUDPPHV3U«I«ಣ U«V&KDOHXU(W7HQLU6HW*R9RXVSRXYH] «JDOHPHQWPRGLILHUOHVU«JODJHVGHOD6RQGH¢ YLDQGH 0LQXWHXU 3RXUU«JOHUODIRQFWLRQ0LQXWHXU 2. 3RXUFRQILUPHUODV«OHFWLRQRXOHU«JODJH $IILFKDJH A B C E D $ % & ' ( 0RGHGHFXLVVRQ +HXUHGXMRXU ,QGLFDWHXUGHFKDXIIH 7HPS«UDWXUH 'XU«HRXKHXUHGHILQG XQHIRQFWLRQ $XWUHVLQGLFDWHXUVGHO DIILFKDJH 6\PEROH )RQFWLRQ 0LQXWHXU /DIRQFWLRQHVWHQFRXUV +HXUHGXMRXU / DIILFKDJHLQGLTXHO KHXUHDFWXHOOH 'XU«H / DIILFKDJHLQGLTXHODGXU«HGHFXLVಣ VRQQ«FHVVDLUH )LQ / DIILFKDJHLQGLTXHODILQGXWHPSV GHFXLVVRQ 7HPS«UDWXUH /DWHPS«UDWXUHV DIILFKH ,QGLFDWLRQ'X7HPSV / DIILFKDJHLQGLTXHODGXU«HG XQ PRGHGHFXLVVRQ$SSX\H]VLPXOWDಣ Q«PHQWVXU VHUODGXU«H HW SRXUU«LQLWLDOLಣ &DOFXO /HIRXUFDOFXOHODGXU«HGHFXLVVRQ ,QGLFDWHXUGHFKDXIIH / DIILFKDJHLQGLTXHODWHPS«UDWXUH¢ O LQW«ULHXUGXIRXU )5$1$,6 6\PEROH )RQFWLRQ 3U«FKDXIIDJH5DSLGH /DIRQFWLRQHVWDFWLY«H(OOHSHUPHW GHGLPLQXHUOHWHPSVGHSU«FKDXIIDಣ JH &XLVVRQ3DU/H3RLGV / DIILFKDJHLQGLTXHTXHOHV\VWªPH GHFXLVVRQSDUOHSRLGVHVWDFWLIRX TXHOHSRLGVSHXW¬WUHPRGLIL« &KDOHXU(W7HQLU /DIRQFWLRQHVWDFWLY«H $9$17/$35(0,5(87,/,6$7,21 $9(57,66(0(17 5HSRUWH]YRXVDX[FKDSLWUHV FRQFHUQDQWODV«FXULW« $SSX\H]VXU YDOHXU RX $SSX\H]VXU SRXUFRQILUPHU SRXUU«JOHUOD 3UHPLHUQHWWR\DJH 3U«FKDXIIDJH 5HWLUH]OHVVXSSRUWVGHJULOOHDPRYLEOHV HWWRXVOHVDFFHVVRLUHVGXIRXU 5HWLUH]WRXVOHVDFFHVVRLUHVHW SU«FKDXIIH]OHIRXUDYDQWODSUHPLªUH XWLOLVDWLRQ 5HSRUWH]YRXVDXFKDSLWUHm(QWUHWLHQHW QHWWR\DJH} 1HWWR\H]OHIRXUHWOHVDFFHVVRLUHVDYDQW GHOHVXWLOLVHUSRXUODSUHPLªUHIRLV 5HPHWWH]OHVDFFHVVRLUHVHWOHVVXSSRUWV GHJULOOHHQSODFH 3UHPLHUUDFFRUGHPHQW /RUVTXHYRXVUDFFRUGH]OHIRXU¢ O DOLPHQWDWLRQVHFWHXURXDSUªVXQH FRXSXUHGHFRXUDQWYRXVGHYH]U«JOHUOD ODQJXHOHFRQWUDVWHGHO DIILFKDJHVD OXPLQRVLW«HWO KHXUH 5«JOH]ODIRQFWLRQ&KDXIIDJH+DXW %DV HWODWHPS«UDWXUHPD[LPDOH /DLVVH]OHIRXUHQIRQFWLRQQHPHQW SHQGDQWKHXUH 5«JOH]ODIRQFWLRQ&KDOHXU 7RXUQDQWH HWODWHPS«UDWXUH PD[LPDOH /DLVVH]OHIRXUHQIRQFWLRQQHPHQW SHQGDQWPLQXWHV 8QHRGHXUHWGHODIXP«HSHXYHQW V «FKDSSHUGXIRXUGXUDQWOH SU«FKDXIIDJH$VVXUH]YRXVTXHOD YHQWLODWLRQGDQVODSLªFHHVWVXIILVDQWH 87,/,6$7,214827,',(11( $9(57,66(0(17 5HSRUWH]YRXVDX[FKDSLWUHV FRQFHUQDQWODV«FXULW« 1DYLJDWLRQGDQVOHVPHQXV $OOXPH]OHIRXU $SSX\H]VXU RX SRXU V«OHFWLRQQHUO RSWLRQGHPHQX $SSX\H]VXU SRXUSDVVHUDX VRXVPHQXRXDFFHSWHUOHU«JODJH WRXWPRPHQWYRXVSRXYH] UHYHQLUDXPHQXSULQFLSDO DYHFODWRXFKH ZZZHOHFWUROX[FRP 3U«VHQWDWLRQGHVPHQXV 0HQXSULQFLSDO 6\PEROHO«഻ PHQWGHPHQX 8WLOLVDWLRQ &RQWLHQWXQHOLVWHGHV 0RGHV'H&XLVಣ PRGHVGHFXLVVRQ VRQ 5HFHWWHV &RQWLHQWXQHOLVWHGHV SURJUDPPHVDXWRPDಣ WLTXHV 3URJUDPPHV 3U«I«U«V &RQWLHQWXQHOLVWHGHV SURJUDPPHVGHFXLVಣ VRQSU«I«U«VGHO XWLOLಣ VDWHXUHQUHJLVWU«V SDUFHOXLFL 1HWWR\DJH 5«JODJHV'H %DVH 3URJUDPPHV 6S«FLDX[ &XLVVRQ$VVLVಣ W«H &RQWLHQWXQHOLVWHGHV SURJUDPPHVGHQHWಣ WR\DJH 8WLOLV«SRXUFRQILJXಣ UHUO DSSDUHLO &RQWLHQWXQHOLVWHGH PRGHVGHFXLVVRQ VXSSO«PHQWDLUHV &RQWLHQWGHVU«JODಣ JHVUHFRPPDQG«V SRXUOHIRXUSRXUXQ JUDQGFKRL[GHSODWV &KRLVLVVH]XQSODWHW ODQFH]OHSURFHVVXV GHFXLVVRQ/DWHPಣ S«UDWXUHHWOHWHPSV GHFXLVVRQVRQWIRXUಣ QLVXQLTXHPHQWGHVWLಣ Q«V¢REWHQLUOHV PHLOOHXUVU«VXOWDWVHW SHXYHQW¬WUHDMXVW«V ,OVYDULHQWHQIRQFWLRQ GHVUHFHWWHVDLQVL TXHGHODTXDOLW«HW GHODTXDQWLW«GHVLQಣ JU«GLHQWVXWLOLV«V 6RXVPHQXSRXU5«JODJHV'H%DVH 6\PEROHO«഻ PHQWGHPHQX 0LVH¢O KHXUH 'HVFULSWLRQ 5ªJOHO KHXUHGH O KRUORJH ,QGLFDWLRQ'X 7HPSV /RUVTXHFHWWHIRQFಣ WLRQHVWDFWLY«HO KHXಣ UHV DIILFKHORUVTXH YRXV«WHLJQH]O DSSDಣ UHLO 3U«FKDXIIDJH 5DSLGH &HWWHIRQFWLRQGLPLಣ QXHOHWHPSVGH FKDXIIHORUVTX HOOHHVW DFWLY«H 6HW*R 3RXUV«OHFWLRQQHU XQHIRQFWLRQHWO DFWLಣ YHUXOW«ULHXUHPHQWHQ DSSX\DQWVXUXQV\Pಣ EROHGXEDQGHDXGH FRPPDQGH 0DLQWLHQWOHVDOLPHQWV &KDOHXU(W7HQLU FXLWVDXFKDXGSHQಣ GDQWPLQXWHV DSUªVODILQGHOD FXLVVRQ 3URORQJHPHQW 'H/D&XLVVRQ $FWLYHHWG«VDFWLYHOD IRQFWLRQ3URORQJHಣ PHQWGHODFXLVVRQ $IILFKDJH&RQಣ WUDVWH $MXVWHOHFRQWUDVWHGH O DIILFKDJHSDUSDಣ OLHUV $MXVWHODOXPLQRVLW« $IILFKDJH/XPLಣ GHO DIILFKDJHSDUSDಣ OLHUV QRVLW« /DQJXH 5ªJOHODODQJXHGH O DIILFKDJH 3HUPHWGHU«JOHUOH 9ROXPH$ODUPH YROXPHGHVWRQDOLW«V GHVWRXFKHVHWGHV VLJQDX[VRQRUHVSDU SDOLHUV )5$1$,6 6\PEROHO«഻ PHQWGHPHQX 7RQDOLW«7RXಣ FKHV 6RQ$ODUPH (UUHXU 'HVFULSWLRQ $FWLYHHWG«VDFWLYHOD WRQDOLW«GHVWRXFKHV VHQVLWLYHV,OHVWLPಣ SRVVLEOHGHG«VDFWLಣ YHUODWRQDOLW«GHOD WRXFKH0$5&+( $55(7 0RGH'02 0DLQWHQDQFH 0RGHGHFXLV഻ 8WLOLVDWLRQ VRQ 6ROH3XOV«H $FWLYHHWG«VDFWLYH OHVWRQDOLW«VGHO DODUಣ PH 9RXVUDSSHOOHTXDQG 1HWWR\DJH&RQಣ O DSSDUHLOGRLW¬WUH QHWWR\« VHLOO« &RGHG DFWLYDWLRQGH G«VDFWLYDWLRQ $IILFKHODYHUVLRQHW ODFRQILJXUDWLRQGXORಣ JLFLHO 5«LQLWLDOLVHWRXVOHV 5HJODJHV8VLQH U«JODJHVDX[U«JODಣ JHVXVLQH &KDXIIDJH +DXW%DV 9R½WH *ULO 7XUER*ULO &KDOHXU7RXUಣ QDQWH +XPLGLW«)DLಣ EOH 3RXUIDLUHFXLUHVXU QLYHDX[HQP¬PH WHPSVHWSRXUG«VK\ಣ GUDWHUGHVDOLPHQWV'Lಣ PLQXH]OHVWHPS«UDWXಣ UHVGH¢r&SDU UDSSRUW¢ODIRQFWLRQ &KDXIIDJH+DXW%DV 3RXUFXLUHGXSDLQU¶ಣ WLUGHJURVPRUFHDX[ GHYLDQGHRXU«FKDXIಣ IHUGHVSODWVU«IULJ«U«V RXVXUJHO«V 3RXUFXLUHGHVDOLಣ PHQWVVXUXQVHXOQLಣ YHDXHWOHXUGRQQHUXQ EUXQLVVHPHQWSOXVLQಣ WHQVHHWXQHS¤WHELHQ FURXVWLOODQWH'LPLQXH] OHVWHPS«UDWXUHVGH ¢r&SDUUDSSRUW ¢ODIRQFWLRQ&KDXIIDಣ JH+DXW%DV 3RXUFXLUHHWU¶WLUGHV DOLPHQWVVXUXQVHXO QLYHDX 3RXUUHQGUHFURXVWLOಣ ODQWVYRVSODWVSU«SDಣ 3ODWV6XUJHO«V U«VWHOVTXHIULWHVSRಣ WDWRHVQHPVHWF 0RGHV'H&XLVVRQ 0RGHGHFXLV഻ 8WLOLVDWLRQ VRQ 3RXUIDLUHJULOOHUGHV DOLPHQWVSHX«SDLVHW GXSDLQ 3RXUU¶WLUGHJURVVHV SLªFHVGHYLDQGHRX GHODYRODLOOHVXUXQ VHXOQLYHDXJDOHಣ PHQWSRXUJUDWLQHUHW IDLUHGRUHU 3RXUFXLUHGHVJ¤ಣ WHDX[¢IRQGFURXVWLOಣ &KDXIIDJHLQI«ಣ ODQWHWSRXUVW«ULOLVHU GHVDOLPHQWV ULHXU ZZZHOHFWUROX[FRP 0RGHGHFXLV഻ 8WLOLVDWLRQ VRQ &KDOHXUWRXUಣ QDQWHKXPLGH &HWWHIRQFWLRQHVWFRQಣ ©XHSRXU«FRQRPLVHU GHO «QHUJLHHQFRXUV GHFXLVVRQ3RXUREWHಣ QLUGHVLQVWUXFWLRQVGH FXLVVRQUHSRUWH]YRXV DXFKDSLWUHm&RQಣ VHLOV}SDUDJUDSKH &KDOHXUWRXUQDQWHKXಣ PLGH'XUDQWFHWWH FXLVVRQODSRUWHGX IRXUGRLWUHVWHUIHUP«H SRXU«YLWHUG LQWHUURPಣ SUHODIRQFWLRQHWSRXU JDUDQWLUXQHFRQVRPಣ PDWLRQG «QHUJLHRSWLಣ PDOH/RUVTXHYRXV XWLOLVH]FHWWHIRQFWLRQ ODWHPS«UDWXUH¢O LQW«ಣ ULHXUGHODFDYLW«SHXW GLII«UHUGHODWHPS«UDಣ WXUHV«OHFWLRQQ«H/D FKDOHXUU«VLGXHOOHHVW XWLOLV«H/HQLYHDXGH FXLVVRQSHXW¬WUHU«ಣ GXLW3RXUREWHQLUGHV UHFRPPDQGDWLRQVJ«ಣ Q«UDOHVVXUO «FRQRPLH G «QHUJLHFRQVXOWH]OH FKDSLWUHmFRQRPLHV G «QHUJLH}SDUDJUDಣ SKHm(IILFDFLW««QHUಣ J«WLTXH}&HWWHIRQFಣ WLRQHVWXWLOLV«HSRXU G«ILQLUODFODVVHG HIILಣ FDFLW««QHUJ«WLTXHVHಣ ORQODQRUPH(1 /RUVTXH YRXVXWLOLVH]FHWWH IRQFWLRQO «FODLUDJH V «WHLQWDXWRPDWLTXHಣ PHQWDXERXWGH VHFRQGHV 0RGHGHFXLV഻ 8WLOLVDWLRQ VRQ 5«J«Q«UDWLRQ 3RXUIDLUHU«FKDXIIHU GHVDOLPHQWV¢ODYDಣ SHXUSRXU«YLWHUTXHOD VXUIDFHQHVHGHVVªಣ FKH/DFKDOHXUHVWGLIಣ IXV«HGHID©RQGRXFH HWKRPRJªQHFHTXL SHUPHWGHFRQVHUYHU OHVVDYHXUVHWDU¶PHV GHVDOLPHQWVFRPPH V LOVYHQDLHQWG ¬WUH SU«SDU«V9RXVSRXಣ YH]XWLOLVHUFHWWHIRQFಣ WLRQSRXUU«FKDXIIHUGLಣ UHFWHPHQWGHVDOLಣ PHQWVVXUXQHDVVLHWಣ WH9RXVSRXYH]IDLUH U«FKDXIIHUSOXVLHXUV DVVLHWWHVVLPXOWDQ«ಣ PHQWHQXWLOLVDQWOHV GLII«UHQWVJUDGLQV 3URJUDPPHV6S«FLDX[ 0RGHGHFXLV഻ VRQ 8WLOLVDWLRQ 3RXUPDLQWHQLUOHVDOLಣ PHQWVDXFKDXG 0DLQWLHQ$X &KDXG &KDXIIH3ODWV 6W«ULOLVDWLRQ 6«FKDJH 3RXUSU«FKDXIIHUYRV SODWVDYDQWGHOHV VHUYLU 3RXUIDLUHGHVFRQಣ VHUYHVGHO«JXPHV DXYLQDLJUHHWF 3RXUG«VK\GUDWHUGHV IUXLWVGHVO«JXPHVHW GHVFKDPSLJQRQVHQ WUDQFKHV )5$1$,6 &XLVVRQ$VVLVW«H 0RGHGHFXLV഻ VRQ /HY«HGHS¤WH SDLQ 8WLOLVDWLRQ 3RXUDFF«O«UHUODOHಣ Y«HGHODS¤WH(OOH HPS¬FKHODVXUIDFH GHODS¤WHGHV«FKHU HWOXLSHUPHWGHJDUಣ GHUWRXWHVRQ«ODVWLFLಣ W« &DW«JRULHG DOLPHQWV3RLVVRQ)UXLWV 'H0HU 3ODW 3RLVVRQ 3RLVVRQDXIRXU %¤WRQQHWV'H 3RLVVRQ )LOHWVGHSRLVVRQ VXUJHO«V 3RXUSU«SDUHUGHVU¶ಣ WLVWHQGUHVHWMXWHX[ 3HWLWSRLVVRQHQಣ WLHUJULOO« &XLVVRQ%DVVH 7HPS«UDWXUH 8WLOLVH]FHWWHIRQFWLRQ SRXUSU«SDUHUGXSDLQ &XLVVRQGXSDLQ HWGHVSHWLWVSDLQVHW REWHQLUXQH[FHOOHQW U«VXOWDWSURIHVVLRQQHO HQWHUPHVGHFURXVWLOಣ ODQWGHFRXOHXUHWGH EULOODQFHGHODFUR½WH '«FRQJ«ODWLRQ *UDWLQHU 3RXUG«FRQJHOHUGHV DOLPHQWV IUXLWVHWO«ಣ JXPHV /HWHPSVGH G«FRQJ«ODWLRQG«ಣ SHQGGHODTXDQWLW«HW GHO «SDLVVHXUGHVDOLಣ PHQWVVXUJHO«V 3RXUGHVSODWVWHOV TXHGHVODVDJQHVRX XQJUDWLQGHSRPPHV GHWHUUHJDOHPHQW SRXUJUDWLQHUHWIDLUH GRUHU 3RLVVRQHQWLHU JULOO« 3RLVVRQHQWLHU JULOO« 6DXPRQ(QWLHU &DW«JRULHG DOLPHQWV9RODLOOH 3ODW )LOHWV'H9RODLOOH $LOHVGHSRXOHW IUDLV $LOHVGHSRXOHW VXUJHO«HV 3RXOHW &XLVVHVGHSRXOHW IUDLV &XLVVHVGHSRXOHW VXUJHO«HV 3RXOHWPRLWL«V &DW«JRULHG DOLPHQWV9LDQGH 3ODW %ĕXI 9LDQGHEUDLV«H 3¤W«¢ODYLDQGH ZZZHOHFWUROX[FRP 3ODW 3ODW 6DLJQDQW /LªYUH ವ &XLVVHGHOLªYUH ವ 5¤EOHGHOLªYUH ವ 5¤EOHGHOLªYUH 6DLJQDQW 3RLQW 5¶WLGHEĕXI 3RLQW %LHQ&XLW *LELHU %LHQ&XLW 6DLJQDQW %ĕXI%DVVH7HPಣ S«UDWXUH &¶WHV/HY«HV -DUUHWGHSRUFSU«ಣ FXLW 3RUF -DPERQ/ 2V )LOHWPLJQRQGH SRUF &ROOHW 3DOHWWH'H3RUF -DUUHW'H9HDX 9HDX 5¶WLGHJLELHU 3RLQW %LHQ&XLW )LOHWGHJLELHU &DW«JRULHG DOLPHQWV3ODW$X)RXU 3ODW /DVDJQHVVXUJHಣ O«HV *UDWLQGHO«JXPHV 6XFU«V3ODWV 3U«SDUDWLRQV &DW«JRULHG DOLPHQWV3L]]D4XLFKH 3ODW 3¤WHILQH )LOHWPLJQRQGH YHDX *DUQLWXUHVXSSO«ಣ PHQWDLUH *LJRWG DJQHDX $JQHDX 3L]]DVXUJHO«H 6HOOHG DJQHDX SDXOHDJQHDX PR\HQQH &KHYUHXLO ವ &XLVVRWGHFKHಣ YUHXLO ವ 6HOOHGHFKHಣ YUHXLO 3L]]D 3L]]D«SDLVVHVXUಣ JHO«HV 3L]]DIUD°FKH SU«ಣ FXLWH 3DUWVGHSL]]DVXUಣ JHO«HV %DJXHWWHIURPDJH IRQGX 7DUWH)ODPE«H 7DUWHVXLVVHVDO«H 4XLFKH/RUUDLQH )5$1$,6 3ODW 7DUWH6DO«H 3ODW *¤WHDXVXUSODTXH &DW«JRULHG DOLPHQWV*¤WHDX%LVFXLWV 3¤WH*«QRLVH 3¤WH/HY«H *¤WHDX$X)URPDಣ JH3DLQ 3ODW .RXJORI 7DUWHDX[SRPಣ PHVFRXY *«QRLVH*¤WHDX 6DYRLH *¤WHDX%DVH'H /HYXUH 7DUWH$X[3RPಣ PHV &UXPEOH *¤WHDX$X6XFUH *¤WHDX$X)URPDಣ JH0RXO« %ULRFKH *¤WHDX6DYRLH 0DGªUH 7DUWH 7DUWHVXLVVHVXಣ FU«H *¤WHDX$X[ $PDQGHV 0DGHOHLQHV0XIಣ ILQV %URZQLHV *¤WHDX5RXO« 3¤WH6DEO«H )RQG'H7DUWH )RQG7DUWH0«O *«QRLVH 7DUWH)UXLWV3¤WH 6DEO«H *¤WHDX$X[)UXLWV 7DUWH)UXLWV3¤WH *«Q 3¤WH/HY«H &DW«JRULHG DOLPHQWV3DLQ 3HWLWV 3DLQV 3ODW 3HWLWHV3¤WLVVHULHV 3HWLWV3DLQV 3HWLWVSDLQVFRQಣ JHO«V 7UHVVHV)HXLOOHಣ W«HV &LDEDWWD &RXURQQH'H3DLQ &KRX[/D&UªPH 3¤WLVVHULHV)HXLOOHಣ W«HV FODLUV 0DFDURQV %LVFXLWV6DEO«V %ULRFKH1R­O)UXLWV 6WROOHQ 6WUXGHODX[SRPಣ PHVJHO« 3DLQ 7UHVVH%ULRFK«H 3DLQ6DQV/HYDLQ &DW«JRULHG DOLPHQWV*DUQLWXUHV 3ODW )ULWHVILQHV )ULWHV«SDLVVHV )ULWHVVXUJHO«HV 3RWDWRHV3RPPH 4XDUWLHU ZZZHOHFWUROX[FRP 6LQ«FHVVDLUHU«JOH]ODIRQFWLRQ 3ODW 'XU«H 3RWDWRHV3RPPH 4XDUWLHU *DOHWWHV'H3RPಣ PHV'H7 /RUVTXHYRXVGHYH]FKDQJHU OHSRLGVRXODWHPS«UDWXUH¢ FĕXUG XQSODWXWLOLVH] RX SRXUU«JOHUOHV QRXYHOOHVYDOHXUV 5«JODJHG XQPRGHGH FXLVVRQ $OOXPH]OHIRXU 6«OHFWLRQQH]OHPHQX0RGHV'H &XLVVRQ $SSX\H]VXU SRXUFRQILUPHU 6«OHFWLRQQH]XQPRGHGHFXLVVRQ $SSX\H]VXU SRXUFRQILUPHU 5«JOH]ODWHPS«UDWXUH $SSX\H]VXU SRXUFRQILUPHU 5«JODJHG XQHIRQFWLRQGH YDSHXU /HFRXYHUFOHGXEDF¢HDXVHWURXYH GDQVOHEDQGHDXGHFRPPDQGH $9(57,66(0(17 8WLOLVH]XQLTXHPHQWGHO HDX IURLGHGXURELQHW1 XWLOLVH] SDVG HDXILOWU«H G«PLQ«UDOLV«H RXGLVWLOO«H 1 XWLOLVH]SDVG DXWUHV OLTXLGHV1HYHUVH]SDVGH OLTXLGHVLQIODPPDEOHVQL G DOFRROGDQVOHEDF¢HDX $SSX\H]VXUOHFRXYHUFOHGXEDF¢ HDXSRXUO RXYULU 9HUVH]POG HDXGDQVOHEDF¢ HDX /DTXDQWLW«G HDXHVWVXIILVDQWHSRXU HQYLURQ¢PLQXWHVG XWLOLVDWLRQ 5HSODFH]OHEDF¢HDXGDQVVD SRVLWLRQLQLWLDOH $OOXPH]OHIRXU 6«OHFWLRQQH]OHPRGHGHFXLVVRQ¢OD YDSHXUHWODWHPS«UDWXUH RX)LQ /RUVTXHOHJ«Q«UDWHXUGH YDSHXUHVWYLGHXQVLJQDO VRQRUHUHWHQWLW 8QVLJQDOVRQRUHUHWHQWLW¢ODILQGHOD GXU«HGHFXLVVRQ WHLJQH]OHIRXU 9LGH]OHU«VHUYRLU¢ODILQGHOD FXLVVRQ¢ODYDSHXU5HSRUWH]YRXV¢ ODIRQFWLRQGHQHWWR\DJH9LGDQJH'X 5«VHUYRLU $77(17,21 /HIRXUHVWFKDXG 5LVTXHGHEU½OXUH 6R\H]SUXGHQWORUVTXH YRXVYLGH]OHEDF¢HDX $SUªVXQHFXLVVRQ¢ODYDSHXUOD YDSHXUSHXWVHFRQGHQVHUDXIRQGGH ODFDYLW«6«FKH]WRXMRXUVODFDYLW« ORUVTXHOHIRXUHVWIURLG /DLVVH]OHIRXUV«FKHUFRPSOªWHPHQW DYHFODSRUWHRXYHUWH $9(57,66(0(17 $WWHQGH]DXPRLQV PLQXWHVDSUªVFKDTXH XWLOLVDWLRQGHODIRQFWLRQGH FXLVVRQ¢ODYDSHXUDILQ G «YLWHUTXHGHO HDXFKDXGH QHV «FRXOHGHODYDQQHGH YLGDQJHGHO HDX 9R\DQWm5«VHUYRLUYLGH} / DIILFKDJHLQGLTXH1LYHDXG HDXEDVHW XQVLJQDOVRQRUHUHWHQWLWORUVTXHOH U«VHUYRLUHVWYLGHHWTX LOGRLW¬WUHUHPSOL 3RXUSOXVG LQIRUPDWLRQVUHSRUWH]YRXV DXFKDSLWUHm8WLOLVDWLRQTXRWLGLHQQH} SDUDJUDSKHm5«JODJHG XQHIRQFWLRQGH YDSHXU} 9R\DQWm5«VHUYRLUSOHLQ} /RUVTXHO DIILFKDJHLQGLTXH5«VHUYRLU G HDXSOHLQYRXVSRXYH]XWLOLVHUOD FXLVVRQ¢ODYDSHXU 8QVLJQDOVRQRUHUHWHQWLWORUVTXHOH U«VHUYRLUHVWSOHLQ )5$1$,6 6LYRXVYHUVH]WURSG HDX GDQVOHU«VHUYRLUOH GLVSRVLWLIGHV«FXULW« G«YHUVHUDO H[F«GHQWG HDX GDQVOHIRQGGXIRXU SRQJH]O H[F«GHQWG HDX 9LGDQJHGXU«VHUYRLUG HDX $77(17,21 $VVXUH]YRXVTXHOHIRXUD UHIURLGLDYDQWGHFRPPHQFHU ¢YLGHUOHU«VHUYRLUG HDX 9LGH]OHU«VHUYRLUDSUªVFKDTXHFXLVVRQ ¢ODYDSHXU 3U«SDUH]OHWX\DXGHYLGDQJH & IRXUQLGDQVOHP¬PHVDFKHWTXHOH PRGHG HPSORL3ODFH]O HPERXW % VXUO XQHGHVH[WU«PLW«VGXWX\DXGH YLGDQJH ,OSHXWUHVWHUXQSHX G HDXGDQVOHU«VHUYRLU ORUVTXHO DIILFKDJH LQGLTXH1LYHDXG HDX EDV $WWHQGH]TXHO HDXFHVVH GHV «FRXOHUGHODYDQQH GHYLGDQJHGHO HDX 5HWLUH]O HPERXWGHODYDQQHORUVTXH O HDXFHVVHGHV «FRXOHU 1 XWLOLVH]SDVO HDXGH YLGDQJHSRXUUHPSOLUGH QRXYHDXOHU«VHUYRLUG HDX ,QGLFDWHXUGHFKDXIIH /RUVTXHYRXVDFWLYH]XQPRGHGH FXLVVRQXQHEDUUHV DIILFKH/DEDUUH LQGLTXHTXHODWHPS«UDWXUHGXIRXU DXJPHQWH/RUVTXHODWHPS«UDWXUHHVW DWWHLQWHO DODUPHVRQRUHUHWHQWLWIRLVOD EDUUHFOLJQRWHSXLVGLVSDUD°W 3U«FKDXIIDJH5DSLGH A B C &HWWHIRQFWLRQGLPLQXHOHWHPSVGH FKDXIIH 1HSODFH]SDVG DOLPHQWV GDQVO DSSDUHLOORUVTXHOD IRQFWLRQ3U«FKDXIIDJHUDSLGH HVWHQFRXUV 3RXUDFWLYHUFHWWHIRQFWLRQPDLQWHQH]OD 3ODFH]O DXWUHH[WU«PLW«GXWX\DXGH YLGDQJH & GDQVXQU«FLSLHQW 3ODFH]OHSOXVEDVTXHODYDQQHGH YLGDQJH $ 2XYUH]ODSRUWHGXIRXUSXLVLQV«UH] O HPERXW % GDQVODYDQQHGH YLGDQJH $ $SSX\H]¢SOXVLHXUVUHSULVHVVXU O HPERXWORUVTXHYRXVYLGH]OH U«VHUYRLUG HDX WRXFKH HQIRQF«HSHQGDQWVHFRQGHV / LQGLFDWHXUGHFKDXIIHV DIILFKHGH PDQLªUHLQWHUPLWWHQWH &HWWHIRQFWLRQQ HVWSDVGLVSRQLEOHDYHF FHUWDLQHVIRQFWLRQVGXIRXU &KDOHXUU«VLGXHOOH /RUVTXHYRXV«WHLJQH]OHIRXUO DIILFKDJH LQGLTXHODSU«VHQFHGHFKDOHXU U«VLGXHOOH9RXVSRXYH]XWLOLVHUFHWWH FKDOHXUSRXUOHPDLQWLHQDXFKDXGGHV DOLPHQWV ZZZHOHFWUROX[FRP )21&7,216'(/ +25/2*( 7DEOHDXGHVIRQFWLRQVGH O KRUORJH )RQFWLRQGH O KRUORJH 0LQXWHXU 5«JODJHGHVIRQFWLRQVGH O KRUORJH $YDQWG XWLOLVHUOHVIRQFWLRQV 'XU«H)LQYRXVGHYH] G DERUGU«JOHUXQPRGHGH FXLVVRQHWXQHWHPS«UDWXUH /HIRXUV DUU¬WH DXWRPDWLTXHPHQW 9RXVSRXYH]XWLOLVHUOHV IRQFWLRQV'XU«HHW)LQ¢OD IRLVVLYRXVVRXKDLWH] DOOXPHUHW«WHLQGUHOHIRXU DXWRPDWLTXHPHQW¢XQ PRPHQWGRQQ« /HVIRQFWLRQV'XU«HHW)LQ QHIRQFWLRQQHQWSDVORUVTXH YRXVXWLOLVH]OD6RQGH¢ YLDQGH 8WLOLVDWLRQ 3RXUU«JOHUXQFRPSWH ¢UHERXUV PD[K PLQ &HWWHIRQFWLRQ HVWVDQVHIIHWVXUOH IRQFWLRQQHPHQWGX IRXU 8WLOLVH] SRXUDFWLYHU ODIRQFWLRQ$SSX\H] VXU RX SRXUU«ಣ JOHUOHVPLQXWHVSXLV VXU 'XU«H )LQ SRXUG«PDUUHU 3RXUU«JOHUODGXU«H GHIRQFWLRQQHPHQWGX IRXU PD[ KPLQ 3RXUU«JOHUO KHXUHGH ILQG XQPRGHGHFXLVಣ VRQ PD[ KPLQ 6LYRXVG«ILQLVVH]O KHXUHG XQHIRQFWLRQ GHO KRUORJHOHG«FRPSWHG«PDUUHDX ERXWGHVHFRQGHV 6LYRXVXWLOLVH]OHVIRQFWLRQV GHO KRUORJH'XU«H)LQOH IRXU«WHLQWOHV«O«PHQWVGH FXLVVRQDXERXWGHGX WHPSVU«JO«/HIRXUXWLOLVHOD FKDOHXUU«VLGXHOOHSRXU SRXUVXLYUHODFXLVVRQMXVTX ¢ ODILQGXWHPSVGHFXLVVRQ SURJUDPP« GH¢ PLQXWHV 5«JOH]XQPRGHGHFXLVVRQ $SSX\H]VXU ¢SOXVLHXUVUHSULVHV MXVTX ¢FHTXHODIRQFWLRQGH O KRUORJHVRXKDLW«HHWOHV\PEROH FRUUHVSRQGDQWV DIILFKHQW $SSX\H]VXU RX GXU«HUHTXLVH SRXUU«JOHUOD $SSX\H]VXU SRXUFRQILUPHU ODILQGHODGXU«HSURJUDPP«HXQ VLJQDOUHWHQWLW/HIRXUV DUU¬WH DXWRPDWLTXHPHQW8QPHVVDJHV DIILFKH $SSX\H]VXUXQV\PEROHSRXUDUU¬WHU OHVLJQDOVRQRUH &KDOHXU(W7HQLU &RQGLWLRQVG DFWLYDWLRQGHODIRQFWLRQ ವ ವ /DWHPS«UDWXUHU«JO«HHVWVXS«ULHXUH ¢r& /DIRQFWLRQ'XU«HHVWU«JO«H /DIRQFWLRQ&KDOHXU(W7HQLUPDLQWLHQW OHVDOLPHQWVFXLWVDXFKDXG¢r& SHQGDQWPLQXWHV(OOHV DFWLYH¢ODILQ GHODFXLVVRQRXGXU¶WLVVDJH 9RXVSRXYH]DFWLYHURXG«VDFWLYHUFHWWH IRQFWLRQGDQVOHPHQX5«JODJHV'H %DVH $OOXPH]OHIRXU 6«OHFWLRQQH]OHPRGHGHFXLVVRQ )5$1$,6 5«JOH]XQHWHPS«UDWXUHVXS«ULHXUH¢ r& (OOHSHXW¬WUHXWLOLV«HDYHF WRXVOHVPRGHVGHFXLVVRQ DYHFODIRQFWLRQ'XU«HRX &XLVVRQ3DU/H3RLGV 1HFRQFHUQHSDVOHVPRGHV GHFXLVVRQDYHFODVRQGH¢ YLDQGH $SSX\H]VXU ¢SOXVLHXUVUHSULVHV MXVTX ¢FHTXHO DIILFKDJHLQGLTXH &KDOHXU(W7HQLU $SSX\H]VXU SRXUFRQILUPHU ODILQGHODIRQFWLRQXQVLJQDOVRQRUH UHWHQWLW /DIRQFWLRQUHVWHDFWLY«HVLYRXVPRGLILH] OHPRGHGHFXLVVRQ 3URORQJHPHQW'H/D &XLVVRQ /DIRQFWLRQ/DIRQFWLRQ3URORQJHPHQW 'H/D&XLVVRQSHUPHWDXPRGHGH FXLVVRQGHVHSRXUVXLYUHDSUªVODILQGH OD'XU«H ODILQGXWHPSVGHFXLVVRQXQ VLJQDOVRQRUHUHWHQWLW$SSX\H]VXU Q LPSRUWHTXHOV\PEROH /HPHVVDJHV DIILFKH $SSX\H]VXU SRXUO DFWLYHURX SRXUO DQQXOHU 5«JOH]ODGXU«HGHODIRQFWLRQ $SSX\H]VXU 352*5$00(6$8720$7,48(6 $9(57,66(0(17 5HSRUWH]YRXVDX[FKDSLWUHV FRQFHUQDQWODV«FXULW« 5HFHWWHVDYHF5HFHWWHV $XWRPDWLTXHV &HIRXUGLVSRVHG XQHQVHPEOHGH UHFHWWHVTXHYRXVSRXYH]XWLOLVHU/HV UHFHWWHVVRQWIL[HVHWYRXVQHSRXYH] SDVOHVPRGLILHU $OOXPH]OHIRXU 6«OHFWLRQQH]OHPHQX5HFHWWHV $SSX\H]VXUODWRXFKH SRXU FRQILUPHU 6«OHFWLRQQH]ODFDW«JRULHHWOHSODW $SSX\H]VXU SRXUFRQILUPHU 6«OHFWLRQQH]XQHUHFHWWH$SSX\H] VXU SRXUFRQILUPHU 87,/,6$7,21'(6$&&(662,5(6 $9(57,66(0(17 5HSRUWH]YRXVDX[FKDSLWUHV FRQFHUQDQWODV«FXULW« 6RQGH¢YLDQGH 9RXVGHYH]U«JOHUGHX[WHPS«UDWXUHVOD WHPS«UDWXUHGXIRXUHWODWHPS«UDWXUH¢ FĕXU /DVRQGH¢YLDQGHPHVXUHOD WHPS«UDWXUH¢FĕXUGHODYLDQGH/HIRXU V «WHLQWORUVTXHODWHPS«UDWXUHU«JO«HHVW DWWHLQWH $77(17,21 1 XWLOLVH]TXHODVRQGH¢ YLDQGHIRXUQLHRXGHVSLªFHV GHUHFKDQJHDG«TXDWHV /DVRQGH¢YLDQGHGRLW UHVWHUHQIRQF«HGDQVOD YLDQGHHWEUDQFK«HGDQVOD SULVHSHQGDQWWRXWHODGXU«H GHODFXLVVRQ ,QV«UH]ODSRLQWHGHODVRQGH¢ YLDQGHDXFĕXUGHODYLDQGH ,QV«UH]ODILFKHGHODVRQGH¢YLDQGH GDQVODSULVHHQKDXWGHODFDYLW« ZZZHOHFWUROX[FRP DVVXUH]YRXVTXHOHVSLHGVVRQWRULHQW«V YHUVOHEDV $OOXPH]OHIRXU /HV\PEROHGHODVRQGH¢YLDQGH V DIILFKH 3ODWHDXGHFXLVVRQ3ODW¢U¶WLU $SSX\H]VXUODWRXFKH RX GDQVOHVVHFRQGHVSRXUU«JOHUOD WHPS«UDWXUH¢FĕXU 5«JOH]OHPRGHGHFXLVVRQHWVL Q«FHVVDLUHODWHPS«UDWXUHGXIRXU /HIRXUFDOFXOHXQHKHXUHGHILQGH FXLVVRQDSSUR[LPDWLYH/ KHXUHGHILQGH FXLVVRQYDULHHQIRQFWLRQGHODTXDQWLW« G DOLPHQWVGHODWHPS«UDWXUHU«JO«H r&PLQLPXP HWGXPRGHGH FXLVVRQ/HIRXUFDOFXOHO KHXUHGHILQGH FXLVVRQDXERXWG HQYLURQPLQXWHV 3RXUPRGLILHUODWHPS«UDWXUH¢FĕXU 3RXVVH]OHSODWHDXGHFXLVVRQSODW¢ U¶WLUHQWUHOHVUDLOVGXVXSSRUWGHJULOOH DSSX\H]VXU /RUVTXHODYLDQGHDWWHLQWODWHPS«UDWXUH ¢FĕXUU«JO«HXQVLJQDOVRQRUHUHWHQWLW /HIRXUV DUU¬WHDXWRPDWLTXHPHQW $SSX\H]VXUXQV\PEROHSRXUDUU¬WHU OHVLJQDOVRQRUH 5HWLUH]ODILFKHGHODVRQGH¢YLDQGH GHVDSULVHHWVRUWH]ODYLDQGHGX IRXU *ULOOHP«WDOOLTXHHWSODWHDXGHFXLVVRQ SODW¢U¶WLUHQVHPEOH $SSX\H]VXU SRXU«WHLQGUHOHIRXU $9(57,66(0(17 $WWHQWLRQODVRQGH¢YLDQGH HVWWUªVFKDXGH5LVTXHGH EU½OXUH6R\H] SDUWLFXOLªUHPHQWSUXGHQWORUV GXUHWUDLWGHODSRLQWHHWGH ODILFKHGHODVRQGH¢ YLDQGH ,QVWDOODWLRQGHVDFFHVVRLUHV *ULOOHP«WDOOLTXH 3RXVVH]ODJULOOHHQWUHOHVEDUUHVGH JXLGDJHGHVVXSSRUWVGHJULOOHHW 3RXVVH]OHSODWHDXGHFXLVVRQSODW¢ U¶WLUHQWUHOHVUDLOVGXVXSSRUWGHJULOOHHW JOLVVH]ODJULOOHP«WDOOLTXHHQWUHOHVUDLOV VHWURXYDQWMXVWHDXGHVVXV )5$1$,6 /HVSHWLWHVLQGHQWDWLRQVVXU OHGHVVXVDSSRUWHQWSOXVGH V«FXULW«/HVLQGHQWDWLRQV VRQW«JDOHPHQWGHV GLVSRVLWLIVDQWLEDVFXOH/H UHERUG«OHY«GHODJULOOH HPS¬FKHOHVXVWHQVLOHVGH FXLVLQHGHJOLVVHU / LQMHFWHXUHWOHWXEHGHO LQMHFWHXU C D $FFHVVRLUHVSRXUODFXLVVRQ ¢ODYDSHXU /HNLWG DFFHVVRLUHVSRXUOD FXLVVRQ¢ODYDSHXUQ HVWSDV IRXUQLDYHFOHIRXU3RXUSOXV G LQIRUPDWLRQVYHXLOOH] FRQWDFWHUYRWUHUHYHQGHXU ORFDO m&}HVWOHWXEHGHO LQMHFWHXUSRXUOD FXLVVRQ¢ODYDSHXUm'}HVWO LQMHFWHXU SRXUODFXLVVRQ¢ODYDSHXUGLUHFWH 7XEHGHO LQMHFWHXU & /HSODWGHFXLVVRQGL«W«WLTXHSRXUOHV IRQFWLRQVGHFXLVVRQ¢ODYDSHXU /HSODWHVWFRPSRV«G XQU«FLSLHQWHQ YHUUHG XQFRXYHUFOHGRW«G XQRULILFH SRXUOHWXEHGHO LQMHFWHXU & HWG XQH JULOOHHQDFLHU¢SODFHUDXIRQGGXSODWGH FXLVVRQ 5«FLSLHQWHQYHUUH $ ,QMHFWHXUSRXUXQHFXLVVRQGLUHFWH¢OD YDSHXU ' &RXYHUFOH % *ULOOHHQDFLHU ( ವ 1HSRVH]SDVGHSODWGHFXLVVRQ FKDXGVXUXQHVXUIDFHIURLGHRX PRXLOO«H ZZZHOHFWUROX[FRP &XLVVRQ¢ODYDSHXUGDQV XQSODWGHFXLVVRQGL«W«WLTXH 3ODFH]OHVDOLPHQWVVXUODJULOOHHQDFLHU GDQVOHSODWGHFXLVVRQSXLVFRXYUH]OH ,QV«UH]OHWXEHGHO LQMHFWHXUGDQV O RULILFHVS«FLDOGXFRXYHUFOHGXSODW GHFXLVVRQGL«W«WLTXH C ವ 1HYHUVH]SDVGHOLTXLGHVIURLGVGDQV OHSODWGHFXLVVRQORUVTX LOHVWFKDXG ವ 1 XWLOLVH]SDVOHSODWGHFXLVVRQVXU XQHWDEOHGHFXLVVRQFKDXGH ವ 1HQHWWR\H]SDVOHSODWGHFXLVVRQ DYHFGHVSURGXLWVRXSRXGUHV DEUDVLIVQLDYHFXQH«SRQJH P«WDOOLTXH 3ODFH]OHSODWGHFXLVVRQVXUOHH QLYHDXHQSDUWDQWGXEDV ,QV«UH]O DXWUHH[WU«PLW«GXWXEHGH O LQMHFWHXUGDQVOHWX\DXG DUULY«HGH ODYDSHXU $VVXUH]YRXVGHQHSDV«FUDVHUOHWXEH GHO LQMHFWHXUHWGHQHSDVOHODLVVHU WRXFKHUODYR½WHGXIRXU 5«JOH]OHIRXUVXUODIRQFWLRQGH FXLVVRQ¢ODYDSHXU &XLVVRQ¢ODYDSHXUGLUHFWH 3ODFH]OHVDOLPHQWVVXUODJULOOHHQDFLHU GDQVOHSODWGHFXLVVRQ$MRXWH]GHO HDX )5$1$,6 $77(17,21 1 XWLOLVH]SDVOHFRXYHUFOHGX SODW $9(57,66(0(17 6R\H]SUXGHQWORUVTXHYRXV XWLOLVH]O LQMHFWHXUWDQGLVTXH OHIRXUHVWHQ IRQFWLRQQHPHQW8WLOLVH] WRXMRXUVGHVJDQWVGH FXLVLQHSRXUPDQLSXOHU O LQMHFWHXUORUVTXHOHIRXUHVW FKDXG'«PRQWH]WRXMRXUV O LQMHFWHXUGXIRXUORUVTXH YRXVQ XWLOLVH]SDVOD IRQFWLRQYDSHXU 3ODFH]OHSODWGHFXLVVRQVXUOHHU RXOHHQLYHDXHQSDUWDQWGXEDV $VVXUH]YRXVGHQHSDV«FUDVHUOHWXEH GHO LQMHFWHXUHWGHQHSDVOHODLVVHU WRXFKHUODYR½WHGXIRXU 5«JOH]OHIRXUVXUODIRQFWLRQGH FXLVVRQ¢ODYDSHXU 3RXUFXLUHGHVDOLPHQWVWHOVTXHGX SRXOHWGXFDQDUGGHODGLQGHGX FKHYUHDXRXGHJURVSRLVVRQVLQV«UH] O LQMHFWHXU ' GLUHFWHPHQWGDQVODSDUWLH YLGHGHODYLDQGH9HLOOH]¢QHSDV ERXFKHUOHVWURXV /HWXEHGHO LQMHFWHXUHVW VS«FLDOHPHQWFRQ©XSRXUOD FXLVVRQG DOLPHQWVHWQH FRQWLHQWSDVGHVXEVWDQFHV QRFLYHV ,QV«UH]O LQMHFWHXU ' GDQVOHWXEHGH O LQMHFWHXU & ,QV«UH]O DXWUH H[WU«PLW«GDQVOHWX\DXG DUULY«HGH ODYDSHXU 3RXUSOXVG LQIRUPDWLRQVVXUODFXLVVRQ¢ ODYDSHXUUHSRUWH]YRXVDX[WDEOHDX[GH FXLVVRQ¢ODYDSHXUGDQVOHFKDSLWUH m&RQVHLOV} )21&7,2166833/0(17$,5(6 3URJUDPPHV3U«I«U«V 9RXVSRXYH]VDXYHJDUGHUYRVU«JODJHV SU«I«U«VWHOVTXHODGXU«HOD WHPS«UDWXUHRXOHPRGHGHFXLVVRQ,OV VRQWGLVSRQLEOHVGDQVOHPHQX 3URJUDPPHV3U«I«U«V9RXVSRXYH] VDXYHJDUGHUSURJUDPPHV (QUHJLVWUHPHQWG XQ SURJUDPPH $OOXPH]OHIRXU 6«OHFWLRQQH]XQPRGHGHFXLVVRQRX XQSURJUDPPHDXWRPDWLTXH $SSX\H]VXU ¢SOXVLHXUVUHSULVHV MXVTX ¢FHTXHO DIILFKDJHLQGLTXH 6$89(*$5'(5 ZZZHOHFWUROX[FRP $SSX\H]VXU SRXUFRQILUPHU /DSUHPLªUHSRVLWLRQP«PRLUHOLEUH V DIILFKH $SSX\H]VXU O DSSDUHLO SRXUDOOXPHU $SSX\H]VXU SRXUFRQILUPHU 6DLVLVVH]OHQRPGXSURJUDPPH /DSUHPLªUHOHWWUHFOLJQRWH $SSX\H]VLPXOWDQ«PHQWVXU HW MXVTX ¢FHTX XQPHVVDJH 3RXUG«VDFWLYHUOD6«FXULW«HQIDQWV U«S«WH]O «WDSH $SSX\H]VXU ODOHWWUH 7RXFKHV9HUURXLO RX SRXUFKDQJHU $SSX\H]VXU /DOHWWUHVXLYDQWHFOLJQRWH 5«S«WH]O «WDSHFRPPH Q«FHVVDLUH &HWWHIRQFWLRQSHUPHWG «YLWHUXQH PRGLILFDWLRQLQYRORQWDLUHGXPRGHGH FXLVVRQ9RXVQHSRXYH]O DFWLYHUTXH ORUVTXHOHIRXUHVWHQIRQFWLRQQHPHQW $SSX\H]VXUODWRXFKH HW PDLQWHQH]ODHQIRQF«HSRXU VDXYHJDUGHU 9RXVSRXYH]UHPSODFHUXQHSRVLWLRQ P«PRLUH/RUVTXHODSUHPLªUHSRVLWLRQ $OOXPH]OHIRXU 6«OHFWLRQQH]XQPRGHGHFXLVVRQRX XQU«JODJH P«PRLUHOLEUHV DIILFKHDSSX\H]VXU RX HWDSSX\H]VXU SRXU UHPSODFHUXQSURJUDPPHH[LVWDQW 9RXVSRXYH]PRGLILHUOHQRPG XQ SURJUDPPHGDQVOHPHQX(QWUHU1RP 'X3URJUDPPH $FWLYDWLRQGXSURJUDPPH $OOXPH]OHIRXU 6«OHFWLRQQH]OHPHQX3URJUDPPHV 3U«I«U«V $SSX\H]VXU SRXUFRQILUPHU 6«OHFWLRQQH]OHQRPGHYRWUH SURJUDPPHSU«I«U« $SSX\H]VXU SRXUFRQILUPHU 9RXVSRXYH]DSSX\HUVXU SRXU SDVVHUGLUHFWHPHQWDXPHQX 3URJUDPPHV3U«I«U«V 8WLOLVDWLRQGHOD6«FXULW« HQIDQWV /RUVTXHODV«FXULW«HQIDQWVHVWDFWLY«H OHIRXUQHSHXW¬WUHDOOXP« DFFLGHQWHOOHPHQW 6LODIRQFWLRQ3\URO\VHHVWHQ FRXUVODSRUWHVHYHUURXLOOH DXWRPDWLTXHPHQW 8QPHVVDJHV DIILFKH ORUVTXHYRXVDSSX\H]VXUXQ V\PEROH $SSX\H]VXU ¢SOXVLHXUVUHSULVHV MXVTX ¢FHTXHO DIILFKDJHLQGLTXH 7RXFKHV9HUURXLO $SSX\H]VXU SRXUFRQILUPHU 6LODIRQFWLRQ3\URO\VHHVWHQ FRXUVODSRUWHHVWYHUURXLOO«H HWOHV\PEROHHQIRUPHGH FO«V DIILFKH 3RXUG«VDFWLYHUODIRQFWLRQDSSX\H]VXU 8QPHVVDJHV DIILFKH$SSX\H]¢ SOXVLHXUVUHSULVHVVXU SRXUFRQILUPHU SXLVVXU /RUVTXHYRXV«WHLJQH]OH IRXUFHWWHIRQFWLRQHVWDXVVL G«VDFWLY«H 6HW*R /DIRQFWLRQYRXVSHUPHWGHU«JOHUXQ PRGHGHFXLVVRQ RXXQSURJUDPPH HW GHO XWLOLVHUXOW«ULHXUHPHQWHQDSSX\DQW XQHIRLVVXUXQV\PEROH $OOXPH]OHIRXU 5«JOH]XQPRGHGHFXLVVRQ $SSX\H]VXU ¢SOXVLHXUVUHSULVHV MXVTX ¢FHTXHO DIILFKDJHLQGLTXH 'XU«H 5«JOH]O KHXUH $SSX\H]VXU ¢SOXVLHXUVUHSULVHV MXVTX ¢FHTXHO DIILFKDJHLQGLTXH 6HW*R $SSX\H]VXU SRXUFRQILUPHU )5$1$,6 $SSX\H]VXUXQV\PEROH ¢O H[FHSWLRQ SRXUG«PDUUHUODIRQFWLRQ6HW GH *R/HPRGHGHFXLVVRQU«JO«G«PDUUH ODILQGXPRGHGHFXLVVRQXQVLJQDO UHWHQWLW ವ ವ 7RXFKHV9HUURXLOHVW DFWLY«ORUVTXHOHPRGHGH FXLVVRQHVWHQFRXUV /HPHQX5«JODJHV'H %DVHYRXVSHUPHW G DFWLYHUODIRQFWLRQ6HW *RDOOXPHUHW«WHLQGUH $UU¬WDXWRPDWLTXH 3RXUGHVUDLVRQVGHV«FXULW«OHIRXU V «WHLQWDXWRPDWLTXHPHQWDXERXWG XQ FHUWDLQWHPSVVLXQPRGHGHFXLVVRQHVW HQFRXUVHWTXHYRXVQHPRGLILH]DXFXQ U«JODJH r& K 0D[LPXP / DUU¬WDXWRPDWLTXHQHIRQFWLRQQHSDV DYHFOHVIRQFWLRQV(FODLUDJH)RXU 6RQGHDOLPHQWDLUH'XU«H)LQ /XPLQRVLW«GHO DIILFKDJH ವ ವ 9HQWLODWHXUGH UHIURLGLVVHPHQW /RUVTXHOHIRXUIRQFWLRQQHOHYHQWLODWHXU GHUHIURLGLVVHPHQWVHPHW DXWRPDWLTXHPHQWHQPDUFKHSRXU UHIURLGLUOHVVXUIDFHVGXIRXU6LYRXV «WHLJQH]OHIRXUOHYHQWLODWHXUGH UHIURLGLVVHPHQWFRQWLQXH¢IRQFWLRQQHU MXVTX ¢FHTXHOHIRXUUHIURLGLVVH 7KHUPRVWDWGHV«FXULW« 8QPDXYDLVIRQFWLRQQHPHQWGXIRXURX GHVFRPSRVDQWVG«IHFWXHX[SHXYHQW FDXVHUXQHVXUFKDXIIHGDQJHUHXVH3RXU «YLWHUFHODOHIRXUGLVSRVHG XQ WKHUPRVWDWGHV«FXULW«LQWHUURPSDQW O DOLPHQWDWLRQ«OHFWULTXH/HIRXUVHUHPHW DXWRPDWLTXHPHQWHQIRQFWLRQQHPHQW ORUVTXHODWHPS«UDWXUHEDLVVH 'HX[PRGHVGHOXPLQRVLW«VRQW GLVSRQLEOHV &216(,/6 $9(57,66(0(17 5HSRUWH]YRXVDX[FKDSLWUHV FRQFHUQDQWODV«FXULW« /XPLQRVLW«mQXLW}ORUVTXHOHIRXU HVW«WHLQWODOXPLQRVLW«GHO DIILFKDJH HVWSOXVIDLEOHHQWUHKHWK /XPLQRVLW«mMRXU} ದ ORUVTXHOHIRXUHVWDOOXP« ದ VLYRXVDSSX\H]VXUXQV\PEROH ¢O H[FHSWLRQGH0$5&+( $55(7 HQPRGHGHOXPLQRVLW« mQXLW}O DIILFKDJHUHSDVVHHQ PRGHGHOXPLQRVLW«mMRXU} SHQGDQWOHVVHFRQGHV VXLYDQWHV ದ VLO DSSDUHLOHVW«WHLQWHWVLYRXV U«JOH]ODIRQFWLRQ0LQXWHXU /RUVTXHODIRQFWLRQVHWHUPLQH O DIILFKDJHUHYLHQWHQPRGHGH OXPLQRVLW«mQXLW} /DWHPS«UDWXUHHWOHVWHPSV GHFXLVVRQLQGLTX«VVRQW IRXUQLVXQLTXHPHQW¢WLWUH LQGLFDWLI,OVYDULHQWHQ IRQFWLRQGHVUHFHWWHVDLQVL TXHGHODTXDOLW«HWGHOD TXDQWLW«GHVLQJU«GLHQWV XWLOLV«V ZZZHOHFWUROX[FRP &RQVHLOVGHFXLVVRQ /HIRXUGLVSRVHGHFLQTQLYHDX[GHJULOOH &RPSWH]OHVQLYHDX[GHJULOOH¢SDUWLUGX EDVGXIRXU 9RWUHIRXUSHXWFXLUHOHVDOLPHQWVG XQH PDQLªUHFRPSOªWHPHQWGLII«UHQWHGH FHOOHGHYRWUHDQFLHQIRXU/HVWDEOHDX[ FLGHVVRXVYRXVLQGLTXHQWOHVU«JODJHV VWDQGDUGSRXUODWHPS«UDWXUHOHWHPSV GHFXLVVRQHWOHQLYHDXGXIRXU 6LYRXVQHWURXYH]SDVOHVU«JODJHV DSSURSUL«VSRXUXQHUHFHWWHVS«FLILTXH FKHUFKH]HQXQHTXLV HQUDSSURFKH /HIRXUHVWGRW«G XQV\VWªPHVS«FLDOTXL SHUPHW¢O DLUGHFLUFXOHUHWTXLUHF\FOH SHUS«WXHOOHPHQWODYDSHXU'DQVFHW HQYLURQQHPHQWFHV\VWªPHSHUPHWGH FXLVLQHUGHVSODWVWRXWHQPDLQWHQDQW FHX[FLWHQGUHV¢O LQW«ULHXUHWFURTXDQWV ¢O H[W«ULHXU/HWHPSVGHFXLVVRQHWOD FRQVRPPDWLRQ«QHUJ«WLTXHVRQWGRQF U«GXLWV 7HPSVGHFXLVVRQ /HWHPSVGHFXLVVRQYDULHVHORQOHW\SH G DOLPHQWVDFRQVLVWDQFHHWVRQYROXPH $XG«SDUWVXUYHLOOH]ODFXLVVRQORUVTXH YRXVFXLVLQH]$LQVLYRXVWURXYHUH]OHV PHLOOHXUVU«JODJHV IRQFWLRQWHPSVGH FXLVVRQHWF SRXUYRVXVWHQVLOHVYRV UHFHWWHVHWOHVTXDQWLW«VORUVTXHYRXV XWLOLVHUH]O DSSDUHLO &XLVVRQGHJ¤WHDX[ ವ ವ ವ &XLVVRQGHYLDQGHHWGH SRLVVRQ ವ &XLVVRQGHJ¤WHDX[ 1 RXYUH]ODSRUWHGXIRXUTX DX[GX WHPSVGHFXLVVRQ ವ 6LYRXVXWLOLVH]GHX[SODWHDX[GHFXLVVRQ HQP¬PHWHPSVODLVVH]XQQLYHDXOLEUH HQWUHOHVGHX[ ವ /DIRQFWLRQ&RQYHFWLRQQDWXUHOOH FXLVVRQ SDUOHKDXWHWSDUOHEDV DYHFOD WHPS«UDWXUHSDUG«IDXWHVWLG«DOHSRXU FXLUHGXSDLQ &XLVVRQGHYLDQGHHWGHSRLVVRQ 3RXUOHVDOLPHQWVWUªVJUDVXWLOLVH]XQ SODW¢U¶WLUSRXU«YLWHUGHVDOLUOHIRXUGH PDQLªUHLUU«YHUVLEOH $YDQWGHFRXSHUODYLDQGHODLVVH]OD UHSRVHUSHQGDQWHQYLURQPLQXWHVDILQ G «YLWHUTXHOHMXVQHV «FRXOH 3RXU«YLWHUTX XQHWURSJUDQGHTXDQWLW« GHIXP«HQHVHIRUPHGDQVOHIRXU DMRXWH]GHO HDXGDQVOHSODW¢U¶WLU3RXU «YLWHUTXHODIXP«HQHVHFRQGHQVH DMRXWH]¢QRXYHDXGHO HDXGDQVOHSODW¢ U¶WLU¢FKDTXHIRLVTX LOQ HQFRQWLHQWSOXV 1 RXYUH]ODSRUWHGXIRXUTX DX[ GXWHPSVGHFXLVVRQ 6LYRXVXWLOLVH]GHX[SODWHDX[GH FXLVVRQHQP¬PHWHPSVODLVVH]XQ QLYHDXOLEUHHQWUHOHVGHX[ /DIRQFWLRQ&KDXIIDJH+DXW%DVDYHF ODWHPS«UDWXUHSDUG«IDXWHVWLG«DOH SRXUFXLUHGXSDLQ 3RXUOHVDOLPHQWVWUªVJUDVXWLOLVH]XQ SODW¢U¶WLUSRXU«YLWHUGHVDOLUOHIRXU GHPDQLªUHLUU«YHUVLEOH $YDQWGHFRXSHUODYLDQGHODLVVH]OD UHSRVHUSHQGDQWHQYLURQPLQXWHV DILQG «YLWHUTXHOHMXVQHV «FRXOH 3RXU«YLWHUTX XQHWURSJUDQGH TXDQWLW«GHIXP«HQHVHIRUPHGDQV OHIRXUDMRXWH]GHO HDXGDQVOHSODW¢ U¶WLU3RXU«YLWHUTXHODIXP«HQHVH FRQGHQVHDMRXWH]¢QRXYHDXGHO HDX GDQVOHSODW¢U¶WLU¢FKDTXHIRLVTX LO Q HQFRQWLHQWSOXV 7HPSVGHFXLVVRQ /HWHPSVGHFXLVVRQYDULHVHORQOHW\SH G DOLPHQWVDFRQVLVWDQFHHWVRQYROXPH $XG«SDUWVXUYHLOOH]ODFXLVVRQORUVTXH YRXVFXLVLQH]$LQVLYRXVWURXYHUH]OHV PHLOOHXUVU«JODJHV IRQFWLRQWHPSVGH FXLVVRQHWF SRXUYRVXVWHQVLOHVYRV UHFHWWHVHWOHVTXDQWLW«VORUVTXHYRXV XWLOLVHUH]O DSSDUHLO )5$1$,6 5¶WLVVDJHHWFXLVVRQ *¤WHDX[ 3ODW &KDXIIDJH+DXW%DV &KDOHXU7RXUQDQWH 7HPS«UD഻ 3RVLWLRQV 7HPS«UD഻ 3RVLWLRQV WXUH r& GHVJULO഻ WXUH r& GHVJULO഻ OHV OHV 'XU«H PLQ 5HPDU഻ TXHV 3¤WHV¢ J¤WHDX[ HW 'DQVXQ PRXOH¢ J¤WHDX 3¤WHVDಣ EO«H HW 'DQVXQ PRXOH¢ J¤WHDX *¤WHDXDX IURPDJH 'DQVXQ PRXOH¢ J¤WHDXGH FP 6WUXGHO 6XUXQ SODWHDXGH FXLVVRQ 7DUWH¢OD FRQILWXUH JDXFKH HWGURLW 'DQVXQ PRXOH¢ J¤WHDXGH FP *¤WHDXGH 1R­O&DNH DX[IUXLWV 'DQVXQ PRXOH¢ J¤WHDXGH FP 3U«FKDXIಣ IH]OHIRXU SHQGDQW PLQXಣ WHV 'DQVXQ PRXOH¢ SDLQ 3U«FKDXIಣ IH]OHIRXU SHQGDQW PLQXಣ WHV %LVFXLWV *¤WHDX[ VHFV7UHVಣ VHVIHXLOOHಣ W«HV 6XUXQ SODWHDXGH FXLVVRQ *¤WHDX DX[SUXಣ QHV ZZZHOHFWUROX[FRP 3ODW &KDXIIDJH+DXW%DV &KDOHXU7RXUQDQWH 7HPS«UD഻ 3RVLWLRQV 7HPS«UD഻ 3RVLWLRQV WXUH r& GHVJULO഻ WXUH r& GHVJULO഻ OHV OHV 'XU«H PLQ 5HPDU഻ TXHV 0HULQJXHV VXUXQ VHXOQLಣ YHDX 6XUXQ SODWHDXGH FXLVVRQ 0HULQJXHV VXUGHX[ QLYHDX[ HW 6XUXQ SODWHDXGH FXLVVRQ 3U«FKDXIಣ IH]OHIRXU SHQGDQW PLQXಣ WHV 3HWLWV SDLQV 6XUXQ SODWHDXGH FXLVVRQ 3U«FKDXIಣ IH]OHIRXU SHQGDQW PLQXಣ WHV FODLUV VXUXQ VHXOQLಣ YHDX 6XUXQ SODWHDXGH FXLVVRQ FODLUV VXUGHX[ QLYHDX[ HW 6XUXQ SODWHDXGH FXLVVRQ 7RXUWHV 'DQVXQ PRXOH¢ J¤WHDXGH FP &DNHDX[ IUXLWV 'DQVXQ PRXOH¢ J¤WHDXGH FP *¤WHDX¢ «WDJHV JDXFKH HWGURLW 'DQVXQ PRXOH¢ J¤WHDXGH FP )5$1$,6 3DLQHWSL]]D 3ODW &KDXIIDJH+DXW%DV &KDOHXU7RXUQDQWH 7HPS«UD഻ 3RVLWLRQV 7HPS«UD഻ 3RVLWLRQV WXUH r& GHVJULO഻ WXUH r& GHVJULO഻ OHV OHV 'XU«H PLQ 5HPDU഻ TXHV 3DLQEODQF ¢SLªಣ FHVJ SDUSLªFH 3U«FKDXIಣ IH]OHIRXU SHQGDQW PLQXಣ WHV 3DLQGH VHLJOH 'DQVXQ PRXOH¢ SDLQ 3HWLWV SDLQV HW ¢SHಣ WLWVSDLQV VXUXQSODಣ WHDXGH FXLVVRQ 3U«FKDXIಣ IH]OHIRXU SHQGDQW PLQXಣ WHV 3L]]D 6XUXQ SODWHDXGH FXLVVRQRX XQSODW¢ U¶WLU 3U«FKDXIಣ IH]OHIRXU SHQGDQW PLQXಣ WHV 6FRQHV 6XUXQ SODWHDXGH FXLVVRQ 3U«FKDXIಣ IH]OHIRXU SHQGDQW PLQXಣ WHV ZZZHOHFWUROX[FRP 3U«SDUDWLRQV¢EDVHG ĕXIV 3ODW &KDXIIDJH+DXW%DV &KDOHXU7RXUQDQWH 7HPS«UD഻ 3RVLWLRQV 7HPS«UD഻ 3RVLWLRQV WXUH r& GHVJULO഻ WXUH r& GHVJULO഻ OHV OHV *UDWLQGH S¤WHV 'XU«H PLQ 5HPDU഻ TXHV 'DQVXQ PRXOH *UDWLQDX[ O«JXPHV 'DQVXQ PRXOH 4XLFKHV 'DQVXQ PRXOH 3U«FKDXIಣ IH]OHIRXU SHQGDQW PLQXಣ WHV /DVDJQHV 'DQVXQ PRXOH 3U«FKDXIಣ IH]OHIRXU SHQGDQW PLQXಣ WHV &DQQHOORQL 'DQVXQ PRXOH 3U«FKDXIಣ IH]OHIRXU SHQGDQW PLQXಣ WHV 'XU«H PLQ 5HPDU഻ TXHV 9LDQGH 3ODW &KDXIIDJH+DXW%DV &KDOHXU7RXUQDQWH 7HPS«UD഻ 3RVLWLRQV 7HPS«UD഻ 3RVLWLRQV WXUH r& GHVJULO഻ WXUH r& GHVJULO഻ OHV OHV %ĕXI 6XUXQH JULOOHP«ಣ WDOOLTXH 3RUF 6XUXQH JULOOHP«ಣ WDOOLTXH 9HDX 6XUXQH JULOOHP«ಣ WDOOLTXH )5$1$,6 3ODW &KDXIIDJH+DXW%DV &KDOHXU7RXUQDQWH 7HPS«UD഻ 3RVLWLRQV 7HPS«UD഻ 3RVLWLRQV WXUH r& GHVJULO഻ WXUH r& GHVJULO഻ OHV OHV 'XU«H PLQ 5HPDU഻ TXHV 5¶WLGH ERHXIVDLಣ JQDQW 6XUXQH JULOOHP«ಣ WDOOLTXH 5¶WLGH ERHXIFXLW ¢SRLQW 6XUXQH JULOOHP«ಣ WDOOLTXH 6XUXQH JULOOHP«ಣ WDOOLTXH SDXOHGH SRUF $YHF FRXHQQH -DUUHWGH SRUF PRUಣ FHDX[ $JQHDX *LJRW 3RXOHW (QWLHU 'LQGH (QWLªUH &DQDUG (QWLHU 2LH (QWLªUH /DSLQ (QPRUಣ FHDX[ /LªYUH (QPRUಣ FHDX[ )DLVDQ (QWLHU 'XU«H PLQ 5HPDU഻ TXHV 5¶WLGH ERHXI ELHQFXLW 3RLVVRQ 3ODW &KDXIIDJH+DXW%DV &KDOHXU7RXUQDQWH 7HPS«UD഻ 3RVLWLRQV 7HPS«UD഻ 3RVLWLRQV WXUH r& GHVJULO഻ WXUH r& GHVJULO഻ OHV OHV 7UXLWH GDXUDGH SRLVಣ VRQV 7KRQ VDXPRQ ILOHWV ZZZHOHFWUROX[FRP *ULO $YDQWODFXLVVRQIDLWHV SU«FKDXIIHUYRWUHIRXU¢YLGH SHQGDQWPLQXWHV 3ODW 4XDQWLW« 0RUFHDX[ 4XDQWLW« NJ 7HPS«UD഻ 'XU«H PLQ WXUH r& UHIDFH HIDFH 3RVLWLRQV GHVJULO഻ OHV )LOHWGH EĕXI PD[ 6WHDNVGH EĕXI PD[ 6DXFLVVHV PD[ &¶WHOHWWHV GHSRUF PD[ PD[ %URFKHWWHV PD[ (VFDORSH GHSRXOHW PD[ 6WHDNKDಣ FK« PD[ )LOHWGH SRLVVRQ PD[ 6DQGZLಣ FKHVWRDVಣ W«V PD[ 7RDVWV PD[ 3RXOHW FRXS«HQ GHX[ 7XUER*ULO %RHXI 3ODW 4XDQWLW« 7HPS«UDWXUH r& 'XU«H PLQ 3RVLWLRQVGHV JULOOHV 5¶WLRXILOHWGH EĕXIVDLJQDQW 3DUFP Gಬ«SDLVVHXU RX 5¶WLRXILOHWGH EĕXI¢SRLQW 3DUFP Gಬ«SDLVVHXU RX )5$1$,6 3ODW 4XDQWLW« 7HPS«UDWXUH r& 'XU«H PLQ 3RVLWLRQVGHV JULOOHV 5¶WLRXILOHWGH EĕXIELHQFXLW 3DUFP Gಬ«SDLVVHXU RX 3ODW 4XDQWLW« NJ 7HPS«UDWXUH r& 'XU«H PLQ 3RVLWLRQVGHV JULOOHV SDXOHFROOLHU MDPERQ¢O RV RX &¶WHOHWWHF¶WHOHಣ Y«H RX 3¤W«¢ODYLDQGH RX -DUUHWGHSRUF SU«FXLW RX 3ODW 4XDQWLW« NJ 7HPS«UDWXUH r& 'XU«H PLQ 3RVLWLRQVGHV JULOOHV 5¶WLGHYHDX RX -DUUHW RX 3ODW 4XDQWLW« NJ 7HPS«UDWXUH r& 'XU«H PLQ 3RVLWLRQVGHV JULOOHV *LJRW G DJQHDXU¶WL G DJQHDX RX 6HOOHGಬDJQHDX RX 3ODW 4XDQWLW« NJ 7HPS«UDWXUH r& 'XU«H PLQ 3RVLWLRQVGHV JULOOHV 0RUFHDX[GH YRODLOOH FKDಣ FXQ RX 'HPLSRXOHW FKDಣ FXQ RX 9RODLOOHSRXODUಣ GH RX &DQDUG RX 3U«FKDXIIHUOHIRXU 3RUF 9HDX $JQHDX 9RODLOOH ZZZHOHFWUROX[FRP 3ODW 4XDQWLW« NJ 7HPS«UDWXUH r& 'XU«H PLQ 3RVLWLRQVGHV JULOOHV 2LH RX 'LQGH RX 'LQGH RX 3ODW 4XDQWLW« NJ 7HPS«UDWXUH r& 'XU«H PLQ 3RVLWLRQVGHV JULOOHV 3RLVVRQHQWLHU RX 3RLVVRQ &KDOHXUWRXUQDQWHKXPLGH (QFRXUVGHFXLVVRQ Q RXYUH]ODSRUWHGH O DSSDUHLOTXHVLF HVW YUDLPHQWQ«FHVVDLUH 3ODW 7HPS«UDWXUH r& 'XU«H PLQ 3RVLWLRQV GHVJULOOHV *UDWLQGHS¤WHV *UDWLQGHSRPPHVGHWHUUH 0RXVVDND /DVDJQHV &DQQHOORQL 3XGGLQJ 5L]DXODLW *¤WHDXDX[SRPPHV 3DLQEODQF &XLVVRQ%DVVH 7HPS«UDWXUH 8WLOLVH]FHWWHIRQFWLRQSRXUSU«SDUHUGHV PRUFHDX[GHYLDQGHHWGHSRLVVRQ WHQGUHVHWIDLEOHVHQJUDLVVHDYHFXQH WHPS«UDWXUH¢FĕXUGHr&PD[LPXP &HWWHIRQFWLRQQ HVWSDVDSSOLFDEOH¢ FHUWDLQHVUHFHWWHVWHOOHVTXHGHV PRUFHDX[¢EUDLVHURXGHVU¶WLVGHSRUF JUDV9RXVSRXYH]XWLOLVHUODVRQGH¢ YLDQGHSRXUYRXVDVVXUHUTXHOD WHPS«UDWXUH¢FĕXUGHODYLDQGHHVW FRUUHFWH UHSRUWH]YRXVDXWDEOHDXGHOD VRQGH¢YLDQGH 'DQVOHVSUHPLªUHVPLQXWHVYRXV SRXYH]U«JOHUXQHWHPS«UDWXUHFRPSULVH HQWUHr&HWr&/DWHPS«UDWXUHSDU G«IDXWHVWGHr&8QHIRLVOD WHPS«UDWXUHU«JO«HOHIRXUFRQWLQXHVD FXLVVRQ¢r&1 XWLOLVH]SDVFHWWH IRQFWLRQDYHFGHODYRODLOOH )5$1$,6 1 XWLOLVH]MDPDLVGH FRXYHUFOHORUVTXHYRXV UHFRXUH]¢FHPRGHGH FXLVVRQ 6DLVLVVH]ODYLDQGHGDQVXQHSR¬OH VXUODWDEOHGHFXLVVRQ¢WUªVKDXWH WHPS«UDWXUHSHQGDQW¢PLQXWHV GHFKDTXHF¶W« 3ODFH]ODYLDQGHDYHFOHSODW¢U¶WLU FKDXGGDQVOHIRXUVXUODJULOOH P«WDOOLTXH 3ODFH]ODVRQGH¢YLDQGHGDQVOD YLDQGH 6«OHFWLRQQH]ODIRQFWLRQ&XLVVRQ %DVVH7HPS«UDWXUHHWU«JOH]OD WHPS«UDWXUH¢FĕXUILQDOH 5«JOH]ODWHPS«UDWXUHVXUr& 3ODW 'XU«H PLQ 3RVLWLRQV GHVJULOOHV 5¶WLGHEĕXI NJ )LOHWGHEĕXI NJ 5¶WLGHYHDX NJ 6WHDNV NJ 6W«ULOLVDWLRQ 8WLOLVH]WRXMRXUVGHVERFDX[¢VW«ULOLVHU GHGLPHQVLRQVLGHQWLTXHVGLVSRQLEOHV GDQVOHFRPPHUFH 1 XWLOLVH]SDVGHERFDX[¢FRXYHUFOHV¢ YLVVHURX¢ED±RQQHWWHQLGHER°WHV P«WDOOLTXHV 8WLOLVH]OHSUHPLHUQLYHDXHQSDUWDQWGX EDVGXIRXUSRXUFHWWHIRQFWLRQ 1HPHWWH]SDVSOXVGHVL[ERFDX[¢ FRQVHUYHVG XQOLWUHVXUOHSODWHDXGH FXLVVRQ 5HPSOLVVH]OHVERFDX[DXP¬PHQLYHDX HWHQFOHQFKH]OHV\VWªPHGHIHUPHWXUH /HVERFDX[QHGRLYHQWSDVVHWRXFKHU 0HWWH]HQYLURQOLWUHG HDXGDQVOH SODWHDXGHFXLVVRQSRXUKXPLGLILHUOH IRXU /RUVTXHOHOLTXLGHFRQWHQXGDQVOHVSRWV FRPPHQFH¢IU«PLU DXERXWG HQYLURQ ¢PLQXWHVSRXUGHVSRWVG XQOLWUH «WHLJQH]OHIRXURXU«GXLVH]OD WHPS«UDWXUH¢r& UHSRUWH]YRXVDX WDEOHDX %DLHV 3ODW 7HPS«UDWXUH r& &XLVVRQMXVTX ¢ FHTXHODSU«SDUD഻ WLRQFRPPHQFH¢ IU«PLU PLQ &RQWLQXH]ODFXLV഻ VRQ¢r& PLQ )UDLVHV0\UWLOOHV )UDPERLVHV*URಣ VHLOOHV¢PDTXHಣ UHDXP½UHV 3ODW 7HPS«UDWXUH r& &XLVVRQMXVTX ¢ FHTXHODSU«SDUD഻ WLRQFRPPHQFH¢ IU«PLU PLQ &RQWLQXH]ODFXLV഻ VRQ¢r& PLQ 3RLUHV&RLQJV 3UXQHV )UXLWV¢QR\DX ZZZHOHFWUROX[FRP /«JXPHV 3ODW 7HPS«UDWXUH r& &XLVVRQMXVTX ¢ FHTXHODSU«SDUD഻ WLRQFRPPHQFH¢ IU«PLU PLQ &RQWLQXH]ODFXLV഻ VRQ¢r& PLQ &DURWWHV &RQFRPEUHV %RXTXHWFURTXDQW GHO«JXPHV &KRXUDYH3HWLWV SRLV$VSHUJHV /DLVVH]UHSRVHUGDQVOHIRXUDSUªVTX LOVRLW«WHLQW 6«FKDJH ವ ವ 8WLOLVH]GHVSODTXHVUHFRXYHUWHVGH SDSLHUVXOIXULV« 3RXUREWHQLUXQPHLOOHXUU«VXOWDW DUU¬WH]OHIRXU¢ODPRLWL«GHODGXU«H GHG«VK\GUDWDWLRQRXYUH]ODSRUWHHW ODLVVH]UHIURLGLUSHQGDQWXQHQXLWSRXU WHUPLQHUOHV«FKDJH /«JXPHV 3ODW 7HPS«UDWXUH r& 'XU«H K +DULFRWV 3RLYURQV 3RVLWLRQVGHVJULOOHV SRVLWLRQ SRVLWLRQV /«JXPHVSRXU SRWDJH &KDPSLJQRQV )LQHVKHUEHV 7HPS«UDWXUH r& 'XU«H K 3RVLWLRQVGHVJULOOHV 3UXQHV $EULFRWV )UXLWV 3ODW SRVLWLRQ SRVLWLRQV 3RPPHVODಣ PHOOHV 3RLUHV )5$1$,6 &KDOHXUWRXUQDQWH9DSHXU *¤WHDX[HWS¤WLVVHULHV 3ODW 5HPDUTXHV 3RVL഻ WLRQVGHV JULOOHV 7HPS«UDWX഻ 'XU«H PLQ UH r& *¤WHDXDX[SRPಣ PHV 'DQVXQPRXOH¢J¤WHDX GHFP 7DUWHV 'DQVXQPRXOH¢J¤WHDX GHFP &DNHDX[IUXLWV 'DQVXQPRXOH¢J¤WHDX GHFP *«QRLVH*¤WHDX 6DYRLH 'DQVXQPRXOH¢J¤WHDX GHFP 3DQHWWRQH 'DQVXQPRXOH¢J¤WHDX GHFP *¤WHDXDX[SUXಣ QHV 'DQVXQPRXOH¢SDLQ 3HWLWVJ¤WHDX[ HW 6XUXQSODWHDXGHFXLVಣ VRQ %LVFXLWV*¤WHDX[ VHFV HW 6XUXQSODWHDXGHFXLVಣ VRQ 3HWLWVSDLQVVXಣ FU«V 6XUXQSODWHDXGHFXLVಣ VRQ %ULRFKHV HW 6XUXQSODWHDXGHFXLVಣ VRQ 3U«FKDXIIH]OHIRXUSHQGDQWPLQXWHV 3U«SDUDWLRQV¢EDVHG ĕXIV 3ODW 7HPS«UDWX഻ 'XU«H UH r& PLQ 3RVLWLRQV 5HPDUTXHV GHVJULOOHV /«JXPHVIDUFLV 'DQVXQPRXOH /DVDJQHV 'DQVXQPRXOH *UDWLQGHSRPಣ PHVGHWHUUH HW 'DQVXQPRXOH 3ODW 4XDQWLW« NJ 7HPS«഻ UDWXUH r& 'XU«H PLQ 3RVLWLRQV 5HPDUTXHV GHVJULOOHV 5¶WLGHSRUF 9LDQGH 6XUXQHJULOOH P«WDOOLTXH ZZZHOHFWUROX[FRP 3ODW 4XDQWLW« NJ 7HPS«഻ UDWXUH r& 'XU«H PLQ 3RVLWLRQV 5HPDUTXHV GHVJULOOHV 9HDX 6XUXQHJULOOH P«WDOOLTXH 5¶WLGHEĕXI VDLJQDQW 6XUXQHJULOOH P«WDOOLTXH 5¶WLGHEĕXI ¢SRLQW 6XUXQHJULOOH P«WDOOLTXH 5¶WLGHEĕXI ELHQFXLW 6XUXQHJULOOH P«WDOOLTXH $JQHDX *LJRW 3RXOHW (QWLHU 'LQGH &DQDUG (QWLHU 2LH (QWLªUH /DSLQ (QPRUFHDX[ (QWLªUH 3RLVVRQ 3ODW 4XDQWL഻ 7HPS«UD഻ W« NJ WXUH r& 'XU«H PLQ 3RVLWLRQV 5HPDUTXHV GHVJULOOHV 7UXLWH SRLVVRQV 7KRQ ILOHWV &ROLQ &XLVVRQGDQVOHSODWGH FXLVVRQGL«W«WLTXH 8WLOLVH]ODIRQFWLRQ&KDOHXUWRXUQDQWH 9DSHXU /«JXPHV 3ODW 7HPS«UDWXUH r& 'XU«H PLQ 3RVLWLRQVGHVJULOOHV %URFROLHQERXTXHWV $XEHUJLQHV &KRXIOHXUHQERXTXHWV 7RPDWHV $VSHUJHVEODQFKHV )5$1$,6 3ODW 7HPS«UDWXUH r& 'XU«H PLQ 3RVLWLRQVGHVJULOOHV $VSHUJHVYHUWHV &RXUJHWWHVHQODPHOOHV &DURWWHV )HQRXLO &KRXUDYH 3RLYURQVHQODPHOOHV 5RQGHOOHVGHF«OHUL 3ODW 7HPS«UDWXUH r& 'XU«H PLQ 3RVLWLRQVGHVJULOOHV -DPERQFXLW (VFDORSHGHSRXOHWSRFK«H .DVVHOHU ILOHWPLJQRQGH SRUFIXP« 3ODW 7HPS«UDWXUH r& 'XU«H PLQ 3RVLWLRQVGHVJULOOHV 7UXLWH )LOHWGHVDXPRQ 3ODW 7HPS«UDWXUH r& 'XU«H PLQ 3RVLWLRQVGHVJULOOHV 5L] 3RPPHVGHWHUUHHQUREH GHVFKDPSVWDLOOHPR\HQಣ QH 3GWYDSHXUHQTXDUWLHUV 3ROHQWD 9LDQGH 3RLVVRQ *DUQLWXUHV 6ROH3XOV«H $YDQWODFXLVVRQIDLWHV SU«FKDXIIHUYRWUHIRXUYLGH SHQGDQWPLQXWHV ZZZHOHFWUROX[FRP 3ODW 7HPS«UDWXUH r& 'XU«H PLQ 3RVLWLRQV GHVJULOOHV 5HPDUTXHV 3L]]D S¤WHILಣ QH 6XUXQSODWHDX GHFXLVVRQ 3L]]D ELHQ JDUQLH 6XUXQSODWHDX GHFXLVVRQ 0LQLSL]]D 6XUXQSODWHDX GHFXLVVRQ *¤WHDXDX[ SRPPHV 'DQVXQPRXOH ¢J¤WHDXGH FP 7DUWH 'DQVXQPRXOH ¢J¤WHDXGH FP 7DUWH¢O RLJQRQ ದ ದ 6XUXQSODWHDX GHFXLVVRQ 5«J«Q«UDWLRQ $YDQWODFXLVVRQIDLWHV SU«FKDXIIHUYRWUHIRXUYLGH SHQGDQWPLQXWHV 3ODW 7HPS«UDWXUH r& 'XU«H PLQ 3RVLWLRQVGHVJULOOHV 5DJR½WV*UDWLQV 3¤WHVDYHFVDXFH *DUQLWXUHV SDUH[ UL]SRPPHVGHWHUUH S¤WHV 3ODWVXQLTXHV 9LDQGH /«JXPHV &XLVVRQGXSDLQ $YDQWODFXLVVRQIDLWHV SU«FKDXIIHUYRWUHIRXUYLGH SHQGDQWPLQXWHV )5$1$,6 3ODW 4XDQWL഻ 7HPS«UDWX഻ 'XU«H PLQ W« NJ UH r& 3RVLWLRQVGHV 5HPDUTXHV JULOOHV 3DLQEODQF ¢SLªFHV JSDUSLªಣ FH 3HWLWVSDLQV HW ¢SHWLWV SDLQVVXUXQ SODWHDXGH FXLVVRQ 3DLQGHVHLಣ JOH ¢SLªFHV JSDUSLªಣ FH )RFDFFLD 6XUXQSODಣ WHDXGHFXLVಣ VRQ 7DEOHDXGHODVRQGH¢ YLDQGH 3ODW 7HPS«UDWXUH¢ FĕXUGXSODW r& 5¶WLGHYHDX -DUUHWGHYHDX 5¶WLGHERHXI VDLJQDQW 5¶WLGHERHXI FXLW¢SRLQW 5¶WLGHERHXI ELHQFXLW 3ODW 7HPS«UDWXUH¢ FĕXUGXSODW r& SDXOHGHSRUF -DUUHWGHSRUF $JQHDX 3RXOHW /LªYUH 7UXLWHGDXUDGH 7KRQVDXPRQ (175(7,(1(71(772<$*( $9(57,66(0(17 5HSRUWH]YRXVDX[FKDSLWUHV FRQFHUQDQWODV«FXULW« 5HPDUTXHVFRQFHUQDQW O HQWUHWLHQ 1HWWR\H]ODID©DGHGXIRXU¢O DLGHG XQH «SRQJHKXPLGHDGGLWLRQQ«HG HDX VDYRQQHXVHWLªGH 8WLOLVH]XQSURGXLWFRXUDQWGHVWLQ«DX QHWWR\DJHGHVVXUIDFHVHQP«WDO 1HWWR\H]O LQW«ULHXUGXIRXUDSUªVFKDTXH XWLOLVDWLRQ/ DFFXPXODWLRQGHJUDLVVHVRX G DXWUHVU«VLGXVDOLPHQWDLUHVSHXW SURYRTXHUXQLQFHQGLH&HULVTXHHVW «OHY«SRXUODOªFKHIULWH $SUªVFKDTXHXWLOLVDWLRQODYH]WRXVOHV DFFHVVRLUHVHWV«FKH]OHV8WLOLVH]XQ FKLIIRQGRX[DGGLWLRQQ«G HDXFKDXGH VDYRQQHXVH1HODYH]SDVOHV DFFHVVRLUHVDXODYHYDLVVHOOH (QFDVGHVDOLVVXUHVLPSRUWDQWHV QHWWR\H]¢O DLGHGHSURGXLWVVS«FLILTXHV SRXUIRXU ZZZHOHFWUROX[FRP 6LYRXVDYH]GHVDFFHVVRLUHVDQWL DGK«UHQWVQHOHVQHWWR\H]SDVDYHFGHV SURGXLWVDJUHVVLIVGHVREMHWVSRLQWXVQL DXODYHYDLVVHOOH&HODULVTXH G HQGRPPDJHUOHUHY¬WHPHQWDQWL DGK«VLI 'HO KXPLGLW«SHXWVHG«SRVHUGDQV O HQFHLQWHGXIRXURXVXUOHVYLWUHVGHOD SRUWH3RXUU«GXLUHODFRQGHQVDWLRQ IDLWHVIRQFWLRQQHUOHIRXUSHQGDQW PLQXWHVDYDQWODFXLVVRQOLPLQH] O KXPLGLW«GDQVODFDYLW«DSUªVFKDTXH XWLOLVDWLRQ 1 2 5«LQVWDOOH]OHVDFFHVVRLUHVTXHYRXV DYH]UHWLU«VHQU«S«WDQWFHWWHSURF«GXUH GDQVO RUGUHLQYHUVH 3\URO\VH )RXUVHQDFLHULQR[\GDEOH RXHQDOXPLQLXP $77(17,21 5HWLUH]WRXVOHVDFFHVVRLUHV HWOHVVXSSRUWVGHJULOOH DPRYLEOHV 1HWWR\H]ODSRUWHXQLTXHPHQWDYHFXQH «SRQJHRXXQFKLIIRQKXPLGHV6«FKH] ODDYHFXQFKLIIRQGRX[ $77(17,21 $YDQWGHFRPPHQFHUOH SURFHVVXVGHQHWWR\DJH DVVXUH]YRXVTXHOH U«VHUYRLUG HDXHVWYLGH 5HSRUWH]YRXVDXFKDSLWUH m9LGDQJHGXU«VHUYRLU G HDX} 1 XWLOLVH]MDPDLVGHSURGXLWVDEUDVLIVRX DFLGHVQLG «SRQJHVP«WDOOLTXHVFDULOV SHXYHQWHQGRPPDJHUODVXUIDFHGXIRXU 1HWWR\H]OHEDQGHDXGHFRPPDQGHGX IRXUHQREVHUYDQWFHVP¬PHV UHFRPPDQGDWLRQV 5HWUDLWGHVVXSSRUWVGH JULOOH 3RXUQHWWR\HUOHIRXUUHWLUH]OHVVXSSRUWV GHJULOOH $77(17,21 6R\H]SUXGHQWORUVTXHYRXV UHWLUH]OHVVXSSRUWVGHJULOOH FDUWH]O DYDQWGXVXSSRUWGHJULOOH GHODSDURLODW«UDOH FDUWH]O DUULªUHGXVXSSRUWGHJULOOH GHODSDURLODW«UDOHHWUHWLUH]OH /HQHWWR\DJHSDUS\URO\VH QHSHXWSDVG«PDUUHU ವ 6LYRXVQ DYH]SDVUHWLU«ODILFKHGHOD VRQGH¢YLDQGHGHODSULVH ವ 6LYRXVQ DYH]SDVFRPSOªWHPHQW IHUP«ODSRUWHGXIRXU 5HWLUHUOHVSOXVJURVVHVVDOLVVXUHV¢OD PDLQ $77(17,21 6LXQDXWUHDSSDUHLOHVW LQVWDOO«GDQVOHP¬PH PHXEOHQHO XWLOLVH]SDVHQ P¬PHWHPSVTXHOD IRQFWLRQ3\URO\VH9RXV ULVTXHULH]G HQGRPPDJHUOH IRXU 1HWWR\H]ODSDUWLHLQW«ULHXUHGHOD SRUWH¢O HDXFKDXGHDILQG «YLWHUTXH OHVU«VLGXVTXLV \WURXYHQWQHEU½OHQW ORUVGHODPRQW«HHQWHPS«UDWXUH $OOXPH]OHIRXUHWGDQVOHPHQX SULQFLSDODFWLYH]ODIRQFWLRQ )5$1$,6 3\URO\VH$SSX\H]VXUODWRXFKH SRXUFRQILUPHU 5«JOH]ODGXU«HGXSURFHVVXVGH QHWWR\DJH 2SWLRQV 'HVFULSWLRQ 5DSLGH KSRXUXQ IRXUSHXVDOH 1RUPDOH KPLQ SRXUXQIRXU QRUPDOHPHQW VDOH 5HQIRUF«H KPLQ SRXUXQIRXU WUªVVDOH $SSX\H]VXU SRXUFRQILUPHU /DSRUWHGXIRXUVHYHUURXLOOH ORUVTXHOHQHWWR\DJHSDU S\URO\VHG«PDUUHHW O «FODLUDJHV «WHLQW 3RXULQWHUURPSUHOH QHWWR\DJHSDUS\URO\VHDYDQW TX LOQHVRLWWHUPLQ« «WHLJQH]OHIRXU $9(57,66(0(17 /RUVTXHOHQHWWR\DJHHVW WHUPLQ«OHIRXUHVWWUªV FKDXG/DLVVH]OHUHIURLGLU 5LVTXHGHEU½OXUH /RUVTXHOHQHWWR\DJHHVW WHUPLQ«ODSRUWHUHVWH YHUURXLOO«HSHQGDQWODSKDVH GHUHIURLGLVVHPHQWGXIRXU &HUWDLQHVIRQFWLRQVGXIRXU QHVRQWSDVGLVSRQLEOHV SHQGDQWODSKDVHGH UHIURLGLVVHPHQW 1HWWR\DJHGXU«VHUYRLU G HDX $9(57,66(0(17 1HYHUVH]SDVG HDXGDQVOH U«VHUYRLUG HDXGXUDQWOH SURFHVVXVGHQHWWR\DJH 'XUDQWOHSURFHVVXVGH QHWWR\DJHGHO HDXSHXW V «JRXWWHUGXWX\DXG DUULY«H GHODYDSHXUGDQVODFDYLW« GXIRXU3ODFH]XQH OªFKHIULWHVXUOHQLYHDXVLWX« MXVWHHQGHVVRXVGXWX\DX G DUULY«HGHODYDSHXUSRXU «YLWHUTXHO HDXQHFRXOH MXVTX DXIRQGGHODFDYLW«GX IRXU $XERXWG XQFHUWDLQWHPSVGHVG«S¶WV FDOFDLUHVSHXYHQWDSSDUD°WUHGDQVOH IRXU3RXU«YLWHUFHODQHWWR\H]WRXVOHV «O«PHQWVGXIRXUSURGXLVDQWGHOD YDSHXU9LGH]OHU«VHUYRLUDSUªVFKDTXH FXLVVRQ¢ODYDSHXU 7\SHVG HDX ವ ವ ವ (DXGRXFH¢IDLEOHWHQHXUHQ FDOFDLUHHOOHHVWUHFRPPDQG«HSDU OHIDEULFDQWFDUHOOHU«GXLWOHQRPEUH GHQHWWR\DJHVQ«FHVVDLUHV (DXGXURELQHWYRXVSRXYH] O XWLOLVHU¢FRQGLWLRQTXHYRWUH DOLPHQWDWLRQGRPHVWLTXHVRLWGRW«H G XQSXULILFDWHXURXG XQDGRXFLVVHXU G HDX (DXGXUH¢KDXWHWHQHXUHQ FDOFDLUHFHW\SHG HDXQ HQWUDYH DXFXQHPHQWOHERQIRQFWLRQQHPHQW GXIRXUPDLVLODXJPHQWHOD IU«TXHQFHGHVSURF«GXUHVGH QHWWR\DJH ZZZHOHFWUROX[FRP 7$%/($8'(648$17,76'(&$/&,805(&200$1'(63$5/ 206 2UJDQLVDWLRQPRQGLDOHGHODVDQW« '«S¶WGHFDO഻ FLXP 'XUHW«HDX &ODVVLILFDWLRQ GHO HDX )U«TXHQFHGH G«WDUWUDJH GHJU«VIUDQ഻ ©DLV GHJU«VDOOH഻ PDQGV PJO 'RXFHRXFODLUH F\FOHV PRLV PJO 0R\HQQHPHQW GXUH PJO 'XUHRXFDOFDLಣ F\FOHV UH PRLV SOXVGH PJO SOXVGH SOXVGH 7UªVGXUH 5HPSOLVVH]OHU«VHUYRLUDYHFPO G HDXHQ\DMRXWDQWPO VRLWFLQT FXLOOªUHV¢FDI« G DFLGHFLWULTXH WHLJQH]OHIRXUHWDWWHQGH] PLQXWHVHQYLURQ $OOXPH]OHIRXUHWV«OHFWLRQQH]OD IRQFWLRQ&KDOHXUWRXUQDQWH 9DSHXU5«JOH]ODWHPS«UDWXUHVXU r&WHLJQH]OHDXERXWGH PLQXWHVSXLVODLVVH]OHUHIURLGLU SHQGDQWPLQXWHV $OOXPH]OHIRXUHWV«OHFWLRQQH]OD IRQFWLRQ&KDOHXUWRXUQDQWH 9DSHXU5«JOH]ODWHPS«UDWXUHHQWUH HWr&WHLJQH]OHDSUªV PLQXWHV /DLVVH]OHUHIURLGLUHWSURF«GH]¢OD YLGDQJHGXU«VHUYRLU5HSRUWH]YRXVDX FKDSLWUHm9LGDQJHGXU«VHUYRLUG HDX} 5LQFH]OHU«VHUYRLUG HDXHWQHWWR\H] OHVU«VLGXVGHFDOFDLUHSU«VHQWVGDQV OHIRXUDYHFXQFKLIIRQ 1HWWR\H]OHWX\DXGHYLGDQJH¢OD PDLQDYHFGHO HDXFKDXGH VDYRQQHXVH3RXU«YLWHUWRXW HQGRPPDJHPHQWQ XWLOLVH]SDV G DJHQWVQHWWR\DQWVDFLGHVGH VSUD\VQLGHSURGXLWVVLPLODLUHV 5HWUDLWHWLQVWDOODWLRQGHOD SRUWH /DSRUWHGXIRXUHVWGRW«HGHWURLV SDQQHDX[GHYHUUH9RXVSRXYH]UHWLUHU ODSRUWHGXIRXUDLQVLTXHOHVSDQQHDX[ GHYHUUHLQW«ULHXUVDILQGHOHVQHWWR\HU F\FOHV PRLV F\FOHV PRLV /LVH]WRXWHVOHVLQVWUXFWLRQVGXFKDSLWUH m5HWUDLWHWLQVWDOODWLRQGHODSRUWH} DYDQWGHUHWLUHUOHVSDQQHDX[GHYHUUH 6LYRXVWHQWH]G H[WUDLUHOHV SDQQHDX[GHYHUUHVDQV DYRLUDXSU«DODEOHUHWLU«OD SRUWHGXIRXUFHOOHFLSHXW VHUHIHUPHUEUXVTXHPHQW $77(17,21 1ಬXWLOLVH]SDVOHIRXUVDQV OHVSDQQHDX[HQYHUUH 2XYUH]ODSRUWHHQJUDQGHWLGHQWLILH] ODFKDUQLªUHVLWX«H¢GURLWHGHOD SRUWH 6HUYH]YRXVG XQWRXUQHYLVSRXU VRXOHYHUHWIDLUHSLYRWHUOHOHYLHUGHOD FKDUQLªUHGURLWH )5$1$,6 7URXYH]ODFKDUQLªUHVLWX«HGXF¶W« JDXFKHGHODSRUWH '«SRVH]ODSRUWHVXUXQHVXUIDFH VWDEOHUHFRXYHUWHG XQWLVVXGRX[ 6DLVLVVH]OHVGHX[F¶W«VGXFDFKH % VLWX«VXUO DU¬WHVXS«ULHXUHGHOD SRUWHHWSRXVVH]OHYHUVO LQW«ULHXU SRXUSHUPHWWUHOHG«YHUURXLOODJHGX V\VWªPHGHIHUPHWXUH 2 B 1 6RXOHYH]HWWRXUQH]HQWLªUHPHQWOH OHYLHUGHODFKDUQLªUHJDXFKH )HUPH]ODSRUWHGXIRXU¢ODSUHPLªUH SRVLWLRQG RXYHUWXUH PLSDUFRXUV 3XLVVRXOHYH]HWWLUH]ODSRUWHYHUV O DYDQWHWUHWLUH]ODGHVRQORJHPHQW 5HWLUH]OHFDFKHGHODSRUWHHQOH WLUDQWYHUVO DYDQW 3UHQH]OHVSDQQHDX[GHYHUUHGHOD SRUWHSDUOHXUERUGVXS«ULHXUHWWLUH] OHVGRXFHPHQWXQSDUXQ &RPPHQFH]SDUOHSDQQHDX VXS«ULHXU$VVXUH]YRXVTXHODYLWUH JOLVVHHQWLªUHPHQWKRUVGHVHV VXSSRUWV 1HWWR\H]OHVSDQQHDX[GHYHUUHDYHF GHO HDXVDYRQQHXVH6«FKH] VRLJQHXVHPHQWOHVSDQQHDX[GH YHUUH/HVUDLOVW«OHVFRSLTXHVQH SDVVHQWSDVDXODYHYDLVVHOOH 8QHIRLVOHQHWWR\DJHWHUPLQ«UHPHWWH] OHVSDQQHDX[GHYHUUHHWODSRUWHGXIRXU HQSODFH 9HLOOH]¢UHSODFHUOHVSDQQHDX[GHYHUUH $HW% GDQVOHERQRUGUH&KHUFKH]OH V\PEROHO LPSUHVVLRQVHWURXYDQWVXUOH F¶W«GXSDQQHDXGHYHUUH7RXVOHV SDQQHDX[RQWXQV\PEROHGLII«UHQWSRXU IDFLOLWHUOHG«PRQWDJHHWOHPRQWDJH /RUVTXHOHFDGUHGHODSRUWHHVWLQVWDOO« FRUUHFWHPHQWLO«PHWXQFOLF ZZZHOHFWUROX[FRP A WHLJQH]OHIRXU $WWHQGH]TXHOHIRXUDLWUHIURLGL '«EUDQFKH]OHIRXUGHO DOLPHQWDWLRQ VHFWHXU 3ODFH]XQFKLIIRQDXIRQGGHOD FDYLW« B $77(17,21 3UHQH]WRXMRXUVO DPSRXOH KDORJªQHDYHFXQFKLIIRQ SRXU«YLWHUTXHGHVU«VLGXV GHJUDLVVHVXUO DPSRXOHQH SUHQQHQWIHX FODLUDJHDUULªUH 9HLOOH]¢LQVWDOOHUFRUUHFWHPHQWOH SDQQHDXGHYHUUHGXPLOLHXGDQVVRQ ORJHPHQW A B 5HWLUH]OHGLIIXVHXUHQYHUUHGH O DPSRXOHHQOHWRXUQDQW 1HWWR\H]OHGLIIXVHXUHQYHUUH 5HPSODFH]O DPSRXOHSDUXQH DPSRXOHDG«TXDWHU«VLVWDQW¢XQH WHPS«UDWXUHGHr& 5HSODFH]OHGLIIXVHXUHQYHUUH 5HPSODFHPHQWGH O «FODLUDJH $9(57,66(0(17 5LVTXHG «OHFWURFXWLRQ / DPSRXOHSHXW¬WUHFKDXGH '3$11$*( $9(57,66(0(17 5HSRUWH]YRXVDX[FKDSLWUHV FRQFHUQDQWODV«FXULW« (QFDVG DQRPDOLHGHIRQFWLRQQHPHQW 3UREOªPH &DXVHSUREDEOH 6ROXWLRQ 9RXVQHSRXYH]SDVDOOXಣ PHUOHIRXUQLOHIDLUHIRQFಣ WLRQQHU /HIRXUQ HVWSDVEUDQFK«¢ XQHVRXUFHG DOLPHQWDWLRQ «OHFWULTXHRXOHEUDQFKHಣ PHQWHVWLQFRUUHFW 9«ULILH]TXHOHIRXUHVWFRUಣ UHFWHPHQWEUDQFK«¢XQH VRXUFHG DOLPHQWDWLRQ«OHFಣ WULTXH UHSRUWH]YRXVDX VFK«PDGHEUDQFKHPHQW /HIRXUQHFKDXIIHSDV /HIRXUHVW«WHLQW $OOXPH]OHIRXU /HIRXUQHFKDXIIHSDV / KRUORJHQ HVWSDVU«JO«H 5«JOH]O KRUORJH )5$1$,6 3UREOªPH &DXVHSUREDEOH 6ROXWLRQ /HIRXUQHFKDXIIHSDV /HVU«JODJHVQ«FHVVDLUHV Q RQWSDV«W«HIIHFWX«V 9«ULILH]TXHOHVU«JODJHV VRQWFRUUHFWV /HIRXUQHFKDXIIHSDV /DIRQFWLRQG DUU¬WDXWRPDಣ 5HSRUWH]YRXV¢m$UU¬W WLTXHHVWDFWLY«H DXWRPDWLTXH} /HIRXUQHFKDXIIHSDV /DV«FXULW«HQIDQWVHVWDFಣ WLY«H 5HSRUWH]YRXV¢ODVHFWLRQ m8WLOLVDWLRQGHODV«FXULW« HQIDQWV} /HIRXUQHFKDXIIHSDV /DSRUWHQ HVWSDVIHUP«H FRUUHFWHPHQW )HUPH]FRPSOªWHPHQWOD SRUWH /HIRXUQHFKDXIIHSDV /HIXVLEOHDGLVMRQFW« 9«ULILH]TXHOHIXVLEOHHVW ELHQODFDXVHGHO DQRPDಣ OLH6LOHVIXVLEOHVGLVMRQFಣ WHQWGHPDQLªUHU«S«W«H IDLWHVDSSHO¢XQ«OHFWULಣ FLHQTXDOLIL« / «FODLUDJHQHIRQFWLRQQH SDV / «FODLUDJHHVWG«IHFWXHX[ 5HPSODFH]O DPSRXOH ,O\DGHO HDX¢O LQW«ULHXU GXIRXU /HU«VHUYRLUG HDXHVWWURS UHPSOL /DFXLVVRQ¢ODYDSHXUQH IRQFWLRQQHSDV /HU«VHUYRLUG HDXHVWYLGH 5HPSOLVVH]OHU«VHUYRLU G HDX /DFXLVVRQ¢ODYDSHXUQH IRQFWLRQQHSDV 'HVG«S¶WVGHFDOFDLUH REVWUXHQWO RULILFH 9«ULILH]O RULILFHGXWX\DX G DUULY«HGHODYDSHXUOLಣ PLQH]OHFDOFDLUH ,OIDXWSOXVGHPLQXWHV SRXUYLGHUOHU«VHUYRLU G HDXRXGHO HDXV «FRXOH SDUO RULILFHGXWX\DXG DUULಣ Y«HGHODYDSHXU ,O\DGHVG«S¶WVFDOFDLUHV GDQVOHIRXU 1HWWR\H]OHU«VHUYRLUG HDX 5HSRUWH]YRXVDXFKDSLWUH m1HWWR\DJHGXU«VHUYRLU G HDX} / DIILFKDJHLQGLTXH m)} ,QV«UH]ODILFKHGHODVRQಣ /DILFKHGHODVRQGH¢ YLDQGHQ HVWSDVHQIRQF«H GH¢YLDQGHDXVVLORLQTXH FRUUHFWHPHQWGDQVODSULVH SRVVLEOHGDQVODSULVH 8QFRGHG HUUHXUQHILJXಣ UDQWSDVGDQVFHWDEOHDX V DIILFKH 8QHDQRPDOLH«OHFWULTXH HVWVXUYHQXH WHLJQH]OHIRXUHWHVVX\H] O HDXDYHFXQFKLIIRQRX XQH«SRQJH ವ ವ WHLJQH]OHIRXU¢O DLGH GXIXVLEOHGHO KDELWDWLRQ RXGXGLVMRQFWHXUVLWX« GDQVODER°WH¢IXVLEOHV SXLVDOOXPH]OHGHQRXಣ YHDX 6LO DIILFKDJHLQGLTXHGH QRXYHDXXQFRGHG HUಣ UHXUFRQWDFWH]OHVHUYLಣ FHDSUªVYHQWH ZZZHOHFWUROX[FRP 3UREOªPH &DXVHSUREDEOH 6ROXWLRQ 'HODYDSHXUHWGHODFRQಣ GHQVDWLRQVHIRUPHQWVXU OHVDOLPHQWVHWGDQVODFDಣ YLW«GXIRXU /HSODWHVWUHVW«WURSORQJಣ WHPSVGDQVOHIRXU 1HODLVVH]SDVOHVSODWV GDQVOHIRXUSHQGDQWSOXV GH¢PLQXWHVDSUªV ODILQGHODFXLVVRQ / DSSDUHLOHVWDOOXP«PDLV LOQHFKDXIIHSDV/HYHQWLಣ ODWHXUQHIRQFWLRQQHSDV / DIILFKDJHLQGLTXH'H഻ PR /HPRGHG«PRHVWDFWLY« 5HSRUWH]YRXVDXSDUDJUDಣ SKHm5«JODJHVGHEDVH} GXFKDSLWUHm8WLOLVDWLRQ TXRWLGLHQQH} 'RQQ«HVGHPDLQWHQDQFH 6LYRXVQHWURXYH]SDVGHVROXWLRQDX SUREOªPHYHXLOOH]FRQWDFWHUYRWUH UHYHQGHXURXXQVHUYLFHDSUªVYHQWH DJU«« VLJQDO«WLTXH/DSODTXHVLJQDO«WLTXHVH WURXYHVXUO HQFDGUHPHQWDYDQWGHOD FDYLW«GXIRXU1HUHWLUH]SDVODSODTXH VLJQDO«WLTXHGHODFDYLW«GXIRXU /HVLQIRUPDWLRQV¢IRXUQLUDXVHUYLFH DSUªVYHQWHILJXUHQWVXUODSODTXH 1RXVYRXVUHFRPPDQGRQVGHQRWHUFHVLQIRUPDWLRQVLFL 0RGªOH 02' 5«I«UHQFHGXSURGXLW 31& 1XP«URGHV«ULH 61 ,167$//$7,21 $9(57,66(0(17 5HSRUWH]YRXVDX[FKDSLWUHV FRQFHUQDQWODV«FXULW« )5$1$,6 (QFDVWUHPHQW 548 min. 550 80 60 520 600 114 18 20 21 589 594 min. 560 595+-1 60 5 198 3 523 20 70 60 548 min. 550 20 520 18 590 21 114 min. 560 589 594 198 60 595+-1 5 3 523 20 )L[DWLRQGHO DSSDUHLODX PHXEOH A B ,QVWDOODWLRQ«OHFWULTXH /HIDEULFDQWQHSRXUUD¬WUH WHQXSRXUUHVSRQVDEOHVL YRXVQHUHVSHFWH]SDVOHV SU«FDXWLRQVGHV«FXULW«GX FKDSLWUHm&RQVLJQHVGH V«FXULW«} &HWDSSDUHLOHVWIRXUQLDYHFXQHILFKHHW XQF¤EOHG DOLPHQWDWLRQ &¤EOH 7\SHVGHF¤EOHVFRPSDWLEOHVSRXU O LQVWDOODWLRQRXOHUHPSODFHPHQW ZZZHOHFWUROX[FRP +51)+51)+55)+ 99)+99) 7 +%%) 3RXUODVHFWLRQGXF¤EOHFRQVXOWH]OD SXLVVDQFHWRWDOHVXUODSODTXH VLJQDO«WLTXH9RXVSRXYH]«JDOHPHQW FRQVXOWHUOHWDEOHDX 3XLVVDQFHWRWDOH : 6HFWLRQGXF¤EOH PPt PD[LPXP [ 3XLVVDQFHWRWDOH : 6HFWLRQGXF¤EOH PPt PD[LPXP [ PD[LPXP [ /HILOGHPDVVH ILOMDXQHYHUW GRLWIDLUH FPGHSOXVTXHOHVILOVGHSKDVHHW QHXWUH ILOVEOHXHWPDUURQ 5(1'(0(171(5*7,48( )LFKHGXSURGXLWHWLQIRUPDWLRQVFRQIRUP«PHQW¢ODQRUPH(8 1RPGXIRXUQLVVHXU (OHFWUROX[ ,GHQWLILFDWLRQGXPRGªOH (2&3; .2&%3; ,QGH[G HIILFDFLW««QHUJ«WLTXH &ODVVHG HIILFDFLW««QHUJ«WLTXH $ &RQVRPPDWLRQG «QHUJLHDYHFFKDUJHVWDQGDUGHW N:KF\FOH PRGHWUDGLWLRQQHO &RQVRPPDWLRQG «QHUJLHDYHFFKDUJHVWDQGDUGHW N:KF\FOH PRGHDLUSXOV« 1RPEUHGHFDYLW«V 6RXUFHGHFKDOHXU OHFWULFLW« 9ROXPH O 7\SHGHIRXU )RXUHQFDVWUDEOH 0DVVH (1$SSDUHLOVGHFXLVVRQ GRPHVWLTXHV«OHFWULTXHV3DUWLH 3ODJHVIRXUVIRXUV¢YDSHXUHWJULOV 0«WKRGHVGHPHVXUHGHVSHUIRUPDQFHV FRQRPLHG «QHUJLH &HIRXUHVWGRW«GH FDUDFW«ULVWLTXHVTXLYRXV SHUPHWWHQWG «FRQRPLVHUGH O «QHUJLHORUVGHYRWUH FXLVLQHDXTXRWLGLHQ (2&3; NJ .2&%3; NJ &RQVHLOVJ«Q«UDX[ $VVXUH]YRXVTXHODSRUWHGXIRXUHVW FRUUHFWHPHQWIHUP«HORUVTXHOHIRXUHVW HQPDUFKH(QFRXUVGHODFXLVVRQ Q RXYUH]SDVODSRUWH1HWWR\H] U«JXOLªUHPHQWOHMRLQWGHODSRUWHSRXU TX LOUHVWHSURSUHHWDVVXUH]YRXVTX LO HVWWRXMRXUVELHQIL[«GDQVODERQQH SRVLWLRQ 8WLOLVH]GHVSODWVHQP«WDOSRXU DXJPHQWHUOHV«FRQRPLHVG «QHUJLH )5$1$,6 6LSRVVLEOHQHSU«FKDXIIH]SDVOHIRXU DYDQWG \LQWURGXLUHYRVDOLPHQWV OHV«O«PHQWVFKDXIIDQWVVHG«VDFWLYHQW DXWRPDWLTXHPHQWSOXVW¶W 6LODFXLVVRQGRLWGXUHUSOXVGH PLQXWHVU«GXLVH]ODWHPS«UDWXUHGX IRXUDXPLQLPXP¢PLQXWHVDYDQWOD ILQGHODFXLVVRQHQIRQFWLRQGHODGXU«H GHODFXLVVRQ/DFKDOHXUU«VLGXHOOH¢ O LQW«ULHXUGXIRXUSRXUVXLYUDODFXLVVRQ / «FODLUDJHHWOHYHQWLODWHXUFRQWLQXHQWGH IRQFWLRQQHU 8WLOLVH]ODFKDOHXUU«VLGXHOOHSRXU U«FKDXIIHUG DXWUHVSODWV 0DLQWLHQGHVDOLPHQWVDXFKDXG 6«OHFWLRQQH]ODWHPS«UDWXUHODSOXV EDVVHSRVVLEOHSRXUXWLOLVHUODFKDOHXU U«VLGXHOOHHWPDLQWHQLUOHUHSDVDXFKDXG /DWHPS«UDWXUHRXOHYR\DQWGHFKDOHXU U«VLGXHOOHV DIILFKHQW /RUVTXHYRXVFXLVH]SOXVLHXUVSODWVOHV XQVDSUªVOHVDXWUHVYHLOOH]¢QHSDV WURSHVSDFHUOHVFXLVVRQV &XLVVRQDYHFO «FODLUDJH«WHLQW WHLJQH]O «FODLUDJHHQFRXUVGHFXLVVRQ $OOXPH]OHXQLTXHPHQWHQFDVGHEHVRLQ &XLVVRQDYHFYHQWLODWLRQ 6LSRVVLEOHXWLOLVH]OHVIRQFWLRQVGH FXLVVRQDYHFODYHQWLODWLRQSRXU «FRQRPLVHUGHO «QHUJLH &KDOHXUWRXUQDQWHKXPLGH )RQFWLRQFRQ©XHSRXU«FRQRPLVHUGH O «QHUJLHHQFRXUVGHFXLVVRQ &KDOHXUU«VLGXHOOH 3RXUFHUWDLQHVIRQFWLRQVGXIRXUVLXQ SURJUDPPHDYHFV«OHFWLRQGXWHPSV 'XU«HRX)LQ HVWDFWLY«HWTXHOHWHPSV GHFXLVVRQHVWVXS«ULHXU¢PLQXWHV /RUVTXHYRXVXWLOLVH]FHWWHIRQFWLRQ O «FODLUDJHV «WHLQWDXWRPDWLTXHPHQWDX ERXWGHVHFRQGHV9RXVSRXYH] U«DFWLYHUO «FODLUDJHPDLVFHODU«GXLWOHV «FRQRPLHVG «QHUJLH (10$7,5('(3527(&7,21'( / (19,5211(0(17 5HF\FOH]OHVPDW«ULDX[SRUWDQWOH «OHFWURQLTXHV1HMHWH]SDVOHVDSSDUHLOV V\PEROH '«SRVH]OHVHPEDOODJHV GDQVOHVFRQWHQHXUVSU«YXV¢FHWHIIHW &RQWULEXH]¢ODSURWHFWLRQGH O HQYLURQQHPHQWHW¢YRWUHV«FXULW« UHF\FOH]YRVSURGXLWV«OHFWULTXHVHW SRUWDQWOHV\PEROH DYHFOHVRUGXUHV P«QDJªUHV(PPHQH]XQWHOSURGXLW GDQVYRWUHFHQWUHORFDOGHUHF\FODJHRX FRQWDFWH]YRVVHUYLFHVPXQLFLSDX[ ZZZHOHFWUROX[FRP )5$1$,6 $ electrolux.com/shop