225('22(15,&+,76(62))5(6*32856(6&/,(1763$57,&8/,(56 3URILWH]GHVIRUIDLWVPQj'$ HW0Rj'$ /LUHHQ3DJH Ï* /LUHHQ3DJH b)Á¼YbYb®Ob $1(0 /,95$,621'(0,675$/ )5$1d$,6$/$5866,( /HVXV SHQVH UHVWH HQWLHU /LUHHQ3DJH MHXQHVGHPDQGHXUV G HPSORLUHFHQVpV D SROLWLTXH GH O HPSORL OHV SODFHPHQWV HW O HQWUHSUHQHXULDW RQW ILJXUp KLHU DX PHQX GHO pPLVVLRQO ,QYLWpGHODUpGDFWLRQGHOD FKDLQH,,,GHOD5DGLRQDWLRQDOHTXLDUHoX 0 &KDDODO 0RKDPHG7DKDU GLUHFWHXU JpQpUDOGHO $JHQFHQDWLRQDOHSRXUO HPSORL $1(0 $ FHWWH RFFDVLRQ FH GHUQLHU D IDLW VDYRLU TXH TXHOTXH $OJpULHQV GHPDQGHXUV G HPSORL ILJXUHQW DFWXHOOHPHQW GDQV OH ILFKLHU GH O $JHQFH 1DWLRQDOHGHO (PSORL$1(0 &HOD UHSUpVHQWH XQ WDX[ GH FK{PDJH GH VHORQOHPrPHUHVSRQVDEOHTXLUDS SHOOH TXH F HVW OH PrPH WDX[ pWDEOL SDU O 2IILFH 1DWLRQDO GHV 6WDWLVWLTXHV 216 ,QWHUURJp VXU OHV DFWLYLWpV GH SODFHPHQW UpDOLVpHV SDU VRQ DJHQFH 0 &KDDODO D VLJQDOpTX HQWUHHWSOXVH[DF WHPHQWMXVTX jODGDWHGXRFWREUH O $1(0DHIIHFWXpTXHOTXHSODFH PHQWV DX QLYHDX GHV HQWUHSULVHV pFRQRPL TXHVSULYpHVHWSXEOLTXHV &RPPHQWDQW GH SDUDGR[H TX LO H[LVWH GHVRIIUHVG HPSORLLOVXEVLVWHG DXWUHSDUW WRXMRXUV GHV GHPDQGHXUV TXL Q DUULYHQW SDV j rWUH SODFpV 0 &KDDODO H[SOLTXH TXH FHWWH VLWXDWLRQ UpVXOWH G XQH LQDGpTXD WLRQ GHV V\VWqPHV GH IRUPDWLRQ HW G HQVHL JQHPHQW SDU UDSSRUW DX[ EHVRLQV GX PDU FKp 3DUH[HPSOHGLWLOLOQRXVHVWGLIILFLOHGH SODFHUGHVXQLYHUVLWDLUHVD\DQWIDLWXQHIRU PDWLRQ GDQV OHV VFLHQFHV KXPDLQHV PDLV F HVW DXVVL OH FDV SRXU FH TXL FRQFHUQH OH EkWLPHQW OHTXHO pSURXYH GHV GLIILFXOWpV j WURXYHU GHV PDoRQV GHV FRIIUHXUV RX GHV IHUUDLOOHXUV« GHV FRQWUDLQWHV DX[TXHOOHV VRQW DXVVL FRQIURQWpV OHV VHFWHXUV GX WRX ULVPHRXGHO DJULFXOWXUH /LOD6ROWDQL /LUHHQ3DJH 352*5$00('(/2*(0(17 GHVORJHPHQWVUHVWDQWVODQFpV HQVHSWHPEUHGHUQLHU /LUHHQ3DJH Ë0( -285'(*5Ë9('(6&21'8&7(856 '(75$0:$<&2167$17,1( /HVXVDJHUVSULVHQRWDJHV /LUHHQ3DJH )21&7,211$,5(6'(/ ('8&$7,211$7,21$/( 3DVG HIIHW UpWURDFWLI SRXUOHV SURPRWLRQV /LUHHQ3DJH (',7,211/81',129(0%5(35,; '$(75$1*(5 (8526,7(,17(51(7 :::/(0$*+5(%'=&20 ,*Ï /(0$*+5(% GX1RYHPEUH ,5$. (1&+Ë5(6 ' 'HX[VpULJUDSKLHVGH:DUKROYHQGXHVPLOOLRQV GHGROODUVj1HZ<RUN HX[ SRUWUDLWV VpULJUDSKLHV G (OYLV 3UHVOH\ HW GH 0DUORQ %UDQGRVLJQpVSDU$QG\:DUKRODXWRXWGpEXWGHVDFDU ULqUHVHVRQWYHQGXVSRXUSOXVGHPLOOLRQVGHGROODUV DXWRWDOj1HZ<RUNSDU&KULVWLH V7ULSOH(OYLVVpULJUDSKLHUpDOL VpHHQjSDUWLUG XQHSKRWRJUDSKLHG (OYLV3UHVOH\DUPpG XQ SLVWROHWHWSUHQDQWODSRVHFRPPHXQFRZER\HQWURLVH[HPSODL UHVVXSHUSRVpVHWGpFDOpVV HVWYHQGXHjPLOOLRQVGHGRO ODUV ELHQ DXGHOj GHV PLOOLRQV HVWLPpV DSUqV VHXOHPHQW VL[ PLQXWHV G HQFKqUHV )RXU 0DUORQV VpULJUDSKLH UpDOLVpH HQ RO DFWHXU0DUORQ%UDQGRDSSDUDvWVXUXQHPRWRDpWpDFKHWpSRXU PLOOLRQVGHGROODUV/DPDLVRQG HQFKqUHVO DYDLWHVWLPpHj XQPD[LPXPGHPLOOLRQVGHGROODUV/HUHFRUGDEVROXGpSHQVp SRXUXQH°XYUHGH:DUKROHVWWRXMRXUVGpWHQXSDUOHPRQXPHQWDO 6LOYHU&DU&UDVK'RXEOH'LVDVWHUTXLDYDLWpWpYHQGXSRXU PLOOLRQVGHGROODUVHQQRYHPEUHSDU6RWKHE\ V 86$ / 4XDWUHDQVDSUqVXQFRXSGHJULVRXPRUWHO O H[3'*GHODPLQHLQFXOSp DQFLHQFKHIGHODVRFLpWp0DVVH\(QHUJ\DpWpLQFXOSpSRXUVRQU{OHGDQVO XQGHVSLUHVFRXSVGHJULVRX DX[(WDWV8QLVTXLDYDLWIDLWPRUWVHQDYULOGDQVXQHPLQHGH9LUJLQLH2FFLGHQWDOHHVW'RQ %ODQNHQVKLSTXLpWDLWDORUV3'*GH0DVVH\(QHUJ\SURSULpWDLUHGHODPLQHDpWpLQFXOSpQRWDPPHQWGH FRPSORWGHYLRODWLRQGHVUqJOHVGHVpFXULWpPLQLqUHVHWGHVFULWqUHVGHVDQWpGHIUDXGHHWGHIDXVVHVGpFODUDWLRQVVHORQ OHPLQLVWqUHGHOD-XVWLFH6HORQO DFWHG LQFXOSDWLRQ%ODQNHQVKLSDGHMDQYLHUjDYULOFRPSORWpSRXUFRP PHWWUHGHVDWWHLQWHVUpJXOLqUHVHWYRORQWDLUHVDX[FULWqUHVIpGpUDX[UHTXLVHQPDWLqUHGHVpFXULWpHWGHVDQWpGDQVOHV PLQHV6 LOHVWUHFRQQXFRXSDEOHLOHQFRXUWDQVGHSULVRQ4XDWUHDQVDSUqVOHSOXVYLROHQWFRXSGHJULVRXHQTXD UDQWHDQVDX[(WDWV8QLV%ODQNHQVKLSHVWHQRXWUHDFFXVpG DYRLUFDFKpHWFRXYHUWOHVYLRODWLRQVHQPDWLqUHGHVpFX ULWp TXL pWDLHQW FRPPLVHV UpJXOLqUHPHQW ,O DXUDLW PHQWL DX[ HQTXrWHXUV GH OD FRPPLVVLRQ G HQTXrWH DLQVL TXH VXU O DFKDWGHODVRFLpWpTXLDVXLYLO H[SORVLRQ8QHHQTXrWHLQGpSHQGDQWHDYDLWFRQFOXHQTXHODPRUWGHPLQHXUV DXUDLWSXrWUHpYLWpHFDU0DVVH\(QHUJ\DYDLWLJQRUpGHVSURFpGXUHVGHVpFXULWppOpPHQWDLUHVGDQVODPLQHEDSWLVpH 8SSHU%LJ%UDQFK$SUqVODWUDJpGLH0DVVH\(QHUJ\DYDLWpWpUDFKHWpHSDU$OSKD1DWXUDO5HVRXUFHV$15TXLDYDLW FRQFOXXQDFFRUGDYHFODMXVWLFHSRUWDQWVXUOHYHUVHPHQWUHFRUGGHPLOOLRQVGHGROODUVHQLQGHPQLWpVDX[IDPLO OHVGHVYLFWLPHVHWHQLQYHVWLVVHPHQWVXUODVUHWpGHVHVPLQHV / HFUpDWHXUOpJHQGDLUH*OHQ$/DUVRQVFpQDULVWHHWSURGXFWHXUGH VpULHVGHWpOpYLVLRQDPpULFDLQHVFXOWHGHVDQQpHVHW WHOOHVTXH0DJQXPHW*DODFWLFDHVWPRUWYHQGUHGLjO kJHGH DQVDDQQRQFpVDPHGLOH/RV$QJHOHV7LPHV /HVFpQDULVWHHVWGpFpGpjO K{SLWDOGH6DQWD0RQLFD&DOLIRUQLHGHVVXL WHVG XQFDQFHUGHO °VRSKDJHDSUpFLVpVDIDPLOOHDXTXRWLGLHQGH/RV $QJHOHV / KRPPHDX[PXOWLSOHVWDOHQWVjODIRLVFUpDWHXUVFpQDULVWHSURGXFWHXU HWPrPHFRPSRVLWHXUGHPXVLTXHSRXU*DODFWLFDpWDLWDXVVLOHVFpQDULVWH GH . DYHF 'DYLG +DVVHOKRII HW OH SURGXFWHXU GH / +RPPH TXL YDODLWWURLVPLOOLDUGV,ODYDLWpJDOHPHQWFUppRXVLJQpOHVVFpQDULRVGH VpULHV FRPPH :DLNLNL 2XHVW (QTXrWHV j 3DOP 6SULQJV 4XLQF\ RX 2SpUDWLRQ9RODYHF5REHUW:DJQHU 3DUPLVHVSOXVJUDQGVVXFFqV*DODFWLFDHWVRQYDLVVHDXSHUGXGDQVO HV SDFHGHYHQXFXOWHGDQVOHVDQQpHVQ DYDLWHQIDLWGXUpTX XQHVDL VRQjODILQGHVDQQpHVDYDQWG rWUHUHSULVHQPLQLVpULHSXLVHQQRX YHOOH YHUVLRQ MXVTX HQ 0DJQXP HW VRQ GpWHFWLYH SRSXODULVp SDU O DFWHXUjPRXVWDFKHVFKHPLVHKDZDwHQQHHW)HUUDUL7RP6HOOHFNDYDLW WULRPSKp SHQGDQW KXLW VDLVRQV GH j *OHQ$ /DUVRQ DYDLW FRPPHQFp GDQV OHV DQQpHV FRPPH FKDQWHXU GDQV OH JURXSH GHV )RXU3RSVDYDQWGHVHWRXUQHUYHUVODWpOpYLVLRQ e&266( 1 1LFROD6WXUJHRQQRPPpHjODWrWH GXSDUWLQDWLRQDOLVWH LFROD6WXUJHRQDQVDpWpRIILFLHO OHPHQW QRPPpH j OD WrWH GX SDUWL QDWLRQDOLVWHpFRVVDLVOH613UpXQLHQ FRQJUqV j 3HUWK FHQWUH GH O eFRVVH ,O V DJLW G XQH pWDSH GpFLVLYH DYDQW VD GpVLJQDWLRQ FRPPH 3UHPLHU PLQLVWUH OD VHPDLQH SUR FKDLQH -H VXLV SUrWH j GLULJHU FH SDUWL HW FH SD\V SRXU DOOHU GH O DYDQW 5HMRLJQH]PRL HW QRXV DOORQV IDLUH SURJUHVVHU FH SDUWL HW FH SD\V D GpFODUp 0PH 6WXUJHRQ j OD WULEXQH &HWWHPLOLWDQWHQDWLRQDOLVWHGHORQJXHGDWHTXL DYDLWGpMjWHQWpGHEULJXHUODGLUHFWLRQGX613 SDU OH SDVVp DYDLW DQQRQFp VD FDQGLGDWXUH OH VHSWHPEUH TXHOTXHV MRXUV DSUqV OH UpVXOWDW GX UpIpUHQGXP VXU O LQGpSHQGDQFH GH O (FRVVH 6RQ pFKHF DYDLWPHQp$OH[6DOPRQGjODWrWHGX613 SHQGDQWSUqVGHDQV SXLVHW3UHPLHUPLQLVWUHG (FRVVHSHQGDQWSOXVGHVHSWDQV jDQQRQFHUVDGpPLVVLRQGHVHVIRQFWLRQV 3RXUGHYHQLU3UHPLHUPLQLVWUH1LFROD6WXUJHRQGRLWHQFRUHrWUHHQGRVVpHSDU OH3DUOHPHQWUpJLRQDOpFRVVDLVROH613 GpWLHQWODPDMRULWpDEVROXHDYDQW GHUHFHYRLUO DVVHQWLPHQWGHODUHLQH(OL]DEHWK,, /( *e1e5$/ 0DUWLQ 'HPSVH\ FKHI G pWDWPDMRU GH O DUPpH DPpUL FDLQH D HVWLPp VDPHGL j %DJGDG TXH OH UDSSRUW GH IRUFHV GDQV OH FRQIOLW FRQWUH O (WDW LVODPLTXH (, pWDLW HQ WUDLQ GHVHUHQYHUVHU,O D WUDLWp O (, GH EDQGH GH QDLQV PDLV D FHSHQGDQW G DGPHWWUH TXH OD FDPSDJQH GXUHUDLW SUREDEOHPHQW GHV DQQpHV 'HYDQW OHV WURXSHV DPpULFDLQHV 0DUWLQ 'HPSVH\ D GpFODUp TXH O DUPpH DPpULFDLQH DYDLW DLGp OHV IRUFHV LUDNLHQQHV HW NXUGHV j pORLJQHU O ,UDN GX SUpFLSLFH (W PDLQWHQDQW M DL OH VHQWL PHQWTXHOHVFKRVHVFRPPHQFHQWjFKDQJHU%LHQ MRXpDWLODMRXWp,OpWDLWFUXFLDODWLOSRXUVXLYL GHPRQWUHUTXHO (,Q HVWSDVXQHIRUFHLQDUUrWDEOH PDLVSOXW{WXQHEDQGHGHQDLQVjO LGpRORJLHUDGL FDOH0DLVSRXUVDSUHPLqUHYLVLWHHQ,UDNGHSXLV TXH %DUDFN 2EDPD D GpFLGp FHW pWp OH UHWRXU GH FRQVHLOOHUVPLOLWDLUHVHQ,UDNDYDQWG RUGRQQHUGHV UDLGVDpULHQVLOV HVWWRXWHIRLVJDUGpGHYHUVHUGDQV XQGLVFRXUVWULRPSKDOLVWH /HJpQpUDOTXLV HVWUHQGXDXFHQWUHRSpUDWLRQQHO FRQMRLQWPLVHQSODFHj%DJGDGDDXVVLUHQFRQWUp OH JpQpUDO -DPHV 7HUU\ FRPPDQGDQW GH OD WDVN IRUFHFKDUJpHGHO RSpUDWLRQDLQVLTXHGHVPHP EUHVGHO DGPLQLVWUDWLRQLUDNLHQQHGRQWOH3UHPLHU PLQLVWUH +DwGDU DO$EDGL ,O V HVW HQVXLWH UHQGX j (UELOODFDSLWDOHGX.XUGLVWDQLUDNLHQ )5$1&( 'e&Ë6'(*/(1$/$5621 /HFUpDWHXUGHVVpULHV79FXOWH 0DJQXPHW*DODFWLFDQ HVWSOXV /HJpQpUDO0DUWLQ 'HPSVH\WUDLWHO (, GHEDQGHGHQDLQV / /XF%HVVRQYLVpSDUGHX[HQTXrWHV SUpOLPLQDLUHV« HUpDOLVDWHXUHW SURGXFWHXU IUDQoDLV /XF %HVVRQ HVW YLVp SDU GHX[HQTXrWHVSUpOLPL QDLUHV RXYHUWHV SDU OH SDUTXHWGH3DULVVHORQ XQH VRXUFH MXGLFLDLUH /D SROLFH LQYHVWLJXH VXU OD EDVH GH VRXS oRQV G DEXV GH ELHQV VRFLDX[HQOLHQDYHFOD VRFLpWp (XURSD&RUS DSSDUWHQDQWDXUpDOLVD WHXU /D SUHPLqUH HQTXrWH FRQILpH j OD EULJDGH ILQDQFLqUH GH OD SROLFH MXGLFLDLUH SDULVLHQQH DYDLW pWp RXYHUWH HQ RFWREUHDSUqVXQVLJQDOHPHQWGHVFRPPLVVDLUHVDX[FRPSWHVG (XURSD&RUSDLQGL TXpODVRXUFHFRQILUPDQWXQHLQIRUPDWLRQGHODUDGLR%)0%XVLQHVV/DVHFRQGHFRQVp FXWLYHjODSODLQWHG XQDQFLHQDVVRFLpGH/XF%HVVRQDpWpFRQILpHjO RIILFHDQWLFRUUXS WLRQGHODSROLFHMXGLFLDLUH &HV SURFpGXUHV VRQW pJDOHPHQW VXVFHSWLEOHV GH FRQFHUQHU O DVVRFLp GH /XF %HVVRQ &KULVWRSKH /DPEHUW GLUHFWHXU JpQpUDO G (XURSD&RUS (Q FDXVH VHORQ %)0 %XVLQHVV O RUJDQLVDWLRQGHVRLUpHVjOD&LWpGXFLQpPDHWOHWUDQVIHUWGHGURLWVG RUJDQLVHUFHVpYp QHPHQWVjXQHDXWUHVRFLpWpGRQW/XF%HVVRQHVWDXVVLO DFWLRQQDLUHPDMRULWDLUHPDLVGRQW OHVDFWLRQQDLUHVPLQRULWDLUHVVRQWGLIIpUHQWV $ O LVVXHG XQHHQTXrWHSUpOLPLQDLUHOHSDUTXHWSHXWGpFLGHUGHGpVLJQHUGHVMXJHVG LQV WUXFWLRQSRXUDSSURIRQGLUOHVLQYHVWLJDWLRQVFLWHUGLUHFWHPHQWOHVSURWDJRQLVWHVGHYDQWXQ WULEXQDORXFODVVHUVDQVVXLWH&HVHQTXrWHVSUpOLPLQDLUHVQHVRQWSDVOLpHVjFHOOHRXYHUWH HQGpFHPEUHVXUOD&LWpGXFLQpPDGH6DLQW'HQLV «/H/RXYUH 9HUVDLOOHVHW2UVD\RXYULURQW MRXUVVXU / HJRXYHUQHPHQWIUDQoDLVSUpYRLWO RXYHUWXUHVHSWMRXUVVXUVHSWGHVWURLVPXVpHV OHVSOXVYLVLWpV/H/RXYUH9HUVDLOOHVHW2UVD\&HWWHPHVXUHIDLWSDUWLHGXSUR MHWGHEXGJHWGHOD&XOWXUH(OOHGHYUDLWrWUHDXWRILQDQFpHSDUOHVUHFHWWHV VXSSOpPHQWDLUHVTX HOOHJpQpUHUD / pODUJLVVHPHQW GHV KRUDLUHV G RXYHUWXUH V pWDOHUD HQWUH HW j O LVVXH G XQH FRQFHUWDWLRQQRWDPPHQWDYHFOHVUHSUpVHQWDQWVGHVVDODULpVDSUpFLVpOHPLQLVWqUH/HV HPSORLV QpFHVVDLUHV VHURQW PLV HQ SODFH SRXU DFFRPSDJQHU FHWWH PHVXUH SUpFLVH OH GRFXPHQW $FWXHOOHPHQWFHVpWDEOLVVHPHQWVVRQWIHUPpVOHOXQGLRXOHPDUGL/H/RXYUHUHoRLWSOXV GHPLOOLRQVGHYLVLWHXUVSDUDQXQUHFRUGPRQGLDO9HUVDLOOHVVHSWPLOOLRQVHW2UVD\ PLOOLRQV $ /RQGUHV OHV JUDQGV PXVpHV FRPPH OH %ULWLVK 0XVHXP RX OD 1DWLRQDO *DOOHU\ VRQW RXYHUWVWRXWHODVHPDLQH,OHQYDGHPrPHSRXUOH0XVpHG DUWPRGHUQH0R0Dj1HZ <RUN$ 0DGULGOH3UDGRV HVWGpFLGpjRXYULUWRXVOHVMRXUVjSDUWLUGHILQ Ï, /(0$*+5(%GX 1RYHPEUH $1(0 MHXQHVGHPDQGHXUVG HPSORLUHFHQVpV /DSROLWLTXHGH O HPSORLOHV SODFHPHQWVHW O HQWUHSUHQHXULDW RQWILJXUpKLHUDX PHQXGHO pPLVVLRQ O ,QYLWpGHOD UpGDFWLRQGHOD FKDLQH,,,GHOD 5DGLRQDWLRQDOH TXLDUHoX0 &KDDODO0RKDPHG 7DKDUOHGLUHFWHXU GHO $JHQFH QDWLRQDOHSRXU O HPSORL$1(0 $ FHWWH RFFDVLRQ OH GLUHFWHXU JpQpUDO 0RKDPHG7DKDU &KDODO D IDLW VDYRLU TXH TXHOTXH $OJpULHQVGHPDQGHXUV G HPSORL ILJXUHQW DFWXHOOHPHQW GDQV OH ILFKLHU GH O $JHQFH 1DWLRQDOHGHO (PSORL$1(0 &HOD UHSUpVHQWH XQ WDX[ GH FK{ PDJH GH VHORQ OH PrPH UHVSRQVDEOH TXL UDSSHOOH TXH F HVW OH PrPH WDX[ pWDEOL SDU O 2IILFH1DWLRQDOGHV6WDWLVWLTXHV 216,QWHUURJpVXUOHVDFWLYLWpV GH SODFHPHQW UpDOLVpHV SDU VRQ DJHQFH0&KDDODODVLJQDOpTX HQWUHHWSOXVH[DFWH PHQWMXVTX jODGDWHGXRFWR EUH O $1(0 D HIIHFWXp TXHOTXH SODFHPHQWV DX QLYHDXGHVHQWUHSULVHVpFRQRPL TXHVSULYpHVHWSXEOLTXHV &RPPHQWDQW GH SDUDGR[H TX LOH[LVWHGHVRIIUHVG HPSORLLO VXEVLVWH G DXWUH SDUW WRXMRXUV GHV GHPDQGHXUV TXL Q DUULYHQW SDV j rWUH SODFpV 0 &KDDODO H[SOLTXH TXH FHWWH VLWXDWLRQ UpVXOWH G XQH LQDGpTXDWLRQ GHV V\VWqPHVGHIRUPDWLRQHWG HQVHL JQHPHQWSDUUDSSRUWDX[EHVRLQV GXPDUFKp 3DUH[HPSOHGLWLOLOQRXVHVW GLIILFLOH GH SODFHU GHV XQLYHUVL WDLUHV D\DQW IDLW XQH IRUPDWLRQ GDQVOHVVFLHQFHVKXPDLQHVPDLV F HVW DXVVL OH FDV SRXU FH TXL FRQFHUQH OH EkWLPHQW OHTXHO pSURXYHGHVGLIILFXOWpVjWURXYHU GHVPDoRQVGHVFRIIUHXUVRXGHV IHUUDLOOHXUV« GHV FRQWUDLQWHV DX[TXHOOHVVRQWDXVVLFRQIURQWpV OHV VHFWHXUV GX WRXULVPH RX GH O DJULFXOWXUH /H'*GHO $1(0LQGLTXHSOXV ORLQTX HQYLURQGHV GHPDQGHXUV RQW GXUDQW O DQQpH UHIXVp G RFFXSHU XQ HPSORL HQ UDLVRQ GH OD IDLEOH UpPXQpUDWLRQSURSRVpHTXH DXWUHVRQWGpFOLQpO RIIUHGHSOD FHPHQW HQ SUpWH[WDQW OD SpQLEL OLWpGXWUDYDLOSURSRVpHWTX HQYL URQ SDUPL HX[ RQW PLV HQ DYDQW O pORLJQHPHQW GX OLHX GH WUDYDLO $ SURSRV GX WDX[ QDWLRQDO GH FK{PDJHVHORQOHVFKLIIUHV GH O 216 O LQYLWp LQGLTXH TXH O $1(0GLVSRVHDFWXHOOHPHQWGH SOXV GH PLOOLRQ GH GHPDQ GHXUV G HPSORL HQ VWRFN TXL DWWHQGHQWWRXMRXUVG rWUHSODFpV 3RXU FH TXL FRQFHUQH OHV SODFH PHQWV GDQV OHV UpJLRQV GX VXG 0 &KDDODO DIILUPH TXH VRQ DJHQFHDMXVTX jILQRFWREUHIDLW SURFpGHU j UHFUXWHPHQWV DXQLYHDXGHGL[ZLOD\DVHIIHF WXpV SDU VHV DJHQFHV HW SDU XQHYLQJWDLQHGHVWDWXWSULYp ,O UDSSHOOH SDU DLOOHXUV TXH PLFURHQWUHSULVHVRQWpWp FUppHVSDUOD&1$&HWO $16(GHSXLV OHXU FUpDWLRQ LO \ D XQH GL]DLQHG DQQpHVGRQWVHORQOXL VHXOHPHQW RQW GLVSDUX j FH MRXU ,O REVHUYH HQILQ TXH SRXU ODFUpDWLRQGHFHVGHUQLqUHVO (WDW D FRQVHQWL XQH HQYHORSSH WRWDOH GHPLOOLDUGVGHGLQDUV (QILQ LO FRQYLHQW GH QRWHU TXH O $1(0 IDLW GH VRQ PLHX[ SRXU UHFHQVHU HW SODFHU OHV GHPDQ /$& &21-21&785( GH1DELO%HQEDFKLU 3200('(7(55( (QILQOHV$OJpULHQVSHXYHQW FRQVRPPHUGHVIULWHV 6 HORQ O $36 XQ GLVSRVLWLI DQWLVSpFXODWLRQ D pWp PLV HQ SODFH UpFHPPHQW SDU O (QWUHSULVH SXEOLTXH GHV HQWUHS{WV IULJRULILTXHV GH OD 0pGLWHUUDQpH )ULJRPHGLW SRXU VWDELOLVHU OHV SUL[ GH OD SRPPH GHWHUUHHWFRQWUHFDUUHUOHVSUDWL TXHV VSpFXODWLYHV GH FHUWDLQV LQWHUPpGLDLUHV ,QVWDXUp LO \ D GHX[ VHPDLQHV FH V\VWqPH FRQVLVWH j DSSURYLVLRQQHU GHV GpWDLOODQWVjSDUWLUGHVHQWUHS{WV IULJRULILTXHV VDQV SDVVHU SDU G DXWUHVLQWHUPpGLDLUHVDDSSULV VDPHGL O $36 DXSUqV GX GLUHF WHXU JpQpUDO GH OD &HQWUDOH WUD GLQJ GHV PDJDVLQV JpQpUDX[ &LWUDG ILOLDOH GH )ULJRPHGLW 0 'MDDIDU &KLERXE $XSDUDYDQW OHV JURVVLVWHV pWDLHQWOHVVHXOVjV DSSURYLVLRQ QHUDXSUqVGHFHVHQWUHS{WVSRXU IRXUQLU j OHXU WRXU OD PDUFKDQ GLVHDX[GpWDLOODQWV /H SUL[ GH OD SRPPH GH WHUUH YHQGXH GDQV OH FDGUH GH FH GLV SRVLWLIHVWIL[pj'$ OHNLOR JUDPPH GRQW XQH PDUJH GH '$ UHYLHQW DX FRPPHUoDQW TXL YHQGGLUHFWHPHQWDXFRQVRPPD WHXUV 3DUDLOOHXUV0&KLERXESUpFLVH TXH FHWWH SRPPH GH WHUUH HVW LVVXH GH OD UpFROWH GH VDLVRQ GH O pWpGHUQLHUHWHVWWULpHODYpHHW FRQGLWLRQQpHGDQVXQHPEDOODJH GLYLVLRQQDLUHG XQHWGHGHX[NJ (Q RXWUH )ULJRPHGLW GLVSRVH G XQHWUHQWDLQHG HQWUHS{WVIULJR ULILTXHV OHVTXHOV DSSURYLVLRQ QHQW OHV FRPPHUoDQWV DPEX ODQWV O REMHFWLI pWDQW GH WRXFKHU OH SOXV JUDQG QRPEUH GH TXDU WLHUVVHORQOHPrPHUHVSRQVDEOH /H SUL[ GH OD SRPPH GH WHUUH D DXJPHQWpVHQVLEOHPHQWFHVGHX[ GHUQLHUV PRLV GpSDVVDQW SDUIRLV OHV'$NJ &HWWHKDXVVHQ HVWSDVGXHVHX OHPHQWDXPDQTXHGHSURGXFWLRQ HQ FHWWH SpULRGH GH VRXGXUH PDLVDXVVLjGHVFRPSRUWHPHQWV VSpFXODWLIV H[HUFpV SDU FHUWDLQV LQWHUPpGLDLUHV HVWLPH 0 &KLERXE / 2IILFH QDWLRQDO LQWHUSURIHV VLRQQHO GHV OpJXPHV HW YLDQGHV 21,/(9 D DORUV GRQQp LQV WUXFWLRQGHGpVWRFNHUGHVTXDQWL WpV LPSRUWDQWHV GH SRPPH GH WHUUHSRXUHQUD\HUODKDXVVHGHV SUL[TXLDGpSDVVpVRQVHXLOUDL VRQQDEOHVRXOLJQHOHPrPHUHV SRQVDEOH / RSpUDWLRQGHGHVWRFNDJHVHIDLW GDQV OH FDGUH GX 6\VWqPH GH UpJXODWLRQGHVSURGXLWVDJULFROHV GH ODUJH FRQVRPPDWLRQ 6\USDODF TXL LQWHUYLHQW ORUV G XQ PDQTXH RX G XQ VXUSOXV GH SURGXFWLRQVXUOHPDUFKp 3RXU OH PrPH UHVSRQVDEOH FH GLVSRVLWLIDFRPPHQFpjGRQQHU GHVUpVXOWDWVFRPPHHVWOHFDVj $LQ'HIOD ' DLOOHXUVDWLOREVHUYpOHVVSp FXODWHXUVTXLRQWpWpOpVpVSDUFH QRXYHDX GLVSRVLWLI IRQW GDQV OD GpVLQIRUPDWLRQ VHORQ ODTXHOOH OD SRPPH GH WHUUH YHQGXH SDU )ULJRPHGLWHVWLPSRUWpH&HTXL Q HVW SDV YUDL 1RXV Q DYRQV MDPDLV LPSRUWp GH OD SRPPH GH WHUUHVRXWLHQWLO 3DU DLOOHXUV OH PLQLVWqUH GH O $JULFXOWXUH D UDVVXUp TX LO Q \ DYDLWSRLQWGHSpQXULHGHSRPPH GHWHUUH (Q SOXV GHV TXDQWLWpV LPSRUWDQ WHVGpVWRFNpHVFHVGHUQLHUVMRXUV OHUHVSRQVDEOHGHODFRPPXQLFD WLRQGHFHPLQLVWqUH0'MDPHO %DUFKLFKH IDLW VDYRLU TXH OD UpFROWH HVW HQ WUDLQ G DUULYHU DX IXU HW j PHVXUH GH 7LDUHW GH 6pWLIHWGH0RVWDJDQHP 50 GHXUVG HPSORLHQUHJLVWUpVjVRQ QLYHDX 7RXWHIRLV WURXYHU XQ HPSORL Q HVW SDV FKRVH DLVpH FRPELHQ PrPH OH GHPDQGHXU GLVSRVH G XQ GLSO{PH XQLYHUVL WDLUH /LOD6ROWDQL 6 HQVRUWLU RXQRXVHQVRUWLU " < DWLOXQSD\VTXLjOXLVHXOSHXWVRUWLUG XQHVLWXDWLRQ GHFULVHWHUURULVPHVXUWRXWTXDQGRQFRQVLGqUHTXH F HVWXQSKpQRPqQHWUDQVIURQWDOLHUTXLPHWjSURILWOHV LQVWDELOLWpVSROLWLTXHVSRXUSURVSpUHU"6HUDLWLOSRVVL EOH TX XQ SD\V V HQ VRUWH LQGHPQH WRXW VHXO SHQGDQW TXHVHVYRLVLQVV HQIRQFHQW"$ FRQWUDULRVHUDLWLOSRV VLEOHTXHWRXVOHVSD\VYRLVLQVV HQVRUWHQWHWTX XQVHXOG HQWUHHX[V HQ IRQFH"4XHSHXWLOVHSDVVHUSRXUOHWHUURULVPHTXDQGGHX[SD\VYRL VLQVDXVVLLPSRUWDQWVTXHVRQWO $OJpULHHWOH0DURFVHWRXUQHQWOHGRV" ,PDJLQRQVOHSLUH4XHSHXWLOVHSDVVHUSRXUOHWHUURULVPHGDQVODUpJLRQ VLXQHWLHUFHSXLVVDQFHDUULYHjPDQLSXOHUSRXUSRXVVHUFHVGHX[SD\Vj VH PHQDFHU j IDLUH PRQWHU OD SUHVVLRQ HW j FUpHU XQH VLWXDWLRQ R GHV JURXSHVDUPpVWHQWHQWG DWWHQWHUjODVpFXULWpWRXWHQIDLVDQWDFFUpGLWHU ODWKqVHTXHFHVRQWOHVJRXYHUQDQWVTXLRQWFRPPDQGLWpFHVDWWDTXHV,O VHUDLW YUDLPHQW XWLOH G DQDO\VHU OHV FRPSRUWHPHQWV GH FKDFXQ GH FHV (WDWV HW GH VLPXOHU GHV VFpQDULRV SRXU FRPSUHQGUH MXVTX R LOV SRXU UDLHQWDOOHUGDQVODPRQWpHGHVpWDSHVGHFULVH6XSSRVRQVHQFRUHTXHQH VH GHVVLQH DXFXQH SHUVSHFWLYH GH UqJOHPHQW GH OD TXHVWLRQ VDKUDRXLH 6XSSRVRQVHQFRUHTXHODPrPHVLWXDWLRQGHFULVHSHUGXUHSHQGDQWGHV DQQpHVRXGHVGpFHQQLHVGDQVXQFRQWH[WHRGHVHQVHPEOHVUpJLRQDX[ GDQVOHPRQGHVHFUpHQWHWYRQWYHUVGHVIXVLRQVSRXUGpSDVVHUOHSUR EOqPHGHVQDWLRQDOLVPHVUpJLRQDX[" 4XHGHYLHQGUDOH*UDQG0DJKUHERXSOXW{WO $IULTXHGX1RUG",O\D WURS GH GRQQpHV LPSUpFLVHV SRXU FH TXL FRQFHUQH OH GHYHQLU GH FHW HQVHPEOHUpJLRQDOTX HVWOH*UDQG0DJKUHERXO $IULTXHGX1RUGR QRXV QH QRXV SRVRQV SOXV OD TXHVWLRQ GX FRPPHQW QRXV HQ VRUWLU HQVHPEOHFROOHFWLYHPHQWDXSURILWGHFRPPHQWQRXVHQVRUWLUQRXV PrPHV 6 LO HVW DGPLV TXH OD VRUWLH GH FULVH HVW FROOHFWLYH OH *UDQG 0DJKUHEGDQVFHFDVHVWFRQGDPQpjVDGpVWDELOLVDWLRQ,OQHIDXGUDLWSDV FRQIRQGUHVWDELOLWpGXSD\VDYHFLQDPRYLELOLWpGHVKRPPHVjOHXUVSRV WHV/DVRUWLHGDQVFHVFRQGLWLRQVQHVHUDQLFROOHFWLYHQLLQGLYLGXHOOH(W SRXUWDQWRQQHSDUOHSOXVGHSROLWLTXHPDLVGHJpRSROLWLTXH$XFXQSD\V QHSHXWUHVWHULQGLIIpUHQWjVRQYRLVLQDJH9RLVLQDJHLPPpGLDWG DERUG 3XLVYRLVLQDJHGXGHX[LqPHFHUFOH3RXUO $OJpULHRQSHXWGLUHTXHFHOD VHFRPSOLTXHXQSHXFDUHOOHQ DSDVXQVHXOYRLVLQPDLVEHDXFRXSSOXV HQWHUPHGHJpRSROLWLTXHGLIIpUHQFLpH(OOHDXQYRLVLQDJHLPPpGLDWGX IDLWGHVRQDSSDUWHQDQFHjO HVSDFHVDKpORVDKDULHQHWGDQVVRQLPSOLFD WLRQRSpUDWLRQQHOOHHQWDQWTXHPHPEUHGHVSD\VGX&KDPSTXHVRQWOD 0DXULWDQLHOH0DOLOH1LJHU(OOHHVWPHPEUHG XQDXWUHHVSDFHJpRSR OLWLTXHGLW0DJKUpELQ(OOHHVWPHPEUHpJDOHPHQWGXJURXSHGHVOHV FLQT SD\V GH O DUF /DWLQ TXL SDUWDJHQW DYHF QRXV XQH IURQWLqUH OLTXLGH VRLW OD 0pGLWHUUDQpH / $OJpULH HW OHV TXDWUH SD\V PDJKUpELQV HVW OD GLPHQVLRQPpGLWHUUDQpHQQHGHODSROLWLTXHGHVpFXULWpHWGHGpIHQVHGH O 8QLRQHXURSpHQQH/HVSD\VGXGHX[LqPHFHUFOHVRQWOHVSD\VDUDEHV GX0R\HQ2ULHQWHWGX3URFKH2ULHQW/HVDXWUHVSD\VGXGHX[LqPHFHU FOHVRQWOHVSD\VDIULFDLQV(YLGHPPHQWFHQ HVWSDVVHXOHPHQWO LQVWUX PHQWPLOLWDLUHTXLFRQVWLWXHWRXWHODVROXWLRQELHQTX LOVRLWLQGLVSHQVD EOHPDLVF HVWVDFRPELQDLVRQDYHFODGLSORPDWLHTXLSHUPHWG DERXWLUj XQHSDL[GXUDEOH 1% Ï, /(0$*+5(% GX1RYHPEUH 352*5$00('(/2*(0(17 GHVORJHPHQWVUHVWDQWV ODQFpVHQVHSWHPEUHGHUQLHU /HORJHPHQWUHVWH XQHGHV SUpRFFXSDWLRQV FDSLWDOHVSRXU O $OJpULH(QHIIHWOD GHPDQGHHVWGH SOXVHQSOXV DFFUXHHWO RIIUH HVWHQGHVVRXVGHV EHVRLQVUpHOVGHOD SRSXODWLRQ/H SODQTXLQTXHQQDO TXLV pWDOHMXVTX j SUpYRLWOD UpDOLVDWLRQGH PLOOLRQVGH ORJHPHQWV / H JRXYHUQHPHQW V HVW HQJDJp j LQWHQVLILHU OD FDGHQFH GDQV OD FRQVWUXFWLRQ GHV ORJHPHQWV HQ OLYUDQWPLOOLRQG XQLWpVjOD ILQ GH O DQQpH 'HYDQW OH UHWDUGGHVGpODLVGHOLYUDLVRQGHV FKDQWLHUVOHJRXYHUQHPHQWWHQWH GHSDVVHUjODYLWHVVHVXSpULHXUH HQRSWDQWSRXUXQHQRXYHOOHVWUD WpJLH TXL FRQVLVWH j PLVHU VXU OHVHQWUHSULVHVpWUDQJqUHV $LQVL SUqV GH PLOOLRQV GH ORJHPHQWVRQWpWpODQFpVMXVTX j ILQVHSWHPEUHGDQVOHFDGUH GX SURJUDPPH TXLQTXHQQDO VRLWXQWDX[GH LQGLTXHOHGHUQLHUELODQGXPLQLV WqUH GH O +DELWDW GH O XUEDQLVPH HW GH OD 9LOOH /H QRPEUH GH ORJHPHQWV ODQFpV GHSXLV D DWWHLQWXQLWpVMXVTX DX VHSWHPEUH VXU XQ WRWDO GH ORJHPHQWV LQVFULWV ORJHPHQWVQRQODQFpVj OD ILQ 3RXU FH TXL HVW GHV HQWUHSULVHV GH UpDOLVDWLRQ OH ELODQIDLWVDYRLUTXHOHVHQWUHSUL VHV DOJpULHQQHV SULYpHV RQW SULV HQFKDUJHSUqVGH GX SURJUDPPH FRQWUH FRQILpV j GHV ILUPHV pWUDQJqUHV DORUV TXH OD SDUW GHV VRFLpWpV SXEOLTXHVQHGpSDVVHSDVOHV ORJHPHQWV /HV PDUFKpV GH FHV SURMHWV RQW pWp DWWULEXpV YLD GHV DSSHOVG RIIUHVjKDXWHXUGH GHJUpjJUpjWDQGLVTXHOHV HQWUHSULVHV FKRLVLHV DSUqV FRQVXOWDWLRQ GH OD VKRUWOLVW RQW EpQpILFLpGHGHVSURMHWV $$'/ /$1&(0(17 '( /2*(0(176 GDQVOHSURJUDPPHGXTXLQTXHQ QDW TXL V DFKqYHUD ILQ GpFHPEUH VHORQODPrPHVRXUFH /HV SURMHWV ODQFpV FRPSUHQQHQW ORJHPHQWVSXEOLFVORFD WLIV /3/ ORJHPHQWV UXUDX[ HW ORJHPHQWV SURPRWLRQQHOVDLGpV/3$ 4XDQW DX[ OLYUDLVRQV UpDOLVpHV XQ QRPEUH GH ORJH PHQWV GRQW GH W\SH /3/ /3$ ORJHPHQWV UXUDX[ HW GH W\SH ORFDWLRQYHQWH RQW pWp UpFHSWLRQQpV MXVTX j ILQ VHSWHP EUHGHUQLHUVRLWXQWDX[GH GHV REMHFWLIV GH OLYUDLVRQ GH PLOOLRQ GH ORJHPHQWV IL[pV j O HQWDPHGXTXLQTXHQQDW3RXUFH TXLFRQFHUQHOHVUpDOLVDWLRQVGHV QHXI SUHPLHUV PRLV GH OD VHXOH DQQpH HQ FRXUV ORJHPHQWV WRXV W\SHV FRQIRQ GXV RQW pWp ODQFpV WDQGLV TXH ORJHPHQWVRQWpWpOLYUpV GpWDLOOHOHELODQGXPLQLVWqUH/HV HIIRUWV SXEOLFV HQ PDWLqUH GH FRQVWUXFWLRQ GH ORJHPHQWV VH VRQWpJDOHPHQWWUDGXLWVSDUXQH IRUWHKDXVVHGHVFRQVRPPDWLRQV ILQDQFLqUHVGXVHFWHXUGHO KDEL WDW$LQVL OHV IRQGV FRQVRPPpV SDU OH VHFWHXU VRQW SDVVpV GH PLOOLDUGV GH '$ PGV HQ j PGV GH '$ HQ HW j PGV GH '$ HQ HW GHYURQW DWWHLQGUH PGVGH'$ jODILQGHO DQQpHHQ FRXUV 6 DJLVVDQW GHV HIIRUWV HQJDJpV SRXU UDWWUDSHU OH UHWDUG DFFXVp GDQV OD UpDOLVDWLRQ GHV SURMHWV /3/ OH ELODQ LQGLTXH TXH ORJHPHQWVRQWpWpODQFpV HQWUHMDQYLHUHWVHSWHPEUH WDQGLVTXHXQLWpVVHUDLHQW ODQFpHVGXUDQWOHqPHVHPHVWUH GH O DQQpH HQ FRXUV VXU OHV (QRXWUHOHQRXYHDXSURJUDPPH GH ORJHPHQW GH W\SH ORFDWLRQ YHQWH ODQFp SDU O $JHQFH QDWLR QDOHGHO DPpOLRUDWLRQHWGXGpYH ORSSHPHQWGXORJHPHQW$$'/ HQDFRQQXOHODQFHPHQWGH ORJHPHQWV GRQW VRQW GpMj PLV HQ FKDQWLHU DORUV TXH OHV UHVWDQWV VRQW HQ FRXUVGHSURFpGXUHGHSDVVDWLRQ VHORQ OH ELODQ GX PLQLVWqUH &HV ORJHPHQWV VRQW GHVWLQpV DX[ DQFLHQV VRXVFULSWHXUV GRQW OH QRPEUH HVW GH DLQVL TXH OHV VRXVFULS WHXUVGH $ ILQVHSWHPEUHGHUQLHUO DJHQFH DFRQYRTXpVRXVFULSWHXUV SRXU OH UHWUDLW GH OHXU RUGUH GH YHUVHPHQWGHODSUHPLqUHWUDQFKH GXSUL[GXORJHPHQWHVWLPpj PLOOLRQV '$ SRXU XQ DSSDUWH PHQW GH W\SH ) HW PLOOLRQV SRXU XQ ) 6 DJLVVDQW GX SUR JUDPPH GH /RJHPHQW SURPR WLRQQHO SXEOLF /33 SUpYR\DQW OD UpDOLVDWLRQ GH ORJH PHQWV OH ELODQ LQGLTXH TXH GRVVLHUV RQW pWp DGPLV j FHWWH IRUPXOH DORUV TXH RUGUHV GH YHUVHPHQWV RQW pWp HQYR\pV DX[ VRXVFULSWHXUV ,O SUpFLVH TXH ORJHPHQWV /33 RQW pWp ODQFpV MXVTX j ILQ VHSWHPEUHGHUQLHUWDQGLVTXHGHV WHUUDLQV SRXU OD FRQVWUXFWLRQ GH XQLWpV GH FHWWH IRUPXOH VRQWGpMjORFDOLVpV /H PLQLVWUH GH O +DELWDW GH O 8UEDQLVPH HW GH OD 9LOOH $EGHOPDGMLG 7HEERXQH DYDLW HVWLPp UpFHPPHQW TXH VL OHV UpVXOWDWV UpDOLVpV GXUDQW OH TXLQ TXHQQDW DFWXHO pWDLHQW JpQpUDOH PHQW VDWLVIDLVDQWV LOV GHPHX UHQW WRXWHIRLV LQVXIILVDQWV FRPSWH WHQX GX UHWDUG DFFXVp GDQV FHUWDLQHV ZLOD\DV ,O DYDLW UDVVXUp TXH OH ODQFHPHQW GH OD UpDOLVDWLRQGHVORJHPHQWV UHVWDQWV j O pFKHOOH QDWLRQDOH DX WLWUHGHO DFWXHOTXLQTXHQQDWDXUD OLHX DYDQW OD ILQ GH O DQQpH HQ FRXUVFHTXLSHUPHWWUDDXPLQLV WqUH G HQWDPHU OH SURFKDLQ SUR JUDPPH TXLQTXHQQDO DX GpEXW /H VXUSOXV GHV ORJHPHQWV TXL VHURQW UpDOLVpV GDQV OH FDGUH GX SURJUDPPH GHV ORJHPHQWV HQ ORFDWLRQYHQWH $$'/ GXUDQW OH SURFKDLQ TXLQTXHQQDW VHUD DIIHFWp DX SURJUDPPH $$'/ /HPLQLVWqUHSUpYRLW XQ VXUSOXV GH TXHOTXH ORJHPHQWV DSUqV OD GLVWULEXWLRQ GHV ORJHPHQWV SUpYXV SRXU OH SURJUDPPH $$'/ 4XHOTXH ORJHPHQWV HQ ORFDWLRQ YHQWHVHURQWUpDOLVpVHQWUH SRXU IDLUH IDFH j OD GHPDQGH FURLVVDQWH VXU FH W\SH GHORJHPHQWVFHTXLGHYUDSRUWHU OHQRPEUHGHORJHPHQWVHQORFD WLRQYHQWH j SOXV GH j O KRUL]RQ 2X]]DQL6 5(/2*(0(17'$16/$:,/$<$' $/*(5 / (UDGLFDWLRQGHVKDELWDWLRQVSUpFDLUHVHQ H SURJUDPPH GH ORJH PHQWV GDQV OD FDSLWDOH HVW GRWp GH SOXV GH XQLWpV DORUV TXH OH QRP EUH GHV IDPLOOHV FRQFHUQpHV SDU OHUHFDVHPHQWHVWH[DFWHPHQWGH &HTXLYHXWGLUHTXHOD ZLOD\DDYUDLPHQWWRXWHVOHVSRV VLELOLWpV SRXU PHWWUH ILQ j FHWWH FULVHGHORJHPHQWTXLVpYLWGDQV OHVFRPPXQHVGHODFDSLWDOH 2U LO VH WURXYH TXH OD ZLOD\D G $OJHU VH GRQQH H[DFWHPHQW GHX[ DQV VRLW G LFL j SRXU pUDGLTXHU OHV KDELWDWLRQV SUpFDL UHV GDQV OD FDSLWDOH QRWDPPHQW OHVELGRQYLOOHVHWOHVLPPHXEOHV PHQDoDQWUXLQH,05 ,O HVW GRQF SUpYX TXH G LFL ODZLOD\DDXUDUpFHSWLRQQpHWGLV WULEXpSOXVGHORJHPHQWV 6XUOHVORJHPHQWVLQVFULWV DX SURJUDPPH G pUDGLFDWLRQ GH O KDELWDW SUpFDLUH GDQV OD ZLOD\D G $OJHU XQLWpV VRQW HQ FRXUV GH GLVWULEXWLRQ GHSXLV OH PRLV GH MXLQ GHUQLHU /j LO HVW LPSRUWDQWGHUDSSHOHUODGHUQLqUH RSpUDWLRQ GH UHORJHPHQW GDQV OD ZLOD\D G $OJHU TXL UHPRQWH DX RFWREUHGHUQLHU3XLVTXHPLOOH TXDWUHYLQJW IDPLOOHV LVVXHV QRWDPPHQW GHV ELGRQYLO OHV HW GHV LPPHXEOHV PHQDoDQW UXLQH ,05 GH SOXVLHXUV FRP PXQHV GH OD ZLOD\D G $OJHU RQW pWp UHORJpHV GDQV VL[ QRXYHOOHV FLWpV &HWWH RSpUDWLRQ GH UHFDVHPHQW D EpQpILFLp j IDPLOOHV RFFX SDQW MXVTX LFL ,05 GDQV OHV FRPPXQHVGH%HORXL]GDG2XHG .RUHLFKH%DE(O2XHG+XVVHLQ 'H\(O+DUUDFK.RXEDHW%RUGM (O.LIIDQ /HUHFDVHPHQWFRQFHUQDLWpJDOH PHQW IDPLOOHV LVVXHV GH ELGRQYLOOHV LPSODQWpV j %LUWRXWD +DRXFK *D]RX] &KpUDJD 6WDRXpOL 0RKDPPDGLD %LU 0RXUDG5DwV6DRXOD%RX]DUpDK HW.RXED IDPLOOHV YLYDQW GDQV GHV FDYHV j OD FLWp 'LDU (O $ILD GH .RXED IDPLOOHV j $OJHU FHQWUH IDPLOOHV HW (O +DUUDFK IDPLOOHV DLQVL TXH IDPLOOHVORJHDQWVXUOHVWHUUDV VHV GHV LPPHXEOHV G $OJHUFHQ WUHRQWpJDOHPHQWpWpWUDQVIpUpHV GDQV FHWWH PrPH RSpUDWLRQ GH UHORJHPHQW YHUV OHV QRXYHOOHV FLWpV /HVIDPLOOHVVRQWUHORJpHV GDQVODFLWpGHVORJHPHQWV GH 6LGL 0 KDPHG FRPPXQH GH %LUWRXWDODFLWpGHVORJH PHQWV GH %HQL $EGL GH .KUDwVVLDODFLWpGHVORJH PHQWV GH 2XOHG 0HQGLO j 'RXpUD OH TXDUWLHU ORJH PHQWV GH %HQL 0HVVRXV FHOXL GHVORJHPHQWVGH+HXUDRXD HW OD FLWp GHV ORJHPHQWV GH 6RXLGDQLD /D ZLOD\D G $OJHU D PRELOLVp DJHQWV FDPLRQV HW EXVDILQGHPHQHUjELHQFHWWH RSpUDWLRQ OD GHX[LqPH HQ XQ PRLVDSUqVFHOOHRUJDQLVpHOH RFWREUH GHUQLHU DX SURILW GH IDPLOOHVLVVXHVQRWDPPHQW GHV FKDOHWV GH 5pJKDwD HW GH %RUGM(O.LIIDQ $YHF FHWWH RSpUDWLRQ GH UHORJH PHQWODZLOD\DG $OJHUDXUDGLV WULEXp SOXV GH ORJHPHQWV VXUOHVGLVSRQLEOHVGHSXLV OH GpEXW GHV RSpUDWLRQV GH UHFD VHPHQWHQWDPpHVOHMXLQGHU QLHU /D ZLOD\D G $OJHU GLVSRVH G XQ SURJUDPPHG pUDGLFDWLRQGHO KD ELWDW SUpFDLUH GH ORJH PHQWVVRFLDX[GRQWVRQW HQFRXUVGHGLVWULEXWLRQHQDWWHQ GDQWODUpFHSWLRQDYDQWILQ GHDXWUHVXQLWpV $XMRXUG KXL GRQF 1RXV QRXV DWWHQGRQV j UpFHSWLRQQHU DXWUHV ORJHPHQWV G LFL j OD ILQ /D UpDOLVDWLRQ GH FH TXL UHVWHGHFHSURJUDPPHDYDQFHj XQ U\WKPH WUqV DFFHSWDEOH HW VD UpFHSWLRQHVWDWWHQGXHSRXU HWDLQGLTXpMHXGLGHUQLHU OH GLUHFWHXU GX ORJHPHQW 6PDLO /RXPL ORUV G XQH VHVVLRQ GH O $VVHPEOpHSRSXODLUHGHZLOD\D $3: $XGHOjGHDXFXQHIDPLOOH QHGHYUDGRQFFRQWLQXHUjKDELWHU GDQV XQ ELGRQYLOOH XQ TXDUWLHU LQVDOXEUHHQFRUHPRLQVGDQVXQH FDYH RX XQH WHUUDVVH G XQ LPPHXEOHGDQVOHVFRPPXQHV GH OD FDSLWDOH VHORQ OH SODQQLQJ DYDQFpSDU0/RXPLGHYDQWOHV pOXVjO $3: ' DLOOHXUV OD ZLOD\D TXL V DS SUrWHjpYDFXHUFHWWHVHPDLQHOHV IDPLOOHVYLYDQWGDQVOHSpULPqWUH GX FKDQWLHU GX EDUUDJHUpVHUYRLU GH'RXpUDVHGRQQHXQGpILKLV WRULTXHGDQVODPHVXUHROHSUR EOqPH GH O KDELWDW SUpFDLUH GDQV OD FDSLWDOH Q D MDPDLV pWp UpVROX MXVTXHOj & pWDLW DXVVL O RFFDVLRQ DX ZDOL $EGHONDGHU =RXNK GH UDVVXUHU XQH SRSXODWLRQ TXL UHVWH VXU OH TXLYLYHGDQVO DWWHQWHGXGpPp QDJHPHQW WDQW UrYp DXVVL ELHQ GDQV OHV FLWpV SRSXOHXVHV TXH GDQV OHV LPPHQVHV ELGRQYLOOHV GH *Xp GH &RQVWDQWLQH RX %HQL 0HVVRXVHW= JKDUDVXUOHVKDX WHXUVGH%DE(O2XHG / RIIUH HQ ORJHPHQWV GDQV OD ZLOD\D GpSDVVH OH QRPEUH GHV IDPLOOHV FRQFHUQpHV SDU OH UHFD VHPHQW&KDTXHIDPLOOHDXUDVRQ DSSDUWHPHQW PDLV SURJUHVVLYH PHQW / RSpUDWLRQ HQWDPpH HQ MXLQ GHUQLHU QH V DUUrWHUD TX XQH IRLVWRXWHVOHVKDELWDWLRQVSUpFDL UHV pYDFXpHV D DIILUPp 0 =RXNK j O RXYHUWXUH GHV WUDYDX[ GHFHWWHVHVVLRQGHO $3: (Q HIIHW VL OH SURJUDPPH GH ORJHPHQWHQTXHVWLRQHVWGRWpGH SOXVGHXQLWpVOHQRPEUH GHV IDPLOOHV FRQFHUQpHV SDU OH UHFDVHPHQW HVW H[DFWHPHQW GH /HVUpVXOWDWVGXGLDJQRVWLFUpD OLVp GXUDQW HW DSUqV PRQ WUHQWTXHIDPLOOHVUHFHQ VpHV SDU OHV FLUFRQVFULSWLRQV DGPLQLVWUDWLYHVHWOHVFRPPXQHV VRQW FRQFHUQpHV SDU OH UHORJH PHQW D SUpFLVp OH GLUHFWHXU GX ORJHPHQWTXLQ DSDVUDSSHOpOHV ORJHPHQWV GLVWULEXpV GDQVFHFDGUHHQ /HV VHUYLFHV GH OD ZLOD\D RQW DLQVL UHFHQVp ELGRQYLOOHV IDPLOOHVVLWHVGHFKD OHWV IDPLOOHV +/0 YpWXVWHV IDPLOOHV ,05 IDPLOOHV HW FDYHV HW WHUUDVVHV IDPLO OHVDGpWDLOOpWRXWHQFRQFOXDQW 0/RXPL 6DwG% Ï, /(0$*+5(%GX1RYHPEUH Ë0( -285'(*5Ë9('(6&21'8&7(856'(75$0:$<&2167$17,1( /HVXVDJHUVSULVHQRWDJHV / /HVFRQGXFWHXUV GXWUDPZD\GH &RQVWDQWLQHVRQWHQ JUqYHSRXUODqPH MRXUQpHFRQVpFXWLYH DWRQFRQVWDWpKLHU DXQLYHDXGHOD VWDWLRQWHUPLQDOHGH ODFLWp=RXDJKL8QH VLWXDWLRQTXLQH PDQTXHSDVGH SpQDOLVHUOHV QRPEUHX[XVDJHUV QRWDPPHQWOHV KDELWDQWVGHODFLWp =RXDJKLHWGHV TXDUWLHUVVLWXpVOH ORQJGHO DFWXHOWUDFp &LORF%HOOHYXH .KD]QDGDU«TXL V pWDLHQWKDELWXpVj FHPR\HQGH WUDQVSRUWVUUDSLGH HWpSDUJQpSDUOHV HPERXWHLOODJHV D SULQFLSDOH UHYHQGLFD WLRQ GHV JUpYLVWHV TXL RQW QpDQPRLQV SULV VXU HX[ G DVVXUHU XQ VHUYLFH PLQL PXPHQIDLVDQWFLUFXOHUUDPHV VXU OHV H[SORLWpHV D WUDLW j O DOLJQHPHQW GH OHXUV FRQGLWLRQV GHWUDYDLOVXUFHOOHVGHOHXUVFRO OqJXHVG 2UDQHWG $OJHUSRXUXQ URXOHPHQWHQMRXUVGHWUD YDLOHWMRXUVGHUHSRVHWSRXUOD UpGXFWLRQjKHXUHVDXOLHXGH GXWHPSVGHFRQGXLWH $SSURFKpV SDU O $36 VXU OHXU OLHXGHUHJURXSHPHQWjODVWDWLRQ WHUPLQDOHOHVWUDYDLOOHXUVSURWHV WDWDLUHV VH GLVHQW GpWHUPLQpV j SRXUVXLYUH OHXU PRXYHPHQW MXVTX j VDWLVIDFWLRQ GH OHXUV UHYHQGLFDWLRQV,OVPHWWHQWpJDOH PHQW HQ DYDQW OD SpQLELOLWp GH OHXU WUDYDLO TXL UHTXLHUW XQH FRQFHQWUDWLRQ GH WRXV OHV LQV WDQWV /HV FRQGXFWHXUV GpSOR UHQW pJDOHPHQW OH IDLW TX DXFXQ UHSUpVHQWDQWGHODGLUHFWLRQQ DLW SULVDWWDFKHDYHFHX[SRXUWHQWHU GH FRPSUHQGUH OHXUV SUpRFFXSD WLRQV 'HVRQF{WpODVRFLpWpG H[SORL WDWLRQ GX WUDPZD\ 6(75$0 TXLpYRTXHGDQVXQFRPPXQLTXp XQ DUUrW GH WUDYDLO FROOHFWLI GHV FRQGXFWHXUV REVHUYp VDQV SUpD YLVHWVDQVDYLVHUODVHFWLRQV\Q GLFDOHDIILUPHTXHOHVUHYHQGL FDWLRQVGHVJUpYLVWHVRQWpWppOH YpHV j OD GLUHFWLRQ JpQpUDOH PDLV GpQRQFH GDQV OH PrPH WHPSV XQH DWWLWXGH LUUHVSRQVD EOHHWLQDFFHSWDEOH 'DQV OH PrPH FRPPXQLTXp OD 6(75$0 VRXOLJQH TX XQH FRQYHQWLRQ FROOHFWLYH HVW HQ FRXUV G pODERUDWLRQ HQ YXH G KDUPRQLHUHWG XQLIRUPLVHUOHV URXOHPHQWV GH WRXW OH SHUVRQQHO HQ WUDYDLO SRVWp GpILQLU OH WHPSV GH FRQGXLWH GDQV OH UHV SHFWGXGURLWGXWUDYDLOHWGXVHU YLFHSXEOLFHWGpILQLUODSpQLEL OLWpHQWHQDQWFRPSWHGHVVSpFLIL FLWpVGHFKDTXHPpWLHU ,O HVW pJDOHPHQW IDLW PHQWLRQ GDQV OH FRPPXQLTXp GH OD 6(75$0GXPDQGDWHPHQWSDU ODGLUHFWLRQJpQpUDOHG XQFDELQHW H[WHUQH DOJpULHQ VSpFLDOLVp GDQV OHV UHVVRXUFHV KXPDLQHV SRXU DLGHU OD VRFLpWp GDQV FHWWH PLV VLRQ (Q DWWHQGDQW XQ pSLORJXH KHXUHX[ j FHWWH VLWXDWLRQ OD JUqYH GHV FRQGXFWHXUV GH WUDP ZD\RXWUHGHSURYRTXHUOHFRXU URX[GHVXVDJHUVOHVREOLJHjVH UDEDWWUHVXUOHVDXWUHVPR\HQVGH WUDQVSRUWXUEDLQFRPPHOHVEXV GHSOXVHQSOXVERQGpVOHVWD[LV UpJXOLHUV TXL UHVWHQW UDUHV HW OHV FODQGHVWLQV TXL VH IURWWHQW OHV PDLQV /H WUDPZD\ GH &RQVWDQWLQH GRQW OH WUDFp VHUD SURFKDLQHPHQW pWHQGX YHUV O Dp URSRUW 0RKDPHG%RXGLDI HW OD QRXYHOOH YLOOH $OL 0HQGMHOL GHYUDLW j WHUPH DFFXHLOOLU TXHO TXHSDVVDJHUVSDUMRXU,O GHVVHUW GHSXLV VRQ LQDXJXUDWLRQ DXGpEXWGXPRLVGHMXLOOHW XQ SUHPLHU WURQoRQ GH NLOR PqWUHV FRPSUHQDQW VWDWLRQV HQWUH OH VWDGH %HQDEGHOPDOHN HW ODFLWp=RXDJKL6OLPDQH 2X]]DQL6 $&&,'(176'(/$&,5&8/$7,21 $FFpOpUHUODPLVHHQSODFHGXILFKLHUQDWLRQDOGHVFDUWHVJULVHV / HV LQWHUYHQDQWV j XQH MRXUQpH G pWXGHV RQW VRXOLJQp j $OJHU OD QpFHVVDLUH PLVH HQ SODFH GX ILFKLHU QDWLRQDO GHV FDUWHV JULVHV HW FHOXL GHV LQIUDFWLRQV DX FRGH GH OD URXWH DLQVL TXH OD SURPXOJDWLRQ GH OD ORL UHODWLYH DX /(0$*+5(%GX1RYHPEUH /(0$*+5(%GX1RYHPEUH ILFKLHU QDWLRQDO GHV SHUPLV GH FRQGXLUH DILQGHFRQWULEXHUjODUpGXFWLRQGHVDFFL GHQWVGHODURXWH /DPDMRULWpGHVDFFLGHQWVGHODFLUFXODWLRQ VRQWRFFDVLRQQpVSDUGHVMHXQHVGHPRLQV GHDQVjDQVDSUpFLVpOHFRPPDQ GDQW5DKPRXQL.KDOHGGXFHQWUHG LQIRU PDWLRQ HW GH FRRUGLQDWLRQ URXWLqUH GH OD *HQGDUPHULHQDWLRQDOHORUVG XQHMRXUQpH G pWXGH RUJDQLVpH SDU O DVVRFLDWLRQ QDWLR QDOH GH VRXWLHQ DX[ SHUVRQQHV KDQGLFD SpHV (O %DUDND j O RFFDVLRQ GH OD -RXUQpH LQWHUQDWLRQDOH GHV YLFWLPHV GHV DFFLGHQWVGHODURXWH DFFLGHQWV VXUYHQXV OHV GL[ GHUQLHUV PRLV RQW pWp RFFDVLRQQpV SDU GHV MHXQHV GHPRLQVGHDQVVRLWVXLYLVGHOD WUDQFKH G kJH DQV DFFLGHQWV VRLW DQV FDV SXLVOHVDQVjO RULJLQHGH DFFLGHQWVVRLWDIDLWVDYRLU OHFRPPDQGDQW5DKPRXQL ,ODGDQVFHFRQWH[WHLQVLVWpVXUO DSSOLFD WLRQ GHV WH[WHV UpJOHPHQWDLUHV UHODWLIV DX FRQWU{OHGHYLWHVVHGHVYpKLFXOHVGHWUDQV SRUWGHPDUFKDQGLVHVGpSDVVDQWNJ GH WUDQVSRUW GHV YR\DJHXUV GH SOXV GH VLqJHVUDSSHODQWTXHDFFLGHQWVRQW pWp HQUHJLVWUpV GXUDQW OHV GL[ GHUQLHUV PRLV IDLVDQW PRUWV HW EOHV VpV /H FRPPDQGDQW 5DKPRXQL D UHJUHWWp FH SKpQRPqQH TXL FRWH DX 7UpVRU SXEOLF SOXVGHPLOOLDUGV'$ SDUDQO pTXLYD OHQWGXEXGJHWGHUpDOLVDWLRQGHK{SL WDX[RXSRO\FOLQLTXHV 3DU DLOOHXUV OH UHSUpVHQWDQW GH OD 'LUHFWLRQJpQpUDOHGHOD6UHWpQDWLRQDOH '*61 5DEDK =RXDRXL D LQGLTXp TXH DFFLGHQWV GH OD FLUFXODWLRQ RQW pWp HQUHJLVWUpV HQ RFWREUH GHUQLHU IDLVDQW PRUWV HW EOHVVpV DIILUPDQW TXH OD '*61DYDLWDGRSWpXQHVpULHGHPHVXUHV SUpYHQWLYHVHWG DXWUHVFRHUFLWLYHV ,O D HQ RXWUH DSSHOp j OD PLVH HQ SODFH UDSLGH GX ILFKLHU QDWLRQDO GHV FDUWHV JUL VHV FHOXL GHV LQIUDFWLRQV DX FRGH GH OD URXWHDLQVLTXHODSURPXOJDWLRQODORLUHOD WLYHDXILFKLHUQDWLRQDOGHVSHUPLVHQYXH GHUpGXLUHOHVDFFLGHQWVGHODFLUFXODWLRQ 3RXU OD SUpVLGHQWH GH O DVVRFLDWLRQ )ORUD %RXEHUJKRXWODPLVHHQRHXYUHGXSHUPLV j SRLQWV FRPSWH SDUPL OHV VROXWLRQV j PrPH GH FRQWULEXHU j OD UpGXFWLRQ GHV DFFLGHQWV PRUWHOV UDSSHODQW TXH OHV DFFL GHQWV GH OD URXWH IDLVDLHQW SOXV GH PRUWVHWKDQGLFDSpVSDUDQ /LOD6 /(0$*+5(%GX1RYHPEUH * /(0$*+5(% GX 1RYHPEUH 5e62537,21'(/ +$%,7$735e&$,5( %$71$ /DQFHPHQWODVHPDLQH SURFKDLQHG XQHRSpUDWLRQGH UHORJHPHQW 8 QHRSpUDWLRQGHUHORJHPHQWVHUDODQFpHGqVOHGpEXWGHOD VHPDLQHSURFKDLQHGDQVODZLOD\DGH%DWQDGDQVOHFDGUH GH OD UpVRUSWLRQ GH O KDELWDW SUpFDLUH D DQQRQFp DYDQWKLHU OH ZDOL+RFLQH0D]RX]&HWWHRSpUDWLRQVHUDRUJDQLVpHGHPDQLqUH JUDGXHOOH DXVVLW{W DSUqV OD ILQDOLVDWLRQ GX UHFHQVHPHQW GHV IDPLOOHVFRQFHUQpHVGHVHQTXrWHVGHWHUUDLQHWGHODFRQVXOWDWLRQ GX ILFKLHU QDWLRQDO GH O KDELWDW D SUpFLVp OH FKHI GH O H[pFXWLI ORFDO 0 0D]RX] TXL HIIHFWXDLW XQH YLVLWH G LQVSHFWLRQ GH SOX VLHXUV FKDQWLHUV RXYHUWV GDQV OH FDGUH GX GpYHORSSHPHQW ORFDO QRWDPPHQWGDQVOHS{OHXUEDLQGH+DPODDDMRXWpTXHOHVORJH PHQWV j DWWULEXHU OD VHPDLQH SURFKDLQH HQ VRQW DX[ XOWLPHV UHWRXFKHV /HZDOLTXLDLQVSHFWpORUVGHVDWRXUQpHOHVSURMHWVGHFRX YHUWXUHGXGHX[LqPHRXHGWUDYHUVDQWODYLOOHGH%DWQDHWOHVWUD YDX[GHUpDOLVDWLRQGHO pFKDQJHXUQRUGNPDDIILUPpTXHFH GHUQLHUVHUDUpFHSWLRQQpDYDQWODILQ 0. $*(1&(1$7,21$/('(/ (03/2, FDGUHVjXQVpPLQDLUH UpJLRQDOVXUOHSURJUDPPH G DSSXLjO HPSORLj$QQDED 8 QVpPLQDLUHUpJLRQDOVXUOHSURJUDPPHG DSSXLDXVHFWHXUGH O HPSORL PHQp GDQV OH FDGUH GH OD FRRSpUDWLRQ HQWUH O $OJpULH HW O 8QLRQ HXURSpHQQH D UpXQL DYDQWKLHU j$QQDED FDGUHV GH DQWHQQHV GH O $JHQFH QDWLRQDOH GH O HPSORL $1(0 'LYHUVHVTXHVWLRQVOLpHVDXQRXYHDXV\VWqPHG LQIRUPDWLRQGH O $1(0 HW DX SURFpGp GH O DSSURFKH SDU FRPSpWHQFHV RQW pWp GpEDWWXHV HQ SOXV GH OD SUpVHQWDWLRQ GHV UpDOLVDWLRQV HIIHFWXpHV GDQVOHFDGUHGHO H[pFXWLRQGXSURJUDPPHGHPLVHjQLYHDXHW G DFFRPSDJQHPHQWGXVHFWHXUGHO HPSORL 2XWUHODIRUPDWLRQHWODUHTXDOLILFDWLRQGHVUHVVRXUFHVKXPDL QHV OH UpVHDX GH O $1(0 D FRQQX GHV RSpUDWLRQV GH PLVH j QLYHDXTXLRQWFRQFHUQpVRQV\VWqPHG LQIRUPDWLRQHWOHVSURFp GXUHVG LQVFULSWLRQHWG pFKDQJHVGHGRQQpHVDVRXOLJQpOHUHSUp VHQWDQW GX GLUHFWHXU JpQpUDO GH FHWWH DJHQFH 5DFKLG 6DRXGL 6HORQ FH UHVSRQVDEOH OH GpYHORSSHPHQW GHV SHUIRUPDQFHV GH O $1(0HVWWULEXWDLUHGHODPDvWULVHGHVRQV\VWqPHG LQIRUPD WLRQFRQoXDXWLWUHGXSURJUDPPHG DSSXLjO HPSORLDILQGHPHW WUHHQSODFHXQUpVHDXLQIRUPDWLVpEDVpVXUODQRPHQFODWXUHGHV PpWLHUVHWRIIUDQWXQVHUYLFHUHSRVDQWVXUO DSSURFKHSDUFRPSp WHQFHV/HVSDUWLFLSDQWVRQWpJDOHPHQWVXLYLGHVH[SRVpVVXUOHV DFWLRQV UpDOLVpHV SRXU OD PRGHUQLVDWLRQ GX V\VWqPH G LQIRUPD WLRQGHVpFKDQJHVHWGHO H[SORLWDWLRQGHVGRQQpHVDLQVLTXHOHV RSpUDWLRQV GH UHF\FODJH GHV FDGUHV GH O $1(0 &HWWH DJHQFH QDWLRQDOHDUHFHQVpjO pFKHOOHQDWLRQDOHHQWUHMDQYLHUHWRFWREUH SOXVGHPLOOLRQGHGHPDQGHVG HPSORLGRQWpPL VHVSDUOHVPRLQVGHDQVVHORQ06DRXGLTXLDIDLWpWDWGXSOD FHPHQWGHGHPDQGHXUVGDQVOHVHFWHXUpFRQRPLTXH )RXDG% + /(0,1,675('(/$6$17e6$Î'$ 'HQRXYHOOHV LQIUDVWUXFWXUHVVDQLWDLUHV HQGpEXW /HVHFWHXUGHODVDQWp GDQVODZLOD\DGH 6DwGDEpQpILFLHUDHQ GpEXWGH O LQVFULSWLRQGHSURMHWV GHQRXYHOOHV LQIUDVWUXFWXUHV VDQLWDLUHVDDQQRQFp DYDQWKLHUj6DwGDOH PLQLVWUHGHOD6DQWp GHOD3RSXODWLRQHWGH OD5pIRUPH KRVSLWDOLqUH $EGHOPDOHN%RXGLDI OHXUHV SUHVWDWLRQV DX[ PDODGHV G XQHFDSDFLWpG DFFXHLOGHOLWV / RUVG XQHYLVLWHGHWUDYDLO HW G LQVSHFWLRQ GDQV OD ZLOD\D OH PLQLVWUH D DQQRQFp O LQVFULSWLRQ DX GpEXW MDQYLHUGXSURMHWG XQK{SL WDO PDWHUQHO HW LQIDQWLOH G XQH FDSDFLWpGHOLWVSRXUDWWpQXHU ODWHQVLRQUHOHYpHVXUODFOLQLTXH VSpFLDOLVpH +DPGDQH %DNKWD TXL HQUHJLVWUH FDV GH QDLVVDQFH SDU DQ HQ SOXV G XQ K{SLWDO GH OLWV j 2XOHG %UDKLP 8Q EXGJHW VHUD FRQVD FUp SRXU OD GRWDWLRQ HQ PDWpULHO PpGLFDO GH WURLV K{SLWDX[ HQ FRXUV GH UpDOLVDWLRQ GDQV OHV FRPPXQHVGH<RXE+DVVDVQDHW 6LGL%RXEHNHXUGHPrPHTX XQH HQYHORSSH GH PLOOLRQV '$ SRXUODUpIHFWLRQHWOHUpDPpQD JHPHQW GH O DQFLHQ K{SLWDO $KPHG 0HGHJKUL DWLO GpFODUp $EGHOPDOHN %RXGLDI D G DXWUHSDUWH[SULPpVDVDWLVIDF WLRQTXDQWjODVLWXDWLRQVDQLWDLUH HW OD FRXYHUWXUH PpGLFDOH GDQV FHWWHZLOD\DTXLFRPSWHVSp FLDOLVWHVYHLOODQWjRIIULUGHPHLO Q H[FOXDQW SDV FHUWDLQHV LQVXIIL VDQFHVTXHOHPLQLVWqUHGHWXWHOOH RHXYUHjFRPEOHU /H PLQLVWUH D LQVLVWp SDU DLO OHXUV VXU OD QpFHVVLWp G LQWpJUHU GHVMHXQHVTXLH[HUFHQWGDQVGLI IpUHQWV pWDEOLVVHPHQWV VDQLWDLUHV UHOHYDQW GX VHFWHXU DX WLWUH GH FRQWUDWV GH SUpHPSORL HQ OHXU DFFRUGDQW OD SULRULWp DX UHFUXWH PHQW$X VXMHW GH OD FRQFUpWLVD WLRQG XQ&HQWUHK{SLWDORXQLYHU VLWDLUH&+8GDQVODZLOD\DOH PLQLVWUH D H[SOLTXp TXH OD PLV VLRQGX&+8UpVLGHGDQVODIRU PDWLRQ GH PpGHFLQV OD UHFKHU FKHVFLHQWLILTXHHWQpFHVVLWHO RX YHUWXUH G XQH IDFXOWp GH PpGH FLQHXQHQFDGUHPHQWGHVSpFLD OLVWHV HW GHV DGPLQLVWUDWLRQV (OpPHQWVQRQHQFRUHGLVSRQLEOHV GDQV SOXVLHXUV ZLOD\DV FRPPH &KOHI 'MHOID /DJKRXDW %HFKDU HW 2XDUJOD /H PLQLVWUH GH OD 6DQWpDLQVSHFWpORUVGHVDYLVLWH GDQV OD ZLOD\D GHV FKDQWLHUV GH UpDOLVDWLRQGHQRXYHDX[K{SLWDX[ GDQV OHV GDwUDV GH <RXE +DVVDVQD HW 6LGL %RXEHNHXU FKDFXQ3DUODPrPHRFFDVLRQLO DPLVO DFFHQWVXUODQpFHVVLWpGH UDWWUDSHUOHUHWDUGHWGHOHVOLYUHU DX[GpODLVLPSDUWLV,ODDXVVLLQV SHFWpOHFKDQWLHUGHFRQVWUXFWLRQ G XQ K{SLWDO GH OLWV j 6LGL %RXEHNHXUHWXQHFOLQLTXHj$LQ /DKGMDUHWDSURFpGpjODEDSWLVD WLRQ GH OD SRO\FOLQLTXH GH FHWWH FRPPXQH DX QRP GX FKDKLG 2XLV /DNKGDU (Q RXWUH LO D LQDXJXUp OH FHQWUH LQWHUPpGLDLUH GHWUDLWHPHQWGHODWR[LFRPDQLHj OD FLWp GHV 2OLYLHUV GH 6DwGD VXSHUYLVp SDU GHV VSpFLDOLVWHV SRXU OH VXLYL GH WRXV OHV FDV GH WR[LFRPDQLH /H PLQLVWUH D SUp VLGpHQRXWUHXQHVpDQFHGHWUD YDLO DX VLqJH GH OD ZLOD\D DYHF GHV SUpVLGHQWV G $3& GHV FKHIV GH GDwUDV GHV GLUHFWHXUV G pWD EOLVVHPHQWVKRVSLWDOLHUVGHVpOXV HWGHVUHSUpVHQWDQWVGHODVRFLpWp FLYLOHRLODLQVLVWpQRWDPPHQW VXU O DPpOLRUDWLRQ GH OD SHUIRU PDQFH GDQV OH VHFWHXU VDQLWDLUH HW GHV SUHVWDWLRQV VDQLWDLUHV RIIHUWHVDXFLWR\HQ <DQLV< 6e7,) /HFDQFHUGXFROGHO XWpUXVHQEDLVVH HWOHVWXPHXUVGXVHLQHQKDXVVH IHPPHVRQWHXUHFRXUVDX &20081('(*8(55$5$ *+$5'$Î$ GpSLVWDJHSUpFRFHGXFDQFHU GXVHLQHWGXFROXWpULQ X PRLQV IHPPHV GH OD UpJLRQ GH *XHUUDUD ZLOD\D GH $ *KDUGDwDRQWHXUHFRXUVDXGpSLVWDJHYRORQWDLUHHWSUpFRFH GXFDQFHUGXVHLQHWGXFROXWpULQjODIDYHXUG XQHDFWLRQRUJD QLVpHGXDXQRYHPEUHSDUO DVVRFLDWLRQ(O$PHOGXFHQ WUH 3LHUUH HW 0DULH &XULH &30& G $OJHU DWRQ DSSULV KLHU G XQHVRXUFHPpGLFDOHORFDOH&HWWHDFWLRQFDULWDWLYHDGUDLQpGH QRPEUHXVHVIHPPHVGH*XHUUDUDRRQWpWpHQUHJLVWUpHVSOXVGH GHPDQGHVGHWHVWGHGpSLVWDJHSRXUOHFDQFHUGXVHLQVHSW FDVSRVLWLIHWXQHVRL[DQWDLQHSRXUOHFDQFHUGXFROXWpULQ]pUR FDVSRVLWLIDSUpFLVpODVRXUFH&HWWHDFWLRQVDQLWDLUHPHQpHSDU GHVSUDWLFLHQVGX&03&YLVHHQSUHPLHUOLHXjSURPRXYRLUOD FXOWXUHGHGpSLVWDJHSUpFRFHGXFDQFHUGDQVWRXWHVVHVIRUPHV DXSUqV GH OD SRSXODWLRQ DILQ GH UpGXLUH OD PRUWDOLWp VDXYHU GHV YLHVKXPDLQHVHWUpGXLUHOHVFRWVGHWUDLWHPHQWVORXUGVHWSDU IRLVLQXWLOHVDWRQVRXOLJQp'pWHFWHUHWGLDJQRVWLTXHUODPDOD GLHjXQVWDGHSUpFRFHSHUPHWQRQVHXOHPHQWG DVVXUHUXQHPHLO OHXUHSULVHHQFKDUJHPDLVGHUpGXLUHOHVULVTXHVGHSURSDJDWLRQ GHVWXPHXUVHWG DXJPHQWHUO HVSpUDQFHGHYLHGXPDODGHDVRX WHQXXQSUDWLFLHQGH*KDUGDwD(OOHDDXVVLSRXUREMHFWLIGHIDLUH SUHQGUHFRQVFLHQFHjODSRSXODWLRQGHO LPSRUWDQFHGXGpSLVWDJH SUpFRFHHWGXWUDLWHPHQWDSSURSULpGHFHWWHPDODGLHPDLVDXVVL GHPLHX[LQIRUPHUOHVFLWR\HQVVXUFHWWHSDWKRORJLHHWVXUOHVULV TXHVTXHUHSUpVHQWHQWOHVPpWKRGHVWUDGLWLRQQHOOHVGHWUDLWHPHQW SODQWHVPpGLFLQDOHVHWDXWUHVVHORQODPrPHVRXUFH %HQ]LQD6 2UDQ&RXYHUWXUHQXDJHXVHSDUWLHOOH0LQ+XP / HFDQFHUGXFROGHO XWpUXVFRQVLGpUpLO\D SHXFRPPHOHSOXVPHXUWULHUGDQVOHVUDQJV GH OD SRSXODWLRQ IpPLQLQH j 6pWLI HVW HQ UHFXOFHVGHUQLqUHVDQQpHVWDQGLVTXHOHFDQFHUGX VHLQHVWHQKDXVVHDLQGLTXpDYDQWKLHUXQVSp FLDOLVWH GX &+8 GH 6pWLI OH 3U 0RNKWDU +DPGL &KHULI &H SUDWLFLHQ D SUpFLVp j OD SUHVVH HQ PDUJH G XQHMRXUQpHUpJLRQDOHG LQIRUPDWLRQHWGHVHQVLEL OLVDWLRQDXWRXUGHVFDQFHUVFKH]OHVIHPPHVWHQXH j O ,QVWLWXW VXSpULHXU SDUDPpGLFDO TXH FDV GH FDQFHU GX FRO G XWpUXV VRQW HQUHJLVWUpV DQQXHOOH PHQW DX PRPHQW R QRXYHDX[ FDV GH FDQFHU GX VHLQ DSSDUDLVVHQW FKDTXH DQQpH )DLW HQFRUH SOXVLQTXLpWDQWV DJLVVDQWGXFDQFHUGXVHLQSDV PRLQV GH GH FH W\SH GH WXPHXUV PDOLJQHV GLDJQRVWLTXpVHQj6pWLIFRQFHUQHQWGHVIHP PHVGHPRLQVGHDQVFRQWUDLUHPHQWDX[DQQpHV SUpFpGHQWHV DWLO DIILUPp /H 3U +DPGL&KHULI pJDOHPHQWSUpVLGHQWGHO DVVRFLDWLRQ(Q1RXUGH OXWWHFRQWUHOHFDQFHUDVRXOLJQpTXHOHFDQFHUGX VHLQ UHSUpVHQWH GHV WXPHXUV PDOLJQHV GLDJ QRVWLTXpHVGDQVOHVZLOD\DVGH6pWLIGH%RUGM%RX $UUHULGM GH 0 VLOD HW GH %LVNUD ,O D LQVLVWp j FH SURSRV VXU O LPSRUWDQFH YLWDOH GX GpSLVWDJH SUp FRFH SRXU OXWWHU HIILFDFHPHQW FRQWUH FHWWH WXPHXU PDOLJQHDYDQWGHPHWWUHHQH[HUJXHO DSSRUWGH ODSUpYHQWLRQGDQVODUpGXFWLRQGHODPRUWDOLWpOLpH jFHWWHSDWKRORJLH6LOHVFDVGHFDQFHUGXFROGH $OJHU &RXYHUWXUHQXDJHXVH 0D[0LQ+XP 0D[0LQ+XP O XWpUXV HQUHJLVWUHQW XQH EDLVVH VHQVLEOH F HVW SUpFLVpPHQW SDUFH TXH OHV IHPPHV UHFKLJQHQW GH PRLQV HQ PRLQV JUkFH j OD PXOWLSOLFDWLRQ GHV DFWLRQV GH VHQVLELOLVDWLRQ j VH UHQGUH FKH] OHXU J\QpFRORJXH SRXU GHV IURWWLV SUpOqYHPHQWV SRXU DQDO\VHGHVFHOOXOHVjODVXUIDFHGXFROQGOU8Q FRPSRUWHPHQW VDJH TXH WRXWHV OHV IHPPHV VRX FLHXVHV GH SUpPXQLU OHXU VHLQ GH WRXWH LQIHFWLRQ FDQFpUHXVHOpWDOHGHYUDLHQWDGRSWHUDFRQVLGpUpOH PrPH SUDWLFLHQ UDSSHODQW OH FDQFHU GX VHLQ ORUVTX LOHVWGpSLVWpjWHPSVSHUPHWGHYHQLUjERXW GHFHWWHPDODGLHGDQVODSOXSDUWGHVFDV (YRTXDQW DX FRXUV GH FHWWH UHQFRQWUH OHV IDF WHXUVjULVTXHVIDYRULVDQWOHVFDQFHUVGXVHLQHWGX FROGHO XWpUXVOH3U+DPGL&KHULIDFLWpOHPRGHHW OH QLYHDX GH YLH GHV IHPPHV O KpUpGLWp O DEVHQFH G DOODLWHPHQWHWOHVSUHPLqUHVJURVVHVVHVVXUYHQDQW WDUGLYHPHQW'HVRQF{WpOHYLFHSUpVLGHQWGHO DV VRFLDWLRQ DOJpULHQQH GX SODQQLQJ IDPLOLDO %HONDFHP &KDIL D PLV HQ H[HUJXH O LPSRUWDQFH G RSWLPLVHUOHVPR\HQVPDWpULHOVHWOHVUHVVRXUFHV KXPDLQHVGLVSRQLEOHVGDQVODOXWWHFRQWUHOHVFDQ FHUV ,QLWLpH SDU O DVVRFLDWLRQ DOJpULHQQH GX SODQ QLQJ IDPLOLDO FHWWH MRXUQpH GH VHQVLELOLVDWLRQ UpJLRQDOHjODTXHOOHRQWpWpFRQYLpVGHVVSpFLDOLV WHV HQ RQFRORJLH GH &RQVWDQWLQH G 2UDQ HW GH %DWQDDSHUPLVGHGpEDWWUHGHGLYHUVYROHWVOLpVDX[ FDQFHUVFKH]OHVIHPPHV 0DGMLG. $QQDED&RXYHUWXUHQXDJHXVHSDUWLHOOH $QQDED&RXYHUWXUHQXDJHXVHSDUWLHOOH 0D[0LQ+XP 0D[0LQ+XP * /(0$*+5(%GX1RYHPEUH 32/2*1( / RUQRLUJLFOHWRXMRXUVGXSUHPLHUSXLWV GHSpWUROHGXPRQGH /HSpWUROH ERXLOORQQH WRXMRXUVHWVRQ RGHXUV pOqYHGX IRQGG XQSXLWV FUHXVpjODPDLQ HQVRXVO RHLO G ,JQDF\ /XNDVLHZLF] O LQYHQWHXUGHOD ODPSHjSpWUROH HWIRQGDWHXUGHOD PLQH % REUND GDQV OH VXGHVW GH OD 3RORJQH HVW OH SOXV YLHX[VLWHSpWUROLHULQGXV WULHO GX PRQGH WRXMRXUV HQ H[SORLWDWLRQ *UkFH j /XNDVLHZLF] SKDU PDFLHQ FKLPLVWH HW LQGXVWULHO SRORQDLVGX;,;HVLqFOH%REUND HVW GHYHQXH OH EHUFHDX GH O LQ GXVWULH SpWUROLqUH PRQGLDOH GpFODUH QRQ VDQV ILHUWp %DUEDUD 2OHMDU] GLUHFWULFH GX PXVpH GH O LQGXVWULH SpWUROLqUH TXL V pWHQG VXUKHFWDUHVHWFRKDELWHDYHF ODYLHLOOHPLQH 7RXWDFRPPHQFpOjLQVLVWHW HOOHHQSRLQWDQWGXGRLJWXQREp OLVTXH pULJp j %REUND SDU /XNDVLHZLF] VHV SDUWHQDLUHV HW DPLVSRXUPDUTXHUOHODQFHPHQW GHODPLQHHQHWODFUpDWLRQ GHODSUHPLqUHVRFLpWpSpWUROLqUH GXPRQGH 1p HQ j =DGXV]QLNL HQ *DOLFLH TXL DSSDUWHQDLW j O pSR TXH j O HPSLUH DXVWURKRQJURLV ,JQDF\ /XNDVLHZLF] REWLHQW DQV SOXV WDUG VRQ GLSO{PH GH SKDUPDFLHQ j O 8QLYHUVLWp GH 9LHQQHHWV LQWpUHVVHjO KXLOHGH URFKHTXHO RQUHQFRQWUDLWGHSXLV GHV VLqFOHV GDQV OHV &DUSDWHV RULHQWDOHV 3e752/(/$03$17 $X WHUPH GH QRPEUHXVHV H[SpULHQFHV LQWHUURPSXHV GH WHPSV j DXWUH SDU GHV LQFHQGLHV HW H[SORVLRQV DFFLGHQWHOOHV LO UpXVVLW OD GLVWLOODWLRQ IUDFWLRQQpH GX EUXW HW LQYHQWH OD SUHPLqUH ODPSHjSpWUROHODPSDQW(QMXLO OHWLOHQpFODLUHO K{SLWDOGH /YLY /HPEHUJ HQ DOOHPDQG /ZRZHQSRORQDLV/ DQQpHVXL YDQWHLOIDLWDOOXPHUj*RUOLFHOD SUHPLqUH ODPSH j SpWUROH DX PRQGHTXLpFODLUHXQHUXH $SUqV SRXU DYRLU VXIILVDP PHQW GH FDUEXUDQW LO D IDOOX DSSUHQGUHjHQH[WUDLUH $ %REUND OHV SUHPLHUV IRUHXUVpWDLHQWHQIDLWGHVSXLVD WLHUV TXL FUHXVDLHQW GHV WURXV DYHF GHV SLRFKHV SHOOHV HW PDU WHDX[/HWUDYDLOpWDLWGXUHWGDQ JHUHX[ VRXOLJQH 0PH 2OHMDU] GHYDQW XQH FKqYUH HQ JURV URQ GLQV GH ERLV ILFKpV GDQV OH VRO DXWRXU GX SXLWV )UDQHN pTXLSpH G XQH SRXOLH SHUPHWWDQW GH UHPRQWHUOHVVHDX[GHSpWUROH (Q FUHXVDQW OH SXLVDWLHU GRLW UHGRXWHUHIIRQGUHPHQWVDIIDLVVH PHQWV LQRQGDWLRQV HW IXLWHV GH JD] j O RULJLQH G DFFLGHQWV VRX YHQWPRUWHOV,OUHQIRUFHGRQFOHV SDURLV GX JUDQG WURX DYHF GHV SODQFKHV HW UHPERXUUH OHV MRLQWV GHIDEDFpHVOHSRLVOHSRLVFKL FKH RX OD IqYH TXL ERPEDQW DX FRQWDFW GH O HDX UHQGHQW OD FRQVWUXFWLRQpWDQFKH3RXUREWH QLUXQPRXYHPHQWG DLUDXIRQG LOGHVFHQGDYHFXQRLVHDXDWWDFKp j XQ ILO 6HV EDWWHPHQW G DLOHV VHUYHQWGHYHQWLODWHXUQDWXUHO 8152&.()(//(5 (QODEXUHDXFUDWLHDXV WURKRQJURLVH UpSHUWRULH j %REUND SXLWV HW IRUDJHV /H SXLWVOHSOXVSURIRQGFUHXVpjOD PDLQGHVFHQGjPqWUHV/HV WHFKQLTXHVpYROXDQWWUqVYLWHOHV SXLWV RQW pWp DSSURIRQGLV SDU OD VXLWH JUkFH j GLYHUV W\SHV GH IRUDJHV XQH WHFKQRORJLH GpYH ORSSpH SDUWLFXOLqUHPHQW DX[ (WDWV8QLV 0DLV VHORQ FHUWDLQV GDQV XQ SUHPLHU WHPSV XQ GHV 5RFNHIHOOHU HQ SHUVRQQH RX 32850,//,$5'6' (8526 / /HJURXSHHVSDJQRO*DV 1DWXUDOERXFOHOHUDFKDWGX GLVWULEXWHXUFKLOLHQ&*( H JURXSH pQHUJpWLTXH HVSDJQRO *DV 1DWXUDODDQQRQFpDYRLUERXFOpOHUDFKDW GHGXGLVWULEXWHXUFKLOLHQG pOHF WULFLWp&*(&RPSDJQLH*pQpUDOHG (OHFWULFLWp UHQIRUoDQW VHQVLEOHPHQW VRQ LPSODQWDWLRQ HQ $PpULTXH/DWLQH / RIIUH SXEOLTXH G DFKDW GH &*( SUpVHQWpH SDU OD ILOLDOH FKLOLHQQH GX JURXSH HVSDJQRO *DV 1DWXUDO V HVW WHUPLQpH YHQGUHGL DYHF VXFFqV DYHFOHUDFKDWGHDFWLRQVUHSUpVHQ WDQW GX FDSLWDO GH OD FRPSDJQLH FKL OLHQQHLQGLTXHXQFRPPXQLTXpGH*DV1DWXUDO /D ILOLDOH FKLOLHQQH *DV 1DWXUDO )HQRVD YD SD\HU HXURV SRXU FKDTXH DFWLRQ FH TXL YDORULVH &*( DXWRXU GH PLOOLDUGV G HXURV DMRXWHOHFRPPXQLTXp /D WUDQVDFWLRQ LQFOXW OD GHWWH FRQVROLGpH GH &*(HWODSDUWLFLSDWLRQPLQRULWDLUHGHVHVILOLD OHVFHTXLSRUWHOHPRQWDQWWRWDOjHQYLURQPLO OLDUGVG HXURV /H RFWREUH GHUQLHU OD FRPSDJQLH HVSD JQROH GH JD] HW pOHFWULFLWp DYDLW DQQRQFp XQ DFFRUG SRXU OH ODQFHPHQW G XQH 23$ DYHF OH JURXSHIDPLOLDO0DULQOH*URXSH$OPHULDHWOH JURXSHIDPLOLDO3HUH]&UX]DFWLRQQDLUHVPDMRUL WDLUHV GH OD FRPSDJQLH FKLOLHQQH SRXU DSSUR[L PDWLYHPHQWGXFDSLWDOVRFLDO /HUDFKDWGXGLVWULEXWHXUFKLOLHQ&*(FRQVWL WXHODSOXVJUDQGHRSpUDWLRQLQWHUQDWLRQDOHUpDOL VpHSDU*DV1DWXUDO)HQRVDHWOXLSHUPHWG HQWUHU GDQVOHPDUFKppQHUJpWLTXHGX&KLOLHQSRVLWLRQ GH OHDGHU HW SDU OH ELDLV GH OD SULQFLSDOH HQWUH SULVH GH GLVWULEXWLRQ G pOHFWULFLWp HW GH JD] GX SD\V 6HORQODFRPSDJQLHHVSDJQROH&*(FRPSWH SOXV GH PLOOLRQV GH FOLHQWV HW GLVWULEXH GH O pOHFWULFLWp j GX PDUFKp FKLOLHQ GRQW XQH SDUWLHGHODFDSLWDOH6DQWLDJRGX&KLOL (Q *DV 1DWXUDO D GpJDJp XQ EpQpILFH QHWGHPLOOLDUGG HXURV /H JURXSH HVSDJQRO V pWDLW IL[p ILQ FRPPH SULRULWp G DFFpOpUHU VD FURLVVDQFH HQ $PpULTXH /DWLQH G LFL j O KHXUH R XQH UpIRUPHpQHUJpWLTXHHQ(VSDJQHVHWUDGXLWSDUGH QRXYHOOHV WD[HV VXU OD SURGXFWLRQ G pQHUJLH HW SqVHVXUOHVUpVXOWDWVGHVHQWUHSULVHVGXVHFWHXU *DV1DWXUDOHVWGpMjOHSUHPLHUJURXSHGHGLV WULEXWLRQ GH JD] HQ $PpULTXH /DWLQH DYHF XQH SUpVHQFH DX 0H[LTXH DX &RVWD 5LFD DX 3DQDPD DX %UpVLO HQ$UJHQWLQH DX 3pURX HQ &RORPELHHQ5pSXEOLTXHGRPLQLFDLQHHWj3RUWR 5LFR 'DQVOHFDGUHGHVRQSODQVWUDWpJLTXHjKRUL ]RQ*DV1DWXUDODSUpYXG LQYHVWLUPLO OLDUGVG HXURVHQ(XURSHHWHQ$PpULTXH/DWLQH 6LKDP6 UHSUpVHQWpSDUVHVFROODERUDWHXUV HVW YHQX LFL SRXU FKHUFKHU FRP PHQWREWHQLUGXNpURVqQHjSDUWLU GX SpWUROH EUXW DIILUPH 0PH 2OHMDU] (W /XNDVLHZLF] OHXU GLW WRXW/HVDPLVGHV5RFNHIHOOHUOH UDSSRUWHQW DYHF VWXSpIDFWLRQ LQWHUURJpVXUOHSUL[jSD\HUSRXU VHV FRQVHLOV LO DXUDLW UpSRQGX TXHF pWDLWJUDWXLWFDULOOHIDLVDLW SRXUOHELHQGHO KXPDQLWpHWQRQ SDV SRXU V HQULFKLU UDFRQWHW HOOH& pWDLWTXHOTX XQGHSDUWLFX OLqUHPHQW PRGHVWH G XQH ERQWp SURYHUELDOHXQSDVVLRQQp6HORQ VD FRQFHSWLRQ O LQGXVWULH SpWUR OLqUHGHYDLWVXUWRXWVHUYLUjDPp OLRUHUODYLHGHFHWWHSDXYUHSUR YLQFH GH *DOLFLH H[SOLTXH -RDQQD.XELWGLUHFWULFHGXO\FpH WHFKQLTXH GH SpWURFKLPLH j .URVQRVXGHVW $YHFOHVUHYHQXVJpQpUpVSDU OD QRXYHOOH LQGXVWULH OD YLH GHV KDELWDQWV GH OD UpJLRQ D FKDQJp 2QGLVDLWjO pSRTXHTXHFKDTXH URXWH GH *DOLFLH pWDLW SDYpH GH GHQLHUV GH /XNDVLHZLF] WHOOH PHQW LO D GpSHQVp GH VD IRUWXQH GDQV OHV SURMHWV G XWLOLWp SXEOL TXHDMRXWHWHOOH 6D PRGHVWLH V HVW UHWRXUQpH FRQWUH OXL ,O HVW UHVWp PRLQV FRQQX TXH G DXWUHV VFLHQWLILTXHV SRORQDLV &RSHUQLF RX 0DULH 6NORGRZVND&XULH ,O QH YRXODLW SDVTX RQSDUOHGHOXLLOQ DLPDLW SDVVHGLVWLQJXHULODWRXWIDLWGH VRQYLYDQWSRXUTX RQO RXEOLHHW VRQ YRHX D pWp H[DXFp UHJUHWWH 0PH2OHMDU] )DULGD% e/(&75,&,7e /HVJHVWLRQQDLUHVIUDQoDLVHW DOOHPDQGUHQIRUFHQWOHXU FRRSpUDWLRQ HJHVWLRQQDLUHIUDQoDLVGXUpVHDXpOHFWULTXHjKDXWHWHQVLRQ57( / HWVRQKRPRORJXHDOOHPDQG$PSULRQRQWDQQRQFpTX LOVDOODLHQW GpYHORSSHUOHXUSDUWHQDULDWDILQGHUHQIRUFHUOHPDUFKpHXURSpHQGH O pOHFWULFLWpGDQVOHFDGUHGHODYRORQWpGHFRRSpUDWLRQDIILFKpHSDU 3DULVHW%HUOLQ $PSULRQHW57(YRQWLQWHQVLILHUOHXUFRRSpUDWLRQDILQGHGpYHORS SHUGDYDQWDJHOHUpVHDXpOHFWULTXHHXURSpHQLQWHUFRQQHFWpGHIDYRUL VHUODVpFXULWpGHVDSSURYLVLRQQHPHQWVWUDQVQDWLRQDX[HWGHFRQWUL EXHUjO LQWpJUDWLRQGXPDUFKpLQWpULHXUGHO pOHFWULFLWpHQ(XURSHRQW LQGLTXpOHVGHX[JHVWLRQQDLUHVGDQVXQFRPPXQLTXpFRPPXQ /HVGHX[HQWUHSULVHVRQWGHVYLVLRQVFRQFRUGDQWHVGHO pYROXWLRQ GX VHFWHXU GHV UpVHDX[ pOHFWULTXHV HW GHV PDUFKpV GH O pOHFWULFLWp DMRXWHQWLOV 8QSURWRFROHG DFFRUGDpWpVLJQpOHRFWREUH,OVHFRQFUpWLVHUD SDUODUpDOLVDWLRQGHSURMHWVFRPPXQVG H[WHQVLRQGHUpVHDX[YLDOHV LQWHUFRQQH[LRQV HQWUH OD )UDQFH HW O $OOHPDJQH PDLV DXVVL SDU XQH DQDO\VHGHO LQWHUDFWLRQGHVPDUFKpVGHO pOHFWULFLWpDILQG pYDOXHUOHV SRVVLELOLWpVGHGpYHORSSHPHQWGHVQRXYHDX[FRQFHSWVGHPDUFKpV / REMHFWLIHVWGHPDLQWHQLUFHVSURFKDLQHVDQQpHVODVpFXULWpGHV DSSURYLVLRQQHPHQWVHQWHQDQWFRPSWHGHODSDUWFURLVVDQWHGHVpQHU JLHVUHQRXYHODEOHVVXUOHUpVHDXWRXWHQSDUWLFLSDQWGHIDoRQVLJQLIL FDWLYHjODWUDQVLWLRQpQHUJpWLTXHGDQVOHVGHX[SD\VVHORQOHFRP PXQLTXp /HSDUWHQDULDWSRUWHUDDXVVLVXUO H[SORLWDWLRQGHVV\VWqPHVODSOD QLILFDWLRQGHO H[WHQVLRQGHVUpVHDX[OHVFRGHVGHUpVHDXHWODUHFKHU FKHHWGpYHORSSHPHQW $ O LVVXH G XQ FRQVHLO GHV PLQLVWUHV FRPPXQ 3DULV HW %HUOLQ DYDLHQWGpFLGpHQIpYULHUGHGpYHORSSHUGHVSDUWHQDULDWVLQGXVWULHOVHW WHFKQRORJLTXHVGDQVTXDWUHGRPDLQHVFOpVOHVUpVHDX[GHWUDQVSRUW G pOHFWULFLWpOHVpQHUJLHVUHQRXYHODEOHVOHVWRFNDJHGHO pOHFWULFLWpHW O HIILFDFLWppQHUJpWLTXH $LQVLOHVJHVWLRQQDLUHVGHVUpVHDX[G pOHFWULFLWpGRQW57(ILOLDOH DXWRQRPHG (')DYDLHQWpWpLQYLWpVjH[DPLQHUWRXWHVOHVSRVVLELOL WpVGHFRRSpUDWLRQDILQGHUHQIRUFHUOHPDUFKpXQLTXH 66 *2/)('80(;,48( 7HFKQLSUHPSRUWHXQFRQWUDW SRXUXQJLVHPHQW H JURXSH SDUDSpWUROLHU IUDQoDLV 7HFKQLS D DQQRQFp DYRLU UHP / SRUWp XQ FRQWUDW DXSUqV GH OD FRPSDJQLH SpWUROLqUH DPpULFDLQH $QDGDUNR3HWUROHXPSRXUO H[SORLWDWLRQG XQJLVHPHQWVLWXpGDQVOH JROIHGX0H[LTXH/HPRQWDQWGXFRQWUDWQ DSDVpWpGpYRLOp 7HFKQLS D UHPSRUWp XQ FRQWUDW DXSUqV G $QDGDUNR 3HWUROHXP &RUSRUDWLRQSRXUOHSURMHW.5LVHU%DVH*DV/LIWVLWXpVXUOHEORF *UHHQ&DQ\RQGDQVOHJROIHGX0H[LTXHjXQHSURIRQGHXUG HQ YLURQPqWUHVSUpFLVHOHJURXSHGDQVXQFRPPXQLTXp 7HFKQLSUpDOLVHUDODFRQFHSWLRQODIDEULFDWLRQHWO LQVWDOODWLRQGHV VWUXFWXUHVHWGHVFROOHFWHXUVGHWHUPLQDLVRQGHFRQGXLWHV /HFHQWUHRSpUDWLRQQHOGH7HFKQLSVLWXpj+RXVWRQ7H[DVVHUD FKDUJpGHODJHVWLRQGXSURMHW / LQVWDOODWLRQ HQ PHU GHYUDLW rWUH UpDOLVpH DX FRXUV GX VHFRQG VHPHVWUHSDUOHQDYLUHGH7HFKQLSOH'HHS%OXH 1RXV VRPPHV UDYLV G DYRLU UHPSRUWp FH QRXYHDX SURMHW SRXU OHTXHOQRXVIRXUQLURQVGHVLQIUDVWUXFWXUHVGHTXDOLWpDILQG DFFURvWUH HWpWHQGUHOHF\FOHGHYLHG XQJLVHPHQWH[LVWDQWHWGHVHVLQVWDOODWLRQV GDQVOHJROIHGX0H[LTXHDGpFODUp'HDQQD*RRGZLQSUpVLGHQWHGH ODUpJLRQ$PpULTXHGX1RUGGH7HFKQLS )% %2856( Ï + /DSODFHWRN\RwWHDOHV\HX[ULYpV VXUODFURLVVDQFHDXH WULPHVWUH /D%RXUVHGH7RN\RVHUD SDUWLFXOLqUHPHQWDWWHQ WLYHFHWWHVHPDLQHjOD SXEOLFDWLRQGHVFKLIIUHV GHODFURLVVDQFHDXWURL VLqPHWULPHVWUHDORUV TXH7RN\RHQYLVDJHXQ UHSRUWG XQHGHX[LqPH KDXVVHGH79$RQW UpYpOpGHVDQDO\VWHV / HJRXYHUQHPHQWGRLWGRQ QHUOHVFKLIIUHVGXSURGXLW LQWpULHXUEUXWSRXUOHWURL VLqPH WULPHVWUH DSUqV OD IRUWH FRQWUDFWLRQGXGHX[LqPHWULPHVWUH GXH HVVHQWLHOOHPHQW j XQH SUH PLqUH KDXVVH GH OD79$ HQ DYULO 'H FHWWH VWDWLVWLTXH GpSHQGUD OD GpFLVLRQGH7RN\RGHSURFpGHURX QRQjXQHQRXYHOOHDXJPHQWDWLRQ GH OD WD[H VXU OD FRQVRPPDWLRQ SUpYXH SRXU DLQVL TX j GH SRVVLEOHV pOHFWLRQV DQWLFLSpHV OH PRLV SURFKDLQ /HV HVSRLUV G XQ DMRXUQHPHQW GH FHWWH KDXVVH RQW GRSp OHV DFWLRQV MDSRQDLVHV DSUqV TX XQ SUHPLHU UHOqYHPHQW GH OD 79$ HQ DYULO SRXU OD SUHPLqUH IRLVHQDQVDIDLWVHFRQWUDFWHU IRUWHPHQWOHSURGXLWLQWpULHXUEUXW GX -DSRQ PHQDoDQW GH SORQJHU OH SD\VGHQRXYHDXGDQVODUpFHVVLRQ &H TXL HVW HVVHQWLHO FH VRQW OHV FKLIIUHV GX SURGXLW LQWpULHXU EUXW GX WURLVLqPH WULPHVWUH TXL VHURQW SXEOLpV OXQGL FHOD VHUD GpWHUPL QDQW SRXU SUHQGUH OD GpFLVLRQ GH SURFpGHURXQRQjODKDXVVHGHOD 79$ D LQGLTXp 7DNDVKL 0DWVXPRWR GLUHFWHXU FKH] 2NDVDQ6HFXULWLHV6LOHVFKLIIUHV VRQWFHX[SUpYXVOHVLQYHVWLVVHXUV pWUDQJHUV V LQWpUHVVHURQW GH QRX YHDX DX[ DFWLRQV MDSRQDLVHV HW O LQGLFH 1LNNHL SRXUUDLW WHUPLQHU O DQQpH DXGHVVXV GHV SRLQWV YRLUH SUREDEOH DWLO DMRXWp<RVKLKLUR2NXPXUDGLUHF WHXU JpQpUDO j &KLEDJLQ $VVHW 0DQDJHPHQWDGHVRQF{WpHVWLPp TXHOHVLQYHVWLVVHXUVVHUDLHQWpJD OHPHQW DWWHQWLIV DX GpWDLO GHV PHVXUHVGHVRXWLHQTXHOHJRXYHU QHPHQW GHYUDLW DQQRQFHU PDUGL /HPDUFKpDGpMjSULVHQFRPSWH XQUHSRUWGHODKDXVVHGHOD79$ GHV pOHFWLRQV JpQpUDOHV HW GHV PHVXUHV GH VRXWLHQ D UHOHYp 2NXPXUD 0DLQWHQDQW O DFFHQW HVW PLV VXU OH SURJUDPPH HW OH FDOHQGULHU GHV pYqQHPHQWV SROLWL TXHV DWLO DMRXWp /D %RXUVH GH 7RN\RDSURJUHVVpGHYHQ GUHGL WHUPLQDQW j XQ QRXYHDX VRPPHWHQSOXVGHVHSWDQVUHFRX YUDQWVHVSHUWHVDSUqVTXHOH\HQD SORQJpIDFHDXGROODU/H1LNNHL V HVWpOHYpGHVXUO HQVHPEOH GH OD VHPDLQH ,O D SURJUHVVp IRLV DX FRXUV GHV GHUQLqUHV VpDQFHVJUkFHjO RULHQWDWLRQIDYR UDEOH GHV GHYLVHV PDLV DXVVL FHV GHUQLHUV MRXUV GX IDLW GH VSpFXOD WLRQV VXU XQ DMRXUQHPHQW GH OD VHFRQGH KDXVVH GH WD[H VXU OD FRQVRPPDWLRQ QRUPDOHPHQW SUp YXH HQ RFWREUH /H 1LNNHL GHVYDOHXUVYHGHWWHVDDIILFKp XQ JDLQ GH SRLQWV j SRLQWV VRLW VRQ SOXV KDXW QLYHDX GHSXLV MXLOOHW / LQGLFH 1LNNHL D DLQVL JDJQp VXU O HQVHPEOH GH OD VHPDLQH / LQGLFH pODUJL7RSL[ GH WRXVOHVWLWUHVGXSUHPLHUWDEOHDXD SULV SRXU VD SDUW YHQGUHGL SRLQWVjSRLQWV 6XU XQH VHPDLQH LO D JDJQp /D %RXUVH DYDLW GpEXW OD MRXUQpHGDQVOHURXJHHQUDLVRQGH SULVHV GH SURILWV RVFLOODQW HQWUH SHWLWHVEDLVVHVHWKDXVVHVPDLVHOOH HVW UHYHQXH HQ WHUULWRLUH SRVLWLI DYDQW OD FO{WXUH SRUWpH GDQV OHV GHUQLqUHV PLQXWHV SDU XQ GROODU YLJRXUHX[ /H GROODU D JULPSp j \HQVVRQSOXVKDXWQLYHDX GHSXLVFRQWUH\HQVj 1HZ<RUNODYHLOOH8Q\HQIDLEOH HVWXQHERQQHQRXYHOOHSDUFHTXH G XQH SDUW FHOD GRSH OHV H[SRUWD WLRQV MDSRQDLVHV OHV UHQGDQW SOXV FRPSpWLWLYHV HW G DXWUH SDUW RQ &RWDWLRQKHEGRPDGDLUHGHVELOOHWVGHEDQTXH GX1RYHPEUH %,//(76 '( %$148( 86'2//$56 (852 3281'67(5/,1* -$3$1<(1 6:,66)5$1& &$1$',$1'2//$5 '$1,6+.521( 6:(',6+.521$ 125:(*,$1.521( $5$%(0,5$7 ',5+$0 6$8',5,<$/ .8:$,7 ',1$5 781,6,$1',1$5 0$52&&$1',5+$0 86' (85 *%3 -3< &+) &$' '.. 6(. 12. $(' 6$5 .:' 71' 0$' $ & + $7 9(17( DVVLVWHjXQHSRXVVpHFRPSWDEOHGH OD YDOHXU GHV UHYHQXV UpDOLVpV SDU OHVJURXSHVjO pWUDQJHUGDQVG DX WUHVGHYLVHV/HVYDOHXUVGX1LNNHL VHVRQWUpSDUWLHVjTXDVLpJD OLWp HQWUH JDJQDQWHV HW SHUGDQWHV FHOOHVTXLSURILWHQWHQJpQpUDOGHOD EDLVVHGX\HQD\DQWpWpELHQWUDL WpHV7R\RWD D YX VRQ DFWLRQ SUR JUHVVHU GH j \HQV YHQGUHGL +RQGD D JULPSp GH j\HQVHW3DQDVRQLFD SULVj\HQV7DNDWD DGHVRQF{WpSHUGXWHUPL QDQW j \HQV DSUqV TXH OH JURXSH GDQV OD WRXUPHQWH GHSXLV SOXVLHXUV PRLV SRXU VHV DLUEDJV GpIHFWXHX[ UHVSRQVDEOHV GH SOX VLHXUVGpFqVDFRQILUPpTX LOpWDLW YLVp SDU XQH HQTXrWH SpQDOH DX[ (WDWV8QLV'DQVO DXWUHJUDQGVHF WHXU YHGHWWH GH OD %RXUVH GH 7RN\R O pOHFWURQLTXH OHV YDOHXUV RQW pWp pJDOHPHQW ELHQ RULHQWpHV 6RQ\ D UHSULV j \HQV 6KDUS D DXJPHQWp GH j \HQV3DQDVRQLFDSRXUVDSDUW DIILFKp XQ JDLQ GH j \HQV FHOD MXVWH DYDQW TXH O DJHQFH GH QRWDWLRQ ILQDQFLqUH 6WDQGDUG3RRU VQHVHGLVHGLV SRVpHjUHOHYHUODQRWHGHVDGHWWH jORQJWHUPHGXIDLWGHSHUIRUPDQ FHV ILQDQFLqUHV PHLOOHXUHV TX DW WHQGX DX SUHPLHU VHPHVWUH GH O H[HUFLFH FRPSWDEOH HQ FRXUV / DFWLRQGXFRQJORPpUDWLQGXVWULHO +LWDFKL pWDLW DXVVL VXU OHV pFUDQV UDGDUV FH YHQGUHGL GX IDLW G XQ DUWLFOH GX TXRWLGLHQ pFRQRPLTXH 1LNNHLOHGLVDQWGDQVOHVGHUQLq UHV SKDVHV G DMXVWHPHQW SRXU OH UDFKDW GHV ILOLDOHV GH PDWpULHO HW VLJQDOLVDWLRQ IHUURYLDLUHV GX JURXSH LWDOLHQ )LQPHFFDQLFD /H WLWUHDJDJQpj\HQV j OD FO{WXUH GX PDUFKp /HV GHX[ PpJDEDQTXHV 0L]XKR HW 0LWVXELVKL 8)- )LQDQFLDO *URXS TXLGHYDLHQWDQQRQFHUOHXUVUpVXO WDWV VHPHVWULHOV DYDQW YHQGUHGL VRLU RQW pWp DSSUpFLpHV UHVSHFWL YHPHQWHWPDLV SDVODWURLVLqPH6XPLWRPR0LWVXL TXLDFpGpj\HQV j FDXVH G XQH SUpYLVLRQ GH EpQp ILFHQHWDQQXHOFHUWHVUHOHYpHPDLV SDVDVVH]DX[\HX[GHVDFWLRQQDL UHV(QILQODSOXVJURVVHVXUSULVH GH OD MRXUQpH HVW YHQXH GX WLWUH -DSDQ 'LVSOD\ TXL D ERQGL GH j \HQV PrPH VL OH QXPpUR XQ GHV pFUDQV GH VPDUW SKRQHVHWWDEOHWWHVDUpYLVpQpJDWL YHPHQWVHVHVWLPDWLRQVDQQXHOOHV ,O\DV$ /(0$*+5(% GX1RYHPEUH :DOO6WUHHWWHUPLQHHQRUGUH GLVSHUVpXQHVpDQFHVDQVIHU YHXU : DOO 6WUHHW D WHUPLQp HQ RUGUH GLVSHUVp YHQGUHGL GH ERQV FKLIIUHV VXU O pFRQRPLH HXURSpHQQH RX OD FRQVRPPDWLRQ DPpULFDLQHQHVXIILVDQWSDVjVXVFLWHUXQJUDQGHQWKRXVLDVPHOH 'RZ-RQHVDFpGpWDQGLVTXHOH1DVGDTDJULJQRWp 6HORQGHVUpVXOWDWVGpILQLWLIVOH'RZ-RQHV,QGXVWULDO$YHUDJH DOkFKpSRLQWVjSRLQWVHWOH1DVGDTjGRPLQDQWH WHFKQRORJLTXHV HVWDGMXJpSRLQWVjSRLQWV / LQGLFHpODUJL63 HVWPRQWpGHRXSRLQWj SRLQWVVLJQDQWDXSDVVDJHGHMXVWHVVHXQQRXYHDXUHFRUG /HVWURLVJUDQGVLQGLFHVGHOD%RXUVHGH1HZ<RUNRQWRVFLOOp DXWRXUGHO pTXLOLEUHWRXWDXORQJGHODVpDQFH 0DLV OD SODFH QHZ\RUNDLVH D JULPSp WHOOHPHQW HW WHOOHPHQW YLWHHQVHXOHPHQWTXHOTXHVVHPDLQHVTX LOHVWWRXWQDWXUHOTX HOOH VH SODFH XQ SHX HQ UHWUDLW D FRPPHQWp 7RP &DKLOO GH 9HQWXUD :HDOWK0DQDJHPHQW $YDQWG DWWHLQGUHXQQRXYHDXUHFRUGMHXGLVRLUOH'RZ-RQHV V pWDLW QRWDPPHQW DSSUpFLp GH SUqV GH GHSXLV VRQ GHUQLHU FUHX[PLRFWREUH /HV LQGLFDWHXUV GLIIXVpV VXU OHV GHX[ ULYHV GH O $WODQWLTXH pWDLHQWSRXUWDQWHQFRXUDJHDQWV /H SURGXLW LQWpULHXU EUXW 3,% GH OD ]RQH HXUR QRWDPPHQW D SURJUHVVpGHDXWURLVLqPHWULPHVWUHVRLWXQSHXSOXVTX DW WHQGX $X[(WDWV8QLVOHVYHQWHVGHGpWDLORQWDXJPHQWpGHHQ RFWREUHFRPPHV \DWWHQGDLHQWOHVDQDO\VWHV(OOHVUDWWUDSHQWDLQVL ODSHUWHGXPRLVSUpFpGHQWRHOOHVDYDLHQWPDUTXpOHSDVj SRXUODSUHPLqUHIRLVHQVHSWPRLV /HPRUDOGHVPpQDJHVDPpULFDLQVDGHVRQF{WpSURJUHVVpSOXV TXHSUpYXHQQRYHPEUHDWWHLJQDQWXQVRPPHWHQKXLWDQVVHORQ OD SUHPLqUH HVWLPDWLRQ GH O LQGLFDWHXU GH O 8QLYHUVLWp GX 0LFKLJDQ &HVGHX[VWDWLVWLTXHVVRQWLPSRUWDQWHVFDUOHPDUFKpERXUVLHU DPpULFDLQ D EHVRLQ G XQH FRQVRPPDWLRQ LQWpULHXUH IRUWH SRXU FRQWLQXHUjJULPSHUG LFLODILQGHO DQQpHFDUFHQ HVWSDVGXF{Wp GHVH[SRUWDWLRQVIUHLQpHVSDUODKDXVVHGXGROODUTXHOHVLQGLFHV YRQW WURXYHU GHV UHODLV GH FURLVVDQFH D VRXOLJQp *UHJRUL 9RORNKLQHGH0HHVFKDHUW)LQDQFLDO6HUYLFHV 6XU OH IURQW GHV YDOHXUV OD FRPSDJQLH DpULHQQH j EDV SUL[ 9LUJLQ$PHULFDGRQWOHPLOOLDUGDLUHEULWDQQLTXH5LFKDUG%UDQVRQ GpWLHQW GX FDSLWDO D UpXVVL VRQ HQWUpH j OD %RXUVH GH 1HZ <RUN OH MRXU GH VRQ LQWURGXFWLRQ OH WLWUH D ERQGL GH j GROODUV /H QXPpUR WURLV PRQGLDO GHV VHUYLFHV j O LQGXVWULH SpWUROLqUH %DNHU +XJKHV HVW PRQWp GH j GROODUV DSUqV DYRLU FRQILUPp O H[LVWHQFH GH QpJRFLDWLRQV GH IXVLRQ DYHF VRQ FRPSD WULRWH +DOOLEXUWRQ GHX[LqPH DFWHXU GX VHFWHXU j GROODUV /HORXHXUGHYRLWXUHVHQGLIILFXOWp+HUW]DSRXUVDSDUWSORQJp GH j GROODUV /H JURXSH HVW SORPEp SDU O DQQRQFH G HUUHXUV FRPSWDEOHV SOXV pWHQGXHV TXH SUpYX HW OD SHUVSHFWLYH G XQHSRXUVXLWHO DQSURFKDLQGHVHVSUREOqPHVRSpUDWLRQQHOV /HJURXSHLQIRUPDWLTXH0LFURVRIWTXLDVRUWLXQHYHUVLRQWHVW GHVDPHVVDJHULHYLGpR6N\SHSHUPHWWDQWDX[XWLOLVDWHXUVGHIDLUH GHVDSSHOVGLUHFWHPHQWGHSXLVXQQDYLJDWHXULQWHUQHWVDQVLQVWDO OHUXQSURJUDPPHVSpFLILTXHDOkFKpjGROODUV /H JpDQW GH OD UHVWDXUDWLRQ UDSLGH 0F'RQDOG V HVW PRQWp GH jGROODUV 6XU OH IURQW GHV YDOHXUV OH JpDQW GH OD UHVWDXUDWLRQ UDSLGH 0F'RQDOG VPRQWDLWGHjGROODUV/HJURXSHFRPSWH GpVRUPDLVSDUPLVHVDFWLRQQDLUHV-DQD3DUWQHUVXQIRQGVG LQYHV WLVVHPHQWDFWLYLVWHTXLDFRXWXPHGHSU{QHUGHVFKDQJHPHQWVVWUD WpJLTXHVGUDVWLTXHVGqVVRQHQWUpHGDQVOHFDSLWDOG XQHHQWUHSULVH /H QXPpUR WURLV PRQGLDO GHV VHUYLFHV j O LQGXVWULH SpWUROLqUH %DNHU +XJKHV PRQWDLW GH j GROODUV DSUqV DYRLU FRQILUPp O H[LVWHQFH GH QpJRFLDWLRQV GH IXVLRQ DYHF VRQ FRPSD WULRWH +DOOLEXUWRQ GHX[LqPH DFWHXU GX VHFWHXU j GROODUV /HORXHXUGHYRLWXUHVHQGLIILFXOWp+HUW]UHFXODLWSRXUVDSDUW GH j GROODUV /H JURXSH HVW SORPEp SDU O DQQRQFH G HUUHXUV FRPSWDEOHV SOXV pWHQGXHV TXH SUpYX HW OD SHUVSHFWLYH G XQHSRXUVXLWHO DQSURFKDLQGHVHVSUREOqPHVRSpUDWLRQQHOV /H VSpFLDOLVWH GHV ORJLFLHOV SURIHVVLRQQHOV 2UDFOH V DSSUpFLDLW GH j GROODUV 6RQ JUDQG ULYDO O DOOHPDQG 6$3 D DFFHSWpGHOXLSD\HUPLOOLRQVGHGROODUVSRXUVROGHUXQOLWLJH YLHX[GHVHSWDQV /DFRPSDJQLHDpULHQQHjEDVSUL[9LUJLQ$PHULFDGRQWOHPLO OLDUGDLUHEULWDQQLTXH5LFKDUG%UDQVRQGpWLHQWGXFDSLWDOIDL VDLWXQHHQWUpHUHPDUTXpHjOD%RXUVHGH1HZ<RUNSHXDSUqVVRQ LQWURGXFWLRQOHWLWUHERQGLVVDLWGHjGROODUV /HPDUFKpREOLJDWDLUHDWHUPLQpHQKDXVVH/HUHQGHPHQWGHV ERQV GX7UpVRU j DQV D UHFXOp j FRQWUH MHXGL VRLUHWFHOXLGHVERQVjDQVjFRQWUHODYHLOOH ,$ 6pDQFHGHFRWDWLRQGHVYDOHXUVPRELOLqUHVGX1RYHPEUH $OOLDQFH$VVXUDQFH &DSLWDOLVDWLRQERXUVLqUH (*+(O$XUDVVL 6DLGDO 6pDQFHGHFRWDWLRQGHVYDOHXUVGX7UpVRU 63$ 'DKOL ,QGLFHERXUVLHUWKpRULTXH 6RQHOJD] 5HQGHPHQWPD[LPXP 5HQGHPHQWPLQLPXP 1&$5RXLED -,Ï /(0$*+5(% GX 1RYHPEUH 225('22(15,&+,76(62))5(6*32856(6&/,(1763$57,&8/,(56 3URILWH]GHVIRUIDLWVPQj'$ HW0Rj'$ 'HSDUVRQVWDWXW LQFRQWRXUQDEOHG DFWHXU PDMHXUGXVHFWHXUGHV WpOpFRPPXQLFDWLRQVHQ $OJpULH2RUHGRRHQWHQG DLQVLPDUTXHUVD SUpVHQFHSDUPLOHV RSpUDWHXUVGHWpOpSKRQLH PRELOHOHVSOXVHQYXHHW UpDIILUPHUVDGLPHQVLRQ G RSpUDWHXUDXGLDSDVRQ DYHFOHVGHUQLqUHV LQQRYDWLRQVHWOHV GpYHORSSHPHQWVGDQV VRQGRPDLQHG DFWLYLWp $ SUqV OH VXFFqV SKpQRPpQDO TXH FRQQDLVVHQW OHV SURPRWLRQV ODQ FpHV SDU 2RUHGRR O RSpUDWHXU FRQWLQXH GH VXUSUHQGUH VHV FOLHQWV DYHF VHV RIIUHV H[FHSWLRQQHOOHV HQ ODQoDQW GH QRXYHOOHV RIIUHV HQULFKLVVDQWHV SRXU VHV ILGqOHV DERQQpV $ FHW HIIHW O RSpUDWHXU RIIUHO RSSRUWXQLWpjVHVFOLHQWVGHSURILWHU HQSHUPDQHQFHGHVHVIRUIDLWV9RL[ / 0LQXWHVG DSSHOVj'$ HW,QWHUQHW 0R G ,QWHUQHW j '$ ODQFpV j WLWUH SURPRWLRQQHO GXUDQW OH PRLV GH 5DPDGKDQ 'pVRUPDLV OHV FOLHQWV GHV ZLOD\DV GX SD\V SHXYHQW EpQpILFLHU j WRXW PRPHQW GX IRUIDLW 9RL[ DYHF PLQXWHV G DSSHOV j '$ VHXOHPHQW OHXU SHUPHWWDQW GH FRPPXQLTXHU YHUV OH UpVHDX2RUHGRR$XVVL2RUHGRRSURSRVH HQ SHUPDQHQFH j VHV FOLHQWV GDQV OHV ZLOD\DV FRXYHUWHV SDU VRQ UpVHDX * OH IRUIDLW ,QWHUQHW GH 0R GH FRQQH[LRQ SRXU'$ VHXOHPHQWYDODEOHSHQGDQW MRXUV/HVFOLHQWVSURILWHURQWDLQVLHQ WRXWH VLPSOLFLWp HW j WRXW PRPHQW GH O ,QWHUQHWjKDXWGpELWDYHFOHUpVHDX*GH 2RUHGRR VXU OHXU WpOpSKRQH PRELOH FOp RX WDEOHWWH SRXU VH FRQQHFWHU VXU OHV UpVHDX[ VRFLDX[ YLVLRQQHU GHV YLGpRV HQYR\HUHWUHFHYRLUGHVPDLOVGLDORJXHUHW FKDWWHU DYHF OHXUV DPLV HW SURFKHV VXU OHXUV PHVVDJHULHV IDYRULWHV &HV GHX[ RIIUHV VRQW DFFHVVLEOHV HQ FRPSRVDQW OH FRGH RX HQ RXYUDQW VLPSOHPHQW XQH SDJH ZHE HW VpOHFWLRQQHU OH IRUIDLW VRXKDLWp 5DSSHORQV HQILQ TX¶HQ WDQW TX DFWHXU SULPRUGLDO GDQV OH VHFWHXU GHV WpOpFRPPXQLFDWLRQV HQ$OJpULH 2RUHGRR DIDLWGHVHVRIIUHVXQHRSSRUWXQLWpGHVH UDSSURFKHU GH VHV FOLHQWV HW GH IDLUH FRQQDvWUH VHV GLIIpUHQWHV VROXWLRQV$LQVL OH SUHPLHU RSpUDWHXU WpOpSKRQLTXH HQ $OJpULHYRXVGRQQHUHQGH]YRXVjO RFFD VLRQ G DXWUHV RIIUHV VHPEODEOHV« $YHF VHVVROXWLRQVSUDWLTXHVHWVHVSUL[DYDQWD JHX[ 2RUHGRR HQWHQG UpSRQGUH GH PDQLqUH RSWLPDOH DX[ GLIIpUHQWV EHVRLQV GHVHVFOLHQWVHWOHXUSHUPHWWUHGHEpQpIL FLHUSOHLQHPHQWGHVRQUpVHDX* 6HIWD/HLOD /H*DOD[\1RWHIDFHjO L3KRQH3OXV HWjO $VFHQG0DWH HV WURLV QRXYHDX[ VPDUW SKRQHV IRQW SDUWLH GH FH TX LO VH IDLW GH PLHX[ HQ IRUPDW;;/9RLFLpOpPHQWVGH FRPSDUDLVRQ SRXU YRXV DLGHU j YRXVIDLUHXQHLGpH 1RXV YRLFL HQ SUpVHQFH GH WURLV SKDEOHWWHVDXWRSGHFHTXLVHIDLW GHPLHX[DFWXHOOHPHQWVXUOHPDU FKpGHVVPDUWSKRQHVjpFUDQ;;/ VXSpULHXUjSRXFHV$YHFVRQ *DOD[\ 1RWH GH GHUQLqUH JpQpUD WLRQ6DPVXQJFRPSWHELHQJDUGHU XQH ORQJXHXU G DYDQFH VXU VHV SULQFLSDX[ULYDX[0DLVODFRQFXU UHQFHV DQQRQFHDFKDUQpHG DXWDQW SOXV TX XQ LQYLWp GH SRLGV D IDLW UpFHPPHQWVRQDSSDULWLRQ$SSOH $YHFO L3KRQH3OXVODILUPHjOD SRPPH HVSqUH HIIHFWLYHPHQW JUL JQRWHU GHV SDUWV GH PDUFKp j VRQ HQQHPLSUpIpUp (WSXLVLOIDXWGpVRUPDLVFRPSWHU VXU OHV FRQVWUXFWHXUV FKLQRLV TXL Q RQWULHQjHQYLHUjOHXUVFDPDUD GHVGHMHX3RXUSUHXYHO $VFHQG 0DWHXQHSKDEOHWWHGH+XDZHL TXL GRQQH GH VpULHX[ FRXSV GH FRXGH SRXU VH IDLUH XQH SODFH DX VROHLO $YHF GHV DUJXPHQWV GH SRLGV6XUWRXWORUVTXHO RQVDLWTXH FHIRUPDWG DSSDUHLOHQUHJLVWUHXQ YpULWDEOH HQJRXHPHQW HQ $VLH GH PDQLqUH JpQpUDOH HW HQ &KLQH HQ SDUWLFXOLHU 3DV IDFLOH GRQF GH IDLUH OH FKRL[ HQWUH O KLVWRULTXH O LFRQLTXH HW OD UpSOLTXH9RLFLXQFRPSDUDWLISUH QDQWHQFRPSWHQHXIFULWqUHVHWTXL YRXVDLGHUDjIDLUHOHERQFKRL[HQ IRQFWLRQGHYRVSULRULWpV 'HVLJQHWILQLWLRQ $SSOHIDLWXQHQRXYHOOHIRLVLFLOD GLIIpUHQFH DYHF XQ L3KRQH 3OXV DX[ ILQLWLRQV H[WUrPHPHQW ELHQ OpFKpHV 6RQ KDELOODJH HQ DOXPL QLXP PRQREORF LGHQWLTXH j O L3KRQHHWVRQpFUDQDX[F{WpV LQFXUYpV HQ IRQW XQ WUqV EHDX VPDUWSKRQH TXH O RQ GLVVLPXOHUD KpODVVRXVXQHFRTXHGHSURWHFWLRQ SRXUQHSDVO DEvPHU+XDZHLSDU YLHQWpJDOHPHQWjVRUWLUGXORWDYHF XQDSSDUHLOHQPpWDOWUqVSUHPLXP $XWUH SRLQW H[WUrPHPHQW DSSUp FLDEOH OH FRQVWUXFWHXU FKLQRLV HVW SDUYHQXjFDVHUXQpFUDQGHSRX FHVGDQVXQERLWLHUTXDVLLGHQWLTXH jFHOXLG XQSRXFHVHQURJQDQW DX PD[LPXP OHV ERUGXUHV /H *DOD[\ 1RWH GH 6DPVXQJ HPSUXQWH TXDQW j OXL OD VLJQDWXUH YLVXHOOHGHVHVJUDQGVIUqUHVDYHF TXHOTXHV DPpOLRUDWLRQV 8Q FRQWRXU DYHF XQ OLVHUp HQ DOXPL QLXPHWOHVHIIHWVGHPDWLqUHVGHOD FRTXH DUULqUH 0DLV XQH IRLV HQFRUHOHJpDQWFRUpHQQHSDUYLHQW SDVjVHGpPDUTXHUHQSURSRVDQW HQFRUHHWWRXMRXUVVRQKDELOODJHHQ SODVWLTXH,OSHUGGRQFLFLTXHOTXHV SRLQWV (FUDQ & HVWOHFKRFGHVWLWDQVSRXFHV SRXU O L3KRQH SRXFHV SRXU OH *DOD[\ 1RWH HW SRXFHV SRXU O $VFHQG 0DWH $YHF XQ DYDQ WDJH FHUWDLQ SRXU OH 6DPVXQJ TXL HVW OH VHXO j SURSRVHU XQH UpVROX WLRQGH[SL[HOVTXDQG OHVGHX[DXWUHVVRQWHQ)XOO+'(W FHODVHYRLW/HVFRXOHXUVVRQWSOXV YLYHVHWpFODWDQWHVVXUOH6DPVXQJ / ,SKRQH 3OXV DUULYH HQ GHX[LqPH SRVLWLRQ j TXHOTXHV HQFDEOXUHVGHVRQJUDQGULYDOVXLYL SDUOH+XDZHLTXLSDUYLHQWWRXWGH PrPHjVHGLVWLQJXHUPrPHVLHQ WHUPHVGHFRQWUDVWHVLOV LQVFULWHQ GHojGHVHVFRPSqUHV 3XLVVDQFH 9RLOjWURLVDSSDUHLOVjODSXLVVDQFH LGpDOH SRXU OHV DPDWHXUV GH MHX[ YLGpR/H1RWHGLVSRVHG XQSUR FHVVHXU 6QDSGUDJRQ TXDWUH F°XUVHWGH*RGH5$0FHTXL HQIDLWOHSOXVSXLVVDQWGXPDUFKp 4XDQW j O L3KRQH 3OXV LO URXOH FRPPHVRQSHWLWIUqUHGHSRX FHVDYHFOHGXR$DUFKLWHFWXUH ELWV HW OH FRSURFHVVHXU 0 +XDZHLDGHVRQF{WppTXLSpVRQ $VFHQG 0DWH G XQ SURFHVVHXU PDLVRQ OH +LVLOLFRQ .LULQ HW GH*RGH5$0(WVLO RQHQFURLW $Q7X7X O DSSOLFDWLRQ GH %HQFKPDUNLQJ VXU $QGURLG LO VH SODFH j TXHOTXHV HQFDEOXUHV GX 6DPVXQJSRXUFHTXLHVWGHVDSHU IRUPDQFH JOREDOH FRQWUH SRXU OH 1RWH HW LQWqJUH DLQVL OH WRS GX H WULPHVWUH 3KRWR / DSSDUHLOSKRWRHVWGHYHQXLQFRQ WRXUQDEOHGDQVOHFKRL[G XQVPDUW SKRQH /HV FRQVWUXFWHXUV O RQW FRPSULV HW GRSHQW QRQ VHXOHPHQW OH FDSWHXU SULQFLSDO PDLV DXVVL O DSSDUHLO IURQWDO SRXU OHV QRP EUHX[ DPDWHXUV GH VHOILHV 6XU OH SDSLHU/H1RWHSUHQGOHGHVVXV DYHFPLOOLRQVGHSL[HOVGHYDQW O $VFHQG 0DWH PLOOLRQV GH SL[HOV HW O L3KRQH 3OXV PLO OLRQVGHSL[HOV 4XDQWjO DSSDUHLOIURQWDO+XDZHL DIDLWGXVHOILHXQpOpPHQWGLIIpUHQ FLDQWHQGRWDQWVRQDSSDUHLOIURQWDO G XQ FDSWHXU GH PLOOLRQV GH SL[HOV 6DPVXQJ SURSRVH TXDQW j OXLODSRVVLELOLWpGHIDLUHGHVVHOILHV j GHJUpV 'DQV OD SUDWLTXH F HVWHQFRUH6DPVXQJTXLPDUTXH OjHQFRUHGHVSRLQWVDYHFGHVSKR WRV GH WUqV EHOOH TXDOLWp VXLYL GH WUqVSUqVSDU$SSOH+XDZHLIHUPH ODPDUFKHDYHFGHVFRXOHXUVQHWWH PHQWPRLQVpFODWDQWHVHWSOXVWHU QHV )RQFWLRQQDOLWpVGLYHUVHV /HVWURLVSKDEOHWWHVGLVSRVHQWG XQ FDSWHXUG HPSUHLQWHVGLJLWDOHV8Q pOpPHQW TXL VpFXULVH GDYDQWDJH O DSSDUHLO HW TX $SSOH XWLOLVH QRWDPPHQW YLD VRQ PRGH $SSOH 3D\ SRXU OHV SDLHPHQWV VDQV FRQWDFW ,O IDLW LFL OD GLIIpUHQFH DYHFVRQFDSWHXUHQIDoDGHGHYDQW +XDZHLTXLO DSODFpVXUOHGRVGH O DSSDUHLO 3DV pYLGHQW j XWLOLVHU TXDQGLOHVWSRVpVXUXQHWDEOH8Q SRLQW QRLU SDU FRQWUH SRXU 6DPVXQJ ,O IDXW V \ UHSUHQGUH j SOXVLHXUV UHSULVHV SRXU GpYHUURXLOOHU VD PDFKLQH/HGRLJWGRLWJOLVVHUSRXU O DFWLYHU $XWDQW GLUH TXH G XQH VHXOH PDLQ F HVW ULJRXUHXVHPHQW LPSRVVLEOH7UqVDJDoDQW ,OVSURSRVHQWpJDOHPHQWXQHDSSOL FDWLRQGpGLpHjODVDQWp6+HDOWK FKH] 6DPVXQJ 6DQWp FKH]$SSOH HW+L&DUHFKH]+XDZHL$ QRWHU OH 1RWH HPEDUTXH XQ FDSWHXU FDUGLDTXHVXUOHGRVGHO DSSDUHLO FRPPHOH*DOD[\6HWOH*DOD[\ $OSKD 6\VWqPHG H[SORLWDWLRQ /DJUDQGHQRXYHDXWpGHO L3KRQH 3OXV SURYLHQW pJDOHPHQW GH VRQ 26$SSOHDSURILWpGHVDQRXYHOOH PDFKLQH SRXU ODQFHU L26 TXL RIIUHGHVpYROXWLRQVWUqVDSSUpFLD EOHVHQPDWLqUHGHSKRWRGHPHV VDJHULH GH VDLVLHV GH WH[WH HW GH VDQWp /HV GHX[ FRQFXUUHQWV WRXU QHQWVRXV$QGURLG.LW.DWL26 HPSUXQWH EHDXFRXS j$QGURLG PDLVSHXWUHFHYRLUODSDOPHGHO HU JRQRPLH $YHF XQ WUqV VpULHX[ EpPRO OD TXHVWLRQ GH VRQ RXYHU WXUH UHVWH WRXMRXUV G DFWXDOLWp $ QRWHU TXH 6DPVXQJ D DIILQp VRQ LQWHUIDFH 7RXFKZL] 4XDQW j +XDZHLLORIIUHDYHFVRQ$VFHQG 0DWH XQH VXUFRXFKH PDLVRQ (08,WUqVKDXWGHJDPPHHW GXSOXVEHOHIIHW 6W\OHW & HVWHQFRUHOjODJUDQGHIRUFHGH 6DPVXQJTXLHVWOHVHXOjSURSRVHU XQVW\OHWDYHFVDSKDEOHWWH,O\D OHV DILFLRQDGRV HW SXLV OHV GpWUDF WHXUV TXL GpQRQFHQW XQH VXUYL YDQFH GH O qUH 3DOP 3LORW ,O IDXW PDLQWHQDQW UHFRQQDvWUH TXH OH 6 3HQDSSRUWHXQFRQIRUWLQGpQLDEOH HQ PRGH SURGXFWLYLWp IDLVDQW GX 1RWHOHPHLOOHXUDPLGHFHOOHVHW FHX[ TXL YHXOHQW WUDYDLOOHU DYHF OHXU VPDUWSKRQH 6D VHQVLELOLWp D G DLOOHXUVpWpGRXEOpH (OOH GLVSRVH GpVRUPDLV GH QLYHDX[ GH SUHVVLRQ ,O SHUPHW QRWDPPHQWGHJpUHUODUHFRQQDLV VDQFHPDQXVFULWHGHIDLUHGHVFDS WXUHV G LPDJH HW GH WH[WH TXH O RQ SRXUUDLQWpJUHUGDQVXQPDLORXXQ VPV %DWWHULH /HV WURLV DSSDUHLOV DVVXUHQW SOXV G XQHMRXUQpHG DXWRQRPLH$ QRWHU TXH 6DPVXQJ SURSRVH GH FKDUJHU OD EDWWHULH j HQ PLQXWHV HQYLURQDYHFOHV\VWqPHGHFKDUJH 4XLFN &KDUJH +XDZHL HW 6DPVXQJSHUPHWWHQWYLDXQPRGH G pFRQRPLH G pQHUJLH GH WUDQVIRU PHU VRQ VPDUWSKRQH HQ VLPSOH WpOpSKRQH PRELOH HW G DFFURvWUH DLQVL VRQ HQGXUDQFH SRXU UHVWHU WRXMRXUV MRLJQDEOH / L3KRQH 3OXVGLVSRVHG XQHDXWRQRPLHSOXV LPSRUWDQWH TXH VRQ SHWLW IUqUH O L3KRQH7UqVDSSUpFLDEOH 3UL[ ,OQ \DSDVSKRWR+XDZHLO HP SRUWHKDXWODPDLQDYHFXQDSSDUHLO H[WUrPHPHQW DWWUDFWLI j PRLQV GH HXURV TXDQG VHV GHX[ ULYDX[ WXWRLHQW OHV VRPPHWV OH 1RWH pWDQWjHXURVTXDQGOL3KRQH 3OXV GpPDUUH j HXURV SRXU GpSDVVHUODEDUUHGHVHXURV SRXU OH PRGqOH *R GH VWRFNDJH 0DLQWHQDQW LO \ D OD SXLVVDQFHGHVGHX[DXWUHVPDUTXHV HWSXLVOHVSHWLWVSOXVTX HOOHVLQWq JUHQWGDQVOHXUPDFKLQH ,VODP/ /(0$*+5(% GX1RYHPEUH 0$52& / 3OXVGHVLWHVHW PRQXPHQWVKLVWRULTXHVj SURWpJHU H0DURFGLVSRVHGHVLWHVHWPRQXPHQWVKLVWRULTXHVD VRXOLJQp PDUGL j 5DEDW OH PLQLVWUH GH OD FXOWXUH 0RKDPHG $PLQH 6ELKL /H PLQLVWUH TXL UpSRQGDLW j XQH TXHVWLRQ RUDOH j OD &KDPEUH GHV FRQVHLOOHUV VXU OD SURWHFWLRQ GHV PRQXPHQWV KLVWRUL TXHVFRQWUHODGpJUDGDWLRQDDMRXWpTXHFHVPRQXPHQWVHWVLWHVKLV WRULTXHV RQW SD\p OH SUL[ GXUDQW SOXVLHXUV DQQpHV GX PDQTXH GH PR\HQVPDWpULHOVHWGHO LQFRQVFLHQFH(WOHPLQLVWUHGHVRXOLJQHU TXHGpVRUPDLVO (WDWHWODVRFLpWpVRQWFRQVFLHQWVGHO LPSRUWDQFHGH FHSDWULPRLQHQDWLRQDOQRWDQWGDQVFHVHQVTXHOHPLQLVWqUHGHOD FXOWXUHGpSORLHGHVHIIRUWVFRQVLGpUDEOHVSRXUODSUpVHUYDWLRQGHFH SDWULPRLQHFXOWXUHOSDUO LQLWLDWLRQGHSOXVLHXUVFKDQWLHUVHWSURMHWV ,OV DJLWQRWDPPHQWGHFKDQWLHUVGHUHVWDXUDWLRQD[pVVXUODFRQYHU JHQFHGHVSURMHWVHQWUHSOXVLHXUVVHFWHXUVPLQLVWpULHOVD\DQWSHUPLV OD PRELOLVDWLRQ GHV UHVVRXUFHV ILQDQFLqUHV VXSSOpPHQWDLUHV GH PLOOLRQV GH GLUKDPV FKDTXH DQQpH DWLO LQGLTXp PHWWDQW O DFFHQW VXUOHU{OHGHFHVVLWHVHWPRQXPHQWVKLVWRULTXHVGDQVOHGpYHORSSH PHQWGXUDEOHHWOHWRXULVPHFXOWXUHO «&ROORTXHLQWHUQDWLRQDOj O RFFDVLRQGXHDQQLYHUVDLUH GHODFUpDWLRQGHO 20& ,QVWLWXW PDURFDLQ GHV UHODWLRQV LQWHUQDWLRQDOHV ,05, RUJD / QLVHOHVHWQRYHPEUHj0DUUDNHFKXQ&ROORTXHLQWHU QDWLRQDO j O RFFDVLRQ GX H DQQLYHUVDLUH GH OD FUpDWLRQ GH O 2UJDQLVDWLRQPRQGLDOHGXFRPPHUFH20&/HDYULOj 0DUUDNHFK OHV PLQLVWUHV GHV$IIDLUHV pWUDQJqUHV UHSUpVHQWDQW SD\VRQWVLJQpDFFRUGVFO{WXUDQWDQVGHVSOXVJUDQGHVQpJRFLD WLRQVGHO KLVWRLUHGHO KXPDQLWp2UJDQLVDQWWRXWOHFRPPHUFHLQWHU QDWLRQDOGXPRQGHFHVDFFRUGVHQSDJHVRQWVXUWRXWGRQQp OLHXjODFUpDWLRQGHO 2UJDQLVDWLRQPRQGLDOHGXFRPPHUFH20& HWO 2UJDQHGHUqJOHPHQWGHVGLIIpUHQGV25'WULEXQDODUELWUDOGHV OLWLJHV GX FRPPHUFH LQWHUQDWLRQDO HW RXYHUW OD YRLH DX F\FOH GH QpJRFLDWLRQV FRPPHUFLDOHV ODQFp HQ QRYHPEUH j 'RKD 0DUUDNHFKUHVWHGRQFXQVRPPHWGHO KLVWRLUHFRPPHUFLDOH GHVQDWLRQVHWOHV\PEROHGXPXOWLODWpUDOLVPHROHVSHWLWV(WDWVGX 6XG QH VRQW SOXV OLYUpV DX[ JpDQWV pFRQRPLTXHV GX 1RUG 0DOKHXUHXVHPHQW O pFKHF GHV QpJRFLDWLRQV GH 'RKD D PDUTXp OH UHWRXUYHUVOHELODWpUDOLVPHHWODGRPLQDWLRQGHVJUDQGHVQDWLRQV VRXOLJQHQWOHVLQLWLDWHXUVGHFHWWHFRPPpPRUDWLRQ(QFpOpEUDQWOH H DQQLYHUVDLUH GH O 20& j 0DUUDNHFK O ,05, VRXKDLWH WRXW G DERUGIDLUHOHELODQGHFHWWHRUJDQLVDWLRQjODIRLVVXUOHSODQQDWLR QDOHWLQWHUQDWLRQDO/ DPELWLRQGHFH&ROORTXHHVWVXUWRXWGHIDLUH GHVSURSRVLWLRQVFRQFUqWHVSRXUVRUWLUO 20&GHVRQPDUDVPHDFWXHO DILQGHIDLUHWULRPSKHUjQRXYHDXOHPXOWLODWpUDOLVPHGDQVOHFRP PHUFHLQWHUQDWLRQDO' pPLQHQWVUHVSRQVDEOHVSROLWLTXHVPDURFDLQV HW pWUDQJHUV G H[SHUWV GDQV OH FRPPHUFH LQWHUQDWLRQDO GH FKHIV G HQWUHSULVHHWGHUHSUpVHQWDQWVGHODVRFLpWpFLYLOHSDUWLFLSHURQWjFH &ROORTXHSRXUSDUYHQLUjGHVUHFRPPDQGDWLRQVTXLVHURQWWUDQVPL VHV DX[ GpFLGHXUV SROLWLTXHV HW pFRQRPLTXHV GX PRQGH DIILUPHQW OHVRUJDQLVDWHXUV /,%<( /H&RQVHLOGHVpFXULWpFRQGDPQH OHVDWWHQWDWVjODERPEHFRQWUHOHV DPEDVVDGHVG (J\SWHHWGHV (PLUDWVj7ULSROL / H&RQVHLOGHVpFXULWpDFRQGDPQpDYHFODSOXVJUDQGHIHUPHWp OHVDWWHQWDWVWHUURULVWHVjODERPEHSHUSpWUpVFRQWUHOHVDPEDV VDGHV GH O (J\SWH HW GHV (PLUDWV DUDEHV XQLV ($8 j 7ULSROL HQ /LE\H /HV PHPEUHV GX &RQVHLO GH VpFXULWp FRQGDPQHQW WRXV OHV DFWHVGHYLROHQFHYLVDQWGHVEkWLPHQWVGLSORPDWLTXHVTXLPHWWHQWHQ SpULOGHVLQQRFHQWVHWSHUWXUEHQWJUDYHPHQWOHWUDYDLOGHVUHSUpVHQ WDQWVHWGXSHUVRQQHOGLSORPDWLTXHVDGpFODUpOH&RQVHLOGDQVXQ FRPPXQLTXpGHSUHVVH/HVPHPEUHVGX&RQVHLOGHVpFXULWpVRXOL JQHQW OD QpFHVVLWp GH WUDGXLUH OHV DXWHXUV GH FHV DFWHV HQ MXVWLFH SHXWRQOLUHGDQVOHGRFXPHQW /HVERPEHVRQWH[SORVpMHXGLSUqVGHVDPEDVVDGHVGHO (J\SWHHW GHV (PLUDWV DUDEHV XQLV j 7ULSROL HW RQW IDLW GHV GpJkWV PDWpULHOV PDLVDXFXQHYLFWLPH'HVRQF{WpOHPLQLVWUHGHV$IIDLUHVpWUDQJq UHVGX&DQDGD-RKQ%DLUGDIDLWDXMRXUG KXLODGpFODUDWLRQVXLYDQWH DX VXMHW GHV UpFHQWV DWWHQWDWV WHUURULVWHV PHQpV HQ /LE\H GRQW OHV DWWHQWDWV SHUSpWUpV FH PDWLQ GDQV OHV HQYLURQV GHV DPEDVVDGHV GH O eJ\SWH HW GHV ePLUDWV DUDEHV XQLV /H &DQDGD FRQGDPQH OD UpFHQWHVpULHG DWWHQWDWVWHUURULVWHVjO pFKHOOHGHOD/LE\HGRQWOHV GHX[DWWHQWDWVSHUSpWUpVFHPDWLQj7ULSROLSUqVGHVDPEDVVDGHVGH O eJ\SWHHWGHVePLUDWVDUDEHVXQLV &HVDWWHQWDWVOkFKHVQHIRQWTXHUDIIHUPLUQRWUHGpWHUPLQDWLRQ GHFRQWLQXHUjVRXWHQLUOHSHXSOHOLE\HQ1RXVMRLJQRQVQRWUHYRL[ DX[ /LE\HQV SRXU UHMHWHU OH WHUURULVPH HW QRXV UpDIILUPRQV QRWUH SOHLQDSSXLDX[HIIRUWVGXUHSUpVHQWDQWVSpFLDOGXVHFUpWDLUHJpQpUDO HW FKHI GH OD 0LVVLRQ G DSSXL GHV 1DWLRQV XQLHV HQ /LE\H 0 %HUQDUGLQR/HyQHQYXHGHIDYRULVHUXQGLDORJXHSROLWLTXHLQFOXVLI HWGHPHWWUHILQjODFULVHDFWXHOOH- H[KRUWHOHVDXWRULWpVOLE\HQQHV jIDLUHHQVRUWHTXHOHVDXWHXUVGHFHVDFWHVDLHQWjUpSRQGUHGHOHXUV DFWLRQV $X QRP GHV &DQDGLHQV M RIIUH PHV FRQGROpDQFHV DX[ IDPLOOHVHWDX[DPLVGHVYLFWLPHVGHFHVDWWHQWDWVHWMHVRXKDLWHXQ SURPSWUpWDEOLVVHPHQWDX[SHUVRQQHVEOHVVpHV Ï* 781,6,( 8QHFHQWDLQHGHERXUVHV G pWXGHVDX[86$GpEORTXpHV SRXUOHVpWXGLDQWVWXQLVLHQV« 8QHFHQWDLQHG pWXGLDQWV WXQLVLHQVGHGLIIpUHQWHV VSpFLDOLWpVEpQpILFLHURQW GXUDQWO DQQpH XQLYHUVLWDLUH GHERXUVHVG pWXGHV SRXUSRXUVXLYUHOHXUV pWXGHVVXSpULHXUHVGDQV O XQHGHVXQLYHUVLWpV DPpULFDLQHVGDQVOH FDGUHGXSURJUDPPH 7KRPDV-HIIHUVRQD DQQRQFpPHUFUHGL -DFRE:DOOHV DPEDVVDGHXUGHV(WDWV 8QLVHQ7XQLVLH / RUV G XQ SRLQW GH SUHVVH WHQX DX VLqJH GX PLQLV WqUH GH O HQVHLJQHPHQW VXSpULHXUj7XQLVSRXUDQQRQFHU O RXYHUWXUH GHV FDQGLGDWXUHV DX SURJUDPPH7KRPDV-HIIHUVRQDX WLWUH GH O DQQpH -DNH :DOOHV D LQGLTXp TXH OD ERXUVH G pWXGHV RIIUH OD SRVVLELOLWp DX[ pWXGLDQWV GX SUHPLHU F\FOH LQV FULWVHQqPHDQQpHGDQVOHVXQL YHUVLWpV WXQLVLHQQHV GH VXLYUH XQH DQQpH G pWXGHV QRQ GLSO{ PDQWH GDQV GHV XQLYHUVLWpV HW LQVWLWXWVDPpULFDLQVDFFUpGLWpV / DPEDVVDGHXU D DSSHOp WRXV OHV pWXGLDQWV WXQLVLHQV j SDUWLFL SHUjFHSURJUDPPHTXLOHXUSHU PHWG DFTXpULUXQHFRQQDLVVDQFH SUDWLTXHjWUDYHUVGHVSURMHWVGH VHUYLFHV FRPPXQDXWDLUHV HW GHV VWDJHV SURIHVVLRQQHOV RXWUH O pFKDQJHFXOWXUHOHWOHUHQIRUFH PHQWGHVUHODWLRQVWXQLVRDPpUL FDLQHV,ODHQRXWUHSUpFLVpTXH OHVSDUWLFLSDQWVVHURQWVpOHFWLRQ QpV VXU FRQFRXUV IDLVDQW UHPDU TXHU TXH OH GpFHPEUH VHUDOHGHUQLHUGpODLGHGpS{WGHV FDQGLGDWXUHV6 DJLVVDQWGHVVSp FLDOLWpV GHPDQGpHV O DPEDVVD GHXU D LQGLTXp TXH SRXU O DQQpH SOXVLHXUV GRPDLQHV G pWXGHV VRQW FRQFHUQpV FRPPH ODJHVWLRQHWO DGPLQLVWUDWLRQGHV DIIDLUHVFRPPHUFLDOHVODWHFKQR ORJLHGHO LQIRUPDWLRQODJHVWLRQ GX WRXULVPH HW O K{WHOOHULH HQ SOXVGHODWHFKQRORJLHDSSOLTXpH HVWLPDQWTXHFHSURJUDPPHUHQ IRUFH OHV FDSDFLWpV GHV MHXQHV OHDGHUVGHWRXWHOD7XQLVLHHWOHV DLGHjFRQWULEXHUjODFURLVVDQFH HW DX GpYHORSSHPHQW pFRQRPL TXH GH OHXU SD\V ,QWHUYHQDQW j FHWWH RFFDVLRQ 7DRXILN -HDOVVL PLQLVWUHGHO HQVHLJQHPHQWVXSp ULHXU GH OD UHFKHUFKH VFLHQWLIL TXH HW GHV WHFKQRORJLHV GH O LQ IRUPDWLRQ HW GH OD FRPPXQLFD WLRQ D SUpFLVp TXH OHV pWXGLDQWV VpOHFWLRQQpV GDQV OH FDGUH GX SURJUDPPH 7KRPDV -HIIHUVRQ EpQpILFLHURQW G XQH VHXOH DQQpH G pWXGHV DX[ 86$ HW Q REWLHQ GURQWOHXUVGLSO{PHVXQLYHUVLWDL UHVTX HQ7XQLVLH 'DQVFHFRQWH[WHLODVLJQDOp TXH pWXGLDQWV WXQLVLHQV RQW EpQpILFLp HQ GH ERXUVHVG pWXGHVGDQVOHFDGUHGH FHSURJUDPPHODQFpGHSXLV SRXUXQHSpULRGHGHFLQTDQV 3DUDLOOHXUVOHPLQLVWUHDLQGL TXp TX XQH YLQJWDLQH G pWXGLDQWV WXQLVLHQVDXPDVWHUEpQpILFLHURQW HQ GH ERXUVHV G pWX GHVHWEpQpILFLHURQWG XQHIRUPD WLRQGLSO{PDQWHGHGHX[DQVDX[ 86$ -HODVVL D LQGLTXp TX DX WRWDO SUqV GH pWXGLDQWV WXQLVLHQV EpQpILFLHURQWGHERXUVHVG pWXGHV DX[(WDWV8QLVGXUDQWODSpULRGH PR\HQQDQWXQILQDQ FHPHQW DPpULFDLQ GH O RUGUH GH PLOOLRQVGHGLQDUV $ QRWHU TXH OH IRUPXODLUH GH FDQGLGDWXUH HW SOXV G LQIRUPD WLRQV VXU OHV SURJUDPPHV GH ERXUVHV VRQW GLVSRQLEOHV VXU OHV DGUHVVHV VXLYDQWHV ZZZLUH[RUJSURMHFWWXQLVLD XJUDG ZZZLUH[RUJSURMHFWWFFVS ZZZFHPDWPDJKULE «3OXVLHXUVGpSDVVHPHQWVFRQVWDWpV GHSXLVOHODQFHPHQWGHODFDPSDJQH pOHFWRUDOHSUpVLGHQWLHOOH / $VVRFLDWLRQ WXQLVLHQQH SRXU O LQWpJULWp HWODGpPRFUDWLHGHVpOHFWLRQV$7,'D FRQVWDWpSOXVLHXUVGpSDVVHPHQWVGHSXLV OHGpPDUUDJHGHODFDPSDJQHpOHFWRUDOHSUpVLGHQ WLHOOHOHHUQRYHPEUH'DQVXQHGpFODUDWLRQ IDLWH PHUFUHGL OH SUpVLGHQW GH O DVVRFLDWLRQ 0RH] %RXUDRXLDTXDOLILpFHVGpSDVVHPHQWVGHSUDWLTXHV IRQGDPHQWDOHPHQW LPPRUDOHV YLVDQW j V DS SURSULHUOHVYRL[GHVpOHFWHXUV6HORQ$7,'(FHV GpSDVVHPHQWV FRQVLVWHQW HQ O H[SORLWDWLRQ GH OD PpFRQQDLVVDQFHSDUOHFLWR\HQGHVORLVpOHFWRUDOHV HW GHV HQMHX[ SROLWLTXHV HQ IDLVDQW GHV SURPHVVHV TXLQHUHOqYHQWSDVGHODFRPSpWHQFHGXIXWXUSUp VLGHQWGHOD5pSXEOLTXH&HTXLQXLWG DSUqVOXLj O LQWpJULWp HW j OD WUDQVSDUHQFH GX VFUXWLQ 0RH] %RXUDRXLDSDUDLOOHXUVIDLWVDYRLUTXHGHJUDYHV YLRODWLRQVDX[UqJOHVMXULGLTXHVRQWpWpFRQVWDWpHV GDQV OHV GLVFRXUV TXH WLHQQHQW FHUWDLQV FDQGLGDWV SU{QDQW OH UpJLRQDOLVPH HW LQFLWDQW j OD KDLQH GH PDQLqUH LQGLUHFWH H[KRUWDQW O ,QVWDQFH VXSpULHXUH LQGpSHQGDQWHSRXUOHVpOHFWLRQV,6,(jSUHQGUH OHVPHVXUHVMXULGLTXHVDGpTXDWHVSRXUVDQFWLRQQHU OHV FRQWUHYHQDQWV FRQIRUPpPHQW j OD ORL pOHFWR UDOH/HSUpVLGHQWGH$7,'DHQRXWUHDWWLUpO DW WHQWLRQVXUOHQRQUHVSHFWGXSULQFLSHG pTXLWpHQWUH OHVFDQGLGDWVV DJLVVDQWGHSDVVDJHGDQVOHVGLIIp UHQWVPpGLDVHWG DXWUHVGpSDVVHPHQWVUHODWLIVDX[ UqJOHV GH O DIILFKDJH pOHFWRUDO HW j O DEVWHQWLRQ GH FHUWDLQV FDQGLGDWV GpMj EpQpILFLDLUHV GX ILQDQFH PHQWSXEOLFGHGpPDUUHUOHXUVFDPSDJQHV 0$85,7$1,( /HVDXWRULWpVIHUPHQWOHVLqJHGH O 21*DQWLHVFODYDJLVWH,5$ HV DXWRULWpV PDXULWDQLHQQHV RQW RUGRQQp OD IHUPHWXUH GX VLqJH GH O ,QLWLDWLYH GH 5pVXUJHQFH GX / 0RXYHPHQW$EROLWLRQQLVWH,5$XQH21*DQWLHVFODYDJLVWH/DWHQVLRQpWDLWSHUFHSWLEOHjSOX VLHXUVHQGURLWVGHODFDSLWDOHPDXULWDQLHQQHDYHFXQGpSORLHPHQWGHVIRUFHVGHO RUGUH/DPHVXUHGX JRXYHUQHPHQWHVWPRWLYpHSDUOHIDLWTXH O ,5$ Q HVWSDVXQHRUJDQLVDWLRQOpJDOHPHQWUHFRQQXHPDLV WRXW MXVWH WROpUpH 0DUGL DSUqVPLGL SOXVLHXUV PLOLWDQWV GH O ,5$ SDUPL OHVTXHOV OH OHDGHU GX 0RXYHPHQW%LUDP2XOG'DK2XOG$EHLG3UL[GHV1DWLRQVXQLHV218SRXUOHVGURLWVGHO +RPPH HQHWFDQGLGDWPDOKHXUHX[jO pOHFWLRQSUpVLGHQWLHOOHPDXULWDQLHQQHGHMXLQRQWpWpDUUrWpV SHQGDQW TX LOV FRQGXLVDLHQW XQH FDUDYDQH FRQWUH O HVFODYDJH IRQFLHU GDQV OD UpJLRQ GH 5RVVR 6XG 2XHVW/HVUHVSRQVDEOHVHWFDGUHVGHO ,5$ GpQRQFHQWO DWWLWXGHGHVDXWRULWpVHWOHVDSSHOVjODKDLQH GHSXLVTXHOTXHVMRXUVPHWWDQWHQJDUGHOHVULVTXHVGHEDVFXOHPHQWGXSD\VGDQVODYLROHQFHHWO LQVWD ELOLWp /(0$*+5(% GX1RYHPEUH ,*Ï, Ï 5866,( /DFURLVVDQFHUDOHQWLWDXH WULPHVWUH /DFURLVVDQFH pFRQRPLTXHGHOD 5XVVLHDIIHFWpH SDUODFULVH XNUDLQLHQQHHWOHV VDQFWLRQV RFFLGHQWDOHVD UDOHQWLDX WURLVLqPH WULPHVWUHVHORQ GHVVWDWLVWLTXHV SXEOLHVPDLV DXWRULWpVHW pFRQRPLVWHV SUpYLHQQHQWTXH OHSLUHUHVWHj YHQLU $ VXU XQ DQ FRQWUH DX GHX[LqPH OD SUHPLqUH HVWLPDWLRQ GH O pYROXWLRQ GX SURGXLW LQWpULHXU EUXWSDUO LQVWLWXWIpGpUDOGHVVWD WLVWLTXHV5RVVWDWFRUUHVSRQGjOD SUpYLVLRQGXJRXYHUQHPHQW 0DLV FH GHUQLHU D GpMj SUp YHQXTX LOV DWWHQGDLWjXQFKLIIUH QpJDWLI DX TXDWULqPH WULPHVWUH HQ UDLVRQ GH OD FULVH DFWXHOOH PDLV DXVVL SDU XQ HIIHW VWDWLVWL TXHOHTXDWULqPHWULPHVWUH D\DQWpWpSDUWLFXOLqUHPHQWVROLGH ,OWDEOHVXUXQHFURLVVDQFHGH FHWWH DQQpH HW GH O DQ QpH SURFKDLQH 0DLV OD EDQTXH FHQWUDOH V HVW PRQWUpH ELHQ SOXV SHVVLPLVWH GDQV XQ UDSSRUW SXEOLpFHWWHVHPDLQHHOOHDWWHQG FHWWHDQQpHHW]pURO DQQpH SURFKDLQH OD FULVH XNUDLQLHQQH LQWHUYHQDQW DX PRPHQW R V pSXLVDLHQWOHVVRXUFHVWUDGLWLRQ QHOOHVGHFURLVVDQFHF HVWjGLUH OHVK\GURFDUEXUHV /D FURLVVDQFH GH OD 5XVVLH D GpMjQHWWHPHQWUHFXOpFHVGHUQLq UHV DQQpHV SDVVDQW j HQ DSUqV O DQQpH SUpFp GHQWHELHQORLQGHVWDX[GHj TXLRQWPDUTXpOHVGHX[SUH PLHUV PDQGDWV GX SUpVLGHQW 9ODGLPLU 3RXWLQH VXU IRQG G HQ YROpHGHVFRXUVGXSpWUROH SpQLQVXOH XNUDLQLHQQH GH OD &ULPpH HW VRQ VRXWLHQ SUpVXPp DX[ VpSDUDWLVWHV SURUXVVHV GH O (VWGHO 8NUDLQH /D 5XVVLH VXELW GHSXLV GHV IXLWHVPDVVLYHVGHFDSLWDX[HVWL PpHV SDU OD EDQTXH FHQWUDOH j PLOOLDUGV GH GROODUV FHWWH )8,7('(6&$3,7$8; /HSKpQRPqQHDpWpDFFHQWXp SDUODFULVHXNUDLQLHQQHHWO LQWUR GXFWLRQ GH VDQFWLRQV RFFLGHQWD OHV VDQV SUpFpGHQW FRQWUH 0RVFRX SRXU O DQQH[LRQ GH OD DVKLQJWRQHW1HZ'HOKLRQWUpVROXOHXU GLIIpUHQGDXVXMHWGHVDLGHVILQDQFLqUHV YHUVpHV SDU O ,QGH j VHV SURGXFWHXUV DJULFROHVRQWDQQRQFpOHVGHX[SD\V/HOLWLJHEOR TXDLW XQ DFFRUG FRPPHUFLDO KLVWRULTXH GH O 2UJDQLVDWLRQ PRQGLDOH GX FRPPHUFH 20& FRQFOXj%DOLHQGpFHPEUH /HVGHX[SD\VVRQWFRQYHQXVTXHODVpFXULWpGHV SURJUDPPHV DOLPHQWDLUHV LQGLHQV QH VHUDLW SDV UHPLVHQFDXVHSDUO 20&MXVTX jFHTX XQHVROX WLRQ SHUPDQHQWH VXU OH VXMHW VRLW WURXYpH HW DGRS WpHDSUpFLVpXQFRPPXQLTXpRIILFLHODPpULFDLQ /H &RQVHLO JpQpUDO GH O 20& YD UHFHYRLU OD SURSRVLWLRQ GH O ,QGH HW OHV (WDWV8QLV OD VRXWLHQ GURQW D VRXOLJQp OH PLQLVWUH LQGLHQ /D TXHVWLRQ DYDLW pWp GLVFXWpH HQWUH %DUDFN 2EDPD HW OH 3UHPLHUPLQLVWUHLQGLHQ1DUHQGUD0RGLORUVGHOD YLVLWHGHFHGHUQLHUj:DVKLQJWRQHQVHSWHPEUH (Q MXLOOHW 1HZ 'HOKL DYDLW WRUSLOOp OD FRQFOX VLRQ G XQ $FFRUG GH IDFLOLWDWLRQ GHV pFKDQJHV 7)$ GHVWLQp j UpGXLUH OHV EDUULqUHV GRXDQLqUHV / ,QGHH[LJHDLWGHVSURJUqVSOXVUDSLGHVFRQFHUQDQW O H[HPSWLRQGHVHVUpVHUYHVDOLPHQWDLUHVGHSRVVL EOHVVDQFWLRQVGHODSDUWGHO 20& -$321 /DSURGXFWLRQLQGXVWULHOOHD UHERQGLSOXVTXHSUpYXHQ VHSWHPEUH GH / DQQpH HW XQ HIIRQGUHPHQW GX URXEOHTXLDSHUGXSUqVGXTXDUW GHVDYDOHXUIDFHjO HXURGHSXLV OHGpEXWGHO DQQpH /DPRQQDLHUXVVHHVWHQRXWUH DIIHFWpH GHSXLV XQ PRLV SDU OD FKXWH GHV FRXUV GX SpWUROH TXL FRQVWLWXH DYHF OH JD] OD SOXV JUDQGHSDUWLHGHVUHFHWWHVEXGJp WDLUHV6DGpSUpFLDWLRQDWRXUQpj O HIIRQGUHPHQW OD VHPDLQH GHU QLqUH 1HLO 6KHDULQJ GH &DSLWDO (FRQRPLFV D MXJp OH FKLIIUH GX WURLVLqPHWULPHVWUHPHLOOHXUTXH SUpYX ,O D FHSHQGDQW VRXOLJQp TX LOSRUWDLWVXUXQHSpULRGHSUp FpGDQWODUpFHQWHFKXWHGHVFRXUV GXSpWUROHHWGXURXEOH ,O QH FRQVWLWXH GRQF SDV XQ VLJQHGHUpVLVWDQFHGHO pFRQRPLH UXVVHQRXVFRQWLQXRQVGHSHQVHU TX XQH UpFHVVLRQ HVW SUREDEOH O DQQpH SURFKDLQH D HVWLPp FHW H[SHUWGDQVXQHQRWH /DGpSUpFLDWLRQGHODPRQQDLH DHQWUDvQpXQHIODPEpHGHVSUL[ DFFHQWXpH SDU O HPEDUJR GpFUpWp SDU 0RVFRX VXU OD SOXSDUW GHV SURGXLWV DOLPHQWDLUHV GHV SD\V TXL OD VDQFWLRQQHQW / LQIODWLRQ DSURGXFWLRQLQGXVWULHOOHDX-DSRQV HVWUHGUHVVpHSOXVTX LQLWLD OHPHQWDQQRQFpHQVHSWHPEUHDXJPHQWDQWGHVXUXQPRLV SUHPLqUHKDXVVHVLJQLILFDWLYHGHSXLVMDQYLHUVHORQGHVGRQQpHVUpYL VpHVSXEOLpHVSDUOHPLQLVWqUHGHO ,QGXVWULH 8QHHVWLPDWLRQSUpOLPLQDLUHDYDLWIDLWpWDWG XQHKDXVVHGH (QFRPSDUDLVRQDQQXHOOHODSURGXFWLRQDpWpVXSpULHXUHGHj FHOOHGHVHSWHPEUH &H UHJDLQ HVW FRQVpFXWLI j WURLV PRLV GDQV OH URXJH RX DWRQH HQMXLQHQMXLOOHWHQDRW/HPLQLVWqUHMXJHGpV RUPDLVTXHGDQVVRQHQVHPEOHODSURGXFWLRQIOXFWXHGHIDoRQDOpD WRLUHDORUVTX LOO HVWLPDLWDXSDUDYDQWHQWHQGDQFHEDLVVLqUH /HVXVLQHVMDSRQDLVHVRQWQRWDPPHQWIDEULTXpSOXVG pTXLSHPHQWV GHWUDQVSRUWYRLWXUHVGHFRPSRVDQWVpOHFWURQLTXHVHWGHPDFKLQHV pOHFWULTXHVVHORQODPrPHVRXUFH /HVOLYUDLVRQVRQWSRXUOHXUSDUWSURJUHVVpGHSDUUDSSRUWj DRWWDQGLVTXHOHVVWRFNVRQWGLPLQXpGH /HUHERQGQ HVWFHSHQGDQWSDVVXIILVDQWSRXUSHUPHWWUHjODSUR GXFWLRQLQGXVWULHOOHQLSSRQHG DIILFKHUXQHFURLVVDQFHVXUODSpULRGH MXLOOHWVHSWHPEUHDSUqVXQUHSOLGHHQDYULOMXLQ / pFRQRPLH V HVW IRUWHPHQW FRQWUDFWpH j OD VXLWH GH O HQWUpH HQ YLJXHXUG XQHWD[HVXUOHVDFKDWVjFRQWUHDXSDUDYDQW/D FRQVRPPDWLRQ GHV PpQDJHV D FKXWp GDQV OD IRXOpH WDQGLV TXH OD FRQMRQFWXUH LQWHUQDWLRQDOH VH PRQWUDLW ELHQ PRURVH GRXFKDQW OH PRUDOGHVHQWUHSULVHV /HVFKLIIUHVGX3URGXLWLQWpULHXUEUXW3,%GXWURLVLqPHWULPHVWUH GRLYHQWrWUHDQQRQFpV /H3UHPLHUPLQLVWUH6KLQ]R$EHYDVHEDVHUVXUFHWWHVWDWLVWLTXH TXLULVTXHG rWUHPDXYDLVHSRXUGpFLGHURXQRQG pOHYHUXQHVHFRQGH IRLVOD79$ QLSSRQHjHQRFWREUHFRPPHODORLODSUp YRLW 6HORQOHVPpGLDVLOHQYLVDJHGHUHSRXVVHUGHSOXVLHXUVPRLVFHWWH PHVXUH HW GH GLVVRXGUH GDQV OH PrPH WHPSV OD FKDPEUH EDVVH GX 3DUOHPHQW'HVpOHFWLRQVDQWLFLSpHVSRXUUDLHQWDYRLUOLHXGqVOHRX OHGpFHPEUH (QFRQVXOWDQWODSRSXODWLRQOHFKHIGXJRXYHUQHPHQWFKHUFKHUDLW jUHOpJLWLPHUVRQU{OHDXPRPHQWROHVGRXWHVV DFFXPXOHQWVXUVD SROLWLTXHpFRQRPLTXHEDSWLVpHDEHQRPLFV .$ GpSDVVHGpMjHWSRXUUDLWV DS SURFKHU GH VHORQ OHV H[SHUWVGpEXW /DKDXVVHGHVSUL[HWO LQFHUWL WXGHJpRSROLWLTXHSqVHQWGHSOXV HQSOXVQHWWHPHQWVXUODFRQVRP PDWLRQGHVPpQDJHV/DSURGXF WLRQHQUHYDQFKHUpVLVWHHQSDU WLH FDU OHV LQGXVWULHV UXVVHV GRL YHQWFRPSHQVHUFHUWDLQHVLPSRU WDWLRQVXNUDLQLHQQHV ,OQ \DSDVGHULVTXHG HIIRQ GUHPHQW pFRQRPLTXH RX GH GpIDXW VXU OD GHWWH D HVWLPp GDQVXQHQRWHMHXGLO pFRQRPLVWH &KULV:HDIHU GX FDELQHW 0DFUR $GYLVRU\ /HV SULQFLSDOHV FUDLQWHV TXL H[LVWHQW DFWXHOOHPHQW F HVW TXH OD VWDJQDWLRQ SXLVVH GXUHU SOX VLHXUVDQQpHVTXHOHVEDQTXHVHW OHV LQGXVWULHV GHPDQGHQW GH O DLGHSRXUUHPERXUVHUOHXUVGHW WHV TXH OH GpILFLW EXGJpWDLUH VH FUHXVH HW YLGH OHV UpVHUYHV VDQV ULHQ ODLVVHU SRXU OHV LQYHVWLVVH PHQWV HW OD UHODQFH GH OD FURLV VDQFHDWLODMRXWp 0XVWDSKD6 20& :DVKLQJWRQHW1HZ'HOKL V HQWHQGHQWVXUO DFFRUG)7$ : 6289(5$,1(7e$/,0(17$,5( /DFRQVWLWXWLRQGHUpVHUYHVDOLPHQWDLUHVVXEYHQ WLRQQpHV SRXU OHV SDXYUHV HVW FRQVLGpUpH FRPPH XQHLQIUDFWLRQHQYHUWXGHVUqJOHPHQWVGHO 20& &HUWDLQVSD\VRFFLGHQWDX[HPPHQpVSDUOHV(WDWV 8QLVFUDLJQHQWTXHFHVUpVHUYHVQHILQLVVHQWVXUOHV PDUFKpV FH TXL FRQVWLWXHUDLW XQH GLVWRUVLRQ GHV UqJOHVGXFRPPHUFH/DWRWDOLWpGHVPHPEUHV GH O 20& \ FRPSULV O ,QGH DYDLHQW DFFHSWp OD PLVHHQ°XYUHGX7)$FRQVLGpUpFRPPHOHSOXV LPSRUWDQW DFFRUG PRQGLDO GH OLEpUDOLVDWLRQ GX FRPPHUFH GH FHV GHUQLqUHV DQQpHV ORUV G XQH FRQIpUHQFH PLQLVWpULHOOH HQ GpFHPEUH 0DLV O ,QGH D SULV VHV SDUWHQDLUHV SDU VXUSULVH HQ MXLOOHW HQUHIXVDQWGHOHVLJQHU/ ,QGHDYDLWLQGLTXpjFH PRPHQWOj YRXORLU QpJRFLHU WRXW GH VXLWH XQH FODXVHVXUVDVRXYHUDLQHWpDOLPHQWDLUHHWQRQSDV DWWHQGUHFRPPHGpFLGpj%DOL/ DGRSWLRQGX SURWRFROH VXU OD IDFLOLWDWLRQ GX FRPPHUFH GHYDLW LQWHUYHQLUOHMXLOOHWSRXUXQHHQWUpHHQYLJXHXU GX7)$ PL 6$7,6)$&7,21¬*(1Ê9($35Ê6 / $&&25'86$,1'( /H GLUHFWHXU JpQpUDO GH O 20& 2UJDQLVDWLRQ PRQGLDOHGXFRPPHUFH5REHUWR$]HYHGRDVDOXp O DFFRUG HQWUH OHV eWDWV8QLV HW O ,QGH VXU OHV VXE YHQWLRQV DJULFROHV GDQV XQ FRPPXQLTXp SXEOLp SDU O RUJDQLVDWLRQ 0$]HYHGR DSSODXGLW O DFFRUG HQWUHO ,QGHHWOHVeWDWV8QLVVXUGHVTXHVWLRQVFOpV GH %DOL VHORQ OH FRPPXQLTXp GH O 20& 'H VRQ F{Wp OD FRPPLVVDLUH HXURSpHQQH HQ FKDUJH GX FRPPHUFH0PH&HFLOLD0DOPVWU|PDHVWLPpTXH FHWWH SHUFpH YD PHWWUH GX YHQW GDQV OHV YRLOHV GX FRPPHUFH LQWHUQDWLRQDO 1RXV DYRQV UpDOLVp XQH JUDQGHSHUFpHTXLYDQRXVSHUPHWWUHGHPHWWUHHQ RHXYUH OH SDTXHW GH %DOL QRWDPPHQW O DFFRUG VXU OD IDFLOLWDWLRQ GHV pFKDQJHV 7)$ DWHOOH DMRXWpGDQVXQFRPPXQLTXp&HWDFFRUG)7$ HVWOH SUHPLHUDFFRUGJOREDOFRQFOXSDUO 20&GHSXLVVD FUpDWLRQ 3RXU 0PH 0DOWVWU|P LO V DJLW j SUpVHQW GH SDVVHU j OD SURFKDLQH pWDSH VRLW O DGRSWLRQ GX SURWRFROHGHO DFFRUG)7$EORTXpGHSXLVILQMXLO OHW/RUVGHODFRQIpUHQFHPLQLVWpULHOOHGHO 20&j %DOLHQGpFHPEUHOHVSD\VPHPEUHVGHO RU JDQLVDWLRQ V pWDLHQW PLV G DFFRUG VXU XQ WH[WH GHYDQWIDFLOLWHUOHVpFKDQJHVLQWHUQDWLRQDX[DSSHOp DFFRUG7)$ &H WH[WH D pWp EORTXp SDU O ,QGH HQ MXLOOHW GHU QLHU j OD VXUSULVH JpQpUDOH / ,QGH GHPDQGDLW GHV JDUDQWLHV VXSSOpPHQWDLUHV FRQFHUQDQW VHV VXEYHQ WLRQV DJULFROHV / DFFRUG HQWUH O ,QGH HW OHV (WDWV 8QLV GRQQH XQH EDVH DX GLUHFWHXU JpQpUDO SRXU LQWHQVLILHU VHV FRQVXOWDWLRQV DYHF OHV DXWUHV SD\V PHPEUHVSRXUVHVRUWLUGHO LPSDVVHDFWXHOOHLQGL TXH MHXGL O 20& /D PLVH HQ °XYUH GH WRXV OHV DVSHFWVGXSDTXHWGH%DOLGRQQHUDXQFRXSG DF FpOpUDWHXUjO 20&DDMRXWp0$]HYHGR 0$]HYHGRVHWURXYHDFWXHOOHPHQWj%ULVEDQH $XVWUDOLHRLODVVLVWHjODUpXQLRQGX*-HXGL OHV (WDWV8QLV HW O ,QGH RQW DQQRQFp DYRLU UpVROX OHXUGLIIpUHQGVXUOHVVXEYHQWLRQVDJULFROHVLQGLHQ QHV/HVGHX[SDUWLHVRQWFRQYHQXTXHOHVSURJUDP PHVGHVpFXULWpDOLPHQWDLUHLQGLHQVQHVHUDLHQWSDV UHPLVHQFDXVHSDUO 20&MXVTX jFHTX XQHVROX WLRQSHUPDQHQWHVXUOHVXMHWVRLWWURXYpHHWDGRSWpH VHORQ XQ FRPPXQLTXp RIILFLHO DPpULFDLQ / ,QGH V HVWGLWHH[WUrPHPHQWKHXUHXVHTXHOHVGHX[SD\V DLHQW UpVROX OHXU GLIIpUHQG VXU OD TXHVWLRQ GHV VWRFNDJHV SXEOLF HQ YXH G DVVXUHU OD VpFXULWp DOL PHQWDLUH &HODPHWILQjO LPSDVVHDXEORFDJHGHO 20&HW RXYUHODYRLHjO $FFRUGGHIDFLOLWDWLRQGHVpFKDQ JHV D HVWLPp OD PLQLVWUH GX FRPPHUFH 1LUPDOD 6LWKDUDPDQGDQVXQFRPPXQLTXp 'HSXLV MXLOOHW GHUQLHU 0$]HYHGR D PXOWLSOLp OHVQpJRFLDWLRQVSRXUVDXYHUO DFFRUGFRQFOXj%DOL TXL GRLW VLPSOLILHU OHV SURFpGXUHV GRXDQLqUHV HW JpQpUHUGHVPLOOLDUGVGHGROODUVG pFRQRPLHVHWGH EpQpILFHVPXWXHOVFKDTXHDQQpHVHORQO 20& .DPHO$ ,*Ï, Ï /,95$,621'(0,675$/)5$1d$,6$/$5866,( /HVXVSHQVHUHVWHHQWLHU ,OQHUHVWHSOXVTXH TXHOTXHVKHXUHVDYDQW OHGpODLRIILFLHOGH OLYUDLVRQGXSUHPLHU SRUWHKpOLFRSWqUHV 0LVWUDOIUDQoDLVjOD 5XVVLH0DLVOHV DXWRULWpVIUDQoDLVHV FRQWLQXHQWGHVH FRPSRUWHUWUqV P\VWpULHXVHPHQW(OOHV RQWVHPEOHWLOSURPLV GHUHPHWWUHOHQDYLUH jOD5XVVLHPDLVRQ LJQRUHTXDQG H[DFWHPHQW LGpDX[HXURSpHQVSRXUXQEDQDO GpFKLUpSDUFRXSG eWDW-HUHIXVH ( Q YpULWp RQ QH SHXW TXH FRPSDWLU DYHF )UDQoRLV +ROODQGH /H SUpVLGHQW IUDQoDLV V HVW UHWURXYp HQWUH OH PDUWHDX HW O HQFOXPH ,PSRVHU XQQRQGpILQLWLIjOD5XVVLHVLJQL ILHUDLW GH QXLUH j O pFRQRPLH GH VRQ SD\V HW V DWWLUHU OHV IRXGUHV GHV)UDQoDLVGRQWOHSRUWHIHXLOOH VHUD WRXFKp SDU O DQQXODWLRQ GH FHWWHWUDQVDFWLRQDYHF0RVFRX 'DQVO HQVHPEOHOHV)UDQoDLV IRUPHQW XQH QDWLRQ FUpDWLYH HW VSRQWDQpHTXLQHYpQqUHSDVGH PDQLqUHH[FHVVLYHOHVRPPHWGH O eWDW3DUH[HPSOHHQOHV IHUPLHUV QRUPDQGV VH VRQW UHWURXYpVFRQIURQWpVjGHVGLIIL FXOWpV pFRQRPLTXHV JUDYHV j FDXVHGHODVXUSURGXFWLRQGHODLW (WTX RQWLOVIDLW"6HORQO KLV WRULHQ EULWDQQLTXH -RQDWKDQ )HQE\ OHV PDQLIHVWDQWV DYDLHQW DWWUDSp OH PLQLVWUH GH O $JULFXOWXUHGHO pSRTXH(GJDUG 3LVDQL HW IRUFp OH PDOKHXUHX[ j ERLUHXQHTXDQWLWpLQFUR\DEOHGH FHODLWSURGXLWHQH[FqV 2Q RVH j SHLQH LPDJLQHU j TXRL SRXUUDLHQW UHVVHPEOHU OHV SURWHVWDWLRQVGHVPDQLIHVWDQWVHQ FROqUHFRQWUHODVXUSURGXFWLRQGH SRUWHKpOLFRSWqUHV ' XQ DXWUH F{Wp GLUH XQ RXL GpILQLWLI VLJQLILHUDLW V DWWLUHU OHV IRXGUHV GHV 86$ HW XQH SOXLH G DFFXVDWLRQV GH WUDKLVRQ GHV SURILW pFRQRPLTXH 2U GDQV O (XURSH RFFLGHQWDOH FRQWHPSR UDLQH VHORQ OHV UpFHQWHV FRQIL GHQFHV SXEOLTXHV GX YLFHSUpVL GHQW DPpULFDLQ -RH %LGHQ OHV GLULJHDQWV SROLWLTXHV VRQW WUqV VHQVLEOHV j OD SUHVVLRQ GH :DVKLQJWRQ 'XFRXSOHVDXWRULWpVIUDQoDL VHVGRLYHQWLQYHQWHUGHQRXYHOOHV H[FXVHVHQSHUPDQHQFH&RPPH O DGpFODUpDXSDUOHPHQWOHPLQLV WUHGHOD'pIHQVHOHSRUWHKpOL FRSWqUHGRLWrWUHOLYUpSURFKDLQH PHQW 0DLV FRPPH YRXV OH VDYH]OHFKDQWLHUQDYDO'&1&D DQQRQFp TX LO QH GLVSRVDLW SDV j O KHXUH DFWXHOOH GH O DXWRULVDWLRQ JRXYHUQHPHQWDOHSRXUO H[SRUWD WLRQ$LQVLDXFXQHGDWHGHOLYUDL VRQQ HVWGpILQLHDXVWDGHDFWXHO /HV GLULJHDQWV SROLWLTXHV GH O 8QLRQHXURSpHQQHVHVRQWHX[ PrPHVPLVGDQVFHSLqJHTXLD VXUWRXWDIIHFWpOHSUpVLGHQWIUDQ oDLV /HV OHDGHUV HXURSpHQV RQW LQYHQWp XQ GLOHPPH FRPSOqWH PHQW IDX[ LOOXVRLUH HW SUrWDQW j FRQIXVLRQ-HQHSHQVHSDVTX HQ VLJQDQW HQ GpEXW G DQQpH OH IDPHX[ PpPRUDQGXP SRXU OH UqJOHPHQW SDFLILTXH HW OpJLWLPH GHODFULVHSROLWLTXHXNUDLQLHQQH OHV PLQLVWUHV GHV$IIDLUHV pWUDQ JqUHV DOOHPDQG SRORQDLV HW OH UHSUpVHQWDQW GX PLQLVWqUH IUDQ oDLVV DWWHQGDLHQWjFHTX XQLQV WDQW SOXV WDUG FH GRFXPHQW VRLW GHFURLUHjXQHWHOOHWKpRULHGX FRPSORW' DSUqVPRLODERXV VROHPRUDOHGHO 8(V HVWDOWpUpH DSUqV OH UHQYHUVHPHQW GX SUpVL GHQW ,DQRXNRYLWFK FHUWHV LPSR SXODLUHHWRGLHX[PDLVOpJLWLPH &HWWH ERXVVROH V HVW GpUpJOpH DX PRPHQWROHVGLULJHDQWVGHO 8( RQW GpFLGp G RXEOLHU WHPSRUDLUH PHQW OHXUV SULQFLSHV IRQGDPHQ WDX[DXSURILWG XQHILQSROLWLTXH -H P LPDJLQH WUqV FODLUHPHQW OH UDLVRQQHPHQW TXL D FRQGXLW OHV GLULJHDQWV HXURSpHQV j FHWWH GpFLVLRQIDWLGLTXH ,O HVW SDUIDLWHPHQW pYLGHQW TXHO 8NUDLQHDYpFXXQYpULWDEOH FRXS G eWDW & HVW PDO 0DLV LO SURILWHDX[IRUFHVSURHXURSpHQ QHV (W oD F HVW ELHQ $XVVL FH FRXSG eWDWHVWXQIDLWDFFRPSOL 3DU FRQVpTXHQW SRXUTXRL FUD FKHU GDQV VRQ SURSUH SXLWV" 3URFODPRQV FH FRXS G eWDW UpYROXWLRQ SRSXODLUH OpJLWLPH HWWRXWLUDELHQ +pODVO (XURSHQ DSDVUpXVVL /HUHQYHUVHPHQWSDUODIRUFHGX SRXYRLU OpJLWLPH XNUDLQLHQ UHFRQQX SDU O 2FFLGHQW FRPPH XQWULRPSKHGHODGpPRFUDWLHD HQWUDvQp XQH UpDFWLRQ HQ FKDvQH G pYpQHPHQWV WUDJLTXHV LPSUp YXV (W OD VLWXDWLRQ GpVDJUpDEOH TXH WUDYHUVH OD )UDQFH DYHF VHV 0LVWUDOVIDLWSDUWLHGHVHVFRQVp TXHQFHVOHVSOXVPLQHXUHV 1DZDO= 6<5,( /HV86$FRPEDWWHQWOHSRXYRLU HWVHVRSSRVDQWV ) DFHjODQpFHVVLWpG LQWHQVLILHUODOXWWHFRQWUH O (WDWLVODPLTXH(,OHSUpVLGHQWDPpULFDLQ %DUDFN2EDPDUHYRLWVDSROLWLTXHV\ULHQQH VHORQ XQH VRXUFH GH OD 0DLVRQ EODQFKH FLWpH SDU &11 VHORQ OH TXRWLGLHQ .RPPHUVDQW 6HORQ OD FKDvQHO DGPLQLVWUDWLRQSUpVLGHQWLHOOHjO LQWHQWLRQ GHIDLUHG XQHSLHUUHGHX[FRXSVFRPEDWWUHO (,HW UHQYHUVHUOHJRXYHUQHPHQWGH'DPDV/ DPEDVVDGH GHV86$ j0RVFRXSUpFLVHTX LOQ HVWSDVTXHVWLRQ G XQ UHPDQLHPHQW SURIRQG GH OD SROLWLTXH DPpUL FDLQHFDUODSUHVVLRQVXUOHJRXYHUQHPHQWV\ULHQHVW WRXMRXUV UHVWpH j O RUGUH GX MRXU &HSHQGDQW OHV H[SHUWV LQWHUURJpV VRQW WUqV VFHSWLTXHV TXDQW j O LGpH GH UHQYHUVHU %DFKDU DO$VVDG O RSSRVLWLRQ V\ULHQQHPRGpUpHVXUODTXHOOHPLVDLWO 2FFLGHQWHVW SUDWLTXHPHQWDQpDQWLHDORUVTXHODTXHVWLRQG XQH RSpUDWLRQPLOLWDLUHLQWHUQDWLRQDOHDXVROQHVHSRVH SDV 5HQYHUVHU %DFKDU DO$VVDG pWDLW XQH SULRULWp GH :DVKLQJWRQ ELHQ DYDQW TXH O (, ODQFH FHWWH DQQpHXQGpILjO 2FFLGHQW 'DQVOHPrPHWHPSVOHSURMHWGHUHVWUXFWXUD WLRQ GpPRFUDWLTXH GH OD 6\ULH HVW GDQV XQH LPSDVVHOHSUpVLGHQW$VVDGDUpXVVLjFRQVHUYHUOH FRQWU{OHGHODPDMHXUHSDUWLHGXWHUULWRLUHHWDUpDI ILUPpVDOpJLWLPLWpORUVGHO pOHFWLRQSUpVLGHQWLHOOH GH MXLQ GHUQLHU 4XDQW DX[ XQLWpV GH O RSSRVLWLRQ PRGpUpH VXU ODTXHOOH PLVDLW LQLWLDOHPHQW O 2FFLGHQWHOOHVRQWpWpGpIDLWHVSDUOHVLVODPLVWHV 'HVRQF{WpODFRDOLWLRQLQWHUQDWLRQDOHGH$PLVGH OD6\ULHTXLDSRXUREMHFWLIGHUHQYHUVHUOHJRX YHUQHPHQWGH'DPDVQHVHUpXQLWSOXVDXVVLVRX YHQW GHSXLV TX HOOH D SHUGX VHV UHSqUHV HW QH VDFKDQWSDVFRPPHQWDJLUSDUODVXLWH 'DQVFHVFRQGLWLRQV:DVKLQJWRQDYLVLEOHPHQW GpFLGp GH UDSSHOHU TXH OD GpPRFUDWLVDWLRQ GH OD 6\ULH UHVWDLW j O RUGUH GX MRXU PDOJUp OD PHQDFH pPDQDQWGHO (,/DVWUDWpJLHQ DSDVFKDQJpELHQ TXH O H[SXOVLRQ GHV LVODPLVWHV WHUURULVWHV GX WHUUL WRLUHLUDNLHQUHVWHXQHSULRULWpDYHFQRVSDUWHQDLUHV GHODFRDOLWLRQQRXVSRXUVXLYRQVOHVDWWDTXHVFRQWUH O (,HQ6\ULHSRXUO HPSrFKHUGHVHVHQWLUHQVpFX ULWpHWDQpDQWLUVDSXLVVDQFHRSpUDWLRQQHOOH$VVDG UHVWH OH SOXV JUDQG DLPDQW SRXU O H[WUpPLVPH HQ 6\ULH HW OH SUpVLGHQW 2EDPD D FODLUHPHQW ODLVVp HQWHQGUHTXHFHWKRPPHDYDLWSHUGXVDOpJLWLPLWp & HVW SRXUTXRL HQ V HIIRUoDQW G LVROHU OH UpJLPH G $VVDG QRXV WUDYDLOORQV DYHF QRV DOOLpV DILQ GH UHQIRUFHUO RSSRVLWLRQPRGpUpHDGpFODUpOHSRUWH SDUROHGHO DPEDVVDGHGHV86$ j0RVFRX:LOOLDP 6WHYHQV 0DLV OHV H[SHUWV LQWHUURJpV VRQW VFHSWL TXHV TXDQW j OD WHQWDWLYH GHV 86$ GH IXVLRQQHU O REMHFWLI GX UHQYHUVHPHQW G $VVDG DYHF OD OXWWH FRQWUHO (WDWLVODPLTXH ,NUDP$ / /(0$*+5(% GX1RYHPEUH 3RXUTXRLOD5XVVLHHW O 2FFLGHQWGXUFLVVHQWOD UKpWRULTXHPLOLWDLUH D5XVVLHHWO 2FFLGHQWVHIRQWWRXMRXUVSOXVGHUHSURFKHVDXWRXU GHO 8NUDLQHDpFULWDYDQWKLHUOHTXRWLGLHQ5%&'DLO\ 0RVFRXHVWDFFXVpGHQHSDVUHVSHFWHUOHVDFFRUGVGH0LQVNHW G HQYR\HUGHVPLOLWDLUHVHQ8NUDLQH/D5XVVLHGHVRQF{WpH[LJH G HQ IRXUQLU OHV SUHXYHV HW GpPHQW WRXWH SUpVHQFH PLOLWDLUH GDQV O eWDWYRLVLQ/HVVpSDUDWLVWHVXNUDLQLHQVSURSRVHQWHX[G RUJDQLVHU G XUJHQFH GH QRXYHOOHV QpJRFLDWLRQV j 0LQVN SRXU UHODQFHU OHV DFFRUGVGHWUrYH /HVSROLWLFLHQVHWOHVGLSORPDWHVRFFLGHQWDX[FRQWLQXHQWG DFFX VHUOD5XVVLHGHFRQWULEXHUjO HVFDODGHGXFRQIOLWHQ8NUDLQH/HSUp VLGHQWXNUDLQLHQ3LRWU3RURFKHQNRV HVWGLWSUpRFFXSpMHXGLSDUO RI IHQVLYHPDVVLYHGHWURXSHVHWG DUPHPHQWVORXUGVHQSURYHQDQFHGH ODIURQWLqUHUXVVHORUVG XQHQWUHWLHQDYHFVRQKRPRORJXHILQODQGDLV 6DXOL1LLQLVW|/HPrPHWKqPHDpWppYRTXpSDUOH&RQVHLOGHVpFX ULWpGHV1DWLRQVXQLHVUpXQLPHUFUHGLVRLUj1HZ<RUN /HVSXLVVDQFHVRFFLGHQWDOHVRQWGLUHFWHPHQWDFFXVpOD5XVVLHGH FRQWULEXHUjO HVFDODGHGXFRQIOLW/ DPEDVVDGULFHDPpULFDLQHjO 2QX 6DPDQWKD3RZHUDGpFODUpTXHOD5XVVLHSDUODLWGHSDL[PDLVFRQWL QXDLW j VRXWHQLU OD JXHUUH /H FKHI GH OD GpOpJDWLRQ XNUDLQLHQQH ,RXUL6HUJXHHYDQRWpTXHODVHXOHUDLVRQSRXUODTXHOOHXQHJXHUUH RXYHUWH Q DYDLW SDV FRPPHQFp DYHF OD 5XVVLH pWDLW OD UHWHQXH GH O 8NUDLQH 0RVFRXGpPHQWODSUpVHQFHGHVHVPLOLWDLUHVVXUOHVROXNUDLQLHQ 1RXV Q DFFHSWHURQV MDPDLV OH PHQVRQJH VHORQ OHTXHO GHV WURXSHV UXVVHVVRQWSUpVHQWHVGDQVOHVXGHVWGHO 8NUDLQHDGpFODUpOHSUp VLGHQW GH OD 'RXPD FKDPEUH EDVVH GX SDUOHPHQW UXVVH 6HUJXHw 1DU\FKNLQH /HXU SUpVHQFH D pWp pJDOHPHQW QLpH GDQV XQH FRQIp UHQFHGHSUHVVHGHMHXGLSDUOHSRUWHSDUROHGXPLQLVWqUHUXVVHGHV $IIDLUHVpWUDQJqUHV$OH[DQGUH/RXNDFKHYLWFK,ODDXVVLGpPHQWLOHV LQIRUPDWLRQVGHO 26&(VXUOHSDVVDJHGHODIURQWLqUHSUqVGXSRVWH UXVVHGH'RQHWVNG XQFDPLRQSRUWDQWO LQVFULSWLRQ*URX] /HVGpFODUDWLRQVGHO 2WDQVHORQOXLV H[SOLTXHQWSDUO LQWHQWLRQ GHO $OOLDQFHG DFFURvWUHVDSUpVHQFHPLOLWDLUHSUqVGHVIURQWLqUHVUXV VHV/HFKHIDGMRLQWGHODGpOpJDWLRQUXVVHDXSUqVGHO 2QX$OH[DQGUH 3DQNLQHDDFFXVpO 26&(GHSDUWLDOLWpDX&RQVHLOGHVpFXULWp (QGpSLWGHVGpFODUDWLRQVVXUFHWWHPXOWLSOLFDWLRQSUpWHQGXHGHV PLOLWDLUHV OH PLQLVWqUH XNUDLQLHQ GH OD 'pIHQVH QH V DWWHQG SDV HQFRUHjXQHRIIHQVLYHGHVIRUFHVG DXWRGpIHQVH,OHVWWURSW{WSRXU HQSDUOHUDGpFODUpOHPLQLVWUH6WHSDQ3ROWRUDN,OH[SOLTXDLWPHU FUHGLTXHOHVPLOLWDLUHVFRPPHQoDLHQWjVHUHJURXSHUHWFRQWLQXDLHQW G pULJHUOHVOLJQHVGpIHQVLYHV /HV DXWRULWpV GHV UpSXEOLTXHV DXWRSURFODPpHV GH 'RQHWVN HW GH /RXJDQVN DYDLHQW DQQRQFp SOXV W{W TXH OHV FRORQQHV GH PDWpULHO DSHUoXHVSDUO 26&(DSSDUWHQDLHQWDX[IRUFHVG DXWRGpIHQVH6HORQ OH JpQpUDO DPpULFDLQ %UHHGORYH OHV DJLVVHPHQWV UXVVHV YLVHQW j FRQVROLGHUOHVIRUFHVUHEHOOHVSRXUPLHX[FRQWU{OHUFHWHUULWRLUH /D WHQVLRQ GH FHV GHUQLHUV MRXUV HVW GXH DX[ pOHFWLRQV GDQV OH 'RQEDVVHWHQ8NUDLQHHVWLPHOHGLUHFWHXUGHO ,QVWLWXWGHVSD\VGH OD &(, .RQVWDQWLQ =DWRXOLQH /H YRWH HQ 1RXYHOOH5XVVLH Q HVW UHFRQQX QL SDU O 2FFLGHQW QL .LHY TXL DFFXVHQW OHV LQVXUJpV HW OD 5XVVLHGHFRPSURPHWWUHOHSURFHVVXVGHSDL[ ,$ 3$.,67$1$)*+$1,67$1 7UHL]HDQVGHFRQIOLWVUpJOpVHQ WURLVMRXUV VHORQ.DERXO H3DNLVWDQHWO $IJKDQLVWDQRQWPLVXQWHUPHHQWURLVMRXUVj / DQVGHGLIIpUHQGVDDIILUPpj,VODPDEDGOHSUpVLGHQWDIJKDQ $VKUDI*KDQL,OVPLVHQWVXUODFROODERUDWLRQpFRQRPLTXHSRXUVWD ELOLVHUODUpJLRQDSUqVOHUHWUDLWGHVWURXSHVGHFRPEDWGHO 2WDQHQ GpFHPEUH 1RXV DYRQV OHYp OHV REVWDFOHV GH DQQpHV HQ WURLV MRXUV1RXVQRXVVRPPHVPLVG DFFRUGVXUXQHYLVLRQFRPPXQHR O $IJKDQLVWDQHWOH3DNLVWDQVHURQWOHFRHXUGHO $VLHDILQG DVVXUHU XQHLQWpJUDWLRQpFRQRPLTXHHQWUHOHVXGHWODSRUWLRQFHQWUDOHGX FRQWLQHQWDGpFODUp0*KDQLORUVG XQHFRQIpUHQFHGHSUHVVHDYHF OH3UHPLHUPLQLVWUHSDNLVWDQDLV1DZD]6KDULI /HVGHX[YRLVLQVDX[UHODWLRQVWXPXOWXHXVHVPLVHQWHQWUHDXWUHV VXUOHVSURMHWVGHOLJQHpOHFWULTXH&$6$HWGHJD]RGXF7$3, DILQGHUHOLHUOHVUHVVRXUFHVpQHUJpWLTXHVG $VLHFHQWUDOHjO $VLHGX 6XG YLD O $IJKDQLVWDQ YpULWDEOH SRQW HQWUH FHV GHX[ UpJLRQV SHX LQWpJUpHVDVRXOLJQp06KDULI /H SURMHW7$3, VRXKDLWH UHOLHU VXU NLORPqWUHV OHV WLWDQHV TXHVFKDPSVJD]LHUVGX7XUNPpQLVWDQDX3DNLVWDQHWjO ,QGHGHX[ PDUFKpV pPHUJHQWV DVVRLIIpV G pQHUJLH HQ SDVVDQW SDU OHV YDOOpHV URFDLOOHXVHVGHO $IJKDQLVWDQFRQWU{OpHVHQSDUWLHSDUOHVWDOLEDQVFH TXLSRXUUDLWFRPSOLTXHUODUpDOLVDWLRQGXSURMHWVHORQGHVDQDO\VWHV 6HORQ GHV VRXUFHV SURFKHV GX GRVVLHU OHV JpDQWV ([[RQ0RELO &KHYURQ3HWURQDV%3 HWDXVVLOHIUDQoDLV7RWDOIRQWSDUWLHGHVJURX SHVLQWpUHVVpVjODFRQVWUXFWLRQGHFHWWHDXWRURXWHGXJD]GRQWODIDF WXUHHVWpYDOXpHjDXPRLQVPLOOLDUGVGHGROODUV 00*KDQLHW6KDULIRQWDXVVLpYRTXpOHVTXHVWLRQVVpFXULWDLUHV ORUVGHOHXUHQWUHWLHQOH3DNLVWDQUpLWpUDQWVRQDSSXLDXSURFHVVXVGH UpFRQFLOLDWLRQDIJKDQYLVDQWjSDFLILHUOHSD\VFRQIURQWpjO LQVXUUHF WLRQGHVWDOLEDQV /H3DNLVWDQHWO $IJKDQLVWDQV DFFXVHQWGHSXLVGHVDQQpHVGHVRX WHQLUGHVJURXSHVUHEHOOHVGHVGHX[F{WpVGHOHXUORQJXHHWSRUHXVH IURQWLqUH 6XFFHVVHXUGH+DPLG.DU]DwDXSRXYRLUGHODILQjVHSWHP EUHGHUQLHU$VKUDI*KDQLDYRXOXHQWHUUHUODKDFKHGHJXHUUHHQIDL VDQW VD SUHPLqUH YLVLWH RIILFLHOOH DX 3DNLVWDQ DILQ GH UHVVHUUHU OHV OLHQVHWG DJLUHQFRPPXQSRXUWHQWHUGHUDOOLHUOHVUHEHOOHVWDOLEDQV DIJKDQVjODSDL[ 1= Ï*)- /(0$*+5(% GX 1RYHPEUH 1,*(5,$ %85.,1$)$62 2SSRVLWLRQ DUPpHHWVRFLpWpFLYLOH RQWFKRLVLOHXUVFDQGLGDWVSRXUOD SUpVLGHQFHGHODWUDQVLWLRQ / $50e( OD VRFLpWp FLYLOH HW O RSSRVLWLRQ DX SUpVLGHQW GpFKX %ODLVH &RPSDRUp RQW D Q Q R Q F p VDPHGL DYRLU FKRLVL OHXUV FDQGLGDWVSRXU OH SRVWH GH SUpVLGHQWGHOD WUDQVLWLRQ GX %XUNLQD )DVR TXL GLULJHUD OH SD\V GH VD QRPLQDWLRQ MXVTX DX[ pOHFWLRQV ILQ 8QQRPVHPEOHVXVFLWHUO DGKpVLRQJpQpUDOHO DUFKHYrTXHGH%RER 'LRXODVVR VXG 0JU 3DXO 2XpGUDRJR TXH O DUPpH HW O RSSRVLWLRQ RQW SODFp GDQV OHXU VKRUWOLVW PDOJUp OHV UpWLFHQFHV GH OD KLpUDUFKLH FDWKROLTXH /H SUpVLGHQW GH OD &RPPLVVLRQ pSLVFRSDOH %XUNLQD 1LJHUDSRXUWDQWGpFODUpSXEOLTXHPHQWTX LOQ pWDLWSDVFDQGLGDW -HQHO HQYLVDJHSDV&HJHQUHGHSRXYRLUOHFOHUFQHV \HQJDJHSDV DYDLWLOWUDQFKpHQGpEXWGHVHPDLQHDXPLFURGH5DGLR)UDQFHLQWHU QDWLRQDOH / RSSRVLWLRQ HW OD VRFLpWp FLYLOH MXVWLILHQW SRXUWDQW FH FKRL[ SDU OD SRVVLELOLWp G XQH GpURJDWLRQ YHQDQW GX 9DWLFDQ TX HOOHV HVSqUHQW REWHQLU HQ IDLVDQW SUHVVLRQ SDU OHXU FRQVHQVXV VXU OHV DXWRULWpV FDWKROLTXHV &HVGHX[FRUSVPDMHXUVGXJURXSHGLWGHFLYLOVSURSRVHQWpJDOHPHQW GHX[MRXUQDOLVWHVSRXUOHSRVWHGHFKHIGHODWUDQVLWLRQ&KHULI6\HW 1HZWRQ$KPHG%DUU\TXLVHVRQWWRXVOHVGHX[GLVWLQJXpVSDUOHXU RSSRVLWLRQjO DQFLHQUpJLPH / DUPpHRXWUH0JU2XpGUDRJRGpIHQGODFDQGLGDWXUHGH-RVpSKLQH 2XpGUDRJR VRFLRORJXH HW PLQLVWUH GH O (VVRU IDPLOLDO HW GH OD 6ROLGDULWpVRXV7KRPDV6DQNDUDGHj 0PH 2XpGUDRJR TXL D TXLWWp OH %XUNLQD j OD FKXWH GX SUpVLGHQW 6DQNDUD D RFFXSp HQVXLWH GHV SRVWHV GH GLUHFWLRQ DX VHLQ GH OD &RPPLVVLRQ pFRQRPLTXH DIULFDLQH XQ RUJDQH RQXVLHQ SXLV GH O 21*(QGDWLHUVPRQGHj'DNDU /HVDXWRULWpVUHOLJLHXVHVHWWUDGLWLRQQHOOHVQHVHVRQWSDVHQFRUHSUR QRQFpHV «=LGDOqYHODVXVSHQVLRQ GHOD&RQVWLWXWLRQ / +200( IRUWGX%XUNLQD)DVROHOLHXWHQDQWFRORQHO,VDDF=LGD DDQQRQFpDYDQWKLHUOHUpWDEOLVVHPHQWGHOD&RQVWLWXWLRQTX LODYDLW OXLPrPHVXVSHQGXHjODFKXWHGXSUpVLGHQW%ODLVH&RPSDRUpPDU TXDQWXQHQRXYHOOHpWDSHLPSRUWDQWHGDQVODUpVROXWLRQGHODFULVH /DVXVSHQVLRQGHOD&RQVWLWXWLRQGXMXLQHVWOHYpHjFRPSWHU GHVDPHGLDILQGHSHUPHWWUHG HQJDJHUOHSURFHVVXVGHPLVHHQSODFH G XQHWUDQVLWLRQFLYLOHHWG HQYLVDJHUOHUHWRXUjXQHYLHFRQVWLWXWLRQ QHOOHQRUPDOHDGpFODUpOHOWFRORQHO=LGDGDQVXQFRPPXQLTXpOX HQ FRQIpUHQFH GH SUHVVH SDU XQ DXWUH PLOLWDLUH OH FRORQHO 'DYLG .DEUp 0=LGDDVVXPHOHVUHVSRQVDELOLWpVGHFKHIGHO (WDWSRXUDVVXUHUOD FRQWLQXLWpGXSRXYRLUMXVTX jODPLVHHQSODFHGHO LQVWLWXWLRQGHOD WUDQVLWLRQSRXUVXLWFHWH[WH /HUpWDEOLVVHPHQWGHOD/RLIRQGDPHQWDOHHVWXQHpWDSHFUXFLDOHSRXU OH %XUNLQD )DVR FDU LO RXYUH OD SRUWH j XQ H[DPHQ SDU OH &RQVHLO FRQVWLWXWLRQQHOGHODFKDUWHGHODWUDQVLWLRQTXLGRLWrWUHVLJQpHRIIL FLHOOHPHQWGLPDQFKH&HGRFXPHQWXQHIRLVDYDOLVpSDUOH&RQVHLO VHUYLUDGHEDVHLQVWLWXWLRQQHOOHjO (WDWEXUNLQDEqLQWpULPDLUH /HOWFRORQHO=LGDDYDLWGpFODUpODVXVSHQVLRQGHOD&RQVWLWXWLRQEXU NLQDEqOHRFWREUHMRXUGHODFKXWHGXSUpVLGHQW%ODLVH&RPSDRUp GpFKXDSUqVDQQpHVGHUqJQH &HWWH GpFLVLRQ pWDLW REOLJDWRLUH GX SRLQW GH YXH PLOLWDLUH FDU OD YDFDQFHGXSRXYRLUSURQRQFpHSDUO DQFLHQFKHIGHO (WDWORUVGHVD GpPLVVLRQGHYDLWDERXWLUFRQVWLWXWLRQQHOOHPHQWjVRQUHPSODFHPHQW SDUOHSUpVLGHQWGHO $VVHPEOpHQDWLRQDOHFHTXHUHIXVDLWO DUPpH &KLERN FRXSpHGXPRQGH HVSqUHrWUHOLEpUpHGHVLVODPLVWHV SDUOHVPLOLFLHQV« / HV KDELWDQWV GH &KLERN YLOOH GX QRUGHVW GX 1LJHULD R SOXV GH O\FpHQQHV RQW pWp HQOHYpHV HQ DYULO HW TXH OHV LVODPLVWHV GH %RNR +DUDP YLHQQHQW GH SUHQ GUH RQW GpFODUp TX LOV HVSqUHQW rWUH VHFRXUXV SDU OD PLOLFH ORFDOH &HWWH YLOOH GH O (WDW GH %RUQR VRXVOHVIHX[GHVPpGLDVHQUDL VRQGHO HQOqYHPHQWGHDGR OHVFHQWHV SDU %RNR +DUDP TXL DYDLWSURYRTXpXQHYDJXHG LQGL JQDWLRQGDQVOHPRQGHHVWWRP EpH DX[ PDLQV GHV LVODPLVWHV MHXGL DSUqVPLGL DX WHUPH GH SOXVLHXUV KHXUHV GH FRPEDWV HQWUH OHV LVODPLVWHV HW OHV PLOL FLHQV ORFDX[ / DUPpH QLJpULDQH DYDLW IXL GqV OH GpEXW GHV FRP EDWV VHORQ OHV KDELWDQWV HW FRPPHjO DFFRXWXPpH 3RXUO LQVWDQWM DLEHDXFRXSSOXV FRQILDQFHGDQVOHVPLOLFLHQVTXH GDQVO DUPpHQLJpULDQHDGpFODUp $\XED&KLERNO RQFOHG XQHGHV O\FpHQQHVHQOHYpHV 3UqV GH KHXUHV SOXV WDUG OHV LVODPLVWHV RQW WRXMRXUV OH FRQWU{OHGH&KLERNRGHQRP EUHXVHV SHUVRQQHV RQW pWp WXpHV UHODWH OH SDVWHXU (QRFK 0DUN GRQWODILOOHHWODQLqFHIRQWSDUWLH GHV O\FpHQQHV WRXMRXUV DX[ PDLQV GHV LVODPLVWHV OHV DXWUHV D\DQW UpXVVL j V pYDGHU 3RJX %LWUXV OH FKHI GHV QRWDEOHV D DXVVLSDUOpGHQRPEUHXVHVYLFWL PHVHWDDIILUPpTXHGHVYLOODJHV DXWRXUGH&KLERNRQWpWpEUOpV /HV LVODPLVWHV RQW PLV OH IHX j WRXWHVOHVpJOLVHVGDQVFHWWHYLOOH GpMj HQ UXLQHV GHSXLV O DWWDTXH G DYULOGHUQLHUHWGpVHUWpHSDUOD SOXSDUWGHVHVKDELWDQWVUDFRQWH $\XED&KLERN /H FRPPLVVDULDW GH SROLFH DYDLW GpMjpWpEUOpDLQVLTXHOHVLqJH GHO DGPLQLVWUDWLRQORUVGHO DWWD TXHGXO\FpHSRXUMHXQHVILOOHV /HSUpVLGHQW*RRGOXFN-RQDWKDQ WUqVFULWLTXpSRXUVRQPDQTXHGH UpDFWLYLWpORUVGXUDSWGH&KLERN DYDLW ILQDOHPHQW UHQFRQWUp OHV IDPLOOHVGHVYLFWLPHVj$EXMDHQ MXLOOHW ,O DYDLW SURPLV TXH OH JRXYHUQHPHQW HW OHV VROGDWV VDYDLHQW R OHV ILOOHV VH WURX YDLHQWHWTX RQDOODLWrWUHUpXQLV LO DYDLW DXVVL DVVXUp TX LO DOODLWPLHX[VpFXULVHUQRWUHYLOOH F HVW WRXW OH FRQWUDLUH TXL HVW DUULYp UHJUHWWH 0 &KLERN 1L O DUPpH QLJpULDQH QL OD SUpVL GHQFH Q RQW FRPPHQWp FHWWH SULVHKDXWHPHQWV\PEROLTXH «6KHOODGPHWXQHSROOXWLRQSpWUROLqUH SOXVLPSRUWDQWHHQ / H JpDQW SpWUROLHU DQJOR QpHUODQGDLV 6KHOO D DGPLV TXH OD SROOXWLRQ FDXVpHSDUGHX[IXLWHVGHSpWUROH HQDX1LJHULDDYDLWpWpSOXV LPSRUWDQWHTXHSUpYXPDLVVDQV GRQQHUGHQRXYHDX[FKLIIUHV 1RXV DFFHSWRQV TXH OH YROXPH WRWDOGHSpWUROHGpYHUVpDSUqVOHV GHX[ IXLWHV DLW GpSDVVp OHV HVWL PDWLRQV GH O HQTXrWH LQLWLDOH TXL DYDLWFRQFOXDXGpYHUVHPHQWGH EDULOVDLQGLTXpODILOLDOHGH 6KHOODX1LJHULD63'&GDQVXQ FRPPXQLTXp&HWDYHXIDLWVXLWH j GHV LQIRUPDWLRQV G $PQHVW\ ,QWHUQDWLRQDO TXL GLW V rWUH SUR FXUp GHV GRFXPHQWV GH MXVWLFH GDQVOHVTXHOV6KHOODFFHSWHO LGpH G DYRLU VRXVpYDOXp O DPSOHXU HW O LPSDFW GH OD SROOXWLRQ GDQV OH GHOWDGX1LJHU8QSURFqVGRLWVH WHQLU HQ PDL GHYDQW OD +DXWH &RXU GH /RQGUHV DSUqV XQHDFWLRQHQMXVWLFHLQWHQWpHDX 5R\DXPH8QL SDU KDEL WDQWVGHODFRPPXQDXWpGH%RGR DXVXGGX1LJHULDTXLUpFODPHQW GHVLQGHPQLVDWLRQVj6KHOO'DQV OH FDGUH GX OLWLJH 6KHOO D GHPDQGp XQ QRXYHDX UDSSRUW G H[SHUWLVHSRXUpYDOXHUO LPSDFW VXUO HQYLURQQHPHQWHWOHVTXDQ WLWpV GH SpWUROH GpYHUVpHV 6 LO DGPHWTX LO\DHXSOXVGH EDULOVOHJpDQWSpWUROLHUQ DYDQFH FHSHQGDQWSDVGHQRXYHDX[FKLI IUHV$PQHVW\SDUOHSRXUVDSDUW GH SOXV GH EDULOV HW OHV H[SHUWV FLWpV SDU OHV SODLJQDQWV HVWLPHQWPrPHTXHOHVIXLWHVGH RQWGpYHUVpO pTXLYDOHQWGH j EDULOV VXU KHFWDUHVSULYDQWIHUPLHUVHW SrFKHXUV GH OHXUV PR\HQV GH VXEVLVWDQFH 6KHOO 3HWUROHXP 'HYHORSPHQW &RPSDQ\ 63'& DYDLWUHFRQQXHQVDUHVSRQ VDELOLWp SRXU OHV IXLWHV PDLV FRQWHVWDLWOHVFKLIIUHVGXFDELQHW G DYRFDW ORQGRQLHQ /HLJK 'D\ TXLUHSUpVHQWHOHVYLFWLPHV6KHOO HVWLPHTXHODPDMRULWpGXSpWUROH UpSDQGX SURYLHQW GH WHQWDWLYHV SRXU SRPSHU LOOpJDOHPHQW GX SpWUROHVXUOHVROpRGXFV /HV YLFWLPHV RQW UHMHWp HQ OD SURSRVLWLRQ G LQGHPQLVDWLRQ GH 6KHOO TX LOV RQW TXDOLILp GH GpULVRLUHRXYUDQWDLQVLODYRLHj XQSURFqV 6HORQ GHV VRXUFHV SURFKHV GX GRVVLHU 6KHOO DYDLW SURSRVp j O pSRTXH PLOOLDUGV GH QDLUD PLOOLRQVG HXURVPLOOLRQV GHGROODUVGHGpGRPPDJHPHQWV HW FKDTXH YLOODJHRLV DXUDLW WRX FKpHQYLURQQDLUD HXURVGROODUVVLO RQVRXV WUDLW XQH VRPPH IRUIDLWDLUH GHYDQW rWUH YHUVpH j OD FRPPX QDXWp 5e38%/,48('e02&5$7,48('8&21*2 / )LQRIILFLHOOHGHO pSLGpPLHG (EROD HV DXWRULWpV GH .LQVKDVD RQW DQQRQFp OD ILQ GH O pSLGpPLHG (ERODTXLDYDLWpWpGpFODUpHILQDRW GDQV XQH ]RQH UHFXOpH GH OD 5pSXEOLTXH GpPR FUDWLTXH GX &RQJR 5'& /D PDODGLH D IDLW RIILFLHOOH PHQWPRUWV /HPLQLVWUHGHODVDQWpFRQJRODLV)pOL[.DEDQJH1XPEL DpJDOHPHQWLQGLTXpTXHVRQSD\VYHQDLWGHWHUPLQHUOD IRUPDWLRQG XQSUHPLHUJURXSHGHSHUVRQQHVVSpFLD OLVpHV GDQV OD OXWWH FRQWUH FHWWH PDODGLH SUrWHV j DOOHU LQWHUYHQLU HQ *XLQpH 6LHUUD /HRQH DX /LEpULD HW DX 0DOL/HVDXWRULWpVFRQJRODLVHVDYDLHQWGpFODUpRIILFLHO OHPHQW O pSLGpPLH OH DRW &HOOHFL HVW GLVWLQFWH GH FHOOHTXLIUDSSHO $IULTXHGHO 2XHVWHWTXLDIDLWMXVTX LFL PRUWV VHORQ OH GHUQLHU ELODQ GH O 2UJDQLVDWLRQ PRQGLDOHGHODVDQWpSXEOLpFHZHHNHQG (Q5'&ODILQGHO pSLGpPLHQHVLJQLILHSDVTXHOHGDQ JHU HVW WRWDOHPHQW pFDUWp D SUpFLVp OH PLQLVWUH /H &RQJRUHVWHFRPPHWRXVOHVDXWUHVSD\VGXPRQGHVRXV OD PHQDFH GHV FDV G LPSRUWDWLRQ GH OD PDODGLH j YLUXV (EROD VpYLVVDQW HQ$IULTXH GH O 2XHVW D GpFODUp OH 'U .DEDQJHHQFRQIpUHQFHGHSUHVVHj.LQVKDVD / DQQRQFH GH OD ILQ GH O pSLGpPLH HQ 5'& VXUYLHQW MRXUVDSUqVO HQUHJLVWUHPHQWGXGHUQLHUPDODGHDWWHLQWSDU OH YLUXV OH RFWREUH HW PRLQV GH WURLV PRLV DSUqV VD UHFRQQDLVVDQFH SDU OHV DXWRULWpV /D GXUpH G LQFXEDWLRQ GXYLUXVHVWGHMRXUV /HPLQLVWUHDDXVVLLQYLWpOHSHUVRQQHOPpGLFDOjREVHUYHU OHV PHVXUHV XQLYHUVHOOHV G K\JLqQH KRVSLWDOLqUH HW GH FRQWU{OH GH O LQIHFWLRQ HW D GHPDQGp DX[ SRSXODWLRQV YLYDQWjF{WpGHVIRUrWVG pYLWHUGHWRXFKHUHWGHFRQVRP PHUOHVDQLPDX[WURXYpVPRUWV (Q5'&ODPDODGLHDVXUWRXWWRXFKpXQHUpJLRQHQFODYpH GHODSURYLQFHGHO (TXDWHXUQRUGRXHVWHQSOHLQHIRUrW pTXDWRULDOHGDQVOHGLVWULFWGH%RHQGHjNPDXQRUG HVWGH.LQVKDVD +( *,+ /(0$*+5(% GX1RYHPEUH e/,0,1$72,5(6'(/$&$125$1*( &DUWRQSOHLQSRXUOHV)HQQHFV / pTXLSH QDWLRQDOH DOJpULHQQH FRQWLQXHVD GRPLQDWLRQ GDQVOHJURXSH %GHV pOLPLQDWRLUHVGH OD&$12UDQJH SUpYXHHQ *XLQpH (TXDWRULDOH / HV )HQQHFV TXL WRWDOL VDLHQW GpMj GRX]HV SRLQWV UpFROWpV HQ TXD WUHV PDWFKV JDJQpV RQW UHoX VDPHGL j %OLGD O (WKLRSLH SRXU OH FRPSWH GH OD FLQTXLqPH MRXUQpH GHV TXDOLILFDWLRQV FHWWH IRUPDWLRQ pWKLRSLHQQH D SHUGX WRXWHV VHV FKDQFHV SRXU SDUWLFLSHU j OD SURFKDLQH pGL WLRQGHOD&$1 &HWWHYLFWRLUHQ DSDVGXWRXW FKDQJp OD GRQQH GDQV FH JURXSH SXLVTXH OHV $OJpULHQV RQW HQFKDvQp DYHF XQ FLQ TXLqPH VXFFqV HQ DXWDQW GH PDWFKV GLVSXWpV (W SRXUWDQW & HVW FHWWH MHXQH pTXLSH pWKLR SLHQQH TXL D UpXVVL j RXYULU OH VFRUHjODHPLQXWHFRQWUHOH FRXUV GX MHX $YDQW oD OHV )HQQHFV DYDLHQW UDWp XQ QRP EUH FRQVLGpUDEOHV G RFFDVLRQV QHWWHVGHEXWV&HWWHRXYHUWXUH GXVFRUHjODVXLWHG XQWLUjUDV GH WHUUH G 2XPHG 2XNUL GDQV O DQJOH RSSRVp GX SRUWLHU DOJp ULHQ 0RKDPHG /DPLQH =HPPDPRXFKHTXLUHPSODoDLW 0EROKL Q D SDV PLV GH SUHV VLRQVXUOHVORFDX[/ DXWHXUGX EXW Q DYDLW ODLVVp DXFXQH FKDQFH DX GHUQLHU UHPSDUW DOJpULHQ /D UpDFWLRQ GHV $OJpULHQV Q D SDV WDUGp SXLVTXH RQ]H PLQXWH SOXV WDUG F HVW 6RILDQH )HJKRXOL TXL pJDOLVH SURILWDQW GHGHX[HUUHXUVGHO DGYHUVDLUH VRQGHUQLHUPDWFKRIILFLHODYHF O pTXLSH QDWLRQDOH j %OLGD ,O D FRQILp DYRLU HX EHDXFRXS G pPRWLRQ j FHWWH RFFDVLRQ HW UDSSHOp TX LO FRQQDvW DYHF OHV 9HUWVXQHLQYLQFLELOLWpGHSXLV DQVGDQVO HQFHLQWHGH7FKDNHU /H GpIHQVHXU G $O )XMDLUDK PHWWUD ILQ j XQH FDUULqUH LQWHU QDWLRQDOHORQJXHGHGL[DQVGH ERQKHXU FRPPH LO O D FRQILp TX LO HVSqUH FRXURQQHU G XQH FRXSH G $IULTXH GHV QDWLRQV TX LOYHXWRIIULUDXSD\V 8QHSUHPLqUHDXPLOLHXGHWHU UDLQ DYHF FHWWH EDOOH SHUGXH SXLV XQH PDXYDLVH DSSUpFLD WLRQ GHV GpIHQVHXUV TXL RQW ODLVVp O DWWDTXDQW GDQV OHXUV GRV /HV$OJpULHQV YRQW PDLQ WHQLU OD SUHVVLRQ HW LQVFULUH GHX[ QRXYHDX[ EXWV DYDQW OD SDXVH 5\DG0DKUH]O DWWDTXDQWGH /HLFHVWHU&LW\DGRQQpO DYDQ WDJH DX[ )HQQHFV j OD H PLQXWHDYDQWTXH%UDKLPLjOD H PLQXWH VDOH O DGGLWLRQ $YHF TXLQ]H SRLQWV HQ FLQT PDWFKHV O $OJpULH HVW OD VHXOH pTXLSH j DYRLU UHPSRUWp MXVTX LFL WRXV VHV PDWFKV GDQV FHV pOLPLQDWRLUHV OD PHLOOHXUH pTXLSH GHV pOLPLQDWRLUHV MXVTX j SUpVHQW & HVW DXVVL XQ SDUFRXUV SOXV TXH SDUIDLW SRXU OH QRXYHDX VpOHFWLRQQHXU DOJp ULHQ OH IUDQoDLV &KULVWLDQ *RXUFXII TXL D VXFFpGp j 9DKLG +DOLOKRG]LF DSUqV OD &RXSHGXPRQGH /RUVGHODSURFKDLQHMRXUQpH GHV pOLPLQDWRLUHV SUpYXH FH PHUFUHGL OHV )HQQHFV YRQW DOOHU GpILHU OHXU YRLVLQ GHV $LJOHVGX0DOLDXVWDGHGX 0DUV GH %DPDNR 6L SRXU OHV $OJpULHQV FH QH VHUD TX XQH VLPSOH IRUPDOLWp FH VHUD XQ PDWFK GH YLH RX GH PRUW SRXU OHV FRpTXLSLHUV GH 6H\GRX .HLWDTXLMRXHURQWODTXDOLILFD WLRQSRXUOD&$1GHYDQW OHXUVVXSSRUWHUV '(51,(50$7&+ 2)),&,(/ (1$/*e5,( 3285%28*+(55$ /H PDWFK HQWUH O $OJpULH HW O (WKLRSLH FRPSWDQW SRXU OD FLQTXLqPH MRXUQpH GHV TXDOLIL FDWLRQVjOD&$1D pWp PDUTXp SDU O KRPPDJH UHQGXj0DGMLG%RXJKHUUDTXL GLVSXWDLW VRQ GHUQLHU PDWFK RIILFLHODYHFOHV9HUWVVXUOHVRO DOJpULHQ &RPPHLOO DYDLWSUpYXGDQV VRQSODQGHFDUULqUH0DJLF PHWWUDILQjVDFDUULqUHLQWHUQD WLRQDOH j O LVVXH GH OD &RXSH G $IULTXH GHV QDWLRQV SUpYXH HQ *XLQpH pTXDWRULDOH HQMDQYLHUSURFKDLQ (QWUp HQ MHX j OD qPH PLQXWH HQ UHPSODFHPHQW GH +DOOLFKH LO D pWp IrWp SDU OHV VXSSRUWHUV TXL RQW VFDQGp VRQ QRP 5pDOLVDQW VHV FpOqEUHV PRQWpHVRIIHQVLYHV%RXJKHUUD YRXODLWYLVLEOHPHQWPDUTXHUOH FRXSHQPDUTXDQWXQEXWPDLV LOQ DXUDSDVUpXVVLjGpFURFKHU FHWWHFHULVHVXUOHJkWHDX %RXJKHUUDDFRQILUPpDSUqV OD UHQFRQWUH TX LO V DJLVVDLW GH /H1LJHULDSUHQGVDUHYDQFKH jSRLQWHQRLUH / HVFKDPSLRQVG $IULTXH RQW SULV OH PHLOOHXU VXU OHV'LDEOHV5RXJHV HQ PDWFK FRPSWDQW SRXU OD H MRXUQpHGHVpOLPLQDWRLUHVGHOD &RXSH G $IULTXH GHV QDWLRQV /HSHQDOW\PDQTXpSDU7KLHY\ %LIRXPD DSUqV FHOXL WUDQV IRUPp SDU 8FKH D VDQV QXO GRXWHpWpOHWRXUQDQWGXPDWFK & HVW XQH pQRUPH GpVLOOXVLRQ SRXUOHV'LDEOHV5RXJHV3RXU ODGHX[LqPHIRLVHQGHX[PDW FKHV LOV RQW ODLVVp ILOHU OHV SRLQWVjODPDLVRQ6LODGpIDLWH IDFH j O $IULTXH GX VXG Q DYDLW SDV EHDXFRXS FKRTXp FHOOHFL SRXUUDLW DYRLU GHV FRQVpTXHQFHVpQRUPHVVXUO DYHQLUGXRQ]HQDWLR QDOFRQJRODLV/HV'LDEOHV5RXJHVVRQWHQWUDLQGH V pORLJQHUG XQHTXDOLILFDWLRQTXLOHXUWHQGDLWSRXU WDQW OHV EUDV & HVW OD ORL GHV VpULHV GLUDLWRQ /H &RQJRQ DSDVUpXVVLOHSDULjIDLUHWDLUHFHGpPRQ TXLOXLWRUGOHVRXIIOHGqVOHHPDWFK 'X SRLQW GH YXH HQJDJHPHQW LO Q \ HXW ULHQ j UHSURFKHU DX[ &RQJRODLV HQ SUHPLqUH SpULRGH +RUPLV O DUUrW GX SLHG GX JDUGLHQ VXU XQH IUDSSH G (PHQLNHHWFHOOHG 2EL0LNHOXQSHXDXGHVVXV GH EDUUH LOV DXUDLHQW PpULWp GH PHQHU DX VFRUH PDLVLOVQ RQWSDVFRQQXODUpXVVLWHTX LOIDOODLW$ OD H PLQXWH$UQROG %RXND0RXWRX IDLW SUHXYH G XQEHOHQJDJHPHQW,OGULEEOH XQMRXHXUQLJpULDQGDQVOHFDUUp SXLV VHUW 7KLHY\ %LIRXPD OHTXHOFRPELQHELHQDYHF'RUp )RGp 'HYDQW (Q\HDPD O DWWD TXDQW FRQJRODLV FURLVH WURS VD IUDSSH/HGpIHQVHXUFRQJRODLV DFFRPSOLWOHPrPHH[SORLWjOD HPLQXWHWURXYDQWFHWWHIRLV 'RUp )RGp TXL VHUW 7KLHY\ %LIRXPDDXVHFRQGSRWHDX&H GHUQLHU QH SDUYLHQW SDV j UHGUHVVHUOHEDOORQGDQVOHVEXWV G (Q\HDPD $ OD UHPLVH OD GRQQH FKDQJH/HV&RQJRODLVHQFDLV VHQWOHSUHPLHUEXWVXUXQSHQDOW\REWHQXjODH PLQXWH WUDQVIRUPp SDU 8FKH ,NHFKXNZX ,OV UpD JLVVHQW GDQV OD IRXOpH HQ REWHQDQW HX[ DXVVL XQ SHQDOW\ VXU XQH IDXWH GH PDLQ GDQV OD VXUIDFH 7KLHY\%LIRXPDVHODQFHHWYRLWVRQWLUDUUrWpSDU XQ9LQFHQW(Q\HDPDSDUIDLWGDQVVRQU{OHGHFDSL WDLQHFRXUDJH/DSLOXOHDpWpGLIILFLOHjDYDOHUORUV TXH$DURQ 6DPXHO D LQVFULW OH GHX[LqPH EXW j OD HPLQXWHG XQEDOORQHQYHORSSpODLVVDQW&KDQVHO 0DVVD VDQV YRL[ /HV 'LDEOHV 5RXJHV SHUGHQW OH PDWFK TX LO QH IDOODLW SDV SHUGUH HW VH WURXYHQW DFWXHOOHPHQWUHOpJXpVjODWURLVLqPHSODFHjpJDOLWp GHSRLQWVDYHFOH1LJHULD/HERQKHXUSRXU6WHSKHQ .HVKLHWGHVUHJUHWVFKH]&ODXGH/H5R\ /(69(576 ())(&78(5217 /(85 35e3$5$7,21(1 *8,1e((48$725,$/( /D VpOHFWLRQ DOJpULHQQH GH IRRWEDOOSHDXILQHUDVDSUpSDUD WLRQ HQ SUpYLVLRQ GH OD &$1 HQ *XLQpH (TXDWRULDOH 1 SD\V K{WH GH OD FRPSpWLWLRQ FRQWLQHQWDOH MDQYLHU IpYULHUHQYXHG XQHPHLOOHXUH DFFOLPDWDWLRQ D DQQRQFp OH VpOHFWLRQQHXU &KULVWLDQ *RXUFXII MXVWH DSUqV OH PDWFK IDFHjO (WKLRSLH/DSUHPLqUH SDUWLHGHODSUpSDUDWLRQVHIHUD DX &HQWUH WHFKQLTXH QDWLRQDO GH6LGL0RXVVD $SUqV TXRL QRXV GLVSXWH URQV XQ VHXO PDWFK DPLFDO DYDQWGHQRXVUHQGUHHQ*XLQpH (TXDWRULDOHSRXU\HIIHFWXHUOD GHUQLqUH SDUWLH GH QRWUH SUpSD UDWLRQDWLOLQGLTXp /H IDLW GH SUpSDUHU OH WRXU QRL FRQWLQHQWDO VXU OH OLHX PrPH GH OD FRPSpWLWLRQ SHU PHWWUD DX[ 9HUWV GH V KDELWXHU DXFOLPDWHWG DXJPHQWHUSDUOD PrPH RFFDVLRQ OHXUV FKDQFHV GHSHUIRUPDQFHV 1HXI SD\VGpMDVTXDOLILpV SRXUOD*XLQpHpTXDWRULDOH HXI SD\V RQW FRPSRVWp OHXUV ELOOHWV TXDOLILFDWLIV SRXU OD SKDVH ILQDOHGHOD&RXSHG $IULTXHGHVQDWLRQV&$1GHIRRWEDOO DYDQW OD GHUQLqUH MRXUQpH GHV pOLPLQDWRLUHV SUpYXH PHUFUHGL SUR FKDLQ /D7XQLVLHO $IULTXHGX6XGOH&DPHURXQOD=DPELHOH%XUNLQD )DVROH*DERQHWOH6pQpJDOUHMRLJQHQWO $OJpULHHWOH&DS9HUWTXL DYDLHQWREWHQXOHXUELOOHWOHPRLVGHUQLHU /D 7XQLVLH D REWHQX VD TXDOLILFDWLRQ YHQGUHGL VRLU j *DERURQH DSUqV OH QXO GpFURFKp IDFH DX %RWVZDQD /D7XQLVLH DYHF FH QXOUHVWHHQWrWHGXJURXSH*/ DXWUHELOOHWTXDOLILFDWLIHVWUHYHQXDX 6pQpJDODSUqVVDYLFWRLUHHQGpSODFHPHQWFRQWUHO (J\SWHJUkFH jXQEXWGH0DPH'LRXI &H VDPHGL O $IULTXH GX 6XG D EDWWX OH 6RXGDQ j GDQV XQ PDWFK GLULJp SDU O DUELWUH DOJpULHQ 0RKDPHG %HQRX]D HW TXL V HVW GpURXOpGDQVXQFRQWH[WHFKDUJpG pPRWLRQSXLVTXHF pWDLWOHSUHPLHU PDWFKGHV%DIDQD%DIDQDGHSXLVODPRUWSDUEDOOHGHOHXUJDUGLHQ HWFDSLWDLQH6HQ]R0H\LZDILQRFWREUH /H&DPHURXQJURXSH'DEDWWXOD5'&RQJRjJUkFHjXQ EXW G $ERXEDFDU 9LQFHQW 8QH YLFWRLUH TXL SHUPHW DX[ /LRQV ,QGRPSWDEOHV GH FRQVROLGHU OHXU SODFH GH OHDGHU DYHF TXDWUH ORQ JXHXUV G DYDQFH VXU OD &{WH G ,YRLUH G +HUYp 5HQDUG TXL Q DXUD EHVRLQTXHG XQQXOPHUFUHGLFRQWUHOH&DPHURXQSRXUVHTXDOLILHU 'DQVOHJURXSH)OD=DPELHV HVWLPSRVpHHQGpSODFHPHQWFRQWUH OH0R]DPELTXHjROH&DS9HUWDYDLWGpMjSULVOHSUHPLHUELOOHW TXDOLILFDWLI/HV=DPELHQVVRQWFHUWDLQVGHILQLUjO XQHGHVGHX[SUH PLqUHVSODFHVGXJURXSH/H1LJHUHVWGRQFpOLPLQp /H%XUNLQD)DVRGH3DXO3XWLUDjOD&$1DSUqVVDYLFWRLUH DX/HVRWKRFRPELQpHDXQXOHQWUHO $QJRODHWOH*DERQ /HEXWGHODYLFWRLUHHVWVLJQp-RQDWKDQ3LWURLSDHPLQXWH*UkFHj FHVXFFqVOHV(WDORQVVRQWHQWrWHGXJURXSH&DYHFSRLQWVGHYDQW OH*DERQSWVTXLSUHQGOHVHFRQGELOOHWTXDOLILFDWLI / $OJpULHDYDLWpWpOHSUHPLHUSD\VjYDOLGHUVRQELOOHWGqVODTXD WULqPH MRXUQpH HQ UHPSRUWDQW VHV TXDWUH SUHPLHUV PDWFKV GDQV OH JURXSH% /HVVL[GHUQLHUVELOOHWVTXDOLILFDWLIVSRXUOD&$1SUpYXHHQ *XLQpHpTXDWRULDOHGXMDQYLHUDXIpYULHUVHURQWFRQQXVPHUFUHGL QRYHPEUHjO RFFDVLRQGHODVL[LqPHHWGHUQLqUHMRXUQpHGHVTXD OLILFDWLRQV 3D\V TXDOLILpV $OJpULH &DS 9HUW 7XQLVLH $IULTXH GX 6XG &DPHURXQ =DPELH %XUNLQD )DVR *DERQ OH 6pQpJDO HW *XLQpH pTXDWRULDOHSD\VK{WH 5qJOHPHQWHQFDVG pJDOLWp GHSRLQWVjO LVVXHGHODH MRXUQpH $UWLFOH (QFDVG pJDOLWpGHSRLQWVHQWUHGHX[pTXLSHVRXSOXVDXWHUPHGHV PDWFKHVGHJURXSHOHVpTXLSHVVHURQWGpSDUWDJpHVVHORQOHVFULWqUHV VXLYDQWV OH SOXV JUDQG QRPEUH GH SRLQWV REWHQXV ORUV GHV UHQFRQWUHV HQWUHVOHVpTXLSHVFRQFHUQpHV OD PHLOOHXUH GLIIpUHQFH GH EXWV ORUV GHV UHQFRQWUHV HQWUH OHV pTXLSHVFRQFHUQpHV OHSOXVJUDQGQRPEUHGHEXWVPDUTXpVORUVGHVUHQFRQWUHVHQWUH OHVpTXLSHVFRQFHUQpHV OHSOXVJUDQGQRPEUHGHEXWVPDUTXpVHQGpSODFHPHQWGDQVOHV UHQFRQWUHVGLUHFWHVHQWUHOHVpTXLSHVFRQFHUQpHV ODGLIIpUHQFHGHEXWVVXUO HQVHPEOHGHVSDUWLHVGLVSXWpHVGDQV OHJURXSH OHSOXVJUDQGQRPEUHGHEXWVPDUTXpVVXUO HQVHPEOHGHVPDW FKHVGHJURXSH XQ WLUDJH DX VRUW HIIHFWXp SDU OH &RPLWp G RUJDQLVDWLRQ GH OD &$) '8 -285 /( &+,))5( &,14(03/2<e6 G XQHVRFLpWpSpWUROLqUHpJDUpVHQWUH,Q6DODKHW5HJJDQRQW pWpUHWURXYpVVDLQVHWVDXIVGXUDQWODVRLUpHGHMHXGLSDUXQGpWDFKHPHQWGHVIRUFHV FRPELQpHVGHO $UPpHQDWLRQDOHSRSXODLUHOD*HQGDUPHULHQDWLRQDOHHWOD'RXDQHDOJpULHQQH UHOHYDQWGXVHFWHXURSpUDWLRQQHOG¶$GUDUHPH5pJLRQ0LOLWDLUH Ï* b)Á¼YbYb®Ob )21&7,211$,5(6'(/ ('8&$7,211$7,21$/( 2QUV UETKRVWO 3DVG HIIHWUpWURDFWLI SRXUOHVSURPRWLRQV /DPLQLVWUHGH O (GXFDWLRQQDWLRQDOH 1RXULD%HQJKHEULWD DIILUPpKLHUj$OJHU TXHO DSSOLFDWLRQGHV SURPRWLRQVGpFLGpHVDX SURILWGH IRQFWLRQQDLUHVGXVHFWHXU GHO (GXFDWLRQQDWLRQDOH GHYDQWLQWHUYHQLUDYDQW ODILQGHO DQQpHQ DXUD SDVG HIIHWUpWURDFWLIj FRPSWHUGH ' DQVXQHGpFODUDWLRQjODSUHVVHHQ PDUJHGHODFpUpPRQLHGHVLJQD WXUHG XQDFFRUGSRUWDQWGLIIXVLRQ GH FRXUV GH VRXWLHQ WpOpYLVpV 0PH %HQJKHEULWDLQGLTXpTXHFHVSURPRWLRQV VRQW WUqV LPSRUWDQWHV PDLV OHXU HIIHW QH FRPPHQFHUDSDVHQ IRQFWLRQQDLUHV GX VHFWHXU GH O (GXFDWLRQ QDWLRQDOH EpQpILFLHURQW G XQH SURPRWLRQ DYDQW OD ILQ GH O DQQpH HQ FRXUVVRLWSUqVGHGHO HQVHPEOHGHV SHUVRQQHOVGXVHFWHXU &HVSURPRWLRQVTXLV HIIHFWXHURQWGDQVOH FDGUHG LQVFULSWLRQVVXUOHVOLVWHVGHTXDOL ILFDWLRQV RX GH FRQFRXUV SURIHVVLRQQHOV RXLQWHUQHVYLVHQWjDPpOLRUHUOHVFRQGL WLRQV GHV WUDYDLOOHXUV GX VHFWHXU WRXV FRUSVFRQIRQGXV /HPLQLVWqUHGHO (GXFDWLRQQDWLRQDOHSUR FqGHUD j OD ILQ GH O DQQpH HQ FRXUV j SURPRWLRQVGRQWjWUDYHUV O LQVFULSWLRQSDUFRQFRXUVLQWHUQHVSUpYXH OH GpFHPEUH HW j WUDYHUV 1HUYRVLWpHWULYDOLWpV SROLWLTXHV / O LQVFULSWLRQ VXU OD OLVWH GH TXDOLILFDWLRQ RXWUHO LQWpJUDWLRQV\VWpPDWLTXHGHVHQVHL JQDQWV GHV F\FOHV SULPDLUH HW PR\HQ HW OHXU SURPRWLRQ DX JUDGH G HQVHLJQDQW SULQFLSDO 3DU DLOOHXUV HW FRQFHUQDQW VD UHQFRQWUH VDPHGL DYHF OHV V\QGLFDWV GX VHFWHXU 0PH %HQJKHEULW D SUpFLVp DYRLU UHQFRQWUp WURLV V\QGLFDWV VRXOLJQDQW TXH SOXVLHXUV PHVXUHV RQW pWp SULVHV ORUV GX GpEDWTXLDSRUWpVXUOHVTXHVWLRQVSRVpHV GDQVODVLQFpULWpHWODWUDQVSDUHQFH /HGLDORJXHDYHFOHVV\QGLFDWVVHSRXUVXLW FDUODTXHVWLRQHVWXQSHXFRPSOH[HD WHOOHGLW '(6&2856'(6287,(17e/e9,6e6 3285/(6&/$66(6' (;$0(1¬ 3$57,5'(-$19,(5 3DUDLOOHXUVOHVFRXUVGHVRXWLHQGHVWLQpV DX[ pOqYHV GHV FODVVHV G H[DPHQ VHURQW GLIIXVpV SDU OD 7pOpYLVLRQ DOJpULHQQH SXEOLTXH j SDUWLU GH MDQYLHU SURFKDLQ HQ YHUWXG XQDFFRUGVLJQpKLHUDXVLqJHGH O DJHQFH$36HQSUpVHQFHGXPLQLVWUHGH OD&RPPXQLFDWLRQ+DPLG*ULQHHWGHOD PLQLVWUHGHO (GXFDWLRQQDWLRQDOH1RXULD %HQJKHEULW 7URLV KHXUHV GH FRXUV VHURQW GLIIXVpHV FKDTXHVHPDLQHVXUODFKDwQHGHODWpOp YLVLRQDOJpULHQQHVHORQO DFFRUGVLJQpSDU OH GLUHFWHXU GH O (1797HZILN .KHOODGL OH UHFWHXU GH O XQLYHUVLWp GH OD IRUPDWLRQ FRQWLQXH 8)& $KPHG &KDkODO HW OH GLUHFWHXU SDU LQWpULP GH O 2IILFH QDWLRQDO G HQVHLJQHPHQWHWGHIRUPDWLRQjGLVWDQFH 21()'$EGHOD]L].DUD $ FHWWHRFFDVLRQ0PH%HQJKHEULWDLQGL TXp TXH OHV FRXUV GH VRXWLHQ WpOpYLVpV VHURQWGLIIXVpVOHVDPHGLHWOHPDUGLHQWUH KHWKHWOHYHQGUHGLGHKj K DMRXWDQW TXH FHWWH LQLWLDWLYH V LQV FULWGDQVOHFDGUHGXVHUYLFHSXEOLFHWGH O pJDOLWpG DFFqVDXVDYRLU +DPDGLFKH/ &223e5$7,21$/*e52e0,5$7,( / /DPDPUDDX)RUXPGH6,5%$1,<$6 HPLQLVWUHGHV$IIDLUHVpWUDQJqUHV 5DPWDQH /DPDPUD SDUWLFLSH DX )RUXP GH 6,5 %$1, <$6 DX[ (PLUDWV DUDEHV XQLV j O LQYLWDWLRQ GH VRQ KRPRORJXHpPLUDWL&KHLNK$EGHOODK%HQ =D\HG$O1DK\DQLQGLTXHKLHUXQFRP PXQLTXpGXPLQLVWqUHGHV$IIDLUHVpWUDQ JqUHV&H)RUXPDQQXHOTXLUHJURXSHGHV PLQLVWUHVHWG DXWUHVSHUVRQQDOLWpVGHWRX WHV OHV UpJLRQV GX PRQGH HVW FRQVDFUp FHWWHDQQpHDXFRQIOLWGX0R\HQ2ULHQWHW 3 j OD VLWXDWLRQ HQ ,UDN HW HQ 6\ULH DLQVL TX DX[FULVHVDIIHFWDQWSOXVLHXUVSD\VDUD EHV HW DX SKpQRPqQH GX WHUURULVPH D VRXOLJQpOHFRPPXQLTXp $ FHWWHRFFDVLRQOHFKHIGHODGLSORPDWLH DOJpULHQQH D UHQFRQWUp VHV KRPRORJXHV pJ\SWLHQ WXQLVLHQ EDKUHwQL MRUGDQLHQ FDQDGLHQ OX[HPERXUJHRLV DLQVL TXH OH VHFUpWDLUH JpQpUDO GH OD /LJXH GHV (WDWV DUDEHVDWRQVRXOLJQp 0 /DPDPUD D pJDOHPHQW HX GHV HQWUH WLHQV DYHF OH PLQLVWUH GHV$IIDLUHV pWUDQ JqUHV GHV (PLUDWV DUDEHV XQLV &KHLNK $EGHOODK %HQ =D\HG $O 1DK\DQ HW OH PLQLVWUHG (WDWpPLUDWL'U6XOWDQ$KPHG (O-DEHU &HV HQWUHWLHQV RQW SRUWp VXU O (WDW HW OHV SHUVSHFWLYHV GX SDUWHQDULDW pFRQRPLTXH DOJpURpPLUDWLDLQVLTXHVXUOHVTXHVWLRQV SROLWLTXHV G LQWpUrW FRPPXQ D DMRXWp OD PrPHVRXUFH 2= 2RUHGRR6SRQVRU*ROGGHOD6HPDLQH0RQGLDOH GHO (QWUHSUHQHXULDW*(: RXUODGHX[LqPHDQQpH FRQVpFXWLYH 2RUHGRR SDUWLFLSH HQ WDQW TXH 6SRQVRU *ROG j OD 6HPDLQH 0RQGLDOHGHO (QWUHSUHQHXULDW *OREDO (QWUHSUHQHXUVKLS:HHN*(: TXLVHWLHQWGXDX 1RYHPEUH j O K{WHO +LOWRQj$OJHU 2UJDQLVpH SDU OD 1RXYHOOH $SSURFKH GH 3DUWHQDULDW GH O (QWUHSUHQHXULDW HW GHV 2SSRUWXQLWpV 1$3(2 VRXVOHSDWURQDJHGX0LQLVWUH GH O ,QGXVWULH HW GHV PLQHV HW G X 0 L Q L V W U H G H O (QVHLJQHPHQW 6XSpULHXU HW GH OD 5HFKHUFKH 6FLHQWLILTXH OD PDQLIHVWDWLRQ UpXQLW GHV HQWUHSUHQHXUVORFDX[GHVMHX 3DU % &KHOODOL QHVOHDGHUVGHVLQYHVWLVVHXUV GHVVFLHQWLILTXHVGHVKRPPHV G DIIDLUHVHWGHVKRPPHVSROL WLTXHV GDQV OH EXW G pFKDQJHU HW G H[SORUHU OH SRWHQWLHO QRYDWHXU HW GH FUpDWLYLWp GHV MHXQHVWDOHQWV $ WUDYHUV VRQ VSRQVRULQJ *ROG 2RUHGRR VRXWLHQW FHWWH PDQLIHVWDWLRQ TXL HQFRXUDJH OHV LQLWLDWLYHV YLVDQW j GpYH ORSSHU O DWWUDFWLYLWp pFRQRPL TXHGHVWHUULWRLUHVLQLWLHUOHV MHXQHV$OJpULHQV j O HQWUHSUH QHXULDWHWOHXUSHUPHWWUHG H[ SORUHU GH QRXYHOOHV LGpHV G LQWpJUHUOHVUpVHDX[LQWHUQD WLRQDX[ SRXU DLQVL SDUWDJHU GHV pFKDQJHV HW GHV GpEDWV GpYHORSSHU OHXUV SRWHQWLDOLWpV HWFRQFUpWLVHUOHXUVSURMHWV 'XUDQW FHW pYqQHPHQW GHV DWHOLHUV GH PHQWRUDW GHV WDEOHVURQGHVVRQWSUpYXVDILQ G LQWpJUHU GHV HQWUHSUHQHXUV DFWLIV HW LQVSLUpV j WUDYHUV OH PRQGHSRXUFRDFKHUFRQVHLO OHU OHV IXWXUV HQWUHSUHQHXUV GDQV OD UpDOLVDWLRQ GH OHXU UrYH 3DU DLOOHXUV 2RUHGRR SDUWL FLSHDXTXRWLGLHQjO HQWUHSUH QHXULDW O LQQRYDWLRQ HW OD FUpDWLRQ G HQWUHSULVHV SDU OHV MHXQHV WDOHQWV DOJpULHQV HW FH QRWDPPHQWjWUDYHUVVHVSUR JUDPPHV HQ SDUWHQDULDW DYHF O $1'30(WHOVTXHW6WDUW OH SURJUDPPH GH VRXWLHQ j OD FUpDWLRQ SDU OHV MHXQHV GH 6WDUWXSWHFKQRORJLTXHVHWOH L6WDUWYLVDQWjHQFRXUDJHUOD FUpDWLRQ SDU OD FRPPXQDXWp GH GpYHORSSHXUV DOJpULHQV G DSSOLFDWLRQV HW GH VROXWLRQV QRYDWULFHV PRELOHV VRXV OH ODEHO0DGHLQ$OJHULD HV UHODWLRQV HQWUH OHV SDUWLV SROLWLTXHV VRQW VL WHQGXHV TX RQ QH YRLW SDV GDQV FH SKpQRPqQHODVXLWHG XQHVpULHKRUL ]RQWDOH HW YHUWLFDOH SRXU URPSUH FH JORXSDUWLVDQ7RXWVHUHQGHQVSp FXODWLRQ HW HQ FRQMHFWXUHV VXU GHV DUULqUHSHQVpHVGHVXQVHWGHVDXWUHV / DPELJXwWpjFHSURSRVVHUpYqOHj WUDYHUVO LQLWLDWLYHGX))6SRXUWHQWHU GHSURYRTXHUFHFRQVHQVXVQDWLRQDO WDQW UHFKHUFKp (OOH D DWWHLQW VRQ SRLQWFXOPLQDQWORUVTXHOHVUXPHXUV SHUVLVWDQWHVIRQWpWDWG XQGHDOHQWUH FHSDUWLHWOHSRXYRLU8QP\VWpULHX[ UDSSURFKHPHQWIDLWRQVDYRLUTXLD SDUIDLWHPHQW UDYLYHU OHV VSpFXOD WLRQV 'X F{Wp GX SRXYRLU RX GHV YUDLV GpFLGHXUVRQVHKHXUWHjXQPXWLVPH VXU FH PpODQJH SROLWLTXH FRORUp HW VXU O LQLWLDWLYH GX ))6 (W SRXU VD SDUWO LQLWLDWHXUGHFHVUHQFRQWUHVHW WRXW UpFHPPHQW XQH FDPSDJQH SRSXODLUH G H[SOLFDWLRQ QLH DYHF YpKpPHQFH OHV UXPHXUV TXL FRXUHQW TXDQWjVHVFRQWDFWVDYHFOHSRXYRLU RXXQHVRXVWUDLWDQFHDYHFODFODVVH SROLWLTXH O RSSRVLWLRQ VLQJXOLqUH PHQW $ WUDYHUV VD GpPDUFKH OH ))6 Q pSDUJQH QL OH SRXYRLU QL O RSSRVL WLRQ ,O OHV WUDLWH VXU OH PrPH SLHG G pJDOLWp / DXWUH FDPS FRPSRVDQW OD VRL GLVDQW&1/7'GDQVVHVPXOWLSOHV GpFODUDWLRQV HW FRQFODYHV VHPEOH DYRLUFKRLVLGHER\FRWWHUOHVUHQFRQ WUHV DYHF OH SDUWL G $wW $KPHG HW VHPEOHYRXORLUGLUHVLOH))6QRXH DYHF OH 3RXYRLU LO VDXUDLW WUqV ELHQ RQQRXVWURXYHU 5HVWHQDWXUHOOHPHQWOHVSDUWLVTXLVH GLVHQWVRXWLHQDXSURJUDPPHSROL WLTXHGXSUpVLGHQWGHOD5pSXEOLTXH 0 $EGHOD]L] %RXWHIOLND HQWUH DXWUHV )/151'7$-03$ HW j XQ PRLQGUHGHJUpOH37 DYHFWRXWHVVHV FRQWUDGLFWLRQV PDOJUp OHV FRQWDFWV GLUHFWVTXLRQWHXOLHX[DYHFOHSUR PRWHXU GH FHWWH UHFKHUFKH GH FRQVHQVXVQDWLRQDOLO\DFHWWHQHU YRVLWpSROLWLTXHHQWUHHX[XQHULYD OLWpTXLQHGLWSDVVRQQRP4XHOOHD GHUSRXUFHFDPS"7RXWDXGHPHX UDQW LO \ D SOHLQ GH PpILDQFH HQWUH OHV XQV HW OHV DXWUHV DGRVVpHV j GHV DUULqUHV SHQVpHV PpILDQWHV (W F HVW DORUV TX j O LQWpULHXU GH FHV SDUWLV O H[SRVLWLRQ SROLWLTXH HW RUJDQLTXH HVWjVRQH[WUrPH ,OHVWGHFRQVWDWHUTXHFHVSDUWLVTXL RQW IDLW FDPSDJQH SRXU OD FDQGLGD WXUH GX SUpVLGHQW $EGHOD]L] %RXWHIOLND HW TXL FODPHQW DXMRXUG KXL OHXU SUR[LPLWp GLUHFWH DYHF (O0RXUDGLD QH VH VRQW SDV UHQFRQWUpV XQH VHXOH IRLV QH VHUDLW FHTXHSRXUIDLUHXQELODQVXUO pOHF WLRQ SUpVLGHQWLHOOH G DYULO GHUQLHU SRXU DX PRLQV FRQVWLWXHU XQ S{OH GpPRFUDWLTXH SRXU UpSRQGUH HW FRQWUHFDUUHU O RSSRVLWLRQ TXL FRQWL QXHG RFFXSHUOHWHUUDLQjHOOHVHXOH H[SULPDQW VRQ LOOXVLRQ GH IDLUH DSSOLFDWLRQ GH O DUWLFOH GH OD ORL IRQGDPHQWDOH GX SD\V SDU O $UPpH 2QSHXWVDQVQRXVWURPSHUPHVXUHU O LQJUDWLWXGH PRUDOH HW SROLWLTXH GH FHFDPS6HVFKHIVDILQGHSUpVHUYHU OHXU SURSUH DYHQLU V DFWLYHQW EHDX FRXS %&
© Copyright 2024 Paperzz