'DQVOHVVHFRQGHVVDLVLVVH]OHFRGHPDUTXHjFKLIIUHV
2EVHUYH]OHYR\DQWV·LOFOLJQRWHUDSLGHPHQWSDVVH]DXSRLQW
$SSX\H]GXUDQWVHFRQGHVVXUXQHGHVWRXFKHVGHVpOHFWLRQGHO·DSSDUHLOjFRPPDQGHU 79
"%4-
4XDQGOHYR\DQWFOLJQRWHUHOkFKH]ODWRXFKH
'LULJH]ODWpOpFRPPDQGHYHUVO·DSSDUHLO
$SSX\H]HWUHOkFKH]ODWRXFKH RX1- ": GDQVOHFDVG·XQPDJQpWRVFRSHRXG·XQOHFWHXU'9'GHPDQLqUH
OHQWHHWUpSpWLWLYHMXVTX·jFHTXHO·DSSDUHLOUpDJLVVHjODFRPPDQGHHQYR\pH&KDTXHDSSXLVXUFHWWHWRXFKHYRXV
SHUPHWGHWHVWHUXQFRGH
'qVTXHO·DSSDUHLOUpDJLWDSSX\H]SXLVUHOkFKH]ODWRXFKH
0,
DÀQGHYDOLGHUOHFRGH
2EVHUYH]OHYR\DQWFOLJQRWHPHQWVLQGLTXHQWTXHOHFRGHHVWPpPRULVp
9pULÀH]OHVDXWUHVIRQFWLRQVVLHOOHVFRUUHVSRQGHQWODWpOpFRPPDQGHHVWRSpUDWLRQQHOOH
6LHOOHVQHFRUUHVSRQGHQWSDVRXQHFRPPDQGHQWSDVO·DSSDUHLOUHFRPPHQFH]ODSURFpGXUHjSDUWLUGXSRLQWSRXUWHVWHUOHVDXWUHVFRGHVSUpVHQWV
GDQVODPpPRLUH/RUVTXHOHYR\DQWQHFOLJQRWHSOXVFHODLQGLTXHTXHOHF\FOHGHUHFKHUFKHHVWWHUPLQp
6LYRXVQ·REWHQH]SDVGHUpVXOWDWVSDVVH]jODSURJUDPPDWLRQGXFKDSLWUH
%
3RXULGHQWLÀHUOHFRGHPpPRULVpSDUODUHFKHUFKHVXLYH]OHVLQVWUXFWLRQVGXFKDSLWUH &
'LULJH]ODWpOpFRPPDQGHYHUVO·DSSDUHLO
$SSX\H]HWUHOkFKH]ODWRXFKH RX1- ": GDQVOHFDVG·XQPDJQpWRVFRSHRXG·XQOHFWHXU'9'GHPDQLqUH
OHQWHHWUpSpWLWLYHMXVTX·jFHTXHO·DSSDUHLOUpDJLVVHjODFRPPDQGHHQYR\pH&KDTXHDSSXLVXUFHWWHWRXFKHYRXV
SHUPHWGHWHVWHUXQFRGH
%352*5$00$7,213$55(&+(5&+(*/2%$/(
6L O·DSSDUHLO QH UpDJLW SDV j OD SURJUDPPDWLRQ SUpFpGHQWH HVVD\H] FHWWH SURFpGXUH PrPH VL OD PDUTXH QH
ÀJXUHSDVGDQVODOLVWHGHVFRGHV /HWHPSVGHUHFKHUFKHSHXWGpSDVVHUOHVPLQXWHV
6LOHYR\DQWQHFOLJQRWHSDVFHODVLJQLILHTXHOHFRGHHVWHUURQpRXTXHYRXVDYH]GpSDVVpOHWHPSVGHVDLVLH9pULILH]OHFRGHHWUHFRPPHQFH]OD
SURFpGXUHjSDUWLUGXSRLQW
'DQVOHVVHFRQGHVVDLVLVVH]OHFRGH
2EVHUYH]OHYR\DQWV·LOFOLJQRWHUDSLGHPHQWSDVVH]DXSRLQW
6LOHYR\DQWQHFOLJQRWHSDVFHODVLJQLILHTXHOHFRGHHVWHUURQpRXTXHYRXVDYH]GpSDVVpOHWHPSVGHVDLVLH9pULILH]OHFRGHHWUHFRPPHQFH]OD
SURFpGXUHjSDUWLUGXSRLQW
9pULÀH]OHVDXWUHVIRQFWLRQVVLHOOHVFRUUHVSRQGHQWODWpOpFRPPDQGHHVWRSpUDWLRQQHOOH
6LHOOHVQHFRUUHVSRQGHQWSDVRXQHFRPPDQGHQWSDVO·DSSDUHLOUHFRPPHQFH]ODSURFpGXUHjSDUWLUGXSRLQWSRXUWHVWHUOHVDXWUHVFRGHVSUpVHQWV
GDQVODPpPRLUH/RUVTXHOHYR\DQWQHFOLJQRWHSOXVFHODLQGLTXHTXHOHF\FOHGHUHFKHUFKHHVWWHUPLQp
6LYRXVQ·REWHQH]SDVGHUpVXOWDWVSDVVH]DX[FRQVHLOVGXFKDSLWUH'
3RXULGHQWLÀHUOHFRGHPpPRULVpSDUODUHFKHUFKHVXLYH]OHVLQVWUXFWLRQVGXFKDSLWUH &
'qVTXHO·DSSDUHLOUpDJLWDSSX\H]SXLVUHOkFKH]ODWRXFKH
0,
DÀQGHYDOLGHUOHFRGH
2EVHUYH]OHYR\DQWFOLJQRWHPHQWVLQGLTXHQWTXHOHFRGHHVWPpPRULVp
,'(17,),&$7,21'8&2'(0(025,6(
/HFRGHFRPSRUWHFKLIIUHV/HYR\DQWLQGLTXHOHFRGHPpPRULVpSDUXQHVpULHGHFOLJQRWHPHQWV/HQRPEUH
GHFOLJQRWHPHQWVFRUUHVSRQGjFKLIIUH(QWUHXQHVpULHGHFOLJQRWHPHQWVHWODVXLYDQWHOHYR\DQWUHVWHpWHLQW
XQFRXUWLQVWDQW
'DQVOHVVHFRQGHVDSSX\H]HWUHOkFKH]ODWRXFKH
2EVHUYH]OHYR\DQWLOLQGLTXHOHFRGHPpPRULVpSDUXQHVpULHGHFOLJQRWHPHQWV
&
$SSX\H]GXUDQWVHFRQGHVVXUXQHGHVWRXFKHVGHVpOHFWLRQGHO·DSSDUHLOjLGHQWLÀHU 79
"%4-
4XDQGOHYR\DQWFOLJQRWHUHOkFKH]ODWRXFKH
$OOXPH]O·DSSDUHLOVXUXQSURJUDPPH
6LYRXVXWLOLVH]XQPDJQpWRVFRSHRXXQOHFWHXU'9'LQVpUH]XQHFDVVHWWHYLGpRRXXQ'9'
$SSX\H]GXUDQWVHFRQGHVVXUXQHGHVWRXFKHVGHVpOHFWLRQGHO·DSSDUHLOjFRPPDQGHU 79
"%4-
4XDQGOHYR\DQWFOLJQRWHUHOkFKH]ODWRXFKH
8