Download GE CV966TSS Instructions / Assembly

Transcript
Vented
Range Hoods
GEAppliances.com
Owner’s Manual
and Installation
Instructions
Safety Instructions. . . . . . . . . . . 2
Operating Instructions
Fan Control. . . . . . . . . . . . . . . . . . . . . . . 3
Light Control. . . . . . . . . . . . . . . . . . . . . . 4
JV936
JV966
CV936
CV966
Care and Cleaning
Grease Filters. . . . . . . . . . . . . . . . . . . . . 5
Hood Lights. . . . . . . . . . . . . . . . . . . . . . . 6
Stainless Steel Surfaces . . . . . . . . . . . 5
Installation Instructions. . 6–17
Troubleshooting Tips . . . . . . . . 18
Consumer Support
Consumer Support. . . . . . . . . . . . . . 22
Owner Registration. . . . . . . . . . . 19, 20
Warranty. . . . . . . . . . . . . . . . . . . . . . . 21
Write the model and serial
numbers here:
Model #_ _______________
Serial #_________________
You can find them on a label
on the inside of the hood.
LI275B
49-80520-3
08-11 GE
,03257$176$)(7<,1)250$7,21
5($'$//,16758&7,216%()25(86,1*
6$)(7<35(&$87,216
:$51,1*²725('8&(7+(5,6.2)),5(
(/(&75,&6+2&.25,1-85<723(562162%6(59(7+(
)2//2:,1*
$ 8VHWKLVXQLWRQO\LQWKHPDQQHULQWHQGHGE\WKHPDQXIDFWXUHU
,I\RXKDYHTXHVWLRQVFRQWDFWWKHPDQXIDFWXUHU
% %HIRUHVHUYLFLQJRUFOHDQLQJXQLWVZLWFKSRZHURIIDWVHUYLFH
SDQHODQGORFNWKHVHUYLFHGLVFRQQHFWLQJPHDQVWRSUHYHQW
SRZHUIURPEHLQJVZLWFKHGRQDFFLGHQWDOO\:KHQWKHVHUYLFH
GLVFRQQHFWLQJPHDQVFDQQRWEHORFNHGVHFXUHO\IDVWHQD
SURPLQHQWZDUQLQJGHYLFHVXFKDVDWDJWRWKHVHUYLFHSDQHO
& 'RQRWXVHWKLVXQLWZLWKDQ\VROLGVWDWHVSHHGFRQWUROGHYLFH
' 7KLVXQLWPXVWEHJURXQGHG
&$87,21²
)25*(1(5$/9(17,/$7,1*86(21/<
'212786(72(;+$867+$=$5'28625(;3/26,9(0$7(5,$/6
$1'9$3256
:$51,1*²
725('8&(7+(5,6.2),1-85<72
3(56216,17+((9(172)$5$1*(723*5($6(),5(2%6(59(
7+()2//2:,1*
$ 6027+(5)/$0(6ZLWKDFORVHILWWLQJOLGFRRNLHVKHHWRUPHWDO
WUD\WKHQWXUQRIIWKHEXUQHU%(&$5()8/7235(9(17%8516,I
WKHIODPHVGRQRWJRRXWLPPHGLDWHO\(9$&8$7($1'&$//7+(
),5('(3$570(17
% 1(9(53,&.83$)/$0,1*3$1³<RXPD\EHEXUQHG
& '212786(:$7(5LQFOXGLQJZHWGLVKFORWKVRUWRZHOV³D
YLROHQWVWHDPH[SORVLRQZLOOUHVXOW
' 8VHDQH[WLQJXLVKHU21/<LI
<RXNQRZ\RXKDYHD&ODVV$%&H[WLQJXLVKHUDQG\RX
DOUHDG\NQRZKRZWRRSHUDWHLW
7 KHILUHLVVPDOODQGFRQWDLQHGLQWKHDUHDZKHUHLWVWDUWHG
7KHILUHGHSDUWPHQWLVEHLQJFDOOHG
<RXFDQILJKWWKHILUHZLWK\RXUEDFNWRDQH[LW
%DVHGRQ´.LWFKHQ)LUH6DIHW\µSXEOLVKHGE\1)3$
:$51,1*²
725('8&(7+(5,6.2)$5$1*(
723*5($6(),5(
$ 1HYHUOHDYHVXUIDFHXQLWVXQDWWHQGHGDWKLJKVHWWLQJV%RLORYHUV
FDXVHVPRNLQJDQGJUHDV\VSLOORYHUVWKDWPD\LJQLWH+HDWRLOV
VORZO\RQORZRUPHGLXPVHWWLQJV
% $OZD\VWXUQKRRG21ZKHQFRRNLQJRQKLJKKHDWRUZKHQ
IODPEpLQJIRRGLH&UHSHV6X]HWWH&KHUULHV-XELOHH3HSSHUFRUQ
%HHI)ODPEp
& &OHDQYHQWLODWLQJIDQVIUHTXHQWO\*UHDVHVKRXOGQRWEHDOORZHG
WRDFFXPXODWHRQIDQRUILOWHU
' 8VHSURSHUSDQVL]H$OZD\VXVHFRRNZDUHDSSURSULDWHIRUWKH
VL]HRIWKHVXUIDFHHOHPHQW
:$51,1*²
725('8&(7+(5,6.2)),5(
(/(&75,&6+2&.25,1-85<723(562162%6(59(7+(
)2//2:,1*
$ ,QVWDOODWLRQZRUNDQGHOHFWULFDOZLULQJPXVWEHGRQHE\
TXDOLILHGSHUVRQVLQDFFRUGDQFHZLWKDOODSSOLFDEOHFRGHV
DQGVWDQGDUGVLQFOXGLQJILUHUDWHGFRQVWUXFWLRQ
% 6XIILFLHQWDLULVQHHGHGIRUSURSHUFRPEXVWLRQDQGH[KDXVWLQJ
RIJDVHVWKURXJKWKHIOXHFKLPQH\RIIXHOEXUQLQJHTXLSPHQW
WRSUHYHQWEDFNGUDIWLQJ)ROORZWKHKHDWLQJHTXLSPHQW
PDQXIDFWXUHU·VJXLGHOLQHDQGVDIHW\VWDQGDUGVVXFKDV
WKRVHSXEOLVKHGE\WKH1DWLRQDO)LUH3URWHFWLRQ$VVRFLDWLRQ
1)3$WKH$PHULFDQ6RFLHW\IRU+HDWLQJ5HIULJHUDWLRQDQG
$LU&RQGLWLRQLQJ(QJLQHHUV$6+5$(DQGWKHORFDOFRGH
DXWKRULWLHV
& :KHQFXWWLQJRUGULOOLQJLQWRZDOORUFHLOLQJGRQRWGDPDJH
HOHFWULFDOZLULQJDQGRWKHUKLGGHQXWLOLWLHV
' 'XFWHGIDQVPXVWDOZD\VEHYHQWHGWRWKHRXWGRRUV
:$51,1*²
725('8&(7+(5,6.2)),5($1'72
3523(5/<(;+$867$,5%(685(72'8&7$,52876,'(³'2127
9(17(;+$867$,5,17263$&(6:,7+,1:$//625&(,/,1*625
,172$77,&6&5$:/63$&(625*$5$*(6
:$51,1*²
725('8&(7+(5,6.2)),5(86(
21/<0(7$/'8&7:25.
„
'RQRWDWWHPSWWRUHSDLURUUHSODFHDQ\SDUWRI\RXUKRRGXQOHVV
LWLVVSHFLILFDOO\UHFRPPHQGHGLQWKLVJXLGH$OORWKHUVHUYLFLQJ
VKRXOGEHUHIHUUHGWRDTXDOLILHGWHFKQLFLDQ
5($'$1')2//2:7+,66$)(7<,1)250$7,21&$5()8//<
5($'$1'6$9(7+(6(,16758&7,216
8VLQJWKHKRRGFRQWUROV
*($SSOLDQFHVFRP
7KURXJKRXWWKLVPDQXDOIHDWXUHVDQGDSSHDUDQFHPD\YDU\IURP\RXUPRGHO
)$1&RQWURO
/,*+7&RQWURO
7XUQWKH)$1VSHHGFRQWUROWR/20('/2
0('+,RU+,DVQHHGHG
7XUQWKH/,*+7FRQWUROWR+,IRUEULJKWOLJKWZKLOH
FRRNLQJ7XUQWR1,7(IRUXVHDVDQLJKWOLJKW
&RQWLQXRXVXVHRIWKHIDQV\VWHPZKLOHFRRNLQJKHOSV
NHHSWKHNLWFKHQFRPIRUWDEOHDQGOHVVKXPLG,WDOVR
UHGXFHVFRRNLQJRGRUVDQGVRLOLQJPRLVWXUHWKDW
FUHDWHDIUHTXHQWQHHGIRUFOHDQLQJ
127(:KHQWKHIDQLVRSHUDWLQJRQWKH/2VHWWLQJ
LWZLOOEHYHU\TXLHW$OZD\VPDNHVXUHWKDWWKHIDQLV
WXUQHG2))ZKHQ\RXDUHILQLVKHGLQWKHNLWFKHQ
&DUHDQGFOHDQLQJRIWKHYHQWKRRG
%HVXUHHOHFWULFDOSRZHULVRIIDQGDOOVXUIDFHVDUHFRROEHIRUHFOHDQLQJRUVHUYLFLQJDQ\SDUWRIWKHYHQWKRRG
5HXVDEOH0HWDO*UHDVH)LOWHUV
7KHKRRGKDVPHWDOUHXVDEOHJUHDVH
ILOWHUV
7KHPHWDOILOWHUVWUDSJUHDVHUHOHDVHG
E\IRRGVRQWKHFRRNWRS7KH\DOVR
KHOSSUHYHQWIODPLQJIRRGVRQWKH
FRRNWRSIURPGDPDJLQJWKHLQVLGHRI
WKHKRRG
)RUWKLVUHDVRQWKHILOWHUVPXVW
$/:$<6EHLQSODFHZKHQWKHKRRG
LVXVHG7KHJUHDVHILOWHUVVKRXOGEH
FOHDQHGRQFHDPRQWKRUDVQHHGHG
7RFOHDQWKHJUHDVHILOWHUVVRDN
WKHPDQGWKHQVZLVKWKHPDURXQG
LQKRWZDWHUDQGGHWHUJHQW'RQ·W
XVHDPPRQLDRUDPPRQLDSURGXFWV
EHFDXVHWKH\ZLOOGDUNHQWKHPHWDO
'RQRWXVHDEUDVLYHVRURYHQFOHDQHUV
/LJKWEUXVKLQJFDQEHXVHGWRUHPRYH
HPEHGGHGGLUW5LQVHVKDNHDQGOHW
WKHPGU\EHIRUHUHSODFLQJ
7RUHPRYH
*UDVSWKHILOWHUKDQGOHDQGSXOOLWXS
IRUZDUGDQGRXW
7RUHSODFH
+ROGWKHILOWHUDWWKHERWWRPZLWK
WKHKDQGOH
3ODFHWKHWRSHQGRIWKHILOWHU
DJDLQVWWKHLQVLGHIURQWRIWKH
KRRG
6OLGHLWXSXQWLOLWVWRSVDQGSXVK
WKHERWWRPHQGEDFNXQWLOLWVQDSV
LQWRSODFH
6WDLQOHVV6WHHO6XUIDFHV
'RQRWXVHDVWHHOZRROSDGLWZLOO
VFUDWFKWKHVXUIDFH
7RLQTXLUHDERXWSXUFKDVLQJVWDLQOHVV
VWHHODSSOLDQFHFOHDQHURUSROLVKRUWR
ILQGWKHORFDWLRQRIDGHDOHUQHDUHVW
7RFOHDQWKHVWDLQOHVVVWHHOVXUIDFH
\RXSOHDVHFDOORXUWROOIUHHQXPEHU
XVHZDUPVXGV\ZDWHURUDVWDLQOHVV
VWHHOFOHDQHURUSROLVK$OZD\VZLSHWKH 1DWLRQDO3DUWV&HQWHU
VXUIDFHLQWKHGLUHFWLRQRIWKHJUDLQ
)ROORZWKHFOHDQHULQVWUXFWLRQVIRU
*($SSOLDQFHVFRP
FOHDQLQJWKHVWDLQOHVVVWHHOVXUIDFH
*($SSOLDQFHVFRP
%HVXUHHOHFWULFDOSRZHULVRIIDQGDOOVXUIDFHVDUHFRROEHIRUHFOHDQLQJRUVHUYLFLQJDQ\SDUWRIWKHYHQWKRRG
5HFHSWDFOH
6RFNHW
+RRG/LJKWV
127(7KHJODVVFRYHUVKRXOGEHUHPRYHG
RQO\ZKHQFROG:HDULQJODWH[JORYHVPD\
RIIHUDEHWWHUJULS
5HFHSWDFOH
&$87,21
%XOE
*ODVVFRYHU
%HIRUHUHSODFLQJ\RXU
OLJKWEXOEGLVFRQQHFWWKHHOHFWULFDOSRZHUWR
WKHKRRGDWWKHPDLQIXVHRUFLUFXLWEUHDNHU
SDQHO
%HVXUHWROHWWKHOLJKWFRYHUDQGEXOEFRRO
FRPSOHWHO\
8VHJORYHV
RUFORWK
)RU\RXUVDIHW\GRQRWWRXFKDKRWEXOEZLWK
EDUHKDQGVRUDGDPSFORWK
3XVKWKHEXOEVWUDLJKWLQWRWKHUHFHSWDFOH
DOOWKHZD\
7RUHPRYH
7XUQWKHJODVVFRYHUFRXQWHUFORFNZLVHXQWLO
WKHJODVVFRYHUFOHDUVWKHVRFNHW
3ODFHWKHJODVVFRYHURQWRWKHVRFNHWDQG
WXUQFORFNZLVHXQWLOVHFXUH
8VLQJJORYHVRUDGU\FORWKUHPRYHWKH
EXOEE\SXOOLQJLWVWUDLJKWRXW
7RUHSODFH
8VHDQHZYROWZDWWPD[LPXP
+DORJHQEXOEIRUD*EDVH
)RULPSURYHGOLJKWLQJFOHDQWKHJODVVFRYHU
IUHTXHQWO\XVLQJDGDPSFORWK7KLVVKRXOG
EHGRQHZKHQWKHKRRGLVFRPSOHWHO\FRRO
5HFRQQHFWHOHFWULFDOSRZHUWRWKHKRRG
8VLQJJORYHVRUDGU\FORWKUHPRYHWKH
QHZEXOEIURPLWVSDFNDJLQJ
127('RQRWWRXFKWKHQHZKDORJHQEXOE
ZLWKEDUHILQJHUV7RXFKLQJWKHEXOEZLWK
EDUHILQJHUVZLOOVLJQLILFDQWO\UHGXFHWKHOLIH
RIWKHEXOE
,QVWDOODWLRQ
,QVWUXFWLRQV
5DQJH+RRGV
4XHVWLRQV"&DOO*(&$5(6RUYLVLWRXU:HEVLWHDWZZZ*($SSOLDQFHVFRP
%()25(<28%(*,1
352'8&7',0(16,216
5HDGWKHVH,QVWUXFLWRQVFRPSOHWHO\DQGFDUIXOO\
,03257$17³6DYHWKHVHLQVWUXFWLRQV
µ
‡
IRUORFDOLQVSHFWRU·VXVH
,03257$17³2EVHUYHDOOJRYHUQLQJ
‡
FRGHVDQGRUGLQDQFHV
µ
‡1RWHWR,QVWDOOHU³%HVXUHWROHDYHWKHVH
LQVWUXFWLRQVZLWKWKH&RQVXPHU
‡1RWHWR&RQVXPHU³.HHSWKHVHLQVWUXFLWRQV
IRUIXWXUHUHIHUHQFH
µ
‡6NLOO/HYHO³,QVWDOODWLRQRIWKLVYHQWKRRG
UHTXLUHVEDVLFPHFKDQLFDODQGHOHFWULFDOVNLOOV
‡&RPSOHWLRQWLPH³WRKRXUV
‡3URSHULQVWDOODWLRQLVWKHUHVSRQVLELOLW\RIWKH
LQVWDOOHU
‡3URGXFWIDLOXUHGXHWRLPSURSHULQVWDOODWLRQLV
QRWFRYHUHGXQGHUWKH:DUUDQW\
µ
µ0RGHOV
5HTXLUHVDµRSHQLQJ
µ
&$87,21
µ
'XHWRWKHZHLJKWDQGVL]HRIWKHVHYHQWKRRGV
DQGWRUHGXFHWKHULVNRISHUVRQDOLQMXU\RU
GDPDJHWRWKHSURGXFW7:23(23/($5(
5(48,5(')253523(5,167$//$7,21
µ
µ0RGHOV
5HTXLUHVDµRSHQLQJ
)25<2856$)(7<
%HIRUHEHJLQQLQJWKHLQVWDOODWLRQVZLWFKSRZHU
RIIDWVHUYLFHSDQHODQGORFNWKHVHUYLFH
GLVFRQQHFWLQJPHDQVWRSUHYHQWSRZHUIURP
EHLQJVZLWFKHGRQDFFLGHQWDOO\:KHQWKHVHUYLFH
GLVFRQQHFWLQJPHDQVFDQQRWEHORFNHGVHFXUHO\
IDVWHQDSURPLQHQWZDUQLQJGHYLFHVXFKDVDWDJ
WRWKHVHUYLFHSDQHO
µ
,QVWDOODWLRQ,QVWUXFWLRQV
,167$//$7,21&/($5$1&(6
237,21$/$&&(6625,(6
7KHVHYHQWKRRGVDUHGHVLJQHGWREHLQVWDOOHGRQWR
DZDOO7KH\PD\EHLQVWDOOHGEHQHDWKDVRIILWRU
FDELQHW
‡,QVWDOOWKHVHKRRGVµ0LQWRµ0D[DERYHWKH
FRRNLQJVSDFH
'XFW&RYHU
$GHFRUDWLYHGXFWFRYHULVDYDLODEOHWR
DFFRPPRGDWHWRIWFHLOLQJKHLJKWV7KHGXFW
FRYHUZLOOH[SDQGIURPµ0LQRUµWRµ0D[
KHLJKW
‡ 7KHGXFWFRYHUFRQFHDOVWKHGXFWZRUNUXQQLQJ
IURPWKHWRSRIWKHKRRGWRWKHFHLOLQJ
‡ 7KHGXFWFRYHUDFFHVVRU\ILWVERWKµDQGµ
ZLGHPRGHOV2UGHUWKHGXFWFRYHUDFFHVVRU\DW
WKHVDPHWLPHDVWKHYHQWKRRG$OODFFHVVRULHV
VKRXOGEHRQVLWHDWWKHWLPHRIKRRG
LQVWDOODWLRQ
2UGHU-;&+66
62)),7,167$//$7,21
62)),7
µ0,1
µ0$;
&HLOLQJ
%UDFNHW
,QWKLVLQVWDOODWLRQWKHGXFWZRUNUXQQLQJIURPWKH
WRSRIWKHKRRGZLOOEHFRQFHDOHGLQWKHVRIILWRU
XSSHUFDELQHWU\
:$//02817,167$//$7,21
:RRG
6FUHZV
:DVKHUV
:DOO
)DVWHQHUV
3KLOOLSV
+HDG6FUHZV
µ0,1
µ0$;
3KLOOLSV+HDG
'HFRUDWLYH6FHZV
)RUWKLVLVQWDOODWLRQDGHFRUDWLYHGXFWFRYHULV
DYDLODEOHWRFRQFHDOWKHGXFWZRUNUXQQLQJIURP
WKHWRSRIWKHKRRG8VHRIWKHGXFWFRYHUUHTXLUHV
VSHFLDOFRQVLGHUDWLRQWRWKHLQVWDOODWLRQKHLJKWDERYH
WKHFRXQWHUWRS6HHSDJHIRUGHWDLOV
3LHFH'XFW
&RYHUZLWK
&HLOLQJ%UDFNHW
,QVWDOODWLRQ,QVWUXFWLRQV
$'9$1&(3/$11,1*
'(&25$7,9('8&7&29(56
'XFWZRUN3ODQQLQJ
‡ 7KLVKRRGPD\EHYHQWHGYHUWLFDOO\WKURXJKXSSHUFDELQHWV
VRIILWRUFHLOLQJ$GXFWWUDQVLWLRQSLHFHLVVXSSOLHGIRUYHUWLFDO
H[KDXVW8VHORFDOO\VXSSOLHGHOERZVWRYHQWKRUL]RQWDOO\
WKURXJKWKHUHDUZDOO6HHSDJH
‡ 'HWHUPLQHWKHH[DFWORFDWLRQRIWKHYHQWKRRG
‡ 3ODQWKHURXWHIRUYHQWLQJH[KDXVWWRWKHRXWGRRUV
‡ 8VHWKHVKRUWHVWDQGVWUDLJKWHVWGXFWURXWHSRVVLEOH))RU
VDWLVIDFWRU\SHUIRUPDQFHGXFWUXQVKRXOGQRWH[FHHG
HTXLYDOHQWOHQJWKIRUDQ\GXFWFRQILJXUDWLRQV
‡ 8VHPHWDOGXFWZRUNRQO\
‡ $WUDQVLWLRQSLHFHIRUµURXQGGXFWLVVXSSOLHG8VHµURXQG
GXFWRU\RXPD\XVHµ[µUHFWDQJXODU
‡ ,QVWDOODZDOOFDSRUURRIFDSZLWKGDPSHUDWWKHH[WHULRU
RSHQLQJ2UGHUWKHZDOORUURRIFDSDQGDQ\WUDQVLWLRQ
QHHGHGLQDGYDQFH
.LW-;':
2UGHUNLW-;':LI\RXULQVWDOODWLRQUHTXLUHVKRUL]RQWDOGXFWLQJ
IURPWKHWRSRIWKHKRRGWKURXJKWKHEDFNZDOODQG
‡ <RXKDYHDQIWFHLOLQJDQGQHHGWRXVHD-;&+6HULHV
&KLPQH\&RYHURU
‡ <RXKDYHDµFDELQHWRUµVRIILWWKDWWKHKRRGLVWREH
PRXQWHGEHQHDWK
7KLVNLWSURYLGHVDGXFWWUDQVLWLRQIURPµURXQGWRµ[µ
UHFWDQJXODUIRUWKURXJKWKHZDOOYHQWLQJ
:DOO)UDPLQJIRU$GHTXDWH6XSSRUW
‡ 7KLVYHQWKRRGLVKHDY\$GHTXDWHVWUXFWXUHDOVXSSRUWPXVW
EHSURYLGHG7KHKRRGPXVWEHVHFXUHGWRYHUWLFDOVWXGVLQ
WKHZDOO6HHSDJH
‡ :HVWURQJO\UHFRPPHQGWKDWWKHYHQWKRRGZLWKGXFWFRYHU
EHRQVLWHEHIRUHILQDOIUDPLQJDQGZDOOILQLVKLQJ7KLVZLOO
DOVRKHOSWRDFFXUDWHO\ORFDWHWKHGXFWZRUNDQGHOHFWULFDO
VHUYLFH
$GHFRUDWLYHGXFWFRYHULVDYDLODEOHWRILWERWKPRGHOZLGWKV
7KHGXFWFRYHUFRQFHDOVWKHGXFWZRUNUXQQLQJIURPWKHWRSRI
WKHKRRGWRWKHFHLOLQJRUVRIILW7KHGXFWFRYHUZLOOILWIWWR
IWFHLOLQJKHLJKWV6HHSDJHIRUGHWDLOV
32:(56833/<
,03257$173OHDVHUHDGFDUHIXOO\
:$51,1*
)253(5621$/6$)(7<7+,6$33/,$1&(0867%(3523(5/<
*5281'('
5HPRYHKRXVHIXVHRURSHQFLUFXLWEUHDNHUEHIRUHEHJLQQLQJ
LQVWDOODWLRQ
'RQRWXVHDQH[WHQVLRQFRUGRUDGDSWHUSOXJZLWKWKLV
DSSOLDQFH)ROORZ1DWLRQDOHOHFWULFDOFRGHVRUSUHYDLOLQJORFDO
FRGHVDQGRUGLQDQFHV
(OHFWULFDOVXSSO\
7KLVYHQWKRRGPXVWEHVXSSOLHGZLWK9+]DQG
FRQQHFWHGWRDQLQGLYLGXDOSURSHUO\JURXQGHGEUDQFKFLUFXLW
DQGSURWHFWHGE\DRUDPSFLUFXLWEUHDNHURUWLPHGHOD\
IXVH
‡ :
LULQJPXVWEHZLUHZLWKJURXQG
‡ ,IWKHHOHFWULFDOVXSSO\GRHVQRWPHHWWKHDERYH
UHTXLUHPHQWVFDOODOLFHQVHGHOHFWULFLDQEHIRUHSURFHHGLQJ
‡ 5
RXWHKRXVHZLULQJDVFORVHWRWKHLQVWDOODWRQORFDWLRQDV
SRVVLEOHLQWKHFHLOLQJVRIILWRUZDOO6HHSDJHIRUGHWDLOV
‡ &RQQHFWWKHZLULQJWRWKHKRXVHZLULQJLQDFFRUGDQFHZLWK
ORFDOFRGHV
*URXQGLQJLQVWUXFWLRQV
7KHJURXQGLQJFRQGXFWRUPXVWEHFRQQHFWHGWRDJURXQG
PHWDOSHUPDQHQWZLULQJV\VWHPRUDQHTXLSPHQWJURXQGLQJ
WHUPLQDORUOHDGRQWKHKRRG
:$51,1*
7KHLPSURSHUFRQQHFWLRQRIWKH
HTXLSPHQWJURXQGLQJFRQGXFWRUFDQUHVXOWLQDULVNRIHOHFWULFVKRFN
&KHFNZLWKDTXDOLILHGHOHFWULFLDQRUVHUYLFHUHSUHVHQWDWLYHLI\RXDUH
LQGRXEWZKHWKHUWKHDSSOLDQFHLVSURSHUO\JURXQGHG
,QVWDOODWLRQ,QVWUXFWLRQV
'8&7),77,1*6
8VHWKLVFKDUWWRFRPSXWHPD[LPXP
SHUPLVVLEOHOHQJWKVIRUGXFWUXQVWR
RXWGRRUV
1RWH'RQRWH[FHHGPD[LPXP
SHUPLVVLEOHHTXLYDOHQWOHQJWKV
0D[LPXPGXFWOHQJWK
IRRWIRUYHQWKRRGV
)OH[LEOHGXFWLQJ
,IIOH[LEOHPHWDOGXFWLQJLVXVHGDOO
WKHHTXLYDOHQWIHHWYDOXHVLQWKHWDEOH
VKRXOGEHGRXEOHG7KHIOH[LEOHPHWDO
GXFWVKRXOGEHVWUDLJKWDQGVPRRW
DQGH[WHQGHGDVPXFKDVSRVVLEOH
'R127XVHIOH[LEOHSODVWLFGXFWLQJ
1RWH$Q\KRPHYHQWLODWLRQV\VWHP
VXFKDVDYHQWLODWLRQKRRGPD\LQWHUUXSW
WKHSURSHUIORZRIFRPEXVWLRQDLU
DQGH[KDXVWUHTXLUHGE\ILUHSODFHV
JDVIXUQDFHVJDVZDWHUKHDWHUVDQG
RWKHUQDWXUDOO\YHQWHGV\VWHPV7R
PLQLPL]HWKHFKDQFHRILQWHUUXSWLRQRI
VXFKQDWXUDOO\YHQWHGV\VWHPVIROORZ
WKHKHDWLQJHTXLSPHQWPDQXIDWXUHU·V
JXLGHOLQHVDQGVDIHW\VWDQGDUGVVXFKDV
WKRVHSXEOLVKHGE\1)3$DQG$6+5$(
7KLV+RRG0XVW8VHµ5RXQG
'XFW,W&DQ7UDQVLWLRQ7R
µ[µ'XFW
.LW-;':
2UGHUNLW-;':LI\RXULQVWDOODWLRQ
UHTXLUHVKRUL]RQWDOGXFWLQJIURPWKH
WRSRIWKHKRRGWKURXJKWKHEDFN
ZDOODQG
‡ <RXKDYHDQIWFHLOLQJDQGQHHG
WRXVHD-;&+6HULHV&KLPQH\&RYHU
RU
‡ <RXKDYHDµFDELQHWRUµVRIILW
WKDWWKHKRRGLVWREHPRXQWHG
EHQHDWK
7KLVNLWSURYLGHVDGXFWWUDQVLWLRQ
IURPµURXQGWRµ[µ
UHFWDQJXODUIRUWKURXJKWKHZDOO
YHQWLQJ
8VLQJDVPDOOHUGLDPHWHUGXFWVL]H
ZLOOUHGXFHSHUIRUPDQFH
'XFW3LHFH
'LPHQVLRQV
(TXLYDOHQW
/HQJWK
µ5RXQG
VWUDLJKW
IW
SHUIRRW
OHQJWK
µ[µ
VWUDLJKW
IW
SHUIRRW
OHQJWK
µƒHOERZ
IW
µƒHOERZ
IW
µ[µ
ƒHOERZ
IW
µ[µ
ƒHOERZ
IW
µ[µ
ƒIODWHOERZ
IW
µURXQGWR
µ[µ
WUDQVLWLRQ
IW
µ[µ
WRµURXQG
WUDQVLWLRQ
IW
µURXQGWR
µ[µ
WUDQVLWLRQƒHOERZ
IW
µ[µWR
µURXQG
WUDQVLWLRQƒHOERZ
IW
µURXQG
ZDOOFDS
ZLWKGDPSHU
IW
IWZLWKRXWGDPSHU
µ[µ
ZDOOFDS
ZLWKGDPSHU
IW
IWZLWKRXWGDPS
µURXQG
URRIFDS
IW
5RXQG
URRIYHQW
IW
$FWXDOOHQJWKRIVWUDLJKWGXFWSOXVGXFWILWWLQJ
HTXLYDOHQW(TXLYDOHQWOHQJWKRIGXFWSLHFHVDUH
EDVHGRQDFWXDOWHVWVFRQGXFWHGE\*((YDOXDWLRLQ
(QJLQHHULQJDQGUHIOHFWUHTXLUHPHQWVIRUJRRG
YHQWLQJSHUIRUPDQFHZLWKDQ\YHQWLODWLRQKRRG
7RWDO
4XDQWLW\ (TXLYDOHQW
8VHG
/HQJWK
7RWDO'XFW5XQ
,QVWDOODWLRQ,QVWUXFWLRQV
722/6$1'0$7(5,$/65(48,5('
5(029(7+(3$&.$*,1*
1276833/,('
3HQFLODQGWDSH
PHDVXUH
‡ 5HPRYHWKHVPDOOER[KRXVLQJWKHPRWRU
‡ /LIWWKHKRRGRXWRIWKHER[
3KLOOLSVDQG
)ODWEODGH
VFUHZGLUYHUV
'XFWWDSH
+RRG
µSLYRWLQJKH[
VRFNHW
:RRG
0RXQWLQJ
6XSSRUW
(OHFWULFGULOOZLWKµDQG
µELWV
0RWRU
3DUWV
3DFNDJH
6KLSSLQJ&DUWRQ
6DIHW\JODVVHV
‡ 5
HPRYHVKLSSLQJVFUHZVKROGLQJWKHZRRGPRXQWLQJ
SLHFHWRWKHEDFNVLGHRIWKHKRRG6HWDVLGHZRRG
PRXQWLQJSLHFHDQGVFUHZVIRUODWHULQVWDOODWLRQ'R
QRWGLVFDUG
‡ 5HPRYHWKH´9µVKDSHGFDUWRQLQVHUW
‡ 5HPRYHSDUWVSDFNDJHIURPWKH´9µVKDSHG
FDUGERDUGLQVHUW
‡ 5HPRYHMXQFWLRQER[FRYHUDQGNQRFNRXW
‡ ,QVWDOOVWUDLQUHOLHIRQWREDFNRUWRSRIKRRG
‡ 5HPRYHDOOWDSHDQGSDFNLQJPDWHULDOIURPWKHKRRG
GXFWWUDQVLWLRQDQGPRWRU
6SLULWOHYHO
8//LVWHG:LUHQXWV
)ODVKOLJKW
3OLHUV
+DPPHU
7LQ6QLSV
:LUH&XWWHU
6WULSSHU
6DEHUVDZRU.H\+ROH6DZ
/DGGHU
$OOHQ:UHQFK
$GGLWLRQDO0DWHULDOV
‡ 9+]RU$PSZLUHZLWKJURXQG
3URSHUO\JURXQGHGEUDQFKFLUFXLW
‡ 6WUDLQUHOLHIIRUMXQFWLRQER[
‡ µURXQGPHWDOGXFWµ[µUHFWDQJXODUGXFW
RUµ[µUHFWDQJXODUGXFWOHQJWKWRVXLW
LQVWDOODWRLQ
,QVWDOODWLRQ,QVWUXFWLRQV
3$5763529,'('
/RFDWHWKHKDUGZDUHDFFHVVRU\ER[SDFNHGZLWKWKHKRRG
DQGFKHFNFRQWHQWV
$OXPLQXP
*UHDVH)LOWHUV
6FUHZVZDOO
IDVWHQHUV
ZDVKHUV
'XFW7UDQVLWLRQ
ZLWK'DPSHU
'8&7&29(55(48,5(0(176
5HYLHZWKHIROORZLQJH[DPSOHVWRHQVXUHDWURXEOHIUHH
LQVWDOODWLRQXVLQJWKHGXFWFRYHU
IW&HLOLQJ
DFFHVVRU\
:HUHFRPPHQGWKDWWKHYHQWKRRGDQGGHFRUDWLYHGXFW
FRYHULIXVHGEHRQVLWHEHIRUHILQDOIUDPLQJDQGZDOO
ILQLVKLQJ7KLVZLOOKHOSWRDFFXUDWHO\ORFDWHVWXGVGXFWZRUN
DQGHOHFWULFDOVHUYLFH5HDGWKHVHLQVWUXFWLRLQVWRGHWHUPLQH
LIWKHGXFWFRYHUDFFHVVRU\FDQEHXVHGIRU\RXULQVWDOODWLRQ
VLWXDWLRQ
IW&HLOLQJV
7KHKRRGPXVWEHLQVWDOOHG
DWµDERYHWKHFRRNLQJ
VXUIDFHRUµDERYHWKH
IORRUWKHGXFWFRYHUZLOOQRW
ILWLIWKHKRRGLVLVQWDOOHGDW
DORZHURUKLJKHUKHLJKW
8VHWKHRXWVLGHµVHFWLRQ
GLVFDUGWKHLQVLGHVHFWLRQ
'XFW&RYHU$FFHVVRU\
‡ 8
VHWKHGHFRURDWLYHGXFWFRYHUWRFRQFHDOGXFWZRUN
UXQQLQJIURPWKHWRSRIWKHKRRGWRWKHFHLOLQJ
‡ 7KHGXFWFRYHUDFFHVVRU\
FRQVLVWVRISLHFHV7KH
RXWVLGHSLHFHLVµKLJK
WKHLQVLGHSLHFHLVµ
1HVWHGWRJHWKHUWKH\DUH
µPLQH[SDQGLQJWRDWRWDO
PD[LPXPKHLJKWRIµ
µ
‡ 7KHRXWVLGHSLHFHFDQEH
XVHGDORQHWRILOODµ
KHLJKW
‡ )RUKHLJKWVRYHUµWKH
FHLOLQJEUDFNHWPXVWEH
µ
LQVWDOOHGWRVHFXUHWKHFRYHU
µ
DWWKHWRS
)LOWHU
6XSSRUW
µ
µ
IW&HLOLQJ
µ
µ
µ
µ
µ
µ
IW&HLOLQJ,QVWDOOWKHKRRGµPLQDQGXSWRDPD[LPXP
RIµDERYHWKHFRRNLQJVXUIDFH7KHGXFWFRYHUZLOOH[SDQG
WRUHDFKFHLOLQJKHLJKW
7RDYRLGXQVLJKWO\JDSVSODQ
WKHKRRGLQVWDOODWLRQKHLJKWIRUGXFWFRYHUXVH
‡ 7 KHFRYHUZLOOILWDµPLQKHLJKWIURPWKHWRSRIWKH
KRRGWRWKHFHLOLQJRUµPLQDQGH[SDQGLQJXSWRµ
IURPWKHWRSRIWKHKRRGWRWKHFHLOLQJ
7+('8&7&29(5&$1127%(86(':+(17+(',67$1&(
$%29(7+(7232)7+(+22',6%(7:((1µ$1'µ
IW&HLOLQJ
µ
µ
µ
µ0D[
IW&HLOLQJ,QVWDOOWKHKRRGµPLQWRµPD[DERYHWKH
FRRNLQJVXUIDFH7KHGXFWFRYHUZLOOH[SDQGWRDPD[LPXP
RIµDERYHWKHWRSRIWKHKRRGWRPHHWWKHFHLOLQJ
,QVWDOODWLRQ,QVWUXFWLRQV
'(7(50,1(+22''8&7:25.$1':,5,1*/2&$7,216
‡ .HHSWKHZRRGVXSSRUWSLHFHDQGLWVVFUHZVIRUODWHU
LQVWDOODWRQ'RQRWGLVFDUG
‡ 0HDVXUHGHVLUHGGLVWDQFHIURPWKHERWWRPRIWKHKRRG
WRWKHFRRNLQJVXUIDFHµPLQWRµPD[5HIHUWRWKH
SUHYLRXVSDJHLIWKHDFFHVVRU\GXFWFRYHUZLOOEHXVHG
‡ 8VHDOHYHOWRGUDZDKRUL]RQWDOOLQHLQGLFDWLQJWKHERWWRP
RIWKHKRRG
‡ 8
VHDOHYHOWRGUDZWKHFRRNWRSFHQWHUOLQHORFDWLRQ
‡ 0HDVXUHµXSIURPWKHKRUL]RQWDOOOLQHIRUWKH
ERWWRPRIWKHKRRG'UDZDQRWKHUKRUL]RQWDOOLQH
‡ 0HDVXUHµXSIURPWKHOLQHIRUWKHERWWRPRIWKHKRRG
GUDZDQRWKHUKRUL]RQWDOOLQHWRLQGLFDWHWKHWRSRIWKH
KRRG
µ
&HQWHUOLQHWR:DOO
)25&(,/,1*
9(17'8&7,1*
(OHFWULFDO
µ'LD
+ROH
)25:$//9(17'8&7
&HQWHUOLQHµ0LQ
DERYH7RSRI
+RRG
7RSRI+RRG
µ
)259(57,&$/6WUDLJKW8S'8&7,1*
‡ ,IYHQWLQJRXWWKHFHLOLQJH[WHQGWKHFHQWHUOLQHIRUZDUGRQ
WKHFHLOLQJ
0HDVXUHµIURPGU\ZDOOWRPDUNFHQWHUOLQHIRUD
µGLDGXFWKROHRQWKHFHLOLQJ
,IGU\ZDOOLVQRWSUHVHQWDGGGU\ZDOOWKLFNQHVVWRWKH
µGLPHQVLRQ
:RRG
6XSSRUW
µ
(OHFWULFDO
%RWWRPRI+RRG
)25'8&7,1*7+528*+5($5:$//
‡ 0HDVXUHWKHVXSSOLHGGXFWWUDQVLWLRQZLWKDQ\VWUDLJKW
UXQOHQJWKRIGXFWXVHGSOXVµHOERZKHLJKW'UDZD
KRUL]RQWDOOLQHRQWKHZDOOLQWHUVHFWLQJWKHFHQWHUOLQH
9HQWLQJWKURXJKDVRIILWRUXSSHUFDELQHW
‡ )ROORZWKHVDPHSURFHGXUHIRUFHLOLQJGXFWLQJWRFXWWKH
µGLDKROHWKURXJKWKHWRSRIWKHFDELQHWRUVRIILW
‡ 6HH6WHSSDJHIRUGHWDLOVWRFXWRSHQLQJIRUGXFW
WUDQVLWLRQ
µIRUµ0RGHOV
µIRUµ0RGHOV
+RXVH:LULQJ/RFDWLRQ
‡ 7 KHMXQFWLRQER[LVIDVWHQHQGWRWKHEDFNRIWKHKRRG
RQWKHULJKWVLGH6HHLOOXVWUDWLRQVIRUKRRGNQRFNRXW
ORFDWLRQV
1RWH7KHMXQFWLRQER[FDQEHUHORFDWHGWRWKHLQVLGHWRSRI
WKHKRRG
+RXVHZLULQJPD\HQWHUWKHMXQFWLRQER[IURPWKHUHDURU
WKHWRSRIWKHKRRGDWWKHULJKWVLGH
7RURXWHKRXVHZLULQJWKURXJKWKHFHLOLQJRUVRIILW
² &XWDKROHDSSUR[LPDWHO\µGLDµIRUZDUGRQ
WKHFHLOLQJµWRWKHULJKWRIWKHFHQWHUOLQHIRUµ
PRGHOVRUµWRWKHULJKWRIWKHFHQWHUOLQHIRUµ
PRGHOV
7RURXWHKRXVHZLULQJWKURXJKWKHZDOO
² &XWDKROHDSSUR[LPDWHO\µGLDµGRZQIURPWKH
WRSRIWKHKRRGµWRWKHULJKWRIWKHFHQWHUOLQHIRU
µPRGHOVRUµWRWKHULJKWRIWKHFHQWHUOLQHIRUµ
PRGHOV
‡ 5HPRYHWRSRUUHDUNQRFNRXWGHSHQGLQJRQ\RXU
LQVWDOODWLRQ
‡ ,QVWDOOVWUDLQUHOLHIRQWREDFNRUWRSRIKRRG
µ
.QRFNRXW
/RFDWLRQV
µ
µIRUµ0RGHOV
µIRUµ0RGHOV
,QVWDOODWLRQ,QVWUXFWLRQV
,167$//+22'6833257
,167$//75$16,7,21
,03257$175HPRYHVKLSSLQJ
WDSHIURPGDPSHUDQGFKHFN
WKDWGDPSHUPRYHVIUHHO\
,03257$17)UDPLQJPXVWEHFDSDEOHRIVXSSRUWLQJ
OEV
‡ /RFDWHDWOHDVWYHUWLFDOVWXGVDWWKHZRRGPRXQWLQJ
ORFDWLRQE\WDSSLQJGU\ZDOOZLWKDKDPPHURUXVHDVWXG
ILQGHU
‡ &HQWHUWKHVXSSOLHGZRRGKRUL]RQWDOVXSSRUWOHIWWRULJKW
DQGEHORZWKHPDUNHGOLQH
5HPRYH
6KLSSLQJ7DSH
RQ'DPSHU
7RSRI
+RRG
'XFW
7UDQVLWLRQ
‡ 3
ODFHWKHWUDQVLWLRQSLHFHRYHUWKHKRRGH[KDXVW6HFXUH
WUDQVLWLRQWRKRRGZLWKVFUHZVSURYLGHG
‡ 8VHGXFWWDSHWRVHDOWKHFRQQHFWLRQ
µ0LQ2SHQLQJIRU'XFWZRUN
:RRG6XSSRUW
,167$//+22'2172:$//
µ
‡ /LIWWKHKRRGDQGSODFHRYHUWKHZRRGVXSSRUW7KHWRS
NH\KROHVORWVLQWKHKRRGVKRXOGHQJDJHWKHSURWUXGLQJ
PRXQWLQJVFUHZV$OORZWKHKRRGWRVOLGHGRZQLQWR
SRVLWLRQ
‡ 3XOOKRXVHZLULQJWKURXJKNQRFNRXWDWWKHUHDURUWRSRI
WKHKRRG
‡ &KHFNWREHVXUHWKHKRRGLVOHYHODQGFHQWHUHG7KHDUURZ
VKDSHGFXWRXWLQWKHEDFNRIWKHKRRGDOORZVYLHZLQJWKH
PDUNHGFHQWHUOLQH
‡ 5HPRYHFRYHUIURPMXQFWLRQER[
µ
WR
µ
&HQWHUOLQHRI
,QVWDOODWLRQ6SDFH
‡ '
ULOOµSLORWKROHVWKURXJKWKHVXSSRUWGU\ZDOODQGLQWR
WKHVWXGV6HFXUHWKHVXSSRUWWRRUPRUHYHUWLFDOVWXGV
ZLWKVXSSOLHGZRRGVFUHZV
,03257$176FUHZVPXVWSHQHWUDWHDWOHDVWµLQWR
YHUWLFDOVWXGV&RXQWHUVLQNVFUHZVLQWRVXSSRUW
µ
WR
µ
&HQWHUOLQHRI
,QVWDOODWLRQ
6SDFH
&XWRXW
'ULOO%RWWRP0RXQWLQJ+ROH/RFDWLRQV
‡ '
ULOOµSLORWKROHVLQWRWKHWZRORZHUPRXQWLQJKROHV
(QODUJHWKHKROHVLIWKH\GRQRWHQWHUVWXGVWRµ7DS
DQFKRUVIRUZDOOIDVWHQHUVLQWRERWWRPKROHV,QVWDOO
VFUHZVE\KDQGLQWRWKHIDVWHQHUVWRDOORZDQFKRUVWR
H[SDQGDJDLQVWWKHZDOO5HPRYHVFUHZV
‡ 8VLQJWZRODUJHIODWZDVKHUVVXSSOLHGLQVWDOOZRRGVFUHZVRU
ZDOOIDVWHQHUVFUHZVORRVHO\LQWRORZHUPRXQWLQJKROHV'R
QRWWLJKWHQ
‡ &
KHFNKRRGOHYHO7LJKWHQXSSHUVFUHZV7LJKWHQORZHU
PRXQWLQJVFUHZV
‡ )RUDGGLWLRQDOVHFXULW\GULYHVFUHZVWKURXJKWKHRULJLQDO
ZRRGVXSSRUWVFUHZKROHVLQWKHEDFNRIWKHKRRG
µ
µJDS
‡ ,QVWDOOPRXQWLQJVFUHZVLQWKHFHQWHURIWKHZRRGVXSSRU
µIURPWKHFHQWHUOLQH7KHVFUHZVVKRXOGSURWUXGH
IRUZDUGµ7KLVµJDSZLOOSURYLGHFOHDUDQFHWRKDQJ
WKHKRRG
,QVWDOODWLRQ,QVWUXFWLRQV
$OWHUQDWH0RXQWLQJ0HWKRG
,03257$17)RUDGGLWLRQDOVXSSRUWDQGWRPLQLPL]H
YLEUDWLRQGXULQJRSHUDWLRQZHVWURQJO\UHFRPPHQG
WKDWWKHKRRGDOVREHVHFXUHGWRWKHEDFNZDOOZLWKZDOO
IDVWQHUV
,167$//+22'7262)),725
%(1($7+&$%,1(76
µ0RGHOV
6.,37+,667(3,)86,1*:$//02817,1*0(7+2'
µ
,03257$176RIILWIUDPLQJPXVWEHFDSDEOHRI
VXSSRUWLQJOEV
µ
µ
µ
µ
:KHQQHFHVVDU\WKHKRRGPD\EHLQVWDOOHGVRWKDWLWLV
VXSSRUWHGE\WKHVRIILW
‡ 7KHVRIILWVKRXOGEHFRQVWUXFWHGZLWK[·V
‡ 'HWHUPLQHWKHLQVWDOODWLRQORFDWLRQ
‡ &RQWLQXHWKHFHQWHUOLQHIRUZDUGRQWKHERWWRPRIWKH
FDELQHWRUVRIILW
µ
µ
µ
µ
µ
7RS9LHZ)URQW6LGH
µ0RGHOV
µ
µ
µ
%
$
$
µ
µ
µ0RGHOV
µ
µ:['
µ
µ:['
µ
µ
9XHGHGHVVXVSDUWLHDYDQW
‡ '
ULOOIRXUµSLORWKROHVLQORFDWLRQVVKRZ
² ,IPRXQWLQJWRWKHXQGHUVLGHRIDFDELQHWZLWKD
UHFHVVHGERWWRPLQVWDOOVKLPVWRILOOWKHJDS
´%µ
2SHQLQJIRU
'XFWZRUN
µ1LGHNV
7UDQVLWLRQ
‡ 0RXQWLQJVFUHZVPXVWEHVHFXUHGWR[VWXGV'LP´$µ
DWORFDWLRQVVKRZQLQWKHDERYHFKDUW
‡ $OORZPLQLPXPRSHQLQJ'LP´%µWRDFFRPPRGDWH
WKHGXFWWUDQVLWLRQLQWKHVRIILW
&DELQHW
RU6RIILW
µ*DS
5HDU:DOO
µ
µ
µ
´$µ
&HQWHUOLQHWR
&HQWHURI6WXG
µ
µ
(QJDJH.H\KROH6ORWV
DQG3XVK%DFNDW:DOO
µ
$GG
6KLPPVLI
%RWWRPLV
5HFHVVHG
%DFN
:DOO
µ
‡ 'ULYHPRXQWLQJVFUHZVLQWWKHVWXGVXQWLOWKH\
SURWUXGHµ7KLVµJDSZLOOSURYLGHFOHDUDQFHWR
HQJDJHWKHNH\KROHVORWVLQWKHWRSRIWKHKRRG
‡ /LIWKRRGRQWRPRXQWLQJVFUHZVVOLGHEDFNDJDLQVW
WKHUHDUZDOO
‡ 3XOOKRXVHZLULQJWKURXJKWKHNQRFNRXWDWWKHUHDURU
WRSRIWKHKRRG
‡ 7LJKWHQPRXQWLQJVFUHZV
7RS9LHZ)URQW6LGH
&XWDµ[µKROHWKURXJKERWWRPRIVRIILWRU
FDELQHWIRUGXFWWUDQVLWLRQDVVKRZQ
,QVWDOODWLRQ,QVWUXFWLRQV
,167$//&(,/,1*%5$&.(7
&211(&7'8&7:25.
7KHFHLOLQJEUDFNHWPXVWEHLQVWDOOHGZKHQWKHGXFW
FRYHULVXVHGWRVSDQµRUPRUHKHLJKWDERYHWKHKRRG
7KHEUDFNHWZLOOKROGWKHGHFRUDWLYHGXFWFRYHULQSODFH
DWWKHWRS
1RWH7KHFHLOOLQJEUDFNHWLVQRWUHTXLUHGZKHQXVLQJRQO\
WKHµVHFWLRQRIWKHGXFWFRYHU
‡ ,QVWDOOWKHVPDOOVFUHZVLQWRWKHVLGHVRIWKHGXFW
EUDFNHWUHPRYHWKHVFUHZV3UHWDSSLQJWKHKROHVZLOO
LQVXHHDVHRIILQDOLQVWDOODWLRQ
‡ 0DWFKFHQWHUQRWFKRQWKHEUDFNHWWRWKHFHQWHUOLQH
RQWKHZDOODQGIOXVKDJDLQVWWKHFHLOLQJ
‡ 0DUNWKHVFUHZKROHORFDWLRQV
‡ '
ULOOµSLORWKROHVLQPDUNHGEUDFNHWORFDWLRQ
‡ ,ISLORWKROHVGRQRWHQWHUVWXGVHQODUJHWKHKROHVWR
µDQGLQVWDOOZDOOIDVWHQHUDQFKRUV
‡ 6
HFXUHWKHEUDFNHWWRWKHUHDUZDOOZLWKZRRGVFUHZV
DQGZDVKHUV8VHZDOODQFKRUVLIQHHGHG
‡ 3XVKGXFWRYHUWKHHQGRIWKHWUDQVLWLRQXQWLOLW
UHDFKHVWKHVWRSWDEV
‡ ,QVWDOOGXFWZRUNPDNLQJFRQQHFWLRQVLQGLUHFWLRQRI
DLUIORZDVLOOXVWUDWHG
‡ 6HFXUHMRLQWVLQGXFWZRUNZLWKVKHHWPHWDOVFUHZV
‡ :UDSDOOGXFWMRLQWVZLWKGXFWWDSHIRUDQDLUOLJKWVHDO
‡ 8VHGXFWWDSHWRVHDOWKHIODQJHFRQQHFWLRQ
+RXVH
'XFWZRUN
'XFW7DSH2YHU
6HDPDQG6FUHZ
'XFW7DSH2QO\IRU3URSHU
2SHUDWLRQRI'DPSHU
1RWH%UDFNHWKDVVHWVRIKROHV8VHODUJHUKROHV
IRUZDOOIDVKHQHUVRUZRRGVFUHZVZLWKZDVKHUV8VH
VPDOOHUKROHVIRUZRRGVFUHZVZLWKZDVKHUV
$LU)ORZ
6FUHZ
'XFWZRUN
'XFW6WRSV
7UDQVLWLRQ
'XFW7DSH2YHU
)ODQJH
,QVWDOO&HLOLQJ
%UDFNHW:KHQ
'XFW&RYHULV
8VHGWR6SDQµ
RUPRUH
&$87,21
'RQRWXVHVKHHWPHWDOVFUHZV
DWWKHWUDQVLWLRQWRGXFWZRUNFRQQHFWLRQ'RLQJVHZLOO
SUHYHQWSURSHUGDPSHURSHUDWLRQV6HDOFRQQHFWLRQZLWK
WDSHRQO\
6HH6WHS
WR,QVWDOO
'XFW
&RYHU
,QVWDOODWLRQ,QVWUXFWLRQV
,167$//02725
‡ $OLJQDQGHQJDJHWKHVORWV
LQWKHEORZHUDVVHPO\WR
WKHKRRNVDWWKHUHDURI
WKHH[KDXVWRSHQLQJ
‡ 5RWDWHPRWRUXSODUGVXQWLOLW
DOLJQVZLWKWKHDWWDFKPHQW
VFUHZORFDWLRQ
‡ 6HFXUHWKHPRWRUWR
DWWDFKPHQWEUDFNHWDW
WKHIURQWRIWKHRSHQLQJ
ZLWKZDVKHUDQGVFUHZ
SURYLGHG
‡ 3OXJWKHPRWRU
FRQQHFWRULQWRWKH
PDWLQJKRRGFRQQHFWRU
6HHWKHLOOXVWUDWLRQIRU
WKHKRRGFRQQHFWRUORFDWLRQ7RXFK
WKHKRRGWRORFDWHDQGPDNHWKH
FRQQHFWLRQ
,167$//'8&7&29(56
0RWRU$WWDFKPHQW
%UDFNHW
7RLQVWDOOWKHµGXFWFRYHUDORQH
‡ 3ODFHWKHµVHFWLRQRIWKHGHFRUDWLYHGXFWFRYHURQ
WRSRIWKHKRRG
‡ 6HFXUHWKHFRYHURQWKHWRSRIWKHKRRGZLWKVFUHZV
SURYLGHG
7RLQVWDOOWKHSLHFHGXFWFRYHU
‡ 3ODFHWKHSLHFHGXFWFRYHURQWKHWRSRIWKHKRRG
‡ 6HFXUHWKHERWWRPFRYHUWRWKHWRSRIWKHKRRGZLWK
VFUHZVSURYLGHG6HHLOOXVWUDWLRQSDJH
‡ ([WHQGWKHLQVLGHVHFWLRQXSZDUGVWRPHHWWKHFHLOLQJ
DQGFHLOLQJEUDFNHW
‡ 6HFXUHWKHGXFWFRYHUWRWKHEUDFNHWZLWKWKHVPDOO
3KLOOLSVVFUHZVSURYLGHG
0RWRU+RRNV
,167$//),/7(56833257
,03257$17+ROGWKHFRQQHFWRUVR
WKHWZRVTXDUHFRUQHUWHUPLQDOVDUH
DWWKHWRSDV\RXSRVLWLRQWKHFRQQHFWRU
WRSOXJLWLQ
‡ 7LSILOWHUVXSSRUWLQWRWKHUHDURIWKHKRRG
‡ ,QVHUWVXSSRUWWDEVLQWRWKHVORWVDWWKHUHDURIWKH
KRRG
,QVHUW7DEVLQWR6ORWV
&211(&7(/(&75,&$/
9HULI\WKDWSRZHULVWXUQHGRIIDWWKHVRXUFH
:$51,1*
,IKRXVHZLULQJLVQRWZLUH
ZLWKDJURXQGZLUHDJURXQGPXVWEHSURYLGHGE\WKH
LQVWDOOHU:KHQKRXVHZLULQJLVDOXPLQXPEHVXUHWRXVH
8/DSSURYHGDQWLR[LGDQWFRPSRXQGDQGDOXPLQXPWR
FRSSHUFRQQHFWRUV
$5HPRYH
-XQFWLRQ%R[
&RYHU
&,QVHUW3RZHU
&RQGXLWWKUX6WUDLQ
5HOLHIDQG7LJKWHQ
*URXQG
%&KHFNWKDW:KLWH%ODFNDQG
,QVWDOO6FUHZV
:KLWH
%ODFN
*UHH+RRG:LUHVDUH7KUHDGHG
WKUX6PDOO+ROHLQ%UDFNHW
'8VH8//LVWHG:LUH1XWV
‡ 6HFXUHWKHVXSSRUWWRWKHKRRGZLWKVFUHZVDV
VKRZQ
‡ 8
VHZLUHQXWVWRFRQQHFWLQFRPLQJJURXQGWRJUHHQ
ZKLWHWRZKLWHDQGEODFNWREODFN
‡ 3XVKZLUHVLQWRMXQFWLRQER[DQGUHSODFHFRYHU%H
VXUHZLUHVDUHQRWSLQFKHG
,QVWDOODWLRQ,QVWUXFWLRQV
,167$//),/7(56
),1$/,=(,167$//$7,21
‡ 5HPRYHSURWHFWLYHILOPFRYHULQJWKHILOWHUV
‡ ,QVHUWWKHILOWHULQWRWKH´&µFOLSVPRXQWHGWRWKHWRSRI
WKHYHUWLFDOIURQWSDQHO
‡ 7DSWKHILOWHUDJDLQVWRQHVLGHWRDOLJQZLWKRXWVLGH
RSHQLQJ
‡ 3XOOWKHILOWHUGRZQLQWRWKHORZHUVORWVDWWKHERWWRP
RIWKHILOWHUVXSSRUW
‡ 5HIHUWRWKHRSHUDWLQJLQVWUXFWLRQVWRWHVWDOOFRQWUROV
-XQWLRQ%R[
´&µ&OLS
)LOWHUV
)LOWHU
6XSSRUW
‡ 7RUHPRYHWKHILOWHUVJUDVSWKHKDQGOHSXVKWKHILOWHU
XSDQGSXOOIRUZDUG
%HIRUH\RXFDOOIRUVHUYLFH«
7URXEOHVKRRWLQJ7LSV
6DYHWLPHDQGPRQH\5HYLHZWKHFKDUWEHORZILUVWDQG\RX
PD\QRWQHHGWRFDOOIRUVHUYLFH
3UREOHP
3RVVLEOH&DXVHV
:KDW7R'R
)DQGRHVQRWRSHUDWH
ZKHQWKHVZLWFKLVRQ
$IXVHPD\EHEORZQRUD
FLUFXLWEUHDNHUWULSSHG
‡5HSODFHIXVHRUUHVHWFLUFXLWEUHDNHU
7KHEORZHUFRQQHFWRULVORRVH
RUQRWSOXJJHGLQWRLWVPDWLQJ
FRQQHFWRU
‡'LVFRQQHFWSRZHUWRWKHXQLW5HPRYHWKHILOWHUV
DQGORRNXSDWWKHEORZHU,IWKHEORZHUFRQQHFWRU
SOXJLVORRVHRU\RXVHHWKHFRQQHFWRUGDQJOLQJ
WKHLQVWDOOHUIDLOHGWRSOXJLWLQVHFXUHO\$OWKRXJKLW
LVDEOLQGFRQQHFWLRQLWLVHDV\WRSOXJLQ6HHWKH
,QVWDOODWLRQ,QVWUXFWLRQVLQWKLVPDQXDOIRUWKHSOXJ
ORFDWLRQDQGKRZWRSOXJWKHFRQQHFWRULQ
)DQIDLOVWRFLUFXODWHDLU ([FHVVLYHO\VRLOHGILOWHUV
RUPRYHVDLUVORZHUWKDQ QRUPDO
‡5HPRYHWKHILOWHUVFOHDQLIQHFHVVDU\DQGUHSODFH
WKHP,IFOHDQLQJDQGUHSODFLQJWKHILOWHUVGRHVQRW
FRUUHFWWKHSUREOHPFDOOIRUVHUYLFH
Please place in envelope and mail to:
Veuillez mettre dans une enveloppe et envoyez à :
OWNERSHIP REGISTRATION
P.O. BOX 1780
MISSISSAUGA, ONTARIO
L4Y 4G1
(FOR CANADIAN CONSUMERS ONLY)
*(5DQJH+RRG:DUUDQW\
$OOZDUUDQW\VHUYLFHSURYLGHGE\RXU)DFWRU\6HUYLFH&HQWHUV
RUDQDXWKRUL]HG&XVWRPHU&DUHŠWHFKQLFLDQ7RVFKHGXOH
VHUYLFHRQOLQHYLVLWXVDW*($SSOLDQFHVFRPRUFDOO
*(&$5(63OHDVHKDYHVHULDOQXPEHUDQG
PRGHOQXPEHUDYDLODEOHZKHQFDOOLQJIRUVHUYLFH
6WDSOH\RXUUHFHLSWKHUH
3URRIRIWKHRULJLQDOSXUFKDVH
GDWHLVQHHGHGWRREWDLQVHUYLFH
XQGHUWKHZDUUDQW\
)RU7KH3HULRG2I *(:LOO5HSODFH
2QH<HDU
)URPWKHGDWHRIWKH
RULJLQDOSXUFKDVH
$Q\SDUWRIWKHUDQJHKRRGZKLFKIDLOVGXHWRDGHIHFWLQPDWHULDOVRUZRUNPDQVKLS
'XULQJWKLVOLPLWHGRQH\HDUZDUUDQW\*(ZLOODOVRSURYLGHIUHHRIFKDUJHDOOODERUDQG
LQKRPHVHUYLFHWRUHSODFHWKHGHIHFWLYHSDUW
:KDW*(:LOO1RW&RYHU
„6HUYLFHWULSVWR\RXUKRPHWRWHDFK\RXKRZWRXVH
WKHSURGXFW
„'DPDJHWRWKHSURGXFWFDXVHGE\DFFLGHQWILUHIORRGV
RUDFWVRI*RG
„,PSURSHULQVWDOODWLRQGHOLYHU\RUPDLQWHQDQFH
„,QFLGHQWDORUFRQVHTXHQWLDOGDPDJHFDXVHGE\SRVVLEOH
GHIHFWVZLWKWKLVDSSOLDQFH
„3URGXFWGDPDJHRUIDLOXUHRIWKHSURGXFWLILWLVDEXVHG
PLVXVHGPRGLILHGXVHGIRURWKHUWKDQWKHLQWHQGHG
SXUSRVHRUXVHGFRPPHUFLDOO\
„'DPDJHFDXVHGDIWHUGHOLYHU\
„3URGXFWQRWDFFHVVLEOHWRSURYLGHUHTXLUHGVHUYLFH
„5HSODFHPHQWRIKRXVHIXVHVRUUHVHWWLQJRIFLUFXLW
EUHDNHUV
(;&/86,212),03/,(':$55$17,(6³<RXUVROHDQGH[FOXVLYHUHPHG\LVSURGXFWUHSDLUDVSURYLGHG
LQWKLV/LPLWHG:DUUDQW\$Q\LPSOLHGZDUUDQWLHVLQFOXGLQJWKHLPSOLHGZDUUDQWLHVRIPHUFKDQWDELOLW\
RUILWQHVVIRUDSDUWLFXODUSXUSRVHDUHOLPLWHGWRRQH\HDURUWKHVKRUWHVWSHULRGDOORZHGE\ODZ
7KLVZDUUDQW\LVH[WHQGHGWRWKHRULJLQDOSXUFKDVHUDQGDQ\VXFFHHGLQJRZQHUIRUSURGXFWVSXUFKDVHGIRUKRPHXVH
ZLWKLQWKH86$,IWKHSURGXFWLVORFDWHGLQDQDUHDZKHUHVHUYLFHE\D*($XWKRUL]HG6HUYLFHULVQRWDYDLODEOH\RXPD\
EHUHVSRQVLEOHIRUDWULSFKDUJHRU\RXPD\EHUHTXLUHGWREULQJWKHSURGXFWWRDQ$XWKRUL]HG*(6HUYLFH/RFDWLRQIRU
VHUYLFH,Q$ODVNDWKHZDUUDQW\H[FOXGHVWKHFRVWRIVKLSSLQJRUVHUYLFHFDOOVWR\RXUKRPH
6RPHVWDWHVGRQRWDOORZWKHH[FOXVLRQRUOLPLWDWLRQRILQFLGHQWDORUFRQVHTXHQWLDOGDPDJHV7KLVZDUUDQW\JLYHV
\RXVSHFLILFOHJDOULJKWVDQG\RXPD\DOVRKDYHRWKHUULJKWVZKLFKYDU\IURPVWDWHWRVWDWH7RNQRZZKDW\RXU
OHJDOULJKWVDUHFRQVXOW\RXUORFDORUVWDWHFRQVXPHUDIIDLUVRIILFHRU\RXUVWDWH·V$WWRUQH\*HQHUDO
:DUUDQWRU*HQHUDO(OHFWULF&RPSDQ\/RXLVYLOOH.<
&RQVXPHU6XSSRUW
*($SSOLDQFHV:HEVLWH
*($SSOLDQFHVFRP
+DYHDTXHVWLRQRUQHHGDVVLVWDQFHZLWK\RXUDSSOLDQFH"7U\WKH*($SSOLDQFHV:HEVLWHKRXUVDGD\
DQ\GD\RIWKH\HDU)RUJUHDWHUFRQYHQLHQFHDQGIDVWHUVHUYLFH\RXFDQQRZGRZQORDG2ZQHU·V0DQXDOV
RUGHUSDUWVRUHYHQVFKHGXOHVHUYLFHRQOLQH
6FKHGXOH6HUYLFH
*($SSOLDQFHVFRP
([SHUW*(UHSDLUVHUYLFHLVRQO\RQHVWHSDZD\IURP\RXUGRRU*HWRQOLQHDQGVFKHGXOH\RXUVHUYLFHDW
\RXUFRQYHQLHQFHDQ\GD\RIWKH\HDU2UFDOO*(&$5(6GXULQJQRUPDOEXVLQHVVKRXUV
5HDO/LIH'HVLJQ6WXGLR
*($SSOLDQFHVFRP
*(VXSSRUWVWKH8QLYHUVDO'HVLJQFRQFHSW³SURGXFWVVHUYLFHVDQGHQYLURQPHQWVWKDWFDQEHXVHGE\
SHRSOHRIDOODJHVVL]HVDQGFDSDELOLWLHV:HUHFRJQL]HWKHQHHGWRGHVLJQIRUDZLGHUDQJHRISK\VLFDODQG
PHQWDODELOLWLHVDQGLPSDLUPHQWV)RUGHWDLOVRI*(·V8QLYHUVDO'HVLJQDSSOLFDWLRQVLQFOXGLQJNLWFKHQGHVLJQ
LGHDVIRUSHRSOHZLWKGLVDELOLWLHVFKHFNRXWRXU:HEVLWHWRGD\)RUWKHKHDULQJLPSDLUHGSOHDVHFDOO
7''*($&
([WHQGHG:DUUDQWLHV
*($SSOLDQFHVFRP
3XUFKDVHD*(H[WHQGHGZDUUDQW\DQGOHDUQDERXWVSHFLDOGLVFRXQWVWKDWDUHDYDLODEOHZKLOH\RXUZDUUDQW\
LVVWLOOLQHIIHFW<RXFDQSXUFKDVHLWRQOLQHDQ\WLPHRUFDOOGXULQJQRUPDOEXVLQHVVKRXUV
*(&RQVXPHU+RPH6HUYLFHVZLOOVWLOOEHWKHUHDIWHU\RXUZDUUDQW\H[SLUHV
3DUWVDQG$FFHVVRULHV
*($SSOLDQFHVFRP
,QGLYLGXDOVTXDOLILHGWRVHUYLFHWKHLURZQDSSOLDQFHVFDQKDYHSDUWVRUDFFHVVRULHVVHQWGLUHFWO\WRWKHLUKRPHV
9,6$0DVWHU&DUGDQG'LVFRYHUFDUGVDUHDFFHSWHG2UGHURQOLQHWRGD\KRXUVHYHU\GD\RU
E\SKRQHDWGXULQJQRUPDOEXVLQHVVKRXUV
,QVWUXFWLRQVFRQWDLQHGLQWKLVPDQXDOFRYHUSURFHGXUHVWREHSHUIRUPHGE\DQ\XVHU2WKHUVHUYLFLQJJHQHUDOO\
VKRXOGEHUHIHUUHGWRTXDOLILHGVHUYLFHSHUVRQQHO&DXWLRQPXVWEHH[HUFLVHGVLQFHLPSURSHUVHUYLFLQJPD\
FDXVHXQVDIHRSHUDWLRQ
&RQWDFW8V
*($SSOLDQFHVFRP
,I\RXDUHQRWVDWLVILHGZLWKWKHVHUYLFH\RXUHFHLYHIURP*(FRQWDFWXVRQRXU:HEVLWHZLWKDOOWKHGHWDLOV
LQFOXGLQJ\RXUSKRQHQXPEHURUZULWHWR *HQHUDO0DQDJHU&XVWRPHU5HODWLRQV
*($SSOLDQFHV$SSOLDQFH3DUN
/RXLVYLOOH.<
5HJLVWHU<RXU$SSOLDQFH
*($SSOLDQFHVFRP
5HJLVWHU\RXUQHZDSSOLDQFHRQOLQH³DW\RXUFRQYHQLHQFH7LPHO\SURGXFWUHJLVWUDWLRQZLOODOORZIRUHQKDQFHG
FRPPXQLFDWLRQDQGSURPSWVHUYLFHXQGHUWKHWHUPVRI\RXUZDUUDQW\VKRXOGWKHQHHGDULVH
<RXPD\DOVRPDLOLQWKHSUHSULQWHGUHJLVWUDWLRQFDUGLQFOXGHGLQWKHSDFNLQJPDWHULDO
3ULQWHGLQ0H[LFR
Hotte de cuisine
à évacuation
www.electromenagersge.ca
Consignes de sécurité. . . . . . . . 2
Manuel d’utilisation et
directives d’installation
Directives de fonctionnement
Commande de la lampe. . . . . . . . . . . 3
Commande du ventilateur. . . . . . . . . 3
JV936
JV966
CV936
CV966
Entretien et nettoyage
Filtres à graisses. . . . . . . . . . . . . . . . . . 4
Lampe de la hotte. . . . . . . . . . . . . . . . . 5
Surfaces en acier inoxydable. . . . . . 4
Directives d’installation. . . 6–17
Dépannage. . . . . . . . . . . . . . . . . . . . 18
Service à la clientèle
Garantie . . . . . . . . . . . . . . . . . . . . . . . . 21
Service à la clientèle. . . . . . . . . . . . . . 22
Inscrivez ci-dessous les numéros de
modèle et de série :
N° de modèle _ __________
N° de série _ ____________
Ils se trouvent sur une étiquette sur la
paroi intérieure de la hotte.
LI275B
49-80520-3
08-11 GE
&216,*1(6'(6e&85,7e,03257$17(6
9(8,//(=/,5(7287(6/(6&216,*1(6$9$17'·87,/,6(5/·$33$5(,/
&216,*1(6'(6e&85,7e
$9(57,66(0(17²
$),1'(
5e'8,5(/(65,648(6'·,1&(1',('(&+2&
e/(&75,48(28'(%/(6685(69(8,//(=2%6(59(5
/(6&216,*1(648,68,9(17
$ 1·XWLOLVH]FHWDSSDUHLOTXHSRXUO·XVDJHSRXUOHTXHO
LODpWpFRQoXSDUOHIDEULFDQW3RXUWRXWHTXHVWLRQ
FRPPXQLTXH]DYHFOHIDEULFDQW
% $YDQWGHUpSDUHURXGHQHWWR\HUO·DSSDUHLOFRXSH]
O·DOLPHQWDWLRQpOHFWULTXHDXSDQQHDXGHGLVWULEXWLRQ
pOHFWULTXHHWEORTXH]OHGLVMRQFWHXUDILQG·pYLWHUTXH
OHFRXUDQWQHVRLWDFFLGHQWHOOHPHQWUpWDEOL/RUVTX·LO
Q·HVWSDVSRVVLEOHGHEORTXHUOHGLVMRQFWHXUDSSRVH]
XQGLVSRVLWLIG·DYHUWLVVHPHQWELHQYLVLEOHFRPPH
XQHpWLTXHWWHVXUOHSDQQHDXGHGLVWULEXWLRQ
& 1·XWLOLVH]SDVFHWDSSDUHLODYHFXQGLVSRVLWLI
pOHFWURQLTXHGHFRQWU{OHGHODYLWHVVH
' &HWDSSDUHLOGRLWrWUHPLVjODWHUUH
$77(17,21²
3RXUXQHpYDFXDWLRQGH
W\SHJpQpUDOVHXOHPHQW1·XWLOLVH]SDVFHWDSSDUHLO
SRXUpYDFXHUGHVVXEVWDQFHVRXGHVYDSHXUV
GDQJHUHXVHVRXH[SORVLYHV
$9(57,66(0(17²
32855e'8,5(
/(65,648(6'(%/(6685(6(1&$6'()(8'(
*5$,66(685/$&8,6,1,Ê5(2%6(59(=/(6
&216,*1(648,68,9(17
$ e728))(=/(6)/$00(6HQFRXYUDQWO·XVWHQVLOHGH
FXLVVRQjO·DLGHG·XQFRXYHUFOHG·XQHSODTXHjELVFXLWV
RXG·XQSODWHDXHQPpWDOSXLVpWHLJQH]O·pOpPHQW)$,7(6
$77(17,21'(1(3$69286%5Ó/(56LOHVIODPPHVQH
V·pWHLJQHQWSDVLPPpGLDWHPHQWe9$&8(=/(6/,(8;(7
$33(/(=/(63203,(56
% 1·(66$<(=-$0$,6'(628/(9(581867(16,/((1
)(8²YRXVSRXUULH]YRXVEU€OHU
& 1·87,/,6(=3$6'·($8GHOLQJHjYDLVVHOOHRXGH
VHUYLHWWHFHODSRXUUDLWSURYRTXHUXQHYLROHQWH
H[SORVLRQGHYDSHXU
' 8WLOLVH]XQH[WLQFWHXU6(8/(0(17VL
9RXVDYH]HQYRWUHSRVVHVVLRQXQH[WLQFWHXUGH
FODVVH$%&HWYRXVVDYH]YRXVHQVHUYLU
/HIHXHVWSHWLWHWFRQWHQXGDQVO·HQGURLWRLOV·HVWGpFODUp
9RXVDYH]DSSHOpOHVSRPSLHUV
9RXVSRXYH]FRPEDWWUHOHIHXHQIDLVDQWGRVjXQHVRUWLH
6HORQOHGRFXPHQWLQWLWXOp©.LWFKHQ)LUH6DIHW\7LSVª
SXEOLpSDUOD1)3$
$9(57,66(0(17²
32855e'8,5(
/(65,648(6'()(8'(*5$,66(685/$&8,6,1,Ê5(
$ 1HODLVVH]MDPDLVVDQVVXUYHLOODQFHOHVpOpPHQWVGHVXUIDFH
jGHVUpJODJHVpOHYpV/HVGpERUGHPHQWVSHXYHQWSURGXLUH
GHODIXPpHHWSUHQGUHIHX)DLWHVFKDXIIHUOHVPDWLqUHV
JUDVVHVGRXFHPHQWDXUpJODJHPLQLPXPRXPR\HQ
% 0HWWH]WRXMRXUVODKRWWHHQ0$5&+(ORUVTXHYRXV
FXLVLQH]jIHXIRUWRXORUVTXHYRXVIDLWHVIODPEHU
GHVDOLPHQWVSH[FUrSHV6X]HWWHFHULVHVMXELOp
ELIWHFNDXSRLYUHIODPEp
& 1HWWR\H]IUpTXHPPHQWOHVYHQWLODWHXUV1HODLVVH]SDV
GHJUDLVVHV·DFFXPXOHUVXUOHVYHQWLODWHXUVRXOHILOWUH
' 8WLOLVH]GHVXVWHQVLOHVGHFXLVVRQGHGLPHQVLRQV
DSSURSULpHV8WLOLVH]WRXMRXUVGHVXVWHQVLOHVGRQWOD
WDLOOHFRUUHVSRQGjFHOOHGHO·pOpPHQW
$9(57,66(0(17²
32855e'8,5(
/(65,648(6'·,1&(1',('(&+2&e/(&75,48(28'(
%/(6685(62%6(59(=/(6&216,*1(648,68,9(17
$ /HVWUDYDX[G·LQVWDOODWLRQHWGHFkEODJHpOHFWULTXHGRLYHQW
rWUHHIIHFWXpVSDUXQHSHUVRQQHTXDOLILpHFRQIRUPpPHQW
jWRXVOHVFRGHVHWQRUPHVDSSOLFDEOHV\FRPSULVFHX[
FRQFHUQDQWODUpVLVWDQFHDXIHXGHODFRQVWUXFWLRQ
% ,OIDXWXQHTXDQWLWpG·DLUVXIILVDQWHSRXUDVVXUHUXQH
FRPEXVWLRQHWXQHpYDFXDWLRQDSSURSULpHVGHVJD]SDU
OHFRQGXLWG·pYDFXDWLRQFKHPLQpHGHO·pTXLSHPHQWj
FRPEXVWLEOHDILQG·pYLWHUWRXWUHIRXOHPHQWG·DLU2EVHUYH]
OHVGLUHFWLYHVHWQRUPHVGHVpFXULWpGXIDEULFDQWGH
O·pTXLSHPHQWSDUH[HPSOHFHOOHVSXEOLpHVSDUOD1DWLRQDO
)LUH3URWHFWLRQ$VVRFLDWLRQ1)3$O·$PHULFDQ6RFLHW\IRU
+HDWLQJ5HIULJHUDWLRQDQG$LU&RQGLWLRQLQJ(QJLQHHUV
$6+5$(HWOHVDXWRULWpVORFDOHV
& /RUVTXHYRXVFRXSH]RXSHUFH]XQPXURXXQSODIRQG
pYLWH]G·HQGRPPDJHUOHFkEODJHpOHFWULTXHRXOHV
LQVWDOODWLRQVGHVVHUYLFHVSXEOLFV
' /HVFRQGXLWVG·pYDFXDWLRQGHVYHQWLODWHXUVGRLYHQW
WRXMRXUVrWUHDFKHPLQpVYHUVO·H[WpULHXU
$9(57,66(0(17²
3RXUUpGXLUHOHV
ULVTXHVG·LQFHQGLHHWDVVXUHUXQHpYDFXDWLRQDGpTXDWHGH
O·DLUDVVXUH]YRXVG·DFKHPLQHUOHVFRQGXLWVYHUVO·H[WpULHXU
1·pYDFXH]SDVO·DLUGDQVOHVHVSDFHVHQWUHOHVPXUVGDQVOH
SODIRQGRXOHJUHQLHUQLGDQVXQYLGHVDQLWDLUHRXXQJDUDJH
$9(57,66(0(17²
32855e'8,5(/(6
5,648(6'·,1&(1',(1·87,/,6(=48('(6&21'8,76(10e7$/
„
1HWHQWH]SDVGHUpSDUHURXGHUHPSODFHUWRXWH
SLqFHGHODKRWWHVDXIVLFHODHVWVSpFLILTXHPHQW
UHFRPPDQGpGDQVOHSUpVHQWPDQXHO&RQILH]WRXWHV
OHVDXWUHVUpSDUDWLRQVjXQWHFKQLFLHQTXDOLILp
9(8,//(=/,5((768,95(­/$/(775(&(6&216,*1(6'(6e&85,7e
9(8,//(=/,5((7&216(59(5&(6',5(&7,9(6
8WLOLVDWLRQGHVFRPPDQGHVGHODKRWWH
ZZZHOHFWURPHQDJHUVJHFD
'DQVOHSUpVHQWPDQXHOOHVFDUDFWpULVWLTXHVHWO·DSSDUHQFHSHXYHQWrWUHGLIIpUHQWHVGHFHOOHVGHYRWUHPRGqOH
&RPPDQGHGX9(17,/$7(85
&RPPDQGHGHOD/$03(
7RXUQH]ODFRPPDQGHGHYLWHVVH)$19HQWLODWHXUj
/20LQLPXP0('/20LQLPXPPR\HQ
0('+,0R\HQPD[LPXPRX+,0D[LPXPVHORQOH
EHVRLQ
7RXUQH]ODFRPPDQGH/,*+7/DPSHj+,0D[LPXP
SRXUpFODLUHUODVXUIDFHGHFXLVVRQ7RXUQH]ODj1,7(
9HLOOHXVHSRXUO·XWLOLVHUFRPPHYHLOOHXVHHQVRLUpHRX
SHQGDQWODQXLW
/RUVTXHYRXVFXLVLQH]XQIRQFWLRQQHPHQWFRQWLQXGX
V\VWqPHGHYHQWLODWLRQSHUPHWGHJDUGHU
ODFXLVLQHDJUpDEOHHWPRLQVKXPLGH&HODGLPLQXH
pJDOHPHQWOHVRGHXUVGHFXLVVRQHWODVDOHWp
DWWULEXDEOHjODFRQGHQVDWLRQHWTXLH[LJH
XQQHWWR\DJHIUpTXHQW
5(0$548(/RUVTXHOHYHQWLODWHXUIRQFWLRQQH
DXUpJODJH/20LQLPXPLOHVWWUqVVLOHQFLHX[$VVXUH]
YRXVWRXMRXUVTXHODFRPPDQGHGHYLWHVVHGX
YHQWLODWHXUHVWj2))$UUrWORUVTXHYRXVDYH]WHUPLQpOD
FXLVVRQGDQVODFXLVLQH
(QWUHWLHQHWQHWWR\DJHGHODKRWWH
$VVXUH]YRXVTXHO·DOLPHQWDWLRQpOHFWULTXHHVWFRXSpHHWTXHWRXWHVOHVVXUIDFHVVRQWIURLGHVDYDQW
GHQHWWR\HURXGHUpSDUHUWRXWHSDUWLHGHODKRWWH
)LOWUHVjJUDLVVHVPpWDOOLTXHVUpXWLOLVDEOHV
/DKRWWHHVWGRWpHGHGHX[ILOWUHV
jJUDLVVHVPpWDOOLTXHVUpXWLOLVDEOHV
/HVILOWUHVPpWDOOLTXHVUHWLHQQHQWOD
JUDLVVHTXLV·pFKDSSHGHVDOLPHQWV
TXLFXLVHQWVXUODVXUIDFHGHFXLVVRQ
&HVILOWUHVHPSrFKHQWpJDOHPHQWOHV
IODPPHVGHVDOLPHQWVIODPEpVVXUOD
VXUIDFHGHFXLVVRQG·HQGRPPDJHU
O·LQWpULHXUGHODKRWWH
&·HVWSRXUTXRLLOIDXW728-2856TXH
OHVILOWUHVVRLHQWHQSODFHORUVTXHODKRWWH
IRQFWLRQQH,OIDXWQHWWR\HUOHVILOWUHVj
JUDLVVHVXQHIRLVSDUPRLVRXORUVTXH
FHODHVWQpFHVVDLUH
3RXUQHWWR\HUOHVILOWUHVjJUDLVVHV
IDLWHVOHVWUHPSHUSXLVDJLWH]OHVGDQV
XQPpODQJHG·HDXFKDXGHHW
GHGpWHUJHQW1·XWLOLVH]SDVGHSURGXLWV
FRQWHQDQWGHO·DPPRQLDTXHFDUFHV
SURGXLWVWHUQLVVHQWOHPpWDO1·XWLOLVH]SDV
GHSURGXLWVQHWWR\DQWVDEUDVLIV
RXFRQoXVSRXUOHQHWWR\DJHGHVIRXUV
9RXVSRXYH]EURVVHUOpJqUHPHQW
OHVILOWUHVSRXUGpORJHUODVDOHWpLQFUXVWpH
5LQFH]VHFRXH]HWODLVVH]VpFKHU
OHVILOWUHVDYDQWGHOHVUHPHWWUHHQSODFH
3RXUHQOHYHUOHVILOWUHV
6DLVLVVH]ODODQJXHWWHGXILOWUHHWWLUH]OD
YHUVOHKDXWSXLVYHUVO·DYDQW
3RXUOHVUHPHWWUHHQSODFH
7HQH]ODSDUWLHLQIpULHXUHGXILOWUH
SDUODODQJXHWWH
3ODFH]ODSDUWLHVXSpULHXUH
GXILOWUHFRQWUHOHF{WpLQWpULHXU
GHO·DYDQWGHODKRWWH
)DLWHVJOLVVHUOHILOWUHMXVTX·jFH
TX·LOEORTXHSXLVDSSX\H]VXU
O·H[WUpPLWpLQIpULHXUHGXILOWUH
MXVTX·jFHTX·LOWRPEHHQSODFH
SDUSUHVVLRQ
6XUIDFHVHQDFLHULQR[\GDEOH
1·XWLOLVH]SDVGHWDPSRQVHQODLQH
G·DFLHUSRXUQHSDVpJUDWLJQHU
ODVXUIDFH
3RXUQHWWR\HUOHVVXUIDFHVHQDFLHU
LQR[\GDEOHXWLOLVH]GHO·HDXFKDXGH
VDYRQQHXVHRXXQSURGXLWQHWWR\DQWRX
XQSROLSRXUO·DFLHULQR[\GDEOH(VVX\H]
WRXMRXUVODVXUIDFHGDQVOHVHQVGXJUDLQ
6XLYH]OHVGLUHFWLYHVGRQQpHVVXUOH
FRQWHQDQWSRXUQHWWR\HUOHVVXUIDFHVHQ
DFLHULQR[\GDEOH
3RXUGHSOXVDPSOHVUHQVHLJQHPHQWV
VXUO·DFKDWG·XQSURGXLWQHWWR\DQWRX
G·XQSROLSRXUpOHFWURPpQDJHUVHQDFLHU
LQR[\GDEOHRXSRXUFRQQDvWUHO·DGUHVVH
GXGpWDLOODQWOHSOXVSUqVGHFKH]YRXV
YHXLOOH]DSSHOHUVDQVIUDLVDXQXPpUR
VXLYDQW
&HQWUHQDWLRQDOGHSLqFHV
ZZZHOHFWURPHQDJHUVJHFD
ZZZHOHFWURPHQDJHUVJHFD
$VVXUH]YRXVTXHO·DOLPHQWDWLRQpOHFWULTXHHVWFRXSpHHWTXHWRXWHVOHVVXUIDFHVVRQWIURLGHVDYDQW
GHQHWWR\HURXGHUpSDUHUWRXWHSDUWLHGHODKRWWH
3ULVH
'RXLOOH
/DPSHGHODKRWWH
5(0$548((QOHYH]OHFDSRWHQYHUUH
ORUVTX·LOHVWIURLGVHXOHPHQW9RXVSRXYH]
SRUWHUGHVJDQWVHQODWH[SRXUOHVDLVLUSOXV
IDFLOHPHQW
$PSRXOH
&DSRWHQYHUUH
3ULVH
$77(17,21
$YDQWGHUHPSODFHUO·DPSRXOHFRXSH]
O·DOLPHQWDWLRQpOHFWULTXHGHODKRWWH
HQHQOHYDQWOHIXVLEOHRXHQGpFOHQFKDQW
OHGLVMRQFWHXUDXSDQQHDXGHGLVWULEXWLRQ
pOHFWULTXH
/DLVVH]UHIURLGLUFRPSOqWHPHQWOHFDSRW
HQYHUUHHWO·DPSRXOH
3RXUYRWUHVpFXULWpQHWRXFKH]SDVO·DPSRXOH
FKDXGHjPDLQQXHRXDYHFXQFKLIIRQKXPLGH
3RXUHQOHYHUO·DPSRXOH
7RXUQH]OHFDSRWHQYHUUHGDQVOHVHQV
DQWLKRUDLUHMXVTX·jFHTXHODGRXLOOH
GHO·DPSRXOHVRLWDFFHVVLEOH
­O·DLGHGHJDQWVRXG·XQFKLIIRQVHFUHWLUH]
O·DPSRXOHHQWLUDQWGHVVXV
3RXUODUHPHWWUHHQSODFH
8WLOLVH]XQHDPSRXOHKDORJqQHQHXYHGH
9HW:PD[LPXPSRXUFXORW*
8WLOLVH]GHV
JDQWVRXXQ
FKLIIRQ
3RXVVH]O·DPSRXOHjIRQGGDQVODSULVH
5HPHWWH]HQSODFHOHFDSRWHQYHUUH
VXUODGRXLOOHHWWRXUQH]OHGDQVOHVHQV
KRUDLUHMXVTX·jFHTX·LOEORTXHHQSODFH
3RXUXQPHLOOHXUpFODLUDJHQHWWR\H]
IUpTXHPPHQWOHFDSRWHQYHUUHj
O·DLGHG·XQFKLIIRQKXPLGH&HSHQGDQW
IDLWHVOHORUVTXHODKRWWHDFRPSOqWHPHQW
UHIURLGL
5pWDEOLVVH]O·DOLPHQWDWLRQpOHFWULTXH
GHODKRWWH
­O·DLGHGHJDQWVRXG·XQFKLIIRQVHFUHWLUH]
O·DPSRXOHQHXYHGHVRQHPEDOODJH
5(0$548(1HWRXFKH]SDVjO·DPSRXOH
QHXYHDYHFYRVGRLJWVDILQGHQHSDV
UDFFRXUFLUGHIDoRQDSSUpFLDEOHVDGXUpHGH
YLHXWLOH
'LUHFWLYHV
G·LQVWDOODWLRQ
+RWWHVGHFXLVLQH
'HVTXHVWLRQV"$SSHOH]DXRXYLVLWH]QRWUHVLWH:HEjO·DGUHVVHZZZHOHFWURPHQDJHUVJHFD
$9$17'(&200(1&(5
',0(16,216'8352'8,7
9HXLOOH]OLUHDWWHQWLYHPHQWWRXWHVOHVGLUHFWLYHV
TXLVXLYHQW
FP
SR
,03257$17
‡
³&RQVHUYH]OHVSUpVHQWHV
GLUHFWLYHVSRXUO·LQVSHFWHXUORFDO
,03257$17
‡
³2EVHUYH]WRXVOHVFRGHV
HWUqJOHPHQWVHQYLJXHXU
FP
SR
‡1RWHjO·LQVWDOODWHXU³9HXLOOH]ODLVVHU
OHVSUpVHQWHVGLUHFWLYHVDXFRQVRPPDWHXU
FP
SR
‡1RWHDXFRQVRPPDWHXU³9HXLOOH]FRQVHUYHU
OHVSUpVHQWHVGLUHFWLYHVSRXUFRQVXOWDWLRQ
XOWpULHXUH
FP
SR
/HVPRGqOHVGHFPSR
([LJHQWXQHRXYHUWXUHGHFPSRGHODUJHXU
‡&RPSpWHQFHVUHTXLVHV³/·LQVWDOODWLRQGH
FHWWHKRWWHGHFXLVLQHH[LJHGHVFRPSpWHQFHV
GHEDVHHQPpFDQLTXHHWHQpOHFWULFLWp
‡'XUpHGHO·LQVWDOODWLRQ³(QWUHHWKHXUHV
‡/·LQVWDOODWHXUHVWUHVSRQVDEOHGHODTXDOLWp
GHO·LQVWDOODWLRQ
‡7RXWHGpIDLOODQFHGXSURGXLWDWWULEXDEOH
jXQHLQVWDOODWLRQLQDGpTXDWHQ·HVWSDVFRXYHUWH
SDUODJDUDQWLH
FP
SR
FP
SR
FP
SR
$77(17,21
&RPSWHWHQXGXSRLGVHWGHODGLPHQVLRQGHFHWWH
KRWWHHWSRXUUpGXLUHOHVULVTXHVGHEOHVVXUHVHW
GHGRPPDJHVDXSURGXLW/·,167$//$7,21'2,7
Ç75(())(&78e(3$5'(8;3(56211(6
FP
SR
/HVPRGqOHVGHFPSR
([LJHQWXQHRXYHUWXUHGHFPSRGHODUJHXU
32859275(6e&85,7e
$YDQWGHFRPPHQFHUO·LQVWDOODWLRQFRXSH]
O·DOLPHQWDWLRQpOHFWULTXHHWEORTXH]OH
GLVMRQFWHXUDILQG·pYLWHUTXHOHFRXUDQWQHVRLW
DFFLGHQWHOOHPHQWUpWDEOL/RUVTX·LOQ·HVWSDV
SRVVLEOHGHEORTXHUOHGLVMRQFWHXUDSSRVH]XQ
GLVSRVLWLIG·DYHUWLVVHPHQWELHQYLVLEOHFRPPH
XQHpWLTXHWWHVXUOHSDQQHDXGHGLVWULEXWLRQ
pOHFWULTXH
'LUHFWLYHVG·LQVWDOODWLRQ
'e*$*(0(1763285/·,167$//$7,21
$&&(662,5(6)$&8/7$7,)6
&HWWHKRWWHjpYDFXDWLRQDpWpFRQoXHSRXUrWUH
LQVWDOOpHVXUXQPXU(OOHSHXWrWUHLQVWDOOpHVRXV
XQHUHWRPEpHGHSODIRQGRXXQHDUPRLUH
‡,QVWDOOH]ODKRWWHjXQHKDXWHXUYDULDQWHQWUH
FPSRHWFPSRDXGHVVXV
GHODVXUIDFHGHFXLVVRQ
&RXYUHFRQGXLW
,OH[LVWHXQFRXYUHFRQGXLWGpFRUDWLISRXU
OHVLQVWDOODWLRQVORUVTXHODKDXWHXUGXSODIRQG
YDULHHQWUHPSLHWPSL&HFRXYUH
FRQGXLWG·XQHORQJXHXUGHFPSRSHXW
V·DOORQJHUjXQHKDXWHXUPD[GHFPSR
RXFPSR
‡ &HFRXYUHFRQGXLWGpFRUDWLIGLVVLPXOHOHFRQGXLW
HQWUHOHGHVVXVGHODKRWWHHWOHSODIRQG
‡ &HFRXYUHFRQGXLWGpFRUDWLIFRQYLHQWDX[
PRGqOHVGHFPSRHWGHFP
SRGHODUJHXU&RPPDQGH]OHFRXYUHFRQGXLW
GpFRUDWLIHQPrPHWHPSVTXHODKRWWH9RXV
GHYH]DYRLUWRXVOHVDFFHVVRLUHVHQPDLQORUV
GHO·LQVWDOODWLRQGHODKRWWH
&RPPDQGH]ODSLqFH-;&+66
6XSSRUWGH
,167$//$7,21628681(5(720%e('(3/$)21'
5(720%e('(3/$)21'
FPSRPLQ
FPSRPD[
SODIRQG
'DQVOHFDVGHFHWWHLQVWDOODWLRQOHFRQGXLW
G·pYDFXDWLRQjODSDUWLHVXSpULHXUHGHODKRWWH
VHUDGLVVLPXOpjO·LQWpULHXUGHODUHWRPEpHGH
SODIRQGRXGHO·DUPRLUHVXSpULHXUH
,167$//$7,21085$/(
YLV
jERLV
FKHYLOOHV
URQGHOOHV G·DQFUDJHSRXU
PXUFUHX[
YLVjWrWH
3KLOOLSV
FPSRPLQ
FPSRPD[
YLVGpFRUDWLYHV
jWrWH3KLOOLSV
'DQVOHFDVGHFHWWHLQVWDOODWLRQXQFRXYUH
FRQGXLWGpFRUDWLISHUPHWGHGLVVLPXOHUOHFRQGXLW
G·pYDFXDWLRQjODSDUWLHVXSpULHXUHGHODKRWWH
/·XWLOLVDWLRQG·XQFRXYUHFRQGXLWGpFRUDWLIH[LJH
XQHKDXWHXUG·LQVWDOODWLRQVSpFLILTXHDXGHVVXV
GXFRPSWRLU3RXUGHSOXVDPSOHVUHQVHLJQHPHQWV
UHSRUWH]YRXVjODSDJH
&RXYUHFRQGXLW
GpFRUDWLIGH
SLqFHV
DYHFVXSSRUWGH
SODIRQG
'LUHFWLYHVG·LQVWDOODWLRQ
35e3$5$7,)6
&2895(&21'8,7'e&25$7,)
3UpSDUDWLIVFRQFHUQDQWOHFRQGXLWG·pYDFXDWLRQ
‡ &HWWHKRWWHSHXWrWUHGRWpHG·XQFRQGXLWG·pYDFXDWLRQ
YHUWLFDOjWUDYHUVOHVDUPRLUHVVXSpULHXUHVODUHWRPEpH
GHSODIRQGRXOHSODIRQG8QFRQGXLWGHWUDQVLWLRQ
HVWIRXUQLSRXUO·pYDFXDWLRQjODYHUWLFDOH8WLOLVH]GHV
FRXGHVGLVSRQLEOHVHQTXLQFDLOOHULHSRXUpYDFXHUO·DLU
KRUL]RQWDOHPHQWjWUDYHUV
OHPXUDUULqUH5HSRUWH]YRXVjODSDJH
‡ 'pWHUPLQH]O·HPSODFHPHQWH[DFWGHODKRWWH
‡ 3ODQLILH]OHSDUFRXUVTX·HPSUXQWHUDOHFRQGXLWSRXU
O·pYDFXDWLRQYHUVO·H[WpULHXU
‡ 8WLOLVH]ODORQJXHXUGHFRQGXLWODSOXVFRXUWHHWODSOXV
UHFWLOLJQHSRVVLEOH3RXUREWHQLUXQUHQGHPHQWVDWLVIDLVDQW
OHFRQGXLWQHGRLWSDVDYRLUXQHORQJXHXUpTXLYDOHQWH
VXSpULHXUHjPSLTXHOOHTXHVRLWVDFRQILJXUDWLRQ
‡ 1·XWLOLVH]TXHGHVFRQGXLWVHQPpWDOVHXOHPHQW
‡ 8QFRQGXLWGHWUDQVLWLRQSRXUFRQGXLWFLUFXODLUHGHFP
SRHVWIRXUQLGDQVO·HQVHPEOH8WLOLVH]XQFRQGXLW
FLUFXODLUHGHFPSRRXXQFRQGXLWUHFWDQJXODLUHGH
FPSR[FPSR
‡ ,QVWDOOH]GDQVO·RXYHUWXUHH[WpULHXUHXQpYHQWPXUDORX
GHWRLWXUHGRWpG·XQUHJLVWUH&RPPDQGH]jO·DYDQFHO·pYHQW
PXUDORXGHWRLWXUHDLQVLTXHWRXVOHVFRQGXLWVGHWUDQVLWLRQ
QpFHVVDLUHV
(QVHPEOH-;':
&RPPDQGH]O·HQVHPEOH-;':VLYRWUHLQVWDOODWLRQH[LJH
XQFRQGXLWKRUL]RQWDOjSDUWLUGXGHVVXVGHODKRWWHYHUVOHPXU
HWVL
‡ 9RWUHSODIRQGHVWjXQHKDXWHXUGHPSLHWTXHYRXV
GHYH]XWLOLVHUXQFDSXFKRQGHFKHPLQpH-;&+RX
‡ 9RWUHKRWWHVHUDIL[pHVRXVXQHDUPRLUHRXXQHUHWRPEpH
GHSODIRQGGHFPSR
&HWHQVHPEOHFRPSUHQGXQFRQGXLWGHWUDQVLWLRQSRXU
LQVWDOODWLRQHQWUHXQFRQGXLWFLUFXODLUHGHFPSRHWXQ
FRQGXLWUHFWDQJXODLUHGHFPSR[FPSR
SRXUXQHpYDFXDWLRQjWUDYHUVOHPXU
&KDUSHQWHPXUDOHSRXUXQVRXWLHQDGpTXDW
‡ &HWWHKRWWHHVWWUqVORXUGH3RXUODVRXWHQLULOIDXWXQH
FKDUSHQWHPXUDOHDGpTXDWH/DKRWWHGRLWrWUHIL[pHDX[
PRQWDQWVYHUWLFDX[GXPXU5HSRUWH]YRXVjODSDJH
‡ 1RXVYRXVUHFRPPDQGRQVIRUWHPHQWG·DYRLUjSRUWpHGHOD
PDLQODKRWWHHWOHFRXYUHFRQGXLWGpFRUDWLIDYDQWG·HIIHFWXHU
OHVWUDYDX[G·DMXVWHPHQWGHODFKDUSHQWHHWGHILQLWLRQGX
PXU9RXVSRXUUH]DLQVLGpWHUPLQHUO·HPSODFHPHQWSUpFLV
SRXUOHFRQGXLWHWOHFkEODJHpOHFWULTXH
,OH[LVWHXQFRXYUHFRQGXLWGpFRUDWLIFRQYHQDQWDX[GHX[
PRGqOHV&HFRXYUHFRQGXLWGLVVLPXOHOHFRQGXLWG·pYDFXDWLRQ
HQWUHOHGHVVXVGHODKRWWHHWOHSODIRQGRXODUHWRPEpHGH
SODIRQG,OFRQYLHQWDX[SODIRQGVGRQWODKDXWHXUYDULHHQWUH
PSLHWPSL3RXUGHSOXVDPSOHV
UHQVHLJQHPHQWVUHSRUWH]YRXVjODSDJH
$/,0(17$7,21e/(&75,48(
,03257$179HXLOOH]OLUHDWWHQWLYHPHQW
$9(57,66(0(17
32859275(6e&85,7e&(7$33$5(,/'2,7Ç75(
&255(&7(0(170,6­/$7(55(
$YDQWG·HQWUHSUHQGUHO·LQVWDOODWLRQHQOHYH]OHIXVLEOHRX
GpFOHQFKH]OHGLVMRQFWHXUDXSDQQHDXGHGLVWULEXWLRQpOHFWULTXH
1·XWLOLVH]SDVGHUDOORQJHpOHFWULTXHQLGHILFKHG·DGDSWDWLRQ
DYHFFHWDSSDUHLO2EVHUYH]OH&RGHQDWLRQDOGHO·pOHFWULFLWp
RXOHVFRGHVHWUqJOHPHQWVORFDX[HQYLJXHXU
$OLPHQWDWLRQpOHFWULTXH
&HWWHKRWWHHVWFRQoXHSRXUXQHDOLPHQWDWLRQpOHFWULTXHGH
9HW+]HWGRLWrWUHEUDQFKpHjXQFLUFXLWGHGpULYDWLRQ
LQGLYLGXHOFRUUHFWHPHQWPLVjODWHUUHHWSURWpJpSDUXQ
GLVMRQFWHXUGHRXDPSqUHVRXSDUXQIXVLEOHWHPSRULVp
‡ /HFkEODJHpOHFWULTXHGRLWrWUHFRQVWLWXpGHGHX[ILOVSOXVXQ
ILOGHPLVHjODWHUUH
‡ 6LYRWUHDOLPHQWDWLRQpOHFWULTXHQHUpSRQGSDVDX[
H[LJHQFHVFLGHVVXVYHXLOOH]DSSHOHUXQpOHFWULFLHQTXDOLILp
DYDQWG·HQWUHSUHQGUHO·LQVWDOODWLRQ
‡ $FKHPLQH]OHFkEODJHpOHFWULTXHOHSOXVSUqVSRVVLEOH
GHODKRWWHGHSUpIpUHQFHGDQVOHSODIRQGODUHWRPEpH
GHSODIRQGRXOHPXU3RXUGHSOXVDPSOHVUHQVHLJQHPHQWV
UHSRUWH]YRXVjODSDJH
‡ (
IIHFWXH]OHVUDFFRUGHPHQWVGHVILOVDXFkEODJHGH
ODUpVLGHQFHFRQIRUPpPHQWDX[FRGHVORFDX[HQYLJXHXU
'LUHFWLYHVGHPLVHjODWHUUH
/HFRQGXFWHXUGHPLVHjODWHUUHGRLWrWUHUDFFRUGpjXQ
V\VWqPHGHFkEODJHPpWDOOLTXHSHUPDQHQWRXjXQHERUQH
RXXQFkEOHGHPLVHjODWHUUHGHODKRWWH
$9(57,66(0(17
8QUDFFRUGHPHQW
LQFRUUHFWGXILOGHPLVHjODWHUUHSHXWSUpVHQWHUXQULVTXHGHFKRF
pOHFWULTXH&RQVXOWH]XQpOHFWULFLHQRXXQWHFKQLFLHQTXDOLILpVLYRXV
Q·rWHVSDVFHUWDLQTXHO·DSSDUHLOHVWFRUUHFWHPHQWPLVjODWHUUH
'LUHFWLYHVG·LQVWDOODWLRQ
5$&&25'6'(&21'8,7
8WLOLVH]FHWDEOHDXSRXUFDOFXOHU
ODORQJXHXUPD[LPDOHSHUPLVH
GXFRQGXLWG·pYDFXDWLRQYHUV
O·H[WpULHXU
5HPDUTXH1HGpSDVVH]SDVODORQJXHXU
pTXLYDOHQWHPD[LPDOHSHUPLVH
/RQJXHXUPD[LPDOHGXFRQGXLW
PSLSRXUXQHKRWWH
&RQGXLWIOH[LEOH
6LYRXVXWLOLVH]XQFRQGXLWIOH[LEOH
HQPpWDOLOIDXWGRXEOHUWRXWHV
OHVORQJXHXUVpTXLYDOHQWHVLQGLTXpHV
GDQVOHWDEOHDX/HFRQGXLW
PpWDOOLTXHIOH[LEOHGRLWrWUHGURLW
HWVRXSOHHWpWLUpOHSOXVSRVVLEOH
1·XWLOLVH]3$6GHFRQGXLWIOH[LEOH
HQSODVWLTXH
5HPDUTXH7RXWV\VWqPHGHYHQWLODWLRQ
UpVLGHQWLHOFRPPHXQHKRWWHjpYDFXDWLRQSHXW
DIIHFWHUOHGpELWDSSURSULpGHO·DLUGHFRPEXVWLRQ
HWG·pYDFXDWLRQGHVIR\HUVGHVV\VWqPHVGH
FKDXIIDJHjJD]GHVFKDXIIHHDXjJD]HWDXWUHV
V\VWqPHVjFLUFXODWLRQG·DLUQDWXUHOOH3RXUUpGXLUH
DXPLQLPXPODPRGLILFDWLRQGXGpELWG·DLUGH
FHVV\VWqPHVYHXLOOH]VXLYUHOHVOLJQHVGLUHFWULFHV
GRQQpHVSDUOHIDEULFDQWGHO·DSSDUHLOGHFKDXIIDJH
HWOHVQRUPHVGHVpFXULWpSDUH[HPSOHFHOOHV
SXEOLpHVSDUOD1)3$HWOD$6+5$(
&HWWHKRWWHGRLWrWUHUDFFRUGpH
jXQFRQGXLWFLUFXODLUHGHFP
SR9RXVSRXYH]LQVWDOOHU
XQFRQGXLWGHWUDQVLWLRQSRXU
UDFFRUGHPHQWjXQFRQGXLW
UHFWDQJXODLUHGHFP
SR[FPSR
(QVHPEOH-;':
&RPPDQGH]O·HQVHPEOH-;':VL
YRWUHLQVWDOODWLRQH[LJHXQFRQGXLW
KRUL]RQWDOjSDUWLUGXGHVVXVGHOD
KRWWHYHUVOHPXUHWVL
‡ YRWUHSODIRQGHVWjXQHKDXWHXU
GHPSLHWTXHYRXVGHYH]
XWLOLVHUXQFDSXFKRQGHFKHPLQpH
-;&+RX
‡ YRWUHKRWWHVHUDIL[pHVRXVXQH
DUPRLUHRXXQHUHWRPEpHGH
SODIRQGGHFPSR
&HWHQVHPEOHFRPSUHQGXQFRQGXLW
GHWUDQVLWLRQSRXULQVWDOODWLRQHQWUH
XQFRQGXLWFLUFXODLUHGHFP
SRHWXQFRQGXLWUHFWDQJXODLUH
GHFPSR[FPSR
SRXUXQHpYDFXDWLRQjWUDYHUVOHPXU
/·XWLOLVDWLRQG·XQFRQGXLWG·XQ
GLDPqWUHSOXVSHWLWDIIHFWHUD
OHUHQGHPHQWGHO·DSSDUHLO
6HFWLRQGH
FRQGXLW
'LPHQVLRQV
/RQJXHXU
/RQJXHXU
4XDQWLWp pTXLYDOHQWH
pTXLYDOHQWH XWLOLVpH WRWDOH
'URLWFLUFXODLUHGH
FPSR
PSL
SDUSLHG
GHORQJXHXU
'URLWFPSR
[FPSR
PSL
SDUSLHG
GHORQJXHXU
&RXGHGHFP
SRGHƒ
PSL
&RXGHGHFP
SRGHƒ
PSL
&RXGHGHFPSR
[FPSRGHƒ
PSL
&RXGHGHFPSR
[FPSRGHƒ
PSL
&RXGHSODWGHFP
SR[FP
SRGHƒ
PSL
&RQGXLWGHWUDQVLWLRQFLUFXODLUH
GHFPSRjFRQGXLW UHFWDQJXODLUHGHFP
SR[FPSR PSL
&RQGXLWGHWUDQVLWLRQUHFWDQJXODLUH
UHFWDQJXODLUHGHFPSR
[FPSRjXQFRQGXLW
FLUFXODLUHGHFPSR
PSL
&RXGHGHWUDQVLWLRQGHƒFLUFXODLUH
GHFPSRjFRQGXLW
UHFWDQJXODLUHGHFP
SR[FPSR PSL
&RGHGHWUDQVLWLRQGHƒFLUFXODLUH
GHFPSRjFRQGXLW UHFWDQJXODLUHGHFP
SR[FPSR PSL
eYHQWPXUDOSRXUFRQGXLW
FLUFXODLUHGHFP
SRDYHFUHJLVWUH
eYHQWPXUDOSRXUFRQGXLWGH PSL
GHFPSR[FP PSL
SRDYHFUHJLVWUH
VDQVUHJLVWUH
eYHQWGHWRLWXUHSRXUFRQGXLW
FLUFXODLUHGHFPSR
PSL
eYHQWGHWRLWXUHFLUFXODLUH
PSL
PSL
VDQVUHJLVWUH
PSL
/RQJXHXUUpHOOHGXFRQGXLWGURLWSOXVODORQJXHXU
pTXLYDOHQWHGXUDFFRUG/HVORQJXHXUVpTXLYDOHQWHVGHV
VHFWLRQVGHFRQGXLWRQWpWppWDEOLHVjODVXLWHG·HVVDLVUpHOV
HIIHFWXpVSDUOHVHUYLFHGHO·,QJpQLHULHG·pYDOXDWLRQGH*(HW
UHSUpVHQWHQWOHVORQJXHXUVQpFHVVDLUHVSRXUDVVXUHUXQH
ERQQHYHQWLODWLRQGHWRXWW\SHGHKRWWH
/RQJXHXU
WRWDOHGH
FRQGXLW
'LUHFWLYHVG·LQVWDOODWLRQ
0$7e5,(/(7287,/61e&(66$,5(6
'e%$//$*(
121)2851,6
&UD\RQHWUXEDQ
jPHVXUHU
‡ (QOHYH]ODSHWLWHERvWHTXLSURWqJHOHPRWHXU
‡ 6RUWH]ODKRWWHGHODERvWH
7RXUQHYLV3KLOOLSV 5XEDQDGKpVLI
HWjODPHSODWH SRXUFRQGXLW
+RWWH
'RXLOOHKH[DJRQDOH
SLYRWDQWHGH
PPSR
3HUFHXVHpOHFWULTXHDYHF
IRUHWVGHPPSRHW
PPSR
6XSSRUW
GHIL[DWLRQ
HQERLV
‡ (
QOHYH]OHVYLVG·H[SpGLWLRQTXLUHWLHQQHQWOHVXSSRUW
GHIL[DWLRQHQERLVjODSDURLDUULqUHGHODKRWWH
0HWWH]GHF{WpOHVXSSRUWGHIL[DWLRQHQERLVHW
OHVYLVSRXUOHVUpLQVWDOOHUSOXVWDUG1HOHVMHWH]SDV
‡ 5HWLUH]ODVHFWLRQGHFDUWRQHQ9
‡ 5HWLUH]O·HPEDOODJHGHSLqFHVGHODVHFWLRQGHFDUWRQHQ9
‡ 5HWLUH]OHFRXYHUFOHGHODERvWHGHMRQFWLRQHWO·HQWUpH
GpIRQoDEOH
‡ ,QVWDOOH]XQVHUUHFkEOHVXUODSDURLDUULqUHRXVXU
OHGHVVXVGHODKRWWH
‡ (QOHYH]OHUXEDQJRPPpHWOHPDWpULHOG·HPEDOODJH
GHODKRWWHGXFRQGXLWGHWUDQVLWLRQHWGXPRWHXU
1LYHDXjEXOOH
&RQQHFWHXUVYLVVDEOHV
KRPRORJXpVSDU8/
/DPSHGHSRFKH
0DUWHDX
&LVDLOOHVjW{OHV
3LQFHFRXSDQWH
jGpQXGHU
6FLHVDXWHXVHRXVFLHj
JXLFKHW
(VFDEHDX
(PEDOODJH
GHSLqFHV
%RvWHG·H[SpGLWLRQ
/XQHWWHVGHVpFXULWp
3LQFH
0RWHXU
&Op$OOHQ
0DWpULHOVXSSOpPHQWDLUH
‡ ILOVGH9+]GHRX$DYHF
ILOGHPLVHjODWHUUH&LUFXLWGHGpULYDWLRQ
DGpTXDWHPHQWPLVjODWHUUH
‡ 6HUUHFkEOHSRXUERvWHGHMRQFWLRQ
‡ &
RQGXLWFLUFXODLUHHQPpWDOGHFPSRRX
UHFWDQJXODLUHGHFPSR[FPSR
RXGHFPSR[FPSRG·XQH
ORQJXHXUVXIILVDQWHSRXUO·LQVWDOODWLRQ
'LUHFWLYHVG·LQVWDOODWLRQ
3,Ê&(6)2851,(6
5HSpUH]ODERvWHFRQWHQDQWOHVDFFHVVRLUHVIRXUQLVDYHF
ODKRWWHHWYpULILH]HQOHFRQWHQX
ILOWUHVjJUDLVVHV
HQDOXPLQLXP
9LVFKHYLOOHV
G·DQFUDJH
URQGHOOHV
&RQGXLWGH
WUDQVLWLRQDYHF
UHJLVWUH
(;,*(1&(6&21&(51$17
/(&2895(&21'8,7
6XSSRUW
GHILOWUH
3DVVH]HQUHYXHOHVH[HPSOHVTXLVXLYHQWDILQG·LQVWDOOHUVDQV
SUREOqPHOHFRXYUHFRQGXLWGpFRUDWLI
3ODIRQGGHPSL
1RXVYRXVUHFRPPDQGRQVG·DYRLUjSRUWpHGHODPDLQ
ODKRWWHHWOHFRXYUHFRQGXLWGpFRUDWLIOHFDVpFKpDQW
ORUVGHVWUDYDX[G·DMXVWHPHQWGHODFKDUSHQWHHWGH
ILQLWLRQGXPXU9RXVSRXUUH]DLQVLUHSpUHUDYHFSUpFLVLRQ
O·HPSODFHPHQWGHVPRQWDQWVGXFRQGXLWHWGXFkEODJH
pOHFWULTXH9HXLOOH]OLUHOHVGLUHFWLYHVTXLVXLYHQWSRXUVDYRLU
VLYRXVSRXYH]XWLOLVHUOHFRXYUHFRQGXLWGpFRUDWLISRXUYRWUH
LQVWDOODWLRQ
&RXYUHFRQGXLWGpFRUDWLI
‡ 8
WLOLVH]OHFRXYUHFRQGXLW
GpFRUDWLISRXUGLVVLPXOHU
FP
OHFRQGXLWG·pYDFXDWLRQ
SR
HQWUHOHGHVVXVGHODKRWWH
HWOHSODIRQG
‡ &HFRXYUHFRQGXLWHVW
FP
FP
IRUPpGHGHX[SLqFHV
SR
SR
/DVHFWLRQH[WpULHXUH
PHVXUHFPSRGH
KDXWHXUDORUVTXHODVHFWLRQ
LQWpULHXUHPHVXUHFP
SR8QHIRLVLQVpUpHV
FP
FP
SR
O·XQHGDQVO·DXWUHOHVGHX[
SR
VHFWLRQVIRUPHQWXQH
VWUXFWXUHGRQWODKDXWHXU
SHXWYDULHUHQWUHFPSRHWFPSR
‡ /DVHFWLRQH[WpULHXUHSHXWrWUHXWLOLVpHVHXOHSRXU
GLVVLPXOHUXQFRQGXLWGHFPSRGHKDXWHXU
‡ 3RXUXQHKDXWHXUGHFRQGXLWVXSpULHXUHjFP
SRLOIDXWLQVWDOOHUOHVXSSRUWGHSODIRQGSRXUIL[HU
OHFRXYUHFRQGXLWjODSDUWLHVXSpULHXUH
3RXUpYLWHUOHVMHX[SHXHVWKpWLTXHVSUpYR\H]LQVWDOOHU
ODKRWWHjXQHKDXWHXUSHUPHWWDQWO·LQVWDOODWLRQGX
FRXYUHFRQGXLWGpFRUDWLI
‡ /HFRXYUHGpWHFWHXUFRQYLHQWjXQHKDXWHXUPLQLPDOHGH
FPSRHQWUHOHGHVVXVGHODKRWWHHWOHSODIRQG
RXHQWUHFPSRHWFPSRHQWUH
OHGHVVXVGHODKRWWHHWOHSODIRQG
92861(3289(=3$687,/,6(5/(&2895('e7(&7(85
6,/$',67$1&((175(/('(6686'(/$+277((7
/(3/$)21'9$5,((175(&032(7
&032
3ODIRQGGHPSL
/DKRWWHGRLWrWUHLQVWDOOpH FPSR
jXQHKDXWHXUGHFP
SRDXGHVVXVGHOD
VXUIDFHGHFXLVVRQRX
jFP>SR@GXVRO
/HFRXYUHFRQGXLWQHSHXW
SDVrWUHXWLOLVpVLODKRWWH
FPSR
HVWLQVWDOOpHjXQHKDXWHXU
LQIpULHXUHRXVXSpULHXUH
8WLOLVH]ODVHFWLRQGH
FPSRHWMHWH]
ODVHFWLRQLQWpULHXUH 3ODIRQGGHPSL
FPSR
FPSR
FPSR
FPSR
3ODIRQGGHPSL,QVWDOOH]ODKRWWHjXQHKDXWHXUG·DX
PRLQVFPSRHWG·DXSOXVFPSRDXGHVVXV
GHODVXUIDFHGHFXLVVRQ/HFRXYUHFRQGXLWSHXWrWUH
DOORQJpSRXUGLVVLPXOHUOHFRQGXLWMXVTX·DXSODIRQG
3ODIRQGGHPSL
FPSR
FPSR
FPSR
FPSRPD[
3ODIRQGGHPSL,QVWDOOH]ODKRWWHjXQHKDXWHXU
G·DXPRLQVFPSRHWG·DXSOXVFPSR
DXGHVVXVGHODVXUIDFHGHFXLVVRQ/HFRXYUHFRQGXLW
SHXWrWUHDOORQJpMXVTX·jFPSRHQWUHOHGHVVXV
GHODKRWWHHWOHSODIRQG
'LUHFWLYHVG·LQVWDOODWLRQ
(03/$&(0(17'(/$+277('8&21'8,7(7'8&Æ%/$*(
‡ &RQVHUYH]OHVXSSRUWGHIL[DWLRQHQERLVHWVHVYLVSRXU
OHVUpLQVWDOOHUSOXVWDUG1HOHVMHWH]SDV
‡ 0
HVXUH]ODGLVWDQFHYRXOXHHQWUHOHGHVVRXVGHODKRWWH
HWODVXUIDFHGHFXLVVRQF·HVWjGLUHHQWUHFP
SRHWFPSR6LYRXVXWLOLVH]OHFRXYUHFRQGXLW
GpFRUDWLIUHSRUWH]YRXVjODSDJHSUpFpGHQWH
‡ ­O·DLGHG·XQQLYHDXWUDFH]XQHOLJQHKRUL]RQWDOHSRXU
PDUTXHUO·HPSODFHPHQWGXGHVVRXVGHODKRWWH
‡ ­O·DLGHG·XQQLYHDXWUDFH]XQHOLJQHFRUUHVSRQGDQW
DXFHQWUHGHODVXUIDFHGHFXLVVRQ
‡ ­FPSRDXGHVVXVGHODOLJQHKRUL]RQWDOH
FRUUHVSRQGDQWDXGHVVRXVGHODKRWWHWUDFH]XQHDXWUH
OLJQHKRUL]RQWDOH
‡ ­
FPSRDXGHVVXVGHODOLJQHFRUUHVSRQGDQW
DXGHVVRXVGHODKRWWHWUDFH]XQHDXWUHOLJQHKRUL]RQWDOH
SRXULQGLTXHUOHGHVVXVGHODKRWWH
&RQGXLWjWUDYHUVXQHUHWRPEpHGHSODIRQGRXXQH
DUPRLUHVXSpULHXUH
‡ 6XLYH]ODSURFpGXUHLQGLTXpHSRXUO·LQVWDOODWLRQGXFRQGXLW
GDQVOHSODIRQGSRXUSUDWLTXHUXQRULILFHGHFP
SRGHGLDPqWUHjWUDYHUVODUHWRPEpHGHSODIRQG
RXO·DUPRLUH
‡ 5HSRUWH]YRXVjO·pWDSHGHODSDJHSRXUSUDWLTXHU
O·RXYHUWXUHSRXUOHFRQGXLWGHWUDQVLWLRQ
e9$&8$7,21­
75$9(56/(3/$)21'
FPSRHQWUH
OHPXUHWODOLJQHFHQWUDOH
&kEODJHpOHFWULTXH
2ULILFHGHFP
SRGHGLDPqWUH
e9$&8$7,21­
75$9(56/(085
'HVVXVGHODKRWWH
328581&21'8,79(57,&$/GURLW
‡ 6LOHFRQGXLWSDVVHjWUDYHUVOHSODIRQGSURORQJH]ODOLJQH
FHQWUDOHMXVTX·DXSODIRQG
­FPSRGHODFORLVRQVqFKHPDUTXH]
O·HPSODFHPHQWGXFHQWUHGHO·RULILFHGHFP
SRGHGLDPqWUHSRXUOHSDVVDJHGXFRQGXLW
,6·LOQ·\DSDVHQFRUHGHFORLVRQVqFKHDXPXUDMRXWH]
O·pSDLVVHXUGHODFORLVRQVqFKHjODPHVXUHGHFP
SR
FP
SR
'HVVRXVGHODKRWWH
/LJQHFHQWUDOHDXPRLQV
FPSRDXGHVVXV
GXGHVVXVGHODKRWWH
6XSSRUW
HQERLV
FP
SR
&kEODJHpOHFWULTXH
e9$&8$7,21­75$9(56/(085$55,Ê5(
‡ 0HVXUH]ODORQJXHXUGXFRQGXLWGHWUDQVLWLRQIRXUQL
HWGHWRXVOHVFRQGXLWVXWLOLVpVSOXVODKDXWHXUGX
FRXGHGHƒ7UDFH]VXUOHPXUXQHOLJQHKRUL]RQWDOH
FURLVDQWODOLJQHFHQWUDOH
(PSODFHPHQWGXFkEODJHGHODUpVLGHQFH
‡ (
QOHYH]O·HQWUpHGpIRQoDEOHVXSpULHXUHRXDUULqUH
VHORQYRWUHLQVWDOODWLRQ
‡ ,QVWDOOH]OHVHUUHFkEOHVXUODSDURLDUULqUHRXVXUOHGHVVXV
GHODKRWWH
‡ / DERvWHGHMRQFWLRQHVWIL[pHjODSDURLDUULqUHGHODKRWWH
GXF{WpGURLW3RXUFRQQDvWUHO·HPSODFHPHQWGHVHQWUpHV
GpIRQoDEOHVUHSRUWH]YRXVDX[LOOXVWUDWLRQV
5HPDUTXH/DERvWHGHMRQFWLRQSHXWrWUHLQVWDOOpHj
O·LQWpULHXUGHODKRWWHjODSDUWLHVXSpULHXUH9RXVSRXYH]
IDLUHHQWUHUOHFkEODJHGHODUpVLGHQFHGDQVODERvWHGH
MRQFWLRQSDUO·DUULqUHRXOHKDXWGHODKRWWHGXF{WpGURLW
3RXUDFKHPLQHUOHFkEODJHSDUOHSODIRQGRXODUHWRPEpH
GHSODIRQG
² 3HUFH]XQWURXG·HQYLURQFPSRGHGLDPqWUHj
FPSRGXPXUjFPSRjGURLWH
GHODOLJQHFHQWUDOHGDQVOHFDVG·XQPRGqOHGH
FPSRRXjFPSRjGURLWHGHODOLJQH
FHQWUDOHSRXUXQPRGqOHGHFPSR
3RXUDFKHPLQHUOHFkEODJHSDUOHPXU
² 3HUFH]XQWURXG·HQYLURQFPSRGHGLDPqWUHj
FPSRGXGHVVXVGHODKRWWHjFP
SRjGURLWHGHODOLJQHFHQWUDOHGDQVOHFDVG·XQ
PRGqOHGHFPSRRXjFPSRj
GURLWHGHODOLJQHFHQWUDOHSRXUXQPRGqOHGHFP
SR
FPSRSRXUOHV
PRGqOHVGHFPSR
FPSRSRXUOHV
PRGqOHVGHFPSR
FPSR
FPSR
(PSODFHPHQW
GHVHQWUpHV
GpIRQoDEOHV
FPSRSRXUOHVPRGqOHVGHFPSR
FPSRSRXUOHVPRGqOHVGHFPSR
'LUHFWLYHVG·LQVWDOODWLRQ
,167$//$7,21'86833257'(
,167$//$7,21'8&21'8,7
/$+277(
'(75$16,7,21
,03257$175HWLUH]OHUXEDQ
JRPPpTXLUHWLHQWOHUHJLVWUH
HQSODFHHWYpULILH]VLOHUHJLVWUH
ERXJHOLEUHPHQW
,03257$17/DFKDUSHQWHGRLWrWUHHQPHVXUH
GHVRXWHQLUXQHFKDUJHGHNJOE
‡ 5
HSpUH]DXPRLQVGHX[PRQWDQWVYHUWLFDX[SRXU
IL[HUOHVXSSRUWHQERLVHQIUDSSDQWVXUODFORLVRQ
VqFKHDYHFXQPDUWHDXRXHQXWLOLVDQWXQORFDOLVDWHXU
GHPRQWDQWV
‡ &HQWUH]GHJDXFKHjGURLWHHWVRXVODOLJQHKRUL]RQWDOH
WUDFpHSUpFpGHPPHQWOHVXSSRUWKRUL]RQWDOHQERLV
IRXUQLGDQVO·HQVHPEOH
&RQGXLWGH
WUDQVLWLRQ
(QOHYH]OH
UXEDQJRPPp
VXUOHUHJLVWUH
'HVVXVGH
ODKRWWH
‡ 3
ODFH]OHFRQGXLW
GHWUDQVLWLRQVXUODVRUWLHG·pYDFXDWLRQGHODKRWWH)L[H]OH
FRQGXLWjODKRWWHjO·DLGHGHVTXDWUHYLVIRXUQLHV
‡ 8WLOLVH]GXUXEDQDGKpVLISRXUFRQGXLWSRXUVFHOOHUOH
UDFFRUG
2XYHUWXUHPLQLPDOHGHFP
SRSRXUOHFRQGXLW
,167$//$7,21'(/$+277($8085
‡ 6
RXOHYH]ODKRWWHHWSODFH]ODFRQWUHOHVXSSRUWHQERLV
/HVYLVGHPRQWDJHTXLGpSDVVHQWGXVXSSRUWGRLYHQWrWUH
LQVpUpHVGDQVOHVIHQWHVjODSDUWLHVXSpULHXUHGHODKRWWH
/DLVVH]ODKRWWHJOLVVHUHQSODFH
‡ ,QVpUH]OHFkEOHpOHFWULTXHGHODUpVLGHQFHSDUO·HQWUpH
GpIRQoDEOHVXUODSDURLDUULqUHRXVXUOHGHVVXVGHODKRWWH
‡ $VVXUH]YRXVTXHODKRWWHHVWGHQLYHDXHWELHQFHQWUpH
/·RXYHUWXUHHQIRUPHGHIOqFKHVXUODSDURLDUULqUHGHOD
KRWWHYRXVSHUPHWGHYRLUODOLJQHFHQWUDOHWUDFpHVXUOHPXU
‡ 5HWLUH]OHFRXYHUFOHGHODERvWHGHMRQFWLRQ
6XSSRUWHQERLV
FP
SR
'HFP
SRj
FP
SR
/LJQHFHQWUDOH
GHO·HPSODFHPHQW
‡ 3
HUFH]GHVDYDQWWURXVGHPPSRjWUDYHUV
OHVXSSRUWODFORLVRQVqFKHHWOHVPRQWDQWV)L[H]
OHVXSSRUWjDXPRLQVGHX[PRQWDQWVYHUWLFDX[jO·DLGH
GHVYLVjERLVIRXUQLHVGDQVO·HQVHPEOH
,03257$17/HVYLVGRLYHQWrWUHLQVpUpHVjXQHSURIRQGHXU
G·DXPRLQVFPSRGDQVOHVPRQWDQWVYHUWLFDX[
)UDLVH]OHVWURXVGHYLVVXUOHVXSSRUW
'HFP
SRj
FP
SR
/LJQHFHQWUDOH
GHO·HPSODFHPHQW
2XYHUWXUH
3HUoDJHGHVWURXVSRXUOHVYLVGHPRQWDJHLQIpULHXUHV
‡ 3HUFH]GHVDYDQWWURXVGHPPSRGDQVOHVGHX[
RULILFHVGHPRQWDJHLQIpULHXUV$JUDQGLVVH]OHVWURXVj
PPSRV·LOHVWLPSRVVLEOHG·DWWHLQGUHOHV
PRQWDQWV9LVVH]jODPDLQOHVYLVGDQVOHVFKHYLOOHV
G·DQFUDJHSRXUSHUPHWWUHO·H[SDQVLRQGHFHVFKHYLOOHV
GDQVOHPXU5HWLUH]OHVYLV
‡ ­O·DLGHGHGHX[JURVVHVURQGHOOHVSODWHVIRXUQLHVLQVWDOOH]
OHVYLVjERLVRXOHVYLVGHVFKHYLOOHVG·DQFUDJHSRXUPXU
FUHX[jODPDLQGDQVOHVWURXVGHPRQWDJH1HOHVVHUUH]SDV
‡ 9pULILH]VLODKRWWHHVWGHQLYHDX6HUUH]OHVYLVjODSDUWLH
VXSpULHXUH6HUUH]HQVXLWHOHVYLVGHPRQWDJHjODSDUWLH
LQIpULHXUH
‡ 3RXUSOXVGHVpFXULWpLQVWDOOH]GHVYLVGDQVOHVWURXV
G·RULJLQHGXVXSSRUWHQERLVjO·DUULqUHGHODKRWWH
FP
SR
-HXGH
PPSR
‡ ,QVWDOOH]OHVYLVGHPRQWDJHDXFHQWUHGXVXSSRUWHQ
ERLVjFPSRGHODOLJQHFHQWUDOH/HVYLV
GRLYHQWGpSDVVHUGHPPSR&HMHXSHUPHWWUD
G·DFFURFKHUODKRWWH
'LUHFWLYHVG·LQVWDOODWLRQ
$XWUHPpWKRGHGHPRQWDJH
,03257$173RXUXQVRXWLHQVXSSOpPHQWDLUHHW
SRXUUpGXLUHDXPLQLPXPOHVYLEUDWLRQVSHQGDQW
OHIRQFWLRQQHPHQWGHO·DSSDUHLOQRXVYRXV
UHFRPPDQGRQVIRUWHPHQWGHIL[HUpJDOHPHQWODKRWWHDX
PXUjO·DLGHGHFKHYLOOHVG·DQFUDJHSRXUPXUFUHX[
,167$//$7,21'(/$+277(6286
81(5(720%e('(3/$)21'28
81($502,5(
6$87(=&(77(e7$3(6,9286),;(=/$+277($8085
,03257$17/DFKDUSHQWHGHODUHWRPEpH
GHSODIRQGGRLWrWUHHQPHVXUHGHVRXWHQLU
XQHFKDUJHGHNJOE
$XEHVRLQODKRWWHSHXWrWUHVRXWHQXHSDUODUHWRPEpH
GHSODIRQG
‡ /DUHWRPEpHGHSODIRQGGRLWrWUHFRQVWUXLWHHQSLqFHV
GHERLVGHFPSR[FPSR
‡ 'pWHUPLQH]O·HPSODFHPHQWGHO·DSSDUHLO
‡ 3URORQJH]ODOLJQHFHQWUDOHMXVTX·DXEDVGHODUHWRPEpH
GHSODIRQGRXGHO·DUPRLUH
FP
SR
0RGqOHVGHFPSR
FPSR
FPSR
FP
SR
FP
SR
FP
SR
FP
SR
FP
SR
FP
SR
FPSR
9XHGHGHVVXVSDUWLHDYDQW
0RGqOHVGHFPSR
FPSR
FP
SR
FP
SR
FPSR
FP
SR
FP
SR
%
FP
SR
$
$
©$ª
/LJQHFHQWUDOHMXVTX·DX
FHQWUHGXPRQWDQW
©%ª
2XYHUWXUHSRXU
OHFRQGXLW
0RGqOHVGH
FPSR
FP
SR
FP/[FP3
SR/[SR3
0RGqOHVGH
FPSR
FP
SR
FP/[FP3
SR/[SR3
FPSR
9XHGHGHVVXVSDUWLHDYDQW
&RQGXLW
GHWUDQVLWLRQ
$UPRLUHRX
UHWRPEpH
GHSODIRQG
-HXGHPPSR
0XUDUULqUH
FP
SR
FP
SR
‡ 3HUFH]TXDWUHDYDQWWURXVGHPPSR
DX[HQGURLWVLQGLTXpV
² 6LODKRWWHHVWIL[pHjXQHDUPRLUHGRQWOHIRQGHVW
HQUHWUDLWLQVWDOOH]GHVFDOHVSRXUFRPEOHUO·HVSDFH
‡ /HVYLVGHPRQWDJHGRLYHQWrWUHYLVVpHVGDQVGHV
PRQWDQWVGHFPSR[FPSRGLP©$ª
DX[HQGURLWVLQGLTXpVGDQVOHWDEOHDXFLGHVVXV
‡ 3UpYR\H]XQHRXYHUWXUHVXIILVDQWHGLP©%ªSRXULQVpUHU
OHFRQGXLWGHWUDQVLWLRQGDQVODUHWRPEpHGHSODIRQG
FP
SR
FP
SR
,QVpUH]OHVYLVGDQV
OHVIHQWHVGHODKRWWHHQ
ODSRXVVDQWFRQWUHOHPXU
FP
SR
FP
SR
$MRXWH]GHV
FDOHVVL
OHIRQGHVW
HQUHWUDLW
0XU
DUULqUH
‡ ,QVWDOOH]OHVYLVGDQVOHVPRQWDQWVHQOHVODLVVDQW
GpSDVVHUGHPPSR&HMHXSHUPHWWUDGH
OHVLQVpUHUGDQVOHVIHQWHVVXUOHGHVVXVGHODKRWWH
‡ 6RXOHYH]ODKRWWHHWVXVSHQGH]ODVXUOHVYLVGH
PRQWDJH3RXVVH]ODKRWWHFRQWUHOHPXUDUULqUH
‡ )DLWHVSDVVHUOHFkEODJHpOHFWULTXHGHODUpVLGHQFHSDU
O·RXYHUWXUHVXUODSDURLDUULqUHRXOHGHVVXVGHODKRWWH
‡ 6HUUH]OHVYLVGHPRQWDJH
9XHGHGHVVXVSDUWLHDYDQW
3UDWLTXH]XQRULILFHGHFPSR[FP
SRVRXVODUHWRPEpHGHSODIRQGRXO·DUPRLUH
SRXU\LQVpUHUOHFRQGXLWGHWUDQVLWLRQFRPPHLQGLTXp
GDQVO·LOOXVWUDWLRQ
'LUHFWLYHVG·LQVWDOODWLRQ
,167$//$7,21'86833257
5$&&25'(0(17'8&21'8,7
'(3/$)21'
‡ ,QVpUH]OHFRQGXLWVXUO·H[WUpPLWpGXFRQGXLWGH
WUDQVLWLRQMXVTX·jFHTX·LODWWHLJQHOHVODQJXHWWHV
G·DUUrW
‡ ,QVWDOOH]OHFRQGXLWHQHIIHFWXDQWOHUDFFRUG
GDQVOHVHQVGXGpELWG·DLUFRPPHLQGLTXpGDQV
O·LOOXVWUDWLRQ
‡ )L[H]OHVUDFFRUGVGXFRQGXLWjO·DLGHGHYLVjW{OH
‡ $SSOLTXH]GXUXEDQDGKpVLISRXUFRQGXLWSRXUVFHOOHU
WRXVOHVUDFFRUGV
‡ 8WLOLVH]GXUXEDQDGKpVLISRXUFRQGXLWSRXUVFHOOHU
OHMRLQWHQWUHOHFRQGXLWGHWUDQVLWLRQHWOHVUHERUGV
,OIDXWLQVWDOOHUOHVXSSRUWGHSODIRQGORUVTXHYRXVXWLOLVH]
OHFRXYUHFRQGXLWSRXUGLVVLPXOHUXQFRQGXLWG·XQH
KDXWHXUG·DXPRLQVFPSRHQWUHODKRWWHHW
OHSODIRQG&HVXSSRUWSHUPHWGHIL[HUOHFRXYUHFRQGXLW
GpFRUDWLIDXSODIRQG
5HPDUTXH/HVXSSRUWGHSODIRQGQ·HVWSDVQpFHVVDLUH
ORUVTXHYRXVXWLOLVH]XQLTXHPHQWODVHFWLRQGHFP
SRGXFRXYUHFRQGXLW
‡ ,QVWDOOH]OHVGHX[SHWLWHVYLVGDQVOHVF{WpVGXVXSSRUW
GHFRQGXLW(QOHYH]OHVYLV/HWDUDXGDJHGHVWURXV
SHUPHWWUDGHIDFLOLWHUO·LQVWDOODWLRQ
‡ 3ODFH]O·HQFRFKHFHQWUDOHGXVXSSRUWYLVjYLV
GHODOLJQHFHQWUDOHWUDFpHVXUOHPXUHWDSSX\H]
OHVXSSRUWFRQWUHOHSODIRQG
‡ 0DUTXH]O·HPSODFHPHQWGHVGHX[WURXVGHYLV
‡ 3HUFH]GHVDYDQWWURXVGHPPSRDX[
HQGURLWVPDUTXpV
‡ 6LOHVDYDQWWURXVQ·DWWHLJQHQWSDVOHVPRQWDQWV
DJUDQGLVVH]OHVjPPSRHWLQVWDOOH]
GHVFKHYLOOHVG·DQFUDJHSRXUPXUFUHX[
‡ )L[H]OHVXSSRUWVXUOHPXUDUULqUHjO·DLGHGHYLVjERLV
HWGHURQGHOOHV8WLOLVH]GHVFKHYLOOHVG·DQFUDJHSRXU
PXUFUHX[DXEHVRLQ
&RQGXLWGH
ODUpVLGHQFH
5XEDQDGKpVLIVXU
OHMRLQWHWOHVYLV
5XEDQDGKpVLIVHXOHPHQW
SRXUDVVXUHUOHERQ
IRQFWLRQQHPHQWGX
UHJLVWUH
'pELWG·DLU
9LV
&RQGXLW
/DQJXHWWHV
G·DUUrW
&RQGXLWGH
WUDQVLWLRQ
5HPDUTXH/HVXSSRUWHVWSRXUYXGHGHX[VpULHVGH
WURXV8WLOLVH]OHVJURVWURXVSRXUOHVFKHYLOOHVG·DQFUDJH
RXOHVYLVjERLVDYHFURQGHOOHV8WLOLVH]OHVSHWLWVWURXV
SRXUOHVYLVjERLVDYHFURQGHOOHV
5XEDQDGKpVLI
VXUOHVUHERUGV
$77(17,21
1·XWLOLVH]SDVGHYLVjW{OH
SRXUIL[HUOHUDFFRUGHQWUHOHFRQGXLWGHWUDQVLWLRQHWOH
FRQGXLW/HVYLVLQVWDOOpHVjFHWHQGURLWHPSrFKHUDLHQWOH
UHJLVWUHGHERXJHUOLEUHPHQW6FHOOH]OHUDFFRUGjO·DLGH
GHUXEDQDGKpVLIVHXOHPHQW
,QVWDOOH]OHVXSSRUW
GHSODIRQGORUVTXH
OHFRXYUHFRQGXLWHVW
XWLOLVpSRXUGLVVLPXOHU
XQFRQGXLWGHFP
SRRXSOXV
5HSRUWH]YRXV
jO·pWDSH
SRXULQVWDOOHU
OHFRXYUH
FRQGXLW
'LUHFWLYHVG·LQVWDOODWLRQ
,167$//$7,21'8&2895(&21'8,7
,167$//$7,21'8027(85
‡ 3ODFH]OHVIHQWHVGXYHQWLODWHXUYLV
jYLVGHVWURLVFURFKHWV
jO·DUULqUHGHO·RULILFH
G·pYDFXDWLRQSXLVLQVpUH]
OHVFURFKHWVGDQVOHVIHQWHV
‡ 7RXUQH]OHPRWHXUYHUV
OHKDXWMXVTX·jFHTX·LOVRLW
YLVjYLVGHO·HPSODFHPHQW
GHODYLVGHIL[DWLRQ
‡ )L[H]OHPRWHXUDX
VXSSRUWGHIL[DWLRQ
jO·DYDQWGHO·RXYHUWXUH
jO·DLGHGHODYLVHWGH
ODURQGHOOHIRXUQLHV
‡ %UDQFKH]OHFRQQHFWHXU
GXPRWHXUGDQVOH
FRQQHFWHXUFRUUHVSRQGDQWGHOD
KRWWH3RXUFRQQDvWUHO·HPSODFHPHQW
GXFRQQHFWHXUGHODKRWWH
UHSRUWH]YRXVjO·LOOXVWUDWLRQ
5HSpUH]OHFRQQHFWHXU
jO·LQWpULHXUGHODKRWWHHW
EUDQFKH]OH
6XSSRUWGH
IL[DWLRQGXPRWHXU
3RXULQVWDOOHUXQLTXHPHQWODVHFWLRQGHFPSR
GXFRXYUHFRQGXLW
‡ 3ODFH]ODVHFWLRQGHFPSRGXFRXYUHFRQGXLW
GpFRUDWLIVXUOHGHVVXVGHODKRWWH
‡ )L[H]OHFRXYUHFRQGXLWDXGHVVXVGHODKRWWHjO·DLGH
GHVTXDWUHYLVIRXUQLHV
3RXULQVWDOOHUOHVGHX[VHFWLRQVGXFRXYUHFRQGXLW
‡ 3ODFH]OHVGHX[VHFWLRQVGXFRXYUHFRQGXLW
VXUOHGHVVXVGHODKRWWH
‡ )L[H]ODVHFWLRQLQIpULHXUHGXFRXYUHFRQGXLW
DXGHVVXVGHODKRWWHjO·DLGHGHVTXDWUHYLVIRXUQLHV
5HSRUWH]YRXVjO·LOOXVWUDWLRQGHODSDJH
‡ 6RUWH]ODVHFWLRQLQWpULHXUHYHUVOHKDXWMXVTX·DX
SODIRQGHWMXVTX·DXVXSSRUWGHSODIRQG
‡ )L[H]OHFRXYUHFRQGXLWDXVXSSRUWjO·DLGHGHVGHX[
SHWLWHVYLV3KLOOLSVIRXUQLHV
&URFKHWVGXPRWHXU
,167$//$7,21'86833257
'(),/75(
‡ ,QFOLQH]OHVXSSRUWGHILOWUHHQO·LQVpUDQWjO·DUULqUH
GHODKRWWH
‡ ,QVpUH]OHVODQJXHWWHVGDQVOHVIHQWHVjO·DUULqUH
GHODKRWWH
,03257$177HQH]OHFRQQHFWHXU
GHVRUWHTXHOHVGHX[ERUQHVFDUUpHV
GDQVOHVFRLQVVRLHQWYHUVOHKDXW
GXFRQQHFWHXUSRXUOHEUDQFKHU
5$&&25'(0(17e/(&75,48(
,QVpUH]OHVODQJXHWWHVGDQVOHVIHQWHV
$VVXUH]YRXVTXHO·DOLPHQWDWLRQDpWpFRXSpH
DXSDQQHDXGHGLVWULEXWLRQpOHFWULTXH
$9(57,66(0(17
6LOHFkEODJH
GHODUpVLGHQFHQ·HVWSDVFRQVWLWXpGHWURLVILOVGRQW
XQGHPLVHjODWHUUHO·LQVWDOODWHXUGRLWLQVWDOOHUXQILO
GHPLVHjODWHUUH6LOHFkEODJHGHODUpVLGHQFHHVW
HQDOXPLQLXPDVVXUH]YRXVG·XWLOLVHUXQDQWLR[\GDQW
HWGHVFRQQHFWHXUVYLVVDEOHVSRXUUDFFRUGHPHQWV
FXLYUHDOXPLQLXPKRPRORJXpSDU8/
$(QOHYH]OHFRXYHUFOH &,QVpUH]OHFkEOH
GHODERvWHGHMRQFWLRQ GDQVOHVHUUH
FkEOHHWVHUUH]OH
)LOGHPLVHjODWHUUH
,QVWDOOH]YLV
%ODQF
%$VVXUH]YRXVTXHOHVILOVEODQF
QRLUHWYHUWGHODKRWWHVRQWLQVpUpV
SDUOHSHWLWRULILFHGXVXSSRUW
1RLU
'8WLOLVH]GHVFRQQHFWHXUVYLVVDEOHVKRPRORJXpVSDU8/
‡ 8WLOLVH]GHVFRQQHFWHXUVYLVVDEOHVSRXUEUDQFKHU
OHILOGHPLVHjODWHUUHDXILOYHUWOHILOEODQFDXILO
EODQFHWOHILOQRLUDXILOQRLU
‡ 5HSRXVVH]OHVILOVGDQVODERvWHGHMRQFWLRQHWUHPHWWH]
HQSODFHOHFRXYHUFOH$VVXUH]YRXVTXHOHVILOVQHVRQW
SDVSLQFpV
‡ )L[H]OHVXSSRUWjODKRWWHjO·DLGHGHVYLVFRPPH
LQGLTXpGDQVO·LOOXVWUDWLRQ
'LUHFWLYHVG·LQVWDOODWLRQ
,167$//$7,21'(6),/75(6
),1'(/·,167$//$7,21
‡ (QOHYH]ODSHOOLFXOHSURWHFWULFHTXLUHFRXYUH
OHVILOWUHV
‡ ,QVpUH]OHILOWUHGDQVOHVDJUDIHVLQVWDOOpHVj
ODSDUWLHVXSpULHXUHGXSDQQHDXDYDQWYHUWLFDO
‡ 'RQQH]GHVSHWLWVFRXSVVXUOHF{WpGXILOWUHDILQTX·LO
VRLWYLVjYLVGHO·RXYHUWXUHH[WpULHXUH
‡ 3RXVVH]VXUOHILOWUHDILQTX·LOVRLWLQVpUpGDQV
OHVIHQWHVLQIpULHXUHVDXEDVGXVXSSRUWGHILOWUH
‡ 5HSRUWH]YRXVDX[GLUHFWLYHVGHIRQFWLRQQHPHQW
SRXUIDLUHO·HVVDLGHWRXWHVOHVFRPPDQGHV
%RvWHGHMRQFWLRQ
$JUDIH
)LOWUHV
6XSSRUW
GHILOWUH
‡ 3RXUHQOHYHUOHVILOWUHVVDLVLVVH]ODODQJXHWWH
GXILOWUHHWWLUH]OHILOWUHYHUVOHKDXWSXLVYHUVO·DYDQW
$YDQWG·DSSHOHUXQUpSDUDWHXU«
&RQVHLOVGHGpSDQQDJH
*DJQH]GXWHPSVHWpFRQRPLVH]GHO·DUJHQW&RQVXOWH]
G·DERUGOHWDEOHDXDXGHVVRXV9RXVSRXUULH]YRXVpYLWHU
G·DSSHOHUXQUpSDUDWHXU
3UREOqPH
&DXVHVSRVVLEOHV
&RUUHFWLIV
/HYHQWLODWHXUQH
IRQFWLRQQHSDVORUVTXHOD
FRPPDQGHHVWDFWLRQQpH
8QIXVLEOHSHXWrWUHJULOOpRX
XQGLVMRQFWHXUGpFOHQFKp
‡5HPSODFH]OHIXVLEOHRXUpHQFOHQFKH]OHGLVMRQFWHXU
/HFRQQHFWHXUGXYHQWLODWHXU
HVWOkFKHRXGpEUDQFKp
‡&RXSH]O·DOLPHQWDWLRQpOHFWULTXHGHODKRWWH (QOHYH]OHVILOWUHVHWLQVSHFWH]OHYHQWLODWHXU6LOH
FRQQHFWHXUGXYHQWLODWHXUHVWOkFKHRXGpEUDQFKp
F·HVWTXHO·LQVWDOODWHXUDRPLVGHOHEUDQFKHU FRUUHFWHPHQW0rPHV·LOV·DJLWG·XQEUDQFKHPHQWj
IDLUHVDQVYLVLELOLWpLOHVWIDFLOHjHIIHFWXHU&RQVXOWH]
OHV'LUHFWLYHVG·LQVWDOODWLRQGDQVOHSUpVHQWPDQXHO
SRXUFRQQDvWUHO·HPSODFHPHQWGXFRQQHFWHXUHW
ODIDoRQGHOHEUDQFKHUFRUUHFWHPHQW
/HYHQWLODWHXUQHIDLWSDV /HVILOWUHVVRQWWUqVVDOHV
FLUFXOHUO·DLURXOHIDLW
FLUFXOHUSOXVOHQWHPHQW TXHG·KDELWXGH
‡(QOHYH]OHVILOWUHVQHWWR\H]OHVDXEHVRLQHW
UHPHWWH]OHVHQSODFH6LOHQHWWR\DJHGHVILOWUHV
QHUqJOHSDVOHSUREOqPHDSSHOH]XQUpSDUDWHXU
1RWHV
1RWHV
*DUDQWLH*(GHODKRWWHGHFXLVLQH
7RXWHVOHVUpSDUDWLRQVVRXVJDUDQWLHVRQWHIIHFWXpHVSDUQRV&HQWUHVGH
UpSDUDWLRQRXSDUQRVUpSDUDWHXUV0DEHDXWRULVpV
3RXUREWHQLUGXVHUYLFHHQOLJQHYHXLOOH]QRXVYLVLWHUDXVLWHZZZ
HOHFWURPHQDJHUVJHFDRXDSSHOH]OHQR9HXLOOH]IRXUQLU
OHQXPpURGHVpULHHWOHQXPpURGHPRGqOHORUVTXHYRXVDSSHOH]SRXU
REWHQLUOHVHUYLFH
$JUDIH]YRWUHIDFWXUHLFL/D
SUHXYHG·DFKDWRULJLQDOHVHUD
QpFHVVDLUHSRXUEpQpILFLHUGHV
VHUYLFHVGHJDUDQWLH
3RXUODSpULRGHGH &HTXLUHPSODFHUD
8QHDQQpH
­SDUWLUGHODGDWH
G·DFKDWRULJLQDOH
7RXWHSLqFHGpWDFKpHGHODKRWWHGHFXLVLQHTXLWRPEHUDLWHQSDQQHjFDXVHG·XQGpIDXW
PDWpULHORXGHPDLQG·RXYUH3HQGDQWFHWWHJDUDQWLHOLPLWpHG·XQHDQQpH*(IRXUQLUDDXVVL
JUDWXLWHPHQWWRXWHPDLQG·RXYUHHWVHUYLFHjGRPLFLOHSRXUUHPSODFHUODSLqFHGpIHFWXHXVH
&HTXLQ·HVWSDVFRXYHUW
„/HVGpSODFHPHQWVjGRPLFLOHSRXUYRXVDSSUHQGUH
jXWLOLVHUO·DSSDUHLO
„8QGRPPDJHGHO·DSSDUHLOSURYRTXpSDUXQDFFLGHQW
XQLQFHQGLHXQHLQRQGDWLRQRXXQFDVGHIRUFHPDMHXUH
„8QHLQVWDOODWLRQXQHOLYUDLVRQRXXQHPDLQWHQDQFH
LQFRUUHFWH
„7RXWGRPPDJHGLUHFWRXLQGLUHFWFDXVpSDU
XQHGpIHFWXRVLWpSRVVLEOHGHFHWDSSDUHLO
„'pIDLOODQFHRXGRPPDJHGXSURGXLWV·LOHVWPDOWUDLWpPDO
XWLOLVpPRGLILpXWLOLVpjG·DXWUHVILQVTXHO·XVDJHSUpYXRX
XWLOLVpFRPPHUFLDOHPHQW
„8QGRPPDJHSURYRTXpDSUqVODOLYUDLVRQ
„8QDSSDUHLOQRQDFFHVVLEOHSRXUH[pFXWHUODUpSDUDWLRQ
QpFHVVDLUH
„/HUHPSODFHPHQWGHVIXVLEOHVGXGRPLFLOH
RXODUpLQLWLDOLVDWLRQGHVGLVMRQFWHXUV
(;&/86,21'(6*$5$17,(6,03/,&,7(6³YRWUHVHXOHWXQLTXHUHFRXUVUpVLGHGDQVODUpSDUDWLRQGHO·DSSDUHLOWHOOHTX·HOOH
HVWGpILQLHGDQVFHWWHJDUDQWLHOLPLWpH7RXWHVDXWUHVJDUDQWLHVLPSOLFLWHV\FRPSULVOHVJDUDQWLHVLPSOLFLWHV
GHYDOHXUFRPPHUFLDOHRXG·DGpTXDWLRQjXQXVDJHSDUWLFXOLHUVRQWOLPLWpHVjXQHDQQpHRXjODSOXVSHWLWHSpULRGH
DXWRULVpHSDUODORL
&HWWHJDUDQWLHHVWYDODEOHSRXUOHSUHPLHUSURSULpWDLUHHWWRXWDXWUHSURSULpWDLUHGXSURGXLWV·LODFKHWpSRXUXWLOLVDWLRQ
GRPHVWLTXHDX&DQDGD/HVHUYLFHjGRPLFLOHVRXVJDUDQWLHVHUDIRXUQLOjRLOHVWGLVSRQLEOHHWGDQVOHVUpJLRQVTXH0DEH
FRQVLGqUHTXHO·RIIUHGHVHUYLFHHVWUDLVRQQDEOH
'DQVFHUWDLQHVSURYLQFHVLOHVWLQWHUGLWG·H[FOXUHRXGHOLPLWHUOHVGRPPDJHVGLUHFWVRXLQGLUHFWV,OHVWDORUVSRVVLEOHTXH
OHVOLPLWDWLRQVRXH[FOXVLRQVFLGHVVXVQHV·DSSOLTXHQWSDVGDQVYRWUHFDV/DSUpVHQWHJDUDQWLHYRXVFRQIqUH
GHVGURLWVMXULGLTXHVVSpFLILTXHV9RXVSRXYH]EpQpILFLHUG·DXWUHVGURLWVTXLYDULHQWG·XQHSURYLQFHjO·DXWUH
3RXUFRQQDvWUHOHVGURLWVGRQWYRXVEpQpILFLH]GDQVYRWUHSURYLQFHFRPPXQLTXH]DYHFOHEXUHDXGHVUHODWLRQV
DYHFOHVFRQVRPPDWHXUVGHYRWUHUpJLRQ
*DUDQW0DEH&DQDGD,QF
%XUOLQJWRQ2QWDULR
6HUYLFHjODFOLHQWqOH
6LWH:HEDSSDUHLOVpOHFWURPpQDJHUV*(
ZZZHOHFWURPHQDJHUVJHFD
9RXVDYH]XQHTXHVWLRQRXYRXVDYH]EHVRLQG·DLGHSRXUYRWUHDSSDUHLOpOHFWURPpQDJHU"&RQWDFWH]QRXV
SDU,QWHUQHWDXVLWHZZZHOHFWURPHQDJHUVJHFDKHXUHVSDUMRXUWRXVOHVMRXUVGHO·DQQpH
6HUYLFHGHUpSDUDWLRQV
6HUYLFHGHUpSDUDWLRQV*(HVWWRXWSUqVGHYRXV
3RXUIDLUHUpSDUHUYRWUHpOHFWURPpQDJHU*(LOVXIILWGHQRXVWpOpSKRQHU
6WXGLRGHFRQFHSWLRQUpDOLVWH
6XUGHPDQGH*(SHXWIRXUQLUXQHEURFKXUHVXUO·DPpQDJHPHQWG·XQHFXLVLQHSRXUOHVSHUVRQQHV
jPRELOLWpUpGXLWH
eFULYH] 'LUHFWHXU5HODWLRQVDYHFOHVFRQVRPPDWHXUV0DEH&DQDGD,QF
%XUHDX)DFWRU\/DQH
0RQFWRQ1%(&0
3URORQJDWLRQGHJDUDQWLH
ZZZHOHFWURPHQDJHUVJHFD
$FKHWH]XQFRQWUDWG·HQWUHWLHQ*(DYDQWTXHYRWUHJDUDQWLHQ·H[SLUHHWEpQpILFLH]G·XQUDEDLVVXEVWDQWLHO
$LQVLOHVHUYLFHDSUqVYHQWH*(VHUDWRXMRXUVOjDSUqVH[SLUDWLRQGHODJDUDQWLH
9LVLWH]QRWUHVLWH:HERXDSSHOH]QRXVDX
3LqFHVHWDFFHVVRLUHV
&HX[TXLGpVLUHQWUpSDUHUHX[PrPHVOHXUVpOHFWURPpQDJHUVSHXYHQWUHFHYRLUSLqFHVHWDFFHVVRLUHVGLUHFWHPHQW
jODPDLVRQFDUWHV9,6$0DVWHU&DUGHW'LVFRYHUDFFHSWpHV
/HVGLUHFWLYHVVWLSXOpHVGDQVOHSUpVHQWPDQXHOSHXYHQWrWUHHIIHFWXpHVSDUQ·LPSRUWHTXHOXWLOLVDWHXU/HV
DXWUHVUpSDUDWLRQVGRLYHQWJpQpUDOHPHQWrWUHHIIHFWXpHVSDUXQWHFKQLFLHQTXDOLILp6R\H]SUXGHQWFDUXQH
UpSDUDWLRQLQDGpTXDWHSHXWDIIHFWHUOHIRQFWLRQQHPHQWVpFXULWDLUHGHO·DSSDUHLO
/HVFRQVRPPDWHXUVDX&DQDGDSHXYHQWFRPPDQGHUGHVSLqFHVHWGHVDFFHVVRLUHVHQOLJQHDXVLWHZZZ
HOHFWURPHQDJHUVJHFDKHXUHVVXUHWWRXVOHVMRXUVRXSDUWpOpSKRQHDXSHQGDQW
OHVKHXUHVGHEXUHDX
&RQWDFWH]QRXV
6LYRXVQ·rWHVSDVVDWLVIDLWGXVHUYLFHDSUqVYHQWHGRQWYRXVDYH]EpQpILFLp
3UHPLqUHPHQWFRPPXQLTXH]DYHFOHVJHQVTXLRQWUpSDUpYRWUHDSSDUHLO
(QVXLWHVLYRXVQ·rWHVWRXMRXUVSDVVDWLVIDLWHQYR\H]WRXVOHVGpWDLOV²QXPpURGHWpOpSKRQHFRPSULV²DX
'LUHFWHXU5HODWLRQVDYHFOHVFRQVRPPDWHXUV0DEH&DQDGD,QF
%XUHDX)DFWRU\/DQH
0RQFWRQ1%(&0
,QVFULYH]YRWUHDSSDUHLOpOHFWURPpQDJHU
ZZZHOHFWURPHQDJHUVJHFD
,QVFULYH]YRWUHDSSDUHLOpOHFWURPpQDJHUHQGLUHFWDXVVLW{WTXHSRVVLEOH&HODDPpOLRUHUDQRV
FRPPXQLFDWLRQVHWQRWUHVHUYLFHDSUqVYHQWH9RXVSRXYH]pJDOHPHQWQRXVHQYR\HUSDUODSRVWHOHIRUPXODLUH
G·LQVFULSWLRQMRLQWjYRWUHGRFXPHQWDWLRQ
,PSULPpDX0H[LTXH