Kathrein UFS 821SW Operation and maintenance manual

1RWLFHG¶XWLOLVDWLRQ
5pFHSWHXU
VDWHOOLWH7ZLQ'95
8)6VZVL
DYHFGLVTXHGXU


3UpIDFH
&KqUHFOLHQWHFKHUFOLHQW
/H EXW GH OD SUpVHQWH QRWLFH G¶XWLOLVDWLRQ HVW GH YRXV
SHUPHWWUHG¶XWLOLVHUGHIDoRQRSWLPDOHWRXWHVOHVIRQFWLRQV
GHYRWUHQRXYHDXUpFHSWHXUVDWHOOLWH
1RXVDYRQVpWDEOLFHWWHQRWLFHG¶XWLOLVDWLRQGHVRUWHTX¶HOOH
VRLWDXVVLFRPSUpKHQVLEOHHWVXFFLQFWHTXHSRVVLEOH1RXV
DYRQVpJDOHPHQWSUpYXjOD¿QGHODSUpVHQWHQRWLFHXQ
OH[LTXHFRQGHQVpGHVWHUPHVVSpFLDOLVpVLQWUDGXLVLEOHV
$YHF O¶LQWHUUXSWHXU VHFWHXU QRXV DYRQV FRQWULEXp DX
UHVSHFWGHO¶HQYLURQQHPHQW/RUVTXHYRXVQHUHJDUGH]SDV
OD WpOpYLVLRQ SHQGDQW XQ FHUWDLQ WHPSV GpEUDQFKH] GRQF
YRWUH UpFHSWHXU GX VHFWHXU D¿Q G¶pFRQRPLVHU OH FRXUDQW
3RXUOHVSDXVHVGHFRXUWHGXUpHYRXVSRXYH]FRPPXWHU
YRWUH UpFHSWHXU VXU YHLOOH DYHF OD WpOpFRPPDQGH D¿Q GH
FRQVRPPHUOHPRLQVSRVVLEOHGHFRXUDQW
1RXVYRXVVRXKDLWRQVXQHERQQHUpFHSWLRQHWEHDXFRXSGH
SODLVLUDYHFYRWUHQRXYHDXUpFHSWHXUVDWHOOLWH'95
9RWUHpTXLSH
.$7+5(,1
5HPDUTXHVLPSRUWDQWHV
/¶DIIHFWDWLRQ GHV FDQDX[ GHV VDWHOOLWHV HW WUDQVSRQGHXUV
IDLWO¶REMHWGHPRGL¿FDWLRQVSHUPDQHQWHV,OHVWQpFHVVDLUH
GDQV FH FDV GH UHSUHQGUH OH UpJODJH GHV FDQDX[ FDU OD
SUpSURJUDPPDWLRQUpDOLVpHHQQRVORFDX[UHÀqWHODVLWXDWLRQ
DXPRPHQWGHODGDWHGHIDEULFDWLRQ/HVLQGLFDWLRQVSRXU
FHV QRXYHDX[ UpJODJHV V¶REWLHQQHQW VRLW VXU ,QWHUQHW VRLW
GDQVOHVPDJD]LQHVDGpTXDWV
9RWUH UpFHSWHXU D pWp pTXLSp HQ XVLQH GX ORJLFLHO OH SOXV
UpFHQW&HSHQGDQWQRXVQRXVHIIRUoRQVWRXMRXUVG¶DGDSWHU
OH ORJLFLHO DX[ VRXKDLWV GH QRV FOLHQWV HW j O¶pWDW GH OD
WHFKQLTXH9RXVWURXYHUH]G¶DXWUHVLQIRUPDWLRQVjFHVXMHW
GDQV OD VHFWLRQ ©0LVH j MRXU GX ORJLFLHO HW GHV OLVWHV GH
SURJUDPPHVª
9HXLOOH] FRQVHUYHU O¶HPEDOODJH G¶RULJLQH SRXU XQH
pYHQWXHOOHUpH[SpGLWLRQ
/HVGLVTXHVGXUVVRQWGHSDUOHXUFRQFHSWLRQVHQVLEOHV
DX[FKRFVHW VHXOO¶HPEDOODJHG¶RULJLQH OHXURIIUHXQH
SURWHFWLRQVXI¿VDQWHDXVHLQGXUpFHSWHXU
7RXWUHFRXUVj ODJDUDQWLH UHODWLYHDX GLVTXHGXUVHUD
H[FOXHQFDVG¶H[SpGLWLRQQRQDSSURSULpH
1RWH]OHVUpJODJHVGHEDVHGXUpFHSWHXUD¿QGHSRXYRLU
OHVUpXWLOLVHUOHFDVpFKpDQW
'L6(T&HVWXQHPDUTXHG¶(XWHOVDW


6RPPDLUH
3UpIDFH 
6RPPDLUH 
&RQVLJQHVGHVpFXULWpUHPDUTXHVLPSRUWDQWHV
&DUDFWpULVWLTXHVGXUpFHSWHXU
&RPPDQGHVDI¿FKDJHVHWSRUWV
5DFFRUGHPHQWHWPLVHHQVHUYLFH
7pOpFRPPDQGH 
3UHPLqUHLQVWDOODWLRQ 
&RQVLJQHVG¶XWLOLVDWLRQ 
&RQFHSWGHVPHQXV 
9XHGµHQVHPEOHGHVPHQXV 
6DLVLHDOSKDQXPpULTXH 
6pOHFWLRQGHODODQJXH26' 
$I¿FKDJHVjO¶pFUDQ26'2Q6FUHHQ'LVSOD\ 
,QIRUPDWLRQVVXUOHFDQDO 
,QIRUPDWLRQVVXUOHVSURJUDPPHV 
0HVVDJHG¶HUUHXU 
/LVWHGHVFDQDX[±79UDGLR 
&RPPRQ,QWHUIDFH 
5pJODJHGHVSDUDPqWUHVGXV\VWqPH 
3DUDPqWUHV79 
3DUDPqWUHV$9DXGLRYLGpR 
3RVLWLRQQHUOHPHQXVXUOD79 
6WDQGDUG79 
5pJODJHGHOµKHXUH 
&RPPRQ,QWHUIDFH 
*HVWLRQ67%UpFHSWHXU 
,QIRUPDWLRQV\VWqPH 
&KDUJHUOHVYDOHXUVG¶XVLQH 
&KDQJHUOHQRPGXUpFHSWHXU 
*HVWLRQGXGLVTXHGXU 
)RUPDWHUO¶DUFKLYHGHVHQUHJLVWUHPHQWV 
)RUPDWHUO¶DUFKLYH03 
)RUPDWHUO¶DUFKLYHSKRWR 
$SSDUHLOV86% 
5pJODJHVXWLOLVDWHXU 
6pOHFWLRQGHODODQJXH 
&RQ¿JXUDWLRQGXWLPHU 
%ORFDJHSDUHQWDO 
9HUURXLOOHUOHUpFHSWHXU 
'p¿QLUODOLPLWHG¶kJH 
9HUURXLOOHUODJHVWLRQ67%UpFHSWHXU 
&KDQJHUOHFRGH3,1 
&RQ¿JXUDWLRQGHOµDI¿FKDJH 
&RQ¿JXUDWLRQ'95 
7LPHVKLIWDXWRPDWLTXH 
7DLOOHGHODPpPRLUHSRXUOHWLPHVKLIW 


6RPPDLUH
*HVWLRQGLVTXHGXU 
)HQrWUHG¶LQIRUPDWLRQ(QUHJLVWUHPHQWGLUHFW 
'XUpHG¶HQUHJLVWUHPHQWVWDQGDUG 
&RQ¿JXUDWLRQFKDUJHPHQW(3* 
7pOpWH[WH 
(GLWHUOHVOLVWHVGHFDQDX[ 
/LVWHGHVFDQDX[79 
9HUURXLOOHUFDQDX[ 
5HQRPPHUFDQDX[ 
'pSODFHUFDQDX[ 
6DXWHUFDQDX[ 
6XSSULPHUFDQDX[ 
/LVWHGHVFDQDX[UDGLR 
/LVWHVGHIDYRULV79 
&UpHUOLVWHGHIDYRULV 
5HQRPPHUOLVWHGHIDYRULV 
6XSSULPHUOLVWHGHIDYRULV 
$MRXWHUVXSSULPHUFDQDX[OLVWHGHIDYRULV 
/LVWHVGHIDYRULVUDGLR 
)RQFWLRQV7ZLQ 
,PDJHGDQVO¶LPDJH3,3 
7LPHVKLIWUHVWLWXWLRQHQGLIIpUp 
(QUHJLVWUHPHQWGLUHFW 
7LPHVKLIW 
7LPHVKLIWUHVWLWXWLRQHQGLIIpUp 
7979(3*HW7LPHU 
3UHPLqUHDFWLYDWLRQGX7979(3* 
$FWLYDWLRQGX7979(3* 
9XH©(PLVVLRQDFWXHOOHª 
/LVWHGHSURJUDPPHV 
5HFRPPDQGDWLRQV 
&ODVVHPHQWGHVSURJUDPPHVpPLVVLRQVSDUJHQUH 
)RQFWLRQGHUHFKHUFKH 
,QIRUPDWLRQVGpWDLOOpHV 
3URJUDPPDWLRQG¶XQHQUHJLVWUHPHQW 
3URJUDPPHG¶HQUHJLVWUHPHQW 
,QIRUPDWLRQVFRPSOpPHQWDLUHVLPSRUWDQWHV 
([SOLFDWLRQV 
/LVWHGHVpPHWWHXUV 
5pJODJHVDXGLR 
(QUHJLVWUHUUHFRUG 
(QUHJLVWUHPHQWGLUHFWVXUGLVTXHGXUUHSULVHGHODPpPRLUHWLPHVKLIW 
(QUHJLVWUHPHQWGLUHFWVXUGLVTXHGXULPPpGLDWSOXVWDUG 
$UFKLYHGHVHQUHJLVWUHPHQWV 
/LUHO¶HQUHJLVWUHPHQW 
'pFU\SWHUOµHQUHJLVWUHPHQW 
(GLWHUWUDLWHUOHVHQUHJLVWUHPHQWV 
6XSSULPHU 
5HQRPPHU 
&RSLHU 
&RXSHU 


)XVLRQQHU 
3URWHFWLRQGµHIIDFHPHQW 
9HUURXLOOHU 
8QVLJQHW 
0XOWLPpGLDMHX[
/HFWHXU03 
2SpUDWLRQ¿FKLHU03 
$OEXPSKRWR 
2SpUDWLRQ¿FKLHUSKRWR 
-HX[ 
$SSOLFDWLRQV 
0HQXG¶LQVWDOODWLRQ 
3UHPLqUHLQVWDOODWLRQ 
5pJODJHVG¶DQWHQQH 
5pJODJHVWXQHU 
5pJODJHVWXQHU
5HFKHUFKHGHVFDQDX[
$QWHQQHURWDWLYH 
(GLWHUOHVGRQQpHVGHVVDWHOOLWHV 
(GLWHUOHWUDQVSRQGHXU 
$FWXDOLVDWLRQGXORJLFLHOGµH[SORLWDWLRQ 
%UDQFKHPHQWG¶XQPDJQpWRVFRSHHQUHJLVWUHXUGH'9' 
0LVHjMRXUGXORJLFLHOHWGHVOLVWHVGHSURJUDPPHV 
3950DQDJHURXWLO86% 
,QVWDOODWLRQVWDQGDUG
'pPDUUDJHGX3950DQDJHU
(QUHJLVWUHPHQWV
03
,PDJHV 
-HX[ 
0LVHjMRXUDFWXDOLVDWLRQGXORJLFLHOG¶H[SORLWDWLRQGXUpFHSWHXU
/LVWHGHFDQDX[ 
8WLOLVDWLRQSDUODIDoDGH 
7UDQVIHUWGHGRQQpHVGHUpFHSWHXUjUpFHSWHXU
$QQH[HWHFKQLTXH 
&DUDFWpULVWLTXHVWHFKQLTXHV 
$FFHVVRLUHV
%URFKDJHGHVFRQQHFWHXUVSpULWHO
([HPSOHGHUDFFRUGHPHQW
3HWLWOH[LTXHWHFKQLTXH
*ORVVDLUH
,GHQWL¿FDWLRQGHVGpIDXWVHWUpVROXWLRQGHVSUREOqPHV 
0DLQWHQDQFH
6RPPDLUH


&RQVLJQHVGHVpFXULWpUHPDUTXHVLPSRUWDQWHV


&DUDFWpULVWLTXHVGXUpFHSWHXU
/¶8)6 SRVVqGH GHX[WXQHUV GLVWLQFWV SHUPHWWDQW OD UpFHSWLRQ
VLPXOWDQpH GH GHX[SURJUDPPHV DLQVL TX¶XQ GLVTXH GXU SRXU
O¶HQUHJLVWUHPHQWHWODOHFWXUH
6HORQODFRQ¿JXUDWLRQYRXVSRXYH]
 UHJDUGHU XQH pPLVVLRQ HW HQUHJLVWUHU XQH pPLVVLRQ VXU OH GLVTXH
GXU
 OLUHXQHQUHJLVWUHPHQWVXUOHGLVTXHGXUHWHQUHJLVWUHUXQHpPLVVLRQ
VXUOHGLVTXHGXURX
 HQUHJLVWUHUGHX[pPLVVLRQVVXUOHGLVTXHGXUHWOLUHXQHQUHJLVWUHPHQW
VXUOHGLVTXHGXURX
 HQUHJLVWUHU GHX[pPLVVLRQV VXU OH GLVTXH GXU HW YLVLRQQHU XQH
pPLVVLRQSURYHQDQWGHO¶XQGHVSDTXHWVGHSURJUDPPHVFDSWpV
3RXU SUR¿WHU GH WRXWHV FHV SRVVLELOLWpV YRXV GHYUH] UpDOLVHU GHV
RSpUDWLRQVFRPSOH[HV&¶HVWSRXUTXRLLOFRQYLHQWGHOLUHDWWHQWLYHPHQW
ODSUpVHQWHQRWLFH
/HQRXYHDXUpFHSWHXUVDWHOOLWHPXOWLIRQFWLRQV8)6SRVVqGHGHX[
FLUFXLWV LQGpSHQGDQWV GH UpFHSWLRQ HW GH WUDLWHPHQW GHV VLJQDX[ GH
PrPH TX¶XQ GLVTXH GXU LQIRUPDWLTXH G¶XQH FDSDFLWp PpPRLUH GH
*RFWHWV
&HGLVTXHGXUGH*RFWHWVSHUPHWG¶HIIHFWXHUSOXVGHKHXUHV
G¶HQUHJLVWUHPHQW79HWUDGLRHWGHOHVUHVWLWXHUjYRORQWpVDQVSHUWHGH
TXDOLWpVRLWVLPXOWDQpPHQWVRLWHQGLIIpUp
/H WYWY(3* HVW XQ JXLGH UpGDFWLRQQHO TXL IRXUQLW JUDWXLWHPHQW GHV
LQIRUPDWLRQV VXU HQYLURQ  FDQDX[ VDQV FKDQJHPHQW IDVWLGLHX[ GH
FDQDOMXVTX¶jXQHVHPDLQHjO¶DYDQFH
0DLVODSDUWLFXODULWpGHFHWDSSDUHLODX[WDOHQWVPXOWLSOHVUpVLGHGDQVOHV
QRPEUHXVHVSRVVLELOLWpVRIIHUWHVSDUH[HPSOHODIRQFWLRQ3,3LPDJH
GDQV OµLPDJH OH WUDQVIHUW GX ÀX[ GH GRQQpHV 03(* VXU OH 3& OH
WUDQVIHUWODOHFWXUHHWO¶HQUHJLVWUHPHQWGH¿FKLHUV03/HOHFWHXU-3(*
YRXVSHUPHWG¶HQUHJLVWUHUYRVSKRWRVVXUOHGLVTXHGXUHWGHFUpHUXQ
GLDSRUDPD/¶pFUDQDOSKDQXPpULTXHDI¿FKHOHVQRPVGHVFDQDX[HWOHV
LQIRUPDWLRQVUDGLR/HVpOHFWHXUPXOWLIRQFWLRQVHQIDFHDYDQWV¶LQWqJUHj
ODSUpVHQWDWLRQPRGHUQHGXUpFHSWHXUHWSHUPHWG¶XWLOLVHUFHOXLFLVDQV
ODWpOpFRPPDQGH
/HV\VWqPHG¶H[SORLWDWLRQGXUpFHSWHXUEDVpVXU/,18;RIIUHHQFRUH
ELHQG¶DXWUHVIRQFWLRQVSUDWLTXHV


&RPPDQGHVDI¿FKDJHVHWSRUWV
9RXVWURXYHUH]GDQVFHWWHVHFWLRQXQEUHIGHVFULSWLIGHO¶HQVHPEOHGHV
FRPPDQGHVDI¿FKDJHVHWSRUWV/HVV\PEROHV¿JXUDQWVXUOHVWRXFKHV
VRQWpJDOHPHQWUHSULVGDQVODGHVFULSWLRQGHVSURFpGXUHV
9XHDYDQWYROHWRXYHUW
9XHDUULqUH
&RPPDQGHVHWDI¿FKDJHVGHODIDFHDYDQW
 &RPPRQ,QWHUIDFHSRXUGHX[PRGXOHV&$SRXU
FDUWHVGHWpOpYLVLRQSD\DQWH
 3RUW86%
 7RXFKH GH PHQX SHUPHWWDQW G¶DFWLYHU HW GH
TXLWWHUOHVPHQXVHWVRXVPHQXV
 7RXFKH5HFRUGSRXUOHGpPDUUDJHPDQXHOG¶XQ
HQUHJLVWUHPHQW
 7RXFKH 3OD\ SRXU OH GpPDUUDJH PDQXHO GH OD
OHFWXUH
 7RXFKH 6WRS([LW SRXU O¶DUUrW PDQXHO GH OD
OHFWXUH RX GH O¶HQUHJLVWUHPHQWSRXU TXLWWHU OHV
PHQXV
 6pOHFWHXUPXOWLIRQFWLRQV
&RPPDQGHVHWSRUWVHQIDFHDUULqUH
 ,QWHUUXSWHXUPDUFKHDUUrWLVRODWLRQGXVHFWHXU
 &kEOHG¶DOLPHQWDWLRQVHFWHXU
 ,QWHUIDFH 56  PDLQWHQDQFH HW UpSDUDWLRQ
XQLTXHPHQW
 6RUWLH6YLGpR
 6RUWLHYLGpRFRPSRVLWH
 6RUWLHVDXGLR*'FRQQHFWHXUV&LQFK
 &RQQHFWHXUSpULWHOGHUDFFRUGHPHQW79
 &RQQHFWHXU SpULWHO GH UDFFRUGHPHQW 9&5
PDJQpWRVFRSH$8;
 6RUWLHRSWLTXHSRXUÀX[GHGRQQpHVQXPpULTXHV
63',)6RQ\3KLOLSV'LJLWDO,QWHUFKDQJH)RUPDW
SRXUVLJQDODXGLRDXIRUPDW'ROE\'LJLWDO$&
3RUW86%FRQQHFWHXU86%%
/1%(QWUpHHWVRUWLHGHERXFODJH
/1%(QWUpHHWVRUWLHGHERXFODJH
/HVPRGXOHV&$HWOHVFDUWHVGHWpOpYLVLRQSD\DQWHQHVRQWSDVIRXUQLVDYHFO¶DSSDUHLO
  
  


5DFFRUGHPHQWHWPLVHHQVHUYLFH
/D VHFWLRQ VXLYDQWH HVW VSpFLDOHPHQW GHVWLQpH DX[ UHYHQGHXUV
VSpFLDOLVpV (OOH QH SUpVHQWH XQ LQWpUrW TXH VL YRXV HIIHFWXH] YRXV
PrPHO¶LQVWDOODWLRQ
9RXVWURXYHUH]XQHFRQ¿JXUDWLRQW\SHGDQVODVHFWLRQ©([HPSOHVGH
UDFFRUGHPHQWVª
1H UDFFRUGH] O¶DSSDUHLO DX UpVHDX pOHFWULTXH TX¶DSUqV DYRLU HIIHFWXp
O¶LQVWDOODWLRQGDQVOHVUqJOHVGHO¶DUW
$FHWHIIHWUHSRUWH]YRXVjODVHFWLRQ©&RQVLJQHVGHVpFXULWpª
5DFFRUGHPHQWGHO¶DSSDUHLO
&RQQHFWHXUV),VDWHOOLWH
5DFFRUGH]OHVHQWUpHV),VDWHOOLWHGXUpFHSWHXU jO¶DSSDUHLOUpFHSWHXU
VDWHOOLWH
3RXU FH IDLUH XWLOLVH] XQ FkEOH FRD[LDO PXQL G¶XQ FRQQHFWHXU PkOH
QRUPDOLVp)
6L OHV FRQQHFWHXUV PkOHV) QH VRQW SDV PRQWpV GpQXGH] OH FkEOH
FRPPHLQGLTXpVXUOD¿JXUHFLGHVVRXVSXLVHQ¿FKH]VRLJQHXVHPHQW
OHVFRQQHFWHXUV)DX[H[WUpPLWpVHQOHXUDSSOLTXDQWXQPRXYHPHQWGH
URWDWLRQMXVTX¶jFHTX¶LOVVRLHQWVROLGHPHQW¿[pV
/RUVGXPRQWDJHGXFRQQHFWHXUYHLOOH]jFHTX¶DXFXQEULQGHODWUHVVH
GHEOLQGDJHQHIDVVHFRQWDFWDYHFOHFRQGXFWHXULQWHUQHVRXVSHLQHGH
FRXUWFLUFXLW
/DTXDOLWpGXVLJQDOGHUpFHSWLRQGpSHQGGHODTXDOLWpGHODOLDLVRQ
&RQGLWLRQVGHUpFHSWLRQ
$VVXUH]YRXVTXHYRWUHLQVWDOODWLRQVDWHOOLWHGHUpFHSWLRQQXPpULTXHHQ
EDQGHKDXWHHVWpTXLSpHDXPRLQVG¶XQ/1%XQLYHUVHO
3UpUpJODJHGHO¶DSSDUHLOUpFHSWHXU
/HSUpUpJODJHGHVVLJQDX[GHFRPPDQGHFRUUHVSRQGjGHVDSSDUHLOV
UpFHSWHXUV FODVVLTXHV j VDYRLU FRPPXWDWLRQ GH SRODULVDWLRQ 9
HW VLJQDO N+] SRXU FRPPXWDWLRQ EDQGH EDVVHKDXWH GDQV OH FDV
G¶DSSDUHLOVUpFHSWHXUV0XOWLIHHG
6L O¶DSSDUHLO UpFHSWHXU HVW pTXLSp GH PDWULFHV GH FRPPXWDWLRQ 7RQH
%XUVW LO FRQYLHQW GH PRGL¿HU OHV SUpUpJODJHV DQWHQQH WXQHU  HW
WXQHUGXSRLQW©,QWHUUXSWHXU'L6(T&ªGDQVOHPHQXG¶LQVWDOODWLRQ
9RLU OD VHFWLRQ ©0HQX G¶LQVWDOODWLRQª ©5pJODJHV G¶DQWHQQHª
©7XQHUªHW©7XQHUª5HVSHFWH]VFUXSXOHXVHPHQWOHVLQVWUXFWLRQV
G¶XWLOLVDWLRQSRXUODPDWULFHFRQFHUQpH


5DFFRUGHPHQWHWPLVHHQVHUYLFH
)RQFWLRQQHPHQWDYHFXQUDFFRUGG¶DQWHQQH
3RXU SRXYRLU SUR¿WHU GH WRXWHV OHV IRQFWLRQQDOLWpV GH UpFHSWLRQ HW
G¶HQUHJLVWUHPHQWGXUpFHSWHXUVDWHOOLWH7ZLQ'958)6WHOOHVTXH
O¶HQUHJLVWUHPHQW G¶XQHpPLVVLRQ SHQGDQW OHYLVLRQQDJH G¶XQH DXWUH
pPLVVLRQRXOH]DSSLQJG¶XQFDQDOjO¶DXWUHHW
O¶HQUHJLVWUHPHQWVLPXOWDQpGHGHX[pPLVVLRQVGLIIpUHQWHV
OHV GHX[HQWUpHV WXQHU GX UpFHSWHXU VDWHOOLWH GRLYHQW FKDFXQH rWUH
DOLPHQWpHVHQVLJQDX[SDUOµDQWHQQHODSULVHVDWHOOLWH
/HSUpUpJODJHGHVHQWUpHVWXQHUGXUpFHSWHXUHIIHFWXpGDQVQRVORFDX[
YLD OH PHQX G¶LQVWDOODWLRQ SUpYRLW OH PRGH DYHF GHX[ UDFFRUGHPHQWV
G¶DQWHQQHVVDWHOOLWHGLVWLQFWV
$XFDVRYRXVQHGLVSRVHULH]TXHG¶XQVHXOUDFFRUGHPHQWG¶DQWHQQH
QRXVYRXV FRQVHLOORQV GH UDFFRUGHUOD VRUWLH GXWXQHU j O¶HQWUpHGX
WXQHUjO¶DLGHG¶XQFkEOHFRD[LDOGRWpGHFRQQHFWHXUVPkOHV)
3RXU FH IDLUH OH ©0RGH ERXFOHª GRLW rWUH VpOHFWLRQQp GDQV OD
©3UHPLqUH LQVWDOODWLRQª SRXU O¶HQWUpH WXQHU  YRLU OH FKDSLWUH
©3UHPLqUHLQVWDOODWLRQª
3RXU DFFpGHU DX PHQX ©(QWUpH WXQHUª XWLOLVH] OD WRXFKH  SXLV
VpOHFWLRQQH] ©,QVWDOODWLRQª HW ©3UHPLqUH LQVWDOODWLRQª 3URFpGH]
pWDSHSDUpWDSHMXVTX¶DXUpJODJHGXWXQHU9RXVSRXUUH]DORUVHIIHFWXHU
OHVUpJODJHV
&kEOHFRD[LDODYHFFRQQHFWHXUV)


5HPDUTXH
&HFLQHV¶DSSOLTXHTX¶HQFDVGHUpFHSWLRQG¶XQVDWHOOLWHHWQRQHQFDV
GHUpFHSWLRQPXOWLIHHG
6LVHXOOHWXQHUHVWUDFFRUGpVDQVOLDLVRQDYHFOHWXQHULOFRQYLHQW
GHVpOHFWLRQQHU OH UpJODJH ©0RGHVLPSOHª SRXU O¶HQWUpHWXQHU9RXV
GLVSRVH]DORUVGHVIRQFWLRQQDOLWpVG¶XQUpFHSWHXU©VLPSOHªFODVVLTXH
6LFHUpJODJHQ¶HVWSDVHIIHFWXpGHVG\VIRQFWLRQQHPHQWVVXUYLHQQHQW
VLJQDOpVSDUO¶DI¿FKDJHVXLYDQW
$XFXQVLJQDO
5DFFRUGHPHQWHWPLVHHQVHUYLFH
5DFFRUGHPHQWG¶XQWpOpYLVHXUHWG¶XQPDJQpWRVFRSH
5DFFRUGH]OHUpFHSWHXUVDWHOOLWHFRQQHFWHXUSpULWHO79DXWpOpYLVHXUj
O¶DLGHG¶XQFkEOHSpULWHOYRLU©([HPSOHGHUDFFRUGHPHQWª
6LYRWUHWpOpYLVHXUHVWGHW\SHVWpUpRLOUHFHYUDOHVRQHQVWpUpRSDUOH
ELDLVGHODOLDLVRQSpULWHO
5DFFRUGH] OH UpFHSWHXU VDWHOOLWH FRQQHFWHXU SpULWHO PDJQpWRVFRSH
$8;jYRWUHPDJQpWRVFRSHHQUHJLVWUHXUGH'9'WRXMRXUVjO¶DLGHG¶XQ
FkEOHSpULWHO
/HVVRUWLHVSpULWHOHWODVRUWLHYLGpR&LQFKXWLOLVHQWGXIDLWGHODFRQFHSWLRQ
GXV\VWqPHOHVPrPHVVLJQDX[YLGpR
6L YRXV ODQFH] XQ HQUHJLVWUHPHQW DYHF XQ PDJQpWRVFRSH H[WHUQH
QµXWLOLVH] SDV YRWUH UpFHSWHXU GXUDQW O¶HQUHJLVWUHPHQW IDXWH GH TXRL
WRXVOHVDI¿FKDJHVjO¶pFUDQVHURQWpJDOHPHQWHQUHJLVWUpV
5DFFRUGHPHQWDXGLR
6LYRXVYRXOH]UHWUDQVPHWWUHOHVRQSDUOHELDLVGHYRWUHV\VWqPH+L)L
UDFFRUGH] OHV FRQQHFWHXUV DXGLR &LQFK DX[ FRQQHFWHXUV G¶HQWUpH GH
YRWUHLQVWDOODWLRQ+L)LjO¶DLGHG¶XQFkEOHDGpTXDWYRLU©([HPSOHGH
UDFFRUGHPHQWª
6RUWLHQXPpULTXHRSWLTXH
/D VRUWLH RSWLTXH FkEOH j ¿EUHV RSWLTXHV HVW SUpYXH SRXU OH
UDFFRUGHPHQW j XQH LQVWDOODWLRQ 'ROE\ 'LJLWDO YRLU ©([HPSOH GH
UDFFRUGHPHQWª
,QVHUWLRQGHVSLOHVGDQVODWpOpFRPPDQGH
(QOHYH]OHFDFKHjO¶DUULqUHGHODWpOpFRPPDQGH
,QVpUH] OHV GHX[ SLOHV IRXUQLHV GDQV OD WpOpFRPPDQGH 9HLOOH] j
UHVSHFWHUODSRODULWpGHVSLOHVTXL¿JXUHGDQVOHFRPSDUWLPHQW
5HPHWWH] OH FDFKH VXU OH ERvWLHU HW SRXVVH]OH GH VRUWH TX¶LO
V¶HQFOHQFKH
/HVSLOHVXVDJpHVVRQWGHVGpFKHWVVSpFLDX[
1HMHWH]SDVOHVSLOHVXVDJpHVDYHFYRV GpFKHWV GRPHVWLTXHVPDLV
GpSRVH]OHVGDQVXQSRLQWGHFROOHFWHVSpFLDOSRXUSLOHVXVDJpHV
/HV DSSDUHLOV pOHFWURQLTXHV QH VRQW SDV GHV GpFKHWV GRPHVWLTXHV
HW GRLYHQW j FH WLWUH FRQIRUPpPHQW j OD GLUHFWLYH &(( GX
3$5/(0(17 (8523((1 (7 '8 &216(,/ GX MDQYLHU 
SRUWDQW VXU OHV GpFKHWV G¶pTXLSHPHQWV pOHFWULTXHV HW pOHFWURQLTXHV
rWUHpOLPLQpVFRPPHLOVHGRLW
9HXLOOH]UHPHWWUHFHWDSSDUHLOORUVTX¶LOVHUDKRUVG¶XVDJHjXQSRLQWGH
FROOHFWHRI¿FLHOVSpFLDOHPHQWSUpYXjFHWHIIHW
,OH[LVWHFHSHQGDQWXQHUHVWULFWLRQOHWXQHUQHSHXWUHFHYRLUTXHOHV
FDQDX[VXLYDQWVGXSODQTXLDpWpUpJOpSRXUOHWXQHUSDUH[HPSOH
KRUL]RQWDOKDXW


7pOpFRPPDQGH

6RQPDUFKHDUUrW

6DLVLHGHFKLIIUHV
SRXUOHVFDQDX[
OHWLPHUHWF

$I¿FKDJHGXPHQX
SULQFLSDO
4XLWWHUOHVPHQXV
$I¿FKDJHGHOD
OLVWHGHIDYRULV
!
,PDJHGDQVO¶LPDJH
WXQHURXGLVTXHGXU
%
9ROXPHVRQRUH

4XLWWHUOHPHQX±
UHWRXUjO¶LPDJH79

5HWRXUUDSLGH

/HFWXUH
&RQWHQXGX
GLVTXHGXU

3DXVHDUUrWLPDJH
7LPHVKLIW

(QUHJLVWUHPHQW
LPPpGLDW

0DUFKHYHLOOH

7pOpWH[WH
"
$I¿FKDJHGHVRSWLRQV
GHVFDQDX[VpOHFWLRQ
VRQVRXVWLWUH
#
6pOHFWLRQ79UDGLR

$I¿FKDJHLQIRVXU
OHFDQDO
,QIRSURJUDPPH
0RGH$9
&
6pOHFWLRQGXFDQDO
KDXWEDV

9DOLGDWLRQ
$I¿FKDJHOLVWH
GHFDQDX[

7RXFKHVGH
GpSODFHPHQW
GXFXUVHXU

$I¿FKDJH7979(3*
JXLGHGHV
SURJUDPPHV

$YDQFHUDSLGH

$UUrWHQUHJLVWUHPHQW
OHFWXUH


7pOpFRPPDQGH5&
/DWpOpFRPPDQGH 5&  SHXW FRPPDQGHU MXVTX¶j TXDWUH DSSDUHLOV
IRXUQLVDYHFOD5&DLQVLTXHOHVUpFHSWHXUVGHVJDPPHV8)'[[
SDVOHVPRGqOHV8)'HW8)'[[
(WHLJQH]WRXWG¶DERUGWRXVOHVUpFHSWHXUVLQWHUUXSWHXUVHFWHXU
0DUFKHjVXLYUHSRXUDIIHFWHUXQFRGHLQIUDURXJHjFKDTXHUpFHSWHXU
0HWWH]OHUpFHSWHXUTXLYRXVLQWpUHVVHVRXVWHQVLRQ
$SSX\H] VLPXOWDQpPHQW VXU OHV WRXFKHV VXLYDQWHV GH OD
WpOpFRPPDQGH
$GUHVVH 
(WHLJQH]HQVXLWHOHUpFHSWHXULQWHUUXSWHXUVHFWHXUSXLVSURFpGH]GH
PDQLqUH VLPLODLUH SRXU OHV DXWUHV DSSDUHLOV  SRXU OH
qPHUpFHSWHXUSRXUOHqPHUpFHSWHXUHW
SRXUOHqPHUpFHSWHXU
1¶DOOXPH] SDV VLPXOWDQpPHQW SOXVLHXUV UpFHSWHXUV GXUDQW OD
SURFpGXUH
%DVFXOHPHQWGHODWpOpFRPPDQGHVXUXQFRGHLQIUDURXJH
$SUqVDYRLUDIIHFWpXQFRGHLQIUDURXJHVSpFL¿TXHjFKDTXHUpFHSWHXU
SURFpGH] GH OD IDoRQ VXLYDQWH SRXU EDVFXOHU HQWUH OHV GLIIpUHQWV
DSSDUHLOVDYHFODWpOpFRPPDQGH
3RXUXWLOLVHUOHHUUpFHSWHXUDGUHVVHDSSX\H]VXUSRXUOH
qPHUpFHSWHXUVXUSRXUOHqPHUpFHSWHXUVXUHWSRXU
OHqPHUpFHSWHXUVXU
   FRGH SRXU UpFHSWHXUV .DWKUHLQ 8)' [[ WpOpFRPPDQGH
5&
/HV WpOpFRPPDQGHV 5& HW 5& QH SHXYHQW SDV rWUH
UHPSODFpHV
7pOpFRPPDQGH


3UHPLqUHLQVWDOODWLRQ
$YDQW GH PHWWUH YRWUH DSSDUHLO HQ VHUYLFH OLVH] OHV FKDSLWUHV
©&RQVLJQHV GH VpFXULWpª HW ©5DFFRUGHPHQW HW PLVH HQ
VHUYLFHª
9RXVWURXYHUH]XQHFRQ¿JXUDWLRQW\SHGDQVODVHFWLRQ©([HPSOHV
GHUDFFRUGHPHQWVª
1HUDFFRUGH]O¶DSSDUHLODXUpVHDXpOHFWULTXHTX¶DSUqVDYRLUHIIHFWXp
O¶LQVWDOODWLRQGDQVOHVUqJOHVGHO¶DUW
3RXUOHVH[SOLFDWLRQVGXFKDSLWUH ©3UHPLqUH LQVWDOODWLRQª QRXV
SDUWRQV GX SULQFLSH TXH OH UpFHSWHXU D pWp UDFFRUGp GDQV OHV
UqJOHVFRQIRUPpPHQWDX[FKDSLWUHV©&RQVLJQHVGHVpFXULWpªHW
©5DFFRUGHPHQWHWPLVHHQVHUYLFHª
$OOXPH]YRWUH WpOpYLVHXU HWVpOHFWLRQQH] O¶HPSODFHPHQW$9 0HWWH]OH
UpFHSWHXUVRXVWHQVLRQDYHFO¶LQWHUUXSWHXUTXL¿JXUHDXGRVGHO¶DSSDUHLO
/¶DI¿FKDJHVXLYDQWDSSDUDvW
6pOHFWLRQQH] OD ODQJXH GHV PHQXV TXH YRXV VRXKDLWH] DYHF OHV
WRXFKHV $X FKRL[  DOOHPDQG DQJODLV WXUF LWDOLHQ HVSDJQRO
SRORQDLVQpHUODQGDLVHWIUDQoDLV
$SSX\H] VXU OD WRXFKH ! SRXU DFFpGHU DX PHQX VXLYDQW /¶DI¿FKDJH
VXLYDQWDSSDUDvW
5HJDUGH] pJDOHPHQW OHV
EDUUHVTXL¿JXUHQWHQEDVGH
O¶pFUDQ9RXV\WURXYHUH]GHV
FRQVLJQHVG¶XWLOLVDWLRQ


3UHPLqUHLQVWDOODWLRQ
5HPDUTXH6LYRXVQ¶rWHVSDV VUG¶DYRLUHIIHFWXpOHERQUpJODJH DYHFOHPHQX
SUpFpGHQWYRXVSRXYH]WRXWDXORQJGHODSUHPLqUHLQVWDOODWLRQUHYHQLU
DXSRLQWSUpFpGHQWDYHFODWRXFKH 
6pOHFWLRQQH]DYHFOHVWRXFKHVOHW\SHGHEUDQFKHPHQWHIIHFWXp
SDU YRXV RX SDU OH SURIHVVLRQQHO GH PrPH TXH OD FRQ¿JXUDWLRQ GHV
VLJQDX[SRXUOHGHX[LqPHWXQHU
9RXVDYH]OHVSRVVLELOLWpVVXLYDQWHV
7\SHGHEUDQFKHPHQWSRXUWXQHU
 6pSDUpOHWXQHUHQWUpHDVDSURSUHHQWUpHGHVLJQDX[F¶HVWj
GLUHTX¶LOH[LVWHXQHOLDLVRQGLUHFWHHQWUHODSULVHG¶DQWHQQHHWO¶HQWUpH
WXQHU
 0RGHERXFOHOHWXQHUHQWUpHUHoRLWOHVVLJQDX[PRPHQWDQpPHQW
SUpVHQWVjODVRUWLHGHERXFODJHGXWXQHU©PRGH/RRSWKURXJKª
YRLU pJDOHPHQW OH FKDSLWUH ©)RQFWLRQQHPHQW DYHF XQ UDFFRUG
G¶DQWHQQHª
&RQ¿JXUDWLRQGXVLJQDOSRXUOHWXQHUXQLTXHPHQWDYHFOHW\SH
GHUDFFRUGHPHQW©VpSDUpª
 &RPPHWXQHUOHVGHX[WXQHUVVRQWUDFFRUGpVjODPrPHVRXUFH
GHVLJQDOPrPHFkEOHGX/1%
 'LIIpUHQWHGXWXQHUOHVGHX[WXQHUVVRQWUDFFRUGpVjGHVVRXUFHV
GHVLJQDOGLIIpUHQWHVFkEOHVVpSDUpVGH/1%
$SSX\H] VXU OD WRXFKH ! SRXU DFFpGHU DX PHQX VXLYDQW /HV
H[SOLFDWLRQV GHV PHQXV VXLYDQWV GH OD SUHPLqUH LQVWDOODWLRQ VRQW
SUpVHQWpHVVXUGHX[FRORQQHV/DFRORQQHGHJDXFKHH[SOLTXHODVXLWH
GH O¶LQVWDOODWLRQ SRXU OD FRQ¿JXUDWLRQ GX VLJQDO ©FRPPH WXQHU ª HW
OD FRORQQH GH GURLWH OD VXLWH GH O¶LQVWDOODWLRQ SRXU OD FRQ¿JXUDWLRQ GX
VLJQDO©GLIIpUHQWHGXWXQHUª
/HV VDWHOOLWHV LQGLTXpV GDQV OHV LOOXVWUDWLRQV TXL VXLYHQW VRQW
SUpUpJOpVG¶RULJLQH3RXUSRXYRLUUHFHYRLUOHVVDWHOOLWHVVRXKDLWpV
YRWUHV\VWqPHGHUpFHSWLRQGRLWrWUHSRLQWpVXUFHX[FL


6pOHFWLRQQH] DYHF OHV WRXFKHV  HW OD WRXFKH
OHVVDWHOOLWHVGRQWOHVLJQDOGRLWrWUHUHoXSDUOHV
WXQHUVHW$SUqVDYRLUYDOLGpYRWUHVpOHFWLRQDYHF
ODWRXFKHOHVDWHOOLWHHVWSODFpGDQVODOLVWHGH
GURLWHGHVVDWHOOLWHVSRXUOHVWXQHUV
6LYRXVDYH]SODFpSDUPpJDUGHXQVDWHOOLWHGDQV
ODOLVWHGHGURLWHYRXVSRXYH]VDXWHUG¶XQHOLVWHj
O¶DXWUHDYHFODWRXFKH"HWVXSSULPHUGHQRXYHDXOH
VDWHOOLWHDYHFODWRXFKH
/RUVTXH YRXV DYH] VpOHFWLRQQp OHV VDWHOOLWHV
VRXKDLWpVDSSX\H]VXUODWRXFKH!
3UHPLqUHLQVWDOODWLRQ
6pOHFWLRQQH] DYHF OHV WRXFKHV  HW OD WRXFKH
 OHV VDWHOOLWHV GRQW OH VLJQDO GRLW rWUH UHoX SDU
OHWXQHU $SUqV DYRLUYDOLGp YRWUH VpOHFWLRQDYHF
ODWRXFKHOHVDWHOOLWHHVWSODFpGDQVODOLVWHGH
GURLWHGHVVDWHOOLWHVSRXUOHVWXQHUV
6LYRXVDYH]SODFpSDUPpJDUGHXQVDWHOOLWHGDQV
ODOLVWHGHGURLWHYRXVSRXYH]VDXWHUG¶XQHOLVWHj
O¶DXWUHDYHFODWRXFKH"HWVXSSULPHUGHQRXYHDXOH
VDWHOOLWHDYHFODWRXFKH
/RUVTXH YRXV DYH] VpOHFWLRQQp OHV VDWHOOLWHV
VRXKDLWpVDSSX\H]VXUODWRXFKH!
&RPPHSRXUOHWXQHUVpOHFWLRQQH]OHVVDWHOOLWHV
GRQWOHVLJQDOGRLWrWUHUHoXSDUOHWXQHU
/RUVTXH YRXV DYH] VpOHFWLRQQp OHV VDWHOOLWHV
VRXKDLWpVDSSX\H]VXUODWRXFKH!
&RQ¿JXUDWLRQGXVLJQDO
©FRPPHWXQHUª
&RQ¿JXUDWLRQGXVLJQDO
©GLIIpUHQWHGXWXQHUª
/DWRXFKH#YRXVSHUPHWG¶DI¿FKHUOHVVDWHOOLWHVHQIRQFWLRQGXFRQWLQHQWF¶HVWjGLUHGHYRLUTXHOVVDWHOOLWHV
SHXYHQWrWUHFDSWpVVXUTXHOFRQWLHQW/HVFRQWLQHQWV¿JXUHQWDXGHVVXVGHODOLVWHGHVQRPVGHVVDWHOOLWHV/H
FRQWLQHQWVpOHFWLRQQpDSSDUDvWHQMDXQH
/HVVDWHOOLWHVGHODOLVWHGHVDWHOOLWHVSUpSURJUDPPpHVRQWSODFpVVSpFL¿pVDXWRPDWLTXHPHQWGDQVODFRORQQH
GHGURLWH9RXVSRXYH]OHVPRGL¿HURXOHVVXSSULPHUHQIRQFWLRQGHO¶LQVWDOODWLRQGHUpFHSWLRQ


3UHPLqUHLQVWDOODWLRQ
6pOHFWLRQQH] DYHF OHV WRXFKHV  HW
OD WRXFKH  OD FRQ¿JXUDWLRQ SRXU FKDFXQ GHV
VDWHOOLWHVTXHYRXVDYH]VpOHFWLRQQpV
7\SHGH/1%
$YHFODWRXFKHRXYUH]OHPHQXGHFRQ¿JXUDWLRQ
/1%(IIHFWXH]ODVpOHFWLRQDYHFOHVWRXFKHV
3RXU YDOLGHU OD VpOHFWLRQ DOOH] DYHF OHV WRXFKHV
 VXU ©2.ª HW YDOLGH] OD VpOHFWLRQ DYHF OD
WRXFKH
 6LPSOH/1%IUpTXHQFHEDVVH0+]
 'RXEOH/1%IUpTXHQFHEDVVH0+]/1%
IUpTXHQFHKDXWH0+]
 8QLYHUVHO /1% IUpTXHQFH EDVVH  0+] 
/1% IUpTXHQFH KDXWH  0+]  IUpTXHQFH
OLPLWH0+]
6LJQDON+]
(IIHFWXH] OD VpOHFWLRQ $FWLYp'pVDFWLYp DYHF OHV
WRXFKHV  /H VLJQDO  N+] HVW QpFHVVDLUH
SRXU OD FRPPXWDWLRQ GH /1% HQ FDV GH UpFHSWLRQ
0XOWLIHHGGHPrPHTXHSRXUODFRPPXWDWLRQGHOD
EDQGHEDVVHKDXWH
6DLVLH'L6(T&
(IIHFWXH]ODVpOHFWLRQDYHFOHVWRXFKHV
 GHSRXUOHSUHPLHUVDWHOOLWHGXWXQHU
 GHSRXUOHGHX[LqPHVDWHOOLWHGXWXQHU
 GHSRXUOHWURLVLqPHVDWHOOLWHGXWXQHU
 GHSRXUOHTXDWULqPHVDWHOOLWHGXWXQHU
 0LQL$VLJQDOGHFRPPDQGH7RQH%XUVWSRXU
OH SUHPLHU VDWHOOLWH GX WXQHU VL O¶LQVWDOODWLRQ GH
UpFHSWLRQQ¶HVWSDVFRPSDWLEOH'L6(T&
 0LQL%VLJQDOGHFRPPDQGH7RQH%XUVWSRXU
OHGHX[LqPHVDWHOOLWHGXWXQHUVLO¶LQVWDOODWLRQGH
UpFHSWLRQQ¶HVWSDVFRPSDWLEOH'L6(T&
 'pVDFWLYHUVLYRWUHLQVWDOODWLRQGHUpFHSWLRQQ¶HVW
SDVFRPSDWLEOH'L6(T&HWVLXQVHXOVDWHOOLWH
HVWVpOHFWLRQQpSDUWXQHU
6pOHFWLRQQH] DYHF OHV WRXFKHV  HW
OD WRXFKH  OD FRQ¿JXUDWLRQ SRXU FKDFXQ GHV
VDWHOOLWHVTXHYRXVDYH]VpOHFWLRQQpV
7\SHGH/1%
$YHFODWRXFKHRXYUH]OHPHQXGHFRQ¿JXUDWLRQ
/1%(IIHFWXH]ODVpOHFWLRQDYHFOHVWRXFKHV
3RXU YDOLGHU OD VpOHFWLRQ DOOH] DYHF OHV WRXFKHV
 VXU ©2.ª HW YDOLGH] OD VpOHFWLRQ DYHF OD
WRXFKH
 6LPSOH/1%IUpTXHQFHEDVVH0+]
 'RXEOH/1%IUpTXHQFHEDVVH0+]/1%
IUpTXHQFHKDXWH0+]
 8QLYHUVHO /1% IUpTXHQFH EDVVH  0+] 
/1% IUpTXHQFH KDXWH  0+]  IUpTXHQFH
OLPLWH0+]
6LJQDON+]
(IIHFWXH] OD VpOHFWLRQ $FWLYp'pVDFWLYp DYHF OHV
WRXFKHV  /H VLJQDO  N+] HVW QpFHVVDLUH
SRXU OD FRPPXWDWLRQ GH /1% HQ FDV GH UpFHSWLRQ
0XOWLIHHGGHPrPHTXHSRXUODFRPPXWDWLRQGHOD
EDQGHEDVVHKDXWH
6DLVLH'L6(T&
(IIHFWXH]ODVpOHFWLRQDYHFOHVWRXFKHV
 GHSRXUOHSUHPLHUVDWHOOLWHGXWXQHU
 GHSRXUOHGHX[LqPHVDWHOOLWHGXWXQHU
 GHSRXUOHWURLVLqPHVDWHOOLWHGXWXQHU
 GHSRXUOHTXDWULqPHVDWHOOLWHGXWXQHU
 0LQL$VLJQDOGHFRPPDQGH7RQH%XUVWSRXU
OH SUHPLHU VDWHOOLWH GX WXQHU VL O¶LQVWDOODWLRQ GH
UpFHSWLRQQ¶HVWSDVFRPSDWLEOH'L6(T&
 0LQL%VLJQDOGHFRPPDQGH7RQH%XUVWSRXU
OHGHX[LqPHVDWHOOLWHGXWXQHUVLO¶LQVWDOODWLRQGH
UpFHSWLRQQ¶HVWSDVFRPSDWLEOH'L6(T&
 'pVDFWLYHUVLYRWUHLQVWDOODWLRQGHUpFHSWLRQQ¶HVW
SDVFRPSDWLEOH'L6(T&HWVLXQVHXOVDWHOOLWH
HVWVpOHFWLRQQpSDUWXQHU


7UDQVSRQGHXU
$YHFOHV WRXFKHVYRXVSRXYH]IDLUHGp¿OHU
OHV WUDQVSRQGHXUV GX VDWHOOLWH LQGLTXp HQ KDXW GH
O¶LPDJHHQMDXQH$GURLWH¿JXUHO¶LQWHQVLWpGXVLJQDO
GX WUDQVSRQGHXU SUpVHQW DX[ GHX[ WXQHUV FH TXL
YRXV SHUPHW GH YpUL¿HU YRWUH FRQ¿JXUDWLRQ GX
VDWHOOLWH
/RUVTXHYRXVDYH]WHUPLQpODFRQ¿JXUDWLRQSRXUFH
VDWHOOLWHDSSX\H]VXUODWRXFKH!
6L YRXV DYH] VpOHFWLRQQp SOXV G¶XQ VDWHOOLWH GDQV
OH SUpFpGHQW PHQX©6pOHFWLRQQHU VDWHOOLWHª
OD FRQ¿JXUDWLRQ GX VDWHOOLWH VpOHFWLRQQp VXLYDQW
V¶DI¿FKH PDLQWHQDQW &RQ¿JXUH] OH VDWHOOLWH GH OD
PDQLqUHGpFULWH
/RUVTXH OD FRQ¿JXUDWLRQ GX VDWHOOLWH D pWp
WHUPLQpH DYHF OD WRXFKH ! OH UpFHSWHXU DI¿FKH
DXWRPDWLTXHPHQW OH PHQX GH VpOHFWLRQ SRXU OD
UHFKHUFKHGHFDQDX[
3UHPLqUHLQVWDOODWLRQ
7UDQVSRQGHXU
$YHFOHV WRXFKHVYRXVSRXYH]IDLUHGp¿OHU
OHV WUDQVSRQGHXUV GX VDWHOOLWH LQGLTXp HQ KDXW GH
O¶LPDJHHQMDXQH$GURLWH¿JXUHO¶LQWHQVLWpGXVLJQDO
GX WUDQVSRQGHXU SUpVHQW DX[ GHX[ WXQHUV FH TXL
YRXV SHUPHW GH YpUL¿HU YRWUH FRQ¿JXUDWLRQ GX
VDWHOOLWH
/RUVTXHYRXVDYH]WHUPLQpODFRQ¿JXUDWLRQSRXUFH
VDWHOOLWHDSSX\H]VXUODWRXFKH!
6L YRXV DYH] VpOHFWLRQQp SOXV G¶XQ VDWHOOLWH GDQV
OH SUpFpGHQW PHQX©6pOHFWLRQQHU VDWHOOLWHª
OD FRQ¿JXUDWLRQ GX VDWHOOLWH VpOHFWLRQQp VXLYDQW
V¶DI¿FKH PDLQWHQDQW &RQ¿JXUH] OH VDWHOOLWH GH OD
PDQLqUHGpFULWH
/RUVTXHYRXVDYH]FRQ¿JXUpFKDFXQGHVVDWHOOLWHV
SUpFpGHPPHQWVpOHFWLRQQpVSRXUOHWXQHUO¶pFUDQ
SRXU OD FRQ¿JXUDWLRQ GHV VDWHOOLWHV GX GHX[LqPH
WXQHUV¶DI¿FKHYRLUO¶H[HPSOH
&RQ¿JXUH] OHV VDWHOOLWHV GX GHX[LqPH WXQHU HQ
SURFpGDQWFRPPHSRXUOHWXQHU
/RUVTXH OD FRQ¿JXUDWLRQ GX VDWHOOLWH D pWp
WHUPLQpH DYHF OD WRXFKH ! OH UpFHSWHXU DI¿FKH
DXWRPDWLTXHPHQW OH PHQX GH VpOHFWLRQ SRXU OD
UHFKHUFKHGHFDQDX[
$SDUWLUG¶LFLODSUHPLqUHLQVWDOODWLRQHVWGH
QRXYHDXGpFULWHVXUXQHVHXOHFRORQQH


(IIHFWXH]OHVUpJODJHVDYHFOHVWRXFKHV
5HFKHUFKHGHVFDQDX[
,QGLTXH]DYHFOHVWRXFKHVVLYRXVVRXKDLWH]XWLOLVHUODOLVWHGHV
FDQDX[ SUpHQUHJLVWUpH G¶RULJLQH RX VL YRXV VRXKDLWH] FKHUFKHU GH
QRXYHDX[FDQDX[
6pOHFWLRQ)7$FDQDX[HQFODLUHWRX&,FDQDX[FU\SWpV
 7RXVOHVFDQDX[HQFODLUHWOHVFDQDX[FU\SWpVVRQWUHFKHUFKpV
 XQLTXHPHQWHQFODLUVHXOVOHVFDQDX[HQFODLUFRPPHSDUH[=')
VRQWUHFKHUFKpV
 XQLTXHPHQWFDQDX[FU\SWpVVHXOVOHVFDQDX[FU\SWpVFRPPHSDU
H[25)VRQWUHFKHUFKpV
5HFKHUFKHUpVHDX
$YHF ©5HFKHUFKHUpVHDX'pVDFWLYpª VHXOV OHV WUDQVSRQGHXUV
PpPRULVpV G¶RULJLQH GHV VDWHOOLWHV TXH YRXV DYH] SUpFpGHPPHQW
VpOHFWLRQQpV VRQW H[SORUpV j OD UHFKHUFKH GH FDQDX[ QRQ HQFRUH
PpPRULVpV
$YHF ©5HFKHUFKH UpVHDX $FWLYpª GHV WUDQVSRQGHXUV QRQ
HQFRUH PpPRULVpV SHXYHQW rWUH WURXYpV SDU O¶LQWHUFRQQH[LRQ GHV
WUDQVSRQGHXUV&HX[FLVRQWPpPRULVpVHWH[SORUpVjODUHFKHUFKHGH
QRXYHDX[FDQDX[WRXWFRPPHOHVWUDQVSRQGHXUVGpMjH[LVWDQWV
/D WRXFKH ! ODQFH OD UHFKHUFKH GHV FDQDX[ RX VL 5HFKHUFKH GHV
FDQDX[ ©'pVDFWLYpª HVW VpOHFWLRQQp SHUPHW G¶DOOHU GLUHFWHPHQW DX
SRLQWVXLYDQWGHODSUHPLqUHLQVWDOODWLRQ
8QHIRLVODUHFKHUFKHGHVFDQDX[WHUPLQpHO¶pFUDQDI¿FKHH[HPSOH
3UHPLqUHLQVWDOODWLRQ
$YHF OD WRXFKH  YDOLGH] OD PpPRULVDWLRQ GHV QRXYHDX[ FDQDX[
WURXYpVHWSDVVH]jO¶pWDSHVXLYDQWHGHODSUHPLqUHLQVWDOODWLRQ
&DQDX[FU\SWpV
&HV FDQDX[ QH SHXYHQW
rWUH GpFU\SWpV TX¶DYHF XQ 
PRGXOH &$ HW XQH FDUWH
6PDUW&DUG FRUUHVSRQ
GDQWH /HV PRGXOHV &$ HW
OHV FDUWHV 6PDUWFDUG QH
VRQW SDV IRXUQLV 9HXLOOH]
FRQWDFWHU OH GLIIXVHXU
GH WpOpYLVLRQ SD\DQWH
FRQFHUQp
1RPEUHGHFDQDX[GHODOLVWH
GHFDQDX[SUpSURJUDPPpH


'DQV FH PHQX VpOHFWLRQQH] DYHF OHV WRXFKHV  OH PRGH GH
UpJODJHGHO¶KHXUHjVDYRLU
 0DQXHORX
 $XWROHUpFHSWHXUUHSUHQGO¶KHXUHGXFDQDOVpOHFWLRQQp
(IIHFWXH] OHV UpJODJHV DYHF OHV WRXFKHV

(QWUHUO¶KHXUHIXVHDXKRUDLUHGLIIpUHQW
$SSX\H]VXUODWRXFKHSRXUUpJOHUODGLIIpUHQFH
SDU UDSSRUW j O¶807& 8QLYHUVDO 0HDQ 7LPH
&RRUGLQDWHDQFLHQQHPHQW*UHHQZLFK0HDQ7LPH
GH PrPH TXH O¶KHXUH G¶pWpG¶KLYHU 'HV JUDQGHV
YLOOHVV¶DI¿FKHQWDXEDVGHO¶pFUDQFRPPHH[HPSOH
GX IXVHDX KRUDLUH TXH YRXV DYH] VpOHFWLRQQp
([HPSOH SRXU %HUOLQ $OOHPDJQH LO YRXV IDXW
LQGLTXHU  KHXUH /H UpJODJH VH IDLW DYHF OHV
WRXFKHV
-RXU
6pOHFWLRQQH] LFL OD GDWH $SSX\H] VXU OD WRXFKH
 SRXU DI¿FKHU XQ FDOHQGULHU 6pOHFWLRQQH] OH
MRXU DYHF OHV WRXFKHV GH GpSODFHPHQW GX FXUVHXU
 6L OH PRLV RX O¶DQQpH DI¿FKpV VRQW
LQFRUUHFWV YRXV SRXYH] OHV VpOHFWLRQQHU FRPPH
VXLW
 PRLVSUpFpGHQWWRXFKH 
 PRLVVXLYDQWWRXFKH!
 DQQpHSUpFpGHQWHWRXFKH"
 DQQpHVXLYDQWHWRXFKH#
&RQ¿UPH]YRWUHVpOHFWLRQDYHFODWRXFKH
+HXUHDFWXHOOH
(QWUH] j O¶DLGH GHV WRXFKHV QXPpULTXHV O¶KHXUH
DFWXHOOH /D SRVLWLRQ GHPDQGpH HVW VRXOLJQpH
DXWRPDWLTXHPHQW
3UHPLqUHLQVWDOODWLRQ
5pJODJHGHO¶KHXUH©0DQXHOª 5pJODJHGHO¶KHXUH©$XWRª
(IIHFWXH] OHV UpJODJHV DYHF OHV WRXFKHV

(QWUHUO¶KHXUHIXVHDXKRUDLUHGLIIpUHQW
$SSX\H]VXUODWRXFKHSRXUUpJOHUODGLIIpUHQFH
SDU UDSSRUW j O¶807& 8QLYHUVDO 0HDQ 7LPH
&RRUGLQDWHDQFLHQQHPHQW*UHHQZLFK0HDQ7LPH
GH PrPH TXH O¶KHXUH G¶pWpG¶KLYHU 'HV JUDQGHV
YLOOHVV¶DI¿FKHQWDXEDVGHO¶pFUDQFRPPHH[HPSOH
GX IXVHDX KRUDLUH TXH YRXV DYH] VpOHFWLRQQp
([HPSOH SRXU %HUOLQ $OOHPDJQH LO YRXV IDXW
LQGLTXHU  KHXUH /H UpJODJH VH IDLW DYHF OHV
WRXFKHV
&DQDOSRXUPLVHjOµKHXUH
6LOH PRGH DXWRPDWLTXHGH UpJODJH GH O¶KHXUH HVW
VpOHFWLRQQp LQGLTXH] OH FDQDO GRQW OH UpFHSWHXU
GRLW UHFHYRLU O¶KHXUH $SSX\H] VXU OD WRXFKH 
SRXU DI¿FKHU XQH OLVWH GH FDQDX[ GDQV ODTXHOOH
YRXV SRXYH] FKRLVLU OH FDQDO GpVLUp j O¶DLGH GHV
WRXFKHV  &RQ¿UPH] YRWUH VpOHFWLRQ DYHF OD
WRXFKH
6\QFKURQLVHUPDLQWHQDQW
$SSX\H]VXUODWRXFKHSRXUV\QFKURQLVHUO¶KHXUH
LPPpGLDWHPHQW 4XHOTXHV VHFRQGHV SHXYHQW
V¶pFRXOHUDYDQWO¶DI¿FKDJHGHODERQQHKHXUHHWGH
ODERQQHGDWH
$OOH]VXU©2.ªDYHFOHVWRXFKHVHWWHUPLQH]ODSUHPLqUHLQVWDOODWLRQHQDSSX\DQWVXUOD
WRXFKH$SSX\H]HQVXLWHVXUODWRXFKHSRXUDOOHUjO¶LPDJH79