6fr33027.fm5 Page 30 Tuesday, February 19, 2002 3:00 PM
,16758&7,216'·,167$//$7,21
$9$17'·,167$//(5/(5e)5,*e5$7(85
35e&$87,216(75(&200$1'$7,216
*e1e5$/(6
5$&&25'(0(17­/·$55,9e('·($8
%5$1&+(0(17$85e6($8e/(&75,48(
0,6(­1,9($8'85e)5,*e5$7(85
6fr33027.fm5 Page 31 Tuesday, February 19, 2002 3:00 PM
$9$17'·,167$//(5/(5e)5,*e5$7(85
,QWURGXFWLRQ
'pFODUDWLRQGHFRQIRUPLWp
/·DSSDUHLOTXHYRXVYHQH]G·DFKHWHUHVW)8//12
)5267UpVHUYpjXQXVDJHH[FOXVLYHPHQW
PpQDJHUOHVFRPSDUWLPHQWVUpIULJpUDWHXUHW
FRQJpODWHXUVRQWWRXVGHX[jGpJLYUDJH
DXWRPDWLTXH
&HWWHQRWLFHFRQWLHQWWRXWHVOHVLQGLFDWLRQVHWOHV
DYHUWLVVHPHQWVQpFHVVDLUHVSRXULQVWDOOHUO·DSSDUHLO
FRUUHFWHPHQWHWHQWRXWHVpFXULWp,OHVW
UHFRPPDQGpGHODOLUHDWWHQWLYHPHQWDYDQWGH
SURFpGHUjO·LQVWDOODWLRQ
(QIRQFWLRQGXPRGqOHTXHYRXVDYH]DFKHWpLOHVW
SRVVLEOHGHFRQVWDWHUGHVGLIIpUHQFHVGDQVODGHVFULSWLRQ
GHWRXVOHVpTXLSHPHQWVHWpOpPHQWVGHFRPPDQGH
SRVVLEOHVGHO·DSSDUHLOLQGLTXpVGDQVFHWWHQRWLFH
&RQVHUYH]FHWWHQRWLFHSRXUGHIXWXUHV
FRQVXOWDWLRQVHWHQFDVGHUHYHQWHUHPHWWH]ODDX
QRXYHDXSURSULpWDLUH
&HWDSSDUHLOHVWGHVWLQpjrWUHPLVHQFRQWDFWDYHFGHV
GHQUpHVDOLPHQWDLUHVHWHVWFRQIRUPHDX'/GX
'LUHFWLYH(XURSpHQQH&(( eOLPLQDWLRQGHO·HPEDOODJH
/HPDWpULHOG·HPEDOODJHXWLOLVpSRXUODSURWHFWLRQHW
OHWUDQVSRUWGHO·DSSDUHLOHWGHVHVpOpPHQWVHVW
UpDOLVpGDQVGHVPDWpULDX[UHF\FODEOHVFRPPH
O·DWWHVWHOHV\PEROH /HVPDWpULDX[G·HPEDOODJH VDFKHWVHQSODVWLTXH
pOpPHQWVHQSRO\VW\UqQHHWF GRLYHQWrWUHFRQVHUYpV
KRUVGHSRUWpHGHVHQIDQWVFDULOVFRQVWLWXHQWXQH
VRXUFHSRWHQWLHOOHGHGDQJHU
3RXUODPLVHDXUHEXWGHO·HPEDOODJHVXLYH]OHV
UpJOHPHQWDWLRQVORFDOHVHQYLJXHXU
35e&$87,216(75(&200$1'$7,216
*e1e5$/(6
$SUqVDYRLUHQOHYpO·HPEDOODJHYpULILH]TXHO·DSSDUHLO
Q·DSDVVXELGHGRPPDJHHWTXHOHVSRUWHVIHUPHQW
SDUIDLWHPHQW7RXWGRPPDJHpYHQWXHOGHYUDrWUH
VLJQDOpDXUHYHQGHXUGDQVXQGpODLGHKHXUHV
'pSODFH]O·DSSDUHLOHQYHLOODQWjQHSDV
HQGRPPDJHUOHUHYrWHPHQWGHVRO SDUTXHWSDU
H[ 6·LOHVWQpFHVVDLUHGHGpSODFHUO·DSSDUHLODSUqV
DYRLUUHWLUpOHVSRUWHVYpULILH]TXHOHVpOpPHQWV
LQWpULHXUVVRQWIL[pVFRUUHFWHPHQWHWRXHQOHYH]OHV
SRXUpYLWHUWRXWHQGRPPDJHPHQWHWRXUXSWXUH
9XOHSRLGVGHO·DSSDUHLOSHUVRQQHVDXPRLQVVRQW
QpFHVVDLUHVSRXUOHGpSODFHULQVWDOOHUHQWRXWHVpFXULWp
/·LQVWDOODWLRQGRLWrWUHUpDOLVpHSDUGXSHUVRQQHOTXDOLILp
1RXVYRXVFRQVHLOORQVG·DWWHQGUHKHXUHDXPRLQV
DYDQWGHPHWWUHO·DSSDUHLOHQVHUYLFHDILQGHSHUPHWWUH
DXFLUFXLWGHUpIULJpUDWLRQG·rWUHSDUIDLWHPHQWHIILFDFH
(QIRQFWLRQGXPRGqOHDFKHWpO·DSSDUHLOHVWVDQV
&)& VLOHFLUFXLWGHUpIULJpUDWLRQFRQWLHQWGX
5D RXVDQV+)& VLOHFLUFXLWGHUpIULJpUDWLRQ
FRQWLHQWGX5DLVREXWDQH /·LVREXWDQHHVWXQ
JD]QDWXUHOTXLHVWVDQVGDQJHUSRXU
O·HQYLURQQHPHQWPDLVLOHVWLQIODPPDEOH,OHVWGRQF
LQGLVSHQVDEOHGHV·DVVXUHUTXHOHVWX\DX[GXFLUFXLW
GHUpIULJpUDWLRQVRQWHQSDUIDLWpWDW
/HVLQIRUPDWLRQVUHODWLYHVDX[VXVEVWDQFHV
UpIULJpUDQWHVHWLVRODQWHVXWLOLVpHVVRQWLQGLTXpHV
VXUODSODTXHVLJQDOpWLTXH
1HWWR\H]O·LQWpULHXUGHO·DSSDUHLODYDQWG·LQWURGXLUH
GHVDOLPHQWV
3RXUXQIRQFWLRQQHPHQWFRUUHFWHWVUGH
O·DSSDUHLOLQVWDOOH]OHHWEUDQFKH]OHFRPPH
LQGLTXpGDQVFHWWHQRWLFH
/·DSSDUHLOHVWUpJOpSRXUIRQFWLRQQHUGHIDoRQ
RSWLPDOHjXQHWHPSpUDWXUHDPELDQWHFRPSULVHGDQV
OHVLQWHUYDOOHVVXLYDQWVVXUEDVHGHODFODVVHFOLPDWLTXH
G·DSSDUWHQDQFHLQGLTXpHVXUODSODTXHVLJQDOpWLTXH
&ODVVH
&OLPDWLTXH
61
1
67
7
7$PE &
7$PE )
'Hj
'Hj
'Hj
'Hj
'Hj
'Hj
'Hj
'Hj
/·DSSDUHLOULVTXHQHGHSDVIRQFWLRQQHU
FRUUHFWHPHQWV·LOUHVWHSHQGDQWXQHORQJXHSpULRGH
jXQHWHPSpUDWXUHVXSpULHXUHRXLQIpULHXUHj
O·LQWHUYDOOHSUpYX
/DWHPSpUDWXUHjO·LQWpULHXUGHVFRPSDUWLPHQWV
SHXWGpSHQGUHGHGLIIpUHQWVIDFWHXUVWHOVTXH
SRVLWLRQQHPHQWGHO·DSSDUHLOWHPSpUDWXUH
DPELDQWHIUpTXHQFHG·RXYHUWXUHGHVSRUWHV
/·DSSDUHLOGRLWrWUHLQVWDOOpGDQVXQHQGURLWVHFHW
ELHQDpUp
eYLWH]G·LQVWDOOHUO·DSSDUHLOGDQVGHVHQGURLWV
GLUHFWHPHQWH[SRVpVDX[UD\RQVVRODLUHVRXjF{Wp
GHVRXUFHVGHFKDOHXU IRXUFKDXIIDJHHWF 6LFHOD
Q·HVWSDVSRVVLEOHLOFRQYLHQWGHUHVSHFWHUOHV
GLVWDQFHVPLQLPDOHVVXLYDQWHV
&XLVLQLqUHVjFKDUERQRXjPD]RXW FP
&XLVLQLqUHVpOHFWULTXHVHWjJD] FP
,QVWDOOH]HWPHWWH]O·DSSDUHLOjQLYHDXVXUXQVRO
FDSDEOHGHVXSSRUWHUVRQSRLGVGDQVXQHQGURLW
DGDSWpjVHVGLPHQVLRQVHWjVRQXVDJH
$ILQGHSHUPHWWUHOHGpSODFHPHQWGHO·DSSDUHLOHW
JDUDQWLUXQHFLUFXODWLRQG·DLUVXIILVDQWHODLVVH]XQ
HVSDFHPLQLPXPGHFPVXUOHVF{WpVDXGHVVXV
GHO·DSSDUHLOHWHQWUHODSDURLDUULqUHHWOHPXU
6fr33027.fm5 Page 32 Tuesday, February 19, 2002 3:00 PM
'pPRQWDJHGHODSRUWHFRQJpODWHXU
6fr33027.fm5 Page 33 Tuesday, February 19, 2002 3:00 PM
'pPRQWDJHGHODSRUWHUpIULJpUDWHXU
6fr33027.fm5 Page 34 Tuesday, February 19, 2002 3:00 PM
0RQWDJHGHODSRUWHFRQJpODWHXU
6fr33027.fm5 Page 35 Tuesday, February 19, 2002 3:00 PM
0RQWDJHGHODSRUWHUpIULJpUDWHXU
6fr33027.fm5 Page 36 Tuesday, February 19, 2002 3:00 PM
5$&&25'(0(17­/·$55,9e('·($8
'pEUDQFKH]YRWUHUpIULJpUDWHXUGHO·DOLPHQWDWLRQ
pOHFWULTXHDYDQWGHFRPPHQFHUO·LQWHUYHQWLRQ
/HGLVWULEXWHXUGHJODoRQHWOHFLUFXLWG·HDXGRLYHQWrWUH
UDFFRUGpVjXQHDUULYpHG·HDXGLVWULEXDQWGHO·HDXSRWDEOHHW
RXGpSXUpHFKLPLTXHPHQW
,OHVWUHFRPPDQGpGHWRXMRXUVUHVSHFWHUOHVQRUPHVORFDOHV
HQYLJXHXUFRQFHUQDQWOHUDFFRUGHPHQWjO·DUULYpHG·HDX
/·DSSDUHLOHVWIRXUQLDYHFXQWX\DXG·HDXGHPGHORQJ
GpMjEUDQFKpjO·DUULqUHGHO·DSSDUHLOHWGRWpG·XQUDFFRUGGH
WUDQVLWLRQSRXUOHEUDQFKHPHQWGXGLVWULEXWHXUGHJODoRQVj
O·DUULYpHG·HDX
(QOHYH]OHUXEDQDGKpVLIG·HPEDOODJHGXWX\DXG·HDXJULV
HQURXOpjO·DUULqUHGHO·DSSDUHLO
(QOHYH]OHERXFKRQGHSURWHFWLRQGHO·H[WUpPLWpGXWX\DX
G·HDXJULV
5DFFRUGH]OHWX\DXG·HDX DXUDFFRUGGHWUDQVLWLRQ $SUqVDYRLUVHUUpOHUDFFRUGjODPDLQRXWRXUV
VXSSOpPHQWDLUHVGHYUDLHQWVXIILUH
%UDQFKH]OHUDFFRUGGHWUDQVLWLRQ jO·DUULYpHG·HDXGH
YRWUHGRPLFLOH 9pULILH]TXHOHWX\DXG·HDXQ·HVWSDVHQWRUWLOOp
/·DSSDUHLOHVWUpJOpSRXUIRQFWLRQQHUjXQHSUHVVLRQ
K\GUDXOLTXHFRPSULVHHQWUHHWEDU HW36, 2XYUH]OHURELQHWG·HDXHWYpULILH]O·pWDQFKpLWp&ROPDWH]
OHVIXLWHVpYHQWXHOOHV
/HUpIULJpUDWHXUQ·DEHVRLQQLGHUpJODJHQLGHERQGH
G·pYDFXDWLRQ
6fr33027.fm5 Page 37 Tuesday, February 19, 2002 3:00 PM
%5$1&+(0(17$85e6($8e/(&75,48(
/DPLVHjODWHUUHGHO·DSSDUHLOHVWREOLJDWRLUHDX[WHUPHVGHOD
ORL/HIDEULFDQWGpFOLQHWRXWHUHVSRQVDELOLWpHQFDVGH
GRPPDJHVpYHQWXHOVVXELVSDUGHVSHUVRQQHVGHVDQLPDX[RX
GHVELHQVVXLWHjODQRQREVHUYDWLRQGHVQRUPHVHQYLJXHXU
$VVXUH]YRXVTXHO·LQVWDOODWLRQHWOHEUDQFKHPHQWpOHFWULTXHRQW
pWpUpDOLVpVVHORQOHVLQVWUXFWLRQVGXIDEULTXDQWHW
FRQIRUPpPHQWDX[QRUPHVORFDOHVHQYLJXHXUHQPDWLqUHGH
VpFXULWp
6LO·DSSDUHLOTXHYRXVYHQH]G·DFKHWHUHVWpTXLSpG·XQHILFKHVDQV
WHUUHEUDQFKH]YRWUHFkEOHGHWHUUHMDXQHYHUW $ jODYLVGH
WHUUHSUpVHQWHVXUO·DSSDUHLO % YRLUILJXUH
/HW\SHGHFRXUDQWHWODWHQVLRQGHOLJQHDX[TXHOVO·DSSDUHLOVHUD
EUDQFKpGRLYHQWFRUUHVSRQGUHDX[LQGLFDWLRQVGHODSODTXH
VLJQDOpWLTXH
3UpYR\H]XQDFFqVjODSULVHGHEUDQFKHPHQWGHO·DSSDUHLO
PrPHDSUqVO·LQVWDOODWLRQGHIDoRQjSRXYRLUGpEUDQFKHU
IDFLOHPHQWODSULVHHQFDVGHEHVRLQ6LFHODQ·HVWSDVSRVVLEOH
EUDQFKH]O·DSSDUHLODXUpVHDXDXPR\HQG·XQLQWHUUXSWHXU
ELSRODLUHPRQWpGDQVXQHQGURLWDFFHVVLEOHDYHFXQHGLVWDQFH
G·RXYHUWXUHGHVFRQWDFWVG·DXPRLQVPP
6LODSULVHHWODILFKHQHVRQWSDVGXPrPHW\SHUHPSODFH]OD
SULVH
1·XWLOLVH]SDVG·DGDSWDWHXUVGHUDOORQJHVQLGHSULVHVPXOWLSOHV
$SUqVO·LQVWDOODWLRQYpULILH]TXHOHUpIULJpUDWHXUQ·HVWSDVSRVp
VXUOHFkEOHG·DOLPHQWDWLRQ
3RXUGpEUDQFKHUO·DSSDUHLOGHODSULVHHQOHYH]ODILFKHQHWLUH]
MDPDLVVXUOHFkEOHG·DOLPHQWDWLRQ
6fr33027.fm5 Page 38 Tuesday, February 19, 2002 3:00 PM
0,6(­1,9($8'85e)5,*e5$7(85
/HUpIULJpUDWHXUHVWpTXLSpGHGHX[URXOHWWHVDYDQWHWGH
GHX[URXOHWWHVDUULqUHWRXWHVUpJODEOHVVLWXpHVGH
FKDTXHF{WpjODEDVHGHO·DSSDUHLO
6LYRWUHUpIULJpUDWHXUYRXVVHPEOHLQVWDEOHRXVLYRXV
VRXKDLWH]TXHOHVSRUWHVIHUPHQWSOXVIDFLOHPHQWUpJOH]
VRQLQFOLQDLVRQHQVXLYDQWOHVLQVWUXFWLRQVFLGHVVRXV
9pULILH]ODSRVLWLRQG·LQVWDOODWLRQGHO·DSSDUHLOSRXUrWUHVU
GHODLVVHUXQHVSDFHG·DXPRLQVFPGHFKDTXHF{Wp\
FRPSULVHQKDXW
%UDQFKH]O·DSSDUHLODXUpVHDXpOHFWULTXH
'pSODFH]OHUpIULJpUDWHXUGDQVVDSRVLWLRQGpILQLWLYH
2XYUH]OHVGHX[SRUWHVHWHQOHYH]ODSOLQWKHGXEDVSRXU
UHSpUHUOHVYLVGHPLVHjQLYHDXjJDXFKHHWjGURLWHGHOD
EDVHGXUpIULJpUDWHXU/DYLVVXSpULHXUH SHUPHWGHUpJOHU
ODURXOHWWHDUULqUHHWODYLVLQIpULHXUH ODURXOHWWHDYDQWGH
O·DSSDUHLO
8WLOLVH]OHVFOHIVIRXUQLHVSRXUUpJOHUOHVYLVGHPLVHjQLYHDX
7RXUQH]GDQVOHVHQVGHVDLJXLOOHVG·XQHPRQWUHSRXU
VRXOHYHUO·DSSDUHLOHWGDQVOHVHQVFRQWUDLUHSRXUO·DEDLVVHU
,OVHSHXWTX·LOVRLWQpFHVVDLUHGHWRXUQHUOHVYLVGHPLVHj
QLYHDXGHSOXVLHXUVWRXUVSRXUUpJOHUO·LQFOLQDLVRQGX
UpIULJpUDWHXU
5HPDUTXH QHGHVVHUUH]SDVWURSOHVYLVGHPLVHjQLYHDX
ORUVTXHYRXVDEDLVVH]O·DSSDUHLODILQG·pYLWHU
TX·HOOHVQHVRUWHQWGHOHXUORJHPHQW
$OLJQHPHQWGHVSRUWHV
6LDSUqVODPLVHHQVHUYLFHGHO·DSSDUHLOHWOHFKDUJHPHQWGHV
SRUWHVGXUpIULJpUDWHXUHWGXFRQJpODWHXUYRXVFRQVWDWH]XQ
GpVDOLJQHPHQWGHFHVGHUQLqUHVGpEUDQFKH]O·DSSDUHLOHW
SURFpGH]DXUpJODJHGHVGHX[SRUWHVFRPPHLOOXVWUpGDQVOH
VFKpPDHQDQQH[H
6fr33027.fm5 Page 39 Tuesday, February 19, 2002 3:00 PM
$OLJQHPHQWKRUL]RQWDOSRUWHFRQJpODWHXU
6fr33027.fm5 Page 40 Tuesday, February 19, 2002 3:00 PM
$OLJQHPHQWKRUL]RQWDOSRUWHUpIULJpUDWHXU
6fr33027.fm5 Page 41 Tuesday, February 19, 2002 3:00 PM
$OLJQHPHQWYHUWLFDOSRUWHFRQJpODWHXU
6fr33027.fm5 Page 42 Tuesday, February 19, 2002 3:00 PM
$OLJQHPHQWYHUWLFDOSRUWHUpIULJpUDWHXU
">
