6L YRXV VRXKDLWH] FRQWLQXHU O
DSSHO GH GpWUHVVH DSSX\H] VXU OD
WRXFKH GH IRQFWLRQ 5HVXPH 3RXUVXLYUH RX
6L YRXV VRXKDLWH] DQQXOHU O
DSSHO GH GpWUHVVH DSSX\H] VXU
OD WRXFKH GH IRQFWLRQ (QG )LQ SXLV VXLYH] OHV pWDSHV SRXU
DQQRQFHU O
DQQXODWLRQ GH O
DSSHO GH GpWUHVVH
$SSHOV GH WHVW
/HV DSSHOV GH WHVW GRLYHQW rWUH UpDOLVpV FRQIRUPpPHQW DX GRFXPHQW
'6& 9+) UDGLR WHVW FDOOV ± IRXUQL DYHF YRWUH 9+) '6&
9LVXDOLVDWLRQ RX VDLVLH G
XQ QXPpUR G
,' 006,
3URFpGH] DLQVL SRXU VDLVLU RX YLVXDOLVHU OH QXPpUR G
,' 006, GH
YRWUH 9+) '6&
'DQV OH PHQX '6&
6pOHFWLRQQH] 0\ 006, 0RQ 006,
/H QXPpUR G
,' 006, SURJUDPPp HVW DI¿FKp RX VL OH QXPpUR
G
,' 006, Q
D SDV HQFRUH pWp SURJUDPPp YRXV SRXYH] VDLVLU
XQ QXPpUR G
,' 006,
1RWH 8QH IRLV YRWUH QXPpUR G
,' 006, SURJUDPPp YRXV QH
SRXUUH] SOXV OH FKDQJHU
&RQ¿JXUDWLRQ GH 006, GH JURXSH
9RXV SRXYH] SURJUDPPHU MXVTX
j YLQJW QXPpURV G
,' 006, GH
JURXSH HW QRPV GH JURXSHV DVVRFLpV TXL SHXYHQW IDLUH MXVTX
j
RQ]H FDUDFWqUHV GH ORQJ /HV QXPpURV G
,' 006, GH JURXSH
FRPPHQFHQW WRXMRXUV SDU XQ ]pUR ,O YRXV VXI¿W GH VDLVLU OHV
GHUQLHUV FKLIIUHV GX QXPpUR GH O
,' GH JURXSH /H GH JDXFKH HVW
HQWUp DXWRPDWLTXHPHQW
'6& 9+) UDGLR FRQIRUPLWp j OD UpJOHPHQWDWLRQ
8QH OLVWH GHV JURXSHV GLVSRQLEOHV V
DI¿FKH
6pOHFWLRQQH] OH JURXSH VRXKDLWp
6pOHFWLRQQH] (GLW 0RGL¿HU
8WLOLVH] OH URWDFWHXU &+2. SRXU FKDQJHU OH FDUDFWqUH HQ
VXUEULOODQFH j OD YDOHXU VRXKDLWpH
/H GH JDXFKH HVW HQWUp DXWRPDWLTXHPHQW /H SUHPLHU
FDUDFWqUH TXH YRXV SRXYH] PRGL¿HU HVW PLV HQ pYLGHQFH DYHF
XQ VRXOLJQHPHQW FOLJQRWDQW
$SSX\H] VXU 2. SRXU FRQ¿UPHU OD VpOHFWLRQ HW PHWWUH OH
FDUDFWqUH VXLYDQW HQ pYLGHQFH
5pSpWH] OHV pWDSHV HW MXVTX
j FH TXH OH QXPpUR 006,
VRXKDLWp VRLW DI¿FKp
4XDQG YRXV DSSX\H] VXU 2. SRXU DFFHSWHU OH GHUQLHU FKLIIUH GH
O
,' 006, OH FXUVHXU SDVVH DX SUHPLHU FKLIIUH GX FKDPS SRXU
OH QRP GH JURXSH
5pSpWH] OHV pWDSHV HW SRXU VDLVLU OH QRP GX JURXSH
$SSX\H] VXU OD WRXFKH GH IRQFWLRQ 'RQH 7HUPLQp SRXU WHUPLQHU
OD VDLVLH
6XSSUHVVLRQ G
XQ JURXSH
3RXU VXSSULPHU XQ JURXSH H[LVWDQW VXLYH] OHV pWDSHV FLGHVVRXV
'DQV OH PHQX '6&
6pOHFWLRQQH] 0\ *URXS ,' 0RQ ,G GH JURXSH
8QH OLVWH GHV JURXSHV GLVSRQLEOHV V
DI¿FKH
6pOHFWLRQQH] OH JURXSH VRXKDLWp
6pOHFWLRQQH] 'HOHWH 6XSSULPHU
$SSX\H] VXU OD WRXFKH GH IRQFWLRQ 'HOHWH 6XSSULPHU
$MRXW G
XQ QRXYHDX JURXSH
'DQV OH PHQX '6&
6pOHFWLRQQH] 0\ *URXS ,' 0RQ ,G GH JURXSH
6L XQ QRP GH JURXSH HW XQ QXPpUR ,' 006, H[LVWHQW GpMj
FHV YDOHXUV VRQW DI¿FKpHV 6LQRQ (037< ! (037< !
HWF VRQW DI¿FKpV SRXU LQGLTXHU TXH OHV *5283 ,' RQW pWp
SURJUDPPpV
6pOHFWLRQQH] OH SUHPLHU HPSODFHPHQW GH JURXSH YLGH GLVSRQLEOH
8WLOLVH] OH URWDFWHXU &+2. SRXU FKDQJHU OH FDUDFWqUH HQ
VXUEULOODQFH j OD YDOHXU VRXKDLWpH
/H GH JDXFKH HVW HQWUp DXWRPDWLTXHPHQW /H SUHPLHU
FDUDFWqUH TXH YRXV SRXYH] PRGL¿HU HVW PLV HQ pYLGHQFH DYHF
XQ VRXOLJQHPHQW FOLJQRWDQW
$SSX\H] VXU 2. SRXU FRQ¿UPHU OD VpOHFWLRQ HW PHWWUH OH
FDUDFWqUH VXLYDQW HQ pYLGHQFH
5pSpWH] OHV pWDSHV HW MXVTX
j FH TXH OH QXPpUR 006,
FRPSOHW VRLW DI¿FKp
4XDQG YRXV DSSX\H] VXU 2. SRXU DFFHSWHU OH GHUQLHU FKLIIUH GH
O
,' 006, OH FXUVHXU SDVVH DX SUHPLHU FKLIIUH GX FKDPS SRXU
OH QRP GH JURXSH
5pSpWH] OHV pWDSHV HW SRXU VDLVLU OH QRP GX JURXSH
$SSX\H] VXU OD WRXFKH GH IRQFWLRQ 'RQH 7HUPLQp SRXU WHUPLQHU
OD VDLVLH
/D QRXYHOOH VDLVLH DSSDUDvW PDLQWHQDQW GDQV OD OLVWH
0RGL¿FDWLRQ G
XQ JURXSH H[LVWDQW
9RXV SRXYH] PRGL¿HU XQ JURXSH H[LVWDQW HQ VXLYDQW OHV pWDSHV
VXLYDQWHV
'DQV OH PHQX '6&
6pOHFWLRQQH] 0\ *URXS ,' 0RQ ,G GH JURXSH
6WUXFWXUH GX PHQX '6&
/D VWUXFWXUH GX PHQX TXL DSSDUDvW TXDQG OH ERXWRQ 0HQX '6& HVW
DSSX\p HW PDLQWHQX HQIRQFp SHQGDQW VHFRQGHV HVW LQGLTXpH
FLGHVVRXV
5XEULTXH GH PHQX
2SWLRQV
,QGLYLGXDO ,QGLYLGXHO
0DQXDO FDOO $SSHO PDQXHO
3KRQHERRN OLVW /LVWH GX UpSHUWRLUH
'LVWUHVV 'pWUHVVH
8QGHVLJQDWHG 1RQ LGHQWL¿p
)LUH ,QFHQGLH
)ORRGLQJ ,QRQGDWLRQ
&ROOLVLRQ &ROOLVLRQ
*URXQGLQJ eFKRXDJH
&DSVL]LQJ &KDYLUHPHQW
6LQNLQJ 1DXIUDJH
$GULIW ¬ OD GpULYH
$EDQGRQLQJ $EDQGRQ GX EDWHDX
3LUDF\ 3LUDWDJH
0DQ RYHU ERDUG +RPPH j OD PHU
$OO 6KLS 7RXV OHV QDYLUHV
8UJHQF\ 8UJHQFH
6DIHW\ 6pFXULWp
*URXS *URXSH
&DOO $SSHO
0\ *URXS ,' 0RQ ,' GH JURXSH
'6& 9+) UDGLR FRQIRUPLWp j OD UpJOHPHQWDWLRQ