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6WDOHQ EDQNVFKURHI 2QEUHHNEDDU ,QGXVWULHOH NZDOLWHLW *HODVWH FRQVWUXFWLH YROOHGLJ LQ VWDDO 6& 0HW GUDDLEDUH EDVLV JHKDUG DDPEHHOG HQ SLMSEHNNHQ =ZDUWH ZDUPYHUODNWH DIZHUNLQJ (WDX G¶pWDEOL HQ DFLHU VRXGp ,QFDVVDEOH 4XDOLWp LQGXVWULHOOH &RQVWUXFWLRQ FRPSOHWH HQ DFLHU 6& $YHF EDVH SLYRWDQWH j HW DYHF VHUUH WXEH ([pFXWLRQ QRLU ODTXp
%HNEUHHGWH /DUJHXU PP NJ 2UGHU QU
%HNEUHHGWH ODUJHXU PP 6SDQZLMGWH RXYHUWXUH PP %HNKRRJWH KDXWHXU PP [ [ PP NJ 2UGHU QU ¼
%6,
%HNEUHHGWH ODUJHXU PP 6SDQZLMGWH RXYHUWXUH PP %HNKRRJWH KDXWHXU PP [ [ PP NJ 2UGHU QU ¼
%6,
%HNEUHHGWH ODUJHXU PP 6SDQZLMGWH RXYHUWXUH PP %HNKRRJWH KDXWHXU PP [ [ PP NJ 2UGHU QU
¼
0DFKLQH
7RRO
21'(5+28'6*(5(('6&+$3 287,/6 '¶(175(7,(1 0$7(5,$$/67(81(1 &2192<(856 $ 528/($8;
06 5
&DS NJ 0LQ PD[ KRRJWH OHJYODN +DXWHXU PLQ PD[ PP 0D[ EUHHGWH /DUJHXU PD[ PP [ [ PP NJ 2UGHU QU ¼
06 5
&DS NJ 0LQ PD[ KRRJWH OHJYODN +DXWHXU PLQ PD[ PP 0D[ EUHHGWH /DUJHXU PD[ PP [ [ PP NJ 2UGHU QU ¼
06 .
&DS NJ 0LQ PD[ KRRJWH OHJYODN +DXWHXU PLQ PD[ PP 0D[ EUHHGWH /DUJHXU PD[ PP [ [ PP NJ 2UGHU QU ¼
06 5
3DDU JDUDJHVWDQGV 0RGHO PHW WDQGODW 7 HQNHO YRRU H[SRUW EXLWHQ (*
3DLUH GH FKDQGHOOHV 7\SH DYHF FUpPDLOOLqUH 7 VHXOHPHQW SRXU H[SRUW KRUV (8
0DWHULDDOYRHW PHW UROOHQEDDQ &RQYR\HXU j URXOHDX + PLQ PD[ PP &DS NJ [ [ PP NJ 2UGHU QU
¼
1(:
&$*6 7
)$%
&DS 7 + PLQ PD[ PP *HZLFKW 3RLGV NJ ¼ 2UGHU QU
2SYRXZ VFKUDDJ &KHYDOHW SOLDEOH + PLQ PD[ PP &DS NJ [ [ PP NJ 2UGHU QU
&$*6 7 ¼
1(:
&DS 7 + PLQ PD[ PP *HZLFKW 3RLGV NJ ¼ 2UGHU QU
.XQVWVWRI RSEHUJNRIIHU PHW XLWQHHPEDUH YHUGHHOEDNMHV &RIIUHW GH UDQJHPHQW HQ SYF DYHF SHWLWV EDFV PRELOH
7$%
7HOHVFRSLVFKH ZHUNVFKUDDJ &KHYDOHW WpOHVFRSLTXH + PLQ PD[ PP &DS NJ [ [ PP NJ 2UGHU QU
¼
1(:
23 23
806
8QLYHUVHOH PDWHULDDOVWHXQ 6XSSRUW XQLYHUVHO + PLQ PD[ PP &DS NJ [ [ P NJ 2UGHU QU
32/< [ [ PP
2UGHU QU ¼ VW SFV
1(:
¼
&DS NJ /HQJWH /RQJXHXU [ PP +RRJWH PLQ PD[ +DXWHXU PLQ PD[ PP %UHHGWH PD[ /DUJHXU PD[ [ PP 'LDP UROOHQ 'LDP URXOHDX[ PP 2UGHU QU ¼
65%
2SYRXZ UROOHQEDDQ &RQYR\HXU SOLDEOH + PLQ PD[ PP &DS NJ [ [ PP NJ 2UGHU QU
¼
1(:
6%
06 9
0DFKLQH
7RRO
&$*6 7
06
&DS NJ /HQJWH /RQJXHXU PP +RRJWH PLQ PD[ +DXWHXU PLQ PD[ PP %UHHGWH PD[ /DUJHXU PD[ PP 'LDP UROOHQ 'LDP URXOHDX[ PP 2UGHU QU ¼
&DS 7 + PLQ PD[ PP *HZLFKW 3RLGV NJ ¼ 2UGHU QU
=DDJVFKUDDJ 6XSSRUW j VFLHU + PP &DS NJ [ [ PP NJ 2UGHU QU
¼
1(:
32/< [ [ PP
2UGHU QU ¼ VW SFV
.XQVWVWRI VRUWHHUNRIIHU PHW PRJHOLMNKHLG WRW FRPSDU WLPHQWHULQJ YHUGHHO VFKRWWHQ ORV ELMJHOHYHUG GXEEHO DIVOXLWEDDU PHW KDQGLJH KHQGHO &RIIUHW GH UDQJHPHQW DYHF SRV VLELOLWp GH 32/< [ [ PP
2UGHU QU ¼ VW SFV 32/< [ [ PP
2UGHU QU ¼ 23 23 VW SFV 32/< [ [ PP
2UGHU QU ¼ VW SFV
722/ 6725$*( 722/ 6725$*( *563 )9
2..
.XQVWVWRI ROLHNDQ PO 2QEUHHNEDDU HQ URHVWYULM 0HW YDVWH WXLW PHW DQWL GUXS WLS %XUHWWH G¶KXLOH GH PO HQ SYF $YHF WX\DX ¿[H DYHF H[WUpPLWp DQWL JRXWWH &DS PO 2UGHU QU
¼ 6FKHQNNDQ 3( ZLW %XUHWWH HQ SYF EODQF GH KDXWH TXDOLWp
2.6
&DS O 2UGHU QU ¼
2.6
&DS O 2UGHU QU ¼
.XQVWVWRI 3( WUHFKWHU 6FKDDOYHUGHOLQJ LQ OW 0HW Ã&#x20AC;H[LEHOH WXLW (QWRQQRLU HQ 3( (FKHOOH HQ OW $YHF Ã&#x20AC;H[LEOH
275
&DS PO 2UGHU QU
¼
275
*HVFKLNW YRRU YDWHQ 3UpYX SRXU GHV IÂ&#x20AC;WV &DS PO 2UGHU QU
¼
&DS PO EDU 2UGHU QU ¼
6WDOHQ ROLHNDQ PHW PHVVLQJ SRPS 0HW UHFKWH HQ Ã&#x20AC;H[L EHOH WXLW %XUHWWH j O¶KXLOH HQ PpWDO DYHF SRPSH HQ ODLWRQ $YHF EHF GURLWH HW Ã&#x20AC;H[LEOH
*5633
2.
2.
9HWVSXLW ,QGXVWULsOH NZDOLWHLW 0HW YDVWH HQ Ã&#x20AC;H[LEHOH WXLW 3RPSH j JUDLVVH 9HUVLRQ LQGXVWULH 3RXU FDUWRXFKH RI YUDF
9HWVSXLW 3LVWRROW\SH 0HW PP ODQJ YDVWH VSXLWSLMS 9RRU JHEUXLN LQ EXON RI PO SDWURRQYXOOLQJ 2QWZLNNHOW EDU 3RPSH j JUDLVVH 7\SH SLVWROHW $YHF ODQFH ¿[H GH 2UGHU QU
&DS PO 2UGHU QU ¼
&DS PO 2UGHU QU ¼
33.:
5RWDWLHYH KHYHOSRPS %HKXL]LQJ LQ JLHWLM]HU *HVFKLNW YRRU QLHW FRUURVLHYH YORHLVWRIIHQ HQ ROLH PHW KRJH YLVFRVLWHLW 3RPSH URWDWLYH 3RXU GHV OLTXLGHV QRQ FRUURVLIV HW GH O¶KXLOH DYHF XQH KDXWH YLVFRVLWp &RUSV HQ IRQWH 2UGHU QU &DS OLIW FP 'HELHW 'pELW OW PLQ ¼
+HYHOSRPS (HQYRXGLJ WH EHGLHQHQ 3RPSW YORHLVWRIIHQ DXWRPDWLVFK QDDU ODJHUH UHVHU YRLUV HQ PHW KDQGEHGLHQLQJ RRN QDDU KRJHUH UHVHUYRLUV *HVFKLNW YRRU YORHLVWRIIHQ RS ZDWHUEDVLV GHWHUJHQWHQ 3RPSH URWDWLYH )DFLOH j XWLOLVHU 3RPSH OHV OLTXLGHV DXWRPDWL TXHPHQW YHUV GHV UpVHUYRLUV SOXV EDV RX SOXV KDXW 3UpYX SRXU OHV OLTXLGHV j EDVH G¶HDX HW GpWHUJHQWV
*562=
2OLHRS]XLJSRPS *HOHYHUG PHW HHQ Ã&#x20AC;H[LEHOH YLQ\O OHLGLQJ / PP 9RRU QLHW FRUURVLHYH YORHLVWRIIHQ 3RPSH j O¶KXLOH )RXUQL DYHF Ã&#x20AC;H[LEOH YLQ\O / PP 3RXU OLTXLGHV QRQ FRUURVLIV &DS PO 2UGHU QU ¼
33.:
'HELHW 'pELW O P $DQVOXLWLQJ 5DFFRUG ´ *HVFKLNW YRRU 3RXU O /HQJWH /RQJXHXU PP =XLJVODQJ 7X\DX PP LQWHUQH GLDP 'LDP LQW PP EXLWHQ GLDP 'LDP H[W PP 2UGHU QU
¼
33.: *562=
7UDQVIHUSRPS =XLJW HQ VWXZW GH YORHLVWRI LQ EHZHJLQJ 0HW [ FP YLQ\O OHLGLQJ 3RPSH GH WUDQVIHUW $VSLUH HW UHMHWWH OH OLTXLGH HQ XQ PRXYHPHQW /LYUp DYHF [ FP GH WX\DX HQ YLQ\O &DS PO ¼ 2UGHU QU
'HELHW 'pELW O P $DQVOXLWLQJ 5DFFRUG ´ *HVFKLNW YRRU 3RXU O /HQJWH /RQJXHXU PP ]XLJVODQJ WX\DX PP LQWHUQH GLDP 'LDP LQW PP EXLWHQ GLDP 'LDP H[W PP 2UGHU QU
¼
33.:
0HPEUDDPSRPS PHW GXEEHO GLDIUDJPD 'HELHW PO SHU SRPSEHZHJLQJ $IYRHUGDUP / FP LQ UXEEHU *HVFKLNW YRRU GLHVHO EUDQGVWRIGLHVHO PRWRUROLH HQ DQGHUH OLFKWHUH ROLsQ HQ SHWUROHXP SURGXFWHQ 3RPSH PHPEUDQH DYHF GRXEOH GLDSKUDJPH 7UqV KDXW GHELW PO SDU PRXYHPHQW GH SRPSH %UDV G¶H[pFXWLRQ GH / FP HQ FDRXWFKRXF 3UpYX SRXU OH GLHVHO JDVRLO GH FRPEXVWLEOH KXLOH GH PRWHXU HW DXWUH KXLOH SOXV OpJqUH HW SURGXLWV j EDVH GH SpWUROH 2UGHU QU ¼
0DFKLQH
7RRO
/,)7,1* (/(.75,6&+( 7$.(/6 75(8,/6 e/(&75,48(6 9 *HOHYHUG PHW DIVWDQGVEHGLHQLQJ PHW NDEHO HQ YHLOLJKHLGV KDDN ,3 3DVVHQG RS WDNHOKRXGHU ]LH RQGHU )RXUQL DYHF FRPPDQGH j GLVWDQFH DYHF FkEOH HW FURFKHW GH VpFXULWp ,3 &RQYLHQW SRXU SRUWH SDODQ LQIUD
7DNHOKRXGHU 3RUWH SDODQ *HVFKLNW YRRU HOHNWULVFKH WDNHOV 7363( 3RXU SDODQV pOHFWULTXHV 7363( &DS NJ / PP 2UGHU QU &DS NJ / PP 2UGHU QU 2UGHU QU 2ULJ QU 1 RULJ &DS 0RWRU 0RWHXU NDEHO SHHU FkEOH FRPPDQGH +HIKRRJWH
NJ N: P P ¼
3ULMV 3UL[
7363( ¼
¼ ¼ 7366+ ¼
7363( ¼
7363( ¼
(/(.75,6&+( /,(5(1 ,167$302'(/(1 9 75(8,/6 e/(&75,48(6 02'Ê/(6 '¶(175e( 9
/7 9
87 9
9ROWDJH 9 *UHQVFDS &DS WKpRULTXH NJ 7HFKQ &DS &DS 7HFKQ NJ 0RWRU 0RWHXU N: NJ 2UGHU QU ¼
0DFKLQH
7RRO
9ROWDJH 9 *UHQVFDS &DS WKpRULTXH NJ 7HFKQ &DS &DS 7HFKQ NJ 0RWRU 0RWHXU N: NJ 2UGHU QU ¼
7363( ¼
0$18(/( 7$.(/6 75(8,/6 0$18(/6
3&$
+DDN YRRU PRQWDJH RS WUHNKDDN &URFKHW SRXU PRQWDJH j OD YRLWXUH 2UGHU QU
.7
6WDDOGUDDGWDNHO PHW GRRUJDDQGH NDEHO :HUNW RQGHU DOOH KRHNHQ YHUWLFDDO HQ KRUL]RQWDDO HQ NDQ ]RZHO YRRU KLMVHQ HQ WUHNNHQ ZRUGHQ JHEUXLNW ,QFOXVLHI P VWDDOGUDDGNDEHO PHW KDDN HQ YHOLJ KHLGVNOHS HQ KHQGHO 3DODQ PXQL GH ¿O G¶DFLHU DYHF FkEOH GpURXODQW )RQFWLRQQH VRXV WRXV OHV DQJOHV YHUWLFDOHPHQW KRUL]RQWDOHPHQW HW SHXW DXVVL ELHQ VRXOHYHU HW WLUHU ,QFOXV P GH ¿O G¶DFLHU DYHF FURFKHW FODSHW GH VpFXULWp HW PDQFKH +LMVYHUPRJHQ &DSDFLWp SRXU VRXOHYHU NJ 7UHNYHUPRJHQ &DSDFLWp SRXU WLUHU NJ 'LDP VWDDOGUDDG 'LDP ¿O G¶DFLHU PP [ [ PP NJ
¼ +1+:
.DEHOWDNHO 7UHNWRHVWHO PHW VWDDONDEHO HQ EHYHVWL JLQJVKDDN RS EHLGH XLWHLQGHQ :HUNW RQGHU DOOH KRHNHQ YHUWLFDDO HQ KRUL]RQWDDO +HI UDWLR 7UHXLOOH PXQL GH FDEOH HQ DFLHU 7 RX 7 $SSDUHLO DYHF FURFKHWV GH VpFXULWp )RQFWLRQQH VRXV WRXV OHV DQJOHV YHU WLFDOHPHQW HW KRUL]RQWDOHPHQW 5DWLR GH OHYDJH
&DS 7 / NDEHO / FkEOH P NJ 2UGHU QU ¼
3&$
%HXJHO YRRU YDVWH PRQWDJH %UDFTXHW SRXW PRQWDJH ¿[H 2UGHU QU
¼
2UGHU QU
+13
¼
0DQXHOH WDNHO 0HW P VWDDONDEHO KDDN HQ YHLOLJKHLGVOLS 7UHXLO PDQXHO $YHF FkEOH DFLHU P FURFKHW HW FODSHW GH VpFXULWp
3&$
%HXJHO YRRU YDVWH PRQWDJH %UDFTXHW SRXW PRQWDJH ¿[H 2UGHU QU
¼
3&$
+13
&DS 7 / NDEHO / FkEOH P NJ 2UGHU QU ¼
3&$ 3&$ JHPRQWHHUG RS HHQ ERRP 3&$ 3&$ PRQWp VXU XQH DUEUH 2UGHU QU
&DS NJ 2UGHUQU ¼
¼
PHHU LQIRUPDWLH ]LH ZZZ SRUWDEOHZLQFK FRP SOXV GH UHQVHLJQHPHQWV ZZZ SRUWDEOHZLQFK FRP
+13&:
0$'( ,1 &$1$'$ 'UDDJEDUH PRWRUWDNHO YRRU GH ERXZVHFWRU ZHJHQZHUNHQ ERVERXZ 7UHXLO SRUWDEOH PRWRULVp SRXU OD FRQVWUXFWLRQ WUDYDX[ GHV URXWHV VLOYLFXOWXUH
(UJRQRPLVFK KDQGYDW 3RLJQpH HUJRQRPLTXH SRXU WUDQVSRUW IDFLOH
7RXZ QLHW LQEHJUHSHQ &RUGH QH SDV LQFOX
$DQGULMIDV YRRU ZHUNHQ PHW RQEHSHUNWH WRXZOHQJWH 7UHXLO FDEHVWDQ VLJQL¿H DXFXQH OLPLWH GH ORQJXHXU GH FRUGH
6QHO EHUHLNEDUH RQ RII VFKDNHODDU ,QWHUUXSWHXU PDUFKH DUUrW DLVpPHQW DFFHVVLEOH
WDNW +RQGD70 *;+ FF EHQ]LQHPRWRU 0RWHXU +RQGD70 WHPSV *;+ FF HVVHQFH 3RO\HVWHU ULHP LQEHJUHSHQ YRRU VQHO DDQNRSSHOHQ eOLQJXH GH SRO\HVWHU LQFOXVH SRXU DQFUDJH UDSLGH :HHJW VOHFKWV NJ 1H SqVH TXH NJ
6WDQGDDUG FDSVWDQ WURPPHO PP ¶¶
7DPERXU FDEHVWDQ VWDQGDUG PP ¶¶
$OXPLQXP YHUVQHOOLQJVGRRV %RvWLHU G¶HQJUHQDJH HQ DOOLDJH G¶DOXPLQLXP
1LHW RP WH KHIIHQ ZHO RP WH WUHNNHQ 1H SDV SRXU OHYHU PDLV SRXU WLUHU 3&$
&DS NJ 2UGHU QU ¼
3&$ 2UGHU QU ¼
3&$
&DS NJ / P 2UGHU QU ¼
&DS HQNHO OLJQH VLPSOH NJ &DS GXEEHO OLJQH GRXEOH NJ 0RWRU PRWHXU +RQGD WDFW *;+ FF 2YHUEUHQJLQJ 5DWLR HQWUDvQHPHQW [ [ PP NJ ¼ 2UGHU QU
0DFKLQH 0D QH 0DFKLQ
7RRO 7RR RR RO
9(5/,&+7,1*60$7(5,$$/ 0$7e5,(/ '¶e&/$,5$*(
:/7 $$
/(' ]DNODPS PHW OHGV 5XEEHU KDQGYDW [ $$ 9 EDWWHULMHQ LQEHJUHSHQ /DPSH GH SRFKH /(' DYHF OHGV 3RLJQpH HQ FDRXWFKRXF [ SLOHV $$ 9 LQFOXVHV 2UGHU QU
¼ ¼
1(:
OX[
OX[
/LJKW RXWSXW
/LJKW RXWSXW
:/ (
:/ (
/(' ZHUNODPS PHW KHOGHU ZLWWH /(' GLRGHV 'UDDGORRV KHURSODDGEDDU 0HW ODGHU HQ /(' ODDGLQ GLFDWRU 1L0+ P$+ KHURSODDGEDUH EDWWHULMHQ /DPSH GH WUDYDLO /(' j ODPSHV /(' FODLUHV /DPSH SRUWDEOH UHFKDUJHDEOH $YHF FKDUJHXU HW LQGLFDWHXU GH FKDUJH %DWWHULHV 1L0+ P$+ UHFKDUJHDEOHV )RUPDW FRPSDFW HW WUDQV SRUWDEOH /LFKWVWHUNWH )RUFH GH OD OXPLqUH /X[ VXU P /HQJWH /RQJXHXU PP 2UGHU QU ¼
1(: 35,&(
¼
:/ (
/(' FRQWUROHODPS PHW KRJH LQWHQVLWHLW OHGV +HUODDGEDDU HQ GUDDGORRV 0XOWL KRHN KDDNVWDQG PHFKDQLVPH YRRU KDQGYULMH EHGLHQLQJ 0HW ODDGVWDWLRQ DDQ HHQ PXXU PRQWHHU EDDU 1L0+ EDWWHULM YRRU KHW KHUODGHQ $& ODDGDGDSWRU $& RSODDGVWDWLRQ HQ 9 VQRHU LQEHJUHSHQ /DPSH G¶LQVSHFWLRQ DYHF /('6 GH IRUWH LQWHQVLWp 5HFKDUJHDEOH HW VDQV ¿O /H PpFDQLVPH GH FURFKHW PXOWL DQJOHV OLEqUHQW OHV PDLQV GH O¶RSpUDWLRQ 6WDWLRQ GH FKDUJH PXUDOH LQFOXVH %DWWHULH 1L0+ SRXU OD UHFKDUJH FRQVLVWDQW $GDSWHXU GH FKDUJH $& VWDWLRQ GH FKDUJH $& HW FkEOH 9 IRXUQL
:/7 '
/(' ]DNODPS PHW OHGV 5XEEHU KDQGYDW [ ' 9 EDWWHULMHQ LQEHJUHSHQ /DPSH GH SRFKH /(' DYHF OHGV 3RLJQpH HQ FDRXWFKRXF [ SLOHV ' 9 LQFOXVHV 2UGHU QU
¼
:/7 9
+DQGODPS %DWWHULM 9 LQEHJUHSHQ /DPSH SRUWDEOH %DWWHULH 9 LQFOXVH &DSDFLWHLW &DSDFLWp : 2UGHU QU
¼
/LFKW RXWSXW )RUFH GH OD OXPLqUH /X[ :HUNGXXU 'XUpH GH WUDYDLO K 9ROWDJH DGDSWRU $GDSWDWHXU YROWDJH 9 $& 9 '& 2UGHU QU ¼
1(: 35,&(
0DFKLQH
7RRO
¼
/(' ZHUNODPS PHW KHOGHU ZLWWH /(' GLRGHV 'UDDGORRV KHURSODDGEDDU 0HW $& HQ 9 ODGHU HQ /('ODDGLQGLFDWRU 1L0+ P$+ KHURSODDGEDUH EDWWHULMHQ /DPSH GH WUDYDLO /(' j ODP SHV /(' FODLUHV /DPSH SRUWDEOH UHFKDUJHDEOH $YHF FKDUJHXU $& HW 9 HW LQGLFDWHXU GH FKDUJH %DWWHULHV 1L0+ P$+ UH FKDUJHDEOHV )RUPDW FRPSDFW HW WUDQVSRUWDEOH
/LFKWVWHUNWH KLJK )RUFH GH OD OXPLqUH PD[ /X[ RS P /LFKWVWHUNWH ORZ )RUFH GH OD OXPLqUH PLQ /X[ VXU P 2UGHU QU ¼
1(: 35,&(
¼
.DEHOKDVSHO PHW ZHUNODPS OHGV (QURXOHXU DXWRPDWLTXH DYHF ODPSH GH WUDYDLO OHGV
+$= 9 [ PP / P 2UGHU QU
¼
722/ 6725$*( 722/ 6725$*( :(5./$03(1 /$03(6 +$/2
:(5./$03(1 /$03(6 352), :25. =%/.
=%/+ 6)
0RGHO RS YRHW &DS : .DEHO +1 51 ) YDQ / P HQ VWHNNHU 1LHW JHVFKLNW YRRU JHEUXLN RS ZHUYHQ LQ 1HGHUODQG 0RGqOH VXU VRFOH &DS : &kEOH +1 51 ) GH / P HW ¿FKH 1¶HVW SDV SUpYX SRXU XWLOLVDWLRQ VXU OHV FKDQWLHUV DX[ 3D\V %DV 2UGHU QU ¼
:HUNODPS NRXGOLFKW 3UR¿ :RUN RS 6 YRHW =%/. 6) RI RS KRJH YRHW =%/. +) /DPSH D OXPLqUH IURLGH 3UR¿ :RUN VXU SLHG 6 =%/. 6) RX VXU WUL SLHG =%/. +)
=%/+ [ 6)
0RGHO RS YRHW &DS [ : 6RIW UXEEHU KDQGYDW $IQHHP EDDU YRRU JHEUXLN RS NOHLQH YRHW 1LHW JHVFKLNW YRRU JHEUXLN RS ZHUYHQ LQ 1HGHUODQG 0RGqOH VXU VRFOH &DS [ : 0DQFKH HQUREpH GH FDRXW FKRXF 'pPRQWDEOH SRXU O¶XVDJH VXU OH SHWLW SLHG 1¶HVW SDV SUpYX SRXU XWLOLVDWLRQ VXU OHV FKDQWLHUV DX[ 3D\V %DV 2UGHU QU ¼
0RGHO RS KRJH YRHW + P .DEHO +1 51 ) YDQ / P HQ VWHNNHU $IQHHPEDDU YRRU JHEUXLN RS NOHLQH YRHW 6RIW UXEEHU KDQGYDW 1LHW JHVFKLNW YRRU JHEUXLN RS ZHUYHQ LQ 1HGHUODQG 0RGqOH VXU WUL SLHG + P &DEOH +1 51 ) GH / P HW ¿FKH 'pPRQWDEOH SRXU O¶XVDJH VXU OH SHWLW SLHG 0DQFKH HQUREpH GH FDRXW FKRXF 1¶HVW SDV SUpYX SRXU XWLOLVDWLRQ VXU OHV FKDQWLHUV DX[ 3D\V %DV
=%/. 6) &DS [ : &DS /XPHQ 2UGHU QU
¼ 1(: ¼
=%/. +) &DS [ : &DS /XPHQ 2UGHU QU
¼ 1(: ¼
=%/+ +) 9 &DS : 2UGHU QU ¼
=%/+ [ +) 9 &DS [ : 2UGHU QU ¼
=%/. $ 9RHW VRFOH
2UGHU QU
¼
¼ 1(:
0DFKLQH
7RRO
75$163257 $IP EXL]HQ GLP SUR¿OHV [ PP /XFKWEDQGHQ SQHXV JRQÃ&#x20AC;pV GLDP PP $OOH ZLHOHQ RS UROODJHUV 7RXWHV OHV URXHV VXU URXOHPHQWV j URXOHDX[
7<3( 67$1'$5'
7<3( 67$1'$5' $/8
6+&
6+& $
/ [ ' [ + [ [ PP * [ 3 [ PP &DS NJ NJ 2UGHU QU
7<3( %,* %2;
¼
7<3( /21*
/ [ ' [ + [ [ PP * [ 3 [ PP &DS NJ NJ 2UGHU QU
¼
7<3( /21* $/8
YHUWLFDOH SRVLWLH SRVLWLRQ YHUWLFDOH
0RGHO PHW LQNODSEDUH YRHWSODDW YRRU JURWH GR]HQ 7\SH j SHOOH UHSOLDEOH SRXU JURV FDUWRQV
6+&$
/['[+ [ [ PP *[3 [ PP &DS NJ NJ 2UGHU QU
¼
/ [ ' [ + [ [ PP * [ 3 [ PP &DS NJ NJ 2UGHU QU
7<3( %,* %2; 75$3
7<3( +($9< '87<
6+&
6+&
/ [ ' [ + [ [ PP $IPHWLQJHQ WDIHO [ PP $IPHWLQJHQ EXL]HQ [ PP 'LDPHWHU EDQGHQ PP &DS NJ NJ 2UGHU QU
6+&
0DFKLQH
7RRO
¼
/ [ ' [ + [ [ PP $IPHWLQJHQ WDIHO [ PP $IPHWLQJHQ EXL]HQ [ PP 'LDPHWHU EDQGHQ PP &DS NJ NJ 2UGHU QU
6+& $
/ [ ' [ + [ [ PP * [ 3 [ PP &DS NJ NJ 2UGHU QU
¼
7<3( *$6
6+&
¼
/ [ ' [ + [ [ PP * [ 3 [ PP &DS NJ NJ $IP EXL]HQ GLP SUR¿OHV [ PP 2UGHU QU
¼
7UDQVSDOOHW VWRSSHU 9RRUNRPW ZHJUROOHQ YDQ WUDQVSDOOHWV KHIWUXFNV « 9HUYDDUGLJG XLW VWHUN SODVWLF PHW KDQGYDW %ORTXH WUDQVSDOHWWH (YLWH TXH OH WUDQVSD OHWWH ERXJH GXUDQW OH WUDQVSRUW )DEULTXp HQ SODVWLTXH WUqV VROLGH DYHF SRLJQpH
3+6
7UDQVSRUWUROOHQVHW YRRU Ã&#x20AC;H[LEHO YHUSODDWVHQ YDQ ]ZDUH ODVWHQ ,QKRXG VHW WUDQVSRUWUROOHQ GUDDLEDUH URQGH GUDDJSODWHQ KRHNLJH GUDDJSODWHQ YHUELQGLQJVVWDQJHQ VWXXUEDUHQ WUHNVWDQJ HQ PHWDOHQ NRIIHU PHW ZLHOHQ HQ KDQGYDWHQ -HX GH URXOHDX[ GH WUDQVSRUW SRXU GpPpQDJHU GH ORXUGHV FKDUJHV GH PDQLqUH Ã&#x20AC;H[LEOH &RQWHQX URX OHDX[ GH WUDQVSRUW SODWHDX[ PRELOHV URQG SODWHDX[ HQ FRLQ WLJHV GH OLDLVRQ EDUUHV SRXU JXLGHU OHYLHU HW FRIIUH PpWDOLTXH DYHF URXHV HW SRLJQpHV
75
[ [ PP NJ 2UGHU QU
&DS 7 NJ + PP 2UGHU QU
¼
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+HIVWDQJ /HYLHU +6 &DS 7 PP NJ 2UGHU QU ¼
(75 39
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¼
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¼
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