&$0(5$98($55,(5(
/RUVTXHYRXVFRQQHFWH]ODFDPpUDYXHDUULqUHO¶LPDJHGXUpWURYLVHXUGHODOXQHWWHDUULqUHHVWDXWRPDWLTXHPHQWDIILFKpH
ORUVTXHYRXVYRXVVpOHFWLRQQH]ODPDUFKHDUULqUHPRQLWHXUXQLTXHPHQW
5(0$548(FRQFHUQDQWODIRQFWLRQGHVIUHLQV
6LOHIUHLQGHVWDWLRQQHPHQWQ¶HVWSDVHQFOHQFKpµSDUNLQJEUDNH¶FOLJQRWHUDVXUOHPRQLWHXUHWDXFXQHLPDJHGHOHFWXUHQH
VHUDDIILFKpH
6HXOOHVRQDXGLRVHUDpPLV
&HWDYHUWLVVHPHQWQ¶DSSDUDvWTXHVLOHFkEOHGXIUHLQGHVWDWLRQQHPHQWHVWUHOLpDXV\VWqPHGHIUHLQGHVWDWLRQQHPHQW
LQWpJUpDXYpKLFXOH
)RQFWLRQQHPHQW86%
(QVXLYDQWOHGLDJUDPPHFLGHVVRXVFRQQHFWH]O¶DSSDUHLO86%DXSRUW86%HQIDoDGH6¶LOHVWFRUUHFWHPHQWFRQQHFWp
O¶DSSDUHLOVHUDPRQWpHWGpPDUUHUDDXWRPDWLTXHPHQWODOHFWXUH
3RUW86%
/LJQHGHFRQQH[LRQ86%
(QPRGHOHFWXUH86%
(QPRGH86%DSSX\H]VXUOHVERXWRQVIOqFKHSRXUVpOHFWLRQQHUO¶pOpPHQWHWFRQILUPHUDYHF(17(5RXVpOHFWLRQQH]
GLUHFWHPHQWDYHFOHVWRXFKHVQXPpULTXHV$SSX\H]DXVVLVXUOHVWRXFKHVQXPpULTXHVSRXUOLUHGLUHFWHPHQWODSLVWH
FRUUHVSRQGDQWH$SSX\H]VXUOHERXWRQSRXUVDXWHUODSLVWHVXLYDQWHRXVDXWHUODSLVWHSUpFpGHQWH$SSX\H]VXUOH
ERXWRQSRXUIDLUHXQHDYDQFHUDSLGHRXXQUHWRXUUDSLGH
$SSX\H]VXUOHERXWRQ5(3($7SRXUVpOHFWLRQQHUOHPRGHGHUpSpWLWLRQGHODOHFWXUH
&KDQJHUOHVPRGHVGH86%j/HFWXUHGH'LVTXH
(QPRGH86%DSSX\H]XQHIRLVVXUOHERXWRQ6723$SSX\H]VXUOHERXWRQ*272SRXUPHWWUHHQPRGH',6&
(QPRGH'9'9&'&'DSSX\H]VXUOHERXWRQ6723GHX[IRLV$SSX\H]VXUOHERXWRQ*272SRXUPHWWUHHQPRGH86%
(QPRGH03DSSX\H]VXUOHERXWRQ6723XQHIRLV$SSX\H]VXUOHERXWRQ*272SRXUPHWWUHHQPRGH86%
5HPDUTXHLPSRUWDQWH
$$ILQG¶pYLWHUG¶HQGRPPDJHUO¶DSSDUHLO86%QHSDVOHGpEUDQFKHUSHQGDQWODOHFWXUH %(QPRGH',6&YRXVSRXYH]GpEUDQFKHUO¶DSSDUHLO86%
)RQFWLRQDIILFKDJHjO¶pFUDQ
$SSX\H]VXUOHERXWRQ26'SHQGDQWODOHFWXUHSRXUDIILFKHUjO¶pFUDQOHFRQWHQXGXGLVTXHHQFRXUV $([HPSOHSRXUOHV'9'
D$SSX\H]VXU26'XQHSUHPLqUHIRLV
7,7/((/$36(' 77&+
1XPpURGX7LWUH1RPEUH7RWDOGH7LWUHV1XPpURGH&KDSLWUH1RPEUH7RWDOGH&KDSLWUHVGHFH7LWUHVXUOHGLVTXHHQ
FRXUVGHOHFWXUHV¶DIILFKHURQWjO¶pFUDQDYHFOHWHPSVpFRXOp
E$SSX\H]VXU26'XQHGHX[LqPHIRLV
7,7/(5(0$,1 77&+
F$SSX\H]VXU26'XQHWURLVLqPHIRLV
&+$37(5(/$36(' 77&+