2ZQHU·V 0DQXDO s DQG s 6WDLQOHVV 6WHHO *DV &RRNWRSV )RU 0RGHOV =*8 / =*8 1 =*8 / =*8 1 0DQXHO GX SURSULpWDLUH 6XUIDFH GH FXLVVRQ DX JD] HQ DFLHU LQR[\GDEOH GH SR FP HW GH SR FP SRXU OHV PRGqOHV =*8 / =*8 1 =*8 / =*8 1 /D VHFWLRQ IUDQoDLVH FRPPHQFH j OD SDJH *( PRQRJUDP FRP
&RQVXPHU ,QIRUPDWLRQ *DV &RRNWRS ,QWURGXFWLRQ
&RQVXPHU ,QIRUPDWLRQ *DV &RRNWRS %HIRUH XVLQJ \RXU FRRNWRS 5HDG WKLV PDQXDO FDUHIXOO\ ,W LV LQWHQGHG WR KHOS \RX RSHUDWH DQG PDLQWDLQ \RXU QHZ FRRNWRS SURSHUO\ .HHS LW KDQG\ IRU DQVZHUV WR \RXU TXHVWLRQV ,I \RX GRQ·W XQGHUVWDQG VRPHWKLQJ RU QHHG PRUH KHOS WKHUH LV D OLVW RI WROO IUHH FRQVXPHU VHUYLFH QXPEHUV LQFOXGHG LQ WKH EDFN VHFWLRQ RI WKLV PDQXDO 25 9LVLW RXU :HEVLWH DW PRQRJUDP FRP :ULWH GRZQ WKH PRGHO VHULDO QXPEHUV
,03257$17 6$)(7< ,16758&7,216 6$)(7< 35(&$87,216 ,03257$17 6$)(7< 127,&( 7KH &DOLIRUQLD 6DIH 'ULQNLQJ :DWHU DQG 7R[LF (QIRUFHPHQW $FW UHTXLUHV WKH *RYHUQRU RI &DOLIRUQLD WR SXEOLVK D OLVW RI VXEVWDQFHV NQRZQ WR WKH VWDWH WR FDXVH FDQFHU ELUWK GHIHFWV RU RWKHU UHSURGXFWLYH KDUP DQG UHTXLUHV EXVLQHVVHV WR ZDUQ FXVWRPHUV RI SRWHQWLDO H[SRVXUH WR VXFK VXEVWDQFHV *DV DSSOLDQFHV FDQ FDXVH PLQRU H[SRVXUH WR IRXU RI WKHVH VXEVWDQFHV QDPHO\ EHQ]HQH FDUERQ PRQR[LGH IRUPDOGHK\GH DQG VRRW FDXVHG
'R QRW OHW FRRNLQJ JUHDVH RU RWKHU IODPPDEOH PDWHULDOV DFFXPXODWH RQ RU QHDU WKH FRRNWRS 1HYHU OHDYH VXUIDFH EXUQHUV XQDWWHQGHG DW KLJK IODPH VHWWLQJV %RLORYHUV FDXVH VPRNLQJ DQG JUHDV\ VSLOORYHUV WKDW PD\ FDWFK RQ ILUH $GMXVW VXUIDFH EXUQHU IODPH VL]H VR LW GRHV QRW H[WHQG EH\RQG WKH HGJH RI WKH FRRNZDUH ([FHVVLYH IODPH LV KD]DUGRXV 8VH RQO\ GU\ SRW KROGHUV³PRLVW RU GDPS SRW KROGHUV RQ KRW VXUIDFHV PD\ UHVXOW LQ EXUQV IURP VWHDP 'R QRW OHW SRW KROGHUV FRPH QHDU RSHQ IODPHV ZKHQ O
)HDWXUHV RI
)HDWXUHV RI
VLQJ
8VLQJ
&DUH DQG &OHDQLQJ *DV &RRNWRS *HQHUDO LQIRUPDWLRQ 3URSHU FDUH DQG FOHDQLQJ DUH LPSRUWDQW VR \RXU %HIRUH FOHDQLQJ DQ\ SDUW RI \RXU FRRNWRS EH FRRNWRS ZLOO JLYH \RX HIILFLHQW DQG VDWLVIDFWRU\ VXUH DOO EXUQHUV DUH RII DQG FRRO VHUYLFH )ROORZ WKHVH GLUHFWLRQV FDUHIXOO\ LQ FDULQJ IRU LW 6RPH FRRNWRS PRGHOV DUH SURYLGHG ZLWK FOHDQHUV )ROORZ WKH LQVWUXFWLRQV RQ WKH FRQWDLQHUV 6WDLQOHVV VWHHO VXUIDFHV 'R QRW XVH D VWHHO ZRRO SDG LW ZLOO VFUDWFK WKH VXUIDFH 7R FOHDQ WKH VWDLQOHVV VWHHO VXUI
&DUH DQG &OHDQLQJ *DV &RRNWRS %XUQHU JUDWHV &DVW LURQ EXUQHU JUDWHV VKRXOG EH ZDVKHG UHJXODUO\ DQG HVSHFLDOO\ DIWHU VSLOORYHUV :DVK WKHP LQ KRW VRDS\ ZDWHU DQG ULQVH ZLWK FOHDQ ZDWHU 'U\ JUDWHV ZLWK D FOHDQ FORWK 7KH JUDWHV PD\ DOVR EH FOHDQHG LQ D GLVKZDVKHU :KHQ UHSODFLQJ JUDWHV EH VXUH WKDW WKH\ DUH SRVLWLRQHG VHFXUHO\ RYHU WKH EXUQHUV $UF 7R JHW ULG RI EXUQHG RQ IRRG SODFH WKH JUDWHV LQ D FRYHUHG FRQWDLQHU RU SODVWLF EDJ $GG FXS RI DPPRQLD DQG OHW WKHP VRDN IRU PLQXWHV :DVK
&DUH DQG &OHDQLQJ *DV &RRNWRS 'XDO IODPH VSLOO SURRI EXUQHUV 7KH EXUQHU FRQVLVWV RI WKUHH SDUWV WKH EXUQHU EDVH EXUQHU KHDG DQG EXUQHU FDS 7KH EXUQHU KHDG DQG EXUQHU FDS FDQ EH OLIWHG RII PDNLQJ WKHP HDV\ WR FOHDQ &$87,21 '2 127 23(5$7( 7+( %851(5 :,7+287 $// %851(5 3$576 ,1 3/$&(
&DUH DQG &OHDQLQJ *DV &RRNWRS 'XDO IODPH VSLOO SURRI EXUQHUV FRQW 7R UHPRYH WKH EXUQHU SDUWV 127( %HIRUH UHPRYLQJ WKH EXUQHU SDUWV UHPHPEHU WKHLU VL]H DQG ORFDWLRQ 5HSODFH WKHP LQ WKH VDPH ORFDWLRQ DIWHU FOHDQLQJ IRU SURSHU EXUQHU RSHUDWLRQ 5HSODFH WKH EXUQHU KHDG RQ WRS RI WKH EXUQHU EDVH PDNLQJ VXUH WKDW WKH KROH LQ WKH EXUQHU KHDG LV SURSHUO\ DOLJQHG ZLWK WKH HOHFWURGH LQ WKH EXUQHU EDVH $ VPDOO JDS EHWZHHQ WKH EDVH DQG KHDG LV QRUPDO %XUQHU FDS 7XUQ DOO FRQWUROV 2)) E
&DUH DQG &OHDQLQJ *DV &RRNWRS (OHFWURQLF LJQLWLRQ UHOLJKW HOHFWURGHV 7KH HOHFWURGH RI WKH HOHFWURQLF LJQLWLRQ V\VWHP LV SRVLWLRQHG DERYH WKH VXUIDFH RI WKH EXUQHU EDVH :KHQ FOHDQLQJ WKH FRRNWRS EH FDUHIXO QRW WR VQDJ WKH LJQLWHU ZLWK \RXU FOHDQLQJ FORWK 'DPDJH WR WKH LJQLWHU FRXOG RFFXU &RRNWRS (OHFWURGH &OHDQ WKLV PHWDO SDUW %H FDUHIXO QRW WR SXVK LQ D FRQWURO NQRE ZKLOH FOHDQLQJ ,W FRXOG FDXVH WKH LJQLWHU WR VSDUN 0DNH VXUH WKDW WKH ZKLWH FHUDPLF LJQLWHUV RQ WKH FRRNWRS DUH GU\ DQG
%HIRUH
1RWHV *DV &RRNWRS
&RQVXPHU 6HUYLFHV *DV &RRNWRS :LWK WKH SXUFKDVH RI \RXU QHZ 0RQRJUDP DSSOLDQFH UHFHLYH WKH DVVXUDQFH WKDW LI \RX HYHU QHHG LQIRUPDWLRQ RU DVVLVWDQFH IURP *( ZH·OO EH WKHUH $OO \RX KDYH WR GR LV FDOO³WROO IUHH *( $QVZHU &HQWHU ,Q WKH 86$ :KDWHYHU \RXU TXHVWLRQ DERXW DQ\ 0RQRJUDP PDMRU DSSOLDQFH *( $QVZHU &HQWHU LQIRUPDWLRQ VHUYLFH LV DYDLODEOH WR KHOS
:DUUDQW\ *DV &RRNWRS <285 0212*5$0 &22.723 :$55$17< 6WDSOH VDOHV VOLS RU FDQFHOOHG FKHFN KHUH 3URRI RI RULJLQDO SXUFKDVH GDWH LV QHHGHG WR REWDLQ VHUYLFH XQGHU ZDUUDQW\ :+$7 ,6 &29(5(' )URP WKH 'DWH RI WKH 2ULJLQDO 3XUFKDVH /,0,7(' 21( <($5 :$55$17< )RU RQH \HDU IURP GDWH RI RULJLQDO SXUFKDVH ZH ZLOO SURYLGH IUHH RI FKDUJH SDUWV DQG VHUYLFH ODERU LQ \RXU KRPH WR UHSDLU RU UHSODFH DQ\ SDUW RI WKH FRRNWRS WKDW IDLOV EHFDXVH RI D PDQXIDFWXULQJ GHIHFW 7KLV ZDUUDQW\ LV H[WHQGHG WR WKH RULJLQDO S
,QIRUPDWLRQ SRXU OH FOLHQW 6XUIDFH GH FXLVVRQ DX JD] ,QWURGXFWLRQ 9RWUH QRXYHOOH VXUIDFH GH FXLVVRQ 0RQRJUDP DOOLH XQ VW\OH pORTXHQW XQH JUDQGH FRPPRGLWp HW WRXWH OD VRXSOHVVH UHTXLVH SRXU XQH SODQLILFDWLRQ IDFLOH GH YRWUH FXLVLQH 4XH YRXV O·D\H] FKRLVLH SRXU OD SXUHWp GH VD OLJQH VHV IRQFWLRQV SUDWLTXHV O·DWWHQWLRQ DSSRUWpH DX[ GpWDLOV RX SRXU WRXWHV FHV UDLVRQV YRXV GpFRXYULUH] TXH O·DJHQFHPHQW SHUIHFWLRQQp HQWUH IRUPH HW IRQFWLRQ GH YRWUH VXUIDFH GH FXLVVRQ 0RQRJUDP YRXV UDYLUD SHQGDQW G
,QIRUPDWLRQ SRXU OH FOLHQW 6XUIDFH GH FXLVVRQ DX JD] $YDQW G·XWLOLVHU YRWUH VXUIDFH GH FXLVVRQ /LVH] DWWHQWLYHPHQW FH PDQXHO ,O HVW FRQoX SRXU YRXV DLGHU j IDLUH IRQFWLRQQHU HW j HQWUHWHQLU FRUUHFWHPHQW YRWUH QRXYHOOH VXUIDFH GH FXLVVRQ 3UHQH] QRWH GHV QXPpURV GH PRGqOH HW GH VpULH 9RXV OHV WURXYHUH] VXU XQH pWLTXHWWH VRXV OD VXUIDFH GH FXLVVRQ $YDQW G·HQYR\HU OD FDUWH YHXLOOH] LQVFULUH OHV QXPpURV LFL 5HPSOLVVH] HW UHWRXUQH] OD FDUWH G·LQVFULSWLRQ GX SURGXLW TXL HVW HPEDOOpH
,16758&7,216 '( 6e&85,7e ,03257$17(6 35e&$87,216 '( 6e&85,7e $9,6 ,03257$17 '( 6e&85,7e /D ORL GH O·pWDW GH &DOLIRUQLH VXU O·HDX SRWDEOH VpFXULVpH HW O·DSSOLFDWLRQ GHV ORLV VXU OHV SURGXLWV WR[LTXHV H[LJH TXH OH *RXYHUQHXU GH &DOLIRUQLH SXEOLH XQH OLVWH GH VXEVWDQFHV TXL VHORQ OHV FRQQDLVVDQFHV GH O·pWDW FDXVHQW OH FDQFHU OHV PDODGLHV FRQJpQLWDOHV RX DXWUH OpVLRQ UHSURGXFWLYH HW H[LJH TXH OHV HQWUHSULVHV DYHUWLVVHQW OHXUV FOLHQWV GH OHXU H[SRVLWLRQ SRWHQWLHOOH j GH WHOOHV VXEVWDQFHV /
,16758&7,216 '( 6e&85,7e ,03257$17(6 35e&$87,216 '( 6e&85,7e 1·XWLOLVH] SDV GH O·HDX VXU OHV LQFHQGLHV GH JUDLVVH 1H VDLVLVVH] MDPDLV XQH SRrOH HQIODPPpH $UUrWH] OHV FRQWU{OHV (WRXIIH] OHV IODPPHV G·XQH SRrOH SODFpHV VXU XQ EUOHXU GH VXUIDFH HQ OD UHFRXYUDQW HQWLqUHPHQW G·XQ FRXYHUFOH ELHQ DMXVWp G·XQ SODWHDX j JkWHDX RX G·XQ SODWHDX SODW 8WLOLVH] XQ H[WLQFWHXU j SURGXLW FKLPLTXH VHF PXOWL XVDJHV RX GX W\SH j PRXVVH /H JUDLVVH HQIODPPpH j O·H[WpULHXU G·XQH SRrOH SHXW rWUH pWHLQWH HQ O
,16758&7,216 '( 6e&85,7e ,03257$17(6 1·XWLOLVH] MDPDLV XQ ZRN VXU OD VXUIDFH GH FXLVVRQ VL OH ZRN D XQH EDJXH URQGH HQ PpWDO SODFpH SRXU OH VRXWHQLU VXU OD JULOOH GX EUOHXU &HWWH EDJXH HVW XQ SLqJH j FKDOHXU TXL SHXW HQGRPPDJHU OD JULOOH HW OD WrWH GH EUOHXU &HOD SHXW pJDOHPHQW RFFDVLRQQHU XQ PDXYDLV IRQFWLRQQHPHQW GX EUOHXU (OOH SHXW pJDOHPHQW DXJPHQWHU OH JD] FDUERQLTXH j XQ QLYHDX VXSpULHXU j FHOXL SHUPLV SDU OHV QRUPHV DFWXHOOHV FH TXL HVW GDQJHUHX[ SRXU OD VDQWp (ORLJQH] WRXV
&DUDFWpULVWLTXHV GH YRWUH VXUIDFH GH FXLVVRQ 6XUIDFH GH FXLVVRQ DX JD] &DUDFWpULVWLTXHV WRXW DX ORQJ GH FH PDQXHO OHV FDUDFWpULVWLTXHV HW O·DSSDUHQFH SHXYHQW YDULHU 6XUIDFH GH FXLVVRQ DX JD] SR FP =*8 &RQYHUVLRQ FDUEXUDQW JD] ,QGH[ GHV FDUDFWpULVWLTXHV 3DJH %UOHXUV j IODPPH GRXEOH j O·pSUHXYH GHV GpERUGHPHQWV³5HQGHPHQW pOHYp %UOHXUV j IODPPH GRXEOH j O·pSUHXYH GHV GpERUGHPHQWV³5HQGHPHQW H[WUD pOHYp %
&DUDFWpULVWLTXHV GH YRWUH VXUIDFH GH FXLVVRQ 6XUIDFH GH FXLVVRQ DX JD] &DUDFWpULVWLTXHV WRXW DX ORQJ GH FH PDQXHO OHV FDUDFWpULVWLTXHV HW O·DSSDUHQFH SHXYHQW YDULHU 6XUIDFH GH FXLVVRQ DX JD] SR FP =*8 &RQYHUVLRQ FDUEXUDQW JD] ,QGH[ GHV FDUDFWpULVWLTXHV 3DJH %UOHXUV j IODPPH GRXEOH j O·pSUHXYH GHV GpERUGHPHQWV³5HQGHPHQW pOHYp %UOHXUV j IODPPH GRXEOH j O·pSUHXYH GHV GpERUGHPHQWV³5HQGHPHQW H[WUD pOHYp %RXWR
8WLOLVHU YRWUH VXUIDFH GH FXLVVRQ 6XUIDFH GH FXLVVRQ DX JD] $OOXPDJH HW UpDOOXPDJH pOHFWURQLTXH /HV EUOHXUV GH VXUIDFH V·DOOXPHQW pOHFWURQLTXHPHQW 7RXV OHV DOOXPHXUV GHV EUOHXUV pPHWWHQW XQ EUXLW GH FOLTXHWLV HW XQH pWLQFHOOH PrPH ORUVTX·XQ VHXO EUOHXU HVW DOOXPp 1H WRXFKH] DXFXQ GHV EUOHXUV ORUVTXH OHV DOOXPHXUV IRQW HQWHQGUH XQ FOLTXHWLV /HV EUOHXUV GH FHWWH VXUIDFH GH FXLVVRQ VH UpDOOXPHQW DXWRPDWLTXHPHQW VL OD IODPPH V·pWHLQW $LQVL YRXV Q·DXUH] MDPDLV EHVRLQ GH UpDOOXPHU PDQXH
8WLOLVHU YRWUH VXUIDFH GH FXLVVRQ 6XUIDFH GH FXLVVRQ DX JD] 3RUFHODLQH $OXPLQLXP 8QH EDWWHULH GH FXLVLQH GH SRLGV PR\HQ HVW UHFRPPDQGpH FDU HOOH FKDXIIH UDSLGHPHQW HW XQLIRUPpPHQW /D SOXSDUW GHV DOLPHQWV JULOOHQW pJDOHPHQW GDQV XQH FDVVHUROH G·DOXPLQLXP 8WLOLVH] GHV SRrORQV j FRXYHUFOH KHUPpWLTXH HW FXLVLQH] DYHF GH SHWLWHV TXDQWLWpV G·HDX )RQWH VL HOOHV VRQW OHQWHPHQW FKDXIIpHV OD SOXSDUW GHV FDVVHUROHV YRXV GRQQHURQW GHV UpVXOWDWV VDWLVIDLVDQWV 0pWDO pPDLOOp VRXV FHUWDLQHV FRQGLW
(QWUHWLHQ HW QHWWR\DJH 6XUIDFH GH FXLVVRQ DX JD] 5HQVHLJQHPHQWV JpQpUDX[ 8Q HQWUHWLHQ HW XQ QHWWR\DJH DGpTXDWV VRQW LPSRUWDQWV SRXU TXH YRWUH VXUIDFH GH FXLVVRQ YRXV SURFXUH XQ VHUYLFH HIILFDFH HW VDWLVIDLVDQW 6XLYH] VRLJQHXVHPHQW FHV GLUHFWLYHV ORUV GH O·HQWUHWLHQ &HUWDLQV PRGqOHV GH VXUIDFHV GH FXLVVRQ VRQW OLYUpV DYHF GHV QHWWR\HXUV 6XLYH] OHV LQVWUXFWLRQV GRQQpHV VXU OHV FRQWHQHXUV $YDQW GH QHWWR\HU XQH SDUWLH GH YRWUH VXUIDFH GH FXLVVRQ DVVXUH] YRXV TXH WRXV OHV EUOHXUV VRQW pWH
(QWUHWLHQ HW QHWWR\DJH 6XUIDFH GH FXLVVRQ DX JD] *ULOOHV GX EUOHXU /HV JULOOHV GH IRQWH GX EUOHXU GRLYHQW rWUH ODYpHV UpJXOLqUHPHQW HQ SDUWLFXOLHU DSUqV XQ GpERUGHPHQW /DYH] OHV j O·HDX FKDXGH HW VDYRQQHXVH SXLV ULQFH] OHV j O·HDX FODLUH 6pFKH] OHV JULOOHV j O·DLGH G·XQ FKLIIRQ SURSUH HW GRX[ /HV JULOOHV SHXYHQW pJDOHPHQW rWUH ODYpHV DX ODYH YDLVVHOOH /RUVTXH YRXV OHV UHSODFH] DVVXUH] YRXV TX·HOOHV VRQW SRVLWLRQQpHV VROLGHPHQW SDU GHVVXV OHV EUOHXUV $UF 3RXU OHV GpEDUUDVVHU GHV
(QWUHWLHQ HW QHWWR\DJH 6XUIDFH GH FXLVVRQ DX JD] %UOHXUV j IODPPH GRXEOH j O·pSUHXYH GHV GpERUGHPHQWV /H EUOHXU HVW FRPSRVp GH WURLV SDUWLHV OD EDVH GX EUOHXU OD WrWH GX EUOHXU HW OH FDSXFKRQ GX EUOHXU /D WrWH HW OH FDSXFKRQ GX EUOHXU SHXYHQW rWUH UHWLUpV FH TXL IDFLOLWH OHXU QHWWR\DJH 0,6( (1 *$5'( 1( )$,7(6 3$6 )21&7,211(5 /( %5Ó/(85 6$16 48( 7287(6 /(6 3,Ê&(6 62,(17 (1 3/$&( 1HWWR\DJH 5HWLUH] OHV SLqFHV GX EUOHXU VHXOHPHQW ORUVTX·HOOHV VRQW UHIURLGLHV YRLU SDJH VXLYDQWH
(QWUHWLHQ HW QHWWR\DJH 6XUIDFH GH FXLVVRQ DX JD] %UOHXUV j IODPPH GRXEOH j O·pSUHXYH GHV GpERUGHPHQWV VXLWH 3RXU UHWLUHU OHV SLqFHV GX EUOHXU 5(0$548( DYDQW GH UHWLUHU OHV SLqFHV GX EUOHXU VRXYHQH] YRXV GH OHXU WDLOOH HW GH OHXU HPSODFHPHQW 5HPSODFH] OHV DX PrPH HQGURLW DSUqV OHV DYRLU QHWWR\pHV SRXU DVVXUHU OH IRQFWLRQQHPHQW DGpTXDW GX EUOHXU 5HSODFH] OD WrWH GX EUOHXU SDU GHVVXV OD EDVH HQ YRXV DVVXUDQW TXH O·RULILFH GH OD WrWH HVW FRUUHFWHPHQW DOLJQp DYHF O·pOHFWUR
(QWUHWLHQ HW QHWWR\DJH 6XUIDFH GH FXLVVRQ DX JD] $OOXPDJH pOHFWURQLTXH HW pOHFWURGHV GH UpDOOXPDJH /·pOHFWURGH GX V\VWqPH G·DOOXPDJH pOHFWURQLTXH HVW SODFpH DX GHVVXV GH OD VXUIDFH GH OD EDVH GX EUOHXU /RUVTXH YRXV QHWWR\H] OD VXUIDFH GH FXLVVRQ DWWHQWLRQ GH QH SDV YRXV DFFURFKHU GDQV O·pOHFWURGH DYHF YRWUH FKLIIRQ GH QHWWR\DJH &HOD SRXUUDLW HQGRPPDJHU O·DOOXPHXU eOHFWURGH GH OD VXUIDFH GH FXLVVRQ 1HWWR\H] FHWWH SLqFH GH PpWDO $WWHQWLRQ GH QH SDV HQIRQFHU XQ ERXWRQ GH FRQWU{OH ORUV
$YDQW G·DSSHOHU OH VHUYLFH 6XUIDFH GH FXLVVRQ DX JD] 4XHVWLRQV " $YDQW G·DSSHOHU OH VHUYLFH 352%/Ê0( &$86( 3266,%/( /(6 %5Ó/(856 1( 6·$//80(17 3$6 28 6·$//80(17 '( )$d21 $/e$72,5( $VVXUH] YRXV TXH OD SULVH pOHFWULTXH HVW EUDQFKpH GDQV XQH SULVH pOHFWULTXH DOLPHQWpH /(6 %5Ó/(856 352'8,6(17 '(6 )/$00(6 -$81(6 28 '(6 )/$00(6 '217 /·(;75e0,7e (67 -$81( /HV SLqFHV GX EUOHXU Q·RQW SDV pWp FRUUHFWHPHQW UHSODFpHV &RQVXOWH] OD VHFWLRQ $VVHPEODJHV GH EUO
1RWHV 6XUIDFH GH FXLVVRQ DX JD]
6HUYLFH j OD FOLHQWqOH 6XUIDFH GH FXLVVRQ DX JD] $YHF O·DFKDW GH YRWUH QRXYHO DSSDUHLO 0RQRJUDP YRXV UHFHYH] DXVVL O·DVVXUDQFH TXH VL YRXV DYH] EHVRLQ G·LQIRUPDWLRQ RX G·DLGH GH *( QRXV VHURQV Oj SRXU YRXV 9RXV Q·DYH] TX·j FRPSRVHU OH QXPpUR VDQV IUDLV *( $QVZHU &HQWHU /H VHUYLFH GH UpSDUDWLRQ ,Q +RPH 3RXU OHV FOLHQWV DX[ EHVRLQV VSpFLDX[ $X[ eWDWV 8QLV &RQWUDWV GH VHUYLFH 3LqFHV HW DFFHVVRLUHV 3HX LPSRUWH YRWU
*DUDQWLH 6XUIDFH GH FXLVVRQ DX JD] 9275( *$5$17,( 0212*5$0 685 /$ 685)$&( '( &8,6621 $JUDIH] YRWUH UHoX RX YRWUH FKqTXH DQQXOp LFL 9RXV GHYH] IRXUQLU OD SUHXYH GH GDWH G·DFKDW G·RULJLQH SRXU REWHQLU OH VHUYLFH VRXV JDUDQWLH &( 48, (67 &289(57 j SDUWLU GH OD GDWH G·DFKDW G·RULJLQH *$5$17,( /,0,7e( '·81 $1 3RXU XQ DQ j SDUWLU GH OD GDWH G·DFKDW G·RULJLQH QRXV YRXV IRXUQLURQV VDQV DXFXQV IUDLV OHV SLqFHV HW OD PDLQ G·±XYUH FKH] YRXV SRXU OD UpSDUDWLRQ RX OH UHPSODFHPHQW GH WRXWHV OHV SLqFH