,167$//$7,21
l
)5$1d$,6
,QVWDOODWLRQ
(PSODFHPHQWGXWpOpYLVHXU
6XLYUHFHVUHFRPPDQGDWLRQVDYDQWGHGpWHUPLQHUO¶HPSODFHPHQW
GXWpOpYLVHXU
3URWpJHU O¶DSSDUHLO FRQWUH OHV UD\RQV VRODLUHV XQ
pFODLUDJHLQWHQVHHWOHVUHIOHWV
3URWpJHUO¶DSSDUHLOFRQWUHODFKDOHXURXO¶KXPLGLWp8QH
DpUDWLRQLQVXIILVDQWHSRXUUDLWSURYRTXHUXQGpUDQJHPHQW
GHVFRPSRVDQWHVLQWHUQHV
8Q pFODLUDJH IOXRUHVFHQW SHXW UpGXLUH OD SRUWpH GH OD
WpOpFRPPDQGH
eYLWHU GH SODFHU OH WpOpYLVHXU SUqV G¶XQ DSSDUHLO
GpJDJHDQW XQ FKDPS PDJQpWLTXH QRWDPPHQW GHV
PRWHXUVGHVYHQWLODWHXUVRXGHVKDXWSDUOHXUVH[WHUQHV
$77(17,21 1H SODFHUFHWpOpYLVHXUTXHVXU XQ
PHXEOHRXVXSSRUWUHFRPPDQGpSDUOHIDEULFDQWRX
YHQGXDYHFO¶DSSDUHLO'pSODFHUDYHFSUpFDXWLRQWRXW
VXSSRUW j URXOHWWHV SRUWDQW O¶DSSDUHLO DILQ G¶pYLWHU
WRXWHEOHVVXUHTXH SRXUUDLW FDXVHUOH EDVFXOHPHQW
GXVXSSRUWHWRXGX WpOpYLVHXU3RXUOD SURWHFWLRQGHVHQIDQWV
V¶DVVXUHU TXH OH WpOpYLVHXU HVW SODFp VXU XQ PHXEOH VWDEOH QH
SRXYDQWrWUHEDVFXOpSRXVVpRXWLUpHWHPSrFKDQWWRXWHQIDQWGH
PRQWHURXGHV¶DVVHRLUGHVVXV
&7(&7(8
$77(17,21
1¶XWLOLVHU TXH OH PHXEOH 7<(7GH
3DQDVRQLF DYHFFHWpOpYLVHXU/¶XWLOLVDWLRQG¶XQDXWUHPHXEOH
RX FKDULRW SRXUUDLW FDXVHU XQH LQVWDELOLWp VXVFHSWLEOH GH
SURYRTXHUGHVEOHVVXUHV
&7(&7(8
$77(17,21
1¶XWLOLVHU TXH OH PHXEOH 7<(7GH
3DQDVRQLF DYHFFHWpOpYLVHXU/¶XWLOLVDWLRQG¶XQDXWUHPHXEOH
RX FKDULRW SRXUUDLW FDXVHU XQH LQVWDELOLWp VXVFHSWLEOH GH
SURYRTXHUGHVEOHVVXUHV
&7(&7(8
$77(17,21
1¶XWLOLVHU TXH OH PHXEOH 7<(7GH
3DQDVRQLF DYHFFHWpOpYLVHXU/¶XWLOLVDWLRQG¶XQDXWUHPHXEOH
RX FKDULRW SRXUUDLW FDXVHU XQH LQVWDELOLWp VXVFHSWLEOH GH
SURYRTXHUGHVEOHVVXUHV
%UDQFKHPHQWGHVRXUFHVDX[LOLDLUHV
/HVEUDQFKHPHQWVjG¶DXWUHVDSSDUHLOVGHYUDLHQWrWUHIDLWVDYHF
GHVFkEOHVDXGLRHWYLGpREOLQGpV3RXUGHPHLOOHXUVUpVXOWDWV
8WLOLVHUGHVFkEOHVFRD[LDX[EOLQGpVGHRKPV
8WLOLVHUOHVSULVHVG¶HQWUpHHWGHVRUWLHFRUUHVSRQGDQWDX[
DSSDUHLOVDX[LOLDLUHV
$ILQGH UpGXLUHOH ULVTXHG¶LQWHUIpUHQFHpYLWHUG¶XWLOLVHU
GHVFkEOHVORQJV
&RUGRQG¶DOLPHQWDWLRQ
3/$&(5/(&25'21'¶$/,0(17$7,21'$1681(1'52,7
2Ô,/1(5,648(3$6'¶Ç75(3,e7,1e&2,1&ee&5$6e
3/,e (7& )$,5( 3$57,&8/,Ê5(0(17 $77(17,21 ¬ 6(6
(;75e0,7e6),&+(6(735,6(6&2035,6(6
&kEOHDQWHQQH
3RXU XQH ERQQH UpFHSWLRQ GHV FDQDX[ 9+)8+) OH
EUDQFKHPHQWj XQH DQWHQQH RXj OD FkEORGLVWULEXWLRQHVW
QpFHVVDLUH
%UDQFKHPHQWjODFkEORGLVWULEXWLRQ
%UDQFKHU OH WpOpYLVHXU DX FkEOH GH OD
FRPSDJQLHGHFkEORGLVWULEXWLRQ
1RWD ,OSHXWrWUHQpFHVVDLUHG¶XWLOLVHUXQ
FkEORVpOHFWHXU SRXU DVVXUHU XQH
UpFHSWLRQGHTXDOLWpRSWLPDOH3RXU
GHV UHQVHLJQHPHQWV VXU OD
FRPSDWLELOLWp FRQVXOWHU OD
FRPSDJQLHGHFkEORGLVWULEXWLRQ
%UDQFKHPHQWjXQHDQWHQQH
3RXU XQH ERQQH UpFHSWLRQ GHV
FDQDX[9+)8+)OHEUDQFKHPHQW
j XQH DQWHQQH HVW QpFHVVDLUH
8QH DQWHQQH H[WpULHXUH GRQQHUD
GHPHLOOHXUVUpVXOWDWV
5(16(,*1(0(176,03257$176¬ 352326'(
/¶87,/,6$7,21'(-(8;9,'e2'¶25',1$7(856(7
'(6285&(6'¶,0$*(6),;(6
0,6((1 *$5'(/H PDUTXDJHRX ODUpPDQHQFH
GH O¶LPDJH FDXVp SDU O¶DIILFKDJH SURORQJp G¶XQH
LPDJHIL[HQ¶HVWSDVOHUpVXOWDWG¶XQHGpIHFWXRVLWp
HWQ¶HVWGRQFSDVFRXYHUWSDUODJDUDQWLH
/H
WpOpYLVHXU HVW FRQoX SRXU DIILFKHU GHV LPDJHV
DQLPpHV /¶DIILFKDJH SURORQJp G¶LPDJHV IL[HV WHOOHV
TXH GHV LPDJHV DXIRUPDW ³ERvWH DX[ OHWWUHV´ VXU XQ
pFUDQGHWpOpYLVLRQRUGLQDLUHDYHFGHV EDQGHVQRLUHV
GDQVOHKDXWHWOHEDVGHVLPDJHVDXIRUPDWRUGLQDLUH
QRQ UHFDGUpHV VXU XQ JUDQG pFUDQ DYHF GHV
EDQGHV VXU FKDTXH F{Wp GHV EDQGHVGHGpILOHPHQW
GDQV OH EDV GH O¶pFUDQ GHV P RWLIV SHUPDQHQWV GH
FHUWDLQVMHX[YLGpRGHV SDQQHDX[GHSRLQWDJHIL[HV
GHVORJRVGHFDQDX[XOWUD O XPLQHX[HWGHVPRWLIVHQ
OLJQH ,QWHUQHW RX UpSpWLWLIVG¶RUGLQDWHXUVGHYUDLWrWUH
OLPLWp
/¶DIILFKDJHSURORQJpG¶LPDJHVIL[HVSHXWHQGRPPDJHU
LUUpPpGLDEOHPHQWOHWXEHLPDJHGRPPDJHTXLSUHQG
ODIRUPHG¶XQHLPDJH IDQW{PH 3RXUSUpYHQLUGHWHOV
GRPPDJHV LO HVW UHFRPPDQGp GH SUHQGUH OHV
PHVXUHVVXLYDQWHV
1HSDVDIILFKHUXQHLPDJHIL[HSHQGDQWXQHSpULRGH
SURORQJpH
$SUqV XVDJH WRXMRXUV FRXSHU OH FRQWDFW VXU OH
WpOpYLVHXU
Prod 0459F.fm Page 3 Monday, May 19, 2003 11:22 AM