Comm n°8
Transcription
Comm n°8
(G 3$4 &RPPXQLFDWLRQ7HFKQLTXH 1 'DWH $/&$7(/2)),&('(&7 1EGHSDJHV ■ 8UJHQWH o 7HPSRUDLUH o 1RQXUJHQWH ■ 'pILQLWLYH 2EMHW 'HVFULSWLRQWHFKQLTXHGHVSRVWHV0RELOH5HIOH[HV 8QHQRXYHOOHJDPPHGHFRPELQpV'(&7HVWGLVSRQLEOHSRXUOHV3$%;$OFDWHO2IILFH&HWWHJDPPHEDSWLVpH $OFDWHO0RELOH5HIOH[HVFRPSUHQGWURLVGLIIpUHQWVPRGqOHV • • • 0RELOH5HIOH[HVSRVWHGHPLOLHXGHJDPPHRIIUDQWXQHVROXWLRQDGpTXDWHjODSOXSDUWGHVEHVRLQV GHPRELOLWp 0RELOH5HIOH[HVSRVWHGHKDXWGHJDPPHDYHFXQHILQLWLRQDOXPLQLXPXQHEDWWHULH/L,RQWUqV OpJqUHHWXQYLEUHXULQWpJUp 0RELOH([5HIOH[HGLVSRQLEOHHQPLSRVWHFRQoXSRXUUpSRQGUHDX[QRUPHVGHVpFXULWpGHV HQYLURQQHPHQWVVHQVLEOHV 35(6(17$7,21'(602%,/(6 &DUDFWpULVWLTXHVPDWpULHOOHV 5HIOH[HV )RQFWLRQV (FUDQJUDSKLTXH [ 5HWURpFODLUDJH 9LEUHXU 1DYLJDWHXU [ 3ULVHFDVTXH [ &ODYLHU (ODVWRPqUH 3DFNEDWWHULH 1L0+ +DXWSDUOHXU [ &OLSFHLQWXUH [ &RXOHXU 9HUWIRQFp 'LPHQVLRQVPP [[ 3RLGVJ 5HIOH[HV [ [ [ [ [ +DXWHTXDOLWp /L,RQ [ [ $OXPLQLXP [[ 5HIOH[HV ([ [ [ [ [ +DXWHTXDOLWp /L,RQ [ [ $OXPLQLXP [[ 5HPDUTXH OHVSDFNVEDWWHULHV1L0KHW/,,RQQHVRQWSDVLQWHUFKDQJHDEOHVHQWUHOHV PRELOHV5HIOH[HVHW5HIOH[HV/H5HIOH[HVIRQFWLRQQH H[FOXVLYHPHQWDYHFXQHEDWWHULH1L0KOHVGHX[PRGqOHV5HIOH[HV XWLOLVHQWH[FOXVLYHPHQWXQHEDWWHULH/,,RQSDVG·DOOXPDJHGXSRVWHHQFDV G·HUUHXUG·LQVHUWLRQGHW\SHGHEDWWHULH $/&$7(/2)),&('(&7 $UWLFOH (G 3$4 35(6(17$7,21'(6&+$5*(856(7$&&(662,5(6 /(6&+$5*(856 /HV PRELOHV 5HIOH[HV VRQW UpIpUHQFpV VHXOV VDQV DFFRPSDJQHPHQW GH GLVSRVLWLI GH FKDUJH EDWWHULH /H FKDUJHXUGRLWGRQFrWUHFRPPDQGpjSDUWHWFKRLVLSDUPLOHVGLIIpUHQWVPRGqOHVGLVSRQLEOHVTXLVRQWWRXV FRPSDWLEOHVDYHFOHVEDWWHULHV1L0+RX/L,RQGHVPRELOHV5HIOH[HVHW/HPRGqOH5HIOH[HV([ Q·DVVXUHSDVGHFKDUJHEDWWHULHHWGRLWTXDQWjOXLrWUHDVVRFLpjXQFKDUJHXU©'XDOGHVNWRSªFKDUJHKRUV PRELOHG·XQHEDWWHULHVXSSOpPHQWDLUH 1RWHTXHOTXHVRLWOHPRGqOHGHFKDUJHXUFRQVLGpUpOHWHPSVPD[LPXPGHFKDUJHEDWWHULHUDFFRUGpHDX PRELOHHVWLGHQWLTXH5HIOH[HVK 5HIOH[HVK /HFKDUJHXU&RUGHG • • PRGqOHOHSOXVVLPSOHSHUPHWGHSDVVHUOHVFRPPXQLFDWLRQVSHQGDQWOD FKDUJHGXFRPELQp FRQVWLWXpG·XQFkEOHDYHFXQHPERXWFRQQHFWHXUG·XQHSDUWHWXQDGDSWDWHXU VHFWHXU$&'&jO·DXWUHH[WUpPLWp /HFKDUJHXU%DVLF'HVNWRS • • PRGqOHVLPSOHIDLVDQWRIILFHGHVXSSRUWGXFRPELQp FRQVWLWXpG·XQERvWLHUVXSSRUWDYHFVRQFkEOHG·DOLPHQWDWLRQQRQDPRYLEOH WHUPLQpSDUXQDGDSWDWHXUVHFWHXU$&'& /HFKDUJHXU'XDO'HVNWRS • • FKDUJHVLPXOWDQpHGHODEDWWHULHGXSRVWHHWG·XQHEDWWHULHVXSSOpPHQWDLUH OHFKDUJHXUFRPSUHQG - XQERvWLHUDYHFGHX[HPSODFHPHQWVWpOpSKRQHHWEDWWHULHVXSSOpPHQWDLUH HWYR\DQWG LQGLFDWLRQGHFKDUJHGHODEDWWHULHVXSSOpPHQWDLUH - XQFkEOHG·DOLPHQWDWLRQDPRYLEOHDYHFDGDSWDWHXUVHFWHXU$&'& 1RWHOHWHPSVPD[LGHFKDUJHVXUO·HPSODFHPHQWEDWWHULHVHXOHHVWGHK /HFKDUJHXU9RLFH'HVNWRS • • IRQFWLRQVVLPXOWDQpHVGHFKDUJHHWGHFRPPXQLFDWLRQPDLQVOLEUHVKDXWH TXDOLWp OHFKDUJHXUFRPSUHQG - XQERvWLHUVXSSRUWjXQHPSODFHPHQWDYHF XQKDXWSDUOHXUHWXQPLFURSKRQHLQWpJUpV GHX[ERXWRQVGHUpJODJHGXYROXPH XQYR\DQWGHVXSHUYLVLRQGHFRPPXQLFDWLRQHQOLJQHVHFUHWPLFUR - XQFkEOHG·DOLPHQWDWLRQDPRYLEOHDYHFDGDSWDWHXUVHFWHXU$&'& /(66$&2&+(6 /HVGHX[PRGqOHVUHWHQXVDXFDWDORJXH$OFDWHOVRQWpTXLSpVG·XQFOLSURWDWLIG·DFFURFKDJHjODFHLQWXUHHW SUpYXVSRXUSHUPHWWUHODFKDUJHEDWWHULH • PRGqOH©,QWHJUDO2IILFHªVDFRFKHLQWpJUDOHOpJqUHSRXUHQYLURQQHPHQWGHEXUHDX • PRGqOH ©,QWHJUDO ,QGXVWLDOª VDFRFKH LQWpJUDOH SRXU HQYLURQQHPHQW HQ PLOLHX LQGXVWULHOUHQIRUFHPHQWGHODSURWHFWLRQDX[FKRFVHWDX[SRXVVLqUHV ,QIRUPDWLRQVJpQpUDOHV $UWLFOH (G 3$4 /(6&$648(6 /D SULVH FDVTXH HVW SUpVHQWH VXU O·HQVHPEOH GHV PRGqOHV 5HIOH[HV ([ VRXV IRUPH G·XQ FRQQHFWHXUMDFNGHPP/HFRQQHFWHXUQ·HVWFHSHQGDQWSDVFRPSDWLEOHDYHFOHVFDVTXHVGHODJDPPH '(&7FDUOHFkEODJHpOHFWULTXHDpWpLQYHUVpSRXUOHUHQGUHFRPSDWLEOHDYHFOHVQRUPHVVWDQGDUG 7URLVPRGqOHVGHFDVTXHRQWpWpUHWHQXVSRXUPLVHDXFDWDORJXH$OFDWHO • PRGqOH ©([SUHVV KHDGVHWª FDVTXH PRQDXUDO SRUWp VXU OD WrWH RX HQ RUHLOOHWWWH HW UHFRPPDQGpSRXUO·XVDJHEXUHDX • PRGqOH©3URILOHKHDGVHWªFDVTXHELQDXUDORIIUDQWXQERQPDLQWLHQUHFRPPDQGp SRXUXQHXWLOLVDWLRQHQPRELOLWpRXGDQVGHVPLOLHX[UHODWLYHPHQWEUX\DQWV • PRGqOH ©1RLVHSURRI KHDGVHWª FDVTXH ELQDXUDO DQWLEUXLW UHFRPPDQGp SRXU XWLOLVDWLRQGDQVXQPLOLHXH[WUrPHPHQWEUX\DQWDpURSRUWVJDUHV« /·287,/'(7(/(&+$5*(0(17 /·RXWLO HVW GHVWLQp j XQ XVDJH WHFKQLTXH GH PDLQWHQDQFH LQVWDOODWLRQ GHV PRELOHV 5HOH[HV ,O SHUPHWG·HIIHFWXHUjSDUWLUG·XQ3&HWG¶XQSURJUDPPHGHWpOpFKDUJHPHQWVSpFLILTXHXQHPLVHjMRXUGX ORJLFLHOGXSRVWHRXELHQOHFKDUJHPHQWG·XQpFUDQGHORJRSHUVRQQDOLVp / RXWLOFRPSRUWH • • • XQVXSSRUWGHSURJUDPPDWLRQpTXLSpDYHF - XQHPSODFHPHQWSRXUOHWpOpSKRQH - XQYR\DQWQRQXWLOLVp - XQFkEOHQRQDPRYLEOHGHUDFFRUGHPHQWDXSRUW&20GX3& XQFkEOHG·DOLPHQWDWLRQDPRYLEOHDYHFDGDSWDWHXUVHFWHXU$&'& XQHGLVTXHWWH3&FRQWHQDQWOHVILFKLHUVGXORJLFLHOGHWpOpFKDUJHPHQWHWGHOD QRWLFHG XWLOLVDWLRQHQDQJODLV &203$7,%,/,7(/2*,&,(//('()21&7,211(0(17 • • • /HVSRVWHV5HIOH[HVHW5HIOH[HVVRQWpTXLSpVG·XQORJLFLHOLGHQWLTXHTXLGLIIqUHFHSHQGDQWSDUOD SULVHHQFRPSWHRXQRQGHVGLVSRVLWLIVGHYLEUHXUHWGHUpWURpFODLUDJH/HQXPpURGHYHUVLRQ FRUUHVSRQGDQWjODSKDVHGHOLEpUDWLRQFRPPHUFLDOHHVWVRLWSRXUOH5HIOH[HVHW SRXUOH5HIOH[HV 6XLYDQWOHV\VWqPHVXUOHTXHOLOVVRQWXWLOLVpVOHVSRVWHVPRELOHV5HIOH[HVIRQFWLRQQHQWVRLWHQPRGH DYDQFp$*$3VRLWHQPRGHVWDQGDUG*$36HXOOHPRGH$*$3SURWRFROHSURSULpWDLUHUpVHUYpDX[3$%; $OFDWHOSHUPHWODUpDOLVDWLRQGHVIRQFWLRQVDYDQFpHVGHWpOpSKRQLH 1RWHVXUOHV3$%;GHODJDPPH2IILFHOHIRQFWLRQQHPHQWGHVPRELOHV5HIOH[HVHQPRGH DYDQFp$*$3Q·HVWSRVVLEOHTX·jSDUWLUGHOD5HOHDVH5OHIRQFWLRQQHPHQWHQPRGH *$3VXUGHVYHUVLRQVV\VWqPHDQWpULHXUHVQ·HVWSDVDVVXUp /·XWLOLVDWLRQGHPRELOHV5HIOH[HVVXUXQHLQVWDOODWLRQ2IILFH5HOHDVH5LPSOLTXHTXHFHWWH GHUQLqUHVRLWpTXLSpHGHYHUVLRQVUpFHQWHVGHVVRXVHQVHPEOHV'(&7 FDUWHV'(&0DYHF2%&&63RXVXSpULHXU ERUQHV,%6RXYHUVLRQVVXSpULHXUHV ,QIRUPDWLRQVJpQpUDOHV $UWLFOH (G 3$4 ,167$//$7,21 685 6<67(0( $/&$7(/ 2)),&( 5 HQUHJLVWUHPHQW GX FRPELQp (QVRUWLHG·XVLQHODEDWWHULHGXSRVWHHVWOLYUpHSUpFKDUJpH$LQVLjODPLVHHQVHUYLFHGXWHUPLQDOOH QLYHDXGHFKDUJHFRQVHUYpHVWWUqVVRXYHQWVXIILVDQWSRXUSHUPHWWUHODSKDVHG·HQUHJLVWUHPHQW 3RVLWLRQQH]ODEDWWHULHVXUOHSRVWHHWDVVXUH]YRXVTXHOHQLYHDXGHFKDUJHHVWFRUUHFWLF{QHSOHLQHFKDUJH RXGHPLFKDUJHVLFHQ HVWSDVOHFDVPHWWH]OHHQFKDUJH 'pPDUUHUO·RSpUDWLRQG HQUHJLVWUHPHQWVXUOH3$%; /RUVTXHOHV\VWqPHHVWSUrWLQWHUYHQH]VXUOHWHUPLQDO • (WDSH$ 0HWWUHHQPDUFKHOHFRPELQpSDUXQDSSXLORQJVXU Õ Õ • HWREVHUYHUOHFRQWHQXGHO·pFUDQ 6LOHSRVWHHVWQHXIMDPDLVDVVRFLpHWSRVVqGHXQHFKDUJHEDWWHULH VXIILVDQWHO DIILFKHXULQGLTXH6<67(0$XWRLQVWDOO" 3DVVHUjO·pWDSH% 6LOHSRVWHQHGRQQHSDVO DIILFKDJH6<67(0$XWRLQVWDOO"F HVW TX·LOjGpMjpWpDVVRFLpVXUXQV\VWqPHSDVVHUjO (WDSH& (WDSH% Õ 6LO LQVWDOODWLRQQHPHWSDVHQ±XYUHODIRQFWLRQG DXWKHQWLILFDWLRQFRGH$&SDVVHUGLUHFWHPHQW jO (WDSH'SRXUXQHSURFpGXUHVLPSOLILpH Õ 6LOHV\VWqPHXWLOLVHXQFRGHG DXWKHQWLILFDWLRQFRQILJXUHUOHFRGH$&FRPPHGpFULWFLDSUqVSXLV SDVVHUjO (WDSH'SRXUILQLUO DVVRFLDWLRQ 1RWHORUVTXHOHFRPELQpHVWQHXIOHWH[WHGDQVOHVpFUDQVFLGHVVRXVHVWSUpVHQWpHQDQJODLV 6pOHFWLRQQHUO RSWLRQ$& • &RPSRVHUOHFRGH$& (WDSH& 6pOHFWLRQQHUODIRQFWLRQ LQVWDOODWLRQ &RPSRVHUOHFRGH 6pOHFWLRQQHUXQV\VWqPH 6pOHFWLRQQHUODIRQFWLRQ,QVWDOO OLEUH SXLVHQFKDvQHUVXUO·pWDSH' • (WDSH' /DQFHUO HQUHJLVWUHPHQW 1RWHORUVTXHOHFRPELQpHVWQHXIOHWH[WHGDQVOHVpFUDQVFLGHVVRXVHVWSUpVHQWpHQDQJODLV /DQFHUO DVVRFLDWLRQ $SUqVO·HQUHJLVWUHPHQWOHSRVWHSDVVHDXWRPDWLTXHPHQWGDQVODODQJXHSULQFLSDOHGX3$%;IUDQoDLV ,QIRUPDWLRQVJpQpUDOHV $UWLFOH (G 3$4 '(6,167$//$7,21'(6&20%,1(6 /DGpVLQVWDOODWLRQSHXWV DYpUHUQpFHVVDLUHORUVTX·XQPRELOHQ HVWSOXVXWLOLVpVXUOHV\VWqPHRXHQFDVGH UHPSODFHPHQWGXWHUPLQDO/·RSpUDWLRQGRLWrWUHPHQpHjODIRLVVXUOHV\VWqPHHWVXUOHWHUPLQDO ,03257$17 ,OHVWUHFRPPDQGpG·HIIHFWXHUO·RSpUDWLRQGDQVOHWHUPLQDOPpWKRGHGpFULWHFLGHVVRXVDYDQWGHSURFpGHUj O HIIDFHPHQWGDQVOHV\VWqPH'DQVOHFDVFRQWUDLUHVpTXHQFHLQYHUVpHO·HIIDFHPHQWGHVGRQQpHVGDQVOH SRVWHUHVWHSRVVLEOHPDLVQpFHVVLWHG·rWUHHIIHFWXpHHQGHKRUVGHOD]RQHGHFRXYHUWXUHUDGLR 6pOHFWLRQQHUODIRQFWLRQ LQVWDOODWLRQ 6pOHFWLRQQHUOHV\VWqPHj GpVLQVWDOOHU &RPSRVHUOHFRGH 9DOLGHUO RSWLRQ 'pVLQVWDOOHU &RQILUPHUOD GpVLQVWDOODWLRQ 87,/,6$7,21)21&7,216$&&(66,%/(6 / XWLOLVDWLRQRSWLPDOHGHV0RELOHV5HIOH[HV([HVWREWHQXHDYHFXQ3$%;GHODJDPPH $OFDWHO2IILFH5FHGHUQLHUSHUPHWG·H[SORLWHUOHVSRVVLELOLWpVDYDQFpHVGXSURWRFROH$*$3 - )RQFWLRQVGHEDVHGXWHUPLQDODFFHVVLEOHVHQ*$3RX$*$3 9HUURXLOODJHGpYHUURXLOODJHGXFODYLHUDSSXLORQJVXUODWRXFKH $FWLYDWLRQGpVDFWLYDWLRQGXELSFODYLHUELSWRXFKHVELUDGLRYLEUHXUUpWURpFODLUDJH %DVFXOHUDSLGHVRQQHULHYLEUHXUDSSXLORQJVXU 5pJODJHGXYROXPHG pFRXWHVXUQLYHDX[DYHFPpPRULVDWLRQGXGHUQLHUUpJODJH (QUHJLVWUHPHQWSRVVLEOHVXUV\VWqPHV*$3GLIIpUHQWV IRQFWLRQVSpFLDOHGXWHVWUDGLRYRLUFKDSLWUH VXUOHVPRGqOHV0RELOHV5HIOH[HV VXUOHVPRGqOHV0RELOHV5HIOH[HV([ )RQFWLRQVSURSUHVDXPRGHVLPSOLILp*$3 HQPRGH*$3OHVIRQFWLRQVVXLYDQWHVVRQWQRUPDOHPHQWSRVVLEOHVVDXIOLPLWDWLRQpYHQWXHOOHGDQVOH V\VWqPH - &KRL[PDQXHOGHVODQJXHVSRXUOHPHQXORFDO - &KRL[GHVPpORGLHVGHVRQQHULH - 5pSHUWRLUHLQGLYLGXHO - %LVORFDO - 6XUQXPpURWDWLRQ0) - &RXSXUHFDOLEUpH )RQFWLRQVSURSUHVDXPRGHpYROXp$*$3VXU2IILFH5 8QDSHUoXGHVSULQFLSDOHVIRQFWLRQVDFFHVVLEOHVLQWpJUpHVGDQVOH3$%; - 5HQYRLVHWDQQXODWLRQGHUHQYRL - &RQVXOWDWLRQpPLVVLRQGHVPHVVDJHVDXGLRRXWH[WH - $SSHOSDUQRPUpSHUWRLUHFROOHFWLI - 5pSHUWRLUHLQGLYLGXHOV\VWqPH - &RQILJXUDWLRQDXWRPDWLTXHGHODODQJXH - &KRL[GHVPpORGLHVGHVRQQHULH - )RQFWLRQVLQWHUDFWLYHVHQFRXUVGHFRPPXQLFDWLRQ ,QIRUPDWLRQVJpQpUDOHV $UWLFOH (G 3$4 23(5$7,216'(0$,17(1$1&( /HFWXUHGHODYHUVLRQORJLFLHOOHGXFRPELQp 6pOHFWLRQQHUODIRQFWLRQ LQVWDOODWLRQ &RPSRVHUOHFRGH /LUHODYHUVLRQ 1RWH FKDTXH PRGqOH GH SRVWH SRVVqGH VRQ SURSUH SUpIL[H G·LGHQWLILFDWLRQ SUpIL[H [[[[ SRXU OHV YHUVLRQV 5HIOH[HV HW SUpIL[H [[[[ SRXU OHV YHUVLRQV 5HIOH[HV /HV QXPpURV GH YHUVLRQ FRUUHVSRQGDQWjODSKDVHGHOLEpUDWLRQFRPPHUFLDOHVRQWHW /HFWXUHGXQXPpUR,3(,GXFRPELQpLGHQWLWpGXPRELOH 6pOHFWLRQQHUODIRQFWLRQ LQVWDOODWLRQ &RPSRVHUOHFRGH /LUHO ,3(, 6RUWLHGXPRGHGHVpFXULWpGHODEDWWHULH /HSRVWHSHXWDFWLYHUODPLVHHQVpFXULWpDXWRPDWLTXHGHODEDWWHULHORUVG XQFRXUWFLUFXLWG XQHGpFKDUJH WURSSURIRQGHSOXVLHXUVVHPDLQHVVDQVFKDUJHGHWHQVLRQGHFKDUJHWURSLPSRUWDQWH«FHUWDLQVGHFHV pYpQHPHQWVSHXYHQWrWUHFRQVpFXWLIVjXQHFKXWHEUXWDOHGHO·DSSDUHLO 8QHIRLVODVpFXULWpDFWLYpHOHPRELOHHVWpWHLQWHWQHVHUDOOXPHSOXV 3RXUGpVDFWLYHUFHWWHVpFXULWpLOIDXW - HQOHYHUODEDWWHULHSXLVODUHPHWWUHVXUOHPRELOH - SRVHUOHFRPELQppWHLQWVXUOHFKDUJHXU - SUHVVHUODWRXFKHGHPLVHHQVHUYLFHGXFRPELQpWRXWHQODLVVDQWFHGHUQLHUVXUOHFKDUJHXU ,QIRUPDWLRQVJpQpUDOHV $UWLFOH (G 3$4 02'(7(675$',2 0LVHHQPDUFKHGXPRGHWHVW5DGLR 3RXUDFWLYHUOHPRGHGHWHVWUDGLRLOIDXW - pWHLQGUHOHPRELOHSDUXQDSSXLORQJVXU - OHUDOOXPHUHQDSSX\DQWVLPXOWDQpPHQWVXU HW - XQHIRLVO·DIILFKHXUDOOXPpIDLUHXQDSSXLORQJVXU / pFUDQDIILFKHOHVPHVXUHVGHO pWDWHWGXQLYHDXGHUpFHSWLRQ • 'HVFULSWLRQGHVIRQFWLRQVGXPRGHWHVWUDGLR 67$7(566,pWDWQLYHDXGHUpFHSWLRQ (WDWGHWUDQVPLVVLRQGXPRELOH /PRELOHV\QFKURQLVpDXV\VWqPHSDVGHFRPPXQLFDWLRQpWDEOLH &OLHQ'(&7DFWLIHQWUHODERUQHHWOHPRELOHHQFRPPXQLFDWLRQ )UpTXHQFHjXWLOLVpHSRXUODWUDQVPLVVLRQ 'DQVO H[HPSOHQXPpURGHIUpTXHQFH ,QWHUYDOOH GH WHPSV j XWLOLVp SRXU OD WUDQVPLVVLRQ $IILFKDJH j E HQ KH[DGpFLPDO 'DQVO H[HPEOHOHQXPpURGHO LQWHUYDOGHWHPSV ,GHQWLILDQWGHODERUQHVXUODTXHOOHOHPRELOHHVWV\QFKURQLVpQXPpUR531 'DQVO H[HPSOHOH531 PRELOHOLEUHGHIDLUHGXKDQGRYHUSDUPLWRXWHVOHVERUQHVGXV\VWqPH PRELOHEORTXpjO XWLOLVDWLRQG XQHVHXOHERUQHSDVGHKDQGRYHUSRVVLEOH PHVXUHUDSLGH PHVXUHPR\HQQpH 1LYHDXGHUpFHSWLRQHQG%PGHVERUQHVOHVPLHX[SHUoXHVSDUOHPRELOH 'DQVO H[HPSOHODERUQHHVWSHUoXHDG%PHWODDG%P 'HX[PRGHVG DIILFKDJHVSRVVLEOHV - PHVXUHVUDSLGHVXUWUDPHV ODFRPPXWDWLRQG XQHPHVXUHjO DXWUH - PHVXUHPR\HQQpHVVXUWUDPHV HVWREWHQXHSDUDSSXLORQJVXU 1RWD GHSXLV OHV GHUQLqUHV YHUVLRQV DSUqV SKDVH %HWD OH QLYHDX PD[ GH 566, DIILFKpDpWpPRGLILpHWVHVLWXHDX[HQYLURQVGH²G%PF·HVWjSDUWLUGHFHWWH SODJHTXHOHVYDOHXUVRIIUHQWXQHSUpFLVLRQVXIILVDQWH • ,'(17,7(QXPpUR5)3,GXV\VWqPH 1XPpUR5)3,GXV\VWqPHLGHQWLILDQW'(&7 - HQKH[DGpFLPDO !SUHPLqUHOLJQH - HQRFWDO !GHX[LqPHOLJQH ,QIRUPDWLRQVJpQpUDOHV $UWLFOH (G • 3$4 48$/,7(TXDOLWpGHUpFHSWLRQ $[[1RPEUHG HUUHXUV&5&YXHVGDQVOHFKDPS$ 9DOHXUPHVXUpHVXUWUDPHVHWDIILFKpHHQKH[DGpFLPDO ;[[1RPEUHG HUUHXUV&5&YXHVGDQVOHFKDPS; 9DOHXUPHVXUpHVXUWUDPHVHWDIILFKpHHQKH[DGpFLPDO =[[1RPEUHG HUUHXUV&5&YXHVGDQVOHFKDPS= 9DOHXUPHVXUpHVXUWUDPHVHWDIILFKpHHQKH[DGpFLPDO PRELOHOLEUHGHIDLUHGXKDQGRYHUSDUPLWRXWHVOHVERUQHVGXV\VWqPH PRELOHEORTXpjO XWLOLVDWLRQG XQHVHXOHERUQHSDVGHKDQGRYHUSRVVLEOH PHVXUHUDSLGH PHVXUHPR\HQQpH ,QGLFHGHTXDOLWpGHODWUDQVPLVVLRQSUpFpGpGX1G LGHQWLILDQWGHODERUQH / LQGLFHFRUUHVSRQGDXQRPEUHGHWUDPHUHoXHVVDQVHUUHXU1RWpVXU 'HX[PRGHVG DIILFKDJHVVRQWSRVVLEOHV - PHVXUHUDSLGHVXUWUDPHV ODFRPPXWDWLRQG XQHPHVXUHjO DXWUH - PHVXUHPR\HQQpHVXUWUDPHV HVWREWHQXHSDUDSSXLORQJVXU 6<1[[1RPEUHG HUUHXUVGHV\QFKURQLVDWLRQUHSRUWpHVSDUOHPRELOH 9DOHXUPHVXUpHVXUWUDPHVHWDIILFKpHHQKH[DGpFLPDO 5HPDUTXHO LQGLFHGHTXDOLWpGRQQHXQDSHUoXREMHFWLIGHODTXDOLWpGHODFRPPXQLFDWLRQSRXUGpWHUPLQHU DLQVLOHVOLPLWHVSUDWLTXHVGHSRUWpHHQIRQFWLRQGHO pORLJQHPHQWGXFRPELQpHWDXVVLGHODQDWXUHGH O HQYLURQQHPHQW (QSUDWLTXHLOIDXWVpOHFWLRQQHUFHWWHIRQFWLRQGHSUpIpUHQFHHQPHVXUHPR\HQQpHpWDEOLUXQH FRPPXQLFDWLRQHWREVHUYHUODYDOHXUGHO LQGLFH4jXQHQGURLWGpWHUPLQpODTXDOLWpSHXWrWUHFRQVLGpUpH FRPPHERQQHVLODYDOHXUDIILFKpHHVWVXSpULHXUHRXpJDOHjGHIDoRQVWDEOH • (7$7'(&211(;,21V\QFKURQLVDWLRQ (WDWGHODFRQQH[LRQGXPRELOH - V\QFKURQLVpVXUXQV\VWqPH/2&. !SUHPLqUHOLJQH - 8QORFNHG[[VLJQLILHTXHOHPRELOHSHXWFKDQJHUDXWRPDWLTXHPHQWGHERUQHV TXLVRQWVXUOHPrPHV\VWqPH/ DSSXLORQJVXU SHUPHWGHSDVVHUG XQ PRGHORFNHGEORTXpVXUXQHERUQHjXQPRGHXQORFNHGKDQGRYHUSHUPLV HQWUHWRXWHVOHVERUQHVGXV\VWqPH &HWWHVHFRQGHIRQFWLRQSHUPHWGHGpWHUPLQHUSOXVIDFLOHPHQWOD]RQHGHFRXYHUWXUHG XQHERUQH ,QIRUPDWLRQVJpQpUDOHV $UWLFOH