352&('85(6'(&5($7,21'81(7$%/,66(0(1735,9(

3RXUOHVpWDEOLVVHPHQWVGHQVHLJQHPHQWVHFRQGDLUHJpQpUDO

'HVFRQGLWLRQVGHFUpDWLRQ

/DFUpDWLRQGXQGpWDEOLVVHPHQWSULYpGHQVHLJQHPHQWVHFRQGDLUHJpQpUDOHVWVRXPLVH
jDXWRULVDWLRQ

/HSURMHWGHFUpDWLRQGXQpWDEOLVVHPHQWSULYpGHQVHLJQHPHQWVHFRQGDLUHJpQpUDOIDLW
OREMHW GXQ GRVVLHU VRXPLV j ODFFRUG SUpDODEOH GX PLQLVWUH GH WXWHOOH &HW DFFRUG HVW
VDQFWLRQQpSDUXQHOHWWUHGDJUpPHQW/DGXUpHGHYDOLGLWpGHODJUpPHQWHVWGHWURLVDQV
7RXW pWDEOLVVHPHQW SULYp GHQVHLJQHPHQW VHFRQGDLUH DVVXUDQW XQH RX GHV IRUPDWLRQV
GDQV XQ GRPDLQH VSpFLILTXH GHYUD VH FRQIRUPHU j OD UpJOHPHQWDWLRQ HQ YLJXHXU GDQV OH
GRPDLQHFRQFHUQp
3HXWrWUHIRQGDWHXUGXQpWDEOLVVHPHQWSULYpGHQVHLJQHPHQWVHFRQGDLUHJpQpUDOWRXWH
SHUVRQQH SK\VLTXH RX PRUDOH /RUVTXH OD SHUVRQQH SK\VLTXH QHVW SDV HOOHPrPH XQ
HQVHLJQDQWVHVUHSUpVHQWDQWVFRPPHFHX[GHODSHUVRQQHPRUDOHGRLYHQWrWUHGHVHQVHLJQDQWV
GXVHFRQGDLUH

/H VLWH GH OpWDEOLVVHPHQW GRLW UHVSHFWHU OHV VXSHUILFLHV FLDSUqV SRXU FRQWHQLU OHV
EkWLPHQWVVFRODLUHVODFRXUGHUpFUpDWLRQOHVLQVWDOODWLRQVVDQLWDLUHVHWVSRUWLYHV 
 XQKHFWDUHDXPLQLPXPHQ]RQHXUEDLQH
 GHX[KHFWDUHVDXPLQLPXPHQ]RQHVVHPL XUEDLQHHWUXUDOH
3RXUGHVUDLVRQVGHFRPPRGLWpVHWGHVpFXULWpOHVYpUDQGDVOHVSUpDX[HWODFRXUGH
UpFUpDWLRQ GRLYHQW rWUH VXIILVDPPHQW VSDFLHX[ SRXU FRQWHQLU OHQVHPEOH GHV pOqYHV KRUV GHV
FODVVHV
/H VLWH GH OpWDEOLVVHPHQW GRLW rWUH ORLQ GH WRXWH  HQWUHSULVH SRXYDQW SHUWXUEHU VRQ
IRQFWLRQQHPHQW  GpELW GH ERLVVRQ GpFKDUJH SXEOLTXH JUDQGH YRLH GH FLUFXODWLRQ QXLVDQFH
VRQRUH 'H PrPH DSUqV LPSODQWDWLRQ GH OpWDEOLVVHPHQW OH IRQGDWHXU HQ LQIRUPH
ODGPLQLVWUDWLRQTXLSUHQGOHVGLVSRVLWLRQVQpFHVVDLUHVSRXUpYLWHUWRXWHLQVWDOODWLRQGDFWLYLWp
SRXYDQWSHUWXUEHUOHFDGUHGHOHQVHLJQHPHQW
/HGRVVLHUGHGHPDQGHGHFUpDWLRQ GRLWFRPSUHQGUH 









XQH GHPDQGH PDQXVFULWH DGUHVVpH DX PLQLVWUH GH WXWHOOH VRXV OH
FRXYHUWH GH OD YRLH KLpUDUFKLTXH HW UHYrWXH GXQ WLPEUH ILVFDO DX
WDULIHQYLJXHXU
OH SODQ GHV EkWLPHQWV DSSURXYp SDU OHV VHUYLFHV FRPSpWHQWV HW
FRPSUHQDQWGHVVDOOHVGHFODVVHXQEORFDGPLQLVWUDWLIXQHVDOOHGHV
SURIHVVHXUV XQH VDOOH GH VFLHQFH SDU F\FOH GHV VDQLWDLUHV HW XQH
ELEOLRWKqTXH
OHSODQVFKpPDWLTXHJpQpUDOGHOHQVHPEOH GHOpWDEOLVVHPHQW
OHSODQGHILQDQFHPHQW
OHFRQWUDWGHEDLORXOHWLWUHIRQFLHU
OHVIUDLVGHGRVVLHU
XQH HQTXrWH GH PRUDOLWp GLOLJHQWpH SDU OHV VHUYLFHV FRPSpWHQWV GX
PLQLVWqUHGHWXWHOOH
OHGRVVLHUGXIRQGDWHXUFRPSUHQDQW 

D 3HUVRQQHSK\VLTXH

x ODFWHGHQDLVVDQFH
x OHFDVLHUMXGLFLDLUH
x OH FHUWLILFDWGHYLVLWHHWGHFRQWUHYLVLWHUHYrWXGXQWLPEUHILVFDODXWDULIHQ
YLJXHXU
x OHFHUWLILFDWGHQDWLRQDOLWp
x OHFHUWLILFDWGHUpVLGHQFHSRXUOHVQRQQDWLRQDX[
x OHFXUULFXOXPYLWDH
x OHVFRSLHVOpJDOLVpHVGHVGLSO{PHVVLO\DOLHX 

E3HUVRQQHPRUDOH
OHUpFpSLVVpGHUHFRQQDLVVDQFHGHODVVRFLDWLRQGpOLYUpSDUOHPLQLVWqUHGHWXWHOOH

/D FRQVWUXFWLRQ GHV EkWLPHQWV GHYDQW DEULWHU OpWDEOLVVHPHQW SULYp GHQVHLJQHPHQW

VHFRQGDLUH JpQpUDO GRLW REpLU DX[ QRUPHV WHFKQLTXHV DQQRWpHV GDQV OH FDKLHU GHV FKDUJHV HW
IDLVDQWSDUWLHLQWpJUDQWHGXGLWFDKLHU

&RQGLWLRQVGRXYHUWXUH

7RXWIRQGDWHXUGXQpWDEOLVVHPHQWSULYpGHQVHLJQHPHQWVHFRQGDLUHJpQpUDOMXVWLILDQW
GXQH DSSUREDWLRQ GH VD GHPDQGH GRXYHUWXUH RX GH[WHQVLRQ GXQ pWDEOLVVHPHQW GRLW
SURGXLUH jODWWHQWLRQ GH ODXWRULWp FRPSpWHQWH XQH GHPDQGHGRXYHUWXUHGXGLWpWDEOLVVHPHQW
FRPSRUWDQW 
, XQGRVVLHUDGPLQLVWUDWLI FRQWHQDQW 

WXWHOOH

 XQHGHPDQGHPDQXVFULWHDGUHVVpHDX0LQLVWUHGHWXWHOOHVFGHODYRLHKLpUDUFKLTXH
HWUHYrWXHGXQWLPEUHILVFDODXWDULIHQYLJXHXU
 ODJUpPHQWSRUWDQWDXWRULVDWLRQGHFUpDWLRQGXGLWpWDEOLVVHPHQW
 OHSODQGHVEkWLPHQWVDSSURXYpSDUOHVVHUYLFHVFRPSpWHQWVHWFRPSUHQDQWGHVVDOOHV
GH FODVVH XQ EORF DGPLQLVWUDWLI XQH VDOOH GHV SURIHVVHXUV XQH VDOOH GH VFLHQFH SDU
F\FOHGHVVDQLWDLUHVHWXQHELEOLRWKqTXH
 OHSODQVFKpPDWLTXHJpQpUDOGHOHQVHPEOHGHOpWDEOLVVHPHQW
 OHSODQGHILQDQFHPHQW
 OHWLWUHIRQFLHURXOHFRQWUDWGHEDLO
 OHQJDJHPHQW OpJDOLVp GX IRQGDWHXU j VH VRXPHWWUH DX FRQWU{OH GHV DXWRULWpV
DGPLQLVWUDWLYHVHWPpGLFDOHV
 ODWWHVWDWLRQEDQFDLUHGXQFRPSWHSURSUHjOpWDEOLVVHPHQWHWSDUFRQVpTXHQWGLVWLQFW
GHFHOXLGXIRQGDWHXU
 OHVIUDLVGHGRVVLHU
 OHFHUWLILFDWGHVDOXEULWpGpOLYUpSDUOHVHUYLFHGK\JLqQH
 OH FHUWLILFDW GH[SHUWLVH GHV ORFDX[ pWDEOL SDU OHV VHUYLFHV VSpFLDOLVpV GX PLQLVWqUH
FKDUJpGHO+DELWDW
 OHFHUWLILFDWGH[LVWHQFHGHWHUUDLQGHVSRUWGpOLYUpSDUOHPLQLVWqUHFKDUJpGXVSRUWRX
SDU OD GLUHFWLRQ GH OpGXFDWLRQ SK\VLTXH HW VSRUWLYH GX PLQLVWqUH GHV (QVHLJQHPHQWV
VHFRQGDLUHVXSpULHXUHWGHOD5HFKHUFKHVFLHQWLILTXH
 OHUDSSRUWGHYLVLWHGHFKDQWLHUGXGLUHFWHXUUpJLRQDOGHODORFDOLWp
 OH UDSSRUW GH V\QWKqVH GX 6HFUpWDULDW SHUPDQHQW GH OD &RPPLVVLRQ QDWLRQDOH SRXU
O(QVHLJQHPHQWVHFRQGDLUHHWVXSpULHXUSULYp
 XQH HQTXrWH GH PRUDOLWp GLOLJHQWpH SDU OHV VHUYLFHV FRPSpWHQWV GX PLQLVWqUH GH
 OHGRVVLHUGXGLUHFWHXUGHVpWXGHVFRPSUHQDQW 

 XQHGHPDQGHPDQXVFULWHDGUHVVpHDXPLQLVWUHGHWXWHOOHVFGHODYRLH
KLpUDUFKLTXHUpGLJpHSDUOHIRQGDWHXUGHOpWDEOLVVHPHQWHWUHYrWXHGXQ
WLPEUHILVFDODXWDULIHQYLJXHXU 
 XQHFRSLHOpJDOLVpHGHODXWRULVDWLRQGHQVHLJQHU
 XQH DWWHVWDWLRQ GDQFLHQQHWp GH FLQT  DQV VDXI GpURJDWLRQ
GHQVHLJQHPHQWHIIHFWLI
 XQFXUULFXOXPYLWDH

 OHGRVVLHUGXIRQGDWHXUFRPSUHQDQW 

D3RXUODSHUVRQQHSK\VLTXH
 OH[WUDLWGDFWHGHQDLVVDQFH
 OHFDVLHUMXGLFLDLUH
 OH FHUWLILFDW GH YLVLWH HW FRQWUHYLVLWH UHYrWX GXQ WLPEUH ILVFDO DX
WDULIHQYLJXHXU
 OHFHUWLILFDWGHQDWLRQDOLWp
 OHFHUWLILFDWGHUpVLGHQFHSRXUOHVQRQQDWLRQDX[
 OHFXUULFXOXPYLWDH
OHVFRSLHVOpJDOLVpHVGHVGLSO{PHVVLO\DOLHX 


E3RXUODSHUVRQQHPRUDOH
OH UpFpSLVVp GH UHFRQQDLVVDQFH GpOLYUp SDU OH PLQLVWqUH FKDUJp GHV
OLEHUWpV
SXEOLTXHV
,, XQGRVVLHUSpGDJRJLTXH FRQWHQDQW 

 OpWDWSUpYLVLRQQHOGXSHUVRQQHOHQVHLJQDQWSHUPDQHQWVHWYDFDWDLUHV

/H IRQGDWHXU HVW WHQX GH UHFUXWHU GHV SURIHVVHXUV HQ QRPEUH VXIILVDQW D\DQW OH SURILW
UHTXLVDYHFXQHSULRULWpDFFRUGpHDX[QDWLRQDX[
GRQWDXPRLQV 
 GHSURIHVVHXUVSHUPDQHQWVGqVODSUHPLqUHDQQpHGRXYHUWXUHGHOpWDEOLVVHPHQW
 jODWURLVLqPHDQQpH
 SRXUFRPSWHUGHODTXDWULqPHDQQpH

 XQHQJDJHPHQWOpJDOLVpGXIRQGDWHXU
x j UHVSHFWHU OHV SODQV GpWXGHV OHV SURJUDPPHV HW  RX UpIpUHQWLHOV OHV YROXPHV
KRUDLUHV HW FDOHQGULHUV RIILFLHOV OHV GXUpHV GH IRUPDWLRQ HW OHV QLYHDX[ GH
UHFUXWHPHQW
x jWHQLUjMRXUOHVFDKLHUVGHWH[WHVOHVFDKLHUVGDSSHOOHVUHJLVWUHVOHVEXOOHWLQV
LQGLYLGXHOV GHVpOqYHVHWOHVOLYUHVVFRODLUHV
x j WHQLU OHV FRQVHLOV GHQVHLJQHPHQW GH FODVVHGH SURIHVVHXUVHW GH GLVFLSOLQH WHOV
TXHSUpYXVSDUOHUqJOHPHQWLQWpULHXUUpJLVVDQWOHVpWDEOLVVHPHQWVVHFRQGDLUHV
x jVHVRXPHWWUHDXFRQWU{OHGHVDXWRULWpVSpGDJRJLTXHV
x jPHWWUHjODGLVSRVLWLRQGXSHUVRQQHOHQVHLJQDQWVGXPDWpULHOSpGDJRJLTXHHW
GHVOLYUHVFRQIRUPHVHWHQTXDQWLWpVXIILVDQWH
(QRXWUHLOGHYUDIRXUQLU 
 OD OLVWH GHV pTXLSHPHQWV SpGDJRJLTXHV FHUWLILpH SDU OD 'LUHFWLRQ JpQpUDOH GHV
,QVSHFWLRQVHWGH OD)RUPDWLRQGHV3HUVRQQHOVGHO(GXFDWLRQ'*,)3(
 OD OLVWH GHV SURIHVVHXUV DFFRPSDJQpH GHV FRSLHV OpJDOLVpHV GH OHXUV DXWRULVDWLRQV
GHQVHLJQHU

,,, XQGRVVLHUILQDQFLHU
FRQWHQDQWOHEXGJHWSUpYLVLRQQHOpTXLOLEUpHQUHFHWWHVHWHQGpSHQVHV
'HVDXWRULVDWLRQVGHGLULJHUGHQVHLJQHUHWGHVXUYHLOOHU

/HSHUVRQQHOHQVHLJQDQWHQVXVGHVDIRUPDWLRQDFDGpPLTXHUHoRLWXQHIRUPDWLRQ
SpGDJRJLTXHDSSURSULpHGDQVGHVpWDEOLVVHPHQWVVSpFLDOLVpVODTXHOOHIRUPDWLRQHVWDWWHVWpHOH
FDVpFKpDQWSDUXQWLWUHGHFDSDFLWp
/HVIRQFWLRQVGHFKHIGpWDEOLVVHPHQWSURYLVHXUGLUHFWHXUGHFHQVHXUGHGLUHFWHXU
GHVpWXGHVDLQVLTXHOHVIRQFWLRQVGHQVHLJQDQWHWGHVXUYHLOODQWVRQWVRXPLVHVjDXWRULVDWLRQ
SUpDODEOH

/HV DXWRULVDWLRQ GH GLULJHU GHQVHLJQHU HW GH VXUYHLOOHU GDQV XQ pWDEOLVVHPHQW
GHQVHLJQHPHQW SULYp VRQW DFFRUGpHV SDUOH 0LQLVWUHGH WXWHOOH DSUqVDYLV GH OD &RPPLVVLRQ
SHUPDQHQWH GH O(QVHLJQHPHQW VHFRQGDLUH SULYp /H 0LQLVWUH  SHXW pJDOHPHQW VXVSHQGUH RX
DQQXOHUXQHDXWRULVDWLRQVHORQODJUDYLWpGHODIDXWHFRQVWDWpHFKH]OHGpWHQWHXU

/H GRVVLHU GH GHPDQGH GDXWRULVDWLRQ GH GLULJHU GHQVHLJQHU RX GH VXUYHLOOHU
FRPSUHQG 
 XQH GHPDQGH DGUHVVpH DX PLQLVWUH GH WXWHOOH SUpFLVDQW OD QDWXUH GH
ODXWRULVDWLRQ GHPDQGpH HW UHYrWXH GXQ WLPEUH ILVFDO DX WDULI HQ YLJXHXU
GpSRVpH DX 6HFUpWDULDW SHUPDQHQW GH OD &RPPLVVLRQ QDWLRQDOH SRXU
O(QVHLJQHPHQWVHFRQGDLUHHWVXSpULHXUSULYpRXGDQVXQHGLUHFWLRQUpJLRQDOH
 XQHFRSLHGDFWHGHQDLVVDQFH
 XQFDVLHUMXGLFLDLUHGHPRLQVGHWURLVPRLVGHGDWH
 XQFHUWLILFDWGHYLVLWHHWGHFRQWUHYLVLWH DIIUDQFKLGXQWLPEUHILVFDODXWDULIHQ
YLJXHXUHWD\DQWPRLQVGHWURLVPRLVGHGDWH
 XQHFRSLHOpJDOLVpHGXGLSO{PHUHTXLV
 XQFHUWLILFDWGHQDWLRQDOLWp
 XQFXUULFXOXPYLWDH
 XQH HQYHORSSH UHYrWXH GXQ WLPEUH DX WDULI HQ YLJXHXU SRUWDQW ODGUHVVH GX
SRVWXODQW
 XQFHUWLILFDWGHUpVLGHQFHSRXUOHVQRQQDWLRQDX[
(QVXVGHVFRQGLWLRQVFLGHVVXVFLWpHV
x OHGHPDQGHXUGXQHDXWRULVDWLRQGHGLULJHUGRLW 
 IRXUQLUXQHDXWRULVDWLRQGHQVHLJQHU
 MXVWLILHUGXQHDQFLHQQHWpPLQLPXPGHFLQTDQVGHQVHLJQHPHQW
HIIHFWLI

x OHGHPDQGHXUGXQHDXWRULVDWLRQGHVXUYHLOOHUGRLWrWUHkJpGDXPRLQVYLQJW
FLQT
DQV HW rWUH WLWXODLUH VRLW GX %(3& VRLW GX &$3 RX GH WRXW DXWUH GLSO{PH
pTXLYDOHQW
3RXURFFXSHUOHVIRQFWLRQVGHFKHIGpWDEOLVVHPHQWRXGDXWUHVUHVSRQVDELOLWpVGDQVOHV
pWDEOLVVHPHQWV GHQVHLJQHPHQW VHFRQGDLUH JpQpUDO OHV SHUVRQQHOV GRLYHQW
UpSRQGUHjFHUWDLQVFULWqUHVVHUDSSRUWDQWjFHVIRQFWLRQVHWILJXUHQWGDQVOHFDKLHUGHV
FKDUJHV

 )LFKLHUGHVQRUPHVWHFKQLTXHV
, &+2,;',03/$17$7,21'87(55$,1(7'(6%$7,0(176
/H WHUUDLQ GRLW rWUH VXIILVDPPHQW YDVWH SRXU FRQWHQLU OHV LQIUDVWUXFWXUHV
VFRODLUHV 
 XQKHFWDUHDXPLQLPXPHQ]RQHXUEDLQH
 GHX[KHFWDUHVDXPLQLPXPHQ]RQHVVHPLXUEDLQHHWUXUDOH
&HVLQIUDVWUXFWXUHVFRPSUHQQHQW 
x OHVEkWLPHQWVVFRODLUHV
x XQHFRXUGHUpFUpDWLRQ
x GHVLQVWDOODWLRQVVDQLWDLUHVHWVSRUWLYHV
x XQSRLQWGHDXSHUPDQHQWURELQHWSXLWV
x XQSDUNLQJ
3RXU GHV UDLVRQV GH FRPPRGLWp HW GH VpFXULWp OHV YpUDQGDV OHV SUpDX[ HW OD
FRXUGHUpFUpDWLRQGRLYHQWrWUHVXIILVDPPHQWVSDFLHX[SRXUFRQWHQLUOHQVHPEOH
GHVpOqYHV
/pWDEOLVVHPHQW GRLW rWUH ORLQ GH WRXWH HQWUHSULVH SRXYDQW SHUWXUEHU VRQ
IRQFWLRQQHPHQW
GpELWGHERLVVRQGpFKDUJHSXEOLTXHEUXLW
/HVEkWLPHQWVjXVDJHGHVDOOHVGHFODVVHVVHURQWRULHQWpVG(VWHQ2XHVW
,OVGRLYHQWrWUHODUJHPHQWRXYHUWVSRXUUHFHYRLUODLUHWODOXPLqUH

/H IRQGDWHXU GRLW VH FRQIRUPHU DX PRLQV DX SODQW\SH HQ YLJXHXU SRXU OD
FRQVWUXFWLRQGHVORFDX[VFRODLUHV
2XWUHOHVVDOOHVGHFODVVHFKDTXHpWDEOLVVHPHQWGRLWDYRLU 
x XQORFDOSRXUODGLUHFWLRQ
x XQORFDOSRXUODVXUYHLOODQFH
x GHVWRLOHWWHVFRPSUHQDQW 
 GHVWRLOHWWHVSRXUOHVpOqYHVILOOHV
 GHVWRLOHWWHVSRXUOHVpOqYHVJDUoRQV
 GHVWRLOHWWHVSRXUOHSHUVRQQHO 
x XQHVDOOHGHVSURIHVVHXUV
x XQHVDOOHGHVFLHQFHDXPRLQV
x XQHLQILUPHULHSRXUOLQWHUQDW
x XQHERvWHjSKDUPDFLHELHQpTXLSpHSRXUOH[WHUQDW
x XQHELEOLRWKqTXHpTXLSpHGHWRXVOHVPDQXHOVVFRODLUHVFRXUDQWVODOLVWHGHV
PDQXHOVHVWGLVSRQLEOHDXSUqVGHOD'LUHFWLRQJpQpUDOHGHV,QVSHFWLRQVHWGH
OD)RUPDWLRQGHV3HUVRQQHOVGHO(GXFDWLRQ'*,)3(
x WRXW  pWDEOLVVHPHQW SULYp GHQVHLJQHPHQW VHFRQGDLUH JpQpUDO D\DQW XQ
VHFRQG F\FOH GH VpULH VFLHQWLILTXH GRLW DYRLU REOLJDWRLUHPHQW XQ ODERUDWRLUH
DXPRLQV

/pWDEOLVVHPHQW GRLW rWUH FO{WXUp SDU XQ PXU FRQVWUXLW HQ PDWpULDX[ GpILQLWLIV
RXSDUXQ
JULOODJH/HPXUGRLWFRPSRUWHUDXPRLQVXQSRUWDLOVXIILVDPPHQWODUJHSRXU
SHUPHWWUHXQHpYDFXDWLRQUDSLGHGHVpOqYHVHQFDVGHQpFHVVLWp
/D FRQVWUXFWLRQ GH WRXW pWDEOLVVHPHQW GHQVHLJQHPHQW VHFRQGDLUH JpQpUDO GRLW
SUpYRLU SRXU FKDTXH EkWLPHQW DX PRLQV XQH UDPSH SRXU IDFLOLWHU ODFFqV DX[
SHUVRQQHVKDQGLFDSpHV
/HVpWDEOLVVHPHQWVVHFRQGDLUHVGpMjpGLILpVIHURQWOREMHWGXQDPpQDJHPHQWj
FHWHIIHW

7RXW pWDEOLVVHPHQW SULYp GHQVHLJQHPHQW VHFRQGDLUH JpQpUDO VLWXp GDQV XQ

FHQWUH XUEDLQ pOHFWULILp GRLW rWUH SRXUYX GXQH LQVWDOODWLRQ pOHFWULTXH
IRQFWLRQQHOOHGDQVWRXWOHVEkWLPHQWV/HVpWDEOLVVHPHQWVVHFRQGDLUHVSULYpVGHV
FKHIVOLHX[ GH SURYLQFH GRLYHQW GLVSRVHU GLQVWDOODWLRQ pOHFWULTXH
SUpYLVLRQQHOOH
/HVVDOOHVGHFODVVHGRLYHQWrWUHHQPDWpULDX[GpILQLWLIVHWUpSRQGUHDX[QRUPHV
HQYLJXHXU

&\FOHV
GHQVHLJQHPHQW
HU F\FOH
q F\FOH

'LPHQVLRQV
LQWpULHXUHV
P[P
P[P

+DXWHXU

 P VRXV
SODIRQG
 P VRXV
SODIRQG

6XSHUILFLH

&DSDFLWp

OH P

pOqYHV

OH P

pOqYHV

3RXUGHVUDLVRQVGHVpFXULWpFKDTXHVDOOHGHFODVVHGRLWFRPSRUWHUSRUWHVHWGHV
EDOFRQVSURWpJpVSDUGHVJDUGHIRXVVLOVDJLWGHEkWLPHQWjQLYHDX[

/HV IHQrWUHV   SRXU OHV VDOOHVGHFRXUVGRQWDXPRLQVXQHGHYUDVHUYLUGLVVXHGH

VHFRXUV HQ FDV GH QpFHVVLWp GRLYHQW rWUH JUDQGHV HW j ODPHV PRELOHV RULHQWDEOHV
SHUPHWWDQWGHUpJOHUODOXPLqUHHWOHFRXUDQWGDLU
,, 0$7(5,(/(7(48,3(0(17

&KDTXHVDOOHGHFODVVHGRLWrWUHpTXLSpH 

x GHWDEOHV EDQFVjUDLVRQGXQWDEOH EDQFSRXUGHX[pOqYHV

x GXQEXUHDXHWGXQHFKDLVHSRXUOHSURIHVVHXU

/DVDOOHGHVFLHQFHHWOHODERUDWRLUHGRLYHQWrWUHpTXLSpVHQPDWpULHOVFLHQWLILTXHXVXHO
/D OLVWH GHVpTXLSHPHQWV QpFHVVDLUHV SHXW rWUH UHWLUpHDXSUqVGHOD'LUHFWLRQJpQpUDOH
GHV,QVSHFWLRQVHWGHOD)RUPDWLRQGHV3HUVRQQHOVGHO(GXFDWLRQ'*,)3( 
,,, ,1)5$6758&785(663257,9(6

7RXW pWDEOLVVHPHQW SULYp GHQVHLJQHPHQW VHFRQGDLUH JpQpUDO GRLW DYRLU XQ WHUUDLQ
GpGXFDWLRQ SK\VLTXH HW VSRUWLYH j OLQWpULHXU RX j SUR[LPLWp GXQH VXSHUILFLH
PLQLPDOHGHP
,9 (7$735(9,6,211(/'83(56211(/
,9 /LVWHGXSHUVRQQHODGPLQLVWUDWLI

1RP
HW 1DWLRQDOLWp )RQFWLRQ
3UpQRPV

'LSO{PH RX 1 HW GDWH

TXDOLILFDWLRQ GpFLVLRQ
ODXWRULVDWLRQ
GLULJHU
RX
VXUYHLOOHU

GH
GH
GH
GH

1RPEUH
2EVHUYDWLR
GDQQpHV
QV
GHQVHLJQHPHQW 
HIIHFWLI

3RXU OHV SURYLVHXUV FHQVHXUV GLUHFWHXUV GHV pWXGHV HW VXUYHLOODQWV SUpFLVHU OH
QRPEUH
GDQQpHVGHQVHLJQHPHQWRXGH[HUFLFHGDQVODGPLQLVWUDWLRQVFRODLUH

 ,QGLTXHUVLODJHQWHVWSHUPDQHQWFRRSpUDQWEpQpYROHDJHQWVGXVHUYLFHQDWLRQDO
SRXUOHGpYHORSSHPHQW61'
,9 /LVWHGXSHUVRQQHOHQVHLJQDQW
,9 3HUVRQQHOSHUPDQHQW

1RP HW 1DWLRQDOLW 0DWLqUHV 'LSO{PH 1HWGDWHGHOD

3UpQRPV p
HQVHLJQpH
GpFLVLRQ
GH

V
ODXWRULVDWLRQ
GHQVHLJQHU

1RPEUH
1RPEUH
GDQQpHV
GKHXUHV
GHQVHLJQHPHQW DWWULEXpHV
HIIHFWLI

2EVHUYDWLR
QV


,QGLTXHUVLOHSURIHVVHXUHVWFRRSpUDQWEpQpYROH61'
,9 3HUVRQQHOYDFDWDLUH

1RP HW 1DWLRQDOLW 0DWLqUHV 'LSO{

3UpQRPV p
HQVHLJQp PH

HV

1 HW GDWH
GH
OD
GpFLVLRQ GH
ODXWRULVDWL
RQ
GHQVHLJQHU

1RPEUH
GDQQpHV
GHQVHLJQHPH
QWHIIHFWLI

1RPEUH
GKHXUHV
DWWULEXpH
V

(WDEOLVVHP 2EVHUYDWLR
HQW
QV
GRULJLQH
RXVHUYLFH

,QGLTXHU VL OH SURIHVVHXU HVW FRRSpUDQW EpQpYROH 61' 3UpFLVHU OH VHUYLFH RX
OpWDEOLVVHPHQWGRULJLQHVLOHQVHLJQDQWH[HUFHDLOOHXUV
9 %8'*(735(9,6,211(/

7RXW IRQGDWHXU VROOLFLWDQW ORXYHUWXUH GXQ pWDEOLVVHPHQW SULYp GHQVHLJQHPHQW VHFRQGDLUH

JpQpUDOGRLWSUpVHQWHUXQEXGJHWSUpYLVLRQQHOpTXLOLEUpHQUHFHWWHVHWHQGpSHQVHV