61066041F.fm Page 32 Tuesday, April 19, 2005 3:46 PM
02'(' (03/2,
,16758&7,2163285/ ,167$//$7,21
$9$17' 87,/,6(5/ $33$5(,/3285/$
35(0,Ë5()2,6
0(685(6'(35e&$87,21(7&216(,/6
' 25'5(*e1e5$/
&216(,/63285e&2120,6(5/ e1(5*,(
$&&(662,5(6'8)285
$&&(662,5(6'(6e&85,7e
(175(7,(1(71(772<$*(
',$*1267,&'(63$11(6
6(59,&($35Ë69(17(
3RXUWLUHUOHPHLOOHXUSURILWGHYRWUHIRXUQRXVYRXVFRQVHLOORQVGHOLUHDWWHQWLYHPHQWOHPRGH
G HPSORLHWGHOHFRQVHUYHUSUpFLHXVHPHQWSRXUWRXWHFRQVXOWDWLRQIXWXUH
61066041F.fm Page 33 Tuesday, April 19, 2005 3:46 PM
,16758&7,2163285/ ,167$//$7,21
$SSDUHLOGH&ODVVH
/ DSSDUHLOGRLWrWUHXWLOLVpDYHFOHJD]LQGLTXpVXUODSODTXHVLJQDOpWLTXHVLWXpHjO LQWpULHXUGH
ODSRUWHGXWLURLU YRLUOHVGpWDLOVVXUOHSURGXLW /HVRSpUDWLRQVG LQVWDOODWLRQHWGHPDLQWHQDQFHGHO DSSDUHLOGRLYHQWrWUHHIIHFWXpHVSDUXQWHFKQLFLHQ
TXDOLILpFRQIRUPpPHQWDX[LQGLFDWLRQVFRQWHQXHVGDQVOHVGRFXPHQWVGHODUpJOHPHQWDWLRQDSSOLFDEOHHW
OHVFRGHVGpRQWRORJLTXHV
5DFFRUGHPHQWDXJD]
3RXUWRXWUHQVHLJQHPHQWVXUOHVLQVWUXFWLRQVGH
UDFFRUGHPHQWDXJD]UHSRUWH]YRXVjODSDUWLH´1RUPHVµ
FRQFHUQDQWYRWUHSD\V YRLUOHIHXLOOHW´5pJOHPHQWDWLRQV
QDWLRQDOHVµFLMRLQW /HV\VWqPHG DUULYpHGXJD]GRLWrWUHFRQIRUPHDX[
UpJOHPHQWDWLRQVORFDOHVHQYLJXHXU
/ DSSDUHLOGRLWrWUHUDFFRUGpjO DUULYpHGXJD]RXjODERXWHLOOHGH
JD]SDUXQWX\DXULJLGHHQFXLYUHRXHQDFLHUPXQLGHUDFFRUGV
FRQIRUPHVDX[UpJOHPHQWDWLRQVORFDOHVRXSDUXQWX\DXHQDFLHU
LQR[\GDEOHG XQHVHXOHSLqFHFRQIRUPHDX[UpJOHPHQWDWLRQV
ORFDOHV
/DORQJXHXUPD[LPDOHGXWX\DXHVWGHP
,OGRLWrWUHUDFFRUGpGLUHFWHPHQWDXFRXGHGHO HPERXW
)LJ 3285/$)5$1&(81,48(0(17
OHUDFFRUGFRQLTXH $ IRXUQLGRLWrWUHPRQWpVXUO DSSDUHLO
)LJ ,PSRUWDQWVLYRXVXWLOLVH]XQWX\DXHQFDRXWFKRXFLOGRLW
rWUHLQVWDOOpGHPDQLqUHjQHSDVHQWUHUHQFRQWDFWDYHFOHV
SLqFHVFKDXGHVVLWXpHVjO DUULqUHGHO DSSDUHLORXGHOD
FXLVLQH
,OGRLWSDVVHUGDQVXQHQGURLWQHFRPSRUWDQWDXFXQ
REVWDFOHHWGHYUDSRXYRLUrWUHLQVSHFWpVXUWRXWHVD
ORQJXHXU
6LOHWX\DXGHUDFFRUGHPHQWGRLWSDVVHUGHUULqUHO DSSDUHLO
SURFpGH]FRPPHLQGLTXpjODILJXUHHWDVVXUH]YRXVTXHOH
WX\DXUHVWHVXUOHVXSSRUW$ )LJ /RUVTXHO DSSDUHLOHVWUDFFRUGpjO DUULYpHGXJD]XWLOLVH]GHO HDX
VDYRQQHXVHSRXUFRQWU{OHUV LO\DGHVIXLWHV
7X\DX
)LJ
$UULYpHGXWX\DX
$UULYpHGXWX\DXULJLGH
)LJ
61066041F.fm Page 34 Tuesday, April 19, 2005 3:46 PM
/HWX\DXHQFDRXWFKRXFGRLWrWUHUDFFRUGpFRPPHLQGLTXp
DX[)LJ HWFRQIRUPpPHQWDX[UpJOHPHQWDWLRQVORFDOHV
HQYLJXHXU
*D]QDWXUHO
8WLOLVH]O HPERXW*1SRXUOHJD]QDWXUHORXXQPpODQJHSURSDQH
DLU
/HWX\DXHQFDRXWFKRXFGRLWrWUHEUDQFKpjO HPERXWHWEORTXpj
O DLGHGHODEDJXH% )LJ *D]EXWDQHSURSDQH
8WLOLVH]O HPERXW%3SRXUOHEXWDQHSURSDQH/HWX\DXHQ
FDRXWFKRXFGRLWrWUHEUDQFKpjO HPERXWHWEORTXpjO DLGHGHOD
EDJXH% )LJ /DORQJXHXUPD[LPDOHGXWX\DXHQFDRXWFKRXFHVWGH P
8WLOLVH]WRXMRXUVXQWX\DXVWDQGDUG&HOXLFLGRLWrWUHUHPSODFp
DYDQWODGDWHLPSULPpHGHVVXV
,PSRUWDQWDYDQWWRXWHRSpUDWLRQG HQWUHWLHQIHUPH]OHURELQHW
G DUULYpHGXJD]
'pWDLOVGHVUDFFRUGHPHQWVYRLUOHVUpJOHPHQWDWLRQVVSpFLILTXHV
GHYRWUHSD\V
5pJODJHVGXJD]
8WLOLVH]GHVGpWHQWHXUVDGDSWpVjODSUHVVLRQGHJD]
LQGLTXpHVXUOD)LFKHSURGXLWVpSDUpH
6LOHW\SHGHJD]GLVSRQLEOHHVWGLIIpUHQWGHFHOXLSRXUOHTXHO
O DSSDUHLOHVWFRQoXUHPSODFH]OHVLQMHFWHXUVUpJOH]O LQWHQVLWp
PLQLPXPGHODIODPPHHWUHPSODFH]O HPERXW
3RXUUHPSODFHUOHVLQMHFWHXUVGHODWDEOHGHFXLVVRQSURFpGH]
FRPPHVXLWHQOHYH]OHVJULOOHVGpPRQWH]OHVEUOHXUVHWOHV
GpIOHFWHXUV YRLUOD)LJ GpPRQWH]O LQMHFWHXUHWUHPRQWH]XQ
LQMHFWHXUDSSURSULpDXQRXYHDXW\SHGHJD] YRLUOHWDEOHDXGHOD
)LFKHSURGXLWVpSDUpH 5HPSODFH]O pWLTXHWWHGXJD]XWLOLVpSDUOD
QRXYHOOHpWLTXHWWHIRXUQLHDYHFO LQMHFWHXU
5HPRQWH]OHWRXWGDQVO RUGUHLQYHUVHHWYHLOOH]jLQVWDOOHU
FRUUHFWHPHQWOHGpIOHFWHXUVXUOHEUOHXU
5pJODJHGHO LQWHQVLWpPLQLPXPGHVIHX[GHODWDEOHGH
FXLVVRQ
3RXUUpJOHUO LQWHQVLWpPLQLPXPGHODIODPPHSURFpGH]FRPPH
VXLW
• $OOXPH]OHEUOHXUHWWRXUQH]OHERXWRQMXVTX jO LQGLFDWLRQGX
PLQLPXP SXLV{WH]OHERXWRQ )LJ (QILOH]XQWRXUQHYLV
ILQSUqVGHODEURFKHGXURELQHW )LJ 7RXUQH]ODYLVGHUpJODJHGDQVOHVHQVDQWLKRUDLUHSRXU
DXJPHQWHUODIODPPHRXGDQVOHVHQVKRUDLUHSRXUODGLPLQXHU
/HUpJODJHHVWFRUUHFWORUVTXHODIODPPHPHVXUHHQYLURQRX
PP
/DYLVGHUpJODJHGRLWrWUHWRWDOHPHQWYLVVpHSRXUOHEXWDQH
SURSDQH
$VVXUH]YRXVTXHODIODPPHQHV pWHLQWSDVORUVTXHYRXVSDVVH]
UDSLGHPHQWGHODSRVLWLRQJUDQGHIODPPH jODSRVLWLRQSHWLWH
IODPPH HWYLFHYHUVD
5HPRQWH]OHERXWRQ
(PERXW
PpWKDQH
)LJ
)LJ
(PERXWJD]
OLTXLGH
)LJ
7X\DX
)LJ
)LJ
)LJ
61066041F.fm Page 35 Tuesday, April 19, 2005 3:46 PM
&ULWqUHVG DpUDWLRQGHODSLqFH
$SSDUHLOVjJD]
&HWDSSDUHLOQ HVWSDVUDFFRUGpjXQGLVSRVLWLIG DVSLUDWLRQGHV
IXPpHV& HVWSRXUTXRLXQWHOGLVSRVLWLIGRLWrWUHLQVWDOOpHW
EUDQFKpFRQIRUPpPHQWDX[UpJOHPHQWDWLRQVHQYLJXHXU
8QHDWWHQWLRQSDUWLFXOLqUHGRLWrWUHDFFRUGpHDX[QRUPHV
FRQFHUQDQWO DpUDWLRQGHODSLqFH
&ULWqUHVG DpUDWLRQGHODSLqFH
/ DSSDUHLOQHSHXWrWUHLQVWDOOpHWXWLOLVpTXHGDQVGHVSLqFHVELHQ
DpUpHVFRQIRUPpPHQWDX[QRUPHVHQYLJXHXUFHOOHVFLGRLYHQW
rWUHPXQLHVG RXYHUWXUHVGDQVOHVPXUVRXGHFRQGXLWHVVSpFLDOHV
SHUPHWWDQWXQHYHQWLODWLRQQDWXUHOOHRXIRUFpHDSSURSULpHHW
DVVXUDQWO LQWURGXFWLRQSHUPDQHQWHHWDGpTXDWHGHO DLUQpFHVVDLUH
jXQHFRPEXVWLRQFRUUHFWHHWjO H[WUDFWLRQGHO DLUYLFLp
(QSDUWLFXOLHUV LOV DJLWGXVHXODSSDUHLOjJD]VHWURXYDQWGDQVOD
SLqFHLOIDXGUDLQVWDOOHUXQHKRWWHDXGHVVXVGHO DSSDUHLOSRXU
DVVXUHUXQHH[WUDFWLRQQDWXUHOOHHWGLUHFWHGHO DLUYLFLp
/DFRQGXLWHYHUWLFDOHHWQRQFRXGpHGHYUDDYRLUXQHORQJXHXUDX
PRLQVGHX[IRLVVXSpULHXUHjVRQGLDPqWUHHWXQHVHFWLRQ
PLQLPDOHGH FP
3RXUO LQWURGXFWLRQLQGLVSHQVDEOHG DLUIUDLVGDQVODSLqFHLOIDXGUD
SUDWLTXHUXQHRXYHUWXUHVLPLODLUHG DXPRLQVFP
GLUHFWHPHQWVXUOHPXUH[WpULHXUSUqVGXVRO&HWWHRXYHUWXUHQH
GRLWrWUHREVWUXpHQLGHO LQWpULHXUQLGHO H[WpULHXUGHIDoRQj
JDUDQWLUODFRPEXVWLRQFRUUHFWHGHVEUOHXUVHWO H[WUDFWLRQ
UpJXOLqUHGHO DLUYLFLp,OGRLW\DYRLUXQHGLIIpUHQFHGHKDXWHXUG DX
PRLQV FPDYHFO RXYHUWXUHG pYDFXDWLRQGHO DLU
'DQVWRXVOHVDXWUHVFDVjVDYRLUV LO\DG DXWUHVDSSDUHLOVGDQVOD
PrPHSLqFHRXVLO DpUDWLRQGLUHFWHQDWXUHOOHQ HVWSDVSRVVLEOHHW
TX DXFXQV\VWqPHG DpUDWLRQQDWXUHOOHLQGLUHFWHRXG DpUDWLRQ
IRUFpHQ DpWpLQVWDOOpFRQWDFWH]XQVSpFLDOLVWHTXDOLILpSRXUIDLUH
LQVWDOOHUHWSUpSDUHUXQV\VWqPHG DpUDWLRQVWULFWHPHQWFRQIRUPH
DX[UpJOHPHQWDWLRQVHQYLJXHXU
/HVFRQGXLWHVXWLOLVpHVSRXUO pYDFXDWLRQGHVSURGXLWVGH
FRPEXVWLRQQHGRLYHQWSDVrWUHSDUWDJpHVDYHFG DXWUHVDSSDUHLOV
61066041F.fm Page 36 Tuesday, April 19, 2005 3:46 PM
%UDQFKHPHQWpOHFWULTXH
$YDQWGHEUDQFKHUO DSSDUHLODVVXUH]YRXVTXH
1. ODWHQVLRQQRPLQDOHGXVHFWHXUGHVVHUYDQWYRWUHKDELWDWLRQFRUUHVSRQGjFHOOHILJXUDQWVXUODSODTXH
VLJQDOpWLTXHGHO DSSDUHLO
2. ODOLJQHG DOLPHQWDWLRQGHO DSSDUHLOHVWDGDSWpHjODSXLVVDQFHPD[LPXPDEVRUEpHSDUO DSSDUHLO
LQGLTXpHVXUODSODTXHVLJQDOpWLTXH
3. OHFLUFXLWG DOLPHQWDWLRQpOHFWULTXHGRPHVWLTXHHVWFRUUHFWHPHQWUHOLpjODWHUUH
• %UDQFKH]O DSSDUHLOVXUOHVHFWHXUDXPR\HQG XQVHFWLRQQHXUDGDSWpD\DQWXQHRXYHUWXUH
HQWUHOHVFRQWDFWVTXLSHUPHWWHXQHGpFRQQH[LRQFRPSOqWHHQFDVGHVXUWHQVLRQGH
FDWpJRULH,,,FRQIRUPpPHQWDX[UpJOHPHQWDWLRQVG LQVWDOODWLRQ
5HPDUTXHV8QHIRLVO LQVWDOODWLRQWHUPLQpHOHVFRPSRVDQWVpOHFWULTXHVQHGRLYHQWSOXVrWUH
DFFHVVLEOHVVLFHQ HVWHQXWLOLVDQWGHVRXWLOVVSpFLDX[
/HFRUGRQG DOLPHQWDWLRQGRLWrWUHGXW\SH+55)FRQIRUPpPHQWDXWDEOHDXFLDSUqV
7\SHG DSSDUHLO
7HQVLRQPRQRSKDVpH9a
7\SHGHFkEOH
6HFWLRQ
7DEOHGHFXLVVRQDXJD] &DRXWFKRXF+
[PPò
HWIRXUpOHFWULTXH
55)
7DEOHGHFXLVVRQ
&DRXWFKRXF+
[PPò
pOHFWULTXHHWIRXU
55)
pOHFWULTXH
7\SHG DSSDUHLO
7DEOHGHFXLVVRQ
pOHFWULTXHHWIRXU
pOHFWULTXH
6HFWLRQ
$OLPHQWDWLRQpOHFWULTXHWULSKDVpH
91a
91a
9
&DRXWFKRXF+ &DRXWFKRXF+
55)
55)
[PPò
[PPò
(QWHQDQWFRPSWHG XQIDFWHXUGHVLPXOWDQpLWpGH
9RXVSRXYH]IDLUHIRQFWLRQQHUFHUWDLQVPRGqOHVPRQRSKDVpVVXUXQHDOLPHQWDWLRQpOHFWULTXHWULSKDVpH
HQSURFpGDQWFRPPHVXLW3ODFH]OHVFDYDOLHUVHQIRQFWLRQGXW\SHG DOLPHQWDWLRQpOHFWULTXH YRLUOD
)LJ $ 5DFFRUGH]XQFkEOHG DOLPHQWDWLRQDYHFXQHVHFWLRQVXIILVDQWH
,QVWUXFWLRQVSRXUO LQVWDOODWHXU
$YHUWLVVHPHQW
• $YDQWWRXWHRSpUDWLRQG HQWUHWLHQGpEUDQFKH]O DOLPHQWDWLRQpOHFWULTXHHWIHUPH]OH
URELQHWGXJD]
• /HWHFKQLFLHQTXDOLILpHVWUHVSRQVDEOHG XQHLQVWDOODWLRQFRUUHFWHUHVSHFWDQWOHV
UpJOHPHQWDWLRQVGHVpFXULWpORFDOHV
• /DPLVHjODWHUUHGHO DSSDUHLOHVWREOLJDWRLUHDX[WHUPHVGHODORL
/HIDEULFDQWGpFOLQHWRXWHUHVSRQVDELOLWpHQFDVG pYHQWXHOVGRPPDJHVLQIOLJpVjGHVSHUVRQQHVGHV
DQLPDX[RXGHVREMHWVHWUpVXOWDQWGXQRQUHVSHFWGHVUqJOHVLQGLTXpHVFLGHVVXV/HVFDUDFWpULVWLTXHV
WHFKQLTXHVVRQWLQGLTXpHVVXUODSODTXHVLJQDOpWLTXHVLWXpHjO LQWpULHXUGHODSRUWHGXWLURLU/HVFRQGLWLRQV
GHUpJODJHVRQWLQGLTXpHVVXUO pWLTXHWWHDSSOLTXpHVXUO HPEDOODJH/DSRUWHGXIRXUQHGRLWSDVrWUH
XWLOLVpHSRXUGHVRSpUDWLRQVGHPDQXWHQWLRQRXSRXUVRUWLUO DSSDUHLOGHO HPEDOODJH
,QVWDOODWLRQ
,PSRUWDQW/HVSDURLVGHVpOpPHQWVFRQWLJXVGRLYHQWUpVLVWHUjODFKDOHXU &PLQLPXP 6LO DSSDUHLO
GRLWrWUHDFFROpjGHVPHXEOHVGHFXLVLQHUHVSHFWH]ODGLVWDQFHPLQLPXPLQGLTXpHVXUODILJXUHFLDSUqV
/ DSSDUHLOHVWOLYUpDYHFSLHGVTXLSHUPHWWHQWG DOLJQHUVDKDXWHXUVXUFHOOHGHVpOpPHQWVFRQWLJXV
3RXUFHIDLUHLQFOLQH]O DSSDUHLOHWYLVVH]OHVSLHGVGDQVOHVILOHWDJHVVSpFLDX[VLWXpVGDQVOHVFRLQV
YRLUOD)LJ 5pJODJHPD[
PP
)LJ
)LJ
)LJ$
61066041F.fm Page 37 Tuesday, April 19, 2005 3:46 PM
$9$17' 87,/,6(5/ $33$5(,/3285/$
35(0,Ë5()2,6
• 5HWLUH]WRXVOHVDFFHVVRLUHVGXIRXUHWIDLWHVOH
FKDXIIHUj&SHQGDQWHQYLURQGHX[KHXUHV
DILQGHIDLUHGLVSDUDvWUHOHVRGHXUVGpJDJpHVSDU
OHVJUDLVVHVGHSURWHFWLRQHWOHVPDWpULDX[
G LVRODWLRQ0DLQWHQH]ODIHQrWUHRXYHUWH
SHQGDQWWRXWHODGXUpHGHFHWWHRSpUDWLRQ
• $YDQWODSUHPLqUHXWLOLVDWLRQ{WH]
OHVDXWRFROODQWVVLWXpVVXUODIDFHDYDQWGH
O DSSDUHLOHWVXUODSRUWHGXIRXUjO H[FHSWLRQ
GHODSODTXHVLJQDOpWLTXH
ODSURWHFWLRQHQFDUWRQHWOHILOPSODVWLTXH
UHFRXYUDQWOHEDQGHDXGHFRPPDQGHVHW
G DXWUHVSDUWLHVGHO DSSDUHLO
WRXWDXWRFROODQWSUpVHQWVXUOHVDFFHVVRLUHV
SDUH[HPSOHVRXVODOqFKHIULWH (PEDOODJH
/ HPEDOODJHVHFRPSRVHGHPDWpULDX[HQWLqUHPHQW
UHF\FODEOHVHWSRUWHOHV\PEROHGHUHF\FODJH &HFLVLJQLILHTX LOGRLWrWUHFRQILpDXFHQWUHGHWUL
GHVGpFKHWVOHSOXVSURFKH
3URGXLW
/ DSSDUHLOHVWPDUTXpFRQIRUPpPHQWjOD'LUHFWLYH
HXURSpHQQH&(UHODWLYHDX[GpFKHWV
G pTXLSHPHQWVpOHFWULTXHVHWpOHFWURQLTXHV '((( (QSUHQDQWVRLQGHVHGpEDUUDVVHUGHFHWDSSDUHLO
FRPPHLOFRQYLHQWO XWLOLVDWHXUpYLWHTX LOQ DLWXQ
LPSDFWSRWHQWLHOOHPHQWQXLVLEOHVXU
O HQYLURQQHPHQWHWODVDQWpLPSDFWTXLSRXUUDLW
GpFRXOHUG XQHJHVWLRQLQDGpTXDWHGHVGpFKHWVLVVXV
GHFHSURGXLW
/HV\PEROH
DSSRVpVXUO DSSDUHLORXVXUOD
GRFXPHQWDWLRQTXLO DFFRPSDJQHLQGLTXHTXHOD
FXLVLQLqUHQHGRLWSDVrWUHWUDLWpHFRPPHXQGpFKHW
PpQDJHUPDLVTX HOOHGRLWrWUHGpSRVpHDXFHQWUH
GHFROOHFWHOHSOXVSURFKHFKDUJpGXUHF\FODJHGHV
DSSDUHLOVpOHFWULTXHVHWpOHFWURQLTXHV
3RXUODPLVHDXUHEXWUHVSHFWH]OHVQRUPHV
UHODWLYHVjO pOLPLQDWLRQGHVGpFKHWVHQYLJXHXUGDQV
OHSD\VG LQVWDOODWLRQ
3RXUREWHQLUGHSOXVDPSOHVLQIRUPDWLRQVVXUOH
WUDLWHPHQWODFROOHFWHHWOHUHF\FODJHGHFHSURGXLW
YHXLOOH]FRQWDFWHUOHVDXWRULWpVORFDOHV
FRPSpWHQWHVOHVHUYLFHGHFROOHFWHGHVRUGXUHV
PpQDJqUHVRXOHPDJDVLQRYRXVDYH]DFKHWp
O DSSDUHLO
0(685(6'(35e&$87,21(7&216(,/6
' 25'5(*e1e5$/
• / DSSDUHLOHVWXQLTXHPHQWGHVWLQpjXQXVDJH
GRPHVWLTXHSRXUODFXLVVRQGHVDOLPHQWV
$XFXQHDXWUHXWLOLVDWLRQQ HVWSHUPLVH/H
IDEULFDQWGpFOLQHWRXWHUHVSRQVDELOLWpHQFDV
G XWLOLVDWLRQLPSURSUHRXGHSDUDPpWUDJH
LQFRUUHFWGHVFRPPDQGHV
• 7RXWHUpSDUDWLRQRXRSpUDWLRQGHPDLQWHQDQFH
GRLWXQLTXHPHQWrWUHHIIHFWXpHSDUXQ
WHFKQLFLHQTXDOLILp
• eYLWH]DEVROXPHQWG H[SRVHUOHIRXUDX[DJHQWV
DWPRVSKpULTXHV
• eYLWH]GHGpSRVHUGHVREMHWVORXUGVVXUODSRUWH
FDULOVULVTXHQWG HQGRPPDJHUODFDYLWpGXIRXU
HWOHVFKDUQLqUHVGHODSRUWHeYLWH]GHYRXV
DFFURFKHUjODSRUWH
• 1HVXVSHQGH]DXFXQREMHWORXUGjODSRLJQpHGH
ODSRUWHGXIRXU
• eYLWH]GHFRXYULUOHIRQGGXIRXUDYHFGX
SDSLHUDOXPLQLXPRXWRXWDXWUHREMHW
• /DSRUWHGXIRXUGRLWIHUPHUSDUIDLWHPHQW/HV
MRLQWVGHODSRUWHGRLYHQWrWUHSURSUHV
• 1HYHUVH]MDPDLVG HDXGLUHFWHPHQWGDQVOHIRXU
ORUVTXHFHOXLFLHVWFKDXG9RXVULVTXHULH]
G HQGRPPDJHUOHUHYrWHPHQWpPDLOOp
• eYLWH]TXHGXMXVGHIUXLWQHV pFRXOHGHODSODTXH
jSkWLVVHULHFDUFHW\SHGHWDFKHHVWLQGpOpELOH,O
HVWFRQVHLOOpGHQHWWR\HUO DSSDUHLODYDQWGHOH
UpXWLOLVHU
• eYLWH]GHGpSODFHUOHVFDVVHUROHVHQOHVWUDvQDQW
VXUOHIRQGGXIRXUYRXVULVTXH]GHUD\HUOH
UHYrWHPHQW
61066041F.fm Page 38 Tuesday, April 19, 2005 3:46 PM
• $XILOGXWHPSVODYDSHXUUHVWDQWjODILQGHOD
FXLVVRQULVTXHG HQGRPPDJHUOHIRXUHWOHPHXEOH
RLOHVWHQFDVWUp1RXVYRXVFRQVHLOORQV GHUpJOHUODWHPSpUDWXUHODSOXVEDVVH
GHFRXYULUOHVDOLPHQWV
GHUHWLUHUOHVDOLPHQWVGXIRXU
GHVpFKHUOHVSDUWLHVKXPLGHVORUVTXHOHIRXU
DUHIURLGL
• $WWHQWLRQODIDFHDYDQWHWODSRLJQpHGX
IRXUVRQWFKDXGHVORUVTXHOHIRXUHVWPLV
VRXVWHQVLRQSHQGDQWORQJWHPSVHWjGHV
WHPSpUDWXUHVpOHYpHV
• eYLWH]GHWRXFKHUO DSSDUHLODYHFGHVSDUWLHV
PRXLOOpHVGXFRUSVRXGHO XWLOLVHUSLHGVQXV
• 1HWLUH]MDPDLVVXUO DSSDUHLORXVXUOHFRUGRQ
G DOLPHQWDWLRQSRXUOHVGpEUDQFKHU
• 0DLQWHQH]OHVHQIDQWVjGLVWDQFH
GHVFRPPDQGHVHWGHO DSSDUHLOHQJpQpUDO
HQSDUWLFXOLHUORUVTX LOHVWHQVHUYLFHRX
LPPpGLDWHPHQWDSUqVULVTXHGHEOHVVXUH
GHVHPEDOODJHV VDFVHQSODVWLTXHpOpPHQWV
HQSRO\VW\UqQHREMHWVPpWDOOLTXHVHWF G XQDSSDUHLOTXLGRLWrWUHPLVDXUHEXW
• 9HLOOH]jFHTXHOHVFkEOHVpOHFWULTXHVG DXWUHV
DSSDUHLOVpOHFWURPpQDJHUVVHWURXYDQWj
SUR[LPLWpLPPpGLDWHQHSXLVVHQWSDVHQWUHUHQ
FRQWDFWDYHFOHVSDUWLHVFKDXGHVQLVHFRLQFHU
GDQVODSRUWHGXIRXU
• 1HSODFH]MDPDLVGHSURGXLWVLQIODPPDEOHVj
O LQWpULHXUGXIRXURXjSUR[LPLWpGHFHOXLFLFHV
SURGXLWVULVTXHQWHQHIIHWGHV HQIODPPHUVLOH
IRXUHVWPLVHQPDUFKHSDULQDGYHUWDQFH
• 0XQLVVH]YRXVGHJDQWVSRXUUHWLUHUOHVSODWVHW
OHVDFFHVVRLUHVFKDXGVGXIRXU
• 6LYRXVDMRXWH]GHVOLTXLGHVDOFRROLTXHV SDUH[
UKXPFRJQDFYLQHWF jGHVJkWHDX[RXGHV
YLHQQRLVHULHVGXUDQWODFXLVVRQUDSSHOH]YRXVTXH
O DOFRROV pYDSRUHjGHVWHPSpUDWXUHVpOHYpHV/HV
YDSHXUVGpJDJpHVSDUO DOFRROSHXYHQWGpFOHQFKHU
XQGpEXWG LQFHQGLHHQHQWUDQWHQFRQWDFWDYHFOD
UpVLVWDQFHpOHFWULTXHGXIRXU
• eYLWH]G XWLOLVHUGHVUpFLSLHQWVHQWHUUHFXLWH
IHUPpVSRXUUpFKDXIIHURXIDLUHFXLUHGHV
DOLPHQWVDXIRXU/ DXJPHQWDWLRQGHODSUHVVLRQj
O LQWpULHXUGHFHVUpFLSLHQWVSHXWOHVIDLUH
H[SORVHUHWHQGRPPDJHUOHIRXU
• 1 XWLOLVH]HQDXFXQFDVGHVUpFLSLHQWVHQPDWLqUH
V\QWKpWLTXHSRXUIDLUHFXLUHGHVDOLPHQWV VDXIVL
OHVHPEDOODJHVVRQWVSpFLDOHPHQWFRQoXVSRXU
FHW\SHGHFXLVVRQYRLUOHVLQVWUXFWLRQVGX
IDEULFDQW &HVUpFLSLHQWVULVTXHUDLHQWGHIRQGUH
jGHVWHPSpUDWXUHVpOHYpHV
• 6XUYHLOOH]FRQVWDPPHQWYRVSODWVORUVTXHYRXV
IDLWHVFXLUHGHVDOLPHQWVjODJUDLVVHRXjO KXLOH
/ KXLOHHWODJUDLVVHSHXYHQWVXUFKDXIIHUHW
SUHQGUHIHX
• 1HVRUWH]MDPDLVOHVJUDGLQVTXDQGLOVVRQW
FRPSOqWHPHQWFKDUJpV)DLWHVH[WUrPHPHQW
DWWHQWLRQ
3RXUOHVWDEOHVGHFXLVVRQHQYLWURFpUDPLTXH
$WWHQWLRQ
OHSODQGHFXLVVRQHVWWUqVVROLGH1pDQPRLQVLOQ HVW
SDVLQFDVVDEOH9RXVGHYH]GRQFpYLWHUG \IDLUH
WRPEHUGHVREMHWVSRLQWXVRXGXUV
6LODVXUIDFHYLWURFpUDPLTXHGHYDLWFDVVHURX
VHIHQGUHVRXVO HIIHWG XQFKRFYLROHQWQH
O XWLOLVH]SOXV&RQWDFWH]LPPpGLDWHPHQWOH
6HUYLFHDSUqVYHQWH
• 1HSODFH]MDPDLVGHSURGXLWVLQIODPPDEOHVRX
G XVWHQWLOHVHQSODVWLTXHGDQVOHFKDXIIHSODWV
VLWXpVRXVODFDYLWpGXIRXU 'e&/$5$7,21'(&21)250,7e
• &HIRXUHVWGHVWLQpjHQWUHUHQFRQWDFWDYHF
GHVGHQUpHVDOLPHQWDLUHVHWLOHVWFRQIRUPH
jOD'LUHFWLYHHXURSpHQQH&((
• &HWDSSDUHLOHVWXQLTXHPHQWGHVWLQpjOD
FXLVVRQGHVDOLPHQWV
7RXWHDXWUHXWLOLVDWLRQ SDUH[HPSOHSRXU
FKDXIIHUXQHSLqFH GRLWrWUHFRQVLGpUpH
FRPPHLPSURSUHHWSRWHQWLHOOHPHQW
GDQJHUHXVH
• &HWDSSDUHLODpWpFRQoXIDEULTXpHWPLV
VXUOHPDUFKpFRQIRUPpPHQWDX[
REMHFWLIVGHVpFXULWpGHOD'LUHFWLYH
´%DVVHWHQVLRQµ&((
H[LJHQFHVGHSURWHFWLRQGHOD'LUHFWLYH
´&(0µ&((
H[LJHQFHVGHOD'LUHFWLYH&((
61066041F.fm Page 39 Tuesday, April 19, 2005 3:46 PM
&216(,/63285e&2120,6(5/ e1(5*,(
7DEOHGHFXLVVRQDXJD]
• /DWDEOHGHFXLVVRQHVWpTXLSpHGHEUOHXUVGHGLIIpUHQWVGLDPqWUHV8WLOLVH]GHVFDVVHUROHVGRQWOHIRQG
DXQGLDPqWUHOpJqUHPHQWVXSpULHXURXpJDOjFHOXLGHVEUOHXUV
• 8WLOLVH]XQLTXHPHQWGHVFDVVHUROHVjIRQGSODW
• /HVFDVVHUROHVQHGRLYHQWSDVGpSDVVHUVXUOHEDQGHDXGHFRPPDQGHV
%UOHXU
'LDPqWUHPD[GH
OD FDVVHUROH
5DSLGH PP 6HPLUDSLGH PP $X[LOLDLUH PP
7ULSOHFRXURQQH PP
PP
PP
PP
PP
7DEOHGHFXLVVRQYLWURFpUDPLTXH
• /DWDEOHGHFXLVVRQHVWpTXLSpHGHIR\HUVDX[GLDPqWUHVSXLVVDQFHVYDULDEOHV/HVIR\HUVVRQW
FODLUHPHQWGpOLPLWpVSDUOHVFHUFOHVPDUTXpVVXUODWDEOHGHFXLVVRQ
• /HGLDPqWUHGHVFDVVHUROHVGRLWFRUUHVSRQGUHjFHOXLGXIR\HUXWLOLVp
• (YLWH]GHYRXVVHUYLUGHUpFLSLHQWVDXIRQGUXJXHX[VRXVSHLQHGHUD\HUODWDEOHGHFXLVVRQ
YLWURFpUDPLTXH
=RQHGHFXLVVRQHQ
YLWURFpUDPLTXH
'LDPqWUHPD[GH
OD FDVVHUROH
5DGLDQW 5DGLDQW 5DGLDQW PP
PP
PP
• 'DQVODPHVXUHGXSRVVLEOHODLVVH]OHFRXYHUFOHVXUOHVFDVVHUROHVSHQGDQWODFXLVVRQ
• /RUVTXHYRXVIDLWHVFXLUHGHVOpJXPHVGHVSRPPHVGHWHUUHHWFDMRXWH]XQSHXG HDXDILQGHUpGXLUH
OHWHPSVGHFXLVVRQ
• 8QDXWRFXLVHXUYRXVSHUPHWWUDGHUpGXLUHODFRQVRPPDWLRQG pQHUJLHHWOHWHPSVGHFXLVVRQ
61066041F.fm Page 40 Tuesday, April 19, 2005 3:46 PM
$&&(662,5(6'8)285
/HVDFFHVVRLUHVIRXUQLVGpSHQGHQWGXPRGqOH
/HVDFFHVVRLUHVIRXUQLVDYHFOHIRXUVRQWpQXPpUpVGDQVOD
)LFKHSURGXLWVpSDUpH DXSRLQW$FFHVVRLUHV /qFKHIULWH /RUVTX HOOHHVWSODFpHVRXVODJULOOHODOqFKHIULWHVHUWjUpFROWHU
OHVJUDLVVHVHWOHVSDUWLFXOHVG DOLPHQWV9HUVH]XQSHXG HDXGDQV
OHIRQGGHODOqFKHIULWHDILQG pYLWHUOHVpFODERXVVXUHVGHJUDLVVH
HWODIXPpH
9RXVSRXYH]pJDOHPHQWYRXVHQVHUYLUFRPPHSODWGHFXLVVRQ
SRXUGHODYLDQGHGXSRXOHWHWGXSRLVVRQDYHFRXVDQVOpJXPHV
)LJ
*ULOOH /DJULOOHSHXWrWUHXWLOLVpHSRXUIDLUHJULOOHUGHVDOLPHQWVRX
FRPPHVXSSRUWGHSODTXHVjSkWLVVHULHGHPRXOHVjJkWHDX[RX
DXWUHVUpFLSLHQWV(OOHSHXWVHSODFHUVXUQ LPSRUWHTXHOJUDGLQGX
IRXU
)LJ
3ODTXHjSkWLVVHULH ­XWLOLVHUSRXUIDLUHFXLUHGHVELVFXLWVGHVJkWHDX[HWGHVSL]]DV
)LJ
61066041F.fm Page 41 Tuesday, April 19, 2005 3:46 PM
$&&(662,5(6'(6e&85,7e
6pFXULWpHQIDQWV VHORQOHPRGqOH
3RXUHQOHYHUOHGLVSRVLWLIGHVpFXULWpHQIDQWVSURFpGH]FRPPHOHPRQWUHQWOHVLOOXVWUDWLRQVFLDSUqV
61066041F.fm Page 42 Tuesday, April 19, 2005 3:46 PM
&RPPHQWIL[HUODFXLVLQLqUHDXPXU
1. 3HUFH]GHX[WURXVGDQVOHPXUjHQYLURQ PPGXVRO FRPPHLQGLTXpjOD)LJ $SRVLWLRQ) GH
IDoRQjFHTX LOVVRLHQWDOLJQpVVXUOHVWURXVGHVSRVLWLRQVHW )LJ % 2. ,QWURGXLVH]O pOpPHQW5GDQVOHVRULILFHV)HWYLVVH]OHFURFKHW*GDQVO pOpPHQW5 )LJ & 3. )L[H]ODFKDvQHDXFURFKHW*FRPPHLOOXVWUpjOD)LJ 'SRVLWLRQ&
)LJ$
)LJ%
3RVLWLRQ
)
3RVLWLRQ
FKDvQH
3RVLWLRQ
)LJ&
)LJ'
PXU
PXU
SRVLWLRQ&
61066041F.fm Page 43 Tuesday, April 19, 2005 3:46 PM
(175(7,(1(71(772<$*(
$YDQWGHSURFpGHUDXQHWWR\DJHRXjO HQWUHWLHQ
GpEUDQFKH]O DSSDUHLOGHO DOLPHQWDWLRQpOHFWULTXH
• 1HWWR\H]DYHFXQFKLIIRQLPELEpG HDXFKDXGHVDYRQQHXVHRX
G XQGpWHUJHQWOLTXLGHGLOXp
• 1 XWLOLVH]HQDXFXQFDVGHVSURGXLWVDEUDVLIVRXFRUURVLIVGHV
SURGXLWVFKORUpVRXGHVWDPSRQVPpWDOOLTXHV
• 1 XWLOLVH]HQDXFXQFDVGHVDSSDUHLOVG HQWUHWLHQjODYDSHXU
• 1 XWLOLVH]HQDXFXQFDVGHVSURGXLWVLQIODPPDEOHV
• (VVX\H]LPPpGLDWHPHQWOHVVXEVWDQFHVDFLGHVRXDOFDOLQHV
WHOOHVTXHYLQDLJUHVHOMXVGHFLWURQHWFTXLVHVRQWGpSRVpHV
VXUODWDEOHGHFXLVVRQ
)LJ
6XUIDFHHQDFLHULQR[\GDEOH
• 1HWWR\H]ODDYHFXQGpWHUJHQWVSpFLDOHPHQWFRQoXSRXU
O DFLHULQR[\GDEOH
1HWWR\DJHGHVEUOHXUV
3RXUQHWWR\HUOHVEUOHXUVGHODWDEOHGHFXLVVRQ{WH]OHVGHOHXUV
ORJHPHQWV )LJ HWSODFH]OHVGDQVXQHVROXWLRQG HDXFKDXGH
HWGHGpWHUJHQWQRQDEUDVLISHQGDQWPLQXWHVHQYLURQ8QHIRLV
QHWWR\pVHWULQFpVOHVEUOHXUVGRLYHQWrWUHVRLJQHXVHPHQW
VpFKpV
$VVXUH]YRXVWRXMRXUVTXHOHVRXYHUWXUHVVHVRQWSDV
ERXFKpHV,OHVWFRQVHLOOpGHUpSpWHUFHWWHRSpUDWLRQDXPRLQV
XQHIRLVSDUVHPDLQHRXFKDTXHIRLVTXHFHODHVWQpFHVVDLUH
9HLOOH]jELHQUHPRQWHUOHVEUOHXUVHQOHVIDLVDQWWRXUQHU
OHQWHPHQWGHPDQLqUHjFHTXHOHVTXDWUHVHFWHXUVVLWXpVVRXVOH
GpIOHFWHXUV HQJDJHQWGDQVOHORJHPHQWGXVXSSRUWGXJLFOHXU
VLOHEUOHXUHVWSDUIDLWHPHQWFHQWUpLOV DEDLVVHUDOpJqUHPHQWHW
VHEORTXHUDSDUIDLWHPHQW (QWUHWLHQGHVJULOOHV
• 1HWWR\H]OHVJULOOHVDYHFXQHpSRQJHHWGXGpWHUJHQWGqV
TX HOOHVVRQWVDOHV
• /HVJULOOHVFKDQJHQWGHFRXOHXUSUqVGHVEUOHXUV
& HVWWRXWjIDLWQRUPDOFHSKpQRPqQHHVWGjODKDXWH
WHPSpUDWXUHDWWHLQWHGXUDQWODFXLVVRQ
6XUIDFHYLWURFpUDPLTXH
1HWWR\H]YRWUHWDEOHGHFXLVVRQFRPPHYRXVODYHULH]YRVYLWUHV
9RXVSRXYH]pOLPLQHUOHVWDFKHVRXUD\XUHVOpJqUHVODLVVpHVSDU
GHVUpFLSLHQWVDXIRQGHQDOXPLQLXPjO DLGHGHYLQDLJUH
(YLWH]GHUHQYHUVHUGXVXFUHVXUODWDEOHGHFXLVVRQORUVTX HOOHHVW
HQPDUFKH6LFHODGHYDLWVHSURGXLUHpWHLJQH]OD]RQHGHFXLVVRQ
HWQHWWR\H]ODGqVTXHSRVVLEOHDYHFGHO HDXWLqGHDYDQWTX HOOH
Q DLWFRPSOqWHPHQWUHIURLGL5HWLUH]OHVXFUHFDUDPpOLVpRXWRXWH
DXWUHVXEVWDQFHFDOFLQpHjO DLGHG XQJUDWWRLURXG XQHODPHGH
UDVRLUHWFHDYDQWTXHOD]RQHGHFXLVVRQQ DLWFRPSOqWHPHQW
UHIURLGL YRLUOD)LJ )LJ
61066041F.fm Page 44 Tuesday, April 19, 2005 3:46 PM
1HWWR\DJHGXIRXU
• 8QHIRLVODFXLVVRQWHUPLQpHDWWHQGH]TXHOHIRXUUHIURLGLVVH
HWQHWWR\H]OHDILQG pYLWHUO DFFXPXODWLRQGHVUpVLGXVGH
FXLVVRQ
• (QFDVGHVDOLVVXUHVSDUWLFXOLqUHPHQWWHQDFHVXWLOLVH]XQ
SURGXLWVSpFLDOSRXUOHQHWWR\DJHGHVIRXUVHWUHVSHFWH]OHV
LQVWUXFWLRQVILJXUDQWVXUO HPEDOODJH
• 1HWWR\H]O H[WpULHXUGXIRXUjO DLGHG XQHpSRQJHLPELEpH
G HDXWLqGH
• 1 XWLOLVH]HQDXFXQFDVGHVSURGXLWVDEUDVLIVRXWDPSRQV
PpWDOOLTXHV
• 8WLOLVH]XQGpWHUJHQWOLTXLGHSRXUQHWWR\HUODYLWUHGHODSRUWH
GXIRXU
• /DYH]OHVDFFHVVRLUHVDXODYHYDLVVHOOHRXjODPDLQDYHFXQ
SURGXLWVSpFLDOIRXU
'pPRQWDJHGHODSRUWH
$WWHQWLRQ/RUVTXHYRXVSURFpGH]DX[RSpUDWLRQV
VXLYDQWHVLOHVWFRQVHLOOpGHSRUWHUGHVJDQWVGHSURWHFWLRQ
3RXUpYLWHUWRXWHEOHVVXUHHWRXQHSDVHQGRPPDJHUOD
SRUWHHWOHVFKDUQLqUHVLOHVWYLYHPHQWFRQVHLOOpGHVXLYUH
DWWHQWLYHPHQWOHVLQVWUXFWLRQVVXLYDQWHV
)LJ
3RXUGpPRQWHUODSRUWHGXIRXUSURFpGH]FRPPHVXLW
1. 3RXUFHWWHRSpUDWLRQOHVFKDUQLqUHV$VRQWpTXLSpHVGH
YHUURXVDPRYLEOHVHQIRUPHGH8%TXLV DFFURFKHQWDX
VHFWHXU&GHVFKDUQLqUHV,OVEORTXHQWODSRUWHGDQVFHWWH
SRVLWLRQORUVTX HOOHHVWFRPSOqWHPHQWRXYHUWH )LJ 2. 6DLVLVVH]ODSRUWHGHVGHX[FRWpVSUqVGHVFKDUQLqUHVHWWLUH]
ODYHUVYRXVHQUpDOLVDQWOHVGHX[PRXYHPHQWVLQGLTXpVjOD
)LJ )LJ
3. 3RXUUHPRQWHUODSRUWHUHSODFH]OHVFKDUQLqUHVGDQVOHXUV
ORJHPHQWV1 RXEOLH]SDVG HQOHYHUOHVYHUURXVDPRYLEOHVHQ
IRUPHGH8%DYDQWGHUHIHUPHUODSRUWH
)DLWHVDWWHQWLRQDX[FKDUQLqUHVGHODSRUWHGXIRXUYRXV
ULVTXH]GHYRXVSLQFHUOHVPDLQV
5HPSODFHPHQWGHO DPSRXOHGHO pFODLUDJHDUULqUHGX
IRXU
1. 'pEUDQFKH]OHIRXU
2. 'qVTXHOHIRXUDUHIURLGLGpYLVVH]OHFRXYHUFOHGHO DPSRXOH
$GDQVOHVHQVDQWLKRUDLUH )LJ 3. 5HPSODFH]O DPSRXOH YRLUODUHPDUTXH 4. 5HYLVVH]OHFRXYHUFOHGHO DPSRXOH
5. 5HEUDQFKH]OHIRXU
5HPDUTXH8WLOLVH]H[FOXVLYHPHQWGHVDPSRXOHVGH
:9GHW\SH(7&GLVSRQLEOHVDXSUqVGX
6HUYLFHDSUqVYHQWH
,PSRUWDQW8WLOLVH]OHIRXUXQLTXHPHQWDSUqVDYRLU
UpLQVWDOOpOHFRXYHUFOHGHO DPSRXOH
)LJ
61066041F.fm Page 45 Tuesday, April 19, 2005 3:46 PM
',$*1267,&'(63$11(6
/ DSSDUHLOQHIRQFWLRQQHSDV
/HEUOHXUV pWHLQW
• 9pULILH]O DOLPHQWDWLRQpOHFWULTXHHWVLO DSSDUHLOHVW
EUDQFKpDXVHFWHXU
• 0HWWH]O DSSDUHLOKRUVWHQVLRQSXLVGHQRXYHDXVRXV
WHQVLRQSRXUYRLUVLOHSUREOqPHDpWppOLPLQp
/HEUOHXUQHV DOOXPHSDV
• /HURELQHWG DUULYpHGXJD]HVWLORXYHUW"
• /DGLVWULEXWLRQGXJD]GHYLOOH PpWKDQH DWHOOHpWp
WHPSRUDLUHPHQWFRXSpH"
• /DERXWHLOOHGHJD] JD]OLTXLGH HVWHOOHYLGH"
• /HVRXYHUWXUHVGXEUOHXUVRQWHOOHVREVWUXpHV"
• /HGpIOHFWHXUHWOHEUOHXURQWLOVpWpUHPLVHQSODFH
FRUUHFWHPHQWDSUqVOHQHWWR\DJH YRLUOHSDUDJUDSKH
´(QWUHWLHQHWQHWWR\DJHµ "
• 5pSpWH]O DOOXPDJHHQSRVLWLRQQDQWOHERXWRQGH
FRPPDQGHVXUOHV\PEROHUHSUpVHQWDQWODSHWLWH
IODPPH / DOOXPDJHpOHFWURQLTXHQHIRQFWLRQQHSDV
• <DWLOHXXQHFRXSXUHGHFRXUDQW"
,03257$17
• 9pULILH]TXHOHERXWRQGHFRPPDQGHGXIRXUQ HVW
SDVSRVLWLRQQpVXU´µRXVXUOHV\PEROHGH
´O DPSRXOHµ 6(59,&($35Ë69(17(
$YDQWGHIDLUHDSSHODX6HUYLFHDSUqVYHQWH
1. 9pULILH]VLYRXVrWHVHQPHVXUHGHUpVRXGUHOH
SUREOqPHSDUYRXVPrPH YRLUOHSDUDJUDSKH
´'LDJQRVWLFGHVSDQQHVµ 2. 0HWWH]O DSSDUHLOKRUVWHQVLRQSXLVGHQRXYHDXVRXV
WHQVLRQSRXUYRLUVLOHSUREOqPHDpWppOLPLQp
6LO DQRPDOLHSHUVLVWHDSUqVOHVYpULILFDWLRQV
PHQWLRQQpHVFLGHVVXVFRQWDFWH]OH6HUYLFH
DSUqVYHQWHOHSOXVSURFKH
3RXUWRXWHUpSDUDWLRQFRQWDFWH]XQ6HUYLFHDSUqV
YHQWHDJUppLQGLTXpVXUODJDUDQWLH
6LO LQWHUYHQWLRQHVWHIIHFWXpHSDUGHVWHFKQLFLHQV
Q DSSDUWHQDQWSDVDX6HUYLFHDSUqVYHQWHDJUppSDUOH
IDEULFDQWYHLOOH]jYRXVIDLUHUHPHWWUHXQHTXLWWDQFH
GpFULYDQWOHWUDYDLOHIIHFWXpHWYpULILH]TXHOHVSLqFHVGH
UHFKDQJHXWLOLVpHVVRQWGHVSLqFHVG RULJLQH
/HQRQUHVSHFWGHVLQVWUXFWLRQVpQRQFpHVFLGHVVXV
SHXWFRPSURPHWWUHODVpFXULWpHWODTXDOLWpGXSURGXLW
9HXLOOH]SUpFLVHU
• OHW\SHGHSDQQH
• OHW\SHH[DFWHWOHPRGqOHGXIRXU
• OHFRGHVHUYLFH LOV DJLWGXQXPpURTXLVXLWOHPRW
´6HUYLFHµVXUODSODTXHVLJQDOpWLTXHVLWXpHj
O LQWpULHXUGHODSRUWHGXWLURLU /HFRGHVHUYLFHHVW
pJDOHPHQWLQGLTXpGDQVOHOLYUHWGHJDUDQWLH
• YRWUHDGUHVVHFRPSOqWH
• YRWUHQXPpURGHWpOpSKRQH
">
公開リンクが更新されました
あなたのチャットの公開リンクが更新されました。