Text preview for : Manuel DevPic84.pdf part of MAAS KNT-5000 Stabilized DC Power Supply MAAS KNT-5000



Back to : Maas KNT-5000.pdf | Home

0DQXHO'HY3LF

SDJH

'HY3LF
6RPPDLUH
3UpVHQWDWLRQGXORJLFLHO (GLWHXU $VVHPEOHXU 'LUHFWLYHV 6\PEROHV 2SpUDWHXUVH[SUHVVLRQV 6LPXODWHXU 3pULSKpULTXHV 'pERJXHXUVRXUFH 0pPRLUH 3URJUDPPDWHXU &DUWHGHGpYHORSSHPHQW $VVLVWDQWGHSURWRW\SDJH

$QQH[H

,QVWUXFWLRQV 'LUHFWLYHV 0DFURLQVWUXFWLRQV

0DQXHO'HY3LF

SDJH

3UpVHQWDWLRQ
'(Y3LFHVWXQHQYLURQQHPHQWGHWUDYDLOLQWpJUpSRXUGpYHORSSHUGHVSURJUDPPHVVXU 0LFURFRQWU{OHXU3,&) /HVSULQFLSDOHVIRQFWLRQVDVVXUpHVVRQW

'HY3LF

$VVHPEODJH PXOWLILFKLHUV

6LPXODWLRQ

'pVDVVHPEODJH

0LVHDXSRLQW GDQVOHVRXUFH

3pULSKpULTXHV

0LVHHQ pYLGHQFH GHODV\QWD[H

(GLWLRQPXOWLSOH

$FFqVjOD PpPRLUH

3URWRW\SDJH

([SDQVLRQGHV PDFURV

$VVLVWDQFH 2XWLOV

7pOpFKDUJHPHQW ODQFHPHQWGHV SURJUDPPHV

8QH$SSOLFDWLRQ GH'HY3LFVHFRPSRVHGH


7H[WHVRXUFH$VVHPEOHXU F
HVWOHWH[WHVDLVLDXFODYLHU 7H[WHVVRXUFHLQFOXV 'pFODUDWLRQGHV\PEROHVGpILQLWLRQGHPDFURVURXWLQHVGLYHUVHV /LVWLQJOHVQXPpURVGHVVRXUFHVOHVDGUHVVHVHWOHVFRGHVREMHWVRQWLQVpUpVGDQVOHWH[WH VRXUFH 7UDPH+(; (OOHFRQWLHQWOHVFRGHVjWpOpFKDUJHU

'HY3LFHVWpTXLSpG
XQSHWLWFRPSLODWHXUFDSDEOHGHWUDQVIRUPHUOHVVWUXFWXUHVDOJRULWKPLTXHV 3DVFDO HQODQJDJH$VVHPEOHXU

0DQXHO'HY3LF

SDJH

3DUWLFXODULWpVGHO
pGLWHXU 7H[WHV
/
pGLWHXUSHUPHWGHWUDYDLOOHUVLPXOWDQpPHQWVXUSOXVLHXUV DSSOLFDWLRQV &HFLSHUPHWG
pFKDQJHUGHVPRUFHDX[GHWH[WHG
XQHDSSOLFDWLRQjO
DXWUHSDU&RSLHU&ROOHURXSDU JOLVVHUGpSODFHU 6LO
RSWLRQGHPLVHHQpYLGHQFHGHODV\QWD[HHVWDFWLYpHGDQVOHVWH[WHVVRXUFHHWOHVOLVWLQJVOHV PRWVVRQWFRORUpVHQOLDLVRQDYHFOHXUIRQFWLRQGDQVOHWH[WH 8QHVHXOHIRQWHGHFDUDFWqUHVHWXQHVHXOHWDLOOHVRQWVXSSRUWpHVSDUO
pGLWHXU /HVVW\OHV*5$6HW,7$/,48(VRQWWROpUpV2QSHXWOHVFKDQJHUGHSXLVOHPHQX2SWLRQV(GLWHXU /DOLJQHHQFRXUVGHVDLVLHHVWUppYDOXpHjFKDTXHIUDSSHGXFODYLHU 'DQVOHWH[WHVRXUFHRQSHXWFOLTXHUVXUXQV\PEROHSRXUYRLUODYDOHXUQXPpULTXHDVVRFLpH &OLTXHUVXUXQHLQVWUXFWLRQRXXQHPDFURSRXUDYRLUGHO
DLGH (QPDLQWHQDQWODWRXFKH&WUOHQIRQFpHFOLTXHUVXUOHQRPG
XQWH[WHH[WHUQHSRXUOHYLVXDOLVHU &OLTXHUVXUXQHYDOHXUQXPpULTXHDIILFKHODFRUUHVSRQGDQFHGHFHWWHYDOHXUHQ'pFLPDO +H[DJRQDOHWELQDLUH 6DXYHJDUGH

/HVOLVWLQJVOHVWUDPHV+(;QHVRQWSDVDXWRPDWLTXHPHQWVDXYpVVXUOHGLVTXH,OIDXWVLQpFHVVDLUH XWLOLVHUODUXEULTXH&UpHU)LFKLHU2EMHWGXPHQX)LFKLHUV ,QGHQWDWLRQDXWRPDWLTXH (QIUDSSDQWODWRXFKH(QWUpH!OHFXUVHXUYLHQWVHSRVLWLRQQHUjODOLJQHVXLYDQWHDXQLYHDXGX SUHPLHUFDUDFWqUHGHODOLJQHHQFRXUV/
LQGHQWDWLRQSHXWrWUHVXSSULPpHGDQVOHPHQX 2SWLRQV(GLWHXU 7DEXODWLRQ /DWRXFKH7$%SURYRTXHXQHWDEXODWLRQF
HVWjGLUHOHSDVVDJHjODFRORQQHSQQHWSHQWLHUV SRVLWLIV LPPpGLDWHPHQWVXSpULHXUH /DODUJHXUGHWDEXODWLRQSHVWIL[H 0LVHHQSDJHDXWRPDWLTXHGXWH[WH &HWWHIRQFWLRQGXPHQX(GLWLRQ)RUPDWHUSHUPHWG
DPpOLRUHUODSUpVHQWDWLRQ2QSHXWGRQFVDLVLUOH WH[WHVDQVWURSVHVRXFLHUGHODPLVHHQSDJH

0DQXHO'HY3LF

SDJH

9LVXDOLVDWLRQGHVHUUHXUV

/HVHUUHXUVG
DVVHPEODJHVRQWPRQWUpHVGDQVOHWH[WHODOLJQHGHO
HUUHXUDSSDUDvWVXUIRQGURXJH (OOHHVWUHIRUPDWpHGqVTXHO
RQUHFWLILHO
HUUHXU

/DSOXSDUWGHVHUUHXUVGHV\QWD[HVRQWGpWHFWpHVLPPpGLDWHPHQWHWXQLF{QHG¶HUUHXUDSSDUDvWDORUV GDQVODPDUJH 0DUTXDJHGHODOLJQHFRXUDQWH

'HSXLVOHGpERJXHXURXO
RXWLOGHUHFKHUFKHHWUHPSODFHPHQWODOLJQHFRXUDQWHHVWYLVXDOLVpHVXUIRQG GHFRXOHXU 3RXUXQHUHFKHUFKHODFRXOHXUGHIRQGHVWREWHQXHS DULQYHUVLRQGHODFRXOHXUFRXUDQWH 'DQVOHGpERJXHXUGHX[FRXOHXUVVRQWXWLOLVpHV 9HUWMDXQHVLODOLJQHDpWpWURXYpHGLUHFWHPHQW 9LROHWVLODOLJQHDpWpWURXYpHSDUDSSUR[LPDWLRQ &RPPDQGHVSDUWLFXOLqUHV

2XWUHOHVFRPPDQGHVFODVVLTXHVGH0LFURVRIW:LQGRZVFHUWDLQVUDFFRXUFLVRQWpWpDMRXWpV 3RXUHIIDFHUXQHOLJQH&WUO< 3RXUUHFRSLHUXQHOLJQH&WUO5 3RXUFKDQJHUG
DSSOLFDWLRQ&WUO)VLSOXVLHXUVDSSOLFDWLRQVFKDUJpHV 3RXUFRPPXWHUHQPRGH,QVHUWLRQ5HFRXYUH PHQW,16(5

8QPHQXFRQWH[WXHOERXWRQGURLWGHODVRXULV SHUPHWG
DOOHUDXGpEXWRXjODILQGXWH[WH&WUO'HW &WUO) 8QHEDUUHG
RXWLOVUHSUHQGHWFRPSOqWHFHVFRPPDQGHV

8QRXWLOGHFRQYHUVLRQSHUPHWG¶H[SRUWHUOHWH[WHVRXUFHDXIRUPDW57)5LFK7H[W)LOH SRXUSRXYRLU OHUHSUHQGUHHQFRXOHXUVjO¶DLGHGH06:RUGRX:RUG3DG 0HQX)LFKLHUV([SRUWHU /DWDLOOHPD[LPDOHGHVWH[WHV*R Q¶HVWMDPDLVDWWHLQWHHQSUDWLTXH

0DQXHO'HY3LF

SDJH

$VVHPEOHXU
/
DVVHPEOHXUHVWXQSURJUDPPHGRQWODIRQFWLRQHVWGHSURGXLUHO
LPDJHGX FRGHREMHW ODQJDJH PDFKLQH jSDUWLUG
XQRXSOXVLHXUVWH[WHV WH[WHVVRXUFH ,OHIIHFWXHFHWWHWkFKHHQXQHVHXOHSDVVH /
DVVHPEOHXUHVWDXVVLXQODQJDJHGRQWOHVpOpPHQWVVRQW OHVV\PEROHV OHVH[SUHVVLRQV OHVLQVWUXFWLRQV OHVPDFURLQVWUXFWLRQV OHVGLUHFWLYHV

(OpPHQWVGXODQJDJH

6LXQHOLJQHGXWH[WHVRXUFHQ
HVWSDVYLGHHWQ¶HVWSDVXQFRPPHQWDLUHHOOHVHFRPSRVHGHTXDWUH FKDPSVGRQWFHUWDLQVSHXYHQWrWUHYLGHV/HFKDPS2SpUDQGHSHXWFRQWHQLURXpOpPHQWV ([HPSOHV (WLTXHWWH 0QpPRQLTXH 2SpUDQGHV 'LUHFWLYH 0DFUR
EVI

&RPPHQWDLUH 3DJH PRYOIHVWXQHPDFUR

'HEXW

7HPSR

HTX

67$78653



PRYOI

[3257%

7H[WHV VRXUFH 7H[WHV LQFOXV

3UpSURFHVVHXU 2SWLRQV\QWD[H pWHQGXH &RGH2EMHW $VVHPEOHXU

(Q7rWHV

0DFURV

0DQXHO'HY3LF

'LUHFWLYHV

SDJH

8QHGLUHFWLYHHVWXQRUGUHGRQQpjO¶DVVHPEOHXU SRXUOXLIDLUHHIIHFWXHUXQHWDFKHRXSRXUPRGLILHU VRQFRPSRUWHPHQW /DGLUHFWLYHQ
DGRQFG
H[LVWHQFHTXHSHQGDQWO
DVVHPEODJHHOOHQHGpERXFKHSDVVXUXQFRGH PDFKLQH 9RLFLOHVGLUHFWLYHVGHO
DVVHPEOHXU)[

%$1.6(/V\QWD[HpWHQGXH %DQN6HO 5HJLVWUH!JpQqUHXQHLQVWUXFWLRQSRXUSRVLWLRQQHUOHVELWV53HW53GH67$786 SRXUTXH5HJLVWUH!VRLWDFFHVVLEOH &HFLpYLWHDXSURJUDPPHXUGHFRQVXOWHUODGRFXPHQWDWLRQSRXUORFDOLVHUOHUHJLVWUH /HSUpSURFHVVHXUGRLWrWUHDFWLYpGHSXLVOHPHQX2SWLRQV3URJUDPPHV6\QWD[HpWHQGXH ([ HVWpTXLYDOHQWj EDQNVHO 75,6% 67$78653 RXHQFRUHj EIV FDU75,6%HVWHQEDQTXH EDQN

&21),*

GpILQLWOHPRWGHFRQILJXUDWLRQIXVH

N N N N

FRQILJ;!SHXWrWUH FRGHSURWHFWLRQGXFRGHQRQSDUGpIDXW &3 RXLQRQ! 3:57 RXLQRQ! 7LPHU3:57RXLSDUGpIDXW :'7 RXLQRQ! FKLHQGHJDUGHRXLSDUGpIDXW W\SHSHXWrWUH+6;7/35& 26& W\SH!

FRQILJ FRQILJ!>FRQILJ!@

'(),1(V\QWD[HpWHQGXH

RXL SHXWrWUHUHPSODFpSDURQHQDEOHG\HV HWQRQ SHXWrWUHUHPSODFpSDURIIGLVDEOHGQR /HPRWGHFRQILJXUDWLRQHVWjO
DGUHVVH[

5HPSODFHPHQWG
XQV\PEROHSDUXQHRXSOXVLHXUVH[SUHVVLRQV

GHILQH V\PEROH!H[SU!>H[SU!@$YDQWDVVHPEODJHOHSUpSURFHVVHXUUHPSODFHOH V\PEROHSDUOHVH[SUHVVLRQV '$7$

,PSODQWHGHVGRQQpHVHQ((3URP (WLTXHWWH!GDWD H[SU!>H[SU!@'pILQLWGHVFRQVWDQWHVHQ((3520GHGRQQpH

0DQXHO'HY3LF

SDJH

'7V\QWD[HpWHQGXH

'HILQH7DEOH,PSODQWHGHVGRQQpHVHQ]{QHSURJUDPPH /HVH[SUHVVLRQVSHXYHQWrWUH QXPpULTXHV3257$HWF GHVFDUDFWqUHV
D

E
GHVFKDLQHV LOIDLWEHDX (1' (48

GW H[SU!>H[SU!@ &RQVWUXLWGHVLQVWUXFWLRQVUHWOZ SURYRTXHODILQG
DVVHPEODJHWRXWFHTXLVXLWHVWLJQRUp

V\PEROH!HTX H[SU!DVVRFLHXQQRPEUHUpVXOWDWGHO
H[SUHVVLRQH[SU jXQV\PEROH (5525 HUURUSURYRTXHXQHHUUHXUG
DVVHPEODJH'LUHFWLYHXWLOLVpHSHQGDQWOHGpYHORSSHPHQWSRXU VLJQDOHUXQHDQRPDOLHOLpHHQJpQpUDOjO
DVVHPEODJHFRQGLWLRQQHO (;,70 H[LWP 3URYRTXHODVRUWLHLPPpGLDWHG
XQHPDFUR8WLOLVpHDYHFO
DVVHPEODJHFRQGLWLRQQHO

,)(/6(HW(1',)

$VVHPEODJHFRQGLWLRQQHO

/D]RQHHOVHHVWRSWLRQQHOOH ,1&/8'( LQFRUSRUHXQWH[WHH[WHUQH LQFOXGH

LIH[SU! FRGH! >HOVH FRGH!@ HQGLI

6L([SU! FRGH!HVWDVVHPEOp VLQRQF
HVWFRGH!TXLHVWDVVHPEOp

/
LQFOXVLRQSHXWrWUHUpFXUUHQWHOHWH[WH1RP)LFKLHU!SHXWFRQWHQLUGHVGLUHFWLYHV LQFOXGH

1RP)LFKLHU!

,QFRUSRUHOHWH[WH1RP)LFKLHU!

0DQXHO'HY3LF

SDJH

/2&$/(1'/2&$/ ORFDO (WDW(Q&RXUV PRYOZ HQGORFDO

'pEXWG
XQEORFGHV\PEROHVORFDX[ HTX )LQGXEORFGHV\PEROHVORFDX[ (WDW(Q&RXUV

8V\PEROHGpFODUpGDQVOHEORFHVWXQV\PEROHORFDOV¶LOHVWSUpIL[pSDU© 8QV\PEROHORFDOQ
HVWYLVLEOHTXHGDQVOHEORF 8QEORFORFDOSHXWrWUHLQFOXVGDQVXQDXWUH 0$&52(1'0 1RP'H0DFUR!PDFUR 'pILQLWXQHPDFUR GpILQLWLRQGHODPDFUR!FHWH[WHSHXWIDLUHUpIpUHQFHjGHVSDUDPqWUHV HQGP /HVSDUDPqWUHVVRQWGRQQpVVRXVODIRUPH 5pFXUVLYLWp 8QHPDFURSHXWHQDSSHOHUXQHDXWUH 25*

ª

RUJDGUHVVH! IL[HO
DGUHVVHFRXUDQWHGDQVODPpPRLUHFRXUDQWHSURJUDPPHUHJLVWUHRX GRQQpH RUJ DGUHVVH!PRGH!IL[HO
DGUHVVHFRXUDQWHHWODPpPRLUHFRXUDQWH IL[HODPpPRLUHFRXUDQWH RUJ PRGH! PRGH HVWXQGHVPRWVUpVHUYpVVXLYDQWV
]SURJ
SRXUOD]RQHSURJUDPPH
]UHJ
SRXUOD]RQHUHJLVWUH
]GDWD
SRXUOD]RQHGRQQpHVHQ((3520

3DUGpIDXWPRGHFRUUHVSRQGj]SURJ 3,&,'

'pILQLWOHVPRWVGHELWVSRXUO
LGHQWLILFDWLRQGX3,& 50 SLFLGLG!LG!LG!LG!

DGUHVVHV[j[

5pVHUYDWLRQPpPRLUHGDQVOD]{QHUHJLVWUHV (WLTXHWWH!UP 6(7

H[SU!5pVHUYHH[SU!RFWHWVHQ5$0ILOHUHJLVWHU

V\PEROH!VHW H[SU!FRPPHHTX PDLVOHV\PEROHSHXWrWUHUHGpILQLDXJUpGHVEHVRLQV

0DQXHO'HY3LF

6\PEROHV

SDJH

8QV\PEROHHVWXQHFKDvQHGHFDUDFWqUHV TXLVDWLVIDLWDX[H[LJHQFHVVXLYDQWHV

Â/HVFDUDFWqUHVVRQWGHVPLQXVFXOHVGHVPDMXVFXOHVGHVFKLIIUHVRXOHVRXOLJQp
B
Â/HVHVSDFHVQHVRQWSDVDXWRULVpV Â/HSUHPLHUFDUDFWqUHQHSHXWSDVrWUHXQFKLIIUH

8QV\PEROHHVWWRXMRXUVDVVRFLpjXQHYDOHXUQXPpULTXH7RXWHUpIpUHQFHDXV\PEROHHVWXQH UpIpUHQFHjODYDOHXUQXPpULTXHDVVRFLpH 3RXUFRQWULEXHUjODOLVLELOLWpGXSURJUDPPH OHV\PEROHGRLWrWUHUHSUpVHQWDWLIGHODIRQFWLRQ DVVXUpH SDUODSDUWLHGXSURJUDPPHDXTXHOLODSSDUWLHQW

/HFKRL[GHVV\PEROHVGXSURJUDPPHLQFRPEHDXSURJUDPPHXU,OpYLWHUDOHVV\PEROHVSDVVHSDUWRXW WHOVTXHPDFKLQWUXFERXFOHWRWRHWF8QV\PEROHSHXWWKpRULTXHPHQWFRQWHQLUXQQRPEUHLOOLPLWp GHFDUDFWqUHVFHTXLSHUPHWG
DFFROHUSOXVLHXUVPRWVSDUH[HPSOH /HFWXUH&DSWHXUV (WHLQGUH9R\DQW6L1HFHVVDLUH GUDSHDXBLQWHUBWLPHU 5HPDUTXHUOHU{OHGHVPDMXVFXOHVOLVLELOLWp

8QHpWLTXHWWHHVWXQV\PEROHSODFpHQGpEXWGHOLJQH

/¶pWLTXHWWHPDUTXHXQHSRVLWLRQGDQVOHSURJUDPPHF¶HVWjGLUHXQHDGUHVVHPpPRLUH'pVTXH O
pWLTXHWWHHVWWURXYpHGDQVOHWH[WHVRXUFHO
DVVHPEOHXUOXLDVVRFLHXQQRPEUHHQWLHUGHELWV FRUUHVSRQGDQWjO
DGUHVVHFRXUDQWHF
HVWjGLUHjO
DGUHVVHGHO
LQVWUXFWLRQTXLVXLWO
pWLTXHWWH 3DUH[HPSOHOHVpWLTXHWWHVVXLYDQWHV 6RQWDXWRULVpHV ,QLWLDOLVDWLRQ 'HEXW,QWHU 'HEXWB,QWHU BDEF 6RQWLQWHUGLWHV HUH,QLW 'HEXW,QWHU 'HEXWG
,QWHU DEF

0DQXHO'HY3LF

SDJH

2SpUDWHXU
6LJQHGpVLJQDQWXQHRSpUDWLRQHQWUHGHX[pOpPHQWVHQWUHGHX[YDOHXUVQXPpULTXHVRXHQWUH XQV\PEROHHWXQHYDOHXUQXPpULTXH /HVRSpUDWHXUVXWLOLVDEOHVVRQW



a _ A !! 5HSUpVHQWHQWO
DGUHVVHFRXUDQWH PRLQVXQDLUH FRPSOpPHQWjXQREWHQXHQFKDQJHDQWWRXVOHVELWV PXOWLSOLFDWLRQ GLYLVLRQHQWLqUH PRGXORUHVWHGHODGLYLVLRQHQWLqUH (7ELWjELW DGGLWLRQ VRXVWUDFWLRQ 28ELWjELW 28H[FOXVLIELWjELW 'pFDODJHjJDXFKH 'pFDODJHjGURLWH pJDOLWp ! QRQpJDOLWp LQIpULHXUj RX LQIpULHXURXpJDOj ! VXSpULHXUj ! RX ! VXSpULHXURXpJDOj

([SUHVVLRQV

8QHH[SUHVVLRQHVWXQHFRPELQDLVRQGHYDOHXUVHQWLqUHVHWGHV\PEROHVOLpVSDUGHVRSpUDWHXUV (OOHHVWpYDOXpHGHODJDXFKHYHUVODGURLWHVDXIVLGHVSDUHQWKqVHVVRQWXWLOLVpHV /
H[SUHVVLRQQHGRLWSDVFRQWHQLUG
HVSDFHV (OpPHQWVG
H[SUHVVLRQVFODVVpVSDURUGUHGHSULRULWpGpFURLVVDQWH &RQVWDQWHVHQWLqUHV /HVIRUPDWVQXPpULTXHVDFFHSWpVVRQW 1RPEUH+H[DGpFLPDO[$)!RX K
$)!
$)!KOHHUFDUDFWqUHGRLWrWUHXQFKLIIUH 1RPEUHVRFWDO !RRX R
!
1RPEUHELQDLUH E
!
RX !E 1RPEUHGpFLPDO QRPEUHVVDQVSUpIL[HRXG
!
6\PEROHV 5HSUpVHQWHQWO
DGUHVVHFRXUDQWH

RX

9UDL VLV\PEROHHVWGpILQLVLQRQ)$8; GHILQHGV\PEROH 9UDLVLOHVFKDvQHVVRQWLGHQWLTXHV VWUHTVWUVWU 9UDLVLDUJHVWXQHFKDvQHHQWUHGRXEOHJXLOOHPHW V LVVWUDUJ 5HQYRLHOHFRGH$6&,,GXQLqPHFDUDFWqUHGHODFKDvQHVWU DVFRGHVWUQ RX! RX ! ! RX ! a _ A !! /HVRSpUDWHXUVGHFRPSDUDLVRQUHQYRLHQW95$, RX)$8; /HVH[SUHVVLRQVVRQWpYDOXpHVVXUELWV

0DQXHO'HY3LF

3UpVHQWDWLRQGXVLPXODWHXU

SDJH

/HVLPXODWHXUDOOLpDXGpERJXHXUSHUPHWODPLVHDXSRLQWGHVSURJUDPPHV 7RXWHVOHVIRQFWLRQVGXPLFURFRQWU{OHXU3,&) VRQWVLPXOpHV 8QHUHSUpVHQWDWLRQVFKpPDWLTXHGX&SHUPHWGHVXUYHLOOHUVRQFRPSRUWHPHQW



'XUpHG¶H[pFXWLRQ

$WWHQWLRQDX[WHPSRULVDWLRQVTXLULVTXHQWG
rWUHSOXVORQJXHVTX
HQUpHOUpGXLUHOHVWHPSV

%LHQTXHUpJODEOHODGXUpHG¶H[pFXWLRQG
XQHLQVWUXFWLRQQ
DULHQjYRLU DYHFODGXUpHUpHOOHHOOHHVWOLpHjODUDSLGLWpGHO
RUGLQDWHXU (OOHHVWHQJpQpUDOSOXVJUDQGHHQPRGHVLPXOpTX
HQ PRGHUpHOFDUOHPDWpULHOHVWpPXOpSDUORJLFLHO

0DQXHO'HY3LF

SDJH

&RQILJXUDWLRQHWH[pFXWLRQ
/DIHQrWUHSULQFLSDOHGXVLPXODWHXUUHSUpVHQWHOHPLFURFRQWU{OHXUHWVXSSRUWHXQHEDUUHGHERXWRQV (QSKDVHG¶H[pFXWLRQGXSURJUDPPHOHVpWDWVORJLTXHVGHVVRUWLHVVRQWDIILFKpV /HVIOqFKHVUHSUpVHQWDQWOHVHQVGHWUDQVIHUWGHVVLJQDX[VRQWDFWXDOLVpHV(QWUpHRXVRUWLH /DEDUUHGHWLWUHGpVLJQHODIRQFWLRQHQFRXUV'pILQLWLRQGHVEURFKHVjVXUYHLOOHURXH[pFXWLRQGX SURJUDPPH 0RGH&RQILJXUDWLRQ 2EWHQXHQFOLTXDQWVXUOHERXWRQ&RQILJXUDWLRQGXVLPXODWHXU 'pILQLWLRQGHVVWLPXOL /HERXWRQ

6pOHFWLRQGHVEURFKHVjVXUYHLOOHU &OLTXHUVXUOHQRPGHODEURFKHSRXUODVpOHFWLRQQHU,ODSSDUDvWDORUVHQURXJH /HFKURQRJUDPPHDVVRFLpVHUDWUDFpGDQVODIHQrWUHGHVUpVXOWDWVGHVLPXODWLRQ 6LXQVWLPXOXVDpWpGpILQLOHVV\PEROHVHW!DFFRPSDJQHQWOHQRPGHODEURFKH 0RGH([pFXWLRQ 2EWHQXHQODQoDQWOHSURJUDPPHWRXFKH) VLOHERXWRQHVWHQIRQFp 0RGLILFDWLRQGHO
pWDWG
XQHHQWUpH &OLTXHUVXUOD]RQHLQGLTXDQWO
pWDWORJLTXHGHO
HQWUpH8QpWDWSURYRTXHODPLVHj8QpWDW SURYRTXHODPLVHj 7HQWHUG
DSSOLTXHUXQQLYHDXVXUXQHVRUWLHSURYRTXHO
DIILFKDJHG
XQPHVVDJHGHPLVHHQJDUGH 5{OHGHVERXWRQV

2XYUHODIHQrWUHGHGpILQLWLRQGHVVWLPXOL

5pLQLWLDOLVH5(6(70&/5 OHPLFURFRQWU{OHXUVLPXOpHWUHODQFHOHSURJUDPPH VRXUFH 0DUTXHXQHSDXVHGDQVO¶H[pFXWLRQ GXSURJUDPPH/DOLJQHDVVRFLpHHVWPRQWUpHGDQVOHWH[WH

3URYRTXHO¶DUUrWGHO¶H[pFXWLRQGXSURJUDPPH 2XYUHODIHQrWUHGHVFKURQRJUDPPHVSRXUYRLUOHVUpVXOWDWVGHVLPXODWLRQ 8QERXWRQGH5(6(70&/5 SHUPHWG
LQLWLDOLVHUOHPLFURFRQWU{OHXU

0DQXHO'HY3LF

SDJH

&KURQRJUDPPHV
/DIHQrWUHGHVFKURQRJUDPPHVDGHX[IRQFWLRQV
N N 'pILQLWLRQGHVVWLPXOL 9LVXDOLVDWLRQGHVFKURQRJUDPPHV

(OOHHVWFRPSRVpHG
XQH]RQHJUDSKLTXHUHSUpVHQWDQWOHVVLJQDX[HWG
XQHEDUUHVXSSRUWDQWOHV FRPPDQGHV

/
RULJLQHGHVWHPSVHVWDMXVWpHDXPR\HQG
XQHEDUUHGHGpILOHPHQW/DEDUUHGHGpILOHPHQWSHXW SUHQGUHSOXVGHPLOOLDUGVGHSRVLWLRQVA FHTXLSHUPHWGHWUDFHUOHVVLJQDX[SHQGDQWSOXVG
XQ TXDUWG
KHXUHDYHFXQHUpVROXWLRQGHO
RUGUHGHVDYHFXQTXDUW]GH0+] 3RXUIDFLOLWHUVRQ UpJODJHXQHSURJUHVVLRQORJDULWKPLTXHDpWpDGRSWpH 'pILQLWLRQGHVVWLPXOL /
D[HGHVWHPSVHVWWRXMRXUVJUDGXpHQSpULRGHVG
KRUORJH8QERXWRQ9DOLGHUSHUPHWG
pFULUHOH ILFKLHUGHVWLPXOLVXUOHGLVTXH3RXUREWHQLUXQVWLPXOXVSpULRGLTXHFOLTXHUDYHFOHERXWRQGURLWGHOD VRXULV5XEULTXHVLJQDOSpULRGLTXH 9LVXDOLVDWLRQGHVFKURQRJUDPPHV

/HVVLJQDX[PRQWUpVVRQW

/HQRPEUHPD[LPXPGHVLJQDX[HVWGH/DKDXWHXUGHODIHQrWUHV
DMXVWHDXWRPDWLTXHPHQW

/HVVWLPXOLGpILQLV /HVpWDWVGHVEURFKHVVXUYHLOOpHV

8QHJUDGXDWLRQVXUO
pFKHOOHGHVWHPSVHVWWRXMRXUVXQPXOWLSOHGHODSpULRGHG
KRUORJH(OOHSHXW FRUUHVSRQGUHj SpULRGHV G
KRUORJH /DSpULRGHG
KRUORJH 7H HVWFDOFXOpHjSDUWLUGHODIUpTXHQFHGXTXDUW]GpFODUpHGDQVOHPHQX 2SWLRQV0DWpULHO (QGpSODoDQWOHFXUVHXUGDQVOD]RQHJUDSKLTXHRQSHXWPHVXUHUGHVWHPSVRXGHVLQWHUYDOOHVGHWHPSV HQOLVDQWODIHQrWUHW 6LODSpULRGHGXVLJQDOHVWWUqVJUDQGH SDUUDSSRUWjODSpULRGHG
KRUORJHLOHVWGLIILFLOHYRLUH LPSRVVLEOHGHSRVLWLRQQHUODEDUUHGHGpILOHPHQWSRXUYLVXDOLVHUXQIURQW/HERXWRQGURLWGHODVRXULV DFWLYHXQPHQXFRQWH[WXHOTXLSHUPHWGHUHFKHUFKHUDXWRPDWLTXHPHQWXQIURQW 2QSHXWDXVVLXWLOLVHUOHVWRXFKHVHWGXFODYLHUSRXUUHFKHUFKHUOHVIURQWV

,OHVWVRXYHQWSOXVIDFLOHGHVHGpSODFHUVXUO
D[HGHVWHPSVHQXWLOLVDQWOHVIOqFKHVJDXFKHHWGURLWH GXFODYLHU2QSHXWDXVVLXWLOLVHUODPROHWWHGHODVRXULV

0DQXHO'HY3LF

SDJH

/HVSpULSKpULTXHV
/HVSpULSKpULTXHVVRQWGHVRXWLOVTXLDGMRLQWVDXVLPXODWHXUUHPSODFHQWSURYLVRLUHPHQWOHVGLVSRVLWLIV UpHOV,OVRQWLQVWDOOpVGHSXLVOHPHQX3pULSKpULTXHV

,OQHVRQWDFWLIVTXHSHQGDQWXQHVHVVLRQGHVLPXODWLRQFDULOVVRQWDQLPpVSDUODPrPHKRUORJHTXH OHVLPXODWHXU $LQVLSDUH[HPSOHVLHQPRGH3DVj3DVRQFOLTXHVXUXQHWRXFKHGXSpULSKpULTXH&ODYLHUFHOOHFL UHVWHHQIRQFpHOHWHPSVHVWILJp MXVTX
jFHTXHVRQWpWDWVRLWSULVHQFRPSWHSDUOHSURJUDPPH ,OVRQWWRXMRXUVYLVXHOVPDWpULDOLVpVjO
pFUDQ

'HVH[HPSOHVGHSURJUDPPHVOHVXWLOLVDQWVRQWIRXUQLVGDQVOHWXWRULDO

$IILFKHXUVHJPHQWVj/('
&HWDIILFKHXUSDUDOOqOHPXOWLSOH[pGHjFKLIIUHVQ
DSDVGHFRQQH[LRQIL[HLO GRLWrWUHFRQQHFWp VHORQOHVEHVRLQV,OIDXGUDSUpFLVHU $QRGHRXFDWKRGHFRPPXQH jO
DLGHGXERXWRQ$. /
pWDWGHO
DIILFKHXUHVWPRQWUpGDQVODEDUUHGHWLWUH

$TXHOOHVEURFKHVGX3,&VRQWUHOLpVOHVVHJPHQWV &OLTXHUVXUOHVHJPHQWGDQVODERLWH$IILFKHXURXVXUOHGHVVLQGHVVHJPHQWV &OLTXHUVXUODEURFKHGDQVODERLWH& &OLTXHUVXUOHW\SHGHOLDLVRQ GpVLUpGDQVODERLWH/LDLVRQ $TXHOOHVEURFKHVGX3,&VRQWUHOLpVOHVDQRGHVRXFDWKRGHV &OLTXHUVXUO
DQRGHRXFDWKRGHGDQVODERLWH$IILFKHXU &OLTXHUVXUODEURFKHGDQVODERLWH& &OLTXHUVXUOHW\SHGHOLDLVRQ GpVLUpGDQVODERLWH/LDLVRQ /HQRPEUHGHFKLIIUHVGpVLUpGHj

3HQGDQWFHWWHSKDVHGHFRQILJXUDWLRQOHVLPXODWHXUQHIRQFWLRQQHSDV/¶pWDWGHO
DIILFKHXUPRQWUp Q
DGRQFDXFXQHVLJQLILFDWLRQLOIDXGUDH[pFXWHUOHSURJUDPPHSRXUREWHQLUOHIRQFWLRQQHPHQWGH O
DIILFKHXU 1RPEUHGHEURFKHVXWLOLVp 1RPEUHGHFKLIIUHV 6HJPHQWV 'LJLW 7RWDO HQXWLOLVDQWXQLQYHUVHXU WRXWHVOHVEURFKHVG
(6

0DQXHO'HY3LF

SDJH

&RQYHUWLVVHXU$1
&HSpULSKpULTXHSHUPHWGHVLPXOHUXQ&$1H[WHUQH 8QELWGHFRQWU{OH ODQFHODFRQYHUVLRQ 8QGUDSHDX VLJQDOHTXHODFRQYHUVLRQHVWWHUPLQpH

/DWHQVLRQDQDORJLTXHjFRQYHUWLUHVWGpILQLHSDUVRQWpTXDWLRQXW 6RQFKURQRJUDPPHVHUDPRQWUpGXUDQWO
H[pFXWLRQGXSURJUDPPH /DFRQYHUVLRQGpEXWHSDUXQpFKDQWLOORQQDJHGXVLJQDOFHOXLFLHVWPDWpULDOLVpVXUOHFKURQRJUDPPH SDUXQWLUHWKRUL]RQWDO &RQILJXUHUOH&$1

(QWUHUO
pTXDWLRQGXVLJQDOjFRQYHUWLU &KRLVLUODEURFKHTXLHQYHUUDOHVLJQDOGHGpEXWGHFRQYHUVLRQ &KRLVLUODEURFKHTXLUHFHYUDOHVLJQDOGHILQGHFRQYHUVLRQ 'LUHVLYRXVGpVLUH]rWUHDYHUWLHQILQGHFRQYHUVLRQ )L[HUODGXUpHGHFRQYHUVLRQ 9DOLGHUODFRQILJXUDWLRQ

/DQFHUOHSURJUDPPH LO\DXQH[HPSOHGDQVOHWXWRULDO /HFKURQRJUDPPHGHODWHQVLRQDQDORJLTXHHVWFRQVWUXLWHWOHSRUW%UHoRLWOHVYDOHXUVQXPpULTXHV FRUUHVSRQGDQWHV 2QSHXWPRGLILHUO
pFKHOOHGHWHPSVRXUHYHQLUjODFRQILJXUDWLRQHQFOLTXDQWVXUOHVERXWRQVGHOD EDUUHGHWLWUH

&RQYHUWLVVHXU1$
&HSpULSKpULTXHSHUPHWGHVLPXOHUXQ&1$H[WHUQH /
pYROXWLRQGHODWHQVLRQDQDORJLTXHREWHQXHHVWPRQWUpHHQIRQFWLRQGXWHPSVGXUDQWO
H[pFXWLRQGX SURJUDPPH /HFRQYHUWLVVHXUQHSHXWIRQFWLRQQHUTXH VLOHSURJUDPPHHVWODQFpYRLUH[HPSOHSURGXFWLRQ VLQXVGDQVOHWXWRULDO /HFKURQRJUDPPHGHODWHQVLRQDQDORJLTXHHVWFRQVWUXLWHQIRQFWLRQGHVYDOHXUVQXPpULTXHV SUpVHQWHVVXUOHSRUW% 2QSHXWPRGLILHUO
pFKHOOHGHVWHPSV HQFOLTXDQWVXUOHVERXWRQVGHOD EDUUHGHWLWUH ([HPSOHGH&1$jUpVLVWDQFHV 3RQGpUpHV

0DQXHO'HY3LF

SDJH

&ODYLHU+H[DGpFLPDO
&HFODYLHUPDWULFLHO[HVWFRQQHFWpDXSRUW% 5%j5%VRQW
GHVVRUWLHVDORUVTXH5%j5%VRQWGHVHQWUpHV

/HV UpVLVWDQFHV H[WHUQHV SHXYHQW pYHQWXHOOHPHQW rWUH OHV UpVLVWDQFHV GH WLUDJH GX SRUW % 3XOO8S &HWWH FRQILJXUDWLRQ 3XOO83HVWDXWRPDWLTXHPHQWGpWHFWpHSDUOHSpULSKpULTXH ,OQ
\DSDVGHUHERQGVXQHWRXFKHHQIRQFpHUHVWHGDQVFHWpWDW WDQW TXH FHWWH DFWLRQ Q
D SDV pWp SULVH HQ FRPSWH SDU OH SURJUDPPH /HSURJUDPPHHQYRLHXQHLPSXOVLRQVXUXQHFRORQQH5% HWWHVWHOHVOLJQHV5% 9RLUO
H[HPSOH&ODYLHUKH[DDVPGXWXWRULDO

5RXHVFRGHXVHV
8QHURXHFRGHXVHLPSRVHVXUHQWUpHVXQTXDUWHWQRPEUHGHj FRUUHVSRQGDQWjVDSRVLWLRQ 2QSHXWFKRLVLUOHSRUWXWLOLVp 'HX[URXHVVXUOHSRUW%SHUPHWWHQWGHJpQpUHUXQRFWHWSRLGVIRUWVjJDXFKH

/HVURXHVQHIRQFWLRQQHQWTXHVLXQSURJUDPPHHVWODQFp 3DUH[HPSOHVLXQHURXHHVWFRQQHFWpHVXUOHSRUW$OHSURJUDPPHVXLYDQWUHFRSLHOHTXDUWHWJpQpUp SDUODURXHVXUOHSRUW% RUJ]UHJ EDQN FOUI75,6% EDQN

SRUW%HQVRUWLH

%RXFOHPRYII3257$3257% JRWR%RXFOH HQG

0DQRHXYUHUODURXHFRGHXVHDSUqVDYRLUODQFpFHSURJUDPPHHWH[DPLQHUOHSRUW%

0DQXHO'HY3LF

SDJH

'pERJXHXUVRXUFH
&HSURFHVVXVV
DSSXLHVXUOHVLPXODWHXU LOSHUPHWGHVXLYUHO¶H[pFXWLRQG
XQSURJUDPPHHQYLVXDOLVDQW /DSRVLWLRQGHO
LQVWUXFWLRQHQFRXUVGDQVOHVWH[WHVRXUFHVTXLFRPSRVHQWO
DSSOLFDWLRQ /HVUHJLVWUHVGXPLFURFRQWU{OHXU /HVYDULDEOHVGXSURJUDPPH 7RXWH]RQH PpPRLUH &RPPDQGHV 3DVjSDVDSSURIRQGL 0HQX'HEXJ5DFFRXUFL ) RXERXWRQGHODEDUUHG
RXWLOV SRXUH[pFXWHU O
LQVWUXFWLRQVXLYDQWH &HWWHFRPPDQGHODQFHO¶H[pFXWLRQGHO
LQVWUXFWLRQVXLYDQWHGDQVOHSURJU DPPH HWPRQWUHODOLJQHGHGHVWLQDWLRQGDQVOHWH[WHVRXUFH 3DVjSDVUDSLGH 0HQX'HEXJ 5DFFRXUFL )SRXUH[pFXWHU OHVLQVWUXFWLRQV VXLYDQWHVVDQV V
DUUrWHUGDQVOHVVRXVSURJUDPPHV &HWWHFRPPDQGHHVWVLPLODLUHjODSUpFpGHQWHPDLVORU VTX
XQHLQVWUXFWLRQ G
DSSHOGHVRXVSURJUDPPHHVWUHQFRQWUpHFDOO OHGpERJXHXUH[pFXWHODFRPPDQGH)WDQWTXHODSLOHQ
HVWSDVUHYHQXH jO
pWDWLQLWLDO 'DQVXQH]RQHVDQVDSSHOGHVRXVSURJUDPPH)HVWSUpIpUDEOHj) FDUSOXVUDSLGH SDVGHVXUYHLOODQFHGHODSLOH

([pFXWHUMXVTX
DXFXUVHXU 0HQX'HEXJ 5DFFRXUFL )SRXUH[pFXWHU OHV LQVWUXFWLRQVVXLYDQWHVMXVTX
jODOLJQHGXFXUVHXU /HGpERJXHXUGpWHUPLQHO
DGUHVVHOLpHjODOLJQHFRXUDQWHFHOOHGXFXUVHXU GDQVOHWH[WHVRXUFHDVVHPEOHXU,OH[pFXWHOHSURJUDPPHWDQWTXH FHWWHDGUHVVHQ
HVWSDVWURXYpH 3ODFHUXQSRLQWG
DUUrW 0HQX'HEXJ 5DFFRXUFL &WUO)SRXUDUUrWHUO¶H[pFXWLRQGXSURJUDPPH &HWWHFRPPDQGHQ
DDXFXQVHQVHQPRGHSDVjSDV (OOH Q
HVWDFWLYHTXHVLRQODQFHOHSURJUDPPHHQH[pFXWLRQOLEUH

2XYULUWRXWHVOHVVRXUFHV 0HQX'HEXJ 5DFFRXUFL )SRXUYRLUWRXWHVOHVVRXUFHVXWLOLVpHVSDUO
DVVHPEOHXU /HVWH[WHVSHXYHQWrWUHQRPEUHX[ 5pFHSWLRQVpULHOOH 0HQX'HEXJ 5DFFRXUFL &WUO)SRXUYRLUGHVGRQQpHVHQYR\pHVSDUODFDUWH 8QHIHQrWUHGHFRPPXQLFDWLRQSHUPHWGHYRLUFHTXLDUULYHVXUOHSRUWVpULHGHO
RUGLQDWHXU

0DQXHO'HY3LF

SDJH

0pPRLUH
/DIHQrWUHGHWUDYDLOVXUODPpPRLUH VHSUpVHQWHVRXVIRUPHG
XQFODVVHXUFRPSRVpGHSOXVLHXUV SDJHV 3DJH3URJUDPPH 3DJH5HJLVWUHV 3DJH'RQQpHV 3DJH&RQILJ 3DJH3LOH OHVPRWVGHELWVFRPSRVDQWOHFRGHH[pFXWDEOH OHVUHJLVWUHVGX&HWOD5$0 O
((3URPGHGRQQpHVRFWHWV OD]RQHGHFRQILJXUDWLRQGX& OHVPRWVGHELWVGHODSLOHHWODSRVLWLRQGXSRLQWHXU

3DJH3URJUDPPH

6HXOVOHVFRGHVLQIpULHXUVj)))VRQW PRQWUpVVDXIVLO
RQIRUFHOHXUDIILFKDJH GHSXLV OH PHQX 2SWLRQV3URJUDPPHV 2Q SHXWHQWUHUGHVFRGHVPDQXHOOHPHQW ,O Q
HVW SDV SRVVLEOH G
pFULUH GDQV OD ]RQH$6&,,

3DJH5HJLVWUHV

/HV DGUHVVHV FRUUHVSRQGDQW DX[ UHJLVWUHVVRQWPRQWUpHVVXUIRQGEODQF /HV DGUHVVHV FRUUHVSRQGDQW DX[ YDULDEOHVVRQWPRQWUpHVVXUIRQGMDXQH /HV DXWUHV 5$0 XWLOLVDWHXU VRQW PRQWUpHVVXUIRQGJULV /HV DGUHVVHV EDUUpHV DYHF ; Q
RQW SDV GHPpPRLUH 2Q SHXW HQWUHU GHV YDOHXUV PDQXHOOHPHQW ,O Q
HVW SDV SRVVLEOH G
pFULUH GDQV OD ]RQH$6&,,

0DQXHO'HY3LF

SDJH

3DJH'RQQpHV

6HXOHV OHV GRQQpHV LQIpULHXUHV j )) VRQW PRQWUpHV VDXI VL O
RQ IRUFH OHXU DIILFKDJHGHSXLV OH PHQX 2SWLRQV3URJUDPPHV 2Q SHXWHQWUHUGHVFRGHVPDQXHOOHPHQW ,O HVW SRVVLEOH G
pFULUH GDQV OD ]RQH $6&,,

3DJH&RQILJ 2QSHXWHQWUHUGHVFRGHVPDQXHOOHPHQW ,OHVWSRVVLEOHG
pFULUHGDQVOD]RQH $6&,,

3DJH3LOH

2Q SHXW HQWUHU GHV YDOHXUV PDQXHOOHPHQW PDLV ,O IDXW rWUH SUXGHQW /H SRLQWHXU Q
HVW SDV PDQLSXODEOH GHSXLVFHWWHIHQrWUH

0DQXHO'HY3LF

2XWLOGHSURJUDPPDWLRQ

SDJH

3RXUODQFHUOHSURJUDPPDWHXUPHQX2XWLOV3URJUDPPDWLRQRXGLUHFWHPHQW) /HSURJUDPPDWHXUQ
HVWSDVDFFHVVLEOHVLO
RQHVWHQPRGH
VLPXODWLRQ
OHERXWRQ QHGRLWSDVrWUH HQIRQFp /HSURJUDPPDWHXUSHUPHWGH /LUHOHV]RQHVPpPRLUHSURJUDPPHGRQQpHHWFRQILJXUDWLRQ (FULUHGDQVFHV]RQHV 9pULILHU&RPSDUHUOHVYDOHXUVpFULWHVHWOXHV 3URWpJHUFHV]RQHVUHQGUHO
pFULWXUHHWODOHFWXUHLPSRVVLEOHV (IIDFHUFHV]RQHVPpPRLUHHQHQOHYDQWODSURWHFWLRQ

7RXWHVFHVRSpUDWLRQVVRQWDFFHVVLEOHVSDUPHQXGpURXODQWVLODFDUWHGHGpYHORSSHPHQWHVWGpWHFWpH $XODQFHPHQWGXSURJUDPPDWHXUXQPHVVDJHVLJQDOHODSUpVHQFHGHODFDUWH 6LO
RQDRXEOLpGHFRQQHFWHURXG
DOLPHQWHUODFDUWHRQGLVSRVHDORUVGHTXHOTXHVVHFRQGHVSRXUOH IDLUH 6LJQLILFDWLRQGHVYDOHXUVLQGLTXpHVGDQVOHVJULOOHV

$XODQFHPHQW 7RXWHVWj]pUR&HVYDOHXUVUHIOqWHQWO
pWDWGHVWDPSRQVGDQVO
RUGLQDWHXU HWQ
RQWDXFXQHVLJQLILFDWLRQ SDUWLFXOLqUH $SUqVDVVHPEODJH /
DVVHPEOHXUDIIHFWHGLUHFWHPHQWOHV]RQHVSURJUDPPHGRQQpHVHWFRQILJ/HUpVXOWDWHVWPRQWUpGDQV OHVJULOOHV $SUqVOHFWXUH /HVWDPSRQVHWOHVJULOOHVFRQWLHQQHQWO
LPDJHGHVPpPRLUHVGX3,&

0RGLILFDWLRQPDQXHOOHG
XQYDOHXU 'DQVOHV]RQHVRQSHXWPRGLILHUXQHYDOHXUKH[DGpFLPDOH 3ODFHUOHFXUVHXUVXUODFDVHjPRGLILHU (FULUHODQRXYHOOHYDOHXUKH[DGpFLPDOH )UDSSHUODWRXFKH
(QWUpH
SRXUODYDOLGHU &HWWHYDOHXUHVWDORUVpFULWHGDQVOHWDPSRQHOOHQ
HVWSDVHQFRUHpFULWHGDQVODPpPRLUHGX3,& 3RXUO
pFULUHLOIDXGUDODQFHUO
pFULWXUHGHSXLVOHPHQX 'DQVOD]RQHGHGRQQpHVRQSHXWDXVVLHQWUHUGLUHFWHPHQWGHVFDUDFWqUHVGDQVODFRORQQH$6&,, 2QQHSHXWSDVOHIDLUHGDQVOHV]RQHV
3URJUDPPH
HW
&RQILJ


'HSXLVO
HQYLURQQHPHQWLQWpJUpLOQ
HVWSDVQpFHVVDLUHG
RXYULUODIHQrWUHGHSURJUDPPDWLRQSRXU WpOpFKDUJHUXQSURJUDPPH 3DUH[HPSOHGHSXLVOHWH[WHVRXUFHIUDSSHUODWRXFKH)SRXUDVVHPEOHUWpOpFKDUJHUHWH[pFXWHUOH SURJUDPPHOHERXWRQGHVLPXODWLRQ QHGRLWSDVrWUHHQIRQFp

0DQXHO'HY3LF

&DUWHGHGpYHORSSHPHQW

SDJH
YRLUGRFXPHQWDWLRQGHODFDUWH3LF'HY

5HOLpHjODSULVHVpULHGHO
RUGLQDWHXUXQHSHWLWHFDUWHGHGpYHORSSHPHQWSHUPHWGHPHWWUH UDSLGHPHQWHQRHXYUHOHPLFURFRQWU{OHXU,O\DGHX[XWLOLVDWLRQVSRVVLEOHV GHFHWWHFDUWH &HOOHFLHVWUHOLpHjO¶RUGLQDWHXUSDUXQFRUGRQVpULHGHW\SH02'(0QRQFURLVp RX /HVEURFKHVGHVSRUWV$HW%VRQWUpSpWpHVVXUEURFKHVjZUDSSHU GLRGHV/('LQGLTXHQW 3,&) /DFDUWHHVWDOLPHQWpHURXJH N FRUGRQ (FULWXUHOHFWXUHPpPRLUHMDXQH N 2UGLQDWHXU3& &DUWHGHGpYHORSSHPHQW 5HVHWGXPLFURFRQWU{OHXU9HUWH N VpULH /HPLFURFRQWU{OHXUHVWVXUO¶DSSOLFDWLRQ /HPLFURFRQWU{OHXUHVWVXUODFDUWHGHGpYHORSSHPHQW

&HOOHFLHVWUHOLpHjODFDUWHGHGpYHORSSHPHQWSDUXQFkEOHILOV0&/5*1'5%5% /DSURJUDPPDWLRQHVWGRQFHIIHFWXpHGLUHFWHPHQWVXUO¶DSSOLFDWLRQ,63
FRUGRQ VpULH &LUFXLWGHFRXSODJH ILOV 3,&)

2UGLQDWHXU3&

&DUWHGHGpYHORSSHPHQW

$SSOLFDWLRQ

&HWWHGLVSRVLWLRQSHUPHWGHWHVWHUOHIRQFWLRQQHPHQWGHO¶DSSOLFDWLRQVDQVPDQLSXODWLRQGX 3,& 3ULQFLSHGHFRQQH[LRQ jO¶RUGLQDWHXU
)LFKH'% '75 &76 576 7' 5'

/HV SpULSKpULTXHV FRQQHFWpV j 0&/55%HW5%QHGRLYHQW SDV FRQVRPPHU SOXV GH P$ SRXU SHUPHWWUH j OD FDUWH GH GpYHORSSHPHQW GH IL[HU OH SRWHQWLHO GH FHV EURFKHV ORUV G
XQH RSpUDWLRQ GH OHFWXUH RX G
pFULWXUH



9

3,&)

5%'$7$

5%&/.

2Q QH SHXW SDV SURWpJHU RX GpSURWpJHU XQ 3,& VXU O
DSSOLFDWLRQ SRXU HIIHFWXHU FHVRSpUDWLRQVLOIDXWOHSODFHU VXUODFDUWHGHGpYHORSSHPHQW

0&/5 966

6*

0DQXHO'HY3LF

8WLOLVDWLRQGHO
DVVLVWDQWGHSURWRW\SDJH

SDJH

/
DVVLVWDQWGHSURWRW\SDJHSHUPHWG
pFULUHUDSLGHPHQWXQSURJUDPPHHQDXWRPDWLVDQW /DFRQVWUXFWLRQGHO
HQWrWHGpFODUDWLRQVGLYHUVHV /DGpILQLWLRQGHVHQWUpHVVRUWLHV /
LPSODQWDWLRQGHPRGXOHVH[LVWDQWV /DFRQVWUXFWLRQGHWHPSRULVDWLRQVORJLFLHOOHV /
LPSODQWDWLRQGHVWUXFWXUHVDOJRULWKPLTXHV

3RXUOHODQFHUVpOHFWLRQQHUOHPHQX2XWLOV3URWRW\SDJHRXFOLTXHUVXUOHERXWRQ 1RXYHOOHDSSOLFDWLRQDYHFSURWRW\SDJH 6pOHFWLRQQHUHQVXLWHO
RQJOHWGpVLUp

'pFODUDWLRQV

/
DVVLVWDQWGHSURWRW\SDJHLPSODQWHOHVGpFODUDWLRQVVXLYDQWHV

7H[WHVLQFOXV (TXLYDOHQFHVVWDQGDUG5(*,675(6+ 0DFURVVWDQGDUG67'0$&+VLODUXEULTXHFRUUHVSRQGDQWHHVWFRFKpH 9DULDEOH 8QHYDULDEOHELWV7HPSSRXUUDrWUHXWLOLVpHFRPPHUHJLVWUHWHPSRUDLUH

,QWHUUXSWLRQV VLODUXEULTXHFRUUHVSRQGDQWHHVWFRFKpH 2QGRLWpJDOHPHQWFRFKHUOHVLQWHUUXSWLRQVjXWLOLVHUGDQVODUXEULTXHFRUUHVSRQGDQWH /HVpWLTXHWWHV,QWHU5%,17,QWHU705,QWHU3RUW%HW,QWHU:((3URPVRQW
LPSODQWpHVPrPHVLOHVLQWHUUXSWLRQVFRUUHVSRQGDQWHV QHVRQWSDV XWLOLVpHV 2QSRXUUDVXSSULPHUFHVODEHOVLQXWLOHV

((3URPGHGRQQpHVVLODUXEULTXHFRUUHVSRQGDQWHHVWFRFKpH 8QHOLJQHRUJ]GDWDHVWLPSODQWpHVXLYLG
XQHOLJQHG
H[HPSOHGHFRQVWDQWHV &KLHQGHJDUGH VLODUXEULTXHFRUUHVSRQGDQWHHVWFRFKpH /DOLJQHFRQILJ FRQWLHQWZGW RXL 3RZHU2Q7LPHU VLODUXEULTXHFRUUHVSRQGDQWHHVWFRFKpH /DOLJQHFRQILJ FRQWLHQWSZUW RXL 2VFLOODWHXUj4XDUW] VLODUXEULTXHFRUUHVSRQGDQWHHVWFRFKpH /DOLJQHFRQILJ FRQWLHQWRVF [WVLQRQHOOHFRQWLHQWRVF UF

'pEXWGX&RGH([pFXWDEOH

/
DVVLVWDQWGHSURWRW\SDJHSODFHOH'pEXWGXSURJUDPPH H[pFXWDEOH

5HVHW RUJ[]SURJ DGUHVVHG
H[pFXWLRQVXLWHj0&/5 6WDUW ,QLWLDOLVDWLRQ EDQN /LJQHVGpSHQGDQWHVGHVFDVHVFRFKpHV EDQN )LQ,QLW

/HEORFG
LQVWUXFWLRQGpOLPLWpSDUOHVOLJQHVEDQNHWEDQNGpSHQG GXUHFRXUVDX[LQWHUUXSWLRQV GHODFRQILJXUDWLRQGHVHQWUpHVVRUWLHV /
DGUHVVHGHODQFHPHQWHVWWRXMRXUV[

0DQXHO'HY3LF

'LUHFWLRQGHVGRQQpHV

SDJH

/DSDJH3RUWVGHO
DVVLVWDQWPRQWUHOHVSRUWVGX& ,OVXIILWGHFOLTXHUVXUOHVIOqFKHVSRXUFKDQJHUODGLUHFWLRQGHVGRQQpHV(QWUpHRXVRUWLH /
LQWHUYDOOHHQWUHEDQNHWEDQNVHUDFRPSOpWpHQIRQFWLRQGXVHQVGHVIOqFKHV (QFRXUVG
H[pFXWLRQOHSURJUDPPHSHXWPRGLILHUODFRQILJXUDWLRQGHVSRUWV

,QLWLDOLVDWLRQGHVSRUWV
/
DVVLVWDQWLQLWLDOLVHOHVYHUURXVDVVRFLpVDX[SRUWV
FOUI3257$ FOUI3257% YHUURXj YHUURXj

/
DVVLVWDQWPDQLSXOHOHELW5%38 GXUHJLVWUH237,21 VLOHVUpVLVWDQFHVGHWLUDJHGXSRUW%VRQW GHPDQGpHV

0RGXOHVVWDQGDUG

/HVPRGXOHVVRQWGHVVRXVSURJUDPPHVDVVXUDQWGHVIRQFWLRQVJpQpUDOHVUpXWLOLVDEOHVSDUG
DXWUHV SURJUDPPHV

8QPRGXOHSHXWFRQWHQLUSOXVLHXUVVRXVSURJUDPPHV/HVPRGXOHVVRQWSODFpVVXUOHGLVTXHGDQVOH UpSHUWRLUH0RGXOHVVRXVIRUPHGHILFKLHUV$60 4XHOTXHVPRGXOHVVRQWIRXUQLVHQVWDQGDUGDYHF 'HY3LF

$IILFKDJH /&' &RPPDQGH G
XQ DIILFKHXU /&' JHQUH /0 OLJQHV GH RX FDUDFWqUHV /DFRPPDQGHVHIDLWVXUELWV/D OLJQH 5: Q
HVW SDV XWLOLVpH OD UHOLHU j 9(( *1'SRXUUpFXSpUHUODEURFKH5% 9((HVW UHOLp j *1' SRXU REWHQLU OH PD[LPXP GH FRQWUDVWH $MXVWHPHQWGpFLPDO3HUPHWG
DIILFKHUXQQRPEUHRXELWV HQGpFLPDODYHFRXFKLIIUHV (QHQWUpH8QHYDULDEOHRX ELWV1RPEUHFRQWLHQWOHQRPEUHjDIILFKHU (QVRUWLHXQHYDULDEOH%&'VXURXRFWHWVFRQWLHQWOHVFKLIIUHVjDIILFKHU &RPPXQLFDWLRQDV\QFKURQH OLDLVRQVpULHW\SH569 &HVIRQFWLRQVSHUPHWWHQWG
HQYR\HUVXU5%HWGHUHFHYRLUVXU5%GHVFDUDFWqUHVHQVpULHjEGV DYHFTXDUW]0+] RX NEGVTXDUW]0+] (OOHV Q
XWLOLVHQW SDV G
LQWHUUXSWLRQ 8Q WUDQVFHLYHU GH OLJQH HVW QpFHVVDLUH LO HVW SUpVHQW VXU OD FDUWH 3LF'HYSRXUVRUWLUVXU5%

0DQXHO'HY3LF

SDJH

*HVWLRQGXEXV,&

/H3,&HVWWRXMRXUVPDvWUH &RQWU{OH G
XQ EXV ,& 6WDUW $GUHVVH $FTXLWWHPHQW'RQQpHVHW$FTXLWWHPHQW $OOXPDJHpYHQWXHOG
XQH/('VXU5$ VL O¶DFTXLWWHPHQW HVW UHoX /H & pWDQW PDvWUHSURGXLWOHVLJQDOG
KRUORJH6&/ 3URGXFWLRQVLJQDOG
DSSHOWpOpSKRQLTXH'70) (QHQWUpHOHUHJLVWUH:FRQWLHQWOHQXPpURGHODWRXFKHHQIRQFpHGXFODYLHUWpOpSKRQLTXHVWDQGDUG (QVRUWLHOHVLJQDO'70)HVWGLVSRQLEOHVXUXQ&1$SODFpVXUOHSRUW%8QUpVHDX55FRQYLHQW

,QVpUHUXQPRGXOH

3RXULQVpUHUXQPRGXOHGDQVOHSURJUDPPH RXYULUO
DVVLVWDQWGHSURWRW\SDJH GHSXLVOHPHQX2XWLOV 3URWRW\SDJH&OLTXHUVXUO
RQJOHW0RGXOHV/DOLVWHGHVPRGXOHVGLVSRQLEOHVV
DIILFKH 'RXEOH &OLTXHUVXUOHPRGXOHjLPSODQWHU/HYLVXDOLVHUpYHQWXHOOHPHQW 'DQVOHWH[WHVRXUFHSODFHUOHFXUVHXUjO
HQGURLWG
DSSHOGHVVRXVSURJUDPPHVGXPRGXOH &OLTXHUVXU,PSODQWHUOHPRGXOH7RXVOHVDSSHOVDX[VRXVSURJUDPPHVVRQWLPSODQWpV 2QSRXUUDHQVXSSULPHU/HFRGHGHVVRXVSURJUDPPHVGXPRGXOHHVWDMRXWpjODILQGXWH[WHVRXUFH GXSURJUDPPH

6L O
RQ Q
XWLOLVH SDV WRXWHV OHV IRQFWLRQV RQ SHXW VXSSULPHU OHV VRXVSURJUDPPHV HW GpFODUDWLRQV LQXWLOLVpHV &HUWDLQVPRGXOHVSHXYHQWHQXWLOLVHUG
DXWUHV8QPHVVDJHG
DYHUWLVVHPHQWLQYLWHDORUVO
XWLOLVDWHXU jLPSODQWHUWRXVOHVPRGXOHVXWLOLVpV

3URGXLUHXQPRGXOH

8QPRGXOHHVWXQWH[WHVRXUFHDVVHPEOHXU,OHVWGRQFIDFLOHGHSURGXLUHVHVSURSUHVPRGXOHV 4XHOTXHVUqJOHVGHV\QWD[HVRQWFHSHQGDQWjUHVSHFWHU /HPRGXOHQHFRQWLHQW48(GHVVRXVSURJUDPPHV /HVVRXVSURJUDPPHVGRQWOHQRPFRPPHQFHSDUXQVRXOLJQpBVHURQWSUpVHQWVGDQVODVHFWLRQGHV DSSHOVGHVRXVSURJUDPPHVTXLVHUDLPSODQWpHGDQVOHWH[WHVRXUFH

/HVGLUHFWLYHVRUJ]SURJVHURQWVXSSULPpHV/HPRGXOHSRXYDQWrWUHLPSODQWpjXQHDGUHVVH TXHOFRQTXHWRXWHUpIpUHQFHjXQHDGUHVVHIL[HVHUDVXSSULPpHSDU'HY3LF

/HV GpFODUDWLRQV GH ILFKLHUV LQFOXV VWDQGDUG VHURQW VXSSULPpHV SDU 'HY3LF SRXU pYLWHU OD UHGRQGDQFH,OV
DJLWGH67'0$&+HWGH5(*,675(6+ /HVOLJQHVGHFRPPHQWDLUHVHURQWDQDO\VpHVSDU'HY3LF (OOHVVHURQWVXSSULPpHVVLHOOHVFRPPHQFHQWSDUXQSRLQWYLUJXOHVXLYLG
XQSRLQW (OOHVVHURQWVXSSULPpHVHWSURYRTXHURQWXQPHVVDJHG
DYHUWLVVHPHQWVLHOOHVFRPPHQFHQWSDUXQ SRLQWYLUJXOHVXLYLG
XQWLUHW (OOHVVHURQWFRQVHUYpHVGDQVOHVDXWUHVFDV

/HVGpFODUDWLRQVGHYDULDEOHV50 VHURQWUHJURXSpHVDYHFFHOOHVGXSURJUDPPH

0DQXHO'HY3LF

SDJH

8WLOLVDWLRQGHVVWUXFWXUHVDOJRULWKPLTXHV
3RXULQVpUHUXQHLWpUDWLRQRXXQHVpTXHQFHFRQGLWLRQQHOOHODQFHUOHSURWRW\SHXUHWVpOHFWLRQQHUO
RQJOHW $/*25,7+0(/HVVWUXFWXUHVVRQWSURSRVpHVHQODQJDJH 3DVFDO 6pOHFWLRQQHUHQVXLWHODVWUXFWXUHjLPSODQWHUHQFOLTXDQWVXUOHERXWRQFRUUHVSRQGDQW )25'2 :+,/('2 5(3($7817,/ ,)7+(1(/6(

/
DOJRULWKPHDSSDUDvWDORUVGDQVODIHQrWUHGHJDXFKH 2QSHXWDORUV 5HQRPPHUODYDULDEOHGHFRQWU{OH 0RGLILHUOHVERUQHV ,QVpUHUHQDVVHPEOHXUODVpTXHQFHUpSpWpHRXFRQGLWLRQQHOOH

4XDQGFHWDOJRULWKPHFRUUHVSRQGDXSURFHVVXVVRXKDLWp 'DQVOHWH[WHVRXUFHSODFHUOHFXUVHXUjO
HQGURLWRXGRLWrWUHLPSODQWpHODVWUXFWXUH &OLTXHUVXUOHERXWRQ&203,/(5

/DVWUXFWXUHHVWDORUVFRQYHUWLHHQDVVHPEOHXUHWLQVpUpHGDQVOHWH[WH /DGpFODUDWLRQGHVYDULDEOHVHVWFRPSOpWpH /HVH[SUHVVLRQVQHVRQWSDVFDOFXOpHVSDUOHFRPSLODWHXUHOOHVOHVHURQWSDUO
DVVHPEOHXU

,WpUDWLRQ)25
/
LQVWUXFWLRQ)25SURYRTXHO
H[pFXWLRQGHO
LQVWUXFWLRQDVVRFLpHDX'2XQHIRLVSRXUFKDTXHYDOHXUGH ODYDULDEOHGHFRQWU{OH9DU&RQW 6\QWD[H )25 9DU&RQW 'HEXW72 )LQ'2 6HTXHQFH! 2X )25 9DU&RQW 'HEXW'2:172 )LQ'2 6HTXHQFH!

&HWWHYDULDEOHGHFRQWU{OHGHERXFOHHWVHVYDOHXUVOLPLWHVGRLYHQWrWUHGHVQRPEUHVHQWLHUVVXUELWV /H PRW UpVHUYp 72 LQFUpPHQWH OD YDULDEOH SRXU DWWHLQGUH OD YDOHXU )LQ DORUV TXH '2:172 OD GpFUpPHQWH 'pEXWHW)LQSHXYHQWrWUHGHVFRQVWDQWHVRXGHVYDULDEOHVELWV

/HVFRQVWDQWHVSHXYHQWrWUHGHVH[SUHVVLRQVUHFRQQXHVSDUO
DVVHPEOHXU(OOHVSHXYHQWFRQWHQLUGHV V\PEROHV DVVRFLpV j GHV FRQVWDQWHV (OOH QH SHXYHQW SDV FRPPHQFHU SDU XQ V\PEROH FDU OH FRPSLODWHXU Q
D DXFXQ PR\HQ GH WULHU HQWUH V\PEROH FRQVWDQW HW YDULDEOH /HV H[SUHVVLRQV QH GRLYHQWSDVFRQWHQLUG
HVSDFH

0DQXHO'HY3LF

SDJH

([HPSOHG
LWpUDWLRQ)25 )RU, 7R'R %HJLQ DVP UOI3257% HQGDVP (QG

,WpUDWLRQ:+,/(
8QHFRQVWUXFWLRQZKLOH FRPSRUWHXQHH[SUHVVLRQTXLFRQWU{OHO
H[pFXWLRQUpSpWpHG
XQHVpTXHQFH EORFG
LQVWUXFWLRQV 6\QWD[H :+,/(&RQGLWLRQ!'2VpTXHQFH!

/
LQVWUXFWLRQDVVRFLpHDX'2HVWH[pFXWpHGHPDQLqUHUpSpWpHWDQWTXHODFRQGLWLRQHVWYUDLH

/DFRQGLWLRQHVWpYDOXpHDYDQWO
H[pFXWLRQDLQVLVLHOOHHVWIDXVVHGqVOHGpEXWO
LQVWUXFWLRQQ
HVWSDV H[pFXWpH /DFRQGLWLRQSHXWrWUHFRQVWLWXpHGH 'HX[YDULDEOHVELWVQRQVLJQpHVUHOLpHVSDUXQVLJQHGHFRPSDUDLVRQ ! ! 8QHYDULDEOHELWVQRQVLJQpHHWXQHFRQVWDQWHj UHOLpHVSDUXQVLJQHGHFRPSDUDLVRQ

/DFRQVWDQWHSHXWrWUHXQHH[SUHVVLRQUHFRQQXHSDUO
DVVHPEOHXU(OOHSHXWFRQWHQLUGHVV\PEROHV DVVRFLpVjGHVFRQVWDQWHV(OOHQHSHXWSDVFRPPHQFHUSDUXQV\PEROHFDUOHFRPSLODWHXUQ
DDXFXQ PR\HQGHWULHUHQWUHV\PEROHFRQVWDQWHWYDULDEOH/HVH[SUHVVLRQVQHGRLYHQWSDVFRQWHQLUG
HVSDFH ([HPSOHG
LQVWUXFWLRQ:+,/( L :KLOHL'2 %HJLQ DVP PRYIIL3257% LQFIL HQGDVP (QG

,WpUDWLRQ5(3($7817,/

/HVLQVWUXFWLRQVHQWUH5(3($7HW817,/VRQWH[pFXWpHVHQVpTXHQFHMXVTX
jFH TXHHQILQGHVpTXHQFHODFRQGLWLRQVRLWYUDLH7UXH 6\QWD[H 5(3($7 LQVWUXFWLRQ LQVWUXFWLRQ LQVWUXFWLRQ1 817,/FRQGLWLRQ

0DQXHO'HY3LF

SDJH

/DVpTXHQFHHVWH[pFXWpHDXPRLQVXQHIRLV

/DFRQGLWLRQSHXWrWUHFRQVWLWXpHGH 'HX[YDULDEOHVELWVQRQVLJQpHVUHOLpHVSDUXQVLJQHGHFRPSDUDLVRQ ! ! 8QHYDULDEOHELWVQRQVLJQpHHWXQHFRQVWDQWHj UHOLpHVSDUXQVLJQHGHFRPSDUDLVRQ

/DFRQVWDQWHSHXWrWUHXQHH[SUHVVLRQUHFRQQXHSDUO
DVVHPEOHXU(OOHSHXWFRQWHQLUGHVV\PEROHV DVVRFLpVjGHVFRQVWDQWHV(OOHQHSHXWSDVFRPPHQFHUSDUXQV\PEROHFDUOHFRPSLODWHXUQ
DDXFXQ PR\HQGHWULHUHQWUHV\PEROHFRQVWDQWHWYDULDEOH/HVH[SUHVVLRQVQHGRLYHQWSDVFRQWHQLUG
HVSDFH ([HPSOHG
LWpUDWLRQ5(3($7 5HSHDW DVP PRYII3257$&DSWHXU HQGDVP 8QWLO&DSWHXU!

$OWHUQDWLYH,)7+(1(/6(
(OOHSHUPHWGHFRQVWUXLUHGHVVpTXHQFHVjH[pFXWLRQFRQGLWLRQQHOOH 6\QWD[H ,) &RQGLWLRQ!7+(1 6pTXHQFH! RX ,) &RQGLWLRQ!7+(1 6pTXHQFH!(/6( 6pTXHQFH!

6LODFRQGLWLRQVXLYDQW,) HVWYUDLHODVpTXHQFHDVVRFLpHj7+(1 HVWH[pFXWpH 6LQRQHOVH F
HVWODVpTXHQFHDVVRFLpHj (/6( IDFXOWDWLI TXLHVWH[pFXWpH

/DFRQGLWLRQSHXWrWUHFRQVWLWXpHGH 'HX[YDULDEOHVELWVQRQVLJQpHVUHOLpHVSDUXQVLJQHGHFRPSDUDLVRQ ! ! 8QHYDULDEOHELWVQRQVLJQpHHWXQHFRQVWDQWHj UHOLpHVSDUXQVLJQHGHFRPSDUDLVRQ

/DFRQVWDQWHSHXWrWUHXQHH[SUHVVLRQUHFRQQXHSDUO
DVVHPEOHXU(OOHSHXWFRQWHQLUGHVV\PEROHV DVVRFLpVjGHVFRQVWDQWHV(OOHQHSHXWSDVFRPPHQFHUSDUXQV\PEROHFDUOHFRPSLODWHXUQ
DDXFXQ PR\HQGHWULHUHQWUHV\PEROHFRQVWDQWHWYDULDEOH/HVH[SUHVVLRQVQHGRLYHQWSDVFRQWHQLUG
HVSDFH ([HPSOHVG
LQVWUXFWLRQV,) ,I&RQVLJQH9LWHVVH90LQ7KHQ %HJLQ DVP FOUI3257%DUUHWGXPRWHXU EVI3257$DODUPH HQGDVP (QG (OVH %HJLQ DVP PRYII&RQVLJQH9LWHVVH3257%1RXYHOOHYLWHVVH HQGDVP (QG

0DQXHO'HY3LF

SDJH $QQH[H

,QVWUXFWLRQVUHFRQQXHVSDUO
DVVHPEOHXU

DGGOZ DMRXWHXQHFRQVWDQWHj:5pVXOWDWGDQV: DGGZI DMRXWH:j)5pVXOWDWGDQV:G RXGDQV)G DQGOZ HIIHFWXHXQ(7HQWUHXQHFRQVWDQWHHW:5pVXOWDWGDQV: DQGZIHIIHFWXHXQ(7HQWUH:HW)5pVXOWDWGDQV: EFI IDLWSDVVHUXQELWGH)j EVI IDLWSDVVHUXQELWGH)j EWIVF WHVWHFHUWDLQVELWVGH)3DVVHV¶LOVVRQWj EWIVV WHVWHFHUWDLQVELWVGH)3DVVHV¶LOVVRQWj FDOO DSSHOOHXQVRXVSURJUDPPH FOUI SODFH]HURGDQV ) FOUZ SODFH]HURGDQV:HWIDLWSDVVHU=j FOUZGW LQLWLDOLVHOHWLPHUGXFKLHQGHJDUGH FRPI FRPSOHPHQWH)j GHFI GpFUpPHQWH) GHFIV] GpFUpPHQWH)6DXWHVL JRWR VDXWHjXQHDXWUHDGUHVVH LQFI LQFUpPHQWH) LQFI] LQFUpPHQWH)6DXWHVL LRUOZ HIIHFWXHXQ28HQWUHXQHFRQVWDQWHHW) LRUZI HIIHFWXHXQ28HQWUH:HW) PRYI VLG FKDUJH)GDQV:VLQRQUppFULW)GDQV) PRYOZ FKDUJHXQHFVWHELWGDQV: PRYZI VWRFNH:YHUV) QRS QHIDLW ULHQHQJDVSLOODQWXQHSpULRGHGµKRUORJH UHWILH UHWRXUQHGXQHLQWHUUXSWLRQ UHWOZ UHWRXUQHDYHFXQHFRQVWDQWHGDQV: UHWXUQ UHWRXUQHGXQVRXVSURJUDPPH HIIHFWXHXQHURWDWLRQGHELWVjJDXFKHDYHF&$55< UOI HIIHFWXHXQHURWDWLRQGHELWVjGURLWHDYHF&$55< UUI VOHHS SDVVHHQPRGHVWDQGE\ VXEOZ VRXVWUDLW:GXQHFRQVWDQWH VXEZI VRXVWUDLW:GH) VZDSI SHUPXWHTXDUWHWVGH) [RUOZ HIIHFWXHXQ28H[FOXVLIHQWUHXQHFRQVWDQWHHW: [RUZI HIIHFWXHXQ28H[FOXVLIHQWUH:HW)

0DQXHO'HY3LF

'LUHFWLYHVGHO
DVVHPEOHXU
DVFRGH FRQILJ GDWD GHILQHG

SDJH

UHQYRLHOHFRGH$6&,,GX(QLqPHFDUDFWqUHG
XQHFKDvQH GpILQLWOHPRWGHFRQILJXUDWLRQGX& LPSODQWHGHVGRQQpHVHQ((3URP LQGLTXHVLXQV\PEROHHVWGpILQL

HQG HQGLI HQGORFDO HOVH HQGP HTX HUURU H[LWP LI LQFOXGH LVVWU ORFDO RUJ UP PDFUR SLFLG VHW VWUHT

PDUTXHODILQGXEORFSURJUDPPH PDUTXHODILQGXEORFFRQGLWLRQQHO WHUPLQHOHGRPDLQHGHYDOLGLWpG
XQV\PEROH FRPPHQFHXQEORFFRQGLWLRQQHODOWHUQDWLI PDUTXHODILQG
XQHPDFUR OLHXQQRPEUHjXQV\PEROH SURYRTXHXQPHVVDJHG
HUUHXU VRUWG
XQHPDFUR FRPPHQFHXQEORFFRQGLWLRQQHO LQFRUSRUHXQWH[WHVRXUFH GpWHFWHXQHFKDvQHGHFDUDFWqUHV GpFODUHXQHPDFUR

FRPPHQFHOHGRPDLQHGHYDOLGLWpG
XQV\PEROHORFDO IL[HO
DGUHVVHFRXUDQWH

GpILQLWOHVPRWVG
LGHQWLILFDWLRQGX& GpILQLWXQHYDULDEOHG
DVVHPEODJH FRPSDUH FKDvQHVGHFDUDFWqUHV

UpVHUYHGHODPpPRLUHSRXUXQHYDULDEOH

]GDWD ]SURJ ]UHJ

DVVRFLpHjRUJVpOHFWLRQQHO
((3URPGHGRQQpHV DVVRFLpHjRUJVpOHFWLRQQHODPpPRLUHSURJUDPPH DVVRFLpHjRUJVpOHFWLRQQHODPpPRLUHUHJLVWUH

0DQXHO'HY3LF

0DFURVIRXUQLHVHQVWDQGDUG

SDJH

/HVSDUDPqWUHVpYHQWXHOVVRQWHQWUHSDUHQWKqVHV 5HPDUTXHUTXHFHUWDLQHV0DFURVHQDSSHOOHQWG
DXWUHV
2SpUDWLRQV FRPF PDFUR &RPSOHPHQWHUUHWHQXH PRYI 67$786Z [RUOZ PRYZI 67$786 HQGP PDFUR &RPSOHPHQWHU: [RUOZ ))+ HQGP

FRPZ DGGOI

DGGZIF

PDFUR &RQVWDQWH5HJLVWUH 5HJLVWUH 5HJLVWUH&RQVWDQWH PRYI : DGGOZ PRYZI HQGP PDFUR 5HJLVWUH 5HJLVWUH 5HJLVWUH:&\ VNLSQF LQFIV]) DGGZI : PRYZI HQGP

DQGOI

VXEOI

PDFUR &RQVWDQWH5HJLVWUH 5HJLVWUH 5HJLVWUH&RQVWDQWH PRYI : DQGOZ PRYZI HQGP PDFUR &RQVWDQWH5HJLVWUH 5HJLVWUH 5HJLVWUH&RQVWDQWH PRYI : VXEOZ PRYZI HQGP

[RUOI

LQFZ GHF

PDFUR &RQVWDQWH5HJLVWUH 5HJLVWUH 5HJLVWUHA&RQVWDQWH PRYI : [RUOZ PRYZI HQGP PDFUR ,QFUHPHQWHU: DGGOZ HQGP

PDFUR YDU 'HFUHPHQWHUXQHYDULDEOHELWV GHFI ) EQHF [)) GHFI ) HQGP

0DQXHO'HY3LF LQF

SDJH

PDFUR YDU ,QFUHPHQWHUXQHYDULDEOHELWV LQFI VNLSQ] LQFI HQGP

LQFUpPHQWDWLRQFRQGLWLRQQHOOHGH3& VNLSF

VNLSQF VNLS] VNLSQ] VNSRV VNQHJ

PDFUR VDXWHUVLUHWHQXH EWIVV 67$786& HQGP

PDFUR VDXWHUVL]pUR EWIVV 67$786= HQGP

PDFUR VDXWHUVLQRQUHWHQXH EWIVF 67$786& HQGP

PDFUR UHJ VDXWHUVLUHJ! EWIVF HQGP PDFUR UHJ VDXWHUVLUHJ EWIVV HQGP

PDFUR VDXWHUVLQRQ]HUR EWIVF 67$786= HQGP

EUDQFKHPHQWV EF

EQF

PDFUR 'HVWLQDWLRQ VNLSQF JRWR HQGP PDFUR 'HVWLQDWLRQ VNLSF JRWR HQGP PDFUR 'HVWLQDWLRQ VNLSQ] JRWR HQGP PDFUR 'HVWLQDWLRQ VNLS] JRWR HQGP

EUDQFKHUVLUHWHQXH

EUDQFKHUVLQRQUHWHQXH

E]

EUDQFKHUVL]HUR

EQ]

EUDQFKHUVLQRQQXO

ESO

PDFUR UHJLVWUH'HVWLQDWLRQ EUDQFKHUVLUHJLVWUH! EWIVV JRWR HQGP

0DQXHO'HY3LF EPL

SDJH

EUVHW

PDFUR UHJLVWUH'HVWLQDWLRQ EUDQFKHUVLUHJLVWUH EWIVF JRWR HQGP PDFUR UHJLVWUHELWGHVWLQDWLRQ EWIVF JRWR HQGP PDFUR UHJLVWUHELWGHVWLQDWLRQ EWIVV JRWR HQGP EUDQFKHUVLELWj

EUFOU

EUDQFKHUVLELWj

EHT

EHTF

PDFUR 55'HVWLQDWLRQ EUDQFKHUVL5 5 PRYI : [RUZI : VNLSQ] JRWR HQGP

EQH

PDFUR 5&RQVWDQWH'HVWLQDWLRQ EUDQFKHUVL5 &VWH PRYOZ [RUZI : VNLSQ] JRWR HQGP PDFUR 55'HVWLQDWLRQ EUDQFKHUVL5!5 PRYI : [RUZI : VNLS] JRWR HQGP

EQHF

EJW

PDFUR 5&RQVWDQWH'HVWLQDWLRQ EUDQFKHUVL5!&VWH PRYOZ [RUZI : VNLS] JRWR HQGP PDFUR 55'HVWLQDWLRQ EUDQFKHUVL5!5 PRYI : VXEZI : VNLSF JRWR HQGP

EJH

EJHF

PDFUR 55'HVWLQDWLRQ EUDQFKHUVL5! 5 PRYI : VXEZI : VNLSQF JRWR HQGP

PDFUR 5&VWH'HVWLQDWLRQ EUDQFKHUVL5! &VWH PRYOZ VXEZI :

0DQXHO'HY3LF VNLSQF JRWR HQGP

SDJH

EJWF

EOR

PDFUR 5&VWH'HVWLQDWLRQ EUDQFKHUVL5!&VWH PRYI : VXEOZ VNLSF JRWR HQGP PDFUR 55'HVWLQDWLRQ EUDQFKHUVL55 PRYI : VXEZI : VNLSF JRWR HQGP

EOV

EOVF

PDFUR 55'HVWLQDWLRQ EUDQFKHUVL5 5 PRYI : VXEZI : VNLSQF JRWR HQGP

EORF

PDFUR 5&VWH'HVWLQDWLRQ EUDQFKHUVL5 &VWH PRYI : VXEOZ VNLSQF JRWR HQGP PDFUR 5&VWH'HVWLQDWLRQ EUDQFKHUVL5&VWH PRYOZ VXEZI : VNLSF JRWR HQGP

SRVLWLRQQHPHQWGHELWV FOUF VHWF

PDFUR UHWHQXHj EFI 67$786& HQGP PDFUR UHWHQXHj EVI 67$786& HQGP PDFUR 5HJLVWUH5HJLVWUH 5HJLVWUH 5HJLVWUH PRYI : PRYZI HQGP PDFUR FRQVWDQWHUHJLVWUH UHJLVWUH FRQVWDQWH PRYOZ PRYZI HQGP

PRXYHPHQWGHGRQQpHV PRYII

PRYOI

0DQXHO'HY3LF 'LYHUV EDQN EDQN GQRS VDYH

SDJH

PDFUR 6HOHFWLRQSDJH EFI 67$78653 HQGP PDFUR 6HOHFWLRQSDJH EVI 67$78653 HQGP

PDFUR 'RXEOH123SHUGUHF\FOHV JRWR HQGP

UHVWRUH

PDFUR VDXYHU:HW67$786HQWUpHLQWHUUXSWLRQ PRYZI WHPSB: VZDSI 67$786: PRYZI WHPSBV HQGP

WHVW

PDFUR UHVWDXUHU:HW67$786VRUWLHLQWHUUXSWLRQ VZDSI WHPSBV: PRYZI 67$786 VZDSI WHPSB:) VZDSI WHPSB:: HQGP PDFUR 5HJLVWUH 7HVWVL5HJLVWUH PRYI ) HQGP

1RWHVSHUVRQQHOOHV