5pJODJHGHVFRPPDQGHVVXSpULHXUHV

9R\DQWVG·qWDW

/HVYR\DQWVG·qWDWYRXVLQGLTXHQWFHTXLVHSDVVHSHQGDQWOHIRQFWLRQQHPHQW GXODYHYDLVVHOOHHWSHXYHQWFOLJQRWHU
SRXULQGLTXHUXQHGqIHFWXRVLWq/HVYR\DQWVV·$//80(17SRXULQGLTXHUjTXHOOHqWDSH GXSURJUDPPHGHODYDJHVH
WURXYHOHODYHYDLVVHOOH
&21752/
6·DIILFKHORUVTXHOHVFRPPDQGHVVRQWYHUURXLOOpHV
/2&.
VXUFHUWDLQVPRGsOHV
6$1,7,=('  6·DIILFKHjODILQG·XQF\FOHORUVTXHO·RSWLRQ6$1,:$6+/DYDJHK\JLpQLTXHDpWp VpOHFWLRQQpHHWTXHOH
+\JLqQLTXH
 ODYHYDLVVHOOHUHPSOLWOHVFRQGLWLRQVGHGpVLQIHFWLRQ5pIpUH]YRXVjODVHFWLRQ6$1,:$6+/DYDJH+\JLpQLTXH
 FLGHVVRXVSRXUXQHGHVFULSWLRQFRPSOqWHGXF\FOH6LYRXVRXYUH]ODSRUWH RXDSSX\H]VXUXQHWRXFKHORUVTXHOD
 SRUWHHVWIHUPpHHWYHUURXLOOpHOHYR\DQWV·pWHLQGUD
&/($13URSUH &HYR\DQWV·DOOXPHORUVTXHOHSURJUDPPHGHODYDJHHVWWHUPLQq/HYR\DQWUHVWHDOOXPpSRXU
 YRXVUDSSHOHUTXHODYDLVVHOOHHVWSURSUH6LYRXVRXYUH]OD SRUWHRXDSSX\H]VXUXQHWRXFKH
 ORUVTXHODSRUWHHVWIHUPpHHWYHUURXLOOpHOHYR\DQWV·pWHLQGUD
,1',&$7(85
 /HYR\DQWLQGLFDWHXUG·pWDWGXSURJUDPPHHVWVLWXpVXUOHF{WpGURLW GXODYHYDLVVHOOHDXGHVVXV
'·(7$7'8
 GHODSRLJQpH&HYR\DQWHVWRUDQJHORUVTXHOHSURJUDPPH
352*5$00(  VpOHFWLRQQpHVW HQPDUFKH&HYR\DQWGHYLHQWYHUWjODILQGX
 SURJUDPPH/HYR\DQWUHVWHYHUWSRXULQGLTXHUTXHODYDLVVHOOH
 HVWSURSUHMXVTX·jRXYHUWXUHGHODSRUWHRXVpOHFWLRQG·XQDXWUH
 SURJUDPPH

3URJUDPPHV

$SSX\H]VXUODWRXFKHFRUUHVSRQGDQWDXSURJUDPPHGHODYDJHGqVLUq
5(0$548(
7RXVOHVUHQVHLJQHPHQWVFRQFHUQDQWOHVGXUqHVGHSURJUDPPHHWODFRQVRPPDWLRQG·HDX IRXUQLVGDQVOD
VHFWLRQTXLVXLWVRQWDSSUR[LPDWLIV/HVUqVXOWDWVUqHOVGqSHQGHQWGHSOXVLHXUV IDFWHXUVQRWDPPHQWGHODWHPSqUDWXUHGH
O·HDXTXLDOLPHQWHOHODYHYDLVVHOOHGHODSUHVVLRQGHO·HDXGH ODUqVLGHQFHHWGHODWXUELGLWqGHO·HDXGHODYDJH
/HYR\DQWDXGHVVXVRXjFWqGHODWRXFKHVqOHFWLRQQqHV·$//80( SRXULQGLTXHUOH352*5$00('(/$9$*(TXHYRXV
DYH]FKRLVL
$872
OLWUHVJDOPLQ
$XWRPDWLTXH
&HF\FOHHVWXWLOLVpSRXUODYDLVVHOOHSHXVDOHjWUqVVDOH
6$1,7,=(
 ²JDO²PLQ
 &HSURJUDPPHDXJPHQWHODWHPSqUDWXUHGHO·HDXDXULQiDJHILQDOSRXUGqVLQIHFWHUYRWUHYDLVVHOOH
 /DORQJXHXUGXSURJUDPPHYDULHVHORQODWHPSqUDWXUHGHO·HDXTXLDOLPHQWH OHODYHYDLVVHOOH
5(0$548(/HSURJUDPPH
6$1,7,=(
HVWVXUYHLOOqSRXUUqSRQGUHDX[H[LJHQFHVGHGqVLQIHFWLRQ6LOHSURJUDPPH
 HVWLQWHUURPSXSHQGDQWRXDSUsVOHF\FOHGHODYDJHSULQFLSDORXVL ODWHPSÊUDWXUHGHO·HDXTXLDOLPHQWHOH
 ODYHYDLVVHOOHHVWWURSEDVVHSRXUTX·XQFKDXIIDJHDGqTXDWGHO·HDXSXLVVHËWUH REWHQXLOHVWSRVVLEOHTXHOHV
 FRQGLWLRQVGHGqVLQIHFWLRQQHVRLHQWSDVUHPSOLHV'DQVXQWHOFDV OHYR\DQW6DQLWL]HG+\JLqQLTXHQHV·DOOXPH
 SDVjODILQGXSURJUDPPH
5(0$548(/HVODYHYDLVVHOOHVUqVLGHQWLHOVTXLRQWREWHQXODFHUWLILFDWLRQ16)QHVRQWSDV FRQiXVSRXUËWUHXWLOLVqV
 GDQVGHVqWDEOLVVHPHQWVDOLPHQWDLUHVDJUqqV
1250$/ OLWUHVJDOPLQ
 &HSURJUDPPHHVWFRQoXSRXUODYHUODYDLVVHOOHQRUPDOHPHQWVDOHWRXWHQpWDQW pFRQRPHHQHDX
 HWHQpQHUJLH5(0$548(/HSURJUDPPH1250$/:$6+/DYDJH1RUPDODpWpXWLOLVp SRXU
 pYDOXHUO·HIILFDFLWppQHUJpWLTXHGHFHODYHYDLVVHOOH
/,*+7:$6+  OLWUHV JDOPLQ
6DOHWqOqJsUH
 
&HF\FOHHVWXWLOLVpSRXUODYDLVVHOOHSHXVDOHjPR\HQQHPHQWVDOH
VXUFHUWDLQVPRGsOHV
5(0$548(6HXOOH/DYDJHK\JLqQLTXH6$1,:$6+HVWFRQiXSRXUUqSRQGUH DX[H[LJHQFHVGHODVHFWLRQGHOD
QRUPH16)SRXUO·HQOsYHPHQWGHODVDOHWqHWO·HIILFDFLWqGHOD GqVLQIHFWLRQ

0RGqOHVjFRPPDQGHVVXSpULHXUHVXQLTXHPHQW

9R\DQWLQGLFDWHXUG·pWDWGXSURJUDPPH
7DEOHDXGHFRPPDQGHGXODYHYDLVVHOOH ZZZHOHFWURPHQDJHUVJHFD