ARTHUR MARTIN AR8995B Manuel utilisateur

Taper
Manuel utilisateur
UpIULJpUDWHXU
FRQJpODWHXU
$5 %

6200$,5(
$ O·DWWHQWLRQ GH O·XWLOLVDWHXU
$9(57,66(0(176 ,03257$176 
3URWHFWLRQ GH O·HQYLURQQHPHQW 
'(6&5,37,21 '( /·$33$5(,/ 
/H EDQGHDX GH FRPPDQGH 
$9$17 /$ 35(0,Ë5( 87,/,6$7,21
87,/,6$7,21 '8 &203$57,0(17
5e)5,*e5$7(85 
$UUrW 
(PSODFHPHQW GHV GHQUpHV 
$ODUPH HW DXWUHV IRQFWLRQV 
(TXLSHPHQW LQWpULHXU 
87,/,6$7,21 '8 &203$57,0(17
&21*e/$7(85 
/H WKHUPRVWDW 
$UUrW 
/D IHQrWUH DIILFKDJH 
$ODUPH HW DXWUHV IRQFWLRQV 
&RQJpODWLRQ 
(TXLSHPHQW LQWpULHXU 
&216(,/6 '·87,/,6$7,21 
*XLGH GH FRQJpODWLRQ 
(175(7,(1 (7 1(772<$*( 
'pJLYUDJH 
&RPSDUWLPHQW UpIULJpUDWHXU 
&RPSDUWLPHQW FRQJpODWHXU 
5HWUDLW GH OD JULOOH GH YHQWLODWLRQ 
1HWWR\DJH 
5HPSODFHPHQW GH O·DPSRXOH G·pFODLUDJH 
(Q FDV G·DEVHQFH SURORQJpH RX GH
QRQ XWLOLVDWLRQ 
(1 &$6 '·$120$/,(
'( )21&7,211(0(17 
(Q FDV G·DUUrW GH IRQFWLRQQHPHQW 
&21',7,216 '( *$5$17,( 
6(59,&( $35(69(17( 
$ O·DWWHQWLRQ GH O·LQVWDOODWHXU
&$5$&7(5,67,48(6 7(&+1,48(6
,167$//$7,21 
'pEDOODJH 
5HWUDLW GHV FDOHV GH WUDQVSRUW 
$ODPLVHHQVHUYLFH 
(PSODFHPHQW GH O·DSSDUHLO 
5$&&25'(0(17 e/(&75,48( 
5e9(56,%,/,7e '(6 3257(6 
  
,QVWUXFWLRQV GH VpFXULWp
'HVFULSWLRQ G·RSpUDWLRQV pWDSH SDU pWDSH
&RQVHLOV HW UHFRPPDQGDWLRQV
,QIRUPDWRQV OLpHV j OD SURWHFWLRQ GH O·HQYLURQQHPHQW
&RPPHQW OLUH YRWUH QRWLFH G·XWLOLVDWLRQ"
/HV V\PEROHV VXLYDQWV YRXV JXLGHURQW WRXW DX ORQJ GH OD OHFWXUH
GH YRWUH QRWLFH G·XWLOLVDWLRQ
$9(57,66(0(176 ,03257$176
&RQVHUYH] FHWWH QRWLFH G·XWLOLVDWLRQ DYHF YRWUH
DSSDUHLO 6L O·DSSDUHLO GHYDLW rWUH YHQGX RX FpGp j
XQH DXWUH SHUVRQQH DVVXUH]YRXV TXH OD QRWLFH
G·XWLOLVDWLRQ O·DFFRPSDJQH /H QRXYHO XWLOLVDWHXU
SRXUUD DORUV rWUH LQIRUPp GX IRQFWLRQQHPHQW GH
FHOXLFL HW GHV DYHUWLVVHPHQWV V·\ UDSSRUWDQW
&HV DYHUWLVVHPHQWV RQW pWp UpGLJpV SRXU YRWUH
VpFXULWp HW FHOOHV G·DXWUXL
(QIDQWV
&HW DSSDUHLO D pWp FRQoX SRXU rWUH XWLOLVp SDU GHV
DGXOWHV 9HLOOH] j FH TXH OHV HQIDQWV Q·\ WRXFKHQW
SDV HW QH O·XWLOLVHQW SDV FRPPH XQ MRXHW
8WLOLVDWLRQ
$ OD UpFHSWLRQ GH O·DSSDUHLO GpEDOOH]OH RX IDLWHVOH
GpEDOOHU LPPpGLDWHPHQW 9pULILH] VRQ DVSHFW
JpQpUDO )DLWHV OHV pYHQWXHOOHV UpVHUYHV SDU pFULW
VXU
OH ERQ GH OLYUDLVRQ
GRQW YRXV JDUGHUH] XQ
H[HPSODLUH
9RWUH DSSDUHLO HVW GHVWLQp j XQ XVDJH GRPHVWLTXH
QRUPDO 1H O·XWLOLVH] SDV j GHV ILQV FRPPHUFLDOHV RX
LQGXVWULHOOHV RX SRXU G·DXWUHV EXWV TXH FHOXL SRXU
OHTXHO LO D pWp FRQoX
1H PRGLILH] SDV RX Q·HVVD\H] SDV GH PRGLILHU OHV
FDUDFWpULVWLTXHV GH FHW DSSDUHLO &HOD UHSUpVHQWHUDLW
XQ GDQJHU SRXU YRXV
1H FRQVRPPH] SDV FHUWDLQV SURGXLWV WHOV TXH OHV
EDW{QQHWV JODFpV GqV OHXU VRUWLH GH O·DSSDUHLO OD
WHPSpUDWXUH WUqV EDVVH j ODTXHOOH LOV VH WURXYHQW
SHXW SURYRTXHU GHV EUOXUHV
/HV UpIULJpUDWHXUV HWRX FRQJpODWHXUV PpQDJHUV
VRQW GHVWLQpV XQLTXHPHQW j OD FRQVHUYDWLRQ HWRX
FRQJpODWLRQ GHV DOLPHQWV
8Q SURGXLW GpFRQJHOp QH GRLW MDPDLV rWUH
UHFRQJHOp
'DQV WRXV OHV DSSDUHLOV GH UpIULJpUDWLRQ HW
FRQJpODWLRQ FHUWDLQHV VXUIDFHV SHXYHQW VH FRXYULU
GH JLYUH 6XLYDQW OH PRGqOH FH JLYUH SHXW rWUH
pOLPLQp DXWRPDWLTXHPHQW GpJLYUDJH DXWRPDWLTXH
RX ELHQ PDQXHOOHPHQW
1·HVVD\H] MDPDLV G·HQOHYHU OH JLYUH DYHF XQ REMHW
PpWDOOLTXH YRXV ULVTXHULH] G·HQGRPPDJHU
LUUpPpGLDEOHPHQW O·pYDSRUDWHXU UHQGDQW GX PrPH
FRXS O·DSSDUHLO LQXWLOLVDEOH 1·HPSOR\H] SRXU FHOD
TX·XQH VSDWXOH HQ SODVWLTXH
6XLYH] OHV LQGLFDWLRQV GX IDEULFDQW SRXU OD
FRQVHUYDWLRQ HWRX FRQJpODWLRQ GHV DOLPHQWV
1H GpFROOH] SDV OHV EDFV j JODoRQV DYHF XQ
FRXWHDX RX WRXW DXWUH REMHW WUDQFKDQW
1H SODFH] QL ERXWHLOOHV QL ERvWHV GH ERLVVRQV
JD]HXVHV GDQV OH FRQJpODWHXUFRPSDUWLPHQW j EDVVH
WHPSpUDWXUH HOOHV SRXUUDLHQW pFODWHU
'pEUDQFKH] OD SULVH GH FRXUDQW DYDQW GH SURFpGHU
DX QHWWR\DJH LQWpULHXU HW H[WpULHXU GH O·DSSDUHLO HW DX
UHPSODFHPHQW GH OD ODPSH G·pFODLUDJH SRXU OHV
PRGqOHV TXL HQ VRQW pTXLSpV
6WRFNDJH GHV GHQUpHV GDQV OHV UpIULJpUDWHXUV HW
UqJOHV G·K\JLqQH DOLPHQWDLUH
/D FRQVRPPDWLRQ FURLVVDQWH GH SODWV SUpSDUpV HW
G·DXWUHV DOLPHQWV IUDJLOHV VHQVLEOHV HQ SDUWLFXOLHU DX
QRQUHVSHFW GH OD FKDvQH GH IURLG  UHQG
QpFHVVDLUH XQH PHLOOHXUH PDvWULVH GH OD WHPSpUDWXUH
GH WUDQVSRUW HW GH VWRFNDJH GH FHV SURGXLWV
$ OD PDLVRQ OH ERQ XVDJH GX UpIULJpUDWHXU HW OH
UHVSHFW GH UqJOHV G·K\JLqQH ULJRXUHXVHV
FRQWULEXHURQW GH IDoRQ VLJQLILFDWLYH HW HIILFDFH j
O·DPpOLRUDWLRQ GH OD FRQVHUYDWLRQ GHV DOLPHQWV
0DvWULVH GH OD WHPSpUDWXUH
6WRFNH] OHV DOLPHQWV OHV SOXV VHQVLEOHV GDQV OD
]RQH OD SOXV IURLGH GH O·DSSDUHLO FRQIRUPpPHQW DX[
LQGLFDWLRQV ILJXUDQW GDQV FHWWH QRWLFH
$WWHQGH] OH FRPSOHW UHIURLGLVVHPHQW GHV
SUpSDUDWLRQV DYDQW GH OHV VWRFNHU H[ VRXSH
/LPLWH] OH QRPEUH G·RXYHUWXUHV GH OD SRUWH
3RVLWLRQQH] OD FRPPDQGH GH UpJODJH GX
WKHUPRVWDW GH IDoRQ j REWHQLU XQH WHPSpUDWXUH SOXV
EDVVH &H UpJODJH GRLW VH IDLUH SURJUHVVLYHPHQW DILQ
GH QH SDV SURYRTXHU OH JHO GHV GHQUpHV
/D PHVXUH GH OD WHPSpUDWXUH GDQV XQH ]RQH
FOD\HWWH SDU H[HPSOH SHXW VH IDLUH DX PR\HQ G·XQ
WKHUPRPqWUH SODFp GqV OH GpSDUW GDQV XQ UpFLSLHQW
UHPSOL G·HDX YHUUH 3RXU DYRLU XQH UHSUpVHQWDWLRQ
ILGqOH GH OD UpDOLWp OLVH] OD WHPSpUDWXUH VDQV
PDQLSXODWLRQ GHV FRPPDQGHV QL RXYHUWXUH GH SRUWH
5HVSHFW GHV UqJOHV K\JLqQH DOLPHQWDLUH
5HWLUH] OHV HPEDOODJHV GH FRPPHUFH DYDQW GH
SODFHU OHV DOLPHQWV GDQV OH UpIULJpUDWHXU H[HPSOH
HPEDOODJH GHV SDFNV GH \DRXUWV GHV SDFNV
GH ODLW 
(PEDOOH] V\VWpPDWLTXHPHQW OD QRXUULWXUH SRXU
pYLWHU OHV pFKDQJHV GH EDFWpULHV HQWUH DOLPHQWV
'LVSRVH] OHV DOLPHQWV GH WHOOH VRUWH TXH O·DLU SXLVVH
FLUFXOHU OLEUHPHQW DXWRXU
&RQVXOWH] OD QRWLFH G·XWLOLVDWLRQ GH O·DSSDUHLO HQ
WRXWHV FLUFRQVWDQFHV HW HQ SDUWLFXOLHU SRXU OHV
FRQVHLOV G·HQWUHWLHQ
1HWWR\H] IUpTXHPPHQW O·LQWpULHXU GX UpIULJpUDWHXU
HQ XWLOLVDQW XQ SURGXLW G·HQWUHWLHQ GRX[ VDQV HIIHW
R[\GDQW VXU OHV SDUWLHV PpWDOOLTXHV
 &KDvQH GH IURLG PDLQWLHQ VDQV UXSWXUH GH OD
WHPSpUDWXUH UHTXLVH G·XQ SURGXLW GHSXLV VD
SUpSDUDWLRQ HW VRQ FRQGLWLRQQHPHQW MXVTX·j VRQ
XWLOLVDWLRQ SDU OH FRQVRPPDWHXU
,QVWDOODWLRQ
$VVXUH]YRXV DSUqV DYRLU LQVWDOOp O·DSSDUHLO TXH
FHOXLFL QH UHSRVH SDV VXU OH FkEOH G·DOLPHQWDWLRQ
/·DSSDUHLO VH UpFKDXIIH VHQVLEOHPHQW DX QLYHDX GH
FRQGHQVHXU HW GX FRPSUHVVHXU 9HLOOH] j FH TXH O·DLU
FLUFXOH OLEUHPHQW WRXW DXWRXU GH O·DSSDUHLO 8QH
YHQWLODWLRQ LQVXIILVDQWH HQWUDvQHUDLW XQ PDXYDLV
IRQFWLRQQHPHQW HW GHV GRPPDJHV VXU O·DSSDUHLO
6XLYH] OHV LQVWUXFWLRQV GRQQpHV SRXU O·LQVWDOODWLRQ
$SUqV OD OLYUDLVRQ DWWHQGH] KHXUHV DYDQW GH
EUDQFKHU O·DSSDUHLO SRXU TXH OH FLUFXLW IULJRULILTXH VRLW
VWDELOLVp
&HW DSSDUHLO HVW ORXUG )DLWHV DWWHQWLRQ ORUV GH VRQ
GpSODFHPHQW
6L O·LQVWDOODWLRQ pOHFWULTXH GH YRWUH KDELWDWLRQ
QpFHVVLWH XQH PRGLILFDWLRQ SRXU OH EUDQFKHPHQW GH
YRWUH DSSDUHLO IDLWHV DSSHO j XQ pOHFWULFLHQ TXDOLILp
3URWHFWLRQ GH O·HQYLURQQHPHQW
7RXV OHV PDWpULDX[ PDUTXpV SDU OH V\PEROH
VRQW UHF\FODEOHV 'pSRVH]OHV GDQV XQH GpFKHWWHULH
SUpYXH j FHW HIIHW UHQVHLJQH]YRXV DXSUqV GHV
VHUYLFHV GH YRWUH FRPPXQH SRXU TX·LOV SXLVVHQW rWUH
UpFXSpUpV HW UHF\FOpV
/H V\VWqPH IULJRULILTXH HW O·LVRODWLRQ GH YRWUH
DSSDUHLO QH FRQWLHQQHQW SDV GH &)&
FRQWULEXDQW DLQVL j SUpVHUYHU O·HQYLURQQHPHQW
6L YRXV YRXV GpEDUUDVVH] GH YRWUH DSSDUHLO
YHLOOH] j QH SDV GpWpULRUHU OHV FLUFXLWV
IULJRULILTXHV
&HW DSSDUHLO HVW PXQL GH IHUPHWXUHV PDJQpWLTXHV
6·LO UHPSODFH XQ DSSDUHLO pTXLSp G·XQH IHUPHWXUH
PpFDQLTXH QRXV YRXV FRQVHLOORQV GH UHQGUH FHOOHFL
LQXWLOLVDEOH DYDQW GH YRXV HQ GpEDUUDVVHU FHFL DILQ
G·pYLWHU DX[ HQIDQWV GH V·HQIHUPHU GDQV O·DSSDUHLO HW
GH PHWWUH DLQVL OHXU YLH HQ GDQJHU 9HLOOH] pJDOHPHQW
j FRXSHU OH FkEOH G·DOLPHQWDWLRQ pOHFWULTXH DX UDV GH
O·DSSDUHLO
(Q FDV G·DQRPDOLH GH IRQFWLRQQHPHQW OH VHUYLFH
DSUqV YHQWH GX YHQGHXU GH YRWUH DSSDUHLO HVW OH
SUHPLHU KDELOLWp j LQWHUYHQLU $ GpIDXW
GpPpQDJHPHQW GH YRWUH SDUW IHUPHWXUH GX PDJDVLQ
R YRXV DYH] HIIHFWXp O·DFKDW  FRQVXOWH] OH
6HUYLFH &RQVHLO &RQVRPPDWHXUV TXL YRXV
FRPPXQLTXHUD DORUV O·DGUHVVH G·XQ VHUYLFH DSUqV
YHQWH
(Q FDV G·LQWHUYHQWLRQ VXU YRWUH DSSDUHLO H[LJH]
GX VHUYLFH DSUqV YHQWH OHV SLqFHV GH UHFKDQJH
FHUWLILpHV &RQVWUXFWHXU
9HXLOOH] OLUH DWWHQWLYHPHQW FHV UHPDUTXHV DYDQW
G·LQVWDOOHU HW G·XWLOLVHU YRWUH DSSDUHLO 1RXV YRXV
UHPHUFLRQV GH YRWUH DWWHQWLRQ
'(6&5,37,21 '( /·$33$5(,/
10
1
2
1
3
3
8
4
5
6
7
9
1. Clayette en verre
2. Calendrier de congélation
3. Bacs à légumes
4. Plateau de congélation
5. Tiroir de congélation
6. Grille de ventilation
7. Compartiment à beurre
8. Balconnet de contreporte
9. Support à oeufs
10. Balconnet porte-bouteilles
11. Clayette amovible
1
1
5
5
8
5
11
/H EDQGHDX GH FRPPDQGH

A BCDEF GHIJKL
$ ,QWHUUXSWHXU G·DOLPHQWDWLRQ GX UpIULJpUDWHXU
% )HQrWUH G·DIILFKDJH
$IILFKH OD WHPSpUDWXUH PR\HQQH j O·LQWpULHXU GX
UpIULJpUDWHXU
& 7RXFKHV GH UpJODJH GH WHPSpUDWXUH
8WLOLVp SRXU UpJOHU OD WHPSpUDWXUH
' 7RXFKH GH UpIULJpUDWLRQ UDSLGH
$&7,21 &22/
8WLOLVpH SRXU DFWLYHU HW GpVDFWLYHU OD IRQFWLRQ GH
UpIULJpUDWLRQ UDSLGH
( 9R\DQW MDXQH
6·DOOXPH ORUVTXH OD IRQFWLRQ GH UpIULJpUDWLRQ UDSLGH
HVW RSpUDWLRQQHOOH
) ,QWHUUXSWHXU G·DOLPHQWDWLRQ GX FRQJpODWHXU
* )HQrWUH G·DIILFKDJH
,QGLTXH OD WHPSpUDWXUH OD SOXV pOHYpH j O·LQWpULHXU GX
FRQJpODWHXU
+ 7RXFKHV GH UpJODJH GH WHPSpUDWXUH
8WLOLVp SRXU UpJOHU OD WHPSpUDWXUH
, 7RXFKH GH FRQJpODWLRQ UDSLGH
$&7,21 )5((=(
8WLOLVpH SRXU DFWLYHU HW GpVDFWLYHU OD IRQFWLRQ GH
FRQJpODWLRQ UDSLGH
- 9R\DQW MDXQH GH VXSHU FRQJpODWLRQ
,O V·DOOXPH ORUVTXH O·RQ DSSXLH VXU OD WRXFKH GH VXSHU
FRQJpODWLRQ
. 7RXFKH DUUrW DODUPH VRQRUH
/ 9R\DQW URXJH DODUPH
$9$17 /$ 35(0,Ë5( 87,/,6$7,21
&RQWU{OH] TXH OH IOH[LEOH G·pYDFXDWLRQ j O·DUULqUH GX
FRPSDUWLPHQW GpERXFKH ELHQ GDQV OH EDF FROOHFWHXU
$YDQW GH EUDQFKHU HW UpJOHU YRWUH
DSSDUHLO ODLVVH]OH HQYLURQ KHXUHV DX
UHSRV HQ SRVLWLRQ YHUWLFDOH RX SHQGDQW
KHXUHVV·LODpWpWUDQVSRUWpFRXFKp
9RWUH DSSDUHLO pWDQW GHVWLQp DX VWRFNDJH GHV
DOLPHQWV SUHQH] OD SUpFDXWLRQ GH QHWWR\HU O·LQWpULHXU
DYHF GH O·HDX WLqGH HW XQ VDYRQ LQRGRUH SURGXLW
XWLOLVp SRXU OD YDLVVHOOH DYDQW WRXWH XWLOLVDWLRQ
87,/,6$7,21 '8 &203$57,0(17
5e)5,*e5$7(85
0LVH HQ PDUFKH
0HWWH] OH UpIULJpUDWHXU HQ PDUFKH HQ DSSX\DQW VXU OD
WRXFKH G·DOLPHQWDWLRQ
5pJODJHGHODWHPSpUDWXUH
$SSX\H] VXU OHV WRXFKHV
RX MXVTX·j FH TXH
OD WHPSpUDWXUH GpVLUpH FOLJQRWH GDQV OD IHQrWUH
G·DIILFKDJH /D WHPSpUDWXUH SHXW rWUH UpJOpH HQWUH
Ý& HW Ý&
8QH IRLV OH UpJODJH HIIHFWXp O·LQGLFDWHXU GH
WHPSpUDWXUH LQGLTXH ´´ MXVTX·j FH TXH OD
WHPSpUDWXUH j O·LQWpULHXU GX UpIULJpUDWHXU VRLW GH Ý&
RX HQGHVVRXV
$SUqV OH FKDUJHPHQW GH O·DSSDUHLO HW j FKDTXH
PRGLILFDWLRQ GH OD WHPSpUDWXUH DWWHQGH] OD
VWDELOLVDWLRQ GH FHOOH FL j O·LQWpULHXU GH O·DSSDUHLO DYDQW
GH SURFpGHU VL QpFHVVDLUH j XQ QRXYHDX UpJODJH
,O Q·HVW SDV QpFHVVDLUH GH UpJOHU j QRXYHDX OD
WHPSpUDWXUH ORUVTXH OH FRPSDUWLPHQW HVW PLV VRXV
WHQVLRQ DSUqV DYRLU pWp KRUV VHUYLFH /D IHQrWUH
G·DIILFKDJH PpPRULVH OD WHPSpUDWXUH GpILQLH
SUpFpGHPPHQW
$UUrW
$UUrWH] O·DSSDUHLO HQ DSSX\DQW VXU LQWHUUXSWHXU
G·DOLPHQWDWLRQ
3RXU SOXV GH VpFXULWp PDLQWHQH] OD WRXFKH DSSX\pH
SHQGDQW HQYLURQ VHFRQGHV
/·DOLPHQWDWLRQ GH O·DSSDUHLO HVW
WRWDOHPHQW LQWHUURPSXH XQLTXHPHQW
ORUVTXH OD SULVH HVW GpEUDQFKpH
(PSODFHPHQW GHV GHQUpHV
=RQH OD SOXV IURLGH
9RXV REWLHQGUH] XQH PHLOOHXUH FRQVHUYDWLRQ GHV YRV
DOLPHQWV VL YRXV OHV SODFH] GDQV OD ]RQH GH IURLG
FRQYHQDQW OH PLHX[ j OHXU QDWXUH /D ]RQH OD SOXV
IURLGH VH VLWXH DX QLYHDX GH OD FOD\HWWH LQIpULHXUH
HQ YHUUH qPH FOD\HWWH
-18
5
-18
5
(PSODFHPHQWV 3URGXLWV
&RPSDUWLPHQW
FRQJpODWHXU
%DFV j JODoRQV SURGXLWV VXU
JHOpV HW FRQJHOpV GHVVHUWV
JODFpV SURGXLWV IUDLV j
FRQJHOHU
&RPSDUWLPHQW UpIUL
JpUDWHXU
qUHV FOD\HWWHV VX
SpULHXUHV
$OLPHQWV FXLWV HQWUHPHWV HW
WRXWHV GHQUpHV j FRQVRPPHU
DVVH] UDSLGHPHQW
qPH FOD\HWWH VX
SpULHXUH
)UXLWV IUDLV IURPDJHV IUDLV
FKDUFXWHULH
qPH FOD\HWWH LQIp
ULHXUH
9LDQGH YRODLOOH JLELHU HW SR
LVVRQV FUXV
%DFV j OpJXPHV /pJXPHV IUDLV
&RQWUH SRUWH /HV EDOFRQQHWV UHFHYURQW HQ
EDV OHV ERXWHLOOHV SXLV HQ UH
PRQWDQW OHV SURGXLWV GH IDLE
OH YROXPH HW G·HPSORL FRXUDQW
\DRXUWV FUqPH IUDvFKH 
/H EHXUUH OHV IURPDJHV FXLWV
HW OHV XIV WURXYHURQW OHXU
SODFH GDQV OHV FDVLHUV DSSUR
SULpV
1RV FRQVHLOV
1·HQWUHSRVH] TXH GHV DOLPHQWV IUDLV QHWWR\pV HW
HQIHUPpV GDQV GHV HPEDOODJHV RX UpFLSLHQWV
DSSURSULpV GH TXDOLWp DOLPHQWDLUH LO HQ H[LVWH GH
QRPEUHX[ PRGqOHV GDQV OH FRPPHUFH
5HVSHFWH] OHV FRQVHLOV SRXU OH VWRFNDJH GHV
GHQUpHV HW OHV UqJOHV G·K\JLqQH DOLPHQWDLUH GRQQpV
DX SDUDJUDSKH © $YHUWLVVHPHQWV LPSRUWDQWV ª
$ILQ GH SHUPHWWUH XQH FLUFXODWLRQ G·DLU FRUUHFWH QH
FRXYUH] MDPDLV OHV FOD\HWWHV GH SDSLHU RX GH IHXLOOHV
SODVWLTXHV
$ODUPH HW DXWUHV IRQFWLRQV
$ODUPH GH SRUWH RXYHUWH
6L OD SRUWH UHVWH RXYHUWH SHQGDQW SOXV GH PLQXWHV
OH YR\DQW URXJH FOLJQRWH HW XQH DODUPH VRQRUH
UHWHQWLW
3RXU DUUrWHU O·DODUPH
$SSX\HU VXU OD WRXFKH µG·DUUrW G·DODUPHµ /H YR\DQW
URXJH V·pWHLQW ORUVTXH OD SRUWH HVW IHUPpH
5pIULJpUDWLRQ UDSLGH $&7,21 &22/
8WLOLVHU OD IRQFWLRQ GH UpIULJpUDWLRQ UDSLGH SRXU
UpIULJpUHU XQH JUDQGH TXDQWLWp GH GHQUpHV /RUVTXH
OD UpIULJpUDWLRQ UDSLGH HVW PLVH HQ URXWH OD
WHPSpUDWXUH HVW UpJOpH DXWRPDWLTXHPHQW j Ý&
µ$µ DSSDUDvW GDQV OD IHQrWUH G·DIILFKDJH HW OH YR\DQW
MDXQH V·DOOXPH
/D UpIULJpUDWLRQ UDSLGH HVW HQFOHQFKpH SRXU XQH
SpULRGH G·HQYLURQ KHXUHV DYHF UHWRXU SURJUHVVLI j
O·LVVXH GH FH ODSV GH WHPSV j OD WHPSpUDWXUH UpJOpH
SUpFpGHPPHQW
9RXV SRXYH] LQWHUURPSUH OD UpIULJpUDWLRQ UDSLGH HQ
DSSX\DQW GH QRXYHDX VXU OD WRXFKH GH UpIULJpUDWLRQ
UDSLGH
-18
5
-18
A
(TXLSHPHQW LQWpULHXU
,O HVW SRVVLEOH GH PRGLILHU OD SRVLWLRQ GHV FOD\HWWHV
GDQV OD FXYH HW GHV EDOFRQQHWV GDQV OD FRQWUH SRUWH
VHORQ YRV EHVRLQV HW OH YROXPH GHV GHQUpHV j VWRF
NHU
6HORQ OH PRGqOH OHV FOD\HWWHV GRLYHQW rWUH VRXOH
YpHV SDU O·DUULqUH SRXU OHV UHWLUHU
/H EDOFRQQHW LQIpULHXU GH FRQWUH SRUWH HW OD FOD\HWWH
HQ YHUUH DX GHVVXV GHV EDFV j OpJXPHV QH GRL
YHQW SDV rWUH UHWLUpHV VDXI SHQGDQW OH QHWWR\DJH ,OV
JDUDQWLVVHQW pJDOHPHQW XQH ERQQH FLUFXODWLRQ GH O·DLU
j O·LQWpULHXU GX FRPSDUWLPHQW
/HV FOD\HWWHV pTXLSpHV G·XQ UHERUG HQ SDUWLH DUULqUH
pYLWH TXH OHV DOLPHQWV QH JqOHQW DX FRQWDFW GH O·pYD
SRUDWHXU SDURL GX IRQG ,O JDUDQWLW pJDOHPHQW XQH
ERQQH FLUFXODWLRQ GH O·DLU j O·LQWpULHXU GX FRPSDUWL
PHQW
/HVFOD\HWWHVHQYHUUH
(OOHV SHXYHQW rWUH UHWLUpHV PrPH VL OD SRUWH Q·HVW
SDV FRPSOqWHPHQW RXYHUWH /HYH] OD SDUWLH DUULqUH HW
WLUH] YHUV YRXV
,QFOLQH] OD FOD\HWWH YHUV OH KDXW RX YHUV OH EDV HQ
IRQFWLRQ GH VRQ HPSODFHPHQW HW UHWLUH]OD
87,/,6$7,21 '8 &203$57,0(17
&21*e/$7(85
/H WKHUPRVWDW
0LVH HQ PDUFKH
0HWWH] HQ PDUFKH OH FRQJpODWHXU HQ DSSX\DQW VXU OD
WRXFKH G·DOLPHQWDWLRQ
/·DODUPH VH GpFOHQFKH j OD PLVH HQ VHUYLFH GH O·DS
SDUHLO &RXSH] O·DODUPH HQ DSSX\DQW VXU OD WRXWH G·DU
UrW
5pJODJHGHODWHPSpUDWXUH
$SSX\H] VXU OHV WRXFKHV
RX MXVTX·j FH TXH
OD WHPSpUDWXUH GpVLUpH FOLJQRWH GDQV OD IHQrWUH G·DIIL
FKDJH /D WHPSpUDWXUH SHXW rWUH UpJOpH HQWUH Ý&
HW Ý&
8QH IRLV UpJOp OD IHQrWUH G·DIILFKDJH LQGLTXH OD
WHPSpUDWXUH j O·LQWpULHXU GX FRQJpODWHXU
20
5
-18
5
$SUqV OH FKDUJHPHQW GH O·DSSDUHLO HW j FKDTXH
PRGLILFDWLRQ GH OD WHPSpUDWXUH DWWHQGH] OD
VWDELOLVDWLRQ GH FHOOH FL j O·LQWpULHXU GH O·DSSDUHLO DYDQW
GH SURFpGHU VL QpFHVVDLUH j XQ QRXYHDX UpJODJH
,O Q·HVW SDV QpFHVVDLUH GH UpJOHU j QRXYHDX OD
WHPSpUDWXUH ORUVTXH OH FRPSDUWLPHQW HVW PLV VRXV
WHQVLRQ DSUqV DYRLU pWp KRUV VHUYLFH /D IHQrWUH
G·DIILFKDJH PpPRULVH OD WHPSpUDWXUH GpILQLH
SUpFpGHPPHQW
$UUrW
$UUrWH] O·DSSDUHLO HQ DSSX\DQW VXU LQWHUUXSWHXU
G·DOLPHQWDWLRQ
3RXU SOXV GH VpFXULWp PDLQWHQH] OD WRXFKH DSSX\pH
SHQGDQW HQYLURQ VHFRQGHV
/·DOLPHQWDWLRQ GH O·DSSDUHLO HVW
WRWDOHPHQW LQWHUURPSXH XQLTXHPHQW
ORUVTXH OD SULVH HVW GpEUDQFKpH
-18
5
/D IHQrWUH DIILFKDJH
(OOH YRXV SHUPHW GH FRQWU{OHU OD WHPSpUDWXUH j O·LQWp
ULHXU GX FRPSDUWLPHQW FRQJpODWHXU SRXU O·XWLOLVDWLRQ
SOXV pFRQRPLTXH GH O·DSSDUHLO
3RXU REWHQLU OH IRQFWLRQQHPHQW RSWLPDO GH YRWUH
FRQJpODWLRQ HOOH GRLW DIILFKHU XQH WHPSpUDWXUH pJDOH
RX LQIpULHXUH j Ý&
/D WHPSpUDWXUH LQGLTXpH HVW FHOOH GH O·DOLPHQW OH SOXV
FKDXG j O·LQWpULHXU GX FRQJpODWHXU &·HVW SRXUTXRL OD
WHPSpUDWXUH DIILFKpH SHXW rWUH GLIIpUHQWH GH FHOOH
TXH YRXV SRXUULH] OLUH VXU XQ WKHUPRPqWUH GH FRQJp
ODWLRQ FODVVLTXH
(Q FRXUV GH FRQJpODWLRQ RX DSUqV XQ FKDUJHPHQW GH
GHQUpHV IUDvFKHV OD IHQrWUH G·DIILFKDJH SHXW LQGLTXHU
WHPSRUDLUHPHQW XQH OpJqUH UHPRQWpH GH WHPSpUDWX
UH VDQV TXH FHOD VRLW SUpMXGLFLDEOH DX[ DOLPHQWV
7HPSpUDWXUH
 Ý& WHPSpUDWXUH FRUUHFWH
LQIpULHXUH j Ý& IURLG H[FHVVLI /·DSSDUHLO
FRQVRPPH LQXWLOHPHQW PDLV FHOD Q·D DXFXQH LQFLGHQ
FH VXU OD FRQVHUYDWLRQ GHV DOLPHQWV
VXSpULHXUH j Ý& IURLG LQVXIILVDQW DWWHQWLRQ
(Q IRQFWLRQQHPHQW FRQVHUYDWLRQ VL OD WHPSpUDWXUH
LQWHUQH HVW WURS pOHYpH FHOD SHXW rWUH SUpMXGLFLDEOH
SRXU OHV DOLPHQWV $XJPHQWH] OD WHPSpUDWXUH
1H PRGLILH] OD WHPSpUDWXUH TXH SURJUHVVLYHPHQW

$ODUPH HW DXWUHV IRQFWLRQV
$ODUPH GH SRUWH RXYHUWH
6L OD SRUWH HVW UHVWpH RXYHUWH SHQGDQW SOXV GH
PLQXWH HQYLURQ OH YR\DQW URXJH FOLJQRWH HW XQH
DODUPH VRQRUH UHWHQWLW
3RXU DUUrWHU O·DODUPH
$SSX\HU VXU OD WRXFKH G·DUUrW G·DODUPH $XVVL
ORQJWHPSV TXH OD SRUWH UHVWH RXYHUWH O·DODUPH
VRQRUH UHWHQWLW j QRXYHDX SDU LQWHUYDOOHV GH
PLQXWH /H YR\DQW URXJH V·pWHLQW ORUVTXH OD SRUWH
HVW IHUPpH
-18
5
$ODUPH GH WHPSpUDWXUH
6L OD WHPSpUDWXUH PRQWH DXGHVVXV GH Ý& OH
YR\DQW URXJH FOLJQRWH HW XQH DODUPH VRQRUH UHWHQWLW
/D WHPSpUDWXUH GDQV OD IHQrWUH G·DIILFKDJH FOLJQRWH
3RXU DUUrWHU O·DODUPH
$SSX\HU VXU OD WRXFKH G·DUUrW DODUPH SRXU DUUrWHU
O·DODUPH VRQRUH /D WHPSpUDWXUH QH FOLJQRWH SOXV
/H YR\DQW URXJH V·pWHLQW ORUVTXH OD WHPSpUDWXUH j
O·LQWpULHXU GX FRQJpODWHXU UHGHVFHQG HQGHVVRXV GH
Ý&
0pPRULVDWLRQ GH OD WHPSpUDWXUH
&HWWH IRQFWLRQ LQGLTXH XQH DODUPH SUpFpGHPPHQW
GpFOHQFKpH GDQV OH FRPSDUWLPHQW FRQJpODWHXU /D
PpPRULVDWLRQ IRQFWLRQQH FRPPH VXLW
/RUVTXH OD WHPSpUDWXUH j O·LQWpULHXU GHVFHQG HQ
GHVVRXV GH Ý& O·DODUPH VRQRUH V·DUUrWH /D
IHQrWUH G·DIILFKDJH HW OH YR\DQW URXJH DODUPH
FOLJQRWHQW SRXU LQGLTXHU TX·XQH DODUPH D pWp
GpFOHQFKpH
/RUVTXH OD WRXFKH DUUrW DODUPH D pWp HQIRQFpH OD
IHQrWUH G·DIILFKDJH LQGLTXH OD WHPSpUDWXUH OD SOXV
pOHYpH DWWHLQWH GXUDQW OD SKDVH G·DODUPH
$ HQYLURQ Ý& OHV GHQUpHV DOLPHQWDLUHV SHXYHQW
rWUH UHFRQJHOpHV /D FUqPH JODFpH GRLW rWUH
FRQVRPPpH GqV TXH SRVVLEOH
$ Ý& OHV GHQUpHV DOLPHQWDLUHV GRLYHQW rWUH
FRQVRPPpHV OH SOXV UDSLGHPHQW SRVVLEOH RX
UHFRQJHOpHV DSUqV OHV DYRLU FXLWV DOLPHQWV FUXV
-11
5
-11
5

&RQJpODWLRQ
9RWUH DSSDUHLO SRUWH OH VLJOH QRUPDOLVp pWRLOHV
F·HVW j GLUH TX·LO YRXV SHUPHW GH FRQJHOHU YRXV
PrPH GHV GHQUpHV IUDvFKHV HW GHV SODWV FXLVLQpV
&RQJHOHU XQ DOLPHQW F·HVW DEDLVVHU OH SOXV UDSLGH
PHQW SRVVLEOH VD WHPSpUDWXUH © j FRHXU ª j Ý&
3RXU FHOD
7HQH] FRPSWH GX SRXYRLU GH FRQJpODWLRQ GH YRWUH
DSSDUHLO F·HVW j GLUH OD TXDQWLWp PD[LPDOH GH
GHQUpHV IUDvFKHV SRXYDQW rWUH FRQJHOpH SDU 
KHXUHV LQGLTXpH DX SDUDJUDSKH © &DUDFWpULVWLTXHV
WHFKQLTXHV ª
6L YRXV FRQJHOH] PRLQV GH NJ KHXUHV LO Q·HVW
SDV QpFHVVDLUH G·DFWLRQQHU OD WRXFKH GH FRQJpODWLRQ
UDSLGH
$SSX\H] VXU OD WRXFKH GH FRQJpODWLRQ UDSLGH
KHXUHV DYDQW G·LQWURGXLUH OHV GHQUpHV IUDvFKHV VL O·DS
SDUHLO HVW YLGH PLVH HQ VHUYLFH GH O·DSSDUHLO RX
DSUqV GpJLYUDJH FRPSOHW SDU H[HPSOH /H YR\DQW
MDXQH GH FRQJpODWLRQ UDSLGH V·DOOXPH
$SSX\H] VXU OD WRXFKH GH FRQJpODWLRQ UDSLGH 
KHXUHV DYDQW G·LQWURGXLUH OHV GHQUpHV IUDvFKHV VL O·DS
SDUHLO FRQWLHQW GHV GHQUpHV FRQJHOpHV HW VL YRXV
XWLOLVH] OD FDSDFLWp PD[LPDOH GH FRQJpODWLRQ /H
YR\DQW MDXQH GH FRQJpODWLRQ UDSLGH V·DOOXPH
/D FRQJpODWLRQ UDSLGH HVW HQFOHQFKpH SRXU XQH Sp
ULRGH G·HQYLURQ  KHXUHV DYHF UHWRXU DXWRPDWLTXH
HQ UpJLPH FRQVHUYDWLRQ j O·LVVXH GH FH ODSV GH
WHPSV
9RXV SRXYH] LQWHUURPSUH OD FRQJpODWLRQ UDSLGH HQ
DSSX\DQW GH QRXYHDX VXU OD WRXFKH GH FRQJpODWLRQ
UDSLGH
/H YR\DQW GH FRQJpODWLRQ UDSLGH UHVWH DOOXPp DXVVL
ORQJWHPSV TXH OD WRXFKH GH FRQJpODWLRQ UDSLGH HVW
HQIRQFpH
A
5
&RQVHLOV SRXU OD FRQJpODWLRQ
$VVXUH]YRXV TXH O·HPEDOODJH GHV DOLPHQWV HVW
LQWDFW HW TX·LO QH SUpVHQWH DXFXQH WUDFH G·KXPLGLWp
VLJQH G·XQ GpEXW GH GpFRQJpODWLRQ
3UpYR\H] XQ WHPSV UpGXLW DX PLQLPXP SRXU OH
WUDQVSRUW GX PDJDVLQ G·DOLPHQWDWLRQ j YRWUH GRPLFLOH
8WLOLVH] GHV VDFV LVRWKHUPHV GDQV OD PHVXUH GX
SRVVLEOH
5HSpUH] OD GDWH GH IDEULFDWLRQ GX SURGXLW HW UHV
SHFWH] OD GXUpH GH FRQVHUYDWLRQ LQGLTXpH SDU OH ID
EULFDQW
(YLWH] G·RXYULU WURS VRXYHQW OD SRUWH GX FRPSDUWL
PHQW FRQJpODWHXU HW QH OD ODLVVH] RXYHUWH TXH OH
WHPSV QpFHVVDLUH 8QH DXJPHQWDWLRQ GH OD WHPSpUD
WXUH SHXW UpGXLUH VHQVLEOHPHQW OD GXUpH GH FRQVHUYD
WLRQ GHV DOLPHQWV
(YLWH] GH SODFHU OHV SURGXLWV IUDLV DX FRQWDFW GHV
SURGXLWV GpMj FRQJHOpV
'LVSRVH] OHV SURGXLWV j FRQJHOHU GDQV OH FRPSDUWL
PHQW RX WLURLU VXSpULHXU HW VL QpFHVVDLUH GDQV OH
qPH FRPSDUWLPHQW VpSDUpV OHV XQV GHV DXWUHV
SRXU TXH O·DLU SXLVVH FLUFXOHU OLEUHPHQW
/RUVTXH OHV DOLPHQWV VRQW FRQJHOpV GLVSRVH]OHV
GDQV OHV DXWUHV FRPSDUWLPHQWV RX WLURLUV HQ OHV
WDVVDQW OH SOXV SRVVLEOH /D WHPSpUDWXUH j O·LQWpULHXU
GX FRQJpODWHXU VHUD DLQVL SOXV UpJXOLqUH HW OHV DOL
PHQWV UHVWHURQW FRQJHOpV SOXV ORQJWHPSV HQ FDV GH
FRXSXUH GH FRXUDQW SDU H[HPSOH &HFL SHUPHW pJDOH
PHQW GH OLEpUHU OH FRPSDUWLPHQW RX WLURLU VXSpULHXU
SRXU XQH SURFKDLQH RSpUDWLRQ GH FRQJpODWLRQ
6L YRWUH DSSDUHLO HVW pTXLSp G·XQ WLURLU HQ SDUWLH VX
SpULHXUH QRXV YRXV FRQVHLOORQV GH OH UHWLUHU ORUVTXH
YRXV FRQJHOH] XQH JUDQGH TXDQWLWp GH GHQUpHV FHFL
DILQ GH SURILWHU GH OD FDSDFLWp PD[LPDOH GH FRQJpOD
WLRQ
5HIURLGLVVH] UDSLGHPHQW OHV DOLPHQWV FKDXGV DYDQW
GH OHV LQWURGXLUH GDQV OH FRQJpODWHXU
1H FRQVRPPH] SDV FHUWDLQV SURGXLWV WHOV
TXH OHV EkWRQQHWV JODFpV GqV OHXU VRUWLH GX FRP
SDUWLPHQW FRQJpODWHXU OD WHPSpUDWXUH WUqV EDVVH
j ODTXHOOH LOV VH WURXYHQW SHXW SURYRTXHU GHV
EUOXUHV 8Q SURGXLW GpFRQJHOp GRLW rWUH
FRQVRPPp GDQV OH SOXV EUHI GpODL HW QH MDPDLV
rWUH UHFRQJHOp VDXI LO D pWp FXLW HQWUH WHPSV

(TXLSHPHQW LQWpULHXU
7LURLUV
/HV WLURLUV GX FRPSDUWLPHQW FRQJpODWHXU SHUPHWWHQW
GH WURXYHU UDSLGHPHQW HW IDFLOHPHQW OHV DOLPHQWV
GpVLUpV
6L YRXV GHYH] VWRFNHU XQH JUDQGH TXDQWLWp G·DOL
PHQWV VXUJHOpV RX FRQJHOpV RX GH SURGXLWV YROXPL
QHX[ YRXV DYH] OD SRVVLELOLWp GH UHWLUHU OHV WLURLUV j
O·H[FHSWLRQ GX WLURLU LQIpULHXU TXL GRLW UHVWHU HQ SODFH
SRXU DVVXUHU OH ERQ IRQFWLRQQHPHQW GH O·DSSDUHLO
&HOD YRXV SHUPHW GH GLVSRVHU OHV DOLPHQWV j FP
GX ERUG DYDQW VXU WRXWHV OHV FOD\HWWHV j O·H[FHSWLRQ
GH OD FOD\HWWH VXSpULHXUH HW G·XWLOLVHU XQ PD[LPXP
G·HVSDFH GLVSRQLEOH
3ODWHDX GH FRQJpODWLRQ
/H SODWHDX GH FRQJpODWLRQ GRLW rWUH SODFp GDQV OD
SDUWLH VXSpULHXUH GX FRPSDUWLPHQW FRQJpODWHXU
,O YRXV SHUPHW
GH FRQJHOHU GHV IUXLWV URXJHV WHOV TXH IUDLVHV IUDP
ERLVHV JURVHLOOHV  GLVSRVH]OHV VXU OH SODWHDX
SLqFH SDU SLqFH VDQV OHV VXSHUSRVHU
GH GpFRQJHOHU HW XWLOLVHU OD TXDQWLWp GpVLUpH KHX
UHV DSUqV O·LQWURGXFWLRQ GHV IUXLWV VWRFNH]OHV GDQV
OHV WLURLUV RX FRPSDUWLPHQWV DSUqV OHV DYRLU HPEDO
OpV
6L YRXV GHYH] FRQJHOHU XQH JUDQGH TXDQWLWp GH GHQ
UpHV GDQV OH FRPSDUWLPHQW VXSpULHXU UHWLUH] OH SOD
WHDX GH FRQJpODWLRQ PDLV YHLOOH] j OH UHPHWWUH HQ SOD
FH DSUqV O·RSpUDWLRQ GH FRQJpODWLRQ
$FFXPXODWHXU GH IURLG
9RWUH DSSDUHLO HVW pTXLSp G·XQ DFFXPXODWHXU GH IURLG
,O GRLW rWUH SODFp GDQV OD SDUWLH DUULqUH GX SODWHDX GH
FRQJpODWLRQ VL YRWUH DSSDUHLO HQ HVW pTXLSp RX GDQV
OD SDUWLH VXSpULHXUH GX FRPSDUWLPHQW FRQJpODWHXU
,O YRXV SHUPHW
G·DXJPHQWHU O·DXWRQRPLH GH YRWUH DSSDUHLO HQ FDV
GH FRXSXUH GH FRXUDQW
GH WUDQVSRUWHU GHV SURGXLWV FRQJHOpV RX VXUJHOpV
GH PDLQWHQLU OH IURLG DX QLYHDX OH SOXV EDV GDQV XQH
JODFLqUH GH SLTXH QLTXH
GH PDLQWHQLU OH IURLG GDQV OHV SURGXLWV VXUJHOpV RX
FRQJHOpV GXUDQW OD SpULRGH GH GpJLYUDJH
&OD\HWWH DPRYLEOH
8QH FOD\HWWH LQWHUPpGLDLUH DPRYLEOH VH WURXYH j O·LQ
WpULHXU GX FRPSDUWLPHQW FRQJpODWHXU 5HWLUH] FHWWH
FOD\HWWH ORUVTXH YRXV VRXKDLWH] FRQJHOHU GHV DOL
PHQWV YROXPLQHX[

)DEULFDWLRQ GHV JODoRQV
/D IDEULFDWLRQ GHV JODoRQV V·HIIHFWXH GDQV OH FRP
SDUWLPHQW FRQJpODWHXU
5HPSOLVVH] OHV EDFV MXVTX·DX[ WURLV TXDUWV GH OHXU
KDXWHXU GH PDQLqUH j SHUPHWWUH O·H[SDQVLRQ GH OD
JODFH
6L YRWUH HDX HVW SDUWLFXOLqUHPHQW ULFKH HQ VHOV PLQp
UDX[ FDOFDLUH QRWDPPHQW UHPSOLVVH] YRV EDFV
DYHF GH O·HDX PLQpUDOH QRQ JD]HXVH
/HV EDFV HQ PDWLqUH SODVWLTXH YRXV DVVXUHQW XQ Gp
PRXODJH SOXV IDFLOH 6L WRXWHIRLV YRXV GpVLUH] REWHQLU
GHV JODoRQV SOXV UDSLGHPHQW QRXV YRXV FRQVHLOORQV
G·XWLOLVHU GHV EDFV PpWDOOLTXHV TXH YRXV WURXYHUH]
GDQV OH FRPPHUFH
'pPRXODJH GHV JODoRQV
/H GpPRXODJH GHV EDFV HQ PDWLqUH SODVWLTXH V·RE
WLHQW SDU VLPSOH WRUVLRQ
6L YRXV XWLOLVH] GHV EDFV PpWDOOLTXHV SDVVH]OHV
VRXV O·HDX IURLGH SRXU HQ IDFLOLWHU OH GpPRXODJH
1H GpFROOH] MDPDLV OHV EDFV j JODoRQV DYHF XQ
FRXWHDX RX WRXW DXWUH REMHW WUDQFKDQW YRXV ULV
TXHULH] GH GpWpULRUHU LUUpPpGLDEOHPHQW O·pYDSR
UDWHXU

&216(,/6 '·87,/,6$7,21
*XLGH GH FRQJpODWLRQ
3UpSDUH] HW HPEDOOH] OHV DOLPHQWV HW FRQJHOH]OHV
UDSLGHPHQW
3UpSDUHU
/HV GHQUpHV FRQJHOpHV GRLYHQW FRQVHUYHU WRXWHV
OHXUV TXDOLWpV G·RULJLQH 3RXU FHOD SUpSDUH]OHV
FRPPH VL HOOHV GHYDLHQW rWUH FRQVRPPpHV
LPPpGLDWHPHQW
/HV IUXLWV HW OHV OpJXPHV VHURQW pSOXFKpV QHWWR\pV
HW EODQFKLV VL QpFHVVDLUH OHV YRODLOOHV HW OHV
SRLVVRQV YLGpV HW QHWWR\pV OHV YLDQGHV GpJUDLVVpHV
YRLU SDUDJUDSKHV FRUUHVSRQGDQWV
&KDTXH SDTXHW GRLW rWUH SURSRUWLRQQp j O·LPSRUWDQFH
GH OD FRQVRPPDWLRQ IDPLOLDOH GH PDQLqUH j rWUH
XWLOLVp HQ XQH VHXOH IRLV
'HV SDTXHWV GH SHWLWHV GLPHQVLRQV SHUPHWWHQW
G·REWHQLU XQH FRQJpODWLRQ UDSLGH HW XQLIRUPH
(PEDOOHU
$YDQW GH PHWWUH OHV DOLPHQWV GDQV OH FRQJpODWHXU LOV
GRLYHQW rWUH VRLJQHXVHPHQW HW KHUPpWLTXHPHQW
HPEDOOpV GH PDQLqUH j pYLWHU OH GHVVqFKHPHQW
O·R[\GDWLRQ HW OH WUDQVIHUW GHV RGHXUV
6HORQ OD QDWXUH GHV SURGXLWV YRXV FKRLVLUH]
O·HPEDOODJH TXL RIIUH OH PHLOOHXU FRQWDFW HQWUH
O·DOLPHQW HW OHV VXUIDFHV IURLGHV
4XHOTXHVRLWOHW\SHG·HPEDOODJHLOGRLWrWUH
GH TXDOLWp DOLPHQWDLUH
LQRGRUH
VSpFLDO FRQJpODWLRQ F·HVW j GLUH UpVLVWDQW DX[ WUqV
EDVVHV WHPSpUDWXUHV
LPSHUPpDEOH j O·HDX HW j O·DLU
,O GRLW SRXYRLU
rWUH HPSOR\p GH WHOOH VRUWH TXH O·DLU HQ VRLW pOLPLQp
DXVVL FRPSOqWHPHQW TXH SRVVLEOH
rWUH FORV GH IDoRQ KHUPpWLTXH
4XHO HPEDOODJH FKRLVLU
/HV UpFLSLHQWV
5LJLGHV RX VHPLULJLGHV LOV FRQYLHQQHQW DX[ IUXLWV
GpOLFDWV FRPSRWHV HW SODWV FXLVLQpV
/HV ERvWHV HQ PDWLqUH SODVWLTXH
0XQLHV G·XQ FRXYHUFOH DVVXUDQW XQH IHUPHWXUH
KHUPpWLTXH HOOHV FRQYLHQQHQW SDUWLFXOLqUHPHQW j OD
FRQJpODWLRQ
&DUUpHV RX UHFWDQJXODLUHV HOOHV RIIUHQW XQ
FRQWDFW pWURLW DYHF OHV SDURLV IURLGHV GH O·DSSDUHLO HW
SHUPHWWHQW XQ UDQJHPHQW UDWLRQQHO
(OOHV VRQW UpXWLOLVDEOHV
/HV EDUTXHWWHV G·DOXPLQLXP
,O HQ H[LVWH GH GLIIpUHQWHV IRUPHV HW FRQWHQDQFHV
/HXUV FRXYHUFOH DLVp j PHWWUH HQ SODFH DVVXUH
JpQpUDOHPHQW XQH ERQQH pWDQFKpLWp
&HV EDUTXHWWHV VRQW VRXYHQW UpXWLOLVDEOHV DSUqV
DYRLU pWp ELHQ QHWWR\pHV HW pERXLOODQWpHV
/HV EDUTXHWWHV HW JREHOHWV HQ FDUWRQ SDUDIILQp
(OOHV V·HPSORLHQW FRPPH OHV EDUTXHWWHV HQ
DOXPLQLXP PDLV QH SHXYHQW UHFHYRLU G·DOLPHQWV
FKDXGV HW QH VRQW SDV UpXWLOLVDEOHV
5HPDUTXH HQ FRQJHODQW OHV SURGXLWV DXJPHQWHQW
GH YROXPH QH UHPSOLVVH] SDV FRPSOqWHPHQW OHV
UpFLSLHQWV
/HV VDFKHWV
9RXV XWLOLVHUH] GH OD PrPH IDoRQ OHV JDLQHV
YHQGXHV HQ URXOHDX HOOHV SHUPHWWHQW GH UpDOLVHU
GHV VDFKHWV j OD GHPDQGH HQ VRXGDQW O·XQH GHV
H[WUpPLWpV j O·DLGH G·XQ DSSDUHLO j WKHUPRVFHOOHU RX
WRXW VLPSOHPHQW HQ XWLOLVDQW XQ IHU j UHSDVVHU
3HX HQFRPEUDQWV HQ SRO\pWK\OqQH RX HQ ULVODQ LOV
VRQW SUDWLTXHV FDU LOV pSRXVHQW ELHQ OD IRUPH GHV
DOLPHQWV
'H GLIIpUHQWHV FDSDFLWpV LOV FRQVWLWXHQW O·HPEDOODJH
LGpDO GHV YRODLOOHV HW OpJXPHV SHX IUDJLOHV
$SUqV DYRLU FKDVVp O·DLU LOV VRQW IHUPpV SDU XQ OLHQ
RX WKHUPRVFHOOpV
&HUWDLQV VDFKHWV GH TXDOLWp © j ERXLOOLU ª RIIUHQW
O·DYDQWDJH VXSSOpPHQWDLUH GH SRXYRLU rWUH LPPHUJpV
GDQV O·HDX ERXLOODQWH SRXU HQ UpFKDXIIHU OH FRQWHQX
/HV VDFKHWV QH VRQW SDV UpXWLOLVDEOHV
/HV IHXLOOHV
&RPPH OHV VDFKHWV HOOHV SHUPHWWHQW G·REWHQLU GHV
SDTXHWV TXL pSRXVHQW SDUIDLWHPHQW OD IRUPH GHV
DOLPHQWV
/·DOXPLQLXP OH SRO\pWK\OqQH OH ULOVDQ RX OHV ILOPV
DGKpVLIV SHXYHQW rWUH LQGLIIpUHPPHQW HPSOR\pV j
FRQGLWLRQ GH WRXMRXUV FKRLVLU OD TXDOLWp © VSpFLDO
FRQJpODWLRQ ª /HV SDTXHWV VRQW IHUPpV SDU XQ
GRXEOH SOLDJH GDQV FKDTXH VHQV HW PDLQWHQXV SDU XQ
UXEDQ DGKpVLI
/HV IHXLOOHV VRQW DXVVL XWLOHV SRXU VpSDUHU OHV SHWLWHV
SLqFHV GH YLDQGH RX OHV WUDQFKHV GH SRLVVRQ SDU
H[HPSOH
/HV DFFHVVRLUHV FRPSOpPHQWDLUHV
&H VRQW SULQFLSDOHPHQW
GHV OLHQV j DUPDWXUH PpWDOOLTXH SRXU IHUPHU VDFV HW
VDFKHWV
GHV UXEDQV DGKpVLIV UpVLVWDQW DX[ EDVVHV
WHPSpUDWXUHV HW SRXYDQW UHFHYRLU GHV LQVFULSWLRQV
/LHQV HW UXEDQV VH YHQGHQW DX URXOHDX
GHV pWLTXHWWHV DXWRFROODQWHV SRXU FRQJpODWLRQ HW
GHV PDUTXHXUV LQGpOpELOHV SRXU LGHQWLILHU OHV
HPEDOODJHV

/·pWLTXHWDJH
/·LGHQWLILFDWLRQ GHV HPEDOODJHV HVW GH SUHPLqUH
LPSRUWDQFH HOOH GRLW LQGLTXHU OD QDWXUH GH O·DOLPHQW
OH SRLGV OD TXDQWLWp RX OH QRPEUH GH SDUWV OD GDWH
GH FRQJpODWLRQ HW pYHQWXHOOHPHQW OD GDWH OLPLWH
G·XWLOLVDWLRQ YRLU SDUDJUDSKHV © GXUpH GH
FRQVHUYDWLRQ HQ PRLV ª
/D GXUpH GH FRQVHUYDWLRQ YDULH VHORQ OD QDWXUH
GHV DOLPHQWV ,O HVW LQGLVSHQVDEOH GH WHQLU j MRXU
XQ LQYHQWDLUH GHV GHQUpHV FRQJHOpHV DILQ GH OHV
FRQVRPPHU GDQV XQ RUGUH FRUUHFWH
'pFRQJHOHU
/D GpFRQJpODWLRQ HVW XQH SKDVH WUqV LPSRUWDQWH FDU
F·HVW VRXYHQW G·XQH GpFRQJpODWLRQ PDO PHQpH TXH
YLHQQHQW WRXWHV OHV GpFHSWLRQV
&KDTXH DOLPHQW VHORQ VD QDWXUH VD IRUPH RX
VLPSOHPHQW OD UHFHWWH SUpYXH GHPDQGH TXH O·RQ
FKRLVLVVH OD PpWKRGH GH GpFRQJpODWLRQ OD PLHX[
DGDSWpH
(Q UqJOH JpQpUDOH VDFKH] TXH OD SOXV PDXYDLVH GHV
PpWKRGHV HVW OD GpFRQJpODWLRQ j O·DLU DPELDQW
IDYRUDEOH DX GpYHORSSHPHQW PLFURELHQ /D PHLOOHXUH
pWDQW FKDTXH IRLV TXH FHOD HVW SRVVLEOH © OD
GpFRQJpODWLRQ FXLVVRQ ª TXL GH SOXV DSSRUWH XQ JDLQ
GH WHPSV FHUWDLQ
1H UHFRQJHOH] MDPDLV XQ DOLPHQW GpFRQJHOp VDXI
XQ DOLPHQW FUX TXL DXUD pWp FXLW HQWUHWHPSV
'pFRQJpODWLRQ HW FXLVVRQ VLPXOWDQpHV
7RXV OHV SURGXLWV j FRQVRPPHU FXLWV V·LOV QH VRQW
SDV WURS YROXPLQHX[ SHXYHQW rWUH FXLWV VDQV
GpFRQJpODWLRQ SUpDODEOH
/HV OpJXPHV GDQV O·HDX ERXLOODQWH OHV SRLVVRQV
GDQV OD IULWXUH RX DX FRXUW ERXLOORQ OHV YLDQGHV j U{WLU
GDQV OD FRFRWWH RX DX IRXU OHV SHWLWHV SLqFHV
GLUHFWHPHQW VXU OH JULO RX GDQV OD SRrOH /D
VHXOH SUpFDXWLRQ j SUHQGUH SRXU OHV YLDQGHV HW OHV
SRLVVRQV HVW GH OHV FXLUH j SOXV IDLEOH WHPSpUDWXUH HW
G·DXJPHQWHU OH WHPSV GH FXLVVRQ GH  HQYLURQ
3RXU OHV SLqFHV YROXPLQHXVHV JURVVHV YRODLOOHV SDU
H[ LO HVW SUpIpUDEOH GH OHV GpFRQJHOHU DX PRLQV
SDUWLHOOHPHQW DX UpIULJpUDWHXU RX PLHX[ DX IRXU j
PLFURRQGHV DYDQW GH SURFpGHU j OHXU FXLVVRQ
'pFRQJpODWLRQ DX UpIULJpUDWHXU
&H SURFpGp FRQVHLOOp SRXU OHV SLqFHV GH YLDQGH RX
OHV YRODLOOHV YROXPLQHXVHV FRQYLHQW DXVVL j OD
GpFRQJpODWLRQ GHV SURGXLWV j FRQVRPPHU FUXV WHOV
TXH OHV IUXLWV OH EHXUUH 
6HORQ OD QDWXUH HW O·pSDLVVHXU GHV SURGXLWV OD GXUpH
GH GpFRQJpODWLRQ SHXW YDULHU GH j  KHXUHV 'DQV
FH FDV YRXV ODLVVHUH] OH SURGXLW GDQV VRQ HPEDOODJH
GH FRQJpODWLRQ
'pFRQJpODWLRQ DX[ PLFURRQGHV
2Q QH SHXW DXMRXUG·KXL SDUOHU GH GpFRQJpODWLRQ VDQV
pYRTXHU OH IRXU j PLFURRQGHV ,O HVW LQGpQLDEOHPHQW
OH FRPSOpPHQW LGpDO GX FRQJpODWHXU
/D GpFRQJpODWLRQ DX[ PLFURRQGHV HVW WUqV UDSLGH
FH TXL RIIUH OH GRXEOH DYDQWDJH G·pYLWHU OD
FRQWDPLQDWLRQ PLFURELHQQH HW GH SHUPHWWUH
O·XWLOLVDWLRQ TXDVL LPPpGLDWH GHV SURGXLWV FRQJHOpV
3DU H[HPSOH XQ SRXOHW GH NJ GHPDQGH HQYLURQ
 KHXUHV SRXU rWUH GpFRQJHOp GDQV XQ UpIULJpUDWHXU
HW VHXOHPHQW  PLQXWHV GDQV XQ IRXU j
PLFURRQGHV
&216(,/6 '( 35(3$5$7,21
3RXU OD FRQJpODWLRQ HW GpFRQJpODWLRQ
)58,76
,O FRQYLHQW G·rWUH SDUWLFXOLqUHPHQW YLJLODQW SRXU OD
FRQJpODWLRQ GHV IUXLWV FDU LOV VRQW GpOLFDWV
)UXLWV TXL QRLUFLVVHQW
6ROXWLRQ
/D FRXOHXU GHV SRLUHV SRPPHV HW SrFKHV V·DOWqUH
WUqV YLWH ORUVTX·RQ OHV pSOXFKH OHV FRXSH RX OHV
GpQR\DXWH
3HOH] HW FRXSH] OHV IUXLWV 'pQR\DXWH]OHV VL
QpFHVVDLUH
5HPSOLVVH] XQ UpFLSLHQW G·HDX MXV GH FLWURQ
0HWWH]\ OHV IUXLWV ORUVTX·LOV VRQW SHOpV HW FRXSpV
3UpSDUH]OHV HQVXLWH DYHF XQH VROXWLRQ G·HDX
VXFUpH MXV GH FLWURQ SRXU XQ OLWUH G·HDX RX XQ
VLURS YRLU VROXWLRQ 
)UXLWV DX VXFUH FULVWDOOLVp
6ROXWLRQ
0HWWH] OHV IUXLWV ODYpV GDQV XQ SODW ,OV GRLYHQW
UHVWHU PRXLOOpV
6DXSRXGUH] GH VXFUH YROXPH GH VXFUH SRXU
YROXPHV GH IUXLWV JUNJ IUXLWV
5HWRXUQH] OHV IUXLWV DYHF EHDXFRXS GH SUpFDXWLRQV
SRXU XQH ERQQH UpSDUWLWLRQ GX VXFUH
&RQJHOH] HQVXLWH OHV IUXLWV VDXSRXGUpV GH VXFUH
6ROXWLRQ HDX VXFUpH
6ROXWLRQ
'pOD\H]  JU GH VXFUH GDQV XQ OLWUH G·HDX
VROXWLRQ j 
0HWWH] OHV IUXLWV GDQV GHV ERvWHV JREHOHWV
VDODGLHUV © VSpFLDO FRQJpODWLRQ ª
5HFRXYUH] FRPSOqWHPHQW GH FHWWH VROXWLRQ TXL GRLW
rWUH DXVVL IURLGH TXH SRVVLEOH
0HWWH] j FRQJHOHU IUXLWV DX VLURS
)UXLWV DX VLURS
6ROXWLRQ
)DLWHV GLVVRXGUH  JU GH VXFUH GDQV ô O G·HDX
SRXU REWHQLU HQYLURQ OLWUH GH VLURS
3RUWH] j pEXOOLWLRQ
$MRXWH]\ MXV GH FLWURQ SDU OLWUH GH VLURS HW
YHUVH] VXU OHV IUXLWV

/DLVVH] UHIURLGLU HW FRQJHOH] O·HQVHPEOH © IUXLWV DX
VLURS ª
'pFRQJpODWLRQ
/D GpFRQJpODWLRQ GHV IUXLWV GRLW V·HIIHFWXHU DX
UpIULJpUDWHXU RX DX IRXU j PLFURRQGHV SRXU OD
SUpSDUDWLRQ GHV FRPSRWHV
$%5,&276
ELHQ PUV IHUPHV IUDLV
/DYH]OHV HW FRXSH]OHV HQ  'pQR\DXWH]OHV
3HOH]OHV 3ODFH]OHV GDQV XQ VDODGLHU HW DUURVH]OHV
G·XQ MXV GH FLWURQ
&RQJHOH]OHV HQ OHV SUpSDUDQW DYHF OHV VROXWLRQV
RX 
6L YRXV QH SHOH] SDV OHV DEULFRWV WUHPSH]OHV
SHQGDQW ô KHXUH GDQV O·HDX ERXLOODQWH DILQ TXH OD
SHDX VH UDPROLVVH SHQGDQW OD FRQJpODWLRQ
)DLWHVOHV HQVXLWH UHIURLGLU
0HLOOHXU UpVXOWDW DYHF OD VROXWLRQ G·HDX VXFUpH
&(5,6(6
PUHV j SRLQW IHUPHV QRQ pFUDVpHV
7ULH]OHV ODYH]OHV pTXHXWH]OHV HW GpQR\DXWH]OHV
&RQJHOH]OHV QDWXUH RX DYHF OD VROXWLRQ pWDOpHV VXU
XQ SODWHDX  RX SUpSDUH]OHV DYHF OD VROXWLRQ RX

8WLOLVH]OHV QDWXUH SRXU OD SUpSDUDWLRQ GH WDUWHV HW
VDXSRXGUH] OHV FHULVHV GH VXFUH YDQLOOp DSUqV
FXLVVRQ
)5$,6(6
SHWLWHV RX PR\HQQHV IHUPHV WUqV SDUIXPpHV
IUDvFKHV QRQ pFUDVpHV FXHLOOLHV GX MRXU
/DYH]OHV )DLWHVOHV pJRXWWHU DYHF SUpFDXWLRQ SRXU
QH SDV OHV HQGRPPDJHU
2WH]OHXU OH SpGRQFXOH &RQJHOH]OHV QDWXUH RX DYHF
OD VROXWLRQ  pWDOpHV VXU XQ SODWHDX
8WLOLVH]OHV j O·pWDW VXUJHOp FRPPH JDUQLWXUH GH
JkWHDX[ RX WDUWHV
'pFRQJHOH] OHQWHPHQW DX UpIULJpUDWHXU
/HV IUDLVHV GpFRQJHOpHV VRQW WUqV IUDJLOHV
8WLOLVH]OHV DYHF SUpFDXWLRQ
)5$0%2,6(6
IHUPHV PUHV j SRLQW ELHQ SDUIXPpHV QRQ
pFUDVpHV IUDvFKHV ELHQ FRORUpHV FXHLOOLHV GX MRXU
/DYH]OHV DYHF EHDXFRXS GH SUpFDXWLRQ
(TXHXWH]OHV HW pJRXWWH]OHV VXU XQH IHXLOOH GH
SDSLHU DEVRUEDQW
3RXU OHV WDUWHV FRQJHOH]OHV SRVpHV F{WH j F{WH VXU
XQ SODWHDX  SXLV UDQJH]OHV
3RXU OHV FKDUORWWHV HW OHV HQWUHPHWV VDXSRXGUH]OHV
GH VXFUH MXV GH FLWURQ SRVpHV F{WH j F{WH VXU XQ
SODWHDX 
7UqV ERQV UpVXOWDWV 7UqV ERQQH TXDOLWp DSUqV
FRQJpODWLRQ
/HV IUDLVHV OHV IUDPERLVHV GRLYHQW rWUH FXHLOOLHV
SDU FLHO GpJDJp OH WHPSV RUDJHX[ HVW WUqV
QpIDVWH j OHXU FRQVHUYDWLRQ
*526(,//(6 528*(6 %/$1&+(6 RX &$66,6
ELHQ PUV IHUPHV QRQ DYDULpV IUDLV
SDUIDLWHPHQW VDLQV
/DYH]OHV pTXHXWH]OHV (JRXWWH]OHV VXU XQ SDSLHU
DEVRUEDQW &RQJHOH]OHV QDWXUH pWDOpV VXU XQ
SODWHDX  RX DYHF XQH GHV SUpSDUDWLRQV j EDVH GH
VXFUH YRLU VROXWLRQV  RX 
3RXU OHV JODFHV HW OHV FRXOLV SDVVH]OHV HQ SXUpH
/HV FDVVLV HW JURVHLOOHV VRQW VHQVLEOHV DX[
PDQLSXODWLRQV ,O IDXW OHV FXHLOOLU DYHF SUpFDXWLRQ HW
DYDQW TXH OH VROHLO QH FRPPHQFH j FKDXIIHU
0(/216
j SRLQW WUqV SDUIXPpV IHUPHV WDLOOH PR\HQQH
(QWLHUV GpWDFKH] XQ FRXYHUFOH GH  FP GH
GLDPqWUH 6RUWH] OHV SpSLQV j O·DLGH G·XQH FXLOOqUH
5LQFH] O·LQWpULHXU 5HPSOLVVH] OH IUXLW GH OD VROXWLRQ 
5HPHWWH] OH FRXYHUFOH HW HPEDOOH] GDQV GX SDSLHU
FHOORSKDQH
(Q PRUFHDX[ RX HQ TXDUWLHUV FRXSH] OH PHORQ
HQ TXDUWLHUV 6RUWH] OHV SpSLQV (SOXFKH] OHV
TXDUWLHUV &RQJHOH] DYHF OD VROXWLRQ 
(Q JpQpUDO OHV PHORQV JDUGHQW WRXWH OHXU VDYHXU HW
WRXW OHXU DU{PH DSUqV FRQJpODWLRQ
5(6 (7 0<57,//(6
ELHQ QRLUHV PUHV j SRLQW IHUPHV
7ULH]OHV ODYH]OHV HW pTXHXWH]OHV (JRXWWH]OHV
GpOLFDWHPHQW &RQJHOH]OHV QDWXUH pWDOpHV VXU XQ
SODWHDX  RX DYHF XQH GHV SUpSDUDWLRQV j EDVH GH
VXFUH VROXWLRQV  RX 
/pJqUHPHQW DFLGXOpHV WUqV MXWHXVHV OHV P\UWLOOHV
VXSSRUWHQW SDUIDLWHPHQW ELHQ OD FRQJpODWLRQ
3(&+(6 %/$1&+(6 28 -$81(6
WUqV SDUIXPpHV PUHV j SRLQW IHUPHV OLVVHV
(Q TXDUWLHUV ODYH]OHV SHOH]OHV HW FRXSH]OHV HQ
TXDUWLHUV &RQJHOH]OHV HQ OHV SUpSDUDQW DYHF OD
VROXWLRQ 
(Q SXUpH ODYH]OHV SHOH]OHV HW pFUDVH]OHV
6XFUH] OD SUpSDUDWLRQ PpODQJH] HW FRQJHOH]
9RXV SqOHUH] OHV SrFKHV SOXV IDFLOHPHQW VL YRXV OHV
WUHPSH] GDQV O·HDX ERXLOODQWH /HV SrFKHV
VXSSRUWHQW PDO OD FRQJpODWLRQ 3UpIpUH] GRQF OD
FRQJpODWLRQ HQ SXUpH SOXW{W TX·HQ IUXLW HQWLHU
32,5(6
SRLUHV W\SH :LOOLDP UpFHPPHQW FXHLOOLHV QRQ
WDQQpHV SDUIXPpHV PUHV PDLV IHUPHV MXWHXVHV
QRQ JUDQXOHXVHV
(Q TXDUWLHUV ODYH]OHV SHOH]OHV HW FRXSH]OHV HQ
TXDUWLHUV &RQJHOH]OHV HQ OHV SUpSDUDQW DYHF OD
VROXWLRQ 
(Q SXUpH ODYH]OHV SHOH]OHV HW pFUDVH]OHV HQ
SXUpH

9RXV SpOHUH] OHV SRLUHV SOXV IDFLOHPHQW VL YRXV OHV
WUHPSH] GDQV O·HDX ERXLOODQWH
/HV SRLUHV VXSSRUWHQW PDO OD FRQJpODWLRQ
3UpIpUH] GRQF OD FRQJpODWLRQ HQ SXUpH SOXW{W
TX·HQ IUXLW HQWLHU
3200(6
UHLQHWWHV WRXWHV VRUWHV GH SRPPH
(Q FRPSRWH ODYH]OHV HW pSOXFKH]OHV &XLVH]OHV
(FUDVH]OHV HQ FRPSRWH /DLVVH] UHIURLGLU HW
FRQJHOH]
5HPDUTXHV LGHQWLTXHV j FHOOHV GHV SRLUHV
3URFpGH] GH OD PrPH IDoRQ SRXU FRQJHOHU GH OD
FRPSRWH GH WRXWHV VRUWHV GH IUXLWV
3581(6
UHLQHV &ODXGHV 4XHVWFKHV HWF PUHV IHUPHV
IUDvFKHPHQW FXHLOOLHV
/DYH]OHV SHOH]OHV HW FRXSH]OHV HQ 
'pQR\DXWH]OHV 0HWWH]OHV DX IXU HW j PHVXUH GDQV
OD VROXWLRQ 
6L YRXV QH SHOH] SDV OHV SUXQHV HOOHV VHURQW GXUHV
/HV SUXQHV JDUGHQW WRXWHV OHXUV TXDOLWpV DSUqV DYRLU
pWp FRQJHOpHV
5+8%$5%(
IUDvFKH WHQGUH SHX ILEUHXVH
/DYH]OD {WH] OHV ILOV HW pSOXFKH] OpJqUHPHQW
&RXSH]OD HQ WURQoRQV &RQJHOH]OD QDWXUH RX DYHF
OHV VROXWLRQV RX 
8WLOLVH]OD GLUHFWHPHQW VXU XQH WDUWH XQ JkWHDX RX
FXLVH]OD HQ FRPSRWH
'pFRQJpODWLRQ
/D GpFRQJpODWLRQ GHV IUXLWV GRLW V·HIIHFWXHU DX
UpIULJpUDWHXU RX DX IRXU j PLFURRQGHV SRXU OD
SUpSDUDWLRQ GHV FRPSRWHV
'XUpH GH FRQVHUYDWLRQ HQ PRLV
$EULFRWV
&DVVLV 
&HULVHV j 
)UDLVHV j 
)UDPERLVHV j 
*URVHLOOHV 
0HORQV
0UHV
0\UWLOOHV 
3rFKHV j
3RLUHV j 
3RPPHV j 
3UXQHV j 
5KXEDUEH 
/(*80(6
%ODQFKLPHQW
,O FRQVLVWH j pERXLOODQWHU OHV OpJXPHV SHQGDQW
TXHOTXHV LQVWDQWV HW j UHIURLGLU DXVVLW{W j O·HDX IURLGH
j O·HDX
3RUWH] O·HDX j pEXOOLWLRQ
,PPHUJH] OHV OpJXPHV HQ WRWDOLWp GDQV O·HDX
ERXLOODQWH  JU SRXU j OLWUHV G·HDX /D PrPH
HDX SRXYDQW rWUH XWLOLVpH j IRLV
&RXYUH]
j OD YDSHXU
3UHQH] XQH PDUPLWH j SUHVVLRQ
0HWWH] OHV OpJXPHV GDQV OH SDQLHU HQ PpWDO
5HPSOLVVH] OD PDUPLWH G·HDX UHSRUWH]YRXV DX[
LQVWUXFWLRQV GH OD QRWLFH G·XWLOLVDWLRQ GH FH UpFLSLHQW
HW SRUWH]OD j pEXOOLWLRQ
6XVSHQGH] OH SDQLHU DILQ TX·LO QH WUHPSH SDV GDQV
O·HDX
0HWWH] OD PDUPLWH VRXV SUHVVLRQ
5HIURLGLVVHPHQW
7UqV YLWH DSUqV OH EODQFKLPHQW SORQJH] OHV OpJXPHV
GDQV XQ EDLQ G·HDX IURLGH
/DLVVH] pYHQWXHOOHPHQW FRXOHU O·HDX GDQV FH EDLQ GH
PDQLqUH j PDLQWHQLU OD WHPSpUDWXUH OD SOXV EDVVH
SRVVLELOLWp G·XWLOLVHU GH OD JODFH
)DLWHV pJRXWWHU OHV OpJXPHV TXHOTXHV PLQXWHV
(PEDOOH]OHV HW FRQJHOH]OHV
$63(5*(6
IUDvFKHV WUqV WHQGUHV
/DYH]OHV VRLJQHXVHPHQW 3HOH]OHV HW FRXSH] OHV
JURVVHV HQ GHX[ VHQV GH OD ORQJXHXU
%ODQFKLVVH]OHV j O·HDX RX j OD YDSHXU
PLQ j O·pEXOOLWLRQ
PLQ j OD YDSHXU
5HIURLGLVVH] j O·HDX FRXUDQWH /DLVVH] pJRXWWHU
(PEDOOH]
/HV UpVXOWDWV VRQW WUqV LQpJDX[ VHORQ TXH OHV
DVSHUJHV VRUWHQW GH WHUUH RX RQW GpMj TXHOTXHV
KHXUHV
&$5277(6
MHXQHV FDURWWHV IRUPH UpJXOLqUH
(SOXFKH]OHV RX JUDWWH]OHV VL HOOHV VRQW SHWLWHV
&RXSH]OHV VL YRXV OH MXJH] QpFHVVDLUH
%ODQFKLVVH]OHV PLQ j O·HDX ERXLOODQWH /DLVVH]
pJRXWWHU HW UHIURLGLU (PEDOOH]
&+$03,*1216 3DULV &qSHV *LUROOHV
SHWLWHV IHUPHV VDLQV SURSUHV IUDvFKHPHQW
FXHLOOLV FKDSHDX[ SDV WURS RXYHUWV
3UpSDUH]OHV HW ODYH]OHV )DLWHVOHV UHYHQLU GDQV
XQH SRrOH SRXU pOLPLQHU OHXU HDX GH YpJpWDWLRQ
$MRXWH] XQH FXLOOqUH G·KXLOH (JRXWWH]OHV (PEDOOH]

3RXU OHV FqSHV V·LOV VRQW WUqV MHXQHV HW WUqV
SHWLWV FRQJHOH]OHV WHOV TXHOV VXU XQH IHXLOOH j
SkWLVVHULH HW HQVXLWH HPEDOOH]OHV
&+28;)/(856
WUqV EODQFV ELHQ IHUPHV VHUUpV QRQ pSDQRXLV
(QWLHU (QOHYH] OHV IHXLOOHV HW XQH SDUWLH GX SLHG
0HWWH]OH ô KHXUH GDQV O·HDX IURLGH VDOpH SLHG YHUV
OH KDXW %ODQFKLVVH] PLQ j O·HDX ERXLOODQWH
5HIURLGLVVH]OH PLQ j O·HDX FRXUDQWH /DLVVH]
pJRXWWHU HW HPEDOOH]
(Q PRUFHDX[ 2WH] OHV IHXLOOHV HW XQH SDUWLH GX
SLHG 'pWDFKH] OHV SHWLWV ERXTXHWV HQ WDLOOH pJDOH
/DYH]OHV %ODQFKLVVH]OHV PLQ GDQV O·HDX
ERXLOODQWH 5HIURLGLVVH] j O·HDX FRXUDQWH /DLVVH]
pJRXWWHU HW HPEDOOH]
/H UpVXOWDW HVW H[FHOOHQW /HV FKRX[IOHXUV SHUGHQW
XQH SDUWLH GH OHXU JRW IRUW
&+28; 9(576
WHQGUHV FRXU EODQF
(SOXFKH]OHV {WH] OHV F{WHV %ODQFKLVVH]OHV PLQ
j O·HDX ERXLOODQWH (JRXWWH]
,OV VRQW VXUWRXW XWLOLVpV SRXU OHV SRWpHV FKRX[
EUDLVpV IDUFLV VDXFLVVHV DX FKRX[ HWF
(1',9(6
ELHQ EODQFKLHV QRQ pSDQRXLV ELHQ IHUPHV
1HWWR\H]OHV HW ODYH]OHV &RXSH]OHV HQ PRUFHDX[
GH j FP GH ORQJ %ODQFKLVVH]OHV j O·HDX
ERXLOODQWH SHQGDQW PLQ 5HPXH]OHV SRXU TX·HOOHV
VRLHQW ELHQ LPPHUJpHV 5HIURLGLVVH]OHV j O·HDX
FRXUDQWH /DLVVH] pJRXWWHU (PEDOOH]
,O HVW SRVVLEOH GH QH SDV OHV EODQFKLU HW SDU FRQWUH
GH OHV EUDLVHU GLUHFWHPHQW VDQV DXWUH PDQLSXODWLRQ
(3,1$5'6
IUDLV WHQGUHV SHWLWHV IHXLOOHV SHWLWHV TXHXHV
MXWHX[
2WH] OHV TXHXHV /DYH] OHV IHXLOOHV %ODQFKLVVH]OHV
j O·HDX ERXLOODQWH SHQGDQW PLQ 5HPXH] SHQGDQW OD
FXLVVRQ SRXU VpSDUHU OHV IHXLOOHV 5HIURLGLVVH]OHV j
O·HDX FRXUDQWH /DLVVH] pJRXWWHU (PEDOOH]
(YLWH] OHV pSLQDUGV GH JUDQGHV WDLOOHV PDXYDLV
UpVXOWDWV
+$5,&276 9(576 (7 +$5,&276 %(855(
ILQV FKDUQXV JUDLQV QRQ IRUPpV WUqV YHUWV RX
EHXUUH VDQV WDFKHV
(IILOH]OHV HW FDVVH]OHV HQ GHX[ RX WURLV PRUFHDX[
/DYH]OHV %ODQFKLVVH]OHV GDQV O·HDX ERXLOODQWH
SHQGDQW PLQ RX j OD YDSHXU SHQGDQW PLQ
5HIURLGLVVH]OHV j O·HDX FRXUDQWH /DLVVH]OHV
pJRXWWH] HW HPEDOOH]
,O HVW QpFHVVDLUH GH OHV UpK\GUDWHU
+(5%(6 $520$7,48(6
SHUVLO HVWUDJRQ FHUIHXLO PHQWKH ILQHV KHUEHV
FLERXOHWWH ELHQ YHUWHV IUDvFKHV IHXLOOHV
WHQGUHV
/DYH]OHV (JRXWWH]OHV 0HWWH]OHV HQ SHWLWV
ERXTXHWV (PEDOOH]OHV /DYH]OHV pJRXWWH]OHV
HW KDFKH]OHV ILQHPHQW (PEDOOH]OHV GDQV GH
SHWLWV UpFLSLHQWV ERvWHV SODVWLTXH
)URWWH] OHV ERXTXHWV GDQV YRV PDLQV SRXU OHV
pFUDVHU VXU OD SUpSDUDWLRQ j DURPDWLVHU /D
GpFRQJpODWLRQ HVW SUHVTXH LPPpGLDWH 7UqV
SUDWLTXH SRXU DURPDWLVHU YRV SUpSDUDWLRQV
3(7,76 32,6
IHUPHV WHQGUHV VXFUpV YHUWV IUDvFKHPHQW
FXHLOOLV
/DYH]OHV DSUqV OHV DYRLU pFRVVpV %ODQFKLVVH]OHV
PLQ j O·HDX ERXLOODQWH RX PLQ V·LOV VRQW XQ SHX
SOXV JURV 5HIURLGLVVH]OHV j O·HDX FRXUDQWH
(JRXWWH] HW HPEDOOH]
([FHOOHQW UpVXOWDW
720$7(6
VDLQHV PUHV IHUPHV ELHQ URXJHV
(QWLqUHV ODYH]OHV (SOXFKH]OHV VL QpFHVVDLUH
WUHPSH]OHV j VHFRQGHV GDQV O·HDX ERXLOODQWH
SRXU SOXV GH IDFLOLWp 6pFKH]OHV HW HPEDOOH]OHV
(Q SXUpH ODYH]OHV &RXSH]OHV HQ PRUFHDX[
&XLVH]OHV DYHF XQ SHX G·HDX (FUDVH]OHV HQ SXUpH
5HIURLGLVVH] OD SXUpH HQ SORQJHDQW OH UpFLSLHQW GDQV
GH O·HDX IURLGH
%RQV UpVXOWDWV $WWHQWLRQ OHV WRPDWHV SHXYHQW VH
GpPRQWHU &RXSH]OHV HQFRUH JHOpHV SRXU OD
SUpSDUDWLRQ G·XQH VDODGH
,O HVW SUpIpUDEOH GH FRQJHOHU OHV WRPDWHV HQ SXUpH
FDU OHV WRPDWHV HQWLqUHV SHUGHQW OHXU IHUPHWp
'XUpH GH FRQVHUYDWLRQ HQ PRLV
/(*80(6
$VSHUJHV 
&DURWWHV  j 
&KDPSLJQRQV  j 
&KRX[ )OHXUV j 
&KRX[ YHUWV
QDWXUH j 
FXLVLQH j
(QGLYHV j
(SLQDUGV  j 
+DULFRWV YHUWV  j 
+DULFRWV EHXUUH  j 
+HUEHV DURPDWLTXHV j
3HWLWV SRLV 
7RPDWHV

9,$1'(6
&RXSH] OD YLDQGH HQ PRUFHDX[ TXDQWLWp
FRQVRPPpH SDU YRWUH IDPLOOH HQ XQ UHSDV
(YLWH] GH IDLUH GHV SDTXHWV VXSpULHXUV j NJ
'pJUDLVVH] HW GpVRVVH] SRXU REWHQLU XQ JDLQ GH
SODFH GH  j 
1H SDV VDOHU DMRXWH] TXHOTXHV pSLFHV VL
QpFHVVDLUH DWWHQWLRQ DSUqV FRQJpODWLRQ GH OD
YLDQGH SRLYUH SOXV IRUW FXUU\ IDGH QRL[ GH PXVFDGH
WURS IRUWH SDSULND HW FpOHUL SUHQQHQW XQ JRW WUqV
GpVDJUpDEOH
(PEDOOH] WRXMRXUV OHV PRUFHDX[ RX OHV WUDQFKHV
TXH YRXV VpSDUH] SDU GHV IHXLOOHV GH SDSLHU
FHOORSKDQH
&RQJHOH] OD YLDQGH GqV TXH SRVVLEOH
/D FKDUFXWHULH SUpSDUpH HW FRQJHOpH DXVVLW{W
IDLWH FUXH RX FXLWH VHORQ OH FDV 3RXU XQH ORQJXH
FRQVHUYDWLRQ LO HVW SUpIpUDEOH G·XWLOLVHU OHV PR\HQV
WUDGLWLRQQHOV FRQVHUYHV VWpULOLVpHV FDU OD
FKDUFXWHULH UDQFLW GRXFHPHQW DX FRQJpODWHXU DORUV
TXH OHV SkWpV ULOOHWWHV HW U{WLV GH SRUF VH ERQLILHQW HQ
FRQVHUYHV VWpULOLVpHV
'pFRQJpODWLRQ
9LDQGH FUXH
'pFRQJpODWLRQ GH TXHOTXHV KHXUHV j  KHXUHV
VHORQ JURVVHXU DX UpIULJpUDWHXU SRXU OHV WRXUQHGRV
JULOODGHV F{WHV  RX TXHOTXHV PLQXWHV GDQV XQ
IRXU j PLFURRQGHV VH UHSRUWHU DX[ WHPSV LQGLTXpV
GDQV OD QRWLFH G·XWLOLVDWLRQ GX IRXU RX DX OLYUH GH
UHFHWWHV
&XLVVRQ GLUHFWH VDQV GpFRQJpODWLRQ SRXU OH
ERHXI PRGH OH JLJRW U{WL HWF3UpYR\H] XQ
WHPSV GH FXLVVRQ XQ SHX SOXV ORQJ SRXU OD
GpFRQJpODWLRQ HW YpULILH] OD FXLVVRQ
9LDQGH FXLWH
'pFRQJpODWLRQ GH TXHOTXHV KHXUHV j 
KHXUHV VHORQ JURVVHXU DX UpIULJpUDWHXU SRXU
OHV YLDQGHV FXLWHV j FRQVRPPHU IURLGHV RX
WUqV UDSLGHPHQW DX IRXU j PLFURRQGHV VH
UHSRUWHU DX[ WHPSV LQGLTXpV GDQV OD QRWLFH
G·XWLOLVDWLRQ GX IRXU RX GDQV OH OLYUH GH
UHFHWWHV
5pFKDXIIH] OHV YLDQGHV FXLWHV HQ VDXFH
GLUHFWHPHQW VDQV GpFRQJpODWLRQ
*,%,(56 (7 92/$,//(6
5HPDUTXH LO HVW QpFHVVDLUH GH QHWWR\HU OD
YRODLOOH DYDQW GH OD FRQJHOHU
1HWWR\H] ELHQ OH JLELHU HW SUpSDUH]OH FRPPH OHV
YLDQGHV
&RXSH] O·DRUWH HW SHQGH] OD YRODLOOH SDU OHV SDWWHV
7UHPSH]OD GDQV GH O·HDX j Ý& SHQGDQW TXHOTXHV
PLQXWHV
3OXPH]OD GH OD TXHXH DX[ DLOHV
1H GpFKLUH] VXUWRXW SDV OD SHDX
%UOH] VXU XQH IODPPH OHV SOXPHV UHVWDQWHV
)DLWHV XQH LQFLVLRQ SUqV GHV SDWWHV GDQV OD SDUWLH
VRXSOH GX YHQWUH SRXU OD YLGHU
(PEDOOH] HQWLqUHPHQW DYHF GX SDSLHU SRO\pWK\OqQH
&RQJHOH]
'pFRQJpODWLRQ
/HV YRODLOOHV VHURQW FXLWHV GLUHFWHPHQW VDQV
GpFRQJpODWLRQ
3UpYR\H] XQ WHPSV GH  j  PLQXWHV
VXSSOpPHQWDLUH VHORQ OD JURVVHXU
6L YRXV GpVLUH] HIIHFWXHU XQH GpFRQJpODWLRQ DYDQW
FXLVVRQ SODFH] OD YRODLOOH j GpFRQJHOHU DX
UpIULJpUDWHXU GH TXHOTXHV KHXUHV j  KHXUHV RX
GDQV OH IRXU PLFURRQGHV VH UHSRUWHU DX[ WHPSV
LQGLTXpV GDQV OD QRWLFH G·XWLOLVDWLRQ GX IRXU RX GDQV
OH OLYUH GH UHFHWWHV
'XUpH GH FRQVHUYDWLRQ HQ PRLV
$EDWV
%2(8)
7RXUQHGRV JULOODGHV U{WL 0RGHO FUX  j 
&UX HQ VDXFH F{WHV j 
&XLW HQ VDXFH PRGH FUX j
&+$5&87(5,( j
*526 *,%,(5 j
028721
&{WHV JLJRW
&ROOLHUV HQ VDXFH +DXWV GH F{WHV
325& j
9($8
5{WL F{WHV WHQGURQV
3DXSLHWWHV
*,%,(592/$,//(6
3RXOHWV  j 
3RXOHV j 
&DQDUGV j
'LQGHV HQWLqUHV HVFDORSHV FXLVVHV
2LHV
*LELHU j SOXPHV j
/$3,1
32,66216 &5867$&(6 &248,//(6 67
-$&48(6
32,66216
(FDLOOH] YLGH] HW VpFKH] OH SRLVVRQ &RXSH]OH HQ
WUDQFKHV JURV SRLVVRQV
(PEDOOH] OH SRLVVRQ HQWLHU RX HQ WUDQFKHV
VpSDUpPHQW HW FRQJHOH] LPPpGLDWHPHQW
&5867$&(6
/DQJRXVWHV KRPDUGV FUDEHV
3RXU DYRLU XQ PHLOOHXU GpFROOHPHQW GH OD FKDLU DX

PRPHQW GH OD SUpSDUDWLRQ pERXLOODQWH]OHV
PLQXWHV 5HIURLGLVVH]OHV HW HPEDOOH]OHV
&RQJHOH]OHV OH SOXV UDSLGHPHQW SRVVLEOH
&UHYHWWHV JULVHV RX URVHV
&RQJHOH]OHV IUDvFKHV FUXHV VDQV SUpSDUDWLRQ
VSpFLDOH
0RXOHV
/DYH]OHV HW IDLWHVOHV RXYULU VXU OH IHX
'pFRTXLOOH]OHV HW ODLVVH]OHV UHIURLGLU
(PEDOOH]OHV HW FRQJHOH]OHV
)LOWUH] O·HDX HW FRQJHOH]OD j SDUW
&248,//(6 67-$&48(6
2XYUH]OHV 1H JDUGH] TXH OD QRL[ HW OH FRUDLO
/DYH]OHV HW VpFKH]OHV &RQJHOH]OHV SRVpHV VXU XQ
SODWHDX  HW HPEDOOH]OHV DSUqV FRQJpODWLRQ
'pFRQJpODWLRQ
3RLVVRQV
VDQV GpFRQJpODWLRQ GLUHFWHPHQW j OD FXLVVRQ
FRXUWERXLOORQ DX IRXU RX j OD SRrOH
DX UpIULJpUDWHXU GpFRQJpODWLRQ GH TXHOTXHV KHXUHV
j  KHXUHV VHORQ JURVVHXU
DX IRXU j PLFURRQGHV VH UHSRUWHU DX[ WHPSV
LQGLTXpV GDQV OD QRWLFH G·XWLOLVDWLRQ GX IRXU RX GDQV
OH OLYUH GH UHFHWWHV
&UXVWDFpV
VDQV GpFRQJpODWLRQ GLUHFWHPHQW DX FRXUWERXLOORQ
DX UpIULJpUDWHXU TXHOTXHV KHXUHV SRXU OHV
FUHYHWWHV PRXOHV RX FRTXLOOHV 6W-DFTXHV
DX IRXU j PLFURRQGHV VH UHSRUWHU DX[ WHPSV
LQGLTXpV GDQV OD QRWLFH G·XWLOLVDWLRQ GX IRXU RX GDQV
OH OLYUH GH UHFHWWHV
XWLOLVDWLRQ GLUHFWH HQ SODWV FXLVLQpV SRXU OHV
FUHYHWWHV PRXOHV FRTXLOOHV 6W-DFTXHV
'XUpH GH FRQVHUYDWLRQ HQ PRLV
3RLVVRQV PDLJUHV
0HUODQ FDELOODXG OLHX j
3RLVVRQV JUDV
7KRQ PDTXHUHDX VDXPRQ WUXLWH GH PHU j
&UXVWDFpV
/DQJRXVWH KRPDUG FUDEH HWF j
&RTXLOOHV 6W-DFTXHV
352'8,76 /$,7,(56 3/$76 &8,6,1(6
%28/$1*(5,( *$7($8; 7$57(6 (7
72857(6 &5(0(6 */$&((6
352'8,76 /$,7,(56
%DWWH] OHV MDXQHV RHXIV DMRXWH] FXLOOqUH j
FDIp GH VHO RX FXLOOqUH j VRXSH GH VXFUH SRXU
MDXQHV VHORQ XWLOLVDWLRQ
0HWWH] OHV EODQFV GDQV GH SHWLWV UpFLSLHQWV
%DWWH] OD FUqPH IUDvFKH HW FRQJHOH]
%HXUUH HW IURPDJH j SkWH PROOH VHURQW HPEDOOpV
GDQV GX SDSLHU G·DOXPLQLXP
'pFRQJpODWLRQ
'DQV OH UpIULJpUDWHXU SHQGDQW j KHXUHV
9pULILH] O·pWDW GH GpFRQJpODWLRQ DYDQW O·XWLOLVDWLRQ
5HPDUTXHV
/HV \DRXUWV VH VpSDUHQW HW OHV UpVXOWDWV GH
FRQJpODWLRQ QH VRQW SDV VDWLVIDLVDQWV
,O Q·HVW SDV GDQJHUHX[ GH OHV FRQVRPPHU
PDLV OD FRQVLVWDQFH HVW DEvPpH
1H SDV FRQJHOHU OD PD\RQQDLVH FDU O·KXLOH VH
VpSDUH GX MDXQH G·XI
3/$76 &8,6,1(6
&XLVLQH] YRV SODWV VHORQ YRV UHFHWWHV KDELWXHOOHV
3UpYR\H] GHV SRUWLRQV FRUUHVSRQGDQW DX QRPEUH
GH SHUVRQQHV GH YRWUH IDPLOOH
(PEDOOH] HW FRQJHOH]
'pFRQJpODWLRQ
5pFKDXIIH] GRXFHPHQW GDQV XQ SODW
&RXYUH]
5HPXH] OHV DOLPHQWV WHOV TXH VRXSHV SRWDJHV HW
YLDQGHV HQ VDXFH
5HPDUTXH
/D GpFRQJpODWLRQ SHXW V·HIIHFWXHU GDQV XQ IRXU j
PLFURRQGHV VH UHSRUWHU j OD QRWLFH G·XWLOLVDWLRQ GX
IRXU RX GDQV OH OLYUH GH UHFHWWHV
%28/$1*(5,(
3DLQ FRQJHOH]OH IUDLV j SHLQH UHIURLGL
&RXSH]OH HQ PRUFHDX[
%ULRFKHV &RQJHOH]OHV DXVVLW{W UHIURLGLHV
&URLVVDQWV &RQJHOH]OHV FXLWV MXVWH UHIURLGLV
/HYXUH FRQJHOH]OD WHOOH TXHOOH
'pFRQJpODWLRQ
$ WHPSpUDWXUH DPELDQWH HQYLURQ KHXUHV $FFpOpUH]
OD GpFRQJpODWLRQ HQ PHWWDQW SDLQ EULRFKH RX
FURLVVDQWV DX IRXU FODVVLTXH RX IRXU j PLFURRQGHV
5HPDUTXHV
/D GpFRQJpODWLRQ SHXW V·HIIHFWXHU GDQV XQ IRXU j
PLFURRQGHV VH UHSRUWHU DX[ WHPSV LQGLTXpV GDQV OD
QRWLFH G·XWLOLVDWLRQ GX IRXU RX GDQV OH OLYUH GH
UHFHWWHV
*$7($8; 7$57(6 (7 72857(6
3RXU QH SDV OHV FDVVHU FRQJHOH]OHV VXU XQH JULOOH
RX XQ SODWHDX  DSUqV FRPSOHW UHIURLGLVVHPHQW 
'pFRQJpODWLRQ
5HWLUH] O·HPEDOODJH 'pFRQJHOH] j O·DLU DPELDQW
&RXSH] OHV SDUWV DYDQW GpFRQJpODWLRQ SRXU JDUGHU
OHXU IRUPH XWLOLVH] XQ FRXWHDX DGDSWp
  • Page 1 1
  • Page 2 2
  • Page 3 3
  • Page 4 4
  • Page 5 5
  • Page 6 6
  • Page 7 7
  • Page 8 8
  • Page 9 9
  • Page 10 10
  • Page 11 11
  • Page 12 12
  • Page 13 13
  • Page 14 14
  • Page 15 15
  • Page 16 16
  • Page 17 17
  • Page 18 18
  • Page 19 19
  • Page 20 20
  • Page 21 21
  • Page 22 22
  • Page 23 23
  • Page 24 24
  • Page 25 25
  • Page 26 26
  • Page 27 27
  • Page 28 28
  • Page 29 29
  • Page 30 30
  • Page 31 31
  • Page 32 32

ARTHUR MARTIN AR8995B Manuel utilisateur

Taper
Manuel utilisateur